Beruflich Dokumente
Kultur Dokumente
FRRUGRQDWRU
3URIXQLYGU'',18,& 3URIXQLYGU*+%,&
&RQIXQLYGU0.(77<*8,8/HFWRUXQLYGUG&'89$&
'5(373(1$/
3DUWHDVSHFLDO
&XUVXQLYHUVLWDU
(GLWXUD)XQGD LHL5RPkQLDGH0kLQH
(GLWXU DFUHGLWDW GH0LQLVWHUXO(GXFD LHLúL&HUFHW ULL
SULQ&RQVLOLXO1D LRQDODO&HUFHW ULLùWLLQ LILFHGLQÌQY PkQWXO6XSHULRU
'HVFULHUHD&,3D%LEOLRWHFLL1D LRQDOHD5RPkQLHL
'UHSW SHQDO 3DUWHD VSHFLDO *K 'LDFRQHVFX FRRUGRQDWRU ' 'LQXLF
0 .HWW\*XLX *K %LF & 'XYDF %XFXUHúWL (GLWXUD )XQGD LHL 5RPkQLD GH
0kLQH
,6%1
,'LDFRQHVFX*K
,,'LQXLF '
,,,*XLX0.HWW\
,9%LF *K
9'XYDF&
5HSURGXFHUHD LQWHJUDO VDX IUDJPHQWDU SULQ RULFH IRUP úL SULQ RULFH PLMORDFH
WHKQLFHHVWHVWULFWLQWHU]LV úLVHSHGHSVHúWHFRQIRUPOHJLL
5 VSXQGHUHDSHQWUXFRQ LQXWXOúLRULJLQDOLWDWHDWH[WXOXLUHYLQHH[FOXVLY
DXWRUXOXLDXWRULORU
5HGDFWRU2FWDYLDQ&+( $1
7HKQRUHGDFWRU0DUFHOD2/$58
&RSHUWD&RUQHOLD352'$1
%XQGHWLSDU&ROLWLSDU
)RUPDWî
(GLWXUD)XQGD LHL5RPkQLDGH0kLQH
%XOHYDUGXO7LPLúRDUDQU%XFXUHúWL6HFWRU
7HO)D[ZZZVSLUXKDUHWUR
HPDLOFRQWDFW#HGLWXUDURPDQLDGHPDLQHUR
81,9(56,7$7($63,58+$5(7
)$&8/7$7($'('5(37ù,$'0,1,675$ ,(38%/,&
3URIXQLYGU*+',$&21(6&8
FRRUGRQDWRU
3URIXQLYGU'',18,& 3URIXQLYGU*+%,&
&RQIXQLYGU0.(77<*8,8/HFWRUXQLYGUG&'89$&
&XUVXQLYHUVLWDU
(',785$)81'$ ,(,520Æ1,$'(0Æ,1(
%XFXUHúWL
$XWRUL
3URIXQLYGU*+(25*+(',$&21(6&8FRRUGRQDWRUXOFROHFWLYXOXLGHHODERUDUH
3URIXQLYGU'2,1(/',18,&
3URIXQLYGU*+(25*+(%,&
&RQIXQLYGU0,2$5$.(77<*8,8
/HFWRUXQLYGUG&2167$17,1'89$&
&835,16
35(/,0,1$5,,«
7,7/8/,,1)5$& ,81,&2175$6,*85$1 (,67$78/8,
7U GDUHD««««««««««««««««
7U GDUHDSULQDMXWDUHDLQDPLFXOXL«««««««««««
7U GDUHDSULQWUDQVPLWHUHGHVHFUHWH««««««««««
$F LXQLOHGXúP QRDVHFRQWUDVWDWXOXL««««««««««
6SLRQDMXO««««««««««««««««
$WHQWDWXOFDUHSXQHvQSHULFROVLJXUDQ DVWDWXOXL««««««««
$WHQWDWXOFRQWUDXQHLFROHFWLYLW L«««««««««««
6XEPLQDUHDSXWHULLGHVWDW««««««««««««
$FWHOHGHGLYHUVLXQH«««««««««««««
6XEPLQDUHDHFRQRPLHLQD LRQDOH«««««««««««
3URSDJDQGDvQIDYRDUHDVWDWXOXLWRWDOLWDU««««««««««
$F LXQLvPSRWULYDRUGLQLLFRQVWLWX LRQDOH««««««««««
&RPSORWXO«««««««««««««««
&RPSURPLWHUHDXQRULQWHUHVHGHVWDW««««««««««
&RPXQLFDUHDGHLQIRUPD LLIDOVH«««««««««««
'LYXOJDUHDVHFUHWXOXLFDUHSHULFOLWHD] VLJXUDQ DVWDWXOXL«««««««
1HGHQXQ DUHD«««««««««««««««
,QIUDF LXQLFRQWUDUHSUH]HQWDQWXOXLXQXLVWDWVWU LQ««««««««
8QHOHFDX]HGHQHSHGHSVLUHVDXGHUHGXFHUHDSHGHSVHL«««««««
6DQF LRQDUHDWHQWDWLYHLW LQXLULLúLIDYRUL] ULL«««««««««
7,7/8/,,,1)5$& ,81,&2175$3(562$1(,
&DSLWROXO,,1)5$& ,81,&2175$9,( ,,,17(*5,7 ,,
&25325$/(ù,6 1 7 ,,
6HF LXQHD,208&,'(5($«««««««
2PRUXO««
2PRUXOFDOLILFDW«««««««««««««
2PRUXOGHRVHELWGHJUDY
3UXQFXFLGHUHD«
8FLGHUHDGLQFXOS «
'HWHUPLQDUHDVDXvQOHVQLUHDVLQXFLGHULL
6HF LXQHD,,/29,5($ù,9 7 0$5($,17(*5,7 ,,
&25325$/(6$8$6 1 7 ,,«
/RYLUHDVDXDOWHYLROHQ H«
9 W PDUHDFRUSRUDO «
9 W PDUHDFRUSRUDO JUDY
/RYLULOHVDXY W P ULOHFDX]DWRDUHGHPRDUWH«
9 W PDUHDFRUSRUDO GLQFXOS
6HF LXQHD,,,$92578/
3URYRFDUHDLOHJDO DDYRUWXOXL
&DSLWROXO,,,1)5$& ,81,&2175$/,%(57 ,,3(562$1(,«
/LSVLUHDGHOLEHUWDWHvQPRGLOHJDO
6FODYLD«««
6XSXQHUHDODPXQF IRU DW VDXREOLJDWRULH
9LRODUHDGHGRPLFLOLX«
$PHQLQ DUHD«
ùDQWDMXO««
9LRODUHDVHFUHWXOXLFRUHVSRQGHQ HL
'LYXOJDUHDVHFUHWXOXLSURIHVLRQDO
&DSLWROXO,,,,1)5$& ,81,35,9,72$5(/$9,$ $6(;8$/
9LROXO«««
$FWXOVH[XDOFXXQPLQRU
6HGXF LD««
3HUYHUVLXQHDVH[XDO «
&RUXS LDVH[XDO «
,QFHVWXO««
+ U XLUHDVH[XDO
7,7/8/,,,,1)5$& ,81,&2175$3$75,021,8/8,
)XUWXO««««««««««««««««
)XUWXOFDOLILFDW«
3HGHSVLUHDXQRUIXUWXULODSOkQJHUHDSUHDODELO
7kOK ULD««
3LUDWHULD««
$EX]XOGHvQFUHGHUH««
*HVWLXQHDIUDXGXORDV
ÌQúHO FLXQHD«
'HODSLGDUHD««
ÌQVXúLUHDEXQXOXLJ VLW
'LVWUXJHUHD«
'LVWUXJHUHDFDOLILFDW «
'LVWUXJHUHDGLQFXOS
7XOEXUDUHDGHSRVHVLH
7 LQXLUHD««
7,7/8/9,1)5$& ,81,&2175$$8725,7 ,,
2IHQVDDGXV XQRUvQVHPQH
8OWUDMXO««
8]XUSDUHDGHFDOLW LRILFLDOH
3RUWXOQHOHJDOGHGHFRUD LLVDXvQVHPQHGLVWLQFWLYH«««««««
6XVWUDJHUHDVDXGLVWUXJHUHDGHvQVFULVXUL«««
5XSHUHDGHVLJLOLL««««««««««««««
6XVWUDJHUHDGHVXEVHFKHVWUX««««««««««««
7,7/8/9,,1)5$& ,81,&$5($'8&$7,1*(5(8125
$&7,9,7 ,'(,17(5(638%/,&6$8$/725
$&7,9,7 ,5(*/(0(17$7('(/(*(
&DSLWROXO,,1)5$& ,81,'(6(59,&,86$8Ì1/(* 785
&86(59,&,8/«««««
$EX]XOvQVHUYLFLXFRQWUDLQWHUHVHORUSHUVRDQHORU
$EX]XOvQVHUYLFLXSULQvQJU GLUHDXQRUGUHSWXUL
$EX]XOvQVHUYLFLXFRQWUDLQWHUHVHORUSXEOLFH«
$EX]XOvQVHUYLFLXvQIRUP FDOLILFDW
1HJOLMHQ DvQVHUYLFLX
3XUWDUHDDEX]LY
1HJOLMHQ DvQS VWUDUHDVHFUHWXOXLGHVWDW
&RQIOLFWXOGHLQWHUHVH«
/XDUHDGHPLW «
'DUHDGHPLW ««
3ULPLUHDGHIRORDVHQHFXYHQLWH
7UDILFXOGHLQIOXHQ «
&DSLWROXO,,,1)5$& ,81,&$5(Ì03,(',& Ì1) 378,5($
-867, ,(,«««««««
'HQXQ DUHDFDORPQLRDV
0 UWXULDPLQFLQRDV
ÌQFHUFDUHDGHDGHWHUPLQDP UWXULDPLQFLQRDV
ÌPSLHGLFDUHDSDUWLFLS ULLODSURFHV
1HGHQXQ DUHDXQRULQIUDF LXQL
2PLVLXQHDVHVL] ULLRUJDQHORUMXGLFLDUH
)DYRUL]DUHDLQIUDFWRUXOXL
2PLVLXQHDGHDvQFXQRúWLQ DRUJDQHOHMXGLFLDUH
$UHVWDUHDQHOHJDO úLFHUFHWDUHDDEX]LY
6XSXQHUHDODUHOHWUDWDPHQWH
7RUWXUD««
5HSUHVLXQHDQHGUHDSW
(YDGDUHD««
ÌQOHVQLUHDHYDG ULL
1HUHVSHFWDUHDKRW UkULORUMXGHF WRUHúWL
5H LQHUHDVDXGLVWUXJHUHDGHvQVFULVXUL
&DSLWROXO,,,,1)5$& ,81,&2175$6,*85$1 (,
&,5&8/$ ,(,3(& ,/()(5$7(
1HvQGHSOLQLUHDvQGDWRULULORUGHVHUYLFLXVDXvQGHSOLQLUHDORUGHIHFWXRDV GLQFXOS
1HvQGHSOLQLUHDFXúWLLQ DvQGDWRULULORUGHVHUYLFLXVDXvQGHSOLQLUHDORUGHIHFWXRDV ««
3 U VLUHDSRVWXOXLúLSUH]HQ DODVHUYLFLXvQVWDUHGHHEULHWDWH««««««
'LVWUXJHUHDúLVHPQDOL]DUHDIDOV «««««««««««
&DSLWROXO,9,1)5$& ,81,35,9,72$5(/$5(*,08/
67$%,/,73(175881(/($&7,9,7 ,
5(*/(0(17$7('(/(*(
1HUHVSHFWDUHDUHJLPXOXLDUPHORUúLPXQL LLORU«««««««««
1HUHVSHFWDUHDUHJLPXOXLPDWHULDOHORUQXFOHDUHVDXDDOWRUPDWHULLUDGLRDFWLYH
1HUHVSHFWDUHDUHJLPXOXLPDWHULLORUH[SOR]LYH«««««««««
1HUHVSHFWDUHDUHJLPXOXLGHRFURWLUHDOXQRUEXQXUL««««««««
([HUFLWDUHDI U GUHSWDXQHLSURIHVLL««««««««««
1HUHVSHFWDUHDUHJLPXOXLWUDQVSRUWXOXLUXWLHUSXEOLF««««««««««««
7,7/8/9,,,1)5$& ,81,'()$/6
&DSLWROXO,)$/6,),&$5($'(021('(7,0%5(
ù,$/7(9$/25,
)DOVLILFDUHDGHPRQHGHVDXGHDOWHYDORUL««««««««««
)DOVLILFDUHDGHWLPEUHP UFLVDXGHELOHWHGHWUDQVSRUW«««««««
)DOVLILFDUHDGHYDORULVWU LQH««««««««««««
'H LQHUHDGHLQVWUXPHQWHvQYHGHUHDIDOVLILF ULLGHYDORUL
&DSLWROXO,,)$/6,),&$5($,167580(17(/25
'($87(17,),&$5(6$8'(0$5&$5(«««««
)DOVLILFDUHDLQVWUXPHQWHORURILFLDOH
)RORVLUHDLQVWUXPHQWHORURILFLDOHIDOVH
&DSLWROXO,,,)$/685,Ì1Ì16&5,685,««««««««««««
)DOVXOPDWHULDOvQvQVFULVXULRILFLDOH««««««««««««««««««
)DOVXOLQWHOHFWXDO««««««««««««««««««««««««««
)DOVXOvQvQVFULVXULVXEVHPQ WXU SULYDW ««««««««««««««««
8]XOGHIDOV««««««««««««««««««««««««««««
)DOVXOvQGHFODUD LL«««««««««««««««««««««««««
)DOVXOSULYLQGLGHQWLWDWHD««««««««««««««««««««««
)DOVXOSULYLQGIRORVLUHDHPEOHPHL&UXFLL5RúLL««««««««««««««
7,7/8/9,,,,1)5$& ,81,/$5(*,08/67$%,/,7
3(1758$180,7($&7,9,7 ,(&2120,&(
6SHFXOD««««««««««««««««
ÌQúHO FLXQHDODP VXU WRDUH««««««««««««
ÌQúHO FLXQHDFXSULYLUHODFDOLWDWHDP UIXULORU«««««««««
'LYXOJDUHDVHFUHWXOXLHFRQRPLF«««««««««««
&RQWUDIDFHUHDRELHFWXOXLXQHLLQYHQ LL
3XQHUHDvQFLUFXOD LHDSURGXVHORUFRQWUDI FXWH
&RQFXUHQ DQHORLDO
1HUHVSHFWDUHDGLVSR]L LLORUSULYLQGRSHUD LLGHLPSRUWVDXH[SRUW
'HWXUQDUHDGHIRQGXUL««
1HUHVSHFWDUHDGLVSR]L LLORUSULYLQGLPSRUWXOGHGHúHXULúLUH]LGXXUL
7,7/8/,;,1)5$& ,81,&$5($'8&$7,1*(5(
81255(/$ ,,35,9,1'&219,( 8,5($62&,$/
&DSLWROXO,,1)5$& ,81,&2175$)$0,/,(,
%LJDPLD«
$EDQGRQXOGHIDPLOLH
5HOHOHWUDWDPHQWHDSOLFDWHPLQRUXOXL
1HUHVSHFWDUHDP VXULORUSULYLQGvQFUHGLQ DUHDPLQRUXOXL
&DSLWROXO,,,1)5$& ,81,&2175$6 1 7 ,,38%/,&(«««
= G UQLFLUHDFRPEDWHULLEROLORU
&RQWDPLQDUHDYHQHULF úLWUDQVPLWHUHDVLQGURPXOXLLPXQRGHILFLWDUGREkQGLW««
5 VSkQGLUHDEROLORUODDQLPDOHVDXSODQWH
,QIHFWDUHDDSHL
7UDILFXOGHVWXSHILDQWH
)DOVLILFDUHDGHDOLPHQWHVDXDOWHSURGXVH
&DSLWROXO,,,,1)5$& ,81,35,9,72$5(/$$6,67(1 $
&(/25Ì135,0(-',(««««««««««««««
3XQHUHDvQSULPHMGLHDXQHLSHUVRDQHvQQHSXWLQ GHDVHvQJULML
/ VDUHDI U DMXWRU
/ VDUHDI U DMXWRUSULQRPLVLXQHDGHvQúWLLQ DUH
&DSLWROXO,9$/7(,1)5$& ,81,&$5($'8&$7,1*(5(
81255(/$ ,,35,9,1'&219,( 8,5($62&,$/
,QVWLJDUHDODGLVFULPLQDUH
ÌPSLHGLFDUHDOLEHUW LLFXOWHORU
3URIDQDUHDGHPRUPLQWH
7XOEXUDUHDIRORVLQ HLORFXLQ HL
8OWUDMXOFRQWUDEXQHORUPRUDYXULúLWXOEXUDUHDRUGLQLLúLOLQLúWLLSXEOLFH««««
ÌQF LHUDUHD«
$VRFLHUHDSHQWUXV YkUúLUHDGHLQIUDF LXQL
,QVWLJDUHDSXEOLF úLDSRORJLDLQIUDF LXQLORU«
5 VSkQGLUHDGHPDWHULDOHREVFHQH
&HUúHWRULD
3URVWLWX LD
3UR[HQHWLVPXO
-RFXOGHQRURF
7,7/8/;,1)5$& ,81,&2175$&$3$&,7 ,,'($3 5$5(
$520Æ1,(,
&DSLWROXO,,1)5$& ,81,6 9Æ5ù,7('(0,/,7$5,«««««
6HF LXQHD,,1)5$& ,81,&2175$25',1,,ù,',6&,3/,1(,0,/,7$5(
$EVHQ DQHMXVWLILFDW
'H]HUWDUHD«
& OFDUHDGHFRQVHPQ««««««««««««««««««««««««
,QVXERUGRQDUHD«
/RYLUHDVXSHULRUXOXL
/RYLUHDLQIHULRUXOXL
6HF LXQHD,,,1)5$& ,81,3(&Æ038/'(/837 ««««««««««
&DSLWXODUHD«
3 U VLUHDFkPSXOXLGHOXSW
6HF LXQHD,,,,1)5$& ,81,63(&,),&($9,$ ,(,ù,0$5,1(,0,/,7$5(
=ERUXOQHDXWRUL]DW
3 U VLUHDQDYHL
3 U VLUHDFRPHQ]LL««««««««««««««
1HOXDUHDP VXULORUQHFHVDUHvQRSHUD LLOHQDYDOH
&RERUkUHDSDYLOLRQXOXL
&ROL]LXQHD
&DSLWROXO,,,1)5$& ,81,6 9Æ5ù,7('(0,/,7$5,6$8'(&,9,/,
6XVWUDJHUHDGHODVHUYLFLXOPLOLWDU
'HIHWLVPXO
-HIXLUHDFHORUF ]X LSHFkPSXOGHOXSW
)RORVLUHDHPEOHPHLÄ&UXFLL5RúLL´vQWLPSXORSHUD LLORUPLOLWDUH«
6XVWUDJHUHDGHODUHFKL]L LLPLOLWDUH
&DSLWROXO,,,,1)5$& ,81,6 9Æ5ù,7('(&,9,/,
6XVWUDJHUHDGHODUHFUXWDUH
1HSUH]HQWDUHDODvQFRUSRUDUHVDXFRQFHQWUDUH
7,7/8/;,,,1)5$& ,81,&2175$3 &,,ù,20(1,5,,
3URSDJDQGDSHQWUXU ]ERL
*HQRFLGXO«
7UDWDPHQWHQHRPHQRDVH
'LVWUXJHUHDXQRURELHFWLYHúLvQVXúLUHDXQRUEXQXUL
'LVWUXJHUHDMHIXLUHDVDXvQVXúLUHDXQRUYDORULFXOWXUDOH
7HVWHJULO $XWRHYDOXDUH««««««««««««««««««««««
$%5(9,(5,
5, 9DVLOH 3DSDGRSRO 0LKDL 3RSRYLFL 5HSHUWRULX DOIDEHWLF GH SUDFWLF
MXGLFLDU vQ PDWHULH SHQDO SH DQLL %XFXUHúWL (GLWXUD
ùWLLQ LILF úL(QFLFORSHGLF
5,, 9DVLOH 3DSDGRSRO 0LKDL 3RSRYLFL 5HSHUWRULX DOIDEHWLF GH SUDFWLF
MXGLFLDU vQ PDWHULH SHQDO SH DQLL %XFXUHúWL (GLWXUD
ùWLLQ LILF úL(QFLFORSHGLF
5,,, 9DVLOH 3DSDGRSRO ùWHIDQ 'DQHú 5HSHUWRULX DOIDEHWLF GH SUDFWLF
MXGLFLDU vQ PDWHULH SHQDO SH DQLL %XFXUHúWL (GLWXUD
ùWLLQ LILF úL(QFLFORSHGLF
DOLQ $OLQHDW
DUW $UWLFRO
&RO &ROHJLX
&& &XUWHD&RQVWLWX LRQDO
&SHQ &RGXOSHQDO
&SURFSHQ &RGXOGHSURFHGXU SHQDO
G 'HFL]LH
Gv 'HFL]LHGHvQGUXPDUH
&' &XOHJHUHGHGHFL]LLDOH7ULEXQDOXOXL6XSUHP
&6- &XUWHD6XSUHP GH-XVWL LH
%-&6- %XOHWLQXOMXULVSUXGHQ HL±&XUWHD6XSUHP
GH-XVWL LH
'&6- 'HFL]LLOH&XU LL6XSUHPHGH-XVWL LH
'(; 'LF LRQDUXOH[SOLFDWLYDOOLPELLURPkQH
'' 'LF LRQDUXOGLSORPDWLF
vQFK ÌQFKHLHUHD
-&6- -XULVSUXGHQ D&XU LL6XSUHPHGH-XVWL LH
%& %XOHWLQXO&DVD LHL
3-3 3UDFWLFDMXGLFLDU SHQDO
&3-3 &XOHJHUHGHSUDFWLF MXGLFLDU SHQDO
&3-3 &XOHJHUHGHSUDFWLF MXGLFLDU SHQDO ±&XUWHD
&$% GH$SHO%XFXUHúWL
&'+&& &XOHJHUHGHGHFL]LLúLKRW UkULDOH
&XU LL&RQVWLWX LRQDOH
55' Ä5HYLVWDURPkQ GHGUHSW´
'U 5HYLVWDÄ'UHSWXO´
5'3 Ä5HYLVWDGHGUHSWSHQDO´
-1 Ä-XVWL LD1RX ´
-XG -XGHF WRULD
3/ 3UROHJH
SRS 3RSXODU
02I Ä0RQLWRUXO2ILFLDO´
Ì&&- ÌQDOWD&XUWHGH&DVD LHúL-XVWL LH
VS 6HF LHSHQDO
VHQWSHQ 6HQWLQ SHQDO
7M 7ULEXQDOXO-XGH HDQ
7UHJ 7ULEXQDOXOUHJLRQDO
7% 7ULEXQDOXO%XFXUHúWL
70% 7ULEXQDOXO0XQLFLSLXOXL%XFXUHúWL
76 7ULEXQDOXO6XSUHP
35(/,0,1$5,,
'HVWLQDWDUL±VWXGHQ LLDQXOXL,,±FXUVXULGH]LúLvQY PkQWODGLVWDQ
VWXGHQ LLDQXOXL,,,±FXUVXULFXIUHFYHQ UHGXV
'XUDWD±GRX VHPHVWUH
2ELHFW±VWXGLXOQRUPHORUSHQDOHVSHFLDOH
5HFRPDQG UL
'HVFLIUDUHDúLvQ HOHJHUHDQRUPHLFXSULQVHvQWH[WHOHLQFULPLQDWRDUHVXQWGH
QHFRQFHSXW I U VW SkQLUHD WHPHLQLF D FXQRúWLQ HORU GHVSUH IDFWRULL FRQ LQXWXO
FRQVWLWXWLYúLIRUPHOHLQIUDF LXQLLFXQRúWLQ HSUHGDWHODGLVFLSOLQDGUHSWXOXLSHQDO
SDUWHD JHQHUDO vQ FRQVHFLQ VH LPSXQH SULRULWDU UHFDSLWXODUHD XUP WRDUHORU
PRGXOH GRFWULQDUH FRQGL LL SUHH[LVWHQWH FRQ LQXWXO FRQVWLWXWLY DO LQIUDF LXQLL
ODWXUDRELHFWLY ODWXUDVXELHFWLY IRUPHOHúLVDQF LXQLOHGHGUHSWSHQDO
JHQHULF
RELHFWXOMXULGLF
D2ELHFWXORFURWLULLSHQDOH
VSHFLDO
RELHFWXOPDWHULDO
DFWLY
E6XELHF LLLQIUDF LXQLL SDUWLFLSD LDSHQDO
SDVLY
HOHPHQWXOPDWHULDO
F/DWXUDRELHFWLY XUPDUHDLPHGLDW
UDSRUWXOGHFDX]DOLWDWH
GLUHFW
LQGLUHFW
,QWHQ LD
)RUPHOH FXSUHYHGHUH
YLQRY LHL
G/DWXUD I U SUHYHGHUH
VXELHFWLY 0RELOXO &XOSD
3UDHWHULQWHQ LD
6FRSXO
DFWHOHSUHSDUDWRULL
SURSULH
H)RUPHOHLQIUDF LXQLL WHQWDWLYD LPSURSULH
SHUIHFW
&RQVXPDUHD LPSHUIHFW
DEVXUG
(SXL]DUHD
ÌQ HOHJHUHD VFKHPHL GH LQFULPLQDUH D XQHL IDSWH VRFLDOPHQWH SHULFXORDVH
SUHFXP úL GH DQDOL] úL LQWHUSUHWDUH D QRUPHL SHQDOH HVWH LQFRPSDUDELO PDL
OHVQLFLRDV úL SURILWDELO GHFkW PHPRUL]DUHD PHFDQLF D SUHOHJHULORU RUDOH VDX
VFULVH $úDGDU HVWH XWLO úL LPSRUWDQW D VH GHSULQGH PHFDQLVPXO GH S WUXQGHUH vQ
LQWLPLWDWHDQRUPHLSHQDOHúLGHLGHQWLILFDUHDFRPSRQHQWHORULQIUDF LXQLLH[DPLQDWH
vQ FXUVXULOH FRQVXOWDWH XUPkQG D VH F XWD úL UH LQH GRDU SDUWLFXODULW LOH FH
FDUDFWHUL]HD] RLQIUDF LXQHVDXDOWD
$FFHVXO OD ILORQXO GRFWULQDU úL DVLPLODUHD DFHVWXLD VXQW FRQVLGHUDELO
IDFLOLWDWHGHOHFWXUDUHDMXULVSUXGHQ HLvQPDWHULDLQIUDF LXQLLVWXGLDWH±vQSDUDOHOFX
OLWHUDWXUD GH VSHFLDOLWDWH ± VSH HOH ILLQG SXEOLFDWH vQ UHSHUWRULLFXOHJHULEXOHWLQH
LQIRUPDWLYHGHSUDFWLF MXGLFLDU LQGLFDWHvQELEOLRJUDILDGLQILQDOXOFXUVXOXL
$VLVWDUHD OD FkW PDL PXOWH úHGLQ H GH MXGHFDW RIHU YLLWRUXOXL MXULVW
SUDFWLFLDQ SRVLELOLWDWHD GH D LQWUD vQ DWPRVIHUD GH OXFUX VSHFLILF SUHWRULXOXL
MXGHF WRUHVF GH D VH IDPLOLDUL]D FX SURFHGXULOH SUDFWLFDWH úL FX PRGXO vQ FDUH
LQWHUYLQ úL VXV LQ SXQFWHOH GH YHGHUH ± XQHRUL GLYHUJHQWH ± VXELHF LL RILFLDOL úL
SDUWLFLSDQ LLODSURFHV
4XLGSURGHVW
3HWHUPHQVFXUWGLVFLSOLQDHVWHSURJUDPDW FXH[DPHQGHDQúLQRPLQDOL]DW
FDXQDGLQWUHPDWHULLOHODFDUHVHVXV LQHH[DPHQXOGHOLFHQ
3HWHUPHQPHGLXúLOXQJGLVFLSOLQDHVWHDEVROXWLPSOLFDW úLLQGLVSHQVDELO vQ
SUDFWLFDUHD PDMRULW LL SURIHVLXQLORU MXULGLFH PDJLVWUDWXU SDUFKHW úL LQVWDQ H
MXGHF WRUHúWL DYRFDWXU FHUFHWDUH úWLLQ LILF úL vQY PkQW VXSHULRU FHUFHW UL
SHQDOHúLLQYHVWLJD LLVSHFLDOHSROL LHMDQGDUPHULHVHUYLFLLGHLQIRUPD LLLQWHUQHúL
H[WHUQH
3URFHVHOH SHQDOH GHúL PDL SX LQ QXPHURDVH GHFkW FHOH FLYLOH RFXS XQ ORF
vQVHPQDWvQWDEORXOSUHVWD LLORUMXGLFLDUHLDUKRW UkULOHSURQXQ DWHGHPDJLVWUD LvQ
DVWIHO GH FDX]H GHFODQúHD] UHYHUEHUD LL VHYHUH DGHVHD LUHYHUVLELOH DVXSUD
LQGLYLGXOXLLQWHU]LVVDXOLPLWDWvQDSDUWLFLSDODYLD DVRFLDO vQODWXULOHHVHQ LDOHDOH
DFHVWHLDVSLULWXDO IDPLOLDO PDWHULDO SROLWLF SURIHVLRQDO HWF
ÌQVXúLUHD WHPHLQLF úL DSURIXQGDW D WHRULHL úL SUDFWLFLL MXGLFLDUH vQ PDWHULH
SHQDO UHSUH]LQW ± DO WXUL úL vQ LQGLVSHQVDELO FRQH[LXQH FX LQWHOLJHQ D
VHULR]LWDWHDVSLULWXOMXVWL LDURQHVWLWDWHDúLSDVLXQHDSUDFWLFLDQXOXL±RSUHPLV VLQH
TXD QRQ úL GH SULP P ULPH vQ H[HUFLWDUHD QRELOHORU SURIHVLXQL PHQLWH D RFURWL
HILFLHQW LQWHUHVHOH VRFLHW LL úL DOH VWDWXOXL LQWHUHVHOH GUHSWXULOH úL OLEHUW LOH
IXQGDPHQWDOHDOHFHW HDQXOXLvPSRWULYDIDSWHORULOLFLWSHQDOH7RWRGDW UHVXUVHOHúL
YDOHQ HOH LQGLYLGXDOH DPLQWLWH VH FRQVWLWXLH vQWUXQ DQWLGRW UHGXWDELO DO HURULORU
MXGLFLDUH DFHVWH UDWHXUL LPSDUGRQDELOH vQ LQVWUXPHQWDUHD XQRU FDX]H FDUH VXQW GH
QDWXU DGHWXUQDGUDPDWLFúLQHGUHSWGHVWLQXOXQRURDPHQLLQRFHQ L
6WUXFWXUDFXUVXOXL
1RUPHOHSHQDOHVSHFLDOH±FDUHIRUPHD] RELHFWXOGHVWXGLX±vúLDXVHGLXOSH
GH R SDUWH vQ &RGXO 3HQDO SH GH DOW SDUWH vQ QXPHURDVH OHJL VSHFLDOH úL
H[WUDSHQDOH
/HJLXLWRUXO D VLVWHPDWL]DW QRUPHOH vQ SDUWHD VSHFLDO D &RGXOXL SHQDO
IRORVLQGFULWHULXORELHFWXOXLMXULGLFJHQHULFvQDOWHFXYLQWHFULWHULXOYDORULLVRFLDOH
RFURWLWH GH DFHVWH QRUPH ± OH]DWH VDX SXVH vQ SHULFRO SULQ V YkUúLUHD IDSWHORU
LQFULPLQDWH
ÌQ UDSRUW FX DFHDVW JkQGLUH DX IRVW DOF WXLWH JUXSXUL PDUL GH LQIUDF LXQL ±
LQGLYLGXDOL]DWH SULQ GHQXPLUHD ÄWLWOXUL ± JUXSXUL RUJDQL]DWH vQ FRQWLQXDUH GXS
FD]vQVXEGLYL]LXQL±ÄFDSLWROHúLÄVHF LXQL
6XFFHVLXQHD LQFULPLQ ULORU D IRVW RUGRQDW SH FULWHULXO LPSRUWDQ HL UHOD LLORU
VRFLDOHFDUHIDFRELHFWXORFURWLULLSHQDOHUHVSHFWLYSHRVFDU GHVFUHVF WRDUHGHOD
FHO PDL LPSRUWDQW VSUH PDL SX LQ LPSRUWDQW GH OD FHO PDL JUDY VSUH R JUDYLWDWH
UHGXV
1RUPHOH SHQDOH FXSULQVH vQ OHJL VSHFLDOH úL OHJL H[WUDSHQDOH DX IRVW
VLVWHPDWL]DWH vQ OLWHUDWXUD GH VSHFLDOLWDWH OD UkQGXO ORU WRW SH FULWHULXO RELHFWXOXL
MXULGLFJHQHULFvQFDSLWROHGXS FXPXUPHD]
,QIUDF LXQL FRQWUD XQRU GUHSWXUL úL OLEHUW L IXQGDPHQWDOH DOH
FHW HDQXOXL
,QIUDF LXQLFRQWUDGUHSWXOXLGHSURSULHWDWHLQWHOHFWXDO
,QIUDF LXQLFRQWUDSDWULPRQLXOXL
,QIUDF LXQLFRQWUDVLJXUDQ HLFLUFXOD LHLDHURQDYDOHúLUXWLHUH
,QIUDF LXQLFRQWUDDXWRULW LL
,QIUDF LXQLFRQWUDXQRUDFWLYLW LRULLQWHUHVHHFRQRPLFHVDXILQDQFLDUH
,QIUDF LXQLFRQWUDV Q W LLSXEOLFHúLPHGLXOXL
,QIUDF LXQLFDUHDGXFDWLQJHUHXQRUDFWLYLW LGHLQWHUHVSXEOLFVDXDOWRU
DFWLYLW LUHJOHPHQWDWHGHOHJH
7,7/8/,
,1)5$& ,81,&2175$6,*85$1 (,67$78/8,
75 '$5($
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDODOLQIUDF LXQLLGHWU GDUHvOFRQVWLWXLHUHOD LLOHVRFLDOH
UHIHULWRDUHODYDORULOHIXQGDPHQWDOHFDUHFRQGL LRQHD] H[LVWHQ DVWDWXOXL±XQLWDWHD
úL LQGLYL]LELOLWDWHD VXYHUDQLWDWHD úL LQGHSHQGHQ D VWDWXOXL 3HQWUX UHDOL]DUHD
LQIUDF LXQLLHVWHGHFLQHFHVDUFDDF LXQHDV SXQ vQSHULFRORULV YDW PHXQDGLQWUH
DFHVWHYDORULIXQGDPHQWDOHVDXJOREDOLWDWHDDFHVWRUD
8QLWDWHD VWDWXOXL 6WDWXO URPkQ HVWH XQ VWDW XQLWDU $FHVW DWULEXW HVHQ LDO DO
VWDWXOXLSUHVXSXQHQHFHVDUPHQWHH[LVWHQ D
XQHLVLQJXUHIRUPD LXQLVWDWDOH
XQXLDQVDPEOXXQLFGHLQVWLWX LLFXSXWHUHGHGHFL]LHSROLWLF úLMXULGLF
DGLF H[LVW RVLQJXU DXWRULWDWHOHJLXLWRDUHRVLQJXU DXWRULWDWHH[HFXWLY ±FKLDU
GDF HVWHELFHIDO FRQGXFHUHDDFHVWHLD±úLRVLQJXU DXWRULWDWHMXGHF WRUHDVF
XQHLVLQJXUHFHW HQLL
XQXL WHULWRULX DVXSUD F UXLD VWDWXO vúL H[HUFLW SXWHUHD I U GH YUHR
OLPLWDUH
XQXLVLQJXUGUHSWSXEOLFúLSULYDWDUWLFXODWvQVLVWHPXOGHH[LJHQ HDOXQHL
VLQJXUHOHJLIXQGDPHQWDOH±&RQVWLWX LD5RPkQLHL
,QGLYL]LELOLWDWHDVWDWXOXL$FHDVW GLPHQVLXQHDVWDWXOXLHYRF IDSWXOF DFHVWD
QXSRDWHILVHJPHQWDWQXSRDWHIDFHRELHFWXOXQHLGLYL] UL±WRWDOHVDXSDU LDOH±
FXPvQGHREúWHVHSRDWHvQWkPSODFXDOWHSHUVRDQHPRUDOH
6XYHUDQLWDWHDVWDWXOXL6XYHUDQLWDWHDUHSUH]LQW DFHDFDOLWDWHDSXWHULLGHVWDW
vQ WHPHLXO F UHLD DFHDVW SXWHUH DUH YRFD LD GH D GHFLGH I U QLFL R LPL[WLXQH vQ
WRDWH WUHEXULOH LQWHUQH úL H[WHUQH FX UHVSHFWDUHD VXYHUDQLW LL FHORUODOWH VWDWH
SUHFXP úL D SULQFLSLLORU úL FHORUODOWH QRUPH JHQHUDOH DGPLVH DOH GUHSWXOXL
LQWHUQD LRQDO 5H]XOW F VXYHUDQLWDWHD LPSOLF FRQMXJDUHD D GRX FRPSRQHQWH
HVHQ LDOH ± VXSUHPD LD SXWHULL GH VWDW úL LQGHSHQGHQ D DFHVWHL SXWHUL DOWIHO VSXV
VXYHUDQLWDWHDHVWHÄLQWHUQ ´úLÄH[WHUQ ´
,QGHSHQGHQ DVWDWXOXL$WULEXWXOGHLQGHSHQGHQ DVWDWXOXLHVWHDúDFXPVH
GHVSULQGHGLQH[SOLFD LLOHDQWHULRDUHVXEVXPDWDWULEXWXOXLGHVXYHUDQLWDWHDVWDWXOXL
6LQWDJPD ÄVXYHUDQ úL LQGHSHQGHQW´ DSDUH GHFL VXE UDSRUW MXULGLF úL OLQJYLVWLF
SOHRQDVWLF &XWRDWHDFHVWHDSHQWUXDSRWHQ DFODUDFHDVW YDOHQ DVXYHUDQLW LL
GRFWULQHOH GH VSHFLDOLWDWH SUHFXP úL $GXQDUHD &RQVWLWXDQW D 5RPkQLHL DX
VDFULILFDW LQWHUHVXO IRUPDO vQ IDYRDUHD LQWHUHVXOXL SROLWLF FRQVLGHUkQG úL GHILQLQG
LQGHSHQGHQ DVWDWXOXLFDDFHOGUHSWH[FOXVLYDODFHVWXLDGHDOXDKRW UkULúLVROX LRQD
SUREOHPHOHVDOHLQWHUQHúLH[WHUQHI U QLFLXQDPHVWHFGLQSDUWHDDOWRUVWDWH
,RQ'HOHDQX'UHSWFRQVWLWX LRQDOúLLQVWLWX LLSROLWLFH±WUDWDW(GLWXUD(XURSD1RYD%XFXUHúWLS
,ELGS
,ELGS
,ELGS
,QIUDF LXQHD GH WU GDUH HVWH OLSVLW GH RELHFW PDWHULDO GHRDUHFH DF LXQHD VH
vQGUHDSW vPSRWULYD XQXL IHQRPHQ VRFLDO D XQHL HQWLW L VRFLDOH LPDWHULDOH
DEVWUDFWHVSLULWXDOHúLQXDXQHLUHOD LLVRFLDOHPDWHULDOHFRQFUHWH
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUXOLQIUDF LXQLLGHWU GDUHHVWHFDOLILFDWGHWH[W
úLDQXPHDFHW HDQXOURPkQESHUVRDQ I U FHW HQLHGRPLFLOLDW vQ5RPkQLD
ÌQ DEVHQ D XQHL GLQWUH DFHVWH FDOLW L DOH VXELHFWXOXL DFWLY IDSWHOH vQGUHSWDWH
vPSRWULYDDWULEXWHORUHVHQ LDOHDOHVWDWXOXLYRUSULPLRDOW vQFDGUDUHMXULGLF
3LHUGHUHD GH F WUH DXWRU D FDOLW LL FHUXWH GH WH[W GXS FRPLWHUHD IDSWHL
LQFULPLQDWH vQ DUW & SHQ QX SUH]LQW UHOHYDQ SHQWUX H[LVWHQ D LQIUDF LXQLL
GXS FXPGREkQGLUHDFDOLW LLXOWHULRUFRPLWHULLIDSWHLQXDWUDJHU VSXQGHUHDSHQDO
SHQWUXLQIUDF LXQHDGHWU GDUH
ÌQ FH SULYHúWH FDOLWDWHD GH FHW HDQ URPkQ DFHDVWD VH VWDELOHúWH vQ
FRQIRUPLWDWH FX SUHYHGHULOH /HJLL QU SULYLQG FHW HQLD URPkQ
UHSXEOLFDW LDU FHD GH SHUVRDQ I U FHW HQLH HVWH FRQILJXUDW SULQ GLVSR]L LLOH
28*QUSULYLQGUHJLPXOVWU LQLORUvQ5RPkQLDUHSXEOLFDW
6XELHFW DFWLY DO LQIUDF LXQLL DQDOL]DWH SRDWH IL úL SHUVRDQD MXULGLF vQ
FRQGL LLOHúLFXOLPLW ULOHSUHY ]XWHvQDUW&SHQ
,QIUDF LXQHD GH WU GDUH SRDWH IL V YkUúLW GH XQD VDX PDL PXOWH SHUVRDQH vQ
RULFDUHIRUP GHSDUWLFLSD LH±DXWRUDWFRDXWRUDWLQVWLJDUHFRPSOLFLWDWH&DOLW LOH
SUHFL]DWH GH WH[W VXQW FHUXWH GRDU SHQWUX DXWRUXO FRDXWRULL LQIUDF LXQLL SHQWUX
FHLODO LSDUWLFLSDQ LILLQGLQGLIHUHQWGDF vQGHSOLQHVFVDXQXDFHOHFHULQ H
6XELHFWXOSDVLY±VWDWXOURPkQDVXSUDF UXLDHVWHvQGUHSWDW DF LXQHDLOLFLW
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO DO LQIUDF LXQLL GH WU GDUH HVWH DF LXQHD GH D LQWUD vQ
OHJ WXU FX R SXWHUH VDX FX R RUJDQL]D LH VWU LQ RUL FX XQ DJHQW DO DFHVWRUD
9HUEXP UHJHQV HVWH GHFL ÄLQWUDUHD vQ OHJ WXU ´ DGLF LQWUDUHD vQ FRQWDFW FX
FHW HDQXOVWU LQVDXSHUVRDQDI U FHW HQLHGRPLFLOLDW vQVWU LQ WDWHFDUHDSDU LQH
XQHLSXWHULRULRUJDQL]D LLVWU LQH6XQWOLSVLWHGHUHOHYDQ MXULGLF PLMORDFHOHSULQ
FDUH VH UHDOL]HD] DFHDVWD ± RUDO VFULV DOWH F L GH FRPXQLFDUH ± PRGDOLWDWHD
vQI SWXLULLFRQWDFWXOXL±GLUHFWSHUVRQDORULPHGLDWGHDOWHSHUVRDQH±VDXSDUWHD
F UHLDLDDSDU LQXWLQL LDWLYDFRQWDFW ULLFHOHLODOWHS U L
&RQFHSWXO SXWHUH vQ DFFHS LXQHD GUHSWXOXL LQWHUQD LRQDO HVWH VLQRQLP FHOXL
GHÄVWDW´VDXÄ DU ´
3ULQRUJDQL]D LHVHvQ HOHJHRDVRFLD LHJUXSDUHGHRDPHQLFXFRQFHS LLVDX
SUHRFXS ULFRPXQHXQL LFRQIRUPXQXLUHJXODPHQWVDXVWDWXWvQYHGHUHDGHSXQHULL
XQHL DFWLYLW L RUJDQL]DWH 2 DVHPHQHD RUJDQL]D LH SRDWH vPEU FD IRUPD XQHL
DVRFLD LLPLúF ULVRFLHW LXQLXQLIXQGD LLHWFFXFRQGL LDvQV FDRUJDQL]D LDV
ILH VWU LQ ÌQ DFFHS LXQHD WH[WXOXL DUW GLQ & SHQ QX LQWHUHVHD] GDF
RUJDQL]D LDVWU LQ HVWHSXEOLF VDXSULYDW VWDWDO RULVXSUDVWDWDO
$JHQWDOXQHLSXWHULVDXRUJDQL]D LLVWU LQH3ULQDFHVWFRQFHSWWUHEXLHvQ HOHV
UHSUH]HQWDQWXO XQHL LQVWLWX LL VDX DO XQHL RUJDQL]D LL VWU LQH DO XQXL VWDW VWU LQ
02IQUGLQ
02IQUGLQ
02IQUGLQ
*U*HDP QX'UHSWLQWHUQD LRQDOFRQWHPSRUDQ(GLWXUD'LGDFWLF úL3HGDJRJLF %XFXUHúWLS
'LF LRQDUXOH[SOLFDWLYDOOLPELLURPkQH(GLWXUD$FDGHPLHL%XFXUHúWLS
LQGLIHUHQW GH FDOLWDWHD VD DJHQW GLSORPDWLF FRQVXODU VDX FRPHUFLDO vPSXWHUQLFLW
VSHFLDOvPSXWHUQLFLWRULUHSUH]HQWDQW
6XSULPDUHDDWULEXWHORUHVHQ LDOHDOHVWDWXOXL(VWHRDF LXQHGHvQO WXUDUHGH
DIDFHV GLVSDU GHQLPLFLUHGHvQFHWDUHDH[LVWHQ HLDFHVWRUDWULEXWHDXQXLDRULD
WXWXURUvQWRWDOVDXvQSDUWH
ùWLUELUHDDWULEXWHORUHVHQ LDOHDOHVWDWXOXL$F LXQHSULQFDUHVHGLPLQXHD]
VHSUHMXGLFLD] VHvQFRUVHWHD] H[LVWHQ DDFHVWRUDWULEXWHDXQXLDVDXDWXWXURU
$F LXQLGHSURYRFDUHDU ]ERLXOXL$VHPHQHDDF LXQLVXQWGLVSXVHSHRSDOHW
IDFWXDO H[WUHPGHvQWLQV úLHOHDX±RULVXQWFRQFHSXWHDDYHD±DSWLWXGLQHDGHD
GHFODQúDIRUPDOúLSULQPLMORDFHSHUILGHXQU ]ERLGHDSUHFRQVWLWXLXQFDVXVEHOOL
$F LXQL GH vQOHVQLUH D RFXSD LHL PLOLWDUH VWU LQH ÌQ DFHDVW VLQWDJP VXQW
FXSULQVH RULFH DF LXQL SULQ FDUH VH WLQGH OD DMXWDUHD LQDPLFXOXL SHQWUX D RFXSD vQ
vQWUHJLPHVDXvQSDUWHWHULWRULXO ULLRULSHQWUXDMXVWLILFDQHFHVLWDWHDRFXSD LHL
$F LXQL GH VXEPLQDUH HFRQRPLF SROLWLF VDX D FDSDFLW LL GH DS UDUH D
VWDWXOXL $WDUL DF LXQL FXQRVFXWH vQ GRFWULQHOH PRGHUQH PLOLWDUH úL MXULGLFH VXE
GHQXPLUHDGHDF LXQLGHÄVXEYHUVLXQH´FRQVWDXvQDFWLYLW LGHVI úXUDWHvQVFRSXO
GH]RUJDQL] ULL HFRQRPLHL QD LRQDOH D IRU HORU DUPDWH RUL D FHORU GH RUGLQH DO
GLVFUHGLW ULLDXWRULW LORUSXEOLFHDOGHIRUP ULLLPDJLQLL ULLvQH[WHULRU
$F LXQLGHDVHUYLUHID GHRRUJDQL]D LHVWU LQ VDXSXWHUHVWU LQ (OHVXQW
vQGUHSWDWHGLUHFWvPSRWULYDVXYHUDQLW LLúLLQGHSHQGHQ HLVWDWXOXLDYkQGPHQLUHDGH
DVXERUGRQDSROLWLFDLQWHUQ VDXúLH[WHUQ DVWDWXOXLRULHFRQRPLDQD LRQDO XQXLDOW
VWDWVDXSXWHULVWU LQH
$F LXQL GH vQWUDMXWRUDUH D XQHL RUJDQL]D LL RUL D XQHL SXWHUL VWU LQH SHQWUX
GHVI úXUDUHD XQHL DFWLYLW L LQDPLFH vPSRWULYD VLJXUDQ HL VWDWXOXL &DWHJRULD
DFHVWRU DF LXQL HVWH PXOW PDL ODUJ úL PDL SX LQ GHOLPLWDW HD LQFOX]kQG RULFH
DF LXQH vQWUHSULQV GH DXWRUXO LQIUDF LXQLL SHQWUX VSULMLQLUHD VXE RULFH IRUP D
DFHORUDFWLYLW LSXVHvQOXFUXGHRSXWHUHVWU LQ VSUHDDIHFWDvQWUXQIHOVDXDOWXO
VLJXUDQ DVWDWXOXL
8UPDUHDLPHGLDW DDF LXQLLGHLQWUDUHvQOHJ WXU FXRSXWHUHVDXRUJDQL]D LH
VWU LQ RULFXDJHQ LLDFHVWRUDFRQVW vQFUHDUHDXQHLVW ULGHSHULFROSHQWUXYDORULOH
RFURWLWHGHOHJHSULQLQFULPLQDUHDIDSWHL$úDGDUQXPDLIDSWXOvQVLQHGHFRQWDFWDUH
D FHORU GRL VXELHF L vQ VFRSXO OD FDUH VH UHIHU OHJHD HVWH vQGHVWXO WRU SHQWUX
SURYRFDUHDSHULFROXOXLODDGUHVDVLJXUDQ HLVWDWXOXLWH[WXOQHPDLSUHWLQ]kQGSHQWUX
UHDOL]DUHD LQIUDF LXQLL úL SURGXFHUHD UH]XOWDWXOXL vQ YHGHUHD F UXLD VD LQL LDW
OHJ WXUDSURKLELW
/HJ WXUDGHFDX]DOLWDWH$SDUL LDVW ULLGHSHULFROSHQWUXYDORULOHSURWHMDWHGHOHJH
WUHEXLHV ILHXUPDUHDDF LXQLLvQWUHSULQVHGHI SWXLWRUÌQFD]XOLQIUDF LXQLLGHWU GDUH
UHOD LDGHFDX]DOLWDWHUH]XOW GLQvQVHúLGLVSR]L LLOHDUWGLQ&SHQ±H[UH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH,QIUDF LXQHDGHWU GDUHVHV YkUúHúWHH[FOXVLYFXLQWHQ LH
úLDQXPHFXLQWHQ LHGLUHFW GHRDUHFHDXWRUXOSUHYHGHXUP UHúWHúLGRUHúWHFUHDUHD
XQHL VW UL QHFHVDUH vQ YHGHUHD UHDOL] ULL XQXL VFRS GHWHUPLQDW ,DU DFHVW VFRS
GHOLPLWDW SULQ OHJH HVWH VXSULPDUHD VDX úWLUELUHD XQLW LL LQGLYL]LELOLW LL
VXYHUDQLW LLVDXLQGHSHQGHQ HLVWDWXOXL3ULQXUPDUHSHQWUXUHDOL]DUHDLQIUDF LXQLL
,ELGS
,ELGS
,ELGS
9%UHEDQ'LF LRQDUDOOLPELLURPkQHFRQWHPSRUDQH(GLWXUDùWLLQ LILF úL(QFLFORSHGLF %XFXUHúWL
VHFHUHSHGHRSDUWHFDI SWXLWRUXOV UHDOL]H]HF SULQDF LXQHDVDHVWHY W PDW
VDXHVWHSXV vQSHULFROXQDGLQWUHYDORULOHVRFLDOHRFURWLWHGHOHJHLDUSHGHDOW
SDUWHV XUP UHDVF VFRSXOGHDVXSULPDVDXúWLUELDFHVWHYDORUL
6FRSXOXUP ULWGHI SWXLWRUSULQLQWUDUHDVDvQOHJ WXU FXDJHQWXOVWU LQVH
UHDOL]HD] SULQDFHOHDF LXQLDQXPHSUHY ]XWHvQWH[WXOGHOHJHUHVSHFWLYSURYRFDUH
GHU ]ERLFRQWUD ULLvQOHVQLUHDRFXSD LHLPLOLWDUHVWU LQHVXEPLQDUHHFRQRPLF
SROLWLF VDXDFDSDFLW LLGHDS UDUHDVWDWXOXLDVHUYLUHID GHRRUJDQL]D LHVWU LQ
VDX SXWHUH VWU LQ vQWUDMXWRUDUH D XQHL RUJDQL]D LL RUL D XQHL SXWHUL VWU LQH SHQWUX
GHVI úXUDUHDXQHLDFWLYLW LGXúP QRDVHvPSRWULYDVLJXUDQ HLVWDWXOXL
7H[WXO DUW & SHQ QX FRQ LQH QLFL R UHIHULUH OD PRELOXO LQIUDF LXQLL
(YLGHQWvQV PRELOXOFDUHDDQLPDWI SWXLWRUXOODV YkUúLUHDLQIUDF LXQLLYDFRQVWLWXL
XQHOHPHQWXWLOPDJLVWUDWXOXLODLQGLYLGXDOL]DUHDSHGHSVHL
)RUPH6DQF LXQL
)RUPH $FWHOH SUHSDUDWRULL GHúL SRVLELOH QX VXQW LQFULPLQDWH úL LPSOLFLW
SHGHSVLWH
7HQWDWLYDÌQFHUFDUHDGHDUHDOL]DKRW UkUHDGHLQWUDUHvQOHJ WXU FXXQDJHQW
VWU LQ vQ VFRSXO SUHY ]XW GH OHJH FRQVWLWXLH WHQWDWLY úL VH SHGHSVHúWH FRQIRUP
SUHYHGHULORUDUWDOLQGLQ&SHQ
&RQVXPDUHD,QIUDF LXQHDGHWU GDUH±FDLQIUDF LXQHLQVWDQWDQHHGHSHULFRO±
VH FRQVXP vQ PRPHQWXO FRQWDFWXOXL GLQWUH VXELHFWXO DFWLY FX DJHQWXO VWU LQ
PRPHQWFHFRLQFLGHFXDSDUL LDVW ULLSULPHMGLRDVHSHQWUXVLJXUDQ DVWDWXOXL
6DQF LXQL,QIUDF LXQHDHVWHVDQF LRQDW DOWHUQDWLYFXSHGHDSVDGHWHQ LXQLLSH
YLD VDXvQFKLVRDUHGHODODGHDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
3HUVRDQD MXULGLF VH VDQF LRQHD] FX SHGHDSVD DPHQ]LL GH OD OHL OD
OHLSRWULYLWDUWDOLQ&SHQ
75 '$5($35,1$-87$5($,1$0,&8/8,
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO HVWH LGHQWLF FX DFHOD DO LQIUDF LXQLL GH WU GDUH
SUHY ]XW GH DUW GLQ & SHQ GDU vQ SDUWLFXODUXO DFHVWHL LQIUDF LXQL RELHFWXO
V X MXULGLF YD FXSULQGH VXSOLPHQWDU úL IDVFLFXOXO GH UHOD LL VRFLDOH UHIHULWRDUH OD
FDSDFLWDWHDGHDS UDUHD ULL
2ELHFWXOPDWHULDODOLQIUDF LXQLLFRQVW vQFDWHJRULLOHHQXQ DWHODOLWDFDOH
DUWGLQ&SHQSHFDUHDXWRUXOOHSUHG RULOHSURFXU LQDPLFXOXL0RGDOLW LOH
QRUPDWLYHGHVFULVHODOLWGúLvQDOLQQXVXQWVXVFHSWLELOHGHDDYHDXQRELHFW
PDWHULDO
9DFRQVWLWXLGHFLRELHFWPDWHULDODOLQIUDF LXQLLXQDGLQHQWLW LOHGHPDLMRV
7HULWRULL6HvQ HOHJHRDQXPLW SDUWHSR LXQHDWHULWRULXOXL ULLLQGLIHUHQW
GDF HDFRLQFLGHVDXQXFDvQWLQGHUHFXRXQLWDWHWHULWRULDODGPLQLVWUDWLY
2UDúH ORFDOLW L XUEDQH 7HUPHQXO IRORVLW vQ WH[W HVWH SUHFLV úL H[FOXGH
LQWHUSUHWDUHD F R DOW FDWHJRULH GH XQLWDWH WHULWRULDODGPLQLVWUDWLY VDW FRPXQ
VWD LXQHEDOQHRFOLPDWHULF SRDWHFRQVWLWXLRELHFWPDWHULDODOLQIUDF LXQLL
3R]L LL GH DS UDUH 6H vQ HOHJH DFHD SRU LXQH GH WHUHQ SH FDUH VXQW GLVSXVH
VXEXQLW LGHLQIDQWHULHúLDOWHDUPHvQVFRSXOUHVSLQJHULLDWDFXOXLLQDPLFúLDS U ULL
WHUHQXOXLRFXSDW
/H[LFRQPLOLWDU(GLWXUD0LOLWDU %XFXUHúWLS
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUXOLQIUDF LXQLLSUHY ]XW vQDUWDOLQ
GLQ & SHQ HVWH FDOLILFDW SULQ DFHOHDúL DWULEXWH FX FHOH DU WDWH OD LQIUDF LXQHD GH
WU GDUHUHVSHFWLYDFHW HDQURPkQESHUVRDQ I U FHW HQLHFDUHDUHGRPLFLOLXO
vQ5RPkQLD
/D PRGDOLWDWHD QRUPDWLY UHJOHPHQWDW vQ DOLQ VXELHFWXO DFWLY SRDWH IL
H[FOXVLYFHW HDQXOURPkQ
6XELHFWXO DFWLY DO LQIUDF LXQLL SRDWH IL úL SHUVRDQD MXULGLF SRWULYLW
GLVSR]L LLORUDUW&SHQ
,QIUDF LXQHD SRDWH IL V YkUúLW GH XQD VDX PDL PXOWH SHUVRDQH vQ RULFDUH
IRUP GHSDUWLFLSDUH±DXWRUDWFRDXWRUDWLQVWLJDUHFRPSOLFLWDWH
6XELHFWXO SDVLY HVWH VWDWXO URPkQ GDU VXELHFW SDVLY DO LQIUDF LXQLL VXQW úL
VWDWHOHDOLDWH5RPkQLHLvQDFHOFRQIOLFWDUPDWvQLSRWH]DvQFDUHDF LXQLOHPHQ LRQDWH
vQ DOLQ OLW G úL DOLQ DOH DUW GLQ & SHQ VXQW vQGUHSWDWH vPSRWULYD
IRU HORUDUPDWHDOHDFHORUVWDWH
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDOFRQVW vQWURDFWLYLWDWHGHDMXWDUHDLQDPLFXOXLDFWLYLWDWH
FH VH SRDWH H[SULPD SULQ DF LXQL GH ÄSUHGDUH´ GH SR]L LL GH DS UDUH GH LQVWDOD LL
PLOLWDUH HWF GH ÄSURFXUDUH´ GH RDPHQL YDORUL úD GH ÄWUHFHUH GH SDUWHD
LQDPLFXOXL´ GH ÄOXSW ´ GH ÄD IDFH SDUWH GLQ IRUPD LL GH OXSW ´ VDX DF LXQL ÄGH
QDWXU V IDYRUL]H]H DFWLYLWDWHD LQDPLFXOXL´ RUL ÄV VO EHDVF ´ SXWHUHD GH OXSW D
IRU HORUDUPDWHDXWRKWRQHRULDOLDWH$F LXQLOHLQFULPLQDWHVXQWSUHY ]XWHHQXQ LDWLY
úLQXOLPLWDWLYWH[WXOO VkQGSRVLELOLWDWHDvQFDGU ULLvQDFHODUWLFROúLDDOWRUDF LXQL
QHQRPLQDOL]DWH GH DMXWDUH D LQDPLFXOXL $WLWXGLQHD DXWRUXOXL FRQFUHWL]DW vQ
DF LXQLOHSUHY ]XWHvQWH[WSRDWHILDFWLY VDXSDVLY
$F LXQHDGHSUHGDUHDUHvQ HOHVXOGHSXQHUHDFDWHJRULLORUHQXQ DWHVXEOLWD
úL E DOH DUW GLQ & SHQ OD GLVSR]L LD LQDPLFXOXL FHGDUHD ORU VDX FKLDU
IDYRUL]DUHDRFXS ULLDFHVWRUD
3ULQSXUWDUHDU ]ERLXOXL±DUWDOLQOLWEGLQ&SHQ±VHvQ HOHJH
PRGXOFRQFUHWGHDF LXQHDOWXWXURUIDFWRULORULPSOLFD LvQGHVI úXUDUHDU ]ERLXOXL
vQFRQGL LLOHUHDOHDOHGHUXO ULLFRQIOLFWXOXLDUPDW
3URFXUDUHD GH RDPHQL (VWH DF LXQHD GH UHFUXWDUH D LQGLYL]LORU SHQWUX
VXV LQHUHDHIRUWXOXLGHU ]ERLDOLQDPLFXOXLLQGHSHQGHQWGHVSHFLDOLWDWHDVDXJUDGXO
ORUGHLQVWUXLUHGHDFWLYLWDWHDFRQFUHW FHDUXUPDV RvQGHSOLQHDVF
3ULQ SURFXUDUHD GH YDORUL úL PDWHULDOH GH RULFH IHO VH vQ HOHJH DF LXQHD GH
DFKL]L LRQDUH VDX GH VFRDWHUH GLQ SDWULPRQLXO SURSULX XQRU DVHPHQHD HQWLW L
PDWHULDOHúLSXQHUHDORUODGLVSR]L LDLQDPLFXOXLLQGLIHUHQWVXEFHIRUP
3ULQDF LXQHDGHWUHFHUHGHSDUWHDLQDPLFXOXL±DOLQOLWG±VHvQ HOHJH
SXQHUHD HIHFWLY D DXWRUXOXL LQIUDF LXQLL vQ VHUYLFLXO LQDPLFXOXL LQGLIHUHQW GDF
LQDPLFXO VH DIO SH WHULWRULXO V X DO DOWXL VWDW RUL SH WHULWRULXO URPkQ (VWH GH
DVHPHQHD OLSVLW GH UHOHYDQ GDF I SWXLWRUXO HVWH SUH]HQW SH WHULWRULXO VWDWXOXL
VWU LQ DQWHULRU VDX SRVWHULRU GHFODQú ULL VW ULL GH EHOLJHUDQ HVHQ LDO SHQWUX
UHDOL]DUHDLQIUDF LXQLLILLQGGRDUvQURODUHDOXLvQIRU HOHLQDPLFHvQVFRSXOGHDOXSWD
vPSRWULYDIRU HORUDUPDWHURPkQHVDXDDUPDWHORUDOLDWH
(IHFWXDUHD GH DOWH DF LXQL GH QDWXU V IDYRUL]H]H DFWLYLWDWHD LQDPLFXOXL
3DOHWD XQRU DVWIHO GH DF LXQL HVWH ODUJ &X WLWOX GH H[HPSOX OXDUHD vQ PRG
'LQGRFWULQDPLOLWDU
GHOLEHUDW FX vQWkU]LHUH D GHFL]LLORU VDX WUDQVPLWHUHD WDUGLY D RUGLQHORU SHQWUX
FRQWUDFDUDUHDDF LXQLORULQDPLFXOXLO VDUHDXQRURELHFWLYHPLOLWDUHVDXHFRQRPLFH
SUHFXPúLDXQRUHOHPHQWHDOHVXSUDVWUXFWXULLWHULWRULDOHF LGHFRPXQLFD LHFHQWUH
GH WHOHFRPXQLFD LL HWF vQ VWDUH GH IXQF LRQDUH vQ ]RQHOH UDLRDQHOH RFXSDWH GH
LQDPLFDF LXQHDYRLWOHQW VDXLQRSRUWXQ SHOLQLDDVLJXU ULLORJLVWLFLLúD
(IHFWXDUHD GH DOWH DF LXQL GH QDWXU V VO EHDVF SXWHUHD GH OXSW 3ULQ
DFHDVWD VH vQ HOHJH GLPLQXDUHD FDSDFLW LL GH ULSRVW D XQLW LORU PLOLWDUH vQ
vQGHSOLQLUHDPLVLXQLORUFHOHUHYLQ'LQWUHQXPHURDVHOHWLSXULGHDF LXQLFHVOXMHVF
DFHVWXL VFRS VXQW GH FLWDW GRDU DFWHOH GH GHIHWLVP $FHVWHD FRQVWDX vQ ODQVDUHD
U VSkQGLUHD VDX SXEOLFDUHD GH ]YRQXUL VDX LQIRUPD LL H[DJHUDWH VDX WHQGHQ LRDVH
UHODWLYHODVLWXD LDPLOLWDU HFRQRPLF SROLWLF VDXVRFLDO D ULLúLHOHDXFDHIHFW
GHPRUDOL]DUHD PLOLWDULORU úL vQ JHQHUDO D SRSXOD LHL DQJDMDWH vQ DS UDUHD
WHULWRULXOXL
3ULQ D OXSWD VH vQ HOHJH RULFH PRGDOLWDWH GH DF LXQH vQGUHSWDW vPSRWULYD
IRU HORU DUPDWH URPkQH VDX DOLDWH LQGLIHUHQW GDF DXWRUXO LQIUDF LXQLL HVWH
FRPEDWDQWVDXQHFRPEDWDQW
ÌQWUR DOW RSLQLH VH DILUP F DXWRUXO LQIUDF LXQLL WUHEXLH V SDUWLFLSH ÄvQ
FDOLWDWHGHFRPEDWDQWODRSHUD LXQLOHPLOLWDUH´
$IDFHSDUWHGLQIRUPD LLGHOXSW 6HvQ HOHJHDFWXOYRLWGHDVHvQURODvQWUR
VWUXFWXU DUPDW DOF UHLVFRSHVWHGHDOXSWDvPSRWULYDVWDWXOXLURPkQRULDDOLD LORU
V L1XYDDYHDLPSRUWDQ SHQWUXUHDOL]DUHDLQIUDF LXQLLGDF DFHDVWUXFWXU HVWH
PLOLWDU VDXSDUDPLOLWDU GDF DIRVWDQJDMDW vQOXSWHRUL LQXW vQUH]HUYDWDFWLF
RULVWUDWHJLF VDXGDF HVWHRIRUPD LXQHOXSW WRDUHRULDX[LOLDU
)RU HOHDUPDWHURPkQHFXSULQGDUPDWDPDULXQLW LúLXQLW LGLQVXERUGLQHD
0LQLVWHUXOXL $GPLQLVWUD LHL úL ,QWHUQHORU FHOH DOH VHUYLFLLORU GH LQIRUPD LL DOH
VWDWXOXLúLDOWHIRUPD LXQLGHDS UDUHDUPDW RUJDQL]DWHSRWULYLWOHJLL
&RQFHSWXODUPDWHDOLDWHGHULY GLQÄvQ HOHJHUHDSROLWLFRPLOLWDU FRQVHPQDW
vQWUXQWUDWDWSULQFDUHVWDWHOHVHPQDWDUHvúLDVXP REOLJD LDUHFLSURF GHDDF LRQD
vQ FRPXQ FX WRDWH VDX QXPDL FX R SDUWH GLQ IRU HOH ORU DUPDWH SHQWUX D VH DS UD
vPSRWULYDXQXLGXúPDQFRPXQ´
8UPDUHD LPHGLDW D IDSWHL UH]LG vQ SDUWLFXODUXO DFHVWHL LQIUDF LXQL vQ
VSRULUHD FDSDFLW LL GH OXSW D LQDPLFXOXL RUL D DFWLYLW LL DFHVWXLD úL FRUHODWLY vQ
GLPLQXDUHDFDSDFLW LLGHDS UDUHDIRU HORUDUPDWHURPkQHVDXDDOLD LORUDFHVWRUD
/HJ WXUDGHFDX]DOLWDWHvQFD]XOLQIUDF LXQLLSUHY ]XW vQDUW&SHQHVWH
IDFLO GH GHWHUPLQDW GDW ILLQG F XUPDUHD IDSWHL HVWH LQHUHQW úL FRQFRPLWHQW
DF LXQLLLQFULPLQDWH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH $F LXQHD GH DMXWDUH vQ RULFH PRG D LQDPLFXOXL
SUHVXSXQHQHFHVDUPHQWHHOHPHQWXOGHSUHYHGHUHSHGHRSDUWHGHXUP ULUHVDXGH
DFFHSWDUHDUH]XOWDWXOXLSHGHDOW SDUWH'HFLIRUPDGHYLQRY LHYDILvQWRWGHDXQD
LQWHQ LDvQPRGDOLWDWHDGLUHFW VDXLQGLUHFW
6SUH GHRVHELUH GH LQIUDF LXQHD GH WU GDUH OD LQIUDF LXQHD GH WU GDUH SULQ
DMXWDUHDLQDPLFXOXLQXVHFHUHYL]DUHDGHF WUHI SWXLWRUDXQXLDQXPHVFRSúLvQ
PRGDVHP Q WRUFXLQIUDF LXQHDGHUHIHULQ QXLQWHUHVHD] FHDDQLPDWI SWXLWRUXO
9'RQJRUR]úLFRO([SOLFD LLWHRUHWLFHDOH&RGXOXLGHSURFHGXU SHQDO URPkQ3DUWHDVSHFLDO YRO,,,
(GLWXUD$FDGHPLHL%XFXUHúWLS
/HJHDQU±/HJHDDS U ULLQD LRQDOHD5RPkQLHLDUW
/H[LFRQPLOLWDURSFLWS
V YkUúLUHD IDSWHL PRELOXO úL VFRSXO YRU FRQVWLWXL GRDU YDOHQ H vQ FLUFXPVWDQ LHUHD
U VSXQGHULLSHQDOH
)RUPH6DQF LXQL
)RUPH 8QHOH DFWH SUHSDUDWRULL úL WHQWDWLYD OD DFHDVW LQIUDF LXQH VXQW
SRVLELOHúLVHSHGHSVHVFSRWULYLWDUWDOLQúL&SHQ
,QIUDF LXQHD VH FRQVXP vQ PRPHQWXO vQ FDUH VD SURGXV DFWXO GH DMXWDUH D
LQDPLFXOXL UHVSHFWLY FkQG I SWXLWRUXO D HIHFWXDW DF LXQHD GH ÄSUHGDUH´ GH
ÄSURFXUDUH´ GH ÄWUHFHUH´ GH ÄOXSW ´ GH ÄD IDFH SDUWH´ VDX HIHFWXHD] RULFH ÄDOWH
DF LXQLGHQDWXU V «´
6DQF LXQL3HGHDSVDSHQWUXDFHDVW LQIUDF LXQHHVWHDOWHUQDWLYGHWHQ LXQHDSH
YLD VDXvQFKLVRDUHDGHODODGHDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
3HUVRDQD MXULGLF VH VDQF LRQHD] FX SHGHDSVD DPHQ]LL GH OD OHL OD
OHLSRWULYLWDUWDOLQ&SHQ
75 '$5($35,175$160,7(5('(6(&5(7(
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO HVWH LGHQWLF FX DFHOD DO LQIUDF LXQLL GH WU GDUH
SUHY ]XW vQDUWGLQ&SHQ
2ELHFWXO PDWHULDO DO LQIUDF LXQLL YD FRQVWD vQWUXQ GRFXPHQW vQVFULV
IRWRJUDILHVFKL KDUW RULXQRELHFWLQVWUXPHQWFDUHFRQ LQVHFUHWHGHVWDW
Ä6HFUHWH GH VWDW´ ± SRWULYLW SUHYHGHULORU DUW DOLQ & SHQ ± VXQW
GRFXPHQWHOH úL GDWHOH FDUH SUH]LQW vQ PRG Y GLW DFHVW FDUDFWHU SUHFXP úL FHOH
GHFODUDWHVDXFDOLILFDWHDVWIHOSULQKRW UkUHD*XYHUQXOXL
1RUPDJHQHUDO DIRVWSXV vQRSHU SULQQRUPHOHVSHFLDOHFRQ LQXWHGH/HJHD
QUSULYLQGSURWHF LDLQIRUPD LLORUFODVLILFDWH
3RWULYLWSUHYHGHULORUDUWOLWGGLQOHJHÄLQIRUPD LLOHVHFUHWHGHVWDWVXQW
DFHOH LQIRUPD LL FDUH SULYHVF VHFXULWDWHD QD LRQDO SULQ D F URU GLYXOJDUH VH SRW
SUHMXGLFLDVLJXUDQ DQD LRQDO úLDS UDUHD ULL´
ÌQ FD]XO GLIX] ULL LQIRUPD LLORU VHFUHWH GH VWDW vQ DOW PRG GHFkW SULQ
WUDQVPLWHUH D GRFXPHQWXOXL VDX LQVWUXPHQWXOXL OXL GH SLOG SH FDOH RUDO
LQIUDF LXQHDHVWHOLSVLW GHRELHFWPDWHULDO
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRUXO LQIUDF LXQLL HVWH FDOLILFDW SULQ DFHOHDúL
DWULEXWHFXFHOHDU WDWHODLQIUDF LXQHDGHWU GDUH(OSRDWHDYHDúLRDQXPHFDOLWDWH
GH H[HPSOX IXQF LRQDU VXSHULRU vQ H[HFXWLY SDUODPHQWDU PLOLWDU RUL SHUVRQDOXO
WHKQLFGLQSUHDMPDDFHVWRUD±úLGHUHJXO RDXSHQWUXF vQPHGLLOHGHYkUIDOH
VWUXFWXULL VH IRUPHD] úL FLUFXO LQIRUPD LLOH VHFUHWH GH VWDW ± GDU FDOLWDWHD ORU QX
HVWH LQWULQVHF HOHPHQWXOXL FRQVWLWXWLY DO LQIUDF LXQLL FL H[WULQVHF SXWkQG IL
UH LQXW GRDUvQRSHUD LXQHDGHHYDOXDUHDU VSXQGHULLSHQDOH
6XELHFWXODFWLYDOLQIUDF LXQLLSRDWHILSRWULYLWGLVSR]L LLORUDUW&SHQúL
SHUVRDQDMXULGLF
,QIUDF LXQHD SRDWH IL V YkUúLW GH XQD VDX PDL PXOWH SHUVRDQH vQ RULFDUH
IRUP GHSDUWLFLSD LH±DXWRUDWFRDXWRUDWLQVWLJDUHFRPSOLFLWDWH
&RQGL LLOH FHUXWH GH WH[W DXWRUXOXL IDSWHL SHQWUX D IL VXELHFW DFWLY DO
LQIUDF LXQLLQXVXQWFHUXWHFHORUODO LSDUWLFLSDQ L
6XELHFWXOSDVLYHVWHVWDWXO
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDOVHH[SULP vQXQDGLQWUHFHOHWUHLDF LXQLHQXQ DWHvQWH[W
úL DQXPH D WUDQVPLWHUHD GH VHFUHWH GH VWDW E SURFXUDUHD úL F GH LQHUHD GH
GRFXPHQWH VDX GDWH FH FRQVWLWXLH VHFUHWH GH VWDW ÌQ SULPXO FD] WUDQVPLWHUHD GH
VHFUHWH GH VWDW WUHEXLH V VH IDF XQHL SXWHUL VDX RUJDQL]D LL VWU LQH VDX DJHQ LORU
DFHVWRUDvQYUHPHFHvQXUP WRDUHOHFD]XULSURFXUDUHDVDXGH LQHUHDGRFXPHQWHORU
VDXGDWHORUDIODWHVXELQFLGHQ D/HJLLQUWUHEXLHvQI SWXLWHvQVFRSXOvQ
YHGHUHDWUDQVPLWHULLORUDFHORUDúLGHVWLQDWDUL
$F LXQHDGHWUDQVPLWHUHGHVHFUHWHGHVWDWDUHvQ HOHVXOGHFRPXQLFDUHDIDFH
V DMXQJ ODDOWXOVHFUHWXOvQRULFHPRG±YHUEDOVFULVSULQSUHGDUHDRELHFWXOXLVDX
LQVWUXPHQWXOXLFDUHFRQ LQHVHFUHWXO±GLUHFWSULQLQWHUPHGLDUVDXSULQRULFHPLMORF
GH FRPXQLFDUH WHOHIRQ UDGLR ID[ LQWHUQHW HWF GH F WUH SHUVRDQD FDUH GH LQH
VHFUHWXOvQYLUWXWHDDWULEX LLORUVDOHGHVHUYLFLXRULGHWHU HSHUVRDQHFDUHDXLQWUDW
YRLWVDXvQWkPSO WRUvQSRVHVLDVHFUHWXOXL
$F LXQHD GH SURFXUDUH GH GRFXPHQWH VDX GDWH FH FRQVWLWXLH VHFUHWH GH VWDW
LPSOLF GH UHJXO R HWDS SUHOLPLQDU GH LQYHVWLJDUH SHQWUX D LGHQWLILFD
GRFXPHQWHOHFHSUH]LQW LQWHUHVúLPRGDOLW LOHGHDDFFHGHODDFHVWHDúLRHWDS GH
DSURSLHUH DDFHORUGRFXPHQWHLQIRUPD LLGDWHDPEHOHGHVI úXUkQGXVHHYLGHQW
VXE VHPQXO GLVFUH LHL úL SULQ PLMORDFH LOLFLWH S WUXQGHUH I U GUHSW vQ vQF SHULOH
VSHFLDO GHVWLQDWH S VWU ULL GRFXPHQWHORU IRWRILOPDUHD DFHVWRUD FRUXSHUHD
SHUVRQDOXOXLGHSD] RULDFHOXLvQV UFLQDWFXJHVWLRQDUHDLQIRUPD LLORUHWF
&RQFHSWXOGH LQHUHGHGRFXPHQWHúLGDWHFHFRQVWLWXLHVHFUHWHGHVWDWWUHEXLH
vQ HOHV FD IDSW GH SRVHGDUH GH D DYHD vQ VW SkQLUH DFHO GRFXPHQW &RQFHSWXO VH
LPSXQH D IL FRUHODW FX VLQWDJPD ÄvQ VFRSXO WUDQVPLWHULL´ GHRDUHFH vQ FRQWH[W
FXYkQWXO ÄVFRS´ QX UHIOHFW DWLWXGLQHD SVLKLF D I SWXLWRUXOXL FL H[SULP R
FRPSRQHQW DODWXULLPDWHULDOHFRQFHSWXOÄVFRS´SRDWHILvQORFXLWFXDFHODúLVHQV
SULQ H[SUHVLD ÄvQ YHGHUHD´ 'HFL VFRSXO LQGLF GHVWLQD LD GRFXPHQWXOXL úL QX
LQWHQ LDI SWXLWRUXOXL
8UPDUHD LPHGLDW FRQVW vQ FUHDUHD XQHL VW UL GH SHULFRO SHQWUX VLJXUDQ D
VWDWXOXLSULQFKLDUIDSWXOWUDQVPLWHULLRULDOSURFXU ULLVDXGH LQHULLVHFUHWHORUGHVWDW
vQYHGHUHDGHFRQVSLU ULLORUXQRUDJHQ LVWU LQL
ÌQ OLWHUDWXUD GH VSHFLDOLWDWH VD VXV LQXW F vQ LSRWH]D vQ FDUH SXWHUHD VDX
RUJDQL]D LD VWU LQ GH LQHD VHFUHWH GH VWDW DQWHULRU V YkUúLULL DF LXQLORU GH
WUDQVPLWHUHSURFXUDUHVDXGH LQHUHDORUIDSWDYDFRQVWLWXLWHQWDWLY ODLQIUDF LXQH
GHRDUHFHXUPDUHDLPHGLDW QXPDLHVWHSRVLELO
2SLQLD FLWDW SHUIHFW PRWLYDW OD PRPHQWXO DILUP ULL DU SXWHD IL DPHQGDW
FD XUPDUH D WHRULLORU GH]YROWDWH vQ GRFWULQD úL SUDFWLFD XOWLPLORU DQL vQ PDWHULD
VWUDWHJLHL GHFL]LRQDOH ÌQ FRQIRUPLWDWH FX QRXD JkQGLUH VROX LLOH SR]L LLOH
KRW UkULOH RS LXQLOH SROLWLFH PLOLWDUH VDX HFRQRPLFH VXQW HODERUDWH QXPDL GXS
SDUYHQLUHD VHFUHWXOXL LQIRUPD LHL GRFXPHQWXOXL SH PDL PXOWH ÄFDQDOH´ GH
WUDQVPLWHUH ([LVW FKLDU úL XQ ÄSUDJ´ PLQLP GH WUHL ÄFDQDOH´ SULQ FDUH WUHEXLH V
DMXQJ ÄVHFUHWXO´SHQWUXDIRUPDFHUWLWXGLQHDDVXSUDDXWHQWLFLW LLLQIRUPD LHL3ULQ
XUPDUH vPSUHMXUDUHD F SXWHUHD VDX RUJDQL]D LD VWU LQ FXQRúWHD VHFUHWXO VWDWXOXL
URPkQ DQWHULRU DFWXOXL GH WU GDUH QX FUHHD] DXWRPDW VWDUHD GH SHULFRO SHQWUX
VLJXUDQ DVWDWXOXLQRVWUXXUPDUHDLPHGLDW vQF QXVDSURGXVPDLHVWHQHYRLHGH
XQ ÄFDQDO´ GH WUDQVPLWHUH D VHFUHWXOXL GH VWDW úL SRDWH úL GH DOWHOH SkQ OD UHDOD
DSDUL LH D VW ULL SULPHMGLRDVH SHQWUX VWDWXO URPkQ úL GH DFHHD IDSWD GH WU GDUH YD
9'RQJRUR]úLFRO([SOLFD LLWHRUHWLFHDOH&RGXOXLSHQDOURPkQHGFLWYRO,,S
DYHDXQUROFRQWULEXWLY±DO WXULúLvQFRUHOD LDFXDOWHIDSWHGHWU GDUHRULVXUVHGH
LQIRUPDUH ± OD IRUPDUHD FHUWLWXGLQLL QHFHVDUH GHFLGHQ LORU VWU LQL SHQWUX D OXD R
KRW UkUH VDX DOWD vQ FH SULYHúWHSHULPHWUXOURPkQHVFÌQDFHDVW QRX SHUVSHFWLY
IDSWD GH WU GDUH vQ PRGDOLWDWHD H[DPLQDW DU SXWHD IL vQFDGUDW FD LQIUDF LXQH
FRQVXPDW
/HJ WXUDGHFDX]DOLWDWHvQWUHDF LXQHúLXUPDUHQXULGLF SUREOHPHODDFHVW
JHQGHLQIUDF LXQHHDUH]XOWkQGH[UH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH ,QIUDF LXQHD GH WU GDUH SULQ WUDQVPLWHUHD GH VHFUHWH VH
V YkUúHúWHFXLQWHQ LHGLUHFW VDXLQGLUHFW LDUWH[WXOQXSUHWLQGHFDVXELHFWXOV IL
XUP ULWXQDQXPLWVFRSRULV ILHDQLPDWGHXQPRELO
)RUPH6DQF LXQL
)RUPH 8QHOH DFWH SUHSDUDWRULL úL WHQWDWLYD VXQW SRVLELOH úL VH SHGHSVHVF
SRWULYLWDUWDOLQúL
(VWHvQV GHSUHFL]DWF IRUPHOHLPSHUIHFWHDOHLQIUDF LXQLLVXQWSRVLELOHGRDU
vQ FD]XULOH FkQG DFHDVWD VH UHDOL]HD] SULQ PRGDOLW LOH ÄWUDQVPLWHUH´ VDX
ÄSURFXUDUH´ QX úL SULQ PRGDOLWDWHD ÄGH LQHUH´ vQ DFHDVW GLQ XUP LSRVWD]
QRUPDWLY LQIUDF LXQHDVHFRQVXP GHvQGDW FHvQFHSHH[HFXWDUHD
&RQVXPDUHD LQIUDF LXQLL VH SURGXFH OD PRPHQWXO FkQG DXWRUXO H[HFXW
HIHFWLYDF LXQHDSUHVFULV GHWH[WDGLF vQPRPHQWXOvQFDUHWUDQVPLWHVHFUHWHGH
VWDW DJHQWXOXL VWU LQ UHVSHFWLY vQ FDUH SURFXU VDX GH LQH DVWIHO GH LQIRUPD LL vQ
VFRSXOGLIX] ULLDFHVWRUDDJHQWXOXLVWU LQ
6DQF LXQL$OWHUQDWLYLQIUDF LXQHDHVWHSHGHSVLW FXGHWHQ LXQHSHYLD VDX
vQFKLVRDUHGHODODGHDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
3HUVRDQD MXULGLF VH VDQF LRQHD] FX SHGHDSVD DPHQ]LL GH OD OHL OD
OHLSRWULYLWDUWDOLQ&SHQ
$& ,81,/('8ù0 12$6(&2175$67$78/8,
,QIUDF LXQHD GH DF LXQL GXúP QRDVH FRQWUD VWDWXOXL HVWH LGHQWLF FX
LQIUDF LXQLOH SUHY ]XWH vQ DUW úL DUW & SHQ FHHD FH R GHRVHEHúWH GH
DFHVWHDILLQGGRDUVXELHFWXODFWLYDOLQIUDF LXQLLFDUHvQDFHVWFD]DUHFDOLWDWHDGH
FHW HDQVWU LQVDXGHSHUVRDQ I U FHW HQLHFDUHQXDUHGRPLFLOLXOvQ5RPkQLD
ÌQFRQVHFLQ PXWDWLVPXWDQGLVGRDUVXELHFWXODFWLYDOLQIUDF LXQLL±ODFDUHVH
LGHQWLILF úL SHUVRDQD MXULGLF ± QHFHVLW H[SOLFD LL VXSOLPHQWDUH vQ UHVW WRDWH
H[SOLFD LLOHGDWHODLQIUDF LXQLOHSUHY ]XWHvQDUWúLDUW&SHQvúLS VWUHD]
LQWHJUDOYDODELOLWDWHDODLQIUDF LXQHDSUHY ]XW vQDUW&SHQ
'LQ SDUWLFXODULWDWHD VXELHFWXOXL DFWLY DO DFHVWHL LQIUDF LXQL GHULY GRDU GRX
DVSHFWH±GHRUGLQSURFHVXDOSHQDOúLGHRUGLQVDQF LRQDWRU
D±ÌQYDORUL]DUHDSULQFLSLXOXLUHDOLW LLOHJLLSHQDOHFXSULQVvQDUWDOLQ
&SHQFHUFHWDUHDúLMXGHFDUHDLQIUDF LXQLLSUHY ]XWHvQDUW&SHQV YkUúLW
vQDIDUDWHULWRULXOXL ULLHVWHGHFRPSHWHQ DDXWRULW LORUMXGLFLDUHURPkQHSURFHVXO
SHQDO GHVI úXUkQGXVH vQ SUH]HQ D I SWXLWRUXOXL ± GDF VD FHUXW úL RE LQXW
H[WU GDUHD VD DUW & SHQ ± VDX vQ OLSVD DFHVWXLD ± GDF QX D IRVW H[WU GDW
,ELGS
3XQHUHD vQ PLúFDUH D DF LXQLL SHQDOH VH IDFH SRWULYLW SUHYHGHULORU DUW DOLQ
&SHQQXPDLFXDXWRUL]DUHDSUHDODELO DSURFXURUXOXLJHQHUDODO3DUFKHWXOXLGHSH
OkQJ ÌQDOWD&XUWHGH&DVD LHúL-XVWL LH
E ± ,QVWDQ D SURQXQ kQG FRQGDPQDUHD SHQWUX LQIUDF LXQHD SUHY ]XW vQ
DUW&SHQSRDWHV GLVSXQ úLH[SXO]DUHDFRQGDPQDWXOXL±vQED]DDUW
DOLQ úL & SHQ ± FX H[FHS LD SHUVRDQHORU OLPLWDWLY HQXQ DWH vQ DOLQ
UHVSHFWLY H[LVW PRWLYH VHULRDVH GH D VH FUHGH F ULVF V ILH VXSXVH OD WRUWXU vQ
VWDWXOvQFDUHXUPHD] DILH[SXO]DWH
63,21$-8/
([DPLQDW SULQSULVPDYDORULORUVRFLDOHYL]DWHúLDSR]L LHLDXWRUXOXLID GH
DFHVWHDLQIUDF LXQHDGHVSLRQDMHVWHÄLPDJLQHDvQRJOLQG ´DLQIUDF LXQLLGHWU GDUH
SULQWUDQVPLWHUHGHVHFUHWHLPDJLQHXQLF SULYLW vQV GLQVHQVXULRSXVH
$LGRPD LQIUDF LXQLL SUHY ]XW GH DUW & SHQ ± FDUH VH UDSRUWD OD
FRQ LQXWXOLQIUDF LXQLORUSUHY ]XWHGHDUWúLDUW&SHQ±LQIUDF LXQHDGH
VSLRQDMVHUDSRUWHD] ODFRQ LQXWXOLQIUDF LXQLLSUHY ]XW GHDUW&SHQFXFDUH
HVWHLGHQWLF 8QLFDGHRVHELUHvQWUHDFHVWHDFRQVW vQFDOLWDWHDGLIHULW DVXELHFWXOXL
DFWLYDOLQIUDF LXQLLFDUHvQFD]XODFHOHLDGHVSLRQDMWUHEXLHV ILHFHW HDQVWU LQ
VDXSHUVRDQ I U FHW HQLHFDUHQXDUHGRPLFLOLXOvQ5RPkQLD
$FHDVW FDOLWDWHHVWHFHUXW SHQWUXDXWRUXOFRDXWRULLLQIUDF LXQLLQXúLSHQWUX
FHLODO LSDUWLFLSDQ L±FRPSOLFLLQVWLJDWRUL
6XELHFW DFWLY DO LQIUDF LXQLL SRDWH IL úL SHUVRDQD MXULGLF vQ FRQIRUPLWDWH FX
GLVSR]L LLOHDUW&SHQ
$VSHFWHOH GH RUGLQ VDQF LRQDWRU ± VHPQDODWH úL FRPHQWDWH OD LQIUDF LXQHD GH
DF LXQL GXúP QRDVH FRQWUD VWDWXOXL URPkQ VXQW LQFLGHQWH úL OD LQIUDF LXQHD GH
VSLRQDM
$7(17$78/&$5(381(Ì13(5,&2/6,*85$1 $67$78/8,
2ELHFWXORFURWLULLSHQDOH
,QIUDF LXQHD SUHY ]XW vQ DUW & SHQ HVWH R LQIUDF LXQH FRPSOH[ úL
DWLSLF (VWHFRPSOH[ SHQWUXF OHJLXLWRUXOLQFULPLQkQGIDSWDDXUP ULWUHDOL]DUHD
XQHLGXEOHúLFRQFRPLWHQWHSURWHF LLSHQDOH±VLJXUDQ DVWDWXOXLúLVHFXULWDWHDXQHL
FDWHJRULLGHSHUVRDQH±úLDWLSLF SHQWUXF VDXLQFULPLQDWFDIDSW FRQVXPDW DWkW
H[HFXWDUHDDF LXQLLSURKLELWHFkWúLvQFHUFDUHDWHQWDUHDH[HFXW ULLHL
2ELHFWXO MXULGLF VSHFLDO HVWH GXDO vQ FRPSRQHQ D DFHVWXLD LQWUkQG vQ
SULQFLSDOUHOD LLOHVRFLDOHFDUHGHSLQGGHVLJXUDQ DVWDWXOXLúLvQVHFXQGDUUHOD LLOH
VRFLDOHSULYLQGGUHSWXOSHUVRDQHLODYLD VDXODLQWHJULWDWHFRUSRUDO RULV Q WDWH
2ELHFWXO PDWHULDO DO LQIUDF LXQLL HVWH FRUSXO SHUVRDQHL DVXSUD F UHLD VH
DWHQWHD] SULQDF LXQHDvQFHUFDW VDXV YkUúLW DDXWRUXOXL
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU QX HVWH FLUFXPVWDQ LDW GH WH[W DúDGDU HO
SRDWHILRULFHSHUVRDQ
3HUVRDQD MXULGLF SRDWH IL VXELHFW DFWLY DO DFHVWHL LQIUDF LXQL vQ FRQGL LLOH
DUW&SHQ
,QIUDF LXQHD SRDWH IL V YkUúLW vQ RULFDUH GLQ IRUPHOH GH SDUWLFLSD LH ±
FRDXWRUDWLQVWLJDUHFRPSOLFLWDWH
6XELHFWXOSDVLYHVWHSHGHRSDUWHVWDWXO±FDVXELHFWSULQFLSDOLDUSHGHDOW
SDUWHSHUVRDQDFDUHvQGHSOLQHúWHRDFWLYLWDWHLPSRUWDQW GHVWDWVDXRDOW DFWLYLWDWH
SXEOLF LPSRUWDQW ±FDVXELHFWVHFXQGDU
/HJHD QX GHILQHúWH QR LXQLOH ÄDFWLYLWDWH LPSRUWDQW GH VWDW´ úL ÄDFWLYLWDWH
SXEOLF LPSRUWDQW ´
ÌQ OLWHUDWXUD GH VSHFLDOLWDWH VD RSLQDW F ÄYD DYHD DFHVW FDUDFWHU QXPDL
DFWLYLWDWHDGHVI úXUDW vQWURIXQF LHGHU VSXQGHUHSHOLQLHGHVWDW«IXQF LHvQFDUH
SHUVRDQDUHVSHFWLY DUHSRVLELOLWDWHDV GHWHUPLQHRULV FRQWULEXLHODDGRSWDUHDGH
P VXULFXDPSOHUH]RQDQ HVRFLDOHúLSROLWLFH´
2SLQLD HODERUDW vQWUXQ PRGHO VRFLRSROLWLF DQWHULRU FUHGHP F SRDWH IL
GH]YROWDW SULQGRX GLPHQVLXQL
$VWIHO GDF GHWHUPLQDUHD ÄLPSRUWDQ HL DFWLYLW LL´ VH IDFH SULQ UDSRUWDUH OD
ÄLPSRUWDQ DRUJDQXOXL´vQDF UXLFRQGXFHUHHVWHSHUVRDQDYL]DW SULQDWHQWDW±úL
HVWH XQ UHSHU VHPQLILFDWLY ± DWXQFL QHFHVDUPHQWH ÄFHUFXO´ YD WUHEXL GHVFKLV úL
DOWRU RUJDQH GHFkW FHOH ÄFHQWUDOH VDX ORFDOH DOH SXWHULL úL DGPLQLVWUD LHL GH VWDW´
6XQW GH UH LQXW vQ SULP SODQ DXWRULW LOH SXEOLFH LQVWLWX LRQDOL]DWH DFWXDOPHQWH
FRQVWLWX LRQDO ± DXWRULWDWHD MXGHF WRUHDVF &XUWHD &RQVWLWX LRQDO &XUWHD GH
&RQWXUL$YRFDWXO3RSRUXOXL±GDUúLQXvQXOWLPXOUkQGRUJDQL]D LLOHSDUWLGHOH
SROLWLFH úL EORFXULOH VLQGLFDOH 1X DU WUHEXL RPLVH QLFL DOWH DVHPHQHD IRUPH
RUJDQL]D LRQDOHDOHF URUGHFL]LLSRWILXUPDWHGHDPSOHVDXDFXWHUH]RQDQ HVRFLDOH
RULSROLWLFH±ILOLDOHDJHQ LLRILFLLDOH8(&(1$72%(5'206HWF
0HQ LQkQG FD HWDORQ ÄLPSRUWDQ D DXWRULW LL SXEOLFH´ vQ HYDOXDUHD
ÄLPSRUWDQ HL DFWLYLW LL´ YD WUHEXL LQWURGXV FUHGHP XQ DO GRLOHD UHSHU ± SRDWH
SUHHPLQHQW vQ VHPQLILFD LL SUHFHGHQWXOXL ± úL DQXPH P VXUD JUDGXO vQ FDUH vQ
OHJ WXU FXH[HUFLWDUHDDFHOHLDFWLYLW LSRWDS UHDvQWUXQDQXPLWPRPHQWVDXvQWU
R DQXPLW FRQMXQFWXU LQWHUQ VDX LQWHUQD LRQDO VLWXD LL SHULFXORDVH SHQWUX
VLJXUDQ DVWDWXOXL
(VWHQHFHVDUDVHUH LQHúLFRQGL LDFDSHUVRDQD±vPSRWULYDF UHLDDXWRUXOvúL
vQGUHDSW DF LXQHD YLROHQW ± V vQGHSOLQHDVF DFHD DFWLYLWDWH LPSRUWDQW OD
PRPHQWXO FRPLWHULL DWHQWDWXOXL ÌQ LSRWH]D F OD PRPHQWXO FULWLF YLFWLPD QX PDL
vQGHSOLQHD DFWLYLWDWHD UHVSHFWLY IDSWD XUPHD] D IL vQFDGUDW vQ XQD GLQWUH
LQIUDF LXQLOH GH RPRU VDX GH Y W PDUH FRUSRUDO RUL vQ WHQWDWLY OD DFHVWH
LQIUDF LXQL
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO DO LQIUDF LXQLL FRQVW GLQWUR DF LXQH GHVHPQDW GH WH[W
SULQ FRQFHSWXO ÄDWHQWDW´ FRQFHSW FDUH LQFOXGH DúD FXP VH DU WD PDL VXV DWkW
vQFHUFDUHD WHQWDWLYD IDSWHL FkW úL H[HFXWDUHD DFHVWHLD (VWH vQV QHFHVDU SHQWUX
UHDOL]DUHDLQIUDF LXQLLFDDF LXQHDFDUHFRQVWLWXLHHOHPHQWXOPDWHULDOV VHILV YkUúLW
ÄvQ vPSUHMXU UL FDUH IDF FD IDSWD V SXQ vQ SHULFRO VLJXUDQ D VWDWXOXL´ DFHDVW
FRQGL LHDYkQGFDUDFWHUXOXQHLFHULQ HHVHQ LDOH
ÄÌPSUHMXU ULOH´ OD FDUH VH UHIHU WH[WXO QX DX I FXWRELHFWXOXQHLGHILQLULRUL
GHOLPLW UL OHJDOH ÌQ FRQVHFLQ H[LVWHQ D ORU XUPHD] D IL GHWHUPLQDW vQ ILHFDUH
FD] VWDELOLQGXVH WRWRGDW OHJ WXUD DFHVWRUD FX ÄDFWLYLWDWHD LPSRUWDQW ´ SH GH R
79DVLOLXúLFRORSFLWYRO,S
9'RQJRUR]úLFRORSFLWYRO,,,S
SDUWH SUHFXP úL P VXUD vQ FDUH DFHVWH vPSUHMXU UL SRW FUHD R VWDUH SHULFXORDV
SHQWUXVLJXUDQ DVWDWXOXLSHGHDOW SDUWH
'XDOLWDWHD RELHFWXOXL MXULGLF DO LQIUDF LXQLL VH U VIUkQJH úL DVXSUD XUP ULL
LPHGLDWHDOHDF LXQLLLQFULPLQDWH2SULP XUPDUHSULQFLSDO YDILFUHDUHDVW ULLGH
SHULFRO SHQWUX VLJXUDQ D VWDWXOXL LDU D GRXD XUPDUH DGLDFHQW YD FRQVWD ILH vQ
FUHDUHD XQHL VW UL GH SHULFRO SHQWUX YLD D LQWHJULWDWHD FRUSRUDO VDX V Q WDWHD
SHUVRDQHL OD FDUH VH DWHQWHD] ILH vQ XFLGHUHD Y W PDUHD VDX DIHFWDUHD V Q W LL
DFHVWHLD
&DUDFWHUXOFRPSOH[DOXUP ULLLPHGLDWHYDGHWHUPLQDúLH[LVWHQ DXQHLGXEOH
OHJ WXUL GH FDX]DOLWDWH 6H LPSXQH GHFL GHPRQVWUDUHD OHJ WXULL GH FDX]DOLWDWH
GLQWUH DF LXQHD VXELHFWXOXL DFWLY úL VWDUHD GH SHULFRO SHQWUX VLJXUDQ D VWDWXOXL
SUHFXPúLDOHJ WXULLGHFDX]DOLWDWHGLQWUHDFHDDF LXQHúLVWDUHDGHSHULFROSHQWUX
VLJXUDQ DSHUVRDQHLODDF UHLYLD LQWHJULWDWHFRUSRUDO VDXV Q WDWHVHDWHQWHD]
DPEHOHVHULLGHOHJ WXULIRUPkQGvQV XQFRUSXQLWDUúLFRHUHQW
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH,QIUDF LXQHDVHV YkUúHúWHH[FOXVLYFXLQWHQ LHGLUHFW
VDX LQGLUHFW 'HúL LQWHQ LD VXELHFWXOXL DFWLY HVWH XQLF YD WUHEXL GRYHGLW F HO D
UHDOL]DW úL XUP ULW VDX DFFHSWDWF SULQIDSWDVDYDSURGXFHRVWDUHGHSHULFRODWkW
SHQWUX VLJXUDQ D VWDWXOXL FkW úL SHQWUX YLD D LQWHJULWDWHD FRUSRUDO VDX V Q WDWHD
SHUVRDQHLDVXSUDF UHLDHODDWHQWDW
7H[WXOQXFHUHFDVXELHFWXODFWLYV XUP UHDVF XQVFRSRULV ILHDQLPDWGH
XQDQXPLWPRELO
)RUPH6DQF LXQL
)RUPH 8QHOH DFWH SUHSDUDWRULL DVLPLODWH WHQWDWLYHL SRWULYLW SUHYHGHULORU
DUWDOLQ&SHQDWUDJU VSXQGHUHDSHQDO
7HQWDWLYDvQFRQ LQXWXOúLVHQVXOHLÄFODVLF´DGLF GHSXQHUHvQH[HFXWDUHD
KRW UkULLGHDV YkUúLLQIUDF LXQHDI U vQV DVHSURGXFHUH]XOWDWXOQXVXE]LVW OD
LQIUDF LXQHD SUHY ]XW vQ DUW GLQ &RGXO SHQDO GH YUHPH FH ÄDWHQWDWXO´
DEVRDUEHDWkWvQFHUFDUHDFkWúLH[HFXWDUHDDF LXQLL'HFLSULQYRLQ DOHJLXLWRUXOXL
FDUHDLQWURGXVvQHFXD LDWH[WXOXLQR LXQHDÄDWHQWDW´ID]DWHQWDWLYHLSURSULX]LVHOD
DFHDVW LQIUDF LXQHHVWHFXPXODW ID]HLGHFRQVXPDUHDHL
9D H[LVWD vQV WHQWDWLY vQ FD]XO DFHORU DFWH SUHSDUDWRULL F URUD WRW
OHJLXLWRUXOOHDDFRUGDWVWDWXWGHWHQWDWLY
&RQVXPDUHD ,QIUDF LXQHD VH FRQVXP vQ PRPHQWXO vQFHSHULL H[HFXW ULL
DF LXQLL LQGLIHUHQW GH UH]XOWDWXO SURGXV UHVSHFWLY LQGLIHUHQW GDF DF LXQHD D IRVW
GHV YkUúLW FXFRQGL LDFDGDWRULW vPSUHMXU ULORUvQFDUHVDSURGXVIDSWDV SXQ
vQSHULFROVLJXUDQ DVWDWXOXL
6DQF LXQL )DSWD HVWH SHGHSVLW DOWHUQDWLY FX GHWHQ LXQH SH YLD VDX
vQFKLVRDUHGHODODGHDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
3HUVRDQD MXULGLF VH VDQF LRQHD] FX DPHQGD GH OD OD OHL
SRWULYLWDUWDOLQ&SHQ
$7(17$78/&2175$81(,&2/(&7,9,7 ,
$WHQWDWXO FRQWUD XQHL FROHFWLYLW L DSDUH FRQJUXHQW vQ DVSHFWHOH VDOH
GHILQLWRULL DWHQWDWXOXL OD VLJXUDQ D VWDWXOXL 'LVMXQF LD GLQWUH FHOH GRX WLSXUL GH
DWHQWDW VH ORFDOL]HD] OD QLYHOXO VXELHFWXOXL SDVLY VHFXQGDU FDUH vQ FD]XO
LQIUDF LXQLLDFXPDQDOL]DWHVHFRQVWLWXLHGLQWURFROHFWLYLWDWHGHLQGLYL]LvQYUHPH
FH VXELHFWXO SDVLY VHFXQGDU DO LQIUDF LXQLL GH UHIHULQ HUD XQ SHUVRQDM GLQ HOLWD
VRFLHW LL ÌQ FRQVHFLQ H[SOLFD LLOH GDWH OD LQIUDF LXQHD GH DWHQWDW OD VLJXUDQ D
VWDWXOXL vúL S VWUHD] GHSOLQD YDODELOLWDWH OD LQIUDF LXQHD GH DWHQWDW FRQWUD
FROHFWLYLW LL VLPLOLWXGLQHD UHJOHPHQW ULL ORU vQJ GXLQGXQH vQ FRQWLQXDUH V QH
OLPLW PODPDUFDUHDHOHPHQWHORUGHVSHFLILFLWDWHDOHLQIUDF LXQLLGLQXUP
,QIUDF LXQHD GH DWHQWDW FRQWUD XQHL FROHFWLYLW L HVWH DLGRPD LQIUDF LXQLL
DQWHULRUH[DPLQDWHRLQIUDF LXQHFRPSOH[ ±SHQWUXF VDXUP ULWUHDOL]DUHDXQHL
GXEOH SURWHF LL SHQDOH UHVSHFWLY D VLJXUDQ HL VWDWXOXL úL D VHFXULW LL IL]LFH D
FROHFWLYLW LORU XPDQH ± úL DWLSLF GLQ SXQFWXO GH YHGHUH DO FRQWRSLULL ID]HL GH
WHQWDWLY FXID]DGHFRQVXPDUHDLQIUDF LXQLL
'HRDUHFH FRQGL LLOH SUHH[LVWHQWH HOHPHQWHOH FRQVWLWXWLYH IRUPHOH
PRGDOLW LOHVDQF LXQLOHúLDVSHFWHOHSURFHVXDOHVXQWvQSULQFLSLXLGHQWLFHFXFHOH
GH OD LQIUDF LXQHD GH DWHQWDW FDUH SXQH vQ SHULFRO VLJXUDQ D VWDWXOXL vQ FHOH FH
XUPHD] YRU IL H[DPLQDWH GRDU HOHPHQWHOH VSHFLILFH DOH DWHQWDWXOXL FRQWUD XQHL
FROHFWLYLW L3UDFWLFODWRDWHDFHVWHVHF LXQLVHYRUDYHDvQYHGHUHH[SOLFD LLOHGDWH
vQ VHF LXQLOH SDUDOHOH DOH LQIUDF LXQLL GH DWHQWDW OD VLJXUDQ D VWDWXOXL XQLFD
RSHUD LXQHFHXUPHD] DILI FXW FRQVWkQGvQvQORFXLUHDvQPRGFRUHVSXQ] WRUD
FRQFHSWXOXL ÄSHUVRDQ ´ FX DFHOD GH ÄFROHFWLYLWDWH´ UHVSHFWLY D VLQWDJPHL ÄFRUSXO
SHUVRDQHL´FXDFHHDGHÄFRUSDOILHF UHLSHUVRDQHGLQPDVDFROHFWLYLW LL´
&ROHFWLYLWDWH ÌQ OLWHUDWXUD GH VSHFLDOLWDWH VH VXV LQH F SULQ FROHFWLYLWDWH´
WUHEXLHV vQ HOHJHPRFRPXQLWDWHVRFLDO DGLF RJUXSDUHPDLPLF VDXPDLPDUH
GH SHUVRDQH FDUH WU LHVF vQ DFHODúL ORF FULWHULXO JHRJUDILF VDX GHPRJUDILF
&ROHFWLYLWDWHD WUHEXLH V ILH RUJDQL]DW GXS DQXPLWH FULWHULL HFRQRPLF SROLWLF
RUJDQL]DWRULFHWF
'LQ DFHVW HQXQ UH]XOW F QXPDL vQ VLWXD LD vQ FDUH FROHFWLYLWDWHD DVXSUD
F UHLD HVWH vQGUHSWDW DWHQWDWXO vQWUXQHúWH FXPXODWLY FULWHULLOH VSHFLILFDWH DFHD
FROHFWLYLWDWHHVWHSURWHJXLW SHQDOSULQGLVSR]L LLOHDUW&SHQ(VWHXQSXQFWGH
YHGHUHIXQGDPHQWDWSHGHILQL LDGDW DFHVWXLFRQFHSWvQXQHOHOH[LFRDQH
ÌQFHQHSULYHúWHREVHUY PvQSULPXOUkQGF QR LXQHDGHFROHFWLYLWDWHDIRVW
vQ HOHDV úL GHILQLW VDX GHOLPLWDW úL SULQ DO L WHUPHQL GHFkW FHL UH LQX L vQ RSLQLD
FLWDW
ÌQDOGRLOHDUkQGFUHGHPF QXH[LVW QLFLRUD LXQHSHQWUXFDUHQR LXQHDGH
FROHFWLYLWDWHGLQWH[WXOLQFULPLQDWRUWUHEXLHV FRLQFLG FXWRWGLQDGLQVXOFXDFHHD
GLQ OH[LFRDQH ±úLDUILFKLDURLPSRVLELOLWDWHRDWDUHSUHWHQ LHGHYUHPHFHvQVHúL
OXFU ULOHGHVSHFLDOLWDWHRIHU IRUPXO ULGLIHULWH±úLF GLPSRWULY H[LVW UD LXQLFD
vQ HOHVXODFHVWHLDV ILHGHVSULQVGLQHFRQRPLDúLILQDOLWDWHDWH[WXOXL2UGLQDFHVWH
SXQFWH GH YHGHUH VD YUXW D VH vQ HOHJH vQ RSLQLD QRDVWU RULFDUH DQVDPEOX GH
SHUVRDQH RULFDUH JUXS GH LQGLYL]L ± PDL QXPHURV RUL PDL SX LQ QXPHURV úL
LQGHSHQGHQW GH SUH]HQ D VDX DEVHQ D FULWHULLORU VXVPHQ LRQDWH ± vPSRWULYD F UXLD
VHvQGUHDSW DF LXQHDH[WHUPLQDWRULHVDXY W P WRDUHIL]LF1XPDLvQWURDVWIHOGH
LQWHUSUHWDUHVHSRDWHDVLJXUDHIHFWLYSURWHF LDLQGLYL]LORUGLQDQVDPEOXULOHVRFLDOH
vQ WLPS FH LQWHUSUHWDUHD VXVHYRFDW FH SUH]LQW XQ FDUDFWHU QHW UHVWULFWLY DU
GHWHUPLQD VXV LQHP QRL VFRDWHUHD GH VXE LQFLGHQ D DUW & SHQ D XQRU IDSWH
9'RQJRUR]úLFRO([SOLFD LLWHRUHWLFHDOH&RGXOXLSHQDOURPkQHGFLWYRO,,,S
Ä&ROHFWLYLWDWH´ Ä*UXS GH RDPHQL FDUH GXF R YLD FROHFWLY &RPXQLWDWH XPDQ ´ 0LF GLF LRQDU
HQFLFORSHGLF (GLWXUD (QFLFORSHGLF 5RPkQ %XFXUHúWL S Ä&ROHFWLYLWDWH ± &RPXQLWDWH REúWH
VRFLHWDWH PXO LPH DQVDPEOX SRSXOD LH´ / úL 0 6HFKH 'LF LRQDU GH VLQRQLPH (GLWXUD ùWLLQ LILF úL
(QFLFORSHGLF %XFXUHúWLS
Y GLW SHULFXORDVH GHRSRWULY SHQWUX VLJXUDQ D VWDWXOXL úL VHFXULWDWHD FROHFWLYLW LL
XPDQH
0LMORF GH QDWXU V VO EHDVF SXWHUHD GH VWDW ([SOLFDUHD VLQWDJPHL VH
LPSXQHDILI FXW SHQWUXILHFDUHGLQFRPSRQHQWHOHDFHVWHLD
0LMORF (QXQ LDWLY OHJLXLWRUXO D QXPLW GRX DVHPHQHD ÄPLMORDFH´ FDUH VXQW
ÄRWU YLULvQPDV ´úLÄSURYRFDUHGHHSLGHPLL´
3ULQÄRWU YLULvQPDV ´VHvQ HOHJHDF LXQHDDXWRUXOXLGHDIDFHFDVXEVWDQ H
GHRULFHIHOFXHIHFWHOHWDOHY W P WRDUHIL]LFRULFDX]DWRDUHGHEROLV S WUXQG vQ
DOLPHQWHOH VDX DSD FX FDUH HVWH DSURYL]LRQDW SRSXOD LD GLQWUR DQXPLW ]RQ RUL
ORFDOLWDWH VDX vQ DWPRVIHUD DPELDQW D LQGLYL]LORU DFHOHL FROHFWLYLW L Ä3URYRFDUHD
GH HSLGHPLL´ HVWH DF LXQHD GH LQGXFHUH vQ PDV D vPEROQ YLULORU FD XUPDUH D
FRQWDPLQ ULL LQGLYL]LORU GLQWUR ORFDOLWDWH UHJLXQH HWF SULQ U VSkQGLUHD vQ RULFH
PRGDOLWDWHDPLFURELORUYLUXVXULORUúDDJHQ LGHFODQúDWRULDLPDODGLLORU
&HOHGRX ÄPLMORDFH´HQXQ DWHGHWH[WDXXQFDUDFWHUPDLPXOWH[HPSOLILFDWLY
vQQLFLXQFD]OLPLWDWLYLSRWH]DQRUPHLSUHY ]kQGvQFRQWLQXDUHúLÄRULFHDOWPLMORF
GHQDWXU «´$FHVWRULFHDOWPLMORFSRDWHILLQFHQGLHUHDXQHLORFDOLW LDUXQFDUHDvQ
DHUDXQXLSRGRULDXQXLHGLILFLXSRSXODWLUDGLHUHDvQIRPHWDUHDLQGLYL]LORUGLQWUR
]RQ úDPG &HHD FH HVWH DEVROXW QHFHVDU SHQWUX FD ÄPLMORFXO´ V SUH]LQWH
FDUDFWHUXOSUHWLQVGHWH[WHVWHDSWLWXGLQHDOXLGHDSURYRFDXFLGHUHDVDXY W PDUHD
IL]LF DXQXLQXP UPDUHQHGHWHUPLQDWGHSHUVRDQHFKLDUGDF HIHFWXOVDSURGXV
DVXSUDXQXLVLQJXULQGLYLGVDXQXDUH]XOWDWQLFLRYLFWLP
3XWHUHGHVWDW6LQWDJPDvQOXPLQDGRFWULQHLFRQVWLWX LRQDOHHVWHvQ HOHDV FD
DFHD IRUP GH RUJDQL]DUH VWDWDO D SXWHULL SRSRUXOXL SROLWLFH 3RWULYLW
&RQVWLWX LHL 5RPkQLHL DFHDVW RUJDQL]DUH VWDWDO VH UHDOL]HD] SULQ FHOH WUHL
ÄSXWHUL´ FODVLFH ± OHJLVODWLY H[HFXWLY úL MXGHF WRUHDVF ± F URUD vQ SODQ
LQVWLWX LRQDO OH FRUHVSXQG 3DUODPHQWXO LQVWLWX LD úHIXOXL GH VWDW úL *XYHUQXO
LQVWLWX LLOHMXULVGLF LRQDOH
3ULQ YHUEXO D VO EL UHIHULWRU OD SXWHUHD GH VWDW YD WUHEXL vQ HOHV HIHFWXO GH
VWDJQDUHVDXGHvQFRUVHWDUHDDFWLYLW LLLQVWLWX LLORUSXEOLFHLQFDSDFLWDWHDDFHVWRUD
GH D DVLJXUD vQ SODQ OHJLVODWLY H[HFXWLY RUL MXGHF WRUHVF QRUPDOD GHVI úXUDUH D
UHOD LLORUVRFLDOH
5HOXkQG VLQWDJPD vQ vQWUHJXO HL HVWH GHFL GH UH LQXW vQ DOWH FXYLQWH F
ÄPLMORDFHOH´ IRORVLWH GH DXWRU WUHEXLH V ILH DSWH D SURYRFD PXOWLSOH YLFWLPH
RPHQHúWL±LQGLIHUHQWGDF úLvQFHvQWLQGHUHHIHFWXOVFRQWDWVDSURGXV±úLF vQ
UHOD LH GH FRQH[LXQH REOLJDWRULH DFHVWH PLMORDFH VXQW GH QDWXU D EXOYHUVD
IXQF LRQDUHDDXWRULW LORUúLLQVWLWX LLORUSXEOLFH±LQGHSHQGHQWGHDWLQJHUHDVDXQXD
RELHFWLYXOXLXUP ULWGHDXWRUúLDQXPHDFHODGHDEORFDSDU LDOVDXWRWDOSHQWUXXQ
PRPHQWRULSHRSHULRDG PDLvQGHOXQJDW DFWLYLWDWHDDFHVWRUD
68%0,1$5($387(5,,'(67$7
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO LQIUDF LXQLL GH VXEPLQDUHD SXWHULL GH VWDW HVWH
FRPSOH[FRQVWLWXLWGLQXQXOSULQFLSDO±UHOD LLOHVRFLDOHSULYLQGVLJXUDQ DVWDWXOXL
vQ DFHD GLPHQVLXQHD D VD FDUH LPSOLF H[HUFLWDUHD SXWHULL GH VWDW I U QLFL R
,0XUDUX'UHSWFRQVWLWX LRQDOúLLQVWLWX LLSROLWLFH(GLWXUD$FWDPL%XFXUHúWLYRO,,S
DPHQLQ DUH FH VDU SXWHD QDúWH GLQ LQWHULRU ± úL XQXO VHFXQGDU ± UHOD LLOH VRFLDOH
SULYLQGGUHSWXOODYLD LQWHJULWDWHFRUSRUDO VDXV Q WDWHDSHUVRDQHLúLVDXUHOD LLOH
VRFLDOHUHIHULWRDUHODLQWHJULWDWHDEXQXULORUDWXQFLFkQGSULQDF LXQHDSXV vQOXFUX
VXQWDIHFWDWHVLPXOWDQúLDFHOHUHOD LL
,QIUDF LXQHD DUH RELHFW PDWHULDO vQ LSRWH]D vQ FDUH DF LXQHD VH vQGUHDSW
vPSRWULYD SHUVRDQHORU VDX D EXQXULORU VLWXD LH vQ FDUH DFHVWD YD IL FRUSXO DFHORU
SHUVRDQHGXS FD]VWUXFWXUDúLYDORDUHDEXQXULORU
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUDOLQIUDF LXQLLHVWHQHFLUFXPVWDQ LDWGHWH[W
GHFL HO SRDWH IL RULFH SHUVRDQ $FHDVW LQIUDF LXQH VH FDUDFWHUL]HD] SULQWUR
SOXUDOLWDWH GH VXELHF L DFWLYL XQLFLWDWHD VXELHFWXOXL ILLQG SRVLELO ± GDU QX úL
REOLJDWRULH±ODFHOHODOWHIRUPHGHSDUWLFLSD LHLQVWLJDUHFRPSOLFLWDWH
ÌQ OLWHUDWXUD GH VSHFLDOLWDWH VD DILUPDW FX GHSOLQ WHPHL F JUXSXULOH FDUH
vQWUHSULQG ÄDF LXQL DUPDWH´ VDX ÄDF LXQL SHULFXORDVH´ WUHEXLH V ILH FRPSXVH GLQ
PLQLP WUHL SHUVRDQH FX DUJXPHQWXO GHVSULQV GLQ REVHUYDUHD WXWXURU WH[WHORU
SHQDOHF vQFD]XULOHvQFDUHOHJLXLWRUXODYRLWV VLWXH]HSOXUDOLWDWHDGHLQIUDFWRUL
VXE DFHDVW FLIU D IRORVLW H[SUHVLD ÄGRX VDX PDL PXOWH SHUVRDQH´ &kW SULYHúWH
UHDOL]DUHD JUXSXOXL HVWH OLSVLW GH UHOHYDQ GDF R SDUWH GLQWUH VXELHF LL DFWLYL QX
U VSXQGSHQDOPLQRULVXEDQLLUHVSRQVDELOLPLQWDOL
6XELHFW DFWLY SRDWH IL úL SHUVRDQD MXULGLF vQ FRQGL LLOH úL FX OLPLW ULOH
SUHY ]XWHvQDUW&SHQ
6XELHFWXO SDVLY SULQFLSDO HVWH VWDWXO LDU VXELHFWXO SDVLY VHFXQGDU SRDWH IL
SHUVRDQD ± IL]LF VDX MXULGLF ± DIHFWDW SULQ DF LXQHD FH FRQVWLWXLH HOHPHQWXO
PDWHULDO DO LQIUDF LXQLL 9RU DYHD GHFL FDOLWDWHD GH VXELHFW SDVLY DO LQIUDF LXQLL
LQVWLWX LLOHSXEOLFHXQLW LOHGHSR]LWDUHGHDUPHSDUWLGHOHSROLWLFH±DOHF URUVHGLL
DX IRVW DWDFDWH VDX RFXSDWH RUL F URUD OL VDX SURGXV SDJXEH SULQ DF LXQL GH
LQFHQGLHUH VDX GH GLVWUXJHUH ± SUHFXP úL SHUVRDQHOH XFLVH VDX D F URU LQWHJULWDWH
FRUSRUDO RULV Q WDWHDXIRVWY W PDWH
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO DO LQIUDF LXQLL FRQVW GLQWUR DF LXQH ÄDUPDW ´ VDX
ÄYLROHQW ´±vQUDSRUWGHFDUHIDSWDVHvQFDGUHD] vQSULPXOVDXvQXUP WRUXODOLQHDW
±GDUvQWRWGHDXQDSULQWURIDSW FRPLVLY
/HJHDQXSUHWLQGHFDDF LXQHDDUPDW VDXYLROHQW V SURGXF HIHFWLYXUPDUHD
SUHY ]XW GH WH[W UHVSHFWLY V VO EHDVF SXWHUHD GH VWDW FL GRDU FD HD ÄV ILH GH
QDWXU ´DGLF V DLE DSWLWXGLQHDV ILHVXVFHSWLELO GHDVO ELDFHDSXWHUH
$F LXQHD DUPDW SUHVXSXQH H[LVWHQ D REOLJDWRULH D HOHPHQWHORU GH IDSW vQ
FRQWLQXDUHH[SOLFDWH
D &RQVWLWXLUHD XQXL DQVDPEOX GH SHUVRDQH IRUPD LXQH JUXS PDL QXPHURV
VDXPDLSX LQQXPHURVQHILLQGGHFRQFHSXWH[HFXWDUHDXQHLDF LXQLDUPDWHGHF WUH
XQVLQJXUDXWRUDIDU GHFD]XOSHUVRDQHLFDUHSDUWLFLS ODV YkUúLUHDLQIUDF LXQLLVXE
DOWHIRUPHLQVWLJDWRUFRPSOLFH
E $QVDPEOXO GH SHUVRDQH WUHEXLH V ILHvQDUPDW±DFHDVW VWDUHG FDUDFWHU
ÄDUPDW´DF LXQLL±DGLF SHUVRDQHOHWUHEXLHV SRDUWHDUPH1XSUH]LQW UHOHYDQ
WLSXODUPHORUGHDS UDUHVDXGHDWDFGDF HOHVXQWSXUWDWHÄODYHGHUH´VDXGLVFUHW
79DVLOLXúLFRORSFLWYRO,S
79DVLOLXúLFRORSFLWYRO,S9'RQJRUR]úLFRORSFLWYRO,,,S
úL QLFL GDF VXQW vQDUPD L WR L LQGLYL]LL FDUH DOF WXLHVF IRUPD LXQHD VDX QXPDL R
SDUWHGLQWUHDFHúWLD
3ULQ DUPH vQ VHQVXO OHJLL SHQDOH ± DUW DOLQ ± VH vQ HOHJ
LQVWUXPHQWHOH SLHVHOH VDX GLVSR]LWLYHOH GHFODUDWH DVWIHO SULQ GLVSR]L LL OHJDOH
'LVSR]L LLOH OD FDUH VH UHIHU WH[WXO GH OHJH SHQDO VXQW FXSULQVH vQ /HJHD
QU SULYLQG UHJLPXO DUPHORU úL DO PXQL LLORU +* QU SHQWUX
DSUREDUHD QRUPHORU PHWRGRORJLFH GH DSOLFDUH D /HJLL QU úL DUW
GLQ/HJHDQUSULYLQGUHJLPXODUPHORUGHIRFúLDOPXQL LLORU
'H DVHPHQHD SRWULYLW DUW DOLQ & SHQ DX IRVW DVLPLODWH DUPHORU
ÄRULFHDOWHRELHFWHGHQDWXU DSXWHDILIRORVLWHFDDUPHúLFDUHDXIRVWvQWUHEXLQ DWH
SHQWUXDWDF´$úDGDUWRSRUXOIXUFDVHFXUHDVHFHUDHWF±FDUHVXQWSULQQDWXUDúL
GHVWLQD LDORUXQHOWHGHX]JRVSRG UHVF±YRUILDVLPLODWHDUPHORUGDF HOHDXIRVW
HIHFWLYIRORVLWHSHQWUXDWDF
F $QVDPEOXO GH SHUVRDQH vQDUPDWH WUHEXLH V DWDFH VHGLXO XQHL LQVWLWX LL
SXEOLFHGHLQWHUHVFHQWUDO±3DUODPHQW*XYHUQ3UHúHGLQ LHPLQLVWHU7HOHYL]LXQH
5DGLRúD±VDXORFDO±SULP ULLSRVWXULWHULWRULDOHGHUDGLRúLWHOHYL]LXQHX]LQHFX
SURGXF LH VSHFLDO VDX GH vQVHPQ WDWH SHQWUX HFRQRPLD QD LRQDO HWF $WDFXO QX
SUHVXSXQH úL IRORVLUHD DUPHORU FL GRDU SUH]HQ D DFHVWRUD DVXSUD DWDFDWRULORU
LQGLIHUHQWGDF VXQWH[KLEDWHVDXGLVLPXODWH'HDVHPHQHDHVWHOLSVLW GHUHOHYDQ
GXUDWD DWDFXOXL FDUH SRDWH IL GRDU GH PRPHQW RUL SUHOXQJLW SULQ RFXSDUHD
RELHFWLYXOXLYL]DW
$F LXQL YLROHQWH GH QDWXU V DWUDJ DFHOHDúL XUP UL OD FDUH VH UHIHU WH[WXO
DOLQVXQWDOWHDF LXQLGHFkWFHOHÄDUPDWH´GHFLvQDFHDVW YDULDQW DJUHVRULLQX
VXQWSXUW WRULGHDUPHúLHOHVHFDUDFWHUL]HD] SULQYLROHQ DFXFDUHVHGHVI úRDU
0DQLIHVW ULOH YLROHQWH SRW IL GH QDWXU IL]LF ± ORYLUHD XQRU IXQF LRQDUL GLQ
LQVWLWX LLOH DWDFDWH D DJHQ LORU GH RUGLQH D PLOLWDULORU FDUH DVLJXU VHFXULWDWHD
VHGLLORUHWF±VDXSVLKLF ±DPHQLQ DUHDVDXEDWMRFRULUHDSHUVRDQHORUGHPDLVXV
8UPDUHD LPHGLDW D DFHVWHL LQIUDF LXQL FRQVW vQ SURGXFHUHD XQHL VW UL GH
SHULFROSHQWUXVLJXUDQ DVWDWXOXLVDXúLSHQWUXLQWHJULWDWHDIL]LF DSHUVRDQHORUVW UL
FHDSDUFRQFRPLWHQWSXQHULLvQH[HFXWDUHDIDSWHL
/HJ WXUD GH FDX]DOLWDWH GLQWUH DF LXQH ±DUPDW VDX YLROHQW ± úL XUPDUHD
LPHGLDW DOHDPEHORUPRGDOLW LQRUPDWLYH±UH]XOW H[UH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH,QIUDF LXQHDGHVXEPLQDUHDSXWHULLGHVWDWVHV YkUúHúWH
FXIRUPDGHYLQRY LHLQWHQ LHILHGLUHFW ILHLQGLUHFW 6FRSXOúLPRELOXOQXMRDF
QLFLXQUROvQUHDOL]DUHDLQIUDF LXQLL
)RUPH6DQF LXQL
)RUPH 8QHOH DFWH SUHSDUDWRULL OD LQIUDF LXQHD SUHY ]XW vQ DUW GLQ
&RGXO SHQDO VXQW DVLPLODWH WHQWDWLYHL ± SRWULYLW SUHYHGHULORU DUW DOLQ
&SHQ±úLGHFLHOHDWUDJU VSXQGHUHDSHQDO DFHORUFHOHV YkUúHVF
7HQWDWLYD SURSULX]LV OD DFHDVW LQIUDF LXQH QX H[LVW GHRDUHFH XUPDUHD
LPHGLDW VH SURGXFH LQVWDQWDQHX R GDW FX vQFHSHUHD H[HFXW ULL DF LXQLL ÄDUPDWH´
VDXÄYLROHQWH´
3XEOLFDW vQ02IQUGLQ
3XEOLFDW vQ02IQUGLQ
3XEOLFDW vQ02IQUGLQ
&RQVXPDUHDLQIUDF LXQLLVHSURGXFHFRQFRPLWHQWSXQHULLvQOXFUXDDF LXQLL±
ÄDUPDWH´VDXÄYLROHQWH´
6DQF LXQL 6DQF LXQLOH VXQW GLIHULWH )DSWD SUHY ]XW vQ DOLQ HVWH
SHGHSVLW DOWHUQDWLYFXGHWHQ LXQHSHYLD VDXvQFKLVRDUHGHODODGHDQLúL
LQWHU]LFHUHDXQRUGUHSWXUL/DDOLQHVWHSUHY ]XW SHGHDSVDvQFKLVRULLGHODOD
GHDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
ÌQ DPEHOH LSRWH]H GH LQFULPLQDUH SHUVRDQD MXULGLF VH VDQF LRQHD] FX
DPHQG vQWUHúLOHLSRWULYLWDUWDOLQ&SHQ
$&7(/('(',9(56,81(
2ELHFWXORFURWLULLSHQDOH
$FWHOHGHGLYHUVLXQHUHSUH]LQW RLQIUDF LXQHFRPSOH[ FDUDFWHUFHUH]LG vQ
SOXUDOLWDWHD RELHFWXOXL V X JHQHULF VSHFLDO GDU úL DO SOXUDOLW LL FRQVHFLQ HORU
HIHFWHORUSURYRFDWH$VWIHOGLQDFHVWGLQXUP SXQFWGHYHGHUHHVWHGHREVHUYDW
F HIHFWHOHXUP ULWHVDXDFFHSWDWHVHU VIUkQJPDLvQWkLODQLYHOXOHFRQRPLFXOXL
PDLDSRLODQLYHOXOVXSHULRUDOLQWHUHVHORUGHVWDW±URPkQVDXDOHXQHL ULDOLDWH±
úLQLFLGHFXPQHJOLMDELOODQLYHOXOFRQúWLLQ HLFROHFWLYHDRSLQLHLSXEOLFH
2ELHFWXO MXULGLF VSHFLDO DO LQIUDF LXQLL SUHY ]XW vQ DUW HVWH GXDO XQ
RELHFW MXULGLF SULQFLSDO FRQVWLWXLW GLQ UHOD LLOH VRFLDOH SULYLWRDUH OD VLJXUDQ D
VWDWXOXLúLXQRELHFWMXULGLFDGLDFHQW±SUH]HQWREOLJDWRULXúLQXFDSRVLELOLWDWH±FH
HVWH FRQVWLWXLW GLQ UHOD LLOH VRFLDOH SULYLQG SDWULPRQLXO LQGLIHUHQW GH IRUPD GH
SURSULHWDWHDDFHVWXLD±SXEOLFSULYDWPL[W
2ELHFWXOPDWHULDODOLQIUDF LXQLLFRQVW vQEXQXULOHDVXSUDF URUDVHvQGUHDSW
DF LXQHDGHGLVWUXJHUHGHJUDGDUHVDXGHDGXFHUHvQVWDUHGHQHvQWUHEXLQ DUH$FHVWH
EXQXUL DX IRVW GHWHUPLQDWH GH OHJLXLWRU ± ÄX]LQH LQVWDOD LL F L GH FRPXQLFD LL
PLMORDFHGHWUDQVSRUWPLMORDFHGHWHOHFRPXQLFD LLFRQVWUXF LLSURGXVHLQGXVWULDOH
VDX DJULFROH´ ± GDU GHWHUPLQDUHD HVWH H[HPSOLILFDWLY úL QX H[KDXVWLY WH[WXO
O VkQGSULQH[SUHVLDÄRULDDOWRUEXQXUL´SRVLELOLWDWHDGHDFRPSOHWDVHULDDFHVWRUD
3ULQ FRQFHSWXO ÄDOWH EXQXUL´ SRW IL vQ HOHVH GH H[HPSOX FRQGXFWHOH GH
DGXF LXQH DOH KLGURFHQWUDOHORU FRQGXFWHOH GH JD]H RUL SHWURO UH HOHOH GH LULJD LL
GHSR]LWHOHGHDOLPHQWHDFWLYHVDXGLQUH]HUYDGHVWDWPLQHOHúDPG1RPLQDOL]DWH
VDXQXGHOHJLXLWRUEXQXULOHRULFDUHDUILWUHEXLHV SUH]LQWHRDQXPLW vQVHPQ WDWH
SHQWUXHFRQRPLDQD LRQDO
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUDOLQIUDF LXQLLQXHVWHGHWHUPLQDWSULQWH[W
HOSXWkQGILRULFHSHUVRDQ
3HUVRDQDMXULGLF SRDWHILVXELHFWDFWLYvQFRQGL LLOHDUW&SHQ
,QIUDF LXQHD SRDWH IL V YkUúLW GH R VLQJXU SHUVRDQ VDX GH PDL PXOWH
SHUVRDQHvQRULFDUHIRUP GHSDUWLFLSD LH±FRDXWRUDWLQVWLJDUHFRPSOLFLWDWH
6XELHFWXOSDVLYSULQFLSDOHVWHVWDWXOLDUVXELHFWXOSDVLYVHFXQGDUHVWHDJHQWXO
HFRQRPLF±SXEOLFVDXSULYDW±F UXLDvLDSDU LQHEXQXODIHFWDW
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO FRQVW DOWHUQDWLY GLQWUXQD GLQ DF LXQLOH GH GLVWUXJHUH
GHJUDGDUH VDX DGXFHUH vQ VWDUH GH QHvQWUHEXLQ DUH 7H[WXO SUHFL]HD] F HVWH
VDWLVI FXW FHULQ DSULYLQGHOHPHQWXOPDWHULDOFKLDUGDF HIHFWXODF LXQLLHVWHGRDU
SDU LDOGLVWUXJHUHDSDU LDO DEXQXULORU
&RQFHSWXO GLVWUXJHUH GHVHPQHD] DF LXQHD SXUWDW vPSRWULYD XQXL EXQ vQ
XUPD F UXLD DFHVWD HVWH GH]LQWHJUDW QLPLFLW G UkPDW UXLQDW LDU DWXQFL FkQG HVWH
vQGUHSWDW vPSRWULYD DQLPDOHORU FRQVHFLQ D FRQVW vQ XFLGHUHD VDX LQILUPL]DUHD
DFHVWRUD'HSLOG SULQQ UXLUHDSLORQLORUGHUH]LVWHQ DLXQXLSRGHIHFWDODF LXQLL
GHPLQDUHDDFHVWRUDSRGXOHVWHGLVWUXV
3ULQ GHJUDGDUH VH vQ HOHJH DFHD DF LXQH vQGUHSWDW vPSRWULYD XQXL EXQ vQ
XUPD F UXLD DFHVWD SLHUGH XQD VDX PDL PXOWH GLQ FDOLW LOH VDOH HVWH GHWHULRUDW
VWULFDWÌQH[HPSOXODQWHULRUGHWHULRUDUHDVXSUDIH HLGHUXODUHSULQSURYRFDUHDXQRU
VS UWXULvQDFHDVWDYDGHWHUPLQDGHJUDGDUHDSRGXOXLVSUHGHRVHELUHGHSULPXOFD]
vQ FDUH SRGXO YD WUHEXL UHFRQVWUXLW vQ DFHVW FD] VXQW vQGHVWXO WRDUH OXFU UL GH
UHSDUD LH
6LQWDJPDDGXFHUHvQVWDUHGHQHvQWUHEXLQ DUHYL]HD] FXSUHF GHUHDVSHFWXO
IXQF LRQDODOEXQXOXLDGLF DFHDDF LXQHSULQFDUHEXQXOGHYLQHLPSURSULXIRORVLULL
SRWULYLW GHVWLQD LHL VDOH I U D SURYRFD GLVWUXJHUHD VDX GHJUDGDUHD DFHVWXLD ÌQ
H[HPSOXO GH PDL VXV HVWH VXILFLHQW VXVWUDJHUHD EXORDQHORU GH IL[DUH D VXSUDIH HL
GH UXODUH SH VWUXFWXUD SRGXOXL SHQWUX FD DFHVWD V GHYLQ LQXWLOL]DELO GDWRULW
Y GLWHLLQVHFXULW LSHQWUXFLUFXOD LDDXWRYHKLFXOHORU
0LMORDFHOH SULQ FDUH VH PDWHULDOL]HD] XQD GLQWUH DFHVWH DF LXQL VXQW GRDU
HQXQ DWHRULHQWDWLYvQWH[W±ÄH[SOR]LLLQFHQGLL´±DOWHOH±GHVFKLGHUHI FXW SULQ
H[SUHVLDÄvQRULFHDOWPRG´±XUPkQGDILHYDOXDWHúLOXDWHvQFRQVLGHUDUHFDDWDUHGH
RSHUDWRUHYLGHQWvQP VXUDvQFDUHDFHVWÄDOWPRG´DOWPLMORFDUHDSWLWXGLQHDGHD
GLVWUXJH GHJUDGD RUL DGXFH EXQXO vQ VWDUH GH QHvQWUHEXLQ DUH $VHPHQHD ÄDOWH
PRGXUL´ SRW IL LQXQGDUHD XQRU SODWIRUPH LQGXVWULDOH VDX WHUHQXUL DJULFROH LQIHF
WDUHDXQRUSURGXVHDJULFROHvQVLOR]DWHVXVWUDJHUHDXQHLVLQJXUHSLHVHGLQWUXQPH
FDQLVPSLHV I U GHFDUHvúLvQWUHUXSHDFWLYLWDWHDvQWUHJXOFRPSOH[LQGXVWULDOúD
8UPDUHDLPHGLDW VHSUH]LQW vQWURVHULHGXEO 3ULPDDFHHDSULQFLSDO HVWH
FUHDUHD VW ULL GH SHULFRO SHQWUX VHFXULWDWHD QD LRQDO úL LQWHJULWDWHD SDWULPRQLXOXL
LDU D GRXD FHD VHFXQGDU FRQVW vQ SURGXFHUHD XQHL SDJXEH PDWHULDOH DFHOXL
RELHFWLY LPSRUWDQW SHQWUX HFRQRPLD QD LRQDO úL SULQ HIHFWXO FRQWLQXDW vQVHúL
HFRQRPLHLQD LRQDOH
/HJ WXUD GH FDX]DOLWDWH GLQWUH DF LXQH úL XUP ULOH LPHGLDWH YD IL
QHFHVDUPHQWH ELSRODU úL vQ HWDSH VXFFHVLYH ÌQ FD]XO DFHVWHL LQIUDF LXQL OHJ WXUD
GH FDX]DOLWDWH VH VWDELOHúWH vQWUXQ SULP WLPS vQWUH DF LXQH úL XUPDUHD LPHGLDW
VHFXQGDU ±FDUHHVWHSDJXEDSURYRFDW SDWULPRQLXOXL±úLSULQLQWHUPHGLXODFHVWHL
OHJ WXULVHYDVWDELOLOHJ WXUDGHFDX]DOLWDWHFXXUPDUHDLPHGLDW SULQFLSDO ±VWDUHD
GHSHULFROSHQWUXVLJXUDQ DVWDWXOXL±SULPDFRQGL LRQkQGRSHFHDGHDGRXD
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH,QIUDF LXQHDGHDFWHGHGLYHUVLXQHVHV YkUúHúWHQXPDLFX
LQWHQ LHvQDPEHOHHLPRGDOLW L±GLUHFW úLLQGLUHFW
7H[WXOLQFULPLQDWRUQXSUHWLQGHH[LVWHQ DXQXLPRELODOIDSWHLVDXDXQXLVFRS
XUP ULWGHI SWXLWRU
)RUPH6DQF LXQL
)RUPH ÌQ FRQIRUPLWDWH FX GLVSR]L LLOH DUW DOLQ úL XQHOH DFWH
SUHJ WLWRDUHúLWHQWDWLYDDQWUHQHD] U VSXQGHUHDSHQDO
&RQVXPDUHD LQIUDF LXQLL LQWHUYLQH vQ PRPHQWXO vQ FDUH DF LXQHD D IRVW
ILQDOL]DW úL VD SURGXV XUPDUHD LPHGLDW FDUH HVWH GH QDWXU V DGXF DWLQJHUH
VLJXUDQ HLVWDWXOXLSULQSURYRFDUHDXQHLSDJXEHODRXQLWDWHFXDFWLYLWDWHvQVHPQDW
SHQWUXHFRQRPLDQD LRQDO
6DQF LXQL ,QIUDF LXQHD HVWH SHGHSVLW FX GHWHQ LXQH SH YLD VDX FX
vQFKLVRDUHGHODODGHDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
3HUVRDQD MXULGLF VH VDQF LRQHD] FX DPHQG GH OD OD OHL
SRWULYLWDUWDOLQ&SHQ
68%0,1$5($(&2120,(,1$ ,21$/(
2ELHFWXORFURWLULLSHQDOH
$QDOL]DUHD LQIUDF LXQLL GH VXEPLQDUH D HFRQRPLHL QD LRQDOH vQ JHQXO HL
SUR[LP R VLWXHD] vQ FRPSDQLD LQIUDF LXQLL GH DFWH GH GLYHUVLXQH ÌQ DGHY U
FDWHJRULD FHORU GRX LQIUDF LXQL SURWHMHD] SULQ GLVSR]L LLOH LQFULPLQDWRULL DOH
DFHVWRUDVLVWHPXOHFRQRPLFQD LRQDOvPSRWULYDIHOXULWHORUDF LXQLSULQFDUHVHSRDWH
DWHQWD OD YDORULOH VDOH FHOH PDL LPSRUWDQWH $S UkQG VLVWHPXO HFRQRPLF QD LRQDO
SUHYHGHULOHVXVPHQ LRQDWHDS U SULQFRQVHFLQ vQVXúLVLVWHPXOVWDWDOVLJXUDQ D
DFHVWXLD
ÌQWUHDFHVWHLQIUDF LXQLH[LVW XQHOHDSURSLHULGDUúLGLVWDQ ULGLQWUHFHOHGLQ
XUP FHDPDLVHPQLILFDWLY ILLQGDFHHDDPLMORDFHORUSULQFDUHVHvQI SWXLHVFDFWHOH
LQFULPLQDWH SURGXFHUHD vQ PRG GLUHFW GH SDJXEH LPSRUWDQWH HFRQRPLHL QD LRQDOH
SULQPLMORDFHGXUHYLROHQWH±ODDFWHOHGHGLYHUVLXQH±SURGXFHUHDvQPRGLQGLUHFW
GHSDJXEHLPSRUWDQWHHFRQRPLHLQD LRQDOHSULQPLMORDFHSHUILGHVXEPLQDQWH±OD
LQIUDF LXQHDDFXPDQDOL]DW
'H]Y OXLUHD FRQ LQXWXOXL VLQWDJPHL GH VXEPLQDUHD HFRQRPLHL QD LRQDOH HVWH
UHFODPDW QX QXPDL GH vPSUHMXUDUHD F SULQ HD D IRVW GHQXPLW PDUJLQDO
LQIUDF LXQHDvQ&RGXOSHQDOFLPDLDOHVSHQWUXF DF LXQLOHGHVFULVHvQWH[WQXYRU
FRQVWLWXLHOHPHQWXOPDWHULDODOLQIUDF LXQLLGDF HOHQXVXQWÄGHQDWXU V VXEPLQH]H
HFRQRPLDQD LRQDO ´
/H[LFDOYHUEXOXLÄDVXEPLQD´LVDGDWvQ HOHVXOGHDDWDFDDORYLLQGLUHFWSH
DVFXQV SHQWUX D VO EL D FRPSURPLWH D ] G UQLFL VDX D QLPLFL R DF LXQH R
UHDOL]DUH
,QWURGXFkQGFRQFHSWXO±FXDFHVWVHQV±vQVLQWDJP H[DPLQDW vQvQWUHJXOHL
GHDFHDVW GDW vQORJLFDSHQDO SULQÄVXEPLQDUHDHFRQRPLHLQD LRQDOH´YRUWUHEXL
vQ HOHVHDFHOHDF LXQLSUHY ]XWHGHWH[WvQWUHSULQVHFRQVSLUDWLYRFXOWúLPHQLWHV
DIHFWH]H H[LVWHQ D VLVWHPXOXL HFRQRPLF QD LRQDO HYROX LD OXL ILUHDVF úL QHFHVDU
SHQWUXVRFLHWDWHúLVWDWRULQXPDLDVXEVLVWHPHORUDFHVWXLDS U LUDPXULGRPHQLL±
FD GH SLOG ILQDQ H DJULFXOWXU WUDQVSRUWXUL HWF D F URU VFRDWHUH GLQ IXQF LXQH
RULGHUHJODUHVHUHSHUFXWHD] DVXSUDvQWUHJXOXLVLVWHP
2ELHFWXO MXULGLF VSHFLDO ([SOLFD LLOH GDWH OD LQIUDF LXQHD DQWHULRDU VXQW
YDODELOH úL OD LQIUDF LXQHD GH VXEPLQDUHD HFRQRPLHL QD LRQDOH 0DUF P GRDU
GH]DFRUGXOGLQWUHRSLQLDQRDVWU úLDFHHDH[SULPDW vQXQHOHWUDWDWHGHVSHFLDOLWDWH
vQ FDUH VH DILUP XQLFLWDWHD RELHFWXOXL MXULGLF úL QX GXDOLWDWHD DFHVWXLD DúD FXP
VXV LQHPQRL
ÌQ UHJXO JHQHUDO LQIUDF LXQHD HVWH OLSVLW GH RELHFW PDWHULDO GHRDUHFH
DF LXQHDVXEPLQDQW QXHVWHSXUWDW DVXSUDXQXLEXQÌQH[FHS LHvQV vQGHRVHELvQ
FD]XO PRGDOLW LL DJUDYDWH GH OD DOLQ LQIUDF LXQHD DUH FD RELHFW PDWHULDO
EXQXULOHXQLW LLODFDUHVHUHIHU DUW&SHQYDORULOHPDWHULDOHDOHDFHVWHLD
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUDOLQIUDF LXQLLHVWHQHFLUFXPVWDQ LDWDúDGDU
HOSRDWHILRULFDUHSHUVRDQ 'DUDúDFXPVHDU WDPDLVXVVXELHFWXODFWLYHVWHGH
'LF LRQDUXOH[SOLFDWLYDOOLPELLURPkQHHGFLWS
9'RQJRUR]úLFRO([SOLFD LLWHRUHWLFHDOH&RGXOXLSHQDOURPkQHGFLWYRO,,,S79DVLOLXúLFRO
&RGXOSHQDO±FRPHQWDWúLDGQRWDWSDUWHDVSHFLDO HGFLWYRO,S
UHJXO vQFDGUDW FD IXQF LRQDU VDX DQJDMDW DO DJHQWXOXL HFRQRPLF FDOLWDWH FDUH vL
RIHU R PDL ODUJ úL FRQFUHW SRVLELOLWDWH GH D VH ÄIRORVL´ GH DFHO DJHQW RUL GH DL
ÄvPSLHGLFD DFWLYLWDWHD´ GHFkW GDF HO DF LRQHD] GLQ H[WHULRUXO VWUXFWXULL
RUJDQL]D LRQDOH
3HUVRDQD MXULGLF SRDWH IL VXELHFW DFWLY DO DFHVWHL LQIUDF LXQL vQ FRQGL LLOH
DUW&SHQ
3DUWLFLSD LD OD LQIUDF LXQH HVWH SRVLELO vQ WRDWH PRGDOLW LOH HL ± FRDXWRUDW
LQVWLJDUHFRPSOLFLWDWH
6XELHFWXOSDVLYSULQFLSDOHVWHVWDWXOLDUVXELHFWXOSDVLYVHFXQGDUHVWHDJHQWXO
HFRQRPLF ± FH GH LQH EXQXUL SURSULHWDWH SXEOLF VDX SULYDW ± GH FDUH DXWRUXO
LQIUDF LXQLLVDIRORVLWRULF UXLDLDvPSLHGLFDWQRUPDODDFWLYLWDWHVDXLDSURYRFDW
QHPLMORFLWSDJXEHLPSRUWDQWH
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDODOLQIUDF LXQLLGHVXEPLQDUHDHFRQRPLHLQD LRQDOHFRQVW
vQXQDGLQFHOHGRX DF LXQLWLSHQXQ DWHGHWH[WúLDQXPHGHÄIRORVLUH´DDJHQWXOXL
HFRQRPLF RUL GH ÄvPSLHGLFDUH D DFWLYLW LL´ DFHVWXLD $PEHOH DF LXQL VH SRW
PDWHULDOL]D vQWUR GLYHUVLWDWH GH PLMORDFH GLVSR]L LL FRQWUDUH QRUPHORU FH
UHJOHPHQWHD] DFWLYLWDWHDDE LQHUHDGHODDOXDDQXPLWHKRW UkULGLYXOJDUHDXQRU
GDWH QHGHVWLQDWH SXEOLFLW LL FRQYLQJHUHD ± SULQ SHUVXDVLXQH FRUXS LH RUL DOWH
PHWRGH ± XQRU VDODULD L GH D DGRSWD DWLWXGLQL GH QDWXU D vPSLHGLFD GHVI úXUDUHD
QRUPDO DDFWLYLW LLVXVWUDJHULGHYDORULGHRVHELWGHLPSRUWDQWHúD
)RORVLUHDXQHLXQLW L/DWRVHQVXVLQWDJPDGHVHPQHD] DF LXQHDDXWRUXOXL
GH D X]D GH XQ DQXPLW DJHQW HFRQRPLF SHQWUX D VXEPLQD HFRQRPLD QD LRQDO RUL
SHQWUX DL SURYRFD DFHVWHLD R SDJXE LPSRUWDQW 6WULFWR VHQVX ± úL DFHVWD HVWH
VHQVXOvQFDUHXUPHD] DILvQ HOHVúLLQWHUSUHWDWWH[WXODUW&SHQ±VLQWDJPD
GHVHPQHD] DF LXQHD GH RULHQWDUH GH GLULMDUH D DFWLYLW LL DJHQWXOXL HFRQRPLF vQ
GLUHF LDXUP ULW GHDXWRUXOLQIUDF LXQLL
ÌPSLHGLFDUH D DFWLYLW LL QRUPDOH D XQHL XQLW L 6HQVXO vQ FDUH WUHEXLH
vQ HOHDV VLQWDJPDHVWHDFHODGHDF LXQHSULQFDUHDXWRUXOIUkQHD] vQFHWLQHúWHSkQ
OD RSULUH DFWLYLWDWHD DJHQWXOXL HFRQRPLF FUHHD] vQ PRG YRLW GLILFXOW L vQ
DFWLYLWDWHDDFHVWXLD
$F LXQHD GH ÄvPSLHGLFDUH´ SRDWH IL vQI SWXLW SULQ DFWH FRPLVLYH SULQ
GLVSR]L LL GDWH vQ YLUWXWHD DWULEX LLORU IXQF LRQDOH FD GH H[HPSOX vQFKHLHUHD FX
úWLLQ DXQRUFRQWUDFWHGH]DYDQWDMRDVHUHVSHFWLYXOXLDJHQWHFRQRPLFUHRUJDQL] UL
DOH SURFHVXOXL PXQFLL FDUH DX GUHSW FRQVHFLQ VF GHUHD SURGXFWLYLW LL D
UHQWDELOLW LLúD$FHDVW DF LXQHVHSRDWHH[SULPDúLSULQDFWHRPLVLYHDGLF SULQ
QHDGRSWDUHDGHFL]LLORUODFDUHDXWRUXOLQIUDF LXQLLHUDREOLJDWSRWULYLWDWULEX LLORUGH
VHUYLFLXFXPDUILGHSLOG QHOXDUHDP VXULORUSHQWUXDVLJXUDUHDPDWHULLORUSULPH
QHFHVDUH SURFHVXOXL PXQFLL RUL D OLFKLGLW LORU ILQDQFLDUH WUHEXLQFLRDVH UHWULEXLULL
SHUVRQDOXOXL FX FRQVHFLQ D SURYRF ULL XQRU FRODSVXUL vQ SURGXF LH D úRPDMXOXL
WHKQLF D XQRU JUHYH SUHOXQJLWH VDX D DOWRU WXOEXU UL vQVHPQDWH vQ YLD D DJHQWXOXL
HFRQRPLFHWF
8QLWDWH GLQ FHOH OD FDUH VH UHIHU DUW & SHQ ÌQ DUW & SHQ VXQW
HQXQ DWHXUP WRDUHOHXQLW LÄDXWRULW LSXEOLFHLQVWLWX LLSXEOLFHLQVWLWX LLVDXDOWH
SHUVRDQH GH LQWHUHV SXEOLF´ 'LQ HFRQRPLD WH[WXOXL VH GHVSULQGH I U HFKLYRF
LGHHD SRWULYLW F UHLD HFRQRPLD QD LRQDO SRDWH IL S JXELW RUL VXEPLQDW vQ HJDO
P VXU SULQ SURGXFHUHD XQRU SUHMXGLFLL DJHQ LORU HFRQRPLFL FDUH DGPLQLVWUHD]
EXQXUL SURSULHWDWH SXEOLF SUHFXP úL DJHQ LORU HFRQRPLFL FDUH GH LQ EXQXUL vQ
SURSULHWDWHSULYDW FXFRQGL LDGHEXQ VHDP FDHIHFWHOHSUHMXGLFLLORUUHVSHFWLYH
V VHU VIUkQJ DVXSUDVLVWHPXOXLHFRQRPLFQD LRQDORULDVXEVLVWHPHORUDFHVWXLD
,QGLIHUHQW vQV SULQ FDUH GLQ DFHVWHGRX PRGDOLW LVHvQI SWXLHúWHDF LXQHD
DFHD DF LXQH QHFHVDUPHQWH WUHEXLH V ILH ÄGH QDWXU D VXEPLQD HFRQRPLD
QD LRQDO ´LDUvQYDULDQWDSUHY ]XW vQDOLQGLQDUW&SHQúLV SURYRDFH
R ÄSDJXE LPSRUWDQW HFRQRPLHL QD LRQDOH´ (VWH R FHULQ HVHQ LDO SHQWUX
H[LVWHQ DLQIUDF LXQLLGHVXEPLQDUHDHFRQRPLHLQD LRQDOH
8UPDUHD LPHGLDW D LQIUDF LXQLL HVWH XQD SULQFLSDO ± FRPXQ WXWXURU
LQIUDF LXQLORUFRQWUDVLJXUDQ HLVWDWXOXL±úLXQDDGLDFHQW ±FDUHFRQVW vQYDULDQWD
SULPXOXL DOLQHDW DO WH[WXOXL vQ FUHDUHD XQHL VW UL GH SHULFRO SHQWUX HFRQRPLD
QD LRQDO DPHQLQ DW FXVXEPLQDUHDHLRULvQYDULDQWDFHOXLGHDOGRLOHDDOLQHDWvQ
SURYRFDUHD HIHFWLY D XQHL SDJXEH LPSRUWDQWH HFRQRPLHL QD LRQDOH SDJXE GH
QDWXU DVXEPLQDDFHVWVLVWHP
1LFL DFHDVW VLQWDJP QX vúL J VHúWH R GHILQLUH vQ WH[WHOH &RGXOXL SHQDO ÌQ
SUDFWLFD MXGLFLDU D LQVWDQ HL VXSUHPH FRQ LQXWXO H[SUHVLHL ÄSDJXE LPSRUWDQW
SURGXV HFRQRPLHLQD LRQDOH´VDDúH]DWvQV vQWURUHOD LHGHVLQRQLPLHFXDFHODDO
H[SUHVLHL ÄFRQVHFLQ H GHRVHELW GH JUDYH´ OD FDUH VH UHIHU GLVSR]L LLOH DUW
&SHQ$FHDVW GHFL]LHGHvQGUXPDUHDLQVWDQ HLVXSUHPHHVWHvQYLJRDUHQHILLQG
GH]DYXDW RULvQORFXLW SkQ vQSUH]HQW
3HDFHDVW OLQLHGHJkQGLUHúLSULQFRUHODUHDHLFXGLVSR]L LLOHDUW&SHQ
UH]XOW F SULQ VLQWDJPD SXV vQ GLVFX LH úL FX FDUH VH RSHUHD] vQ WH[WXO DUW
& SHQ YD WUHEXL vQ HOHV ÄR SDJXE PDWHULDO PDL PDUH GH OHL VDX R
SHUWXUEDUHGHRVHELWGHJUDY DDFWLYLW LL´
/HJ WXUDGHFDX]DOLWDWHvQDPEHOHYDULDQWHGLQDOLQHDWHOHDUW&SHQVH
VWDELOHúWH PDL vQWkL vQWUH DF LXQHD DXWRUXOXL úL XUPDUHD LPHGLDW DGLDFHQW ±
SHULFROXO GH VXEPLQDUH D HFRQRPLHL QD LRQDOH UHVSHFWLY SURYRFDUHD XQHL SDJXEH
LPSRUWDQWH DFHVWXL VLVWHP ± úL SULQ LQWHUPHGLXO DFHVWHL UHOD LL GH FRQH[LXQH vQWUH
DF LXQHD DXWRUXOXL úL XUPDUHD LPHGLDW SULQFLSDO ± SHULFROXO SHQWUX VLJXUDQ D
VWDWXOXL±SULPDFRQGL LRQkQGRSHFHDGHDGRXD
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH 6XEPLQDUHD HFRQRPLHL QD LRQDOH HVWH R LQIUDF LXQH GH
LQWHQ LH 6XELHFWXO DFWLY DO LQIUDF LXQLL WUHEXLH GHFL V SUHYDG úL V GRUHDVF
XUP ULOH IDSWHL VDOH GH ÄIRORVLUH´ D DJHQWXOXL HFRQRPLF RUL GH ÄvPSLHGLFDUH´ D
DFWLYLW LLDFHVWXLDSHQWUXDVXEPLQDHFRQRPLDQD LRQDO úLDFUHDDVWIHORVWDUHGH
SHULFROSHQWUXVLJXUDQ DVWDWXOXL±LQWHQ LHGLUHFW ±RULV SUHYDG úLV DFFHSWH
SRVLELOLWDWHDVXEPLQ ULLHFRQRPLHLQD LRQDOHFKLDUGDF QXDXUP ULWDFHVWUH]XOWDW
± LQWHQ LH LQGLUHFW 3HQWUX YDULDQWD DJUDYDW GH OD DUW DOLQ & SHQ
VXELHFWXO YD WUHEXL VXSOLPHQWDU V SUHYDG úL V GRUHDVF RUL V DFFHSWH úL
SURGXFHUHDXQHLSDJXEHLPSRUWDQWHHFRQRPLHLQD LRQDOH
1XYDILSULQXUPDUHVDWLVI FXW ODWXUDVXELHFWLY DLQIUDF LXQLLGHVXEPLQDUH
DHFRQRPLHLQD LRQDOHGDF DXWRUXOQXDSUHY ]XWúLXUP ULWVDXDFFHSWDWGXS FD]
SURGXFHUHDDPEHORUXUP ULDOHIDSWHLFRPLVH
ÌQPRGDVHP Q WRUPDMRULW LLFHORUODOWHLQIUDF LXQLFRQWUDVLJXUDQ HLVWDWXOXL
WH[WXO DUW & SHQ QX SUHWLQGH FD R FHULQ D LQIUDF LXQLL GH VXEPLQDUH D
HFRQRPLHLQD LRQDOHH[LVWHQ DXQXLPRELORULDXQXLVFRSVSHFLDO
)RUPH6DQF LXQL
)RUPH ([SOLFD LLOH GDWH OD LQIUDF LXQHD DQWHULRDU UHIHULWRDUH OD DFWHOH
SUHSDUDWRULLúLODWHQWDWLY VXQWLQWHJUDOYDODELOHSHQWUXLQIUDF LXQHDDQDOL]DW
&RQVXPDUHD LQIUDF LXQLL VH SURGXFH GLIHUHQ LDW GXS FXP QH DIO P vQ
SUH]HQ D XQHLD VDX DOWHLD GLQ YDULDQWHOH DUW & SHQ $VWIHO vQ FD]XO IDSWHL
'HFL]LDGHÌQGUXPDUHQUD3OHQXOXL7ULEXQDOXOXL6XSUHPSXEOLFDW vQ55'QUS
SUHY ]XWH OD DUW DOLQ & SHQ LQIUDF LXQHD VH FRQVXP GXS vQFHSHUHD
H[HFXW ULL DF LXQLORU GH ÄIRORVLUH´ VDX ÄvPSLHGLFDUH´ PRPHQW vQ FDUH GHYLQH
SRWHQ LDOSHULFROXOGHVXEPLQDUHDHFRQRPLHLQD LRQDOHÌQFHDGHDGRXDYDULDQW
GLQ DUW DOLQ & SHQ LQIUDF LXQHD VH FRQVXP GXS H[HFXWDUHD XQHLD GLQ
FHOH GRX DF LXQL ± DSWH V VXEPLQH]H HFRQRPLD QD LRQDO ± úL REOLJDWRULX GXS
SURYRFDUHDSDJXEHLLPSRUWDQWHHFRQRPLHLQD LRQDOH
6DQF LXQL6XEPLQDUHDHFRQRPLHLQD LRQDOHvQIRUP VLPSO VHSHGHSVHúWH
FXvQFKLVRDUHGHODODGHDQLúLLQWHU]LFHUHDXQRUGUHSWXULLDUvQIRUP DJUDYDW
FX GHWHQ LXQHD SH YLD VDX vQFKLVRDUHD GH OD OD GH DQL úL LQWHU]LFHUHD XQRU
GUHSWXUL
ÌQ DPEHOH YDULDQWH GH LQFULPLQDUH SHUVRDQD MXULGLF VH VDQF LRQHD] FX
DPHQG GHODODOHLSRWULYLWDUWDOLQ&SHQ
3523$*$1'$Ì1)$92$5($67$78/8,727$/,7$5
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDOHVWHFRQVWLWXLWGLQUHOD LLOHVRFLDOHFHVHFHUSURWHMDWH
vPSRWULYDDJUHVLXQLORUSURSDJDQGLVWLFHvQIDYRDUHDLQVWDXU ULLVWDWXOXLWRWDOLWDUVXQW
RFURWLWH GHFL UHOD LLOH VRFLDOH IRUPDWH úL GH]YROWDWH SH SULQFLSLL úL FRQYLQJHUL
GHPRFUDWLFH
,QIUDF LXQHDHVWHOLSVLW GHRELHFWPDWHULDO
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU DO LQIUDF LXQLL HVWH QHFDOLILFDW GH WH[W HO
SRDWH IL SULQ XUPDUH FHW HDQ URPkQ VDX VWU LQ DSDWULG LQGLIHUHQW GH GRPLFLOLXO
DFHVWXLD
6XELHFWDFWLYDODFHVWHLLQIUDF LXQLSRDWHILúLRSHUVRDQ MXULGLF DUW&SHQ
,QIUDF LXQHD HVWH VXVFHSWLELO D IL V YkUúLW vQ RULFDUH GLQWUH IRUPHOH
SDUWLFLSD LXQLL±FRDXWRUDWLQVWLJDUHFRPSOLFLWDWH
6XELHFWXO SDVLY HVWH VWDWXO DOH F UXL VWDELOLWDWH úL VLJXUDQ VXQW SULPHMGXLWH
VDXDIHFWDWH
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDOFRQVW vQWURDF LXQHFDUHHVWHRDF LXQHGHSURSDJDQG
HIHFWXDW vQSXEOLFúLvQWUHSULQV vQYHGHUHDLQVWDXU ULLXQXLVWDWWRWDOLWDU
3URSDJDQGDHVWHRDF LXQHRUJDQL]DW GHU VSkQGLUHvQPDV DXQRULGHLFDUH
SUH]LQW úL VXV LQ R WHRULH R FRQFHS LH XQ SDUWLG SROLWLF HWF FX VFRSXO GH D
FRQYLQJHúLGHDFkúWLJDDGHS L
ÌQVHQVXOV XSHQDOFRQFHSWXODIRVWGHILQLWGHOHJLXLWRUvQDOLQ3RWULYLW
DFHVWHL QRUPH H[SOLFDWLYH FRQWH[WXDOH SURSDJDQGD FRQVW vQ U VSkQGLUHD vQ PRG
VLVWHPDWLF VDX vQ DSRORJLD XQRU LGHL FRQFHS LL VDX GRFWULQH FX LQWHQ LD GH D
FRQYLQJHúLGHDDWUDJHQRLDGHS L
7H[WXO QX HVWH UHVWULFWLY vQ FH SULYHúWH PRGDOLW LOH GH UHDOL]DUH D DFWXOXL
SURSDJDQGLVWLFGLPSRWULY FRUHODUHDFRQFHSWXOXLÄSURSDJDQG ´FXH[SUHVLDÄSULQ
RULFH PLMORDFH´ FRQGXFH OD FRQFOX]LD F DFWXO SURSDJDQGLVWLF LQWHU]LV LQWU vQ
LQFLGHQ D OHJLL SHQDOH LQGLIHUHQW GH IRUPD SH FDUH DFHDVWD R vPEUDF $úD ILLQG
SURSDJDQGD VH SRDWH UHDOL]D RUDO ± GLUHFW FkQG DXWRUXO VH DGUHVHD]
LQWHUORFXWRULORU DXGLWRULXOXL VDX LQGLUHFW FkQG DXWRUXO VH DGUHVHD] SULQ
'(;HGFLWS
LQWHUPHGLXO XQRU PLMORDFH GH FRPXQLFDUH FD WHOHIRQ WHOHID[ UDGLR WHOHYL]LXQH
FDVHWHDXGLRVDXYLGHRLPSULPDWHHWF VFULV±EURúXULPDQLIHVWHSRVWHUHLQVLJQH
FX vQVHPQH VDX GHVHQH VLPEROLFH LQVFULS LRQ UL SH GLIHULWH RELHFWH $FWXO GH
SURSDJDQG VFULVFDúLXQHOHDFWHRUDOHGHSURSDJDQG ±FXPHVWHFD]XOFDVHWHORU
DXGLRúLYLGHR±VXQWvQVR LWHvQFRPSOH[LWDWHDQDWXUDO DDFWLYLW LLGHDF LXQLGH
U VSkQGLUHDDFHVWRUPDWHULDOHvQPHGLLOHVDXF WUHSHUVRDQHOHDF URUvQGRFWULQDUH
HVWH YL]DW U VSkQGLUHD PDWHULDOHORU SRDWH DYHD XQ FDUDFWHU RUGRQDW ± vQPkQDUH
DILúDUH UXODUH HWF VDX QHRUGRQDW KDRWLF ± GH SLOG DUXQFDUHD PDWHULDOHORU OD
vQWkPSODUHGHODVRORULGHODvQ O LPHGLQEDOFRDQHSULQIHUHVWUHGHSHDFRSHULú
GLQDHURQDYHHWF
6WDWXO WRWDOLWDU /LWHUDWXUD GH VSHFLDOLWDWH QX D GHILQLW SkQ vQ SUH]HQW XQ
DVHPHQHDWLSGHVWDWGDUDHQXQ DWúLDQDOL]DWVXLWHGHUHSHUHSULQDF URUREVHUYDUH
SRDWHILLGHQWLILFDWVWDWXOWRWDOLWDUúLDQXPH
FRQFHQWUDUHD GHFL]LHL SROLWLFH OD YkUIXO SLUDPLGHL VWUXFWXULORU GH SDUWLG
FDUHGREkQGHVFDVWIHOWU V WXULOHXQXLÄSDUWLGVWDW´
OLFKLGDUHDVDXGLPLQXDUHDVXEVWDQ LDO DSOXUDOLVPXOXLSROLWLFVXSULPDUHD
RSR]L LHLúLDDGYHUVDULORUSROLWLFL
FRQFHQWUDUHDSUHURJDWLYHORUSXWHULLúLDOHDXWRULW LLSXEOLFHvQPkLQLOHXQXL
OLGHUGHVSRWLFÄGHPkQ IRUWH´SUHURJDWLYHSHFDUHQXOHvPSDUWHFXQLPHQLGHúL
DSDUDWXOGHVWDWIRUPDOHVWHVWUXFWXUDWSHQLYHOHOHúLYHULJLOHFODVLFH
IXQGDPHQWDUHD SURJUDPXOXL SROLWLF GH JXYHUQDUH SULQWUR GRFWULQ RILFLDO
úLGRPLQDQW FRQWHVWDUHDúLvQXOWLP LQVWDQ vQO WXUDUHDRULF UHLDOWHLGHRORJLL
DQXODUHDVDXUHGXFHUHDvQVHPQDW DGUHSWXULORUúLOLEHUW LORUFHW HQHúWL
DPSOLILFDUHDúLVSRULUHDSXWHULORUDSDUDWXOXLUHSUHVLY
$FHVWD DU SXWHD IL ÄWDEORXO´ VWDWXOXL D F UXL LQVWDXUDUH VH YUHD SULQ DF LXQLOH
SURSDJDQGLVWLFHSURKLELWHGHWH[WXOLQFULPLQDWRU
ÌQ SXEOLF &RQFHSWXO HVWH GHILQLW vQ DUW & SHQ ÌQ OHJ WXU FX DFHDVW
FHULQ OHJDO úLDQXPHFDIDSWDV ILHV YkUúLW ÄvQSXEOLF´HVWHGHVHPQDODWF vQ
SUDFWLFDMXGLFLDU LVDGDWRLQWHUSUHWDUHPDLHODVWLF DGPL kQGXVHF SURSDJDQGD
vQ XQHOH FD]XUL SRDWH IL UHDOL]DW QX QHDS UDW vQ SXEOLF FL úL ÄGH OD RP OD RP´
DVHPHQHD PHWRGRORJLH ILLQG IUHFYHQW vQWkOQLW vQ SUDFWLFD RUJDQL]D LLORU VDX
JUXSXULORU FODQGHVWLQH RUL D SHUVRDQHORU FDUH FRQúWLHQWL]kQG SHULFROXO OD FDUH VH
H[SXQSULQSURSDJDUHDXQRULGHLSURKLELWHOHJDODF LRQHD] FRQVSLUDWLY
&DUDFWHUXOSXEOLFSHFDUHWUHEXLHV OSUH]LQWHDFWXOGHSURSDJDQG FRQVWLWXLH
RFHULQ HVHQ LDO DHOHPHQWXOXLPDWHULDODEVHQ DFHULQ HL±FXH[FHS LDFD]XOXLGH
SURSDJDQG vQVWLOXOÄGHODRPODRP´±I FkQGLPSRVLELO UHDOL]DUHDLQIUDF LXQLL
8UPDUHD LPHGLDW 6 YkUúLUHD LQIUDF LXQLL DUH FD XUPDUH LPHGLDW FUHDUHD
XQHLVW ULGHSHULFROSHQWUXVLJXUDQ DVWDWXOXL
/HJ WXUD GH FDX]DOLWDWH UH]XOW H[ UH GLQ vQV úL DF LXQHD vQWUHSULQV FD OD
RULFH LQIUDF LXQH GH SHULFRO WH[WXO QHSUHWLQ]kQG SHQWUX UHDOL]DUHD LQIUDF LXQLL úL
SURGXFHUHDUH]XOWDWXOXLXUP ULW
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH,QIUDF LXQHDGHSURSDJDQG vQIDYRDUHDVWDWXOXLWRWDOLWDU
VHV YkUúHúWHFXLQWHQ LHvQDPEHOHHLPRGDOLW L±GLUHFW úLLQGLUHFW
,QWHQ LDHVWHFKLDUFDOLILFDW vQWUXFkWFXYLQWHOHÄvQYHGHUHD´LQGLF VFRSXOvQ
FDUHVXQWSXUWDWHDF LXQLOHSURSDJDQGLVWLFH±úLFDUHHVWHDFHODGHDVHLQVWDXUDXQ
VWDW WRWDOLWDU ± úL GHFL HOHPHQWXO VFRS VH VXEVXPHD] LQWHQ LHL FH FDUDFWHUL]HD]
SR]L LDVXELHFWLY DDXWRUXOXLLQIUDF LXQLL
&,RQHVFXRSFLWS
3HQWUX UHDOL]DUHD LQIUDF LXQLL QX SUH]LQW UHOHYDQ PRELOXO FH LD DQLPDW
DXWRUXOXLKRW UkUHDGHDDF LRQD
)RUPH6DQF LXQL
)RUPH$FWHOHSUHSDUDWRULLúLWHQWDWLYDVHSHGHSVHVF
7HQWDWLYD HVWH SRVLELO OD DFWHOH GH SURSDJDQG FDUH VH vQI SWXLHVF SULQ
PLMORDFHVFULVHúLLPSRVLELO ODDFWHOHGHSURSDJDQG vQI SWXLWHSULQPLMORDFHRUDOH
vQ DFHVW GLQ XUP FD] URVWLUHD SULPHORU FXYLQWH ± FDUH GDX FRHUHQ PHVDMXOXL ±
HFKLYDOkQGFXFRQVXPDUHDLQIUDF LXQLL
,QIUDF LXQHD VH FRQVXP vQ DPEHOH HL PRGDOLW L IDSWLFH vQ PRPHQWXO
V YkUúLULLSULPXOXLDFWGHH[HFXWDUHDDF LXQLLGHSURSDJDQG
6DQF LXQL ,QIUDF LXQHD HVWH SHGHSVLW FX vQFKLVRDUH GH OD OXQL OD DQL úL
LQWHU]LFHUHDXQRUGUHSWXUL
3HUVRDQD MXULGLF VH VDQF LRQHD] FX DPHQG vQWUH úL OHL
SRWULYLWDUWDOLQ&SHQ
$& ,81,Ì03275,9$25',1,,&2167,78 ,21$/(
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDODOLQIUDF LXQLLHVWHFRQVWLWXLWGLQDFHOHUHOD LLVRFLDOH
FH SULYHVF YDORULOH IXQGDPHQWDOH DOH VWDWXOXL ± FDUDFWHUXO QD LRQDO VXYHUDQ
LQGHSHQGHQWXQLWDUúLLQGLYL]LELODOVWDWXOXLURPkQRUGLQHDVDFRQVWLWX LRQDO
ÌQ FD]XO V YkUúLULL GH DF LXQL YLROHQWH RELHFWXO PDWHULDO DO LQIUDF LXQLL YD IL
FRQVWLWXLWGLQFRUSXOSHUVRDQHORUDJUHVDWHUHVSHFWLYGLQEXQXULOHPDWHULDOHGLVWUXVH
RULGHJUDGDWH
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU DO LQIUDF LXQLL HVWHQHFDOLILFDWGHWH[WGHFL
DFHVWDSRDWHILRULFDUHSHUVRDQ GHFHW HQLHURPkQ VDXVWU LQ RULSHUVRDQ I U
FHW HQLHLQGLIHUHQWGDF GRPLFLOLD] vQ5RPkQLDVDXvQVWU LQ WDWH
3HUVRDQDMXULGLF SRDWHILVXELHFWDFWLYDOLQIUDF LXQLLDUW&SHQ
3DUWLFLSD LDSHQDO HVWHSRVLELO vQWRDWHIRUPHOHVDOH
6XELHFWXOSDVLYHVWHVWDWXOURPkQDOHF UXLYDORULIXQGDPHQWDOHVXQWRULSRWIL
SULPHMGXLWHSULQIDSWHOHLQFULPLQDWHGHWH[W
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO FRQVW vQ vQWUHSULQGHUHD RULF UHL DF LXQL SHQWUX
VFKLPEDUHD SULQ DF LXQL LOHJDOH úL SULQ YLROHQ D RUGLQLL FRQVWLWX LRQDOH VDX D
FDUDFWHUXOXLQD LRQDOVXYHUDQLQGHSHQGHQWXQLWDUúLLQGLYL]LELODOVWDWXOXLURPkQ
$F LXQLOH GH VFKLPEDUH D RUGLQLL FRQVWLWX LRQDOH VDX D FDUDFWHUXOXL QD LRQDO
VXYHUDQ LQGHSHQGHQW XQLWDU úL LQGLYL]LELO DO VWDWXOXL URPkQ WUHEXLH UHDOL]DWH I U
GUHSWúLSULQYLROHQ
2UGLQHD FRQVWLWX LRQDO vQ RSLQLD QRDVWU HVWH DFHD RUGLQH IRUPDW SH
SULQFLSLLOHFRQVWLWX LRQDOHIXQGDPHQWDOHLQVWDXUDW úLJDUDQWDW GH&RQVWLWX LH
3RWULYLW GRFWULQHL vQ PDWHULH SULQFLSLLOH UHSHUHOH GHPRFUD LHL FRQVWL
WX LRQDOH VXQW D VXYHUDQLWDWHD QD LRQDO DSDU LQH SRSRUXOXL URPkQ E SRSRUXO
H[HUFLW VXYHUDQLWDWHD QD LRQDO LQGLUHFW ± SULQ RUJDQHOH VDOH UHSUH]HQWDWLYH ± úL
GLUHFW ± SULQ UHIHUHQGXP F 3DUODPHQWXO ± RUJDQXO UHSUH]HQWDWLY DO SRSRUXOXL úL
,'HOHDQXRSFLWYRO,,S
XQLFD DXWRULWDWH OHJLXLWRDUH D ULL ± úL 3UHúHGLQWHOH 5RPkQLHL VXQW DOHúL LDU
DXWRULW LOH SXEOLFH VXQW DOHVH SULQ YRW XQLYHUVDO HJDO GLUHFW VHFUHW úL OLEHU
H[SULPDW G SOXUDOLVPXO VRFLDO LGHRORJLF RUJDQLF SROLWLF VLQGLFDO úL DO DOWRU
FRUSXUL LQWHUPHGLDUH H DGRSWDUHD OHJLORU úL KRW UkULORU GH F WUH 3DUODPHQW SULQ
YRLQ D PDMRULW LL I FRQVDFUDUHD GUHSWXULORU úL OLEHUW LORU IXQGDPHQWDOH DOH
FHW HDQXOXLúLJDUDQWDUHDORUSULQ&RQVWLWX LHJVXSUHPD LD&RQVWLWX LHL
3ULQRUGLQHFRQVWLWX LRQDO FUHGHPvQV F WUHEXLHvQ HOHDV vQHJDO P VXU
úLVWUXFWXUDFRQVWLWX LRQDO DGLF DFHOHDXWRULW LSXEOLFHVWDELOLWHúLFRQVDFUDWHGH
&RQVWLWX LD 5RPkQLHL 3DUODPHQWXO 3UHúHGLQWHOH 5RPkQLHL úL*XYHUQHDXWRULWDWHD
MXGHF WRUHDVF
3RUQLQGGHODDFHVWHUHSHUHGRFWULQDUHVHSRDWHDILUPDF DF LXQLOHV YkUúLWH
vQVFRSXOVFKLPE ULLRUGLQLLFRQVWLWX LRQDOHVXQWDFHOHDF LXQLDQDUKLFHSXUWDWHFX
YLROHQ vPSRWULYDDXWRULW LORUIXQGDPHQWDOHDOHVWDWXOXL±S WUXQGHUHDvQIRU vQ
VHGLLOH XQRU DVHPHQHD DXWRULW L DPHQLQ DUHD úLVDX REVWUXF LRQDUHD IL]LF D
GHPQLWDULORUúLSHUVRQDOXOXLDXWRULW LORUUHVSHFWLYHHWF±vQYHGHUHDvQORFXLULLVLOLWH
DSHUVRDQHORUDOHVHRULQXPLWHvQPRGGHPRFUDWLFvQIXQF LLSROLWLFHRULHWDWLFH
8UPDUHD LPHGLDW FRQVW vQ FUHDUHD XQHL VW UL SULPHMGLRDVH SHQWUX XQD VDX
PDL PXOWH YDORUL IXQGDPHQWDOH DOH VWDWXOXL SHQWUX VLJXUDQ D VWDWXOXL 7H[WXO QX
SUHWLQGH FD DF LXQHD YLROHQW V DLE GUHSW FRQVHFLQ VFKLPEDUHD XQHLD GLQWUH
DFHVWHYDORULIXQGDPHQWDOHVXILFLHQWILLQGSHQWUXUHDOL]DUHDLQIUDF LXQLLLQL LHUHD
RUJDQL]DUHD V YkUúLUHD VDX VSULMLQLUHD DFWLYLW LL LOLFLWH (VWH GHFL R LQIUDF LXQH GH
SHULFROúLQXGHUH]XOWDW
5DSRUWXOGHFDX]DOLWDWHUH]XOW GLQvQV úLPDWHULDOLWDWHDIDSWHORU±H[UH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH ,QIUDF LXQHD VH V YkUúHúWH H[FOXVLY FX LQWHQ LH
) SWXLWRUXOHIHFWXkQGDF LXQHDYLROHQW úLLOHJDO FDUHFRQVWLWXLHHOHPHQWXOPDWHULDO
DOLQIUDF LXQLLvúLG VHDPDGHVHPQLILFD LDDFHVWHLDúLSUHYHGHUH]XOWDWXOIDSWHLVDOH
VFKLPEDUHD XQHLD GLQWUH YDORULOH IXQGDPHQWDOH DOH VWDWXOXL SH FDUH vO XUP UHúWH
LQWHQ LHGLUHFW VDXvODFFHSW LQWHQ LHLQGLUHFW
&XYkQWXO ÄVFRS´ GLQ WH[WXO LQFULPLQDWRU QX UHSUH]LQW XQXO GLQ HOHPHQWHOH
ODWXULLVXELHFWLYHFLGHVHPQHD] RELHFWLYXOFDUHFDUDFWHUL]HD] HOHPHQWXOPDWHULDO
DOLQIUDF LXQLL
ÌQ FRQVHFLQ QX SUH]LQW UHOHYDQ SHQWUX UHDOL]DUHD LQIUDF LXQLL QLFL
H[LVWHQ DVFRSXOXLúLQLFLDPRELOXOXL
)RUPH6DQF LXQL
)RUPH$FWHOHSUHSDUDWRULLDVLPLODWHWHQWDWLYHLSRWULYLWSUHYHGHULORUDUW
DOLQGLQ&RGXOSHQDOSUHFXPúLWHQWDWLYDVHSHGHSVHVF
&RQVXPDUHD LQIUDF LXQLL VXUYLQH vQ PRPHQWXO vQI SWXLULL RULF UHLD GLQWUH
DF LXQLOH LQFULPLQDWH DFHVWD ILLQG PRPHQWXO vQ FDUH VH QDúWH VWDUHD GH SHULFRO
SHQWUXVHFXULWDWHDQD LRQDO
6DQF LXQL )DSWD HVWH SHGHSVLW FX vQFKLVRDUHD GH OD OD GH DQL úL
LQWHU]LFHUHDXQRUGUHSWXUL
3HUVRDQD MXULGLF VH VDQF LRQHD] FX DPHQG GH OD OD OHL
DUWDOLQ&SHQ
Ä2UGLQHD FRQVWLWX LRQDO HVWH HJDO VWUXFWXU FRQVWLWX LRQDO ´ ± vQ Ä&H HVWH GHPRFUD LD´ ± 8QLWHG 6WDWHV
,QIRUPDWLRQ$JHQF\S
&203/278/
2ELHFWXORFURWLULLSHQDOH
ÌQ VLVWHPXO GUHSWXOXL SHQDO FRPSORWXO DSDUH FD R LQIUDF LXQH SDUWLFXODU
FRQVWLWXLW FDRLQIUDF LXQHVXLJHQHULV&DUDFWHUXOV XLQHGLWHVWHSXVvQHYLGHQ
GH FRQVWDWDUHD F vQ YUHPH FH WRDWH LQIUDF LXQLOH FXSULQVH vQ OHJHD SHQDO
LQFULPLQHD] FkWHRIDSW FDUHOH]HD] VDXSULPHMGXLHúWHDQXPLWHUHOD LLVRFLDOHOD
LQIUDF LXQHD GH FRPSORW HVWH LQFULPLQDW IDSWD GH DVRFLHUH D XQRU LQGLYL]L vQ
YHGHUHD V YkUúLULL XQHL LQIUDF LXQL 'HFL FRPSORWXO GREkQGHúWH LQGLYLGXDOLWDWH
SURSULH QXPDL SULQ UDSRUWDUH OD DOW LQIUDF LXQH I U GH H[LVWHQ D XQHL DOWH
LQIUDF LXQL SH FDUH FRPSORWLúWLL XUP UHVF V R V YkUúHDVF QLFL LQIUDF LXQHD GH
FRPSORWQXH[LVW
6H SRDWH DILUPD FX DOWH FXYLQWH F DF LXQHD SURSULH úL FDUDFWHULVWLF
LQIUDF LXQLL GH FRPSORW HVWH DFHHD GH SUHJ WLUH DFWH SUHSDUDWRULL D XQHL DOWH
LQIUDF LXQL $FHDVW DOW LQIUDF LXQH OD FRPLWHUHD F UHLD VH DVSLU QX HVWH vQV
RULFDUH LQIUDF LXQH FL QXPDL XQD GLQWUH LQIUDF LXQLOH FRQWUD VLJXUDQ HL VWDWXOXL
OLPLWDWLYHQXQ DWHvQWH[WXOLQFULPLQDWRU
2ELHFWXO MXULGLF VSHFLDO DO LQIUDF LXQLL GH FRPSORW HVWH DFHOD DO LQIUDF LXQLL
SHQWUX D F UHL V YkUúLUH D IRVW FRQVWLWXLW DVRFLHUHD ILQDOPHQWH UHOD LLOH VRFLDOH
SULYLQGVLJXUDQ DVWDWXOXL
,QIUDF LXQHDHVWHOLSVLW GHRELHFWPDWHULDO
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUDOLQIUDF LXQLLHVWHQHFLUFXPVWDQ LDWGHWH[W
HOSRDWHILRULFHSHUVRDQ 1DWXUDVSHFLDO DLQIUDF LXQLLGHFRPSORWLPSOLF vQV R
SOXUDOLWDWHGHVXELHF LDFWLYLRSOXUDOLWDWHFRQVWLWXLW
ÌQ FRQIRUPLWDWH FX GLVSR]L LLOH DUW & SHQ SHUVRDQD MXULGLF SRDWH IL
VXELHFWDFWLYDODFHVWHLLQIUDF LXQL
,QIUDF LXQHDSRDWHILV YkUúLW GRDUvQIRUPDDXWRUDWXOXLFRDXWRUDWXOXLDFWHOH
GH LQVWLJDUH ÄLQL LHUH´ úL GH FRPSOLFLWDWH ÄVSULMLQLUH´ ILLQG DEVRUELWH vQWUR
DF LXQH FRPSOH[ H[LVW XQ VLQJXU FD] vQ FDUH SDUWLFLSD LD SHQDO HVWH SRVLELO OD
LQIUDF LXQHD GH FRPSORW úL DQXPH LQVWLJDUHD OD DGHUDUHD VDX VSULMLQLUHD XQHL
DVRFLD LLRULJUXS UL
6XELHFWXO SDVLY DLGRPD WXWXURU LQIUDF LXQLORU FRQWUD VLJXUDQ HL VWDWXOXL HVWH
VWDWXO
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO DO LQIUDF LXQLL OD SULPHOH GRX PRGDOLW L QRUPDWLYH VH
H[SULP SULQ DF LXQL FH FRQVWDX vQ ÄLQL LHUHD´ VDX ÄFRQVWLWXLUHD´ XQHLD GLQWUH
DQVDPEOXULOH HQXQ DWH vQ WH[W RUL vQ ÄDGHUDUHD´ VDX ÄVSULMLQLUHD´ XQHL DVWIHO GH
DVRFLD LLVDXJUXS UL
&HULQ DHVHQ LDO SHQWUXDFHVWHSULPHPRGDOLW LQRUPDWLYHvQFDUHVHH[SULP
DF LXQHDHVWHFDDWkWLQL LHUHDFkWúLFRQVWLWXLUHDXQHLDVRFLD LLVDXJUXS ULV DLE
GUHSW VFRS V YkUúLUHD XQHLD GLQWUH LQIUDF LXQLOH FRQWUD VLJXUDQ HL VWDWXOXL SUHFL]DWH
GHWH[W
3HQWUX XUP WRDUHOH GRX PRGDOLW L QRUPDWLYH ± ÄDGHUDUH´ ÄVSULMLQLUH´ ±
FHULQ DHVHQ LDO FRQVW vQSUHH[LVWHQ DXQHLDVRFLD LLVDXJUXS ULFUHDWHvQVFRSXO
V YkUúLULLXQHLDGLQWUHLQIUDF LXQLOHFRQWUDVLJXUDQ HLVWDWXOXL1XVXQWGHFLvQWUXQLWH
HOHPHQWHOHFRQVWLWXWLYHDOHLQIUDF LXQLLGHFRPSORWFKLDUGDF PDLPXOWHSHUVRDQH
DXDF LRQDWSHQWUXV YkUúLUHDYUHXQHLDGLQWUHLQIUDF LXQLOHPHQ LRQDWHvQWH[WGDF
DVRFLHUHDQXDDYXWORFDQWHULRU
3HQWUXH[LVWHQ DLQIUDF LXQLLGHFRPSORWDGHFLVLQVWDQ DVXSUHP DVRFLHUHD
WUHEXLHV H[LVWHvQSUHDODELOVLPSODSDUWLFLSDUHDPDLPXOWRULQFXOSD LODV YkUúLUHD
LQIUDF LXQLLGHVXEPLQDUHDHFRQRPLHLQD LRQDOHI U V VHILDVRFLDWQXFRQVWLWXLH
LQIUDF LXQHDGHFRPSORWFLGRDUDFHHDGHVXEPLQDUHDHFRQRPLHLQD LRQDOH
$VRFLD LL ± *UXS UL ÌQ HOHJHUHD FRQFHSWHORU úL D GLIHUHQ HORU GLQWUH DFHVWHD
HVWH SRVLELO SULQ DSHODUHD OD WUHL FULWHULL QXP UXO GH SHUVRDQH FXSULQVH vQ
DQVDPEOXO UHVSHFWLY JUDGXO ORU GH RUJDQL]DUH úL FDUDFWHUXO OHJ WXULORU UHOD LLORU
VWDELOLWHvQWUHDFHOHSHUVRDQH
ÌQ FH SULYHúWH SULPXO FULWHULX DO QXP UXOXL GH SHUVRDQH FRQVWLWXLWH vQ
DQVDPEOXULOHSUHY ]XWHGHWH[WSUDFWLFDMXGLFLDU VDSURQXQ DWvQVHQVXOF DFHVWHD
WUHEXLH V ILH GH FHO SX LQ WUHL 1XP UXO PLQLP GH WUHL SHUVRDQH HVWH QXPLWRU
FRPXQDPEHORUDQVDPEOXUL
$VRFLD LDFXSULQGHXQQXP UQHGHWHUPLQDW±GDUVXILFLHQWGHUHSUH]HQWDWLY±
GH SHUVRDQH VLWXDWH vQWUXQ JUDG RSWLP GH RUJDQL]DUH úL FX OHJ WXUL IHUPH vQWUH
DFHVWHD
*UXSDUHD FXSULQGH XQ QXP U PDL UHGXV GH SHUVRDQH VLWXDWH vQWUXQ JUDG
PHGLXGHRUJDQL]DUHúLFXOHJ WXULUHOD LLPDLOHMHUH
,QL LHUH 3ULQ DF LXQHD GH LQL LHUH VH vQ HOHJH DFWLYLWDWHD SUHDODELO IRUP ULL
DVRFLD LHL VDX JUXS ULL vQ FDGUXO F UHLD VH SRDUW GLVFX LL vQ OHJ WXU FX VFRSXULOH
DQVDPEOXOXL PLMORDFHOH FH XUPHD] D IL SXVH vQ OXFUX SHQWUX DWLQJHUHD DFHVWRU
VFRSXULSHUVRDQHOHSUHWDELOHDILFRQWDFWDWHvQYHGHUHDUHFUXW ULLVHIDFGHPHUVXUL
SHOkQJ DVHPHQHDSHUVRDQHRULWDWRQ ULvQDQWXUDMXODFHVWRUD$F LXQHDGHLQL LHUH
SRDWHILRSHUDXQHLVDXDXQRUSHUVRDQH
&RQVWLWXLUH$F LXQHDHVWHXQDFWFROHFWLYFHvQFRUSRUHD] DFRUGXODFHOSX LQ
WUHL SHUVRDQH GH D VH DVRFLD vQ YHGHUHD V YkUúLULL GH LQIUDF LXQL FRQWUD VLJXUDQ HL
VWDWXOXLÌQDFHDVW ID] HYROXDW ID GHSUHFHGHQWDVHVFKL HD] RULvQWRFPHúWHXQ
SURJUDPSODQGHDF LXQLVDXVHDFKLHVHD] ODDFHVWDVXQWVWDELOLWHUHVSRQVDELOLW L
vQ FRQGXFHUHD DQVDPEOXOXL VDX vQ H[HFXWDUHD XQRU VDUFLQL &RQVWLWXLUHD IDF LHL QX
LPSOLF SHQWUX UHDOL]DUHD LQIUDF LXQLL GH FRPSORW FD SODQXO VDX SURJUDPXO V ILH
H[KDXVWLYHODERUDWILLQGvQGHVWXO WRUXQPLQLPGHRUJDQL]DUHFDUHV GHDFRHUHQ
úLV IDF SRVLELO DFWLYLWDWHDFRQMXJDW DPHPEULORUvQVFRSXOSURSXV(VWHOLSVLW
GHUHOHYDQ MXULGLF úLPRGDOLWDWHDvQFDUHVHH[SULP DGH]LXQHDODIDF LHDFHDVWD
SXWkQGILH[SUHV ±DQJDMDPHQWGHFODUD LHMXU PkQW±VDXLPSOLFLW ±UH]XOWDW GLQ
SDUWLFLSDUHD OD vQWUXQLULOH FRQVSLUDWLYH SO WLUHD FRWL]D LHL vQGHSOLQLUHD PLVLXQLORU
vQFUHGLQ DWHHWF
$F LXQLOH GH DGHUDUH úL VSULMLQLUH SUHVXSXQ SUHH[LVWHQ D XQHL DVRFLD LL VDX
JUXS ULODFDUHVXELHFWXOV DGHUHRULSHFDUHV OHVSULMLQH
3ULQFRQFHSWXODGHUDUHVHvQ HOHJHDFWXOXQHLSHUVRDQHGHDGHYHQLPHPEUXDO
XQXL DQVDPEOX ± GLQ FHOH HQXQ DWH vQ DUW & SHQ ± FXQRVFkQGXL úL
vPS UW úLQGXL HOXULOHVDOH([SULPDUHDGHF WUHRSHUVRDQ DGRULQ HLGHDDGHUD
ODXQDGLQWUHIDF LLOHSURKLELWHGHWH[WQXHVWHVXILFLHQW SHQWUXFDDFHDVWDV GHYLQ
DXWRU DO LQIUDF LXQLL GH FRPSORW GHFkW GDF VROLFLWDUHD HVWH XUPDW GH DFRUGXO GH
DFFHSWDUHDPHPEULORUDVRFLD LHLGHDFRRSWDDFHDVW SHUVRDQ vQRUJDQL]D LH
&RQFHSWXO VSULMLQLUH WUHEXLH vQ HOHV FD DF LXQH GH DMXWRUDUH GH VXV LQHUH GH
RFURWLUHGHDGDFRQFXUVXQHLDVRFLD LLVDXJUXS UL6SULMLQXOSRDWHILGHRUGLQPRUDO±
VIDWXULvQFXUDM ULSURPLVLXQLGHDMXWRU±VDXGHRUGLQPDWHULDO±VSRQVRUL]DUHDXQRU
DF LXQL FXULHUDW GRQDUHD XQRU VXPH GH EDQL RUL D XQRU EXQXUL WUHEXLQFLRDVH
GHVI úXU ULL DF LXQLORU SXQHUHD OD GLVSR]L LH D VSD LXOXL LPRELOLDU QHFHVDU
vQWUXQLULORUúD
7ULEXQDOXO6XSUHP&RO0LOLWDU'HFL]LDQUQHSXEOLFDW
7ULEXQDOXO6XSUHP&RO0LOLWDU'HFL]LDQU5,S
8UPDUHD LPHGLDW D RULF URU DF LXQL FRQVW vQ FUHDUHD XQHL VW UL GH SHULFRO
SHQWUXVLJXUDQ DVWDWXOXL
&kW SULYHúWH OHJ WXUD GH FDX]DOLWDWH vQWUH DF LXQH úL XUPDUHD LPHGLDW
DFHDVWDQXFRPSRUW H[SOLFD LLVXSOLPHQWDUHHDUH]XOWkQGFDODRULFHLQIUDF LXQHGH
SHULFROGLQvQV úLPDWHULDOLWDWHDIDSWHL±H[UH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH ,QIUDF LXQHD GH FRPSORW VH V YkUúHúWH H[FOXVLY FX
LQWHQ LHúLDQXPHFXRLQWHQ LHFDOLILFDW GHRDUHFHVXELHFWXOXUP UHúWHUHDOL]DUHD
VFRSXOXL SUHY ]XW GH WH[W UHVSHFWLY DFHOD GH D FRPLWH R LQIUDF LXQH FRQWUD
VLJXUDQ HLVWDWXOXLSUHY ]XW GXS FD]vQDUWúL&SHQ
ÌQ LSRWH]D UHDOL] ULL VFRSXOXL LQIUDF LXQHD GH FRPSORW QX vúL SLHUGH
DXWRQRPLDHDQXHVWHDEVRUELW vQFRQ LQXWXOLQIUDF LXQLLSHQWUXDF UHLV YkUúLUHV
D FRPSORWDW ÌQ FD]XO GDW SRWULYLW SUHYHGHULORU DUW DOLQ & SHQ VXQW
LQFLGHQWHUHJXOLOHSULYLQGFRQFXUVXOGHLQIUDF LXQL
5HDOL]DUHDLQIUDF LXQLLQXHVWHGHSHQGHQW GHH[LVWHQ DXQXLPRELOFDUHV IL
DQLPDWVXELHFWXO
)RUPH6DQF LXQL
)RUPH$FWHOHSUHJ WLWRDUHVXQWSRVLELOHGDUQXVHSHGHSVHVF7HQWDWLYDHVWH
VDQF LRQDW SRWULYLWGLVSR]L LLORUDUWDOLQGLQ&RGXOSHQDO
&RQVXPDUHD LQIUDF LXQLL GH FRPSORW LQWHUYLQH vQ PRPHQWXO vQ FDUH VD
vQFHSXW H[HFXWDUHD XQHLD GLQWUH DF LXQLOH QRPLQDOL]DWH GH WH[W DGLF LQL LHUHD VDX
FRQVWLWXLUHDXQHLDVRFLD LLVDXJUXS ULGXS FD]ODPRPHQWXODGHU ULLVDXVSULMLQLULL
DFHVWRUD
6XQW FDUDFWHULVWLFH LQIUDF LXQLL GH FRPSORW GRX GLVSR]L LL GH GUHSW SHQDO
PDWHULDO
D ± 3HGHDSVD SHQWUX FRPSORW QX SRDWH IL PDL PDUH GHFkW VDQF LXQHD
SUHY ]XW GH OHJH SHQWUX FHD PDL JUDY GLQWUH LQIUDF LXQLOH FDUH LQWU vQ VFRSXO
DVRFLD LHLVDXJUXS ULL±DUWDOLQ&SHQ
E ± (VWH SUHY ]XW R FDX] GH QHSHGHSVLUH D SHUVRDQHL FDUH V YkUúHúWH
LQIUDF LXQHDGHFRPSORWvQRULFDUHGLQWUHIRUPHOHSUHY ]XWHvQDOLQDODUW
&SHQDWXQFLFkQGGHQXQ IDSWDPDLvQDLQWHGHGHVFRSHULUHDDFHVWHLD±DUW
DOLQ&SHQ
ÌQ OHJ WXU FX XOWLPD SUHYHGHUH HVWH GH UH LQXW F GHQXQ XO RUDO VDX VFULV
WUHEXLHV SULYHDVF ±SHQWUXDSURGXFHFRQVHFLQ DGHQHSHGHSVLUH±DWkWDFWLYLWDWHD
GHVI úXUDW GHFHLODO LSDUWLFLSDQ LFkWúLDFWLYLWDWHDGHQXQ WRUXOXL
,QWURGXFHUHDvQWH[WDSUHYHGHULLH[RQHUDWRULLGHSHGHDSV SHQWUXLQIUDF LXQHD
GH FRPSORW DUH R WULSO UD LXQH ÌQ SULPXO UkQG VH FUHHD] FDGUXO OHJDO PHQLW V
IDFLOLWH]H LQWHUYHQ LD DXWRULW LORU MXGLFLDUH PDL vQDLQWH FD VFRSXULOH SURJUDPXOXL
IDF LHL V ILH DWLQVH úL DVWIHO V VH FXUPH FX XQ FHDV PDL GHYUHPH DF LXQLOH
SHULFXORDVH SHQWUX VLJXUDQ D VWDWXOXL ÌQ DO GRLOHD UkQG VH RIHU R úDQV DFHORUD
FDUHGHúLDXvQFHSXWH[HFXWDUHDXQRUDF LXQLH[WUHPGHSHULFXORDVHSHQWUXVLJXUDQ D
VWDWXOXLPDQLIHVW WRWXúLSRF LQ DFWLY úLVHSXQvQVOXMEDvQO WXU ULLFRQVHFLQ HORU
DFWLYLW LL LOLFLWH OD FDUH DX SDUWLFLSDW ÌQ VIkUúLW SUHYHGHUHD GH QHSHGHSVLUH SRDWH
GHFODQúDDQXPLWHVW ULHPR LRQDOHHIHFWHSVLKLFHLQGLYL]LORUSUHGLVSXúLVDXDQJUHQD L
vQ DVWIHO GH DF LXQL ± VW UL FRQYHQDELOH PHQ LQHULL VDX UHVWDELOLULL OHJDOLW LL ± GH
LQKLEDUH D FHORU FDUH vQF QX DX GHYHQLW PHPEULL XQHL IDF LL DQWLQD LRQDOH GH
VXVSLFLXQH UHFLSURF vQWUH PHPEULL IDF LHL ± VHQWLPHQW FH YD VWkQMHQL FRQVLGHUDELO
GHVI úXUDUHDDFWLYLW LLSURSXVH±GHLQVSLUDUHDJkQGXOXLúLGHVWLPXODUHDLQWHQ LHL
GHDGHPDVFDDXWRULW LORUFRPSORWXO
6DQF LXQL 7H[WXO SUHYHGH DOWHUQDWLY SHGHDSVD GHWHQ LXQLL SH YLD VDX
vQFKLVRDUHGHODODGHDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
3HUVRDQD MXULGLF VH SHGHSVHúWH FX DPHQG GH OD OD OHL
SRWULYLWDUWDOLQ&SHQ
&203520,7(5($8125,17(5(6('(67$7
2ELHFWXORFURWLULLSHQDOH
&RPSURPLWHUHDXQRULQWHUHVHGHVWDWHVWHRLQIUDF LXQHFRPSOH[ SULQDFHHD
F DEVRDUEH vQ FRQ LQXWXO V X IDSWH FDUH vQ DEVHQ D FHORUODOWH HOHPHQWH FH
FDUDFWHUL]HD] DFHDVW IDSW SHQDO FRQVWLWXLH LQIUDF LXQL GLVWLQFWH GH VLQH
VW W WRDUH ± IXUW GH vQVFULVXUL GLVWUXJHUH GH GRFXPHQWH IDOV PDWHULDO vQ vQVFULVXUL
RILFLDOH
2ELHFWXOMXULGLFVSHFLDODOLQIUDF LXQLLvOFRQVWLWXLHUHOD LLOHVRFLDOHUHIHULWRDUH
OD LQWHUHVHOH GH VWDW ÄYDORDUH VRFLDO VXVFHSWLELO GH D IL OH]DW VDX H[SXV
SHULFROXOXLSULQIDSWHOHGHGLVWUXJHUHDOWHUDUHRULDVFXQGHUHDXQRUGRFXPHQWHFDUH
SULYHVFLQWHUHVHOHVWDWXOXLvQUDSRUWXULOHVDOHFXRRUJDQL]D LHVDXRSXWHUHVWU LQ ´
,QIUDF LXQHDDUHFDRELHFWPDWHULDOGRFXPHQWXOVDXvQVFULVXOFDUHVHUHIHU OD
GUHSWXULOH RUL LQWHUHVHOH VWDWXOXL URPkQ $FHVWH GRFXPHQWH SRW IL WUDWDWH
LQWHUQD LRQDOH FRQFHSW FH VXEVXPHD] SH DFHOHD GH FRQYHQ LH DFRUG SDFW
GHFODUD LH SURWRFRO VDX DOWH LQVWUXPHQWH MXULGLFH LQWHUQD LRQDOH SULQ FDUH VXQW
UHFXQRVFXWHDQXPLWHGUHSWXULVWDWXOXLURPkQRULSULQFDUHVXQWSURWHMDWHLQWHUHVHOH
DFHVWXLD 'UHSWXULOH VWDWXOXL SRW IL GH GLIHULWH WLSXUL E QHúWL WHULWRULDOH GH
QDYLJD LHGHVXUYROGHH[SORDWDUHDXQRU] F PLQWHGHUHFXQRDúWHUHDIURQWLHUHORU
JDUDQ LLHWF(VHQ LDOGHFLSHQWUXFRQVLGHUDUHDGRFXPHQWXOXLFDDYkQGDFHVWFDUDFWHU
HVWHFDDFWXOV ILHSURGXF WRUGHHIHFWHMXULGLFHSHQWUXVWDWXOURPkQ
'RFXPHQWXO SRDWH IL vQ RULJLQDO VDX vQ FRSLH UHFXQRVFXW GH S U L FD LQkQG
ORFGHRULJLQDO
1X SUH]LQW UHOHYDQ MXULGLF vPSUHMXUDUHD F GRFXPHQWXO SRDWH IL
UHFRQVWLWXLWSHDOWHF LúLQLFLDFHHDF GRFXPHQWXODUHDS UXWODORFXOGHXQGHDIRVW
VXEWLOL]DWGXS PRPHQWXOvQFDUHVDY GLWQHYRLDGHDILIRORVLW
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUDOLQIUDF LXQLLSRDWHILRULFHSHUVRDQ WH[WXO
QHFHUkQGFDDFHDVWDV DLE RDQXPLW FDOLWDWH(VWHvQV GHSUHVXSXVF GDWILLQG
SDUWLFXODULW LOHIDSWHLVXELHFWXOHVWHGHUHJXO XQIXQF LRQDUDOSXWHULLOHJLVODWLYH
VDXH[HFXWLYHFHOPDLDGHVHDDO0LQLVWHUXOXL$IDFHULORU([WHUQHDGLF RSHUVRDQ
FDUH SULQ QDWXUD IXQF LHL OXFUHD] FX VDX JHVWLRQHD] DVWIHO GH GRFXPHQWH RUL vL
VXQWIDPLOLDUHúLVHSRDWHDSURSLDGHDFHVWHD
6XELHFWDFWLYSRDWHILúLSHUVRDQDMXULGLF DUW&SHQ
,QIUDF LXQHDSRDWHILV YkUúLW vQWRDWHIRUPHOHGHSDUWLFLSDUH
6XELHFWXO SDVLY HVWH VWDWXO vQV vQ XQHOH VLWXD LL SRDWH IL VXELHFW SDVLY
VHFXQGDUDFHDLQVWLWX LHSXEOLF vQJHVWLXQHDF UHLDVHDIO GRFXPHQWXO
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDODOLQIUDF LXQLLHVWHFRQVWLWXLWGLQWURDF LXQHGHGLVWUXJHUH
GHDOWHUDUHRULGHDVFXQGHUHDXQXLGRFXPHQWVDXvQVFULVFHSUH]LQW FDUDFWHUXOPDL
VXVDU WDW
*$QWRQLXúLFRORSFLWYRO,S
&RQFHSWXO GH GLVWUXJHUH vQ FRUHODUH FX DFHOD GH GRFXPHQW vQVFULV DUH
vQ HOHVXOGHDF LXQHSULQFDUHGRFXPHQWXOHVWHQLPLFLWHVWHI FXWV QXPDLH[LVWH
vQWRWDOVDXvQSDUWHÄGHDúDIHOF QXPDLSRDWHILXWLOL]DELO´
0LMORDFHOH GH QLPLFLUH VDX VXSULPDUH D DFWXOXL VXQW GLYHUVH DUGHUH ± SULQ
IODF U SULQ VXSXQHUHD OD UDGLD LL GH XQ DQXPLW WLS ± UXSHUH WRFDUH WRSLUH
DFRSHULUHDWH[WXOXLVDXUDGLHUHDDFHVWXLDSULQLQWHUYHQ LLIL]LFRFKLPLFHHWF
3ULQDF LXQHDGHDOWHUDUHDGRFXPHQWXOXLVHvQ HOHJHIDOVLILFDUHDP VOXLUHD
GHQDWXUDUHD DFHVWXLD )DOVLILFDUHD SRDWH IL RSHUDW SULQ PXOWLSOH PLMORDFH úL
SURFHGHHvQORFXLUHDXQHLILOHVDXDQH[HRULJLQDOHFXDOWDFRQWUDI FXW úWHUJHUHD
XQXL SDVDM DO WH[WXOXL RUL QXPDL FXYkQW FLIU GDW úL LQWURGXFHUHD XQXL WH[W
ÄSLUDW´DG XJDUHDGHPHQ LXQLODWH[WVDXODDQH[HúLSDUDIDUHDDFHVWRUDvQIDOVHWF
([DPLQDUHD FRPSDUDWLY D DFHORU GRX DF LXQL H[SULPDWH vQ FRQFHSWHOH
ÄGLVWUXJHUH´ úL ÄDOWHUDUH´ SXQH vQ HYLGHQ F vQ SULPXO FD] GRFXPHQWXO HVWH
VXSULPDWvQWRWDOVDXvQSDUWHúLGLVSDUHDVWIHOIL]LFSHFkQGvQFHOGHDOGRLOHDFD]
GRFXPHQWXO U PkQH vQ LQWHJUDOLWDWHD OXL IL]LF OD ORFXO FXYHQLW GDU FRQ LQH
PRGLILF ULHVHQ LDOHvQLQWLPLWDWHDWH[WXOXL
$VFXQGHUHD XQXL GRFXPHQW vQVFULV SUHVXSXQH R DF LXQH GH ULGLFDUH D
GRFXPHQWXOXL GLQ ORFXO OXL GH DUKLYDUH FODVDUH FRQWLQXDW SULQWUR DF LXQH GH
WUDQVSRUWDUH D DFHVWXLD vQWUXQ DOW ORF XQGH QX SRDWH IL J VLW GH IXQF LRQDUXO vQ
GUHSW'RVLUHDGRFXPHQWXOXLSRDWHILWHPSRUDU VDXGHILQLWLY
(VWHGHUHPDUFDWF vQWRDWHFD]XULOHGHGLVWUXJHUHúLGHDVFXQGHUHFkWúLvQ
XQHOH GH DOWHUDUH D GRFXPHQWHORU DF LXQLOH UHVSHFWLYH VXQW SUHFHGDWH VDX
FRQFRPLWHQWHXQRUDF LXQLGHIXUWDODFHVWRUGRFXPHQWH
2ULFDUHGLQWUHDF LXQLOHGHVFULVHWUHEXLHV DLE vQV FDRFHULQ REOLJDWRULH
DSWLWXGLQHDGHDFRPSURPLWHLQWHUHVHOHVWDWXOXL$úDILLQGIDSWDGHDGLVWUXJHDOWHUD
VDXDVFXQGHXQDVHPHQHDGRFXPHQWQXYDvQWUXQLHOHPHQWHOHFRQVWLWXWLYHDOHLQIUDF
LXQLL FRPHQWDWH GDF úL vQ DEVHQ D DFHOXL GRFXPHQW LQWHUHVHOH VDX GUHSWXULOH VWD
WXOXLURPkQVXQWRULFXPLQWDQJLELOHVDXJDUDQWDWHvQWURDOW PRGDOLWDWHGLSORPDWLF
8UPDUHDLPHGLDW DLQIUDF LXQLLFRQVW vQFUHDUHDXQHLVW ULGHSHULFROSHQWUX
VLJXUDQ DVWDWXOXL
/HJ WXUDGHFDX]DOLWDWHvQWUHDF LXQHúLXUPDUHDLPHGLDW UH]XOW H[UH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH,QIUDF LXQHDSUHY ]XW vQDUW&SHQVHV YkUúHúWH
FXLQWHQ LHvQDPEHOHVDOHIRUPH±GLUHFW VDXLQGLUHFW $úDGDUDXWRUXOSUHYHGH
F SULQ GLVWUXJHUHD DOWHUDUHD VDX DVFXQGHUHD GRFXPHQWXOXL VDX vQVFULVXOXL FX XQ
DVHPHQHD FRQ LQXW FUHHD] R VWDUH GH SHULFRO SHQWUX VLJXUDQ D VWDWXOXL XUPDUH SH
FDUH R GRUHúWH VDX DFFHSW 6 YkUúLW GLQ FXOS úL vQ P VXUD vQ FDUH GRFXPHQWXO
FRQ LQHVHFUHWHGHVWDWIDSWDSRDWHFRQVWLWXLRDOW LQIUDF LXQHSUHY ]XW GHDUW
GLQ&RGXOSHQDO±QHJOLMHQ DvQS VWUDUHDVHFUHWXOXLGHVWDW
5LGLFDUHDS VWUDUHDúL LQHUHDGRFXPHQWXOXLvQWUXQDOWORFI U LQWHQ LDGHDO
DVFXQGHQXFRQVWLWXLHLQIUDF LXQH
3HQWUX UHDOL]DUHD LQIUDF LXQLL QX SUH]LQW UHOHYDQ FHOHODOWH HOHPHQWH DOH
ODWXULLVXELHFWLYH±VFRSXOúLPRELOXO
)RUPH6DQF LXQL
)RUPH$FWHOHSUHSDUDWRULLODLQIUDF LXQHDFRPHQWDW VXQWSRVLELOHGDUQXVH
SHGHSVHVF 7HQWDWLYD OD DFHDVWD HVWH VDQF LRQDW SRWULYLW SUHYHGHULORU DUW
DOLQGLQ&RGXOSHQDO
&5 WHVFXúLFRORSFLWS
,GHPS
&RQVXPDUHDLQIUDF LXQLLLQWHUYLQHvQPRPHQWXOvQFDUHVDvQFHSXWH[HFXWDUHD
DF LXQLL GH GLVWUXJHUH DOWHUDUH VDX DVFXQGHUH D XQXL GRFXPHQW RUL vQVFULV GLQ
FDWHJRULDSUHFL]DW vQWH[W
6DQF LXQL )DSWD SUHY ]XW vQ DUW & SHQ HVWHVDQF LRQDW FXSHGHDSVD
vQFKLVRULLGHODODDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
3HUVRDQD MXULGLF VH SHGHSVHúWH FX DPHQG GH OD OD OHL ±
DUWDOLQ&SHQ
&2081,&$5($'(,1)250$ ,,)$/6(
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDODOLQIUDF LXQLLHVWHFRQVWLWXLWGLQUHOD LLOHVRFLDOHFDUH
SULYHVFVLJXUDQ DVWDWXOXL
2ELHFWXO PDWHULDO ,QIUDF LXQHD DUH VDX QX RELHFW PDWHULDO vQ IXQF LH GH
PRGDOLWDWHDQRUPDWLY úLGHQDWXUDPLMORDFHORUGHSURSDJDUHDúWLULORU
/D SULPD PRGDOLWDWH QRUPDWLY ± FRPXQLFDUHD VDX U VSkQGLUHD GHúWLULGDWH
VDX LQIRUPD LL IDOVH ± LQIUDF LXQHD DUH FD RELHFW PDWHULDO VXSRUWXO SH FDUH HVWH
vQUHJLVWUDW PHVDMXO IDOV ± ]LDU FDUWH DILú EDQG PDJQHWLF HWF ± GDU QX YD DYHD
RELHFWPDWHULDOvQLSRWH]DWUDQVPLWHULLPHVDMXOXLIDOVSHFDOHRUDO /DFHDGHDGRXD
PRGDOLWDWH QRUPDWLY ± GLIX]DUHD GH GRFXPHQWH IDOVLILFDWH ± LQIUDF LXQHD DUH FD
RELHFW PDWHULDO vQVFULVXO GRFXPHQWXO IDOVLILFDW FDUH HVWH U VSkQGLW RELHFW FDUH
FRQVWLWXLHvQDFHODúLWLPSúLPLMORFXOGHV YkUúLUHDLQIUDF LXQLL
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU QX HVWH FLUFXPVWDQ LDW GH WH[W DXWRU DO
LQIUDF LXQLL SXWkQG IL RULFDUH SHUVRDQ ± FHW HDQ URPkQ VDX VWU LQ DSDWULG
GRPLFLOLDWvQ5RPkQLDVDXvQVWU LQ WDWH
3HUVRDQDMXULGLF SRDWHILVXELHFWDFWLYDODFHVWHLLQIUDF LXQLDUW&SHQ
3DUWLFLSD LD HVWH SRVLELO vQ WRDWH IRUPHOH DFHVWHLD ± FRDXWRUDW LQVWLJDUH
FRPSOLFLWDWH
6XELHFWXO SDVLY HVWH VWDWXO URPkQ GHRDUHFH IDSWHOH FRPLVH VXQW GH QDWXU V
DGXF DWLQJHUHVLJXUDQ HLVWDWXOXLQRVWUX
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO FRQVW vQWRWGHDXQD vQWUR DF LXQH FDUH SRDWH IL GH
ÄFRPXQLFDUHVDXU VSkQGLUHSULQRULFHPLMORDFH´GHúWLULGDWHVDXLQIRUPD LLIDOVH±
vQ SULPD PRGDOLWDWH QRUPDWLY ± VDX GH ÄFRPXQLFDUH RUL U VSkQGLUH SULQ RULFH
PLMORDFH´GHGRFXPHQWHIDOVLILFDWH±vQDGRXDPRGDOLWDWHQRUPDWLY
&HULQ DHVHQ LDO SHQWUXUHDOL]DUHDLQIUDF LXQLLHVWHFDIDSWDV SXQ vQSHULFRO
VLJXUDQ DVWDWXOXL
8UPDUHD LPHGLDW D LQIUDF LXQLL FRQVW vQ DSDUL LD XQHL VW UL SULPHMGLRDVH
SHQWUX VLJXUDQ D VWDWXOXL 1X VH FHUH SHQWUX H[LVWHQ D LQIUDF LXQLL FD IDSWD V IL
SURGXV XQ SUHMXGLFLX YDORULORU VRFLDOH RFURWLWH SULQ WH[WXO LQFULPLQDWRU FL GRDU FD
DF LXQHD V ILH GH QDWXU DGLF V DLE DSWLWXGLQHD GH D SURGXFH R DVWIHO GH
FRQVHFLQ 6XQWHPGHFLvQSUH]HQ DXQHLLQIUDF LXQLGHSHULFROúLQXGHUH]XOWDW
/HJ WXUDGHFDX]DOLWDWHVHGHVSULQGHGLQvQV úLPDWHULDOLWDWHDIDSWHORU
9'RQJRUR]úLFRORSFLWYRO,9S
/DWXUDVXELHFWLY
)RUPDGHYLQRY LHFXFDUHVHSRDWHFRPLWHDFHDVW LQIUDF LXQHHVWHLQWHQ LD±
GLUHFW VDXLQGLUHFW 6 YkUúLW GLQFXOS IDSWDQXFRQVWLWXLHLQIUDF LXQH
0RELOXO úL VFRSXO QX SUH]LQW UHOHYDQ SHQWUX H[LVWHQ D LQIUDF LXQLL 2GDW
GRYHGLWH DFHVWH HOHPHQWH DOH ODWXULL VXELHFWLYH VHUYHVF vQ SURFHVXO GH
LQGLYLGXDOL]DUHDSHGHSVHL
)RUPH6DQF LXQL
)RUPH3RWULYLWSUHYHGHULORUDUWDOLQúLGLQ&SHQGRDUWHQWDWLYD
ODDFHDVW LQIUDF LXQHVHSHGHSVHúWHQXúLDFWHOHSUHSDUDWRULL
9D FRQVWLWXL WHQWDWLY GH H[HPSOX IDSWD GH D FRQIHF LRQD úWLULOH GDWHOH VDX
LQIRUPD LLOHIDOVHRULGHDP VOXLGRFXPHQWHOHDF LXQHvQWUHUXSW vQV ±GLQPRWLYH
LQGHSHQGHQWH GH YRLQ D DXWRUXOXL ± PDL vQDLQWH FD DFHVWHD V ILH FRPXQLFDWH VDX
U VSkQGLWH
&RQVXPDUHD LQIUDF LXQLL VXUYLQH LQVWDQWDQHX vQ FKLDU SULPXO PRPHQW DO
SURSDJ ULLúWLULORUIDOVHRULDOGRFXPHQWHORUIDOVLILFDWH
6DQF LXQL)DSWDHVWHVDQF LRQDW FXSHGHDSVDvQFKLVRULLGHODXQXODDQL
3HUVRDQD MXULGLF VH VDQF LRQHD] FX DPHQG GH OD OD OHL
SRWULYLWDUWDOLQ&SHQ
',98/*$5($6(&5(78/8,&$5(3(5,&/,7($= 6,*85$1 $
67$78/8,
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDOHVWHFHOFRPXQWXWXURULQIUDF LXQLORUFRQWUDVLJXUDQ HL
VWDWXOXL FX VSHFLDO UHIHULUH OD DS UDUHD VHFUHWXOXL GH VWDW SUHFXP úL D DOWRU
LQIRUPD LLúLGDWHDF URUGLYXOJDUHSULPHMGXLHúWHVLJXUDQ DVWDWXOXL
2ELHFWXO PDWHULDO DO LQIUDF LXQLL vO FRQVWLWXLH DFHO GRFXPHQW VDX RELHFW FH
FRQ LQH VHFUHWH GH VWDW ± GLYXOJDW VDX GH LQXW vQ DIDUD vQGDWRULULORU GH VHUYLFLX ±
GXS FD] DFHO GRFXPHQW VDX RELHFW FH FRQ LQH VHFUHWH GH VHUYLFLX ± GLYXOJDW RUL
GH LQXWvQYHGHUHDGLYXOJ ULLÌQFD]XOGLIX] ULLLQIRUPD LLORU±VHFUHWHGHVWDWVDXGH
VHUYLFLX ± vQ DOW PRG GHFkW SULQ WUDQVPLWHUHD GRFXPHQWXOXL VDX RELHFWXOXL
LQIUDF LXQHDHVWHOLSVLW GHRELHFWPDWHULDO
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRULQIUDF LXQLLDUHFDOLWDWHDGHIXQF LRQDU'HúL
WH[WXO QX IRORVHúWH FRQFHSWXO ÄIXQF LRQDU´ DFHDVW FDOLWDWH GHFXUJH GLQ VLQWDJPD
ÄGHF WUHFHOFDUHOHFXQRDúWHGDWRULW DWULEX LLORUGHVHUYLFLX´UHVSHFWLYÄvQDIDUD
vQGDWRULULORU GH VHUYLFLX´ VXELHFWXO ÄFHO´ QHSXWkQG IL DOWFLQHYD GHFkW IXQF LRQDUXO
DQJDMDW OD DXWRULWDWHD RUL SHUVRDQD MXULGLF GH GUHSW SXEOLF VDX SULYDW XQGH VDX
HODERUDW RUL XQGH VXQW JHVWLRQDWH GRFXPHQWHOH úL RELHFWHOH SURWHMDWH GH WH[WXO
LQFULPLQDWRU
ÌQ YDULDQWD DWHQXDW SUHY ]XW vQ DOLQ DXWRU SRDWH IL RULFH SHUVRDQ FH
vQWUXQHúWHFRQGL LLOHJHQHUDOHDOHU VSXQGHULLSHQDOH
3HUVRDQDMXULGLF SRDWHILVXELHFWDFWLYDODFHVWHLLQIUDF LXQLDUW&SHQ
3DUWLFLSD LD SHQDO HVWH SRVLELO vQ WRDWH IRUPHOH HL ± FRDXWRUDW LQVWLJDUH
FRPSOLFLWDWH
6XELHFWXO SDVLY HVWH VWDWXO úL vQ DFHLDúL P VXU DXWRULW LOH úL LQVWLWX LLOH
SXEOLFHSUHFXPúLSHUVRDQHOHMXULGLFHGHGUHSWSXEOLFVDXSULYDWSURGXF WRDUHVDX
GH LQ WRDUHGHGRFXPHQWHRULRELHFWHFHFRQ LQVHFUHWHGHVWDWRULGHVHUYLFLX
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO DO LQIUDF LXQLL vO FRQVWLWXLH DF LXQHD GH ÄGLYXOJDUH´ GH
VHFUHWHGHVWDWRULGHVHUYLFLX±DOLQ±GHÄGH LQHUH´vQDIDUDvQGDWRULULORUGH
VHUYLFLXDXQXLGRFXPHQWFHFRQVWLWXLHVHFUHWGHVWDW±DOLQ±úLGHÄGH LQHUH´vQ
YHGHUHDGLYXOJ ULLDXQXLGRFXPHQWFHFRQVWLWXLHVHFUHWGHVHUYLFLX±vQDOLQ
&RQFHSWXOGLYXOJDUHDUHvQ HOHVXOGHWUDQVPLWHUHGHFRPXQLFDUHDXQRUGDWH
VDX GRFXPHQWH VHFUHWH ÄGLYXOJDUHD´ VLQRQLP FX ÄGHFRQVSLUDUHD´ VHPQLILFkQG
IDSWXOGH]Y OXLULLXQRUVHFUHWHDGDvQYLOHDJ
'LYXOJDUHDVHSRDWHvQI SWXLSULQDFWHFRPLVLYH±FDUHFRQVWDXvQWUDQVPLWHUHD
LQIRUPD LLORU RUDO VDX vQ VFULV RUL D RELHFWHORU ± VDX SULQ DFWH RPLVLYH ± GH
H[HPSOX O VDUHD GRFXPHQWXOXL vQWUXQ DQXPLW ORF VSUH D IL Y ]XW GH SHUVRDQD SH
FDUH DXWRUXO D LQWHQ LRQDW V R LQIRUPH]H SH DFHDVW FDOH DVXSUD FRQ LQXWXOXL
GRFXPHQWXOXL 'LYXOJDUHD SRDWH IL WRWDO VDX SDU LDO GXS FXP GRFXPHQWHOH DX
IRVW WUDQVPLVH vQ LQWHJUDOLWDWHD FRQ LQXWXOXL ORU VDX QXPDL D XQRU VHFYHQ H DOH
DFHVWRUD
6HFUHWHGHVWDWúLVHFUHWHGHVHUYLFLXÄ6HFUHWHGHVWDW´VXQWvQFRQIRUPLWDWH
FXDUWDOLQ&SHQÄGRFXPHQWHOHúLGDWHOHFDUHSUH]LQW vQPRGY GLWDFHVW
FDUDFWHUSUHFXPúLFHOHGHFODUDWHVDXFDOLILFDWHDVWIHOSULQKRW UkUHD*XYHUQXOXL´
/HJHD OD FDUH VH IDFH WULPLWHUH HVWH /HJHD QU SULYLQG SURWHF LD
LQIRUPD LLORUFODVLILFDWH
,QIRUPD LLOH VHFUHWH GH VWDW VXQW GHILQLWH SULQ DUW OLW G GLQ OHJH FD
ÄLQIRUPD LL FDUH SULYHVF VHFXULWDWHD QD LRQDO SULQ D F URU GLYXOJDUH VH SRW
SUHMXGLFLD VLJXUDQ D QD LRQDO úL DS UDUHD ULL´ /HJHD GHOLPLWHD] FDWHJRULLOH GH
LQIRUPD LLVHFUHWHGHVWDWVWDELOHúWHGHPQLWDULLFXFRPSHWHQ HGHDDWULEXLQLYHOXULOH
GHVHFUHWL]DUHSUHFXPúLFODVDVHFUHWHORUGHVWDW
&kW SULYHúWH LQIRUPD LLOH VHFUHWH GH VHUYLFLX DFHVWHD ÄVH VWDELOHVF GH
FRQGXF WRUXO SHUVRDQHL MXULGLFH SH ED]D QRUPHORU SUHY ]XWH SULQ KRW UkUH D
*XYHUQXOXL´±DUWGLQDFHLDúLOHJH
&RQFHSWXOGH LQHUHGHGRFXPHQWHFHFRQVWLWXLHVHFUHWGHVWDWVDXGHVHUYLFLX
WUHEXLHvQ HOHVFDIDSWGHSRVHGDUHGHDDYHDvQVW SkQLUHDFHOGRFXPHQW
6LQWDJPDvQDIDUDvQGDWRULULORUGHVHUYLFLXDUHvQYHGHUHUHOD LDOHJDO GLQWUH
IXQF LRQDUúLGRFXPHQWúLQXUHOD LDGLQWUHGRFXPHQWúLORFXOXQGHHVWHGH LQXWGH
F WUHIXQF LRQDU$VWIHOGHGRFXPHQWHvQGHREúWHVXQWS VWUDWHúLVHOXFUHD] FXHOH
vQLQFLQWDXQHLLQVWLWX LLGDUHOHSRWILVFRDVHGHIXQF LRQDUúLGXVHvQWUXQDOWORF
GDF vQGDWRULULOHGHVHUYLFLXvOREOLJ ODDFHDVWD1XSUH]LQW LQWHUHVGLQSXQFWGH
YHGHUH DO DFHVWHL LQIUDF LXQL ORFXO XQGH DQXPH IXQF LRQDUXO GH LQH GRFXPHQWXO
VHFUHW FL GDF HO DUH GUHSWXO V GH LQ DFHO GRFXPHQW vQ YLUWXWHD DWULEX LLORU GH
VHUYLFLX
1XYDFRQVWLWXLLQIUDF LXQHDSUHY ]XW vQDUW&SHQIDSWDIXQF LRQDUXOXL
GHDGH LQHXQGRFXPHQWVHFUHWILHúLODGRPLFLOLXOV XGDF DF LXQHDHVWHGLFWDW GH
vQGDWRULULOH VDOH SURIHVLRQDOH GDU YD FRQVWLWXL DFHDVW LQIUDF LXQH GH LQHUHD
GRFXPHQWXOXLFKLDUúLODORFXOGHPXQF GDF IXQF LRQDUXOQXHUDVDXQXPDLHUD
vQGUHSWV OGH LQ
$F LXQHD GH GH LQHUH vQ DIDUD vQGDWRULULORU GH VHUYLFLX D XQXL GRFXPHQW FH
FRQVWLWXLHVHFUHWGHVHUYLFLX±PRGDOLWDWHQRUPDWLY UHJOHPHQWDW vQDOLQ±HVWH
FRQGL LRQDW GHXUP ULUHDGHF WUHDXWRUDXQXLDQXPLWVFRSúLDQXPHDFHODGHD
GLYXOJD GRFXPHQWXO ÌQ WH[W FRQFHSWXO ÄvQ YHGHUHD´ H[SULP LQWHQ LD SH FDUH
WUHEXLHV RDLE DXWRUXODGLF VFRSXOXUP ULWGHHO±GHFLHVWHXQHOHPHQWDOODWXULL
VXELHFWLYH±úLQXDOODWXULLRELHFWLYHDLQIUDF LXQLL
3XEOLFDW vQ02IQUGLQ
7RDWH DF LXQLOH FH IRUPHD] HOHPHQWXO PDWHULDO DO LQIUDF LXQLL WUHEXLH V
vQGHSOLQHDVF R FHULQ HVHQ LDO úL DQXPH FD HOH V ILH ÄGH QDWXU V SXQ vQ
SHULFRO VLJXUDQ D VWDWXOXL´ $FHDVW FHULQ SRDWH IL GHWHUPLQDW SULQ H[DPLQDUHD
DWHQW úL HYDOXDUHD FkW PDL SUHFLV D FDUDFWHUXOXL SH FDUH vO SUH]LQW LQIRUPD LLOH
GLYXOJDWHVDXGRFXPHQWHOHGH LQXWHvQDIDUDvQGDWRULULORUGHVHUYLFLXDLPSOLFD LLORU
± GH PRPHQW VDX vQ SHUVSHFWLY ± FH GHFXUJ GLQ FRPLWHUHD IDSWHL FkW úL D DOWRU
vPSUHMXU ULGHIDSWúLDVSHFWHFHUH]XOW GLQSUREHOHDGPLQLVWUDWHvQFDX]
8UPDUHD LPHGLDW FRQVW vQ FUHDUHD XQHL VW UL GH SHULFRO SHQWUX VLJXUDQ D
VWDWXOXLLDUOHJ WXUDGHFDX]DOLWDWHUH]XOW GLQvQV úLFRQVWDWDUHDXUP ULLLPHGLDWH±
H[UH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH)DSWDSUHY ]XW vQDUW&SHQHVWHRLQIUDF LXQHGH
LQWHQ LH FH SRDWH IL V YkUúLW vQ DPEHOH HL PRGDOLW L ± GLUHFW úL LQGLUHFW ÌQ
YDULDQWD SUHY ]XW vQ DOLQ LQWHQ LD HVWH QX QXPDL GLUHFW HVWH R LQWHQ LH
FDOLILFDW GHRDUHFHHDvQVXPHD] úLHOHPHQWXOVFRSVFRSXOXUP ULWGHDXWRUILLQG
DFHODGHDGLYXOJDGRFXPHQWXOGH LQXWvQDIDUDvQGDWRULULORUOHJDOH
ÌQ FH SULYHúWH SR]L LD SVLKLF ID GH LQIUDF LXQH vQ LQGLIHUHQW FDUH GLQWUH
PRGDOLW LOH HL QRUPDWLYH HVWH GH SUHFL]DW F DXWRUXO WUHEXLH V DLE R GXEO
UHSUH]HQWDUH D FRQVHFLQ HORU IDSWHL VDOH úL V OH XUP UHDVF RUL V OH DFFHSWH
GHRSRWULY SHGHRSDUWHF SULQIDSWDOXLGLYXOJ VHFUHWHGHVWDWVDXGHVHUYLFLX
RUL GH LQH DVHPHQHD GRFXPHQWH vQ DIDUD vQGDWRULULORU GH VHUYLFLX LDU SH GH DOW
SDUWHF IDSWDHVWHVXVFHSWLELO V FUHH]HSHULFROSHQWUXVLJXUDQ DVWDWXOXL
7H[WXO QX SUHWLQGH FD VXELHFWXO LQIUDF LXQLL V ILH DQLPDW GH YUHXQ DQXPLW
PRELO úL ± FX H[FHS LD YDULDQWHL GH VSHFLH LQFULPLQDW vQ DOLQ ± QLFL V
XUP UHDVF XQVFRSDQXPH
)RUPH6DQF LXQL
)RUPH$FWHOHSUHSDUDWRULLVXQWSRVLELOHGDUQXVHVDQF LRQHD] 7HQWDWLYDVH
SHGHSVHúWHSRWULYLWDUWDOLQ&SHQ
7HQWDWLYDHVWHSRVLELO ODPRGDOLWDWHDQRUPDWLY UHJOHPHQWDW vQDOLQGDU
QX úL OD PRGDOLW LOH GH GH LQHUH GH GRFXPHQWH ± DOLQ úL ± GHRDUHFH
PRPHQWXO vQFHSHULL H[HFXW ULL DGLF DO LQWU ULL vQ SRVHVLD GRFXPHQWXOXL FRLQFLGH
FXPRPHQWXOFRQVXP ULLLQIUDF LXQLL
&RQVXPDUHD LQIUDF LXQLL VH SURGXFH GXS FD] vQ PRPHQWXO WUDQVPLWHULL
VHFUHWHORUGHVWDWRULGHVHUYLFLXUHVSHFWLYvQPRPHQWXOvQFDUHDvQFHSXWGH LQHUHD
vQDIDUDvQGDWRULULORUGHVHUYLFLXDGRFXPHQWXOXLFHFRQVWLWXLHVHFUHWGHVWDWRULGH
VHUYLFLX ± DFHVWD SUHOXQJLQGXVH SH vQWUHDJD SHULRDG FkW GXUHD] GH LQHUHD ±
LQIUDF LXQHFRQWLQX
6DQF LXQL,QIUDF LXQHDSUHY ]XW vQDOLQHVWHSHGHSVLW FXvQFKLVRDUHGH
ODODDQLúLLQWHU]LFHUHDXQRUGUHSWXULLDUIDSWHOHSUHY ]XWHvQDOLQúL
VXQWSHGHSVLWHFXvQFKLVRDUHGHODODDQL
ÌQLSRWH]DSUHY ]XW vQDOLQSHGHDSVDSUHY ]XW GHOHJHHVWHvQFKLVRDUHD
GHODODDQL
ÌQYDULDQWDWLSDLQFULPLQ ULLSHUVRDQDMXULGLF VHVDQF LRQHD] FXDPHQG GH
OD OD OHL LDU vQ FHOHODOWH LSRWH]H GH LQFULPLQDUH FX DPHQG GH OD
ODOHL
1('(181 $5($
2ELHFWXORFURWLULLSHQDOH
ÌQ VLVWHPXO QRVWUX GH GUHSW QX VD LQVWLWXLW R REOLJD LH OHJDO JHQHUDO GH
GHQXQ DUHDWXWXURULQIUDF LXQLORUFLGRDUvQFD]XOXQRUIDSWHFXPDUHvQF UF WXU GH
SHULFRO VRFLDO ± FXP VXQW XQHOH LQIUDF LXQL FRQWUD VLJXUDQ HL VWDWXOXL ± REOLJD LD
PRUDO ILLQG FRQYHUWLW SULQ YRLQ D OHJLXLWRUXOXL vQWUR REOLJD LH MXULGLF RUL GH
FkWH RUL OHJHD R SUHYHGH H[SUHV ÌQ FH SULYHúWH LQIUDF LXQLOH FRQWUD VLJXUDQ HL
VWDWXOXL REOLJD LD OHJDO GH D OH GHQXQ D HVWH JHQHUDW úL GLQWUR D GRXD REOLJD LH
PRUDO L]YRUkW GLQ DOW vQGDWRULUH IXQGDPHQWDO VDFUDOL]DW FRQVWLWX LRQDO ±
ILGHOLWDWHDID GH DU
2ELHFWXOMXULGLFVSHFLDOHVWHFRQVWLWXLWvQSULQFLSDOGLQUHOD LLOHVRFLDOHFDUH
SULYHVF VLJXUDQ D VWDWXOXL LDU vQ VHFXQGDU GLQ UHOD LLOH VRFLDOH UHIHULWRDUH OD
vQI SWXLUHDMXVWL LHL
,QIUDF LXQHDGHQHGHQXQ DUHHVWHOLSVLW GHRELHFWPDWHULDO
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU DO LQIUDF LXQLL QX D IRVW FLUFXPVWDQ LDW GH
WH[W HO SRDWH IL RULFH FHW HDQ URPkQ FHW HDQ VWU LQ RUL SHUVRDQ I U FHW HQLH
LQGLIHUHQWGDF GRPLFLOLD] VDXQXSHWHULWRULXOVWDWXOXLURPkQ
3HUVRDQDMXULGLF SRDWHILVXELHFWDFWLYDODFHVWHLLQIUDF LXQLDUW&SHQ
3DUWLFLSD LD OD V YkUúLUHD DFHVWHL LQIUDF LXQL VXE IRUPD FRDXWRUDWXOXL RUL D
FRPSOLFLW LLHVWHH[FOXV vQWUXFkWRULFDUHSHUVRDQ FHDIO GHVSUHFRPLWHUHDXQHL
LQIUDF LXQLDF UHLGHQXQ DUHFRQVWLWXLHRREOLJD LHOHJDO GHYLQHHDvQV úLDXWRUDO
LQIUDF LXQLLGHQHGHQXQ DUHÌQFHSULYHúWHLQVWLJDUHDODLQIUDF LXQHDGHQHGHQXQ DUH
HD SRDWH H[LVWD QXPDL vQ FRQFXUV UHDO FX LQIUDF LXQHD WLS GH QHGHQXQ DUH vQ DOWH
FXYLQWH SHUVRDQD FDUH GHWHUPLQ SH DOWFLQHYD OD V YkUúLUHD LQIUDF LXQLL GH
QHGHQXQ DUHHVWHvQSULPXOUkQGDXWRUDOLQIUDF LXQLLGHQHGHQXQ DUHúLvQDOGRLOHD
UkQGLQVWLJDWRUODDFHDVW LQIUDF LXQHV YkUúLW GHWHU DSHUVRDQ
6XELHFWXO SDVLY HVWH FD OD WRDWH LQIUDF LXQLOH UHJOHPHQWDWH vQ 7LWOXO , VWDWXO
URPkQ
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO DO LQIUDF LXQLL vO FRQVWLWXLH R LQDF LXQH RPLVLXQH úL
DQXPH RPLVLXQHD GHQXQ ULL LQIUDF LXQLORU SUHY ]XWH vQ DUW úL
&SHQ
&RQFHSWXOGHQXQ FXFDUHVHRSHUHD] vQDUW&SHQWUHEXLHvQ HOHVFD
vQFXQRúWLQ DUHDI FXW GHF WUHRSHUVRDQ XQHLDXWRULW LSXEOLFHGHVSUHV YkUúLUHD
XQHLDGLQWUHLQIUDF LXQLOHFRQWUDVLJXUDQ HLVWDWXOXLSUHFL]DWHvQWH[W
$FHVWGHQXQ QXWUHEXLHV vQGHSOLQHDVF FXWRWGLQDGLQVXOFRQGL LLOHFHUXWHGH
OHJHDSURFHVXDOSHQDO DUWúLGLQ&RGXOGHSURFHGXU SHQDO SHQWUXDFHVW
PLMORFGHVHVL]DUHDRUJDQHORUGHXUP ULUHSHQDO HODUHGHFLvQ HOHVXOPDLPXOWGH
LQIRUPDUHDDXWRULW LORUGHVSUHV YkUúLUHDXQHLDWDULLQIUDF LXQL
(QXPHUDUHDGLQDUWDOLQ&SHQHVWHOLPLWDWLY RPLVLXQHDGHQXQ ULL
DOWRULQIUDF LXQLGLQ7LWOXO,QHFRQVWLWXLQGLQIUDF LXQHDGHQHGHQXQ DUHSUHY ]XW vQ
DFHVWDUWLFRO
3ULQ XUPDUH vQ VXFFHVLXQH FURQRORJLF VH V YkUúHúWH vQ SULPXO WLPS R
LQIUDF LXQHGHWU GDUHvQFHOHWUHLYDULDQWHGHDF LXQLRVWLOHFRQWUDVWDWXOXLURPkQ
GHVSLRQDMGHDWHQWDWFDUHSXQHvQSHULFROVLJXUDQ DVWDWXOXLGHDWHQWDWFRQWUDXQHL
FROHFWLYLW L GH VXEPLQDUHD SXWHULL GH VWDW GH DFWH GH GLYHUVLXQH GH VXEPLQDUHD
HFRQRPLHL QD LRQDOH GH DF LXQL vPSRWULYD RUGLQLL FRQVWLWX LRQDOH VDX GH FRPSORW
LDUXOWHULRURSHUVRDQ DIO GHVSUHV YkUúLUHDXQHLDGLQWUHDFHVWHDúLQXRGHQXQ
V YkUúLQGvQWLPSXOGRLLQIUDF LXQHDGHQHGHQXQ DUH
ÌQ OHJ WXU FX FRQ LQXWXO úL vQWLQGHUHD UHSUH]HQW ULORU SHUVRDQHL DVXSUD
LQIUDF LXQLL D F UHL GHQXQ DUH HVWH OHJDOPHQWH REOLJDW WUHEXLH SUHFL]DW F QX
SUH]LQW LPSRUWDQ GDF DFHDVWDFXQRDúWHSDU LDOVDXLQWHJUDODF LXQHDLOLFLW GDF
GH LQHGDWHGHVSUHWR LVDXQXPDLGHVSUHRSDUWHGLQWUHI SWXLWRULGDF OHFXQRDúWH
RULQXLGHQWLWDWHDGXS FXPHVWHOLSVLWGHUHOHYDQ vQFHID] VHDIO LQIUDF LXQHDFH
XUPHD] DILGHQXQ DW ±DFWHSUHSDUDWRULLWHQWDWLY RULLQIUDF LXQHFRQVXPDW
&HHD FH L VH SUHWLQGH SHUVRDQHL SHQWUX D IL DEVROYLW GH U VSXQGHUH SHQDO
HVWHV GHQXQ HDWkWFkWDDIODWGDUDFHVWÄDWkW´V ILHÄWRW´FHDDIODW
3HQWUXDFRQIHULLPSXQLWDWHGHQXQ XOWUHEXLHI FXW±PDLSUHWLQGHWH[WXO±ÄGH
vQGDW ´&RQFHSWXOÄGHvQGDW ´QXH[SULP XQWLPSWHUPHQULJLGGHLQWURGXFHUHD
GHQXQ XOXL(OFRQVWLWXLHRvPSUHMXUDUHGHIDSWYDULDELO SHFDUHPDJLVWUDWXOHVWH
GDWRU V R VWDELOHDVF SULQ SUREHOH DGPLQLVWUDWH 9D WUHEXL GHFL HYDOXDW WLPSXO
QHFHVDU SHUVRDQHL FDUH D DIODW GHVSUH V YkUúLUHD XQHL LQIUDF LXQL SHQWUX D GHQXQ D
DXWRULW LORUDFHDLQIUDF LXQHDGLF SHULRDGD±GHEXQ VHDP FkWPDLVFXUWSRVLELO
±vQFDUHSHUVRDQDV DLE HIHFWLYSXWLQ GHDIDFHDFWXOGHGHQXQ 'HQXQ XOWDUGLY
GHFLGXS H[SLUDUHDSHULRDGHLHYDOXDWHGHPDJLVWUDWF U VSXQGHvQFD]XOFRQFUHW
FHULQ HLÄGHvQGDW ´YDFRQVWLWXLLQGLVFXWDELOLQIUDF LXQH
'H DVHPHQHD PDL HVWH GH UH LQXW F REOLJD LD GH D GHQXQ D LQWHUYLQH GRDU
DWXQFLFkQGSHUVRDQDGH LQHHOHPHQWHVLJXUHFXJUDGVSRULWGHFUHGLELOLWDWHGHVSUH
V YkUúLUHDXQHLDGLQWUHLQIUDF LXQLOHSUHY ]XWHvQDUWDOLQ&SHQVLPSOH
E QXLHOLvQOHJ WXU FXH[LVWHQ DXQHLDVHPHQHDLQIUDF LXQLQHQ VFkQGREOLJD LDGH
GHQXQ DUH
'HVSUH ÄDXWRULWDWHD´ OD FDUH SHUVRDQD XUPHD] V LQWURGXF GHQXQ XO
H[SULP P RSLQLD F DFHDVWD SRDWH IL RULFDUH LQVWLWX LH GLQ VLVWHPXO DXWRULW LORU
OHJLVODWLYH[HFXWLYFHQWUDOHVDXORFDOHRULMXGHF WRUHVF±úLQXQXPDLRDQXPLW
DXWRULWDWH ± IXQF LRQDUXO FDUH SULPHúWH GHQXQ XO DYkQG REOLJD LD DO vQGUHSWD
DXWRULW LLFRPSHWHQWHRULDLIDFLOLWDGHQXQ WRUXOXLFRQWDFWXOFXDFHDDXWRULWDWH2
DVHPHQHD LQWHUSUHWDUH EHQHILF GHRSRWULY LQWHUHVXOXL SXEOLF úL SULYDW HVWH úL GH
QDWXU D SUHYHQL QHGUHSWDWHD FH VDU IDFH DFHOHL SHUVRDQH F UHLD GHúL GH EXQ
FUHGLQ úL LQWHQ LH L VH UHIX] EHQHILFLXO LPSXQLW LL SHQWUX IDSWXO ± GHFXUJkQG
GLQWUR LQWHUSUHWDUH LQIOH[LELO ± F GH SLOG D GHQXQ DW IDSWD SULPDUXOXL úL QX
RIL HUXOXLGLQ6HUYLFLXO5RPkQGH,QIRUPD LL
8UPDUHD LPHGLDW D RPLVLXQLL GH GHQXQ DUH D LQIUDF LXQLL SUHY ]XW vQ DUW
DOLQ&SHQFRQVW vQFUHDUHDXQHLVW ULGHSHULFROSHQWUXVLJXUDQ DVWDWXOXL
SUHFXPúLSHQWUXEXQDvQI SWXLUHDDFWXOXLGHMXVWL LH
5DSRUWXOGHFDX]DOLWDWHUH]XOW H[UHGLQvQV úLPDWHULDOLWDWHDIDSWHORU
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH ,QIUDF LXQHD GH QHGHQXQ DUH SRDWH IL V YkUúLW DWkW FX
LQWHQ LH±GLUHFW VDXLQGLUHFW ±FkWúLGLQFXOS
0RELOXOQXSUH]LQW LPSRUWDQ SHQWUXUHDOL]DUHDLQIUDF LXQLL
)RUPH6DQF LXQL
)RUPH ,GHQWLF WXWXURU LQIUDF LXQLORU FH FRQVWDX GLQWUR RPLVLXQH QLFL OD
LQIUDF LXQHDGHQHGHQXQ DUHDFWHOHSUHSDUDWRULLúLWHQWDWLYDQXVXQWSRVLELOH
&RQVXPDUHD LQIUDF LXQLL DUH ORF vQ PRPHQWXO vQ FDUH VD FUHDW SHUVRDQHL
SRVLELOLWDWHDGHDGHQXQ DLQIUDF LXQHDGHVSUHDF UHLV YkUúLUHDOXDWFXQRúWLQ GDU
QXDI FXWDFHVWOXFUX
6DQF LXQL,QIUDF LXQHDHVWHSHGHSVLW FXvQFKLVRDUHGHODODDQL
3HUVRDQDMXULGLF VHVDQF LRQHD] FXDPHQG GHODODOHL
7H[WXO H[FOXGH GH OD U VSXQGHUH SHQWUX LQIUDF LXQHD SUHY ]XW GH DUW
&SHQVR XOVDXUXGDDSURSLDW
ÌQDOLQVXQWSUHY ]XWHGRX FDX]HGHQHSHGHSVLUHDDXWRUXOXLLQIUDF LXQLL
GHQHGHQXQ DUH
3ULPXOFD]GHQHSHGHSVLUHSULYHúWHSHUVRDQDFDUHIDFHGHQXQ XOPDLvQDLQWHFD
SURFXURUXOV ILvQFHSXWXUP ULUHDSHQDO vQFDX] SHQWUXLQIUDF LXQHDQHGHQXQ DW
6LWXD LD VH UHIHU GHFL OD R ID] DQWHSURFHVXDO vQ FDUH DXWRULW LOH FRPSHWHQWH
SDUFKHW VHUYLFLL GH LQIRUPD LL QX GH LQ GDWH GHVSUH FRPLWHUHD XQHLD GLQWUH
LQIUDF LXQLOHSUHY ]XWHGHDUWDOLQ&SHQVDXGH LQXQHOHLQIRUPD LLGDU
LQVXILFLHQWH RUL OLSVD ORU GH VHPQLILFD LH QX SHUPLW GHFODQúDUHD XUP ULULL SHQDOH
$FHVWD HVWH úL VSD LXO ± SkQ OD vQFHSHUHD XUP ULULL SHQDOH ± vQ FDUH SHUVRDQD
I FkQGGHQXQ XOHVWHDEVROYLW GHU VSXQGHUHSHQDO
$O GRLOHD FD] GH LPSXQLWDWH HVWH DFRUGDW SHUVRDQHL FDUH ± FX WRDWH F QX D
I FXWGHQXQ XOLDUvQFDX]DSULYLQGLQIUDF LXQHDQHGHQXQ DW VDvQFHSXWXUP ULUHD
SHQDO RULLQIUDFWRULLDXIRVWGHVFRSHUL L±G VSULMLQSURFXURUXOXLSHQWUXSULQGHUHD
úL DUHVWDUHD ORU $FHVW VSULMLQ SRDWH V FRQVWHD vQ IXUQL]DUHD GH LQIRUPD LL SULYLQG
ORFXULOH vQ FDUH LQIUDFWRULL VWDX DVFXQúL PLMORDFHOH VDX SDUROHOH SULQ FDUH SRW IL
FRQWDFWD LGHSHUVRDQHOHGHvQFUHGHUHGLQDQWXUDMXOORUSHUVRDQHOHFDUHvLYL]LWHD]
ODORFXULOHXQGHVHDG SRVWHVFFODQGHVWLQúDPG
3HQWUXDILRSHUDQWDFHVWFD]GHLPSXQLWDWHQXSUH]LQW LQWHUHVGDF VSULMLQXO
RIHULWGHDXWRUXOLQIUDF LXQLLGHQHGHQXQ DUHDIRVWVDXQXYDORULILFDWGHDXWRULW LOH
FRPSHWHQWH ± GHFL GDF VD UHXúLW RUL QX FDSWXUDUHD SHUVRDQHORU XUP ULWH ± GXS
FXPQXSUH]LQW LQWHUHVQLFLGDF DXWRUXODDFRUGDWDMXWRUODDUHVWDUHDGRDUDXQHLD
VDXDWXWXURUDFHVWRUSHUVRDQH
,1)5$& ,81,&2175$5(35(=(17$178/8,818,67$7675 ,1
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO HVWH SOXUDO 2ELHFWXO SULQFLSDO vO FRQVWLWXLH UHOD LLOH
VRFLDOH FDUH RFURWHVF VLJXUDQ D VWDWXOXL D F URU QRUPDO GHVI úXUDUH GHSLQGH GH
EXQHOHUDSRUWXULDOHVWDWXOXLQRVWUXFXDOWHVWDWHUDSRUWXULFHWUHEXLHPHQ LQXWHSULQ
RFURWLUHD SHUVRDQHORU FH UHSUH]LQW DFHOH VWDWH 2ELHFWXO VHFXQGDU HVWH FRQVWLWXLW
GLQ UHOD LLOH VRFLDOH SULYLWRDUH OD YLD D LQWHJULWDWHD FRUSRUDO V Q WDWHD OLEHUWDWHD
VDXGHPQLWDWHDSHUVRDQHL
2ELHFWXOPDWHULDODOLQIUDF LXQLLHVWHFRUSXOUHSUH]HQWDQWXOXLXQXLVWDWVWU LQ
DVXSUDF UXLDVHU VIUkQJHIDSWD
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUDOLQIUDF LXQLLQXHVWHFDOLILFDWvQYUHXQIHO
DQXPHGHWH[WSULQXUPDUHHOSRDWHILRULFHSHUVRDQ
3HUVRDQDMXULGLF SRDWHILVXELHFWDFWLYDODFHVWHLLQIUDF LXQLvQFRQGL LLOHDUW
&SHQ
3DUWLFLSD LD OD V YkUúLUHD LQIUDF LXQLL HVWH SRVLELO vQ WRDWH IRUPHOH DFHVWHLD
GXS FD] GRDU vQ XQHOH GLQWUH IRUPH vQ UDSRUW FX QDWXUD LQIUDF LXQLL V YkUúLWH
vPSRWULYDSHUVRDQHLVDXSDWULPRQLXOXL±FXLQWHQ LHRULGLQFXOS SULQWURDF LXQH
VDXLQDF LXQH
6XELHFWXOSDVLYSULQFLSDOHVWHVWDWXOURPkQLDUVXELHFWXOSDVLYVHFXQGDUHVWH
FLUFXPVWDQ LDWGHWH[WODSHUVRDQDUHSUH]HQWDQWXOXLXQXLVWDWVWU LQ
9'RQJRUR]úLFRORSFLWYRO,,,S
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO DO LQIUDF LXQLL vO FRQVWLWXLH DFHOH DF LXQL VDX LQDF LXQL
SURSULL ILHF UHLD GLQWUH LQIUDF LXQLOH FRQWUD SHUVRDQHL 'HFL YRU H[LVWD WRW DWkWHD
PRGDOLW L QRUPDWLYH FkWH VXQW SUHY ]XWH vQ WH[WHOH LQIUDF LXQLORU UHJOHPHQWDWH vQ
SDUWHDVSHFLDO D&RGXOXLSHQDO±7LWOXO,,
8UPDUHD LPHGLDW D LQIUDF LXQLL HVWH FRPSOH[ 3H GH R SDUWH HD FRQVW vQ
DSDUL LD XQHL VW UL SULPHMGLRDVH SHQWUX VLJXUDQ D VWDWXOXL VWDUH JHQHUDW GH
SRVLELOLWDWHDDIHFW ULLUDSRUWXULORUGLQWUHVWDWXOURPkQúLVWDWXODOF UXLUHSUH]HQWDQW
HVWH YLFWLPD LQIUDF LXQLL 3H GH DOW SDUWH XUPDUHD LPHGLDW YD FRQVWD vQWUXQ
UH]XOWDW vQWUR PRGLILFDUH DGXV RELHFWXOXL PDWHULDO DO LQIUDF LXQLORU FRQWUD
SHUVRDQHL±FRUSXOUHSUH]HQWDQWXOXLXQXLVWDWVWU LQ
/HJ WXUDGHFDX]DOLWDWHVHYDVWDELOLvQWUHIDSW ±DF LXQHVDXLQDF LXQH±úL
UH]XOWDWXOSURGXV
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH,QIUDF LXQLOHFRQWUDUHSUH]HQWDQWXOXLXQXLVWDWVWU LQSRW
ILV YkUúLWHDWkWFXLQWHQ LH±vQDPEHOHHLPRGDOLW LGLUHFW VDXLQGLUHFW ±FkWúL
GLQ FXOS RUL SUDHWHULQWHQ LH ,QGLIHUHQW vQV GDF LQIUDF LXQHD HVWH FRPLV vQWUR
IRUP VDX DOWD GH YLQRY LH VXELHFWXO DFWLY WUHEXLH V DLE UHSUH]HQWDUHD F
DF LXQHDLQDF LXQHD VD OH]HD] XQ UHSUH]HQWDQW DO XQXL VWDW VWU LQ DFHDVW
UHSUH]HQWDUH LQHFKLYRF FRQVWLWXLQG R FHULQ REOLJDWRULH D ODWXULL VXELHFWLYH
$VWIHO vQ VLWXD LD LQIUDF LXQLL LQWHQ LRQDWH DXWRUXO ± FD úL FHLODO L SDUWLFLSDQ L ±
UHDOL]HD] F DF LXQHD OXL VH U VIUkQJH FRQFRPLWHQW QX QXPDL DVXSUD XQHL
SHUVRDQH FL úL DVXSUD UHSUH]HQWDQWXOXL XQXL VWDW VWU LQ úL GRUHúWH VDX DFFHSW
SURGXFHUHDDFHVWXLGXEOXUH]XOWDW
ÌQ VLWXD LD LQIUDF LXQLL V YkUúLWH GLQ FXOS DXWRUXO SUHYHGH F UH]XOWDWXO
DF LXQLLLQDF LXQLLVDOHDIHFWHD] UHSUH]HQWDQWXOXQXLVWDWVWU LQGDUVRFRWHúWHI U
WHPHLF DFHVWDQXVHYDSURGXFHRULQXSUHYHGHUH]XOWDWXOFXWRDWHF WUHEXLDúL
SXWHDV vOSUHYDG
)RUPH6DQF LXQL
)RUPH$FWHOHSUHSDUDWRULLGHúLVXQWSRVLELOHQXVHSHGHSVHVF7HQWDWLYDVH
SHGHSVHúWHSRWULYLWSUHYHGHULORUDUWDOLQGLQ&RGXOSHQDO
&RQVXPDUHD LQIUDF LXQLL VXUYLQH vQ PRPHQWXO VSHFLILF ILHF UHLD GLQWUH
LQIUDF LXQLOHFRQWUDSHUVRDQHL
6DQF LXQL'LVSR]L LLOHDUW&SHQVWDELOHVFXQUHJLPPDLDVSUXSHQWUX
LQIUDF LXQLOH FRQWUD YLH LL LQWHJULW LL FRUSRUDOH V Q W LL OLEHUW LL VDX GHPQLW LL
vQVHQVXOF PD[LPXOVSHFLDODOSHGHSVHLSUHY ]XWHGHOHJHSHQWUXDFHOHLQIUDF LXQL
SRDWHILVSRULWFXDQL
3HUVRDQD MXULGLF VH VDQF LRQHD] GXS FD] ILH FX DPHQG GH OD OD
OHLILHFXDPHQG GHODODOHL
81(/(&$8=('(1(3('(36,5(6$8'(5('8&(5($3('(36(,
3HULFXOR]LWDWHD VRFLDO GHRVHELW LQWULQVHF LQIUDF LXQLORU FRQWUD VLJXUDQ HL
VWDWXOXL D GHWHUPLQDW OHJLXLWRUXO V LQVWLWXLH vQ DFHDVW PDWHULH XQ UHJLP
GHURJDWRULX GH DSOLFDUH D DQXPLWRU LQVWLWX LL DOH GUHSWXOXL SHQDO PDWHULDO DWkW GLQ
SDUWHDJHQHUDO FkWúLGLQSDUWHDVSHFLDO DOHDFHVWXLD$VSHFWHOHGHURJDWRULLGHOD
GLVSR]L LLOH ÄGH GUHSW FRPXQ´ XUPDX D IL FXSULQVH GH EXQ VHDP GLIHUHQ LDW vQ
ILHFDUHGLQWH[WHOHFDUHLQFULPLQDXLQIUDF LXQLOHJUXSDWHvQ7LWOXO,
3HQWUX D VH HYLWD UHSHW UL LQXWLOH úL GHUDQMDQWH vQ OHFWXUD WH[WHORU D IRVW
SUHIHUDWSURFHGHXOGHDúH]DUHFDQXPLWRUFRPXQDWXWXURUGLVSR]L LLORUFXFDUDFWHU
SDUWLFXODU GRPHQLXOXL ± ILUHúWH FX LQGLFDUHD IDVFLFXOXOXL GH WH[WH F UXLD L VH
DGUHVHD] ±vQDUW&SHQúLDUW&SHQ
&DX]D GH QHSHGHSVLUH HVWH RSHUDQW vQ LSRWH]D vQ FDUH SDUWLFLSDQWXO OD
LQIUDF LXQLOH FRQWUD VLJXUDQ HL VWDWXOXL GHQXQ V YkUúLUHD LQIUDF LXQLL vQDLQWH FD
XUP ULUHDSHQDO V ILvQFHSXWRULI SWXLWRULLV ILHSHGHSVL L
3ULQSDUWLFLSDQ LVHvQ HOHJHSRWULYLWSUHYHGHULORUDUW&SHQSHUVRDQHOH
FDUH FRQWULEXLH OD V YkUúLUHD XQHL IDSWH SUHY ]XWH GH OHJHD SHQDO vQ FDOLWDWH GH
DXWRULLQVWLJDWRULVDXFRPSOLFL
3ULQ V YkUúLUHD XQHL LQIUDF LXQL VH vQ HOHJH vQ FRQIRUPLWDWH FX SUHYHGHULOH
DUW & SHQ V YkUúLUHD RULF UHLD GLQWUH IDSWHOH SH FDUH OHJHD OH SHGHSVHúWH FD
LQIUDF LXQHFRQVXPDW VDXFDWHQWDWLY SUHFXPúLSDUWLFLSDUHDODFRPLWHUHDDFHVWRUD
FDDXWRULQVWLJDWRUVDXFRPSOLFH
6SUH GHRVHELUH GH QR LXQHD ÄGH vQGDW ´ H[DPLQDW OD LQIUDF LXQHD GH
QHGHQXQ DUHVLQWDJPDÄvQWLPSXWLO´H[SULP DFHDSHULRDG GHWLPSFDUHvQJ GXLH
LQVWLWX LLORU MXGLFLDUH VSHFLDOL]DWH V DF LRQH]H SHQWUX vPSLHGLFDUHD FRQVXP ULL
LQIUDF LXQLL'HFLGHQXQ XOWUHEXLHI FXWvQLQWHULRUXOWLPSXOXLQHFHVDUDXWRULW LORU
MXGLFLDUH SHQWUX D DF LRQD (VWH OLSVLW GH UHOHYDQ vPSUHMXUDUHD F LQVWLWX LD
MXGLFLDU DDF LRQDWVDXQXvQDFHVWLQWHUYDOGHWLPSúLGHDVHPHQHDGDF VDUHXúLW
VDXQXvPSLHGLFDUHDFRQVXP ULLLQIUDF LXQLL$FHDVWDHVWHRFKHVWLXQHFDUHSULYHúWH
SURIHVLRQDOLVPXOLQVWLWX LHLFRPSHWHQWHvQPDWHULH
3HQWUX D IL H[RQHUDW GH U VSXQGHUH SHQDO vQ OHJ WXU FX RULFDUH GLQWUH
LQIUDF LXQLOHV YkUúLWHFRQWUDVLJXUDQ HLVWDWXOXLSDUWLFLSDQWXODUHGRDUREOLJD LDGHD
GHQXQ DR ± XQLFD FHULQ ± LQGLIHUHQW GH HIHFWHOH SURGXVH GH GHQXQ (VWH SULPD
FDX] GHQHSHGHSVLUH
&HDGHDGRXDFDX] GHQHSHGHSVLUHRSHUHD] vQVLWXD LDvQFDUHSDUWLFLSDQWXO
vQO WXU FKLDU HO FRQVXPDUHD LQIUDF LXQLL úL XOWHULRU R GHQXQ ÌQ DFHDVW LSRWH]
HVWH GHFL QHFHVDU vQGHSOLQLUHD D GRX FRQGL LL ± vPSLHGLFDUHD FRQVXP ULL
LQIUDF LXQLL úL GHQXQ DUHD IDSWHL &HOH GRX FHULQ H VXQW REOLJDWRULL úL FXPXODWLYH
DEVHQ D GHQXQ XOXL DWU JkQG U VSXQGHUHD SHUVRDQHL FD SDUWLFLSDQW OD V YkUúLUHD
LQIUDF LXQLLvQID] GHWHQWDWLY
5HGXFHUHD SHGHSVHL OD MXP WDWHD OLPLWHORU SUHY ]XWH GH OHJH SHQWUX
LQIUDF LXQHD V YkUúLW VH DFRUG DFHOXL SDUWLFLSDQW FDUH GXS vQFHSHUHD XUP ULULL
SHQDOH RUL GHVFRSHULUHD I SWXLWRULORU vQOHVQHúWH DUHVWDUHD DFHVWRUD GH F WUH
MXGHF WRU $FHDVW SUHYHGHUH U PkQH GHVLJXU LQRSHUDQW SHQWUX SDUWLFLSDQWXO OD
LQIUDF LXQHD GH FRPSORW GHRDUHFH DúD FXP DP Y ]XW vQ FD]XO F vQOHVQHúWH
DUHVWDUHDLQIUDFWRULORUHOYDEHQHILFLDFKLDUGHvQO WXUDUHDU VSXQGHULLSHQDOH
6$1& ,21$5($7(17$7,9(,7 ,18,5,,ù,)$925,= 5,,
6DQF LRQDUHDWHQWDWLYHLW LQXLULLúLIDYRUL] ULLODLQIUDF LXQLOHFRQWUDVLJXUDQ HL
VWDWXOXLHVWHSUHY ]XW vQDUW&SHQ
3ULPXO DOLQHDW LQFULPLQHD] WHQWDWLYD OD WRDWH LQIUDF LXQLOH FRQWUD VLJXUDQ HL
VWDWXOXL$FHDVW SUHFL]DUHDIRVWQHFHVDU GHRDUHFHvQFRQIRUPLWDWHFXDUWDOLQ
&SHQWHQWDWLYDVHSHGHSVHúWHQXPDLFkQGOHJHDSUHYHGHH[SUHVDFHDVWD
/HJLXLWRUXO QX VD OLPLWDW vQV OD VDQF LRQDUHD WXWXURU LQIUDF LXQLORU FRQWUD
VLJXUDQ HL VWDWXOXL vQ ID] GH WHQWDWLY FL D DVLPLODW WHQWDWLYHL úL XQHOH GLQ DFWHOH
79DVLOLXúLFRO&RGXOSHQDOFRPHQWDWúLDGQRWDWSDUWHDVSHFLDO YRO,HGFLWS
SUHSDUDWRULLúLDQXPHDFHOHDFWHFRQVWkQGvQSURGXFHUHDVDXSURFXUDUHDPLMORDFHORU
RULLQVWUXPHQWHORUSUHFXPúLOXDUHDGHP VXULvQYHGHUHDFRPLWHULLLQIUDF LXQLORU
7HQWDWLYD SURSULX]LV FD úL WHQWDWLYD UH]XOWDW SULQ DVLPLODUHD XQRUD GLQWUH
DFWHOH SUHSDUDWRULL VH VDQF LRQHD] SRWULYLW UHJXOLL vQVFULVH vQ DUW DOLQ
&SHQFXRSHGHDSV FXSULQV vQWUHMXP WDWHDPLQLPXOXLúLMXP WDWHDPD[LPXOXL
SUHY ]XWH GH OHJH SHQWUX LQIUDF LXQHD FRQVXPDW I U FD PLQLPXO V ILH PDL PLF
GHFkWPLQLPXOJHQHUDODOSHGHSVHLÌQFD]XOFkQGSHGHDSVDSUHY ]XW GHOHJHHVWH
GHWHQ LXQHDSHYLD VHDSOLF SHGHDSVDvQFKLVRULLGHODODGHDQL
ÌQ FD]XO SHUVRDQHL MXULGLFH WHQWDWLYD VH VDQF LRQHD] FX DPHQG FXSULQV
vQWUH PLQLPXO VSHFLDO úL PD[LPXO VSHFLDO DO DPHQ]LL SUHY ]XWH GH OHJH SHQWUX
LQIUDF LXQHDFRQVXPDW UHGXVHODMXP WDWH/DDFHDVW SHGHDSV VHSRWDG XJDXQD
VDXPDLPXOWHSHGHSVHFRPSOHPHQWDUH
7 LQXLUHDúLIDYRUL]DUHDODLQIUDF LXQLOHFRQWUDVLJXUDQ HLVWDWXOXLDXSUHY ]XWH
XQUHJLPVDQF LRQDWRUPDLDVSUX±ODDQL±GHFkWDFHODSUHY ]XWSHQWUXW LQXLUH
úL IDYRUL]DUH ± OXQL OD DQL ± OD V YkUúLUHD FHORUODOWH LQIUDF LXQL SUHY ]XWH GH
OHJHD SHQDO 7RWRGDW W LQXLUHD úL IDYRUL]DUHD V YkUúLWH GH VR VDX GH R UXG
DSURSLDW VHSHGHSVHVFODLQIUDF LXQLOHSUHY ]XWHvQDUW±úL
&SHQFKLDUúLFXRSHGHDSV UHGXV ODMXP WDWHvQYUHPHFHW LQXLUHD±DUW
DOLQ±úLIDYRUL]DUHD±DUWDOLQ±ODWRDWHFHOHODOWHLQIUDF LXQLSUHY ]XWH
GHOHJHDSHQDO QXVHSHGHSVHVF
6XELHFWXO DFWLY OD W LQXLUHD úL IDYRUL]DUHD LQIUDF LXQLORU FRQWUD VLJXUDQ HL
VWDWXOXLSRDWHILúLSHUVRDQDMXULGLF vQFRQGL LLOHDUW&SHQ
7,7/8/,,
,1)5$& ,81,&2175$3(562$1(,
&DSLWROXO,
,1)5$& ,81,&2175$9,( ,,,17(*5,7 ,,&25325$/(
ù,6 1 7 ,,
6HF LXQHD,
208&,'(5($
20258/
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDOvOFRQVWLWXLHDFHOHUHOD LLVRFLDOHUHIHULWRDUHODGUHSWXO
IXQGDPHQWDODORPXOXLODYLD GUHSWFRQVDFUDWSULQDUWDOLQGLQ&RQVWLWX LD
5RPkQLHL
2ELHFWXO PDWHULDO HVWH FRUSXO SHUVRDQHL vQ YLD DVXSUD F UHLD VH vQGUHDSW
DF LXQHDXFLJ WRDUH
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUQXDIRVWFDOLILFDWGHWH[W
3HUVRDQDMXULGLF SRDWHILVXELHFWDFWLYDODFHVWHLLQIUDF LXQL±DUW&SHQ
3DUWLFLSD LD OD V YkUúLUHD LQIUDF LXQLL HVWH SRVLELO vQ WRDWH IRUPHOH HL ±
FRDXWRUDWLQVWLJDUHFRPSOLFLWDWH
ÌQ PDWHULD RPRUXOXL SUDFWLFD MXGLFLDU D MDORQDW R OLQLH GH JkQGLUH FODU úL
FRQVWDQW DVXSUD SDUWLFLSD LHL VXE IRUPD FRDXWRUDWXOXL OD V YkUúLUHD DFHVWHL
LQIUDF LXQLOLQLHGLVWDQ DW RDUHFXPGHDFHHDÄFODVLF ´LQFLGHQW vQDOWH]RQHDOH
&RGXOXLSHQDO
$VWIHOVDVWDWXDWF RPRUXOHVWHFRPLVvQFRQGL LLOHFRDXWRUDWXOXLDWXQFLFkQG
DXWRULL IDSWHL DX DF LRQDW FRQFRPLWHQW vQ FDGUXO XQHL DFWLYLW L LQGLYL]LELOH úL vQ
UHDOL]DUHD LQWHQ LHL GH D XFLGH FKLDU GDF YLD D SHUVRDQHL D IRVW VXSULPDW SULQ
DF LXQHDH[FOXVLY FRQFUHW LQGLYLGXDO DXQXLDGLQWUHSDUWLFLSDQ L6DPRWLYDW
vQ SUHOXQJLUHD FRQFHS LHL F DF LXQLOH FRLQFXOSD LORU ± FDUH QX DX DSOLFDW ORYLWXUL
OHWDOHYLFWLPHL±DXFRQWULEXLWQHPLMORFLWODUHGXFHUHDSRVLELOLW LORUDFHVWHLDGHDVH
DS UD OD GLPLQXDUHD FDSDFLW LL VDOH IL]LFH úL SVLKLFH GH D UH]LVWD DJUHVLXQLL
FRQVHFLQ HFDUHQHvQGRLHOQLFVHvQVFULXvQQH[XOFDX]DODOLQIUDF LXQLL(VWHvQV
HYLGHQW F V YkUúLUHD LQIUDF LXQLL GH RPRU vQ IRUPD FRDXWRUDWXOXL SUHVXSXQH
QHFHVDUPHQWH FD SHUVRDQD SHUVRDQHOH SUH]HQWH OD ORFXO úL WLPSXO FRQVXP ULL
IDSWHL V GHVI úRDUH DFWLYLW L GH RULFH WLS LQGLVSHQVDELOH H[HFXW ULL DF LXQLL
XFLJ WRDUH VLPSOD HL SUH]HQ OD ORFXO RPRUXOXL DVLVWDUHD QHVDWLVI FkQG FHULQ D
XQHL FRRSHU UL vQ VHQVXO QR LXQLL SHQDOH GH FRDXWRUDW ÌQWUR DVWIHO GH LSRVWD]
IDSWLF VDUSXWHDH[DPLQDHYHQWXDOvQFHP VXU SUH]HQ DDFHOHLSHUVRDQHSRDWHIL
UH LQXW FD R FRPSOLFLWDWH PRUDO OD FRPLWHUHD RPRUXOXL RUL FD LQIUDF LXQH GH
&6-VSGQU%-S
76'HFQU5,,,S
QHGHQXQ DUH vQ FD]XO F DFHDVWD QX D FRPXQLFDW DXWRULW LORU MXGLFLDUH IDSWD GH
RPRUGHVSUHFDUHDOXDWFXQRúWLQ
3UDFWLFDMXGLFLDU FXSULYLUHODSDUWLFLSD LDVXEIRUPDFRDXWRUDWXOXLvQPDWHULD
RPRUXOXLDIRVWLQVSLUDW úLRULFXPSRWHQ DW GHGRFWULQDGHVSHFLDOLWDWH
6XELHFWXO SDVLY ± SHUVRDQD F UHLD L VD VXSULPDW YLD D ± QX D IRVW
FLUFXPVWDQ LDWGHWH[W
1X SUH]LQW LPSRUWDQ SHQWUX UHDOL]DUHD LQIUDF LXQLL YkUVWD VDX VWDUHD GH
YLDELOLWDWH D YLFWLPHL GXS FXP QX DUH UHOHYDQ vPSUHMXUDUHD F RPRUXO D IRVW
V YkUúLW GH DXWRU OD FHUHUHD YLFWLPHL 8OWLPD LSRWH] ULGLF XQD GLQWUH FHOH PDL
FRQWURYHUVDWHúLIDVFLQDQWHSUREOHPHvQPDWHULDRPXFLGHULL±HXWKDQDVLD±FRQFHSW
SULQFDUHVHvQ HOHJHÄXFLGHUHDV YkUúLW VXELPSXOVXOXQXLVHQWLPHQWGHPLO SHQWUX
D FXUPD FKLQXULOH IL]LFH DOH XQHL SHUVRDQH FDUH VXIHU GH R ERDO LQFXUDELO úL D
F UHL PRDUWH HVWH GLQ DFHDVW FDX] LQHYLWDELO ´ $FFHSWDUHD VDX QHDFFHSWDUHD
RPRUXOXL vQWUXQ DVHPHQHD FRQWH[W D FRQVWLWXLW WHPD D QXPHURDVH úL LPSRUWDQWH
VWXGLL VRFLRORJLFH PHGLFDOH UHOLJLRDVH úL QDWXUDO MXULGLFH 'LQFROR vQV GH
FRQVLVWHQ DRULDSWLWXGLQHDGHDFRQYLQJHDDUJXPHQWHORUSURVDXFRQWUDHXWKDQDVLHL
OHJLVOD LLOH SHQDOH GLQ VWDWHOH PRGHUQH QX DEVROY GH U VSXQGHUH SHQDO DXWRULL
IDSWHLGHRPRUFRPLVvQDFHVWHFRQGL LLùLOHJHDSHQDO URPkQ VDvQVFULVFRQVWDQW
SH R DWDUH OLQLH GH JkQGLUH ÌQ &RGXO SHQDO GLQ DFHVW WLS GH RPRU vQFDGUDW
GLVWLQFW vQ DUW DOLQ O úL HUD VDQF LRQDW FX R SHGHDSV PDL EOkQG GHFkW
DFHHD SUHY ]XW SHQWUX DVDVLQDWGLVWLQF LDúLWUDWDPHQWXOVDQF LRQDWRUQHILLQGvQV
SUHOXDWH GH I XULWRULL FRGXOXL SHQDO vQ YLJRDUH ÌQ FRQVHFLQ SRWULYLW OHJLL SHQDOH
SHGHDSVDSHQWUXRPRUXOFRPLVFXDFHVWPRELOSRDWHILUHGXV GRDUGHPDJLVWUDWvQ
P VXUD vQ FDUH HO FRQYHUWHúWH PRELOXO vQWUR FLUFXPVWDQ DWHQXDQW úL vL DFRUG
VHPQLILFD LDMXULGLF DDFHVWHLD
ÌQ FD]XO vQ FDUH VXELHFWXO SDVLY DUH R DQXPLW FDOLWDWH ± UHSUH]HQWDQW vQ
5RPkQLD DO XQXL VWDW VWU LQ OLGHU SROLWLF XFLV vQ OHJ WXU FX DFWLYLWDWHD VD HWF ±
IDSWDYDSULPLRDOW vQFDGUDUHMXULGLF GHFkWDFHHDGHRPRU
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDODOLQIUDF LXQLLFRQVW vQWURDF LXQHGHXFLGHUHHIHFWXDW
SULQDFWHFRPLVLYHVDXRPLVLYH
ÌQ SULPD FDWHJRULH D DFWHORU FRPLVLYH VXQW FRQFHQWUDWH PDUHD PDMRULWDWH D
DF LXQLORU GH XFLGHUH D XQHL SHUVRDQH FDUDFWHUXO XFLJ WRU SXWkQG IL LGHQWLILFDW GH
PDJLVWUDWSULQH[DPLQDUHDPRGDOLW LORUGHFRQFHSHUHúLGHvQI SWXLUHDDFHVWHLD
9RULPSULPDDF LXQLLFDUDFWHUXFLJ WRU
PLMORDFHOH LQVWUXPHQWHOH DOHVH úL IRORVLWH GH DXWRU SHQWUX H[HFXWDUHD
DF LXQLL PLMORDFH FDUH WUHEXLH V DLE DSWLWXGLQHD GH D SURYRFD GHFHVXO XQHL
SHUVRDQH±DUP GHIRFFX LWRWUDY IXQLHFLRPDJWRSRUHWF
UHJLXQHDDQDWRPLF VSUHFDUHHVWHvQGUHSWDW DF LXQHDUHJLXQHFDUHWUHEXLH
V ILHGLQFHOHYLWDOH±FDSJkWWRUDFHDEGRPHQ±RULvQFDUHVHJ VHVFYDVHPDULúL
LPSRUWDQWHGHVkQJH
LQWHQVLWDWHD YLROHQ D FX FDUH HVWH SXUWDW DF LXQHD VDX UHSHWDELOLWDWHD
DFHVWHLD
2VHELWWUDWDWHORUGHGUHSWSHQDOHODERUDWHvQFRRUGRQDUHD9LQWLO 'RQJRUR]úL7HRGRU9DVLOLXHGFLWDVH
YHGHDvQDFHODúLVHQV*HRUJH$QWRQLX3-3YRO,,,SúL9DVLOH3DSDGRSRO&3-3S
*HRUJH $QWRQLX úL FRO 'LF LRQDU MXULGLF SHQDO (GLWXUD ùWLLQ LILF úL (QFLFORSHGLF %XFXUHúWL
S
$OH[DQGUX%RURL(XWKDQDVLD±FRQFHSWFRQWURYHUVHúLUHJOHPHQWDUH5'3QUS+RULD
'LDFRQHVFX(XWDQDVLD3URYRF ULúLSHUVSHFWLYH'UQUS
JUDYLWDWHDFRQVHFLQ HORUSURYRFDWHRUJDQLVPXOXLSULQDF LXQHDDXWRUXOXL±
WUDXPDWLVPHFUDQLRFHUHEUDOHUXSWXULDOHRUJDQHORULQWHUQHVHF LRQDUHDXQRUDUWHUH
VDXYDVHPDULúLLPSRUWDQWHGHVkQJH
(OHPHQWXO PDWHULDO VH H[SULP úL SULQ DFWH RPLVLYH ± FD GH H[HPSOX
H[SXQHUHD YLFWLPHL QHSXWLQFLRDV úL VXPDU vPEU FDW OD R WHPSHUDWXU VF ]XW
RUL DEDQGRQDUHD vQWUR ]RQ SRSXODW GH DQLPDOH V OEDWLFH RPQLYRUH VDX vQWUXQ
ORFQHFLUFXODWXQGHYLFWLPDQXSXWHDILJ VLW FXXúXULQ úLWUDQVSRUWDW VSUHDLVH
DFRUGD WUDWDPHQWXO PHGLFDO WUHEXLQFLRV RUL SULQ DE LQHUHD DXWRUXOXL GH OD D
vQWUHSULQGHFHYDFDUHDUILHYLWDWSURGXFHUHDPRU LLYLFWLPHL
8UPDUHDLPHGLDW FRQVW vQGHFHVXOSHUVRDQHL
ÌQWUHHOHPHQWXOPDWHULDODOLQIUDF LXQLL±DF LXQHDVDXLQDF LXQHDDXWRUXOXL±úL
XUPDUHDLPHGLDW ±PRDUWHDXQHLSHUVRDQH±WUHEXLHV H[LVWHRUHOD LHGHODFDX]
OD HIHFW R OHJ WXU GH FDX]DOLWDWH vQ DOWH FXYLQWH HVWH QHFHVDU D VH GRYHGL SULQ
SUREHF GHFHVXOYLFWLPHLDLQWHUYHQLWGLQFDX]DDFWLYLW LLGHVI úXUDWHGHI SWXLWRU
/DWXUDVXELHFWLY
(OHPHQWXOVXELHFWLYVHH[SULP ODLQIUDF LXQHDGHRPRUH[FOXVLYSULQLQWHQ LH
vQ DPEHOH HL PRGDOLW L ± GLUHFW VDX LQGLUHFW 9LQRY LD DXWRUXOXL FD úL D
FHORUODO L SDUWLFLSDQ L OD V YkUúLUHD LQIUDF LXQLL VXE IRUPD LQWHQ LHL UH]XOW H[ UH
DGLF GLQvQV úLPDWHULDOLWDWHDDF LXQLL±LQDF LXQLLDFHVWRUDDúDFXPVDUH LQXWGLQ
H[SXQHUHD WHRUHWLF D ODWXULL RELHFWLYH D LQIUDF LXQLL FRPSOHWDW FX VSH HOH DFROR
SUH]HQWDWH 'HFL PDJLVWUDWXO YD SXWHD VWDELOL LQWHQ LD ± GLUHFW VDX LQGLUHFW ± FX
FDUHDOXFUDWDXWRUXOGXS H[DPLQDUHDQDWXULLPLMORDFHORULQVWUXPHQWHORUIRORVLWH
GH DFHVWD vQ DJUHVDUHD YLFWLPHL D IHOXOXL vQ FDUH DFHVWD OHD XWLOL]DW D ]RQHL
DQDWRPLFHYL]DWHSULQDJUHVLXQHHWF
(URDUHD FX SULYLUH OD SHUVRDQD vPSRWULYD F UHLD HVWH vQGUHSWDW DF LXQHD
XFLJ WRDUH ± HUURU LQ SHUVRQD ± RUL vQ FH SULYHúWH PRGXO GH PkQXLUH D
LQVWUXPHQWHORUIRORVLWHSHQWUXH[HFXWDUHDRPRUXOXL±DEHUDWLRLFWXV±QXvQO WXU úL
QLFL QX GLPLQXHD] U VSXQGHUHD SHQDO D DJHQWXOXL úL HVWH úL ORJLF úL OHJLF V ILH
DúDDWkWDYUHPHFkWEUD XOOHJLLRFURWHúWHI U GLVFULPLQDUHWR LLQGLYL]LLVRFLHW LL
F FLYDORDUHDVRFLDO ±YLD D±HVWHHJDO úLLPSHUVRQDO
ÌQ OLWHUDWXUD GH VSHFLDOLWDWH VD PDL DILUPDW R LQWHUHVDQW RSLQLH ±
QHvPS UW úLW vQV GHSUDFWLFDMXGLFLDU úLQLFLGHDXWRUXODFHVWRUUkQGXUL±SRWULYLW
F UHLDvQDVWIHOGHFD]XULVXQWFRPLVHvQFRQFXUVLQIUDF LXQHDGHXFLGHUHGLQFXOS
vPSRWULYD YLFWLPHL HIHFWLYH úL WHQWDWLYD OD LQIUDF LXQHD GH RPRU vPSRWULYD
YLFWLPHLYLUWXDOH
7H[WXO QX FRQGL LRQHD] UHDOL]DUHD LQIUDF LXQLL GH VFRSXO VDX PRELOXO
SDUWLFLSDQ LORUODV YkUúLUHDLQIUDF LXQLLGDUILHFDUHvQSDUWHVFRSVDXPRELORGDW
GHWHUPLQDWvQ FDX] YDSXWHDFRQVWLWXLRvPSUHMXUDUHFXYDORDUHFLUFXPVWDQ LDO vQ
HYDOXDUHDJUDYLW LLIDSWHLúLDU VSXQGHULLI SWXLWRUXOXL
)RUPH6DQF LXQL
)RUPH,QIUDF LXQHDGHRPRUHVWHVXVFHSWLELO GHGHVI úXUDUHvQWLPSúLGHFL
GHV YkUúLUHvQIRUPHLPSHUIHFWH
&$%DF XGSQU5'3QUS
76'HFQU&'S
76'HFQU&'S
9'RQJRUR]úLFRO([SOLFD LLWHRUHWLFHDOH&RGXOXLSHQDOURPkQHGFLWYRO,,,SÌQDFHODúLVHQV
79DVLOLXúLFRO&RGXOSHQDO±FRPHQWDWúLDGQRWDWHGFLWSDUWHDVSHFLDO YROS93DSDGRSRO&3-3
S70%'HFQU&3-3S
&%XODL'UHSWSHQDOURPkQ(GLWXUDÄùDQVD65/%XFXUHúWLS
/HJHDvQV QXVDQF LRQHD] DFWHOHSUHSDUDWRULLGHúLHOHSRWILvQI SWXLWHúLGH
FHOH PDL PXOWH RUL FKLDU VXQW vQI SWXLWH SURFXUDUHD VXEVWDQ HL WR[LFH RUL D DUPHL
FXOHJHUHDGHLQIRUPD LLGHVSUHSURJUDPXOYLLWRDUHLYLFWLPHHWF
7HQWDWLYDHVWHSRVLELO vQWRDWHIRUPHOHHL±vQWUHUXSW WHUPLQDW VDXUHODWLY
LPSURSULH±úLVDQF LRQDW GHWH[WHVHQ LDOILLQGFDHIHFWXOOHWDOV QXVHSURGXF GLQ
PRWLYHLQGHSHQGHQWHGHYRLQ DDXWRUXOXL
&RQVXPDUHD LQIUDF LXQLL DUH ORF vQ PRPHQWXO SURGXFHULL XUP ULL LPHGLDWH
DGLF DOLQVWDO ULLPRU LLSHUVRDQHLLQGLIHUHQWGDF DFHVWPRPHQWFRLQFLGHFXFHODO
DF LXQLLLQDF LXQLLRULVHVLWXHD] vQWUXQSODQSRVWHULRU
6DQF LXQL,QIUDF LXQHDGHRPRUVHSHGHSVHúWHFXvQFKLVRDUHGHODODGH
DQLúLLQWHU]LFHUHDXQRUGUHSWXUL
7HQWDWLYDODLQIUDF LXQHDGHRPRUVHVDQF LRQHD] SRWULYLWUHJXOHLFRQVDFUDWH
SULQ DUW DOLQ &RG SHQDO FX R SHGHDSV FXSULQV vQWUH DQL úL DQL
vQFKLVRDUH
3HUVRDQD MXULGLF VH VDQF LRQHD] FX DPHQG vQWUH úL OHL
SRWULYLWDUWDOLQ&SHQ
20258/&$/,),&$7
2PRUXOFDOLILFDWHVWHRPRGDOLWDWHQRUPDWLY DJUDYDW DRPRUXOXLVLPSOX
6FKHPD FRQVWUXF LD MXULGLF D LQIUDF LXQLL DFXP DQDOL]DWH HVWH HYLGHQW
LGHQWLF FXDFHHDDLQIUDF LXQLLGHUHIHULQ F FLRDF LXQHXFLJ WRDUH±LQGHSHQGHQW
GH FLQH GH FXP R FRQFHSH úL H[HFXW SUHFXP úL vPSRWULYD F UHL SHUVRDQH HVWH
vQGUHSWDW ± QX PRGLILF VWUXFWXUD VXEVWDQ LDOLWDWHD IDSWHL HD DFHDVW DF LXQH
FRQVWLWXLHvQXOWLP DQDOL] VXSRUWXOIDSWLFWRWDOXQXLRPRU
'DU OHJLXLWRUXO D YRLW GHVLJXU GLQ FRQVLGHUHQWH GH HFKLWDWH V GLIHUHQ LH]H
IDSWHOHGHRPRUSULQGLVSR]L LLOHOHJDOHV SXQ vQHYLGHQ ±vQUDSRUWFXSUH]HQ D
DQXPLWRUFLUFXPVWDQ H±SHULFROXOVRFLDOVSRULWSHFDUHOSRDUW XQHOHGLQWUHDFHVWH
RPRUXUL LDU vQ ILQDO V PDMRUH]H OLPLWHOH SHGHSVHORU V LQVWLWXLH XQ UHJLP
VDQF LRQDWRU PDL DVSUX SHQWUX DFHOH SHUVRDQH FDUH WHQWHD] VDX FRPLW RPRUXUL vQ
FRQGL LLOHDJUDYDWHH[SUHVHQXQ DWHGHOHJHDSHQDO
$úDILLQGQXYRPUHLWHUDDVSHFWHOHFRPXQHFHORUGRX LQIUDF LXQLFLQHYRP
FDQWRQDODFHHDFHOHGLIHUHQ LD] DGLF WRFPDLDVXSUDFLUFXPVWDQ HORUOHJDOHFDUH
DJUDYHD] FHOGHDOGRLOHDWLSGHRPRUID GHSULPXO
D&XSUHPHGLWDUH3UHPHGLWDUHD
&XYkQW FRPSXV GLQ SUHIL[XO ÄSUH´ FDUH VHPQLILF R DQWHULRULWDWH úL
VXEVWDQWLYXO ÄPHGLWDUH´ FH DUH vQ HOHVXO GH ÄFXJHWDUH´ GH ÄJkQGLUH´ SURIXQG
DVXSUDXQXLVXELHFWGDUúLGHÄDSO QXL´ÄDXU]L´'RFWULQDúLSUDFWLFDMXGLFLDU vQ
PDWHULH LDX FRQILJXUDW FRQFHSWXOXL ÄSUHPHGLWDUH XQHOH HOHPHQWH DOF WXLWRDUH vQ
SUH]HQ DF URUDDFHDVW DWLWXGLQHSVLKLF DI SWXLWRUXOXLSRDWHILLGHQWLILFDW vQFD]XO
FRQFUHWúLDQXPH
DGRSWDUHDKRW UkULLGHDXFLGHFRQVROLGDUHDDFHVWHLDúLUHIOHFWDUHDDVXSUD
PRGDOLW LLGHvQI SWXLUHDDF LXQLLLPDJLQDUHDúLFDOFXODUHDHILFLHQ HLSRVLELOHORU
YDULDQWHGHDF LRQDUH
H[WHULRUL]DUHDúLPDQLIHVWDUHDUH]ROX LHLGHOLFWXRDVHFRQVWkQGvQRE LQHUHD
GHLQIRUPD LLQHFHVDUHH[HFXW ULLRPRUXOXLGDWHGHVSUHSURJUDPXOVDXRELFHLXULOH
YLFWLPHL FDSDFLWDWHD DFHVWHLD GH D ULSRVWD H[LVWHQ D XQRU FkLQL OD ORFXO RUL vQ
SUHDMPD ORFXOXL VWDELOLW SHQWUX V YkUúLUHD LQIUDF LXQLL SUHJ WLUHD LQVWUXPHQWHORU
76'HFQU&'S
76'HFQU5,,S
WUHEXLQFLRDVH vQI SWXLULL DF LXQLL FXPS UDUHD úL FXU LUHD DUPHL SURFXUDUHD VDX
SUHSDUDUHDRWU YLLHWFDOHJHUHDORFXOXLúLWLPSXOXLFHOHPDLSURSLFHvQS GXUHSH
PDOXO XQHL DSH SH WLPS GH QRDSWH RUL GH IXUWXQ FUHDUHD FRQGL LLORU IDYRUDELOH
DWUDJHUHD YLFWLPHL OD ORFXO SUHVWDELOLW VDX vPE WDUHD DFHVWHLD úL vQ JHQHUDO
RULFDUH DFWLYLW L GH DFHDVW QDWXU PHQLWH úL vQWUHSULQVH vQ YHGHUHD DWLQJHULL
VFRSXOXL
WLPSXO VFXUV vQWUH OXDUHD KRW UkULL GH D XFLGH úL SXQHUHD DFHVWHLD vQ
H[HFXWDUHLQWHUYDOvQFDUHDXWRUXOvQGHSOLQHúWHDFWLYLW LSUHJ WLWRDUHvQLSRWH]DvQ
FDUH WLPSXO VFXUV vQWUH DGRSWDUHD KRW UkULL úL SXQHUHD HL vQ H[HFXWDUH QX HVWH
vQGHVWXO WRU SHQWUX D SHUPLWH DXWRUXOXL V FKLE]XLDVF FX DGHY UDW DVXSUD IDSWHL
RUL FKLDU GDF D GLVSXV GH XQ WLPS VXILFLHQW HO QX D vQWUHSULQV QLFL XQ DFW GH
SUHJ WLUHDRPRUXOXLFLUFXPVWDQ DUHJOHPHQWDW ODOLWDQXSRDWHILUH LQXW
$JUDYDUHDSUHPHGLW ULL±FDUHSUHVXSXQHRDFWLYLWDWHLQGLYLGXDO ±FRQVWLWXLH
R FLUFXPVWDQ SHUVRQDO úL GH SULQFLSLX HD QX VH U VIUkQJH DVXSUD FHORUODO L
SDUWLFLSDQ L ± DUW DOLQ &RG SHQDO &X WRDWH DFHVWHD GDF SDUWLFLSDQWXO D
FRODERUDW FX DXWRUXO vQ DFWLYLWDWHD GH SUHJ WLUH D RPRUXOXL GH SLOG FXQRVFkQG
LQWHQ LDDFHVWXLDGHDXFLGHYLFWLPDVDLQWHUHVDWGHVSUHYLD DúLRELFHLXULOHVDOHúL
D FRQVHLDW SH DXWRU FX SULYLUH OD WLPSXO úL ORFXO FHOH PDL SURSLFH SHQWUX D R
VXUSULQGH VLQJXU DWXQFL SUHPHGLWDUHD GHYLQH R FLUFXPVWDQ UHDO FDUH VH
U VIUkQJHDVXSUDSDUWLFLSDQ LORU
E ,QWHUHVXO PDWHULDO 6H vQ HOHJ SUHRFXSDUHD PDQLIHVWDUHD GH UDSDFLWDWH
GRULQ DHJRLVW DI SWXLWRUXOXLGHDGREkQGLvQXUPDRPRUXOXLXQDYDQWDMIRORVGH
RUGLQSDWULPRQLDO$YDQWDMXOPDWHULDOUkYQLWGHDXWRUSRDWHILDFWXDO±GHSLOG R
VXP GHEDQLEXQXULGHRULFHIHOEHQHILFLXOXQXLFRQWUDFWGHORFD LXQHHWF±RULvQ
SHUVSHFWLY ± GHVFKLGHUHD VXFFHVLXQLL SHUVRDQHL XFLVH DO F UHL PRúWHQLWRU HVWH
I SWXLWRUXOVWLQJHUHDvQDFHVWPRGDXQHLGDWRULLúD(VWHUHDOL]DW DFHDVW FHULQ
OHJDO úLvQLSRWH]DXFLGHULLXQHLDOWHSHUVRDQHGHFkWDFHHDDF UHLPRDUWHGHVFKLGH
I SWXLWRUXOXLFDOHDVSUHRE LQHUHDDYDQWDMXOXL
,QWHUHVXO PDWHULDO FRQVWLWXLH GHFL XQ PRELO DO LQIUDF LXQLL PRWLYD LD DF LXQLL
GHXFLGHUHvQDEVHQ DDFHVWXLPRELOQHSXWkQGILUH LQXW DJUDYDQWDSUHY ]XW ODOLW
EFKLDUúLvQLSRWH]DvQFDUHGHFHVXOYLFWLPHLDUGHWHUPLQD±LPSOLFLW±FUHDUHDvQ
EHQHILFLXOLQFXOSDWXOXLDXQXLSURILWPDWHULDO
3HQWUXUHDOL]DUHDLQIUDF LXQLLHVWHLUHOHYDQWGDF LQWHUHVXOPDWHULDODIRVWVDX
QXVDWLVI FXWVXILFLHQWILLQGFDDFHVWLQWHUHVV FRQVWLWXLHPRELOXORPRUXOXL
ùLFLUFXPVWDQ DSUHY ]XW ODOLWHUDEHVWHXQDGHRUGLQSHUVRQDOFDUHQXVH
U VIUkQJH DVXSUD SDUWLFLSDQ LORU GHFkW vQ P VXUD HYLGHQW vQ FDUH SDUWLFLSDQ LL DX
DF LRQDWVXEDFHODúLLPEROG
F$VXSUDVR XOXLVDXXQHLUXGHDSURSLDWH
6R VDX UXG DSURSLDW 8FLGHUHD VR XOXL X[RULFLG D GHVFHQGHQ LORU VDX
DVFHQGHQ LORUSDULFLGDIUDWHOXLRULVXURULLIUDWULFLGDFRSLLORUDFHVWRUDSUHFXP
úL D SHUVRDQHORU GHYHQLWH DVWIHO GH UXGH SULQ DGRS LH FRQVWLWXLH FHD GH D GRXD
vPSUHMXUDUHFDUHDJUDYHD] RPRUXO3HULFROXOVRFLDOVSRULWSHFDUHvOSUH]LQW DFHVW
WLSGHRPRUUH]LG SHGHRSDUWHvQDWLWXGLQHDDWURFHDDXWRUXOXLGHDVXSULPDYLD D
&6-VSGQU%-S
76'HFQU&'S
76'HFQU&'S
&6-'HFQU'UQUS
9'RQJRUR]úLFRO([SOLFD LLWHRUHWLFHDOH&RGXOXLSHQDOURPDQHGFLWYRO,S
76'HFQU5,,,S
76'HFQU55'QUS
XQHLSHUVRDQHGLQFKLDULQWLPLWDWHDVDVXIOHWHDVF LDUSHGHDOW SDUWHvQUH]RQDQ D
VRFLDO H[WUHPGHQHJDWLY SURYRFDW GHPHGLDWL]DUHDFULPHORULQWUDIDPLOLDOH
&RQFHSWHOHFXFDUHRSHUHD] WH[WXOVXQWGHILQLWHGH&RGXOIDPLOLHL±VR VR LH±úL
GH &RGXO SHQDO ± UXGH DSURSLDWH DUW GDU VH LPSXQ WRWXúL XQHOH SUHFL] UL
DVXSUD vQ HOHVXOXL SH FDUH OHDX GDW GRFWULQD úL MXULVSUXGHQ D SHQDO SULQ
LQWHUSUHWDUHDSUHYHGHULORUDUWOLWF
&DOLWDWHDGHVR ±FDGHDOWPLQWHULúLDFHHDGHUXG DSURSLDW ±vQUDSRUWFX
DXWRUXOIDSWHLWUHEXLHV ILHYDODELO ODPRPHQWXOV YkUúLULLRPRUXOXLÌQLSRWH]DvQ
FDUHVR LLODGDWDRPRUXOXLHUDXvQFXUVGHMXGHFDW vQWUXQSURFHVGHGHVIDFHUHD
F V WRULHLPDJLVWUDWXOWUHEXLHV YHULILFHGDF KRW UkUHDDIRVWVDXQXDWDFDW DSHO
UHFXUVRULPDLSRDWHILDWDFDW VXEDVSHFWXOGLYRU XOXL
ÌQ FD]XO vQ FDUH DXWRUXO D IRVW vQ HURDUH FX SULYLUH OD SHUVRDQD XFLV RUL
DF LXQHDOXLDIRVWGHYLDW DJUDYDQWDSUHY ]XW ODOLWFQXHVWHLQFLGHQW
&DOLWDWHD GH UXG DSURSLDW vQWUXQ SULP UkQG R DX DVFHQGHQ LL úL
GHVFHQGHQ LL FX FRQGL LD DúD FXP VD SUHFL]DW YDODELOLW LL DFHVWHL FDOLW L OD
PRPHQWXOFULWLFvQFD]FRQWUDUDJUDYDQWDGHODOLWFQXHVWHRSHUDQW
3HQWUX UHDOL]DUHD LQIUDF LXQLL vQ DFHDVW PRGDOLWDWH QRUPDWLY QX SUH]LQW
UHOHYDQ QDWXUD UHOD LHL GH DVFHQGHQ RUL GHVFHQGHQ OHJLWLP GREkQGLW SULQ
DGRS LHRULQHOHJLWLP
ÌQWUXQDOGRLOHDUkQGVXQWUXGHDSURSLDWHIUD LLúLVXURULOH
6XQWFRQVLGHUD LIUD LúLVXURULDFHLDFDUHDXXQDVFHQGHQWFRPXQ
ÌQFRQVHFLQ OHJ WXULOHGLQWUHIUD LúLVXURULVXQWQXQXPDLFHOHSULPDUHFLúL
FHOH FRQVDQJXLQH WDW FRPXQ úL XWHULQH PDP FRPXQ 'H DVHPHQHD VXQW FHL
GHYHQL LDVWIHOGHUXGHSULQHIHFWXODGRS LHL
ÌQDOWUHLOHDUkQGVXQWUXGHDSURSLDWHFRSLLLIUD LORUúLVXURULORU&RSLLLIUD LORU
úL VXURULORU VXQW vQWUH HL YHUL SULPDUL LDU IUDWHOH VDX VRUD vQ UDSRUW FX FRSLLL
FHORUODO LIUD LúLVXURULVXQWXQFKLVDXP WXú
(VWH GH UH LQXW F vQ FD]XO RPRUXOXL FDOLILFDW SUHY ]XW OD OLW F ± D VWDWXDW
LQVWDQ D VXSUHP ± QX VXQW DSOLFDELOH GLVSR]L LLOH DUW DOLQ OLW E SULYLQG
FLUFXPVWDQ DDJUDYDQW FHVHUHIHU ODV YkUúLUHDLQIUDF LXQLLÄSULQYLROHQ HDVXSUD
PHPEULORUIDPLOLHL´
&DOLWDWHDGHVR VDXUXG DSURSLDW FRQVWLWXLHRFLUFXPVWDQ SHUVRQDO úLSULQ
XUPDUHQXVHU VIUkQJHDVXSUDSDUWLFLSDQ LORU
G 3URILWkQG GH VWDUHD GH QHSXWLQ D YLFWLPHL GH D VH DS UD ÌPSUHMXUDUHD
DJUDYDW D RPRUXOXL VH UHIHU OD VLWXD LD vQ FDUH YLFWLPD HVWH LQDSW D VH IHUL GH
DJUHVLXQHDXFLJ WRDUHRULGHDULSRVWDODDFHDVWD2DVHPHQHDVWDUHSRDWHILGDWRUDW
XQHL LQFDSDFLW L IL]LFH ± LQILUPLWDWH LPRELOL]DUH vQ DSDUDW JLSVDW VXIHULQ GH R
PDODGLH HSXL]DQW IL]LF VWDUH GH VRPQ VWDUHD GH LQWR[LFD LH SURYRFDW GH
DOFRRO VWXSHILDQWH PHGLFDPHQWH YkUVW vQDLQWDW RUL SVLKLFH ± vQ VWDUH GH
KLSQR] EROQDY SVLKLF HWF 1X SUH]LQW UHOHYDQ GDF VWDUHD GH QHSXWLQ D
YLFWLPHLDIRVWSURYRFDW GHHDvQV úLRULGHDO LIDFWRUL
&6-'HFQU'&6-S
76'HFQU55'QUS
76'HFQU5,,S
76'HFQU5,,,S
&$7LPLú'HFQU5'3QUS
&6-'HFQU'&6-S
Ì&&-68'HFQU,9GLQ'UQUS
&6-VSGQU%-S
&6-'HFQU5'3QUS
&6-'HFQU%-S
6WDUHDGHQHSXWLQ DYLFWLPHL±GHFDUHSURILW DXWRUXO±WUHEXLHV ILHvQV
UHDO úLHIHFWLY LDUQXGHGXV GLQWDUHOHHLIL]LFH
3HQWUXUHDOL]DUHDDFHVWHLDJUDYDWHHVWHQHFHVDU vQWUXQLUHDFXPXODWLY DGRX
FRQGL LL LQFDSDFLWDWHD YLFWLPHL GH D VH DS UD V ILH GDWRUDW DOWRU FDX]H GHFkW
DF LXQLL I SWXLWRUXOXL SH GH R SDUWH LDU SH GH DOW SDUWH I SWXLWRUXOV FXQRDVF
DFHDVW VWDUHúLV SURILWHGHHDSHQWUXDXFLGHYLFWLPD
ÌQ FD]XO V YkUúLULL RPRUXOXL vQ SDUWLFLSD LH DJUDYDQWD SUHY ]XW OD OLW G ±
UHIHULQGXVHODIDSW ±VHU VIUkQJHDVXSUDWXWXURUSDUWLFLSDQ LORU
H 3ULQ PLMORDFH FH SXQ vQ SHULFRO YLD D PDL PXOWRU SHUVRDQH Ä0LMORDFHOH´ OD
FDUHIDFHWULPLWHUHWH[WXOGHOHJHVXQWDFHOHDFDUHvQPRGRELHFWLYDXDSWLWXGLQHDGHD
SURGXFHQXQXPDLPRDUWHDSHUVRDQHLYL]DWHFLúLDDOWRUDFDUHvQWkPSO WRURULRELúQXLW
VH DIO OD ORFXO úL vQ WLPSXO V YkUúLULL LQIUDF LXQLL ± GHVFKLGHUHD IRFXOXL GH DUP
DXWRPDW DVXSUDJUXSXOXLGHSHUVRDQHvQFDUHVHDIO YLFWLPDLQFHQGLHUHDLPRELOXOXL
vQ FDUH ORFXLHúWH DFHDVWD LQWURGXFHUHD RWU YLL vQ VDPRYDUXO IDPLOLHL LQL LHUHD XQHL
H[SOR]LLODDXWRWXULVPXOYLFWLPHLRULODORFXOSULQFDUHDFHDVWDXUPDV WUHDF HWF
3HQWUX UHDOL]DUHD DFHVWHL YDULDQWH DJUDYDWH D RPRUXOXL QX HVWH QHFHVDU FD
ÄPLMORFXO´XWLOL]DWGHI SWXLWRUV ILSURGXVUH]XOWDWXOFDUHSRWHQ LDOHVWHXFLGHUHDPDL
PXOWRUSHUVRDQH±vQDFHVWFD]VXQWvQWUXQLWHSUHYHGHULOHXQHLDJUDYDQWHGHODRPRUXO
GHRVHELW GH JUDY ± FL GRDU FD PLMORFXO UHVSHFWLY V IL DYXW DFHDVW DSWLWXGLQH 3ULQ
XUPDUH I SWXLWRUXO vQ FD]XO DFHVWHL PRGDOLW L GH RPRU FDOLILFDW DF LRQHD] GLQ
SXQFWXO GH YHGHUH DO ODWXULL VXELHFWLYH FX LQWHQ LH GLUHFW SHQWUX XFLGHUHD SHUVRDQHL
YL]DWHúLFXLQWHQ LHLQGLUHFW vQFHSULYHúWHXFLGHUHDFHORUODOWHSHUVRDQH
ÌQFDGUDUHDMXULGLF DIDSWHLvQWURDVHPHQHDLSRWH] IDFWXDO ±DGHFLVLQVWDQ D
VXSUHP ±HVWHvQLQIUDF LXQHDGHRPRU±VLPSOXFDOLILFDWVDXGHRVHELWGHJUDY±
FRPLV DVXSUD XQHL VLQJXUH SHUVRDQH ± FkW úL vQ WHQWDWLYD GH RPRU FDOLILFDW
SUHY ]XW ODOLWHDIODWHvQFRQFXUV$JUDYDQWDSUHY ]XW vQDUWDOLQOLWE
&SHQQXHVWHDSOLFDELO
&LUFXPVWDQ D H[DPLQDW FDUH HVWH XQD GH IDSW UHDO VH U VIUkQJH DVXSUD
SDUWLFLSDQ LORUFDUHDXFXQRVFXWPLMORFXOXWLOL]DWGHDXWRUSHQWUXVXSULPDUHDYLH LL
YLFWLPHL
IÌQOHJ WXU FXvQGHSOLQLUHDvQGDWRULULORUGHVHUYLFLXVDXSXEOLFHDOHYLFWLPHL
7H[WXO LQIUDF LXQLL GH RPRU vQ DFHDVW IRUP GH DJUDYDUH vO FDOFKLD] vQ
EXQ P VXU SH DFHOD DO LQIUDF LXQLL GH DWHQWDW FDUH SXQH vQ SHULFRO VLJXUDQ D
VWDWXOXL±DOHF UHLH[SOLFD LLvúLPHQ LQYDODELOLWDWHD&HHDFHGLIHUHQ LD] FHOHGRX
LQIUDF LXQL VXQW SH GH R SDUWH FDOLWDWHD ÄDFWLYLW LL vQGHSOLQLWH GH YLFWLP
ÄLPSRUWDQW vQ FD]XO LQIUDF LXQLL SUHY ]XWH GH DUW &RG SHQDO ÄRULFDUH DOW
DFWLYLWDWH´GHFkWDFHHDLPSRUWDQW vQFD]XODFHVWHLPRGDOLW LGHRPRU±LDUSHGH
DOW SDUWHLQWHQ LDFXFDUHOXFUHD] DXWRUXO±GHDSXQHvQSHULFROVLJXUDQ DVWDWXOXL
SULQ XFLGHUHD SHUVRQDOLW LL OD LQIUDF LXQHD GH UHIHULQ UHVSHFWLY GH D ÄSHGHSVL´
UHWURDFWLY VDX DQWLFLSDW SULQ XFLGHUH SHUVRDQD RILFLDO FDUH vQGHSOLQLQG VDX
XUPkQG D vQGHSOLQL vQWUXQ DQXPH PRG DWULEX LLOH GH VHUYLFLX SURYRDF
I SWXLWRUXOXLUHVHQWLPHQWHMXVWLILFDWHVDXQXúLGRULQ DGHDRPRUv
3UDFWLFD MXGLFLDU D VWDWXDW FX GHSOLQ WHPHL F SHQWUX D IL LQFLGHQWH
SUHYHGHULOH UHIHULWRDUH OD DFHDVW DJUDYDQW HVWH QHFHVDU V IL DF LRQDW vQ OLPLWHOH
DWULEX LXQLORU VDOH úL QX vQ DIDUD DFHVWRUD SULQ DEX]DUHD GH SUHURJDWLYHOH FX FDUH
HUD vQYHVWLW ÌQ FD] FRQWUDU GHFL FkQG YLFWLPD vQFDOF QRUPHOH GH FRQGXLW
VSHFLILFHIXQF LHLSHFDUHRvQGHSOLQHDHDVHH[FOXGHSURWHF LHLDVLJXUDWHSULQDFHVW
76'HFQU&'S
76&RO0LO'HFQUQHSXEOLFDW
Ì&&-68'HFQU9GLQ'UQUS
WH[WIDSWDvQFDGUkQGXVHvQLQIUDF LXQHDGHRPRUSUHY ]XW vQDUW&SHQúLQX
vQDFHHDGHRPRUFDOLILFDW
J 3HQWUX D VH VXVWUDJH RUL SHQWUX D VXVWUDJH SH DOWXO GH OD XUP ULUH VDX
DUHVWDUHRULGHODH[HFXWDUHDXQHLSHGHSVH
3ULQ FRQFHSWXO VXVWUDJHUH VH vQ HOHJH DF LXQHD PHQLW D HYLWD XUP ULUHD
DUHVWDUHD RUL H[HFXWDUHD XQHL SHGHSVH DGLF PHQLW ÄD SXQH OD DG SRVW´ SHUVRDQD
ID GHRDVHPHQHDP VXU 3HUVRDQDFHXUPHD] DILÄVXVWUDV ´XUP ULULLDUHVW ULL
VDXH[HFXW ULLSHGHSVHLSULQFRPLWHUHDRPRUXOXLSRDWHILvQVXúLI SWXLWRUXOVDXR
DOW SHUVRDQ F UHLD I SWXLWRUXO YRLHúWH V L DVLJXUH vQ DFHVW PRG SURWHF LD
vPSRWULYDDFHOHLP VXUL
8UP ULUH ,QFRPSOHW IRUPXODW GHVLJXU GLQ FDX]D XQRU LPSHGLPHQWH GH
WHKQLF OHJLVODWLY FRQFHSWXO DUH vQ HOHVXO GH XUP ULUH SHQDO úL QX DFHOD GH
ÄILODM´GHÄVXSUDYHJKHUHGLVFUHW ´DXQHLSHUVRDQH
3ULQ ÄXUP ULUH SHQDO ´ VH vQ HOHJH DFWLYLWDWHD GHVI úXUDW GH DJHQ LL
DXWRULW LORU SXEOLFH ± SROL LVW RIL HU FX FHUFHWDUHD SHQDO VSHFLDO GLQ VLVWHPXO
PLOLWDU SURFXURU ± FDUH ÄDUH FD RELHFW VWUkQJHUHD SUREHORU QHFHVDUH FX SULYLUH OD
H[LVWHQ D LQIUDF LXQLORU OD LGHQWLILFDUHD I SWXLWRULORU úL VWDELOLUHD U VSXQGHULL
DFHVWRUD SHQWUX D VH FRQVWDWD GDF HVWH VDX QX FD]XO V VH GLVSXQ WULPLWHUHD vQ
MXGHFDW ´DUW&SURFSHQ
$UHVWDUH3ULQDFHVWFRQFHSWWUHEXLHvQ HOHDV P VXUDSURFHVXDO DÄDUHVW ULL
SUHYHQWLYH´GLVSXV GHF WUHMXGHF WRU
3XQHUHDvQH[HFXWDUHDXQHLSHGHSVH3ULQDFHDVWDVHvQ HOHJHDFWLYLWDWHDFH
LQWU vQ FRPSHWHQ D XQRU DJHQ L MXGLFLDUL GH D SXQH vQ H[HFXWDUH R KRW UkUH
MXGHF WRUHDVF SHQDO úL FDUH FRQVW ILH vQ DUHVWDUHD SHUVRDQHL FRQGDPQDWH OD R
SHGHDSV SULYDWLY GH OLEHUWDWH ILH vQ H[HFXWDUHD DOWRU SHGHSVH ± FRPSOHPHQWDUH
VDXDFFHVRULL
$úDGDU FHHD FH FDUDFWHUL]HD] DFHDVW FLUFXPVWDQ DJUDYDQW HVWH VFRSXO
XUP ULW GH DXWRU FDUH HVWH DFHOD GH D VH VXVWUDJH SH VLQH RUL GH D VXVWUDJH DOW
SHUVRDQ GH OD XQD GLQWUH P VXULOH MXGLFLDUH HQXQ DWH ± OLPLWDWLY ± GH WH[W ÌQ
HYHQWXDOLWDWHD F DXWRUXO QX D DF LRQDW vQ DFHVW VFRS RPRUXO QX HVWH FDOLILFDW vQ
FRQGL LLOHSUHY ]XWHGHOLWJ
,QIUDF LXQHD GH RPRU FRPLV vQ VFRSXO GH D VXVWUDJH R SHUVRDQ GH OD
H[HFXWDUHD DFHVWRU P VXUL MXGLFLDUH SRDWH DYHD FD VXELHFW SDVLY ILH ÄSHUVRDQH
RILFLDOH´ ± PDJLVWUDW SROL LVW H[HFXWRU MXGHF WRUHVF HWF ± ILH ÄSHUVRDQH
SDUWLFXODUH´ FDUH FRQFXU vQWUR IRUP VDX DOWD OD SXQHUHD vQ H[HFXWDUH D XQRU
DVWIHOGHP VXULÌQSULPDVLWXD LHvQFDUHYLFWLPDHVWHPDJLVWUDWSROL LVWMDQGDUP
RULPLOLWDUIDSWDVHvQFDGUHD] vQLQIUDF LXQHDGHRPRUFDOLILFDWúLGHRVHELWGHJUDY
SUHY ]XW vQDUWDOLQUDSRUWDWODDUWOLWJúLDUWOLWI&SHQ
K 3HQWUX D vQOHVQL VDX DVFXQGH V YkUúLUHD DOWHL LQIUDF LXQL 3ULQ FRQFHSWXO
ÄvQOHVQLUH´ GLQ VLQWDJPD ÄD DVFXQGH V YkUúLUHD DOWHL LQIUDF LXQL´ WUHEXLH vQ HOHDV
DFHD DF LXQH GH RPRU FRPLV SHQWUX ÄD QHWH]L´ VDX ÄD GHVFKLGH´ GUXPXO VSUH
LQIUDF LXQHDYL]DW SHQWUXDVHUHXúLDVWIHOSULQLQWHUPHGLXORPRUXOXLV ILHV YkUúLW
LQIUDF LXQHD±VFRS±FXPHVWHRPRUkUHDVDQWLQHOHLSHQWUXDHYDGDGLQSHQLWHQFLDU
RPRUkUHD E UEDWXOXL SHQWUX YLRODUHD IHPHLL FHO vQVR HúWH RUL D IHPHLL vPSRWULYD
F UHLDVDvQFHSXWH[HUFLWDUHDXQRUDFWHGHFRQVWUkQJHUHvQVFRSXOGHDRYLROD
3HQWUXvQFDGUDUHDRPRUXOXLvQDUWOLWK&SHQQXSUH]LQW LPSRUWDQ
GDF LQIUDF LXQHDDF UHLvQOHVQLUHVDXUP ULWSULQV YkUúLUHDDFHVWXLDVDFRQVXPDW
VDX D U PDV vQ ID] GH WHQWDWLY RUL D DFWHORU SUHJ WLWRDUH 'H DVHPHQHD QX
76'HFQU5,,,S
76'HFQU5,,,S
&6-'HFQU%-S
LQWHUHVHD] QLFL QDWXUD DFHOHL LQIUDF LXQL ±FXH[FHS LDLQIUDF LXQLORUGHWkOK ULHúL
SLUDWHULHDF URUvQOHVQLUHVDXDVFXQGHUHFRQVWLWXLHRDJUDYDQW DRPRUXOXLGHRVHELW
GH JUDY ± QLFL vPSUHMXUDUHD GDF V YkUúLQG RPRUXO I SWXLWRUXO D UHXúLW HIHFWLY
FRPLWHUHDHLGXS FXPQXSUH]LQW LPSRUWDQ QLFLIDSWXOGDF PLMORFXODOHVSHQWUX
DFHDVWDFRPLWHUHDRPRUXOXLHUDVDXQXDGHFYDWVFRSXOXLSURSXV
3ULQ FRQFHSWXO ÄDVFXQGHUH´ GLQ DFHHDúL VLQWDJP VH vQ HOHJH DF LXQHD GH
XFLGHUHvQWUHSULQV SHQWUXDGLVLPXODRDOW LQIUDF LXQHSHQWUXDIDFHFDDFHDVW DOW
LQIUDF LXQH V QX SRDW IL GHVFRSHULW ± EXQ RDU XFLGHUHD XQXL PDUWRU RFXODU OD
FRPHUFLDOL]DUHD GH GURJXUL RUL D XQHL SHUVRDQH FDUH D VXUSULQV SH I SWXLWRU vQ
WLPSXOIXUWXOXL
LÌQSXEOLF&RQFHSWXOQXDUHGHVLJXUDOWvQ HOHVGHFkWDFHODHQXQ DWvQDUW
& SHQ 3HQWUX FD RPRUXO V ILH FDOLILFDW SULQ DFHDVW vPSUHMXUDUH HO WUHEXLH
FRPLVvQWUXQDVHPHQHDORF
,QWURGXFHUHDDFHVWHLQRLFLUFXPVWDQ HFDUHDJUDYHD] RPRUXO±SULQ/HJHDQU
±HVWHMXVWLILFDW GHSHULFROXOVRFLDOPDMRUH[SULPDWGHFULPDV YkUúLW vQ
SXEOLF 2PRUXO V YkUúLW vQ DFHVWH FRQGL LL GH ORF LPSULP IDSWHL XQ FDUDFWHU PDL
JUDYSHQWUXF SHGHRSDUWHHOSXQHvQHYLGHQ FXWH]DQ DDWLWXGLQHDVILG WRDUHD
DXWRUXOXLFDUHXFLJkQGRSHUVRDQ vQDFHVWHvPSUHMXU ULDUHUHSUH]HQWDUHDF IDSWD
SRDWHILGHVFRSHULW LDUI SWXLWRUXOLGHQWLILFDWPDLIDFLO±úLWRWXúLFRPLWHIDSWD±SH
GHDOW SDUWHSHQWUXF RFULP vQI SWXLW vQSXEOLFHVWHGHQDWXU V LQGXF RVWDUH
GHQHOLQLúWHúLLQVHFXULWDWHV SURYRDFHUHYHUEHUD LLQHJDWLYHvQRSLQLDSXEOLF
ÌQ ILQDO VH LPSXQ GRX FRPSOHW UL DOH H[SOLFD LLORU GDWH OD LQIUDF LXQHD GH
RPRU ± D F URU YDODELOLWDWH VH S VWUHD] LQWHJUDO ± GHWHUPLQDWH GH XQHOH
SDUWLFXODULW LDOHRPRUXOXLFDOLILFDW
±6XQWFDOLILFD LVXELHF LLDFWLYLDLLQIUDF LXQLLODPRGDOLWDWHDQRUPDWLY GH
OD OLW F±ÄVR VDXUXG DSURSLDW ´±úL VXELHF LLSDVLYLGHODOLWFÄVR VDXUXG
DSURSLDW ´
±,QWHQ LDHVWHFDOLILFDW vQWUXFkWvQVXPHD] HOHPHQWXOVFRSODPRGDOLWDWHD
QRUPDWLY GH OD OLW J ÄSHQWUX D VH VXVWUDJH RUL SHQWUX D VXVWUDJH SH DOWXO GH OD
XUP ULUHVDXDUHVWDUHRULGHODH[HFXWDUHDXQHLSHGHSVH´úLK±ÄSHQWUXDvQOHVQL
VDXDDVFXQGHV YkUúLUHDDOWHLLQIUDF LXQL´
6DQF LXQL2PRUXOFDOLILFDWVHSHGHSVHúWHFXvQFKLVRDUHGHODODGHDQL
úLLQWHU]LFHUHDXQRUGUHSWXUL
3HUVRDQDMXULGLF VHSHGHSVHúWHFXDPHQG GHODODOHL
7HQWDWLYDVHVDQF LRQHD]
20258/'(26(%,7'(*5$9
2PRUXO GHRVHELW GH JUDY HVWH SUHY ]XW vQ DUW & SHQ vQ PDL PXOWH
LSRWH]H GH LQFULPLQDUH FX URO GH HOHPHQWH FLUFXPVWDQ LDOH GH DJUDYDUH FH YRU IL
DQDOL]DWHvQFHOHFHXUPHD]
D3ULQFUX]LPL&RQFHSWXOFUX]LPLvQFRQWH[WXODUW&RGSHQDOH[SULP
DWLWXGLQHD DEHUDQW LQXPDQ D DXWRUXOXL LQIUDF LXQLL PDWHULDOL]DW vQ GLYHUVH DFWH
JHVWXULSULQFDUHSURYRDF YRLWYLFWLPHLRPRDUWHOHQW SUHOXQJLW GHFHVXOILLQG
SUHFHGDWGHVXIHULQ HPXOWVSRULWHID GHFHOHLQHUHQWHSULFLQXLWHGHRULFDUHDF LXQH
VXSULPDWRDUHDYLH LL
76'HFQU5,,S
76'HFQU'UQUS
Ì&&-VSGQU%-S
$FWHOH GH FUX]LPL SRW IL GH QDWXU D SURYRFD YLFWLPHL VXIHULQ H IL]LFH ±
SUHOXQJLWH vQ WLPS SULQ IODJHODUH DUVXUL VDX FRPEXVWLRQ UL WRWDOH VPXOJHUHD
S UXOXLVDXDXQJKLLORU]GURELUHDJORELORURFXODULVHF LRQDUHDSDU LDO VDXWRWDO D
XQRUS U LRUL]RQHQHYLWDOHDOHFRUSXOXLúD±VDXVXIHULQ HSVLKLFH±SULQREOLJDUHD
YLFWLPHLGHSLOG GHDDVLVWDODPDOWUDWDUHDRULYLRODUHDXQHLSHUVRDQHID GHFDUH
DFHDVWDQXWUHúWHVHQWLPHQWHGHDIHF LXQH±GDUFHOPDLDGHVHDVXIHULQ HOHVXQWGH
DPEHOHWLSXUL
(VWH OLSVLW GH UHOHYDQ SHQWUX D IL UHDOL]DW DFHDVW PRGDOLWDWH QRUPDWLY D
LQIUDF LXQLLGHRPRUGDF DFWHOHGHWRUWXU VHSODVHD] QHPLMORFLWvQQH[XOFDX]DO
DOPRU LLRULHOHDXFRQVWLWXLWGRDUXQSUHOXGLXDODF LXQLLSURSULX]LVXFLJ WRDUH±
VSUHDVDWLVIDFHGRULQ HOHEHVWLDOHQXWULWHGHDXWRU±RULGDF YLFWLPDDSHUFHSXWvQ
vQWUHJLPH VXLWD GH DFWH SURYRFDWRDUH GH VXIHULQ H VDX QXPDL vQ SDUWH GLQ FDX]D
SLHUGHULLFXQRúWLQ HLRULLQWHUYHQLULLGHFHVXOXL
(VHQ LDOSHQWUXFDIDSWHLGHXFLGHUHV LVHLPSULPHFDUDFWHUXOGHÄFUXG ´HVWHFD
DFWHOHWRU LRQDUHV ILHFRPLVHvQPRGYRLWGHDXWRUvQVFRSXOGHDLSURYRFDYLFWLPHL
VXIHULQ HúLWRWRGDW FDDFHVWHDFWHV SUHPHDUJ FKLDUúLvQSDUWHGHFHVXOYLFWLPHL
&LUFXPVWDQ DSUHY ]XW ODOLWDVHU VIUkQJHDVXSUDSDUWLFLSDQ LORUGHRDUHFH
HDVHUHIHU ODIDSW
E $VXSUD D GRX VDX PDL PXOWRU SHUVRDQH 6LQWDJPD HVWH LQHFKLYRF
VXQWHP GHFL vQ SUH]HQ D XQHL SOXUDOLW L GH YLFWLPH QXP UXO YLFWLPHORU LQGLFkQG
SHULFXOR]LWDWHDVRFLDO ULGLFDW DDXWRUXOXLIDSWHL
8FLGHUHD D GRX VDX PDL PXOWRU SHUVRDQH SRDWH IL FRQVHFLQ D XQHL DF LXQL
XQLFH FD GH SLOG LQFHQGLHUHD XQHL vQF SHUL IRF GH DUP DXWRPDW DVXSUD
JUXSXOXL GH SHUVRDQH GHWRQDUHD H[SOR]LELOXOXL vQWUR UHXQLXQH GH SHUVRDQH ±
vQWUXQDSDUWDPHQWPDJD]LQVDXPLMORFGHWUDQVSRUWvQFRPXQúDPG5HDOL]DUHD
RPRUXOXLGHRVHELWGHJUDYSULQWURXQLF DF LXQHHVWHXQDQLPDGPLV vQOLWHUDWXUDúL
SUDFWLFDMXGLFLDU
ÌQGRFWULQDGHVSHFLDOLWDWHVDDILUPDWvQV F RPRUXOvQDFHDVW LSRVWD] SRDWH
ILúLFRQVHFLQ DXQRUDF LXQLVXFFHVLYHÄFXDFHHDúLRFD]LH´FXPDUILVSUHH[HPSOX
RPRUkUHDYLFWLPHLúLvQFRQWLQXDUHDSHUVRDQHORUFDUHLQWHUYLQvQDMXWRUXOYLFWLPHL
RUL SHQWUX D LPRELOL]D DJUHVRUXO RUL XFLGHUHD PDL PXOWRU SHUVRDQH vQ DFHHDúL
vPSUHMXUDUHSULQIRFXULUHSHWDWHGHDUP VSUH LQWHSODVDWHvQGLUHF LLGLIHULWHHWF
$FHDVW RSLQLH ± OD FDUH QRL DP DGHUDW I U UH]HUYH ± HVWH GH]DYXDW GH
PDMRULWDWHD WHRUHWLFLHQLORU LPSRUWDQ L GDU HD D IRVW YDOLGDW SULQWUR GHFL]LH GH
vQGUXPDUH D 3OHQXOXL 7ULEXQDOXOXL 6XSUHP úL FRQVWLWXLH úL vQ SUH]HQW VXSRUWXO
WHRUHWLFDOXQRUKRW UkULSURQXQ DWHGHLQVWDQ HOHMXGHF WRUHúWL
76'HFQU&'S
&6-'HFQU5'3QUS
76'HFQU5,S
76'HFQU5,S
76'HFQU5,,S
79DVLOLXúLFRO&RGXOSHQDO²FRPHQWDWúLDGQRWDWSDUWHDVSHFLDO HGFLWYRO,S2$6WRLFD
'UHSW SHQDO 3DUWHD VSHFLDO (GLWXUD 'LGDFWLF úL 3HGDJRJLF %XFXUHúWL S *K 1LVWRUHDQX úL FRO
'UHSWSHQDO3DUWHDVSHFLDO (GLWXUD&RQWLQHQW;;,%XFXUHúWLS
9'RQJRUR]úLFRO([SOLFD LLWHRUHWLFHDOH&RGXOXLSHQDOURPkQHGFLWYRO,,,S9'RQJRUR]úL
FRO1RXO&RGSHQDOúL&RGXOSHQDODQWHULRUSUH]HQWDUHFRPSDUDWLY (GLWXUD3ROLWLF %XFXUHúWLS
2 /RJKLQ 7 7RDGHU 'UHSW SHQDO URPkQ 3DUWHD VSHFLDO &DVD GH HGLWXU úL SUHV ÄùDQVD´ 65/ %XFXUHúWL
S
Ä3HQWUXH[LVWHQ DLQIUDF LXQLLGHRPRUGHRVHELWGHJUDYSUHY ]XW GHDUWDOLQOOLWE&RGSHQDOQX
HVWH QHFHVDU FD IDSWD V IL IRVW V YkUúLW SULQWUR DF LXQH XQLF FL HVWH VXILFLHQW V IL IRVW FRPLV vQ DFHHDúL
vPSUHMXUDUHFKLDUSULQDF LXQLGLIHULWH´±3OHQXO76'HFGHvQGUXPDUHQU&'S
&6-'HFQU'UQUSÌQDFHODúLVHQV70%6HQWQU&3-3S
ÌQVIkUúLWRPRUXOGHRVHELWGHJUDYSUHY ]XWODOLWESRDWHILUHDOL]DWúLSULQ
DF LXQL FRQFRPLWHQWH D GRX SHUVRDQH FDUH vúL vPSDUW UROXULOH SHQWUX XFLGHUHD D
GRX VDXPDLPXOWRUSHUVRDQH
6XELHFWXO DFWLY DO LQIUDF LXQLL vQ DFHDVW PRGDOLWDWH QRUPDWLY UHDOL]HD] úL
XUP UHúWH VDX DFFHSW XFLGHUHD ILHF UHL SHUVRDQH GHFL FRPLWH IDSWD FX LQWHQ LH
vQWUXQDGLQIRUPHOHDFHVWHLD±GLUHFW RULLQGLUHFW
ÌQ LSRWH]D F DF LXQHDLQDF LXQHD QX D SURYRFDW GHFHVXO QLFL XQHL SHUVRDQH
LQIUDF LXQHD U PkQH vQ ID] GH WHQWDWLY LDU vQ LSRWH]D F DF LXQHDLQDF LXQHD D
SURYRFDWGHFHVXOXQHLVLQJXUHSHUVRDQHGLQSOXUDOLWDWHDGHSHUVRDQHYL]DWHIDSWDVH
YD vQFDGUD vQ LQIUDF LXQHD GH RPRU VLPSOX GDF QX HVWH FDOLILFDW GDWRULW DOWRU
PRGDOLW L QRUPDWLYH vQ FRQFXUV FX WHQWDWLYD OD LQIUDF LXQHD GH RPRU GHRVHELW GH
JUDY
F'HF WUHRSHUVRDQ FDUHDPDLV YkUúLWXQRPRU1LFLDFHDVW VLQWDJP
QXQHFHVLW H[SOLFD LLGHRVHELWH6HREVHUY FXXúXULQ F PRGDOLWDWHDQRUPDWLY
GHODOLWFHVWHDSURSLDW DFHOHLDGHODOLWE±XFLGHUHDPDLPXOWRUSHUVRDQH&HHD
FHOHGLVWDQ HD] HVWHvPSUHMXUDUHDF vQPRGDOLWDWHDDFXPDQDOL]DW IDSWDGHRPRU
QXDUHOHJ WXU FXSUHFHGHQWDIDSW GHRPRUVLWXDW vQDQWHFHGHQ DDXWRUXOXLDGLF
HOHVXQWFRPLVHvQFRQGL LLúLSULQDF LXQLWRWDOGLVWLQFWH
/DvQFDGUDUHDMXULGLF DLQIUDF LXQLLvQSUHYHGHULOHDUWOLWF&SHQHVWH
QHFHVDUILHV H[LVWHRFRQGDPQDUHDQWHULRDU GHILQLWLY DLQFXOSDWXOXLSHQWUXSULPD
IDSW ILH FD DPEHOH RPRUXUL FRPLVH vQ vPSUHMXU UL GLIHULWH V ILH MXGHFDWH
vPSUHXQ vQFRQGL LLOHFRQFXUVXOXL
3HQWUX UHDOL]DUHD DFHVWHL LQIUDF LXQL GH RPRU GHRVHELW GH JUDY HVWH OLSVLW GH
UHOHYDQ WLPSXO FDUH VD VFXUV GH OD RPRUXO DQWHULRU SkQ OD DFHOD FDUH IDFH
RELHFWXO DFWXDOHL vQFDGU UL MXULGLFH ± GHFL GDF vQ SULYLQ D SULPXOXL RPRU VD
vPSOLQLW WHUPHQXO GH UHDELOLWDUH GDF RPRUXO D IRVW DPQLVWLDW RUL D LQWHUYHQLW
SUHVFULS LD±GDF RPRUXOGLQDQWHFHGHQ DIRVWFRQVXPDWRULDU PDVvQID] GH
WHQWDWLY
&LUFXPVWDQ D SUHY ]XW OD OLW F HVWH SHUVRQDO úL GHFL HD QX VH U VIUkQJH
DVXSUDFHORUODO LSDUWLFLSDQ L
G3HQWUXDV YkUúLVDXDDVFXQGHV YkUúLUHDXQHLWkOK ULLVDXSLUDWHULL
ÌQSULPDWH] ÄSHQWUXDV YkUúLV YkUúLUHD´VHvQ HOHJHDFHDDF LXQHGHRPRU
FRPLV SHQWUXÄDQHWH]L´VDXÄDGHVFKLGH´GUXPXOVSUHV YkUúLUHDXQHLDGLQWUHFHOH
GRX LQIUDF LXQL SHQWUX D UHXúL DVWIHO SULQ LQWHUPHGLXO RPRUXOXL V ILH V YkUúLW
LQIUDF LXQHDVFRSFDGHSLOG XFLGHUHDPDWUR]XOXLGHFDUWSHQWUXFDDXWRUXOV SRDW
FRPLWHXQDFWGHSLUDWHULHDVXSUDXQHLQDYH
/D D GRXD WH] SULQ FRQFHSWXO ÄDVFXQGHUH´ VH vQ HOHJH DF LXQHD GH XFLGHUH
vQWUHSULQV SHQWUXDGLVLPXODRLQIUDF LXQHGHWkOK ULHVDXSLUDWHULHSHQWUXDIDFHFD
RDVHPHQHDLQIUDF LXQHV QXSRDW ILGHVFRSHULW ±EXQ RDU XFLGHUHDXQXLPDUWRU
RFXODUODV YkUúLUHDXQHLLQIUDF LXQLGHWkOK ULH
$úDGDU RUL GH FkWH RUL RPRUXO ± FRQVXPDW RUL vQ ID] GH WHQWDWLY ± HVWH
V YkUúLWvQVFRSXOGHDFUHDFRQGL LLOHSULHOQLFHFRPLWHULLVDXDVFXQGHULLXQHLIDSWH
GHWkOK ULHVDXSLUDWHULH±LQGLIHUHQWGDF UH]XOWDWXOVDSURGXVVDXQX±FRQVWLWXLH
RPRUGHRVHELWGHJUDYvQPRGDOLWDWHDSUHY ]XW ODOLWG
76'HFQU5,,,S
76'HFQULELGHPS
Ì&&-VSGQU%-S
70%'HFQU&3-3SÌQDFHODúLVHQV2/RJKLQ77RDGHURSFLWS
76'HFQU5,,S
ÌQFD]XOvQFDUHUH]XOWDWXOXUP ULWVDúLSURGXVvQFDGUDUHDMXULGLF DIDSWHL±
SRWULYLW GRFWULQHL vQ PDWHULH úL SUDFWLFLL MXULGLFH ± HVWH vQ LQIUDF LXQHD GH RPRU
GHRVHELWGHJUDYSUHY ]XW GHDUWOLWGúLLQIUDF LXQHDGHWkOK ULHSUHY ]XW GH
DUW &RG SHQDO UHVSHFWLY LQIUDF LXQHD GH SLUDWHULH SUHY ]XW GH DUW
&RGSHQDODPEHOHLQIUDF LXQLvQFRQFXUV,QIUDF LXQHDGHWkOK ULH±FXFDUHLQWU vQ
FRQFXUVLQIUDF LXQHDGHRPRU±HVWHDFHHDSUHY ]XW GHDUWDOLQúLQX
DFHHD DJUDYDW SUHY ]XW GH DUW DOLQ ± WkOK ULD FDUH D DYXW GUHSW XUPDUH
GHFHVXO YLFWLPHL ± GHRDUHFH DúD FXP VH YD YHGHD OD WLPSXO FXYHQLW vQ DFHVW GLQ
XUP FD] PRDUWHD YLFWLPHL HVWH GDWRUDW FXOSHL DXWRUXOXL LQIUDF LXQH
SUDHWHULQWHQ LRQDW úLQXLQWHQ LHLDFHVWXLDFDvQVLWXD LDRPRUXOXLGHRVHELWGHJUDY
&LUFXPVWDQ DUHJOHPHQWDW ODOLWGHVWHSHUVRQDO úLvQFRQVHFLQ HDQXVH
U VIUkQJH DVXSUD SDUWLFLSDQ LORU GHFkW vQ P VXUD vQ FDUH DFHúWLD DX DF LRQDW FX
DFHODúLVFRS
H$VXSUDXQHLIHPHLJUDYLGH3ULQÄIHPHLHJUDYLG ´VHvQ HOHJHIHPHLDFDUH
SRDUW XQ I W vQ FDYLWDWHD XWHULQ VWDUHD GH JUDYLGLWDWH ILLQG FXSULQV vQWUH
PRPHQWXOFRQFHSHULLúLDFHODDOQDúWHULLI WXOXL
3HQWUX UHDOL]DUHD RPRUXOXL vQ DFHDVW YDULDQW QRUPDWLY HVWH QHFHVDU FD
DXWRUXO V FXQRDVF VWDUHD GH JUDYLGLWDWH D IHPHLL RUL FD DFHVWD vQ UDSRUW FX
HYLGHQ D VDUFLQLL V R SHUFHDS ÌQ LSRWH]D vQ FDUH DXWRUXO FUHGH F YLFWLPD HVWH
JUDYLG GDU vQ UHDOLWDWH VWDUHD GH JUDYLGLWDWH QX H[LVW DJUDYDQWD SUHY ]XW OD
OLWHQXVHDSOLF
/HJLXLWRUXODHYDOXDWFDGHRVHELWGHJUDYDFHVWRPRUSHQWUXF SHGHRSDUWH
DF LXQHDXFLJ WRDUHSURYRDF RGXEO DWLQJHUHYLH LLXPDQH±FKLDUGDF XQDHVWHvQ
ID] LQWUDXWHULQ ±GHRDUHFHSHGHDOW SDUWHIHPHLDvQVWDUHGHJUDYLGLWDWHDUHGH
UHJXO RFDSDFLWDWHVF ]XW GHDXWRDS UDUHúLvQILQHSHQWUXF DDYXWvQYHGHUHúL
RSUREULXOLQGXVvQRSLQLDSXEOLF SULQDIODUHDGHVSUHXFLGHUHDXQHLIHPHLJUDYLGH
I$VXSUDXQXLPDJLVWUDWSROL LVWMDQGDUPRULDVXSUDXQXLPLOLWDUvQWLPSXO
VDXvQOHJ WXU FXvQGHSOLQLUHDvQGDWRULULORUGHVHUYLFLXVDXSXEOLFHDOHDFHVWRUD
$JUDYDUHDUHJOHPHQWDW vQDUWOLWI±QRXLQWURGXV vQWH[WSULQ/HJHD
QU ± SUH]LQW PXOWLSOH DVHP Q UL FX DJUDYDQWD RPRUXOXL FDOLILFDW
SUHY ]XW vQDUWOLWIPRWLYSHQWUXFDUHDQDOL]DvQFRQWLQXDUHYDSXUWDGRDU
DVXSUDDFHHDFHHVWHvQSDUWLFXODUXODFHVWHLD
ÌQSULPXOUkQGHVWHGHREVHUYDWFDOLWDWHDVXELHFWXOXLSDVLYFDUHHVWHDFHHDGH
PDJLVWUDWSROL LVWMDQGDUPVDXPLOLWDU3ULQUHJLPXOVDQF LRQDWRULXVHYHUVDWLQVOD
GHVFXUDMDUHD SHUVRDQHORU SUHGLVSXVH V FRPLW DVWIHO GH RPRUXUL úL OD SHGHSVLUHD
DFHVWRUD FX GXULWDWH vQ FD]XO V YkUúLULL ORU GHRDUHFH IDSWHOH GH DFHVW WLS VXQW
vQGUHSWDWH QX QXPDL vPSRWULYD GUHSWXOXL OD YLD DO LQGLYLGXOXL FL úL D EXQHL
vQI SWXLUL D DFWXOXL GH MXVWL LH D PHQ LQHULL VDX UHVWDELOLULL RUGLQLL úL OLQLúWLL
SXEOLFH
&DOLWDWHD GH PDJLVWUDW D IRVW GHILQLW SULQ SUHYHGHULOH /HJLL QU
SULYLQGVWDWXWXOMXGHF WRULORUúLSURFXURULORUSRWULYLWF URUDDXDFHDVW FDOLWDWHúL
IDF SDUWH GLQ FRUSXO PDJLVWUD LORU MXGHF WRULL GH OD WRDWH LQVWDQ HOH MXGHF WRUHúWL
SURFXURULL GLQ FDGUXO SDUFKHWHORU GH SH OkQJ DFHVWHD SUHFXP úL PDJLVWUD LL ±
DVLVWHQ L DL ÌQDOWHL &XU L GH &DVD LH úL -XVWL LH 'H DVHPHQHD PLQLVWUXO MXVWL LHL
ORF LLWRULL V L úL SHUVRQDOXO GH VSHFLDOLWDWH MXULGLF GLQ 0LQLVWHUXO -XVWL LHL VXQW
&6-'HFQU%-SÌQDFHODúLVHQV&6-'HFQU3/S&6-
'HFQU%-S
&RQVWLWXLH WHQWDWLY OD LQIUDF LXQHD GH RPRU FDOLILFDW úL GHRVHELW GH JUDY IDSWD LQFXOSDWXOXL GH D QX RSUL
DXWRWXULVPXOvQID DXQXLEDUDMRUJDQL]DWSHúRVHDGHF WUHSROL LúWLúLGHDIRU DWUHFHUHDFXXUPDUHDDFFLGHQW ULL
JUDYHDXQXLSROL LVW´&6-VSGQU%-S
3XEOLFDW vQ02IQUGLQúLUHSXEOLFDW vQ02IQUGLQ
DVLPLOD L PDJLVWUD LORU SH GXUDWD vQGHSOLQLULL IXQF LHL 7RW DVWIHO SRWULYLW
SUHYHGHULORUOHJDOHvQPDWHULHMXGHF WRULLPLOLWDULúLSURFXURULLPLOLWDULDXFDOLWDWHD
GHPDJLVWUD LúLIDFSDUWHGLQFRUSXOPDJLVWUD LORU
6XQWVXESURWHF LDWH[WXOXLDQDOL]DWPDJLVWUD LL&XU LL&RQVWLWX LRQDOHSUHFXP
úLPDJLVWUD LLDVLVWHQ LFDUHSRWULYLWSUHYHGHULORUDUWDOLQGLQ/HJHDSULYLQG
RUJDQL]DUHD úL IXQF LRQDUHD &XU LL &RQVWLWX LRQDOH VXQW DVLPLOD L DFHORUD GH OD
ÌQDOWD&XUWHGH&DVD LHúL-XVWL LH
&DOLWDWHD GH SROL LVW D IRVW DVWIHO GHILQLW SULQ DUW DO /HJLL QU
SULYLQG 6WDWXWXO SROL LVWXOXL Ä3ROL LVWXO HVWH IXQF LRQDU SXEOLF FLYLO FX VWDWXW
VSHFLDO vQDUPDW FH SRDUW GH UHJXO XQLIRUP úL H[HUFLW DWULEX LLOH VWDELOLWH
SHQWUX3ROL LD5RPkQ SULQOHJHFDLQVWLWX LHVSHFLDOL]DW DVWDWXOXL´
&DOLWDWHD GH MDQGDUP GHULY GLQ GLVSR]L LLOH /HJLL QU SULYLQG
RUJDQL]DUHDúLIXQF LRQDUHD-DQGDUPHULHL5RPkQH
&RQFHSWXOPLOLWDUvQVHQVXODUWOLWIWUHEXLHvQ HOHVvQVHQVXOV XODUJ
DGLF GHSURIHVLRQLVWPLOLWDU±FDGUXPLOLWDUDFWLYLQWHJUDWvQXQDGLQWUHVWUXFWXULOH
IRU HORU DUPDWH ± SUHFXP úL GH SHUVRDQ FDUH vQ vQGHSOLQLUHD vQGDWRULULORU
IXQGDPHQWDOH FRQVDFUDWH FRQVWLWX LRQDO HVWH vQFRUSRUDW vQ XQD GLQWUH DFHVWH
VWUXFWXULSHQWUXHIHFWXDUHDVHUYLFLXOXLPLOLWDUREOLJDWRULXÌQFRQVHFLQ DXFDOLWDWHD
GHPLOLWDUXUP WRDUHOHFDWHJRULLGHSHUVRDQH
± FDGUH PLOLWDUH VXQW SRWULYLW OHJLL FHW HQLL URPkQL F URUD OL VD DFRUGDW
JUDGGHRIL HUPDLVWUXPLOLWDUVDXVXERIL HU
±VROGD LúLJUDGD LYROXQWDUL
±HOHYLLúLVWXGHQ LLGLQLQVWLWX LLOHGHvQY PkQWPLOLWDU
±E UED LLFHW HQLURPkQLFDUHH[HFXW VHUYLFLXOPLOLWDUREOLJDWRULXSHGXUDWD
VW ULL GH U ]ERL D VW ULL GH PRELOL]DUH úL SH WLPSXO VW ULL GH DVHGLX SUHFXP úL FHL
FRQFHQWUD L
6WDWXWXO FDGUHORU PLOLWDUH HVWH LGHQWLF SHQWUX WR L SURIHVLRQLúWLL PLOLWDUL
LQGLIHUHQWGHVWUXFWXUDIRU HORUDUPDWHvQFDUHVXQWvQFDGUD L±0LQLVWHUXO$S U ULL
1D LRQDOH 0LQLVWHUXO ,QWHUQHORU úL 5HIRUPHL $GPLQLVWUDWLYH FX H[FHS LD 3ROL LHL
5RPkQH0LQLVWHUXO-XVWL LHL±$GPLQLVWUD LD1D LRQDO D3HQLWHQFLDUHORU6HUYLFLXO
5RPkQGH,QIRUPD LL6HUYLFLXOGH,QIRUPD LL([WHUQH6HUYLFLXOGH7HOHFRPXQLFD LL
6SHFLDOHúL6HUYLFLXOGH3URWHF LHúL3D]
ÌQ DO GRLOHD UkQG HVWH GH REVHUYDW F RPRUXO LQFULPLQDW OD OLW I HVWH FRPLV
vPSRWULYD VXELHFWXOXL SDVLY FDOLILFDW ILH FkQG DFHVWD VH DIO vQ WLPSXO H[HFXW ULL
vQGDWRULULORU VDOH GH VHUYLFLX RUL SXEOLFH ILH vQ OHJ WXU FX PRGXO vQ FDUH HO úLD
vQGHSOLQLW DFHVWH vQGDWRULUL )LHFDUH GLQWUH FHOH GRX LSRVWD]H DOWHUQDWLYH SRDWH
UHDOL]DDFHDVW FHULQ HVHQ LDO SHQWUXH[LVWHQ DLQIUDF LXQLL
ÌQ SULPD VLWXD LH FHULQ D HVWH vQGHSOLQLW GLQ PRPHQW FH VXELHFWXO SDVLY VH
DIO vQ H[HUFLWDUHD IXQF LHL vQ WLPSXO SURJUDPXOXL GH DFWLYLWDWH LQGLIHUHQW GDF
DF LXQHDSULQFDUHLVHVXSULP YLD DSULYHúWHDFWHvQGHSOLQLWHvQUHDOL]DUHDIXQF LHL
VDOHVDXIDSWHGHRUGLQH[WUDIXQF LRQDOÌQFHDGHDGRXDVLWXD LHRPRUXOHVWHFRPLV
vQ OHJ WXU FX PRGXO vQ FDUH VXELHFWXO SDVLY úLD vQGHSOLQLW DWULEX LLOH VDOH
IXQF LRQDOH
'DUDúDFXPVDVXEOLQLDWúLODFRPHQWDULXODUWOLWISURWHF LDMXULGLF D
PDJLVWUDWXOXLSROL LVWXOXLMDQGDUPXOXLPLOLWDUXOXLHVWHDVLJXUDW QXPDLvQP VXUD
/HJHD QU SXEOLFDW vQ 0 2I QU GLQ úL UHSXEOLFDW vQ 0 2I QU GLQ
3XEOLFDW vQ02IQUGLQ
3XEOLFDW vQ02IQUGLQ
/HJHDQUSULYLQG6WDWXWXOFDGUHORUPLOLWDUHSXEOLFDW vQ02IQUGLQ
/HJHDQUSXEOLFDW vQ02IQUGLQ
vQFDUHDFHVWDvúLvQGHSOLQHúWHvQGDWRULULOHGHVHUYLFLXRULSXEOLFHvQPRGFRUHFWvQ
OLPLWHOHSUHVWDELOLWHGHDFWHOHQRUPDWLYHFHLJXYHUQHD] DFWLYLWDWHDÌQFD]XOvQFDUH
DFWLYLWDWHDGHXFLGHUHHVWHXUPDUHDXQHLDWLWXGLQLDEX]LYHPDQLIHVWDWHGHVXELHFWXO
SDVLY D vQF OF ULL GH F WUH DFHVWD D UHJXOLORU GH FRQGXLW SURIHVLRQDO QX VXQW
DSOLFDELOH GLVSR]L LLOH SULYLQG RPRUXO GHRVHELW GH JUDY FL DFHOHD SULYLQG RPRUXO
VLPSOX
JGHF WUHXQMXGHF WRUVDXSURFXURUSROL LVWMDQGDUPVDXPLOLWDUvQWLPSXO
VDXvQOHJ WXU FXvQGHSOLQLUHDvQGDWRULULORUGHVHUYLFLXVDXSXEOLFHDOHDFHVWRUD
$FHVW HOHPHQW FLUFXPVWDQ LDO GH DJUDYDUH D IRVW LQWURGXV SULQ /HJHD QU
GDWRULW FDOLW LL VSHFLDOH D VXELHFWXOXL DFWLY QHPLMORFLW FDUH QX SRDWH IL
GHFkWXQMXGHF WRUVDXSURFXURUSROL LVWMDQGDUPVDXPLOLWDU
3HQWUX LQFLGHQ D DJUDYDQWHL vQ GLVFX LH QX HVWH VXILFLHQW QXPDL DFHDVW
FDOLWDWHVSHFLDO DDXWRUXOXLODGDWDV YkUúLULLIDSWHLFLPDLHVWHQHFHVDUFDRPRUXO
V VH UHDOL]H]H ILH vQ WLPSXO H[HUFLW ULL DWULEX LLORU GH VHUYLFLX ILH vQ OHJ WXU FX
vQGHSOLQLUHDvQGDWRULULORUGHVHUYLFLXVDXSXEOLFHDOHDFHVWRUD
3581&8&,'(5($
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFDOLQIUDF LXQLLHVWHLGHQWLFFXDFHODGHODRPRU
2ELHFWXOPDWHULDOHVWHFRUSXOFRSLOXOXLQRXQ VFXWDVXSUDF UXLDVHvQGUHDSW
DF LXQHDLQDF LXQHDI SWXLWRDUHL
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU HVWH FDOLILFDW SULQ WH[W úL DQXPH HO HVWH
QXPDL ÄPDPD FRSLOXOXL QRXQ VFXW´ 1X SUH]LQW UHOHYDQ SHQWUX FDOLWDWHD GH
VXELHFWDFWLYDOLQIUDF LXQLLQDWXUDUHOD LLORUVH[XDOHvQWUH LQXWHGHIHPHLHvQXUPD
F URUDDFRQFHSXWFRSLOXO±YRLWHVDXVLOLWHYLROLQWUDVDXH[WUDFRQMXJDOH
/D FRPLWHUHD RPXFLGHULL SRW FRQWULEXL úL DO L I SWXLWRUL GDU DFHúWLD QX DX
FDOLWDWHDGHSDUWLFLSDQ LODLQIUDF LXQHDGHSUXQFXFLGHUHU VSXQGHUHDORUXUPkQGD
IL DQWUHQDW SHQWUX LQIUDF LXQHD GH RPRU 'HRVHELUHD GH WUDWDPHQW MXULGLF HVWH
GDWRUDW IDSWXOXL F LQIUDF LXQHD GH SUXQFXFLGHUHSRDWHILV YkUúLW GRDUGHPDPD
QRXOXLQ VFXW PDUFDW SXWHUQLF GH R WXOEXUDUH SURYRFDW GH QDúWHUH LDU DFHDVW
FLUFXPVWDQ SHUVRQDO DLGRPD WXWXURU FLUFXPVWDQ HORU GH DFHDVW QDWXU QX VH
U VIUkQJH ± SRWULYLW SUHYHGHULORU DUW DOLQ &RG SHQDO ± úL DVXSUD
SDUWLFLSDQ LORU ÌQ FRQVHFLQ SDUWLFLSDQ LL YRU U VSXQGH SHQWUX LQIUDF LXQHD GH
RPRU FDOLILFDW V YkUúLW DVXSUD XQHL UXGH DSURSLDWH ± GDF VXQW vQWUR DVHPHQHD
UHOD LHFXYLFWLPDSUXQFXFLGHULL
6XELHFWXOSDVLYDOLQIUDF LXQLLHVWHFRSLOXOQRXQ VFXW
1XSUH]LQW UHOHYDQ VWDUHDGHÄYLDELOLWDWH´DYLFWLPHL±SULQYLDELOLWDWHVH
vQ HOHJHFDSDFLWDWHDI WXOXLGHDVHDGDSWDODFRQGL LLOHH[WUDXWHULQHúLSRVLELOLWDWHD
GH D WU L DXWRQRP vQ QRLOH FRQGL LL GH PHGLX ± GLQ LQWHUSUHWDUHD WH[WXOXL
UH]XOWkQGF XQLFDFHULQ SHQWUXUHDOL]DUHDLQIUDF LXQLLHVWHDFHHDFDQRXQ VFXWXO
V ILHYLXvQPRPHQWXOGHFODQú ULLDVXSUDOXLDIDSWHLXFLJ WRDUH
Ä$FWLYLW LOHFRPSOLFHOXLRULLQVWLJDWRUXOXLODVXSULPDUHDYLH LLFRSLOXOXLQRXQ VFXWLPHGLDWGXS QDúWHUH
GHF WUHPDPDFDUHVDDIODWvQWURVWDUHGHWXOEXUDUHSULFLQXLW GHQDúWHUHVHFRQVLGHU FRPSOLFLWDWHRULLQVWLJDUHOD
LQIUDF LXQHD GH RPRU FDOLILFDW ± DUW OLW G VDX GXS FD] úL D OLW D RUL F GLQ DFHODúL DUWLFRO LDU QX OD
LQIUDF LXQHDGHSUXQFXFLGHUH´±3OHQXO76'HFGHvQGUXPDUHQU&'S
&6-'HFQU5'3QUS
9%HOLú1'UXJHVFX0HGLFLQDOHJDO (GLWXUD7HRUD%XFXUHúWLS
&RSLO QRXQ VFXW 3HQWUX vQ HOHJHUHD FRQFHSWXOXL HVWH QHFHVDU D VH FXQRDúWH
F XQFRSLOÄQRXQ VFXW´SUH]LQW RVHDP GHSDUWLFXODULW LPRUIRORJLFH±FXPVXQW
OXQJLPHDJUHXWDWHDúLIRUPDFUDQLXOXLDWRUDFHOXLHWF±SDUWLFXODULW LFDUHDXIRVW
VWXGLDWHúLFODVLILFDWHGHWHRULDúLSUDFWLFDPHGLFLQLLvQDQXPLWHVFKHPHWDEORXUL
FOLQLFHvQWUHDFHVWHSDUWLFXODULW LPRUIRORJLFHVHVLWXHD] úLFRUGRQXORPELOLFDO
6WDUHD GH ÄQRXQ VFXW´ GXUHD] vQ SULQFLSLX SkQ OD W LHUHD FRUGRQXOXL
RPELOLFDOFkQGH[LVWHQ DDFHVWXLDGHYLQHLQGHSHQGHQW GHPDP
$úDGDU VWDWXWXO GH FRSLO QRXQ VFXW SRDWH IL VWDELOLW SULQ FRPSDUDUHD
SDUWLFXODULW LORUPRUIRORJLFHDOHFRUSXOXLYLFWLPHLFXSDUWLFXODULW LOHPRUIRORJLFH
WLS 'HWHUPLQDUHD DFHVWXL VWDWXW UHYLQH vQ FRPSHWHQ D VSHFLDOLVWXOXL vQ PHGLFLQ
OHJDO FDUHXUPHD] DVHSURQXQ DVXEDFHVWDVSHFW±úLDODOWRUDSHFDUHOHYRP
YHGHDvQFRQWLQXDUH±vQFDGUXOH[SHUWL]HLPHGLFROHJDOHGLVSXVHGHSURFXURU
1DúWHUH3ULQFRQFHSWXOGHÄQDúWHUHVHvQ HOHJHDFHODFWIL]LRORJLFFDUHGXFH
OD H[SXO]LD VDX H[WUDF LD FRSLOXOXL DMXQV vQ VWDUH GH YLDELOLWDWH 3URFHVXO QDúWHULL
SURSULX]LVH±HWDSL]DWGLGDFWLFSHPDLPXOWHID]H±LDVIkUúLWvQPRPHQWXOH[SXO]LHL
FRSLOXOXL
,PHGLDW GXS QDúWHUH &RQFHSWXO ÄLPHGLDW´ GHVHPQHD] GHVLJXU XQ DQXPH
PRPHQW FDUH HVWH UDSRUWDW OD DFWXO QDúWHULL (O vQV GLQ S FDWH HVWH PLQDW GH
LQFRQFUHWH HIRUPXODDGRSWDW GH&RGXOSHQDODQWHULRU±vQFDUHSHULRDGDGHJUD LH
HUDGHOLPLWDW vQWUHPRPHQWXOQDúWHULLúLFHODOH[SLU ULLWHUPHQXOXLGHGHFODUDUH±
ILLQG SULQ WUDQúDQ D HL QHLQWHUSUHWDELO úL GH DFHHD DSW DL RIHUL PDJLVWUDWXOXL
HOHPHQWHOHRELHFWLYHQHFHVDUHvPEU F ULLMXULGLFHDIDSWHLFHUFHWDWHVDXMXGHFDWH
3HQWUX D VH GHWHUPLQD WRWXúL DFHVW PRPHQW vQ OXPLQD DFWXDOXOXL WH[W
LQFULPLQDWRU PDJLVWUDWXO ± FD úL vQ FD]XO VWDWXWXOXL GH ÄFRSLO QRXQ VFXW´ ± YD
WUHEXLV DSHOH]HODFXQRúWLQ HOHPHGLFXOXLOHJLVWXUPkQGFDDFHVWDV SUHFL]H]HvQ
FDGUXOH[SHUWL]HLGDF PRPHQWXOHVWHVDXQXÄLPHGLDW´GXS QDúWHUHDFRSLOXOXL
&RQFOX]LLOH H[SHU LORU YRU IL GHVLJXU FRURERUDWH FX DOWH PLMORDFH GH SURE
DGPLQLVWUDWH vQ FDX] SHQWUX D GD SRVLELOLWDWHD PDJLVWUDWXOXL V VWDELOHDVF GDF
RPRUXODIRVWFRPLVLPHGLDWGXS QDúWHUHVDXQX
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDODOLQIUDF LXQLLHVWHFRQVWLWXLWGLQWURDF LXQHRULLQDF LXQH
DSW D VXSULPD YLD D XQHL SHUVRDQH PDWHULDOL]DW vQ SULQFLSLX vQ XQD GLQWUH
PRGDOLW LOHDU WDWHODLQIUDF LXQHDGHRPRU3UDFWLFDMXGLFLDU DHYLGHQ LDWvQV F
FHOHPDLIUHFYHQWHDF LXQLGHXFLGHUHDQRXOXLQ VFXWVXQWUHDOL]DWHSULQVWUDQJXODUH
VXIRFDUH DVWXSDUHD RULILFLLORU UHVSLUDWRULL H[WHUQH vQJURSDUHD vQ S PkQW
FRPSUHVLXQHWRUDFRDEGRPLQDO FHOPDLDGHVHDSULQSXQHUHDSHFDSDXQHLSXQJL
GHPDWHULDOSODVWLFvQHFDUHORYLUHHWFLDULQDF LXQLOHSULQDEDQGRQDUHDvQIULJvQ
ORFXULQHFLUFXODWHQHDFRUGDUHDvQJULMLULORUQHFHVDUH
3HQWUX VDWLVIDFHUHD HOHPHQWXOXL PDWHULDO DO LQIUDF LXQLL HVWH LUHOHYDQW GDF
PRDUWHDQRXOXLQ VFXWFRQVWLWXLHFRQVHFLQ DH[FOXVLY DDF LXQLLLQDF LXQLLDXWRDUHL
RULGDF IDSWDDFHVWHLDDFRQFXUDWvQWUXQSURFHVWDQDWRJHQFRPSOH[DO WXULGHDOWH
FDX]H SUHH[LVWHQWH ERDO D FRSLOXOXL Y W P UL VXUYHQLWH vQ SURFHVXO QDúWHULL GLQ
FXOSD PHGLFXOXL RUL D SHUVRDQHORU FDUH DVLVW QDúWHUHD FRQFRPLWHQW RUL VXUYHQLWH
FXOSH SURIHVLRQDOH vQ SURFHVXO GH VDOYDUH D QRXOXLQ VFXW D F UXL YLD QX D IRVW
VXSULPDW LQVWDQWDQHXSULQIDSWDDXWRDUHL
8UPDUHDLPHGLDW FRQVW vQGHFHVXOFRSLOXOXLQRXQ VFXW
3HQWUX vQWUHJLUHD ODWXULL RELHFWLYH D LQIUDF LXQLL HVWH QHFHVDU D VH VWDELOL
OHJ WXUD GH FDX]DOLWDWH GLQWUH DF LXQHLQDF LXQH úL XUPDUHD LPHGLDW DGLF D VH
9%HOLú1'UXJHVFX0HGLFLQDOHJDO RSFLWS
'HFQU&3-±&$%S
VWDELOLGDF HIHFWXO±PRDUWHDFRSLOXOXL±DIRVWFDX]DWGHPDQRSHUHOHvQWUHSULQVHGH
PDPDDFHVWXLD
/DWXUDVXELHFWLY
(OHPHQWXOVXELHFWLYVHH[SULP ODLQIUDF LXQHDGHSUXQFXFLGHUHSULQLQWHQ LH
vQDPEHOHHLPRGDOLW L±GLUHFW RULLQGLUHFW $WLWXGLQHDVXELHFWLY DDXWRDUHL±GH
D XUP UL VDX DFFHSWD SURGXFHUHD UH]XOWDWXOXL PDQRSHUHORU VDOH ± WUHEXLH vQV D IL
VSRQWDQ úLGHWHUPLQDW H[FOXVLYGHVWDUHDGHWXOEXUDUHSULFLQXLW GHQDúWHUH
6WDUHD GH WXOEXUDUH SULFLQXLW GH QDúWHUH ÌQ SURFHVXO QDúWHULL SRW DS UHD
XQHOHVW ULSVLKRIL]LRORJLFHDQRUPDOHGHWHUPLQDWHGHDFWXOQDúWHULLVW ULFDUHI U D
SURYRFD WXOEXU UL GH FRQúWLHQ ± FH DU LQGXFH DEROLUHD GLVFHUQ PkQWXOXL ± VXQW
FDSDELOHV H[SOLFHFRQGXLWDGHYLDQW DIHPHLLLPHGLDWGXS QDúWHUH'HWHUPLQDUHD
H[LVWHQ HL UHDOH D XQHL WXOEXU UL SURYRFDWH GH R DVHPHQHD VWDUH SVLKRIL]LRORJLF
SRVWSDUWXPHVWHRSUREOHP GHIDSWGHVLJXUúLGHVSHFLDOLWDWHFDUHVHVWDELOHúWHGH
DVHPHQHD vQ SULQFLSDO SULQ DSRUWXO PHGLFLORU GH DFHDVW GDW vQ FDGUXO XQHL
H[SHUWL]H PHGLFROHJDOH SVLKLDWULFH FRQVWDW ULOH úL FRQFOX]LLOH H[SHUWL]HL SRW IL
I U vQGRLDO FRURERUDWHúLvQWUHJLWHFXDOWHSUREHDGPLQLVWUDWHvQSURFHVXOSHQDOúL
HYDOXDWHFULWLFvQILQDOGHF WUHPDJLVWUDW
3HQWUX FD XFLGHUHD SURSULXOXL FRSLO GH F WUH PDP V LQWUH VXE LQFLGHQ D
SUHYHGHULORU SULYLQG SUXQFXFLGHUHD HVWH GHFL QHFHVDU vQWUH DOWHOH D VH GRYHGL F
DFHDVWD D VXIHULW vQ SURFHVXO úL GDWRULW QDúWHULL R DQXPLW WXOEXUDUH ÌQ DEVHQ D
VW ULL GH WXOEXUDUH SUHWLQVH GH WH[W IDSWD GH XFLGHUH D SURSULXOXL FRSLO GH F WUH
PDP ±FRPLV FKLDUVXELPSHULXOXQRUVW ULFRQIOLFWXDOHJUDYHWHPHUHDLQVSLUDW
GHSUHYL]LELODUHDF LHDS ULQ LORUVR XOXLDPDQWXOXLRULGHRSUREULXOSXEOLFFDUH
VXQWQHvQGRLHOQLFGHQDWXU DLQIOXHQ DSVLKLFXODXWRDUHL±YDFRQVWLWXLLQIUDF LXQHD
GHRPRU$FHVWHvPSUHMXU ULFDUHGHIDSWUHSUH]LQW PRELOXULDOHDXWRDUHLSRWIL
vQV UH LQXWHúLDYXWHvQYHGHUHODFLUFXPVWDQ LHUHDU VSXQGHULLSHQDOHDDFHVWHLD
)RUPH6DQF LXQL
)RUPHÌQW FHUHDOHJLLWHQWDWLYDODSUXQFXFLGHUHQXVHSHGHSVHúWH
&RQVXPDUHDLQIUDF LXQLLDUHORFvQPRPHQWXOVXUYHQLULLGHFHVXOXLQRXQ VFXWXOXL
LQGLIHUHQWGHPRPHQWXOGHGHEXWDODF LXQLLLQDF LXQLLvQWUHSULQVHvQDFHVWVFRS
6DQF LXQL,QIUDF LXQHDGHSUXQFXFLGHUHHVWHVDQF LRQDW FXvQFKLVRDUHGHOD
ODDQL
8&,'(5($',1&8/3
2ELHFWXORFURWLULLSHQDOH
(VWHLGHQWLFFXDFHODDOLQIUDF LXQLLGHRPRU
6XELHF LLLQIUDF LXQLL
7H[WXO QX FDOLILF VXELHFWXO DFWLY QHPLMORFLW DXWRU DO LQIUDF LXQLL GHFL HO
SRDWH IL vQ SULQFLSLX RULFH SHUVRDQ FX H[FHS LD PRGDOLW LL DJUDYDWH GH OD
,&&-'HFQU%&QUS
ÄÌQOLSVDXQRUHOHPHQWHFLUFXPVWDQ LDOHFDUHV MXVWLILFHvQFDGUDUHDIDSWHLFDLQIUDF LXQHDGHSUXQFXFLGHUH
DFWLYLWDWHDPDPHLGHDILVXSULPDWYLD DFRSLOXOXLQRXQ VFXWXUPHD] DILvQFDGUDW vQGLVSR]L LLOHDUWFúLG
&RG SHQDO 'DF GLQ SUREHOH GRVDUXOXL UH]XOW F PDPD FRSLOXOXL D DF LRQDW FX SUHPHGLWDUH VH YD UH LQH FD
HOHPHQW FLUFXPVWDQ LDO DO RPRUXOXL FDOLILFDW úL FHO SUHY ]XW OD OLW D GLQ DUW &RG SHQDO´ 3OHQXO 76 G v
QU&'S
Ì&&-VSGQU%&QUS
DOLQ vQ FDUH DFHVWD HVWH FLUFXPVFULV OD ÄFRQGXF WRU GH YHKLFXO FX WUDF LXQH
PHFDQLF ´
3HUVRDQDMXULGLF SRDWHILVXELHFWDFWLYDODFHVWHLLQIUDF LXQLSRWULYLWDUW
&SHQ
3DUWLFLSD LD SHQDO OD V YkUúLUHD DFHVWHL LQIUDF LXQL HVWH SRVLELO GRDU vQ
PRGDOLWDWHDLPSURSULHSUHY ]XW GHDUW&SHQVLWXD LHvQFDUHSDUWLFLSDQWXOYD
U VSXQGH SHQWUX LQVWLJDUH VDX FRPSOLFLWDWH OD LQIUDF LXQHD GH RPRU vQ YUHPH FH
DXWRUXOIDSWHLU VSXQGHSHQWUXLQIUDF LXQHDGHXFLGHUHGLQFXOS
6XELHFWXOSDVLYHVWHSHUVRDQDXFLV GLQFXOS
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDODOLQIUDF LXQLLVHH[SULP SULQWURDF LXQHRULLQDF LXQH
7H[WXODUW&SHQUHJOHPHQWHD] PDLPXOWHPRGDOLW LQRUPDWLYHDVWIHO
D0RGDOLWDWHDWLSHVWHDFHHDSUHY ]XW vQSULPXODOLQHDWDODUWLFROXOXLFLWDW
E0RGDOLW L DJUDYDWH E O 3ULPD PRGDOLWDWH QRUPDWLY DJUDYDW DUH FD
HOHPHQW PDWHULDO DF LXQHDLQDF LXQHD GH XFLGHUH GLQ FXOS FRPLV FD XUPDUH D
QHUHVSHFW ULLGLVSR]L LLORUOHJDOHRULDP VXULORUGHSUHYHGHUHSHQWUXH[HUFL LXOXQHL
SURIHVLLVDXPHVHULLRULSHQWUXHIHFWXDUHDXQHLDQXPHDFWLYLW L3HQWUXUHDOL]DUHD
LQIUDF LXQLL vQ DFHDVW PRGDOLWDWH QRUPDWLY VH FHU vQWUXQLWH FXPXODWLY SDWUX
FRQGL LL
I SWXLWRUXO V ILH SURIHVLRQLVW PHVHULDú RUL V vQGHSOLQHDVF R DQXPH
DFWLYLWDWH
IDSWDV ILHV YkUúLW vQH[HUFL LXODFHOHLSURIHVLLPHVHULLRULDFWLYLW L
SUHH[LVWHQ D XQRU QRUPH OHJDOH SULQ FDUH HVWH UHJOHPHQWDW H[HUFL LXO
SURIHVLHL PHVHULHL RUL DO XQHL DQXPLWH DFWLYLW L VDX SUHH[LVWHQ D XQRU P VXUL GH
SUHYHGHUHHGLFWDWHvQYHGHUHDH[HUFLW ULLDFHVWRUD
IDSWD V ILH XUPDUHD QHVRFRWLULL GLVSR]L LLORU RUL D P VXULORU GH SUHYHGHUH
FXSULQVHvQDFHVWHQRUPH
(IHFWXDUHD GLIHULWHORU vQGHOHWQLFLUL XPDQH HVWH UHJOHPHQWDW SULQ QRUPH
SURSULL VHJPHQWXOXL UHVSHFWLY GH DFWLYLWDWH SUHY ]kQGXVH FXP GH FLQH úL vQ FH
FRQGL LL SRW IL DFHVWHD H[HFXWDWH $VWIHO ILLQG PDJLVWUDWXOXL vL UHYLQH vQGDWRULUHD
vQWUR SULP HWDS V LGHQWLILFH QRUPD FDUH SUHVFULH FRQGXLWD SHUVRDQHORU FH
GHVI úRDU DFWLYLWDWHDúLV VWDELOHDVF GDF DF LXQHDLQDF LXQHDDXWRUXOXLIDSWHLGH
RPXFLGHUHGLQFXOS HVWHVDXQXFRQIRUP UHJXOLORUDFRORLQVWLWXLWH,DUvQDGRXD
HWDS V HYRFHvQFXSULQVXODFWXOXLSURFHVXDOSULQFDUHVROX LRQHD] FDX]DSHQDO
GLVSR]L LLOH OHJDOH FDUH JXYHUQHD] SURIHVLD PHVHULD RUL DFWLYLWDWHD vQ H[HUFLWDUHD
F UHLDDXWRUXODFRPLVRPRUXOGLQFXOS úLV PRWLYH]HYLQRY LDVDXQHYLQRY LD
DFHVWXLDvQUDSRUWFXGLVSR]L LLOHLQFLGHQWH
E$GRXDPRGDOLWDWHDJUDYDW DUHFDHOHPHQWPDWHULDODF LXQHDSHUVRDQHL
FDUH FRQGXFkQG XQ YHKLFXO FX WUDF LXQH PHFDQLF DYkQG vQ VkQJH R vPELED LH
DOFRROLF FHGHS úHúWHOLPLWDOHJDO VDXFDUHVHDIO vQVWDUHGHHEULHWDWHSURGXV GH
DOFRRO FRPLWH IDSWD GH XFLGHUH D XQHL SHUVRDQH GDWRULW XQHLD GLQWUH DFHVWH VW UL
(VWHLUHOHYDQWGDF DXWRUXOIDSWHLDYHDVDXQXFDOLWDWHDGHFRQGXF WRUDXWR
ÌPELED LD DOFRROLF HVWH SURFHVXO GH S WUXQGHUH D DOFRROXOXL vQ VkQJH FX
FRQVHFLQ DSURYRF ULLXQHLVW ULGHLQWR[LFD LHDOFRROLF 3 WUXQGHUHDDOFRROXOXLvQ
RUJDQLVP VH UHDOL]HD] GH UHJXO SH FDOH GLJHVWLY ± SULQ LQJXUJLWDUHD XQHL
FDQWLW LGHE XWXU DOFRROLF ±VDXPDLUDUSHFDOHUHVSLUDWRULH±SULQLQVSLUDUHDGH
YDSRULGHDOFRRO
9'RQJRUR]úLFRO([SOLFD LLWHRUHWLFHDOH&RGXOXLSHQDOURPkQRSFLWYRO,,,S
*UDGXO QLYHOXO GH vPELED LH DOFRROLF VH FDOFXOHD] úL H[SULP SULQ
FDQWLWDWHD GH HWDQRO ± P VXUDW vQ JUDPH ± OD J GH VkQJH $FHDVWD HVWH
DOFRROHPLD
$OFRROHPLDVHVWDELOHúWHSULQDQDOL]DGHODERUDWRUDSUREHLGHVkQJHSUHOHYDW
SHUVRDQHLFHUFHWDWHH[DPHQWR[LFRORJLF$OFRROHPLDSRDWHILvQV GHWHUPLQDW úL
vQDEVHQ DSUREHLGHVkQJH±GDF SUHOHYDUHDQXDIRVWFXSXWLQ SkQ ODHOLPLQDUHD
VDX PHWDEROL]DUHD DOFRROXOXL GLQ VkQJH ± SULQ FDOFXODUHD HL UHWURDFWLY 3HQWUX
HIHFWXDUHD FDOFXOXOXL UHWURDFWLY DO vPELED LHL DOFRROLFH HVWH QHFHVDU FD DJHQWXO
MXGLFLDUSROL LVWPDJLVWUDWV SXQ ODGLVSR]L LDPHGLFXOXLOHJLVWGDWHUHIHULWRDUHOD
YLWH]DLQJHVWLHLE XWXULLWLPSXOvQGHFXUVXOF UXLDVDFRQVXPDWE XWXUDVWDUHDGH
SOHQLWXGLQH JDVWULF SH VWRPDFXO JRO GXS PDV WLSXO E XWXULL DOFRRO GLVWLODW
YLQEHUHúLJUHXWDWHDFRUSRUDO DSHUVRDQHLF UHLDXUPHD] DLVHVWDELOLDOFRROHPLD
SULQDFHVWSURFHGHX
'LVSR]L LLOH OHJDOH FDUH UHJOHPHQWHD] GHVI úXUDUHD GLIHULWHORU JHQXUL GH
SURIHVLL PHVHULL VDX DFWLYLW L LQWHU]LF H[HUFLWDUHD DFHVWRUD GXS FRQVXPDUHD GH
E XWXUL DOFRROLFH úL VWDELOHVF VDQF LXQL GH GLYHUVH IHOXUL SHQWUX FHL FDUH QX VH
FRQIRUPHD] SUHYHGHULORU UHVSHFWLYH LDU vQ LSRWH]D GHS úLULL XQXL DQXPLW JUDG
SUDJGHvPELED LHDOFRROLF DODOFRROHPLHLGHFLDXQHLOLPLWHH[SUHVSUHY ]XWH
vQQRUP IDSWDHVWHLQFULPLQDW
/LPLWDOHJDO GHvPELED LHDOFRROLF DF UHLGHS úLUHDQWUHQHD] U VSXQGHUHD
SHQDO D SHUVRDQHORU FDUH FRQGXF DXWRYHKLFXOH SH GUXPXULOH SXEOLFH HVWH GH
JODOFRROSXUvQVkQJHRULRFRQFHQWUD LHFHGHS úHúWHPJODOFRROSXUvQDHUXO
H[SLUDWOLPLW SUHVFULV SULQDUWDOLQGLQ28*QUDSUREDW
FXPRGLILF ULSULQ/HJHDQU
6WDUHGHHEULHWDWH(VWHDFHDVWDUHSURYRFDW GHFRQVXPXODOFRROXOXLvQFDUH
vQUDSRUWFXFDQWLWDWHDLQJHUDW úLIHOXODOFRROXOXLSUHFXPúLDODOWRUIDFWRULFXURO
IUHQDWRU VDX DFFHOHUDWRU vQ LQVWDODUHD HL DSDU R VXLW GH HIHFWH VLPSWRPH
FDUDFWHULVWLFHvQWUHSWHFRUHVSXQ] WRDUHHYROX LHLDFHVWHLVW UL±HXIRULHVF GHUHD
DXWRFRQWUROXOXL D DWHQ LHL D YRLQ HL vQWkU]LHUHD U VSXQVXULORU SVLKRWHKQLFH
WXOEXU ULSVLKRVHQ]RULDOHLQFRHUHQ LQFRQúWLHQ DEROLUHDUHIOH[HORUSDUDOL]LH
(IHFWHOHVW ULLGHHEULHWDWHVXQWFRQGL LRQDWHQDWXUDOGHJUDGXOGHvPELED LH
DOFRROLF DVkQJHOXLGDUHYROX LDORUQXXUPHD] vQWRWGHDXQDWUDVHHHJDOHvQWLPS
úLLQWHQVLWDWHDS UkQGGHODLQGLYLGODLQGLYLGGHVLQFURQL] ULvQWUHFHOHGRX VW UL
(VWH SRVLELO DVWIHO LQVWDODUHD VW ULL GH HEULHWDWH FX PXOW vQDLQWH GH DWLQJHUHD
SUDJXOXL GH DOFRROHPLH FDUH V R MXVWLILFH ± GH SLOG vQ FD]XO EH LHL SDWRORJLFH
DS UXW ODSHUVRDQHFDUHDXvQDQWHFHGHQWHWUDXPDWLVPHFUDQLRFHUHEUDOHDIHF LXQL
QHXURSVLKLFH úD ± GXS FXP HVWH SRVLELO QHDSDUL LD VLPSWRPHORU VW ULL GH
HEULHWDWHVDXHYLGHQ LHUHDORUPXOWUHGXV ±GHúLJUDGXOGHvPELED LHDOFRROLF HVWH
ULGLFDW±ODXQHOHSHUVRDQHUH]LVWHQWHODDF LXQHDDOFRROXOXL
ÌQ GHRVHELUH GH VWDUHD GH vPELED LH DOFRROLF ± úL FDUH VH GHWHUPLQ SULQ
H[DPHQWR[LFRORJLFGHODERUDWRURULSULQPHWRGDFDOFXOXOXLUHWURDFWLY±VWDUHDGH
HEULHWDWHVHVWDELOHúWHSULQRULFHPLMORFGHSURE MXGLFLDU
&RQGXFHUHDSHGUXPXULOHSXEOLFHDXQXLDXWRYHKLFXOGHF WUHRSHUVRDQ FDUH
DUHvQVkQJHRvPELED LHDOFRROLF FHGHS úHúWHOLPLWDOHJDO RULFDUHHVWHvQVWDUHGH
HEULHWDWHFRQVWLWXLHLQIUDF LXQHSRWULYLWDUWDOLQGLQ28*QULDU
vQFD]XOvQFDUHFRQGXF WRUXODXWRYHKLFXOXOXLFRPLWHvQDFHVWHFRQGL LLXQDFFLGHQW
GH FLUFXOD LH FH DUH GUHSW FRQVHFLQ GHFHVXO XQHL SHUVRDQH IDSWD YD FRQVWLWXL
9%HOLú0HGLFLQ OHJDO S
3XEOLFDW vQ02IQUGLQUHSXEOLFDW vQ02IQUGLQ
3XEOLFDW vQ02IQUGLQ
9%HOLú0HGLFLQ OHJDO S
LQIUDF LXQHDFRPSOH[ GHXFLGHUHGLQFXOS SUHY ]XW GHDUWDOLQ&SHQ
QHUH LQkQGXVH GHFL VHSDUDW vQ IRUPD FRQFXUVXOXL GH LQIUDF LXQL úL LQIUDF LXQHD
SUHY ]XW vQ&RGXOUXWLHU
(OHPHQWXO PDWHULDO DO DFHVWHL PRGDOLW L QRUPDWLYH HVWH LGHQWLF FX FHO GH OD
PRGDOLWDWHD DJUDYDW DQWHULRDU SHQWUX F vQ IRQG DF LXQHD GH FRQGXFHUH D
DXWRYHKLFXOXOXLvQVWDUHGHHEULHWDWHGHLQWR[LFD LHRULFXvPELED LHDOFRROLF SHVWH
SUDJXO OHJDO FRQVWLWXLH R vQF OFDUH D QRUPHORU SULYLQG FLUFXOD LD SH GUXPXULOH
SXEOLFH /HJLXLWRUXO D SDUWLFXODUL]DW vQV D GRXD PRGDOLWDWH DJUDYDW OD VHJPHQWXO
SHUVRDQHORU FDUH FRQGXF DXWRYHKLFXOH VXE XQD GLQ VW ULOH SURKLELWH SHQWUX D
VDQF LRQDPDLVHYHUDFHVWHSHUVRDQH
E $ WUHLD PRGDOLWDWH QRUPDWLY ± VDQF LRQDW FX R SHGHDSV LGHQWLF FX
PRGDOLWDWHD DQWHULRDU ± DUH FD HOHPHQW PDWHULDO DF LXQHD ± LQDF LXQHD RULF UHL
SHUVRDQHFDUHvQH[HUFL LXOXQHLSURIHVLLVDXPHVHULLFRPLWHRIDSW XFLJ WRDUHGLQ
FDX]DVW ULLGHHEULHWDWHSURGXV GHDOFRROVDXVHDIO VXELQIOXHQ DVWXSHILDQWHORU
RUL D DOWRU VXEVWDQ H WR[LFH (VWH GH UHPDUFDW úL UH LQXW HOLPLQDUHD GLQ FHUFXO
SHUVRDQHORU FDUH FRPLW DVWIHO GH IDSWH D DFHORUD FDUH HIHFWXHD] ÄR DQXPLW
DFWLYLWDWH´ ± VXQWHP GHFL vQ SUH]HQ D XQHL FXOSH SURIHVLRQDOH ± FD úL FHULQ D FD
SURIHVLRQLVWXORULPHVHULDúXOV ILHvQVWDUHGHHEULHWDWHHOLPLQkQGXVHDOWHUQDWLYD
ÄvPELED LHLDOFRROLFHSHVWHOLPLWDOHJDO ´
E&HDGHDSDWUDúLXOWLPDPRGDOLWDWHDJUDYDW HVWHFRQVWLWXLW GLQDF LXQHD
± LQDF LXQHD DXWRUXOXL FDUH DUH FD UH]XOWDW R SOXUDOLWDWH GH YLFWLPH &LUFXPVWDQ D
DJUDYDW GHFXUJkQGGLQSOXUDOLWDWHDYLFWLPHORUVHDGUHVHD] GHRSRWULY PRGDOLW LL
QRUPDWLYHWLS±DOLQ±úLPRGDOLW LORUQRUPDWLYHDJUDYDWHPDLVXVH[DPLQDWH±
DOLQ±
'LQ H[DPLQDUHD DFHVWHL PRGDOLW L QRUPDWLYH UH]XOW SULQ XUPDUH F
OHJLXLWRUXODYRLWV FRQVWUXLDVF RLQIUDF LXQHGHXFLGHUHGLQFXOS XQLF LQGLIHUHQW
GH QXP UXO VXELHF LORU SDVLYL SOXUDOLWDWHD GH YLFWLPH QHGHWHUPLQkQG R SOXUDOLWDWH
GHLQIUDF LXQL
([SOLFD LLOHSULYLWRDUHODXUPDUHDLPHGLDW úLUDSRUWXOGHFDX]DOLWDWHGDWHOD
LQIUDF LXQHD GH RPRU VXQW vQ vQWUHJLPH YDODELOH úL OD LQIUDF LXQHD GH XFLGHUH GLQ
FXOS
/DWXUDVXELHFWLY
(OHPHQWXO VXELHFWLY DO LQIUDF LXQLL HVWH FRQVWLWXLW GLQ FXOS vQ DPEHOH
PRGDOLW LUHJOHPHQWDWHSULQGLVSR]L LLOHDUWSFW&RGSHQDO±FXOS VLPSO VDX
FXOS FX SUHYHGHUH ± úL vQ RULFDUH GLQWUH JUDGHOH GH SHULFXOR]LWDWH DOH DFHVWHLD ±
FXOS JUDY FXOSD ODWD FXOS XúRDU FXOSD OHYLV VDX IRDUWH XúRDU FXOSD
OHYLVVLPD
)RUPH6DQF LXQL
)RUPH $LGRPD WXWXURU LQIUDF LXQLORU V YkUúLWH GLQ FXOS IRUPD DFHOHLD
SUHY ]XW GH DUW &RG SHQDO SRDWH IL QXPDL SHUIHFW ± DGLF LQIUDF LXQH
FRQVXPDW ±FRQVXPDUHDLQIUDF LXQLLLQWHUYHQLQGvQPRPHQWXOGHFHVXOXLYLFWLPHL
6DQF LXQL ,QIUDF LXQHD WLS IRUPD VLPSO D XFLGHULL GLQ FXOS HVWH
VDQF LRQDW FXSHGHDSVDvQFKLVRULLGHODXQXODDQL
&RUHVSXQ] WRU SHULFROXOXL VRFLDO SH FDUH vO SUH]LQW IDSWHOH LQFULPLQDWH vQ
XUP WRDUHOH SDWUX DOLQHDWH ± SHULFRO SRWULYLW HYDOX ULL OHJLXLWRUXOXL VSRULW GH OD R
PRGDOLWDWHDJUDYDW ODDOWD±LQIUDF LXQLOHGHXFLGHUHGLQFXOS SUHY ]XWHvQDOLQ
3OHQXO 76 G v QU &' S ÌQ DFHODúL VHQV Ì&&- VS G QU %-
S
ÌQDFHVWVHQV&6-'HFQU'UQUS
VXQWVDQF LRQDWHFXvQFKLVRDUHGHODODDQLFHOHSUHY ]XWHODDOLQúLFX
vQFKLVRDUHGHODODDQL
'DF SULQIDSWDV YkUúLW VDFDX]DWPRDUWHDDGRX VDXPDLPXOWRUSHUVRDQH
ODPD[LPXOSHGHSVHORUSUHY ]XWHvQDOLQHDWHOHSUHFHGHQWHVHSRDWHDG XJDXQVSRU
SkQ ODDQL
3HUVRDQD MXULGLF VH VDQF LRQHD] FX DPHQG GH OD OD OHL vQ
FD]XOIDSWHORUSUHY ]XWHvQDOLQúLVDXGHODODOHLvQFD]XO
IDSWHORUSUHY ]XWHvQDOLQúL
'(7(50,1$5($6$8Ì1/(61,5($6,18&,'(5,,
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDOvOFRQVWLWXLHYLD DSHUVRDQHLXPDQHúLUHOD LLOHVRFLDOH
FRQGL LRQDWHGHH[LVWHQ DúLLQWDQJLELOLWDWHDYLH LLSHUVRDQHL
2ELHFWXOPDWHULDOHVWHUHSUH]HQWDWGHFRUSXOSHUVRDQHLFDUHHVWHGHWHUPLQDW
VDXDMXWDW V VHVLQXFLG
6XELHF LLLQIUDF LXQLL
([SOLFD LLOHGDWHODLQIUDF LXQHDGHRPRUVXQWvQWUXWRWXOYDODELOHúLODDFHDVW
LQIUDF LXQH
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO FRQVW GLQWUR DF LXQH GLQ DFWH FRPLVLYH ,QDF LXQHD
DXWRUXOXLDWLWXGLQHDSDVLY DDFHVWXLDID GHDFWXOVXLFLGDUQXLQWU VXELQFLGHQ D
WH[WXOXLLQFULPLQDWRU
$UW&RGSHQDOSUHYHGHPDLPXOWHPRGDOLW LQRUPDWLYH
D 0RGDOLWDWHD WLS SUHY ]XW vQ DOLQ FRQVW GLQWUR DF LXQH GH
ÄGHWHUPLQDUH´RULRDF LXQHGHÄvQOHVQLUH´DVLQXFLGHULLXQHLSHUVRDQH
3ULQ GHWHUPLQDUHD VLQXFLGHULL WUHEXLH vQ HOHDV DF LXQHD XQHL SHUVRDQH GH D
IDFHFDDOW SHUVRDQ V LDKRW UkUHDGHVLQXFLGHUHDGLF DFHDDF LXQHSHUVXDVLY vQ
XUPDF UHLDVXELHFWXOSDVLYvQFHDUF RULUHDOL]HD] IDSWDGHDúLFXUPDVLQJXUYLD D
(VWH LUHOHYDQW GLQ DFHVW SXQFW GH YHGHUH GDF LGHHD VLQXFLGHULL D IRVW
VXJHUDW GHVXELHFWXODFWLYVDXGDF HDSUHH[LVWDODVXELHFWXOSDVLYLDUDXWRUXOGRDU
LDSRWHQ DWR&HHDFHWH[WXOLQFULPLQHD] HVWHDF LXQHDDXWRUXOXLLQIUDF LXQLLGHD
GHWHUPLQDVXELHFWXOSDVLYSULQRULFDUHPRGDOLWDWHODvQI SWXLUHDKRW UkULL
'H DVHPHQHD HVWH OLSVLW GH LPSRUWDQ GDF DXWRUXO D DF LRQDW SHQWUX D
GHWHUPLQDYLFWLPDV VHVLQXFLG RULQXPDLSHQWUXDvQFHUFDV RIDF
ÌQ SUDFWLFD MXGLFLDU VD VWDWXDW F H[LVW GHWHUPLQDUH OD VLQXFLGHUH GDF
DXWRUXO FRPLWH DFWH UHSHWDWH GH YLROHQ ID GH YLFWLP FRQWLQXDWH úL GXS FH
DFHDVWD DPHQLQ FX VLQXFLGHUHD RUL FkQG VXSXQH YLFWLPD OD DFWH GH WRUWXU OD
FKLQXUL UHSHWDWH VFDQGDOXUL úL E W L FDUH SURYRDF YLFWLPHL R VWDUH DFFHQWXDW
GHSUHVLY SHIRQGXOF UHLDVHVLQXFLGHRULvQFHDUF V RIDF
ÌQ LSRWH]D F DXWRUXO GHWHUPLQ R SHUVRDQ OD VLQXFLGHUH RUL OD vQFHUFDUHD
DFHVWHLD SULQ PLMORDFH GH FRQVWUkQJHUH SVLKLFH RUL IL]LFH IDSWD QX vQWUXQHúWH
HOHPHQWHOHFRQVWLWXWLYHDOHLQIUDF LXQLLH[DPLQDWHFLSHDFHOHLGHRPRUvQXQDGLQ
IRUPHOHDFHVWHLD
76'HFQU3-3YRO,,,S
76'HFQU&'S
7M6LELX'HFQU'UQUS
&6-'HFQU'UQUS
3ULQ vQOHVQLUHD VLQXFLGHULL WUHEXLH vQ HOHV DFHD DF LXQH D XQHL SHUVRDQH GH D
DMXWDRDOW SHUVRDQ V VHVLQXFLG RULV WHQWH]HODDFHDVWD$F LXQHDGHvQOHVQLUH
SRDWHILGHRUGLQPRUDO±vQW ULUHDKRW UkULLYLFWLPHLDFRUGDUHDGHVIDWXULvQOHJ WXU
FXPRGXOvQFDUHV SURFHGH]H±VDXPDWHULDO±SURFXUDUHDSLVWROXOXLRULDWR[LFXOXL
QHFHVDUHVLQXFLGHULLH[SOLFDUHDúLH[HUVDUHDPRGXOXLGHIRORVLUHDDUPHLHWF
3HQWUX UHDOL]DUHD LQIUDF LXQLL vQ DFHDVW PRGDOLWDWH QX SUH]LQW LPSRUWDQ
vPSUHMXUDUHDF KRW UkUHDYLFWLPHLGHDVHVLQXFLGHHUDRULFXPOXDW úLVHGLPHQWDW vQ
FRQúWLLQ DDFHVWHLDGXS FXPQXSUH]LQW UHOHYDQ QLFLvPSUHMXUDUHDF SRWULYLWFRQ
FHS LHLSHUVRDQHLDMXWDWHV VHVLQXFLG DFWXOVXLFLGDUDSDUHFDXQDFWPRUDOGLQFRQ
VLGHUHQWHUHOLJLRDVHSHQWUXDFRQVHUYDRQRDUHDSURSULHRULDXQHLWHU HSHUVRDQHHWF
E0RGDOLWDWHDDJUDYDW SUHY ]XW vQDOLQFRQVW vQDF LXQLLGHQWLFHFHORU
DQWHULRDUHGDUDGUHVDWHILHXQXLPLQRUILHXQHLSHUVRDQHLQFDSDELOHV úLGHDVHDPD
GHIDSWDVDILHvQVIkUúLWXQHLSHUVRDQHFDUHQXSXWHDILVW SkQ SHDFWHOHVDOH
8UPDUHD LPHGLDW D LQIUDF LXQLL FRQVW vQ GHFHVXO SHUVRDQHL SULQ VLQXFLGHUH
VDXvQFHUFDUHDDFHVWHLDGHDVHVLQXFLGH$úDFXPVDVSXVPRDUWHDSHUVRDQHLVDX
WHQWDUHD OD DFHDVWD WUHEXLH V ILH UH]XOWDWXO RSHUHL H[FOXVLYH D YLFWLPHL F FL GDF
DF LXQHDSHUVRDQHLVXLFLGDUHDIRVWvQOHVQLW GHDXWRUSULQDFWHPDWHULDOHvQGUHSWDWH
DVXSUDFRUSXOXLDFHVWHLD±VSULMLQLUHDSDKDUXOXLFXVXEVWDQ WR[LF úLGXFHUHDOXLOD
JXUDYLFWLPHLRULDPkLQLLvQDUPDWHVSUHIUXQWHDHLGHVFKLGHUHDPDLODUJ DYHQHL
FXODPDHWF±IDSWDQXYDFRQVWLWXLLQIUDF LXQHDSUHY ]XW GHDUW&RGSHQDOFL
LQIUDF LXQHDGHRPRU
3HQWUX FRPSOHWDUHD ODWXULL RELHFWLYH D LQIUDF LXQLL HVWH QHFHVDU D VH VWDELOL
OHJ WXUD GH FDX]DOLWDWH GLQWUH DF LXQHD GH GHWHUPLQDUH RUL GH vQOHVQLUH vQWUHSULQV
GHDXWRUúLUH]XOWDWXOSURGXV±vQFHUFDUHDVDXUHDOL]DUHDVLQXFLGHULL
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH,QIUDF LXQHDVHV YkUúHúWHH[FOXVLYFXLQWHQ LH±GLUHFW
RUL LQGLUHFW ± DGLF DXWRUXO UHDOL]HD] úL DF LRQHD] vQ GLUHF LD GHWHUPLQ ULL RUL
vQOHVQLULLGHDVHVLQXFLGHúLGRUHúWHRULDFFHSW DFHVWUH]XOWDW
1X SUH]LQW UHOHYDQ VFRSXO vQ FDUH D IRVW FRPLV IDSWD úL QLFL PRELOXO FH D
DQLPDW I SWXLWRUXO DFHVWH HOHPHQWH SR]LWLYH PLOD ID GH YLFWLP VDX QHJDWLYH
GRULQ D GH D PRúWHQL YLFWLPD SXWkQG VHUYL GRDU OD FLUFXPVWDQ LHUHD U VSXQGHULL
DXWRUXOXL
)RUPH6DQF LXQL
)RUPH'HúLVXVFHSWLELO GHGHVI úXUDUHvQWLPSDF LXQHDGHGHWHUPLQDUHVDX
vQOHVQLUH D VLQXFLGHULL U PDV vQ ID] GH WHQWDWLY ± DGLF QHXUPDW GH XQ DFW GH
H[HFXWDUHDVLQXFLGHULL±QXHVWHSHGHSVLW GHWH[W
&RQVXPDUHD LQIUDF LXQLL VH SURGXFH vQ PRPHQWXO VXUYHQLULL GHFHVXOXL
YLFWLPHL RUL vQ FDUH DFHDVWD D vQFHUFDW HIHFWLY V VH VLQXFLG GDU UH]XOWDWXO D IRVW
vQO WXUDWGLQLQGLIHUHQWFDUHFDX] FHOPDLDGHVHD±LQWHUYHQ LDPHGLFDO SURPSW úL
FDOLILFDW
6DQF LXQL )DSWD GH GHWHUPLQDUH VDX vQOHVQLUH D VLQXFLGHULL HVWH VDQF LRQDW
GLIHUHQ LDWGXS FXPHDVHvQFDGUHD] vQPRGDOLWDWHDWLS±DOLQO±RULvQDFHHD
DJUDYDW ±DOLQ/DSULPDPRGDOLWDWHSHGHDSVDHVWHvQFKLVRDUHDGHODODDQL
LDUODVHFXQGDPRGDOLWDWHvQFKLVRDUHDGHODODDQL
ÌQ DPEHOH LSRWH]H GH LQFULPLQDUH SHUVRDQD MXULGLF VH VDQF LRQHD] FX
DPHQG GHODODOHLSRWULYLWDUW&SHQ
7ULE6XSU'HFQU5,,,S
6HF LXQHD,,
/29,5($ù,9 7 0$5($,17(*5,7 ,,&25325$/(6$8$6 1 7 ,,
/29,5($6$8$/7(9,2/(1 (
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO vO FRQVWLWXLH UHOD LLOH VRFLDOH FDUH RFURWHVF SHUVRDQHOH
vPSRWULYDDFWHORUGHYLROHQ FDX]DWRDUHGHVXIHULQ HIL]LFHRULGHY W P ULFRUSRUDOH
2ELHFWXOPDWHULDOHVWHFRUSXOSHUVRDQHLDVXSUDF UXLDDF LRQHD] I SWXLWRUXO
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUFDúLDFHODSDVLYQXHVWHGHWHUPLQDWGHWH[W
ODDOLQúLGDUHVWHFLUFXPVWDQ LDWODDOLQúLDPELLVXELHF LDYkQG
FDOLWDWHDGHPHPEUXGHIDPLOLH
3ULQPHPEUXGHIDPLOLHVHvQ HOHJHSRWULYLWSUHYHGHULLDUW&RGSHQDO
VR XOVDXUXGDDSURSLDW GDF DFHDVWDGLQXUP ORFXLHúWHúLJRVSRG UHúWHvPSUHXQ
FXI SWXLWRUXO
ÌQFD]XOSOXUDOLW LLGHVXELHF LSDVLYLVHV YkUúHVFWRWDWkWHDLQIUDF LXQLFkWH
SHUVRDQHDXIRVWORYLWHvQDFHHDúLvPSUHMXUDUHúLGHF WUHDFHODúLDXWRUDXWRUL
3HUVRDQDMXULGLF SRDWHILVXELHFWDFWLYDODFHVWHLLQIUDF LXQL
3DUWLFLSD LD SHQDO HVWH SRVLELO vQ RULFDUH IRUP ± FRDXWRUDW LQVWLJDUH
FRPSOLFLWDWH
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO VH H[SULP vQWUR DF LXQH VDX LQDF LXQH GH ORYLUH RUL GH
H[HFXWDUH D DOWRU DFWH YLROHQWH FDX]DWRDUH GH VXIHULQ H IL]LFH VDX GH Y W P UL
FRUSRUDOH
)UHFYHQ D FHD PDL ULGLFDW vQ FDGUXO HOHPHQWXOXL PDWHULDO R GH LQ DF LXQLOH
GH DFHVW WLS FDUH GLVSXVH SH R VFDU IDFWRORJLF IRDUWH ODUJ úL GLYHUV SRW IL
QHPLMORFLWH[HUFLWDWH±ORYLUHFXSXPQXOSXQHUHDGHSLHGLF vPSLQJHUHDYLFWLPHL
SHVWHEDOXVWUDGDEDOFRQXOXLFXFRQVHFLQ DSUHFLSLW ULLDFHVWHLDWUDJHUHDGHXUHFKH
PXúFDUHDPkLQLLHWF±VDXLQGLUHFWH±VWURSLUHDWURWXDUXOXLFXRVXEVWDQ JOLVDQW
FDUHSURYRDF DOXQHFDUHDúLF GHUHDYLFWLPHL
,QDF LXQLOHVXQWPDLUDUvQWkOQLWHvQFD]XLVWLFDSHQDO ±GHSLOG I SWXLWRUXOQX
DYHUWL]HD] GHVSUHSUH]HQ DvQFXUWHDVDDXQXLFkLQHSHULFXORVFDUHPXúF YLFWLPD
$F LXQLOH OD UkQGXO ORU SRW IL vQI SWXLWH SULQ PLMORDFH IL]LFH ± ORYLUH FX
EDVWRQXO FX FX LWXO vQGUHSWDUH VSUH FRUSXO YLFWLPHL D LPSXOVXULORU HOHFWURVWDWLFH
SURGXVHGHGLVSR]LWLYHVSHFLDOHGHDWDF±DS UDUHRULGHVXEVWDQ HLULWDQWHHWF±
VDXPLMORDFHSVLKLFH±VSHULHUHDYLFWLPHLFDUHFDGHGLQDFHVWPRWLYúLVHORYHúWH
$SOLFDUHDGHORYLWXULUHSHWDWHDFHOHLDúLSHUVRDQHvQDFHHDúLRFD]LHFRQVWLWXLH
RXQLF IDSW LQIUDF LXQHGHORYLUH
7H[WXODUW&RGSHQDOUHJOHPHQWHD] PDLPXOWHPRGDOLW LQRUPDWLYH
ÌQ SULPXO DOLQHDW LQIUDF LXQHD GH ORYLUH HVWH UHJOHPHQWDW vQ GRX
PRGDOLW L QRUPDWLYH PRGDOLWDWHD ORYLUH úL PRGDOLWDWHD DOWH DFWH YLROHQWH
FDX]DWRDUHGHVXIHULQ HIL]LFH
&6- 'HF QU %- S ÌQ DFHODúL VHQV 70% 'HF QU &3-3
S
76'HFQU&'S
-XGVHFWRU%XFXUHúWL6HQWQU3-3YRO,,,S
6XFFHVLXQHD QR LXQLORU GH ÄORYLUH´ úL ÄDFWH YLROHQWH´ QX WUHEXLH V LQVSLUH
LQWHUSUHWDUHD F ÄORYLUHD´ HVWH DOWFHYD GHFkW ÄDFWHOH YLROHQWH´ VDX F GLQ VIHUD
ÄDFWHORU YLROHQWH´ VXQW DEVWUDVH ÄORYLULOH´ 3ULQ UHGDFWDUHD WH[WXOXL vQ DFHDVW
PDQLHU OHJLXLWRUXO D LQWHQ LRQDW V SRWHQ H]H LGHHD F DF LXQHD SURYRFDWRDUH GH
VXIHULQ QXVHOLPLWHD] ODDFHHDGHORYLUHúLF HDSRDWHILPDWHULDOL]DW vQÄRULFH
DOWHDFWHYLROHQWH´
ÌQ FH SULYHúWH ÄDFWHOH YLROHQWH´ GRFWULQD úL SUDFWLFD MXGLFLDU OHDX GDW XQ
vQ HOHV PDL ODUJ GHFkW DFHOD DGPLV vQ YRUELUHD FXUHQW ± GH DFWH FH LPSOLF IRU D
IL]LF ±UHVSHFWLYDXIRVWDVLPLODWHDFHVWHLFDWHJRULLQR LRQDOHúLDFWHOHQHYLROHQWH
GDUFDUHSURGXFHIHFWHVLPLODUHFHORUGLQWkLGHSLOG SXQHUHDvQSDQWRIXOYLFWLPHLD
XQHLSLRQH]HFXYkUIXOvQVXVFHHDFHvLSURGXFHDFHVWHLDODvQF O DUHRvQ HSDUHúL
GXUHUH LQYLWDUHD YLFWLPHL V P QkQFH GLQ SU MLWXULOH vQ FDUH VD vQFRUSRUDW R
VXEVWDQ SURYRFDWRDUHGHWXOEXU ULGLJHVWLYHHWF
ÌQDOLQHDWXODOGRLOHDHVWHUHJOHPHQWDW PRGDOLWDWHDDJUDYDW DLQIUDF LXQLL
LQFLGHQW vQLSRWH]DvQFDUHDF LXQLOH±LQDF LXQLOHSUHY ]XWHvQDOLQSULFLQXLHVF
RY W PDUHFRUSRUDO FHQHFHVLW SHQWUXYLQGHFDUHvQJULMLULPHGLFDOHGHFHOPXOW
GH]LOH
3ULQY W PDUHFRUSRUDO VHvQ HOHJHRDIHFWDUHDVXEVWDQ HLFRUSXOXLXPDQVDX
DV Q W LLDFHVWXLD9 W PDUHDHVWHFRQVHFLQ DXQHLDF LXQLDJUHVLYHYLROHQWHSULQ
LQWHUPHGLXOXQXLRELHFWFRUSRDUHFDUHDVXSUDRUJDQLVPXOXLXPDQFDUHDUHGUHSW
HIHFWSURGXFHUHDXQXLWUDXPDWLVP&HOHPDLIUHFYHQWHWUDXPDWLVPHSURYRFDWHSULQ
ORYLULOH VDX DFWHOH YLROHQWH ± OD FDUH VH UHIHU DUW DOLQ &RG SHQDO ±
SURGXF WRDUHGHY W P ULFHQHFHVLW vQJULMLULPHGLFDOHVXQW
(FKLPR]D YkQ WDLD ± SDW GH FXORDUH URúLH FDUH YLUHD] SULQ DOEDVWUX
FDIHQLX VSUH JDOEHQ DS UXW SH SLHOH GDWRULW PLFLORU UXSWXUL FDSLODUH GHUPR
KLSRGHUPLFHúLH[WUDYD] ULLFXLQILOWUD LHVDQJXLQ D HVXWXULORUGLQMXU
+HPDWRPXO±DFXPXODUHGHVkQJHvQ HVXWXUPDUHDXQXLWUDXPDWLVPSXWHUQLF
FHGHWHUPLQ UXSHUHDXQRUYDVHGHFDOLEUXPDLPDUHGHFkWvQFD]XOHFKLPR]HL(OH
SRWGHWHUPLQDWXOEXU ULIXQF LRQDOHXQHRULJUDYH
([FRULD LD ]JkULHWXUD ± GHWDúDUH VXSHUILFLDO D SLHOLL SURGXV SULQ IUHFDUHD
DFHVWHLDGHXQFRUSGXUFXVXSUDID DUXJRDV VDXDXQXLRELHFWDVFX LW
3ODJD UDQD ± OH]LXQH D HVXWXULORU VXSHUILFLDO VDX SURIXQG 'HQXPLUHD
SO JLL HVWH vPSUXPXWDW GH RELHFWXO FDUH R SURGXFH SODJ ]GURELW VDX FRQWX]
PXúFDW VIkúLDW vQ HSDW W LDW vQ HSDW GHVSLFDW vPSXúFDW
3ULQ vQJULMLUL PHGLFDOH VH vQ HOHJH WUDWDPHQWXO DGHFYDW DSOLFDW vQ YHGHUHD
vQV Q WRúLULL ÌQ SUDFWLFD MXGLFLDU VD KRW UkW F vQJULMLULOH PHGLFDOH VH DFRUG
SHQWUX YLQGHFDUHD XQRU WXOEXU UL vQ IXQF LRQDUHDRUJDQLVPXOXLúLQXQXPDLSHQWUX
vQO WXUDUHDVHPQHORUH[WHULRDUHFHVXQWFRQVHFLQ DORYLULL
'XUDWD DFHVWRU vQJULMLUL FRQVWLWXLH XQ FULWHULX OHJDO GH DSUHFLHUH D LQWHQVLW LL
JUDYLW LLY W P ULLÌQFD]XOY W P ULORUDYXWHvQYHGHUHGHDUWDOLQ&RG
SHQDOGXUDWDYLQGHF ULLORUHVWHGHFHOPXOW]LOHLQFOXVLY
$PEHOHPRGDOLW LQRUPDWLYHDXSUHY ]XWHPRGDOLW LDJUDYDWHvQDOLQúL
vQFD]XOvQFDUHIDSWHOHSUHY ]XWHvQDOLQúLUHVSHFWLYDOLQVXQWFRPLVH
DVXSUDXQXLPHPEUXGHIDPLOLH
8UPDUHD LPHGLDW FRQVW ILH vQ SURYRFDUHD XQRU VXIHULQ H IL]LFH SHUVRDQHL
Y W PDWHILHvQFDX]DUHDXQHLY W P ULFRUSRUDOHDFHVWHLD
ÌQWUH DF LXQHDLQDF LXQHD I SWXLWRUXOXL FH FRQVWLWXLH HOHPHQWXO PDWHULDO DO
LQIUDF LXQLL úL XUPDUHD LPHGLDW ± VXIHULQ D IL]LF VDX Y W PDUHD FRUSRUDO ± HVWH
QHFHVDUDVHVWDELOLXQUDSRUWGHGHWHUPLQDUHROHJ WXU GHFDX]DOLWDWH
9%HOLú0HGLFLQDOHJDO RSFLWSúLXUP
76'HFQU5,S
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH,QIUDF LXQHDVHV YkUúHúWHH[FOXVLYFXLQWHQ LHvQDPEHOH
PRGDOLW LDOHDFHVWHLD±GLUHFW RULLQGLUHFW
3HQWUX D H[LVWD LQWHQ LH HVWH vQV QHFHVDU FD DF LXQHDLQDF LXQHD YLROHQW V
QX ILH vQJ GXLW H[SUHV VDX WDFLW GH OHJH ÌQ FD]XO vQ FDUH DF LXQHDLQDF LXQHD
YLROHQW HVWHSHUPLV vQWURIRUP VDXDOWDGHQRUPHUHJOHPHQW ULOHJDOHFDvQ
FD]XO MRFXULORU VSRUWLYH OXSWH ER[ NDUDWH UXJE\ HWF ± vQ FDUH ORYLUHD
DGYHUVDUXOXLVDXDOWHPLúF ULVSHFLILFHSURGXF WRDUHGHVXIHULQ HIL]LFHVDXY W P UL
FRUSRUDOHVXQWSHUPLVHvQWUHDQXPLWHOLPLWHúLFXUHVSHFWDUHDUHJXOLORUGHMRF±RUL
vQ DSOLFDUHD WUDWDPHQWHORU PHGLFDOVDQLWDUH GH GLIHULWH WLSXUL VWRPDWRORJLH
JLPQDVWLF PHGLFDO UHFXSHUDWRULHFRVPHWLF úD±IDSWDQXFRQVWLWXLHLQIUDF LXQH
'H DVHPHQHD LHVH GH VXE LQFLGHQ D DFHVWXL WH[W IDSWD SURGXF WRDUH GH
FRQVHFLQ HOH DFROR DU WDWH GDF DFHDVWD HVWH MXVWLILFDW GH WUDGL LL FLUFXPFL]LD OD
HYUHL GH RELFHLXUL VDX PRG WDWXDMXO SHUIRUDUHD OREXOXL XUHFKLL D Q ULL SHQWUX
SRUWXO FHUFHLORU RUL GDF DF LXQHD I SWXLWRUXOXL HVWH SRUQLW OD FHUHUHD RUL FX
DFFHSWXO VXELHFWXOXL SDVLY LQWHUYHQ LL FKLUXUJLFDOH SHQWUX YLQGHFDUHD XQHL EROL vQ
VFRSHVWHWLFHWFGHRDUHFHSXQHUHDvQPLúFDUHDDF LXQLLSHQDOHHVWHFRQGL LRQDW GH
YRLQ DS U LLY W PDWHH[SULPDW H[SUHVvQSOkQJHUHDSUHDODELO
7H[WXOQXSUHWLQGHFDDXWRUXOV ILFRPLVIDSWDGLQWUXQDQXPHPRELOVDXvQWU
XQDQXPLWVFRS
)RUPH6DQF LXQL
)RUPHÌQOLSVDXQHLSUHYHGHULH[SUHVHWHQWDWLYDQXVHSHGHSVHúWHFXWRDWH
F DF LXQLOH SURSULL DFHVWHL LQIUDF LXQL VH SRW GHVI úXUD vQ WLPS úL GHFL VXQW
VXVFHSWLELOHGHDILvQFDGUDWHvQIRUPHLPSHUIHFWH
&RQVXPDUHD LQIUDF LXQLL DUH ORF vQ PRPHQWXO DWLQJHULL YLROHQWH D FRUSXOXL
YLFWLPHLFKLDUGDF HIHFWHOH±GXUHURDVHVDXY W P WRDUH±DSDUSRVWHULRUDFWXOXL
6DQF LXQL ,QIUDF LXQHD HVWH VDQF LRQDW GLIHUHQ LDW GXS FXP HD HVWH
V YkUúLW vQ PRGDOLWDWHD WLS RUL vQ DFHHD DJUDYDW GH OD DOLQ úL vQ UDSRUW FX
VXELHFWXOSDVLYUHVSHFWLYGDF DFHVWDHVWHPHPEUXGHIDPLOLHRULQHFLUFXPVWDQ LDW
GHWH[W
$VWIHO vQ PRGDOLWDWHD WLS FX VXELHFW SDVLY QHGHWHUPLQDW SHGHDSVD HVWH
vQFKLVRDUHD GH OD R OXQ OD OXQL LDU FX VXELHFW SDVLY FDOLILFDW SHGHDSVD HVWH
vQFKLVRDUHDGHODOXQLODXQDQ
/D PRGDOLWDWHD DJUDYDW GH OD DOLQ SHGHDSVD ± SHQWUX IDSWD vQGUHSWDW
vPSRWULYDXQHLSHUVRDQHQHGHWHUPLQDWH±HVWHvQFKLVRDUHDGHODOXQLODDQLLDU
SHQWUXIDSWDvQGUHSWDW vPSRWULYDXQXLPHPEUXGHIDPLOLH±HVWHvQFKLVRDUHGHXQX
ODDQL
3HGHSVHOH FX vQFKLVRDUHD OD WRDWH PRGDOLW LOH QRUPDWLYH H[DPLQDWH VXQW
SUHY ]XWHDOWHUQDWLYFXSHGHDSVDDPHQ]LL
ÌQ WRDWH LSRWH]HOH GH LQFULPLQDUH SHUVRDQD MXULGLF VH VDQF LRQHD] FX
DPHQG GHODODOHL
9 7 0$5($&25325$/
$QDOL]D WH[WXOXL DUW & SHQ IDFH IDFLO FRQVWDWDUHD F DFHVWD FDOFKLD]
DSURDSH vQ LQWHJUDOLWDWH WH[WXO DUW &RG SHQDO &HHD FH OH GLIHUHQ LD] HVWH
JUDYLWDWHD FRQVHFLQ HORU D XUP ULL LPHGLDWH vQ WH[WXO GH UHIHULQ DFHVWHD
OLPLWkQGXVHODVXIHULQ HIL]LFH±vQPRGDOLWDWHDWLS±úLODY W PDUHDFRUSRUDO FH
QHFHVLW SHQWUX YLQGHFDUH vQJULMLUL PHGLFDOH GH FHO PXOW ]LOH ± vQ PRGDOLWDWHD
DJUDYDW ± SH FkQG FHOH FDX]DWH GH IDSWD DFXP DQDOL]DW VXQW GH Y W PDUH D
LQWHJULW LL FRUSRUDOH VDX V Q W LL Y W PDUH FDUH LPSOLF vQJULMLUL PHGLFDOH SH R
SHULRDG vQWUHúLGH]LOH
6LPLOLWXGLQHD WH[WHORU QX WUHEXLH V FRQGXF OD FRQFOX]LD F LQIUDF LXQHD
SUHY ]XW GHDUW&RGSHQDOFRQVWLWXLHRPRGDOLWDWHDJUDYDW DFHOHLSUHY ]XWH
GH DUW &RG SHQDO FL OD DFHHD F HD HVWH R YDULDQW GH VSHFLH D LQIUDF LXQLL
DYkQGFKLDUGHQXPLUHQRPHQMXULVSURSULH
ÌQ OHJ WXU FX HOHPHQWXO FH GHRVHEHúWH WH[WHOH FRPSDUDWLY H[DPLQDWH úL
DQXPH JUDYLWDWHD FRQVHFLQ HORU IDSWHL ± JUDYLWDWH GLPHQVLRQDW SULQ GXUDWD
vQJULMLULORUPHGLFDOHQHFHVLWDWHGHYLFWLP SHQWUXYLQGHFDUH±PDLHVWHGHSUHFL]DW
F GRDU DFHDVW GXUDW HVWH UH LQXW OD VWDELOLUHD vQFDGU ULL MXULGLFH úL QX SHULRDGD
FRQFHGLXOXL PHGLFDO DFRUGDW RUL SHULRDGD GH LQFDSDFLWDWH WHPSRUDU GH PXQF
'XUDWDvQJULMLULORUPHGLFDOHQXFRLQFLGHFXGXUDWDFRQFHGLXOXLPHGLFDOVDXFXDFHHD
D LQFDSDFLW LL WHPSRUDUH GH PXQF DFHVWHD GLQ XUP ILLQG GH UHJXO PDL
vQGHOXQJDWHGHFkWSULPD
$úDGDU PDJLVWUDWXO YD LQH VHDPD GRDU GH FRQVWDW ULOH úL FRQFOX]LLOH
H[SHUWXOXL ± FXSULQVH vQ UDSRUWXO GH FRQVWDWDUH RUL GH H[SHUWL] PHGLFROHJDO ±
UHIHULWRDUHODWLPSXOQHFHVDUvQJULMLULORUPHGLFDOHGHWHUPLQDWHGHIDSWDY W P WRDUH
IL]LFVDXSVLKLFúLQXPDLvQIXQF LHGHDFHVWXQLFFULWHULXYDvQFDGUDIDSWDvQWUXQ
WH[WVDXDOWXOGHOHJHSHQDO
ÌQ FRQVHFLQ úL FX SUHFL] ULOH GH PDL VXV XUPHD] D DYHD vQ YHGHUH
H[SOLFD LLOHGDWHODLQIUDF LXQHDSUHY ]XW GHDUW&RGSHQDOFDUHvúLS VWUHD]
YDODELOLWDWHDODLQIUDF LXQHDDFXPDQDOL]DW
6DQF LXQL)DSWDSUHY ]XW vQSULPXODOLQHDWVHSHGHSVHúWHFXvQFKLVRDUHGHOD
OXQLODDQLLDUvQLSRVWD]DGHODDOLQ±FkQGYLFWLPDHVWHPHPEUXGHIDPLOLH
±SHGHDSVDSUHY ]XW GHOHJHHVWHvQFKLVRDUHDGHODXQXODDQL
3HUVRDQD MXULGLF vQ DPEHOH LSRWH]H GH LQFULPLQDUH VH VDQF LRQHD] FX
vQFKLVRDUHGHODODOHL
9 7 0$5($&25325$/ *5$9
2ELHFWXORFURWLULLSHQDOH
9 W PDUHDFRUSRUDO JUDY HVWHRIRUP FDOLILFDW DJUDYDW DLQIUDF LXQLLGH
Y W PDUHFRUSRUDO SUHY ]XW vQDUW&RGSHQDOVWDWXWGLQFDUHGHFXUJHILUHVF
R PXOWLWXGLQH GH LGHQWLW L vQWUH FRQ LQXWXO DFHVWRUD 9RU IL HYLGHQ LDWH OD ORFXO
ILHF UHLD
$FHVWDHVWHLGHQWLFFXFHODU WDWODLQIUDF LXQHDGHORYLUHVDXDOWHYLROHQ H
6XELHF LLLQIUDF LXQLL
$VHYHGHDH[SOLFD LLOHGDWHODLQIUDF LXQHDSUHY ]XW GHDUW&RGSHQDO
FXSUHFL]DUHDF vQFD]XOLQIUDF LXQLLDFXPDQDOL]DW IDSWHOHQXDXPDLIRVWDJUDYDWH
vQLSRWH]DvQFDUHVXELHFWXOSDVLYHVWHPHPEUXGHIDPLOLH
/DWXUDRELHFWLY
,QIUDF LXQHD GH Y W PDUH FRUSRUDO JUDY SUHY ]XW vQ DUW &RG SHQDO
ILLQG R IRUP DJUDYDW D LQIUDF LXQLL GH Y W PDUH FRUSRUDO SUHY ]XW vQ DUW
&RGSHQDOHOHPHQWHOHORUPDWHULDOHYRUILLGHQWLFH
'LIHUHQ LHUHDGLQWUHDFHVWHLQIUDF LXQLDSDUHvQOHJ WXU FXJUDYLWDWHDXUP ULL
LPHGLDWH D IDSWHL ± OD LQIUDF LXQHD SUHY ]XW GH DUW &RG SHQDO Y W PDUHD
LQWHJULW LL FRUSRUDOH VDX V Q W LL QHFHVLW R SHULRDG GH vQJULMLUL PHGLFDOHSHQWUX
YLQGHFDUHGHSkQ ODGH]LOHvQYUHPHFHODLQIUDF LXQHDSUHY ]XW GHDUW
&RGSHQDOSHULRDGDGHvQJULMLULPHGLFDOHQHFHVDUHYLQGHF ULLGHS úHúWHSUDJXOFHORU
GH]LOH
1XSUH]LQW UHOHYDQ vPSUHMXUDUHDF SHULRDGDGHvQJULMLULPHGLFDOHQHFHVDUH
YLQGHF ULL D IRVW PDL PDUH GH ]LOH GLQ FDX]D XQHL OH]LXQL VXIHULWH GH YLFWLP
DQWHULRUV YkUúLULLLQIUDF LXQLLGHF WUHDXWRUL
'XUDWD vQJULMLULORU PHGLFDOH QX HVWH vQV XQLFXO FULWHULX GH GHOLPLWDUH GLQWUH
DFHVWH LQIUDF LXQL vQ FH SULYHúWH FRQVHFLQ HOH IDSWHL úL JUDYLWDWHD DFHVWRUD WH[WXO
LQIUDF LXQLL DQDOL]DWH FXSULQ]kQG úL DOWH PRGDOLW L QRUPDWLYH F URUD OH FRUHVSXQG
HOHPHQWHPDWHULDOHGLVWLQFWHúLDQXPHDFHOHDF LXQLLQDF LXQLSULQFDUHVHSURGXFH
ÄSLHUGHUHD XQXL VLP VDX RUJDQ´ ÄvQFHWDUHD IXQF LRQ ULL RUJDQXOXL´ ÄLQILUPLWDWH
SHUPDQHQW IL]LF VDX SVLKLF ´ ÄVOX LUH´ ÄDYRUW´ ÄSXQHUHD vQ SULPHMGLH D YLH LL
SHUVRDQHL´
&RQVHFLQ HOHHQXQ DWHvQDOLQQHFHVLW XQHOHH[SOLFD LL
D3LHUGHUHDXQXLVLP VDXRUJDQ
D 6LP 3ULQ VLP VH vQ HOHJH DFHD IDFXOWDWH D RDPHQLORU GH D SHUFHSH
LPSUHVLL GLQ OXPHD H[WHULRDU 2DPHQLL VXQW vQ]HVWUD L FX DVHPHQHD VLP XUL
Y ]XO DX]XO PLURVXO JXVWXO SLS LWXO )LHFDUH VLP HVWH UHDOL]DW SULQWUXQ RUJDQ
VSHFLILFVDXSULQÄFRODERUDUHD´PDLPXOWRURUJDQH
3ULQ SLHUGHUHD VLP XOXL vQ VHQVXO DUW &RG SHQDO VH vQ HOHJH DWkW
GLVSDUL LD DEROLUHD XQXL VLP FkW úL GLPLQXDUHD DFHVWXLD DGLF PLFúRUDUHD
FDSDFLW LL GH D DX]L GH D YHGHD GH D SHUFHSH JXVWXO úL PLURVXO VXEVWDQ HORU RUL
FDOLW LOHSDOSDELOHDOHFRUSXULORU
ÌQ LSRWH]D F DEROLUHD VDX GLPLQXDUHD VLP XULORU HVWH GHILQLWLY DFHDVW
FRQVHFLQ YD IL HFKLYDOHQW úL GHFL WUDWDW MXULGLF FD R LQILUPLWDWH SHUPDQHQW LDU vQ
LSRWH]DF XUPDUHDGDW HVWHWHPSRUDU HDYDFRQVWLWXLDFHDFRQVHFLQ FHDUHvQYHGHUH
DFRUGDUHDGHvQJULMLULPHGLFDOHSHQWUXYLQGHFDUHSHRSHULRDG GHSHVWHGH]LOH
D2UJDQ&RQFHSWXOGHILQHúWHRSDUWHDFRUSXOXLSULQFDUHVHUHDOL]HD] XQD
VDXPDLPXOWHIXQF LLYLWDOHLQLP FUHLHUILFDWVDXXWLOHYLH LLXUHFKHGHJHWVkQ
GLQWHHWF
3ULQ SLHUGHUHD RUJDQXOXL vQ VHQVXO DUW &RG SHQDO WUHEXLH vQ HOHDV
GHVSULQGHUHDDFHOXLRUJDQGHFRUSLQGLIHUHQWGDF DFHDVW GHWDúDUHHVWHFRQVHFLQ D
GLUHFW DIDSWHLSHQDOHRULHVWHFRQVHFLQ DXQHLLQWHUYHQ LLFKLUXUJLFDOHLPSXVHGH
JUDYLWDWHDDF LXQLLWUDXPDWL]DQWHHIHFWXDWHGHI SWXLWRU
0DMRULWDWHDRUJDQHORUDF URUIXQF LHHVWHFRPSDWLELO FXYLD DRFKLXUHFKL
SO PkQL ULQLFKL HWF VXQW GXEOH ,QIUDF LXQHD HVWH UHDOL]DW LQGLIHUHQW GDF ÄVD
SLHUGXW´ vQWUHJXO RUJDQ DPELL RFKL DL RUJDQXOXL YL]XDO DPEHOH SLFLRDUH DOH
RUJDQXOXLORFRPRWRUVDXQXPDLSDUWHGLQDFHVWHDXQSO PkQXQULQLFKLRPkQ
'HDVHPHQHDYDILLQGLIHUHQWGDF SULQSLHUGHUHDRUJDQXOXLDvQFHWDWVDXQX
IXQF LD DFHVWXLD GH SLOG vQ FD]XO VSOHQHFWRPLHL ± H[WLUSDUHD VSOLQHL ± U VXQHWXO
IXQF LRQDOHVWHSUDFWLFLQH[LVWHQW&HHDFHOHJHDVDQF LRQHD] vQDFHDVW YDULDQW D
PRGDOLW LL QRUPDWLYH HVWH SXU úL VLPSOX ÄSLHUGHUHD RUJDQXOXL´ LQGHSHQGHQW GH
vQWLQGHUHDDFHVWHLSLHUGHULRULGHFRQVHFLQ HOHDVXSUDIXQF LHLIXQF LLORURUJDQXOXL
SLHUGXW
E ÌQFHWDUHD IXQF LRQ ULL DFHVWRUD D XQXL VLP VDX RUJDQ 'RFWULQD
DXWRKWRQ vQPDWHULHDLQWHUSUHWDWDFHDVW YDULDQW DPRGDOLW LLQRUPDWLYHvQVHQVXO
F ÄvQFHWDUHD IXQF LRQ ULL´ YL]HD] GHRSRWULY ÄVLP XO úL RUJDQXO vQWUR OXFUDUH
&6-'HFQU5'3QUS
76'HFQU&'S
76'HFQU&'S
9'RQJRUR]úLFRO ([SOLFD LLWHRUHWLFHDOH&RGXOXLSHQDOURPkQHGFLWYRO,,,S79DVLOLXúL
FRO&RGXOSHQDOURPkQFRPHQWDWúLDGQRWDWHGFLWSO
PDLUHFHQW SUHFL]kQGXVHFKLDUF ÄWH[WXODUHvQYHGHUHVLWXD LDFkQGRUJDQXOVDX
VLP XOVHS VWUHD] GDUQXúLPDLSRDWHvQGHSOLQLIXQF LD
ÌQFHQHSULYHúWHFRQVLGHU PF RSLQLDvQI LúDW DSDUHFRUHFW vQSHUVSHFWLYD
LQWHUSUHW ULLWH[WXOXLH[FOXVLYJUDPDWLFDOSOXUDOXODGMHFWLYHORUÄDFHVWRUD´UHIHULQGX
VHI U vQGRLDO ODVXEVWDQWLYHOHÄVLP ´VDXÄRUJDQ´H[SULPDWHODQXP UXOVLQJXODU
'LQWUR DOW SHUVSHFWLY GH LQWHUSUHWDUH D WH[WXOXL vQ FDUH VXQW LPSOLFDWH
DUJXPHQWHGHGXVHGLQSHULPHWUXOPHGLFDOOLQJYLVWLFúLQXvQXOWLPXOUkQGDOORJLFLL
MXULGLFHRSLQLDVXVSUH]HQWDW QXPDLDSDUHvQV vQSR]L LDFHUWXOXLLQGLVFXWDELO
$VWIHO SRUQLQG GH OD FRQFHSWXO ÄIXQF LRQDUH´ FDUH ÄHVWH DF LXQHD GH D
IXQF LRQD úL UH]XOWDWXO HL´ úL WUHFkQG SULQ DFHOD GH ÄD IXQF LRQD´ FX vQ HOHVXO GH
ÄDúL vQGHSOLQL IXQF LD´ DMXQJHP OD FRQFHSWXO GH ÄIXQF LH´ GHILQLW GLQ SXQFW GH
YHGHUH IL]LRORJLF FD ÄDFWLYLWDWH SURSULH D ILHF UXL RUJDQ DSDUDW HVXW GLQ RUJD
QLVPHOHYLLDOHYLH XLWRDUHORU'HFLQLPLFGHVSUHÄVLP ´ùLHVWHúLILUHVFSHQWUX
F IXQF LD HVWH R SUHOXQJLUH H[FOXVLY D RUJDQXOXL HD HVWH FHHD FH IDFH H[FOXVLY
RUJDQXO±RUJDQXOPHFDQLFVDXIL]LRORJLF±IXQF LDVHH[SULP SULQDFWLYLWDWHDXQXL
PHFDQLVP PDWHULDO úL H[SULP DFWLYLWDWHD DFHVWXL PHFDQLVP PDWHULDO LDU QX SH
DFHHD D XQHL ÄFDSDFLW L´ ÄIDFXOW L´ ÄvQVXúLUL´ FDUH VXQW DSDU LQ WRDUH FDWHJRULHL
DEVWUDFWXOXL D LPDWHULDOXOXL 0DL PXOW GHFkW DWkW ÄVLP XO´ ± FDUH HVWH DúD FXP
DU WDP R ÄVHQ]D LH´ R PRGDOLWDWH GH SHUFHSHUH D OXPLL vQFRQMXU WRDUH SULQ
LQWHUPHGLXO RUJDQHORU GH VLP ± SRDWH IL FRQVLGHUDW HO vQVXúL R IXQF LH R IXQF LH
DFWLYLWDWHDRUJDQXOXLFDUHUHFHSWHD] LPSUHVLLOHRELHFWLYH2UDFHDVW DFFHS LXQH
D FRQFHSWXOXL GH VLP ± vQ JUDG GH HFKLYDOHQ FX ÄIXQF LD´ ± DFFHS LXQH FH QX
SRDWHILUHIX]DW HYLGHQ LD] LQGXELWDELOWDXWRORJLDWH[WXOXLFDUHLQFULPLQHD] IDSWD
FHSURYRDF ÄvQFHWDUHDIXQF LRQ ULLIXQF LHL´VLP XOXL
ÌQ FRQVHFLQ QH H[SULP P FUHGLQ D SRWULYLW F UHLD LQWHUSUHWDUHD FRUHFW D
WH[WXOXLvQFHSULYHúWHDFHDVW YDULDQW DPRGDOLW LLQRUPDWLYHGH]Y OXLHLQWHQ LD
OHJLXLWRUXOXLQHIHULFLWWUDQVSXV vQYRUEHGHDLQFULPLQDúLSHGHSVLDFHDIDSW SULQ
FDUH VD SURGXV vQFHWDUHD IXQF LHL XQXL RUJDQ I U FD DFHVWD RUJDQXO V ILH
PRUIRORJLF GLVORFDW GHVSULQV GLQ VLVWHPXO LQWHJUDWRU &X DOWH FXYLQWH SULQ
GLVFXWDWD GLVSR]L LH OHJDO VD YRLW D VH DFRSHUL SHQDO WRFPDL DFHD VLWXD LH
QHLQFULPLQDW vQYDULDQWDDQWHULRDU 8QDVWIHOGHFD]SRDWHILúLDODID]LHLFLWDWPDL
VXVRULDFHODvQFDUHDPEHOHSLFLRDUHVXQWLQWHJUHPRUIRORJLFGDUIXQF LDDSDUDWXOXL
RUJDQXOXL ORFRPRWRU HVWH DEROLW GLQ FDX]D DIHFW ULL FRORDQHL YHUWHEUDOH SULQWUR
IDSW FXFRQVHFLQ HWUDXPDWL]DQWH
F ,QILUPLWDWH IL]LF RUL SVLKLF ,QILUPLWDWHD HVWH R VWDUH GH DQRUPDOLWDWH
IL]LF RUL SVLKLF XQ SUHMXGLFLX DGXV FRUSXOXL FX FDUDFWHU SHUPDQHQW $FHVW
SUHMXGLFLX SRDWH IL VWULFW IL]LF ± GHIRUPDUH D FXWLHL WRUDFLFH FX OLPLWDUH D
IXQF LRQDOLW LLDSDUDWXOXLUHVSLUDWRUDQFKLOR]DUHDDUWLFXOD LHLSXPQXOXLúD±VWULFW
SVLKLF ± GHPHQ H SVLKR]H HQFHIDORSDWLL FX WXOEXU UL GH FRPSRUWDPHQW úD ± VDX
QX DUDUHRUL PL[W ± FUL]H HSLOHSWLFH SRVWWUDXPDWLFH VW UL GHSUHVLYH GHWHUPLQDWH GH
KLSHUGUDPDWL]DUHDLQILUPLW LLIL]LFH
,QILUPLWDWHDvQLQGLIHUHQWFDUHLSRVWD] FRQ LQHQHFHVDUPHQWHFDUDFWHUXOGH
SHUPDQHQ DGLF HDHVWHLUHYHUVLELO ,QILUPLWDWHDIL]LF VDXSVLKLF VHVXSUDSXQH
vQPDUHP VXU VLWXD LHLSLHUGHULLXQXLRUJDQVDXDIXQF LRQDOLW LLDFHVWXLDGDUQX
VHúLFRQIXQG SHQWUXF SHGHRSDUWHGXS FXPVDPDLVSXVQXRULFHSLHUGHUHD
XQXLRUJDQFRQGXFHLQH[RUDELOODSLHUGHUHDXQHLIXQF LLúLGHFLODLQILUPL]DUHDDFHOHL
SHUVRDQH ± SLHUGHUHD VSOLQHL DPLJGDOHORU S UXOXL HWF ± LDU SH GH DOW SDUWH
2/RJKLQ$)LOLSDú'UHSWSHQDOURPkQHGFLWS
'LF LRQDUXOH[SOLFDWLYDOOLPELLURPkQHHGFLWS
3HODUJ9DOHQWLQ,IWHQLHùWHIDQ3LVWRO± 6HPQLILFD LDPHGLFROHJDO úLMXULGLF DQR LXQLLGHLQILUPLWDWH
'UQUS
FRQVHFLQ HOH SLHUGHULL XQXL RUJDQ SRW IL XOWHULRU UHPHGLDWH ± SULQ LQWHUYHQ LL
FKLUXUJLFDOH VDX DOWH WUDWDPHQWH PHGLFDOH ± SLHU]kQGXVH DVWIHO FDUDFWHUXO
SHUPDQHQWDOFDX]HLYLUWXDOLQILUPL]DQWH
(VWH LUHOHYDQW SHQWUX UHDOL]DUHD LQIUDF LXQLL GDF GHIHFWXO IL]LF VDX SVLKLF
LQVWDODWFDXUPDUHDIDSWHLSHQDOHV YkUúLWHHVWHWRWDOVDXSDU LDO±VXU]LUHFRPSOHW
VDXVF GHUHDDFXLW LLDXGLWLYHSDUDOL]LDDPEHORUSLFLRDUHRULWXOEXU ULGHPHUV'H
DVHPHQHDQXLPSRUW GXUDWDvQJULMLULORUPHGLFDOH±FDUHSRWILPLQLPHVDXFKLDUV
úL OLSVHDVF ± úL QLFL GDF LQILUPLWDWHD D DS UXW FD HIHFW H[FOXVLY DO DF LXQLL
LQDF LXQLLI SWXLWRUXOXLRULDOvPSOHWLULLDFHVWRUDFXFDX]HSUHH[LVWHQWH
,QILUPLWDWHD QX WUHEXLH FRQIXQGDW FX LQYDOLGLWDWHD DFHVW GLQ XUP FRQFHSW
DGUHVkQGXVH VLWXD LHL SLHUGHULL VDX VF GHULL FDSDFLW LL GH PXQF VLWXD LH
LQWHUYHQLW vQ XUPD XQHL LQILUPLW L 'HFL LQYDOLGLWDWHD YD FRH[LVWD vQWRWGHDXQD FX
LQILUPLWDWHD GDU QX úL LQYHUV H[LVWkQG QXPHURDVH LQILUPLW L SHUPDQHQWH I U FD
GHILFLWXO IXQF LRQDO V VH UHSHUFXWH]H DVXSUD FDSDFLW LL GH PXQF vQ H[HUFLWDUHD
XQHLDVDXDOWHLDGLQWUHSURIHVLLGHSLOG SLHUGHUHDXQXLSLFLRUQXYDLQYDOLGDSHU
VRDQDFDUHH[HUFLW DQXPLWHSURIHVLLGDVF OFRPSR]LWRUUHGDFWRUHWF±GDUYDLQYDOLGD
SHUVRDQDFDUHH[HUFLW DOWHSURIHVLL±VSRUWLYSURIHVLRQLVWúRIHUVFDIDQGUXHWF
G6OX LUH3ULQDFHVWFRQFHSWVHvQ HOHJHRGHIRUPDUHHYLGHQW PRUIRORJLF
úLVDX HVWHWLF D XQHL UHJLXQL DQDWRPLFH LQGLIHUHQW GH ORFDOL]DUHD DFHVWHLD FDUH
FUHHD] YLFWLPHLXQUHDOSUHMXGLFLXIL]LFVDXSVLKLF
6OX LUHD SRDWH V FRQVWH vQWUR GHIRUPDUH D FRUSXOXL GHVFHQWUDOL]DUH
JkUERYLUH PXWLODUH DPSXWDUH D XQXL PHPEUX VDX D XQHL S U L D DFHVWXLD vQ
DVHPHQHDFD]XULVOX LUHDFRLQFL]kQGFDHIHFWMXULGLFFXSLHUGHUHDXQXLRUJDQGDU
FHOPDLDGHVHDVOX LUHDFRQVW vQGHVILJXUDUH
'HVILJXUDUHD VH WUDGXFH vQWUR DOWHUDUH D DVSHFWXOXL DUPRQLHL VLPHWULHL VDX
PRELOLW LL IH HL F UHLD vL G R vQI LúDUH GH]DJUHDELO ÌQ XQHOH FD]XUL
FRQVHFLQ HOH DF LXQLL LOLFLWH QX VH OLPLWHD] OD SUHMXGLFLXO GH RUGLQ HVWHWLF FL VH
H[WLQG úL OD FHO GH RUGLQ IXQF LRQDO UHSHUFXWkQGXVH DVXSUD PLPLFLL úL
H[SUHVLYLW LLSDUH]HIDFLDOHVWUDELVPHWF
ÌQ GRFWULQD úLSUDFWLFDMXGLFLDU DGRPLQDWRSLQLD±IRUPDW HVWHGUHSW
FX PDL PXO L DQL vQ XUP ± SRWULYLW F UHLD LQIUDF LXQHD HVWH UHDOL]DW vQ DFHDVW
YDULDQW DPRGDOLW LLQRUPDWLYHFKLDUGDF GHIHFWHOHSURYRFDWHSULQIDSWDSHQDO DU
SXWHDILvQO WXUDWHSULQÄOXFU ULDUWLILFLDOH´
&RQVLGHUkQG MXVWLILFDW DFHDVW RSLQLH FDUH DYHD vQ YHGHUH OD DFHO WLPS
UH]XOWDWHOHPDLPRGHVWHvQUHJLVWUDWHGHPHGLFLQ vQJHQHUDOGHFKLUXUJLDSODVWLF úL
UHSDUDWRULHvQSDUWLFXODUQXPDLDSUHFLHPvQV MXVWLILFDW DGPLWHUHDHLDVW ]LID
GHSHUIRUPDQ HOHUHDOL]DWHvQDFHVWGRPHQLXDVW ]LFkQGvQSODQH[WHUQúLLQWHUQ
LQWHUYHQ LLOHFKLUXUJLFDOHRULDOWHPHWRGHWHUDSHXWLFHVDXIL]LRWHUDSHXWLFHQXQXPDL
F UHGDX IXQF LRQDOLWDWHD úL DVSHFWXO HVWHWLF UHJLXQLL DQDWRPLFH DIHFWDWH SULQ
DF LXQHD WUDXPDWL]DQW GDU FKLDU QX vQ SX LQH FD]XUL DGDXJ GLPHQVLXQL QRL
VXSHULRDUHvQGHRVHELvQSODQXOHVWHWLFXOXL
2EVHUYkQG UHDOLW LOH PHGLFDOH FRWLGLHQH úL SRUQLQG GH OD SUHPLVD F
LQIUDF LXQHD vQ DFHDVW YDULDQW HVWH UHDOL]DW QXPDL GDF VOX LUHD ± FD úL
LQILUPLWDWHD ± DUH FDUDFWHU SHUPDQHQW LUHYHUVLELO RSLQ P F UHPHGLHUHD UHDO úL
WRWDO DSUHMXGLFLXOXLPRUIRORJLFVDXúLHVWHWLFSULQPHWRGHOHúLWHKQLFLOHPHGLFDOH
&6-'HFQU%-S
76'HFQU5,S
7 9DVLOLX úL FRO &RGXO SHQDO URPkQ FRPHQWDW úL DGQRWDW HG FLW YRO , S ù 6W QRLX 3-3
YRO,,,S
'HFQUúL'HFQU5,S'HFQU5,,,S
PRGHUQHvPSLHGLF DQWUHQDUHDU VSXQGHULLSHQDOHVXEDFHDVW vQFDGUDUHMXULGLF D
DXWRUXOXLIDSWHLFHDDYXWFDHIHFWLQL LDOVOX LUHDYLFWLPHL
ÌQDFHVWVHQVVDSURQXQ DWúLLQVWDQ DVXSUHP FDUHSULQ'HFL]LDQU,,D
6HF LLORU 8QLWH VD GLVWDQ DW GH MXULVSUXGHQ D DQWHULRDU úL D RULHQWDW LQVWDQ HOH
MXGHF WRUHúWLVSUHDSRUQLGHODSUHPLVDF SLHUGHUHDXQXLDVDXPDLPXOWRUGLQ LQX
FRQIHU DXWRPDW FDUDFWHUXO GH Y W PDUH FRUSRUDO JUDY ÌQ FRPHQWDULXO GHFL]LHL
VDSXVvQHYLGHQ LGHHDSRWULYLWF UHLDÄPDUHDGLYHUVLWDWHDFRQVHFLQ HORUFDUHSRW
IL SURGXVH DVXSUD IL]LRQRPLHL YLFWLPHL VDX DVXSUD IXQF LHL PDVWLFDWRULL VXQW
UH]XOWDWXO QX QXPDL DO PRGXOXL vQ FDUH DJUHVRUXO DF LRQHD] GDU úL D
SDUWLFXODULW LORUDQDWRPLFHúLIL]LRORJLFHDOHILHF UXLLQGLYLG´
H $YRUWXO$FHDVW DOW FRQVHFLQ DIDSWHLSUHY ]XWHvQDUW&RGSHQDO
FRQVW vQvQWUHUXSHUHDFXUVXOXLVDUFLQLLúLH[SXO]DUHDSURGXVXOXLGHFRQFHS LH
3HQWUX FD LQIUDF LXQHD V VH UHDOL]H]H vQ DFHDVW PRGDOLWDWH QRUPDWLY HVWH
QHFHVDUFDI SWXLWRUXOV ILFXQRVFXWRULV ILDYXWSRVLELOLWDWHDGHDSUHYHGHDVWDUHDGH
JUDYLGLWDWHDIHPHLL3URYRFDUHDXQHLQDúWHULSUHPDWXUHSULQDF LXQHDI SWXLWRUXOXL
QX FRQVWLWXLH XQ DYRUW GDU R DVHPHQHD DF LXQH GHFODQúDWRDUH D QDúWHULL vQDLQWH GH
WHUPHQYDSXWHDILH[DPLQDW úLWUDWDW SULQSULVPDDOWRUGLVSR]L LLOHJDOHFDGHSLOG
DPRGDOLW LLQRUPDWLYHFHXUPHD] vQFRQWLQXDUHDILSUH]HQWDW
I 3XQHUHDvQSULPHMGLHDYLH LLSHUVRDQHL8QDVHPHQHDUH]XOWDWFHUXWGHWH[W
vQWUR PRGDOLWDWH QRUPDWLY GLVWLQFW SRDWH IL GHWHUPLQDW SULQ RULFH DF LXQH VDX
LQDF LXQH FDUH HVWH GH QDWXU V FUHH]H R VWDUH SRWHQ LDO SHULFXORDV SHQWUX YLD D YLF
WLPHL VLWXD LD DYXW vQ YHGHUH GH OHJLXLWRU HVWH GHFL GH DOWHUDUH HYLGHQW D VW ULL JH
QHUDOHDYLFWLPHLFDUHIDFHSRVLELO HYROX LDJUDY FXLPLQHQ DVDXSUH]XP LDGHGHFHV
ÌQDFHDVW LSRVWD] I SWXLWRUXOQXXUP UHúWHGHFHVXOYLFWLPHL±F FLGDF ODU
XUP UL IDSWD FRQVWLWXLH WHQWDWLY GH RPRU ± GDU DF LRQHD] SHQWUX Y W PDUHD
VXELHFWXOXL SDVLY vQ FRQGL LL VXVFHSWLELOH D SURYRFD PRDUWHD DFHVWXLD ÌQ FD]XO
SURGXFHULLUH]XOWDWXOXLOHWDOIDSWDYDFRQVWLWXLLQIUDF LXQHDGHORYLULFDX]DWRDUHGH
PRDUWH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH,QIUDF LXQHDGHY W PDUHFRUSRUDO JUDY vQPRGDOLW LOH
WLS±DOLQúL±VHV YkUúHúWHFXLQWHQ LHLQGLUHFW VDXFXSUDHWHULQWHQWLH±
DXWRUXO GHFL UHDOL]HD] F IDSWD VD YDW P LQWHJULWDWHD FRUSRUDO VDX V Q WDWHD
YLFWLPHLúLDFFHSW SURGXFHUHDXQHLDGLQWUHFRQVHFLQ HOHDU WDWHvQWH[WRULvQFHDGH
DGRXDVLWXD LHDFHVWDUHDOL]HD] úLXUP UHúWHY W PDUHDYLFWLPHLGDUHVWHvQFXOS
ID GHXUP ULOHSURYRFDWHSULQIDSWDVD
ÌQ FHD GHD GRXD PRGDOLWDWH DJUDYDW ± DOLQ ± DXWRUXO UHDOL]HD]
XUP UHúWHúLGRUHúWHFDSULQDF LXQHDLQDF LXQHDOXLV SURGXF XQDGLQFRQVHFLQ HOH
HQXQ DWHvQDOLQ3ULQXUPDUHHOV YkUúHúWHLQIUDF LXQHDvQDFHDVW PRGDOLWDWH
DJUDYDW FX LQWHQ LH GLUHFW ,QWHQ LD DXWRUXOXL HVWH FDOLILFDW vQVXPkQG vQ HD úL
HOHPHQWXOVFRS
/D QLFL XQD GLQWUH PRGDOLW LOH LQIUDF LXQLL SUHY ]XWH GH DUW &RG SHQDO
WH[WXO QX FHUH FD I SWXLWRUXO V ILH DQLPDW GH XQ DQXPLW PRELO vQ FRPLWHUHD
DF LXQLLLQDF LXQLL
,RDQ *ULJD 6HF LLOH 8QLWH 9 W PDUH FRUSRUDO JUDY 5'3 QU S 2 VROX LH vQ DFHDVW
JkQGLUHDIRVWSURQXQ DW úLGH&$6XFHDYD'HFQU'UQUS
&6-'HFQU'&6-SúL'HFQU3/QUS76'HF
QU5,S
7M6LELX'HFQU'UQUOSO
7M7LPLú'HFQU5,,,S
&RVWHO1LFXOHDQX2SLQLHSULYLQGvQFDGUDUHDMXULGLF DIDSWHLFRQVWkQGvQGHIORUDUHDYLFWLPHLPLQRUHFX
GHJHWXODYkQGFDXUPDUHSXQHUHDvQSULPHMGLHDYLH LLDFHVWHLD'UQUS
)RUPH6DQF LXQL
)RUPH 7HQWDWLYD HVWH SRVLELO OD DPEHOH PRGDOLW L WLS DOH LQIUDF LXQLL ± vQ
FD]XOV YkUúLULLIDSWHLFXLQWHQ LH±GDUHDHVWHVDQF LRQDW SRWULYLWDUWDOLQ
&RGSHQDOQXPDLFkQGI SWXLWRUXODDF LRQDWFXLQWHQ LDGHDSURGXFHFRQVHFLQ HOH
DU WDWH vQ DOLQHDWHOH úL GHFL HVWH VDQF LRQDW GRDU WHQWDWLYD OD LQIUDF LXQHD
SUHY ]XW vQDOLQ
&RQVXPDUHDLQIUDF LXQLLDUHORFvQPRPHQWXODSDUL LHLXUP ULLLPHGLDWHDGLF
ODSURGXFHUHDFRQVHFLQ HORUY W P WRDUHPHQ LRQDWHvQDUWDOLQúL&SHQ
6DQF LXQL ,QIUDF LXQHD SUHY ]XW vQ DUW DOLQ úL &RG SHQDO VH
SHGHSVHúWHFXvQFKLVRDUHGHODODDQLUHVSHFWLYGHODODDQLLDUvQYDULDQWD
DJUDYDW SUHY ]XW vQDOLQFXvQFKLVRDUHGHODODDQL
7HQWDWLYDIDSWHLSUHY ]XWHvQDOLQVHSHGHSVHúWH
3HUVRDQDMXULGLF VHSHGHSVHúWHFXDPHQG GHODODOHLSHQWUX
IDSWHOHSUHY ]XWHvQDOLQúLúLFXDPHQG GHODODOHLSHQWUX
IDSWDSUHY ]XW vQDOLQSUHFXPúLvQFD]GHWHQWDWLY ODDFHDVWDGLQXUP
/29,5,/(6$89 7 0 5,/(&$8=$72$5('(02$57(
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDODODFHVWHLLQIUDF LXQLSURJUHVLYHúLSUDHWHULQWHQ LRQDWH
vO FRQVWLWXLH UHOD LLOH VRFLDOH D F URU IRUPDUH úL GH]YROWDUH QX DU IL SRVLELOH I U
RFURWLUHDGUHSWXOXLODYLD vPSRWULYDIDSWHORUGHORYLULVDXY W P ULFHDUDYHDFD
UH]XOWDWPRDUWHDYLFWLPHL
2ELHFWXO PDWHULDO vO FRQVWLWXLH FRUSXO SHUVRDQHL vPSRWULYD F UXLD DF LRQHD]
I SWXLWRUXO
6XELHF LLLQIUDF LXQLL
$VHYHGHDH[SOLFD LLOHGDWHODLQIUDF LXQHDSUHY ]XW GHDUW&RGSHQDO
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDODOLQIUDF LXQLLHVWHFRQVWLWXLWGLQDF LXQLLQDF LXQLLGHQWLFH
FHORU FDUH FRPSXQ HOHPHQWXO PDWHULDO DO LQIUDF LXQLORU SUHY ]XWH GH DUW
&RGSHQDOFXGHRVHELUHF ODLQIUDF LXQHDDFXPDQDOL]DW HOHDXFDUH]XOWDWPRDUWHD
VXELHFWXOXLSDVLYUH]XOWDWID GHFDUHDXWRUXODUHRSR]L LHVXELHFWLY FDUDFWHUL]DW
SULQFXOS 6HSRDWHGHFLDILUPDF LQIUDF LXQHDGHORYLULVDXY W P ULFDX]DWRDUH
GH PRDUWH HVWH VXE UDSRUWXO VWUXFWXULL VDOH R IRUP DJUDYDW D LQIUDF LXQLORU GH
ORYLUHVDXGHY W PDUHFRUSRUDO
$F LXQLOHLQDF LXQLOHLQIUDF LXQLLSUHY ]XWHGHDUW&RGSHQDOVHSUH]LQW
vQWURPDUHYDULHWDWHúLDSDUIUHFYHQWvQSUDFWLFDMXGLFLDU
ÌQFHSULYHúWHIDSWHOHGHORYLUHRULDOWHDFWHYLROHQWHSURYRFDWRDUHGHY W P UL
FRUSRUDOHYLQGHFDELOHvQFHOPXOWGH]LOHHVWHHYLGHQWF DFHVWHDQXSRWFDX]D
SULQ HOH vQVHOH GHFHVXO SHUVRDQHL DJUHVDWH $VWIHO GH ORYLWXUL VDX YLROHQ H GH
LQWHQVLWDWHUHGXV SRWILvQV XUPDWHGHGHFHVXOSHUVRDQHLYLROHQWDWHIL]LFvQVLWXD LD
F HOH VH JUHIHD] SH DQXPLWH VW UL SDWRORJLFH SUHH[LVWHQWH OD YLFWLP RUL
GHFODQúHD] DVHPHQHD VW UL SHULFXORDVH SHQWUX YLD D DFHVWHLD IDFWRUXO WUDXPDWLF
DYkQGUROGHLQL LHUHDILQDOXOXLOHWDO
&D]XLVWLFDMXGLFLDU HYLGHQ LD] vQV F FHOHPDLGHVvQWkOQLWHDF LXQLYLROHQWH
vQWUHSULQVH SHQWUX D Y W PD R SHUVRDQ GDU FDUH I U LQWHQ LD DXWRUXOXL DX FD
UH]XOWDWPRDUWHDYLFWLPHLVXQW
ORYLUHD FX SXPQXO RUL FX DOWH RELHFWH FRQWRQGHQWH VDX vPEUkQFLUHD
YLFWLPHL vQ XUPD F UHLD DFHDVWD FDGH SH VXSUDID D FDURVDELOXOXL XQGH HVWH
DFFLGHQWDW PRUWDO GH XQ DXWRWXULVP RUL SH VXSUDIH H GXUH VDX W LRDVH FX
FRQVHFLQ DSURGXFHULLXQRUWUDXPDWLVPHGHUHJXO ODQLYHOFUDQLDQOHWDOHF GHULOH
VXQWDGHVHRULIDYRUL]DWHGHVWDUHDIL]LF SUHFDU DYLFWLPHL±vQYkUVW vQVWDUHGH
HEULHWDWHVXIHULQG HWF
SUHFLSLWDUHDYLFWLPHLGHODvQ O LPHvQXUPDXQRUDVWIHOGHDJUHVLXQLIL]LFH
VDX SVLKLFH DPHQLQ DUHD FX FX LWXO FX SLVWROXO úL UHFHS LRQDUHD OD FRQWDFWXO FX
VROXODXQRUWUDXPDWLVPHJUDYHvQGHREúWHSROLWUDXPDWLVPH
DSOLFDUHD XQRU ORYLWXUL GH FX LW vQ UHJLXQL DQDWRPLFH QHYLWDOH ± EUD
JDPE GDUFDUHSURGXFKHPRUDJLLPDVLYHúLUDSLGHFXVIkUúLWOHWDOFDXUPDUHD
DIHFW ULL]RQHORUSXWHUQLFYDVFXODUL]DWHúD
8UPDUHDLPHGLDW FRQVW vQGHFHVXOYLFWLPHL
/HJ WXUD GH FDX]DOLWDWH FH WUHEXLH VWDELOLW vQWUH HOHPHQWXO PDWHULDO úL
XUPDUHDLPHGLDW SUH]LQW RDQXPLW SDUWLFXODULWDWHúLDQXPHvQWUXQSULPWLPSVH
VWDELOHúWH V YkUúLUHD XQHLD GLQWUH IDSWHOH SUHY ]XWH GH DUW &RG SHQDO LDU
vQWUXQDOGRLOHDWLPSVHVWDELOHúWHFRQH[LXQHDGLQWUHDFHDIDSW úLGHFHVXOYLFWLPHL
$OWIHOVSXVHVWHQHFHVDUDVHGHPRQVWUDF VXELHFWXOSDVLYQXDUILvQFHWDWGLQYLD
vQDEVHQ DIDSWHLDXWRUXOXL
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH ÌQ FD]XO LQIUDF LXQLL SUHY ]XWH GH DUW &RG SHQDO
H[LVW R ODWXU VXELHFWLY FRPSOH[ ± SUDHWHULQWHQ LD $FHDVW IRUP D YLQRY LHL
LPSOLF H[LVWHQ DXQHLLQWHQ LL²GLUHFW RULLQGLUHFW ²vQSULYLQ DIDSWHLLQL LDOH
SULPXPGHOLFWXPGHORYLUHDOWHYLROHQ HY W PDUHHWF±SUHFXPúLH[LVWHQ DXQHL
FXOSH ± XúXULQ VDX QHJOLMHQ ± vQ FH SULYHúWH UH]XOWDWXO PDL JUDY PDMXV
GHOLFWXPGHFHVXOYLFWLPHLFHDGHS úLWLQWHQ LDDXWRUXOXL
ÌQOHJ WXU FXFXOSDvQFDUHVDDIODWDXWRUXOLQIUDF LXQLLHVWHGHSUHFL]DWF
DFHDVWD WUHEXLH GRYHGLW ± UHVSHFWLY F DXWRUXO D SUHY ]XW UH]XOWDWXO GDU D VSHUDW
XúXUDWHFF QXVHYDSURGXFHRULF QXDSUHY ]XWFXWRDWHF RELHFWLYSXWHDúL
WUHEXLDV OSUHYDG ±úLQXGRDUSUH]XPDW
)RUPH6DQF LXQL
)RUPH$LGRPDWXWXURULQIUDF LXQLORUV YkUúLWHGLQFXOS ODFDUHVXQWH[FOXVH
IRUPHOH LPSHUIHFWH GH vQI SWXLUH D ORU QLFL OD LQIUDF LXQHD SUHY ]XW GH DUW
&RG SHQDO WHQWDWLYD QX HVWH SRVLELO GHRDUHFH UH]XOWDWXO PDL JUDY PRDUWHD
YLFWLPHLHVWHUHSURúDWDXWRUXOXLVXEIRUPDFXOSHL
&RQVXPDUHDLQIUDF LXQLLFRLQFLGHFXPRPHQWXOGHFHVXOXLYLFWLPHLLQGLIHUHQW
GDF DFHVWDDVXUYHQLWVLPXOWDQDF LXQLLLQDF LXQLLDXWRUXOXLRULXOWHULRUvQWLPS
6DQF LXQL ,QIUDF LXQHD GH ORYLUL VDX Y W P UL FDX]DWRDUH GH PRDUWH VH
SHGHSVHúWHFXvQFKLVRDUHGHODDQLODDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
3HUVRDQDMXULGLF VHVDQF LRQHD] FXDPHQG GHODODOHL
76'HFQU5,,/S
76'HFQU5,,,S
70%6HQWQU&3-3S
76'HFQUO5,,,S
&6-'HFQU'&6-S
9 7 0$5($&25325$/ ',1&8/3
,QIUDF LXQHDGHY W PDUHFRUSRUDO GLQFXOS QXQHFHVLW H[SOLFD LLQLFLDPSOH
úL QLFL GH GHWDOLX GHRDUHFH DúD FXP HVWH UHIOHFWDW SULQ GHQXPLUHD úL FRQ LQXWXO
WH[WXOXL LQFULPLQDWRU DFHDVWD DSDUH FD R SUHOXQJLUH QRUPDWLY D LQIUDF LXQLORU
SUHY ]XWHvQDUW&RGSHQDOFXGHRVHELUHDSULQFLSDO F HDVHV YkUúHúWH
GLQFXOS úLFXGHRVHELULOHGHULYDWHGLQVWDWXWXOV XGHLQIUDF LXQHQHLQWHQ LRQDW ÌQ
FRQVHFLQ H[SOLFD LLOHGDWHODLQIUDF LXQLOHSUHY ]XWHGHDUW&RGSHQDOvúL
S VWUHD] YDODELOLWDWHD vQ FRQWLQXDUH PDUFkQG GRDU GLIHUHQ HOH LQIUDF LXQLL
SUHY ]XWHGHDUW&RGSHQDOID GHLQIUDF LXQLOHGHUHIHULQ
/D VXEVHF LXQHD VXELHF LL LQIUDF LXQLL HVWH GH UH LQXW F SDUWLFLSD LD ± FD OD
RULFDUH LQIUDF LXQH QHLQWHQ LRQDW ± QX HVWH SRVLELO GHFkW vQ IRUPD HL LPSURSULH
UHJOHPHQWDW GHDUW&RGSHQDODGLF DFD]XOXLvQFDUHRSHUVRDQ FRQWULEXLHFX
LQWHQ LHFDLQVWLJDWRUFRPSOLFHODIDSWDY W P WRDUHFRUSRUDOFRPLV GLQFXOS GH
DXWRUXOLQIUDF LXQLLvQGLVFX LH
ÌQFHSULYHúWHHOHPHQWXOPDWHULDODOODWXULLRELHFWLYHDFHVWDHVWHFRQVWLWXLWGLQ
DF LXQL±LQDF LXQLLGHQWLFHFXFHOHHQXQ DWHvQDUWDOLQ±&RGSHQDOÌQ
UDSRUW FX JUDYLWDWHD FRQVHFLQ HL XUP ULL LPHGLDWH DF LXQLLLQDF LXQLL FkW úL FX
FRQGL LLOHvQFDUHHVWHFRPLV IDSWDWH[WXOHVWHVWUXFWXUDWSHGRX SDOLHUH
D0RGDOLWDWHDVDXIRUPDWLSLF RULVLPSO $FHDVW PRGDOLWDWHSUHY ]XW
vQ DUW DOLQ &RG SHQDO LQFULPLQHD] IDSWHOH FDUH DX SULFLQXLW Y W P UL
FRUSRUDOHFHQHFHVLW vQJULMLULPHGLFDOHGHPLQLP]LOHúLPD[LPGH]LOH(VWH
GHFL GH UHPDUFDW F OHJHD VDQF LRQHD] SHQDO IDSWHOH V YkUúLWH GLQ FXOS vQ
PRGDOLW LOH SUHY ]XWH GH DUW DOLQ úL úL DUW &RG SHQDO úL F
DEVWUDJH U VSXQGHULL SHQDOH IDSWHOH PHQ LRQDWH DWXQFL FkQG HOH VXQW SURYRFDWRDUH
GRDU GH VXIHULQ H IL]LFH RUL GH Y W P UL DOH F URU vQJULMLUL QHFHVDUH YLQGHF ULL
GXUHD] RSHULRDG PDLPLF GH]LOH
E0RGDOLW LDJUDYDWH
EO 3ULPD PRGDOLWDWH DJUDYDW HVWH FXSULQV vQ DUW DOLQ &RG SHQDO
FDUH LQFULPLQHD] IDSWD FXOSRDV vQ XUPD F UHLD VD SULFLQXLW XQD GLQWUH
FRQVHFLQ HOHODFDUHVHUHIHU DUWDOLQVDX&RGSHQDODGLF Y W PDUHD
LQWHJULW LLFRUSRUDOHVDXV Q W LLFDUHQHFHVLW vQJULMLULPHGLFDOHSHRSHULRDG GH
SHVWH GH ]LOH SLHUGHUHD XQXL VLP VDX RUJDQ vQFHWDUHD IXQF LRQ ULL DFHVWRUD R
LQILUPLWDWH IL]LF RUL SVLKLF VOX LUHD DYRUWXO RUL SXQHUHD vQ SULPHMGLH D YLH LL
SHUVRDQHL
E$GRXDPRGDOLWDWHDJUDYDW GLQDUWDOLQ&RGSHQDOLQFULPLQHD]
IDSWD GLQ PRGDOLWDWHD WLS GHFL GLQ DUW DOLQ &RG SHQDO DWXQFL FkQG HVWH
XUPDUHD QHUHVSHFW ULL GLVSR]L LLORU OHJDOH VDX D P VXULORU GH SUHYHGHUH SHQWUX
H[HUFLWDUHDXQHLSURIHVLLVDXPHVHULLRULSHQWUXvQGHSOLQLUHDXQHLDQXPLWHDFWLYLW L
E 8UP WRDUHD PRGDOLWDWH DJUDYDW GLQ DUW DOLQ &RG SHQDO VH
UDSRUWHD] OD SULPD PRGDOLWDWH DJUDYDW GLQ DUW DOLQ &RG SHQDO
LQFULPLQkQGXVH IDSWD SURGXF WRDUH D FRQVHFLQ HORU SUHY ]XWH vQ DUW DOLQ
VDX &RG SHQDO vQ LSRWH]D F HD HVWH XUPDUHD QHUHVSHFW ULL GLVSR]L LLORU OHJDOH
VDXDP VXULORUGHSUHYHGHUHSHQWUXH[HUFLWDUHDXQHLSURIHVLLVDXPHVHULLRULSHQWUX
vQGHSOLQLUHDXQHLDQXPHDFWLYLW L
E ÌQ VIkUúLW XOWLPD PRGDOLWDWH DJUDYDW GLQ DUW DOLQ VXUYLQH vQ
LSRWH]DvQFDUHIDSWHOHSUHY ]XWHvQDOLQúLVXQWV YkUúLWHGHF WUHRSHUVRDQ
FDUHVHDIO vQVWDUHGHHEULHWDWH
ÌQFHSULYHúWHODWXUDVXELHFWLY ±SULQFDUHLQIUDF LXQHDGHY W PDUHFRUSRUDO
GLQ FXOS VH GHRVHEHúWH vQ SULQFLSDO GH WRDWH FHOHODOWH LQIUDF LXQL vQGUHSWDWH
vPSRWULYD LQWHJULW L V Q W LL ± D VH YHGHD H[SOLFD LLOH GDWH OD LQIUDF LXQHD
SUHY ]XW GHDUW&RGSHQDO
/DVXEVHF LXQHDIRUPHOHLQIUDF LXQLLHVWHGHPHQ LRQDWF DFHDVW LQIUDF LXQH
FD RULFDUH DOW LQIUDF LXQH QHLQWHQ LRQDW QX HVWH VXVFHSWLELO GH WHQWDWLY LDU
FRQVXPDUHD DLGRPD WXWXURU LQIUDF LXQLORU GH UH]XOWDW VH SURGXFH vQ PRPHQWXO
DSDUL LHLXUP ULLLPHGLDWHFRQVHFLQ DY W P WRDUHSHQWUXFRUSXOVXELHFWXOXLSDVLY
/DVXEVHF LXQHDUHJLPVDQF LRQDWRUVHYDREVHUYDF SHGHSVHOH±ILUHúWHPXOW
UHGXVHID GHFHOHLQVWLWXLWHSHQWUXDFHOHDúLIDSWHFRPLVHFXLQWHQ LH±VXQWGLVSXVH
vQ UDSRUW FX XUP ULOH IDSWHL úL FRQGL LLOH vQ FDUH DFHDVWD VH V YkUúHúWH SH WUHSWH
VXFFHVLYXUF WRDUH
(VWH GH PHQ LRQDW F SXQHUHD vQ PLúFDUH D DF LXQLL SHQDOH SHQWUX IDSWHOH
SUHY ]XWHvQDOLQúLVHIDFHODSOkQJHUHDSUHDODELO DSHUVRDQHLY W PDWHúL
F vPS FDUHDS U LORUvQO WXU U VSXQGHUHDSHQDO
6HF LXQHD,,,
$92578/
35292&$5($,/(*$/ $$92578/8,
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO HVWH FRQVWLWXLW GLQ DFHO IDVFLFXO GH UHOD LL VRFLDOH
SULYLQG YLD D LQWUDXWHULQ D I WXOXL YLD D úL LQWHJULWDWHD FRUSRUDO úL V Q WDWHD
IHPHLLSUHFXPúLHYROX LDGHPRJUDILF
2ELHFWXO PDWHULDO DO LQIUDF LXQLL HVWH GXEOX SH GH R SDUWH SURGXVXO
FRQFHS LXQLL I WXO DIODW vQ FXUVXO GH]YROW ULL QDWXUDOH SH GH DOW SDUWH FRUSXO
IHPHLLvQV UFLQDWH
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUDOLQIUDF LXQLLHVWHQHGHWHUPLQDWGHWH[WGHFL
HOSRDWHILRULFHSHUVRDQ ÌQVXúLPHGLFXOVSHFLDOLVWREVWHWULFLDQHVWHVXELHFWDFWLY
GDF HOHIHFWXHD] DYRUWXOI U FRQVLP PkQWXOIHPHLLvQV UFLQDWHRULvQDIDUDXQHL
LQVWLWX LL VDX FDELQHW PHGLFDO DXWRUL]DWH vQ DFHVW VFRS VDX vQ VIkUúLW OD R VDUFLQ
FDUH D GHS úLW YkUVWD GH V SW PkQL úL vQWUHUXSHUHD FXUVXOXL VDUFLQLL QX HUD
OHJLWLPDW GHPRWLYHWHUDSHXWLFH)HPHLDvQV UFLQDW HYLGHQWQXSRDWHILVXELHFWDO
LQIUDF LXQLLFKLDUGDF úLDDXWRSURYRFDWLOHJDODYRUWXO
3HUVRDQD MXULGLF SRDWH IL VXELHFW DFWLY DO DFHVWHL LQIUDF LXQL vQ FRQGL LLOH
DUW&SHQ
3DUWLFLSD LDSHQDO ODV YkUúLUHDLQIUDF LXQLLSUHY ]XWHGHDUW&RGSHQDO
HVWHSRVLELO vQWRDWHIRUPHOHDFHVWHLD±FRDXWRUDWLQVWLJDUHFRPSOLFLWDWH
6XELHFWXO SDVLY HVWH VWDWXO ± DIHFWDW vQ SROLWLFD VD GHPRJUDILF ± úL
GHRSRWULY PDPDF UHLDLVDSURYRFDWDYRUWXO
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO VH H[SULP SULQWUR DF LXQH VXVFHSWLELO GH D SURYRFD
vQWUHUXSHUHDFXUVXOXLQRUPDODOVDUFLQLLGHDSURYRFDDYRUWXO
'LQSXQFWXOGHYHGHUHDOúWLLQ HLPHGLFDOHDYRUWXOHVWHFODVLILFDWDVWIHO
D $YRUW SDWRORJLF GHQXPLW úL VSRQWDQ VDX QDWXUDO FDUH FRQVW vQ H[SXOVLD
LQYROXQWDU SH FDOH YDJLQDO D SURGXVXOXL GH FRQFHS LH QHDMXQV vQF OD HSRFD
YLDELOLW LL vQ FXUVXO SULPHORU GH ]LOH (O HVWH GHWHUPLQDW H[FOXVLY úL
vQWRWGHDXQDGHH[LVWHQ DXQRUIDFWRULúLFRQGL LLSDWRORJLFHERDO
3OHQXO76'HFQUO5,S
E$YRUWSURYRFDW6HvQ HOHJHDYRUWXOFHVHFDUDFWHUL]HD] SULQDFHHDF HVWH
FDX]DWH[FOXVLYúLvQWRWGHDXQDGHXQIDFWRUH[WHUQYLROHQWGHQDWXU PHFDQLF ±
IL]LF VDXFKLPLF ±RULSVLKLF
/D UkQGXO V X DYRUWXO SURYRFDW VH LGHQWLILF vQ GRX LSRVWD]H GXS FXP HO
HVWH HIHFWXDW vQ FRQIRUPLWDWH FX SUHYHGHULOH OHJLL RUL vQ SRILGD DFHVWRUD EO ± OD
FHUHUH OHJDO úL E ± DYRUWXO GHOLFWXDO GHQXPLW úL FULPLQDO vQ OLWHUDWXUD GH
VSHFLDOLWDWH
$YRUWXO GHOLFWXDO SRWULYLW OHJLL SHQDOH URPkQH HVWH DYRUWXO HIHFWXDW
D vPSRWULYD YRLQ HL IHPHLL vQV UFLQDWH VDX E vQ DIDUD LQVWLWX LLORU PHGLFDOH VDX
FDELQHWHORUPHGLFDOHDXWRUL]DWHvQDFHVWVFRSVDXFGHF WUHRSHUVRDQ FDUHQXDUH
FDOLWDWHDGHPHGLFGHVSHFLDOLWDWHVDXGGDF YkUVWDVDUFLQLLDGHS úLWSDWUXVSUH]HFH
V SW PkQL
3HUDFRQWUDULRUH]XOW F DYRUWXOOHJDOHVWHDFHODHIHFWXDWODFHUHUHDIHPHLL
vQV UFLQDWHvQWURLQVWLWX LHPHGLFDO VDXFDELQHWPHGLFDODXWRUL]DWHvQDFHVWVFRS
GH F WUH XQ PHGLF GH VSHFLDOLWDWH úL GDF YkUVWD VDUFLQLL HVWH GH PD[LP
V SW PkQLWRDWHDFHVWHFRQGL LLILLQGFXPXODWLYH
$F LXQHDSURYRFDWRDUHDDYRUWXOXLSRDWHILUHDOL]DW SULQWURPDUHYDULHWDWHGH
SURFHGHH$FHVWHSURFHGHHDXIRVWVLVWHPDWL]DWHvQGRX FDWHJRULL
D $YRUW SURYRFDW SULQ PLMORDFH PHFDQLFH PHGLFRFKLUXUJLFDOH 3ULQWUH FHOH
PDLU VSkQGLWHDVWIHOGHPLMORDFHVXQWFKLXUHWDMXOLQWUDXWHULQ±SHQWUXSULPHOHOXQL
DOH VDUFLQLL ± LQWURGXFHUHD LQWUDXWHULQ D XQRU VXEVWDQ H VHU IL]LRORJLF úL
LQWHUYHQ LLFKLUXUJLFDOH±SHQWUXVDUFLQLOHPDLHYROXDWHGHOXQL
E$YRUWSURYRFDWSULQPLMORDFHPHFDQLFHHPSLULFH(OHDXIRVWFODVLILFDWHvQ
PLMORDFHPHFDQLFHPLMORDFHIL]LFHúLPLMORDFHFKLPLFH
&kW SULYHúWH XQLW LOH VDQLWDUH vQ FDUH VH SRW HIHFWXD OHJDO DYRUWXUL HVWH GH
SUHFL]DWF vQVHQVXOOHJLLSHQDOHÄLQVWLWX LLOHPHGLFDOH´VXQWDFHOHFOLQLFLúLVSLWDOH
GH REVWUHWLF JLQHFRORJLH VDX VWUXFWXUL PHGLFDOH FDUH DX RUJDQL]DWH VHF LL GH
REVWUHWLF JLQHFRORJLH GLQ UH HDXD VDQLWDU GH VWDW LDU ÄFDELQHWHOH PHGLFDOH´ VXQW
DFHOHFDELQHWHFXXQDVHPHQHDSURILOFHIXQF LRQHD] vQVLVWHPXOSULYDW
3HQWUX UHDOL]DUHD HOHPHQWXOXL PDWHULDO DO LQIUDF LXQLL VXQW OLSVLWH GH
LPSRUWDQ PRGXOvQFDUHHYROXHD] FXUVXOVDUFLQLLQRUPDOVDXDQRUPDOJUDGXOGH
GH]YROWDUHDI WXOXLRULYLDELOLWDWHDDFHVWXLD
'XS FXP vQ FD] GH GHFHV DO IHPHLL HVWH LUHOHYDQW GDF vQ PRPHQWXO
HIHFWX ULL PDQRSHUHORU DYRUWLYH SURGXVXO GH FRQFHS LH HUD YLX VDX PRUW ILLQG
VXILFLHQWF GHFHVXOIHPHLLHVWHFRQVHFLQ DDFHORUPDQHYUH
$F LXQHDGHSURYRFDUHDDYRUWXOXLLQWU VXELQFLGHQ DWH[WXOXLDQDOL]DWRULGH
FkWHRULHOHVWHHIHFWXDWvQDEVHQ DFRQVLP PkQWXOXLIHPHLLvQV UFLQDWHRULvQXQD
GLQLSRVWD]HOHQRUPDWLYHSUHY ]XWHODDOLQOLWDF
8UPDUHDLPHGLDW DDF LXQLLFRQVW ILHvQH[SXO]DUHDSURGXVXOXLGHFRQFHS LH±
FkQGI WXODIRVWXFLVSULQPDQHYUHDQWHULRDUHVDXFRQFRPLWHQWHH[SXO]LHL±ILHvQ
XFLGHUHDI WXOXLvQVWDUHDOXLLQWUDXWHULQ XFLGHUHQHVXFFHGDW GHH[SXO]LDDFHVWXLD
/D PRGDOLWDWHD DJUDYDW SUHY ]XW OD DOLQ XUPDUHD LPHGLDW FRQVW úL vQ
SURYRFDUHDXQHLY W P ULFRUSRUDOHJUDYHRULvQGHFHVXOIHPHLLvQV UFLQDWH
/HJ WXUDGHFDX]DOLWDWH3HQWUXUHDOL]DUHDLQIUDF LXQLLVHLPSXQHDVHVWDELOL
UHOD LD GH FDX]DOLWDWH GLQWUH DF LXQHD vQWUHSULQV GH DXWRU úL XUPDUHD LPHGLDW
UHVSHFWLY vQWUHUXSHUHD FXUVXOXL VDUFLQLL GXS FD] Y W PDUHD FRUSRUDO JUDY RUL
GHFHVXOYLFWLPHL
0.HUQEDFKRSFLWS
'90LK HVFXRSFLWS
9%HOLú7UDWDWGHPHGLFLQ OHJDO RSFLWS0.HUQEDFKRSFLWS
3OHQXO76'HFQU5,,,S
ÌQ LSRWH]D F GHFHVXO IHPHLL LQWHUYLQH GDWRULW XQRU FDX]H H[WHULRDUH
LQGHSHQGHQWHGHPDQRSHUHOHDERUWLYHSUDFWLFDWHDVXSUDDFHVWHLDIDSWDDXWRUXOXLYD
FRQVWLWXL GRDU LQIUDF LXQHD SUHY ]XW vQ DUW DOLQ &RG SHQDO DJUDYDQWD
FXSULQV vQDOLQQHSXWkQGDLILUHSURúDW
1XYDFRQVWLWXLLQIUDF LXQHDGHSURYRFDUHLOHJDO DDYRUWXOXLRULWHQWDWLY OD
DFHDVW LQIUDF LXQH FL LQIUDF LXQL SXWDWLYH vQ FD]XULOH vQ FDUH IHPHLD FDUH D
FRQVLP LW V vQWUHUXS FXUVXO VDUFLQLL QX HUD vQV UFLQDW H[LVWHQ D VDUFLQLL ILLQG R
FRQGL LHSUHPL] DLQIUDF LXQLL
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH,QIUDF LXQHDVHV YkUúHúWHFXLQWHQ LHGLUHFW
/D PRGDOLW LOH DJUDYDWH SUHY ]XWH vQ DOLQ ODWXUD VXELHFWLY VH
FDUDFWHUL]HD] SULQWUR LQWHQ LH GHS úLW ± SUDHWHULQWHQ LH±DXWRUXOQHXUP ULQGúL
Y W PDUHD JUDY D LQWHJULW LL FRUSRUDOH VDX PRDUWHD IHPHLL vQV UFLQDWH DFHVWH
FRQVHFLQ HILLQGSURYRFDWHGLQFXOS vQDPEHOHHLPRGDOLW L
ÌQ LSRWH]D F DXWRUXO D HIHFWXDW VXFFHVLY PDL PXOWH PDQHYUH DYRUWLYH OD
GLIHULWHLQWHUYDOHGHWLPSQHXUPDWHGHSURYRFDUHDDYRUWXOXLLDUODXOWLPDvQFHUFDUH
YLFWLPD D vQFHWDW GLQ YLD FD XUPDUH D PDQHYUHL QX VXQWHP vQ SUH]HQ D XQHL
SOXUDOLW L GH WHQWDWLYH GH SURYRFDUH LOHJDO D DYRUWXOXL úL D XQHL LQIUDF LXQL
FRQVXPDWHGHSURYRFDUHLOHJDO DDYRUWXOXLFHDDYXWFDXUPDUHGHFHVXOYLFWLPHLFL
D XQHL VLQJXUH LQIUDF LXQL SUHY ]XWH vQ DUW DOLQ O úL &RG SHQDO IDSWHOH
DXWRUXOXLGHPRQVWUkQGH[LVWHQ DXQHLUH]ROX LLXQLFH
7H[WXOQXSUHWLQGHFDDXWRUXOV ILXUP ULWXQDQXPLWVFRSRULV ILHDQLPDWGH
XQDQXPLWPRELO
)RUPH6DQF LXQL
)RUPH 7HQWDWLYD SRWULYLW SUHYHGHULORU DUW DOLQ VH SHGHSVHúWH 9D
FRQVWLWXL WHQWDWLY IDSWD DXWRUXOXL GH D HIHFWXD PDQHYUH DYRUWLYH DVXSUD FRUSXOXL
IHPHLLvQV UFLQDWHQHXUPDWHvQV GHSURGXFHUHDUH]XOWDWXOXLXUP ULW
,QIUDF LXQHDVHFRQVXP vQPRPHQWXOvQWUHUXSHULLFXUVXOXLQRUPDODOVDUFLQLL
LQGHSHQGHQWGHH[SXO]LDI WXOXLXFLV
6DQF LXQLÌQPRGDOLWDWHDQRUPDWLY WLSGHODDOLQIDSWDVHSHGHSVHúWHFX
vQFKLVRDUHGHODOXQLODDQLLDUvQPRGDOLWDWHDQRUPDWLY GLQDOLQIDSWDHVWH
VDQF LRQDW FXvQFKLVRDUHGHODODDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
ÌQ IRUPD DJUDYDW DOLQ SHGHDSVD HVWH vQFKLVRDUHD GH OD OD DQL úL
LQWHU]LFHUHD XQRU GUHSWXUL ± vQ FD]XO SURYRF ULL XQHL Y W P UL FRUSRUDOH JUDYH
IHPHLL vQV UFLQDWH ± UHVSHFWLY vQFKLVRDUHD GH OD OD DQL úL LQWHU]LFHUHD XQRU
GUHSWXUL±vQFD]XOGHFHVXOXLIHPHLLvQV UFLQDWH
3HUVRDQD MXULGLF vQ FD]XO LQIUDF LXQLL GH SURYRFDUH LOHJDO D DYRUWXOXL VH
VDQF LRQHD] FX DPHQGD GH OD OD OHL vQ WRDWH LSRWH]HOH GH
LQFULPLQDUHFXH[FHS LDFHOHLSUHY ]XWHvQDOLQWH]D,,FkQGDPHQGDYDILvQWUH
úLOHL
7H[WXODUWUHJOHPHQWHD] úLRFDX] GHQHSHGHSVLUH DIDSWHLFRPLVHGH
PHGLFFDX] FDUHRSHUHD] vQWUHLVLWXD LLúLDQXPH
D GDF vQWUHUXSHUHD FXUVXOXL VDUFLQLL HUD QHFHVDU SHQWUX D VDOYD YLD D
V Q WDWHD VDX LQWHJULWDWHD FRUSRUDO D IHPHLL vQV UFLQDWH GH OD XQ SHULFRO JUDY úL
LPLQHQWúLFDUHQXSXWHDILvQO WXUDWDOWIHO
76'HFQU5,,,S
76'HFQU5,,,S
76'HFQU5,,,SÌQVSH LQFXOSDWXODvQFHUFDWGHRULvQPDLSX LQGHV SW PkQL
V vQWUHUXS FXUVXODFHOHLDúLVDUFLQL
EvQFD]XOSUHY ]XWvQDOLQOLWFFkQGvQWUHUXSHUHDFXUVXOXLVDUFLQLLVH
LPSXQHDGLQPRWLYHWHUDSHXWLFHSRWULYLWGLVSR]L LLORUOHJDOH
F vQ FD]XO SUHY ]XW vQ DOLQ FkQG IHPHLD vQV UFLQDW VD DIODW vQ
LPSRVLELOLWDWHDGHDúLH[SULPDYRLQ DLDUvQWUHUXSHUHDFXUVXOXLVDUFLQLLVHLPSXQHD
GLQPRWLYHWHUDSHXWLFHSRWULYLWGLVSR]L LLORUOHJDOH
0RWLYHOHWHUDSHXWLFHFDUHSHUPLWvQWUHUXSHUHDFXUVXOXLVDUFLQLLDF UHLYkUVW
D GHS úLW V SW PkQL RUL D VDUFLQLL XQHL IHPHL DIODW vQ LPSRVLELOLWDWH GH DúL
H[SULPD YRLQ D VXQW SUHY ]XWH vQ ,QVWUXF LXQLOH HODERUDWH GH 0LQLVWHUXO 6 Q W LL
3XEOLFH vQ DQH[D QU &X WLWOXO GH H[HPSOX VLILOLVXO WXPRULOH PDOLJQH EROL
QHXURORJLFHDFFLGHQWHYDVFXODUHFHUHEUDOHHSLOHSVLDFXFUL]HPDMRUHEROLSVLKLFH
GHPHQ H ROLJRIUHQLL EROL FDUGLRYDVFXODUH DOH VkQJHOXL úL RUJDQHORU
KHPDWRSRHWLFHEROLLQIHF LRDVHJUDYHúD
(VWH GH REVHUYDW úL UH LQXW REOLJD LD ± úL QX IDFXOWDWHD ± PDJLVWUDWXOXL GH D
DSOLFD SHGHDSVD FRPSOHPHQWDU D LQWHUGLF LHL GH D H[HUFLWD SURIHVLD GH PHGLF SH
OkQJ SHGHDSVD vQFKLVRULL vQ FD]XO vQ FDUH IDSWD LQFULPLQDW OD DOLQ VDX D
IRVWFRPLV GHXQPHGLFREOLJD LHL]YRUkW GLQSUHYHGHULOHDOLQ
&DSLWROXO,,
,1)5$& ,81,&2175$/,%(57 ,,3(562$1(,
/,36,5($'(/,%(57$7(Ì102',/(*$/
2ELHFWXORFURWLULSHQDOH
2ELHFWXO MXULGLF VSHFLDO HVWH FRQVWLWXLW GLQ DFHOH UHOD LL VRFLDOH UHIHULWRDUH OD
OLEHUWDWHDIL]LF DSHUVRDQHLODOLEHUWDWHDDFHVWHLDGHDVHPLúFDGHDFLUFXODGHD
DF LRQD SRWULYLW YRLQ HL VDOH ÌQ XQHOH PRGDOLW L DJUDYDWH LQIUDF LXQHD SRDWH DYHD
XQ RELHFW MXULGLF VHFXQGDU FRQVWLWXLW GLQ UHOD LLOH VRFLDOH SULYLQG LQWHJULWDWHD
FRUSRUDO V Q WDWHDRULYLD DSHUVRDQHL
'HUHJXO LQIUDF LXQHDHVWHOLSVLW GHRELHFWPDWHULDOGDUvQXQHOHPRGDOLW L
DJUDYDWHDFHVWDH[LVW úLDQXPHFRUSXOSHUVRDQHL
6XELHF LLLQIUDF LXQLL
6XELHF LLDFWLYúLSDVLYVXQWQHFLUFXPVWDQ LD LGHWH[WÌQLSRWH]DF VXELHFWXO
SDVLY HVWH PLQRU DFHDVW vPSUHMXUDUH UHIHULWRDUH OD SHUVRDQD YLFWLPHL ± DUW
DOLQ&RGSHQDO±FRQVWLWXLHRFDX] GHDJUDYDUHDLQIUDF LXQLLWLS
6XELHFWXODFWLYSRDWHILúLSHUVRDQDMXULGLF vQFRQIRUPLWDWHFXGLVSR]L LLOHDUW
&SHQ
3DUWLFLSD LD SHQDO HVWH SRVLELO vQ WRDWH IRUPHOH HL ± FRDXWRUDW LQVWLJDUH
FRPSOLFLWDWH
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDODOLQIUDF LXQLLVHH[SULP vQWURDF LXQH±vQPDMRULWDWHD
FD]XULORU±RULRLQDF LXQHSULQFDUHHVWHUHVWUkQV OLEHUWDWHDSHUVRDQHL
&RQFHSWXO GH OLEHUWDWH FX FDUH RSHUHD] WH[WXO VH FLUFXPVFULH XQXLD GLQ
HOHPHQWHOH FRPSRQHQWHOH OLEHUW LL LQGLYLGXOXL úL DQXPH OD DVSHFWXO SULYLQG
OLEHUWDWHD DFHVWXLD GH D VH GHSODVD úL GH D DF LRQD SRWULYLW SURSULLORU QHYRL VDX
GRULQ HOLEHUWDWHPDQLIHVWDW GHEXQ VHDP vQOLPLWHOHVWDWRUQLFLWHGHOHJH(VWH
YLRODWSULQXUPDUHvQFD]XOLQIUDF LXQLLDQDOL]DWHGUHSWXOSHUVRDQHLGHDVHPLúFD
GHDIDFHVDXDQXIDFHDQXPHFHYDSRWULYLWYRLQ HLVDOH
3HQWUX FD IDSWD GH REVWUXF LRQDUH D H[HUFLW ULL DFHVWXL GUHSW GH OLEHUWDWH DO
SHUVRDQHLV FRQVWLWXLHLQIUDF LXQHWUHEXLHFDDFHDVWDV QXILHDGPLV H[SUHVVDX
WDFLW GH OHJH GHFL V ILH LOHJDO 3RWULYLW SUHYHGHULORU FXSULQVH vQ GLIHULWH DFWH
QRUPDWLYHH[HUFLWDUHDGUHSWXOXLODOLEHUWDWHDGHPLúFDUHúLGHDF LXQHDOLQGLYL]LORU
SRDWHILUHVWUkQVWHPSRUDUDVWIHO
± SHUVRDQHOH SRW IL UH LQXWH DUHVWDWH SUHYHQWLY RUL OL VH SRDWH LQWHU]LFH
S U VLUHD ORFDOLW LL RUL DUD vQ FD]XO V YkUúLULL DQXPLWRU LQIUDF LXQL DUW
DUWDUWDUWúLDUW&RGSURFHGXU SHQDO
±SHUVRDQHOHVXIHULQGHGHDIHF LXQLSVLKLFHJUDYHFDUHSULQPDQLIHVW ULOHORU
SULPHMGXLHVF YLD D VDX V Q WDWHD SURSULH RUL SH D DOWRU SHUVRDQH VDX LQWHJULWDWHD
XQRUEXQXULPDWHULDOHRULDDOWRUYDORULVRFLDOHSRWILLQWHUQDWHREOLJDWRULXIRU DW
vQXQLW LVDQLWDUHGHVSHFLDOLWDWH/HJHDQU
± PLQRULL FDUH DX V YkUúLW LQIUDF LXQL GDU QX U VSXQG SHQDO SRW IL GH
DVHPHQHD REOLJDWRULX LQWHUQD L vQWUXQ FHQWUX GH UHHGXFDUH VDX vQWUR LQVWLWX LH
PHGLFDOHGXFDWLY 28*QU
±PLOLWDULLSRWILVDQF LRQD LSULQSHGHDSVDFXDUHVWSHQWUXGLYHUVHDEDWHULGHOD
UHJXOLOHGHGHVI úXUDUHDYLH LLPLOLWDUH5HJXODPHQWXOGLVFLSOLQHLPLOLWDUH
± PLQRULL D F URU FRQGXLW HVWH GHILFLWDU SRW IL SHGHSVL L GH S ULQ LL RUL
DVLPLOD LL DFHVWRUD ± vQ H[HUFLWDUHD GUHSWXOXL ORU OD FRUHF LH ± SULQ UHVWUkQJHUHD
OLEHUW LLLQWHU]LFHUHDGHDS U VLORFXLQ DGHDSDUWLFLSDODRDFWLYLWDWHVSRUWLY VDX
GLVWUDFWLY HWF
$úDGDU FRQFHSWXO GH OLSVLUH GH OLEHUWDWH DYXW vQ YHGHUH GH OHJLXLWRU OD
GHILQLUHD DFHVWHL LQIUDF LXQL VH DGUHVHD] H[FOXVLY DFHORU IDSWH QHGLFWDWH RUL
QHDFFHSWDWHSULQWURGLVSR]L LHOHJDO
5HVWUkQJHUHD OLEHUW LL SRDWH IL WRWDO VHFKHVWUDUHD YLFWLPHL vQWUR vQF SHUH
VDX SDU LDO vPSLHGLFDUHD YLFWLPHL GH D vQGHSOLQL R DQXPLW DFWLYLWDWH ± YL]LWDUHD
XQXLSULHWHQSDUWLFLSDUHDODRúHGLQ HWF
$F LXQLOH FDUH FRPSXQ HOHPHQWXO PDWHULDO DO LQIUDF LXQLL SRW IL GLUHFWH ±
LPRELOL]DUHDYLFWLPHLSULQOHJDUHDPHPEUHORUQDUFRWL]DUHKLSQRWL]DUHvQFXLHUH
vQWURvQF SHUHSHQWUXDvPSLHGLFDV S U VHDVF vQF SHUHDDP JLUHvQIULFRúDUH±
VDX LQGLUHFWH ± LQWHUQDUHD YLFWLPHL vQWUR úFRDO GH UHHGXFDUH SULQ LQGXFHUHD vQ
HURDUHDFRPLVLHLDELOLWDWHOHJDOV GLVSXQ P VXUD
ÌQ LSRWH]D vQ FDUH PLMORFXO IRORVLW GH I SWXLWRU SHQWUX UHVWUkQJHUHD OLEHUW LL
FRQVWLWXLH HO vQVXúL R LQIUDF LXQH VXQW LQFLGHQWH SUHYHGHULOH OHJDOH UHIHULWRDUH OD
FRQFXUVXOGHLQIUDF LXQL'HDVHPHQHDYDH[LVWDFRQFXUVGHLQIUDF LXQL±LGHDO±vQ
FD]XO vQ FDUH SULQ DFHHDúL DF LXQH VXQW OLSVLWH GH OLEHUWDWH PDL PXOWH SHUVRDQH ±
SOXUDOLWDWHGHVXELHF LSDVLYL
,QDF LXQLOH SRW FRQVWD vQ RPLVLXQHD DXWRUXOXL FX EXQ úWLLQ GH D SXQH vQ
OLEHUWDWHSHUVRDQDDOF UHLGUHSWDIRVWLQL LDOOHJDOvQJU GLW
7H[WXOQXFRQ LQHQLFLRUHIHULUHODGXUDWDOLSVLULLGHOLEHUWDWH'XUDWDHVWHXQ
HOHPHQWGHIDSWYDULDELOFDvQWLQGHUHFHXUPHD] DILGHWHUPLQDWGHPDJLVWUDWGHOD
FD] OD FD] (VWH VXILFLHQW vQV SHQWUX UHDOL]DUHD LQIUDF LXQLL FD YLFWLPD V ILH
REVWDFXODW vQ HIHFWXDUHD XQHL DFWLYLW L ± GH SLOG HVWH UH LQXW vQ FRQWUD YRLQ HL
VDOHGRDUPLQDGLF DWkWFkWPDLHUDSkQ ODGHFRODUHDDYLRQXOXLvQFDUHXUPD
V VHvPEDUFH
76'HFQU5,,S
76'HFQU5,,,S
70% 'HF QU &3-3 S &X QRW GH]DSUREDWLY vQ FH SULYHúWH FDUDFWHUXO
FRQFXUVXOXLGHLQIUDF LXQL±9DVLOH3DSDGRSRO
3UREOHPD GXUDWHL vQ FDUH R SHUVRDQ HVWH OLSVLW GH OLEHUWDWH VH ULGLF úL vQ
FD]XOvQFDUHDF LXQHDDXWRUXOXLFRQVWLWXLHVDXvQVR HúWHRDOW LQIUDF LXQH$VWIHOvQ
UDSRUW FX VLWXD LD FRQFUHW GH IDSW DF LXQHD SULQ FDUH VH UHVWUkQJH OLEHUWDWHD
SHUVRDQHLHVWHDEVRUELW vQFRQ LQXWXODOWHLLQIUDF LXQLFDGHSLOG vQLQIUDF LXQHD
GH WkOK ULH VDX YLRO FX FRQGL LD vQV FD GXUDWD OLSVLULL GH OLEHUWDWH V QX
GHS úHDVF VHPQLILFDWLYWLPSXODEVROXWQHFHVDUFRPLWHULLDFHOHLLQIUDF LXQLÌQFD]
FRQWUDUDGLF DWXQFLFkQGOLSVLUHDGHOLEHUWDWHH[FHGHWLPSXOWUHEXLQFLRVV YkUúLULL
DOWHL LQIUDF LXQL IDSWD YD FRQVWLWXL LQIUDF LXQHD SUHY ]XW vQ DUW DIODW vQ
FRQFXUVFXDFHHD±GHH[HPSOXGLQFD]XULOHGHPDLVXV±GHWkOK ULH
7H[WXODUW&RGSHQDOSUHYHGHGXS SULPXODOLQHDWPDLPXOWHPRGDOLW L
DJUDYDWHvQXUP WRDUHOHFLQFLDOLQHDWH
$OLQD3ULQVLPXODUHDGHFDOLW LRILFLDOH$JUDYDQWDHVWHMXVWLILFDW DWkW
GHSHULFROXOLQWULQVHFPHWRGHLGROR]LYHXWLOL]DWHFDUHHVWHGHQDWXU DvQIUkQJHPDL
OHVQH YRLQ D YLFWLPHL FkW úL GH SHULFROXO DIHFW ULL SUHVWLJLXOXL DFHOHL LQVWLWX LL
SXEOLFHVXEDF UHLDXWRULWDWHVDSUH]HQWDWvQPRGIDOVDXWRUXO
3UHWLQGHUHD PLQFLQRDV F DXWRUXO LQIUDF LXQLL HVWH SXUW WRUXO XQHL FDOLW L
RILFLDOH±HVWHDJHQWSXEOLF±SRDWHILGHQDWXU DGHWHUPLQDYLFWLPDV VHGHSODVH]H
FRQWUDUYRLQ HLVDOHODORFXOXQGHLVHLQGLF 6LPXODUHDXQHLDQXPHFDOLW LRILFLDOH
VHSRDWHUHDOL]DRUDOVDXSULQSUH]HQWDUHDXQRUOHJLWLPD LLVDXXQRUDOWHGRFXPHQWH
P VOXLWH úL VH VXV LQH ILH GH vQVXúL DXWRUXO LQIUDF LXQLL ILH GH FRPSOLFLL DFHVWXLD
$SDUHHYLGHQWF QXRULFDUHÄFDOLWDWHRILFLDO ´LQYRFDW YDLPSUHVLRQDYLFWLPDúLR
YDGHWHUPLQDV vQVR HDVF IDOúLLDJHQ LSXEOLFLFLGRDUDFHOHFDOLW LRILFLDOHFDUH
FRQIHU WLWXODULORUOHJDOLGUHSWXOGHDGLVSXQHRULGHDH[HFXWDP VXULGHUHVWUkQJHUH
DOLEHUW LLSHUVRDQHLSURFXURUSROL LVWMDQGDUPDJHQWVDQLWDUHWF
E3ULQU SLUH3ULQFRQFHSWXOU SLUHVHvQ HOHJHDFHDDF LXQHGHDOXDYLFWLPD
GLQWUXQORFSULQH[HUFLWDUHDXQRUYLROHQ HIL]LFHVDXSVLKLFHúLGHDRWUDQVSRUWD
vQWUXQDOWORFFRQWUDUYRLQ HLDFHVWHLD
3URFHGHXO LQFULPLQDW FRQVWLWXLH R vPSUHMXUDUH DJUDYDQW GHRDUHFH GLQWUXQ
SULP SXQFW GH YHGHUH HO H[SULP SHULFXOR]LWDWHD VRFLDO D I SWXLWRUXOXL ± GHGXV
GLQWHPHULWDWHDDF LXQLLúLYLROHQ DDFHVWHLD±LDUGLQWUXQDOGRLOHDSXQFWGHYHGHUH
DFHVWSURFHGHXHVWHGHQDWXU DFUHDRVWDUHGHQHOLQLúWHGHSDQLF GHLQVHFXULWDWH
SHUVRDQHORUFDUHDIO GHVSUHXWLOL]DUHDOXL
F 'H R SHUVRDQ vQDUPDW ùL DFHVW SURFHGHX SUH]LQW R vQVHPQDW
vQF UF WXU GH SHULFXOR]LWDWH VRFLDO SULQ vQVXúL IDSWXO SXUW ULL GH F WUH DXWRU VDX
FHLODO L SDUWLFLSDQ L D XQHL DUPH RUL D XQXL LQVWUXPHQW VDX RELHFW IRORVLW FD DUP
3UH]HQ D DUPHL DVXSUD I SWXLWRUXOXL SRWHQ HD] vQFUHGHUHD DFHVWXLD vQ UHXúLWD
DF LXQLL LOLFLWH úL DSORPEXO FX FDUH YD SXUWD DF LXQHD GDU úL WRWRGDW DQLKLOHD]
FDSDFLWDWHDYLFWLPHLGHDVHvPSRWULYL
G 'H GRX VDX PDL PXOWH SHUVRDQH vPSUHXQ &RRSHUDUHD D GRX VDX PDL
PXOWHSHUVRDQHODV YkUúLUHDLQIUDF LXQLLDUHDFHOHDúLHIHFWHFDúLvQFD]XOSUHFHGHQW
H3UHWLQGHUHDXQXLSURILWPDWHULDORULDDOWXLDYDQWDMvQVFKLPEXOHOLEHU ULL
SHUVRDQHLÌPSUHMXUDUHDPHQ LRQDW DJUDYHD] IDSWDGHRDUHFHRVHELWSUHMXGLFLXOXL
DGXVSHUVRDQHLSULQSULYDUHDHLGHOLEHUWDWHVHPDLFUHHD] DFHVWHLDRULSHUVRDQHORU
GLQ DQWXUDMXO V X XQ SUHMXGLFLX GH RUGLQ PDWHULDO HFKLYDOHQW DYDQWDMXOXL
SURILWXOXLSUHWLQVRULGREkQGLWGHDXWRUSULQV YkUúLUHDLQIUDF LXQLL
&$&RQVWDQ D'HFQU3/QUS
70%'HFQU&3-3S
+ 'LDFRQHVFX ([LVW FRQFXUV vQWUH LQIUDF LXQLOH GH WkOK ULH úL OLSVLUH GH OLEHUWDWH vQ PRG LOHJDO" 'U
QUS
76'HFQU5,S
70%'HFQU&3-3S
3ULQ IRORV PDWHULDO VDX DOW DYDQWDM VH vQ HOHJH SURILWXO SUHWLQV vQ VFKLPEXO
HOLEHU ULLYLFWLPHLLQGLIHUHQWGHYDORDUHDVDXIRUPDDFHVWXLDUHPLWHUHDXQHLVXPH
GHEDQLVHPQDUHDXQXLGRFXPHQWHOLEHUDUHDGHGH LQX LvQFRQWUDSDUWLG SXQHUHD
OD GLVSR]L LH D XQXL YHKLFXO HWF 3HQWUX UHDOL]DUHD LQIUDF LXQLL WH[WXO SUHYHGH úL
VDQF LRQHD] GRDU IRUPXODUHD FHUHULL D FRQGL LLORU PDWHULDOH vQ VFKLPEXO F URUD
YLFWLPD YD IL SXV vQ OLEHUWDWH LQGLIHUHQW GDF FHUHUHD HVWH VDX QX XUPDW GH
FHGDUHDRE LQHUHD HIHFWLY D IRORVXOXL VWLQV 1X SUH]LQW UHOHYDQ GDF FHUHUHD D
IRVW DGUHVDW GLUHFW YLFWLPHL RUL XQRU WHU L ± SHUVRDQH IL]LFH UXGH FXQRúWLQ H DOH
YLFWLPHLJUXSXULGHSHUVRDQHVDXMXULGLFHLQVWLWX LLSXEOLFHDJHQ LHFRQRPLFLRUL
RUJDQL]D LL QHJXYHPDPHQWDOH ± úL QLFL GDF YLFWLPD D DYXW VDX QX FXQRúWLQ
GHVSUHIRUPXODUHDFHUHULL
/DDFHDVW PRGDOLWDWHQRUPDWLY VFRSXOXUP ULWGHI SWXLWRUHVWHGXEOXSHGH
RSDUWHGHDOLSVLYLFWLPDvQPRGLOHJDOGHOLEHUWDWHSHGHDOW SDUWHGHDSUHWLQGH
XQ IRORV vQ VFKLPEXO HOLEHU ULL 3H FDOH GH FRQVHFLQ LQIUDF LXQHD GH úDQWDM HVWH
DEVRUELW vQFRQ LQXWXOLQIUDF LXQLLDQDOL]DWH
I 9LFWLPD HVWH PLQRU /HJLXLWRUXO D vQ HOHV V VDQF LRQH]H PDL DVSUX
DF LXQLOH GH DFHVW WLS vQGUHSWDWH vPSRWULYD FHORU QHYkUVWQLFL QX QXPDL SHQWUX DL
SURWHMDFXIHUPLWDWHVSRULW SHFHLFHQXVHSRWDS UDHILFLHQWVLQJXULFLúLSHQWUXD
SUHYHQL SULQ PLMORDFHOH GUHSWXOXL SHQDO SRVLELOLWDWHD LQVWDO ULL OD DFHúWLD D XQRU
WUDXPHSVLKLFHFDUHV OHPDUFKH]HUHVWXOYLH LL
J9LFWLPDHVWHVXSXV XQRUVXIHULQ HRULV Q WDWHDVDXYLD DvLHVWHSXV vQ
SHULFRO &RQFHSWXO VXIHULQ WUHEXLH vQ HOHV úL OLPLWDW OD FHO GH GXUHUH SURYRFDW
YLFWLPHLUHVSHFWLYRGXUHUHIL]LF vQIRPHWDUHvPSLHGLFDUHGHDGRUPLH[SXQHUHOD
IULJVDXPRUDO EDWMRFRULULVWUHVDUHSULQDOLPHQWDUHFXúWLULDODUPDQWHGHVSUHYLD D
RULV Q WDWHDSHUVRDQHORUDSURSLDWHYLFWLPHLúDÌQFD]XOF VXIHULQ DHVWHXUPDUHD
XQHL Y W P UL D LQWHJULW LL FRUSRUDOH RUL D V Q W LL YLFWLPHL VXQWHP vQ SUH]HQ D
XUP ULL LPHGLDWH D XQHLD GLQWUH LQIUDF LXQLOH SUHY ]XWH GH DUW FDUH VH
V YkUúHVFvQFRQFXUVFXDFHHDGHOLSVLUHGHOLEHUWDWHvQPRGLOHJDO
&kW SULYHúWH FHD GH D GRXD LSRWH] HVWH VXILFLHQW FUHDUHD VW ULL GH SHULFRO
SHQWUXV Q WDWHDRULYLD DYLFWLPHL±LPRELOL]DUHDDFHVWHLDvQIULJVDXvQWURS GXUH
SRSXODW GHDQLPDOHV OEDWLFH±GHFLQXúLDSDUL LDUH]XOWDWXOXLXUP ULORUDFHVWHL
VW UL ÌQ LSRWH]D SURYRF ULL XQRU DVHPHQHD XUP UL SHQWUX V Q WDWHD SHUVRDQHL
VXQWHP vQ SUH]HQ D úL D DOWRU LQIUDF LXQL ± PDL IUHFYHQW GLQ FHOH SUHY ]XWH OD DUW
V YkUúLWHvQFRQFXUVFXFHHDSUHY ]XW GHDUWLDUvQHYHQWXDOLWDWHDF
IDSWDDDYXWFDXUPDUHPRDUWHDYLFWLPHLvQFDGUDUHDMXULGLF úLSHGHDSVDYRUILFHOH
SUHY ]XWHvQDOLQDODUW
$OLQ 6 YkUúLUHD LQIUDF LXQLL vQ VFRSXO GH D REOLJD R SHUVRDQ OD
SUDFWLFDUHD SURVWLWX LHL LQWD XUP ULW GH DXWRU vQ DFHDVW LSRVWD] QRUPDWLY
FRQVWLWXLHSULQHDvQV úLLQIUDF LXQHVFRSFDUHMXVWLILF SUHYHGHUHDXQHLVDQF LXQL
PDLDVSUH
,QWURGXFHUHD QRLL DJUDYDQWH SULQ /HJHD QU D IRVW GHWHUPLQDW GH
FRQVWDWDUHD ± SXV vQ HYLGHQ GH VWDWLVWLFLOH MXGLFLDUH ± PXOWLSOLF ULL FD]XULORU GH
SUR[HQHWLVP vQWUHSULQV FX SUHF GHUH SULQ FRQVWUkQJHUHD YLFWLPHORU ± LQFOXVLY SULQ
VHFKHVWUDUHDDFHVWRUD±GHDVHSURVWLWXD
(VWH vQV GH UHPDUFDW F SHQWUX UHDOL]DUHD DFHVWHL PRGDOLW L QRUPDWLYH HVWH
VXILFLHQW FD DF LXQHD GH OLSVLUH GH OLEHUWDWH vQ PRG LOHJDO D XQHL SHUVRDQH V ILH
SXUWDW vQVFRSXODU WDWvQWH[WQHILLQGQHFHVDU úLGHEXWDUHDDFWHORUGHSURVWLWX LH
ÌQLSRWH]DDMXQJHULLODUH]XOWDWXOYL]DW±SUDFWLFDUHDSURVWLWX LHLGHF WUHRSHUVRDQ
&6-VSGQU%&QUS
± LQIUDF LXQHD GH OLSVLUH GH OLEHUWDWH vQ PRG LOHJDO HVWH V YkUúLW vQ FRQFXUV FX
DFHHDGHSUR[HQHWLVP
$OLQ &HUHUHD vQ VFKLPEXO HOLEHU ULL YLFWLPHL FD VWDWXO R SHUVRDQ
IL]LF VDXMXULGLF RRUJDQL]D LHLQWHUQD LRQDO LQWHUJXYHUQDPHQWDO VDXXQJUXS
GH SHUVRDQH V vQGHSOLQHDVF VDX V QX vQGHSOLQHDVF XQ DQXPLW DFW HVWH R
vPSUHMXUDUHFDUHVSRUHúWHFRQVLGHUDELOJUDGXOGHSHULFROVRFLDODOIDSWHL
,QWURGXFHUHD DJUDYDQWHL SULQ 'HFUHWXO ± OHJH QU vQ FRQ LQXWXO
LQIUDF LXQLL GH OLSVLUH GH OLEHUWDWH vQ PRG LOHJDO D IRVW GHWHUPLQDW QX QXPDL GH
QHFHVLWDWHDDOLQLHULLOHJLVODWLYHODFRQYHQ LLOHLQWHUQD LRQDOHDGRSWDWHvQDFHVWVHQV
FL PDL FX VHDP SHQWUX D SUHYHQL UHVSHFWLY D UHSULPD SUDFWLFLOH XQRU JUXS UL
IDF LL±PDLQXPHURDVHvQXOWLPLLDQL±GHDFDSWXUDúLGH LQHÄRVWDWHFL´vQGHRVHEL
GLQWUHSDVDJHULLXQRUYHKLFXOHGHWUDQVSRUWvQFRPXQúLGHDSUHWLQGHVDWLVIDFHUHD
GHFHUHULFXPRWLYD LLSUHSRQGHUHQWSROLWLFHvQVFKLPEXOHOLEHU ULLDFHVWRUD
$OLQ6 YkUúLUHDIDSWHORUSUHY ]XWHODDOLQGHF WUHRSHUVRDQ
FDUHIDFHSDUWHGLQWUXQJUXSRUJDQL]DW$JUDYDQWD±GHDVHPHQHDUHFHQWLQWUDW vQ
VWUXFWXUD LQIUDF LXQLL SUHY ]XWH GH DUW ± HVWH PRWLYDW QX QXPDL GH
SHULFXOR]LWDWHDVSRULW SUH]HQWDW GHLQIUDF LXQLOHV YkUúLWHvQJUXSGHFHOSX LQWUHL
LQGLYL]L FL úL PDL DOHV GH vPSUHMXUDUHD F JUXSXO D IRVW RUJDQL]DW WRFPDL vQ
YHGHUHDFRPLWHULLXQRUDVWIHOGHIDSWHÌQDFHDVW LSRWH] QRUPDWLY VXQWLQFLGHQWH
vQ RSLQLD QRDVWU úL SUHYHGHULOH DUW & SHQ ± DVRFLHUHD SHQWUX V YkUúLUHD GH
LQIUDF LXQL
$OLQ)DSWDDDYXWFDXUPDUHPRDUWHDVDXVLQXFLGHUHDYLFWLPHL*UDGXO
GH SHULFRO VRFLDO DO IDSWHL FX DWDUH FRQVHFLQ H HVWH ULGLFDW ± vQ Ä]RQD URúLH´ ± úL
H[SOLF DVSULPHDWUDWDPHQWXOXLVDQF LRQDWRU7H[WXODUW&RGSHQDOSUHYHGHvQ
SULPXO DOLQHDW R PRGDOLWDWH WLS VLPSO úL PDL PXOWH PRGDOLW L DJUDYDWH vQ
XUP WRDUHOH FLQFL DOLQHDWH 0RGDOLW LOH VXQW DJUDYDWH ± ID GH PRGDOLWDWHD WLS OD
FDUH VH UDSRUWHD] ± vQ SUH]HQ D úL GDWRULW XUP WRDUHORU vPSUHMXU UL vQ FDUH VH
FRPLWHIDSWD
8UPDUHD LPHGLDW D DF LXQLLLQDF LXQLL FRQVW vQ SULYDUHD YLFWLPHL GH
OLEHUWDWH GDU vQ FD]XO PRGDOLW LL DJUDYDWH GH OD DOLQ XUPDUHD LPHGLDW VH
WUDGXFHúLvQGHFHVXOYLFWLPHL
(VWH QHFHVDU SHQWUX VDWLVIDFHUHD ODWXULL RELHFWLYH D LQIUDF LXQLL D VH VWDELOL
OHJ WXUDGHFDX]DOLWDWHGLQWUHHOHPHQWXOPDWHULDOúLXUPDUHDLPHGLDW
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH ,QIUDF LXQHD VH V YkUúHúWH FX LQWHQ LH ± vQ DPEHOH HL
IRUPH±GLUHFW úLLQGLUHFW
7H[WXOQXFHUHSHQWUXUHDOL]DUHDLQIUDF LXQLLH[LVWHQ DXQXLVFRSVDXPRELO
ÌQ LSRWH]D QRUPDWLY DJUDYDW GLQ DOLQ IRUPD GH YLQRY LH FX FDUH
OXFUHD] DXWRUXOHVWHSUDHWHULQWHQ LD
)RUPH6DQF LXQL
)RUPH 3RWULYLW SUHYHGHULORU DUW DOLQ &RG SHQDO SURGXFHUHD VDX
SURFXUDUHDPLMORDFHORUDLQVWUXPHQWHORUVDXOXDUHDGHP VXULvQYHGHUHDFRPLWHULL
IDSWHL ± GHFL DQXPLWH DFWH SUHSDUDWRULL ± DX IRVW DVLPLODWH WHQWDWLYHL SULQ YRLQ D
OHJLXLWRUXOXLúLVDQF LRQDWHvQUHJLPXODFHVWHLD(VWHvQV GHVXEOLQLDWúLUH LQXWF
GLQWUHDFWHOHSUHSDUDWRULLVXQWFRQVLGHUDWHúLSHGHSVLWHFDWHQWDWLY QXPDLFHOHGHOD
IDSWDLQFULPLQDW vQDOLQ
7HQWDWLYD OD IDSWHOH LQFULPLQDWH vQ DOLQ VH VDQF LRQHD] vQ
FRQIRUPLWDWHFXSUHYHGHULOHDUWDOLQ
&RQVXPDUHD LQIUDF LXQLL VH SURGXFH vQ PRPHQWXO vQFHSHULL SULPXOXL DFW GH
H[HFXWDUH D SULY ULL SHUVRDQHL GH OLEHUWDWH LDU HSXL]DUHD LQIUDF LXQLL LQWHUYLQH OD
vQFHWDUHD VW ULL GH UHVWUkQJHUH D OLEHUW LL OD SXQHUHD vQ OLEHUWDWH /LSVLUHD GH
OLEHUWDWHvQPRGLOHJDOHVWHRLQIUDF LXQHFRQWLQX
6DQF LXQL3HGHSVHOHDXIRVWVWDELOLWHGHOHJLXLWRUJUDGDWvQUDSRUWFXQLYHOXO
GHSHULFROVRFLDODOIDSWHORULQFULPLQDWHvQGLIHULWHOHLSRVWD]HQRUPDWLYH
$VWIHO IDSWD vQVFULV vQ PRGDOLWDWHD WLS GH OD DOLQ HVWH VDQF LRQDW FX
vQFKLVRDUHDGHODODDQL
/D PRGDOLW LOH DJUDYDWH SHGHSVHOH VXQW VLWXDWH SH R OLQLH DVFHQGHQW GH OD
vQFKLVRDUHD vQWUH úL DQL ± DOLQ úL ± OD vQFKLVRDUHD vQWUH úLDQL±
DOLQ±RULODvQFKLVRDUHDvQWUHúLDQL±DOLQWH]D,VDXvQFKLVRDUHDvQWUH
úL DQL ± DOLQ WH]D ,, FXOPLQkQG FX vQFKLVRDUHD vQWUH úL GH DQL ±
DOLQ
3HUVRDQD MXULGLF VH VDQF LRQHD] SHQWUX IDSWD SUHY ]XW vQ DOLQ FX
DPHQG GH OD OD OHL LDU vQ FHOHODOWH LSRWH]H GH LQFULPLQDUH FX
DPHQGDGHODODOHL
6&/$9,$
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFvOFRQVWLWXLHUHOD LLOHVRFLDOHSULYLQGOLEHUWDWHDSHUVRDQHL/D
DFHDVW LQIUDF LXQH ± vQ GHRVHELUH ID GH LQIUDF LXQHD DQWHULRDU vQ FDUH HUDX
QHVRFRWLWHQXPDLDVSHFWHDWULEXWHDOHGUHSWXOXLODOLEHUWDWH±HVWHYLRODWGUHSWXOvQ
vQWUHDJD VD FRPSOH[LWDWH VXQW VXSULPDWH WRDWH DWULEXWHOH FH IRUPHD] GUHSWXO
SHUVRDQHLODOLEHUWDWH
2ELHFWXO PDWHULDO DO LQIUDF LXQLL HVWH vQV úL ILLQ D XPDQ DMXQV vQ VWDUH GH
VFODYLH
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUFkWúLVXELHFWXOSDVLYQXVXQWFDOLILFD LSULQ
WH[W6XELHFWXODFWLYDOLQIUDF LXQLLSRDWHILúLSHUVRDQDMXULGLF vQFRQIRUPLWDWHFX
GLVSR]L LLOHDUW&SHQ
3DUWLFLSD LD SHQDO OD V YkUúLUHD LQIUDF LXQLL HVWH SRVLELO vQ WRDWH IRUPHOH
DFHVWHLD±FRDXWRUDWLQVWLJDUHFRPSOLFLWDWH
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO HVWH FRQVWLWXLW GLQWUR DF LXQH FDUH SRDWH IL GH SXQHUH vQ
VWDUHGHVFODYLHGHPHQ LQHUHvQDFHDVW VWDUHRULGHWUDILFDUHGHVFODYL
6FODYLD &RQFHSWXO D IRVW GHILQLW vQ GRFXPHQWHOH &RQYHQ LHL GH OD *HQHYD
VFODYLDILLQGvQ HOHDV FDDFHDFRQGL LHDXQXLLQGLYLGDVXSUDF UXLDVHH[HUFLW WRDWH
DWULEXWHOHGUHSWXOXLGHSURSULHWDWHVDXDXQRUDGLQWUHDFHVWHD
3XQHUHDvQVWDUHGHVFODYLH(VWHDF LXQHDGHDWUDQVIRUPDVWDWXWXOLQGLYLGXDO
DO XQHL SHUVRDQH GLQ SHUVRDQ OLEHU vQ SHUVRDQ GHSHQGHQW ID GH R DOW
SHUVRDQ 3HUVRDQDGLQXUP GHYLQHSURSULHWDUXOFHOHLGLQWkL
LQHUHD vQ VWDUH GH VFODYLH HVWH DF LXQHD GH SHUSHWXDUH PHQ LQHUH úL GH
IRORVLUHDVLWXD LHLDQWHULRUH[SOLFDWH
7UDILF GH VFODYL 3RWULYLW GRFXPHQWHORU &RQYHQ LHL GH OD *HQHYD SULQ WUDILF
GHVFODYLVHvQ HOHJHFDSWXUDUHDDFKL]L LRQDUHDFHVLRQDUHDXQXLLQGLYLGSHQWUXDO
IDFHVFODYDFKL]L LRQDUHDGHVFODYLSHQWUXDILYkQGX LVDXVFKLPED LúLRULFHDOWH
DFWHGHFRPHU RULHIHFWXDUHDGHWUDQVSRUWXULGHVFODYLSHDS PDUHDHUS PkQW
8UPDUHDLPHGLDW YDILFRUHVSXQ] WRUFHORUWUHLDF LXQLGHVXSULPDUHDVW ULL
GHOLEHUWDWHGHSHUSHWXDUHDFRQGL LHLGHVFODYLHUHVSHFWLYGHWUHFHUHDYLFWLPHLGH
ODXQSURSULHWDUODDOWXOvQFDGUXOXQHLWUDQ]DF LL
/HJ WXUDGHFDX]DOLWDWHVHUHDOL]HD] SULQGRYHGLUHDF DF LXQHDI SWXLWRUXOXL
DSURYRFDWRULDFRQWULEXLWODSURYRFDUHDXQHLDGLQWUHXUP ULOHLPHGLDWH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH ,QIUDF LXQHD VH V YkUúHúWH vQWRWGHDXQD FX LQWHQ LH vQ
LQGLIHUHQWFDUHGLQPRGDOLW LOHDFHVWHLD
1XSUH]LQW UHOHYDQ VFRSXOVDXPRELOXODF LXQLLSUHY ]XWHGHWH[W
)RUPH6DQF LXQL
)RUPH $FWHOH SUHSDUDWRULL GHúL SRVLELO D IL FRPLVH QX LQWU VXE LQFLGHQ D
OHJLLSHQDOH
7HQWDWLYDHVWHSRVLELO úLVHSHGHSVHúWHSRWULYLWGLVSR]L LLORUDUWDOLQ
&RQVXPDUHDLQIUDF LXQLLLQWHUYLQHODDSDUL LDXUP ULLLPHGLDWHvQXQDGLQWUH
FHOH WUHL LSRVWD]H PDL VXV DU WDWH )DSWD GHVI úXUkQGXVH vQ WLPS OD SULPHOH GRX
PRGDOLW LQRUPDWLYHDUHFDUDFWHUXOGHIDSW FRQWLQX
(SXL]DUHDLQIUDF LXQLLDUHORFvQPRPHQWXOFkQGvQFHWHD] VWDUHDGHVFODYLH
6DQF LXQL 3HGHDSVD SHQWUX LQIUDF LXQHD SUHY ]XW GH DUW HVWH
vQFKLVRDUHDGHODODDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
3HUVRDQDMXULGLF VHVDQF LRQHD] FXvQFKLVRDUHGHODODOHL
68381(5($/$081& )25 $7 6$82%/,*$725,(
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF HVWH FRQVWLWXLW GLQ DFHOH UHOD LL VRFLDOH FDUH SULYHVF GUHSWXO
SHUVRDQHLGHDúLDOHJHPXQFDSHFDUHvQ HOHJHV RSUHVWH]HvQUDSRUWFXSUHJ WLUHD
úL DSWLWXGLQLOH VDOH $FHVWD HVWH XQ GUHSW IXQGDPHQWDO DO FHW HDQXOXL FRQVILQ LW
FRQVWLWX LRQDO SULQ DUW DOLQ vQ FDUH VH VWDWXHD] F ÄDOHJHUHD SURIHVLHL D
PHVHULHLVDXDRFXSD LHLSUHFXPúLDORFXOXLGHPXQF HVWHOLEHU ´
'UHSWXO RFURWLW SULQ WH[WXO LQFULPLQDWRU ILLQG XQ GUHSW SHUVRQDO LQIUDF LXQHD
HVWHOLSVLW GHRELHFWPDWHULDO
6XELHF LLLQIUDF LXQLL
6XELHF LLLQIUDF LXQLLDFWLYúLSDVLYVXQWQHFLUFXPVWDQ LD LGHWH[W6XELHFWXODFWLYDO
LQIUDF LXQLLSRDWHILúLSHUVRDQDMXULGLF vQFRQIRUPLWDWHFXSUHYHGHULOHDUW&SHQ
3DUWLFLSD LDSHQDO HVWHSRVLELO vQWRDWHIRUPHOHDFHVWHLD
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO DO LQIUDF LXQLL FRQVW GLQWUR DF LXQH FDUH HVWH ILH GH
VXSXQHUH D XQHL SHUVRDQH OD SUHVWDUHD XQHL PXQFL FRQWUD YRLQ HL DFHVWHLD ILH GH
VXSXQHUHODSUHVWDUHDXQHLPXQFLREOLJDWRULL
0XQF IRU DW VDXREOLJDWRULH&RQFHSWHOHDXIRVWGHILQLWHSULQGRFXPHQWHOH
&RQYHQ LHLQUGLQSULYLQGPXQFDIRU DW VDXREOLJDWRULHODFDUH5RPkQLD
D DGHUDW vQ DQXO ÌQ vQ HOHVXO LQVWUXPHQWXOXL MXULGLF LQWHUQD LRQDO HVWH
FRQVLGHUDW PXQF IRU DW VDX REOLJDWRULH ÄRULFH PXQF VDX VHUYLFLX SUHWLQV XQXL
LQGLYLGVXEDPHQLQ DUHDXQHLSHGHSVHRDUHFDUHúLSHQWUXFDUHQXPLWXOLQGLYLGQXVD
RIHULWGHEXQ YRLH´
3RWULYLW UHJOHPHQW ULORU PHQ LRQDWHL &RQYHQ LL FkW úL QRUPHL FXSULQVH vQ
DUWDOLQGLQ&RQVWLWX LD5RPkQLHLQXDXFDUDFWHUXOXQHLPXQFLREOLJDWRULL
XUP WRDUHOHDFWLYLW L
'HFUHWXOQUSXEOLFDWvQ%2IQUGLQ
D DFWLYLW LOH SHQWUX vQGHSOLQLUHD vQGDWRULULORU PLOLWDUH SUHFXP úL FHOH
GHVI úXUDWHSRWULYLWOHJLLvQORFXODFHVWRUDGLQPRWLYHUHOLJLRDVHVDXGHFRQúWLLQ
E PXQFD XQHL SHUVRDQH FRQGDPQDWH SUHVWDW vQ FRQGL LL QRUPDOH vQ
SHULRDGDGHGHWHQ LHVDXGHOLEHUWDWHFRQGL LRQDW
FSUHVWD LLOHLPSXVHvQVLWXD LDFUHDW GHFDODPLW LRULGHDOWSHULFROSUHFXP
úLFHOHFDUHIDFSDUWHGLQREOLJD LLOHFLYLOHQRUPDOHVWDELOLWHGHOHJH
&RQFHSWXO GH ÄPXQF ´ vQ VHQVXO IRORVLW GH OHJLXLWRU vQ DUW &RG SHQDO
FXSULQGHRULFHDFWLYLWDWHSUHVWDW GHLQGLYLGVXERULFHIRUP úLLQGLIHUHQWGHGXUDWD
DFHVWHLD
ÌQFHSULYHúWHH[FHS LLOHGHODSULQFLSLXOFRQVWLWX LRQDOSRWULYLWF UXLDÄPXQFD
IRU DW HVWHLQWHU]LV ´HVWHGHSUHFL]DWF DFHVWHDVXQWVWULFWGHOLPLWDWHSULQvQV úL
&RQVWLWX LH LDU SUHVWDUHD DFHORU PXQFL WUHEXLH V ILH QHFRQGL LRQDW UHJOHPHQWDW
SULQOHJH
'LVWLQF LD GLQWUH FHOH GRX LSRWH]H QRUPDWLYH ± PXQF vPSRWULYD YRLQ HL
SHUVRDQHL úL PXQF REOLJDWRULH ± HVWH F vQ SULPXO FD] DXWRUXO LQIUDF LXQLL
FRQVWUkQJH YLFWLPD OD SUHVWDUHD XQHL PXQFL FRQWUD YRLQ HL DFHVWHLD SH FkQG vQ DO
GRLOHD FD] YLFWLPD HVWH FRQVWUkQV OD SUHVWDUHD XQHL PXQFL SH FDUH HD QX DUH
REOLJD LD V R HIHFWXH]H ÌQ DPEHOH VLWXD LL DSDUH FDUDFWHUXO GH VLOQLFLH SH FDUH vO
vPEUDF SUHVWD LDVXELHFWXOXLSDVLYFDUDFWHUXOGHPXQF LPSXV
1X YD SUH]HQWD UHOHYDQ SHQWUX vQWUXQLUHD HOHPHQWHORU FRQVWLWXWLYH DOH
LQIUDF LXQLL PRGDOLWDWHD SULQ FDUH YLFWLPD HVWH FRQVWUkQV OD PXQF ± IRORVLUHD
IRU HL IL]LFH D DPHQLQ ULORU D úDQWDMXOXL HWF ± úL QLFL GDF YLFWLPHL L VH DVLJXU
FRQGL LL GH PXQF RUL GH UHWULEXLUH IDYRUDELOH 'HILQLWRULX SHQWUX FD IDSWD V
FRQVWLWXLH LQIUDF LXQH HVWH SR]L LD DWLWXGLQHD SVLKLF D SHUVRDQHL ID GH PXQFD
SUHVWDW PDL SUHFLV DEVHQ D YRLQ HL úL FRQVLP PkQWXOXL SHUVRDQHL GH D vQGHSOLQL
DFHDDFWLYLWDWH
8UPDUHD LPHGLDW D LQIUDF LXQLL FRQVW vQ VWDUHD GH SLHUGHUH D OLEHUW LL
SHUVRDQHL GH DúL DOHJH PXQFD DúD FXP VH JDUDQWHD] FRQVWLWX LRQDO SRWULYLW
SUHJ WLULLúLDSWLWXGLQLORUDFHVWHLD
/HJ WXUD GH FDX]DOLWDWH 3HQWUX UHDOL]DUHD LQIUDF LXQLL HVWH QHFHVDU GH EXQ
VHDP D VH GRYHGL F VXSXQHUHD OD PXQF IRU DW VDX REOLJDWRULH HVWH XUPDUHD
DF LXQLLVXELHFWXOXLDFWLY
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH ,QIUDF LXQHD VH FRPLWH GRDU FX LQWHQ LH vQ DPEHOH HL
PRGDOLW L
1XVXQWvQWUXQLWHHOHPHQWHOHFRQVWLWXWLYHDOHLQIUDF LXQLLOLSVLQGYLQRY LDvQ
LSRWH]D F DXWRUXO HVWH vQ HURDUH FX SULYLUH OD FDUDFWHUXO LOHJDO DO P VXULL GH D
VXSXQHRSHUVRDQ ODPXQF IRU DW VDXREOLJDWRULH
7H[WXOQXSUHWLQGHFDDFWLYLWDWHDVXELHFWXOXLDFWLYV ILHFDUDFWHUL]DW SULQWU
XQDQXPLWVFRSRULPRELO
)RUPH6DQF LXQL
)RUPH'HúLSRVLELOHFDUHDOLWDWHIDSWLF DFWHOHSUHSDUDWRULLúLWHQWDWLYDSULQ
YRLQ DOHJLXLWRUXOXLQXVHSHGHSVHVF
&RQVXPDUHDLQIUDF LXQLLDUHORFvQPRPHQWXOvQFHSHULLSUHVWD LHLPXQFLLI U
YRLQ D VXELHFWXOXL SDVLY $F LXQLOH GH VXSXQHUH OD PXQF IRU DW VDX REOLJDWRULH
LPSOLF GHVI úXUDUHD ORU vQ WLPS FRQIHULQG LQIUDF LXQLL XQ FDUDFWHU FRQWLQXX
79DVLOLXúLFRORSFLWYRO,S
(SXL]DUHD LQIUDF LXQLL VXUYLQH vQ PRPHQWXO vQ FDUH vQFHWHD] VWDUHD GH SLHUGHUH D
OLEHUW LLODPXQF úLSHUVRDQDvúLUHFDS W OLEHUWDWHD
6DQF LXQL3HGHDSVDSHQWUXV YkUúLUHDLQIUDF LXQLLSUHY ]XW vQDUWHVWH
vQFKLVRDUHDvQWUHOXQLúLDQL
3HUVRDQDMXULGLF VHVDQF LRQHD] FXDPHQGDGHODODOHL
9,2/$5($'('20,&,/,8
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO LQIUDF LXQLL SUHY ]XW vQ DOLQ vO FRQVWLWXLH
IDVFLFXOXOGHUHOD LLVRFLDOHUHIHULWRDUHODXQXOGLQDVSHFWHOHOLEHUW LLSHUVRDQHLúL
DQXPHODDFHODSULYLQGGUHSWXOLQGLYLGXOXLGHDDYHDXQGRPLFLOLXvQFDUHI U QLFL
RLQJHULQ V úLGHVI úRDUHYLD DVDSDUWLFXODU
'UHSWXO OD LQYLRODELOLWDWHD GRPLFLOLXOXL úL D UHúHGLQ HL HVWH XQ GUHSW
IXQGDPHQWDO DO FHW HDQXOXL FRQVDFUDW SULQ DUW DO &RQVWLWX LHL 5RPkQLHL (O
RFURWHúWHXQDOWDVSHFWDOYLH LLLQGLYLGXDOH±GRPLFLOLXO
ÌQ YLUWXWHD DFHVWXL GUHSW FHW HDQXO SRDWH SUHWLQGH FD QLFL R SHUVRDQ ±
SDUWLFXODU VDX UHSUH]HQWDQW DO DXWRULW LORU SXEOLFH ± V QX LQWUH I U DL GD
FRQVLP PkQWXOvQGRPLFLOLXOVDXUHúHGLQ DVDGXS FXPGDF SHUVRDQDDLQWUDWFX
FRQVLP PkQWXO V X SRDWH V L SUHWLQG DWXQFL FkQG YRLHúWH V O S U VHDVF GH
vQGDW &RQVWLWX LD JDUDQWHD] GUHSWXO LDU OHJHD SHQDO VDQF LRQHD] SH FHL FHO
QHVRFRWHVF
5H]XOW SULQ XUPDUH F LQWUDUHD YL]LWDUHD GRPLFLOLXOXL RUL U PkQHUHD vQ
DFHVWDVHSRDWHIDFHGHSULQFLSLXGRDUSULQFRQVLP PkQWXO±H[SUHVVDXWDFLW±DO
SHUVRDQHLFDUHIRORVHúWHVSD LXO
&X WRDWH DFHVWHD &RQVWLWX LD úL XQHOH OHJL SUHY G OLPLW UL DOH H[HUFLW ULL
GUHSWXOXLIXQGDPHQWDOH[FHS LLOHGHODUHJXO SXWkQGILJUXSDWHvQGRX FDWHJRULL
D 3 WUXQGHUHD DJHQ LORU SXEOLFL vQ ORFXLQ D SHUVRDQHL GHWHUPLQDW GH
DWLWXGLQHD LOHJDO úL REVWUXF LRQLVW D DFHVWHLD LSRWH] vQ FDUH VH vQFDGUHD]
H[HFXWDUHD XQXL PDQGDW GH DUHVWDUH H[HFXWDUHD XQHL P VXUL DVLJXU WRULL DVXSUD
EXQXULORUH[HFXWDUHDXQHLKRW UkULMXGHF WRUHúWLGHFRQILVFDUHDXQRUEXQXULVDXD
DYHULLSHUFKH]L LLOH±DSUREDWHGHPDJLVWUDW±GHVFLQGHUHDDJHQ LORUVHUYLFLLORUGH
LQIRUPD LL ± FX DXWRUL]DUHD MXGHF WRUXOXL ± vQ VIkUúLW vQ VFRSXO UHVWDELOLULL RUGLQLL
SXEOLFHRULSHQWUXSUHYHQLUHDU VSkQGLULLXQHLHSLGHPLL
E3 WUXQGHUHDRULF URUSHUVRDQH±SDUWLFXODUHVDXRILFLDOH±GHWHUPLQDW GHR
VWDUH GH QHFHVLWDWH LQFHQGLX FXWUHPXU LQXQGD LH úL LQ VFRSXO VDOY ULL GH YLH L
RPHQHúWL EXQXUL VDX YDORUL ÌQ DFHHDúL FDWHJRULH LQWU úL FD]XULOH vQ FDUH
S WUXQGHUHD DUH GUHSW VFRS SUHYHQLUHD úL FXUPDUHD XQHL DF LXQL LOHJDOH vQGUHSWDWH
vPSRWULYD YLH LL úL LQWHJULW LL FRUSRUDOH D XQHL SHUVRDQH VLQXFLGHUL RPRUXUL
YLROXUL RULFH IHO GH DJUHVLXQL DVXSUD FRUSXOXL SHUVRDQHL VDX D EXQXULORU IXUWXUL
WkOK ULL
6LWXD LLOHGHPDLVXVFDUHFRQVWLWXLHOLPLW ULOHJDOHDOHGUHSWXOXLIXQGDPHQWDO
OD LQYLRODELOLWDWHD GRPLFLOLXOXL DEVROY WRWDO GH U VSXQGHUH SHQDO DJHQ LL SXEOLFL
RULSHUVRDQHOHSDUWLFXODUHFDUHS WUXQG±vQFRQWUDYRLQ HLVXELHFWXOXLGHGUHSWGDU
FXUHVSHFWDUHDSUHYHGHULORUOHJDOH±vQGRPLFLOLXOXQHLSHUVRDQH
'LPSRWULY S WUXQGHUHD XQXL LQGLYLG ± vQ DIDUD VLWXD LLORU RUGRQDWH VDX
DGPLVHGHOHJH±vQGRPLFLOLXOXQHLSHUVRDQHúLI U FRQVLP PkQWXODFHVWHLDVDX
UHIX]XO GH DO S U VL OD FHUHUHD SHUVRDQHL DO F UHL GUHSW D IRVW vQF OFDW FRQVWLWXLH
3H ODUJ $ XFXOHDQX *DUDQ LLOH LQYLRODELOLW LL GRPLFLOLXOXL SHUFKH]L LD GRPLFLOLDU 'U QU
S
LQIUDF LXQHD DQDOL]DW vQ FRQWLQXDUH 7RW DVWIHO S WUXQGHUHD DJHQ LLORU SXEOLFL vQ
GRPLFLOLXO XQHL SHUVRDQH vQ DIDUD FD]XULORU VXVPHQ LRQDWH RUL FX QHUHVSHFWDUHD
UHJXOLORU SUHY ]XWH vQ OHJL FRQVWLWXLH LQIUDF LXQHD GH DEX] vQ VHUYLFLX FRQWUD
LQWHUHVHORUSHUVRDQHORUSUHY ]XW vQDUW&RGSHQDO
2ELHFWXO PDWHULDO HVWH vQV úL ORFXLQ D DVXSUD F URUD HVWH SXUWDW DF LXQHD
LOLFLW
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU HVWH QHFLUFXPVWDQ LDW GH WH[W vQ YUHPH FH
VXELHFWXOSDVLYHVWHSHUVRDQDDOF UHLGRPLFLOLXHVWHYLRODW
ÌQ LSRWH]D SOXUDOLW LL GH VXELHF L SDVLYL GHFL DWXQFL FkQG DXWRUXO vQ FDGUXO
DFHOHLDúLDF LXQLYDW P GUHSWXOPDLPXOWRUSHUVRDQHXUP ULQGXúLVR LDSHFDUH
YRLD V R EDW úL FDUHVHUHIXJLDVHODXQYHFLQLQFXOSDWXOSOHFDWvQF XWDUHDHLD
S WUXQVIRU DWvPSRWULYDYRLQ HLORFDWDULORU±vQPRGVXFFHVLY±vQDSDUWDPHQWHOHD
WUHLSHUVRDQHDIODWHODDFHODúLHWDMVHV YkUúHVFWRWDWkWHDLQIUDF LXQL±vQIRUPD
FRQFXUVXOXL UHDO SUHY ]XW vQ DUW OLW D ± FkWH SHUVRDQH VXQW YLFWLPH DOH
IDSWHORUGHYLRODUHGHGRPLFLOLX
3HUVRDQD MXULGLF SRDWH IL VXELHFW DFWLY DO DFHVWHL LQIUDF LXQL vQ FRQGL LLOH
DUW&SHQ
3DUWLFLSD LDSHQDO ODV YkUúLUHDLQIUDF LXQLLHVWHSRVLELO vQWRDWHIRUPHOHHL
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDOHVWHFRQVWLWXLWDOWHUQDWLYILHGLQDF LXQHDGHDS WUXQGH
I U GUHSW vQ ORFXLQ ILH GLQ DF LXQHD GH D UHIX]D S U VLUHD ORFXLQ HL OD FHUHUHD
SHUVRDQHLvQGUHSW LW V RIDF
&RQFHSWHOHFXFDUHRSHUHD] WH[WXOREOLJ ODXQHOHH[SOLFD LL
/RFXLQ (VWHORFXOvQFDUHWU LHúWHHIHFWLYRSHUVRDQ RIDPLOLHXQJUXSGH
SHUVRDQH
1X SUH]LQW UHOHYDQ vQ VHQVXO OHJLL SHQDOH GDF DFHVW ORF HVWH LPRELO VDX
PRELOUXORW úOHSGDF HVWHVSHFLDODIHFWDWDFHVWXLVFRSRULQXJDUDMJUDMGRUL
GDF UHSUH]LQW R ORFXLQ SHUPDQHQW VDX SDVDJHU FXúHWD YDJRQXOXL GH GRUPLW
FDPHUD vQFKLULDW vQWUXQ PRWHO &HULQ D FRQFHSWXOXL SHQDO GH ORFXLQ HVWH FD
DFHDVWDV ILHIRORVLW GHRSHUVRDQ
ÌQ OHJ WXU FX DFHDVW FHULQ HVWH GH SUHFL]DW F IRORVLQ D WUHEXLH V ILH
OHJLWLP ± OHJHD SURWHMHD] GRDU SRVHVRUXO GH EXQ FUHGLQ ± úL OLEHU ± OHJHD
RFURWHúWH OLEHUWDWHD GRPLFLOLXOXL úL QX REOLJDWLYLWDWHD ORFXLULL FD XUPDUH D XQHL
VLWXD LLMXULGLFH±GH LQX L±PHGLFDOH±EROQDYL±RULVRFLDOH±WLQHULvQH[HFXWDUHD
VHUYLFLXOXLPLOLWDU
ÌQF SHUH&RQFHSWXODUHvQYHGHUHDFHOVSD LXGHOLPLWDWGLQWURFRQVWUXF LHFX
IXQF LHGHORFXLQ úLFDUHHVWHIRORVLWHIHFWLYFDORFXLQ GHF WUHRSHUVRDQ VDX
PDLPXOWHSHUVRDQH6 YkUúHúWHGHFLLQIUDF LXQHDGHYLRODUHGHGRPLFLOLXSHUVRDQD
FDUHGHúLORFXLHúWHvQDFHODúLDSDUWDPHQWVDXFDV vQFDUHHVWHvQFRUSRUDW vQF SHUHD
GH LQXW GH R DOW SHUVRDQ S WUXQGH vQ DFHD vQF SHUH I U FRQVLP PkQWXO
WLWXODUXOXLGUHSWXOXLGHIRORVLQ RULUHIX] V RS U VHDVF ODVRPD LDDFHVWXLD
'HSHQGLQ H &RQFHSWXO DUH vQ YHGHUH ORFXULOH FDUH VXQW vQWUR UHOD LH GH
GHSHQGHQ FX ORFXLQ D FDUH VXQW XQ DFFHVRULX úL FRPSOHWHD] IRORVLUHD DFHVWRUD
70%'HFQU&-3-S
93DSDGRSROQRW OD'HFQUS
7M&RQVWDQ D'HFQU'UQUS
7M0XUHú'HFQU5,S
79DVLOLX*$QWRQLX&RGXOSHQDO±FRPHQWDWúLDGQRWDWHGFLWYRO,S
EXF W ULHSRGPDJD]LHHWF6DH[SULPDWRSLQLDSRWULYLWF UHLDúLVSD LLOHFRPXQH
DOH XQXL LPRELO WHUDVD VFDUD KROXULOH FRQVWLWXLH GHSHQGLQ H GDU vQ S UHUHD
QRDVWU DFHVWHDH[FHGFRQFHSWXOXLSHQDO
/RFvPSUHMPXLW(VWHRULFHORFFDUHDSDU LQHORFXLQ HLGHOLPLWDWGHYHFLQ W L
SULQWURvQJU GLUHvPSUHMPXLUH
3 WUXQGHUHI U GUHSWvQRULFHPRGvQORFXLQ
) U GUHSWÌQVHDPQ I U GUHSWXOGHDIRORVLDFHOVSD LX6XQWGHFLvQGUHSWD
LQWUDvQORFXLQ SHUVRDQHOHFDUHOHIRORVHVFOHJLWLPSHUVRDQHOHDJUHDWHGHDFHVWHD
SUHFXPúLSHUVRDQHOH±RILFLDOHúLSDUWLFXODUH±vQFRQGL LLOHRUGRQDWHRULDGPLVHGH
OHJH
ÌQ RULFH PRG 3ULQ DFHDVW VLQWDJP DEVROXW SHUPLVLY VH GHVFKLGH
SRVLELOLWDWHD UHSULP ULL RULF UHL DF LXQL GH S WUXQGHUH vQWUXQ GRPLFLOLX LQGLIHUHQW
VXEFHIRUP HVWHHDUHDOL]DW FXúWLLQ DvQSUH]HQ DSHUVRDQHLvQDF UHLORFXLQ
VH LQWU ± IRORVLQGXVH FRQVWUkQJHUHD IL]LF VDX SVLKLF DP JLUHD HWF ± RUL I U
úWLLQ DI U SUH]HQ DDFHOHLSHUVRDQH±SULQHIUDF LHVDXHVFDODGDUHSULQIRORVLUHGH
FKHLPLQFLQRDVHHWF
&RQVLP PkQWXOSHUVRDQHLSHQWUXDSXWHDLQWUDRULU PkQHvQORFXLQ $FHVW
DFRUGDSUREDUHWUHEXLHV ILHH[SULPDWGHRSHUVRDQ UHVSRQVDELO úLvQGUHSW LW
D SHUPLWH RUL D LQWHU]LFH DFFHVXO VDX U PkQHUHD vQ ORFXLQ VDX VHGLX ÌQ SULPD
LSRWH] D LQWHU]LFHULL LQWU ULL vQ ORFXLQ D LQWUXVXOXL SHUVRDQD vQGULWXLW SRDWH
H[SULPD vQ RULFH PRG DFHVW UHIX] SULQ YLX JUDL VDX VHPQH SULQ vQFKLGHUHD
RVWHQWDWLY DXúLLHWFÌQFHDGHDGRXDLSRWH] SHUVRDQDvQDOF UHLGRPLFLOLXVD
LQWUDWYDWUHEXLV úLH[SULPHH[SUHVGH]DFRUGXOFDLQWUXVXOV U PkQ vQDFHOVSD LX
DGLF V LSUHWLQG DFHVWXLDV S U VHDVF LPRELOXO
ÌQ DOLQ DO WH[WXOXL DX IRVW SUHY ]XWH PRGDOLW LOH QRUPDWLYH DJUDYDWH DOH
LQIUDF LXQLL úL DQXPH FkQG IDSWD HVWH V YkUúLW D GH R SHUVRDQ vQDUPDW E GH
GRX VDXPDLPXOWHSHUVRDQHvPSUHXQ FvQWLPSXOQRS LLVDXGSULQIRORVLUHDGH
FDOLW LPLQFLQRDVH
3HUVRDQ vQDUPDW $VHYHGHDH[SOLFD LLOHGDWHODLQIUDF LXQHDGHOLSVLUH
GHOLEHUWDWHvQPRGLOHJDO
ÌQWLPSXOQRS LL$FHDVW VLWXD LHHVWHGHQDWXU DDJUDYDIDSWDGHRDUHFHSH
GHRSDUWHI SWXLWRUXOúWLLQGXVHODDG SRVWXOvQWXQHULFXOXLYDDF LRQDFXXQSOXV
GH DSORPE LDU SH GH DOW SDUWH YLFWLPD GLQ DFHHDúL FDX] VH YD vPSRWULYL PDL
SX LQFXUDMRVúLGHFLHILFLHQWDF LXQLLLOLFLWHDI SWXLWRUXOXL
Ä7LPSXOQRS LL´QXSRDWHILSUHGHWHUPLQDWSULQOHJHvQWUXFkWHOGLIHU GHOD
DQRWLPSODDQRWLPSGHSR]L LDJHRJUDILF GHRUDODFDUHVHFRPLWHIDSWD(VHQ LDO
SHQWUXVWDELOLUHDDFHVWHLVLWXD LXQLGHIDSWHVWHLQVWDODUHDvQWXQHULFXOXL
(VWH OLSVLW GH UHOHYDQ F vQ LQWHUYDOXO UHVSHFWLY GH ÄWLPS´ ORFXLQ D vQ
PRPHQWXOFRPLWHULLIDSWHLHUDELQHLOXPLQDW DUWLILFLDOvQH[WHULRUVDXvQLQWHULRU
)RORVLUHDGHFDOLW LPLQFLQRDVH6LQWDJPDFDOLW LPLQFLQRDVHHVWHPDLODUJ
vQ FRQ LQXW GHFkW DFHHD H[DPLQDW OD LQIUDF LXQHD GH OLSVLUH GH OLEHUWDWH vQ PRG
LOHJDO XQGH VLPXODUHD VH UHIHUHD GRDU OD ÄFDOLW L RILFLDOH´ ([SUHVLD ÄFDOLW L
,ELGHPS2/RJKLQ77RDGHURSFLWS
76 'HF QU LELGHP S ÌQ DFHODúL VHQV 70% 'HF QU &3-3
S
Ä5H]XOW DúDGDUF RLQIUDF LXQHVHFRQVLGHU V YkUúLW GHRSHUVRDQ vQDUPDW vQFD]XOvQFDUHDXWRUXOD
DYXWDVXSUDVDQXQXPDLRDUP VSHFLDOFRQIHF LRQDW FLúLRULFHDOWGLVSR]LWLYRELHFWVDXLQVWUXPHQWGDF DFHVWDD
IRVWvQWUHEXLQ DWGUHSWDUP ODFRPLWHUHDIDSWHLÌQFRQVHFLQ IDSWDXQHLSHUVRDQHGHDILS WUXQVI U GUHSWvQWUR
ORFXLQ I U FRQVLP PkQWXO FHOXL FDUH R IRORVHúWH vQDUPDW FXXQFX LWSHFDUHDúLIRORVLWvQDFWLYLWDWHDVD
DJUHVLY FRQVWLWXLH LQIUDF LXQHD GH YLRODUH GH GRPLFLOLX vQ IRUPD DJUDYDW SUHY ]XW vQ DUW DOLQ
&RGSHQDO´±76'HFQU5,,S
7M,OIRY'HFQULELGHPS
PLQFLQRDVH´ DEVRDUEH LQFOXGH úL SH DFHHD GH ÄFDOLW L RILFLDOH´ 3ULQ XUPDUH vQ
DFHVW FD] DXWRUXO vúL SRDWH GD FDOLWDWHD ± HYLGHQW QHUHDO ± GH SULHWHQ DO XQXL
PHPEUXDOIDPLOLHLPHVDJHUDOXQHLFXQRúWLQ HHWF
8UPDUHD LPHGLDW FRQVW vQ FUHDUHD XQHL VW UL GH QHVRFRWLUH D OLEHUW LL
SHUVRDQHL GH D IRORVL QHVWLQJKHULW GRPLFLOLXO VWDUH PDWHULDOL]DW ILH SULQ
S WUXQGHUHD I U GUHSW vQ DFHO VSD LX ILH SULQ UHIX]XO GH DO S U VL OD FHUHUHD
SHUVRDQHLDOF UHLGUHSWHVWHvQF OFDW
/HJ WXUD GH FDX]DOLWDWH HVWH IDFLO GH VWDELOLW HD UH]XOWkQG GLQ FRQVWDWDUHD
VW ULLGHYLRODUHDOLEHUW LLSHUVRDQHLVXEDFHVWDVSHFW
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH ,QIUDF LXQHD VH V YkUúHúWH FX LQWHQ LH vQ DPEHOH
PRGDOLW L±GLUHFW úLLQGLUHFW )DSWHOHFRPLVHGDWRULW XQHLHURULGHIDSWRULGLQ
FXOS QXLQWU VXELQFLGHQ DOHJLLSHQDOH
7H[WXOLQFULPLQDWRUQXFHUHH[LVWHQ DXQXLDQXPLWVFRSVDXPRELO
)RUPH6DQF LXQL
)RUPH $FWHOH GH SUHJ WLUH úL WHQWDWLYD VXQW SRVLELOH GDU HOH QX VXQW
VDQF LRQDWHGHWH[W
&RQVXPDUHD LQIUDF LXQLL HVWH LQVWDQWDQHH úL HD LQWHUYLQH vQ PRPHQWXO
S WUXQGHULLvQORFXLQ RULvQPRPHQWXOH[SULP ULLUHIX]XOXLGHDS U VLDFHOLPRELO
6DQF LXQL ÌQ YDULDQWD VD WLS ± DOLQ ± LQIUDF LXQHD HVWH VDQF LRQDW FX
vQFKLVRDUHGHODOXQLODDQL
ÌQYDULDQWDDJUDYDW SHGHDSVDHVWHvQFKLVRDUHDGHODODDQL
3HUVRDQD MXULGLF VH VDQF LRQHD] vQ DPEHOH LSRWH]H GH LQFULPLQDUH FX
DPHQG GHODODOHL
$0(1,1 $5($
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO vO FRQVWLWXLH UHOD LLOH VRFLDOH UHIHULWRDUH OD OLEHUWDWHD
SVLKLF PRUDO DSHUVRDQHL$PHQLQ DUHDDGUHVDW XQHLSHUVRDQHHVWHGHQDWXU DL
DIHFWD WXOEXUD VHQWLPHQWXO GH VHFXULWDWH ± UHVWUkQJkQGXL DVWIHO GUHSWXO OD
OLEHUWDWHDSVLKLF ±úLWRWRGDW GHDLLQIOXHQ DFRQGXLWD±GDWRULW WHPHULLFDUHR
PDUFKHD] ±FHHDFHVHYDU VIUkQJHQHJDWLYDVXSUDSDUWLFLS ULLHLODYLD DVRFLDO
,QIUDF LXQHDHVWHOLSVLW GHRELHFWPDWHULDODLGRPDWXWXURULQIUDF LXQLORUSULQ
FDUHVHYLROHD] XQGUHSWSHUVRQDO
6XELHF LLLQIUDF LXQLL
6XELHF LLDFWLYQHPLMORFLWDXWRUúLSDVLYQXVXQWGHWHUPLQD LSULQWH[W
ÌQFD]XOvQFDUHSHUVRDQDF UHLDLVHDGUHVHD] DPHQLQ DUHDHVWHLQFDSDELO V
RSHUFHDS VXUG RDUE RULV vQ HOHDJ VHPQLILFD LDDFHVWHLDQHYkUVWQLFDOLHQDW
PLQWDOvQVWDUHSURIXQG GHEH LHQXYDH[LVWDLQIUDF LXQHDSUHY ]XW vQDUW
GHRDUHFHSHUVRDQHOHvQWURDWDUHVWDUHQXUHVLPWHIHFWXOSVLKLFDODPHQLQ ULLúLGHFL
IDSWDQXHVWHGHQDWXU DOHSDQLFDDOHDIHFWDVHQWLPHQWXOGHVHFXULWDWH
ÌQLSRWH]DDPHQLQ ULLDGUHVDWHXQXLJUXSGHSHUVRDQHYRUILWRWDWk LDVXELHF L
SDVLYLúLWRWDWkWHDLQIUDF LXQLFkWHSHUVRDQHDOF WXLDXJUXSXO
3HUVRDQD MXULGLF SRDWH IL VXELHFW DFWLY DO DFHVWHL LQIUDF LXQL vQ FRQGL LLOH
DUW&SHQ
3DUWLFLSD LD SHQDO HVWH SRVLELO vQ WRDWH IRUPHOH HL ± FRDXWRUDW LQVWLJDUH
FRPSOLFLWDWH
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDOHVWHFRQVWLWXLWGLQWURDF LXQHSULQFDUHVHWUDQVPLWHXQHL
SHUVRDQH WHPHUHD GHVSUH SURGXFHUHD XQXL U X ILH SULQ V YkUúLUHD XQHL LQIUDF LXQL
ILHSULQSURYRFDUHDXQHLSDJXEH
7UDQVPLWHUHDDPHQLQ ULLSRDWHvPEU FDIHOXULWHIRUPHRUDOVDXvQVFULVSULQ
VHPQHJUDILFHVLPEROLFHFUXFHVSkQ]XU WRDUHPRUPkQWSULQJHVWXULVDXDFWHFX
vQ HOHV XQLYRF DU WDUHD XQXL FX LW VDX D XQXL OD ± vQVR LW VDX QX GH DPHQLQ UL
YHUEDOH±DSURSLHUHDGHJkWXOVDXSLHSWXOYLFWLPHLDODPHLFX LWXOXLRULD HYLLXQHL
DUPH 'H DVHPHQHD PRGDOLW LOH GH WUDQVPLWHUH SRW IL GLIHULWH GLUHFW DGUHVDW
QHPLMORFLW YLFWLPHL VDX LQGLUHFW SULQWUR VFULVRDUH SULQWUR FDVHW DXGLR
LPSULPDW H[SOLFLW VDXLPSOLFLW
3HQWUXDDYHDUH]RQDQ SHQDO IDSWDGHDPHQLQ DUHWUHEXLHV vQGHSOLQHDVF
XQHOHFHULQ H
FRQ LQXWXOúLWUDQVPLWHUHDDPHQLQ ULLV DLE XQFDUDFWHUVHULRVSHQWUXD
DYHDDSWLWXGLQHDV SURYRDFHHIHFWXOLQWLPLGDQWDPHQLQ DUHDVXEIRUP GHJOXP
QXVDWLVIDFHDFHDVW FHULQ
FRQ LQXWXODPHQLQ ULLV ILHRELHFWLYDODUPDQWSHQWUXYLFWLP QXYDDYHD
DFHVWFDUDFWHUDPHQLQ DUHDFXGHFODQúDUHDXQRUIRU HVXSUDQDWXUDOH
U XODF UXLLPLQHQW SURGXFHUHHVWHDQXQ DWV ILHLQMXVWQHOHJLWLPQXYD
vQGHSOLQL FHULQ D DFHD DPHQLQ DUH FX GHQXQ DUHD SHUVRDQHL SHQWUX V YkUúLUHD XQHL
LQIUDF LXQL RUL DF LRQDUHD vQ MXGHFDW SHQWUX VROX LRQDUHD XQXL GLIHUHQG VDX FX
LQIRUPDUHD FRQGXFHULL LQVWLWX LHL XQGH HVWH DQJDMDW SHUVRDQD vQ OHJ WXU FX R
DQXPLW FRQGXLW DDFHVWHLD
8UPDUHD LPHGLDW FRQVW vQWUR VWDUH GH SDQLF QHOLQLúWH DODUPDUH FUHDW
YLFWLPHLSULQWHPHUHDLQVSLUDW GHDF LXQHDFXFDUHDIRVWDYHUWL]DW
/HJ WXUD GH FDX]DOLWDWH 3HQWUX D IL UHDOL]DW LQIUDF LXQHD HVWH QHFHVDU D VH
VWDELOL F DF LXQHD DXWRUXOXL IDSWHL D IRVW GH QDWXU D SURYRFD YLFWLPHL VWDUHD GH
QHOLQLúWHGHVSDLP
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH,QIUDF LXQHDVHV YkUúHúWHQXPDLFXLQWHQ LHvQDPEHOHHL
PRGDOLW L±GLUHFW VDXLQGLUHFW
$PHQLQ DUHD GLQ JOXP QX LQWU VXE LQFLGHQ D OHJLL SHQDOH úL QLFL JUHúLWD
HYDOXDUH FXOS D FRQVHFLQ HORU SH FDUH OHDU SXWHD DYHD FXYLQWHOH URVWLWH DVXSUD
XQHLSHUVRDQHKLSHUVHQVLELOHVDXKLSHUHPRWLYH
7H[WXOQXSUHWLQGHSHQWUXUHDOL]DUHDLQIUDF LXQLLH[LVWHQ DXQXLDQXPLWVFRS
RULDXQXLDQXPHPRELO
)RUPH6DQF LXQL
)RUPH'HúLSRVLELOHDFWHOHSUHSDUDWRULLúLWHQWDWLYDQXVXQWVDQF LRQDWHGH
WH[W
&RQVXPDUHD LQIUDF LXQLL VXUYLQH vQ PRPHQWXO vQ FDUH YLFWLPD D SHUFHSXW
DPHQLQ DUHDúLVDSURGXVVWDUHDGHQHOLQLúWHGHWHPHUH
6DQF LXQL ,QIUDF LXQHD HVWH VDQF LRQDW FX vQFKLVRDUH GH OD OXQL OD XQ DQ
VDXFXDPHQG I U FDSHGHDSVDDSOLFDW V SRDW GHS úLVDQF LXQHDSUHY ]XW GH
OHJHSHQWUXLQIUDF LXQHDFDUHDIRUPDWRELHFWXODPHQLQ ULL
3HUVRDQDMXULGLF VHVDQF LRQHD] FXDPHQG GHODODOHL
76'HFQU5,,S
79DVLOLXúLFRO&RGXOSHQDOFRPHQWDWúLDGQRWDWHGFLWYRO,S
ù$17$-8/
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDOHVWHFRPSOH[HOILLQGFRQVWLWXLWvQWRWGHDXQDDWkWGLQ
UHOD LLOH VRFLDOH SULYLWRDUH OD OLEHUWDWHD SVLKLF PRUDO D SHUVRDQHL ± OLEHUWDWH
vQJU GLW SULQREOLJDUHDSHUVRDQHLGHDGDDIDFHDQXIDFHRULDVXIHULFHYD±FkW
úL GLQ UHOD LLOH VRFLDOH UHIHULWRDUH OD SURSULHWDWHD SULYDW RUL GXS FD] OD FHOH
SULYLQG DOWH YDORUL VRFLDOH FH DU IL OH]DWH SULQ DF LXQHD I SWXLWRUXOXL IDPLOLDOH
SURIHVLRQDOH
,QIUDF LXQHDGHúDQWDMHVWHOLSVLW vQSULQFLSLXGHRELHFWPDWHULDOFDODRULFH
IDSW SHQDO FH DIHFWHD] XQ GUHSW SHUVRQDO ÌQ FD]XULOH vQV vQ FDUH DF LXQHD HVWH
SXUWDW SULQ YLROHQ GH F WUH I SWXLWRU RELHFWXO PDWHULDO YD IL FRUSXO SHUVRDQHL
DJUHVDWH IL]LF VDX EXQXULOH PDWHULDOH DVXSUD F URUD VD DF LRQDW SULQ OXDUH SULQ
GLVWUXJHUHHWF
6XELHF LLLQIUDF LXQLL
6XELHF LL DFWLY QHPLMORFLW DXWRU úL SDVLY DL LQIUDF LXQLL QX VXQW FDOLILFD L GH
WH[WGHFLHLSRWILRULFDUHSHUVRDQ
ÌQVLWXD LDvQFDUHVXQWPDLPXOWHYLFWLPHDOHXQHLDF LXQLXQLFHGHúDQWDMYRU
H[LVWDWRWDWkWHDLQIUDF LXQLFk LVXELHF LSDVLYLDXVXSRUWDWDF LXQHDGHFRQVWUkQJHUH
vQWUHSULQV GHI SWXLWRU
6XELHFWXO DFWLY SRDWH IL úL SHUVRDQD MXULGLF SRWULYLW SUHYHGHULORU DUW
&SHQ
3DUWLFLSD LD SHQDO HVWH SRVLELO vQ WRDWH IRUPHOH HL ± FRDXWRUDW LQVWLJDUH
FRPSOLFLWDWH
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDODOLQIUDF LXQLLHVWHRDF LXQHGHFRQVWUkQJHUHH[HUFLWDW
DSULQYLROHQ VDXúLESULQDPHQLQ DUH
$FWHOH GH YLROHQ DUW &RG SHQDO úL FHOH GH DPHQLQ DUH DUW
&RGSHQDOVXQWDEVRUELWHvQODWXUDRELHFWLY DLQIUDF LXQLLGHúDQWDMÌQLSRWH]DvQV
F SULQ DFWHOH GH YLROHQ YLFWLPD D VXIHULW R Y W PDUH JUDY VDX IRDUWH JUDY D
LQWHJULW LL FRUSRUDOH VDX V Q W LL LQIUDF LXQHD GH úDQWDM YD IL XUP ULW úL
VDQF LRQDW vQ FRQFXUV FX DFHHD SUHY ]XW GH DUW &RG SHQDO GXS FD] GH
DUW&RGSHQDO
$QDOL]DHOHPHQWXOXLPDWHULDOIDFHQHFHVDU XQHOHH[SOLFD LL
&RQVWUkQJHUH&RQFHSWXOGHVHPQHD] DF LXQHDSULQFDUHRSHUVRDQ HVWHVLOLW
REOLJDW IRU DW V IDF RULV QXIDF FHYDvQFRQWUDLQWHUHVHORUúLYRLQ HLVDOHÌQ
DEVHQ DDF LXQLLRSULPDWRDUHDDXWRUXOXLúDQWDMXOXLSHUVRDQDúDQWDMDW QXDUDGRSWD
DWLWXGLQHDFHLVHSUHWLQGH
3HQWUX FD DF LXQHD GH FRQVWUkQJHUH V DLE VHPQLILFD LD SHQDO DWULEXLW GH
WH[W DFHDVWD WUHEXLH V vQGHSOLQHDVF GRX FHULQ H SH GH R SDUWH V ILH DSW D
SURGXFHYLFWLPHLRVWDUHGHWHPHUHGHQHOLQLúWH±LQGLIHUHQWGDF VWDUHDDúLIRVW
LQGXV DFHVWHLD ± LDU SH GH DOW SDUWH V ILH vQWUHSULQV vQ VFRSXO GHWHUPLQ ULL
YLFWLPHLGHDDGRSWDRDQXPLW FRQGXLW V GHDV IDF V QXIDF RULV VXIHUH
FHYD
9LROHQ D([SULP PDQLIHVW ULOHIL]LFHGHRULFHQDWXU H[HUFLWDWHSULQRULFDUH
PRGDOLW L DVXSUD SHUVRDQHL VDX DVXSUD EXQXULORU PDWHULDOH DOH DFHVWHLD
0DQLIHVW ULOH YLROHQWH SURGXF WRDUH GH VXIHULQ H IL]LFH RUL SVLKLFH VXQW FHOH
H[DPLQDWHODDUW
$PHQLQ DUHD HVWH DúD FXP VD DU WDW OD DUW DFHD vQúWLLQ DUH FX
SURGXFHUHD XQXL U X SULQ V YkUúLUHD XQHL LQIUDF LXQL RUL SURYRFDUHD XQHL SDJXEH
vQúWLLQ DUH VXVFHSWLELO DL SURYRFD YLFWLPHL R VWDUH GH WHPHUH $F LXQHD GH
DPHQLQ DUH FX SURGXFHUHD U XOXL HVWH DGUHVDW GLUHFW YLFWLPHL vQ PRGDOLWDWHD
SUHY ]XW vQ DOLQ DO DUW &RG SHQDO GDU HD SRDWH IL DGUHVDW GLUHFW VDX
LQGLUHFW YLFWLPHL HVWH YL]DW VR XO VDX HVWH YL]DW R UXG DSURSLDW vQ PRGDOLWDWHD
SUHY ]XW vQDOLQFD]vQFDUHÄU XO´FRQVW vQGDUHDvQYLOHDJDXQRUIDSWHUHDOH
VDXLPDJLQDUHGHQDWXU DFRPSURPLWHXQDVDXPDLPXOWHGLQWUHSHUVRDQHOHYL]DWH
6 GHDFHYD6LQWDJPDDUHvQ HOHVXOGHUHPLWHUHYLFWLPDDXWRGHSRVHGkQGXVH
SULQ OXDUHD GH OD VLQH úL GDUHD D ÄFHYD´ DOWHL SHUVRDQH ± GDUHD GH EDQL EXQXUL
GRFXPHQWHHWF
6 IDF FHYD6HvQ HOHJHF YLFWLPDHVWHFRQVWUkQV ODXQDFWFRPLVLY±ODD
SUHVWDRDFWLYLWDWHDPHUJHODRvQWUXQLUHDvQWUHUXSHOHJ WXULOHFXDOW SHUVRDQ D
DGRSWDRDQXPLW SR]L LHSXEOLF DIDFHRGHFODUD LHHWF
6 QXIDF FHYDÌQDFHVWFD]YLFWLPDHVWHFRQVWUkQV ODXQDFWRPLVLYDGLF L
VHSUHWLQGHDVHDE LQHGHODDIDFHFHYDFDUHI U GHDF LXQHDDXWRUXOXLHDODUIL
I FXW±UHYHUVXODF LXQLORUID GHDF LXQLOHGHWLSXOFHORUH[HPSOLILFDWHODLSRWH]D
DQWHULRDU
6 VXIHUHFHYD6HvQ HOHJHF YLFWLPDvQDFHVWFD]HVWHREOLJDW DVXSRUWDXQ
SUHMXGLFLXLQGLIHUHQWGHQDWXUDDFHVWXLD
)RORV&RQFHSWXOSHQDODUHvQ HOHVXOGHDYDQWDMFkúWLJGHRUGLQPDWHULDOVDX
PRUDORE LQHUHDXQXLEXQDXQHLUHFRPDQG ULGHVHUYLFLXHWF
,QMXVW 7H[WXO LQFULPLQDWRU SUHYHGH F DF LXQHD GH FRQVWUkQJHUH D XQHL
SHUVRDQHÄHVWHFRPLV VSUHDGREkQGLXQIRORVLQMXVW´
$FHDVW FHULQ OHJDO D IRVW LQWHUSUHWDW GH XQLL DXWRUL vQ VHQVXO F SULQ
GREkQGLUHDLQMXVW DIRORVXOXLWUHEXLHvQ HOHVF YLFWLPDQXGDWRUDFXLYDDFHOIRORV
F HD QX DYHD REOLJD LD GH DL SXQH OD GLVSR]L LH DFHO IRORV ,Q DFHDVW OLQLH GH
JkQGLUHQXFRQVWLWXLHLQIUDF LXQHDGHúDQWDMIDSWDGHDFRQVWUkQJHYLFWLPDSHQWUXD
UHPLWH DVWIHO DXWRUXOXL IRORVXO SH FDUH DFHVWD vO GDWRUD GH SLOG YLFWLPD vQWkU]LD
UHVWLWXLUHDXQHLVXPHvPSUXPXWDWHLDUvPSUXPXW WRUXOSHQWUXDGHWHUPLQDYLFWLPD
V úL DFKLWH GDWRULD H[HUFLW DFWH GH FRQVWUkQJHUH IL]LF VDX SVLKLF ± vPSRWULYD
DFHVWHLD
$O L DXWRUL DX FRQVLGHUDW vQV F HVWH UHDOL]DW FHULQ D OHJDO ± úL GHFL
VXE]LVW LQIUDF LXQHDGHúDQWDM±DWkWvQFD]XOvQFDUHIRORVXOGREkQGLWGHDXWRUHVWH
LQMXVW QHGDWRUDW GH YLFWLP FkW úL vQ VLWXD LD FkQG IRORVXO HVWH MXVW GDWRUDW GH
YLFWLP GDUDIRVWGREkQGLWSULQPLMORDFHLQMXVWHQHSHUPLVHGHRDUHFHFDUDFWHUXO
ÄLQMXVW´VHUHIHU GHRSRWULY ODÄIRORV´úLODÄPRGXOGHGREkQGLUH´
(VWHLUHOHYDQWSHQWUXUHDOL]DUHDLQIUDF LXQLLGDF vQXUPDXQHLDF LXQLSXUWDWH
SULQYLROHQ VDXDPHQLQ DUHYLFWLPDDFHGDWFRQVWUkQJHULLH[HUFLWDWHDVXSUDVDúLD
DGRSWDWFRQGXLWDSUHWLQV GHI SWXLWRU6XQWHPGHFLvQSUH]HQ DXQHLLQIUDF LXQLGH
SHULFROúLQXGHUH]XOWDW
,QIUDF LXQHD GH úDQWDM HVWH PDL JUDY vQ LSRWH]D F DPHQLQ DUHD FRQVW vQ
GH]Y OXLUHD XQRU IDSWH UHDOH RUL LPDJLQDWH GH QDWXU D FRPSURPLWH SHUVRDQD
DPHQLQ DW RULVR XOVDXRUXG DSURSLDW DFHVWHLD
8UPDUHDLPHGLDW FRQVW vQFUHDUHDXQHLVW ULGHWHPHUHYLFWLPHLSUHVLXQHD
SVLKLF H[HUFLWDW DVXSUD DFHVWHLD SXQkQGR vQ ID D DOWHUQDWLYHL GH D VDWLVIDFH
SUHWHQ LLOH H[SULPDWH GH DXWRUXO LQIUDF LXQLL RUL GH D VXSRUWD FRQVHFLQ HOH IL]LFH
PRUDOHRULPDWHULDOHGHFDUHDIRVWDYL]DW
7M*DOD L'HFQU3-3YRO,,,S
7M0XUHú'HFQULELGHPS
79DVLOLXúLFRO&RGXOSHQDODGQRWDWúLFRPHQWDWHGFLWYRO,S
2/RJKLQ$)LOLSDúRSFLWS2/RJKLQ77RDGHURSFLWS*K'LDFRQHVFX,QIUDF LXQLOHvQ
&RGXOSHQDOURPkQ(GLWXUD2VFDU3ULQW%XFXUHúWLS
3HQWUX vQWUHJLUHD ODWXULL RELHFWLYH HVWH QHFHVDU D VH GHPRQVWUD F vQWUH
DF LXQHDI SWXLWRUXOXLúLYLUWXDOLWDWHDVW ULLGHWHPHUHDYLFWLPHLH[LVW ROHJ WXU GH
FDX]DOLWDWH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH,QIUDF LXQHDVHV YkUúHúWHH[FOXVLYFXLQWHQ LHGLUHFW
8UP ULQG DWLQJHUHD XQXL VFRS ± FDUH HVWH GREkQGLUHD IRORVXOXL LOLFLW ± DXWRUXO
LQIUDF LXQLL XUP UHúWH LPSOLFLW úL SURGXFHUHD FRQVHFLQ HORU IDSWHL VDOH DWLWXGLQH
FDUDFWHULVWLF LQWHQ LHLvQIRUPDHLGLUHFW úLFDOLILFDW
8QLL DXWRUL FRQVLGHU vQV F LQIUDF LXQHD SRDWH IL V YkUúLW DWkW FX LQWHQ LH
GLUHFW FkWúLFXLQWHQ LHLQGLUHFW
)RUPH6DQF LXQL
)RUPH3ULQDF LXQLOHVSHFLILFHIDSWHLDQDOL]DWHGHSLOG UHGDFWDUHDVFULVRULL
FDUH FRQ LQH DPHQLQ DUHD úL SUHWLQGHUHD IRORVXOXL SUHJ WLUHD PLMORDFHORU QHFHVDUH
LQFHQGLHULL FDVHL YLFWLPHL SHQWUX HYHQWXDOLWDWHD F DFHDVWD QX VH YD FRQIRUPD
SUHWHQ LLORU IRUPXODWH HWF LQIUDF LXQHD GH úDQWDM HVWH VXVFHSWLELO GH IRUPH
LPSHUIHFWH ± DFWH SUHSDUDWRULL úL WHQWDWLY ± GDU DFHVWHD QX VXQW VDQF LRQDWH GH
WH[W
&RQVXPDUHD LQIUDF LXQLL VXUYLQH vQ PRPHQWXO DSDUL LHL XUP ULL LPHGLDWH
LQGLIHUHQWGDF YLFWLPDDUH]LVWDWVDXQXDF LXQLLGHFRQVWUkQJHUHúLGHFLGDF VD
VXSXVSUHWHQ LLORUI SWXLWRUXOXLGHDGDDIDFHDQXIDFHRULDVXIHULFHYD
6DQF LXQL/DPRGDOLWDWHDVLPSO WLSDLQIUDF LXQLGHúDQWDMWH[WXOSUHYHGH
SHGHDSVDvQFKLVRULLGHODOXQLODDQL
0RGDOLWDWHD DJUDYDW HVWH ILQDOL]DW SULQWUR VDQF LXQH PDL VHYHU UHVSHFWLY
SHGHDSVDvQFKLVRULLGHODODDQL
3HUVRDQD MXULGLF vQ DPEHOH LSRWH]H GH LQFULPLQDUH VH VDQF LRQHD] FX
DPHQG GHODODOHL
9,2/$5($6(&5(78/8,&25(6321'(1 (,
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO vO FRQVWLWXLH UHOD LLOH VRFLDOH SULYLWRDUH OD OLEHUWDWHD
SHUVRDQHL GH D FRPXQLFD SULQ FRUHVSRQGHQ OD DG SRVWXO RULF URU LQGLVFUH LL VDX
LPL[WLXQL DOH XQRU SHUVRDQH ÄSDUWLFXODUH´ VDX ÄRILFLDOH´ $FHVWH UHOD LL SRW IL JUDY
DIHFWDWH vQ DEVHQ D VLJXUDQ HL VHFUHWXOXL FRUHVSRQGHQ HL vQ SURFHVXO WUDQVPLWHULL
FLUFXOD LHLSULPLULLúLFRQVHUY ULLFRUHVSRQGHQ HL
'UHSWXOODVHFUHWXOFRUHVSRQGHQ HLHVWHXQGUHSWIXQGDPHQWDODOFHW HDQXOXL
FRQVILQ LW vQ DUW GLQ &RQVWLWX LD 5RPkQLHL DOH F UXL GLVSR]L LXQL VWDWXHD] F
ÄVHFUHWXO VFULVRULORU DO WHOHJUDPHORU DO DOWRU WULPLWHUL SRúWDOH úL DO FHORUODOWH
PLMORDFHOHJDOHGHFRPXQLFDUHHVWHLQYLRODELO´
$FHVW GUHSW HVWH DEVROXW vQ UDSRUW FX WRDWH FHOHODOWH SHUVRDQH IL]LFH FX DOWH
FXYLQWHOHJHDQXSUHYHGHQLFLRVLWXD LHFDUHV OHJLWLPH]HDF LXQHDXQXLLQGLYLGGH
D YLROD VHFUHWXO FRUHVSRQGHQ HL DOWXL LQGLYLG 7HRULD úL SUDFWLFD MXGLFLDU SHQDO
DGPLW vQV XQHOH GHURJ UL GH OD DFHVW SRVWXODW GHURJ UL L]YRUkWH GLQWUR UHDOLVW
LQWHUSUHWDUH D UHOD LLORU LQWHUSHUVRQDOH úL D HIHFWHORU DFHVWRUD ÌQ UDSRUWXULOH FX
2/RJKLQ77RDGHURSFLWS*K'LDFRQHVFXRSFLWS
9'RQJRUR]úLFRORSFLWYRO,,,S
79DVLOLXúLFRORSFLWS
DXWRULW LOH SXEOLFH GUHSWXO OD VHFUHWXO FRUHVSRQGHQ HL HVWH UHODWLY OLPLW ULOH OXL
DS UkQGH[SUHVSUHY ]XWHGHOHJHDúDFXPVHYDYHGHDvQFRQWLQXDUH
&X WRDWH F HVWH vQGUHSWDW vPSRWULYD XQXL GUHSW SHUVRQDO LQIUDF LXQHD
GDWRULW SDUWLFXODULW LORUHLRELHFWLYHDUHRELHFWPDWHULDOLDUDFHVWRELHFWPDWHULDO
HVWH vQV úL FRUHVSRQGHQ D ± vQ PRGDOLW LOH GHVFKLGHUH VXVWUDJHUH GLVWUXJHUH
UH LQHUH ± RUL WURQVRQXO OLQLHL GH FRPXQLFD LH XQGH D IRVW LQWHUSXV úL EUDQúDW
LQVWUXPHQWXOGHLQWHUFHSWDUHDFRPXQLF ULL
6XELHF LLLQIUDF LXQLL
6XELHF LLLQIUDF LXQLLDFWLYúLSDVLYQXDXIRVWFLUFXPVWDQ LD LGHWH[WGHFLHL
SRW IL RULFH SHUVRDQ FX SUHFL]DUHD F VXQW VXELHF L SDVLYL DL LQIUDF LXQLL DPEHOH
SHUVRDQHF URUDOLVDYLRODWVHFUHWXOFRUHVSRQGHQ HL
6XELHFWXODFWLYDOLQIUDF LXQLLSRDWHILúLSHUVRDQDMXULGLF vQFRQIRUPLWDWHFX
GLVSR]L LLOHDUW&SHQ
3DUWLFLSD LD SHQDO HVWH SRVLELO vQ WRDWH IRUPHOH HL ± FRDXWRUDW LQVWLJDUH
FRPSOLFLWDWH
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDODOLQIUDF LXQLLUH]LG vQWUXQDGLQDF LXQLOHGH
DGHVFKLGHUHI U GUHSWDXQHLVFULVRULDGUHVDWHDOWHLSHUVRDQH
E LQWHUFHSWDUH D XQHL FRQYRUELUL VDX FRPXQLF UL HIHFWXDWH SULQ WHOHIRQ
WHOHJUDIVDXSULQDOWHPLMORDFHGHWUDQVPLWHUHODGLVWDQ
FVXVWUDJHUHGLVWUXJHUHRULUH LQHUHDXQHLFRUHVSRQGHQ H
G GLYXOJDUH D FRQ LQXWXOXL XQHL FRUHVSRQGHQ H VDX D FRQYRUELULL RUL D
FRPXQLF ULL
3ULQ FRQFHSWXO FRUHVSRQGHQ vQ VHQVXO ODUJ DO WH[WXOXL DUW &RG SHQDO
WUHEXLH vQ HOHDV R ÄFRPXQLFDUH´ LDU FRPXQLFDUHD DUH VHQVXO GH ÄLQIRUPDUH´ GH
ÄúWLUH´WUDQVPLV FXLYDSULQRULFHPRGDOLWDWH±VFULV WHOHJUDILF UDGLRIRQLF DOWH
WULPLWHUL SRúWDOH ± FkW úL vQ FDGUXO FRQYRUELULORU UHDOL]DWH SULQ WHOHIRQLH RUL SULQ
FHOHODOWHPLMORDFHGHGLDORJDUHODGLVWDQ
3HQWUXDILSURWHMDW SULQWH[WXOGHOHJHSHQDO FRUHVSRQGHQ DWUHEXLHV DLE
XQ FDUDFWHU SDUWLFXODU SULYDW QHSXEOLF 1X YRU DYHD XQ DVHPHQHD FDUDFWHU
FRPXQLF ULOH DGUHVDWH SXEOLFXOXL ± ]LDUH DQXQ XUL SXEOLFLWDUH PDWHULDOH GH
SURSDJDQG HOHFWRUDO HWF±FKLDUGDF VXQWH[SHGLDWHvQSOLFvQFKLV
3URWHF LDSHQDO DVHFUHWXOXLFRUHVSRQGHQ HLHVWHDVLJXUDW DPELORUSDUWHQHUL±
H[SHGLWRU úL GHVWLQDWDU DO FRUHVSRQGHQ HL ± UHVSHFWLY SHUVRDQHOH FDUH SRDUW
FRQYRUELUHD'HDVHPHQHDSURWHF LDHVWHDVLJXUDW vPSRWULYDRULF URUPRGDOLW LGH
LPL[WLXQH vQ VHFUHWXO FRUHVSRQGHQ HL FD GH SLOG VXVWUDJHUHD GLVWUXJHUHD VDX
UH LQHUHD FRUHVSRQGHQ HL LQWHUFHSWDUHD DVFXOWDUHD úL vQUHJLVWUDUHD FRQYRUELULORU
GLYXOJDUHD FRQ LQXWXOXL FRUHVSRQGHQ HL ± LQGLIHUHQW GH QDWXUD HL ± FKLDU GDF
SHUVRDQDDOXDWFXQRúWLQ GHFRQ LQXWGLQvQWkPSODUHVDXJUHúHDO
'HVFKLGHUHDXQHLFRUHVSRQGHQ H(VWHDF LXQHDGHGHVIDFHUHGHvQO WXUDUH±
SULQ LQGLIHUHQW FH SURFHGHX ± D vQYHOLúXOXL SURWHFWRU DO FRUHVSRQGHQ HL DF LXQH vQ
XUPD F UHLD VH SRDWH OXD FXQRúWLQ GH FRQ LQXWXO DFHVWHLD ÌQ DFHDVW VLQWDJP
FRQFHSWXO GH FRUHVSRQGHQ DUH XQ vQ HOHV UHVWUkQV FLUFXPVFULV OD FRPXQLFDUHD
I FXW SULQLPSULPDUHDúWLULLSHXQVXSRUWPDWHULDO±KkUWLHEHQ]LDXGLRVDXYLGHR
HWF±DOF UXLDFRSHU PkQWvQYHOLúHVWHYLRODW/HJHDQXFHUHFDDXWRUXOV ILOXDW
FXQRúWLQ GHFRQ LQXWXOFRUHVSRQGHQ HLFLGRDUÄGHVFKLGHUHD´DFHVWHLD
$ 9HUGHú ÌQFDGUDUHDMXULGLF DIDSWHLGHvQVXúLUHDEDQLORULQWURGXúLGHH[SHGLWRULQWULPLWHULSRúWDOH
55'QUS
) U GUHSW 'UHSWXO IXQGDPHQWDO OD VHFUHWXO FRUHVSRQGHQ HL FRUHVSRQGHQ
vQ HOHDV vQVHQVXOHLODUJHVWHRSR]DELOHUJDRPQHV3ULQXUPDUHRULFDUHDF LXQH
GH GHVFKLGHUH D XQHL FRUHVSRQGHQ H DGUHVDWH DOWXLD VDX GH LQWHUFHSWDUH D
FRQYRUELULL SXUWDWH SULQ PLMORDFH GH WUDQVPLWHUH OD GLVWDQ YD FRQVWLWXL ± FX
H[FHS LDFD]XULORUGHPDLMRV±RDF LXQHvQWUHSULQV ÄI U GUHSW´úLGHFLLOHJDO
'RFWULQD úL SUDFWLFD vQ PDWHULH DGPLW vQV F GUHSWXO vQ GLVFX LH SRDWH IL
UHVWUkQV XQRU FDWHJRULL GH SHUVRDQH vQ YLUWXWHD QDWXULL VSHFLDOH D UDSRUWXULORU
IRUPDWH FX DOWH SHUVRDQH SDUWLFXODUH I U FD IDSWD DFHVWRUD GLQ XUP V LQWUH VXE
LQFLGHQ D OHJLL SHQDOH $VWIHO QX YD FRQVWLWXL LQIUDF LXQHD SUHY ]XW GH DUW
&RG SHQDO IDSWD GH GHVFKLGHUH úL GH FLWLUH GH F WUH S ULQ L D VFULVRULORU FRSLLORU
DFHVWRUD GH F WUH WXWRUH ID GH SXSLO úL vQ JHQHUDO GH F WUH SHUVRDQHOH FDUH
UHDOL]HD] DFWLYLW LvQSURFHVXOHGXFD LRQDODOPLQRULORU
2SUREOHP LQWHUHVDQW VHULGLF vQMXUXOGUHSWXOXLVDXLQWHUGLF LHL±SXV VXE
VSHFWUXOU VSXQGHULLSHQDOH±VR XOXLGHDGHVFKLGHFRUHVSRQGHQ DGHVWLQDW FHOXLODOW
VR
ÌQWUDWDWHOHDXWRKWRQHGHGUHSWSHQDOPDLYHFKLVDXPDLQRLVDDILUPDW
F GHVFKLGHUHDGHF WUHVR DFRUHVSRQGHQ HLDGUHVDWHFHOXLODOWVR RULLQWHUFHSWDUHD
FRQYRUELULLDFHVWXLDGLQXUP SULQPLMORDFHGHWUDQVPLWHUHODGLVWDQ QXFRQVWLWXLH
LQIUDF LXQH FX PRWLYDUHD F ÄILGHOLWDWHD FH úLR GDWRUHVF VR LL LPSOLF ORLDOLWDWH
DVWIHO F vQWUH HL QX SRW IL VHFUHWH LQYLRODELOH´ $O L DXWRUL VDX DE LQXW DúL IDFH
SXEOLFSXQFWXOGHYHGHUHvQDFHDVW SULYLQ
2SLQLD QRDVWU ± H[SULPDW úL vQ WUHFXW ± VH GLVWDQ HD] GH DFHHD PDL VXV
SUH]HQWDW (VWH JUHX GH vQ HOHV úL GH DFFHSWDW FD XQ GUHSW IXQGDPHQWDO DO
LQGLYLGXOXLV ILHDEROLWGLQFRQVLGHUHQWHH[FOXVLYVXELHFWLYHvQFDGUXOUDSRUWXULORU
LQWUDFRQMXJDOH GH YUHPH FH RELHFWLY ILHFDUH VR SRDWH DYHD DQXPLWH VHFUHWH GH
VHUYLFLX GH DIDFHUL HWF D F URU S VWUDUH QX VXEPLQHD] QLFLFXP VROLGLWDWHD
IDPLOLHLGDUGLPSRWULY DF URUGHFRQVSLUDUH±ID GHVR úLGLQLQL LDWLYDDFHVWXLD
±DUSXWHDDIHFWDDFHOHDOWHUHOD LLH[WHULRDUHLQWHUHVHORUFXSOXOXLFRQMXJDO
$ULD GH UHVWUkQJHUH D H[HUFL LXOXL GUHSWXOXL OD VHFUHWXO FRUHVSRQGHQ HL HVWH
PDLODUJ vQFDGUXOUDSRUWXULORUGLQWUHLQGLYL]LúLDXWRULW LOHSXEOLFH$FHVWHVLWXD LL
VH FDQWRQHD] vQ WUHL PDUL VIHUH GH DFWLYLW L D VWDELOLUHD IDSWHORU SHQDOH úL D
YLQRY LHL SHUVRDQHORU FDUH DX V YkUúLW LQIUDF LXQL E SUHYHQLUHD úL GRYHGLUHD
DF LXQLORU SHULFXORDVH SHQWUX VLJXUDQ D QD LRQDO F GHVI úXUDUHD SURFHVXOXL GH
HGXFDUHVDXUHHGXFDUHDXQRUSHUVRDQH
± $VWIHO DUW & SURF SHQ DFRUG GUHSWXO LQVWDQ HL GH MXGHFDW ± OD
SURSXQHUHD SURFXURUXOXL vQ FXUVXO XUP ULULL SHQDOH ± VDX GLQ RILFLX ± vQ FXUVXO
MXGHF LL±GDF VXE]LVW XQLQWHUHVDOXUP ULULLSHQDOHVDXDOMXGHF LLV GLVSXQ
FD ÄRULFH XQLWDWH SRúWDO VDX GH WUDQVSRUW V UH LQ úL V SUHGHD VFULVRULOH
WHOHJUDPHOH úL RULFDUH DOW FRUHVSRQGHQ RUL RELHFWHOH WULPLVH GH vQYLQXLW VDX
LQFXOSDW RUL DGUHVDWH DFHVWXLD ILH GLUHFW ILH LQGLUHFW´ 'UHSWXOXL DXWRULW LL
MXGHF WRUHúWLvQDFHDVW SULYLQ vLFRUHVSXQGHREOLJD LDIXQF LRQDULORUGLQSRúW úL
WHOHFRPXQLFD LL ± LQVWLWXLW SULQ SUHYHGHULOH 28* QU SULYLQG FDGUXO
JHQHUDO GH UHJOHPHQWDUH D FRPXQLFD LLORU DSUREDW FX PRGLILF UL SULQ /HJHD
QU úL PRGLILFDW SULQ /HJLOH QU úL QU úL 28*
QUSULYLQGVHUYLFLLOHSRúWDOH±GHDSXQHODGLVSR]L LHODRUGLQXOVFULVDO
9'RQJRUR]'UHSWSHQDO%XFXUHúWLS79DVLOLXúLFRO&RGXOSHQDO±FRPHQWDWúLDGQRWDW
HGFLWYRO,S
2/RJKLQ77RDGHUHGFLWS
*K'LDFRQHVFXRSFLWS
3XEOLFDW vQ02IQUGLQ
3XEOLFDW vQ02IQUGLQ
DFHVWHLDGDWHOHLQIRUPD LLOHúLGRFXPHQWHOHFHUXWH'HDVHPHQHDGDF RSHUVRDQ
W J GXLHúWH H[LVWHQ D VDX GH LQHUHD XQXLD GLQWUH DVHPHQHD vQVFULVXUL LQVWDQ D GH
MXGHFDW SRDWHGLVSXQHHIHFWXDUHDGHSHUFKH]L LLGRPLFLOLDUHVDXFRUSRUDOHvQVFRSXO
LGHQWLILF ULLúLUHFXSHU ULLvQVFULVXOXL
±/HJHDQUSULYLQGVLJXUDQ DQD LRQDO D5RPkQLHLSUHYHGHGUHSWXO
DJHQ LORU RUJDQHORU GH LQIRUPD LL GH D LQWHUFHSWD ± FX DXWRUL]D LD SUHDODELO D
PDJLVWUDWXOXL ± FRUHVSRQGHQ HOH H[SHGLDWH VDX SULPLWH RUL FRQYRUELULOH GH RULFH
QDWXU SXUWDWH GH SHUVRDQHOH VXVSHFWDWH GH DFWLYLW L FDUH SHULFOLWHD] VLJXUDQ D
QD LRQDO
3ULQ QRUPHOH FH UHJOHPHQWHD] DFWLYLWDWHD SHQLWHQFLDUHORU úL D ORFXULORU GH
GH LQHUH FkW úL D XQLW LORU GH UHHGXFDUH D PLQRULORU HVWH SUHY ]XW vQ DQXPLWH
FRQGL LLGUHSWXODGPLQLVWUD LHLDFHVWRULQVWLWX LLGHDGHVFKLGHúLH[DPLQDVFULVRULOH
DGUHVDWHDUHVWD LORUSUHYHQWLYGH LQX LORUGXS FD]PLQRULORULQWHUQD L
,QWHUFHSWDUHDXQHLFRQYRUELULVDXFRPXQLF ULHIHFWXDWHSULQWHOHIRQWHOHJUDI
VDX SULQ DOWH PLMORDFH GH WUDQVPLWHUH OD GLVWDQ &RQFHSWXO GH LQWHUFHSWDUH DUH
vQ HOHVXOGHLQWHUSXQHUHSULQFXPLMORDFHWHKQLFHDGHFYDWHvQIOX[XOWUDQVPLVLHL±
UHFHS LHLúLDVFXOWDUHDRULvQUHJLVWUDUHDFRQYRUELULLVDXFRPXQLF ULL
(VWH OLSVLW GH UHOHYDQ SHQWUX VDWLVIDFHUHD HOHPHQWXOXL PDWHULDO DO
LQIUDF LXQLLGDF LQWHUFHSWDUHDPHVDMXOXLRULDFRQYRUELULLDIRVWWRWDO VDXSDU LDO
6XVWUDJHUHD GLVWUXJHUHD VDX UH LQHUHD FRUHVSRQGHQ HL 6XQW PRGDOLW L GH
vPSLHGLFDUHDDMXQJHULLFRUHVSRQGHQ HLODGHVWLQDWDU7H[WXOQXSUHWLQGHFDDXWRUXO
IDSWHL V LD FXQRúWLQ GH FRQ LQXWXO FRUHVSRQGHQ HL FL GRDU V L REVWDFXOH]H
WUDILFXO
6XVWUDJHUHDFRUHVSRQGHQ HL6HvQ HOHJHDF LXQHDGHvQVXúLUHGHDSURSULHUHD
FRUHVSRQGHQ HL LQGLIHUHQW GDF GH LQ WRUXO DFHVWHLD HVWH R SHUVRDQ IL]LF VDX
MXULGLF LQVWLWX LDFDUHSUHVWHD] WUDILFXOSRúWDO
'LVWUXJHUHDFRUHVSRQGHQ HL&RQFHSWXODUHvQ HOHVXOGHQLPLFLUHVXSULPDUH
D FRUHVSRQGHQ HL vQ P VXUD vQ FDUH ÄúWLUHD´ ÄFRPXQLFDUHD´ SH FDUH H[SHGLWRUXO
LQWHQ LRQD V R WUDQVPLW GHVWLQDWDUXOXL GLVSDUH 'HFL GLVWUXJHUHD FRUHVSRQGHQ HL
SRDWH IL úL SDU LDO SHQWUX UHDOL]DUHD LQIUDF LXQLL ILLQG vQGHVWXO WRDUH GLVSDUL LD
PHVDMXOXLWUDQVPLVDGUHVDQWXOXL
5H LQHUHD FRUHVSRQGHQ HL ÌQ DFHDVW LSRWH] QRUPDWLY FRUHVSRQGHQ D ±
LQWUDW vQLQGLIHUHQWFHPRGvQSRVHVLDDXWRUXOXLIDSWHLGLQHURDUHDDOWHLSHUVRDQH
VDX GXS VXVWUDJHUHD HL ± HVWH S VWUDW XQ DQXPLW WLPS vPSLHGLFkQGXVH DVWIHO
DMXQJHUHDHLODGHVWLQD LH
'LYXOJDUHD FRQ LQXWXOXL XQHL FRUHVSRQGHQ H VDX D FRQYRUELULL RUL
FRPXQLF ULL &RQFHSWXO GH ÄGLYXOJDUH´ DUH vQ HOHVXO ÄGH GHFRQVSLUDUH´ GH
GH]Y OXLUHDFRQ LQXWXOXLFRUHVSRQGHQ HLFRPXQLF ULLVDXFRQYRUELULLLQWHUFHSWDWH
1X SUH]LQW UHOHYDQ GDF D IRVW GLYXOJDW WRWDO RUL SDU LDO FRQ LQXWXO
FRUHVSRQGHQ HLID GHXQDVDXPDLPXOWHSHUVRDQHPDLDSURDSHVDXPDLGHSDUWH
GHPRPHQWXOLQWHUFHS LHL'HDVHPHQHDHVWHOLSVLW GHVHPQLILFD LHvPSUHMXUDUHDF
I SWXLWRUXODOXDWFXQRúWLQ GLQJUHúHDO VDXvQWkPSO WRUGHFRQ LQXWXOPHVDMXOXLFX
FDUDFWHUSHUVRQDOFKLDUGDF SOLFXOHUDGHVFKLVRULDDVFXOWDWFRQYRUELUHDGHODXQ
DSDUDW LQVWDODW OHJDO vQ GHULYD LH GH YUHPH FH XOWHULRU HO D WUDQVPLV FX LQWHQ LH
FHHDFHLQL LDODDIODWI U V YUHD
Ä&RQIHF LRQDUHD XQRU GLVSR]LWLYH GH LQWHUFHSWDUH D FRQYRUELULORU WHOHIRQLFH vQ VFRSXO DVFXOW ULL DFHVWRUD
SHQWUXDYHULILFDILGHOLWDWHDXQHLVR LLFRQVWLWXLHLQIUDF LXQHDSUHY ]XW vQDUW&SHQLDUQXLQIUDF LXQHDGH
FRQIHF LRQDUHGHPLMORDFHVSHFLILFHGHLQWHUFHSWDUHDFRPXQLFD LLORUSUHY ]XW vQ/HJHDQU´±&6-VS
GQU'UQUS
8UPDUHD LPHGLDW FRQVW vQ FUHDUHD XQHL VW UL FRQWUDUH FHOHL QHFHVDUH
DVLJXU ULL VHFUHWXOXL FRUHVSRQGHQ HL úL GHFL SRWULYQLFH OLEHUW LL SHUVRDQHL GH D
FRPXQLFD
/HJ WXUD GH FDX]DOLWDWH OD LQIUDF LXQHD SUHY ]XW GH DUW &RG SHQDO
GLQWUHHOHPHQWXOPDWHULDOúLUH]XOWDWXOSURGXVXUPDUHDLPHGLDW UH]XOW H[UHGLQ
vQVHúLDF LXQLOHvQWUHSULQVHGHI SWXLWRU
/DWXUDVXELHFWLY
(OHPHQWXO VXELHFWLY VH H[SULP SULQ LQWHQ LD DXWRUXOXL GH D V YkUúL
LQIUDF LXQHDGLUHFW VDXLQGLUHFW 6 YkUúLUHDGLQFXOS DRULF UHLDF LXQLGLQFHOH
FDUHIRUPHD] HOHPHQWXOPDWHULDODOLQIUDF LXQLLH[FOXGHU VSXQGHUHDSHQDO SHQWUX
YLRODUHDVHFUHWXOXLFRUHVSRQGHQ HL
6FRSXOúLPRELOXODF LXQLLI SWXLWRUXOXLQXSUH]LQW UHOHYDQ SHQWUXUHDOL]DUHD
LQIUDF LXQLL
)RUPH6DQF LXQL
)RUPH$FWHOHSUHSDUDWRULLúLWHQWDWLYDGHúLSRVLELOHFDUHDOLWDWHIDSWLF QX
VXQWVDQF LRQDWHGHWH[W
&RQVXPDUHD LQIUDF LXQLL VXUYLQH vQ PRPHQWXO vQ FDUH VD PDWHULDOL]DW XQD
GLQWUH DF LXQLOH SUHY ]XWH GH WH[W úL VD SURGXV VWDUHD GH DQRUPDOLWDWH SHQWUX
OLEHUWDWHDSHUVRDQHL
6DQF LXQL 7H[WXO DUW SUHYHGH SHQWUX DPEHOH YDULDQWH UHJOHPHQWDWH vQ
DOLQúLVDQF LXQHDvQFKLVRULLGHODOXQLODDQL
3HUVRDQDMXULGLF VHVDQF LRQHD] FXDPHQG GHODODOHL
',98/*$5($6(&5(78/8,352)(6,21$/
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO vO FRQVWLWXLH DFHOH UHOD LL VRFLDOH SULYLWRDUH OD
OLEHUWDWHDSHUVRDQHLGLQSXQFWXOGHYHGHUHDOGUHSWXOXLDFHVWHLDGHDLVHUHVSHFWD
VHFUHWXOvQFUHGLQ DWFHOXLODFDUHDDSHODWvQYLUWXWHDSURIHVLHLVDXIXQF LHLVDOH
ÌQ SULQFLSLX LQIUDF LXQHD HVWH OLSVLW GH RELHFW PDWHULDO DLGRPD WXWXURU
LQIUDF LXQLORU vQGUHSWDWH vPSRWULYD XQXL GUHSW SHUVRQDO GDU vQ DQXPLWH FRQWH[WH
IDSWLFH ± DF LXQHD VD U VIUkQW DVXSUD FRUSXOXL SHUVRDQHL RUL EXQXULORU VDOH ± HD
SRDWHWRWXúLDYHDRELHFWPDWHULDO
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU (VWH FDOLILFDW GH WH[W úL DQXPH HVWH DFHD
SHUVRDQD FDUH H[HUFLW R SURIHVLH VDX vQGHSOLQHúWH R IXQF LH vQ YLUWXWHD F UHLD L VH
vQFUHGLQ HD] RUL SRDWH FHUH V L VH FRQILH]H WDLQH DOH SHUVRDQHL FDUH DSHOHD] OD
VHUYLFLLOHVDOHSURIHVLHVDXIXQF LHGLQFDUHGHULY REOLJD LDGHDS VWUDSHQWUXVLQH
DFHO VHFUHW 7H[WXO QX SUHFL]HD] FDUHVXQWDFHOHSURIHVLLVDXIXQF LLDúDvQFkWvQ
FHOHFHXUPHD] YRUILH[SOLFDWH
3URIHVLH VDX IXQF LH ,QGLYLGXO vQ VFRSXO PXOWLSOHORU úL YDULDWHORU QHYRL
VRFLDOH HVWH REOLJDW D DSHOD OD FXQRúWLQ HOH GH VSHFLDOLWDWH DOH GLYHUúLORU
SURIHVLRQLúWL ± DYRFD L QRWDUL IDUPDFLúWL PHGLFL DUKLWHF L SUHR L LQWHUPHGLDUL
PDWULPRQLDOL ± RUL OD VHUYLFLLOH LQVWLWX LLORU SXEOLFH ± DJHQ LL EDQFDUILQDQFLDUH
DJHQ LL GH EXUV ± DOH F URU DFWLYLW L VXQW SXVH SULQ OHJH VXE VHPQXO GLVFUH LHL
'H]Y OXLUHDGHF WUHDFHúWLSURIHVLRQLúWLRULIXQF LRQDULDLXQHLLQVWLWX LLSXEOLFHD
GDWHORU VDX LQIRUPD LLORU GHVSUH FDUH DX OXDW FXQRúWLQ vQ FDGUXO UHOD LHL FX
SHUVRDQD FDUH OL VD DGUHVDW VDX XWLOL]DUHD vQ DOWH VFRSXUL GHFkW FHOH SUHY ]XWH GH
OHJHDGRFXPHQWHORUVDXLQIRUPD LLORUFXFDUDFWHUGHVHFUHWSURIHVLRQDOSRDWHILGH
QDWXU DL DGXFH DFHVWHLD vQVHPQDWH SUHMXGLFLL úL RULFXP FRQVWLWXLH R YLRODUH D
GUHSWXOXLODVHFUHWXOGHVW LQXLW
/HJLXLWRUXODDYXWvQYHGHUHI U vQGRLDO GRDUDFHOHSURIHVLLUHFXQRVFXWHGH
OHJHQXDXXQDVHPHQHDFDUDFWHUFKLURPDQ LDÄPDJLDQHDJU ´SURVWLWX LDúDúL
VHVXEvQ HOHJHQXPDLSHUVRDQHOHDXWRUL]DWHGHOHJHV SUDFWLFHRSURIHVLHDYRFDW
PHPEUXDOEDURXOXLQRWDUDXWRUL]DWHWF
3URIHVLH2FXSD LHvQGHOHWQLFLUHFXFDUDFWHUSHUPDQHQWSHFDUHRH[HUFLW FLQHYD
vQED]DXQHLFDOLILF ULFRUHVSXQ] WRDUH±LQJLQHUIDUPDFLVWDUKLWHFWPHGLFHWF
)XQF LH6HvQ HOHJHRDFWLYLWDWHDGPLQLVWUDWLY SUHVWDW GHRSHUVRDQ vQPRG
SHUPDQHQWúLRUJDQL]DWvQFDGUXOXQHLLQVWLWX LLGLQGRPHQLXOSXEOLFLQGLIHUHQWGDF
DFHDVWD HVWH GH VWDW RUL SULYDW SULP ULH FDELQHW PHGLFDO RILFLX VDX DJHQ LH GH
DVLJXU ULDJHQ LHGHVFKLPEYDOXWDUHWF
3HUVRDQDMXULGLF SRDWHILVXELHFWDFWLYDODFHVWHLLQIUDF LXQLvQFRQGL LLOHDUW
&SHQ
3DUWLFLSD LD SHQDO HVWH SRVLELO QXPDL VXE IRUPD LQVWLJ ULL úL FRPSOLFLW LL
&RDXWRUDWXOHVWHH[FOXV±REOLJD LDS VWU ULLVHFUHWXOXLHVWHSHUVRQDO ±GHRDUHFHvQ
LSRWH]DF GRLVDXPDLPXO LSURIHVLRQLúWLRULIXQF LRQDULDLXQRULQVWLWX LLSXEOLFH
GH]Y OXLH DFHO VHFUHW ILHFDUH vQ SDUWH YD IL DXWRU DO XQHL LQIUDF LXQL GLVWLQFWH GH
GLYXOJDUHDVHFUHWXOXLSURIHVLRQDO
6XELHFWXOSDVLYQXHVWHFLUFXPVWDQ LDWGHWH[W
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDOHVWHFRQVWLWXLWGLQWURDF LXQHRULRLQDF LXQHGHGLYXOJDUH
GHSLOG O VDUHDODYHGHUHvQPRGYRLWDXQXLvQVFULVSXUW WRUGHVHFUHWH
$F LXQHDGHGLYXOJDUHSRDWHILGLUHFW DGLF HIHFWXDW GHvQV úLSHUVRDQDFDUH
GH LQH VHFUHWXO ± RUDO vQ VFULV SULQ SUH]HQWDUHD GH GRFXPHQWH ± RUL LQGLUHFW
UHVSHFWLYSULQLQWHUPHGLXODOWHLSHUVRDQH
$F LXQHD GH GLYXOJDUH &RQFHSWXO GLYXOJDUH DUH vQ HOHVXO GH WUDQVPLWHUH GH
FRPXQLFDUH D XQRU GDWH LQIRUPD LL VDX GRFXPHQWH FDUH SULYHVF LQWLPLWDWHD
LQGLYLGXOXL VXQW GH RUGLQ SHUVRQDO 1X SUH]LQW LQWHUHV F GLYXOJDUHD VD I FXW
XQHLDVDXPDLPXOWRUSHUVRDQHúLQLFLGDF VHFUHWXODIRVWGH]Y OXLWWRWDORULSDU LDO
3ULQXWLOL]DUHVHvQ HOHJHDF LXQHDDXWRUXOXLGHDVHIRORVLGHDvQWUHEXLQ D±
GHVLJXUFXXQDQXPLWVFRSFRQWUDUOHJLL±GRFXPHQWHOHVDXLQIRUPD LLOHFXFDUDFWHU
GH VHFUHW SURIHVLRQDO GH F WUH FHO FDUH OHD SULPLW RUL D OXDW FXQRúWLQ GH HOH vQ
vQGHSOLQLUHDDWULEX LLORUGHVHUYLFLXVDXvQOHJ WXU FXVHUYLFLXO
'DWH 6XQW DFHOH LQIRUPD LL UHIHULQ H GHVSUH DVSHFWH SDUWLFXODUH GLQ YLD D
XQHL SHUVRDQH FXP VXQW FHOH UHIHULWRDUH OD V Q WDWHD VLWXD LD PDWHULDOILQDQFLDU
VDX IDPLOLDO YLFLLOH RUL RELFHLXULOH PDL VWUDQLL WUHFXWXO RUL SUHRFXS ULOH GH YLLWRU
DOHSHUVRDQHLvQFDX] SHFDUHDFHDVWDQXGRUHúWHV OHIDF SXEOLFHúLDOWHDVHPHQHD
ID HWHDOHLQWLPXOXLLQGLYLGXDO
3HQWUXUHDOL]DUHDLQIUDF LXQLLvQPRGDOLWDWHDUHJOHPHQWDW vQDOLQVHFHUH
FDIDSWDV ILHGHQDWXU DDGXFHSUHMXGLFLLSHUVRDQHL
3UHMXGLFLLOHSURYRFDWHSHUVRDQHLDOF UHLVHFUHWDIRVWGHFRQVSLUDWVDXXWLOL]DW
SRW IL GH RUGLQ PRUDO DIHFWDUHD SUHVWLJLXOXL DWUDJHUHD RSUREULXOXL SXEOLF FUHDUHD
GHDQWLSDWLLVDXUH]HUYHDOHLQGLYL]LORUGLQDQWXUDMXOV XRULPDWHULDOGHVWLWXLUHGLQ
IXQF LHFRQFHGLHUHDGLQWUXQVHUYLFLXGLVFUHGLWDUHDvQFHUFXORDPHQLORUGHDIDFHUL
FX FRQVHFLQ D SLHUGHULL XQRU SDUWHQHUL úD 3HQWUX UHDOL]DUHD DFHVWHL FHULQ H HVWH
vQGHVWXO WRUFDIDSWDYLUWXDOV ILHDSW DSUHMXGLFLDSHUVRDQDQHILLQGQHFHVDU úL
SURGXFHUHDQHDMXQVXOXLPRUDOVDXPDWHULDO
2 DOW FHULQ SHQWUX UHDOL]DUHD LQIUDF LXQLL vQ PRGDOLWDWHD QRUPDWLY
SUHY ]XW vQDOLQHVWHFDGLYXOJDUHDGDWHORUV ILHI FXW I U GUHSW
&RQFHSWXOI U GUHSWDUHvQ HOHVXOGHQHvQJ GXLWQHDGPLVQHSHUPLVGHFHYD
RUL FLQHYD $FHVW FHYD QX SRDWH IL GHFkW OHJHD LDU FLQHYD HVWH vQV úL SHUVRDQD DO
F UHLGUHSWODOLEHUWDWHLQGLYLGXDO VHDIO VXESURWHF LDWH[WXOXLLQFULPLQDWRU
6HPQDO P GUHSWXO ± GDU úL REOLJD LD D F UHL QHVRFRWLUH DWUDJH U VSXQGHUHD
SHQDO ±RULF UHLSHUVRDQHGHDGH]Y OXLVHFUHWXODSDU LQkQGDOWHLSHUVRDQHDWXQFL
FkQG VHFUHWXO FRQVW vQ GDWH VDX LQIRUPD LL GHVSUH V YkUúLUHD XQRUD GLQWUH
LQIUDF LXQLOH FRQWUD VLJXUDQ HL VWDWXOXL ± DUW &RG SHQDO QHGHQXQ DUHD 7RW
DVWIHOVXE]LVW GHRSRWULY GUHSWXOúLREOLJD LDRULF UHLSHUVRDQHGHDYLRODVHFUHWXO
DOWHL SHUVRDQH vQ FD]XO F GDWHOH úL LQIRUPD LLOH DIODWH VH UHIHU OD V YkUúLUHD XQRU
LQIUDF LXQLFXJUDGULGLFDWGHSHULFROVRFLDOFXPVXQWRPRUXOWkOK ULDSLUDWHULDúD
±DUW &RG SHQDO QHGHQXQ DUHD XQRU LQIUDF LXQL /HJHD SHQDO D PDL LQVWLWXLW
REOLJD LD IXQF LRQDUXOXL SXEOLF FX DWULEX LL GH H[HFX LH VDX GH FRQGXFHUH RUL GH
FRQWURO GH D VHVL]D SURFXURUXO GHVSUH V YkUúLUHD LQIUDF LXQLORU vQ OHJ WXU FX
VHUYLFLXOvQFDGUXOF UXLDvúLvQGHSOLQHúWHDWULEX LLOH±DUW&RGSHQDORPLVLXQHD
VHVL] ULL RUJDQHORU MXGLFLDUH ± FkW úL REOLJD LD WXWXURU SHUVRDQHORU GH D LQIRUPD
DXWRULW LOHMXGLFLDUHGHVSUHDFHOHvPSUHMXU ULFDUHFXQRVFXWHDUGXFHODVWDELOLUHD
QHYLQRY LHL XQHL SHUVRDQH DUHVWDWH SUHYHQWLY WULPLV vQ MXGHFDW RUL FRQGDPQDW
SHQHGUHSW±DUW&RGSHQDORPLVLXQHDGHDvQFXQRúWLQ DRUJDQHOHMXGLFLDUH
6SUH GHRVHELUH GH VLWXD LLOH vQ FDUH SURIHVLRQLVWXO RUL IXQF LRQDUXO HVWH
GH]OHJDWGHOHJHGHDS VWUDVHFUHWXOUHFHSWDWDFHúWLDVXQWÄvQGUHSW´DIDFHSXEOLF
VHFUHWXOúLvQLSRWH]DvQFDUHGH]Y OXLUHDHVWHFHUXW RULDFFHSWDW GHFKLDUSHUVRDQD
F UHLDvLDSDU LQHVHFUHWXO
'RFWULQD FRQVLGHU FX WRWDO WHPHL F vQ DIDUD VLWXD LLORU HYLGHQ LDWH QX YD
FRQVWLWXLLQIUDF LXQHDGHGLYXOJDUHDVHFUHWXOXLSURIHVLRQDOQLFLIDSWDGHDWUDQVPLWH
DQXPLWHDVSHFWHGLQLQWLPLWDWHDXQHLSHUVRDQHDWXQFLFkQGDFHVWHDVSHFWHHUDXGHMD
SXEOLFHGHQRWRULHWDWH
8UPDUHD LPHGLDW FRQVW GLQWUR DWLQJHUH DGXV OLEHUW LL SHUVRDQHL GLQ
SXQFWXO GH YHGHUH DO GUHSWXOXL V X GH D L VH S VWUD VHFUHWXO XQRU GDWH FX FDUDFWHU
LQWLP
/HJ WXUD GH FDX]DOLWDWH HVWH SUH]XPDW GHRDUHFH VWDUHD GH DIHFWDUH D
GUHSWXOXLSHUVRDQHLGHFXUJHGLUHFWGLQDF LXQHDGHGLYXOJDUH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH ,QIUDF LXQHD GH GLYXOJDUH D VHFUHWXOXL SURIHVLRQDO VH
V YkUúHúWH FX LQWHQ LH vQ DPEHOH PRGDOLW L ± GLUHFW VDX LQGLUHFW 'LYXOJDUHD
VHFUHWXOXLSURIHVLRQDOGLQFXOS QXFRQVWLWXLHLQIUDF LXQH
7H[WXO QX FHUH H[LVWHQ D XQXL PRELO FDUH V O IL DQLPDW SH I SWXLWRU OD
V YkUúLUHD LQIUDF LXQLL úL QLFL FD DFHVWD SULQ DF LXQHD I SWXLW V IL XUP ULW
UHDOL]DUHDXQXLVFRS
)RUPH6DQF LXQL
)RUPH $FWHOH SUHSDUDWRULL úL WHQWDWLYD VXQW SRVLELOH GDU HOH QX FDG VXE
VDQF LXQHSHQDO
,QIUDF LXQHDVHFRQVXP LQVWDQWDQHXvQPRPHQWXOGLYXOJ ULLGDWHORUGHRUGLQ
SHUVRQDO FX FRQVHFLQ D SUHFL]DW GH WH[W UHVSHFWLY DO XWLOL] ULL RUL GLYXOJ ULL
GRFXPHQWHORUVDXLQIRUPD LLORUFXFDUDFWHUGHVHFUHWSURIHVLRQDO
6DQF LXQL'LYXOJDUHDVHFUHWXOXLSURIHVLRQDOVHSHGHSVHúWHFXvQFKLVRDUHDGH
ODOXQLODDQLVDXFXDPHQG
3HUVRDQDMXULGLF VHVDQF LRQHD] FXDPHQG GHODODOHL
79DVLOLXúLFRO&RGXOSHQDOFRPHQWDWúLDGQRWDWHGFLWS
&DSLWROXO,,,
,1)5$& ,81,35,9,72$5(/$9,$ $6(;8$/
9,2/8/
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO HVWH FRQVWLWXLW GLQ UHOD LLOH VRFLDOH UHIHULWRDUH OD
OLEHUWDWHD úL LQYLRODELOLWDWHD VH[XDO D SHUVRDQHL $F LXQLOH VSHFLILFH DFHVWHL
LQIUDF LXQL DIHFWHD] vQV GH UHJXO úL DOWH UHOD LL VRFLDOH FXP VXQW FHOH SULYLQG
GUHSWXOODYLD ODLQWHJULWDWHIL]LF úLSVLKLF ODOLEHUWDWHDGHPLúFDUH$úDGDUvQ
FHOHPDLIUHFYHQWHFD]XULRELHFWXOMXULGLFDOLQIUDF LXQLLGHYLROHVWHFRPSOH[ILLQG
DOF WXLWGLQWUXQIDVFLFXOGHUHOD LLVRFLDOHFHSULYHVFLQGLYLGXO
,QIUDF LXQHDGHYLRODUHFDRELHFWPDWHULDOFRUSXOSHUVRDQHLDVXSUDF UXLDVH
vQGUHDSW DF LXQHD DXWRUXOXL IDSWHL &RUSXO DJUHVDW VH[XDO HVWH DO XQHL SHUVRDQH
DIODWH vQ YLD ÌQ FD]XO F SHUVRDQD DVXSUD F UHLD VH vQGUHDSW DF LXQHD HVWH
GHFHGDW VXQWHPvQSUH]HQ DXQHLDOWHLQIUDF LXQLSUHY ]XW GHDUW&SHQ
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUDOLQIUDF LXQLLGHYLROHVWHGLIHULWvQUDSRUWFX
PRGDOLW LOHQRUPDWLYHDOHWH[WXOXL
$VWIHO OD PRGDOLWDWHD WLS ± DOLQ ± VXELHFWXO DFWLY SRDWH IL RULFDUH
SHUVRDQ LQGLIHUHQWGHVH[
/D DOLQ OLW E DJUDYDQWD HVWH LQFLGHQW vQ LSRWH]D F YLFWLPD VH DIOD vQ
vQJULMLUHDRFURWLUHDHGXFDUHDSD]DVDXWUDWDPHQWXOI SWXLWRUXOXL
6XQWUHDOL]DWHFHULQ HOHDFHVWHLPRGDOLW LQRUPDWLYHvQFD]XOvQFDUHSHUVRDQD
vQGHSOLQHúWHXQDGLQXUP WRDUHOHFDOLW LvQUDSRUWXULOHFXYLFWLPD
OD vQJULMLUH ± SHUVRQDOXO GH vQJULMLUH GLQ XQLW L VDQLWDUH VDX VRFLDOH
DúH] PLQWH D]LOXUL LQWHUQDWH VDX SHUVRDQH DQJDMDWH SDUWLFXODU SHQWUX vQJULMLUHD
XQRUEROQDYLVDXE WUkQLVR XOFDUHvQJULMHúWHFRSLOXOGLQDOW F V WRULHDOFHOXLODOW
VR HWF
ODRFURWLUH±WXWRULFXUDWRUL
OD HGXFDUH ± vQY WRU SURIHVRU HGXFDWRU LQVWLWXWRU PHúWHU OD úFROLOH
SURIHVLRQDOH SURIHVRU PHGLWDWRU OD GLIHULWH GLVFLSOLQH úWLLQ LILFH RUL SURIHVRUL GH
PX]LF SLFWXU HWF
OD SD] ± DJHQW DO LQVWLWX LHL SXEOLFH DYkQG FD DWULEX LH GH VHUYLFLX SD]D
SHUVRDQHORU UH LQXWH RUL DUHVWDWH SUHYHQWLY VDX FRQGDPQDWH RUL SHUVRDQHORU
LQWHUQDWHvQLQVWLWX LLGHUHHGXFDUH
OD WUDWDPHQW ± PHGLF DQWUHQRU GH PHGLFLQ VSRUWLY UHFXSHUDWRULH
VXSUDYHJKHWRUPDVRUúD
ÌQ FRQVHFLQ VXELHFWXO DFWLY OD DOLQ OLW E HVWH FLUFXPVWDQ LDW GH WH[W
UHVSHFWLY DFHVWD SRDWH IL GRDU SHUVRDQD GH DVHPHQHD LQGLIHUHQW GH VH[ FDUH DUH
FDOLWDWHD GH WXWRUH FXUDWRU VXSUDYHJKHWRU vQJULMLWRU PHGLF FXUDQW SURIHVRU VDX
HGXFDWRU
/DOLWEDDFHOHLDúLPRGDOLW LQRUPDWLYHVXELHFWXODFWLYDOLQIUDF LXQLLDUH
FDOLWDWHDGHPHPEUXDOIDPLOLHLvQvQ HOHVXOGDWGHGLVSR]L LLOHDUW&SHQ
3HUVRDQDMXULGLF SRDWHILVXELHFWDFWLYDODFHVWHLLQIUDF LXQLvQFRQGL LLOHDUW
&SHQ
Ä6XQWUHDOL]DWHWU V WXULOHDJUDYDQWHLGDF LQFXOSDWXODV YkUúLWLQIUDF LXQHDGHYLRODVXSUDILLFHL±GLQDOW
F V WRULH±DVR LHLVDOHFDUHORFXLDvQGRPLFLOLXOFRPXQúLVHDIO vQvQJULMLUHDORU´±76'HFQU5,
S
3DUWLFLSD LDSHQDO HVWHSRVLELO vQWRDWHIRUPHOHDFHVWHLDFRDXWRUDWLQVWLJDUH
FRPSOLFLWDWH
6XELHFWXO SDVLY vQ PRGDOLWDWHD WLS ± DOLQ O ± HVWH QHFDOLILFDW GH WH[W HO
SRDWHILGHFLRULFDUHSHUVRDQ LQGLIHUHQWGHVH[
ÌQSULPDPRGDOLWDWHDJUDYDW ±DOLQ±VXELHFWXOSDVLYDUHvQV FDOLWDWHD
GHSXSLO HOHY SDFLHQW HWF±ODOLWE±VDXGHPHPEUXDOIDPLOLHL±ODOLWE
ÌQVIkUúLWODDOLQWH]D,VXELHFWXOSDVLYHVWHFLUFXPVWDQ LDWODVHJPHQWXOGH
PLQRULFDUHQXDXvPSOLQLWYkUVWDGHDQL
9LROXOHVWHFDOLILFDWvQDFHDVW PRGDOLWDWHQRUPDWLY RULGHFkWHRULYLFWLPDQX
D vPSOLQLW YkUVWD GH DQL VLWXD LH FXQRVFXW VDX SUHY ]XW GH DXWRU &KLDU úL vQ
LSRWH]DvQFDUHDDYXWGXELLFXSULYLUHODYkUVWDYLFWLPHLVXE]LVW DFHDVW DJUDYDQW
vQWUXFkWDXWRUXODDFFHSWDWRDWDUHSRVLELOLWDWH
6XQW LUHOHYDQWH SHQWUX UHDOL]DUHD LQIUDF LXQLL GLQ SXQFWXO GH YHGHUH DO VX
ELHFWXOXLSDVLYYkUVWDSHUVRDQHLVXSXVHDJUHVLXQLLVH[XDOH±GHODÄ´ODÄQ´DQL±
LPDJLQHD HL LPRUDO ± UHDO SURVWLWXDW VDX SUHVXSXV ± SHUFHSXW GH DWHQWDWRULL
VH[XDOL RUL GH FHL FDUH OHDX VHUYLW LQIRUPD LL GHVSUH YLFWLP SUHFXP úL
vPSUHMXUDUHDF DFHDVWDDQWHULRUFRPLWHULLIDSWHLGHYLRODPDLvQWUH LQXWUDSRUWXUL
VH[XDOH FX DXWRUXO LQIUDF LXQLL RUL FX FHLODO L SDUWLFLSDQ L /HJHD SUHWLQGH GRDU FD
SHUVRDQDvQRULFDUHGLQDFHVWHLSRVWD]HV UHIX]HDFWXOVH[XDO
ÌQLSRWH]DF UDSRUWXOVH[XDOVDUHDOL]DWFXRSHUVRDQ GHVH[GLIHULWFDUHHVWH
UXG vQOLQLHGLUHFW VDXIUDWHRULVRU SULQFRQVWUkQJHUHDDFHVWHLDVDXSURILWkQGGH
LPSRVLELOLWDWHD VD GH D VH DS UD RUL GH DúL H[SULPD YRLQ D IDSWD FRQVWLWXLH ± D
VWDWXDWLQVWDQ DVXSUHP vQVHF LLOHXQLWH±DWkWLQIUDF LXQHDGHYLROSUHY ]XW GH
DUW DOLQ GLQ & SHQ úL DOLQ OLW E GLQ DFHODúL DUWLFRO GDF YLFWLPD
ORFXLHúWH úL JRVSRG UHúWH vPSUHXQ FX I SWXLWRUXO FkW úL LQIUDF LXQHD GH LQFHVW
SUHY ]XW GHDUWGLQ&SHQvQFRQFXUVLGHDO
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO VH H[SULP SULQWUR DF LXQH UHDOL]DW vQ GRL WLPSL vQ
SULPXO DXWRUXO vQIUkQJH UH]LVWHQ D YLFWLPHL SULQ FRQVWUkQJHUH VDX SURILW GH
LQFDSDFLWDWHD DFHVWHLD GH D VH RSXQH RUL GH DúL H[SULPD YRLQ D vQ WLPSXO GRL VH
FRPLWHDFWXOVH[XDOvQFRQWH[WXOIDSWLFGLQSULPXOWLPS
ÌQ FD]XO LQIUDF LXQLL GH YLRO FRQVWUkQJHUHD VH SRDWH UHDOL]D H[SOLFLW VDX
LPSOLFLW
&RQVWUkQJHUHDH[SOLFLW PDQLIHVW $FHDVW IRUP GHFRQVWUkQJHUHVHSRDWH
UHDOL]DSHGHRSDUWHSULQH[HUFLWDUHDXQRUDFWHYLROHQWHDVXSUDYLFWLPHL±ORYLUH
PDOWUDWDUHHWF±RULSULQIRORVLUHDGHF WUHDXWRUDIRU HLIL]LFHSkQ ODvQIUkQJHUHD
UH]LVWHQ HLRSXQHULLSHUVRDQHLDJUHVDWH
&RQVWUkQJHUHDVHSRDWHUHDOL]DSHGHDOW SDUWHSULQDPHQLQ ULDGUHVDWHILH
YLFWLPHL ILH XQRU SHUVRDQH ID GH FDUH DFHDVWD QXWUHúWH VHQWLPHQWH SXWHUQLFH GH
DIHF LXQHRULGHUHFXQRúWLQ
3HQWUX FD LQIUDF LXQHD GH YLRO V ILH UHDOL]DW FRQVWUkQJHUHD H[SOLFLW
PDQLIHVW WUHEXLHV SUHFHDG RULV ILHFRQFRPLWHQW DFWXOXLVH[XDO([HUFLWDUHD
XQRU DFWH GH YLROHQ IL]LF VDX SVLKLF vQ SRVWHULRULWDWHD DFWXOXL VH[XDO HVWH GH
QDWXU DOVFRDWHSHDFHVWDGHVXELPSHULXOFRQVWUkQJHULL±GHFLIDSWDQXYDFRQVWLWXL
LQIUDF LXQHDGHYLRO±vQYUHPHFHDFWHOHUHVSHFWLYHGHYLROHQ XUPHD] DILWUDWDWH
SULQSULVPDXQHLDGLQWUHSUHYHGHULOHFDUHLQFULPLQHD] DVWIHOGHPDQLIHVW UL
6DPDLFRQVLGHUDWF YLFWLPDQXHVWHREOLJDW V RSXQ UH]LVWHQ SUHVLXQLORU
IL]LFHRULSVLKLFHH[HUFLWDWHGHDXWRUúLQLFLV FRQWLQXHUH]LVWHQ D±vQLSRWH]DF
Ì&&-68'HFQU,,GLQ'UQUS
UHDOL]HD] ] G UQLFLD DFHVWHLD ± VXILFLHQW ILLQG DúL H[SULPD YHUEDO VDX SULQ
PDQLHUDFRPSRUWDPHQWDO UHIX]XOGHDSDUWLFLSDODDFWXOVH[XDO
&RQVWUkQJHUHD LPSOLFLW $FHVW WLS GH FRQVWUkQJHUH VH UHDOL]HD] GH DXWRUXO
LQIUDF LXQLL SULQ SURILWDUHD DEX]DUHD GH VLWXD LD vQ FDUH VH DIO YLFWLPD VLWXD LH
FDUHRSXQHvQLPSRVLELOLWDWHDGHDVHDS UDvPSRWULYDDJUHVLXQLLVH[XDOHRULGHDúL
H[SULPDYRLQ DHLvQOHJ WXU FXDFWXOVH[XDOWHQWDWGHDXWRU
6LQWDJPDÄSURILWkQGGHLPSRVLELOLWDWHDGHDVHDS UD´VHUHIHU ODVLWXD LDvQ
FDUHYLFWLPDHVWHLQDSW GHDHYLWDDJUHVLXQHDVH[XDO RULGHDULSRVWDODDFHDVWD2
DVHPHQHDVWDUHSRDWHILGDWRUDW XQHLLQFDSDFLW LIL]LFH±LQILUPLWDWHLPRELOL]DUHvQ
DSDUDW JLSVDW VXIHULQ GH R PDODGLH HSXL]DQW IL]LF VWDUH GH VRPQ VWDUH GH
LQWR[LFD LH SURYRFDW GH DOFRRO VWXSHILDQWH PHGLFDPHQWH YkUVW IUDJHG RUL
vQDLQWDW RULSVLKLFH±VWDUHGHKLSQR] EROQDYSVLKLFHWF
(VHQ LDO SHQWUX UHDOL]DUHD LQIUDF LXQLL GH YLRO vQ DFHDVW PRGDOLWDWH HVWH FD
DXWRUXOV ILFXQRVFXWDQWHULRUV YkUúLULLIDSWHLVWDUHDGHLQFDSDFLWDWHDYLFWLPHLGH
D VH RSXQH DFWXOXL VH[XDO RUL GH D QXúL SXWHD PDQLIHVWD YRLQ D (VWH LUHOHYDQW OD
LQIUDF LXQHD GH YLRO GDF DFHDVW VWDUH D IRVW SURYRFDW GH DXWRU RUL HD SUHH[LVWD
DF LXQLORUGHDJUHVLXQHVH[XDO OHJHDFHUkQGGRDUFDI SWXLWRUXOV SURILWHGHVWDUHD
UHVSHFWLY
$FW VH[XDO 3RWULYLW GHILQL LHL GH OH[LFRQ DFWXO VH[XDO SRDWH IL FRQVLGHUDW FD
ILLQG DF LXQHD IDSWD IDSWXO RPXOXL FDUH VH UHIHU OD VH[ úL vO FDUDFWHUL]HD] FDUH
HVWH SULYLW GLQ SXQFWXO GH YHGHUH DO UDSRUWXOXL GLQWUH VH[H FDUH VH UHIHU OD YLD D
VH[XDO
3ULQDFWVH[XDOGHRULFHQDWXU VXVFHSWLELOGHDILvQFDGUDWvQLQIUDF LXQHDGH
YLROSUHY ]XW GHDUWGLQ&SHQ±DVWDWXDWLQVWDQ DVXSUHP vQVHF LLOHXQLWH±
VH vQ HOHJH RULFH PRGDOLWDWH GH RE LQHUH D XQHL VDWLVIDF LL VH[XDOH SULQ IRORVLUHD
VH[XOXL VDX DF LRQkQG DVXSUD VH[XOXL vQWUH SHUVRDQH GH VH[ GLIHULW VDX GH DFHODúL
VH[SULQFRQVWUkQJHUHVDXSURILWkQGGHLPSRVLELOLWDWHDSHUVRDQHLGHDVHDS UDRUL
GHDúLH[SULPDYRLQ D
$FWXO VH[XDO VH SRDWH UHDOL]D SULQ UDSRUWXUL VH[XDOH VDX UHOD LL VH[XDOH vQWUH
SHUVRDQHGHDFHODúLVH[
5DSRUWVH[XDO5DSRUWKHWHURVH[XDO(VWHDFHDFRQMXQF LHDRUJDQHORUGHVH[
PDVFXOLQ úL IHPLQLQ vQ DOWH FXYLQWH DFWXO GH LQWURPLVLXQH D RUJDQXOXL VH[XDO
E UE WHVFvQRUJDQXOVH[XDODOIHPHLL3HQWUXUHDOL]DUHDLQIUDF LXQLLGHYLROHVWH
OLSVLW GH UHOHYDQ GDF UDSRUWXO VH[XDO VD HSXL]DW VXILFLHQW ILLQG SHQHWUDUHD
VH[XDO
5HOD LL VH[XDOH vQWUH SHUVRDQH GH DFHODúL VH[ 5HOD LL KRPRVH[XDOH 6XQW
UHOD LLOH VH[XDOH GH LQYHUWLUH VDX SHUYHUWLUH D LQVWLQFWXOXL VH[XDO SXUWDWH vQWUH
SHUVRDQHGHDFHODúLVH[E UED LVDXIHPHL
5HOD LLOH VH[XDOH GLQWUH E UED L SRDUW GHQXPLUHD GH SHGHUDVWLH LQGLIHUHQW
GDF DSHWLWXOVH[XDOHVWHVDWLVI FXWSHFDOHDQDO RULRUDO LDUFHOHGLQWUHIHPHLVXQW
GHQXPLWHVDILVP±DPRUXOOHVELDQ±VDXWULEDGLVP±LPLWDUHDDFWXOXLVH[XDOQRUPDO
8UPDUHD LPHGLDW FRQVW vQWUR Y W PDUH DGXV OLEHUW LL VH[XDOH D XQHL
SHUVRDQH GDU GH UHJXO SRW DS UHD PXOWLSOH XUP UL FDUH FRQVWDX vQ Y W PDUHD
LQWHJULW LLFRUSRUDOHVDXDV Q W LLSVLKR]HFRQWDPLQDUHYHQHULF HWFLOHJLWLP
JUDYLGLWDWHPRDUWHDYLFWLPHLDOWHSUHMXGLFLLGHRUGLQVRFLDO
/HJ WXUDGHFDX]DOLWDWHGLQWUHHOHPHQWXOPDWHULDOúLXUPDUHDLPHGLDW UH]XOW
GLQ vQV úL PDWHULDOLWDWHD IDSWHORU H[ UH vQV OD PRGDOLW LOH QRUPDWLYH OD FDUH
VXUYLQ Y W PDUHD FRUSRUDO RUL GHFHVXO YLFWLPHL HVWH QHFHVDU D VH GHPRQVWUD F
vQWUHDF LXQHDDXWRUXOXLúLUH]XOWDWXOSURGXVH[LVW XQUDSRUWFDX]DO
Ì&&-68'HFQU,,,GLQ'UQUS
9'RQJRUR]úLFRO([SOLFD LLWHRUHWLFHDOH&RGXOXLSHQDOURPkQHGFLWYRO,,,S
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH ,QIUDF LXQHD GH YLRO VH FRPLWH H[FOXVLY FX LQWHQ LH
GLUHFW úLQXQXPDLDWkWFXLQWHQ LHFDOLILFDW SHQWUXF vQHOHPHQWXOYROLWLYHVWH
vQVXPDWúLVFRSXOFDUHHVWHDFHODGHDUHDOL]DXQDFWVH[XDOFXYLFWLPD
&XWRDWHF DXWRUXOSRDWHILDQLPDWODFRPLWHUHDYLROXOXLGHXQDQXPLWPRELO±
U ]EXQDUHD XQXL DIURQW SH IRQGXO UHOD LLORU GLQWUH VH[H EDWMRFRULUHD YLFWLPHL GLQWUXQ
UHVHQWLPHQWIRUPDWSHXQIRQGLGHQWLFHWF±WH[WXOQXSUHWLQGHH[LVWHQ DPRELOXOXL
/D PRGDOLW LOH DJUDYDWH SUHY ]XWH vQ DOLQ OLW F úL DOLQ WH]D D ,,D
IRUPDGHYLQRY LHFXFDUHOXFUHD] DXWRUXOHVWHSUDHWHULQWHQ LDvQWUXFkWUH]XOWDWXO
PDL JUDY ± Y W PDUHD FRUSRUDO JUDY D LQWHJULW LL FRUSRUDOH VDX D V Q W LL
GHFHVXORULGXS FD]VLQXFLGHUHDYLFWLPHL±HVWHGDWRUDWFXOSHLDFHVWXLD
)RUPH6DQF LXQL
)RUPH ,QIUDF LXQHD GH YLRO HVWH VXVFHSWLELO GH V YkUúLUH vQ IRUPD DFWHORU
SUHSDUDWRULL ± FXOHJHUHD GH LQIRUPD LL DVXSUD SURJUDPXOXL YLFWLPHL RUL DO
SHUVRDQHORU FDUH R DQWXUHD] SURFXUDUHD VSUD\XOXL FX VXEVWDQ H QDUFRWL]DQWH
SHQWUXLPRELOL]DUHDYLFWLPHLúD±GDUOHJHDQXOHSHGHSVHúWH
7HQWDWLYDHVWHSRVLELO úLVDQF LRQDW GHWH[WÌQDFHDVW IRUP LPSHUIHFW GH
V YkUúLUH D LQIUDF LXQLL VH vQFDGUHD] DF LXQL GH FRQVWUkQJHUH IL]LF úL PRUDO
H[HFXWDWH vQ VFRSXO GH D UHDOL]D DFWXO VH[XDO RUL DF LXQL GH DSURSLHUH GH YLFWLP
SURILWkQGGHQHSXWLQ DDFHVWHLDGHDVHDS UDVDXGHDúLH[SULPDYRLQ DDF LXQLvQV
QHXUPDWHGHvQWUH LQHUHDDFWXOXLVH[XDOvQvQ HOHVXOGHMDHQXQ DW'HFLJUDQL DvQWUH
WHQWDWLY úLLQIUDF LXQHDFRQVXPDW HVWHPDUFDW GHPRPHQWXOvQFHSHULLHIHFWLYHD
DFWXOXLVH[XDO
5HQXQ DUHDYROXQWDU ODvQFHSHUHDUDSRUWXOXLVH[XDO±GH]LVWDUHGLQLQGLIHUHQWFH
FRQVLGHUHQWHFHGDUHDvQID DUXJ PLQ LORUYLFWLPHLFRQúWLHQWL]DUHDULVFXULORUODFDUHVH
H[SXQHHWF±DS U DXWRUXOIDSWHLGHU VSXQGHUHDSHQDO SHQWUXWHQWDWLYDODYLROGDUQX
úLGHU VSXQGHUHDSHQDO SHQWUXDF LXQLOHvQWUHSULQVHSkQ vQDFHOPRPHQWvQP VXUDvQ
FDUHDFHVWHDvQWUXQHVFHOHPHQWHOHFRQVWLWXWLYHDOHXQHLLQIUDF LXQL
7HQWDWLYDGHYLROVHSHGHSVHúWHSRWULYLWDUW&SHQ
&RQVXPDUHD LQIUDF LXQLL VXUYLQH vQ PRPHQWXO vQFHSHULL DFWXOXL VH[XDO ,Q
FD]XOUHSHW ULLDFWXOXLVH[XDOVXELPSHULXOFRQVWUkQJHULLLQL LDOHRULDOSURILW ULLGH
LQFDSDFLWDWHDYLFWLPHLGHDVHRSXQHDFHVWXLDVXQWLQFLGHQWHGLVSR]L LLOHUHIHULWRDUH
ODLQIUDF LXQHDFRQWLQXDW ±DUWDOLQ&SHQ
6DQF LXQLÌQUDSRUWFXJUDGXOGHSHULFROVRFLDOSHFDUHvOSUH]LQW LSRVWD]HOH
QRUPDWLYHUHJLPXOVDQF LRQDWRUHVWHGLIHUHQ LDWGXS FXPXUPHD]
vQFKLVRDUHDGHODODDQLúLLQWHU]LFHUHDXQRUGUHSWXUL±vQFD]XODOLQ
vQFKLVRDUHDGHODODDQLúLLQWHU]LFHUHDXQRUGUHSWXUL±vQFD]XODOLQ
vQFKLVRDUHD GH OD OD DQL úL LQWHU]LFHUHD XQRU GUHSWXUL ± vQ FD]XO
DOLQ WH]D , úL vQFKLVRDUHD GH OD OD DQL úL LQWHU]LFHUHD XQRU GUHSWXUL ± vQ
FD]XODOLQWH]D,,
3HQWUX IDSWD SUHY ]XW vQ DOLQ SHUVRDQD MXULGLF VH VDQF LRQHD] FX
DPHQG GHODODOHLLDUvQFD]XOFHORUODOWHPRGDOLW LFXDPHQG GHOD
ODOHL
$&78/6(;8$/&8810,125
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO HVWH FRQVWLWXLW GLQ DFHOH UHOD LL VRFLDOH UHIHULWRDUH OD
OLEHUWDWHDúLLQYLRODELOLWDWHDVH[XDO DSHUVRDQHLvQSHULRDGDPLQRULW LL'DUFDúLvQ
FD]XOYLROXOXLRELHFWXOMXULGLFSRDWHILFRQVWLWXLWúLGLQDOWHUHOD LLVRFLDOH±DIHFWDWH
SULQ IDSWHOH GH DFHDVW QDWXU ± FXP VXQW FHOH FDUH SULYHVF GUHSWXO OD YLD OD
LQWHJULWDWHIL]LF úLSVLKLF ODOLEHUWDWHSVLKLF
2ELHFWXOPDWHULDOvOFRQVWLWXLHFRUSXOSHUVRDQHLPLQRUH
6XELHF LLLQIUDF LXQLL
3UHYHGHULOH GLIHUHQ LDWH FXSULQVH vQ DUW GHWHUPLQ GHRVHELULOH GLQWUH
SHUVRDQHOHFDUHSRWILVXELHFWDFWLYQHPLMORFLWDXWRUDOLQIUDF LXQLL
$VWIHOODPRGDOLW LOHQRUPDWLYHSUHY ]XWHODDOLQOúLDOLQWH]D,DXWRU
SRDWHILRULFDUHSHUVRDQ LQGLIHUHQWGHVH[
ÌQ FD]XO PRGDOLW LL QRUPDWLYH GHVFULVH OD DOLQ VXELHFWXO DFWLY HVWH vQV
FLUFXPVWDQ LDW GH WH[W UHVSHFWLY DFHVWD SRDWH IL GRDU SHUVRDQD GH DVHPHQHD
LQGLIHUHQW GH VH[ FDUH DUH FDOLWDWHD GH WXWRUH FXUDWRU VXSUDYHJKHWRU vQJULMLWRU
PHGLF FXUDQW SURIHVRU VDX HGXFDWRU ± FDOLWDWH GH FDUH DXWRUXO IDSWHL V VH
IRORVHDVF ± VDX SHUVRDQD FDUH D DEX]DW GH vQFUHGHUHD YLFWLPHL RUL GH DXWRULWDWHD
VDXLQIOXHQ DH[HUFLWDW DVXSUDDFHVWHLD
3HQWUXvQ HOHVXOWHUPHQLORUSULQFDUHDFHúWLVXELHF LDFWLYLDXFDOLW LOHFHUXWH
GHWH[WWULPLWHPODH[SOLFD LLOHGDWHODLQIUDF LXQHDGHYLRO
/D PRGDOLW LOH QRUPDWLYH UHJOHPHQWDWH vQ DOLQ úL VXELHFWXO
DFWLY QHPLMORFLW YD IL GXS FD] ILH QHGHWHUPLQDW ILH GHWHUPLQDW SULQ XQD GLQWUH
FDOLW LOHSUHY ]XWHvQDOLQ
3HUVRDQD MXULGLF SRDWH IL VXELHFW DFWLY DO DFHVWHL LQIUDF LXQL vQ FRQGL LLOH
DUW&SHQ
3DUWLFLSD LD SHQDO HVWH SRVLELO VXE WRDWH IRUPHOH DFHVWHLD ± FRDXWRUDW
LQVWLJDUHFRPSOLFLWDWH
6XELHFWXO SDVLY vQ PRGDOLWDWHD SUHY ]XW vQ DOLQ HVWH FLUFXPVWDQ LDW GH
WH[WODSHUVRDQDLQGLIHUHQWGHVH[FDUHQXDvPSOLQLWYkUVWDGHDQL
/D PRGDOLWDWHD QRUPDWLY UHJOHPHQWDW vQ DOLQ VXELHFWXO SDVLY HVWH
FLUFXPVFULV VHJPHQWXOXL GH SHUVRDQH vQWUH úL DQL FDUH VXQW vQWUXQD GLQ
VLWXD LLOH FH GHFXUJ GLQ WH[W VLWXD LL FH OH FDUDFWHUL]HD] SR]L LD SVLKLF vQ
UDSRUWXULOH FX DXWRUXO ± SXSLO HOHY SDFLHQW HWF ± vQ YUHPH FH OD PRGDOLWDWHD
QRUPDWLY GH OD DOLQ WH]D , VXELHFWXO SDVLY SODVDW vQ VLWXD LL VLPLODUH FX FHOH
PDLVXVSUHFL]DWHHVWHvQV vQYkUVW GHVXEDQL
6XELHFWXOSDVLYODPRGDOLW LOHQRUPDWLYHGHVFULVHvQDOLQúLHVWH
FRPXQúLDQXPHSHUVRDQ FDUHQXDvPSOLQLWYkUVWDGHDQL
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO HVWH FRQVWLWXLW GLQWUR DF LXQH PDQLIHVWDW vQWUXQ DFW
VH[XDOILHFXXQPLQRUVXEYkUVWDGHDQLILHFXXQPLQRUvQWUHúLDQLvQ
FDUHDXWRUXODUHXQDGLQWUHFDOLW LOHPHQ LRQDWHGHOHJH
$FWXO VH[XDO HVWH GH RULFH QDWXU GHFL H[SOLFD LLOH RIHULWH OD LQIUDF LXQHD GH
YLROFXSULYLUHODvQ HOHVXOVLQWDJPHLvúLS VWUHD] LQWHJUDOYDODELOLWDWHD
/DXQHOHPRGDOLW LDJUDYDWHDFWXOVH[XDOHVWHGXEODWGHDOWHDF LXQLFDUHVXQW
GH QDWXU D VSRUL JUDGXO GH SHULFRO DO IDSWHL 0RGDOLW LOH DJUDYDWH VH UDSRUWHD]
GHRSRWULY ODDPEHOHYDULDQWHDOHLQIUDF LXQLLWLSSUHY ]XWHvQDOLQúL
$VWIHO vQ LSRWH]D QRUPDWLY UHJOHPHQWDW OD DOLQ DFWXO VH[XDO HVWH
GHWHUPLQDW GH RIHULUHD VDX GDUHD GH EDQL RUL DOWH IRORDVH GH F WUH I SWXLWRU GLUHFW
VDX LQGLUHFW YLFWLPHL LDU vQ LSRWH]D LQFULPLQDW OD DOLQ DFWXO VH[XDO HVWH
V YkUúLWvQVFRSXOSURGXFHULLGHPDWHULDOHSRUQRJUDILFH
0DWHULDOHOH SRUQRJUDILFH UHGDXUHSUH]LQW REVFHQ OXEULF YXOJDU WULYLDO
VFHQHGHYLD VH[XDO QXGXULvQDWLWXGLQLODVFLYHRUJDQHVH[XDOHGHWDOLLDQDWRPLFH
OHJDWH GH LQVWLQFWXO VH[XDO 0HVDMXO SRUQRJUDILF SRDWH IL WUDQVPLV SULQ ILOPH
SXEOLFD LLLPSULP ULYLGHRIRWRJUDILLGHVHQHVFXOSWXULvQJHQHUDOSULQRULFDUHDOW
PLMORFGHSURSDJDUHDLGHLORUúLLPDJLQLORUFXFDUDFWHUREVFHQ
$GRXDDJUDYDQW GHODPRGDOLWDWHDQRUPDWLY UHJOHPHQWDW vQDOLQWH]D
,,HVWHDWUDV GHFD]XOvQFDUHDFWXOVH[XDOFXXQPLQRUFRPLVvQVFRSXOPHQ LRQDW
vQWH]DDQWHULRDU DIRVWUHDOL]DWSULQFRQVWUkQJHUH
0RGDOLWDWHD DJUDYDW UHJOHPHQWDW vQ DOLQ VH DGUHVHD] VLWXD LHL vQ FDUH
DFWXO VH[XDO FX R SHUVRDQ FDUH QX D vPSOLQLW YkUVWD GH DQL D IRVW FRPLV vQ
vPSUHMXU ULOHSUHY ]XWHvQDUWDOLQOLWESUHFXPúLvQVLWXD LDvQFDUHDFWXO
VH[XDOFXXQPLQRUDDYXWFRQVHFLQ HOHDU WDWHvQDUWDOLQOLWFVDFDX]DW
YLFWLPHLRY W PDUHJUDY DLQWHJULW LLFRUSRUDOHVDXV Q W LL
ÌQ VIkUúLW XOWLPD DJUDYDQW D WH[WXOXL HQXQ DW vQ DOLQHDWXO ILQDO HVWH
PRWLYDW GH XUP ULOH DFWXOXL VH[XDO FX XQ PLQRU ± PRDUWHD VDX VLQXFLGHUHD
DFHVWXLD
$LGRPD LQIUDF LXQLL GH YLRO LQIUDF LXQHD GH DFW VH[XDO FX XQ PLQRU DUH FD
XUPDUHLPHGLDW vQF OFDUHDOLEHUW LLúLLQYLRODELOLW LLVH[XDOHDSHUVRDQHLPLQRU
úL FHO PDL IUHFYHQW DSDUL LD úL D DOWRU XUP UL FRQVHFXWLYH VDX XOWHULRDUH ±
Y W PDUHDLQWHJULW LLFRUSRUDOHVDXDV Q W LLSVLKR]HFRQWDPLQDUHYHQHULF HWF
LOHJLWLP JUDYLGLWDWHPRDUWHDYLFWLPHLDOWHSUHMXGLFLLGHRUGLQVRFLDO
/HJ WXUD GH FDX]DOLWDWH vQ FH SULYHúWH UHVWUkQJHUHD OLEHUW LL VH[XDOH D
SHUVRDQHLHVWHSUH]XPDW UH]XOWkQGH[UHDGLF GLQvQV úLPDWHULDOLWDWHDIDSWHORU
3HQWUX FHOHODOWH XUP UL LPHGLDWH FRQVHFXWLYH RUL XOWHULRDUH DFWXOXL VH[XDO FX XQ
PLQRUHVWHvQV QHFHVDUDVHGRYHGLF HOHVXQWFRQVHFLQ DDFWXOXLVH[XDOUHDOL]DWGH
DXWRUXOIDSWHL
/DWXUDVXELHFWLY
(OHPHQWXOVXELHFWLYFRQVW vQLQWHQ LDGLUHFW DDXWRUXOXLGHDFRPLWHIDSWDúL
QX QXPDL DWkW vQ LQWHQ LD OXL FDOLILFDW GHRDUHFH HVWH vQVXPDW úL HOHPHQWXO VFRS
FDUHHVWHDFHODGHDUHDOL]DDFWXOVH[XDOFXXQPLQRU
3HQWUXVDWLVIDFHUHDDFHVWXLHOHPHQWFRQVWLWXWLYDOLQIUDF LXQLLHVWHQHFHVDUFD
DXWRUXO vQ YDULDQWD WLS GH OD DOLQ V IL FXQRVFXW F YLFWLPD DUH R YkUVW
LQIHULRDU DFHOHLD GH DQL RUL V IL DFFHSWDW DFHDVW HYHQWXDOLWDWH $FHHDúL
UHSUH]HQWDUHWUHEXLHV RDLE úLDXWRUXOIDSWHLGLQYDULDQWDGHVSHFLHGHODDOLQ
GDUVXSOLPHQWDUDFHVWDYDWUHEXLV úLIRORVHDVF DFHDFDOLWDWH±GHPHGLFSURIHVRU
HWF ± vQVFRSXOGHWHUPLQ ULLYLFWLPHLGHDDYHDDFWVH[XDO'HFLSHQWUXH[LVWHQ D
ODWXULL VXELHFWLYH úL SULQ FRQVHFLQ SHQWUX H[LVWHQ D LQIUDF LXQLL VH FHUH FD
I SWXLWRUXO V IL úWLXW vQ PRPHQWXO V YkUúLULL IDSWHL VDX V IL DYXW WRDWH GDWHOH
SHQWUXDSUHVXSXQHF SHUVRDQDFXFDUHV YkUúHúWHDFWXOVH[XDOQXDvPSOLQLWYkUVWD
GH DQL UHVSHFWLY GH DQL &XQRDúWHUHD QHVLJXU QX FRQGXFH OD vQO WXUDUHD
HOHPHQWXOXLVXELHFWLYúLGHFLDU VSXQGHULLSHQDOHSHQWUXDFHDVW LQIUDF LXQH1XYD
FRQVWLWXLvQV LQIUDF LXQHIDSWDPDMRUXOXLDIODWvQHURDUHFXSULYLUHODYkUVWDUHDO D
SHUVRDQHL FX FDUH UHDOL]HD] DFWXO VH[XDO ± VXE DQL UHVSHFWLY VXE DQL ±
HURDUHSURYRFDW GHvPSUHMXU ULGHQDWXU DLGHIRUPDUHSUH]HQWDUHDGLQDFHVWSXQFW
GH YHGHUH LQXWD SVLKRIL]LF D PLQRUXOXL SUH]HQWDUHD GH F WUH DFHVWD D XQRU
GRFXPHQWHGHLGHQWLWDWHP VOXLWHúD
)RUPH6DQF LXQL
)RUPH7HQWDWLYDHVWHSRVLELO úLVHSHGHSVHúWHSRWULYLWDUW&SHQGDU
HD QX SRDWH IL FRQFHSXW GHFkW vQ IRUPD LPSHUIHFW QHWHUPLQDW *UDQL D GLQWUH
9'RQJRUR]úLFRORSFLWYRO,9S
WHQWDWLY úL LQIUDF LXQHD FRQVXPDW OD DFWXO VH[XDO FX XQ PLQRU HVWH LGHQWLF FX
DFHHDGHODLQIUDF LXQHDGHYLRO
&RQVXPDUHDLQIUDF LXQLLVXUYLQHvQPRPHQWXOvQFHSHULLDFWXOXLVH[XDOFXXQ
PLQRUvQYkUVW GHVXEDQLUHVSHFWLYGHSkQ ODDQL
6DQF LXQL 5HJLPXO VDQF LRQDWRU DO IDSWHORU LQFULPLQDWH vQ DUW HVWH
QXDQ DWSHGHSVHOHILLQGDúH]DWHSHRVFDU vQXUFDUHvQIXQF LHGHSHULFROXOVRFLDO
SHFDUHvOUHSUH]LQW DFHVWHD
$VWIHOODPRGDOLW LOHWLS±DOLQúL±SHGHDSVDHVWHvQFKLVRDUHDGHOD
ODDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
3HGHDSVDSHQWUXPRGDOLWDWHDDJUDYDW SUHY ]XW vQDOLQHVWHvQFKLVRDUHD
GHODODDQLLDUPRGDOLWDWHDDJUDYDW GHODDOLQWH]D,HVWHVDQF LRQDW FX
SHGHDSVDvQFKLVRULLGHODODDQLDPEHOHvQVR LWHGHSHGHDSVDFRPSOHPHQWDU D
LQWHU]LFHULLXQRUGUHSWXUL
3HQWUX IDSWHOH SUHY ]XWH OD DOLQ WH]D ,, úL DOLQ SHGHDSVD HVWH
vQFKLVRDUHDGHODODGHDQLLDUSHQWUXDFHHDSUHY ]XW ODDOLQ±vQFKLVRDUHD
GHODODGHDQLILHFDUHGLQWUHDFHVWHDFXDSOLFDUHDSHGHSVHLFRPSOHPHQWDUHD
LQWHU]LFHULLXQRUGUHSWXUL
3HUVRDQDMXULGLF VHVDQF LRQHD] SHQWUXIDSWHOHSUHY ]XWHvQDOLQúL
FX DPHQG GH OD OD OHL LDU vQ FHOHODOWH VLWXD LL FX DPHQG GH OD
ODOHL
6('8& ,$
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDOvOFRQVWLWXLHUHOD LLOHVRFLDOHSULYLWRDUHODOLEHUWDWHDúL
LQYLRODELOLWDWHDVH[XDO DSHUVRDQHLGHVH[IHPLQLQvQYkUVW GHVXEDQL
2ELHFWXOPDWHULDODOLQIUDF LXQLLGHVHGXF LHHVWHFRUSXOPLQRUHLDVXSUDF UXLD
VDFRPLVSULQIUDXG UDSRUWXOVH[XDO
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU DO LQIUDF LXQLL SRDWH IL GRDU XQ E UEDW ±
SHQWUX F GRDU E UEDWXO HVWH SDUWHQHU DO XQXL UDSRUW VH[XDO FX IHPHLD úL QXPDL
DFHVWD SRDWH SURPLWH R F V WRULH ± FX FRQGL LD HYLGHQ LDW OD FHOHODOWH GRX
LQIUDF LXQLSULYLQGYLD DVH[XDO FDDFHVWDV DLE FDSDFLWDWHDELRORJLF GHUHDOL]DUH
DDFWXOXLVH[XDO
6D VXV LQXW vQ GRFWULQ úL SUDFWLFD MXGLFLDU F E UEDWXO WUHEXLH V
vQGHSOLQHDVF FXPXODWLYúLRDOW FRQGL LHDQXPHGHDILvPSOLQLWDFHDYkUVW FDUH
SRWULYLWOHJLLvLG GUHSWXOODDvQFKHLDF V WRULD
ÌQRSLQLDQRDVWU DFHDVW FRQGL LHDG XJDW SHQWUXDFLUFXPVWDQ LDVXELHFWXO
DFWLYDOLQIUDF LXQLLHVWHQHIRQGDW SHWH[WRULSHXQSULQFLSLXGHGUHSWúLWRWRGDW
GHQDWXU DGH]DYDQWDMDPLQRUHOHF URUDOLVHSUHWLQGHGHFLQXQXPDLV LQWXLDVF
FDUDFWHUXOVLQFHUVDXIUDXGXORVDOSURPLVLXQLLGHF V WRULHGDUV úLLQWUHvQSRVHVLD
GDWHORU GH VWDUH FLYLO DOH FHOXL FDUH IDFH SURPLVLXQHD 7 LQXLUHD YkUVWHL GH F WUH
PLQRU QX UHSUH]LQW vQ IRQG DOWFHYD GHFkW R ODWXU D PDQLIHVW ULORU VDOH
DP JLWRDUHPHQLWHDGHWHUPLQDPLQRUDV DFFHSWHUDSRUWXOVH[XDOVXILFLHQWILLQG
GXS S UHUHDQRDVWU FDDSDUHQ HOHV IRUPH]HPLQRUHLFUHGLQ DF DFHVWDHVWHXQ
SRWHQ LDOVR
9'RQJRUR]úLFRO([SOLFD LLWHRUHWLFHDOH&RGXOXLSHQDOURPkQHGFLWYRO,,,S
7UHJ,DúL'HFQU-1QUS
ÌQDFHODúLVHQV2/RJKLQ77RDGHURSFLWS
2SLQLD VXVHYRFDW SULYLWRDUH OD FRQGL LD GH YkUVW D E UEDWXOXL HVWH vQV úL
LQFRQVHFYHQW GHRDUHFHvQFRQWLQXDUHVHDILUP F ÄQXLQWHUHVHD] SHQWUXH[LVWHQ D
LQIUDF LXQLL GDF E UEDWXO HVWH VDX QX F V WRULW RU QHvPSOLQLUHD YkUVWHL OHJDOH GH
F V WRULH FRQVWLWXLH FD úL VWDWXWXO GH E UEDW F V WRULW XQ LGHQWLF LPSHGLPHQW OHJDO
SHQWUXDXWRUXOIDSWHLGHDúLRQRUDSURPLVLXQHDGHF V WRULHDGUHVDW PLQRUHLÌQFHQH
SULYHúWHVXQWHPvQV GHDFRUGFXDXWRULLVXVFLWD LSULYLQGOLSVDGHUHOHYDQ DVWDWXWXOXL
E UEDWXOXL ± F V WRULW RUL QHF V WRULW ± SHQWUX UHDOL]DUHD LQIUDF LXQLL FX PHQ LXQHD F
VLWXD LDFLYLO GHE UEDWF V WRULWSUREHD] GHFHOHPDLPXOWHRULFDUDFWHUXOPLQFLQRVDO
SURPLVLXQLLGHF V WRULHI FXWHPLQRUHL
3HUVRDQDMXULGLF SRDWHILVXELHFWDFWLYDODFHVWHLLQIUDF LXQL
3DUWLFLSD LDSHQDO ODV YkUúLUHDLQIUDF LXQLLGHVHGXF LHHVWHSRVLELO VXEIRUPD
LQVWLJ ULLúLFRPSOLFLW LL±QHLQWHUHVkQGODDFHVWHIRUPHVH[XOSHUVRDQHLSDUWLFLSDQWH±
GDULPSRVLELO vQIRUPDFRDXWRUDWXOXLGLQFRQVLGHUHQWHOHH[DPLQDWHDQWHULRU
6XELHFWXOSDVLYHVWHFLUFXPVFULVvQVHJPHQWXOSHUVRDQHORUGHVH[IHPLQLQvQ
YkUVW GH VXE DQL QHF V WRULWH Ä)HPHLD ± VSXQHD SURIHVRUXO 7UDLDQ 3RS ±
WUHEXLH V ILH vQ PRPHQWXO SURPLVLXQLL QHP ULWDW Y GXY VDX GLYRU DW ILLQGF
QXPDL DFHVWHLD L VH SRW IDFH SURPLVLXQL GH F V WRULH SHQWUX D DYHD UDSRUWXUL
VH[XDOHILLQGF DFHVWHDVXQWDFWHLPRUDOHúLFKLDUSXQLELOH´
ÌQOHJ WXU FXFDOLWDWHDVXELHFWXOXLSDVLYDOLQIUDF LXQLLSUHY ]XW vQDUW
&SHQVDXH[SULPDWRSLQLLGLIHULWH
7H[WXODVWDELOLWOLPLWDPD[LP ±GHDQL±SkQ ODFDUHUDSRUWXOVH[XDOFXR
DGROHVFHQW RE LQXWSULQvQúHO WRDUHSURPLVLXQLGHF V WRULHFRQVWLWXLHLQIUDF LXQH
6DFRQVLGHUDWQHvQGRLHOQLFF GXS vPSOLQLUHDYkUVWHLGHDQLSHUVRDQDGHVH[
IHPLQLQ HVWH VXILFLHQW GH PDWXU SHQWUX D HYDOXD FRUHFW VHULR]LWDWHD SURPLVLXQLORU
GHF V WRULHúLSRVLELOLWDWHDUHDO GHvQI SWXLUHDORUvQIXQF LHGHFDUHV FHGH]HVDX
QXDYDQVXULORUVH[XDOHPDLvQDLQWHGHvQFKHLHUHDF V WRULHL'DUDLGRPDLQIUDF LXQLL
GHDFWVH[XDOFXXQPLQRUFDUHQXDvPSOLQLWYkUVWDGHDQLWH[WXOLQIUDF LXQLLGH
VHGXF LHQXGHOLPLWHD] YkUVWDPLQLP DPLQRUHLSkQ ODFDUHUDSRUWXOVH[XDODVWIHO
UHDOL]DWLQWU VXELQFLGHQ DSUHYHGHULORUDUW&RGSHQDO
ÌQ YDORURDVHOH QRDVWUH WUDWDWH GH GUHSW SHQDO FD úL vQ XQHOH VROX LL GLQ
SUDFWLFD MXGLFLDU VD FRQVLGHUDW F YkUVWD PLQLP D PLQRUHL VHGXVH HVWH GH
DQL VXE DFHDVW YkUVW IDSWD FRQVWLWXLQG LQIUDF LXQHD GH DFW VH[XDO FX XQ PLQRU
SUHY ]XW GHDUWDOLQ&RGSHQDO
,QWHUSUHWDUHDGDW WH[WXOXLVXEUDSRUWXOOLPLWHLPLQLPHGHYkUVW DYLFWLPHL±
PLQRU ULGLF vQ SULQFLSDO GRX SUREOHPH WHRUHWLFH UHIHULWRDUH OD H[LVWHQ D
LQH[LVWHQ D LQIUDF LXQLL GH VHGXF LH vQ DQXPLWH vPSUHMXU UL GH IDSW FkW úL OD
vQFDGUDUHDMXULGLF DXQRUIDSWHFRPLVHvQFRQGL LLSDUWLFXODUH
'LVSR]L LLOH&RGXOXLIDPLOLHLSUHY GF ÄIHPHLDVHSRDWHF V WRULQXPDLGDF
DvPSOLQLWDQL´GDUF ÄSHQWUXPRWLYHWHPHLQLFHVHSRDWHvQFXYLLQ DF V WRULD
IHPHLLFDUHDvPSOLQLWDQL
ÌQUDSRUWFXDFHVWHGLVSR]L LLLPSHUDWLYHGLQOHJHDFDUHVWDWRUQLFHúWHFRQGL LLOH
GH YDODELOLWDWH D XQHL F V WRULL QH H[SULP P UH]HUYD ID GH RSLQLD ODUJ
vPS UW úLW SRWULYLW F UHLD OLPLWD GH YkUVW D PLQRUHL SHQWUX D DYHD YRFD LD GH
VXELHFW SDVLY DO LQIUDF LXQLL GH VHGXF LH HVWH GH DQL GH YUHPH FH DFHDVWD VXE
YkUVWDGHDQLQXSRDWHvQFKHLDRF V WRULH
Ä&RGXOSHQDO&DURODO,,OHD´DGQRWDWHGFLWYRO,,S
79DVLOLXúLFRO&RGXOSHQDOFRPHQWDWúLDGQRWDWHGFLWS
Ä5DSRUWXOVH[XDOFXRSHUVRDQ FDUHQXDvPSOLQLWYkUVWDGHDQL±FKLDUGDF PLQRUDDIRVWGHWHUPLQDW OD
DFHDVWD GH SURPLVLXQL GH F V WRULH ± FRQVWLWXLH LQIUDF LXQHD SUHY ]XW GH DUW DOLQ &RG SHQDO LDU QX
LQIUDF LXQHDGHVHGXF LHSUHY ]XW GHDUW&RGSHQDO´±76'HFQU5,S
&RGXOIDPLOLHLDUWDOLQúL
ÌQRSLQLDQRDVWU GHFLOLPLWDPLQLP GHYkUVW DSHUVRDQHLVHGXVHHVWHDFHHD
GHODFDUHOHJHDvLFRQIHU GUHSWXOGHDVHF V WRULúLDQXPHGHODDQL
6D Y ]XW RSLQLD GRPLQDQW GRFWULQDU úL MXGLFLDU UHIHULWRDUH OD YkUVWD
PLQLP D SHUVRDQHL Y W PDWH SHQWUX D IL VXELHFW SDVLY DO LQIUDF LXQLL GH VHGXF LH
,QVSLUDWHGHDFHHDúLRSLQLHXQHOHLQVWDQ HDXFRQVLGHUDWvQV F UDSRUWXOVH[XDOFXR
PLQRU GH VXE DQL UHDOL]DW vQ XUPD SURPLVLXQLORU GH F V WRULH vQWUXQHúWH
GHRSRWULY HOHPHQWHOH FRQVWLWXWLYH DOH LQIUDF LXQLORU GH DFW VH[XDO FX XQ PLQRU úL
VHGXF LH
$FRUGkQG úL DFHVWHL LQWHUSUHW UL LQWHUHVXO FXYHQLW FUHGHP DO WXUL GH DO L
DXWRULF vQUDSRUWGHFRQ LQXWXOORUFHOHGRX LQIUDF LXQLVHH[FOXGUHFLSURFúLF
GHFLQXSRWILWHUPHQLLXQXLFRQFXUVvQVSH V YkUúLQGXVHH[FOXVLYLQIUDF LXQHDGH
DFWVH[XDOFXXQPLQRU
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO HVWH FRQVWLWXLW GLQWUR DF LXQH FRQFUHWL]DW vQ UDSRUWXO
VH[XDO UHDOL]DW SULQ IUDXG FX R SHUVRDQ GH VH[ IHPLQLQ vQ YkUVW GH VXE DQL
'HFL HOHPHQWXO PDWHULDO DO LQIUDF LXQLL HVWH H[FOXVLY UDSRUWXO VH[XDO FX PLQRUD úL
QXSURPLVLXQHDGHF V WRULHDFHDVW I J GXLQ PLQFLQRDV UHSUH]HQWkQGPLMORFXO
SULQFDUHDXWRUXOUHXúHúWHUHDOL]DUHDDFWXOXLVH[XDOFXPLQRUD
5DSRUWXOVH[XDOHVWHDFHDFRQMXQF LHDRUJDQHORUGHVH[PDVFXOLQúLIHPLQLQ
vQDOWHFXYLQWHDFWXOGHLQWURPLVLXQHDRUJDQXOXLVH[XDOE UE WHVFvQRUJDQXOVH[XDO
DO IHPHLL 3HQWUX UHDOL]DUHD LQIUDF LXQLL GH YLRO HVWH OLSVLW GH UHOHYDQ GDF
UDSRUWXOVH[XDOVDHSXL]DWVXILFLHQW ILLQGSHQHWUDUHDVH[XDO
6LQWDJPDQXSRDWHILGHVOXúLW vQWURvQFHUFDUHGHGHILQLUHGDUHDYDSXWHDIL
vQ HOHDV SULQSXQHUHDvQHYLGHQ DDVSHFWHORUFHWUHEXLHV FDUDFWHUL]H]HDVHPHQHD
SURPLVLXQLVSUHDDYHDVDXQXUHOHYDQ SHQWUXUHDOL]DUHDLQIUDF LXQLLGHVHGXF LH
DVSHFWHDVXSUDF URUDVDXDSOHFDWGHRSRWULY GRFWULQDúLSUDFWLFDMXGLFLDU
3URPLVLXQHDPDLvQDLQWHGHWRDWHHVWHXQDQJDMDPHQWI J GXLDO SULQFDUH
FLQHYDVHREOLJ V IDF FHYDÌQOHJ WXU FXSURPLVLXQHDGHF V WRULHUDSRUWDW
ODWH[WXODUW&RGSHQDODXIRVWH[DPLQDWHXUP WRDUHOHDVSHFWH
3URPLVLXQHDVXELPSHULXOF UHLDPLQRUDDFFHSW UDSRUWXOVH[XDOV DLE FD
RELHFW REOLJD LDDXWRUXOXLGHDVHF V WRULFXDFHDVWDREOLJD LHQHRQRUDW XOWHULRU
1X YD FRQVWLWXL SURPLVLXQH vQ VHQVXO DUW &RG SHQDO I J GXLDOD XQXL
FRQFXELQDMDLQVWUXLULLPLQRUHLvQWUXQFROHJLXDXQXLYRLDMLVSLWLWRUSHVWHJUDQL HD
VXSRUW ULLFKHOWXLHOLORUPDWHULDOHDvQWUH LQHULLSHRSHULRDG GHWLPSHWF
3URPLVLXQHD V ILH I FXW GH DXWRUXOIDSWHLDQWHULRUFRQVXP ULLUDSRUWXOXL
VH[XDO LDU DFHDVW SURPLVLXQH V FRQVWLWXLH HOHPHQWXO GH FRQYLQJHUH D PLQRUHL OD
DFFHSWDUHD DFWXOXL 3URPLVLXQLOH GH F V WRULH SRVWHULRDUH UDSRUWXOXL VH[XDO QX DX
VHPQLILFD LHSHQDO
3URPLWHUHDF V WRULHLV ILHI FXW vQPRGIHUPVHULRVÌQDFWXDODUHGDFWDUH
DWH[WXOXLDUW&RGSHQDOVDUHQXQ DWODFDUDFWHUXOÄIRUPDO´DOSURPLVLXQLLSH
FDUHvOSUHWLQGHDWH[WXOGLQUHJOHPHQWDUHD&RGXOXLSHQDOÄ&DURODO,,OHD´FHHDFH
vQVHDPQ F SURPLVLXQHD SRDWH IL H[SULPDW ÄIRUPDO´ ± ORJRGQ SUH]HQWDUHD
PLQRUHL vQ FHUFXO GH UHOD LL RUL ID GH UXGH GUHSW YLLWRDUH VR LH HWF ± GDU úL
ÄLPSOLFLW´ ± SULQ PDQLIHVW UL RUL FRQGXLWH FH VHPQLILF LQHFKLYRF DQJDMDUHD
E UEDWXOXLvQDVHF V WRULFXPLQRUD
7M&RQVWDQ D'HFQU5,,S
93DSDGRSRO03RSRYLFL5,,S
9'RQJRUR]úLFRO([SOLFD LLWHRUHWLFHDOH&RGXOXLSHQDOURPkQHGFLWYRO,,,S
'(;HGFLWS
3URPLVLXQLOH SRW IL H[WHULRUL]DWH RUDO VDX vQ VFULV GLUHFW RUL SULQ SHUVRDQH
LQWHUSXVHHVHQ LDOILLQGGRDUFDUDFWHUXOORUGHVHULR]LWDWH
1XSRWDYHDDVHPHQHDFDUDFWHUSURPLVLXQLOHGHF V WRULHI FXWHGHXQE UEDW
DOLHQDW PLQWDO VDX FHOH DGUHVDWH XQHL PLQRUH vQ DFHHDúL VWDUH GH VXIHULQ SVLKLF
GXS FXP VH LPSXQH R SUXGHQW DFUHGLWDUH D SUHWHQ LHL GH VHGXF LH vQ FD]XULOH vQ
FDUH DFFHSWXO OD UDSRUW VH[XDO VXE SURPLVLXQHD F V WRULHL HVWH GDW GH PLQRU
FRQFRPLWHQWPRPHQWXOXLvQFDUHODFXQRVFXWSHE UEDWRULvQWUXQVFXUWLQWHUYDOGH
WLPSGHODDFHVWPRPHQW
'RFWULQD GH VSHFLDOLWDWH D QHJDW DFHVW FDUDFWHU SURPLVLXQLORU GH F V WRULH
I FXWHXQHLPLQRUHSURVWLWXDWH7UDQúDQ DDOHJD LHLQLVHSDUHSHFkWGHGXU SH
DWkWGHQHGUHDSW (VWHORJLFDFRQVLGHUDFDJOXP PDLPXOWVDXPDLSX LQL]EXWLW
SURPLWHUHD F V WRULHL XQHL PLQRUH SURVWLWXDWH DQWHULRU RUL FRQFRPLWHQW UHPLWHULL
DYDQWDMXOXL PDWHULDO SUHWLQV VDX DFFHSWDW vQ VFKLPEXO UDSRUWXOXL VH[XDO 'DU HVWH
LQXPDQúLLOHJLWLPDLUHIX]DPLQRUHLSURVWLWXDWHGUHSWXOODDúLPDLUHFRQYHUWLYLD D
LPRUDO vQWUXQDPRUDO SULQLQWHUPHGLXOF V WRULHLúLFKLDUGHDLDQXODDQWLFLSDW
DFFHVXOODDFHDVW úDQV RULVSHUDQ DWXQFLFkQGPLQRUDDFRQVLP LWUDSRUWXOVH[XDO
FX XQ E UEDW QX GLQ YHQDOLWDWH FL SHQWUX F D FUH]XW vQ SURPLVLXQHD DFHVWXLD GH
F V WRULH
1HvQGHSOLQLUHDSURPLVLXQLLGHF V WRULHGXS UHDOL]DUHDDFWXOXLVH[XDOV ILH
GDWRUDW UHOHL FUHGLQ H D DXWRUXOXL YRLQ HL VDOH LQL LDOH GH D DP JL PLQRUD 1X YD
DYHD DFHVW FDUDFWHU SURPLVLXQHD QHRQRUDW GLQ FRQVLGHUHQWH DS UXWH XOWHULRU
UDSRUWXOXL VH[XDO LPSUHYL]LELOH H[WHULRDUH YRLQ HL DXWRUXOXL IDSWHL úL RULFXP
QHUHSURúDELOH DFHVWXLD FXP VXQW UHIX]XO YLFWLPHL GH D VH PDL F V WRUL RUL
RSXQHUHDODF V WRULHDS ULQ LORUDFHVWHLDDSDUL LDXQHLEROLJUDYHFDUHOIDFSH
E UEDW LPSURSULX F V WRULHL GLQ SXQFW GH YHGHUH PHGLFDO GHVFRSHULUHD XQHL EROL
JUDYH GH FDUH VXIHUHD YLFWLPD QHFXQRVFXW DXWRUXOXL DQWHULRU SURPLVLXQLORU GH
F V WRULHúLUDSRUWXULORUVH[XDOHDYXWHFXDFHDVWDúD
8UPDUHDLPHGLDW FRQVW GLQWURY W PDUHDGXV OLEHUW LLVH[XDOHúLRQRDUHL
PLQRUHLvQOHJ WXU FXYLD DVDVH[XDO
&kWSULYHúWHOHJ WXUDGHFDX]DOLWDWHDFHDVWDUH]XOW GLQvQV úLPDWHULDOLWDWHD
IDSWHORUH[UH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH HVWH IRUPDW GLQ LQWHQ LH vQ DPEHOH HL PRGDOLW L ±
GLUHFW úL LQGLUHFW $úDGDU DXWRUXO GHOLEHUDW GHWHUPLQ SULQ SURPLVLXQL
PLQFLQRDVH R SHUVRDQ GH VH[ IHPLQLQ OD D DYHD FX HO UDSRUW VH[XDO úWLLQG F
DFHDVWDHVWHvQYkUVW GHVXEDQLRULDFFHSWkQGHYHQWXDOLWDWHDvQUDSRUWGHGDWHOH
FHLHUDXFXQRVFXWHFDSHUVRDQDGHVH[IHPLQLQV ILHPLQRU
,GHQWLF FX FD]XO DFWXOXL VH[XDO FX XQ PLQRU HURDUHD FX SULYLUH OD YkUVWD
YLFWLPHLH[FOXGHúLvQFD]XOVHGXF LHLYLQRY LDDXWRUXOXL
2 LQWHUHVDQW SUREOHP vQ OHJ WXU FX HURDUHD I SWXLWRUXOXL DVXSUD YkUVWHL
YLFWLPHL VD ULGLFDW vQ GRFWULQ DSOLFDW OD VLWXD LD vQ FDUH UDSRUWXO VH[XDO FX R
PLQRU VXEDQLDIRVWUHDOL]DWVXESURPLVLXQHDF V WRULHL6HDILUP vQU VSXQV
ODUHWRULFDvQWUHEDUH±U VSXQVODFDUHDFKLHV P±F LQFXOSDWXOQXDUSXWHDILWUDVOD
U VSXQGHUHSHQWUXLQIUDF LXQHDGHDFWVH[XDOFXRPLQRU GHRDUHFHDIRVWFRQYLQV
F YLFWLPD DUH SHVWH DQL ÌQ DFHODúL WLPS HO QX DU SXWHD U VSXQGH QLFL SHQWUX
LQIUDF LXQHDGHVHGXF LHGHRDUHFHRELHFWLYYLFWLPDQHDYkQGFDSDFLWDWHDV vQFKHLH
7U3RSvQ&RGXOSHQDOÄ&DURODO,,OHD´DGQRWDWHGFLWYRO,,S79DVLOLXúLFRO&RGXOSHQDO
FRPHQWDWúLDGQRWDWHGFLWYRO,S
76'HFQU5,,S
7M7LPLú'HFQU5,,S
R F V WRULH DFHDVW FLUFXPVWDQ VH U VIUkQJH DVXSUD LQFXOSDWXOXL LQGLIHUHQW GDF
DFHVWDDFXQRVFXWVDXQXFLUFXPVWDQ DUHVSHFWLY
)RUPH6DQF LXQL
)RUPH7HQWDWLYDODLQIUDF LXQHHVWHSRVLELO FDUHDOL]DUHIDSWLF GDUHDQX
HVWH SUHY ]XW úL VDQF LRQDW GH WH[W ,QIUDF LXQHD GH VHGXF LH VH FRQVXP vQ
PRPHQWXOvQI SWXLULLDFWXOXLVH[XDOVXELPSHULXOSURPLVLXQLLGHF V WRULHH[WXQF
GHFLQXvQPRPHQWXOFRQVWDW ULLFDUDFWHUXOXLvQúHO WRUDOSURPLVLXQLLH[QXQF
)DSWD HVWH VXVFHSWLELO GH GHVI úXUDUH vQ WLPS FX DOWH FXYLQWH HD VH SRDWH
PDWHULDOL]D vQWUR VXFFHVLXQH GH UDSRUWXUL VH[XDOH ÌQ DFHDVW LSRWH] QX HVWH vQV
QHFHVDU UHLWHUDUHD SURPLVLXQLL GH F V WRULH DQWHULRU ILHF UXL DFW VH[XDO ILLQG
vQGHVWXO WRU SHQWUX UHDOL]DUHD LQIUDF LXQLL FD UHOD LLOH VH[XDOH GLQWUH DXWRU úL
YLFWLP V IL GHEXWDW úL FRQWLQXDW vQ YLUWXWHD úL GDWRULW XQHL XQLFH SURPLVLXQL
,QIUDF LXQHD GH VHGXF LH VH V YkUúHúWH vQWUR DWDUH VLWXD LH vQ IRUPD FRQWLQXDW
UHJOHPHQWDW SULQDUWDOLQ
6DQF LXQL,QIUDF LXQHDGHVHGXF LHVHSHGHSVHúWHFXvQFKLVRDUHGHODXQXOD
DQL
3HUVRDQDMXULGLF VHVDQF LRQHD] FXDPHQG GHODODOHL
3(59(56,81($6(;8$/
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDODOLQIUDF LXQLLHVWHFRPSOH[HOILLQGFRQVWLWXLWSHGH
RSDUWHGLQUHOD LLOHVRFLDOHSULYLWRDUHODQRUPDODGHVI úXUDUHDYLH LLVH[XDOHLDUSH
GH DOW SDUWH GLQ FHOH FH SULYHVF DQXPLWH YDORUL VRFLDOH ± PRUDOLWDWHD SXEOLF
VHQWLPHQWHOH GH GHFHQ GH SXGRDUH ÌQ UDSRUW FX FRQVHFLQ HOH SURYRFDWH SULQ
SUDFWLFDUHD DFWHORU GH SHUYHUVLXQH VH[XDO SRW IL vQV DIHFWDWH VL UHOD LLOH VRFLDOH
UHIHULWRDUHODOLEHUWDWHDúLLQYLRODELOLWDWHDVH[XDO ODvQV úLYLD D
2ELHFWXO PDWHULDO DO LQIUDF LXQLL HVWH FRUSXO SHUVRDQHL DVXSUD F UHLD VH
HIHFWXHD] DFWXO GH SHUYHUVLXQH VH[XDO ILLQG LQGLIHUHQW GDF DFHD SHUVRDQ D
SDUWLFLSDWYROXQWDUVDXQXODUHDOL]DUHDDFHVWXLDÌQFD]XOXQRUDGLQWUHPRGDOLW LOH
GH H[SULPDUH SHUYHUWLW ± QDUFLVLVP IHWLúLVP YRDLHULVP D]RRILOLD ]RRILOLD ±
RELHFWXOPDWHULDOHVWHvQVXúLFRUSXODXWRUXOXLIDSWHL
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUDOLQIUDF LXQLLHVWHQHFLUFXPVWDQ LDWGHWH[W
FXH[FHS LDDFHOXLDGLQDOLQúL
$F LXQHD LQFULPLQDW vQ DOLQ SUHVXSXQH FRRSHUDUHD D GRX SHUVRDQH GH
VH[ RSXV OD FRPLWHUHD IDSWHL VLWXD LH vQ FDUH DPELL SDUWHQHUL DL DFWXOXL GH
SHUYHUVLXQH VH[XDO DX FDOLWDWHD GH VXELHFW DFWLY ÌQ LSRWH]D vQ FDUH DFWXO HVWH
HIHFWXDWGHRVLQJXU SHUVRDQ VDXGHRSHUVRDQ FHDUHUHOD LLVH[XDOHDEHUDQWHFX
XQDQLPDOYDH[LVWDXQVLQJXUVXELHFWDFWLY
ÌQFD]XOPRGDOLW LLQRUPDWLYHGHVFULVHODDOLQúLVXELHFWXODFWLYHVWH
vQV FLUFXPVWDQ LDWUHVSHFWLYDFHVWDSRDWHILGRDUSHUVRDQDLQGLIHUHQWGHVH[FDUH
DUHFDOLWDWHDGHWXWRUHFXUDWRUVXSUDYHJKHWRUvQJULMLWRUPHGLFFXUDQWSURIHVRUVDX
HGXFDWRU ± FDOLWDWH GH FDUH DXWRUXO IDSWHL V VH IRORVHDVF ± VDX SHUVRDQD FDUH D
DEX]DW GH vQFUHGHUHD YLFWLPHL RUL GH DXWRULWDWHD VDX LQIOXHQ D H[HUFLWDW DVXSUD
DFHVWHLD
$)LOLSDú3-3YRO,S
7M&DUDú6HYHULQ'HFQU5,,S
/DPRGDOLWDWHDQRUPDWLY UHJOHPHQWDW vQDOLQVXELHFWXODFWLYYDILGXS
FD]ILHQHGHWHUPLQDWILHGHWHUPLQDWSULQXQDGLQWUHFDOLW LOHSUHY ]XWHvQDOLQ
3HUVRDQDMXULGLF SRDWHILVXELHFWDFWLYDODFHVWHLLQIUDF LXQL
/D PRGDOLWDWHD WLS ± DOLQ ± QX H[LVW VXELHFW SDVLY SDUWHQHULL
SHUYHUVLXQLORUVH[XDOHLGHQWLILFkQGXVHvQVXELHF LDFWLYL
ÌQ FD]XO PRGDOLW LL DJUDYDWH UHJOHPHQWDWH vQ DOLQ VXELHFWXO SDVLY HVWH
FLUFXPVFULVODSHUVRDQDFDUHQXDvPSOLQLWYkUVWDGHDQLLDUvQFD]XOPRGDOLW LL
GHODDOLQGHOLPLWDUHDVHDGUHVHD] VHJPHQWXOXLGHSHUVRDQHvQWUHúLDQL
úL FDUH VXQW vQWUXQD GLQ VLWXD LLOH FH GHFXUJ GLQ WH[W VLWXD LL FH OH FDUDFWHUL]HD]
SR]L LDSVLKLF vQUDSRUWXULOHFXDXWRUXO±SDFLHQW SXSLO HOHY HWF
6XELHFWXOSDVLYODXUP WRDUHOHGRX PRGDOLW LQRUPDWLYHHVWHFDOLILFDWSULQDFHHD
F SHUVRDQDHVWHVXEDQLúLDIRVWGHWHUPLQDW V SDUWLFLSHODUHOD LLOHSHUYHUWLWHSULQ
RIHULUHDGHF WUHDXWRUGHEDQLRULDOWHIRORDVH±DOLQ±UHVSHFWLYDIRVWIRORVLW GH
DXWRUvQVFRSXOSURGXFHULLGHPDWHULDOHREVFHQH±DOLQ
(VWHvQV GHSUHFL]DWF VH[XODPELORUVXELHF LHVWHGLIHULWGHRVHELUHDGHVH[D
SDUWHQHULORUDFWHORUGHSHUYHUVLXQHVH[XDO ±LQGLIHUHQWGDF DFHVWHDVXQWFRQVLP LWH
VDXHIHFWXDWHSULQFRQVWUkQJHUH±FRQVWLWXLQGRFHULQ HVHQ LDO DLQIUDF LXQLL
3HQWUX vQ HOHJHUHD QR LXQLORU GH ÄSHUVRDQ FDUH QX D vPSOLQLW YkUVWD GH
DQL´ÄSHUVRDQ vQWUHúLDQLGDF IDSWDHVWHV YkUúLW GHWXWRUHVDXFXUDWRURUL
GH F WUH VXSUDYHJKHWRU vQJULMLWRU PHGLF FXUDQW SURIHVRU VDX HGXFDWRU´
ÄFRQVWUkQJHUH´ ÄPDWHULDOH SRUQRJUDILFH´ ± WULPLWHP OD H[SOLFD LLOH GDWH OD
LQIUDF LXQLOHGHYLROúLDFWVH[XDOFXXQPLQRU
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO vO FRQVWLWXLH R DF LXQH PDWHULDOL]DW vQWUXQ DFW GH
SHUYHUVLXQHVH[XDO
3ULQ ÄDFWH GH SHUYHUVLXQH VH[XDO ´ ± D VWDWXDW LQVWDQ D VXSUHP vQ VHF LLOH
XQLWH ± vQ DFFHS LXQHD SUHY ]XW vQ DUW GLQ & SHQ VH vQ HOHJH RULFH DOWH
PRGDOLW LGHRE LQHUHDXQHLVDWLVIDF LLVH[XDOHGHFkWFHOHDU WDWHODLQIUDF LXQHDGH
YLRO
8UPDUHD LPHGLDW D LQIUDF LXQLL vQ IRUPD VD WLS FRQVW vQ OH]DUHD
VHQWLPHQWXOXLPRUDODOLQGLYL]LORUGLQFDX]DDILú ULLGHF WUHDXWRULLLQIUDF LXQLLD
DFWHORUGHSHUYHUVLXQHVH[XDO FRPLVH
)DSWD HVWH VXVFHSWLELO GH D OH]D VHQWLPHQWHOH PRUDOH vQ FD]XULOH vQ FDUH ±
SRWULYLWH[LJHQ HORUWH[WXOXL±VHFRPLWHvQSXEOLFVDXGDF DSURGXVVFDQGDOSXEOLF
ÌQSXEOLF7HUPHQXOHVWHGHILQLWOHJDOSULQGLVSR]L LLOHDUW&SHQ
6FDQGDOSXEOLF/LQJYLúWLLH[SOLF QR LXQHDVFDQGDOSULQÄ]DUY YkOY SURGXV GH
RIDSW UHSUREDELO UXúLQRDV UHYROW SURYRFDW GHRDVHPHQHDIDSW ´
ÌQ OXPLQD DFHVWHL FRQFHSWXDOL] UL VH SRDWH GHFL DILUPD F DFWHOH GH
SHUYHUVLXQHVH[XDO SURYRDF VFDQGDOSXEOLFRULGHFkWHRULHOHDMXQJODFXQRúWLQ D
XQXL QXP U QHGHWHUPLQDW GH SHUVRDQH F URUD OH SURGXF R VWDUH UHDFWLY GH
LQGLJQDUHUHSXOVLHUHYROW SURWHVWDWDU
3HUFHSHUHD IDSWXOXL FH GHFODQúHD] DFHDVW VWDUH QHJDWLY SRDWH IL GLUHFW ±
SHUVRDQHOH LDX FXQRúWLQ QHPLMORFLW GHVSUH DFWHOH GH LQYHUVLXQH VH[XDO SULQ
YHGHUHDORU±VDXLQGLUHFW ±GLQUHODW ULOHDOWHLSHUVRDQHSULQÄWUDQVPLWHUHGHODRP
ODRP´úLFKLDUGLQDVHU LXQLOHLQVROLWHDOHSDUWLFLSDQ LORUODDFWHOHGHSHUYHUVLXQH
VH[XDO
&$&RQVWDQ D'HFQU5'3QUS
Ì&&-68'HFQU,,,GLQ'UQUS
'(;RSFLWS
79DVLOLXúLFRORSFLWS
/D PRGDOLW LOH DJUDYDWH XUPDUHD LPHGLDW FRQVW vQ vQF OFDUHD OLEHUW LL úL
LQYLRODELOLW LLVH[XDOHDPLQRULORUVXEDQL±DOLQ±vQWUHúLDQL±DOLQ
±UHVSHFWLYVXEDQL±DOLQúL±GDUVXQWSRVLELOHúLDOWHFRQVHFLQ H
FRQVHFXWLYH VDX XOWHULRDUH SVLKR]H FRQWDPLQDUH YHQHULF VDX WUDQVPLWHUHD
VLQGURPXOXLLPXQRGHILFLWDUGREkQGLWDOWHSUHMXGLFLLGHRUGLQVRFLDOLDUODDOLQHDWXO
ILQDO ± Y W PDUHD JUDY D LQWHJULW LL FRUSRUDOH VDX D V Q W LL RUL PRDUWHD VDX
VLQXFLGHUHDYLFWLPHL
/HJ WXUD GH FDX]DOLWDWH OD IDSWHOH vQFULPLQDWH vQ DUW &RG SHQDO UH]XOW
GLQvQV úLPDWHULDOLWDWHDIDSWHORUH[UHFXH[FHS LDDFHOHLDLQFULPLQDW vQDOLQ
ODFDUHWUHEXLHGHPRQVWUDWF vQWUHDFWXOGHSHUYHUVLXQHVH[XDO úLXUPDUHDLPHGLDW
H[LVW XQUDSRUWGHFDX]DOLWDWH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LHDLQIUDF LXQLLRFRQVWLWXLHLQWHQ LD±GLUHFW VDXLQGLUHFW
)DSWDSUHY ]XW vQDOLQVHV YkUúHúWHFXSUDHWHULQWHQ LH
3HQWUXUHDOL]DUHDLQIUDF LXQLLQXSUH]LQW LQWHUHVVFRSXOXUP ULWGHI SWXLWRU±
FXH[FHS LDPRGDOLW LLGLQDOLQODFDUHIDSWDVHFRPLWHvQVFRSXOSURGXFHULLGH
PDWHULDOHSRUQRJUDILFH±RULPRELOXOFDUHLDDQLPDWDF LXQHD
)RUPH6DQF LXQL
)RUPH7HQWDWLYDHVWHSRVLELO ODDOLQúLLQFULPLQDW SRWULYLWGLVSR]L LLORU
DUW/DIDSWDSUHY ]XW vQDOLQWHQWDWLYDQXHVWHSRVLELO GHRDUHFHUH]XOWDWXO
PDLJUDYPRDUWHDYLFWLPHLHVWHUHSURúDWDXWRUXOXLVXEIRUPDFXOSHL
&RQVXPDUHD LQIUDF LXQLL vQ PRGDOLWDWHD HL WLS LQWHUYLQH vQ PRPHQWXO vQFHSHULL
DFWHORUGHSHUYHUVLXQHVH[XDO FXFRQGL LDFDHOHV ILHHIHFWXDWHvQWUXQORFSXEOLFRUL
V VHILSURGXVVFDQGDOSXEOLF
ÌQ FD]XO PRGDOLW LORU DJUDYDWH FRQVXPDUHD LQIUDF LXQLL VXUYLQH vQ PRPHQWXO
vQFHSHULLDFWXOXLGHSHUYHUVLXQHVH[XDO FXXQPLQRUFDUHQXDvPSOLQLWYkUVWDGHDQL
VDXFXYkUVWDFXSULQV vQWUHúLDQLúLvQFRQGL LLOHSUHFL]DWHvQDOLQ±
6DQF LXQL ÌQ UDSRUW FX JUDGXO GH SHULFRO VRFLDO GLIHULW H[SULPDW GH
PRGDOLW LOHQRUPDWLYHDIRVWLQVWLWXLWXQUHJLPVDQF LRQDWRUGLIHUHQ LDW
$VWIHOODPRGDOLWDWHDQRUPDWLY WLSSHGHDSVDHVWHvQFKLVRDUHDGHODXQXODDQL
0RGDOLW LOHDJUDYDWHUHJOHPHQWDWHvQDOLQúLVXQWVDQF LRQDWHFX
vQFKLVRDUHGHODODDQLvQYUHPHFHSHGHSVHOHSHQWUXDOWHPRGDOLW LDJUDYDWH
VXQWvQFKLVRDUHDGHODODDQL±DOLQ±GHODODDQL±DOLQWH]D,±
GH OD OD GH DQL ± DOLQ WH]D ,, úL DOLQ WH]D ,± UHVSHFWLY SHGHDSVD
vQFKLVRULLGHODODDQL±DOLQWH]D,,
6DQF LXQLORU SUHY ]XWH SHQWUX PRGDOLW LOH DJUDYDWH OL VD DWDúDW SHGHDSVD
FRPSOHPHQWDU DLQWHU]LFHULLXQRUGUHSWXUL
ÌQ FRQIRUPLWDWH FX SUHYHGHULOH DUW DOLQ úL & SHQ UDSRUWDW OD
DUW & SHQ SHUVRDQD MXULGLF VH VDQF LRQHD] FX DPHQGD GH OD OD
OHLVDXGHODODOHL
&2583 ,$6(;8$/
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO HVWH FRQVWLWXLW GLQ DFHOH UHOD LL VRFLDOH UHIHULWRDUH OD
RFURWLUHDYLH LLVH[XDOHDSHUVRDQHLSULQSUHYHQLUHDDOWHU ULLFRQGXLWHLLQVWLQFWXDOH
VDXúLPRUDOHDPLQRUXOXLvQGHRVHELvQPHGLXOIDPLOLDO
ÌQ LSRWH]D F DFWXO REVFHQ VH FRPLWH ÄvQ SUH]HQ D´ PLQRUXOXL LQIUDF LXQHD
HVWHOLSVLW GHRELHFWPDWHULDOGDUvQYDULDQWDÄDVXSUD´PLQRUXOXLRELHFWXOPDWHULDO
HVWHFRUSXODFHVWXLD
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU DO LQIUDF LXQLL OD PRGDOLW LOH QRUPDWLYH
UHJOHPHQWDWH vQ DOLQ úL HVWH QHFDOLILFDW GH WH[W HO SRDWH IL GHFL RULFH
SHUVRDQ LQGLIHUHQWGHVH[FKLDUúLXQPLQRUvQP VXUDvQFDUHDFHVWDU VSXQGHGLQ
SXQFWGHYHGHUHSHQDO
ÌQFD]XOPRGDOLW LLQRUPDWLYHGLQDOLQVXELHFWXODFWLYQHPLMORFLWHVWHvQV
FDOLILFDWHOHVWHÄPHPEUXGHIDPLOLH´
3HUVRDQDMXULGLF SRDWHILVXELHFWDFWLYDODFHVWHLLQIUDF LXQLvQFRQIRUPLWDWH
FXSUHYHGHULOHDUW&SHQ
3DUWLFLSD LD SHQDO HVWH SRVLELO vQ RULFH IRUP ± FRDXWRUDW LQVWLJDUH
FRPSOLFLWDWH
6XELHFWXO SDVLY HVWH vQV FLUFXPVWDQ LDW GH WH[W OD SHUVRDQD PLQRUXOXL
LQGHSHQGHQWGHVH[XODFHVWXLDLDUSHQWUXPRGDOLWDWHDGHODDOLQPLQRUXOWUHEXLH
V DLE úLFDOLWDWHDGHÄPHPEUXGHIDPLOLH´
1LFL WH[WXO úL QLFL GRFWULQD QX VDX SUHRFXSDW D GHOLPLWD YkUVWD PLQLP D
PLQRUXOXLSkQ ODFDUHDFHVWDSRDWHILVXELHFWSDVLYDOLQIUDF LXQLLSUHY ]XWHGHDUW
&RGSHQDOÌQRSLQLDQRDVWU PLQRUXOQXSRDWHILVXELHFWSDVLYDOLQIUDF LXQLL
GHODYkUVWDÄ´FLGRDUGHODDFHDYkUVW GHODFDUHHODUHFDSDFLWDWHDGHDvQ HOHJH
VHPQLILFD LD DFWXOXL REVFHQ FRPLV DVXSUD RUL vQ SUH]HQ D OXL ,Q HYHQWXDOLWDWHD F
PLQRUXO HVWH OD R YkUVW VXE DFHVW SUDJ FRQVLGHU P F QLFL LQIUDF LXQHD QX HVWH
UHDOL]DW GLQ FDX]D LPSRVLELOLW LL GH D DS UHD XQD GLQWUH FRQVHFLQ HOH GHGXVH GLQ
DQDOL]DWH[WXOXL
6XQWOLSVLWHGHUHOHYDQ SHQWUXUHDOL]DUHDLQIUDF LXQLLPRUDOLWDWHDPLQRUXOXL±
EXQ vQGRLHOQLF SUHFDU ± H[SHULHQ HOH VDOH VH[XDOH SR]L LD ± GH DGPLWHUH RUL
UHVSLQJHUH±ID GHDFWXOREVFHQ
ÌQ OLWHUDWXUD GH VSHFLDOLWDWH VD VXV LQXW F VH FRPLWH R VLQJXU LQIUDF LXQH GH
FRUXS LH VH[XDO vQ VLWXD LD vQ FDUH DFWXO REVFHQ VH FRPLWH vQ DFHHDúL vPSUHMXUDUH
DVXSUD VDX vQ SUH]HQ D PDL PXOWRU PLQRUL 2SLQLD QRDVWU HVWH F vQWUR DWDUH
PRGDOLWDWHIDSWLF VXQWWRWDWk LDVXELHF LSDVLYLúLVHV YkUúHVFWRWDWkWHDLQIUDF LXQL±
vQ IRUPD FRQFXUVXOXL GH LQIUDF LXQL ± Fk L PLQRUL DX SDUWLFLSDW RUL DVLVWDW OD DFWXO
REVFHQ
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDODOLQIUDF LXQLLvQUHJOHPHQW ULOHGLQSULPHOHWUHLDOLQHDWHvO
FRQVWLWXLHRDF LXQHPDWHULDOL]DW vQWUXQDFWFXFDUDFWHUREVFHQFRPLVDVXSUDVDX
vQSUH]HQ DXQXLPLQRU
$FWFXFDUDFWHUREVFHQ
$FW &RQFHSWXO vQ VHQVXO FHUXW GH DUW &RG SHQDO D IRVW vQ HOHV vQ
WUDWDWHOH QRDVWUH IXQGDPHQWDOH GH GUHSW SHQDO FD ÄRULFH IHO GH PDQLIHVW UL
H[WHULRDUH´VDXFDÄIDSWHJHVWXULDWLWXGLQL´3ULPDFRQFHSWXDOL]DUHQLVHSDUH
SUHD ODUJ QHILQLW ± DXWRULL DFHVWHLD RPL kQG RULFXP F XQD GLQ DFHVWH
PDQLIHVW UL FDUH FRQVW vQ U VSkQGLUHD GH PDWHULDOH REVFHQH LQFOXVLY vQ PHGLXO
PLQRULORUHVWHLQFULPLQDW GLVWLQFWvQDUW&RGSHQDO±LDUDGRXDFUHGHPF
79DVLOLXúLFRO&RGXOSHQDOFRPHQWDWúLDGQRWDWHGFLWYRO,S
,GHPYRO,S
9'RQJRUR]úLFRO([SOLFD LLWHRUHWLFHDOH&RGXOXLSHQDOURPkQHGFLWYRO,,,S
HVWHXúRUWDXWRORJLF REVHUYkQGF ÄJHVWXO´HVWHDúH]DWvQUHOD LHGHVLQRQLPLHFX
ÄDWLWXGLQH´úLÄIDSW ´
ÌQFHQHSULYHúWHRSW PSHQWUXDFRQVLGHUDÄDFWXO´DYXWvQYHGHUHGHWH[WXO
DUW &RG SHQDO FD DFHD PDQLIHVWDUH ± H[SULPDW RUDO JHVWLF PLPLF RUL SULQ
HIHFWXDUHDXQRUPLúF UL±FDUHDUHDSWLWXGLQHDGHDUHDOL]DFDUDFWHUXOFHUXWGHOHJH
(VWHLUHOHYDQWGLQSXQFWXOGHYHGHUHDOLQIUDF LXQLLH[DPLQDWHGDF DFWXOHVWH
FRPLV vQ SDUWLFXODU RUL vQ SXEOLF ± vQ DFHVW GLQ XUP FD] IDSWD YD IL vQFDGUDW vQ
IRUPD FRQFXUVXOXL LGHDO úL vQ LQIUDF LXQHD GH XOWUDM FRQWUD EXQHORU PRUDYXUL úL
WXOEXUDUHDOLQLúWLLSXEOLFH±VXILFLHQWILLQGFDPLQRUXOV SDUWLFLSHRULV ILHSUH]HQW
ODDFHVWDFW
&DUDFWHU REVFHQ &DUDFWHUXO REVFHQ D IRVW DWULEXLW GH UHSXWD LL QRúWUL
GDVF OL DFHORU IDSWH FDUH DGXF DWLQJHUH SXGRULL VLP XOXL PRUDO UHJXOLORU úL
VHQWLPHQWHORU GH EXQ FXYLLQ $WDúkQGXQH GH SULQFLSLX DFHVWHL RSLQLL FUHGHP
vQV F HDSRDWHILDPHQGDW SULQFRPSOHWDUHvQVHQVXOF DWULEXLUHDFDUDFWHUXOXLGH
REVFHQ QX SRDWH IL I FXW GRDU SULQ UDSRUWDUH OD YDORULOH VRFLDOH DIHFWDWH SULQ
FRPLWHUHD DFWXOXL FL úL PDL FX VHDP SULQ H[DPLQDUHD PHGLXOXL FRQFUHW vQ FDUH
HVWH V YkUúLW IDSWD $OWIHO VSXV XQ DFW SRDWH IL FRQVLGHUDW REVFHQ vQWUXQ DQXPLW
PHGLX VRFLDO úL OLSVLW GH DFHVW FDUDFWHU vQ DOW PHGLX SUH]HQ D VDX DEVHQ D
FDUDFWHUXOXLILLQGvQGLUHFW OHJ WXU FXJUDGXOGHHGXFDUHúLLQVWUXLUHDOVXELHF LORU
WUDGL LLOH ORFDOH FX UHJXOLOH GH FRQGXLW VWDWRUQLFLWH vQ XQHOH FROHFWLYLW L HWQLFH
UHOLJLRDVHúDPG
'RFWULQD úL SUDFWLFD MXGLFLDU DGPLW F SUH]LQW FDUDFWHU REVFHQ GH SLOG
SDOSDUHD RUJDQXOXL IHPLQLQ VDX PDVFXOLQ DO PLQRUXOXL VDX DO XQHL WHU H SHUVRDQH
GDUvQSUH]HQ DPLQRUXOXL±FXVDXI U YRLDSHUVRDQHLSDOSDWH±H[KLEDUHDDFHVWRU
RUJDQHRULHIHFWXDUHDGHJHVWXULSULQFDUHVHVXJHUHD] VDXVHLPLW DFWXOVH[XDO±
HYLGHQWvQSUH]HQ DPLQRUXOXL±HIHFWXDUHDDFWXOXLVH[XDOvQSUH]HQ DPLQRUXOXL±
LQFOXVLY vQ PHGLXO LQWUDFRQMXJDO ± DSURSLHUHD RUJDQHORU JHQLWDOH GH FHOH DOH XQXL
PLQRUÌQRSLQLDQRDVWU HVWHUHDOL]DW LQIUDF LXQHDúLvQLSRWH]DvQFDUHPLQRUXOXL
vL VXQW FkQWDWH VDX UHFLWDWH YHUVXUL RUL UHODWDWH HSLVRDGH DO F URU FRQ LQXW SUH]LQW
FDUDFWHUREVFHQ
ÌQSUH]HQ DVDXDVXSUDPLQRUXOXL
O ÌQ SUH]HQ D 3ULQ DFHVW FRQFHSW VH vQ HOHJH F PLQRUXO VH DIO OD ORFXO
FRPLWHULLDFWXOXLREVFHQGDUWUHEXLHvQ HOHVúLF HVWHSODVDWvQSUR[LPLWDWHDDFHOXL
ORF GH XQGH DUH SRVLELOLWDWHD SHUFHSHULL DFWXOXL (VWH OLSVLW GH UHOHYDQ SHQWUX
V YkUúLUHDLQIUDF LXQLLvPSUHMXUDUHDF PLQRUXODDVLVWDWODFRQVXPDUHDvQvQWUHJLPH
DDFWXOXLRULQXPDLODXQHSLVRGDODFHVWXLD
$VXSUD &RQFHSWXO DUDW F DF LXQHD HVWH vQGUHSWDW DVXSUD FRUSXOXL
PLQRUXOXL DGLF DXWRUXO VH IRORVHúWH GH FRUSXO DFHVWXLD SHQWUX D HIHFWXD DFWXO
REVFHQ ± GH]JROLUHD PLQRUXOXL SDOSDUHD RUL PkQJkLHUHD RUJDQHORU VH[XDOH DOH
DFHVWXLDHWF
/D LQIUDF LXQHD UHJOHPHQWDW vQ DOLQ HOHPHQWXO PDWHULDO FRQVW vQWUR
DF LXQHGHDGHPHQLUH
3ULQDGHPHQLUHDXQHLSHUVRDQHVHvQ HOHJHDF LXQHDGHDDWUDJHDLVSLWLGHD
WHQWD SH FLQHYD V IDF FHYD GH RELFHL FX YRUEH vQúHO WRDUH $GDSWDW WH[WXOXL
DQDOL]DWFRQFHSWXODUHVHQVXOGHDF LXQHSULQFDUHRSHUVRDQ HVWHLVSLWLW DWUDV
VSUHDUHDOL]DDFWHVH[XDOHFXXQPLQRU±GHVH[GLIHULWVDXGHDFHODúLVH[±ILHSULQ
RIHULUHDXQRUDYDQWDMH±EDQLDOWHYDORULSHUVSHFWLYDXQHLSURPRY ULSURIHVLRQDOH±
ILHSULQDSRORJLHUHDXQRUDVHPHQHDUHOD LLSUR]HOLWLVP
*K%XOJ U'LF LRQDUGHVLQRQLPH(GLWXUD$OEDWURV%XFXUHúWLSO
76'HFQU3-3YRO,,,S
'LF LRQDUXOH[SOLFDWLYDOOLPELLURPkQHHGFLWS
ÌQOHJ WXU FXDFHVWFRQFHSWHVWHGHREVHUYDWF WH[WXOQXSUHWLQGHúLDSDUL LD
UH]XOWDWXOXL DGLF QX VH FHUH FD SHUVRDQD DGHPHQLW V IL FXSODW OD DF LXQH
LQIUDF LXQHD ± vQ DFHDVW PRGDOLWDWH QRUPDWLY ± UHDOL]kQGXVH SULQ VLPSOD
H[HUFLWDUHDLQIOXHQ HORUPHQLWHDFRQYLQJHRSHUVRDQ V SUDFWLFHDFWHVH[XDOHFX
XQPLQRU'LQDFHVWSXQFWGHYHGHUHDFWLYLWDWHDGHÄDGHPHQLUH´VHGHRVHEHúWHGH
DFHHDFDUHGHVHPQHD] LQVWLJDUHDÄFODVLF ´±FXFDUHVHDVHDP Q GRDUJHQHULF±
GHRDUHFHLQVWLJDUHDLPSOLF GHWHUPLQDUHDDXWRUXOXLvQOXDUHDKRW UkULLGHOLFWXRDVH
SHFkQGvQFD]XOH[DPLQDWQXVHFHUHU VSXQVODDGHPHQLUHGLQSDUWHDFHOXLF UXLDL
VDDGUHVDW
8UPDUHD LPHGLDW D LQIUDF LXQLL FRQVW vQWUR Y W PDUH DGXV YDORULORU
VRFLDOH PRUDOH FDUH DVLJXU RFURWLUHD PLQRUXOXL ± OD DOLQ O úL ± UHV
SHFWLYSHULFROXODSDUL LHLXQHLDVHPHQHDY W P UL±SHQWUXLSRWH]DGHODDOLQ
/HJ WXUD GH FDX]DOLWDWH UH]XOW H[ UH ± GLQ vQV úL PDWHULDOLWDWHD IDSWHL ±
QHILLQG QHFHVDU D VH GHPRQVWUD Y W PDUHD SURSULX]LV DGLF UHDF LD SURYRFDW
PLQRUXOXLúLQLFLGDF SHUVRDQDDU VSXQVDGHPHQLULL
/DWXUDVXELHFWLY
)RUPDGHYLQRY LHDLQIUDF LXQLLvQPRGDOLW LOHUHJOHPHQWDWHvQDOLQúL
HVWHFRQVWLWXLW H[FOXVLYGLQLQWHQ LHGLUHFW DXWRUXOXUP ULQGFDDFWXOREVFHQ
V OHIHFWXH]HDVXSUDPLQRUXOXLRULV ILHUHFHSWDWGHPLQRU,QWHQ LDLQGLUHFW ±GH
SLOG R SHUVRDQ QX vQFXLH XúD GH OD FDPHUD KRWHOXOXL PDL vQDLQWH GH HIHFWXDUHD
DFWXOXLVH[XDOSUHY ]kQGGDUQHGRULQGV ILHGHUDQMDWúLHVWHVXUSULQV vQDFHDVW
LSRVWD] GHXQPLQRULQWUDWLQWHPSHVWLYvQvQF SHUH±QXVDWLVIDFHODWXUDVXELHFWLY
DLQIUDF LXQLL
/DPRGDOLWDWHDQRUPDWLY SUHY ]XW vQDOLQLQWHQ LDHVWHFKLDUFDOLILFDW
vQWUXFkW LQFOXGH úL HOHPHQWXO VFRS FDUH HVWH DFHOD GH D SURGXFH PDWHULDOH
SRUQRJUDILFHvQWLPSXOHIHFWX ULLDFWHORULQFULPLQDWHvQDOLQúL
3HQWUXvQ HOHVXOVLQWDJPHLPDWHULDOHSRUQRJUDILFHDVHYHGHDH[SOLFD LLOHGDWH
ODLQIUDF LXQHDGHDFWVH[XDOFXXQPLQRU
ÌQ FD]XO LQIUDF LXQLL SUHY ]XWH vQ DOLQ LQWHQ LD VH PDQLIHVW vQ DPEHOH
PRGDOLW L±GLUHFW úLLQGLUHFW
7H[WXO QX SUHWLQGH YL]DUHD GH F WUH DXWRU D XQXL DQXPLW VFRS FX H[FHS LD
VHPQDODW vQFD]XOGHODDOLQRULFDDFHVWDV ILHDQLPDWGHXQDQXPHPRELO
)RUPH6DQF LXQL
)RUPH 7HQWDWLYDHVWHSRVLELO GDUQXPDLvQIRUPDLPSHUIHFW QHWHUPLQDW ±
DGLF VLWXD LD vQ FDUH HIHFWXDUHD DFWXOXL REVFHQ vQ SUH]HQ D VDX DVXSUD PLQRUXOXL
HVWH vQWUHUXSW GLQ PRWLYH LQGHSHQGHQWH GH YRLQ D DXWRUXOXL ± úL VDQF LRQDW vQ
YLUWXWHDSUHYHGHULORUDUW&RGSHQDO
9DULDQWD GH OD DOLQ QXHVWHVXVFHSWLELO GHV YkUúLUHvQIRUPDWHQWDWLYHL
GHRDUHFH FRQFRPLWHQW FX IRUPXODUHD ÄDGHPHQLULL´ LQIUDF LXQHD VH FRQVXP
VSRQWDQ
&RQVXPDUHD LQIUDF LXQLL VXUYLQH LQVWDQWDQHX vQ PRPHQWXO vQFHSHULL DFWXOXL
REVFHQ vQ SUH]HQ D RUL DVXSUD PLQRUXOXL UHVSHFWLY vQ PRPHQWXO vQ FDUH HVWH
DGUHVDW ÄDGHPHQLUHD´
6DQF LXQLÌQPRGDOLWDWHDWLS±DOLQ±SHGHDSVDHVWHvQFKLVRDUHDGHOD
OXQLODDQL
/DPRGDOLWDWHDDJUDYDW GLQDOLQSHGHDSVDHVWHvQFKLVRDUHDGHODXQXOD
DQL SHQWUX FD OD PRGDOLWDWHD DJUDYDW GLQ DOLQ ± FDUH HVWH UDSRUWDW DWkW OD
PRGDOLWDWHDGLQDOLQFkWúLODDFHHDGLQDOLQ±PD[LPXOVSHFLDODOSHGHSVHL
vQFKLVRULL HVWH PDMRUDW FX DQL 3HGHDSVD SUHY ]XW GH OHJH vQ YDULDQWD GH OD
DOLQHVWHvQFKLVRDUHDGHODXQXODDQL
3HUVRDQD MXULGLF vQ WRDWH LSRWH]HOH GH LQFULPLQDUH VH VDQF LRQHD] FX
DPHQGDGHODODOHL
,1&(678/
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDOvOFRQVWLWXLHUHOD LLOHVRFLDOHSULYLWRDUHODGHVI úXUDUHD
YLH LL VH[XDOH D SHUVRDQHL vQ FRQGL LL GH QRUPDOLWDWH PRUDO úL I U SULPHMGXLUHD
IRQGXOXLELRORJLFDOVRFLHW LL
'RFWULQD D WUDWDW vQ PRG GLIHULW DVSHFWXO UHIHULWRU OD RELHFWXO PDWHULDO DO
LQIUDF LXQLL$VWIHOvQYUHPHFHXQLLDXWRULDXWUHFXWVXEW FHUHDFHDVW SUREOHP
O VkQGDVWIHODVHvQWUHYHGHDF LQIUDF LXQHDHVWHOLSVLW GHRULFHRELHFWPDWHULDO
DO L DXWRUL DX VXV LQXW F RELHFWXO PDWHULDO DO LQIUDF LXQLL vO FRQVWLWXLH FRUSXO
SHUVRDQHLGHVH[IHPLQLQÌQFHQHSULYHúWHRSLQ PF XOWLPDVROX LHFRUHVSXQGH
SDU LDO SULQFLSLLORU GUHSWXOXL SHQDO GHRDUHFH FRUSXO SHUVRDQHL GH VH[ IHPLQLQ
FRQVWLWXLHvQWUDGHY URELHFWPDWHULDODOLQIUDF LXQLLvQFRQGL LLOHvQFDUHDFHDVWDD
SDUWLFLSDWLQYROXQWDURULFXQHYLQRY LHODUDSRUWXULOHVH[XDOHLQFHVWXRDVH6ROX LD
vQV QX PDL FRUHVSXQGH DPLQWLWHORU SULQFLSLL vQ LSRWH]D F SDUWHQHULL DX UHDOL]DW
UDSRUWXOVH[XDOYROXQWDUúLFXQRVFkQGUHOD LLOHORUGHUXGHQLHvQWUXFkWvQDFHVWFD]
RELHFWXO PDWHULDO DO LQIUDF LXQLL YD IL FRUSXO DPELORU SDUWHQHUL DL UHOD LLORU
LQFHVWXRDVH DF LXQHD GHOLFWXRDV U VIUkQJkQGXVH GHRSRWULY DVXSUD WUXSXULORU
DFHVWRUD (VWH JUHX ± GDF QX LPSRVLELO ± GH vQ HOHV OD RSLQLD FRPHQWDW GH FH
DSDUH DIHFWDW GLQ SXQFW GH YHGHUH ELRORJLF GRDU WUXSXO IHPHLL ± SHQWUX F HD
SRDUW úL] PLVOHúWHSURGXVXOGHFRQFHS LH"±LDUQXúLWUXSXOE UEDWXOXLFDUHvQ
HJDO P VXU FRQWULEXLH OD SURFUHDUHD FRSLOXOXL WDUDW ELRORJLF GLQ FDX]D
ÄDPHVWHFXOXLDFHOXLDúLVkQJH´
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUHVWHFDOLILFDWGHWH[WúLDQXPHYDDYHDDFHD
FDOLWDWHSHUVRDQDGHRULFHVH[FDUHSDUWLFLS ODXQUDSRUWVH[XDOvQSDUWHQHULDWFXR
DOW SHUVRDQ vQWUH DFHVWHD H[LVWkQG UHOD LLOH GH UXGHQLH VSHFLILFDWH GH WH[W
,QIUDF LXQHD GH LQFHVW HVWH R LQIUDF LXQH ELODWHUDO FHHD FH LPSOLF SDUWLFLSDUHD
YROXQWDU FRODERUDUHD D GRX SHUVRDQH GH VH[ RSXV OD UDSRUWXO VH[XDO DPELL
SDUWHQHULDYkQGFDOLWDWHDGHVXELHF LDFWLYL
ÌQ LSRWH]D F UHOD LLOH GLQWUH SHUVRDQHOH FH DX DFHDVW FDOLWDWH VXQW GH WLS
KRPRVH[XDOIDSWDQXYDFRQVWLWXLLQIUDF LXQHDGHLQFHVW
&RQFHSWHOHIUDWHúLVRU QXFRPSRUW QLFLRH[SOLFD LHILLQGGHUH LQXWGRDUF
OHJHD SHQDO LQFOXGH vQ DFHDVW VIHU QX QXPDL IUD LL úL VXURULOH vQWUH FDUH VXQW
OHJ WXUL SULPDUH FL úL OHJ WXUL FRQVDQJXLQH VDX XWHULQH 'HFL vQ RULFDUH GLQWUH
DFHVWHOHJ WXULVDUDIODIUDWHOHúLVRUDUDSRUWXULOHVH[XDOHGLQWUHHLVXQWLQFHVWXRDVH
5XGH vQ OLQLH GLUHFW ÌQ DFHDVW VIHU VXQW vQVXPD L DVFHQGHQ LL úL
GHVFHQGHQ LL LQGLIHUHQW GH QXP UXO JUDGHORU FDUH vL VHSDU 9RU IL SULQ XUPDUH
LQFHVWXRDVH UDSRUWXULOH VH[XDOH GLQWUH ILX QHSRW VWU QHSRW úL PDP EXQLF
VWU EXQLF UHVSHFWLYvQWUHILLF QHSRDW VWU QHSRDW úLWDW EXQLFVWU EXQLF1LFL
vQ SULYLQ DDFHVWRUSDUWLFLSDQ LODUDSRUWXULVH[XDOHOHJHDQXGLVWLQJHvQWUHUXGHQLD
FRQVDQJXLQ úL DFHHD SULQ DGRS LH vQ FHO GHDO GRLOHD FD] RSHUkQG vQV OLPLWHOH
VWDWRUQLFLWHSULQDUW&SHQ
9'RQJRUR]úLFRO([SOLFD LLWHRUHWLFHDOH&RGXOXLSHQDOURPkQHGFLWYRO,,,S
2/RJKLQ77RDGHU'UHSWXOSHQDOURPkQHGFLWS
ÌQ FD]XO vQ FDUH UDSRUWXOVH[XDOvQWUHUXGHDUHORFvQFRQGL LLOHFRQVWUkQJHULL
RULSURILW ULLGHQHSXWLQ DYLFWLPHLGHDVHRSXQHSUHFXPúLvQFD]XOF YLFWLPDHVWH
vQ YkUVW GH VXE DQL VXE]LVW LQIUDF LXQHD GH LQFHVW V YkUúLW VXE IRUPD
FRQFXUVXOXL FX LQIUDF LXQHD GH YLRO UHVSHFWLY FX DFHHD GH DFW VH[XDO FX XQ
PLQRU
3HUVRDQDMXULGLF SRDWHILVXELHFWDFWLYDODFHVWHLLQIUDF LXQLvQFRQGL LLOHDUW
&SHQ
3DUWLFLSD LD SHQDO HVWHSRVLELO vQPRGDOLWDWHDLQVWLJ ULLVDXDFRPSOLFLW LL
FRDXWRUDWXOGLQFRQVLGHUHQWHOHDU WDWHODLQIUDF LXQHDGHVHGXF LHQXHVWHSRVLELO
&XWRDWHF GHSULQFLSLXDPELLSDUWHQHULDLUDSRUWXULORUVH[XDOHLQFHVWXRDVH
DX FDOLWDWHD GH VXELHF L DFWLYL DL LQIUDF LXQLL úL U VSXQG GHRSRWULY SHQDO H[LVW
SRVLELOLWDWHD FD SHUVRDQD GH VH[ IHPLQLQ V DLE FDOLWDWHD GH VXELHFW SDVLY vQ
FD]XULOH vQ FDUH DFHDVWD HVWH PDL PLF GH DQL HVWH LUHVSRQVDELO RUL D IRVW
FRQVWUkQV ODUDSRUWVH[XDOFD]XULvQFDUHHDQXYDU VSXQGHSHQDO
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO DO LQIUDF LXQLL HVWH FRQVWLWXLW GLQWUR DF LXQH H[SULPDW
VXE IRUPD UDSRUWXOXL VH[XDO ± D VH YHGHD vQ FRPSOHWDUH H[SOLFD LLOH GDWH OD
LQIUDF LXQHDGHYLROúLFHDGHVHGXF LHFXSULYLUHODUDSRUWXOVH[XDO
8UPDUHD LPHGLDW D LQIUDF LXQLL FRQVW vQWUR Y W PDUH D YDORULORU VRFLDOH
RFURWLWHGHOHJHUHVSHFWLYDFHORUPRUDOHúLELRORJLFHH[SOLFDWHvQSUHDPEXO
/HJ WXUDGHFDX]DOLWDWHHVWHSUH]XPDW HDUH]XOWkQGGLQvQV úLPDWHULDOLWDWHD
IDSWHLH[UH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH D LQIUDF LXQLL VH H[SULP H[FOXVLY SULQ LQWHQ LH GLUHFW
DXWRUXOFXQRVFkQGUHOD LLOHGHUXGHQLHvQFDUHVHDIO FXSDUWHQHUXOUDSRUWXOXLVH[XDO
úL XUP ULQG UHDOL]DUHD DFWXOXL vQ DFHVWH FRQGL LL 6XQWHP DúD FXP DU WDP vQ
SUH]HQ DXQHLLQIUDF LXQLELODWHUDOHWLSGHLQIUDF LXQHFDUHSUHVXSXQHF LQWHQ LDVH
PDQLIHVW vQIRUPDDFRUGXOXLvQWUHI SWXLWRULDPELLVXELHF LFXQRVFkQGUHOD LLOHGH
UXGHQLHH[LVWHQWHvQWUHHL
(URDUHDRULF UXLSDUWLFLSDQWFXSULYLUHODUHOD LLOHGHUXGHQLHH[LVWHQWHvQWUHHO
úL SDUWHQHUXO DFWXOXL VH[XDO FRQGXFH OD QHvQWUXQLUHD HOHPHQWHORU FRQVWLWXWLYH DOH
LQIUDF LXQLL ± DEVHQ D ODWXULL VXELHFWLYH ± úL GHFL DFHVWD QX U VSXQGH SHQDO SHQWUX
LQFHVWVLWXD LHvQV FHQXH[FOXGHU VSXQGHUHDFHOXLODOWSDUWLFLSDQWODDFWXOVH[XDO
FDUHDFXQRVFXWúLGRULWFDDFWXOVH[XDOV OUHDOL]H]HFXRUXG DVD
)RUPH6DQF LXQL
)RUPH7HQWDWLYDODLQIUDF LXQHDGHLQFHVWVHSHGHSVHúWHSRWULYLWSUHYHGHULORU
DUW & SHQ FX SUHFL]DUHD vQV F DFHDVWD QX HVWH SRVLELO GHFkW vQ IRUP
QHWHUPLQDW LPSHUIHFW
&RQVXPDUHD LQIUDF LXQLL VXUYLQH vQ PRPHQWXO vQFHSHULL UDSRUWXOXL VH[XDO ±
vQWUH SHUVRDQH DIODWH vQ JUDGXO GH UXGHQLH SUHFL]DW GH WH[W ± D VH YHGHD SHQWUX
GHWDOLL SULYLQG SXQHUHD vQ H[HFXWDUH D DF LXQLL H[SOLFD LLOH GDWH OD LQIUDF LXQHD GH
YLRO
6DQF LXQL,QIUDF LXQHDGHLQFHVWVHSHGHSVHúWHFXvQFKLVRDUHGHODODDQL
3HUVRDQD MXULGLF VH VDQF LRQHD] FX DPHQG GH OD OD OHL
SRWULYLWDUWDOLQ&SHQ
76'HFQU5,SÌQDFHODúLVHQV&6-'HFQU-&6-QUS
7ULE-XG6XFHDYD'HFQU55'QUOSO
+ 5 8,5($6(;8$/
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDOHVWHFRPSOH[vQDOF WXLUHDDFHVWXLDLGHQWLILFkQGXVH
SH GH R SDUWH UHOD LLOH VRFLDOH SULYLWRDUH OD OLEHUWDWHD úL LQYLRODELOLWDWHD VH[XDO D
SHUVRDQHL SH GH DOW SDUWH UHOD LLOH VRFLDOH FDUH DVLJXU EXQD GHVI úXUDUH D
UDSRUWXULORULQWHUSHUVRQDOHvQFDGUXOFROHFWLYHORUGHPXQF
'H UHJXO LQIUDF LXQHD HVWH OLSVLW GH RELHFW PDWHULDO vQWUXFkW HIHFWHOH
DF LXQLL LOLFLWH VH U VIUkQJ DVXSUD SVLKLFXOXL SHUVRDQHL ÌQ DQXPLWH PRGDOLW L
IDSWLFHDúDFXPVHYDYHGHDPDLMRVLQIUDF LXQHDDUHRELHFWPDWHULDOFRQVWLWXLWGLQ
FRUSXOYLFWLPHL
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUDOLQIUDF LXQLLHVWHFLUFXPVWDQ LDWGHWH[WOD
SHUVRDQD±LQGLIHUHQWGHVH[±FDUHDUHFDOLWDWHDGHDQJDMDWvQPXQF
3HQWUX D IL VXELHFW DFWLY QX SUH]LQW LPSRUWDQ GDF HQWLWDWHD SURIHVLRQDO
HVWHSXEOLF RULSULYDW GDF DUHXQRELHFWVDXDOWXOGHDFWLYLWDWHGXS FXPQXHVWH
UHOHYDQW QLFL QDWXUD MXULGLF D UDSRUWXOXL GH PXQF DGLF D PRGDOLW LL vQ FDUH D
IRVWDQJDMDW YLFWLPDvQDFHDHQWLWDWH
&HHD FH HVWH GHILQLWRULX SHQWUX FD R SHUVRDQ V ILH VXELHFW DFWLY DO
LQIUDF LXQLL HVWH FD DFHD SHUVRDQ V ILH vQWUXQ UDSRUW SURIHVLRQDO FX YLFWLPD
vQWUXFkW ± SUHWLQGH WH[WXO ± K U XLUHD SRDWH IL H[HUFLWDW GRDU OD ORFXO GH PXQF
XQGH DXWRUXO SURILW vQ VFRSXO DU WDW GH DXWRULWDWHD VDX LQIOXHQ D FRQIHULWH GH
IXQF LDvQGHSOLQLW
'H DVHPHQHD FUHGHP F HVWH LUHOHYDQW GDF IDSWD HVWH FRPLV GH XQ E UEDW
OLSVLWGHFDSDFLWDWHGHFRDELWDUHDWkWDYUHPHFkWVDWLVIDF LDGHQDWXU VH[XDO SRDWH
ILRULFDUHDOWDGHFkWDFHHDFHGHFXUJHGLQWUXQUDSRUWVH[XDO
3HUVRDQD MXULGLF SRDWH IL VXELHFW DFWLY DO DFHVWHL LQIUDF LXQL vQ FRQGL LLOH
DUW&SHQ
3DUWLFLSD LDSHQDO vQSULQFLSLXSRDWHILUHDOL]DW vQWRDWHIRUPHOHDFHVWHLD±
LQVWLJDUH FRPSOLFLWDWH FRDXWRUDW 3DUWLFLSDQWXO vQ FD]XO SULPHORU GRX IRUPH QX
WUHEXLHV DLE FDOLWDWHDGHDQJDMDWvQPXQF
6XELHFWXO SDVLY HVWH GH DVHPHQHD FLUFXPVFULV OD FDOLWDWHD GH SHUVRDQ ±
LQGLIHUHQWGHVH[±DQJDMDW vQPXQF ODDFHHDúLVWUXFWXU SURIHVLRQDO FXVXELHFWXO
DFWLYVDXFDUHVROLFLW V VHDQJDMH]HODDFHOORFGHPXQF
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDOFRQVW vQWURDFWLYLWDWHGHK U XLUHDFWLYLWDWHPDWHULDOL]DW
vQDF LXQL±DOWHUQDWLYH±GHDPHQLQ DUHVDXGHFRQVWUkQJHUH
&RQFHSWHOHFXFDUHVDRSHUDWvQWH[WLPSXQXQHOHSUHFL] UL
+ U XLUH3RWULYLWOLQJYLúWLORUFXYkQWXODUHvQ HOHVXULGHÄDQHF MLSHFLQHYD
FXWRWIHOXOGHQHSO FHULDQXO VDvQSDFHSHFLQHYDDFLF OLDVkFkLDSLVD´ÄD
GHVI úXUDDWDFXULVFXUWHúLUHSHWDWHDVXSUDLQDPLFXOXL´
$FHVWD FUHGHP F HVWH vQ HOHVXO FXYkQWXOXL ÄK U XLUH´ úL vQ VHQVXO DUW
ÄQHF MLUHD´ ÄVkFkLUHD´ ÄSLVDUHD´ GH F WUH DXWRUXO LQIUDF LXQLL DYkQG GUHSW VFRS
GHWHUPLQDUHDYLFWLPHLSHQWUXDLRIHULDFHVWXLDVDWLVIDF LLVH[XDOH
'LQWUR DVHPHQHD VHPDQWLF D FRQFHSWXOXL GHFXUJH FRQVWDWDUHD F SHQWUX D
vQGHSOLQL FHULQ HOH WH[WXOXL HVWH QHFHVDU R VXLW GH DF LXQL GH DFHDVW QDWXU R
'(;HGFLWS
UHSHWDUHDDFWHORUúLFDQDWRULLODGLIHULWHLQWHUYDOHGHWLPSLQWHUSUHWDUHFDUHFRQGXFH
ODFRQFOX]LDF VXQWHPvQSUH]HQ DXQHLLQIUDF LXQLGHRELFHL
$PHQLQ DUHD&RQFHSWXODUHvQ HOHVXOGDWGHDUW&RGSHQDOúLDQXPHGH
vQúWLLQ DUH FX SURGXFHUHD XQXL U X vQ VSH U XO FRQVWkQG vQ SURYRFDUHD DQXPLWRU
SUHMXGLFLL SH OLQLH SURIHVLRQDO FD VSUH SLOG GHVIDFHUHD FRQWUDFWXOXL GH PXQF
DSOLFDUHDXQHLVDQF LXQLDGPLQLVWUDWLYHQHSURPRYDUHDQHDFRUGDUHDXQHLSULPHRUL
DFRQFHGLXOXLvQSHULRDGDVROLFLWDW ±GHúLYLFWLPDHUDvQGULWXLW ODDFHVWHDHWF
$LGRPDLQIUDF LXQLLSUHY ]XWHGHDUW&SHQDPHQLQ DUHDFXSURGXFHUHD
U XOXLSRDWHYL]DDWkWSHUVRDQDK U XLW FkWúLVR XORULRUXG DSURSLDW DFHVWHLD
&RQVWUkQJHUHD $FHDVW PRGDOLWDWH QRUPDWLY D WH[WXOXL DO WXUDW úL
DOWHUQDWLY OD DFHHD GH DPHQLQ DUH DSDUH vQ RSLQLD QRDVWU RDUHFXP WDXWRORJLF
GHRDUHFH DúD FXP VH FXQRDúWH FRQVWUkQJHUHD SVLKLF PRUDO VH UHDOL]HD]
SULQWUR DPHQLQ DUH úL GHFL VH VXSUDSXQH úL VH FRQIXQG FX DFHDVW IRUP GH
PDQLIHVWDUH &kW SULYHúWH FRQVWUkQJHUHD IL]LF IRORVLUHD IRU HL IL]LFH HD HVWH
LQRSHUDQW vQUDSRUWFXFRQ LQXWXOLQIUDF LXQLLSUHY ]XWHGHDUW&SHQ
6DWLVIDF LLGHQDWXU VH[XDO 6LQWDJPDvQS UHUHDQRDVWU WUHEXLHvQ HOHDV
vQWUXQSODQFDVHQ]D LDSURYRFDW GHHIHFWXDUHDXQXLDFWVH[XDO±DVWIHOFXPDIRVW
H[SOLFDWFRQFHSWXOODLQIUDF LXQHDGHYLROGDUvQWUXQDOWSODQúLSULQVHQ]D LLOHGH
PDUHGLYHUVLWDWHSHFDUHXQLQGLYLGVDXDOWXOSRDWHvQSDUWLFXODULWDWHDúLLQWLPLWDWHD
OXLSURSULHV OHvQFHUFH
$FWLYLWDWHD GH K U XLUH SRDWH IL vQI SWXLW SULQ YDULL PLMORDFH FD VSUH SLOG
RUDOVDXvQVFULVJHVWXULLQHFKLYRFHFXDQXPLWHVHQVXULúLVHPQLILFD LLH[DPLQDUHD
LQVROHQW úLSUHOXQJLW DXQRUDQXPLWH]RQHDQDWRPLFHDOHYLFWLPHLFRQWDFWHIL]LFH
V UXW ULPkQJkLHULSDOS ULHWF
8UPDUHD LPHGLDW FRQVW vQ SURGXFHUHD XQHL VW UL GH vQJU GLUH D OLEHUW LL
VH[XDOHDSHUVRDQHLúLGHRSRWULY vQSULPHMGXLUHDFDOLW LLUHOD LLORUGHVHUYLFLXGLQ
HQWLWDWHDSURIHVLRQDO UHVSHFWLY
(VWH vQV GH UH LQXW F WH[WXO QX SUHWLQGH úL DSDUL LD UH]XOWDWXOXL XUP ULW GH
DXWRU ² RE LQHUHD XQRU IDYRUXUL VH[XDOH ± FL GRDU FD IDSWD V ILH FRPLV vQ DFHO
VFRS6XQWHPDúDGDUvQSUH]HQ DXQHLLQIUDF LXQLGHSHULFROúLQXGHUH]XOWDW
5DSRUWXO GH FDX]DOLWDWH OD LQIUDF LXQHD GH K U XLUH VH[XDO UH]XOW ± DLGRPD
PDMRULW LLLQIUDF LXQLORUGHSHULFRO±GLQvQV úLPDWHULDOLWDWHDIDSWHORU±H[UH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH OD LQIUDF LXQHD GH K U XLUH VH[XDO VH H[SULP SULQ
LQWHQ LDGLUHFW úLFKLDUFDOLILFDW vQWUXFkWHVWHvQVXPDWHOHPHQWXOVFRSFDUHHVWH
DFHODFDDXWRUXOV RE LQ VDWLVIDF LLGHQDWXU VH[XDO
0RELOXOQXMRDF YUHXQUROvQUHDOL]DUHDLQIUDF LXQLL
)RUPH6DQF LXQL
)RUPH 7HQWDWLYD QX HVWH VDQF LRQDW GH WH[W úL GH DOWPLQWHUL H[LVWHQ D
DFHVWHLDHVWHLPSRVLELO FDvQFD]XOWXWXURULQIUDF LXQLORUGHRELFHL
&RQVXPDUHD LQIUDF LXQLL VXUYLQH vQ PRPHQWXO vQ FDUH VDX FRPLV DF LXQL
UHSHWDWHúLLQHFKLYRFHFXDSWLWXGLQHDGHDFRQWXUDDFWLYLWDWHDGHK U XLUH
6DQF LXQL)DSWDSUHY ]XW vQDUW&SHQHVWHVDQF LRQDW FXvQFKLVRDUH
GHODOXQLODDQLVDXFXDPHQG
3HUVRDQDMXULGLF VHVDQF LRQHD] FXDPHQG GHODODOHL
7,7/8/,,,
,1)5$& ,81,&2175$3$75,021,8/8,
)8578/
2ELHFWXORFURWLULLSHQDOH
,QIUDF LXQHD GH IXUW DUH FD RELHFW MXULGLF VSHFLDO DFHOH UHOD LL VRFLDOH FX
FDUDFWHUSDWULPRQLDOUHIHULWRDUHODSRVHVLDúLGHWHQ LDDVXSUDEXQXULORUPRELOH
2ELHFWXO PDWHULDO DO LQIUDF LXQLL vO FRQVWLWXLH EXQXO PRELO vQVXúLW GH DXWRUXO
IDSWHLGLQSDWULPRQLXOSULYDWRULSXEOLF
3ULQEXQPRELOVHvQ HOHJHOXFUXOFDUHSRDWHILPLúFDWGLQWUXQORFvQDOWXOI U
DúL SLHUGH YDORDUHD HFRQRPLF ÌQ DFHDVW FDWHJRULH FRQFHSWXDO LQWU EXQXULOH
PRELOHSULQQDWXUDORUFkWúLFHOHGHYHQLWHDVWIHOSULQGHWDúDUHDDFHVWRUDGLQEXQXUL
LPRELOHGHPRQWDUHDSLHVHORUGHODXQVWUXQJGLVORFDUHDF U PL]LORUVDXJULQ]LORU
XQHL FRQVWUXF LL ± RSHUD LXQL XUPDWH GH vQVXúLUHD DFHVWRU FRPSRQHQWH DOH EXQXOXL
LPRELO7RWDVWIHOVXQWEXQXULPRELOHURGXOIUXFWHOHSURGXVHOHLPRELOXOXLFkWúL
EXQXULOHLPRELOHSULQGHVWLQD LHDQLPDOHGHPXQF VXVFHSWLELOHGHDILVXVWUDVH
3ULQÄEXQ´FDOXFUXRFURWLWGHGLVSR]L LDSHQDO VHvQ HOHJHRULFHRELHFWvQVXPDW
vQWUXQ SDWULPRQLX SULYDW RUL SXEOLF úL FDUH SUH]LQW YDORDUH SHQWUX GH LQ WRUXO
SDWULPRQLXOXL 9DORDUHD SRDWH IL HFRQRPLF H[SULPDELO VDX HYDOXDELO vQ EDQL
DIHFWLY IRWRJUDILL GLVWLQF LL SHQWUX DQXPLWH PHULWH úWLLQ LILFH VDX FXOWXUDOH RUL
SHUIRUPDQ HVSRUWLYHVDXSXUúLVLPSOXXWLOLWDU GHIRORVLQ SHQWUXDQXPLWHDFWLYLW L
&RUSXORPXOXLVDXDQXPLWHS U LDOHFRUSXOXL±FkWRPXOHVWHvQYLD ±QXSRW
IL RELHFW PDWHULDO DO IXUWXOXL GDU DSDUDWHOH úL SURWH]HOH IRORVLWH GH DFHVWD
VWLPXODWRU HOHFWULF FDUGLDF RFKL GH VWLFO SHUXF FRURDQ GHQWDU HWF SRW
FRQVWLWXLRELHFWPDWHULDODOLQIUDF LXQLL
1XYRUFRQVWLWXLRELHFWDOIXUWXOXLUHVQXOOLVOXFUXULOHFHQXDSDU LQFXLYDúL
UHVGHUHOLFWDHOXFUXULOHDEDQGRQDWHGHRDUHFHDFHVWHDQXDSDU LQXQXLSDWULPRQLX
3RWULYLWDUWDOLQVXQWFRQVLGHUDWHEXQXULPRELOHúLRULFHHQHUJLHFDUH
DUHRYDORDUHHFRQRPLF 'HDVHPHQHDSRWULYLWDFHORUDúLGLVSR]L LLVXQWDVLPLODWH
EXQXULORU FDUH SRW IDFH RELHFWXO XQHL IDSWH GH IXUW úL vQVFULVXULOH GH RULFH IHO
FRUHVSRQGHQ H±SULYDWHVDXSXEOLFH±UHJLVWUHDOEXPHPDQXVFULVHúDI U FD
WH[WXOV PDLSUHWLQG FDDFHVWHDV DLE YDORDUHHFRQRPLF
ÌQVIkUúLWDOLQDODUW&SHQLQFULPLQHD] IDSWDGHVXVWUDJHUHDXQXL
YHKLFXO GDU QX vQ VFRSXO vQVXúLULL OXL ± SHQWUX F vQ DFHVW FD] VXQW LQFLGHQWH
GLVSR]L LLOHDOLQ²FLvQVFRSXOGHDOIRORVLSHQHGUHSW2ELHFWXOIXUWXOXLvQ
VLWXD LD GDW QX YD PDL IL ÄEXQXO´ vQ LQWHJUDOLWDWHD DFHVWXLD FL YDORDUHD GH
vQWUHEXLQ DUHDEXQXOXL)XUWXODUHGHFLXQFDUDFWHUWHPSRUDU
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU HVWH QHFLUFXPVWDQ LDW GH WH[W HO SRDWH IL
GHFL RULFH SHUVRDQ ÌQ YDULDQWD QRUPDWLY GH OD DOLQ I SWXLWRUXO DUH vQV
FDOLWDWHD GH SURSULHWDU VDX FRSURSULHWDU DO EXQXOXL VXVWUDV GH OD SHUVRDQD FDUH vO
GH LQHOHJLWLPvQSRVHVLHVDXGHWHQ LH
6DQGD*KLPSXúLFRO'LF LRQDUMXULGLFHGFLWS
9'RQJRUR]úLFRO([SOLFD LLWHRUHWLFHDOH&RGXOXLSHQDOURPkQHGFLWS
7M7LPLú'HFQU5,,S
3HUVRDQDMXULGLF SRDWHILVXELHFWDFWLYDODFHVWHLLQIUDF LXQLvQFRQGL LLOHDUW
&SHQ
,QIUDF LXQHD GH IXUW HVWH VXVFHSWLELO GH V YkUúLUH vQ WRDWH IRUPHOH GH
SDUWLFLSD LH SHQDO ± FRDXWRUDW FRPSOLFLWDWH LQVWLJDUH ± FX SUHFL]DUHD vQV F vQ
FD]XOFRDXWRUDWXOXLúLDOFRPSOLFLW LLFRQFRPLWHQWH±GHFLDWXQFLFkQGDFWHOHVXQW
H[HFXWDWH GH GRX VDX PDL PXOWH SHUVRDQH vPSUHXQ GLQ FDUH FHO SX LQ XQD vQ
FDOLWDWHGHDXWRU±IDSWDFRQVWLWXLHLQIUDF LXQHDGHIXUWFDOLILFDWSUHY ]XWvQDUW
DOLQOLWD&SHQ$úDGDUIRUPHOHGHSDUWLFLSD LHSURSULLLQIUDF LXQLLGHIXUW
VXQWGRDULQVWLJDUHDúLFRPSOLFLWDWHDDQWHULRDU
6XELHFWSDVLYDOLQIUDF LXQLLHVWHSHUVRDQD±IL]LF VDXMXULGLF ±GLQDF UHL
SRVHVLHVDXGHWHQ LHDIRVWVXVWUDVEXQXOPRELO
3OXUDOLWDWHD GH VXELHF L SDVLYL HVWH SRVLELO vQ LSRWH]D vQ FDUH SULQ DFHHDúL
IDSW ± GHFL DFHHDúL DF LXQH ± VXQW VXVWUDVH EXQXUL DSDU LQkQG XQRU SHUVRDQH
GLIHULWH FkW úL vQ FD]XO FkQG EXQXO VXVWUDV HVWH vQ FRSURSULHWDWHD PDL PXOWRU
SHUVRDQHLSRVWD] FXQRVFXW vQGRFWULQDGHVSHFLDOLWDWHúLvQSUDFWLFDMXGLFLDU VXE
GHQXPLUHDGHXQLWDWHQDWXUDO DLQIUDF LXQLL
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO DO LQIUDF LXQLL VH H[SULP SULQWUR DF LXQH FHO PDL
DGHVHDRULSULQWURLQDF LXQHSULQFDUHHVWHVXVWUDVXQEXQPRELOGLQGHWHQ LDVDX
SRVHVLDSHUVRDQHLIL]LFHVDXMXULGLFH
3RVHVLD(VWHRVWDUHGHIDSWFDUHFRQVW vQVW SkQLUHDPDWHULDO DXQXLOXFUX
GH F WUH R SHUVRDQ FX LQWHQ LD GH D VH FRPSRUWD ID GH DFHVWD FDSURSULHWDUVDX
WLWXODU DO DOWXL GUHSW PDWHULDO 'H FHOH PDL PXOWH RUL SRVHVLD HVWH H[HUFLWDW GH
vQVXúLSURSULHWDUXOEXQXOXLGDUHDSRDWHILH[HUFLWDW úLGHF WUHRSHUVRDQ FDUHQX
HVWHWLWXODU DDFHVWXLGUHSW
'HWHQ LD 6H vQ HOHJH WRW R VW SkQLUH GH IDSW D XQXL OXFUX vQVR LW vQV GH
REOLJD LDGHDOUHVWLWXLSURSULHWDUXOXL
'LQOHFWXUDWH[WXOXLVHSRDWHGHVSULQGHFXXúXULQ FRQVWDWDUHDF OHJHDSHQDO
QX DS U vPSRWULYD XQRU IDSWH GH IXUW QXPDL SURSULHWDUXO XQXL EXQ FL vQ HJDO
P VXU úL SH FHO FDUH vO GH LQH vQ SRVHVLH VDX GHWHQ LH 'H IDSW WH[WXO QLFL QX VH
UHIHU ODUDSRUWXOMXULGLFGHSURSULHWDWHGLQWUHSHUVRDQ úLEXQXOUHVSHFWLYFLGRDUOD
UDSRUWXULOH GH SRVHVLH úL GHWHQ LH GLQWUH SHUVRDQ úL EXQ 0DL PXOW GHFkW DWkW
GLVSR]L LD OHJDO QLFL P FDU QX SUHWLQGH FD SRVHVLD VDX GHWHQ LD EXQXOXL V ILH
OHJLWLP DFHDVW FRQGL LHDOHJLWLPLW LLILLQGQHFHVDU GRDUvQVLWXD LDF EXQXOHVWH
VXVWUDV GH vQVXúL SURSULHWDUXO VDX FRSURSULHWDUXO DFHOXL EXQ ± DUW DOLQ
$úDILLQGYDFRQVWLWXLLQIUDF LXQHDGHIXUW±vQRSLQLDQRDVWU ±IDSWDGHVXVWUDJHUH
DXQXLEXQGLQSRVHVLDXQHLSHUVRDQHFDUHODUkQGXOHLDVXVWUDVGLQSDWULPRQLXO
DOWHLSHUVRDQH
ÌQFD]XOvQFDUHEXQXOHVWHVXVWUDVGLQORFXLQ DS U LLY W PDWHvQFDUHDXWRUXO
DS WUXQVI U GUHSWVXQWV YkUúLWHGRX LQIUDF LXQL±IXUWXOúLYLRODUHGHGRPLFLOLX±
DIODWHvQFRQFXUVUHDO
8UPDUHDLPHGLDW DLQIUDF LXQLLFRQVW vQVFKLPEDUHDVW ULLGHIDSWDEXQXOXL
FDUHHVWHVFRVGLQSRVHVLDVXELHFWXOXLSDVLY±úLGHFLGHVXEFRQWUROXOúLSRVLELOLWDWHD
DFHVWXLD GH D GLVSXQH GH EXQ ± úL PXWDW vQ SRVHVLD VXELHFWXOXL DFWLY &HOH GRX
3OHQXO76'HFvQGUQU&'S
*3DUDVFKLY8QLWDWHDúLSOXUDOLWDWHDGHLQIUDF LXQL5'3QUS
6DQGD*KLPSXúLFRO'LF LRQDUMXULGLFHGFLWS
,ELGHPS
$)LOLSDú2/RJKLQ'UHSWSHQDOURPkQHGFLWS93DSDGRSRO3-3YRO,,,S
ÌQDFHODúLVHQV&%XODL$)LOLSDú&0LWUDFKH,QVWLWX LLGHGUHSWSHQDO(GLWXUD75(,S
PRPHQWH±DOHGHSRVHG ULLS U LLY W PDWHúLLPSRVHG ULLDXWRUXOXLIDSWHL±QXWUHEXLH
V VH VXSUDSXQ QHFRQGL LRQDW V ILH VLPXOWDQH HVHQ LDO ILLQG GRDU SULPXO PRPHQW
SHQWUXUHDOL]DUHDXUP ULLLPHGLDWH$VWIHOHVWHSURGXV XUPDUHDLPHGLDW vQVLWXD LDvQ
FDUH DXWRUXO IDSWHL ULGLF EXQXO GLQ ORFXO LQL LDO úL DVFXQGH XQGHYD ± ILH FKLDU úL vQ
ORFXLQ DLQFLQWDS U LLY W PDWH±GHXQGHGLUHFWRULSULQLQWHUPHGLXODOWHLSHUVRDQH
V OLDXOWHULRUSHQWUXDLQWUDHIHFWLYvQSRVHVLDDFHVWXLD
3ULQ GHSRVHGDUHD GH EXQ YLFWLPD IXUWXOXL VXIHU R SDJXE PDWHULDO FDUH
FRQVW vQOLSVLUHDVDGHIRORVLQ DDFHVWXLD
/HJ WXUD GH FDX]DOLWDWH ÌQWUH DF LXQHD GH VXVWUDJHUH D EXQXOXL úL DSDUL LD
XUP ULL LPHGLDWH HVWH R ILUHDVF OHJ WXU GH FDX]DOLWDWH FDUH UH]XOW GLQ vQV úL
PDWHULDOLWDWHDIDSWHL±H[UH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH,QIUDF LXQHDGHIXUWVHV YkUúHúWHH[FOXVLYFXLQWHQ LHúL
DQXPHFXRLQWHQ LHFDOLILFDW vQWUXFkWLQWHQ LHLvLHVWHDVRFLDWúLVFRSXO
7H[WXO DUW GLQ &RGXO SHQDO SUHWLQGH SHQWUX UHDOL]DUHD ODWXULL VXELHFWLYH D
LQIUDF LXQLLFDOXDUHDEXQXOXLGHF WUHDXWRUGLQSRVHVLDVDXGHWHQ LDXQHLSHUVRDQHV
ILHI U FRQVLP PkQWXODFHVWHLDúLvQVFRSXOGHDúLvQVXúLSHQHGUHSW
$EVHQ DFRQVLP PkQWXOXLHVWHSUH]XPDW DXWRUXOXLLQIUDF LXQLLUHYHQLQGXL
REOLJD LD GH D GRYHGL F D DYXW DFRUGXO S U LL Y W PDWH DQWHULRU VDX FRQFRPLWHQW
V YkUúLULLIDSWHLGHDRGHSRVHGDGHEXQvQHYHQWXDOLWDWHDF HOvúLIDFHRDVHPHQHD
DS UDUH0DJLVWUDWXOQXSRDWHvQV SULPLRDVHPHQHDDS UDUHvQLSRWH]DF DXWRUXO
IDSWHLWLQGHDGRYHGLF DDYXWFRQVLP PkQWXOXQHLSHUVRDQHvQLPSRVLELOLWDWHDGH
DúLOGD±SHUVRDQ QHYkUVWQLF RULSHUVRDQ VHQLO VDXDIODW vQVWDUHGHLQWR[LFD LH
DOFRROLF DOLHQDW PLQWDO úD ± GHRDUHFH R DVHPHQHD SHUVRDQ QX SRDWH H[SULPD
XQFRQVLP PkQWYDODELO
$O GRLOHD HOHPHQW DO ODWXULL VXELHFWLYH ± VFRSXO ± HVWH GHWHUPLQDQW SHQWUX
UH LQHUHD VDX QX D IDSWHL VXE LQFLGHQ D WH[WXOXL LQFULPLQDWRU VFRSXO vQVXúLULL SH
QHGUHSW D EXQXOXL ILLQG GH HVHQ D DFHVWHL LQIUDF LXQL $úDGDU HVWH QHFHVDU D VH
GRYHGL F VFRSXO DXWRUXOXL IDSWHL D IRVW GH DúL vQVXúLDFHOEXQDGLF GHDOWUHFH
GHILQLWLYvQSRVHVLDOXL
ÌQFD]XOPRGDOLW LLQRUPDWLYHSUHY ]XWHvQDOLQVFRSXOXUP ULWGHI SWXLWRU
QXHVWHDFHODGHDúLvQVXúLGHILQLWLYYHKLFXOXOFLGRDUGHDúLvQVXúLIRORVLQ DOXL
ÌQOLWHUDWXUDúLSUDFWLFDMXGLFLDU VDXIRUPDWGRX RSLQLLGLDPHWUDORSXVHFX
SULYLUHODUH]RQDQ DSHQDO DIDSWHL±GHVWXOGHIUHFYHQW vQFD]XLVWLFDSHQDO ±GHD
VHOXDXQEXQGLQSRVHVLDVDXGHWHQ LDDOWXLDI U FRQVLP PkQWXODFHVWXLDSHQWUX
DREOLJDDVWIHOSHUVRDQDGHSRVHGDW V úLDFKLWHRGDWRULHDQWHULRDU SHFDUHRDUH
ID GH FHO FDUH D OXDW EXQXO SH QHGUHSW VDX SHQWUX DúL SUHFRQVWLWXL R SURE vQ
MXVWL LH
0DMRULWDWHD GRFWULQDULORU FRQVLGHU F DWkWD YUHPH FkW VFRSXO DXWRUXOXL QX D
IRVWGHDOXDEXQXO±I U FRQVLP PkQWXOYLFWLPHL±SHQWUXDúLvQVW SkQLVFRSXO
ILLQG FX WRWXO DOWXO IDSWD QX FRQVWLWXLH LQIUDF LXQHD GH IXUW FL HYHQWXDO R DOW
LQIUDF LXQHVDXQLFLQXYDFRQVWLWXLLQIUDF LXQH±RSLQLHvPS UW úLW úLGHDXWRUXO
DFHVWRUUkQGXUL6DXH[SULPDWvQV RSLQLLFHOSX LQUH]HUYDWHFXSULYLUHODFRUHFWD
LQWHUSUHWDUHDWH[WXOXLDUWvQUDSRUWFXVLWXD LLOHGHIDSWPDLVXVSUH]HQWDWH
9'RQJRUR]úLFRO([SOLFD LLWHRUHWLFHDOH&RGXOXLSHQDOURPkQHGFLWYRO,,,S
&%XODL$)LOLSDú&0LWUDFKHRSFLWS&%XODL'UHSWSHQDOSDUWHDVSHFLDO HGFLWS
$ )LOLSDú 2 /RJKLQ 'UHSW SHQDO URPkQ HG FLW S 2 /RJKLQ 7 7RDGHU 'UHSW SHQDO URPkQ ± SDUWHD
VSHFLDO HGFLWS
*K'LDFRQHVFX'UHSWSHQDOSDUWHDVSHFLDO HGFLWS
93DSDGRSRO3-3YRO,,,S
2DVHPHQHDGLVMXQF LHHVWHSUH]HQW úLvQSUDFWLFDMXGLFLDU $VWIHOGXS FH
LQVWDQ DVXSUHP úLDOWHLQVWDQ HDXvPEU LúDWRYUHPHWH]DQRQLQIUDF LXQLLvQ
DVWIHOGHFD]XULLQVWDQ DVXSUHP DUHYHQLWDVXSUDSURSULHLMXULVSUXGHQ HKRW UkQG
F úLvQDEVHQ DVFRSXOXLGHvQVXúLUHGHILQLWLY DEXQXOXLLQIUDF LXQHDVXE]LVW
ÌQ FD]XO vQ FDUH I SWXLWRUXO HVWH vQ HURDUH FX SULYLUH OD DSDUWHQHQ D XQRUD GLQ
EXQXULOH VXVWUDVH OD SDWULPRQLXO SXEOLF HURDUHD vL SURILW DFHVWXLD vQ VHQVXO F VH YD
UH LQHvQVDUFLQDVDRVLQJXU LQIUDF LXQH±GHIXUWFRQWUDDYXWXOXLSULYDW±úLQXGRX
LQIUDF LXQLGHIXUW±FRQWUDSDWULPRQLXOXLSULYDWúLUHVSHFWLYSXEOLF±DIODWHvQFRQFXUV
3HQWUXUHDOL]DUHDLQIUDF LXQLLGHIXUWHVWHOLSVLWGHUHOHYDQ PRELOXOFDUHD
DQLPDWSHDXWRU
)RUPH6DQF LXQL
)RUPH$FWHOHSUHSDUDWRULLGHúLVXQWSRVLELOHQXVXQWLQFULPLQDWH
7HQWDWLYDODLQIUDF LXQHDGHIXUWHVWHLQFULPLQDW SULQDUW&RGSHQDO
6HFRQVLGHU vQID] GHWHQWDWLY IDSWDXQHLSHUVRDQHGHDvQFHSHH[HFXWDUHD
DFWHORU GH VXVWUDJHUH D XQXL EXQ DF LXQH vQWUHUXSW GHVLJXU GLQ PRWLYH
LQGHSHQGHQWHGHYRLQ DDFHVWXLDPDLvQDLQWHGHDVHLPSRVHGDFXDFHOEXQ
$úDGDU GHSRVHGDUHD YLFWLPHL GH EXQ QHVXFFHGDW GH LPSRVHGDUHD FX DFHO
EXQ GH F WUH I SWXLWRU VLWXHD] IDSWD vQ SHULPHWUXO WHQWDWLYHL úL QX vQ DFHOD DO
LQIUDF LXQLLFRQVXPDWH3RWULYLWWHRULHLDSURSULD LXQLLFDUHJXYHUQHD] &RGXOQRVWUX
SHQDOvQPDWHULHIXUWXOHVWHFRQVXPDWGRDUvQPRPHQWXOvQFDUHEXQXODWUHFXWvQ
SRVHVLD HIHFWLY vQ VW SkQLUHD GH IDSW D DXWRUXOXL LQIUDF LXQLL ÄLQGLIHUHQW GDF
DXWRUXO D UHXúLW VDX QX V S VWUH]H DFHD SRVHVLH RUL GDF HO D L]EXWLW VDX QX V
S U VHDVF LQFLQWDORFXOXLGHXQGHDVXVWUDV´
ÌQ UDSRUW FX DFHDVW GHOLPLWDUH GH SULQFLSLX LQIUDF LXQHD GH IXUW HVWH
FRQVXPDW vQPRPHQWXOLPSRVHG ULLDXWRUXOXLFXEXQXOVXVWUDV
)XUWXOIRORVLQ HLXQXLYHKLFXOVHFRQVXP vQPRPHQWXOSXQHULLvQPLúFDUHD
DFHVWXLD
,QIUDF LXQHDGHIXUWSRDWHDYHDFDUDFWHUFRQWLQXXRULFRQWLQXDW
6DQF LXQL ,QIUDF LXQHD GH IXUW SUHY ]XW vQ DUW VH SHGHSVHúWH FX
vQFKLVRDUHGHODODDQL
3HUVRDQD MXULGLF VH VDQF LRQHD] FX DPHQG GH OD OD OHL
SRWULYLWDUW&SHQ
)8578/&$/,),&$7
)XUWXO FDOLILFDW HVWH R YDULDQW D LQIUDF LXQLL GH IXUW YDULDQW DJUDYDW GH
V YkUúLUHDIDSWHLvQDQXPLWHFLUFXPVWDQ HvPSUHMXU ULFRQVLGHUDWHGHOHJLXLWRUFD
SUH]HQWkQG XQ JUDG VSRULW GH SHULFXOR]LWDWH VRFLDO ÌPSUHMXU ULOH FDUH DJUDYHD]
SHULFROXOVRFLDODOIDSWHLúLLPSXQRVDQF LRQDUHPDLVHYHU DI SWXLWRULORUVHUHIHU
ILHODVXELHF LLVDXODWXUDRELHFWLY DLQIUDF LXQLLILHODRELHFWXOPDWHULDODODFHVWHLD
ÌQFRQVHFLQ WRDWHH[SOLFD LLOHUHIHULWRDUHODFRQ LQXWXOLQIUDF LXQLLGHIXUWvúL
S VWUHD] GHSOLQD YDODELOLWDWH XUPkQG D QH RFXSD vQ FRQWLQXDUH GRDU GH
76'HFQU5,,SÌQDFHODúLVHQV76'HFQU5,,,S
70%'HFQU&3-3S
&6-'HFQU'UQUS
&$%XFXUHúWL'HFQU5'3QUS
*$QWRQLX3-3YRO,S
76'HFQU&'S
70%'HFQU5,,,SO
H[DPLQDUHD FLUFXPVWDQ HORU OLPLWDWLY HQXQ DWH vQ WH[WXO LQFULPLQDWRU FDUH
DJUDYHD] IDSWD
$OLQHDWOLWD'RX VDXPDLPXOWHSHUVRDQHvPSUHXQ
3HQWUX D IL VDWLVI FXW FHULQ D OHJDO HVWH GHFL QHFHVDU FD R SOXUDOLWDWH GH
I SWXLWRUL V DF LRQH]H OD ORFXO V YkUúLULL IXUWXOXL HIHFWLY FRQFRPLWHQW úL FRQMXJDW
LQGLIHUHQWGHIRUPDSDUWLFLSD LHL±FRDXWRULVDXDXWRUúLFRPSOLFLFRQFRPLWHQ L±úL
GHFRQWULEX LDFRQFUHW DILHF UXLD±PDLPDUHVDXPDLUHGXV ±vQFRPLWHUHDIXUWXOXL
)XUWXO HVWH FDOLILFDW SRWULYLW SUHYHGHULORU DUW OLW D & SHQ FKLDU GDF
vQWUHSDUWLFLSDQ LQXDH[LVWDWRvQ HOHJHUHSUHDODELO FLDFHDVWDDVXUYHQLWVSRQWDQ
SH SDUFXUVXO GHUXO ULL DF LXQLL GH VXVWUDJHUH VDX GDF D GRXD RUL XUP WRDUHOH
SHUVRDQHFDUHFRODERUHD] ODFRPLWHUHDIXUWXOXLVXQWOLSVLWHGHU VSXQGHUHSHQDO ±
LUHVSRQVDELOPLQRULVXEDQL±RULvQHURDUHFXSULYLUHODQDWXUDIDSWHL
5H LQHUHD DFHVWHL DJUDYDQWH vQ FD]XO FRPLWHULL IXUWXOXL GH FHO SX LQ WUHL
SHUVRDQHH[FOXGHGHEXQ VHDP UH LQHUHDúLDFLUFXPVWDQ HLDJUDYDQWHSUHY ]XWH
GH DUW OLW D & SHQ ± ÄV YkUúLUHD IDSWHL GH WUHL VDX PDL PXOWH SHUVRDQH
vPSUHXQ ´±GHRDUHFHvQFD]XODSOLF ULLFXPXODWLYHDFHORUGRX WH[WHVDUDMXQJH
ODQHOHJLWLPDúLQHGUHDSWDVLWXD LHGHDVHGDRGXEO UHOHYDQ DFHOHLDúLvPSUHMXU UL
GHIDSWúLODRVSRULUHQHOHJDO DVDQF LXQLLSHQDOH
$SOLFDUHD DJUDYDQWHL DQDOL]DWH HVWH vQV FRPSDWLELO FX DSOLFDUHD
FLUFXPVWDQ HLDJUDYDQWHSUHY ]XWHvQDUWOLWF&SHQvQLSRWH]DvQFDUHXQXO
GLQWUHI SWXLWRULHVWHPDMRULDUFHO ODOWHVWHPLQRU
&RQVWLWXLQG R FLUFXPVWDQ GH IDSW DJUDYDQW UHJOHPHQWDW vQ DUW OLWD
&SHQVHU VIUkQJHDVXSUDWXWXURUSDUWLFLSDQ LORUFDUHDXFXQRVFXWR±LQVWLJDWRU
FRPSOLFHDQWHULRU
$OLQHDWOLWE'HRSHUVRDQ DYkQGDVXSUDVDRDUP VDXRVXEVWDQ
QDUFRWLF
&RQFHSWXOGHÄDUP ´HVWHH[SOLFDWSULQGLVSR]L LLOHDUWDOLQ&SHQ
SRWULYLW F URUD ÄDUPH VXQW LQVWUXPHQWHOH SLHVHOH VDX GLVSR]LWLYHOH GHFODUDWH DVWIHO
SULQ GLVSR]L LL OHJDOH´ 5HJLPXO MXULGLF DO DUPHORU úL PXQL LLORU HVWH UHJOHPHQWDW
SULQPDLPXOWHDFWHQRUPDWLYHFDUHDVLJXU FDGUXOJHQHUDOvQDFHVWGRPHQLX/HJHD
QUSULYLQGUHJLPXODUPHORUúLDOPXQL LLORU+*QUSHQWUX
DSUREDUHD1RUPHORUPHWRGRORJLFHGHDSOLFDUHD/HJLLQUúLDUW
GLQ/HJHDQUSULYLQGUHJLPXODUPHORUGHIRFúLDOPXQL LLORU
2ELHFWHOH ÄGH QDWXU ´ D SXWHD IL IRORVLWH FD DUPH ± OD FDUH VH UHIHU
SUHYHGHULOH DOLQ DO DUW ± SXUWDWH GH I SWXLWRU QX DWUDJ LQFLGHQ D DFHVWHL
DJUDYDQWHvQWUXFkWOHJHDSHQDO OHDVLPLOHD] ÄDUPHORU´QXPDLvQP VXUDvQFDUHDX
IRVW vQWUHEXLQ DWH SHQWUX DWDF 2U vQWUR DWDUH LSRVWD] IDSWD QX YD PDL FRQVWLWXL
LQIUDF LXQHDGHIXUWFLDFHHDGHWkOK ULH
Ä6XEVWDQ HOHQDUFRWLFH´VXQWDFHOHVXEVWDQ HFDUHDF LRQHD] DVXSUDFHQWULORU
QHUYRúL SURGXFkQG SLHUGHUHD FXQRúWLQ HL UHOD[DUH PXVFXODU GLPLQXDUHD
VHQVLELOLW LLúLDUHIOH[HORU
70%'HFQU&3-3S
70%'HFQU5,,,S
70%'HFQU&3-3S
&$QWRQLX&%XODL3-3YRO,,,S
&6-VSGQU'UQUS
&%XODL$)LOLSDú&0LWUDFKHHGFLWS2/RJKLQ77RDGHUHGFLWS
70%'HFQU&3-3S
3XEOLFDW vQ02IQUGLQ
3XEOLFDW vQ02IQUGLQ
3XEOLFDW vQ02IQUGLQ
(VWH vQV GH SUHFL]DW F LQIUDF LXQHD GH IXUW vQ DFHDVW FLUFXPVWDQ
DJUDYDQW VH UHDOL]HD] vQ VLWXD LD vQ FDUH I SWXLWRUXO ÄSRDUW ´ SXU úL VLPSOX R
DUP VDX R VXEVWDQ QDUFRWLF DVXSUD VD SHQWUX F GDF XQD VDX DOWD VXQW úL
ÄIRORVLWH´vQVFRSXOGHSRVHG ULLYLFWLPHLGHXQEXQIDSWDYDFRQVWLWXLLQIUDF LXQHD
GHWkOK ULH
ÌQ SUDFWLFD úL GRFWULQD GH VSHFLDOLWDWH VD DILUPDW FX MXVWLILFDW WHPHL vQ
RSLQLD QRDVWU F SHQWUX LQFLGHQ D DJUDYDQWHL H[DPLQDWH HVWH LUHOHYDQW GDF
I SWXLWRUXO VD vQDUPDW VSHFLDO vQ YHGHUHD FRPLWHULL IXUWXOXL RUL GDF DFHVWD HUD
vQWkPSO WRUvQDUPDWODPRPHQWXOV YkUúLULLLQIUDF LXQLL
'H DVHPHQHD OLWHUDWXUD úL MXULVSUXGHQ D GH VSHFLDOLWDWH FRQVLGHU F QX DUH
UHOHYDQ SHQWUXDSOLFDUHDFLUFXPVWDQ HLIDSWXOF DUPDVDXVXEVWDQ DQDUFRWLF VXQW
VDXQXYL]LELOHRSLQLHGHFDUHvQV QHGLVWDQ PÌQS UHUHDQRDVWU FRQVWLWXLHIXUW
FDOLILFDWvQDFHDVW PRGDOLWDWHQRUPDWLY QXPDLGDF DUPHOHVXQWSXUWDWHvQDVFXQV
SHQWUXF vQFD]XOvQFDUHVXQWODYHGHUHVLPSODORUH[KLEDUHHWDODUHUHSUH]LQW XQ
DFWLPSOLFLWGHDPHQLQ DUHVLWXD LHFHYDDWUDJHvQFDGUDUHDIDSWHLvQGLVSR]L LLOHDUW
DOLQOLWEUHIHULWRDUHODLQIUDF LXQHDGHWkOK ULHFDOLILFDW
ÌQ LSRWH]D FkQG I SWXLWRUXO GH LQH DUPD vQ PRG LOHJDO LQIUDF LXQHD GH IXUW
FDOLILFDW YD IL UH LQXW VXE IRUPD FRQFXUVXOXL UHDO FX DFHHD GH QHUHVSHFWDUHD
UHJLPXOXLDUPHORUúLPXQL LLORUSUHY ]XW vQDUW&RGSHQDO
&LUFXPVWDQ D DQDOL]DW HVWH XQD GH IDSW DúD vQFkW HD VH U VIUkQJH DVXSUD
WXWXURU SDUWLFLSDQ LORU QHSXUW WRUL GH DUPH VDX VXEVWDQ H QDUFRWLFH FX FRQGL LD
HYLGHQW FD DFHúWLD V FXQRDVF vPSUHMXUDUHD F I SWXLWRUXO GH LQHD DVHPHQHD
PLMORDFHvQPRPHQWXOFRPLWHULLIXUWXOXL
$OLQHDWOLWF'HF WUHRSHUVRDQ PDVFDW GHJKL]DW VDXWUDYHVWLW
3ULQPDVFDUHVHvQ HOHJHDFRSHULUHDLQWHJUDO VDXSDU LDO DIH HLFXXQRELHFW
VDXFXXQPDWHULDODVWIHOvQFkWWU V WXULOHLQGLYLGXOXLV QXSRDW ILY ]XWH
'HJKL]DUHD LPSOLF XQ SURFHV PDL FRPSOH[ GH DVFXQGHUH D LGHQWLW LL vQ
FDGUXO F UXLD I SWXLWRUXO vúL SRDWH PRGLILFD SDUDPHWULL WUXQFKLXOXL ± DWDúDUHD XQHL
FRFRDúH IDOVH VDX DEGRPHQ IDOV VXSUDGLPHQVLRQDUHD XPHULORU ± RUL D DVSHFWHORU
IDFLDOH±DWDúDUHDXQHLE UELVDXPXVW LSXUWDUHDGHRFKHODULFXOHQWLOHIXPXULLRUL
DOHQWLOHORUGHFRQWDFWFDUHVFKLPE FXORDUHDRFKLORU±YRSVLUHDS UXOXLRULSXUWDUHD
XQHL SHUXFL PRGLILFDUHD PHUVXOXL D YRFLL HWF ÌQ DFHODúL SURFHGHX VH LQFOXGH úL
SUH]HQWDUHDvQWUR LQXW VDXFXvQVHPQHSURSULLXQHLSURIHVLL±SXUWDUHDXQLIRUPHL
GHJDUGLDQSRPSLHUSRúWDúDJHQWYHWHULQDUDQJDMDW&)5HWF
ÌQVIkUúLWSULQWUDYHVWLUHVHvQ HOHJHDSDUL LDI SWXLWRUXOXLVXEXQDOWVH[GHFkW
FHO SH FDUH vO DUH FHHD FH QHFHVLW GHVLJXU IRORVLUHD UHFX]LWHL úL D DOWRU SURFHGHH
WUHEXLQFLRDVH
$OLQHDW OLW G $VXSUD XQHL SHUVRDQH DIODWH vQ LPSRVLELOLWDWH GH DúL
H[SULPDYRLQ DVDXGHDVHDS UDÌPSUHMXUDUHDHVWHLGHQWLF DFHOHLDH[DPLQDWHOD
LQIUDF LXQHDGHYLRO
$OLQHDWOLWHÌQWUXQORFSXEOLF
6LQWDJPDORFSXEOLFHVWHGHILQLW GHOHJLXLWRUSULQDUW&SHQ
6SUH GHRVHELUH GH DOWH LQIUDF LXQL OD FDUH FLUFXPVWDQ D UHJOHPHQWDW SULQ
DUW GLQ &RGXO SHQDO RSHUHD] ILH F IDSWHOH VXQW FRPLVH vQ DQXPLWH ORFXUL ±
FLUFXPVFULVHGHWH[W±ILHF UH]RQDQ DDFHVWRUDHVWHSHUFHSXW GHSXEOLFSHYDULL
F L OD LQIUDF LXQHD GH IXUW FDOLILFDW FHULQ D UHVSHFWLY HVWH VDWLVI FXW GRDU FkQG
IDSWHOHVXQWFRPLVHvQDFHOHORFXULVSD LLvQFDUHSXEOLFXODUHDFFHVSHUPDQHQWVDX
WHPSRUDUvQXOWLPDLSRWH] ILLQGQHFHVDUúLFDORFXOV ILIRVWDFFHVLELOSXEOLFXOXL
$úDGDUSHQWUXFDIXUWXOV ILHFDOLILFDWSULQFLUFXPVWDQ DvQGLVFX LHIDSWDWUHEXLH
707%XFXUHúWL'HFQUGLQ5,S*KùHUE QHVFX55'QUGLQS
&%XODL$)LOLSDú&0LWUDFKHHGFLWS3OHQ76'HFQU&'S
FRPLV vQXQXOGLQWUHORFXULOHSUHY ]XWHGHOLWDúLEDOHDUWGLQ&RGXOSHQDO
$FHDVWDHVWHRSLQLDGRPLQDQW vQGRFWULQDGHVSHFLDOLWDWHúLSUDFWLFDMXGLFLDU
$OLQHDWOLWIÌQWUXQPLMORFGHWUDQVSRUWvQFRPXQ
$VWIHO GH PLMORDFH GH WUDQVSRUW VXQW DFHOHD GHVWLQDWH VSHFLDO RUL FDUH DX
FDSDFLWDWHD GH D WUDQVSRUWD FRQFRPLWHQW PDL PXOWH SHUVRDQH WUDPYDLH WUHQXUL
DYLRDQHYDSRDUHDXWREX]HHWF
(VWH UHDOL]DW FHULQ D WH[WXOXL FKLDU GDF vQ YHKLFXOXO UHVSHFWLY QX VXQW
SUH]HQWHDOWHSHUVRDQHvQDIDU GHI SWXLWRUúLYLFWLP úLLQGLIHUHQWGDF YHKLFXOXO
HUD vQ GHSODVDUH RUL VWD LRQD GXS FXP HVWH LQGLIHUHQW GDF I SWXLWRUXO HUD HO
vQVXúLSDVDJHUVDXI FHDSDUWHGLQSHUVRQDOXOGHVHUYLUHDOYHKLFXOXOXL
ÌQ FH SULYHúWH WD[LXULOH VD FRQVLGHUDW F DFHVWHD QX VXQW ÄPLMORDFH GH
WUDQVSRUW vQ FRPXQ´ vQ VHQVXO DUW DOLQ OLW I vQWUXFkW HOH DX FDSDFLWDWH
UHGXV GHWUDQVSRUWDUHLDUSHUVRDQHOHFDUHF O WRUHVFvQDFHVWHDVXQWGHUHJXO
vQ UHOD LL GH vQFUHGHUH UHFLSURF 'HVLJXU QX VD DYXW vQ YHGHUH úL YHKLFXOXO
FXQRVFXWVXEGHQXPLUHDGHÄPD[LWD[L´
$OLQHDW OLW J ÌQ WLPSXO QRS LL $ VH YHGHD H[SOLFD LLOH GDWH OD
LQIUDF LXQHDGHYLRODUHGHGRPLFLOLX
ÌQSUDFWLFDMXGLFLDU VDFRQVLGHUDWFDOLILFDWSULQSULVPDSUHYHGHULORUDUW
DOLQ OLW J GLQ &RGXO SHQDO IXUWXO LQGLIHUHQW GDF QRDSWHD D vQOHVQLW RUL QX
V YkUúLUHDIDSWHLRULGDF ORFXOGHXQGHVDVXVWUDVOXFUXOHUDSXWHUQLFOXPLQDW
VDXGDF I SWXLWRUXOúLDSUHOXQJLWDFWLYLWDWHDvQFHSXW ]LXDúLvQWLPSXOQRS LL
,QVWDQ HOH MXGHF WRUHúWL DX SURQXQ DW VROX LL HVWH GUHSW L]RODWH SULQ FDUH
DJUDYDQWDUHJOHPHQWDW ODOLWJDIRVWH[WLQV úLODVLWXD LLOHFkQGGHúLQRDSWHDQX
HUDLQVWDODW ÄVDSURILWDWGHvQWXQHULF´±FXPHVWHFD]XOIXUWXOXLFRPLVvQWUHQOD
WUHFHUHDDFHVWXLDSULQWUXQWXQHO±GDUHOHDXIRVWLQILUPDWHGHLQVWDQ HOHGHFRQWURO
MXGLFLDUúLGH]DYXDWHvQOLWHUDWXUDGHVSHFLDOLWDWH
$OLQHDWXOOLWKÌQWLPSXOXQHLFDODPLW L3ULQÄFDODPLWDWH´VHvQ HOHJH
R VLWXD LH GH]DVWUXRDV FDUH ORYHúWH R FRPXQLWDWH XPDQ FXWUHPXU LQXQGD LH
LQFHQGLXHSLGHPLHJUDY FDWDVWURI DHULDQ QDYDO IHURYLDU HWF
3HQWUX D IL LQFLGHQW SUHYHGHUHD GH OD OLW K HVWH QHFHVDU FD IXUWXO V ILH
FRPLV vQ PRG HIHFWLY vQ WLPSXO FDODPLW LL Ä7LPSXO XQHL FDODPLW L´ HVWH
GHWHUPLQDW GH PDJLVWUDW SULQ RULFH PLMORF GH SURE DGPLV GH OHJH I U D IL
LQIOXHQ DWGHPRPHQWXOGHFODU ULLGHF WUHDXWRULW LOHSXEOLFHFRPSHWHQWHDVW ULL
GHXUJHQ vQWUXFkWvQPRGILUHVFGHFODUD LDRILFLDO VXUYLQHODXQRDUHFDUHWLPS
GXS GHFODQúDUHDHYHQLPHQWXOXLLDUVWDUHDH[FHS LRQDO GXUHD] GHUHJXO SkQ OD
vQO WXUDUHDFRQVHFLQ HORUGH]DVWUXRDVHSURYRFDWHGHDFHVWD
$OLQHDWXOOLWL3ULQHIUDF LHHVFDODGDUHVDXSULQIRORVLUHDI U GUHSWD
XQHLFKHLDGHY UDWHRULDXQHLFKHLPLQFLQRDVH
9'RQJRUR]úLFRO([SOLFD LLWHRUHWLFHDOH&RGXOXLSHQDOURPkQYRO,,,S$)LOLSDú2/RJKLQ
'UHSWSHQDOURPkQS
76'HFQU5,S
76'HFQU3-3YRO,,,S
7M7XOFHD'HFQU5,,SO
Ä,QIUDF LXQHDGHIXUWHVWHFDOLILFDW SRWULYLWDUWOLWJGLQ&RGXOSHQDORULGHFkWHRULVHVWDELOHúWHF
IDSWDDIRVWFRPLV vQWLPSXOQRS LL&DUDFWHUXOFDOLILFDWDODFHVWHLLQIUDF LXQLúLGHFLU VSXQGHUHDSHQDO DJUDYDW
ID GH IXUWXO V YkUúLW vQ WLPSXO ]LOHL GHULY SULQ YRLQ D OHJLXLWRUXOXL H[FOXVLY GLQ vPSUHMXUDUHD GH IDSW F
LQIUDFWRUXODIXUDWQRDSWHDDVWIHOF LQVWDQ HOHQXSRWPRGLILFDSUHYHGHULOHH[SUHVHDOHOHJLLFRQGL LRQkQGDSOLFDUHD
DFHVWRUDúLGHGRYHGLUHDDOWRUvPSUHMXU UL´±3OHQXO76GvQU5,S
Ä'LVSR]L LLOHDUWOLWJGLQ&RGXOSHQDOVXQWDSOLFDELOHFKLDUGDF ORFXOFRPLWHULLIDSWHLGHIXUWvQVSH
XQPDJD]LQHVWHLOXPLQDWGLQH[WHULRUúLLQWHULRU±,ELGHP
76'HFQU5,S
7M6XFHDYD6HQWQU'UQUS
2/RJKLQ77RDGHUHGFLWS
(IUDF LD &RQFHSWXO GHVHPQHD] DF LXQHD YLROHQW SULQ FDUH HVWH vQO WXUDW
GLVSR]LWLYXO GH vQFKLGHUH DVLJXUDUH RUL XQ DOW RELHFW FDUH REVWDFXOHD] DXWRUXOXL
DMXQJHUHD OD EXQXO RUL ORFXO XQGH VH DIO DFHVWD $úDGDU YLROHQ D FX FDUH HVWH
vQO WXUDWRELHFWXOVDXGLVSR]LWLYXOFHSURWHMHD] EXQXOFRQVWLWXLHRFRQGL LHVLQHTXD
QRQDH[LVWHQ HLDJUDYDQWHLvQPRGDOLWDWHDHIUDF LHL
9DILFDOLILFDWvQDFHDVW DJUDYDQW IXUWXOV YkUúLWSULQVSDUJHUHDJHDPXOXLGH
OD ORFXLQ GH OD YLWULQD PDJD]LQXOXL GH OD DXWRWXULVP SULQ GHVIDFHUHD
GLVSR]LWLYXOXLGHvQFKLGHUHDFRQWRUXOXLúLGHUHJODUHDPHFDQLVPXOXLGHvQUHJLVWUDUH
D FRQVXPXOXL GH HQHUJLH HOHFWULF SULQ VSDUJHUHD RUL GLVWUXJHUHD ODF WHORU
EURDúWHORU RUL DOWRU VLVWHPH GH vQFKLGHUH ± vQFXLHUH D XúLORU SRU LORU FDVHWHORU
FDVHORUGHEDQLHWFSULQvQO WXUDUHDSODVHLFDUHDFRSHU IHUHDVWUDHWF
1XYDFRQVWLWXLIXUWSULQHIUDF LHVXVWUDJHUHDEXQXOXLGLQWUXQYDJRQDF UXL
Xú HVWHVLJLODW ±GHRDUHFHVLJLOLXODUHUROXOGHDSUREDQHYLRODUHDDFHVWXLVSD LXúL
QX vPSLHGLFDUHD IL]LF GH D S WUXQGH vQ DFHO VSD LX ± RUL VXVWUDJHUHD EXQXOXL GLQ
FXUWHDDF UHLSRDUW DIRVWGHVFKLV I U YLRODUHDGLVSR]LWLYXOXLGHvQFKLGHUH
)DSWD GH D SURGXFH SDJXEH PDWHULDOH S U LL Y W PDWH SULQ DF LXQHD GH
HIUDFWDUH QX FRQVWLWXLH R LQIUDF LXQH GLVWLQFW FL HD HVWH DEVRUELW vQ IDSWD GH IXUW
FDOLILFDW
(VFDODGDUHD &RQFHSWXO VH DGUHVHD] DF LXQLL GH GHS úLUH GH WUHFHUH SHVWH
VDX SH VXE XQ REVWDFRO FDUH vPSLHGLF DMXQJHUHD I SWXLWRUXOXL OD EXQXO SH FDUH
LQWHQ LRQHD] V OVXVWUDJ $FHDVW DF LXQHSUHVXSXQHXQHIRUWIL]LF±GHF UDUHSH
XQ]LGRULSHRSRDUW VDXGHDERUGDUHDXQHLIHUHVWUHRULGHV SDUHDXQXLWXQHO
SHVXERFDV VDXSHVXEXQ]LG±úLGHVHRULIRORVLUHDXQRUPLMORDFHDGHFYDWH±VF UL
SU MLQLIXQLLORSH LWkUQ FRDSH
/D FLUFXPVWDQ D HVFDODGDUH ± FD GH DOWPLQWHUL úL OD DFHHD D HIUDF LHL ±
RSHUD LXQLOHWUHEXLHV ILHvQWUHSULQVHSHQWUXFDDXWRUXOV DMXQJ ODORFXOXQGHVH
DIO RELHFWXO GHFL V VH SODVH]H DQWHULRU PRPHQWXOXL GHSRVHG ULL YLFWLPHL úL QX
XOWHULRUDFHVWXLPRPHQWDGLF SHLWLQHUDULXOGHvQGHS UWDUHGHODORFXOIDSWHL
&KHL DGHY UDWH VXQW FKHLOH IRORVLWH SHQWUX vQFXLHUHDGHVFXLHUHD XQXL DQXPLW
VLVWHPGHvQFKLGHUHIRORVLWHGHFHOvQGUHSW1XLQWHUHVHD] SHQWUXUH LQHUHDDFHVWHL
DJUDYDQWHPRGDOLWDWHDvQFDUHFKHLDDGHY UDW DDMXQVvQSRVHVLDDXWRUXOXLIXUWXOXL
OHJLWLP ±LDIRVWvQFUHGLQ DW SHQWUXDLQWURGXFHFHYDvQVSD LXOvQFXLDWRULSHQWUX
DFRQIHF LRQDXQGXSOLFDWDORULJLQDOXOXL±VDXQHOHJLWLP ±DJ VLWRDVXVWUDVR
&KHL PLQFLQRDVH $FHVWHD VXQW GLVSR]LWLYH GH GHVFKLGHUH D VLVWHPHORU GH
vQFXLHUH vQFKLGHUH D XúLORU VDX SRU LORU GH OD LPRELOH D SRUWLHUHORU GH
DXWRYHKLFXOH D PHFDQLVPHORU FX FDUH VXQW SUHY ]XWH FDVHOH GH EDQL VDX PDSHOH
ÄGLSORPDW´GXODSXULOHPHWDOLFHRULGHOHPQFDVHWHOHHWF
ÌQGRFWULQ úLvQMXULVSUXGHQ HVWHGRPLQDQW RSLQLDvQFRQIRUPLWDWHFX
FDUH LQIUDF LXQHD GH IXUW FDOLILFDW SUHY ]XW GH DUW DOLQ OLW L HVWH R
&%XODL$)LOLSDú&0LWUDFKHHGFLWS
7M*RUM'HFQU5,S
76'HFQU55'QUS
&$S&RQVWDQ D'HFQUO5'3QUOSO
70%'HFQU5,,S
76'HFQU5,S
7M7LPLú'HFQUOLELGHPS
76'HFQU5,,,SÌQDFHODúLVHQV&$S&UDLRYD'HFQU'UQU
S
9'RQJRUR]úLFRO([SOLFD LLWHRUHWLFHDOH&RGXOXLSHQDOURPkQHGFLWYRO,,,S79DVLOLXúLFRO
&RGXO SHQDO FRPHQWDW úL DGQRWDW HG FLW YRO , S & %XODL $ )LOLSDú & 0LWUDFKH HG FLW S
2/RJKLQ77RDGHUHGFLWS6LPRQD&ULVWHD)XUWúLYLRODUHGHGRPLFLOLX5'3QUS
&6- 'HF QU O %- S O ÌQ DFHODúL VHQV & $S &RQVWDQ D 'HF QU
3/QUS
LQIUDF LXQH FRPSOH[ vQ ODWXUD RELHFWLY D DFHVWXLD LQFOX]kQGXVH úL IDSWD GH
YLRODUHGHGRPLFLOLX$úDGDUSRWULYLWDFHVWHLJkQGLULIXUWXOFRPLVSULQS WUXQGHUHD
vQWURORFXLQ ±vQRULFDUHDOW PRGDOLWDWHGHFkWSULQHIUDF LHHVFDODGDUHIRORVLUHD
I U GUHSW D XQHL FKHL DGHY UDWH RUL PLQFLQRDVH ± QDúWH XQ FRQFXUV GH LQIUDF LXQL
vQWUHDFHHDGHIXUWVLPSOXVDXFDOLILFDWúLDFHHDGHYLRODUHGHGRPLFLOLXvQYUHPH
FH vQ FD]XO IXUWXOXL V YkUúLW vQ FRQGL LLOH DUW DOLQ OLW L LQIUDF LXQHD GH
YLRODUHGHGRPLFLOLXHVWHDEVRUELW vQFRQ LQXWXODFHOHLDGHIXUWFDOLILFDW
$IRVWvQV DILUPDW úLRWH] FRQWUDU ±ODFDUHVXQWHPDWDúD LI U UH]HUYH
± FDUH VXV LQH F úL vQ FD]XO V YkUúLULL IXUWXOXL GLQWUR ORFXLQ SULQ SURFHGHHOH
HQXQ DWH vQ DUW DOLQ OLW L VXE]LVW FRQFXUVXO vQWUH DFHDVW LQIUDF LXQH úL
DFHHDGHYLRODUHGHGRPLFLOLXFXPRWLYDUHDvQSULQFLSDOF GLQHFRQRPLDWH[WXOXL
vQGLVFX LHQXUH]XOW H[SOLFLWRULLPSOLFLWYRLQ DOHJLXLWRUXOXLGHDLQFOXGHYLRODUHD
GH GRPLFLOLX FD SH XQ VLPSOX HOHPHQW FLUFXPVWDQ LDO vQ FRQ LQXWXO LQIUDF LXQLL GH
IXUW RU FRQVWUXF LD LQIUDF LXQLL FRPSOH[H SRDWH IL GRDU RSHUD OHJLXLWRUXOXL úL
QLFLGHFXPFUHD LDPDJLVWUDWXOXL
$OLQHDWOLWD%XQFDUHIDFHSDUWHGLQSDWULPRQLXOFXOWXUDO
$JUDYDUHD IXUWXOXL vQ UDSRUW FX DSDUWHQHQ D EXQXOXL ± RELHFW PDWHULDO DO
LQIUDF LXQLL ± OD SDWULPRQLXO FXOWXUDO HVWH GHWHUPLQDW GH YDORDUHD VD vQVHPQDW
GHVHRUL LQHVWLPDELO FHHD FH LPSXQH SHQWUX SURWHMDUHD XQRU DVHPHQHD YDORUL
LQVWLWXLUHDXQXLUHJLPSXQLWLYPDLDVSUX
5HJLPXOEXQXULORUGLQDFHDVW FDWHJRULHFXWRWXOVSHFLDO HVWHUHJOHPHQWDWGH
/HJHDQUSULYLQGSURWHMDUHDSDWULPRQLXOXLFXOWXUDOQD LRQDOPRELO
$OLQHDW OLW E $FW FDUH VHUYHúWH SHQWUX GRYHGLUHD VW ULL FLYLOH SHQWUX
OHJLWLPDUHVDXLGHQWLILFDUH
$FWHGHVWDUHFLYLO VXQWFHOHFDUHFRQVHPQHD] úLSULQFDUHVHSUREHD] IDSWH
úLDFWHMXULGLFHSULYLQGVWDWXWXOFLYLODOSHUVRDQHL±DFWHGHQDúWHUHGHF V WRULHGH
GHFHVGHUHFXQRDúWHUHDILOLD LHLHWF
(VWHOLSVLWGHUHOHYDQ SHQWUXUHDOL]DUHDDJUDYDQWHLGDF DFWXOGHVWDUHFLYLO
VXVWUDVHUDvQRULJLQDORULvQFRSLHDXWHQWLILFDW
$FWH GH OHJLWLPDUH VDX LGHQWLILFDUH VXQW DFHOH GRFXPHQWH FDUH GRYHGHVF
LGHQWLWDWHD SHUVRDQHL ± EXOHWLQ GH LGHQWLWDWH SDúDSRUW ± VDX DSDUWHQHQ D HL OD R
LQVWLWX LHSXEOLF RULSULYDW ±OHJLWLPD LHGHVHUYLFLXFDUQHWGHVWXGHQWúD±VDXOD
XQSDUWLGSROLWLFRULIRUPD LXQHSROLWLF
3HQWUX D LQWUD vQ ]RQD GH LQFLGHQ D DUW DOLQ OLW E DF LXQHD GH
VXVWUDJHUHWUHEXLHV YL]H]HH[FOXVLYDFWHGHQDWXUDFHORUOLPLWDWLYHQXQ DWHvQWH[W
DGLF DFWHGHVWDUHFLYLO GHOHJLWLPDUHVDXLGHQWLILFDUHÌQFD]XOvQFDUHDFWXOQXDUH
RDWDUHDSWLWXGLQHIDSWDGHVXVWUDJHUHDDFHVWXLDYDFRQVWLWXLLQIUDF LXQHDSUHY ]XW
GHDUWDOLQFXUHIHULUHODDOLQDODFHOXLDúLDUWLFRO
'RFWULQDúLSUDFWLFDMXGLFLDU VXQWvQFRQVHQVF IXUWXODFWHORUPHQ LRQDWHvQ
DUW DOLQ OLW E VH SRDWH FRPLWH ILH FX LQWHQ LH GLUHFW ILH FX LQWHQ LH
LQGLUHFW GDU DX UHIX]DW DFFHSWDUHD LQFLGHQ HL DFHVWHL DJUDYDQWH vQ FD]XULOH FkQG
DXWRUXOVXVWUDJHULLXQXLEXQPRELOQXSXWHDSUHYHGHD±vQUDSRUWFXH[SHULHQ DYLH LL
±F RGDW FXDFHOEXQYDIXUDúLXQGRFXPHQWGHVWDUHFLYLO VDXLGHQWLWDWH
& 0LWUDFKH )XUW úL YLRODUH GH GRPLFLOLX 5'3 QU S $ )LOLSDú 3-3 YRO ,,,
S&'XYDF9LRODUHGHGRPLFLOLXúLIXUWFDOLILFDW5'3QUS&$S%XFXUHúWL)XUW9LRODUH
GHGRPLFLOLX&RQFXUVGHLQIUDF LXQL'HFQU5'3QUS
3XEOLFDW vQ02IQUGLQ$VHYHGHD*K'LDFRQHVFX,QIUDF LXQLvQOHJLVSHFLDOHúLvQOHJL
H[WUDSHQDOH(GLWXUD)XQGD LHL5RPkQLDGH0kLQH%XFXUHúWLS
-XG%RWRúDQL6HQWQU5,,,S
$OLQHDWOLWD L HLJD]ROLQ FRQGHQVDWHWDQOLFKLGEHQ]LQ PRWRULQ
DOWH SURGXVH SHWUROLHUH VDX JD]H QDWXUDOH GLQ FRQGXFWH GHSR]LWH FLVWHUQH RUL
YDJRDQHFLVWHUQ
EFRPSRQHQWHDOHVLVWHPHORUGHLULJD LL
FFRPSRQHQWHDOHUH HOHORUHOHFWULFH
GXQGLVSR]LWLYRULXQVLVWHPGHVHPQDOL]DUHDODUPDUHRULDOHUWDUHvQFD]GH
LQFHQGLXVDXDOWHVLWXD LLGHXUJHQ SXEOLF
H XQ PLMORF GH WUDQVSRUW VDX RULFH DOW PLMORF GH LQWHUYHQ LH OD LQFHQGLX OD
DFFLGHQWHGHFDOHIHUDW UXWLHUHQDYDOHVDXDHULHQHRULvQFD]GHGH]DVWUX
ILQVWDOD LLGHVLJXUDQ úLGLULMDUHDWUDILFXOXLIHURYLDUUXWLHUQDYDODHULDQ
úL FRPSRQHQWH DOH DFHVWRUD SUHFXP úL FRPSRQHQWH DOH PLMORDFHORU GH WUDQVSRUW
DIHUHQWH
J EXQXUL SULQ vQVXúLUHD F URUD VH SXQH vQ SHULFRO VLJXUDQ D WUDILFXOXL úL D
SHUVRDQHORUSHGUXPXULOHSXEOLFH
K FDEOXUL OLQLL HFKLSDPHQWH úL LQVWDOD LL GH WHOHFRPXQLFD LL UDGLRFRPX
QLFD LLSUHFXPúLFRPSRQHQWHGHFRPXQLFD LL
/HJLXLWRUXODDJUDYDWIXUWXODYkQGXQDVWIHOGHRELHFWPDWHULDOSHGHRSDUWH
GLQ FDX]D PXOWLSOLF ULL XQRU DVHPHQHD IXUWXUL vQ XOWLPLL DQL SH GH DOW SDUWH GLQ
FDX]D HIHFWHORU FRODWHUDOH ± QX PDL SX LQ SULPHMGLRDVH ± SURYRFDWH GH FRPLWHUHD
XQRUDWDULIDSWHGLVWUXJHUHDVDXGHJUDGDUHDFRQGXFWHORUFLVWHUQHORUGHSR]LWHORURUL
YDJRDQHORUFLVWHUQ VFXUJHUHDúLULVLSLUHDGHSURGXVHSROXDUHDPHGLXOXLSHULFROXO
GHGHFODQúDUHDLQFHQGLLORU
$JUDYDUHD IXUWXOXL HVWH MXVWLILFDW QX QXPDL GH vQWLQGHUHD SUHMXGLFLXOXL FDX]DW
SULQ VXVWUDJHUHD XQRU DVHPHQHD EXQXUL FL PDL DOHV GH SHULFOLWDUHD IXQF LRQ ULL XQRU
VLVWHPH GH LQWHUHV JHQHUDO 'LQ FDWHJRULD XQRU DVWIHO GH EXQXUL SRW IL H[HPSOLILFDWH
FRPSRQHQWHDOHUH HOHORUHOHFWULFHGLVSR]LWLYHGHVHPQDOL]DUHDODUPHRULDOHUWDUHvQ
FD]GHLQFHQGLXPLMORDFHGHLQWHUYHQ LHODLQFHQGLXODDFFLGHQWHGHFDOHIHUDW UXWLHUH
QDYDOH VDX DHULHQH FRPSRQHQWH DOH VLVWHPHORU GH LULJD LL LQVWDOD LL GH VLJXUDQ úL
GLULMDUHDWUDILFXOXLIHURYLDUUXWLHUQDYDOúLDHULDQúD
ÌQ OHJ WXU FX QRUPD GH DJUDYDUHD IXUWXOXL SUHY ]XW vQ DOLQ OLW K HVWH
vQV GH SUHFL]DW F DFHDVWD HVWH DSOLFDELO GRDU vQ FD]XO vQ FDUH EXQXULOH H[SUHV
HQXQ DWH vQ WH[W HUDX LQWHJUDWH vQWUR DQXPLW VWUXFWXU WHKQLF ± D GHFLV LQVWDQ D
VXSUHP ±QXúLvQLSRWH]DvQFDUHHOHH[LVWDXFDPDWHULDOHVHSDUDWHQHDQVDPEODWH
vQWUXQVLVWHP
2 DWDUH LQWHUSUHWDUH VH LPSXQH úL vQ FD]XO VXVWUDJHULL GH FRPSRQHQWH DOH
VLVWHPHORUGHLULJD LLVDXDOHUH HOHORUHOHFWULFH
$OLQHDW)XUWXOFDUHDSURGXVFRQVHFLQ HGHRVHELWGHJUDYH
6LQWDJPDHVWHGHILQLW SULQGLVSR]L LLOHDUW&RGSHQDOvQFRQIRUPLWDWHFX
FDUHÄSULQFRQVHFLQ HGHRVHELWGHJUDYHVHvQ HOHJHRSDJXE PDWHULDO PDLPDUHGH
OHLVDXRSHUWXUEDUHGHRVHELWGHJUDY DDFWLYLW LLFDX]DW XQHLDXWRULW L
SXEOLFH VDX RULF UHLD GLQWUH XQLW LOH OD FDUH VH UHIHU DUW RUL DOWHL SHUVRDQH
MXULGLFHVDXIL]LFH´
Ä)DSWD LQFXOSD LORU GH D W LD ILUH GLQ FXSUX GH OD UH HDXD GH WHOHFRPXQLFD LL D &)5 vQWUXQHúWH DWkW
HOHPHQWHOHFRQVWLWXWLYHDOHLQIUDF LXQLLGHGLVWUXJHUHúLVHPQDOL]DUHIDOV SUHY ]XW vQDUWDOLQ&SHQFkW
úL SH FHOH DOH LQIUDF LXQLL GH IXUW FDOLILFDW SUHY ]XW vQ DUW DOLQ OLW D J úL L DOLQ OLW F
&SHQ´±Ì&&-VSGQU%&QUS
Ä)DSWD GH vQVXúLUH SH QHGUHSW GH FDEOXUL OLQLL HFKLSDPHQWH úL LQVWDOD LL GH WHOHFRPXQLFD LL
UDGLRFRPXQLFD LL SUHFXP úL FRPSRQHQWH GH FRPXQLFD LL FRQVWLWXLH LQIUDF LXQHD GH IXUW FDOLILFDW SUHY ]XW GH DUW
DOLQ OLW K & SHQ QXPDL GDF vQ PRPHQWXO VXVWUDJHULL DFHVWHD HUDX HIHFWLY LQWHJUDWH vQWUR UH HD VDX
vQWUXQVLVWHPGHFRPXQLFD LLDIODWVDXQXvQIXQF LXQH´±Ì&&-68'HFQU,,GLQ'UQU
S
&$S6XFHDYDGQU'UQUS
)RUPH6DQF LXQL
)RUPHÌQUHJLPXOWHQWDWLYHLÄFODVLFH´DXIRVWLQFOXVHúLVDQF LRQDWHúLXQHOH
IDSWH FDUH vQ DEVHQ D GHURJ ULL OHJDOH SXWHDX IL vQFDGUDWH FD DFWH SUHJ WLWRDUH OD
LQIUDF LXQHDGHIXUWFDOLILFDW$VWIHOSRWULYLWGLVSR]L LLORUDUWDOLQILQDO&SHQ
HVWH FRQVLGHUDW WHQWDWLY ± vQ FD]XO SUHY ]XW OD DOLQ OLW D ± úL HIHFWXDUHD GH
V S WXUL SH WHUHQXO DIODW vQ ]RQD GH SURWHF LH D FRQGXFWHL GH WUDQVSRUW DO L HLXOXL
JD]ROLQHL FRQGHQVDWXOXL HWDQXOXL OLFKLG EHQ]LQHL PRWRULQHL DOWRU SURGXVH
SHWUROLHUH VDX JD]HORU QDWXUDOH SUHFXP úL GH LQHUHD vQ DFHOH ORFXUL VDX vQ
DSURSLHUHDGHSR]LWHORUFLVWHUQHORUVDXYDJRDQHORUFLVWHUQ DúWX XULORULQVWDOD LLORU
VDX RULF URU DOWRU GLVSR]LWLYH GH SULQGHUH RUL SHUIRUDUH 7HQWDWLYD GH IXUW FDOLILFDW
HVWHSHGHSVLW SRWULYLWDUW&SHQ
&RQVXPDUHDLQIUDF LXQLLVXUYLQHvQPRPHQWHOHH[SOLFDWHODLQIUDF LXQHDGHIXUW
6DQF LXQL 3HQWUX IDSWHOH SUHY ]XWH vQDOLQúLSHGHDSVDHVWHXQLF ±
vQFKLVRDUHD GH OD OD DQL ± vQ YUHPH FH IDSWHOH SUHY ]XWH vQ DOLQ VXQW
SHGHSVLWHFXvQFKLVRDUHDGHODODDQL
)XUWXOFDUHDSURGXVFRQVHFLQ HGHRVHELWGHJUDYHVHSHGHSVHúWHFXvQFKLVRDUH
GHODODDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
3HUVRDQDMXULGLF VHVDQF LRQHD] vQFD]XOIXUWXOXLFDOLILFDWFXDPHQG GHOD
ODOHL
3('(36,5($8125)85785,/$3/Æ1*(5($35($/$%,/
)XUWXO ± vQ IRUPD OXL WLS VDX FDOLILFDW ± FRPLV vQWUH SHUVRDQH FDUH VXQW vQ
UHOD LHGHUXGHQLHRULvQDOWHUHOD LLFDUHVHIRUPHD] úLSUHVXSXQvQFUHGHUHDGLQWUH
SDUWHQHULHVWHXUP ULWvQPRGGLIHULWID GHLQIUDF LXQLOHGHIXUWDQWHULRUDQDOL]DWH
ILLQGSUHY ]XWvQDUW&SHQ
$úDGDU LQIUDF LXQHD OD D F UHL UDGLRJUDILHUH SXUFHGHP QX HVWH XQ DOW WLS GH
IXUW FRQ LQXWXO HL QX GLIHU GH FRQ LQXWXO LQIUDF LXQLL SUHY ]XWH GH DUW GLQ
&RGXOSHQDO&HHDFHOHGHRVHEHúWHHVWHSHGHRSDUWHFDOLWDWHDVXELHFWXOXLDFWLY
VDXúLSDVLYLDUSHGHDOW SDUWHPRGXOGHXUP ULUHDLQIUDF LXQLL
)XUWXOV YkUúLW
DÌQWUHVR L$VHYHGHDH[SOLFD LLOHGDWHODLQIUDF LXQHDGHRPRU
ÌQ OHJ WXU FX DFHDVW FDOLWDWH D VXELHF LORU úL FX SR]L LD SVLKLF D
I SWXLWRUXOXLHVWHGHHYLGHQ LDWF GRFWULQDúLSUDFWLFDMXULGLF DXFRQVLGHUDWSH
GH R SDUWH F IXUWXO HVWH V YkUúLW ÄvQWUH VR L´ FKLDU GDF DFHúWLD VXQW GHVS U L L vQ
IDSWLDUSHGHDOW SDUWHF LQIUDF LXQHDVHUHDOL]HD] ±vQOXPLQDFHORUH[SOLFDWH
ODLQIUDF LXQHDGHIXUW±QXPDLvQP VXUDvQFDUHOXDUHDEXQXOXLGHF WUHDXWRUVH
IDFHvQVFRSXOGHDúLOvQVXúLSHQHGUHSWúLGHFLGHDOS JXELSHFHO ODOWVR
'LPSRWULY ± VD GHFLV FRQVWDQW vQ MXULVSUXGHQ ± vQ VLWXD LD vQ FDUH VR XO
VXVWUDJH EXQXUL FRPXQH I U LQWHQ LD GH D úL OH vQVXúL SH QHGUHSW FL vQ DOW VFRS ±
FRQVHUYDUHD DFHVWRUD SURFXUDUHD PLMORDFHORU PDWHULDOH QHFHVDUH vQWUH LQHULL
FRSLOXOXL±IDSWDQXFRQVWLWXLHLQIUDF LXQHDGHIXUWvQWUHVR L
$)L,LSDú2/RJKLQ'UHSWSHQDOURPkQHGFLWS
76'HFQUO&'S
70%'HFQU5,,,SO
Ä([LVWHQ D VFRSXOXL vQVXúLULL SH QHGUHSW ± D F UXL YHULILFDUH SUH]LQW vQ WRDWH FD]XULOH R LPSRUWDQ
GHRVHELW vQFHHDFHSULYHúWHGHWHUPLQDUHDFDUDFWHUXOXLSHQDOVDXQHSHQDODOIDSWHL±SRDWHUH]XOWDGHSLOG GLQ
vQVWU LQDUHDXOWHULRDU DEXQXULORUVXVWUDVHFXH[FHS LDFD]XULORUvQFDUHvQVWU LQDUHDDIRVWGHWHUPLQDW GHRQHYRLH
LPHGLDW FXPDUILLQH[LVWHQ DDOWHLSRVLELOLW LSHQWUXSURFXUDUHDPHGLFDPHQWHORUDOLPHQWHORUVDXvPEU F PLQWHL
VWULFWQHFHVDUHSHQWUXHOVDXDOW SHUVRDQ DIODW vQvQWUH LQHUHDVD´±3OHQ76GvQU&'SÌQ
DFHODúLVHQV±70%'HFQU&3-3S
ÌQWUHUXGHDSURSLDWH$VHYHGHDGLVSR]L LLOHDUWGLQ&RGXOSHQDO
'H F WUH XQ PLQRU vQ SDJXED WXWRUHOXL V X $ VH YHGHD H[SOLFD LLOH GH OD
LQIUDF LXQHDGHDFWVH[XDOFXXQPLQRU
'HF WUHFHOFHORFXLHúWHvPSUHXQ FXSHUVRDQDY W PDW
3ULQÄDORFXL´vQVHQVXODUWGLQ&RGXOSHQDOVDvQ HOHV±GHRSRWULY vQ
GRFWULQD úL SUDFWLFD MXGLFLDU ± IRORVLUHD vQ FRPXQ D XQXL VSD LX GH ORFXLW vQ
vQWUHJLPH VDX vQ SDUWH SHUPDQHQW VDX SH R SHULRDG GH WLPS OLPLWDW vQ XOWLPD
VLWXD LH GXUDWD IRORVLULL ILLQG DWkW FkW V L LPSULPH FDUDFWHU GH VWDELOLWDWH ÌQ
DFHDVW LSRWH] EXQXOVXVWUDVWUHEXLHV VHDIOHvQWUR]RQ IRORVLW vQFRPXQXQGH
DXDFFHVGHRSRWULY I SWXLWRUXOúLSHUVRDQDY W PDW
6DX FRQVLGHUDW vQ VLWXD LL GH DFHVW WLS SHUVRDQHOH FDUH ORFXLHVF vQ
GRUPLWRDUHOH FRPXQH DOH XQRU XQLW L PLOLWDUH F PLQH LQWHUQDWH SUHFXP úL DOH
RUJDQL] ULORU GH úDQWLHU RUL DOH XQRU RUJDQL] UL SULOHMXLWH GH OXFU UL VH]RQLHUH
FRQFXELQLL FDUH FRQYLH XLHVF vQWUR ORFXLQ FRPXQ IRúWLL VR L FDUH GXS GLYRU
FRQWLQX V ORFXLDVF vPSUHXQ
1XDXIRVWDVLPLODWHDFHVWHLFRQGL LLSHUVRDQHOHFDUHRFXS WHPSRUDUXQVSD LX
GHORFXLWFDELQDXQXLYDSRUFXúHWDXQXLYDJRQGHWUHQFDPHUDXQXLKRWHO
,QIUDF LXQHDGHIXUWV YkUúLW GHSHUVRDQHOHOLPLWDWLYPHQ LRQDWHvQWH[WXODUW
GLQ &RGXO SHQDO VH XUP UHúWH H[FOXVLY OD SOkQJHUHD SUHDODELO D SHUVRDQHL
Y W PDWHLQGLIHUHQWGDF LQIUDF LXQHDHVWHDFHHDWLSRULPRGDOLWDWHDHLDJUDYDW
ÌQ FD]XO F VD LQWURGXV R DVHPHQHD SOkQJHUH WH[WXO RIHU SRVLELOLWDWHD
VWLQJHULLOLWLJLXOXLSHQDOSHFDOHDPLDELO SULQvPS FDUHDS U LORU
'HF WUHFHOFDUHHVWHJ ]GXLWGHSHUVRDQDY W PDW
ÌQ HOHVXOFRQFHSWXOXLGHÄJ ]GXLUH´HVWHDFHODGHDEHQHILFLDGHDG SRVWLUHD
GH RVSLWDOLWDWHD SHUVRDQHL Y W PDWH FDUHL RIHU I SWXLWRUXOXL SRVLELOLWDWHD
SHUVRDQHLGHDORFXLvPSUHXQ YUHPHOQLF
ÌQWUR DVHPHQHD VLWXD LH QX SRW IL FRQVLGHUDWH SHUVRDQHOH FDUH VH J VHVF
vQWkPSO WRUvQORFXLQ DFHOXLGHODFDUHDXIXUDW±YL]LW RFD]LRQDO VDXFHOFDUHD
FRQGXVDFDV SHUVRDQDY W PDW DIODW vQWURVWDUHDYDQVDW GHHEULHWDWH±RULFHOH
FDUH GH LQ FX WLWOXO GH FKLULDú R FDPHU PRELODW vQ ORFXLQ D YLFWLPHL VDX
SHUVRDQHOHF URUDOHDvQFHWDWJ ]GXLUHD
(VWHGHREVHUYDWF VXQWLQFLGHQWHGLVSR]L LLOHDFHVWXLWH[WQXPDLFkQGIXUWXO
HVWHFRPLVGHF WUHFHOJ ]GXLWvQSDJXEDFHOXLFDUHJ ]GXLHúWHGDUQXúLFkQGIXUWXO
DIRVWFRPLVGHSHUVRDQDFDUHDJ ]GXLW
7Æ/+ 5,$
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO LQIUDF LXQLL HVWH FRPSOH[ ± FD úL VWUXFWXUD
LQIUDF LXQLL ± HO ILLQG FRQVWLWXLW SH GH R SDUWH GLQ UHOD LLOH VRFLDOH FX FDUDFWHU
SDWULPRQLDOUHIHULWRDUHODSRVHVLDúLGHWHQ LDEXQXULORUPRELOHLDUSHGHDOW SDUWH
GLQUHOD LLOHVRFLDOHUHIHULWRDUHODYLD DLQWHJULWDWHDFRUSRUDO V Q WDWHDOLEHUWDWHD±
IL]LF VDXSVLKLF ±DLQGLYLGXOXL
3OHQ76GvQU&'S
70%'HFQUO5,,,S
7M%UDúRY'HFQU'UQUSO
76'HFQU&'S
70%'HFQU&3-3S
70%'HFQU5,,S
70%'HFQU&3-3S
,QIUDF LXQHD GH WkOK ULH HVWH R LQIUDF LXQH FRPSOH[ DOF WXLW SULQ YRLQ D
OHJLXLWRUXOXLGLQGRX VDXPDLPXOWHIDSWHLQFULPLQDWHGHOHJHDSHQDO
,QGHSHQGHQW GH IDSWHOH LOLFLW SHQDOH GLQ H[SUHVLD FH GHILQHúWH WkOK ULD YRP
GLVWLQJHvQVWUXFWXUDDFHVWHLDGRX WLSXULGHLQIUDF LXQL
DLQIUDF LXQHDVFRSFDUHvQWRWGHDXQDHVWHRLQIUDF LXQHGHIXUWSHQWUXF
ILQDOPHQWHGHSRVHGDUHDXQHLSHUVRDQH±IL]LFHVDXMXULGLFH±GHXQEXQUHSUH]LQW
RELHFWLYXOFHQWUDOúLSULQFLSDOXUP ULWGHI SWXLWRUúL
E LQIUDF LXQHD PLMORF FH SRDWH IL GH PDL PXOWH JHQXUL ± ORYLUH OLSVLUH GH
OLEHUWDWHvQPRGLOHJDODPHQLQ DUHHWF±V YkUúLW GHDXWRUFXGLIHULWHPRWLYD LL±
SHQWUXDS VWUDEXQXOSHQWUXDúWHUJHXUPHOHVDPDYROQLFLHLVDOHHWF±GDUFDUHHVWH
vQI SWXLW vQWRWGHDXQDvQOHJ WXU FXLQIUDF LXQHDVFRS
2ELHFWXO PDWHULDO DO LQIUDF LXQLL HVWH vQ SULQFLSDO EXQXO OD FDUH DWHQWHD]
DXWRUXO IDSWHL GDU vQ DFHHDúL P VXU RELHFW PDWHULDO SRDWH ILúLFRUSXOSHUVRDQHL
DVXSUD F UHLD VH vQGUHDSW DF LXQHD YLROHQW ± SHUVRDQH FDUH VXQW GHSRVHGDWH GH
EXQ RUL FDUH LQWHUYLQ SHQWUX DO SULQGH SH I SWXLWRU HWF ± FkW úL XQHOH OXFUXUL
DSDU LQkQGDFHVWRUDvPEU F PLQWHDOWHEXQXULGLVWUXVHvQFDGUXODF LXQLLYLROHQWH
6XELHF LLLQIUDF LXQLL
1LFL VXELHFWXO DFWLY QHPLMORFLW DXWRU úL QLFL VXELHFWXO SDVLY QX VXQW
FLUFXPVWDQ LD L GH WH[W GHFL RULFH SHUVRDQ SRDWH DYHD FDOLWDWHD GH VXELHFW DO
LQIUDF LXQLL
6XQW VXELHF L DFWLYL QHPLMORFL L DXWRUL DL LQIUDF LXQLL GH WkOK ULH WR L
SDUWLFLSDQ LLODFRPLWHUHDIDSWHLLQGLIHUHQWGDF XQLLGLQWUHDFHúWLDGRDUDXPROHVWDW
YLFWLPDLDUDO LLVDXOLPLWDWODGHSRVHGDUHDDFHVWHLDGHEXQ
3HUVRDQDMXULGLF SRDWHILVXELHFWDFWLYDODFHVWHLLQIUDF LXQLvQFRQGL LLOHDUW
&SHQ
,QIUDF LXQHDGHWkOK ULHHVWHVXVFHSWLELO GHV YkUúLUHvQDIDUDFRDXWRUDWXOXL
úLvQPRGDOLW LOHLQVWLJDUHúLFRPSOLFLWDWH
6XELHF LSDVLYLVXQWWRDWHSHUVRDQHOHSUHMXGLFLDWH±IL]LFSVLKLFVDXPDWHULDO±
GHSHXUPDLQIUDF LXQLL
ÌQ FD]XO XQHL SOXUDOLW L GH VXELHF L SDVLYL GHSRVHGD L GH EXQXUL SULQWUR
DF LXQH XQLF GH YLROHQ VDX DPHQLQ DUH YRU H[LVWD WRW DWkWHD LQIUDF LXQL GH
WkOK ULHvQFRQFXUVLGHDOFkWHSHUVRDQHDXIRVWY W PDWH±IL]LFúLVDXSVLKLF
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO ± SULQ HIHFWXO ÄUHDF LHL vQ ODQ ´ LPSULPDW GH FRQ LQXWXO
LQIUDF LXQLL±DUHILUHúWHFDUDFWHUFRPSOH[HOILLQGH[SULPDWSULQDF LXQLFRQMXJDWHGH
GHSRVHGDUHDYLFWLPHLGHEXQFkWúLGHYLROHQWDUH±IL]LF VDXSVLKLF ± D SHUVRDQHL
SHUVRDQHORU$F LXQLOHGLQDOGRLOHDWLSVXQWvQWUHSULQVHGHDXWRUSHQWUXDRE LQH
VDX S VWUD EXQXO GH LQXW GH SHUVRDQD Y W PDW RUL SHQWUX D vQO WXUD XUPHOH
LQIUDF LXQLLVDXSHQWUXDúLDVLJXUDVF SDUHDGHU VSXQGHUHÌQWUHFHOHGRX WLSXUL
GH DF LXQL H[LVW R LQGLVSHQVDELO UHOD LH GH LQWHUFRQGL LRQDUH vQ DEVHQ D DFHVWHL
UHOD LLFRQVWUXF LDMXULGLF FRPSOH[ DWkOK ULHLGH]LQWHJUkQGXVHvQLQIUDF LXQHDGH
&6-'HFQU'UQUSÌQDFHODúLVHQV70%'HFQU&3-3
S70%'HFQU&3-3S
7M7LPLú'HFQU5,,,S
&6-'HFQU'UQUSÌQDFHODúLVHQV&0LWUDFKH3OXUDOLWDWHDGHYLFWLPHvQ
FD]XOWkOK ULHL5'3QUSO70%'HFQU&3-3S
76'HFQU5,,S±
&6-'HFQU'UQUS
IXUWSHGHRSDUWHúLLQIUDF LXQHDGHORYLUHY W PDUHFRUSRUDO DPHQLQ DUHHWFSH
GHDOW SDUWH
$F LXQLORU YLROHQWH GH QDWXUD FHORU PDL VXV H[SOLFDWH OH VXQW DVLPLODWH úL
DF LXQLOH SULQ FDUH YLFWLPD LQIUDF LXQLL HVWH SXV vQ VWDUH GH LQFRQúWLHQ RUL vQ
QHSXWLQ GHDVHDS UD
ÌQUDSRUWFXPLMORDFHOHIRORVLWHvQFDGUXOLQIUDF LXQLLGHWkOK ULHVHGLVWLQJWUHL
PRGDOLW LQRUPDWLYH
)XUW SULQ DPHQLQ DUH &RQFHSWXO DPHQLQ DUH D IRVW H[SOLFDW OD DQDOL]D
LQIUDF LXQLL SUHY ]XWH GH DUW $PHQLQ DUHD SUHFHGH GHSRVHGDUHD YLFWLPHL GH
EXQDFHDVWDFHGkQGXOVXELPSHULXOFRQVWUkQJHULLSVLKLFHH[HUFLWDWHGHDXWRU
)XUWSULQYLROHQ H'HVSUHYLROHQ HOHIL]LFHVDXSVLKLFHFDUHDXFDXUPDUH
SURYRFDUHDXQRUY W P ULDOHLQWHJULW LLFRUSRUDOHVDXV Q W LLFHQHFHVLW vQJULMLUL
PHGLFDOHRULFDUHFDX]HD] GLIHULWHDOWHFRQVHFLQ H±LQILUPLWDWHVOX LUHDYRUWHWF±
VDXGDWH[SOLFD LLOHFXYHQLWHODLQIUDF LXQLOHSUHY ]XWHGHDUW&RGSHQDO
H[SOLFD LLFDUHvúLS VWUHD] LQWHJUDOYDODELOLWDWHDúLODLQIUDF LXQHDGHWkOK ULH
$F LXQLOH YLROHQWH VXEVXPDWH HOHPHQWXOXL PDWHULDO DO LQIUDF LXQLL GH WkOK ULH
SUHY ]XWHvQDOLQVXQWFHOHFDUHDXXUP ULOHDU WDWHvQDUWúL&RGSHQDO
9LROHQ HOHFDúLDPHQLQ ULOHVXQWH[HUFLWDWHGHDXWRUILHvQVFRSXOFRPLWHULL
IXUWXOXL ± DQWHULRU VDX FRQFRPLWHQW VXVWUDJHULL EXQXOXL ± ILH SHQWUX DúL S VWUD
EXQXO VXVWUDV D úWHUJH XUPHOH LQIUDF LXQLL RUL DúL DVLJXUD VF SDUHD ± SRVWHULRU
FRPLWHULLIXUWXOXL
(VWHvQV GHSUHFL]DWF YLROHQ HOH±IL]LFHVDXSVLKLFH±VXQWvQGUHSWDWHDVXSUD
SHUVRDQHL±LQGLIHUHQWGDF DFHDVWDHVWHvQV úLYLFWLPDVDXFHDFDUHS ]HúWHEXQXO
RUL FDUH LQWHUYLQH SHQWUX D FDSWXUD I SWXLWRUXO ± úL QX DVXSUD OXFUXOXL 9D H[LVWD
WRWXúL LQIUDF LXQHD GH WkOK ULH GDF YLROHQ D HVWH vQGUHSWDW vPSRWULYD EXQXOXL vQ
VFRSXOGHDvQIULFRúDYLFWLPD
ÌQ FD]XO vQV vQ FDUH EXQXO FKLDU DIODW DVXSUD YLFWLPHL HVWH VXVWUDV I U FD
DXWRUXOV H[HUFLWHDJUHVLXQLIL]LFHVDXSVLKLFHúLvQFRQVHFLQ I U FDYLFWLPHLV L
VHSURGXF RVXIHULQ ±FDGHSLOG VPXOJHUHDF FLXOLLSXUWDWHGHDFHDVWD±IDSWD
QXYDFRQVWLWXLLQIUDF LXQHDGHWkOK ULH±DGHFLVLQVWDQ DVXSUHP vQFRPSXQHUHD
GHPDJLVWUD L±FLLQIUDF LXQHDGHIXUW
)XUWSULQSXQHUHDYLFWLPHLvQVWDUHGHLQFRQúWLHQ VDXvQQHSXWLQ DGHDVH
DS UD
$VHPHQHD VW UL DX IRVW H[DPLQDWH SH ODUJ OD LQIUDF LXQHD GH YLRO úL HOH DX
vQ HOHVLGHQWLFODLQIUDF LXQHDGHWkOK ULHFXSUHFL]DUHDvQV F DXWRUXOIDSWHLSULQ
DF LXQHDOXLSURGXFHXQDVDXDOWDGLQVW ULOHPHQ LRQDWHvQWH[W
ÌQ LSRWH]D F YLFWLPD VH DIOD vQWUR DVHPHQHD VWDUH GDWRUDW SURSULHL YRLQ H
HVWHvQVWDUHGHLQFRQúWLHQ GLQFDX]DFRQVXPXOXLYROXQWDUGHE XWXULDOFRROLFHRUL
GHVWXSHILDQWHVDXGLQFDX]DDF LXQLLvQWUHSULQVHGHDOWHSHUVRDQHLDUDXWRUXOGRDU
D SURILWDW GH DFHD VWDUH SUHH[LVWHQW LQWHUYHQ LHL VDOH IDSWD QX FRQVWLWXLH
LQIUDF LXQHDGHWkOK ULHFLDFHHDGHIXUW
9LROHQ HOHVHSRWV YkUúLILHDVXSUDSHUVRDQHLSUHMXGLFLDWHILHDRULF UHLDOWH
SHUVRDQH FD GH SLOG DFHHD FDUH GH LQH ± vQ SRVHVLH VDX GHWHQ LH ± EXQXO FDUH
S ]HúWH EXQXO RUL FDUH vQFHDUF V O vPSLHGLFH SH DXWRU V FRPLW IXUWXO RUL V úL
76'HFQU5,S
76'HFQU5,,S
76'HFQU5,S
7M%UDúRY'HFQU'UQUS
&6-&RPSOHWGH'HFQU'&6-S
7M%UDúRY'HFQU,ELGHPS
DVLJXUHS VWUDUHDEXQXOXLVF SDUHDVDXúWHUJHUHDXUPHORULQIUDF LXQLLÌQRSLQLD
QRDVWU LQIUDF LXQHD GH WkOK ULH HVWH UHDOL]DW úL DWXQFL FkQG YLROHQ HOH VXQW
H[HUFLWDWH DVXSUD XQXL PHPEUX DO IDPLOLHL S U LL Y W PDWH RUL D XQHL SHUVRDQH GH
FDUHDFHDVWDHVWHOHJDW VXIOHWHúWHSHQWUXDVLOLDVWIHOYLFWLPDV FHGH]HEXQXO
0RGDOLW LOH DJUDYDWH DOH YDULDQWHL WLSLFH D WkOK ULHL VXQW SUHY ]XWH vQ DOLQ
&LUFXPVWDQ HOH DJUDYDQWH SUHY ]XWH vQ DOLQ VH VXSUDSXQ vQ PDUH
P VXU DFHORUDDQDOL]DWHODLQIUDF LXQHDGHIXUWFDOLILFDW$úDILLQGYRUILSXVHvQ
HYLGHQ LGHQWLW LOHGXS FD]GHRVHELULOHvQUHGDFWDUHDWH[WHORU
$JUDYDQWHOHUHJOHPHQWDWHvQDOLQOLWDFVXQWLGHQWLFHFXFHOHH[DPLQDWH
ODLQIUDF LXQHDSUHY ]XW GHDUWDOLQOLWFJHúLIFXSUHFL]DUHDvQV F
vQ YUHPH FH IXUWXO HVWH FDOLILFDW vQ FD]XO vQ FDUH HVWH FRPLV vQWUXQ PLMORF GH
WUDQVSRUWvQFRPXQWkOK ULDHVWHDJUDYDW SRWULYLWSUHYHGHULORUDOLQOLWFWH]DD
,,DFkQGHVWHFRPLV vQRULFDUHPLMORFGHWUDQVSRUW
ÌPSUHMXU ULOH DJUDYDQWH SUHY ]XWH vQ DUW DOLQ OLW D E úL G DX
DFHODúLFRQ LQXWúLvQ HOHVFXFHODU WDWFXRFD]LDH[SOLFD LLORUGLVSR]L LLORUGLQDUW
DOLQOLWDEúLK&HHDFHDSDUHvQSOXVODLQIUDF LXQHDGHWkOK ULHHVWHúL
IRORVLUHDXQHLVXEVWDQ HSDUDOL]DQWHODUHDOL]DUHDLQIUDF LXQLLGHIXUW
Ä6XEVWDQ HOH SDUDOL]DQWH´ IDF LQFDSDELO YLFWLPD D DF LRQD D VH PLúFD D VH
PDQLIHVWDvQRULFHPRG
ÌQDIDUDDJUDYDQWHORUFRPXQHFXSULQVHvQWH[WHOHLQFULPLQDWRULLFLWDWHWkOK ULD
PDL HVWH DJUDYDW vQ LSRWH]HOH F DFHDVWD HVWH FRPLV ÄvQWUR ORFXLQ VDX vQ
GHSHQGLQ HDOHDFHVWHLD´±VDXÄDDYXWYUHXQDGLQXUP ULOHDU WDWHvQDUW´ÌQ
LSRWH]D QRUPDWLY UHJOHPHQWDW vQ DOLQ OLW F LQIUDF LXQHD GH YLRODUH GH
GRPLFLOLXHVWHDEVRUELW vQFRQ LQXWXOLQIUDF LXQLLGHWkOK ULH
ÌQ VIkUúLW DJUDYDQWD VWDELOLW vQ DOLQ HVWH LQFLGHQW vQ FD]XULOH vQ FDUH
WkOK ULDÄDSURGXVFRQVHFLQ HGHRVHELWGHJUDYH´±DVHYHGHDGLVSR]L LLOHDUW
&SHQ±VDXÄDDYXWFDXUPDUHPRDUWHDYLFWLPHL´
8UPDUHDLPHGLDW úLOHJ WXUDGHFDX]DOLWDWHSULYHVFGRDUDF LXQHDSULQFLSDO
úLVXQWLGHQWLFHFXFHOHGHODIXUWILLQGLQGLIHUHQWGDF DF LXQHDDGLDFHQW úLDDWLQV
VDX QX VFRSXO (VWH GHFL QHFHVDU QXPDL FD DF LXQHD SULQFLSDO GH IXUW V ILH
HIHFWLY
/DWXUDVXELHFWLY
(OHPHQWXOVXELHFWLYDOLQIUDF LXQLLGHWkOK ULHHVWHGHDVHPHQHDFRPSOH[HO
H[SULPkQGXVH vQ IRUPD LQWHQ LHL OD DPEHOH WLSXUL GH DF LXQL ± SULQFLSDO úL
VHFXQGDU DGLDFHQW
,QWHQ LD FDUH FDUDFWHUL]HD] LQIUDF LXQHD GH WkOK ULH vQ vQWUHJXO HL HVWH
FDOLILFDW LQFOX]kQGúLHOHPHQWXOVFRS±VSUHFDUHVHvQGUHDSW DF LXQHDDGLDFHQW ±
LDU DFHVW VFRS HVWH DFHOD GH D RE LQH VDX S VWUD EXQXO RUL GH D vQO WXUD XUPHOH
LQIUDF LXQLLVDXGHDIDFLOLWDI SWXLWRUXOXLH[RQHUDUHDGHU VSXQGHUH
,QWHQ LDFXFDUHVHFRPLWDPEHOHWLSXULGHDF LXQL±IXUWúLYLROHQ H±SRDWHIL
FRQFRPLWHQW GDULQWHQ LLOHFDUHFDUDFWHUL]HD] ILHFDUHDF LXQHSRWILúLVXFFHVLYH
GHFLXQDSUHPHUJHFHOHLODOWH
(VWH vQV GH SUHFL]DW F XUP ULOH DU WDWH vQ DUW Y W PDUHD FRUSRUDO
JUDY úLDUWPRDUWHDYLFWLPHLVXQWSUDHWHULQWHQ LRQDWHDXWRUXOQHSUHY ]kQG
SURGXFHUHDORURULVRFRWLQGI U WHPHLF DFHVWHDQXVHYRUSURGXFHDVWIHOvQFkWHOH
76'HFQU5,,,S
Ì&&-VS'HFQUS
70%'HFQU5,,,S
vL VXQW DWULEXLWH VXE IRUPD FXOSHL ÌQ LSRWH]D vQV vQ FDUH DXWRUXO D SUHY ]XW úL
XUP ULW SURGXFHUHD XQRU DVWIHO GH XUP UL VXQWHP vQ SUH]HQWD XQXL FRQFXUV GH
LQIUDF LXQLvQWUHDFHHDGHWkOK ULHSUHY ]XW vQDUWDOLQúLDFHHDGHRPRU
FDOLILFDWSUHY ]XW GHDUWOLWG&SHQ
)RUPH6DQF LXQL
)RUPH 7HQWDWLYD LQIUDF LXQLL GH WkOK ULH HVWH UHDOL]DW ± LGHQWLF DFHOHLD GH
IXUW ± DWXQFL FkQG DF LXQHD SULQFLSDO ± GH IXUW ± HVWH vQWUHUXSW GLQ PRWLYH
LQGHSHQGHQWHGHYRLQ DI SWXLWRUXOXLPDLvQDLQWHGHGHSRVHGDUHDYLFWLPHLGHEXQ
FX FRQGL LD DEVROXW REOLJDWRULH FD V ILH vQVR LW GH DF LXQHD DGLDFHQW ± GH
YLROHQ ORYLUH DPHQLQ DUH HWF vQ DEVHQ D DF LXQLL DGLDFHQWH WHQWDWLYD GH
GHSRVHGDUHDYLFWLPHLGHEXQHVWHODLQIUDF LXQHDGHIXUWúLQXODDFHHDGHWkOK ULH
([LVW WHQWDWLY ODLQIUDF LXQHDGHWkOK ULH±UHVSHFWLYLQIUDF LXQHFRQVXPDW
±úLvQFD]XOFkQGYLROHQ HOHVHH[HUFLW vQVFRSXOVXVWUDJHULLXQXLYHKLFXOSHQWUXDO
IRORVLSHQHGUHSW
&RQVXPDUHD LQIUDF LXQLL GH WkOK ULH VXUYLQH DLGRPD LQIUDF LXQLL GH IXUW vQ
PRPHQWXO LPSRVHG ULL DXWRUXOXL FX EXQXO VXVWUDV DF LXQH DVRFLDW GHVLJXU OD
DF LXQHD YLROHQW ± DQWHULRDU FRQFRPLWHQW VDX SRVWHULRDU DFWXOXL GH
GHSRVHGDUH±vQWUHSULQV vQOHJ WXU FXIXUWXO
6DQF LXQL,QIUDF LXQHDGHWkOK ULHVHSHGHSVHúWHFXvQFKLVRDUHGHODOD
DQL vQ YDULDQWD WLS 3HGHDSVD SUHY ]XW vQ DOLQ HVWH vQFKLVRDUHD GH OD OD
DQLLDUvQDOLQvQFKLVRDUHDGHODODDQL)DSWDSUHY ]XW vQDOLQHVWH
SHGHSVLW FXvQFKLVRDUHDGHODODDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
3HUVRDQD MXULGLF VH VDQF LRQHD] vQ WRDWH LSRWH]HOH GH LQFULPLQDUH FX
DPHQG GHODODOHL
3,5$7(5,$
,QIUDF LXQHD GH SLUDWHULH QX HVWH DOWFHYD GHFkW LQIUDF LXQHD GH WkOK ULH
V YkUúLW vQV vQ DQXPLWH FRQGL LL VSHFLDOH 'H DFHHD QX YRP UHLWHUD H[SOLFD LLOH
GDWHODLQIUDF LXQHDGHUHIHULQ FLQHYRPP UJLQLODDH[DPLQDDFHOHFRQGL LLFH
SDUWLFXODUL]HD] SLUDWHULDPDUFkQGúLLQIOXHQ DDFHVWRUFRQGL LLDVXSUDFRQ LQXWXOXL
LQIUDF LXQLLGHWkOK ULH
-HIXLUHDSULQDFWHGHYLROHQ
ÌQFHUFkQG D GHVOXúL QHYRLD GH H[SULPDUH WDXWRORJLF D DFHVWHL VLQWDJPH ±
ÄMDIXO´LPSOLFkQGREOLJDWRULXDFWXOGHYLROHQ DO WXULGHDFHODGHIXUW±FUHGHPF
OHJLXLWRUXODLQWHQ LRQDWV SXQ vQHYLGHQ RGLPHQVLXQHVXSOLPHQWDU ID GHFHOH
DOH WkOK ULHL úL DQXPH GLPHQVLXQHD FH VH DGUHVHD] GLVWUXJHULORU PDWHULDOH
SURYRFDWHvQFRQWH[WXODFWXOXLGHSLUDWHULH$úDGDUvQFD]XOSLUDWHULHLvQSDUDOHOFX
DF LXQLOHFRQMXJDWHGHDH[HUFLWDYLROHQ HúLGHDVXVWUDJHEXQXULVHSRWGH]YROWDúL
DF LXQL GH GLVWUXJHUH D XQRU FRPSRQHQWH úL HFKLSDPHQWH DOH QDYHL RUL DHURQDYHL
PHFDQLVPHOHRULGLVSR]LWLYHOHGHSURSXOVDUHGHGLULMDUHGHPHQ LQHUHDVWDELOLW LL
vQ DHU VDX SH DS E UFLOH GH VDOYDUH VDX SDUDúXWHOH HWF RUL FKLDU D QDYHL VDX
DHURQDYHLvQvQWUHJXOV X
&6-'HFQU%-S
76'HFQU5,,,S
7M7LPLú'HFQULELGHPS
70%'HFQU&3-3S
&6-'HFQU'UQUS
ÌQFRQVHFLQ RELHFWXOPDWHULDODOLQIUDF LXQLLGHSLUDWHULHHVWHFRQVWLWXLWGLQ
EXQXULOHVXVWUDVH±DSDU LQkQGSDWULPRQLXOXLSULYDWVDXSXEOLF±FRUSXOSHUVRDQHORU
DVXSUDF URUDVDDF LRQDWYLROHQWúLSRVLELOEXQXULOHPDWHULDOHGLVWUXVHLQGLIHUHQW
GDF DFHVWHD VXQW GLQWUH FHOH WUDQVSRUWDWH VDX UHSUH]LQW QDYD VDX DHURQDYD vQ
vQWUHJXOV XRULS U LDOHDFHVWHLD
ÌQUHJXO JHQHUDO VXELHFWXODFWLYHVWHSOXUDO±IDSWDV YkUúLW GHÄHFKLSDMXO
VDX SDVDJHULL XQHL QDYH´ ± SOXUDOLWDWHD ILLQG SUHVXSXV GH vQV úL QDWXUD úL
FRPSOH[LWDWHD DFWXOXL SLUDWHUHVF D F UXL vQI SWXLUH LPSOLF R FRRSHUDUH vQWUH PDL
PXOWH SHUVRDQH SHQWUX D SXWHD IL vQIUkQW UH]LVWHQ D FHORUODO L PHPEUL ORLDOL DL
HFKLSDMXOXL±GHSHDFHHDúLQDY ±VDXDHFKLSDMXOXL±QDYHLDWDFDWH±úLHYHQWXDOD
SDVDJHULORU'LQIRUPXODUHDGDW GHOHJLXLWRUQXWUHEXLHvQV DVHWUDJHFRQFOX]LDF
VD H[FOXV V YkUúLUHD SLUDWHULHL GH F WUH XQ VLQJXU DXWRU ± FD] SDUWLFXODU ± úL GH
DOWPLQWHULSUDFWLFDMXGLFLDU DGHPRQVWUDW±vQPDWHULDSLUDWHULHLDHULHQH±F úLR
DF LXQHVROLWDU SRDWHDWLQJHRELHFWLYXOXUP ULW
'LVWUXJHULOH GH EXQXUL SRW IL XUP ULWH GH SLUD L WRFPDL SHQWUX D vQIULFRúD
HFKLSDMXOQDYHLDWDFDWHúLDLvQIUkQJHUH]LVWHQ DVDXDQXODúDQVDGHVF SDUHSULQIXJ ±
LSRWH] vQ FDUH HOHPHQWXO VXELHFWLY DO DF LXQLL GH GLVWUXJHUH VH PDQLIHVW VXE IRUPD
LQWHQ LHLGLUHFWH'LVWUXJHULOHSRWDS UHDúLFDUH]XOWDWHYHQWXDODFFHSWDWvQV GHDXWRULL
LQIUDF LXQLLGLVWUXJHULOHILLQGSURYRFDWHvQFDGUXOúLGDWRULW DF LXQLLGHDWDFDUHDQDYHL
VDXDHURQDYHL±VLWXD LHvQFDUHDJHQ LLOXFUHD] FXLQWHQ LHLQGLUHFW
,QGHSHQGHQWGHIRUPDSULQFDUHVHH[SULP SR]L LDVXELHFWLY DSLUD LORUGLQ
DFHVW SXQFW GH YHGHUH HVWH GH UH LQXW F DF LXQLOH GH GLVWUXJHUH VXQW DEVRUELWH vQ
FRQ LQXWXOFRPSOH[DOLQIUDF LXQLLGHSLUDWHULHHOHQHFRQVWLWXLQGHOHPHQWXOPDWHULDO
DOXQHLLQIUDF LXQLGLVWLQFWHGHGLVWUXJHUHvQSDJXEDSDWULPRQLXOXLSULYDWVDXSXEOLF
V YkUúLW vQFRQFXUVFXDFHHDGHSLUDWHULH
1DY 6HvQ HOHJHDFHOYHKLFXOFRQVWUXLWDPHQDMDWúLHFKLSDWSHQWUXDSOXWLúLD
VH GHSODVD SH VXE DS vQ VFRSXO HIHFWX ULL WUDQVSRUWXULORU GH P UIXUL VDX GH
RDPHQLH[HFXW ULLXQRUOXFU ULWHKQLFHHWF
$HURQDY &RQFHSWXOGHILQHúWHDFHOYHKLFXOFDUHVHPHQ LQHúLVHGHSODVHD]
vQ DHU 'LQ LQWHUSUHWDUHD WH[WXOXL DUW &RGXO SHQDO UH]XOW F DF LXQHD
SLUDWHUHDVF HVWHGHFODQúDW úLSXUWDW FKLDUGHODERUGXOQDYHLVDXDHURQDYHLSHvQ
FDUHVHDIO I SWXLWRULLVDXHVWHGHFODQúDW GHODERUGXODOWHLQDYHRULDHURQDYHFX
FDUH VDX GHSODVDW I SWXLWRULL SkQ OD QDYD DWDFDW DF LXQHD SXUWkQGXVH vQ
FRQWLQXDUHDVXSUDDFHVWHLDGLQXUP
0DUH OLEHU &RQFHSWXO GHILQHúWH DFHD SDUWH D P ULORU úL RFHDQHORU FDUH QX
DSDU LQHP ULLWHULWRULDOHVDXDSHORULQWHULRDUHPDULWLPHúLVHDIO vQIRORVLQ DWXWXURU
VWDWHORU QHILLQG VXSXV VXYHUDQLW LL ORU 5HJLPXO MXULGLF DO P ULL OLEHUH HVWH
JXYHUQDWGHSULQFLSLXOOLEHUW LLP ULLSHQWUXWRDWHQDYHOHFRPHUFLDOHúLPLOLWDUHDOH
WXWXURUVWDWHORUvQWLPSGHSDFHúLGHU ]ERL
-XULVGLF LD VWDWXOXL 3ULQ DFHVW FRQFHSW VH vQ HOHJH SXWHUHD FRPSHWHQ D
LQVWDQ HORUMXGHF WRUHúWLGHDMXGHFDIDSWHOHV YkUúLWHSHWHULWRULXOV XH[FHS LLOHGH
OD SULQFLSLXO WHULWRULDOLW LL OHJLL SHQDOH URPkQH VXQW FHOH SUHY ]XWH vQ DUW
&RG SHQDO LDU FRQFHSWXO GH WHULWRULX D IRVW GHILQLW FD DFHO VSD LX JHRJUDILF
GHWHUPLQDWDIODWVXEVXYHUDQLWDWHDGHSOLQ úLH[FOXVLY DXQXLVWDWvQFDUHVHLQFOXG
XVFDWXOVXEVROXOV XDSHOHWHULWRULDOHúLFRORDQDDHULDQ GHGHDVXSUDORU
5H]XOW SULQXUPDUHF SHQWUXUHDOL]DUHDLQIUDF LXQLLGHSLUDWHULHHVWHQHFHVDU
FD QDYD RUL DHURQDYD DVXSUD F UHLD VH SRDUW DF LXQHD V VH DIOH vQ PRPHQWXO
DWDFXOXLvQ]RQDP ULLOLEHUHRULvQWUR]RQ QHVXSXV MXULVGLF LHLYUHXQXLVWDW
'LF LRQDUXOH[SOLFDWLYDOOLPELLURPkQHHGFLWS
,ELGHPS
'LF LRQDUGHGUHSWLQWHUQD LRQDOSXEOLFHGFLWS
,ELGHPS
ÌQ LSRWH]D FRPLWHULL DFWHORU GH MHIXLUH D XQHL QDYH VDX DHURQDYH vQ DSHOH
WHULWRULDOH DOH VWDWXOXL QRVWUX UHVSHFWLY vQ VSD LXO DHULDQ GH GHDVXSUD VROXOXL úL
DSHORU WHULWRULDOH IDSWD QX vQWUXQHúWH HOHPHQWHOH FRQVWLWXWLYH DOH LQIUDF LXQLL GH
SLUDWHULHFLSHDFHOHDDOHLQIUDF LXQLLGHWkOK ULH
3LUDWHULD HVWH PDL JUDY GDF D D DYXW YUHXQD GLQ XUP ULOH SUHY ]XWH vQ
DUW E D SURGXV FRQVHFLQ H GHRVHELW GH JUDYH F D DYXW FD XUPDUH PRDUWHD
YLFWLPHL $FHVWH vPSUHMXU UL DJUDYDQWH DX vQ HOHVXO DU WDW FX RFD]LD FRPHQWDULXOXL
GHODLQIUDF LXQHDGHWkOK ULH
7HQWDWLYDODLQIUDF LXQHDGHSLUDWHULHVHSHGHSVHúWHSRWULYLWSUHYHGHULORUDUW
&SHQ
6DQF LXQL,QIUDF LXQHDGHSLUDWHULHVHSHGHSVHúWHFXvQFKLVRDUHGHODOD
DQL)DSWDSUHY ]XW vQDOLQVHSHGHSVHúWHFXvQFKLVRDUHDGHODODDQLLDU
FHDSUHY ]XW vQDOLQvQFKLVRDUHDGHODODDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
3HUVRDQD MXULGLF VH VDQF LRQHD] vQ WRDWH LSRWH]HOH GH LQFULPLQDUH FX
DPHQG GHODODOHL
$%8=8/'(Ì1&5('(5(
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO HVWH FRQVWLWXLW GLQ DFHOH UHOD LL VRFLDOH SULYLWRDUH OD
SDWULPRQLX±SULYDWVDXSXEOLF±UHOD LLVWDWRUQLFLWHSHWHPHLXOvQFUHGHULLSURELW LL
LQWHUSHUVRQDOHUHIHULWRDUHODWUDQVPLWHUHDGHWHQ LHLXQRUEXQXULPRELOH
&HHDFHFDUDFWHUL]HD] DFHDVW LQIUDF LXQHúLRGHRVHEHúWHvQSULQFLSDOGHDFHHD
GHIXUWHVWHF WUDQVIHUXOEXQXOXLPRELOGLQGHWHQ LDXQHLSHUVRDQHYLFWLPDvQGHWHQ LD
DOWHLSHUVRDQHDXWRUDOLQIUDF LXQLLVHUHDOL]HD] OLFLWVXEXQWLWOXOHJDOGDUXOWHULRU
I SWXLWRUXO FX UHDFUHGLQ LQWHUYHUWHúWH GHWHQ LD VD WHPSRUDU DVXSUD EXQXOXL vQWUR
GHSOLQ VW SkQLUHDDFHVWXLD'HFLHOVHFRPSRUW ID GHEXQXOFHLDIRVWvQFUHGLQ DWFD
XQYHULWDELOSURSULHWDUHYLGHQWvQPRGDEX]LYSULYkQGSHUVRDQD±IL]LF VDXMXULGLF ±
FHLDvQFUHGLQ DWEXQXOGHGUHSWXULOHSHFDUHOHDYHDDVXSUDDFHVWXLDúLSURYRFkQGXLSH
DFHDVW FDOHXQSUHMXGLFLXPDWHULDO
2ELHFWXO PDWHULDO DO LQIUDF LXQLL HVWH vQVXúL EXQXO PRELO ± DIODW vQ SDWULPRQLXO
SULYDWVDXSXEOLF±WUDQVPLVvQGHWHQ LDI SWXLWRUXOXLSHFDUHDFHVWDúLvQVW SkQHúWH
%XQXO PRELO RELHFW PDWHULDO DO LQIUDF LXQLL DUH vQ HOHVXO H[SOLFDW OD
LQIUDF LXQHDGHIXUW$FHVWEXQPRELOHVWHGH LQXWFXRULFHWLWOXGHYLFWLP VLWXD LH
FDUHQHFHVLW vQV XQHOHSUHFL] UL
$LGRPDLQIUDF LXQLLGHIXUWWH[WXOLQIUDF LXQLLSUHY ]XWHvQDUWGLQ&RGXO
SHQDO DFRUG SURWHF LH vPSRWULYD DF LXQLL IUDXGXORDVH DFROR PHQ LRQDWH QX QXPDL
SHUVRDQHLFDUHHVWHSURSULHWDUDOEXQXOXLFLRULF URUSHUVRDQHFDUHGH LQVXERULFH
WLWOXXQEXQ$úDGDUWH[WXOSUHWLQGHGRDUFDEXQXOV ILHGH LQXWGHRDOW SHUVRDQ
GHFkWI SWXLWRUXO
7UDQVIHUXOGHWHQ LHLDVXSUDEXQXOXLGHODYLFWLP ODLQIUDFWRUVHUHDOL]HD] GH
UHJXO vQYLUWXWHDXQXLUDSRUWMXULGLF±FRQWUDFWGHGHSR]LWWUDQVSRUWFRPRGDWJDM
FUHGLW±vQV QXOLSVHVFGLQSUDFWLFDMXGLFLDU QLFLFD]XULOHvQFDUHWUDQVIHUXOEXQXOXL±
LPSOLFLWWLWOXOVXEFDUHDXWRUXOSUHLDGHWHQ LDEXQXOXL±SURYLQHGLQWURGLVSR]L LHD
OHJLLGLQWUXQDFWDOXQHLDXWRULW LVDXFKLDUGLQWURVLWXD LHGHIDSWvQED]DF UHLD
VHWUDQVPLWHVW SkQLUHDEXQXOXL
ÌQGRFWULQ úLMXULVSUXGHQ VDFRQVLGHUDWF UHIX]XOGHDUHVWLWXLRVXP
vPSUXPXWDW QX FRQVWLWXLH LQIUDF LXQHD GH DEX] GH vQFUHGHUH FX PRWLYDUHD F vQ
70%'HFQUFX1RW DSUREDWLY GH93DSDGRSRO&3-3S
2/RJKLQ$)LOLSDúHGFLWSO
FD]XOvPSUXPXWXOXLGHFRQVXPD LHFDUHVHUHIHU ODEXQXULFRQVXPDELOHRGDW FX
DFHVWHDVHWUDQVPLWHúLGUHSWXOGHSURSULHWDWHDVXSUDORUFHHDFHGHWHUPLQ vQFD]XO
UHIX]XOXL UHVWLWXLULL OD VFDGHQ D vPSUXPXWXOXL R VXP GH EDQL QDúWHUHD XQXL
OLWLJLXFLYLOúLQXLQFLGHQ DDUW&SHQ
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYúLVXELHFWXOSDVLYDOLQIUDF LXQLLVXQWFLUFXPVWDQ LD LGHWH[W
6XELHFW DFWLY QHPLMORFLW DXWRUXO SRDWH IL QXPDL SHUVRDQD F UHLD L VH
vQFUHGLQ HD] XQ EXQ PRELO ± vQ YLUWXWHD XQXL UDSRUW MXULGLF RUL D DOWRU VLWXD LL
H[DPLQDWH ± LDU VXELHFW SDVLY YLFWLPD SRDWH IL GRDU DFHD SHUVRDQ ± IL]LF VDX
MXULGLF ±FDUHDvQFUHGLQ DWEXQXOGH LQXWFXRULFHWLWOX
3RWULYLW GLVSR]L LLORU DUW & SHQ VXELHFW DFWLY DO LQIUDF LXQLL SRDWH IL úL
SHUVRDQDMXULGLF
3DUWLFLSD LDSHQDO ODV YkUúLUHDLQIUDF LXQLLHVWHSRVLELO vQWRDWHIRUPHOHHL±
FRDXWRUDW LQVWLJDUH FRPSOLFLWDWH ± vQFD]XOLQVWLJ ULLRULFRPSOLFLW LLQHPDLILLQG
vQV QHFHVDUFDI SWXLWRULLV DLE FDOLWDWHDSUHWLQV GHWH[W
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO DO LQIUDF LXQLL VH H[SULP SULQWUR DF LXQH VDX LQDF LXQH GLQ
FHOHOLPLWDWLYúLDOWHUQDWLYHQXQ DWHvQWH[WúLDQXPHDvQVXúLUHDEXQXOXLPRELODODOWHL
SHUVRDQHEGLVSXQHUHDSHQHGUHSWGHDFHVWEXQFUHIX]XOGHDUHVWLWXLEXQXO
ÌQVXúLUHD EXQXOXL &RQFHSWXO vQVXúLUH DUH vQ HOHVXO vQWUXFkWYD DVHP Q WRU
DFHOXLDGHODLQIUDF LXQHDGHIXUW6SUHGHRVHELUHvQV GHLQIUDF LXQHDvQFRPSDUD LH
GHSRVHGDUHD GH EXQ vQ FD]XO DEX]XOXL GH vQFUHGHUH VH IDFH FX FRQVLP PkQWXO
DFRUGXOSHUVRDQHLFDUHvOGH LQH±GHIDSWFKLDUDFHDVWDvQFUHGLQ HD] EXQXO±LDU
LPSRVHGDUHD DXWRUXOXL LQIUDF LXQLL DUH ORF vQWUXQ DO GRLOHD WLPS ± XQHRUL FKLDU
GHS UWDW GH SULPXO WLPS ± úL HVWH UHDOL]DW DúD FXP DU WDP vQ PRG IUDXGXORV
DEX]LY SULQ LQWHUYHUWLUHD WLWOXOXL OHJDO GH GHWHQWRU vQ VLWXD LD GH SURSULHWDU
X]XUSDWRUDOEXQXOXL
$FHVWDHVWHvQ HOHVXOFRQFHSWXOXLGHvQVXúLUHvQVHQVXODUWDOLQ&RGSHQDO
$GLVSXQHSHQHGUHSWGHEXQ&RQFHSWXODGLVSXQHH[SULP DFHDFRQGXLW D
SHUVRDQHLID GHEXQDGPLV OHJDOGRDUSURSULHWDUXOXLDFHVWXLDFRQGXLW vQFDGUXO
F UHLD SHUVRDQD DUH GUHSWXO GH D IDFH FH GRUHúWH FX EXQXO V X ± V vO YkQG
FRQVXPHvPSUXPXWHGLVWUXJ ±GDF GLVWUXJHUHDQXHVWHSURKLELW SULQGLVSR]L LLOH
DUWDOLQúL±DEDQGRQH]HSUHOXFUH]H
$GLVSXQHSHQHGUHSW$FWXOGHGLVSR]L LHSRWULYLWWH[WXOXLWUHEXLHV ILHÄSH
QHGUHSW´SHQWUXDFRQVWLWXLLQIUDF LXQHDDQDOL]DW DGLF DXWRUXODF LXQLLV QXDLE
GUHSWXO ± vQ YLUWXWHD FRQGL LLORU VWDELOLWH vQ FDGUXO UDSRUWXOXL MXULGLF ± V VH
FRPSRUWHFXEXQXOvQPDQLHUDvQFDUHDI FXWR
5HIX]XO GH D UHVWLWXL EXQXO 3ULQ DFHDVW VLQWDJP VH vQ HOHJH UHIX]XO
SHUVRDQHL F UHLD L VD vQFUHGLQ DW EXQXO GH DO UHVWLWXL SHUVRDQHL FDUH L D
vQFUHGLQ DW
5HIX]XODXWRUXOXLLQIUDF LXQLLWUHEXLHH[SULPDWvQPRGPDQLIHVWH[SUHV±QX
HVWH DVWIHO FRQVLGHUDW FHUHUHD GH D DPkQD UHPLWHUHD EXQXOXL ± úL HO VXFFHGH
VROLFLW ULL GH DVHPHQHD PDQLIHVW VRPDWLY D S U LL Y W PDWH GH D L VH UHVWLWXL
EXQXO
Ä5HIX]XO GH D UHVWLWXL OD VFDGHQ R VXP vPSUXPXWDW DWUDJH U VSXQGHUHD FLYLO úL QX FRQVWLWXLH
LQIUDF LXQHDGHDEX]GHvQFUHGHUH´±&6-'HFQU'UQUSÌQDFHODúLVHQV'UQU
S
70%'HFQU&3-3SO
6ROLFLWDUHD GH D VH UHVWLWXL EXQXO VH SRDWH IDFH úL SULQ PDQGDWDU RUL GH F WUH
VXFFHVRUXOSHUVRDQHLY W PDWHFDUHDGHFHGDW
1HSUHGDUHD EXQXOXL OD WHUPHQXO VFDGHQW QX HFKLYDOHD] FX R DWLWXGLQH GH
vPSRWULYLUH D SHUVRDQHL GH DO UHVWLWXL GDU DúD FXP VD VWDWRUQLFLW FX WHPHL vQ
SUDFWLFD MXGLFLDU QHUHPLWHUHD EXQXOXL OD XQ DOW WHUPHQ FRQYHQLW GH S U L GXS
H[SLUDUHDSULPXOXLWHUPHQYDSXWHDILFRQVLGHUDW FDUHIX]GHUHVWLWXLUHDEXQXOXL
7RW DVWIHO QX HFKLYDOHD] FX XQ UHIX] vQ VHQVXO LQIUDF LXQLL GH DEX] GH
vQFUHGHUH QHUHVWLWXLUHD EXQXOXL GLQ SULFLQD IDSWXOXL F DFHVWD D IRVW VXVWUDV RUL
GLVWUXV GH R WHU SHUVRDQ LPSRVLELOLWDWHD MXVWLILFDW D SHUVRDQHL F UHLD L VD
vQFUHGLQ DW EXQXO GH DúL vQGHSOLQL REOLJD LD FRQVWLWXLQG WHPHL GRDU SHQWUX
DQWUHQDUHDU VSXQGHULLFLYLOH±úLQXSHQDOH±GHRDUHFHOLSVHúWHLQWHQ LDGHIUDXGDUH
8UPDUHD LPHGLDW FRQVW SH GH R SDUWH vQ LPSRVHGDUHD IUDXGXORDV D
DXWRUXOXL FX EXQXUL FDUH FRQVWLWXLH RELHFW PDWHULDO DO LQIUDF LXQLL LDU SH GH DOW
SDUWH vQ OLSVLUHD S U LL Y W PDWH GH SRVLELOLWDWHD H[HUFLW ULL GUHSWXULORU HL DVXSUD
EXQXOXLvQFDX] úLvQSURGXFHUHDSULQFRQVHFLQ DXQXLSUHMXGLFLXPDWHULDO
/HJ WXUD GH FDX]DOLWDWH GLQWUH DF LXQHLQDF LXQH úL FRQVHFLQ HOH DFHVWRUD
UH]XOW GLQvQV úLPDWHULDOLWDWHDIDSWHORU±H[UH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH,QIUDF LXQHDGHDEX]GHvQFUHGHUHVHV YkUúHúWHH[FOXVLYFX
LQWHQ LH ± FD IRUP D YLQRY LHL ± vQ DPEHOH HL PRGDOLW L ± GLUHFW RUL LQGLUHFW
$úDGDU DXWRUXO LQIUDF LXQLL WUHEXLH V UHDOL]H]H F SULQ DF LXQHDLQDF LXQHD VD GH
DSURSULHUH IUDXGXORDV D EXQXOXL SHUVRDQHL Y W PDWH R SULYHD] SH DFHDVWD GH H[HU
FLWDUHDGUHSWXULORUOHJLWLPHSHFDUHOHDUHDVXSUDEXQXULORUvQFDX] úLV XUP UHDVF RUL
V DFFHSWHSURGXFHUHDUH]XOWDWXOXL6 YkUúLUHDLQIUDF LXQLLGLQFXOS HVWHH[FOXV
7H[WXOQXSUHWLQGHSHQWUXUHDOL]DUHDLQIUDF LXQLLH[LVWHQ DXQXLVFRSVDXPRELO
)RUPH6DQF LXQL
)RUPH'HúLSRVLELO FDUHDOL]DUHIDSWLF WHQWDWLYDQXHVWHVDQF LRQDW GHOHJH
&RQVXPDUHD LQIUDF LXQLL VXUYLQH LQVWDQWDQHX vQWUXQXO GLQWUH FHOH
PRPHQWH vQ FDUH VH PDWHULDOL]HD] DF LXQHDLQDF LXQHD vQVXúLUHD EXQXOXL
GLVSXQHUHDSHQHGUHSWGHDFHVWDUHIX]XOGHDOUHVWLWXL
6DQF LXQL$EX]XOGHvQFUHGHUHVHSHGHSVHúWHFXvQFKLVRDUHGHODOXQLOD
DQLVDXFXDPHQG
3HUVRDQD MXULGLF VH VDQF LRQHD] FX DPHQG GH OD OD OHL
SRWULYLWDUWDOLQ&SHQ
*(67,81($)5$8'8/2$6
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO HVWH LGHQWLF FX FHO DO LQIUDF LXQLL GH DEX] GH
vQFUHGHUHLDURELHFWXOPDWHULDODOLQIUDF LXQLLHVWHFRQVWLWXLWGLQEXQXULOHvQVXPDWH
vQPDVDSDWULPRQLXOXLJHVWLRQDWRXQLYHUVDOLWDWHGHEXQXULPRELOHúLVDXLPRELOH
FDUH úLDX SLHUGXW WRWDO VDX SDU LDO YDORDUHD GLQ FDX]D JHVWLRQ ULL ORU IUDXGXORDVH
SULFLQXLQGXVH DVWIHO R SDJXE SHUVRDQHL FDUH OHD vQFUHGLQ DW VSUH FRQVHUYDUH RUL
DGPLQLVWUDUH
76'HFQU5,,,S
6XELHF LLLQIUDF LXQLL
$LGRPD LQIUDF LXQLL GH DEX] GH vQFUHGHUH VXELHF LL LQIUDF LXQLL GH JHVWLXQH
IUDXGXORDV VXQWFLUFXPVWDQ LD LGHWH[W
$VWIHOVXELHFWDFWLYQHPLMORFLWDXWRUYDILGRDUDFHDSHUVRDQ F UHLDLVDX
vQFUHGLQ DWEXQXULVSUHFRQVHUYDUHVDXDGPLQLVWUDUH
6XELHFWDFWLYSRDWHILúLSHUVRDQDMXULGLF vQFRQGL LLOHDUW&SHQ
,QIUDF LXQHD HVWH VXVFHSWLELO GH V YkUúLUH vQ SDUWLFLSD LH ÌQ FD]XO
FRDXWRUDWXOXL ± PDL PXOWH SHUVRDQH VH DQJDMHD] V JHVWLRQH]H vQ FRPXQ XQ
SDWULPRQLX ± ILHFDUH GLQWUH DXWRUL WUHEXLH V DLE FDOLWDWHD FHUXW GH WH[W GDU vQ
FD]XOLQVWLJ ULLRULDOFRPSOLFLW LLVXELHF LLQXPDLVXQWFDOLILFD L
6XELHFWXOSDVLYHVWHDFHDSHUVRDQ ±IL]LF VDXMXULGLF ±FDUHvQFUHGLQ HD]
EXQXUL±GLQSDWULPRQLXOSULYDWVDXSXEOLF±VSUHFRQVHUYDUHVDXDGPLQLVWUDUHXQHL
SHUVRDQHIL]LFH
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO DO LQIUDF LXQLL FRQVW GLQWUR DF LXQH VDX GLQWUR
LQDF LXQH SULQ FDUH VXQW OH]DWH EXQXULOH DIODWH vQ DGPLQLVWUDUHD VDX FRQVHUYDUHD
DXWRUXOXLIDSWHL3RWFRQVWLWXLDF LXQLGHDFHVWWLSVSUHH[HPSOXYkQ]DUHDXQXLEXQ
GLQ SDWULPRQLX OD XQ SUH LQIHULRU FHOXL SUDFWLFDW SH SLD VDX GHJUDGDUHD
DXWRWXULVPXOXL SULPLW VSUH FRQVHUYDUH GLQ FDX]D IRORVLULL OXL GH F WUH I SWXLWRU vQ
LQWHUHVSURSULXRULDFRUGDUHDXQRUVDODUL] ULH[DJHUDWHLDULQDF LXQLGHDFHVWWLS±
QHvQFDVDUHDXQRUGDWRULLVDXWROHUDUHDIXUWXULORUvQSDJXEDSDWULPRQLXOXLJHVWLRQDW
RUL QHOXDUHD P VXULORU GH vQJU GLUH D XQHL FXOWXUL SHQWUX D R SURWHMD GH DF LXQLOH
GLVWUXJ WRDUHDOHDQLPDOHORUHWF
ÌQ LSRWH]D vQ FDUH DF LXQLOHLQDF LXQLOH S JXELWRDUH SDWULPRQLDO QX VXQW vQ
OHJ WXU FX DFWLYLWDWHD GH DGPLQLVWUDUH VDX FRQVHUYDUH D EXQXULORU IDSWD QX YD
FRQVWLWXLLQIUDF LXQHDGHJHVWLXQHIUDXGXORDV FLHYHQWXDORDOW LQIUDF LXQH
*HVWLXQH&RQFHSWXOGHILQHúWHRDFWLYLWDWHFRPSOH[ vQWUHSULQV GHRSHUVRDQ
vQOHJ WXU FXSDWULPRQLXO±SULYDWVDXSXEOLF±DSDU LQkQGDOWHLSHUVRDQH±IL]LFH
VDXMXULGLFH
&RQVHUYDUHD EXQXULORU 3RWULYLW REOLJD LLORU DVXPDWH SULQ FRQWUDFW VDX SULQ
HIHFWXO OHJLL SHUVRDQD GHVI úRDU DFWLYLW L GH S ]LUH D EXQXULORU GH PHQ LQHUH D
YDORULLORUúLvQJHQHUDORULFHDFWLYLW LQHFHVDUHúLPHQLWHDFRQVHUYDLQWHJUDOLWDWHD
FDQWLWDWLY úLFDOLWDWLY DSDWULPRQLXOXLDVWIHOJHVWLRQDW
ÌQOLWHUDWXUDGHVSHFLDOLWDWHVXQWDVLPLODWHXQRUDVHPHQHDDFWHGHJHVWLXQHúL
DFWHOH XWLOH SHQWUX GREkQGLUHD XQXL GUHSW FX SULYLUH OD DFHOH EXQXUL VDX SHQWUX
HYLWDUHD VWLQJHULL XQXL DVWIHO GH GUHSW LQVFULS LD XQHL LSRWHFL vQWUHUXSHUHD XQHL
SUHVFULS LLHWF
$GPLQLVWUDUHDEXQXULORU$FWLYLW LOHGHÄDGPLQLVWUDUH´DEXQXULORUVXQWPXOW
PDL QXPHURDVH úL FRPSOH[H GHFkW FHOH GH ÄFRQVHUYDUH´ ± SH FDUH GH DOWIHO OH úL
LQFOXG ± REOLJD LLOH DGPLQLVWUDWRUXOXL DVXPDWH HYLGHQW WRW SULQWUXQ FRQWUDFW VDX
SULQ HIHFWXO OHJLL SXWkQG FRQVWD vQ SULPLUHD VXE RULFH WLWOX HYLGHQ LHUHD
PkQXLUHD HOLEHUDUHD VXE RULFH WLWOX GHFL úL YkQ]DUHD VDX GRQDUHD EXQXULORU
SULPLWHvQJHVWLXQH
'UHSWXULOH úL REOLJD LLOH SHUVRDQHL UHIHULWRDUH OD SDWULPRQLXO vQFUHGLQ DW VSUH
JHVWLRQDUH VXQW FHOH VWDELOLWH SULQ FRQWUDFWXO vQFKHLDW FX SHUVRDQD FDUH LD
vQFUHGLQ DWvQDFHVWVFRSSDWULPRQLXOVDXFHOHVWDELOLWHSULQDFWXOHPLVvQYLUWXWHDúL
vQDSOLFDUHDGLVSR]L LHLOHJDOH
&$S6XFHDYD'HFQU'UQUS
&$S&RQVWDQ D'HFQU5'3QUS
79DVLOLXúLFRORSFLWYRO,S
3DWULPRQLXOvQFUHGLQ DWVSUHJHVWLRQDUHFXSULQGHRXQLYHUVDOLWDWHGHEXQXUL±
úLQXQXPDLXQEXQVDXDOWXOGHWHUPLQDWFXPHVWHvQFD]XOLQIUDF LXQLLGHDEX]GH
vQFUHGHUH±XQLYHUVDOLWDWHFHSRDWHFXSULQGHEXQXULPRELOHúLVDXLPRELOHIXQJLELOH
úLVDXQHIXQJLELOHFRQVXPSWLELOHúLVDXQHFRQVXPSWLELOHSUHFXPúLGUHSWXULUHDOH
GHFUHDQ HWF
(VWH OLSVLW GH LPSRUWDQ SHQWUX UHDOL]DUHD LQIUDF LXQLL GDF PDQGDWXO GDW
SHQWUX JHVWLRQDUHD SDWULPRQLXOXL HVWH H[SULPDW vQWUR IRUP VFULV VDX RUDO RUL
GDF HVWHFXWLWOXJUDWXLWVDXRQHURV
8UPDUHD LPHGLDW FRQVW vQ SURGXFHUHD XQHL SDJXEH SHUVRDQHL FDUH LD
vQFUHGLQ DWDXWRUXOXLEXQXULOHVSUHDGPLQLVWUDUHVDXFRQVHUYDUH
ÌQWUHDF LXQHDLQDF LXQHDI SWXLWRUXOXLúLXUPDUHDLPHGLDW WUHEXLHVWDELOLW R
OHJ WXU GHFDX]DOLWDWHDGLF WUHEXLHGHPRQVWUDWF SDJXEDvQUHJLVWUDW GHSDUWHD
Y W PDW HVWHFRQVHFLQ DDFWHORUIUDXGXORDVHSULQFDUHLVDXJHVWLRQDWEXQXULOH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH ,QIUDF LXQHD GH JHVWLXQH IUDXGXORDV VH V YkUúHúWH
H[FOXVLYFXLQWHQ LHvQDPEHOHHLIRUPH±GLUHFW VDXLQGLUHFW $úDGDUI SWXLWRUXO
UHDOL]HD] vQWRDWHFD]XULOHF SULQFRQGXLWDVDID GHEXQXULOHJHVWLRQDWHFUHHD]
XQSUHMXGLFLXPDWHULDOSHUVRDQHLFDUHLOHDvQFUHGLQ DWúLHOXUP UHúWHRULDFFHSW
SURGXFHUHD DFHVWXL UH]XOWDW 3ULQ H[SUHVLD ÄFX UHDFUHGLQ ´ SUH]HQW vQ WH[W
OHJLXLWRUXOúLDPDUFDWOLPSHGHYRLQ DGHDH[FOXGHSRVLELOLWDWHDVDQF LRQ ULLSHQDOH
DXQHLDVHPHQHDIDSWHDWXQFLFkQGHDHVWHFRPLV GLQFXOS
/D PRGDOLWDWHD DJUDYDW SUHY ]XW vQ DOLQ LQWHQ LD HVWH FKLDU FDOLILFDW
vQWUXFkW vQVXPHD] HOHPHQWXO VFRS FDUH FRQVW vQ XUP ULUHD RE LQHULL XQXL SURILW
PDWHULDOSULQV YkUúLUHDLQIUDF LXQLL
7H[WXOQXSUHWLQGHFDDXWRUXOV ILXUP ULWXQDQXPHVFRS±ODPRGDOLWDWHDWLS
UHJOHPHQWDW vQDOLQ±RULV ILIRVWDQLPDWGHXQPRELO
)RUPH6DQF LXQL
)RUPH/HJHDQXSUHYHGHVDQF LRQDUHDWHQWDWLYHLGHúLDFHDVWDHVWHSRVLELO
&RQVXPDUHD LQIUDF LXQLL DUH ORF vQ PRPHQWXO DSDUL LHL XUP ULL LPHGLDWH
UHVSHFWLYvQPRPHQWXOSURGXFHULLHIHFWLYHDSDJXEHLvQGDXQDSDWULPRQLXOXLSULYDW
RULSXEOLF
6DQF LXQLÌQIRUPDWLSLQIUDF LXQHDHVWHSHGHSVLW FXvQFKLVRDUHGHODOXQL
ODDQLLDUvQYDULDQWDDJUDYDW SHGHDSVDHVWHvQFKLVRDUHDGHODODDQLGDF
IDSWDQXFRQVWLWXLHRLQIUDF LXQHPDLJUDY
3HUVRDQDMXULGLF VHVDQF LRQHD] FXDPHQGDGHODODOHL
Ì1ù(/ &,81($
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO HVWH FRQVWLWXLW GLQ IDVFLFXOXO GH UHOD LL VRFLDOH
SULYLWRDUH OD SDWULPRQLX SULYDW úL SXEOLF IRUPDWH SH WHPHLXO EXQHLFUHGLQ H úL DO
vQFUHGHULLUHFLSURFHDVXELHF LORUDFHVWRUUDSRUWXUL
2ELHFWXO PDWHULDO DO LQIUDF LXQLL SRDWH IL XQ EXQ PRELO VDX LPRELO úL vQ
JHQHUDORULFHYDORDUHPDWHULDO FXPHVWHGHSLOG XQvQVFULVFDUHvQFRUSRUHD] R
DVHPHQHD YDORDUH OLEUHW VDX REOLJD LXQH &(& DGHYHULQ GH FkúWLJDUHD XQXL
SUHPLXODORWHULHDF LXQHODREDQF HWF
7M&RQVWDQ D'HFQU55'QUS
ÌQYDULDQWDSUHY ]XW vQDOLQRELHFWXOPDWHULDOFRQVW vQFRQWUDFWXOSULQD
F UXL YDORULILFDUH ± H[HFXWDUH HVWH SUHMXGLFLDW PDWHULDO YLFWLPD LDU OD YDULDQWD
DJUDYDW GHODDOLQRELHFWXOPDWHULDOHVWHFHFXO
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUDOLQIUDF LXQLLHVWHQHFLUFXPVWDQ LDWGHWH[W
HOSXWkQGGHFLILRULFDUHSHUVRDQ
3RDWHILVXELHFWDFWLYúLSHUVRDQDMXULGLF vQFRQGL LLOHDUW&SHQ
,QIUDF LXQHD HVWH VXVFHSWLELO GH SDUWLFLSD LH vQ WRDWH IRUPHOH DFHVWHLD ±
FRDXWRUDWLQVWLJDUHFRPSOLFLWDWH
6XELHFWXOSDVLYDOLQIUDF LXQLLHVWHvQV FLUFXPVWDQ LDWúLDQXPHSRDWHILGRDU
DFHDSHUVRDQ IL]LF VDXMXULGLF SUHMXGLFLDW PDWHULDOPHQWHSULQIDSWDvQúHO WRDUH
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDODOLQIUDF LXQLLFRQVW vQWURDF LXQH±UDUvQWURLQDF LXQH±
GH LQGXFHUH vQ HURDUH D XQHL SHUVRDQH F UHLD L VH SUH]LQW vQ PRG GLVWRUVLRQDW R
VLWXD LHRULRvPSUHMXUDUHGHIDSW±SULQDOWHUDUHDDGHY UXOXL±FXDOWHFXYLQWHDúD
FXPRVSXQHFKLDUWH[WXO±ILHHVWHSUH]HQWDW FDPLQFLQRDV RIDSW DGHY UDW ILHR
IDSW DGHY UDW HVWHSUH]HQWDW FDPLQFLQRDV
$FHVWDGLIHU vQUDSRUWFXPRGDOLW LOHQRUPDWLYHDOHLQIUDF LXQLL
$VWIHO vQ DOLQ DO DUW HVWH SUHY ]XW PRGDOLWDWHD WLS VLPSO D
LQIUDF LXQLLDOF UHLHOHPHQWPDWHULDOFRQVW GLQWURDF LXQHLQDF LXQHYLFOHDQ GH
LQGXFHUHvQHURDUHGHS F OLUHH[SULPDW RUDOVDXvQVFULV
ÌQDOLQDODUWLFROXOXLHVWHSUHY ]XW RYDULDQW VSHFLDO DPRGDOLW LLWLS±
DúDQXPLWDvQúHO FLXQHvQFRQYHQ LL±DOF UHLHOHPHQWPDWHULDOFRQVW vQDF LXQHD
VDX RPLVLXQHD GLQ FRQWUDFW FDUH LQGXFH vQ HURDUH SDUWHD FRQWUDFWDQW ÌQ FD]XO
DFHVWHL YDULDQWH VSHFLDOH SDUWHQHUXO FRQWUDFWXDO HVWH LQGXV vQ HURDUH ILH FX RFD]LD
vQFKHLHULLFRQWUDFWXOXL±DGLF vQID]DQHJRFLHULLSkQ ODLQWHUYHQLUHDDFRUGXOXLúL
VHPQDUHD DFWXOXL ± ILH vQ ID]D H[HFXW ULL FRQWUDFWXOXL ± DGLF vQ ID]D GHUXO ULL
DFHVWXLDODOLYUDUHDP UILLFDUHSRDWHILLQIHULRDU FDOLWDWLYODSODWDSUH XOXLHWF
(VWHHVHQ LDOGHUH LQXWODvQúHO FLXQHDvQFRQYHQ LLF ±DúDFXPSUHWLQGHWH[WXO±vQ
DEVHQ DHURULLvQFDUHDIRVWLQGXV RULPHQ LQXW YLFWLPDDFHDVWDQXVDUILDQJDMDW
ODvQFKHLHUHDRULH[HFXWDUHDFRQWUDFWXOXLvQFRQGL LLOHDFRORVWLSXODWH
ÌQúHO FLXQHD vQ PRGDOLWDWHD WLS FD úL YDULDQWD HL VSHFLDO ± vQúHO FLXQHD vQ
FRQYHQ LL ± SRW DYHD FkWH R YDULDQW DJUDYDW DWXQFL FkQG HOH VXQW V YkUúLWH vQ
DQXPLWH FRQGL LL SUHY ]XWH vQ DOLQ DO WH[WXOXL 'HFL PRGDOLWDWHD DJUDYDW D
LQIUDF LXQLLGHvQúHO FLXQHDUHFDRELHFWPDWHULDODF LXQHDLQDF LXQHDGHLQGXFHUHvQ
HURDUH D XQHL SHUVRDQH DFHHD FDUDFWHULVWLF PRGDOLW LL WLS V YkUúLW vQV SULQ
IRORVLUHD GH D QXPH PLQFLQRDVH E FDOLW L PLQFLQRDVH VDX F DOWH PLMORDFH
IUDXGXORDVH
D 1XPH PLQFLQRDVH (VWH XQ QXPH FDUH QX DSDU LQH I SWXLWRUXOXL 1XPHOH
HVWH ÄvPSUXPXWDW´ GH OD DOW SHUVRDQ ± vQ ORFXO F UHLD VH SUH]LQW SUHWLQ]kQG F
HVWHDFHDSHUVRDQ ±VDXHVWHLPDJLQDU±SHQWUXDúLDVFXQGHUHDODLGHQWLWDWHúLD
] G UQLFLDVWIHOGHVFRSHULUHDVDRULSHQWUXF QXPDLvQDFHVWPRGUHXúHDLQGXFHUHD
vQ HURDUH D YLFWLPHL VH SUH]LQW VXE QXPH GH UH]RQDQ JHUPDQLF úL YRUEHúWH
&5 WHVFXúLFRO&RGXOSHQDOÄ&DURODO,,OHD´DGQRWDWHGFLWYRO,,,S
' &LXQFDQ ÌQúHO FLXQHD vQ FRQWUDFWHOH LQIRUPDWLFH SLQ LQWHUPHGLXO ,QWHUQHWXOXL 5'3 QU
S Ä)RORVLUHD IUDXGXORDV D QXPHUHORU GH F U L GH FUHGLW OD FXPS UDUHD GH EXQXUL SULQ ,QWHPHW FRQVWLWXLH
LQIUDF LXQHDGHvQúHO FLXQHvQFRQYHQ LL´
&6-'HFQU%-S
70%'HFQU&3-3S
URPkQD FX DFFHQW JHUPDQ VSUH D FRQYLQJH YLFWLPD F HVWH ÄDJHQWXO´ XQHL ILUPH
PQFKHQH]H
E&DOLW LPLQFLQRDVH$VHYHGHDH[SOLFD LLOHGDWHODLQIUDF LXQHDGHYLRODUH
GHGRPLFLOLX
F0LMORDFHIUDXGXORDVH$F LXQHDGHvQúHODUHDXQHLSHUVRDQHVHUHDOL]HD] vQ
UHJXO JHQHUDO SULQ SUH]HQWDUHD GH F WUH DXWRUXO LQIUDF LXQLL D XQRU VW UL GH IDSW
QHFRQIRUPHUHDOLW LLDGLF SULQYRUEHDP JLWRDUHPLQFLQRDVHURVWLWHRULVFULVH
'HVHRUL vQV DFHDVW DF LXQH SULQFLSDO HVWH VXV LQXW FX DQXPLWH ÄPLMORDFH
IUDXGXORDVH´ IRORVLWH GH DXWRU SHQWUX D VSRUL úDQVHOH GH UHXúLW DOH DFWLYLW LL GH
SO VPXLUHDDGHY UXOXLSHQWUXDLFRQIHULXQJUDGGHFUHGLELOLWDWHULGLFDW
'LQGLVSR]L LLOHDUWDOLQUH]XOW F vQúHO FLXQHDvQYDULDQWDDJUDYDW
SUHY ]XW vQ DFHVW WH[W QX SRDWH IL QLFLRGDW R LQIUDF LXQH FRPSOH[ ÌQ
FRQVHFLQ GDF PLMORFXOIUDXGXORVSUH]LQW HOvQVXúLHOHPHQWHOHXQHLLQIUDF LXQL±
IDOV PDWHULDO vQ vQVFULVXUL RILFLDOH IDOV vQ vQVFULVXUL VXE VHPQ WXU SULYDW IDOV
SULYLQG LGHQWLWDWHD X] GH IDOV X]XUSDUHD GH FDOLW L RILFLDOH ± VXQW LQFLGHQWH
UHJXOLOH SULYLWRDUH OD FRQFXUVXO GH LQIUDF LXQL vQWUH vQúHO FLXQH úL DFHHD FDUH D
FRQVWLWXLWPLMORFXOIUDXGXORV
ÌQ DOLQ HVWH SUHY ]XW D GRXD PRGDOLWDWH DJUDYDW D LQIUDF LXQLL GH
vQúHO FLXQHFDUHVHH[SULP SULQXUP WRDUHOHDF LXQLDHPLWHUHDXQXLFHFDVXSUDXQHL
LQVWLWX LLGHFUHGLWVDXXQHLSHUVRDQHúWLLQGF SHQWUXYDORULILFDUHDOXLQXH[LVW SURYL]LD
VDXDFRSHULUHDQHFHVDU EUHWUDJHUHDGXS HPLWHUHDFHFXOXLDSURYL]LHLvQWRWDOVDX
vQSDUWHFLQWHU]LFHUHDWUDVXOXLGHDSO WLvQDLQWHGHH[SLUDUHDWHUPHQXOXLGHSUH]HQWDUH
$F LXQLOHLQFULPLQDWHvQFHOHWUHLYDULDQWHvQDOLQVXQWvQWUHSULQVHvQVFRSXODU WDWvQ
DOLQDGLF GHDSURGXFHRSDJXE SRVHVRUXOXLFHFXOXL
Ä7UDVXO´HVWHSHUVRDQDFDUHDUHPDQGDWVDXRUGLQGHODRDOW SHUVRDQ QXPLW
ÄWU J WRU´V H[HFXWHREOLJD LDGHSODW DXQHLVXPHGHWHUPLQDWHvQIDYRDUHDXQHLD
WUHLDSHUVRDQHQXPLW EHQHILFLDUODVFDGHQ DúLORFXOPHQ LRQDWH
,QVWDQ D VXSUHP vQ VHF LL XQLWH D GHFLV F vQ FD]XO vQ FDUH EHQHILFLDUXO
FHFXOXL DUH FXQRúWLQ vQ PRPHQWXO HPLWHULL F QX H[LVW GLVSRQLELOXO QHFHVDU
DFRSHULULLDFHVWXLDODWUDVIDSWDFRQVWLWXLHLQIUDF LXQHDSUHY ]XW vQDUWDOLQ
SFWGLQ/HJHDQUúLQXDFHHDSUHY ]XW vQDUWDOLQ&SHQ
8UPDUHDLPHGLDW ,QGLIHUHQWGHPRGDOLWDWHDQRUPDWLY vQFDUHVHV YkUúHúWH
LQIUDF LXQHD XUPDUHD LPHGLDW D ODWXULL RELHFWLYH FRQVW vQ SURGXFHUHD XQXL
SUHMXGLFLXPDWHULDOSHUVRDQHLvQúHODWHÌQDEVHQ DXQRUDF LXQLPHQLWHDSURGXFHR
SDJXE IDSWDQXFRQVWLWXLHLQIUDF LXQHDGHvQúHO FLXQH
1XFRQVWLWXLHXUPDUHDLPHGLDW DLQIUDF LXQLLGHvQúHO FLXQHSUHMXGLFLXOPRUDO
SURGXVSHUVRDQHLvQúHODWHFRPSURPLWHUHDYLFWLPHLID GHYHFLQLFROHJLHWF
3HQWUX UHDOL]DUHD ODWXULL RELHFWLYH HVWH QHFHVDU D VH GHPRQVWUD F vQWUH
DF LXQHDGHLQGXFHUHvQHURDUHúLFRQVHFLQ DS JXELWRDUHPDWHULDOU VIUkQW DVXSUD
YLFWLPHLH[LVW XQUDSRUWGHFDX]DOLWDWH
ÌQ FH SULYHúWH ÄIRORVXO PDWHULDO´ RE LQXW GH I SWXLWRU DFHVWD HVWH DLGRPD
DFHOXLD GH OD LQIUDF LXQHD GH IXUW XQ IRORV LQMXVW XQ IRORV OD FDUH HO QX HVWH
vQGUHSW LW
70%'HFQU&3-3S
3OHQ76'HFvQGUQU5,,S
93DSDGRSRO3-3YRO,,,S
3OHQ76'HFvQGUQU&'S
ÄÌQFDVDUHDGHODEDQF DXQHLVXPHGHEDQLSULQSUH]HQWDUHDODSODW DXQRUHXURFHFXULSHQWUXFDUHQXH[LVW
DFRSHULUHFRQVWLWXLHLQIUDF LXQHDGHvQúHO FLXQH´±&6-'HFQU%-S
&%XODL$)LOLSDú&0LWUDFKHHGFLWS
Ì&&-68'HFQU,;%&QUS
76'HFQU5,S
/DWXUDVXELHFWLY
,QIUDF LXQHD GH vQúHO FLXQH VH V YkUúHúWH H[FOXVLY FX LQWHQ LH úL DQXPH FX
LQWHQ LH GLUHFW ,QWHQ LD HVWH FDOLILFDW GHRDUHFH vQVXPHD] úL HOHPHQWXO VFRS
FDUHSRWULYLWWH[WXOXLHVWHDFHODGHDRE LQHXQIRORVPDWHULDOLQMXVW
1X LQWHUHVHD] SHQWUX UHDOL]DUHD LQIUDF LXQLL PRELOXO GH FDUH HVWH DQLPDW
I SWXLWRUXO
)RUPH6DQF LXQL
)RUPH )DSWD GH vQúHO FLXQH HVWH VXVFHSWLELO GH GHVI úXUDUH vQ WLPS
7HQWDWLYD VH SHGHSVHúWH ,QIUDF LXQHD U PkQH vQ ID] GH WHQWDWLY DWXQFL FkQG
DF LXQLOHGHLQGXFHUHvQHURDUHVXQWvQWUHUXSWHLQGHSHQGHQWGHYRLQ DI SWXLWRUXOXL±
PDLvQDLQWHGHSURGXFHUHDUH]XOWDWXOXLS JXELWRUSHQWUXYLFWLP ±FkWúLDWXQFLFkQG
DF LXQLOH VSHFLILFH GH vQúHODUH DX IRVW HSXL]DWH I U vQV FD XUPDUHD LPHGLDW ±
SUHMXGLFLXOPDWHULDO±V DSDU
1X YD FRQVWLWXL WRWXúL WHQWDWLY OD DFHDVW LQIUDF LXQH IDSWD GH D vQFHUFD
LQGXFHUHDvQHURDUHDXQHLSHUVRDQHSULQIRORVLUHDXQRUPLMORDFHWRWDOLPSURSULL±
IDOVXULJURVLHUHGHJKL] ULXúRUVHVL]DELOH±GHRDUHFHDFHVWHDQXDXDSWLWXGLQHDGHD
vQúHODSHFLQHYD
&RQVXPDUHD LQIUDF LXQLL LQWHUYLQH vQ PRPHQWXO DSDUL LHL XUP ULL LPHGLDWH
DGLF DOSURGXFHULLHIHFWLYHDSDJXEHL
ÌQ SUDFWLFD MXGLFLDU VD FRQVLGHUDW F vQúHO FLXQHD vQ FRQYHQ LL VH FRQVXP
vQWRWGHDXQDODvQFKHLHUHDFRQWUDFWXOXL
&RQVLP LQG vQ SDUWH F LQIUDF LXQHD VH SRDWH FRQVXPD vQ DFHO PRPHQW QH
H[SULP PRSLQLD±XúRUGLVWDQ DW GHDFHHDDLQVWDQ HLVXSUHPH±F PRPHQWHOHQX
VHVXSUDSXQREOLJDWRULXúLvQWRWGHDXQDGHRDUHFHSHGHRSDUWHDF LXQHDLQDF LXQHD
GHLQGXFHUHvQHURDUHSRDWHvQFHSHQXQHDS UDWvQID]DvQFKHLHULLFLúLvQDFHHDGH
H[HFXWDUH D FRQWUDFWXOXL ± DVWIHO F UDSRUWDUHD OD PRPHQWXO VWDELOLULL DFRUGXOXL
S U LORUDSDUHQHMXVWLILFDW GHYUHPHFHDF LXQHDvQúHO WRDUHQLFLQXDGHEXWDW±LDU
SH GH DOW SDUWH GHRDUHFH HVWH SRVLELO HSXL]DUHD DF LXQLL GH LQGXFHUH vQ HURDUH D
SHUVRDQHL ± vQ XQD RUL vQ DPEHOH ID]H DOH FRQWUDFWXOXL ± I U vQV FD UH]XOWDWXO
S JXELWRUV VHILSURGXV
$úD ILLQG FRQVLGHU P F LQIUDF LXQHD GH vQúHO FLXQH LQGLIHUHQW GH
PRGDOLWDWHD QRUPDWLY vQ FDUH HVWH V YkUúLW VH FRQVXP GRDU OD SURYRFDUHD XQHL
SDJXEHSHUVRDQHLY W PDWH
6DQF LXQL ÌQ UDSRUW FX SHULFROXO VRFLDO SUH]HQWDW GH ILHFDUH PRGDOLWDWH
QRUPDWLY OHJLXLWRUXODVWDELOLWXQUHJLPVDQF LRQDWRUGLIHUHQ LDWDVWIHO
vQFKLVRDUHDGHODOXQLODDQL±DOLQúL
vQFKLVRDUHDGHODODDQL±DOLQúL
vQFKLVRDUHDGHODODGHDQLúLLQWHU]LFHUHDXQRUGUHSWXUL±DOLQ
3HUVRDQD MXULGLF VH VDQF LRQHD] vQ WRDWH LSRWH]HOH GH LQFULPLQDUH FX
DPHQG GHODODOHLSRWULYLWDUWDOLQ&SHQ
76'HFQULELGHPS
76'HFQULELGHPS
76'HFQULELGHPS
&6-'HFQUO'UQUS
76'HFQU5,,
'(/$3,'$5($
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO HVWH FRQVWLWXLW GLQ IDVFLFXOXO GH UHOD LL VRFLDOH FX
FDUDFWHU SDWULPRQLDO FDUH UHFODP SHQWUX H[LVWHQ D úL GH]YROWDUHD ORU GLQ SDUWHD
JHVWLRQDULORU VDX DGPLQLVWUDWRULORU SDWULPRQLXOXL XQHL SHUVRDQH MXULGLFH V QX
VXVWUDJ EXQXULGLQFHOHJHVWLRQDWHRULDGPLQLVWUDWH3URWHF LDSHQDO VHH[WLQGH
vQV úL DVXSUD UHOD LLORU GH VHUYLFLX GLQ FDGUXO DFHOHL XQLW L RSWLPD GHVI úXUDUH D
DFHVWRUUHOD LLILLQGvQWUXQUDSRUWGHLQWHUFRQGL LRQDUHFXVWDUHDLQWHJUDOLWDWHDVDX
QHLQWHJUDOLWDWHDEXQXULORUGH LQXWHGHXQLWDWH
2ELHFWXO PDWHULDO ,QIUDF LXQHD GH GHODSLGDUH DUH WRWGHDXQD XQ RELHFW
PDWHULDO DGLF XQ RELHFW DVXSUD F UXLD VH H[HUFLW GLUHFW úL QHPLMORFLW DF LXQHD
LOLFLW GHVXVWUDJHUHRELHFWFDUHDSDU LQHXQHLSHUVRDQHGHGUHSWSXEOLFVDXSULYDW
3ULQFRQFHSWQR LXQHDGHVXVWUDJHUHLPSOLF H[LVWHQ DXQXLRELHFWPDWHULDORELHFW
FDUHHVWHVXVWUDVI U GHFDUHDF LXQHDGHVXVWUDJHUHQXDUILSRVLELO
2ELHFW PDWHULDO DO LQIUDF LXQLL GH GHODSLGDUH SRDWH V ILH vQ SULPXO UkQG RULFH
EXQ PRELO DFHDVWD ILLQG RDUHFXP GH OD VLQH vQ HOHV GHRDUHFH QXPDL XQ EXQ PRELO
HVWHVXVFHSWLELOGHVXVWUDJHUH6HFRQVLGHU GHDVHPHQHDEXQPRELOEXQXOFHSRDWHIL
GHVSULQV GH XQ EXQ LPRELO GH H[HPSOX XúLOH IHUHVWUHOH XQHL FO GLUL IUXFWHOH XQXL
WHUHQÌQDOGRLOHDUkQGEXQXOWUHEXLHV DLE RH[LVWHQ PDWHULDO GHRDUHFHQXPDLXQ
DVWIHOGHEXQSRDWHILVXVWUDV$FHVWOXFUXGHYLQHPDLHYLGHQWvQFD]XOFUHDQ HORUVDXDO
DOWRUYDORULF FLH[LVWHQ DORUVHUHIOHFW PDWHULDOvQGRFXPHQWXOFDUHOHFRQVWDW ÌQDO
WUHLOHD UkQG EXQXO PDWHULDO WUHEXLH V DLE R YDORDUH HFRQRPLF YDORDUH FDUH VH
H[SULP vQWUXQSUH vQWUXQWDULIVDXvQWUROLVW GHYDORUL9DORDUHDHFRQRPLF HVWHXQ
HOHPHQWLPSRUWDQWGHRDUHFHvQEXQ P VXU GHDFHDVWDGHSLQGHFXDQWXPXOSDJXEHLúL
SULQDFHDVWDJUDGXOGHSHULFROVRFLDODOIDSWHL
%XQXULOH FDUH IRUPHD] RELHFWXO PDWHULDO DO GHODSLG ULL WUHEXLH V
vQGHSOLQHDVF GRX FRQGL LL
±V DSDU LQ XQHLSHUVRDQHMXULGLFHGHGUHSWSXEOLFVDXGHGUHSWSULYDW
±V VHJ VHDVF vQJHVWLRQDUHDVDXDGPLQLVWUDUHDDXWRUXOXL
6IHUDEXQXULORUFDUHSRWIRUPDRELHFWXOPDWHULDODOLQIUDF LXQLLGHGHODSLGDUHHVWH
GHOLPLWDW FKLDUGHQRUPDGHLQFULPLQDUHSULQVLQWDJPDÄEDQLYDORULVDXDOWHEXQXUL´
3ULQEDQLVHvQ HOHJHPRQHGDGHKkUWLHVDXPHWDOLF úLELOHWHOHGHEDQF
3ULQ YDORUL VH vQ HOHJ vQVFULVXULOH GH RULFH IHO WLWOXULOH GH FUHGLW FUHDQ VDX
DOWHYDORULHFRQRPLFHFXPVXQWFHFXULOHKkUWLLOHGHYLUDPHQWREOLJD LLHWF
3ULQ EXQXUL VH vQ HOHJ RULFH IHO GH RELHFWH PRELOH FDUH DX R YDORDUH
HFRQRPLF FXP VXQW RELHFWHOH SURGXVH LQGXVWULDOH RELHFWHOH DJULFROH RELHFWHOH
FDVQLFHHWF
3OXVXULOH vQ JHVWLXQH RULFDUH DU IL RULJLQHD ORU IRUPHD] RELHFW PDWHULDO DO
LQIUDF LXQLLGHGHODSLGDUHLDUIDSWDGHFUHDUHDSOXVXULORUSULQPLMORDFHIUDXGXORDVH
FRQVWLWXLHLQIUDF LXQHSRWULYLWDUWGLQ/HJHDQUÌQDFHDVW LSRWH] FHOH
GRX LQIUDF LXQLVHYRUUH LQHvQFRQFXUVUHDO
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUDODFHVWHLLQIUDF LXQLSURSULLHVWHFDOLILFDWúL
QX SRDWH IL GHFkW XQ ÄIXQF LRQDU SXEOLF´ VDX ÄIXQF LRQDU´ FDUH HVWH vQV UFLQDW FX
JHVWLRQDUHDVDXDGPLQLVWUDUHDEXQXULORUXQHLSHUVRDQHMXULGLFHGHGUHSWSXEOLFVDX
&%XODL$)LOLSDú&0LWUDFKHHGFLWS
,RQ2DQFHDRSFLWYRO,,,S
3OHQXO76GvQU-1QUÌQDFHODúLVHQV&RQVWDQWLQ%DUEX'HODSLGDUHDúLIXUWXOvQ
SDJXEDDYXWXOXLREúWHVF(GLWXUDùWLLQ LILF %XFXUHúWLS
SULYDW $FHVWH FHULQ H FDUH DIHFWHD] FDOLWDWHD VXELHFWXOXL DFWLY QHPLMORFLW VXQW
FXPXODWLYH 'DF XQD GLQWUH DFHVWHD QX HVWH vQGHSOLQLW IDSWD QX PDL SRDWH
FRQVWLWXLGHODSLGDUH
3ULQÄIXQF LRQDUSXEOLF´vQVHQVXOOHJLLSHQDOH±DUWDOLQ&SHQ±
VH vQ HOHJH RULFH SHUVRDQ FDUH H[HUFLW SHUPDQHQW VDX WHPSRUDU FX RULFH WLWOX
LQGLIHUHQW FXP D IRVW LQYHVWLW R vQV UFLQDUH GH RULFH QDWXU UHWULEXLW VDX QX vQ
VHUYLFLXO XQHL XQLW L GLQWUH FHOH OD FDUH VH UHIHU DUW & SHQ DXWRULW LOH
SXEOLFHLQVWLWX LLOHSXEOLFHLQVWLWX LLOHVDXDOWHSHUVRDQHMXULGLFHGHLQWHUHVSXEOLF
3ULQÄIXQF LRQDU´VHvQ HOHJHIXQF LRQDUXOSXEOLFSUHFXPúLRULFHVDODULDWFDUH
H[HUFLW RvQV UFLQDUHvQVHUYLFLXOXQHLDOWHSHUVRDQHMXULGLFHGHFkWFHOHODFDUHVH
UHIHU DUW&SHQ
ÌQ FD]XO LQIUDF LXQLL GH GHODSLGDUH vQV FDOLWDWHD GH IXQF LRQDU SXEOLF VDX
SULYDW QX HVWH VXILFLHQW SHQWUX FRPLWHUHD DFHVWHLD 6H FHUH FD DFHúWLD V DLE
DWULEX LLGHJHVWLRQDUHVDXDGPLQLVWUDUHDEXQXULORUXQHLSHUVRDQHMXULGLFHGHGUHSW
SXEOLFVDXSULYDW
*HVWLRQDUXO HVWH DFHO DQJDMDW DO XQXL DJHQW HFRQRPLF DXWRULWDWH VDX
LQVWLWX LHSXEOLF FDUHDUHFDDWULEX LLSULQFLSDOHGHVHUYLFLXSULPLUHDS VWUDUHDúL
HOLEHUDUHD GH EXQXUL DIODWH vQ DGPLQLVWUDUHD IRORVLQ D VDX GH LQHUHD FKLDU
WHPSRUDU D XQXL DJHQW HFRQRPLF DXWRULWDWH VDX LQVWLWX LH SXEOLF LQGLIHUHQW GH
PRGXOGHGREkQGLUHúLORFXOXQGHVHDIO EXQXULOH
(VWH FRQVLGHUDW JHVWLRQDU RULFH SHUVRDQ FDUH JHVWLRQHD] vQ IDSW DQXPLWH
EXQXUL 8Q IXQF LRQDU SXEOLF FDUH DFFHSW V IDF DFWH GH JHVWLXQH VDX vúL DVXP
UROXO GH JHVWLRQDU GHúL QX DUH DWULEX LL GH VHUYLFLX vQ DFHVW VHQV HVWH JHVWLRQDU GH
IDSWúLGDF vúLvQVXúHúWHGLQEXQXULOHJHVWLRQDWHFRPLWHLQIUDF LXQHDGHGHODSLGDUH
2 FRQGL LH PLQLPDO DEVROXW QHFHVDU SHQWUX H[LVWHQ D XQHL ÄJHVWLRQ UL GH
IDSW´ HVWH DFHHD FD SHUVRDQD MXULGLF GH GUHSW SXEOLF V DLE FXQRúWLQ GHVSUH
H[HUFLWDUHDvQIDSWDDFWLYLW LLGHJHVWLRQDUH$OWIHOSHUVRDQDvQFDX] QXSRDWHIL
SULYLW FD DYkQG YUHR ÄvQV UFLQDUH´ vQ VHUYLFLXO XQHL SHUVRDQH MXULGLFH GH GUHSW
SXEOLF úL GHFL FRQVLGHUDW FD DYkQG vQ YUHXQ IHO RDUHFDUH FDOLWDWHD GH IXQF LRQDU
SXEOLF
/HJHDQUQXGHILQHúWHQR LXQHDGHJHVWLRQDUGHIDSWvQV SUHYHGHvQ
DUW F SHUVRDQD FDUH SULPHúWH S VWUHD] úL HOLEHUHD] EXQXUL I U D DYHD
FDOLWDWHDGHJHVWLRQDUvQvQ HOHVXODUWU VSXQGHLQWHJUDOFDúLJHVWLRQDUXOGHGUHSW
$XWRU DO LQIUDF LXQLL GH GHODSLGDUH SRDWH IL úL IXQF LRQDUXO SXEOLF VDX
IXQF LRQDUXOFDUHDGPLQLVWUHD] DVHPHQHDEXQXUL$GPLQLVWUDUHDVSUHGHRVHELUHGH
JHVWLRQDUH FRQVW GLQWUXQ FRPSOH[ GH DFWH GH GLVSR]L LH SODQLILFDUHD
DSURYL]LRQDUHD GHVIDFHUHD SO LOH F WUH WHU L HWF FDUH SULYHVF HIHFWXDUHD GH
RSHUD LL DVXSUD EXQXULORU FH DSDU LQ XQXL DJHQW HFRQRPLF DXWRULWDWH VDX LQVWLWX LH
SXEOLF SRWULYLW FX QDWXUD úL VFRSXO SDWULPRQLXOXL XQLW LL UHVSHFWLYH $FWHOH GH
GLVSR]L LHDOHXQXLDGPLQLVWUDWRUSHUVRDQ GLQFRQGXFHUHDXQLW LLSULQFDUHVDU
vQVXúLIRORVLRULWUDILFDEXQXULDOHSHUVRDQHLMXULGLFHGHGUHSWSXEOLFVDXGHGUHSW
SULYDWFRQVWLWXLHGHDVHPHQHDLQIUDF LXQHGHGHODSLGDUH
'DF JHVWLRQDUXO YLQH vQ FRQWDFW GLUHFW úL PDWHULDO FX EXQXULOH GDWH ILLQG
DWULEX LLOHOXLOHJDWHGHSULPLUHDS VWUDUHDVDXHOLEHUDUHDEXQXULORUDGPLQLVWUDWRUXO
DUHXQFRQWDFWSRVLELOYLUWXDO'HODSLGDUHDGHFLQXSUHVXSXQHvQPRGREOLJDWRULXXQ
FRQWDFW GLUHFW úL PDWHULDO FX EXQXO SHUVRDQHL MXULGLFH GH GUHSW SXEOLF VDX SULYDW
$UWDOLQGLQ/HJHDQUSULYLQGDQJDMDUHDJHVWLRQDULORUFRQVWLWXLUHDGHJDUDQ LLúLU VSXQGHUHD
vQOHJ WXU FXJHVWLRQDUHDEXQXULORUDJHQ LORUHFRQRPLFLDXWRULW LORUVDXLQVWLWX LLORUSXEOLFHSXEOLFDW vQ%2I
QUGLQPRGLILFDW SULQ/HJHDQUSXEOLFDW vQ02IQUGLQ
9LUJLO5 PXUHDQXRSFLWYRO,S
GHRDUHFH VH SRDWH DMXQJH V VH VXVWUDJ VDX V VH vQVWU LQH]H XQ EXQ úL SULQWUR
GLVSR]L LHSULYLQGPLúFDUHDEXQXULORU
3HUVRDQDMXULGLF SRDWHILVXELHFWDFWLYDOLQIUDF LXQLLGHGHODSLGDUHSRWULYLW
DUW&SHQ
3DUWLFLSD LD SHQDO HVWH SRVLELO vQ WRDWH IRUPHOH VDOH FRDXWRUDW LQVWLJDUH
FRPSOLFLWDWH)LLQGRLQIUDF LXQHSURSULHFRDXWRUDWXOQXHVWHSRVLELOGHFkWGDF WR L
FRDXWRULLDXGXEODFDOLWDWHFHUXW GHOHJHODGDWDV YkUúLULLIDSWHL'DF XQDGLQWUH
FHOH GRX FDOLW L VDX FKLDU DPEHOH OLSVHVF DFWLYLWDWHD DFHOXL SDUWLFLSDQW YD IL
FRQVLGHUDW GUHSW FRPSOLFLWDWH OD GHODSLGDUH FKLDU GDF vQ FRQFUHW DFHVWD D FRPLV
DFWHGHH[HFXWDUHQHPLMORFLW DDFHVWHLD
6XELHFWXO SDVLY HVWH R XQLWDWH GLQ FHOH DU WDWH OD DUW & SHQ DXWRULWDWH
SXEOLF LQVWLWX LH SXEOLF LQVWLWX LLOH VDX DOWH SHUVRDQH MXULGLFH GH LQWHUHV SXEOLF
VDXRSHUVRDQ GHGUHSWSULYDW
ÌQ LSRWH]D vQ FDUH EXQXULOH FDUH DX I FXW RELHFWXO GHODSLG ULL DX IRVW
vQFUHGLQ DWH XQLW LL UHVSHFWLYH VSUH WUDQVSRUW UHSDUDUH HWF SURSULHWDUXO DFHVWRU
EXQXULDUHFDOLWDWHDGHVXELHFWSDVLYVHFXQGDU
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDODODFHVWHLLQFULPLQ ULFRQVW vQWURDF LXQHGHVXVWUDJHUH
FDUH VH UHDOL]HD] SULQ WUHL PRGDOLW L QRUPDWLYH ÄvQVXúLUHD´ ÄIRORVLUHD´ VDX
ÄWUDILFDUHD´GHEDQLYDORULVDXDOWHEXQXUL
6 YkUúLUHDRULF UHLDGLQWUHDFHVWHPRGDOLW LFRQGXFHODUHDOL]DUHDHOHPHQWXOXL
PDWHULDO DO LQIUDF LXQLL GH GHODSLGDUH 1X LQWHUHVHD] SHQWUX H[LVWHQ D LQIUDF LXQLL
GDF DF LXQHD GH VXVWUDJHUH VD V YkUúLW vQ LQWHUHVXO I SWXLWRUXOXL VDX DO XQHL DOWH
SHUVRDQH
ÄÌQVXúLUHD´ FD PRGDOLWDWH D VXVWUDJHULL XQXL EXQ FRQVW SH GH R SDUWH
GLQWUXQ DFW LQL LDO GH VFRDWHUH D XQXL EXQ GLQ SRVHVLXQHD VDX GHWHQ LXQHD XQHL
SHUVRDQH MXULGLFH GH GUHSW SXEOLF VDX SULYDW úL SH GH DOW SDUWH GLQWUXQ DFW
VXEVHFYHQW GH WUHFHUH D DFHVWXLD vQ VW SkQLUH SURSULH $FHDVW PRGDOLWDWH GH
VXVWUDJHUHHVWHOHJDOH[SULPDW SULQDFWXOGHÄvQVXúLUH´GHOXDUHvQVW SkQLUHFDUH
LPSOLF vQV DFWXO GH OXDUH GH VFRDWHUH D EXQXOXL GLQ SRVHVLXQHD VDX GHWHQ LXQHD
XQHLSHUVRDQHMXULGLFHGHGUHSWSXEOLFVDXSULYDW
8QEXQVHVRFRWHúWHvQVXúLWvQPRPHQWXOvQFDUHI SWXLWRUXOvOLDvQVW SkQLUHúL
SRDWH GLVSXQH GH HO DGLF SRDWH V O FRQVXPH V O IRORVHDVF VDX V O
vQVWU LQH]H
ÌQVXúLUHDGHF WUHIDFWRUXOSRúWDODXQRUVXPHGHEDQLUHSUH]HQWkQGSHQVLLúL
DOWHGUHSWXULE QHúWLSHFDUHWUHEXLDV OHDFKLWHGHVWLQDWDULORUFRQVWLWXLHLQIUDF LXQHD
GHGHODSLGDUHLDUQXDFHHDGHJHVWLXQHIUDXGXORDV
)DSWDLQFXOSDWXOXLLQVSHFWRUGHLPSR]LWHúLWD[HvQFDGUXOXQHLDGPLQLVWUD LL
ILQDQFLDUH GH DúL vQVXúL VXPH GH EDQL GLQ vQFDV ULOH I FXWH vQ DFHDVW FDOLWDWH
FRQVWLWXLH LQIUDF LXQHD GH GHODSLGDUH úL QX LQIUDF LXQHD GH JHVWLXQH IUDXGXORDV
GHRDUHFH LQFXOSDWXO DUH FDOLWDWHD GH IXQF LRQDU LDU vQ FDGUXO DWULEX LLORU VDOH GH
VHUYLFLXvLUHYHQHDúLREOLJD LDGHDJHVWLRQDVXPHOHvQFDVDWH*HVWLXQHDIUDXGXORDV
,RQ2DQFHDRSFLWYRO,,,S
ÌQDFHODúLVHQV76&ROSHQGQU/3QUS
9LUJLO5 PXUHDQXRSFLWYRO,S
,RQ2DQFHDRSFLWYRO,,,S
&6-VSGQUvQ*DEULHO,RQHVFX,RVLI,RQHVFX3UREOHPHGHGUHSWGLQMXULVSUXGHQ D&XU LL
6XSUHPHGH-XVWL LHvQPDWHULHSHQDO (GLWXUD-XULV$UJHVVLV&XUWHDGH$UJHúS
VHFRPLWHGHRULFHSHUVRDQ FHDUHEXQXULvQFRQVHUYDUHVDXDGPLQLVWUDUHQHILLQG
QHFHVDUFDVXELHFWXODFWLYV DLE FDOLWDWHDGHIXQF LRQDU
ÌQVXúLUHDGHVXPHGHEDQLVDXDOWHEXQXULDSDU LQkQGDYXWXOXLSXEOLFGHF WUH
IXQF LRQDUXO FDUH OH JHVWLRQHD] VDX DGPLQLVWUHD] FRQVWLWXLH LQIUDF LXQHD GH
GHODSLGDUHúLQXFHDGHJHVWLXQHIUDXGXORDV vQDFHVWGLQXUP FD]QHILLQGQHFHVDU
FD EXQXO V IDF SDUWH GLQ DYXWXO SXEOLF LDU VXELHFWXO DFWLY DO LQIUDF LXQLL V ILH
IXQF LRQDU
Ä)RORVLUHD´ FD PRGDOLWDWH GH VXVWUDJHUH D XQXL EXQ GLQ SRVHVLXQHD VDX
GHWHQ LXQHD XQHL SHUVRDQH MXULGLFH GH GUHSW SXEOLF VDX SULYDW FRQVW vQWUXQ DFW
LQL LDO GH OXDUH VDX VFRDWHUH D XQXL EXQ GLQ VIHUD SDWULPRQLDO D XQHL SHUVRDQH
MXULGLFHGHGUHSWSXEOLFVDXSULYDWúLDSRLvQWUXQDFWVXEVHFYHQWGHvQWUHEXLQ DUHD
EXQXOXL VXVWUDV &RQFUHW ÄIRORVLUHD´ XQXL EXQ vQVHDPQ WUDJHUHD GH IRORDVH GH
H[HPSOX VFRDWHUHD GLQWUXQ PDJD]LQ VDX GHSR]LW D XQHL PDúLQL úL IRORVLUHD HL
VFRDWHUHD XQXL FRVWXP GH KDLQH úL IRORVLUHD OXL ÌQ DFHVW FD] IRORVXO HVWH WUDV ILH
FKLDUGHPDJD]LQHUGHJHVWLRQDUILHGHRDOW SHUVRDQ UXG SULHWHQ
6SUHGHRVHELUHGHvQVXúLUHvQFD]XOF UHLDEXQXOOXDWU PkQHODI SWXLWRUvQ
FD]XO IRORVLULL EXQXOXL DFHVWD HVWH UHDGXV vQ XQLWDWHD SXEOLF VDX SULYDW ILLQG
YRUEDGHRVFRDWHUHWHPSRUDU DEXQXOXLGLQDFHDXQLWDWH
&RQVWLWXLHGHODSLGDUHSULQIRORVLUHOXDUHDGLQJHVWLXQHDXQXLWHOHYL]RUSHQWUX
DOIRORVLSHQWUXRSHULRDG GHWLPS
Ä7UDILFDUHD´FDPRGDOLWDWHGHUHDOL]DUHDLQIUDF LXQLGHGHODSLGDUHHVWHWRWR
IRUP GHVXVWUDJHUHFDUHFRQVW PDLvQWkLGLQDFWXOGHVFRDWHUHDEXQXOXLGHODR
SHUVRDQ MXULGLF GHGUHSWSXEOLFVDXGHGUHSWSULYDWúLDSRLGLQDFWXOGHWUDILFDUH
GH VSHFXODUH vQ YHGHUHD RE LQHULL XQXL SURILW &D úL vQ FD]XO FHORUODOWH PRGDOLW L
DFHDVW PRGDOLWDWHGHVXVWUDJHUHHVWHH[SULPDW SULQDFWXOVXEVHFYHQWDOÄWUDILF ULL´
VSHFXO ULL DFW FDUH SUHVXSXQH úL DF LXQHD GH GHSRVHGDUH D XQLW LL SXEOLFH VDX
SULYDWHGHDFHOEXQGHVFRDWHUHDEXQXOXLGHODXQLWDWHDUHVSHFWLY
6FRDWHUHDEXQXOXLGHODXQLWDWHDSXEOLF VDXSULYDW HVWHúLvQFD]XOWUDILF ULL
WHPSRUDU DGLF SHQWUXWLPSXOFkWDIRVWQHFHVDUVSHFXO ULLGXS FDUHEXQXOHVWH
UHDGXVvQXQLWDWH7UDILFDUHDVHGHRVHEHúWHGHIRORVLUHSULQDFHHDF WUDILFDUHDHVWHR
VSHFXODUH DGLF R IRORVLUH FDUH DGXFH SURILW SH FkQG IRORVLUHD VDWLVIDFH R QHYRLH
SHUVRQDO úLQXDGXFHXQSURILWH[SULPDWvQEDQLVDXDOWHDYDQWDMH
([LVW GHODSLGDUHSULQWUDILFDUHvQFD]XOvQFDUHPDJD]LRQHUXOvPSUXPXW XQ
EXQGLQJHVWLXQHvQVFKLPEXOXQHLVXPHGHEDQLRULvQLSRWH]DvQFDUHJHVWLRQDUXO
XQXLEXIHWVFRDWHWHPSRUDUVXPHGHEDQLGLQJHVWLXQHSHQWUXDFXPS UDGLQFRPHU
E XWXUL DOFRROLFH úL D OH YLQGH vQ XQLWDWH OD SUH XO GH GHVIDFHUH vQ XQLW LOH GH
DOLPHQWD LHSXEOLF
8UPDUHDLPHGLDW $F LXQHDGHVXVWUDJHUHDUHFDXUPDUHLPHGLDW VFRDWHUHD
EXQXOXL GLQ VIHUD SDWULPRQLDO vQ FDUH VH J VHD úL GHFL GHSRVHGDUHD VDX OLSVLUHD
XQLW LLSXEOLFHVDXSULYDWHGHEXQXOVXVWUDV$FHDVWDvQVHDPQ úLSULFLQXLUHDXQHL
SDJXEHSHUVRDQHLMXULGLFHGHGUHSWSXEOLFVDXGHGUHSWSULYDW
ÌQFD]GHGHODSLGDUHFRPLV SULQvQVXúLUHGHEXQXULSHQWUXVWDELOLUHDSDJXEHL
WUHEXLH DYXWH vQ YHGHUH SUH XULOH vQ YLJRDUH OD GDWD V YkUúLULL LQIUDF LXQLL LDU GDF
HVWH YRUED GH R GHODSLGDUH FRQWLQXDW GH OD GDWD V YkUúLULL ILHF UHL DF LXQL
&6-VSGQU'UQUS
&6-VSGQU'UQUS
,RQ2DQFHDRSFLWYRO,,,S
76VSGQU5,,S
,RQ2DQFHDRSFLWYRO,,,S
76VSGQU5,,S
76VSGQU55'QUS
(YHQWXDOHOH PDMRU UL GH SUH XUL YRU IL DYXWH vQ YHGHUH QXPDL OD VWDELOLUHD
GHVS JXELULORU
'HDVHPHQHDvQFD]XOVXVWUDJHULLXQRUVXPHGHEDQLDXWRUXOGHODSLG ULLYDIL
REOLJDW V DFRSHUH DWkW SUHMXGLFLXO HIHFWLY FkW úL GREkQGD DIHUHQW SH GXUDWD GH
WLPSGHODGDWDV YkUúLULLLQIUDF LXQLLúLSkQ ODDFKLWDUHDVXPHLGDWRUDWH
ÌQ FD] GH GHODSLGDUH SULQ IRORVLUH VDX WUDILFDUH SDJXED FRQVW vQ X]XUD
EXQXOXLSHWLPSXOFkWDIRVWVFRVGLQJHVWLXQHVDXGDF RELHFWXOPDWHULDOHVWHR
VXP GHEDQLvQHFKLYDOHQWXOGREkQ]LLOHJDOHSHGXUDWDIRORVLULLVXPHL
3DJXEHOHSURGXVHSULQLQIUDF LXQLGHGHODSLGDUHFRQFXUHQWHQXVHWRWDOL]HD]
FLU PkQGHVLQHVW W WRDUH
,PSR]LWHOHSO WLWHODVXPHOHGHODSLGDWHQXSRWILFRQVLGHUDWHFDGHODSLGDWH
'HODSLGDUHDSUHY ]XW vQDUWDOLQ&SHQDUHFDXUPDUHSURGXFHUHD
XQRUFRQVHFLQ HGHRVHELWGHJUDYH
3ULQ ÄFRQVHFLQ H GHRVHELW GH JUDYH´ vQ VHQVXO OHJLL SHQDOH VH vQ HOHJH R
SDJXE PDWHULDO PDL PDUH GH OHL VDX R SHUWXUEDUH GHRVHELW GH JUDY D
DFWLYLW LL FDX]DWH XQHL DXWRULW L SXEOLFH LQVWLWX LL SXEOLFH VDX DOWHL SHUVRDQH
MXULGLFHGHGUHSWSXEOLFRULDOWHLSHUVRDQHMXULGLFHVDXIL]LFH
/HJ WXUDGHFDX]DOLWDWHvQWUHDF LXQHDLQFULPLQDW úLXUPDUHDLPHGLDW WUHEXLH
V H[LVWH úL V ILH GRYHGLW 'DF GHSRVHGDUHD QX VH GDWRUHD] XQHL DF LXQL GH
VXVWUDJHUHFLDOWHLFDX]HSLHUGHULLEXQXOXLSHULVDELOLWDWHDOXLIXUWHWFQXSRDWHIL
YRUEDGHOHJ WXU GHFDX]DOLWDWHúLQLFLGHLQIUDF LXQHDGHGHODSLGDUH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH 'HODSLGDUHD VH SRDWH FRPLWH QXPDL FX LQWHQ LH GLUHFW
VDXLQGLUHFW
(VWH LQGLIHUHQW GDF I SWXLWRUXO D V YkUúLW IDSWD SHQWUX VDWLVIDFHUHD XQXL
LQWHUHVSURSULXVDXSHQWUXLQWHUHVXODOWHLSHUVRDQH6FRSXOXUP ULWGHI SWXLWRUHVWH
VDWLVIDFHUHD XQXL LQWHUHV 'H DFHHD H[LVWHQ D DFHVWXL VFRS HVWH SUH]XPDW LDU
I SWXLWRUXO QX VH SRDWH DS UD VXV LQkQG F QX D XUP ULW XQ LQWHUHV SURSULX ILLQG
LQGLIHUHQWvQLQWHUHVXOFXLDIRVWV YkUúLW GHODSLGDUHD
)RUPH6DQF LXQL
)RUPH'HODSLGDUHDILLQGRLQIUDF LXQHFRPLVLY FXH[HFX LHOHQW V YkUúLUHD
VDSRDWHWUHFHSULQWRDWHID]HOHGHGHVI úXUDUHDDFWLYLW LLLQIUDF LRQDOH
$FWHOH SUHSDUDWRULL GHúL SRVLELOH QX VXQW vQV LQFULPLQDWH ÌQ SULQFLSLX
FUHDUHD GH SOXVXUL vQ JHVWLXQH QX FRQVWLWXLH XQ DFW GH H[HFXWDUH D LQIUDF LXQLL GH
GHODSLGDUHFLXQDFWSUHJ WLWRU
([LVW WHQWDWLY GH GHODSLGDUH DWXQFL FkQG KRW UkUHD I SWXLWRUXOXL GH D
VXVWUDJH XQ EXQ GH OD R XQLWDWH SXEOLF VDX SULYDW D IRVW SXV vQ H[HFXWDUH GDU
H[HFXWDUHDDIRVWvQWUHUXSW VDXQXúLDSURGXVHIHFWXO
7HQWDWLYDODGHODSLGDUHVHSHGHSVHúWHSRWULYLWDUW&SHQ
76VSGQU55'QUS76VSGQU5,S76VSGQU
&'S76VSGQU5,S
&6-VSGQU5'3QUS
76VSGQU5,,S76VSGQU5,,S
7M2OWGSQU55'QUSFXQRWH,0*HRUJHVFX$O2SURLX,,2&RMRFDUX
76 VS G QU 55' QU S 76 VS G QU 55' QU
S76VSGQU55'QUS
76VSGQU5,,S
,RQ2DQFHDRSFLWYRO,,,S
76VSGQU&'S
,QIUDF LXQHD GH GHODSLGDUH VH FRQVXP vQ PRPHQWXO vQ FDUH H[HFXWDUHD
DF LXQLL GH VXVWUDJHUH D IRVW GXV SkQ OD FDS W úL VD SURGXV XUPDUHD LPHGLDW
DGLF VFRDWHUHDEXQXOXLGLQVIHUDSDWULPRQLDO DSHUVRDQHLMXULGLFHGHGUHSWSXEOLF
VDXSULYDWúLWUHFHUHDOXLvQVW SkQLUHDI SWXLWRUXOXL
(VWH SRVLELO FD DF LXQHD GH VXVWUDJHUH V VH SUHOXQJHDVF vQ WLPS GXS
FRQVXPDUH vQ FD]XO IRORVLULL VDX WUDILF ULL LQIUDF LXQH FRQWLQX VDX DFWHOH GH
VXVWUDJHUH V VH UHSHWH LQIUDF LXQH FRQWLQXDW $OWHRUL HVWH SRVLELO FD XUPDUHD
LPHGLDW V VH DJUDYH]H VDX V L VH DGDXJH R DOW XUPDUH JHQHUDW GH DFHHDúL
DF LXQH GH VXVWUDJHUH ÌQ WRDWH DFHVWH FD]XUL LQIUDF LXQHD VH YD VRFRWL HSXL]DW vQ
PRPHQWXO vQ FDUH VH YD HIHFWXD XOWLPXO DFW DO DF LXQLL GH VXVWUDJHUH VDX vQ FDUH
SURGXFHUHDXUP ULORUVHYDWHUPLQD
,QVWDQ D VXSUHP D GHFLV F SHQWUX D VH UH LQH FDUDFWHUXO GH LQIUDF LXQH
FRQWLQXDW DXQHLGHODSLG ULQXHVWHQHFHVDUFDDFWHOHPDWHULDOHUHSHWDWHV YkUúLWHvQ
UHDOL]DUHDDFHOHLDúLUH]ROX LLV ILHGHDFHHDúLQDWXU ±vQVXúLUHIRORVLUHWUDILFDUH±FL
úLGHQDWXU GLIHULW FHULQ DOHJLLILLQGVDWLVI FXW GLQPRPHQWFHILHFDUHDFWvQSDUWH
FRQVWLWXLH R PRGDOLWDWH GH FRPLWHUH D XQHLD úL DFHOHLDúL LQIUDF LXQL DFHHD GH
GHODSLGDUH
6DQF LXQL'HODSLGDUHDvQYDULDQWDWLSVHSHGHSVHúWHFXvQFKLVRDUHGHODOD
DQL
ÌQYDULDQWDDJUDYDW SHGHDSVDSUHY ]XW GHOHJHHVWHvQFKLVRDUHDGHODOD
GHDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
3HUVRDQD MXULGLF vQ DPEHOH LSRWH]H GH LQFULPLQDUH VH VDQF LRQHD] FX
DPHQG GHODODOHL
Ì168ù,5($%818/8,* 6,7
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDOHVWHFRQVWLWXLWGLQIDVFLFXOXOGHUHOD LLVRFLDOHSULYLQG
SDWULPRQLXO ± SULYDW VDX SXEOLF ± UHOD LL IRUPDWH SH WHPHLXO EXQHLFUHGLQ H úL DO
DWLWXGLQLL FRUHFWH vQ FD]XULOH DFFLGHQWDOH DOH J VLULL XQXL EXQ SLHUGXW GH R DOW
SHUVRDQ RULDOHLPSRVHG ULLGLQHURDUHVDXvQPRGIRUWXLWFXEXQXODOWHLSHUVRDQH
2ELHFWXOPDWHULDODOLQIUDF LXQLLHVWHvQVXúLEXQXOJ VLWGHI SWXLWRURULFDUHD
LQWUDWGLQHURDUHVDXvQPRGIRUWXLWvQSRVHVLDOXLúLFDUHHVWHvQVXúLWGHDFHVWD
%XQ J VLW 3HQWUX D IL ÄJ VLW´ XQ EXQ WUHEXLH QDWXUDO V ILH PDL vQDLQWH
ÄSLHUGXW´7HRULDúLSUDFWLFDGUHSWXOXLSHQDODXDMXQVvQFRQVHQVODRSLQLDF EXQXO
HVWH ÄSLHUGXW´ vQ VLWXD LD vQ FDUH SHUVRDQD FDUH vO GH LQH D vQWUHUXSW I U YRLD VD
FRQWDFWXOIL]LFGLUHFWFXDFHVWDÌQWUHUXSHUHDOHJ WXULLPDWHULDOHGLQWUHSHUVRDQ úL
EXQXO V X ± FDUH SRDWH IL PDL VFXUW RUL PDL vQGHOXQJDW ± QX HFKLYDOHD] FX
SLHUGHUHD GUHSWXOXL SH FDUH DFHDVWD vO DYHD DVXSUD EXQXOXL UHVSHFWLY LQGLIHUHQW GH
QDWXUDDFHVWXLGUHSW±GHSURSULHWDWHSRVHVLHGHWHQ LHHWF
1X VD FRQVLGHUDW FD ÄSLHUGXW´ XQ EXQ vQ VLWXD LL GH WLSXO XUP WRU O VDUHD
EDJDMXOXLGLQPkQ SHWLPSXOFkWSHUVRDQDFXPS U FHYDO VDUHDVHUYLHWHLODPDVD
RFXSDW vQWUXQORFDOGHRSHUVRDQ SHFDUHDFHDVWDRS U VHúWHSHQWUXDVHGHSODVD
OD EDU RUL O VDUHD SDOWRQXOXL OD JDUGHURED SXEOLF QHVXSUDYHJKHDW GH
JDUGHURELHUVDXO VDUHDSHQWUXVFXUWWLPSDXQXLRELHFWvQWUXQPDJD]LQO VDUHD
SHFkPSVDXvQVSD LLLQWUDYLODQHDS V ULORURULDQLPDOHORUFDUHGXS FHVHKU QHVF
,RQ2DQFHDRSFLWYRO,,,S
76VSGQU55'QUS
76'HFQU5,S
76'HFQULELGHPS
RUL VFDOG DX RELúQXLQ D GH D VH vQWRDUFH VLQJXUH vQ JRVSRG ULH úD ÌQ WRDWH
DVHPHQHD FD]XUL vQVXúLUHD EXQXOXL FRQVWLWXLH LQIUDF LXQHD GH IXUW úL QX DFHHD GH
vQVXúLUHDEXQXOXLJ VLW
$úDGDU ÄEXQ J VLW´ YD IL DFHOD FDUH vQ PRPHQWXO LQWU ULL vQ SRVHVLD DOWHL
SHUVRDQHDYHDvQWUHUXSWFRQWDFWXOFXSHUVRDQDFDUHDSLHUGXWRULXLWDWvQWUXQORF
%XQXODEDQGRQDWvQVHQVXOWH[WXOXLQXFRQVWLWXLHEXQJ VLWúLvQFRQVHFLQ
vQVW SkQLUHD FX DFHVWD QX DWUDJH U VSXQGHUHD SHUVRDQHL FDUH D SUHOXDW SHQWUX
LQIUDF LXQHDSUHY ]XW vQDUWÌQHYHQWXDOLWDWHDF SHUVRDQDFDUHJ VHúWHEXQXO
HVWHvQGXELXFXSULYLUHODVLWXD LDOXLMXULGLF ±EXQDEDQGRQDWVDXSLHUGXW±GXELXO
SURILW DFHVWHLDH[FOX]kQGXGHDVHPHQHDGHODU VSXQGHUHSHQDO
%XQDMXQVGLQHURDUHVDXvQPRGIRUWXLWvQSRVHVLDI SWXLWRUXOXL2DVHPHQHD
LSRWH] HVWH vQWkOQLW vQ FD]XO vQ FDUH R SHUVRDQ UHPLWH EXQXO GLQWUR FRQIX]LH
HURDUHXQHLDOWHSHUVRDQHGHFkWDFHHDF UHLDvLHUDDGUHVDWHYLGHQWúLSULPLWRUXO
ILLQGvQWURVWDUHFRQIX]LRQDO
(VWHGHFLHVHQ LDOGHUH LQXWvQFD]XODFHVWHLLSRWH]HQRUPDWLYHF DWLWXGLQHD
SVLKLF DDPELORUVXELHF L±SUHG WRUXOúLSULPLWRUXOEXQXOXL±VHFDUDFWHUL]HD] SULQ
HURDUH ÌQ LSRWH]D F SULPLWRUXO EXQXOXL QX VD DIODW vQWUR DVWIHO GH HURDUH IDSWD
DFHVWXLDYDFRQVWLWXLLQIUDF LXQHDGHIXUW
'HDVHPHQHDEXQXOSRDWHDMXQJHvQSRVHVLDI SWXLWRUXOXLGLQFDX]DVLQJXODUHL
VDOHHURUL±VSUHH[HPSOXGLQSULFLQDvQWXQHULFXOXLRULVW ULLGHHEULHWDWHI SWXLWRUXO
LDGHODUDVWHOXOGLQID DEXIHWXOXLRDOW ELFLFOHW GHFkWDVD
$XWRULW L7H[WXOQXDSUHFL]DWQDWXUDDXWRULW LLF UHLDXUPHD] DLVHSUHGD
EXQXO J VLWLDUWHRULDúLSUDFWLFDvQPDWHULHDXLQWHUSUHWDWFRQFHSWXOvQVHQVXOV X
ODUJ ± GH LQVWLWX LH SXEOLF LQGLIHUHQW F UHL SXWHUL D VWDWXOXL vL HVWH LQWHJUDW 6D
UHIX]DW FX VIkQW GUHSWDWH LQWHUSUHWDUHD UHVWULFWLY D FRQFHSWXOXL ± GH SLOG GRDU
DXWRULWDWHDSROL LHQHDVF ±SHQWUXDQXVHLQWHUYHUWLLQMXVWEXQDFUHGLQ DúLLQWHQ LH
DSHUVRDQHLFDUHJ VHúWHúLSUHG XQEXQFkWúLSHQWUXF SULQDMXQJHUHDEXQXOXLOD
RULFDUH LQVWLWX LH SXEOLF VH IDFLOLWHD] WUDQVPLWHUHD DFHVWXLD OD DXWRULWDWHD
FRPSHWHQW V LGHQWLILFHSHUVRDQDFDUHDSLHUGXW
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUHVWHQHGHWHUPLQDWGHWH[WHOSXWkQGILSULQ
XUPDUHRULFDUHSHUVRDQ
3HUVRDQD MXULGLF SRDWH IL VXELHFW DFWLY DO DFHVWHL LQIUDF LXQL vQ FRQGL LLOH
DUW&SHQ
3DUWLFLSD LD SHQDO OD V YkUúLUHD DFHVWHL LQIUDF LXQL HVWH SRVLELO vQ WRDWH
IRUPHOH ± FRDXWRUDW EXQXO HVWH J VLW GH GRX VDX PDL PXOWH SHUVRDQH LQVWLJDUH
SHUVRDQD GHWHUPLQ SH DFHHD FDUH D J VLW EXQXO V QX vO SUHGHD FRPSOLFLWDWH
SHUVRDQDDMXW DXWRUXOLQIUDF LXQLLV YDORULILFHEXQXO
6XELHFWXOSDVLYHVWHvQV FLUFXPVWDQ LDWHOHVWHQXPDLDFHDSHUVRDQ ±IL]LF
VDX MXULGLF ± FDUH D SLHUGXW EXQXO RUL DO F UHL EXQ D DMXQV GLQ HURDUH vQ SRVHVLD
I SWXLWRUXOXL
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO DO LQIUDF LXQLL FRQVW GLQWUR LQDF LXQH GH D QX SUHGD
EXQXO RUL GLQWUR DF LXQH GH vQVXúLUH D EXQXOXL VDX GH GLVSXQHUH SH QHGUHSW GH
EXQ±VLWXD LLFDUHVXQWvQJUDGHFKLYDOHQW
,QIUDF LXQHDSRWULYLWWH[WXOXLDUWGLQ&RGXOSHQDOVHUHDOL]HD] vQGRX
PRGDOLW L
76'HFQULELGHPS
7M%LKRU'HFQU5,,,S
D 3ULPD PRGDOLWDWH VH DGUHVHD] VLWXD LHL SUHPL] vQ FDUH EXQXO HVWH J VLW
VLWXD LHSHFDUHVHJUHYHD] LQDF LXQHD±GHQHSUHGDUHDEXQXOXL±RULDF LXQHD±GH
GLVSXQHUHGHDFHOEXQ
7HUPHQXO DFRUGDW GH OHJH SHUVRDQHL FDUH D J VLW XQ EXQ SHQWUX DO SUHGD ±
DXWRULW LORU VDX FHOXL FDUH D SLHUGXW ± HVWH GH ]LOH $FHVW WHUPHQ FXUJH
vQFHSkQG GLQ PRPHQWXO J VLULL EXQXOXL 7HUPHQXO GH ]LOH QX HVWH XQ WHUPHQ
SURFHGXUDO FL GH GUHSW SHQDO SULQ XUPDUH HO VH FDOFXOHD] SRWULYLW GLVSR]L LLORU
FXSULQVH vQ DUW & SHQ ÌQ FD]XO FkQG WHUPHQXO VH vPSOLQHúWH vQWUR ]L
QHOXFU WRDUH SHQWUX DXWRULW LOH SXEOLFH SHUVRDQD FDUH D J VLW EXQXO SHQWUX D IL
H[RQHUDW GH U VSXQGHUH SHQDO WUHEXLH V O SUHGHD vQ ]LXD XUP WRDUH /D
H[SLUDUHD WHUPHQXOXL GH ]LOH ± vQO XQWUXO F UXLD I SWXLWRUXO DYHD REOLJD LD V
SUHGHDEXQXOJ VLW±VHQDúWHSUH]XP LDOHJDO GHvQVXúLUHDDFHVWXLD
7H[WXOSUHYHGHúLDGRXDDOWHUQDWLY GHUHDOL]DUHDLQIUDF LXQLLúLDQXPHDFHHD
vQFDUHI SWXLWRUXOGLVSXQHGHEXQXOJ VLW±FDúLFXPDUILDOV X±DF LXQHFHVH
SRDWHHIHFWXDFKLDUúLvQDLQWHGHH[SLUDUHDWHUPHQXOXLGHJUD LH±]LOH±DFRUGDW
GH OHJLXLWRU ÌQ DFHVW FD] DO GLVSXQHULL GH EXQ IDSWD VH FRQVXP vQ PRPHQWXO vQ
FDUHI SWXLWRUXODUHFXUVODDFWXOGHGLVSR]L LH
E$GRXDPRGDOLWDWHQRUPDWLY DUHvQYHGHUHVLWXD LDSUHPLV vQFDUHEXQXO
XQHLSHUVRDQHDLQWUDWGLQHURDUHVDXvQPRGIRUWXLWvQSRVHVLDI SWXLWRUXOXL±HURDUH
FH YD GLVWRUVLRQD úL LPDJLQHD SUHG WRUXOXL úL LPDJLQHD SULPLWRUXOXL ± VLWXD LH SH
FDUHVHJUHYHD] ILHDF LXQHD±GHvQVXúLUHSHQHGUHSWDEXQXOXL±ILHLQDF LXQHD±
GHQHSUHGDUHDDFHVWXLD
$F LXQHDGHvQVXúLUHSHQHGUHSWDEXQXOXLLQWUDWGLQHURDUHVDXvQPRGIRUWXLW
vQSRVHVLDI SWXLWRUXOXL±DOLQ±VHH[SULP LGHQWLFFXDF LXQHDGHGLVSXQHUHGH
EXQFDúLFXPDUILDOV X±DOLQ±PDLVXVH[SOLFDW
'H DVHPHQHD úL LQDF LXQHD ± GH QHSUHGDUH D EXQXOXL SUHOXDW GLQ HURDUH GH
I SWXLWRU±VHUHDOL]HD] LGHQWLFFXDFHHDH[DPLQDW ODSULPDPRGDOLWDWHQRUPDWLY
úLvQDFHODúLWHUPHQ±GH]LOH
&HHDFHHVWHHVHQ LDOGHUH LQXWvQOHJ WXU FXDGRXDPRGDOLWDWHQRUPDWLY D
LQIUDF LXQLL ± úL FDUH R úL GHRVHEHúWH GH SULPD ± HVWH F IDSWD ± GH vQVXúLUH SH
QHGUHSWDEXQXOXLRULGHQHSUHGDUHDDFHVWXLD±LQWU VXELQFLGHQ DOHJLLSHQDOHGRDU
GXS FHI SWXLWRUXODLHúLWGLQVWDUHDFRQIX]LRQDO FXSULYLUHODDSDUWHQHQ DEXQXOXL
DGLF vQFHSkQG GLQ PRPHQWXO FkQG HO D UHDOL]DW F D DMXQV GLQWUR JUHúHDO vQ
SRVHVLDOXLúLF GHFLEXQXODSDU LQHDOWHLSHUVRDQH
8UPDUHD LPHGLDW D DF LXQLL ± LQDF LXQLL FRQVW vQ WUHFHUHD EXQXOXL vQ
VW SkQLUHD QHGUHDSW D I SWXLWRUXOXL úL FRUHODWLY OLSVLUHD YLFWLPHL GH SRVLELOLWDWHD
GH DúL H[HUFLWD GUHSWXULOH DVXSUD EXQXOXL LDU SH FDOH GH FRQVHFLQ ± SURYRFDUHD
XQXLSUHMXGLFLXPDWHULDO
/HJ WXUDGHFDX]DOLWDWHGLQWUHDF LXQHLQDF LXQHúLFRQVHFLQ DSURGXV UH]XOW
GLQvQV úLPDWHULDOLWDWHDIDSWHL
/DWXUDVXELHFWLY
,QIUDF LXQHD VH V YkUúHúWH QXPDL FX LQWHQ LH ± GLUHFW RUL LQGLUHFW ± ILLQG
H[FOXV FXOSDDúDFXPGHMDDPVSXVRFDIRUP DYLQRY LHL
3HQWUXVDWLVIDFHUHDHOHPHQWXOXLVXELHFWLYDOLQIUDF LXQLLGHvQVXúLUHDEXQXOXL
J VLW±vQSDJXEDSDWULPRQLXOXLSULYDWRULDSDWULPRQLXOXLSXEOLF±HVWHQHFHVDUFD
I SWXLWRUXOV DLE UHSUH]HQWDUHDF EXQXOJ VLWRULGXS FD]LQWUDWGLQHURDUHVDX
&%XODL$)LOLSDú&0LWUDFKHHGFLWS
Ä3HQWUXRSLQLDFRQWUDU ±SRWULYLWF UHLDLQIUDF LXQHDvQPRGDOLWDWHDSUHY ]XW vQDOLQVHSRDWHUHDOL]D
QXPDLSULQDF LXQHDGHvQVXúLUHSHQHGUHSWDEXQXOXLQXúLSULQLQDF LXQHDGHQHSUHGDUHDDFHVWXLD±DVHYHGHD
9'RQJRUR]úLFRO([SOLFD LLWHRUHWLFHDOH&RGXOXLSHQDOHGLWFLWYRO,,,S
vQPRGIRUWXLWvQSRVHVLDVDDDSDU LQXWXQXLDVDXDOWXLDGLQWUHFHOHGRX WLSXULGH
SDWULPRQLX
1X LQWHUHVHD] SHQWUX UHDOL]DUHD LQIUDF LXQLL VFRSXO XUP ULW GH I SWXLWRU úL
QLFLPRELOXOFHDDQLPDW
)RUPH0RGDOLW L6DQF LXQL
)RUPH 7HQWDWLYD QX HVWH VDQF LRQDW GH WH[W LDU FRQVXPDUHD LQIUDF LXQLL
VXUYLQHvQPRPHQWXOH[SLU ULLWHUPHQXOXLGH]LOHvQFDUHI SWXLWRUXOSRDWHSUHGD
EXQXOUHVSHFWLYvQPRPHQWXOGLVSXQHULLGHEXQVDXvQVXúLULLOXLSHQHGUHSW
6DQF LXQL,QIUDF LXQHDvQDPEHOHVDOHYDULDQWHHVWHSHGHSVLW FXvQFKLVRDUH
GHODROXQ ODOXQLVDXFXDPHQG
3HUVRDQDMXULGLF VHVDQF LRQHD] FXDPHQG GHODODOHL
',6758*(5($
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO HVWH FRQVWLWXLW GLQ DFHOH UHOD LL VRFLDOH GH RUGLQ
SDWULPRQLDO UHIHULWRDUH OD RFURWLUHD EXQXULORU VXE DVSHFWXO LQWHJULW LL úLVDX
vQVXúLULORUDFHVWRUDQHFHVDUHVSUHDILXWLOL]DWH
2ELHFWXOPDWHULDODOLQIUDF LXQLLHVWHEXQXO±PRELOVDXLPRELO±DSDU LQkQG
DOWHL SHUVRDQH ± IL]LFH RUL MXULGLFH VDX vQVXúL DXWRUXOXL LQIUDF LXQLL vQ FD]XULOH
SUHY ]XWH GH WH[W ± úL FDUH HVWH HIHFWLY GLVWUXV GHJUDGDW RUL DGXV vQ VWDUH GH
QHvQWUHEXLQ DUHSULQIDSWDFRPLV
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU QX D IRVW FLUFXPVWDQ LDW GH WH[W DúDGDU HO
SRDWHILRULFDUHSHUVRDQ (VWHvQV GHREVHUYDWF vQYDULDQWHOHQRUPDWLYHDJUDYDWH
SUHY ]XWH GH DOLQ úL VXELHFW DFWLY SRDWH IL FKLDU SURSULHWDUXO EXQXOXL
GLVWUXV
6XELHFWDFWLYSRDWHILúLSHUVRDQDMXULGLF vQFRQGL LLOHDUW&SHQ
3DUWLFLSD LD SHQDO HVWH SRVLELO vQ WRDWH IRUPHOH HL ± FRDXWRUDW LQVWLJDUH
FRPSOLFLWDWH
6XELHFWXOSDVLYHVWHSHUVRDQDIL]LF VDXMXULGLF F UHLDvLDSDU LQHEXQXOGLVWUXV
GHJUDGDWRULDGXVvQVWDUHGHQHvQWUHEXLQ DUHSULQIDSWDDXWRUXOXLLQIUDF LXQLL
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO DO LQIUDF LXQLL VH H[SULP GH UHJXO SULQWUR DF LXQH úL
PDLUDUSULQWURLQDF LXQHvQXUPDF URUDVHDGXFHDWLQJHUHLQWHJULW LLPDWHULDOHD
XQXLEXQ
$FHVWHDF LXQLLQDF LXQLSRWILDúDFXPVHSUHYHGHvQDOLQDOWH[WXOXLGH
D GLVWUXJHUH E GHJUDGDUH úL F DGXFHUH vQ VWDUH GH QHvQWUHEXLQ DUH D XQXL EXQ
DSDU LQkQG DOWHL SHUVRDQH VDX G vPSLHGLFDUHD OX ULL P VXULORU GH FRQVHUYDUH RUL
VDOYDUHDXQXLEXQúLHvQO WXUDUHDP VXULORUGHFRQVHUYDUHVDXVDOYDUHDXQXLEXQ
DODOWHLSHUVRDQH
'LVWUXJHUH (VWH DF LXQHD SXUWDW vPSRWULYD XQXL EXQ vQ XUPD F UXLD DFHVWD
HVWH GH]LQWHJUDW QLPLFLW G UkPDW UXLQDW LDU DWXQFL FkQG VH vQGUHDSW vPSRWULYD
DQLPDOHORUFRQVHFLQ DFRQVW vQXFLGHUHDVDXLQILUPL]DUHDDFHVWRUD'HSLOG SULQ
76'HFQU5,S
Q UXLUHDSLORQLORUGHUH]LVWHQ DLXQXLSRGHIHFWDODF LXQLLGHPLQDUHDDFHVWRUD
SRGXOHVWHGLVWUXV
3ULQ GHJUDGDUH VH vQ HOHJH DFHD DF LXQH vQGUHSWDW vPSRWULYD XQXL EXQ vQ
XUPD F UXLD DFHVWD SLHUGH XQD VDX PDL PXOWH GLQ FDOLW LOH VDOH HVWH GHWHULRUDW
VWULFDWÌQH[HPSOXODQWHULRUGHWHULRUDUHDVXSUDIH HLGHUXODUHSULQSURYRFDUHDXQRU
VS UWXULvQDFHDVWDYDGHWHUPLQDGHJUDGDUHDSRGXOXL6SUHGHRVHELUHGHSULPXOFD]
vQ FDUH SRGXO YD WUHEXL UHFRQVWUXLW vQ DFHVW FD] VXQW vQGHVWXO WRDUH OXFU UL GH
UHSDUD LH
6LQWDJPDDGXFHUHvQVWDUHGHQHvQWUHEXLQ DUHYL]HD] FXSUHF GHUHDVSHFWXO
IXQF LRQDODOEXQXOXLDGLF DFHDDF LXQHSULQFDUHEXQXOGHYLQHLPSURSULXIRORVLULL
SRWULYLW GHVWLQD LHL VDOH I U D SURYRFD GLVWUXJHUHD VDX GHJUDGDUHD DFHVWXLD ÌQ
H[HPSOXO GH PDL VXV HVWH VXILFLHQW VXVWUDJHUHD EXORDQHORU GH IL[DUH D VXSUDIH HL
GH UXODUH SH VWUXFWXUD SRGXOXL SHQWUX FD DFHVWD V GHYLQ LQXWLOL]DELO GDWRULW
Y GLWHLLQVHFXULW LSHQWUXFLUFXOD LDYHKLFXOHORU
ÌPSLHGLFDUHD OX ULL P VXULORU GH FRQVHUYDUH RUL GH VDOYDUH D EXQXOXL 3ULQ
DFHDVW IRUPXODUHWUHEXLHvQ HOHVHDFHOHDF LXQLGHREVWUXF LRQDUHDDFWLYLW LLXQRU
SHUVRDQH ± GHVI úXUDW LQGLYLGXDO RUL vQ FDGUXO XQRU HFKLSH GH LQWHUYHQ LH DOH
VHUYLFLLORU SXEOLFH ± PHQLWH D SUHYHQL GLVWUXJHUHD XQXL EXQ VDX GH D vQO WXUD
SHULFROXOHIHFWLYGLVWUXJ WRUFDUHSODQHD] DVXSUDEXQXOXL] G UQLFLUHDDF LXQLLGH
FRQVROLGDUH D XQXL LPRELO DYDULDW GH WUHFHUHD WLPSXOXL RUL GH FXWUHPXU ± VDX D
DF LXQLL GH vQO WXUDUHD XQHL DYDULL OD R VRQG RUL PLQ VDX GLJ RUL D DF LXQLL GH
VWLQJHUHDXQXLLQFHQGLX
ÌQO WXUDUHDP VXULORUGHFRQVHUYDUHVDXVDOYDUHDEXQXOXL6HvQ HOHJDFHOH
DF LXQL vQWUHSULQVH GH I SWXLWRU SHQWUX D DQLKLOD RUL D IDFH LQHILFLHQWH P VXULOH GH
WLSXO FHORU PHQ LRQDWH DQWHULRU ± vQO WXUDUHD VXGXULL DSOLFDWH SH FRQGXFWD VSDUW
GH]JURSDUHDJXULLGHSX SULQFDUHVRQGDHUXSHDQHFRQWURODWúD
%XQXO DUH R GHRVHELW YDORDUH DUWLVWLF úWLLQ LILF LVWRULF DUKLYLVWLF
%XQXULOH PRELOH GH DVHPHQHD YDORUL VXQW FHOH FXSULQVH vQ SDWULPRQLXO FXOWXUDO
PRELOLDUEXQXULOHLPRELOHFXYDORULLGHQWLFHVXQWFHOHFXSULQVHvQSDWULPRQLXO
FXOWXUDOQD LRQDO
ÌQDOLQHVWHSUHY ]XW IRUPDDJUDYDW DIDSWHLGHGLVWUXJHUHGHJUDGDUHRUL
DGXFHUHvQVWDUHGHQHvQWUHEXLQ DUHDXQHLFRQGXFWHSHWUROLHUHVDXGHJD]HDXQXL
FDEOXGHvQDOW WHQVLXQHDHFKLSDPHQWHORUúLLQVWDOD LLORUGHWHOHFRPXQLFD LLVDX
SHQWUXGLIX]DUHDSURJUDPHORUGHUDGLRúLWHOHYL]LXQHRULDVLVWHPHORUGHDOLPHQWDUH
FXDS úLDFRQGXFWHORUPDJLVWUDOHGHDOLPHQWDUHFXDS 3HULFROXOPDMRU±SHQWUX
LQGLYL]L úL VRFLHWDWH ± GHJDMDW SULQ GLVWUXJHUHD XQRU DVHPHQHD EXQXUL DSDUH GH
RUGLQXOHYLGHQ HL
ÌQVIkUúLWDOLQSUHYHGHvQIRUP DJUDYDW IDSWDGHGLVWUXJHUHDXQXLEXQ
SULQ DF LXQL GH LQFHQGLHUH H[SOR]LH RUL DOWH DF LXQL GH DFHVW WLS SUHWLQ]kQG
FRQFRPLWHQWSURGXFHUHDXQXLSHULFROSXEOLFvQXUPDIRORVLULLDFHVWRUPLMORDFH
3ULQÄSHULFROSXEOLF´WUHEXLHV VHvQ HOHDJ DFHDSULPHMGLHFDUHDPHQLQ R
FROHFWLYLWDWHGHSHUVRDQHVDXúLEXQXUL
ÌQ OHJ WXU FX PRGXO GH UHGDFWDUH D WH[WXOXL HVWH GH REVHUYDW úL UH LQXW
FDUDFWHUXOHQXQ LDWLYH[SOLFDWLY±úLQXH[KDXVWLYOLPLWDWLY±SULQFDUHOHJLXLWRUXO
D GHQXPLW PLMORDFHOH SHULFXORDVH IRORVLWH GH DXWRU SHQWUX GLVWUXJHUHD EXQXOXL ÌQ
&6-'HFQU%-S
/HJHDQUSULYLQGSURWHMDUHDSDWULPRQLXOXLFXOWXUDOQD LRQDOPRELOSXEOLFDW vQ02IQUGLQ
2* QU SULYLQG SURWHMDUHD SDWULPRQLXOXL FXOWXUDO QD LRQDO FRPSOHWDW úL DSUREDW SULQ /HJHD
QUSXEOLFDW vQ02IQUOGLQ
7M+XQHGRDUD'HFQU5,,S
FRQVHFLQ PDJLVWUDWXOSRDWHFRQVWDWDvQFD]XOLQVWUXPHQWDWF úLÄDOWHPLMORDFH´±
DLGRPD LQFHQGLLORU úL H[SOR]LLORU ± SUH]LQW R vQF UF WXU GH SHULFRO DSURSLDW GH
FHOHH[SUHVHQXQ DWHvQWH[W
&HULQ DWH[WXOXLGHDUH]XOWDSHULFROSXEOLFHVWHVDWLVI FXW vQLSRWH]DGHSLOG D
XQHL DF LXQL GH EUDFRQDUH FX VXEVWDQ H SXWHUQLF WR[LFH vQWUXFkW FRQFRPLWHQW
RPRUkULL SHúWLORU GLQ DFHD ]RQ HVWH SROXDW DSD SH R vQWLQGHUH vQVHPQDW VDX D
LQFHQGLHULLXQXLDSDUWDPHQWGLQVWUXFWXUDXQXLLPRELOFXPDLPXOWHDSDUWDPHQWH
6SUHGHRVHELUHGHPRGDOLWDWHDWLSSUHY ]XW vQDOLQO±ODFDUHEXQXOGLVWUXV
DSDU LQH vQWRWGHDXQD DOWHL SHUVRDQH ± OD PRGDOLW LOH DJUDYDWH SUHY ]XWH vQ DOLQ
úL EXQXO OD D F UXL LQWHJULWDWH VH DWHQWHD] SRDWH IL FKLDU DO DXWRUXOXL
LQIUDF LXQLL 5D LXQHD SHQWUX FDUH VD vQFULPLQDW úL IDSWD GH GLVWUXJHUH D XQXL EXQ
SURSULX HVWH F SULQ GLVSDUL LD XQXL EXQ GH YDORDUH RUL GH vQVHPQ WDWH SHQWUX
FROHFWLYLWDWH ± úL QX QXPDL SHQWUX SURSULHWDU ± VDX SULQ GLVWUXJHUHD DFHVWXLD FX
PLMORDFHFHFUHHD] HIHFWLYSHULFROSXEOLFVXQWDIHFWDWHLQWHUHVHOHOHJLWLPHDOHXQXL
QXP ULQGHWHUPLQDWGHSHUVRDQH
8UPDUHDLPHGLDW DLQIUDF LXQLLFRQVW vQGLVWUXJHUHDGHJUDGDUHDRULDGXFHUHDvQ
VWDUHGHQHvQWUHEXLQ DUHDXQXLEXQDIODWvQSDWULPRQLXOSXEOLFRULSULYDW
3HQWUXUHDOL]DUHDODWXULLRELHFWLYHDLQIUDF LXQLLHVWHQHFHVDUV VHVWDELOHDVF
OHJ WXUD GH FDX]DOLWDWH vQWUH DF LXQHDLQDF LXQHD I SWXLWRUXOXL úL FRQVHFLQ D
SURGXV FDUHHVWHDFHHDGHDIHFWDUHDLQWHJULW LLEXQXOXL
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH D LQIUDF LXQLL SUHY ]XWH vQ DUW GLQ &RGXO SHQDO VH
H[SULP H[FOXVLY SULQ LQWHQ LH vQ DPEHOH HL PRGDOLW L ± GLUHFW úL LQGLUHFW
6 YkUúLW GLQFXOS IDSWDFRQVWLWXLHLQIUDF LXQHDSUHY ]XW vQDUW&RGXOSHQDO
1XSUH]LQW LQWHUHVSHQWUXUHDOL]DUHDLQIUDF LXQLLHOHPHQWHOHVFRSúLPRELO
)RUPH6DQF LXQL
)RUPH 7HQWDWLYD OD LQIUDF LXQHD GH GLVWUXJHUH VH SHGHSVHúWH GH OHJH ±
DUW&SHQ
&RQVXPDUHD LQIUDF LXQLL VXUYLQH vQ PRPHQWXO vQ FDUH VH SURGXFH GLVWUXJHUHD
EXQXOXL GHJUDGDUHD VDX DGXFHUHD DFHVWXLD vQ VWDUH GH QHvQWUHEXLQ DUH FD HIHFW DO
RULF UHLD GLQWUH DF LXQLOH FH DOF WXLHVF HOHPHQWXO PDWHULDO ÌQ DEVHQ D XQHL SDJXEH
HIHFWLYHSURYRFDWHGHDF LXQHD±LQDF LXQHDDXWRUXOXLLQIUDF LXQHDQXHVWHFRQVXPDW
SXWkQGILHYHQWXDODQDOL]DW SULQSULVPDIRUPHLVDOHLPSHUIHFWH±WHQWDWLYD
6DQF LXQL )DSWD V YkUúLW vQ IRUPD WLS ± DOLQ ± HVWH SHGHSVLW FX
vQFKLVRDUHGHODROXQ ODOXQLVDXDPHQG
ÌQFD]XOPRGDOLW LORUDJUDYDWHUHJOHPHQWDWHvQDOLQúLSHGHDSVDHVWH
vQFKLVRDUHD GH OD XQ DQ OD DQL LDU OD DFHHD GLQ DOLQ VDQF LXQHD HVWH
vQFKLVRDUHDGHODDQLODDQL
3HUVRDQDMXULGLF VHVDQF LRQHD] vQFD]XOIDSWHORUSUHY ]XWHvQDOLQ
FX DPHQGD GH OD OD OHL LDU vQ FD]XO DJUDYDQWHL GLQ DOLQ FX
DPHQGDGHODODOHL
',6758*(5($&$/,),&$7
'XS FXP VH SRDWH VHVL]D FX XúXULQ FKLDU úL QXPDL SULQ FLWLUHD WLWOXOXL
LQIUDF LXQLLGLVWUXJHUHDFDOLILFDW HVWHRIRUP DJUDYDW DLQIUDF LXQLLGHGLVWUXJHUH
SUHY ]XW vQDUW&RGSHQDO
76'HFQUO5,,,S
7M&RQVWDQ D'HFQU5,,S
'HRVHELUHD GLQWUH FHOH GRX LQIUDF LXQL UH]LG vQ SULQFLSDO vQ XUP ULOH
FRQVHFLQ HOH SURYRFDWH SULQ IDSWD SHQDO XUP UL FDUH vQ FD]XO LQIUDF LXQLL GH
GLVWUXJHUHFDOLILFDW VXQWILHÄGHRVHELWGHJUDYH´ILHFRQVWDXvQWUXQÄGH]DVWUX´
ÌQDIDUDDFHVWHLGHRVHELULSULQFLSDOHvQWUHLQIUDF LXQLOHFRPSDUDWLYH[DPLQDWH
PDLDSDUGHRVHELULvQFHSULYHúWHODWXUDVXELHFWLY úLUHJLPXOVDQF LRQDWRU
5H LQkQGF WRDWHH[SOLFD LLOHRIHULWHODLQIUDF LXQHDGHGLVWUXJHUHvúLS VWUHD]
YDODELOLWDWHD OD LQIUDF LXQHD GH GLVWUXJHUH FDOLILFDW QH YRP FDQWRQD GRDU vQ
DVSHFWHOHSDUWLFXODUHDOHDFHVWHLD
/DWXUDRELHFWLY
8UPDUHDLPHGLDW FRQVW DOWHUQDWLYvQ
D 3URGXFHUHD GH ÄFRQVHFLQ H GHRVHELW GH JUDYH´ ÌQ OHJ WXU FX DFHDVW
SULP PRGDOLWDWHvQFDUHVHH[SULP XUPDUHDLPHGLDW ±DVHYHGHDDUW
E'H]DVWUX&RQFHSWXOHVWHGHILQLWvQDOLQDODUW&SHQ/LPSH]LPHD
HQXQ XOXL IDFH LQXWLO RULFH DGDXV GH H[SOLFD LL 6H FXYLQH D VXEOLQLD F SHQWUX D
FDOLILFD XQ HYHQLPHQW FD ÄGH]DVWUX´ HVWH QHFHVDU SURGXFHUHD DPEHORU WLSXUL GH
FRQVHFLQ HPHQ LRQDWHGHWH[W±GHFLFRQVHFLQ HOHVXQWFXPXODWLYH±UHVSHFWLY
E GLVWUXJHUHD VDX GHJUDGDUHD XQRU PLMORDFH GH WUDQVSRUW vQ FRPXQ GH
P UIXULVDXSHUVRDQHRULDXQRULQVWDOD LLVDXOXFU ULDIODWHvQSDWULPRQLXOSULYDWVDX
SXEOLFúL
E PRDUWHD VDX Y W PDUHD JUDY D LQWHJULW LL FRUSRUDOH RUL V Q W LL PDL
PXOWRUSHUVRDQH
/DWXUDVXELHFWLY
(OHPHQWXOVXELHFWLYDOLQIUDF LXQLLGHGLVWUXJHUHFDOLILFDW HVWHFRPSOH[)DSWD
GHGLVWUXJHUHHVWHFRPLV HYLGHQWFXLQWHQ LH±GLUHFW RULLQGLUHFW ±GDUSR]L LD
DXWRUXOXLvQFHSULYHúWHFRQVHFLQ HOHDFHVWHLD±GHRVHELWGHJUDYHRULGH]DVWUX±VH
FDUDFWHUL]HD] SULQFXOS
$úDGDU IRUPD GH YLQRY LH OD LQIUDF LXQHD GH GLVWUXJHUH FDOLILFDW HVWH
SUDHWHULQWHQ LD
6DQF LXQL &RQVHFLQ HOH GHRVHELW GH SHULFXORDVH SHQWUX VRFLHWDWH LPSXQ XQ
WUDWDPHQW VDQF LRQDWRU PDL DVSUX $VWIHO vQ FD]XO vQ FDUH LQIUDF LXQHD DUH
FRQVHFLQ H GHRVHELW GH JUDYH SHGHDSVD HVWH vQFKLVRDUHD GH OD OD GH DQL úL
LQWHU]LFHUHD XQRU GUHSWXUL LDU GDF XUPDUHD DFHVWHLD FRQVW vQWUXQ GH]DVWUX
SHGHDSVD HVWH GHWHQ LXQHD SH YLD VDX vQFKLVRDUHD GH OD OD GH DQL úL
LQWHU]LFHUHDXQRUGUHSWXUL
3HUVRDQD MXULGLF VH VDQF LRQHD] FX DPHQG GH OD OD OHL
SRWULYLWDUWDOLQ&SHQ
',6758*(5($',1&8/3
$QDOL]DLQIUDF LXQLLGHGLVWUXJHUHGLQFXOS QXLPSOLF H[SOLFD LLQLFLDPSOHúL
QLFL VSHFLDOH GHRDUHFH DFHDVWD FRUHVSXQGH ± VXE UDSRUWXO DF LXQLORULQDF LXQLORU
SULQFDUHHVWHvQI SWXLWFkWúLDOXUP ULORUFRQVHFLQ HORUSURYRFDWH±FRQ LQXWXOXL
LQIUDF LXQLORUGHGLVWUXJHUHSUHY ]XW GHDUW&SHQUHVSHFWLYGHGLVWUXJHUH
FDOLILFDW SUHY ]XW GH DUW & SHQ &HHD FH R SDUWLFXODUL]HD] ID GH
SUHFHGHQWHOHLQIUDF LXQLGHGLVWUXJHUHHVWHIRUPDGHYLQRY LHSULQFDUHVHH[SULP
DWLWXGLQHDDXWRUXOXLIDSWHLúLDQXPH±FXOSDF FLDFHDVWDHVWHvQVXPDW FDWHJRULHL
GHLQIUDF LXQLSDWULPRQLDOHV YkUúLWHI U GHLQWHQ LHGHOLFWXDO
ùL WRWXúL VXQW XQHOH DVSHFWH DOH LQIUDF LXQLL GH GLVWUXJHUH GLQ FXOS FH VH
LPSXQ D IL HYLGHQ LDWH FHO SX LQ SHQWUX D QX IL RPLVH REVHUY ULL úL H[DPLQ ULL vQ
SURFHVXOGHDSOLFDUHvQFRQFUHWDDFHVWRUGLVSR]L LLOHJDOH
/DWXUDRELHFWLY
6LPLOLWXGLQHD WH[WHORU ± FX XúRDUH QXDQ H GH SDUWLFXODU ± HVWH HYLGHQW vQV
VWUXFWXUDUHDWH[WHORUDSDUHDVLPHWULF ID GHPRGHOHOHDQWHULRDUHDVWIHO
'LVSR]L LLOHFXSULQVHvQDUWDOLQ&SHQFRUHVSXQGDFHORUDGLQDUW
DOLQ úL & SHQ DGLF HVWH vQFULPLQDW IDSWD FXOSRDV GH GLVWUXJHUH
GHJUDGDUH RUL DGXFHUH vQ VWDUH GH QHvQWUHEXLQ DUH D XQXL EXQ FKLDU GDF DSDU LQH
I SWXLWRUXOXL ± vQ FD]XO vQ FDUH EXQXO HVWH DIHFWDW vQ XUPD XQXL LQFHQGLX XQHL
H[SOR]LL RUL XQXL DOW DVHPHQHD PLMORF ± FX FRQGL LD FXPXODWLY D SURGXFHULL
SHULFROXOXLSXEOLF
3UHYHGHULOH DUW DOLQ & SHQ FDOFKLD] SUHYHGHULOH DUW DOLQ
&SHQGDUvQGHRVHELUHGHDFHVWHDDF LXQLOHLQDF LXQLOHGHGLVWUXJHUHGHJUDGDUHRUL
DGXFHUH vQ VWDUH GH QHvQWUHEXLQ DUH D EXQXOXL QX PDL UHSUH]LQW PRGDOLW L QRUPDWLYH
HFKLYDOHQWHvQJUDGúLDOWHUQDWLYHFLDFHVWHDF LXQLLQDF LXQLVXQWVLWXDWHvQWURDQXPLW
UHOD LHGHFRQGL LRQDUH(VWHGHREVHUYDWDVWIHOF VDLQFULPLQDWvQDUWDOLQ
IDSWDGHGLVWUXJHUHVDXGHJUDGDUHQXPDLGDF DFHDVWDDDYXWFDXUPDUHVFRDWHUHDGLQ
VWDUHDGHvQWUHEXLQ DUHDXQXLDGLQWUHEXQXULOHHQXQ DWHvQWH[W5H]XOW GHFLF IDSWDGH
GLVWUXJHUHVDXGHJUDGDUHDXQXLDVHPHQHDEXQQHXUPDW úLGHDGXFHUHDDFHVWXLDvQVWDUH
GH QHvQWUHEXLQ DUH QX YD FRQVWLWXL LQIUDF LXQHD FRPHQWDW /D DFHHDúL PRGDOLWDWH
QRUPDWLY PDL WUHEXLH UHPDUFDW DEVHQ D GLQ WH[W D SUHFL] ULL SRWULYLW F UHLD IDSWD
FRQVWLWXLHLQIUDF LXQHúLvQFD]XOF EXQXOGLVWUXVDSDU LQHI SWXLWRUXOXL
'LVSR]L LLOHDUWDOLQ&SHQVXQWLGHQWLFHDFHORUDFXSULQVHvQDUW
DOLQ & SHQ UHVSHFWLY VXQW DJUDYDWH DF LXQLOH ± LQDF LXQLOH GLQ FXOS FDUH DX
SURYRFDWFRQVHFLQ HGHRVHELWGHJUDYHRULGH]DVWUXSULQGLVWUXJHUHDGHJUDGDUHDRUL
DGXFHUHD vQ VWDUH GH QHvQWUHEXLQ DUH D XQXL EXQ FKLDU GDF DFHVWD DSDU LQH
I SWXLWRUXOXL
6LQJXUXO HOHPHQW PDWHULDO QRX RULJLQDO ID GH WH[WHOH LQIUDF LXQLORU GH
UHIHULQ VDLQWURGXVSULQDOLQHDWXOILQDODODUW&SHQFDUHDJUDYHD] IDSWD
GLQ FXOS FH DUH GUHSW XUPDUH SURYRFDUHD XQXL GH]DVWUX RUL D XQRU FRQVHFLQ H
GHRVHELW GH JUDYH vQ FD]XO vQ FDUH DFHD IDSW FRPLV HVWH vQ FRQWH[WXO ÄS U VLULL
SRVWXOXLVDXDV YkUúLULLRULF UHLDOWHIDSWHGHF WUHSHUVRQDOXOGHFRQGXFHUHDOXQXL
PLMORFGHWUDQVSRUWvQFRPXQRULGHF WUHSHUVRQDOXOFDUHDVLJXU GLUHFWVHFXULWDWHD
XQRUDVWIHOGHWUDQVSRUWXUL´
/DDFHDVW PRGDOLWDWHQRUPDWLY VXELHFWXODFWLYQHPLMORFLWHVWHGHFLFDOLILFDW±
IXQF LRQDU RUL DOW DQJDMDW DO DJHQWXOXL HFRQRPLF F UXLD vL DSDU LQH RUL FDUH
H[SORDWHD] PLMORFXO GH WUDQVSRUW vQ FRPXQ ± LDU FXOSD OXL HVWH R FXOS
SURIHVLRQDO DS UXW vQFDGUXOúLvQOHJ WXU FXH[HUFLWDUHDDWULEX LLORUGHVHUYLFLX
FH UHYLQ VXELHFWXOXL SRWULYLW UHJXODPHQWXOXL VDX VWDWXWXOXL GH RUJDQL]DUH úL
IXQF LRQDUHDOUHVSHFWLYXOXLDJHQW
1XPLWRU FRPXQ DO PRGDOLW LORU DJUDYDWH DOH LQIUDF LXQLL GH GLVWUXJHUH GLQ
FXOS ±DOLQ±HVWHDEVHQ DGLQWH[WDFHULQ HLÄSHULFROXOXLSXEOLF´GHRDUHFH
DFHVWSHULFRO±FDUHHVWHLPSOLFLWXUP ULORUSURYRFDWHSULQIDSWHOHDFRORLQFULPLQDWH±
QXPDLHUDQHFHVDUDILH[SOLFLWSUHWLQV
6DQF LXQL)DSWHOHSUHY ]XWHvQDOLQúLVXQWVDQF LRQDWHFXvQFKLVRDUH
GHODROXQ ODDQLVDXFXDPHQG
&6-'HFQU%-S
/DDOLQWH]D,SHGHDSVDHVWHvQFKLVRDUHDGHODXQXODDQLLDUODWH]D,,±
HVWHvQFKLVRDUHDGHODODDQL
3HGHDSVDSHQWUXPRGDOLWDWHDDJUDYDW SUHY ]XW vQDOLQHVWHvQFKLVRDUHD
GHODODDQL
3HUVRDQD MXULGLF SHQWUX IDSWHOH SUHY ]XWH vQ DOLQ WH]D , VH
VDQF LRQHD] FX DPHQG GH OD OD OHL LDU vQ FHOHODOWH LSRWH]H GH
LQFULPLQDUHDPHQGDHVWHGHODODOHL
78/%85$5($'(326(6,(
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO HVWH FRQVWLWXLW GLQ DFHOH UHOD LL VRFLDOH SULYLWRDUH OD
VHFXULWDWHD EXQXULORU LPRELOH OD VWDUHD ORU GH SDúQLF SRVHVLH LPRELOH DIODWH vQ
GHWHQ LD VDX SRVHVLD SHUVRDQHORU IL]LFH VDX MXULGLFH úL FDUH DSDU LQ SDWULPRQLXOXL
SULYDWRULSXEOLF
2ELHFWXO PDWHULDO DO LQIUDF LXQLL HVWH vQVXúL EXQXO LPRELO DVXSUD F UXLD VH
H[HUFLW DF LXQHDVDPDYROQLF $FHVWDHVWHvQV GHUHJXO FRPSOH[ILLQGDOF WXLW±
RVHELWEXQXOXLLPRELO±úLGLQFRUSXOSHUVRDQHLDVXSUDF UHLDVHH[HUFLW YLROHQ HOH
IL]LFHRULGLQEXQXULOHGLVWUXVHSULQDFWHOHYLROHQWHVDXEXQXULOHVHPQHGHKRWDU
UHSHUHGHPDUFDUHGHVILLQ DWH
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU HVWH QHFLUFXPVWDQ LDW GH WH[W (O SRDWH IL
RULFH SHUVRDQ úL FKLDU SURSULHWDUXO DFHOXL EXQ GDF DF LXQHD HVWH vQGUHSWDW
vPSRWULYDEXQXOXLLPRELOOHJLWLPSRVHGDWRULGH LQXWGHDOW SHUVRDQ
3RWULYLW GLVSR]L LLORU DUW & SHQ VXELHFWXO DFWLY SRDWH IL úL SHUVRDQD
MXULGLF
,QIUDF LXQHD HVWH VXVFHSWLELO GH V YkUúLUH vQ WRDWH IRUPHOH GH SDUWLFLSD LH
SHQDO ±FRDXWRUDWLQVWLJDUHFRPSOLFLWDWH
6XELHFWXOSDVLYHVWHvQSULQFLSDOSHUVRDQD±IL]LF VDXMXULGLF ±FDUHSRVHG
RUL GH LQH EXQXO LPRELO DVXSUD F UXLD HVWH vQGUHSWDW DF LXQHD VDPDYROQLF RUL
SHUVRDQD ± IL]LF VDX MXULGLF ± F UHLD L VH GHVILLQ HD] VHPQHOH GH KRWDU VDX
UHSHUHOHGHPDUFDUHDIHUHQWHWHUHQXULORUUHVSHFWLYH
ÌQ LSRWH]D F EXQXO LPRELO FH IRUPHD] RELHFW DO SURSULHW LL SULYDWH VDX
SXEOLFHVHDIO vQSRVHVLDVDXGHWHQ LDDOWHLSHUVRDQHGHFkWDSURSULHWDUXOXLFDOLWDWHD
GHVXELHFWSDVLYDOLQIUDF LXQLLRDUHúLSURSULHWDUXODFHOXLEXQ
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO DO LQIUDF LXQLL VH FRQVWLWXLH vQWUR SULP PRGDOLWDWH
GLQWURDF LXQHGHRFXSDUHDXQXLLPRELOVDXRDF LXQHLQDF LXQHGHUHIX]DHOLEHUD
WHUHQXODVWIHORFXSDW
2FXSDUHD XQXL LPRELO ÌQ VHQVXO DUW GLQ &RGXO SHQDO VLQWDJPD HVWH
vQ HOHDV FDDFHDS WUXQGHUHDDXWRUXOXLIDSWHLvQWUXQLPRELO±FRQVWUXF LHWHUHQ±
vQ VFRSXO GH D úL vQVW SkQL $úDGDU I SWXLWRUXO FXQRVFkQG F LPRELOXO HVWH vQ
SRVHVLD XQHL SHUVRDQH ± IL]LF VDX MXULGLF ± vO RFXS VDPDYROQLF HULMkQGXVH vQ
SRVHVRUXODFHVWXLD
,QWUDUHD vQ LPRELO WUHEXLH V ILH HIHFWLY (VWH LQGLIHUHQW SHQWUX UHDOL]DUHD
LQIUDF LXQLL GDF LPRELOXO D IRVW RFXSDW SDU LDO VDX vQ vQWUHJLPH GXS FXP HVWH
LQGLIHUHQWWLPSXOFkWDGXUDWvQVW SkQLUHDLPRELOXOXL
) U GUHSW 3ULQ DFHDVWD VH vQ HOHJH F DXWRUXO QX DUH XQ WLWOX FDUH V L
OHJLWLPH]H LQWUDUHD vQ LPRELO HO QX HVWH GHFL vQ VLWXD LD GH DúL H[HUFLWD XQ GUHSW
SURSULXVDXGHDDGXFHODvQGHSOLQLUHRGLVSR]L LHOHJDO
'DUQXQXPDLDWkWùLvQLSRWH]DXQXLGUHSWGHLQWUDUHvQVW SkQLUHDLPRELOXOXL
IDSWDYDFRQVWLWXLLQIUDF LXQHGDF DFHOLPRELOVHDIO GHMDvQSRVHVLDXQHLSHUVRDQH
FKLDUGDF WLWOXODFHVWHLDGLQXUP HVWHLQIHULRUFHOXLGH LQXWGHI SWXLWRU/HJHD
SHQDO SURWHJXLHúWHSDúQLFDSRVHVLDDLPRELOXOXLúLQLP QXLQXLHVWHvQJ GXLWV úL
IDF VLQJXU GUHSWDWH PDL DOHV IRORVLQG úL YLROHQ D ± GHFL DXWRUXO IDSWHL RFXS
LPRELOXO WRW ÄI U GUHSW´ ± OLWLJLXO DVWIHO Q VFXW GLQ FRQIOLFWXO GLQWUH WLWOXULOH
GH LQXWH GH ILHFDUH SDUWH XUPkQG D IL VROX LRQDW GH DXWRULW LOH DGPLQLVWUDWLYH VDX
MXGLFLDUHFRPSHWHQWH
,QVWDQ HOH GH MXGHFDW DX FRQVLGHUDW vQV F QX HVWH UHDOL]DW LQIUDF LXQHD
H[DPLQDW vQ FD]XO vQ FDUH I SWXLWRULL DX RFXSDW XQ WHUHQ PRúWHQLW vPSUHXQ FX
SDUWHDY W PDW úLSUHOXDWGHDFHVWDDQWHULRUEXQSHQWUXFDUHQXVHI FXVHLHúLUHD
GLQLQGLYL]LXQH6DPRWLYDWF DWkWDYUHPHFkWQXVDFHUXWLHúLUHDGLQLQGLYL]LXQH
ILHFDUH PRúWHQLWRUSURSULHWDU DUH GUHSWXO GH D SRVHGD WHUHQXO úL F GHFL RFXSDUHD
DFHVWXLDQXVDI FXWI U GUHSW
ÌQ PRGDOLW LOH DJUDYDWH DF LXQLOH GH RFXSDUH I U GUHSW D XQXL LPRELO VDX
DF LXQLOHGHGHVILLQ DUHDVHPQHORUGHKRWDUúLDUHSHUHORUGHPDUFDUHVXQWSXUWDWH
SULQYLROHQ VDXDPHQLQ DUH
9LROHQ D &RQFHSWXO DUH vQ HOHVXO GHWHUPLQDW SULQ GLVSR]L LLOH DUW GLQ
&RGXOSHQDOUHVSHFWLYGHDF LXQLSURYRFDWRDUHGHVXIHULQ HIL]LFHVDXGHY W P UL
FH QHFHVLW SHQWUX YLQGHFDUH vQJULMLUL PHGLFDOH GH FHO PXOW GH ]LOH $úDGDU
LQIUDF LXQHDGHWXOEXUDUHGHSRVHVLH±vQYDULDQWHOHDJUDYDWHGHODDOLQúL±
DEVRDUEHvQFRQ LQXWXOV XSHDFHODDOLQIUDF LXQLLSUHY ]XWHGHDUWGLQ&RGXO
SHQDO
9LROHQ D SRDWH IL vQGUHSWDW úL vPSRWULYD OXFUXULORU VDX DQLPDOHORU ±
HIUDF LRQDUHDVLVWHPHORUGHvQFKLGHUHVDXvQFXLHUHDLPRELOHORUXFLGHUHDFkLQHOXLGH
SD] HWF
ÌQLSRWH]DvQV vQFDUHFRQVHFLQ HOHDFWHORUYLROHQWHH[FHGSHDFHOHDSUHY ]XWH
vQDUWGLQ&RGXOSHQDOIDSWDYDFRQVWLWXLLQIUDF LXQHDGHY W PDUHFRUSRUDO
VDXY W PDUHFRUSRUDO JUDY V YkUúLW vQFRQFXUVFXDFHHDSUHY ]XW vQDUW
GLQ&RGXOSHQDO
'XS FXP GDF YLROHQ HOH H[HUFLWDWH DVXSUD OXFUXULORU VXQW HIHFWXDWH SULQ
PLMORDFHSHULFXORDVHSHQWUXFROHFWLYLWDWHLQFHQGLXH[SOR]LHHWFIDSWDYDFRQVWLWXL
LQIUDF LXQHDGHGLVWUXJHUHvQFRQFXUVFXDFHHDGHWXOEXUDUHGHSRVHVLH
$PHQLQ DUHD ùL DFHVW FRQFHSW DUH vQ HOHVXO GHMD H[SOLFDW OD LQIUDF LXQHD
SUHY ]XW GHDUWGLQ&RGXOSHQDOLQIUDF LXQHDOF UHLFRQ LQXWHVWHDEVRUELWvQ
DFHODDOLQIUDF LXQLLGHWXOEXUDUHGHSRVHVLH
'HVILLQ DUHDVHPQHORUGHKRWDUúLDUHSHUHORUGHPDUFDUH
6HPQGHKRWDU6XQWVHPQHGHGHPDUFDUHDWHUHQXULORUDGLF VHPQHSULQFDUH
VH YL]XDOL]HD] OLPLWHOH DFHVWRUD (OH VXQW VWDWRUQLFLWH SRWULYLW FRQYHQ LHL
SHUVRDQHORU FDUH DX WHUHQXULOH vQYHFLQDWH RUL SULQ GLVSR]L LH D DXWRULW LORU
FRPSHWHQWH &RPLVLD GH DWULEXLUH D WLWOXULORU GH SURSULHWDWH ± DUW GLQ /HJHD
QU±SULP ULD±DUWGLQDFHHDúLOHJH±LQVWDQ DGHMXGHFDW
70%'HFQU&3-3S
70%'HFQUOLELGHPS
7M6XFHDYD'HFQU'UQUS
9DVLOH 3 Y OHDQX 3UDFWLFD LQVWDQ HORU GH MXGHFDW GLQ MXGH XO 6XFHDYD vQ PDWHULH SHQDO SH
VHPHVWUXOLELGHP
6HPQHOHGHKRWDUSRWILUHSUH]HQWDWHSULQvPSUHMPXLUL]LGXULJDUGXULSLHWUH
VDXERUQHGHKRWDUFRSDFLVSD LXQHDUDWHWF
'HVILLQ DUHDVHPQHORU6HvQ HOHJHDF LXQHDGHQLPLFLUHGHDIDFHV GLVSDU
vQ RULFH PRG ± DUGHUH VSDUJHUH ULGLFDUH VDX VPXOJHUH úL DUXQFDUH ± D RELHFWHORU
OXFUXULORUFDUHUHSUH]LQW VHUYHVFRULVLPEROL]HD] JUDQL HOHWHUHQXOXL
8UPDUHD LPHGLDW FRQVW vQ WUDQVIHUXO LOLFLW DO LPRELOXOXL GLQ SRVHVLD VDX
GHWHQ LD S U LL Y W PDWH vQ DFHHD D DXWRUXOXL GXS FD] vQ PRGLILFDUHD VLWXD LHL
VHPQHORUGHKRWDUúLDUHSHUHORUGHPDUFDUH
/HJ WXUD GH FDX]DOLWDWH GLQWUH DF LXQHD vQWUHSULQV úL FRQVHFLQ D SURGXV
UH]XOW H[UH
/DWXUDVXELHFWLY
(OHPHQWXO VXELHFWLY DO LQIUDF LXQLL VH H[SULP H[FOXVLY SULQ LQWHQ LH vQ
DPEHOH PRGDOLW L DOH DFHVWHLD ± GLUHFW RUL LQGLUHFW 6 YkUúLUHD LQIUDF LXQLL vQ
FRQWUDXQXLEXQLPRELOSURSULHWDWHSXEOLF LPSOLF úWLLQ DúLYRLQ DDXWRUXOXLIDSWHL
GHDRFXSDLOHJDODFHOLPRELOúLFXPXODWLYúWLLQ DF EXQXOSHFDUHYUHDV ORFXSH
HVWHSURSULHWDWHSXEOLF
2FXSDUHDGLQHURDUHDXQXLLPRELOQXFRQVWLWXLHLQIUDF LXQHDGHWXOEXUDUHGH
SRVHVLH GDU SRW IL UH LQXWH úL WUDWDWH SHQDO DF LXQLOH vQVR LWRDUH ± ORYLUHD VDX
DPHQLQ DUHDXQHLSHUVRDQHGLVWUXJHUHDGHEXQXUL±vQP VXUDvQFDUHVXQWvQWUXQLWH
HOHPHQWHOHFRQVWLWXWLYHDOHDFHVWRULQIUDF LXQL
7H[WXOQXSUHWLQGHH[LVWHQ DXQXLVFRSVDXPRELODOLQIUDF LXQLL
)RUPH6DQF LXQL
)RUPH ,QIUDF LXQHD HVWH VXVFHSWLELO GH V YkUúLUHD vQ IRUPD LPSHUIHFW D
WHQWDWLYHLGDUWHQWDWLYDQXVHSHGHSVHúWHGHWH[W
&RQVXPDUHD LQIUDF LXQLL SUHY ]XWH vQ DUW GLQ &RGXO SHQDO VXUYLQH vQ
PRPHQWXOvQFDUHI SWXLWRUXOSULQXQDGLQPRGDOLW LOHQRUPDWLYHSUHY ]XWHvQWH[W
S WUXQGH úL U PkQH I U GUHSW vQ LPRELO UHVSHFWLY vQ PRPHQWXO PRGLILF ULL
VLWXD LHLVHPQHORUGHKRWDUúLDUHSHUHORUGHPDUFDUH
,QIUDF LXQHD ± FDUH HVWH FRQWLQX ± VH HSXL]HD] ILH OD PRPHQWXO FkQG
I SWXLWRUXO D vQFHWDW DF LXQHD LOLFLW GLQ SURSULH LQL LDWLY ILH OD GDWD SURQXQ ULL
KRW UkULLGHFRQGDPQDUH
6DQF LXQL)RUPDWLSDLQIUDF LXQLL±DOLQ±DUHSUHY ]XW vQFKLVRDUHDGH
ODODDQL
)DSWHOHSUHY ]XWHvQDOLQúLVXQWVDQF LRQDWHFXSHGHDSVDvQFKLVRULLGH
ODODDQLUHVSHFWLYvQFKLVRDUHDGHODODDQL
3HUVRDQD MXULGLF VH VDQF LRQHD] FX DPHQG GH OD OD OHL vQ
FD]XOIDSWHORUSUHY ]XWHvQDOLQúLúLFXDPHQG GHODODOHL
SHQWUXIDSWDSUHY ]XW vQDOLQ
7 ,18,5($
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO LQIUDF LXQLL GH W LQXLUH HVWH FRPSOH[ (O HVWH
FRQVWLWXLW SH GH R SDUWH GLQ DFHOH UHOD LL VRFLDOH GH RUGLQ SDWULPRQLDO FH VH FHU
RFURWLWH vPSRWULYD IDSWHL GH W LQXLUH LDU SH GH DOW SDUWH GLQ UHOD LLOH VRFLDOH
UHIHULWRDUH OD vQI SWXLUHD MXVWL LHL & FL SULQ W LQXLUHD EXQXULORU SURYHQLWH GLQ
7M7LPLú'HFQU5,,,S
ÌQDFHODúLVHQV&6-'HFQU'UQUS
V YkUúLUHDXQHLLQIUDF LXQLvQGDXQDSDWULPRQLXOXLHVWHVWkQMHQLW ±DúDFXPDU WDP±úL
DFWLYLWDWHDGHUHDOL]DUHDDFWXOXLGHMXVWL LH
7 LQXLUHDHVWHRLQIUDF LXQHVXEVHFYHQW HDVHVLWXHD] vQWUHQDDOWHLLQIUDF LXQL
UHOD LHFHSRDUW vQOLWHUDWXUDGHVSHFLDOLWDWHGHQXPLUHDGHFRQH[LXQHGHFRUHOD LHFX
DOWHFXYLQWHDSDUL LDVDGHSLQGHGHSUHH[LVWHQ DXQHLLQIUDF LXQLSDWULPRQLDOH
'HSHQGHQ D LQH[RUDELO D W LQXLULL GH LQIUDF LXQHD SULP úL SULQFLSDO VH
PDQLIHVW OD QLYHOXO RELHFWXOXL PDWHULDO FDUH HVWH FRPXQ DPEHORU LQIUDF LXQL
EXQXULOHVDXRSDUWHGLQDFHVWHDGREkQGLWHSULQV YkUúLUHDSULPHLLQIUDF LXQLVXQW
DVFXQVHRULYDORULILFDWHvQDF LXQHDW LQXLWRDUHDLQIUDF LXQLLVXEVHFYHQWH
Ä&RQH[LXQHDGHFRUHOD LH´GLQWUHFHOHGRX LQIUDF LXQLúLRELHFWXOORUPDWHULDO
FRPXQQXWUHEXLHV GXF vQV ODJkQGXOF FHDGHDGRXDW LQXLUHDHVWHRÄFRSLH´D
FHOHL GLQWkL F HD ÄvPSUXPXW ´ HOHPHQWHOH FRQVWLWXWLYH RUL FLUFXPVWDQ HOH SULPHL
LQIUDF LXQL'LPSRWULY RGDW DS UXW ±vQXUPDV YkUúLULLDOWHLLQIUDF LXQL±W LQXLUHD
DUHRH[LVWHQ DXWRQRP FDUDFWHUL]kQGXVHSULQHOHPHQWHSURSULLDFHVWHLD
$XWRQRPLD W LQXLULL FD LQIUDF LXQH HVWH XúRU VHVL]DELO QX QXPDL SULQ
H[DPLQDUHD FRPSDUDWLY D VWUXFWXULL úL D HOHPHQWHORU HL FRQVWLWXWLYH FX FHOH DOH
LQIUDF LXQLL SULQFLSDOH FL úL SULQ FRQVWDWDUHD F FLUFXPVWDQ HOH LQIUDF LXQLL
SULQFLSDOHQXVHU VIUkQJDVXSUDLQIUDF LXQLLGHW LQXLUHúLQXRLQIOXHQ HD] $VWIHO
OLSVD U VSXQGHULL SHQDOH D DXWRUXOXL SULPHL LQIUDF LXQL IDSWD FRPLV GH XQ PLQRU
VXE DQL RUL GH XQ DOLHQDW PLQWDO RUL vQO WXUDUHD U VSXQGHULL VDOH SHQDOH IDSW
DPQLVWLDW QXYDDYHDQLFLXQHIHFWDVXSUDW LQXLWRUXOXL'XS FXPQLFLH[LVWHQ D
XQHLvPSUHMXU ULOHJDOHFDUHvPSLHGLF SXQHUHDvQPLúFDUHDDF LXQLLSHQDOHvQFDX]D
SULYLQG LQIUDF LXQHD SULQFLSDO ± DUW OLWE F I K & SURF SHQ ± QX DUH
UH]RQDQ SHQDO DVXSUDLQIUDF LXQLLGHW LQXLUH
1X YD FRQVWLWXL vQV LQIUDF LXQHD H[DPLQDW IDSWD GH W LQXLUH D XQXL EXQ FH
SURYLQHGLQWURIDSW QHSUHY ]XW GHOHJHDSHQDO
2ELHFWXOPDWHULDODOLQIUDF LXQLLHVWHDFHODúLEXQFDUHDIRUPDWRELHFWPDWHULDO
DOSULPHLLQIUDF LXQLDGLF HVWHEXQXOSURYHQLW±VDXXQXOGLQEXQXULOHSURYHQLWH±
SULQV YkUúLUHDLQIUDF LXQLLSULQFLSDOH
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU HVWH QHFLUFXPVWDQ LDW GH WH[W SULQ XUPDUH
DFHVWDSRDWHILRULFHSHUVRDQ
&X WRDWH DFHVWHD SULQ vQVXúL WH[WXO LQFULPLQDWRU HVWH H[FOXV U VSXQGHUHD
SHQDO D VR XOXL VDX D UXGHL DSURSLDWH SDUWLFLSDQWXOXL ± LQGLIHUHQW GH IRUPD GH
SDUWLFLSDUH±ODV YkUúLUHDLQIUDF LXQLLSULPHúLSULQFLSDOHGHFLDFHVWHSHUVRDQHQX
SRWDYHDFDOLWDWHDGHVXELHFWDFWLYDOLQIUDF LXQLL
6XELHFWXODFWLYSRDWHILúLSHUVRDQDMXULGLF vQFRQGL LLOHDUW&SHQ
3DUWLFLSD LDSHQDO ODLQIUDF LXQHDGHW LQXLUHHVWHSRVLELO vQWRDWHIRUPHOHHL±
FRDXWRUDWLQVWLJDUHFRPSOLFLWDWH
6XELHFWXO SDVLY DO LQIUDF LXQLL HVWH SHUVRDQD IL]LF VDX MXULGLF GLQ DO F UHL
SDWULPRQLX ± SULYDW RUL SXEOLF ± SURYLQH EXQXO GREkQGLW SULQWUR LQIUDF LXQH
DQWHULRDU úLFDUHIDFHRELHFWXOLQIUDF LXQLLGHW LQXLUH
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDODOLQIUDF LXQLLHVWHFRQVWLWXLWGLQWURDF LXQHúLDQXPHGLQ
DFHDDF LXQHGHW LQXLUHDXQXLEXQSURYHQLWGLQWURDOW LQIUDF LXQHSULQFDUHHVWH
OH]DW SDWULPRQLXO SULYDW RUL SXEOLF 'LQ DFHDVW IRUPXODUH QX WUHEXLH vQ HOHV F
LQIUDF LXQHD GH W LQXLUH HVWH VXEVHFYHQW H[FOXVLY LQIUDF LXQLORU SUHY ]XWH vQ
7LWOXO ,,, DO &RGXOXL SHQDO SULPD LQIUDF LXQH SXWkQG IL RULFDUH DOW LQIUDF LXQH FX
$)LOLSDú2/RJKLQ'UHSWSHQDOURPkQHGFLWS
FRQVHFLQ H GH DVHPHQHD QDWXU ± LQIUDF LXQL VLOYLFH úDQWDM FkQG EXQXO SUHWLQV D
IRVWúLGREkQGLWGHI SWXLWRUOXDUHGHPLW úD
7H[WXO GH OHJH SUHYHGH PDL PXOWH PRGDOLW L QRUPDWLYH vQ FDUH VH SRDWH
FRPLWHDF LXQHDLQFULPLQDW UHVSHFWLYDSULPLUHEGREkQGLUHFWUDQVIRUPDUHD
EXQXOXL úL G vQOHVQLUH D YDORULILF ULL EXQXOXL ,QIUDF LXQHD SRDWH IL V YkUúLW
DOWHUQDWLYvQWUXQDGLQWUHDFHVWHPRGDOLW LGDUHDSRDWHILV YkUúLW úLvQSUH]HQ D
FRQFRPLWHQW DGRX VDXPDLPXOWHPRGDOLW LGHSLOG DVFXQGHúLDSRLWUDQVIRUP
EXQXOvQDFHVWGLQXUP FD]DF LXQLOHFXPXODWHFRQVWLWXLQGHOHPHQWXOPDWHULDODO
XQHLLQIUDF LXQLXQLFHGHW LQXLUH
3ULPLUHD&RQFHSWXOvQVHQVXODUWGLQ&RGXOSHQDOGHILQHúWHDF LXQHDGH
DSUHOXDVXERULFHWLWOXGHSR]LWJDMHWFDGLF GHDOXDvQVW SkQLUHWHPSRUDU XQ
EXQ PRELO SURYHQLW GLQ V YkUúLUHD XQHL LQIUDF LXQL ÌQ DFHODúL FRQFHSW HVWH
vQVXPDW úL DF LXQHD GH DVFXQGHUH D EXQXOXL SHQWUX F DF LXQHD GH SUHOXDUH GH
SULPLUHDEXQXOXLSUHFHGHILUHVFDFHOHLDGHDVFXQGHUH
(VWHGHUHPDUFDWúLGHUH LQXWF DF LXQHDGHSULPLUH±FDGHDOWIHOWRDWHFHOHODOWH
DF LXQL SULQ FDUH VH H[SULP LQIUDF LXQHD GH W LQXLUH ± DUH FD RELHFW H[FOXVLY EXQXO
PRELO%XQXOLPRELOSULQQDWXUDúLFDUDFWHULVWLFLOHOXLQXSRDWHILW LQXLW
'REkQGLUHD 3ULQ DFHVW FRQFHSW VH vQ HOHJH SULPLUHD úL OXDUHD vQ VW SkQLUH
GHILQLWLY D EXQXOXL SURYHQLW GLQ LQIUDF LXQH ÌQ DFHVW FD] DXWRUXO VH FRPSRUW
ID GHEXQXOW LQXLWFDXQYHULWDELOSURSULHWDUDWLWXGLQHFHVHSRDWHFRQFUHWL]DvQ
XWLOL]DUHDFRQVXPDUHDYkQ]DUHDGLVWUXJHUHDDEDQGRQDUHDVDXGRQDUHDEXQXOXLRUL
vQVFKLPEDUHDDFHVWXLDFXXQDOWEXQ
7UDQVIRUPDUHD EXQXOXL $F LXQHD GH WUDQVIRUPDUH D EXQXOXL ± DVWIHO FXP HVWH
H[SOLFDW vQ OLWHUDWXUD GH VSHFLDOLWDWH úL DGPLV vQ SUDFWLFD MXGLFLDU ± FRQVW vQWUR
PRGLILFDUHPHWDPRUIR]DUHDGXV EXQXOXLvQFHSULYHúWHIRUPDH[WHULRUXODFHVWXLD±
YRSVLUH UHPRGHODUH UHDPEDODUH ± ÄFRVPHWL]DUHD´ DYkQG GUHSW VFRS QHUHFXQRDúWHUHD
EXQXOXL GH F WUH FHO vQ SDWULPRQLXO F UXLD VD DIODW RUL GH F WUH DJHQ LL DXWRULW LORU
MXGLFLDUHFDUHvOXUP UHVFSHQWUXDSUREDIDSWDSHQDO SULQFLSDO úLDGH]G XQDSHUVRDQD
Y W PDW $F LXQHDGHWUDQVIRUPDUHSRDWHYL]DvQV úLFRQ LQXWXOLQWHULRUXOEXQXOXL±
WRSLUH SUHOXFUDUH GHPRQWDUH HWF ± ILH vQ VFRSXO VXV DU WDW ILH vQ VFRSXO GH D IL
YDORULILFDW PDL OHVQLFLRV VDX SURILWDELO WRSLUHD XQRU PRQHGH GH DXU úL SUHOXFUDUHD
PDWHULDOXOXL VXE IRUP GH ELMXWHULL GHPRQWDUHD SLHVHORU XQXL DXWRWXULVP VXVWUDV úL
FRPHUFLDOL]DUHDEXFDW FXEXFDW DVXEDQVDPEOXULORUúD
ÌQOHVQLUHD YDORULILF ULL EXQXOXL (VWH DFHD DF LXQH GH DMXWRUDUH D
SDUWLFLSDQ LORUODLQIUDF LXQHDSULQFLSDO GHDvQVWU LQDEXQXOILHSULQYkQ]DUHDOXL
GLUHFW RUL VFKLPEDUHD FX XQ DOW EXQ ILH SULQ LQWHUPHGLHUHD XQRU DVHPHQHD
RSHUD LXQL 'H UHJXO ÄW LQXLWRULL GH SURIHVLH´ vúL IRUPHD] úL vQWUH LQ UHOD LL
SHUPDQHQWHFXSHUVRDQHDPDWRDUHDFXPS UDEXQXULGHSURYHQLHQ vQGRLHOQLF LDU
vQQXPHURDVHFD]XULDFHVWWLSGHW LQXLWRULQLFLQXLQWU vQFRQWDFWFXEXQXOVXVWUDV
OLPLWkQGXVHODÄDYLQGHSRQWXO´DGLF ODDLQGLFD±ILUHúWHFRQWUDXQXLEHQHILFLX±
SHUVRDQDFXPS U WRUXOXL
ÌQ FD]XO SULPLULL vQ HWDSH D XQRU EXQXUL VXVWUDVH vQ PRG UHSHWDW GH DFHHDúL
SHUVRDQ IDSWDDFHOXLDFDUHOHDVFXQGHRULOHYLQGHQXYDPDLFRQVWLWXLLQIUDF LXQHD
GHW LQXLUHFLDFHHDGHFRPSOLFLWDWHODLQIUDF LXQHDSULP úLSULQFLSDO
8UPDUHD LPHGLDW FRQVW vQ DSDUL LD XQHL VW UL GH SHULFRO SHQWUX UHOD LLOH
SDWULPRQLDOHDIHFWDWHSULQV YkUúLUHDSULPHLIDSWHSHQDOH±SULPHMGLDILLQGFDEXQXO
-XG5RPDQ6HQWQU5,,,S
7M*DOD L'HFQULELGHPSÌQQRWDFHvQVR HúWHVSH DVDPDLDILUPDWFXGHSOLQWHPHLF
DWXQFLFkQGVHIDFHvQFDGUDUHDMXULGLF DW LQXLULLGLVSR]L LLOHDUWVDXGLQ&RGXOSHQDOQXSRWILFRPELQDWH
FX DFHOH WH[WH GLQ SDUWHD VSHFLDO D &RGXOXL SHQDO FH SUHY G LQIUDF LXQHD GLQ FDUH SURYLQ EXQXULOH FH FRQVWLWXLH
RELHFWXOW LQXLULLQD
76'HFQULELGHPS
PDWHULDOV ILHSLHUGXWHIHFWLYúLGHILQLWLYQHUHFXSHUDW±úLFRQFRPLWHQWvQDSDUL LD
VW ULLGHSHULFROSHQWUXEXQDvQI SWXLUHDDFWXOXLGHMXVWL LH'DUXUPDUHDLPHGLDW
FRQVHFLQ D SRDWH FRQVWD úL GLQWUR SDJXE SURYRFDW SDWULPRQLXOXL SULYDW RUL
SXEOLFSULQWUDQVIRUPDUHDGLVWUXJHUHDHWFDEXQXOXLW LQXLW
5DSRUWXOGHFDX]DOLWDWHGLQWUHDF LXQHúLFRQVHFLQ HUH]XOW GHUHJXO GLQvQV úL
PDWHULDOLWDWHDIDSWHLDGLF GLQFKLDUIDSWDGHSULPLUHWUDQVIRUPDUHHWFDEXQXOXL
'LQ SXQFWXO GH YHGHUH DO U VSXQGHULL FLYLOH W LQXLWRUXO HVWH vQV LQXW V
U VSXQG GRDUvQOLPLWHOHYDORULFHDOHEXQXOXLW LQXLWúLQXDOHvQWUHJXOXLSUHMXGLFLX
SURYRFDWSULQSULPDIDSW SHQDO
/DWXUDVXELHFWLY
,QIUDF LXQHDGHW LQXLUHVHV YkUúHúWHH[FOXVLYFXLQWHQ LHGLUHFW RULLQGLUHFW
,QWHQ LD HVWH FDOLILFDW GHRDUHFH HD LQFOXGH úL HOHPHQWXO VFRS LDU VFRSXO DXWRUXOXL
HVWH DFHOD GH D RE LQH XQ IRORV PDWHULDO SHQWUX VLQH RUL SHQWUX DOW SHUVRDQ ÌQ
HYHQWXDOLWDWHD F SULQ IDSWD FRPLV vQ XQD GLQWUH PRGDOLW LOH QRUPDWLYH QX VD
XUP ULW UHDOL]DUHD GH F WUH DXWRU D XQXL SURILW PDWHULDO GH SLOG DXWRUXO DF LRQHD]
GLQVHQWLPHQWHGHDPLFL LHDFHDVW IDSW YDSXWHDILH[DPLQDW úLWUDWDW HYHQWXDO
SULQSULVPDSUHYHGHULORUFHUHJOHPHQWHD] LQIUDF LXQHDGHIDYRUL]DUH
$úDGDU HVWH GHILQLWRULX SHQWUX LQIUDF LXQHD GH W LQXLUH FD DXWRUXO DFHVWHLD V
XUP UHDVF GREkQGLUHDXQXLIRORVPDWHULDOV DF LRQH]HvQDFHVWVFRS3HQWUXUHDOL]DUHD
LQIUDF LXQLLWH[WXOvQV QXFHUHFDI SWXLWRUXOV úLILDSURSLDWHIHFWLYXQDVWIHOGHIRORVFL
GRDUFDHOV ILSURFHGDWODW LQXLUHDEXQXOXLvQYHGHUHDRE LQHULLDFHVWXLD
'HúL VD UH LQXW F vQ HOHJHUHD GLQWUH DXWRUXO SULPHL IDSWH SHQDOH úL DXWRUXO
W LQXLULLHVWHvQWRWGHDXQDSRVWHULRDU LQIUDF LXQLLSULQFLSDOHHVWHGHVXEOLQLDWvQF R
GDW DFHVW DVSHFW FDUDFWHULVWLF FX PHQ LXQHD F vQ LSRWH]D vQ FDUH vQ HOHJHUHD
GLQWUH I SWXLWRUL HVWH DQWHULRDU VDX FRQFRPLWHQW SULPHL LQIUDF LXQL DF LXQHD GH
W LQXLUHDEXQXOXLYDFRQVWLWXLFRPSOLFLWDWHODDFHDLQIUDF LXQHúLQXRLQIUDF LXQH
GLVWLQFW GHW LQXLUH
)RUPH6DQF LXQL
)RUPH $F LXQHD GH W LQXLUH D XQXL EXQ HVWH VXVFHSWLELO GH GHVI úXUDUH vQ
WLPS &X WRDWH DFHVWHD WHQWDWLYD OD LQIUDF LXQHD GH W LQXLUH QX HVWH VDQF LRQDW GH
OHJHHDQHILLQGSUHY ]XW vQDUW&RGSHQDO
&RQVXPDUHDLQIUDF LXQLLVXUYLQHvQPRPHQWXOHIHFWX ULLXQHLDGLQWUHDF LXQLOH
SUHY ]XWH GH WH[W úL DQXPH ± DO SULPLULL DO GREkQGLULL DO WUDQVIRUP ULL RUL DO
vQOHVQLULL YDORULILF ULL EXQXOXL SURYHQLW GLQWUR LQIUDF LXQH ± DF LXQL SXUWDWH vQ
VFRSXOGREkQGLULLXQXLIRORVPDWHULDO
,QIUDF LXQHDGHW LQXLUHSRDWHILV YkUúLW úLvQIRUPDFRQWLQXDW
6DQF LXQL,QIUDF LXQHDGHW LQXLUHHVWHSHGHSVLW FXvQFKLVRDUHGHODOXQLOD
DQLI U FDVDQF LXQHDDSOLFDW V SRDW GHS úLSHGHDSVDSUHY ]XW GHOHJHSHQWUX
LQIUDF LXQHD GLQ FDUH SURYLQH EXQXO W LQXLW $FHDVW FRQGL LRQDUH D WH[WXOXL QX
WUHEXLH LQWHUSUHWDW vQ VHQVXO F VDQF LRQDUHD W LQXLWRUXOXL QX SRDWH IL PDL DVSU
GHFkWDFHHDDDXWRUXOXLLQIUDF LXQLLSULQFLSDOH±GDF PDJLVWUDWXOIDFHRDVHPHQHD
MXGHFDW ±FLGRDUFDSHGHDSVDW LQXLWRUXOXLV QXGHS úHDVF SHDFHHDSUHY ]XW
GHOHJHSHQWUXLQIUDF LXQHDGLQFDUHSURYLQHEXQXO
7 LQXLUHDV YkUúLW GHVR VDXGHRUXG DSURSULDW QXVHSHGHSVHúWH
3HUVRDQD MXULGLF VH VDQF LRQHD] FX DPHQGD GH OD OD OHL
FRQIRUPDUWDOLQ&SHQ
76'HFQU5,,S
76'HFQU5,,,S
76'HFQU55'QUS
76'HFQU5,S
7,7/8/9
,1)5$& ,81,&2175$$8725,7 ,,
2)(16$$'86 8125Ì16(01(
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO vO IRUPHD] UHOD LLOH VRFLDOH D F URU RFURWLUH HVWH
DVLJXUDW SULQDS UDUHDSUHVWLJLXOXLDXWRULW LLvQFRQWUDIDSWHORUFDUHDGXFLQGLUHFW
DWLQJHUHDFHVWXLSUHVWLJLXH[SULPkQGGLVSUH ID GHvQVHPHQHOHvQFDUHVHUHIOHFW
DXWRULWDWHD
2ELHFWXO PDWHULDO ,QIUDF LXQHD GH RIHQV DGXV XQRU vQVHPQH DGXFkQG
DWLQJHUHXQHLYDORULVRFLDOHDXWRULWDWHDRUJDQHORUGHVWDWúLvQWUXFkWDFHDVW YDORDUH
vúL DIO UHIOHFWDUHD vQ DQXPLWH vQVHPQH VWHP HPEOHPH VHPQH ID GH FDUH VH
V YkUúHúWH RIHQVD FDUH ORYHúWH vQ SUHVWLJLXO DXWRULW LL DFHVWH vQVHPQH FRQVWLWXLH
RELHFWPDWHULDODOLQIUDF LXQLL
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUDOLQIUDF LXQLLGHRIHQV DGXV XQRUvQVHPQH
SRDWHILRULFHSHUVRDQ FHW HDQURPkQFHW HDQVWU LQVDXSHUVRDQ I U FHW HQLH
,QIUDF LXQHD HVWH VXVFHSWLELO GH D IL V YkUúLW vQ SDUWLFLSD LH vQ RULFDUH GLQ
IRUPHOHDFHVWHLDFRDXWRUDWLQVWLJDUHFRPSOLFLWDWH
6XELHFWDFWLYDODFHVWHLLQIUDF LXQLSRDWHILúLRSHUVRDQ MXULGLF vQFRQGL LLOH
úLFXOLPLW ULOHDU WDWHvQDUWDOLQ&SHQ
6XELHFWXOSDVLYSULQFLSDODOLQIUDF LXQLLHVWHVWDWXOLDUVXELHFWSDVLYVHFXQGDU
HVWHRUJDQXODXWRULW LLGHVWDWDOHF UXLvQVHPQHDXIRVWGLVSUH XLWH
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO &HOH GRX FDWHJRULL GH vQVHPQH DX GHWHUPLQDW
LQFULPLQDUHD IDSWHL vQ GRX YDULDQWH 2 YDULDQW WLS FDUH FRUHVSXQGH OLWHUDO
GHQXPLULL PDUJLQDOH SUHY ]XW vQ GLVSR]L LD DOLQ DO DUW & SHQ SULYLQG
RIHQVDDGXV vQVHPQHORUVWDWXOXLúLRYDULDQW DWHQXDW SUHY ]XW vQGLVSR]L LDGLQ
5RGLFD0LKDHOD6W QRLXvQ9LQWLO 'RQJRUR]6LHJIULHG.DKDQH,RQ2DQFHD,RVLI)RGRU1LFROHWD,OLHVFX
&RQVWDQWLQ %XODL 5RGLFD 6W QRLX 9LFWRU 5RúFD ([SOLFD LL WHRUHWLFH DOH &RGXOXL SHQDO URPkQ YRO ,9 (GLWXUD
$FDGHPLHL5RPkQH%XFXUHúWLS
5RGLFD0LKDHOD6W QRLXRSFLWYRO,9S
Ä3HUVRDQHOHMXULGLFHFXH[FHS LDVWDWXOXLDDXWRULW LORUSXEOLFHúLDLQVWLWX LLORUSXEOLFHFDUHGHVI úRDU R
DFWLYLWDWH FH QX SRDWH IDFH RELHFWXO GRPHQLXOXL SULYDW U VSXQG SHQDO SHQWUX LQIUDF LXQLOH V YkUúLWH vQ UHDOL]DUHD
RELHFWXOXLGHDFWLYLWDWHVDXvQLQWHUHVXORULvQQXPHOHSHUVRDQHLMXULGLFHGDF IDSWDDIRVWV YkUúLW FXIRUPDGH
YLQRY LHSUHY ]XW GHOHJHDSHQDO
5 VSXQGHUHDSHQDO DSHUVRDQHLMXULGLFHQXH[FOXGHU VSXQGHUHDSHQDO DSHUVRDQHLIL]LFHFDUHDFRQWULEXLWvQ
RULFHPRGODV YkUúLUHDDFHOHLDúLLQIUDF LXQL´
3HQWUXGHWDOLLSULYLQGDFHDVW PDWHULHDVHYHGHD*HRUJH$QWRQLX5 VSXQGHUHDSHQDO DSHUVRDQHLMXULGLFH
5'3QUSúLXUP5DPLUR9LUJLO0DQFDú5 VSXQGHUHDSHQDO DSHUVRDQHLMXULGLFH5'3QU
S úL XUP )ORULQ 6WUHWHDQX 5DGX &KLUL 5 VSXQGHUHD SHQDO D SHUVRDQHL MXULGLFH (GLWXUD 5RVHWWL
%XFXUHúWL$QFD-XUPD5 VSXQGHUHDSHQDO DSHUVRDQHLMXULGLFH5'3QUSúLXUP*HRUJH
'LPRIWH &LSULDQ 5XV 5 VSXQGHUHD SHQDO D SHUVRDQHL MXULGLFH 5'3 QU S úL XUP )ORULQ
6WUHWHDQX5 VSXQGHUHDSHQDO DSHUVRDQHLMXULGLFHSRWULYLW/HJLLQU&DLHWHGHGUHSWSHQDOQU
(GLWXUD5RVHWWL%XFXUHúWLS&RQVWDQWLQ'XYDFvQ*KHRUJKH'LDFRQHVFX&RQVWDQWLQ'XYDF'UHSWSHQDO3DUWHD
VSHFLDO YRO,HGL LDD,,DUHY ]XW úLDG XJLW (GLWXUD)XQGD LHL5RPkQLDGH0kLQH%XFXUHúWLS
DOLQ DO DUW & SHQ SULYLQG RIHQVD DGXV HPEOHPHORU VDX DOWRU VHPQH GH
FDUH VH IRORVHVF DXWRULW LOH 6XE UDSRUWXO FRQ LQXWXOXL FRQVWLWXWLY vQ DIDU GH
DFHDVW GHRVHELUH SULYLQG VSHFLILFXO RELHFWXOXL PDWHULDO QX H[LVW YUHR DOW
GHRVHELUHvQWUHFHOHGRX YDULDQWH
ÌQ FD]XO FkQG IDSWD D IRVW V YkUúLW vQ DPEHOH PRGDOLW L QRUPDWLYH GDU vQ
UHDOL]DUHD DFHOHLDúL UH]ROX LL YD H[LVWD R VLQJXU LQIUDF LXQH FX FRQ LQXW RELHFWLY
FRPSOH[LDUQXFRQFXUVGHLQIUDF LXQL&XDOWHFXYLQWHGDF IDSWDDIRVWV YkUúLW
vQ DPEHOH VDOH YDULDQWH úL vQ UHDOL]DUHD DFHOHLDúL UH]ROX LL H[LVW XQLWDWH
LQIUDF LRQDO VXEIRUPDDúD]LVHLÄLQIUDF LXQLFROHFWLYH´FkQGDPEHOHYDULDQWHDX
IRVW FRPLVH FX DFHHDúL RFD]LH DGLF vQ DFHOHDúL FRQGL LL GH WLPS úL ORF VDX VXE
IRUPDLQIUDF LXQLLFRQWLQXDWHFkQGYDULDQWHOHDXIRVWFRPLVHvQFRQGL LLGHWLPSúL
GHORFGLIHULWH
(OHPHQWXO PDWHULDO FRQVW vQ DF LXQHD SULQ FDUH VH H[SULP GLVSUH ID GH
vQVHPQHOH 5RPkQLHL YDULDQW WLS VDX ID GH HPEOHPHOH VDX VHPQHOH GH FDUH VH
IRORVHVFDXWRULW LOHYDULDQWDDWHQXDW
3ULQ DF LXQHD SULQ FDUH VH H[SULP GLVSUH VH vQ HOHJH RULFH PDQLIHVWDUH FX
FDUDFWHURIHQVDWRUFDUHV YkUúLW ILLQGID GHXQvQVHPQGLQFHOHDU WDWHvQDUW
&SHQORYHúWHLPSOLFLWvQSUHVWLJLXOúLvQUHVSHFWXOGDWRUDWDXWRULW LLGHVWDWFDUH
HVWHUHIOHFWDW vQvQVHPQXOUHVSHFWLY
)RORVLQG H[SUHVLD ÄRULFH PDQLIHVWDUH SULQ FDUH VH H[SULP GLVSUH ´ OHJHD
vQ HOHJH RULFH DFWLYLWDWH VXVFHSWLELO GH D UHDOL]D DF LXQHD LQFULPLQDW $VWIHO
PDQLIHVWDUHD GH GLVSUH VH SRDWH UHDOL]D YHUEDO SULQ FXYLQWH GLVFXUVXUL FkQWHFH
OR]LQFL LQMXULRDVH OD DGUHVD vQVHPQHORU VDX HPEOHPHORU VWDWXOXL VDX DOH
DXWRULW LORU vQ VFULV DUWLFROH FX FRQ LQXW RIHQVDWRU GHVHQH HWF SULQ DFWH
PDWHULDOHGLVWUXJHUHGHJUDGDUHDOWHUDUHVDXSULQIDSWHJHVWXULREVFHQHPLPLF
GLVSUH XLWRDUH
$úDGDUDF LXQHDLQFULPLQDW VHSRDWHUHDOL]DúLSULQWURRPLVLXQHFXFRQGL LD
FD RPLVLXQHD V H[SULPH R DWLWXGLQH GH GLVSUH H[ IDSWXO GH D QX WH ULGLFD vQ
SLFLRDUH OD LQWRQDUHD LPQXOXL QD LRQDO VDX OD ULGLFDUHD GUDSHOXOXL RUL GH D QX WH
GHVFRSHUL OD FRERUkUHD GUDSHOXOXL vQ EHUQ FkQG R DVHPHQHD FHUHPRQLH HVWH
SUHY ]XW
,QIUDF LXQHD DQDOL]DW QX SRDWH IL V YkUúLW I U SUHH[LVWHQ D vQVHPQHORU
5RPkQLHLRULDHPEOHPHORUVDXVHPQHORUFRQVLGHUDWHFDXQVLPERODODXWRULW LLGH
VWDW
3RWULYLWSUHYHGHULORUGLQDUW&SHQvQVHPQHOHVHvPSDUWvQIXQF LHGH
LPSRUWDQ DORUvQGRX FDWHJRULLvQSULPXOUkQGvQVHPQHOH5RPkQLHLvQDOGRLOHD
UkQGHPEOHPHOHVDXVHPQHOHGHFDUHVHIRORVHVFDXWRULW LOH
'LQ SULPD FDWHJRULH IDF SDUWH SRWULYLW DUW GLQ &RQVWLWX LD 5RPkQLHL
GUDSHOXO 5RPkQLHL ]LXD QD LRQDO D 5RPkQLHL LPQXO QD LRQDO VWHPD úL VLJLOLXO
ULL
3ULQÄHPEOHP ´VHvQ HOHJHvQJHQHUHXQRELHFWVDXLPDJLQHFDUHSRDUW vQ
PRG FRQYHQ LRQDO XQ DQXPLW vQ HOHV R DQXPLW LGHH ÌQ VHQVXO DUW DOLQ
& SHQ HPEOHPD HVWH RELHFWXO VDX LPDJLQHD FDUH UHSUH]LQW vQ PRG VLPEROLF XQ
RUJDQGHVWDW3ULQÄVHPQ´VHvQ HOHJHvQJHQHUHWRWFHHDFHDUDW VDXLQGLF FHYD
5RGLFD0LKDHOD6W QRLXRSFLWYRO,9SÌQDFHODúLVHQV,OLH3DVFXvQ,OLH3DVFX9DOHULF /D] U
'UHSWXO SHQDO 3DUWHD VSHFLDO (GLWXUD /XPLQD /H[ %XFXUHúWL S 5HSXWDWXO SURIHVRU FRQVLGHU F
vQWURDVWIHOGHLSRWH] YDH[LVWDRXQLWDWHLQIUDF LRQDO OHJDO VXEIRUPDLQIUDF LXQLLFRQWLQXDWH
9LUJLO 5 PXUHDQX vQ 7HRGRU 9DVLOLX 'RUX 3DYHO *HRUJH $QWRQLX ùWHIDQ 'DQHú *KHRUJKH ' UkQJ
'XPLWUX/XFLQHVFX9DVLOH3DSDGRSRO'XPLWUX&3RSHVFX9LUJLO5 PXUHDQX&RGXOSHQDOURPkQFRPHQWDWúL
DGQRWDW3DUWHDVSHFLDO YRO,,(GLWXUDùWLLQ LILF úL(QFLFORSHGLF %XFXUHúWLS
5RGLFD0LKDHOD6W QRLXRSFLWYRO,9S
ÌQ VHQVXO DUW DOLQ & SHQ VHPQXO LQGLF LQVWLWX LD SH FDUH R UHSUH]LQW
VLPEROL]HD]
'LQ FHD GH D GRXD FDWHJRULH IDF SDUWH VWHPHOH MXGH HORU úL PXQLFLSLLORU
SUHFXPúLRULFHDOWHHPEOHPHVDXVHPQHGHFDUHVHIRORVHVFDXWRULW LOH
6HvQ HOHJHGLQFHOHPDLVXVDU WDWHF QXLQWU VXELQFLGHQ DDUW&SHQ
VHPQHOHSHUVRDQHORUMXULGLFHSULYDWHDVRFLD LLVSRUWLYHDUWLVWLFHHWF
$UW & SHQ SUHWLQGH FD HPEOHPHOH VDX VHPQHOH V IDF SDUWH GLQ
FDWHJRULDDFHORUDGHFDUHVHIRORVHVFÄDXWRULW LOH´)RORVLQGDFHVWWHUPHQWH[WXOQX
DUHvQYHGHUHVHQVXOVSHFLILFDWULEXLWDFHVWXLFXYkQWvQQRPHQFODWXUD7LWOXOXL9FL
VHUHIHU ODRUJDQHOHSXWHULLGHVWDWDOHDGPLQLVWUD LHLSXEOLFHFHQWUDOHVDXORFDOH
8UPDUHD LPHGLDW FRQVW vQ FUHDUHD XQHL VW UL GH SHULFRO SHQWUX SUHVWLJLXO
DXWRULW LL GH VWDW úL DGXFHUHD XQHL DWLQJHUL UHVSHFWXOXL GDWRUDW vQVHPQHORU FDUH vL
VHUYHVFGHVLPERO
/HJ WXUD GH FDX]DOLWDWH vQWUH DF LXQHD FH FRQVWLWXLH HOHPHQWXO PDWHULDO úL
XUPDUHDLPHGLDW HVWHLPSOLFLW H[UH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH3HQWUXH[LVWHQ DFRQ LQXWXOXLLQIUDF LXQLLHVWHQHFHVDUFD
PDQLIHVWDUHDGHGLVSUH ID GHvQVHPQHOH5RPkQLHLVDXID GHDOWHHPEOHPHVDX
VHPQHGHFDUHVHIRORVHVFDXWRULW LOHV ILHV YkUúLW vQIRUPDLQWHQ LHILHGLUHFW
ILHLQGLUHFW ) SWXLWRUXOWUHEXLHV ILGHVI úXUDWRDFWLYLWDWHLQIUDF LRQDO FXYRLQ
V úLILGDWVHDPDGHFDUDFWHUXODF LXQLLVDOHúLV ILSUHY ]XWUH]XOWDWXORIHQVDWRUDO
DFHVWHLD LQGLIHUHQW GDF D XUP ULW DFHVW UH]XOWDW LQWHQ LH GLUHFW VDX GDF D
DFFHSWDWSURGXFHUHDOXLLQWHQ LDLQGLUHFW
)DSWHOHV YkUúLWHGLQFXOS QXVXQWLQFULPLQDWH
([LVW úLS UHUHDU PDV L]RODW F DFHDVW LQIUDF LXQHQXVHSRDWHFRPLWH
GHFkWFXLQWHQ LHGLUHFW
/HJHD QX FRQGL LRQHD] H[LVWHQ D ODWXULL VXELHFWLYH GH vQGHSOLQLUHD YUHXQHL
FHULQ HHVHQ LDOHFXSULYLUHODPRELOXOVDXVFRSXODF LXQLL3ULQXUPDUHLQIUDF LXQHD
YDH[LVWDFKLDUGDF PDQLIHVWDUHDGHGLVSUH VDI FXWvQJOXP
)RUPH6DQF LXQL
)RUPH$FWHOHGHSUHJ WLUHGHúLSRVLELOHODDFHDVW LQIUDF LXQHQXVXQWvQV
LQFULPLQDWH
7HQWDWLYD HVWH SRVLELO vQ VLWXD LD vQ FDUH LQIUDF LXQHD VD FRPLV SULQ VFULV
DFWHVDXIDSWHPDWHULDOHQXúLvQFD]XOFkQGVDFRPLVRUDO7HQWDWLYDGHDVHPHQHD
QXHVWHLQFULPLQDW
,QIUDF LXQHD VH FRQVXP vQ PRPHQWXO vQ FDUH DF LXQHD FDUH FRQVWLWXLH
HOHPHQWXOPDWHULDODIRVWFRPLV úLVDSURGXVXUPDUHDLPHGLDW DGLF FUHDUHDXQHL
VW ULGHSHULFROSHQWUXUHOD LLOHVRFLDOHRFURWLWH
'XS PRPHQWXOFRQVXPSWLYDF LXQHDLQFULPLQDW VHSRDWHSUHOXQJLvQWLPS
ILHSULQUHSHWDUHDDFHVWHLDvQH[HFXWDUHDDFHOHDúLUH]ROX LLLQIUDF LXQHFRQWLQXDW
ILH GDWRULW QDWXULL PLMORFXOXL GH V YkUúLUH H[ DILúDUHD XQHL OR]LQFL VDX D XQXL
GHVHQSULQFDUHVHH[SULP GLVSUH LQIUDF LXQHFRQWLQX ÌQDVHPHQHDFD]XULIDSWD
VH HSXL]HD] vQ PRPHQWXO vQ FDUH VD FRPLV XOWLPD DF LXQH VDX FkQG D vQFHWDW
DF LXQHDFRQWLQX
6DQF LXQL ,QIUDF LXQHD GH RIHQV DGXV XQRU vQVHPQH vQ YDULDQWD WLS HVWH
VDQF LRQDW FXSHGHDSVDvQFKLVRULLGHODOXQLODDQL
9LUJLO5 PXUHDQXRSFLWYRO,,S
9DOHU 6XLDQ vQ 0DWHL %DVDUDE /XFLD 0ROGRYDQ 9DOHU 6XLDQ 'UHSW SHQDO 3DUWHD VSHFLDO YRO ,
&OXM1DSRFDS
ÌQYDULDQWDDWHQXDW LQIUDF LXQHDHVWHVDQF LRQDW FXSHGHDSVDvQFKLVRULLGHOD
OXQLODDQVDXFXDPHQG
3HUVRDQD MXULGLF VH VDQF LRQHD] FX DPHQG GH OD OD OHL
SRWULYLWDUWDOLQ&SHQ
8/75$-8/
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO SULQFLSDO DO LQIUDF LXQLL GH XOWUDM vO IRUPHD] DFHOH
UHOD LLVRFLDOHUHIHULWRDUHODDXWRULWDWHDGHVWDWDF URUH[LVWHQ úLQRUPDO IRUPDUH
úL GHVI úXUDUH DU IL SHULFOLWDWH FRQWLQXX I U DS UDUHD LQWHJULW LL úL SUHVWLJLXOXL
SHUVRDQHORU FDUH vQGHSOLQHVF R IXQF LH FH LPSOLF H[HUFL LXO DXWRULW LL GH VWDW vQ
H[HUFLWDUHDDFHOHLIXQF LLVDXvQvQGHSOLQLUHDDFWHORUOHJDWHGHDFHDIXQF LH
)LLQGRLQIUDF LXQHFRPSOH[ IDSWDLQFULPLQDW DUHúLXQRELHFWMXULGLFVSHFLDO
VHFXQGDU FDUH FRQVW vQ UHOD LLOH VRFLDOH UHIHULWRDUH OD OLEHUWDWHD SVLKLF RUL OD
LQWHJULWDWHDFRUSRUDO VDXV Q WDWHDIXQF LRQDUXOXLSXEOLF
2ELHFWXOPDWHULDOÌQYDULDQWDGHWLSDLQFULPLQ ULLRELHFWXOPDWHULDOOLSVHúWH
ÌQ FD]XO V YkUúLULL XOWUDMXOXL SULQ ORYLUL DOWH YLROHQ H VDX Y W P UL RELHFWXO
PDWHULDOHVWHFRUSXOSHUVRDQHLDVXSUDF UHLDVHV YkUúHVFDF LXQLOHLQFULPLQDWH
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU DO LQIUDF LXQLL GH XOWUDM SRDWH IL RULFH
SHUVRDQ FHW HDQURPkQVDXVWU LQSHUVRDQ I U FHW HQLHGRPLFLOLDW VDXQXSH
WHULWRULXO ULL$FHDVWDSRDWHILRSHUVRDQ GLQDIDUDVHUYLFLXOXLvQFDUHvúLH[HUFLW
IXQF LDSHUVRDQDXOWUDJLDW VDXGLQ XQWUXOHL
6XELHFWDFWLYDODFHVWHLLQIUDF LXQLSRDWHILúLRSHUVRDQ MXULGLF vQFRQGL LLOH
úLFXOLPLW ULOHDU WDWHvQDUWDOLQ&SHQ
3DUWLFLSD LD SHQDO OD DFHDVW LQIUDF LXQH HVWH SRVLELO vQ WRDWH IRUPHOH VDOH
FRDXWRUDWLQVWLJDUHFRPSOLFLWDWH
([LVW úLS UHUHDFDUHDU PDVL]RODW SRWULYLWF UHLDSDUWLFLSD LDSHQDO OD
XOWUDMHVWHSRVLELO QXPDLVXEIRUPDLQVWLJ ULLúLDFRPSOLFLW LL
6XELHFWXO SDVLY SULQFLSDO DO LQIUDF LXQLL GH XOWUDM HVWH DXWRULWDWHD SXEOLF
LQVWLWX LDSXEOLF VDXRDOW SHUVRDQ MXULGLF GHGUHSWSXEOLFvQFDUHvúLGHVI úRDU
DFWLYLWDWHDIXQF LRQDUXOSXEOLFXOWUDJLDW
6XELHFWSDVLYDGLDFHQWHVWHIXQF LRQDUXOSXEOLFFDUHvQGHSOLQHúWHRIXQF LHFH
LPSOLF H[HUFL LXODXWRULW LLGHVWDWSHUVRDQ ID GHFDUHVDFRPLVIDSWD
3ULQÄIXQF LRQDUSXEOLF´vQVHQVXOOHJLLSHQDOH±DUWDOLQ&SHQ±
VH vQ HOHJH RULFH SHUVRDQ FDUH H[HUFLW SHUPDQHQW VDX WHPSRUDU FX RULFH WLWOX
LQGLIHUHQW FXP D IRVW LQYHVWLW R vQV UFLQDUH GH RULFH QDWXU UHWULEXLW VDX QX vQ
VHUYLFLXO XQHL XQLW L GLQWUH FHOH OD FDUH VH UHIHU DUW & SHQ DXWRULW LOH
SXEOLFHLQVWLWX LLOHSXEOLFHLQVWLWX LLOHVDXDOWHSHUVRDQHMXULGLFHGHLQWHUHVSXEOLF
3ULQ IXQF LH FH LPSOLF H[HUFL LXO DXWRULW LL GH VWDW VH vQ HOHJH DFHD IXQF LH
FDUHFRQIHU IXQF LRQDUXOXLSXEOLFXQHOHDWULEX LLFDUHQXDUSXWHDILvQGHSOLQLWHI U
H[HUFLWDUHD DXWRULW LL GH VWDW DGLF I U FRPSHWHQ D GH D GD GLVSR]L LL úL GH D OXD
P VXULOHQHFHVDUHSHQWUXUHVSHFWDUHDORU
$FHVWHDWULEX LLVXQWVSHFLILFHDXWRULW LORUSXEOLFHFDUHIDFSDUWHGLQWUXQDGLQ
XUP WRDUHOHSXWHULOHJLVODWLY H[HFXWLY VDXMXGHF WRUHDVF
9DOHU6XLDQRSFLWYRO,S
5RGLFD0LKDHOD6W QRLXRSFLWYRO,9S
ÌQ GRFWULQ VH FRQVLGHU F HVWH VXELHFW SDVLY DGLDFHQW DO XOWUDMXOXL úL
IXQF LRQDUXOFDUHDUHFDDWULEX LLGHVHUYLFLXH[HFXWDUHDGLVSR]L LLORUHPLVHGHF WUH
XQRUJDQDODXWRULW LLGHVWDWÌQFD]XOvQFDUHXQDVWIHOGHIXQF LRQDUEHQHILFLD] GH
R DVHPHQHD RFURWLUH SULQWUR QRUP VSHFLDO úL FkW YUHPH XUPDUHD SUHY ]XW OD
XOWUDMRUHJ VLPvQXUPDUHDPHQ LRQDW úLvQWH[WXOVSHFLDOVHYDDSOLFDQXPDLDFHVW
GLQXUP WH[WGHOHJHSHQDO 6SUHH[HPSOXH[HFXWRUXOMXGHF WRUHVFDVXSUDF UXLD
VH V YkUúHúWH R DPHQLQ DUH VDX R YLROHQ H[LVWkQG vQ DFHVW VHQV R GLVSR]L LH
VSHFLDO FDUHLQFULPLQHD] V YkUúLUHDGHDFWHGHYLROHQ VDXDPHQLQ DUHvPSRWULYD
RUJDQHORU FDUH DVLJXU H[HFXWDUHD KRW UkULORU MXGHF WRUHúWL YRU RSHUD vQ DFHVW FD]
SUHYHGHULOH DUW & SHQ úL QX FHOH UHIHULWRDUH OD XOWUDM 'DF vPSRWULYD
H[HFXWRUXOXLMXGHF WRUHVFVHV YkUúHúWHRDOW IDSW DWXQFLRSHUHD] SUHYHGHULOHDUW
DOLQ&SHQ
)DSWD LQFXOSDWXOXL FDUH FX DFHHDúL RFD]LH D LQVXOWDW úL DPHQLQ DW vQ PRG
VXFFHVLYWUHLOXFU WRULGHSROL LHDIOD LvQH[HUFL LXOIXQF LXQLLUHDOL]HD] FRQ LQXWXO
FRQVWLWXWLY DO WUHL LQIUDF LXQL DXWRQRPH GH XOWUDM DIODWH vQ FRQFXUV UHDO LDU QX R
VLQJXU LQIUDF LXQH VXE IRUP FRQWLQXDW 6ROX LD FRQFXUVXOXL GH LQIUDF LXQL
vQWURDVWIHOGHLSRWH] HVWHvQVXúLW GHGRFWULQ úLHVWHMXVWLILFDW SULQDFHHDF
DXWRULWDWHD GH VWDW HVWH SURWHMDW SULQ LQWHUPHGLXO SURWHF LHL DFRUGDWH ILHF UXL
UHSUH]HQWDQWDOV X
)DSWHOHGHLQVXOW FDORPQLHúLDPHQLQ DUHV YkUúLWHvPSRWULYDSULPDUXOXLvQ
WLPSFHDFHVWDVHDIO vQH[HUFL LXOIXQF LXQLLúLSHQWUXIDSWHvQGHSOLQLWHvQH[HUFL LXO
IXQF LXQLL FRQVWLWXLH LQIUDF LXQHD GH XOWUDM SUHY ]XW vQ DUW & SHQ GHRDUHFH
SULPDUXO DUH FDOLWDWHD GH IXQF LRQDU SXEOLF LDU IXQF LD VD LPSOLF H[HUFL LXO
DXWRULW LLGHVWDW
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO DO LQIUDF LXQLL GH XOWUDM FRQVW vQ PDL PXOWH DF LXQL
DOWHUQDWLYHILHFDUHGLQHOHILLQGVXILFLHQW SHQWUXUHDOL]DUHDDFHVWXLHOHPHQW$FHVWH
DF LXQL VH J VHVF LQFULPLQDWH FD IDSWH GH VLQH VW W WRDUH vQ FDGUXO JUXSXOXL GH
LQIUDF LXQLFRQWUDSHUVRDQHL
ÌQ YDULDQWD WLS D XOWUDMXOXL HOHPHQWXO PDWHULDO FRQVW vQWUR DF LXQH GH
DPHQLQ DUH V YkUúLW FRQWUD XQXL IXQF LRQDU SXEOLF FDUH vQGHSOLQHúWH R IXQF LH FH
LPSOLF H[HUFL LXO DXWRULW LL GH VWDW $úDGDU HOHPHQWXO PDWHULDO DO LQIUDF LXQLL GH
XOWUDMDEVRDUEHvQYDULDQWDVLPSO IDSWDGHDPHQLQ DUH$F LXQHDGHDPHQLQ DUHDUH
vQ HOHVXODU WDWvQDUW&SHQ
ÌQO WXUDUHD GLQ FRQ LQXWXO LQIUDF LXQLL GH XOWUDM D PRGDOLW LORU QRUPDWLYH
UHIHULWRDUH OD LQVXOW úL FDORPQLH D IRVW SULPLW FX UH]HUYH vQ GRFWULQ GHRDUHFH R
,OLH3DVFXRSFLWS
76VSGQU55'QUS
7 UHJ 6XFHDYD &RO SHQ G QU 55' QU S ÌQ DFHODúL VHQV 76 VS
GQU55'QUS7M%RWRúDQLGSQU55'QUS70%V
D,,DSHQGQU55'QUS&6-VSGQU&XUWHD6XSUHP GH-XVWL LH
%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSHDQXO(GLWXUDÄ3URHPD´%DLD0DUHS&6-
VSGQU'UQUS ÌQDOWD&XUWHGH&DVD LHúL-XVWL LH%XOHWLQXOMXULVSUXGHQ HL
&XOHJHUH GH GHFL]LL SH DQXO (GLWXUD $OO %HFN %XFXUHúWL S 1LFRULQD &ULúX 0DJUDRQ
&RQVWDQWLQ &ULúX 5HSHUWRULX MXULVSUXGHQ VHOHFWLY vQ GRPHQLXO GUHSWXOXL SHQDO úL SURFHVXDO SHQDO SHULRDGD
(GLWXUD-XULV$UJHVVLV&XUWHDGH$UJHúS
,OLH3DVFXRSFLWS
&6-VSGQUÌQDOWD&XUWHGH&DVD LHúL-XVWL LH%XOHWLQXOMXULVSUXGHQ HL&XOHJHUHGHGHFL]LL
SH DQXO (GLWXUD $OO %HFN %XFXUHúWL S 1LFRULQD &ULúX 0DJUDRQ &RQVWDQWLQ &ULúX RS FLW
S
3ULQ /HJHD QU SXEOLFDW vQ 0 2I QU GLQ LQVXOWD úL FDORPQLD GLQ FRQ LQXWXO
LQIUDF LXQLLGHXOWUDMDXIRVWDEURJDWH
DVWIHOGHVROX LHYDGXFHODRGLPLQXDUHVHQVLELO DSURWHF LHLGHFDUHWUHEXLHV VHEX
FXUHSHUVRDQHOHFDUHvQGHSOLQHVFRIXQF LHFHLPSOLF H[HUFL LXODXWRULW LLGHVWDW
&HULQ HHVHQ LDOH
$PHQLQ DUHDV ILHV YkUúLW FRQWUDXQXLIXQF LRQDUSXEOLFFDUHvQGHSOLQHúWH
R IXQF LH FH LPSOLF H[HUFL LXO DXWRULW LL GH VWDW DIODW vQ H[HUFL LXO IXQF LXQLL RUL
SHQWUX IDSWH vQGHSOLQLWH vQ H[HUFL LXO IXQF LXQLL $FHDVW FHULQ HVHQ LDO HVWH
FRPXQ WXWXURULSRWH]HORUGHLQFULPLQDUHSUHY ]XWHvQDUW&SHQ
)LHFDUHGLQWUHDFHVWHGRX VLWXD LLDOWHUQDWLYHSRDWHUHDOL]DFHULQ DHVHQ LDO vQ
FRQ LQXWXOODWXULLRELHFWLYH
&HULQ DHVWHvQGHSOLQLW GLQPRPHQWFHIXQF LRQDUXOSXEOLFVHDIO vQH[HUFL LXO
IXQF LHLLQGLIHUHQWGDF DF LXQHDvQGUHSWDW vPSRWULYDVDSULYHúWHDFWHDOHIXQF LXQLL
VDXIDSWHGHRUGLQH[WUDIXQF LRQDOYLD DSDUWLFXODU DDFHVWXLDIDPLOLDHWF
3HQWUX H[LVWHQ D FHULQ HL HVHQ LDOH vQ FD]XO IDSWHORU vQGHSOLQLWH vQ H[HUFL LXO
IXQF LXQLL HVWH QHFHVDU FD DF LXQHD vQGUHSWDW FRQWUD IXQF LRQDUXOXL SXEOLF V
SULYHDVF IDSWH VDX DFWH FH DX IRVW HIHFWXDWH GH DFHVWD vQ H[HUFL LXO IXQF LXQLL
SRWULYLW DWULEX LLORU VDOH úL FX UHVSHFWDUHD IRUPHORU OHJDOH ÌQ FD]XO vQ FDUH
IXQF LRQDUXO SXEOLF vúL GHS úHúWH DWULEX LLOH GH VHUYLFLX OH vQFDOF RUL OH H[HUFLW
DEX]LYDFWHOHVDOHQXPDLSRWILFRQVLGHUDWHFDDFWHDOHDXWRULW LLHOVLWXkQGXVHvQ
DVHPHQHDvPSUHMXU ULvQDIDUDSURWHF LHLSHFDUHOHJHDLRDFRUG SULQGLVSR]L LLOH
GLQDUW&SHQ
$PHQLQ DUHD V ILH V YkUúLW QHPLMORFLW VDX SULQ PLMORDFH GH FRPXQLFDUH
GLUHFW $úDGDU DPHQLQ DUHD SRDWH IL FRPLV ILH QHPLMORFLW GHFL vQ SUH]HQ D
VXELHFWXOXL SDVLY DO LQIUDF LXQLL ILH SULQ PLMORDFH FDUH SULQ QDWXUD ORU VXQW
VXVFHSWLELOHGHDUHDOL]DXQFRQWDFWGLUHFWvQWUHDXWRUúLVXELHFWXOSDVLYvQDFHDVW
LSRWH] VXELHFWXO SDVLY HVWH DEVHQW 3UH]HQ D VXELHFWXOXL SDVLY WUHEXLH V ILH
HIHFWLY UHDO 1X VDU SXWHD FRQFHSH GH SLOG XQ XOWUDM DVXSUD XQHL IRWRJUDILLD
IXQF LRQDUXOXLSXEOLFRULDXQHLVHPQ WXULDDFHVWXLD
$PHQLQ DUHD WUHEXLH V DLE FD RELHFW V YkUúLUHD XQHL LQIUDF LXQL VDX D XQHL
IDSWH S JXELWRDUH vQGUHSWDW vPSRWULYD IXQF LRQDUXOXL SXEOLF XOWUDJLDW úL V ILH GH
QDWXU V ODODUPH]HSHDFHVWD
0LMORDFHOH GH FRPXQLFDUH GLUHFW VXQW DFHOHD FDUH FUHHD] VLWXD LL HFKLYDOHQWH
SUH]HQ HLGHH[FRPXQLFDUHDWHOHIRQLF WHOHJUDILF UDGLRWYVFULVRDUHHPDLOHWF
ÌQ YDULDQWHOH DJUDYDWH SUHY ]XWH vQ DUW DOLQ úL & SHQ
HOHPHQWXO PDWHULDO FRQVW vQ ORYLUHD VDX RULFH DOWH YLROHQ H Y W PDUHD FRUSRUDO
VDX Y W PDUHD FRUSRUDO JUDY V YkUúLW vPSRWULYD SHUVRDQHL FDUH vQGHSOLQHúWH R
IXQF LHFHLPSOLF H[HUFL LXODXWRULW LLGHVWDW
3ULQ XUPDUH vQ HOHPHQWXO PDWHULDO DO YDULDQWHORU DJUDYDWH D XOWUDMXOXL VXQW
DEVRUELWHIDSWHOHGHORYLUHVDXDOWHYLROHQ HGHY W PDUHFRUSRUDO úLGHY W PDUH
FRUSRUDO JUDY FDUH DX vQ HOHVXO DU WDW vQ DUW & SHQ 3HQWUX H[LVWHQ D
HOHPHQWXOXLPDWHULDODODFHVWRUYDULDQWHVXQWLQGLIHUHQWHPLMORDFHOHúLPRGXOvQFDUH
VDV YkUúLWDF LXQHDLQFULPLQDW
ÌQ FD]XO XOWUDMXOXL FDOLILFDW GDF VD FDX]DW YLFWLPHL PRDUWHD IDSWD QX YD
FRQVWLWXLLQIUDF LXQHFRPSOH[ FDvQ&RGXOSHQDO&DURODO,,OHDDUWFLYRUIL
&RQVWDQWLQ 'XYDF vQ *KHRUJKH 'LDFRQHVFX &RQVWDQWLQ 'XYDF 'UHSW SHQDO 3DUWHD VSHFLDO 1RXO &RG
SHQDO&XUVXQLYHUVLWDUYRO,(GLWXUD)XQGD LHL5RPkQLDGH0kLQH%XFXUHúWLS
5RGLFD0LKDHOD6W QRLXRSFLWYRO,9S
76VSGQU55'QUSÌQDFHODúLVHQV76VSGQU55'QU
S76VSGQU55'QUS9LUJLO5 PXUHDQXRSFLWYRO,,S&6-VS
GQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSHDQXO(GLWXUD-XULV
$UJHVVLV&XUWHDGH$UJHúS*DEULHO,RQHVFX,RVLI,RQHVFXRSFLWS
DSOLFDELOHUHJXOLOHJHQHUDOHSULYLQGFRQFXUVXOGHLQIUDF LXQLÌQVXV LQHUHDDFHVWXL
SXQFW GH YHGHUH 9LUJLO 5 PXUHDQX D DU WDW F VROX LD FDUH VH LPSXQH HVWH FHD D
FRQFXUVXOXL LGHDO vQWUH XOWUDM úL ORYLULOH VDX Y W P ULOH FDX]DWRDUH GH PRDUWH
GHRDUHFH SULQ DFHHDúL DFWLYLWDWH PDWHULDO VDX SURGXV XUP UL GLIHULWH FH DX DGXV
DWLQJHUHXQRUYDORULVRFLDOHGLVWLQFWRFURWLWHGHOHJHDSHQDO
$WXQFLFkQGRSHUVRDQ V YkUúHúWHFXDFHHDúLRFD]LHDWkWLQVXOWHúLDPHQLQ UL
FkW úL ORYLUL FRQWUD XQXL IXQF LRQDU SXEOLF DIODW vQ H[HUFL LXO IXQF LHL QX L VH SRW
UH LQHvQVDUFLQ GRX LQIUDF LXQLGHXOWUDMvQFRQFXUVXQDvQIRUPDVLPSO úLDOWDvQ
IRUPD DJUDYDW FL QXPDL R VLQJXU IDSW GH XOWUDM IRUPD FDOLILFDW DEVRUELQG úL
IRUPDVLPSO DDFHVWHLLQIUDF LXQL
$FWHOHGHDJUHVLXQHvQGUHSWDWHvPSRWULYDXQXLSROL LVWDIODWvQPLVLXQHDGHD
VSULMLQLDFWLYLWDWHDH[HFXWRUXOXLMXGHF WRUHVFGHSXQHUHvQH[HFXWDUHSHFDOHVLOLW
DXQHLKRW UkULMXGHF WRUHúWLFRQVWLWXLHLQIUDF LXQHDGHXOWUDM3ULQSDUWLFLSDUHDVDOD
H[HFXWDUHDXQHLKRW UkULSROL LVWXOQXúLSLHUGHFDOLWDWHDGHDJHQWDORUGLQLLSXEOLFH
HO QHILLQG DVLPLODW FX RUJDQXO GH H[HFXWDUH D KRW UkULL MXGHF WRUHúWL vQ VHQVXO
SUHYHGHULORUDUWDOLQ&SHQ
)DSWDLQFXOSDWXOXLGHDDSOLFDRORYLWXU GHFX LWvQDEGRPHQXQXLRIL HUGH
SROL LH DIODW vQ H[HUFL LXO DWULEX LLORU GH VHUYLFLX SXQkQGXL YLD D vQ SHULFRO
FRQVWLWXLH LQIUDF LXQHD XQLF GH WHQWDWLY OD RPRU FDOLILFDW SUHY ]XW vQ DUW
UDSRUWDWODDUWúLOLWIGLQ&RGXOSHQDOLDUQXGRX LQIUDF LXQHGLVWLQFWH
UHVSHFWLYWHQWDWLY ODLQIUDF LXQHDGHXOWUDMSUHY ]XW vQDUWDOLQGLQ&RGXO
SHQDO
8UPDUHD LPHGLDW FRQVW vQWUR VWDUH GH SHULFRO SHQWUX DXWRULWDWHD FX FDUH
HVWHvQYHVWLW XQLWDWHDGLQFDUHIDFHSDUWHIXQF LRQDUXOSXEOLFXOWUDJLDW
ÌQ DIDU GH XUPDUH LPHGLDW FRUHVSXQ] WRDUH RELHFWXOXL RFURWLULL SHQDOH
ILHFDUH YDULDQW DUH FD XUPDUH DGLDFHQW úL SURGXFHUHD XQHL Y W P UL PRUDOH VDX
IL]LFHDVXELHFWXOXLSDVLY
/HJ WXUD GH FDX]DOLWDWH vQWUH V YkUúLUHD YUHXQHLD GLQWUH DF LXQLOH FDUH SRW
FRQVWLWXLHOHPHQWXOPDWHULDODOLQIUDF LXQLLGHXOWUDMúLXUPDUHDLPHGLDW WUHEXLHV
H[LVWH([LVWHQ DOHJ WXULLGHFDX]DOLWDWHHVWHvQJHQHUDOSUHVXSXV ILLQGF XUPDUHD
LPHGLDW FRQVWkQG vQWUR VWDUH GH SHULFRO UHDOL]DUHD HOHPHQWXOXL PDWHULDO LPSOLF
GHUHJXO SURGXFHUHDXUP ULLLPHGLDWH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH ,QIUDF LXQHD GHXOWUDMVHFRPLWHvQWRWGHDXQDFX LQWHQ LH
GLUHFW VDXLQGLUHFW 6 YkUúLUHDIDSWHLGLQFXOS QXHVWHLQFULPLQDW
3HQWUXH[LVWHQ DLQWHQ LHLHVWHQHFHVDUFDLQIUDFWRUXOV FXQRDVF DWkWVLWXD LD
SHUVRDQHLvPSRWULYDF UHLDvúLvQGUHDSW DF LXQHDVDFkWúLvPSUHMXUDUHDF DFHDVWD
9LQWLO 'RQJRUR] *KHRUJKH ' UkQJ 6LHJIULHG .DKDQH 'XPLWUX /XFLQHVFX $XUHO 1HPHú 0LKDL
3RSRYLFL 3HWUH 6kUEXOHVFX 9DVLOH 6WRLFDQ 1RXO FRG SHQDO úL FRGXO SHQDO DQWHULRU 3UH]HQWDUH FRPSDUDWLY
(GLWXUD3ROLWLF %XFXUHúWLSÌQDFHODúLVHQV9LUJLO5 PXUHDQXRSFLWYRO,,S9DOHU6XLDQ
RSFLWYRO,SÌQVHQVFRQWUDU*HRUJH$QWRQLX9DVLOH3DSDGRSRO0LKDL3RSRYLFL%RJGDQùWHI QHVFX
ÌQGUXP ULOH GDWH GH 3OHQXO 7ULEXQDOXOXL 6XSUHP úL QRXD OHJLVOD LH SHQDO (GLWXUD ùWLLQ LILF %XFXUHúWL
S$FHúWLDXWRULFRQVLGHU F vQWURDVWIHOGHVLWXD LHIDSWDYDWUHEXLVDQF LRQDW vQFRQIRUPLWDWHFXGLVSR]L LLOH
GLQDUW&SHQGHRDUHFHFDOLWDWHDVXELHFWXOXLSDVLYQXPDLLQIOXHQ HD] FDUDFWHUL]DUHDIDSWHL
7M'ROMGSQU55'QUS7M0XUHúGSQU55'QU
SFXQRWH,,RQ%HQHGHN,,*HRUJH$QWRQLX
&6-VSGQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSH
DQXO(GLWXUDÄ3URHPD´%DLD0DUHS*DEULHO,RQHVFX,RVLI,RQHVFXRSFLWS
&6- VS G QU &XUWHD 6XSUHP GH -XVWL LH %XOHWLQXO -XULVSUXGHQ HL &XOHJHUH GH GHFL]LL SH
DQXO (GLWXUD -XULV $UJHVVLV &XUWHD GH $UJHú S ÌQ VSH LQVWDQ D VXSUHP D VWDWXDW F
DF LXQHD GH XOWUDJLHUH HVWH DEVRUELW vQ PRGDOLWDWHD SUHY ]XW vQ DUW OLW I GLQ &RGXO SHQDO GHRDUHFH
H[SULPDUHDIRORVLW vQDFHVWWH[WGHOHJHHVWHI U HFKLYRF
VH DIO vQ H[HUFL LXO IXQF LXQLL VDX F IDSWHOH OD FDUH VH UHIHU DF LXQHD DX IRVW
vQGHSOLQLWH vQ H[HUFL LXO IXQF LXQLL 1HFXQRDúWHUHD GH F WUH I SWXLWRU D DFHVWRU
vPSUHMXU ULH[FOXGHH[LVWHQ DLQIUDF LXQLLGHXOWUDM
([LVW úL S UHUHD SRWULYLW F UHLD LQIUDF LXQHD GH XOWUDM QX VH SRDWH FRPLWH
GHFkWFXLQWHQ LHGLUHFW vQWLPSFHDO LDXWRULVXV LQF IRUPDGHYLQRY LHFXFDUH
VHSRDWHFRPLWHXOWUDMXOHVWHúLSUDHWHULQWHQ LD
ÌQ WH[WXO DUW & SHQ QX VXQW SUHY ]XWH FHULQ H HVHQ LDOH UHIHULWRDUH OD
PRELO VDX VFRS GDU FXQRDúWHUHD ORU HVWH WRWGHDXQD XWLO SHQWUX VWDELOLUHDJUDGXOXL
GHSHULFROVRFLDOFRQFUHWDOIDSWHLFRPLVHúLODLQGLYLGXDOL]DUHDMXGLFLDU DSHGHSVHL
)RUPH6DQF LXQL
)RUPH$F LXQLOHFDUHSRWFRQVWLWXLHOHPHQWXOPDWHULDODOLQIUDF LXQLLGHXOWUDM
VXQWVXVFHSWLELOHGHDILUHDOL]DWHSULQWURDFWLYLWDWHFDUHVHGHVI úRDU vQWLPSúLSRW
SDUFXUJHID]HOHLQHUHQWHXQHLDVWIHOGHGHVI úXU ULSUHSDUDUHvQFHUFDUHFRQVXPDUH
HSXL]DUH
$FWHOHSUHSDUDWRULLSRVLELOHODLQIUDF LXQHDGHXOWUDMQXVXQWLQFULPLQDWH(OH
SRWGHYHQLvQV DFWHGHFRPSOLFLWDWH±vQLSRWH]DV YkUúLULLLQIUDF LXQLL±DWXQFLFkQG
DXIRVWHIHFWXDWHGHRDOW SHUVRDQ GHFkWDXWRUXOVDXVHSRWvQVXPDvQFRQWULEX LD
DXWRUXOXL
7HQWDWLYDGHDVHPHQHDSRVLELO QXHVWHLQFULPLQDW
8OWUDMXOVHFRQVXP vQPRPHQWXOvQFDUHDF LXQHDLQFULPLQDW DIRVWV YkUúLW
úLDSURGXVXUPDUHDLPHGLDW DLQIUDF LXQLL
6DQF LXQLÌQYDULDQWDWLSLQIUDF LXQHDGHXOWUDMVHSHGHSVHúWHFXvQFKLVRDUH
GHODOXQLODDQLVDXFXDPHQG
ÌQ YDULDQWD DJUDYDW SUHY ]XW vQ DOLQ SHGHDSVD SUHY ]XW GH OHJH HVWH
vQFKLVRDUHDGHODOXQLODDQLVDXDPHQGD
3HGHDSVD DSOLFDELO HVWH vQFKLVRDUHD GH OD OXQL OD DQL vQ FD]XO YDULDQWHL
SUHY ]XWHvQDOLQúLvQFKLVRDUHDGHODODDQLvQFD]XOXOWUDMXOXLSUHY ]XWvQ
DOLQ
3HQWUXIDSWHOHSUHY ]XWHvQDOLQ±SHUVRDQDMXULGLF VHVDQF LRQHD]
FXSHGHDSVDDPHQ]LLFXSULQV vQWUHOHLúLOHL
ÌQ LSRWH]D SUHY ]XW vQ DOLQ SHUVRDQD MXULGLF VH VDQF LRQHD] FX
SHGHDSVDDPHQ]LLFXSULQV vQWUHOHLúLOHL
&D]XULVSHFLDOHGHSHGHSVLUH
/HJLXLWRUXO D FRQVLGHUDW F DVXSUD SHUVRDQHORU FH vQGHSOLQHVF R IXQF LH
LPSRUWDQW GH VWDW RUL SXEOLF VDX FDUH LPSOLF H[HUFL LXO DXWRULW LL GH VWDW VH SRW
UHDOL]D DFWH LQGLUHFWH GH LQWLPLGDUH vQGUHSWDWH vPSRWULYD VR LORU FRSLLORU RUL
S ULQ LORU'HDFHHDOHJLXLWRUXODVLP LWQHYRLDFDDFHVWHDFWHV ILHUHSULPDWHPDL
DVSUXGHRDUHFHVHRFURWHúWHvQDFHVWIHOúLDXWRULWDWHD
3RWULYLWDUW&SHQÄvQFD]XOLQIUDF LXQLORUSUHY ]XWHvQDUW±DUW
úLV YkUúLWHvPSRWULYDVR XOXLFRSLLORUVDXS ULQ LORUXQXLMXGHF WRUSURFXURU
SROL LVWMDQGDUPRULPLOLWDUvQVFRSGHLQWLPLGDUHVDXGHU ]EXQDUHSHQWUXDFWHVDXIDSWH
vQGHSOLQLWHvQH[HUFL LXOIXQF LXQLLPD[LPXOSHGHSVHLVHPDMRUHD] FXDQL´(VWHYRUED
GH LQIUDF LXQLOH GH ORYLUL VDX DOWH YLROHQ H Y W PDUHD FRUSRUDO Y W PDUHD FRUSRUDO
JUDY OLSVLUHDGHOLEHUWDWHvQPRGLOHJDOúLDPHQLQ DUHD
&XSULYLUHODvQ HOHVXOQR LXQLORUGHMXGHF WRUSURFXURUSROL LVWMDQGDUPRUL
PLOLWDU IDFHP WULPLWHUH OD FHOH DU WDWH FX RFD]LD H[SOLF ULL HOHPHQWXOXL FLUFXPV
WDQ LDOGHDJUDYDUHDOLQIUDF LXQLLGHRPRUSUHY ]XWvQDUWOLWI&RGSHQDO
9DOHU6XLDQRSFLWYRO,S
,RDQD9DVLX'UHSWSHQDOURPkQSDUWHDVSHFLDO YRO,,(GLWXUD$OEDVWU &OXM1DSRFDS
5RGLFD0LKDHOD6W QRLXRSFLWYRO,9S
8=853$5($'(&$/,7 ,2),&,$/(
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO LQIUDF LXQLL GH X]XUSDUH GH FDOLW L RILFLDOH vO
FRQVWLWXLHDFHOHUHOD LLVRFLDOHDF URUQRUPDO IRUPDUHúLGHVI úXUDUHVXQWDVLJXUDWH
GHH[HUFLWDUHDQXPDLGHF WUHFHLvQGUHSW L LDFDOLW LORURILFLDOH
&DOLW LOH RILFLDOH LPSOLF OD IHO FD úL XQHOH IXQF LL SUH]HQ D VDX H[HUFL LXO
IXQF LXQLL vQ SHUVRDQD FHOXL vQYHVWLW FX R FDOLWDWH RILFLDO $FHDVWD vQVHDPQ F
GUHSWXO GH D IRORVL R FDOLWDWH RILFLDO úL GH D vQGHSOLQL DFWH OHJDWH GH DFHD FDOLWDWH
DSDU LQHH[FOXVLYSHUVRDQHLFDUHHVWHvQYHVWLW FXDFHDFDOLWDWHLDUX]XUSDUHDDFHVWHLD
DGXFHDWLQJHUHDXWRULW LLUHVSHFWLYHWXOEXUkQGEXQXOPHUVDODFWLYLW LLDXWRULW LORU
SXEOLFHLQVWLWX LLORUSXEOLFHVDXDOWRUSHUVRDQHMXULGLFHGHGUHSWSXEOLF
2ELHFWXO PDWHULDO ,QIUDF LXQHD GH X]XUSDUH GH FDOLW L RILFLDOH QX DUH XQ
RELHFWPDWHULDO
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUDODFHVWHLLQIUDF LXQLSRDWHILRULFHSHUVRDQ
SDUWLFXODU FDUH vQGHSOLQHúWH FRQGL LLOH JHQHUDOH SHQWUX D U VSXQGH SHQDO úL FDUH
IRORVHúWH I U GUHSW R FDOLWDWH RILFLDO $FHDVWD QX H[FOXGH LSRWH]D FD R SHUVRDQ
vQYHVWLW FXRDQXPLW FDOLWDWHRILFLDO V IRORVHDVF I U GUHSWRDOW FDOLWDWHRILFLDO
úL GHFL V ILH VXELHFW DFWLY QHPLMORFLW DO LQIUDF LXQLL vQ FH SULYHúWH DFHDVW XOWLP
FDOLWDWH'HDVHPHQHDSRDWHILDXWRUDODFHVWHLLQIUDF LXQLSHUVRDQDFDUHFRQWLQX V
IRORVHDVF RFDOLWDWHRILFLDO GXS FHDSLHUGXWRGHILQLWLYSULQSHQVLRQDUHvQORFXLUH
GHVIDFHUHDFRQWUDFWXOXLGHPXQF HWFVDXWHPSRUDUSULQVXVSHQGDUH
6XELHFWDFWLYDODFHVWHLLQIUDF LXQLSRDWHILúLRSHUVRDQ MXULGLF vQFRQGL LLOH
úLFXOLPLW ULOHDU WDWHvQDUWDOLQ&SHQ
3DUWLFLSD LD SHQDO HVWH SRVLELO vQ WRDWH IRUPHOH VDOH FRDXWRUDW LQVWLJDUH
FRPSOLFLWDWH
ÌQWURDOW S UHUHFDUHDU PDVL]RODW VHFRQVLGHU F SDUWLFLSD LDSHQDO
HVWHSRVLELO QXPDLVXEIRUPDLQVWLJ ULLúLDFRPSOLFLW LL
6XELHFWXOSDVLYSULQFLSDOHVWHvQWRWGHDXQDVWDWXO
6XELHF LSDVLYLVHFXQGDULSRWILXQLW LOHSXEOLFHDU WDWHODDUW&SHQVDX
SHUVRDQHOHSUHMXGLFLDWHSULQDFWHOHvQGHSOLQLWHGHF WUHDXWRUXOLQIUDF LXQLL
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO FRQVW vQ GRX DF LXQL FRQMXJDWH FH WUHEXLH UHDOL]DWH
FXPXODWLY úL DQXPH DF LXQHD GH IRORVLUH D XQHL FDOLW L RILFLDOH úL DF LXQHD GH
vQGHSOLQLUH D YUHXQXL DFW OHJDW GH DFHD FDOLWDWH 6 YkUúLUHD DFHVWRU GRX DF LXQL
HVWHLQGLVSHQVDELO SHQWUXH[LVWHQ DHOHPHQWXOXLPDWHULDODOLQIUDF LXQLLGHX]XUSDUH
GHFDOLW LRILFLDOH
'DF R SHUVRDQ IRORVHúWH I U GUHSW R FDOLWDWH RILFLDO GDU QX vQGHSOLQHúWH
YUHXQ DFW OHJDW GH DFHD FDOLWDWH IDSWD QX FRQVWLWXLH LQIUDF LXQHD GH X]XUSDUH GH
FDOLW LRILFLDOH
6 YkUúLUHDLQIUDF LXQLLGHX]XUSDUHGHFDOLW LRILFLDOHSUHVXSXQHSUHH[LVWHQ D
XQRUFDOLW LRILFLDOHDGLF DXQRUIXQF LLFDUHV FRQIHUHIXQF LRQDUXOXLSXEOLFFDUH
RRFXS SHUPDQHQWVDXWHPSRUDURFDOLWDWHRILFLDO
,GHPYRO,9S
9LUJLO5 PXUHDQXRSFLWYRO,,S
9DOHU6XLDQRSFLWYRO,S
76VSGQU55'QUS
7M7LPLúGSQU55'QUS
3ULQÄFDOLWDWHRILFLDO ´VHvQ HOHJHGHFLDELOLWDUHDOHJDO DXQHLSHUVRDQHGHD
vQGHSOLQLDQXPLWHDFWHSURGXF WRDUHGHFRQVHFLQ HMXULGLFH
'XS DOWDXWRUSULQÄFDOLWDWHRILFLDO ´VHvQ HOHJHDFHHDSHFDUHRLPSOLF
H[HUFLWDUHD XQHL IXQF LL VDX vQV UFLQ UL vQ VHUYLFLXO XQHL RUJDQL]D LL GH VWDW VDX
REúWHúWL
Ä&DOLWDWHD RILFLDO ´ vQWUR DOW FRQFHS LH HVWH DFHD FDOLWDWH FDUH G
SHUVRDQHL GUHSWXO GH D UHSUH]HQWD DXWRULWDWHD GH VWDW úL GH D DF LRQD vQ QXPHOH
DFHVWHLD
ÌQSUDFWLFDMXGLFLDU VDGHFLVF VLQWDJPDÄFDOLWDWHRILFLDO ´SUHVXSXQHR
IXQF LH FDUH SULQ QDWXUD VD LPSOLF H[HUFL LXO DXWRULW LL DGLF SXWHUHD GH D OXD
GLVSR]L LLFXFDUDFWHUREOLJDWRULXúLGHDDVLJXUDUHVSHFWDUHDDFHVWRUD
,QVWDQ D VXSUHP D GHFLV F RILFLHUHD GH VOXMEH UHOLJLRDVH GH F WUH R
SHUVRDQ FDUHDSLHUGXWFDOLWDWHDGHSUHRWQXFRQVWLWXLHLQIUDF LXQHDSUHY ]XW vQDUW
&SHQGHRDUHFHDFWLYLWDWHDSUHRWXOXLQXSUHVXSXQHRFDOLWDWHRILFLDO vQVHQVXO
OHJLLFLRDFWLYLWDWHFXFDUDFWHUVSLULWXDO
&DOLWDWHDRILFLDO LPSOLF GHFLRDQXPLW FRPSHWHQ IXQF LRQDO MXGHF WRUXO
SURFXURUXO RUJDQXO GH FHUFHWDUH SHQDO VHFUHWDUXO FRQVLOLXOXL MXGH HDQ VDX ORFDO
RIL HUXOVW ULLFLYLOHHWF
3ULQ IRORVLUHD XQHL FDOLW L RILFLDOH VH vQ HOHJH DFWXO SULQ FDUH I SWXLWRUXO vúL
DWULEXLH R FDOLWDWH RILFLDO SH FDUH QX R DUH VDX QX R PDL DUH (VWH VXILFLHQW FD
I SWXLWRUXOV úLDWULEXLHFDOLWDWHDSHFDUHQXRDUHSULQWURVLPSO DILUPD LH'DF
I SWXLWRUXO UHFXUJH OD IRORVLUHD XQRU PLMORDFH IUDXGXORDVH FDUH FRQVWLWXLH SULQ HOH
vQVHOH LQIUDF LXQL SRUW QHOHJDO GH XQLIRUP IDOV vQ vQVFULVXUL HWF vQ VDUFLQD
DFHVWXLD YD IL UH LQXW XQ FRQFXUV GH LQIUDF LXQL 1X LQWHUHVHD] SHQWUX H[LVWHQ D
LQIUDF LXQLL DQDOL]DWH GDF SHUVRDQD ID GH FDUH I SWXLWRUXO D IRORVLW I U GUHSW
FDOLWDWHDRILFLDO DIRVWVDXQXLQGXV vQHURDUH
) U DILOHJDW GHRDQXPLW GXUDW GHWLPSÄIRORVLUHD´SUHVXSXQHvQVXúLUHD
SH XQ LQWHUYDO PLQLP GH WLPS QHFHVDU vQGHSOLQLULL FHOHL GH D GRXD DF LXQL DGLF
vQGHSOLQLUHDXQXLDFWOHJDWGHFDOLWDWHDRILFLDO X]XUSDW
3ULQ vQGHSOLQLUHD XQXL DFW OHJDW GH FDOLWDWHD X]XUSDW VH vQ HOHJH HIHFWXDUHD
XQXLDFWFDUHLQWU vQFRPSHWHQ DFHOXLOHJDOvQYHVWLWFXDFHDFDOLWDWHH[vQWRFPHúWH
XQ SURFHVYHUEDO GH FRQVWDWDUH VDX XQ DFW GH VWDUH FLYLO 1X LQWU vQ FDWHJRULD
DFHVWRUDFWHFHOHFDUHQXDXQLFLROHJ WXU FXIXQF LDX]XUSDW GHH[HPSOXIXUWXO
V YkUúLW GH IDOVXO SROL LVW GLQ FDPHUD SHUFKH]L LRQDW GH DFHVWD vQ DFHVWD FD]
H[LVWkQGXQFRQFXUVGHLQIUDF LXQL
1X DUH LPSRUWDQ ± SHQWUX H[LVWHQ D LQIUDF LXQLL ± GDF DFWXO D IRVW VDX QX
vQGHSOLQLW vQ IRUPHOH SUHY ]XWH GH OHJH RUL GDF I SWXLWRUXO vQGHSOLQHúWH DFHO DFW
vQWUXQORFSXEOLFVDXvQWUXQORFSULYDW
5RGLFD0LKDHOD6W QRLXRSFLWYRO,9S
9LUJLO5 PXUHDQXRSFLWYRO,,S
2FWDYLDQ/RJKLQ7XGRUHO7RDGHU'UHSWSHQDOURPkQ3DUWHDVSHFLDO HGL LDD,9DUHY ]XW úLDG XJLW
&DVDGHHGLWXU úLSUHV ùDQVD65/%XFXUHúWLS
70%VD,,DSHQGQU55'QUSFXQRW DSUREDWLY GH*HRUJH$QWRQLXvQ
*HRUJH$QWRQLX&RQVWDQWLQ%XODL5RGLFD0LKDHOD6W QRLX$YUDP)LOLSDú&RQVWDQWLQ0LWUDFKHùHUEDQ6W QRLX
9DVLOH 3DSDGRSRO &ULVWLDQD )LOLúDQX 3UDFWLFD MXGLFLDU SHQDO SDUWHD VSHFLDO YRO ,,, (GLWXUD $FDGHPLHL
5RPkQH%XFXUHúWLS
&6- VS G QU 5'3 QU S 'U QU S &XUWHD 6XSUHP GH
-XVWL LH %XOHWLQXO -XULVSUXGHQ HL &XOHJHUH GH GHFL]LL SH DQXO (GLWXUD Ä3URHPD´ %DLD 0DUH
SÌQDFHODúLVHQV,RVLI,RQHVFX$VXSUDXQHLLSRWH]HGHX]XUSDUHGHFDOLW LRILFLDOH5'3QU
S+RULD'LDFRQHVFX'UHSWSHQDO3DUWHDVSHFLDO YRO,,HGL LD(GLWXUD$OO%HFN%XFXUHúWL
SÌQVHQVFRQWUDU&RQVWDQWLQ%XODL8]XUSDUHDGHFDOLW LRILFLDOH5'3QUS
&HULQ D HVHQ LDO &X SULYLUH OD DF LXQHD GH IRORVLUH OHJHD FHUH SHQWUX
vQWUHJLUHDODWXULLRELHFWLYHDLQIUDF LXQLLvQGHSOLQLUHDXQHLDQXPLWHFHULQ HHVHQ LDOH
$FHDVW FHULQ HVHQ LDO FRQVW vQIRORVLUHDÄI U GUHSW´DXQHLFDOLW LRILFLDOH
3ULQ IRORVLUHD ÄI U GUHSW´ D XQHL FDOLW L RILFLDOH VH vQ HOHJH vQVXúLUHD VDX
DWULEXLUHD DFHVWHLD I U XQ WLWOX OHJLWLP QXPLUH GHOHJDUH DOHJHUH HWF VDX
FRQWLQXDUHD IRORVLULL FDOLW LL GXS FH WLWOXO OHJLWLP D vQFHWDW LHúLUH OD SHQVLH
GHVWLWXLUHUHYRFDUH
ÌQ FD]XO VLPSOHL GHS úLUL D OLPLWHORU FRPSHWHQ HL FH R FRQIHU FDOLWDWHD
RILFLDO SH FDUH R DUH I SWXLWRUXO FHULQ D IRORVLULL I U GUHSW QX YD IL vQGHSOLQLW
IDSWDFRQVWLWXLQGHYHQWXDOXQDEX]vQVHUYLFLX
8UPDUHDLPHGLDW FRQVW vQSURYRFDUHDXQHLVW ULGHSHULFROSHQWUXYDORDUHD
VRFLDO DÄDXWRULW LL´úLGHFLSHQWUXUHOD LLOHVRFLDOHFHFRQVWLWXLHRELHFWXOMXULGLFDO
LQIUDF LXQLLDQDOL]DWH
$FWHOH vQGHSOLQLWH GH F WUH I SWXLWRU SRW SURGXFH úL FRQVHFLQ H S JXELWRDUH
SHQWUX SHUVRDQHOH MXULGLFH GH GUHSW SXEOLF VDX SULYDW VDX IL]LFH /HJHD QX
FRQGL LRQHD] vQV H[LVWHQ D LQIUDF LXQLL GH SURGXFHUHD XQXL DVHPHQHD UH]XOWDW
HVHQ LDO ILLQGFUHDUHDXQHLVW ULGHSHULFROFHVHSURGXFHSULQFRPLWHUHDDF LXQLORU
LQFULPLQDWH
/HJ WXUD GH FDX]DOLWDWH vQWUH DF LXQLOH FDUH FRQVWLWXLH HOHPHQWXO PDWHULDO DO
LQIUDF LXQLL SUHY ]XWH vQ DUW & SHQ úL XUPDUHD LPHGLDW WUHEXLH V H[LVWH úL
UH]XOW H[UH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LHFXFDUHVHSRDWHFRPLWHDFHDVW LQIUDF LXQHHVWHLQWHQ LD
GLUHFW VDX LQGLUHFW ,QWHQ LD SULYHúWH HOHPHQWXO PDWHULDO vQ WRWDOLWDWHD VD DGLF
FHOHGRX DF LXQLLQFULPLQDWH(OHPHQWXOVXELHFWLYFRQVW GHFLvQYRLQ DúLLQWHQ LD
GH D HIHFWXD DWkW DF LXQHD GH IRORVLUH FkW úL DF LXQHD GH vQGHSOLQLUH $FHDVW
GXDOLWDWH vQ FXSULQVXO HOHPHQWXOXL VXELHFWLY SRDWH H[LVWD GH OD vQFHSXW VDX SRDWH
DS UHDXOWHULRUvQWLPSXODF LXQLLGHIRORVLUH
([LVW LQWHQ LH FkQG I SWXLWRUXO úWLD F vúL vQVXúHúWH SH QHGUHSW R FDOLWDWH
RILFLDO úLF HIHFWXHD] XQDFWOHJDWGHDFHDVW FDOLWDWHSUHY ]kQGDFHVWUH]XOWDWSH
FDUHODXUP ULWLQWHQ LHGLUHFW VDXODDFFHSWDWLQWHQ LHLQGLUHFW
'XS DO L DXWRUL vQV X]XUSDUHD GH FDOLW L RILFLDOH QX VH SRDWH FRPLWH
GHFkWFXLQWHQ LHGLUHFW
1X VXQW SUHY ]XWH FHULQ H HVHQ LDOH UHIHULWRDUH OD PRELO VDX VFRS GDU
FXQRDúWHUHDORUHVWHWRWGHDXQDXWLO SHQWUXLQGLYLGXDOL]DUHDSHGHSVHL
)RUPH6DQF LXQL
)RUPH )LLQG R LQIUDF LXQH FX H[HFXWDUH OHQW X]XUSDUHD GH FDOLW L RILFLDOH
SRDWH IL UHDOL]DW SULQWUR DFWLYLWDWH LQIUDF LRQDO VXVFHSWLELO GH D SDUFXUJH ID]HOH
RELúQXLWH DOH GHVI úXU ULL XQHL DVWIHO GH DFWLYLW L DFWH GH SUHJ WLUH WHQWDWLY
FRQVXPDUHHSXL]DUH
$FWHOHSUHJ WLWRDUHVXQWSRVLELOHGDUQXVXQWLQFULPLQDWHÌQFD]XOFkQGIDSWD
DIRVWV YkUúLW DFHVWHDFWHHIHFWXDWHGHDOWFLQHYDGHFkWDXWRUXOSRWGHYHQLDFWHGH
FRPSOLFLWDWHDQWHULRDU
7HQWDWLYD QHWHUPLQDW HVWH SRVLELO GDU QX HVWH LQFULPLQDW úL LPSOLFLW
SHGHSVLW
5RGLFD0LKDHOD6W QRLXRSFLWYRO,9S
,GHPYRO,9S
,ELGHPYRO,9S
9DOHU6XLDQRSFLWYRO,S
8]XUSDUHD GH FDOLW L RILFLDOH HVWH R LQIUDF LXQH IRUPDO FDUH VH FRQVXP vQ
PRPHQWXO vQ FDUH DX IRVW V YkUúLWH FHOH GRX DF LXQL FDUH FRQVWLWXLH HOHPHQWXO
PDWHULDO úL VD SURGXV XUPDUHD LPHGLDW DGLF FUHDUHD VW ULL GH SHULFRO SHQWUX
YDORDUHD VRFLDO D DXWRULW LL úL SHQWUX UHOD LLOH VRFLDOH RFURWLWH 3kQ vQ DFHVW
PRPHQWLQGLIHUHQWFkWWLPSRSHUVRDQ VDIRORVLWGHRFDOLWDWHRILFLDO SHFDUHQXR
DYHD GDF QX D WUHFXW OD vQGHSOLQLUHD YUHXQXL DFW OHJDW GH DFHD FDOLWDWH IDSWD VH
J VHúWHvQVWDUHGHWHQWDWLY FDUHQXHVWHLQFULPLQDW
$F LXQHD GH IRORVLUH GH FDOLW L RILFLDOH XUPDW VDX vQVR LW GH DF LXQHD GH
vQGHSOLQLUH D XQRU DFWH OHJDWH GH DFHD FDOLWDWH SRDWH FRQWLQXD úL GXS PRPHQWXO
FRQVXPDWLYSULQUHSHWDUHDDFWLYLW LLLQIUDF LRQDOHvQED]DUH]ROX LHLXQLFHÌQDFHVW
FD] LQIUDF LXQHD VH YD HSXL]D RGDW FX vQGHSOLQLUHD XOWLPXOXL DFW FD XUPDUH D
IRORVLULLXQHLFDOLW LRILFLDOH
6DQF LXQL 8]XUSDUHD GH FDOLW L RILFLDOH FRPLV GH R SHUVRDQ IL]LF VH
SHGHSVHúWHFXvQFKLVRDUHOXQLODDQL
3HUVRDQDMXULGLF YDILVDQF LRQDW FXDPHQG vQWUHOHLúLOHL
SRWULYLWDUWDOLQ&SHQ
32578/1(/(*$/'('(&25$ ,,6$86(01(',67,1&7,9(
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDOvOIRUPHD] DFHOJUXSGHUHOD LLVRFLDOHUHIHULWRDUHOD
DXWRULWDWHD GH VWDW D F URU RFURWLUH VH UHDOL]HD] úL SULQ SXUWDUHD GHFRUD LLORU VDX
VHPQHORU GLVWLQFWLYH DOH XQXL RUJDQ GH VWDW QXPDL GH F WUH DFHOH SHUVRDQH F URUD
OHDIRVWFRQIHULWSULQOHJHVDXDOWHGLVSR]L LLQRUPDWLYHDFHVWGUHSW
2ELHFWXO PDWHULDO ÌQ DPEHOH VDOH YDULDQWH LQIUDF LXQHD GH SRUW QHOHJDO GH
GHFRUD LLVDXVHPQHGLVWLQFWLYHDUHXQRELHFWPDWHULDO
$FHVWD vO FRQVWLWXLH vQ YDULDQWD WLS GHFRUD LLOH XQLIRUPHOH VDX VHPQHOH
GLVWLQFWLYHDOHXQXLRUJDQGHVWDW
3ULQGHFRUD LLVHvQ HOHJRUGLQHOHPHGDOLLOHúLFUXFLOHFRPHPRUDWLYH2ELHFWXO
PDWHULDOvOFRQVWLWXLHILHvQVHúLvQVHPQHOHDFHVWRURUGLQHúLPHGDOLLFDUHVHSRDUW GH
RELFHLODIHVWLYLW LILHQXPDLSDQJOLFLOHvQVHPQHORUEDUHWHOHFDUHVHSRDUW vQUHVWXO
WLPSXOXL 8QLIRUPHOH OD FDUH VH IDFH UHIHULUH vQ DUW DOLQ & SHQ VXQW FHOH
VWDELOLWHSHQWUXSHUVRQDOXODXWRULW LORUSXEOLFHFXH[FHS LDFHORUPLOLWDUH
'DF XQLIRUPD SXUWDW QX SUH]LQW FDUDFWHULVWLFLOH HVHQ LDOH VWDELOLWH vQ DFWXO
QRUPDWLYUHVSHFWLYQXVHSRDWHYRUELGHVSUHRDGHY UDW ÄXQLIRUP ´úLGHFLGHVSUH
FRPLWHUHD DFHVWHL IDSWH SHQDOH &RQVWDWkQG GHRVHELULOH FH H[LVW vQWUH XQLIRUPD
GHVFULV vQDFWXOQRUPDWLYúLFHDSXUWDW vQFRQFUHWúLOXkQGvQFRQVLGHUDUHFHOHODOWH
vPSUHMXU UL DOH FDX]HL LQVWDQ D YD VWDELOL FDUH D IRVW LQWHQ LD UHDO D I SWXLWRUXOXL
8QLIRUPHOH FLYLOH VWU LQH QX FRQVWLWXLH RELHFW PDWHULDO DO DFHVWHL IDSWH SHQDOH
GHRDUHFH SXUWDUHD ORU LOHJDO QX HVWH GH QDWXU V DGXF DWLQJHUH DXWRULW LL
RUJDQHORUGHVWDWGLQ5RPkQLD
6HPQHOH GLVWLQFWLYH VXQW FHOH VWDELOLWH SHQWUX D IL SXUWDWH GH SHUVRQDOXO
GLYHUVHORUSHUVRDQHMXULGLFHGHGUHSWSXEOLFSHQWUXDVHUHOHYDDVWIHODSDUWHQHQ DOD
5RGLFD0LKDHOD6W QRLXRSFLWYRO,9S
5RGLFD0LKDHOD6W QRLXRSFLWYRO,9S
$UWGLQ/HJHDQUSULYLQGVLVWHPXOQD LRQDOGHGHFRUD LLDO5RPkQLHLSXEOLFDW vQ02IQU
GLQDSULOLH
9LUJLO5 PXUHDQXRSFLWYRO,,SÌQDFHODúLVHQV+RULD'LDFRQHVFXRSFLWYRO,,SÌQVHQV
FRQWUDU5RGLFD0LKDHOD6W QRLXRSFLWYRO,9S
XQD GLQWUH HOH GH H[ SHUVRQDOXO 3ROL LHL 5RPkQH SHUVRQDOXO F LORU IHUDWH
SHUVRQDOXOGHFRQGXFHUHGLQLQGXVWULDPLQLHU HWF
ÌQ YDULDQWD DJUDYDW RELHFWXO PDWHULDO DO LQIUDF LXQLL DQDOL]DWH vO FRQVWLWXLH
XQLIRUPHOHJUDGHOHVDXLQVLJQHOHPLOLWDUH
*UDGHOH PLOLWDUH vQ RUGLQHD ORU LHUDUKLF VXQW FHOH SUHFL]DWH vQ 6WDWXWXO
FDGUHORU PLOLWDUH $VWIHO JUDGHOH RIL HULORU VH DUDW SULQ JDORDQH úL WUHVH VDX VWHOH
DúH]DWH GHD OXQJXO FRQWUDHSROHWXOXL 2ELHFWXO PDWHULDO DO LQIUDF LXQLL vO FRQVWLWXLH
WRFPDLDFHVWHVHPQHGLVWLQFWLYHFDUHPDUFKHD] ILHFDUHJUDGvQSDUWH
3ULQ LQVLJQH PLOLWDUH VH vQ HOHJ VHPQHOH GLVWLQFWLYH ± DOH DUPHORU úL
VSHFLDOLW LORU±DWDúDWHXQLIRUPHORUH[LQVLJQDFDYDOHULHL
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU DO LQIUDF LXQLL GH SRUW QHOHJDO GH GHFRUD LL
VDXVHPQHGLVWLQFWLYHSRDWHILRULFHSHUVRDQ FDUHvQGHSOLQHúWHFRQGL LLOHJHQHUDOH
SHQWUXDU VSXQGHSHQDO
,QIUDF LXQHD GH SRUW QHOHJDO GH GHFRUD LL VDX VHPQH GLVWLQFWLYH QX HVWH
VXVFHSWLELO GH FRDXWRUDW IDSWD V YkUúLQGXVH vQ SURSULD SHUVRDQ LQ SHUVRQD
SURSULDGDUHVWHSRVLELO LQVWLJDUHDúLFRPSOLFLWDWHD
ÌQ GRFWULQ VD VXV LQXW úL S UHUHD FX FDUH QX VXQWHP GH DFRUG F
SDUWLFLSD LDSHQDO ODLQIUDF LXQHDGHSRUWQHOHJDOGHGHFRUD LLVDXVHPQHGLVWLQFWLYH
HVWHSRVLELO VXEWRDWHIRUPHOH
6XELHFW DFWLY DO DFHVWHL IDSWH SHQDOH SRDWH IL úL R SHUVRDQ MXULGLF vQ
FRQGL LLOHúLFXOLPLW ULOHDU WDWHvQDUWDOLQ&SHQ
6XELHFWXOSDVLYSULQFLSDOHVWHvQWRWGHDXQDVWDWXO
6XELHFW SDVLY VHFXQGDU SRDWH IL SHUVRDQD MXULGLF GH GUHSW SXEOLF DOH F UXL
VHPQH GLVWLQFWLYH DX IRVW X]XUSDWH VDX SHUVRDQD IL]LF FH DYHD GUHSWXO V SRDUWH
DFHDHQWLWDWH
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDO$F LXQHDFHFRQVWLWXLHHOHPHQWXOPDWHULDODOLQIUDF LXQLL
GH SRUW QHOHJDO GH GHFRUD LL VDX VHPQHGLVWLQFWLYHFRQVW vQSXUWDUHDGHGHFRUD LL
XQLIRUPHVDXVHPQHGLVWLQFWLYHDOHXQXLRUJDQGHVWDWYDULDQWDWLSúLvQSXUWDUHDGH
XQLIRUPHJUDGHVDXLQVLJQHPLOLWDUHYDULDQWDDJUDYDW
6XE DFHVW DVSHFW SRUWXO QHOHJDO GH GHFRUD LL VDX VHPQH GLVWLQFWLYH HVWH R
LQIUDF LXQH FRQWLQX VXFFHVLY GHRDUHFH SXUWDUHD FDUH SUHVXSXQH R DFWLYLWDWH GH
GXUDW QXVHUHDOL]HD] SHUPDQHQWFLVXFFHVLYvQVHQVXOF SXUWDUHDHQWLW LORUFH
FRQVWLWXLHRELHFWPDWHULDOQXVHIDFHvQPRGSHUPDQHQWFLFXvQWUHUXSHUL
3ULQ DF LXQHD GH SXUWDUH VH vQ HOHJH IRORVLUHD SRWULYLW PRGXOXL V X GH
vQWUHEXLQ DUHDXQHLGHFRUD LLVDXXQHLXQLIRUPHRULDXQXLVHPQGLVWLQFWLYHWF
$F LXQHDGHSXUWDUHSUHVXSXQHQHDS UDWRGHVI úXUDUHSHXQLQWHUYDOGHWLPS
VXILFLHQWSHQWUXDILFRQVLGHUDW FDDWDUH2PDQLIHVWDUHPRPHQWDQ GHDWkUQDUHGH
GHFRUD LL XUPDW GH LPHGLDWD vQO WXUDUH VDX vPEU FDUHD XQHL XQLIRUPH SHQWUX
FkWHYDPLQXWHHWFQXDUHFDUDFWHUXOGHÄSXUWDUH´
/HJHD QU SULYLQG VWDWXWXO FDGUHORU PLOLWDUH SXEOLFDW vQ 0 2I QU GLQ LXOLH FX
PRGLILF ULOHXOWHULRDUH
5RGLFD0LKDHOD6W QRLXRSFLWYRO,9SÌQDFHODúLVHQV9LUJLO5 PXUHDQXRSFLWYRO,,S
9DOHU6XLDQvQ0DWHL%DVDUDE/XFLD0ROGRYDQ9DOHU6XLDQ'UHSWSHQDO3DUWHDVSHFLDO YRO,&OXM1DSRFD
S
,RQ *KHRUJKLX %U GHW 'UHSW SHQDO SDUWHD VSHFLDO YRO , (GLWXUD (XURSD 1RYD %XFXUHúWL
SÌQDFHODúLVHQV,RDQD9DVLX'UHSWSHQDOURPkQSDUWHDVSHFLDO YRO,,(GLWXUD$OEDVWU &OXM1DSRFD
S
5RGLFD0LKDHOD6W QRLXRSFLWYRO,9SÌQVHQVFRQWUDU+RULD'LDFRQHVFXRSFLWYRO,,S
&HULQ HHVHQ LDOH$F LXQHDGHSXUWDUHWUHEXLHV SULYHDVF GHFRUD LLXQLIRUPH
VDXDOWHVHPQHGLVWLQFWLYHDOHXQXLRUJDQGHVWDWRULXQLIRUPHJUDGHVDXLQVLJQHPLOLWDUH
3ULQVHPQHGLVWLQFWLYHDOHXQXLRUJDQGHVWDWVHvQ HOHJRULFHDOWHvQVHPQHSH
FDUH SHUVRDQHOH FH DSDU LQ DQXPLWRU RUJDQH DOH VWDWXOXL OH SRDUW SHQWUX D UHOHYD
DSDUWHQHQ DODXQDQXPLWRUJDQGHVWDW
1X LQWU SULQ XUPDUH vQ DFHDVW FDWHJRULH XQLIRUPHOH VDX VHPQHOH
GLVWLQFWLYHDOHDOWRUSHUVRDQHMXULGLFHGHGUHSWSXEOLFVDXDOXQRUSHUVRDQHMXULGLFH
SULYDWHGHRDUHFHDFHVWHDGLQXUP QXDXQLFLROHJ WXU FXRUJDQHOHGHVWDW
,QVWDQ D VXSUHP D GHFLV F RILFLHUHD GH VOXMEH UHOLJLRDVH GH F WUH R
SHUVRDQ FDUH D SLHUGXW FDOLWDWHD GH SUHRW QX FRQVWLWXLH LQIUDF LXQHD SUHY ]XW vQ
DUW&SHQGHRDUHFHLQFXOSDWXOQXDSXUWDWXQLIRUPHVDXVHPQHGLVWLQFWLYHDOH
XQXLRUJDQGHVWDWYHúPLQWHOHGHSUHRWSHFDUHLQFXOSDWXODFRQWLQXDWV OHSRDUWH
GXS FDWHULVLUH QHSXWkQG IL FRQVLGHUDWH XQLIRUPH VDX VHPQH GLVWLQFWLYH DOH XQXL
RUJDQGHVWDWvQVHQVXOOHJLL
3HQWUX FDUDFWHUL]DUHD GHFRUD LLORU VH YD DYHD vQ YHGHUH DFWXO QRUPDWLY SULQ
FDUHDFHVWHDDXIRVWLQVWLWXLWH
$F LXQHDGHSXUWDUHV VHFRPLW ÄI U GUHSW´
$FHDVW FHULQ HVWH vQGHSOLQLW DWXQFL FkQG I SWXLWRUXO QX SRVHG XQ WLWOX
OHJDOFDUHV LFRQIHUHGUHSWXOGHDSXUWDXQLIRUP GHFRUD LHJUDGLQVLJQ HWFVDX
FkQGDSLHUGXWDFHOGUHSW
) U GUHSWVHFRQVLGHU úLSXUWDUHDXQXLJUDGVXSHULRUFHOXLSHFDUHvODUHI SWXL
WRUXOFDúLSXUWDUHDXQHLGHFRUD LLRUGLQHPHGDOLLGHRFODV VXSHULRDU FHOHLFRQIHULWH
ÌQVIkUúLWDWXQFLFkQGGLVSR]L LLOHOHJDOHSHUPLWSXUWDUHDXQLIRUPHORUQXPDLvQ
DQXPLWH vPSUHMXU UL SXUWDUHD DFHVWRUD vQ DIDUD FD]XULORU VWDELOLWH GH OHJH IDFH FD
FHULQ DHVHQ LDO V ILHGHDVHPHQHDvQGHSOLQLW
$ WUHLD FHULQ HVHQ LDO FRQVW vQ SXEOLFLWDWHD DF LXQLL GH SXUWDUH FHULQ
FDUH GHFXUJH GLQ vQV úL QDWXUD DF LXQLORU GH SXUWDUH SH QHGUHSW FDUH LPSOLF R
FRPSRUWDUHvQY ]XODOWRUD
)DSWD GH D DUERUD R XQLIRUP JUDG LQVLJQ VDX DOW VHPQ GLVWLQFWLY FDS W
UHOHYDQ SHQDO QXPDLDWXQFLFkQGHVWHFRPLV vQSXEOLF
'HúLVXV LQHF QDWXUDDF LXQLORUGHSXUWDUHSHQHGUHSWLPSOLF RFRPSRUWDUHDÄvQ
Y ]XO DOWRUD´ VXEO QV 5RGLFD 0LKDHOD 6W QRLX DUDW F WHUPHQXO ÄvQ SXEOLF´ DUH
vQ HOHVXODU WDWvQDUW&SHQWH[WFDUHFRQIHU XQFRQ LQXWPXOWPDLODUJDFHVWHL
FHULQ HHVHQ LDOH0DLDSURDSHGHVSLULWXODFHVWHLQRUPHGHLQFULPLQDUHQLVHSDUHSULPD
LGHHSRWULYLWF UHLDÄvQSXEOLF´vQVHDPQ RSXUWDUHvQY ]XODOWRUDDDFHOHLXQLIRUPHVDX
DOWHVHPQHGLVWLQFWLYHvQWUXFkWvQFD]FRQWUDUFkQGGHID QXHVWHQLPHQLDF LXQHDGH
SXUWDUHQXDUPDLILVXVFHSWLELO V OH]H]HSUHVWLJLXORUJDQHORUGHVWDW
ÌQ DOLQ HVWH LQFULPLQDW R YDULDQW DJUDYDW FDUDFWHUL]DW SULQ SXUWDUHD
I U GUHSWGHXQLIRUPHJUDGHVDXLQVLJQHPLOLWDUHvQÄWLPSGHU ]ERL´
3RWULYLWDUW&SHQÄWLPSGHU ]ERL´HVWHLQWHUYDOXOGHWLPSGHODGDWD
GHFODU ULLPRELOL] ULLVDXGHODvQFHSHUHDRSHUD LLORUGHU ]ERLSkQ ODGDWDWUHFHULL
DUPDWHLODVWDUHDGHSDFH
8UPDUHD LPHGLDW FRQVW vQ FUHDUHD XQHL VW UL GH SHULFRO SHQWUX YDORDUHD
VRFLDO D ÄDXWRULW LL´ úL GHFL SHQWUX UHOD LLOH VRFLDOH RFURWLWH SULQ DS UDUHD DFHVWHL
YDORULVRFLDOH
,GHPYRO,9S
&6- VS G QU 5'3 QU S 'U QU S &XUWHD 6XSUHP GH
-XVWL LH %XOHWLQXO -XULVSUXGHQ HL &XOHJHUH GH GHFL]LL SH DQXO (GLWXUD Ä3URHPD´ %DLD 0DUH
S
5RGLFD0LKDHOD6W QRLXRSFLWYRO,9S
,GHPYRO,9SÌQDFHODúLVHQV9LUJLO5 PXUHDQXRSFLWYRO,,S
/HJ WXUD GH FDX]DOLWDWH ÌQWUXFkW XUPDUHD LPHGLDW FRQVW vQ FUHDUHD XQHL
VW ULGHSHULFROOHJ WXUDFDX]DO vQWUHHOHPHQWXOPDWHULDOúLXUPDUHDLPHGLDW HVWH
LPSOLFLW DGLF UH]XOW H[UH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LHFXFDUHVHSRDWHFRPLWHDFHDVW LQIUDF LXQHHVWHLQWHQ LD
GLUHFW VDXLQGLUHFW
$O LDXWRULFRQVLGHU vQPRGGLVFXWDELOF SRUWXOQHOHJDOGHGHFRUD LLVDX
VHPQHGLVWLQFWLYHQXVHSRDWHFRPLWHGHFkWFXLQWHQ LHGLUHFW
1X VXQW SUHY ]XWH FHULQ H HVHQ LDOH UHIHULWRDUH OD PRELO VDX VFRS GDU
FXQRDúWHUHDORUHVWHWRWGHDXQDXWLO SHQWUXLQGLYLGXDOL]DUHDSHGHSVHL
)RUPH6DQF LXQL
)RUPH)LLQGRLQIUDF LXQHGHH[HFX LHOHQW SRUWXOQHOHJDOGHGHFRUD LLVDX
VHPQHGLVWLQFWLYHHVWHVXVFHSWLELOGHRDFWLYLWDWHLQIUDF LRQDO GHVI úXUDW vQWLPSúL
SHID]H
$FWHOHGHSUHJ WLUHVXQWSRVLELOHGDUQXVXQWLQFULPLQDWH$FHVWHDSRWGHYHQL
vQFD]XOV YkUúLULLIDSWHLDFWHGHFRPSOLFLWDWHDQWHULRDU DWXQFLFkQGVXQWFRPLVHGH
RDOW SHUVRDQ GHFkWDXWRUXOLQIUDF LXQLL
7HQWDWLYD QHWHUPLQDW GHúL JUHX GH UHOHYDW HVWH WRWXúL SRVLELO OD DFHDVW
LQIUDF LXQHGDUQXHVWHLQFULPLQDW
,QIUDF LXQHDGHSRUWQHOHJDOGHGHFRUD LLVDXVHPQHGLVWLQFWLYHVHFRQVXP vQ
PRPHQWXO vQ FDUH D IRVW H[HFXWDW DF LXQHD GH SXUWDUH QHOHJDO úL VD SURGXV
XUPDUHDLPHGLDW
)DSWD DUH vQ PRG ILUHVF FDUDFWHUXO GH LQIUDF LXQH FRQWLQX SH WLPSXO FkW
GXUHD] QHvQWUHUXSWDF LXQHDGHSXUWDUHLOHJDO (SXL]DUHDVHSURGXFHvQPRPHQWXO
FkQG DF LXQHD GH SXUWDUH vQFHWHD] GDWRULW I SWXLWRUXOXL VDX GDWRULW DOWRU FDX]H
DFHDVWDQHDYkQGLPSRUWDQ vQFDOLILFDUHDIDSWHL
,QIUDF LXQHD GH SRUW QHOHJDO GH GHFRUD LL VDX VHPQH GLVWLQFWLYH FDS W
FDUDFWHUXO GH IDSW FRQWLQXDW FkQG DF LXQHD GH SXUWDUH QHOHJDO VH UHSHW vQ
UHDOL]DUHD DFHOHLDúL UH]ROX LL ÌQ DFHDVW LSRWH] LQIUDF LXQHD VH HSXL]HD] OD GDWD
FRPLWHULLXOWLPHLDF LXQLLQFULPLQDWH
6DQF LXQLÌQYDULDQWDWLSLQIUDF LXQHDGHSRUWQHOHJDOGHGHFRUD LLVDXVHPQH
GLVWLQFWLYHVHVDQF LRQHD] FXvQFKLVRDUHGHODROXQ ODOXQLVDXFXDPHQG
ÌQYDULDQWDDJUDYDW SHGHDSVDSUHY ]XW GHOHJHHVWHvQFKLVRDUHDGHODOXQL
ODDQLVDXFXDPHQG
3XUWDUHDI U GUHSWGHXQLIRUPHJUDGHVDXLQVLJQHPLOLWDUHvQWLPSGHU ]ERL
DWUDJHvQV RDJUDYDUHGHSHGHDSV vQFKLVRDUHDILLQGGHODXQXODDQL
3HGHDSVDDSOLFDELO SHUVRDQHLMXULGLFHvQRULFDUHGLQLSRWH]HOHGHLQFULPLQDUH
DOHLQIUDF LXQLLDQDOL]DWHHVWHDPHQGDGHODOHLODOHL
68675$*(5($6$8',6758*(5($'(Ì16&5,685,
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO VXVWUDJHULL VDX GLVWUXJHULL GH vQVFULVXUL FRQVW vQ
DFHOH UHOD LL VRFLDOH D F URU IRUPDUH úL GHVI úXUDUH VXQW DVLJXUDWH SULQ DS UDUHD
DXWRULW LL vPSRWULYD IDSWHORU FDUH SXQ vQ SULPHMGLH VHFXULWDWHD vQVFULVXULORU úL
9DOHU6XLDQRSFLWYRO,S
GRFXPHQWHORU DIODWH vQ S VWUDUHD VDX GH LQHUHD XQHL DXWRULW L SXEOLFH LQVWLWX LL
SXEOLFHVDXDOWHSHUVRDQHMXULGLFHGHGUHSWSXEOLF
2ELHFWXO PDWHULDO DO SULPHL YDULDQWH D LQIUDF LXQLL YD IL GRVDUXO UHJLVWUXO
GRFXPHQWXOVDXRULFHDOWvQVFULVVXVWUDVVDXGLVWUXVFDUHVHDIO vQS VWUDUHDVDXvQ
GH LQHUHDXQHLXQLW LGLQFHOHSUHY ]XWHvQDUW&SHQ
(QXPHUDUHD I FXW vQ GLVSR]L LD GLQ DUW & SHQ HVWH FXSULQ] WRDUH LDU
H[SUHVLD ÄRULFH DOW vQVFULV´ HVWH GHVWXO GH JHQHUDO úL SRDWH FXSULQGH RULFH vQVFULV
RULJLQDO VDX FRSLH PDQXVFULVH VDX LPSULPDWH HWF GXS IHOXO DFWLYLW LL ILHF UHL
LQVWLWX LLGHVWDWRULSHUVRDQHMXULGLFHGHGUHSWSXEOLF
6XQW LQGLIHUHQWH QDWXUD YDORDUHD HILFLHQ D YHULGLFLWDWHD GRFXPHQWXOXL VDX
vQVFULVXOXLVXVWUDVVDXGLVWUXV
Ä'RVDUXO´ HVWH FRQVWLWXLW GLQ WRWDOLWDWHD DFWHORU SULYLQG DFHHDúL SUREOHP
DIDFHUH SHUVRDQ HWF GH H[HPSOX GRVDUXO XQHL MXGHF WRULL SULYLQG R DQXPLW
SULFLQ GRVDUXOXQHLFLUFXPVFULS LLILQDQFLDUHSULYLQGVLWXD LDXQXLLPRELOHWF
3ULQÄUHJLVWUX´VHvQ HOHJHRFRQGLF FXXQQXP UGHIRLOHJDWHVDXYRODQWH
vQFDUHVXQWWUHFXWHvQUHJLVWUDWHDQXPLWHKkUWLLDFWHIDSWHMXULGLFHHWFGHH[HPSOX
UHJLVWUHGHLQWUDUHúLLHúLUHDFRUHVSRQGHQ HL
Ä'RFXPHQWXO´ FRQVWLWXLH XQ vQVFULV GH R YDORDUH GHRVHELW GH H[HPSOX XQ
DFWFRQVWLWXWLYXQWUDWDWXQSURWRFROGHFRODERUDUHHWF
ÌQVIHUDQR LXQLLGHÄRULFHDOWvQVFULV´LQWU vQVFULVXULOHFDUHSUH]LQW RYDORDUH
VHPQLILFD LH MXULGLF DGLF RULFH GHFODUD LH GHVSUH XQ DFW MXULGLF I FXW VDX
FRQVWDWDW vQ VFULV FXP VXQW vQVFULVXULOH VXE VHPQ WXU SULYDW VDX DXWHQWLFH
VFULVRULOHSURFHVHOHYHUEDOHHWF
3ULQvQVFULVXULQXVHvQ HOHJFHOHFDUHvQFRUSRUHD] RYDORDUHPDWHULDO FHUW
FXP VXQW PLMORDFHOH GH SODW VWU LQH vQ KkUWLH WLWOXULOH GH YDORDUH LQWHUQ
REOLJD LLPRQHGHOHGHKkUWLHHWFVXVWUDJHUHDVDXGLVWUXJHUHDDFHVWRUDFRQVWLWXLQG
LQIUDF LXQLFRQWUDSDWULPRQLXOXL
ÌQVFULVXULOH HOLEHUDWH GH XQ RUJDQ GH XUP ULUH SHQDO GH R LQVWDQ GH
MXGHFDW VDXGHXQDOWRUJDQGHMXULVGLF LHQXSRWIRUPDRELHFWXOPDWHULDODOQRUPHL
GH LQFULPLQDUH SUHY ]XWH vQ DUW & SHQ GHRDUHFH VXVWUDJHUHD VDX GLVWUXJHUHD
DFHVWRUDFRQVWLWXLHRDOW LQIUDF LXQHGHVLQHVW W WRDUHSUHY ]XW vQDUW&SHQ
ÌQ DFHODúL VHQV D GHFLV úL LQVWDQ D VXSUHP FkQG D VWDELOLW F GLVWUXJHUHD
XQRU SURFHVHYHUEDOH GH FRQVWDWDUH D XQXL DFFLGHQW UXWLHU úL D SUREHORU ELRORJLFH
UHFROWDWHSHQWUXDQDOL]HVHvQFDGUHD] vQSUHYHGHULOHDUW&SHQúLQXvQFHOH
GLQDUW&SHQ
ÌQYDULDQWDSUHY ]XW vQDUWDOLQ&SHQRELHFWXOPDWHULDOYDILXQ
vQVFULV FDUH SUH]LQW R YDORDUH DUWLVWLF úWLLQ LILF LVWRULF DUKLYLVWLF VDX R DOW
DVHPHQHD YDORDUH 1X LQWHUHVHD] GDF DFHVWH vQVFULVXUL SUH]LQW VDX QX PDL
SUH]LQW YUHXQ LQWHUHV MXULGLF DFWXDO GDF SURGXF VDX QX FRQVHFLQ H MXULGLFH FL
H[FOXVLY GDF SUH]LQW R YDORDUH GLQ FHOH HQXPHUDWH vQ FRQ LQXWXO QRUPHL GH
LQFULPLQDUH
'DF vQVFULVXOGLVWUXVGLQFXOS QXSUH]LQW XQDGLQYDORULOHHQXPHUDWHIDSWD
QX FRQVWLWXLH LQIUDF LXQH FL HYHQWXDO SRDWH DWUDJH R VDQF LXQH GLVFLSOLQDU D
I SWXLWRUXOXL
9LUJLO5 PXUHDQXRSFLWS
,GHPYRO,,S
Ì&&-VSGQU/LGLD% UEXOHVFX$QWRQ3DQGUHD,RDQ*ULJD9LFWRU9LFHQ LX3DúFD&DPHQL
$GLQD 9O VFHDQX ÌQDOWD &XUWH GH &DVD LH úL -XVWL LH -XULVSUXGHQ D 6HF LHL SHQDOH SH DQXO (GLWXUD
+DPDQJLX%XFXUHúWLS
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU DO LQIUDF LXQLL GH VXVWUDJHUH VDX GLVWUXJHUH
GH vQVFULVXUL SRDWH IL RULFH SHUVRDQ IL]LF FH vQWUXQHúWH FRQGL LLOH JHQHUDOH DOH
U VSXQGHULLSHQDOH
ÌQ YDULDQWD GH WLS D LQFULPLQ ULL SDUWLFLSD LD SHQDO HVWH SRVLELO vQ WRDWH
IRUPHOHVDOHFRDXWRUDWLQVWLJDUHFRPSOLFLWDWH
/D V YkUúLUHD LQIUDF LXQLL SUHY ]XWH vQ DOLQ HVWH SRVLELO SDUWLFLSDUHD FX
LQWHQ LH D XQRU DO L VXELHF L DFWLYL SDUWLFLSD LH LPSURSULH SRWULYLW GLVSR]L LHL GLQ
DUW&SHQVLWXD LHvQFDUHDFHúWLDYRUU VSXQGHvQV SRWULYLWGLVSR]L LLORUGLQ
DUWDOLQVDX&SHQGXS FD]
ÌQ YDULDQWD DJUDYDW SUHY ]XW vQ DOLQ VXVWUDJHUHD VDX GLVWUXJHUHD GH
vQVFULVXUL HVWH R LQIUDF LXQH SURSULH FDUH QX SRDWH IL FRPLV QHPLMORFLW GHFkW GH
F WUHXQIXQF LRQDUSXEOLFvQH[HUFLWDUHDDWULEX LLORUGHVHUYLFLX)XQF LRQDUXOSXEOLF
VHDIO vQH[HUFL LXODWULEX LLORUGHVHUYLFLXDWXQFLFkQGvQGHSOLQHúWHDFWHOHJDWHGH
DFHVWHDWULEX LL'HDLFLUH]XOW F DJUDYDQWDHVWHDSOLFDELO QXPDLvQFD]XOV YkUúLULL
IDSWHL GH F WUH XQ IXQF LRQDU SXEOLF FDUH DUH DWULEX LL vQ OHJ WXU FX S VWUDUHD VDX
GH LQHUHD vQVFULVXULORU OD FDUH VH UHIHU DUW & SHQ QX úL vQ FD]XO V YkUúLULL
IDSWHLGHF WUHXQIXQF LRQDUSXEOLFFDUHQXDUHDVWIHOGHDWULEX LL
3ULQÄIXQF LRQDUSXEOLF´vQVHQVXOOHJLLSHQDOH±DUWDOLQ&SHQ±
VH vQ HOHJH RULFH SHUVRDQ FDUH H[HUFLW SHUPDQHQW VDX WHPSRUDU FX RULFH WLWOX
LQGLIHUHQW FXP D IRVW LQYHVWLW R vQV UFLQDUH GH RULFH QDWXU UHWULEXLW VDX QX vQ
VHUYLFLXO XQHL XQLW L GLQWUH FHOH OD FDUH VH UHIHU DUW & SHQ DXWRULW LOH
SXEOLFHLQVWLWX LLOHSXEOLFHLQVWLWX LLOHVDXDOWHSHUVRDQHMXULGLFHGHLQWHUHVSXEOLF
)DSWDSRDWHILV YkUúLW GHPDLPXO LDXWRULFDUHDXFRQWULEXLWQHPLMORFLWvQ
PRG VLPXOWDQ FRPLVLH FROHFWLY HFKLS VDX VXFFHVLY YHULILFDUH FRQWURO
DSUREDUHODFRPLWHUHDLQIUDF LXQLLvQGLVFX LH
)LLQG R LQIUDF LXQH FX VXELHFW DFWLY QHPLMORFLW FDOLILFDW FRDXWRUDWXO QX HVWH
SRVLELOGHFkWGDF WR LFRDXWRULLDXFDOLWDWHDFHUXW GHOHJHODGDWDV YkUúLULLIDSWHL
'DF DFHDVW FDOLWDWH FHUXW GH OHJH SHQWUX DXWRU OLSVHúWH DFWLYLWDWHD DFHOXL
SDUWLFLSDQW YD IL FRQVLGHUDW GUHSW FRPSOLFLWDWH FRQFRPLWHQW OD VXVWUDJHUHD VDX
GLVWUXJHUHD GH vQVFULVXUL FKLDU GDF vQ FRQFUHW DJHQWXO D FRPLV DFWH GH H[HFXWDUH
QHPLMORFLW DDFHVWHLLQIUDF LXQL
/D V YkUúLUHD DFHVWHL LQIUDF LXQL SRW FRQWULEXL vQV úL DO L VXELHF L DFWLYL vQ
DIDU GH DXWRU VDX FRDXWRUL LQVWLJDWRUL FRPSOLFL 3HQWUX DFHúWL VXELHF L QX HVWH
QHFHVDU FDOLWDWHDGHIXQF LRQDUSXEOLF
6XELHFWDFWLYDOLQIUDF LXQLLSUHY ]XWHvQDUW&SHQSRDWHILúLRSHUVRDQ
MXULGLF vQFRQGL LLOHúLFXOLPLW ULOHDU WDWHvQDUWDOLQ&SHQ
6XELHFWXOSDVLYDOIDSWHLSHQDOHDQDOL]DWHHVWHRUJDQXOVDXLQVWLWX LDGHVWDWRUL
SHUVRDQD MXULGLF GH GUHSW SXEOLF vQ S VWUDUHD VDX vQ GH LQHUHD F UHLD VH DIO
GRFXPHQWXOVDXvQVFULVXOVXVWUDVRULGLVWUXV
,QIUDF LXQHDGHVXVWUDJHUHVDXGLVWUXJHUHGHvQVFULVXULSRDWHDYHDHYHQWXDOúL
XQVXELHFWSDVLYVHFXQGDUvQVLWXD LDvQFDUHvQVFULVXODIRVWO VDWvQS VWUDUHDXQHL
XQLW LGLQFHOHDU WDWHvQDUW&SHQ$FHVWDYDILSHUVRDQDIL]LF VDXMXULGLF
F UXLDvLDSDU LQHvQVFULVXOUHVSHFWLY
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDODODFHVWHLLQIUDF LXQLHVWHGLIHUHQ LDWvQIXQF LHGHLSRWH]D
GHLQFULPLQDUHODFDUHQHUDSRUW P
2FWDYLDQ/RJKLQ7XGRUHO7RDGHU'UHSWSHQDOURPkQ3DUWHDVSHFLDO HGL LDD,9DUHY ]XW úLDG XJLW
&DVDGHHGLWXU úLSUHV ùDQVD65/%XFXUHúWLS
$VHYHGHDFHOHDU WDWHFXSULYLUHODDFHVWDVSHFWODLQIUDF LXQHDGHDEX]FRQWUDLQWHUHVHORUSHUVRDQHORU
(OHPHQWXO PDWHULDO DO YDULDQWHL GH WLS FRUHVSXQ] WRDUH GHQXPLULL PDUJLQDOH
QRPHQ MXULV D LQFULPLQ ULL FRQVW vQ DF LXQHD GH VXVWUDJHUH VDX vQ DF LXQHD GH
GLVWUXJHUHDXQXLGRVDUUHJLVWUXGRFXPHQWVDXRULFHDOWvQVFULV
Ä6XVWUDJHUHD´FRQVW vQVFRDWHUHDIL]LF DvQVFULVXOXLGLQVIHUDGHVW SkQLUHD
SHUVRDQHLvQSRVHVLDVDXGHWHQ LDF UHLDVHDIO úLWUHFHUHDVDvQVIHUDGHVW SkQLUHD
I SWXLWRUXOXL
,QVWDQ DVXSUHP DGHFLVF vQFDGUXOXQXLFRQWUDFWGHSULYDWL]DUHVFRDWHUHD
GLQLQFLQWDVHGLXOXLYkQ] WRUXOXLDF LXQLORUDXQRUGRFXPHQWHGHF WUHXQGHOHJDWDO
FXPS U WRUXOXL FDUH SRWULYLW DFRUGXOXL GLQWUH S U L DYHD GUHSWXO V OH FRQVXOWH
QXPDL OD VHGLXO YkQ] WRUXOXL V YkUúLW GXS UH]LOLHUHD FRQWUDFWXOXL GH YkQ]DUH
FXPS UDUHFRQVWLWXLHLQIUDF LXQHDSUHY ]XW vQDUW&SHQ
Ä'LVWUXJHUHD´vQVHQVXODUW&SHQvQVHDPQ QLPLFLUHDGHVILLQ DUHDVDX
VXSULPDUHD XQXL vQVFULV DVWIHO vQFkW DFHVWD GHYLQH WRWDO VDX SDU LDO LQXWLOL]DELO
SRWULYLWGHVWLQD LHLVDOHLQL LDOH
)LLQG R LQIUDF LXQH FX XQ FRQ LQXW GHVFKLV GH LQFULPLQDUH DF LXQHD GH
VXVWUDJHUHúLGHGLVWUXJHUHSRWILV YkUúLWHvQRULFHPRGúLSULQRULFHPLMORDFH
'LVWUXJHUHD SRDWH IL WRWDO VDX SDU LDO GHWHULRUDUH VDX DGXFHUH vQ VWDUH GH
QHvQWUHEXLQ DUH
ÌQGRFWULQ VDVXV LQXWSHGUHSWFXYkQWF OHJLXLWRUXOQXDvQ HOHVV GHD
LQIUDF LXQLLXQFDUDFWHUFRPSOH[DVWIHOFDvQFRQ LQXWXOVXVWUDJHULLVDXGLVWUXJHULLGH
vQVFULVXULV LQWUHFDHOHPHQWFRQVWLWXWLYIXUWXOVDXGLVWUXJHUHDGHRDUHFHFHOHGRX
FDWHJRULLGHLQIUDF LXQLVHH[FOXGXQDSHDOWDRELHFWXOORUPDWHULDOILLQGGLIHULWÌQ
WLPS FH LQIUDF LXQLOH GH IXUW VDX GLVWUXJHUH VH UHIHU OD DFHOH vQVFULVXUL FDUH
FRQVWLWXLHWLWOXULGHYDORDUHPRQHG GHKkUWLHREOLJD LXQLGHVWDWHWFLQIUDF LXQHD
GHVXVWUDJHUHVDXGLVWUXJHUHGHvQVFULVXULVHUHIHU ODFHOHODOWHVSHFLLGHvQVFULVXUL
ÌQ VXV LQHUHD DFHVWXL SXQFW GH YHGHUH VD PDL DU WDW F DU IL JUHX GH DGPLV FD
LQIUDF LXQHD DEVRUEDQW ± VXVWUDJHUHD GH vQVFULVXUL ± V ILH VDQF LRQDW PDL XúRU
vQFKLVRDUHGHODOXQLODDQLGHFkWLQIUDF LXQHDDEVRUELW ±IXUWXOvQFKLVRDUHGH
ODODDQLÌQFRQVHFLQ IDSWDFRQFUHW YDFRQVWLWXLXQDVDXDOWDGLQFHOHGRX
FDWHJRULL GH LQIUDF LXQL vQ UDSRUW GH QDWXUD vQVFULVXOXL DVXSUD F UXLD D SXUWDW
DF LXQHDGHVXVWUDJHUHVDXGLVWUXJHUHÌQFD]XOvQFDUHDFHHDúLDF LXQHGHVXVWUDJHUH
VDX GLVWUXJHUH SRDUW DVXSUD XQRU vQVFULVXUL GH QDWXU GLIHULW LQFOXVLY WLWOXUL GH
YDORDUHYDH[LVWDXQFRQFXUVLGHDOGHLQIUDF LXQL
ÌQ LSRWH]D GH LQFULPLQDUH SUHY ]XW vQ DOLQ YHUEXP UHJHQV HVWH
UHSUH]HQWDW GH GLVWUXJHUHD YUHXQXL vQVFULV GLQ FHOH SUHY ]XWH vQ DUW DOLQ
&SHQFDUHSUH]LQW RYDORDUHDUWLVWLF úWLLQ LILF LVWRULF DUKLYLVWLF VDXRDOW
DVHPHQHDYDORDUHGHRDUHFHSULQFRQFHSWVXVWUDJHUHDQXSRDWHILFRPLV GLQFXOS
'LVWUXJHUHDDUHDFHODúLvQ HOHVFXFHODU WDWPDLVXV
ÌQYDULDQWDDJUDYDW FRPXQ HOHPHQWXOPDWHULDOFRQVW DOWHUQDWLYvQDF LXQHD
GHVXVWUDJHUHVDXGHGLVWUXJHUHDXQXLvQVFULVGLQFHOHSUHY ]XWHvQDOLQRULvQ
DF LXQHD GH GLVWUXJHUH D XQXL vQVFULV FH DUH R DQXPLW YDORDUH V YkUúLW GH XQ
IXQF LRQDUSXEOLFvQH[HUFL LXODWULEX LLORUGHVHUYLFLX
ÌQSUDFWLFDMXGLFLDU VDGHFLVF IDSWDLQFXOSDWXOXLF UXLDLVDSUH]HQWDWGH
SURFXURU GHFODUD LD SH FDUH D GDWR VSUH D R VHPQD GH D R PRWRWROL úL D R UXSH
DVFXQ]kQGR úL VXV LQkQG F QX FRUHVSXQGH UHDOLW LL QX vQWUXQHúWH FHULQ HOH
H[LVWHQ HLLQIUDF LXQLLGHVXVWUDJHUHVDXGLVWUXJHUHGHvQVFULVXULGHRDUHFHGHFODUD LD
Ì&&-VSGQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LL
SHDQXO(GLWXUD$//%HFN%XFXUHúWLS1LFRULQD&ULúX0DJUDRQ&RQVWDQWLQ&ULúXRSFLW
S
9LUJLO5 PXUHDQXRSFLWYRO,,S
&$&RQVWDQ DGSQUFLWGH9DVLOH'REULQRLXRSFLWYRO,,S
FHLVDSUH]HQWDWGHSURFXURUQXVHvQFDGUHD] vQFDWHJRULDÄDOWHvQVFULVXUL´SHQWUX
F QX HUD VHPQDW GH HO úL QX SUH]HQWD QLFL R YDORDUH 3ULQ XUPDUH DFHDVW
GHFODUD LHQXSRDWHILDVLPLODW FXQLFLXQvQVFULV
&HULQ H HVHQ LDOH ÌQ WRDWH FHOH WUHL YDULDQWH DOH LQFULPLQ ULL SUHY ]XWH vQ
DUW&SHQODWXUDRELHFWLY VHvQWUHJHúWHFXDQXPLWHFHULQ HHVHQ LDOH
$VWIHO DF LXQHD GH VXVWUDJHUH VDX DF LXQHD GH GLVWUXJHUH WUHEXLH V VH
vQGUHSWHDVXSUDXQRUVFULSWHFHVHDIO vQS VWUDUHDRULvQGH LQHUHDXQHLXQLW LGLQ
FHOHSUHY ]XWHvQDUW&SHQDXWRULW LSXEOLFHLQVWLWX LLSXEOLFHLQVWLWX LLVDX
DOWHSHUVRDQHMXULGLFHGHLQWHUHVSXEOLF
3ULQÄS VWUDUH´VHvQ HOHJHRGH LQHUHvQVHQVXOXQHLGHWHQ LLSUHFDUH3 VWUDUHD
DUH FD VXEVWDQ D VD FDUDFWHUXO YUHPHOQLF WHPSRUDU DO GH LQHULL vQVFULVXOXL 8Q
vQVFULV VH DIO vQ ÄGH LQHUHD´ XQHL XQLW L GLQWUH FHOH OD FDUH VH UHIHU DUW
&SHQDWXQFLFkQGDFHDVWDILLQGGLUHFWLQWHUHVDW vOSRVHG vQPRGGHILQLWLY
1XHVWHQHFHVDUGHFLSHQWUXH[LVWHQ DDFHVWHLFHULQ HHVHQ LDOHDLQIUDF LXQLL
FD vQVFULVXO VXVWUDV VDX GLVWUXV V DSDU LQ XQLW LL OD FDUH VH DIOD $FHVWD SRDWH IL
vQFUHGLQ DWVSUHS VWUDUH±FXWLWOXWHPSRUDU±XQLW LLUHVSHFWLYH
'RYDGDF vQVFULVXOVHDIODvQS VWUDUHDVDXvQGH LQHUHDXQHLXQLW LGLQFHOH
SUHY ]XWH vQ DUW & SHQ VH IDFH FX PHQ LXQLOH GLQ UHJLVWUHOH DFHVWHLD GH
vQUHJLVWUDUHGHDUKLYDUHGHJUHI HWF
1XLPSRUW GDF vQPRPHQWXOVXVWUDJHULLVDXGLVWUXJHULLvQVFULVXOVHDIODOD
VHGLXO SHUVRDQHL MXULGLFH GH GUHSW SXEOLF vQ DIDUD VHGLXOXL vQWUXQ ORF GHVWLQDW
DUKLYHLVDXvQPDSDXQXLIXQF LRQDUSXEOLFDODFHVWHLXQLW L
$FHDVW FHULQ HVHQ LDO HVWHFRPXQ WXWXURUYDULDQWHORUSUHY ]XWHvQDUW
&SHQ
ÌQ LSRWH]D GH LQFULPLQDUH SUHY ]XW vQ DOLQ VH FHUH FD DF LXQHD GH
GLVWUXJHUH V SULYHDVF vQVFULVXUL FDUH SUH]LQW R YDORDUH DUWLVWLF úWLLQ LILF
LVWRULF DUKLYLVWLF VDXRDOW YDORDUHVRFLDO
8UPDUHD LPHGLDW D LQIUDF LXQLL H[DPLQDWH FRQVW vQWUR VWDUH GH SHULFRO
SHQWUX ÄDXWRULWDWH´ FRUHVSXQ] WRDUH RELHFWXOXL RFURWLULL SHQDOH $FHDVW XUPDUH
LPHGLDW GHFXUJHGLQUH]XOWDWHOHY W P WRDUHSURGXVHSULQV YkUúLUHDDF LXQLORUGH
VXVWUDJHUHVDXGHGLVWUXJHUHFDUHFRQVWLWXLHHOHPHQWXOPDWHULDODOLQIUDF LXQLL
5H]XOWDWXO G XQ WRU FRQVW ILH vQ QLPLFLUHD ILH vQ SXQHUHD vQ VWDUH GH
QHvQWUHEXLQ DUH VDX vQ OLSVLUHD XQLW LORU SXEOLFH GH vQVFULVXULOH VDX GRFXPHQWHOH
DIODWHvQS VWUDUHDVDXGH LQHUHDDFHVWRUD
/HJ WXUDGHFDX]DOLWDWHvQWUHDF LXQHDvQFULPLQDW úLXUPDUHDLPHGLDW WUHEXLH
V H[LVWHúLDFHDVW OHJ WXU UH]XOW vQJHQHUHGLQPDWHULDOLWDWHDIDSWHORUúLQXHVWH
QHYRLHV ILHDQXPHGRYHGLW H[UH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH 'LQ SXQFW GH YHGHUH VXELHFWLY IDSWD GH VXVWUDJHUH VDX
GLVWUXJHUHGHvQVFULVXULHVWHLQFULPLQDW DWkWvQFD]XOFkQGHVWHV YkUúLW FXIRUPD
GHYLQRY LHLQWHQ LHFkWúLvQFD]XOV YkUúLULLGLQFXOS
ÌQ FD]XO YDULDQWHL WLS úL D YDULDQWHL DJUDYDWH FRUHVSXQ] WRDUH YDULDQWHL WLS
IDSWD SRDWH IL V YkUúLW QXPDL FX LQWHQ LH ,QWHQ LD SRDWH IL DWkW GLUHFW FkW úL
LQGLUHFW 1X VXQW SUHY ]XWH FHULQ H HVHQ LDOH UHIHULWRDUH OD PRELO VDX VFRS GDU
FXQRDúWHUHD ORU HVWH WRWGHDXQD XWLO SHQWUX VWDELOLUHD JUDGXOXL GH SHULFRO VRFLDO
FRQFUHWDOIDSWHLFRPLVHúLODLQGLYLGXDOL]DUHDMXGLFLDU DSHGHSVHL
([LVW úL S UHUHD SRWULYLW F UHLD vQ PRGDOLWDWHD QRUPDWLY D VXVWUDJHULL
LQIUDF LXQHDH[DPLQDW QXSRDWHILFRPLV GHFkWFXLQWHQ LHGLUHFW
,OLH3DVFXRSFLWS
9DOHU6XLDQRSFLWS
ÌQ FD]XO YDULDQWHL DWHQXDWH úL D YDULDQWHL DJUDYDWH FRUHVSXQ] WRDUH DFHVWHLD
IDSWD LQFULPLQDW QX VH SRDWH FRPLWH GHFkW GLQ FXOS vQ DPEHOH VDOH PRGDOLW L
FXOS FXSUHYL]LXQHúLI U SUHYL]LXQHVDXVLPSO
)RUPH6DQF LXQL
)RUPH 6XVWUDJHUHD VDX GLVWUXJHUHD GH vQVFULVXUL ILLQG R LQIUDF LXQH GH
DF LXQHFRPLVLY UHDOL]DUHDHLHVWHVXVFHSWLELO GHRGHVI úXUDUHvQWLPSDUHXQ
LWHUFULPLQLVSDUFXUJkQGWRDWHID]HOHXQHLDVWIHOGHGHVI úXU UL
$FWHOH SUHSDUDWRULL OD IDSWD LQWHQ LRQDW GH VXVWUDJHUH VDX GLVWUXJHUH GH
vQVFULVXULVXQWSRVLELOHGDUQXVXQWLQFULPLQDWH
'LVWUXJHUHDGHvQVFULVXULGLQFXOS QXSRDWHDYHDRID] GHSUHJ WLUH
&kQGIDSWDDIRVWV YkUúLW DFWHOHSUHSDUDWRULLHIHFWXDWHGHF WUHDOWHSHUVRDQH
GHFkW DXWRUXO IDSWHL GHYLQ DFWH GH FRPSOLFLWDWH DQWHULRDU GDF DX FRQWULEXLW OD
V YkUúLUHDLQIUDF LXQLL
7HQWDWLYDH[LVW DWXQFLFkQGKRW UkUHDGHDV YkUúLDF LXQHDGHVXVWUDJHUHVDX
GLVWUXJHUH D IRVW SXV vQ H[HFXWDUH GDU DFHDVWD D IRVW vQWUHUXSW VDX D U PDV I U
UH]XOWDW
'LVWUXJHUHD XQRU vQVFULVXUL GLQ FXOS QX SRDWH DYHD WHQWDWLY ILLQGF IDSWHOH
V YkUúLWHGLQFXOS QXDXWHQWDWLY
7HQWDWLYD LQIUDF LXQLL GH VXVWUDJHUH VDX GLVWUXJHUH GH vQVFULVXUL V YkUúLW FX
LQWHQ LHHVWHLQFULPLQDW SRWULYLWGLVSR]L LHLH[SUHVHGLQDUWDOLQ&SHQ
ÌQ GRFWULQ VD VXV LQXW F GHúL QX HVWH SUHY ]XW H[SUHV LPSOLFLW
OHJLXLWRUXO D vQ HOHV V LQFULPLQH]H úL WHQWDWLYD YDULDQWHL DJUDYDWH D DFHOHLDúL
LQIUDF LXQLLQWHQ LRQDWH
$O L DXWRUL FRQVLGHU vQV F DFHDVW LGHH HVWH GLVFXWDELO GHRDUHFH OHJHD
SHQDO HVWH GH VWULFW LQWHUSUHWDUH LDU SULQFLSLXO OHJDOLW LL VH RSXQH H[WLQGHULL
LQFULPLQ ULLSHFDOHGHLQWHUSUHWDUH
,QIUDF LXQHD GH VXVWUDJHUH VDX GLVWUXJHUH GH vQVFULVXUL VH FRQVXP vQ
PRPHQWXO vQ FDUH H[HFXWDUHD D IRVW GXV SkQ OD FDS W úL VDX SURGXV XUPDUHD
LPHGLDW úLUH]XOWDWXOY W P WRUFDUHDFRQWULEXLWODFUHDUHDDFHVWHLXUP UL
(SXL]DUHDDUHORFDWXQFLFkQGIDSWDDOXDWIRUPDXQHLLQIUDF LXQLFRQWLQXDWHúL
VHVIkUúHúWHODGDWDUHDOL] ULLXOWLPHLDF LXQL
6DQF LXQL6XVWUDJHUHDVDXGLVWUXJHUHDGHvQVFULVXULvQYDULDQWDVDVLPSO VH
SHGHSVHúWH FX vQFKLVRDUH GH OD OXQL OD DQL LDU vQ YDULDQWD VD DWHQXDW VH
SHGHSVHúWHFXvQFKLVRDUHGHODOXQLODDQLVDXFXDPHQG
ÌQYDULDQWDDJUDYDW FRPXQ PD[LPXOSHGHSVHORUSUHY ]XWHvQDOLQúL
VHPDMRUHD] FXXQDQ
7HQWDWLYDLQIUDF LXQLLSUHY ]XWHvQDOLQVHSHGHSVHúWH
3HUVRDQDMXULGLF VHVDQF LRQHD] SHQWUXFRPLWHUHDIDSWHORUSUHY ]XWHvQDUW
&SHQFXDPHQGDFXSULQV vQWUHOHLúLOHLvQWHPHLXODUW
DOLQ&SHQ
583(5($'(6,*,/,,
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO DFHVWHL LQIUDF LXQL vO IRUPHD] UHOD LLOH VRFLDOH
SULYLQG DXWRULWDWHD GH VWDW FDUH DVLJXU H[LVWHQ D úL LQWHJULWDWHD VLJLOLLORU OHJDO
9LUJLO5 PXUHDQXRSFLWYRO,,S
&RQVWDQWLQ'XYDFRSFLWYRO,S
DSOLFDWH úL FDUH DU IL H[SXVH XQRU VHULRDVH DWLQJHUL GDF OHJHD SHQDO QX DU
LQFULPLQDúLVDQF LRQDIDSWHOHGHUXSHUHGHVLJLOLL
,QFULPLQDUHD GLQ DUW & SHQ FRQVWLWXLH R FRQVDFUDUH D GLVSR]L LHL
SUHY ]XWH vQ DUW & SURF FLY FRQIRUP F UHLD UXSHUHD VDX VWULFDUHD SHFH LORU
VLJLOLLORUÄVHYDSHGHSVLSRWULYLWOHJLLSHQDOH´
2ELHFWXO PDWHULDO HVWH VLJLOLXO DSOLFDW DGLF PDWHULDOXO DVXSUD F UXLD HVWH
DSOLFDW DPSUHQWDVLJLOLXOXLFHDU SOXPEHWF
6LJLOLXO HVWH LQVWUXPHQWXO GH FDUH VH VHUYHVF DXWRULW LOH SXEOLFH SHQWUX D
DVLJXUDFRQVHUYDUHDVDXLGHQWLILFDUHDDQXPLWRUEXQXULPRELOHVDXLPRELOH3HFHWHD
DSOLFDW SH DFHVWH EXQXUL FRQVWLWXLH R SURE úL R JDUDQ LH FX SULYLUH OD R P VXU
OXDW GH XQ RUJDQ FDUH H[HUFLW DXWRULWDWHD úL H[SULP VLPEROLF DXWRULWDWHD DúD
vQFkWvQO WXUDUHDVDXGLVWUXJHUHDVLJLOLXOXLUHSUH]LQW XQDWDFvPSRWULYDXQHLP VXUL
OXDWHGHDXWRULW L
'LQ FDWHJRULD LQVWUXPHQWHORU RILFLDOH GHQXPLWH VLJLOLL QX IDF SDUWH DOWH
LQVWUXPHQWHRILFLDOHFDúWDPSLODLQVWUXPHQWHOHGHPDUFDWWLPEUHOHVHFL
5HFHQW DFHDVW RSLQLH D IRVW FULWLFDW ILLQG FRQVLGHUDW H[FHVLY VWU LQ
OLWHUHLUD LXQLLúLVSLULWXOXLOHJLL
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU DO LQIUDF LXQLL GH UXSHUH GH VLJLOLL SRDWH IL
RULFHSHUVRDQ FDUHvQGHSOLQHúWHFRQGL LLOHJHQHUDOHSHQWUXDU VSXQGHSHQDO
3DUWLFLSD LD SHQDO HVWH SRVLELO vQ WRDWH IRUPHOH VDOH FRDXWRUDW LQVWLJDUH
FRPSOLFLWDWH
ÌQYDULDQWDDJUDYDW UXSHUHDGHVLJLOLLHVWHRLQIUDF LXQHSURSULHDOF UHLDXWRU
QXSRDWHILGHFkWXQFXVWRGHÌQDFHDVW LSRWH] GHLQFULPLQDUHFRDXWRUDWXOQXHVWH
SRVLELOGHFkWGDF DFHLFRDXWRULDXFDOLWDWHDGHFXVWRGH$FHVWHFDOLW LQXWUHEXLHV
ILHvQWUXQLWHGHHYHQWXDOLLLQVWLJDWRULVDXFRPSOLFL
6XELHFWDFWLYDODFHVWHLLQIUDF LXQLSRDWHILúLRSHUVRDQ MXULGLF vQFRQGL LLOH
úLFXOLPLW ULOHDU WDWHvQDUWDOLQ&SHQ
6XELHFWXOSDVLYDOLQIUDF LXQLLGHUXSHUHGHVLJLOLLHVWHvQWRWGHDXQDVWDWXO
6XELHFW SDVLY VHFXQGDU SRDWH IL úL DXWRULWDWHD SXEOLF FH D GLVSXV DSOLFDUHD
VLJLOLXOXL
/DWXUDRELHFWLY
5XSHUHD GH VLJLOLL HVWH LQFULPLQDW vQ GRX YDULDQWH R YDULDQW VLPSO WLS
SUHY ]XW vQDUWDOLQ&SHQúLRYDULDQW DJUDYDW SUHY ]XW vQDUW
DOLQ & SHQ ÌQWUXFkW GHRVHELUHD GLQWUH DFHVWH YDULDQWH SULYHúWH FDOLWDWHD
VXELHFWXOXL DFWLY QHPLMORFLW DXWRUXO FX H[FHS LD DFHVWHL FHULQ H VSHFLDOH
FRQ LQXWXOFRQVWLWXWLYHVWHDFHODúLSHQWUXDPEHOHYDULDQWH
(OHPHQWXO PDWHULDO FRQVW vQ DF LXQHD GH vQO WXUDUH RUL vQ DF LXQHD GH
GLVWUXJHUH D XQXL VLJLOLX OHJDO DSOLFDW 6XE DFHVW DVSHFW UXSHUHD GH VLJLOLL HVWH R
LQIUDF LXQHFRPLVLY FXFRQ LQXWXULDOWHUQDWLYH
3ULQÄvQO WXUDUH´VHvQ HOHJHRULFHDFWSULQFDUHVLJLOLXODSOLFDWHVWHULGLFDWGH
ODORFXOXQGHVHDIODÌQO WXUDUHDVHSRDWHHIHFWXDSULQRULFHSURFHGHHVDXPLMORDFH
VXVWUDJHUHGH]OLSLUHúLDUXQFDUHDVFXQGHUH
Ä'LVWUXJHUHD´ VHPQLILF GHVILLQ DUHD PDWHULDO D VLJLOLXOXL DSOLFDW SULQ RULFH
PLMORDFH VI UkPDUH DUGHUH WRSLUH SLOLUH )RORVLUHD FXYkQWXOXL ÄGLVWUXJHUH´ VD
I FXW H[FOXVLY SHQWUX D VH GHVHPQD HOHPHQWXO LQIUDF LXQLL LDU QX SHQWUX D VH GD
5RGLFD0LKDHOD6W QRLXRSFLWYRO,9S
,GHPYRO,9S
+RULD'LDFRQHVFXRSFLWYRO,,S
UXSHULLGHVLJLOLLFDUDFWHUXOXQHLLQIUDF LXQLFRPSOH[HvQFRQ LQXWXOF UHLDV LQWUH
FDHOHPHQWFRPSRQHQWLQIUDF LXQHDGHGLVWUXJHUH6LJLOLXOvQvQ HOHVXOGHDPSUHQW
FRQWXUXUP O VDW GHXQDQXPLWRELHFWSHXQPDWHULDOKkUWLHFHDU GHRYDORDUH
LQVLJQLILDQW QX FRQVWLWXLH ÄXQ EXQ DSDU LQkQG DOWXLD´ vQ VHQVXO DUW DOLQ
&SHQúLGHFLQXVHSRDWHDILUPDF HOHPHQWXOPDWHULDODOLQIUDF LXQLLGHUXSHUHGH
VLJLOLL±FDUDFWHUL]DWSULQGLVWUXJHUH±DUSXWHDFRQVWLWXLSULQHOvQVXúLRLQIUDF LXQH
GHVLQHVW W WRDUH3HGHDOW SDUWHFUHGHPF GDF VDUFRQVLGHUDUXSHUHDGHVLJLOLL
GUHSW R LQIUDF LXQH FRPSOH[ VDU DMXQJH OD VLWXD LD DEVXUG úL LQDGPLVLELO FD
LQIUDF LXQHDDEVRUEDQW UXSHUHDGHVLJLOLLV ILHVDQF LRQDW PDLEOkQGvQFKLVRDUH
GHODROXQ ODXQDQVDXDPHQG GHFkWLQIUDF LXQHDDEVRUELW GLVWUXJHUHDSHQWUX
FDUHSHGHDSVDSUHY ]XW GHOHJHHVWHvQFKLVRDUHDGHODROXQ ODDQLVDXDPHQGD
GHúLvQPRGILUHVFLQIUDF LXQHDDEVRUEDQW WUHEXLHV SUH]LQWHXQJUDGGHSHULFRO
VRFLDODEVWUDFWPDLULGLFDWGHFkWLQIUDF LXQHDDEVRUELW úLGHFLRSHGHDSV PDLPDUH
3UDFWLFDMXGLFLDU HVWHFRQVHFYHQW DFHVWXLSXQFWGHYHGHUH
$F LXQHD GH vQO WXUDUH VDX GH GLVWUXJHUH WUHEXLH V VH vQGUHSWH DVXSUD
VLJLOLXOXLúLQXDVXSUDEXQXOXLVLJLODW
'DF vQXUPDV YkUúLULLDF LXQLLLQFULPLQDWHVHYDSURGXFHúLRGLVWUXJHUHVDX
R DYDULHUH D EXQXOXL VLJLODW YD H[LVWD XQ FRQFXUV GH LQIUDF LXQL ÌQ FD]XO vQ FDUH
UXSHUHDGHVLJLOLLHVWHXUPDW GHVXVWUDJHUHDRELHFWXOXLVHFKHVWUDWH[LVW XQFRQFXUV
GHLQIUDF LXQLUXSHUHDGHVLJLOLLúLVXVWUDJHUHDGHVXEVHFKHVWUX
&HULQ HVHQ LDO 3HQWUX UHDOL]DUHD ODWXULL RELHFWLYH D LQIUDF LXQLL GH UXSHUH
GH VLJLOLL WUHEXLH V ILH vQGHSOLQLW R FHULQ HVHQ LDO úL DQXPH HVWH QHFHVDU FD
DF LXQHD FH FRQVWLWXLH HOHPHQWXO PDWHULDO DO LQFULPLQ ULL V VH V YkUúHDVF DVXSUD
XQXLVLJLOLXOHJDODSOLFDW
6 YkUúLUHDLQIUDF LXQLLSUHVXSXQHQXQXPDLSUHH[LVWHQ DLQVWUXPHQWXOXLGHQXPLW
VLJLOLX DSDU LQkQG XQHL DXWRULW L SXEOLFH DUW & SHQ GDU úL DSOLFDUHD OXL vQ
FRQGL LLOHSUHY ]XWHGHOHJHFDPLMORFGHFRQVHUYDUHúLLGHQWLILFDUHDEXQXULORU
$FHDVW FRQGL LH HVHQ LDO HVWH UHDOL]DW FkQG VLJLOLXO D IRVW DSOLFDW GH F WUH
RUJDQXOFRPSHWHQWFXUHVSHFWDUHDFRQGL LLORUGHIRQGúLGHIRUP SUHY ]XWHGHOHJH
&HULQ DQXHVWHvQGHSOLQLW FkQGDSOLFDUHDVLJLOLXOXLQXHVWHSUHY ]XW GHOHJH
VDXQXDIRVWOHJDOGLVSXV RULDIRVWHIHFWXDW SULQDSOLFDUHDDOWHLDPSUHQWHGHFkW
DFHHD D VLJLOLXOXL ÌQ FD]XO FkQG VH FRQVWDW MXGLFLDU F VLJLOLXO QX D IRVW OHJDO
DSOLFDW IDSWD vúL YD SLHUGH FDUDFWHUXO SHQDO &RQIRUPD LD IXQF LXQHD úL PRGXO GH
vQWUHEXLQ DUHDVLJLOLXOXLVXQWUHJOHPHQWDWHSULQGLIHULWHDFWHQRUPDWLYH
3HQWUX YDULDQWD DJUDYDW FHULQ D HVHQ LDO HVWH FD DF LXQHD FDUH FRQVWLWXLH
HOHPHQWXO PDWHULDO vQO WXUDUHD VDX GLVWUXJHUHD V ILH V YkUúLW GH FXVWRGH 'HFL
FDOLWDWHD DXWRUXOXL FRQVWLWXLH R FHULQ HVHQ LDO SHQWUX FRQ LQXWXO FRQVWLWXWLY DO
YDULDQWHLDJUDYDWH
1R LXQHD GH FXVWRGH HVWH FHD FRQVDFUDW vQ PDWHULH FLYLO &XVWRGHOH HVWH
ÄSHUVRDQD DúH]DW SHQWUX SD] ´ DUW & SURF FLY úL ÄU VSXQ] WRDUH GH RULFH
SDJXE DGXV FUHGLWRULORUGLQFDX]DQHJOLMHQ HLVDOH´DUW&SURFFLY
&DOLWDWHDGHFXVWRGHSRDWHGHFXUJHXQHRULGLQGLVSR]L LLOHOHJDOH$OWHRULHD
HVWH DWULEXLW GH RUJDQXO FRPSHWHQW V GLVSXQ P VXUD FDUH D DWUDV DSOLFDUHD GH
VLJLOLL &XVWRGH SRDWH IL DWkW SHUVRDQD F UHLD vL DSDU LQH EXQXO VLJLODW VDX R DOW
SHUVRDQ GHVHPQDW vQDFHDVW FDOLWDWH
5D LXQHD DJUDY ULL UH]LG vQ DFHHD F V YkUúLQG IDSWD I SWXLWRUXO vQFDOF úL
vQFUHGHUHDFHLVDDFRUGDWDWXQFLFkQGEXQXULOHVLJLODWHDXIRVWO VDWHvQFXVWRGLDVD
76VSGQU55'QUSÌQDFHODúLVHQV&$3LWHúWLGSQU55'3
QUS
5RGLFD0LKDHOD6W QRLXRSFLWYRO,9SÌQDFHODúLVHQV9LUJLO5 PXUHDQXRSFLWYRO,,S
,GHPYRO,9SÌQDFHODúLVHQV7M&DUDú6HYHULQGQU55'QUS
$FHDVW FDOLWDWHWUHEXLHV H[LVWHODGDWDFRPLWHULLIDSWHLLQFULPLQDWHSULQDUW
&SHQ
8UPDUHDLPHGLDW FRQVW vQFUHDUHDXQHLVW ULGHSHULFROSHQWUXUHOD LLOHVRFLDOH
RFURWLWH$FHDVW XUPDUHLPHGLDW GHFXUJHGLQOLSVDGHUHVSHFWID GHDXWRULWDWHSULQ
vQO WXUDUHDVDXGLVWUXJHUHDVLJLOLXOXLDSOLFDWGLQRUGLQXORUJDQXOXLFRPSHWHQW
/HJ WXUDGHFDX]DOLWDWHvQWUHDF LXQHDLQFULPLQDW úLXUPDUHDLPHGLDW WUHEXLH
V H[LVWH úL UH]XOW vQ JHQHUH GLQ PDWHULDOLWDWHD IDSWHORU QHILLQG QHFHVDU V ILH
DQXPHGRYHGLW H[UH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LHFXFDUHVHSRDWHFRPLWHDFHDVW LQIUDF LXQHHVWHLQWHQ LD
GLUHFW VDXLQGLUHFW $FHDVWDLQFXPE FXQRDúWHUHDGHF WUHI SWXLWRUDvPSUHMXU ULL
F DF LXQHDVDGHvQO WXUDUHVDXGLVWUXJHUHSULYHúWHXQVLJLOLXOHJDODSOLFDWUH]XOWDW
SHFDUHODXUP ULWVDXDFFHSWDW
ÌQWUR RSLQLH FDUH D U PDV L]RODW úL FX FDUH QX VXQWHP GH DFRUG VH
FRQVLGHU F UXSHUHDGHVLJLOLLQXVHSRDWHFRPLWHGHFkWFXLQWHQ LHGLUHFW
1X VXQW SUHY ]XWH FHULQ H HVHQ LDOH UHIHULWRDUH OD PRELO VDX VFRS GDU
FXQRDúWHUHDORUHVWHWRWGHDXQDXWLO SHQWUXLQGLYLGXDOL]DUHDSHGHSVHL
)RUPH6DQF LXQL
)RUPH 5XSHUHD GH VLJLOLL ILLQG R LQIUDF LXQH GH DF LXQH FRPLVLY
V YkUúLUHDHLSRDWHSDUFXUJHID]HOHRELúQXLWHDOHDFWLYLW LLLQIUDF LRQDOHGHDFHVWIHO
DGLF SUHJ WLUHWHQWDWLY FRQVXPDUH
$FWHOH GH SUHJ WLUH GHúL SRVLELOH QX VXQW vQV LQFULPLQDWH ÌQ LSRWH]D
V YkUúLULL LQIUDF LXQLL DFWHOH HIHFWXDWH GH F WUH R DOW SHUVRDQ GHFkW GH I SWXLWRU
GHYLQDFWHGHFRPSOLFLWDWHDQWHULRDU
7HQWDWLYDHVWHGHDVHPHQHDSRVLELO GDUQXHVWHvQV LQFULPLQDW
&RQVXPDUHDDUHORFvQPRPHQWXOvQFDUHH[HFXWDUHDDF LXQLLFDUHFRQVWLWXLH
HOHPHQWXOPDWHULDODIRVWGXV SkQ ODFDS WúLVDSURGXVXUPDUHDLPHGLDW DGLF
FUHDUHDVW ULLGHSHULFROSHQWUXUHOD LLOHVRFLDOHRFURWLWH
ÌQ FD]XO vQ FDUH DX IRVW DSOLFDWH PDL PXOWH VLJLOLL DFWLYLWDWHD LQIUDF LRQDO
SRDWHFRQWLQXDúLGXS FRQVXPDUHDIDSWHLGHUXSHUHDXQXLDVDXXQRUDGLQWUHVLJLOLL
SULQ UHSHWDUHD DF LXQLL ID GH FHOHODOWH VLJLOLL vQ UHDOL]DUHD DFHOHLDúL UH]ROX LL ÌQ
DFHVWFD]LQIUDF LXQHDVHHSXL]HD] vQPRPHQWXOvQFDUHVHSURGXFHXOWLPDDF LXQH
GHvQO WXUDUHVDXGLVWUXJHUH
6DQF LXQL&RPLWHUHDIDSWHLvQYDULDQWDWLSVLPSO GHF WUHRSHUVRDQ IL]LF
VH SHGHSVHúWH FX vQFKLVRDUH GH OD R OXQ OD XQ DQ VDX FX DPHQG LDU V YkUúLUHD
IDSWHLvQFRQGL LLOHYDULDQWHLDJUDYDWHVHSHGHSVHúWHFXvQFKLVRDUHDGHODOXQLOD
DQLVDXFXDPHQG
3HQWUX SHUVRDQD MXULGLF SHGHDSVD DSOLFDELO SRWULYLW DUW DOLQ
&SHQvQFD]XOV YkUúLULLLQIUDF LXQLLGHUXSHUHGHVLJLOLLvQRULFDUHGLQYDULDQWHOH
VDOHHVWHDPHQGDGHODOHLODOHL
68675$*(5($'(68%6(&+(6758
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDODOLQIUDF LXQLLDQDOL]DWHvOFRQVWLWXLHUHOD LLOHVRFLDOHD
F URU QRUPDO GHVI úXUDUH HVWH DVLJXUDW SULQ PHQ LQHUHD vQ VWDUH GH
LQGLVSRQLELOL]DUH D XQXL EXQ OHJDO VHFKHVWUDW 6 YkUúLUHD DFHVWHL IDSWH DGXFH
9DOHU6XLDQRSFLWYRO,S
DWLQJHUH SUHVWLJLXOXL úL UHVSHFWXOXL GDWRUDW DXWRULW LL SULQ vQF OFDUHD P VXULORU
DVLJXU WRULL DVXSUD XQXL EXQ OXDWH GH RUJDQHOH FRPSHWHQWH P VXUL FDUH LPSOLF
H[HUFL LXODXWRULW LLSXEOLFH
2ELHFWXOPDWHULDODODFHVWHLLQIUDF LXQLHVWHEXQXOOHJDOVHFKHVWUDWDVXSUDF UXLD
VHV YkUúHúWHVXVWUDJHUHD$FHVWEXQUHSUH]LQW WRWRGDW úLRELHFWXOVXVWUDJHULL
3ULQÄEXQ´VHvQ HOHJHRULFHOXFUXFDUHDUHRH[LVWHQ PDWHULDO FRUSRUDO úL
UHSUH]LQW RYDORDUHHFRQRPLF SDWULPRQLDO $FHVWEXQWUHEXLHV IDF SDUWHGLQ
FDWHJRULDFHORUÄPRELOH´GHRDUHFHQXPDLDFHVWHDSRWILVXVWUDVHFKLDUGDF SRWIL
VHFKHVWUDWHúLEXQXULLPRELOHDUW&SURFSHQ
6XEDFHVWDVSHFWDSDUHGLVFXWDELO RSLQLDSRWULYLWF UHLDRELHFWPDWHULDODO
LQIUDF LXQLL GH VXVWUDJHUH GH VXE VHFKHVWUX SRDWH IL úL XQ EXQ LPRELO FKLDU GDF
GLVSR]L LLOH&RGXOXLGHSURFHGXU SHQDO QXWUHEXLHLJQRUDWH
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU SRDWH IL RULFH SHUVRDQ FDUH vQGHSOLQHúWH
FRQGL LLOHJHQHUDOHSHQWUXDU VSXQGHSHQDO$XWRUSRDWHILGHFLvQVXúLSURSULHWDUXO
EXQXOXL
6XELHFW DFWLY SRDWH IL úL R SHUVRDQ MXULGLF vQ FRQGL LLOH úL FX OLPLW ULOH
DU WDWHvQDUWDOLQ&SHQ
3DUWLFLSD LD SHQDO HVWH SRVLELO vQ WRDWH IRUPHOH VDOH FRDXWRUDW LQVWLJDUH
FRPSOLFLWDWH
ÌQYDULDQWDDJUDYDW VXVWUDJHUHDGHVXEVHFKHVWUXHVWHRLQIUDF LXQHSURSULHDO
F UXL DXWRU QX SRDWH IL GHFkW XQ FXVWRGH ÌQ DFHDVW LSRWH] GH LQFULPLQDUH
FRDXWRUDWXO QX SRDWH IL SRVLELO GHFkW GDF DFHL FRDXWRUL DX FDOLWDWHD GH FXVWRGH
$FHDVW FDOLWDWHQXWUHEXLHV ILHvQWUXQLW GHHYHQWXDOLLLQVWLJDWRULVDXFRPSOLFL
6XELHFWXOSDVLYSULQFLSDOHVWHvQWRWGHDXQDVWDWXO
6XELHFWSDVLYVHFXQGDUHVWHDXWRULWDWHDSXEOLF FHDLQVWLWXLWVHFKHVWUXO
/DWXUDRELHFWLY
6XVWUDJHUHD GH VXE VHFKHVWUX HVWH LQFULPLQDW vQ GRX YDULDQWH R YDULDQW
VLPSO WLSSUHY ]XW vQDUWDOLQ&SHQúLRYDULDQW DJUDYDW SUHY ]XW
vQ DUW DOLQ & SHQ ÌQWUXFkW GHRVHELUHD GLQWUH DFHVWH YDULDQWH SULYHúWH
FDOLWDWHDVXELHFWXOXLDFWLYQHPLMORFLWDXWRUXOFXH[FHS LDDFHVWHLFHULQ HVSHFLDOH
FRQ LQXWXOFRQVWLWXWLYHVWHDFHODúLSHQWUXDPEHOHYDULDQWH
(OHPHQWXOPDWHULDODOLQFULPLQ ULLFRQVW vQDF LXQHDGHVXVWUDJHUHDXQXLEXQ
OHJDO VHFKHVWUDW 1R LXQHD GH VXVWUDJHUH DUH DFHODúL vQ HOHV FD úL vQ FD]XO
LQIUDF LXQLORU FRQWUD SDWULPRQLXOXL V YkUúLWH SULQ VXVWUDJHUH IXUWXO WkOK ULD
SLUDWHULDúLW LQXLUHD
Ä6XVWUDJHUHD´vQFRQFHS LDUHJUHWDWXOXLSURIHVRU9LQWLO 'RQJRUR]FRQVW vQ
VFRDWHUHDIL]LF DEXQXOXLGLQVIHUDGHVW SkQLUHDSHUVRDQHLvQSRVHVLDVDXGHWHQ LD
F UHLDVHDIO úLWUHFHUHDVDvQVIHUDGHVW SkQLUHDI SWXLWRUXOXL
'XS 9LUJLO5 PXUHDQXSULQÄVXVWUDJHUH´VHvQ HOHJHvQJHQHUHVFRDWHUHD
LOLFLW D XQXL EXQ PRELO GLQ VIHUD SDWULPRQLDO D DOWXLD SULQ OXDUHD úL GHSODVDUHD
DFHVWXLDGLQSR]L LDvQFDUHVHJ VHDÌQFD]XOLQIUDF LXQLLDQDOL]DWHÄVXVWUDJHUHD´VH
UHDOL]HD] SULQOXDUHDúLGHSODVDUHDI U GUHSWDEXQXOXLPRELODIODWVXEVHFKHVWUX
9LUJLO5 PXUHDQXRSFLWYRO,,S
+RULD'LDFRQHVFXRSFLWYRO,,S
9LQWLO 'RQJRUR] vQ 9LQWLO 'RQJRUR] 6LHJIULHG .DKDQH ,RQ 2DQFHD ,RVLI )RGRU 1LFROHWD ,OLHVFX
&RQVWDQWLQ %XODL 5RGLFD 6W QRLX 9LFWRU 5RúFD ([SOLFD LL WHRUHWLFH DOH &RGXOXL SHQDO URPkQ 3DUWHD VSHFLDO
YRO,,,(GLWXUD$FDGHPLHL5RPkQH%XFXUHúWLS
9LUJLO5 PXUHDQXRSFLWYRO,,S
DVWIHO F HO vQFHWHD] GH D PDL DYHD SR]L LD IXQF LD SDWULPRQLDO FH LDIRVWGDW
SULQDSOLFDUHDVHFKHVWUXOXL
'HúL UHFXQRDúWH F GLQ SXQFW GH YHGHUH RELHFWLY VXVWUDJHUHD VH DSUHFLD]
GXS DFHOHDúL FULWHULL FD úL OXDUHD GH OD IXUW UHJUHWDWXO SURIHVRU $YUDP )LOLSDú
VXV LQH F DFHúWL GRL WHUPHQL QX VXQW VLQRQLPL GHRDUHFH VXVWUDJHUHD GH VXE
VHFKHVWUXH[LVW FKLDUúLDWXQFLFkQGOXDUHDEXQXOXLVHFKHVWUDWVDI FXWvQDOWVFRS
GHFkWDFHODDOvQVXúLULLSHQHGUHSW
'DF VXVWUDJHUHDVDUHDOL]DWvQFRQGL LLOHDUW&SHQIXUWXOVHYDUH LQH
vQFRQFXUVLGHDOFXVXVWUDJHUHDGHVXEVHFKHVWUX
([LVW VXVWUDJHUHúLvQFD]GHVXEVWLWXLUHDXQXLEXQFXDOWEXQ
&kQG VXQW PDL PXOWH EXQXUL VHFKHVWUDWH VXVWUDJHUHD SRDWH SULYL úL QXPDL R
SDUWHGLQDFHOHEXQXUL
&HULQ DHVHQ LDO $F LXQHDGHVXVWUDJHUHWUHEXLHV ILHV YkUúLW DVXSUDXQXL
EXQ ÄOHJDO VHFKHVWUDW´ 6XVWUDJHUHD GH VXE VHFKHVWUX QX SRDWH IL FRQFHSXW úL
UHDOL]DW I U SUHH[LVWHQ DXQXLEXQOHJDOVHFKHVWUDW
2FURWLUHD LQVWLWXLW GH OHJHD SHQDO vQ FD]XO LQFULPLQ ULL VXVWUDJHULL GH VXE
VHFKHVWUX SRDUW DúDGDU QXPDL DVXSUD EXQXULORU OHJDO VHFKHVWUDWH LHúLQG GH VXE
LQFLGHQ D WH[WXOXL LQFULPLQDWRU EXQXULOH VXSXVH XQXL VHFKHVWUX DSOLFDW I U
UHVSHFWDUHDSUHYHGHULORUOHJDOHDWkWVXEDVSHFWIRUPDOFkWúLVXEDVSHFWVXEVWDQ LDO
$FHDVW FHULQ HVHQ LDO D ULGLFDW vQ SUDFWLFD MXGLFLDU úL vQ OLWHUDWXUD GH
VSHFLDOLWDWHSUREOHPDGDF LQVWDQ DSHQDO DUHF GHUHDúLvQFHP VXU V YHULILFH
OHJDOLWDWHDVHFKHVWUXOXL
ÌQWURSULP S UHUHVDVXV LQXWF LQVWDQ DSHQDO QXDUHF GHUHDV YHULILFH
VXE QLFL XQ DVSHFW OHJDOLWDWHD VHFKHVWUXOXL FDUH QDU SXWHD IL vQO WXUDW GHFkW SH
FDOHDFRQWHVWD LHLODLQVWDQ DFLYLO
ÌQWURDGRXDS UHUHVDVXV LQXWGLPSRWULY F LQVWDQ DSHQDO HVWHvQP VXU
V YHULILFHVXEWRDWHDVSHFWHOH±DWkWIRUPDOFkWúLVXEVWDQ LDO±OHJDOLWDWHDVHFKHVWUXOXL
QHILLQGQHFHVDUFDDFHDVW SUREOHP V ILHVXSXV vQSUHDODELOLQVWDQ HLFLYLOH
ÌQWUR D WUHLD RSLQLH LQWHUPHGLDU VD VXV LQXW F LQVWDQ D SHQDO SRDWH
YHULILFDOHJDOLWDWHDVHFKHVWUXOXLGDUQXPDLvQFHSULYHúWHODWXUDOXLIRUPDO vQWUR
SULP YDULDQW VDX H[FOXVLY FX SULYLUH OD FRPSHWHQ D RUJDQXOXL FDUH D DSOLFDW
VHFKHVWUXO vQWUR D GRXD YDULDQW ÌQWUR DVHPHQHD FRQFHS LH LQGLVSRQLELOL]DUHD
XQXL FDUQHW &(& vQ YHGHUHD DVLJXU ULL XQHL KRW UkUL GDWH vQ PDWHULD /HJLL QU
QX SRDWH IL FRQVLGHUDW XQ ÄVHFKHVWUX OHJDO DSOLFDW´ úL SULQ XUPDUH
QHVRFRWLUHDHLQXFRQVWLWXLHDFHDVW LQIUDF LXQH
,QVWDQ D SHQDO HVWH vQGULWXLW V FHUFHWH]H OHJDOLWDWHD VHFKHVWUXOXL GHRDUHFH
DFHDVW VLWXD LHHVWHRFHULQ HVHQ LDO DLQIUDF LXQLLvQGLVFX LHLDUSHGHDOW SDUWH
SRWULYLW DUW & SURF SHQ FKHVWLXQLOH SUHDODELOH GH FDUH GHSLQGH UH]ROYDUHD
FDX]HL LQWU vQ FRPSHWHQ D GH VROX LRQDUH WRW D LQVWDQ HL SHQDOH FKLDU GDF SULQ
QDWXUDORUDFHVWHFKHVWLXQLVXQWGHFRPSHWHQ DDOWHLLQVWDQ H
$YUDP)LOLSDúvQ2FWDYLDQ/RJKLQ$YUDP)LOLSDú 'UHSWSHQDOURPkQSDUWHDVSHFLDO HGL LHUHYL]XLW
&DVDGHHGLWXU úLSUHV ÄùDQVD´65/%XFXUHúWLS
ÌQVHQVFRQWUDU7M%RWRúDQLGQU55'QUS
76FROSHQGQU-1QUSÌQDFHODúLVHQV9LUJLO5 PXUHDQXRSFLWYRO,,
S2FWDYLDQ/RJKLQ7XGRUHO7RDGHU'UHSWSHQDOURPkQ3DUWHDVSHFLDO HGL LDD,9DUHY ]XW úLDG XJLW
&DVDGHHGLWXU úLSUHV ùDQVD65/%XFXUHúWLS,OLH3DVFXvQ,OLH3DVFX9DOHULF /D] U'UHSWSHQDO
3DUWHDVSHFLDO (GLWXUD/XPLQD/H[%XFXUHúWLS
0 0DQDVH &RQGL LD OHJDOLW LL VHFKHVWUXOXL SHQWUX H[LVWHQ D LQIUDF LXQLL GH VXVWUDJHUH D EXQXOXL
VHFKHVWUDW-1QUSÌQDFHODúLVHQV$YUDP)LOLSDúRSFLWS
7M,DúLGQUFXQRW GH3HWUH$QFD55'QUS
$+LOVHQUDGÌQOHJ WXU FXSUDFWLFDMXGLFLDU SULYLQGVXVWUDJHUHDEXQXULORUVHFKHVWUDWH/3QU
S
&KHVWLXQHD SUHDODELO VH MXGHF GH F WUH LQVWDQ D SHQDO SRWULYLW UHJXOLORU úL
PLMORDFHORUGHSURE SULYLWRDUHODPDWHULDF UHLDvLDSDU LQHDFHDFKHVWLXQH
+RW UkUHDGHILQLWLY DLQVWDQ HLFLYLOHDVXSUDXQHLvPSUHMXU ULFHFRQVWLWXLHR
FKHVWLXQH SUHDODELO vQ SURFHVXO SHQDO DUH DXWRULWDWH GH OXFUX MXGHFDW vQ ID D
LQVWDQ HLSHQDOH
ÌQ FD]XO vQ FDUH GXS FRPLWHUHD IDSWHL VH FRQVWDW MXGLFLDU F LQVWLWXLUHD
VHFKHVWUXOXLQXHVWHOHJDO IDSWDvúLYDSLHUGHFDUDFWHUXOSHQDO
ÌQSULYLQ DEXQXULORUFDUHSRWILVHFKHVWUDWHúLDFRQGL LLORUvQFDUHVHLQVWLWXLH
P VXULOH DVLJXU WRULL HVWH QHFHVDU D VH YHGHD GLVSR]L LLOH FXSULQVH vQ DFWHOH
QRUPDWLYHFHUHJOHPHQWHD] DFHDVW PDWHULH&RGXOGHSURFHGXU SHQDO &RGXOGH
SURFHGXU FLYLO úLDOWHDFWHQRUPDWLYH
3HQWUX YDULDQWD DJUDYDW FHULQ D HVHQ LDO FDUH R GHRVHEHúWH GH YDULDQWD
VLPSO FRQVW vQ FRQGL LD FD DF LXQHD GH VXVWUDJHUH V ILH V YkUúLW GH vQVXúL
FXVWRGHOHEXQXULORUOHJDOVHFKHVWUDWH
3HQWUXH[LVWHQ DLQIUDF LXQLLDQDOL]DWHHVWHLQGLIHUHQWGDF I SWXLWRUXODVXVWUDV
WRDWHEXQXULOHVHFKHVWUDWHVDXQXPDLXQXOGLQDFHOHEXQXUL
8UPDUHD LPHGLDW FRQVW vQ FUHDUHD XQHL VW UL GH SHULFRO SHQWUX UHOD LLOH
VRFLDOH RFURWLWH SHULFRO SURYRFDW SULQ SXQHUHD vQ PRG LOLFLW vQ VWDUH GH
GLVSRQLELOLWDWHDXQXLEXQLQGLVSRQLELOL]DW
/HJ WXUDGHFDX]DOLWDWHvQWUHDF LXQHDLQFULPLQDW úLXUPDUHDLPHGLDW WUHEXLH
V H[LVWHúLHVWHLPSOLFLW
/DWXUDVXELHFWLY
)RUPDGHYLQRY LHFXFDUHVHSRDWHFRPLWHDFHDVW LQIUDF LXQHHVWHLQWHQ LD
GLUHFW VDXLQGLUHFW ([LVW LQWHQ LHFkQGI SWXLWRUXODFXQRVFXWF EXQXOSHFDUHvO
VXVWUDJHHVWHVHFKHVWUDWúLDSUHY ]XWUH]XOWDWXOIDSWHLVDOHSHFDUHODXUP ULWVDXO
DDFFHSWDW
'DF I SWXLWRUXOQXDFXQRVFXWF EXQXOHVWHVHFKHVWUDWIDSWDVDYDFRQVWLWXL
XQ IXUW GDF VXQW vQWUXQLWH úL FHOHODOWH FRQGL LL GH LQFULPLQDUH SUHY ]XWH SHQWUX
H[LVWHQ DDFHVWHLLQIUDF LXQL
ÌQWURRSLQLHFDUHDU PDVL]RODW úLODFDUHQXDFKLHV PVHFRQVLGHU F
VXVWUDJHUHDGHVXEVHFKHVWUXQXVHSRDWHFRPLWHGHFkWFXLQWHQ LHGLUHFW
1XVXQWSUHY ]XWHFHULQ HHVHQ LDOHUHIHULWRDUHODPRELOVDXVFRSGHúLvQPRG
JUHúLW XQHRUL VFRSXO D IRVW FRQVLGHUDW FD R FRQGL LH HVHQ LDO vQ FDGUXO ODWXULL
VXELHFWLYH D LQIUDF LXQLL DQDOL]DWH &XQRDúWHUHD PRELOXOXL úL VFRSXOXL FX FDUH D
DF LRQDWDJHQWXOHVWHWRWGHDXQDXWLO SHQWUXLQGLYLGXDOL]DUHDMXGLFLDU DSHGHSVHL
)RUPH6DQF LXQL
)RUPH6XVWUDJHUHDGHVXEVHFKHVWUXHVWHRLQIUDF LXQHGHDF LXQHFRPLVLY
úLGHFLVXVFHSWLELO GHDSDUFXUJHWRDWHID]HOHDFWLYLW LLLQIUDF LRQDOH
$FWHOHGHSUHJ WLUHVXQWSRVLELOHGDUQXVXQWLQFULPLQDWH(OHSRWGHYHQLvQ
FD]XO V YkUúLULL LQIUDF LXQLL DFWH GH FRPSOLFLWDWH DQWHULRDU VDX VH vQVXPHD] vQ
FRQWULEX LDDXWRUXOXL
7HQWDWLYD WHUPLQDW VDX QHWHUPLQDW DFHVWHL LQIUDF LXQL GHúL SRVLELO QX
HVWHvQV LQFULPLQDW úLGHFLSHGHSVLW
$VHYHGHDH[SOLFD LLOHGDWHvQDFHDVW SULYLQ FXRFD]LDDQDOL] ULLLQIUDF LXQLLGHUXSHUHGHVLJLOLL
5RGLFD0LKDHOD6W QRLXRSFLWYRO,9S
9DOHU6XLDQRSFLWYRO,SÌQDFHODúLVHQV,RQ*KHRUJKLX%U GHW'UHSWSHQDOSDUWHDVSHFLDO
YRO,(GLWXUD(XURSD1RYD%XFXUHúWLS
7UHJ&RQVWDQ DGQU/3QUSFXQRW FULWLF GH15HLQHU,&RQVWDQWLQHVFX
ÌQOHJ WXU FXLQIUDF LXQHDGHVXVWUDJHUHDEXQXULORUVHFKHVWUDWH/3QUS
&RQVXPDUHD DUH ORF vQ PRPHQWXO vQ FDUH DF LXQHD GH VXVWUDJHUH D IRVW
V YkUúLW úL VD SURGXV XUPDUHD LPHGLDW GHFXUJkQG GLQ VXVWUDJHUHD EXQXOXL
VHFKHVWUDWGHF WUHI SWXLWRU
ÌQ VLWXD LD vQ FDUH VHFKHVWUXO D IRVW LQVWLWXLW DVXSUD PDL PXOWRU EXQXUL
DFWLYLWDWHDLQIUDF LRQDO VHSRDWHSUHOXQJLvQWLPSSHVWHPRPHQWXOFRQVXP ULLIDSWHL
SULYLQGSULPXOEXQVXVWUDVSULQUHSHWDUHDDFWHORUGHVXVWUDJHUHDVXSUDDOWRUEXQXUL
VHFKHVWUDWHvQUHDOL]DUHDDFHOHLDúLUH]ROX LLÌQDVWIHOGHVLWXD LLIDSWDSHQDO VHYD
HSXL]DRGDW FXSURGXFHUHDXOWLPXOXLDFWDODFWLYLW LLLQIUDF LRQDOH
6DQF LXQL,QIUDF LXQHDGHVXVWUDJHUHGHVXEVHFKHVWUXvQYDULDQWDGHWLSVH
SHGHSVHúWHFXvQFKLVRDUHDGHODROXQ ODXQDQVDXFXDPHQG
ÌQ FD]XO YDULDQWHL DJUDYDWH VXVWUDJHUHD GH VXE VHFKHVWUX VH SHGHSVHúWH FX
vQFKLVRDUHGHODOXQLODDQLVDXFXDPHQG
3HQWUX SHUVRDQD MXULGLF SHGHDSVD DSOLFDELO SRWULYLW DUW DOLQ
&SHQvQFD]XOV YkUúLULLLQIUDF LXQLLGHVXVWUDJHUHGHVXEVHFKHVWUXvQRULFDUHGLQ
YDULDQWHOHVDOHHVWHDPHQGDGHODOHLODOHL
7,7/8/9,
,1)5$& ,81,&$5($'8&$7,1*(5(8125$&7,9,7 ,
'(,17(5(638%/,&6$8$/725$&7,9,7 ,
5(*/(0(17$7('(/(*(
&DSLWROXO,
,1)5$& ,81,'(6(59,&,86$8Ì1/(* 785 &86(59,&,8/
$%8=8/Ì16(59,&,8&2175$,17(5(6(/253(562$1(/25
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDODODEX]XOXLvQVHUYLFLXFRQWUDLQWHUHVHORUSHUVRDQHORU
vO FRQVWLWXLH DFHOH UHOD LL VRFLDOH UHIHULWRDUH OD LQWHUHVHOH SXEOLFH D F URU QRUPDO
IRUPDUHGHVI úXUDUHúLGH]YROWDUHQXDUILSRVLELOHI U DVLJXUDUHDEXQXOXLPHUVDO
DFWLYLW LL SHUVRDQHORU MXULGLFH GH GUHSW SXEOLF VDX GH GUHSW SULYDW úL DS UDUHD
LQWHUHVHORU OHJDOH DOH SHUVRDQHORU vPSRWULYD DEX]XULORU IXQF LRQDULORU SXEOLFL VDX
IXQF LRQDULORU
2ELHFWXO PDWHULDO 'H UHJXO RELHFWXO PDWHULDO OLSVHúWH OD LQIUDF LXQLOH GH
DEX]vQVHUYLFLX'DF vQV DF LXQHDFDUHFRQVWLWXLHHOHPHQWXOPDWHULDOVDH[HUFLWDW
DVXSUDXQXLOXFUXGHH[FRQILVFDUHDDEX]LY DXQXLOXFUXUHGDFWDUHDGHIHFWXRDV
DXQXLvQVFULVvQDFHDVW VLWXD LHH[LVW XQRELHFWPDWHULDODOLQIUDF LXQLL
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU DO DFHVWHL LQIUDF LXQL QX SRDWH IL GHFkW XQ
IXQF LRQDUSXEOLFVDXIXQF LRQDU$úDGDUODLQIUDF LXQHDGHDEX]vQVHUYLFLXFRQWUD
LQWHUHVHORUSHUVRDQHORUVXELHFWXODFWLYQHPLMORFLWHVWHFDOLILFDW
3ULQÄIXQF LRQDUSXEOLF´vQVHQVXOOHJLLSHQDOH±DUWDOLQ&SHQ±
VH vQ HOHJH RULFH SHUVRDQ FDUH H[HUFLW SHUPDQHQW VDX WHPSRUDU FX RULFH WLWOX
LQGLIHUHQW FXP D IRVW LQYHVWLW R vQV UFLQDUH GH RULFH QDWXU UHWULEXLW VDX QX vQ
VHUYLFLXO XQHL XQLW L GLQWUH FHOH OD FDUH VH UHIHU DUW & SHQ DXWRULW LOH
SXEOLFHLQVWLWX LLOHSXEOLFHLQVWLWX LLOHVDXDOWHSHUVRDQHMXULGLFHGHLQWHUHVSXEOLF
$XWRULW LOHSXEOLFHVXQWFHOHSUHY ]XWHvQ7LWOXO,,,GLQ&RQVWLWX LD5RPkQLHL
LDULQVWLWX LLOHSXEOLFHVXQWvQSULQFLSLXFDOLILFDWHDVWIHOSULQDFWHOHQRUPDWLYHFHOH
UHJOHPHQWHD] DFWLYLWDWHD
ÌQ OLSVD XQHL GHILQL LL OHJDOH vQ DFHVW VHQV SULQ VLQWDJPD ÄDOWH SHUVRDQH
MXULGLFHGHLQWHUHVSXEOLF´VHvQ HOHJHRULFHSHUVRDQ MXULGLF LQGLIHUHQWGHIRUPD
GHRUJDQL]DUH±DVRFLD LLIXQGD LLVLQGLFDWHHWF±LQGLIHUHQWGHIHOXOSURSULHW LLSH
FDUH VH vQWHPHLD] úL LQGLIHUHQW GDF VXQW JXYHUQDPHQWDOH VDX QHJXYHUQDPHQWDOH
GDF SULQ DFWXO FRQVWLWXWLY OHJDO DSUREDW VXQW GHVWLQDWH D RUJDQL]D VDX D VHUYL R
6LHJIULHG .DKDQH vQ 9LQWLO 'RQJRUR] 6LHJIULHG .DKDQH ,RQ 2DQFHD ,RVLI )RGRU 1LFROHWD ,OLHVFX
&RQVWDQWLQ %XODL 5RGLFD 6W QRLX 9LFWRU 5RúFD ([SOLFD LL WHRUHWLFH DOH &RGXOXL SHQDO URPkQ YRO ,9 (GLWXUD
$FDGHPLHL5RPkQH%XFXUHúWLS
$XJXVWLQ8QJXUHDQX&RQVLGHUD LLvQOHJ WXU FXDSOLFDUHDXQRUGLVSR]L LLDOH/HJLLQUSHQWUX
PRGLILFDUHD úL FRPSOHWDUHD &RGXOXL SHQDO 'U QU S ÌQ DFHODúL VHQV ,OLH 3DVFX vQ ,OLH 3DVFX
9DOHULF /D] U'UHSWSHQDO3DUWHDVSHFLDO (GLWXUD/XPLQD/H[%XFXUHúWLS
FROHFWLYLWDWHPDUHGHRDPHQLRPXO LPHGHRDPHQLILHGLQvQWUHDJD DU ILHGLQWUR
]RQ VDXXQLWDWHDGPLQLVWUDWLYWHULWRULDO ILHGLQWUXQGRPHQLXGHDFWLYLWDWHGLQWUR
DQXPLW SURIHVLH
1XSRWILFRQVLGHUDWHÄDOWHSHUVRDQHMXULGLFHGHLQWHUHVSXEOLF´DFHOHSHUVRDQH
MXULGLFHFDUHDXXQFDUDFWHUvQFKLVvQILLQ DWHGRDUSHQWUXVDWLVIDFHUHDXQRULQWHUHVH
DOH XQXL JUXS UHVWUkQV GH RDPHQL DVRFLD L VDODULD L FRODERUDWRUL úL FDUH XUP UHVF
XQ SURILW 6SUH H[HPSOX R VRFLHWDWH FRPHUFLDO FDUH DUH FD RELHFW GH DFWLYLWDWH
FRPHU XODYkQGFDSDUWHQHUDOWHSHUVRDQHMXULGLFHQXSXWHPVSXQHF DFHDVWDHVWHR
SHUVRDQ MXULGLF GH LQWHUHV SXEOLF FKLDU GDF EXQXULOH SH FDUH DFHDVW SHUVRDQ
MXULGLF OHGHVIDFHDMXQJODSRSXOD LH
'XS DO L DXWRUL VH FRQVLGHU F OHJLXLWRUXO D LQWHQ LRQDW FD SULQ H[SUHVLD
LQVWLWX LLOH VDX DOWH SHUVRDQH MXULGLFH GH LQWHUHV SXEOLF V OH QRPLQDOL]H]H SH FHOH
vQILLQ DWHGHSHUVRDQHOHIL]LFHVDXMXULGLFHSHQWUXVDWLVIDFHUHDXQRULQWHUHVHSXEOLFH
I FkQGSDUWHGLQWUHDFHVWHDSDUWLGHOHSROLWLFHRUJDQL]D LLOHVLQGLFDOHSDWURQDOHVDX
SURIHVLRQDOH
6LQWDJPD VHUYLFLLOH GH LQWHUHV SXEOLF HVWH PDL SX LQ GHOLPLWDELO GHFkW
FHOHODOWH LQFOX]kQG UHJLLOH DXWRQRPH úL FRPSDQLLOH QD LRQDOH FUHDWH SULQ
UHRUJDQL]DUHD XQRU UHJLL FXP DU IL 3RúWD 5RPkQ &21(/ 61&)5 úL
5207(/(&20 &DWHJRULD VRFLHW LORU FDUH GHVI úRDU VHUYLFLL GH LQWHUHV SXEOLF
HVWH vQV PXOW PDL DPSO LQFOX]kQG VRFLHW LOH GH WUDQVSRUW WHUPRILFDUH
GLVWULEXLUHDDSHLSUHVWDUHDVHUYLFLLORUPHGLFDOHHWF0XOWHGLQWUHDFHVWHDQXSURYLQ
GLQ IRVWHOH UHJLL DX FDSLWDO SULYDW úL SRWHQ LDO HFRQRPLF UHGXV vQV QX SRW IL
VHSDUDWH GH DQWHULRDUHOH VRFLHW L QXPDL SH FULWHULXO LQWHUHVXOXL SXEOLF $FHDVW
QR LXQH QX HVWH GHILQLW vQ &RGXO SHQDO vQ WLWOXO 9,,, LQWLWXODW ÄÌQ HOHVXO XQRU
WHUPHQL VDX H[SUHVLL vQ OHJHD SHQDO ´ HD QX SRDWH IL DVLPLODW QLFL FX WHUPHQXO
SXEOLFGHILQLWvQDUW&SHQvQWUXFkWQLFLRQR LXQHQXVHSRDWHGHILQLSULQHD
vQV úL 3H GH DOW SDUWHHVWHHYLGHQWIDSWXOF QR LXQHDSXEOLFGLQGUHSWXOSHQDOD
SULPLW XQ vQ HOHV PDL ODUJ GHFkW FHO VSHFLILF GUHSWXOXL FRQVWLWX LRQDO GHúL SH
SDUFXUVXOFkWRUYDDQLVDFRQVLGHUDWvQPRGHURQDWF HOHVXQWLGHQWLFH
ÌQGUHSWXOSHQDOWHUPHQXOGHIXQF LRQDUSXEOLFDUHXQvQ HOHVPDLODUJGHFkW
vQDOWHUDPXULGHGUHSWH[GUHSWXODGPLQLVWUDWLYIDSWFHVHMXVWLILF SULQQHYRLD
GHDVHUHDOL]DvQPRGFRUHVSXQ] WRURFURWLUHDLQWHUHVHORUVRFLDOHSULQPLMORDFHGH
GUHSWSHQDO
ÌQGRFWULQ VDVXEOLQLDWF VXQWDVLPLOD LIXQF LRQDULORUSXEOLFLúLFHLFDUH
vQGHSOLQHVF ÄvQ IDSW´ R vQV UFLQDUH vQ VHUYLFLXO XQHL SHUVRDQH MXULGLFH GH GUHSW
SXEOLFFXFRQGL LDFDXQLWDWHDGHGUHSWSXEOLFV DLE úWLLQ GHDFHVWOXFUX$FHHDúL
VROX LHVHLPSXQHvQDFHDVW FRQFHS LHúLvQVLWXD LDvQFDUHIXQF LRQDUXOSXEOLFHVWH
DQJDMDW FX vQF OFDUHD GLVSR]L LLORU OHJDOH GH H[ QX DUH VWXGLLOH QHFHVDUH RUL
,OLH3DVFXRSFLWS
7LEHULX0HGHDQX)DOVvQvQVFULVXULDOHVRFLHW LORUFRPHUFLDOH5'3QUS
3HQWUX GHWDOLL 0DWHL %DVDUDE 7LEHULX 0HGHDQX &RQVLGHUD LLUHIHULWRDUHODLQIUDF LXQLOHFRQWUDDYXWXOXL
REúWHVF SULQ SULVPD 'HFL]LHL 3OHQXOXL &XU LL &RQVWLWX LRQDOH QU 'U QU S 7LEHULX
0HGHDQX 6RFLHW LOH FRPHUFLDOH FX FDSLWDO SULYDW úL LQIUDF LXQLOH FRQWUD DYXWXOXL REúWHVF 5HYLVWD MXULGLF
QUS
9LFWRU5RúFDvQ9LQWLO 'RQJRUR],RVLI)RGRU6LHJIULHG.DKDQH1LFROHWD,OLHVFX,RQ2DQFHD&RQVWDQWLQ
%XODL 5RGLFD 6W QRLX 9LFWRU 5RúFD ([SOLFD LL WHRUHWLFH DOH &RGXOXL SHQDO URPkQ 3DUWHD JHQHUDO YRO ,,
(GLWXUD $FDGHPLHL 5RPkQH %XFXUHúWL S ÌQ DFHODúL VHQV GDU FX R DOW PRWLYDUH ùWHIDQ 'DQHú vQ
7HRGRU9DVLOLX*HRUJH$QWRQLXùWHIDQ'DQHú*KHRUJKH' UkQJ 'XPLWUX/XFLQHVFX9DVLOH3DSDGRSRO'RUX
3DYHO 'XPLWUX 3RSHVFX 9LUJLO 5 PXUHDQX &RGXO SHQDO URPkQ FRPHQWDW úL DGQRWDW 3DUWHD JHQHUDO (GLWXUD
ùWLLQ LILF %XFXUHúWLS*KHRUJKH' UkQJ úL'XPLWUX/XFLQHVFXvQ7HRGRU9DVLOLX'RUX3DYHO
*HRUJH$QWRQLXùWHIDQ'DQHú*KHRUJKH' UkQJ 'XPLWUX/XFLQHVFX9DVLOH3DSDGRSRO'XPLWUX&3RSHVFX
9LUJLO 5 PXUHDQX &RGXO SHQDO URPkQ FRPHQWDW úL DGQRWDW 3DUWHD VSHFLDO YRO ,, (GLWXUD ùWLLQ LILF úL
(QFLFORSHGLF %XFXUHúWLS
XUPHD] DILvQYHVWLWILLQGSHFDOHGHDILDQJDMDWGHH[FHLDIOD LvQWHUPHQXOGH
vQFHUFDUH
ÌQ UDSRUW FX QRLOH SUHYHGHUL vQ PDWHULH vQ FD]XO IXQF LRQDUXOXL SXEOLF
UHSXWDWXOSURIHVRU*HRUJH$QWRQLXRSLQHD] vQPRGMXVWF DUILDGPLVLELO vQ
FRQWLQXDUHRU VSXQGHUHSHQDO úLDIXQF LRQDUXOXLSXEOLFÄGHIDSW´GHRDUHFHVXQW
SUHMXGLFLDWH LQWHUHVHOH JHQHUDOH RFURWLWH PDL SX LQ HILFLHQW GHFkW vQ FD]XO FHORU
LQGLYLGXDOH 3ULQ XUPDUH VHYHULWDWHD OHJLL WUHEXLH V ILH PDL PDUH ÌQ DFHDVW
FRQFHS LHvQV VHVXV LQHSHGUHSWFXYkQWF QDUSXWHDILFRQFHSXWV H[LVWHXQ
IXQF LRQDUSULYDWÄGHIDSW´DGLF RSHUVRDQ FDUHV H[HUFLWHvQIDSWRvQV UFLQDUHvQ
FDGUXOXQHLXQLW LSULYDWHI U úWLUHDúLDSUREDUHDSDWURQXOXLúLWRWXúLV U VSXQG FD
IXQF LRQDU2DVHPHQHDSHUVRDQ GDF DUH[LVWDúLGDF DSURGXVSDJXEHSDWURQXOXL
VDXWHU LORUYDU VSXQGHSRWULYLWOHJLLFLYLOH
'HILQL LLOH OHJDOH GDWH IXQF LRQDUXOXL SXEOLF úL IXQF LRQDUXOXL vQ QRXO &RG
SHQDOVXQWY GLWVXSHULRDUHFHORUvQYLJRDUHvQWUHDFHVWHDQHPDLILLQGRUHOD LHGHOD
SDUWHODvQWUHJÌQDFHDVW UHJOHPHQWDUHFHOHGRX QR LXQLVHGHRVHEHVFvQHVHQ
SULQ EHQHILFLDUXO vQV UFLQ ULL DFHVWRU SHUVRDQH DXWRULW LOH SXEOLFH LQVWLWX LLOH
SXEOLFHVDXDOWHSHUVRDQHMXULGLFHGHGUHSWSXEOLFvQFHHDFHSULYHúWHIXQF LRQDUXO
SXEOLF UHVSHFWLY R SHUVRDQ MXULGLF GH GUHSW SULYDW vQ FHHD FH SULYHúWH
IXQF LRQDUXOúLSULQQDWXUDvQV UFLQ ULLSHFDUHRH[HUFLW
1XSRDWHILFRQVLGHUDWvQV IXQF LRQDUSXEOLFSHUVRDQDFDUHvQPRGVSRUDGLF
LQH ORFXO XQXLD GLQWUH DFHúWLD I U FRQVLP PkQWXO RUJDQHORU GH FRQGXFHUH F FL
vQWUR DVHPHQHD VLWXD LH QX H[LVW XQ UDSRUW GH VHUYLFLX vQWUH DFHDVW SHUVRDQ úL
XQLWDWHDvQFDUHDFWLYHD]
)DSWDSRDWHILV YkUúLW GHPDLPXO LDXWRULFDUHDXFRQWULEXLWQHPLMORFLWvQ
PRG VLPXOWDQ FRPLVLH FROHFWLY HFKLS VDX VXFFHVLY YHULILFDUH FRQWURO
DSUREDUHODV YkUúLUHDDEX]XOXLvQVHUYLFLX
)LLQG R LQIUDF LXQH SURSULH FRDXWRUDWXO QX HVWH SRVLELO GHFkW GDF WR L
FRDXWRULLDXFDOLWDWHDFHUXW GHOHJHODGDWDV YkUúLULLIDSWHL'DF DFHDVW FDOLWDWH
FHUXW GHOHJHSHQWUXDXWRUOLSVHúWHDFWLYLWDWHDDFHOXLSDUWLFLSDQWYDILFRQVLGHUDW
GUHSWFRPSOLFLWDWHFRQFRPLWHQW ODDEX]vQVHUYLFLXFRQWUDLQWHUHVHORUSHUVRDQHORU
FKLDUGDF vQFRQFUHWDJHQWXODFRPLVDFWHGHH[HFXWDUHQHPLMORFLW DDFHVWHLIDSWH
SHQDOH
/D V YkUúLUHD DFHVWHL LQIUDF LXQL SRW FRQWULEXL vQV úL DO L VXELHF L DFWLYL vQ
DIDU GH DXWRU VDX FRDXWRUL LQVWLJDWRUL FRPSOLFL 3HQWUX DFHúWL VXELHF L QX HVWH
QHFHVDU FDOLWDWHD GH IXQF LRQDU SXEOLF VDX IXQF LRQDU &X DOWH FXYLQWH DEX]XO vQ
VHUYLFLX FRQWUD LQWHUHVHORU SHUVRDQHORU HVWH LPSXWDELO SDUWLFLSDQ LORU FKLDU DWXQFL
FkQGDFHúWLDQXDXFDOLWDWHDFHUXW GHOHJHSHQWUXDXWRUÌQDFHVWFD]QXHVWHYRUED
GH U VIUkQJHUHD FLUFXPVWDQ HL SHUVRQDOH GH IXQF LRQDU SXEOLF VDX IXQF LRQDU OD
FHLODO LSDUWLFLSDQ LFLGHvQFDGUDUHDFRQWULEX LHLORUvQGLVSR]L LDFDUHSUHYHGHHUJD
RPQHVIDSWDFRPLV GHVXELHFWXODFWLYQHPLMORFLW
3RWULYLWDUW&SHQGLVSR]L LLOHDUW&SHQSULYLWRDUHODIXQF LRQDUL
SXEOLFL VH DSOLF úL FHORUODO L IXQF LRQDUL vQ DFHVW FD] PD[LPXO SHGHSVHL UHGXFkQ
GXVHFXRWUHLPH
$UWGLQ1RXO&RGSHQDODGRSWDWSULQ/HJHDQUSXEOLFDW vQ02IQUGLQ
DF UXLLQWUDUHvQYLJRDUHDIRVWvQV DPkQDW vQPRGVXFFHVLY28*QUSXEOLFDW vQ02IQUGLQ
úL28*QUSXEOLFDW vQ02IQUGLQSkQ ODGDWDGH
*HRUJH$QWRQLX1RXO&RGSHQDO&RGXOSHQDODQWHULRU6WXGLXFRPSDUDWLY(GLWXUD$OO%HFN%XFXUHúWL
S
&RQVWDQWLQ 'XYDF vQ *KHRUJKH 'LDFRQHVFX &RQVWDQWLQ 'XYDF 'UHSW SHQDO 3DUWHD VSHFLDO 1RXO &RG
SHQDO&XUVXQLYHUVLWDUYRO,(GLWXUD)XQGD LHL5RPkQLDGH0kLQH%XFXUHúWLS
*KHRUJKH' UkQJ úL'XPLWUX/XFLQHVFXRSFLWYRO,,S
6LHJIULHG.DKDQHRSFLWYRO,9S
3ULQ ÄIXQF LRQDU´ vQ VHQVXO OHJLL SHQDOH VH vQ HOHJH IXQF LRQDUXO SXEOLF
SUHFXP úL RULFH VDODULDW FDUH H[HUFLW R vQV UFLQDUH vQ VHUYLFLXO XQHL DOWH SHUVRDQH
MXULGLFHGHFkWFHOHODFDUHVHUHIHU DUW&SHQ
$FHDVW QRUP H[SOLFDWLY DIRVWFRQVLGHUDW GUHSWLQFRUHFW GLQSXQFWGH
YHGHUH DO ORJLFLL IRUPDOH GHRDUHFH VXE DFHHDúL GHQXPLUH LQFOXGH GRX UHDOLW L
DQWLQRPLFHSHDFHHDGHIXQF LRQDUSXEOLFúLSHDFHHDGHIXQF LRQDUSULYDWILHFDUH
SURGXFkQG FRQVHFLQ H MXULGLFH GLIHULWH ÌQ UHDOLWDWH SRVLELOLWDWHD GH D vQVFULH GRX
QR LXQL VXE XQ QXPLWRU FRPXQ QDUH QLFLR YDORDUH FRJQLWLY GDF QR LXQLOH VXQW
DQWLQRPLFH 6RFLHW LOH FRPHUFLDOH SULYDWH FKLDU GDF VH DIO vQ VHUYLFLXO
SXEOLFXOXLGH LQIRORVHVFHPLWvQVFULVXULSULYDWHúLQXvQVFULVXULRILFLDOHÌQDFHVW
VHQVVXQWúLSUHYHGHULOH&RGXOXLFRPHUFLDOSRWULYLWF URUDWRDWHDFWHOHúLFHOHODOWH
GRFXPHQWHHPLVHGHF WUHXQFRPHUFLDQWVXQWFRQVLGHUDWHÄvQVFULVXULVXEVHPQ WXU
SULYDW ´LQGLIHUHQWGHSHUVRDQDMXULGLF GHODFDUHHPDQ ±ILHHDFKLDUúLGHLQWHUHV
SXEOLF
6XELHFW DFWLY DO DFHVWHL IDSWH SHQDOH SRDWH IL úL R SHUVRDQ MXULGLF vQ
FRQGL LLOHúLFXOLPLW ULOHDU WDWHvQDUWDOLQ&SHQ
6XELHFWXOSDVLYVSHFLDODODFHVWHLLQIUDF LXQLHVWHSHUVRDQDF UHLDLVDFDX]DW
RY W PDUHDLQWHUHVHORUOHJDOH1HILLQGFLUFXPVWDQ LDWGHWH[WVXELHFWSDVLYSRDWH
ILRULFLQHFKLDUúLXQFROHJDOVXELHFWXOXLDFWLYGLQFDGUXODFHOXLDúLVHUYLFLX
6XELHFWXOSDVLYJHQHUDOHVWHVWDWXOFDWLWXODUDOUHOD LLORUVRFLDOHUHIHULWRDUHOD
LQWHUHVHOHSXEOLFHúLDOYDORULLVRFLDOHFDUHHVWHEXQXOPHUVDODFWLYLW LLSHUVRDQHORU
MXULGLFHGHGUHSWSXEOLFYDORDUHF UHLDLVHDGXFHDWLQJHUHSULQV YkUúLUHDDEX]XOXL
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO DO LQFULPLQ ULL FRQVW DOWHUQDWLY vQWUR LQDF LXQH
RPLVLXQHVDXvQWURDF LXQHFRPLVLXQHúLDQXPHILHQHvQGHSOLQLUHDXQXLDFWILH
vQGHSOLQLUHDDFWXOXLvQPRGGHIHFWXRV
7HUPHQXOGHÄDFW´HVWHIRORVLWvQFRQ LQXWXOQRUPHLGHLQFULPLQDUHvQvQ HOHVXO
GH RSHUD LH FDUH WUHEXLH HIHFWXDW GH IXQF LRQDUXO SXEOLF VDX SULYDW SRWULYLW
VROLFLW ULL I FXWH GH R SHUVRDQ úL FRQIRUP DWULEX LLORU DFHVWRUD GH VHUYLFLX
6ROLFLWDUHD DGUHVDW VXELHFWXOXL DFWLY QHPLMORFLW SRDWH SULYL FRQVWDWDUHD XQXL DFW
MXULGLFGHH[FRQVWDWDUHDXQHLPDQLIHVW ULGHYRLQ SULYLQGFUHDUHDPRGLILFDUHD
WUDQVPLWHUHDRULVWLQJHUHDXQXLGUHSWVDXREOLJD LLRULvQWRFPLUHDVDXFRQILUPDUHD
XQXLvQVFULVSULYLQGXQDFWMXULGLFRULHIHFWXDUHDXQHLFRQVWDW ULFXHIHFWHMXULGLFH
VDX H[HFXWDUHD XQHL KRW UkUL úL DOWH RSHUD LL GDWH vQ FRPSHWHQ D XQXL VHUYLFLX DO
SHUVRDQHORUMXULGLFHGHGUHSWSXEOLFVDXSULYDW
3ULQH[SUHVLDÄQXvQGHSOLQHúWHXQDFW´VHvQ HOHJHRPLWHUHDQHHIHFWXDUHDXQXL
DFWFDUHWUHEXLDV ILHvQGHSOLQLWvQYLUWXWHDvQGDWRULULORUGHVHUYLFLXDGLF DXQXLDFW
DF UXLvQGHSOLQLUHF GHDvQVDUFLQDIXQF LRQDUXOXLSXEOLFVDXIXQF LRQDUXOXLSRWULYLW
QRUPHORU FDUH UHJOHPHQWHD] DFWLYLWDWHD DFHVWRUD RUL FDUH VXQW LQHUHQWH DFHOXL
VHUYLFLX1HvQGHSOLQLUHDXQXLDFWSRDWHV FRQVWHDúLvQO VDUHDvQQHOXFUDUHDXQXL
DFWvQFHSXWúLFDUHWUHEXLDV ILHGHV YkUúLWVDXvQUHIX]XOQHMXVWLILFDWGHDGDXUPDUH
RUGLQHORU VDX FHUHULORU SULPLWH RUL vQ DOWH U PkQHUL vQ SDVLYLWDWH FRQWUDUH
vQGDWRULULORU1HvQGHSOLQLUHDSRDWHILWRWDO VDXSDU LDO
$OH[DQGUX6DODQ)DOVXULvQvQVFULVXUL2EVHUYD LLFULWLFH5'3QUS$FHVWDVXV LQHF DUIL
DFHHDúL HURDUH FDUH VDU FRPLWH vQ HOHJkQGXVH SULQ QR LXQHD GH VWUXJXUL DWkW VWUXJXULL FRS L FkW úL FHL QHFRS L
QXPDLSHQWUXF úLXQLLúLDO LLVXQWVWUXJXUL
6WDQFLX ' & USHQDUX 'UHSW FRPHUFLDO URPkQ HGL LD D ,,,D (GLWXUD $// %(&. %XFXUHúWL
S
6LHJIULHG.DKDQHRSFLWYRO,9S
,GHPYRO,9S
3ULQH[SUHVLDÄvQGHSOLQHúWHDFWXOvQPRGGHIHFWXRV´VHvQ HOHJHvQGHSOLQLUHD
I FXW DOWIHOGHFkWVHFXYHQHDV ILHHIHFWXDW DGLF vQDOWHFRQGL LLGHFkWSUHYHGH
OHJHD 'HIHFWXR]LWDWHD vQ vQGHSOLQLUH SRDWH SULYL FRQ LQXWXO IRUPD VDX vQWLQGHUHD
vQGHSOLQLULLPRPHQWXOHIHFWX ULLFRQGL LLOHGHHIHFWXDUHHWF
([SUHVLLOHÄQXvQGHSOLQHúWHXQDFW´úLÄvQGHSOLQHúWHDFWXOvQPRGGHIHFWXRV´
VXQWH[SUHVLLVLQWHWLFHFDUHLQFOXGQXPHURDVHVLWXD LLFDYLRODUHDVDXQHUHVSHFWDUHD
REOLJD LLORULPSXVHSULQGLVSR]L LLOHJDOHGHS úLUHDDWULEX LLORUGHVHUYLFLXIRORVLUHD
DEX]LY DDWULEX LLORUGHVHUYLFLX
&HULQ D HVHQ LDO 3HQWUX H[LVWHQ D HOHPHQWXOXL PDWHULDO HVWH QHFHVDU FD
RPLVLXQHDGHDvQGHSOLQLXQDFWVDXFRPLVLXQHDvQGHSOLQLULLDFWXOXLvQPRGGHIHFWXRVV
ILHV YkUúLW GHXQIXQF LRQDUSXEOLFVDXXQIXQF LRQDUvQH[HUFL LXODWULEX LLORUVDOH
/LSVDDFHVWHLFHULQ HHVHQ LDOHGXFHODOLSVDHOHPHQWXOXLPDWHULDOúLLPSOLFLWD
LQIUDF LXQLLvQV úL
8UPDUHD LPHGLDW 3HQWUX FD QHvQGHSOLQLUHD XQXL DFW VDX vQGHSOLQLUHD OXL vQ
PRG GHIHFWXRV GH F WUH XQ IXQF LRQDU SXEOLF VDX XQ IXQF LRQDU vQ H[HUFL LXO
DWULEX LLORUVDOHGHVHUYLFLXV vQWUHJHDVF ODWXUDRELHFWLY DLQIUDF LXQLLGHDEX]vQ
VHUYLFLXFRQWUDLQWHUHVHORUSHUVRDQHORUHVWHQHFHVDUFDIDSWDRPLVLY VDXFRPLVLY
V DLE FD XUPDUH LPHGLDW FDX]DUHD XQHL Y W P UL D LQWHUHVHORU OHJDOH DOH XQHL
SHUVRDQH &DX]DUHD Y W P ULL FRQVWLWXLH H[SUHVLD PDWHULDO D DWLQJHULL DGXVH
EXQXOXLPHUVDODFWLYLW LLVHUYLFLXOXLUHVSHFWLY
7HUPHQXOÄLQWHUHV´HVWHIRORVLWvQWH[WXODUW&SHQvQvQ HOHVXOOXLX]XDOGH
ÄGRULQ GHDVDWLVIDFHDQXPLWHQHYRL´ÄSUHRFXSDUHGHDRE LQHXQDYDQWDM´ÄDF LXQH
GHDDFRSHULXQHOHWUHEXLQ H´ÄIRORV´ÄSURILW´3ULQH[SUHVLDÄLQWHUHVOHJDO´VHvQ HOHJH
DFHOLQWHUHVFDUHHVWHRFURWLWVDXJDUDQWDWSULQWURGLVSR]L LHQRUPDWLY
3ULQ ÄY W PDUH´ VH vQ HOHJH DWLQJHUHD GH RULFH IHO IL]LF PRUDO VDX
PDWHULDO DUW & SURF SHQ DGXV LQWHUHVHORU OHJDOH DOH XQHL SHUVRDQH 'DU
SHQWUX FD IDSWD V DLE JUDGXO GH SHULFRO VRFLDO DO LQIUDF LXQLL GH DEX] vQ VHUYLFLX
FRQWUD LQWHUHVHORU SHUVRDQHORU HVWH QHFHVDU FD Y W PDUHD V SUH]LQWH R DQXPLW
JUDYLWDWHV FRQVWLWXLHYLRODUHDXQXLGUHSWDOSHUVRDQHLDUW&SHQFRPELQDWFX
DUW&SHQÌQOLSVDDFHVWHLJUDYLW LIDSWDSRDWHDWUDJHVDQF LXQLGLVFLSOLQDUHVDX
DGPLQLVWUDWLYHGDUQXSHQDOH
$EX]XO vQ VHUYLFLX SULQ WUDQVIHUDUHD LOHJDO D XQRU DQJDMD L vQ ORFXUL GH
PXQF XQGHQXSXWHDXILvQFDGUD LúLUHIX]XOGHDLUHLQWHJUDvQYHFKLXOORUORFGH
PXQF GLVSXV SULQ KRW UkUL FLYLOH H[HFXWRULL FRQVWLWXLH IDSWH GH QDWXU D FDX]D
VXIHULQ H PRUDOH SHUVRDQHORU Y W PDWH vQ SULQFLSDO FD XUPDUH D OLSVHL ORFXOXL GH
PXQF úLDSXUW ULLSURFHVHORUWLPSGHGRLDQLLPSOLFkQGGHSODV ULUHSHWDWHvQDOWH
ORFDOLW LúLVWUHVXOLQHUHQW&DDWDUHREOLJDUHDLQFXOSDWXOXLFRQGDPQDWSHQWUXDEX]
vQVHUYLFLXODSODWDXQRUGDXQHPRUDOHHVWHMXVWLILFDW
([LVW LQIUDF LXQHDH[DPLQDW úLvQFD]XOUHIX]XOXLQHMXVWLILFDWDOXQXLRIL HU
GH SROL LH GHDUHVWLWXLSHUPLVXOGHFRQGXFHUHS U LLY W PDWHDúDFXPVDGLVSXV
SULQ KRW UkUHD MXGHF WRUHDVF GHILQLWLY GH DQXODUH DSURFHVXOXL YHUEDO GH
FRQWUDYHQ LHSULQFDUHVHULGLFDVHDFHOSHUPLVGHFRQGXFHUH VDXGDF RVS WDUXOGH
ODXQUHVWDXUDQWYLQGHEHUHúLPLFLFXVXSUDSUH
6LHJIULHG.DKDQHRSFLWYRO,9S
&6-VSGQUÌQDOWD&XUWHGH&DVD LHúL-XVWL LH%XOHWLQXOMXULVSUXGHQ HL&XOHJHUHGHGHFL]LL
SHDQXO(GLWXUD$OO%HFN%XFXUHúWLS1LFRULQD&ULúX0DJUDRQ&RQVWDQWLQ&ULúXRSFLW
S
&6-VPGQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSHDQXO
(GLWXUD$UJHVVLV&XUWHDGH$UJHúS*DEULHO,RQHVFX,RVLI,RQHVFX3UREOHPHGHGUHSWGLQ
MXULVSUXGHQ D&XU LL6XSUHPHGH-XVWL LHvQPDWHULHSHQDO (GLWXUD-XULV$UJHVVLV&XUWHDGH$UJHú
S
&6-vQFRPSXQHUHDSUHY ]XW GHDUWGLQ/HJHDSHQWUXRUJDQL]DUHMXGHF WRUHDVF GQU'U
QUS
/HJ WXUDGHFDX]DOLWDWHvQWUHDF LXQHDVDXLQDF LXQHDLQFULPLQDW úLXUPDUHD
LPHGLDW HVWHQHFHVDUV H[LVWHúLvQJHQHUHDFHDVWDUH]XOW GLQvQV úLPDWHULDOLWDWHD
IDSWHLH[UH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LHHVWHH[SUHVSUHY ]XW vQFRQ LQXWXOQRUPHLGHLQFULPLQDUH
úLDQXPHLQWHQ LDGLUHFW VDXLQGLUHFW $FHDVWDvQVHDPQ F I SWXLWRUXOFXYRLQ
DHIHFWXDWDF LXQHDVDRULDU PDVvQSDVLYLWDWHDSUHY ]XWF SULQV YkUúLUHDDFHOHL
DF LXQLVDXLQDF LXQLVHFDX]HD] RY W PDUHDLQWHUHVHORUOHJDOHDOHXQHLSHUVRDQH
úLDXUP ULWDFHVWUH]XOWDWLQWHQ LHGLUHFW VDXDDFFHSWDWSURGXFHUHDOXLLQWHQ LH
LQGLUHFW )RUPDGHYLQRY LHVSHFLILF DFHVWHLLQIUDF LXQLUH]XOW úLGLQVLQWDJPD
ÄFX úWLLQ ´ FDUH SUHVXSXQH LQWHQ LD úL vQ FD]XO PRGDOLW LL RPLVLYH D DEX]XOXL vQ
VHUYLFLXFRQWUDLQWHUHVHORUSHUVRDQHORU
&kQG SULQ LQDF LXQHD VDX DF LXQHD V YkUúLW GLQ FXOS VD DGXV LQWHUHVHORU
OHJDOH DOH XQRU SHUVRDQH R Y W PDUH LPSRUWDQW IDSWD FRQVWLWXLH LQIUDF LXQHD GH
QHJOLMHQ vQVHUYLFLXDUW&SHQ
1X VXQW SUHY ]XWH FHULQ H HVHQ LDOH UHIHULWRDUH OD PRELO VDX VFRS GDU
FXQRDúWHUHDORUHVWHWRWGHDXQDXWLO SHQWUXLQGLYLGXDOL]DUHDSHGHSVHL
)RUPH6DQF LXQL
)RUPH $EX]XO vQ VHUYLFLX FRQWUD LQWHUHVHORU SHUVRDQHORU HVWH R LQIUDF LXQH
FDUH VH SRDWH V YkUúL DWkW SULQ DF LXQH vQGHSOLQLUHD vQ PRG GHIHFWXRV D XQXL DFW
FkW úL SULQ LQDF LXQH QHvQGHSOLQLUHD XQXL DFW 'DWRULW XUP ULL LPHGLDWH FDUH
WUHEXLHV FRQVWHDvQY W PDUHDLQWHUHVHORUOHJDOHDOHXQHLSHUVRDQHDFHDVW IDSW
PDLSRDWHILFDUDFWHUL]DW úLFDRLQIUDF LXQHGHGDXQ
ÌQ SUDFWLFD MXGLFLDU VD VWDELOLW vQ PRG MXVW F DEX]XO vQ VHUYLFLX FRQWUD
LQWHUHVHORUSHUVRDQHORUDUHFDUDFWHUVXEVLGLDUQXPDLvQUDSRUWFXDOWHLQIUDF LXQLDO
F URUVXELHFWDFWLYHVWHvQPRGREOLJDWRULXXQIXQF LRQDUSXEOLFVDXIXQF LRQDULDU
QXvQUDSRUWFXRULFHLQIUDF LXQH
$FWHOH SUHSDUDWRULL OD DFHDVW LQIUDF LXQH VXQW SRVLELOH GDU QX VXQW
LQFULPLQDWH
/D DEX]XO FDUH VH V YkUúHúWH SULQ LQDF LXQH QX HVWH SRVLELO WHQWDWLYD ÌQ
PRGDOLWDWHDQRUPDWLY FRPLVLY WHQWDWLYDHVWHSRVLELO GDUQXHVWHLQFULPLQDW
ÌQGDWRULUHDGHDIDFHXQDFWSRDWHILLPHGLDW RULSRDWHILVXSXV XQXLWHUPHQ
ÌQ DPEHOH FD]XUL LQIUDF LXQHD VH FRQVXP LQVWDQWDQHX ILH OD GDWD QHvQGHSOLQLULL
DFWXOXLILHODGDWDH[SLU ULLWHUPHQXOXLSHQWUXHIHFWXDUHDOXL
ÌQ PRGDOLWDWHD RPLVLY LQIUDF LXQHD VH FRQVXP vQ PRPHQWXO vQ FDUH D
H[SLUDWWHUPHQXOvQFDUHDFWXOWUHEXLDV ILHHIHFWXDW
6DQF LXQL$EX]XOvQVHUYLFLXFRQWUDLQWHUHVHORUSHUVRDQHORUVHSHGHSVHúWHFX
vQFKLVRDUH GH OD OXQL OD DQL GDF HVWH FRPLV GH XQ IXQF LRQDU SXEOLF úL FX FX
vQFKLVRDUHGHODOXQLODDQLGDF HVWHFRPLVGHXQIXQF LRQDU
3RWULYLW DUW GLQ /HJHD QU SHQWUX SUHYHQLUHD GHVFRSHULUHD úL
VDQF LRQDUHD IDSWHORU GH FRUXS LH FX PRGLILF ULOH úL FRPSOHW ULOH XOWHULRDUH
LQIUDF LXQHD GH DEX] vQ VHUYLFLX FRQWUD LQWHUHVHORU SHUVRDQHORU GDF IXQF LRQDUXO
6LHJIULHG.DKDQHRSFLWYRO,9S
76VSGQU55'QUS
3XEOLFDW vQ02IQUGLQPRGLILFDW SULQ2*QUGLQSXEOLFDW vQ02I
QUGLQPRGLILFDW úLFRPSOHWDW SULQ/HJHDQUSULYLQGXQHOHP VXULSHQWUXDVLJXUDUHD
WUDQVSDUHQ HL vQ H[HUFLWDUHD GHPQLW LORU SXEOLFH D IXQF LLORU SXEOLFH úL vQ PHGLXO GH DIDFHUL SUHYHQLUHD úL
VDQF LRQDUHDFRUXS LHLSXEOLFDW vQ02IGLQ/HJHDQUSXEOLFDW vQ02IQUGLQ
28*QUSXEOLFDW vQ02IQUGLQúL28*QUSXEOLFDW vQ
02IQUGLQ
SXEOLF D RE LQXW SHQWUX VLQH VDX SHQWUX DOWXO XQ DYDQWDM SDWULPRQLDO VDX
QHSDWULPRQLDOVHSHGHSVHúWHFXvQFKLVRDUHGHODODDQL
3HQWUXSHUVRDQDMXULGLF SHGHDSVDDSOLFDELO SRWULYLWDUWDOLQúL
& SHQ vQ FD]XO V YkUúLULL LQIUDF LXQLL GH DEX] vQ VHUYLFLX FRQWUD LQWHUHVHORU
SHUVRDQHORUHVWHGXS FD]DPHQGDGHODOHLODOHLVDXGHODOD
OHLvQVLWXD LDSUHY ]XW vQGLQ/HJHDQU
$%8=8/Ì16(59,&,835,1Ì1*5 ',5($8125'5(3785,
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDOFRQVW vQDFHOHUHOD LLVRFLDOHUHIHULWRDUHODLQWHUHVHOH
SXEOLFH D F URU QRUPDO IRUPDUH GHVI úXUDUH úL GH]YROWDUH QX DU IL SRVLELOH I U
DVLJXUDUHD EXQXOXL PHUV DO DFWLYLW LL SHUVRDQHORU MXULGLFH GH GUHSW SXEOLF VDX GH
GUHSW SULYDW úL DS UDUHD LQWHUHVHORU OHJDOH DOH SHUVRDQHORU vPSRWULYD DEX]XULORU
IXQF LRQDULORUSXEOLFLVDXIXQF LRQDULORU
3ULQLQWURGXFHUHDDFHVWHLUHJOHPHQW ULOHJLXLWRUXODYUXWV DFRUGHRSURWHF LH
VSRULW XQXLD GLQWUH FHOH PDL LPSRUWDQWH GUHSWXUL IXQGDPHQWDOH FRQVDFUDWH GH
&RQVWLWX LD5RPkQLHLvQDUWúLDQXPHHJDOLWDWHDvQGUHSWXUL
2ELHFWXO PDWHULDO GH UHJXO OLSVHúWH OD DEX]XO vQ VHUYLFLX SULQ vQJU GLUHD
XQRUGUHSWXUL3RWILvQV VLWXD LLFkQGH[LVW XQRELHFWPDWHULDOGHH[FkQGDEX]XO
SULYHúWHPRGLILFDUHDXQXLDFWGHVWDUHFLYLO VDXDDOWXLDFWSXEOLF
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU DO DFHVWHL LQIUDF LXQL SURSULL QX SRDWH IL
GHFkW R SHUVRDQ FDOLILFDW úL DQXPH XQ IXQF LRQDU SXEOLF VDX XQ IXQF LRQDU
$FHDVW FDOLWDWHWUHEXLHvQWUXQLW GRDUGHDXWRUVDXFRDXWRULODGDWDV YkUúLULLIDSWHL
LQVWLJDWRULVDXFRPSOLFLSXWkQGILRULFHSHUVRDQHFHvQGHSOLQHVFFRQGL LLOHJHQHUDOH
DOHU VSXQGHULLSHQDOH
6XELHFW DFWLY SRDWH IL úL R SHUVRDQ MXULGLF vQ FRQGL LLOH úL FX OLPLW ULOH
DU WDWHvQDUWDOLQ&SHQ
6XELHFWXO SDVLY VSHFLDO HVWH FHW HDQXO URPkQ VDX VWU LQ RUL DSDWULGXO
F UXLD L VD vQJU GLW IRORVLQ D RUL H[HUFL LXO GUHSWXULORU SH WHPHL GH UDV
QD LRQDOLWDWH HWQLH OLPE UHOLJLH JHQ RULHQWDUH VH[XDO RSLQLH DSDUWHQHQ
SROLWLF FRQYLQJHUL DYHUH RULJLQH VRFLDO YkUVW GL]DELOLWDWH ERDO FURQLF
QHFRQWDJLRDV VDX LQIHF LH +,96,'$ $úDGDU VXELHFWXO SDVLY HVWH FDUDFWHUL]DW
SULQWUXQDGLQDFHVWHHQWLW L
7H[WXO DUW D IRVW LQWURGXV SULQ /HJHD QU SULYLQG PRGLILFDUHD úL FRPSOHWDUHD /HJLL
QUSXEOLFDW vQ02IQUGLQ
&RQVWLWX LD 5RPkQLHL HVWH IRUPD UHSXEOLFDW D &RQVWLWX LD 5RPkQLHL GLQ FX DFWXDOL]DUHD
GHQXPLULORUúLUHQXPHURWDUHDDUWLFROHORUUHYL]XLW SULQ/HJHDQUDSUREDW SULQUHIHUHQGXPXOQD LRQDO
GLQ RFWRPEULH FRQILUPDW SULQ +RW UkUHD &XU LL &RQVWLWX LRQDOH QU GLQ RFWRPEULH 7H[WXO
&RQVWLWX LHL5RPkQLHLDIRVWSXEOLFDWvQ02IQUGLQRFWRPEULH
$ VH YHGHD FHOH DU WDWH OD LQIUDF LXQHD GH DEX] vQ VHUYLFLX FRQWUD LQWHUHVHORU SHUVRDQHORU FX SULYLUH OD
VXELHF LL DFWLYL úL SDUWLFLSD LD SHQDO DVSHFWH FDUH VXQW YDODELOH úL vQ FHHD FH SULYHúWH LQIUDF LXQHD GH DEX] vQ
VHUYLFLXSULQvQJU GLUHDXQRUGUHSWXUL
/HJHD FHW HQLHL URPkQH QU SXEOLFDW vQ 0 2I QU GLQ UHSXEOLFDW vQ WHPHLXO
DUW,,,GLQ/HJHDQUSXEOLFDW vQ02IQUSHQWUXPRGLILFDUHDúLFRPSOHWDUHD/HJLL
FHW HQLHLURPkQHQUvQ02IQUGLQGkQGXVHDUWLFROHORURQRX QXPHURWDUH
28* QU SULYLQG UHJLPXO VWU LQLORU vQ 5RPkQLD SXEOLFDW vQ 0 2I QU GLQ
DSUREDW SULQ/HJHDQUSXEOLFDW vQ02IQUGLQUHSXEOLFDW vQWHPHLXO,,,GLQ/HJHD
QUvQ02IQUGLQ28*QUUHSXEOLFDW DPDLIRVWPRGLILFDW úLFRPSOHWDW
SULQ/HJHDQUSXEOLFDW vQ02IQUGLQ
6XELHFW SDVLY JHQHUDO HVWH VWDWXO FD WLWXODU DO UHOD LLORU VRFLDOH UHIHULWRDUH OD
LQWHUHVHOHSXEOLFHúLDOYDORULLVRFLDOHFDUHHVWHEXQXOPHUVDODFWLYLW LLSHUVRDQHORU
MXULGLFHGHGUHSWSXEOLFYDORDUHF UHLDLVHDGXFHDWLQJHUHSULQV YkUúLUHDDEX]XOXL
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO DO LQFULPLQ ULL FRQVW DOWHUQDWLY ILH vQ vQJU GLUHD
IRORVLQ HL VDX H[HUFL LXOXL GUHSWXULORU XQXL FHW HDQ ILH vQ FUHDUHD XQHL VLWXD LL GH
LQIHULRULWDWHSHQWUXRSHUVRDQ SHWHPHLGHUDV QD LRQDOLWDWHHWQLHOLPE UHOLJLH
JHQ RULHQWDUH VH[XDO RSLQLH DSDUWHQHQ SROLWLF FRQYLQJHUL DYHUH RULJLQH
VRFLDO YkUVW GL]DELOLWDWHERDO FURQLF QHFRQWDJLRDV VDXLQIHF LH+,96,'$
ÌQ FDGUXO SULPHL PRGDOLW L VXELHFWXO DFWLY I U QLFL R MXVWLILFDUH OHJDO
vPSLHGLF R SHUVRDQ V IRORVHDVF GUHSWXULOH SH FDUH OH DUH VDX V OH H[HUFLWH vQ
PRGLQWHJUDODúDFXPvLVXQWDFRUGDWHGHOHJH
$F LXQHD GH vQJU GLUH SULYHúWH DOWHUQDWLY ILH IRORVLQ D ILH H[HUFL LXO
GUHSWXULORUXQXLFHW HDQ
ÌQJU GLUHD IRORVLQ HL GUHSWXULORU XQXL FHW HDQ LPSOLF vQJU GLUHD RULF UXL
GUHSWFDUHDSDU LQHFDSDFLW LLGHIRORVLQ DXQHLSHUVRDQH(DVHUHIHU GHRSRWULY
OD GUHSWXULOH FH VH QDVF GLQ PDQLIHVW ULOH GH YRLQ DOH WLWXODUXOXL SUHFXP úL OD
GUHSWXULOHFHL]YRU VFGLUHFWGLQOHJHGHH[GUHSWXOODQXPH
ÌQJU GLUHDH[HUFL LXOXLGUHSWXULORUXQHLSHUVRDQHUH]LG vQRULFHDFWLYLWDWHSULQ
FDUHDFHDVWDHVWHOLSVLW GHSRVLELOLWDWHDGHDúLYDORULILFDGUHSWXULOHSULQV YkUúLUHD
GHDFWHMXULGLFH3HQWUXH[LVWHQ DHOHPHQWXOXLPDWHULDODOLQIUDF LXQLLDQDOL]DWHHVWH
VXILFLHQW FD DF LXQHD GH vQJU GLUH V VH UHIHUH OD XQ VLQJXU GUHSW SULYLWRU OD
FDSDFLWDWHDGHIRORVLQ VDXGHH[HUFL LXDVXELHFWXOXLSDVLY
ÌQVLWXD LDvQFDUHXQGUHSWDOXQHLSHUVRDQHHVWHRFURWLWSULQGLVSR]L LLSHQDOH
FXSULQVHvQOHJLVSHFLDOHGHH[GUHSWXULOHHOHFWRUDOHGUHSWXOODSURWHF LDPXQFLL
IDSWD GH vQJU GLUH LOHJDO D IRORVLQ HL VDX H[HUFL LXOXL GUHSWXOXL UHVSHFWLY YD IL
vQFDGUDW vQWH[WHOHVSHFLDOHLDUQXvQDUW&SHQ
ÌQFDGUXOFHOHLGHDGRXDPRGDOLW LI SWXLWRUXO LQkQGVHDPDGHDSDUWHQHQ D
XQHL SHUVRDQH OD R DQXPLW QD LRQDOLWDWH HWQLH RUL GH UDVD DFHVWHLD VDX GH OLPED
JHQXORULHQWDUHDVH[XDO RSLQLDDSDUWHQHQ DSROLWLF DYHUHDYkUVWDVDXUHOLJLDHL
vL FUHHD] R VLWXD LH GH LQIHULRULWDWH DGLF R VLWXD LH PDL UHD GHFkW D FHORUODOWH
SHUVRDQHúLSULQDFHDVWDvQFDOF SULQFLSLXOFRQVWLWX LRQDODOHJDOLW LLvQGUHSWXUL
$F LXQHDFDUHFRQVWLWXLHHOHPHQWXOPDWHULDODOLQIUDF LXQLLSRDWHILUHDOL]DW SULQ
DFWHFRPLVLYHGHH[úWHUJHUHDXQXLFHW HDQGHSHOLVWHOHGHDOHJ WRULvQFDGUDUHDXQXL
FHW HDQvQWURFDWHJRULHGHVDODUL]DUHLQIHULRDU DFHOHLDODFDUHHVWHvQGUHSW LWVDXDFWH
RPLVLYHGHH[RPLVLXQHDGHDvQVFULHSHXQFHW HDQvQOLVWHOHGHDOHJ WRULUHIX]XOGH
DDQJDMDXQDQXPLWFHW HDQGHúLSRVWXOHVWHYDFDQW
&HULQ HVHQ LDO 3HQWUX H[LVWHQ D HOHPHQWXOXL PDWHULDO HVWH QHFHVDU FD
DF LXQHD LQFULPLQDW V ILH HIHFWXDW GH XQ IXQF LRQDU SXEOLF VDX XQ IXQF LRQDU vQ
VIHUDDWULEX LLORUVDOHGHVHUYLFLX
8UPDUHD LPHGLDW FRQVW vQ OH]DUHD XQXL GUHSW DO XQHL SHUVRDQH SULQ
UHVWUkQJHUHD IRORVLQ HL VDX H[HUFL LXOXL DFHOXL GUHSW VDX SULQ FUHDUHD XQHL VLWXD LL
FDUHQHVRFRWHúWHGUHSWXODFHOHLSHUVRDQH/H]DUHDSRDWHILPRUDO VDXPDWHULDO
/HJ WXUD GH FDX]DOLWDWH vQWUH DF LXQHD FDUH FRQVWLWXLH HOHPHQWXO PDWHULDO úL
XUPDUHDLPHGLDW HVWHQHFHVDUV H[LVWHÌQJHQHUHDFHDVW OHJ WXU UH]XOW H[UH
$QHWD*ULJRURYLFL,QIUDF LXQLGHVHUYLFLXVDXvQOHJ WXU FXVHUYLFLXO(GLWXUDùWLLQ LILF úL(QFLFORSHGLF
%XFXUHúWLS
*KHRUJKH' UkQJ úL'XPLWUX/XFLQHVFXRSFLWYRO,,S
6LHJIULHG.DKDQHRSFLWYRO,9S
/DWXUDVXELHFWLY
)RUPDGHYLQRY LHFXFDUHVHSRDWHFRPLWHDFHDVW LQIUDF LXQHHVWHLQWHQ LD
GLUHFW ,QIUDF LXQHDGHDEX]vQVHUYLFLXSULQvQJU GLUHDXQRUGUHSWXULQXSRDWHIL
V YkUúLW FX LQWHQ LH LQGLUHFW GHRDUHFH vQ FRQ LQXWXO ODWXULL VXELHFWLYH D DFHVWHL
LQIUDF LXQLLQWU FDRFHULQ HVHQ LDO XQDQXPLWPRELOFDUHFDOLILF YLQRY LD
([LVW úL RSLQLD F DFHDVW LQIUDF LXQH VH SRDWH FRPLWH úL FX LQWHQ LH
LQGLUHFW vQ PRGDOLWDWHD QRUPDWLY D vQJU GLULL GH F WUH DXWRU D IRORVLQ HL VDX D
H[HUFL LXOXLGUHSWXULORUYUHXQHLSHUVRDQHVDXFKLDUvQDPEHOHPRGDOLW LQRUPDWLYH
DOHLQFULPLQ ULL
&HULQ HVHQ LDO 3HQWUXDILvQSUH]HQ DDFHVWHLLQFULPLQ ULHVWHQHFHVDUFD
DF LXQHDSULQFDUHVDFDX]DWROH]DUHDGUHSWXOXLXQHLSHUVRDQHV ILHV YkUúLW ÄSH
WHPHL GH UDV QD LRQDOLWDWH HWQLH OLPE UHOLJLH JHQ RULHQWDUH VH[XDO RSLQLH
DSDUWHQHQ SROLWLF FRQYLQJHUL DYHUH RULJLQH VRFLDO YkUVW GL]DELOLWDWH ERDO
FURQLF QHFRQWDJLRDV VDX LQIHF LH +,96,'$´ &X DOWH FXYLQWH SHQWUX H[LVWHQ D
LQIUDF LXQLLGHDEX]vQVHUYLFLXSULQvQJU GLUHDXQRUGUHSWXULVHFHUHFDI SWXLWRUXO
V ILIRVWGHWHUPLQDWGHXQDQXPLWPRELO
$úDGDUvQWLPSFHODQXPHURDVHLQIUDF LXQLPRELOXOFRQVWLWXLHXQHOHPHQWGH
IDSW XWLO SHQWUX LQGLYLGXDOL]DUHD SHGHSVHORU vQ FD]XO LQIUDF LXQLL GH DEX] vQ
VHUYLFLXSULQvQJU GLUHDXQRUGUHSWXULPRELOXOFRQVWLWXLHRFHULQ HVHQ LDO GHFLXQ
HOHPHQWFRPSRQHQWDOLQIUDF LXQLL
ÌQOLSVDDFHVWXLPRELOIDSWDYDSXWHDILvQFDGUDW vQGLVSR]L LLOHGLQDUW
&SHQGDF VXQWvQWUXQLWHúLFHOHODOWHFRQGL LLGHLQFULPLQDUH
)RUPH6DQF LXQL
)RUPH$EX]XOvQVHUYLFLXSULQvQJU GLUHDXQRUGUHSWXULHVWHRYDULDQW F UHLDL
VD GDW XQ QRPHQ MXULV SURSULX D DEX]XOXL vQ VHUYLFLX FRQWUD LQWHUHVHORU SHUVRDQHORU
YDULDQW SH FDUH GDWRULW JUDYLW LL GHWHUPLQDWH GH RELHFWXO MXULGLF úL GH PRELOXO
LQIUDF LXQLLOHJLXLWRUXODVRFRWLWRPDLSHULFXORDV VRFLDOPHQWHGHFkWYDULDQWDGLQDUW
&SHQúLDLQFULPLQDWRGHRVHELWSUHY ]kQGúLRSHGHDSV PDLJUHD
$EX]XOvQVHUYLFLXSULQvQJU GLUHDXQRUGUHSWXULHVWHRLQIUDF LXQHGHDF LXQH
FRPLVLY FDUHvQFRQFUHWSRDWHILV YkUúLW úLSULQDFWHRPLVLYH
$FWHOHSUHSDUDWRULLúLWHQWDWLYDVXQWSRVLELOHGDUQXVXQWLQFULPLQDWH/HJHD
QXLQFULPLQHD] GHFkWIRUPDWLSLF DIDSWHLFRQVXPDWH
,GHPYRO,9S*KHRUJKH' UkQJ úL'XPLWUX/XFLQHVFXRSFLWYRO,,S&%XODL'UHSWSHQDO
3DUWHD VSHFLDO %XFXUHúWL YRO ,, S 2OLYLX $XJXVWLQ 6WRLFD 'UHSW SHQDO 3DUWH VSHFLDO (GLWXUD
'LGDFWLF úL 3HGDJRJLF %XFXUHúWL S /XFLD 0ROGRYDQ vQ 0DWHL %DVDUDE /XFLD 0ROGRYDQ 9DOHU
6XLDQ'UHSWSHQDO3DUWHDVSHFLDO &OXM1DSRFDYRO,S,RQ*KHRUJKLX%U GHW'UHSWSHQDO3DUWHD
VSHFLDO YRO , (GLWXD (XURSD 1RYD %XFXUHúWL S ,RDQ 0ROQDU vQ *KHRUJKH 1LVWRUHDQX 9DVLOH
'REULQRLX $OH[DQGUX %RURL ,OLH 3DVFX ,RDQ 0ROQDU 9DOHULF /D] U 'UHSW SHQDO 3DUWHD VSHFLDO (GLWXUD
(XURSD1RYD%XFXUHúWLS,RDQD9DVLX'UHSWSHQDOURPkQSDUWHDVSHFLDO YRO,,(GLWXUD$OEDVWU
&OXM1DSRFDS2FWDYLDQ/RJKLQ7XGRUHO7RDGHU'UHSWSHQDOURPkQ3DUWHDVSHFLDO HGL LDD,9D
UHY ]XW úL DG XJLW &DVD GH HGLWXU úL SUHV ùDQVD 65/ %XFXUHúWL S 9DVLOH 'REULQRLX vQ 9DVLOH
'REULQRLX 1LFRODH &RQHD &LSULDQ 5DXO 5RPL DQ &DPLO 7 Q VHVFX 1RUHO 1HDJX 0D[LP 'REULQRLX 'UHSW
SHQDO3DUWHDVSHFLDO YRO,,/XPLQD/H[%XFXUHúWLS,OLH3DVFXvQ,OLH3DVFX9DOHULF /D] U'UHSW
SHQDO 3DUWHD VSHFLDO (GLWXUD /XPLQD /H[ %XFXUHúWL S $OH[DQGUX %RURL *KHRUJKH 1LVWRUHDQX
'UHSWSHQDO3DUWHDVSHFLDO HGL LDD,,,D(GLWXUD$OO%HFN%XFXUHúWLS
$QHWD*ULJRURYLFLRSFLWS
$YUDP)LOLSDúvQ2FWDYLDQ/RJKLQ$YUDP)LOLSDú'UHSWSHQDO3DUWHDVSHFLDO HGL LHUHYL]XLW &DVDGH
HGLWXU úLSUHV ùDQVD65/%XFXUHúWLS$YUDP)LOLSDúvQ&RVWLF %XODL$YUDP)LOLSDú&RQVWDQWLQ
0LWUDFKH,QVWLWX LLGHGUHSWSHQDO&XUVVHOHFWLYSHQWUXH[DPHQXOGHOLFHQ (GL LDD,,,DUHYL]XLW úLDG XJLW
(GLWXUD7UHL%XFXUHúWLS,QWHQ LDLQGLUHFW HVWHSRVLELO vQDFHDVW FRQFHS LHGHRDUHFHDQLPDWGHR
DVHPHQHD PRWLYD LH DJHQWXO SRDWH DFFHSWD SHULFOLWDUHD UHOD LLORU GH VHUYLFLX RELHFWXO VSHFLDO SULQFLSDO I U D
XUP ULQHDS UDWDFHVWOXFUX
6LHJIULHG.DKDQHRSFLWYRO,9S
)LLQG R LQIUDF LXQH LQVWDQWDQHH úL GH GDXQ FRQVXPDUHD DFHVWHLD LQWHUYLQH
DWXQFLFkQGVHUHDOL]HD] DF LXQHDLQFULPLQDW úLVHSURGXFHXUPDUHDLPHGLDW
6DQF LXQL$EX]XOvQVHUYLFLXSULQvQJU GLUHDXQRUGUHSWXULVHSHGHSVHúWHFX
vQFKLVRDUHGHODOXQLODDQLGDF HVWHFRPLVGHXQIXQF LRQDUSXEOLFLDUGDF
HVWHFRPLVGHXQIXQF LRQDUPD[LPXOVSHFLDOVHUHGXFHFXRWUHLPH
3RWULYLW DUW GLQ /HJHD QU SHQWUX SUHYHQLUHD GHVFRSHULUHD úL
VDQF LRQDUHD IDSWHORU GH FRUXS LH FX PRGLILF ULOH úL FRPSOHW ULOH XOWHULRDUH
LQIUDF LXQHD GH DEX] vQ VHUYLFLX SULQ vQJU GLUHD XQRU GUHSWXUL GDF IXQF LRQDUXO
SXEOLF D RE LQXW SHQWUX VLQH VDX SHQWUX DOWXO XQ DYDQWDM SDWULPRQLDO VDX
QHSDWULPRQLDOVHSHGHSVHúWHFXvQFKLVRDUHGHODODDQL
3HQWUXSHUVRDQDMXULGLF SHGHDSVDDSOLFDELO SRWULYLWDUWDOLQúL
& SHQ vQ FD]XO V YkUúLULL LQIUDF LXQLL GH DEX] vQ VHUYLFLX SULQ vQJU GLUHD XQRU
GUHSWXULHVWHGXS FD]DPHQGDGHODOHLODOHLVDXGHODOD
OHLvQVLWXD LDSUHY ]XW vQGLQ/HJHDQU
$%8=8/Ì16(59,&,8&2175$,17(5(6(/2538%/,&(
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO DEX]XOXL vQ VHUYLFLX FRQWUD LQWHUHVHORU SXEOLFH vO
FRQVWLWXLH DFHOH UHOD LL VRFLDOH UHIHULWRDUH OD LQWHUHVHOH SXEOLFH D F URU QRUPDO
IRUPDUHGHVI úXUDUHúLGH]YROWDUHQXDUILSRVLELOHI U DVLJXUDUHDEXQXOXLPHUVDO
DFWLYLW LLSHUVRDQHORUMXULGLFHGHGUHSWSXEOLFVDXGHGUHSWSULYDWSULQH[HUFLWDUHD
FX FRUHFWLWXGLQH D DWULEX LLORU GH VHUYLFLX GH F WUH IXQF LRQDULL SXEOLFL VDX
IXQF LRQDULLDFHVWRUD
3ULQ DFHDVW LQFULPLQDUH VXQW RFURWLWH úL UHOD LLOH VRFLDOH UHIHULWRDUH OD
SDWULPRQLXOSHUVRDQHORUMXULGLFHGHGUHSWSXEOLFVDXSULYDW
2ELHFWXO PDWHULDO GH UHJXO OLSVHúWH OD DFHDVW IDSW SHQDO 'DF vQV
DF LXQHDFDUHFRQVWLWXLHHOHPHQWXOPDWHULDOVDH[HUFLWDWDVXSUDXQXLOXFUXGHH[
SURGXVH VDX PDWHULL SULPH FDUH GDWRULW XQXL DEX] vQ VHUYLFLX QX DXIRVWSUHGDWH
XQLW LL EHQHILFLDUH vQWUR DVHPHQHD VLWXD LH H[LVW RELHFW PDWHULDO DO
LQIUDF LXQLL
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU DO DFHVWHL LQIUDF LXQL SURSULL QX SRDWH IL
GHFkW R SHUVRDQ FDOLILFDW úL DQXPH XQ IXQF LRQDU SXEOLF VDX XQ IXQF LRQDU
SULYDW3ULQXUPDUHLQVWLJDWRULVDXFRPSOLFLSRWILRULFHDOWHSHUVRDQH
3RWULYLWDUW&SHQGLVSR]L LLOHDUW&SHQSULYLWRDUHODIXQF LRQDUL
SXEOLFL VH DSOLF úL FHORUODO L IXQF LRQDUL vQ DFHVW FD] PD[LPXO SHGHSVHL UHGXFkQ
GXVHFXRWUHLPH
3XEOLFDW vQ02IQUGLQPRGLILFDW SULQ2*QUGLQSXEOLFDW vQ02I
QUGLQPRGLILFDW úLFRPSOHWDW SULQ/HJHDQUSULYLQGXQHOHP VXULSHQWUXDVLJXUDUHD
WUDQVSDUHQ HL vQ H[HUFLWDUHD GHPQLW LORU SXEOLFH D IXQF LLORU SXEOLFH úL vQ PHGLXO GH DIDFHUL SUHYHQLUHD úL
VDQF LRQDUHDFRUXS LHLSXEOLFDW vQ02IGLQ/HJHDQUSXEOLFDW vQ02IQUGLQ
úL28*QUSXEOLFDW vQ02IQUGLQ
7H[WXO DUW D IRVW LQWURGXV SULQ /HJHD QU SULYLQG PRGLILFDUHD úL FRPSOHWDUHD /HJLL
QUSXEOLFDW vQ02IQUGLQ
6LHJIULHG.DKDQHRSFLWYRO,9S
$ VH YHGHD FHOH DU WDWH OD LQIUDF LXQHD GH DEX] vQ VHUYLFLX FRQWUD LQWHUHVHORU SHUVRDQHORU FX SULYLUH OD
VXELHF LL DFWLYL úL SDUWLFLSD LD SHQDO DVSHFWH FDUH VXQW YDODELOH úL vQ FHHD FH SULYHúWH DEX]XO vQ VHUYLFLX FRQWUD
LQWHUHVHORUSXEOLFH
([LVW úL RSLQLD U PDV L]RODW SRWULYLW F UHLD VXELHFW DFWLY QHPLMORFLW DO
DEX]XOXL vQ VHUYLFLX FRQWUD LQWHUHVHORU SXEOLFH QX SRDWH IL GHFkW XQ IXQF LRQDU
SXEOLF GHRDUHFH DFHDVW LQIUDF LXQH DUH FD RELHFW GH RFURWLUH UHOD LLOH VRFLDOH
SULYLWRDUHODEXQXOPHUVDOXQLW LGLQFHOHODFDUHVHUHIHU DUW&SHQ
6XELHFW DFWLY DO DFHVWHL IDSWH SHQDOH SRDWH IL úL R SHUVRDQ MXULGLF vQ
FRQGL LLOHúLFXOLPLW ULOHDU WDWHvQDUWDOLQ&SHQ
6XELHFWXO SDVLY VSHFLDO HVWH SHUVRDQD MXULGLF GH GUHSW SXEOLF VDX SULYDW
F UHLDLVDFDX]DWRWXOEXUDUHvQVHPQDW EXQXOXLPHUVVDXFDUHDIRVWS JXELW SULQ
DFWLYLWDWHDVXELHFWXOXLDFWLY
6XELHFW SDVLY JHQHUDO HVWH VWDWXO FD WLWXODU DO YDORULL VRFLDOH FDUH HVWH EXQXO
PHUVDODFWLYLW LLSHUVRDQHORUMXULGLFHGHGUHSWSXEOLF
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO FRQVW ILH vQWUR LQDF LXQH RPLVLXQH ILH vQWUR DF LXQH
FRPLVLXQH úL DQXPH QHvQGHSOLQLUHD XQXL DFW VDX vQGHSOLQLUHD DFWXOXL vQ PRG
GHIHFWXRV
3HQWUXH[LVWHQ DLQIUDF LXQLLQXSUH]LQW LPSRUWDQ GDF DXWRUXOúLDvQF OFDW
XQD VDX PDL PXOWH vQGDWRULUL GH VHUYLFLX RUL GDF úL OHD vQF OFDW WRWDO VDX QXPDL
SDU LDO
,QVWDQ D VXSUHP D VWDELOLW F UH LQkQGXVH LQIUDF LXQHD GH IDOV LQWHOHFWXDO
FDUDFWHUL]DWSRWULYLWDUW&SHQSULQFDOLWDWHDGHIXQF LRQDUDVXELHFWXOXLDFWLY
úL SULQ FRPLWHUHD IDSWHL vQ H[HUFL LXO DWULEX LLORU GH VHUYLFLX QX VH SRDWH UH LQH úL
LQIUDF LXQHD GH DEX] vQ VHUYLFLX SUHY ]XW vQ DUW & SHQ QLFL vQ FRQGL LLOH
FRQFXUVXOXLUHDOúLQLFLvQFHOHDOHFRQFXUVXOXLLGHDOGHLQIUDF LXQL
&HULQ HVHQ LDO 3HQWUX H[LVWHQ D HOHPHQWXOXL PDWHULDO HVWH QHFHVDU FD
RPLVLXQHD GH D vQGHSOLQL XQ DFW VDX vQGHSOLQLUHD DFWXOXL vQ PRG GHIHFWXRV V ILH
V YkUúLW GHXQIXQF LRQDUSXEOLFVDXIXQF LRQDUvQH[HUFL LXODWULEX LLORUVDOH
/LSVDDFHVWHLFHULQ HHVHQ LDOHGXFHODOLSVDHOHPHQWXOXLPDWHULDOúLLPSOLFLWD
LQIUDF LXQLLvQV úL
8UPDUHD LPHGLDW vQ FD]XO DEX]XOXL vQ VHUYLFLX FRQWUD LQWHUHVHORU SXEOLFH
FRQVW vQWURWXOEXUDUHvQVHPQDW DEXQXOXLPHUVDOXQHLSHUVRDQHMXULGLFHGHGUHSW
SXEOLFVDXGHGUHSWSULYDWRULvQWURSDJXE SULFLQXLW SDWULPRQLXOXLDFHVWHLD
3HQWUXH[LVWHQ DLQIUDF LXQLLGHDEX]vQVHUYLFLXFRQWUDLQWHUHVHORUSXEOLFHHVWH
VXILFLHQW SURGXFHUHD XQHLD GLQWUH DFHVWH XUP UL FDUH VXQW DOWHUQDWLYH úL QX
FXPXODWLYH ÌQ LSRWH]D vQ FDUH SULQWUR DFWLYLWDWH LOLFLW XQLF VH SURGXF DPEHOH
XUP ULSUHY ]XWHvQFRQ LQXWXOQRUPHLGHLQFULPLQDUHLQIUDF LXQHDYDILXQLF FX
SOXUDOLWDWH GH XUP UL LDU GH DFHVW DVSHFW VH YD LQH VHDP OD LQGLYLGXDOL]DUHD
MXGLFLDU DSHGHSVHL
7HUPHQXOÄWXOEXUDUH´LPSOLF RULFHIHOGHDWLQJHUHDGXV EXQXOXLPHUVDOXQHL
SHUVRDQHMXULGLFHGHGUHSWSXEOLFVDXGHGUHSWSULYDWDGLF UHJXODWHLúLHILFLHQWHL
VDOHIXQF LRQ UL3HQWUXH[LVWHQ DLQIUDF LXQLLGHDEX]vQVHUYLFLXFRQWUDLQWHUHVHORU
SXEOLFHHVWHQHFHVDUFDWXOEXUDUHDV ILHÄvQVHPQDW ´DGLF GHRDUHFDUHSURSRU LL
)DSWD SULQ FDUH VD SURGXV R WXOEXUDUH QHvQVHPQDW SRDWH FRQVWLWXL R DEDWHUH
GLVFLSOLQDU FDUHDWUDJHVDQF LXQLGLVFLSOLQDUHQXSHQDOH
,RQHO0XQWHDQX'LVFX LHvQOHJ WXU FXFRQ LQXWXOLQIUDF LXQLORUGHVHUYLFLXSUHY ]XWHGHDUWúL
GLQ&RGXOSHQDO'UQUS
3HQWUX vQ HOHVXO WHUPHQXOXL DFW úL H[SOLFDUHD DF LXQLL VDX LQDF LXQLL LQFULPLQDWH D VH YHGHD FHOH DU WDWH OD
HOHPHQWXOPDWHULDODODEX]XOXLvQVHUYLFLXFRQWUDLQWHUHVHORUSHUVRDQHORU
&6-VSGQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSH
DQXO(GLWXUDÄ3URHPD´%DLD0DUHS
6LHJIULHG.DKDQHRSFLWYRO,9S
&RQVWDWDUHD F vQ FD]XO FRQFUHW GHGXV MXGHF LL VD FDX]DW R WXOEXUDUH
vQVHPQDW EXQXOXLPHUVDOXQHLSHUVRDQHMXULGLFHHVWHDWULEXWXOH[FOXVLYDOLQVWDQ HL
GHMXGHFDW FDUHYDVWDELOLH[LVWHQ DDFHVWXLHOHPHQWDOFRQ LQXWXOXLLQIUDF LXQLLGLQ
DQVDPEOXOSUREHORUHIHFWXDWHI U DILREOLJDW V vúLvQVXúHDVF SXQFWXOGHYHGHUH
DOS U LLFLYLOH'HDVHPHQHDHVWHQHFHVDUDVHVWDELOLúLDVHPRWLYDFRQFUHWvQFH
FRQVW WXOEXUDUHDvQVHPQDW DGXV EXQXOXLPHUVDOSHUVRDQHLMXULGLFH
3DJXEDSULFLQXLW SDWULPRQLXOXLXQHLSHUVRDQHLMXULGLFHWUHEXLHV ILHHIHFWLY
úLFHUW
)DSWDGLUHFWRUXOXLJHQHUDODOXQHLVRFLHW LFRPHUFLDOHDYkQGFDDF LRQDUXQLF
FRQVLOLXOORFDOFDUHvQH[HUFL LXODWULEX LLORUVDOHGHVHUYLFLXFXúWLLQ vQFKHLHvQ
QXPHOH DFHVWHL VRFLHW L FRQWUDFWH FX QHUHVSHFWDUHD SUHYHGHULORU OHJDOH úL D
KRW UkULL DGXQ ULL JHQHUDOH D DF LRQDULORU úL SULQ DFHDVWD FDX]HD] R SDJXE
SDWULPRQLXOXLVRFLHW LLvQWUXQHúWHHOHPHQWHOHFRQVWLWXWLYHDOHLQIUDF LXQLLGHDEX]vQ
VHUYLFLXFRQWUDLQWHUHVHORUSXEOLFHSUHY ]XW vQDUW&SHQ
ÌQFD]XOXQXLFRQFXUVGHLQIUDF LXQLODFDUDFWHUL]DUHDMXULGLF DIDSWHORUHVWH
QHFHVDUV VH LQ VHDPDGHXUP ULOHSHFDUHOHDDYXWILHFDUHIDSW vQSDUWHQHILLQG
SRVLELO FD vQFDGUDUHD V VH IDF vQ UDSRUW GH VXPD SUHMXGLFLLORU SURGXVH SULQ
vQWUHDJDDFWLYLWDWHLQIUDF LRQDO DLQFXOSDWXOXL
,QVWDQ DVXSUHP DGHFLVF DFRUGDUHDGHFUHGLWHFXvQF OFDUHDQRUPHORUGH
FUHGLWDUH GH F WUH XQ IXQF LRQDU DO XQHL E QFL FX FDSLWDO SULYDW FRQVWLWXLH
LQIUDF LXQHDGHDEX]vQVHUYLFLXFRQWUDLQWHUHVHORUSHUVRDQHORUSUHY ]XW vQDUW
&SHQúLQXLQIUDF LXQHDGHDEX]vQVHUYLFLXFRQWUDLQWHUHVHORUSXEOLFHSUHY ]XW
vQDUW&SHQvQWUXFkWE QFLOHFXFDSLWDOSULYDWVXQWSHUVRDQHMXULGLFHGHGUHSW
SULYDW LDU DFWLYLWDWHD DEX]LY D I SWXLWRUXOXL D FDX]DW R Y W PDUH D LQWHUHVHORU
OHJLWLPH DOH DF LRQDULORU E QFLL SULYDWH úL QX XQHL XQLW L SXEOLFH VDX GH LQWHUHV
SXEOLF
'DF SULQ DFWLYLWDWHD LOLFLW D VXELHFWXOXL DFWLY VDX SULFLQXLW FRQVHFLQ H
GHRVHELWGHJUDYHIDSWDDFHVWXLDYDILvQFDGUDW vQGLVSR]L LLOHGLQDUW&SHQ
UHIHULWRDUHODDEX]XOvQVHUYLFLXvQIRUP FDOLILFDW
/HJ WXUDGHFDX]DOLWDWHvQWUHDF LXQHDVDXLQDF LXQHDLQFULPLQDW úLXUPDUHD
LPHGLDW HVWH QHFHVDU V H[LVWH úL vQ SULQFLSLX DFHDVWD UH]XOW GLQ vQV úL
PDWHULDOLWDWHDIDSWHLH[UH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LHHVWHH[SUHVSUHY ]XW vQFRQ LQXWXOQRUPHLGHLQFULPLQDUH
úL DQXPH LQWHQ LD GLUHFW VDX LQGLUHFW $FHDVWD vQVHDPQ F I SWXLWRUXO FX
YRLQ DHIHFWXDWDF LXQHDVDRULDU PDVvQSDVLYLWDWHDSUHY ]XWF SULQV YkUúLUHD
DFHVWHLDVHFDX]HD] RWXOEXUDUHvQVHPQDW EXQXOXLPHUVDOXQHLSHUVRDQHMXULGLFH
VDX R SDJXE SDWULPRQLXOXL DFHVWHLD UH]XOWDW SH FDUH OD XUP ULW LQWHQ LH GLUHFW
VDXODDFFHSWDWLQWHQ LHLQGLUHFW 6LQWDJPDÄFXúWLLQ ´UHIOHFW LQWHQ LDFDIRUP
D YLQRY LHL vQ FD]XO DFHVWHL LQIUDF LXQL úL vQ LSRWH]D vQ FDUH IDSWD DQDOL]DW HVWH
RPLVLY
7M7LPLúGSQU55'QUS
76VSFRPSOPLOGQU55'QUS
Ì&&-VSGQUÌQDOWD&XUWHGH&DVD LHúL-XVWL LH%XOHWLQXOMXULVSUXGHQ HL&XOHJHUHGH
GHFL]LLSHDQXO(GLWXUD$OO%HFN%XFXUHúWLS
76VSGQU55'QUSÌQDFHODúLVHQV76VSGQU55'
QUS
&6-VSGQU1LFRULQD&ULúX0DJUDRQ&RQVWDQWLQ&ULúX-XULVSUXGHQ vQPDWHULHSHQDO D
ÌQDOWHL&XU LGH&DVD LHúL-XVWL LHFXU LGHDSHOúLWULEXQDOH(GLWXUD-XULV$UJHVVLV&XUWHDGH$UJHú
S
6LHJIULHG.DKDQHRSFLWYRO,9S
3HQWUXH[LVWHQ DLQIUDF LXQLLGHDEX]vQVHUYLFLXFRQWUDLQWHUHVHORUSXEOLFHQX
LQWHUHVHD] GH UHJXO QLFL PRELOXO QLFL VFRSXO XUP ULW GH LQIUDFWRU GDU
FXQRDúWHUHDORUHVWHQHFHVDU vQWRWGHDXQDSHQWUXLQGLYLGXDOL]DUHDSHGHSVHL
6 YkUúLUHD GLQ FXOS D IDSWHL SUHY ]XW vQ DUW & SHQ FRQVWLWXLH R DOW
LQIUDF LXQHúLDQXPHQHJOLMHQ vQVHUYLFLXGDF VXQWvQWUXQLWHúLFHOHODOWHFRQGL LL
GHLQFULPLQDUHDU WDWHvQDUW&SHQ
)RUPH6DQF LXQL
)RUPH $EX]XO vQ VHUYLFLX FRQWUD LQWHUHVHORU SXEOLFH VH SRDWH V YkUúL DWkW
SULQ DF LXQH vQGHSOLQLUHD vQ PRG GHIHFWXRV D XQXL DFW FkW úL SULQ LQDF LXQH
QHvQGHSOLQLUHDXQXLDFWúLDUHFDUDFWHUVXEVLGLDUQXPDLvQUDSRUWFXDOWHLQIUDF LXQL
DOF URUVXELHFWDFWLYHVWHvQPRGREOLJDWRULXXQIXQF LRQDUSXEOLFVDXIXQF LRQDU
LDUQXvQUDSRUWFXRULFHLQIUDF LXQH
$FWHOHSUHJ WLWRDUHVXQWSRVLELOHGDUQXVXQWLQFULPLQDWH
/D DEX]XO FDUH VH V YkUúHúWH SULQ LQDF LXQH QX HVWH SRVLELO WHQWDWLYD ÌQ
PRGDOLWDWHDQRUPDWLY FRPLVLY WHQWDWLYDHVWHSRVLELO GDUQXHVWHLQFULPLQDW
/HJHD QX LQFULPLQHD] GHFkW IDSWXO FRQVXPDW $EX]XO vQ VHUYLFLX FRQWUD
LQWHUHVHORUSXEOLFHILLQGRLQIUDF LXQHLQVWDQWDQHHVHFRQVXP vQPRPHQWXOvQFDUH
VD V YkUúLW DF LXQHD LQFULPLQDW úL VD SURGXV XUPDUHD LPHGLDW LDU vQ FD] GH
RPLVLXQH vQ PRPHQWXO vQ FDUH D H[SLUDW WHUPHQXO vQ FDUH DFWXO WUHEXLD V ILH
HIHFWXDW
$EX]XO vQ VHUYLFLX FRQWUD LQWHUHVHORU SXEOLFH VH SRDWH FRPLWH úL vQ PRG
FRQWLQXDWFD]vQFDUHYRPDYHDúLXQPRPHQWDOHSXL] ULLFDUHYDLQWHUYHQLODGDWD
V YkUúLULLXOWLPHLDF LXQLVDXLQDF LXQLDEX]LYHGDW GHODFDUHVHYRUSURGXFHWRDWH
FRQVHFLQ HOHMXULGLFHDOHIDSWHLFRQFUHWHFRPLV GHDJHQWGHH[OHJHDDSOLFDELO
LQFLGHQ DXQXLDFWGHFOHPHQ WHUPHQXOGHSUHVFULS LHDOU VSXQGHULLSHQDOHYkUVWD
VXELHFWXOXLDFWLYSHQWUXDVHVWDELOLGDF U VSXQGHVDXQXSHQDOHWF
6DQF LXQL $EX]XO vQ VHUYLFLX FRQWUD LQWHUHVHORU SXEOLFH VH SHGHSVHúWH FX
vQFKLVRDUHGHODOXQLODDQLGDF HVWHFRPLVGHXQIXQF LRQDUSXEOLFLDUGDF
HVWHFRPLVGHXQIXQF LRQDUPD[LPXOVSHFLDOVHUHGXFHFXRWUHLPH
3RWULYLW DUW GLQ /HJHD QU SHQWUX SUHYHQLUHD GHVFRSHULUHD úL
VDQF LRQDUHD IDSWHORU GH FRUXS LH FX PRGLILF ULOH úL FRPSOHW ULOH XOWHULRDUH
LQIUDF LXQHDGHDEX]vQVHUYLFLXFRQWUDLQWHUHVHORUSXEOLFHGDF IXQF LRQDUXOSXEOLF
DRE LQXWSHQWUXVLQHVDXSHQWUXDOWXOXQDYDQWDMSDWULPRQLDOVDXQHSDWULPRQLDOVH
SHGHSVHúWHFXvQFKLVRDUHGHODODDQL
3HQWUXSHUVRDQDMXULGLF SHGHDSVDDSOLFDELO SRWULYLWDUWDOLQúL
&SHQvQFD]XOV YkUúLULLLQIUDF LXQLLGHDEX]vQVHUYLFLXFRQWUDLQWHUHVHORUSXEOLFH
HVWHGXS FD]DPHQGDGHODOHLODOHLVDXGHODODOHLvQ
VLWXD LDSUHY ]XW vQGLQ/HJHDQU
76VSGQU55'QUS
3XEOLFDW vQ02IQUGLQPRGLILFDW SULQ2*QUGLQSXEOLFDW vQ02I
QUGLQPRGLILFDW úLFRPSOHWDW SULQ/HJHDQUSULYLQGXQHOHP VXULSHQWUXDVLJXUDUHD
WUDQVSDUHQ HL vQ H[HUFLWDUHD GHPQLW LORU SXEOLFH D IXQF LLORU SXEOLFH úL vQ PHGLXO GH DIDFHUL SUHYHQLUHD úL
VDQF LRQDUHDFRUXS LHLSXEOLFDW vQ02IGLQ/HJHDQUSXEOLFDW vQ02IQUGLQ
28*QUSXEOLFDW vQ02IQUGLQúL28*QUSXEOLFDW vQ
02IQUGLQ
7H[WXO DUW D IRVW LQWURGXV SULQ /HJHD QU SULYLQG PRGLILFDUHD úL FRPSOHWDUHD /HJLL
QUSXEOLFDW vQ02IQUGLQ
$%8=8/Ì16(59,&,8Ì1)250 &$/,),&$7
'HRDUHFH DEX]XO vQ IRUP FDOLILFDW DEVRDUEH vQ FRQ LQXWXO V X HOHPHQWHOH
FRQVWLWXWLYHDOHLQIUDF LXQLORUSUHY ]XWHvQDUW&SHQFXH[FHS LDXUP ULL
LPHGLDWH SHQWUX DQDOL]D DFHVWRUD IDFHP WULPLWHUH OD FHOH DU WDWH FX RFD]LD
FRPHQWDULXOXLDFHVWRUQRUPHGHLQFULPLQDUH
8UPDUHD LPHGLDW D DFHVWHL LQIUDF LXQL FRQVW vQ SURGXFHUHD GH FRQVHFLQ H
GHRVHELWGHJUDYHvQGDXQDXQHLSHUVRDQHMXULGLFHGHGUHSWSXEOLFVDXSULYDW$FHVWH
FRQVHFLQ H GHRVHELW GH JUDYH VXQW XUP UL VXEVHFYHQWH FHORU DU WDWH H[SOLFLW VDX
LPSOLFLWvQDUW&SHQ
3ULQ ÄFRQVHFLQ H GHRVHELW GH JUDYH´ SRWULYLW DUW & SHQ VH vQ HOHJH R
SDJXE PDWHULDO PDL PDUH GH OHL VDX R SHUWXUEDUH GHRVHELW GH JUDY D
DFWLYLW LL FDX]DW XQHL DXWRULW L SXEOLFH VDX RULF UHLD GLQWUH XQLW LOH OD FDUH VH
UHIHU DUWRULDOWHLSHUVRDQHMXULGLFHVDXIL]LFH
$FHVWH FRQVHFLQ H VXEVHFYHQWH DOH LQIUDF LXQLL XUP UL DOH XUP ULORU QX
WUHEXLH FRQIXQGDWH FX XUPDUHD LPHGLDW UH]XOWDWXO D LQIUDF LXQLL GHRDUHFH GH
H[LVWHQ D UH]XOWDWXOXL GHSLQGH H[LVWHQ D LQIUDF LXQLL vQ WLPS FH FRQVHFLQ HOH
GHRVHELWGHJUDYHFRQVWLWXLHXQHOHPHQWFLUFXPVWDQ LDOGHDJUDYDUHvQOLSVDF UXLD
IDSWDLQFULPLQDW VXE]LVW vQYDULDQWDVDWLS
&XDQWXPXO SDJXEHL SUHY ]XWH vQ GLVSR]L LD H[SOLFDWLY VH UHIHU QXPDL OD
SUHMXGLFLXOFHUWúLHIHFWLYFDX]DWSULQDFWLYLWDWHDDEX]LY DVXELHFWXOXLDFWLYODGDWD
V YkUúLULLIDSWHLQXúLODIRORVXOGHFDUHDIRVWOLSVLW SDUWHDFLYLO SULQSULFLQXLUHD
SDJXEHLDVSHFWGHFDUHVHYD LQHVHDP ODVWDELOLUHDGHVS JXELULORUFLYLOH
ÌQFD]XOXQXLFRQFXUVGHLQIUDF LXQLODFDUDFWHUL]DUHDMXULGLF DIDSWHORUHVWH
QHFHVDUV VH LQ VHDPDGHXUP ULOHSHFDUHOHDDYXWILHFDUHIDSW vQSDUWHQHILLQG
SRVLELO FD vQFDGUDUHD V VH IDF vQ UDSRUW GH VXPD SUHMXGLFLLORU SURGXVH SULQ
vQWUHDJDDFWLYLWDWHLQIUDF LRQDO DLQFXOSDWXOXL
3HUWXUEDUHD GHRVHELW GH JUDY D DFWLYLW LL XQHL SHUVRDQH MXULGLFH GH GUHSW
SXEOLFVDXGHGUHSWSULYDWSUHVXSXQHRDIHFWDUHSHULFOLWDUHLPSRUWDQW DDFWLYLW LL
UHVSHFWLYHFHHDFHvQVHDPQ RDPHQLQ DUHDH[LVWHQ HLDFHVWHLDVDXFKLDURvQFHWDUH
DDFHOHLDFWLYLW L
1RUPD H[SOLFDWLY GLQ DUW & SHQ D IRVW FULWLFDW vQ GRFWULQ SH
PRWLY F GHWHUPLQ R DSOLFDUH GLVFULPLQDWRULH D OHJLL SHQDOH GHRDUHFH SHUPLWH FD
XQD úL DFHHDúL IDSW V YkUúLW GH FHW HQL OD PRPHQWH GLIHULWH SURGXFkQG
FRQVHFLQ H SDWULPRQLDOH GLIHULWH vQ IXQF LH GH PRPHQWXO V YkUúLULL VDOH V DWUDJ
HIHFWH VDQF LRQDWRULL LGHQWLFH SULQ DSOLFDUHD PHFDQLF D WH[WXOXL FLWDW ÌQ DFHVW
FRQWH[WVHDSUHFLD] F DUW&SHQHVWHQHFRQVWLWX LRQDOúLOLSVHúWHGHHIHFWH
SUHYHGHULOH DUW GLQ &RQVWLWX LH F FL VWDELOLQG XQ FULWHULX YDORULF IL[ SHQWUX
DSUHFLHUHDFRQVHFLQ HORUGHRVHELWGHJUDYHQX LQHVHDPDGHFRQGL LLOHFRQFUHWHDOH
XQHLHFRQRPLLGHSLD úLLPSOLFLWGHFRQGL LLOHVSHFLDOHDOHHFRQRPLHLURPkQHúWL
/DFRPHQWDULXODFHVWHLQRUPHGHLQFULPLQDUHVHYRUDYHDvQYHGHUHQXPDLDVSHFWHOHFDUHRGLIHUHQ LD] ID
GHLQIUDF LXQLOHSUHY ]XWHvQDUW&SHQ
76VSGQU55'QUSÌQDFHODúLVHQV76VSGQU55'
QUS
&RQWUDURSLQLHLH[SULPDWHvQOXFUDUHD([SOLFD LLWHRUHWLFHH[LVW úLS UHUHDF QRUPDSHQDO H[DPLQDW HVWH
XQD vPSUXPXWDW VDX FRPSOLQLWRDUH $QFD /HOLD /RULQF] 3URFHGHH GH WHKQLF OHJLVODWLY IRORVLWH vQ PDWHULH
SHQDO 5'3QUSÌQVHQVFRQWUDU6RULQ&RUO HDQX&RQVHFLQ HGHRVHELWGHJUDYH&RQWURYHUVH
5'3QUS
9LRUHO'DJKLH'UDJX&UH X&RQFHSWXOGHÄFRQVHFLQ HGHRVHELWGHJUDYH´5'3QUS
3HQWUX FRQVXPDUHD LQIUDF LXQLL GH DEX] vQ VHUYLFLX vQ IRUP FDOLILFDW HVWH
VXILFLHQW UHDOL]DUHD XQHLD GLQWUH FHOH GRX XUP UL VXEVHFYHQWH DOWHUQDWLYH
SUHY ]XWHvQGLVSR]L LDH[SOLFDWLY GLQDUW&SHQ
ÌQ VLWXD LD vQ FDUH VH SURGXF DPEHOH XUP UL VXEVHFYHQWH DOWHUQDWLYH IDSWD
FRQFUHW QXúL SLHUGH XQLWDWHD LQIUDF LRQDO QHILLQG DSOLFDELOH GLVSR]L LLOH
UHIHULWRDUHODFRQFXUVXOGHLQIUDF LXQL
$EX]XO vQ VHUYLFLX vQ IRUP FDOLILFDW SRDWH IL V YkUúLW vQ IRUP FRQWLQXDW
VLWXD LHvQFDUHYRPDYHDXQPRPHQWDOHSXL] ULLFDUHYDLQWHUYHQLODGDWDFRPLWHULL
XOWLPHL DF LXQL VDX LQDF LXQL LQFULPLQDWH 'DF SULQ IDSWD SHQDO H[DPLQDW VXQW
SUHMXGLFLDWH PDL PXOWH SHUVRDQH IL]LFH VDX MXULGLFH FX SDJXEH FDUH QXPDL SULQ
WRWDOL]DUH GHS úHVF OLPLWD SUHY ]XW vQ DUW & SHQ GDWRULW XQLW LL OHJDOH
SUHY ]XWHvQDUWDOLQ&SHQFUHGHPF DJUDYDQWDvQGLVFX LHYDILLQFLGHQW
úLSULQXUPDUHDSOLFDELOHGLVSR]L LLOHGLQDUW&SHQ
ÌQ FRQVHQV FX GRFWULQD LQVWDQ D VXSUHP D GHFLV UHFHQW F vQ FD]XO
LQIUDF LXQLL FRQWLQXDWH FDUDFWHUXO GH ÄFRQVHFLQ H GHRVHELW GH JUDYH´ VH GHWHUPLQ
SULQWRWDOL]DUHDSDJXEHORUPDWHULDOHFDX]DWHWXWXURUSHUVRDQHORUIL]LFHVDXMXULGLFH
SULQ WRDWH DF LXQLOH VDX LQDF LXQLOH SULQ FDUH VH UHDOL]HD] HOHPHQWXO PDWHULDO DO
ODWXULLRELHFWLYHDLQIUDF LXQLL
&RUHVSXQ] WRUJUDYLW LLDFHVWRUXUP ULOHJLXLWRUXODSUHY ]XWOLPLWHVSHFLDOH
GHSHGHDSV PDLULGLFDWHGHFkWvQFD]XOIDSWHORUSHQDOHSUHY ]XWHvQDUW
&SHQ
$VWIHODEX]XOvQVHUYLFLXvQIRUP FDOLILFDW VHSHGHSVHúWHFXvQFKLVRDUHGHOD
ODDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
1(*/,-(1 $Ì16(59,&,8
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO LQIUDF LXQLL GH QHJOLMHQ vQ VHUYLFLX vO FRQVWLWXLH
DFHOH UHOD LL VRFLDOH UHIHULWRDUH OD LQWHUHVHOH JHQHUDOH D F URU QRUPDO IRUPDUH
GHVI úXUDUHúLGH]YROWDUHQXDUILSRVLELOHI U DVLJXUDUHDEXQXOXLPHUVDODFWLYLW LL
SHUVRDQHORU MXULGLFH GH GUHSW SXEOLF VDX GH GUHSW SULYDW SULQ H[HUFLWDUHD FX
FRUHFWLWXGLQH úL DWHQ LH D DWULEX LLORU GH VHUYLFLX GH F WUH IXQF LRQDULL SXEOLFL VDX
IXQF LRQDULúLI U DS UDUHDLQWHUHVHORUOHJDOHDOHSHUVRDQHORUvPSRWULYDDEX]XULORU
IXQF LRQDULORUSXEOLFLVDXIXQF LRQDULORU
3ULQ DFHDVW LQFULPLQDUH VXQW RFURWLWH úL UHOD LLOH VRFLDOH UHIHULWRDUH OD
SDWULPRQLXOSHUVRDQHORUMXULGLFHGHGUHSWSXEOLFVDXSULYDW
2ELHFWXOPDWHULDOODLQIUDF LXQHDGHQHJOLMHQ vQVHUYLFLXGHUHJXO OLSVHúWH
'DF vQV DF LXQHD FDUH FRQVWLWXLH HOHPHQWXO PDWHULDO VD H[HUFLWDW DVXSUD XQXL
&HOHDU WDWHFXSULYLUHODIRUPHOHúLPRGDOLW LOHIDSWHORUSUHY ]XWHvQDUW&SHQVXQWYDODELOHúL
vQFHHDFHSULYHúWHDFHDVW LQFULPLQDUHúLSHQWUXDHYLWDUHSHWDUHDDFHVWRUDQXOHPDLUHOX P
ÌQ DFHODúL VHQV &6- VS G QU 'U QU S 'XPLWUX 9 'LDFRQX $SOLFDUHD
DUW &RG SHQDO YL]kQG QR LXQHD Ä&RQVHFLQ H GHRVHELW GH JUDYH´ vQ FD]XO FRQFXUVXOXL GH LQIUDF LXQL úL DO
LQIUDF LXQLLFRQWLQXDWH'UQUS*DYULO3DUDVFKLY(OHQD'LDQD&vUMH$JUDYDQWDÄFRQVHFLQ H
GHRVHELWGHJUDYH´vQVLWXD LDLQIUDF LXQLLFRQWLQXDWH5'3S&RQVWDQWLQ0 UX ,QWHUSUHWDUHD
OLWHUDO DDUWLFROXOXLGLQ&RGXOSHQDOFRQGXFHODFRQFOX]LDFXPXO ULLSDJXEHORUPDWHULDOHFDX]DWHPDLPXOWRU
SHUVRDQH SULQWUR LQIUDF LXQH FRQWLQXDW SHQWUX D VH UH LQH DJUDYDQWD SULYLQG ÄFRQVHFLQ H GHRVHELW GH JUDYH´
'UQUS*DYULO3DUDVFKLY&RQVHFLQ HGHRVHELWGHJUDYH5'3QUSÌQVHQV
FRQWUDU &$ &UDLRYD G S QU 'U QU S &RVWHO 1LFXOHDQX $OW RSLQLH SULYLQG
LQIUDF LXQHD FRQWLQXDW FX FRQVHFLQ H GHRVHELW GH JUDYH vQ VHQVXO DFWXDOXOXL DUWLFRO GLQ &RGXO SHQDO 'U
QUS
Ì&&-VXGQU;,9GLQ'UQUS
OXFUXGHH[UHGDFWDUHDGHIHFWXRDV DXQXLvQVFULVQHJOLMHQ DvQvQWUH LQHUHDXQRU
EXQXULDSDUDWHPDúLQLDQLPDOHHWFvQDVWIHOGHVLWXD LLH[LVW XQRELHFWPDWHULDO
DOLQIUDF LXQLL
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU DO DFHVWHL LQIUDF LXQL SURSULL QX SRDWH IL
GHFkWRSHUVRDQ FDOLILFDW úLDQXPHXQIXQF LRQDUSXEOLFVDXXQIXQF LRQDU
ÌQ FD]XO FkQG DFHHDúL DWULEX LXQH FDGH vQ VDUFLQD PDL PXOWRU IXQF LRQDUL
SXEOLFL YD IL DXWRU DFHO F UXLD L VD UHSDUWL]DW HIHFWXDUHD DFWXOXL VDX D RSHUD LHL
UHVSHFWLYHLDUvQOLSVDXQRUUHSDUWL] ULDXWRUYDILIXQF LRQDUXOSXEOLFFDUHDRPLV
V IDF UHSDUWL]DUHD
/D V YkUúLUHD LQIUDF LXQLL HVWH SRVLELO SDUWLFLSDUHD FX LQWHQ LH D XQRU DO L
VXELHF L DFWLYL SDUWLFLSD LH LPSURSULH SRWULYLW GLVSR]L LHL GLQ DUW & SHQ
VLWXD LH vQ FDUH DFHúWLD YRU U VSXQGH vQV GXS FD] SRWULYLW GLVSR]L LLORU GLQ DUW
VDX&SHQ
'DF IDSWDDSURGXVDWkWXUPDUHDSHFDUHRLPSOLF LQIUDF LXQHDSUHY ]XW vQ
DUWDOLQ&SHQFkWúLXQDGLQWUHXUP ULOHSUHY ]XWHvQDUW&SHQVH
DSOLF UHJXOLOHUHIHULWRDUHODFRQFXUVXOGHLQIUDF LXQL
3RWULYLWDUW&SHQGLVSR]L LLOHDUW&SHQSULYLWRDUHODIXQF LRQDUL
SXEOLFL VH DSOLF úL FHORUODO L IXQF LRQDUL vQ DFHVW FD] PD[LPXO SHGHSVHL UHGXFkQ
GXVHFXRWUHLPH
6XELHFW DFWLY DO DFHVWHL IDSWH SHQDOH SRDWH IL úL R SHUVRDQ MXULGLF vQ
FRQGL LLOHúLFXOLPLW ULOHDU WDWHvQDUWDOLQ&SHQ
6XELHFWXO SDVLY VSHFLDO HVWH SHUVRDQD MXULGLF GH GUHSW SXEOLF F UHLD L VD
FDX]DWRWXOEXUDUHvQVHPQDW EXQXOXLPHUVVDXFDUHDIRVWS JXELW SULQDFWLYLWDWHD
VXELHFWXOXLDFWLY6XELHFWSDVLYVSHFLDOHVWHGHDVHPHQHDúLSHUVRDQDF UHLDLVD
FDX]DWRY W PDUHLPSRUWDQW DLQWHUHVHORUOHJDOH
6XELHFW SDVLY JHQHUDO HVWH VWDWXO FD WLWXODU DO YDORULL VRFLDOH FDUH HVWH EXQXO
PHUVDODFWLYLW LLSHUVRDQHORUMXULGLFHGHGUHSWSXEOLF
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDOFRQVW vQWURvQF OFDUHFXOSDELO DvQGDWRULULORUGHVHUYLFLX
GHF WUHXQIXQF LRQDUSXEOLF
3ULQ ÄvQGDWRULUH GH VHUYLFLX´ VH vQ HOHJH WRW FHHD FH FDGH vQ VDUFLQD XQXL
IXQF LRQDUSXEOLFSRWULYLWQRUPHORUFDUHUHJOHPHQWHD] VHUYLFLXOUHVSHFWLYRULFDUH
VXQW LQHUHQWH QDWXULL DFHOXL VHUYLFLX 5HVSHFWDUHD DFHVWRU QRUPH GH F WUH
IXQF LRQDULLSXEOLFLFRQVWLWXLHSHQWUXDFHúWLDRREOLJD LHGHVHUYLFLX
1RUPHOHFDUHUHJOHPHQWHD] DFWLYLWDWHDGHVHUYLFLXVXQWIRDUWHYDULDWHúLSRWIL
SUHY ]XWHvQOHJLRUGRQDQ HGHXUJHQ RUGRQDQ HúLKRW UkULGH*XYHUQRUGLQHúL
LQVWUXF LXQL DOH PLQLúWULORU VDX VHFUHWDULORU GH VWDW VWDWXWH úL UHJXODPHQWH GH
RUJDQL]DUHúLIXQF LRQDUHILúDSRVWXOXLRFXSDWGHVXELHFWXODFWLYQHPLMORFLWHWF
'H DVHPHQHD RUGLQXO VDX GLVSR]L LD OHJDO D RUJDQXOXL LHUDUKLF VXSHULRU VH
FRQYHUWHúWHvQvQGDWRULUHGHVHUYLFLXSHQWUXIXQF LRQDUXOSXEOLFF UXLDvLHVWHDGUHVDW
$VHYHGHDFHOHDU WDWHODDEX]XOvQVHUYLFLXFRQWUDLQWHUHVHORUSHUVRDQHORUFXSULYLUHODVXELHF LLDFWLYLFX
H[FHS LDSDUWLFLSD LHLSHQDOHDVSHFWHFDUHVXQWYDODELOHúLvQFHHDFHSULYHúWHLQIUDF LXQHDGHQHJOLMHQ vQVHUYLFLX
9DVLOH3DSDGRSROQRW ODGSQUD7M7LPLú55'QUS
6LHJIULHG .DKDQH vQ 9LQWLO 'RQJRUR] 6LHJIULHG .DKDQH ,RQ 2DQFHD ,RVLI )RGRU 1LFROHWD ,OLHVFX
&RQVWDQWLQ %XODL 5RGLFD 6W QRLX 9LFWRU 5RúFD ([SOLFD LL WHRUHWLFH DOH &RGXOXL SHQDO URPkQ YRO ,9 (GLWXUD
$FDGHPLHL5RPkQH%XFXUHúWLS
RUGLQXOVDXGLVSR]L LDUHVSHFWLY DVWIHOvQFkWQHUHVSHFWDUHDHLGLQFXOS DQJDMHD]
U VSXQGHUHDSHQDO SHQWUXLQIUDF LXQHDGHQHJOLMHQ vQVHUYLFLX
3ULQ ÄvQF OFDUHD´ vQGDWRULULORU GH VHUYLFLX VH vQ HOHJH QHVRFRWLUHD YLRODUHD
QHUHVSHFWDUHD QHREVHUYDUHD XQHL VDUFLQL LPSXVH GH VHUYLFLX $FHDVW vQF OFDUH
SRDWH IL UHDOL]DW DOWHUQDWLY ILH SULQ QHvQGHSOLQLUHD XQHL vQGDWRULUL GH VHUYLFLX ILH
SULQvQGHSOLQLUHDGHIHFWXRDV DDFHVWHLD
$úDGDU HOHPHQWXO PDWHULDO DO LQIUDF LXQLL GH QHJOLMHQ vQ VHUYLFLX FRQVW
DOWHUQDWLYILHvQWURLQDF LXQHRPLVLXQHILHvQWURDF LXQHFRPLVLXQH
3ULQ ÄQHvQGHSOLQLUH´ D XQHL vQGDWRULUL GH VHUYLFLX VH vQ HOHJH RPLWHUHD
QHHIHFWXDUHD XQXL DFW FDUH WUHEXLD V ILH vQGHSOLQLW 1HvQGHSOLQLUHD SRDWH IL WRWDO
VDXSDU LDO SRDWHSULYLXQXOVDXPDLPXOWHDFWHXQDVDXPDLPXOWHvQGDWRULULGH
VHUYLFLX
3ULQ ÄvQGHSOLQLUH GHIHFWXRDV ´ D XQHL vQGDWRULUL GH VHUYLFLX VH vQ HOHJH
vQGHSOLQLUHDDOWIHOGHFkWVHFXYHQHDV ILHHIHFWXDW ÌQGHSOLQLUHDGHIHFWXRDV SRDWH
SULYLFRQ LQXWXOIRUPDVDXvQWLQGHUHDvQGDWRULULLPRPHQWXOHIHFWX ULLFRQGL LLOHGH
HIHFWXDUHHWF
)DSWDSROL LVWXOXLvQV UFLQDWFXHYLGHQ DSURFHVHORUYHUEDOHGHFRQWUDYHQ LHúL
YDORULILFDUHDORUSULQGDUHvQSODW GHDQXúLvQGHSOLQLWLPSGHSHVWHXQDQDFHDVW
REOLJD LH FX XUPDUHD F DPHQ]L FRQWUDYHQ LRQDOH GH SHVWH PLOLRDQH OHL VDX
SUHVFULV FRQVWLWXLH LQIUDF LXQHD GH QHJOLMHQ vQ VHUYLFLX SUHYHGHULOH DUW
&SHQQHILLQGLQFLGHQWHvQWUXQDWDUHFD]
&HULQ HVHQ LDO ÌQF OFDUHDFXOSDELO DvQGDWRULULORUGHVHUYLFLXGHF WUHXQ
IXQF LRQDUSXEOLFVDXIXQF LRQDUWUHEXLHV ILHFRPLV vQH[HUFL LXODWULEX LLORUVDOH
GHVHUYLFLX
8UPDUHD LPHGLDW vQ YDULDQWD GH WLS D LQFULPLQ ULL FRQVW vQWUR WXOEXUDUH
vQVHPQDW D EXQXOXL PHUV DO XQHL SHUVRDQH MXULGLFH GH GUHSW SXEOLF RUL vQWUR
SDJXE SULFLQXLW SDWULPRQLXOXL DFHVWHLD VDX vQWUR Y W PDUH LPSRUWDQW D
LQWHUHVHORUOHJDOHDOHXQHLSHUVRDQH
3HQWUX H[LVWHQ D LQIUDF LXQLL GH QHJOLMHQ vQ VHUYLFLX HVWH VXILFLHQW
SURGXFHUHD XQHLD GLQWUH DFHVWH XUP UL FDUH VXQW DOWHUQDWLYH úL QX FXPXODWLYH ÌQ
LSRWH]DvQFDUHSULQWURDFWLYLWDWHLOLFLW XQLF VHSURGXFPDLPXOWHXUP ULGLQFHOH
SUHY ]XWH vQ FRQ LQXWXO QRUPHL GH LQFULPLQDUH LQIUDF LXQHD YD IL XQLF FX
SOXUDOLWDWH GH XUP UL LDU GH DFHVW DVSHFW VH YD LQH VHDP OD LQGLYLGXDOL]DUHD
MXGLFLDU DSHGHSVHL
7HUPHQXOÄWXOEXUDUH´úLH[SUHVLDÄWXOEXUDUHvQVHPQDW ´DXDFHODúLvQ HOHVFX
FHO DU WDW FX RFD]LD FRPHQWDULXOXL HOHPHQWXOXL PDWHULDO DO LQIUDF LXQLL GH DEX] vQ
VHUYLFLX FRQWUD LQWHUHVHORU SXEOLFH LDU WHUPHQLL ÄLQWHUHV´ ÄY W PDUH´ úL H[SUHVLD
ÄLQWHUHVOHJDO´DXDFHODúLvQ HOHVFXFHODU WDWFXRFD]LDFRPHQWDULXOXLHOHPHQWXOXL
PDWHULDODOLQIUDF LXQLLGHDEX]vQVHUYLFLXFRQWUDLQWHUHVHORUSHUVRDQHORU
6LQWDJPDÄY W P ULLPSRUWDQWH´LQWHUHVHORUOHJDOHDOHXQHLSHUVRDQHLPSOLF
R OLPLWDUH vQ VHQVXO F OHJLXLWRUXO D vQ HOHV V UHVWUkQJ VIHUD GH LQFLGHQ D
LQFULPLQ ULLúLGHFLFkPSXOGHDSOLFDUHDVDQF LXQLORUSHQDOHvQPDWHULDIDSWHORUGH
QHJOLMHQ vQ VHUYLFLX O VkQG IDSWHOH OLSVLWH GH FDUDFWHU JUDY VXE LQFLGHQ D
VDQF LXQLORUGLVFLSOLQDUHVDXDGPLQLVWUDWLYH
'RUX3DYHO&RQVLGHUD LLWHRUHWLFHSULYLQGLQIUDF LXQLOHGHVHUYLFLX55'QUS
Ì&&- VS G QU ÌQDOWD&XUWHGH&DVD LHúL-XVWL LH%XOHWLQXOMXULVSUXGHQ HL&XOHJHUHGH
GHFL]LLSHDQXO(GLWXUD$OO%HFN%XFXUHúWLS%XOHWLQXO&DVD LHL-XULVSUXGHQ 'RFWULQ
&RPXQLF UL(GLWXUD$OO%HFN%XFXUHúWLQUS
6LHJIULHG.DKDQHRSFLWYRO,9S
ÌQYDULDQWDDJUDYDW DLQIUDF LXQLLGHQHJOLMHQ vQVHUYLFLXXUPDUHDLPHGLDW
FRQVW vQ SURGXFHUHD GH FRQVHFLQ H GHRVHELW GH JUDYH vQ GDXQD XQHL SHUVRDQH
MXULGLFHGHGUHSWSXEOLF
/HJ WXUDGHFDX]DOLWDWHvQWUHDF LXQHDVDXLQDF LXQHDLQFULPLQDW úLXUPDUHD
LPHGLDW WUHEXLHV H[LVWHúLV ILHGRYHGLW
,QVWDQ D VXSUHP D GHFLV F QHvQGHSOLQLUHD FRUHVSXQ] WRDUH GH F WUH
IXQF LRQDU WLPS GH XQ DQ úL MXP WDWH D REOLJD LHL VDOH GH VHUYLFLX GH D HIHFWXD
SHULRGLFFRQWUROXOJHVWLXQLORUGLQXQLWDWHVHDIO vQUDSRUWGHFDX]DOLWDWHFXvQVXúLUHD
EDQLORU GH F WUH FDVLHUXO JHVWLRQDU FDUH vQ FD]XO XQRU FRQWURDOH FRUHVSXQ] WRDUH
HIHFWXDWH OD WLPS QX DU IL DYXW SRVLELOLWDWHD V GHODSLGH]H vQ PRG UHSHWDW úL
VLVWHPDWLF LPSRUWDQWH VXPH GH EDQL 3UHMXGLFLXO vQ DWDUH VLWXD LH ILLQG SURGXV
GDWRULW FRQFXUVXOXL GLQWUH FXOSD IXQF LRQDUXOXL FX DWULEX LL GH FRQWURO úL IDSWD
GHODSLGDWRUXOXLDPELLVXQW LQX LV U VSXQG VROLGDUSHQWUXDFRSHULUHDDFHVWXLD
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH)DSWDGHvQF OFDUHDXQHLvQGDWRULULGHVHUYLFLXFRQVWLWXLH
IDSWD SHQDO SUHY ]XW vQ DUW & SHQ DWXQFL FkQG HVWH V YkUúLW GLQ FXOS
([LVW vQ SULQFLSLX FXOS DWXQFL FkQG U PkQkQG vQWUR DWLWXGLQH SDVLY
QHvQGHSOLQLUHD vQGDWRULULL VDX FRPSRUWkQGXVH QHDWHQW vQGHSOLQLUH GHIHFWXRDV
I SWXLWRUXODUILWUHEXLWúLDUILSXWXWV SUHYDG F SULQDFHDVWDVHDGXFHRDWLQJHUH
EXQXOXL PHUV DO DFWLYLW LL SHUVRDQHL MXULGLFH GH GUHSW SXEOLF UHVSHFWLYH úL GHFL V
HYLWHDFHVWUH]XOWDWGDF DUILIRVWPDLSUHY ] WRU
ÌQ OHJ WXU FX SRVLELOLWDWHD GH SUHYHGHUH vQ GRFWULQ VD RSLQDW SH GUHSW
FXYkQWF DFHDVWDQXWUHEXLHDSUHFLDW vQUDSRUWFXRXQLWDWHGHP VXU DEVWUDFW FXP
HVWHDFHHDDÄEXQXOXLJRVSRGDU´VDXDÄRPXOXLPLMORFLX´FLvQUDSRUWGHvPSUHMXU ULOH
FRQFUHWHvQFDUHVDV YkUúLWIDSWDSUHFXPúLGHSHUVRDQDI SWXLWRUXOXL
)RUPH6DQF LXQL
)RUPH1HJOLMHQ DvQVHUYLFLXSRDWHILV YkUúLW DWkWSULQDFWLYLW LFRPLVLYH
FkWúLSULQDWLWXGLQLRPLVLYH
)LLQGRLQIUDF LXQHGHFXOS DFWHOHSUHSDUDWRULLúLWHQWDWLYDQXVXQWSRVLELOH
&RQVXPDUHD DFHVWHL LQIUDF LXQL LQVWDQWDQHH LQWHUYLQH vQ PRPHQWXO FkQG VD
V YkUúLWDF LXQHDLQFULPLQDW úLVDSURGXVXUPDUHDLPHGLDW LDUvQFD]GHRPLVLXQH
vQPRPHQWXOvQFDUHDH[SLUDWWHUPHQXOvQFDUHDFWXOWUHEXLDV ILHHIHFWXDW
6DQF LXQLÌQYDULDQWDWLSQHJOLMHQ DvQVHUYLFLXVHSHGHSVHúWHFXvQFKLVRDUH
GH OD R OXQ OD DQL VDX FX DPHQG ÌQ YDULDQWD DJUDYDW SHGHDSVD SUHY ]XW GH
OHJHHVWHvQFKLVRDUHDGHODODDQL
3RWULYLWDUW&SHQGLVSR]L LLOHDUW&SHQSULYLWRDUHODIXQF LRQDULL
SXEOLFL VH DSOLF úL FHORUODO L IXQF LRQDUL vQ DFHVW FD] PD[LPXO SHGHSVHL UHGXFkQ
GXVHFXRWUHLPH
3HQWUX SHUVRDQD MXULGLF SHGHDSVD DSOLFDELO SRWULYLW DUW DOLQ
&SHQvQFD]XOV YkUúLULLLQIUDF LXQLLGHQHJOLMHQ vQVHUYLFLXHVWHDPHQGDGHOD
OHLODOHL
$ VH YHGHD FHOHDU WDWHFXRFD]LDH[DPLQ ULLXUP ULLLPHGLDWHODLQIUDF LXQHDSUHY ]XW vQDUW&RG
SHQDO
Ì&&- VS G QU ÌQDOWD &XUWH GH &DVD LH úL -XVWL LH %XOHWLQXO MXULVSUXGHQ HL &XOHJHUH GH
GHFL]LLSHDQXO(GLWXUD$OO%HFN%XFXUHúWLS1LFRULQD&ULúX0DJUDRQ&RQVWDQWLQ&ULúX
-XULVSUXGHQ vQPDWHULHSHQDO DÌQDOWHL&XU LGH&DVD LHúL-XVWL LHFXU LGHDSHOúLWULEXQDOH(GLWXUD
-XULV$UJHVVLV&XUWHDGH$UJHúS
6LHJIULHG.DKDQHRSFLWYRO,9S
2OLYLX $XJXVWLQ 6WRLFD ( *HUJHO\ &XOSD FD IRUP D YLQRY LHL vQ FD]XO XQRU LQIUDF LXQL GH VHUYLFLX
55'QUS
3857$5($$%8=,9
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO SXUW ULL DEX]LYH FRQVW vQ DFHOH UHOD LL VRFLDOH
UHIHULWRDUHODLQWHUHVHOHSXEOLFHDF URUQRUPDO IRUPDUHGHVI úXUDUHúLGH]YROWDUH
QXDUILSRVLELOHI U DVLJXUDUHDXQHLFRPSRUW ULFRUHFWHúLFXYLLQFLRDVHGLQSDUWHD
IXQF LRQDULORUSXEOLFLvQHIHFWXDUHDDFWLYLW LLSHUVRDQHORUMXULGLFHGHGUHSWSXEOLFúL
I U SXQHUHDODDG SRVWDGHPQLW LLSHUVRDQHORUvPSRWULYDDWLWXGLQLORUMLJQLWRDUHRUL
DDFWHORUGHYLROHQ V YkUúLWHGHIXQF LRQDULLSXEOLFL
2ELHFWXO PDWHULDO ÌQ YDULDQWD WLS úL FHD SUHY ]XW vQ DOLQ RELHFWXO
PDWHULDO OLSVHúWH ÌQ FHOHODOWH YDULDQWH DJUDYDWH vQV H[LVW XQ RELHFW PDWHULDO úL
DQXPHFRUSXOYLFWLPHLVDXRELHFWHOHDSDU LQkQGDFHVWHLD
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU DO LQIUDF LXQLL GH SXUWDUH DEX]LY HVWH
FDOLILFDWúLSRDWHILQXPDLXQIXQF LRQDUSXEOLF
3ULQÄIXQF LRQDUSXEOLF´vQVHQVXOOHJLLSHQDOH±DUWDOLQ&SHQ±VH
vQ HOHJHRULFHSHUVRDQ FDUHH[HUFLW SHUPDQHQWVDXWHPSRUDUFXRULFHWLWOXLQGLIHUHQW
FXPDIRVWLQYHVWLW RvQV UFLQDUHGHRULFHQDWXU UHWULEXLW VDXQXvQVHUYLFLXOXQHL
XQLW L GLQWUH FHOH OD FDUH VH UHIHU DUW & SHQ DXWRULW LOH SXEOLFH LQVWLWX LLOH
SXEOLFHLQVWLWX LLOHVDXDOWHSHUVRDQHMXULGLFHGHLQWHUHVSXEOLF
3RWULYLWDUW&SHQGLVSR]L LLOHDUW&SHQSULYLWRDUHODIXQF LRQDUL
SXEOLFL VH DSOLF úL FHORUODO L IXQF LRQDUL vQ DFHVW FD] PD[LPXO SHGHSVHL UHGXFkQ
GXVHFXRWUHLPH
6XELHFWDFWLYDOSXUW ULLDEX]LYHSRDWHILúLRSHUVRDQ MXULGLF vQFRQGL LLOHúL
FXOLPLW ULOHDU WDWHvQDUWDOLQ&SHQ
)DSWDSRDWHILFRPLV GHPDLPXO LDXWRULFDUHDXFRQWULEXLWQHPLMORFLWvQPRG
VLPXOWDQ FRPLVLH FROHFWLY HFKLS VDX VXFFHVLY OD V YkUúLUHD SXUW ULL DEX]LYH /D
V YkUúLUHDDFHVWHLLQIUDF LXQLSRWSDUWLFLSDvQV úLDO LVXELHF LDFWLYLvQDIDU GHDXWRUVDX
FRDXWRULLQVWLJDWRULFRPSOLFL3HQWUXDFHúWLVXELHF LDFWLYLQXHVWHQHFHVDU FDOLWDWHD
GHIXQF LRQDUSXEOLF&XDOWHFXYLQWHLQIUDF LXQHDGHSXUWDUHDEX]LY HVWHLPSXWDELO
SDUWLFLSDQ LORU FKLDU DWXQFL FkQG DFHúWLD QX DX FDOLWDWHD GH IXQF LRQDU SXEOLF ÌQ DFHVW
FD] QX HVWH YRUED GH U VIUkQJHUHD FLUFXPVWDQ HL SHUVRQDOH GH IXQF LRQDU SXEOLF OD
FHLODO L SDUWLFLSDQ L FL GH vQFDGUDUHD FRQWULEX LHL ORU vQ GLVSR]L LD FDUH SUHYHGH HUJD
RPQHVIDSWDFRPLV GHVXELHFWXODFWLYQHPLMORFLW
6XELHFW SDVLY DO LQIUDF LXQLL GH SXUWDUH DEX]LY HVWH DXWRULWDWHD SXEOLF
LQVWLWX LDSXEOLF VDXRDOW SHUVRDQ MXULGLF GHGUHSWSXEOLFDF UHLDFWLYLWDWHDIRVW
WXOEXUDW SULQ IDSWD IXQF LRQDUXOXL SXEOLF $FHVWD HVWH GH DVHPHQHD SHUVRDQD
F UHLD L VDX DGUHVDW H[SUHVLLOH MLJQLWRDUH D VXIHULW ORYLULOH RUL DOWH YLROHQ H VDX
F UHLDLDIRVWY W PDW LQWHJULWDWHDFRUSRUDO VDXV Q WDWHD
ÌQ LSRWH]D vQ FDUH YLFWLPD DFWHORU GH SXUWDUH DEX]LY DYHD FDOLWDWHD GH
IXQF LRQDUSXEOLFFDUHvQGHSOLQHDRIXQF LHFHLPSOLF H[HUFL LXODXWRULW LLGHVWDWúL
VH DIOD vQ H[HUFL LXO IXQF LHL VDX SHQWUX IDSWH vQGHSOLQLWH vQ H[HUFL LXO IXQF LHL
DFWHOH GH SXUWDUH DEX]LY FRQVWLWXLH LQIUDF LXQHD GH XOWUDM GDF VXQW vQWUXQLWH úL
FHOHODOWHFRQGL LLSUHY ]XWHvQDUW&SHQ
&X SULYLUH OD vQ HOHVXO DFHVWHL QR LXQL úL FHD GH IXQF LRQDU D VH YHGHD FHOH DU WDWH FX RFD]LD H[DPLQ ULL
VXELHFWXOXLDFWLYQHPLMORFLWDOLQIUDF LXQLLGHDEX]vQVHUYLFLXFRQWUDLQWHUHVHORUSHUVRDQHORU
6LHJIULHG.DKDQHRSFLWYRO,9S
,OLH3DVFXRSFLWS
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDOÌQYDULDQWDWLSDLQFULPLQ ULLHOHPHQWXOPDWHULDOFRQVW vQ
vQWUHEXLQ DUHD GH H[SUHVLL MLJQLWRDUH LDU vQ YDULDQWHOH DJUDYDWH DFHVWD FRQVW vQ
DF LXQHD GH DPHQLQ DUH GH ORYLUH VDX DOWH YLROHQ H GH Y W PDUH FRUSRUDO VDX GH
Y W PDUHFRUSRUDO JUDY
7HUPHQXO ÄH[SUHVLL MLJQLWRDUH´ DUH R DFFHS LXQH ODUJ 3ULQ DFHVW WHUPHQ VH
vQ HOHJHRULFHDWLQJHUHDGXV RQRDUHLRULUHSXWD LHLXQHLSHUVRDQHSULQJHVWXULVDX
SULQDOWHPLMORDFHRULSULQH[SXQHUHDODEDWMRFXU úLIRORVLUHDGHFXYLQWHFDUHI U D
ILLQVXOW WRDUHH[SULP RGHVFRQVLGHUDUHúLVXQWGHQDWXU V DWLQJ GHPQLWDWHDXQHL
SHUVRDQHFXPVXQWFXYLQWHOHGHRFDU VDXXPLOLWRDUH
3HUVRDQD F UHLD L VDX DGUHVDW FXYLQWH LQVXOW WRDUH WUHEXLH V ILH SUH]HQW vQ
PRPHQWXO FkQG L VH DGUHVHD] DVHPHQHD FXYLQWH DOWIHO IDSWD QX FRQVWLWXLH
LQIUDF LXQHDGHSXUWDUHDEX]LY
7HUPHQXO ÄDPHQLQ DUH´ DUH DFHODúL vQ HOHV FX FHO DU WDW FX RFD]LD FRPHQ
WDULXOXLIDSWHLSUHY ]XWHvQDUW&SHQ
([SUHVLD ÄORYLUHD VDX DOWH YLROHQ H´ FRUHVSXQGH GHQXPLULL LQIUDF LXQLL
SUHY ]XWH vQ DUW & SHQ úL DUH LPSOLFLW FRQ LQXWXO DFHVWHL IDSWH SHQDOH (VWH
YRUEDGHFLGHDF LXQHDGHORYLUHVDXGHHIHFWXDUHDDOWHLYLROHQ HDVXSUDFRUSXOXL
XQHLSHUVRDQHFDX]DWRDUHGHVXIHULQ HIL]LFH&kQGRDVHPHQHDIDSW HVWHV YkUúLW
GHXQIXQF LRQDUSXEOLFvQH[HUFL LXODWULEX LLORUGHVHUYLFLXIDSWDGHORYLUHVDXDOWH
YLROHQ HHVWHDEVRUELW vQLQIUDF LXQHDGHSXUWDUHDEX]LY 7HUPHQXOÄYLROHQ ´DUH
vQV R VIHU PDL ODUJ GHFkW FHD GLQ GLVSR]L LD DUW & SHQ vQ HOHJkQGXVH úL
YLROHQ HOHFRPLVHDVXSUDRELHFWHORUDSDU LQkQGXQHLSHUVRDQHH[vPEUkQFLUHDXQHL
SHUVRDQHvQDúDIHOvQFkWLDXF ]XWRFKHODULLúLVDXVSDUWVDXLVDGHVFXVXWKDLQD
UXSHUHDXQHLSHWL LLúLDUXQFDUHDHLvQID DFHOXLWUDWDWDEX]LY
ÌQLSRWH]DvQFDUHSULQDF LXQHDI SWXLWRUXOXLVHYRUSULFLQXLVXELHFWXOXLSDVLY
Y W P ULPDLJUDYHGHFkWFHOHSUHY ]XWHvQDUW&SHQIDSWDYDILvQFDGUDW vQ
XQD GLQ YDULDQWHOH FDOLILFDWH DOH LQIUDF LXQLL GH SXUWDUH DEX]LY vQ UDSRUW GH
JUDYLWDWHDXUP ULORUSURGXVH'DF RSHUVRDQ FRPLWHvQFRQFUHWXQDVDXPDLPXOWH
GLQ IDSWHOH SUHY ]XWH vQ DUW & SHQ IDSWD DFHVWHLD VH YD vQFDGUD vQ DFHD
YDULDQW DJUDYDW FDUHSUHYHGHSHGHDSVDFHDPDLDVSU vQWUXFkWIRUPHOHPDLSX LQ
JUDYHVDXVLPSOHVHDEVRUEvQFHOHDJUDYDWH&XDOWHFXYLQWHvQWURDVWIHOGHVLWXD LH
QXYRUILDSOLFDELOHUHJXOLOHFRQFXUVXOXLGHLQIUDF LXQLIDSWDU PkQkQGXQLF
6 YkUúLUHD XQRU DFWH GH YLROHQ vPSRWULYD XQHL SHUVRDQH GH F WUH úHIXO
SRVWXOXL GH SROL LH SHQWUX PRWLYXO F QX VD SUH]HQWDW OD FKHP ULOH DQWHULRDUH
SHQWUX D IL FHUFHWDW vQWUR FDX] DIODW vQ FXUV GH XUP ULUH SHQDO FRQVWLWXLH
LQIUDF LXQHD GH SXUWDUH DEX]LY úL vQ FD]XO vQ FDUH HVWH V YkUúLW vQWUR ]L
QHOXFU WRDUH
&HULQ D HVHQ LDO 3HQWUX FD DF LXQHD V FRQVWLWXLH HOHPHQWXO PDWHULDO DO
LQIUDF LXQLL GH SXUWDUH DEX]LY DFHDVWD WUHEXLH V ILH FRPLV GH XQ IXQF LRQDU
SXEOLFvQH[HUFL LXODWULEX LLORUGHVHUYLFLX
/LSVDDFHVWHLFHULQ HHVHQ LDOHGXFHODOLSVDHOHPHQWXOXLPDWHULDOúLLPSOLFLWD
LQIUDF LXQLLvQV úL
6LHJIULHG.DKDQHRSFLWYRO,9S
*KHRUJKH' UkQJ úL'XPLWUX/XFLQHVFXRSFLWYRO,,SÌQDFHODúLVHQV/XFLD0ROGRYDQvQ0DWHL
%DVDUDE/XFLD0ROGRYDQ9DOHU6XLDQ'UHSWSHQDO3DUWHDVSHFLDO &OXM1DSRFDYRO,S
6LHJIULHG.DKDQHRSFLWYRO,9S
&6-VSGQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSH
DQXO (GLWXUD -XULV $UJHVVLV &XUWHD GH $UJHú S *DEULHO ,RQHVFX ,RVLI ,RQHVFX RS FLW
S
8UPDUHD LPHGLDW ÌQ YDULDQWD WLS D LQFULPLQ ULL V YkUúLUHD RULF UHLD GLQ
DF LXQLOHFDUHFRQVWLWXLHHOHPHQWXOPDWHULDODOLQIUDF LXQLLGHSXUWDUHDEX]LY DUHFD
XUPDUH LPHGLDW FUHDUHD XQHL VW UL FDUH DGXFH DWLQJHUH SUHVWLJLXOXL úL GHFL EXQHL
GHVI úXU UL D DFWLYLW LL SHUVRDQHL MXULGLFH GH GUHSW SXEOLF vQ FDUH IXQF LRQDUXO
SXEOLFvúLH[HUFLW DWULEX LLOHSUHFXPúLGHPQLW LLSHUVRDQHLvPSRWULYDF UHLDDIRVW
vQGUHSWDW DF LXQHD
ÌQ FD]XO ORYLULORU VDX DOWRU YLROHQ H DO Y W P ULL FRUSRUDOH VDX DO Y W P ULL
FRUSRUDOHJUDYHXUPDUHDFRQVW úLvQWURY W PDUHPDWHULDO DGXV SHUVRDQHLWUDWDW
DEX]LY
/HJ WXUDGHFDX]DOLWDWHvQWUHDF LXQHDLQFULPLQDW úLXUPDUHDLPHGLDW WUHEXLH
V H[LVWHúLUH]XOW LPSOLFLWGLQV YkUúLUHDIDSWHLH[UH
ÌQFD]XOFkQGHOHPHQWXOPDWHULDOFRQVW vQORYLULVDXYLROHQ HRULvQY W P UL
FRUSRUDOH VLPSOH VDX JUDYH OHJ WXUD FDX]DO vQWUH DF LXQH úL OH]LXQLOH SURGXVH YD
WUHEXLV ILHGRYHGLW
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH VSHFLILF DFHVWHL LQIUDF LXQL HVWH LQWHQ LD $FHDVWD
vQVHDPQ F LQIUDFWRUXOFXYRLQ DSURIHUDWH[SUHVLLMLJQLWRDUHVDXDUHFXUVODORYLUL
RULDOWHYLROHQ HVDXODY W P ULFRUSRUDOHDSUHY ]XWF DF LXQHDVDHVWHGHQDWXU
V DGXF DWLQJHUHGHPQLW LLVDXV FDX]H]HYUHRY W PDUHYLFWLPHLúLLPSOLFLWV
SXQ vQWUR OXPLQ GHIDYRUDELO DFWLYLWDWHD XQLW LL SXEOLFH vQ VHUYLFLXO F UHLD VD
FRPLVIDSWDUH]XOWDWSHFDUHODXUP ULWLQWHQ LHGLUHFW VDXODDFFHSWDWLQWHQ LH
LQGLUHFW
3HQWUX H[LVWHQ D LQIUDF LXQLL GH SXUWDUH DEX]LY QX LQWHUHVHD] QLFL PRELOXO
QLFLVFRSXOXUP ULWGHLQIUDFWRUGDUFXQRDúWHUHDORUGHF WUHRUJDQXOMXGLFLDUHVWH
XWLO SHQWUX VWDELOLUHD JUDGXOXL GH SHULFRO VRFLDO FRQFUHW DO IDSWHL FRPLVH úL OD
LQGLYLGXDOL]DUHDSHGHSVHL
6 YkUúLUHDGLQFXOS DIDSWHLSUHY ]XW vQDUW&SHQQXVHSHGHSVHúWH
)RUPH6DQF LXQL
)RUPH 3XUWDUHD DEX]LY HVWH R LQIUDF LXQH GH DF LXQH FRPLVLY úL
PRPHQWDQ LQVWDQWDQHH
$FWHOHSUHSDUDWRULLúLWHQWDWLYDVXQWSRVLELOHGDUQXVXQWLQFULPLQDWH
/HJHD QX LQFULPLQHD] GHFkW IDSWXO FRQVXPDW &RQVXPDUHD DUH ORF vQ
PRPHQWXO vQ FDUH VDX vQWUHEXLQ DW H[SUHVLLOH MLJQLWRDUH RUL VD UHFXUV OD DOWH
YLROHQ HVDXY W P ULFRUSRUDOHúLVDSURGXVXUPDUHDLPHGLDW
ÌQ FD] GH UHSHWDUH ID GH DFHHDúL SHUVRDQ D DWLWXGLQLL DEX]LYH IDSWD YD
F S WDIRUPDLQIUDF LXQLLFRQWLQXDWHúLVHYDHSXL]DODGDWDFRPLWHULLXOWLPHLDF LXQL
LQFULPLQDWH $FHDVW VROX LH HVWH FRUHFW QXPDL vQ P VXUD vQ FDUH vQWUH DF LXQLOH
LQFULPLQDWH H[LVW R RDUHFDUH GXUDW GH WLPS 'DF vQWUH DFHVWH DFWH LOLFLWH
LQWHUYDOHOHGHWLPSVXQWIRDUWHVFXUWHVDXGDF VXQWFRPLVHvQDFHHDúLvPSUHMXUDUH
YRP DYHD R XQLWDWH QDWXUDO GH LQIUDF LXQH VXE IRUPD LQIUDF LXQLL VLPSOH FX
SOXUDOLWDWH GH DFWH FRQWH[WXDOH 6LWXD LD VH VFKLPE GDF DF LXQHD LQFULPLQDW VH
UHDOL]HD] vPSRWULYD PDL PXOWRU SHUVRDQH ÌQ DFHDVW LSRWH] YRU IL WRW DWkWHD
LQIUDF LXQL FkWH SHUVRDQH Y W PDWH VXQW DGLF R SOXUDOLWDWH GH IDSWH SHQDOH VXE
IRUPDFRQFXUVXOXLGHLQIUDF LXQL
'H DVHPHQHD YRU IL LQFLGHQWH UHJXOLOH GH OD FRQFXUVXO GH LQIUDF LXQL DWXQFL
FkQGFXRFD]LDFRPLWHULLSXUW ULLDEX]LYHVHFDX]HD] RY W PDUHLQWHUHVHORUOHJDOH
&RQVWDQWLQ'XYDFvQ*KHRUJKH'LDFRQHVFX&RQVWDQWLQ'XYDF'UHSWSHQDO3DUWHDVSHFLDO YRO,HGL LD
D,,DUHY ]XW úLDG XJLW (GLWXUD)XQGD LHL5RPkQLDGH0kLQH%XFXUHúWLS
DOH XQHL SHUVRDQH DUW & SHQ RUL VH vQJU GHVF DQXPLWH GUHSWXUL DOH XQXL
FHW HDQDUW&SHQ
6DQF LXQLÌQYDULDQWDWLSSXUWDUHDDEX]LY VHSHGHSVHúWHFXvQFKLVRDUHGHOD
R OXQ OD XQ DQ VDX FX DPHQG ÌQ YDULDQWD SUHY ]XW OD DOLQ SHGHDSVD
DSOLFDELO SHUVRDQHLIL]LFHHVWHvQFKLVRDUHDGHODOXQLODDQLVDXDPHQGDLDUvQ
LSRWH]DGHLQFULPLQDUHGHODDOLQDFHDVWDHVWHvQFKLVRDUHDGHODOXQLODDQL
VDXDPHQGD
'DF SXUWDUHD DEX]LY FRQVW vQWUR Y W PDUH FRUSRUDO D VXELHFWXOXL SDVLY
SHGHDSVDSUHY ]XW GHOHJHSHQWUXSHUVRDQDIL]LF HVWHvQFKLVRDUHDGHODOXQLOD
DQLLDUGDF VHUHDOL]HD] SULQWURY W PDUHJUDY DDFHOHLSHUVRDQHSHGHDSVDYDIL
vQFKLVRDUHDGHODODDQL
'DF SXUWDUHD DEX]LY HVWH FRPLV GH XQ IXQF LRQDU PD[LPXO SHGHSVHORU
SUHY ]XWHvQDUW&SHQVHUHGXFHFXRWUHLPH
3HQWUX SHUVRDQD MXULGLF SHGHDSVD DSOLFDELO vQ FD]XO V YkUúLULL LQIUDF LXQLL
GHSXUWDUHDDEX]LY vQWRDWHLSRWH]HOHVDOHGHLQFULPLQDUHSRWULYLWDUWDOLQ
úL & SHQ HVWH DPHQGD GH OD OHL OD OHL LDU SHQWUX LSRWH]D
SUHY ]XW vQDOLQDPHQGDYDILGHODOHLODOHL
1(*/,-(1 $Ì13 675$5($6(&5(78/8,'(67$7
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDOFRQVW vQDFHOHUHOD LLVRFLDOHUHIHULWRDUHODLQWHUHVHOH
SXEOLFH D F URU QRUPDO IRUPDUH GHVI úXUDUH úL GH]YROWDUH QX DU IL SRVLELOH I U
UHVSHFWDUHD úL DVLJXUDUHD LQIRUPD LLORU VHFUHWH GH VWDW vPSRWULYD QHJOLMHQ HORU
IXQF LRQDULORU SXEOLFL VDX IXQF LRQDULORU vQ VDUFLQD F URUD LQWU S VWUDUHD DFHVWRU
LQIRUPD LLVHFUHWHGHVWDW
2ELHFWXOPDWHULDOFRQVW vQGRFXPHQWXOFHFRQ LQHLQIRUPD LLVHFUHWHGHVWDW
GLVWUXVDOWHUDWVXVWUDVVDXSLHUGXW
&kQGQHJOLMHQ DDDYXWFDXUPDUHSULOHMXOGDWXQHLWHU HSHUVRDQHGHDDIODXQ
VHFUHWGHVWDWRELHFWXOPDWHULDOOLSVHúWH
3RWULYLWQRUPHLH[SOLFDWLYHSUHY ]XWHvQDUWDOLQ&SHQÄVHFUHWHGH
VWDW´VXQWGRFXPHQWHOHúLGDWHOHFDUHSUH]LQW vQPRGY GLWDFHVWFDUDFWHUSUHFXPúL
FHOH GHFODUDWH VDX FDOLILFDWH DVWIHO SULQ KRW UkUH D *XYHUQXOXL $FWXO QRUPDWLY OD
FDUH IDFH WULPLWHUH QRUPD H[SOLFDWLY HVWH /HJHD QU SULYLQG SURWHF LD
LQIRUPD LLORU FODVLILFDWH úL +* QU SHQWUX DSUREDUHD 6WDQGDUGHORU
QD LRQDOHGHSURWHF LHDLQIRUPD LLORUFODVLILFDWHvQ5RPkQLD
,QIRUPD LLOH VHFUHWH GH VWDW vQ VHQVXO DFHVWHL OHJL VXQW LQIRUPD LLOH FDUH
SULYHVF VHFXULWDWHD QD LRQDO SULQ D F URU GLYXOJDUH VH SRW SUHMXGLFLD VLJXUDQ D
QD LRQDO úLDS UDUHD ULL
,OLH3DVFXRSFLWS
6LHJIULHG .DKDQH vQ 9LQWLO 'RQJRUR] 6LHJIULHG .DKDQH ,RQ 2DQFHD ,RVLI )RGRU 1LFROHWD ,OLHVFX
&RQVWDQWLQ %XODL 5RGLFD 6W QRLX 9LFWRU 5RúFD ([SOLFD LL WHRUHWLFH DOH &RGXOXL SHQDO URPkQ YRO ,9 (GLWXUD
$FDGHPLHL5RPkQH%XFXUHúWLS
3XEOLFDW vQ02IQUGLQ$FHDVW OHJHFDUHDLQWUDWvQYLJRDUHODGH]LOHGHODGDWD
SXEOLF ULLHLvQ0RQLWRUXO2ILFLDODO5RPkQLHL3DUWHD,DDEURJDW/HJHDQUSULYLQGDS UDUHDVHFUHWXOXLGH
VWDWvQ5RPkQLDSXEOLFDW vQ%XOHWLQXO2ILFLDO3DUWHD,QUGLQGHFHPEULH+RW UkUHD&RQVLOLXOXLGH
0LQLúWULQUSULYLQGXQHOHP VXULvQOHJ WXU FXDS UDUHDVHFUHWXOXLGHVWDWSXEOLFDW vQ%XOHWLQXO2ILFLDO
3DUWHD,QUGLQLDQXDULHSUHFXPúLRULFHDOWHGLVSR]L LLFRQWUDUH
ÌQ DSOLFDUHD DFHVWHL OHJL D IRVW HPLV +RW UkUHD GH *XYHUQ QU SHQWUX DSUREDUHD 6WDQGDUGHORU
QD LRQDOHGHSURWHF LHDLQIRUPD LLORUFODVLILFDWHvQ5RPkQLDSXEOLFDW vQ02IQUGLQ
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUDODFHVWHLLQIUDF LXQLvQSULQFLSLXSRDWHIL
RULFHSHUVRDQ IL]LF FHvQWUXQHúWHFRQGL LLOHJHQHUDOHSHQWUXDU VSXQGHSHQDO
ÌQPRGRELúQXLWGH LQHUHDVDXFXQRDúWHUHDGRFXPHQWHORUFHFRQ LQLQIRUPD LL
VHFUHWH GH VWDW DX ORF vQ VIHUD DFWLYLW LORU GH VHUYLFLX DúD vQFkW LQIUDF LXQHD GH
QHJOLMHQ vQ S VWUDUHD VHFUHWXOXL GH VWDW GH UHJXO QX SRDWH IL FRPLV GHFkW GH
F WUH IXQF LRQDUXO SXEOLF vQ DOH F UXL DWULEX LL GH VHUYLFLX LQWU GH LQHUHD VDX
FXQRDúWHUHDXQRUDVWIHOGHGRFXPHQWH
5HFHQWVDH[SULPDWúLS UHUHDODFDUHQXVXEVFULHPF DFHDVW LQIUDF LXQH
QX SRDWH IL FRPLV GHFkW GH XQ IXQF LRQDU SXEOLF VDX XQ IXQF LRQDU $UJXPHQWXO
LQYRFDWvQVXV LQHUHDDFHVWHLRSLQLL±QXPDLIXQF LRQDULLSXEOLFLVDXIXQF LRQDULLDX
DFFHVODGRFXPHQWHFRQVWLWXLQGLQIRUPD LLVHFUHWHGHVWDW ±HVWHFRQWUD]LVGHvQV úL
SUHYHGHULOHDUWGLQ/HJHDQU
/D V YkUúLUHD LQIUDF LXQLL GH QHJOLMHQ vQ S VWUDUHD VHFUHWXOXL GH VWDW HVWH
SRVLELO SDUWLFLSDUHD FX LQWHQ LH D DOWRU VXELHF L DFWLYL SDUWLFLSD LH LPSURSULH
SRWULYLWGLVSR]L LHLGLQDUW&SHQ
6XELHFW DFWLY SRDWH IL úL R SHUVRDQ MXULGLF vQ FRQGL LLOH úL FX OLPLW ULOH
DU WDWHvQDUWDOLQ&SHQ
6XELHFWXO SDVLY VSHFLDO HVWH R DXWRULWDWH SXEOLF LQVWLWX LH SXEOLF VDX DOW
SHUVRDQ MXULGLF GHGUHSWSXEOLFVDXSULYDWDOHF UHLLQWHUHVHVXQWY W PDWHGHSH
XUPDQHJOLMHQ HLvQS VWUDUHDVHFUHWXOXLGHVWDW
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO FRQVW vQ FRPSRUWDUHD QHJOLMHQW vQ S VWUDUHD
GRFXPHQWHORU FH FRQ LQ LQIRUPD LL VHFUHWH GH VWDW D IXQF LRQDUXOXL SXEOLF
IXQF LRQDUXOXL VDX SHUVRDQHL IL]LFH FDUH GH LQH DFHVWH GRFXPHQWH VDX FDUH D OXDW
FXQRúWLQ GHVSUH LQIRUPD LLOH VHFUHWH FRPSRUWDUH FDUH DUH GUHSW FRQVHFLQ ILH
GLVWUXJHUHDDOWHUDUHDSLHUGHUHDVDXVXVWUDJHUHDGRFXPHQWXOXLFHFRQ LQHLQIRUPD LL
VHFUHWGHVWDWILHDIODUHDVHFUHWXOXLGHF WUHRSHUVRDQ QHvQGUHSW LW DOFXQRDúWH
7HUPHQXO ÄQHJOLMHQ ´ vQ FRQWH[WXO DUW & SHQ DUH XQ vQ HOHV PDL ODUJ
GHFkWvQYRFDEXODUXOX]XDO3ULQDFHVWWHUPHQVHvQ HOHJHQXQXPDLOLSVDGHJULM GH
H[ XQ IXQF LRQDU SXEOLF I U D DYHD JULMD GH D vQGHS UWD GLQ ELURX SHUVRDQHOH
VWU LQH FRPXQLF FX JODV WDUH R LQIRUPD LH VHFUHW GH VWDW FROHJXOXL V X FL úL
QHVRFRWLQ D GH H[ XQ IXQF LRQDU SXEOLF F UXLD L VD vQFUHGLQ DW VSUH S VWUDUH XQ
GRFXPHQW FH FRQ LQH LQIRUPD LL VHFUHWH GH VWDW vO DúD] vQ PRG LPSUXGHQW vQ
DSURSLHUHDXQXLUHúRXvQFLQVDVWIHOF GRFXPHQWXOLDIRFVDXLPSUXGHQ DGHH[
XQ IXQF LRQDU SXEOLF F UXLD L VD vQFUHGLQ DW XQ GRFXPHQW FH FRQ LQH LQIRUPD LL
VHFUHWHGHVWDWvOS VWUHD] vQWUXQGXODSFXvQFXLHWRDUHGHIHFW úLQXLDP VXULFD
EURDVFD V ILH UHSDUDW DVWIHO F GRFXPHQWXO HVWH VXVWUDV GH XQ U XYRLWRU 'H
DVHPHQHDFRQVWLWXLHQHJOLMHQ QHS VDUHDVDXQHGLE FLD
1HJOLMHQ DSRDWHSULYLRPDQLIHVWDUHFRPLVLY RDF LXQHGDUúLRRPLVLXQH
3ULQ ÄGLVWUXJHUHD´ GRFXPHQWXOXL FH FRQ LQH LQIRUPD LL VHFUHWH GH VWDW VH
vQ HOHJHQLPLFLUHDGHVILLQ DUHDFRPSOHW DDFWXOXLDúDvQFkWGLQFRQ LQXWXOOXLQXD
PDLU PDVQLPLFVDXFHHDFHDU PDVQXHVWHLQWHOLJLELOQHPDLSXWkQGXVHIRORVL
,OLH3DVFXRSFLWS ÌQDFHODúLVHQV$OH[DQGUX%RURL*KHRUJKH1LVWRUHDQX 'UHSWSHQDO3DUWHD
VSHFLDO HGL LDD,,,D(GLWXUD$OO%HFN%XFXUHúWLS
3RWULYLWDUWGLQ/HJHDQU±Ä&RQGXF WRULLDJHQ LORUHFRQRPLFLVDXDLDOWRUSHUVRDQHMXULGLFH
GH GUHSW SULYDW SUHFXP úL SHUVRDQHOH IL]LFH F URUD OHDX IRVW vQFUHGLQ DWH LQIRUPD LL VHFUHWH GH VWDW vQ FDGUXO
UDSRUWXULORUGHFRODERUDUHDXREOLJD LDV UHVSHFWHSUHYHGHULOHOHJDOHSULYLQGSURWHF LDDFHVWRUD´
6LHJIULHG.DKDQHYRO,9S
*KHRUJKH' UkQJ úL'XPLWUX/XFLQHVFXYRO,,S
Ä$OWHUDUHD´ XQXL GRFXPHQW FH FRQ LQH LQIRUPD LL VHFUHWH GH VWDW vQVHDPQ
GHJUDGDUHD GHWHULRUDUHD DFHVWXLD DúD vQFkW WRWDO VDX QXPDL vQ SDUWH HVWH OL]LELO
$FHDVWDSRDWHSURYHQLGHH[HPSOXGLQFDX]DXPLGLW LLH[FHVLYHDORFXOXLvQFDUH
HVWH LQXWGRFXPHQWXOUHVSHFWLY
3ULQ ÄSLHUGHUHD´ GRFXPHQWXOXL FH FRQ LQH LQIRUPD LL VHFUHWH GH VWDW VH
vQ HOHJH vQFHWDUHD SHQWUX VXELHFWXO DFWLY QHPLMORFLW D FRQWDFWXOXL PDWHULDO FX
GRFXPHQWXO SH FDUHO DYHD vQ S VWUDUH vQWUXFkW QX úWLH XQGH VH J VHúWH LDU GLQ
vPSUHMXU ULOHGHIDSWQXUH]XOW F DFHDVW UXSHUHGHFRQWDFWHVWHGHVFXUW GXUDW úL
F DXWRUXODUSXWHDLQWUDLPHGLDWVDXvQWUXQYLLWRUDSURSLDWvQSRVHVLDVD
3ULQ ÄVXVWUDJHUHD´ GRFXPHQWXOXL FH FRQ LQH LQIRUPD LL VHFUHWH GH VWDW VH
vQ HOHJH vQVXúLUHD DFHVWXLD VFRDWHUHD OXL GLQ SRVHVLD VXELHFWXOXL DFWLY QHPLMORFLW
FDUHOGH LQHDúLWUHFHUHDOXLvQVIHUDGHGLVSR]L LHDFHOXLFDUHDFRPLVVXVWUDJHUHD
$ GD SULOHM DOWHL SHUVRDQH V DIOH XQ VHFUHW GH VWDW vQVHDPQ F DFHDVWD
SURILWkQG GH FRPSRUWDUHD QHJOLMHQW D VXELHFWXOXL DFWLY QHPLMORFLW D DYXW
SRVLELOLWDWHDV LDFXQRúWLQ GHFRQ LQXWXOXQXLDVWIHOGHGRFXPHQW
&HULQ DHVHQ LDO )DSWDLQFULPLQDW WUHEXLHV ILHGHQDWXU V DGXF DWLQJHUH
LQWHUHVHORU VWDWXOXL 'DF DFHDVW FHULQ HVHQ LDO QX HVWH vQGHSOLQLW IDSWD
FRQFUHW QX YD FRQVWLWXL LQIUDF LXQHD SUHY ]XW vQ DUW & SHQ FL YD SXWHD
DWUDJHGXS FD]U VSXQGHUHDGLVFLSOLQDU VDXDGPLQLVWUDWLY
8UPDUHD LPHGLDW H[SUHV SUHY ]XW vQ FRQ LQXWXO QRUPHL GH LQFULPLQDUH
FRQVW DOWHUQDWLY ILH vQ GLVWUXJHUHD DOWHUDUHD SLHUGHUHD VDX VXVWUDJHUHD XQXL
GRFXPHQWFHFRQ LQHLQIRUPD LLVHFUHWHGHVWDWILHvQFUHDUHDXQHLRFD]LLSHQWUXXQ
WHU GHDDIODXQDVHPHQHDVHFUHW3ULQDFHDVWDVHFUHHD] úLRVWDUHGHSHULFROSHQWUX
LQWHUHVXOGHVWDWODFDUHVHUHIHU GRFXPHQWXOUHVSHFWLY
&RQVWDWDUHDF IDSWDFRPLV HVWHGHQDWXU V DGXF DWLQJHUHXQXLLQWHUHVGH
VWDW vQVHDPQ LPSOLFLW FRQVWDWDUHD H[LVWHQ HL XUP ULL LPHGLDWH 1X LPSRUW GDF
LQWHUHVXOGHVWDWUHVSHFWLYDIRVWHIHFWLYY W PDWILLQGVXILFLHQWF DIRVWSHULFOLWDW
/HJ WXUDGHFDX]DOLWDWHUH]XOW H[UHGLQvQV úLV YkUúLUHDIDSWHL
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH1HJOLMHQ DvQS VWUDUHDVHFUHWXOXLGHVWDWVHvQFDGUHD] vQ
GLVSR]L LDGLQDUW&SHQDWXQFLFkQGHVWHV YkUúLW GLQFXOS vQRULFDUHGLQWUH
PRGDOLW LOHDFHVWHLDFXOSDFXSUHYHGHUHXúXULQ DVDXFXOSDVLPSO JUHúHDOD
$WXQFL FkQG IDSWD LQFULPLQDW VH FRPLWH FX LQWHQ LH YRU IL DSOLFDELOH
GLVSR]L LLOH GLQ DUW & SHQ UHIHULWRDUH OD VXVWUDJHUHD VDX GLVWUXJHUHD GH
vQVFULVXULGDF VXQWvQWUXQLWHúLFHOHODOWHFRQGL LLGHLQFULPLQDUHSUHY ]XWHGHOHJH
)RUPH6DQF LXQL
)RUPH 1HJOLMHQ D vQ S VWUDUHD VHFUHWXOXL GH VWDW ILLQG R LQIUDF LXQH FRPLV
GLQFXOS QXSRDWHDYHDIRUPHLPSHUIHFWHDFWHGHSUHJ WLUHúLWHQWDWLY FLQXPDL
IDSWXOFRQVXPDW
)LLQG R LQIUDF LXQH LQVWDQWDQHH FRQVXPDUHD DUH ORF vQ PRPHQWXO FkQG
GDWRULW QHJOLMHQ HL VD SURGXV GLVWUXJHUHD DOWHUDUHD SLHUGHUHD VDX VXVWUDJHUHD
GRFXPHQWXOXL FDUH FRQ LQH LQIRUPD LL VHFUHWH GH VWDW RUL VD SULOHMXLW DIODUHD I U
GUHSWDGDWHORUVHFUHWHGHF WUHRDOW SHUVRDQ
6DQF LXQL 3HGHDSVD SUHY ]XW GH OHJH SHQWUX DFHDVW LQIUDF LXQH HVWH
vQFKLVRDUHDGHODOXQLODDQL
3HQWUX SHUVRDQD MXULGLF SHGHDSVD DSOLFDELO SRWULYLW DUW DOLQ
&SHQvQFD]XOV YkUúLULLLQIUDF LXQLLGHQHJOLMHQ vQS VWUDUHDVHFUHWXOXLGHVWDW
HVWHDPHQGDGHODOHLODOHL
ÌQOHJ WXU FXDFHDVW IRUP GHYLQRY LHDVHYHGHDFHOHDU WDWHvQFRPHQWDULXOGHVXEDUW&SHQ
&21)/,&78/'(,17(5(6(
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDOFRQVW vQDFHOHUHOD LLVRFLDOHUHIHULWRDUHODLQWHUHVHOH
SXEOLFHDF URUQRUPDO IRUPDUHGHVI úXUDUHúLGH]YROWDUHQXDUILSRVLELO I U D
DVLJXUDH[HUFLWDUHDFXFLQVWHSURELWDWHúLFRUHFWLWXGLQHDDWULEX LLORUGHVHUYLFLXDOH
IXQF LRQDULORUSXEOLFL
2ELHFWXOPDWHULDOGHUHJXO OLSVHúWHODDFHDVW LQIUDF LXQH
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU DO DFHVWHL LQIUDF LXQL SURSULL QX SRDWH IL
GHFkWXQIXQF LRQDUSXEOLFvQVHQVXODU WDWvQDUWDOLQ&SHQ
ÌQFRQGL LLOHDUW&SHQSRDWHILVXELHFWDFWLYDOFRQIOLFWXOXLGHLQWHUHVH
úLSHUVRDQDMXULGLF
3DUWLFLSD LD SHQDO HVWH SRVLELO vQ WRDWH IRUPHOH VDOH FRDXWRUDW LQVWLJDUH
FRPSOLFLWDWH3HQWUXFRDXWRULHVWHQHFHVDUvQV FDODGDWDV YkUúLULLIDSWHLV DLE
FDOLWDWHDGHIXQF LRQDUSXEOLFúLV ILHvQH[HUFL LXODWULEX LLORUGHVHUYLFLX
6XELHFWXO SDVLY DO FRQIOLFWXOXL GH LQWHUHVH HVWH DXWRULWDWHD SXEOLF LQVWLWX LD
SXEOLF LQVWLWX LD VDX SHUVRDQD GH LQWHUHV SXEOLF vQ FDUHúL GHVI úRDU DFWLYLWDWHD
IXQF LRQDUXOSXEOLF
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDODODFHVWHLLQFULPLQ ULFRPLVLYHFXFRQ LQXWXULDOWHUQDWLYH
FRQVW ILHvQvQGHSOLQLUHDXQXLDFWILHvQOXDUHDXQHLGHFL]LL
7HUPHQXOGHÄDFW´HVWHIRORVLWvQFRQ LQXWXOQRUPHLGHLQFULPLQDUHvQvQ HOHVXO
GH RSHUD LH FDUH WUHEXLH HIHFWXDW GH IXQF LRQDUXO SXEOLF SRWULYLW DWULEX LLORU
DFHVWRUDGHVHUYLFLX$FHDVW DFWLYLWDWHSRDWHSULYLFRQVWDWDUHDXQXLDFWMXULGLFGH
H[ FRQVWDWDUHD XQHL ÄPDQLIHVW UL GH YRLQ SULYLQG FUHDUHD PRGLILFDUHD
WUDQVPLWHUHDRULVWLQJHUHDXQXLGUHSWVDXREOLJD LLRULvQWRFPLUHDVDXFRQILUPDUHD
XQXLvQVFULVSULYLQGXQDFWMXULGLFRULHIHFWXDUHDXQHLFRQVWDW ULFXHIHFWHMXULGLFH
VDX H[HFXWDUHD XQHL KRW UkUL úL DOWH RSHUD LL GDWH vQ FRPSHWHQ D XQXL VHUYLFLX DO
SHUVRDQHORUMXULGLFHGHGUHSWSXEOLF
3ULQÄOXDUHDXQHLGHFL]LL´VHvQ HOHJHRKRW UkUHOXDW vQXUPDH[DPLQ ULLXQHL
SUREOHPH D XQHL VLWXD LL HWF DVWIHO vQFkW V VH UHDOL]H]H GLUHFW VDX LQGLUHFW XQ
IRORV PDWHULDO SHQWUX VLQH VDX SHQWUX XQD GLQWUH SHUVRDQHOH DU WDWH vQ QRUPD GH
LQFULPLQDUH DQDOL]DW 3DUWLFLSDUHD OD OXDUHDXQHLGHFL]LLUHSUH]LQW DFWXOSULQFDUH
VXELHFWXODFWLYFRQWULEXLHvQRULFHPRGODOXDUHDDFHOHLKRW UkUL
/HJHD QX FHUH FD vQGHSOLQLUHD XQXL DFW VDX OXDUHD XQHL GHFL]LL V ILH
GHIHFWXRDV DVWIHOvQFkWSHQWUXLQFLGHQ DWH[WXOXLDQDOL]DWHVWHVXILFLHQWFDDXWRUXO
V DF LRQH]HFRQIRUPDWULEX LLORUGHVHUYLFLX'HVLJXUF vQLSRWH]DvQFDUHDFHVWDFW
HVWHUHDOL]DWFXvQF OFDUHDGLVSR]L LLORUOHJDOHVDXDDWULEX LLORUGHVHUYLFLXSHOkQJ
FRQIOLFWXOGHLQWHUHVHVHYDUH LQHúLDFHDIDSW DEX]LY GHH[DEX]vQVHUYLFLXIDOV
LQWHOHFWXDO HWF GDF VXQW vQGHSOLQLWH úL FHOHODOWH FRQGL LL SUHY ]XWH SHQWUX
LQIUDF LXQHDFRQFXUHQW
3HQWUX H[LVWHQ D LQIUDF LXQLL HVWH VXILFLHQW UHDOL]DUHD XQHL GLQWUH FHOH GRX
DF LXQL LQFULPLQDWH DOWHUQDWLY SULQ DUW & SHQ 5HDOL]DUHD vQV D DPEHORU
DF LXQLLQFULPLQDWHQXYDDIHFWDXQLWDWHDLQIUDF LRQDO GDUGHDFHDVW vPSUHMXUDUHVH
YD LQHVHDPDODLQGLYLGXDOL]DUHDMXGLFLDU DSHGHSVHL
&HULQ HHVHQ LDOH
)XQF LRQDUXO SXEOLF V IL FRPLV DF LXQHD LQFULPLQDW vQ H[HUFL LXO
DWULEX LLORUGHVHUYLFLX
3ULQ DF LXQHD LQFULPLQDW WUHEXLH V VH UHDOL]H]H GLUHFW VDX LQGLUHFW XQ
IRORVPDWHULDO
3ULQ ÄIRORV PDWHULDO´ VH vQ HOHJH RULFH IHO GH DYDQWDM SDWULPRQLDO EXQXUL
vPSUXPXWXULSUHPLLDPkQDUHDSO LLXQHLGDWRULLIRORVLQ DJUDWXLW DXQHLORFXLQ H
SUHVW ULGHVHUYLFLLvQPRGJUDWXLWSURPRYDUHDvQVHUYLFLX'DF IRORVXORE LQXWGH
DXWRU VDX GH XQD GLQWUH SHUVRDQHOH DU WDWH vQ DUW & SHQ HVWH LPDWHULDO
QHSDWULPRQLDO vQ OLSVD DFHVWHL FHULQ H HVHQ LDOH HOHPHQWXO PDWHULDO úL LPSOLFLW
FRQIOLFWXOGHLQWHUHVHQXYDPDLVXE]LVWD
)RORVXOPDWHULDOWUHEXLHV VHUHDOL]H]HSHQWUXVLQHVR XOV XRUXG RULXQ
DILQ SkQ OD JUDGXO ,, LQFOXVLY VDX SHQWUX R DOW SHUVRDQ FX FDUH VD DIODW vQ
UDSRUWXULFRPHUFLDOHRULGHPXQF vQXOWLPLLDQLVDXGLQSDUWHDF UHLDDEHQHILFLDW
RULEHQHILFLD] GHVHUYLFLLVDXIRORDVHGHRULFHQDWXU
&HOHWUHLFHULQ HHVHQ LDOHWUHEXLHvQGHSOLQLWHFXPXODWLYOLSVDXQHLDDWU JkQG
LQH[LVWHQ DHOHPHQWXOXLPDWHULDOúLLPSOLFLWDLQIUDF LXQLLDQDOL]DWH
'LVSR]L LLOH DOLQ QX VH DSOLF vQ FD]XO HPLWHULL DSURE ULL VDX DGRSW ULL
DFWHORUQRUPDWLYHOHJL2*28*+*RUGLQHLQVWUXF LXQLUHJXODPHQWHHWF
8UPDUHD LPHGLDW FRQVW vQWUR VWDUH GH SHULFRO SHQWUX EXQXO PHUV DO
DFWLYLW LL XQHLD GLQWUH XQLW LOH OD FDUH VH UHIHU DUW & SHQ DXWRULW LOH
SXEOLFHLQVWLWX LLOHSXEOLFHLQVWLWX LLOHVDXDOWHSHUVRDQHMXULGLFHGHLQWHUHVSXEOLF
&RQIOLFWXOGHLQWHUHVHHVWHRLQIUDF LXQHGHSHULFROúLQXXQDGHGDXQ FKLDU
GDF vQ XUPD DFWXOXL VDX GHFL]LHL OXDWH GH VXELHFWXO DFWLY VH UHDOL]HD] XQ IRORV
PDWHULDOSHQWUXXQDGLQWUHSHUVRDQHOHPHQ LRQDWHvQWH[W
/HJ WXUD GH FDX]DOLWDWH vQWUH DF LXQHD LQFULPLQDW úL XUPDUHD LPHGLDW
WUHEXLHV H[LVWHúLUH]XOW GLQPDWHULDOLWDWHDIDSWHLFRQFUHWHFRPLVHGHIXQF LRQDUXO
SXEOLFH[UH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LHFXFDUHVHSRDWHFRPLWHFRQIOLFWXOGHLQWHUHVHHVWHLQWHQ LD
GLUHFW VDXLQGLUHFW 6XELHFWXODFWLYWUHEXLHV SUHYDG F SULQvQGHSOLQLUHDDFHOXL
DFW VDX SULQ SDUWLFLSDUHD OD OXDUHD DFHOHL GHFL]LL VH UHDOL]HD] XQ IRORV PDWHULDO
SHQWUXVLQHVR XOV XRUXG RULXQDILQSkQ ODJUDGXO,,LQFOXVLYVDXSHQWUXRDOW
SHUVRDQ FXFDUHVDDIODWvQUDSRUWXULFRPHUFLDOHRULGHPXQF vQXOWLPLLDQLVDX
GLQSDUWHDF UHLDDEHQHILFLDWRULEHQHILFLD] GHVHUYLFLLVDXIRORDVHGHRULFHQDWXU
úLV XUP UHDVF VDXV DFFHSWHDFHVWUH]XOWDW
1XVXQWSUHY ]XWHFHULQ HHVHQ LDOHUHIHULWRDUHODVFRSVDXPRELODVWIHOvQFkW
FXQRDúWHUHD DFHVWRUD YD LQWHUHVD QXPDL GLQ SXQFW GH YHGHUH DO LQGLYLGXDOL] ULL
UHSUHVLXQLLSHQDOHQXúLSHQWUXH[LVWHQ DFRQIOLFWXOXLGHLQWHUHVH
)RUPH6DQF LXQL
)RUPH &RQIOLFWXO GH LQWHUHVH HVWH R LQIUDF LXQH FRPLVLY úL GH H[HFX LH OHQW
3ULQXUPDUHHDSRDWHDYHDXQLWHUFULPLQLVúLV ILHVXVFHSWLELO GHIRUPHLPSHUIHFWHGH
UHDOL]DUH'HúLVXQWSRVLELOHDFWHOHSUHSDUDWRULLúLFHOHGHvQFHUFDWHQXVXQWLQFULPLQDWH
úLGHFLSHGHSVLWH$FWHOHSUHSDUDWRULLFRPLVHGHDOW SHUVRDQ GHFkWDXWRUXOGHYLQDFWH
GHFRPSOLFLWDWHDQWHULRDU ODIDSWDFRPLV GHIXQF LRQDUXOSXEOLF
&RQIOLFWXOGHLQWHUHVHVHFRQVXP vQPRPHQWXOUHDOL] ULLDF LXQLLLQFULPLQDWH
úLDOSURGXFHULLXUP ULLLPHGLDWH
ÌQ FRQFUHW IDSWD SUHY ]XW vQ DUW & SHQ SRDWH vPEU FD IRUPD
FRQWLQXDW GHV YkUúLUHVLWXD LHvQFDUHYRPDYHDúLXQPRPHQWDOHSXL] ULLFDUHYD
LQWHUYHQLODGDWDUHDOL] ULLXOWLPHLDF LXQLLQFULPLQDWH
6DQF LXQL3HGHDSVDSUHY ]XW GHOHJHvQFD]XOFRQIOLFWXOXLGHLQWHUHVHFRPLV
GHSHUVRDQDIL]LF HVWHvQFKLVRDUHDGHODOXQLODDQLúLLQWHU]LFHUHDGUHSWXOXLGHD
RFXSD R IXQF LH SXEOLF SH GXUDW PD[LP $FHDVW SHGHDSV FRPSOHPHQWDU
VSHFLDO YDILDSOLFDW vQPRGREOLJDWRULXGHF WUHLQVWDQ DGHMXGHFDW
/8$5($'(0,7
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO OX ULL GH PLW FRQVW vQ DFHOH UHOD LL VRFLDOH
UHIHULWRDUHODLQWHUHVHOHSXEOLFHDF URUQRUPDO IRUPDUHGHVI úXUDUHúLGH]YROWDUH
QX DU IL SRVLELO I U D DVLJXUD H[HUFLWDUHD FX FLQVWH SURELWDWH úL FRUHFWLWXGLQH D
DWULEX LLORUGHVHUYLFLXDIXQF LRQDULORUSXEOLFLDIXQF LRQDULORUDSHUVRDQHORUFDUH
H[HUFLW RIXQF LHGHLQWHUHVSXEOLFúLDDOWRUSHUVRDQHSUHY ]XWHvQDUWúLGLQ
/HJHD QU SHQWUX SUHYHQLUHD GHVFRSHULUHD úL VDQF LRQDUHD IDSWHORU GH
FRUXS LHFXPRGLILF ULOHúLFRPSOHW ULOHXOWHULRDUH
'HDVHPHQHDSULQDFHDVW LQFULPLQDUHVXQWSURWHMDWHEXQXOPHUVDODFWLYLW LL
XQLW LORU DU WDWH OD DUW & SHQ DO SHUVRDQHORU MXULGLFH GH GUHSW SULYDW úL
LQWHUHVHOHOHJDOHDOHSHUVRDQHORUSDUWLFXODUH
2ELHFWXO PDWHULDO ÌQ OHJ WXU FX DFHDVW FKHVWLXQH vQ OLWHUDWXUD MXULGLF
SHQDO VDXFRQWXUDWWUHLRSLQLLFRQWUDGLFWRULL
2ELHFWXO PDWHULDO DO DFHVWHL LQFULPLQ UL vQWUR SULP RSLQLH vO FRQVWLWXLH
PLWDDGLF EDQLLVDXDOWHIRORDVHFDUHQXLVHFXYLQI SWXLWRUXOXL
ÌQWUR DOW S UHUH VD VXV LQXW F OD DFHDVW LQIUDF LXQH GH UHJXO OLSVHúWH
RELHFWXO PDWHULDO 7RWXúL DWXQFL FkQG DXWRUXO D HIHFWXDW DFWXO SHQWUX D F UXL
vQGHSOLQLUHDSULPLWPLWDGDF DFHVWDFWSULYHúWHXQRELHFWPDWHULDODFHVWDYDILvQ
DFHODúL WLPS úL RELHFW PDWHULDO DO LQIUDF LXQLL GH H[ XQ IXQF LRQDU SRúWDO FDUH
DFRUG SULRULWDWHvQUHPLWHUHDFROHWHORUFHORUFDUHvLRIHU PLW
'H DVHPHQHD DWXQFL FkQG IRORVXO QHFXYHQLW FRQVW vQ SUHVWDUHD XQHL PXQFL
H[UHSDUDUHDXQXLLPRELOHIHFWXDUHDXQRUOXFU ULGHLQVWDOD LLHOHFWULFH]XJU YLUHD
XQRUvQF SHULRELHFWXODVXSUDF UXLDVHHIHFWXHD] PXQFDGHYLQHúLRELHFWPDWHULDO
DOLQIUDF LXQLLúLSRDWHVHUYLFDSURE SHQWUXH[LVWHQ DLQIUDF LXQLL
$O LDXWRULVXV LQH[SUHVVDXLPSOLFLWSULQQHDERUGDUHDDFHVWHLFKHVWLXQL
F OXDUHDGHPLW QXDUHRELHFWPDWHULDO
3XEOLFDW vQ02IQUGLQPRGLILFDW SULQ2*QUGLQSXEOLFDW vQ02I
QUGLQPRGLILFDW úLFRPSOHWDW SULQ/HJHDQUSULYLQGXQHOHP VXULSHQWUXDVLJXUDUHD
WUDQVSDUHQ HL vQ H[HUFLWDUHD GHPQLW LORU SXEOLFH D IXQF LLORU SXEOLFH úL vQ PHGLXO GH DIDFHUL SUHYHQLUHD úL
VDQF LRQDUHDFRUXS LHLSXEOLFDW vQ02IGLQ/HJHDQUSXEOLFDW vQ02IQUGLQ
28*QUSXEOLFDW vQ02IQUGLQúL28*QUSXEOLFDW vQ
02IQUGLQ
2OLYLX $XJXVWLQ 6WRLFD 'UHSW SHQDO 3DUWH VSHFLDO (GLWXUD 'LGDFWLF úL 3HGDJRJLF %XFXUHúWL
S ÌQ DFHODúL VHQV /XFLD 0ROGRYDQ /XDUHD GH PLW vQ &RGXO SHQDO DO 565 6WXGLD 8QLYHUVLWDWLV
%DEHú%RO\DL6HULHV-XULVSUXGHQ LD&OXMS,RDQD9DVLX'UHSWSHQDOURPkQSDUWHDVSHFLDO YRO,,
(GLWXUD $OEDVWU &OXM 1DSRFD S 76 Gv QU 55' QU S 76 VS G
QU55'QUS76VSGQU55'QUS
6LHJIULHG .DKDQH vQ 9LQWLO 'RQJRUR] 6LHJIULHG .DKDQH ,RQ 2DQFHD ,RVLI )RGRU 1LFROHWD ,OLHVFX
&RQVWDQWLQ %XODL 5RGLFD 6W QRLX 9LFWRU 5RúFD ([SOLFD LL WHRUHWLFH DOH &RGXOXL SHQDO URPkQ YRO ,9 (GLWXUD
$FDGHPLHL 5RPkQH %XFXUHúWL S ÌQ DFHODúL VHQV $QHWD *ULJRURYLFL ,QIUDF LXQL GH VHUYLFLX VDX vQ
OHJ WXU FXVHUYLFLXO(GLWXUDùWLLQ LILF úL(QFLFORSHGLF %XFXUHúWLS
9DVLOH 'REULQRLX &RUXS LD vQ GUHSWXO SHQDO URPkQ (GLWXUD $WODV /H[ %XFXUHúWL S ÌQ
DFHODúL VHQV ,OLH 3DVFX vQ *KHRUJKH 1LVWRUHDQX 9DVLOH 'REULQRLX $OH[DQGUX %RURL ,OLH 3DVFX ,RDQ 0ROQDU
9DOHULF /D] U 'UHSW SHQDO 3DUWHD VSHFLDO (GLWXUD (XURSD 1RYD %XFXUHúWL S 2FWDYLDQ /RJKLQ
7XGRUHO7RDGHU'UHSWSHQDOURPkQ3DUWHDVSHFLDO HGL LDD,9DUHY ]XW úLDG XJLW &DVDGHHGLWXU úLSUHV
ùDQVD65/%XFXUHúWLS9DVLOH'REULQRLXvQ9DVLOH'REULQRLX1LFRODH&RQHD&LSULDQ5DXO5RPL DQ
&DPLO7 Q VHVFX1RUHO1HDJX0D[LP'REULQRLX'UHSWSHQDO3DUWHDVSHFLDO YRO,,/XPLQD/H[%XFXUHúWL
S+RULD'LDFRQHVFX,QIUDF LXQLOHGHFRUXS LHúLFHOHDVLPLODWHVDXvQOHJ WXU FXDFHVWHD(GLWXUD$OO
%HFN %XFXUHúWL S ,OLH 3DVFX vQ ,OLH 3DVFX 9DOHULF /D] U 'UHSWXO SHQDO 3DUWHD VSHFLDO (GLWXUD
/XPLQD/H[%XFXUHúWLS$OH[DQGUX%RURL*KHRUJKH1LVWRUHDQX'UHSWSHQDO3DUWHDVSHFLDO HGL LD
D,,,D(GLWXUD$OO%HFN%XFXUHúWLS
3URIHVRUXO 9DVLOH 'REULQRLX VXV LQH F VXPHOH GH EDQL RUL IRORDVHOH
UHVSHFWLYH DWXQFL FkQG FRQVWDX vQ EXQXUL FRUSRUDOH QX FRQVWLWXLH GHFkW ÄOXFUXUL
GREkQGLWHSULQV YkUúLUHDLQIUDF LXQLL´vQVHQVXODUWOLWG&SHQúLF SULPD
RSLQLHFRQIXQG RELHFWXOPDWHULDODOLQIUDF LXQLLGHOXDUHGHPLW FXRELHFWXOPLWHL
&X SULYLUH OD RSLQLD H[SULPDW vQ OXFUDUHD ([SOLFD LL WHRUHWLFH VH FRQVLGHU F
DFWHOH HIHFWXDWH GH DXWRU QX VXQW WLSLFH LQIUDF LXQLL GH OXDUH GH PLW SHQWUX D VH
SXWHDDILUPDF EXQXULOHDVXSUDF URUDSRDUW PDWHULDOLWDWHDORUFRQVWLWXLHRELHFWXO
PDWHULDO DO LQIUDF LXQLL FL WLSLFH VXQW IDSWHOH GH SUHWLQGHUH SULPLUH DFFHSWDUH VDX
QHUHVSLQJHUH D SURPLVLXQLL 2U QXPDL GDF DFHVWHD DU SXUWD DVXSUD XQXL EXQ VDU
SXWHD SXQH vQ GLVFX LH FD DFHVWD V ILH RELHFW PDWHULDO DO LQIUDF LXQLL GH OXDUH GH
PLW ÌQFRPSOHWDUHDDFHVWXLSXQFWGHYHGHUHVHPDLIDFHSUHFL]DUHDvQGRFWULQ
F HIHFWXDUHDDFWXOXLFRQVWLWXLHVFRSXOV YkUúLULLDF LXQLLVFRSGHDF UXLUHDOL]DUH
QLFLQXHVWHFRQGL LRQDW H[LVWHQ DLQIUDF LXQLLGHOXDUHGHPLW
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU DO DFHVWHL LQIUDF LXQL LQGLIHUHQW GH LSRWH]D
GHLQFULPLQDUHODFDUHQHUDSRUW PHVWHFDOLILFDWúLQXSRDWHILGHFkWXQIXQF LRQDU
SXEOLFVDXXQIXQF LRQDUVDXXQDGLQSHUVRDQHOHDU WDWHvQDUWúLGLQ/HJHD
QU
ÌQYDULDQWDDJUDYDW SUHY ]XW vQDUWDOLQ&SHQúLDUWGLQ/HJHD
QUVXELHFWDFWLYQHPLMORFLWQXSRDWHILGHFkWXQIXQF LRQDUFXDWULEX LLGH
FRQWURO VDX R SHUVRDQ FDUH SRWULYLW OHJLL DUH DWULEX LL GH FRQVWDWDUH VDX GH
VDQF LRQDUH D FRQWUDYHQ LLORU RUL GH FRQVWDWDUH XUP ULUH VDX MXGHFDUH D
LQIUDF LXQLORU
3ULQ VLQWDJPD ÄDWULEX LL GH FRQWURO´ VH vQ HOHJH R DFWLYLWDWH FRPSOH[ GH
YHULILFDUH SHUPDQHQW VDX LQRSLQDQW vQWUXQ GRPHQLX RDUHFDUH FX VFRSXO GH D
FXQRDúWH UHDOLW LOH úL PRGXO FXP VH GHVI úRDU DFWLYLWDWHD vQ GRPHQLXO UHVSHFWLY
VSUHDSUHvQWkPSLQDVDXDOLFKLGDHYHQWXDOHOHOLSVXULúLDvPEXQ W LDFWLYLWDWHD
([HUFLWDUHD GH ÄDWULEX LL GH FRQWURO´ SUHVXSXQH H[DPLQDUHD VDX DQDOL]D
SHUPDQHQW RULSHULRGLF DXQHLDFWLYLW LVDXVLWXD LLvQYHGHUHDXUP ULULLHYROX LHL
DFHVWHLDVDXOX ULLGHP VXULGHUHPHGLHUHLDUQXVLPSODFRQVWDWDUHVXUSULQGHUHVDX
vQUHJLVWUDUH D XQHL UHDOLW L ÌQ UDSRUW FX DFHVWH FULWHULL úHIXO GH WUHQ vQ
H[HUFLWDUHDvQGDWRULULLGHDÄYHULILFDúLHPLWHOHJLWLPD LLOHGHF O WRULHvQWUHQ´QX
DUH ÄDWULEX LL GH FRQWURO´ vQ VHQVXO DJUDYDQWHL SUHY ]XWH vQ DUW DOLQ GLQ
&RGXOSHQDOvQFkWQXSRDWHILVXELHFWDOLQIUDF LXQLLGHOXDUHGHPLW vQDFHDVW
'LUHFWRUXO JHQHUDO DO XQHL VRFLHW L FRPHUFLDOH DYkQG FD DF LRQDU XQLF
FRQVLOLXOORFDODUHFDOLWDWHDGHIXQF LRQDUFXDWULEX LLGHFRQWUROvQVHQVXODUW
*KHRUJKH' UkQJ úL'XPLWUX/XFLQHVFXvQ7HRGRU9DVLOLX'RUX3DYHO*HRUJH$QWRQLXùWHIDQ'DQHú
*KHRUJKH' UkQJ 'XPLWUX/XFLQHVFX9DVLOH3DSDGRSRO'XPLWUX&3RSHVFX9LUJLO5 PXUHDQX&RGXOSHQDO
URPkQFRPHQWDWúLDGQRWDW3DUWHDVSHFLDO YRO,,(GLWXUDùWLLQ LILF úL(QFLFORSHGLF %XFXUHúWLSÌQ
DFHODúL VHQV /XFLD 0ROGRYDQ vQ 0DWHL %DVDUDE /XFLD 0ROGRYDQ 9DOHU 6XLDQ 'UHSW SHQDO 3DUWHD VSHFLDO
&OXM1DSRFD YRO , S $YUDP )LOLSDú vQ 2FWDYLDQ /RJKLQ $YUDP )LOLSDú 'UHSW SHQDO 3DUWHD
VSHFLDO HGL LHUHYL]XLW &DVDGHHGLWXU úLSUHV ùDQVD65/%XFXUHúWLS$YUDP)LOLSDúvQ&RVWLF
%XODL $YUDP )LOLSDú &RQVWDQWLQ 0LWUDFKH ,QVWLWX LL GH GUHSW SHQDO &XUV VHOHFWLY SHQWUX H[DPHQXO GH OLFHQ
HGL LHUHYL]XLW úLDG XJLW (GLWXUDWUHL%XFXUHúWLS
9DVLOH'REULQRLXRSFLWS
2FWDYLDQ/RJKLQ7XGRUHO7RDGHURSFLWS
&X SULYLUH OD vQ HOHVXO DFHVWHL QR LXQL úL FHD GH IXQF LRQDU D VH YHGHD FHOH DU WDWH FX RFD]LD H[DPLQ ULL
VXELHFWXOXLDFWLYQHPLMORFLWDOLQIUDF LXQLLGHDEX]vQVHUYLFLXFRQWUDLQWHUHVHORUSHUVRDQHORU
,RQ'XPLWUX)XQF LRQDUXOFXDWULEX LLGHFRQWUROVXELHFWDFWLYFDOLILFDWDOLQIUDF LXQLLGHOXDUHGHPLW
'UQUS
&6-VSGQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSHDQXO
(GLWXUD-XULV$UJHVVLV&XUWHDGH$UJHúS
DOLQ & SHQ úL SULQ XUPDUH SRDWH IL VXELHFW DFWLY DO LQIUDF LXQLL GH OXDUH GH
PLW vQIRUP DJUDYDW
/XDUHD GH PLW V YkUúLW GH XQ LQVSHFWRU GLQ FDGUXO RILFLXOXL GH SURWHF LH D
FRQVXPDWRUXOXLSULQSULPLUHDGHIRORDVHGHODSDWURQLLXQRUVRFLHW LFRPHUFLDOHvQ
VFRSXO GH D QX DSOLFD DPHQ]L FRQWUDYHQ LRQDOH SHQWUX QHUHJXOLOH FRQVWDWDWH VH
vQFDGUHD] vQSUHYHGHULOHDUWDOLQ&SHQGHRDUHFHI SWXLWRUXODV YkUúLW
LQIUDF LXQHDvQFDOLWDWHDVDGHIXQF LRQDUFXDWULEX LLGHFRQWURO
Ä3HUVRDQ FDUH SRWULYLW OHJLL DUH DWULEX LL GH FRQVWDWDUH VDX GH VDQF LRQDUH D
FRQWUDYHQ LLORU´SRWULYLWDUWDOLQGLQ2*QUSULYLQGUHJLPXOMXULGLF
DO FRQWUDYHQ LLORU HVWH DFHD SHUVRDQ DQXPH SUHY ]XW vQ DFWXO QRUPDWLY FDUH
VWDELOHúWHúLVDQF LRQHD] FRQWUDYHQ LD
Ä3HUVRDQHOH FDUH DX FD DWULEX LL FRQVWDWDUHD XUP ULUHD VDX MXGHFDUHD
LQIUDF LXQLORU´VXQWFHOHSUHY ]XWHvQ&RGXOGHSURFHGXU SHQDO
,QIUDF LXQHD GH OXDUH GH PLW VH PDL SRDWH FRPLWH úL GH F WUH XQD GLQWUH
SHUVRDQHOHDU WDWHvQDUWGLQ/HJHDQUSULYLQGSUHYHQLUHDGHVFRSHULUHD
úLVDQF LRQDUHDLQIUDF LXQLORUGHFRUXS LHúLDQXPH
FDUH H[HUFLW R IXQF LH SXEOLF LQGLIHUHQW GH PRGXO vQ FDUH DX IRVW
vQYHVWLWHvQFDGUXODXWRULW LORUSXEOLFHVDXLQVWLWX LLORUSXEOLFH
FDUH vQGHSOLQHVF SHUPDQHQW VDX WHPSRUDU SRWULYLW OHJLL R IXQF LH VDX R
vQV UFLQDUHvQP VXUDvQFDUHSDUWLFLS ODOXDUHDGHFL]LLORUVDXOHSRWLQIOXHQ DvQ
FDGUXO VHUYLFLLORU SXEOLFH UHJLLORU DXWRQRPH VRFLHW LORU FRPHUFLDOH FRPSDQLLORU
QD LRQDOH VRFLHW LORU QD LRQDOH XQLW LORU FRRSHUDWLVWH VDX DO DOWRU DJHQ L
HFRQRPLFL
FDUHH[HUFLW DWULEX LLGHFRQWUROSRWULYLWOHJLL
FDUH DFRUG DVLVWHQ VSHFLDOL]DW XQLW LORU SUHY ]XWH OD OLW D úL E vQ
P VXUDvQFDUHSDUWLFLS ODOXDUHDGHFL]LLORUVDXOHSRWLQIOXHQ D
FDUH LQGLIHUHQW GH FDOLWDWHD ORU UHDOL]HD] FRQWUROHD] VDX DFRUG
DVLVWHQ VSHFLDOL]DW vQ P VXUD vQ FDUH SDUWLFLS OD OXDUHD GHFL]LLORU VDX OH SRW
LQIOXHQ DFXSULYLUHODRSHUD LXQLFDUHDQWUHQHD] FLUFXOD LDGHFDSLWDORSHUD LXQL
GH EDQF GH VFKLPE YDOXWDU VDX GH FUHGLW RSHUD LXQL GH SODVDPHQW vQ EXUVH vQ
DVLJXU UL vQ SODVDPHQW PXWXDO RUL SULYLWRU OD FRQWXULOH EDQFDUH úL FHOH DVLPLODWH
DFHVWRUDWUDQ]DF LLFRPHUFLDOHLQWHUQHúLLQWHUQD LRQDOH
FDUH GH LQ R IXQF LH GH FRQGXFHUH vQWUXQ SDUWLG VDX vQWUR IRUPD LXQH
SROLWLF vQWUXQ VLQGLFDW vQWUR RUJDQL]D LH SDWURQDO RUL vQWUR DVRFLD LHI U VFRS
OXFUDWLYVDXIXQGD LH
DOWHSHUVRDQHIL]LFHGHFkWFHOHSUHY ]XWHPDLVXVvQFRQGL LLOHSUHY ]XWH
GHOHJH
&DWHJRULLOH GH SHUVRDQH SUHY ]XWH vQ DUW GLQ /HJHD QU VXQW
REOLJDWHvQWHPHLXODUWGLQDFHODúLDFWQRUPDWLYV vQGHSOLQHDVF vQGDWRULULOHFH
OH UHYLQ GLQ H[HUFLWDUHD IXQF LLORU DWULEX LLORU VDX vQV UFLQ ULORU vQFUHGLQ DWH FX
UHVSHFWDUHD VWULFW D OHJLORU úL D QRUPHORU GH FRQGXLW SURIHVLRQDO úL V DVLJXUH
RFURWLUHD úL UHDOL]DUHD GUHSWXULORU úL LQWHUHVHORU OHJLWLPH DOH FHW HQLORU I U V VH
IRORVHDVF GH IXQF LLOH DWULEX LLOH RUL vQV UFLQ ULOH SULPLWH SHQWUX GREkQGLUHD
SHQWUXHOHVDXSHQWUXDOWHSHUVRDQHGHEDQLEXQXULVDXDOWHIRORDVHQHFXYHQLWH
0DL SRW IL DXWRUL DL LQIUDF LXQLL GH OXDUH GH PLW SRWULYLW DUW GLQ /HJHD
QU PDQDJHULL GLUHFWRULL DGPLQLVWUDWRULL FHQ]RULL VDX DOWH SHUVRDQH FX
Ì&&- VS G QU ÌQDOWD&XUWHGH&DVD LHúL-XVWL LH%XOHWLQXOMXULVSUXGHQ HL&XOHJHUHGH
GHFL]LLSHDQXO(GLWXUD$OO%HFN%XFXUHúWLS
&6- VS G QU &XUWHD 6XSUHP GH -XVWL LH %XOHWLQXO -XULVSUXGHQ HL &XOHJHUH GH GHFL]LL SH
DQXO(GLWXUD$//%HFN%XFXUHúWLS
DWULEX LL GH FRQWURO OD VRFLHW LOH FRPHUFLDOH FRPSDQLLOH úL VRFLHW LOH QD LRQDOH
UHJLLOHDXWRQRPHúLODRULFHDO LDJHQ LHFRQRPLFL
/XDUHD GH PLW FRUXS LD SDVLY PDL SRDWH IL FRPLV SRWULYLW DUW GLQ
/HJHDQUGHXQDGLQXUP WRDUHOHFDWHJRULLGHSHUVRDQH
D IXQF LRQDULL VDX SHUVRDQHOH FDUH vúL GHVI úRDU DFWLYLWDWHD SH ED]D XQXL
FRQWUDFW GH PXQF RUL DOWH SHUVRDQH FDUH H[HUFLW DWULEX LL VLPLODUH vQ FDGUXO XQHL
RUJDQL]D LLSXEOLFHLQWHUQD LRQDOHODFDUH5RPkQLDHVWHSDUWH
E PHPEULL DGXQ ULORU SDUODPHQWDUH DOH RUJDQL]D LLORU LQWHUQD LRQDOH OD FDUH
5RPkQLDHVWHSDUWH
F IXQF LRQDULL VDX SHUVRDQHOH FDUH vúL GHVI úRDU DFWLYLWDWHD SH ED]D XQXL
FRQWUDFW GH PXQF RUL DOWH SHUVRDQH FDUH H[HUFLW DWULEX LL VLPLODUH vQ FDGUXO
&RPXQLW LORU(XURSHQH
G SHUVRDQHOH FDUH H[HUFLW IXQF LL MXGLFLDUH vQ FDGUXO LQVWDQ HORU
LQWHUQD LRQDOH D F URU FRPSHWHQ HVWH DFFHSWDW GH 5RPkQLD SUHFXP úL
IXQF LRQDULLGHODJUHIHOHDFHVWRULQVWDQ H
HIXQF LRQDULLXQXLVWDWVWU LQ
IPHPEULLDGXQ ULORUSDUODPHQWDUHVDXDGPLQLVWUDWLYHDOHXQXLVWDWVWU LQ
6XELHFWDFWLYDOOX ULLGHPLW SRDWHILúLRSHUVRDQ MXULGLF vQFRQGL LLOHúL
FX OLPLW ULOH DU WDWH vQ DUW DOLQ & SHQ 5 VSXQGHUHD SHQDO D SHUVRDQHL
MXULGLFHQXH[FOXGHU VSXQGHUHDSHQDO DSHUVRDQHLIL]LFHFDUHDFRQWULEXLWvQRULFH
PRGODV YkUúLUHDDFHOHLDúLLQIUDF LXQLGHOXDUHGHPLW
ÌQSUDFWLFDMXGLFLDU VDGHFLVF V YkUúHúWHDFHDVW LQIUDF LXQHH[SHUWXOGLQ
FDGUXO XQXL ELURX ORFDO GH H[SHUWL]H WHKQLFH GHVHPQDW V HIHFWXH]H H[SHUWL]H vQ
FDX]H MXGLFLDUH úL UHWULEXLW VXE IRUPD RQRUDULXOXL SULQ ELURXO GH H[SHUWL]H GDF
SUHWLQGH VXPH GH EDQL SHQWUX UHHYDOXDUHD EXQXULORU OD XQ SUH PDL PLF SHQWUX DO
DMXWDSHPLWXLWRUV FkúWLJHOLFLWD LDvQFRQGL LLDYDQWDMRDVHOLFKLGDWRUXOMXGLFLDU
DO XQHL VRFLHW L FRPHUFLDOH QXPLW SULQ KRW UkUH MXGHF WRUHDVF FDUH D SUHWLQV R
VXP GH EDQL PLWXLWRUXOXL SHQWUX VXEHYDOXDUHD XQRU EXQXUL FH XUPDX V L ILH
YkQGXWHDFHVWXLDRIL HUXOGHSROL LHFDUHSULPHúWHEDQLSHQWUXDQXIDFHDFWHGH
FHUFHWDUH vQ OHJ WXU FX R LQIUDF LXQH GH VSHFXO GHVFRSHULW VXERIL HUXO GH
SROL LHFDUHvQFDOLWDWHGHDMXWRUDORIL HUXOXLGHVHUYLFLXSHXQLWDWHDSULPLWGHOD
LQIUDFWRUL XQ ÄODSWRS´ SHQWUX D QX vQWRFPL DFWHOH QHFHVDUH vQ YHGHUHD WUDJHULL
DFHVWRUD OD U VSXQGHUH SHQDO PHGLFXO VDODULDW DO XQHL LQVWLWX LL VDQLWDUH FDUH D
SUHWLQV úL DFFHSWDW EDQL RUL GLIHULWH EXQXUL vQ úDSWH FD]XUL SHQWUX DúL H[HUFLWD
DWULEX LLOHGHVHUYLFLXGHDFRUGDUHDDVLVWHQ HLPHGLFDOHFRSLLORUQ VFX LSUHPDWXU
VDX GLVWURILFL GLUHFWRUXO XQHL E QFL FDUH SUHWLQGH VXPH GH EDQL vQ VFRSXO
&6-VSGQU5'3QUS'UQUSÌQDOWD&XUWHGH&DVD LH
úL-XVWL LH%XOHWLQXOMXULVSUXGHQ HL&XOHJHUHGHGHFL]LLSHDQXO(GLWXUD$OO%HFN%XFXUHúWLS
&6-VSGQU5'3QUS'UQUSÌQDOWD&XUWHGH
&DVD LHúL-XVWL LH%XOHWLQXOMXULVSUXGHQ HL&XOHJHUHGHGHFL]LLSHDQXORSFLWS
76VSGQU&'S
&$ &UDLRYD G S QU FLW GH&RVWHO1LFXOHDQX 6LQWH] GHSUDFWLF MXGLFLDU D&XU LLGHDSHO
&UDLRYDvQPDWHULHSHQDO SHWULPHVWUXO,9'UQUS
&6- vQ FRPSOHW GH MXGHF WRUL G QU &XUWHD 6XSUHP GH -XVWL LH %XOHWLQXO -XULVSUXGHQ HL
&XOHJHUH GH GHFL]LL SH DQXO (GLWXULOH Ä&RQWLQHQW ;;, 8QLYHUVXO´ %XFXUHúWL S 5'3
QUS*DEULHO,RQHVFX,RVLI,RQHVFXRSFLWSÌQDFHODúLVHQV&6-VSGQU
&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSHDQXO(GLWXUDÄ3URHPD´%DLD
0DUH S ÌQ DFHODúL VHQV &6- VS G QU &XUWHD 6XSUHP GH -XVWL LH %XOHWLQXO
-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSHDQXO(GLWXUD-XULV$UJHVVLV&XUWHDGH$UJHúS
&6- VS G QU 'U QU S ÌQDOWD &XUWH GH &DVD LH úL -XVWL LH %XOHWLQXO
MXULVSUXGHQ HL&XOHJHUHGHGHFL]LLSHDQXO(GLWXUD$OO%HFN%XFXUHúWLS)DSWDDFHVWXLDYD
ILvQFDGUDW vQDUWDOLQ&SHQGHRDUHFHIXQF LDGHGLUHFWRUDOE QFLLGH LQXW GHLQFXOSDWODGDWDV YkUúLULL
IDSWHLvLFRQIHU DFHVWXLDDWkWDWULEX LLGHFRRUGRQDUHúLFRQGXFHUHFkWúLGHFRQWURODODFWLYLW LLVXERUGRQD LORU
DFRUG ULL XQXL FUHGLW EDQFDU H[HFXWRUXO MXGHF WRUHVF FDUH D OXDW R VXP GH EDQL
SHQWUX D vQGHSOLQL R vQGDWRULUH GH VHUYLFLX SOXWRQLHUXO GH SROL LH FDUH SUHWLQGH
úRIHUXOXL GH DXWRWUHQ R VXP GH EDQL SHQWUX FD DFHVWD V SRDW V úL FRQWLQXH
GUXPXO GHúL DYHD DVXSUD VD R ELFLFOHW SHQWUX FDUH QX D SUH]HQWDW GRFXPHQWH
MXVWLILFDWLYH PLOLWDUXO vQ WHUPHQ DIODW vQ SRVWXO GH VDQWLQHO OD 3&7) 9DPD
9HFKHFDUHDSULPLWRVXP GHEDQLGHODRSHUVRDQ SHQWUXDLSHUPLWHV LQWUHvQ
DU SHODSRVWXOV XI U FRQWUROXOYDPDODOEXQXULORUDFKL]L LRQDWHvQVWU LQ WDWH
$XWRUDOLQIUDF LXQLLGHOXDUHGHPLW SRDWHILSHOkQJ IXQF LRQDUXOSXEOLFúL
XQ IXQF LRQDU 5HFHQW VD GHFLV F DUH FDOLWDWHD GH IXQF LRQDU vQ VHQVXO OHJLL
SHQDOH úL SRDWH IL VXELHFW DFWLY QHPLMORFLW DO LQIUDF LXQLL GH OXDUH GH PLW
DGPLQLVWUDWRUXO XQHL VRFLHW L FRPHUFLDOH 'H DVHPHQHD LQVWDQ D VXSUHP D
VWDELOLWF SHUVRDQDDYkQGFDOLWDWHDGHDVRFLDWXQLFúLDGPLQLVWUDWRUDOXQHLVRFLHW L
FRPHUFLDOHDUHvQVHQVXODUWDOLQ&SHQFDOLWDWHDGHIXQF LRQDUúLSULQ
XUPDUHSRDWHILVXELHFWDFWLYDOLQIUDF LXQLLGHOXDUHGHPLW
5HFHQWVDVXV LQXWF DYRFDWXOQXSRDWHILDXWRUDOLQIUDF LXQLLGHOXDUHGH
PLW GHRDUHFH QX vQGHSOLQHúWH R vQV UFLQDUH GH VHUYLFLX 'HúL DYRFDWXO H[HUFLW R
SURIHVLHGHLQWHUHVSXEOLFDFHVWDQXSRDWHILvQFDGUDWQLFLvQSUHYHGHULOHDUWGLQ
QRXO & SHQ GHRDUHFH SHQWUX GREkQGLUHD FDOLW LL GH DYRFDW QX HVWH QHFHVDU R
DELOLWDUH VSHFLDO D DXWRULW LORU SXEOLFH FL D RUJDQL]D LHL SURIHVLRQDOH GLQ FDUH YD
IDFH SDUWH EDURXO úL QLFL QX HVWH VXSXV FRQWUROXOXL YUHXQHL DXWRULW L SXEOLFH
$FHVWD DU SXWHD IL WRWXúL VXELHFW DFWLY QHPLMORFLW DO LQIUDF LXQLL GH OXDUH GH PLW
GDF DFWLYLWDWHDVDLOLFLW VHFLUFXPVFULHGLVSR]L LLORUGLQDUWOLWHGLQ/HJHDQU
FXPRGLILF ULOHXOWHULRDUH
7RDWH DFHVWH FDOLW L FHUXWH GH QRUPD GH LQFULPLQDUH VXELHFWXOXL DFWLY
QHPLMORFLW WUHEXLH V H[LVWH OD GDWD V YkUúLULL IDSWHL /LSVD DFHVWHL FDOLW L OD GDWD
FRPLWHULL IDSWHL DVSHFW DVFXQV PLWXLWRUXOXL YD SXWHD IL FRQVLGHUDW XQ PLMORF GH
LQGXFHUH vQ HURDUH DO DFHVWXLD GDF VXQW vQGHSOLQLWH úL FHOHODOWH FRQGL LL GH
LQFULPLQDUHSUHY ]XWHvQDUW&SHQ([LVW úLS UHUHDF DUSXWHDWRWXúL
FRQVWLWXL úL OXDUH GH PLW vQ VLWXD LD vQ FDUH GXS SUHWLQGHUHD VDX DFFHSWDUHD
SURPLVLXQLLIRORDVHORUVXELHFWXODGREkQGLWFDOLWDWHDGHIXQF LRQDUúLDSRLvQED]D
vQ HOHJHULL DQWHULRDUH D SULPLW IRORDVHOH SUHWLQVH VDX SURPLVH 'DF OD GDWD
V YkUúLULL DF LXQLL WLSLFH I SWXLWRUXO HUD IXQF LRQDU YD H[LVWD OXDUH GH PLW FKLDU
GDF PDLvQDLQWHGHHIHFWXDUHDDFWXOXLvQYHGHUHDF UXLDDV YkUúLWIDSWDHODSLHUGXW
&$ 7LPLúRDUD G S QU FLW GH 'RULQ &LXQFDQ -XULVSUXGHQ úL GRFWULQ SHQDO vQ PDWHULD
FRUXS LHL(GLWXUD/XPLQD/H[%XFXUHúWLS
&6-VSGQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSHDQXO
(GLWXUDÄ3URHPD´%DLD0DUHS
&6-VPGQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSHDQXO
(GLWXUD$UJHVVLV&XUWHDGH$UJHúS
&6-VSGQU5'3QUS
Ì&&-VSGQU%XOHWLQXO&DVD LHL-XULVSUXGHQ 'RFWULQ &RPXQLF UL(GLWXUD$OO%HFN
%XFXUHúWLQUSÌQDOWD&XUWHGH&DVD LHúL-XVWL LH%XOHWLQXOMXULVSUXGHQ HL&XOHJHUHGHGHFL]LLSH
DQXORSFLWS
9DVLOH'REULQRLXRSFLWYRO,,SÌQDFHODúLVHQV$OH[DQGUX%RURL*KHRUJKH1LVWRUHDQXRSFLW
S&6-VSGQU9DOHULX%RJG QHVFX/HRQLGD3DVWRU$OH[H&RVWDFKH,YDQRY$QWRQ3DQGUHD
(XJHQLD3RSD*KHRUJKH8JOHDQ(OHQD&HDQ,RVLI,RQHVFX9LRULFD5DGX5R]DOLD/D] U3UREOHPHGHGUHSWGLQ
GHFL]LLOH&XU LL6XSUHPHGH-XVWL LH(GLWXUD2UL]RQWXUL%XFXUHúWLS3ULQDFHDVW GHFL]LHúL
DOWHOHXOWHULRDUHVDUHYHQLWDVXSUDSUDFWLFLLvQPDWHULHDIRVWXOXL7ULEXQDO6XSUHPvQFDUHVHQVDIRVWSURQXQ DW úL
GHFL]LD6HF LHLSHQDOHQUGLQSXEOLFDW vQ&XOHJHUHDGHGHFL]LLDOH7ULEXQDOXOXL6XSUHPSHDQXO
S
&6-VSGQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSH
DQXO(GLWXUD$UJHVVLV&XUWHDGH$UJHúS5'3QUS
9DVLOH'REULQRLXRSFLWS
FDOLWDWHDUHVSHFWLY úLFKLDUGDF EDQLLVDXIRORDVHOHSUHWLQVHRULSURPLVHDQWHULRUL
VDXGDWHIHFWLYGXS SLHUGHUHDFDOLW LL
ÌQ GRFWULQ VD VXV LQXW F LQWHUPHGLDUXO QX SRDWH IL GHFkW FRPSOLFH VDX
LQVWLJDWRU&KLDUGDF SULQDFWLYLWDWHDVDLQWHUPHGLDUXOvQI SWXLHúWHDF LXQHDWLSLF D
LQIUDF LXQLL GH OXDUH GH PLW DFHDVW DFWLYLWDWH ILLQG SUHVWDW SHQWUX DOWXO LDU QX
SHQWUX VLQH IDSWD VD QX SRDWH IL FDUDFWHUL]DW GHFkW FD XQ DFW GH DMXWRU GHFL GH
FRPSOLFLWDWH
'DF LQWHUPHGLDUXO HIHFWXHD] DWkW DFWH GH LQVWLJDUH FkW úL DFWH GH
FRPSOLFLWDWHODDFHHDúLLQIUDF LXQHGHOXDUHGHPLW DFHVWDYDIL LQXWV U VSXQG
QXPDL SHQWUX LQVWLJDUH GHRDUHFH HVWH R IRUP GH SDUWLFLSD LH SULQFLSDO FDUH
DEVRDUEHvQFRQ LQXWXOV XFRPSOLFLWDWHDFDIRUP GHSDUWLFLSD LHVHFXQGDU
/XDUHDGHPLW SRDWHILV YkUúLW GHPDLPXO LDXWRULDYkQGFDOLWDWHDFHUXW
GHOHJHFDUHDXFRQWULEXLWQHPLMORFLWvQPRGVLPXOWDQFRPLVLHFROHFWLYHFKLS
VDXVXFFHVLYODFRPLWHUHDLQIUDF LXQLL3DUWLFLSD LDSHQDO HVWHSRVLELO úLVXEIRUPD
LQVWLJ ULLúLDFRPSOLFLW LL
0LWXLWRUXO QX HVWH FRQVLGHUDW SDUWLFLSDQW OD LQIUDF LXQHD GH OXDUH GH PLW FL
HVWHDXWRUDOXQHLLQIUDF LXQLGHVLQHVW W WRDUHGDUHDGHPLW ±DUW&SHQ
6XELHFWDFWLYDODFHVWHLLQIUDF LXQLSRDWHILúLRSHUVRDQ MXULGLF vQFRQGL LLOH
SUHY ]XWHvQDUWGLQ&RGXOSHQDO
6XELHFWXO SDVLY VSHFLDO DO OX ULL GH PLW HVWH DXWRULWDWHD SXEOLF LQVWLWX LD
SXEOLF SHUVRDQDMXULGLF GHLQWHUHVSXEOLFSHUVRDQDMXULGLF SULYDW vQVHUYLFLXO
F UHLDDJHQWXOvúLH[HUFLW DWULEX LLOHIXQF LRQDOH
ÌQLSRWH]DvQFDUHOXDUHDGHPLW HVWHFRPLV GHRSHUVRDQ FDUHH[HUFLW XQ
VHUYLFLXGHLQWHUHVSXEOLFVXELHFWSDVLYHVWHVWDWXOFDWLWXODUDOLQWHUHVHORUSXEOLFH
DS UDWHSULQDFHDVW LQFULPLQDUH
ÌQ YDULDQWD SUHY ]XW vQ DUW GLQ /HJHD QU VXELHFW SDVLY YD IL
GXS FD] R DXWRULWDWH SXEOLF D VWDWXOXL VWU LQ R LQVWDQ LQWHUQD LRQDO VDX R
RUJDQL]D LHLQWHUQD LRQDO GLQFDUHIDFHSDUWHVXELHFWXODFWLYDOLQIUDF LXQLL
'DF PLWXLWRUXO HVWH FRQVWUkQV SULQ RULFH PLMORDFH GH F WUH FHO FDUH D OXDW
PLWDDWXQFLDFHVWDYDILVXELHFWSDVLYDOLQIUDF LXQLLGHOXDUHGHPLW
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO DO QRUPHL GH LQFULPLQDUH DQDOL]DWH FRQVW vQ PRG
DOWHUQDWLYvQWURDF LXQHGHSUHWLQGHUHVDXSULPLUHGHEDQLVDXDOWHIRORDVHFDUHQXL
VHFXYLQRULvQDFFHSWDUHDSURPLVLXQLLXQRUDVWIHOGHIRORDVHúLvQWURQHUHVSLQJHUH
LQDF LXQHGHF WUHDJHQWDXQHLDVWIHOGHSURPLVLXQL
$FFHSWDUHD GH SURPLVLXQL úL QHUHVSLQJHUHD DFHVWRUD QX UHDOL]HD] HOHPHQWXO
PDWHULDODOLQFULPLQ ULLGDF DJHQWXOGHQXQ GHvQGDW FHORUvQGUHSWF LVDXI FXW
SURPLVLXQLGHGDUHGHPLW
$ ÄSUHWLQGH´ vQVHDPQ D FHUH FHYD FXLYD D IRUPXOD R DQXPLW SUHWHQ LH D
VROLFLWD FHYD ÌQ DFHDVW VLWXD LH LQL LDWLYD V YkUúLULL OX ULL GH PLW SRUQHúWH GH OD
I SWXLWRU 3HQWUX H[LVWHQ D HOHPHQWXOXL PDWHULDO DO QRUPHL GH LQFULPLQDUH QX HVWH
QHFHVDU FD SUHWLQGHUHD EDQLORU VDX IRORDVHORU RUL vQ HOHJHUHD vQ SULYLQ D SULPLULL
DFHVWRUD V IL IRVW XUPDW GH H[HFXWDUH 6LPSOXO IDSW DO SUHWLQGHULL HVWH VXILFLHQW
SHQWUXFRQVXPDUHDLQIUDF LXQLL
,QVWDQ D VXSUHP D GHFLV F IDSWD IXQF LRQDUXOXL GH D SUHWLQGH GLUHFW VDX
LQGLUHFWIRORDVHPDWHULDOHFRQVWLWXLHLQIUDF LXQHDGHOXDUHGHPLW LQGLIHUHQWGDF D
9LUJLO5 PXUHDQX3R]L LDMXULGLF DLQWHUPHGLDUXOXLODLQIUDF LXQHDGHOXDUHúLGDUHGHPLW -1QU
S
&RQVWDQWLQ'XYDFRSFLWYRO,S
6LHJIULHG.DKDQHRSFLWYRO,9S
GREkQGLW VDX QX HIHFWLY IRORVXO GXS vQGHSOLQLUHD DFWXOXL SULYLWRU OD vQGDWRULULOH
VDOH GH VHUYLFLX $FHDVW VROX LH D IRVW FULWLFDW vQ GRFWULQ GHRDUHFH VFRSXO
SUHY ]XW vQ QRUPD GH LQFULPLQDUH vQGHSOLQLUHD DFWXOXL SULYLWRU OD vQGDWRULULOH VDOH
GHVHUYLFLXvQVSH DvQGLVFX LHDUHVHQVXOGHILQDOLWDWHúLQXGHUH]XOWDWDVWIHOvQFkW
VLPSOXOIDSWDOSUHWLQGHULLFRQVXP LQIUDF LXQHDFKLDUGDF VFRSXOXUP ULWGHDJHQW
QXVDUHDOL]DW
$ÄSULPL´vQVHDPQ DLQWUDvQSRVHVLDRELHFWXOXLPLWHLvQRULFHPRG
3UH]LQW JUDGXO GH SHULFRO VRFLDO DO XQHL LQIUDF LXQL SULPLUHD XQHL VXPH GH
EDQLGHF WUHXQSURIHVRUSHQWUXDSURPRYDRHOHY ODGLVFLSOLQDSHFDUHRSUHG
SUHYHGHULOHDUW&SHQQHILLQGDSOLFDELOHvQWUXQDWDUHFD]
%DQLL VDX DOWH IRORDVH SRW IL SUHWLQVH VDX SULPLWH GH DJHQW DWkW GLUHFW FkW úL
LQGLUHFWDGLF SULQSHUVRDQ LQWHUSXV 6LWXD LDHVWHLGHQWLF úLvQFD]XODFFHSW ULL
VDX QHUHVSLQJHULL SURPLVLXQLL GH IRORDVH 3HUVRDQD LQWHUSXV vQ IXQF LH GH
DFWLYLWDWHDLOLFLW H[HFXWDW YDU VSXQGHFDLQVWLJDWRUVDXFRPSOLFH
$ÄDFFHSWD´SURPLVLXQHDvQVHDPQ DILGHDFRUGFXDFHDVWD
3ULQ ÄQHUHVSLQJHUHD´ SURPLVLXQLL VH vQ HOHJH DFHD DWLWXGLQH D DJHQWXOXL FDUH
QXUHIX] DFHDSURPLVLXQHFDUHQXúLH[SULP GH]DFRUGXOFXDFHDVWD
/HJLXLWRUXODDúH]DWSHDFHODúLSODQQHUHVSLQJHUHDSURPLVLXQLLFXDFFHSWDUHD
DFHVWHLDGHRDUHFHDFRQVLGHUDWF QHUHVSLQJHUHDSURPLVLXQLLGHIRORDVHHFKLYDOHD]
FXRDFFHSWDUHWDFLW $JHQWXOHVWHDVWIHOVWLPXODWV LDRSR]L LHDFWLY GHUHIX]VDX
GHQXQ DUHID GHSHUVRDQDFDUHGHVI úRDU RDFWLYLWDWHGHFRUXSHUH
$F LXQHDVDXLQDF LXQHDLQFULPLQDW SRDWHSULYLDOWHUQDWLYILHHIHFWXDUHDXQXL
DFWOLFLWDWXQFLFkQGHVWHYRUEDGHvQGHSOLQLUHDXQXLDFWSULYLWRUODvQGDWRULULOHGH
VHUYLFLX DOH I SWXLWRUXOXL ILH HIHFWXDUHD XQRU DFWH LOLFLWH DWXQFL FkQG H YRUED GH
QHvQGHSOLQLUHD VDX vQWkU]LHUHD vQ vQGHSOLQLUHD XQXL DFW SULYLWRU OD vQGDWRULULOH GH
VHUYLFLXRULvQGHSOLQLUHDXQXLDFWFRQWUDUvQGDWRULULORUGHVHUYLFLX
3ULQÄvQGDWRULUHGHVHUYLFLX´VHvQ HOHJHWRWFHHDFHFDGHvQVDUFLQDVXELHFWXOXL
DFWLY QHPLMORFLW DO DFHVWHL LQFULPLQ UL SRWULYLW QRUPHORU FDUH UHJOHPHQWHD]
VHUYLFLXO UHVSHFWLY RUL FDUH VXQW LQHUHQWH QDWXULL DFHVWXL VHUYLFLX ÌQGDWRULUH GH
VHUYLFLX UHSUH]LQW úL H[HFXWDUHD XQXL RUGLQ GLVSR]L LH GDW GH RUJDQXO LHUDUKLF
VXSHULRUDJHQWXOXLGDF DFHVWDHVWHOHJDO
,QIUDF LXQHDGHOXDUHGHPLW VXE]LVW úLvQVLWXD LDvQFDUHDFWXOQXFRQVWLWXLH
GHFkW FRPSRQHQWD XQHL DFWLYLW L ILQDOH OD FDUH SDUWLFLS úL DO L IXQF LRQDUL DYkQG
DWULEX LLOHJDWHGHDFHDVWD
'HDVHPHQHDLQVWDQ DVXSUHP DGHFLVF FHULQ DSUHY ]XW vQDUWDOLQ
&SHQFDIDSWDIXQF LRQDUXOXLV ILHV YkUúLW vQOHJ WXU FXvQGHSOLQLUHDXQXL
DFW SULYLWRU OD vQGDWRULULOH VDOH GH VHUYLFLX HVWH UHDOL]DW úL vQ VLWXD LD vQ FDUH
&6- VS G QU &XUWHD 6XSUHP GH -XVWL LH %XOHWLQXO -XULVSUXGHQ HL &XOHJHUH GH GHFL]LL SH DQXO
(GLWXUD$UJHVVLV&XUWHDGH$UJHúS*DEULHO,RQHVFX,RVLI,RQHVFXRSFLWS
&RQVWDQWLQ'XYDFRSFLWYRO,S
&6-VSGQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSH
DQXO(GLWXUD-XULV$UJHVVLV&XUWHDGH$UJHúS
6LHJIULHG.DKDQHRSFLWYRO,9S
&6-VSGQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSH
DQXO(GLWXUDÄ3URHPD´%DLD0DUHS*DEULHO,RQHVFX,RVLI,RQHVFX3UREOHPHGHGUHSWGLQ
MXULVSUXGHQ D&XU LL6XSUHPHGH-XVWL LHvQPDWHULHSHQDO (GLWXUD-XULV$UJHVVLV&XUWHDGH$UJHú
SÌQIDSWVDUH LQXWF LQFXOSDWXO31vQFDOLWDWHGHGHOHJDWDO'LUHF LHLGH0XQF úL3URWHF LH6RFLDO
D -XGH XOXL *RUM vQ FXUVXO DQLORU D SUHWLQV úL SULPLW GH OD XQ QXP U PDUH GH SHUVRDQH VXPH GH EDQL
FXSULQVH vQWUH úL OHL SHQWUX vQWRFPLUHD XQRU VLWXD LL QHFHVDUH FRQVWLWXLULL GRVDUHORU GH SHQVLRQDUH úL
DQXPHFDSHED]DHYLGHQ HORUIRVWHORU&$3V FDOFXOH]HWLPSXOXWLOGHPXQF SHQWUXVWDELOLUHDGUHSWXOXLODSHQVLH
Ì&&- VS G QU %XOHWLQXO &DVD LHL -XULVSUXGHQ 'RFWULQ &RPXQLF UL QU
(GLWXUD $OO %HFN S ÌQDOWD &XUWH GH &DVD LH úL -XVWL LH %XOHWLQXO MXULVSUXGHQ HL &XOHJHUH GH GHFL]LL SH
DQXORSFLWS
vQGHSOLQLUHDDFWXOXLFDGHvQDWULEX LLOHDOWXLIXQF LRQDUGDUI SWXLWRUXOSULQPRGXO
vQ FDUHúL UHDOL]HD] SURSULLOH VDUFLQL GH VHUYLFLX SRDWH LQIOXHQ D vQGHSOLQLUHD
DFWXOXLGHF WUHIXQF LRQDUXOFRPSHWHQW
&HULQ HHVHQ LDOH/HJLXLWRUXODDWDúDWDF LXQLLVDXLQDF LXQLLLQFULPLQDWHPDL
PXOWHFHULQ HHVHQ LDOHvQOLSVDF URUDIDSWDQXYDFRQVWLWXLLQIUDF LXQHDGHOXDUHGH
PLW
3UHWLQGHUHD SULPLUHD DFFHSWDUHD VDX QHUHVSLQJHUHD WUHEXLH V DLE FD
RELHFWEDQLVDXDOWHIRORDVH
%DQLLSRWILHIHFWLYLVDXVXEIRUP GHYDORULRULWLWOXULGHRULFHIHOHFKLYDOkQG
EDQL
3ULQ H[SUHVLD ÄDOWH IRORDVH´ VH vQ HOHJ RULFH IHO GH DYDQWDMH SDWULPRQLDOH
EXQXUL vPSUXPXWXUL SUHPLL DPkQDUHD SO LL XQHL GDWRULL IRORVLQ D JUDWXLW D
XQHL ORFXLQ H SUHVW UL GH VHUYLFLL vQ PRG JUDWXLW SURPRYDUHD vQ VHUYLFLX VDX
QHSDWULPRQLDOH DFRUGDUHD XQXL WLWOX VDX D XQXL JUDG RUL D DOWHL GLVWLQF LL
RQRULILFH
%DQLL VDX FHOHODOWH IRORDVH SUHWLQVH SULPLWH SURPLVH WUHEXLH V ILH
QHFXYHQLWH V QX ILH OHJDO GDWRUDWH V DLE XQ FDUDFWHU GH UHWULEX LH DGLF V
FRQVWLWXLHSODWDVDXU VSODWDvQYHGHUHDHIHFWX ULLXQXLDFWGHWHUPLQDWXQDFWDU WDW
vQPRGH[SOLFLW&XDOWHFXYLQWHSUHWLQGHUHDVDXSULPLUHDIRORDVHORUGHF WUHDXWRU
DFFHSWDUHD RUL QHUHVSLQJHUHD GH F WUH DFHVWD D SURPLVLXQLL GH IRORDVH WUHEXLH V
FRQVWLWXLH XQ FRQWUDHFKLYDOHQW DO FRQGXLWHL OLSVLWH GH SURELWDWH D FHOXL FDUH VD
DQJDMDW V vQGHSOLQHDVF VDX V vQWkU]LH vQGHSOLQLUHD XQXL DQXPLW DFW SULYLWRU OD
vQGDWRULULOH VDOH GH VHUYLFLX RUL V HIHFWXH]H XQ DQXPLW DFW FRQWUDU DFHVWRU
vQGDWRULUL
&DUDFWHUXO GH UHWULEX LH LPSOLF H[LVWHQ D XQHL DQXPLWH SURSRU LL vQWUH DFWXO
GHWHUPLQDWúLU VSODW úLFRQúWLLQ DSHQWUXDXWRUF HVWHYRUEDGHRUHWULEX LH'DF
vQWUH IRORVXO SUHWLQV SULPLW VDX SURPLV úL DFWXO GHWHUPLQDW H[LVW R Y GLW
GLVSURSRU LH vQ VHQVXO F DFWXO GHWHUPLQDW GHS úHúWH FX PXOW vQ YDORDUH VDX
LPSRUWDQ IRORVXO FDUDFWHUXO GH UHWULEX LH HVWH H[FOXV 6LWXD LD HVWH LGHQWLF úL
DWXQFL FkQG VXELHFWXO DFWLY QHPLMORFLW DUH FUHGLQ D F HVWH YRUED GH PDQLIHVWDUHD
XQXLVHQWLPHQWGHDIHF LXQHRULGHFRPSDVLXQHLDUQXGHRUHWULEX LH'HDFHHDQX
FRQVWLWXLHLQIUDF LXQHDGHOXDUHGHPLW SULPLUHDGHPLFLGDUXULRFD]LRQDOHGHH[
FDGRXULGH$QXO1RXVDXGHGDUXULFDUHH[SULP GLQSDUWHDFHOXLFDUHRIHU VDX
SURPLWHXQVHQWLPHQWGHUHFXQRúWLQ RULGHUHVSHFWSHUVRQDO
$FHDVW RSLQLH D IRVW vQV FULWLFDW SH FRQVLGHUHQWXO F H[LVWHQ D XQHL
SURSRU LLQXHVWHRFHULQ DOHJLLFKLDUGDF H[LVW FDRUHDOLWDWHRELHFWLY LPSOLFDW
vQ VWUXFWXUD LQWLP D UDSRUWXULORU FDUH VH FUHHD] vQWUH PLWXLW úL PLWXLWRU )DSWD
H[LVW FKLDUGDF VHRIHU DJHQWXOXLRVXP H[FHVLYGHPDUHÌQUHDOLWDWÄFDGRXO´
SULPLW GH DJHQW FRQ LQH DWkW R YDORDUH SURSRU LRQDO FX VHUYLFLXO SUHVWDW FkW úL R
&6-VSGQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSH
DQXO(GLWXUD$UJHVVLV&XUWHDGH$UJHúS'UQUS
6LHJIULHG.DKDQHRSFLWYRO,9SÌQDFHODúLVHQV*KHRUJKH' UkQJ úL'XPLWUX/XFLQHVFXRSFLW
YRO,,S,RDQD9DVLXRSFLWYRO,,S9DVLOH'REULQRLXRSFLWYRO,,S$OH[DQGUX%RURL*KHRUJKH
1LVWRUHDQX RS FLW S ÌQ VHQV FRQWUDU $YUDP )LOLSDú vQ 2FWDYLDQ /RJKLQ $YUDP )LOLSDú RS FLW S
2FWDYLDQ/RJKLQ7XGRUHO7RDGHURSFLWS$YUDP)LOLSDúvQ&RVWLF %XODLúDRSFLWS$FHúWLDXWRUL
FRQVLGHU F VLQWDJPDÄDOWHIRORDVH´VHUHIHU QXPDLODDYDQWDMHOHGHQDWXU SDWULPRQLDO
6LHJIULHG.DKDQHRSFLWYRO,9SÌQDFHODúLVHQV76VSGQU5,,SÌQVHQV
FRQWUDU 76 vQ FRPSXQHUHD SUHY ]XW vQ DUW DOLQ úL GLQ /HJHD GH RUJDQL]DUH MXGHF WRUHDVF G
QU 5 ,, S /XFLD 0ROGRYDQ vQ 0DWHL %DVDUDE /XFLD 0ROGRYDQ 9DOHU 6XLDQ 'UHSW SHQDO
3DUWHDVSHFLDO &OXM1DSRFDYRO,S
&ULVWLDQD )LOLúDQX vQ *HRUJH $QWRQLX &RQVWDQWLQ %XODL 5RGLFD 0LKDHOD 6W QRLX $YUDP )LOLSDú
&RQVWDQWLQ 0LWUDFKH ùHUEDQ 6W QRLX 9DVLOH 3DSDGRSRO &ULVWLDQD )LOLúDQX 3UDFWLFD MXGLFLDU SHQDO SDUWHD
VSHFLDO YRO,,,(GLWXUD$FDGHPLHL5RPkQH%XFXUHúWLS
YDORDUHVXSOLPHQWDU UHSUH]HQWkQGILHRSODW DQWLFLSDW DFHORUODOWHVHUYLFLLLOLFLWH
ILHRGRQD LHI FXW DFHVWXLD7RWDVWIHOGDUXULOHRFD]LRQDOHRIHULWHDJHQWXOXLGDF
VXQW vQ OHJ WXU FX XQ VHUYLFLX FRQFUHW SH FDUH PLWXLWRUXO vO VROLFLW DFHVWXLD YRU
DYHDúLHOHFDUDFWHUXOGHPLW 1XPDLGDF LVHRIHU I SWXLWRUXOXLGDUXULVLPEROLFH
XQ EXFKHW GH IORUL R IRWRJUDILH R LOXVWUDW HWF SHQWUX VHUYLFLLOH VROLFLWDWH VDU
SXWHD DGPLWH F QX QH DIO P vQ ID D XQRU IRORDVH vQ VHQVXO DUW & SHQ
DVHPHQHDPLFLDWHQ LLH[FOX]kQGLGHHDXQHLUHWULEX LLDXQHLWUDILF ULDIXQF LHLD
XQHLU VSODWHSHQWUXVHUYLFLXOVROLFLWDW
%DQLLVDXFHOHODOWHIRORDVHVXQWQHFXYHQLWHúLDWXQFLFkQGSHQWUXvQGHSOLQLUHD
XQXLDFWFDUHHVWHJUDWXLWVHSUHWLQGHVDXVHSULPHúWHSHVWHFHHDFHHVWHOHJDOPHQWH
GDWRUDW VDX VH DFFHSW RUL QX VH UHIX] R SURPLVLXQH FDUH GHS úHúWH FHHD FH HVWH
GDWRUDW
%DQLLVDXIRORDVHOHSUHWLQVHSULPLWHRULSURPLVHFXSULYLUHODXQDFWLOLFLWVXQW
vQWRWGHDXQDQHFXYHQLWH
$F LXQHDVDXLQDF LXQHDFRQFUHW DDJHQWXOXLV ILHDQWHULRDU vQGHSOLQLULL
QHvQGHSOLQLULLRULvQWkU]LHULLvQvQGHSOLQLUHDDFWXOXLGHWHUPLQDWSULYLWRUODvQGDWRULULOH
GH VHUYLFLX ÌQ OLSVD DFHVWHL FRQGL LL IDSWD FRQFUHW FRPLV GH DJHQW YD SXWHD IL
vQFDGUDW GDF VXQW vQGHSOLQLWH úL FHOHODOWH FRQGL LL GH LQFULPLQDUH vQ GLVSR]L LLOH
GLQDUW&SHQUHIHULWRDUHODSULPLUHDGHIRORDVHQHFXYHQLWH
'XS DO L DXWRUL PDL H[LVW R FHULQ HVHQ LDO SRWULYLW F UHLD DFWXO FH
FRQVWLWXLHVFRSXODF LXQLLLQFULPLQDWHWUHEXLHV IDF SDUWHGLQVIHUDDWULEX LLORUGH
VHUYLFLXDOHIXQF LRQDUXOXL1XDUHUHOHYDQ SHQWUXH[LVWHQ DLQIUDF LXQLLGDF DFWXO
IXQF LRQDUXOXLvQYHGHUHDF UXLDVHG PLW SULYHúWHQXPDLRvQGDWRULUHGHVHUYLFLX
VSHFLILF VDX JHQHUDO GHRDUHFH OHJHD SHQDO DUH vQ YHGHUH DFWXO IXQF LRQDUXOXL
SULYLWRUODvQGDWRULULOHVDOHGHVHUYLFLXvQJHQHUH
8UPDUHD LPHGLDW vQ FD]XO LQIUDF LXQLL H[DPLQDWH FRQVW vQWUR VWDUH GH
SHULFRO GXS FD] SHQWUX EXQXO PHUV DO DFWLYLW LL XQLW LORU DU WDWH OD DUW
&SHQDOSHUVRDQHORUMXULGLFHGHGUHSWSULYDWDOXQRUDXWRULW LSXEOLFHDOHVWDWXOXL
VWU LQ DO XQHL LQVWDQ H LQWHUQD LRQDOH VDX RUJDQL]D LL LQWHUQD LRQDOH GLQ FDUH IDFH
SDUWHI SWXLWRUXO
ÌQLSRWH]DvQFDUHOXDUHDGHPLW VHV YkUúHúWHvQVFRSXOvQGHSOLQLULLXQXLDFW
OLFLWSULQFRQVWUkQJHUHDPLWXLWRUXOXLSULQRULFHPLMORDFHXUPDUHDLPHGLDW FRQVW úL
vQY W PDUHDSDWULPRQLDO DGXV PLWXLWRUXOXL
/HJ WXUDGHFDX]DOLWDWHvQWUHDF LXQHDVDXLQDF LXQHDLQFULPLQDW úLXUPDUHD
LPHGLDW WUHEXLHV H[LVWHúLUH]XOW H[UH
$WXQFL FkQG OXDUHD GH PLW HVWH UHDOL]DW SULQ FRQVWUkQJHUH OHJ WXUD GH
FDX]DOLWDWH vQWUH DF LXQHD VDX LQDF LXQHD FRPLV GH DJHQW úL SDJXED SULFLQXLW
PLWXLWRUXOXLWUHEXLHV ILHGRYHGLW
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH FDUH FDUDFWHUL]HD] DFHDVW LQIUDF LXQH HVWH LQWHQ LD
GLUHFW FDOLILFDW SULQVFRS
&HULQ D HVHQ LDO D VFRSXOXL FRQVW vQ vQGHSOLQLUHD QHvQGHSOLQLUHD RUL
vQWkU]LHUHDvQGHSOLQLULLXQXLDFWSULYLWRUODvQGDWRULULOHGHVHUYLFLXDOHDJHQWXOXLVDX
vQHIHFWXDUHDXQXLDFWFRQWUDUDFHVWRUvQGDWRULUL
ÌQDFHODúLVHQV&6-VSGQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUH
GHGHFL]LLSHDQXO(GLWXUD-XULV$UJHVVLV&XUWHDGH$UJHúS*DEULHO,RQHVFX,RVLI,RQHVFX
RSFLWS
,OLH3DVFXRSFLWS
&RQVWDQWLQ'XYDFRSFLWYRO,S
6FRSXO SUHY ]XW vQ QRUPD GH LQFULPLQDUH DUH VHQVXO GH ILQDOLWDWH úL QX GH
UH]XOWDW3ULQXUPDUHSHQWUXFRQVXPDUHDLQIUDF LXQLLYDILVXILFLHQWFDHOV ILIRVW
XUP ULWúLQXUHDOL]DW
ÌQFD]XOvQFDUHVFRSXOVHUHDOL]HD] SULQV YkUúLUHDXQHLIDSWHFHvQWUXQHúWH
WU V WXULOHXQHLLQIUDF LXQLDFHDVWDQXHVWHDEVRUELW vQOXDUHDGHPLW FLFRQVWLWXLH
RIDSW SHQDO GLVWLQFW FHOHGRX LQIUDF LXQLDIOkQGXVHvQFRQFXUVUHDO
([LVW úLRSLQLDU PDV L]RODW úLODFDUHQXVXEVFULHPF DFHDVW LQIUDF LXQH
VHSRDWHFRPLWHúLFXLQWHQ LHLQGLUHFW
)RUPH6DQF LXQL
)RUPH /XDUHD GH PLW HVWH R LQIUDF LXQH FRPLVLY QXPDL vQ SULPHOH WUHL
PRGDOLW LQRUPDWLYHLDUvQLSRWH]DQHUHVSLQJHULLSURPLVLXQLLGHIRORDVHHDHVWHR
LQIUDF LXQHRPLVLY
)LLQG R LQIUDF LXQH GH SHULFRO OXDUHD GH PLW VH FRQVXP vQ PRPHQWXO
UHDOL] ULL DF LXQLL VDX LQDF LXQLL LQFULPLQDWH DSDUL LD XUP ULL LPHGLDWH D DFHVWRUD
ILLQGLQHUHQW LPSOLFLW
$FHDVWD HVWH R LQIUDF LXQH LQVWDQWDQHH GDU SRDWH vQ FRQFUHW V vPEUDFH R
IRUP FRQWLQXDW GH V YkUúLUH FkQG RELHFWXO PLWHL HVWH UHPLV vQ UDWH VXFFHVLYH GH
F WUH PLWXLWRU QHPLMORFLW VDX SULQ SHUVRDQH LQWHUSXVH ÌQ DFHDVW VLWXD LH OXDUHD
GHPLW VHYDHSXL]DODGDWDSO LLXOWLPHLUDWH
/XDUHDGHPLW HVWHúLRLQIUDF LXQHFXFRQVXPDUHDQWLFLSDW GHRDUHFHVLPSOXO
DFWFXFDUDFWHUSUHSDUDWRUDOÄSUHWLQGHULL´VDXDOÄDFFHSW ULL´RULÄQHUHVSLQJHULL´GH
SURPLVLXQLFRQVXP LQIUDF LXQHD
7HQWDWLYD QX HVWH SRVLELO OD DFHDVW LQIUDF LXQH FX H[HFX LH SURPSW
([LVWHQ D WHQWDWLYHL VDU SXWHD SXQH vQV vQ GLVFX LH OD PRGDOLWDWHD QRUPDWLY D
SULPLULLGDUOHJLXLWRUXODvQ HOHVV QXRLQFULPLQH]HúLLPSOLFLWV RVDQF LRQH]H
6DQF LXQLÌQYDULDQWDWLSOXDUHDGHPLW VHSHGHSVHúWHFXvQFKLVRDUHGHODOD
DQLúLLQWHU]LFHUHDXQRUGUHSWXULLDUvQYDULDQWDDJUDYDW úLFHDSUHY ]XW vQDUW
GLQ/HJHDQUFXvQFKLVRDUHGHODODDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
3HQWUX SHUVRDQD MXULGLF SHGHDSVD DSOLFDELO SRWULYLW DUW DOLQ
&SHQvQFD]XOV YkUúLULLLQIUDF LXQLLGHOXDUHGHPLW HVWHDPHQGDGHOD
OHLODOHL
,QIUDF LXQHD GH OXDUH GH PLW DUH R YDULDQW GH WLS SUHY ]XW vQ DUW GLQ
/HJHDQUvQLSRWH]DvQFDUHHVWHFRPLV GHRSHUVRDQ FDUHSRWULYLWOHJLL
DUH DWULEX LL GH FRQVWDWDUH VDX GH VDQF LRQDUH D FRQWUDYHQ LLORU RUL GH FRQVWDWDUH
XUP ULUH VDX MXGHFDUH D LQIUDF LXQLORU $FHVWH GLVSR]L LL DX DEURJDW LPSOLFLW
SUHYHGHULOHDUWGLQ/HJHDQUUHSXEOLFDW vQWHPHLXO/HJLLQU
3RWULYLWDUWGLQ/HJHDQUGDF LQIUDF LXQHDGHOXDUHGHPLW HVWH
V YkUúLW vQ LQWHUHVXO XQHL RUJDQL]D LL DVRFLD LL VDX JUXS UL FULPLQDOH RUL DO XQXLD
Ì&&- VS G QU ÌQDOWD&XUWHGH&DVD LHúL-XVWL LH%XOHWLQXOMXULVSUXGHQ HL&XOHJHUHGH
GHFL]LLSHDQXO(GLWXUD$OO%HFN%XFXUHúWLS1LFRULQD&ULúX0DJUDRQ&RQVWDQWLQ&ULúX
-XULVSUXGHQ vQPDWHULHSHQDO DÌQDOWHL&XU LGH&DVD LHúL-XVWL LHFXU LGHDSHOúLWULEXQDOH(GLWXUD
-XULV$UJHVVLV&XUWHDGH$UJHúS
$YUDP)LOLSDúvQ2FWDYLDQ/RJKLQ$YUDP)LOLSDúRSFLWS$YUDP)LOLSDúvQ&RVWLF %XODL$YUDP
)LOLSDú &RQVWDQWLQ 0LWUDFKH ,QVWLWX LL GH GUHSW SHQDO &XUV VHOHFWLY SHQWUX H[DPHQXO GH OLFHQ HGL LD D ,,,D
UHYL]XLW úLDG XJLW (GLWXUD7UHL%XFXUHúWL
&RQVWDQWLQ 'XYDF RS FLW YRO , S ÌQ VHQVXO FRQVLGHU ULL OX ULL GH PLW FD ILLQG R LQIUDF LXQH
FRPLVLY vQ WRDWH VLWXD LLOH D VH YHGHD 6LHJIULHG .DKDQH RS FLW YRO ,9 S 1L VH SDUH F vQ DFHDVW
FRQFHS LHVHFRQIXQG IDSWDRPLVLY GHVFULV vQQRUPDGHLQFULPLQDUHFXLQDF LXQHDFDPRGGHUHDOL]DUHvQFRQFUHW
DXQHLLQIUDF LXQLGHDF LXQH
76 VS G QU &' S ÌQ DFHODúL VHQV 9DVLOH 'REULQRLX 8QHOH DVSHFWH DOH
LQIUDF LXQLLGHOXDUHGHPLW LQIUDF LXQHFRQWLQXDW 55'QUSúLXUP
GLQWUHPHPEULLDFHVWHLDVDXSHQWUXDLQIOXHQ DQHJRFLHULOHWUDQ]DF LLORUFRPHUFLDOH
LQWHUQD LRQDOH RUL VFKLPEXULOH VDX LQYHVWL LLOH LQWHUQD LRQDOH PD[LPXO SHGHSVHL
SUHY ]XWHGHOHJHSHQWUXDFHDVW IDSW SHQDO VHPDMRUHD] FXDQL
&RQIRUPDUWDOLQ&SHQÄEDQLLYDORULOHVDXRULFHDOWHEXQXULFDUHDX
I FXWRELHFWXOOX ULLGHPLW VHFRQILVF LDUGDF DFHVWHDQXVHJ VHVFFRQGDPQDWXO
HVWHREOLJDWODSODWDHFKLYDOHQWXOXLORUvQEDQL´
'$5($'(0,7
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDODODFHVWHLLQFULPLQ ULFRQVW vQDFHOHUHOD LLVRFLDOHD
F URUQRUPDO IRUPDUHGHVI úXUDUHúLGH]YROWDUHQXDUILSRVLELOHI U DVLJXUDUHDvQ
DFWLYLWDWHD XQLW LORU SUHY ]XWH vQ DUW & SHQ SHUVRDQHORU MXULGLFH GH GUHSW
SULYDW RUJDQL]D LLORU SXEOLFH LQWHUQD LRQDOH XQLW LORU SXEOLFH GLQWUXQ VWDW VWU LQ
LQVWDQ HORU LQWHUQD LRQDOH RUL DGXQ ULORU SDUODPHQWDUH VDX DGPLQLVWUDWLYH DOH XQXL
VWDW VWU LQ D XQHL SHUPDQHQWH SURELW L GLQ SDUWHD DQJDMD LORU DFHVWRUD úL I U
FRPEDWHUHD DF LXQLORU GH FRUXSHUH V YkUúLWH GH DQXPLWH SHUVRDQH IL]LFH U X
LQWHQ LRQDWHDF LXQLFDUHSXQDVWIHOvQSHULFROEXQXOPHUVDODFHVWRUHQWLW L
2ELHFWXO PDWHULDO 3HQWUX FRQWURYHUVHOH DS UXWH vQ OHJ WXU FX H[LVWHQ D VDX
QRQH[LVWHQ D RELHFWXOXL PDWHULDO DO DFHVWHL IDSWH SHQDOH IDFHP WULPLWHUH OD FHOH
DU WDWHFXRFD]LDH[DPLQ ULLRELHFWXOXLPDWHULDODOOX ULLGHPLW
ÌQSOXVvQV FXSULYLUHODDFHDVW FKHVWLXQHVDPDLVSXVF GHúLODGDUHDGH
PLW OLSVHúWH vQ JHQHUH RELHFWXO PDWHULDO DWXQFL FkQG RIHULUHD GH PLW D IRVW
UHVSLQV EDQLLVDXIRORDVHOHFDUHWUHEXLDXV DLE UROXOGHPLMORDFHGHV YkUúLUHD
IDSWHLGHYLQRELHFWHPDWHULDOHDOHDFHVWHLD
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUDODFHVWHLLQIUDF LXQLSRDWHILRULFHSHUVRDQ
IL]LF FHvQGHSOLQHúWHFRQGL LLOHJHQHUDOHSHQWUXDU VSXQGHSHQDO
'DUHDGHPLW FRUXS LDDFWLY PDLSRDWHILFRPLV GHXQDGLQFDWHJRULLOHGH
SHUVRDQHSUHY ]XWHvQDUWúLGLQ/HJHDQU
6XELHFWDFWLYDOG ULLGHPLW SRDWHILúLRSHUVRDQ MXULGLF vQFRQGL LLOHúLFX
OLPLW ULOHDU WDWHvQDUWDOLQ&SHQ
3DUWLFLSD LD SHQDO HVWH SRVLELO vQ WRDWH IRUPHOH VDOH FRDXWRUDW LQVWLJDUH
FRPSOLFLWDWH
'XS FXPOHVQHVHSRDWHREVHUYDvQVLVWHPXO&RGXOXLSHQDOURPkQFRUXS LD
DFWLY úL FRUXS LD SDVLY FRQVWLWXLH LQFULPLQ UL GLVWLQFWH 3ULQ XUPDUH vQ DFHVWH
FRQGL LLGHLQFULPLQDUHPLWXLWRUXOFRUXS WRUXOHVWHDXWRUXOIDSWHLGHGDUHGHPLW
úLQXSDUWLFLSDQWODLQIUDF LXQHDGHOXDUHGHPLW
6XELHFWXO SDVLY DO G ULL GH PLW VSHFLDO HVWH DXWRULWDWHD SXEOLF LQVWLWX LD
SXEOLF SHUVRDQD MXULGLF GH LQWHUHV SXEOLF SHUVRDQD MXULGLF SULYDW XQGH vúL
H[HUFLW DWULEX LLOHGHVHUYLFLXFHOF UXLDLVHG PLW
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO DO QRUPHL GH LQFULPLQDUH SUHY ]XWH vQ DUW & SHQ
FRQVW vQ DF LXQHD GH FRUXSHUH FDUH VH SRDWH UHDOL]D DOWHUQDWLY SULQ XQD GLQ
XUP WRDUHOHPRGDOLW LSURPLVLXQHDRIHULUHDVDXGDUHDXQXLIXQF LRQDUSXEOLFVDX
6LHJIULHG.DKDQHRSFLWYRO,9S
$VHYHGHDvQDFHVWVHQVFHOHDU WDWHODLQIUDF LXQHDGHOXDUHGHPLW FXSULYLUHODVXELHFWXODFWLY
IXQF LRQDU RUL XQXL IXQF LRQDU VWU LQ GH EDQL VDX DOWH IRORDVH vQ YUHXQXO GLQ
VFRSXULOHDU WDWHvQDFHVWWH[W
Ä3URPLVLXQHD´FRQVW vQI J GXLDODSHFDUHRIDFHPLWXLWRUXOXQXLIXQF LRQDU
SXEOLFVDXIXQF LRQDURULXQXLIXQF LRQDUVWU LQFXSULYLUHODDYDQWDMHOHSHFDUHOH
YD DYHD GDF DF LRQHD] vQ YUHXQXO GLQ VFRSXULOH SUHY ]XWH vQ QRUPD GH
LQFULPLQDUH'DUHDGHPLW VXE]LVW vQDFHDVW PRGDOLWDWHFKLDUGDF SURPLVLXQHD
FDDFWXQLODWHUDODOFRUXS WRUXOXLQXHVWHDFFHSWDW
Ä2IHULUHD´FRQVW vQSUH]HQWDUHDDYDQWDMHORUSHFDUHOHDUSULPLIXQF LRQDUXO
SXEOLF VDX IXQF LRQDUXO RUL IXQF LRQDUXO VWU LQ GDF DF LRQHD] vQ YUHXQXO GLQ
VFRSXULOHSUHY ]XWHvQQRUPDGHLQFULPLQDUH'DUHDGHPLW VHFRQVXP FKLDUGDF
RIHUWDQXHVWHDFFHSWDW
3HQWUX H[LVWHQ D LQIUDF LXQLL GH GDUH GH PLW HVWH I U UHOHYDQ IDSWXO F
RUJDQXOGHFHUFHWDUHSHQDO F UXLDLQFXOSDWXOLDRIHULWRVXP GHEDQLQXSXWHDvQ
PRG GLUHFW V GLVSXQ VFRDWHUHD GH VXE XUP ULUH SHQDO DúD FXP SUHWLQGHD
PLWXLWRUXO DWkWD YUHPH FkW HO DU IL SXWXW GHQDWXUD DGHY UXO SHQWUX D VH DMXQJH OD
VROX LDFHUXW GHPLWXLWRU
Ä$GD´vQVHDPQ DvQPkQDDSUHGDvQPRGHIHFWLYDUHPLWHEDQLLVDXRULFH
DOWIRORVFHOXLPLWXLW
6ROX LD LQVWDQ HL FDUH D GHFLV F IDSWD GH D GD R VXP GH EDQL XQXL
IXQF LRQDUFDV IDOVLILFHXQvQVFULVRILFLDOFRQVWLWXLHGDUHGHPLW úLQXLQVWLJDUHOD
IDOV D IRVW FULWLFDW SH GUHSW FXYkQW GHRDUHFH GHúL XQLF IDSWD PLWXLWRUXOXL
GDWRULW XUP ULORU PXOWLSOH SH FDUH OHD SURGXV vQWUXQHúWH HOHPHQWHOH DPEHORU
LQIUDF LXQLvQGLVFX LHDIODWHvQFRQFXUVLGHDO
3URPLVLXQHD RIHULUHD VDX GDUHD VH SRDWH UHDOL]D vQ PRG QHPLMORFLW GH F WUH
PLWXLWRU VDX LQGLUHFW DGLF SULQWUR SHUVRDQ LQWHUSXV ,QWHUPHGLDUXO YD IL
VDQF LRQDWGXS FD]FDLQVWLJDWRUVDXFRPSOLFHODGDUHGHPLW
&HULQ HHVHQ LDOH
$F LXQHDLQFULPLQDW HVWHQHFHVDUV DLE FDRELHFWEDQLVDXDOWHIRORDVH
1R LXQHDGHÄDOWHIRORDVH´DUHDFHODúLvQ HOHVFXFHODU WDWFXRFD]LDDQDOL]HL
LQIUDF LXQLLGHOXDUHGHPLW
%DQLL VDX FHOHODOWH IRORDVH SURPLVH RIHULWH VDX GDWH WUHEXLH V ILH
QHFXYHQLWH V DLE XQ FDUDFWHU GH UHWULEX LH DGLF V ILH SODWD VDX U VSODWD vQ
YHGHUHDHIHFWX ULLXQXLDFWGHWHUPLQDWFDUHSRDWHILOLFLWVDXLOLFLW
)DSWD LQFXOSDWXOXL GH D RIHUL XQXL RIL HU GH SROL LH XQ LQHO GH DXU SHQWUX FD
DFHVWDV LSXQ vQOLEHUWDWHSULHWHQXOFRQVWLWXLHLQIUDF LXQHDGHGDUHGHPLW ILLQG
I U UHOHYDQ IDSWXO F RUGRQDQ D GH UH LQHUH D IRVW vQWRFPLW GH XQ DOW RIL HU GH
SROL LHDWkWDWLPSFkWFHOF UXLDLVDvQPkQDWLQHOXOvQVFRSXODU WDWDHIHFWXDWDFWH
GH FHUFHWDUH SHQDO vQ GRVDUXO UHVSHFWLY úL DYHD SRVLELOLWDWHD HOLEHU ULL SULHWHQXOXL
LQFXOSDWXOXL
$F LXQHDLQFULPLQDW WUHEXLHV ILHDQWHULRDU vQGHSOLQLULLQHvQGHSOLQLULLRUL
vQWkU]LHULLvQvQGHSOLQLUHDXQXLDFWGHWHUPLQDWOLFLWVDXLOLFLW
2 XOWLP FHULQ HVHQ LDO HVWH DFHHD FD DFWXO SHQWUX D F UHL vQGHSOLQLUH
QHvQGHSOLQLUH HWFI SWXLWRUXOSURPLWHRIHU VDXG EDQLRULDOWHIRORDVHV ILHXQ
DFW SULYLWRU OD vQGDWRULULOH GH VHUYLFLX DOH IXQF LRQDUXOXL RUL XQ DFW FRQWUDU DFHVWRU
76VSGQU5,S
76VSGQU&'SHDQXOS5S
&ULVWLDQD)LOLúDQXRSFLWYRO,,,S
)LLQGRLQIUDF LXQHFRUHODWLY FXOXDUHDGHPLW vQFHOHFHXUPHD] QHYRPOLPLWDODDH[SXQHvQSULQFLSLX
QXPDL DFHOH DVSHFWH FDUH VXQW VSHFLILFH G ULL GH PLW SUHFL] UL FH XUPHD] D IL FRPSOHWDWH FX FHOH DU WDWH OD
FRUXS LDSDVLY
7M&RQVWDQ DGSQU'UQUS
vQGDWRULUL1XDUHUHOHYDQ DúDGDUGDF DFWXOvQYHGHUHDF UXLDVHG PLWDHVWH
OLFLWVDXLOLFLW
/LSVD RULF UHLD GLQWUH FHULQ HOH HVHQ LDOH DU WDWH YD GXFH OD LQH[LVWHQ D
HOHPHQWXOXLPDWHULDOúLLPSOLFLWDLQIUDF LXQLLGHGDUHGHPLW
1XLQWHUHVHD] SHQWUXH[LVWHQ DDFHVWHLLQIUDF LXQLFDUHHVWHGHMDFRQVXPDW
vQ PRPHQWXO UHDOL] ULL DF LXQLL LQFULPLQDWH GH F WUH DJHQW FRQGXLWD XOWHULRDU D
FHOXL PLWXLW H[ UHVWLWXLUHD PLWHL QHvQGHSOLQLUHD DFWXOXL SHQWUX FDUH D DFFHSWDW
SURPLVLXQHDRIHULUHDVDXGDUHDPLWHL
8UPDUHD LPHGLDW D DFHVWHL LQIUDF LXQL FRQVW vQWUR VWDUH GH SHULFRO SHQWUX
YDORULOH VRFLDOH SURWHJXLWH SULQ DFHDVW QRUP GH LQFULPLQDUH EXQD GHVI úXUDUH D
DFWLYLW LL XQLW LL GLQ FDUH IDFH SDUWH FHO ID GH FDUH VH H[HUFLW DF LXQHD GH
FRUXSHUH úL SURELWDWHD GH FDUH DFHVWD WUHEXLH V GHD GRYDG vQ vQGHSOLQLUHD
DWULEX LLORUVDOHIXQF LRQDOH
/HJ WXUDGHFDX]DOLWDWHvQWUHDF LXQHDLQFULPLQDW úLXUPDUHDLPHGLDW WUHEXLH
V H[LVWHúLUH]XOW GLQPDWHULDOLWDWHDDFWLYLW LLH[HFXWDWHGHI SWXLWRUH[UH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH VSHFLILF DFHVWHL LQFULPLQ UL HVWH LQWHQ LD GLUHFW
FDOLILFDW SULQVFRS
&HULQ HVHQ LDO 6FRSXO SUHY ]XW vQ QRUPD GH LQFULPLQDUH DUH VHQVXO GH
ILQDOLWDWHF WUHFDUHVHvQGUHDSW DF LXQHDI SWXLWRUXOXLúLQXGHGHVWLQD LHUH]XOWDW
DVWIHO vQFkW SHQWUX FRQVXPDUHD LQIUDF LXQLL GH GDUH GH PLW HVWH VXILFLHQW V ILH
XUP ULWúLQXUHDOL]DW
6FRSXO SUHY ]XW vQ WRDWH LSRWH]HOH GH LQFULPLQDUH HVWH GH D vQGHSOLQL D QX
vQGHSOLQLRULDvQWkU]LDvQGHSOLQLUHDXQXLDFWSULYLWRUODvQGDWRULULOHGHVHUYLFLXDOH
FHOXL ID GH FDUH VH H[HUFLW DF LXQHD GH FRUXSHUH VDX GH D IDFH XQ DFW FRQWUDU
DFHVWRUvQGDWRULUL
([LVW úL RSLQLD F DFHDVW LQIUDF LXQH VH SRDWH FRPLWH úL FX LQWHQ LH
LQGLUHFW
)RUPH6DQF LXQL
)RUPH'DUHDGHPLW HVWHRLQIUDF LXQHGHDF LXQHúLLQVWDQWDQHH
3ULQ YRLQ D OHJLXLWRUXOXL WHQWDWLYD SURPLVLXQHD RIHULUHD HVWH DVLPLODW
IDSWXOXLFRQVXPDWúLODIHOFDOXDUHDGHPLW úLGDUHDGHPLW HVWHRLQIUDF LXQHFX
FRQVXPDUHDQWLFLSDW
)LLQG úL R LQIUDF LXQH GH SHULFRO GDUHD GH PLW VH FRQVXP vQ PRPHQWXO
UHDOL] ULL DF LXQLL GHVFULVH vQ QRUPD GH LQFULPLQDUH (D HVWH úL R LQIUDF LXQH FX
FRQ LQXWXUL DOWHUQDWLYH DVWIHO vQFkW SHQWUX FRQVXPDUHD LQIUDF LXQLL YD IL VXILFLHQW
UHDOL]DUHD RULF UHLD GLQWUH DF LXQLOH LQFULPLQDWH DOWHUQDWLY 5HDOL]DUHD PDL PXOWRU
DF LXQL LQFULPLQDWH DOWHUQDWLY QX YD DIHFWD XQLWDWHD G ULL GH PLW GDU GH DFHDVW
vPSUHMXUDUHVHYD LQHVHDP ODLQGLYLGXDOL]DUHDMXGLFLDU DSHGHSVHL
'DUHDGHPLW SRDWHILV YkUúLW vQPRGFRQWLQXDWGDF IRORDVHOHFDUHDXI FXW
RELHFWXO G ULL GH PLW VXQW GDWH vQ UDWH úL vQ UHDOL]DUHD DFHOHLDúL UH]ROX LL
LQIUDF LRQDOH
,OLH3DVFXRSFLWS
&RQVWDQWLQ'XYDFRSFLWYRO,S
$YUDP)LOLSDúvQ2FWDYLDQ/RJKLQ$YUDP)LOLSDúRSFLWS$YUDP)LOLSDúRSFLWS
)RORVLPDFHDVW H[SULPDUHSHQWUXDPDUFDGHRVHELUHDVXEDFHVWDVSHFWvQWUHLQIUDF LXQLOHPDWHULDOHúLFHOH
IRUPDOH úL SHQWUX F OD DFHVWHD GLQ XUP VWDUHD GH SHULFRO HVWH LQHUHQW DF LXQLL VDX LQDF LXQLL LQFULPLQDWH 'LQ
SXQFWGHYHGHUHWHRUHWLFúLSUDFWLFHVWHHYLGHQWvQV F WRDWHLQIUDF LXQLOHPDWHULDOHVDXIRUPDOHVHFRQVXP vQ
PRPHQWXOUHDOL] ULLXUP ULLLPHGLDWH
ÌQDFHODúLVHQV7M%UDúRYGSQU'UQUS
6DQF LXQL 3HGHDSVD SUHY ]XW GH OHJH SHQWUX SHUVRDQD IL]LF vQ FD]XO
DFHVWHLLQIUDF LXQLHVWHvQFKLVRDUHDGHODOXQLODDQL
3HGHDSVDDSOLFDELO SHUVRDQHLMXULGLFHSRWULYLWDUWDOLQ&SHQvQFD]XO
V YkUúLULLLQIUDF LXQLLGHGDUHGHPLW HVWHDPHQGDGHODOHLODOHL
ÌQ FD]XO G ULL GH PLW DU WDW vQ DUW DOLQ GLQ /HJHD QU
PD[LPXOSHGHSVHLSUHY ]XWHvQDUW&SHQVHPDMRUHD] FXDQLLDUSHQWUX
IDSWD GLQ DUW DO DFHOXLDúL DFW QRUPDWLY SHGHDSVD SUHY ]XW GH OHJH HVWH
vQFKLVRDUHDGHODXQXODDQL
&RQIRUP DUW GLQ /HJHD QU GDF GDUHD GH PLW HVWH V YkUúLW vQ
LQWHUHVXO XQHL RUJDQL]D LL DVRFLD LL VDX JUXS UL FULPLQDOH RUL DO XQXLD GLQWUH
PHPEULL DFHVWHLD VDX SHQWUX D LQIOXHQ D QHJRFLHULOH WUDQ]DF LLORU FRPHUFLDOH
LQWHUQD LRQDOH RUL VFKLPEXULOH VDX LQYHVWL LLOH LQWHUQD LRQDOH PD[LPXO SHGHSVHL
SUHY ]XW GHOHJHSHQWUXDFHDVW IDSW SHQDO VHPDMRUHD] FXDQL
3RWULYLWGLVSR]L LLORUGLQDUWDOLQ&SHQPLWXLWRUXOQXVHSHGHSVHúWH
GDF GHQXQ DXWRULW LL IDSWD PDL vQDLQWH FD RUJDQXO GH XUP ULUH V ILH VHVL]DW
SHQWUXDFHDLQIUDF LXQH
&X SULYLUH OD DFHVWH GLVSR]L LL VD IRUPXODW SURSXQHUHD GH OHJH IHUHQGD
SRWULYLW F UHLD GHQXQ DUHD IDSWHL GH F WUH PLWXLWRU DU WUHEXL V FRQVWLWXLH QXPDL R
FDX] GHUHGXFHUHDSHGHSVHL
&DX] VSHFLDO GHH[FOXGHUHDH[LVWHQ HLLQIUDF LXQLL
'DUHD GH PLW vQ RULFDUH GLQ YDULDQWHOH VDOH GH LQFULPLQDUH QX FRQVWLWXLH
LQIUDF LXQHGDF PLWXLWRUXODIRVWFRQVWUkQVSULQRULFHPLMORDFHGHF WUHFHOFDUHD
OXDWPLWD
&DQDWXU MXULGLF DFHDVW GLVSR]L LHUHSUH]LQW RFDX] VSHFLDO FDUHvQO WXU
FDUDFWHUXOSHQDODOIDSWHL$FHDVW FDX] FDUHvQO WXU FDUDFWHUXOSHQDODOIDSWHLDUH
XQFRQ LQXWPDLODUJGHFkWFHODU WDWvQDUW&SHQúLYDILLQFLGHQW RULGHFkWH
RUL QX YRU IL vQGHSOLQLWH FRQGL LLOH LQVWLWXLWH GH OHJH SHQWUX H[LVWHQ D FRQVWUkQJHULL
IL]LFHYLVDEVROXWDVDXPRUDOHYLVFRPSXOVLYD
'XS XQLLDXWRULGHVSUHRFRQVWUkQJHUHDPLWXLWRUXOXLSRDWHILYRUEDQXPDL
FkQG DFHVWD VROLFLW GH OD IXQF LRQDU XQ DFW OLFLW GHRDUHFH vQ FHOHODOWH LSRWH]H QX
IXQF LRQDUXO H[HUFLW R SUHVLXQH DVXSUD VROLFLWDQWXOXL FL DFHVWD SUHVHD] DVXSUD
IXQF LRQDUXOXL vQFHUFkQG V O GHWHUPLQH FX EDQL VDX DOWH IRORDVH V úL vQFDOFH
vQGDWRULULOHGHVHUYLFLX
35,0,5($'()2/2$6(1(&89(1,7(
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO LQIUDF LXQLL GH SULPLUH GH IRORDVH QHFXYHQLWH
FRQVW vQ DFHOH UHOD LL VRFLDOH UHIHULWRDUH OD LQWHUHVHOH SXEOLFH D F URU QRUPDO
IRUPDUH GHVI úXUDUH úL GH]YROWDUH QX DU IL SRVLELO I U D DVLJXUD H[HUFLWDUHD FX
FLQVWH SURELWDWH úL FRUHFWLWXGLQH D DWULEX LLORU GH VHUYLFLX D IXQF LRQDULORU SXEOLFL
VDXDIXQF LRQDULORU
'HDVHPHQHDSULQDFHDVW LQFULPLQDUHVXQWSURWHMDWHEXQXOPHUVDODFWLYLW LL
XQLW LORU DU WDWH OD DUW & SHQ DO SHUVRDQHORU MXULGLFH GH GUHSW SULYDW úL
LQWHUHVHOHOHJDOHDOHSHUVRDQHORUSDUWLFXODUH
'RUX2FWDYLDQ3URSXQHUHGHOHJHIHUHQGDSULYLQGVDQF LRQDUHDLQIUDF LXQLORUGHVHUYLFLXúLvQOHJ WXU FX
VHUYLFLXO55'QUS
,OLH3DVFXRSFLWSÌQDFHODúLVHQV9DVLOH'REULQRLXYRO,,S
2ELHFWXO PDWHULDO ÌQ OHJ WXU FX DFHDVW FKHVWLXQH VDX FRQWXUDW WUHL RSLQLL
FRQWUDGLFWRULL
2ELHFWXO PDWHULDO DO DFHVWHL LQFULPLQ UL vQWUR SULP RSLQLH vO FRQVWLWXLH
EDQLLVDXDOWHIRORDVHFDUHQXLVHFXYLQDJHQWXOXL
ÌQWUR DOW S UHUH VH VXV LQH F OD DFHDVW LQIUDF LXQH GH UHJXO OLSVHúWH
RELHFWXO PDWHULDO 7RWXúL DWXQFL FkQG IRORVXO QHFXYHQLW FRQVW vQ SUHVWDUHD XQHL
PXQFL H[ UHSDUDUHD XQXL LPRELO HIHFWXDUHD XQRU OXFU UL GH LQVWDOD LL HOHFWULFH
]XJU YLUHD XQRU vQF SHUL RELHFWXO DVXSUD F UXLD VH HIHFWXHD] PXQFD GHYLQH úL
RELHFWPDWHULDODOLQIUDF LXQLLúLSRDWHVHUYLFDSURE SHQWUXH[LVWHQ DLQIUDF LXQLL
$O LDXWRULVXV LQH[SUHVVDXLPSOLFLWSULQQHDERUGDUHDDFHVWHLFKHVWLXQL
F SULPLUHDGHIRORDVHQHFXYHQLWHQXDUHRELHFWPDWHULDO
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU DO DFHVWHL LQIUDF LXQL HVWH FDOLILFDW úL QX
SRDWHILGHFkWXQIXQF LRQDUSXEOLFXQIXQF LRQDUVDXXQDGLQWUHSHUVRDQHOHDU WDWH
vQ/HJHDQU
7RDWH DFHVWH FDOLW L FHUXWH GH QRUPD GH LQFULPLQDUH VXELHFWXOXL DFWLY
QHPLMORFLWWUHEXLHV H[LVWHODGDWDV YkUúLULLIDSWHL
)DSWDSRDWHILV YkUúLW GHPDLPXO LDXWRULFDUHDXFRQWULEXLWQHPLMORFLWvQ
PRG VLPXOWDQ FRPLVLH FROHFWLY HFKLS VDX VXFFHVLY OD V YkUúLUHD SULPLULL GH
IRORDVH QHFXYHQLWH /D V YkUúLUHD DFHVWHL LQIUDF LXQL SRW FRQWULEXL vQV úL DO L
VXELHF L DFWLYL vQ DIDU GH DXWRU VDX FRDXWRU LQVWLJDWRUL FRPSOLFL SHQWUX DFHúWL
VXELHF LQXHVWHQHFHVDU FDOLWDWHDFHUXW GHOHJHSHQWUXDXWRUvQDFHVWFD]QXHVWH
YRUEDGHU VIUkQJHUHDFLUFXPVWDQ HLSHUVRQDOHDFDOLW LLGH LQXWHGHDXWRUODFHLODO L
SDUWLFLSDQ LFLGHvQFDGUDUHDFRQWULEX LHLORUvQGLVSR]L LDFDUHSUHYHGHHUJDRPQHV
IDSWDFRPLV GHVXELHFWXODFWLYQHPLMORFLW
'DF SDUWLFLSDQWXOODLQIUDF LXQHDDQDOL]DW HIHFWXHD] DWkWDFWHGHLQVWLJDUH
FkWúLDFWHGHFRPSOLFLWDWHODDFHHDúLLQIUDF LXQHGHSULPLUHGHIRORDVHQHFXYHQLWH
DFHVWD YD IL LQXW V U VSXQG QXPDL SHQWUX LQVWLJDUH GHRDUHFH LQVWLJDUHD HVWH R
IRUP GH SDUWLFLSD LH SULQFLSDO FDUH DEVRDUEH vQ FRQ LQXWXO V X FRPSOLFLWDWHD FD
IRUP GHSDUWLFLSD LHVHFXQGDU
3HUVRDQD FDUH G IRORVXO QHFXYHQLW QX HVWH SDUWLFLSDQW OD LQIUDF LXQHD GH
SULPLUHGHIRORDVHQHFXYHQLWHúLQXVHSHGHSVHúWH
6XELHFW DFWLY DO DFHVWHL IDSWH SHQDOH SRDWH IL úL R SHUVRDQ MXULGLF vQ
FRQGL LLOHúLFXOLPLW ULOHDU WDWHvQDUWDOLQ&SHQ
2OLYLX$XJXVWLQ6WRLFDRSFLWSÌQDFHODúLVHQV,RDQD9DVLXRSFLWYRO,,S76GvQU
55'QUS76VSGQU55'QUS76VSGQU55'QU
S76VSGQU55'QUS
6LHJIULHG.DKDQHRSFLWYRO,9SÌQDFHODúLVHQV$QHWD*ULJRURYLFL,QIUDF LXQLGHVHUYLFLXVDXvQ
OHJ WXU FX VHUYLFLXO (GLWXUD ùWLLQ LILF úL(QFLFORSHGLF %XFXUHúWLS2SR]L LHDVHP Q WRDUHDIRVW
H[SULPDW úLvQOXFUDUHDSURIHVRULORU2FWDYLDQ/RJKLQ7XGRUHO7RDGHU'UHSWSHQDOURPkQ3DUWHDVSHFLDO HGL LD
D,9DUHY ]XW úLDG XJLW &DVDGHHGLWXU úLSUHV ùDQVD65/%XFXUHúWLS
9DVLOH 'REULQRLX &RUXS LD vQ GUHSWXO SHQDO URPkQ (GLWXUD $WODV /H[ %XFXUHúWL S ÌQ
DFHODúLVHQV,OLH3DVFXRSFLWS9DVLOH'REULQRLXRSFLWYRO,,S,OLH3DVFXRSFLW
S$OH[DQGUX%RURL*KHRUJKH1LVWRUHDQXRSFLWS
*KHRUJKH ' UkQJ úL 'XPLWUX /XFLQHVFX RS FLW YRO ,, S $YUDP )LOLSDú RS FLW S
$YUDP)LOLSDúRSFLWS
ÌQFRPSOHWDUHDDFHVWHLFKHVWLXQLDVHYHGHDFRPHQWDULXOGHODRELHFWXOPDWHULDODOLQIUDF LXQLLGHOXDUHGH
PLW
ÌQFHHDFHSULYHúWHVXELHF LLLQIUDF LXQLLIDFHPWULPLWHUHODFHOHDU WDWHODLQIUDF LXQHDGHOXDUHGHPLW
6LHJIULHG.DKDQHRSFLWYRO,9S
6XELHFWXO SDVLY VSHFLDO DO LQIUDF LXQLL GH SULPLUH GH IRORDVH QHFXYHQLWH HVWH
DXWRULWDWHDSXEOLF LQVWLWX LDSXEOLF SHUVRDQDMXULGLF GHLQWHUHVSXEOLFSHUVRDQD
MXULGLF SULYDW vQVHUYLFLXOF UHLDDJHQWXOvúLH[HUFLW DWULEX LLOHIXQF LRQDOH
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDODOLQFULPLQ ULLH[DPLQDWHFRQVW vQDF LXQHDGHSULPLUHGH
F WUHVXELHFWXODFWLYQHPLMORFLWDXQHLVXPHGHEDQLVDXDDOWRUIRORDVHGXS FHD
vQGHSOLQLWXQDFWvQYLUWXWHDIXQF LHLVDOHúLODFDUHHUDREOLJDWvQWHPHLXODFHVWHLD
3ULQH[SUHVLDÄDvQGHSOLQLWXQDFWvQYLUWXWHDIXQF LHLVDOH´VHvQ HOHJHF HVWH
YRUEDGHvQGHSOLQLUHDXQXLDFWFDUHLQWU vQDWULEX LLOHGHVHUYLFLXDOHDXWRUXOXLLDU
SULQ H[SUHVLD ÄREOLJDW vQ WHPHLXO IXQF LHL VDOH´ VH vQ HOHJH F vQGHSOLQLUHD DFWXOXL
FRQVWLWXLH R vQGDWRULUH GH VHUYLFLX D DFHVWXLD &X DOWH FXYLQWH HVWH YRUED GH
vQGHSOLQLUHD XQXL DFW vQWRWGHDXQD OLFLW VSUH GHRVHELUH GH LQIUDF LXQHD GH OXDUH GH
PLW XQGHSRDWHILYRUEDúLGHvQGHSOLQLUHDXQXLDFWLOLFLWúLWRWRGDW REOLJDWRULX
GHvQGHSOLQLWSHQWUXVXELHFWXODFWLYQHPLMORFLW
%DQLLSRWILHIHFWLYLVDXVXEIRUP GHYDORULRULWLWOXULGHRULFHIHOHFKLYDOkQG
EDQL
3ULQ H[SUHVLD ÄDOWH IRORDVH´ VH vQ HOHJ RULFH IHO GH DYDQWDMH SDWULPRQLDOH
EXQXULvPSUXPXWXULSUHPLLDPkQDUHDSO LLXQHLGDWRULLIRORVLQ DJUDWXLW DXQHL
ORFXLQ H SUHVW UL GH VHUYLFLL vQ PRG JUDWXLW SURPRYDUHD vQ VHUYLFLX VDX
QHSDWULPRQLDOH DFRUGDUHD XQXL WLWOX VDX D XQXL JUDG RUL D DOWHL GLVWLQF LL
RQRULILFH
&HULQ HHVHQ LDOH/HJLXLWRUXODDWDúDWDF LXQLLLQFULPLQDWHPDLPXOWHFHULQ H
HVHQ LDOH vQ OLSVD F URUD IDSWD QX YD FRQVWLWXL LQIUDF LXQHD GH SULPLUH GH IRORDVH
QHFXYHQLWH úL DQXPHO IRORDVH SULPLWH WUHEXLH V ILH QHFXYHQLWH V QX ILH OHJDO
GDWRUDWHV DLE XQFDUDFWHUGHUHWULEX LHDGLF GHU VSODW SHQWUXXQDFWGHWHUPLQDW
HIHFWXDWGHDXWRUXQDFWDU WDWvQPRGH[SOLFLW
3ULPLUHDEDQLORUVDXDOWRUIRORDVHHVWHQHFHVDUV ILHSRVWHULRDU vQGHSOLQLULL
XQXLDFWGHWHUPLQDWvQYLUWXWHDIXQF LHLVDOHúLODFDUHHUDREOLJDWvQWHPHLXODFHVWHLD
úLV QXILH[LVWDWDQWHULRURvQ HOHJHUHVDXRDFFHSWDUHDXQHLSURPLVLXQLGHEDQLVDX
DOWHIRORDVH
$FHDVW FHULQ HVHQ LDO UHSUH]LQW XQD GLQWUH GHRVHELULOH FDUH H[LVW vQWUH
SULPLUHD GH IRORDVH QHFXYHQLWH úL OXDUHD GH PLW 'DF SULPLUHD EDQLORU VDX DOWRU
IRORDVHHVWHDQWHULRDU vQGHSOLQLULLDFWXOXLGHWHUPLQDWRULGDF DQWHULRUvQGHSOLQLULL
DFWXOXLGHWHUPLQDWDH[LVWDWRvQ HOHJHUHVDXDIRVWDFFHSWDW RSURPLVLXQHIDSWDYD
FRQVWLWXLLQIUDF LXQHDGHOXDUHGHPLW
([LVW LQIUDF LXQHD GH SULPLUH GH IRORDVH QHFXYHQLWH vQ FD]XO LQFXOSDWXOXL
RIL HUGHSROL LHFDUHDSULPLWXQIRORVQHFXYHQLWGXS FHDUHVWLWXLWRFDQWLWDWHGH
PDUI SURYHQLW GLQFRQWUDEDQG FRQILVFDW GHRUJDQHOHGHSROL LH
ÌQ PRG MXVW VD GHFLV F SUHWLQGHUHD XQRU IRORDVH GH F WUH IXQF LRQDU úL
SULPLUHDDFHVWRUDGXS HIHFWXDUHDDFWXOXLSULYLWRUODvQGHSOLQLUHDvQGDWRULULORUVDOH
6LHJIULHG .DKDQH RS FLW YRO ,9 S ÌQ DFHODúL VHQV *KHRUJKH ' UkQJ úL 'XPLWUX /XFLQHVFX
RS FLW YRO ,, S ,RDQD 9DVLX RS FLW YRO ,, S 9DVLOH 'REULQRLX RS FLW YRO ,, S $OH[DQGUX
%RURL*KHRUJKH1LVWRUHDQXRSFLWSÌQVHQVFRQWUDU$YUDP)LOLSDúvQ2FWDYLDQ/RJKLQ$YUDP)LOLSDúRSFLW
S2FWDYLDQ/RJKLQ7XGRUHO7RDGHURSFLWS$YUDP)LOLSDúvQ&RVWLF %XODLúDRSFLWS
$VHYHGHDFRPHQWDULXOFXSULYLUHODFHULQ HOHHVHQ LDOHDOHHOHPHQWXOXLPDWHULDODOOX ULLGHPLW
&6-VSGQU7HRGRU0UHMHUXúLFRODERSFLWS
&6- VS G QU *DEULHO ,RQHVFX ,RVLI ,RQHVFX 3UREOHPH GH GUHSW GLQ MXULVSUXGHQ D &XU LL
6XSUHPHGH-XVWL LHvQPDWHULHSHQDO (GLWXUD-XULV$UJHVVLV&XUWHDGH$UJHúSÌQ
DFHODúLVHQV0D[LP'REULQRLX&LSULDQ5DXO5RPL DQ3ULPLUHDGHIRORDVHQHFXYHQLWHúLLQIUDF LXQHDGHOXDUHGH
PLW 'HOLPLW UL5'3QUS
GHVHUYLFLXSHQWUXFDUHIRORDVHOHDXIRVWSUHWLQVHFRQVWLWXLHLQIUDF LXQHDGHOXDUHGH
PLW LDUQXDFHHDGHSULPLUHGHIRORDVHQHFXYHQLWH
1RUPDSUHY ]XW vQDUW&SHQQXLQFULPLQHD] úLIDSWDGHSUHWLQGHUHD
XQRU DVHPHQHD IRORDVH FD vQ FD]XO LQIUDF LXQLL GH OXDUH GH PLW 3UHWLQGHUHD GH
IRORDVH QHFXYHQLWH vQ FD]XO SULPLULL GH IRORDVH QHFXYHQLWH DU SXWHD FRQVWLWXL R
WHQWDWLY GDU WHQWDWLYD OD DFHDVW LQIUDF LXQH QX VH SHGHSVHúWH $FHDVWD YD SXWHD
WRWXúLV ILHVDQF LRQDW GLVFLSOLQDU
$FWXOOLFLWvQWRFPLWGHDXWRUDQWHULRUSULPLULLIRORDVHORUQHFXYHQLWHUHSUH]LQW
RDOW GHRVHELUHID GHOXDUHDGHPLW XQGHDFWXOGHWHUPLQDWSRDWHILúLLOLFLW
'DF VXELHFWXODFWLYQHPLMORFLWDvQGHSOLQLWDFWXOSULQvQF OFDUHDvQGDWRULULORU
GHVHUYLFLXIDSWDDFHVWXLDYDSXWHDFRQVWLWXLúLLQIUDF LXQHDGHQHJOLMHQ vQVHUYLFLX
VDXDEX]vQVHUYLFLXGXS IRUPDGHYLQRY LHFXFDUHDDF LRQDWDJHQWXORULOXDUH
GH PLW GDF VH FRQVWDW H[LVWHQ D XQHL vQ HOHJHUL SUHDODELOH vQWUH DXWRU úL
EHQHILFLDUXODFWXOXLLOLFLW
%DQLL VDX FHOHODOWH IRORDVH SRW IL SULPLWH GH VXELHFWXO DFWLY QHPLMORFLW ILH
GLUHFWILHLQGLUHFWSULQSHUVRDQHLQWHUSXVHFD]vQFDUHDFWLYLWDWHDLQWHUPHGLDUXOXL
YDFRQVWLWXLLQVWLJDUHVDXFRPSOLFLWDWHGXS FD]ODDFHDVW LQIUDF LXQH
8UPDUHDLPHGLDW FRQVW vQWURVWDUHGHSHULFROGXS FD]SHQWUXEXQXOPHUV
DO DFWLYLW LL XQLW LORU DU WDWH OD DUW & SHQ HQWLW LORU DU WDWH vQ /HJHD QU
VDX SHUVRDQHORU MXULGLFH GH GUHSW SULYDW XQGH vúL GHVI úRDU DFWLYLWDWHD
VXELHFWXODFWLY
/HJ WXUDGHFDX]DOLWDWHvQWUHDF LXQHDLQFULPLQDW úLXUPDUHDLPHGLDW WUHEXLH
V H[LVWHúLUH]XOW H[UH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH3HQWUXH[LVWHQ DIDSWHLGHSULPLUHGHIRORDVHQHFXYHQLWH
HVWH QHFHVDU FD DF LXQHD FDUH FRQVWLWXLH HOHPHQWXO PDWHULDO V ILH V YkUúLW FX
YLQRY LHúLDQXPHFXLQWHQ LHGLUHFW DGLF HVWHQHFHVDU YRLQ DI SWXLWRUXOXLGH
DSULPLEDQLVDXDOWHIRORDVHGXS FHDvQGHSOLQLWXQDFWvQYLUWXWHDIXQF LHLVDOHúL
ODFDUHHUDREOLJDWvQWHPHLXODFHVWHLIXQF LLúLúWLLQ DF EDQLLVDXIRORDVHOHSULPLWH
QXLVXQWOHJDOFXYHQLWH
ÌQ GRFWULQ VD VXV LQXW SH GUHSW FXYkQW F SULPLUHD GH IRORDVH QHFXYHQLWH VH
SRDWH FRPLWH úL FX LQWHQ LH LQGLUHFW ,QWHQ LD LQGLUHFW HVWH SRVLELO OD DFHDVW
LQIUDF LXQHvQWUXFkWvQPRPHQWXOV YkUúLULLIDSWHLQXHVWHREOLJDWRULXFDVXELHFWXODFWLY
V XUP UHDVF FUHDUHDXQHLVW ULGHSHULFROSHQWUXSUHVWLJLXOXQLW LLGLQFDUHIDFHSDUWH
ILLQGVXILFLHQWFDHOV DFFHSWHSRVLELOLWDWHDSURGXFHULLXQHLDVHPHQHDXUP UL
ÌQ OLSVD XQHL FHULQ H HVHQ LDOH H[SUHVH VDX LPSOLFLWH UHIHULWRDUH OD VFRSXO
DF LXQLL LQFULPLQDWH DYHP vQ YHGHUH QR LXQHD GH VFRS vQ VHQVXO V X SURSULX GH
ILQDOLWDWH FH VH VLWXHD] vQ DIDUD LQIUDF LXQLL úL QX GH UH]XOWDW FDUH V FDOLILFH
LQWHQ LD FX JUHX VDU SXWHD VXV LQH WH]D F DFHDVW LQIUDF LXQH VH SRDWH FRPLWH
QXPDLFXLQWHQ LHGLUHFW FKLDUGDF vQFRQFUHWSULPLUHDGHIRORDVHQHFXYHQLWHVH
FRPLWHFHOPDLDGHVHDFXDFHDVW IRUP GHYLQRY LH
6LHJIULHG.DKDQHRSFLWYRO,9S
,GHP S ÌQ DFHODúL VHQV *KHRUJKH ' UkQJ úL 'XPLWUX /XFLQHVFX RS FLW YRO ,, S /XFLD
0ROGRYDQ vQ 0DWHL %DVDUDE /XFLD 0ROGRYDQ 9DOHU 6XLDQ 'UHSW SHQDO 3DUWHD VSHFLDO &OXM1DSRFD
YRO,S9DVLOH'REULQRLXRSFLWS,OLH3DVFXRSFLWS,RDQD9DVLXRSFLWYRO,,S
2FWDYLDQ/RJKLQ7XGRUHO7RDGHURSFLWS9DVLOH'REULQRLXRSFLWYRO,,S
2OLYLX$XJXVWLQ6WRLFD RSFLWS$OH[DQGUX%RURL*KHRUJKH1LVWRUHDQX RSFLWS$YUDP
)LOLSDúvQ2FWDYLDQ/RJKLQ$YUDP)LOLSDúRSFLWS$YUDP)LOLSDúvQ&RVWLF %XODLúDRSFLWS
$OH[DQGUX%RURL*KHRUJKH1LVWRUHDQXRSFLWS
&RQVWDQWLQ 'XYDF vQ *KHRUJKH 'LDFRQHVFX &RQVWDQWLQ 'XYDF 'UHSW SHQDO 3DUWHD VSHFLDO 1RXO &RG
SHQDO&XUVXQLYHUVLWDUYRO,(GLWXUD)XQGD LHL5RPkQLDGH0kLQH%XFXUHúWLS
/HJHDSUHYHGHLPSOLFLWúLXQPRELODOIDSWHLI U GHFDUHYLQRY LDQXSRDWHIL
FRQFHSXW $FHVWDFRQVW vQWHQGLQ DFHOXLFDUHSULPHúWHIRORVXOGHDVHFRQVLGHUD
UHFRPSHQVDWvQDFHVWPRGQHOHJDOSHQWUXF úLDH[HUFLWDWDWULEX LLOHGHVHUYLFLX
)RUPH6DQF LXQL
)RUPH 3ULPLUHD GH IRORDVH QHFXYHQLWH HVWH R LQIUDF LXQH GH DF LXQH úL HVWH
VXVFHSWLELO GHGHVI úXUDUHvQWLPSDYkQGXQLWHUFULPLQLV
$FWHOHSUHSDUDWRULLúLWHQWDWLYDGHúLVXQWSRVLELOHQXVXQWLQFULPLQDWHúLGHFL
QLFLSHGHSVLWH
)LLQG R LQIUDF LXQH LQVWDQWDQHH DFHDVWD VH FRQVXP vQ PRPHQWXO SULPLULL
EDQLORUVDXIRORDVHORU
$FHDVWD VH SRDWH FRPLWH úL FRQWLQXDW DWXQFL FkQG EDQLL VDX IRORDVHOH VXQW
UHPLVHvQUDWHÌQDFHDVW LSRWH] IDSWDGHSULPLUHGHIRORDVHQHFXYHQLWHYDDYHDúL
XQ PRPHQW DO HSXL] ULL FDUH YD LQWHUYHQL OD GDWD XOWLPHL DF LXQL GH UHPLWHUH D
EDQLORUVDXIRORDVHORU
ÌQ GRFWULQ GDWRULW DSURSULHULL GH IDSWD SUHY ]XW vQ DUW & SHQ VD
VXV LQXWF SULPLUHDGHIRORDVHQHFXYHQLWHHVWHRYDULDQW GHVSHFLHDLQIUDF LXQLLGH
OXDUHGHPLW
6DQF LXQL3ULPLUHDGHIRORDVHQHFXYHQLWHVHSHGHSVHúWHFXvQFKLVRDUHGHOD
OXQLODDQL
3HGHDSVD DSOLFDELO SHUVRDQHL MXULGLFH SRWULYLW DUW DOLQ & SHQ vQ
FD]XO V YkUúLULL LQIUDF LXQLL GH SULPLUH GH IRORDVH QHFXYHQLWH HVWH DPHQGD GH OD
OHLODOHL
'DF SULPLUHD GH IRORDVH QHFXYHQLWH HVWH V YkUúLW GH SHUVRDQHOH FDUH
SRWULYLWOHJLLDXDWULEX LLGHFRQVWDWDUHVDXGHVDQF LRQDUHDFRQWUDYHQ LLORURULGH
FRQVWDWDUHXUP ULUHVDXMXGHFDUHDLQIUDF LXQLORUVDXGHIXQF LRQDULLFXDWULEX LLGH
FRQWUROPD[LPXOVSHFLDODOSHGHSVHLVHPDMRUHD] FXDQL
3RWULYLWDUWGLQ/HJHDQUGDF SULPLUHDGHIRORDVHQHFXYHQLWHHVWH
V YkUúLW vQ LQWHUHVXO XQHL RUJDQL]D LL DVRFLD LL VDX JUXS UL FULPLQDOH RUL DO XQXLD
GLQWUHPHPEULLDFHVWHLDVDXSHQWUXDLQIOXHQ DQHJRFLHULOHWUDQ]DF LLORUFRPHUFLDOH
LQWHUQD LRQDOH RUL VFKLPEXULOH VDX LQYHVWL LLOH LQWHUQD LRQDOH PD[LPXO SHGHSVHL
SUHY ]XWHGHOHJHSHQWUXDFHDVW IDSW SHQDO VHPDMRUHD] FXDQL
%DQLLYDORULOHVDXRULFHDOWHEXQXULVHFRQILVF LDUGDF DFHVWHDQXVHJ VHVF
FRQGDPQDWXO HVWH REOLJDW OD SODWD HFKLYDOHQWXOXL ORU vQ EDQL %XQXULOHVDXYDORULOH
RE LQXWH GH LQFXOSDW FD XUPDUH D V YkUúLULL LQIUDF LXQLL GH SULPLUH GH IRORDVH
QHFXYHQLWH VH FRQILVF FKLDU GDF DX IRVW UHVWLWXLWH SHUVRDQHORU GH OD FDUH
I SWXLWRUXOOHDSULPLW
75$),&8/'(,1)/8(1
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDODOWUDILFXOXLGHLQIOXHQ FRQVW vQDFHOHUHOD LLVRFLDOH
DF URUQRUPDO IRUPDUHGHVI úXUDUHúLGH]YROWDUHQXDUILSRVLELOHI U DDVLJXUD
EXQXOPHUVDODFWLYLW LLXQLW LORUSUHY ]XWHvQDUW&SHQVDXDOSHUVRDQHORU
$YUDP )LOLSDú vQ 2FWDYLDQ /RJKLQ $YUDP )LOLSDú RS FLW S $YUDP )LOLSDú vQ &RVWLF %XODL úD
RSFLWS
6LHJIULHG .DKDQH RS FLW YRO ,9 S 9DVLOH 'REULQRLX RS FLW S ÌQ VHQV FRQWUDU +RULD
'LDFRQHVFXRSFLWS$FHVWDXWRUVXV LQHF SULPLUHDGHIRORDVHQHFXYHQLWHVHGLIHUHQ LD] vQPRGHYLGHQWúL
HVHQ LDOGHOXDUHDGHPLW DVWIHOvQFkWDFHDVWDQXHVWHúLQXWUHEXLHFRQVLGHUDW FDILLQGRYDULHWDWHGHVSHFLHDOX ULL
GHPLW HDILLQGúLU PkQkQGRLQIUDF LXQHGLVWLQFW GHFRUXS LH
MXULGLFHGHGUHSWSULYDWSULQFRPEDWHUHDFHORUFDUHVSHFXOkQGUHDODVDXSUHWLQVDORU
LQIOXHQ SHOkQJ YUHXQIXQF LRQDUSXEOLFVDXIXQF LRQDUSURYRDF vQPRGLPSOLFLW
R VXVSLFLXQH DWkW DVXSUD DFHVWRUD FkW úL DVXSUD GHVI úXU ULL FRUHFWH D DFWLYLW LL
HQWLW LORUDU WDWH
2ELHFWXO PDWHULDO ([LVWHQ D VDX LQH[LVWHQ D RELHFWXOXL PDWHULDO OD DFHDVW
QRUP GHLQFULPLQDUHUHSUH]LQW RFKHVWLXQHFRQWURYHUVDW LDUFHOHDU WDWHODOXDUHD
GH PLW VXQW YDODELOH úL vQ FD]XO WUDILFXOXL GH LQIOXHQ PRWLY SHQWUX FDUH QX YRU
PDLILUHOXDWHúLvQFDGUXODFHVWXL&RPHQWDULX
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU DO WUDILFXOXL GH LQIOXHQ SDVLY HVWH
QHFLUFXPVWDQ LDW GH WH[W úL SRDWH IL RULFH SHUVRDQ IL]LF FDUH vQGHSOLQHúWH
FRQGL LLOH JHQHUDOH SHQWUX D U VSXQGH SHQDO FKLDU úL XQ IXQF LRQDU SXEOLF VDX
IXQF LRQDU
3HQWUX D SXWHD IL VXELHFW DFWLY QHPLMORFLW DXWRU DO LQIUDF LXQLL GH WUDILF GH
LQIOXHQ VHFHUHvQV FDI SWXLWRUXOV DLE LQIOXHQ VDXV ODVHV VHFUHDG F DUH
LQIOXHQ DVXSUDXQXLIXQF LRQDUSXEOLFVDXIXQF LRQDU
3ULQ H[SUHVLD ÄODV V VH FUHDG F DUH LQIOXHQ DVXSUD XQXL IXQF LRQDU´ VH
vQ HOHJH vQ JHQHUH F R SHUVRDQ VH ODXG F DUH WUHFHUH SH OkQJ XQ IXQF LRQDU
DILUPkQG GH H[HPSOX F GDWRULW vQFUHGHULL GH FDUH VH EXFXU VDX GDWRULW
UXGHQLHL RUL UHOD LLORU SHUVRQDOH SH FDUH OH vQWUH LQH FX DFHO IXQF LRQDU SXEOLF VDX
IXQF LRQDU SRDWH GHWHUPLQD OD DFHVWD R DQXPLW DWLWXGLQH RUL SRDWH RE LQH R
DQXPLW UH]ROYDUH $ O VD V VH FUHDG F DUH LQIOXHQ H[LVW úL DWXQFL FkQG R
SHUVRDQ I U DVHO XGDF DUHWUHFHUHQXGH]PLQWHDILUPD LLOHDOWRUDFXSULYLUHOD
H[LVWHQ DDFHVWHLD
3ULQH[SUHVLDÄDUHLQIOXHQ ´VHvQ HOHJHF DFHDSHUVRDQ VHEXFXU vQPRG
UHDO GH vQFUHGHUHD IXQF LRQDUXOXL SXEOLF VDX IXQF LRQDUXOXL RUL F EXQHOH UHOD LL
SHUVRQDOHFXDFHVWDFRUHVSXQGUHDOLW LL
6XELHFW DFWLY QHPLMORFLW DO WUDILFXOXL GH LQIOXHQ DFWLY HVWH SHUVRDQD FDUH
FXPS U LQIOXHQ UHDO VDXSUHVXSXV
ÌQ YDULDQWHOH GH VSHFLH SUHY ]XWH vQ DUW DOLQ úL vQ DUW DPEHOH GLQ
/HJHD QU VXELHFWXO DFWLY QHPLMORFLW DO LQIUDF LXQLL GH WUDILF GH LQIOXHQ
SDVLYúLDFWLYHVWHFDOLILFDWúLSRDWHILQXPDLXQDGLQWUHXUP WRDUHOHSHUVRDQHFHOH
FDUHSRWULYLWOHJLLDXDWULEX LLGHFRQVWDWDUHVDXGHVDQF LRQDUHDFRQWUDYHQ LLORURUL
GHFRQVWDWDUHXUP ULUHVDXMXGHFDUHDLQIUDF LXQLORUVDXGHIXQF LRQDULLFXDWULEX LL
GH FRQWURO PDQDJHULL GLUHFWRULL DGPLQLVWUDWRULL FHQ]RULL VDX DOWH SHUVRDQH FX
DWULEX LL GH FRQWURO OD VRFLHW LOH FRPHUFLDOH FRPSDQLLOH úL VRFLHW LOH QD LRQDOH
UHJLLOHDXWRQRPHúLODRULFHDO LDJHQ LHFRQRPLFL
/D V YkUúLUHD LQIUDF LXQLL GH WUDILF GH LQIOXHQ SRW FRQWULEXL úL DO L VXELHF L
DFWLYLvQDIDU GHDXWRULQVWLJDWRULFRPSOLFL
'DF WUDILFXOGHLQIOXHQ SDVLYHVWHV YkUúLWGHXQIXQF LRQDULDUDFHVWDDUHúL
HODWULEX LLvQOHJ WXU FXDFWXOSHFDUHXUPHD] V OvQGHSOLQHDVF IXQF LRQDUXOGHD
F UXLYDORDUHVHSUHYDOHD] H[LVW XQFRQFXUVGHLQIUDF LXQLvQWUHOXDUHGHPLW úL
WUDILFGHLQIOXHQ FXFRQGL LDFDI SWXLWRUXOV ILDVLJXUDWSHUVRDQDF YDEHQHILFLD
úLGHVHUYLFLLOHFDUHLQWU vQFRPSHWHQ DVD
&XPS UDUHD GH LQIOXHQ SULQ LQWHUPHGLDU FRQVWLWXLH LQIUDF LXQH QXPDL GDF
SURPLVLXQHDRIHUWDVDXIRORVXODMXQJHODWUDILFDQWQXúLDWXQFLFkQGDF LXQHDWLSLF
6LHJIULHG .DKDQH RS FLW YRO ,9 S ÌQ VHQV FRQWUDU Ì&&- VS G QU ÌQDOWD &XUWH GH
&DVD LHúL-XVWL LH-XULVSUXGHQ D6HF LHLSHQDOHSHDQXO(GLWXUD+DPDQJLXS
2FWDYLDQ/RJKLQ7XGRUHO7RDGHU'UHSWSHQDOURPkQ3DUWHDVSHFLDO HGL LDD,9DUHY ]XW úLDG XJLW
&DVDGHHGLWXU úLSUHV ùDQVD65/%XFXUHúWLS
QHFXQRVFXW WUDILFDQWXOXL VH RSUHúWH OD LQWHUPHGLDU ÌQ DFHDVW VLWXD LH QHSXWkQ
GXVH UH LQH H[LVWHQ D LQIUDF LXQLL vQ VDUFLQD DXWRUXOXL QX SRDWH IL UH LQXW QLFL
FDOLWDWHDGHFRPSOLFHvQSHUVRDQDLQWHUPHGLDUXOXL
$FWLYLWDWHDGHPLMORFLUHvQWUHFXPS U WRUXOúLYkQ] WRUXOGHLQIOXHQ SHFDUH
R GHVI úRDU LQWHUPHGLDUXO YD FRQVWLWXL GXS FD] FRPSOLFLWDWH OD FXPS UDUHD GH
LQIOXHQ VDX OD YkQ]DUHD GH LQIOXHQ GXS FXP D vQ HOHV V DMXWH SULQ DF LXQLOH
VDOHSHFXPS U WRUXOúLSHYkQ] WRUXOGHLQIOXHQ
ÌQ WRDWH LSRWH]HOH GH LQFULPLQDUH VXELHFW DFWLY QHPLMORFLW DO LQIUDF LXQLL
DQDOL]DWH SRDWH IL úL R SHUVRDQ MXULGLF vQ FRQGL LLOH úL FX OLPLW ULOH SUHY ]XWH vQ
DUW&SHQ
6XELHFWXOSDVLYVSHFLDOHVWHGXS FD]RXQLWDWHGLQFHOHSUHY ]XWHvQDUW
&SHQRSHUVRDQ MXULGLF GHGUHSWSULYDWRRUJDQL]D LHSXEOLF LQWHUQD LRQDO R
XQLWDWH SXEOLF GLQWUXQ VWDW VWU LQ R LQVWDQ LQWHUQD LRQDO RUL DGXQDUH
SDUODPHQWDU VDX DGPLQLVWUDWLY DOH XQXL VWDW VWU LQ vQ DO F UXL VHUYLFLX VH J VHúWH
IXQF LRQDUXOSXEOLFVDXIXQF LRQDUXOSHQWUXDF UXLLQIOXHQ DUHI SWXLWRUXOSULPHúWH
VDXSUHWLQGHIRORDVHRULDFFHSW GDUXUL
6XELHFWSDVLYVSHFLDOVHFXQGDUHVWHúLIXQF LRQDUXOSXEOLFVDXIXQF LRQDUXO
DVXSUDF UXLDIDSWDDUXQF VXVSLFLXQH
ÌQ SUDFWLFD MXGLFLDU VD GHFLV F IXQF LRQDULL FRQVXODUL DL XQXL VWDW VWU LQ VXQW
IXQF LRQDUL vQ VHQVXO SUHYHGHULORU DUW úL DUW & SHQ &D DWDUH IDSWD GH D VH
SUHYDODGHLQIOXHQ DDVXSUDXQXLIXQF LRQDUFRQVXODUvQVFRSXOUHDOL] ULLXQRUIRORDVH
FRQVWLWXLHLQIUDF LXQHDGHWUDILFGHLQIOXHQ SUHY ]XW vQDUW&SHQ
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO 3ULQ DUW & SHQ HVWH LQFULPLQDW YkQ]DUHD GH
LQIOXHQ LDUSULQDUWGLQ/HJHDQUHVWHLQFULPLQDW úLFXPS UDUHDGH
LQIOXHQ 'HRDUHFH FRQGL LLOH GH LQFULPLQDUH GLQ FHOH GRX WH[WH FLWDWH VXQW
SDU LDO GLIHULWH VH LPSXQH R DQDOL] GLIHUHQ LDW D HOHPHQWHORU PDWHULDOH DOH FHORU
GRX LQIUDF LXQL
(OHPHQWXOPDWHULDODOWUDILFXOXLGHLQIOXHQ SDVLYYkQ]DUHDGHLQIOXHQ
FRQVW vQDF LXQHDGHWUDILFDUHDLQIOXHQ HLGHF WUHRSHUVRDQ FDUHDUHLQIOXHQ VDX
ODV V VHFUHDG F DUHLQIOXHQ DVXSUDXQXLIXQF LRQDUSXEOLFVDXIXQF LRQDU
$F LXQHDLQFULPLQDW VHSRDWHUHDOL]DDOWHUQDWLYSULQSULPLUHDVDXSUHWLQGHUHD
XQHLVXPHGHEDQLRULDOWRUIRORDVHVDXSULQDFFHSWDUHDSURPLVLXQLLXQRUDVWIHOGH
IRORDVHRULDFFHSWDUHDGHGDUXULSHQWUXDGHWHUPLQDSHDFHOIXQF LRQDUSXEOLFVDX
IXQF LRQDUV IDF RULV QXIDF XQDFWFHLQWU vQDWULEX LLOHVDOHGHVHUYLFLX
3ULQ H[SUHVLD ÄDOWH IRORDVH´ VH vQ HOHJH RULFH DYDQWDM GH QDWXU SDWULPRQLDO
VDXQHSDWULPRQLDO
&X SULYLUH OD vQ HOHVXO DFHVWHL QR LXQL úL FHD GH IXQF LRQDU D VH YHGHD FHOH DU WDWH FX RFD]LD H[DPLQ ULL
VXELHFWXOXLDFWLYQHPLMORFLWDOLQIUDF LXQLLGHDEX]vQVHUYLFLXFRQWUDLQWHUHVHORUSHUVRDQHORU
&6- V S G QU 5'3 QU S &XUWHD 6XSUHP GH -XVWL LH %XOHWLQXO
-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSHDQXO(GLWXUDÄ3URHPD´%DLD0DUHS
&XPS UDUHD GH LQIOXHQ D IRVW LQFULPLQDW SHQWUX SULPD GDW vQ 5RPkQLD FD XUPDUH D UDWLILF ULL SULQ
/HJHDQUSXEOLFDW vQ02IQUGLQGHF WUH DUDQRDVWU D&RQYHQ LHLSHQDOHFXSULYLUH
OD FRUXS LH vQFKHLDW OD 6WUDVERXUJ OD SULQ DGRSWDUHD úL LQWUDUHD vQ YLJRDUH D /HJLL QU
SULYLQGXQHOHP VXULSHQWUXDVLJXUDUHDWUDQVSDUHQ HLvQH[HUFLWDUHDGHPQLW LORUSXEOLFHDIXQF LLORUSXEOLFHúLvQ
PHGLXO GH DIDFHUL SUHYHQLUHD úL VDQF LRQDUHD FRUXS LHL SXEOLFDW vQ 0 2I QU GLQ FDUH D
PRGLILFDW vQWUH DOWHOH /HJHD QU SULYLQG SUHYHQLUHD GHVFRSHULUHD úL VDQF LRQDUHD LQIUDF LXQLORU GH
FRUXS LHSXEOLFDW vQ02IQUGLQSULQLQWURGXFHUHDDUW
7HUPHQLL ÄSULPLUHD´ ÄSUHWLQGHUHD´ ÄDFFHSWDUHD´ úL ÄDOWH IRORDVH´ DX DFHODúL vQ HOHV FX FHO DU WDW OD
FRPHQWDULXOLQIUDF LXQLLGHOXDUHGHPLW PRWLYSHQWUXFDUHIDFHPWULPLWHUHODFHOHDU WDWHDFROR
ÌQWH[WXODUW&SHQGXS H[SUHVLDÄDOWHIRORDVH´QXDIRVWQHFHVDUV VH
DGDXJHFXYLQWHOHÄFDUHQXLVHFXYLQ´FDvQWH[WXODUW&SHQVDXFXYkQWXO
ÄQHFXYHQLWH´ FD vQ GHQXPLUHD PDUJLQDO D LQIUDF LXQLL GLQ DUW & SHQ
GHRDUHFH vQ FD]XO LQIUDF LXQLL GH WUDILF GH LQIOXHQ IRORVXO HVWH vQWRWGHDXQD
QHFXYHQLW QHILLQG GH FRQFHSXW FD XQHL SHUVRDQH SDUWLFXODUH V L VH FXYLQ R
UHWULEX LHOHJDO SHQWUXLQWHUYHQ LDVDUHDO VDXSUHVXSXV SHOkQJ XQIXQF LRQDU
SXEOLFVDXIXQF LRQDUvQVFRSXOFDDFHVWDV IDF VDXV QXIDF XQDFWFHLQWU vQ
DWULEX LLOHVDOH
3HQWUX H[LVWHQ D WUDILFXOXL GH LQIOXHQ QX LQWHUHVHD] GDF LQWHUYHQ LD SH
OkQJ XQ IXQF LRQDU SXEOLF VDX XQ IXQF LRQDU VD SURGXV VDX QX QLFL GDF SULQ
LQWHUYHQ LH UHDO VDX SUHVXSXV VH XUP UHúWH GHWHUPLQDUHD XQHL DF LXQL OLFLWH GH
H[HIHFWXDUHDFRUHFW GHF WUHXQIXQF LRQDUSXEOLFVDXSULYDWDXQXLDFWFHLQWU vQ
DWULEX LLOHVDOHGHVHUYLFLXVDXDXQHLDF LXQLLOLFLWHGHH[HIHFWXDUHDQHFRUHFW D
DFWXOXL RUL GHWHUPLQDUHD XQHL LQDF LXQL OLFLWH GH H[ DE LQHUHD GH OD HIHFWXDUHD
XQXLDFWDEX]LYVDXDXQHLLQDF LXQLLOLFLWHGHH[QHvQGHSOLQLUHDXQHLvQGDWRULULGH
VHUYLFLX
3HQWUXH[LVWHQ DLQIUDF LXQLLH[DPLQDWHQXHVWHQHFHVDUFDDFHODSHOkQJ FDUH
XUPHD] V VH IDF LQWHUYHQ LD V FXQRDVF IDSWXO F LQIUDFWRUXO VH SUHYDOHD] GH
WUHFHUHDSHFDUHRDUHID GHHOúLSUHWLQGHRULSULPHúWHEDQLVDXDOWHIRORDVHSHQWUX
DOGHWHUPLQDV IDF RULV QXIDF XQDFWFHLQWU vQDWULEX LLOHVDOHGHVHUYLFLXÌQ
FD]XOvQFDUHFXQRDúWHF LQIUDFWRUXOVDSUHYDODWGHLQIOXHQ DSHFDUHRDUHDVXSUD
OXLúLSULQFRPSRUWDUHDVDvLvQOHVQHúWHV YkUúLUHDLQIUDF LXQLLvQDFHVWFD]HOGHYLQH
FRPSOLFH
1X LQWHUHVHD] SHQWUX H[LVWHQ D LQIUDF LXQLL GDF IRORDVHOH VXQW SULPLWH VDX
SUHWLQVHGLUHFWVDXLQGLUHFWSULQSHUVRDQ LQWHUSXV 'HDVHPHQHDSURPLVLXQLOHGH
IRORDVHúLGDUXULOHSRWILDFFHSWDWHGLUHFWVDXLQGLUHFWFD]vQFDUHSHUVRDQDLQWHUSXV
HVWHLQVWLJDWRUVDXGXS FD]FRPSOLFHvQIXQF LHGHVSHFLILFXODFWLYLW LLH[HFXWDWH
vQFRQFUHWGHDFHDVWD
3HQWUX H[LVWHQ D HOHPHQWXOXL PDWHULDO úL GHFL D LQIUDF LXQLL GH WUDILF GH
LQIOXHQ QX HVWH QHFHVDU FD SUHWLQGHUHD EDQLORU VDX IRORVXOXL VDX DFFHSWDUHD
SURPLVLXQLL GH IRORDVH RUL D GDUXULORU V IL IRVW XUPDW GH H[HFXWDUH DGLF GH
VDWLVIDFHUHDSUHWHQ LHLVDXGHUHVSHFWDUHDSURPLVLXQLLGHIRORDVH'HDVHPHQHDQX
HVWHQHFHVDUFDDFWXOFHLQWU vQDWULEX LLOHIXQF LRQDUXOXLSXEOLFVDXSULYDWV ILIRVW
RULQXHIHFWXDW(VWHVXILFLHQWF VDXSULPLWRULSUHWLQVIRORDVHVDXF VDXDFFHSWDW
SURPLVLXQL GH IRORDVH RUL GDUXUL vQ YHGHUHD GHWHUPLQ ULLIXQF LRQDUXOXLSXEOLFVDX
SULYDW
ÌQ SUDFWLFD MXGLFLDU VD GHFLV F SUHWLQGHUHD XQHL VXPH GH EDQL GH OD R
SHUVRDQ úLDXQHLDOWHVXPHGHODRDOW SHUVRDQ vQVFRSXOLQWHUYHQLULLSHOkQJ XQ
IXQF LRQDUFRQVWLWXLHIDSWHGLVWLQFWH
(OHPHQWXOPDWHULDODOLQIUDF LXQLLGHWUDILFGHLQIOXHQ HVWHUHDOL]DWúLDWXQFL
FkQG I SWXLWRUXO FDUH DUH VDX ODV V VH FUHDG F DUH LQIOXHQ DVXSUD XQXL
IXQF LRQDUSXEOLFVDXSULYDWSULPHúWHVDXSUHWLQGHIRORDVHDFFHSW SURPLVLXQLGH
IRORDVHRULDFFHSW GDUXULQXSHQWUXVLQHFLSHQWUXDOWXOGHH[SHQWUXVR XOV X
RULSHQWUXRUXG VDXSULHWHQúLFKLDUSHQWUXRDVRFLD LH
'DF VXELHFWXODFWLYQHPLMORFLWDOLQIUDF LXQLLGHWUDILFGHLQIOXHQ LQWHUYLQH
HIHFWLYSHOkQJ XQIXQF LRQDUSXEOLFVDXSULYDWSHQWUXDOGHWHUPLQDODRDF LXQHRUL
LQDF LXQHLOLFLW HOFRPLWHúLXQDFWGHLQVWLJDUHODLQIUDF LXQHDGHDEX]vQVHUYLFLX
6LHJIULHG.DKDQHRSFLWYRO,9S
,GHPYRO,9S
*KHRUJKH' UkQJ úL'XPLWUX/XFLQHVFXRSFLWYRO,,S
76VSGQU5,S
FDUHYDYHQLvQFRQFXUVFXLQIUDF LXQHDGHWUDILFGHLQIOXHQ 'HDVHPHQHDvQFD]XO
FkQG VXELHFWXO DFWLY QHPLMORFLW DO XQXL WUDILF GH LQIOXHQ FXPS U IDYRDUHD XQXL
IXQF LRQDU SXEOLF VDX SULYDW vQ VFRSXO FD DFHVWD V vQGHSOLQHDVF V QX
vQGHSOLQHDVF RUL V vQWkU]LH vQGHSOLQLUHD XQXL DFW SULYLWRU OD vQGDWRULULOH VDOH GH
VHUYLFLX HO VH IDFH YLQRYDW úL GH LQIUDF LXQHD GH GDUH GH PLW FDUH YD YHQL vQ
FRQFXUVFXLQIUDF LXQHDGHWUDILFGHLQIOXHQ )XQF LRQDUXOSXEOLFVDXIXQF LRQDUXO
YDU VSXQGHSHQWUXOXDUHGHPLW
3HQWUX H[LVWHQ D IDSWHL GH WUDILF GH LQIOXHQ HVWH QHFHVDU QXPDL SUHFL]DUHD
DFWXOXL SHQWUX D F UXL vQGHSOLQLUH XUPHD] V VH H[HUFLWH LQIOXHQ D I SWXLWRUXOXL
WUDILFDQWXOXL LDU QX úL LQGLFDUHD SHUVRDQHL DVXSUD F UHLD YD IL H[HUFLWDW 3ULQ
GHWHUPLQDUHD DFWXOXL HVWH GHWHUPLQDW vQ PRG LPSOLFLW úL SHUVRDQD FDUH vO YD
vQGHSOLQL FD XUPDUH D UHDOHL VDX SUHWLQVHL LQIOXHQ H D I SWXLWRUXOXL úL DQXPH
IXQF LRQDUXO SXEOLF VDX IXQF LRQDUXO vQ DOH F UXL DWULEX LL GH VHUYLFLX LQWU
vQGHSOLQLUHDDFHOXLDFW
'DF SHUVRDQDLQGLFDW GHI SWXLWRUúLDVXSUDF UHLDDFHVWDDILUPDVHF vúLYD
H[HUFLWDLQIOXHQ DQXDUHvQDWULEX LLOHVDOHHIHFWXDUHDDFWXOXLUHVSHFWLYLQIUDFWRUXO
QXV YkUúHúWHXQWUDILFGHLQIOXHQ FLHYHQWXDORvQúHO FLXQHGDF VXQWvQWUXQLWHúL
FHOHODOWHFRQGL LLGHLQFULPLQDUHSUHY ]XWHvQDUW&SHQ$FHHDúLVROX LHVH
LPSXQH úL vQ VLWXD LD vQ FDUH IXQF LRQDUXO SXEOLF VDX IXQF LRQDUXO OD FDUH IDFH
UHIHULUHWUDILFDQWXOQXH[LVW vQUHDOLWDWH
'HRVHELUHD vQWUH LQIUDF LXQLOH SUHY ]XWH vQ DUW úL & SHQ FRQVW vQ
DFHHD F SHUVRDQD vQúHODW HVWH GH EXQ FUHGLQ ILLQG LQGXV vQ HURDUH GH F WUH
I SWXLWRU FkW YUHPH EHQHILFLDUXO WUDILFXOXL GH LQIOXHQ XUP UHúWH RE LQHUHD FX
UHDFUHGLQ DVDWLVIDFHULLXQXLLQWHUHVSULQFRUXSHUHDVDXLQIOXHQ DUHDvQDOWPRGD
XQXLIXQF LRQDU$FHDVW GLQXUP LQIUDF LXQHVXE]LVW úLvQFD]XOvQFDUHI SWXLWRUXO
VH SUHYDOHD] GH XQ QXPH ILFWLY DO IXQF LRQDUXOXL DVXSUD F UXLD SUHWLQGH D DYHD
LQIOXHQ ILLQG VXILFLHQW V PHQ LRQH]H DWULEX LLOH DFHVWXLD GH QDWXU D IL DSWH V
UH]ROYHLQWHUHVHOHFHOXLFDUHVROLFLW LQWHUYHQ LD
(OHPHQWXO PDWHULDO DO WUDILFXOXL GH LQIOXHQ DFWLY FXPS UDUHD GH
LQIOXHQ SUHY ]XW vQ DUW GLQ /HJHD QU FRQVW vQ DF LXQHD GH
FXPS UDUH D LQIOXHQ HL UHDOH VDX SUHVXSXVH SH OkQJ XQ IXQF LRQDU SXEOLF VDX
IXQF LRQDU FDUH SRDWH IL FRPLV DOWHUQDWLY SULQ SURPLVLXQHD RIHULUHD VDX GDUHD
GLUHFWVDXLQGLUHFWGHEDQLGDUXULVDXDOWHIRORDVHSHQWUXDOGHWHUPLQDV IDF VDX
V QX IDF XQ DFW FH LQWU vQ DWULEX LLOH VDOH GH VHUYLFLX$FHVWHQR LXQLDXDFHODúL
vQ HOHVFDúLvQFD]XOLQIUDF LXQLLGHGDUHGHPLW
'HRVHELUHD GLQWUH FHOH GRX LQIUDF LXQL FRQVW vQ DFHHD F OD GDUHD GH PLW
DF LXQHDLQFULPLQDW VHUHDOL]HD] SHQWUXDFXPS UDvQGHSOLQLUHDVDXQHvQGHSOLQLUHD
DFWLYLW LL IXQF LRQDUXOXL SXEOLF VDX IXQF LRQDUXOXL vQ WLPS FH OD FXPS UDUHD GH
6LHJIULHG.DKDQHRSFLWYRO,9S
*KHRUJKH ' UkQJ úL 'XPLWUX /XFLQHVFX RS FLW YRO ,, S ÌQ DFHODúL VHQV 76 FRO SHQ
GQU-1QUS76FROSHQGQU55'QUS76VSG
QU55'QUS76vQFRPSXQHUHDSUHY ]XW GHDUWDOLQúLGLQ/HJHDSHQWUX
RUJDQL]DUH MXGHF WRUHDVF G QU 55' QU S &6- V PLO G QU 'U QU
S &XUWHD 6XSUHP GH -XVWL LH %XOHWLQXO -XULVSUXGHQ HL &XOHJHUH GH GHFL]LL SH DQXO (GLWXUD
Ä3URHPD´%DLD0DUHS&6-VSGQU'UQUS&XUWHD6XSUHP GH
-XVWL LH %XOHWLQXO -XULVSUXGHQ HL &XOHJHUH GH GHFL]LL SH DQXO (GLWXUD $UJHVVLV &XUWHD GH $UJHú
S &6- vQ FRPSOHWXO GH MXGHF WRUL G QU &XUWHD 6XSUHP GH -XVWL LH %XOHWLQXO
-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSHDQXO(GLWXUD$//%HFN%XFXUHúWLS&XULHUXOMXGLFLDU
QUS9DOHULF 'DEX1RXO&RGSHQDO7UDILFXOGHLQIOXHQ 'UQUS
ÌQDFHODúLVHQV&$&RQVWDQ DGSQU'UQUS
&6-VSGQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSH
DQXORSFLWS
LQIOXHQ DFHVWHDF LXQLVXQWH[HFXWDWHSHQWUXDFXPS UDLQIOXHQ DXQXLWHU DVXSUD
DFWLYLW LLIXQF LRQDUXOXLSXEOLFVDXIXQF LRQDUXOXL
3HQWUX FHOHODOWH FRQGL LL GH LQFULPLQDUH VXQW YDODELOH H[SOLFD LLOH GDWH FX
SULYLUHODHOHPHQWXOPDWHULDODOWUDILFXOXLGHLQIOXHQ SDVLY
8UPDUHD LPHGLDW D DPEHORU IDSWH SHQDOH FRQVW vQ FUHDUHD XQHL VW UL GH
SHULFRO SHQWUX EXQXO PHUV DO DFWLYLW LL XQLW LORU SUHY ]XWH vQ DUW & SHQ
SHUVRDQHORUMXULGLFHGHGUHSWSULYDWRUJDQL]D LLORUSXEOLFHLQWHUQD LRQDOHXQLW LORU
SXEOLFH GLQWUXQ VWDW VWU LQ LQVWDQ HORU LQWHUQD LRQDOH RUL DGXQ ULORU SDUODPHQWDUH
VDXDGPLQLVWUDWLYHDOHXQXLVWDWVWU LQvQVHUYLFLXOF UHLDVHDIO IXQF LRQDUXOSXEOLF
VDX SULYDW GXS FD] YL]DW GH I SWXLWRU VWDUHD GH SHULFRO GHFXUJkQG GLQ DWLQJHUHD
DGXV SULQH[SXQHUHDUHSXWD LHLDFHVWRUDODQHvQFUHGHUHúLVXVSLFLXQL
/HJ WXUDGHFDX]DOLWDWHvQWUHDF LXQHDVDXLQDF LXQHDLQFULPLQDW úLXUPDUHD
LPHGLDW WUHEXLHV H[LVWHúLUH]XOW GLQvQV úLPDWHULDOLWDWHDDFWLYLW LLGHVI úXUDWH
GHI SWXLWRUH[UHvQDPEHOHWH[WHGHLQFULPLQDUH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH ,QIUDF LXQHD GH WUDILF GH LQIOXHQ SDVLY úL DFWLY VH
V YkUúHúWHQXPDLFXLQWHQ LHGLUHFW FDOLILFDW SULQVFRS
&HULQ HVHQ LDO /HJHD FRQGL LRQHD] H[LVWHQ D LQIUDF LXQLL GH XUP ULUHD XQXL
DQXPLW VFRS &D DWDUH SHQWUX UHDOL]DUHD ODWXULL VXELHFWLYH LQWHQ LD LQGLUHFW QX HVWH
VXILFLHQW ILLQGQHFHVDU RLQWHQ LHFDOLILFDW úLHVWHVXILFLHQWV VHFRQVWDWHF DIRVW
XUP ULWVDXP FDUDILUPDWGHF WUHI SWXLWRUSHQWUXFDLQGLIHUHQWGDF VDUHDOL]DWRUL
QXV H[LVWHLQWHQ LHFDOLILFDW úLGHFLV H[LVWHLQIUDF LXQHDGHWUDILFGHLQIOXHQ
([LVW úLS UHUHDF DFHDVW IDSW VHSRDWHFRPLWHúLFXLQWHQ LHLQGLUHFW
)RUPH6DQF LXQL
)RUPH 7UDILFXO GH LQIOXHQ HVWH R LQIUDF LXQH FX FRQ LQXWXUL DOWHUQDWLYH
'DWRULW GHSHQGHQ HLFHH[LVW vQWUHDFHVWHFRQ LQXWXULDOWHUQDWLYHDOHLQIUDF LXQLLGH
WUDILF GH LQIOXHQ IDSWHOH SULQ FDUH VH FRQFUHWL]HD] GRX VDX FKLDU WRDWH
FRQ LQXWXULOH PHQ LRQDWH V YkUúLWH GH DFHHDúL SHUVRDQ FKLDU OD LQWHUYDOH GHWLPS
GLIHULWH UHSUH]LQW vQ DQVDPEOX DFWH GH H[HFXWDUH DOH XQHL VLQJXUH LQIUDF LXQL
XQLWDWH LQIUDF LRQDO QDWXUDO GLVSR]L LLOH UHIHULWRDUH OD LQIUDF LXQHD FRQWLQXDW
QHILLQGDSOLFDELOH
ÌQWUR DOW RSLQLH VH FRQVLGHU F WUDILFXO GH LQIOXHQ SRDWH IL FRPLV vQ
IRUP FRQWLQXDW GDF VXQWUHVSHFWDWHGLVSR]L LLOHDUWDOLQ&SHQ
7UDILFXOGHLQIOXHQ HVWHRLQIUDF LXQHGHDF LXQHFRPLVLY úLFXFRQVXPDUH
DQWLFLSDW GHRDUHFH VLPSOD SUHWLQGHUH GH EDQL VDX IRORDVH úL VLPSOD DFFHSWDUH GH
SURPLVLXQL FDUH FRQVWLWXLH XQ vQFHSXW GH SXQHUH vQ H[HFXWDUH D KRW UkULL
6LHJIULHG .DKDQH RS FLW YRO ,9 S ÌQ DFHODúL VHQV ,OLH 3DVFX RS FLW S 9DOHULF 'DEX
RSFLWS&RQVWDQWLQ'XYDFRSFLWYRO,S
$QHWD*ULJRURYLFL,QIUDF LXQLGHVHUYLFLXVDXvQOHJ WXU FXVHUYLFLXO(GLWXUDùWLLQ LILF úL(QFLFORSHGLF
%XFXUHúWLSÌQDFHODúLVHQV$YUDP)LOLSDúvQ2FWDYLDQ/RJKLQ$YUDP)LOLSDúRSFLWS$YUDP
)LOLSDú vQ &RVWLF %XODL $YUDP )LOLSDú &RQVWDQWLQ 0LWUDFKH ,QVWLWX LL GH GUHSW SHQDO &XUV VHOHFWLY SHQWUX
H[DPHQXOGHOLFHQ (GLWXUDWUHL%XFXUHúWLS
76VSGQU55'QUSÌQDFHODúLVHQV76VSGQU55'
QUS70%VD,,DSHQGQU5,,,S&ULVWLDQD)LOLúDQXRSFLWYRO,,,S
&$%XFXUHúWLVD,,DSHQGQU$5'3QUS
9DVLOH'REULQRLXRSFLWS$FHVWDFLWHD] vQVSULMLQXODILUPD LHLVDOHGQUD7M&OXMSULQ
FDUHVDGHFLVF ÄIDSWHOHXQHLSHUVRDQHV YkUúLWHvQED]DDFHOHLDúLUH]ROX LLGHDSUHWLQGHúLSULPLGHPDLPXOWHRUL
OD GLIHULWH LQWHUYDOH GH WLPS GH OD R SHUVRDQ VXPH GH EDQL SHQWUX FD SULQ FXQRúWLQ HOH VDOH GH OD &RQVLOLXO
3ULP ULHLV RE LQ HYDFXDUHDXQXLFKLULDúFRQVWLWXLHLQIUDF LXQHDGHWUDILFGHLQIOXHQ ´
LQIUDF LRQDOH VXQW VXILFLHQWH SHQWUX D FRQVXPD LQIUDF LXQHD 7HQWDWLYD HVWH SULQ
YRLQ DOHJLXLWRUXOXLDVLPLODW FXIDSWDFRQVXPDW
)LLQG R LQIUDF LXQH LQVWDQWDQHH DFHDVWD VH FRQVXP vQ PRPHQWXO FkQG
I SWXLWRUXO SULPHúWH VDX SUHWLQGH EDQL VDX DOWH IRORDVH RUL DFFHSW SURPLVLXQHD
XQRUDVWIHOGHIRORDVHVDXDFFHSW GDUXULGLUHFWVDXLQGLUHFWSHQWUXVLQHRULSHQWUX
DOWXO SHQWUX D GHWHUPLQD SH XQ IXQF LRQDU SXEOLF VDX IXQF LRQDU V IDF RUL V QX
IDF XQDFWFHLQWU vQDWULEX LLOHVDOHGHVHUYLFLX3HQWUXFRQVXPDUHDLQIUDF LXQLLQX
DUHLPSRUWDQ GDF VDSURGXVRULQXLQWHUYHQ LDSHOkQJ IXQF LRQDUXOSXEOLFVDX
IXQF LRQDU GDF VD HIHFWXDW RUL QX DFWXO FH LQWUD vQ DWULEX LLOH GH VHUYLFLX DOH
DFHVWXLD 'H DVHPHQHD HVWH I U HILFLHQ MXULGLF vQ FD]XO SUHWLQGHULL GH IRORDVH
RUL DFFHSW ULL SURPLVLXQLL GH IRORDVH vPSUHMXUDUHD F SUHWHQ LD D IRVW VDX QX
VDWLVI FXW RULF SURPLVLXQHDGHIRORDVHDIRVWVDXQXUHVSHFWDW
6LWXD LDHVWHVLPLODU úLvQFHHDFHSULYHúWHFXPS UDUHDGHLQIOXHQ FDUHHVWH
WRWRLQIUDF LXQHGHDF LXQHFRPLVLY úLFXFRQVXPDUHDQWLFLSDW
,QVWDQ D VXSUHP D GHFLV F SXUWDUHD XQRU GLVFX LL UHSHWDWH FX PDL PXOWH
SHUVRDQHDIODWHvPSUHXQ XUPDWHGHSULPLUHDXQRUIRORDVHGHODDFHVWHDvQDFHODúL
WLPS úL ORF QX DWULEXLH IDSWHL VHPQLILFD LD XQHL LQIUDF LXQLFRQWLQXDWHGHWUDILFGH
LQIOXHQ FDUDFWHUL]DW SULQV YkUúLUHDUHSHWDW DXQRUDF LXQLFDUHSUH]LQW ILHFDUH
vQ SDUWH FRQ LQXWXO DFHOHLDúL LQIUDF LXQL FL FRQVWLWXLH R XQLWDWH QDWXUDO GH
LQIUDF LXQH $FHDVW XQLWDWH QX HVWH LQFRPSDWLELO FX H[LVWHQ D XQHL SOXUDOLW L GH
DFWH PDWHULDOH FX FRQGL LD FD DFHVWHD FRQVLGHUDWH vQ DQVDPEOXO ORU SULQ OHJ WXUD
ILUHDVF GLQWUHHOHV DOF WXLDVF RVLQJXU DF LXQHvQYHGHUHDDFHOXLDúLUH]XOWDW
6DQF LXQL3HGHDSVDSUHY ]XW GHOHJHSHQWUXWUDILFXOGHLQIOXHQ SDVLYúLFHO
DFWLYHVWHvQFKLVRDUHDGHODODDQL
3HUVRDQD MXULGLF VH VDQF LRQHD] FX DPHQGD GH OD OD OHL
FRQIRUPDUWDOLQ&SHQ
'DF WUDILFXO GH LQIOXHQ SDVLY VDX DFWLY HVWH V YkUúLW GH SHUVRDQHOH FDUH
SRWULYLWOHJLLDXDWULEX LLGHFRQVWDWDUHVDXGHVDQF LRQDUHDFRQWUDYHQ LLORURULGH
FRQVWDWDUHXUP ULUHVDXMXGHFDUHDLQIUDF LXQLORUVDXGHIXQF LRQDULLFXDWULEX LLGH
FRQWUROPD[LPXOVSHFLDODOSHGHSVHLVHPDMRUHD] FXDQL
&RQIRUP DUW GLQ /HJHD QU GDF WUDILFXO GH LQIOXHQ SDVLY VDX
DFWLYHVWHV YkUúLWvQLQWHUHVXOXQHLRUJDQL]D LLDVRFLD LLVDXJUXS ULFULPLQDOHRUL
DO XQXLD GLQWUH PHPEULL DFHVWHLD VDX SHQWUX D LQIOXHQ D QHJRFLHULOH WUDQ]DF LLORU
FRPHUFLDOH LQWHUQD LRQDOH RUL VFKLPEXULOH VDX LQYHVWL LLOH LQWHUQD LRQDOH PD[LPXO
SHGHSVHLSUHY ]XWHGHOHJHSHQWUXDFHDVW IDSW SHQDO VHPDMRUHD] FXDQL
3RWULYLWDUWDOLQ&SHQUDSRUWDWODDUWDOLQ&SHQEDQLL
YDORULOH VDX RULFH DOWH EXQXUL SULPLWH GH I SWXLWRU VH FRQILVF vQ QDWXU VDX SULQ
HFKLYDOHQWE QHVFGXS FD]úLQXVHUHVWLWXLHEHQHILFLDULORUWUDILFXOXLGHLQIOXHQ
FDUH GHQXQ DXWRULW LL IDSWD PDL vQDLQWH FD RUJDQXO GH XUP ULUH SHQDO V IL IRVW
VHVL]DW ÌQ UDSRUW FX SUHYHGHULOH PHQ LRQDWH GHFL]LD GH vQGUXPDUH QU QX
SRDWH FRQVWLWXL XQ WHPHL SHQWUX QHFRQILVFDUHD YDORULORU úL UHVWLWXLUHDORUSHUVRDQHL
FDUHOHDGDW
%DQLL YDORULOH VDX RULFH DOWH EXQXUL FDUH DX I FXW RELHFWXO WUDILFXOXL GH
LQIOXHQ SDVLY VDX DFWLY VH FRQILVF LDU GDF DFHVWHD QX VH J VHVF FRQGDPQDWXO
76VSGQU&'SÌQDFHODúLVHQV6LHJIULHG.DKDQHRSFLWYRO,9S
Ì&&- FRPSOHWXO GH MXGHF WRUL G QU ÌQDOWD &XUWH GH &DVD LH úL -XVWL LH %XOHWLQXO
MXULVSUXGHQ HL&XOHJHUHGHGHFL]LLSHDQXO(GLWXUD$OO%HFN%XFXUHúWLS
Ì&&- &RPSOHWXO GH MXGHF WRUL G QU 1LFRULQD &ULúX 0DJUDRQ &RQVWDQWLQ &ULúX
-XULVSUXGHQ vQPDWHULHSHQDO DÌQDOWHL&XU LGH&DVD LHúL-XVWL LHFXU LGHDSHOúLWULEXQDOH(GLWXUD
-XULV$UJHVVLV&XUWHDGH$UJHúS
HVWHREOLJDWODSODWDHFKLYDOHQWXOXLORUvQEDQL'DF VXPHOHDXIRVWUHVWLWXLWHGH
LQIUDFWRUSHUVRDQHLGHODFDUHOHDSULPLWVHYDGLVSXQHFRQILVFDUHDORUGHODDFHDVW
SHUVRDQ
'LVSR]L LLOHUHIHULWRDUHODFRQILVFDUHQXVHDSOLF vQVLWXD LDvQFDUHIDSWDVD
FRPLVSULQSUHWLQGHUHVDXDFFHSWDUHGHSURPLVLXQL
ÌQFD]XOLQIUDF LXQLLGHWUDILFGHLQIOXHQ VXPDGHEDQLSUHWLQV GHLQFXOSDW
QXHVWHVXSXV FRQILVF ULLGDF DIRVWIRORVLW SHQWUXSULQGHUHDvQIODJUDQWGHOLFWD
LQFXOSDWXOXLúLXOWHULRUUHVWLWXLW GHQXQ WRUXOXLIDSWDILLQGGHQXQ DW RUJDQXOXLGH
XUP ULUH SHQDO vQDLQWH GH VHVL]DUHD DFHVWXLD FX SULYLUH OD V YkUúLUHD LQIUDF LXQLL
SUHY ]XW vQDUW&SHQ
6XPHOH GH EDQL GDWHGHFXPS U WRUXOGHWUDILFVXQWVXSXVHFRQILVF ULLúLQX
SRWFRQVWLWXLRELHFWXOXQRUSUHWHQ LLFLYLOHGLQSDUWHDFHOXLFDUHDSO WLWRGHRDUHFH
VFRSXOSHQWUXFDUHDXIRVWUHPLVHHVWHXQXOLOLFLW
%XQXULOH úL YDORULOH SULPLWH WUHEXLH V ILH OXDWH GH OD SHUVRDQHOH FH OH GH LQ
WH[WXO GH OHJH QHI FkQG QLFL R GLVWLQF LH vQ DFHDVW SULYLQ GXS SHUVRDQD
GH LQ WRUXOXL úL GHFL DU vQVHPQD V VH DGDXJH OD OHJH GDF VDU FRQGL LRQD
FRQILVFDUHDGHvPSUHMXUDUHDFDEXQXULOHV VHJ VHDVF ODLQFXOSDW
'LVSR]L LLOHUHIHULWRDUHODSODWDHFKLYDOHQWXOXLE QHVFDXvQYHGHUHQXFD]XOvQ
FDUHEDQLLYDORULOHVDXRULFHDOWHEXQXULQXPDLVXQWGH LQXWHGHLQFXOSDWFLVLWXD LD
vQFDUHLGHQWLILFDUHDúLSUHOXDUHDDFHVWRUDQXPDLHVWHSRVLELO vQPRGRELHFWLYILH
F GH LQ WRUXO QX HVWH FXQRVFXW ILH SHQWUX F EXQXULOH DX WUHFXW vQWUH WLPS vQ
SURSULHWDWHDXQHLWHU HSHUVRDQHGHEXQ FUHGLQ
7UDILFXO GH LQIOXHQ DFWLY FXPS UDUHD GH LQIOXHQ QX VH SHGHSVHúWH GDF
I SWXLWRUXO GHQXQ DXWRULW LL IDSWD PDL vQDLQWH FD RUJDQXO GH XUP ULUH V IL IRVW
VHVL]DWSHQWUXDFHDIDSW ÌQDFHDVW VLWXD LHEDQLLYDORULOHVDXRULFHDOWHEXQXULVH
UHVWLWXLHSHUVRDQHLFDUHOHDGDW
$VWIHO vQ FD]XO GHQXQ ULL GH F WUH FHO FDUH D GDW EDQLL úL EXQXULOH
I SWXLWRUXOXLDFHVWHDVHUHVWLWXLHvQWHPHLXODUWDOLQGLQ/HJHDQU
FHOXLFDUHOHDGDWúLQXVHFRQILVF
,QVWDQ DVXSUHP DPDLGHFLVF WUDILFXOGHLQIOXHQ QXSRDWHLQWUDvQFRQFXUV
FXvQúHO FLXQHDúLF SHUVRDQDFDUHDGDWVXPDGHEDQLQXSRDWHDYHDFDOLWDWHDGH
SDUWHFLYLO LDUVXPHOHGDWHYRUILFRQILVFDWH
$ VH YHGHD FHOH DU WDWH FX SULYLUH OD DFHDVW IRUP GH H[HFXWDUH D FRQILVF ULL VSHFLDOH OD LQIUDF LXQHDGH
OXDUHGHPLW ÌQDFHODúLVHQV&6-VSGQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL
&XOHJHUH GH GHFL]LL SH DQXO (GLWXUD -XULV $UJHVVLV &XUWHD GH $UJHú S 1LFRULQD &ULúX
0DJUDRQ&RQVWDQWLQ&ULúXRSFLWS
Ì&&-VSGQU1LFRULQD&ULúX0DJUDRQ&RQVWDQWLQ&ULúXRSFLWS
76VSGQU55'QUSÌQDFHODúLVHQV&6-VSGQU&XUWHD
6XSUHP GH -XVWL LH %XOHWLQXO -XULVSUXGHQ HL &XOHJHUH GH GHFL]LL SH DQXO (GLWXUD $UJHVVLV &XUWHD GH
$UJHúS1LFRULQD&ULúX0DJUDRQ&RQVWDQWLQ&ULúXRSFLWS
76VSGQU55'QUS
Ì&&- V S G QU ÌQDOWD &XUWH GH &DVD LH úL -XVWL LH %XOHWLQXO MXULVSUXGHQ HL &XOHJHUH GH
GHFL]LLSHDQXO(GLWXUD$OO%HFN%XFXUHúWLS
76FROSHQGQU-1QUS ÌQDFHODúLVHQV76FROSHQGQU
-1QUS
&DSLWROXO,,
,1)5$& ,81,&$5(Ì03,(',& Ì1) 378,5($-867, ,(,
'(181 $5($&$/201,2$6
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDODOLQIUDF LXQLLGHGHQXQ DUHFDORPQLRDV vOFRQVWLWXLH
DFHOHUHOD LLVRFLDOHUHIHULWRDUHODvQI SWXLUHDMXVWL LHLDF URUH[LVWHQ HVWHRFURWLW
SULQ DS UDUHD DFWLYLW LL GH XUP ULUH úL GH MXGHFDW D RUJDQHORU MXGLFLDUH SHQDOH
DVWIHO vQFkW DFHDVW DFWLYLWDWH V QX ILH GHYLDW GH OD QRUPDOD vQI SWXLUH D MXVWL LHL
SULQ SOkQJHUL VDX GHQXQ XUL PLQFLQRDVH úL SULQ SURGXFHUHD VDX WLFOXLUHD GH SUREH
FRQWUDULLDGHY UXOXL
'HQXQ DUHDFDORPQLRDV DUHúLXQRELHFWMXULGLFVHFXQGDUDGLDFHQWúLDQXPH
UHOD LLOH VRFLDOH RFURWLWH SULQ DS UDUHD GHPQLW LL úL D OLEHUW LL SHUVRDQHL vQYLQXLW
RULFRQGDPQDW SHQHGUHSW
2ELHFWXO PDWHULDO OLSVHúWH GHRDUHFH DF LXQHD FDUH FRQVWLWXLH HOHPHQWXO
PDWHULDO DO DFHVWHL LQIUDF LXQL DGLF vQYLQXLUHD PLQFLQRDV FD úL SURGXFHUHD VDX
WLFOXLUHD GH SUREH PLQFLQRDVH QX VH vQGUHDSW GLUHFW DVXSUD XQXL OXFUX EXQ VDX
SHUVRDQ 3UREHOH PLQFLQRDVH SURGXVH VDX WLFOXLWH vQ VSULMLQXO XQHL vQYLQXLUL
QHGUHSWH QX FRQVWLWXLH RELHFWH PDWHULDOH FL SURGXVH VDX PLMORDFH GH V YkUúLUH D
LQIUDF LXQLLODIHOFDúLSOkQJHUHDVDXGHQXQ XO
'HúL VH DGPLWH F YDORDUHD FRQFUHW SURWHMDW HVWH GH RUGLQ LQWHOHFWXDO ±
MXVWL LDSHQDO ±vQGRFWULQ VDVXV LQXWúLS UHUHDF GHQXQ DUHDFDORPQLRDV DUH
XQ RELHFW PDWHULDO vQ P VXUD vQ FDUH QH UHIHULP OD DFWLYLWDWHD RELHFWLY
PDWHULDOL]DW DRUJDQHORUGHMXVWL LHSHQDO
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU DO LQIUDF LXQLL GH GHQXQ DUH FDORPQLRDV
SRDWHILvQSULQFLSLXRULFHSHUVRDQ IL]LF ILLQGF SHQWUXH[LVWHQ DDFHVWHLIDSWHQX
VH FHUH FD VXELHFWXO DFWLY V vQGHSOLQHDVF YUHR FRQGL LH VDX V DLE YUHR FDOLWDWH
DQXPH
3HUVRDQD FDUH VH DXWRvQYLQXLHúWH PLQFLQRV VDX FDUH SURGXFH RUL WLFOXLHúWH
SUREH vQ VSULMLQXO XQHL vQYLQXLUL QHGUHSWH vPSRWULYD VD QX V YkUúHúWH IDSWD GH
GHQXQ DUHFDORPQLRDV
3HUVRDQHOHFXIXQF LLGHFRQGXFHUHvQWURXQLWDWHGLQFHOHDU WDWHODDUW
&SHQFHOHFXDWULEX LLGHFRQWUROFDúLIXQF LRQDULLSXEOLFLVDXIXQF LRQDULLFDUH
DX REOLJD LD V VHVL]H]H RUJDQHOH GH XUP ULUH SHQDO FkQG DX OXDW OD FXQRúWLQ
GHVSUH V YkUúLUHD XQHL LQIUDF LXQL vQ OHJ WXU FX VHUYLFLXO ORU GDF IDF R VHVL]DUH
PLQFLQRDV YRUILDXWRULDLLQIUDF LXQLLGHGHQXQ DUHFDORPQLRDV
6XELHFWDFWLYDODFHVWHLLQIUDF LXQLSRDWHILúLRSHUVRDQ MXULGLF FXOLPLW ULOH
úLvQFRQGL LLOHSUHY ]XWHvQDUWDOLQ&SHQ
3DUWLFLSD LD SHQDO HVWH SRVLELO VXE IRUPD FRDXWRUDWXOXL LQVWLJ ULL VDX
FRPSOLFLW LL &kQG R SHUVRDQ vQYLQXLHúWH PLQFLQRV SULQ GHQXQ VDX SOkQJHUH SH
FLQHYD GH V YkUúLUHD XQHL LQIUDF LXQL LDU R DOW SHUVRDQ SURGXFH VDX WLFOXLHúWH
1LFROHWD ,OLHVFX vQ 9LQWLO 'RQJRUR] 6LHJIULHG .DKDQH ,RQ 2DQFHD ,RVLI )RGRU 1LFROHWD ,OLHVFX
&RQVWDQWLQ %XODL 5RGLFD 6W QRLX 9LFWRU 5RúFD ([SOLFD LL WHRUHWLFH DOH &RGXOXL SHQDO URPkQ YRO ,9 (GLWXUD
$FDGHPLHL5RPkQH%XFXUHúWLS
$YUDP)LOLSDú,QIUDF LXQLFRQWUDvQI SWXLULLMXVWL LHL(GLWXUD$FDGHPLHL%XFXUHúWLS
1LFROHWD,OLHVFXRSFLWYRO,9S
SUREHvQVSULMLQXODFHOHLvQYLQXLULQHGUHSWHILHFDUHU VSXQGHFDDXWRUSULPXOSHQWUX
LQIUDF LXQHD SUHY ]XW vQ YDULDQWD GLQ DOLQ DO DUW & SHQ LDU FHO GHDO
GRLOHDSHQWUXYDULDQWDGLQDOLQ
6XELHFWXO SDVLY JHQHUDO úL LPHGLDW DO IDSWHL GH GHQXQ DUH FDORPQLRDV HVWH
VWDWXOFDUHSUH]HQWDQWDOVRFLHW LLDPHQLQ DWHvQQRUPDODvQI SWXLUHDMXVWL LHLSULQ
V YkUúLUHDLQIUDF LXQLLvQXQDGLQPRGDOLW LOHDFHVWHLD
6XELHFWXOSDVLYVHFXQGDUDGLDFHQWHVWHSHUVRDQDY W PDW vQGHPQLWDWHDVDX
OLEHUWDWHDVDSULQV YkUúLUHDDFHVWHLLQIUDF LXQL$FHVWDSRDWHILRULFHSHUVRDQ OHJHD
QHFHUkQGYUHRFDOLWDWHVDXFRQGL LHVSHFLDO &kQGVXELHFWXOSDVLYDUHYUHRFDOLWDWH
VDX VH SDUWLFXODUL]HD] SULQWUR vQVXúLUH RUL VLWXD LH VSHFLDO DFHVWHD SRW V
FRQVWLWXLHGXS FD]RvPSUHMXUDUHDJUDYDQW VDXDWHQXDQW MXGLFLDU
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDO'HQXQ DUHDFDORPQLRDV HVWHSUHY ]XW vQGRX YDULDQWH
XQD VLPSO YDULDQWD WLS DGLF GHQXQ DUHD FDORPQLRDV SURSULX]LV VDX H[SOLFLW
FRQVWkQG GLQ vQYLQXLUHD PLQFLQRDV I FXW SULQ GHQXQ VDX SOkQJHUH FX SULYLUH OD
V YkUúLUHDXQHLLQIUDF LXQLGHF WUHRDQXPHSHUVRDQ SUHY ]XW vQDUWDOLQ
&SHQúLRYDULDQW DJUDYDW DGLF GHQXQ DUHFDORPQLRDV DVLPLODW VDXLPSOLFLW
FRQVWkQGvQSURGXFHUHDVDXWLFOXLUHDGHSUREHPLQFLQRDVHvQVSULMLQXOXQHLvQYLQXLUL
QHGUHSWHSUHY ]XW vQDOLQDODUW&SHQ
ÌQYDULDQWDWLSHOHPHQWXOPDWHULDOFRQVW vQDF LXQHDGHvQYLQXLUHPLQFLQRDV
LDUODYDULDQWDDVLPLODW vQDF LXQHDGHSURGXFHUHVDXWLFOXLUHGHSUREHPLQFLQRDVH
6 YkUúLUHD XQHLD GLQWUH DFHVWH DF LXQL HVWH VXILFLHQW SHQWUX UHDOL]DUHD
HOHPHQWXOXL RELHFWLY DO LQIUDF LXQLL 6 YkUúLUHD DPEHORU IDSWH SH ED]D DFHOHLDúL
UH]ROX LLLQIUDF LRQDOHQXFRQVWLWXLHFRQFXUVGHLQIUDF LXQLFLRLQIUDF LXQHXQLF
ÌQ DPEHOH YDULDQWH DOH LQIUDF LXQLL GH GHQXQ DUH FDORPQLRDV FDUDFWHUXO
FRPXQ DO HOHPHQWXOXL PDWHULDO HVWH IDOVD LQIRUPD LH IDOVD QRWLWLD FULPLQLV GDW
GHVSUHLQIUDF LXQHDOWHUDUHDDGHY UXOXL
(OHPHQWXO PDWHULDO DOLQIUDF LXQLLGHGHQXQ DUHFDORPQLRDV vQYDULDQWDWLS
FRQVW vQDF LXQHDGHvQYLQXLUH
Ä$F LXQHD GH vQYLQXLUH´ vQVHDPQ D DILUPD F R SHUVRDQ D V YkUúLW VDX D
SDUWLFLSDWODV YkUúLUHDXQHLLQIUDF LXQL
ÌQYLQXLUHD WUHEXLH V ILH DGXV SULQ GHQXQ VDX SOkQJHUH ÌQYLQXLUHD DGXV
DOWIHO GHFkW SULQWUR SOkQJHUH VDX XQ GHQXQ QX UHDOL]HD] HOHPHQWXO PDWHULDO DO
GHQXQ ULL FDORPQLRDVH GH H[ vQYLQXLUHD I FXW FX RFD]LD XQXL LQWHURJDWRU OXDW
XQXL LQFXOSDW VDX FX RFD]LD DXGLHULL XQXL PDUWRU GH F WUH XQ RUJDQ MXGLFLDU vQ
DFHVWH FD]XUL DILUPD LLOH PLQFLQRDVH SRW FRQVWLWXL WHPHL SHQWUX LQWURGXFHUHD XQHL
DF LXQL FLYLOH DYkQG FD RELHFW REOLJDUHD SkUkWXOXL OD SODWD XQRU GDXQH VDX SHQWUX
WUDJHUHDODU VSXQGHUHSHQDO SHQWUXP UWXULHPLQFLQRDV
ÌQYDULDQWDDVLPLODW HOHPHQWXOPDWHULDODOLQFULPLQ ULLVHSRDWHUHDOL]DDOWHUQDWLY
ILHSULQSURGXFHUHDGHSUREHPLQFLQRDVHILHSULQWLFOXLUHDXQRUDVWIHOGHSUREH
$F LXQHD GH ÄSURGXFHUH´ GH SUREH PLQFLQRDVH FRQVW vQ DGXFHUHD VDX
GHSXQHUHDODRUJDQXOGHXUP ULUHSHQDO VDXODLQVWDQ DGHMXGHFDW DXQRUSUREHvQ
FDUHDGHY UXOHVWHDOWHUDWvQVFULVXULVDXSUREHPDWHULDOHIDOVH
'DF PLMORFXOGHSURE PLQFLQRVÄSURGXV´GHI SWXLWRUFRQVW vQWUXQvQVFULV
LDUDFHVWDHVWHIDOVGHQXQ DUHDFDORPQLRDV YDLQWUDvQFRQFXUVFXXQDGLQIDSWHOH
GHIDOVvQvQVFULVXULvQIXQF LHGHQDWXUDvQVFULVXOXLVDXGHPRGXOvQFDUHDFHVWDHVWH
IDOVLILFDW
1LFROHWD,OLHVFXRSFLWYRO,9S
&RQVWDQWLQ 'XYDF vQ *KHRUJKH 'LDFRQHVFX &RQVWDQWLQ 'XYDF 'UHSW SHQDO 3DUWHD VSHFLDO 1RXO &RG
SHQDO&XUVXQLYHUVLWDUYRO,,(GLWXUD)XQGD LHL5RPkQLDGH0kLQH%XFXUHúWLS
$F LXQHD GH ÄWLFOXLUH´ GH SUREH PLQFLQRDVH FRQVW vQ FUHDUHD SULQWUXQ
DUDQMDPHQWDELODXQHLDSDUHQ HFDUHV ILHOXDW GUHSWSURE WLFOXLUHDSRDWHSULYL
SUREHPDWHULDOHXUPHDOHI SWXLWRUXOXLIRWRJUDILLHWF3UREHOHSURGXVHVDXWLFOXLWH
SRWILUHIHULWRDUHODSHUVRDQHVDXODEXQXUL
&HULQ H HVHQ LDOH ÌQ FD]XO YDULDQWHL GH WLS D LQFULPLQ ULL WUHEXLH V ILH
vQGHSOLQLWHXUP WRDUHOHFHULQ H
$F LXQHDGHvQYLQXLUHV ILHÄPLQFLQRDV ´
ÌQYLQXLUHDHVWHPLQFLQRDV FkQGVHUHIHU ILHODRIDSW LQH[LVWHQW DGLF ODR
LQIUDF LXQH FDUH QX VD V YkUúLW GHORF ILH OD R IDSW UHDO FDUH QX FRQVWLWXLH
LQIUDF LXQH GDU FDUH HVWH SUH]HQWDW FD úL FXP DU FRQVWLWXL LQIUDF LXQH ÌQYLQXLUHD
HVWH PLQFLQRDV úL DWXQFL FkQG LQIUDF LXQHD FDUH IRUPHD] RELHFWXO vQYLQXLULL VD
V YkUúLWGHF WUHDOW SHUVRDQ GHFkWSHUVRDQDvQYLQXLW
&HULQ D HVHQ LDO D FDUDFWHUXOXL PLQFLQRV DO vQYLQXLULL QX HVWH vQGHSOLQLW
DWXQFL FkQG SHUVRDQD vQYLQXLW SH FDUH GHQXQ WRUXO R FUHGHD QHYLQRYDW VD
GRYHGLW WRWXúL F HVWH YLQRYDW VDX FkQG GLQ HURDUH GHQXQ WRUXO D JUHúLW QXPHOH
vQYLQXLWXOXL
ÌQYLQXLUHDV ILHI FXW SULQÄGHQXQ VDXSOkQJHUH´
3HQWUXQR LXQLOHGHGHQXQ úLSOkQJHUHvQVHQVXOGLVSR]L LHLGLQDUWDOLQ
&SHQVHYD LQHVHDPDGHSUHYHGHULOHDUW&SURFSHQúLDUW&SURFSHQ
&HULQ D HVWH vQGHSOLQLW FKLDU GDF vQ PRPHQWXO LQWURGXFHULL SOkQJHULL VDX
GHQXQ XOXLRUJDQXOGHXUP ULUHSHQDO DvQFHSXWHIHFWXDUHDGHFHUFHW ULFXSULYLUH
ODLQIUDF LXQHGDUQXFXQRDúWHvQF FLQHHVWHI SWXLWRUXO
ÌQ SUDFWLFD MXGLFLDU VD GHFLV F H[LVW LQIUDF LXQHD DQDOL]DW FKLDU GDF
GHQXQ XOQXDIRVWVHPQDWÌQVXV LQHUHDDFHVWHLVHQWLQ HvQGRFWULQ VDDU WDWF
úL QHVHPQDW GHQXQ XO GHWHUPLQ HIHFWXDUHD GH DFWH GH XUP ULUH SHQWUX VWDELOLUHD
DGHY UXOXL úL LPSOLFLW VH SURGXF DFHOH XUP UL SHQWUX SUHYHQLUHD F URUD D IRVW
LQFULPLQDW GHQXQ DUHDFDORPQLRDV
&kQGvQYLQXLUHDSRDUW DVXSUDXQHLLQIUDF LXQLXUP ULELO QXPDLODSOkQJHUHD
SUHDODELO XQ VLPSOX GHQXQ QX HVWH VXILFLHQW SHQWUX vQGHSOLQLUHD DFHVWHL FHULQ H
HVHQ LDOH&RQVWLWXLUHDGHSDUWHFLYLO GHDVHPHQHDQXYDORUHD] SOkQJHUH
$UW&SHQSUHY ]kQGOLPLWDWLYPRGXULOHvQFDUHWUHEXLHV ILHSUH]HQWDW
vQYLQXLUHD PLQFLQRDV VHVL]DUHD RUJDQHORU MXGLFLDUH vQ DOWH PRGXUL SUHY ]XWH GH
&RGXOGHSURFHGXU SHQDO GHFkWGHQXQ XOVDXSOkQJHUHDQXIDFHV ILHvQGHSOLQLW
FHULQ D HVHQ LDO FX H[FHS LD VHVL] ULORU I FXWH GH F WUH IXQF LRQDULL SXEOLFL VDX
SULYD LFDúLGHF WUHSHUVRDQHOHFXIXQF LLGHFRQGXFHUH
ÌQYLQXLUHD PLQFLQRDV I FXW SULQ GHQXQ VDX SOkQJHUH V SULYHDVF
ÄV YkUúLUHDXQHLLQIUDF LXQL´
$FHDVW FHULQ VH UHIHU OD RELHFWXO vQYLQXLULL SH FDUH DUW & SHQ vO
OLPLWHD] QXPDL OD V YkUúLUHD XQHL ÄLQIUDF LXQL´ ÌQYLQXLUHD FDUH DUH FD RELHFW R
IDSW LOLFLW GH DOW QDWXU FD DEDWHULOH FX FDUDFWHU GLVFLSOLQDU FLYLO
FRQWUDYHQ LRQDODEDWHULOHGHODUHJXOLOHGHFRQYLH XLUHVRFLDO VDXRIDSW LPRUDO
QXvQGHSOLQHúWHDFHDVW FHULQ HVHQ LDO
1LFROHWD,OLHVFXRSFLWYRO,9S
,GHPYRO,9S
-XG 6LELX VHQW SHQ QU 55' QU S FX QRWH GH , ,URILP %OHDKX ,, 7HRILO
$QWRQLX
$YUDP)LOLSDú,QIUDF LXQLFRQWUDvQI SWXLULLMXVWL LHL(GLWXUD$FDGHPLHL%XFXUHúWLS
1LFROHWD ,OLHVFX RS FLW YRO ,9 S ÌQ DFHODúL VHQV 2FWDYLDQ /RJKLQ ,QIUDF LXQHD GH GHQXQ DUH
FDORPQLRDV 55'QUS2FWDYLDQ/RJKLQ7XGRUHO7RDGHU'UHSWSHQDOURPkQ3DUWHDVSHFLDO
HGL LDD,9DUHY ]XW úLDG XJLW &DVDGHHGLWXU úLSUHV ùDQVD65/%XFXUHúWLS
3ULQ ÄV YkUúLUHD XQHL LQIUDF LXQL´ VH vQ HOHJH SRWULYLW DUW & SHQ
V YkUúLUHD RULF UHLD GLQWUH IDSWHOH SH FDUH OHJHD OH SHGHSVHúWH FD LQIUDF LXQH
FRQVXPDW VDXFDWHQWDWLY SUHFXPúLSDUWLFLSDUHDODFRPLWHUHDDFHVWRUDFDDXWRU
LQVWLJDWRUVDXFRPSOLFH
([LVW DFHDVW LQIUDF LXQH GDF I SWXLWRUXO D I FXW VHVL] UL SULQ FDUH
vQYLQXLHúWHSHUVRDQDY W PDW GHIDSWHFDUHGDF DUILUHDOHDUFRQVWLWXLLQIUDF LXQL
(VWHQHFHVDUFDODWXUDRELHFWLY DLQIUDF LXQLLDVXSUDF UHLDSRDUW vQYLQXLUHD
V UHLDV GLQ PRGXO vQ FDUH HVWH GHVFULV IDSWD úL QX HVWH QHYRLH V ILH LQGLFDW
LQIUDF LXQHDSULQQXPHOHHL
ÌQYLQXLUHD PLQFLQRDV WUHEXLH V SULYHDVF R LQIUDF LXQH FDUH vQ PRPHQWXO
GHQXQ XOXLVDXSOkQJHULLSXWHDIDFHRELHFWXOSXQHULLvQPLúFDUHDDF LXQLLSHQDOH
$úDGDU FkQG GHQXQ XO VDX SOkQJHUHD SULYHúWH R LQIUDF LXQH SHQWUX FDUH D
LQWHUYHQLWGHMDRFDX] GHvPSLHGLFDUHDSXQHULLvQPLúFDUHDDF LXQLLSHQDOHDUW
& SURF SHQ FHULQ D HVHQ LDO QX YD IL vQGHSOLQLW &DX]HOH GH vPSLHGLFDUH D
SXQHULL vQ PLúFDUH D DF LXQLL SHQDOH LQWHUYHQLWH vQV XOWHULRU vQYLQXLULL PLQFLQRDVH
QX vQO WXU H[LVWHQ D FHULQ HL HVHQ LDOH DúD vQFkW vQYLQXLUHD PLQFLQRDV I FXW
vQDLQWHGHLQWHUYHQLUHDDFHVWRUFDX]HFRQVWLWXLHRvQYLQXLUHPLQFLQRDV
ÌQYLQXLUHDPLQFLQRDV V SULYHDVF V YkUúLUHDXQHLLQIUDF LXQLGHF WUHÄR
DQXPHSHUVRDQ ´
1X HVWH vQGHSOLQLW DFHDVW FHULQ GDF vQYLQXLUHD QX VH UHIHU OD QLFL R
SHUVRDQ VDXVHUHIHU ODRSHUVRDQ LPDJLQDU $FHHDúLVROX LHVHLPSXQHúLGDF
GHQXQ XOHVWHI FXWQXPDLLQUHPQXúLLQSHUVRQDP
3HUVRDQDvQYLQXLW SRDWHILGHVHPQDW SULQQXPHúLSUHQXPHGDUúLSULQDOWH
HOHPHQWH FDUH vQV V IDF SRVLELO I U HFKLYRF LGHQWLILFDUHD VD H[ LQGLFDUHD
GRPLFLOLXOXLVDXIXQF LHLSHFDUHRRFXS
ÌQ FD]XO vQ FDUH PDL PXOWH SHUVRDQH VXQW vQYLQXLWH PLQFLQRV GH DFHHDúL
LQIUDF LXQHVDXGHLQIUDF LXQLGLIHULWHSULQLQWHUPHGLXODFHOXLDúLGHQXQ VXQWHPvQSUH
]HQ DXQXLFRQFXUVGHLQIUDF LXQL$FHHDúLVROX LHVHLPSXQHúLvQFD]XOvQFDUHDFHHDúL
LQIUDF LXQHHVWHSXV VXFFHVLYvQFKLSPLQFLQRVvQVHDPDPDLPXOWRUSHUVRDQH
ÌQFD]XOYDULDQWHLDVLPLODWHSHQWUXFDHOHPHQWXOPDWHULDODODFHVWHLLQIUDF LXQL
V VH UHDOL]H]H HVWH QHFHVDU vQGHSOLQLUHD D GRX FHULQ H HVHQ LDOH SUHY ]XWH GH
OHJHúLDQXPHFDSUREHOHSURGXVHVDXWLFOXLWHV ILHÄPLQFLQRDVH´DGLF FRQWUDUH
DGHY UXOXLúLFDHOHV ILHI FXWHÄvQVSULMLQXOXQHLvQYLQXLULQHGUHSWH´
8UPDUHD LPHGLDW FRQVW vQ DPEHOH LSRWH]H GH LQFULPLQDUH vQWUR VWDUH GH
SHULFROSHQWUXQRUPDODGHVI úXUDUHDDFWLYLW LLGHvQI SWXLUHDMXVWL LHLSHQDOH
&kQG GLQ FDX]D vQYLQXLULL PLQFLQRDVH VDX D SURGXFHULL RUL WLFOXLULL GH SUREH
PLQFLQRDVH D IRVW XUP ULW VDX FRQGDPQDW R SHUVRDQ QHYLQRYDW OD VWDUHD GH
SHULFRO FDUH FRQVWLWXLH XUPDUHD LPHGLDW SULQFLSDO VH DGDXJ Y W PDUHD HIHFWLY
DGXV SHUVRDQHLQHYLQRYDWH
/HJ WXUD GH FDX]DOLWDWH vQWUH DF LXQHD VDX DF LXQLOH LQFULPLQDWH úL XUPDUHD
LPHGLDW D DFHVWRUDWUHEXLHV H[LVWHúLUH]XOW GLQPDWHULDOLWDWHDIDSWHLFRPLVHGH
DJHQWH[UH
1LFROHWD,OLHVFXRSFLWYRO,9S
$YUDP)LOLSDúRSFLWSÌQDFHODúLVHQV1LFRODH&RQHDvQ9DVLOH'REULQRLX1LFRODH&RQHD&LSULDQ
5DXO5RPL DQ&DPLO7 Q VHVFX1RUHO1HDJX0D[LP'REULQRLX'UHSWSHQDO3DUWHDVSHFLDO YRO,,/XPLQD
/H[%XFXUHúWLS
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH FX FDUH VH SRDWH FRPLWH GHQXQ DUHD FDORPQLRDV HVWH
LQWHQ LDvQDPEHOHVDOHPRGDOLW LGLUHFW VDXLQGLUHFW
([LVW LQWHQ LH FkQG I SWXLWRUXO úLD GDW VHDPD F IDFH XQ GHQXQ VDX R
SOkQJHUHPLQFLQRDV RULF SURGXFHVDXWLFOXLHúWHSUREHPLQFLQRDVHúLDSUHY ]XW
UH]XOWDWXODFHVWRUDF LXQLUH]XOWDWSHFDUHODXUP ULWDQXPHLQWHQ LHGLUHFW VDX
GHúLQXODXUP ULWDDFFHSWDWWRWXúLULVFXOSURGXFHULLOXLLQWHQ LHLQGLUHFW
ÌQGRFWULQ VDH[SULPDWúLRSLQLDF DFHDVW LQIUDF LXQHQXSRDWHILFRPLV
GHFkWFXLQWHQ LHGLUHFW
6 YkUúLUHD IDSWHL GLQ FXOS QX HVWH LQFULPLQDW /LSVHúWH LQWHQ LD FkQG
GHQXQ WRUXODUH LQXWGHEXQ FUHGLQ F vQYLQXLWXODFRPLVRLQIUDF LXQHúLDFHDVWD
FKLDUGDF XOWHULRUHODDIODWF DFRPLVRHURDUH
0RELOXOFkúWLJXOXUDU ]EXQDUHDHWFúLVFRSXODFRSHULUHDXQHLLQIUDF LXQL
V YkUúLWH GH GHQXQ WRU VDX GH R DOW SHUVRDQ RUL OLSVLUHD GH OLEHUWDWH D XQHL
SHUVRDQH QHYLQRYDWH QX LQWHUHVHD] SHQWUX H[LVWHQ D LQIUDF LXQLL FL GRDU SHQWUX
VWDELOLUHD JUDGXOXL GH SHULFRO VRFLDO FRQFUHW DO IDSWHL FRPLVH GH DJHQW úL OD
LQGLYLGXDOL]DUHDSHGHSVHL
)RUPH6DQF LXQL
)RUPH'HQXQ DUHDFDORPQLRDV ILLQGRLQIUDF LXQHFRPLVLY úLLQWHQ LRQDW
V YkUúLUHDHLHVWHVXVFHSWLELO GHID]DDFWHORUSUHSDUDWRULLGDUDFHDVW ID] QXHVWH
LQFULPLQDW &kQG LQIUDF LXQHD D IRVW V YkUúLW DFWHOH SUHSDUDWRULL FRQVWkQG vQ
FXOHJHUHD GH LQIRUPD LL SUHJ WLUHD PLMORDFHORU VDX FUHDUHD GH FRQGL LL IDYRUDELOH
V YkUúLULL LQIUDF LXQLL GDF DX IRVW HIHFWXDWH GH R DOW SHUVRDQ GHFkW DXWRUXO YRU
FRQVWLWXLDFWHGHFRPSOLFLWDWHDQWHULRDU
7HQWDWLYDODLQIUDF LXQHDGHGHQXQ DUHFDORPQLRDV HVWHSRVLELO GDUQXHVWH
LQFULPLQDW úLLPSOLFLWQLFLVDQF LRQDW
)LLQG R LQIUDF LXQH PRPHQWDQ úL GH SHULFRO GHQXQ DUHD FDORPQLRDV VH
FRQVXP vQPRPHQWXOV YkUúLULLDF LXQLLLQFULPLQDWHGHRDUHFHRGDW FXDFHDVWDVH
SURGXFHLPSOLFLWúLXUPDUHDLPHGLDW ,QVWDQ DVXSUHP DGHFLVvQPRGMXVWF
LQIUDF LXQHD VH FRQVXP vQ PRPHQWXO SUH]HQW ULL úL vQUHJLVWU ULL GHQXQ XOXL OD
RUJDQXOFRPSHWHQWúLQXODGDWDvQWRFPLULLOXL
$FWLYLWDWHDLQIUDF LRQDO SRDWHFRQWLQXDúLGXS FRQVXPDUHDLQIUDF LXQLLFkQG
SHUVLVW vQ vQYLQXLUHD PLQFLQRDV VDX VH SURGXF RUL VH WLFOXLHVF vQ FRQWLQXDUH DOWH
SUREH PLQFLQRDVH VLWXD LH vQ FDUH IDSWD YD F S WD FDUDFWHUXO GH LQIUDF LXQH
FRQWLQXDW ILLQGRUHSHWDUHDIDSWHLvQUHDOL]DUHDDFHOHLDúLUH]ROX LLLQIUDF LRQDOHÌQ
1LFROHWD ,OLHVFX RS FLW YRO ,9 S ÌQ DFHODúL VHQV *KHRUJKH ' UkQJ úL 'XPLWUX /XFLQHVFX
RS FLW YRO ,, S $YUDP )LOLSDú RS FLW S $YUDP )LOLSDú &RQVLGHUD LL SULYLQG LQIUDF LXQHD GH
GHQXQ DUH FDORPQLRDV $8% QU S $YUDP )LOLSDú vQ 2FWDYLDQ /RJKLQ $YUDP )LOLSDú 'UHSW
SHQDO 3DUWHD VSHFLDO HGL LH UHYL]XLW &DVD GH HGLWXU úL SUHV ùDQVD 65/ %XFXUHúWL S ,RQ
*KHRUJKLX%U GHW'UHSWSHQDO3DUWHDVSHFLDO YRO,,(GLWXUD(XURSD1RYD%XFXUHúWLS2FWDYLDQ
/RJKLQ7XGRUHO7RDGHU'UHSWSHQDOURPkQ3DUWHDVSHFLDO HGL LDD,9DUHY ]XW úLDG XJLW &DVDGHHGLWXU úL
SUHV ùDQVD 65/ %XFXUHúWL S 1LFRODH &RQHD RS FLW YRO ,, S $OH[DQGUX %RURL *KHRUJKH
1LVWRUHDQX'UHSWSHQDO3DUWHDVSHFLDO HGL LDD,,,D(GLWXUD$OO%HFN%XFXUHúWLS$YUDP)LOLSDú
vQ&RVWLF %XODL$YUDP)LOLSDú&RQVWDQWLQ0LWUDFKH,QVWLWX LLGHGUHSWSHQDO&XUVVHOHFWLYSHQWUXH[DPHQXOGH
OLFHQ (GLWXUDWUHLHGL LDD,,,DUHYL]XLW úLDG XJLW %XFXUHúWLS
2OLYLX $XJXVWLQ 6WRLFD 'UHSW SHQDO 3DUWH VSHFLDO (GLWXUD 'LGDFWLF úL 3HGDJRJLF %XFXUHúWL
S ÌQ DFHODúL VHQV 0DWHL %DVDUDE vQ 0DWHL %DVDUDE /XFLD 0ROGRYDQ 9DOHU 6XLDQ 'UHSW SHQDO 3DUWHD
VSHFLDO YRO , &OXM1DSRFD S +RULD 'LDFRQHVFX 'UHSW SHQDO 3DUWHD VSHFLDO YRO ,, HGL LD
(GLWXUD$OO%HFN%XFXUHúWLS
1LFROHWD,OLHVFXRSFLWYRO,9S
76VSGQU&'S
DFHVWHFD]XULIDSWDVHHSXL]HD] vQPRPHQWXOV YkUúLULLXOWLPXOXLDFWGHvQYLQXLUH
PLQFLQRDV VDXUHVSHFWLYDOSURGXFHULLVDXWLFOXLULLGHSUREHPLQFLQRDVH
6DQF LXQL ÌQ YDULDQWD WLS GHQXQ DUHD FDORPQLRDV VH SHGHSVHúWH FX
vQFKLVRDUH GH OD OXQL OD DQL LDU vQ YDULDQWD DVLPLODW FDUH HVWH WRWRGDW úL
YDULDQWD DJUDYDW D IRUPHL VLPSOH D LQFULPLQ ULL SHGHDSVD SUHY ]XW GH OHJH HVWH
vQFKLVRDUHGHODXQDQODDQL
ÌQ DPEHOH LSRWH]H GH LQFULPLQDUH SHUVRDQD MXULGLF VH VDQF LRQHD] FX
DPHQGDvQWUHOHLúLOHLSRWULYLWDUWDOLQ&SHQ
&DX] GHUHGXFHUHDSHGHSVHL
3RWULYLW DUW DOLQ & SHQ GDF FHO FDUH D V YkUúLW IDSWD GHFODU PDL
vQDLQWHGHSXQHUHDvQPLúFDUHDDF LXQLLSHQDOHID GHSHUVRDQDvQFRQWUDF UHLDVD
I FXWGHQXQ XOVDXSOkQJHUHDRULvPSRWULYDF UHLDVDXSURGXVSUREHOHF GHQXQ XO
SOkQJHUHDVDXSUREHOHVXQWPLQFLQRDVHSHGHDSVDVHUHGXFHSRWULYLWDUW&SHQ
5D LXQHD DFHVWHL GLVSR]L LL HVWH GH D VWLPXOD I SWXLWRUXO V UHYLQ DVXSUD
GHQXQ ULLFDORPQLRDVHúLHYLWDUHDXQRUHURULMXGLFLDUH
$FHDVW F LQ DDXWRUXOXLSRVWHULRDU FRQVXP ULLIDSWHLQXH[FOXGHH[LVWHQ D
LQIUDF LXQLLFLFRQVWLWXLHQXPDLRFDX] DWHQXDQW OHJDO VSHFLDO $YkQGFDUDFWHU
SHUVRQDO DFHDVW FDX] QX HVWH DSOLFDELO GHFkW FHOXL FDUH D I FXW GHFODUD LD GH
UHFXQRDúWHUHFDPLQFLQRDV DvQYLQXLULLI FXWHVDXDSUREHORUSURGXVHRULWLFOXLWH
0 5785,$0,1&,12$6
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDODOLQIUDF LXQLLGHP UWXULHPLQFLQRDV FRQVW vQDFHOH
UHOD LLVRFLDOHDF URUH[LVWHQ HVWHDVLJXUDW SULQDS UDUHDDFWLYLW LLGHvQI SWXLUHD
MXVWL LHL vPSRWULYD IDSWHORU GH QDWXU V vPSLHGLFH VDX V ] G UQLFHDVF DIODUHD
DGHY UXOXLGHF WUHRUJDQHOHMXGLFLDUH
2ELHFWXO PDWHULDO OLSVHúWH GHRDUHFH DF LXQHD FDUH FRQVWLWXLH HOHPHQWXO
PDWHULDODOP UWXULHLPLQFLQRDVHQXVHvQGUHDSW GLUHFWDVXSUDXQXLOXFUXEXQVDX
SHUVRDQ
'HFODUD LLOHVFULVHDOHPDUWRULORUUDSRDUWHOHGHH[SHUWL] úLWUDGXFHULOHVFULVH
QX FRQVWLWXLH RELHFWH PDWHULDOH DOH IDSWHL GH P UWXULH PLQFLQRDV $FHVWHD QX
FRQVWLWXLH RELHFWH DVXSUD F URUD VH UHDOL]HD] DF LXQHD FRQFUHW FL UHSUH]LQW
SURGXVXORULPLMORDFHOHGHV YkUúLUHDLQIUDF LXQLL
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUDOLQIUDF LXQLLGHP UWXULHPLQFLQRDV SRDWH
ILQXPDLXQPDUWRUXQH[SHUWVDXXQLQWHUSUHW
'LQDFHVWSXQFWGHYHGHUHP UWXULDPLQFLQRDV HVWHRLQIUDF LXQHSURSULHFX
VXELHFW DFWLY FDOLILFDW SULQ FDOLWDWHD SH FDUH WUHEXLH V R DLE I SWXLWRUXO SHQWUX D
SXWHDFRPLWHDFHDVW LQIUDF LXQHFDOLWDWHGHWHUPLQDW GHXQDQXPHUDSRUWSURFHVXDO
vQFDUHVHJ VHúWHDFHVWD
3RW IL VXELHF L DFWLYL QHPLMORFL L DL LQIUDF LXQLL QXPDL SHUVRDQHOH FDUH DX R
VDUFLQ MXGLFLDU DQXPHDFHHDGHDGHSXQHP UWXULHGHDHIHFWXDRH[SHUWL] VDX
1LFROHWD,OLHVFXRSFLWYRO,9S
1LFROHWD ,OLHVFX vQ 9LQWLO 'RQJRUR] 6LHJIULHG .DKDQH ,RQ 2DQFHD ,RVLI )RGRU 1LFROHWD ,OLHVFX
&RQVWDQWLQ %XODL 5RGLFD 6W QRLX 9LFWRU 5RúFD ([SOLFD LL WHRUHWLFH DOH &RGXOXL SHQDO URPkQ YRO ,9 (GLWXUD
$FDGHPLHL5RPkQH%XFXUHúWLS
GH D H[HUFLWD IXQF LD GH LQWHUSUHW VDUFLQ FDUH GHFXUJH GLQ H[LVWHQ D XQXL UDSRUW
VSHFLDOvQFDUHDFHVWHSHUVRDQHVHJ VHVFID GHRUJDQXOMXGLFLDU
6IHUDSHUVRDQHORUFDUHSRWILDXWRULDLLQIUDF LXQLLGHP UWXULHPLQFLQRDV HVWH
GHFLUHVWUkQV ODSHUVRDQHOHFDUHDXFDOLWDWHDGHPDUWRULH[SHU LLQWHUSUH L
0DUWRUXO vQ VHQVXO DUW & SHQ HVWH SHUVRDQD FDUH DYkQG FXQRúWLQ
GHVSUHRIDSW VDXGHVSUHRvPSUHMXUDUHGHQDWXU V VHUYHDVF ODDIODUHDDGHY UXOXL
vQWURFDX] SHQDO FLYLO GLVFLSOLQDU VDXvQDOW DVHPHQHDFDX] HVWHDVFXOWDW vQ
DFHD FDX] DUW & SURF SHQ 3HQWUX D SXWHD IL V YkUúLW IDSWD GH P UWXULH
PLQFLQRDV FDOLWDWHD GH PDUWRU D XQHL SHUVRDQH WUHEXLH V ILH OHJDO DWULEXLW vQ
PRPHQWXODXGLHULLVDOH1XSRWILGHFLVXELHF LDFWLYLQHPLMORFL LDLLQIUDF LXQLLGH
P UWXULH PLQFLQRDV SHUVRDQHOH FDUH QX SRW IL DXGLDWH FD PDUWRUL GLQ RULFH
PRWLY
3RWILDXWRULDLLQIUDF LXQLLDQDOL]DWHDWkWPDUWRULLFLWD LOHJDOFkWúLFHLFDUHDX
IRVWDGPLúLGHRUJDQHOHMXGLFLDUHGDUVDRPLVFLWDUHDORUVDXQXDXSULPLWFLWD LD±
DUWDOLQ&SURFSHQ
3RDWH IL PDUWRU úL GHFL DXWRU DO LQIUDF LXQLL GH P UWXULH PLQFLQRDV DWkW
SHUVRDQDY W PDW GDF QXHVWHFRQVWLWXLW SDUWHFLYLO VDXQXSDUWLFLS vQSURFHV
FDSDUWHY W PDW DUW&SURFSHQFkWúLDYRFDWXOSHQWUXIDSWHVDXvPSUHMXU UL
FXQRVFXWH GH HO vQDLQWH GH D IL GHYHQLW DS U WRU VDX UHSUH]HQWDQW DO YUHXQHLD GLQ
S U L FDOLWDWHD GH PDUWRU vQ DFHVW FD] DYkQG vQWkLHWDWH ID GH FHD GH DS U WRU
DUWDOLQXOWLP&SURFSHQ
0DUWRULL DQRQLPL úL LQYHVWLJDWRULL VXE DFRSHULUH SRW IL DVFXOWD L vQ DQXPLWH
FRQGL LLúLFD]XULFDPDUWRUúLGHFLDXWRULDLDFHVWHLLQIUDF LXQLDUW&SURFSHQ
0DUWRUXO FDUH QX D vQGHSOLQLW DQL GHúL SRDWH IL DXGLDW FD PDUWRU DUW
&SURFSHQQXSRDWHV YkUúLLQIUDF LXQHDGHP UWXULHPLQFLQRDV GHRDUHFHHOQX
U VSXQGHSHQDOGHIDSWHOHVDOH±DUWDOLQ&SHQ
1XSRWILPDUWRULúLGHFLDXWRULDLLQIUDF LXQLLGHP UWXULHPLQFLQRDV SHUVRDQHOH
FDUH VXQW S U L vQ SURFHVXO SHQDO ÌQ VLWXD LD vQ FDUH SHUVRDQD FDUH GXS FH D IRVW
DXGLDW FD PDUWRU GHYLQH SDUWH vQ SURFHV LQFXOSDW QX SRDWH IL WULPLV vQ MXGHFDW
SHQWUXP UWXULHPLQFLQRDV ILLQGF vLOLSVHúWHFDOLWDWHDGHPDUWRUvQFDX]
([SHUWXOvQvQ HOHVXODUW&SHQHVWHSHUVRDQDDOHF UHLFXQRúWLQ HVXQW
QHFHVDUH SHQWUX O PXULUHD XQRU IDSWH VDX vPSUHMXU UL vQWUR FDX] úL FDUH HVWH
vQV UFLQDW GH F WUH RUJDQXO FDUH FHUFHWHD] VDX MXGHF FDX]DFXHIHFWXDUHDXQHL
H[SHUWL]HDUW&SURFSHQúLDUW&SURFFLY
1XPDL H[SHUWXO FDUH HVWH QXPLW VDX FKHPDW GH RUJDQXO MXGLFLDU SRDWH IL
VXELHFW DFWLY QHPLMORFLW DO IDSWHL GH P UWXULH PLQFLQRDV QX úL SHUVRDQD FDUH
HIHFWXHD] RH[SHUWL] vQFDGUXOXQXLVHUYLFLXPHGLFROHJDOODERUDWRUFULPLQDOLVWLF
VDX RULFH LQVWLWX LH GH VSHFLDOLWDWH F WUH FDUH VD DGUHVDW RUJDQXO MXGLFLDU SHQWUX
HIHFWXDUHDH[SHUWL]HL±DUWDOLQúL&SURFSHQ$FHúWLDU VSXQGGXS
FD]GHDEX]vQVHUYLFLXVDXGHIDOVvQvQVFULVXULRILFLDOH
3RWULYLWS UHULLFRQWUDUHSRWILDXWRULDLLQIUDF LXQLLGHP UWXULHPLQFLQRDV
úL SHUVRDQHOH FDUH HIHFWXHD] R H[SHUWL] vQ FDGUXO XQXL VHUYLFLX PHGLFROHJDO
ODERUDWRUGHH[SHUWL] FULPLQDOLVWLF VDXRULFHLQVWLWXWGHVSHFLDOLWDWHF WUHFDUHVD
DGUHVDWRUJDQXOMXGLFLDUSHQWUXHIHFWXDUHDH[SHUWL]HLGHRDUHFHQRUPDvQGLVFX LHQX
IDFH QLFL R GLVWLQF LH vQ DFHDVW SULYLQ LDU GLVWLQF LD SUHY ]XW GH &RGXO GH
1LFROHWD,OLHVFXRSFLWYRO,9S
76VSGQU&'S
1LFROHWD,OLHVFXRSFLWYRO,9S
2FWDYLDQ/RJKLQ&XSULYLUHODVXELHFWXOLQIUDF LXQLLGHP UWXULHPLQFLQRDV $8,SÌQ
DFHODúLVHQV1LFRODH&RQHDvQ9DVLOH'REULQRLX1LFRODH&RQHD&LSULDQ5DXO5RPL DQ&DPLO7 Q VHVFX1RUHO
1HDJX0D[LP'REULQRLX'UHSWSHQDO3DUWHDVSHFLDO YRO,,/XPLQD/H[%XFXUHúWLS
SURFHGXU SHQDO QXSULYHúWHFDOLWDWHDSURFHVXDO GHH[SHUWFLQXPDLPRGDOLWDWHD
GHQXPLUHDDFHVWXLD
,QWHUSUHWXOvQvQ HOHVXODUW&SHQHVWHSHUVRDQDFKHPDW VDXQXPLW GH
RUJDQXOFDUHFHUFHWHD] VDXMXGHF RFDX] SHQWUXDVHUYLFDWUDGXF WRUFkQGXQD
GLQS U LVDXRDOW SHUVRDQ FDUHXUPHD] DILDVFXOWDW QXFXQRDúWHOLPEDRULQX
VHSRDWHH[SULPDFkQGXQHOHvQVFULVXULVXQWUHGDFWDWHvQWURDOW OLPE GHFkWOLPED
URPkQ DUW&SURFSHQDUWúL&SURFFLY
0 UWXULD PLQFLQRDV QX SRDWH DYHD GHFkW XQ VLQJXU DXWRU ILLQG VXE DFHVW
DVSHFWRLQIUDF LXQHV YkUúLW LQSHUVRQDSURSULD$FHDVWDHVWHVXVFHSWLELO GHDIL
V YkUúLW vQSDUWLFLSD LHVXEIRUPDLQVWLJ ULLúLDFRPSOLFLW LL3HQWUXLQVWLJDWRUúL
FRPSOLFHQXVHFHUHYUHRFDOLWDWHVSHFLDO
6XELHFWDFWLYDODFHVWHLLQIUDF LXQLSRDWHILúLRSHUVRDQ MXULGLF FXOLPLW ULOH
úLvQFRQGL LLOHSUHY ]XWHvQDUWDOLQ&SHQ
6XELHFWXO SDVLY JHQHUDO úL LPHGLDW DO IDSWHL GH P UWXULH PLQFLQRDV HVWH
VWDWXO FD WLWXODU DO YDORULL VRFLDOH D vQI SWXLULL MXVWL LHL DPHQLQ DW SULQ V YkUúLUHD
LQIUDF LXQLL
6XELHFWXO SDVLY VHFXQGDU SRDWH IL R SHUVRDQ IL]LF D F UHL OLEHUWDWH VDX
GHPQLWDWHHVWHDPHQLQ DW VDXY W PDW SULQV YkUúLUHDLQIUDF LXQLLVDXRSHUVRDQ
MXULGLF DOHF UHLLQWHUHVHSRWILDWLQVHVDXY W PDWHSULQWURP UWXULHPLQFLQRDV
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO )DSWD GH P UWXULH PLQFLQRDV HVWH LQFULPLQDW vQWUR
YDULDQW FRUHVSXQ] WRDUH GHQXPLULL PDUJLQDOH D LQIUDF LXQLL úL XQD DVLPLODW
LQFLGHQW vQFD]XOLQWHUSUHWXOXLVDXH[SHUWXOXL
0 UWXULD PLQFLQRDV DYkQG GRX YDULDQWH FX VXELHF L DFWLYL QHPLMORFL L
GLIHUL L LPSOLFLW HOHPHQWXO HL PDWHULDO HVWH VXVFHSWLELO D IL UHDOL]DW SULQ DF LXQL
GLIHULWH vQ UDSRUW FX FHOH WUHL FDWHJRULL GH SHUVRDQH FH SRW V YkUúL LQIUDF LXQHD
PDUWRULH[SHU LLQWHUSUH L
,QGLIHUHQW vQV GH YDULDQWD vQ FDUH VH V YkUúHúWH IDSWD P UWXULD PLQFLQRDV
HVWH R LQIUDF LXQH GH DF LXQH FRPLVLY DO F UHL HOHPHQW PDWHULDO vO FRQVWLWXLH
DF LXQHD GH D IDFH R P UWXULH PLQFLQRDV VDX GH D HIHFWXD R H[SHUWL] RUL R
LQWHUSUHWDUHPLQFLQRDV
(OHPHQWXO PDWHULDO DO P UWXULHL PLQFLQRDV FRQVW GHFL vQ DF LXQHD GH D
GHQDWXUD VDX DVFXQGH DGHY UXO úL VH SRDWH UHDOL]D DWkW SULQ DFWH FRPLVLYH FkW úL
SULQWURDWLWXGLQHRPLVLY
0 UWXULD PLQFLQRDV QX SRDWH IL FRQFHSXW I U SUHH[LVWHQ D XQHL FDX]H
SHQDOH FLYLOH GLVFLSOLQDUH VDX D RULF UHL FDX]H vQ FDUH SRW IL OHJDO IRORVL L FD
VXELHF LSHQWUXDGPLQLVWUDUHDSUREHORUPDUWRULH[SHU LVDXLQWHUSUH L
3ULQFDX] SHQDO FLYLO GLVFLSOLQDU VDXRULFHDOWIHOVHvQ HOHJHXQOLWLJLXFH
DUHFDRELHFWFHYDFHVHSUHWLQGHVDXVHFRQWHVW DF UHLVROX LRQDUHFRQVWLWXLHXQ
DFWGHvQI SWXLUHDMXVWL LHL
&DUDFWHUXO SHQDO FLYLO GLVFLSOLQDU HWF UH]XOW LPSOLFLW GLQ QDWXUD RUJDQXOXL
MXULVGLF LRQDOvQID DF UXLDVHDIO FDX]DUHVSHFWLY
Ä&DX]DSHQDO ´DUHVHQVXOGHSURFHVSHQDOFHVHGHVI úRDU vQID DRUJDQHORU
GHXUP ULUHSHQDO VDXDLQVWDQ HORUGHMXGHFDW (VWHLQGLIHUHQWFDUHHVWHRUJDQXO
GH XUP ULUH SHQDO SURFXURUXO VDX RUJDQHOH GH FHUFHWDUH SHQDO SUHY ]XWH vQ DUW
&SURFSHQSUHFXPúLGDF MXGHFDWDVHGHVI úRDU vQSULP LQVWDQ VDXVH
MXGHF SULFLQD GXS FDVDUHD GH F WUH LQVWDQ D VXSHULRDU D KRW UkULL DWDFDWH GH
F WUH LQVWDQ D GH DSHO VDX GH UHFXUV VDX GH F WUH LQVWDQ D D F UHL KRW UkUH D IRVW
1LFROHWD,OLHVFXRSFLWYRO,9S
DWDFDW VDX GDF VH VROX LRQHD] FDX]D FD XUPDUH D DGPLWHULL XQHL F L GH DWDF
H[WUDRUGLQDUH
Ä&DX]DFLYLO ´vQvQ HOHVXODUW&SHQDUHVHQVXOUHVWUkQVGHSURFHVFLYLO
GHVI úXUDWGXS SURFHGXUDFRQWHQFLRDV vQID DLQVWDQ HORUMXGHF WRUHúWLFLYLOH
Ä&DX] GLVFLSOLQDU ´ vQ VHQVXO DUW & SHQ vQVHDPQ R MXGHFDW
GHVI úXUDW vQID DXQRURUJDQHMXULVGLF LRQDOHFXFDUDFWHUGLVFLSOLQDU
3ULQÄRULFHDOW FDX] vQFDUHVHDVFXOW PDUWRUL´VHvQ HOHJDOWHFDX]HGHFkW
FHOH SHQDOH FLYLOH GLVFLSOLQDUH FDUH VH GHVI úRDU vQ ID D XQRU RUJDQH GH
MXULVGLF LH úL vQ FDGUXO F URUD SRW IL DVFXOWD L PDUWRUL RUL IRORVL L H[SHU L VDX
LQWHUSUH L
ÌQYDULDQWDGHWLSDLQFULPLQ ULLHOHPHQWXOPDWHULDODOLQIUDF LXQLLGHP UWXULH
PLQFLQRDV V YkUúLWGHXQPDUWRUVHUHDOL]HD] ILHSULQDIDFHDILUPD LLPLQFLQRDVH
ILHSULQDQXVSXQHWRWFHúWLHSULYLWRUODvPSUHMXU ULOHHVHQ LDOHDVXSUDF URUDDIRVW
vQWUHEDW
$FHVWH VXEYDULDQWH DOH DF LXQLL LQFULPLQDWH VXQW DOWHUQDWLYH SHQWUX H[LVWHQ D
LQIUDF LXQLL ILLQG VXILFLHQW V YkUúLUHD IDSWHL vQWUXQD GLQ DFHVWH FRPSRUW UL DGLF
ILH IDFHUHD GH DILUPD LL PLQFLQRDVH ILH RPLVLXQHD GH D VSXQH WRW GH úWLH $FHVWHD
SRWH[LVWDvQV úLFXPXODWLYDWXQFLFkQGVDXV YkUúLWvQH[HFXWDUHDXQHLUH]ROX LL
XQLFHVLWXD LHvQFDUHXQLWDWHDLQIUDF LRQDO QXHVWHDIHFWDW
Ä$ IDFH DILUPD LL PLQFLQRDVH´ vQVHDPQ D VSXQH DOWFHYD GHFkW FHOH úWLXWH D
GHFODUDFDILLQGDGHY UDWFHYDFHQXFRUHVSXQGHFXFHOHFXQRVFXWH(VHQ LDOHVWHV
H[LVWHRQHSRWULYLUHvQWUHFHOHGHFODUDWHFDPDUWRUúLFHOHúWLXWHGHHO
&ULWHULXOGHFLGXS FDUHVHVWDELOHúWHGDF RDILUPD LHHVWHVDXQXPLQFLQRDV
QXHVWHDFHODDOUDSRUWXOXLvQFDUHVHDIO FHOHGHFODUDWHGHPDUWRULID GHUHDOLWDWH
GHRDUHFHPDUWRUXOXLLVHFHUHV VSXQ FHúWLHLDUQXFDUHHVWHDGHY UXO
6LPSOD FRQWUDGLF LH vQWUH FHHD FH VSXQH PDUWRUXO úL FHHD FH D DYXW ORF vQ
UHDOLWDWH QX HVWH XQ LQGLFLX FHUW F PDUWRUXO D GHSXV P UWXULH PLQFLQRDV ILLQGF
PDUWRULLSRWSHUFHSHXQHRULUHDOLWDWHDvQPRGGHIRUPDWVDXGHIRUPDUHDVHGDWRUHD]
IDSWXOXL F PDUWRUXO D XLWDW DQXPLWH DVSHFWH FDUH VXQW HVHQ LDOH SHQWUX UHGDUHD vQ
PRG ILGHO D UHDOLW LL 0DUWRUXO FRPLWH IDSWD SHQDO SUHY ]XW vQ DUW & SHQ
QXPDLGDF úWLLQGUHDOLWDWHDRGHQDWXUHD] vQDúDIHOvQFkWUHODW ULOHVDOHGXFODR
DOW FRQFOX]LH
3H GH DOW SDUWH FULWHULXO UDSRUWXOXL vQWUH FHOH GHFODUDWH úL FHOH SHWUHFXWH vQ
UHDOLWDWHQXDUSXWHDILIRORVLWúLSHQWUXF DUSUHVXSXQHYHULILFDUHDDGHY UXOXLFHORU
DILUPDWH DVSHFW FDUH VH UHDOL]HD] vQV SRVWHULRU PRPHQWXOXL FRQVXP ULL
LQIUDF LXQLL
$ILUPD LD PLQFLQRDV SRDWH V DLE XQ FRQ LQXW SR]LWLY DGLF D DILUPD F
FHYDDUILH[LVWDWVDXXQFRQ LQXWQHJDWLYDILUPDUHDF FHYDQXDUILH[LVWDW
Ä$QXVSXQHWRWFHúWLH´vQVHDPQ DDYHDUHWLFHQ vQFHOHGHFODUDWHDWUHFH
VXEW FHUHDDVFXQGHWRWXOVDXSDUWHGLQFHHDFHPDUWRUXOúWLH7 FHUHDWUHEXLHV
SULYHDVF FHYDFHPDUWRUXOúWLDLDUQXFHHDFHDUILSXWXWFXQRDúWH
5HIX]XO H[SOLFLW DO XQHL SHUVRDQH FDUH D DFFHSWDW V GHSXQ P UWXULH GH D
U VSXQGH OD DQXPLWH vQWUHE UL QX DUH R VHPQLILFD LH SHQDO vQ VHQVXO SUHYHGHULORU
DUW&SHQGHRDUHFHQXHVWHGHQDWXU V LQGXF vQHURDUHRUJDQXOMXGLFLDUFL
DWHQ LRQHD] FX SULYLUH OD QHFHVLWDWHD DGPLQLVWU ULL GH QRL SUREH SHQWUX DIODUHD
DGHY UXOXL ÌQWUR DVWIHO GH VLWXD LH FUHGHP F DU SXWHD IL LQFLGHQWH GLVSR]L LLOH
UHIHULWRDUHODQHGHQXQ DUHDXQRULQIUDF LXQLRPLVLXQHDVHVL] ULLRUJDQHORUMXGLFLDUH
,GHPYRO,9S
*KHRUJKH' UkQJ úL'XPLWUX/XFLQHVFXRSFLWYRO,,S
1LFROHWD,OLHVFXRSFLWYRO,9S
$YUDP)LOLSDú,QIUDF LXQLFRQWUDvQI SWXLULLMXVWL LHL(GLWXUD$FDGHPLHL%XFXUHúWLS
VDXIDYRUL]DUHDLQIUDFWRUXOXLGDF VXQWvQWUXQLWHúLFHOHODOWHFRQGL LLGHLQFULPLQDUH
SUHY ]XWHvQDUW&SHQ
ÌQYDULDQWDDVLPLODW HOHPHQWXOPDWHULDODUHDFHODúLFRQ LQXWFDúLHOHPHQWXO
PDWHULDO DO P UWXULHL PLQFLQRDVH V YkUúLWH GH PDUWRU DGDSWDW vQV VSHFLILFXOXL
DFWLYLW LLGHVI úXUDWHGHH[SHUWúLLQWHUSUHW
)DSWD LQFULPLQDW V YkUúLW GH H[SHUW VH GHWHUPLQ FX DMXWRUXO GLVSR]L LLORU
GLQ &RGXO GH SURFHGXU SHQDO SULYLWRDUH OD VDUFLQLOH H[SHUWXOXL úL FRQVW vQ
DF LXQHD GH D HIHFWXD R H[SHUWL] PLQFLQRDV SXWkQG IL FRPLV ILH SULQ DILUPD LL
PLQFLQRDVHI FXWHvQUDSRUWXOGHH[SHUWL] VDXvQO PXULULOHGDWHvQID DRUJDQHORU
MXGLFLDUH ILH SULQ RPLVLXQHD GH D VSXQH WRW FH úWLH SULYLWRU OD FHOH FRQVWDWDWH FX
SULOHMXOH[SHUWL]HL
ÌQ FD]XO LQWHUSUHWXOXL IDSWD LQFULPLQDW FRQVW vQ DF LXQHD GH D HIHFWXD R
LQWHUSUHWDUH PLQFLQRDV ILH SULQ DILUPD LL PLQFLQRDVH DGLF SULQ DOWHUDUHD
FRQ LQXWXOXLDFHHDFHWUHEXLHWUDGXVILHSULQRPLVLXQHDGHDWUDGXFHWRWVDXDUHGD
WRWFHDvQ HOHV
&HULQ H HVHQ LDOH 3HQWUX FD DF LXQHD GH D IDFH DILUPD LL PLQFLQRDVH VDX FD
RPLVLXQHDGHDVSXQHWRWFHúWLHV FRQVWLWXLHHOHPHQWXOPDWHULDODOLQIUDF LXQLLGH
P UWXULHPLQFLQRDV WUHEXLHV ILHvQGHSOLQLWHDQXPLWHFRQGL LLSUHY ]XWHGHOHJH
FDUHDXFDUDFWHUGHFHULQ HHVHQ LDOH
$ILUPD LD PLQFLQRDV VDX RPLVLXQHD GH D VSXQH WRW FH úWLH V SULYHDVF
ÄvPSUHMXU ULOHHVHQ LDOH´
$FHDVW FHULQ DHVHQ LDO GHWHUPLQ FRQ LQXWXOGHFODUD LHLFDUHSRDWHFRQVWLWXL
R P UWXULH PLQFLQRDV OLPLWkQGXO OD RELHFWXO SUREHL OD FHHD FH LQWHUHVHD] D IL
SUREDWvQFHUFHWDUHDVDXVROX LRQDUHDFDX]HL
3ULQ ÄvPSUHMXU UL´ VH vQ HOHJ DWkW IDSWHOH SULQFLSDOH DOH FDX]HL FkW úL
FLUFXPVWDQ HOH vQ FDUH DX DYXW ORF DFHVWHD SUHFXP úL RULFH DOWH GDWH GH QDWXU D
VHUYL OD VROX LRQDUHD FDX]HL H[ LGHQWLILFDUHD I SWXLWRUXOXL FDSDFLWDWHD OXL
SVLKRIL]LF XQDOLEL
&DUDFWHUXO GH ÄvPSUHMXUDUH HVHQ LDO ´ HVWH GDW GH HILFLHQ D SUREDWRULH D
DFHVWRUD GH SHUWLQHQ D úL FRQFOXGHQ D ORU vQ FHUFHWDUH úL VROX LRQDUHD FDX]HL
UHVSHFWLYH
,QVWDQ D VXSUHP D GHFLV vQ FRQVHQV FX GRFWULQD F DILUPD LLOH VDX
RPLVLXQLOHPDUWRUXOXLWUHEXLHV VHUHIHUHODvPSUHMXU ULHVHQ LDOH
0DUWRUXO H[SHUWXO VDX LQWHUSUHWXO ÄV IL IRVW vQWUHEDW´ DVXSUD DFHORU
vPSUHMXU UL
&HULQ D HVHQ LDO SULYLWRDUH OD FRQGL LD FD DVXSUD vPSUHMXU ULL HVHQ LDOH
PDUWRUXO H[SHUWXO LQWHUSUHWXO ÄV IL IRVW vQWUHEDW´ FRQVWLWXLH R D GRXD OLPLWDUH D
RELHFWXOXL P UWXULHL PLQFLQRDVH OHJLXLWRUXO UHVWUkQJkQG VIHUD vPSUHMXU ULORU
HVHQ LDOHQXPDLODDFHOHDDVXSUDF URUDVDXSXVvQWUHE UL
ÌQWUHEDUHDSRDWHV SULYHDVF DQXPHvPSUHMXUDUHDHVHQ LDO GDUSRDWHILúLR
vQWUHEDUHPDLJHQHUDO FXUHIHULUHLPSOLFLW ODDFHDvPSUHMXUDUH
8QHRUL HVWH PDL JUHX GH VWDELOLW GDF PDUWRUXO D IRVW VDX QX vQWUHEDW DVXSUD
XQRU vPSUHMXU UL HVHQ LDOH GHRDUHFH GH UHJXO GHSR]L LD PDUWRULORU QX VH
FRQFUHWL]HD] vQWUXQ DFW FXSULQ]kQG vQWUHE UL úL U VSXQVXUL $FHDVW VLWXD LH VH
SRDWHFODULILFDQXPDLSULQH[DPLQDUHDDWHQW DU VSXQVXOXLPDUWRUXOXLFRQVHPQDW
vQ GHFODUD LD GDW 'DF QX YD UH]XOWD F PDUWRUXO D IRVW vQWUHEDW DVXSUD XQRU
1LFROHWD,OLHVFXRSFLWYRO,9S
76VSGQU55'QUSÌQDFHODúLVHQV7M%LKRUGSQU'U
QUSFXQRW GH&RUQHOLX7XULDQX
vPSUHMXU UL HVHQ LDOH DFHVWD QX SRDWH IL WUDV OD U VSXQGHUH SHQDO SHQWUX P UWXULH
PLQFLQRDV
(VWH LQGLIHUHQW GDF vQWUHEDUHD D IRVW SXV GH S U L VDX GH F WUH RUJDQXO
MXGLFLDU
0DUWRUXO H[SHUWXO LQWHUSUHWXO QX V YkUúHúWH LQIUDF LXQHD GH P UWXULH
PLQFLQRDV GHFkWDWXQFLFkQGDPEHOHFHULQ HHVHQ LDOHVXQWvQWUXQLWH
,QIUDF LXQHD GH P UWXULH PLQFLQRDV QX SRDWH IL FRPLV vQ FXUVXO DFWHORU
SUHPHUJ WRDUH $FHDVW LQIUDF LXQH SRDWH IL vQV V YkUúLW vQ WRW FXUVXO SURFHVXOXL
SHQDO DWkW vQ ID D RUJDQHORU GH XUP ULUH SHQDO FkW úL vQ ID D FRPSOHWXOXL GH
MXGHFDW
8UPDUHDLPHGLDW FRQVW vQFUHDUHDXQHLVW ULGHSHULFROSHQWUXGHVI úXUDUHD
QRUPDO DDFWLYLW LLGHvQI SWXLUHDMXVWL LHL
/HJ WXUDGHFDX]DOLWDWHvQWUHDF LXQHDGHDIDFHDILUPD LLPLQFLQRDVHVDXvQWUH
RPLVLXQHD GH D VSXQH WRW FH úWLH úL XUPDUHD LPHGLDW FRQFUHWL]DW vQWUR VWDUH GH
SHULFROWUHEXLHV H[LVWHúLUH]XOW H[UH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LHFXFDUHVHSRDWHFRPLWHDFHDVW LQIUDF LXQHHVWHLQWHQ LD
GLUHFW VDXLQGLUHFW (VWHGHFLVXILFLHQWSHQWUXDUHDOL]DHOHPHQWXOVXELHFWLYDO
LQIUDF LXQLLFDLQIUDFWRUXOV úLGHDVHDPDGHQDWXUDDF LXQLLVDXLQDF LXQLLVDOHúLV
ILSUHY ]XWF SULQDFHDVWDVHSXQHvQSHULFROvQI SWXLUHDQRUPDO DMXVWL LHLUH]XOWDW
SHFDUHODXUP ULWLQWHQ LHGLUHFW VDXODDFFHSWDWLQWHQ LHLQGLUHFW
'DF PDUWRUXOHVWHvQWUHEDWFXSULYLUHODRvPSUHMXUDUHHVHQ LDO úLHORPLWHV
VSXQ WRW FH úWLH vQ OHJ WXU FX DFHD vPSUHMXUDUH IRUPD GH YLQRY LH QX VH SRDWH
PDQLIHVWDGHFkWVXEIRUPDLQWHQ LHLGHRDUHFHDWU JkQGXLVHvQPRGVSHFLDODWHQ LD
DVXSUDvPSUHMXU ULLúLDFDUDFWHUXOXLHLHVHQ LDOPDUWRUXOvúLG VHDPDF QHVSXQkQG
vQWUHJXO DGHY U FUHHD] R VWDUH GH SHULFRO SHQWUX vQI SWXLUHD MXVWL LHL XUPDUH SH
FDUHSRDWHV RGRUHDVF VDXQXPDLV RDFFHSWH
ÌQ GRFWULQ VD H[SULPDW úL S UHUHD F DFHDVW IDSW SHQDO QX SRDWH IL
FRPLV GHFkWFXLQWHQ LHGLUHFW
ÌQFHHDFHSULYHúWHODWXUDVXELHFWLY DLQIUDF LXQLLGHP UWXULHPLQFLQRDV QX
SUH]LQW UHOHYDQ UHDOLWDWHDFLVLQFHULWDWHDFRQYLQJHULLPDUWRUXOXL
*KHRUJKH' UkQJ úL'XPLWUX/XFLQHVFXRSFLWYRO,,SÌQDFHODúLVHQVÌ&&-VSGQU
%XOHWLQXO MXULVSUXGHQ HL &XOHJHUH GH GHFL]LL SH DQXO (GLWXUD $OO %HFN %XFXUHúWL S %XOHWLQXO
&DVD LHL-XULVSUXGHQ 'RFWULQ &RPXQLF UL(GLWXUD$OO%HFN%XFXUHúWLQUS1LFRULQD&ULúX0DJUDRQ
&RQVWDQWLQ &ULúX -XULVSUXGHQ vQ PDWHULH SHQDO D ÌQDOWHL &XU L GH &DVD LH úL -XVWL LH FXU L GH DSHO úL WULEXQDOH
(GLWXUD-XULV$UJHVVLV&XUWHDGH$UJHúS
1LFRODH*URIX&RQVLGHUD LLvQOHJ WXU FXVHVL]DUHDvQFD]XOLQIUDF LXQLLGHP UWXULHPLQFLQRDV V YkUúLWH
vQID DLQVWDQ HLGHMXGHFDW 'UQUS
1LFROHWD ,OLHVFX RS FLW YRO ,9 S ÌQ DFHODúL VHQV *KHRUJKH ' UkQJ úL 'XPLWUX /XFLQHVFX
RS FLW YRO ,, S $YUDP )LOLSDú vQ 2FWDYLDQ /RJKLQ $YUDP )LOLSDú 'UHSW SHQDO 3DUWHD VSHFLDO HGL LH
UHYL]XLW &DVDGHHGLWXU úLSUHV ùDQVD65/%XFXUHúWLS,RQ*KHRUJKLX%U GHW'UHSWSHQDO3DUWHD
VSHFLDO YRO,,(GLWXUD(XURSD1RYD%XFXUHúWLS2FWDYLDQ/RJKLQ7XGRUHO7RDGHU 'UHSWSHQDO
URPkQ3DUWHDVSHFLDO HGL LDD,9DUHY ]XW úLDG XJLW &DVDGHHGLWXU úLSUHV ùDQVD65/%XFXUHúWL
S 1LFRODH &RQHD RS FLW YRO ,, S $OH[DQGUX %RURL *KHRUJKH 1LVWRUHDQX 'UHSW SHQDO 3DUWHD
VSHFLDO HGL LDD,,,D(GLWXUD$OO%HFN%XFXUHúWLS+RULD'LDFRQHVFX'UHSWSHQDO3DUWHDVSHFLDO
YRO ,, HGL LD (GLWXUD $OO %HFN %XFXUHúWL S $YUDP )LOLSDú vQ &RVWLF %XODL $YUDP )LOLSDú
&RQVWDQWLQ0LWUDFKH,QVWLWX LLGHGUHSWSHQDO&XUVVHOHFWLYSHQWUXH[DPHQXOGHOLFHQ (GLWXUD7UHLHGL LDD,,,D
UHYL]XLW úLDG XJLW %XFXUHúWLS
2FWDYLDQ/RJKLQ)RUPDGHYLQRY LHFXFDUHWUHEXLHV YkUúLWHIDSWHOHSUHY ]XWHGHOHJHDSHQDO SHQWUXD
FRQVWLWXLLQIUDF LXQL$8,S
2OLYLX $XJXVWLQ 6WRLFD 'UHSW SHQDO 3DUWH VSHFLDO (GLWXUD 'LGDFWLF úL 3HGDJRJLF %XFXUHúWL
S ÌQ DFHODúL VHQV 0DWHL %DVDUDE vQ 0DWHL %DVDUDE /XFLD 0ROGRYDQ 9DOHU 6XLDQ 'UHSW SHQDO 3DUWHD
VSHFLDO YRO,&OXM1DSRFDS
6 YkUúLUHDIDSWHLGLQFXOS QXVHSHGHSVHúWH
1X VXQW SUHY ]XWH FHULQ H HVHQ LDOH UHIHULWRDUH OD PRELO VDX VFRS GDU
FXQRDúWHUHD ORU HVWH WRWGHDXQD XWLO SHQWUX VWDELOLUHD JUDGXOXL GH SHULFRO VRFLDO
FRQFUHWDOIDSWHLFRPLVHúLODLQGLYLGXDOL]DUHDSHGHSVHL
)RUPH6DQF LXQL
)RUPH 3RVLELOLWDWHD GHVI úXU ULL vQ WLPS D DFWLYLW LL LQIUDF LRQDOH vQ FD]XO
P UWXULHLPLQFLQRDVHGLIHU GXS FXPDF LXQHDFDUHFRQVWLWXLHHOHPHQWXOPDWHULDO
DO LQIUDF LXQLL VH UHDOL]HD] SULQ FRPLVLXQH VDX SULQ RPLVLXQH úL GXS FXP
I SWXLWRUXOHVWHPDUWRUH[SHUWVDXLQWHUSUHW
$FWHOHSUHSDUDWRULLVXQWSRVLELOHGDUQXVXQWvQV LQFULPLQDWH$FHVWHDFWHDU
SXWHDDYHDvQV UHOHYDQ SHQDO GDF DXIRVWFRPLVHGHDOWHSHUVRDQHGHFkWDXWRUXO
úL IDSWD vQ YHGHUHD F UHLD VDX HIHFWXDW VD V YkUúLW H[ VIDWXUL LQGLFD LL VXJHVWLL
HWF
7HQWDWLYD OD LQIUDF LXQHD GH P UWXULH PLQFLQRDV GH DVHPHQHD HVWH XQHRUL
SRVLELO GDUQXFDGHVXELQFLGHQ DOHJLLSHQDOHQHILLQGLQFULPLQDW
0 UWXULD PLQFLQRDV VH FRQVXP vQ PRPHQWXO vQ FDUH VD H[HFXWDW DF LXQHD
VDXLQDF LXQHDFHFRQVWLWXLHHOHPHQWXOPDWHULDODOLQIUDF LXQLLúLVDSURGXVXUPDUHD
LPHGLDW
0RPHQWXOFRQVXP ULLLQIUDF LXQLLGLIHU vQV vQIXQF LHGHVSHFLILFXODF LXQLL
FDUH FRQVWLWXLH HOHPHQWXO PDWHULDO $VWIHO vQ FD]XO vQ FDUH DILUPD LLOH PLQFLQRDVH
VDX RPLVLXQHD GH D VSXQH WRW FH úWLH VH IDF FX RFD]LD DXGLHULL PDUWRUXOXL VDX
DVFXOW ULL H[SHUWXOXL RUL LQWHUSUHWXOXL IDSWD VH FRQVXP vQ PRPHQWXO vQ FDUH
DXGLHUHDVDXDVFXOWDUHDDOXDWVIkUúLWLDUGHSR]L LDDIRVWVHPQDW GHPDUWRUH[SHUW
VDXLQWHUSUHWÌQFD]XOvQWRFPLULLXQXLUDSRUWGHH[SHUWL] VDXvQFD]XOXQHLWUDGXFHUL
VFULVHLQIUDF LXQHDVHFRQVXP vQPRPHQWXOvQFDUHUDSRUWXOVDXWUDGXFHUHDDIRVW
GHSXV ODRUJDQXOFDUHDGLVSXVHIHFWXDUHD
3HQWUX FRQVXPDUHD LQIUDF LXQLL vQ YDULDQWD GH WLS úL DVLPLODW QX VH FHUH
SURGXFHUHDXQHLY W P ULHIHFWLYHQLFLSHQWUXvQI SWXLUHDMXVWL LHLQLFLSHQWUXYUHR
SHUVRDQ IL]LF VDX MXULGLF FRQVXPDUHD ILLQG FRQGL LRQDW QXPDL GH SURGXFHUHD
XQHLVW ULGHSHULFRO1XHVWHGHFLQHFHVDUV VHILSURQXQ DWRKRW UkUHQHGUHDSW
VDX V VH IL GDW R VROX LH QHGUHDSW RUL V VH IL OXDW R P VXU QHGUHDSW FL HVWH
VXILFLHQW H[LVWHQ DSHULFROXOXLGHLQWHUYHQLUHDDFHVWRUD
'XS FRQVXPDUHD LQIUDF LXQLL GH P UWXULH PLQFLQRDV VH SRDWH SURGXFH R
SUHOXQJLUHvQWLPSDDFWLYLW LLLQIUDF LRQDOH$VWIHOvQFD]XOFkQGI SWXLWRUXOIDFHvQ
WHPHLXODFHOHLDúLUH]ROX LLLQIUDF LRQDOHPDLPXOWHGHFODUD LLPLQFLQRDVHvQDFHHDúL
FDX] FXSULYLUHODDFHHDúLIDSW vQGLIHULWHVWDGLLDOHSURFHVXOXLH[LVW RVLQJXU
LQIUDF LXQH V YkUúLW vQ IRUP FRQWLQXDW FDUH VH HSXL]HD] RGDW FX V YkUúLUHD
XOWLPXOXLDFWvQUHDOL]DUHDDFHVWHLUH]ROX LL
6DQF LXQL0 UWXULDPLQFLQRDV VHSHGHSVHúWHFXvQFKLVRDUHDGHODODDQL
ÌQ DPEHOH LSRWH]H GH LQFULPLQDUH ± DOLQ úL SHUVRDQD MXULGLF VH
VDQF LRQHD] FXDPHQGDvQWUHOHLúLOHLSRWULYLWDUW&SHQ
&DX] GHQHSHGHSVLUHVDXGHUHGXFHUHDSHGHSVHL
)DSWD SUHY ]XW vQ DOLQ QX VH SHGHSVHúWH GDF vQ FDX]HOH SHQDOH PDL
vQDLQWHGHDVHSURGXFHDUHVWDUHDLQFXOSDWXOXLRULvQWRDWHFD]XULOHPDLvQDLQWHGHD
7M%LKRUGSQU'UQUSFXQRW GH&RUQHOLX7XULDQX
ÌQ DFHODúL VHQV 76 VS G QU 5 S 76 VS G QU 55' QU
S 76 VS G QU 55' QU S 76 VS G QU 55' QU
S76VSGQU5,,SÌ&&-VSGQU%XOHWLQXO&DVD LHL-XULVSUXGHQ
'RFWULQ &RPXQLF UL(GLWXUD&+%HFN%XFXUHúWLQUS
VH IL SURQXQ DW R KRW UkUH VDX GH D VH IL GDW R DOW VROX LH FD XUPDUH D P UWXULHL
PLQFLQRDVHPDUWRUXOvúLUHWUDJHP UWXULD
'DF UHWUDJHUHD P UWXULHL D LQWHUYHQLW vQ FDX]HOH SHQDOH GXS FH VD SURGXV
DUHVWDUHDLQFXOSDWXOXLVDXvQWRDWHFDX]HOHGXS FHVDSURQXQ DWRKRW UkUHVDXVD
GDW R DOW VROX LH FD XUPDUH D P UWXULHL PLQFLQRDVH LQVWDQ D YD UHGXFH SHGHDSVD
SRWULYLWDUW&SHQ
1XLQWHUHVHD] GDF UHWUDFWDUHDHVWHVLQFHU VDXQX
,QVWDQ D VXSUHP D VWDWXDW F GLVSR]L LD GLQ DUW DOLQ & SHQ FD
P UWXULDPLQFLQRDV V ILHUHWUDV vQDLQWHDDUHVW ULLLQFXOSDWXOXLVHUHIHU ODVLWXD LD
FkQGDUHVWDUHDVDGLVSXVFDXUPDUHDP UWXULHLPLQFLQRDVHLDUQXODVLWXD LDFkQG
P UWXULDPLQFLQRDV DIRVWvQIDYRDUHDLQFXOSDWXOXLQHDYkQGOHJ WXU FXDUHVWDUHD
XOWHULRDU DDFHVWXLD
$FHVWHFDX]HGHLPSXQLWDWHúLGHUHGXFHUHDSHGHSVHLDXFDUDFWHUSHUVRQDOúL
QXGHYLQLQFLGHQWHGHFkWSHQWUXFHOFDUHDI FXWUHWUDFWDUHDvQFRQGL LLOHDU WDWHGH
OHJH
3ULQGLVSR]L LDGLQDUWDOLQ&SHQVHGHURJ GHODUHJXODJHQHUDO
SUHY ]XW vQ DUW DOLQ OLW E & SHQ SRWULYLW F UHLD vQO WXUDUHD UH]XOWDWXOXL
LQIUDF LXQLLSRDWHFRQVWLWXLRFLUFXPVWDQ DWHQXDQW
3ULQÄSURGXFHUHDDUHVW ULL´VHvQ HOHJHSXQHUHDHIHFWLYvQVWDUHGHDUHVWLDUQX
GLVSXQHUHDDUHVW ULLLDUSULQÄKRW UkUH´VHvQ HOHJHDFWXOMXULVGLF LRQDOSULQFDUHVH
VWDWXHD] DVXSUDIRQGXOXLFDX]HLvQSULP LQVWDQ
5HWUDJHUHD P UWXULHL PLQFLQRDVH WUHEXLH I FXW vQ FDGUXO DFHOHLDúL FDX]H vQ
FDUH D IRVW I FXW GHFODUD LD PLQFLQRDV GHFL FkW WLPS DFHDVW FDX] QX D IRVW
GHILQLWLY MXGHFDW VDX VROX LRQDW GHRDUHFH GXS DFHVW PRPHQW QX VH PDL SRDWH
YRUELGHRUHWUDJHUHDP UWXULHL
'HFODUD LD PDUWRUXOXL H[SHUWXOXL VDX LQWHUSUHWXOXL I FXW vQ SURFHVXO SHQDO
SRUQLW vPSRWULYD VD SHQWUX LQIUDF LXQHD GH P UWXULH PLQFLQRDV F vQWUDGHY U D
I FXWDILUPD LLPLQFLQRDVHQXDUHFDUDFWHUXOGHÄUHWUDJHUHDP UWXULHL´UHVSHFWLYD
H[SHUWL]HL VDX LQWHUSUHW ULL PLQFLQRDVH FL GH UHFXQRDúWHUH D FRPLWHULL LQIUDF LXQLL
LPSXWDWH$FHDVWDSRDWHFRQVWLWXLHYHQWXDORvPSUHMXUDUHDWHQXDQW IDFXOWDWLY FDUH
FDUDFWHUL]HD] DWLWXGLQHDSHUVRDQHLFDvQYLQXLWúLQXDWLWXGLQHDVDFDPDUWRUH[SHUW
VDXLQWHUSUHW
Ì1&(5&$5($'($'(7(50,1$0 5785,$0,1&,12$6
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDODODFHVWHLIDSWHSHQDOHvOFRQVWLWXLHUHOD LLOHVRFLDOHD
F URUH[LVWHQ HVWHRFURWLW SULQDS UDUHDDFWLYLW LLGHQRUPDO vQI SWXLUHDMXVWL LHL
vPSRWULYD DF LXQLORU GH FRQVWUkQJHUH VDX FRUXSHUH D PDUWRULORU H[SHU LORU VDX
LQWHUSUH LORUvQFDX]HOHSHQDOHFLYLOHGLVFLSOLQDUHVDXDOWHFDX]HvQFDUHDFHúWLDVXQW
FKHPD LVDXQXPL L
2ELHFWXO PDWHULDO ÌQFHUFDUHD GH D GHWHUPLQD P UWXULD PLQFLQRDV DUH XQ
RELHFW PDWHULDO QXPDL vQ LSRWH]D vQ FDUH DF LXQHD LQFULPLQDW VDU UHDOL]D SULQ
FRQVWUkQJHUH IL]LF FD] vQ FDUH RELHFWXO PDWHULDO YD IL FRUSXOSHUVRDQHLVXSXVHOD
DFHDVW FRQVWUkQJHUH
&6-VSGQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSH
DQXO(GLWXUD$//%HFN%XFXUHúWLS1LFRULQD&ULúX0DJUDRQ&RQVWDQWLQ&ULúXRSFLW
S
1LFROHWD,OLHVFXRSFLWYRO,9S
ÌQ FHOHODOWH FD]XUL DFWLYLWDWHD LQIUDF LRQDO QHHIHFWXkQGXVH PDWHULDO DVXSUD
XQXLOXFUXEXQVDXSHUVRDQ QXH[LVW RELHFWPDWHULDO
%DQLL VDX DOWH EXQXUL RIHULWH vQ VFRSXO GHWHUPLQ ULL SHUVRDQHL OD V YkUúLUHD
P UWXULHLPLQFLQRDVHFRQVWLWXLHPLMORFXOIRORVLWODFRPLWHUHDIDSWHLGHvQFHUFDUHD
GHWHUPLQ ULLP UWXULHLPLQFLQRDVH
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUDODFHVWHLLQIUDF LXQLSRDWHILRULFHSHUVRDQ
IL]LF FHvQGHSOLQHúWHFRQGL LLOHJHQHUDOHSHQWUXDU VSXQGHSHQDO
'HUHJXO IDSWDDQDOL]DW VHFRPLWHGHRSHUVRDQ FDUHHVWHSDUWHvQFDX]DvQ
FDUHVHDXGLD] PDUWRUXOVDXVHHIHFWXHD] RH[SHUWL] RULVDUHFXUVODXQLQWHUSUHW
6XELHFWDFWLYDODFHVWHLLQIUDF LXQLSRDWHILúLRSHUVRDQ MXULGLF vQFRQGL LLOH
úLFXOLPLW ULOHSUHY ]XWHvQDUW&SHQ
3DUWLFLSD LDSHQDO HVWHSRVLELO vQWRDWHIRUPHOHVDOHFRDXWRUDWLQVWLJDUHVDX
FRPSOLFLWDWH3HUVRDQDFDUHDGHWHUPLQDWSHRDOW SHUVRDQ V vQFHUFHV GHWHUPLQH
SHXQPDUWRUH[SHUWLQWHUSUHWV V YkUúHDVF LQIUDF LXQHDGHP UWXULHPLQFLQRDV
HVWHLQVWLJDWRUODLQIUDF LXQHDSUHY ]XW vQDUW&SHQ
6XELHFWXO SDVLY HVWH H[FOXVLY VWDWXO FD WLWXODU DO YDORULL VRFLDOH RFURWLWH ±
ÄvQI SWXLUHDMXVWL LHL´DPHQLQ DW vQQRUPDODVDGHVI úXUDUH
)DSWD SUHY ]XW vQ DUW & SHQ QX SRDWH DYHD úL XQ VXELHFW SDVLY
VHFXQGDUGHRDUHFHGXS FXPDPY ]XWFRQGL LDSULQFLSDO DH[LVWHQ HLLQIUDF LXQLL
GH vQFHUFDUH GH D GHWHUPLQD P UWXULD PLQFLQRDV HVWH FD vQFHUFDUHD V QX IL
UHXúLW
ÌQWUR DOW RSLQLH VD VXV LQXW F SHUVRDQD DVXSUD F UHLD VD H[HUFLWDW
DF LXQHDDJHQWXOXLHVWHVXELHFWSDVLYDGLDFHQW
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO DO LQFULPLQ ULL FRQVW vQ DF LXQHD GH ÄD vQFHUFD
GHWHUPLQDUHD´XQHLSHUVRDQHV GHDGHFODUD LLPLQFLQRDVHV HIHFWXH]HS UWLQLWRUR
H[SHUWL] VDXRLQWHUSUHWDUHLQFRUHFW vQWURFDX] SHQDO FLYLO GLVFLSOLQDU VDXvQ
RULFHDOW FDX] vQFDUHVHDVFXOW PDUWRUL
)DSWDSUHY ]XW vQDUW&SHQHVWHSULQXUPDUHRLQIUDF LXQHFRPLVLY DO
F UHLHOHPHQWPDWHULDOVHSRDWHUHDOL]DQXPDLSULQDF LXQL
ÌQFHUFDUHD GH D GHWHUPLQD R SHUVRDQ FRQVWLWXLQG R WHQWDWLY LPSOLF
QHL]EXWLUHGHFLRDF LXQHI U UH]XOWDWXOVFRQWDWGHI SWXLWRU$FHDVW vQFHUFDUHGH
GHWHUPLQDUHSUHVXSXQHQXQXPDLFDIDSWDSHQDO ODV YkUúLUHDF UHLDVDvQFHUFDWV
VHGHWHUPLQHRSHUVRDQ V QXVHILFRPLVGDUQLFLFDGHWHUPLQDUHDDFHOHLSHUVRDQH
V QXILDYXWORF
)DSWDGHDvQFHUFDGHWHUPLQDUHDODP UWXULHPLQFLQRDV QXWUHEXLHFRQIXQGDW
FXGHWHUPLQDUHDLQVWLJDUHDODDFHDVW LQIUDF LXQH
'HWHUPLQDUHD XQHL SHUVRDQH PDUWRU H[SHUW LQWHUSUHW V V YkUúHDVF
LQIUDF LXQHD GH P UWXULH PLQFLQRDV FRQVWLWXLH R LQVWLJDUH DUW & SHQ
VDQF LRQDW SRWULYLWGLVSR]L LLORUGLQDUW&SHQ
1LFROHWD ,OLHVFX vQ 9LQWLO 'RQJRUR] 6LHJIULHG .DKDQH ,RQ 2DQFHD ,RVLI )RGRU 1LFROHWD ,OLHVFX
&RQVWDQWLQ %XODL 5RGLFD 6W QRLX 9LFWRU 5RúFD ([SOLFD LL WHRUHWLFH DOH &RGXOXL SHQDO URPkQ 3DUWHD VSHFLDO
YRO,9(GLWXUD$FDGHPLHL5RPkQH%XFXUHúWLS
$YUDP)LOLSDú,QIUDF LXQLFRQWUDvQI SWXLULLMXVWL LHL(GLWXUD$FDGHPLHL%XFXUHúWLSÌQDFHODúL
VHQV *KHRUJKH 1LVWRUHDQX 9DVLOH 'REULQRLX $OH[DQGUX%RURL,OLH3DVFX,RDQ0ROQDU9DOHULF /D] U'UHSW
SHQDO 3DUWHD VSHFLDO (GLWXUD (XURSD 1RYD %XFXUHúWL S 1LFRODH &RQHD vQ 9DVLOH 'REULQRLX
1LFRODH &RQHD &LSULDQ 5DXO 5RPL DQ &DPLO 7 Q VHVFX 1RUHO 1HDJX 0D[LP 'REULQRLX 'UHSW SHQDO 3DUWHD
VSHFLDO YRO,,/XPLQD/H[%XFXUHúWLS
1LFROHWD,OLHVFXRSFLWYRO,9S
ÌQFHUFDUHDGHGHWHUPLQDUHHVWHGLQFRQWU RLQVWLJDUHFXUH]XOWDWQHJDWLYQX
VD UHXúLW V VH RE LQ GHWHUPLQDUHD PDUWRUXOXL H[SHUWXOXL LQWHUSUHWXOXL OD
V YkUúLUHDIDSWHLGHP UWXULHPLQFLQRDV DGLF RWHQWDWLY GHLQVWLJDUHFDUHI U
LQFULPLQDUHDVSHFLDO GLQDUW&SHQQXDUILVDQF LRQDW
'HDFHHDGDF vQFHUFDUHDGHDGHWHUPLQDP UWXULDPLQFLQRDV DIRVWXUPDW
GH V YkUúLUHD P UWXULHL PLQFLQRDV GH F WUH SHUVRDQD DVXSUD F UHLD VD vQFHUFDW
GHWHUPLQDUHD IDSWD QX PDL FRQVWLWXLH LQIUDF LXQHD GH vQFHUFDUHD GHWHUPLQ ULL
P UWXULHLPLQFLQRDVHFLFRQVWLWXLHLQVWLJDUHODLQIUDF LXQHDGHP UWXULHPLQFLQRDV
ÌQSUDFWLFDMXGLFLDU VDGHFLVF QXH[LVW LQIUDF LXQHDSUHY ]XW vQDUW
& SHQ FL LQVWLJDUH OD P UWXULH PLQFLQRDV GDF PDUWRULL GHWHUPLQD L V IDF
P UWXULLPLQFLQRDVHDXGHFODUDWQHDGHY UDWvQID DLQVWDQ HL
&RQGL LDFHUXW GHOHJHHVWHSULQXUPDUHV H[LVWHXQDGLQWUHDFHVWHFDX]HvQ
FXUV GH FHUFHWDUH VDX vQ FXUV GH VROX LRQDUH GXS FD] I U V ILH QHYRLH FD OD
LQIUDF LXQHDGHP UWXULHPLQFLQRDV V ILOXDWQDúWHUHXQUDSRUWVSHFLDOSURFHVXDO
vQWUH RUJDQHOH FDUH FHUFHWHD] VDX VROX LRQHD] FDX]D úL SHUVRDQD ID GH FDUH VH
vQFHDUF GHWHUPLQDUHD OD V YkUúLUHD LQIUDF LXQLL GH P UWXULH PLQFLQRDV DGLF QX
HVWH QHFHVDU FD DFHDVW SHUVRDQ V DLE FDOLWDWHD SURFHVXDO GH PDUWRU H[SHUW
LQWHUSUHW
7HUPHQLL ÄFDX] SHQDO ´ ÄFDX] FLYLO ´ ÄFDX] GLVFLSOLQDU ´úLÄDOW FDX]
vQFDUHVHDVFXOW PDUWRUL´DXDFHODúLvQ HOHVFXFHODU WDWODFRPHQWDULXOLQIUDF LXQLL
GHP UWXULHPLQFLQRDV
&HULQ HHVHQ LDOH
ÌQFHUFDUHDGHDGHWHUPLQDP UWXULDPLQFLQRDV WUHEXLHV VHHIHFWXH]HSULQ
FRQVWUkQJHUHVDXFRUXSHUH
ÌQFHUFDUHD GH D GHWHUPLQD R SHUVRDQ SULQ DOWH PLMORDFH GH H[ SULQ
UXJ PLQ LVROLFLW ULUHFRPDQG ULQXSRDWHvQGHSOLQLFHULQ DHVHQ LDO SUHY ]XW vQ
FRQ LQXWXOQRUPHLGHLQFULPLQDUHDQDOL]DW
$ vQFHUFD GHWHUPLQDUHD SULQ ÄFRQVWUkQJHUH´ vQVHDPQ D VLOL D REOLJD R
SHUVRDQ V DFFHSWHvQPRGIRU DWV YkUúLUHDIDSWHLGHP UWXULHPLQFLQRDV SHFDUH
GHEXQ YRLHQXDUIDFHR
&RQVWUkQJHUHD WUHEXLH V ILH GH QDWXU D SULOHMXL R VWDUH GH WHPHUH VXE
VW SkQLUHDF UHLDOLEHUWDWHDSVLKLF DSHUVRDQHLVXSXVHDF LXQLLGHFRQVWUkQJHUHHVWH
VLOXLW
&RQVWUkQJHUHDVHSRDWHH[HUFLWDSULQYLROHQ PDWHULDO FRQVWUkQJHUHIL]LF ±
YLVDEVROXWDVDXSULQDPHQLQ DUHFRQVWUkQJHUHPRUDO ±YLVFRPSXOVLYD
ÌQ FD]XO FkQG DF LXQHD GH FRQVWUkQJHUH IL]LF vQWUXQHúWH úL HOHPHQWHOH
LQIUDF LXQLLGHORYLUHVDXDOWHYLROHQ HVDXGHY W PDUHFRUSRUDO DUW±
YD H[LVWD XQ FRQFXUV GH LQIUDF LXQL vQWUH DFHVWH LQIUDF LXQL úL vQFHUFDUHD GH D
GHWHUPLQDP UWXULDPLQFLQRDV
ÌQLSRWH]DvQFDUHIDSWDVHFRPLWHSULQDPHQLQ DUHFRQVWUkQJHUHSVLKLF QX
VH SRDWH UH LQH vQ FRQFXUV FX vQFHUFDUHD GH D GHWHUPLQD P UWXULD PLQFLQRDV úL
DPHQLQ DUHDVDXúDQWDMXO
$vQFHUFDGHWHUPLQDUHDP UWXULHLPLQFLQRDVHVDXQHGHSXQHUHDP UWXULHLSULQ
ÄFRUXSHUH´vQVHDPQ DRIHULVDXSURPLWHEDQLVDXDOWHEXQXULRULIRORDVH
76VSGQU55'QUSÌQVHQVFRQWUDU7M*RUMGSQU55'
QUSFXQRWHGH9DVLOH2SURLX0DUWLQLDQ9kWF
76 VS G QU 55' QU S ÌQ DFHODúL VHQV 1LFROHWD ,OLHVFX RS FLW YRO ,9
S 2OLYLX $XJXVWLQ 6WRLFD 'UHSW SHQDO 3DUWH VSHFLDO (GLWXUD 'LGDFWLF úL 3HGDJRJLF %XFXUHúWL
SÌQVHQVFRQWUDU1LFRODH&RQHDRSFLWYRO,,S
1LFROHWD,OLHVFXRSFLWYRO,9S
$YUDP)LOLSDúRSFLWS
(VWHLQGLIHUHQWGDF RIHUWDVDXSURPLVLXQHDDIRVWUHVSLQV VDXDFFHSWDW GLQ
PRPHQWFHvQFHUFDUHDGHGHWHUPLQDUHDU PDVI U UH]XOWDW
3HUVRDQDID GHFDUHHVWHvQGUHSWDW DF LXQHDGHvQFHUFDUHGHDGHWHUPLQD
P UWXULD PLQFLQRDV VDX GH QHGHSXQHUH D XQHL P UWXULL WUHEXLH V DLE XQD GLQ
XUP WRDUHOHFDOLW LV ILHPDUWRUH[SHUWVDXLQWHUSUHWvQWURFDX] SHQDO FLYLO
GLVFLSOLQDU VDXvQWURDOW FDX] vQFDUHVHSRWIRORVLDFHVWHPLMORDFHGHSURE
3HQWUX vQGHSOLQLUHD DFHVWHL FHULQ H HVHQ LDOH QX HVWH QHFHVDU FD DFHVWH
SHUVRDQH V DLE FDOLWDWHD SURFHVXDO GH PDUWRU H[SHUW VDX LQWHUSUHW vQ PRPHQWXO
FkQG VH H[HUFLW DF LXQHD GH vQFHUFDUH SULQ FRQVWUkQJHUH VDX FRUXSHUH ILLQG
VXILFLHQWFDDXWRUXOvQFHUF ULLGHDGHWHUPLQDV FXQRDVF IDSWXOF SHUVRDQDSXWHD
ILFKHPDW V GHSXQ P UWXULHVDXF YDILvQV UFLQDW FDH[SHUWFXHIHFWXDUHDXQHL
H[SHUWL]HRULFDLQWHUSUHWSHQWUXDQXPLWHWUDGXFHUL
7HUPHQLL ÄH[SHUW´ úL ÄLQWHUSUHW´ DX XQ VHQV PDL ODUJ GHFkW FHO DU WDW OD
P UWXULHPLQFLQRDV úLDQXPHDFHODGHSHUVRDQHDELOLWDWHFDH[SHUWVDXLQWHUSUHWúL
QX VHQVXO GH FDOLWDWH SURFHVXDO SH FDUH R SULPHVF vQ PRPHQWXO QXPLULL ORU vQ
FDX]
8UPDUHDLPHGLDW FRQVW vQWRWGHDXQDvQFUHDUHDXQHLVW ULGHSHULFROSHQWUX
GHVI úXUDUHD QRUPDO D DFWLYLW LL GH vQI SWXLUH D MXVWL LHL úL GHFL SHQWUX UHOD LLOH
VRFLDOHDF URURFURWLUHHVWHDVLJXUDW SULQDS UDUHDDFHVWHLDFWLYLW L
/HJ WXUD GH FDX]DOLWDWH vQWUH DF LXQHD FRPLV GH DJHQW úL XUPDUHD LPHGLDW
WUHEXLHV H[LVWHúLUH]XOW H[UH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH ÌQFHUFDUHD GH D GHWHUPLQD P UWXULD PLQFLQRDV ILLQG R
WHQWDWLY VSHFLDOLQFULPLQDW úLFXPRULFHWHQWDWLY LPSOLF H[LVWHQ DXQHLLQWHQ LL
vQGUHSWDWHVSUHXQDQXPHUH]XOWDWLQIUDF LXQHDDQDOL]DW QXVHSRDWHV YkUúLGHFkW
FXLQWHQ LHúLDFHDVWDQXPDLvQPRGDOLWDWHDLQWHQ LHGLUHFW DGLF I SWXLWRUXOWUHEXLH
V ILSUHY ]XWF SULQIDSWDVDVDUSXWHDSXQHvQSHULFROvQI SWXLUHDMXVWL LHLúLV IL
XUP ULWDQXPHDFHVWUH]XOWDW
ÌQGRFWULQ VDH[SULPDWúLRSLQLDF DFHDVW LQIUDF LXQHVHSRDWHFRPLWHFX
LQWHQ LH GLUHFW VDX LQGLUHFW ÌQ DFHDVW YL]LXQH VH VXV LQH F GH UHJXO IDSWD
LQFULPLQDW VH FRPLWH FX LQWHQ LH LQGLUHFW I SWXLWRUXO XUP ULQG VDWLVIDFHUHD XQXL
LQWHUHVSHUVRQDOVDXOH]DUHDLQWHUHVHORUXQHLWHU HSHUVRDQHILLQGXLLQGLIHUHQWGDF
SULQDFHDVWDVHDGXFHDWLQJHUHúLSURFHVXOXLGHvQI SWXLUHDOMXVWL LHLGDUDFFHSWkQG
úLSRVLELOLWDWHDSURGXFHULLXQXLDVHPHQHDUH]XOWDW
1LFROHWD,OLHVFXRSFLWYRO,9S
1LFROHWD ,OLHVFX RS FLW YRO ,9 S ÌQ DFHODúL VHQV 2OLYLX $XJXVWLQ 6WRLFD 'UHSW SHQDO 3DUWH
VSHFLDO (GLWXUD 'LGDFWLF úL 3HGDJRJLF %XFXUHúWL S*KHRUJKH' UkQJ úL'XPLWUX/XFLQHVFXvQ
7HRGRU 9DVLOLX 'RUX 3DYHO *HRUJH $QWRQLX ùWHIDQ 'DQHú *KHRUJKH ' UkQJ 'XPLWUX /XFLQHVFX 9DVLOH
3DSDGRSRO 'XPLWUX & 3RSHVFX 9LUJLO 5 PXUHDQX &RGXO SHQDO URPkQ FRPHQWDW úL DGQRWDW 3DUWHD VSHFLDO
YRO ,, (GLWXUD ùWLLQ LILF úL (QFLFORSHGLF %XFXUHúWL S 0DWHL %DVDUDE vQ 0DWHL %DVDUDE /XFLD
0ROGRYDQ9DOHU6XLDQ'UHSWSHQDO3DUWHDVSHFLDO YRO,&OXM1DSRFDS,RQ*KHRUJKLX%U GHW
'UHSWSHQDO3DUWHDVSHFLDO YRO,,(GLWXUD(XURSD1RYD%XFXUHúWLS*KHRUJKH1LVWRUHDQX9DVLOH
'REULQRLX$OH[DQGUX%RURL,OLH3DVFX,RDQ0ROQDU9DOHULF /D] URSFLWS,RDQD9DVLX'UHSWSHQDO
URPkQSDUWHDVSHFLDO YRO,,(GLWXUD$OEDVWU &OXM1DSRFDS2FWDYLDQ/RJKLQ7XGRUHO7RDGHU
'UHSW SHQDO URPkQ 3DUWHD VSHFLDO HGL LD D ,9D UHY ]XW úL DG XJLW &DVD GH HGLWXU úL SUHV ùDQVD 65/
%XFXUHúWL S 1LFRODH &RQHD RS FLW YRO ,, S $OH[DQGUX %RURL *KHRUJKH 1LVWRUHDQX 'UHSW
SHQDO3DUWHDVSHFLDO HGL LDD,,,D(GLWXUD$OO%HFN%XFXUHúWLS+RULD'LDFRQHVFX'UHSWSHQDO
3DUWHDVSHFLDO YRO,,HGL LD(GLWXUD$OO%HFN%XFXUHúWLS
$YUDP )LOLSDú RS FLW S ÌQ DFHODúL VHQV$YUDP)LOLSDúvQ2FWDYLDQ/RJKLQ$YUDP)LOLSDú 'UHSW
SHQDO 3DUWHD VSHFLDO HGL LH UHYL]XLW &DVD GH HGLWXU úL SUHV ùDQVD 65/ %XFXUHúWL S $YUDP
)LOLSDú vQ &RVWLF %XODL $YUDP )LOLSDú &RQVWDQWLQ 0LWUDFKH ,QVWLWX LL GH GUHSW SHQDO &XUV VHOHFWLY SHQWUX
H[DPHQXOGHOLFHQ (GLWXUDWUHLHGL LDD,,,DUHYL]XLW úLDG XJLW %XFXUHúWLS
6 YkUúLUHDIDSWHLGLQFXOS QXHVWHGHFLSRVLELO
1XVXQWSUHY ]XWHFHULQ HHVHQ LDOHUHIHULWRDUHODPRELOVDXVFRS0RELOXOúL
VFRSXOQXLQWHUHVHD] SHQWUXH[LVWHQ DLQIUDF LXQLLFLGRDUSHQWUXVWDELOLUHDJUDGXOXL
GHSHULFROVRFLDOFRQFUHWDOIDSWHLFRPLVHGHDJHQWúLODLQGLYLGXDOL]DUHDSHGHSVHL
)RUPH6DQF LXQL
)RUPH ÌQFHUFDUHD GH D GHWHUPLQD P UWXULD PLQFLQRDV ILLQG R LQIUDF LXQH
FRPLVLY úLGHLQWHQ LHV YkUúLUHDHLHVWHVXVFHSWLELO GHID]DDFWHORUSUHSDUDWRULL
GDUDFHDVW ID] QXHVWHLQFULPLQDW $FWHOHSUHSDUDWRULLSRWILvQV SHGHSVLWHFDDFWH
GHSDUWLFLSD LHvQFD]XOvQFDUHVXQWFRPLVHGHDOWHSHUVRDQHGHFkWDXWRUXOúLIDSWD
vQYHGHUHDF UHLDVDXHIHFWXDWVDV YkUúLW
'HúL DFHDVW IDSW FRQVW vQWUR WHQWDWLY FDUH HVWH vQV FRQVLGHUDW
LQIUDF LXQHGHVLQHVW W WRDUHWHQWDWLYDHLHVWHSRVLELO GDUQXHVWHSHGHSVLW
)LLQG R LQIUDF LXQH GH SHULFRO DFHDVWD VH FRQVXP vQ PRPHQWXO vQ FDUH VD
V YkUúLW DF LXQHD GH FRQVWUkQJHUH VDX GH FRUXSHUH SULQ FDUH VD vQFHUFDW
GHWHUPLQDUHDODP UWXULHPLQFLQRDV
$FWLYLWDWHD LQIUDF LRQDO SRDWH FRQWLQXD úL GXS FRQVXPDUHD LQIUDF LXQLL
$VWIHO DFWHOH UHSHWDWH SULQ FDUH VH vQFHDUF GHWHUPLQDUHD V YkUúLWH vQ UHDOL]DUHD
DFHOHLDúLUH]ROX LLLQIUDF LRQDOHFRQVWLWXLHRLQIUDF LXQHXQLF vQIRUPDFRQWLQXDW
FDUHVHHSXL]HD] vQPRPHQWXOXOWLPXOXLDFWSULQFDUHVHvQFHDUF GHWHUPLQDUHD
6DQF LXQLÌQFHUFDUHDGHDGHWHUPLQDP UWXULDPLQFLQRDV DWkWvQYDULDQWDGH
WLSDLQFULPLQ ULLFkWúLvQYDULDQWDDVLPLODW DDFHVWHLDVHSHGHSVHúWHFXvQFKLVRDUH
VWULFW GHODOXQLODDQLVDXFXDPHQG
3HUVRDQD MXULGLF VH VDQF LRQHD] FX DPHQGD FXSULQV vQWUH OHL úL
OHLSRWULYLWDUWDOLQ&SHQ
Ì03,(',&$5($3$57,&,3 5,,/$352&(6
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDOSULQFLSDOvOFRQVWLWXLHUHOD LLOHVRFLDOHFDUHVHQDVFúL
VH GH]YROW vQ OHJ WXU FX EXQD vQI SWXLUH D DFWLYLW LL MXGLFLDUH úL FX SUHYHQLUHD
DFWHORUGHvPSLHGLFDUHDSDUWLFLS ULLODSURFHVDXQRUSHUVRDQH
ÌQ VHFXQGDU SULQ DFHDVW LQFULPLQDUH VXQW RFURWLWH úL UHOD LLOH VRFLDOH
SULYLWRDUH OD LQWHJULWDWHD V Q WDWHD VDX OLEHUWDWHD SHUVRDQHL DVXSUD F UHLD VXQW
vQGUHSWDWHPLMORDFHOHGHFRQVWUkQJHUHIL]LF VDXSVLKLF SHQWUXDILvPSLHGLFDW V
SDUWLFLSHODSURFHV
2ELHFWXO PDWHULDO ([LVWHQ D VDX QRQH[LVWHQ D RELHFWXOXL PDWHULDO DO DFHVWHL
LQIUDF LXQL GLIHU GXS LSRWH]D GH LQFULPLQDUH vQ FDUH QH VLWX P $VWIHO
vPSLHGLFDUHD SDUWLFLS ULL vQ SURFHV DWXQFL FkQG VH UHDOL]HD] SULQ DJUHVLXQL IL]LFH
YLROHQ DUH XQ RELHFW PDWHULDO FDUH FRQVW vQ FRUSXO SHUVRDQHORU DVXSUD F URUD
VDXHIHFWXDWDFHVWHDFWLYLW L
2ELHFWXOPDWHULDOOLSVHúWHvQV DWXQFLFkQGIDSWDLQFULPLQDW VHUHDOL]HD] SULQ
DOWHPLMORDFHGHFRQVWUkQJHUHGHFkWFHOHIL]LFH
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUSRDWHILRULFHSHUVRDQ IL]LF FHvQGHSOLQHúWH
FRQGL LLOHJHQHUDOHSHQWUXDU VSXQGHSHQDO
1LFROHWD,OLHVFXRSFLWYRO,9S
&RQVWDQWLQ 'XYDF vQ *KHRUJKH 'LDFRQHVFX &RQVWDQWLQ 'XYDF 'UHSW SHQDO 3DUWHD VSHFLDO 1RXO &RG
SHQDO&XUVXQLYHUVLWDUYRO,,(GLWXUD)XQGD LHL5RPkQLDGH0kLQH%XFXUHúWLS
6XELHFWDFWLYDODFHVWHLLQIUDF LXQLSRDWHILúLRSHUVRDQ MXULGLF FXOLPLW ULOH
úLvQFRQGL LLOHSUHY ]XWHvQDUWDOLQ&SHQ
3DUWLFLSD LD SHQDO HVWH SRVLELO VXE WRDWH IRUPHOH VDOH FRDXWRUDW LQVWLJDUH
VDXFRPSOLFLWDWH
6XELHFWXO SDVLY SULQFLSDO DO vPSLHGLF ULL SDUWLFLS ULL vQ SURFHV HVWH VWDWXO FD
WLWXODUDOYDORULORURFURWLWHGHOHJH
6XELHFWXO SDVLY VHFXQGDU HVWH FLUFXPVWDQ LDW GH WH[W úL QX SRDWH IL GHFkW XQ
PDUWRUH[SHUWLQWHUSUHWVDXDS U WRUDGLF SHUVRDQDvPSLHGLFDW V SDUWLFLSHvQWUR
FDX] SHQDO FLYLO GLVFLSOLQDU VDXvQRULFHFDX] vQFDUHVXQWVROLFLWD LPDUWRUL
H[SHU LLQWHUSUH LVDXDS U WRUL
6XELHF L SDVLYL VHFXQGDUL DL DFHVWHL LQFULPLQ UL SRW IL úL VR XO VDX R UXG
DSURSLDW DDFHVWRUD
&DOLWDWHDGHÄVR ´HVWHGHWHUPLQDW GHH[LVWHQ DF V WRULHLYDODELOvQFKHLDWHúL
QHGHVI FXWH SkQ vQ PRPHQWXO V YkUúLULL IDSWHL GH vPSLHGLFDUHD SDUWLFLS ULL vQ
SURFHVFKLDUGDF VR LLHUDXGHVS U L LvQIDSW
Ä5XGH DSURSLDWH´ SRWULYLW GLVSR]L LHL H[SOLFDWLYH GLQ DUW DOLQ
&SHQVXQWDVFHQGHQ LLúLGHVFHQGHQ LLIUD LLúLVXURULOHFRSLLLDFHVWRUDSUHFXPúL
SHUVRDQHOHGHYHQLWHSULQDGRS LHSRWULYLWOHJLLDVWIHOGHUXGH
'LVSR]L LLOH GLQ OHJHD SHQDO SULYLWRDUH OD UXGH DSURSLDWH vQ OLPLWHOH
SUHY ]XWH GH DOLQ VH DSOLF vQ FD] GH DGRS LH FX HIHFWH GHSOLQH SHUVRDQHL
DGRSWDWH FkW úL GHVFHQGHQ LORU DFHVWHLD úL vQ UDSRUW FX UXGHOH ILUHúWL LDU vQ FD] GH
DGRS LHFXHIHFWHUHVWUkQVHDGRSWDWXOXLFkWúLGHVFHQGHQ LORUDFHVWXLDúLvQUDSRUWFX
UXGHOHDGRSWDWRUXOXL
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDODOLQFULPLQ ULLFRQVW vQWURDF LXQHGHvPSLHGLFDUHDXQXL
PDUWRU H[SHUW LQWHUSUHW VDX DS U WRU V SDUWLFLSH vQWUR FDX] SHQDO FLYLO
GLVFLSOLQDU VDXvQRULFHDOW FDX]
&HULQ HHVHQ LDOH
$F LXQHD GH vPSLHGLFDUHD WUHEXLH V VH UHDOL]H]H SULQ YLROHQ SULQ
DPHQLQ DUHVDXSULQRULFHDOWPLMORFGHFRQVWUkQJHUH
'DF DF LXQHD LQFULPLQDW VH UHDOL]HD] SULQ DOWH PLMORDFH GHFkW FHOH
SUHY ]XWHvQDUW&SHQIDSWDQXFRQVWLWXLHLQIUDF LXQHDDQDOL]DW
9LROHQ DDPHQLQ DUHDVDXDOWPLMORFGHFRQVWUkQJHUHWUHEXLHV VHUHIHUHOD
RSHUVRDQ FDUHDUXUPDV SDUWLFLSHvQWURFDX] SHQDO FLYLO GLVFLSOLQDU VDXvQ
RULFHDOW FDX] vQFDOLWDWHGHPDUWRUH[SHUWLQWHUSUHWDS U WRURULvPSRWULYDXQHL
SHUVRDQHFDUHDUHFDOLWDWHDGHVR VDXUXG DSURSLDW DFHORUHQXPHUD L
)LLQG R LQIUDF LXQH FRPSOH[ IDSWHOH GH ORYLUH VDX DOWH YLROHQ H SUHFXP úL
DPHQLQ DUHD VH DEVRUE vQ IDSWD GH vPSLHGLFDUHD SDUWLFLS ULL vQ SURFHV 'DF vQV
YLROHQ DVHFRPLWHvQPRGDOLW LOHúLFXXUP ULOHSUHY ]XWHvQDUW&SHQ
YD H[LVWD XQ FXPXO GH LQIUDF LXQL vQWUH XQD GLQ DFHVWH IDSWH úL vPSLHGLFDUHD
SDUWLFLS ULLODSURFHV
([LVW vQV úLS UHUHDF LQIUDF LXQHDDQDOL]DW DULQWUDvQFRQFXUVGRDUFX
IDSWDSUHY ]XW vQDUW&SHQ
&XSULYLUHODvQ HOHVXODFHVWRUWHUPHQLIDFHPWULPLWHUHODFHOHDU WDWHFXRFD]LDH[DPLQ ULLLQIUDF LXQLLGH
P UWXULHPLQFLQRDV
&RQVWDQWLQ'XYDFvQ*KHRUJKH'LDFRQHVFX&RQVWDQWLQ'XYDF'UHSWSHQDO3DUWHDVSHFLDO FXUVYRO,,,
(GLWXUD)XQGD LHL5RPkQLDGH0kLQH%XFXUHúWLS
1LFRODH&RQHDvQ9DVLOH'REULQRLX1LFRODH&RQHD&LSULDQ5DXO5RPL DQ&DPLO7 Q VHVFX1RUHO1HDJX
0D[LP'REULQRLX'UHSWSHQDO3DUWHDVSHFLDO YRO,,/XPLQD/H[%XFXUHúWLS
ÌPSLHGLFDUHDSDUWLFLS ULLvQSURFHVVHGHRVHEHúWHGHvQFHUFDUHDGHDGHWHUPLQD
P UWXULD PLQFLQRDV SULQ ILQDOLWDWHD F WUH FDUH VH vQGUHDSW DF LXQHD FRQFUHW D
DJHQWXOXLúLPRGDOLWDWHDGHUHDOL]DUHDDFHVWHLD
1X LQWHUHVHD] SHQWUX H[LVWHQ D LQIUDF LXQLL GDF DF LXQHD GH FRQVWUkQJHUH
HVWHvQGUHSWDW vPSRWULYDSHUVRDQHLFHXUPHD] V SDUWLFLSHvQSURFHVVDXvPSRWULYD
VR XOXLRULDXQHLUXGHDSURSLDWH
8UPDUHD LPHGLDW FRQVW vQ vPSLHGLFDUHD XQRU SHUVRDQH GH D SDUWLFLSD OD
SURFHVúLSULQDFHDVWDFUHDUHDXQHLVW ULGHSHULFROSHQWUXDFWLYLWDWHDGHvQI SWXLUH
DMXVWL LHL
$F LXQHD FRQFUHW FRPLV GH DJHQW PDL SRDWH SULFLQXL úL R Y W PDUH D
FRUSXOXL SHUVRDQHL DVXSUD F UHLD VH U VIUkQJH YLROHQ D DPHQLQ DUHD VDX RULFH DOW
PLMORFGHFRQVWUkQJHUH
/HJ WXUDGHFDX]DOLWDWHvQWUHDF LXQHDFRPLV úLXUPDUHDLPHGLDW WUHEXLHV
H[LVWHúLV ILHGRYHGLW
/DWXUDVXELHFWLY
)RUPDGHYLQRY LHFXFDUHVHSRDWHFRPLWHDFHDVW LQIUDF LXQHHVWHLQWHQ LD
GLUHFW SULQ IDSWD FRPLV DXWRUXO XUP ULQG vQ FRQFUHW V vQJUHXQH]H RUL V
] G UQLFHDVF vQI SWXLUHDMXVWL LHL
$O L DXWRUL VXV LQ LPSOLFLW VDX H[SUHV F vPSLHGLFDUHD SDUWLFLS ULL OD
SURFHVVHSRDWHFRPLWHúLFXLQWHQ LHLQGLUHFW
1XVXQWSUHY ]XWHFHULQ HHVHQ LDOHUHIHULWRDUHODPRELOVDXVFRS0RELOXOúL
VFRSXOQXLQWHUHVHD] SHQWUXH[LVWHQ DLQIUDF LXQLLFLGRDUSHQWUXVWDELOLUHDJUDGXOXL
GHSHULFROVRFLDOFRQFUHWDOIDSWHLFRPLVHGHDJHQWúLODLQGLYLGXDOL]DUHDSHGHSVHL
)RUPH6DQF LXQL
)RUPH )LLQG R LQIUDF LXQH FRPLVLY GH DF LXQH úL FX H[HFX LH OHQW
vPSLHGLFDUHDSDUWLFLS ULLvQSURFHVHVWHVXVFHSWLELO GHRGHVI úXUDUHvQWLPSDUHXQ
LWHUFULPLQLVúLSULQXUPDUHSRDWHSUH]HQWDIRUPHLPSHUIHFWHGHV YkUúLUH
$FWHOHSUHJ WLWRDUHGHúLSRVLELOHQXVXQWvQV VDQF LRQDWH
7HQWDWLYDHVWHSRVLELO úLLQFULPLQDW
'HRDUHFHGLQSXQFWGHYHGHUHDOXUP ULLLPHGLDWHvPSLHGLFDUHDSDUWLFLS ULLvQ
SURFHVHVWHRLQIUDF LXQHGHUH]XOWDWFRQVXPDUHDDFHVWHLDDUHORFvQPRPHQWXOFkQG
SULQ DF LXQHD I SWXLWRUXOXL VD vPSLHGLFDW SDUWLFLSDUHD OD SURFHV D XQHLD GLQWUH
SHUVRDQHOHDU WDWHvQFRQ LQXWXOQRUPHLGHLQFULPLQDUH
6DQF LXQL 3HGHDSVD SUHY ]XW GH OHJH SHQWUX SHUVRDQD IL]LF HVWH
vQFKLVRDUHDVWULFW GHODOXQLODDQL
3HUVRDQD MXULGLF VH VDQF LRQHD] FX DPHQGD FXSULQV vQWUH OHL úL
OHLSRWULYLWDUWDOLQ&SHQ
7HQWDWLYDVHSHGHSVHúWH
2FWDYLDQ/RJKLQ7XGRUHO7RDGHU'UHSWSHQDOURPkQ3DUWHDVSHFLDO HGL LDD,9DUHY ]XW úLDG XJLW
&DVD GH HGLWXU úL SUHV ùDQVD 65/ %XFXUHúWL S ÌQ DFHODúL VHQV ,RDQD 9DVLX 'UHSW SHQDO URPkQ
SDUWHDVSHFLDO YRO,,(GLWXUD$OEDVWU &OXM1DSRFDS,OLH3DVFXRSFLWS1LFRODH&RQHD
RSFLWYRO,,S
*KHRUJKH1LVWRUHDQX9DVLOH'REULQRLX$OH[DQGUX%RURL,OLH3DVFX,RDQ0ROQDU9DOHULF /D] U'UHSW
SHQDO3DUWHDVSHFLDO (GLWXUD(XURSD1RYD%XFXUHúWLS
$OH[DQGUX %RURL *KHRUJKH 1LVWRUHDQX 'UHSW SHQDO 3DUWHD VSHFLDO HGL LD D ,,,D (GLWXUD $OO %HFN
%XFXUHúWLSÌQDFHODúLVHQV+RULD'LDFRQHVFX'UHSWSHQDO3DUWHDVSHFLDO YRO,,HGL LD(GLWXUD
$OO%HFN%XFXUHúWLS
1('(181 $5($8125,1)5$& ,81,
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDODODFHVWHLLQIUDF LXQLvOFRQVWLWXLHDFHOHUHOD LLVRFLDOH
DF URURFURWLUHHVWHDVLJXUDW SULQSURPSWDúLVLJXUDvQI SWXLUHDMXVWL LHLvQOHVQLW
SULQvQGHSOLQLUHDREOLJD LHLGHDGHQXQ DGHvQGDW RUJDQHORUFRPSHWHQWHV YkUúLUHD
XQHLLQIUDF LXQLDQXPHSUHY ]XW GHOHJH
2ELHFWXO PDWHULDO 1HGHQXQ DUHD XQRU LQIUDF LXQL QX DUH XQ RELHFW PDWHULDO
SURSULX8QHRULRELHFWXOPDWHULDODOLQIUDF LXQLLQHGHQXQ DWHHVWHvQDFHODúLWLPSúL
RELHFWPDWHULDODOLQIUDF LXQLLGHQHGHQXQ DUHDXQRULQIUDF LXQL
$O LDXWRULFRQVLGHU vQV vQPRGH[SUHVVDXLPSOLFLWSULQQHDERUGDUHD
DFHVWHL FKHVWLXQL F DFHDVW LQIUDF LXQH QX DUH RELHFW PDWHULDO vQ QLFLR VLWXD LH
vQWUXFkW DF LXQHD I SWXLWRUXOXL QX HVWH vQGUHSWDW DVXSUD RELHFWXOXL PDWHULDO DO
LQIUDF LXQLLQHGHQXQ DWH
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUDODFHVWHLLQIUDF LXQLSRDWHILRULFHSHUVRDQ
H[FHS LHI FkQGELQHvQ HOHVDXWRULLLQIUDF LXQLLQHGHQXQ DWH
)XQF LRQDULL SXEOLFL QX VXQW VXELHF L DFWLYL DL LQIUDF LXQLL GH QHGHQXQ DUHD
XQRULQIUDF LXQLSUHY ]XW vQDUW&SHQFkQGLQIUDF LXQLOHHQXPHUDWHvQDFHVW
WH[WVXQWV YkUúLWHvQOHJ WXU FXVHUYLFLXOvQFDGUXOF UXLDvúLvQGHSOLQHVFVDUFLQLOH
FLDXWRULDLLQIUDF LXQLLGHRPLVLXQHDVHVL] ULLRUJDQHORUMXGLFLDUHSUHY ]XW vQDUW
& SHQ $FHúWLD SRW IL DXWRUL VDX LQVWLJDWRUL OD QHGHQXQ DUHD XQRU LQIUDF LXQL
FkQGIDSWDFHWUHEXLDGHQXQ DW QXSULYHúWHVHUYLFLXO
1HGHQXQ DUHD XQRU LQIUDF LXQL ILLQG R LQIUDF LXQH FDUH VH V YkUúHúWH LQ
SHUVRQDSURSULDQXSRDWHILFRPLV GHFkWGHXQVLQJXUDXWRUILLQGF REOLJD LDGH
GHQXQ DUH HVWH SHUVRQDO úL DVWIHO ILHFDUH GLQWUH FHL FDUH DX FXQRúWLQ GHVSUH
V YkUúLUHDYUHXQHLLQIUDF LXQLSHQWUXFDUHH[LVW REOLJD LDGHGHQXQ DUHGDF QXúL
vQGHSOLQHúWHSURSULDREOLJD LHV YkUúHúWHIDSWDSHQDO SUHY ]XW vQDUW&SHQ
1HGHQXQ DUHDXQRULQIUDF LXQLQXHVWHVXVFHSWLELO GHSDUWLFLSD LHVXEIRUPD
GH FRPSOLFLWDWH ,QVWLJDUHD OD DFHDVW LQIUDF LXQH HVWH vQV SRVLELO $FHHDúL
SHUVRDQ SRDWH IL DXWRU DO LQIUDF LXQLL GH QHGHQXQ DUH D XQRU LQIUDF LXQL SULQ
SURSULD RPLVLXQH GH D GHQXQ D úL LQVWLJDWRU SULQ GHWHUPLQDUHD DOWHL SHUVRDQH OD
V YkUúLUHDQHGHQXQ ULLVLWXD LHvQFDUHH[LVW FRQFXUVGHLQIUDF LXQL
1LFROHWD ,OLHVFX vQ 9LQWLO 'RQJRUR] 6LHJIULHG .DKDQH ,RQ 2DQFHD ,RVLI )RGRU 1LFROHWD ,OLHVFX
&RQVWDQWLQ %XODL 5RGLFD 6W QRLX 9LFWRU 5RúFD ([SOLFD LL WHRUHWLFH DOH &RGXOXL SHQDO URPkQ 3DUWHD VSHFLDO
YRO,9(GLWXUD$FDGHPLHL5RPkQH%XFXUHúWLS
2FWDYLDQ/RJKLQ7XGRUHO7RDGHU'UHSWSHQDOURPkQ3DUWHDVSHFLDO HGL LDD,9DUHY ]XW úLDG XJLW
&DVDGHHGLWXU úLSUHV ùDQVD65/%XFXUHúWLSÌQDFHODúLVHQV1LFRODH&RQHDvQ9DVLOH'REULQRLX
1LFRODH &RQHD &LSULDQ 5DXO 5RPL DQ &DPLO 7 Q VHVFX 1RUHO 1HDJX 0D[LP 'REULQRLX 'UHSW SHQDO 3DUWHD
VSHFLDO YRO ,, /XPLQD /H[ %XFXUHúWL S $OH[DQGUX %RURL *KHRUJKH 1LVWRUHDQX 'UHSW SHQDO
3DUWHDVSHFLDO HGL LDD,,,D(GLWXUD$OO%HFN%XFXUHúWLS+RULD'LDFRQHVFX'UHSWSHQDO3DUWHD
VSHFLDO YRO,,HGL LD(GLWXUD$OO%HFN%XFXUHúWLS
*KHRUJKH' UkQJ úL'XPLWUX/XFLQHVFXvQ7HRGRU9DVLOLX'RUX3DYHO*HRUJH$QWRQLXùWHIDQ'DQHú
*KHRUJKH' UkQJ 'XPLWUX/XFLQHVFX9DVLOH3DSDGRSRO'XPLWUX&3RSHVFX9LUJLO5 PXUHDQX&RGXOSHQDO
URPkQ FRPHQWDW úL DGQRWDW 3DUWHD VSHFLDO YRO ,, (GLWXUD ùWLLQ LILF úL (QFLFORSHGLF %XFXUHúWL
S
76VSGQU55'QUS
1LFROHWD,OLHVFXRSFLWYRO,9SÌQDFHODúLVHQV,OLH3DVFXvQ,OLH3DVFX9DOHULF /D] U'UHSWXO
SHQDO3DUWHDVSHFLDO (GLWXUD/XPLQD/H[%XFXUHúWLS
ÌQWUR DOW RSLQLH VH VXV LQH F HVWH SRVLELO úL FRPSOLFLWDWHD OD
QHGHQXQ DUHDXQRULQIUDF LXQLGDUQXPDLFHDPRUDO
6XELHFWDFWLYDODFHVWHLLQIUDF LXQLSRDWHILúLRSHUVRDQ MXULGLF FXOLPLW ULOH
úLvQFRQGL LLOHSUHY ]XWHvQDUWDOLQ&SHQ
6XELHFWXOSDVLYDOLQIUDF LXQLLGHQHGHQXQ DUHDXQRULQIUDF LXQLHVWHVWDWXOFD
WLWXODUDOYDORULLVRFLDOHRFURWLWHvQI SWXLUHDMXVWL LHL
1HGHQXQ DUHD XQRU LQIUDF LXQL QX HVWH VXVFHSWLELO GH XQ VXELHFW SDVLY
VHFXQGDU
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO DO LQFULPLQ ULL FRQVW vQ RPLVLXQHD GH D GHQXQ D
V YkUúLUHD YUHXQHLD GLQWUH LQIUDF LXQLOH SUHY ]XWH vQ DUW
DOLQ±DUWDOLQúLDUWDOLQ&SHQ
([LVWHQ DQHGHQXQ ULLXQRULQIUDF LXQLSUHVXSXQHvQPRGQHFHVDUV YkUúLUHD
XQHLDGLQDFHVWHLQIUDF LXQL) U SUHH[LVWHQ DXQHLDGLQWUHLQIUDF LXQLOHHQXPHUDWH
OLPLWDWLY vQ FRQ LQXWXO QRUPHL GH LQFULPLQDUH QX HVWH SRVLELO FRPLWHUHD úL GHFL
H[LVWHQ D IDSWHL GH QHGHQXQ DUH D XQRU LQIUDF LXQL GHRDUHFH QXPDL GDWRULW
V YkUúLULLSULPHLLQIUDF LXQLVHQDúWHFRQFUHWREOLJD LDGHGHQXQ DUHSUHY ]XW vQDUW
&SHQ
,QIUDF LXQLOH D F URU QHGHQXQ DUH VH SHGHSVHúWH VXQW RPRUXO ± DUW
& SHQ RPRUXO FDOLILFDW ± DUW & SHQ RPRUXO GHRVHELW GH JUDY ± DUW
& SHQ WkOK ULD ± DUW & SHQ SLUDWHULD ± DUW & SHQ GHODSLGDUHD ±
DUW&SHQGLVWUXJHUHD±DUWDOLQ&SHQGLVWUXJHUHDFDOLILFDW ±
DUW DOLQ & SHQ GLVWUXJHUHD úL VHPQDOL]DUHD IDOV ± DUW DOLQ
&SHQ(QXPHUDUHDGLQDUW&SHQHVWHOLPLWDWLY RPLVLXQHDGHQXQ ULLDOWRU
LQIUDF LXQLQHFRQVWLWXLQGIDSWDSHQDO SUHY ]XW vQDFHVWDUWLFROFLHYHQWXDOFHDGH
QHGHQXQ DUHSUHY ]XW vQDUW&SHQ
2EOLJD LD GH D GHQXQ D ÄV YkUúLUHD´ YUHXQHLD GLQ LQIUDF LXQLOH HQXPHUDWH vQ
DUW&SHQvQVHDPQ REOLJD LDGHDGHQXQ DDFHVWHLQIUDF LXQLFRQVXPDWHVDX
U PDVHvQIRUP GHWHQWDWLY DWXQFLFkQGHVWHLQFULPLQDW SUHFXPúLSDUWLFLSDUHD
ODFRPLWHUHDDFHVWRULQIUDF LXQLFDLQVWLJDUHVDXFRPSOLFLWDWHDUW&SHQ
ÌQSUDFWLFDMXGLFLDU VDGHFLVF H[LVW DFHDVW LQIUDF LXQHGDF LQFXOSDWXO
QXDGHQXQ DWDXWRULW LORUXFLGHUHDXQHLSHUVRDQHGHF WUHXQFROHJGHPXQF
6LPSOHOH SURLHFWH LQIUDF LRQDOH VDX DFWHOH SUHJ WLWRDUH HIHFWXDWH vQ YHGHUHD
V YkUúLULL DFHVWRU LQIUDF LXQL QHILLQG LQFULPLQDWH QHGHQXQ DUHD ORU QX FDGH VXE
LQFLGHQ DOHJLLSHQDOHFHLREOLJD LSULQDUW&SHQODGHQXQ DUHILLQGFKHPD L
V vQGHSOLQHDVF RIXQF LHSULYLQGUHSUHVLXQHDúLQXSUHYHQ LXQHD
(OHPHQWXOPDWHULDODOQHGHQXQ ULLXQRULQIUDF LXQLFRQVWkQGvQDE LQHUHDGHD
IDFH FHHD FH OHJHD REOLJ RUGRQ DFHDVWD VH FDUDFWHUL]HD] FD R LQIUDF LXQH GH
LQDF LXQH 2PLVLXQHD VH SRDWH UHDOL]D vQV úL SULQ DF LXQL H[ RPLVLXQHD GH D
GHQXQ DUHDOL]DW SULQWUXQGHQXQ LQH[DFWVDXFRQ LQkQGVLPSOHE QXLHOLúLQXGDWH
FHUWHGHVSUHV YkUúLUHDXQHLLQIUDF LXQL
ÌQFD]XORPLVLXQLLGHDGHQXQ DPDLPXOWHIDSWHV YkUúLWHVXFFHVLYúLGHFDUH
RSHUVRDQ DOXDWFXQRúWLQ YRUH[LVWDDWkWHDIDSWHGHQHGHQXQ DUHFkWHLQIUDF LXQL
*KHRUJKH ' UkQJ úL 'XPLWUX /XFLQHVFX RS FLW YRO ,, S ÌQ DFHODúL VHQV $YUDP )LOLSDú
,QIUDF LXQLFRQWUDvQI SWXLULLMXVWL LHL(GLWXUD$FDGHPLHL%XFXUHúWLS,RDQD9DVLX'UHSWSHQDOURPkQ
SDUWHDVSHFLDO YRO,,(GLWXUD$OEDVWU &OXM1DSRFDS2FWDYLDQ/RJKLQ7XGRUHO7RDGHURSFLW
S1LFRODH&RQHDRSFLWYRO,,S$OH[DQGUX%RURL*KHRUJKH1LVWRUHDQXRSFLWS+RULD
'LDFRQHVFX'UHSWSHQDO3DUWHDVSHFLDO YRO,,HGL LD(GLWXUD$OO%HFN%XFXUHúWLS
76VSGQU55'QUS
1LFROHWD ,OLHVFX RS FLW YRO ,9 S ÌQ VHQV FRQWUDU 0DWHL %DVDUDE vQ 0DWHL %DVDUDE /XFLD
0ROGRYDQ9DOHU6XLDQ'UHSWSHQDO3DUWHDVSHFLDO YRO,&OXM1DSRFDS
DX IRVW RPLVH D IL GHQXQ DWH QX vQV úL vQ FD]XO IDSWHORU V YkUúLWH VLPXOWDQ VDX
FRQWLQXDW
'HQXQ DUHDVHFRQVLGHU I FXW ÄGHvQGDW ´DWXQFLFkQGDDYXWORFvQFHOPDL
VFXUW WLPS SRVLELO LQkQGXVH VHDPD GH ORFXO WLPSXO úL vPSUHMXU ULOH vQ FDUH
SHUVRDQDDOXDWFXQRúWLQ GHVSUHV YkUúLUHDLQIUDF LXQLL3RVLELOLWDWHDGHDGHQXQ D
VHDSUHFLD] vQWRWGHDXQDvQPRGFRQFUHW
'DF vQ PRPHQWXO vQ FDUH D OXDW FXQRúWLQ GHVSUH V YkUúLUHD LQIUDF LXQLL
SHUVRDQD UHVSHFWLY úWLD F VH SRUQLVH XUP ULUHD SHQDO SHQWUX DFHD LQIUDF LXQH
RPLVLXQHDGHQXQ ULLQXFRQVWLWXLHHOHPHQWXOPDWHULDODOLQIUDF LXQLLDQDOL]DWHIDSWD
QHFRQVWLWXLQGLQIUDF LXQHILLQGF REOLJD LDFRQFUHW GHGHQXQ DUHvQFHWDVHGHDPDL
ILLQFLGHQW
ÌQ UDSRUW FX LQIUDF LXQLOH FH WUHEXLH GHQXQ DWH IDSWD SUHY ]XW vQ DUW
&SHQDSDUHFDRLQIUDF LXQHVXEVHFYHQW GDUDXWRQRP
8UPDUHDLPHGLDW DDFHVWHLLQIUDF LXQLFRQVW vQFUHDUHDXQHLVW ULGHSHULFRO
SHQWUX GHVI úXUDUHD QRUPDO D DFWLYLW LL GH vQI SWXLUH D MXVWL LHL úL GHFL SHQWUX
UHOD LLOHVRFLDOHDF URURFURWLUHHVWHDVLJXUDW SULQDFHDVW DFWLYLWDWH
3HQWUX H[LVWHQ D QHGHQXQ ULL XQRU LQIUDF LXQLL HVWH GHFL LQGLIHUHQW GDF VD
SURGXVVDXQXRvQWkU]LHUHVDXRvPSLHGLFDUHDXUP ULULLLQIUDF LXQLLV YkUúLWHILLQG
VXILFLHQWGRDUV ILHFUHDW DFHDVW SRVLELOLWDWH
/HJ WXUDGHFDX]DOLWDWHÌQWUHLQDF LXQHDRPLVLXQHDLQFULPLQDW úLXUPDUHD
LPHGLDW H[LVW vQ PRG ILUHVF R OHJ WXU GH FDX]DOLWDWH FDUH QX WUHEXLH GRYHGLW
GHRDUHFH UH]XOW LPSOLFLW GLQ RPLVLXQHD GH D vQFXQRúWLQ D RUJDQHOH FRPSHWHQWH
V YkUúLW vQFRQGL LLOHSUHY ]XWHvQDUW&SHQH[UH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH )D GH GLVSR]L LLOH GLQ DUW DOLQ XOWLP & SHQ
IRUPDGHYLQRY LHFXFDUHVHSRDWHFRPLWHDFHDVW IDSW RPLVLY HVWHILHLQWHQ LD
ILH FXOSD ([LVW YLQRY LH DWXQFL FkQG I SWXLWRUXO D OXDW FXQRúWLQ vQ PRG FHUW
GHVSUHV YkUúLUHDDUW&SHQXQHLDGLQWUHLQIUDF LXQLOHHQXPHUDWHvQDUW
&SHQúLFXLQWHQ LHVDXGLQQHJOLMHQ RPLWHV GHQXQ HDFHDVWDGHvQGDW 1XHVWH
QHFHVDUFDI SWXLWRUXOV ILDYXWFXQRúWLQ GHVSUHWRDWHGDWHOHV YkUúLULLIDSWHLRUL
GHVSUHFHLFDUHDXV YkUúLWRúLQLFLQXHVWHQHFHVDUV FXQRDVF LGHQWLWDWHDDFHVWRUD
(VWH VXILFLHQW V úWLH F VD V YkUúLW R IDSW SHQDO úL V úL GHD VHDPD RUL V úL IL
SXWXW GD VHDPD F DFHD IDSW HVWH XQD GLQWUH LQIUDF LXQLOH SHQWUX FDUH H[LVW
REOLJD LDGHGHQXQ DUH
3HQWUXH[LVWHQ DODWXULLVXELHFWLYHPRELOXOúLVFRSXOvQFD]XOIDSWHLFRPLVHFX
LQWHQ LHVXQWLUHOHYDQWHGDUYRUIL LQXWHvQVHDP ODLQGLYLGXDOL]DUHDSHGHSVHL
&kQGRPLVLXQHDGHQXQ ULLHVWHI FXW vQVFRSXOGHDGDXQDMXWRUFHOXLFHD
FRPLVLQIUDF LXQHDSHQWUXDvQJUHXQDVDX] G UQLFLXUP ULUHDSHQDO vPSRWULYDOXL
RULSHQWUXDDVLJXUDDFHVWXLDIRORVXOVDXSURILWXOLQIUDF LXQLLYDH[LVWDFRQFXUVGH
LQIUDF LXQLvQWUHQHGHQXQ DUHDXQRULQIUDF LXQLúLIDYRUL]DUHDLQIUDFWRUXOXL
1LFROHWD ,OLHVFX RS FLW YRO ,9 S ÌQ DFHODúL VHQV *KHRUJKH ' UkQJ úL 'XPLWUX /XFLQHVFX
RSFLWYRO,,S
&RQVWDQWLQ %XODL vQ 9LQWLO 'RQJRUR] 6LHJIULHG .DKDQH ,RQ 2DQFHD ,RVLI )RGRU 1LFROHWD ,OLHVFX
&RQVWDQWLQ %XODL 5RGLFD 0LKDHOD 6W QRLX 9LFWRU 5RúFD ([SOLFD LL WHRUHWLFH DOH &RGXOXL SHQDO URPkQ 3DUWHD
VSHFLDO YRO,,,(GLWXUD$FDGHPLHL5RPkQH%XFXUHúWLS
Ä)DSWDFRQVWkQGvQWURLQDF LXQHFRQVWLWXLHLQIUDF LXQHILHF HVWHV YkUúLW FXLQWHQ LHILHGLQFXOS DIDU
GHFD]XOFkQGOHJHDVDQF LRQHD] QXPDLV YkUúLUHDHLFXLQWHQ LH´
&RQVWDQWLQ%XODLRSFLWYRO,,,S
1LFROHWD,OLHVFXRSFLWYRO,9S
)RUPH6DQF LXQL
)RUPH 1HGHQXQ DUHD XQRU LQIUDF LXQL ILLQG R IDSW GH RPLVLXQH QX HVWH
VXVFHSWLELO IRUPH LPSHUIHFWH úL GHFL GH DFWH SUHSDUDWRULL úL GH WHQWDWLY FL VH
SRDWHV YkUúLQXPDLvQIRUP FRQVXPDW 7RWXúLvQFD]XULOHUDUHvQFDUHRPLVLXQHD
VH UHDOL]HD] SULQ DF LXQH VXQW SRVLELOH DFWH SUHSDUDWRULL ÌQ FH QH SULYHúWH
FUHGHP F DFWHOH SUHSDUDWRULL VXQW SRVLELOH OD LQIUDF LXQLOH RPLVLYH FDUH VH
UHDOL]HD] SULQ FRPLVLXQH QXPDL GDF IDSWD LQFULPLQDW HVWH FRPLV FX YLQRY LH
VXEIRUPDLQWHQ LHLQXúLDWXQFLFkQGHVWHV YkUúLW GLQFXOS
2EOLJD LD GH D GHQXQ D V YkUúLUHD YUHXQHL LQIUDF LXQL WUHEXLQG SRWULYLW
GLVSR]L LHL GLQ DUW & SHQ vQGHSOLQLW ÄGH vQGDW ´ QHvQGHSOLQLUHD HL OD WLPS
IDFHFDLQIUDF LXQHDV VHFRQVXPHI U DO VDORFSHQWUXRWHQWDWLY
1HGHQXQ DUHDXQRULQIUDF LXQLVHFRQVXP vQPRPHQWXOH[SLU ULLLQWHUYDOXOXL
GH WLPS QHFHVDU SHQWUX HIHFWXDUHD GHQXQ XOXL GH vQGDW FH I SWXLWRUXO D DIODW GH
V YkUúLUHDLQIUDF LXQLL
'DF GXS FRQVXPDUHD LQIUDF LXQLL FDUH WUHEXLH GHQXQ DW DFHDVWD FDS W
IRUPDFRQWLQXDW GHV YkUúLUHSHUVRDQDFDUHDUHREOLJD LDGHDRGHQXQ DYDFRPLWH
RVLQJXU QHGHQXQ DUHFKLDUGDF DOXDWFXQRúWLQ úLGHDFWHOHUHSHWDWHXOWHULRDUH
ÌQFD]XOvQFDUHLQIUDF LXQHDFHWUHEXLDGHQXQ DW HVWHRLQIUDF LXQHFRQWLQX
SHUVRDQDFDUHDUHREOLJD LDV RGHQXQ HGDF DGHQXQ DWLQIUDF LXQHDGHvQGDW FHD
DIODW GH V YkUúLUHD HL QX PDL DUH REOLJD LD GH D GHQXQ D SUHOXQJLUHD vQ WLPS D
LQIUDF LXQLL
6DQF LXQL1HGHQXQ DUHDXQRULQIUDF LXQLLQGLIHUHQWGHIRUPDGHYLQRY LHFX
FDUHVHFRPLWHVHSHGHSVHúWHFXvQFKLVRDUHOXQLODDQL'HVLJXUF MXGHF WRUXO
YDDSOLFDRSHGHDSV PDLPLF GDF IDSWDFRQFUHW HFRPLV GLQFXOS GHFkWGDF DU
ILV YkUúLW FXLQWHQ LH
3HUVRDQD MXULGLF VH VDQF LRQHD] FX DPHQGD FXSULQV vQWUH OHL úL
OHLSRWULYLWDUWDOLQ&SHQ
&DX]HGHQHSHGHSVLUH
ÌQ DUW DOLQ úL & SHQ VXQW SUHY ]XWH GRX FDX]H VSHFLDOH GH
QHSHGHSVLUHDFHOXLFDUHDFRPLVIDSWDGHQHGHQXQ DUHDXQRULQIUDF LXQL
3RWULYLWDUWDOLQ&SHQIDSWDSUHY ]XW vQDOLQV YkUúLW GH
VR VDXGHRUXG DSURSLDW QXVHSHGHSVHúWH
5D LXQHDGLVSR]L LHLPHQ LRQDWHUH]LG vQUHOD LLOHGHDIHF LXQHúLGHUXGHQLH
FDUHH[LVW vQWUHDFHVWHFDWHJRULLGHSHUVRDQH
$FHDVW FDX] DUH FDUDFWHU SHUVRQDO úL SURGXFH HIHFWH QXPDL vQ FH SULYHúWH
SHUVRDQHOHFDUHVXQWVR LVDXUXG DSURSLDW FXYUHXQXOGLQWUHI SWXLWRULLLQIUDF LXQLL
QHGHQXQ DWH
&DOLWDWHDGHÄVR ´HVWHGHWHUPLQDW GHH[LVWHQ DF V WRULHLYDODELOvQFKHLDWHúL
QHGHVI FXWH SkQ vQ PRPHQWXO V YkUúLULL QHGHQXQ ULL XQRU LQIUDF LXQL FKLDU GDF
VR LLHUDXGHVS U L LvQIDSW
Ä5XGHDSURSLDWH´SRWULYLWGLVSR]L LHLH[SOLFDWLYHGLQDUWDOLQ&SHQ
VXQW DVFHQGHQ LL úL GHVFHQGHQ LL IUD LL úL VXURULOH FRSLLL DFHVWRUD SUHFXP úL
SHUVRDQHOHGHYHQLWHSULQDGRS LHSRWULYLWOHJLLDVWIHOGHUXGH
'LVSR]L LLOH GLQ OHJHD SHQDO SULYLWRDUH OD UXGH DSURSLDWH vQ OLPLWHOH
SUHY ]XWH GH DOLQ VH DSOLF vQ FD] GH DGRS LH FX HIHFWH GHSOLQH SHUVRDQHL
DGRSWDWH FkW úL GHVFHQGHQ LORU DFHVWHLD úL vQ UDSRUW FX UXGHOH ILUHúWL LDU vQ FD] GH
DGRS LHFXHIHFWHUHVWUkQVHDGRSWDWXOXLFkWúLGHVFHQGHQ LORUDFHVWXLDúLvQUDSRUWFX
UXGHOHDGRSWDWRUXOXL
,GHPYRO,9S
3RWULYLWDUWDOLQ&SHQQXVHSHGHSVHúWHSHUVRDQDFDUHPDLvQDLQWH
GH D VH IL vQFHSXW XUP ULUHD SHQDO SHQWUX LQIUDF LXQHD QHGHQXQ DW vQFXQRúWLQ HD]
DXWRULW LOH FRPSHWHQWH GHVSUH DFHD LQIUDF LXQH VDX FDUH FKLDU GXS FH VD vQFHSXW
XUP ULUHDSHQDO RULGXS FHYLQRYD LLDXIRVWGHVFRSHUL LDvQOHVQLWDUHVWDUHDDFHVWRUD
20,6,81($6(6,= 5,,25*$1(/25-8',&,$5(
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO LQIUDF LXQLL GH RPLVLXQHD VHVL] ULL RUJDQHORU
MXGLFLDUHvOFRQVWLWXLHUHOD LLOHVRFLDOHDF URURFURWLUHHVWHDVLJXUDW SULQWURFkWPDL
SURPSW vQI SWXLUHDMXVWL LHLSHQDOHvQOHVQLW SULQvQGHSOLQLUHDGHF WUHIXQF LRQDULL
SXEOLFLRULGHF WUHIXQF LRQDULLSXEOLFLFXDWULEX LLGHFRQGXFHUHVDXGHFRQWUROD
REOLJD LHLGHDVHVL]DLPHGLDWRUJDQHOHMXGLFLDUH
2PLVLXQHD VHVL] ULL RUJDQHORU MXGLFLDUH GHúL HVWH R IDSW V YkUúLW GH
IXQF LRQDUL SXEOLFL QX FRQVWLWXLH R LQIUDF LXQH GH VHUYLFLX ILLQGF VHVL]DUHD
RUJDQHORUMXGLFLDUHQXDUHFDUDFWHUXOGHDWULEX LHVDXvQGDWRULUHGHVHUYLFLXvQVHQVXO
DUW & SHQ úL & SHQ FL GH vQGDWRULUH VSHFLDO úL HYHQWXDO SULYLQG
vQI SWXLUHDMXVWL LHL
2ELHFWXO PDWHULDO 2PLVLXQHD VHVL] ULL RUJDQHORU MXGLFLDUH QX DUH XQ RELHFW
PDWHULDO7RWXúLFkQGVDI FXWRVHVL]DUHLQWHQ LRQDWLQH[DFW VDXQHFRPSOHW FDUH
HFKLYDOHD] FX R RPLVLXQH GH D VHVL]D DFWXO GH VHVL]DUH QHVLQFHU YD FRQVWLWXL
RELHFWXOPDWHULDODOLQIUDF LXQLL
2ELHFWXO PDWHULDO QX SRDWH IL ÄDFWXO GH VHUYLFLX´ vQ FDUH IXQF LRQDUXOSXEOLF
QX D PHQ LRQDW GHúL HUD REOLJDW OD DFHDVWD LQIUDF LXQHD GHVSUH FDUH D OXDW
FXQRúWLQ GHRDUHFH IDSWD QX HVWH R LQIUDF LXQH GH VHUYLFLX VDX vQ OHJ WXU FX
VHUYLFLXO ÌQ DFHDVW FRQFHS LH XQ DVHPHQHD RELHFW PDWHULDO DU SXWHD IL OXDW vQ
FRQVLGHUDUHQXPDLvQUDSRUWFXRELHFWXOMXULGLFVSHFLDODGLDFHQWDOLQIUDF LXQLL
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU DO LQIUDF LXQLL GH RPLVLXQHD VHVL] ULL
RUJDQHORUMXGLFLDUHSRDWHILQXPDLXQIXQF LRQDUSXEOLF)DSWDSHQDO SUHY ]XW vQ
DUW&SHQDUHSULQXUPDUHXQVXELHFWDFWLYFDOLILFDWILLQGGLQDFHVWSXQFWGH
YHGHUH R LQIUDF LXQH SURSULH &DGUXO VXELHF LORU DFWLYL FX URO GH DXWRUL HVWH GHFL
UHVWUkQVODDFHVWHFDWHJRULLGHSHUVRDQH
&DOLWDWHDGHÄIXQF LRQDUSXEOLF´VHVWDELOHúWHvQUDSRUWFXSUHYHGHULOHDUW
&SHQ3ULQÄIXQF LRQDUSXEOLF´vQVHQVXOOHJLLSHQDOH±DUWDOLQ&SHQ±
VH vQ HOHJH RULFH SHUVRDQ FDUH H[HUFLW SHUPDQHQW VDX WHPSRUDU FX RULFH WLWOX
LQGLIHUHQW FXP D IRVW LQYHVWLW R vQV UFLQDUH GH RULFH QDWXU UHWULEXLW VDX QX vQ
VHUYLFLXO XQHL XQLW L GLQWUH FHOH OD FDUH VH UHIHU DUW & SHQ DXWRULW LOH
SXEOLFH LQVWLWX LLOH SXEOLFH LQVWLWX LLOH VDX DOWH SHUVRDQH MXULGLFH GH LQWHUHV
SXEOLF
1LFROHWD ,OLHVFX vQ 9LQWLO 'RQJRUR] 6LHJIULHG .DKDQH ,RQ 2DQFHD ,RVLI )RGRU 1LFROHWD ,OLHVFX
&RQVWDQWLQ %XODL 5RGLFD 6W QRLX 9LFWRU 5RúFD ([SOLFD LL WHRUHWLFH DOH &RGXOXL SHQDO URPkQ 3DUWHD VSHFLDO
YRO,9(GLWXUD$FDGHPLHL5RPkQH%XFXUHúWLSÌQVHQVFRQWUDU1LFRODH&RQHDvQ9DVLOH'REULQRLX
1LFRODH &RQHD &LSULDQ 5DXO 5RPL DQ &DPLO 7 Q VHVFX 1RUHO 1HDJX 0D[LP 'REULQRLX 'UHSW SHQDO 3DUWHD
VSHFLDO YRO,,/XPLQD/H[%XFXUHúWLS
1LFROHWD,OLHVFXRSFLWYRO,9S
$YUDP )LOLSDú ,QIUDF LXQL FRQWUD vQI SWXLULL MXVWL LHL (GLWXUD $FDGHPLHL %XFXUHúWL S ÌQ
DFHODúLVHQV$YUDP)LOLSDúvQ&RVWLF %XODL$YUDP)LOLSDú&RQVWDQWLQ0LWUDFKH,QVWLWX LLGHGUHSWSHQDO&XUV
VHOHFWLYSHQWUXH[DPHQXOGHOLFHQ (GLWXUDWUHLHGL LDD,,,DUHYL]XLW úLDG XJLW %XFXUHúWLS
&X SULYLUH OD vQ HOHVXO DFHVWXL WHUPHQ ± IXQF LRQDU SXEOLF ± IDFHP WULPLWHUH OD FHOH DU WDWH FX RFD]LD
H[DPLQ ULLVXELHFWXOXLDFWLYQHPLMORFLWDOLQIUDF LXQLLGHDEX]vQVHUYLFLXFRQWUDLQWHUHVHORUSHUVRDQHORU
ÌQ YDULDQWD DJUDYDW DXWRU DO LQIUDF LXQLL QX SRDWH IL GHFkW GH F WUH XQ
IXQF LRQDUSXEOLFFXDWULEX LLGHFRQGXFHUHVDXGHFRQWURO$VWIHOSHQWUXH[LVWHQ D
DFHVWHL YDULDQWH DJUDYDWH SUHY ]XW vQ DUW DOLQ & SHQ VXELHFWXO DFWLY
QHPLMORFLWWUHEXLHV DLE RFDOLWDWHvQSOXVID GHFHDFHUXW SHQWUXYDULDQWDVLPSO
DLQIUDF LXQLL
3ULQIXQF LRQDUSXEOLFFXDWULEX LLGHFRQGXFHUHVDXGHFRQWUROVHvQ HOHJHR
SHUVRDQ FDOLILFDW DVWIHOSULQGLVSR]L LLOHOHJDOHvQYLJRDUH
&DOLWDWHDGHSHUVRDQ FXDWULEX LLOHGHFRQGXFHUHVDXGHFRQWUROSRWULYLWXQHL
DOWHRSLQLLVHGHWHUPLQ vQPRGFRQFUHWSHQWUXILHFDUHFD]vQSDUWHvQIXQF LHGH
QDWXUDDWULEX LLORUGHVHUYLFLXDOHI SWXLWRUXOXL$FHDVW RSLQLHDIRVWFULWLFDW SH
PRWLY F LQWURGXFH FULWHULL UHODWLYH úL GLVFXWDELOH vQ VWDELOLUHD GH F WUH RUJDQHOH
MXGLFLDUHDVXELHFWXOXLDFWLYQHPLMORFLWDOIDSWHLDQDOL]DWH
'XS DOW DXWRU SULQ IXQF LRQDU SXEOLF FX DWULEX LL GH FRQWURO VH vQ HOHJH
DFHOD FDUH DUH vQ VIHUD VD GH FRPSHWHQ YHULILFDUHD SHUPDQHQW VDX WHPSRUDU D
PRGXOXL GH GHVI úXUDUH D DFWLYLW LL vQ DQXPLWH VHFWRDUH SXWkQG OXD VDX SURSXQH
P VXULvQYHGHUHDvPEXQ W LULLDFHVWHLD
6XELHFWXO DFWLY QHPLMORFLW DO LQIUDF LXQLL WUHEXLH V IL DYXW FDOLWDWHD GH
IXQF LRQDUSXEOLFRULIXQF LRQDUSXEOLFFXDWULEX LLGHFRQGXFHUHVDXGHFRQWUROvQ
PRPHQWXO V YkUúLULL IDSWHL FRQFUHWH úL DO H[SLU ULL WHUPHQXOXL vQ FDUH DYHD
SRVLELOLWDWHD GH D VHVL]D RUJDQHOH MXGLFLDUH ,QIUDF LXQHD H[LVW GHFL FKLDU GDF
XOWHULRUGHH[vQPRPHQWXOGHVFRSHULULLLQIUDF LXQLLI SWXLWRUXODSLHUGXWDFHDVW
FDOLWDWH
1X SRW IL VXELHF L DL IDSWHL GH RPLVLXQH D VHVL] ULL RUJDQHORU MXGLFLDUH
IXQF LRQDULL SXEOLFL IXQF LRQDULL SXEOLFL FX DWULEX LL GH FRQGXFHUH VDX GH FRQWURO
FDUHVXQWDXWRULFRPSOLFLLQVWLJDWRULDLLQIUDF LXQLLGHVSUHDF UHLV YkUúLUHQXDX
VHVL]DWRUJDQHOHMXGLFLDUHGHRDUHFHDFHDVWDDUHFKLYDODFXRDXWRGHQXQ DUHSHFDUH
OHJHDQXRLQFULPLQHD] vQQLFLRVLWXD LH
ÌQWUXFkW RPLVLXQHD GH D VHVL]D VH V YkUúHúWH LQ SHUVRQD SURSULD HD HVWH R
LQIUDF LXQH FX DXWRU XQLF 2EOLJD LD GH VHVL]DUH D RUJDQHORU MXGLFLDUH ILLQG
SHUVRQDO ILHFDUHGLQWUHSHUVRDQHOHPDLVXVDU WDWHFDUHQXúLvQGHSOLQHúWHDFHDVW
REOLJD LHV YkUúHúWHvQPRGGLVWLQFWIDSWDSUHY ]XW vQDUW&SHQ
2PLVLXQHD VHVL] ULL RUJDQHORU MXGLFLDUH HVWH VXVFHSWLELO vQV GH SDUWLFLSD LH
vQIRUPDLQVWLJ ULL,QVWLJDWRUODLQIUDF LXQHDSUHY ]XW vQDUW&SHQSRDWHIL
RULFH SHUVRDQ LQGLIHUHQW GDF HVWH IXQF LRQDU SXEOLF VDX SULYDW RUL R SHUVRDQ
SDUWLFXODU
'XS DO L DXWRUL FDUH FRQVLGHU RPLVLXQHD VHVL] ULL RUJDQHORU MXGLFLDUH FD
ILLQGGRDURLQIUDF LXQHSURSULHQXúLXQDLQSHUVRQDSURSULDSDUWLFLSD LDSHQDO OD
DFHDVW IDSW SHQDO HVWHSRVLELO úLVXEIRUPDFRPSOLFLW LL
1LFROHWD,OLHVFXRSFLWYRO,9SÌQDFHODúLVHQV9LUJLO3RS)XQF LRQDUXOFXDWULEX LLGHFRQWURO
5'3QUS
$YUDP)LOLSDúRSFLWSÌQDFHODúLVHQV$YUDP)LOLSDúvQ&RVWLF %XODL$YUDP)LOLSDú&RQVWDQWLQ
0LWUDFKHRSFLWS
9LUJLO3RSRSFLWS
,RQ'XPLWUX)XQF LRQDUXOFXDWULEX LLGHFRQWURO±VXELHFWDFWLYFDOLILFDWDOLQIUDF LXQLLGHOXDUHGHPLW
'UQUS
1LFROHWD,OLHVFXRSFLWYRO,9S
,GHP S ÌQ DFHODúL VHQV ,OLH 3DVFX vQ ,OLH 3DVFX 9DOHULF /D] U 'UHSWXO SHQDO 3DUWHD VSHFLDO
(GLWXUD/XPLQD/H[%XFXUHúWLS
$YUDP)LOLSDúRSFLWSÌQDFHODúLVHQV0DWHL%DVDUDEvQ0DWHL%DVDUDE/XFLD0ROGRYDQ9DOHU
6XLDQ'UHSWSHQDO3DUWHDVSHFLDO YRO,&OXM1DSRFDS3URIHVRUXO0DWHL%DVDUDEFRQVLGHU F HVWH
SRVLELO SDUWLFLSD LDODDFHDVW LQIUDF LXQHvQIRUPDLQVWLJ ULLúLDFRPSOLFLW LLLQWHOHFWXDOH
6XELHFWDFWLYDODFHVWHLLQIUDF LXQLSRDWHILúLRSHUVRDQ MXULGLF FXOLPLW ULOH
úLvQFRQGL LLOHSUHY ]XWHvQDUWDOLQ&SHQ
6XELHFWXOSDVLYDORPLVLXQLLVHVL] ULLRUJDQHORUMXGLFLDUHHVWHVWDWXOFDWLWXODU
DO YDORULL VRFLDOH RFURWLWH $FHDVW LQIUDF LXQH QX HVWH VXVFHSWLELO GH XQ VXELHFW
SDVLYVHFXQGDU
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO 6 YkUúLUHD RPLVLXQLL VHVL] ULL RUJDQHORU MXGLFLDUH
SUHVXSXQHvQPRGQHFHVDUH[LVWHQ DDOWHLLQIUDF LXQLFRPLVHDQWHULRUFDUHWUHEXLHV
IRUPH]HRELHFWXOVHVL] ULL&kW YUHPHQXVDV YkUúLWRLQIUDF LXQHvQOHJ WXU FX
VHUYLFLXOvQFDGUXOF UXLDvúLvQGHSOLQHúWHVDUFLQLOHXQIXQF LRQDUSXEOLFQXVHSRDWH
FRQFHSHV YkUúLUHDúLGHFLH[LVWHQ DIDSWHLGHRPLVLXQHDVHVL] ULL
2PLVLXQHDVHVL] ULLRUJDQHORUMXGLFLDUHHVWHGHFLVXEVHFYHQW úLFRUHODWLY vQ
UDSRUW FX LQIUDF LXQHD V YkUúLW vQ OHJ WXU FX VHUYLFLXO IXQF LRQDUXOXL SXEOLF FDUH
DUHREOLJD LDGHDVHVL]DRUJDQHOHMXGLFLDUHH[LVWHQ DFHOHGLQWkLILLQGFRQGL LRQDW
GHH[LVWHQ DFHOHLGLQXUP
'HRDUHFHOHJHDQXGHOLPLWHD] VIHUDLQIUDF LXQLORUFDUHWUHEXLHV IDF RELHFW
DO VHVL] ULL YD JHQHUD DFHDVW REOLJD LH SHUVRQDO GH VHVL]DUH RULFH LQIUDF LXQH vQ
OHJ WXU FXVHUYLFLXOvQFDGUXOF UXLDvúLvQGHSOLQHúWHVDUFLQLOHIXQF LRQDUXOSXEOLF
,QIUDF LXQHDVHUHDOL]HD] LQGLIHUHQWGDF IXQF LRQDUXOSXEOLFODFXQRVFXWSH
I SWXLWRUVDXQXILLQGF VHFHUHV GHQXQ HIDSWD
2PLVLXQHDVHVL] ULLRUJDQHORUMXGLFLDUHHVWHLQFULPLQDW vQGRX YDULDQWHXQD
VLPSO SUHY ]XW vQGLVSR]L LDGLQDOLQúLXQDDJUDYDW SUHY ]XW vQGLVSR]L LD
GLQDOLQ
(OHPHQWXOPDWHULDOODDPEHOHYDULDQWHDOHLQIUDF LXQLLFRQVW vQWURLQDF LXQH
DQXPH vQ RPLVLXQHD IXQF LRQDUXOXL SXEOLF GH D VHVL]D RUJDQHOH MXGLFLDUH GHVSUH
V YkUúLUHDXQHLLQIUDF LXQLvQOHJ WXU FXVHUYLFLXOvQFDGUXOF UXLDvúLvQGHSOLQHúWH
VDUFLQLOHúLGHFDUHDOXDWFXQRúWLQ FXRFD]LDH[HUFLW ULLIXQF LHL
ÌQUDSRUWFXHOHPHQWXOPDWHULDOIDSWDHVWHGHFLRLQIUDF LXQHRPLVLY GHRDUHFH
OHJHD SHQDO FRQ LQH R SRUXQF MXVVXP úL GHFL D QX IDFH FHHD FH OHJHD RUGRQ
vQVHDPQ DV YkUúLLQIUDF LXQHD
ÌQ FRQFUHW vQV IDSWD LQFULPLQDW VH SRDWH V YkUúL DWkW SULQWUR DWLWXGLQH
RPLVLY FkW úL SULQ DFWH FRPLVLYH H[ IXQF LRQDUXO SXEOLF GHQXQ R DOW IDSW
LOLFLW GHFkWFHDSHFDUHDYHDREOLJD LDV RVHVL]H]H
3HQWUX H[LVWHQ D HOHPHQWXOXL PDWHULDO HVWH VXILFLHQW RPLVLXQHD GH D VHVL]D
RUJDQHOH MXGLFLDUH DVXSUD V YkUúLULL XQHL LQIUDF LXQL 'DF vQV VD RPLV VHVL]DUHD
V YkUúLULL PDL PXOWRU LQIUDF LXQL V YkUúLWH VLPXOWDQ VDX FRQWLQXDW GH FDUH
IXQF LRQDUXOSXEOLFDYHDFXQRúWLQ H[LVW XQVLQJXUHOHPHQWPDWHULDOFRPSOH[úL
GHFLRVLQJXU LQIUDF LXQHÌQFD]XORPLVLXQLLGHDVHVL]DPDLPXOWHIDSWHV YkUúLWH
VXFFHVLY úL GH FDUH R SHUVRDQ D OXDW FXQRúWLQ YRU H[LVWD DWkWHD LQIUDF LXQL
SUHY ]XWHvQDUW&SHQFkWHLQIUDF LXQLDXIRVWRPLVHDILGHQXQ DWH
2EOLJD LD IXQF LRQDUXOXL SXEOLF GH D VHVL]D RUJDQHOH MXGLFLDUH H[LVW DWkW
DWXQFL FkQG LQIUDF LXQHD vQ OHJ WXU FX VHUYLFLXO V X VD FRQVXPDW FkW úL FkQG D
U PDVvQIRUP GHWHQWDWLY vQLSRWH]DvQFDUHDFHDVWDHVWHLQFULPLQDW
'DF vQ PRPHQWXO vQ FDUH D OXDW FXQRúWLQ GHVSUH V YkUúLUHD LQIUDF LXQLL
SHUVRDQD UHVSHFWLY úWLD F VH SRUQLVH XUP ULUHD SHQDO SHQWUX DFHD LQIUDF LXQH
RPLVLXQHD GHQXQ ULL QX FRQVWLWXLH HOHPHQWXO PDWHULDO DO IDSWHL SHQDOH DQDOL]DWH
IDSWD FRQFUHW QHFRQVWLWXLQG LQIUDF LXQH ILLQGF REOLJD LD FRQFUHW GH GHQXQ DUH
vQFHWDVHGHDPDLILLQFLGHQW
1LFROHWD,OLHVFXRSFLWYRO,9S
$UW&SURFSHQFDUHSUHYHGHREOLJD LDSHQWUXIXQF LRQDULLSXEOLFLGHD
VHVL]D RUJDQHOH MXGLFLDUH QX VWDELOHúWH QLFL R FRQGL LH SULYLWRDUH OD FRQ LQXWXO VDX
IRUPD VHVL] ULL DVWIHO F GDF VHVL]DUHD FRQ LQH HOHPHQWH HVHQ LDOH SHQWUX
LGHQWLILFDUHDIDSWHLV YkUúLWHQXDUHLPSRUWDQ F DIRVWI FXW RUDOúLQXvQVFULV
VDX F VDX RPLV vPSUHMXU UL QHHVHQ LDOH RUL XQHOH GDWH SULYLQG I SWXLWRUXO SDUWHD
Y W PDW PDUWRULL HWF DFHVWHD QHMXVWLILFkQG H[LVWHQ D LQIUDF LXQLL GH RPLVLXQH D
VHVL] ULL RUJDQHORU MXGLFLDUH 2 VHVL]DUH vQV LQFRPSOHW vQ FRQ LQXW FX RPLVXQL
HVHQ LDOHFXUHWLFHQ HVDXFXLQIRUP ULIDOVHHFKLYDOHD] FXOLSV GHVHVL]DUH
'DF IXQF LRQDUXO SXEOLF QX vQGHSOLQHúWH FHOHODOWH REOLJD LL FDUHL UHYLQ
SRWULYLW DUW & SURF SHQ RPLVLXQHD VHVL] ULL RUJDQHORU MXGLFLDUHQXVXE]LVW
GHRDUHFHOHJHDSHQDO HVWHGHVWULFW LQWHUSUHWDUH
)XQF LRQDUXO SXEOLF QX DUH REOLJD LD GH VHVL]DUH vQ FD]XO LQIUDF LXQLORU
XUP ULELOH QXPDL OD SOkQJHUHD SUHDODELO FX H[FHS LD IDSWHORU VXSXVH SURFHGXULL
SHQWUXLQIUDF LXQLOHIODJUDQWHDUWDOLQXOWLP&SURFSHQ
2EOLJD LDGHVHVL]DUHH[LVW vQV vQFD]XOLQIUDF LXQLORUODFDUHDF LXQHDSHQDO
VHSXQHvQPLúFDUHQXPDLODVHVL]DUHDVDXFXDXWRUL]D LDXQXLDQXPHRUJDQRULOD
H[SULPDUHDGRULQ HLJXYHUQXOXLVWU LQDUW&SURFSHQúL&SURFSHQ
&DX]HOH GH vQFHWDUH D SURFHVXOXL SHQDO VDX GH QHSHGHSVLUH SULYLWRDUH OD
LQIUDF LXQHD V YkUúLW QX VFXWHVF SH IXQF LRQDUXO SXEOLF GH REOLJD LD GH D VHVL]D
RUJDQXOMXGLFLDUGHV YkUúLUHDDFHOHLLQIUDF LXQLúLQLFLVHFUHWXOSURIHVLRQDOODFDUHDU
IL REOLJDW IXQF LRQDUXO SXEOLF OHJHD QHSUHY ]kQG SHQWUX DFHDVW VLWXD LH QLFL R
H[FHS LH GH OD REOLJD LD VHVL] ULL DVWIHO FXP D SURFHGDW vQ FD]XO LQIUDF LXQLL GH
P UWXULHPLQFLQRDV DUW&SURFSHQ
1XVHSRDWHUH LQHvQVDUFLQDLQFXOSDWXOXLLQIUDF LXQHDGHW LQXLUHvQFRQFXUV
FX RPLVLXQHD VHVL] ULL RUJDQHORU MXGLFLDUH GDF RPLVLXQHD SULYHúWH FKLDU
LQIUDF LXQHD GLQ FDUH SURYLQ EXQXULOH W LQXLWH F FL DFHDVWD DU LPSOLFD REOLJD LD
LQIUDFWRUXOXLGHDVHDXWRGHQXQ DFHHDFHQXHVWHGHFRQFHSXW
3DUWLFLSDQ LLODLQIUDF LXQHQXDXREOLJD LDGHGHQXQ DUHGHRDUHFHDFHDVWDDU
vQVHPQD R DXWRGHQXQ DUH FHHD FH OHJHD QX LPSXQH QLFL XQXL LQIUDFWRU VLWXD LH
YDODELO úLSHQWUXW LQXLWRULVDXIDYRUL]DWRUL
1XH[LVW REOLJD LDGHVHVL]DUHDWXQFLFkQGVXELHFWXOOXkQGFXQRúWLQ GHVSUH
R LQIUDF LXQH V YkUúLW vQ OHJ WXU FX VHUYLFLXO V YkUúHúWH úL HO vQ OHJ WXU FX
DFHDVWD R DOW LQIUDF LXQH $UJXPHQWXO HVWH DFHOD F GDF DU GHQXQ D SULPD
LQIUDF LXQH SH FDUH QX D V YkUúLWR úL OD FDUH QX D SDUWLFLSDW vQ QLFL XQ IHO VDU
DXWRGHQXQ D FD I SWXLWRU DO LQIUDF LXQLL SURSULL FDUH QX HUD SRVLELO GHFkW GDWRULW
H[LVWHQ HLSULPHLIDSWH
&HULQ H HVHQ LDOH )XQF LRQDUXO SXEOLF WUHEXLH ÄV IL OXDW FXQRúWLQ ´ GH
V YkUúLUHDXQHLLQIUDF LXQLvQOHJ WXU FXVHUYLFLXOvQWLPSXOH[HUFLW ULLIXQF LHLVDOH
VDX DO vQGHSOLQLULL vQV UFLQ ULORU VDOH GH VHUYLFLX RUL FX RFD]LD H[HUFLW ULL VDX
vQGHSOLQLULLDFHVWRUD
3ULQXUPDUHFkQGIXQF LRQDUXOSXEOLFLDFXQRúWLQ GHV YkUúLUHDXQHLDVWIHO
GH LQIUDF LXQL vQ DIDUD WLPSXOXL FkW vúL vQGHSOLQHúWH VDUFLQLOH GH VHUYLFLX H[ vQ
WLPSXOV XOLEHUvQWLPSXOFkQGQXIXQF LRQHD] VHUYLFLXOXQGHvúLH[HUFLW IXQF LD
vQFRQFHGLXHWFFHULQ DHVHQ LDO QXHVWHvQGHSOLQLW ÌQDVWIHOGHFD]XULIDSWD
SRDWHFRQVWLWXLGXS FD]LQIUDF LXQHDGHQHGHQXQ DUHSUHY ]XW vQDUW&SHQ
VDXLQIUDF LXQHDSUHY ]XW vQDUW&SHQ
,GHPYRO,9S
7M7LPLúGSQU55'QUS
$YUDP)LOLSDúvQ2FWDYLDQ/RJKLQ$YUDP)LOLSDú'UHSWSHQDO3DUWHDVSHFLDO HGL LHUHYL]XLW &DVDGH
HGLWXU úLSUHV ùDQVD65/%XFXUHúWLS
1LFROHWD,OLHVFXRSFLWYRO,9SÌQVHQVFRQWUDU$YUDP)LOLSDúRSFLWS
(VWHVXILFLHQWSHQWUXvQGHSOLQLUHDFHULQ HLHVHQ LDOHFDIXQF LRQDUXOSXEOLFV
ILOXDWFXQRúWLQ GHÄV YkUúLUHDXQHLLQIUDF LXQL«´úLQXVHFHUHV FXQRDVF úLSH
DXWRULVDXSHFHLODO LSDUWLFLSDQ L3ULQXUPDUHGDF XQIXQF LRQDUSXEOLFFDUHDYHD
FXQRúWLQ GHV YkUúLUHDXQHLLQIUDF LXQLvQOHJ WXU FXVHUYLFLXOV XúLQXúLGHVSUH
I SWXLWRUL QX D VHVL]DW RUJDQHOH MXGLFLDUH V YkUúHúWH IDSWD SUHY ]XW vQ DUW
&SHQ(VWHQHFHVDUvQV FDI SWXLWRUXOV DLE FXQRúWLQ HVLJXUHGHVSUHIDSW úLQX
VLPSOHE QXLHOL
(VWH LQGLIHUHQW PRGXO VDX PLMORFXO vQ FDUH IXQF LRQDUXO SXEOLF D OXDW
FXQRúWLQ GHVSUH V YkUúLUHD LQIUDF LXQLL GDF GHFL D OXDW FXQRúWLQ HO GLUHFW GH
V YkUúLUHD LQIUDF LXQLL VDX DFHDVWD LD IRVW DGXV OD FXQRúWLQ GH F WUH XQ DOW
IXQF LRQDU SXEOLF SULQWUXQ UDSRUW VFULV VDX RUDO RUL SULQWUXQ GHQXQ SULPLW GLQ
SDUWHDXQHLDOWHSHUVRDQH
6HVL]DUHDGHVSUHV YkUúLUHDLQIUDF LXQLLV QXILIRVWI FXW ÄGHvQGDW ´
&HULQ D ÄGH vQGDW ´ WUHEXLH UDSRUWDW FD SXQFW GH SOHFDUH OD PRPHQWXO vQ
FDUHIXQF LRQDUXOSXEOLFDOXDWFXQRúWLQ GHV YkUúLUHDLQIUDF LXQLLLDUFDGXUDW OD
WLPSXOvQFDUHVHSXWHDIDFHVHVL]DUHD
6HVL]DUHD V QX IL IRVW DGUHVDW SURFXURUXOXL VDX RUJDQXOXL GH FHUFHWDUH
SHQDO SRWULYLWOHJLLGHSURFHGXU SHQDO 6HVL]DUHDDOWRURUJDQHGHFkWRUJDQHOH
GHXUP ULUHSHQDO QXH[RQHUHD] SHIXQF LRQDUXOSXEOLFGHU VSXQGHUHSHQDO
&HULQ D HVWH vQGHSOLQLW GLQ PRPHQW FH IXQF LRQDUXO SXEOLF DGUHVHD]
VHVL]DUHDILHSURFXURUXOXLILHRUJDQXOXLGHFHUFHWDUHSHQDO LQGLIHUHQWGDF DFHVWH
RUJDQHDXVDXQXFRPSHWHQ DGHDHIHFWXDXUP ULUHDSHQDO 2UJDQXOGHFHUFHWDUH
SHQDO VHVL]DWHVWHvQV REOLJDWSULQDUW&SURFSHQV vQGUXPHVHVL]DUHDOD
SURFXURUDWXQFLFkQGFRQVWDW F QXHVWHFRPSHWHQW
2UJDQHOH GH FHUFHWDUH SHQDO F WUH FDUH WUHEXLH IXQF LRQDUXO SXEOLF V úL
vQGUHSWHVHVL]DUHDVXQWFHOHDU WDWHvQDUW&SURFSHQ
-XGHF WRUXO SHQWUX LQIUDF LXQHD GH FDUH D OXDW FXQRúWLQ vQ FXUVXO MXGHF LL
HVWHREOLJDWV VHVL]H]HSURFXURUXODUW&SURFSHQ
&HULQ D HVHQ LDO FDUH FRPSOHWHD] ODWXUD RELHFWLY D YDULDQWHL DJUDYDWH
FRQVW vQFDOLWDWHDI SWXLWRUXOXLXQIXQF LRQDUSXEOLFFXDWULEX LLGHFRQGXFHUHVDX
GHFRQWURO
3ULQ VLQWDJPD ÄDWULEX LL GH FRQWURO´ VH vQ HOHJH R DFWLYLWDWH FRPSOH[ GH
YHULILFDUH SHUPDQHQW VDX LQRSLQDQW vQWUXQ GRPHQLX RDUHFDUH FX VFRSXO GH D
FXQRDúWH UHDOLW LOH úL PRGXO FXP VH GHVI úRDU DFWLYLWDWHD vQ GRPHQLXO UHVSHFWLY
VSUHDSUHvQWkPSLQDVDXDOLFKLGDHYHQWXDOHOHOLSVXULúLDvPEXQ W LDFWLYLWDWHD
8UPDUHDLPHGLDW DRPLVLXQLLGHDVHVL]DRUJDQHOHMXGLFLDUHFRQVW vQFUHDUHD
XQHLVW ULGHSHULFROSHQWUXGHVI úXUDUHDQRUPDO DDFWLYLW LLGHvQI SWXLUHDMXVWL LHL
úLGHFLSHQWUXUHOD LLOHVRFLDOHDF URURFURWLUHHVWHDVLJXUDW SULQDFHDVW DFWLYLWDWH
3HQWUX vQWUHJLUHD ODWXULL RELHFWLYH D LQIUDF LXQLL HVWH GHFL LQGLIHUHQW GDF VD
SURGXVVDXQXRvQWkU]LHUHVDXRvPSLHGLFDUHDXUP ULULLLQIUDF LXQLLV YkUúLWHILLQG
VXILFLHQWGRDUV ILHFUHDW DFHDVW SRVLELOLWDWH
8UPDUHD LPHGLDW D LQIUDF LXQLL VH SURGXFH GHFL FKLDU FkQG RUJDQXO GH
XUP ULUHSHQDO OXDVHFXQRúWLQ GHV YkUúLUHDLQIUDF LXQLLvQV IXQF LRQDUXOSXEOLF
REOLJDWDVHVL]DQXFXQRúWHDDFHDVW vPSUHMXUDUH
/HJ WXUD GH FDX]DOLWDWH 3HQWUX FD VWDUHD GH SHULFRO FUHDW SHQWUX UHOD LLOH
VRFLDOH RFURWLWH V FRQVWLWXLH XUPDUHD LPHGLDW D RPLVLXQLL GH D VHVL]D RUJDQHOH
1LFROHWD,OLHVFXRSFLWYRO,9S
3ULQH[SUHVLDÄRUJDQGHXUP ULUHSHQDO ´GLQDFHVWWH[WWUHEXLHV vQ HOHJHPRUJDQXOGHFHUFHWDUHSHQDO
vQWUXFkWRUJDQGHXUP ULUHSHQDO HVWHúLSURFXURUXO
,RQ'XPLWUX)XQF LRQDUXOFXDWULEX LLGHFRQWUROVXELHFWDFWLYFDOLILFDWDOLQIUDF LXQLLGHOXDUHGHPLW
'UQUS
MXGLFLDUHWUHEXLHV VHFRQVWDWHH[LVWHQ DOHJ WXULLGHFDX]DOLWDWHvQWUHDFHDVW VWDUH
GHSHULFROúLV YkUúLUHDRPLVLXQLL([LVWHQ DOHJ WXULLGHFDX]DOLWDWHHVWHGHFHOHPDL
PXOWHRULHYLGHQW úLQXDUHQHYRLHGHSUREDWRULLVSHFLDOH
ÌQWURDOW RSLQLHVHFRQVLGHU F UDSRUWXOGHFDX]DOLWDWHUH]XOW H[UH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH )D GH GLVSR]L LLOH GLQ DUW DOLQ XOWLP & SHQ
IRUPDGHYLQRY LHFXFDUHVHSRDWHFRPLWHDFHDVW IDSW RPLVLY HVWHILHLQWHQ LD
ILHFXOSD
(OHPHQWXO VXELHFWLY vQ IRUPD LQWHQ LH HVWH UHDOL]DW DWXQFL FkQG IXQF LRQDUXO
SXEOLF FDUH RPLWH VHVL]DUHD GH vQGDW D RUJDQXOXL MXGLFLDU úLD GDW VHDPD D
SUHY ]XWGHUH]XOWDWXORPLVLXQLLVDOHúLDXUP ULWSURGXFHUHDOXLLQWHQ LHGLUHFW
VDXODDFFHSWDWLQWHQ LHLQGLUHFW
3HQWUX FD QHGHQXQ DUHD V L ILH LPSXWDELO I SWXLWRUXOXL HVWH QHFHVDU FD
DFHVWDV DLE FXQRúWLQ HFHUWHGHVSUHV YkUúLUHDIDSWHLGHVSUHFDUDFWHUXOHLSHQDO
SUHFXP úL GHVSUH OHJ WXUD DFHVWHL IDSWH FX VHUYLFLXO V X ÌQ OLSVD XQHL DVWIHO GH
UHSUH]HQW UL LQVWDQ D WUHEXLH V SURQXQ H DFKLWDUHD vQ ED]D DUW SFW & SURF
SHQFRPELQDWFXDUWOLWG&SURFSHQ
3HQWUXH[LVWHQ DLQIUDF LXQLLPRELOXOúLVFRSXOVXQWLUHOHYDQWHGDUHOHYRUIL
LQXWHvQVHDP ODLQGLYLGXDOL]DUHDSHGHSVHL
&kQG RPLVLXQHD VHVL] ULL D IRVW I FXW vQ VFRSXO GH D GD DMXWRU FHOXL FH D
FRPLVLQIUDF LXQHDSHQWUXDvQJUHXQDVDX] G UQLFLXUP ULUHDSHQDO vPSRWULYDOXL
RULSHQWUXDDVLJXUDDFHVWXLDIRORVXOVDXSURGXVXOLQIUDF LXQLLYDH[LVWDXQFRQFXUV
GH LQIUDF LXQL vQWUH RPLVLXQHD VHVL] ULL RUJDQHORU MXGLFLDUH SUHY ]XW vQ DUW
&SHQúLIDYRUL]DUHDLQIUDFWRUXOXLSUHY ]XW vQDUW&SHQSRWULYLWGLVSR]L LHL
GLQDUWOLWD&SHQ
ÌQWUR DVWIHO GH LSRWH] GXS DO L DXWRUL VH FRQVLGHU F YRU IL LQFLGHQWH
QXPDLGLVSR]L LLOHGLQDUW&SHQGHRDUHFHSHQWUXDH[LVWDIDYRUL]DUHDHVWH
QHFHVDUV VHGHDXQDMXWRUHIHFWLYDOWXOGHFkWRPLVLXQHDGHQXQ ULLLQIUDFWRUXOXL
SHQWUXDVH] G UQLFLvQI SWXLUHDMXVWL LHL
'H DVHPHQHD SURIHVRUXO $YUDP )LOLSDú FRQVLGHU F GDF I SWXLWRUXO
XUP UHúWHSULQRPLVLXQHDVHVL] ULLV vPSLHGLFHMXVWL LDUHDOL]kQGvQDFHODúLWLPSúL
DFWHGHDMXWRUQXQHYRPDIODvQSUH]HQ DXQXLFRQFXUVLGHDOFLQXPDLvQSUH]HQ D
LQIUDF LXQLLGHIDYRUL]DUHDLQIUDFWRUXOXL$FHDVW LQIUDF LXQHSUHVXSXQHúLDEVRDUEH
vQ FRQ LQXWXO V X DWkW RPLVLXQHD VHVL] ULL RUJDQHORU MXGLFLDUH FkW úL QHGHQXQ DUHD
XQRULQIUDF LXQL
)RUPH6DQF LXQL
)RUPH'HúLRPLVLXQHDVHVL] ULLRUJDQHORUMXGLFLDUHSRDWHILUHDOL]DW úLSULQ
DF LXQH GDW ILLQG vQV F vQ UDSRUW FX FRQFHSWXO V X HD HVWH R LQIUDF LXQH GH
LQDF LXQHGHUHJXO HVWHH[FOXV SRVLELOLWDWHDSDUFXUJHULLID]HORURELúQXLWHDOHXQHL
DFWLYLW LLQIUDF LRQDOH
1LFROHWD,OLHVFXRSFLWYRO,9S
$YUDP)LOLSDúvQ2FWDYLDQ/RJKLQ$YUDP)LOLSDúRSFLWS
Ä)DSWDFRQVWkQGvQWURLQDF LXQHFRQVWLWXLHLQIUDF LXQHILHF HVWHV YkUúLW FXLQWHQ LHILHGLQFXOS DIDU
GHFD]XOFkQGOHJHDVDQF LRQHD] QXPDLV YkUúLUHDHLFXLQWHQ LH´
76VSGQU55'QUS
1LFROHWD,OLHVFXRSFLWYRO,9S
$YUDP)LOLSDúRSFLWS
,GHPSÌQDFHODúLVHQV*KHRUJKH1LVWRUHDQX9DVLOH'REULQRLX$OH[DQGUX%RURL,OLH3DVFX,RDQ
0ROQDU9DOHULF /D] U'UHSWSHQDO3DUWHDVSHFLDO (GLWXUD(XURSD1RYD%XFXUHúWLS1LFRODH
&RQHDRSFLWYRO,,S
7RWXúLVXQWSRVLELOHDFWHSUHSDUDWRULLODDFHDVW IDSW SHQDO vQFD]XULOHUDU
vQWkOQLWH vQ FDUH RPLVLXQHD VH UHDOL]HD] SULQ DF LXQH H[HPSOX SUHJ WLUHD XQHL
VHVL] UL VFULVH FDUH FRQ LQH LQIRUPD LL IDOVH VDX UHWLFHQ H RUL GLQ FDUH OLSVHVF
HOHPHQWH HVHQ LDOH SHQWUX LGHQWLILFDUHD IDSWHL 'DU úL vQ DFHVWH FD]XUL DFWHOH
SUHSDUDWRULL GHúL SRVLELOH QX VXQW LQFULPLQDWH FD IRUP D LQIUDF LXQLL úL GHFL QX
VXQWVDQF LRQDWHSHQDO
ÌQFHQHSULYHúWHFUHGHPF DFWHOHSUHSDUDWRULLVXQWSRVLELOHODLQIUDF LXQLOH
RPLVLYHFDUHVHUHDOL]HD] SULQFRPLVLXQHQXPDLGDF IDSWDLQFULPLQDW HVWHFRPLV
FXYLQRY LHVXEIRUPDLQWHQ LHLQXúLDWXQFLFkQGHVWHV YkUúLW GLQFXOS
$O L DXWRUL FRQVLGHU F OD DFHDVW LQIUDF LXQH RPLVLY LQGLIHUHQW GH
PRGDOLWDWHDFRQFUHW GHUHDOL]DUHDVDQXVXQWSRVLELOHQLFL DFWHOHSUHSDUDWRULLúL
QLFLWHQWDWLYD
(OHPHQWXO PDWHULDO DO LQIUDF LXQLL UHDOL]kQGVH SULQ QHvQGHSOLQLUHD REOLJD LHL
GH D VHVL]D RUJDQHOH MXGLFLDUH FRQVXPDUHD IDSWHL DUH ORF vQ PRPHQWXO H[SLU ULL
LQWHUYDOXOXLGHWLPSQHFHVDUSHQWUXDIDFHVHVL]DUHD,QIUDF LXQHDVHFRQVXP GHFL
GH vQGDW FH VD SURGXV RPLVLXQHD úL VD FUHDW VWDUHD GH SHULFRO FDUH FRQVWLWXLH
XUPDUHDLPHGLDW DRPLVLXQLL
'DF RPLVLXQHDVHVL] ULLVHSUHOXQJHúWHúLGXS PRPHQWXOFRQVXP ULLIDSWD
FDS W FDUDFWHUXO GH LQIUDF LXQH FRQWLQX HSXL]DUHD DYkQG ORF vQ PRPHQWXO FkQG
vQFXQRúWLQ DUHDDGHYHQLWLQXWLO
6DQF LXQL 2PLVLXQHD VHVL] ULL RUJDQHORU MXGLFLDUH vQ YDULDQWD WLS VH
SHGHSVHúWHFXvQFKLVRDUHGHODOXQLODDQL
'DF IDSWD HVWH V YkUúLW GH F WUH XQ IXQF LRQDU SXEOLF FX DWULEX LL GH
FRQGXFHUHVDXGHFRQWUROSHGHDSVDHVWHvQFKLVRDUHDOXQLODDQL
3HUVRDQD MXULGLF VH VDQF LRQHD] vQ DPEHOH LSRWH]H GH LQFULPLQDUH FX
DPHQG vQWUHOHLúLOHL
)$925,=$5($,1)5$&7258/8,
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO IDYRUL] ULL LQIUDFWRUXOXL FRQVW vQ DFHOH UHOD LL
VRFLDOHDF URUH[LVWHQ HVWHRFURWLW SULQDS UDUHDDFWLYLW LLGHvQI SWXLUHDMXVWL LHL
SHQDOH vPSRWULYD DF LXQLORU GH QDWXU V DMXWH SH LQIUDFWRU vQ D VH VXVWUDJH GH OD
XUP ULUHD SHQDO GH OD MXGHFDW RUL GH OD H[HFXWDUHD SHGHSVHL VDX V úL DVLJXUH
IRORVXORULSURGXVXOLQIUDF LXQLL
)DYRUL]DUHD LQIUDFWRUXOXL VH GHRVHEHúWH GH W LQXLUH úL SULQ IDSWXO F DFHDVWD
GLQ XUP DUH XQ RELHFW MXULGLF VSHFLDO GLIHULW FDUH FRQVW vQ UHOD LLOH VRFLDOH
UHIHULWRDUHODSDWULPRQLX
2ELHFWXO PDWHULDO /D IDYRUL]DUHD UHDO H[LVW vQ JHQHUH XQ RELHFW PDWHULDO
FDUH HVWH SURGXVXO LQIUDF LXQLL V YkUúLWH DQWHULRU GH LQIUDFWRUXO FDUH SULPHúWH
DMXWRUXO H[ DVFXQGHUHD EXQXOXL IXUDW WUDQVIRUPDUHD VDX YkQ]DUHD EXQXOXL
VXVWUDV /D IDYRUL]DUHD SHUVRQDO SRDWH H[LVWD XQHRUL XQ RELHFW PDWHULDO H[
XUPHOHGLVWUXVHDOHLQIUDF LXQLLRELHFWHVFKLPEDWHGHODORFXOLQIUDF LXQLL
1LFROHWD,OLHVFXRSFLWYRO,9S
+RULD'LDFRQHVFX'UHSWSHQDO3DUWHDVSHFLDO YRO,,HGL LDDD(GLWXUD$OO%HFN%XFXUHúWL
S3URIHVRUXO+RULD'LDFRQHVFXFRQVLGHU F IDSWDSHQDO DQDOL]DW QXSRDWHILFRPLV GHFkWSULQDFWHRPLVLYH
1LFROHWD ,OLHVFX vQ 9LQWLO 'RQJRUR] 6LHJIULHG .DKDQH ,RQ 2DQFHD ,RVLI )RGRU 1LFROHWD ,OLHVFX
&RQVWDQWLQ %XODL 5RGLFD 6W QRLX 9LFWRU 5RúFD ([SOLFD LL WHRUHWLFH DOH &RGXOXL SHQDO URPkQ 3DUWHD VSHFLDO
YRO,9(GLWXUD$FDGHPLHL5RPkQH%XFXUHúWLS
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU DO LQIUDF LXQLL GH IDYRUL]DUHD LQIUDFWRUXOXL
SRDWH IL RULFH SHUVRDQ FDUH vQGHSOLQHúWH FRQGL LLOH JHQHUDOH SHQWUX D U VSXQGH
SHQDO
6XELHFWDFWLYDODFHVWHLLQIUDF LXQLSRDWHILúLRSHUVRDQ MXULGLF FXOLPLW ULOH
úLvQFRQGL LLOHSUHY ]XWHvQDUWDOLQ&SHQ
&HOFHDV YkUúLWLQIUDF LXQHDVDXDSDUWLFLSDWODV YkUúLUHDLQIUDF LXQLLODFDUH
VHUHIHU IDYRUL]DUHDQXSRDWHILVXELHFWDFWLYDOLQIUDF LXQLLGHIDYRUL]DUHGHRDUHFH
DUW & SHQ SUHYHGH vQ DFHVW VHQV F IDYRUL]DUHD LQIUDFWRUXOXL UHSUH]LQW
DMXWRUXO GDW ÄXQXL LQIUDFWRU´ DXWRIDYRUL]DUHD QHILLQG DVWIHO LQFULPLQDW $XWR
IDYRUL]DUHDQXHVWHSHGHSVLW QLFLGDF HI FXW vQIDYRDUHDXQXLFRSDUWLFLSDQW
'DF DXWRIDYRUL]DUHD FRQVWLWXLH SULQ HD vQV úL R DOW LQIUDF LXQH DXWRUXO
DFWXOXLGHDXWRIDYRUL]DUHYDU VSXQGHSHQWUXDFHDVW LQIUDF LXQH
$S U WRUXOSRDWHILúLHODXWRUDOLQIUDF LXQLLGHIDYRUL]DUHFkQGDMXWRUXOGDW
LQIUDFWRUXOXL SHQWUX D vQJUHXQD VDX ] G UQLFL XUP ULUHD MXGHFDWD VDX H[HFXWDUHD
SHGHSVHL FRQVWLWXLH R H[HUFLWDUH DEX]LY D SURIHVLHL H[ DVFXQGH SH LQIUDFWRU
vQFHDUF V GHWHUPLQHP UWXULLPLQFLQRDVH
3RW FRPLWH LQIUDF LXQHD GH IDYRUL]DUH úL VR XO VDX UXGHOH DSURSLDWH DOH
LQIUDFWRUXOXLGDUDFHVWHDSRWULYLWDUWDOLQXOWLP&SHQQXVXQWSHGHSVLWH
ÌQLSRWH]DvQFDUHDF LXQHDGHIDYRUL]DUHVHV YkUúHúWHGHF WUHXQIXQF LRQDU
SXEOLF SULQ RPLVLXQHD VHVL] ULL RUJDQHORU MXGLFLDUH D V YkUúLULL XQHLLQIUDF LXQLvQ
OHJ WXU FXVHUYLFLXOvQFDGUXOF UXLDvúLvQGHSOLQHúWHDWULEX LLOHH[LVW FRQFXUVGH
LQIUDF LXQLvQWUHIDYRUL]DUHDLQIUDFWRUXOXLúLRPLVLXQHDVHVL] ULLRUJDQHORUMXGLFLDUH
&kQG R SHUVRDQ V YkUúHúWH IDSWD GH IDYRUL]DUH vQ DPEHOH VDOH YDULDQWH
SULYLQGDFHODúLLQIUDFWRUFRPLWHRVLQJXU LQIUDF LXQHúLQXXQFXPXOGHLQIUDF LXQL
7 LQXLWRUXO SRDWH IL úL IDYRUL]DWRU GDF HIHFWXHD] úL R DFWLYLWDWH GLVWLQFW
VSHFLILF IDYRUL] ULL
)DYRUL]DWRULLQXVXQWSDUWLFLSDQ LODV YkUúLUHDLQIUDF LXQLLSULQFLSDOHvQWUXFkW
ODGDWDHIHFWX ULLDFWHORUGHIDYRUL]DUHLQIUDF LXQHDDQWHULRDU HVWHFRQVXPDW 'LQ
DFHDVW FDX] IDYRUL]DWRUXO QX SRDWH IL REOLJDW vQ PRG VROLGDU FX LQIUDFWRUXO
IDYRUL]DW OD GHVS JXELUL FLYLOH vQ DIDU GH FD]XO IDYRUL] ULL UHDOH FkQG SULQ
DVFXQGHUHDVDXDMXWDUHDODDVFXQGHUHDOXFUXULORUSURYHQLWHGLQLQIUDF LXQHVDFDX]DW
R SDJXE S U LL FLYLOH )DYRUL]DWRUXO U VSXQGH GLQ SXQFW GH YHGHUH FLYLO QXPDL
SHQWUXSUHMXGLFLXOSURGXVHIHFWLYGHHOFDXUPDUHDDMXWRUXOXLGDWDXWRUXOXLSHQWUX
FDDFHVWDV úLDVLJXUHSURGXVXOIDSWHLVDOH
'DF DMXWRUXO HVWH GDW PDL PXOWRU LQIUDFWRUL FKLDU vQ FD] GH SOXUDOLWDWH
QDWXUDO FRQVWLWXLW VDXRFD]LRQDO YDH[LVWDXQFRQFXUVUHDOGHLQIUDF LXQL
3DUWLFLSD LD SHQDO HVWH SRVLELO vQ WRDWH IRUPHOHVDOHFRDXWRUDWLQVWLJDUHúL
FRPSOLFLWDWH
6XELHFWXOSDVLYDOLQIUDF LXQLLHVWHVWDWXOFDWLWXODUDOYDORULLVRFLDOHRFURWLWH
vQI SWXLUHDMXVWL LHL
1LFROHWD,OLHVFXRSFLWYRO,9S
6LPRQD3HWURYLFL)DYRUL]DUHDLQIUDFWRUXOXLFXSULYLUHVSHFLDO ODLQIUDF LXQLOHFRQWUDLQWHUHVHORUREúWHúWL
6WXGLLMXULGLFH,(GLWXUD$FDGHPLHLS
*KHRUJKH' UkQJ úL'XPLWUX/XFLQHVFXvQ7HRGRU9DVLOLX'RUX3DYHO*HRUJH$QWRQLXùWHIDQ'DQHú
*KHRUJKH' UkQJ 'XPLWUX/XFLQHVFX9DVLOH3DSDGRSRO'XPLWUX&3RSHVFX9LUJLO5 PXUHDQX&RGXOSHQDO
URPkQFRPHQWDWúLDGQRWDW3DUWHDVSHFLDO YRO,,(GLWXUDùWLLQ LILF úL(QFLFORSHGLF %XFXUHúWLS
76&ROSHQGQU-1QUSÌQDFHODúLVHQV76&ROSHQGQU-1
QUS
&$&RQVWDQ DGSQU'UQUS
/XGRYLFD'LQFX$XUHO'LQFX5 VSXQGHUHDSHQDO SHQWUXIDYRUL]DUHDLQIUDFWRUXOXL55'QU
S
)DYRUL]DUHDLQIUDFWRUXOXLSRDWHDYHDHYHQWXDOúLXQVXELHFWSDVLYVHFXQGDUVDX
DGLDFHQWFDUHSRDWHILvQFD]XOIDYRUL] ULLSHUVRQDOHRSHUVRDQ IL]LF QHYLQRYDW
FDUHDIRVWXUP ULW VDXE QXLW GHDILFRPLVLQIUDF LXQHDV YkUúLW GHLQIUDFWRUXO
IDYRUL]DW ÌQ FD]XO IDYRUL] ULL UHDOH VXELHFW SDVLY HVWH SHUVRDQD ID GH FDUH VD
FRPLV LQIUDF LXQHD GLQ V YkUúLUHD F UHLD SURYLQH IRORVXO VDX SURGXVXO vQ YHGHUHD
F UXLDVDFRPLVIDYRUL]DUHD
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDO&RGXOSHQDOLQFULPLQHD] vQGLVSR]L LDGLQDOLQDODUW
& SHQ IDSWD GH IDYRUL]DUH D LQIUDFWRUXOXL vQ GRX PRGDOLW L IDYRUL]DUHD
SHUVRQDO DGLF DMXWRUXO GDW XQXL LQIUDFWRU SHQWUX D vQJUHXQD VDX ] G UQLFL
XUP ULUHD SHQDO MXGHFDWD VDX H[HFXWDUHD SHGHSVHL úL IDYRUL]DUHD UHDO DGLF
DMXWRUXO GDW XQXL LQIUDFWRU SHQWUX D DVLJXUD DFHVWXLD IRORVXO VDX SURGXVXO
LQIUDF LXQLL
)DYRUL]DUHD LQIUDFWRUXOXL DUH FDUDFWHUXO GH LQIUDF LXQH DXWRQRP GH VLQH
VW W WRDUHLDUQXGHDFWGHSDUWLFLSD LHvQWUXFkWIDYRUL]DUHDDUHORFDWXQFLFkQGQX
H[LVW RvQ HOHJHUHSUHDODELO vQWUHSHUVRDQDFDUHDV YkUúLWRLQIUDF LXQHúLFHOFDUHL
G DMXWRU SHQWUX D vQJUHXQD VDX vPSLHGLFD XUP ULUHD SHQDO VDX MXGHFDWD RUL
H[HFXWDUHDSHGHSVHLVDXSHQWUXDLDVLJXUDIRORVXOVDXSURGXVXOLQIUDF LXQLL
)LLQG R LQIUDF LXQH DXWRQRP GLVWLQFW GH FHD FRPLV GH FHO IDYRUL]DW
IDYRUL]DWRUXOSRDWHILFRQGDPQDWFKLDUGDF FHOF UXLDLDGDWDMXWRUQXDIRVWWULPLV
vQMXGHFDW SHQWUXIDSWDV YkUúLW
)DYRUL]DUHD LQIUDFWRUXOXL PDL DUH DSRL FDUDFWHUXO GH LQIUDF LXQH FRQH[
FRUHODWLY FX LQIUDF LXQHD DO F UHL I SWXLWRU HVWH DMXWDW SULQ IDSWD GH IDYRUL]DUH
H[LVWHQ D IDYRUL] ULL FD IDSW VXEVHFYHQW GHSLQ]kQG GH H[LVWHQ D IDSWHL
DQWHFHGHQWH
)DSWD SUHY ]XW vQ DUW & SHQ HVWH R LQFULPLQDUH JHQHUDO GDU
VXEVLGLDU DMXWRUXO GDW XQXL LQIUDFWRU SULPLQG FDOLILFDUHD GH IDYRUL]DUH QXPDL
DWXQFL FkQG DOWH GLVSR]L LL GH OHJH QX LQFULPLQHD] LSRWH]H VSHFLDOH GH IDYRUL]DUH
H[P UWXULHPLQFLQRDV vQOHVQLUHDHYDG ULL
ÌQ FRQFUHW IDYRUL]DUHD LQIUDFWRUXOXL QX SRDWH IL FRQFHSXW I U SUHH[LVWHQ D
V YkUúLULLXQHLDOWHLQIUDF LXQLGHFLI U SUHH[LVWHQ DÄXQXLLQIUDFWRU´
(OHPHQWXO PDWHULDO DO LQIUDF LXQLL GH IDYRUL]DUH vQ DPEHOH VDOH YDULDQWH
FRQVW vQDF LXQHDGHDGDDMXWRUXQXLLQIUDFWRUILHSHQWUXDvQJUHXQDVDX] G UQLFL
XUP ULUHD SHQDO MXGHFDWD VDX H[HFXWDUHD SHGHSVHL ILH SHQWUX D DVLJXUD DFHVWXLD
IRORVXOVDXSURGXVXOLQIUDF LXQLL
$MXWRUXO SRDWH IL GDW SULQ DFWH FRPLVLYH DF LXQH VDX SULQWUR FRPSRUWDUH
RPLVLY LQDF LXQH 'H H[HPSOX IDYRUL]DWRUXO DVFXQGH SH LQIUDFWRU vL SURFXU
PLMORDFH FD V GLVSDU GLVWUXJH XQHOH SUREH PDWHULDOH úL DOWH DVHPHQHD DFWH
FRPLVLYH QX G GH úWLUH DXWRULW LORU F D DIODW XQGH VD UHIXJLDW LQIUDFWRUXO VDX
XQGHVHJ VHVFOXFUXULOHSURYHQLWHGLQLQIUDF LXQH
'DF DFWHOHGHIDYRUL]DUHFRQVWLWXLHSULQHOHvQVHOHRLQIUDF LXQHYRPDYHDXQ
FXPXOGHLQIUDF LXQLvQWUHIDYRUL]DUHDLQIUDFWRUXOXLúLDFHDLQIUDF LXQH
&HULQ H HVHQ LDOH $MXWRUXO V ILH GDW SHQWUX D vQJUHXQD VDX ] G UQLFL
XUP ULUHD SHQDO MXGHFDWD VDX H[HFXWDUHD SHGHSVHL IDYRUL]DUH SHUVRQDO RUL
SHQWUXDDVLJXUDIRORVXOVDXSURGXVXOLQIUDF LXQLLIDYRUL]DUHUHDO
1LFROHWD,OLHVFXRSFLWYRO,9S
76VSGQU55'QUS
1LFROHWD,OLHVFXRSFLWYRO,9S
6XEDFHVWDVSHFWWHUPHQXOÄDvPSLHGLFD´LQWURGXVvQ1RXO&RGSHQDOvQORFXOFHOXLGHÄD] G UQLFL´QLVH
SDUHPDLFRUHVSXQ] WRU
8Q VLPSOX DMXWRU GDW XQXL LQIUDFWRU SULQ FDUH QX VH XUP UHúWH QLFL
vQJUHXQDUHDVDXvPSLHGLFDUHDXUP ULULLSHQDOHDMXGHF LLRULH[HFXWDUHDSHGHSVHL
úL QLFL D VH DVLJXUD LQIUDFWRUXOXL IRORVXO VDX SURGXVXO LQIUDF LXQLL QX FRQVWLWXLH
HOHPHQWXOPDWHULDODOLQIUDF LXQLLGHIDYRUL]DUHDLQIUDFWRUXOXLH[VLPSOXOIDSWGHD
GDJ ]GXLUHVDXGHDIXUQL]DDOLPHQWHXQXLLQIUDFWRUVDXGHDGDvQJULMLUHVDXDMXWRU
XQXLLQIUDFWRUEROQDYQXFRQVWLWXLHIDSWDGHIDYRUL]DUHGDF DFHVWHDQXVXQWI FXWH
SHQWUXDvQJUHXQDVDX] G UQLFLvQI SWXLUHDMXVWL LHL
$FHDVW FHULQ SULYHúWH ODWXUD RELHFWLY D LQIUDF LXQLL SHQWUX F HD LQGLF
GHVWLQD LD RELHFWLYXO DF LXQLL GH DMXWRUDUH úL QX ODWXUD VXELHFWLY FXP VDVXV LQXW
vQWUR RSLQLH PDL YHFKH FDUH GHDOWIHO D U PDV L]RODW $F LXQHD GH DMXWRUDUH
WUHEXLHV ILHGHQDWXU DvQJUHXQDVDX] G UQLFLXUP ULUHDSHQDO VDXMXGHFDWDRUL
H[HFXWDUHD SHGHSVHL VDX GH QDWXU D DVLJXUD LQIUDFWRUXOXL IRORVXO VDX SURGXVXO
LQIUDF LXQLL
ÌQ FD]XO IDYRUL] ULL SHUVRQDOH DMXWRUXO GDW XQXL LQIUDFWRU SRDWH SULYL
vQJUHXQDUHDVDX] G UQLFLUHDILHDXUP ULULLSHQDOHILHDMXGHF LLILHDH[HFXW ULL
SHGHSVHL
$FHVWH PRGXUL GH DFRUGDUH D DMXWRUXOXL SUHY ]XWH GH OHJH VXQW DOWHUQDWLYH
GDU VH SRW UHDOL]D vQV úL FXPXODWLY VLWXD LH vQ FDUH VH S VWUHD] XQLWDWHD
LQIUDF LRQDO
Ä$vQJUHXQD´vQVHDPQ DIDFHGLILFXOW LDIDFHJUHXW LDSURYRFDvQWkU]LHUL
DPkQ UL VDX FRPSOLFD LL D SXQH SLHGLFL D F XWD V LQGXF vQ HURDUH VDX V DEDW
DWHQ LDGHODRDQXPLW vPSUHMXUDUHVDXOXFUXDGHUXWD
Ä$ ] G UQLFL´ vQVHDPQ D IDFH LPSRVLELO vQ WRWXO VDX vQ SDUWH XUP ULUHD
SHQDO MXGHFDWDVDXH[HFXWDUHDSHGHSVHL
$MXWRUXO GDW SHQWUX D vQJUHXQD VDX ] G UQLFL XUP ULUHD SHQDO vQVHDPQ
DMXWRUXO DFRUGDW LQIUDFWRUXOXL vQ LQWHUYDOXO GH OD V YkUúLUHD LQIUDF LXQLL SkQ OD
WULPLWHUHDOXLvQMXGHFDW SHQWUXvQWkU]LHUHDVDXHOXGDUHDFHUFHW ULORUH[DOWHUDUHD
VDX GLVWUXJHUHD XUPHORU LQIUDF LXQLL IXUQL]DUHD GH GDWH LQH[DFWH SULYLWRDUH OD
SHUVRDQD LQIUDFWRUXOXL VDX OD vPSUHMXU ULOH FDX]HL RUL SHQWUX VXVWUDJHUHD
LQIUDFWRUXOXL GH OD FHUFHW ULOH RUJDQXOXL GH XUP ULUH SHQDO H[ DVFXQGHUHD
LQIUDFWRUXOXL
1XH[LVW LQIUDF LXQHDGHIDYRUL]DUHGDF I SWXLWRUXOQXDFRPLVDFWHFRQFUHWH
GHDMXWRUDUHFLQXPDLDGDWGHFODUD LLPLQFLQRDVHODRUJDQXOGHXUP ULUHDILUPkQG
F QXDDYXWFXQRúWLQ GHH[LVWHQ DRPRUXOXLVDXGDF FHOIDYRUL]DWQXDFRPLV
QLFLRLQIUDF LXQHRULVDI FXWvQFHHDFHOSULYHúWHDSOLFDUHDDUW&SHQ
$MXWRUXOGDWXQXLLQIUDFWRUSHQWUXDvQJUHXQDVDX] G UQLFLMXGHFDWDSULYHúWH
vQWkU]LHUHD VDX vPSLHGLFDUHD HIHFWX ULL DFWHORU GH SURFHGXU GH DGPLQLVWUDUH D
SUREHORU HWF vQ ID]D GH MXGHFDW vQ SULP LQVWDQ VDX vQ F LOH GH DWDF FkW úL
VXVWUDJHUHDLQIUDFWRUXOXLGHODMXGHFDW DWXQFLFkQGSUH]HQ DOXLHVWHREOLJDWRULHVDX
FkQGVDHPLVXQPDQGDWGHDUHVWDUHSUHYHQWLY
$MXWRUXO GDW XQXL LQIUDFWRU SHQWUX D vQJUHXQD VDX ] G UQLFL H[HFXWDUHD
SHGHSVHL SULYHúWH vQ SULPXO UkQG VXVWUDJHUHD DFHVWXLD GH OD H[HFXWDUHD SHGHSVHL
GHWHQ LXQLL VDX vQFKLVRULL RUL GH OD SODWD DPHQ]LL OD FDUH D IRVW FRQGDPQDW SULQ
KRW UkUHGHILQLWLY VDXH[HFXWRULH
$MXWRUXOGDWXQHLSHUVRDQHFDUHDV YkUúLWRIDSW SUHY ]XW GHOHJHDSHQDO
GHDVHVXVWUDJHGHODH[HFXWDUHDP VXULORUGHVLJXUDQ SUHY ]XWHvQDUWOLWF
1LFROHWD,OLHVFXRSFLWYRO,9S
6LPRQD3HWURYLFLRSFLWS
1LFROHWD,OLHVFXRSFLWYRO,9S
76VSGQU55'QUS
76VSGQU55'QUS
G úL J & SHQ OXDWH FRQWUD VD QX FRQVWLWXLH LQIUDF LXQHD GH IDYRUL]DUH FL
FRPSOLFLWDWH OD QHUHVSHFWDUHD KRW UkULORU MXGHF WRUHúWL SUHY ]XW vQ DUW DOLQ
&SHQ
)DYRUL]DUHDLQIUDFWRUXOXLHVWHSRVLELO DILV YkUúLW RULFkQGvQDLQWHFDSHGHDSVD
V ILHFRPSOHWH[HFXWDW VDXV ILLQWHUYHQLWRFDX] GHvQO WXUDUHDSHGHSVHL
&RQVWLWXLHIDYRUL]DUHDLQIUDFWRUXOXLúLDMXWRUXOGDWXQXLFRQGDPQDWGHILQLWLYFDUH
D HYDGDW SHQWUX DúL PHQ LQH DFHDVW VWDUH GH HYDGDUH DGLF SHQWUX D vQJUHXQD VDX
] G UQLFLUHOXDUHDH[HFXW ULLSHGHSVHL$MXWRUXOGDWFRQGDPQDWXOXLSHQWUXDHYDGDQX
FRQVWLWXLHIDYRUL]DUHFLLQIUDF LXQHDGHvQOHVQLUHDHYDG ULLDUW&SHQ
6SULMLQXOXQXLLQIUDFWRUFDUHVHvPSRWULYHúWHSULQDFWHYLROHQWHVDXDPHQLQ DUH
OD H[HFXWDUHD KRW UkULL GH FRQGDPQDUH QX FRQVWLWXLH LQIUDF LXQHD GH IDYRUL]DUH
SUHY ]XW vQ DUW & SHQ FL FRPSOLFLWDWH OD LQIUDF LXQHD GH QHUHVSHFWDUHD
KRW UkULORUMXGHF WRUHúWLSUHY ]XW vQDUWDOLQ&SHQ
3HUVRDQHOH FDUH DX DQXPLWH vQV UFLQ UL SULYLWRDUH OD H[HFXWDUHD SHGHSVHORU
MXGHF WRULLFDUHHPLWPDQGDWGHH[HFXWDUHDSHGHSVHLSURQXQ DWHMXGHF WRULLFDUH
VXSUDYHJKHD] H[HFXWDUHD SHGHSVHORU VHFUHWDULL GH OD MXGHF WRULL úL WULEXQDOH
OXFU WRULLGHSROL LHFDUHH[HFXW PDQGDWXOSHUVRQDOXOGLQSHQLWHQFLDUHHWFGDF
RPLW V úL vQGHSOLQHDVF REOLJD LLOH ORU SULYLQG H[HFXWDUHD SHGHSVHL SHQWUX D
IDYRUL]D SH FRQGDPQDW FRPLW LQIUDF LXQHD GH IDYRUL]DUH vQ FRQFXUV LGHDO FX R
LQIUDF LXQHGHVHUYLFLX
ÌQ FD]XO IDYRUL] ULL UHDOH SHQWUX FD DMXWRUXO GDW XQXL LQIUDFWRU V FRQVWLWXLH
HOHPHQWXOPDWHULDODOLQIUDF LXQLLDQDOL]DWHWUHEXLHFDDFHODMXWRUV ILHGDWSHQWUXD
DVLJXUDIRORVXOVDXSURGXVXOLQIUDF LXQLL
Ä$DVLJXUD´vQVHDPQ DSXQHvQVLJXUDQ DSXQHvQDIDUDRULF UXLSHULFROD
vQO WXUDSHULFROXOSLHUGHULLIRORVXOXLVDXSURGXVXOXLLQIUDF LXQLL
Ä3URGXVDOLQIUDF LXQLL´vQvQ HOHVXODUW&SHQvQVHDPQ DWkWOXFUXULOH
ÄSURGXVH´SULQLQIUDF LXQHDGLF FHOHFHDXOXDWILLQ SULQHIHFWXDUHDDF LXQLLFDUH
IRUPHD] HOHPHQWXO PDWHULDO DO LQIUDF LXQLL H[ PRQHGHOH IDOVH DOLPHQWH VDX
PHGLFDPHQWHIDOVLILFDWHIRWRJUDILLOHOXDWHGHXQVSLRQFkWúLOXFUXULOHÄGREkQGLWH´
SULQV YkUúLUHDLQIUDF LXQLLFXPDUILEXQXULOHFDUHDXDMXQVvQPkQDLQIUDFWRUXOXL
SULQ FRQVXPDUHD DFWLYLW LL LQIUDF LRQDOH H[ OXFUXULOH IXUDWH EDQLL VDX OXFUXULOH
GHODSLGDWH VDX EXQXULOH FDUH DX OXDW ORFXO XQRU OXFUXUL LQL LDO GREkQGLWH SULQ
LQIUDF LXQHEDQLLRE LQX LSULQYkQ]DUHDOXFUXULORUIXUDWHVDXOXFUXULFXPS UDWHFX
EDQLGHODSLGD LEXQXULWUDQVIRUPDWHGXS V YkUúLUHDLQIUDF LXQLL
Ä)RORVXO LQIUDF LXQLL´ vQVHDPQ RULFH SURILW RULFH DYDQWDM QX QXPDL FHOH
HYDOXDWHHFRQRPLFRE LQXWSULQV YkUúLUHDLQIUDF LXQLLFDUHHVWHVXVFHSWLELOGHDIL
DVLJXUDWSULQDMXWRUXOGDWGHRDOW SHUVRDQ
$ GRXD FHULQ HVHQ LDO FDUH WUHEXLH V ILH vQGHSOLQLW SHQWUX UHDOL]DUHD
ODWXULL RELHFWLYH D IDYRUL] ULL LQIUDFWRUXOXL FRQVW vQ FRQGL LD FD DMXWRUXO GDW XQXL
LQIUDFWRU V QX ILH DGXFHUHD OD vQGHSOLQLUH D XQHL vQ HOHJHUL DQWHULRDUH LQWHUYHQLW
vQDLQWHVDXvQWLPSXOV YkUúLULLLQIUDF LXQLLGHF WUHDFHOLQIUDFWRU
$FHDVW FHULQ HVHQ LDO HVWHFRURODUXOILUHVFDOGLVSR]L LHLGLQSDUWHDILQDO D
DUW & SHQ FDUH SUHYHGH F SURPLVLXQHD GH D IDYRUL]D SH XQ LQIUDFWRU I FXW
vQDLQWHVDXvQWLPSXOV YkUúLULLIDSWHLFRQVWLWXLHXQDFWGHFRPSOLFLWDWHDWkWvQFD]XO
vQFDUHGXS V YkUúLUHDIDSWHLSURPLVLXQHDDIRVWvQGHSOLQLW FkWúLvQFD]XOFkQG
SURPLVLXQHDQXDIRVW LQXW
$úDGDUSULQÄvQ HOHJHUH´VWDELOLW vQDLQWHVDXvQWLPSXOV YkUúLULLLQIUDF LXQLL
VHvQ HOHJHSURPLVLXQHDGHDIDYRUL]DSUHY ]XW vQDUW&SHQLDUSULQÄWLPSXO
1LFROHWD,OLHVFXRSFLWYRO,9S
,GHPYRO,9S
,ELGHPYRO,9S
V YkUúLULL´VHvQ HOHJHLQWHUYDOXOGLQWUHPRPHQWXOvQFHSHULLH[HFXW ULLúLPRPHQWXO
FRQVXP ULL IDSWHL VDX DO HSXL] ULL DFWLYLW LL LQIUDF LRQDOH vQ FD] GH SUHOXQJLUH D
DFHVWHLDvQWLPS
$F LXQHDGHDMXWRUDUHWUHEXLHGHFLV YLQ GXS FHDIRVWV YkUúLW LQIUDF LXQHD
DQWHULRDU úLQXvQWLPSXOFkQGDFHDVWDVHJ VHúWHvQFXUVGHH[HFXWDUH
ÌQ HOHJHUHD vQWUH R SHUVRDQ úL DXWRULL IXUWXOXL GH D WUDQVSRUWD EXQXULOH
VXVWUDVH FX DXWRWXULVPXO VXUYHQLWH vQWUXQ PRPHQW FkQG EXQXULOH IXVHVHU VFRDVH
GLQGHSR]LWúLHUDXvQFXUWHVSUHDILDUXQFDWHSHVWHJDUGFRQVWLWXLHSHQWUXFHOGLQWkL
IDYRUL]DUHD LQIUDFWRUXOXL LDU QX FRPSOLFLWDWH GHRDUHFH DMXWRUXO QX D IRVW GDW
DXWRUXOXLvQDLQWHVDXvQWLPSXOV YkUúLULLLQIUDF LXQLLFLDVXUYHQLWGXS FRQVXPDUHD
DFHVWHLDI U H[LVWHQ DXQHLvQ HOHJHULDQWHULRDUH
)DSWD LQFXOSDWXOXL GH D VH vQ HOHJH FX DXWRUXO XQXL IXUW GXS V YkUúLUHD GH
F WUH DFHVWD D LQIUDF LXQLL GH DO DMXWD V YkQG EXQXULOH VXVWUDVH úL GH D vPS U L
SUH XO RE LQXW FRQVWLWXLH LQIUDF LXQHD GH W LQXLUH LDU QX DFHHD GH IDYRUL]DUH
GHRDUHFH FHHD FH GHRVHEHúWH FHOH GRX IDSWH SHQDOH vQWUH DOWHOH HVWH VFRSXO GH D
RE LQH XQ IRORV PDWHULDO SH FDUHO XUP UHúWH I SWXLWRUXO FDUDFWHULVWLF LQIUDF LXQLL
SUHY ]XWHvQDUW&SHQ
'HDVHPHQHDIDSWDLQFXOSDWXOXLGHDYDORULILFDXQEXQFXQRVFkQGF SURYLQH
GLQ V YkUúLUHD XQHL LQIUDF LXQL I U R vQ HOHJHUH SUHDODELO FX DXWRUXO DFHVWHLD
vQWUXQHúWH HOHPHQWHOH FRQVWLWXWLYH DOH LQIUDF LXQLL GH W LQXLUH LDU QX SH FHOH DOH
IDYRUL] ULLLQIUDFWRUXOXL
ÌQSULQFLSLXVXQWLQGLIHUHQWHSHQWUXH[LVWHQ DLQIUDF LXQLLGHIDYRUL]DUHQDWXUD
úLIHOXOLQIUDF LXQLLDQWHULRDUHSUHFXPúLFDOLWDWHDLQIUDFWRUXOXLIDYRUL]DWDGLF GDF
DFHVWDHVWHDXWRUFRPSOLFHVDXLQVWLJDWRUODIDSWDSHQDO DQWHULRUV YkUúLW
)DSWD V YkUúLW DQWHULRU SRDWH IL úL WHQWDWLYD XQHL LQIUDF LXQL DWXQFL FkQG
WHQWDWLYDHVWHSHGHSVLW
,QIUDF LXQHDDQWHFHGHQWSRDWHILSUHY ]XW vQ&RGXOSHQDOvQWUROHJHSHQDO
VSHFLDO VDXvQWUROHJHVSHFLDO FXGLVSR]L LLSHQDOH
1X HVWH QHFHVDU FD IDYRUL]DUHD V VH UHIHUH OD vQWUHDJD DFWLYLWDWH D FHOXL
IDYRUL]DWFLHDSRDWHSULYLúLQXPDLRSDUWHGLQDFHDVWD
)DYRUL]DUHDLQIUDFWRUXOXLSUH]LQW GRX YDULDQWHDJUDYDWHVSHFLDOHFkQGIDSWD
GH IDYRUL]DUH SULYHúWH R SHUVRDQ FDUH D V YkUúLW R LQIUDF LXQH FRQWUD VLJXUDQ HL
VWDWXOXL±DUWDOLQ&SHQVDXRLQIUDF LXQHFRQWUDS FLLVDXRPHQLULL±DUW
DOLQúL&SHQúLRYDULDQW GHVSHFLH±DUWDOLQOLWDGLQ/HJHD
QUSHQWUXSUHYHQLUHDGHVFRSHULUHDúLVDQF LRQDUHDIDSWHORUGHFRUXS LH
FkQG IDYRUL]DUHD SULYHúWH R SHUVRDQ FDUH D FRPLV R LQIUDF LXQH GH FRUXS LH VDX
DVLPLODW IDSWHORUGHFRUXS LH
8UPDUHD LPHGLDW D IDYRUL] ULL LQIUDFWRUXOXL FRQVW vQ FUHDUHD XQHL VW UL GH
SHULFROSHQWUXQRUPDODGHVI úXUDUHDDFWLYLW LLGHvQI SWXLUHDMXVWL LHL
&6-VSGQU5'3QUSÌQDOWD&XUWHGH&DVD LHúL-XVWL LH%XOHWLQXO
MXULVSUXGHQ HL&XOHJHUHGHGHFL]LLSHDQXO(GLWXUD$OO%HFN%XFXUHúWLS
&6-VSGQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSH
DQXO(GLWXUDÄ3URHPD´%DLD0DUHS
Ì&&-VSGQU%XOHWLQXO&DVD LHL-XULVSUXGHQ 'RFWULQ &RPXQLF UL(GLWXUD$OO%HFN
%XFXUHúWLQUSÌQDOWD&XUWHGH&DVD LHúL-XVWL LH%XOHWLQXOMXULVSUXGHQ HL&XOHJHUHGHGHFL]LLSH
DQXO(GLWXUD$OO%HFN%XFXUHúWLS
3XEOLFDW vQ02IQUGLQPRGLILFDW SULQ2*QUSXEOLFDW vQ02IQUGLQ
PRGLILFDW úLFRPSOHWDW SULQ/HJHDQUSULYLQGXQHOHP VXULSHQWUXDVLJXUDUHDWUDQVSDUHQ HLvQ
H[HUFLWDUHD GHPQLW LORU SXEOLFH D IXQF LLORU SXEOLFH úL vQ PHGLXO GH DIDFHUL SUHYHQLUHD úL VDQF LRQDUHD FRUXS LHL
SXEOLFDW vQ02IQUGLQ/HJHDQUSXEOLFDW vQ02IQUGLQ28*
QU SXEOLFDW vQ 0 2I QU GLQ úL 28* QU SXEOLFDW vQ 0 2I QU GLQ
3HQWUX H[LVWHQ D LQIUDF LXQLL GH IDYRUL]DUHD LQIUDFWRUXOXL HVWH LQGLIHUHQW GDF
XUP ULUHD MXGHFDWD VDX H[HFXWDUHD SHGHSVHL DX úL IRVW vQJUHXQDWH VDX ] G UQLFLWH
RUL GDF VD DVLJXUDW SHQWUX LQIUDFWRU vQ PRG HIHFWLY SURGXVXO VDX IRORVXO
LQIUDF LXQLL (VWH VXILFLHQW F D H[LVWDW SRVLELOLWDWHD GH D VH UHDOL]D YUHXQXO GLQ
DFHVWHUH]XOWDWH
/HJ WXUDGHFDX]DOLWDWHvQWUHDF LXQHDLQFULPLQDW úLXUPDUHDLPHGLDW WUHEXLH
V H[LVWHúLUH]XOW H[UH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LHQHFHVDU SHQWUXH[LVWHQ DODWXULLVXELHFWLYHDLQIUDF LXQLL
HVWHLQWHQ LDGLUHFW VDXLQGLUHFW ([LVW LQWHQ LHDWXQFLFkQGI SWXLWRUXOúWLHF VD
V YkUúLWRLQIUDF LXQHúLF G DMXWRUXQXLLQIUDFWRUúLSUHYHGHF SULQDFHVWDMXWRUV
DU SXWHD vQJUHXQD vPSLHGLFD XUP ULUHD SHQDO MXGHFDWD VDX H[HFXWDUHD SHGHSVHL
RUL VDU SXWHD DVLJXUD LQIUDFWRUXOXL IRORVXO VDX SURGXVXO LQIUDF LXQLL úL GHFL F VH
FUHHD] RVWDUHGHSHULFROSHQWUXvQI SWXLUHDMXVWL LHLUH]XOWDWSHFDUHvOXUP UHúWH
VDXvODFFHSW
ÌQ FD]XO IDYRUL] ULL UHDOH FRPLWH LQIUDF LXQHD FX LQWHQ LH úL FHO FDUH QX
FXQRúWHD vQ PRPHQWXO SULPLULL EXQXOXL F DFHVWD SURYLQH GLQWUR LQIUDF LXQH GDU
XOWHULRUFXQRVFkQGSURYHQLHQ DOXFUXOXLDFRQWLQXDWV OS VWUH]H
)DSWDV YkUúLW GLQFXOS QXHVWHLQFULPLQDW
0RELOXOFXFDUHDDF LRQDWDJHQWXOQXLQWHUHVHD] SHQWUXH[LVWHQ DLQIUDF LXQLL
FL QXPDL FD HOHPHQW GH LQGLYLGXDOL]DUH SHGHSVHL &kQG I SWXLWRUXO vQ FD]XO
IDYRUL] ULLUHDOHDXUP ULWúLRE LQHUHDXQXLIRORVPDWHULDOYDH[LVWDFRQFXUVvQWUH
LQIUDF LXQHDGHIDYRUL]DUHúLFHDGHW LQXLUH
)RUPH6DQF LXQL
)RUPH)DYRUL]DUHDLQIUDFWRUXOXLILLQGRLQIUDF LXQHFRPLVLY úLLQWHQ LRQDW
HVWHVXVFHSWLELO GHDILUHDOL]DW SULQWURDFWLYLWDWHLQIUDF LRQDO GHGXUDW úLGHFLGH
IRUPHLPSHUIHFWHDFWHSUHSDUDWRULLWHQWDWLY HSXL]DUH
$FWHOH SUHSDUDWRULL úL WHQWDWLYD VXQW SRVLELOH GDU QX VXQW LQFULPLQDWH úL
LPSOLFLWSHGHSVLWH$FWHOHSUHSDUDWRULLSRWILvQV SHGHSVLWHFDDFWHGHFRPSOLFLWDWH
DQWHULRDU vQ FD]XO vQ FDUH VD V YkUúLW LQIUDF LXQHD LDU HOH DX IRVW HIHFWXDWH GH
DOWFLQHYDGHFkWDXWRUXOLQIUDF LXQLLGHIDYRUL]DUH
)DYRUL]DUHD LQIUDFWRUXOXL VH FRQVXP vQ PRPHQWXO vQ FDUH DF LXQHD GH D GD
DMXWRU D IRVW H[HFXWDW GHRDUHFH VWDUHD GH SHULFRO SHQWUX vQI SWXLUHD MXVWL LHL HVWH
LQHUHQW DF LXQLL V YkUúLWH úL FRQ LQH SRVLELOLWDWHD vQJUHXQ ULL VDX ] G UQLFLULL
XUP ULULL SHQDOH MXGHF LL H[HFXW ULL SHGHSVHL VDX GHVFRSHULULL úL UHFXSHU ULL
SUHMXGLFLXOXLFDX]DWSULQLQIUDF LXQH
&RQVXPDUHD LQIUDF LXQLL DUH ORF LQGLIHUHQW GDF XUP ULUHD MXGHFDWD VDX
H[HFXWDUHDSHGHSVHORUDIRVWVDXQXvPSLHGLFDW VDX] G UQLFLW RULGDF DIRVWVDX
QXvPSLHGLFDW UHFXSHUDUHDSURGXVXOXLLQIUDF LXQLL
)DYRUL]DUHD LQIUDFWRUXOXL vPEUDF GH PXOWH RUL FDUDFWHUXO GH LQIUDF LXQH
FRQWLQX H[ DVFXQGHUHD LQIUDFWRUXOXL S VWUDUHD SURGXVHORU LQIUDF LXQLL úL PDL
IUHFYHQW GH LQIUDF LXQH FRQWLQXDW H[ HIHFWXDUHD vQ PRG UHSHWDW D XQRU DFWH GH
DMXWRUvQUHDOL]DUHDDFHOHLDúLUH]ROX LLDFWLYLWDWHDLQIUDF LRQDO SXWkQGXVHSUHOXQJL
DVWIHOúLGXS FRQVXPDUHDIDSWHLSHQDOHÌQDFHVWHVLWXD LLLQIUDF LXQHDVHYDHSXL]D
1LFROHWD,OLHVFXRSFLWYRO,9SÌQVHQVFRQWUDU$YUDP)LOLSDúRSFLWS3URIHVRUXO$YUDP
)LOLSDú FRQVLGHU F FHOH GRX IDSWH SHQDOH QX SRW IL FRQFXUHQWH GHRDUHFH W LQXLUHD FDUH QX UHSUH]LQW DOWFHYD
GHFkWXQPRGVSHFLDOGHIDYRUL]DUHDLQIUDFWRUXOXLDEVRDUEHvQFRQ LQXWXOV XLQIUDF LXQHDGHIDYRUL]DUH1LFRODH
&RQHD vQ 9DVLOH 'REULQRLX 1LFRODH &RQHD &LSULDQ 5DXO 5RPL DQ &DPLO 7 Q VHVFX 1RUHO 1HDJX 0D[LP
'REULQRLX'UHSWSHQDO3DUWHDVSHFLDO YRO,,/XPLQD/H[%XFXUHúWLS
GXS FD]ILHvQPRPHQWXOvQFHW ULLDF LXQLLLQFULPLQDWHILHODGDWDFRPLWHULLXOWLPHL
DF LXQL
6DQF LXQL)DYRUL]DUHDLQIUDFWRUXOXLVHSHGHSVHúWHFXvQFKLVRDUHGHODOXQL
ODDQLI U FDSHGHDSVDDSOLFDW IDYRUL]DWRUXOXLV ILHPDLPDUHGHFkWSHGHDSVD
SUHY ]XW GHOHJHSHQWUXDXWRU
$FHDVW GHSHQGHQ D SHGHSVHL DSOLFDWH IDYRUL]DWRUXOXL GH SHGHDSVD
SUHY ]XW SHQWUX LQIUDF LXQHD V YkUúLW GH F WUH FHO IDYRUL]DW VH H[SOLF SULQ
FDUDFWHUXOFRUHODWLYDOIDYRUL] ULLLQIUDFWRUXOXLID GHLQIUDF LXQHDDQWHULRUFRPLV
3ULQÄSHGHDSV SUHY ]XW GHOHJHSHQWUXDXWRU´FDUHQXSRDWHILGHS úLW GH
SHGHDSVD DSOLFDW SHQWUX IDYRUL]DWRU VH vQ HOHJH PD[LPXO SHGHSVHL SUHY ]XW vQ
GLVSR]L LDFDUHLQFULPLQHD] LQIUDF LXQHDV YkUúLW úLQXSHGHDSVDFRQFUHWDSOLFDW
FHOXLIDYRUL]DWúLFDUHSRDWHILPDLPLF GHFkWSHGHDSVDDSOLFDW IDYRUL]DWRUXOXL
3HUVRDQD MXULGLF VH VDQF LRQHD] FX DPHQGD FXSULQV vQWUH OHL úL
OHLSRWULYLWDUWDOLQ&SHQ
&DX] GHQHSHGHSVLUH
3RWULYLWGLVSR]L LHLGLQDUWDOLQ&SHQIDYRUL]DUHDV YkUúLW GHVR
VDXGHRUXG DSURSLDW QXVHSHGHSVHúWH
1X EHQHILFLD] GH DFHDVW FDX] GH QHSHGHSVLUH IDYRUL]DWRULL FDUH GHúL
VXQWUXGHDSURSLDWHvQWUHHLQXVXQWUXGHúLFXFHOIDYRUL]DW
$FHDVW FDX] VSHFLDO GHQHSHGHSVLUHQXHVWHDSOLFDELO GDF IDYRUL]DWRUXO
HVWHUXG QXPDLFXXQXOGLQWUHFHLGRLLQFXOSD LFRDXWRULDLLQIUDF LXQLLGHED]
3HQWUXLQFLGHQ DDFHVWHLFDX]HLGHQHSHGHSVLUHHVWHQHFHVDUSUDFWLFFDI SWXLWRUXOV
ILHUXG DSURSULDW FXWR LLQIUDFWRULL
20,6,81($'($Ì1&812ù7,1 $25*$1(/(-8',&,$5(
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDODOLQIUDF LXQLLGHRPLVLXQHGHDvQFXQRúWLQ DRUJDQHOH
MXGLFLDUH vO IRUPHD] UHOD LLOH VRFLDOH D F URU H[LVWHQ HVWH RFURWLW SULQ DS UDUHD
DFWLYLW LL GH vQI SWXLUH DMXVWL LHLvPSRWULYDIDSWHLSULQFDUHRUJDQHOHMXVWL LHLVXQW
OLSVLWHGHFXQRDúWHUHDXQRUvPSUHMXU ULFDUHDUSXWHDGXFHODvQO WXUDUHDXQRUVLWXD LL
MXGLFLDUH FRQWUDUH DGHY UXOXL úL MXVWL LHL SUHFXP úL D XQRU KRW UkUL SURQXQ DWH SH
QHGUHSW
ÌQWUXFkW SULQ V YkUúLUHD DFHVWHL IDSWH VH DGXFH DWLQJHUH úL SHUVRDQHL
QHYLQRYDWHRELHFWMXULGLFVHFXQGDUúLDGLDFHQWVXQWúLUHOD LLOHVRFLDOHRFURWLWHSULQ
DS UDUHDSHUVRDQHLRPXOXL
3HQWUX GHWDOLL SULYLQG DFHDVW FDX] VSHFLDO GH QHSHGHSVLUH IDFHP WULPLWHUH OD FHOH DU WDWH FX SULOHMXO
FRPHQWDULXOXLDUWDOLQ&SHQDVSHFWHFDUHU PkQYDODELOHúLSHQWUXLQIUDF LXQHDGHIDYRUL]DUH
76VSGQU5,S
&6-VSGQU9DOHULX%RJG QHVFX/HRQLGD3DVWRU$OH[H&RVWDFKH,YDQRY$QWRQ3DQGUHD
(XJHQLD3RSD*KHRUJKH8JOHDQ(OHQD&HDQ,RVLI,RQHVFX9LRULFD5DGX5R]DOLD/D] U3UREOHPHGHGUHSWGLQ
GHFL]LLOH &XU LL 6XSUHPH GH -XVWL LH (GLWXUD 2UL]RQWXUL %XFXUHúWL S 'U QU
S
1LFROHWD ,OLHVFX vQ 9LQWLO 'RQJRUR] 6LHJIULHG .DKDQH ,RQ 2DQFHD ,RVLI )RGRU 1LFROHWD ,OLHVFX
&RQVWDQWLQ %XODL 5RGLFD 6W QRLX 9LFWRU 5RúFD ([SOLFD LL WHRUHWLFH DOH &RGXOXL SHQDO URPkQ 3DUWHD VSHFLDO
YRO ,9 (GLWXUD $FDGHPLHL 5RPkQH %XFXUHúWL S ÌQ DFHODúL VHQV *KHRUJKH ' UkQJ úL 'XPLWUX
/XFLQHVFXvQ7HRGRU9DVLOLX'RUX3DYHO*HRUJH$QWRQLXùWHIDQ'DQHú*KHRUJKH' UkQJ 'XPLWUX/XFLQHVFX
9DVLOH 3DSDGRSRO 'XPLWUX & 3RSHVFX 9LUJLO 5 PXUHDQX &RGXO SHQDO URPkQ FRPHQWDW úL DGQRWDW 3DUWHD
VSHFLDO YRO,,(GLWXUDùWLLQ LILF úL(QFLFORSHGLF %XFXUHúWLS
3ULQ V YkUúLUHD XQRU DVHPHQHD IDSWH VH DGXFH DWLQJHUH QX QXPDL YDORULL
VRFLDOHDvQI SWXLULLMXVWL LHLFLúLRUGLQLLGHGUHSWSHFDUHWUHEXLHV RDSHUHOHJHD
SHQDO úLSURFHVXDOSHQDO DUW&SHQúLDUW&SURFSHQ
2ELHFWXOPDWHULDOOLSVHúWHODDFHDVW LQIUDF LXQH
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU DO RPLVLXQLL GH D vQFXQRúWLQ D RUJDQHOH
MXGLFLDUHSRDWHILRULFHSHUVRDQ IL]LF FHvQGHSOLQHúWHFRQGL LLOHJHQHUDOHSHQWUXD
U VSXQGHSHQDO
0DUWRUXOH[SHUWXOVDXLQWHUSUHWXOV YkUúHVFLQIUDF LXQHDSUHY ]XW vQDUW
&SHQGDF RPLVLXQHDORUSULYHúWHvPSUHMXU ULDVXSUDF URUDQXDXIRVWvQWUHED L
LDUGDF ILLQGvQWUHED LDVXSUDDFHORUvPSUHMXU ULQXOHDUDW GHúLDXFXQRúWLQ GH
HOHV YkUúHVFLQIUDF LXQHDGHP UWXULHPLQFLQRDV DUW&SHQ
6XELHFWDFWLYDODFHVWHLLQIUDF LXQLSRDWHILúLRSHUVRDQ MXULGLF FXOLPLW ULOH
úLvQFRQGL LLOHSUHY ]XWHvQDUWDOLQ&SHQ
2PLVLXQHD GH D vQFXQRúWLQ D RUJDQHOH MXGLFLDUH ILLQG R LQIUDF LXQH FDUH VH
V YkUúHúWHLQSHUVRQDSURSULDQXSRDWHILV YkUúLW GHFkWGHXQVLQJXUDXWRU)LHFDUH
GLQWUH FHL FDUH FXQRVF YUHR vPSUHMXUDUH SH FDUH HUDX REOLJD L V R DGXF OD
FXQRúWLQ DRUJDQHORUMXGLFLDUHúLQXúLvQGHSOLQHúWHSURSULDREOLJD LHV YkUúHúWHvQ
PRGGLVWLQFWLQIUDF LXQHDGHRPLVLXQHGHDvQFXQRúWLQ DRUJDQHOHMXGLFLDUH
)DSWD SUHY ]XW vQ DUW & SHQ HVWH vQV VXVFHSWLELO GH SDUWLFLSD LH vQ
IRUPDLQVWLJ ULL
ÌQWUR DOW RSLQLH VH FRQVLGHU F SDUWLFLSD LD SHQDO HVWH SRVLELO VXE
IRUPDLQVWLJ ULLúLDFRPSOLFLW LLPRUDOH
6XELHFWXO SDVLY SULQFLSDO DO LQIUDF LXQLL DQDOL]DWH HVWH VWDWXO FD WLWXODU DO
YDORULLVRFLDOHRFURWLWHvQI SWXLUHDQRUPDO DMXVWL LHL
6XELHFWXO SDVLY VHFXQGDU DGLDFHQW HVWH SHUVRDQD QHYLQRYDW PHQ LQXW vQ
VLWXD LLOH DU WDWH vQ DUW & SHQ SULQ V YkUúLUHD LQIUDF LXQLL GH RPLVLXQH D
vQFXQRúWLQ ULL
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDODOLQIUDF LXQLLDQDOL]DWHFRQVW vQWURLQDF LXQHDQXPHGLQ
RPLVLXQHDGHDDGXFHODFXQRúWLQ DRUJDQHORUMXGLFLDUHDXQRUvPSUHMXU ULGHQDWXU
V GXF ODVWDELOLUHDQHYLQRY LHLXQHLSHUVRDQHWULPLVHvQMXGHFDW úLFRQGDPQDW
RUL LQXW vQDUHVWSUHYHQWLYSHQHGUHSW
2PLVLXQHDVHSRDWHUHDOL]DDWkWSULQDWLWXGLQLRPLVLYHQXvQúWLLQ HD] FkWúL
SULQDFWHFRPLVLYHvQúWLLQ HD] HURQDW
'XS DO L DXWRUL LQIUDF LXQHD DQDOL]DW QX VH SRDWH V YkUúL GHFkW SULQWUR
RPLVLXQH$FWHOHFRPLVLYHQXDUILGHFkWXQPLMORFGHIDSWFDUHVHPQLILF H[LVWHQ D
DWLWXGLQLL RPLVLYH FX DOWH FXYLQWH XQ PLMORF GH SURE SHQWUX GRYHGLUHD
QHvQGHSOLQLULLREOLJD LHLGHGHQXQ DUH
2 vQFXQRúWLQ DUH LQFRPSOHW FX RPLVLXQL HVHQ LDOH FX UHWLFHQ H VDX FX
LQIRUPD LLIDOVHHFKLYDOHD] GHFLFXROLSV GHvQFXQRúWLQ DUH
1LFROHWD,OLHVFXRSFLWYRO,9SÌQDFHODúLVHQV,OLH3DVFXvQ,OLH3DVFX9DOHULF /D] U'UHSWXO
SHQDO3DUWHDVSHFLDO (GLWXUD/XPLQD/H[%XFXUHúWLS
0DWHL %DVDUDE vQ 0DWHL %DVDUDE /XFLD 0ROGRYDQ 9DOHU 6XLDQ 'UHSW SHQDO 3DUWHD VSHFLDO YRO ,
&OXM1DSRFD S ÌQ DFHODúL VHQV $YUDP )LOLSDú ,QIUDF LXQL FRQWUD vQI SWXLULL MXVWL LHL (GLWXUD
$FDGHPLHL%XFXUHúWLS
1LFROHWD,OLHVFXRSFLWYRO,9SÌQDFHODúLVHQV1LFRODH&RQHDRSFLWYRO,,S
$YUDP)LOLSDúRSFLWSÌQDFHODúLVHQV$YUDP)LOLSDúvQ2FWDYLDQ/RJKLQ$YUDP)LOLSDú'UHSW
SHQDO 3DUWHD VSHFLDO HGL LH UHYL]XLW &DVD GH HGLWXU úL SUHV ùDQVD 65/ %XFXUHúWL S +RULD
'LDFRQHVFX'UHSWSHQDO3DUWHDVSHFLDO YRO,,HGL LDDD(GLWXUD$OO%HFN%XFXUHúWLS
ÌQFXQRúWLQ DUHDSHQWUXDILXWLO WUHEXLHV ILHI FXW GHvQGDW FHRSHUVRDQ
DDYXWFXQRúWLQ GHRvPSUHMXUDUHFDUHDUSXWHDVWDELOLQHYLQRY LDXQHLSHUVRDQH
vQWURFDX] SHQDO ÌQSUDFWLF vQV HVWHGHFHOHPDLPXOWHRULJUHXGHDVHGRYHGL
PRPHQWXO vQ FDUH R SHUVRDQ D DIODW GHVSUH vPSUHMXU ULOH FDUH WUHEXLH DGXVH OD
FXQRúWLQ DRUJDQHORUMXGLFLDUH
ÌQúWLLQ DUHDVHFRQVLGHU vQV I FXW vQWLPSXWLOFkW YUHPHPDLSRDWHGXFHOD
VWDELOLUHDQHYLQRY LHL
&HULQ HHVHQ LDOH
2PLVLXQHD vQFXQRúWLQ ULL RUJDQHORU MXGLFLDUH WUHEXLH V VH UHIHUH OD R
SHUVRDQ WULPLV vQMXGHFDW VDXFRQGDPQDW SHQHGUHSWVDXODRSHUVRDQ LQXW vQ
DUHVWSUHYHQWLYSHQHGUHSW
3HQWUX D IL V YkUúLW RPLVLXQHD GH D vQFXQRúWLQ D RUJDQHOH MXGLFLDUH HVWH
QHFHVDUV H[LVWHvQSUHDODELOXQDFWMXGLFLDUSULQFDUHRSHUVRDQ V ILIRVWWULPLV vQ
MXGHFDW VDXFRQGDPQDW RUL LQXW vQDUHVWSUHYHQWLYSHQHGUHSWGHFLXQDFWFDUH
V LPSOLFHÄYLQRY LH´vQVHQVXODUW&SHQ
) U SUHH[LVWHQ D XQXL DFW GH WULPLWHUH vQ MXGHFDW DGLF D XQXL DFW GH
LQFXOSDUH VDX D XQHL KRW UkUL GH FRQGDPQDUH RUL D XQXL DFW SULQ FDUH R SHUVRDQ
HVWHSXV VXEDUHVWSUHYHQWLYQXSRDWHILFRPLV IDSWDGHRPLVLXQHGHDvQFXQRúWLQ D
RUJDQHOHMXGLFLDUH
&HULQ D HVHQ LDO HVWH vQGHSOLQLW GLQ PRPHQW FH SUHH[LVW XQXO GLQ DFHVWH
DFWH
Ä3HUVRDQ WULPLV vQ MXGHFDW ´ vQVHDPQ SHUVRDQ GHIHULW LQVWDQ HL GH
MXGHFDW SULQUHFKL]LWRULXOSURFXURUXOXL±DUWSFW&SURFSHQ
Ä3HUVRDQ FRQGDPQDW ´HVWHSHUVRDQDID GHFDUHVDSURQXQ DWRKRW UkUHGH
FRQGDPQDUHSULQFDUHLVDFRQVWDWDWGHFLYLQRY LDLVDDSOLFDWRSHGHDSV VDXR
DOW VDQF LXQHGHGUHSWSHQDOILLQGF URVWXOREOLJD LHLGHvQúWLLQ DUHHVWHVWDELOLUHD
QHYLQRY LHL
3HQWUX H[LVWHQ D LQIUDF LXQLL HVWH LQGLIHUHQW GDF KRW UkUHD GH FRQGDPQDUH
HVWHGHILQLWLY VDXQX
Ä3HUVRDQ LQXW vQDUHVWSUHYHQWLY´HVWHSHUVRDQDDIODW vQVWDUHGHDUHVWvQ
H[HFXWDUHDXQHLDGLQP VXULOHSUHYHQWLYHSULYDWLYHGHOLEHUWDWHSUHY ]XWHGH&RGXO
GH SURFHGXU SHQDO UH LQHUHD VDX DUHVWDUHD SUHYHQWLY DUW úL XUP
&SURFSHQ3HQWUXH[LVWHQ DLQIUDF LXQLLQXHVWHGHFLVXILFLHQWQXPDLV VHILOXDW
XQDGLQDFHVWHP VXULFLHVWHQHYRLHFDSHUVRDQDID GHFDUHVDOXDWP VXUDV IL
IRVWHIHFWLYSULYDW GHOLEHUWDWHWH[WXODUW&SHQUHIHULQGXVHODÄHOLEHUDUHD´
XQHLSHUVRDQH LQXWHvQDUHVWSUHYHQWLY
/LSVDGHvQFXQRúWLQ DUHWUHEXLHV SULYHDVF RUJDQHOHMXGLFLDUH
7RWXúL vQúWLLQ DUHD VH FRQVLGHU I FXW úL DWXQFL FkQG D IRVW DGUHVDW XQXL
RUJDQ FDUH DUH REOLJD LD GH D WUDQVPLWH vQúWLLQ DUHD RUJDQHORU MXGLFLDUH ILLQGF
RUJDQHOHGHVWDWWUHEXLHúLHOHODIHOFDFHW HQLLV DMXWHODvQI SWXLUHDMXVWL LHL
Ä2UJDQHOH MXGLFLDUH´ DX vQ vQ HOHVXO DUW & SHQ XQ VHQV UHVWUkQV
OLPLWkQGXVH QXPDL OD RUJDQHOH GH XUP ULUH SHQDO SUHY ]XWH GHDUW&SURF
SHQSURFXURUXOúLRUJDQHOHGHFHUFHWDUHSHQDO úLODLQVWDQ DGHMXGHFDW
&HULQ D HVWH vQGHSOLQLW GLQ PRPHQW FH R SHUVRDQ vQFXQRúWLQ HD] XQXO GLQ
DFHVWH RUJDQH MXGLFLDUH LQGLIHUHQW GDF DFHVW RUJDQ HVWH FHO vQ ID D F UXLD VH DIO
FDX]DvQFDUHHVWHLPSOLFDW SHUVRDQDODFDUHVHUHIHU vQFXQRúWLQ DUHD
3HUVRDQD FDUH D RPLV vQFXQRúWLQ DUHD V IL DYXW FXQRúWLQ GHVSUH
vPSUHMXU ULOH FDUH WUHEXLDX V IDF RELHFWXO vQúWLLQ ULL (VWH LQGLIHUHQW SHQWUX
1LFROHWD,OLHVFXRSFLWYRO,9S
,GHPYRO,9S
H[LVWHQ D LQIUDF LXQLL PRGXO VDX PLMORFXO vQ FDUH R SHUVRDQ D OXDW FXQRúWLQ GH
vPSUHMXUDUHDFDUHWUHEXLDV ILHDGXV ODFXQRúWLQ DRUJDQXOXLMXGLFLDU
ÌPSUHMXU ULOH FDUH WUHEXLH DGXVH OD FXQRúWLQ D RUJDQXOXL MXGLFLDU V QX IL
IRVW FXQRVFXWH DFHVWXLD (VWH FRQGL LD FDUH UH]XOW GLQ FXYLQWHOH ÄvPSUHMXU UL FDUH
GDF DUILFXQRVFXWH´
ÌPSUHMXU ULOHFDUHWUHEXLDXV IDF RELHFWXOvQFXQRúWLQ ULLV ILHGHQDWXU
DGXFHODVWDELOLUHDQHYLQRY LHLXQHLSHUVRDQHWULPLVHvQMXGHFDW RULFRQGDPQDW
VDXODHOLEHUDUHDXQHLSHUVRDQH LQXW vQDUHVWSUHYHQWLYSHQHGUHSW
6XQW ÄvPSUHMXU UL FDUH DU GXFH OD VWDELOLUHD QHYLQRY LHL´ FHOH GLQ FDUH DU
UH]XOWD F QX H[LVW IDSWD LPSXWDW VDX F QX D IRVW FRPLV GH FHO vQYLQXLW RUL
FRQGDPQDWRULF H[LVW YUHRFDX] FDUHvQO WXU FDUDFWHUXOSHQDODOIDSWHL
ÌPSUHMXU ULOHFDUHDUGXFHODHOLEHUDUHDSHUVRDQHL LQXWHvQDUHVWSUHYHQWLYSH
QHGUHSWVXQWDFHOHDFDUHIDFFDSULYDUHDGHOLEHUWDWHV QXILHMXVWLILFDW DUW
úL&SURFSHQ
8UPDUHD LPHGLDW D RPLVLXQLL GH D vQFXQRúWLQ D RUJDQHOH MXGLFLDUH FRQVW vQ
FUHDUHDXQHLVW ULGHSHULFROSHQWUXGHVI úXUDUHDQRUPDO DDFWLYLW LLGHvQI SWXLUHDMXV
WL LHLúLGHFLSHQWUXUHOD LLOHVRFLDOHDF URURFURWLUHHVWHDVLJXUDW SULQDFHDVW DFWLYLWDWH
$O WXULGHDFHDVW XUPDUHLPHGLDW SULQFLSDO VHSURGXFHRXUPDUHDGLDFHQW
FRQVWkQGGLQWURY W PDUHDGXV SHUVRDQHLWULPLVHvQMXGHFDW VDXFRQGDPQDW RUL
LQXW vQDUHVWSUHYHQWLYSHQHGUHSW
/HJ WXUD GH FDX]DOLWDWH 3HQWUX FD VWDUHD GH SHULFRO V FRQVWLWXLH XUPDUHD
LPHGLDW DLQIUDF LXQLLWUHEXLHV H[LVWHvQPRGILUHVFROHJ WXU GHFDX]DOLWDWHvQWUH
DFHDVW VWDUHGHSHULFROúLV YkUúLUHDRPLVLXQLL$FHDVW OHJ WXU GHFDX]DOLWDWHQX
WUHEXLH GHFL GRYHGLW $FHODúL OXFUX úL SHQWUX XUPDUHD DGLDFHQW FRQVWkQG vQ
Y W PDUHDFDX]DW FHOXLvQOHJ WXU FXFDUHVDSURGXVRPLVLXQHD
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH )D GH GLVSR]L LLOH GLQ DUW DOLQ XOWLP & SHQ
IRUPDGHYLQRY LHFXFDUHVHSRDWHFRPLWHDFHDVW IDSW RPLVLY HVWHILHLQWHQ LD
ILHFXOSD3HQWUXUHDOL]DUHDODWXULLVXELHFWLYHDLQIUDF LXQLLI SWXLWRUXOWUHEXLHV IL
DYXW FXQRúWLQ vQ PRG FHUW GHVSUH vPSUHMXU UL FDUH GXF OD VWDELOLUHD QHYLQRY LHL
XQHL SHUVRDQH WULPLVH vQ MXGHFDW VDX FRQGDPQDWH RUL OD HOLEHUDUHD XQHL SHUVRDQH
LQXWHvQDUHVWSUHYHQWLY) SWXLWRUXODYkQGDFHDVW FXQRúWLQ YDOXFUDFXLQWHQ LH
FkQG úLD GDW VHDPD GH QDWXUD RPLVLXQLL VDOH úL D SUHY ]XW UH]XOWDWXO DFHVWHLD
XUP ULQGXOLQWHQ LHGLUHFW VDXDFFHSWkQGXOLQWHQ LHLQGLUHFW $FHVWDYDILvQ
FXOS FkQG úLD GDW VHDPD GH QDWXUD RPLVLXQLL VDOH úL GHúL D SUHY ]XW UH]XOWDWXO
DFHVWHLDGLQXúXULQ DVRFRWLWF QXVHYDSURGXFHVDXFkQGGLQLQGROHQ QLFLQXD
SUHY ]XWDFHVWUH]XOWDWGHúLWUHEXLDúLSXWHDV OSUHYDG
3HQWUXH[LVWHQ DODWXULLVXELHFWLYHúLLPSOLFLWDLQIUDF LXQLLDQDOL]DWHPRELOXOGHWHU
PLQDQWúLVFRSXOVXQWLUHOHYDQWHGDUYRUIL LQXWHvQVHDP ODLQGLYLGXDOL]DUHDSHGHSVHL
)RUPH6DQF LXQL
)RUPH2PLVLXQHDGHDvQFXQRúWLQ DRUJDQHOHMXGLFLDUHILLQGRLQIUDF LXQHGH
LQDF LXQHQXHVWHVXVFHSWLELO GHWHQWDWLY 'LPSRWULY VXQWXQHRULSRVLELOHDFWHOH
SUHSDUDWRULLGDUQXVXQWLQFULPLQDWH
,ELGHPYRO,9S
1LFROHWD,OLHVFXRSFLWYRO,9S
Ä)DSWDFRQVWkQGvQWURLQDF LXQHFRQVWLWXLHLQIUDF LXQHILHF HVWHV YkUúLW FXLQWHQ LHILHGLQFXOS DIDU
GHFD]XOFkQGOHJHDVDQF LRQHD] QXPDLV YkUúLUHDHLFXLQWHQ LH´
1LFROHWD,OLHVFXRSFLWYRO,9S
,GHPYRO,9S
,QIUDF LXQHD VH FRQVXP vQ PRPHQWXO H[SLU ULL LQWHUYDOXOXL GH WLPS QHFHVDU
SHQWUX vQFXQRúWLQ DUHD RUJDQHORU MXGLFLDUH GH vQGDW FH I SWXLWRUXO D DIODW GH
vPSUHMXU ULFDUHDUGXFHODVWDELOLUHDQHYLQRY LHLXQHLSHUVRDQHVDXODSXQHUHDHLvQ
OLEHUWDWHúLDDYXWSRVLELOLWDWHDV vQFXQRúWLQ H]H$FHDVW IDSW SHQDO VHFRQVXP
GHFLGHvQGDW FHVDSURGXVRPLVLXQHDúLVDFUHDWVWDUHDGHSHULFROFDUHFRQVWLWXLH
XUPDUHDLPHGLDW DRPLVLXQLL
/D RPLVLXQHD vQFXQRúWLQ ULL RUJDQHORU MXGLFLDUH DWLWXGLQHD LQIUDF LRQDO
FRQWLQX úL GXS FRQVXPDUH HSXL]kQGXVH vQ PRPHQWXO FkQG vQFXQRúWLQ DUHD D
GHYHQLWLQXWLO
6DQF LXQL 2PLVLXQHD GH D vQFXQRúWLQ D RUJDQHOH MXGLFLDUH VH SHGHSVHúWH FX
vQFKLVRDUHGHODOXQLODXQDQVDXFXDPHQG 3HUVRDQDMXULGLF VHVDQF LRQHD] FX
DPHQGDFXSULQV vQWUHOHLúLOHL
&DX] GHQHSHGHSVLUH
2PLVLXQHD GH D vQFXQRúWLQ D RUJDQHOH MXGLFLDUH QX VH SHGHSVHúWH GDF SULQ
DGXFHUHDODFXQRúWLQ SHUVRDQDFDUHDUHDFHDVW REOLJD LHDUSURGXFHXQSUHMXGLFLX
SHQWUXHDSHQWUXVR XOV XVDXSHQWUXRUXG DSURSLDW
&DOLWDWHDGHÄVR ´HVWHGHWHUPLQDW GHH[LVWHQ DF V WRULHLYDODELOvQFKHLDW úL
QHGHVI FXW SkQ vQPRPHQWXOV YkUúLULLLQIUDF LXQLLDQDOL]DWH
Ä5XGHDSURSLDWH´SRWULYLWGLVSR]L LHLH[SOLFDWLYHGLQDUWDOLQ&SHQ
VXQW DVFHQGHQ LL úL GHVFHQGHQ LL IUD LL úL VXURULOH FRSLLL DFHVWRUD SUHFXP úL
SHUVRDQHOHGHYHQLWHSULQDGRS LHSRWULYLWOHJLLDVWIHOGHUXGH
'LVSR]L LLOH GLQ OHJHD SHQDO SULYLWRDUH OD UXGH DSURSLDWH vQ OLPLWHOH
SUHY ]XWH GH DOLQ VH DSOLF vQ FD] GH DGRS LH FX HIHFWH GHSOLQH SHUVRDQHL
DGRSWDWH FkW úL GHVFHQGHQ LORU DFHVWHLD úL vQ UDSRUW FX UXGHOH ILUHúWL LDU vQ FD] GH
DGRS LHFXHIHFWHUHVWUkQVHDGRSWDWXOXLFkWúLGHVFHQGHQ LORUDFHVWXLDúLvQUDSRUWFX
UXGHOHDGRSWDWRUXOXL
Ä3UHMXGLFLX´vQVHDPQ DWkWRSDJXE PDWHULDO FkWúLXQSUHMXGLFLXPRUDO
'XS DO L DXWRUL SULQ ÄSUHMXGLFLX´ VH vQ HOHJH QXPDL XQ SUHMXGLFLX SHQDO R
SHGHDSV ODFDUHDUILH[SXVFHOFDUHLQIRUPHD] VR XOVDXUXGDDSURSLDW
$5(67$5($1(/(*$/ ù,&(5&(7$5($$%8=,9
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDOSULQFLSDODOLQIUDF LXQLLGHDUHVWDUHLOHJDO úLDFHOHL
GH FHUFHWDUH DEX]LY vO IRUPHD] UHOD LLOH VRFLDOH D F URU IRUPDUH úL GH]YROWDUH
GHSLQGH GH DS UDUHD DFWLYLW LL GH vQI SWXLUH D MXVWL LHL SHQDOH FRQWUD DEX]XULORU
V YkUúLWHGHF WUHFHLFDUHSDUWLFLS ODDFHDVW DFWLYLWDWH
ÌQWUXFkW SULQ V YkUúLUHD IDSWHORU LQFULPLQDWH vQ DUW & SHQ VH DGXFH
DWLQJHUHQXQXPDLYDORULLVRFLDOHDvQI SWXLULLMXVWL LHLFLúLSHUVRDQHLvQOLEHUWDWHD
VDIL]LF VDXSVLKLF LQIUDF LXQLOHGHDUHVWDUHQHOHJDO úLGHFHUFHWDUHDEX]LY DXFD
RELHFW MXULGLF VHFXQGDU úL DGLDFHQW úL UHOD LLOH VRFLDOH RFURWLWH SULQ DS UDUHD
SHUVRDQHLIL]LFH
2ELHFWXOPDWHULDO,QIUDF LXQLOHSUHY ]XWHvQDUW&SHQDXGHFHOHPDL
PXOWH RUL XQ RELHFW PDWHULDO FDUH HVWH FRUSXO SHUVRDQHL vPSRWULYD F UHLD VH
1LFROHWD,OLHVFXRSFLWYRO,9SÌQDFHODúLVHQV2FWDYLDQ/RJKLQ7XGRUHO7RDGHU'UHSWSHQDO
URPkQ3DUWHDVSHFLDO HGL LDD,9DUHY ]XW úLDG XJLW &DVDGHHGLWXU úLSUHV ùDQVD65/%XFXUHúWL
S
&RQVWDQWLQ 9LIRUHDQX (XJHQ 3HWLW 1LFRODH , 7DQRYLFHDQX &RGXO SHQDO H[SOLFDW %XFXUHúWL (GLWXUD
$GHY UXOS
V YkUúHVFDFHVWHIDSWH$VWIHOFRQVWLWXLHRELHFWPDWHULDOFRUSXOSHUVRDQHLFDUHHVWH
LOHJDO SULYDW GH OLEHUWDWH VDX FDUH HVWH vQ FRQGL LL LOHJDOH VXSXV OD H[HFXWDUHD
SHGHSVHL vQFKLVRULL VDX D XQHL P VXUL GH VLJXUDQ RUL HGXFDWLYH FDUH LPSOLF
SULYDUH GH OLEHUWDWH RUL DO SHUVRDQHL DIODWH vQ FXUV GH XUP ULUH SHQDO VDX GH
MXGHFDW VDX DO PDUWRUXOXL H[SHUWXOXL RUL LQWHUSUHWXOXL DVXSUD F UXLD VH
vQWUHEXLQ HD] YLROHQ H
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUDOLQIUDF LXQLLGHDUHVWDUHQHOHJDO SRDWHIL
QXPDL R SHUVRDQ FDOLILFDW IDSWHOH GH DUHVWDUH QHOHJDO úL GH FHUFHWDUH DEX]LY
DYkQGFDUDFWHUXOXQRULQIUDF LXQLSURSULL
$UHVWDUHD QHOHJDO vQ YDULDQWD WLS UH LQHUH VDX DUHVWDUH QHOHJDO SRDWH IL
V YkUúLW QXPDLGHF WUH
XQ RUJDQ MXGLFLDU FDUH DUH GUHSWXO V LD P VXUD UH LQHULL VDX D DUHVW ULL
SUHYHQWLYHRUJDQHOHGHXUP ULUHSHQDO VDXMXGHF WRUXOGXS FD]
RUJDQXOFDUHGLVSXQHDUHVWDUHDvQYHGHUHDH[HFXW ULLSHGHSVHLvQFKLVRULL
SULQHPLWHUHDPDQGDWXOXLGHH[HFXWDUHDvQFKLVRULLLQVWDQ DGHH[HFXWDUHSRWULYLW
DUW&SURFSHQ
RUJDQXOGHH[HFXWDUHDPDQGDWXOXLGHDUHVWDUHVDXDPDQGDWXOXLGHH[HFXWDUH
DSHGHSVHLvQFKLVRULLSRWULYLWDUW&SURFSHQúLDUW&SURFSHQ
RUJDQHOH GH OD ORFXULOH GH GH LQHUH FDUH DX vQV UFLQDUHD GH D SULPL úL
HOLEHUDGH LQX LLSRWULYLWDUW&SURFSHQ
$UHVWDUHDQHOHJDO vQYDULDQWDWLSQXSRDWHILV YkUúLW GHSHUVRDQHOHFDUHDX
GUHSWXOGHDSULQGHXQI SWXLWRUvQFD]GHLQIUDF LXQHIODJUDQW SHQWUXDOFRQGXFH
vQDLQWHDDXWRULW LLDUW&SURFSHQ
3HUVRDQHOH FDUH QX DX XQD GLQ FDOLW LOH DU WDWH PDL VXV úL FDUH SULYHD] GH
OLEHUWDWHRDOW SHUVRDQ QXFRPLWRDUHVWDUHQHOHJDO FLLQIUDF LXQHDGHOLSVLUHGH
OLEHUWDWHvQPRGLOHJDODUW&SHQ
$XWRUDOLQIUDF LXQLLGHDUHVWDUHQHOHJDO vQYDULDQWDDVLPLODW VXSXQHUHDXQHL
SHUVRDQHODH[HFXWDUHDXQHLSHGHSVHVDXDXQHLP VXULGHVLJXUDQ VDXHGXFDWLYH
vQDOWPRGGHFkWFHOSUHY ]XWSULQGLVSR]L LLOHOHJDOHSRDWHILQXPDLSHUVRDQDFH
GHVI úRDU RDFWLYLWDWHvQXQLW LOHvQFDUHVHH[HFXW SHGHDSVDP VXUDGHVLJXUDQ
VDXP VXUDHGXFDWLY
6XELHFWXODFWLYQHPLMORFLWDXWRUDOLQIUDF LXQLLGHFHUFHWDUHDEX]LY SRDWHIL
QXPDL R SHUVRDQ FDUH IXQF LRQHD] FD RUJDQ GH XUP ULUH SHQDO ± SURFXURUXO
SRWULYLW DUW DOLQ & SURF SHQ úL RUJDQHOH GH FHUFHWDUH SHQDO SRWULYLW
DUW & SURF SHQ úL DUW & SURF SHQ ± VDX FD MXGHF WRU vQ FDGUXO
LQVWDQ HORUGHMXGHFDW QXPDLDFHVWHDSXWkQGOXDGHFODUD LLGHODvQYLQXLWLQFXOSDW
RULPDUWRUVDXvQGUXPDHIHFWXDUHDDFWLYLW LLH[SHU LORUVDXLQWHUSUH LORU
,QIUDF LXQLOHGHDUHVWDUHQHOHJDO úLGHFHUFHWDUHDEX]LY VXQWVXVFHSWLELOHGH
SDUWLFLSD LHSHQDO vQWRDWHIRUPHOHVDOHFRDXWRUDWLQVWLJDUHVDXFRPSOLFLWDWH
3HQWUXH[LVWHQ DFRDXWRUDWXOXLvQV HVWHQHFHVDUFDWR LDXWRULLV DLE FDOLWDWHD
FHUXW GH OHJH OD GDWD FRPLWHULL LQIUDF LXQLL GH DUHVWDUH QHOHJDO VDX GH FHUFHWDUH
DEX]LY
6XELHFWDFWLYDODFHVWRULQIUDF LXQLSRDWHILúLRSHUVRDQ MXULGLF FXOLPLW ULOH
úLvQFRQGL LLOHSUHY ]XWHvQDUWDOLQ&SHQ
1LFROHWD ,OLHVFX vQ 9LQWLO 'RQJRUR] 6LHJIULHG .DKDQH ,RQ 2DQFHD ,RVLI )RGRU 1LFROHWD ,OLHVFX
&RQVWDQWLQ %XODL 5RGLFD 6W QRLX 9LFWRU 5RúFD ([SOLFD LL WHRUHWLFH DOH &RGXOXL SHQDO URPkQ 3DUWHD VSHFLDO
YRO,9(GLWXUD$FDGHPLHL5RPkQH%XFXUHúWLS
1LFROHWD,OLHVFXRSFLWYRO,9S
6XELHFWXO SDVLY DO LQIUDF LXQLL GH DUHVWDUH QHOHJDO HVWH VWDWXO FD WLWXODU DO
YDORULLVRFLDOHDvQI SWXLULLMXVWL LHL
6XELHFW SDVLY HYHQWXDO DO LQIUDF LXQLL GH DUHVWDUH QHOHJDO YDULDQWD WLS
UH LQHUH VDX DUHVWDUH QHOHJDO SRDWH IL RULFH SHUVRDQ FH vQWUXQHúWH FRQGL LLOH
JHQHUDOHSHQWUXDU VSXQGHSHQDOLDUvQYDULDQWDDVLPLODW DFHVWDQXSRDWHILGHFkW
R SHUVRDQ FRQGDPQDW OD SHGHDSVD vQFKLVRULL VDX UHVSHFWLY R SHUVRDQ ID GH
FDUH VD OXDW R P VXU GH VLJXUDQ VDX XQ PLQRU ID GH FDUH VD OXDW R P VXU
HGXFDWLY UHVWULFWLY GHOLEHUWDWH
6XELHFWXOSDVLYDOLQIUDF LXQLLGHFHUFHWDUHDEX]LY vQYDULDQWDWLSSUHY ]XW
vQ DUW DOLQ & SHQ SRDWH IL QXPDL R SHUVRDQ FDUH VH DIO vQ FXUV GH
XUP ULUHSHQDO RULGHMXGHFDW GHFLQXPDLRSHUVRDQ FDUHDUHFDOLWDWHDGHvQYLQXLW
DUW & SURF SHQ VDX GH LQFXOSDW DUW & SURF SHQ LDU vQ YDULDQWD
DVLPLODW SUHY ]XW vQDOLQDODUW&SHQSRDWHILQXPDLSHUVRDQDFDUHDUH
vQSURFHVXOSHQDOFDOLWDWHDGHPDUWRUH[SHUWLQWHUSUHW
7HUPHQLL GH PDUWRU H[SHUW LQWHUSUHW DX DFHODúL vQ HOHV FD vQ &RGXO GH
SURFHGXU SHQDO
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDO$UHVWDUHDQHOHJDO úLFHUFHWDUHDDEX]LY VXQWLQFULPLQDWH
vQFXSULQVXODFHOXLDúLDUWLFROFDLQIUDF LXQLGLVWLQFWHGXS FXPLQGLF úLGHQXPLUHD
PDUJLQDO ELQRPLF DDUW&SHQ
ÌQSULPXODOLQHDWHVWHLQFULPLQDW IDSWDGHDUHVWDUHQHOHJDO vQGRX YDULDQWH
UH LQHUHD VDX DUHVWDUHD QHOHJDO úL VXSXQHUHD XQHL SHUVRDQH OD H[HFXWDUHD XQHL
SHGHSVH P VXUL GH VLJXUDQ VDX HGXFDWLYH vQ DOW PRG GHFkW FHO SUHY ]XW vQ
GLVSR]L LLOH OHJDOH LDU vQ DOLQ úL IDSWD GH FHUFHWDUH DEX]LY WRW vQ GRX
YDULDQWH vQWUHEXLQ DUHD GH SURPLVLXQL DPHQLQ UL VDX YLROHQ H vPSRWULYD XQHL
SHUVRDQH DIODWH vQ FXUV GH XUP ULUH SHQDO RUL GH MXGHFDW SHQWUX RE LQHUHD GH
GHFODUD LLvQDOLQúLvQWUHEXLQ DUHDGHSURPLVLXQLDPHQLQ ULVDXYLROHQ HID
GHXQPDUWRUH[SHUWRULLQWHUSUHWvQDOLQ
$UHVWDUHD QHOHJDO úL FHUFHWDUHD DEX]LY FRQVWLWXLH R YDULDQW D DEX]XOXL vQ
VHUYLFLX FRQWUD LQWHUHVHORU SHUVRDQHL GHRDUHFH VXELHFWXO DFWLY QHPLMORFLW HVWH
LQGLYLGXDOL]DWILLQGXQDQXPHIXQF LRQDUSXEOLFLDUXUPDUHDLPHGLDW VHU VIUkQJH
vQSULQFLSDODVXSUDEXQHLGHVI úXU ULDDFWLYLW LLXQRURUJDQHGHVWDWFDUHvQDFHVW
FD]VXQWRUJDQHFDUHvQI SWXLHVFMXVWL LD
'HRDUHFH HOHPHQWXO PDWHULDO DO FHORU GRX IDSWH LQFULPLQDWH SULQ DUW
&SHQHVWHGLIHULWYRPIDFHRH[DPLQDUHVHSDUDW DDFHVWRUD
$,QIUDF LXQHDGHDUHVWDUHQHOHJDO vQYDULDQWDWLSV YkUúLW SULQUH LQHUHVDX
DUHVWDUH QHOHJDO SHQWUX D SXWHD IL V YkUúLW HVWH QHFHVDU FD vQ SUHDODELO V VH IL
V YkUúLW VDX V H[LVWH SUHVXSXQHUHD F VD V YkUúLW R IDSW SUHY ]XW GH OHJHD
SHQDO 'DF DFHDVW FRQGL LHQXHVWHvQGHSOLQLW DF LXQHDGHSULYDUHGHOLEHUWDWHD
XQHLSHUVRDQHQXFRQVWLWXLHLQIUDF LXQHDSUHY ]XW vQDUWDOLQ&SHQFL
GXS FD] LQIUDF LXQHD GH OLSVLUH GH OLEHUWDWH vQ PRG LOHJDO DUW & SHQ VDX
LQIUDF LXQHDGHUHSUHVLXQHQHGUHDSW DUW&SHQ
(OHPHQWXOPDWHULDOGHVFULVvQYDULDQWDGHWLSDDUHVW ULLQHOHJDOHFRQVW vQ
DF LXQHDGHDUH LQHVDXDDUHVWD
Ä5H LQHUHD´úLÄDUHVWDUHD´DXvQDUW&SHQDFHODúLVHQVMXULGLFFDúLvQ
&RGXOGHSURFHGXU SHQDO
$YUDP)LOLSDú,QIUDF LXQLFRQWUDvQI SWXLULLMXVWL LHL(GLWXUD$FDGHPLHL%XFXUHúWLS
3ULQÄUH LQHUHD´XQHLSHUVRDQHVHvQ HOHJHOXDUHDGLVSXQHUHDVDXH[HFXWDUHD
P VXULL SUHYHQWLYH D UH LQHULL vQ FRQGL LLOH úL FD]XULOH SUHY ]XWH vQ &RGXO GH
SURFHGXU SHQDO URPkQ
&RQVWLWXLHHOHPHQWPDWHULDODOLQIUDF LXQLLGHDUHVWDUHQHOHJDO úLDF LXQHDGH
DUH LQHRSHUVRDQ FDUHDV YkUúLWRFRQWUDYHQ LHFkQGOHJHDSUHYHGHGUHSWXOSHQWUX
RUJDQHOHGHSROL LHGHDOXDRDVWIHOGHP VXU
3ULQÄDUHVWDUHD´XQHLSHUVRDQHVHvQ HOHJHOXDUHDGLVSXQHUHDVDXH[HFXWDUHD
P VXULLDUHVW ULLSUHYHQWLYHDPDQGDWXOXLGHDUHVWDUHFkWúLGLVSXQHUHDDUHVW ULLvQ
YHGHUHD H[HFXW ULL SHGHSVHL vQFKLVRULL vQ FRQGL LLOH úL FD]XULOH SUHY ]XWH vQ &RGXO
GHSURFHGXU SHQDO URPkQ
1XFRQVWLWXLHHOHPHQWPDWHULDODOLQIUDF LXQLLGHDUHVWDUHQHOHJDO OLSVLUHDGH
OLEHUWDWH vQ PRG QHOHJDO D XQHL SHUVRDQH vQ YHGHUHD H[HFXW ULL XQHL P VXUL GH
VLJXUDQ VDX HGXFDWLYH 'H DVHPHQHD QX FRQVWLWXLH HOHPHQW PDWHULDO DO DUHVW ULL
QHOHJDOH HPLWHUHD VDX H[HFXWDUHD XQXL PDQGDW GH DGXFHUH D XQHL SHUVRDQH vQ ID D
RUJDQHORUGHXUP ULUHSHQDO VDXDLQVWDQ HLGHMXGHFDW
(OHPHQWXOPDWHULDODODUHVW ULLQHOHJDOHH[LVW vQFD]GHSULPLUHvQORFXULOHGH
GH LQHUH D XQHL SHUVRDQH FDUH QX HVWH vQ VLWXD LD OHJDO GH UH LQHUH VDX DUHVWDUH
$UHVWDUHD VDX UH LQHUHD SRDWH FRQVWD vQWUR DF LXQH VDX vQWUR LQDF LXQH H[
RPLVLXQHDGHDHOLEHUDSHFHOUH LQXWVDXDUHVWDWODH[SLUDUHDWHUPHQXOXLOHJDO
ÌQ OLSVD XQRU SUREH WHPHLQLFH GLQ FDUH V UH]XOWH F O VDUHD vQ OLEHUWDWH D
LQFXOSDWXOXL SUH]LQW SHULFRO SXEOLF DUHVWDUHD SUHYHQWLY D DFHVWXLD HVWH QHOHJDO
QHILLQG VXILFLHQW SHQWUX D MXVWLILFD OXDUHD DFHVWHL P VXUL VLPSOD vPSUHMXUDUH F
SHUVRDQD FHUFHWDW D V YkUúLW R LQIUDF LXQH SHQWUX FDUH OHJHD SUHYHGH SHGHDSVD
vQFKLVRULLPDLPDUHGHDQL
(OHPHQWXOPDWHULDODOLQIUDF LXQLLGHDUHVWDUHQHOHJDO V YkUúLW vQYDULDQWD
DVLPLODW FRQVW vQ VXSXQHUHD XQHL SHUVRDQH OD H[HFXWDUHD vQ PRG LOHJDO D XQHL
SHGHSVHP VXULGHVLJXUDQ VDXHGXFDWLYHSULYDWLYHGHOLEHUWDWH
3HQWUX D SXWHD H[LVWD LQIUDF LXQHD GH DUHVWDUH QHOHJDO vQ YDULDQWD DVLPLODW
HVWH QHFHVDU V H[LVWH R KRW UkUH GHILQLWLY VDX H[HFXWRULH GH FRQGDPQDUH OD R
SHGHDSV SULYDWLY GH OLEHUWDWH VDX SULQ FDUH VD OXDW R P VXU GH VLJXUDQ RUL
HGXFDWLY
$F LXQHDGHVXSXQHUHODH[HFXWDUHSRDWHILUHDOL]DW DWkWSULQDFWHFRPLVLYH
FkWúLSULQWURDWLWXGLQHRPLVLY
Ä$ VXSXQH´ R SHUVRDQ OD H[HFXWDUHD XQHL SHGHSVH P VXUL GH VLJXUDQ RUL
HGXFDWLYHvQDOWPRGGHFkWFHOSUHY ]XWSULQGLVSR]L LLOHOHJDOHvQVHDPQ DLPSXQH
DFHVWHLDXQPRGGHH[HFXWDUHFRQWUDUSUHYHGHULORUOHJDOH
$VWIHO vQ FHHD FH SULYHúWH SHGHDSVD úL FHOHODOWH P VXUL GLVSXVH GH RUJDQHOH
MXGLFLDUH vQ FXUVXO SURFHVXOXL SHQDO VXSXQHUHD FRQGDPQDWXOXL OD H[HFXWDUHD
SHGHSVHVDXP VXULvQDOWPRGGHFkWFHOSUHY ]XWGH/HJHDQUúL+*
QUFRQVWLWXLHHOHPHQWXOPDWHULDODOLQIUDF LXQLLGHDUHVWDUHQHOHJDO
7RW DVWIHO vQ FHHD FH SULYHúWH P VXULOH GH VLJXUDQ HOHPHQWXO PDWHULDO DO
LQIUDF LXQLLFRQVW vQVXSXQHUHDODH[HFXWDUHDXQHLP VXULGHVLJXUDQ SULYDWLYHGH
OLEHUWDWH LQWHUQDUHD PHGLFDO vQ DOW PRG GHFkW FHO SUHY ]XW GH OHJLOH FDUH
UHJOHPHQWHD] DFHDVW P VXU
7M,OIRYGSQU55'QUS
1LFROHWD,OLHVFXRSFLWYRO,9S
/HJHD QU SULYLQG H[HFXWDUHD SHGHSVHORU úL D P VXULORU GLVSXVH GH RUJDQHOH MXGLFLDUH vQ FXUVXO
SURFHVXOXLSHQDOSXEOLFDW vQ02IQUGLQ
+*QUSHQWUXDSUREDUHD5HJXODPHQWXOXLGHDSOLFDUHD/HJLLQUSULYLQGH[HFXWDUHD
SHGHSVHORUúLDP VXULORUGLVSXVHGHRUJDQHOHMXGLFLDUHvQFXUVXOSURFHVXOXLSHQDOSXEOLFDW vQ02IQUGLQ
Ä0 VXULOH HGXFDWLYH´ OD FDUH VH UHIHU DUW & SHQ VXQW LQWHUQDUHD
PLQRUXOXLvQWUXQFHQWUXGHUHHGXFDUHVDXvQWUXQLQVWLWXWPHGLFDOHGXFDWLY
%(OHPHQWXOPDWHULDODOLQIUDF LXQLLGHFHUFHWDUHDEX]LY FRQVW vQDF LXQHD
GHDvQWUHEXLQ DILHSURPLVLXQLILHDPHQLQ ULILHYLROHQ HvPSRWULYDXQHLSHUVRDQH
DIODWHvQFXUVGHXUP ULUHSHQDO RULGHMXGHFDW VDXvPSRWULYDXQXLPDUWRUH[SHUW
VDXLQWHUSUHW
(OHPHQWXO PDWHULDO vO IRUPHD] DF LXQHD GH vQWUHEXLQ DUH LDU DPHQLQ ULOH
YLROHQ HOHúLSURPLVLXQLOHVXQWSURFHGHHGHUHDOL]DUHDDFHVWHLD
ÌQHVHQ HOHPHQWXOPDWHULDODOLQIUDF LXQLLGHFHUFHWDUHDEX]LY FRQVW ILHvQ
DF LXQHD GH D FRQVWUkQJH SH R SHUVRDQ DIODW vQ FXUV GH XUP ULUH SHQDO VDX GH
MXGHFDW RULSHXQPDUWRUH[SHUWVDXLQWHUSUHWSHQWUXDIDFHGHFODUD LLH[SHUWL]HRUL
LQWHUSUHW ULSHFDUHDOWIHOQXOHDUILI FXWFRQVWUkQJHUHUHDOL]DW SULQvQWUHEXLQ DUH
GHDPHQLQ ULVDXYLROHQ HILHvQDF LXQHDGHDIDFHSURPLVLXQLSHQWUXDGHWHUPLQD
DFHOHSHUVRDQHV IDF GHFODUD LLOHH[SHUWL]HOHVDXLQWHUSUHW ULOHGRULWH
&RPLWH DFHDVW LQIUDF LXQH RIL HUXO GH SROL LH FDUH vQ WLPS FHO FHUFHWD SH
50 vQ OHJ WXU FX V YkUúLUHD LQIUDF LXQLL GH WkOK ULH OD ORYLW vQ PRG UHSHWDW
SHQWUXDOGHWHUPLQDV UHFXQRDVF V YkUúLUHDIDSWHLYLROHQ HOHH[HUFLWkQGXVHPDL
vQDLQWH GH D VH IL vQFHSXW XUP ULUHD SHQDO UHVSHFWLY vQ FXUVXO DFWHORU
SUHPHUJ WRDUH
'H DVHPHQHD IDSWD LQFXOSDWXOXL DYkQG FDOLWDWHD GH DMXWRU GH úHI GH SRVW OD
SROL LD XQHL FRPXQH GH D vQWUHEXLQ D YLROHQ H vPSRWULYD XQHL SHUVRDQH vQ
H[HUFLWDUHDDFWLYLW LLGHFHUFHWDUHSHQDO SHQWUXDRE LQHGHODDFHDVWDRGHFODUD LH
GH UHFXQRDúWHUH D XQHL IDSWH GH IXUW vQWUXQHúWH HOHPHQWHOH FRQVWLWXWLYH DOH
LQIUDF LXQLLGHFHUFHWDUHDEX]LY SUHY ]XW vQDUWDOLQ&RGSHQDO
3ULQ DUW DOLQ & SHQ VH VDQF LRQHD] vQF OFDUHD GLVSR]L LLORU GLQ
DUW & SURF SHQ 1X DUH QLFL R UHOHYDQ SHQWUX H[LVWHQ D LQIUDF LXQLL GDF
SHUVRDQDID GHFDUHVDXvQWUHEXLQ DWSURPLVLXQLDPHQLQ ULVDXYLROHQ HDGDWVDX
QX GHFODUD LD FHUXW VDX GDF DFHDVWD FRUHVSXQGH VDX QX DGHY UXOXL GHRDUHFH
SHQWUX FRQVXPDUHD LQIUDF LXQLL HVWH VXILFLHQW QXPDL IRORVLUHD DFHVWRU PLMORDFH vQ
VFRSXODU WDW
$F LXQHD GH D vQWUHEXLQ D SURPLVLXQL DPHQLQ UL VDX YLROHQ H SULYHúWH GHFL
SURFHGHHDOWHUQDWLYHDúDvQFkWRULFDUHGLQWUHHOHSRDWHUHDOL]DHOHPHQWXOPDWHULDODO
LQIUDF LXQLL GH FHUFHWDUH DEX]LY 'DF DFHHDúL SHUVRDQ D vQWUHEXLQ DW PDL PXOWH
GLQWUH DFHVWH SURFHGHH vQ UHDOL]DUHD DFHOHLDúL UH]ROX LL LQIUDF LRQDOH YD H[LVWD R
VLQJXU LQIUDF LXQHvQV SOXUDOLWDWHDSURFHGHHORUvQWUHEXLQ DWHYDILDYXW vQYHGHUH
ODLQGLYLGXDOL]DUHDSHGHSVHL
Ä3URPLVLXQLOH³ vQWUHEXLQ DWH SRW IL UHIHULWRDUH OD EDQL VDX DOWH EXQXUL RUL
IRORDVH PDWHULDOH VDX OD DOWH DYDQWDMH RUL IDYRUXUL FDUH SRW SULYL VDX QX VLWXD LD
vQYLQXLWXOXLVDXLQFXOSDWXOXLvQSURFHVXOvQFDUHVHJ VHúWHDFHVWD
ÄÌQWUHEXLQ DUHD GH DPHQLQ UL´ vQVHDPQ IRORVLUHD GH PLMORDFH GH
FRQVWUkQJHUHSVLKLF GHQDWXU DSURYRFDRVWDUHGHWHPHUHVXEVW SkQLUHDF UHLD
OLEHUWDWHDSVLKLF DSHUVRDQHLVXSXVHDPHQLQ ULLHVWHDWLQV 3HULFROXOVDXU XOFX
&6-VPGSQU&'SÌQDFHODúLVHQV&6-VPGQU&XUWHD6XSUHP
GH -XVWL LH %XOHWLQXO -XULVSUXGHQ HL &XOHJHUH GH GHFL]LL SH DQXO (GLWXUD Ä3URHPD´ %DLD 0DUH
S
Ì&&-VSGQU%XOHWLQXO&DVD LHL-XULVSUXGHQ 'RFWULQ &RPXQLF ULQU(GLWXUD
&+%HFN%XFXUHúWLS
*KHRUJKH' UkQJ úL'XPLWUX/XFLQHVFXvQ7HRGRU9DVLOLX'RUX3DYHO*HRUJH$QWRQLXùWHIDQ'DQHú
*KHRUJKH' UkQJ 'XPLWUX/XFLQHVFX9DVLOH3DSDGRSRO'XPLWUX&3RSHVFX9LUJLO5 PXUHDQX&RGXOSHQDO
URPkQFRPHQWDWúLDGQRWDW3DUWHDVSHFLDO YRO,,(GLWXUDùWLLQ LILF úL(QFLFORSHGLF %XFXUHúWLS
1LFROHWD,OLHVFXRSFLWYRO,9S
FDUHVHDPHQLQ SRDWHSULYLSHUVRDQDDPHQLQ DW VDXVR XORULUXGHOHDSURSLDWHDOH
DFHVWHLD
ÄÌQWUHEXLQ DUHDGHYLROHQ H´vQVHDPQ IRORVLUHDGHPLMORDFHGHFRQVWUkQJHUH
IL]LF XWLOL]DUHDIRU HLSURSULLVDXDDOWHLHQHUJLLVXESUHVLXQHDF UHLDSHUVRDQDID
GH FDUH DF LRQHD] DFHDVW IRU FX JUHX DU SXWHD V VH vPSRWULYHDVF )RORVLUHD
DFWHORU GH YLROHQ FRQVWLWXLH HOHPHQWXO PDWHULDO DO LQIUDF LXQLL GH FHUFHWDUH
DEX]LY FKLDU GDF SULQ HOH vQVHOH QX FRQVWLWXLH IDSWD GH ORYLUH VDX DOWH YLROHQ H
DUW&SHQ
ÌQQR LXQHDGHÄYLROHQ H´LQWU úLUHOHOHWUDWDPHQWHGHH[SULYDUHDSHUVRDQHL
GHKUDQ RULGHRGLKQ VXSXQHUHDODPXQFLLVWRYLWRDUHVDXDOWHDFWHFDX]DWRDUHGH
VXIHULQ H IL]LFH ÌQ DFHVW FD] GDF HVWH YRUED GH XQ vQYLQXLW VDX GH XQ LQFXOSDW
LQIUDF LXQHD SUHY ]XW vQ DUW & SHQ YD LQWUD vQ FRQFXUV FX FHD SUHY ]XW vQ
DUW&SHQ
&kQG DPHQLQ DUHD VDX YLROHQ HOH vQWUHEXLQ DWH vQWUXQHVF HOHPHQWHOH
FRQVWLWXWLYH DOH LQIUDF LXQLL GH DPHQLQ DUH DUW & SHQ VDX GH Y W PDUH
FRUSRUDO DUW ± & SHQ YD H[LVWD XQ FXPXO GH LQIUDF LXQL vQWUH DFHVWH
IDSWHúLLQIUDF LXQHDGHFHUFHWDUHDEX]LY
/RYLUHD SHUVRDQHORU FHUFHWDWH SHQWUX D OH GHWHUPLQD V UHFXQRDVF
LQIUDF LXQHD GH WkOK ULH FRQVWLWXLH LQIUDF LXQHD GH FHUFHWDUH DEX]LY SUHY ]XW vQ
DUW DOLQ & SHQ vPSUHMXUDUHD F DFHVWH YLROHQ H DX IRVW H[HFXWDWH PDL
vQDLQWH GH D VH IL vQFHSXW XUP ULUHD SHQDO QHDYkQG UHOHYDQ MXULGLF VXE DFHVW
DVSHFW
ÌQWUXFkW DUW & SHQ FRQ LQH R HQXPHUDUH OLPLWDWLY D SURFHGHHORU
vQWUHEXLQ DWHILLQGVXEDFHVWDVSHFWRLQFULPLQDUHFXXQFRQ LQXWvQFKLVIRORVLUHDDOWRU
SURFHGHHH[PDQHYUHIUDXGXORDVHVDXYLFOHQHvQWUHE ULvQúHO WRDUHVDXLQVLGLRDVHFD
úL LQWHURJDWRULL SUHOXQJLWH QX YD FRQVWLWXL HOHPHQWXO PDWHULDO DO FHUFHW ULL DEX]LYH
ÌQWUHEXLQ DUHDXQRUDVWIHOGHPLMORDFHSRDWHFRQVWLWXLGXS FD]LQIUDF LXQHDGHDEX]vQ
VHUYLFLXFRQWUDLQWHUHVHORUSHUVRDQHORUVDXRDEDWHUHGLVFLSOLQDU
&HULQ HHVHQ LDOH$F LXQHDGHUH LQHUHVDXGHDUHVWDUHWUHEXLHV ILHQHOHJDO
5H LQHUHD VDX DUHVWDUHD HVWH ÄQHOHJDO ´ DWXQFL FkQG FRQGL LLOH FHUXWH GH OHJH SHQWUX
OXDUHDDFHVWRUP VXULQXVXQWvQGHSOLQLWH$FHDVWDvQVHDPQ F UH LQHUHDVDXDUHVWDUHD
HVWHQHOHJDO FkQGDIRVWGLVSXV VDXHIHFWXDW vQDIDUDFD]XULORUSUHY ]XWHGHOHJHúL
I U vQGHSOLQLUHDIRUPDOLW LORUHVHQ LDOHFHUXWHGHOHJH
ÌQ UDSRUW GH QRLOH PRGLILF UL DGXVH &RGXOXL GH SURFHGXU SHQDO UH LQHUHD
HVWH LOHJDO úL GDF GLQ GXUDWD DFHVWHLD QX VH GHGXFH WLPSXO FkW SHUVRDQD D IRVW
SULYDW GH OLEHUWDWH FD XUPDUH D P VXULL DGPLQLVWUDWLYH D FRQGXFHULL OD VHGLXO
SROL LHL SUHY ]XW vQ DUW DOLQ OLW E GLQ /HJHD QU SULYLQG
RUJDQL]DUHD úL IXQF LRQDUHD 3ROL LHL 5RPkQH FX PRGLILF ULOH úL FRPSOHW ULOH
XOWHULRDUH
1LFROHWD,OLHVFXRSFLWYRO,9SÌQDFHODúLVHQV&LSULDQ5DXO5RPL DQ&DUDFWHUL]DUHDMXULGLFR
SHQDO DLQIUDF LXQLLGHDUHVWDUHQHOHJDO úLFHUFHWDUHDEX]LY 'UQUS
&6-VPGQU1LFRULQD&ULúX0DJUDRQ&RQVWDQWLQ&ULúX-XULVSUXGHQ vQPDWHULHSHQDO D
ÌQDOWHL&XU LGH&DVD LHúL-XVWL LHFXU LGHDSHOúLWULEXQDOH(GLWXUD-XULV$UJHVVLV&XUWHDGH$UJHú
S ÌQ DFHODúL VHQV &6- VP G QU &XUWHD 6XSUHP GH -XVWL LH %XOHWLQXO -XULVSUXGHQ HL
&XOHJHUH GH GHFL]LL SH DQXO (GLWXUD Ä3URHPD´ %DLD 0DUH S 1LFRULQD &ULúX 0DJUDRQ
&RQVWDQWLQ&ULúXRSFLWSÌQPRWLYDUHDDFHVWHLGHFL]LLLQVWDQ DVXSUHP DDU WDWF LQIUDF LXQHDGHFHUFHWDUH
DEX]LY VH FRQVXP úL SULQ vQWUHEXLQ DUHD GH DPHQLQ UL VDX YLROHQ H vPSRWULYD XQHL SHUVRDQH DIODWH vQ FXUV GH
FHUFHWDUH SHQWUX RE LQHUHD GH GHFODUD LL &D DWDUH LQIUDF LXQHD GH FHUFHWDUH DEX]LY VXE]LVW FKLDU úL vQ FD]XO
FHUFHW ULORUúLLQYHVWLJD LLORUFHSUHPHUJXUP ULULLSHQDOH
3XEOLFDW vQ02IQUGLQ
&RQVWDQWLQ 'XYDF vQ *KHRUJKH 'LDFRQHVFX &RQVWDQWLQ 'XYDF 'UHSW SHQDO 3DUWHD VSHFLDO 1RXO &RG
SHQDO&XUVXQLYHUVLWDUYRO,,(GLWXUD)XQGD LHL5RPkQLDGH0kLQH%XFXUHúWLS
1X FRQVWLWXLH DUHVWDUH QHOHJDO úL GHFL FHULQ D HVHQ LDO QX HVWH vQGHSOLQLW
FkQGFHOFDUHGLVSXQHDUHVWDUHDúWLHF SHUVRDQDID GHFDUHVHLDP VXUDDUHVW ULL
HVWH QHYLQRYDW $FHDVW IDSW FRQVWLWXLH LQIUDF LXQHD GH UHSUHVLXQH QHGUHDSW
DUW&SHQ
&HULQ DHVHQ LDO HVWHvQGHSOLQLW vQFD]GHSULPLUHvQWUXQORFGHGH LQHUHD
XQHL SHUVRDQH I U RUGRQDQ GH UH LQHUH VDX I U PDQGDW GH DUHVWDUH RUL GH
H[HFXWDUHDSHGHSVHL&kQGSULPLUHDVDI FXWFDXUPDUHDGHFODU ULLXQHLSHUVRDQH
F DFRPLVLQIUDF LXQHDSHQWUXFDUHHVWHSRVLELO DUHVWDUHDVDXF HVWHXQHYDGDWRUL
F vPSRWULYD VD D IRVW HPLV XQ PDQGDW GH DUHVWDUH VDX GH H[HFXWDUH D SHGHSVHL
FRQGXF WRUXO ORFXOXL GH GH LQHUH YD vQFXQRúWLQ D LPHGLDW SURFXURUXO VDX DOW RUJDQ
GHXUP ULUHSHQDO
)DSWDSHQDO DQDOL]DW VXE]LVW úLvQFD]XOvQFDUHVDGLVSXVGHF WUHSURFXURU
RULGHLQVWDQ DGHMXGHFDW SXQHUHDvQOLEHUWDWHDXQHLSHUVRDQHGDURUGRQDQ DVDX
KRW UkUHDQXDIRVWH[HFXWDW GHF WUHFRPDQGDQWXOORFXOXLGHGH LQHUH
6H FRQVLGHU UH LQHUH VDX DUHVWDUH QHOHJDO úL vQ FD] GH vQFHWDUH GH GUHSW D
P VXULORU SUHYHQWLYH DUW & SURF SHQ VDX GH H[SLUDUH D WHUPHQXOXL GH
H[HFXWDUHDSHGHSVHLvQFKLVRULLúLGH LQXWXOQXHVWHSXVvQOLEHUWDWH
6XSXQHUHDODH[HFXWDUHDXQHLSHGHSVHVDXDXQHLP VXULGHVLJXUDQ RUL
HGXFDWLYHWUHEXLHV VHIDF vQDOWPRGGHFkWFHOSUHY ]XWSULQGLVSR]L LLOHOHJDOH
&HULQ D HVHQ LDO HVWH vQGHSOLQLW GLQ PRPHQW FH H[HFXWDUHD VH IDFH vQ DOW
UHJLP GHFkW FHO SUHY ]XW GH &RGXO SHQDO /HJHD QU úL GH +*
QU VDX GH OHJL VSHFLDOH FDUH UHJOHPHQWHD] H[HFXWDUHD P VXULORU GH
VLJXUDQ RULDFHORUHGXFDWLYH
ÌQWUHEXLQ DUHDGHSURPLVLXQLDPHQLQ ULVDXYLROHQ HWUHEXLHV DLE GUHSW
RELHFWLY RE LQHUHD GH GHFODUD LL GHSR]L LL UDSRDUWH GH H[SHUWL] VDX WUDGXFHUL vQ
VHQVXOGRULWGHFHOFHHIHFWXHD] FHUFHWDUHD
&HULQ DHVHQ LDO HVWHvQGHSOLQLW úLvQFD]XOFkQGSURPLVLXQLOHDPHQLQ ULOH
VDX YLROHQ HOH VXQW vQWUHEXLQ DWH SHQWUX D GHWHUPLQD UHYHQLUHD DVXSUD XQHL
GHFODUD LLGHSR]L LLFRQFOX]LLGHH[SHUWL] VDXWUDGXFHULQHGRULWHGHF WUHRUJDQXO
FDUHHIHFWXHD] FHUFHWDUHDRUJDQGHXUP ULUHSHQDO VDXLQVWDQ GHMXGHFDW
3HQWUX H[LVWHQ D LQIUDF LXQLL QX HVWH QHFHVDU V VH IL RE LQXW GHFODUD LL
H[SHUWL]HWUDGXFHULRULLQWHUSUHW ULQHGRULWHFLHVWHQHYRLHQXPDLV VHILDF LRQDWvQ
DFHDVW GLUHF LH
8UPDUHDLPHGLDW DDPEHORULQIUDF LXQLFRQVW vQFUHDUHDXQHLVW ULGHSHULFRO
SHQWUXGHVI úXUDUHDQRUPDO DDFWLYLW LLGHvQI SWXLUHDMXVWL LHL
/DXUPDUHDLPHGLDW SULQFLSDO VHDGDXJ úLRXUPDUHDGLDFHQW FRQVWkQGvQ
Y W PDUHDDGXV SHUVRDQHLID GHFDUHVDV YkUúLWDF LXQHDGHDUHVWDUHLOHJDO VDX
ID GHFDUHVDHIHFWXDWDEX]LYFHUFHWDUHDMXGLFLDU
/HJ WXUD GH FDX]DOLWDWH WUHEXLH V H[LVWH úL UH]XOW H[ UH GHRDUHFH DPEHOH
IDSWHSUHY ]XWHvQDUW&SHQVXQWLQIUDF LXQLGHSHULFRO
ÌQ FHHD FH SULYHúWH XUP ULOH DGLDFHQWH FRQVHFLQ H SULYLQG SHUVRDQD ID GH
FDUH VD FRPLV DF LXQHD GH DUHVWDUH QHOHJDO VDX GH FHUFHWDUH DEX]LY WUHEXLH
SUHFL]DWF XQHRULYDILQHYRLHV VHIDF GRYDGDOHJ WXULLGHFDX]DOLWDWH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LHDDFHVWRULQIUDF LXQLHVWHLQWHQ LDGLUHFW VDXLQGLUHFW
)DSWHOH GH DUHVWDUH QHOHJDO úL GH FHUFHWDUH DEX]LY V YkUúLWH GLQ FXOS QX VXQW
LQFULPLQDWH
1LFROHWD,OLHVFXRSFLWYRO,9S
,GHPYRO,9S
([LVW LQWHQ LH FkQG I SWXLWRUXO úLD GDW VHDPD GH FDUDFWHUXO QHOHJDO VDX
DEX]LYDODF LXQLLVDOHúLDSUHY ]XWUH]XOWDWXODFHVWHLDUH]XOWDWSHFDUHODXUP ULW
DQXPHLQWHQ LHGLUHFW VDXGHúLQXODXUP ULWDDFFHSWDWWRWXúLULVFXOSURGXFHULL
OXLLQWHQ LHGLUHFW
ÌQWUR DOW RSLQLH VD VXV LQXW F FHUFHWDUHD DEX]LY QX SRDWH IL FRPLV
GHFkW FX LQWHQ LH GLUHFW FDOLILFDW SULQ VFRS RE LQHUHD XQHL GHFODUD LL VDX
HIHFWXDUHDXQXLUDSRUWGHH[SHUWL] VDXWUDGXFHUL
1XVXQWSUHY ]XWHFHULQ HHVHQ LDOHUHIHULWRDUHODPRELOVDXVFRSFXH[FHS LD
FHOXL FHUXW SHQWUX FHUFHWDUHD DEX]LY 0RELOXO úL VFRSXO FX H[FHS LD DU WDW QX
LQWHUHVHD] SHQWUX H[LVWHQ D LQIUDF LXQLL GH DUHVWDUH QHOHJDO VDX GH FHUFHWDUH
DEX]LY FLGRDUSHQWUXVWDELOLUHDJUDGXOXLGHSHULFROVRFLDOFRQFUHWDOIDSWHLFRPLVH
GHDJHQWúLODLQGLYLGXDOL]DUHDSHGHSVHL
)RUPH6DQF LXQL
)RUPH$UHVWDUHDQHOHJDO úLFHUFHWDUHDDEX]LY ILLQGLQIUDF LXQLFRPLVLYHFX
H[HFX LH OHQW úL LQWHQ LRQDWH V YkUúLUHD ORU HVWH VXVFHSWLELO GH ID]D DFWHORU
SUHSDUDWRULLúLDWHQWDWLYHLGDUDFHVWHID]HQXVXQWLQFULPLQDWH$FWHOHSUHSDUDWRULL
SRWILvQV SHGHSVLWHFDDFWHGHSDUWLFLSD LHvQFD]XOvQFDUHIDSWDvQYHGHUHDF UHLD
VDXHIHFWXDWVDV YkUúLWúLVXQWFRPLVHGHDOWHSHUVRDQHGHFkWDXWRUXO
)LLQG LQIUDF LXQL GH SHULFRO DFHVWHD VH FRQVXP GH vQGDW FH VDX V YkUúLW
DF LXQLOHFDUHFRQVWLWXLHHOHPHQWXOPDWHULDOúLDXIRVWvQGHSOLQLWHFHULQ HOHHVHQ LDOH
SUHY ]XWHvQQRUPDGHLQFULPLQDUH
$UHVWDUHD QHOHJDO DUH FDUDFWHU GH LQIUDF LXQH FRQWLQX GHRDUHFH GXS
DWLQJHUHD PRPHQWXOXL vQ FDUH IDSWD VD FRQVXPDW DFWLYLWDWHD GH UH LQHUH VDX GH
DUHVWDUH DGLF SULYDUHD GH OLEHUWDWH D SHUVRDQHL UH LQXWH VDX DUHVWDWH LPSOLFLW
XUPDUHDLPHGLDW VHSUHOXQJHVFvQWLPSSkQ ODUHGDUHDOLEHUW LLDFHVWHLSHUVRDQH
VDXSkQ ODOHJDOL]DUHDUH LQHULLVDXDUHVW ULL$UHVWDUHDQHOHJDO VHHSXL]HD] GHFL
vQPRPHQWXOvQFDUHOLSVLUHDGHOLEHUWDWHLOHJDO vQFHWHD]
'DF vQPRPHQWXOFRQVXP ULLLQIUDF LXQLLVDXvQDLQWHGHHSXL]DUHDHLVXUYLQ
DOWH XUP UL FX UHOHYDQ SHQDO YD H[LVWD XQ FRQFXUV GH LQIUDF LXQL vQWUH
LQIUDF LXQHD GH DUHVWDUH QHOHJDO úL LQIUDF LXQHD FDUH D GDW ORF XUP ULL
FRPSOHPHQWDUH
&HUFHWDUHD DEX]LY SRDWH SUH]HQWD FDUDFWHUXO GH LQIUDF LXQH FRQWLQXDW SULQ
UHSHWDUHDDFWHORUGHSURPLVLXQHDPHQLQ DUHVDXYLROHQ vQED]DDFHOHLDúLUH]ROX LL
VLWXD LH vQ FDUH IDSWD VH YD HSXL]D vQ PRPHQWXO vQGHSOLQLULL XOWLPXOXL DFW GH
SURPLVLXQLGHDPHQLQ ULRULGHYLROHQ H
6DQF LXQL$UHVWDUHDQHOHJDO VHSHGHSVHúWHFXvQFKLVRDUHGHODOXQLODDQL
1LFROHWD ,OLHVFX RS FLW YRO ,9 S ÌQ DFHODúL VHQV 2OLYLX $XJXVWLQ 6WRLFD 'UHSW SHQDO 3DUWHD
VSHFLDO (GLWXUD'LGDFWLF úL3HGDJRJLF %XFXUHúWLS$YUDP)LOLSDú,QIUDF LXQLFRQWUDvQI SWXLULL
MXVWL LHL (GLWXUD $FDGHPLHL %XFXUHúWL S $YUDP )LOLSDú vQ 2FWDYLDQ /RJKLQ $YUDP )LOLSDú 'UHSW
SHQDO3DUWHDVSHFLDO HGL LHUHYL]XLW &DVDGHHGLWXU úLSUHV ùDQVD65/%XFXUHúWLS*KHRUJKH
1LVWRUHDQX9DVLOH'REULQRLXúLFRODERSFLWS$YUDP)LOLSDúvQ&RVWLF %XODL$YUDP)LOLSDú&RQVWDQWLQ
0LWUDFKH ,QVWLWX LL GH GUHSW SHQDO &XUV VHOHFWLY SHQWUX H[DPHQXO GH OLFHQ HGL LD D ,,,D UHYL]XLW úL DG XJLW
(GLWXUDWUHL%XFXUHúWLS1LFRODH&RQHDvQ9DVLOH'REULQRLX1LFRODH&RQHD&LSULDQ5DXO5RPL DQ
&DPLO7 Q VHVFX1RUHO1HDJX0D[LP'REULQRLX'UHSWSHQDO3DUWHDVSHFLDO YRO,,/XPLQD/H[%XFXUHúWL
S $OH[DQGUX %RURL *KHRUJKH 1LVWRUHDQX 'UHSW SHQDO 3DUWHD VSHFLDO HGL LD D ,,,D (GLWXUD $OO
%HFN%XFXUHúWLS
*KHRUJKH' UkQJ úL'XPLWUX/XFLQHVFXRSFLWYRO,,SÌQDFHODúLVHQV0DWHL%DVDUDEvQ0DWHL
%DVDUDE /XFLD 0ROGRYDQ 9DOHU 6XLDQ 'UHSW SHQDO 3DUWHD VSHFLDO YRO , &OXM1DSRFD S ,RDQD
9DVLX'UHSWSHQDOURPkQSDUWHDVSHFLDO YRO,,(GLWXUD$OEDVWU &OXM1DSRFDS2FWDYLDQ/RJKLQ
7XGRUHO7RDGHU'UHSWSHQDOURPkQ3DUWHDVSHFLDO HGL LDD,9DUHY ]XW úLDG XJLW &DVDGHHGLWXU úLSUHV
ùDQVD65/%XFXUHúWLS$YUDP)LOLSDúvQ&RVWLF %XODLúDRSFLWS
1LFROHWD,OLHVFXRSFLWYRO,9S
3HQWUX LQIUDF LXQHD GH FHUFHWDUH DEX]LY YDULDQWD GH WLS úL DVLPLODW
SHGHDSVDSUHY ]XW GHOHJHHVWHvQFKLVRDUHDGHODODDQL
3HUVRDQD MXULGLF VH VDQF LRQHD] FX DPHQGD FXSULQV vQWUH OHL úL
OHLSRWULYLWDUWDOLQ&SHQ
68381(5($/$5(/(75$7$0(17(
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO VXSXQHULL OD UHOH WUDWDPHQWH vO FRQVWLWXLH UHOD LLOH
VRFLDOHDF URUH[LVWHQ HVWHRFURWLW SULQDS UDUHDDFWLYLW LLGHQRUPDO vQI SWXLUH
DMXVWL LHLvPSRWULYDXQRUDF LXQLDEX]LYHGHQDWXU D] G UQLFLUROXOúLIXQF LXQHD
SHFDUHWUHEXLHV RvQGHSOLQHDVF H[HFXWDUHDFRUHFW DP VXULORUúLVDQF LXQLORUGH
GUHSWSHQDOvQUHDOL]DUHDVFRSXOXLORU
6XSXQHUHD OD UHOH WUDWDPHQWH DUH DO WXUL GH RELHFWXO HL MXULGLF VSHFLDO úL
RELHFWHMXULGLFHVHFXQGDUHúLDQXPHUHOD LLOHVRFLDOHRFURWLWHSULQDS UDUHDYDORULL
VRFLDOHDLQWHJULW LLFRUSRUDOHOLEHUW LLúLGHPQLW LL
$FHDVW IDSW DGXFHDWLQJHUHDFWLYLW LLGHvQI SWXLUHDMXVWL LHLvPSLHGLFkQGVDX
] G UQLFLQGUHDOL]DUHDVFRSXOXLP VXULORUúLVDQF LXQLORUSULYDWLYHGHOLEHUWDWH
2ELHFWXOPDWHULDODOLQIUDF LXQLLDQDOL]DWHHVWHFRUSXOSHUVRDQHLVXSXVHODUHOH
WUDWDPHQWH
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUDOLQIUDF LXQLLGHVXSXQHUHODUHOHWUDWDPHQWH
SRDWHILQXPDLRSHUVRDQ FDUHGDWRULW FDOLW LLVDOHDUHSRVLELOLWDWHDúLDXWRULWDWHD
GH D GLVSXQH FX SULYLUH OD WUDWDPHQWXO SHUVRDQHORU DIODWH vQ VWDUH GH UH LQHUH
GH LQHUHRULvQH[HFXWDUHDXQHLP VXULGHVLJXUDQ RULHGXFDWLYH$FHVWHSHUVRDQH
VXQW IXQF LRQDUL SXEOLFL vQV UFLQD L FX DSOLFDUHD UHJLPXOXL OHJDO VDX FX SD]D úL
VXSUDYHJKHUHDFHORUGH LQX LVDXLQWHUQD L
1X V YkUúHúWH LQIUDF LXQHD GH VXSXQHUH OD UHOH WUDWDPHQWH FL SH DFHHD GH
SXUWDUH DEX]LY DUW & SHQ SHUVRDQD FDUH H[HFXW XQ PDQGDW GH DUHVWDUH
SUHYHQWLY VDX GH H[HFXWDUH D SHGHSVHL GDF DU ORYL SH FHO SH FDUH vO FRQGXFH OD
ORFXOGHGH LQHUH
/DIHOSHUVRDQDFDUHVXSXQHODUHOHWUDWDPHQWHSHI SWXLWRUXOXQHLLQIUDF LXQL
IODJUDQWHSHFDUHvOFRQGXFHvQDLQWHDDXWRULW LLDUW&SURFSHQQXFRPLWH
LQIUDF LXQHDSUHY ]XWvQDUW&SHQFLLQIUDF LXQHDGHORYLULVDXDOWHYLROHQ H
DUW&SHQ
6XELHFWDFWLYDODFHVWHLLQIUDF LXQLSRDWHILúLRSHUVRDQ MXULGLF FXOLPLW ULOH
úLvQFRQGL LLOHSUHY ]XWHvQDUWDOLQ&SHQ
6XSXQHUHD OD UHOH WUDWDPHQWH HVWH VXVFHSWLELO D IL V YkUúLW vQ SDUWLFLSD LH
SHQDO vQ WRDWH IRUPHOH DFHVWHLD FRDXWRUDW FRPSOLFLWDWH LQVWLJDUH &RDXWRUL QX
SRWILvQV GHFkWSHUVRDQHOHFDUHODGDWDFRPLWHULLLQIUDF LXQLLDYHDXFDOLWDWHDFHUXW
GHOHJHLQIUDF LXQHSURSULH3HQWUXFRPSOLFLLúLLQVWLJDWRULLODDFHDVW LQIUDF LXQH
QXVHFHUFDOLW LOHVSHFLDOHFHUXWHSHQWUXDXWRU6XSHULRUXOFDUHWROHUHD] VXSXQHUHD
OD UHOH WUDWDPHQWH D SHUVRDQHL UH LQXWH GH LQXWH VDX FDUH H[HFXW R P VXU GH
VLJXUDQ RULHGXFDWLY U VSXQGHFDúLFRPSOLFH
1LFROHWD ,OLHVFX vQ 9LQWLO 'RQJRUR] 6LHJIULHG .DKDQH ,RQ 2DQFHD ,RVLI )RGRU 1LFROHWD ,OLHVFX
&RQVWDQWLQ %XODL 5RGLFD 6W QRLX 9LFWRU 5RúFD ([SOLFD LL WHRUHWLFH DOH &RGXOXL SHQDO URPkQ 3DUWHD VSHFLDO
YRO,9(GLWXUD$FDGHPLHL5RPkQH%XFXUHúWLS
1LFROHWD,OLHVFXRSFLWYRO,9S
6XELHFWXO SDVLY SULQFLSDO DO LQIUDF LXQLL GH VXSXQHUH OD UHOH WUDWDPHQWH HVWH
VWDWXOFDWLWXODUDOYDORULLVRFLDOHDS UDWHSULQLQFULPLQDUHDDFHVWHLIDSWH
6XELHFW SDVLY VHFXQGDU HVWH SHUVRDQD FDUH D IRVW VXSXV OD UHOH WUDWDPHQWH
DGLF SHUVRDQDDIODW vQVWDUHGHUH LQHUHGH LQHUHRULvQH[HFXWDUHDXQHLP VXULGH
VLJXUDQ RULHGXFDWLYH
3OXUDOLWDWHD VXELHF LORU SDVLYL JHQHUHD] R SOXUDOLWDWH GH LQIUDF LXQL GH
VXSXQHUHODUHOHWUDWDPHQWH
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO FRQVW vQ DF LXQHD GH VXSXQHUH OD UHOH WUDWDPHQWH DXQHL
SHUVRDQHFDUHVHDIO vQVWDUHGHUH LQHUHGH LQHUHVDXvQH[HFXWDUHDXQHLP VXULGH
VLJXUDQ VDXHGXFDWLYH
'HúL HVWH R LQIUDF LXQH FRPLVLY DF LXQHD GH VXSXQHUH OD UHOH WUDWDPHQWH
SRDWHILUHDOL]DW SULQDFWHGHFRPLVLXQHVDXSULQWURFRPSRUWDUHRPLVLY
Ä$VXSXQH´RSHUVRDQ ODUHOHWUDWDPHQWHvQVHDPQ DRIDFHV VXIHUHvQPRG
FRQWLQXX VDX FX vQWUHUXSHUL VLOXLUL SULYD LXQL SULJRQLUL HWF FDUH vL SXQ vQ
SULPHMGLHIL]LFúLSVLKLFV Q WDWHD
&X SULYLUH OD FRQ LQXWXO DUW GLQ & SHQ VD HPLV S UHUHD F DFHDVW
LQIUDF LXQHYDLQWUDvQFRQFXUVLGHDOFXIDSWHOHSUHY ]XWHvQDUW&SHQVDX
& SHQ VDX FX RULFH DOW IDSW SHQDO FRUHVSXQ] WRDUH XUP ULL FDX]DWH GH UHOHOH
WUDWDPHQWHDSOLFDWHSHQWUXFDUHOHJLXLWRUXODSUHY ]XWRSHGHDSV PDLPDUHGHFkW
FHDPHQ LRQDW vQDUW&SHQ
1X FRQVWLWXLH UHOH WUDWDPHQWH UHVWULF LLOH SULYD LXQLOH úL VDQF LXQLOH DSOLFDWH
SRWULYLWGLVSR]L LLORUOHJDOHVDXUHJOHPHQWDUH
&HULQ HVHQ LDO
6XSXQHUHDODUHOHWUDWDPHQWHWUHEXLHV SULYHDVF RSHUVRDQ DIODW vQVWDUH
GHUH LQHUHGH LQHUHRULvQH[HFXWDUHDXQHLP VXULGHVLJXUDQ VDXHGXFDWLYH
Ä3HUVRDQ DIODW vQ VWDUH GH UH LQHUH´ HVWH SHUVRDQD ID GH FDUH VD OXDW
P VXUDSUHYHQWLY DUH LQHULLSUHY ]XW GHDUWOLWD&SURFSHQúLDUW
&SURFSHQ
Ä3HUVRDQ DIODW vQ VWDUH GH GH LQHUH´ HVWH SHUVRDQD ID GH FDUH VD OXDW
P VXUDDUHVW ULLSUHYHQWLYHSUHY ]XW GHDUWOLWF&SURFSHQúLDUW
& SURF SHQ SUHFXP úL SHUVRDQD DUHVWDW vQ ED]D PDQGDWXOXL GH H[HFXWDUH D
SHGHSVHLvQFKLVRULLSRWULYLWDUW&SURFSHQ
Ä3HUVRDQ DIODW vQ H[HFXWDUHD XQHL P VXUL GH VLJXUDQ VDX HGXFDWLYH´ HVWH
SHUVRDQD ID GH FDUH VD OXDW R P VXU GH VLJXUDQ VDX HGXFDWLY SULYDWLY GH
OLEHUWDWH DGLF P VXUD GH VLJXUDQ D LQWHUQ ULL PHGLFDOH D XQXL DGXOW DUW
&SHQVDXP VXUDHGXFDWLY DLQWHUQ ULLPLQRUXOXLvQWUXQFHQWUXGHUHHGXFDUHDUW
&SHQRULLQWHUQDUHDOXLvQWUXQLQVWLWXWPHGLFDOHGXFDWLYDUW&SHQ
8UPDUHD LPHGLDW FRQVW vQ FUHDUHD XQHL VW UL GH SHULFRO SHQWUX QRUPDOD
GHVI úXUDUH D DFWLYLW LL GH vQI SWXLUH D MXVWL LHL úL GHFL SHQWUX UHOD LLOH VRFLDOH D
F URURFURWLUHHVWHDVLJXUDW SULQDS UDUHDDFHVWHLDFWLYLW L
$O WXUL GH DFHDVW XUPDUH LPHGLDW SULQFLSDO VH SURGXFH úL R XUPDUH
DGLDFHQW FRQVWkQG vQWUR Y W PDUH HIHFWLY DGXV LQWHJULW LL FRUSRUDOH VDX
V Q W LLSHUVRDQHLFDUHHVWHVXSXV ODUHOHWUDWDPHQWH
/HJ WXUD GH FDX]DOLWDWH 3HQWUX vQWUHJLUHD ODWXULL RELHFWLYH D LQIUDF LXQLL GH
VXSXQHUHODUHOHWUDWDPHQWHWUHEXLHV H[LVWHROHJ WXU GHFDX]DOLWDWHvQWUHDF LXQHD
FDUHFRQVWLWXLHHOHPHQWXOPDWHULDODOLQIUDF LXQLLúLXUPDUHDLPHGLDW
,GHPYRO,9S
ÌQFHDFHSULYHúWHXUPDUHDLPHGLDW SULQFLSDO DFHDVW OHJ WXU GHFDX]DOLWDWH
UH]XOW H[UHÌQVFKLPESHQWUXXUPDUHDHYHQWXDO DGLDFHQW DGLF Y W PDUHDFHVH
SUHWLQGH F D IRVW FDX]DW SULQ VXSXQHUHD OD DVWIHO GH WUDWDPHQWH OHJ WXUD GH
FDX]DOLWDWHWUHEXLHGRYHGLW
/DWXUDVXELHFWLY
)RUPDGHYLQRY LHFXFDUHVHSRDWHFRPLWHDFHDVW LQIUDF LXQHHVWHLQWHQ LD
GLUHFW VDX LQGLUHFW ([LVW LQWHQ LH FkQG I SWXLWRUXO úWLD F WUDWDPHQWXO U X OD
FDUHVXSXQHSHXQDGLQSHUVRDQHOHDU WDWHvQDUW&SHQHUDQHvQJ GXLWúLúLD
GDW VHDPD D SUHY ]XW UH]XOWDWXO DF LXQLL VDOH FUHDUHD XQHL VW UL GH SHULFRO SHQWUX
QRUPDODvQI SWXLUHDMXVWL LHLúLDXUP ULWDFHVWUH]XOWDWLQWHQ LHGLUHFW VDXGHúL
QXDXUP ULWDFHVWUH]XOWDWDDFFHSWDWWRWXúLULVFXOSURGXFHULLOXLLQWHQ LHLQGLUHFW
ÌQ GRFWULQ VD VXV LQXW úL S UHUHD U PDV L]RODW F DFHDVW LQIUDF LXQH VH
FRPLWHQXPDLFXLQWHQ LHGLUHFW
)DSWDV YkUúLW GLQFXOS QXHVWHLQFULPLQDW (DSRDWHHYHQWXDOFRQVWLWXLR
QHJOLMHQ vQVHUYLFLXVDXRDEDWHUHGLVFLSOLQDU
6FRSXO úL PRELOXO GHWHUPLQDW DO DF LXQLL QX LQWHUHVHD] SHQWUX H[LVWHQ D
LQIUDF LXQLL FL FRQVWLWXLH GRDU HOHPHQWH GH LQGLYLGXDOL]DUH D UHDF LHL UHSUHVLYH
H[DVLJXUDUHDXQHLGLVFLSOLQHULJLGHU ]EXQDUHDHWF
)RUPH6DQF LXQL
)RUPH 6XSXQHUHD OD UHOH WUDWDPHQWH ILLQG R LQIUDF LXQH GH DF LXQH
FRPLVLY úL FX H[HFX LH OHQW DFWLYLWDWHD LQIUDF LRQDO SULQ FDUH VH UHDOL]HD]
HOHPHQWXOHLPDWHULDOSRDWHSDUFXUJHWRDWHID]HOHXQHLGHVI úXU ULGHGXUDW
$FWHOH SUHSDUDWRULL úL WHQWDWLYD GHúL SRVLELOH QX VXQW vQV SHGHSVLWH &kQG
DF LXQHD GH VXSXQHUH OD UHOH WUDWDPHQWH D IRVW H[HFXWDW SULQ DFWH GH RPLVLXQH
WHQWDWLYDQXHVWHSRVLELO $FWHOHSUHSDUDWRULLSRWILSHGHSVLWHFDDFWHGHSDUWLFLSD LH
FkQGDXIRVWFRPLVHGHDOWHSHUVRDQHGHFkWDXWRUXOúLIDSWDvQYHGHUHDF UHLDDXIRVW
HIHFWXDWHVDV YkUúLW
&RQVXPDUHD DUH ORF vQ PRPHQWXO V YkUúLULL DF LXQLL GH VXSXQHUH OD UHOH
WUDWDPHQWH D SHUVRDQHL DIODWH vQ VWDUH GH UH LQHUH GH LQHUH RUL vQ H[HFXWDUHD XQHL
P VXULGHVLJXUDQ RULHGXFDWLYHúLVDSURGXVGHFLXUPDUHDLPHGLDW
1LFROHWD ,OLHVFX RS FLW YRO ,9 S ÌQ DFHODúL VHQV *KHRUJKH ' UkQJ úL 'XPLWUX /XFLQHVFX vQ
7HRGRU 9DVLOLX 'RUX 3DYHO *HRUJH $QWRQLX ùWHIDQ 'DQHú *KHRUJKH ' UkQJ 'XPLWUX /XFLQHVFX 9DVLOH
3DSDGRSRO 'XPLWUX & 3RSHVFX 9LUJLO 5 PXUHDQX &RGXO SHQDO URPkQ FRPHQWDW úL DGQRWDW 3DUWHD VSHFLDO
YRO,,(GLWXUDùWLLQ LILF úL(QFLFORSHGLF %XFXUHúWLS2OLYLX$XJXVWLQ6WRLFD 'UHSWSHQDO3DUWH
VSHFLDO (GLWXUD'LGDFWLF úL3HGDJRJLF %XFXUHúWLS$YUDP)LOLSDú,QIUDF LXQLFRQWUDvQI SWXLULL
MXVWL LHL (GLWXUD $FDGHPLHL %XFXUHúWL S $YUDP )LOLSDú vQ 2FWDYLDQ /RJKLQ $YUDP )LOLSDú 'UHSW
SHQDO3DUWHDVSHFLDO HGL LHUHYL]XLW &DVDGHHGLWXU úLSUHV ùDQVD65/%XFXUHúWLS,RDQ0ROQDU
vQ *KHRUJKH 1LVWRUHDQX 9DVLOH 'REULQRLX $OH[DQGUX %RURL ,OLH 3DVFX ,RDQ 0ROQDU 9DOHULF /D] U 'UHSW
SHQDO 3DUWHD VSHFLDO (GLWXUD (XURSD 1RYD %XFXUHúWL S ,RDQD 9DVLX RS FLW YRO ,, S
2FWDYLDQ/RJKLQ7XGRUHO7RDGHU'UHSWSHQDOURPkQ3DUWHDVSHFLDO HGL LDD,9DUHY ]XW úLDG XJLW &DVDGH
HGLWXU úLSUHV ùDQVD65/%XFXUHúWLS,OLH3DVFXvQ,OLH3DVFX9DOHULF /D] U'UHSWSHQDO3DUWHD
VSHFLDO (GLWXUD /XPLQD /H[ %XFXUHúWL S 'RLQHO 'LQXLF 'UHSW SHQDO 3DUWHD VSHFLDO &XUV
XQLYHUVLWDU (GLWXUD /XPLQD /H[ %XFXUHúWL S 1LFRODH &RQHD vQ 9DVLOH 'REULQRLX 1LFRODH &RQHD
&LSULDQ5DXO5RPL DQ&DPLO7 Q VHVFX1RUHO1HDJX0D[LP'REULQRLX'UHSWSHQDO3DUWHDVSHFLDO YRO,,
/XPLQD/H[%XFXUHúWLS$OH[DQGUX%RURL*KHRUJKH1LVWRUHDQX'UHSWSHQDO3DUWHDVSHFLDO HGL LD
D,,,D(GLWXUD$OO%HFN%XFXUHúWLS+RULD'LDFRQHVFX'UHSWSHQDO3DUWHDVSHFLDO YRO,,HGL LDD
D (GLWXUD $OO %HFN %XFXUHúWL S $YUDP )LOLSDú vQ &RVWLF %XODL $YUDP )LOLSDú &RQVWDQWLQ
0LWUDFKH,QVWLWX LLGHGUHSWSHQDO&XUVVHOHFWLYSHQWUXH[DPHQXOGHOLFHQ (GLWXUDWUHLHGL LDD,,,DUHYL]XLW úL
DG XJLW %XFXUHúWLS
0DWHL %DVDUDE vQ 0DWHL %DVDUDE /XFLD 0ROGRYDQ 9DOHU 6XLDQ 'UHSW SHQDO 3DUWHD VSHFLDO YRO ,
&OXM1DSRFDS
&RQVXPDUHD LQIUDF LXQLL LPSOLF VXSXQHUHD SHUVRDQHL OD XQ QXP U GH DFWH
FDUH V FRQVWLWXLH XQ U X WUDWDPHQW DFHVWD SUHVXSXQkQG R DF LXQH FRQWLQX VDX
UHSHWDW DFWXO L]RODW SRDWH FRQVWLWXL XQ DEX] vQ VHUYLFLX DUW & SHQ VDX
SXUWDUHDEX]LY DUW&SHQ
$F LXQHDGHVXSXQHUHODUHOHWUDWDPHQWHGXS FHDF S WDWDFHVWFDUDFWHUGHFL
GXS FRQVXPDUH VH SRDWH SUHOXQJL vQ WLPS úL SRDWH vPEU FD IRUPD LQIUDF LXQLL
FRQWLQX VDX FRQWLQXDW ILLQG VXVFHSWLELO GH IRUPD HSXL]DUH ,QIUDF LXQHD VH
HSXL]HD] vQPRPHQWXOvQFHW ULLXOWLPXOXLDFWGHVXSXQHUHODUHOHWUDWDPHQWH
6DQF LXQL6XSXQHUHDODUHOHWUDWDPHQWHVHSHGHSVHúWHFXvQFKLVRDUHGHODOD
DQL
3HUVRDQD MXULGLF VH VDQF LRQHD] FX DPHQGD FXSULQV vQWUH OHL úL
OHLSRWULYLWDUWDOLQ&SHQ
725785$
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDODOLQIUDF LXQLLGHWRUWXU FRQVW vQUHOD LLOHVRFLDOH
UHIHULWRDUHODvQI SWXLUHDMXVWL LHLDF URUQRUPDO GHVI úXUDUHH[FOXGHRULFHDF LXQL
YLROHQWHSUHVLXQLVDXVXIHULQ H
ÌQ VXEVLGLDU SULQ DFHDVW IDSW VXQW DWLQVH OH]DWH VDX SXVH vQ SHULFRO úL
GUHSWXULORURPXOXL
2ELHFWXO PDWHULDO ÌQ LSRWH]D UHDOL] ULL GH YLROHQ H IL]LFH DVXSUD YLFWLPHL
FRUSXOSHUVRDQHLIRUPHD] RELHFWXOPDWHULDODOIDSWHL
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU DO DFHVWHL LQIUDF LXQL HVWH vQ SULQFLSLX
FDOLILFDW $XWRU HVWH DJHQWXO DXWRULW LL SXEOLFH VDX R SHUVRDQ FDUH DF LRQHD] OD
LQVWLJDUHD RUL FX FRQVLP PkQWXO H[SUHV VDX WDFLW DO XQHL DVHPHQHD SHUVRDQH
RILFLDOH
ÌQFD]XOWRUWXULLI SWXLWRUXOSRDWHILúLXQIXQF LRQDUSXEOLFGLQVIHUDSXWHULL
H[HFXWLYH RUL D DOWHL DXWRULW L SXEOLFH 'HWHUPLQDUHD VXELHFWXOXL HVWH UHODWLY
GHRDUHFHWH[WXODUW&SHQSUHYHGHF LQIUDF LXQHDSRDWHILV YkUúLW vQDIDU
GH DJHQ LL DXWRULW LL SXEOLFH úL GH R SHUVRDQ FDUH DF LRQHD] V YkUúLQG
LQIUDF LXQHDODLQVWLJDUHDRULFXFRQVLP PkQWXOH[SUHVVDXWDFLWDOXQRUDVHPHQHD
SHUVRDQHÌQDFHDVW XOWLP LSRWH] I SWXLWRUXOQXDUHRFDOLWDWHRILFLDO $FHVWDVH
FRPSRUW FDRXQHDOW FDXQH[HFXWRUDOYRLQ HLSHUVRDQHLRILFLDOHFDXQPDQGDWDU
DO DFHVWHLD FD XUPDUH úL vQ DFHVW FD] DXWRU QX SRDWH IL RULFH SHUVRDQ FL QXPDL
DFHHDF UHLDLVDFRQIHULWDFHVWPDQGDWH[SUHVRULWDFLW
6XELHFWDFWLYDODFHVWHLLQIUDF LXQLSRDWHILúLRSHUVRDQ MXULGLF FXOLPLW ULOH
úLvQFRQGL LLOHSUHY ]XWHvQDUWDOLQ&SHQ
1LFROHWD,OLHVFXRSFLWYRO,9SÌQDFHODúLVHQV*KHRUJKH' UkQJ úL'XPLWUX/XFLQHVFXRSFLW
YRO ,, S ÌQ VHQV FRQWUDU $YUDP )LOLSDú ,QIUDF LXQL FRQWUD vQI SWXLULL MXVWL LHL (GLWXUD $FDGHPLHL
%XFXUHúWL S ÌQ DFHDVW FRQFHS LH IDSWD VH SRDWH V YkUúL SULQWUXQ VLQJXU DFW FRQ LQXW VDX SULQWUR
PXOWLWXGLQH GH DFWH ÌQ RULFH FD] QX HVWH GH HVHQ D LQIUDF LXQLL V YkUúLUHD HL H[FOXVLY SULQ DFWH UHSHWDWH 6SUH
H[HPSOXHVWHLQIUDF LXQHDWXQFLFkQGYLFWLPDDIODW vQGHWHQ LHHVWHVXSXV SHQWUXFkWHYDRUHRVLQJXU GDW OD
PXQF vQWUXQPHGLXWR[LF
$FHDVW LQFULPLQDUHDIRVWLQWURGXV vQ&RGXOSHQDOSULQ/HJHDQUFDXUPDUHDUDWLILF ULLGHF WUH
5RPkQLD SULQ /HJHD QU D &RQYHQ LHL vPSRWULYD WRUWXULL úL D DOWRU SHGHSVH RUL WUDWDPHQWH FX FUX]LPH
LQXPDQHVDXGHJUDGDQWHDGRSWDW OD1HZ<RUNGH218vQDQXO
*KHRUJKH1LVWRUHDQX9DVLOH'REULQRLX$OH[DQGUX%RURL,OLH3DVFX,RDQ0ROQDU9DOHULF /D] U'UHSW
SHQDO3DUWHDVSHFLDO (GLWXUD(XURSD1RYD%XFXUHúWLS
3DUWLFLSD LD SHQDO HVWH SRVLELO vQ WRDWH IRUPHOH VDOH FRDXWRUDW LQVWLJDUH
FRPSOLFLWDWHÌQLSRWH]DvQFDUHDXWRUXOHVWHFDOLILFDWDFHDVW FDOLWDWHYDILFHUXW úL
SHQWUX FRDXWRUL ÌQ FD] FRQWUDU DFHúWLD YRU IL LQX L V U VSXQG FD úL FRPSOLFL
FRQFRPLWHQ LODIDSWDFHOXLFDUHDUHODGDWDFRPLWHULLLQIUDF LXQLLGHWRUWXU FDOLWDWHD
FHUXW GH DUW & SHQ FKLDU GDF DX FRPLV DFWH GH H[HFXWDUH QHPLMORFLW D
IDSWHLLQFULPLQDWH
6XELHFWXO SDVLY SULQFLSDO HVWH VWDWXO FD WLWXODU DO YDORULL VRFLDOH RFURWLWH GH
OHJH LDU vQ VHFXQGDU SHUVRDQD VXSXV vQ PRG GLUHFW VDX LQGLUHFW XQRU VXIHULQ H
IL]LFHVDXSVLKLFH
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDOFRQVW vQWURDF LXQHGHSURYRFDUHXQHLSHUVRDQHGHGXUHUL
LQWHQVHVXIHULQ HSXWHUQLFHVDXFKLDUPRDUWHDvQWUXQDQXPLWVFRSH[SUHVSUHY ]XW
vQDUW&SHQ
9LROHQ D IL]LF VDX SVLKLF WUHEXLH V DLE FD HIHFW R VXIHULQ SXWHUQLF
9HULILFDUHDvQGHSOLQLULLDFHVWHLFRQGL LLHVWHDWULEXWXOLQVWDQ HLGHMXGHFDW 3RWLQWUD
vQDFHDVW FDWHJRULHFKLDUDFWHOHFHDOF WXLHVFHOHPHQWXOPDWHULDODOIDSWHLSUHY ]XWH
vQ DUW DOLQ úL & SHQ GDF LQVWDQ D DSUHFLD] F LQWHQVLWDWHD GXUHULL
RULFkWGHVFXUW DUILHDHVWHSXWHUQLF
9LROHQ HOH IL]LFH VDX SVLKLFH WUHEXLH V ILH FRPLVH vQ H[HUFLWDUHD DXWRULW LL
SXEOLFHVDXFHOSX LQFXDFRUGXODFHVWHLDXWRULW L
8UPDUHDLPHGLDW FRQVW vQSURYRFDUHDXQHLVXIHULQ HIL]LFHVDXSVLKLFHFDUH
vQUDSRUWFXSUHYHGHULOHOHJDOHHVWHLOLFLW vQYHGHUHDGHWHUPLQ ULLVXELHFWXOXLSDVLY
VSUHRDQXPLW FRPSRUWDUHFHUkQGXVHGHFLSURGXFHUHDXQXLDQXPLWUH]XOWDW
ÌQYDULDQWDDJUDYDW SUHY ]XW vQDOLQVHFHUHFDIDSWDV DLE YUHXQDGLQ
XUP ULOH SUHY ]XWH vQ DUW & SHQ VDX DUW & SHQ LDU vQ LSRWH]D GH
LQFULPLQDUHSUHY ]XW vQDOLQXUPDUHDLPHGLDW FRQVW vQPRDUWHDYLFWLPHL
/HJ WXUDGHFDX]DOLWDWHvQWUHDFWLYLWDWHDLQIUDF LRQDO GHVI úXUDW GHI SWXLWRU
úLXUPDUHDLPHGLDW WUHEXLHV H[LVWHúLV ILHGRYHGLW vQILHFDUHFD]
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH vQ FD]XO DFHVWHL LQIUDF LXQL HVWH LQWHQ LD GLUHFW VDX
LQGLUHFW $XWRUXOWUHEXLHV DLE UHSUH]HQWDUHDF IRORVHúWHPLMORDFHVXVFHSWLELOH
V SURYRDFHVXIHULQ HGHRVHELWHIL]LFHVDXSVLKLFHúLXUP UHúWHSURGXFHUHDORUVDX
DFFHSW SRVLELOLWDWHDSURGXFHULLORU
ÌQ UDSRUW FX PRGDOLW LOH DJUDYDWH WUHEXLH FD XUP ULOH VXSOLPHQWDUH SURGXVH
V VH GDWRUH]H FXOSHL I SWXLWRUXOXL )RUPD GH YLQRY LH HVWH GHFL vQ DFHVWH VLWXD LL
LQWHQ LDGHS úLW SUDHWHULQWHQ LD
,OLH3DVFXvQ,OLH3DVFX9DOHULF /D] U'UHSWXOSHQDO3DUWHDVSHFLDO (GLWXUD/XPLQD/H[%XFXUHúWL
S
*KHRUJKH1LVWRUHDQX9DVLOH'REULQRLX$OH[DQGUX%RURL,OLH3DVFX,RDQ0ROQDU9DOHULF /D] URSFLW
S ÌQ DFHODúL VHQV ,RQ *KHRUJKLX %U GHW 'UHSW SHQDO 3DUWHD VSHFLDO YRO , (GLWXUD (XURSD 1RYD
%XFXUHúWLS,OLH3DVFXRSFLWS1LFRODH&RQHDvQ9DVLOH'REULQRLX1LFRODH&RQHD&LSULDQ
5DXO5RPL DQ&DPLO7 Q VHVFX1RUHO1HDJX0D[LP'REULQRLX'UHSWSHQDO3DUWHDVSHFLDO YRO,,/XPLQD
/H[%XFXUHúWLS$OH[DQGUX%RURL*KHRUJKH1LVWRUHDQX'UHSWSHQDO3DUWHDVSHFLDO HGL LDD,,,D
(GLWXUD$OO%HFN%XFXUHúWLS$YUDP)LOLSDúvQ&RVWLF %XODL$YUDP)LOLSDú&RQVWDQWLQ0LWUDFKH
,QVWLWX LLGHGUHSWSHQDO&XUVVHOHFWLYSHQWUXH[DPHQXOGHOLFHQ (GLWXUD7UHLHGL LDD,,,DUHYL]XLW úLDG XJLW
%XFXUHúWLS
'XS DO LDXWRULIRUPDGHYLQRY LHHVWHQXPDLLQWHQ LDGLUHFW GHRDUHFH
ODWXUD VXELHFWLY D LQIUDF LXQLL LQFOXGH vQ DIDUD LQWHQ LHL úL XQ VFRS VDX XQ PRWLY
VSHFLDO ÌQWUDGHY U SHQWUX D FRQVWLWXL LQIUDF LXQHD GH WRUWXU IDSWD WUHEXLH
V YkUúLW vQVFRSXOGHDRE LQHGHODSHUVRDQDUHVSHFWLY VDXGHODRSHUVRDQ WHU
LQIRUPD LLVDXP UWXULVLULGHDRSHGHSVLSHQWUXXQDFWSHFDUHDFHDVWDVDXRWHU
SHUVRDQ OD FRPLV RUL HVWH E QXLW F OD FRPLV GH D R LQWLPLGD VDX GH D IDFH
SUHVLXQL DVXSUD HL RUL DVXSUD XQHL WHU H SHUVRDQH )DSWD FRQVWLWXLH LQIUDF LXQHD GH
WRUWXU úL DWXQFL FkQG DFHDVWD HVWH V YkUúLW GLQ RULFH PRWLY ED]DW SH R IRUP GH
GLVFULPLQDUH ÌQ FHHD FH SULYHúWH VFRSXO XUP ULW SULQ V YkUúLUHD IDSWHL QX HVWH
QHFHVDU FD DFHVWD V ILH UHDOL]DW 'DF VH RE LQ LQIRUPD LL VDX P UWXULVLUL QX
LQWHUHVHD] GDF DFHVWHD FRUHVSXQG VDX QX DGHY UXOXL 0RWLYXO FRPLWHULL IDSWHL
ED]DWSHRIRUP GHGLVFULPLQDUHH[LVW RULFDUHDUILDFHDVW IRUP GHGLVFULPLQDUH
VRFLDO SROLWLF HFRQRPLF
)RUPH6DQF LXQL
)RUPH)LLQGRLQIUDF LXQHFRPLVLY GHH[HFX LHOHQW WRUWXUDSRDWHDYHDXQ
LWHU FULPLQLV úL GHFL IRUPH LPSHUIHFWH GH UHDOL]DUH 'HúL VXQW SRVLELOH DFWHOH
SUHJ WLWRDUHQXVHSHGHSVHVF
3RWULYLWDUWDOLQ&SHQWHQWDWLYDODWRUWXU VHSHGHSVHúWH7HQWDWLYD
OD IDSWHOH SUHY ]XWH vQ DUW DOLQ úL & SHQ QX HVWH SRVLELO vQWUXFkW
IRUPDGHYLQRY LHVSHFLILF DFHVWRUDHVWHLQWHQ LDGHS úLW
&RQVXPDUHD DUH ORF vQ PRPHQWXO FRPLWHULL IDSWHL SULQ FDUH VH SURYRDF
SHUVRDQHL R GXUHUH VDX VXIHULQ H SXWHUQLFH vQ YUHXQXO GLQ VFRSXULOH VDX GLQ
PRWLYHOHSUHY ]XWHvQWH[W'HDOWIHOvQDFHVWPRPHQWVHFUHHD] úLVWDUHDGHSHULFRO
SHQWUXvQI SWXLUHDMXVWL LHLSUHFXPúLSHQWUXvQF OFDUHDGUHSWXULORURPXOXL
6DQF LXQL7RUWXUDvQYDULDQWDGHWLSVHSHGHSVHúWHFXvQFKLVRDUHGHODOD
DQL
'DF WRUWXUDDSURGXVRY W PDUHFRUSRUDO DUW&SHQVDXRY W PDUH
FRUSRUDO JUDY DUW&SHQDSHUVRDQHLY W PDWHSHGHDSVDHVWHvQFKLVRDUHD
GHODODDQL
7RUWXUDFDUHDDYXWFDXUPDUHPRDUWHDYLFWLPHLVHSHGHSVHúWHFXGHWHQ LXQH
SHYLD VDXFXvQFKLVRDUHGHODODGHDQL
3HUVRDQD MXULGLF VH VDQF LRQHD] FX DPHQGD FXSULQV vQWUH OHL úL
OHL SHQWUX IDSWHOH SUHY ]XWH vQ DOLQ úL VDX vQWUH OHL úL
OHLvQFD]XOIDSWHLSUHY ]XWHvQDOLQ
)DSWHOH SUHY ]XWH vQ DOLQ QX FRQVWLWXLH LQIUDF LXQHD GH WRUWXU GDF
GXUHUHD VDX VXIHULQ D UH]XOW H[FOXVLY GLQ VDQF LXQL OHJDOH úL VXQW LQHUHQWH DFHVWRU
VDQF LXQLVDXRFD]LRQDWHGHHOH±DUWDOLQ&SHQ
1LFLRvPSUHMXUDUHH[FHS LRQDO ILHF HVWHYRUEDGHRVWDUHGHU ]ERLVDXGH
DPHQLQ ULFXU ]ERLXOGHLQVWDELOLWDWHSROLWLF LQWHUQ VDXGHRULFDUHDOW VWDUHGH
H[FHS LHQXSRDWHILLQYRFDW SHQWUXDMXVWLILFDWRUWXUD'HDVHPHQHDQXSRDWHIL
LQYRFDWQLFLRUGLQXOVXSHULRUXOXLVDXDOXQHLDXWRULW LSXEOLFH±DUWDOLQ
&SHQ9RUSXWHDILvQV LQYRFDWHDOWHFDX]HFDUHvQO WXU LQIUDF LXQHDFDGHH[
FRQVWUkQJHUHDIL]LF VDXPRUDO LUHVSRQVDELOLWDWHDEH LDLQYROXQWDU FRPSOHW HWF
,RDQD 9DVLX 'UHSW SHQDO URPkQ SDUWHD VSHFLDO YRO ,, (GLWXUD $OEDVWU &OXM 1DSRFD S
2FWDYLDQ/RJKLQ7XGRUHO7RDGHU'UHSWSHQDOURPkQ3DUWHDVSHFLDO HGL LDD,9DUHY ]XW úLDG XJLW &DVDGH
HGLWXU úLSUHV ùDQVD65/%XFXUHúWLS+RULD'LDFRQHVFX'UHSWSHQDO3DUWHDVSHFLDO YRO,,HGL LD
DD(GLWXUD$OO%HFN%XFXUHúWLS/XkQGvQFRQVLGHUDUHJUDYLWDWHDDFHVWHLIDSWHUHIOHFWDW vQOLPLWHOH
GHSHGHDSV ULGLFDWHDFHVWDXWRUSURSXQHúLLQWURGXFHUHDSHGHSVHLFRPSOHPHQWDUHDLQWHU]LFHULLXQRUGUHSWXUL
2FWDYLDQ/RJKLQ7XGRUHO7RDGHURSFLWS
5(35(6,81($1('5($37
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDODOUHSUHVLXQLLQHGUHSWHvOFRQVWLWXLHUHOD LLOHVRFLDOHD
F URU H[LVWHQ HVWH RFURWLW SULQ DS UDUHD DFWLYLW LL GH vQI SWXLUH D MXVWL LHL
vPSRWULYDXQRUDFWHGHUHSUHVLXQHvQGUHSWDWHvPSRWULYDXQHLSHUVRDQHQHYLQRYDWH
5HSUHVLXQHDQHGUHDSW DUHDO WXULGHRELHFWXOHLMXULGLFVSHFLDOúLXQRELHFW
MXULGLFVHFXQGDUDGLDFHQWDQXPHUHOD LLOHVRFLDOHRFURWLWHSULQDS UDUHDOLEHUW LLúL
GHPQLW LLSHUVRDQHL
3ULQHIHFWXDUHDXQRUDVWIHOGHDFWHVHDGXFHDWLQJHUHQXQXPDLDGHY UXOXLFL
úL OHJLL SULQ QHVRFRWLUHD SULQFLSLXOXL GH ED] DO SURFHVXOXL SHQDO vQVFULV vQ DUW
& SURF SHQ FDUH LPSXQH FD ÄQLFL R SHUVRDQ QHYLQRYDW V QX ILH WUDV OD
U VSXQGHUHSHQDO ´
2ELHFWXO PDWHULDO 5HSUHVLXQHD QHGUHDSW DUH XQHRUL XQ RELHFW PDWHULDO úL
DQXPH DWXQFL FkQG UHSUHVLXQHD QHGUHDSW VH U VIUkQJH DVXSUD FRUSXOXL SHUVRDQHL
GH LQXW SUHYHQWLYVDXFRQGDPQDW ODSHGHDSVDvQFKLVRULL
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUDOLQIUDF LXQLLGHUHSUHVLXQHQHGUHDSW HVWH
FDOLILFDW úL SRDWH IL QXPDL R SHUVRDQ FDUH DUH GUHSWXO FDOLWDWHD GH D SXQH vQ
PLúFDUH DF LXQHD SHQDO GH D GLVSXQH DUHVWDUHD GH D WULPLWH vQ MXGHFDW VDX GH D
FRQGDPQDDGLF SURFXURUXOúLMXGHF WRUXO
6XELHFWDFWLYDODFHVWHLLQIUDF LXQLSRDWHILúLRSHUVRDQ MXULGLF FXOLPLW ULOH
úLvQFRQGL LLOHSUHY ]XWHvQDUWDOLQ&SHQ
5HSUHVLXQHD QHGUHDSW HVWH VXVFHSWLELO GH D IL V YkUúLW vQ SDUWLFLSD LH
WRWGHDXQDvQIRUPDLQVWLJ ULLúLFRPSOLFLW LLLDUvQIRUPDFRDXWRUDWXOXLQXPDLvQFH
SULYHúWHDUHVWDUHDVDXFRQGDPQDUHDGHF WUHXQFRPSOHWGHMXGHFDW
3HQWUXFRPSOLFLúLLQVWLJDWRULQXVHFHUFDOLW LOHVSHFLDOHLPSXVHDXWRULORU
6XELHFWXOSDVLYSULQFLSDODOLQIUDF LXQLLGHUHSUHVLXQHQHGUHDSW HVWHVWDWXOFD
WLWXODUDOYDORULLVRFLDOHRFURWLWHvQI SWXLUHDQRUPDO DMXVWL LHL
6XELHFW SDVLY VHFXQGDU HVWH SHUVRDQD ID GH FDUH VD HIHFWXDW XQ DFW GH
UHSUHVLXQHQHGUHDSW
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDODOLQIUDF LXQLLGHUHSUHVLXQHQHGUHDSW FRQVW vQXQDGLQ
XUP WRDUHOH DF LXQL D SXQH vQ PLúFDUH DF LXQHD SHQDO D GLVSXQH DUHVWDUHD D
WULPLWH vQ MXGHFDW VDX D FRQGDPQD R SHUVRDQ 5HSUHVLXQHD QHGUHDSW HVWH SULQ
XUPDUHRLQIUDF LXQHFRPLVLY GHDF LXQH
6 YkUúLUHDXQHLDGLQWUHDF LXQLOHPHQ LRQDWHHVWHVXILFLHQW SHQWUXUHDOL]DUHD
HOHPHQWXOXL PDWHULDO DO LQIUDF LXQLL 6 YkUúLUHD D GRX VDX PDL PXOWH GLQ DFHVWH
DF LXQL H[ SXQHUHD vQ PLúFDUH D DF LXQLL SHQDOH úL GLVSXQHUHD DUHVW ULL VDX
SXQHUHD vQ PLúFDUH D DF LXQLL SHQDOH úL WULPLWHUHD vQ MXGHFDW SH ED]D DFHOHLDúL
UH]ROX LL LQIUDF LRQDOH QX FRQVWLWXLH XQ FXPXO GH LQIUDF LXQL FL R VLQJXU IDSW
SHQDO
Ä$ SXQH vQ PLúFDUH DF LXQHD SHQDO ´ vQVHDPQ D WUDJH OD U VSXQGHUH R
SHUVRDQ SHQWUXF DV YkUúLWRLQIUDF LXQHDUW&SURFSHQ
1LFROHWD ,OLHVFX vQ 9LQWLO 'RQJRUR] 6LHJIULHG .DKDQH ,RQ 2DQFHD ,RVLI )RGRU 1LFROHWD ,OLHVFX
&RQVWDQWLQ %XODL 5RGLFD 6W QRLX 9LFWRU 5RúFD ([SOLFD LL WHRUHWLFH DOH &RGXOXL SHQDO URPkQ 3DUWHD VSHFLDO
YRO,9(GLWXUD$FDGHPLHL5RPkQH%XFXUHúWLS
1LFROHWD,OLHVFXRSFLWYRO,9S
0LMORFXO SULQ FDUH VH SXQH vQ PLúFDUH DF LXQHD SHQDO úL GHFL SULQ FDUH VH
UHDOL]HD] HOHPHQWXO PDWHULDO DO LQIUDF LXQLL HVWH XQXO GLQ DFWHOH GH LQFXOSDUH
SUHY ]XWH GH OHJH RUGRQDQ D SURFXURUXOXL DUW & SURF SHQ UHFKL]LWRULXO
SURFXURUXOXLDUW&SURFSHQVDXvQFKHLHUHDLQVWDQ HLGHMXGHFDW DUWúL
XUP&SURFSHQ
Ä$GLVSXQHDUHVWDUHD´vQVHDPQ DOXDP VXUDDUHVW ULLSUHYHQWLYH±DUW
DOLQOLWF&SURFSHQDUWúLXUP&SURFSHQDUW&SURFSHQúL
DUW&SURFSHQ$F LXQHDGHDGLVSXQHDUHVWDUHDVHUHDOL]HD] SULQvQWRFPLUHD
GHF WUHMXGHF WRUDvQFKHLHULLGHDUHVWDUHDvQYLQXLWXOXLVDXDLQFXOSDWXOXLDUW
& SURF SHQ DUW ± & SURF SHQ úL DUW & SURF SHQ úL HPLWHUHD
PDQGDWXOXLGHDUHVWDUHDUW±&SURFSHQúLDUW&SURFSHQ
([LVW DF LXQHD GH GLVSXQHUH D DUHVW ULL úL DWXQFL FkQG VH PHQ LQH VDX VH
SUHOXQJHúWH DFHDVW P VXU GXS FH VD DIODW F SHUVRDQD DUHVWDW HVWH
QHYLQRYDW
([LVW DF LXQHD GH GLVSXQHUH D DUHVW ULL GH DVHPHQHD vQ FD]XO DUHVW ULL
SUHYHQWLYHDXQXLFRQWUDYHQLHQWFkQGOHJHDSHUPLWHDFHDVWD
Ä$WULPLWHvQMXGHFDW ´vQVHDPQ DGHIHULLQVWDQ HLGHMXGHFDW RSHUVRDQ vQ
VDUFLQD F UHLD VD UH LQXW V YkUúLUHD XQHL IDSWH SHQDOH 7ULPLWHUHD vQ MXGHFDW VH
UHDOL]HD] SULQUHFKL]LWRULXOGDWGHF WUHSURFXURUDUWSFW&SURFSHQ
Ä$ FRQGDPQD´ vQVHDPQ D SURQXQ D R KRW UkUH SULQ FDUH VH FRQVWDW F
SHUVRDQDLQFXOSDW HVWHYLQRYDW úLVHDSOLF RSHGHDSV VDXDOWHVDQF LXQLGHGUHSW
SHQDO±DUWDOLQ&SURFSHQ
(OHPHQWXO PDWHULDO DO LQIUDF LXQLL GH UHSUHVLXQHQHGUHDSW VHUHDOL]HD] SULQ
SURQXQ DUHD KRW UkULL GH FRQGDPQDUH LQGLIHUHQW GDF DFHD KRW UkUH D IRVW XOWHULRU
GHVILLQ DW GHRLQVWDQ VXSHULRDU VDXGDF DLQWHUYHQLWRDPQLVWLH
1X FRQVWLWXLH R FRQGDPQDUH OXDUHD XQHL P VXUL GH VLJXUDQ ID GH R
SHUVRDQ F UHLDQXLVDDSOLFDWYUHRSHGHDSV
&HULQ HVHQ LDO DF LXQLOHHQXPHUDWHvQQRUPDLQFULPLQDWRDUHWUHEXLHV ILH
vQGUHSWDWHvPSRWULYDXQHLSHUVRDQHQHYLQRYDWH
2 SHUVRDQ VH FRQVLGHU FD QHYLQRYDW DWXQFL FkQG VH DIO vQ YUHXQXO GLQ
FD]XULOHSUHY ]XWHvQDUWOLWD±H&SURFSHQ1HYLQRY LDXQHLSHUVRDQHVH
FRQVLGHU GRYHGLW GLQ PRPHQW FH VD FRQVWDWDW F H[LVW YUHXQXO GLQ FD]XULOH
PHQ LRQDWHFDUHSRWULYLWGLVSR]L LLORUGLQDUW&SURFSHQvPSLHGLF SXQHUHDvQ
PLúFDUHDDF LXQLLSHQDOHVDXvQFDUHSRWULYLWGLVSR]L LLORUGLQDUW&SURFSHQ
WUHEXLHV GLVSXQ VFRDWHUHDGHVXEXUP ULUHSHQDO VDXDFKLWDUHD
8UPDUHD LPHGLDW FRQVW vQ FUHDUHD XQHL VW UL GH SHULFRO SHQWUX QRUPDOD
GHVI úXUDUH D DFWLYLW LL GH vQI SWXLUH D MXVWL LHL úL GHFL SHQWUX UHOD LLOH VRFLDOH D
F URURFURWLUHHVWHDVLJXUDW SULQDS UDUHDDFHVWHLDFWLYLW L
$O WXUL GH DFHDVW XUPDUH LPHGLDW SULQFLSDO VH SURGXFH úL R XUPDUH
DGLDFHQW FRQVWkQGvQWURY W PDUHDGXV GHPQLW LLSHUVRDQHLQHYLQRYDWHID GH
FDUHVDSXVvQPLúFDUHDF LXQHDSHQDO VDXFDUHDIRVWWULPLV vQMXGHFDW RULID GH
FDUH VD GLVSXV DUHVWDUHD RUL FDUH D IRVW FRQGDPQDW OD DPHQG VDX OD SHGHDSVD
vQFKLVRULLRULODRDOW VDQF LXQHGHGUHSWSHQDO
5HSUHVLXQHD QHGUHDSW DUH úL R XUPDUH DGLDFHQW HYHQWXDO FDUH FRQVW vQ
Y W PDUHD DGXV OLEHUW LL SHUVRDQHL QHYLQRYDWH vQ FD]XO vQ FDUH DFHDVWD D IRVW
HIHFWLYDUHVWDW RULDvQFHSXWH[HFXWDUHDSHGHSVHLODFDUHDIRVWFRQGDPQDW
/HJ WXUD GH FDX]DOLWDWH vQWUH DF LXQHD LQFULPLQDW úL XUPDUHD LPHGLDW D
DFHVWHLLQIUDF LXQLGHSHULFROWUHEXLHV H[LVWHúLUH]XOW H[UH
1LFROHWD,OLHVFXRSFLWYRO,9S
,GHPYRO,9S
,ELGHPYRO,9S
/DWXUDVXELHFWLY
)RUPDGHYLQRY LHFXFDUHVHSRDWHFRPLWHDFHDVW LQIUDF LXQHHVWHLQWHQ LD
GLUHFW VDX LQGLUHFW ([LVW LQWHQ LH GDF I SWXLWRUXO úWLH F SHUVRDQD HVWH
QHYLQRYDW úL F DF LRQkQG vPSRWULYD DFHVWHLD FUHHD] R VWDUH GH SHULFRO SHQWUX
QRUPDODGHVI úXUDUHDDFWLYLW LLGHvQI SWXLUHDMXVWL LHL
&HULQ HVHQ LDO (OHPHQWXOVXELHFWLYWUHEXLQGV DFRSHUHODWXUDRELHFWLY vQ
vQWUHJXO HL I SWXLWRUXO OXFUHD] FX LQWHQ LH DWXQFL FkQG FXQRDúWH FRQ LQXWXO ODWXULL
RELHFWLYH2UvQODWXUDRELHFWLY DLQIUDF LXQLLGHUHSUHVLXQHQHGUHDSW LQWU GXS
FXP VD DU WDW PDL VXV úL FHULQ D HVHQ LDO FD IDSWD V ILH V YkUúLW ID GH R
SHUVRDQ QHYLQRYDW
3HQWUXFDLQWHQ LDV vQWUHJHDVF ODWXUDVXELHFWLY DLQIUDF LXQLLWUHEXLHGHFL
FD I SWXLWRUXO V IL úWLXW F SHUVRDQD ID GH FDUH HIHFWXHD] YUHXQD GLQ DF LXQLOH
HQXPHUDWH vQ GLVSR]L LD LQFULPLQDW HVWH QHYLQRYDW $úDGDU FHULQ D HVHQ LDO
RELHFWLY VH UHIOHFW FD R FHULQ HVHQ LDO vQ ODWXUD VXELHFWLY D LQIUDF LXQLL
DQDOL]DWH&kQGI SWXLWRUXODFUH]XWF SHUVRDQDHVWHQHYLQRYDW GDUVDGRYHGLWFX
RFD]LDMXGHF LLVDXXOWHULRUF vQUHDOLWDWHHUDYLQRYDW QXH[LVW LQIUDF LXQHFLR
IDSW SXWDWLY
ÌQGRFWULQ VDVXV LQXWúLS UHUHDU PDV L]RODW F DFHDVW LQIUDF LXQHVH
FRPLWHQXPDLFXLQWHQ LHGLUHFW
5HSUHVLXQHD QHGUHDSW V YkUúLW GLQ FXOS QX HVWH SRVLELO úL GHFL QX HVWH
LQFULPLQDW
0RELOXO úL VFRSXO QX LQWHUHVHD] SHQWUX H[LVWHQ D LQIUDF LXQLL GH UHSUHVLXQH
QHGUHDSW FL GRDU SHQWUX VWDELOLUHD JUDGXOXL GH SHULFRO VRFLDO FRQFUHW DO IDSWHL
FRPLVHGHDJHQWúLODLQGLYLGXDOL]DUHDSHGHSVHL
)RUPH6DQF LXQL
)RUPH$FWHOHSUHSDUDWRULLODLQIUDF LXQHDGHUHSUHVLXQHQHGUHDSW GHúLVXQW
SRVLELOH QX VXQW LQFULPLQDWH FD R IRUP D DFWLYLW LL LQIUDF LRQDOH (OH SRW vQV
F GHD VXE LQFLGHQ D OHJLL SHQDOH DWXQFL FkQG DX VHUYLW OD V YkUúLUHD UHSUHVLXQLL
QHGUHSWHFDDFWHGHFRPSOLFLWDWHDQWHULRDU 1XFUHGHPF vQWURDVWIHOGHLSRWH]
DFWHOH SUHSDUDWRULL DU SXWHD LQWUD VXE LQFLGHQ D OHJLL SHQDOH úL FD DFWH GH LQVWLJDUH
DúDFXPVDDU WDWGHXQLLDXWRUL
1LFROHWD ,OLHVFX RS FLW YRO ,9 S ÌQ DFHODúL VHQV *KHRUJKH ' UkQJ úL 'XPLWUX /XFLQHVFX
RS FLW YRO ,, S 2OLYLX $XJXVWLQ 6WRLFD 'UHSW SHQDO 3DUWH VSHFLDO (GLWXUD 'LGDFWLF úL 3HGDJRJLF
%XFXUHúWLS$YUDP)LOLSDú,QIUDF LXQLFRQWUDvQI SWXLULLMXVWL LHL(GLWXUD$FDGHPLHL%XFXUHúWL
S$YUDP)LOLSDúvQ2FWDYLDQ/RJKLQ$YUDP)LOLSDú'UHSWSHQDO3DUWHDVSHFLDO HGL LHUHYL]XLW &DVDGH
HGLWXU úL SUHV ùDQVD 65/ %XFXUHúWL S ,RDQ 0ROQDU vQ *KHRUJKH 1LVWRUHDQX 9DVLOH 'REULQRLX
$OH[DQGUX %RURL ,OLH 3DVFX ,RDQ 0ROQDU 9DOHULF /D] U 'UHSW SHQDO 3DUWHD VSHFLDO (GLWXUD (XURSD 1RYD
%XFXUHúWL S ,RDQD 9DVLX RS FLW YRO ,, S 2FWDYLDQ /RJKLQ 7XGRUHO 7RDGHU 'UHSW SHQDO
URPkQ3DUWHDVSHFLDO HGL LDD,9DUHY ]XW úLDG XJLW &DVDGHHGLWXU úLSUHV ùDQVD65/%XFXUHúWL
S ,OLH 3DVFX vQ ,OLH 3DVFX 9DOHULF /D] U 'UHSW SHQDO 3DUWHD VSHFLDO (GLWXUD /XPLQD /H[ %XFXUHúWL
S 'RLQHO 'LQXLF 'UHSW SHQDO 3DUWHD VSHFLDO &XUV XQLYHUVLWDU (GLWXUD /XPLQD /H[ %XFXUHúWL
S1LFRODH&RQHDvQ9DVLOH'REULQRLX1LFRODH&RQHD&LSULDQ5DXO5RPL DQ&DPLO7 Q VHVFX1RUHO
1HDJX0D[LP'REULQRLX'UHSWSHQDO3DUWHDVSHFLDO YRO,,/XPLQD/H[%XFXUHúWLS$OH[DQGUX
%RURL *KHRUJKH 1LVWRUHDQX 'UHSW SHQDO 3DUWHD VSHFLDO HGL LD D ,,,D (GLWXUD $OO %HFN %XFXUHúWL
S+RULD'LDFRQHVFX'UHSWSHQDO3DUWHDVSHFLDO YRO,,HGL LDDD(GLWXUD$OO%HFN%XFXUHúWL
S$YUDP)LOLSDúvQ&RVWLF %XODL$YUDP)LOLSDú&RQVWDQWLQ0LWUDFKH,QVWLWX LLGHGUHSWSHQDO&XUVVHOHFWLY
SHQWUX H[DPHQXO GH OLFHQ (GLWXUD WUHL HGL LD D ,,,D UHYL]XLW úL DG XJLW %XFXUHúWL S 5HSXWDWXO
SHQDOLVW $YUDP )LOLSDú FRQVLGHU F GH UHJXO GHOLFWXO DQDOL]DW VH FRPLWH FX LQWHQ LH HYHQWXDO vQ WLPS FH DO L
DXWRUL,RDQ0ROQDUDSUHFLD] FDILLQGPDLIUHFYHQW LQWHQ LDGLUHFW
1LFROHWD,OLHVFXRSFLWYRO,9S
0DWHL %DVDUDE vQ 0DWHL %DVDUDE /XFLD 0ROGRYDQ 9DOHU 6XLDQ 'UHSW SHQDO 3DUWHD VSHFLDO YRO ,
&OXM1DSRFDS
1LFROHWD,OLHVFXRSFLWYRO,9S
7HQWDWLYD OD LQIUDF LXQHD GH UHSUHVLXQH QHGUHDSW HVWH SRVLELO GDU QX HVWH
vQV LQFULPLQDW
,QIUDF LXQHDVHFRQVXP vQPRPHQWXOvQFDUHVDV YkUúLWXQDGLQWUHDF LXQLOH
FDUHFRQVWLWXLHHOHPHQWXOPDWHULDOúLVDSURGXVXUPDUHDLPHGLDW
)DSWD GH UHSUHVLXQH QHGUHDSW HVWH VXVFHSWLELO GH SUHOXQJLUH vQ WLPS VXE
IRUPD LQIUDF LXQLL FRQWLQXDWH FkQG vQ UHDOL]DUHD DFHOHLDúL UH]ROX LL I SWXLWRUXO
VXFFHVLY SXQH vQ PLúFDUH DF LXQHD SHQDO DUHVWHD] úL WULPLWH vQ MXGHFDW
,QIUDF LXQHDGHFLFXQRDúWHID]DHSXL] ULL
5HYHQLUHD DVXSUD DFWXOXL FRPLV QX DUH GHFkW FDUDFWHUXO XQHL FLUFXPVWDQ H
DWHQXDQWHMXGHF WRUHúWL±DUWOLWE&SHQ
6DQF LXQL 5HSUHVLXQHD QHGUHDSW VH SHGHSVHúWH FX vQFKLVRDUH GH OD OD
DQL
3HUVRDQD MXULGLF VH VDQF LRQHD] FX DPHQGD FXSULQV vQWUH úL
OHLSRWULYLWDUWDOLQ&SHQ
(9$'$5($
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO LQIUDF LXQLL GH HYDGDUH vO FRQVWLWXLH DS UDUHD
DFWLYLW LL GH vQI SWXLUH D MXVWL LHL vPSRWULYD DFWHORU SULQ FDUH SHUVRDQHOH VXSXVH
OHJDO VW ULL GH UH LQHUH VDX GH GH LQHUH QHFHVDU vQI SWXLULL MXVWL LHL SHQDOH DU
vQO WXUDVDXDUvQFHUFDV vQO WXUHvQIDSWVWDUHDGHUH LQHUHVDXGHGH LQHUH
,QIUDF LXQHD GH HYDGDUH SRDWH DYHD XQHRUL úL XQ RELHFW MXULGLF VHFXQGDU
DGLDFHQW vQ FD]XO YDULDQWHL DJUDYDWH SUHY ]XWH vQ DOLQ DO DUW & SHQ
DS UDUHDLQWHJULW LLIL]LFHRULV Q W LLSHUVRDQHLVDXDS UDUHDDYXWXOXLSXEOLF
2ELHFWXOPDWHULDOOLSVHúWHODDFHDVW LQIUDF LXQHGHRDUHFHVXVWUDJHUHDGHVXE
VWDUHDGHSULYDUHGHOLEHUWDWHQXVHHIHFWXHD] PDWHULDODVXSUDXQXLOXFUXEXQVDX
SHUVRDQ ÌQLSRWH]DvQV vQFDUHHYDGDUHDVHV YkUúHúWHSULQIRORVLUHDGHYLROHQ H
GH DUPH VDX GH DOWH LQVWUXPHQWH LQIUDF LXQHD DUH XQ RELHFW PDWHULDO FDUH HVWH ILH
FRUSXO SHUVRDQHL DVXSUD F UHLD VDX DSOLFDW YLROHQ H ILH EXQXO GLVWUXV VDX DOWH
EXQXUL
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU HVWH R SHUVRDQ IL]LF FH VH DIO vQ VWDUH
OHJDO GHUH LQHUHVDXGH LQHUH
3ULQÄVWDUH´GHUH LQHUHVDXGH LQHUHVHvQ HOHJHHIHFWLYDSULYDUHGHOLEHUWDWHD
FHOXLID GHFDUHVDGLVSXVUH LQHUHDVDXGH LQHUHD
3HUVRDQD FDUH D V YkUúLW R LQIUDF LXQH IODJUDQW SULQV GH R DOW SHUVRDQ
SHQWUXDILFRQGXV vQDLQWHDDXWRULW LLDUW&SURFSHQQXVHDIO vQÄVWDUH
GHUH LQHUH´úLGHFLQXSRDWHILQLFLDXWRUDOLQIUDF LXQLLGHHYDGDUH
6H DIO vQ VWDUH GH GH LQHUH FHO FDUH HVWH SULYDW GH OLEHUWDWH vQ ED]D XQXL
PDQGDWGHDUHVWDUHSUHYHQWLY VDXDXQXLPDQGDWGHH[HFXWDUHDSHGHSVHLvQFKLVRULL
1X VH DIO vQ VWDUH GH GH LQHUH SHUVRDQHOH VXSXVH LQWHUQ ULL PHGLFDOH FD
P VXU GH VLJXUDQ VDX FD P VXU HGXFDWLY SULYDWLY GH OLEHUWDWH 3 U VLUHD
DFHVWRUORFXULvQPRGLOHJDODWUDJHQXPDLUHLQWHUQDUHDORU
3HQWUXDILVXELHFWDFWLYDOLQIUDF LXQLLGHHYDGDUHSHUVRDQHOHDU WDWHPDLVXV
WUHEXLHV VHDIOHvQVWDUHOHJDO GHUH LQHUHVDXGH LQHUH
&HULQ D OHJDOLW LL VW ULL GH UH LQHUH VDX GH LQHUH SULYHúWH QXPDL FD]XULOH vQ
FDUHSRDWHILOXDW P VXUDUH LQHULLVDXDDUHVW ULLSUHYHQWLYHúLFRQGL LLOHGHIRUP
DOH DFHVWRUD QX úL MXVWH HD vQ IRQG D P VXULL FDUH D GHWHUPLQDW UH LQHUHD VDX
GH LQHUHDvQWUXFkWQXVHSRDWHDGPLWHXQFRQWUROGLQSDUWHDFHOXLUH LQXWVDXGH LQXW
DVXSUD RSRUWXQLW LL P VXULL OXDWH vQ FD]XULOH vQ FDUH VXQW UHVSHFWDWH GLVSR]L LLOH
OHJDOH
,QVWDQ D VXSUHP D GHFLV F HYDGDUHD XQHL SHUVRDQH FKLDU vQ ]LXD vQ FDUH
KRW UkUHDGHFRQGDPQDUHDU PDVGHILQLWLY DFHDVWDQHILLQGvQV SXV vQH[HFXWDUH
vQ]LXDSURQXQ ULLQXDWUDJHLQFLGHQ DGLVSR]L LLORUGLQDUWDOLQ&SHQ
GHRDUHFH LQFXOSDWXO QHILLQG vQ H[HFXWDUHD SHGHSVHL VWDWXWXO V X MXULGLF HVWH GH
DUHVWDWSUHYHQWLY
1X VH J VHúWH vQ VWDUH OHJDO GH UH LQHUH VDX GH LQHUH SHUVRDQD FDUH D IRVW
SULYDW GH OLEHUWDWH SULQ V YkUúLUHD LQIUDF LXQLL GH DUHVWDUH QHOHJDO 1X HVWH GH
DVHPHQHDOHJDOGH LQXWFHOFRQGDPQDWFDUHDIRVWDUHVWDWvQED]DXQHLKRW UkULFDUH
QXHVWHH[HFXWRULHDUW&SURFSHQ
'XS H[SLUDUHD WHUPHQXOXL GH UH LQHUH VDX GH LQHUH OHJDO SHUVRDQD
PHQ LQXW vQF vQ VWDUH GH SULYDUH GH OLEHUWDWH QX VH PDL DIO vQ VWDUH OHJDO GH
UH LQHUHVDXGH LQHUH
&RQGDPQDWXOvQSULYLQ DF UXLDVDHPLVRUGLQXOGHOLEHUDUHFRQGL LRQDW FDUH
DIRVWFRPXQLFDWRUJDQXOXLFRPSHWHQWvQFHWHD] GHDPDLILGH LQXWOHJDO
(YDGDUHD HVWH VXVFHSWLELO GH SDUWLFLSD LH vQ WRDWH IRUPHOH VDOH FRDXWRUDW
LQVWLJDUHFRPSOLFLWDWHDFHDVWDGLQXUP vQV QXPDLvQFD]XOvQFDUHQXFRQVWLWXLH
LQIUDF LXQHDGHvQOHVQLUHDHYDG ULL(YDGDUHDV YkUúLW GHF WUHPDLPXOWHSHUVRDQH
vPSUHXQ FRQVWLWXLHYDULDQWDDJUDYDW SUHY ]XW vQDUWDOLQ&SHQ
ÌQ FHHD FH SULYHúWH FRPSOLFLWDWHD VXQW DXWRUL FDUH VXV LQ F DFHDVWD QX HVWH
SRVLELO VXE QLFL R IRUP OD LQIUDF LXQHD DQDOL]DW HD DYkQG R LQFULPLQDUH
GLVWLQFW vQDUW&SHQvQWLPSFHDO LLFRQVLGHU F DFHDVWDHVWHSRVLELO vQ
IRUPDvQW ULULLPHQ LQHULLKRW UkULLLQIUDF LRQDOH
6XELHFWDFWLYDODFHVWHLLQIUDF LXQLSRDWHILúLRSHUVRDQ MXULGLF FXOLPLW ULOH
úLvQFRQGL LLOHSUHY ]XWHvQDUWDOLQ&SHQ
6XELHFWXO SDVLY SULQFLSDO DO LQIUDF LXQLL GH HYDGDUH HVWH VWDWXO FD WLWXODU DO
YDORULLVRFLDOHRFURWLWH±vQI SWXLUHDMXVWL LHL
(YDGDUHDvQLSRWH]DGHLQFULPLQDUHSUHY ]XW vQDOLQSRDWHDYHDXQHRUL
úL XQ VXELHFW SDVLY VHFXQGDU DGLDFHQW vQ SHUVRDQD DVXSUD F UHLD VDX IRORVLW
YLROHQ H
6XELHFW SDVLY VHFXQGDU SRDWH IL úL XQLWDWHD GH GH LQHUH FkQG SULQ V YkUúLUHD
IDSWHLVDXSURGXVGLVWUXJHULvQSDJXEDDFHVWHLD
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO FRQVW OD DPEHOH YDULDQWH vQ DF LXQHD GH HYDGDUH D
SHUVRDQHLFDUHVHJ VHúWHvQVWDUHGHUH LQHUHVDXGH LQHUH
1LFROHWD ,OLHVFX vQ 9LQWLO 'RQJRUR] 6LHJIULHG .DKDQH ,RQ 2DQFHD ,RVLI )RGRU 1LFROHWD ,OLHVFX
&RQVWDQWLQ %XODL 5RGLFD 6W QRLX 9LFWRU 5RúFD ([SOLFD LL WHRUHWLFH DOH &RGXOXL SHQDO URPkQ 3DUWHD VSHFLDO
YRO,9(GLWXUD$FDGHPLHL5RPkQH%XFXUHúWLS
Ì&&- VS G QU %XOHWLQXO &DVD LHL -XULVSUXGHQ 'RFWULQ &RPXQLF UL QU
(GLWXUD$OO%HFN%XFXUHúWLS
,RDQD9DVLX'UHSWSHQDOURPkQSDUWHDVSHFLDO YRO,,(GLWXUD$OEDVWU &OXM1DSRFDSÌQ
DFHODúLVHQV*KHRUJKH1LVWRUHDQX9DVLOH'REULQRLX$OH[DQGUX%RURL,OLH3DVFX,RDQ0ROQDU9DOHULF /D] U
'UHSWSHQDO3DUWHDVSHFLDO (GLWXUD(XURSD1RYD%XFXUHúWLS2FWDYLDQ/RJKLQ7XGRUHO7RDGHU
'UHSW SHQDO URPkQ 3DUWHD VSHFLDO HGL LD D ,9D UHY ]XW úL DG XJLW &DVD GH HGLWXU úL SUHV ùDQVD 65/
%XFXUHúWL S 1LFRODH &RQHD vQ 9DVLOH 'REULQRLX 1LFRODH &RQHD &LSULDQ 5DXO 5RPL DQ &DPLO
7 Q VHVFX1RUHO1HDJX0D[LP'REULQRLX'UHSWSHQDO3DUWHDVSHFLDO YRO,,/XPLQD/H[%XFXUHúWL
S+RULD'LDFRQHVFX'UHSWSHQDO3DUWHDVSHFLDO YRO,,HGL LDDD(GLWXUD$OO%HFN%XFXUHúWL
S
0DWHL %DVDUDE vQ 0DWHL %DVDUDE /XFLD 0ROGRYDQ 9DOHU 6XLDQ 'UHSW SHQDO 3DUWHD VSHFLDO YRO ,
&OXM1DSRFDS
(YDGDUHD HVWH GHFL R LQIUDF LXQH GH DF LXQH FRPLVLY DO F UHL HOHPHQW
PDWHULDOVHUHDOL]HD] WRWGHDXQDSULQWURDF LXQH
$F LXQHDGHHYDGDUHvQVHDPQ VXVWUDJHUHDGHODSULYDUHDGHOLEHUWDWHODFDUHR
SHUVRDQ HVWHVXSXV SULQS U VLUHDvQPRGYRLWúLLOHJDODORFXOXLGHUH LQHUHVDX
GH LQHUH RUL SULQ VF SDUHD GH VXE SD]D VXSUDYHJKHUHD OD FDUH VDU DIOD VXSXV
SHUVRDQD FDUH VH J VHúWH vQ VWDUH GH UH LQHUH VDX GH LQHUH 6H FRPLWH DF LXQHD GH
HYDGDUH DWkW DWXQFL FkQG FHO UH LQXW VDX GH LQXW IXJH GLQWUXQ ORF GHVWLQDW
SHUVRDQHORUUH LQXWHVDXGH LQXWHH[SHQLWHQFLDUDUHVWDOSROL LHLXQLWDWHPLOLWDU
GLVFLSOLQDU FkWúLDWXQFLFkQGIXJHGHVXEHVFRUW
([LVW DF LXQH GH HYDGDUH úL DWXQFL FkQG GH LQXWXO FDUH OXFUHD] vQ DIDUD
SHQLWHQFLDUXOXL VDX FDUH VH J VHúWH vQ DOW ORF GHRVHELW GH SHQLWHQFLDU H[ VSLWDO
GLVSDUH$F LXQHDGHHYDGDUHvQYDULDQWDWLSVHSRDWHFRPLWHvQRULFHPRGúLSULQ
RULFHPLMORDFH
1XSUH]LQW QLFLRUHOHYDQ SHQWUXH[LVWHQ DLQIUDF LXQLLGDF GH LQXWXODIRVW
DFKLWDW XOWHULRU SHQWUX V YkUúLUHD IDSWHL FDUH D GHWHUPLQDW OXDUHD P VXULL DUHVW ULL
GHRDUHFH OHJHD LQFULPLQkQG HYDGDUHD GLQ VWDUHD OHJDO GH GH LQHUH DUH vQ YHGHUH
VLWXD LDH[LVWHQW vQPRPHQWXOHYDG ULL
&kQGSHQWUXV YkUúLUHDIDSWHLVDXIRORVLWYLROHQ HDUPHVDXDOWHLQVWUXPHQWH
IDSWDYDFRQVWLWXLYDULDQWDDJUDYDW DLQIUDF LXQLLGHHYDGDUH
&HULQ HVHQ LDO ÌQYDULDQWDDJUDYDW HVWHQHFHVDUFDHYDGDUHDV VHILFRPLV
vQXQDGLQXUP WRDUHOHvPSUHMXU ULSULQIRORVLUHDGHYLROHQ HGHDUPHVDXGHDOWH
LQVWUXPHQWHRULGHF WUHGRX VDXPDLPXOWHSHUVRDQHvPSUHXQ
&HULQ DHVHQ LDO SULYLQGYDULDQWDDJUDYDW VHUHIHU GHFLILHODPLMORDFHOHúL
SURFHGHHOH IRORVLWH ILH OD QXP UXO I SWXLWRULORU $VWIHO OD FRQ LQXWXO WLSLF DO
LQIUDF LXQLLDXIRVWOHJDODWDúDWHvPSUHMXU ULXQLYRFHDSUHFLDWHFDILLQGGHQDWXU D
VSRULvQWRWGHDXQDJUDGXOGHSHULFROVRFLDODOIDSWHLúLGHFLU VSXQGHUHDI SWXLWRUXOXL
&LUFXPVWDQ HOH DJUDYDQWH DX FDUDFWHU RELHFWLY UHDO úL GHFL VH WUDQVPLW úL
SDUWLFLSDQ LORU
)RORVLUHDGHYLROHQ H
ÄÌQWUHEXLQ DUHD GH YLROHQ H´ vQVHDPQ IRORVLUHD PLMORDFHORU GH FRQVWUkQJHUH
IL]LF XWLOL]DUHDIRU HLSURSULLVDXDDOWHLHQHUJLLVXESUHVLXQHDF UHLDSHUVRDQDID
GHFDUHDF LRQHD] DFHDVW IRU FXJUHXDUSXWHDV VHvPSRWULYHDVF
3URIHVRUXO0DWHL%DVDUDEFRQVLGHU F YLROHQ HOHDXDFHODúLvQ HOHVFXFHO
DU WDW vQ DUW DOLQ & SHQ 'DF DFHVWHD VXQW PDL JUDYH YRP DYHD XQ
FRQFXUVGHLQIUDF LXQL
ÌQWUHEXLQ DUHDDFWHORUGHYLROHQ FRQVWLWXLHHOHPHQWXOPDWHULDODOLQIUDF LXQLL
GHHYDGDUHFKLDUGDF SULQHOHvQVHOHQXFRQVWLWXLHLQIUDF LXQHDGHORYLUHDVDXDOWH
YLROHQ HDUW&SHQ
&kQGYLROHQ HOHvQWUHEXLQ DWHvQWUXQHVFHOHPHQWHOHFRQVWLWXWLYHDOHLQIUDF LXQLL
GH Y W PDUH FRUSRUDO DUW ± & SHQ YD H[LVWD XQ FXPXO GH LQIUDF LXQL
vQWUHDFHVWHIDSWHúLLQIUDF LXQHDGHHYDGDUH
ÌQWURDOW RSLQLHVHFRQVLGHU F úLXUP ULOHSUHY ]XWHvQDUW&SHQ
LQWU vQFRQFHSWXOGHÄYLROHQ H´DQDOL]DW
9LROHQ DDUHORFvPSRWULYDXQHLSHUVRDQHúLQXvPSRWULYDXQXLOXFUX
1LFROHWD,OLHVFXRSFLWYRO,9S
*KHRUJKH' UkQJ úL'XPLWUX/XFLQHVFXvQ7HRGRU9DVLOLX'RUX3DYHO*HRUJH$QWRQLXùWHIDQ'DQHú
*KHRUJKH' UkQJ 'XPLWUX/XFLQHVFX9DVLOH3DSDGRSRO'XPLWUX&3RSHVFX9LUJLO5 PXUHDQX&RGXOSHQDO
URPkQFRPHQWDWúLDGQRWDW3DUWHDVSHFLDO YRO,,(GLWXUDùWLLQ LILF úL(QFLFORSHGLF %XFXUHúWLS
0DWHL%DVDUDERSFLWYRO,S
1LFROHWD,OLHVFXRSFLWYRO,9S
$YUDP)LOLSDú,QIUDF LXQLFRQWUDvQI SWXLULLMXVWL LHL(GLWXUD$FDGHPLHL%XFXUHúWLS
)RORVLUHDGHDUPH
3RWULYLW DUW DOLQ & SHQ ÄDUPH´ VXQW SLHVHOH LQVWUXPHQWHOH VDX
GLVSR]LWLYHOHGHFODUDWHDVWIHOSULQGLVSR]L LLOHJDOH
ÌQDOLQDOGLVSR]L LHLH[SOLFDWLYHVHDUDW F VXQWDVLPLODWHDUPHORURULFH
DOWHRELHFWHGHQDWXU DSXWHDILIRORVLWHFDDUPHúLFDUHDXIRVWvQWUHEXLQ DWHSHQWUX
DWDF
$UPHOH WUHEXLH V IL VHUYLW HIHFWLY FD PLMORF GH H[HFXWDUH D LQIUDF LXQLL GH
HYDGDUH$FHDVW FHULQ QXHVWHGHFLvQWUXQLW vQFD]XOvQFDUHI SWXLWRUXOGHúLDYHD
DVXSUDVDRDUP QXVDIRORVLWGHHDSHQWUXDúLvQOHVQLHYDGDUHD
$ WUHLD vPSUHMXUDUH FDUH FDOLILF HYDGDUHD FRQVW vQ IRORVLUHD ÄDOWRU
LQVWUXPHQWH´ DGLF RULFH XQHDOW GH QDWXU V vQOHVQHDVF HYDGDUHD SHUIRUDWRDUH
JD]HVXEVWDQ HLQFHQGLDUHúLFDUHDXVHUYLWODvQO WXUDUHDREVWDFROHORUGHRULFHIHO
6 YkUúLUHDIDSWHLGHF WUHGRX VDXPDLPXOWHSHUVRDQHvPSUHXQ $FHDVW
FDX] GH DJUDYDUH HVWH R GHURJDUH GH OD UHJXOD JHQHUDO vQVFULV vQ DUW OLW D
& SHQ FDUH SUHYHGH SHQWUX H[LVWHQ D FLUFXPVWDQ HL DJUDYDQWH PLQLPXO GH WUHL
SHUVRDQH
3ULQ V YkUúLUH GH F WUH ÄGRX VDX PDL PXOWH SHUVRDQH´ VH SRDWH vQ HOHJH vQ
VHQVODUJGHF WUHGRLVDXPDLPXO LSDUWLFLSDQ LDXWRULLQVWLJDWRULúLFRPSOLFLFHO
SX LQ XQXO HVWH DXWRU ÌQ VSULMLQXO DFHVWXL vQ HOHV vQ FDUH DFFHQWXO VH SXQH SH
FXYkQWXOÄV YkUúLUH´YLQHGLVSR]L LDGLQDUW&SHQ
3RUQLQG GH OD DFHVWH GLVSR]L LL úL GH OD IDSWXO F GLQ SUHYHGHULOH OHJLL QX
UH]XOW H[SUHVFRQGL LDSDUWLFLS ULLQXPDLvQFDOLWDWHGHDXWRULODHYDGDUHDvQIRUP
DJUDYDW UHFHQWVDVXV LQXWF H[LVW DFHVWHOHPHQWFLUFXPVWDQ LDOGHDJUDYDUHúL
vQ FD]XO LQVWLJ ULL GDF LQVWLJDWRUXO D IRVW SUH]HQW OD ORFXO úL PRPHQWXO V YkUúLULL
IDSWHL
ÌQ VHQV UHVWUkQV SULQ H[SUHVLD vQ GLVFX LH VH SRDWH vQ HOHJH F IDSWD D IRVW
V YkUúLW GHGRLVDXPDLPXO LSDUWLFLSDQ LFDUHDXUHDOL]DWvPSUHXQ DF LXQHDFDUH
FRQVWLWXLH HOHPHQWXO PDWHULDO DO LQIUDF LXQLL DXWRUL úL FRPSOLFL FRQFRPLWHQ L FHO
SX LQXQXOHVWHDXWRU$FHVWvQ HOHVvQFDUHDFFHQWXOVHSXQHSHÄSUH]HQ DHIHFWLY
ODFRPLWHUHDIDSWHL´HVWHIRORVLWvQGLVSR]L LDGLQDUWOLWD&SHQ&XPVLWXD LD
GLQDUWDOLQ&SHQDUHSHUIHFW DQDORJLHFXFHDGLQDUWOLWD&SHQ
VDUSXWHDVXV LQHF vQFD]XOHYDG ULLWUHEXLHDFFHSWDWVHQVXOUHVWUkQV
([LVW úLS UHUHDF DFHVWHOHPHQWFLUFXPVWDQ LDOGHDJUDYDUHHVWHUHDOL]DW
QXPDL vQ LSRWH]D vQFDUHI SWXLWRULLDXDF LRQDWvPSUHXQ FRQFRPLWHQWvQFDOLWDWH
GHDXWRUL&HOHÄGRX VDXPDLPXOWHSHUVRDQH´WUHEXLHV DLE FDOLWDWHDGHDXWRUDL
DF LXQLL GH HYDGDUH ÄV YkUúLUHD IDSWHL GH F WUH GRX VDX PDL PXOWH SHUVRDQH
vPSUHXQ ´ DYkQG VHQVXO GH HYDGDUH vPSUHXQ D GRX VDX PDL PXOWH SHUVRDQH
UH LQXWHVDXGH LQXWH
ÌQ FH SULYHúWH SH LQVWLJDWRULL úL SH FRPSOLFLL OD H[HFXWDUHD DFHVWHL HYDG UL
SOXUDOH U VIUkQJHUHD DJUDYDQWHL HVWH FRQGL LRQDW GH FXQRDúWHUHD GH F WUH HL D
vPSUHMXU ULL F IDSWD VH YD V YkUúL GH GRX VDX PDL PXOWH SHUVRDQH UH LQXWH VDX
GH LQXWH
(VWH LQGLIHUHQW GDF HYDGDUHD vPSUHXQ D IRVW SUHFHGDW VDX QX GH R
vQ HOHJHUHVXILFLHQWF IDSWDVDFRPLVvPSUHXQ
+RULD'LDFRQHVFXRSFLWYRO,,S
9LQWLO 'RQJRUR] vQ 9LQWLO 'RQJRUR] 6LHJIULHG .DKDQH ,RQ 2DQFHD ,RVLI )RGRU 1LFROHWD ,OLHVFX
&RQVWDQWLQ %XODL 5RGLFD 0LKDHOD 6W QRLX 9LFWRU 5RúFD ([SOLFD LL WHRUHWLFH DOH &RGXOXL SHQDO URPkQ 3DUWHD
VSHFLDO YRO ,,, (GLWXUD $FDGHPLHL 5RPkQH %XFXUHúWL S ([SOLFD LLOH GDWH GH SURIHVRUXO 9LQWLO
'RQJRUR]VHUHIHU ODIXUWXOFDOLILFDWV YkUúLWGHGRX VDXPDLPXOWHSHUVRDQHvPSUHXQ DVSHFWHFDUHDUSXWHDILSH
GHSOLQYDODELOHúLvQFHHDFHSULYHúWHHYDGDUHDV YkUúLW GHF WUHGRX VDXPDLPXOWHSHUVRDQHvPSUHXQ
1LFROHWD,OLHVFXRSFLWYRO,9SÌQDFHODúLVHQV*KHRUJKH' UkQJ úL'XPLWUX/XFLQHVFXRSFLW
YRO,,S3OHQXO76VSGvQU&'S
3URIHVRUXO 0DWHL %DVDUDE FRQVLGHU F LQIUDF LXQHD DQDOL]DW QX VH SRDWH
V YkUúLvQFRDXWRUDWGHRDUHFHILHFDUHHVWHDXWRUDOHYDG ULLVDOH$JUDYDQWDFRQVW
vQ vPSUHMXUDUHD F VH HYDGHD] vQ DFHODúL WLPS RUL OD vQGHPQXO DOWRUD FX FDUH VH
VI WXLHúWHDVWIHOF úDQVHOHGHUHXúLW VXQWPDLPDUL
3HQWUX LQFLGHQ D DFHVWXL HOHPHQW FLUFXPVWDQ LDO GH DJUDYDUH HVWH OLSVLW GH
UHOHYDQ IDSWXO F FHOH GRX SHUVRDQH DX S U VLW SXQFWXO GH OXFUX OD XQ VFXUW
LQWHUYDOGHWLPSXQXOGXS DOWXOIDSWDFRQVXPkQGXVHvQPRPHQWXOvQFDUHFHLGRL
FRQGDPQD L VDX XUFDW vQWUXQ DXWRWXULVP DIODW vQ DSURSULHUH KRW UkQGXVH V
HYDGH]H
8UPDUHD LPHGLDW D HYDG ULL FRQVW vQ FUHDUHD XQHL VW UL GH SHULFRO SHQWUX
GHVI úXUDUHDQRUPDO DDFWLYLW LLGHvQI SWXLUHDMXVWL LHL
&kQGIDSWDGHHYDGDUHVDV YkUúLWvQIRUPDVDDJUDYDW ODVWDUHDGHSHULFRO
FDUH FRQVWLWXLH XUPDUHD LPHGLDW SULQFLSDO VH SRDWH DG XJD úL R Y W PDUH DGXV
YLH LL LQWHJULW LL FRUSRUDOH VDX V Q W LL XQHL SHUVRDQH SULQ vQWUHEXLQ DUHD
vPSRWULYDHLGHYLROHQ HGHDUPHVDXGHDOWHLQVWUXPHQWH
/HJ WXUDGHFDX]DOLWDWHvQWUHDF LXQHDGHHYDGDUHúLVWDUHDGHSHULFROWUHEXLH
V H[LVWHúLUH]XOW H[UH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH QHFHVDU SHQWUX H[LVWHQ D ODWXULL VXELHFWLYH HVWH LQWHQ LD
GLUHFW VDX LQGLUHFW ) SWXLWRUXO OHJDO UH LQXW VDX GH LQXW OXFUHD] FX LQWHQ LH
FkQG vúL G VHDPD F V YkUúHúWH R DF LXQH QHSHUPLV SUHYHGH F SULQ DFHDVW
DF LXQH VH DGXFH DWLQJHUH vQI SWXLULL MXVWL LHL úL XUP UHúWH DFHVW UH]XOWDW LQWHQ LH
GLUHFW VDX GHúL QXO XUP UHúWH DFFHSW WRWXúL ULVFXO SURGXFHULL OXL LQWHQ LH
LQGLUHFW
ÌQ GRFWULQ VD H[SULPDW úL S UHUHD OD FDUH QX VXEVFULHP F DFHDVW
LQIUDF LXQHVHSRDWHFRPLWHQXPDLFXLQWHQ LHGLUHFW
0RELOXO úL VFRSXO QX LQWHUHVHD] SHQWUX H[LVWHQ D LQIUDF LXQLL GH HYDGDUH FL
GRDUSHQWUXVWDELOLUHDJUDGXOXLGHSHULFROVRFLDOFRQFUHWDOIDSWHLFRPLVHGHDJHQWúL
ODLQGLYLGXDOL]DUHDSHGHSVHL
0DWHL%DVDUDERSFLWYRO,S
&6-VSGQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSH
DQXO (GLWXUD $// %HFN %XFXUHúWL S 1LFRULQD &ULúX 0DJUDRQ &RQVWDQWLQ &ULúX
-XULVSUXGHQ vQPDWHULHSHQDO DÌQDOWHL&XU LGH&DVD LHúL-XVWL LHFXU LGHDSHOúLWULEXQDOH(GLWXUD
-XULV$UJHVVLV&XUWHDGH$UJHúS
1LFROHWD ,OLHVFX RS FLW YRO ,9 S ÌQ DFHODúL VHQV 2OLYLX $XJXVWLQ 6WRLFD 'UHSW SHQDO 3DUWH
VSHFLDO (GLWXUD 'LGDFWLF úL 3HGDJRJLF %XFXUHúWL S*KHRUJKH' UkQJ úL'XPLWUX/XFLQHVFXvQ
7HRGRU 9DVLOLX 'RUX 3DYHO *HRJH $QWRQLX ùWHIDQ 'DQHú *KHRUJKH ' UkQJ 'XPLWUX /XFLQHVFX 9DVLOH
3DSDGRSRO 'XPLWUX & 3RSHVFX 9LUJLO 5 PXUHDQX &RGXO SHQDO URPkQ FRPHQWDW úL DGQRWDW 3DUWHD VSHFLDO
YRO,,(GLWXUDùWLLQ LILF úL(QFLFORSHGLF %XFXUHúWLS$YUDP)LOLSDú,QIUDF LXQLFRQWUDvQI SWXLULL
MXVWL LHL (GLWXUD $FDGHPLHL %XFXUHúWL S $YUDP )LOLSDú vQ 2FWDYLDQ /RJKLQ $YUDP )LOLSDú 'UHSW
SHQDO3DUWHDVSHFLDO HGL LHUHYL]XLW &DVDGHHGLWXU úLSUHV ùDQVD65/%XFXUHúWLS,RDQ0ROQDU
vQ *KHRUJKH 1LVWRUHDQX 9DVLOH 'REULQRLX $OH[DQGUX %RURL ,OLH 3DVFX ,RDQ 0ROQDU 9DOHULF /D] U 'UHSW
SHQDO 3DUWHD VSHFLDO (GLWXUD (XURSD 1RYD %XFXUHúWL S ,RDQD 9DVLX RS FLW YRO ,, S
2FWDYLDQ /RJKLQ 7XGRUHO 7RDGHU RS FLW S 1LFRODH &RQHD vQ 9DVLOH 'REULQRLX 1LFRODH &RQHD &LSULDQ
5DXO5RPL DQ&DPLO7 Q VHVFX1RUHO1HDJX0D[LP'REULQRLX'UHSWSHQDO3DUWHDVSHFLDO YRO,,/XPLQD
/H[ %XFXUHúWL S +RULD 'LDFRQHVFX 'UHSW SHQDO 3DUWHD VSHFLDO YRO ,, HGL LD D D (GLWXUD $OO
%HFN %XFXUHúWL S $YUDP )LOLSDú vQ &RVWLF %XODL $YUDP )LOLSDú &RQVWDQWLQ 0LWUDFKH ,QVWLWX LL
RSFLWS
0DWHL%DVDUDERSFLWYRO,SÌQDFHODúLVHQV$OH[DQGUX%RURL*KHRUJKH1LVWRUHDQX'UHSWSHQDO
3DUWHDVSHFLDO HGL LDD,,,D(GLWXUD$OO%HFN%XFXUHúWLS&HLGRLDXWRULvúLDUJXPHQWHD] S UHUHD
SULQDFHHDF I SWXLWRUXOFRPLWHHYDGDUHDÄXUP ULQGV VFDSHGLQVWDUHDGHUH LQHUHVDXGH LQHUH´
)RUPH6DQF LXQL
)RUPH (YDGDUHD ILLQG R LQIUDF LXQH FRPLVLY DFWLYLWDWHD LQIUDF LRQDO SULQ
FDUHHVWHUHDOL]DW SRDWHSDUFXUJHWRDWHID]HOHXQHLGHVI úXU ULGHGXUDW
$FWHOH SUHSDUDWRULL GHúL SRVLELOH QX VXQW LQFULPLQDWH FD DWDUH ÌQ FD] GH
vQFHSHUHDH[HFXW ULLHOHSRWGHYHQLvQV DFWHGHFRPSOLFLWDWHDQWHULRDU GDF DX
IRVWV YkUúLWHGHDOW SHUVRDQ GHFkWDXWRUXOVDXSRWILFDOLILFDWHFDLQIUDF LXQHGH
vQOHVQLUHD HYDG ULL SUHY ]XW vQ DUW & SHQ H[ FXOHJHUHD GH LQIRUPD LL
SUHJ WLUHDGHPLMORDFHVDXFUHDUHDGHFRQGL LLIDYRUDELOHV YkUúLULLLQIUDF LXQLL
7HQWDWLYD vQWUHUXSW HVWH SRVLELO úL VH SHGHSVHúWH SRWULYLW DUW DOLQ
&SHQ7HQWDWLYDH[LVW DWXQFLFkQGH[HFXWDUHDDF LXQLLGHHYDGDUHDvQFHSXWGDUD
IRVWvQWUHUXSW VDXDU PDVI U UH]XOWDWGLQFDX]HVWU LQHGHYRLQ DI SWXLWRUXOXL
&RQVXPDUHD LQIUDF LXQLL DUH ORF vQ PRPHQWXO vQ FDUH DF LXQHD GH HYDGDUH D
IRVWFRPSOHWH[HFXWDW DúDF FHOUH LQXWVDXGH LQXWDWUHFXWGHODVWDUHDGHSULYDUH
GHOLEHUWDWHODVWDUHDGHOLEHUWDWHúLVDSURGXVXUPDUHDLPHGLDW
/D LQIUDF LXQHD GH HYDGDUH DFWLYLWDWHD LQIUDF LRQDO QX SRDWH FRQWLQXD GXS
FRQVXPDUHD DFHVWHLD &X DOWH FXYLQWH HYDGDUHD QX SRDWH vPEU FD QLFL IRUPD
LQIUDF LXQLL FRQWLQXH QLFL IRUPD LQIUDF LXQLL FRQWLQXDWH (SXL]DUHD H[HFXW ULL
FRLQFLGHGHFLFXPRPHQWXOFRQVXP ULLLQIUDF LXQLL
6DQF LXQL(YDGDUHDvQYDULDQWDWLSVHSHGHSVHúWHFXvQFKLVRDUHGHODOXQL
ODDQL
ÌQYDULDQWDDJUDYDW SHGHDSVDSUHY ]XW GHOHJHHVWHvQFKLVRDUHDGHODOD
DQL
3HUVRDQD MXULGLF VH VDQF LRQHD] vQ DPEHOH LSRWH]H GH LQFULPLQDUH FX
DPHQGDFXSULQV vQWUHúLOHLSRWULYLWDUWDOLQ&SHQ
3RWULYLW DUW DOLQ & SHQ SHGHDSVD DSOLFDW SHQWUX LQIUDF LXQHD GH
HYDGDUH VH DGDXJ OD SHGHDSVD FH VH H[HFXW I U D VH SXWHD GHS úL PD[LPXO
JHQHUDODOSHGHSVHLvQFKLVRULL$FHVWHGLVSR]L LLVHDSOLF QXPDLvQFD]XOvQFDUHFHO
FDUH FRPLWH HYDGDUHD VH J VHD GH LQXW SHQWUX H[HFXWDUHD XQHL SHGHSVH (YDGDUHD
V YkUúLW GH I SWXLWRUXO DIODW vQ VWDUH GH UH LQHUH VDX DUHVWDUH SUHYHQWLY HVWH vQ
FRQFXUV UHDO FX DFHHD SHQWUX FDUH HO HUD FHUFHWDW vQ PRPHQWXO HYDG ULLúLvQDFHVW
FD] QX YRU PDL IL LQFLGHQWH GLVSR]L LLOH GLQ DUW DOLQ & SHQ FL FHOH
UHIHULWRDUHODFXPXOXOGHLQIUDF LXQL
&RQVHFYHQW DFHVWXL SXQFW GH YHGHUH LQVWDQ D VXSUHP D GHFLV F vQ
FRQGL LLOHvQFDUHLQFXOSDWXOHYDGDWQXHVWHFRQGDPQDWGHILQLWLYSHQWUXLQIUDF LXQHD
SHQWUXFDUHVHDIO vQVWDUHGHGH LQHUHvQED]DXQXLPDQGDWGHDUHVWDUHSUHYHQWLY
VXQW DSOLFDELOH SUHYHGHULOH DUW OLW D úL DUW OLW D & SHQ FX SULYLUH OD
SHGHDSVDvQFD]GHFRQFXUVGHLQIUDF LXQLúLQXGLVSR]L LLOHDUWDOLQ&SHQ
SRWULYLW F URUD SHGHDSVD DSOLFDW SHQWUX LQIUDF LXQHD GH HYDGDUH VH DGDXJ OD
SHGHDSVDFHVHH[HFXW
1LFROHWD,OLHVFXRSFLWYRO,9S
,GHPYRO,9S
*KHRUJKH' UkQJ úL'XPLWUX/XFLQHVFXRSFLWYRO,,SÌQDFHODúLVHQV76VSGQU
55'QUS76VSGQU55'QUS&6-VSGQU
'UQUS&6-VSGQU'UQUS&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO
-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSHDQXO(GLWXUD$UJHVVLV&XUWHDGH$UJHúS
&6-VSGQU'UQUS&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL
&XOHJHUH GH GHFL]LL SH DQXO (GLWXUD Ä3URHPD´ %DLD 0DUH S ÌQ VSH VHQWLQ D SULQ FDUH
LQFXOSDWXOIXVHVHFRQGDPQDWQXHUDGHILQLWLY ODGDWDHYDG ULLILLQGFDVDW FXWULPLWHUHSHQWUXUHMXGHFDUH&XWRDWH
DFHVWHD vQ PRG JUHúLW VD I FXW DSOLFDUHD SUHYHGHULORU DUW DOLQ & SHQ DG XJkQGXVH OD SHGHDSVD
SURQXQ DW SHQWUXHYDGDUHúLSHGHDSVDDQWHULRDU SURQXQ DW vQED]DXQHLKRW UkULFDUHQXHUDGHILQLWLY ODGDWD
SURQXQ ULL SHGHSVHL SHQWUX HYDGDUH 2U FRQIRUP DUW DOLQ & SHQ OD SHGHDSVD SURQXQ DW SHQWUX
LQIUDF LXQHDGHHYDGDUHVHDGDXJ úLSHGHDSVDFHVHH[HFXW vQED]DXQHLKRW UkULU PDVHGHILQLWLYH
(YDGDUHD GLQ H[HFXWDUHD XQHL SHGHSVH DUH GUHSW FRQVHFLQ DG XJDUHD
SHGHSVHLDSOLFDWHODSHGHDSVDFHVHH[HFXW 7RWRGDW GDF HYDGDUHDHVWHV YkUúLW
vQWLPSXOH[HFXW ULLSHGHSVHLvQFKLVRULLPDLPDUHGHOXQLWUHEXLHUH LQXW UHFLGLYD
SUHY ]XW GHDUWOLWD&SHQFXSUHFL]DUHDF DYkQGXQUHJLPVDQF LRQDWRU
VSHFLDO SUHY ]XW vQ DUW DOLQ & SHQ SUHYHGHULOH DUW DOLQ úL
&SHQQXVXQWDSOLFDELOH
ÌQDSOLFDUHDDUWDOLQ&SHQLQVWDQ DHVWHREOLJDW FRQGDPQkQGSH
LQFXOSDW SHQWUX LQIUDF LXQHD GH HYDGDUH V GHWHUPLQH FkW D U PDV QHH[HFXWDW GLQ
SHGHDSVD vQ D F UXL H[HFXWDUH VH DIOD FkQG D HYDGDW OD FDUH VH DGDXJ GXUDWD
SHGHSVHLvQFKLVRULLDSOLFDWHSHQWUXHYDGDUH
6DQF LXQHDSHQWUXWHQWDWLYDGHHYDGDUHXUPHD] úLDFHDVWDUHJXODVWDELOLW GH
DUW DOLQ & SHQ vQ VHQVXO F SHGHDSVD SHQWUX WHQWDWLYD GH HYDGDUH VH
DGDXJ ODSHGHDSVDFHVHH[HFXW
ÌQ FD]XO vQ FDUH SHGHDSVD FH VH H[HFXW HVWH GH GH DQL vQFKLVRDUH FH
FRQVWLWXLH PD[LPXO JHQHUDO DO SHGHSVHL vQFKLVRULL SUHY ]XW vQ DUW SFW OLW E
& SHQ SHGHDSVD DSOLFDW SHQWUX LQIUDF LXQHD GH HYDGDUH QX VH PDL DGDXJ
FRQIRUP DUW DOLQ GLQ DFHODúL FRG OD SHGHDSVD FDUH VH H[HFXW GHRDUHFH
VDUGHS úLPD[LPXOJHQHUDODOSHGHSVHL
Ì1/(61,5($(9$' 5,,
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO IDSWHL GH vQOHVQLUHD HYDG ULL HVWH DFHODúL FD úL OD
HYDGDUH
2ELHFWXOPDWHULDODODFHVWHLLQIUDF LXQLHVWHLGHQWLFFXFHODOHYDG ULL
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUDOLQIUDF LXQLLGHvQOHVQLUHDHYDG ULLSRDWHIL
RULFHSHUVRDQ IL]LF vQDIDU GHFHOFDUHHYDGHD]
$XWRUDODFHVWHLLQIUDF LXQLSRDWHILúLRSHUVRDQ UH LQXW VDXGH LQXW FDUHVH
DIO vQDFHODúLORFFXFHOFDUHHYDGHD]
ÌQOHVQLUHD HYDG ULL GLQ FXOS HVWH R LQIUDF LXQH SURSULH úL SULQ XUPDUH QX
SRDWHILFRPLV GHFkWGHF WUHRSHUVRDQ FDUHDYHDvQGDWRULUHDGHDS ]LSHFHOFDUH
DHYDGDW
&kQGVXELHFWXODFWLYQHPLMORFLWDOvQOHVQLULLHYDG ULLDUHFDOLWDWHDGHSHUVRDQ
FDUH DYHD vQGDWRULUHD GH D S ]L SH FHO FDUH D HYDGDW IDSWD LQWHQ LRQDW FDS W
FDUDFWHUXOGHYDULDQW DJUDYDW
Ä3HUVRDQ FDUHDYHDvQGDWRULUHDGHDS ]LSHFHOFDUHDHYDGDW´HVWHSHUVRDQD
RILFLDO vQV UFLQDW FX SD]D SHUVRDQHL UH LQXWH VDX GH LQXWH OHJDO $FHDVWD SRDWH IL
RULFH SHUVRDQ FDUH HIHFWXHD] DQXPH SD]D VDX VXSUDYHJKHUHD RUL HVFRUWD
&6-VSGQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSH
DQXO (GLWXULOH Ä&RQWLQHQW ;;, 8QLYHUVXO´ %XFXUHúWL S 1LFRULQD &ULúX 0DJUDRQ
&RQVWDQWLQ&ULúXRSFLWS
7 M %UDúRY G S QU 55' QU S ÌQ DFHODúL VHQV &$ 7LPLúRDUD G S
QU$1LFRULQD&ULúX0DJUDRQ&RQVWDQWLQ&ULúXRSFLWS
&$7LPLúRDUDGSQU$'UQUS
&6- VS G QU 'U QU S 1LFRULQD &ULúX 0DJUDRQ &RQVWDQWLQ &ULúX RS FLW
S
$FHDVW IDSW ILLQGFRQH[ FXHYDGDUHDPDMRULWDWHDH[SOLFD LLORUGDWHFXSULYLUHODDFHDVW LQIUDF LXQHVXQW
YDODELOH úL vQ FHHD FH SULYHúWH vQOHVQLUHD HYDG ULL DVWIHO F SHQWUX D QX QH UHSHWD LQXWLO YRP SUH]HQWD QXPDL
HOHPHQWHOHGHGLIHUHQ LHUHSHFDUHOHFRQ LQHQRUPDGHLQFULPLQDUHSUHY ]XW vQDUW&SHQ
GH LQX LORUVDXRSHUVRDQ FDUHVXSUDYHJKHD] GLVFLSOLQDVDXPXQFDRULFRQGXLWD
PRUDO LQVWUXF LDúLFDOLILFDUHDSURIHVLRQDO VDXLJLHQDDFHVWRUDÄÌQGDWRULUHDGHD
S ]L´ DUH DVWIHO vQ HOHVXO GH REOLJD LH VSHFLDO SUHFLV GHWHUPLQDW LPSXV XQRU
DQXPLWH FDWHJRULL GH SHUVRDQH úL QX GH REOLJD LH JHQHUDO GH SD] FDUH UHYLQH
WXWXURUFHORUFHIXQF LRQHD] vQWUXQORFGHGH LQHUH
3D]D FH VH HIHFWXHD] SRDWH IL JHQHUDO SD] FROHFWLY H[JDUGLDQXOGHOD
SRDUWDORFXOXLGHGH LQHUHVDXUHIHULWRDUHODXQJUXSGHGH LQX LSD] VSHFLDO VDX
QXPDLFXSULYLUHODRSHUVRDQ SD] LQGLYLGXDO
3HUVRDQD FDUH DUH vQGDWRULUHD GH SD] WUHEXLH V IL vQOHVQLW HYDGDUHD XQXL
UH LQXWVDXGH LQXWFDUHHUDVXESD]DVXSUDYHJKHUHDvQJULMLUHDVDúLQXvQOHVQLUHD
HYDG ULLRULF UXLUH LQXWVDXGH LQXW
3HUVRDQD FDUH DUH vQGDWRULUHD GH SD] SRDWH vQOHVQL R HYDGDUH GLQ LQWHULRUXO
ORFXOXL GH GH LQHUH RUL GLQ DIDUD DFHVWXLD GH VXE HVFRUW VDX FX RFD]LD OXFUXOXL
HIHFWXDWvQDIDUDORFXOXLGHGH LQHUH
1X VXQW VRFRWLWH SHUVRDQH FDUH DX vQGDWRULUHD GH D S ]L FRQGDPQD LL FDUH
GkQGGRYH]LWHPHLQLFHGHvQGUHSWDUHúLILLQGVW UXLWRULvQPXQF úLGLVFLSOLQD LVXQW
IRORVL L SHQWUX VXSUDYHJKHUHD DOWRU FRQGDPQD L OD ORFXULOH GH PXQF $FHVWH
SHUVRDQH SRW IL FRPSOLFL VDX SRW FRPLWH LQIUDF LXQHD GH vQOHVQLUHD HYDG ULL vQ
PRGDOLW LOHvQFDUHVXELHFWXODFWLYQHPLMORFLWQXHVWHFDOLILFDW
3HUVRDQDFDUHvQOHVQHúWHHYDGDUHDDUHFDOLWDWHDGHVXELHFWQHPLMORFLWDXWRUDO
LQIUDF LXQLLGHvQOHVQLUHDHYDG ULLúLQXGHFRPSOLFHODLQIUDF LXQHDGHHYDGDUH
6XELHFWDFWLYDODFHVWHLLQIUDF LXQLSRDWHILúLRSHUVRDQ MXULGLF FXOLPLW ULOH
úLvQFRQGL LLOHSUHY ]XWHvQDUWDOLQ&SHQ
8QDGLQFKHVWLXQLOHFRQWURYHUVDWHvQDFHDVW PDWHULHVHUHIHU ODSDUWLFLSD LD
SHQDO
8QLL DXWRUL QX DERUGHD] DFHDVW FKHVWLXQH OD LQIUDF LXQHD GH vQOHVQLUHD
HYDG ULL
3RWULYLW RSLQLHL PDMRULWDUH SDUWLFLSD LD SHQDO HVWH SRVLELO vQ WRDWH IRUPHOH
VDOH FRDXWRUDW LQVWLJDUH úL FRPSOLFLWDWHD FRQVWkQG vQ DOWH DFWH GHFkW FHOH GH
vQOHVQLUH
ÌQWUR DOW RSLQLH VD VXV LQXW F OD V YkUúLUHD IDSWHL SRW SDUWLFLSD úL DOWH
SHUVRDQHvQFDOLWDWHGHLQVWLJDWRULVDXFRPSOLFL
6XELHFWXO SDVLY SULQFLSDO DO LQIUDF LXQLL GH vQOHVQLUHD HYDG ULL HVWH VWDWXO FD
WLWXODUDOYDORULLVRFLDOHRFURWLWHFDUHHVWHvQI SWXLUHDMXVWL LHL
1LFROHWD ,OLHVFX vQ 9LQWLO 'RQJRUR] 6LHJIULHG .DKDQH ,RQ 2DQFHD ,RVLI )RGRU 1LFROHWD ,OLHVFX
&RQVWDQWLQ %XODL 5RGLFD 6W QRLX 9LFWRU 5RúFD ([SOLFD LL WHRUHWLFH DOH &RGXOXL SHQDO URPkQ 3DUWHD VSHFLDO
YRO,9(GLWXUD$FDGHPLHL5RPkQH%XFXUHúWLS
1LFROHWD,OLHVFXRSFLWYRO,9SÌQDFHODúLVHQV*KHRUJKH' UkQJ úL'XPLWUX/XFLQHVFXvQ
7HRGRU 9DVLOLX 'RUX 3DYHO *HRUJH $QWRQLX ùWHIDQ 'DQHú *KHRUJKH ' UkQJ 'XPLWUX /XFLQHVFX 9DVLOH
3DSDGRSRO 'XPLWUX & 3RSHVFX 9LUJLO 5 PXUHDQX &RGXO SHQDO URPkQ FRPHQWDW úL DGQRWDW 3DUWHD VSHFLDO
YRO,,(GLWXUDùWLLQ LILF úL(QFLFORSHGLF %XFXUHúWLS
$YUDP )LOLSDú ,QIUDF LXQL FRQWUD vQI SWXLULL MXVWL LHL (GLWXUD $FDGHPLHL %XFXUHúWL S ÌQ
DFHODúLVHQV0DWHL%DVDUEvQ0DWHL%DVDUDE/XFLD0ROGRYDQ9DOHU6XLDQ'UHSWSHQDO3DUWHDVSHFLDO YRO,
&OXM1DSRFDS3URIHVRUXO0DWHL%DVDUDEDUDW FXSULYLUHODFRPSOLFLWDWHF DFHDVWDQXHVWHSRVLELO
GHFkW VXE IRUP LQWHOHFWXDO vQW ULUHD KRW UkULL ,RDQ 0ROQDU vQ *KHRUJKH 1LVWRUHDQX 9DVLOH 'REULQRLX
$OH[DQGUX %RURL ,OLH 3DVFX ,RDQ 0ROQDU 9DOHULF /D] U 'UHSW SHQDO 3DUWHD VSHFLDO (GLWXUD (XURSD 1RYD
%XFXUHúWL S 1LFRODH &RQHD vQ 9DVLOH 'REULQRLX 1LFRODH &RQHD &LSULDQ 5DXO 5RPL DQ &DPLO
7 Q VHVFX1RUHO1HDJX0D[LP'REULQRLX'UHSWSHQDO3DUWHDVSHFLDO YRO,,/XPLQD/H[%XFXUHúWL
S1LFRODH&RQHDVXV LQHF SDUWLFLSD LDSHQDO HVWHSRVLELO vQWRDWHIRUPHOHVDOH$OH[DQGUX%RURL*KHRUJKH
1LVWRUHDQX 'UHSW SHQDO 3DUWHD VSHFLDO HGL LD D ,,,D (GLWXUD $OO %HFN %XFXUHúWL S +RULD
'LDFRQHVFX'UHSWSHQDO3DUWHDVSHFLDO YRO,,HGL LDDD(GLWXUD$OO%HFN%XFXUHúWLS
2FWDYLDQ/RJKLQ7XGRUHO7RDGHU'UHSWSHQDOURPkQ3DUWHDVSHFLDO HGL LDD,9DUHY ]XW úLDG XJLW
&DVDGHHGLWXU úLSUHV ùDQVD65/%XFXUHúWLS
ÌQOHVQLUHD HYDG ULL vQ LSRWH]D GH LQFULPLQDUH SUHY ]XW vQ DOLQ SRDWH
DYHDXQHRULúLXQVXELHFWSDVLYVHFXQGDUDGLDFHQWvQSHUVRDQDDVXSUDF UHLDVDX
IRORVLWYLROHQ H
6XELHFW SDVLY VHFXQGDU SRDWH IL úL XQLWDWHD GH GH LQHUH FkQG SULQ V YkUúLUHD
IDSWHLVDXSURGXVGLVWUXJHULvQSDJXEDDFHVWHLD
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO )DSWD GH vQOHVQLUH D HYDG ULL HVWH LQFULPLQDW vQ PDL
PXOWHYDULDQWHGLQFDUHXQDWLSVLPSO úLDOWHOHDJUDYDWH
&RQ LQXWXO DFHVWRU YDULDQWH DUH FRPXQ DQXPLWH FRPSRQHQWH GLIHULQG QXPDL
VXEUDSRUWXOFHULQ HORUHVHQ LDOH
)LHFDUH YDULDQW FRQ LQH OD UkQGXO HL GRX VXEYDULDQWH XQD VLPSO úL DOWD
DJUDYDW VSRULW
$VWIHOGLVSR]L LDGLQDOLQDODUW&SHQFDUHLQFULPLQHD] vQOHVQLUHD
HYDG ULLvQFRQILJXUD LDHLWLSLF YDULDQWDWLSvQSULPDSDUWHSUHYHGHVXEYDULDQWD
VLPSO vQOHVQLUHD HYDG ULL SULQ RULFH PLMORDFH GH F WUH RULFH SHUVRDQ LDU vQ
SDUWHD ILQDO VXEYDULDQWD DJUDYDW vQOHVQLUHD HYDG ULL GH F WUH FHO FDUH DYHD
vQGDWRULUHDGHDS ]LSHFHOFDUHDHYDGDW
/D IHO GLVSR]L LLOH DOLQ úL DOH DUW & SHQ FDUH LQFULPLQHD]
vQOHVQLUHDHYDG ULLvQYDULDQWHOHHLDJUDYDWHSUHY GvQSULPDORUSDUWHVXEYDULDQWD
GH DJUDYDUH VLPSO ± vQOHVQLUHD HYDG ULL vQ FRQGL LLOH DUW DOLQ & SHQ úL
UHVSHFWLY vQOHVQLUHD HYDG ULL XQHL SHUVRDQH UH LQXWH DUHVWDWH VDX FRQGDPQDWH
SHQWUXRLQIUDF LXQHSHQWUXFDUHOHJHDSUHYHGHRSHGHDSV PDLPDUHGHDQL±LDU
vQ SDUWHD ORU ILQDO YDULDQWD GH DJUDYDUH VSRULW ± vQOHVQLUHD HYDG ULL GH F WUH R
SHUVRDQ FDUHDYHDvQGDWRULUHDGHDS ]LSHFHOFDUHDHYDGDW
(OHPHQWXOPDWHULDODOLQIUDF LXQLLFRQVW vQDF LXQHDGHÄDvQOHVQL´HYDGDUHD
SHUVRDQHLFDUHVHDIO vQVWDUHGHUH LQHUHVDXGH LQHUHOHJDO $FHDVW DF LXQHHVWH
FRPXQ WXWXURUYDULDQWHORULQFULPLQ ULL
$F LXQHD GH vQOHVQLUH vQVHDPQ RULFH VSULMLQ GDW SHUVRDQHL UH LQXWH VDX
GH LQXWHOHJDOSHQWUXDHYDGD
$F LXQHD GH vQOHVQLUH D HYDG ULL LPSOLF IDSWXO F SHUVRDQD UH LQXW VDX
GH LQXW VH KRW UkVH VDX DFFHSWDVH PDL vQDLQWH vQGHPQXO GH D HYDGD ÌQGHPQXO
SRDWHYHQLFKLDUGLQSDUWHDFHOXLFDUHYDvQOHVQLHYDGDUHD
ÌQOHVQLUHDHYDG ULLSRDWHV FRQVWHDvQWURFRQWULEX LHPDWHULDO IL]LF FDGH
H[HPSOX SURFXUDUHD VDX SUHSDUDUH PLMORDFHORU FDUH V VHUYHDVF OD HYDGDUH
SXQHUHDODGLVSR]L LHDEDQLORUSHQWUXDFKL]L LRQDUHDDFHVWRUPLMORDFHFUHDUHDXQRU
FRQGL LL IDYRUDELOH V YkUúLULL HYDG ULL VDX vQO WXUDUHD XQRU REVWDFROH ILH vQWUR
FRQWULEX LHLPDWHULDO PRUDO FDGHH[HPSOXGDUHDGHLQVWUXF LXQLSURFXUDUHDGH
LQIRUPD LL SHQWUX RULHQWDUHD I SWXLWRUXOXL OXDUHD GH SUHFDX LXQL SURPLVLXQHD GH D
IDYRUL]DSHDXWRUGXS V YkUúLUHDHYDG ULLHWF
$F LXQHD GH vQOHVQLUH D HYDG ULL VH SRDWH UHDOL]D ILH SULQ DFWH FRPLVLYH ILH
SULQWURDWLWXGLQHRPLVLY ÌQDFHDVW XOWLP LSRWH] RPLVLXQHDHVWHFRPLV FHOPDL
IUHFYHQW GH F WUH R SHUVRDQ FDUH DUH vQGDWRULUHD GH D S ]L SH FHO FDUH D HYDGDW
ÌQOHVQLUHDSRDWHILDQWHULRDU VDXFRQFRPLWHQW FXHYDGDUHDúLVHSRDWHUHDOL]DSULQ
RULFHPLMORDFH
&HULQ H HVHQ LDOH $F LXQHD GH vQOHVQLUH D HYDG ULL QX HVWH VXILFLHQW SHQWUX
UHDOL]DUHD ODWXULL RELHFWLYH D YDULDQWHORU DJUDYDWH úL D VXEYDULDQWHORU ORU I U
vQGHSOLQLUHD XQRU FRQGL LL FDUH DX FDUDFWHUXO GH HOHPHQWH FLUFXPVWDQ LDOH úL
FRQVWLWXLH FHULQ H HVHQ LDOH vQ FRQ LQXWXO RELHFWLY DO YDULDQWHORU DJUDYDWH
1LFROHWD,OLHVFXRSFLWYRO,9S
1HvQGHSOLQLUHD FHULQ HORU HVHQ LDOH IDFH FD IDSWD V FRQVWLWXLH YDULDQWD VLPSO D
LQIUDF LXQLL
&HULQ D HVHQ LDO FRPXQ D VXEYDULDQWHORU SUHY ]XWH vQ SDUWHD ILQDO D
GLVSR]L LLORUGLQDOLQúLDOHDUW&SHQúLDFHORUSUHY ]XWHvQDOLQ
DO DUW & SHQ SULYHúWH FDOLWDWHD DXWRUXOXL FDUH WUHEXLH V ILH R ÄSHUVRDQ
FDUHDYHDvQGDWRULUHDGHDS ]L´SHFHOFDUHDHYDGDW
ÌQOHVQLUHD vQ FD]XO DFHVWD SRDWH IL V YkUúLW SULQ DF LXQH VDX LQDF LXQH FX
LQWHQ LHVDXGLQFXOS
&HULQ D HVHQ LDO GLQ FD]XO VXEYDULDQWHL GLQ SULPD SDUWH D DOLQ DO
DUW&SHQSULYHúWHPLMORDFHOHSULQFDUHVHV YkUúHúWHHYDGDUHDPLMORDFHFDUH
VXQW DU WDWH vQ DOLQ GLQ DUW & SHQ SUHFXP úL QXP UXO GH SHUVRDQH FDUH
V YkUúHVF vPSUHXQ IDSWD GH HYDGDUH 3HQWUX vQ HOHVXO DFHVWRU HOHPHQWH
FLUFXPVWDQ LDOH GH DJUDYDUH IDFHP WULPLWHUH OD FRPHQWDULXO GH OD LQIUDF LXQHD GH
HYDGDUHvQYDULDQWDVDDJUDYDW
ÌQOHVQLUHD HYDG ULL QX WUHEXLH FRQIXQGDW FX LQVWLJDUHD OD HYDGDUH 'DF vQ
FD]XOLQVWLJ ULLODHYDGDUHSHUVRDQDUH LQXW VDXGH LQXW LDKRW UkUHDGHDHYDGDFD
XUPDUHDDFWLYLW LLLQVWLJDWRUXOXLvQFD]XOvQOHVQLULLHYDG ULLKRW UkUHDGHDHYDGD
HVWH OXDW GH DFHD SHUVRDQ DQWHULRU úL LQGHSHQGHQW GH DFWLYLWDWHD FDUHL VSULMLQ
HYDGDUHD 6H SRDWH vQWkPSOD FD R DFHHDúL SHUVRDQ V GHWHUPLQH KRW UkUHD FHOXL
UH LQXWVDXGH LQXWV HYDGH]HLDUDSRLV DFRUGHDFHVWXLDVSULMLQSHQWUXUHDOL]DUHD
KRW UkULLOXDWHÌQDFHVWFD]H[LVW FRQFXUVvQWUHLQVWLJDUHODHYDGDUHúLLQIUDF LXQHD
GH vQOHVQLUHD HYDG ULL GHRDUHFH HVWH YRUED GH DFWH GLIHULWH GH SDUWLFLSDUH OD GRX
LQIUDF LXQLGLVWLQFWH
8UPDUHDLPHGLDW DvQOHVQLULLHYDG ULLFRQVW vQFUHDUHDXQHLVW ULGHSHULFRO
SHQWUXGHVI úXUDUHDQRUPDO DDFWLYLW LLGHvQI SWXLUHDMXVWL LHL
&kQG vQOHVQLUHD HYDG ULL VD V YkUúLW vQ IRUPD VD DJUDYDW SUHY ]XW vQ
DOLQ OD VWDUHD GH SHULFRO FDUH FRQVWLWXLH XUPDUHD LPHGLDW SULQFLSDO VH SRDWH
DG XJDúLRY W PDUHDGXV YLH LLLQWHJULW LLFRUSRUDOHVDXV Q W LLXQHLSHUVRDQH
SULQvQWUHEXLQ DUHDvPSRWULYDHLGHYLROHQ HGHDUPHVDXGHDOWHLQVWUXPHQWH
/HJ WXUD GH FDX]DOLWDWH vQWUH DF LXQHD GH vQOHVQLUH D HYDG ULL úL VWDUHD GH
SHULFROWUHEXLHV H[LVWHúLUH]XOW H[UH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH )DSWD GH vQOHVQLUH D HYDG ULL HVWH LQFULPLQDW DWkW vQ
FD]XOvQFDUHHVWHV YkUúLW FXLQWHQ LHFkWúLvQFD]XOV YkUúLULLGLQFXOS DFHDVW
GLQ XUP IRUP GH YLQRY LH ILLQG vQV OLPLWDW QXPDL OD SHUVRDQHOH FDUH DYHDX
vQGDWRULUHDGHDS ]LSHFHOFDUHDHYDGDW±DUWDOLQ&SHQ
$úDGDU vQOHVQLUHD HYDG ULL vQ VXEYDULDQWD VLPSO D YDULDQWHL WLS úL D
YDULDQWHORUDJUDYDWHQXSRDWHILV YkUúLW GHFkWFXLQWHQ LH) SWXLWRUXOOXFUHD] FX
LQWHQ LH FkQG úLD GDW VHDPD F SULQ DF LXQHD VD vQOHVQHúWH R HYDGDUH D SUHY ]XW
UH]XOWDWXODFHVWHLDF LXQLFUHDUHDXQHLVW ULGHSHULFROSHQWUXQRUPDODGHVI úXUDUHD
DFWLYLW LL GH vQI SWXLUH D MXVWL LHL SULQ HYDGDUHD SHUVRDQHL UH LQXWH VDX GH LQXWH
OHJDOúLDXUP ULWDFHVWUH]XOWDWLQWHQ LHGLUHFW VDXGHúLQXDXUP ULWDFHDVWDD
DFFHSWDWWRWXúLULVFXOSURGXFHULLOXLLQWHQ LHLQGLUHFW
0RELOXO úL VFRSXO QX LQWHUHVHD] SHQWUX H[LVWHQ D LQIUDF LXQLL GH vQOHVQLUHD
HYDG ULLFLGRDUSHQWUXVWDELOLUHDJUDGXOXLGHSHULFROVRFLDOFRQFUHWDOIDSWHLFRPLVH
GHDJHQWúLODLQGLYLGXDOL]DUHDSHGHSVHL
2FWDYLDQ/RJKLQ7XGRUHO7RDGHURSFLWS
1LFROHWD,OLHVFXRSFLWYRO,9S
&XOSDSHUVRDQHLFDUHDYHDvQGDWRULUHDGHDS ]LSHFHOFDUHDHYDGDWúLFDUHD
vQOHVQLW HYDGDUHD DFHVWXLD SRDWH vPEU FD RULFDUH GLQ PRGDOLW LOH SUHY ]XWH vQ DUW
SFW&SHQDGLF FXOSDVLPSO VDXFXOSDFXSUHYL]LXQH
)RUPH6DQF LXQL
)RUPH ÌQOHVQLUHD HYDG ULL ILLQG R LQIUDF LXQH GH DF LXQH FRPLVLY úL FX
H[HFX LH OHQW UHDOL]DUHD VD LPSOLF GH FHOH PDL PXOWH RUL R DFWLYLWDWH FDUH VH
GHVI úRDU vQ WLPS SDUFXUJkQG WRDWH ID]HOH XQHL DVWIHO GH GHVI úXU UL SUHJ WLUH
vQFHUFDUHFRQVXPDUHúLHSXL]DUH
)DSWDGHvQOHVQLUHDHYDG ULLHVWHvQJHQHUHSUHFHGDW GHRID] DSUHJ WLULL
&KLDUúLvQOHVQLUHDUHDOL]DW SULQRPLVLXQHHVXVFHSWLELO GHDFWHSUHSDUDWRULLH[
vQGHS UWDUHDFHORUFDUHDUSXWHDREVHUYDRPLVLXQHD
ÌQOHVQLUHDHYDG ULLGLQFXOS QXSRDWHDYHDRID] GHSUHJ WLUH
$FWHOHSUHSDUDWRULLQXVXQWvQV LQFULPLQDWHúLVDQF LRQDWH$WXQFLFkQGIDSWD
D IRVW V YkUúLW RUL vQFHUFDW DFWHOH SUHSDUDWRULL HIHFWXDWH GH DO LL GHFkW DXWRUXO
IDSWHL GHYLQ DFWH GH FRPSOLFLWDWH DQWHULRDU GDF DX FRQWULEXLW OD V YkUúLUHD
LQIUDF LXQLL
7HQWDWLY H[LVW DWXQFL FkQG KRW UkUHD GH D V YkUúL DF LXQHD GH vQOHVQLUH D
HYDG ULLDIRVWSXV vQH[HFXWDUHGDUDIRVWvQWUHUXSW VDXDU PDVI U UH]XOWDW
ÌQOHVQLUHD HYDG ULL GHúL DUH FDUDFWHUXO XQRU DFWH GH FRPSOLFLWDWH OD
LQIUDF LXQHD GH HYDGDUH LDU WHQWDWLYD GH FRPSOLFLWDWH QX HVWH LQFULPLQDW WRWXúL
IDSWD GH vQOHVQLUH D HYDG ULL ILLQG LQFULPLQDW FD R LQIUDF LXQH GH VLQH VW W WRDUH
SRDWHDYHDWHQWDWLY
ÌQOHVQLUHDHYDG ULLGLQFXOS QXSRDWHDYHDWHQWDWLY ILLQGF IDSWHOHV YkUúLWH
GLQFXOS QXDXWHQWDWLY
7HQWDWLYD LQIUDF LXQLL GH vQOHVQLUH D HYDG ULL V YkUúLW FX LQWHQ LH ± DUW
DOLQúL&SHQHVWHLQFULPLQDW SRWULYLWDUWDOLQ&SHQ
,QIUDF LXQHD GH vQOHVQLUH D HYDG ULL VH FRQVXP vQ PRPHQWXO vQ FDUH
H[HFXWDUHD DF LXQLL GH vQOHVQLUH GXV SkQ OD FDS W D DYXW FD HIHFW HYDGDUHD VDX
WHQWDWLYD GH HYDGDUH úL VD SURGXV GHFL XUPDUHD LPHGLDW DGLF FUHDUHD VW ULL GH
SHULFROSHQWUXUHOD LLOHVRFLDOHSULYLQGvQI SWXLUHDMXVWL LHL
'XS DO L DXWRUL vQOHVQLUHD HYDG ULL VH FRQVXP vQ PRPHQWXO vQ FDUH VD
SURGXVXUPDUHDVSHFLILF DFHVWHLLQIUDF LXQL'LQPRGXOGHIRUPXODUHDDOLQ
úL DOH DUW & SHQ DU UH]XOWD F XUPDUHD VH SURGXFH DWXQFL FkQG DUH ORF
HYDGDUHD vQOHVQLW F FL vQ DFHVWH WH[WH SHQWUX R YDULDQW D LQIUDF LXQLL VH IDFH
UHIHULUH OD FDOLWDWHD VXELHFWXOXL ÄFDUH DYHD vQGDWRULUHD GH D S ]L SH FHO FDUH D
HYDGDW´)RORVLUHDUHSHWDW vQIRUPXODUHDWH[WXOXLDH[SUHVLHLQHHFKLYRFHÄFHOFDUHD
HYDGDW´ LPSOLF LGHHD F HYDGDUHD WUHEXLH V IL DYXW ORF SHQWUX FD vQOHVQLUHD V
SRDW ILFRQVLGHUDW FRQVXPDW
ÌQFD]XOvQFDUHHVWHvQOHVQLW HYDGDUHDPDLPXOWRUSHUVRDQHSULQWURVLQJXU
DF LXQH VDX RPLVLXQH VH V YkUúHúWH LQIUDF LXQHD GH vQOHVQLUHD HYDG ULL vQ YDULDQWD
DJUDYDW GLQDOLQDODUW&SHQHYDGDUHDGRX VDXPDLPXOWHSHUVRDQH
vPSUHXQ
ÌQOHVQLUHDHYDG ULLJ VLQGXVHvQWURFRQH[LWDWHGHFRUHOD LHFXLQIUDF LXQHDGH
HYDGDUH FD úL DFHDVWD QX HVWH VXVFHSWLELO GH IRUPD LQIUDF LXQLL FRQWLQXDWH VDX
,ELGHPS
1LFROHWD,OLHVFXRSFLWYRO,9S
*KHRUJKH ' UkQJ úL 'XPLWUX /XFLQHVFX vQ 7HRGRU 9DVLOLX 'RUX 3DYHO *HRJH $QWRQLX ùWHIDQ 'DQHú
*KHRUJKH' UkQJ 'XPLWUX/XFLQHVFX9DVLOH3DSDGRSRO'XPLWUX&3RSHVFX9LUJLO5 PXUHDQX&RGXOSHQDO
URPkQFRPHQWDWúLDGQRWDW3DUWHDVSHFLDO YRO,,(GLWXUDùWLLQ LILF úL(QFLFORSHGLF %XFXUHúWLS
FRQWLQXH DPEHOH ILLQG LQIUDF LXQL FH QX SRW IL SUHOXQJLWH vQ WLPS $FWLYLWDWHD
LQIUDF LRQDO VHHSXL]HD] GHFLvQPRPHQWXOFRQVXP ULLLQIUDF LXQLL
6DQF LXQL ÌQOHVQLUHD SULQ RULFH PLMORDFH D HYDG ULL VH SHGHSVHúWH FX
vQFKLVRDUHGHODODDQLLDUGDF IDSWDVDV YkUúLWGHF WUHRSHUVRDQ FDUHDYHD
vQGDWRULUHDGHDS ]LSHFHOFDUHDHYDGDWSHGHDSVDHVWHvQFKLVRDUHDGHODODDQL
ÌQFD]XOvQFDUHvQOHVQLUHDHYDG ULLDIRVWFRPLV SULQIRORVLUHDGHYLROHQ HGH
DUPHVDXGHDOWHLQVWUXPHQWHRULGHF WUHGRX VDXPDLPXOWHSHUVRDQHvPSUHXQ
DFHDVWDVHSHGHSVHúWHFXvQFKLVRDUHGHODODDQLLDUGDF IDSWDDIRVWV YkUúLW GH
R SHUVRDQ FDUH DYHD vQGDWRULUHD GH D S ]L SH FHO FDUH D HYDGDW SHGHDSVD HVWH
vQFKLVRDUHDGHODODDQL
ÌQOHVQLUHDHYDG ULLXQHLSHUVRDQHUH LQXWHDUHVWDWHVDXFRQGDPQDWHSHQWUXR
LQIUDF LXQHSHQWUXFDUHOHJHDSUHYHGHRSHGHDSV PDLPDUHGHDQLVHSHGHSVHúWH
FXvQFKLVRDUHGHODODDQLLDUGDF IDSWDHVWHV YkUúLW GHRSHUVRDQ FDUHDYHD
vQGDWRULUHDGHDS ]LSHFHOFDUHDHYDGDWSHGHDSVDHVWHvQFKLVRDUHDGHODOD
DQL
$FHVWH GLVSR]L LL VXQW DSOLFDELOH úL vQ FD]XO FHORU FRQGDPQD L GHILQLWLY OD
SHGHSVHPDLPLFLGHDQLGDF SHQWUXIDSWDV YkUúLW OHJHDSUHYHGHRSHGHDSV
PDLPDUHGHDQL
ÌQOHVQLUHD HYDG ULL V YkUúLW GLQ FXOS GH F WUH R SHUVRDQ FDUH DYHD
vQGDWRULUHDGHDS ]LSHFHOHYDGDWVHSHGHSVHúWHFXvQFKLVRDUHGHODOXQLODDQL
3HUVRDQD MXULGLF VH VDQF LRQHD] vQ WRDWH LSRWH]HOH GH LQFULPLQDUH FX
DPHQGD FXSULQV vQWUH úL OHL SRWULYLW DUW & SHQ FX H[FHS LD
VLWXD LHLSUHY ]XWHvQDOLQWH]D,,FkQGFXDQWXPXODPHQ]LLYDILvQWUHOHL
úLOHL
1(5(63(&7$5($+27 5Æ5,/25-8'(& 725(ù7,
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO DFHVWHL LQIUDF LXQL vO FRQVWLWXLH UHOD LLOH VRFLDOH D
F URU H[LVWHQ HVWH RFURWLW SULQ DS UDUHD DFWLYLW LL GH H[HFXWDUH D KRW UkULORU
MXGHF WRUHúWL vPSRWULYD IDSWHORU GH QHUHVSHFWDUH D DFHVWRU KRW UkUL SULQ FDUH VH
vPSLHGLF H[HFXWDUHDDFHVWRUDVDXSULQFDUHVHvQFDOF HIHFWHOHH[HFXW ULL
ÌQPRGVHFXQGDUúLDGLDFHQWSHOkQJ DS UDUHDvQSULQFLSDODYDORULLVRFLDOHD
vQI SWXLULLMXVWL LHLSULQDVLJXUDUHDH[HFXW ULLKRW UkULORUMXGHF WRUHúWLLQFULPLQDUHD
GLQ DUW & SHQ DS U úL GUHSWXULOH SHUVRDQHORU LQWHUHVDWH vQ D IL H[HFXWDWH
KRW UkULOHLDUvQFD]GHIRORVLUHDYLROHQ HLVDXDPHQLQ ULLHVWHDS UDW úLSHUVRDQD
DWDFDW VDXDPHQLQ DW
6D H[SULPDW úL RSLQLD FRQIRUP F UHLD LQFULPLQDUHD DS U úL SUHVWLJLXO
IXQF LHLFHOXLFDUHH[HFXW KRW UkUHD
+RW UkUHDMXGHF WRUHDVF VHSUH]XP OHJDOF UHSUH]LQW DGHY UXOvQFHHDFH
SULYHúWHFDX]DvQFDUHDIRVWGDW ±UHVLXGLFDWDSURYHULWDWHKDEHWXU
2ELHFWXOPDWHULDODOLQIUDF LXQLLGHQHUHVSHFWDUHDKRW UkULORUMXGHF WRUHúWLvO
FRQVWLWXLHFRUSXOSHUVRDQHLvQFD]XOFkQGDF LXQHDGHvPSRWULYLUHVHUHDOL]HD] SULQ
DFWH GH YLROHQ FRQWUD SHUVRDQHL ÌQ FD]XO YLROHQ HL FRQWUD OXFUXULORU RELHFW
PDWHULDOSRDWHILXQEXQPRELOXQLPRELOVDXSDUWHDXQXLLPRELO
1LFROHWD,OLHVFXRSFLWYRO,9SÌQDFHODúLVHQV$YUDP)LOLSDúRSFLWS
1LFROHWD ,OLHVFX vQ 9LQWLO 'RQJRUR] 6LHJIULHG .DKDQH ,RQ 2DQFHD ,RVLI )RGRU 1LFROHWD ,OLHVFX
&RQVWDQWLQ %XODL 5RGLFD 6W QRLX 9LFWRU 5RúFD ([SOLFD LL WHRUHWLFH DOH &RGXOXL SHQDO URPkQ 3DUWHD VSHFLDO
YRO,9(GLWXUD$FDGHPLHL5RPkQH%XFXUHúWLS
2OLYLX$XJXVWLQ6WRLFD'UHSWSHQDO3DUWHVSHFLDO (GLWXUD'LGDFWLF úL3HGDJRJLF %XFXUHúWLS
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUDOLQIUDF LXQLLGHQHUHVSHFWDUHDKRW UkULORU
MXGHF WRUHúWL SRDWH IL RULFH SHUVRDQ IL]LF FH vQGHSOLQHúWH FRQGL LLOH JHQHUDOH
SHQWUXDU VSXQGHSHQDO
1X LPSRUW GDF I SWXLWRUXO HVWH SHUVRDQD REOLJDW SULQ KRW UkUH VDX R DOW
SHUVRDQ FXH[FHS LDYDULDQWHLGLQDOLQDODUW&SHQvQFDUHI SWXLWRUQX
SRDWHILGHFkWFHOF UXLDLVDDSOLFDWRP VXU GHVLJXUDQ GLQFHOHSUHY ]XWHvQDUW
OLWFGúLJ&SHQSULQWURKRW UkUHMXGHF WRUHDVF ÌQDFHDVW LSRWH] GH
LQFULPLQDUHQHUHVSHFWDUHDKRW UkULORUMXGHF WRUHúWLHVWHRLQIUDF LXQHSURSULHúLFX
VXELHFW DFWLY QHPLMORFLW XQLF LQ SHUVRQD SURSULD GHRDUHFH P VXUD GH VLJXUDQ
OXDW ID GHI SWXLWRUDUHFDRELHFWRREOLJD LHLQWXLWXSHUVRQDH
,QIUDF LXQHD GH QHUHVSHFWDUH D KRW UkULORU MXGHF WRUHúWL HVWH VXVFHSWLELO GH
V YkUúLUHvQSDUWLFLSD LHVXEWRDWHIRUPHOHVDOHFRDXWRUDWLQVWLJDUHFRPSOLFLWDWH
FX H[FHS LD YDULDQWHL SUHY ]XWH vQ DOLQ DO DUW & SHQ FDUH QX SRDWH IL
V YkUúLW vQ FRDXWRUDW GHRDUHFH ILHFDUH GLQ FHL VXSXúL OD H[HFXWDUHD P VXULL GH
VLJXUDQ DUH R REOLJD LH SURFHVXDO LDU SULQ VXVWUDJHUHD GH OD DFHDVWD ILHFDUH
V YkUúHúWHRLQIUDF LXQHvQPRGLQGHSHQGHQW
$MXWRUXO GDW XQXL LQIUDFWRU FDUH VH vPSRWULYHúWH OD KRW UkUHD GH FRQGDPQDUH
SULQ YLROHQ H VDX DPHQLQ UL ID GH RUJDQXO H[HFXWRU FRQVWLWXLH DFWH GH
FRPSOLFLWDWH OD DF LXQHD GH QHUHVSHFWDUH D KRW UkULORU MXGHF WRUHúWL ± DUW
DOLQ&SHQúLQXIDYRUL]DUHDLQIUDFWRUXOXLSUHY ]XW vQDUW&SHQ
6XELHFWDFWLYDODFHVWHLLQIUDF LXQLSRDWHILúLRSHUVRDQ MXULGLF FXOLPLW ULOH
úLvQFRQGL LLOHSUHY ]XWHvQDUWDOLQ&SHQ
6XELHFWXOSDVLYSULQFLSDODOQHUHVSHFW ULLKRW UkULORUMXGHF WRUHúWLHVWHVWDWXO
FD UHSUH]HQWDQW DO VRFLHW LL DPHQLQ DW SULQ V YkUúLUHD LQIUDF LXQLL vQ XQD GLQ
PRGDOLW LOHVDOH
,QIUDF LXQHD SRDWH DYHD vQV FD VXELHFW SDVLY VHFXQGDU úL HYHQWXDO SH FHL
vPSRWULYDF URUDVDXIRORVLWYLROHQ HDGLF RUJDQXOGHH[HFXWDUHFDúLSHFHLFDUH
VXQW vPSLHGLFD L V IRORVHDVF R ORFXLQ ORFDWDUXO SULQFLSDO úL PHPEULL OXL GH
IDPLOLHFXFDUHORFXLHúWHvPSUHXQ
3HQWUX H[LVWHQ D LQIUDF LXQLL GH QHUHVSHFWDUH D KRW UkULORU MXGHF WRUHúWL
SUHY ]XW vQ DUW & SHQ VH FHUH FD RUJDQXO GH H[HFXWDUH V DF LRQH]H FX
GHSOLQ UHVSHFWDUH D OHJLL ÌQ FD]XO vQ FDUH R KRW UkUH FLYLO VH SXQH vQ H[HFXWDUH
I U VRPD LH úL FX GHS úLUHD SUHYHGHULORU GLQ WLWOXO H[HFXWRULX GH F WUH RUJDQXO GH
H[HFXWDUHDFHVWDVHVLWXHD] vQDIDUDSURWHF LHLFRQIHULWHGHOHJHLDUI SWXLWRUXOQX
SRDWHILFRQGDPQDWSHQWUXQHUHVSHFWDUHDKRW UkULORUMXGHF WRUHúWL
/DWXUDRELHFWLY
3RWULYLWGLVSR]L LLORUGLQDUW&SHQIDSWHOHGHQHUHVSHFWDUHDKRW UkULORU
MXGHF WRUHúWL IRUPHD] FRQ LQXWXO D SDWUX YDULDQWH úL DQXPH vQ DOLQ HVWH
LQFULPLQDW IDSWDGHvPSRWULYLUHODH[HFXWDUHDXQHLKRW UkULMXGHF WRUHúWLSULQDFWH
GHYLROHQ VDXGHDPHQLQ DUHFDUHSUH]LQW YDULDQWDWLSDLQIUDF LXQLLvQDOLQ
HVWH LQFULPLQDW vPSLHGLFDUHD XQHL SHUVRDQH GH D IRORVL R ORFXLQ RUL R SDUWH GLQ
ORFXLQ VDXLPRELOGH LQXWHvQED]DXQHLKRW UkULMXGHF WRUHúWLFHHDFHUHSUH]LQW
R YDULDQW DVLPLODW GH VSHFLH FHOHL WLS vQ DOLQ HVWH SUHY ]XW R YDULDQW
DJUDYDW D FHOHL DVLPLODWH FRQVWkQG vQ UHDOL]DUHD IDSWHL SUHY ]XWH vQ DOLQ SULQ
DPHQLQ DUH VDX YLROHQ vQ DOLQ DO DUW & SHQ HVWH SUHY ]XW IDSWD GH
,GHPS
&6-VSGQU5'3QUS'UQUSÌQDOWD&XUWHGH&DVD LHúL
-XVWL LH%XOHWLQXOMXULVSUXGHQ HL&XOHJHUHGHGHFL]LLSHDQXO(GLWXUD$OO%HFN%XFXUHúWLS
QHUHVSHFWDUHDKRW UkULLMXGHF WRUHúWLSULQVXVWUDJHUHGHODH[HFXWDUHDXQRUP VXUL
GHVLJXUDQ ùLDFHDVWDUHSUH]LQW RYDULDQW GHVSHFLHDLQIUDF LXQLLWLS
3ULQ/HJHDQUDIRVWLQWURGXV RQRX LSRWH] GHLQFULPLQDUH±
DOLQ ± SRWULYLW F UHLD FRQVWLWXLH LQIUDF LXQH ÄQHUHVSHFWDUHD KRW UkULORU
MXGHF WRUHúWL SULQ QHH[HFXWDUHD FX UHDFUHGLQ D SHGHSVHORU FRPSOHPHQWDUH
DSOLFDWHSHUVRDQHORUMXULGLFHSUHY ]XWHvQDUWúLDUWDOLQ´
(OHPHQWXOPDWHULDODOLQIUDF LXQLLSUHY ]XW vQDUW&SHQFRQVW vQWUR
DF LXQH GH QHUHVSHFWDUH D XQHL KRW UkUL MXGHF WRUHúWL (O VH UHDOL]HD] vQV GLIHULW
GXS FXP HVWH YRUED GHVSUH LQIUDF LXQHD WLS VDX GHVSUH YDULDQWHOH GH VSHFLH DOH
DFHVWHLD
(OHPHQWXOPDWHULDODOLQIUDF LXQLLV YkUúLWvQIRUPDVDWLSLF ±DOLQDO
DUW & SHQ ± FRQVW vQ DF LXQHD GH vPSRWULYLUH OD H[HFXWDUHD XQHL KRW UkUL
MXGHF WRUHúWL
ÄÌPSRWULYLUHD´ SUHVXSXQH vQ PRG QHFHVDU DFWH GH RSXQHUH GHFL DFWH GH
FRPLVLXQHRQHUHVSHFWDUHDFWLY DKRW UkULLMXGHF WRUHúWL
3HQWUX H[LVWHQ D HOHPHQWXOXL PDWHULDO HVWH LQGLIHUHQW GDF vPSRWULYLUHD VH
SURGXFH FKLDU GH OD vQFHSXWXO H[HFXW ULL VDX vQ FXUVXO DFHVWHLD 1X FRQVWLWXLH
HOHPHQWPDWHULDODOLQIUDF LXQLLDFWHOHSRVWHULRDUHH[HFXW ULLWHUPLQDWH
ÌPSRWULYLUHD SULQ DFWH GH YLROHQ VDX GH DPHQLQ DUH OD H[HFXWDUHD KRW UkULL
FDUHSUHYHGHRP VXU GHVLJXUDQ FRQVWLWXLHLQIUDF LXQHDvQYDULDQWDGLQDUW
DOLQ&SHQvQWLPSFHVXVWUDJHUHDGHODH[HFXWDUHDXQRUDGLQWUHDFHVWHP VXUL
±DUWOLWFGúLJ&SHQ±FRQVWLWXLHYDULDQWDGHVSHFLHSUHY ]XW vQDUW
DOLQXOWLP&SHQ
ÌQ FH SULYHúWH KRW UkULOH SURQXQ DWH GH LQVWDQ D FLYLO vPSRWULYLUHD OD
H[HFXWDUHDORUFRQVWLWXLHHOHPHQWXOPDWHULDODOLQIUDF LXQLLvQYDULDQWDSUHY ]XW vQ
DOLQDODUW&SHQLQGLIHUHQWGDF HVWHRKRW UkUHSURQXQ DW vQWURDF LXQH
vQUHDOL]DUHDGHGUHSWXULVDXvQWURDF LXQHvQFRQVWDWDUHDGHGUHSWXUL
,QIUDF LXQHD SUHY ]XW vQ DUW & SHQ H[LVW úL vQ FD]XULOH vQ FDUH
I SWXLWRUXOVHvPSRWULYHúWHSULQDFWHGHYLROHQ VDXDPHQLQ DUHODH[HFXWDUHDXQHL
RUGRQDQ HSUHúHGLQ LDOHVDXDXQHLKRW UkULGHH[SHGLHQWvQWUXFkWúLDFHVWHDSRWULYLW
QRUPHORU SURFHGXUDOH VXQW FRQVLGHUDWH FD DYkQG WRDWH DWULEXWHOH XQHL KRW UkUL
MXGHF WRUHúWL
'DF vPSRWULYLUHDHVWHV YkUúLW ODH[HFXWDUHDXQHLKRW UkULMXGHF WRUHúWLFDUH
XOWHULRU D IRVW GHVILLQ DW FD XUPDUH D H[HUFLW ULL XQHL F L GH DWDF LQIUDF LXQHD
SUHY ]XW vQ DUW & SHQ YD VXE]LVWD vQ VDUFLQD FHOXL FH VD vPSRWULYLW OD
H[HFXWDUH vQWUXFkW WRDWH HOHPHQWHOH LQIUDF LXQLL HUDX vQWUXQLWH úL LQIUDF LXQHD GHFL
FRQVXPDW ODGDWDGHVILLQ ULLKRW UkULL
&KLDU GDF QX VH EXFXU GH SUH]XP LD UHV LXGLFDWD SUR YHULWDWH KDEHWXU vQ
GRFWULQ VD VXV LQXW F úL vQFKHLHULOH LQVWDQ HL GH MXGHFDW WUHEXLH V ILH
UHVSHFWDWHGDF VXQWH[HFXWRULLLDUQHUHVSHFWDUHDDFHVWRUDDWUDJHDSOLFDUHDDUW
& SHQ GH H[HPSOX vPSRWULYLUHD XQHL SHUVRDQH SULQ YLROHQ VDX DPHQLQ DUH OD
3XEOLFDW vQ02IQUGLQ
1LFROHWD,OLHVFXRSFLWYRO,9S
,GHPYRO,9S
*KHRUJKH' UkQJ úL'XPLWUX/XFLQHVFXvQ7HRGRU9DVLOLX'RUX3DYHO*HRUJH$QWRQLXùWHIDQ'DQHú
*KHRUJKH' UkQJ 'XPLWUX/XFLQHVFX9DVLOH3DSDGRSRO'XPLWUX&3RSHVFX9LUJLO5 PXUHDQX&RGXOSHQDO
URPkQFRPHQWDWúLDGQRWDW3DUWHDVSHFLDO YRO,,(GLWXUDùWLLQ LILF úL(QFLFORSHGLF %XFXUHúWLS
ÌQDFHODúLVHQV$YUDP)LOLSDú,QIUDF LXQLFRQWUDvQI SWXLULLMXVWL LHL(GLWXUD$FDGHPLHL%XFXUHúWLS
*KHRUJKH' UkQJ úL'XPLWUX/XFLQHVFXRSFLWYRO,,S
$YUDP)LOLSDúRSFLWSÌQVHQVFRQWUDU0LKDHOD3RSHVFX6LQWH] GHSUDFWLF MXGLFLDU vQOHJ WXU FX
XQHOHDVSHFWHDOHLQIUDF LXQLLGHQHUHVSHFWDUHDKRW UkULORUMXGHF WRUHúWL55'QUS
H[HFXWDUHD XQHL vQFKHLHUL SULQ FDUH VH GLVSXQH DUHVWDUHD SUHYHQWLY D XQHL
SHUVRDQH
&RGXULOH GH SURFHGXU FLYLO úL SHQDO LQGLF VLWXD LLOH vQ FDUH R KRW UkUH
MXGHF WRUHDVF GHILQLWLY VDXQHGHILQLWLY LQFOXVLYvQFKHLHULOHSUHPHUJ WRDUHHVWH
H[HFXWRULH
([HFXWDUHDWUHEXLHV SRDUWHDVXSUDEXQXOXLSUHY ]XWvQKRW UkUH'DF HDVH
IDFH DVXSUD DOWXL EXQ H[HFXWDUHD QX HVWH OHJDO úL RSXQHUHD OD H[HFXWDUH QX
FRQVWLWXLHLQIUDF LXQHDGHQHUHVSHFWDUHDKRW UkULORUMXGHF WRUHúWL
1X VH YRU PDL EXFXUD GH SURWHF LD LQVWLWXLW SULQ QRUPD GH LQFULPLQDUH
SUHY ]XW vQ DUW & SHQ KRW UkULOH MXGHF WRUHúWL QHH[HFXWDWH úL SHQWUX FDUH D
LQWHUYHQLWSUHVFULS LDGUHSWXOXLGHDFHUHH[HFXWDUHDVLOLW GHRDUHFHDFHVWHDvúLSLHUG
vQV úLSXWHUHDGHOXFUXMXGHFDW
(OHPHQWXO PDWHULDO DO LQIUDF LXQLL V YkUúLW vQ SULPD YDULDQW GH VSHFLH
SUHY ]XW vQDOLQDODUW&SHQFRQVW vQDF LXQHDGHvPSLHGLFDUHDXQHL
SHUVRDQHGHDIRORVLRORFXLQ RULRSDUWHGLQORFXLQ VDXLPRELOGH LQXWHvQED]D
XQHLKRW UkULMXGHF WRUHúWL
$F LXQHD GH vPSLHGLFDUH VH SRDWH UHDOL]D DWkW SULQ DFWH GH FRPLVLXQH H[
RFXSDUHD XQHL FDPHUH vQFXLHUHD XúLL DúH]DUHD XQRU REVWDFROH SULQ FDUH VH
vPSLHGLF S WUXQGHUHDvQORFXLQ VDXS U LOHFRPXQHDOHDFHVWHLDDOXQJDUHDGLQWUR
ORFXLQ FkWúLSULQDFWHGHRPLVLXQHH[QXHYDFXHD] OXFUXULOHGLQWURFDPHU
QXG FKHLDGHODXúDGHLQWUDUHvQLPRELOXOXQGHRSHUVRDQ GH LQHRORFXLQ
3RW FRQVWLWXL DFWH GH vPSLHGLFDUH D IRORVLULL ORFXLQ HL QX QXPDL DFWHOH
PDWHULDOH FL úL DOWH DFWH V YkUúLWH RUDO VDX vQ VFULV DWXQFL FkQG LQIUDF LXQHD VH
V YkUúHúWH SULQ DPHQLQ DUH 3HQWUX H[LVWHQ D HOHPHQWXOXL PDWHULDO HVWH QHFHVDU FD
vPSLHGLFDUHDIRORVLULLORFXLQ HLV ILHHIHFWLY PLMORDFHOHvQWUHEXLQ DWHvQDFHVWVFRS
WUHEXLQGV ILHLGRQHHDSWHFDSDELOHV UHDOL]H]HDFHDVWD
'HSRVHGDUHDXQHLSHUVRDQHGHWHUHQXOvQSRVHVLDF UXLDDLQWUDWFDXUPDUHD
H[HFXW ULL XQHL KRW UkUL MXGHF WRUHúWL FRQVWLWXLH LQIUDF LXQHD GH QHUHVSHFWDUHD
KRW UkULORU MXGHF WRUHúWL SUHY ]XW vQ DUW DOLQ & SHQ úL QX DFHHD GH
WXOEXUDUHGHSRVHVLHSUHY ]XW vQDUW&SHQGHSRVHGDUHDDYkQGORFGXS FH
SDUWHDY W PDW DIRVWSXV vQSRVHVLHÌQDVWIHOGHFD]XULDF LXQHDSHQDO VHSXQH
vQPLúFDUHGLQRILFLXLDUVHVL]DUHDLQVWDQ HLVHIDFHSULQUHFKL]LWRULX
ÌQFD]XOvQFDUHHOHPHQWXOPDWHULDOVHUHDOL]HD] SULQDFWHGHYLROHQ VDX
GH DPHQLQ DUH LQIUDF LXQHD VH V YkUúHúWH vQ DJUDYDQWD SUHY ]XW vQ DOLQ DO
DUW&SHQ
ÌPSLHGLFDUHD XQHL SHUVRDQH GH D IRORVL R ORFXLQ GH LQXW vQ ED]D XQHL
KRW UkULMXGHF WRUHúWLVHFRQVLGHU V YkUúLW SULQYLROHQ vQWRDWHFD]XULOHvQFDUH
VDIRORVLWIRU DIL]LF
Ä)RORVLQ D´ ORFXLQ HL DUH vQ WH[WXO DUW & SHQ vQ HOHVXO GH DIODUH vQ
SRVHVLHILLQGF QXPDLvQDFHVWHFD]VHSRDWHYRUELGHÄvPSLHGLFDUHD´IRORVLULLXQHL
VXSUDIH HGHORFXLWVSUHGHRVHELUHGHvPSLHGLFDUHDÄQRUPDOHLIRORVLQ H´DORFXLQ HL
DUW & SHQ vQ DFHVW XOWLP FD] WHUPHQXO ÄIRORVLQ ´ ILLQG vQWUHEXLQ DW vQ
VHQVXO OXL RELúQXLW GH IRORVLQ ÄQRUPDO ´ D ORFXLQ HL FRUHVSXQ] WRDUH XQXL WUDL
RELúQXLW
(OHPHQWXO PDWHULDO DO LQIUDF LXQLL V YkUúLW vQ D GRXD YDULDQW GH VSHFLH ±
DOLQ DO DUW & SHQ ± FRQVW vQ DF LXQHD GH QHUHVSHFWDUH D KRW UkULORU
3OHQXO76GvQU&'S
1LFROHWD,OLHVFXRSFLWYRO,9S
76VSGQU&'S
76VSGQU&'S
1LFROHWD,OLHVFXRSFLWYRO,9S
MXGHF WRUHúWLSULQVXVWUDJHUHDGHODH[HFXWDUHDP VXULORUGHVLJXUDQ SUHY ]XWHvQ
DUWOLWFGúLJ&SHQ
$F LXQHDGHÄVXVWUDJHUHGHODH[HFXWDUHD´DFHVWRUP VXULGHVLJXUDQ FRQVW
vQvQF OFDUHDREOLJD LHLGHDVHDE LQHGHODHIHFWXDUHDYUHXQXLDFWGLQFHOHLQWHU]LVH
SULQP VXULOHUHVSHFWLYH
6XVWUDJHUHD VH SRDWH UHDOL]D SULQ DFWH GH FRPLVLXQH úL XQHRUL SULQ DFWH GH
RPLVLXQHQHS U VLUHDORFDOLW LLvQFDUHHVWHLQWHU]LVDVHDIOD
3HQWUX H[LVWHQ D HOHPHQWXOXL PDWHULDO HVWH QHFHVDU FD VXVWUDJHUHD GH OD
H[HFXWDUHD P VXULORU GH VLJXUDQ V ILH FRPLV GH FHO VXSXV OD P VXUD GH
VLJXUDQ
&kQG VXVWUDJHUHD GH OD H[HFXWDUHD P VXULL GH VLJXUDQ VD UHDOL]DW SULQ
DF LXQLFDUHFRQVWLWXLHSULQHOHvQVHOHLQIUDF LXQLSHUVRDQDFDUHDvQF OFDWREOLJD LD
LPSXV SULQ KRW UkUH MXGHF WRUHDVF V YkUúHúWH XQ FXPXO GH LQIUDF LXQL DGLF
LQIUDF LXQHDSUHY ]XW vQDUWDOLQ&SHQvQFRQFXUVFXLQIUDF LXQHDSULQ
FDUH DFHDVWD VD V YkUúLW H[ X]XUSDUH GH FDOLW L RILFLDOH DUW & SHQ
H[HUFLWDUHI U GUHSWDXQHLSURIHVLLDUW&SHQIDOVvQGHFODUD LLVDXSULYLQG
LGHQWLWDWHDDUW&SHQ
&HULQ HHVHQ LDOH
/D LQIUDF LXQHD V YkUúLW vQ YDULDQWD WLS ± DOLQ DO DUW & SHQ ±
DF LXQHD GH vPSRWULYLUH OD H[HFXWDUHD XQHL KRW UkUL MXGHF WRUHúWL WUHEXLH V VH
UHDOL]H]HvQXUP WRDUHOHFRQGL LLFDUHFRQVWLWXLHFHULQ HHVHQ LDOH
D+RW UkUHDMXGHF WRUHDVF H[HFXWRULHV ILHH[HFXWDELO vQGUHSWúLvQIDSW
$JUHVDUHD RUJDQXOXL GH H[HFXWDUH D XQHL KRW UkUL MXGHF WRUHúWL FLYLOH vQ
VFRSXO vPSLHGLF ULL H[HFXW ULL QX FRQVWLWXLH LQIUDF LXQHD DQDOL]DW GDF KRW UkUHD
QXDIRVWLQYHVWLW FXIRUPXO H[HFXWRULH
&HULQ DHVHQ LDO QXHVWHvQGHSOLQLW GDF H[HFXWDUHDKRW UkULLHVWHVXVSHQGDW
VDX DPkQDW FD]XULOH GH VXVSHQGDUH úL DPkQDUH VXQW SUHY ]XWH vQ FRGXULOH GH
SURFHGXU FLYLO úLSHQDO
6 YkUúLUHDLQIUDF LXQLLGHQHUHVSHFWDUHDKRW UkULORUMXGHF WRUHúWLQXSRDWHIL
FRQFHSXW I U SUHH[LVWHQ DXQHLKRW UkULMXGHF WRUHúWLH[HFXWRULL
(VWHQHFHVDUGHFLvQSULPXOUkQGV H[LVWHRKRW UkUHMXGHF WRUHDVF &HULQ D
QX HVWH vQGHSOLQLW vQ FD]XO DOWRU DFWH SURFHGXUDOH GHFkW KRW UkULOH MXGHF WRUHúWL
H[RUGRQDQ DRUJDQXOXLGHXUP ULUHSHQDO VDXvQFD]XOXQRUKRW UkULGDWHGHDOWH
RUJDQH MXULVGLF LRQDOH GHFkW LQVWDQ HOH MXGHF WRUHúWL H[KRW UkULOH&RPLVLHLGH
$UELWUDMGHSHOkQJ &DPHUDGH&RPHU VDXDOHXQRUFRPLVLLGHGLVFLSOLQ HWF
6DH[SULPDWúLS UHUHDF KRW UkUHDVXVFHSWLELO GHH[HFXWDUHVLOLW SRDWH
V HPDQHúLGHODXQDOWRUJDQGHMXULVGLF LH
+RW UkUHDMXGHF WRUHDVF SRDWHSULYLRFDX] GHRULFHQDWXU FLYLO SHQDO
FRQWUDYHQ LRQDO HWF FkQG QHUHVSHFWDUHD KRW UkULL VH FRPLWH SULQ vPSRWULYLUH OD
H[HFXWDUHDHL±DOLQGLQDUW&SHQ±GDUQXSRDWHSULYLGHFkWFDX]HvQFDUH
VDGLVSXVDVXSUDGH LQHULLXQHLORFXLQ HFkQGQHUHVSHFWDUHDKRW UkULLVHV YkUúHúWH
SULQ vPSLHGLFDUHD IRORVLULL XQHL ORFXLQ H RUL SDUWH GLQWUR ORFXLQ VDX LPRELO ±
,GHPYRO,9S
&6-VSGQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSH
DQXO(GLWXUD-XULV$UJHVVLV&XUWHDGH$UJHúS
1LFROHWD,OLHVFXRSFLWYRO,9SÌQDFHODúLVHQV*KHRUJKH' UkQJ úL'XPLWUX/XFLQHVFXRSFLW
YRO ,, S 0 3RSHVFX 6LQWH] GH SUDFWLF MXGLFLDU vQ OHJ WXU FX XQHOH DVSHFWH DOH LQIUDF LXQLL GH
QHUHVSHFWDUHDKRW UkULORUMXGHF WRUHúWL55'QUS
&RQVWDQWLQ /XQJX ÌQFDGUDUHD MXULGLF D IDSWHORU SHQDOH V YkUúLWH FRQWUD RUJDQHORU GH H[HFXWDUH D
KRW UkULORU MXGHF WRUHúWL 55' QU S ÌQ DFHODúL VHQV 9DOHULX 6WRLFD &X SULYLUH OD LQIUDF LXQHD
FRPSOH[ GHQHUHVSHFWDUHDKRW UkULORUMXGHF WRUHúWLvQYDULDQWDSUHY ]XW vQDUWDOLQ&SHQ55'
QUS
DOLQGLQDUW&SHQVDXDOWHFDX]HSHQDOHvQFDUHVDXOXDWDQXPLWHP VXUL
GH VLJXUDQ FkQG QHUHVSHFWDUHD KRW UkULL FRQVW vQ VXVWUDJHUHD GH OD H[HFXWDUHD
DFHORUP VXUL±DOLQGLQDUW&SHQ
1XDUHLPSRUWDQ GDF I SWXLWRUXODI FXWFRQWHVWD LHDWkWDYUHPHFkWLQVWDQ D
QXDGLVSXVVXVSHQGDUHDH[HFXW ULL
'H DVHPHQHD FHULQ D HVHQ LDO QX HVWH UHDOL]DW FkQG vQ IDSW GLVSR]L LLOH
GLQWUR KRW UkUH QX VXQW VXVFHSWLELOH GH DGXFHUH OD vQGHSOLQLUH SULQ H[HFXWDUH
PDWHULDO H[ KRW UkUH FDUH UHVSLQJH DF LXQHD UHFODPDQWXOXL KRW UkUH FDUH
SURQXQ SHGHDSVDLQWHU]LFHULLXQRUGUHSWXUL
+RW UkUHD MXGHF WRUHDVF SULQ FDUH VH FRQVWDW FXPS UDUHD XQXL LPRELO FX
SUHFL]DUHDF HD LQHORFGHFRQWUDFWGHYkQ]DUHFXPS UDUHQXHVWHVXVFHSWLELO GH
SXQHUH vQ H[HFXWDUH &D DWDUH DF LXQHD H[HFXWRUXOXL MXGHF WRUHVF GH SXQHUH vQ
SRVHVLH D FHOXL FRQVWDWDW D IL FXPS U WRU HVWH vQ DIDUD OHJLL &HO SXV vQ SRVHVLH vQ
DVWIHO GH FRQGL LL QX GH LQH LPRELOXO vQ ED]D XQHL KRW UkUL MXGHF WRUHúWL úL vQ
FRQVHFLQ vPSLHGLFDUHD OXL GH D IRORVL LPRELOXO QX FRQVWLWXLH LQIUDF LXQHD GH
QHUHVSHFWDUHDKRW UkULLMXGHF WRUHúWLSUHY ]XW vQDUWDOLQúL&SHQ
EvPSRWULYLUHDODH[HFXWDUHDKRW UkULORUMXGHF WRUHúWLV ILHFRPLV SULQDFWH
GHYLROHQ VDXGHDPHQLQ DUH
1R LXQLOH GH DFWH GH YLROHQ úL GH DPHQLQ DUH DX vQ HOHVXO DU WDW FX RFD]LD
DQDOL]HLLQIUDF LXQLORUSUHY ]XWHvQDUW&SHQúLvQDUW&SHQ
&kQGvPSRWULYLUHDODH[HFXWDUHvPEUDF IRUPHPDLJUDYHGHFkWFHOHDU WDWHvQ
DUWDOLQ&SHQH[Y W P ULFDUHQHFHVLW vQJULMLULPHGLFDOHYDH[LVWDXQ
FRQFXUV GH LQIUDF LXQL vQWUH IDSWD SUHY ]XW vQ DUW DOLQ & SHQ úL
LQIUDF LXQHD SULQ FDUH VD V YkUúLW QHUHVSHFWDUHD KRW UkULORU MXGHF WRUHúWL H[
IDSWHOHSHQDOHSUHY ]XWHvQDUW&SHQ
ÌQWURDOW RSLQLHVHVXV LQHF SULQDFWHGHYLROHQ VHvQ HOHJHvQSULQFLSLX
WRW FHHD FH DOF WXLHúWH HOHPHQWXO PDWHULDO DO LQIUDF LXQLL GH ORYLUL VDX DOWH YLROHQ H
LQFOXVLY IRUPD DJUDYDW GLQ DUW DOLQ & SHQ GHRDUHFH OLPLWHOH SHGHSVHL
VWDELOLWHvQDUW&SHQVXQWDVWIHOSUHY ]XWHGHOHJLXLWRUvQFkWLQFOXGúLPD[LPXO
FRUHVSXQ] WRU DUW DOLQ & SHQ &RQGL LD HVHQ LDO WXWXURU DFHVWRU DFWH
PDWHULDOHV YkUúLWHGHI SWXLWRUHVWHDFHHDGHDSURGXFHÄVXIHULQ HIL]LFH´ÌQDFHDVW
FRQFHS LHSULQÄDPHQLQ DUH´VHvQ HOHJHFRQ LQXWXODUW&SHQ
2 VLPSO DILUPD LH GLQ SDUWHD XQHL SHUVRDQH F QX G YRLH V VH IDF
H[HFXWDUHD VDX F QX HVWH GH DFRUG FX DFHDVWD QX FRQVWLWXLH R vPSRWULYLUH OD
H[HFXWDUHD KRW UkULL MXGHF WRUHúWL vQ DFFHS LXQHD OHJLL SHQDOH 'DF H[HFXWRUXO
MXGHF WRUHVF LPSUHVLRQDW GH FHOH DILUPDWH QX PDL FRQWLQX H[HFXWDUHD FHO FH D
I FXW DILUPD LLOH DU WDWH QX V YkUúHúWH LQIUDF LXQHD SUHY ]XW vQ DUW & SHQ
GHRDUHFHvPSRWULYLUHDQXVDI FXWSULQDFWHGHYLROHQ VDXDPHQLQ DUH
1LFROHWD,OLHVFXRSFLWYRO,9S
76VSGQU&'S
1LFROHWD,OLHVFXRSFLWYRO,9S
&6- VS G QU &XUWHD 6XSUHP GH -XVWL LH %XOHWLQXO -XULVSUXGHQ HL &XOHJHUH GH GHFL]LL SH
DQXO (GLWXUD Ä3URHPD´ %DLD 0DUH S 1LFRULQD &ULúX 0DJUDRQ &RQVWDQWLQ &ULúX
-XULVSUXGHQ vQPDWHULHSHQDO DÌQDOWHL&XU LGH&DVD LHúL-XVWL LHFXU LGHDSHOúLWULEXQDOH(GLWXUD
-XULV$UJHVVLV&XUWHDGH$UJHúS
*KHRUJKH 'LDFRQHVFX vQ *KHRUJKH 'LDFRQHVFX &RQVWDQWLQ 'XYDF 'UHSW SHQDO 3DUWHD VSHFLDO 1RXO
&RGSHQDOYRO,(GLWXUD)XQGD LHL5RPkQLDGH0kLQH%XFXUHúWLS
*KHRUJKH'LDFRQHVFXRSFLWYRO,S
1LFROHWD,OLHVFXRSFLWYRO,9SÌQDFHODúLVHQV*KHRUJKH' UkQJ úL'XPLWUX/XFLQHVFXRSFLW
YRO,,S
$YUDP)LOLSDúRSFLWSÌQDFHODúLVHQV0DWHL%DVDUDEvQ0DWHL%DVDUDE/XFLD0ROGRYDQ9DOHU
6XLDQ'UHSWSHQDO3DUWHDVSHFLDO YRO,&OXM1DSRFDS
*KHRUJKH' UkQJ úL'XPLWUX/XFLQHVFXRSFLWYRO,,S
ÌPSRWULYLUHDODH[HFXWDUHDXQRUKRW UkULMXGHF WRUHúWLvQDOWHPRGXULGHFkWSULQ
DFWHGHYLROHQ VDXGHDPHQLQ DUHSRDWHFRQVWLWXLvQXQHOHFD]XULRDOW LQIUDF LXQH
H[DEDQGRQXOGHIDPLOLHSUHY ]XWvQDUW&SHQVDXQHUHVSHFWDUHDP VXULORU
SULYLQGvQFUHGLQ DUHDPLQRUXOXLSUHY ]XW vQDUW&SHQ
3HQWUXUHDOL]DUHDLQIUDF LXQLLOHJHDQXLPSXQHFDH[HFXWDUHDV ILIRVWHIHFWLY
vPSLHGLFDW 2UJDQXOGHH[HFXWDUHSRDWHUHXúLFXWRDW vPSRWULYLUHDV IDF WRWXúL
H[HFXWDUHDùLvQDFHVWFD]IDSWDGHvPSRWULYLUHFRQVWLWXLHLQIUDF LXQHDSUHY ]XW vQ
DUW&SHQGDF úLFHOHODOWHFRQGL LLGHLQFULPLQDUHVXQWvQGHSOLQLWH
F vPSRWULYLUHD OD H[HFXWDUHD KRW UkULL MXGHF WRUHúWL V ILH vQGUHSWDW
vPSRWULYDSHUVRDQHLFDUHDUHFDOLWDWHDGHRUJDQGHH[HFXWDUH
2UJDQH GH H[HFXWDUH D KRW UkULORU SHQDOH VXQW FHOH SUHY ]XWH GH DUW úL
XUP & SURF SHQ LDU RUJDQHOH GH H[HFXWDUH D KRW UkULORU FLYLOH VXQW H[HFXWRULL
MXGHF WRUHúWLSRWULYLWDUWúLGLQ/HJHDSULYLQGH[HFXWRULLMXGHF WRUHúWL
&RQVWLWXLH LQIUDF LXQHD GH QHUHVSHFWDUHD KRW UkULORU MXGHF WRUHúWL QX QXPDL
DFWHOH GH vPSRWULYLUH OD H[HFXWDUHD KRW UkULORU vQGUHSWDWH vPSRWULYD RUJDQHORU GH
H[HFXWDUHSURSULX]LVHFLúLFHOHvQGUHSWDWHFRQWUDSHUVRDQHORUFDUHGLQvQV UFLQDUHD
úLVXEVXSUDYHJKHUHDRUJDQHORUGHH[HFXWDUHH[HFXW RSHUD LXQLPDWHULDOHQHFHVDUH
H[HFXW ULL KRW UkULL H[ vQO WXUDUHD XQRU REVWDFROH GHPRO UL ULGLF UL GH JDUGXUL
DVWXS ULGHúDQ XUL
'DF DPHQLQ DUHDVDXYLROHQ HOHVXQWV YkUúLWHDVXSUDRUJDQXOXLGHH[HFXWDUH
GXS H[HFXWDUHD KRW UkULL GDU GLQ DFHDVW FDX] DWXQFL IDSWD YD FRQVWLWXL
LQIUDF LXQHDGHXOWUDM
3HQWUXUHDOL]DUHDODWXULLRELHFWLYHDLQIUDF LXQLLvQFHDGHDGRXDYDULDQW ±
DOLQ DO DUW & SHQ ± HVWH QHFHVDU V ILH vQGHSOLQLWH XUP WRDUHOH FHULQ H
HVHQ LDOH
DÌPSLHGLFDUHDGHDIRORVLWUHEXLHV SULYHDVF RORFXLQ RULRSDUWHGLQWUR
ORFXLQ VDXLPRELO
3ULQ ÄORFXLQ ´ VH vQ HOHJH DFHD FRQVWUXF LH DOF WXLW GLQ XQD VDX PDL PXOWH
FDPHUH GH ORFXLW FX GHSHQGLQ HOH GRW ULOH úL XWLOLW LOH QHFHVDUH FDUH VDWLVIDFH
FHULQ HOHGHORFXLWDOHXQHLSHUVRDQHVDXIDPLOLLQXúLVXSUDID DORFDWLY FXDOW
GHVWLQD LH GHFkW DFHHD GH ORFXLW DGLF VXSUDID D QHFHVDU GHVI úXU ULL HFRQRPLFH
VRFLDOFXOWXUDOH DGPLQLVWUDWLYH úL GHSHQGLQ HOH DIHUHQWH FXP DU IL ELURXULOH
JDUDMHOH VXSUDID D ORFDWLY IRORVLW SHQWUX DFWLYLW L FRPHUFLDOH LQGXVWULDOH úL
SUHVW ULGHVHUYLFLLDWHOLHUHDOHDUWLúWLORUSODVWLFLúLDOHPHVHULDúLORU
3ULQ ÄSDUWH GLQWUR ORFXLQ ´ VH vQ HOHJH XQD VDX PDL PXOWH FDPHUH FDUH
IRUPHD] VXSUDID D ORFXLELO DGLF DFHOH FDPHUH GHWHUPLQDWH FD DWDUH SULQ
FRQVWUXF LDORUFDUHVHUYHVFSHQWUXORFXLWLQFOXVLYKROXULOHúLFDPHUHOHGHWUHFHUH
SUHFXPúLXQDRULPDLPXOWHvQF SHULFDUHGHVHUYHVFVXSUDID DORFXLELO DGLF FHOH
FDUHIRUPHD] GHSHQGLQ HOH
1LFROHWD,OLHVFXRSFLWYRO,9S
*KHRUJKH' UkQJ úL'XPLWUX/XFLQHVFXRSFLWYRO,,S
/HJHD QU SXEOLFDW vQ 0 2I QU GLQ PRGLILFDW úL FRPSOHWDW SULQ 28*
QU SXEOLFDW vQ 0 2I QU GLQ DSUREDW SULQ /HJHD QU SXEOLFDW vQ 0 2I
QUGLQ28*QUSXEOLFDW vQ02IQUGLQDSUREDW FXPRGLILF ULúL
FRPSOHW UL SULQ /HJHD QU SXEOLFDW vQ 0 2I QU GLQ 2* QU SXEOLFDW vQ
0 2I QU GLQ DSUREDW FX PRGLILF UL úL FRPSOHW UL SULQ /HJHD QU SXEOLFDW vQ
02IQUGLQ
1LFROHWD,OLHVFXRSFLWYRO,9SÌQDFHODúLVHQV7M+XQHGRDUDGSQU55'QU
S $YUDP )LOLSDú ,QIUDF LXQL FRQWUD vQI SWXLULL MXVWL LHL (GLWXUD $FDGHPLHL %XFXUHúWL
S
/XGRYLF%LURRSFLWS
$UWGLQ/HJHDORFXLQ HLQUSXEOLFDW vQ02IQUGLQUHSXEOLFDW vQ02I
QUGLQFXPRGLILF ULOHXOWHULRDUH
ÌQ HOHVXO QR LXQLL GH ÄLPRELO´ vQ VHQVXO DUW & SHQ UHSUH]LQW R
FKHVWLXQHFRQWURYHUVDW
3ULQÄSDUWHGLQWUXQLPRELO´VHvQ HOHJS U LOHIRORVLWHvQFRPXQVDXLQGLYLGXDO
DOH XQXL LPRELO VDX DOH XQXL DSDUWDPHQW FX PDL PXOWH ORFXLQ H H[ VF UL SRG
VS O WRULHSLYQL FXORDUPDJD]LHWHUDVHHWF1XIDFRELHFWXOGLVSR]L LHLGLQDUW
&SHQFXU LOHúLJU GLQLOHDIHUHQWHVXSUDIH HLORFDWLYHLQGLIHUHQWGHGHVWLQD LH
'XS RDOW RSLQLHWHUPHQXOGHÄLPRELO´DUGHVHPQDRULFHIHOGHLPRELOvQ
VHQVGHEXQQHPLúF WRULQFOXVLYWHUHQXOFXUWHDJU GLQDDIHUHQW FO GLULORU
1R LXQHDGHÄLPRELO´IRORVLW GHOHJLXLWRUvQUHGDFWDUHDDUW&SHQDUH
vQ HOHVXOSHFDUHGUHSWXOFLYLOLODFRUG DUW&FLY
E/RFXLQ DVDXSDUWHDGLQWURORFXLQ VDXLPRELOV ILHGH LQXW vQED]DXQHL
KRW UkULMXGHF WRUHúWL
&HULQ D HVHQ LDO QX HVWH vQGHSOLQLW vQ FD]XO XQHL ORFXLQ H VDX S U L GLQWUR
ORFXLQ RUL LPRELO GH LQXWH OHJDO GDU QX vQ ED]D XQHL KRW UkUL MXGHF WRUHúWL 'H
DVHPHQHD QLFL vQ FD]XO SHUVRDQHL F UHLD L VD UHSDUWL]DW R ORFXLQ RUL R SDUWH
GLQWUR ORFXLQ RUL GLQWUXQ LPRELO SH ED]D XQXL RUGLQ GH UHSDUWL LH VDX D XQXL
FRQWUDFWGHvQFKLULHUHúLQLFLvQFD]XOSHUVRDQHLFDUHGH LQHORFXLQ DvQED]DDFWXOXL
GHSURSULHWDWHQXHVWHvQGHSOLQLW FHULQ DSUHY ]XW vQDUWDOLQ&SHQ
3HQWUXUHDOL]DUHDODWXULLRELHFWLYHDLQIUDF LXQLLvQFHDGHDWUHLDYDULDQW ±
DOLQ DO DUW & SHQ ± HVWH QHFHVDU FD vPSLHGLFDUHD IRORVLULL XQHL ORFXLQ H
VDXDXQHLS U LGLQWURORFXLQ VDXLPRELOV ILHUHDOL]DW SULQDPHQLQ DUHVDXSULQ
DFWHGHYLROHQ 7HUPHQLLGHDPHQLQ DUHúLGHDFWHGHYLROHQ DXDFHODúLvQ HOHVFX
FHLDU WD LvQYDULDQWDGHED] DLQIUDF LXQLLDQDOL]DWH
1XHVWHvQGHSOLQLW DFHDVW FHULQ FkQGLQFXOSDWXOUHIX] ±I U DvQWUHEXLQ D
YLROHQ DVDXDPHQLQ DUHD±V SHUPLW H[HFXWRUXOXLMXGHF WRUHVFV SXQ vQSRVHVLH
SHUVRDQD Y W PDW DVXSUD XQXL LPRELO SURSULHWDWHD VD vQ H[HFXWDUHD XQHL KRW UkUL
MXGHF WRUHúWL ÌQ FD]XO FkQG LQFXOSDWXO VH DIO vQ SRVHVLD XQXL WHUHQ DWULEXLW DOWHL
SHUVRDQHSULQKRW UkUHFLYLO QHSXV vQH[HFXWDUHúLFXOHJHURDGHOHDFHVWXLDHOQX
FRPLWHLQIUDF LXQHDSUHY ]XW vQDUWDOLQ&SHQúLQLFLSHDFHHDGHIXUW
GHRDUHFH SHQWUX DPEHOH LQIUDF LXQL VH FHUH FD SHUVRDQD Y W PDW V VH DIOH vQ
SRVHVLDVDXGHWHQ LDEXQXOXLFHHDFHQXHVWHFD]XOvQVLWXD LDPHQ LRQDW
&HDGHDSDWUDYDULDQW ±DOLQDODUW&SHQ±FRQ LQHvQODWXUDHL
RELHFWLY FD FHULQ HVHQ LDO FRQGL LD SULYLWRDUH OD IHOXO P VXULORU GH VLJXUDQ
FDUHWUHEXLHV IDF RELHFWXODF LXQLLGHVXVWUDJHUH
$FHVWH P VXUL GH VLJXUDQ VXQW LQWHU]LFHUHD GH D RFXSD R IXQF LH VDX GH D
H[HUFLWDRSURIHVLHRPHVHULHRULRDOW RFXSD LH±DUWOLWF&SHQúLDUW
& SHQ LQWHU]LFHUHD GH D VH DIOD vQ DQXPLWH ORFDOLW L ± DUW OLW G & SHQ úL
DUW & SHQ úL LQWHUGLF LD GH D UHYHQL vQ ORFXLQ D IDPLOLHL SH R SHULRDG
GHWHUPLQDW ±DUWOLWJ&SHQúLDUW&SHQ
1LFROHWD,OLHVFXRSFLWYRO,9S
*HRUJH1DYURW&XSULYLUHODFRQ LQXWXOLQIUDF LXQLLGHQHUHVSHFWDUHDKRW UkULORUMXGHF WRUHúWL55'
QUSÌQDFHODúLVHQV(XJHQLX&KHOHQRW ODGQUD76VS55'QUS
76VSGQU&'S76VSGQU55'QUS2FWDYLDQ
/RJKLQ7XGRUHO7RDGHU'UHSWSHQDOURPkQ3DUWHDVSHFLDO HGL LDD,9DUHY ]XW úLDG XJLW &DVDGHHGLWXU úL
SUHV ùDQVD65/%XFXUHúWLS&HLGRLUHSXWD LSHQDOLúWLDUDW F GDF SULQLPRELOVDUvQ HOHJHQXPDL
VXSUDID DORFDWLY QXúLRULFHDOWLPRELOVDUDMXQJHQHMXVWLILFDWODUHVWUkQJHUHDVIHUHLGHDSOLFDUHDWH[WXOXLIDSWH
GHvPSLHGLFDUHDIRORVLQ HLFXXQHYLGHQWSHULFROVRFLDOU PkQkQGQHVDQF LRQDWH
7M6XFHDYDGSQU55'QUS
1LFROHWD,OLHVFXRSFLWYRO,9S
&6-VSGQU9DOHULX%RJG QHVFX/HRQLGD3DVWRU$OH[H&RVWDFKH,YDQRY$QWRQ3DQGUHD
(XJHQLD3RSD*KHRUJKH8JOHDQ(OHQD&HDQ,RVLI,RQHVFX9LRULFD5DGX5R]DOLD/D] U3UREOHPHGHGUHSWGLQ
GHFL]LLOH&XU LL6XSUHPHGH-XVWL LH(GLWXUD2UL]RQWXUL%XFXUHúWLS'UQUS
&HULQ D HVHQ LDO HVWH vQGHSOLQLW FkQG VXVWUDJHUHD SULYHúWH XQD GLQ DFHVWH
P VXULGHVLJXUDQ
'DF VXVWUDJHUHDGHODH[HFXWDUHDDFHVWRUP VXULGHVLJXUDQ VDI FXWSULQ
DPHQLQ DUH VDX YLROHQ IDSWD YD IL vQFDGUDW vQ GLVSR]L LLOH GLQ DOLQ úL QX vQ
FHOH GLQ DOLQ 6XVWUDJHUHD GH OD H[HFXWDUHD VWDELOLW SULQ KRW UkUH MXGH
F WRUHDVF FHORUODOWH P VXUL GH VLJXUDQ SUHY ]XWH vQ DUW & SHQ QX
FRQVWLWXLH LQIUDF LXQHD GH QHUHVSHFWDUH D KRW UkULORU MXGHF WRUHúWL SUHY ]XW vQ
DUW & SHQ GHFkW vQ FD]XO vQ FDUH VXVWUDJHUHD DU vPEU FD IRUPD vPSRWULYLULL
SULQYLROHQ VDXDPHQLQ DUHV YkUúLWHDVXSUDRUJDQXOXLGHH[HFXWDUHÌQDFHDVW GLQ
XUP VLWXD LH IDSWD YD IL vQFDGUDW vQ DUW DOLQ úL QX vQ DUW DOLQ
&SHQ
0 VXUDGHVLJXUDQ WUHEXLHVWDELOLW LQWXLWXSHUVRQDH'DF HDVHDGUHVHD]
XQXL QXP U QHGHWHUPLQDW GH SHUVRDQH QX YD IL RFURWLW SULQ GLVSR]L LLOH DUW
DOLQ&SHQ
$ FLQFHD YDULDQW D LQIUDF LXQLL DQDOL]DWH HVWH SUHY ]XW vQ DOLQ XOWLP úL
FRQVW vQQHUHVSHFWDUHDKRW UkULORUMXGHF WRUHúWLSULQQHH[HFXWDUHDFXUHDFUHGLQ
DSHGHSVHORUFRPSOHPHQWDUHDSOLFDWHSHUVRDQHORUMXULGLFHSUHY ]XWHvQDUWúL
DUWDOLQ&SHQ
8UPDUHD LPHGLDW D LQIUDF LXQLL GH QHUHVSHFWDUHD KRW UkULORU MXGHF WRUHúWL
FRQVW vQFUHDUHDXQHLVW ULGHSHULFROSHQWUXGHVI úXUDUHDQRUPDO DDFWLYLW LLGH
vQI SWXLUHDMXVWL LHLSULQVXEPLQDUHDDXWRULW LLKRW UkULORUMXGHF WRUHúWL
ÌQFD]XOFkQGVDXFRPLVDFWHGHYLROHQ ±DUWDOLQúL&SHQ
GDF VDX SURGXV Y W P UL FDUH QHFHVLW vQJULMLUL PHGLFDOH DFHVWHD YRU FRQVWLWXL
XUP ULDGLDFHQWHúLYDH[LVWDXQFRQFXUVGHLQIUDF LXQLvQWUHLQIUDF LXQHDSUHY ]XW
vQDUW&SHQúLLQIUDF LXQLOHSUHY ]XWHvQDUW&SHQ&SHQVDX
DOLQ&SHQ
/HJ WXUD GH FDX]DOLWDWH vQWUH DF LXQHD FDUH FRQVWLWXLH HOHPHQWXO PDWHULDO DO
LQIUDF LXQLL úL XUPDUHD LPHGLDW WUHEXLH V H[LVWH úL UH]XOW LPSOLFLW GLQ
PDWHULDOLWDWHDIDSWHLV YkUúLWHH[UH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LHVSHFLILF IDSWHLGHQHUHVSHFWDUHDKRW UkULORUMXGHF WRUHúWL
HVWHLQWHQ LDGLUHFW VDXLQGLUHFW ([LVW LQWHQ LHFkQGI SWXLWRUXOúLDGDWVHDPD
F SULQ DF LXQHD SH FDUH R V YkUúHúWH VH vPSRWULYHúWH OD H[HFXWDUHD XQHL KRW UkUL
MXGHF WRUHúWL VDX vPSLHGLF R SHUVRDQ V IRORVHDVF R ORFXLQ RUL SDUWH GLQWUR
$YUDP)LOLSDúRSFLWS
,GHPS
1LFROHWD,OLHVFXRSFLWYRO,9S
1LFROHWD ,OLHVFX RS FLW YRO ,9 S ÌQ DFHODúL VHQV 2OLYLX $XJXVWLQ 6WRLFD 'UHSW SHQDO 3DUWH
VSHFLDO (GLWXUD 'LGDFWLF úL 3HGDJRJLF %XFXUHúWL S *KHRUJKH ' UkQJ úL 'XPLWUX /XFLQHVFX
RSFLWYRO,,S$YUDP)LOLSDú,QIUDF LXQLFRQWUDvQI SWXLULLMXVWL LHL(GLWXUD$FDGHPLHL%XFXUHúWL
S$YUDP)LOLSDúvQ2FWDYLDQ/RJKLQ$YUDP)LOLSDú'UHSWSHQDO3DUWHDVSHFLDO HGL LHUHYL]XLW &DVDGH
HGLWXU úL SUHV ùDQVD 65/ %XFXUHúWL S , *KHRUJKLX %U GHW 'UHSW SHQDO 3DUWHD VSHFLDO YRO ,
(GLWXUD(XURSD1RYD%XFXUHúWLS,RDQ0ROQDUvQ*KHRUJKH1LVWRUHDQX9DVLOH'REULQRLX$OH[DQGUX
%RURL ,OLH 3DVFX ,RDQ 0ROQDU 9DOHULF /D] U 'UHSW SHQDO 3DUWHD VSHFLDO (GLWXUD (XURSD 1RYD %XFXUHúWL
S ,RDQD 9DVLX 'UHSW SHQDO URPkQ SDUWHD VSHFLDO YRO ,, (GLWXUD $OEDVWU &OXM 1DSRFD
S 2FWDYLDQ /RJKLQ 7XGRUHO 7RDGHU RS FLW S 1LFRODH &RQHD vQ 9DVLOH 'REULQRLX 1LFRODH &RQHD
&LSULDQ5DXO5RPL DQ&DPLO7 Q VHVFX1RUHO1HDJX0D[LP'REULQRLX'UHSWSHQDO3DUWHDVSHFLDO YRO,,
/XPLQD/H[%XFXUHúWLS$OH[DQGUX%RURL*KHRUJKH1LVWRUHDQX'UHSWSHQDO3DUWHDVSHFLDO HGL LD
D,,,D(GLWXUD$OO%HFN%XFXUHúWLS+RULD'LDFRQHVFX'UHSWSHQDO3DUWHDVSHFLDO YRO,,HGL LDD
D (GLWXUD $OO %HFN %XFXUHúWL S $YUDP )LOLSDú vQ &RVWLF %XODL $YUDP )LOLSDú &RQVWDQWLQ
0LWUDFKH,QVWLWX LLGHGUHSWSHQDO&XUVVHOHFWLYSHQWUXH[DPHQXOGHOLFHQ (GLWXUDWUHLHGL LDD,,,DUHYL]XLW úL
DG XJLW %XFXUHúWLS
ORFXLQ VDXLPRELOGH LQXWHvQED]DXQHLKRW UkULMXGHF WRUHúWLRULVHVXVWUDJHGHOD
H[HFXWDUHD P VXULL GH VLJXUDQ SUHY ]XW vQ DUW OLW F G úL J & SHQ úL D
SUHY ]XW UH]XOWDWXO DF LXQLL VDOH DGLF FUHDUHD XQHL VW UL GH SHULFRO SHQWUX
vQI SWXLUHD MXVWL LHL UH]XOWDW SH FDUH OD XUP ULW LQWHQ LH GLUHFW VDX D F UXL
SURGXFHUHDDFFHSWDWRLQWHQ LHLQGLUHFW
([LVW úLS UHUHDU PDV L]RODW F QHUHVSHFWDUHDKRW UkULORUMXGHF WRUHúWL
QXSRDWHILFRPLV GHFkWFXLQWHQ LDGLUHFW
)DSWDV YkUúLW GLQFXOS QXFRQVWLWXLHLQIUDF LXQH
6FRSXOúLPRELOXOIDSWHLQXLQIOXHQ HD] H[LVWHQ DLQIUDF LXQLLGDUGHDFHVWHD
VHYD LQHvQV VHDP ODLQGLYLGXDOL]DUHDUHDF LXQLLUHSUHVLYH
)RUPH6DQF LXQL
)RUPH 1HUHVSHFWDUHD KRW UkULORU MXGHF WRUHúWL ILLQG R LQIUDF LXQH FRPLVLY
GHH[HFX LHOHQW HVWHVXVFHSWLELO GHDSDUFXUJHID]HOHRELúQXLWHGHGHVI úXUDUHD
XQHLDFWLYLW LLQIUDF LRQDOHDFWHOHSUHSDUDWRULLWHQWDWLYDFRQVXPDUHD
$FWHOH SUHSDUDWRULL úL WHQWDWLYD VXQW SRVLELOH GDU QX VXQW LQFULPLQDWH &kQG
DF LXQHDGHQHUHVSHFWDUHDKRW UkULLMXGHF WRUHúWLHVWHV YkUúLW DFWHOHSUHSDUDWRULL
HIHFWXDWH GH DOW SHUVRDQ GHFkW DXWRUXO SRW GHYHQL HYHQWXDO DFWH GH FRPSOLFLWDWH
DQWHULRDU ODV YkUúLUHDLQIUDF LXQLL
,QIUDF LXQHD VH FRQVXP GXS FD] vQ PRPHQWXO V YkUúLULL SULPXOXL DFW GH
vPSRWULYLUH SULQ YLROHQ VDX DPHQLQ DUH OD H[HFXWDUHD XQHL KRW UkUL MXGHF WRUHúWL
VDXvQPRPHQWXOvPSLHGLF ULLHIHFWLYHDIRORVLULLORFXLQ HLRULvQPRPHQWXOvQFDUH
VDSURGXVVXVWUDJHUHDGHODH[HFXWDUHDP VXULLGHVLJXUDQ SUHY ]XWHvQDUW
OLWFGúLJ&SHQ
1HUHVSHFWDUHD KRW UkULORU MXGHF WRUHúWL HVWH R LQIUDF LXQH PRPHQWDQ
LQVWDQWDQHHQXFRQWLQX
(SXL]DUH$FWLYLWDWHDLQIUDF LRQDO GHQHUHVSHFWDUHDKRW UkULORUMXGHF WRUHúWL
VHSRDWHSUHOXQJLúLGXS FRQVXPDUHDLQIUDF LXQLLFD]vQFDUHIDSWDYDF S WDXQHRUL
FDUDFWHUXO GH LQIUDF LXQH FRQWLQX 5HSHWDUHD IDSWHL vQ ED]D DFHOHLDúL UH]ROX LL
LQIUDF LRQDOHFRQIHU LQIUDF LXQLLIRUPDFRQWLQXDW úLDWUDJHDSOLFDUHDGLVSR]L LHLGLQ
DUWDOLQ&SHQ
6DQF LXQL 3HQWUX YDULDQWD GH ED] SULPD PRGDOLWDWH QRUPDWLY SHGHDSVD
HVWHvQFKLVRDUHDOXQLODDQLLDUvQLSRWH]DFRPLWHULLIDSWHLSULQDFWHGHYLROHQ
DGRXDPRGDOLWDWHQRUPDWLY SHGHDSVDHVWHvQFKLVRDUHDGHODXQXODDQL
ÌQYDULDQWDGHVSHFLHSHGHDSVDSUHY ]XW GHOHJHHVWHvQFKLVRDUHDGHODOXQL
ODDQLVDXDPHQGD
'DF IDSWD SUHY ]XW vQ DOLQ VH FRPLWH SULQ DPHQLQ DUH SHGHDSVD HVWH
vQFKLVRDUHDGHODOXQLODDQLLDUGDF VDV YkUúLWSULQDFWHGHYLROHQ SHGHDSVD
HVWHvQFKLVRDUHDGHODODDQL
ÌQLSRWH]DGHLQFULPLQDUHSUHY ]XW vQDOLQSHGHDSVDHVWHvQFKLVRDUHDGH
ODROXQ ODOXQLVDXDPHQG
ÌQ FD]XO IDSWHL SUHY ]XWH vQ DOLQ SHGHDSVD SUHY ]XW GH OHJH SHQWUX
SHUVRDQDIL]LF HVWHvQFKLVRDUHDGHODOXQLODXQDQVDXDPHQGD
0DWHL %DVDUDE vQ 0DWHL %DVDUDE /XFLD 0ROGRYDQ 9DOHU 6XLDQ 'UHSW SHQDO 3DUWHD VSHFLDO YRO ,
&OXM1DSRFDS
76FROSHQGQU/3QUSÌQDFHODúLVHQV7UHJ6XFHDYDGSQU
55' QU S *KHRUJKH ' UkQJ úL 'XPLWUX /XFLQHVFX RS FLW YRO ,, S 2OLYLX $XJXVWLQ
6WRLFDRSFLWSÌQLSRWH]DGHLQFULPLQDUHSUHY ]XW vQDUWDOLQUHJUHWDWXOSURIHVRU2OLYLX$XJXVWLQ
6WRLFDDFRQVLGHUDWIDSWDFDILLQGFRQWLQX
1HUHVSHFWDUHD KRW UkULORU MXGHF WRUHúWL FRPLV GH R SHUVRDQ MXULGLF vQ
RULFDUH GLQ PRGDOLW LOH SUHY ]XWH vQ DUW & SHQ VH VDQF LRQHD] FX DPHQGD
FXSULQV vQWUHOHLúLOHLSRWULYLWDUWDOLQ&SHQ
5( ,1(5($6$8',6758*(5($'(Ì16&5,685,
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDODOLQIUDF LXQLLGHUH LQHUHVDXGLVWUXJHUHGHvQVFULVXUL
vOFRQVWLWXLHUHOD LLOHVRFLDOHDF URUH[LVWHQ HVWHRFURWLW SULQDS UDUHDvQI SWXLULL
MXVWL LHLvPSRWULYDIDSWHORULQFULPLQDWHvQDUW&SHQ
)DSWD GH UH LQHUH VDX GH GLVWUXJHUH GH vQVFULVXUL FkQG SULYHúWH XQ vQVFULV vQ
FDUHVXQWVWDELOLWHGUHSWXULDOHVWDWXOXLURPkQvQUDSRUWFXRSXWHUHVWU LQ FRQVWLWXLH
LQIUDF LXQHDGHFRPSURPLWHUHDXQRULQWHUHVHGHVWDWSUHY ]XW vQDUW&SHQ
DO F UHL RELHFW MXULGLF VSHFLDO SUHHPLQHQW HVWH DS UDUHD VLJXUDQ D VWDWXOXL
vQI SWXLUHDMXVWL LHLILLQGDS UDW QXPDLvQVHFXQGDUvQDFHVWFD]
2ELHFWXO PDWHULDO DO LQIUDF LXQLL SUHY ]XW vQ DUW & SHQ vO FRQVWLWXLH
vQVFULVXULOHHPLVHGHXQRUJDQGHXUP ULUHSHQDO GHRLQVWDQ GHMXGHFDW VDXGH
XQDOWRUJDQGHMXULVGLF LHVDXvQVFULVXULOHGHVWLQDWHXQXLDGLQWUHDFHVWHRUJDQH
6XQW FRQVLGHUDWH vQVFULVXUL vQ VHQVXO DUW & SHQ QX QXPDL H[HPSODUHOH
RULJLQDOH FL úL FRSLLOH DFHVWRUD FD úL PDQXVFULVHOH 1X IDF SDUWH GLQ DFHDVW
FDWHJRULH vQVFULVXULOH QRWDULDOH GHRDUHFH QX VXQW HPLVH GH XQ RUJDQ GH MXULVGLF LH
VDX vQVFULVXULOH IRORVLWH GH RUJDQHOH MXGLFLDUH FDUH H[SULP VSHFLILFXO DFWLYLW LL
DFHVWRUDGDUQXVHUYHVFODVROX LRQDUHDXQHLDQXPLWHFDX]H
7UHEXLH SUHFL]DW IDSWXO F QX WUHEXLH FRQIXQGDW VXE DFHVW DVSHFW
LQIUDF LXQHDDQDOL]DW FXFHDSUHY ]XW vQDUW&SHQ
,QIUDF LXQHDSUHY ]XW vQDUW&SHQHVWHRLQIUDF LXQHFRQWUDDXWRULW LL
DO F UHL RELHFW PDWHULDO vO FRQVWLWXLH RULFH vQVFULV FDUH VH DIO vQ S VWUDUHD RUL
GH LQHUHDXQXLRUJDQVDXDXQHLLQVWLWX LLGHVWDWRULDXQHLDOWHXQLW LSUHY ]XWHvQ
DUW&SHQFXH[FHS LDvQVFULVXULORUHPLVHGHXQRUJDQGHXUP ULUHSHQDO GH
R LQVWDQ GH MXGHFDW VDX GH XQ DOW RUJDQ GH MXULVGLF LH RUL GHVWLQDWH DFHVWRUD
'LVWUXJHUHDDFHVWRUGLQXUP vQVFULVXULRULvPSLHGLFDUHDvQRULFHPRGFDXQvQVFULV
GHVWLQDWXQXLDGLQWUHRUJDQHOHDU WDWHV DMXQJ ODDFHVWHDFkQGDVWIHOGHvQVFULVXUL
VXQWQHFHVDUHVROX LRQ ULLXQHLFDX]HUHSUH]LQW LQIUDF LXQHDSUHY ]XW vQDUW
& SHQ úL FRQVWLWXLH R LQIUDF LXQH FDUH vPSLHGLF vQI SWXLUHD MXVWL LHL &D DWDUH
GLVWUXJHUHDXQRUSURFHVHYHUEDOHGHFRQVWDWDUHDXQXLDFFLGHQWUXWLHUúLDSUREHORU
ELRORJLFHUHFROWDWHSHQWUXDQDOL]HVHvQFDGUHD] vQSUHYHGHULOHDUW&SHQúLQX
vQFHOHGLQDUW&SHQ
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUDOLQIUDF LXQLLGHUH LQHUHVDXGLVWUXJHUHGH
vQVFULVXULSRDWHILRULFHSHUVRDQ LQGLIHUHQWGDF DUHYUHXQUROvQFDX]DUHVSHFWLY
&DOLWDWHD SH FDUH DU DYHDR VXELHFWXO DFWLY QHPLMORFLW YD SXWHD IL XQHRUL R
vPSUHMXUDUHDJUDYDQW
1LFROHWD ,OLHVFX vQ 9LQWLO 'RQJRUR] 6LHJIULHG .DKDQH ,RQ 2DQFHD ,RVLI )RGRU 1LFROHWD ,OLHVFX
&RQVWDQWLQ %XODL 5RGLFD 6W QRLX 9LFWRU 5RúFD ([SOLFD LL WHRUHWLFH DOH &RGXOXL SHQDO URPkQ 3DUWHD VSHFLDO
YRO,9(GLWXUD$FDGHPLHL5RPkQH%XFXUHúWLS
Ì&&-VSGQU/LGLD% UEXOHVFX$QWRQ3DQGUHD,RDQ*ULJD9LFWRU9LFHQ LX3DúFD&DPHQL
$GLQD 9O VFHDQX ÌQDOWD &XUWH GH &DVD LH úL -XVWL LH -XULVSUXGHQ D 6HF LHL SHQDOH SH DQXO (GLWXUD
+DPDQJLX%XFXUHúWLS
&kQGI SWXLWRUXOHVWHRSHUVRDQ FXDWULEX LLGHRUJDQGHXUP ULUHSHQDO VDX
R DOW SHUVRDQ FX DWULEX LL GH MXULVGLF LH RUL IXQF LRQDU SXEOLF LDU IDSWD HVWH
V YkUúLW vQH[HUFL LXODWULEX LLORUVDOHGHVHUYLFLXIDSWDYDFRQVWLWXLúLRLQIUDF LXQH
GHVHUYLFLXDUW&SHQVDXDUW&SHQ
6XELHFWDFWLYDODFHVWHLLQIUDF LXQLSRDWHILúLRSHUVRDQ MXULGLF vQFRQGL LLOH
úLFXOLPLW ULOHSUHY ]XWHvQDUW&SHQ
3DUWLFLSD LD SHQDO HVWH SRVLELO vQ WRDWH IRUPHOH VDOH FRDXWRUDW LQVWLJDUH
FRPSOLFLWDWH
6XELHFWXOSDVLYJHQHUDOHVWHVWDWXOFDWLWXODUDOYDORULLVRFLDOHRFURWLWH
,QIUDF LXQHDSRDWHDYHDúLXQVXELHFWSDVLYVHFXQGDUDGLDFHQWúLHYHQWXDOúL
DQXPHRSHUVRDQ IL]LF VDXMXULGLF DWLQV vQLQWHUHVHOHVDOHILHSULQDFHHDF HVWH
OLSVLWGHXQDFWFXYDORDUHPDWHULDO SUREDWRULHGHRVHELW ILHSHQWUXF RUJDQXOGH
MXULVGLF LH OLSVLW GH vQVFULVXO UH LQXW VDX GLVWUXV D GDW R VROX LH QHGUHDSW FDUH LD
FDX]DWXQSUHMXGLFLX
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO )DSWD GH UH LQHUH VDX GLVWUXJHUH D XQRU vQVFULVXUL HVWH
LQFULPLQDW vQGRX YDULDQWHvQSULPDSDUWHDDUWLFROXOXLILLQGSUHY ]XW YDULDQWDWLS
DLQIUDF LXQLLUH LQHUHDVDXGLVWUXJHUHDXQXLvQVFULVHPLVGHXQRUJDQGHXUP ULUH
SHQDO GH R LQVWDQ GH MXGHFDW VDX GH XQ DOW RUJDQ GH MXULVGLF LH LDU vQ SDUWHD
ILQDO YDULDQWD DVLPLODW YDULDQWHL WLS D LQIUDF LXQLL vPSLHGLFDUHD FD XQ vQVFULV
GHVWLQDW XQXL RUJDQ MXGLFLDU VDX GH MXULVGLF LH V DMXQJ OD DFHVWD ([LVWHQ D
LQIUDF LXQLL vQ DPEHOH YDULDQWH HVWH FRQGL LRQDW GH vQGHSOLQLUHD FHULQ HL FD
vQVFULVXULOHV ILHQHFHVDUHVROX LRQ ULLXQHLFDX]H
(OHPHQWXOPDWHULDODOYDULDQWHLGHWLSDLQFULPLQ ULLFRQVW vQDF LXQHDGHD
UH LQHVDXDGLVWUXJHXQvQVFULVHPLVGHXQRUJDQGHXUP ULUHSHQDO GHRLQVWDQ
GHMXGHFDW VDXGHXQDOWRUJDQGHMXULVGLF LH
3HQWUX H[LVWHQ D HOHPHQWXOXL PDWHULDO DO DFHVWHL LQFULPLQ UL FX FRQ LQXW
DOWHUQDWLY HVWH VXILFLHQW V YkUúLUHD XQHLD GLQWUH DFHVWH DF LXQL 'DF I SWXLWRUXO D
FRPLVDPEHOHDF LXQLH[vQWkLDUH LQXWvQVFULVXOúLDSRLODGLVWUXVH[LVW RVLQJXU
IDSW SHQDO
Ä5H LQHUHD´XQXLvQVFULVvQVHDPQ OXDUHDVDXS VWUDUHDvQSRVHVLHGHILQLWLY
VDXYUHPHOQLF DXQXLvQVFULVI FkQGvQIHOXODFHVWDFDvQVFULVXOV OLSVHDVF GHOD
ORFXOOXL5H LQHUHDvQVHDPQ GHFLVXVWUDJHUHDXQXLvQVFULVI FkQGvQIHOXODFHVWDFD
vQVFULVXO V OLSVHDVF GH OD ORFXO OXL 5H LQHUHD vQVHDPQ GHFL VXVWUDJHUHD XQXL
vQVFULV GH OD ORFXO vQ FDUH VH J VHD vQ WLPSXO VROX LRQ ULL FDX]HL SUHFXP úL
QHUHPLWHUHD F WUH RUJDQXO vQ GUHSW DO GH LQH D XQXL vQVFULV DIODW OLFLW VDX LOLFLW vQ
SRVHVLDXQHLSHUVRDQH
ÌQ SUDFWLFD MXGLFLDU VD GHFLV F H[LVW LQIUDF LXQHD DQDOL]DW GDF
LQFXOSD LL DX VXVWUDV GLQWUXQ GRVDU DIODW SH UROXO LQVWDQ HL GH MXGHFDW GRX
SURFHVHYHUEDOHGHvQGHSOLQLUHDSURFHGXULLGHFLWDUHILLQGVXUSULQúLGHMXGHF WRUXO
GHVHUYLFLX
1LFROHWD ,OLHVFX RS FLW YRO ,9 S ÌQ DFHODúL VHQV $YUDP )LOLSDú ,QIUDF LXQL FRQWUD vQI SWXLULL
MXVWL LHL(GLWXUD$FDGHPLHL%XFXUHúWLSÌQDFHVWFD]vQRSLQLDSURIHVRUXOXL$YUDP)LOLSDúYRPDYHD
XQFRQFXUVLGHDO
1LFROHWD ,OLHVFX RS FLW YRO ,9 S ÌQ DFHODúL VHQV 1LFRODH &RQHD vQ 9DVLOH 'REULQRLX 1LFRODH
&RQHD&LSULDQ5DXO5RPL DQ&DPLO7 Q VHVFX1RUHO1HDJX0D[LP'REULQRLX'UHSWSHQDO3DUWHDVSHFLDO
YRO,,/XPLQD/H[%XFXUHúWLS+RULD'LDFRQHVFX'UHSWSHQDO3DUWHDVSHFLDO YRO,,HGL LDDD
(GLWXUD$OO%HFN%XFXUHúWLS
&$%XFXUHúWLVD,,DSHQGQU5'3QUS
5H LQHUHDXQXLvQVFULVGXS DO LDXWRULvQVHDPQ RSULUHDS VWUDUHDDFHVWXLD
GH F WUH I SWXLWRUXO vQ D F UXL SRVHVLH VH DIO SRVHVLH RE LQXW vQ PRG OLFLW VDX
LOLFLWDFWLYLWDWHSULQFDUHVHvPSLHGLF SHRGXUDW GHWLPSOLPLWDW VDXQHOLPLWDW
DMXQJHUHDvQVFULVXOXLODGHVWLQD LH
Ä'LVWUXJHUHD´ XQXL vQVFULV vQVHDPQ QLPLFLUHD VDX VXSULPDUHD SDU LDO D
vQVFULVXOXLDVWIHOvQFkWDFHVWDV ILHGHVILLQ DWFRPSOHWRULOLSVLWGHXQHOHS U LDOH
VDOH
ÌQGRFWULQ DIRVWFULWLFDW VROX LDLQVWDQ HLFDUHDGHFLVF QXFRQVWLWXLH
LQIUDF LXQHDGHVXVWUDJHUHVDXGLVWUXJHUHGHvQVFULVXULSUHY ]XW vQDUW&SHQ
IDSWDLQFXOSDWXOXLGHDGLVWUXJHSULQUXSHUHGHFODUD LDGDW vQSUH]HQ DDS U WRUXOXL
úLFRQVHPQDW GHSURFXURUFXSULOHMXODVFXOW ULLVDOHvQFDOLWDWHGHLQFXOSDWODOXDUHD
P VXULLDUHVW ULLSUHYHQWLYHvQPRPHQWXOvQFDUHLVDSUH]HQWDWGHFODUD LDSHQWUXD
RVHPQD
(OHPHQWXOPDWHULDODOLQFULPLQ ULLvQYDULDQWDDVLPLODW FRQVW vQDF LXQHD
GHvPSLHGLFDUHvQRULFHPRGFDXQvQVFULVGHVWLQDWXQXLRUJDQGHXUP ULUHSHQDO
XQHLLQVWDQ HGHMXGHFDW VDXXQXLDOWRUJDQGHMXULVGLF LHV DMXQJ ODDFHVWD
ÌPSLHGLFDUHD VH SRDWH UHDOL]D SULQ RULFH DFW FDUH IDFH FD XQ vQVFULV GHVWLQDW
XQXLRUJDQMXGLFLDUV QXDMXQJ ODDFHVWDÌPSLHGLFDUHDSRDWHILSURYRFDW SULQDFWH
FRPLVLYH H[ VH VFULH R DGUHV JUHúLW SH SOLFXO GH H[SHGL LH VH LQWHUFHSWHD]
vQVFULVXOSHGUXPVHVXVWUDJHGHODUHJLVWUDWXUDRUJDQXOXLGHVWLQDWDUVDXSULQDFWH
RPLVLYH H[ VH vQWkU]LH vQ PRG YRLW H[SHGLHUHD vQVFULVXOXL VDX SUHGDUHD RUL
vQUHJLVWUDUHDOXL
ÌPSLHGLFDUHDSRDWHILGHILQLWLY VDXSHGXUDW OLPLWDW úLVHSRDWHSURGXFHSULQ
RULFHPLMORFSURSULXV SURGXF HIHFWXOUHVSHFWLYDGLF vPSLHGLFDUHDFDvQVFULVXOV
DMXQJ ODRUJDQXOMXGLFLDU
&HULQ HHVHQ LDOH
$F LXQHDGHUH LQHUHVDXGHGLVWUXJHUHvQYDULDQWDWLSDLQFULPLQ ULLWUHEXLH
V SULYHDVF XQ vQVFULV HPLV GH XQ RUJDQ GH XUP ULUH SHQDO GH R LQVWDQ GH
MXGHFDW VDXGHXQDOWRUJDQMXGLFLDU
$FHVWH vQVFULVXUL ILLQG HPLVH GH XQ RUJDQ MXGLFLDU VDX GH MXULVGLF LH DX
FDUDFWHU GH vQVFULVXUL RILFLDOH SRWULYLW GLVSR]L LHL H[SOLFDWLYH GLQ DUW DOLQ
&SHQ
ÌQVFULVÄHPLV´GHXQRUJDQMXGLFLDUvQVHDPQ XQDFWVFULVHPDQDWGHODDFHVW
RUJDQ SULYLWRU OD R DFWLYLWDWH SURFHVXDO H[ R RUGRQDQ HPLV GH RUJDQXO GH
XUP ULUHSHQDO VDXRvQFKHLHUHDLQVWDQ HLGHMXGHFDW VDXODRSHUD LLSURFHGXUDOH
H[ FLWD LL PDQGDWH GH DGXFHUH DGUHVH F WUH DOWH RUJDQH MXGLFLDUH VDX
DGPLQLVWUDWLYH
6XQW GH H[HPSOX vQVFULVXUL HPLVH GH XQ ÄRUJDQ GH XUP ULUH SHQDO ´
UHFKL]LWRULLOHSURFXURUXOXLRUGRQDQ HOHSURFHVHOHYHUEDOHVDXUH]ROX LLOHRUJDQXOXL
GH XUP ULUH SHQDO ÌQVFULVXUL HPLVH GH ÄLQVWDQ D GH MXGHFDW ´ VXQW GH H[HPSOX
KRW UkULOHúLvQFKHLHULOHGDWHGHDFHDVWDFLWD LLOHGLIHULWHDGUHVHHWFÌQVFULVXULHPLVH
GHÄDOWHRUJDQHGHMXULVGLF LH´SRWILGHDVHPHQHDKRW UkULOHSURQXQ DWHGHDFHVWH
RUJDQHFLWD LLOHFHUHULOHGHLQIRUPD LLGHODDXWRULW LOHSXEOLFHHWF
*KHRUJKH' UkQJ úL'XPLWUX/XFLQHVFXvQ7HRGRU9DVLOLX'RUX3DYHO*HRUJH$QWRQLXùWHIDQ'DQHú
*KHRUJKH' UkQJ 'XPLWUX/XFLQHVFX9DVLOH3DSDGRSRO'XPLWUX&3RSHVFX9LUJLO5 PXUHDQX&RGXOSHQDO
URPkQFRPHQWDWúLDGQRWDW3DUWHDVSHFLDO YRO,,(GLWXUDùWLLQ LILF úL(QFLFORSHGLF %XFXUHúWLS
ÌQ DFHODúL VHQV $YUDP )LOLSDú RS FLW S $FHVWD GXS FH GHILQHúWH FRQFHSWXO UH LQHULL vQWUXQ PRG
DVHP Q WRUDUDW vQPRGH[SUHVF SULQDFHDVWDQXWUHEXLHvQ HOHVHúLVXVWUDJHULOHGHRULFHIHO
,RQ 5HWFD 'LVWUXJHUHD GHFODUD LHL FRQVHPQDWH GH SURFXURU 5'3 QU S $FHVW DXWRU
VXV LQHF vQWURDVWIHOGHLSRWH] IDSWDFRQFUHW vQWUXQHúWHHOHPHQWHOHFRQVWLWXWLYHDOHLQIUDF LXQLLSUHY ]XWHvQDUW
&SHQ
&$&RQVWDQ DGSQU'UQUS
1X VXQW FRQVLGHUDWH vQVFULVXUL HPLVH GH XQ RUJDQ GH XUP ULUH SHQDO GH R
LQVWDQ GH MXGHFDW VDX GH XQ DOW RUJDQ GH MXULVGLF LH vQVFULVXULOH FDUH DOF WXLHVF
VFULSWLFDDFHVWRURUJDQHFDUHVXQWvQJHQHUDODFWHGHRUGLQLQWHUQQHFHVDUHSHQWUX
GHVI úXUDUHD DFWLYLW LL ORU GH RUJDQL]DUH LQWHULRDU VXVWUDJHUHD VDX GLVWUXJHUHD
DFHVWRUDSRDWHFRQVWLWXLIXUWVDXGLVWUXJHUHRELúQXLW
$F LXQHD GH vPSLHGLFDUH FD XQ vQVFULV V DMXQJ OD GHVWLQD LH vQ YDULDQWD
DVLPLODW D LQFULPLQ ULL WUHEXLH V SULYHDVF XQ vQVFULV GHVWLQDW XQXL RUJDQ GH
XUP ULUHSHQDO XQHLLQVWDQ HVDXXQXLDOWRUJDQGHMXULVGLF LH
$FHVWH vQVFULVXUL SRW HPDQD GH OD R XQLWDWH GLQ FHOH SUHY ]XWH vQ DUW
& SHQ VDX SRW DSDU LQH DFHVWRU XQLW L H[ DFWHOH vQFKHLDWH GH RUJDQ GH
FRQVWDWDUH DGUHVHOH SULQ FDUH VH FRPXQLF GDWH úL LQIRUPD LL FHUXWH GH RUJDQXO
MXGLFLDU DQFKHWH VRFLDOH FHUXWH GH RUJDQXO GH XUP ULUH SHQDO RUL GH LQVWDQ D GH
MXGHFDW vQ FDX]HOH FX LQIUDFWRUL PLQRUL SOkQJHUHD SHUVRDQHL Y W PDWH FkQG
DFHDVWDHVWHRSHUVRDQ MXULGLF GHGUHSWSXEOLF
ÌQVFULVXULOHGHVWLQDWHXQXLRUJDQMXGLFLDUSRWILvQV úLvQVFULVXULHPDQDWHGHOD
XQSDUWLFXODUH[UDSRUWXULGHH[SHUWL]HSOkQJHULGHQXQ XULvQVFULVXULSUREDWRULL
FHUWLILFDWHGLSORPHFKLWDQ HHWF
$VHPHQHD vQVFULVXUL SRW SURYHQL FKLDU GH OD LQVWLWX LL VDX SHUVRDQH GLQ
VWU LQ WDWH VSUH H[HPSOX vQVFULVXUL FDUH FRQVWLWXLH PLMORF GH SURE ÌQ DFHVW
VHQV WUHEXLH DYXWH vQ YHGHUH úL GLVSR]L LLOH GLQ /HJHD QU SULYLQG
FRRSHUDUHD MXGLFLDU LQWHUQD LRQDO vQ PDWHULH SHQDO DFW QRUPDWLY FH UHJOH
PHQWHD] vQWUHDOWHOHúLFRQGL LLOHvQFDUHSRWILDGPLQLVWUDWHúLRE LQXWHDVWIHOGH
SUREH
2FHULQ HVHQ LDO FRPXQ DWkWvQFD]XODF LXQLLGHUH LQHUHVDXGLVWUXJHUH
GH vQVFULVXUL FkW úL vQ FD]XO DF LXQLL GH vPSLHGLFDUH D DMXQJHULL XQXL vQVFULV OD
GHVWLQD LHHVWHFDvQVFULVXOODFDUHVHUHIHU DFHVWHDF LXQLV ILHQHFHVDUVROX LRQ ULL
XQHLFDX]HFDUHVHDIO vQFXUVGHXUP ULUHSHQDO VDXMXGHFDW
3ULQÄFDX] ´vQFXUVGHVROX LRQDUHVHvQ HOHJHRFDX] SHQDO RFDX] FLYLO
úLRULFHDOW FDX] VXSXV XQHLMXULVGLF LLH[RFDX] VXSXV &RPLVLHLGHDUELWUDM
GH SH OkQJ &DPHUD GH &RPHU 5H LQHUHD VDX GLVWUXJHUHD XQXL vQVFULV FDUH
VHUYHúWH vQFKHLHULL XQXL DFW vQ ID D QRWDUXOXL SXEOLF QX FRQVWLWXLH LQIUDF LXQHD
SUHY ]XW vQDUW&SHQ
&DX] ÄvQFXUVGHVROX LRQDUH´DUHvQDUW&SHQVHQVXOODUJGHFDX] vQ
FXUV GH FHUFHWDUH GH FDX] vQ FXUV GH MXGHFDW úL GH FDX] vQ FDUH QX VD GDW R
KRW UkUHFDUHWUHEXLHVDXFDUHDIRVWSXV vQH[HFXWDUHFkWWLPSPDLVXQWSRVLELOH
F LOHGHDWDFH[WUDRUGLQDUH
3ULQvQVFULVÄQHFHVDU´VROX LRQ ULLFDX]HLVHvQ HOHJHDWkWvQVFULVXOI U GHFDUH
QX DU IL SRVLELO VROX LRQDUHD FDX]HL FkW úL vQVFULVXO DO F UXL FRQ LQXW DU SXWHD
FRQWULEXLODMXVWDVROX LRQDUHDFDX]HL
3ULQ ÄVROX LRQDUHD´ XQHL FDX]H WUHEXLH vQ HOHV QX QXPDL PRPHQWXO ILQDO vQ
GHVI úXUDUHD XQHL FDX]H MXGLFLDUH DGLF UH]ROYDUHD FDX]HL SULQ MXGHFDW FL úL
UH]ROYDUHDXQRUDQXPLWHVLWXD LLSHSDUFXUVXOGHVI úXU ULLSURFHVXOXL
ÌQVFULVQHFHVDUÄVROX LRQ ULLXQHLFDX]H´HVWHGHFLDWkWvQVFULVXOFDUHVHUYHúWH
OD GDUHD XQHL KRW UkUL GH F WUH LQVWDQ D GH MXGHFDW VDX GH F WUH XQ DOW RUJDQ GH
MXULVGLF LHFkWúLvQVFULVXOFDUHVHUYHúWHODOXDUHDXQRUP VXULVDXODUH]ROYDUHDXQHL
VLWXD LL vQ FXUVXO GHVI úXU ULL DFWLYLW LL SURFHVXDOH H[ WULPLWHUHD vQ MXGHFDW
1LFROHWD,OLHVFXRSFLWYRO,9S
,GHPYRO,9S
$YUDP)LOLSDúRSFLWS
3XEOLFDW vQ02IQUGLQ
1LFROHWD,OLHVFXRSFLWYRO,9S
SRUQLUHD XUP ULULL SHQDOH SXQHUHD vQ PLúFDUH D DF LXQLL SHQDOH VXVSHQGDUHD VDX
vQFHWDUHDSURFHVXOXLSHQDOOXDUHDXQRUP VXULGHVLJXUDQ HWFFDúLvQVFULVXULOH
QHFHVDUH UH]ROY ULL LQFLGHQWHORU FH VDU LYL vQ WLPSXO H[HFXW ULL KRW UkULORU VDX
P VXULORUOXDWHGHRUJDQHOHMXGLFLDUH
3ULQvQVFULVXULQHFHVDUHVROX LRQ ULLXQHLFDX]HVHvQ HOHJGXS DO LDXWRUL
vQVFULVXULOHF URUDRUJDQHOHMXGLFLDUHOHFRQIHU DFHDVW YDORDUHFKLDUGDF XOWHULRU
VH FRQVWDW F QX SXWHDX VOXML DFHVWXL VFRS GHRDUHFH QLP QXL vQ DIDUD RUJDQXOXL
MXGLFLDUQXLHVWHSHUPLVV DSUHFLH]HFXGHODVLQHSXWHUHFDUHDQXPHvQVFULVHVWH
QHFHVDUVROX LRQ ULLXQHLFDX]HVDXQX
8UPDUHDLPHGLDW FRQVW vQDPEHOHLSRWH]HGHLQFULPLQDUHvQFUHDUHDXQHL
VW UL GH SHULFRO SHQWUX QRUPDOD GHVI úXUDUH D DFWLYLW LL GH vQI SWXLUH D MXVWL LHL úL
GHFLSHQWUXUHOD LLOHVRFLDOHRFURWLWHSULQDS UDUHDDFHVWHLDFWLYLW L
/HJ WXUD GH FDX]DOLWDWH vQWUH V YkUúLUHD DF LXQLL GH UH LQHUH VDX GLVWUXJHUH D
XQXL vQVFULV RUL GH vPSLHGLFDUH FD XQ vQVFULV V DMXQJ OD GHVWLQD LH úL XUPDUHD
LPHGLDW WUHEXLHV H[LVWHúLUH]XOW H[UH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LHQHFHVDU SHQWUXH[LVWHQ DHOHPHQWXOXLVXELHFWLYDODFHVWHL
IDSWHSHQDOHHVWHLQWHQ LDGLUHFW VDXLQGLUHFW ([LVW LQWHQ LHFkQGI SWXLWRUXOúLD
GDW VHDPD F SULQ DF LXQHD SH FDUH R V YkUúHúWH UH LQH VDX GLVWUXJH XQ vQVFULV
GHVWLQDWXQXLDVHPHQHDRUJDQRULvOvPSLHGLF V DMXQJ ODDFHVWDúLDSUHY ]XWF
vQDFHVWIHOVHFUHHD] RVWDUHGHSHULFROSHQWUXvQI SWXLUHDMXVWL LHLUH]XOWDWSHFDUH
ODXUP ULWVDXODDFFHSWDW
0RELOXO GHWHUPLQDQW úL VFRSXO DF LXQLL QX LQWHUHVHD] SHQWUX H[LVWHQ D
LQWHQ LHLúLLPSOLFLWDLQIUDF LXQLL(OHYRUIL LQXWHvQV vQVHDP ODLQGLYLGXDOL]DUHD
SHGHSVHL
'XS XQLL DXWRUL vQ PRGDOLWDWHD vPSLHGLF ULL H[LVW XQ VFRS úL DQXPH FD
vQVFULVXOV QXDMXQJ ODRUJDQXOMXGLFLDU
)DSWDV YkUúLW GLQFXOS QXFRQVWLWXLHLQIUDF LXQH
)RUPH6DQF LXQL
)RUPH5H LQHUHDVDXGLVWUXJHUHDGHvQVFULVXULILLQGRLQIUDF LXQHGHDF LXQH
FRPLVLXQHúLFXH[HFX LHOHQW SRDWHDYHDXQLWHUFULPLQLVúLHVWHGHFLVXVFHSWLELO
GH D SDUFXUJH ID]HOH RELúQXLWH GH GHVI úXUDUH D XQHL DFWLYLW L LQIUDF LRQDOH DFWH
SUHSDUDWRULLWHQWDWLY FRQVXPDUH
$FWHOH SUHSDUDWRULL úL WHQWDWLYD GHúL VXQW SRVLELOH HOH QX FDG VXE LQFLGHQ D
OHJLLSHQDOHQHILLQGLQFULPLQDWHGHDFHDVWD
&kQG DF LXQHD D IRVW V YkUúLW DFWHOH SUHSDUDWRULL HIHFWXDWH GH DOWXO GHFkW
DXWRUXO SRW GHYHQL HYHQWXDO DFWH GH FRPSOLFLWDWH DQWHULRDU OD V YkUúLUHD
LQIUDF LXQLL
&RQVXPDUHDDUHORFvQPRPHQWXOvQFDUHDF LXQHDGHUH LQHUHGHGLVWUXJHUH
VDX GH vPSLHGLFDUH FD XQ vQVFULV V DMXQJ OD GHVWLQD LH D IRVW H[HFXWDW SkQ OD
FDS W DúD vQFkW VD SURGXV XUPDUHD LPHGLDW DGLF VD FUHDW VWDUHD GH SHULFRO
SHQWUXUHOD LLOHVRFLDOHRFURWLWH
)DSWD V YkUúLW SULQWUR DF LXQH GH UH LQHUH FRQVWLWXLH WRWRGDW R LQIUDF LXQH
FRQWLQX (DSRDWHXQHRULvPEU FDDFHHDúLIRUP úLvQFD]XOV YkUúLULLSULQDF LXQHD
1LFROHWD,OLHVFXRSFLWYRO,9SÌQDFHODúLVHQV*KHRUJKH' UkQJ úL'XPLWUX/XFLQHVFXRSFLW
YRO,,(GLWXUDùWLLQ LILF úL(QFLFORSHGLF %XFXUHúWLS
$YUDP)LOLSDúRSFLWS
$OH[DQGUX %RURL *KHRUJKH 1LVWRUHDQX 'UHSW SHQDO 3DUWHD VSHFLDO HGL LD D ,,,D (GLWXUD $OO %HFN
%XFXUHúWLS
GH vPSLHGLFDUH FD vQVFULVXO V DMXQJ OD GHVWLQD LH (VWH GHFL SRVLELO ID]D
HSXL] ULLFDUHYDLQWHUYHQLODGDWDvQFHW ULLDF LXQLLLQFULPLQDWH
,QIUDF LXQHD DQDOL]DW GXS DO L DXWRUL VH SRDWH SUH]HQWD vQ IRUPD
FRQWLQXDW GDUQXúLvQIRUPDFRQWLQX DFHDVWDGHRDUHFHUH LQHUHDGLVWUXJHUHDVDX
vPSLHGLFDUHD VXQW DF LXQL UHVSHFWLY LQDF LXQL DWXQFL FkQG HVWH SRVLELO úL
LQDF LXQHDGHFRQVXPDUHLPHGLDW QHVXVFHSWLELO GHSUHOXQJLUHvQWLPS
6DQF LXQL5H LQHUHDVDXGLVWUXJHUHDGHvQVFULVXULVHSHGHSVHúWHFXvQFKLVRDUH
GHODOXQLODDQL
5H LQHUHD VDX GLVWUXJHUHD GH vQVFULVXUL FRPLV GH R SHUVRDQ MXULGLF vQ
RULFDUH GLQ PRGDOLW LOH SUHY ]XWH vQ DUW & SHQ VH VDQF LRQHD] FX DPHQGD
FXSULQV vQWUHOHLúLOHLSRWULYLWDUWDOLQ&SHQ
&DSLWROXO,,,
,1)5$& ,81,&2175$6,*85$1 (,&,5&8/$ ,(,
3(& ,/()(5$7(
1(Ì1'(3/,1,5($Ì1'$725,5,/25'(6(59,&,8
6$8Ì1'(3/,1,5($/25'()(&782$6 ',1&8/3
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO vO FRQVWLWXLH P QXQFKLXO GH UHOD LL VRFLDOH D F URU
QRUPDO IRUPDUH GHVI úXUDUH úL GH]YROWDUH QX DU IL SRVLELOH I U DVLJXUDUHD
WUDQVSRUWXOXL SH F LOH IHUDWH vPSRWULYD IDSWHORU GH QHvQGHSOLQLUHD vQGDWRULULORU GH
VHUYLFLX VDX GH vQGHSOLQLUHD ORU GHIHFWXRDV V YkUúLWH GH F WUH DQJDMD LL F LORU
IHUDWH 3ULQ RELHFWXO V X MXULGLF LQIUDF LXQHD GH QHvQGHSOLQLUHD vQGDWRULULORU GH
VHUYLFLXVDXvQGHSOLQLUHDORUGHIHFWXRDV GHF WUHDQJDMD LLF LORUIHUDWHFRQVWLWXLHR
YDULDQW VSHFLDO D LQIUDF LXQLORU GH DEX] UHVSHFWLY GH QHJOLMHQ vQ VHUYLFLX
9DULDQWD VSHFLDO HVWH GH QDWXU V GHWHUPLQH ± vQWUXQ GRPHQLX XQGH IDSWHOH
LQFULPLQDWH DX XQ JUDG PDL ULGLFDW GH SHULFRO VRFLDO GDWRULW FRQVHFLQ HORU ORU
GHRVHELWGHJUDYH±XQSOXVGHRFURWLUHSHQDO úLRvQW ULUHDDF LXQLLGHSUHYHQ LH
JHQHUDO úLVSHFLDO DOHJLLSHQDOH
)DSWHOH GH QHvQGHSOLQLUH D vQGDWRULULORU GH VHUYLFLX VDX GH vQGHSOLQLUH D ORU
GHIHFWXRDV V YkUúLWH GH F WUH DQJDMD LL F LORU IHUDWH VXQW LQFULPLQDWH SULQ
GLVSR]L LLOH GLQ DUW & SHQ QHvQGHSOLQLUHD vQGDWRULULORU GH VHUYLFLX VDX
vQGHSOLQLUHDORUGHIHFWXRDV GLQFXOS úLDUW&SHQQHvQGHSOLQLUHDFXúWLLQ
D vQGDWRULULORU GH VHUYLFLX VDX vQGHSOLQLUHD ORU GHIHFWXRDV 3ULPXO WH[W
LQFULPLQHD] IDSWDV YkUúLW GLQFXOS LDUDOGRLOHDWH[WLQFULPLQHD] IDSWDV YkUúLW
FXLQWHQ LH
1LFROHWD,OLHVFXRSFLWYRO,9SÌQDFHODúLVHQV2FWDYLDQ/RJKLQ7XGRUHO7RDGHU'UHSWSHQDO
URPkQ3DUWHDVSHFLDO HGL LDD,9DUHY ]XW úLDG XJLW &DVDGHHGLWXU úLSUHV ùDQVD65/%XFXUHúWL
S+RULD'LDFRQHVFXRSFLWYRO,,S3URIHVRUXO+RULD'LDFRQHVFXVXV LQHF QXPDLvQPRGDOLWDWHD
UH LQHULLDFHDVW LQIUDF LXQHHVWHFRQWLQX
$YUDP)LOLSDúRSFLWSÌQDFHODúLVHQV$YUDP)LOLSDúvQ&RVWLF %XODL$YUDP)LOLSDú&RQVWDQWLQ
0LWUDFKH,QVWLWX LLGHGUHSWSHQDO&XUVVHOHFWLYSHQWUXH[DPHQXOGHOLFHQ (GLWXUD7UHLHGL LDD,,,DUHYL]XLW úL
DG XJLW %XFXUHúWLS
6LHJIULHG .DKDQH vQ 9LQWLO 'RQJRUR] 6LHJIULHG .DKDQH ,RQ 2DQFHD ,RVLI )RGRU 1LFROHWD ,OLHVFX
&RQVWDQWLQ %XODL 5RGLFD 6W QRLX 9LFWRU 5RúFD ([SOLFD LL WHRUHWLFH DOH &RGXOXL SHQDO URPkQ 3DUWHD VSHFLDO
YRO,9(GLWXUD$FDGHPLHL5RPkQH%XFXUHúWLS
3HQWUX EXQD vQ HOHJHUH D FRQ LQXWXOXL FRQVWLWXWLY DO LQIUDF LXQLORU GLQ DFHVW
JUXSIDFHPWULPLWHUHODSUHYHGHULOH/HJLLQUSULYLQGXQHOHP VXULSHQWUX
SUHYHQLUHD úL FRPEDWHUHD IHQRPHQXOXL LQIUDF LRQDO vQ GRPHQLXO WUDQVSRUWXOXL SH
FDOHD IHUDW úL OD FHOH DOH +* QU SHQWUX VWDELOLUHD úL VDQF LRQDUHD
FRQWUDYHQ LLORU OD QRUPHOH SULYLQG WUDQVSRUWXULOH SH F LOH IHUDWH URPkQH
UHSXEOLFDW
2ELHFWXO PDWHULDO H[LVW OD DFHDVW LQIUDF LXQH DWXQFL FkQG vQGDWRULUHD GH
VHUYLFLX vQF OFDW DUH úL HD XQ RELHFW PDWHULDO VDX FkQG SULQ IDSWD V YkUúLW VD
SURGXV XQ DFFLGHQW RUL R FDWDVWURI GH FDOH IHUDW ÌQ DFHDVW GLQ XUP VLWXD LH
RELHFWXO PDWHULDO FRQVW vQ PDWHULDOXO UXODQW GH FDOH IHUDW VDX DOWH LQVWDOD LL
IHURYLDUHP UIXULOHvQFUHGLQ DWHF LORUIHUDWHVSUHWUDQVSRUWVDXFRUSXORPHQHVF
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUDOLQIUDF LXQLLGHQHvQGHSOLQLUHDvQGDWRULULORU
GHVHUYLFLXVDXvQGHSOLQLUHDORUGHIHFWXRDV GLQFXOS HVWHFLUFXPVWDQ LDWGHWH[WúL
QXSRDWHILGHFkWXQDQJDMDWDOF LORUIHUDWH
ÌQGRFWULQ VDI FXWSURSXQHUHDGHOHJHIHUHQGDFDVIHUDVXELHF LORUDFWLYL
úLSDVLYLDLDFHVWHLLQIUDF LXQLV ILHH[WLQV úLODRSHUDWRULLGHWUDQVSRUWIHURYLDU
3ULQÄDQJDMDWDOF LORUIHUDWH´VHvQ HOHJHRULFHSHUVRDQ FDUHvQWHPHLXOXQXL
FRQWUDFW GH PXQF VH DIO vQ VHUYLFLXO DFHVWHL LQVWLWX LL úHI GH JDU LPSLHJDW GH
PLúFDUH DFDU WHOHJUDILVW PHFDQLF IRFKLVW IUkQDU úHI GH WUHQ SLFKHU FDQWRQLHU
LQJLQHU HWF 1X DUH UHOHYDQ ± vQ FHHD FH SULYHúWH DSOLFDUHD OHJLL SHQDOH ± GDF
DQJDMDUHDHVWHI FXW SHRGXUDW GHWHUPLQDW VDXQHGHWHUPLQDW QLFLGDF SULYHúWH
RUL QX R OXFUDUH GHWHUPLQDW GDU HVWH QHFHVDU FD ± vQ PRPHQWXO DF LXQLL VDX
LQDF LXQLL FDUH FRQVWLWXLH HOHPHQWXO PDWHULDODOLQIUDF LXQLL±I SWXLWRUXOV ILDYXW
FDOLWDWHD GH DQJDMDW DO F LORU IHUDWH FKLDU GDF vQ PRPHQWXO SURGXFHULL XUP ULL
IDSWHL VDOH QX PDL DYHD DFHDVW FDOLWDWH ÌQGDWRULULOH FDUHL LQFXPE DQJDMDWXOXL
F LORUIHUDWHVHJ VHVFSUHY ]XWHvQUHJXODPHQWHLQVWUXF LXQLRUGLQHHWFVDXVXQW
LQHUHQWH QDWXULL VHUYLFLXOXL 5HVSHFWDUHD ORU GH F WUH DQJDMD LL F LORU IHUDWH
FRQVWLWXLHSHQWUXDFHúWLDRREOLJD LHGHVHUYLFLX
/D V YkUúLUHD IDSWHL GH QHvQGHSOLQLUHD vQGDWRULULORU GH VHUYLFLX VDX
vQGHSOLQLUHD ORU GHIHFWXRDV HVWH SRVLELO SDUWLFLSDUHD PDL PXOWRU VXELHF L DFWLYL
QHPLMORFL L FRDXWRUL 'H DVHPHQHD SRW SDUWLFLSD LQVWLJDWRUL úL FRPSOLFL
SDUWLFLSDUH SURSULX]LV vQ FD]XO IDSWHL FRPLVH FX LQWHQ LH GH F WUH DXWRU úL
SDUWLFLSD LH LPSURSULH vQ FD]XO V YkUúLULL GLQ FXOS SRWULYLW DUW & SHQ
,QVWLJDWRUL úL FRPSOLFL SRW IL RULFH SHUVRDQH GHFL ILH DO L DQJDMD L ILH VWU LQL GH
VHUYLFLLOH F LORU IHUDWH &kQG R SHUVRDQ FDUH QX DUH FDOLWDWHD GH DQJDMDW DO F LORU
IHUDWH D FRRSHUDW GLUHFW vPSUHXQ FX DXWRUXO OD FRPLWHUHD IDSWHL HD QX YD IL
FRDXWRUFLFRPSOLFHFRQFRPLWHQW
'XS DO L DXWRUL LQIUDF LXQHD V YkUúLQGXVH GLQ FXOS QX HVWH VXVFHSWLELO
GH SDUWLFLSD LH VXE IRUPD FRDXWRUDWXOXL 'DF XUPDUHD VSHFLILF LQIUDF LXQLL HVWH
SURGXVXO XQHL DFWLYLW L OD FDUH DX FRRSHUDW DF LRQkQG GLQ FXOS PDL PXOWH
3XEOLFDW vQ02IQUGLQ
5HSXEOLFDW vQ02IQUGLQ
,RQ5XVX3URSXQHULGHUHIRUPXODUHDWH[WHORUGLQQRXO&RGSHQDOUHIHULWRDUHODFRQ LQXWXOLQIUDF LXQLORU
SULYLQGVLJXUDQ DFLUFXOD LHLSHF LOHIHUDWH'UQUS
6LHJIULHG.DKDQHRSFLWYRO,9S
,GHPYRO,9S
9DVLOH 3DSDGRSRO vQ 7HRGRU 9DVLOLX 'RUX 3DYHO *HRUJH $QWRQLX ùWHIDQ 'DQHú *KHRUJKH ' UkQJ
'XPLWUX/XFLQHVFX9DVLOH3DSDGRSRO'XPLWUX&3RSHVFX9LUJLO5 PXUHDQX&RGXOSHQDOURPkQFRPHQWDWúL
DGQRWDW3DUWHDVSHFLDO YRO,,(GLWXUDùWLLQ LILF úL(QFLFORSHGLF %XFXUHúWLS
SHUVRDQH WRDWH DFHVWH SHUVRDQH VXQW DXWRUL DL XQRU LQIUDF LXQL DXWRQRPH LDU QX
FRDXWRULDLXQHLLQIUDF LXQLXQLFHFRPLVHvQSDUWLFLSD LH
$FHDVW LQIUDF LXQHSRDWHILFRPLV úLGHRSHUVRDQ MXULGLF vQFRQGL LLOHúL
FXOLPLW ULOHDU WDWHvQDUW&SHQ
6XELHFWXO SDVLY VSHFLDO HVWH 6RFLHWDWHD 1D LRQDO D & LORU )HUDWH 5RPkQH
61&)5 ÌQ FD]XO FkQG VD SURGXV R FDWDVWURI GH FDOH IHUDW VXELHF L SDVLYL
VSHFLDOL VXQW úL SHUVRDQHOH F URUD OL VDX FDX]DW Y W P UL FRUSRUDOH VDX FDUH úLDX
SLHUGXWYLD DFDXUPDUHDFDWDVWURIHLRULFDUHDXVXIHULWSDJXEHPDWHULDOH
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO FRQVW vQ DFHHD F XQ DQJDMDW DO F LORU IHUDWH QX
vQGHSOLQHúWH R vQGDWRULUH GH VHUYLFLX VDX R vQGHSOLQHúWH GHIHFWXRV $úDGDU
HOHPHQWXO PDWHULDO DODFHVWHLLQIUDF LXQLFRQVW ILHvQWURLQDF LXQHRPLVLXQHILH
vQWURDF LXQHFRPLVLXQH
3ULQ ÄQHvQGHSOLQLUHD´ XQHL vQGDWRULUL GH VHUYLFLX VH vQ HOHJH RPLWHUHD
QHHIHFWXDUHD XQXL DFW FDUH WUHEXLD V ILH vQGHSOLQLW 1HvQGHSOLQLUHD SRDWH IL WRWDO
VDXSDU LDO SRDWHSULYLXQDVDXPDLPXOWHvQGDWRULULGHVHUYLFLX3ULQÄvQGHSOLQLUHD
GHIHFWXRDV ´ D XQHL vQGDWRULUL GH VHUYLFLX VH vQ HOHJH vQGHSOLQLUHD
QHFRUHVSXQ] WRDUH DGLF DOWIHO GHFkW VH FXYHQHD V ILH HIHFWXDW ÌQGHSOLQLUHD
GHIHFWXRDV SRDWH SULYL FRQ LQXWXO IRUPD VDX vQWLQGHUHD vQGDWRULULL PRPHQWXO
HIHFWX ULLFRQGL LLOHGHHIHFWXDUHHWF
&RPLWHIDSWHOHSUHY ]XWHvQDUWDOLQ&SHQúLDUWDOLQúL
WH]D,,&SHQUDSRUWDWODDUWDOLQ&SHQLQFXOSDWXOvPSLHJDWGHPLúFDUH
FDUHVDSUH]HQWDWODORFXOGHPXQF VXELQIOXHQ DE XWXULORUDOFRROLFHúLDXLWDWV
SXQ PDFD]XOvQWURSR]L LHFRUHVSXQ] WRDUHFDX]kQGXVHDVWIHOFLRFQLUHDXQXLWUHQ
GH PDUI FX YDJRDQHOH FH VWD LRQDX vQ JDU SURYRFkQGXVH DYDULL PLMORDFHORU GH
WUDQVSRUWvQYDORDUHGHOHL
&HULQ DHVHQ LDO 3HQWUXH[LVWHQ DHOHPHQWXOXLPDWHULDODODFHVWHLLQFULPLQ UL
HVWH QHFHVDU FD IDSWD V ILH GH QDWXU D SXQH vQ SHULFRO VLJXUDQ D FLUFXOD LHL
PLMORDFHORU GH WUDQVSRUW DOH F LORU IHUDWH $FHDVW FHULQ FRQVWLWXLH R FRQGL LH
FDOLWDWLY D HOHPHQWXOXL PDWHULDO D QHREVHUY ULL vQGDWRULULORU GH VHUYLFLX GHFL R
SRWHQ LDOLWDWHLDUQXXQUH]XOWDW&HULQ DYDILvQGHSOLQLW DWXQFLFkQGGLQDQVDPEOXO
vPSUHMXU ULORU GH IDSW YD UH]XOWD SRVLELOLWDWHD SURGXFHULL XQXL SHULFRO SHQWUX
VLJXUDQ D FLUFXOD LHL SH F LOH IHUDWH 'DF DFHDVW FHULQ HVHQ LDO QX HVWH
vQGHSOLQLW DGLF GDF IDSWDQXHVWHSRWHQ LDOGHQDWXU V SXQ vQSHULFROVLJXUDQ D
FLUFXOD LHLSHF LOHIHUDWHVHYDSXWHDDSOLFDQXPDLRVDQF LXQHGLVFLSOLQDU
8UPDUHDLPHGLDW DDF LXQLLVDXLQDF LXQLLFDUHFRQVWLWXLHHOHPHQWXOPDWHULDO
FRQVW vQ FUHDUHD XQHL VW UL GH IDSW SHULFXORDV SHQWUX VLJXUDQ D FLUFXOD LHL
PLMORDFHORU GH WUDQVSRUW DOH F LORU IHUDWH &RQVWDWDUHD F IDSWD HVWH GH QDWXU V
SXQ vQSHULFROVLJXUDQ DFLUFXOD LHLSHF LOHIHUDWHvQVHDPQ LPSOLFLWFRQVWDWDUHD
XUP ULLLPHGLDWHFHHDFHvQWH[WXOOHJLL±DOLQDODUW&SHQúLDOLQDO
DUW&SHQ±HVWHH[SULPDWSULQFXYLQWHOHÄDUILSXWXWSXQHUHVSHFWLYÄDUSXWHD
SXQH´vQSHULFROVLJXUDQ DFLUFXOD LHLPLMORDFHORUGHWUDQVSRUWDOHF LORUIHUDWH´1X
LPSRUW GHFL SHQWUX H[LVWHQ D LQIUDF LXQLL GDF DF LXQHD VDX LQDF LXQHD FDUH
FRQVWLWXLH HOHPHQWXO PDWHULDO D SXV HIHFWLY vQ SHULFRO VLJXUDQ D FLUFXOD LHL
PLMORDFHORU GH WUDQVSRUW DOH F LORU IHUDWH FL HVWH VXILFLHQW FD IDSWD V IL IRVW GH
6LHJIULHG.DKDQHRSFLWYRO,9S
&$ 7LPLúRDUD G S QU 1LFRULQD &ULúX 0DJUDRQ &RQVWDQWLQ &ULúX -XULVSUXGHQ vQ PDWHULH
SHQDO DÌQDOWHL&XU LGH&DVD LHúL-XVWL LHFXU LGHDSHOúLWULEXQDOH(GLWXUD-XULV$UJHVVLV&XUWHDGH
$UJHúS
6LHJIULHG.DKDQHRSFLWYRO,9S
QDWXU D SXQH vQ SHULFRO VLJXUDQ D FLUFXOD LHL /D DFHVWH YDULDQWH XUPDUHD
UH]XOWDWXOQXFRQVW vQWURY W PDUHFLvQWURVWDUHGHSHULFRO
$FHDVW XUPDUHLPHGLDW WLSLF DLQIUDF LXQLLHVWHXQHRULvQWUHJLW GHRXUPDUH
LPHGLDW VSHFLDO FDUH GHYLQH HOHPHQW FLUFXPVWDQ LDO GH DJUDYDUH vQ FD]XO
YDULDQWHORULQFULPLQDWHSULQDOLQHDWHOHDOHDUWúL&SHQúLFDUHFRQVW
±ILHvQSURGXFHUHDXQHLWXOEXU ULvQDFWLYLWDWHDGHWUDQVSRUWSHFDOHDIHUDW VDX
DXQXLDFFLGHQWGHFDOHIHUDW
±ILHvQSURGXFHUHDXQHLFDWDVWURIHGHFDOHIHUDW
3HQWUX H[LVWHQ D LQIUDF LXQLL vQ YDULDQWHOH LQFULPLQDWH SULQ DOLQHDWHOH DOH
DUW&SHQúL&SHQQXHVWHVXILFLHQWDúDGDUFDXUPDUHDUH]XOWDWXOV
FRQVWHDvQSRWHQ LDOLWDWHDFUH ULLXQXLSHULFROSHQWUXFLUFXOD LDSHF LOHIHUDWHFLHVWH
QHFHVDU SURGXFHUHDXQHLY W P ULPDWHULDOH
3HQWUX H[LVWHQ D LQIUDF LXQLL GH QHvQGHSOLQLUHD vQGDWRULULORU GH VHUYLFLX VDX
vQGHSOLQLUHDORUGHIHFWXRDV HVWHVXILFLHQW SURGXFHUHDXQHLDGLQWUHDFHVWHXUP UL
ILLQGYRUEDGHXUP ULDOWHUQDWLYHQXFXPXODWLYH
([SUHVLD ÄWXOEXUDUH vQ DFWLYLWDWHD GH WUDQVSRUW SH FDOHD IHUDW ´ LPSOLF R
DWLQJHUH HIHFWLY DGXV EXQXOXL PHUV DO DFWLYLW LL GH WUDQVSRUW SH FDOHD IHUDW GH
H[ R SURDVW RUJDQL]DUH FDUH D SURGXV vQWUHUXSHUL PDUL vQ FLUFXOD LD QRUPDO D
P UIXULORU RUL R GHIHFWXRDV RUJDQL]DUH D vQF UF ULL úL GHVF UF ULL YDJRDQHORU
DWLQJHUHFDUHDDIHFWDWVLJXUDQ DFLUFXOD LHLSHF LOHIHUDWH
([LVW DFHDVW XUPDUHUHDOL]kQGXVHRWXOEXUDUHvQDFWLYLWDWHDGHWUDQVSRUWSH
FDOHD IHUDW GDF IDSWD D DYXW FD XUPDUH vQWUHUXSHUHD FLUFXOD LHL WLPS GH RUH
vQWkU]LHUHDDSDWUXWUHQXULGHF O WRULúLDWUHQXULGHPDUI
Ä$FFLGHQWXO GH FDOH IHUDW ´ FRQVW vQ GLVWUXJHUHD VDX GHJUDGDUHD LPSRUWDQW
DGXV PDWHULDOXOXL UXODQW GH FDOH IHUDW VDX D DOWRU LQVWDOD LL IHURYLDUH vQ FXUVXO
FLUFXOD LHLVDXPDQHYUHLPLMORDFHORUGHWUDQVSRUWDOHF LORUIHUDWH±DUWDOLQ
& SHQ 'DF vQ IDSW LQWHUYLQH PRDUWHD Y W PDUHD FRUSRUDO D XQRU SHUVRDQH úL
GLVWUXJHUHD VDX GHJUDGDUHD P UIXULORU vQFUHGLQ DWH VSUH WUDQVSRUW DFHVWHD QX
FRQVWLWXLHWU V WXULOHJDOHDOHDFFLGHQWXOXLúLSULQXUPDUHY W PDUHDFRUSRUDO GLQ
FXOS XFLGHUHDGLQFXOS VDXGLVWUXJHUHDGLQFXOS QXVHPDLDEVRUEvQFRQ LQXWXO
IRUPHL DJUDYDWH D LQIUDF LXQLL DQDOL]DWH FL vúL S VWUHD] DXWRQRPLD LQIUDF LRQDO
XUPkQGDILVDQF LRQDWHGLVWLQFWFDLQIUDF LXQLFRQFXUHQWHFXDFHDVWD
([LVW LQIUDF LXQHDvQIRUPDDJUDYDW GDF LQFXOSDWXOPHFDQLFGHORFRPRWLY
D SURYRFDW GLQ FXOS XQ DFFLGHQW GH FDOH IHUDW SULQ WDPSRQDUHD D GRX WUHQXUL
DYDULLQGORFRPRWLYDúLYDJRDQHSUHMXGLFLXOILLQGvQYDORDUHGHOHL
Ä&DWDVWURID GH FDOH IHUDW ´ FRQVW vQ GHUDLHUHD U VWXUQDUHD VDX SU EXúLUHD
XQXLPLMORFGHWUDQVSRUWDOF LORUIHUDWHVDXSURGXFHUHDXQXLDOWDVHPHQHDUH]XOWDW
SUHFXP úL vQ FLRFQLUHD D GRX PLMORDFH GH WUDQVSRUW DOH F LORU IHUDWH VDX D XQXL
PLMORF GH WUDQVSRUW DO F LORU IHUDWH FX XQ DOW YHKLFXO GDF VDX SURGXV XUP UL
GHRVHELWGHJUDYHSULQPRDUWHDVDXY W PDUHDLQWHJULW LLFRUSRUDOHDXQRUSHUVRDQH
RUL SULQ GLVWUXJHUHD VDX GHJUDGDUHD PLMORDFHORU GH WUDQVSRUW DOH F LORU IHUDWH D
LQVWDOD LLORUGHFDOHIHUDW VDXDP UIXULORUvQFUHGLQ DWHSHQWUXWUDQVSRUW±DUW
DOLQ & SHQ ÌQ DFHDVW PRGDOLWDWH QRUPDWLY QHvQGHSOLQLUHD vQGDWRULULORU GH
VHUYLFLXVDXvQGHSOLQLUHDORUGHIHFWXRDV GLQFXOS HVWHRLQIUDF LXQHFRPSOH[ FDUH
DEVRDUEHvQFRQ LQXWXOV XGXS FD]Y W PDUHDFRUSRUDO GLQFXOS XFLGHUHDGLQ
FXOS VDXGLVWUXJHUHDGLQFXOS
,GHPYRO,9S
76VSGQU55'QUS
9DVLOH3DSDGRSRORSFLWYRO,,S
76VSGQU5,,,S
ÌQFD]XOvQFDUHXUPDUHDFRQVW vQPRDUWHDVDXY W PDUHDLQWHJULW LLFRUSRUDOHD
XQRUSHUVRDQHQXP UXOSHUVRDQHORUHVWHQHGHWHUPLQDWGDUSULQLQWHUSUHWDUHUD LRQDO VH
vQ HOHJHF HYRUEDGHXQQXP UFDUHV MXVWLILFHFDOLILFDWLYXOGHFDWDVWURI GHFDOHIHUDW
vQUDSRUWFXvPSUHMXU ULOHFDX]HL'HDVHPHQHDWUHEXLHV ILHYRUEDGHGLVWUXJHULVDX
GHJUDG ULGHRVHELWGHLPSRUWDQWH
([LVW LQIUDF LXQHDvQIRUPDDJUDYDW GDF LQFXOSDWXODSURYRFDWRFDWDVWURI GH
FDOHIHUDW PRDUWHDDGRX SHUVRDQHúLPDULSDJXEHPDWHULDOHRULU VWXUQDUHDDGRX
YDJRDQH Y W PDUHD FRUSRUDO D GH SHUVRDQH GHJUDGDUHD PDWHULDOXOXL UXODQW
SUHMXGLFLXOILLQGvQYDORDUHGHOHLúLvQWUHUXSHUHDFLUFXOD LHLWLPSGHRUH
3HQWUX H[LVWHQ D XQXL DFFLGHQW VDX D XQHL FDWDVWURIH GH FDOH IHUDW HVWH
QHFHVDUFDXUPDUHDY W P WRDUHV ILIRVWSURGXV vQFXUVXOFLUFXOD LHLVDXPDQHYUHL
PLMORDFHORUGHWUDQVSRUWDOHF LORUIHUDWH
ÌQWUXFkWLQIUDF LXQHDSUHY ]XW vQDUWDOLQ&SHQHVWHRLQIUDF LXQH
FXFRQ LQXWXULDOWHUQDWLYHGDF VHUHDOL]HD] PDLPXOWHXUP ULGLQFHOHDU WDWHGH
WH[WQXQHDIO PvQID DXQHLSOXUDOLW LGHLQIUDF LXQLVXEIRUPDFRQFXUVXOXLLGHDO
FL D XQHL LQIUDF LXQL XQLFH FX UH]XOWDWH PXOWLSOH FRQFXUV GH XUP UL SHGHDSVD
DSOLFDELO ILLQGFHDSUHY ]XW SHQWUXXUPDUHDFHDPDLJUDY SURGXV
,QVWDQ D VXSUHP D GHFLV vQ DFHVW VHQV F LQIUDF LXQLOH SHQWUX FDUH OHJHD
SHQDO SUHYHGH DQXPLWH WU V WXUL DJUDYDWH QX FRQVWLWXLH LQIUDF LXQL GH VLQH
VW W WRDUHvQFRQFXUVFXLQIUDF LXQLOHGHED] ODFDUHVHUHIHU FLLQIUDF LXQLXQLFH
VDQF LRQDWHPDLJUDYSULQWH[WHOHSHFDUHOHUHJOHPHQWHD]
/HJ WXUDGHFDX]DOLWDWHvQWUHDF LXQHDVDXLQDF LXQHDLQFULPLQDW úLXUPDUHD
LPHGLDW WUHEXLH V H[LVWH úL UH]XOW H[ UH vQ YDULDQWD WLS LDU vQ FD]XO YDULDQWHL
DJUDYDWHYDWUHEXLGRYHGLW
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH'LQSXQFWGHYHGHUHVXELHFWLYIDSWDGHQHvQGHSOLQLUHD
vQGDWRULULORU GH VHUYLFLX VDX vQGHSOLQLUHD ORU GHIHFWXRDV GH F WUH DQJDMD LL F LORU
IHUDWH HVWH LQFULPLQDW DWkW vQ FD]XO FkQG HVWH V YkUúLW GLQ FXOS LQIUDF LXQHD GH
QHvQGHSOLQLUHDvQGDWRULULORUGHVHUYLFLXVDXvQGHSOLQLUHDORUGHIHFWXRDV GLQFXOS
DUW&SHQFkWúLvQFD]XOFkQGHVWHV YkUúLW FXIRUPDGHYLQRY LHLQWHQ LH
LQIUDF LXQHDGHQHvQGHSOLQLUHFXúWLLQ DvQGDWRULULORUGHVHUYLFLXVDXvQGHSOLQLUHD
ORUGHIHFWXRDV DUW&SHQ
)RUPH6DQF LXQL
)RUPH ,QIUDF LXQHD GH QHvQGHSOLQLUH D vQGDWRULULORU GH VHUYLFLX VDX
vQGHSOLQLUHD ORU GHIHFWXRDV GH F WUH DQJDMD LL F LORU IHUDWH SRDWH IL V YkUúLW DWkW
SULQDFWLYLW LSR]LWLYHFRPLVLXQHFkWúLSULQDWLWXGLQLQHJDWLYHRPLVLXQH
ÌQ IRUPD VD VLPSO HVWH R LQIUDF LXQH OD FDUH XUPDUHD UH]XOWDWXO FRQVW vQ
FUHDUHD XQHL VW UL GH SHULFRO LDU vQ YDULDQWHOH DJUDYDWH HVWH R LQIUDF LXQH OD FDUH
XUPDUHDUH]XOWDWXOFRQVW vQSURGXFHUHDXQHLOH]LXQL
&kQGIDSWDHVWHV YkUúLW GLQFXOS WHQWDWLYDQXHVWHSRVLELO LDUFkQGIDSWD
HVWHV YkUúLW FXLQWHQ LHWHQWDWLYDHVWHSRVLELO GDUQXVHSHGHSVHúWH
&RQVXPDUHD LQIUDF LXQLL LQWHUYLQH vQ PRPHQWXO UHDOL] ULL DF LXQLL VDX
LQDF LXQLLLQFULPLQDWHúLDOSURGXFHULLXUP ULLLPHGLDWH
6LHJIULHG.DKDQHRSFLWYRO,9S
9DVLOH3DSDGRSRO,QIUDF LXQLOHFRQWUDVLJXUDQ HLSHF LOHIHUDWH55'QUS
76VSGQU55'QUS
76VSGQU55'QUS
9DVLOH3DSDGRSRO&RQVLGHUD LLDVXSUDLQIUDF LXQLORUFXFRQ LQXWXULDOWHUQDWLYH-1QUS
3OHQXO76GvQU&'S
6DQF LXQL 3HQWUX YDULDQWD VLPSO SUHY ]XW vQ DOLQ DO DUW & SHQ
VDQF LXQHDHVWHvQFKLVRDUHDGHODOXQLODDQL
'DF LQIUDF LXQHD VH vQFDGUHD] vQ YDULDQWD DJUDYDW SUHY ]XW vQ DOLQ
SULPDWH] DODUW&SHQVDQF LXQHDHVWHvQFKLVRDUHDGHODODDQLLDUGDF
VHvQFDGUHD] vQYDULDQWDDJUDYDW SUHY ]XW vQDOLQDGRXDWH] VDQF LXQHDHVWH
vQFKLVRDUHDGHODODDQL
3HUVRDQDMXULGLF VHSHGHSVHúWHSHQWUXIDSWDSUHY ]XW vQDOLQúLWH]D
, FX DPHQG GH OD OHL OD OHL ÌQ PRGDOLWDWHD DJUDYDW SUHY ]XW vQ
DOLQWH]DD,,DDPHQGDFDUHLLQFXPE SHUVRDQHLMXULGLFHHVWHGHODOD
OHL
3ULQ LQFULPLQDUHD VSHFLDO GLQ DUW DOLQ & SHQ QX VD XUP ULW
OLPLWDUHD U VSXQGHULL SHQDOH D SHUVRQDOXOXL F LORU IHUDWH FL QXPDL DSOLFDUHD XQXL
UHJLPVSHFLDODQXPLWRUIDSWHV YkUúLWHGHDFHDVW FDWHJRULHGHSHUVRDQHvQFDGUDWHvQ
PXQF DVWIHO F HOH U VSXQG SHQDO SRWULYLW DUW & SHQ SHQWUX WRDWH FHOHODOWH
IDSWHGHQHJOLMHQ vQVHUYLFLXSULQFDUHVDFDX]DWRWXOEXUDUHLPSRUWDQW LQWHUHVHORU
OHJDOHDOHXQHLSHUVRDQHVDXRSDJXE XQHLSHUVRDQHMXULGLFHGHGUHSWSXEOLF
1(Ì1'(3/,1,5($&8ù7,,1 $Ì1'$725,5,/25'(6(59,&,8
6$8Ì1'(3/,1,5($/25'()(&782$6
'HRDUHFHVXEUDSRUWXOFRQGL LLORUSUHH[LVWHQWHDOODWXULLRELHFWLYHIDSWHOHGH
QHvQGHSOLQLUHD D vQGDWRULULORU GH VHUYLFLX VDX vQGHSOLQLUHD ORU GHIHFWXRDV GHF WUH
DQJDMD LLF LORUIHUDWHDXDFHODúLFRQ LQXWWULPLWHPODH[SOLFD LLOHGDWHFXSULYLUHOD
LQIUDF LXQHDSUHY ]XW vQDUW&SHQ
ÌQWUXFkWFHOHGRX IDSWHSHQDOHQXVHGHRVHEHVFGHFkWVXEUDSRUWVXELHFWLYúL
FXP HVWH úL ILUHVF vQ FHHD FH SULYHúWH IRUPHOH úL VDQF LXQLOH SUHY ]XWH
QHvQGHSOLQLUHDFXúWLLQ DvQGDWRULULORUGHVHUYLFLXVDXvQGHSOLQLUHDORUGHIHFWXRDV
QXYDILH[DPLQDW GHFkWVXEDFHVWHDVSHFWHGLIHUHQ LDOH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH VSHFLILF DFHVWHL LQIUDF LXQL HVWH LQWHQ LD GLUHFW VDX
LQGLUHFW H[SUHVPHQ LRQDW vQWH[W) SWXLWRUXOSUHYHGHF SULQFRPLWHUHDIDSWHLDU
SXWHD SXQH vQ SHULFRO VLJXUDQ D PLMORDFHORU GH WUDQVSRUW DOH F LORU IHUDWH úL
XUP UHúWHRULDFFHSW SURGXFHUHDXQHLDVHPHQHDXUP ULSHULFXORDVH
0RDUWHDVDXY W P ULOHVXQWSUDHWHULQWHQ LRQDWHvQFD]XOQHvQGHSOLQLULLFXúWLLQ
D vQGDWRULULORU GH VHUYLFLX VDX D vQGHSOLQLULL ORU GHIHFWXRDVH FDUH D DYXW FD XUPDUH R
FDWDVWURI GH FDOH IHUDW $OWIHO GDF VD XUP ULW DQXPH SURGXFHUHD ORU YD H[LVWD
FRQFXUVFXLQIUDF LXQHDGHRPRUGHRVHELWGHJUDY±DUWDOLQOLWE&SHQ
)RUPH6DQF LXQL
)RUPH )DSWD SUHY ]XW vQ DUW & SHQ HVWH GLQ SXQFW GH YHGHUH DO
HOHPHQWXOXL PDWHULDO DWkW R LQIUDF LXQH FRPLVLY vQGHSOLQLUHD GHIHFWXRDV D
vQGDWRULULORU GH VHUYLFLX FkW úL XQD RPLVLY QHvQGHSOLQLUHD vQGDWRULULORU GH
VHUYLFLXFDUHvQFRQFUHWSRDWHILV YkUúLW SULQDF LXQHVDXSULQLQDF LXQH
7M6XFHDYDGSQU55'QUS
6LHJIULHG .DKDQH vQ 9LQWLO 'RQJRUR] 6LHJIULHG .DKDQH ,RQ 2DQFHD ,RVLI )RGRU 1LFROHWD ,OLHVFX
&RQVWDQWLQ %XODL 5RGLFD 6W QRLX 9LFWRU 5RúFD ([SOLFD LL WHRUHWLFH DOH &RGXOXL SHQDO URPkQ 3DUWHD VSHFLDO
YRO,9(GLWXUD$FDGHPLHL5RPkQH%XFXUHúWLS
&XSULYLUHODGLVWLQF LLOHGLQWUHLQIUDF LXQLOHFRPLVLYHúLRPLVLYHSHGHRSDUWHúLPRGDOLW LOHGHUHDOL]DUH
DOHHOHPHQWXOXLPDWHULDOSHGHDOW SDUWHIDFHPWULPLWHUHODFHOHDU WDWHUHIHULWRUODODWXUDPDWHULDO DLQIUDF LXQLORU
FRQWUDDXWRULW LL
ÌQPRGDOLWDWHDQRUPDWLY FRPLVLY LQIUDF LXQHDDQDOL]DW SRDWHDYHDXQLWHU
FULPLQLVúLGHFLIRUPHLPSHUIHFWHDFWHSUHSDUDWRULLVDXWHQWDWLYDFDUHQXVXQWvQV
SHGHSVLWH
6DQF LXQL3HQWUXV YkUúLUHDIDSWHLSUHY ]XWHvQDOLQDODUW&SHQ
SHUVRDQDIL]LF VHSHGHSVHúWHFXvQFKLVRDUHDGHODODDQL
3HQWUX V YkUúLUHD IDSWHORU SUHY ]XWH vQ DOLQ SHUVRDQD IL]LF VH
VDQF LRQHD] FX vQFKLVRDUH GH OD OD DQL SULPD WH] LDU GDF VD SURGXV R
FDWDVWURI GHFDOHIHUDW WH]DDGRXDDFHDVWDVHSHGHSVHúWHFXvQFKLVRDUHGHOD
ODDQL
3HQWUXIDSWHOHSUHY ]XWHvQDOLQúL±SULPDWH] ±SHUVRDQDMXULGLF VH
SHGHSVHúWHFXDPHQG GHODOHLODOHLLDUSHQWUXIDSWDSUHY ]XW vQ
DOLQ±WH]DDGRXD±SHUVRDQDMXULGLF VHSHGHSVHúWHFXDPHQG GHODOHL
ODOHL
3 5 6,5($32678/8,ù,35(=(1 $/$6(59,&,8Ì167$5('(
(%5,(7$7(
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDODODFHVWHLLQIUDF LXQLvOFRQVWLWXLHRFURWLUHDVLJXUDQ HL
FLUFXOD LHL SH F LOH IHUDWH vPSRWULYD SHULFROXOXL SH FDUH vO SUH]LQW IDSWHOH
LQFULPLQDWHFkQGVXQWV YkUúLWHGHDQJDMD LLFDUHDVLJXU GLUHFWVLJXUDQ DFLUFXOD LHL
PLMORDFHORUGHWUDQVSRUWDOHF LORUIHUDWH3ULQRELHFWXOV XMXULGLFLQIUDF LXQHDGLQ
DUW & SHQ FRQVWLWXLH R YDULDQW VSHFLDO D LQIUDF LXQLL GH DEX] vQ VHUYLFLX
$FHDVW LQFULPLQDUH VSHFLDO HVWH GH QDWXU V VSRUHDVF ± vQWUXQ GRPHQLX XQGH
IDSWHOH LQFULPLQDWH SRW DYHD FRQVHFLQ H GHRVHELW GH JUDYH ± HILFLHQ D RFURWLULL
SHQDOHúLV vQW UHDVF DF LXQHDGHSUHYHQ LHJHQHUDO úLVSHFLDO DOHJLLSHQDOH
)DSWHOH GH S U VLUH D SRVWXOXL VDX GH H[HUFLWDUH D DWULEX LLORU GH VHUYLFLX vQ
VWDUH GH HEULHWDWH GH F WUH DQJDMD LL FDUH DVLJXU GLUHFW VLJXUDQ D FLUFXOD LHL
PLMORDFHORUGHWUDQVSRUWDOHF LORUIHUDWHVXQWLQFULPLQDWHSULQGLVSR]L LLOHGLQDUW
&SHQÌQDFHVWDUWLFROVXQWSUHY ]XWHLQFULPLQ ULGLVWLQFWHSHQWUXILHFDUHIDSW
FHHDFHH[SOLF IRUPXODUHDELQRPLF DGHQXPLULLPDUJLQDOHÄ3 U VLUHDSRVWXOXLúL
SUH]HQ DODVHUYLFLXvQVWDUHGHHEULHWDWH´
2ELHFWXOPDWHULDODODFHVWHLLQIUDF LXQLH[LVW DWXQFLFkQGSULQIDSWDSUHY ]XW
GHOHJHDSHQDO VDSURGXVXQDFFLGHQWVDXRFDWDVWURI GHFDOHIHUDW úLFRQVW vQ
PDWHULDOXO UXODQW GH FDOH IHUDW VDX DOWH LQVWDOD LL IHURYLDUH P UIXULOH vQFUHGLQ DWH
F LORUIHUDWHVSUHWUDQVSRUWVDXFRUSXORPHQHVF
ÌQLSRWH]HOHSUHY ]XWHvQDOLQúLRELHFWXOPDWHULDOOLSVHúWH
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU DO LQIUDF LXQLL GH S U VLUHD SRVWXOXL úL
SUH]HQ ODVHUYLFLXvQVWDUHGHHEULHWDWHSRDWHILQXPDLRSHUVRDQ FDUHDUHFDOLWDWHD
GH DQJDMDW DO F LORU IHUDWH DGLF R SHUVRDQ FDUH vQ WHPHLXO XQXL FRQWUDFW GH
PXQF VH DIO vQ VHUYLFLXO DFHVWHL LQVWLWX LL úL vQ DWULEX LLOH F UHLD LQWU DVLJXUDUHD
GLUHFW DVLJXUDQ HLFLUFXOD LHLPLMORDFHORUGHWUDQVSRUWDOHF LORUIHUDWH3HUVRDQHOH
FDUH vQGHSOLQHVF DFHDVW GXEO FRQGL LH VXQW GHWHUPLQDWH SULQ UHJXODPHQWHOH
LQWHULRDUHGHRUJDQL]DUHDF LORUIHUDWH6XELHFWXODFWLYQHPLMORFLWHVWHGHFLGHGRX
RULFDOLILFDW
6LHJIULHG .DKDQH vQ 9LQWLO 'RQJRUR] 6LHJIULHG .DKDQH ,RQ 2DQFHD ,RVLI )RGRU 1LFROHWD ,OLHVFX
&RQVWDQWLQ %XODL 5RGLFD 6W QRLX 9LFWRU 5RúFD ([SOLFD LL WHRUHWLFH DOH &RGXOXL SHQDO URPkQ 3DUWHD VSHFLDO
YRO,9(GLWXUD$FDGHPLHL5RPkQH%XFXUHúWLS
,QIUDF LXQHD GLQ DUW & SHQ V YkUúLW SULQ S U VLUHD VHUYLFLXOXL HVWH
VXVFHSWLELO GH SDUWLFLSDUH FRDXWRUL LQVWLJDWRUL FRPSOLFL LDU FHD V YkUúLW SULQ
SUH]HQWDUH OD VHUYLFLX vQ VWDUH GH HEULHWDWH SULQ VSHFLILFXO V X HVWH VXVFHSWLELO
QXPDL GH SDUWLFLSDUH SULQ LQVWLJDUH VDX FRPSOLFLWDWH QX úL FRDXWRUDW LQIUDF LXQH
FDUHVHV YkUúHúWHLQSHUVRQDSURSULDÌQLSRWH]DGLQDOLQSOXUDOLWDWHDGHDXWRUL
YDJHQHUDRSOXUDOLWDWHGHLQIUDF LXQLDXWRQRPH
3RW IL VXELHF L DFWLYL QHPLMORFL L DL DFHVWRU IDSWH GH H[ RSHUDWRULL GH OD
UHJXODWRUXO GH FLUFXOD LH PHFDQLFLL GH ORFRPRWLY LPSLHJD LL GH PLúFDUH úHILL GH
WUHQDFDULLHWF$FHúWLDVXQWGHWHUPLQD LSULQUHJOHPHQW ULOHVSHFLILFHGLQGRPHQLXO
FLUFXOD LHLSHF LOHIHUDWH
6XELHFWDFWLYDODFHVWHLLQIUDF LXQLSRDWHILúLRSHUVRDQ MXULGLF vQFRQGL LLOH
úLFXOLPLW ULOHSUHY ]XWHvQDUW&SHQ
6XELHFWXOSDVLYVSHFLDOHVWH61&)56RFLHWDWHD1D LRQDO D& LORU)HUDWH
5RPkQH
ÌQ FD]XO FkQG VD SURGXV XQD GLQ XUP ULOH SUHY ]XWH vQ DOLQ VXELHF L
SDVLYLVSHFLDOLVXQWúLSHUVRDQHOHF URUDOLVDXFDX]DWY W P ULFRUSRUDOHVDXFDUH
úLDXSLHUGXWYLD DFDXUPDUHDFDWDVWURIHLRULFDUHDXVXIHULWSDJXEHPDWHULDOH
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO FRQVW vQ GRX IDSWH GLVWLQFWH DYkQG vQV FD HVHQ
FRPXQ SRWHQ LDOLWDWHD FUH ULL XQHL VW UL GH SHULFRO SHQWUX VLJXUDQ D FLUFXOD LHL
PLMORDFHORU GH WUDQVSRUW DOH F LORU IHUDWH RUL SURGXFHUHD DQXPLWRU DOWH XUP UL
G XQ WRDUHSHQWUXFLUFXOD LDSHF LOHIHUDWHILHFDUHGLQDFHVWHIDSWHHVWHOHJDW GH
FDOLWDWHD VXELHFWXOXL DFWLY QHPLMORFLW DQJDMDW FDUH DVLJXU GLUHFW VLJXUDQ D
FLUFXOD LHL PLMORDFHORU GH WUDQVSRUW DOH F LORU IHUDWH $FWLYLW LOH SULQ FDUH VH
UHDOL]HD] HOHPHQWXOPDWHULDOSULYHVFXUP WRDUHOHDF LXQL
3 U VLUHD SRVWXOXL vQ RULFH PRG úL VXE RULFH IRUP ± DUW DOLQ
&SHQ$F LXQHDGHS U VLUHSRDWHILV YkUúLW ILHSULQWUXQDFWFRPLVLYSOHFDUHDGH
OD SRVW vQWUXQ PRPHQW FkQG SUH]HQ D DQJDMDWXOXL HUD QHFHVDU ILH SULQWUR
RPLVLXQH QHUHvQWRDUFHUHD OD SRVW OD PRPHQWXO FXYHQLW 6 YkUúLUHD DF LXQLL GH
S U VLUH ÄvQ RULFH PRG úL VXE RULFH IRUP ´ vQVHDPQ F SHQWUX H[LVWHQ D
HOHPHQWXOXL PDWHULDO QX LQWHUHVHD] GDF S U VLUHD SRVWXOXL VD SURGXV SULQ
DEDQGRQDUHDVHUYLFLXOXLSULQWURGHPLVLHGHXOWLP RU VDXGDF HVWHGHOXQJ RUL
GHVFXUW GXUDW WHPSRUDU VDXGHILQLWLY GDF S U VLUHDSRVWXOXLDIRVWIRORVLW GH
DQJDMDW SHQWUX D VH GLVWUD RUL SHQWUX D VH RGLKQL HWF $FHVWH vPSUHMXU UL SRW VHUYL
vQV SHQWUXLQGLYLGXDOL]DUHDSHGHSVHL
([HUFLWDUHDDWULEX LLORUGHVHUYLFLXvQVWDUHGHHEULHWDWH±DUWDOLQ
& SHQ 7H[WXO VH UHIHU QXPDL OD ÄVWDUHD GH HEULHWDWH´ ± QX úL OD ÄvPELED LD
DOFRROLF FHGHS úHúWHOLPLWDOHJDO ´SUHY ]XW vQDOWHGLVSR]L LLVDXDFWHQRUPDWLYH
FDGHH[vQDUWDOLQ&SHQ$FHDVWDvQVHDPQ F WH[WXODUWDOLQ
& SHQ VDQF LRQHD] H[HUFLWDUHD DWULEX LLORU GH VHUYLFLX vQ VWDUH GH HEULHWDWH
LQGLIHUHQWGHJUDGXOGHvPELED LHDOFRROLF
)LHFDUH GLQ FHOH GRX DF LXQL LQFULPLQDWH VXVDU WDWH FRQVWLWXLH HOHPHQWXO
PDWHULDODOXQHLLQIUDF LXQLGLVWLQFWHÌQFD]XOFkQGDXIRVWV YkUúLWHDPEHOHDF LXQL
YDH[LVWDFRQFXUVGHLQIUDF LXQL
6WDUHD GH HEULHWDWH HVWH R LQWR[LFD LH DFXW FX DOFRRO HWLOLF FRQVHFXWLY
LQJHU ULL XQHL FDQWLW L GH OLFKLG FRQ LQkQG DOFRRO 1X LQWHUHVHD] GDF HVWH
FRPSOHW VDXLQFRPSOHW GDUHVWHQHFHVDUV ILHYROXQWDU
6LHJIULHG.DKDQHRSFLWYRO,9S
,GHPYRO,9S
&HULQ D HVHQ LDO ÌQ YDULDQWD SUHY ]XW vQ DOLQ DO DUW & SHQ HVWH
QHFHVDUFDIDSWDV ILHGHQDWXU DSXQHvQSHULFROVLJXUDQ DFLUFXOD LHLPLMORDFHORU
GHWUDQVSRUWDOHF LORUIHUDWH$FHDVW FHULQ FRQVWLWXLHRFRQGL LHFDOLWDWLY DIDSWHL
GH vQF OFDUH D vQGDWRULULORU GH VHUYLFLX GHFL R SRWHQ LDOLWDWH LDU QX XQ UH]XOWDW
&HULQ D YD IL vQGHSOLQLW DWXQFL FkQG GLQ DQVDPEOXO vPSUHMXU ULORU GH IDSW YD
UH]XOWD SRVLELOLWDWHD SURGXFHULL XQXL SHULFRO SHQWUX VLJXUDQ D FLUFXOD LHL SH F LOH
IHUDWH'DF DFHDVW FHULQ HVHQ LDO QXHVWHvQGHSOLQLW DGLF GDF IDSWDQXHVWH
SRWHQ LDO GH QDWXU V SXQ vQ SHULFRO VLJXUDQ D FLUFXOD LHL SH F LOH IHUDWH VH YD
SXWHDDSOLFDQXPDLRVDQF LXQHGLVFLSOLQDU
ÌQ D GRXD LSRWH] GH LQFULPLQDUH SUHY ]XW vQ DOLQ DO DUW & SHQ
VWDUHD GH HEULHWDWH D VXELHFWXOXL DFWLY QHPLMORFLW ILLQG R FRQGL LH SHQWUX H[LVWHQ D
HOHPHQWXOXL PDWHULDO GREkQGHúWH LPSOLFLW FDUDFWHUXO GH FHULQ HVHQ LDO 3HQWUX
H[LVWHQ D DFHVWHL LQIUDF LXQL QX PDL HVWH QHFHVDU FRQVWDWDUHD F DF LXQHD FDUH
FRQVWLWXLHHOHPHQWXOPDWHULDOHVWHGHQDWXU V SXQ vQSHULFROVLJXUDQ DFLUFXOD LHL
SHF LOHIHUDWH6WDUHDGHHEULHWDWHDDQJDMDWXOXLSUH]LQW SULQHDvQV úLXQDVHPHQHD
JUDG GH SHULFRO SHQWUX VLJXUDQ D FLUFXOD LHL SH F LOH IHUDWH vQFkW OHJLXLWRUXO QX D
FRQVLGHUDWQHFHVDUV SUHYDG úLRDGRXDFHULQ HVHQ LDO
8UPDUHD LPHGLDW FRQVW vQWUR VWDUH GH SHULFRO SHQWUX VLJXUDQ D FLUFXOD LHL
SHF LOHIHUDWH&RQVWDWDUHDvQFD]XOIDSWHLGHS U VLUHDVHUYLFLXOXLF DFHDVWDHVWH
GH QDWXU V SXQ vQ SHULFRO FLUFXOD LD SH F LOH IHUDWH LDU vQ FD]XO IDSWHL GH
H[HUFLWDUHDDWULEX LLORUvQVWDUHGHHEULHWDWHF VXELHFWXODFWLYQHPLMORFLWVHDIODvQ
DFHDVW VWDUH vQVHDPQ LPSOLFLW FRQVWDWDUHD XUP ULL LPHGLDWH 3HQWUX H[LVWHQ D
DPEHORU LQIUDF LXQL QX LPSRUW GDF DF LXQHD LQFULPLQDW D SXV HIHFWLY vQ SHULFRO
VLJXUDQ D FLUFXOD LHL PLMORDFHORU GH WUDQVSRUW DOH F LORU IHUDWH FL HVWH VXILFLHQW FD
IDSWD V IL IRVW GH QDWXU D SXQH vQ SHULFRO VLJXUDQ D FLUFXOD LHL /D DFHVWH DF LXQL
XUPDUHDUH]XOWDWXOQXFRQVW vQWURY W PDUHFLvQWURVWDUHGHSHULFRO
$FHDVW XUPDUHLPHGLDW WLSLF DLQIUDF LXQLLHVWHXQHRULvQWUHJLW GHRXUPDUH
LPHGLDW VSHFLDO FDUH GHYLQH HOHPHQW FLUFXPVWDQ LDO vQ FD]XO YDULDQWHL FRPXQH
SUHY ]XWHvQDOLQDODUW&SHQXUPDUHFDUHFRQVW ILHvQSURGXFHUHDXQHL
WXOEXU UL vQ DFWLYLWDWHD GH WUDQVSRUW SH FDOHD IHUDW VDX D XQXL DFFLGHQW GH FDOH
IHUDW ILHvQSURGXFHUHDXQHLFDWDVWURIHGHFDOHIHUDW
3HQWUXH[LVWHQ DLQIUDF LXQLLvQFD]XOYDULDQWHLGLQDOLQDODUW&SHQ
QXHVWHVXILFLHQWDúDGDUFDXUPDUHDUH]XOWDWXOV FRQVWHDvQSRWHQ LDOLWDWHDGHD
SXQHvQSHULFROFLUFXOD LDSHF LOHIHUDWHFLHVWHQHFHVDU SURGXFHUHDXQHLY W P UL
PDWHULDOH
([SUHVLLOHÄWXOEXUDUHvQDFWLYLWDWHDGHWUDQVSRUWSHFDOHDIHUDW ´ÄDFFLGHQWGH
FDOH IHUDW ´ úL ÄFDWDVWURI GH FDOH IHUDW ´ DX DFHODúL vQ HOHV FD OD LQIUDF LXQHD GH
QHvQGHSOLQLUH D vQGDWRULULORU GH VHUYLFLX VDX vQGHSOLQLUHD ORU GHIHFWXRDV GH F WUH
DQJDMD LL F LORU IHUDWH úL SHQWUX GHWDOLL IDFHP WULPLWHUH OD FHOH DU WDWH VXE DFHVW
DVSHFWFXRFD]LDFRPHQWDULXOXLDUW&SHQ
3HQWUXH[LVWHQ DYDULDQWHLDJUDYDWHDLQIUDF LXQLLDWkWvQFD]XOIDSWHLGHS U VLUHD
SRVWXOXL FkW úL vQ FD]XO IDSWHL GH SUH]HQ OD VHUYLFLX vQ VWDUH GH HEULHWDWH HVWH
VXILFLHQW SURGXFHUHDXQHLDGLQWUHXUP ULOHDOWHUQDWLYHDU WDWHvQDUW&SHQ
ÌQFD]GHSOXUDOLWDWHGHXUP ULFRQFXUVGHXUP ULVHYDDSOLFDSHGHDSVDFHD
PDLJUHDGLQWUHDFHOHDSHFDUHOHDUILDWUDVILHFDUHXUPDUHFRQVLGHUDW vQSDUWH
/HJ WXUD GH FDX]DOLWDWH vQWUH DF LXQHD FDUH FRQVWLWXLH HOHPHQWXO PDWHULDO úL
XUPDUHD LPHGLDW WUHEXLH V H[LVWH úL GH UHJXO UH]XOW H[ UH ÌQ FD]XO YDULDQWHL
DJUDYDWHFRPXQH±DOLQ±DFHDVWDYDWUHEXLvQV GRYHGLW
6LHJIULHG.DKDQHRSFLWYRO,9S
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH VSHFLILF IDSWHORU SUHY ]XWH vQ DUW DOLQ úL
& SHQ HVWH LQWHQ LD GLUHFW VDX LQGLUHFW 'LQ SXQFW GH YHGHUH DO ODWXULL
VXELHFWLYH IRUPHOH DJUDYDWH SRW IL LQIUDF LXQL LQWHQ LRQDWH FkQG I SWXLWRUXO D
SUHY ]XW XUPDUHD FH GHWHUPLQ DJUDYDUHD úL D V YkUúLW IDSWD GRULQG VDX QXPDL
DFFHSWkQG SURGXFHUHD DFHOHL XUP UL VDX SUDHWHULQWHQ LRQDWH FkQG DXWRUXO QX D
SUHY ]XWUH]XOWDWXOIDSWHLVDOHGHúLWUHEXLDúLSXWHDV DLE UHSUH]HQWDUHDOXLRULOD
SUHY ]XWvQV FRPSRUWkQGXVHFXXúXULQ DVRFRWLWF HOQXVHYDSURGXFH
'DF DQJDMDWXOVHDIO vQVWDUHGHHEULHWDWHFRPSOHW GDWRULW XQRUvPSUHMXU UL
LQGHSHQGHQWH GH YRLQ D VD YRU IL LQFLGHQWH GLVSR]L LLOH GLQ DUW & SHQ
UHIHULWRDUHODEH LHFDUHvQO WXU FDUDFWHUXOSHQDODOIDSWHLFRQFUHWH
0RELOXO GHWHUPLQDQW úL VFRSXO XUP ULW GH I SWXLWRU QX LQWHUHVHD] SHQWUX
H[LVWHQ D ODWXULL VXELHFWLYH úL GHFL D LQIUDF LXQLL GDU YRU IL DYXWH vQ YHGHUH OD
LQGLYLGXDOL]DUHDSHGHSVHL
)RUPH6DQF LXQL
)RUPH 3 U VLUHD SRVWXOXL úL SUH]HQ D OD VHUYLFLX vQ VWDUH GH HEULHWDWH ILLQG
LQIUDF LXQL FRPLVLYH GH H[HFX LH OHQW úL LQWHQ LRQDWH VXQW VXVFHSWLELOH GH IRUPH
LPSHUIHFWH GH UHDOL]DUH DFWH SUHSDUDWRULL úL WHQWDWLY 'HúL SRVLELOH DFHVWHD QX
VXQWLQFULPLQDWHúLLPSOLFLWSHGHSVLWH
ÌQ IRUPD VD VLPSO S U VLUHD SRVWXOXL úL SUH]HQ D OD VHUYLFLX vQ VWDUH GH
HEULHWDWHHVWHRLQIUDF LXQHODFDUHXUPDUHDUH]XOWDWXOFRQVW vQFUHDUHDXQHLVW UL
GHSHULFROÌQYDULDQWDDJUDYDW HVWHRLQIUDF LXQHODFDUHXUPDUHDUH]XOWDWXOFRQVW
vQSURGXFHUHDXQHLOH]LXQL
&RQVXPDUHDDFHVWRUIDSWHDUHORFvQPRPHQWXOUHDOL] ULLDF LXQLLLQFULPLQDWH
vQFD]XOIRUPHORUVLPSOHúLvQPRPHQWXOSURGXFHULLRULF UHLDGLQWUHXUP ULOHDU WDWH
PDLVXVvQFD]XOIRUPHORUDJUDYDWH
6DQF LXQL ,QIUDF LXQHD GH S U VLUHD SRVWXOXL úL GH SUH]HQ OD VHUYLFLX vQ
VWDUHGHHEULHWDWHHVWHVDQF LRQDW vQIRUPDVLPSO DDPEHORUIDSWH±DUWDOLQ
úL&SHQ±FXSHGHDSVDvQFKLVRULLGHODODDQL
'DF IDSWD V YkUúLW VH vQFDGUHD] vQ SULPD WH] D YDULDQWHL DJUDYDWH
SUHY ]XW vQDOLQDODUW&SHQVDQF LXQHDHVWHvQFKLVRDUHDGHODOD
DQLLDUGDF VHvQFDGUHD] vQDGRXDWH] DYDULDQWHLDJUDYDWHSUHY ]XW vQDOLQ
DODUW&SHQVDQF LXQHDHVWHvQFKLVRDUHDGHODODDQLúLLQWHU]LFHUHDXQRU
GUHSWXUL
3HUVRDQDMXULGLF VHSHGHSVHúWHSHQWUXIDSWHOHSUHY ]XWHvQDOLQúLFX
DPHQG GH OD OD OHL ÌQ YDULDQWD DJUDYDW SUHY ]XW vQ DOLQ
DPHQGDFDUHLLQFXPE SHUVRDQHLMXULGLFHHVWHGHODODOHL
',6758*(5($ù,6(01$/,=$5($)$/6
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDODODFHVWHLIDSWHSHQDOHvOFRQVWLWXLHDFHOHUHOD LLVRFLDOH
D F URU QRUPDO IRUPDUH GHVI úXUDUH úL GH]YROWDUH QX DU IL SRVLELOH I U DVLJXUDUHD
VLJXUDQ HLFLUFXOD LHLSHF LOHIHUDWH0HQ LRQ PF SULQRELHFWXOV XMXULGLFXQDGLQ
LQFULPLQ UL úL DQXPH LQIUDF LXQHD GH GLVWUXJHUH D LQVWDOD LLORU GH FDOH IHUDW
FRQVWLWXLHRYDULDQW VSHFLDO DLQIUDF LXQLLGHGLVWUXJHUHDUW&SHQ$FHDVW
9DVLOH 3DSDGRSRO vQ 7HRGRU 9DVLOLX 'RUX 3DYHO *HRUJH $QWRQLX ùWHIDQ 'DQHú *KHRUJKH ' UkQJ
'XPLWUX/XFLQHVFX9DVLOH3DSDGRSRO'XPLWUX&3RSHVFX9LUJLO5 PXUHDQX&RGXOSHQDOURPkQFRPHQWDWúL
DGQRWDW3DUWHDVSHFLDO YRO,,(GLWXUDùWLLQ LILF úL(QFLFORSHGLF %XFXUHúWLS
YDULDQW VSHFLDO HVWH GH QDWXU V VSRUHDVF ± vQWUXQ GRPHQLX XQGH IDSWHOH
LQFULPLQDWHSRWDYHDFRQVHFLQ HGHRVHELWGHJUDYH±HILFLHQ DRFURWLULLSHQDOHúLV
vQW UHDVF DF LXQHDGHSUHYHQ LHJHQHUDO úLVSHFLDO DOHJLLSHQDOH
)DSWHOH GH GLVWUXJHUH úL VHPQDOL]DUH IDOV VXQW LQFULPLQDWH SULQ GLVSR]L LLOH
DUW & SHQ $SDUHQW VDU FUHGH F VXQW YDULDQWH DOH DFHOHLDúL LQIUDF LXQL ÌQ
UHDOLWDWHSULQDUW&SHQVXQWLQFULPLQDWHGRX IDSWHFDUHFRQVWLWXLHILHFDUHR
LQIUDF LXQHWLSLQIUDF LXQHDGHGLVWUXJHUHDLQVWDOD LLORUGHFDOHIHUDW úLLQIUDF LXQHD
GH VHPQDOL]DUH IDOV &DUDFWHUXO GLVWLQFW DO IDSWHORU LQFULPLQDWH vúL J VHúWH
FRQILUPDUHD úL vQ GHQXPLUHD PDUJLQDO ELQRPLF Ä'LVWUXJHUHD úL VHPQDOL]DUHD
IDOV ´
/HJLXLWRUXO D LQFULPLQDW DFHVWH IDSWH GLVWLQFWH vQWUXQ VLQJXU WH[W GLQ
FRQVLGHUHQWHGHWHKQLF OHJLVODWLY úLGLQFDX] F VXEDVSHFWXOSHULFROXOXLVRFLDO
DEVWUDFW VXQW LQIUDF LXQL HFKLYDOHQWH SHQWUX FDUH DX IRVW SUHY ]XWH DFHOHDúL
SHGHSVH 'LVWUXJHUHD SUHY ]XW vQ DUW DOLQ & SHQ VH GHRVHEHúWH GH
DFWHOHGHGLYHUVLXQHSUHY ]XWHvQDUW&SHQvQGHRVHELSULQRELHFWXOMXULGLFDO
DFHVWRUD GLVSR]L LH FDUH YD DYHD SUHHPLQHQ ID GH LQIUDF LXQHD DQDOL]DW GDF
VXQWvQWUXQLWHúLFHOHODOWHFRQGL LLGHLQFULPLQDUHSUHY ]XWHGHWH[W
2ELHFWXO PDWHULDO FRQVW vQ FD]XO IDSWHL GH GLVWUXJHUH vQ OLQLLOH VDX
LQVWDOD LLOH GLVWUXVH GHJUDGDWH DGXVH vQ VWDUH GH QHvQWUHEXLQ DUH LDU vQ FD]XO
DúH] ULLGHREVWDFROHDFHVWDFRQVW GLQREVWDFROHOHDúH]DWHSHOLQLLÌQFD]XOIDSWHL
GHVHPQDOL]DUHIDOV RELHFWXOPDWHULDOYDFRQVWDvQPLMORDFHOHGHVHPQDOL]DUHIDOV
2ELHFWXO PDWHULDO HVWH vQWRWGHDXQD SUH]HQW vQ ILHFDUH GLQ FHOH GRX IDSWH
LQFULPLQDWH DWXQFL FkQG SULQ V YkUúLUHD DFHVWRUD VD SURGXV XQ DFFLGHQW VDX R
FDWDVWURI GH FDOH IHUDW ÌQ DFHVWH VLWXD LL RELHFWXO PDWHULDO FRQVW vQ PDWHULDOXO
UXODQWGHFDOHIHUDW VDXDOWHLQVWDOD LLIHURYLDUHP UIXULOHvQFUHGLQ DWHF LORUIHUDWH
VSUHWUDQVSRUWFRUSXORPHQHVF
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUDODFHVWRULQIUDF LXQLSRDWHILRULFHSHUVRDQ
IL]LF FH vQWUXQHúWH FRQGL LLOH JHQHUDOH DOH U VSXQGHULL SHQDOH DFHVWD ILLQG GHFL
QHGHWHUPLQDW
3DUWLFLSD LD SHQDO HVWH SRVLELO vQ WRDWH IRUPHOH VDOH FRDXWRUDW LQVWLJDUH
FRPSOLFLWDWH 'DF IDSWD D IRVW V YkUúLW GLQ FXOS HVWH SRVLELO SDUWLFLSDUHD FX
LQWHQ LH D XQRU DO L VXELHF L DFWLYL SDUWLFLSDUH LPSURSULH SRWULYLW GLVSR]L LHL GLQ
DUW&SHQ
'XS DO L DXWRUL GDF YUHXQD GLQWUH FHOH GRX IDSWH VH FRPLWH GLQ FXOS
FRDXWRUDWXO QX HVWH SRVLELO ILHFDUH SHUVRDQ FDUH D FRQOXFUDW SULQ DFWH GH
H[HFXWDUHODV YkUúLUHDDF LXQLLFRQVWLWXWLYHXUPkQGDILFRQVLGHUDW DXWRUDOXQHL
LQIUDF LXQLLQGHSHQGHQWH(VWHSRVLELO vQV LQVWLJDUHDVDXFRPSOLFLWDWHDFXLQWHQ LH
FKLDU GDF DXWRUXO D OXFUDW GLQ FXOS FRRSHUDUHD OD V YkUúLUHD LQIUDF LXQLL
vPEU FkQG vQ DFHVW FD] IRUPD SDUWLFLSD LHL LPSURSULL $FHHDúL VLWXD LH HVWH úL vQ
FD]XOIRUPHORUDJUDYDWHDWXQFLFkQGVXQWFRPLVHGLQFXOS
6LHJIULHG .DKDQH vQ 9LQWLO 'RQJRUR] 6LHJIULHG .DKDQH ,RQ 2DQFHD ,RVLI )RGRU 1LFROHWD ,OLHVFX
&RQVWDQWLQ %XODL 5RGLFD 6W QRLX 9LFWRU 5RúFD ([SOLFD LL WHRUHWLFH DOH &RGXOXL SHQDO URPkQ 3DUWHD VSHFLDO
YRO,9(GLWXUD$FDGHPLHL5RPkQH%XFXUHúWLS
&RQVWDQWLQ 'XYDF vQ *KHRUJKH 'LDFRQHVFX &RQVWDQWLQ 'XYDF 'UHSW SHQDO 3DUWHD VSHFLDO 1RXO &RG
SHQDOYRO,,(GLWXUD)XQGD LHL5RPkQLDGH0kLQH%XFXUHúWLS
6LHJIULHG.DKDQHRSFLWYRO,9S
,GHPYRO,9S
9DVLOH 3DSDGRSRO vQ 7HRGRU 9DVLOLX 'RUX 3DYHO *HRUJH $QWRQLX ùWHIDQ 'DQHú *KHRUJKH ' UkQJ
'XPLWUX/XFLQHVFX9DVLOH3DSDGRSRO'XPLWUX&3RSHVFX9LUJLO5 PXUHDQX&RGXOSHQDOURPkQFRPHQWDWúL
DGQRWDW3DUWHDVSHFLDO YRO,,(GLWXUDùWLLQ LILF úL(QFLFORSHGLF %XFXUHúWLSúLS
6 YkUúLUHDYUHXQHLDGLQWUHFHOHGRX IDSWHSHQDOHGHF WUHXQDQJDMDWDOF LORU
IHUDWHFRQVWLWXLHXQHOHPHQWFLUFXPVWDQ LDOGHDJUDYDUH±DOLQ$FHDVW FDOLWDWH
WUHEXLHV H[LVWHvQSHUVRDQDDXWRUXOXLGHODFDUHUDGLD] úLDVXSUDLQVWLJDWRUXOXLúL
FRPSOLFHOXL vQ VLWXD LD vQ FDUH DFHúWLD DX FXQRVFXWR RUL DX SUHY ]XWR $FHDVW
VROX LHVHLPSXQHGXS S UHUHDUHJUHWDWXOXL9DVLOH3DSDGRSROSHQWUXPRWLYXOF
GHúL HVWH R FLUFXPVWDQ SHUVRQDO FDOLWDWHD DXWRUXOXL VH UHSHUFXWHD] DVXSUD
LQIUDF LXQLL FRQVWLWXLQG R FLUFXPVWDQ DJUDYDQW D DFHVWHLD úL PRGLILFkQGXL GHFL
vQFDGUDUHDMXULGLF &DDWDUHLQVWLJDWRUXOúLFRPSOLFHOHWUHEXLHV VXSRUWHvQPRG
QHFHVDUHIHFWHOHPDMRU ULLSHGHSVHLFXFRQGL LD±GHGXV GLQSULQFLSLLOHJHQHUDOH
FX SULYLUH OD YLQRY LD SDUWLFLSDQ LORU ± FD HL V úWLH F DXWRUXO vQWUXQHúWH vQ
SHUVRDQDVDFDOLWDWHDSUHY ]XW GHOHJH
'LVWUXJHUHD úL VHPQDOL]DUHD IDOV SRW IL FRPLVH úL GH R SHUVRDQ MXULGLF vQ
FRQGL LLOHúLFXOLPLW ULOHDU WDWHvQDUW&SHQ
6XELHFWXOSDVLYVSHFLDOHVWH61&)56RFLHWDWHD1D LRQDO D& LORU)HUDWH
5RPkQH ÌQ FD]XO FkQG VD SURGXV XQD GLQ XUP ULOH SUHY ]XWH vQ DOLQ úL
VXELHF LSDVLYLVSHFLDOLVXQWúLSHUVRDQHOHF URUDOLVDXFDX]DWY W P ULFRUSRUDOH
VDX FDUH úLDX SLHUGXW YLD D FD XUPDUH D FDWDVWURIHL RUL FDUH DX VXIHULW SDJXEH
PDWHULDOH
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO 3HQWUX H[LVWHQ D LQIUDF LXQLORU GH GLVWUXJHUH úL GH
VHPQDOL]DUH IDOV GLVSR]L LLOH LQFULPLQDWRDUH SUHY G SHQWUX ILHFDUH GLQ FHOH GRX
IDSWHLQFULPLQDWHPDLPXOWHDF LXQLSULQFDUHSRDWHILUHDOL]DWHOHPHQWXOPDWHULDOúL
FDUHSRWGHFLvQPRGDOWHUQDWLYGDFRQ LQXWDFHVWXLHOHPHQW
/DLQIUDF LXQHDGHGLVWUXJHUHHOHPHQWXOPDWHULDOFRQVW ILHvQDF LXQHDGH
GLVWUXJHUH GHJUDGDUH RUL DGXFHUH vQ VWDUH GH QHvQWUHEXLQ DUH D OLQLHL IHUDWH VDX D
LQVWDOD LLORU GH FDOH IHUDW RUL D FHORU GH WHOHFRPXQLFD LL IHURYLDUH SUHFXP úL D
RULF URU EXQXUL VDX GRW UL DIHUHQWH LQIUDVWUXFWXULL IHURYLDUH ILH vQ DF LXQHD GH
DúH]DUH GH REVWDFROH SH OLQLD IHUDW 3HQWUX vQ HOHJHUHD WHUPHQLORU ÄGLVWUXJHUH´
ÄGHJUDGDUH´SUHFXPúLDH[SUHVLHLÄDGXFHUHDvQVWDUHGHQHvQWUHEXLQ DUH´WULPLWHP
ODH[SOLFD LLOHGDWHFXSULYLUHODFRQ LQXWXOQRUPHLGHLQFULPLQDUHSUHY ]XWHvQDUW
&SHQ
)DSWDLQFXOSD LORUGHDW LDILUHGHFXSUXGHODUH HDXDGHWHOHFRPXQLFD LLD
&)5 ILLQG VXUSULQúL GH F WUH SROL LúWL GXS FH DFHVWHD DX IRVW UXODWH SHQWUX D IL
WUDQVSRUWDWHvQWUXQHúWHDWkWHOHPHQWHOHFRQVWLWXWLYHDOHLQIUDF LXQLLGHGLVWUXJHUHúL
VHPQDOL]DUH IDOV SUHY ]XW vQ DUW DOLQ & SHQ FkW úL SH FHOH DOH
LQIUDF LXQLLGHIXUWFDOLILFDWvQIRUPDFRQVXPDW
/LQLD IHUDW FXSULQGH DQVDPEOXO LQVWDOD LHL FRPSXV GLQ úLQH WUDYHUVH
WHUDVDPHQW HWF FDUH ILLQG DúH]DW GHD OXQJXO XQXL WUDVHX VHUYHúWH FD VXSRUW
WUDF LXQLL PDWHULDOXOXL UXODQW (VWH OLSVLW GH UHOHYDQ VXE DVSHFWXO LQFLGHQ HL
WH[WXOXL GDF OLQLD IHUDW HVWH SULQFLSDO VDX VHFXQGDU GDF HVWH VLWXDW vQ DIDUD
VDX vQ LQWHULRUXO XQHL ORFDOLW L GDF HVWH DPSODVDW SH S PkQW VDX HVWH DHULDQ
GDF VH DIO OD QLYHOXO VROXOXL RUL SH XQ YLDGXFW GDF DSDU LQH DGPLQLVWUD LHL
61&)5VDXDOWHLSHUVRDQHMXULGLFHGHGUHSWSXEOLFRULSULYDWILLQGGHFLROLQLH
LQGXVWULDO GDF DUHXQHFDUWDPHQWRELúQXLWVDXQXHWF(VWHvQV DEVROXWQHFHVDUFD
*KHRUJKH 'LDFRQHVFX vQ *KHRUJKH 'LDFRQHVFX &RQVWDQWLQ 'XYDF 'UHSW SHQDO 3DUWHD VSHFLDO 1RXO
&RGSHQDOYRO,&XUVXQLYHUVLWDU(GLWXUD)XQGD LHL5RPkQLDGH0kLQH%XFXUHúWLS
Ì&&- VS G QU %XOHWLQXO &DVD LHL -XULVSUXGHQ 'RFWULQ &RPXQLF UL QU
(GLWXUD$OO%HFN%XFXUHúWLS/LGLD% UEXOHVFX$QWRQ3DQGUHD,RDQ*ULJD9LFWRU9LFHQ LX3DúFD&DPHQL
$GLQD 9O VFHDQX ÌQDOWD &XUWH GH &DVD LH úL -XVWL LH -XULVSUXGHQ D 6HF LHL SHQDOH SH DQXO (GLWXUD
+DPDQJLX%XFXUHúWLS
OLQLD IHUDW V VH DIOH vQ IXQF LXQH vQ WRWDOLWDWH VDX FHO SX LQ SRU LXQHD XQGH VD
FRPLV IDSWD F FL GLVWUXJHUHD VDX GHJUDGDUHD XQHL OLQLL S U VLWH VDX FDUH ILLQG
FRQVWUXLW UHFHQW QX D IRVW GDW vQF FLUFXOD LHL QX SRDWH SHULFOLWD VLJXUDQ D
DFHVWHLD úL GHFL QX DGXFH DWLQJHUH UHOD LLORU VRFLDOH RFURWLWH SULQ LQFULPLQDUHD
IDSWHORU vQ GLVFX LH ÌQ DVHPHQHD VLWXD LL IDSWD FRQVWLWXLH LQIUDF LXQHD GH
GLVWUXJHUH
7UHFHUHD FX XQ DXWRYHKLFXO SHVWH XQ SRG GH FDOH IHUDW ± GHVWLQDW H[FOXVLY
DFHVWXLIHOGHFLUFXOD LHúLDYkQGSODQWDWHODFDSHWHDYHUWL]RDUHúLEDULHUH±GDF SULQ
DFHDVWDDIRVWGHJUDGDWSRGXOúLVDFDX]DWRWXOEXUDUHvQDFWLYLWDWHDGHWUDQVSRUWSH
FDOHD IHUDW FRQVWLWXLH LQIUDF LXQHD SUHY ]XW vQ DUW DOLQ úL & SHQ
,QFXOSDWXO QX SRDWH VXV LQH F VD DIODW vQ HURDUH GH IDSW FX SULYLUH OD SURGXFHUHD
XUP ULORUVXVPHQ LRQDWHGHRDUHFHID GHH[LVWHQ DLQGLFDWRDUHORUDYHUWL]RDUHúLD
EDULHUHORU SXWHD úL WUHEXLD V SUHYDG F FLUFXOkQG SULQ DFHO ORF SRDWH GHJUDGD
PDWHULDOXO GH FDOH IHUDW úL GHFL SRDWH SURYRFD R vQWUHUXSHUH D FLUFXOD LHL
IHURYLDUH
,QVWDOD LLOH GH FDOH IHUDW VXQW WRDWH LQVWUXPHQWHOH GLVSR]LWLYHOH RELHFWHOH
OXFU ULOHQHFHVDUHIXQF LRQ ULLGLQSXQFWGHYHGHUHWHKQLFDWUDQVSRUWXOXLSHFDOHD
IHUDW FD GH H[HPSOX VHPDIRDUHOH VHPQDOHOH FDUH LQGLF QRUPHOH GH FLUFXOD LH
DSDUDWHOH GH VFKLPEDUH D PDFD]XULORU GH DOLPHQWDUH D ORFRPRWLYHORU SRGXULOH
WXQHOXULOH YLDGXFWHOH HWF 1X IDF SDUWH GLQ DFHDVW FDWHJRULH FO GLULOH
DGPLQLVWUDWLYHGHSR]LWHOHPDJD]LLOHHWFDF URUGLVWUXJHUHFDUHVHSRDWHvQFDGUD
vQGLVSR]L LLOHGLQDUW&SHQQXSXQHvQSHULFROVLJXUDQ DFLUFXOD LHLIHURYLDUH
,QVWDOD LLOHODFDUHVHUHIHU WH[WXOWUHEXLHV ILHWRWDOVDXSDU LDOvQIXQF LXQHDGLF
V VHUYHDVF HIHFWLYWUDQVSRUWXOXLIHURYLDU
3HQWUX H[LVWHQ D HOHPHQWXOXL PDWHULDO HVWH VXILFLHQW V YkUúLUHD YUHXQHLD GLQ
DF LXQLOHDOWHUQDWLYHPHQ LRQDWH
6XVWUDJHUHDXQRUFRPSRQHQWHGHLQVWDOD LLúWLLQGF HOHDSDU LQF LORUIHUDWH
DYkQG FD XUPDUH DGXFHUHD DFHVWRU LQVWDOD LL vQ VWDUH GH QHvQWUHEXLQ DUH úL
SHULFOLWDUHD VLJXUDQ HL PLMORDFHORU GH WUDQVSRUW DOH F LORU IHUDWH FRQVWLWXLH
LQIUDF LXQHDSUHY ]XW vQDUWDOLQ&SHQV YkUúLW FXLQWHQ LHGLUHFW VDX
LQGLUHFW ÌQWUXQ DWDUH FD] QX VXQW LQFLGHQWH GLVSR]L LLOH GLQ DUW DOLQ
&SHQFDUHVHUHIHU vQWUHDOWHOHODHFKLSDPHQWHúLLQVWDOD LLFHQXDXOHJ WXU FX
VLJXUDQ DFLUFXOD LHLSHFDOHDIHUDW
'LVWUXJHUHDPDLSRDWHILFRPLV úLSULQDúH]DUHDGHREVWDFROHSHFDOHDIHUDW
2EVWDFROHOH OD FDUH VH UHIHU WH[WXO WUHEXLH V ILH GH DúD QDWXU vQFkW SULQ
GLPHQVLXQLOH VXEVWDQ D úL PRGXO DPSODV ULL ORU V SRDW FUHD XQ SHULFRO SHQWUX
VLJXUDQ DFLUFXOD LHL$úH]DUHDSHOLQLDFXUHQW DXQRURELHFWHGHGLPHQVLXQLUHGXVH
VDXFKLDUPDLPDULGDUVXVFHSWLELOHGHDILXúRUVWULYLWHVDXvQO WXUDWHSULQWUHFHUHD
WUHQXOXLvQWUXFkWQXJHQHUHD] SHULFROXOXQHLGHUDLHULQXFRQVWLWXLHLQIUDF LXQH
/D LQIUDF LXQHD GH VHPQDOL]DUH IDOV HOHPHQWXO PDWHULDO FRQVW ILH vQ
DF LXQHDGHV YkUúLUHDXQRUDFWHGHVHPQDOL]DUHIDOV ILHvQDF LXQHDGHV YkUúLUHD
RULF URU DOWH DFWH GH QDWXU D LQGXFH vQ HURDUH SHUVRQDOXO F LORU IHUDWH vQ WLPSXO
H[HFXW ULLVHUYLFLXOXL6HPQDOL] ULOHWUHEXLHV ILHGLQDFHOHDIRORVLWHGHF LOHIHUDWH
SHQWUX PLúFDUHD FRQYRDLHORU VDX PDQHYUDUHD ORU DWkW vQ J UL FkW úL SH OLQLL
VHPQDOL] UL I FXWH FX IHOLQDUH FX IDQLRDQH SULQ LQGLFDWRDUH FRORUDWH SULQ
9DVLOH3DSDGRSRORSFLWYRO,,S
76VSGQU5,S
9DVLOH3DSDGRSRORSFLWYRO,,S
&6-VSGQU &XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSH
DQXO(GLWXUD-XULV$UJHVVLV&XUWHDGH$UJHúS
9DVLOH3DSDGRSRORSFLWYRO,,S
úXLHU WXUL FORSRWH VRQHULL HWF ,QWU vQ QR LXQHD GH VHPQDOL] UL úL RULFH DOWH
SURFHGHH GHVWLQDWH D UHJOHPHQWD FLUFXOD LD SH GUXPXULOH SXEOLFH úL GH FDUH VXQW
vQGDWRUDWHD LQHVHDPDúLF LOHIHUDWH
ÌQ FHHD FH SULYHúWH V YkUúLUHD DOWRU DFWH GH QDWXU D LQGXFH vQ HURDUH
SHUVRQDOXO F LORU IHUDWH H[ VFKLPEDUHD SH DVFXQV D DFHORU GH PDFD] LQYHUVDUHD
FDEOXULORU OD LQVWDOD LLOH GH VHPQDOL]DUH LQWURGXFHUHD XQRU YDJRDQH GHIHFWH vQ
JDUQLWXUDXQXLWUHQHWFSHQWUXH[LVWHQ DLQIUDF LXQLLQXHVWHQHFHVDUFDLQGXFHUHD
vQ HURDUH V ILH UHDOL]DW HVWH VXILFLHQW FD DFWHOH V IL IRVW GH QDWXU D LQGXFH vQ
HURDUHSHUVRQDOXOF LORUIHUDWHvQWLPSXOH[HUFLW ULLVHUYLFLXOXLFRQGL LHFDUHDVWIHO
FDS W úLHDFDUDFWHUXOGHFHULQ HVHQ LDO
3ULQ VHPQDOL]DUH VH vQ HOHJ SURFHGHHOH XWLOL]DWH vQ DFWLYLWDWHD GH WUDQVSRUW
IHURYLDUvQFDGUXOGHSODV ULLRULPLúF ULLPDWHULDOXOXLUXODQW
ÌQGRFWULQ VDPDLDU WDWF H[LVW LQIUDF LXQHDDQDOL]DW FkQGVHG VHPQDOXO
GH DODUP I U PRWLYH vQWHPHLDWH VDX FkQG VH DúHD] FDSVH SRFQLWRDUH SH OLQLD
IHUDW I U V ILHQHFHVDU RSULUHDWUHQXOXLRULDWXQFLFkQGVHIRORVHúWHVHPQDOXOGH
FKHPDUHDEORFXOXLGHOLQLHDXWRPDWFRQFRPLWHQWFXH[HFXWDUHDXQXLSDUFXUVHURQDW
OD OLQLD RFXSDW VDX vQIXQGDW VDX FkQG QX VH PDQLSXOHD] VHPQDOHOH vQ SR]L LD
QRUPDO GXS LQWUDUHD WUHFHUHD VDX H[SHGLHUHD WUHQXULORU SULQWUXQ SXQFW GH
VHF LRQDUHDF LLIHUDWHVDXVFKLPEDUHDSHDVFXQVDDFHORUGHPDFD]HWF
&HULQ D HVHQ LDO 3HQWUX FD DF LXQHD FDUH FRQVWLWXLH HOHPHQWXO PDWHULDO V
vQWUHJHDVF ODWXUD RELHFWLY HVWH QHFHVDU OD ILHFDUH GLQ FHOH GRX IDSWH
LQFULPLQDWHvQGHSOLQLUHDXQHLFHULQ HHVHQ LDOHúLDQXPH
±ODLQIUDF LXQHDGHGLVWUXJHUHIDSWDWUHEXLHV ILHGHQDWXU DSXQHvQSHULFRO
VLJXUDQ D PLMORDFHORU GH WUDQVSRUW DOH F LORU IHUDWH 'DF DFHDVW FHULQ HVHQ LDO
QX HVWH vQGHSOLQLW IDSWD SRDWH V FRQVWLWXLH HYHQWXDO LQIUDF LXQHD GH GLVWUXJHUH
VDXGLVWUXJHUHGLQFXOS
±ODLQIUDF LXQHDGHVHPQDOL]DUHIDOV HVWHQHFHVDUFDIDSWDV ILHGHQDWXU D
H[SXQHODXQSHULFROGHDFFLGHQWVDXFDWDVWURI GHFDOHIHUDW
8UPDUHDLPHGLDW FRQVW ILHvQFUHDUHDXQHLVW ULGHIDSWSHULFXORDV SHQWUX
VLJXUDQ DPLMORDFHORUGHWUDQVSRUWDOHF LORUIHUDWHODLQIUDF LXQHDGHGLVWUXJHUHD
LQVWDOD LLORUGHFDOHIHUDW ILHvQFUHDUHDXQHLVW ULGHIDSWFDUHH[SXQHODXQSHULFRO
GH DFFLGHQW VDX FDWDVWURI GH FDOH IHUDW OD LQIUDF LXQHD GH VHPQDOL]DUH IDOV
&RQVWDWDUHD F IDSWD HUD GH QDWXU V SXQ vQ SHULFRO PLMORDFHOH GH WUDQVSRUW DOH
F LORU IHUDWH UHVSHFWLY F IDSWD HUD GH QDWXU V H[SXQ OD XQ SHULFRO GH DFFLGHQW
VDX FDWDVWURI GH FDOH IHUDW vQVHDPQ LPSOLFLW FRQVWDWDUHD SURGXFHULL XUP ULL
LPHGLDWH3HQWUXH[LVWHQ DFHORUGRX LQIUDF LXQLLQFULPLQDWHSULQDOLQúLDOH
DUW&SHQQXVHFHUHFDDF LXQHDFDUHFRQVWLWXLHHOHPHQWXOPDWHULDOV ILDGXV
YUHRY W PDUHPLMORDFHORUGHWUDQVSRUWDOHF LORUIHUDWHUHVSHFWLYV ILSURYRFDWXQ
DFFLGHQW RUL R FDWDVWURI GH FDOH IHUDW ÌQ FD]XO DFHVWRU LQIUDF LXQL XUPDUHD
UH]XOWDWXOQXFRQVW vQWURY W PDUHFLvQWURVWDUHGHSHULFRO
$FHDVW XUPDUHLPHGLDW WLSLF SRDWHILXQHRULvQWUHJLW GHRXUPDUHLPHGLDW
VSHFLDO FDUH GHYLQH HOHPHQW FLUFXPVWDQ LDO vQ FRQ LQXWXO YDULDQWHL DJUDYDWH
FRPXQH SUHY ]XW vQ GLVSR]L LD GLQ DOLQ DO DUW & SHQ 8UPDUHD VSHFLDO
SRDWH FRQVWD ILH vQ SURGXFHUHD XQHL WXOEXU UL vQ DFWLYLWDWHD GH WUDQVSRUW SH FDOHD
IHUDW VDXDXQXLDFFLGHQWGHFDOHIHUDW ILHvQSURGXFHUHDXQHLFDWDVWURIHGHFDOH
IHUDW 3HQWUX H[LVWHQ D LQIUDF LXQLL vQ YDULDQWD DJUDYDW SUHY ]XW vQ DOLQ DO
DUW & SHQ QX HVWH VXILFLHQW DúDGDU FD XUPDUHD UH]XOWDWXO V FRQVWHD vQ
6LHJIULHG.DKDQHRSFLWYRO,9S
/XFLD 0ROGRYDQ vQ 0DWHL %DVDUDE /XFLD 0ROGRYDQ 9DOHU 6XLDQ 'UHSW SHQDO 3DUWHD VSHFLDO
&OXM1DSRFDYRO,S
9DVLOH3DSDGRSRO,QIUDF LXQLOHFRQWUDVLJXUDQ HLFLUFXOD LHLSHF LOHIHUDWH55'QUS
SRWHQ LDOLWDWHD GH D SXQH vQ SHULFRO FLUFXOD LD SH F LOH IHUDWH FL HVWH QHFHVDU
SURGXFHUHDXQHLY W P ULPDWHULDOH
3HQWUX vQFDGUDUHD MXULGLF D IDSWHL vQ LQIUDF LXQHD GH GLVWUXJHUH GLQ FXOS
DYkQGFDUH]XOWDWRFDWDVWURI GHFDOHIHUDW SUHY ]XW vQDUWDOLQWH]DDD
& SHQ UDSRUWDW OD DUW DOLQ & SHQ QX SUH]LQW UHOHYDQ QDWXUD
REVWDFROXOXL QLFL PRGXO vQ FDUH DFHVWD D IRVW DúH]DW SH FDOHD IHUDW vQDLQWH GH
LPSDFW DVWIHO F RULFH FRUS VWDWLF VDX vQ PLúFDUH FRQVWLWXLH REVWDFRO GDF SULQ
GLPHQVLXQLOH úL VWUXFWXUD VD SRDWH SXQH vQ SHULFRO PLMORDFHOH GH WUDQVSRUW 3ULQ
XUPDUHIDSWDXQXLFRQGXF WRUGHDXWREX]GHDQXUHVSHFWDREOLJD LDGHDVHDVLJXUD
OD R WUHFHUH GH QLYHO GH FDOH IHUDW FDUH D GXV OD VXUSULQGHUHD DXWREX]XOXL GH XQ
WUHQFRQVWLWXLHLQIUDF LXQHDGHGLVWUXJHUHGLQFXOS DYkQGFDUH]XOWDWRFDWDVWURI GH
FDOH IHUDW vQ P VXUD vQ FDUH VDX SURGXV FRQVHFLQ H GH QDWXUD FHORU SUHY ]XWH vQ
DUWDOLQ&SHQ
([SUHVLLOHÄWXOEXUDUHvQDFWLYLWDWHDGHWUDQVSRUWSHFDOHDIHUDW ´ÄDFFLGHQWGH
FDOH IHUDW ´ úL ÄFDWDVWURI GH FDOH IHUDW ´ DX DFHODúL vQ HOHV FD OD LQIUDF LXQHD GH
QHvQGHSOLQLUH D vQGDWRULULORU GH VHUYLFLX VDX GH vQGHSOLQLUHD ORU GHIHFWXRDV GLQ
FXOS SUHY ]XW vQDUW&SHQ
ÌQ GRFWULQ VD I FXW SURSXQHUHD GH OHJH IHUHQGD FD GHILQL LLOH
DFFLGHQWXOXL úL FDWDVWURIHL GH FDOH IHUDW V ILH H[WLQVH vQ UDSRUW FX QRLOH
UHDOLW LVRFLDOHúLOHJLVODWLYHvQPDWHULH
3HQWUXH[LVWHQ DFHORUGRX LQIUDF LXQLHVWHVXILFLHQW SURGXFHUHDXQHLDGLQWUH
XUP ULOH DU WDWH vQ DUW & SHQ ILLQG YRUED GHFL GH XUP UL DOWHUQDWLYH QX
FXPXODWLYH ÌQ FD] GH SOXUDOLWDWH GH XUP UL FRQFXUV GH XUP UL VH YD DSOLFD
SHGHDSVDFHDPDLJUHDGLQWUHDFHOHDSHFDUHOHDUILDWUDVILHFDUHXUPDUHFRQVLGHUDW
vQSDUWH
/HJ WXUD GH FDX]DOLWDWH vQWUH DF LXQHD FDUH FRQVWLWXLH HOHPHQWXO PDWHULDO DO
FHORU GRX LQFULPLQ UL úL XUPDUHD LPHGLDW WUHEXLH V H[LVWH úL GH UHJXO UH]XOW
H[UHÌQFD]XOYDULDQWHLDJUDYDWHFRPXQH±DOLQ±DFHDVWDYDWUHEXLvQV GRYHGLW
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH 'LQ SXQFW GH YHGHUH VXELHFWLY DPEHOH IDSWH VXQW
LQFULPLQDWH DWkW vQ FD]XO FkQG VXQW V YkUúLWH FX IRUPD GH YLQRY LH LQWHQ LH ±
DUWDOLQúL&SHQFkWúLvQFD]XOFkQGVXQWV YkUúLWHGLQFXOS ±
DUWDOLQ&SHQ
([LVW LQWHQ LHFkQGLQIUDFWRUXOSUHYHGHF SULQV YkUúLUHDDF LXQLLLQFULPLQDWH
DUSXWHDSXQHvQSHULFROVLJXUDQ DPLMORDFHORUGHWUDQVSRUWVDXGXS FD]VDUSXWHD
6LHJIULHG.DKDQHRSFLWYRO,9S
&6-VSGQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSH
DQXO (GLWXUD $UJHVVLV &XUWHD GH $UJHú S 5'3 QU S 1LFRULQD &ULúX
0DJUDRQ&RQVWDQWLQ&ULúX-XULVSUXGHQ vQPDWHULHSHQDO DÌQDOWHL&XU LGH&DVD LHúL-XVWL LHFXU LGHDSHOúL
WULEXQDOH(GLWXUD-XULV$UJHVVLV&XUWHDGH$UJHúS
,RQ5XVX3URSXQHULGHUHIRUPXODUHDWH[WHORUGLQQRXO&RGSHQDOUHIULWRDUHODFRQ LQXWXOLQIUDF LXQLORU
SULYLQGVLJXUDQ DFLUFXOD LHLSHF LOHIHUDWH'UQUS
$FFLGHQWXOGHFDOHIHUDW FRQVW vQGLVWUXJHUHDVDXGHJUDGDUHDLPSRUWDQW DGXV PDWHULDOXOXLUXODQWGHFDOH
IHUDW VDX DOWRU LQVWDOD LL IHURYLDUH vQ FXUVXO FLUFXOD LHL VDX PDQHYUHL PLMORDFHORU GH LQWHUYHQ LH VDX WUDQVSRUW SH
FDOHDIHUDW ´
&DWDVWURID GH FDOH IHUDW FRQVW vQ GHUDLHUHD U VWXUQDUHD VDX SU EXúLUHD XQXL PLMORF GH vQWUH LQHUH VDX
WUDQVSRUW DO F LORU IHUDWH VDX RSHUDWRULORU GH WUDQVSRUW IHURYLDU VDX SURGXFHUHD XQXL DOW DVHPHQHD UH]XOWDW
SUHFXPúLvQFLRFQLUHDDGRX PLMORDFHGHWUDQVSRUWRULvQWUH LQHUHVDXDXQXLPLMORFGHWUDQVSRUWVDXvQWUH LQHUHFX
XQDOWYHKLFXOGDF VDXSURGXVXUP ULGHRVHELWGHJUDYHSULQPRDUWHDVDXY W PDUHDLQWHJULW LLFRUSRUDOHDXQRU
SHUVRDQHRULSULQGLVWUXJHUHDVDXGHJUDGDUHDPLMORDFHORUGHWUDQVSRUWVDXvQWUH LQHUHDLQVWDOD LLORUGHFDOHIHUDW
VDXDP UIXULORUvQFUHGLQ DWHSHQWUXWUDQVSRUW
FUHDXQSHULFROGHDFFLGHQWRULGHFDWDVWURI GHFDOHIHUDW úLXUP UHúWHRULDFFHSW
SURGXFHUHDXQHLDVHPHQHDVW ULGHSHULFRO
0RELOXO GHWHUPLQDQW úL VFRSXO XUP ULW GH I SWXLWRU QX LQWHUHVHD] SHQWUX
H[LVWHQ D ODWXULL VXELHFWLYH úL GHFL D LQIUDF LXQLL GDU YRU IL LQXWH vQ VHDP OD
LQGLYLGXDOL]DUHDSHGHSVHL
([LVW úLS UHUHDF VHPQDOL]DUHDIDOV VHFRPLWHFXLQWHQ LHGLUHFW
&kQGHOHPHQWXOVXELHFWLYFRQVW vQFXOS LQIUDFWRUXOQXSUHYHGHF IDSWDVD
SRDWHSXQHvQSHULFROVLJXUDQ DPLMORDFHORUGHWUDQVSRUWDOHF LORUIHUDWHVDXSRDWH
H[SXQH OD XQ SHULFRO GH DFFLGHQW RUL GH FDWDVWURI GHúL WUHEXLD úL SXWHD V DLE
UHSUH]HQWDUHD DFHVWXL SHULFRO SRWHQ LDO VDX FX WRDWH F vúL UHSUH]LQW SRVLELOLWDWHD
SHULFROXOXLVRFRWHúWHI U WHPHLF XUPDUHDQXVHYDSURGXFH
'LQSXQFWGHYHGHUHDOODWXULLVXELHFWLYHIRUPHOHDJUDYDWHSRWILLQIUDF LXQL
LQWHQ LRQDWH FkQG I SWXLWRUXO D SUHY ]XW XUPDUHD FH GHWHUPLQ DJUDYDUHD úL D
V YkUúLW IDSWD GRULQG VDX QXPDL DFFHSWkQG SURGXFHUHD DFHOHL XUP UL VDX
SUDHWHULQWHQ LRQDWHFkQGDXWRUXOQXDSUHY ]XWUH]XOWDWXOIDSWHLVDOHGHúLWUHEXLDúL
SXWHDV DLE UHSUH]HQWDUHDOXLRULODSUHY ]XWvQV FRPSRUWkQGXVHFXXúXULQ D
VRFRWLWF HOQXVHYDSURGXFH
)RUPH6DQF LXQL
)RUPH ÌQ IRUPD ORU VLPSO DPEHOH IDSWH VXQW LQIUDF LXQL FRPLVLYH úL GHFL
VXVFHSWLELOHGHRGHVI úXUDUHvQWLPSDDFWLYLW LLLQIUDF LRQDOHSULQDFWHGHSUHJ WLUH
VDXSULQWUXQvQFHSXWGHH[HFXWDUHGDUOHJHDQXLQFULPLQHD] DFWHOHSUHJ WLWRDUH
$FHVWHD SRW vQV GHYHQL DFWH GH FRPSOLFLWDWH DQWHULRDU FkQG IDSWD vQ YHGHUHD
F UHLDDXIRVWHIHFWXDWHDIRVWV YkUúLW VDXvQFHUFDW
7HQWDWLYDODIDSWHOHSUHY ]XWHvQDUWDOLQ&SHQVHSHGHSVHúWH
&RQVXPDUHDDFHVWRUIDSWHDUHORFvQPRPHQWXOUHDOL] ULLDF LXQLLLQFULPLQDWH
vQFD]XOIRUPHORUVLPSOHúLvQPRPHQWXOSURGXFHULLRULF UHLDGLQWUHXUP ULOHDU WDWH
PDLVXVvQFD]XOIRUPHORUDJUDYDWH
6DQF LXQL'LVWUXJHUHDOLQLHLGHFDOHIHUDW VDXDLQVWDOD LLORUGHFDOHIHUDW RUL
DFHORUGHWHOHFRPXQLFD LLIHURYLDUHSUHFXPúLDRULF URUEXQXULVDXGRW ULDIHUHQWH
LQIUDVWUXFWXULLIHURYLDUHRULDúH]DUHDGHREVWDFROHSHOLQLDIHUDW HVWHVDQF LRQDW vQ
YDULDQWDWLSFXvQFKLVRDUHDGHODODDQL
&X DFHHDúL SHGHDSV ± vQFKLVRDUHD GH OD OD DQL ± HVWH VDQF LRQDW úL
VHPQDOL]DUHDIDOV vQYDULDQWDWLS
'DF IDSWD V YkUúLW VH vQFDGUHD] vQ SULPD WH] D YDULDQWHL DJUDYDWH
SUHY ]XW vQDOLQDODUW&SHQVDQF LXQHDHVWHvQFKLVRDUHDGHODOD
DQL úL LQWHU]LFHUHD XQRU GUHSWXUL LDU GDF VH vQFDGUHD] vQ D GRXD WH] D YDULDQWHL
DJUDYDWH SUHY ]XW vQ DOLQ DO DUW & SHQ VDQF LXQHD HVWH GHWHQ LXQHD SH
YLD VDXvQFKLVRDUHDGHODODGHDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
6 YkUúLUHDGLQFXOS DIDSWHORUDU WDWHvQDOLQúLVHSHGHSVHúWHvQ
FD]XODOLQúLFXvQFKLVRDUHGHODODDQLLDUvQFD]XODOLQFXvQFKLVRDUH
GH OD OD DQL GDF VD SURGXV R WXOEXUDUH vQ DFWLYLWDWHD GH WUDQVSRUW SH FDOHD
IHUDW VDX XQ DFFLGHQW GH FDOH IHUDW úL FX vQFKLVRDUH GH OD OD DQL GDF VD
SURGXVRFDWDVWURI GHFDOHIHUDW ±DOLQ
'DF YUHXQDGLQWUHIDSWHOHSUHY ]XWHvQDFHVWDUWLFROHVWHV YkUúLW GHF WUHXQ
DQJDMDWDOF LORUIHUDWHODPD[LPXOSHGHSVHLSUHY ]XWHSHQWUXIDSWDFRPLV VHSRDWH
DG XJDXQVSRUSkQ ODDQLI U DVHSXWHDGHS úLPD[LPXOJHQHUDODOSHGHSVHL
2OLYLX $XJXVWLQ 6WRLFD 'UHSW SHQDO 3DUWH VSHFLDO (GLWXUD 'LGDFWLF úL 3HGDJRJLF %XFXUHúWL
S
9DVLOH3DSDGRSRORSFLWYRO,,S
3HQWUX IDSWHOH SUHY ]XWH vQ DOLQ úL WH]D D ,,,D SHUVRDQD
MXULGLF VH SHGHSVHúWH FX DPHQG GH OD OD OHL LDU SHQWUX IDSWHOH
SUHY ]XWHvQDOLQWH]D,úLD,,DSHUVRDQDMXULGLF VHSHGHSVHúWHFXDPHQG GH
ODODOHL
&DSLWROXO,9
,1)5$& ,81,35,9,72$5(/$5(*,08/67$%,/,73(175881(/(
$&7,9,7 ,5(*/(0(17$7('(/(*(
1(5(63(&7$5($5(*,08/8,$50(/25ù,081, ,,/25
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO DFHVWHL LQIUDF LXQL DUH XQ FRQ LQXW YDVW ILLQG
IRUPDW GLQWRDWHUHOD LLOHVRFLDOHDF URURFURWLUHHVWHDVLJXUDW SULQDS UDUHDXQXL
FRPSOH[GHYDORULVRFLDOHRUGLQHDSXEOLF VHFXULWDWHDVRFLDO YLD DúLLQWHJULWDWHD
FRUSRUDO DSHUVRDQHLSDWULPRQLXOSXEOLFVDXSULYDWDS UDUHFDUHHVWHUHDOL]DW SULQ
UHJOHPHQWDUHDDFWLYLW LORUUHIHULWRDUHODDUPHúLPXQL LL
5HJLPXOMXULGLFDODUPHORUúLPXQL LLORUHVWHUHJOHPHQWDWSULQPDLPXOWHDFWH
QRUPDWLYH FDUH DVLJXU FDGUXO JHQHUDO vQ DFHVW GRPHQLX /HJHD QU
SULYLQG UHJLPXO DUPHORU úL DO PXQL LLORU +* QU SHQWUX DSUREDUHD
1RUPHORUPHWRGRORJLFHGHDSOLFDUHD/HJLLQUúLDUWGLQ/HJHD
QUSULYLQGUHJLPXODUPHORUGHIRFúLDOPXQL LLORU/HJHDQU
VWDELOHúWH FDWHJRULLOH GH DUPH úL PXQL LL SUHFXP úL FRQGL LLOH vQ FDUH GH LQHUHD
SRUWXOIRORVLUHDúLRSHUD LXQLOHFXDFHVWHDUPHúLPXQL LLVXQWSHUPLVHSHWHULWRULXO
5RPkQLHL
$QDOL]kQGXVH FRPSDUDWLY DFHVWH GLVSR]L LL FX FHOH GLQ DUW & SHQ vQ
GRFWULQ VD UHPDUFDW SH GUHSW FXYkQW R QHFRUHODUH vQWUH DFHVWH QRUPH
SUHYHGHUHDGLQ&RGXOSHQDOFRQVILQ kQGUHJLPXOFRQVDFUDWSULQ/HJHDQU
úLvQDFHVWVHQVVDSURSXVUHIRUPXODUHDWH[WXOXLDUW&SHQ
2ELHFWXO PDWHULDO 'HúL DUPHOH úL PXQL LLOH DSDU vQ DQXPLWH PRGXUL GH
V YkUúLUHDLQIUDF LXQLLFDSURGXVDODFWLYLW LLLQIUDF LRQDOHvQFD]XODFWLYLW LLGH
FRQIHF LRQDUH VDX FD PLMORDFH FDUH DX VHUYLW OD V YkUúLUHD LQIUDF LXQLL vQ FD]XO
IXQF LRQ ULL DWHOLHUHORU GH UHSDUDW DUPH HOH DX vQ DFHODúL WLPS úL FDUDFWHUXO GH
RELHFWPDWHULDODOLQIUDF LXQLL
Ä$UPHOH´ÄDUPHOHDVFXQVH´ÄDUPHOHPLOLWDUH´ÄDUPHOHGHSDQRSOLH´ODFDUH
IDF UHIHULUH GLIHULWH GLVSR]L LL SUHY ]XWH vQ DUW & SHQ úL FDUH SRW FRQVWLWXL
DVWIHORELHFWPDWHULDODOLQIUDF LXQLLDXSRWULYLWDUWDOLQ&SHQvQ HOHVXO
VWDELOLWvQDUWGLQ/HJHDQU
1X VXQW SULQ XUPDUH DUPH vQ VHQVXO DUW & SHQ DUPHOH ÄDVLPLODWH´
SUHY ]XWHvQDUWDOLQ&SHQFDUHQXSRWFRQVWLWXLDVWIHORELHFWPDWHULDODO
LQIUDF LXQLLDQDOL]DWH
1LFROHWD ,OLHVFX vQ 9LQWLO 'RQJRUR] 6LHJIULHG .DKDQH ,RQ 2DQFHD ,RVLI )RGRU 1LFROHWD ,OLHVFX
&RQVWDQWLQ %XODL 5RGLFD 6W QRLX 9LFWRU 5RúFD ([SOLFD LL WHRUHWLFH DOH &RGXOXL SHQDO URPkQ 3DUWHD VSHFLDO
YRO,9(GLWXUD$FDGHPLHL5RPkQH%XFXUHúWLS
3XEOLFDW vQ02IQUGLQ
3XEOLFDW vQ02IQUGLQ
3XEOLFDW vQ02IQUGLQ
,OLH3DVFX,QIUDF LXQLODUHJLPXODUPHORUúLPXQL LLORU5'3QUS
3ULQ ÄPXQL LH´ VH vQ HOHJH XQ DQVDPEOX IRUPDW GLQ SURLHFWLO úL GXS FD]
vQF UF WXUD GH D]YkUOLUH FDSVD GH DSULQGHUH SUHFXP úL FHOHODOWH HOHPHQWH GH
DVDPEODUHFDUHvLDVLJXU IXQF LRQDUHDúLUHDOL]DUHDVFRSXOXLXUP ULWDUWSFW,
GLQ/HJHDQU
&DSVHOH JHQRIL[ FX DMXWRUXO F URUD VH XWLOL]HD] SLVWROXO SHQWUX LPSODQWDW
ERO XULFRQVWLWXLHPXQL LHFXGHVWLQD LHLQGXVWULDO vQVHQVXO/HJLLQU
1XFRQVWLWXLHRELHFWPDWHULDODOLQIUDF LXQLLDQXPLWHS U LGLQDUP VHSDUDWH
FL QXPDL DUPD vQ LQWHJUDOLWDWHD HL 'H DVHPHQHD QX SRDWH IL RELHFW PDWHULDO DO
LQIUDF LXQLLGHFkWDUPDvQVWDUHGHIXQF LRQDUHQXúLDUPDF UHLDvLOLSVHVFDQXPLWH
SLHVHHVHQ LDOHH[vQFKL] WRUXO
([LVW úLS UHUHDF LQIUDF LXQHDDQDOL]DW QXDUHXQRELHFWPDWHULDOGHFkW
vQFD]XOFRQIHF LRQ ULLSRUWXOXLúLIXQF LRQ ULLDWHOLHUHORUGHUHSDUDWDUPH
([LVW DFHDVW LQIUDF LXQH GDF LQFXOSDWXO D GH LQXW SH QHGUHSW XQ SLVWRO FX
JD]LULWDQWODFULPRJHQRULXQSLVWROGHLPSODQWDWERO XULVDXSXúF RULXQSLVWRO
GHFRQVWUXF LHDUWL]DQDO
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU DO LQIUDF LXQLL SRDWH IL RULFH SHUVRDQ FH
vQWUXQHúWHFRQGL LLOHJHQHUDOHSHQWUXDU VSXQGHSHQDO
3HQWUXLQIUDF LXQHDGHQHSUHGDUHDDUPHLVDXDPXQL LHLvQWHUPHQXOIL[DWGH
OHJHODRUJDQXOFRPSHWHQW±DOLQDODUW&SHQVXELHFWDFWLYSRDWHILQXPDL
RSHUVRDQ FDUHDDYXWSHUPLVSHQWUXDFHDDUP VDXPXQL LH
1HUHVSHFWDUHD UHJLPXOXL DUPHORU úL PXQL LLORU HVWH VXVFHSWLELO GH D IL
V YkUúLW vQ WRDWH IRUPHOH GH SDUWLFLSDUH 7RWXúL IDSWHOH GH GH LQHUH SRUW
vQVWU LQDUHúLQHSUHGDUHDDUPHORUúLPXQL LLORUQXSRWDYHDFDDXWRUGHFkWRVLQJXU
SHUVRDQ LDU OD IDSWD GH QHSUHGDUH D DUPHL úL PXQL LHL QX SRW H[LVWD DFWH GH
FRPSOLFLWDWH
'XS DO LDXWRULVHFRQVLGHU F úLvQFD]XOGH LQHULLSRUWXOXLvQVWU LQ ULL
VDX QHSUHG ULL DUPHL VDX PXQL LHL vQ WHUPHQXO IL[DW GH OHJH HVWH XQHRUL SRVLELO úL
FRDXWRUDWXO'HH[HPSOXVR XOúLVR LDGH LQvPSUHXQ DVFXQV vQORFXLQ DORUR
DUP VDXPDLPXOWHSHUVRDQHKRW UkWHV V YkUúHDVF RLQIUDF LXQHSULQDVRFLHUH
DXXQVHGLXFODQGHVWLQXQGHGH LQI U GUHSWDUPH
6XELHFWSDVLYDODFHVWHLLQIUDF LXQLSRDWHILúLRSHUVRDQ MXULGLF vQFRQGL LLOH
úLFXOLPLW ULOHSUHY ]XWHvQDUW&SHQ
6XELHFWXOSDVLYJHQHUDODOLQIUDF LXQLLGHQHUHVSHFWDUHDUHJLPXOXLDUPHORUúL
PXQL LLORU HVWH VWDWXO FD WLWXODU DO YDORULORU VRFLDOH SXVH vQ SHULFRO SULQ V YkUúLUHD
DFHVWHLLQIUDF LXQL
Ì&&- VS G QU %XOHWLQXO &DVD LHL -XULVSUXGHQ 'RFWULQ &RPXQLF UL QU
(GLWXUD&+%HFN%XFXUHúWLS
1LFROHWD,OLHVFXRSFLWYRO,9S
0DWHL %DVDUDE vQ 0DWHL %DVDUDE /XFLD 0ROGRYDQ 9DOHU 6XLDQ 'UHSW SHQDO 3DUWHD VSHFLDO YRO ,
&OXM1DSRFDS
76VSGQU55'QUS
76VPLOGQU55'QUS
1LFROHWD,OLHVFXRSFLWYRO,9S
'XPLWUX&3RSHVFXvQ7HRGRU9DVLOLX'RUX3DYHO*HRUJH$QWRQLXùWHIDQ'DQHú*KHRUJKH' UkQJ
'XPLWUX/XFLQHVFX9DVLOH3DSDGRSRO'XPLWUX&3RSHVFX9LUJLO5 PXUHDQX&RGXOSHQDOURPkQFRPHQWDWúL
DGQRWDW 3DUWHD VSHFLDO YRO ,, (GLWXUD ùWLLQ LILF úL (QFLFORSHGLF %XFXUHúWL S ÌQ VHQV FRQWUDU
9DVLOH 'REULQRLX vQ 9DVLOH 'REULQRLX 1LFRODH &RQHD &LSULDQ 5DXO 5RPL DQ &DPLO 7 Q VHVFX 1RUHO 1HDJX
0D[LP'REULQRLX'UHSWSHQDO3DUWHDVSHFLDO YRO,,(GLWXUD/XPLQD/H[%XFXUHúWLS
/DWXUDRELHFWLY
$UW & SHQ LQFULPLQHD] GRX IDSWH FD LQIUDF LXQL GH QHUHVSHFWDUH D
UHJLPXOXL DUPHORU úL PXQL LLORU ÌQ DOLQ HVWH SUHY ]XW IDSWD WLSLF GH
QHUHVSHFWDUHDUHJLPXOXLDUPHORUúLPXQL LLORUFDUHSRDWHILV YkUúLW SULQXQDGLQ
XUP WRDUHOH DF LXQL DOWHUQDWLYH GH LQHUHD SRUWXO FRQIHF LRQDUHD WUDQVSRUWXO úL
RULFHRSHUD LXQLSULYLQGFLUFXOD LDDUPHORUúLPXQL LLORURULIXQF LRQDUHDDWHOLHUHORU
GHUHSDUDWDUPHI U GUHSWÌQDUWDOLQ&SHQHVWHSUHY ]XW FDYDULDQW
DVLPLODW IDSWD GH QHGHSXQHUH D DUPHL VDX PXQL LHL vQ WHUPHQXO IL[DW GH OHJH OD
RUJDQXO FRPSHWHQW GH F WUH FHO F UXLD L VD UHVSLQV FHUHUHD SHQWUX SUHOXQJLUHD
YDODELOLW LLSHUPLVXOXL
ÌQ DOLQ úL DOH DUW & SHQ VXQW SUHY ]XWH YDULDQWHOH DJUDYDWHDOH
LQIUDF LXQLLWLSLFHVLPSOH
(OHPHQWXO PDWHULDO (OHPHQWXO PDWHULDO DO YDULDQWHL WLS SUHY ]XWH vQ
DUW DOLQ & SHQ FRQVW vQ XQD GLQ XUP WRDUHOH DF LXQL GH LQHUHD SRUWXO
FRQIHF LRQDUHD WUDQVSRUWXO VDX HIHFWXDUHD RULF URU RSHUD LXQL SULYLQG FLUFXOD LD
DUPHORUúLPXQL LLORURULIXQF LRQDUHDDWHOLHUHORUGHUHSDUDWDUPH
3HQWUXH[LVWHQ DHOHPHQWXOXLPDWHULDODOLQIUDF LXQLLHVWHVXILFLHQW V YkUúLUHD
XQHLD GLQWUH DFHVWH DF LXQL 'DF I SWXLWRUXO D FRPLV PDL PXOWHGLQDFHVWHDF LXQL
H[GH LQHUHúLWUDQVSRUWGHDUPHVDXGH LQHUHúLYkQ]DUHGHPXQL LLFRQIHF LRQDUH
úLUHSDUDUHGHDUPHQXV YkUúHúWHPDLPXOWHLQIUDF LXQLFLXQDVLQJXU
Ä'H LQHUHD´ DUPHORU úL PXQL LLORU vQVHDPQ SULPLUHD úL S VWUDUHD DFHVWRUD
LQGLIHUHQWGDF GH LQ WRUXODGREkQGLWDUPHOHVDXPXQL LLOHúLOHGH LQHSHQWUXHOVDX
LDXIRVWvQFUHGLQ DWHVSUHS VWUDUHúLOHGH LQHSHQWUXDOWXO(VWHLQGLIHUHQWPLMORFXO
SULQFDUHOHDGREkQGLWFXPS UDWHGRQDWHvPSUXPXWDWHHWF
3HQWUX H[LVWHQ D HOHPHQWXOXL PDWHULDO HVWH VXILFLHQW GH LQHUHD XQHL VLQJXUH
DUPHVDXDPXQL LHLvQFDQWLWDWHPLF 'H LQHUHDPDLPXOWRUDUPHúLDPXQL LHLvQ
FDQWLW LPDULFRQVWLWXLHRvPSUHMXUDUHFDUHLPSULP IDSWHLXQJUDGGHSHULFROVRFLDO
PDLPDUHOHJLXLWRUXOSUHY ]kQGSHQWUXDFHVWHVLWXD LLSHGHSVHPDLVHYHUH
,QVWDQ D VXSUHP D GHFLV F GH LQHUHD GH F WUH S GXUDU D XQHL DOWH DUPH
GHFkW D FHOHL GH VHUYLFLX SULPLW FX vPSUXPXW FRQVWLWXLH LQIUDF LXQHD GH
QHUHVSHFWDUHDUHJLPXOXLDUPHORUúLPXQL LLORU
)DSWD LQFXOSDWXOXL GH D IL GH LQXW I U GUHSW R DUP GH YkQ WRDUH SXOEHUH
FDSVHúLDOLFHvQWUXQHúWHHOHPHQWHOHFRQVWLWXWLYHDOHLQIUDF LXQLLGHQHUHVSHFWDUHD
UHJLPXOXL DUPHORU úL PXQL LLORU SUHFXP úL D FHOHL GH QHUHVSHFWDUH D UHJLPXOXL
PDWHULLORUH[SOR]LYHDIODWHvQFRQFXUV
Ä3RUWXO´ GH DUPH VDX PXQL LL vQVHDPQ D DYHD DVXSUD VD DUPH VDX PXQL LL
LQGLIHUHQWGHWLPSXOFkWGXUHD] SXUWDUHDORU3HQWUXDILFRQVLGHUDWSRUWGHDUP
WUHEXLHFDDUPDSXUWDW V ILHvQF UFDW VDXFDSHUVRDQDFDUHRSRDUW V DLE DVXSUD
VD úL PXQL LL VSUH GHRVHELUH GH GH LQHUHD GH DUPH FDUH SRDWH SULYL úL DUPH
QHvQF UFDWH 1X LQWHUHVHD] SHQWUX H[LVWHQ D ODWXULL RELHFWLYH GDF SRUWXO GH DUPH
VDXPXQL LLHVWHSHID VDXvQDVFXQV
'XS DO L DXWRUL vQ OLSVD XQHL GLVSR]L LL OHJDOH vQ DFHVW VHQV QX HVWH
QHFHVDUFDDUPDSXUWDW V ILHvQF UFDW VDXFDSHUVRDQDFDUHRSRDUW V DLE DVXSUD
VDúLPXQL LL3HGHDOW SDUWHIDSWXOGHDSXUWDRDUP FKLDUQHvQF UFDW SUH]LQW
1LFROHWD,OLHVFXRSFLWYRO,9S
&6- V S QU &XUWHD 6XSUHP GH -XVWL LH %XOHWLQXO -XULVSUXGHQ HL &XOHJHUH GH GHFL]LL SH
DQXO(GLWXUDÄ3URHPD´%DLD0DUHS*DEULHO,RQHVFX,RVLI,RQHVFX3UREOHPHGHGUHSWGLQ
MXULVSUXGHQ D&XU LL6XSUHPHGH-XVWL LHvQPDWHULHSHQDO (GLWXUD-XULV$UJHVVLV&XUWHDGH$UJHú
S
70%VD,,DSHQGQU55'QUS
1LFROHWD,OLHVFXRSFLWYRO,9S
'XPLWUX&3RSHVFXRSFLWYRO,,S
SHULFRO R DVHPHQHD DUP SXWkQG DYHD HIHFWXO GH LQWLPLGDUH SH FDUHO SUHVXSXQH
IRORVLUHDDUPHORUvQDFHHDúLP VXU FDúLRDUP vQF UFDW 'HDOWIHODUILúLLORJLF
FD WUDQVSRUWXO XQHL DUPH FKLDU QHvQF UFDW VDX vQVR LW GH PXQL LH V FRQVWLWXLH
LQIUDF LXQHLDUSRUWXODUPHLvQDFHOHDúLFRQGL LLV DLE FDUDFWHUOLFLW
Ä&RQIHF LRQDUHD´ GH DUPH VDX PXQL LL vQVHDPQ SURGXFHUHD GH DUPH VDX
PXQL LL1XLQWHUHVHD] GDF FRQIHF LRQDUHDHVWHUHDOL]DW GHRVLQJXU SHUVRDQ VDX
GH PDL PXOWH SHUVRDQH FDUH DX OXFUDW DQXPLWH SLHVH FRPSRQHQWH FH DX IRVW DSRL
DVDPEODWHvQWURDUP
Ä7UDQVSRUWXO´GHDUPHVDXPXQL LLvQVHDPQ GHSODVDUHDDFHVWRUDvQDIDUDXQHL
FO GLUL VDX vPSUHMPXLUL 7UDQVSRUWXO GH DUPH VDX PXQL LL SUHVXSXQH GHSODVDUHD
DUPHORU úL D PXQL LHL FDUH QX VXQW SXUWDWH GH R SHUVRDQ 7UDQVSRUWXO SUHVXSXQH
WRWGHDXQDGH LQHUHDDUPHORUúLDPXQL LLORUWUDQVSRUWDWH
Ä2ULFH RSHUD LXQL SULYLQG FLUFXOD LD DUPHORU úL PXQL LLORU´ vQVHDPQ RULFH
DF LXQH FDUH DUH FD RELHFW SURFXUDUHD VDX WUDQVPLWHUHD GH DUPH úL PXQL LL GH H[
RSHUD LXQL GH FRPHU YkQ] ULFXPS U UL GH FRQVLJQD LH vPSUXPXW GRQD LH VDX
DOWHvQVWU LQ ULRSHUD LXQLGHLPSRUWVDXH[SRUWGHLQWURGXFHUHVDXVFRDWHUHGLQ DU
DDUPHORUúLPXQL LLORU
Ä)XQF LRQDUHDDWHOLHUHORUGHUHSDUDWDUPH´vQVHDPQ GHVI úXUDUHDRUJDQL]DW
vQIRUP úLFXPLMORDFHGHDWHOLHUDDF LXQLLGHUHSDUDUHDDUPHORU1XLPSRUW GDF
DWHOLHUXOIXQF LRQHD] FXRVLQJXU SHUVRDQ VDXFXPDLPXOWH
6LQWDJPD ÄSUHFXP úL´ HVWH IRORVLW vQ DOLQ DO DUW & SHQ vQ VHQV
DOWHUQDWLY LDU QX GH FRQGL LRQDUH D GH LQHULL DUPHORU úL PXQL LLORU GH HIHFWXDUHD
XQRURSHUD LLSULYLQGFLUFXOD LDDFHVWRUD
(OHPHQWXO PDWHULDO DO YDULDQWHL DVLPLODWH SUHY ]XWH vQ DUW DOLQ
&SHQFRQVW vQRPLVLXQHDGHGHSXQHUHDDUPHLVDXDPXQL LHLvQWHUPHQXOIL[DWGH
OHJH OD RUJDQXO FRPSHWHQW GH F WUH FHO F UXLD L VD UHVSLQV FHUHUHD SHQWUX
SUHOXQJLUHDYDODELOLW LLSHUPLVXOXL
,QIUDF LXQHDV YkUúLW vQDFHDVW YDULDQW HVWHGHFLRLQIUDF LXQHGHRPLVLXQH
GHLQDF LXQH2PLVLXQHDVHSRDWHUHDOL]DvQV SULQDFWHFRPLVLYHGHH[vQFD]XO
FkQGVDXGHSXVDOWHDUPHVDXPXQL LLGHFkWFHOHFXYHQLWH
1HGHSXQHUHDDUPHLVDXPXQL LHLvQWHUPHQXOOHJDOFRQVWLWXLHvQDFHODúLWLPSúL
RGH LQHUHI U GUHSWDDFHORUDUPHVDXPXQL LLFDUHDUHORFGXS H[SLUDUHDDFHOXL
WHUPHQFHHDFHDúLI FXWSHOHJLXLWRUV LQFULPLQH]HDFHDVW LQDF LXQHFDRYDULDQW
DVLPLODW DLQIUDF LXQLLSUHY ]XWHvQDOLQDODUW&SHQúLV RSHGHSVHDVF
FXDFHHDúLVDQF LXQH
&HULQ H HVHQ LDOH 3HQWUX FD DF LXQLOH GH GH LQHUH SRUW FRQIHF LRQDUH
WUDQVSRUWGHDUPHúLPXQL LLFDúLDF LXQLOHSULQFDUHVHHIHFWXHD] RULFHRSHUD LXQH
SULYLQGFLUFXOD LDDUPHORUúLPXQL LLORUSUHFXPúLDF LXQHDGHDIDFHV IXQF LRQH]H
DWHOLHUHOHGHUHSDUDWDUPHV vQWUHJHDVF ODWXUDRELHFWLY DLQIUDF LXQLLSUHY ]XWHvQ
DUWDOLQ&SHQWUHEXLHV ILHvQGHSOLQLW FHULQ DHVHQ LDO FDDF LXQHDV
ILHI U GUHSW
$FHVWH DF LXQL VXQW HIHFWXDWH ÄI U GUHSW´ DWXQFL FkQG QX VXQW UHVSHFWDWH
FRQGL LLOHSUHY ]XWHvQ/HJHDQUSULYLQGUHJLPXODUPHORUúLDOPXQL LLORU
/HJHD QU VHUYHúWH GHFL OD VWDELOLUHD FD]XULORU vQ FDUH FHULQ D
HVHQ LDO SHQWUX H[LVWHQ D LQIUDF LXQLL SUHY ]XW vQ DUW DOLQ & SHQ HVWH
vQGHSOLQLW /HJHD SUHY ]kQG FD]XULOH FkQG DF LXQLOH FDUH IRUPHD] HOHPHQWXO
PDWHULDO DOLQIUDF LXQLLVXQWSHUPLVHLQGLF LPSOLFLWFkQGFHULQ DHVHQ LDO WUHEXLH
V ILHFRQVLGHUDW FDvQGHSOLQLW
1LFROHWD,OLHVFXRSFLWYRO,9S
6DELQ,YDúFX$VSHFWHWHRUHWLFHúLSUDFWLFHSULYLQGUHJLPXODUPHORUúLPXQL LORU'UQUS
1LFROHWD,OLHVFXRSFLWYRO,9S
'H LQHUHDVDXSRUWXOGHDUPHGHF WUHSHUVRDQHOHIL]LFHHVWHSHUPLV SRWULYLW
DUW GLQ /HJHD QU QXPDL FX DXWRUL]D LD DXWRULW LORU FRPSHWHQWH ÌQ
DUWGLQDFHODúLDFWQRUPDWLYVHDUDW FDUHSHUVRDQHSRWRE LQHDXWRUL]DUHúLSRW
GH LQHVDXSXUWDDUPHvQPRGOLFLW
3RWULYLW /HJLL QU VH FRQVLGHU I U GUHSW GH LQHUHD VDX SRUWXO GH
DUP I U DXWRUL]D LH RUL vQ QXP U VDX GXS FD] vQ FDQWLW L PDL PDUL GHFkW FHOH
DXWRUL]DWH
1XFRQVWLWXLHGH LQHUHVDXSRUWGHDUPHI U GUHSWúLGHFLFHULQ DHVHQ LDO QX
HVWHvQGHSOLQLW vQFD]XULOHvQFDUH/HJHDQUSHUPLWHGH LQHUHDRULSRUWXO
GHDUPHI U DXWRUL]D LH
'H LQHUHD VDX SRUWXO GH DUPH RUL PXQL LL HVWH ÄI U GUHSW´ úL GHFL FHULQ D
HVHQ LDO HVWHvQGHSOLQLW GXS FHDH[SLUDWWHUPHQXOGHYDODELOLWDWHDDXWRUL]D LHLúL
GHFL D SHUPLVXOXL SUHFXP úL vQ FD] GH UHWUDJHUH D SHUPLVXOXL VDX GH PRDUWH D
WLWXODUXOXLRULGHvQFHWDUHDFDOLW LLFDUHDMXVWLILFDWSULPLUHDGHDUPHvQGRWDUH
&HULQ D HVHQ LDO HVWH GH DVHPHQHD vQGHSOLQLW vQ FD]XO FkQG DUPHOH VDX
FDQWLWDWHDGHPXQL LLGH LQXWHVDXSXUWDWHGHS úHVFIHOXOúLQXP UXOVWDELOLWHSHQWUX
ILHFDUHFD]vQSDUWHGHRUJDQHOHSROL LHL
&kQGRSHUVRDQ GH LQHVDXSRDUW RDUP VDXFDQWLW LPLFLGHPXQL LLSHVWH
FHOHDXWRUL]DWHV YkUúHúWHLQIUDF LXQHDvQYDULDQWDVLPSO SUHY ]XW vQDOLQDUW
& SHQ ÌQ FD]XO vQ FDUH vQV VXQW GH LQXWH RUL SXUWDWH PDL PXOWH DUPH VDX
PXQL LL vQ FDQWLW L PDUL HVWH V YkUúLW LQIUDF LXQHD vQ YDULDQWD VD DJUDYDW
SUHY ]XW vQDOLQOLWEDODUW&SHQ
&RQIHF LRQDUHD GH DUPH vQ DOWH FRQGL LL GHFkW FHOH OHJDOH GH F WUH SHUVRDQH
IL]LFHHVWHVRFRWLW I U GUHSWúLGHFLFHULQ DHVHQ LDO HVWHvQGHSOLQLW
ÌQFHHDFHSULYHúWHFRQIHF LRQDUHDGHPXQL LLúLDFHDVWDHVWHI U GUHSWFkQG
HVWH HIHFWXDW GH R SHUVRDQ IL]LF vQ DOWH FRQGL LL GHFkW FHOH OHJDOH GH H[
PXQL LLOH SHQWUX DUPHOH GH YkQ WRDUH SRW IL FRQIHF LRQDWH GH SHUVRDQH FDUH DX
GUHSWXOV GH LQ DVWIHOGHDUPH
7UDQVSRUWXO GH DUPH VDX PXQL LL HVWH I U GUHSW DWXQFL FkQG HVWH I FXW GH
SHUVRDQH IL]LFH I U RUGLQXO GH WUDQVSRUW HPLV GH R XQLWDWH DELOLWDW 1X VXQW
WUDQVSRUWDWHI U GUHSWDUPHOHúLPXQL LLOHvQVFULVHvQSHUPLVXOGHSRUWDUP
2SHUD LXQLOHSULYLQGFLUFXOD LDDUPHORUúLPXQL LLORUVXQWHIHFWXDWHI U GUHSW
FkQGVXQWI FXWHGHSHUVRDQHIL]LFHvQDOWHFRQGL LLGHFkWFHOHVWDELOLWHvQ/HJHDQU
)XQF LRQDUHD DWHOLHUHORU GH UHSDUDW DUPH HVWH FRQVLGHUDW I U GUHSW DWXQFL
FkQGRSHUVRDQ IL]LF VHRFXS FXUHSDUDUHDDUPHORUI U DXWRUL]D LH
3HQWUXFDRPLVLXQHDGHGHSXQHUHDDUPHORUVDXPXQL LLORUV FRQVWLWXLHODWXUD
RELHFWLY D LQIUDF LXQLL SUHY ]XWH vQ DUW DOLQ & SHQ WUHEXLH V ILH
vQGHSOLQLWHXUP WRDUHOHFHULQ HHVHQ LDOH
D 2PLVLXQHD GHSXQHULL DUPHORU VDX PXQL LLORU V DLE ORF GXS UHVSLQJHUHD
FHUHULLGHSUHOXQJLUHDYDODELOLW LLSHUPLVXOXL
,QIUDF LXQHD vQ FD]XO YDULDQWHL GLQ DOLQ DO DUW & SHQ DGLF
QHGHSXQHUHDDUPHLVDXPXQL LHLvQWHUPHQXOIL[DWGHOHJHODRUJDQXOFRPSHWHQWGH
F WUHFHOF UXLDLVDUHVSLQVFHUHUHDSHQWUXSUHOXQJLUHDYDODELOLW LLSHUPLVXOXLQX
SRDWHILFRQFHSXW I U SUHH[LVWHQ DXQXLSHUPLVGHGH LQHUHVDXGHSXUWDUHDXQHL
DUPHúLDPXQL LLORUUHVSHFWLYHILLQGF QXPDLvQDFHDVW VLWXD LHVHSRDWHDFRUGDR
SUHOXQJLUHDYDODELOLW LLSHUPLVXOXL
&RQIRUPDUWGLQ/HJHDQUHIHFWXDUHDRULF URURSHUD LXQLFXDUPHVDXPXQL LLI U GUHSW
FRQVWLWXLHLQIUDF LXQHúLVHSHGHSVHúWHSRWULYLWDUWDOLQGLQ&RGXOSHQDO
ÌQ/HJHDQUVHSUHYHGHF SRVHVRULLGHSHUPLVHSHQWUXDUPHúLPXQL LLVXQWREOLJD LV OHYL]H]H
SHULRGLFRGDW ODDQL±DUWúLVHDUDW FD]XULOHvQFDUHDXWRUL]D LDVHDQXOHD] úLSHUPLVXOVHUHWUDJH
E6 ILH[SLUDWWHUPHQXOIL[DWGHOHJHSHQWUXGHSXQHUHDDUPHORUúLPXQL LLORU
ODRUJDQXOFRPSHWHQW
$FHDVW FHULQ SULYHúWHDWkWWHUPHQXOFkWúLRUJDQXODVWIHOvQFkWvQGHSOLQLUHD
HLWUHEXLHVWDELOLW vQUDSRUWFXDPEHOHFRQGL LL
7HUPHQXOGHSUHGDUHDDUPHORUúLPXQL LLORUvQDFHVWHFD]XULHVWHFHOIL[DWGH
DUWGLQ/HJHDQUDGLF ]LOHGHODGDWDvQFXQRúWLQ ULLSHUVRDQHLF
LVDDQXODWVDXVXVSHQGDWSHUPLVXO
ÌQ GLVSR]L LLOH GLQ DUW DOLQ úL & SHQ VXQW SUHY ]XWH WUHL
YDULDQWHPDLJUDYHDOHLQIUDF LXQLLGHQHUHVSHFWDUHDUHJLPXOXLDUPHORUúLPXQL LLORU
/DWXUDRELHFWLY DDFHVWRUYDULDQWHVHGHRVHEHúWHGHDFHHDDIDSWHORUGLQDOLQ
úL DOH DUW & SHQ SULQ HOHPHQWXO PDWHULDO úL SULQWUR FHULQ HVHQ LDO
FDUHFRQVWLWXLHHOHPHQWXOFLUFXPVWDQ LDOGHDJUDYDUH
(OHPHQWXOPDWHULDODOYDULDQWHORUDJUDYDWHSUHY ]XWHvQGLVSR]L LLOHGHODOLW
D úL E GLQ DOLQ DO DUW & SHQ FRQVW vQ XQD GLQ XUP WRDUHOH DF LXQL
GH LQHUHD vQVWU LQDUHD VDX SRUWXO I U GUHSW GH DUPH LDU HOHPHQWXO PDWHULDO DO
YDULDQWHLGLQDOLQFRQVW QXPDLvQDF LXQHDGHSRUWGHDUPHI U GUHSW
$F LXQLOHGHGH LQHUHúLGHSRUWDXDFHODúLvQ HOHVFDúLvQFD]XOYDULDQWHLWLSD
LQFULPLQ ULLDQDOL]DWH
$F LXQHDGHÄvQVWU LQDUH´vQVHDPQ WUDQVPLWHUHDF WUHDOWHSHUVRDQHGHDUPH
VXERULFHIRUP YkQ]DUHVFKLPEGRQD LHHWF
&RQGL LD ÄI U GUHSW´ vQVHDPQ HIHFWXDUHD DFHORU DF LXQL vQ FRQGL LL
QHvQJ GXLWHGHUHJLPXOOHJDODODUPHORUúLPXQL LLORU
'H LQHUHD úL SXQHUHD vQ FLUFXOD LH I U DXWRUL]D LD SUHY ]XW GH OHJH D XQXL
SLVWRO FX JD]H vQWUXQHúWH HOHPHQWHOH FRQVWLWXWLYH DOH LQIUDF LXQLL GH QHUHVSHFWDUHD
UHJLPXOXL DUPHORU úL PXQL LLORU SUHY ]XW vQ DUW DOLQ & SHQ GHRDUHFH
SRWULYLWOHJLLGH LQHUHDúLHIHFWXDUHDGHRSHUD LXQLFXDUPHSHQWUXvPSU úWLHUHDGH
JD]HQRFLYHLULWDQWHVDXGHQHXWUDOL]DUHVXQWVXSXVHDXWRUL] ULL
(OHPHQWXOFLUFXPVWDQ LDOÌQFD]XOYDULDQWHLDJUDYDWHGHODOLWDGLQDOLQ
DO DUW & SHQ FHULQ D HVHQ LDO FRQVW vQ VSHFLILFXO RELHFWXOXL PDWHULDO
ÄDUPHDVFXQVHRULDUPHPLOLWDUHSUHFXPúLPXQL LLSHQWUXDVWIHOGHDUPH´
Ä$UPHOHDVFXQVH´VXQWDUPHOHGHIRFDVWIHOIDEULFDWHVDXFRQIHF LRQDWHvQFkW
H[LVWHQ D ORU V QX ILH YL]LELO VDX E QXLW LDU ÄDUPHOH PLOLWDUH´ VXQW DUPHOH
GHVWLQDWHX]XOXLPLOLWDU
3ULQÄPXQL LLSHQWUXDVWIHOGHDUPH´VHvQ HOHJFDUWXúHOHSURLHFWLOHOHGHRULFH
IHOFDUHSRWILvQWUHEXLQ DWHODDUPHOHDVFXQVHVDXODDUPHOHPLOLWDUH
3HUVRDQHOHFDUHSRWGH LQHVDXSXUWDDUPHPLOLWDUHVXQWSUHY ]XWHvQ/HJHDQU
([SULPDUHD ÄSUHFXP úL´ GLQ DFHVW WH[W GH OHJH DUH VHQV DOWHUQDWLY LDUQXGH
FRQGL LRQDUH D GH LQHULL DUPHL PLOLWDUH GH GH LQHUHD FRQFRPLWHQW úL D PXQL LHL
DIHUHQWH
ÌQ FD]XO YDULDQWHL DJUDYDWH GH OD OLW E GLQ DOLQ DO DUW & SHQ
FHULQ DHVHQ LDO FRQVW GHDVHPHQHDvQVSHFLILFXORELHFWXOXLPDWHULDOÄPDLPXOWH
DUPH´VDXÄPXQL LLOHUHVSHFWLYHvQFDQWLW LPDUL´
&6- VS G QU 'U QU S ÌQDOWD &XUWH GH &DVD LH úL -XVWL LH %XOHWLQXO
MXULVSUXGHQ HL&XOHJHUHGHGHFL]LLSHDQXO(GLWXUD$OO%HFN%XFXUHúWLS
Ì&&- &RPSOHWXO GH MXGHF WRUL G QU ÌQDOWD &XUWH GH &DVD LH úL -XVWL LH %XOHWLQXO
MXULVSUXGHQ HL&XOHJHUHGHGHFL]LLSHDQXO(GLWXUD$OO%HFN%XFXUHúWLS1LFRULQD&ULúX
0DJUDRQ&RQVWDQWLQ&ULúX-XULVSUXGHQ vQPDWHULHSHQDO DÌQDOWHL&XU LGH&DVD LHúL-XVWL LHFXU LGHDSHOúL
WULEXQDOH(GLWXUD-XULV$UJHVVLV&XUWHDGH$UJHúS
(VWH H[FHSWDW GH OD DJUDYDUH GH LQHUHD vQVWU LQDUHD VDX SRUWXO I U GUHSW DO
DUPHORUSUHY ]XWHODOLWDGLQDOLQDODUW&SHQ±DUPHOHDVFXQVHúLFHOH
PLOLWDUHSUHFXPúLDUPHOHGHSDQRSOLH
6XQW H[FHSWDWH DUPHOH DVFXQVH úL DUPHOH PLOLWDUH SUHFXP úL PXQL LLOH
UHVSHFWLYH ILLQGF vQ FD]XO DFHVWRUD FKLDU úL R VLQJXU DUP úL RULFkW GH SX LQH
PXQL LL DWUDJ SRWULYLW GLVSR]L LHL GLQ DUW DOLQ OLW D & SHQ DSOLFDUHD
VDQF LXQLLDJUDYDWH
([FHSWDUHD DUPHORU GH SDQRSOLH VH H[SOLF SULQ SHULFROXO UHGXV SH FDUH vO
SUH]LQW GH LQHUHDSRUWXOVDXvQVWU LQDUHDXQRUDVHPHQHDDUPH
3ULQ ÄPDLPXOWHDUPH´VHvQ HOHJFHOSX LQGRX DUPHSHQWUXFDUHQXH[LVW
DXWRUL]DUH Ä0XQL LLOH UHVSHFWLYH vQ FDQWLW L PDUL´ vQVHDPQ PXQL LL SHQWUX DUPH
QHH[FHSWDWHvQFDQWLW LQHRELúQXLWHGHFLVXVSHFWH
ÌQFD]XOYDULDQWHLDJUDYDWHGLQDOLQDODUW&SHQFHULQ DHVHQ LDO
FRQVW vQ VSHFLILFXO ORFXOXL V YkUúLULL DF LXQLL ÄvQ ORFDOXO DXWRULW LORU VDX DO
LQVWLWX LLORUSXEOLFHODvQWUXQLULSXEOLFHVDXvQORFDOXULGHDOHJHUL´
3RWULYLW/HJLLQUÄvQORFDOXODXWRULW LORUVDXDOLQVWLWX LLORUSXEOLFH´
SRWSXUWDDUPHúLPXQL LLRUJDQHOHGHPHQ LQHUHDRUGLQLLSXEOLFHSHUVRDQHOHGRWDWH
FXDUPHSHQWUXDH[HFXWDSD]DvQDFHVWHORFDOXULSUHFXPúLFHOHODOWHSHUVRDQHFDUH
DX GUHSWXO V GH LQ DUPH vQ FD]XO vQ FDUH DX GH vQGHSOLQLW REOLJD LL OHJDOH vQ
OHJ WXU FX DUPHOH úL PXQL LLOH SH FDUH OH GH LQ LDU OD vQWUXQLUL SXEOLFH SRW SXUWD
DUPHúLPXQL LLQXPDLRUJDQHOHGHPHQ LQHUHDRUGLQLLSXEOLFH
3ULQÄORFDOXO´DXWRULW LORUVDXDOLQVWLWX LLORUSXEOLFHVHvQ HOHJHLPRELOXOVDX
SDUWHD GLQ LPRELOXO vQ FDUH vúL DUH VHGLXO VDX vQ FDUH vúL GHVI úRDU DFWLYLWDWHD R
DVHPHQHD SHUVRDQ MXULGLF GH GUHSW SXEOLF QX úL ORFXULOH GHVFKLVH FXP DU IL R
FXUWHRJU GLQ XQWHUHQGHVSRUWHWF
3ULQ ÄvQWUXQLUH SXEOLF ´ VH vQ HOHJH R DGXQDUH GH SHUVRDQH vQWUXQ QXP U
PDUHFDU VSXQVODRFRQYRFDUHSXEOLF
3ULQÄORFDOXULGHDOHJHUL´VHvQ HOHJVSD LLOHGLQFO GLULOHvQFDUHVHHIHFWXHD]
DOHJHULvQFD]XULOHVWDELOLWHGHOHJHDHOHFWRUDO úLFDUHVXQWGHWHUPLQDWHGHRUJDQHOH
FDUHSUHJ WHVFRSHUD LLOHHOHFWRUDOHÌQORFDOXODOHJHULORUQXLHVWHQLP QXLvQJ GXLW
V SRDUWHDUPH2UJDQHOHGHSD] WUHEXLHV U PkQ vQDIDUDORFDOXOXL
$WXQFLFkQGDXWRUXODLQWUDWvQSRVHVLDDUPHLVDXPXQL LHLSULQWURVXVWUDJHUH
DFHDVW LQIUDF LXQHvQWU vQFRQFXUVFXFHDGHIXUW
8UPDUHD LPHGLDW 6 YkUúLUHD RULF UHLD GLQWUH DF LXQLOH FDUH FRQVWLWXLH
HOHPHQWXOPDWHULDODOLQIUDF LXQLLGHQHUHVSHFWDUHDUHJLPXOXLDUPHORUúLPXQL LLORU
DUHFDXUPDUHLPHGLDW FUHDUHDXQHLVW ULGHSHULFROSHQWUXUHOD LLOHVRFLDOHRFURWLWH
SULQQRUPDGHLQFULPLQDUHH[DPLQDW
/HJ WXUDGHFDX]DOLWDWHvQWUHDF LXQHDVDXLQDF LXQHDLQFULPLQDW úLVWDUHDGH
SHULFROWUHEXLHV H[LVWHúLUH]XOW H[UH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH1HUHVSHFWDUHDUHJLPXOXLDUPHORUúLPXQL LLORUvQRULFDUH
GLQ LSRWH]HOH VDOH GH LQFULPLQDUH FX H[FHS LD FHOHL GLQ DOLQ FRQVWLWXLH
LQIUDF LXQHQXPDLGDF DIRVWV YkUúLW FXYRLQ úLFXYLQRY LHvQIRUPDLQWHQ LH
GLUHFW VDXLQGLUHFW
)DSWDGHQHUHVSHFWDUHDUHJLPXOXLDUPHORUúLPXQL LLORUvQYDULDQWDDVLPLODW ±
DOLQ±FRQVWkQGvQWURRPLVLXQHFRQVWLWXLHLQIUDF LXQHILHF HVWHV YkUúLW FX
LQWHQ LHILHF HVWHV YkUúLW GLQFXOS DUWDOLQXOWLP&SHQ
1LFROHWD,OLHVFXRSFLWYRO,9S
,GHPYRO,9S
76VPLOGQU55'QUS
ÌQ DPEHOH YDULDQWH H[LVW LQWHQ LH FkQG I SWXLWRUXO úLD GDW VHDPD GH QDWXUD
DF LXQLLSHFDUHRV YkUúHúWHúLDSUHY ]XWF vQDFHVWIHOVHDGXFHDWLQJHUHUHJLPXOXL
SULYLWRU OD DUPH úL PXQL LL úL VH FUHHD] R VWDUH GH SHULFRO SHQWUX VHFXULWDWHD
UHOD LLORUVRFLDOHRFURWLWHúLDXUP ULWDFHVWUH]XOWDWLQWHQ LHGLUHFW VDXDDFFHSWDW
SURGXFHUHDOXLLQWHQ LHLQGLUHFW
$O LDXWRULFRQVLGHU F IDSWDDQDOL]DW vQIRUPDVDWLSVHFRPLWHQXPDL
FX LQWHQ LH GLUHFW LDU vQ YDULDQWD GH OD DOLQ FX LQWHQ LH úL GLQ FXOS I U
SUHYHGHUHDUWDOLQILQDO&SHQ
([LVW úL S UHUHD F vQ YDULDQWD GH OD DOLQ IDSWD QX VH SRDWH FRPLWH
GHFkWGLQFXOS VDXF vQWRDWHVLWXD LLOHIDSWDLQFULPLQDW QXVHSRDWHFRPLWHGHFkW
FXLQWHQ LHGLUHFW VDXLQGLUHFW
0RELOXO GHWHUPLQDQW úL VFRSXO XUP ULW GH I SWXLWRU QX LQWHUHVHD] SHQWUX
H[LVWHQ DODWXULLVXELHFWLYHúLLPSOLFLWDLQIUDF LXQLLvQV úLGDUGHDFHVWHDVHYD LQH
VHDPD OD VWDELOLUHD JUDGXOXL GH SHULFRO VRFLDO FRQFUHW úL GHFL OD LQGLYLGXDOL]DUHD
SHGHSVHL
)RUPH6DQF LXQL
)RUPH 1HUHVSHFWDUHD UHJLPXOXL DUPHORU úL PXQL LLORU YDULDQWD WLS úL FHOH
DJUDYDWHUHDOL]kQGXVHSULQWURDF LXQHFRPLVLXQHHVWHVXVFHSWLELO GHDSDUFXUJH
ID]HOH RELúQXLWH GH GHVI úXUDUH D XQHL DFWLYLW L LQIUDF LRQDOH DFWHOH SUHSDUDWRULL
WHQWDWLYDúLFRQVXPDUHD
ÌQ YDULDQWD DVLPLODW LQIUDF LXQHD ILLQG RPLVLY QX HVWH VXVFHSWLELO GH
WHQWDWLY
$FWHOHSUHSDUDWRULLúLWHQWDWLYDvQFD]XULOHvQFDUHVXQWSRVLELOHQXFDGVXE
LQFLGHQ DOHJLLSHQDOHQHILLQGLQFULPLQDWHFDDWDUH&kQGDF LXQHDDIRVWH[HFXWDW
DFWHOHSUHSDUDWRULLHIHFWXDWHGHDOW SHUVRDQ GHFkWDXWRUXOSRWGHYHQLHYHQWXDODFWH
GHFRPSOLFLWDWHDQWHULRDU ODV YkUúLUHDLQIUDF LXQLL
&RQVXPDUHDDUHORFvQPRPHQWXOvQFDUHH[HFXWDUHDDF LXQLLFDUHFRQVWLWXLH
HOHPHQWXO PDWHULDO DO LQIUDF LXQLL D DMXQV SkQ OD FDS W úL D SURGXV XUPDUHD
LPHGLDW DGLF VDFUHDWVWDUHDGHSHULFROSHQWUXUHOD LLOHVRFLDOHRFURWLWH
$F LXQHD GH GH LQHUH GH DUPH VDX PXQL LL VH FRQVXP vQ PRPHQWXO vQ FDUH
I SWXLWRUXO LQWU vQ SRVHVLD DUPHL VDX PXQL LHL $F LXQLOH GH GH LQHUH GH SRUW GH
WUDQVSRUW GH FRQIHF LRQDUH D DUPHORU úL PXQL LLORU úL RULFH RSHUD LXQL SULYLQG
FLUFXOD LDDFHVWRUDVHFRQVXP FKLDUGDF DXFDRELHFWRVLQJXU DUP VDXRVLQJXU
FDQWLWDWHGHPXQL LH
1HUHVSHFWDUHD UHJLPXOXL DUPHORU úL PXQL LLORU vQ YDULDQWD WLS DUH XQHRUL
FDUDFWHUGHLQIUDF LXQHFRQWLQX H[GH LQHUHLDUDOWHRULSRDWHILV YkUúLW vQIRUPD
FRQWLQXDW H[ SRUW FRQIHF LRQDUH WUDQVSRUW ILLQG SRVLELO GHFL OD DFHDVW
LQIUDF LXQHúLRID] DHSXL] ULL
1LFROHWD ,OLHVFX RS FLW YRO ,9 S ÌQ DFHODúL VHQV 'XPLWUX & 3RSHVFX RS FLW YRO ,, S
2OLYLX $XJXVWLQ 6WRLFD 'UHSW SHQDO 3DUWHD VSHFLDO (GLWXUD 'LGDFWLF úL 3HGDJRJLF %XFXUHúWL
S*KHRUJKH1LVWRUHDQX9DVLOH'REULQRLX$OH[DQGUX%RURL,OLH3DVFX,RDQ0ROQDU9DOHULF /D] U
'UHSWSHQDO3DUWHDVSHFLDO (GLWXUD(XURSD1RYD%XFXUHúWLS2FWDYLDQ/RJKLQ7XGRUHO7RDGHU
'UHSW SHQDO URPkQ 3DUWHD VSHFLDO HGL LD D ,9D UHY ]XW úL DG XJLW &DVD GH HGLWXU úL SUHV ùDQVD 65/
%XFXUHúWLS,OLH3DVFXvQ,OLH3DVFX9DOHULF /D] U'UHSWXOSHQDO3DUWHDVSHFLDO (GLWXUD/XPLQD
/H[%XFXUHúWLS
0DWHL%DVDUDERSFLWYRO,S
,RDQD9DVLX'UHSWSHQDOURPkQ3DUWHDVSHFLDO YRO,,(GLWXUD$OEDVWU &OXM1DSRFDS
$YUDP)LOLSDúvQ2FWDYLDQ/RJKLQ$YUDP)LOLSDú'UHSWSHQDOURPkQ3DUWHDVSHFLDO HGL LHUHYL]XLW
&DVDGHHGLWXU úLSUHV ÄùDQVD´65/%XFXUHúWLS
1LFROHWD,OLHVFXRSFLWYRO,9S
ÌQFD]XOLQIUDF LXQLLFRQWLQXHvQFHSXW VXEOHJHDPDLIDYRUDELO úLFRQVXPDW
VXEOHJHDQRX PDLQHIDYRUDELO VHDSOLF OHJHDQRX SUHYHGHULOHDUWGLQ&RGXO
SHQDOQHILLQGDSOLFDELOH
'HDVHPHQHDvQFD]XOvQFDUHvQWLPSXOGXUDWHLXQHLLQIUDF LXQLFRQWLQXHVH
DGRSW PDL PXOWH OHJL SHQDOH IDSWD VH vQFDGUHD] SRWULYLW OHJLL vQ YLJRDUH OD GDWD
FkQG DFWLYLWDWHD LQIUDF LRQDO VD vQFKHLDW UHVSHFWLY OD GDWD vQFHW ULL DF LXQLL VDX
LQDF LXQLLSULQFDUHVDUHDOL]DWHOHPHQWXOPDWHULDODOODWXULLRELHFWLYHLDUQXSRWULYLW
OHJLL VXE LPSHULXO F UHLD D vQFHSXW VD SUHOXQJLW úL D GXUDW R SHULRDG GH WLPS
DFHDVW DF LXQHVDXLQDF LXQH
6DQF LXQL 3HQWUX V YkUúLUHD IDSWHORU SUHY ]XWH vQ DOLQ úL SHUVRDQD
IL]LF VHSHGHSVHúWHFXvQFKLVRDUHGHODODDQL
ÌQYDULDQWDDJUDYDW GLQDOLQSHGHDSVDSUHY ]XW SHQWUXSHUVRDQDIL]LF
HVWH vQFKLVRDUHD GH OD OD DQL LDU vQ FHD GLQ DOLQ VDQF LXQHD SUHY ]XW
SHQWUXSHUVRDQDIL]LF HVWHvQFKLVRDUHDGHODODDQL
3HQWUXIDSWHOHSUHY ]XWHvQDUWDOLQ&SHQSHUVRDQDMXULGLF VH
SHGHSVHúWHFXDPHQG GHODODOHLLDUSHQWUXIDSWDSUHY ]XW vQDOLQ
DPHQGDHVWHGHODODOHL
1(5(63(&7$5($5(*,08/8,0$7(5,$/(/2518&/($5(
6$8$/$/7250$7(5,,5$',2$&7,9(
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDODOLQIUDF LXQLLvOFRQVWLWXLHUHOD LLOHVRFLDOHUHIHULWRDUH
OD GHVI úXUDUHD vQ VLJXUDQ D DFWLYLW LORU QXFOHDUH VDX UDGLRDFWLYH UHOD LL FDUH
H[FOXG V YkUúLUHD GH IDSWH LOLFLWH SULQ FDUH VH DGXFH DWLQJHUH SHUVRDQHL PHGLXOXL
VDXSURSULHW LLSULQvQF OFDUHDREOLJD LLORUFHGHFXUJGLQDFRUGXULOHúLFRQYHQ LLOH
ODFDUH5RPkQLDHVWHSDUWH
2ELHFWXO PDWHULDO vO FRQVWLWXLH PDWHULDOHOH QXFOHDUH RUL DOWH PDWHULL
UDGLRDFWLYHODFDUHOHJHDIDFHWULPLWHULQHPLMORFLWH$WXQFLFkQGIDSWHOHDXDYXWFD
XUPDUH Y W PDUHD FRUSRUDO VDX PRDUWHD XQHLD VDX PDL PXOWRU SHUVRDQH
LQIUDF LXQHDDUHFDRELHFWPDWHULDOFRUSXOSHUVRDQHORUUHVSHFWLYH
'XS DO L DXWRUL vQ PRGDOLW LOH QRUPDWLYH SUHY ]XWH vQ DOLQ
FHUFHWDUHDSURLHFWDUHDSURGXF LDFRQVWUXF LDRELHFWHORURULLQVWDOD LLORUQXFOHDUH±
DOLQ ± WH]D IDEULF ULL DUPHORU QXFOHDUH VDX D RULF URU GLVSR]LWLYH H[SOR]LYH ±
LQIUDF LXQHDQXDUHRELHFWPDWHULDOvQWUXFkWIDSWHOHFDUHGHILQHVFHOHPHQWXOPDWHULDO
QX VXQW H[HUFLWDWH DVXSUD XQHL H[LVWHQ H FRUSRUDOH ,QVWDOD LLOH QXFOHDUH VDX
GLVSR]LWLYHOH H[SOR]LYH QXFOHDUH SURLHFWDWH SURGXVH FRQVWUXLWH VDX IDEULFDWH VXQW
SURGXVXOúLQXRELHFWXOPDWHULDODOLQIUDF LXQLL
&6-VSGQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSH
DQXO(GLWXUD-XULV$UJHVVLV&XUWHDGH$UJHúS
Ì&&- VS G QU /LGLD % UEXOHVFX $QWRQ 3DQGUHD ,RDQ *ULJD 9LFWRU 9LFHQ LX 3DúFD
&DPHQL $GLQD9O VFHDQXÌQDOWD&XUWHGH&DVD LHúL-XVWL LH-XULVSUXGHQ D6HF LHLSHQDOHSHDQXO(GLWXUD
+DPDQJLX%XFXUHúWLS
9DVLOH 'REULQRLX vQ 9DVLOH 'REULQRLX 1LFRODH &RQHD &LSULDQ 5DXO 5RPL DQ &DPLO 7 Q VHVFX 1RUHO
1HDJX0D[LP'REULQRLX'UHSWSHQDO3DUWHDVSHFLDO YRO,,(GLWXUD/XPLQD/H[%XFXUHúWLS
9DVLOH'REULQRLXRSFLWYRO,,SÌQDFHODúLVHQV$OH[DQGUX%RURL*KHRUJKH1LVWRUHDQX'UHSW
SHQDO3DUWHDVSHFLDO HGL LDD,,,D(GLWXUD$OO%HFN%XFXUHúWLS
+RULD'LDFRQHVFX'UHSWSHQDO3DUWHDVSHFLDO YRO,,HGL LDDD(GLWXUD$OO%HFN%XFXUHúWL
S
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUSRDWHILRULFHSHUVRDQ IL]LF FHvQGHSOLQHúWH
FRQGL LLOHJHQHUDOHDOHU VSXQGHULLSHQDOH
ÌQFRQGL LLOHúLFXOLPLW ULOHDU WDWHvQDUW&SHQVXELHFWDFWLYDODFHVWHL
LQIUDF LXQLSRDWHILúLRSHUVRDQ MXULGLF
3DUWLFLSD LD SHQDO HVWH SRVLELO VXE WRDWH IRUPHOH VDOH FRDXWRUDW LQVWLJDUH
FRPSOLFLWDWH
6XELHFWXO SDVLY SULQFLSDO HVWH VWDWXO FD WLWXODU DO YDORULORU VRFLDOH SURWHJXLWH
SULQDFHDVW LQFULPLQDUH
ÌQVHFXQGDUSRDWHILVXELHFWSDVLYSHUVRDQDIL]LF VDXMXULGLF DVXSUDF UHLD
VDXU VIUkQWFRQVHFLQ HOHLQIUDF LXQLL
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDOvQFD]XOQHUHVSHFW ULLUHJLPXOXLPDWHULDOHORUQXFOHDUHVDX
DO DOWRU PDWHULL UDGLRDFWLYH YDULDQWD VLPSO SRDWH FRQVWD vQ PDL PXOWH DF LXQL
DOWHUQDWLYH SULPLUHD GH LQHUHD IRORVLUHD FHGDUHD PRGLILFDUHD vQVWU LQDUHD
GLVSHUVDUHDH[SXQHUHDWUDQVSRUWXOVDXGHWXUQDUHDPDWHULDOHORUQXFOHDUHRULDDOWRU
PDWHULL UDGLRDFWLYH SUHFXP úL vQ RULFH DOWH RSHUD LXQL SULYLQG FLUFXOD LD DFHVWRUD
FHUFHWDUHDSURLHFWDUHDDPSODVDUHDSURGXF LDFRQVWUXF LDVDXPRQWDMXORELHFWHORU
RUL LQVWDOD LLORU QXFOHDUH SXQHUHD vQ IXQF LXQH H[SORDWDUHD PRGLILFDUHD
GH]DIHFWDUHDLPSRUWXOVDXH[SRUWXOLQVWDOD LLORUQXFOHDUHI U GUHSW
0RGDOLW LOH QRUPDWLYH HQXPHUDWH DX XQ FDUDFWHU H[HPSOLILFDWLY GHRDUHFH
OHJHD VH UHIHU úL OD RULFH DOWH RSHUD LXQL SULYLQG FLUFXOD LD PDWHULDOHORU QXFOHDUH
I U GUHSW 6XE DFHVW DVSHFW QRUPD DQDOL]DW HVWH XQD FX FRQ LQXW GHVFKLV GH
LQFULPLQDUH
3ULQÄPDWHULDOQXFOHDU´VHvQ HOHJHDOWHPDWHULDOHGHFkWFHOHUDGLRDFWLYHFDUH
GDWRULW XQRU SURSULHW L VSHFLILFH VXQW GH LQWHUHV GHRVHELW SHQWUX GRPHQLXO
QXFOHDU GH DVHPHQHD RULFH FRPEXVWLELO QXFOHDU DOWXO GHFkW XUDQLXO QDWXUDO VDX
V U FLW FDSDELO V SURGXF HQHUJLH SULQWUR UHDF LH vQ ODQ GH ILVLXQH QXFOHDU vQ
DIDUD XQXL UHDFWRU QXFOHDU VDX vQ FRPELQD LH FX DOWH PDWHULDOH RULFH SURGXV VDX
GHúHXUDGLRDFWLYLDUSULQPDWHULDOUDGLRDFWLYVHvQ HOHJHRULFHPDWHULDOvQRULFH
VWDUH GH DJUHJDUH FDUH SUH]LQW IHQRPHQXO GH UDGLRDFWLYDUH LQFOXVLY GHúHXULOH
UDGLRDFWLYH
Ä,QVWDOD LD QXFOHDU ´ vQVHDPQ RULFH FHQWUDO QXFOHDURHOHFWULF FLYLO IL[
DIODW vQ MXULVGLF LD XQXL VWDW LQFOXVLY LQVWDOD LLOH GH GHSR]LWDUH PDQLSXODUH úL
WUDWDUH D PDWHULDOHORU UDGLRDFWLYH GH SH DFHODúL DPSODVDPHQW úL FDUH VXQW GLUHFW
OHJDWHGHH[SORDWDUHDFHQWUDOHLQXFOHDURHOHFWULFH2DVWIHOGHLQVWDOD LHvQFHWHD] D
PDLILRLQVWDOD LHQXFOHDU DWXQFLFkQGWRDWHHOHPHQWHOHFRPEXVWLELOHQXFOHDUHDX
IRVWvQO WXUDWHGHILQLWLYGLQ]RQDDFWLY DUHDFWRUXOXLúLDXIRVWGHSR]LWDWHvQFRQGL LL
GH VLJXUDQ vQ FRQIRUPLWDWH FX SURFHGXULOH DSUREDWH LDU RUJDQLVPXO GH
UHJOHPHQWDUHDDSUREDWXQSURJUDPGHGH]DIHFWDUH
$SULPLPDWHULDOHOHQXFOHDUHVDXDOWHPDWHULLUDGLRDFWLYHvQVHDPQ DOHOXDGH
F WUHSULPLWRUDVXSUDVDLDUGH LQHUHDSUHVXSXQHDOHOXDvQGHWHQ LHVDXSRVHVLHD
OH DYHD QHLQWHUHVkQG vPSUHMXUDUHD vQ FDUH VD LQWUDW vQ GHWHQ LD RUL SRVHVLD
PDWHULDOHORUQXFOHDUHVDXPDWHULLORUUDGLRDFWLYHúLQLFLGXUDWDUHVSHFWLYHLGH LQHUL
)RORVLUHD PDWHULDOHORU VDX PDWHULLORU HQXPHUDWH vQ WH[W SUHVXSXQH D GD
DFHVWRUDRDQXPLW vQWUHEXLQ DUHQHDYkQGUHOHYDQ PRGXOVDXVFRSXOvQFDUHVXQW
vQWUHEXLQ DWH
0LUFHD'X X'LF LRQDUGHGUHSWDOPHGLXOXL(GLWXUD(FRQRPLF %XFXUHúWLS
0LUFHD'X XRSFLWS
,GHPS
3ULQ FHGDUH VH vQ HOHJH SXQHUHD PDWHULDOHORU QXFOHDUH VDX PDWHULLORU
UDGLRDFWLYHODGLVSR]L LDXQHLDOWHSHUVRDQHQHLQWHUHVkQGPRGXOVDXVFRSXOSHQWUX
FDUHVDI FXWFHGDUHD
0RGLILFDUHD SUHVXSXQH R DFWLYLWDWH GH WUDQVIRUPDUH GH VFKLPEDUH D
DVSHFWXOXL VDX FRQ LQXWXOXL PDWHULDOHORU VDXPDWHULLORUHQXPHUDWHvQFXSULQVXODUW
&SHQ
ÌQVWU LQDUHD vQVHDPQ WUHFHUHD DFHORU EXQXUL GH OD R SHUVRDQ OD DOWD
UHVSHFWLYGHODXQGH LQ WRUODDOWXO
3ULQ GLVSHUVDUH VH vQ HOHJH vPSU úWLHUHD ULVLSLUHD úL U VSkQGLUHD DFHVWRU
PDWHULDOHVDXPDWHULL
([SXQHUHD VHPQLILF RIHULUHD SUH]HQWDUHD D DU WD SXEOLFXOXL D DúH]D OD
YHGHUH
$WUDQVSRUWDPDWHULDOHQXFOHDUHVDXPDWHULLUDGLRDFWLYHvQVHDPQ RGHSODVDUH
RGXFHUHGLQWUXQORFvQDOWXODDFHVWRUDFDGHH[HPSOXGLQWURORFDOLWDWHvQDOWD
'HWXUQDUHD VHPQLILF VFKLPEDUHD GHVWLQD LHL PDWHULDOHORU QXFOHDUH VDX
PDWHULLORUUDGLRDFWLYHLDUGLVWUXJHUHDSUHVXSXQHQLPLFLUHDDFHVWRUDFHHDFHIDFHFD
DFHVWHD V QX PDL SRDW IL IRORVLWH FXP DU IL GH H[HPSOX LQFHQGLHUHD XQRU
PDWHULDOHUDGLRDFWLYH
3ULQFHUFHWDUHVHvQ HOHJHDVWXGLDDFRQVXOWDRELHFWHRULLQVWDOD LLQXFOHDUH
3URLHFWDUHDRELHFWHORURULLQVWDOD LLORUQXFOHDUHvQVHDPQ DHODERUDSURLHFWHOH
XQRUDVHPHQHDLQVWDOD LLDUHSUH]HQWDVFKHPDWLFRELHFWHOHRULLQVWDOD LLOHQXFOHDUH
,QIUDF LXQHD SRDWH IL FRPLV úL SULQ RULFH DOWH RSHUD LXQL SULYLQG FLUFXOD LD
PDWHULDOHORUQXFOHDUHVDXDDOWRUPDWHULLUDGLRDFWLYH
3ULQRULFHRSHUD LXQLSULYLQGFLUFXOD LDPDWHULLORUQXFOHDUHVDXDDOWRUPDWHULL
UDGLRDFWLYHVHvQ HOHJRULFHDFWHGHSURFXUDUHVDXWUDQVPLWHUHDPDWHULDOHORUGHH[
YkQ]DUHFXPS UDUHvPSUXPXWVFKLPEGRQD LHH[SRUWLPSRUWHWF
)DSWD WLSLF HVWH PDL JUDY GDF D SURGXV SHULFRO SXEOLF D DYXW YUHXQD GLQ
XUP ULOHDU WDWHvQDUWVDX&SHQRULDFDX]DWRSDJXE PDWHULDO
ÌQYDULDQWDSUHY ]XW vQDUWDOLQ&SHQHOHPHQWXOPDWHULDOFRQVW vQ
DF LXQHD GH VXVWUDJHUH RUL GLVWUXJHUH GH PDWHULDOH QXFOHDUH VDX DOWH PDWHULL
UDGLRDFWLYH SUHFXP úL GH]YROWDUHD IDEULFDUHD GH LQHUHD LPSRUWXO H[SRUWXO VDX
WUDQ]LWXODUPHORUQXFOHDUHVDXDORULF URUGLVSR]LWLYHH[SOR]LYHQXFOHDUH
3ULQVXVWUDJHUHVHvQ HOHJHvQVXúLUHDXQRUPDWHULDOHSULQIUDXG VDXYLFOHQLH
LDUSULQGLVWUXJHUHVHvQ HOHJHQLPLFLUHDDFHVWRUPDWHULDOH
3ULQ DUPH QXFOHDUH VH vQ HOHJ DUPH GH GLVWUXJHUH vQ PDV FDUH XWLOL]HD]
HQHUJLDQXFOHDU FXHIHFWHGHRVHELWGHQRFLYHSHQWUXRPúLPHGLX
6XVWUDJHUHDRULGLVWUXJHUHDPDWHULDOHORUQXFOHDUHVDXDDOWRUPDWHULLVXQWPDL
JUDYH GDF DX SURGXV SHULFRO SXEOLF VDX DX DYXW YUHXQD GLQWUH XUP ULOHDU WDWHvQ
DUWVDX&SHQ
ÌQ YDULDQWD GH OD DOLQ IDSW LQFULPLQDW FRQVW vQ DPHQLQ DUHD DGUHVDW
XQXL VWDW XQHL RUJDQL]D LL LQWHUQD LRQDOH VDX XQHL SHUVRDQH IL]LFH RUL MXULGLFH FX
IRORVLUHD PDWHULDOHORU QXFOHDUH VDX D DOWRU PDWHULL UDGLRDFWLYH vQ VFRSXO GH D
SURYRFD Y W PDUHD FRUSRUDO VDX PRDUWHD XQRU SHUVRDQH RUL SDJXEH PDWHULDOH
$FHDVW IDSW HVWH PDL JUDY GDF HVWH FRQGL LRQDW GH vQGHSOLQLUHD VDX
QHvQGHSOLQLUHDXQXLDFWVDXFkQGSULQDPHQLQ DUHVXERULFHIRUP VHSUHWLQGHDVH
GDRULDVHSUHGDPDWHULDOHQXFOHDUHVDXDOWHPDWHULLUDGLRDFWLYH
&HULQ H HVHQ LDOH ,QIUDF LXQHD DQDOL]DW VXE]LVW QXPDL GDF DFWLYLW LOH
SUHY ]XWHGHOHJHVXQWFRPLVHI U GUHSWDGLF SULQvQF OFDUHDGLVSR]L LLORUOHJDOH
vQVHQVXOF I SWXLWRUXOQXHUDvQGUHSW LWV HIHFWXH]HDVHPHQHDDFWLYLW L
9DVLOH'REULQRLXRSFLWYRO,,S
0LUFHD'X XRSFLWS
3HQWUXDVHUH LQHV YkUúLUHDIDSWHLSUHY ]XWHvQDUWDOLQ&SHQHVWH
QHFHVDU FD VFRDWHUHD GLQ IXQF LXQH V QX VH MXVWLILFH GH DVLJXUDUHD VHFXULW LL
QXFOHDUHVDXGHUDGLRSURWHF LH
5DGLRSURWHF LD vQVHDPQ DQVDPEOXO GH P VXUL DGRSWDWH OD QLYHOXO OHJLVOD LHL
QD LRQDOH úL DO UHJOHPHQW ULORU LQWHUQD LRQDOH SHQWUX SURWHMDUHD SRSXOD LHL úL D
PHGLXOXLvPSRWULYDUDGLD LLORULRQL]DQWH
8UPDUHD LPHGLDW FRQVW vQ FUHDUHD XQHL VW UL GH SHULFRO SHQWUX YLD D úL
LQWHJULWDWHDFRUSRUDO DSHUVRDQHORUSHQWUXSDWULPRQLXúLSHQWUXvQWUHDJDRUGLQHúL
VLJXUDQ SXEOLF ÌQ YDULDQWHOH DJUDYDWH SUHY ]XWH vQ DOLQ úL
LQIUDF LXQHD DQDOL]DW HVWH XQD GH UH]XOWDW D F UHL XUPDUH LPHGLDW FRQVW vQ
SURGXFHUHDXQXLSHULFROSXEOLFVDXYUHXQHLDGLQWUHFRQVHFLQ HOHDU WDWHvQDUW
& SHQ VDX DUW & SHQ RUL vQ SURGXFHUHD XQRU FRQVHFLQ H GHRVHELW GH JUDYH
VDXDPRU LLXQHLDVDXPDLPXOWRUSHUVRDQH
/HJ WXUDGHFDX]DOLWDWHvQWUHDF LXQHDLQFULPLQDW úLXUPDUHDLPHGLDW WUHEXLH
V H[LVWH úL UH]XOW GLQ PDWHULDOLWDWHD IDSWHL H[ UH ÌQ FD]XO YDULDQWHORU DJUDYDWH
OHJ WXUDGHFDX]DOLWDWHWUHEXLHGRYHGLW vQILHFDUHFD]vQSDUWH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LHFXFDUHVHSRDWHFRPLWHDFHDVW LQIUDF LXQHvQLSRWH]HOH
GH LQFULPLQDUH SUHY ]XWH vQ DUW DOLQ úL HVWH LQWHQ LD FDUH SRDWH IL
GLUHFW VDXLQGLUHFW LDUvQYDULDQWHOHGHODDOLQúL&SHQDFHDVWDQXSRDWH
ILGHFkWGLUHFW
0RELOXOGHWHUPLQDQWúLVFRSXOXUP ULWGHI SWXLWRUFXH[FHS LHFHOXLDU WDWvQ
DOLQ úL QX LQWHUHVHD] SHQWUX H[LVWHQ D ODWXULL VXELHFWLYH úL LPSOLFLW D
LQIUDF LXQLLvQV úLGDUGHDFHVWHDVHYD LQHVHDPDODVWDELOLUHDJUDGXOXLGHSHULFRO
VRFLDOFRQFUHWúLGHFLODLQGLYLGXDOL]DUHDSHGHSVHL
ÌQYDULDQWHOHDJUDYDWHSUHY ]XWHvQDUW&SHQDOLQúLIRUPD
GHYLQRY LHHVWHSUDHWHULQWHQ LD
)RUPH6DQF LXQL
)RUPH 1HUHVSHFWDUHD UHJLPXOXL PDWHULDOHORU QXFOHDUH VDX DO DOWRU PDWHULL
UDGLRDFWLYH ILLQG R LQIUDF LXQH FRPLVLY úL LQWHQ LRQDW vQ XQHOH LSRWH]H GH
LQFULPLQDUH HVWH VXVFHSWLELO GH D DYHD XQ LWHU FULPLQLV úL GHFL GH IRUPH
LPSHUIHFWHGHUHDOL]DUHDFWHSUHSDUDWRULLúLWHQWDWLY vQV OHJLXLWRUXODLQFULPLQDW
QXPDLWHQWDWLYDODIDSWHOHSUHY ]XWHvQDUW&SHQ
'HúLWH[WXOSUHYHGHVDQF LRQDUHDWHQWDWLYHLvQWRDWHLSRWH]HOHGHLQFULPLQDUH
FUHGHP F DFHDVWD QX HVWH SRVLELO úL GHFL QLFL VDQF LRQDELO OD IDSWHOH
SUDHWHULQWHQ LRQDWHGLQDFHVWDUWLFRO
&RQVXPDUHD LQIUDF LXQLL DUH ORF vQ PRPHQWXO vQ FDUH VH UHDOL]HD] DF LXQHD
LQFULPLQDW úLvQFDUHVHSURGXFHXUPDUHDLPHGLDW DIDSWHLDGLF VWDUHDGHSHULFRO
SHQWUXYDORULOHVRFLDOHRFURWLWH
ÌQFD]XOYDULDQWHORUDJUDYDWHSUHY ]XWHvQDUWDOLQúL&SHQ
FRQVXPDUHDDUHORFRGDW FXSURGXFHUHDFRQVHFLQ HORUSUHY ]XWHGHOHJH
$WXQFL FkQG LQIUDF LXQHD HVWH FRPLV SULQ DF LXQHD GH GH LQHUH VDX GH
WUDQVSRUW IDSWD vPEUDF IRUPD XQHL LQIUDF LXQL FRQWLQXH HSXL]DUHD DYkQG ORF OD
vQFHWDUHDDF LXQLLLQFULPLQDWH
6DQF LXQL 3HQWUX V YkUúLUHD IDSWHL WLSLFH SHUVRDQD IL]LF VH SHGHSVHúWH FX
vQFKLVRDUHGHODODDQLúLLQWHU]LFHUHDXQRUGUHSWXULLDUSHQWUXIDSWDSUHY ]XW
vQDOLQFXvQFKLVRDUHGHODODDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
,GHPS
ÌQLSRWH]DGHLQFULPLQDUHSUHY ]XW vQDOLQSHGHDSVDDSOLFDELO SHUVRDQHL
IL]LFHHVWHvQFKLVRDUHDGHODODDQLúLLQWHU]LFHUHDXQRUGUHSWXULLDUSHQWUXIDSWD
SUHY ]XW vQ DOLQ HVWH vQFKLVRDUHD GH OD OD GH DQL úL LQWHU]LFHUHD XQRU
GUHSWXUL
3HQWUX IDSWD SUHY ]XW vQ DOLQ WH]D , SHUVRDQD IL]LF VH SHGHSVHúWH FX
vQFKLVRDUHGHODODúLLQWHU]LFHUHDXQRUGUHSWXULLDUSHQWUXIDSWDSUHY ]XW vQ
DOLQWH]DD,,DDFHDVWDYDILVDQF LRQDW FXGHWHQ LXQHDSHYLD VDXvQFKLVRDUHD
GHODODDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
)DSWDSUHY ]XW vQDOLQVHSHGHSVHúWHFXvQFKLVRDUHDGHODODDQLLDU
SHQWUXFHDGLQDOLQSHGHDSVDSUHY ]XW GHOHJHHVWHvQFKLVRDUHDGHODOD
DQLúLLQWHU]LFHUHDXQRUGUHSWXUL
3HUVRDQD MXULGLF VH SHGHSVHúWH FX DPHQG GH OD OD OHL vQ
YDULDQWD WLS úL FX DPHQG GH OD OD OHL vQ FHOHODOWH LSRWH]H GH
LQFULPLQDUH
1(5(63(&7$5($5(*,08/8,0$7(5,,/25(;3/2=,9(
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO LQIUDF LXQLL DUH FD úL OD LQIUDF LXQHD GH
QHUHVSHFWDUHD UHJLPXOXL DUPHORU úL PXQL LLORU XQ FRQ LQXW YDVW ILLQG IRUPDW GLQ
WRDWH DFHOH UHOD LL VRFLDOH D F URU RFURWLUH HVWH DVLJXUDW SULQ DS UDUHD XQXL JUXS
FRPSOH[ GH YDORUL VRFLDOH RUGLQHD úL VLJXUDQ D SXEOLF YLD D V Q WDWHD úL
LQWHJULWDWHDFRUSRUDO DSHUVRDQHLSDWULPRQLXOXLSXEOLFúLSULYDWvPSRWULYDDFWHORU
GHQHUHVSHFWDUHDUHJLPXOXLPDWHULLORUH[SOR]LYH
2ELHFWXO PDWHULDO OD DFHDVW LQIUDF LXQH H[LVW úL HVWH IRUPDW GLQ PDWHULLOH
H[SOR]LYHFXSULYLUHODFDUHVHGHVI úRDU DF LXQHDLOLFLW
3RWULYLWDUWDOLQGLQ/HJHDQUPDWHULDOHOHH[SOR]LYHFXSULQG
H[SOR]LYLL SURSULX]LúL DPHVWHFXULOH H[SOR]LYH SLURWHKQLFH úL VLPSOH PLMORDFH GH
LQL LHUH FHOH DX[LOLDUH GH DSULQGHUH SUHFXP úL RULFH VXEVWDQ VDX DPHVWHFXUL GH
VXEVWDQ HFDSDELOHV GHDUHDF LLFKLPLFHLQVWDQWDQHHFXGHJDMDUHGHF OGXU úLJD]H
ODWHPSHUDWXU ULGLFDW
0DWHULLOH H[SOR]LYH FRQVWLWXLH RELHFW PDWHULDO DO LQIUDF LXQLL FKLDU GDF HOH
DSDUvQXQHOHPRGDOLW LGHV YkUúLUHDLQIUDF LXQLLúLFDSURGXVDOLQIUDF LXQLLH[vQ
DF LXQHDGHIDEULFDUHSUHOXFUDUH
ÌQ IRUPHOH DJUDYDWH RELHFWXO PDWHULDO DO LQIUDF LXQLL HVWH UHSUH]HQWDW úL GH
FRUSXOSHUVRDQHLY W PDWHVDXXFLVHRULGHEXQXULOHGLVWUXVH
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUDODFHVWHLLQIUDF LXQLSRDWHILRULFHSHUVRDQ
IL]LF FHvQWUXQHúWHFRQGL LLOHJHQHUDOHDOHU VSXQGHULLSHQDOH
3DUWLFLSD LD SHQDO HVWH SRVLELO vQ WRDWH IRUPHOH VDOH FRDXWRUDW LQVWLJDUH
FRPSOLFLWDWH
6XELHFWDFWLYDODFHVWHLLQIUDF LXQLSRDWHILúLRSHUVRDQ MXULGLF vQFRQGL LLOH
úLFXOLPLW ULOHDU WDWHvQDUW&SHQ
6XELHFWXOSDVLYSULQFLSDOHVWHVWDWXOFDWLWXODUDOYDORULORUVRFLDOHSURWHJXLWH
ÌQ FD]XO IRUPHORU DJUDYDWH VXELHFW SDVLY VHFXQGDU DGLDFHQW HVWH SHUVRDQD
IL]LF VDXMXULGLF GXS FD]OH]DW SULQFRPLWHUHDIDSWHLLQFULPLQDWH
3HQWUX vQ HOHJHUHD PDL EXQ D DFHVWHL QRUPH GH LQFULPLQDUH D VH YHGHD úL GLVSR]L LLOH DUW GLQ /HJHD
QU SULYLQG UHJLPXO PDWHULLORU H[SOR]LYH SXEOLFDW vQ 0 2I QU GLQ PRGLILFDW úL
FRPSOHWDW SULQ/HJHDQUSXEOLFDW vQ02IQUGLQ
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO 1HUHVSHFWDUHD UHJLPXOXL PDWHULLORU H[SOR]LYH VH SRDWH
UHDOL]D SULQ XQD GLQ XUP WRDUHOH DF LXQL LQFULPLQDWH DOWHUQDWLY SURGXFHUHD
H[SHULPHQWDUHD SUHOXFUDUHD GH LQHUHD WUDQVSRUWXO IRORVLUHD VDX VXVWUDJHUHD
PDWHULLORUH[SOR]LYHVDXRULFHDOWHRSHUD LXQLSULYLQGDFHVWHPDWHULLI U GUHSW
3HQWUX H[LVWHQ D HOHPHQWXOXL PDWHULDO HVWH VXILFLHQW V YkUúLUHD XQHLD GLQ
DFHVWH DF LXQL GDF I SWXLWRUXO D V YkUúLW PDL PXOWH GLQWUH DFHVWH DF LXQL H[
SURGXFHUH úL WUDQVSRUW VDX SURGXFHUH úL GH LQHUH IDSWD FRQVWLWXLH R VLQJXU
LQIUDF LXQHúLQXXQFRQFXUVGHLQIUDF LXQL
3URGXFHUHD SUHVXSXQH D FUHD D FRQVWUXL D FRQIHF LRQD PDWHULDOH H[SOR]LYH
LDUSUHOXFUDUHDvQVHDPQ GLYHUVHRSHUD LXQLWHKQRORJLFHDYkQGFDVFRSRE LQHUHDGH
SURGXVHILQLWH
&HOHODOWHDF LXQLSUHY ]XWHvQQRUPDGHLQFULPLQDUHDQDOL]DW DXvQ HOHVXODU WDW
FXRFD]LDH[DPLQ ULLLQIUDF LXQLLGHQHUHVSHFWDUHDUHJLPXOXLPDWHULDOHORUQXFOHDUH
)DSWDWLSLF VDXVXVWUDJHUHDPDWHULLORUH[SOR]LYHVXQWPDLJUDYHGDF SULYHVF
RFDQWLWDWHPDLPDUHGHNJHFKLYDOHQWWURWLOVDXFkQGFDQWLWDWHDGHH[SOR]LYHVWH
vQVR LW GHPDWHULDOHGHLQL LHUH
3HQWUX H[LVWHQ D IDSWHL SUHY ]XWH vQ DOLQ VH FHUH FD WRWDOXO PDWHULLORU
H[SOR]LYH GH LQXWH I U GUHSW LQGLIHUHQW GH QDWXUD úL FDQWLWDWHD S U LORU FH vO
FRPSXQV SULYHDVF RFDQWLWDWHPDLPDUHGHNJHFKLYDOHQWWURWLO
&HULQ D HVHQ LDO 3HQWUX H[LVWHQ D HOHPHQWXOXL PDWHULDO DO LQIUDF LXQLL
DQDOL]DWHHVWHQHFHVDUFDIDSWHOHLQFULPLQDWHV ILHHIHFWXDWHÄI U GUHSW´DGLF vQ
DOWH FRQGL LL GHFkW FHOH VWDELOLWH SULQ /HJHD QU FX PRGLILF ULOH úL
FRPSOHW ULOHXOWHULRDUH
,QVWDQ D VXSUHP D GHFLV F H[LVW DFHDVW LQIUDF LXQH GDF I SWXLWRUXO D
GH LQXW I U GUHSW SXOEHUH FDSVH úL SDWUX IRFRDVH ÌQ VXV LQHUHD VROX LHL VD
PRWLYDW F SXOEHUHD úL FDSVHOH vQ VWDUH GH IXQF LRQDUH GkQG QDúWHUH OD UHDF LL
FKLPLFHLQVWDQWDQHHFXGHJDMDUHGHF OGXU úLJD]HvQVXúLUHFDUDFWHULVWLF PDWHULLORU
H[SOR]LYHvQGHSOLQHVFFRQGL LLOHSUHY ]XWHGHOHJHSHQWUXDILFRQVLGHUDWHVXEVWDQ H
H[SOR]LYH'H LQHUHDORUFRQVWLWXLHLQIUDF LXQHFKLDUGDF SXOEHUHDDIRVWGH LQXW vQ
VFRSXOFRQIHF LRQ ULLGHFDUWXúHGHYkQ WRDUHDWkWDYUHPHFkWI SWXLWRUXOQXDYHD
DSUREDUHDV GH LQ FDUWXúHGHYkQ WRDUH
8UPDUHD LPHGLDW 6 YkUúLUHD RULF UHLD GLQWUH DF LXQLOH FDUH FRQVWLWXLH HOH
PHQWXOPDWHULDODOLQIUDF LXQLLGHQHUHVSHFWDUHDUHJLPXOXLPDWHULLORUH[SOR]LYHDUHFD
XUPDUH LPHGLDW FUHDUHD XQHL VW UL GH SHULFRO SHQWUX UHOD LLOH VRFLDOH RFURWLWH ÌQ
YDULDQWHOH DJUDYDWH SUHY ]XWH vQ DOLQ úL LQIUDF LXQHD DQDOL]DW HVWH XQD GH
UH]XOWDW D F UHL XUPDUH LPHGLDW FRQVW vQ SURGXFHUHD XQXL SHULFRO SXEOLF VDX
YUHXQHLDGLQWUHFRQVHFLQ HOHDU WDWHvQDUW&SHQVDXDUW&SHQRULvQSUR
GXFHUHD XQRU FRQVHFLQ H GHRVHELW GH JUDYH VDX D PRU LL XQHLD VDX PDL PXOWRU
SHUVRDQH
/HJ WXUD GH FDX]DOLWDWH 8UPDUHD LPHGLDW FRQVWkQG vQWUR VWDUH GH SHULFRO
vQWUHDF LXQHDFDUHFRQVWLWXLHHOHPHQWXOPDWHULDODOLQIUDF LXQLLúLDFHDVW XUPDUHYD
H[LVWD WRWGHDXQD R OHJ WXU GH FDX]DOLWDWH FDUH VH VWDELOHúWH LPSOLFLW RGDW FX
&6-VSGQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSH
DQXO(GLWXUD-XULV$UJHVVLV&XUWHDGH$UJHúS1LFRULQD&ULúX0DJUDRQ&RQVWDQWLQ&ULúX
-XULVSUXGHQ vQPDWHULHSHQDO DÌQDOWHL&XU LGH&DVD LHúL-XVWL LHFXU LGHDSHOúLWULEXQDOH(GLWXUD
-XULV$UJHVVLV&XUWHDGH$UJHúS
76VPGQU55'QUS
$YUDP)LOLSDúvQ*HRUJH$QWRQLX&RQVWDQWLQ%XODL5RGLFD0LKDHOD6W QRLX$YUDP)LOLSDú&RQVWDQWLQ
0LWUDFKH ùHUEDQ 6W QRLX 9DVLOH 3DSDGRSRO &ULVWLDQD )LOLúDQX 3UDFWLFD MXGLFLDU SHQDO 3DUWHD 6SHFLDO
YRO,,,(GLWXUD$FDGHPLHL5RPkQH%XFXUHúWLS
VWDELOLUHD DF LXQLL V YkUúLWH H[ UH ÌQ FD]XO YDULDQWHORU DJUDYDWH OHJ WXUD GH
FDX]DOLWDWHWUHEXLHGRYHGLW vQILHFDUHFD]vQSDUWH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH 1HUHVSHFWDUHD UHJLPXOXL PDWHULLORU H[SOR]LYH VH SRDWH
FRPLWHFXLQWHQ LHGLUHFW VDXLQGLUHFW
([LVW úLS UHUHDF DFHDVW IDSW SHQDO vQYDULDQWDVDVLPSO VHFRPLWH
QXPDLFXLQWHQ LHGLUHFW
0RELOXO GHWHUPLQDQW úL VFRSXO XUP ULW GH I SWXLWRU QX LQWHUHVHD] SHQWUX
H[LVWHQ DODWXULLVXELHFWLYHúLLPSOLFLWDLQIUDF LXQLLvQV úLGDUGHDFHVWHDVHYD LQH
VHDPD OD VWDELOLUHD JUDGXOXL GH SHULFRO VRFLDO FRQFUHW úL GHFL OD LQGLYLGXDOL]DUHD
SHGHSVHL
ÌQ YDULDQWHOH DJUDYDWH SUHY ]XWH vQ DOLQ úL IRUPD GH YLQRY LH HVWH
SUDHWHULQWHQ LD
)DSWHOHV YkUúLWHGLQFXOS QXFRQVWLWXLHLQIUDF LXQHúLGHFLQXVHSHGHSVHVF
)RUPH6DQF LXQL
)RUPH 1HUHVSHFWDUHD UHJLPXOXL PDWHULLORU H[SOR]LYH ILLQG R LQIUDF LXQH
FRPLVLY úL LQWHQ LRQDW vQ XQHOH LSRWH]H GH LQFULPLQDUH HVWH VXVFHSWLELO GH D
DYHDXQLWHUFULPLQLVúLGHFLGHIRUPHLPSHUIHFWHGHUHDOL]DUHDFWHSUHSDUDWRULLúL
WHQWDWLY vQV OHJLXLWRUXO D LQFULPLQDW QXPDL WHQWDWLYD OD IDSWHOH SUHY ]XWH vQ
DUW&SHQ
'HúLWH[WXOSUHYHGHVDQF LRQDUHDWHQWDWLYHLvQWRDWHLSRWH]HOHGHLQFULPLQDUH
FUHGHP F DFHDVWD QX HVWH SRVLELO úL GHFL QLFL VDQF LRQDELO OD IDSWHOH
SUDHWHULQWHQ LRQDWHGLQDFHVWDUWLFRO
&kQGLQIUDF LXQHDDIRVWV YkUúLW DFWHOHSUHSDUDWRULLFRQVWkQGvQFXOHJHUHGH
LQIRUPD LL SUHJ WLUHD PLMORDFHORU VDX FUHDUHD GH FRQGL LL IDYRUDELOH V YkUúLULL
LQIUDF LXQLLGDF DXIRVWHIHFWXDWHGHDOW SHUVRDQ GHFkWDXWRUXOYRUFRQVWLWXLDFWH
GHFRPSOLFLWDWHDQWHULRDU
,QIUDF LXQHD VH FRQVXP vQ PRPHQWXO vQ FDUH DF LXQHD LQIUDF LRQDO D DMXQV
SkQ ODFDS WúLDIRVWFUHDW VWDUHDGHSHULFRORULVDXSURGXVFRQVHFLQ HOHFHUXWHGH
OHJHvQYDULDQWHOHDJUDYDWH
0RPHQWXO FRQVXP ULL GLIHU vQ IXQF LH GH DF LXQHD SULQ FDUH VH UHDOL]HD]
HOHPHQWXOPDWHULDODOLQIUDF LXQLL'H LQHUHDGHPDWHULLH[SOR]LYHVDXUDGLRDFWLYHVH
FRQVXP vQ PRPHQWXO vQ FDUH I SWXLWRUXO LQWU vQ SRVHVLD ORU SURGXFHUHD úL
SUHOXFUDUHD VHFRQVXP vQPRPHQWXOvQFDUHVDDMXQVODSURGXFHUHDGHPDWHULDOH
VDX SLHVH SUHOXFUDWH IRORVLUHD WUDQVSRUWDUHD úL RSHUD LXQLOH SULYLQG FLUFXOD LD
PDWHULLORUH[SOR]LYHVHFRQVXP vQPRPHQWXOFkQGDvQFHSXWHIHFWXDUHDORU
3HQWUX FRQVXPDUHD LQIUDF LXQLL HVWH VXILFLHQW R FDQWLWDWH FkW GH PLF GH
PDWHULLH[SOR]LYHVDXUDGLRDFWLYH
6 YkUúLUHDLQIUDF LXQLLGHQHUHVSHFWDUHDUHJLPXOXLPDWHULLORUH[SOR]LYHSRDWH
XQHRUL F S WD vQ FRQFUHW FDUDFWHU GH LQIUDF LXQH FRQWLQX H[ GH LQHUH WUDQVSRUW
LDU DOWHRUL GH LQIUDF LXQH FRQWLQXDW (VWH GHFL SRVLELO ID]D HSXL] ULL FDUH YD
LQWHUYHQLGXS FD]ODGDWDvQFHW ULLDF LXQLLLQFULPLQDWHRULODGDWDFRPLWHULLXOWLPHL
DF LXQLLOLFLWH
6DQF LXQL 3HQWUX V YkUúLUHD IDSWHL SUHY ]XWH vQ DOLQ SHUVRDQDIL]LF VH
SHGHSVHúWHFXvQFKLVRDUHDGHODODDQLúLLQWHU]LFHUHDXQRUGUHSWXULLDUSHQWUX
IDSWD SUHY ]XW vQ DOLQ FX vQFKLVRDUHD GH OD OD DQL úL LQWHU]LFHUHD XQRU
GUHSWXUL
0DWHL %DVDUDE vQ 0DWHL %DVDUDE /XFLD 0ROGRYDQ 9DOHU 6XLDQ 'UHSW SHQDO 3DUWHD VSHFLDO YRO ,
&OXM1DSRFDS
ÌQ YDULDQWHOH DJUDYDWH SHGHDSVD SUHY ]XW SHQWUX SHUVRDQD IL]LF HVWH
vQFKLVRDUHDGHODODDQLúLLQWHU]LFHUHDXQRUGUHSWXUL±DOLQvQFKLVRDUHDGH
ODODDQLúLLQWHU]LFHUHDXQRUGUHSWXUL±DOLQvQFKLVRDUHDGHODODDQL
úLLQWHU]LFHUHDXQRUGUHSWXUL±DOLQWH]D,GHWHQ LXQHDSHYLD VDXvQFKLVRDUHD
GHODODGHDQLúLLQWHU]LFHUHDXQRUGUHSWXUL±DOLQWH]D,,vQFKLVRDUHDGH
ODODDQL±DOLQúLvQFKLVRDUHDGHODODDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
±DOLQ
3HQWUXIDSWDSUHY ]XW vQDOLQSHUVRDQDMXULGLF VHSHGHSVHúWHFXDPHQG
GHODODOHLLDUSHQWUXIDSWHOHSUHY ]XWHvQDOLQ±SHUVRDQD
MXULGLF VHSHGHSVHúWHFXDPHQG GHODODOHL
0DWHULDOHOH H[SOR]LYH FH IDF RELHFWXO PDWHULDO DO LQIUDF LXQLL VXQW VXSXVH
FRQILVF ULL
ÌQFD]XODFHVWHLLQIUDF LXQLVHDSOLF vQPRGREOLJDWRULXGHF WUHLQVWDQ DGH
MXGHFDW SHGHDSVD FRPSOHPHQWDU D LQWHU]LFHULL XQRU GUHSWXUL DFHDVWD ILLQG
SUHY ]XW vQPRGH[SUHVvQWH[WXOLQFULPLQDWRU
7HQWDWLYDODQHUHVSHFWDUHDUHJLPXOXLPDWHULLORUH[SOR]LYHVHSHGHSVHúWH
ÌQ LSRWH]HOH GH LQFULPLQDUH vQ FDUH IRUPD GH YLQRY LH VSHFLILF DFHVWHL
LQIUDF LXQLHVWHSUDHWHULQWHQ LDWHQWDWLYDQXHVWHSRVLELO úLGHFLQLFLSHGHSVLW
1(5(63(&7$5($5(*,08/8,'(2&527,5($/8125%8185,
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDODOQHUHVSHFW ULLUHJLPXOXLGHRFURWLUHDXQRUEXQXULvO
FRQVWLWXLH UHOD LLOH VRFLDOH FDUH VH QDVF úL VH GH]YROW vQ OHJ WXU FX LQWHJULWDWHD
SDWULPRQLXOXL FXOWXUDO QD LRQDO úL D IRQGXOXL DUKLYLVWLF QD LRQDO 9DORDUHD VRFLDO
RFURWLW SULQ QRUPD GH LQFULPLQDUH HVWH LQWHJULWDWHD YDORDUHD EXQXULORU úL
GRFXPHQWHORU FDUH IDF SDUWH GLQ SDWULPRQLXO FXOWXUDO QD LRQDO VDX GLQ IRQGXO
DUKLYLVWLFQD LRQDO
2ELHFWXO PDWHULDO FRQVW vQ EXQXULOH FDUH SRWULYLW OHJLL IDF SDUWH GLQ
SDWULPRQLXO FXOWXUDO QD LRQDO VDX GRFXPHQWHOH FDUH IDF SDUWH GLQ IRQGXO DUKLYLVWLF
QD LRQDODO5RPkQLHL
'LQ SDWULPRQLXO FXOWXUDO QD LRQDO IDF SDUWH EXQXULOH FX YDORDUH DUWLVWLF
LVWRULF úL GRFXPHQWDU GHRVHELW EXQXUL FX YDORDUH úWLLQ LILF úL PRQXPHQWH DOH
QDWXULLGHRLPSRUWDQ GHRVHELW
%XQXULOH FDUH IDF SDUWH GLQ IRQGXO DUKLYLVWLF QD LRQDO VXQW FHOH SUHY ]XWH vQ
DUWGLQ/HJHDQUúLDQXPHDFWHOHRILFLDOHúLSDUWLFXODUHGLSORPDWLFH
úL FRQVXODUH PHPRULLOH PDQXVFULVHOH SURFODP UL FKHP UL DILúH SODQXUL VFKL H
K U LSHOLFXOHFLQHPDWRJUDILFHúLDOWHDVHPHQHDP UWXULLPDWULFHVLJLODWHSUHFXPúL
vQUHJLVWU ULIRWRYLGHRDXGLRúLLQIRUPDWLFHFXYDORDUHLVWRULF UHDOL]DWHvQ DU VDX
GHF WUHFUHDWRULURPkQLvQVWU LQ WDWH
/HJLXLWRUXO D DYXW vQ YHGHUH vQ SULQFLSDO V RFURWHDVF V DSHUH YDORDUHD
LVWRULF DUWLVWLF úWLLQ LILF úLGRFXPHQWDU DEXQXULORUVDXGRFXPHQWHORU
%XQXULOH FDUH IDF SDUWH GLQ SDWULPRQLXO FXOWXUDOQD LRQDO VXQW SUHY ]XWH vQ 2* QU SHQWUX
SURWHMDUHD SDWULPRQLXOXL FXOWXUDOQD LRQDO FDUH FRPSOHWHD] 2* QU SULYLQG XQHOH P VXUL SHQWUX
SURWHMDUHDSDWULPRQLXOXLFXOWXUDOQD LRQDODGRSWDW FXPRGLILF ULSULQ/HJHDQU
/HJHDQUSULYLQG$UKLYHOH1D LRQDOHSXEOLFDW vQ02IQUGLQPRGLILFDW SULQ
/HJHDQUSXEOLFDW vQ02IQUGLQ/HJHDQUSXEOLFDW vQ02IQU
GLQ28*QUSXEOLFDW vQ02IQUGLQDSUREDW FXPRGLILF ULSULQ/HJHD
QUGLQ02IQUGLQ
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU DO QHUHVSHFW ULL UHJLPXOXL GH RFURWLUH DO
XQRU EXQXUL SRDWH IL RULFH SHUVRDQ IL]LF FH vQGHSOLQHúWH FRQGL LLOH JHQHUDOH DOH
U VSXQGHULLSHQDOH
6XELHFWDFWLYDODFHVWHLLQIUDF LXQLSRDWHILúLRSHUVRDQ MXULGLF vQFRQGL LLOH
úLFXOLPLW ULOHDU WDWHvQDUW&SHQ
3DUWLFLSD LD SHQDO HVWH SRVLELO vQ WRDWH IRUPHOH VDOH FRDXWRUDW LQVWLJDUH
FRPSOLFLWDWH
6XELHFWXOSDVLYSULQFLSDOHVWHVWDWXOFDWLWXODUDOYDORULORUVRFLDOHRFURWLWHSULQ
QRUPDGHLQFULPLQDUHDQDOL]DW úLDOUHOD LLORUFDUHVHQDVFúLVHGH]YROW vQOHJ WXU
FXDFHVWHD
6XELHFW SDVLY VHFXQGDU DGLDFHQW SRDWH IL vQ DQXPLWH FD]XUL SHUVRDQD
MXULGLF SXEOLF VDXSULYDW DOHF UHLLQWHUHVHDXIRVWOH]DWH
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO DO DFHVWHL LQFULPLQ UL FRQVW vQ PDL PXOWH DF LXQL
DOWHUQDWLYH vQVWU LQDUHD DVFXQGHUHD VDX RULFH DOW IDSW SULQ FDUH VH SULFLQXLHúWH
SLHUGHUHDXQXLEXQFDUHIDFHSDUWHGLQSDWULPRQLXOFXOWXUDOQD LRQDOVDXGLQIRQGXO
DUKLYLVWLFQD LRQDO
3ULQ ÄvQVWU LQDUH´ VH vQ HOHJH WUDQVPLWHUHD EXQXOXL UHVSHFWLY XQHL DOWH
SHUVRDQHSULQYkQ]DUHGRQD LHVFKLPEHWF
&RQIRUPSUHYHGHULORUOHJDOHYkQ]DUHDVFKLPEXOVDXGRQDUHDEXQXULORUGLQ
SDWULPRQLXOFXOWXUDOQD LRQDOGH LQXWHGHSHUVRDQHIL]LFHVHSRDWHIDFHQXPDLGXS
]LOH GH OD LQIRUPDUHD vQ VFULV D RILFLXOXL FRUHVSXQ] WRU SHQWUX SDWULPRQLXO
FXOWXUDOQD LRQDO VWDWXO SXWkQGXúL H[HUFLWD vQ WHUPHQXO DU WDW GUHSWXO SULRULWDU GH
FXPS UDUH ÌQVWU LQDUHD EXQXULORU GLQ SDWULPRQLXO FXOWXUDOQD LRQDO GH LQXWH GH
PX]HHELEOLRWHFLHVWHFXGHV YkUúLUHLQWHU]LV SkQ ODDSDUL LDXQHLOHJLVSHFLDOH±
DUWúLGLQ2*QU
&RQIRUP DUW GLQ /HJHD QU SULYLQG $UKLYHOH 1D LRQDOH
RUJDQL]D LLOH SDUWLFXODUH úL SHUVRDQHOH IL]LFH FDUH GH LQ GRFXPHQWH GLQ )RQGXO
$UKLYLVWLF 1D LRQDO OH SRW GHSXQH OD $UKLYHOH 1D LRQDOH VXE IRUP GH FXVWRGLH
ILLQGVFXWLWHGHWD[HúLLPSR]LWH
'H LQ WRUXO FDUH GRUHúWH V YkQG GRFXPHQWH FDUH IDF SDUWH GLQ )RQGXO
$UKLYLVWLF1D LRQDOHVWHREOLJDWV FRPXQLFHDFHVWOXFUX$UKLYHORU1D LRQDOHVDX
GXS FD] GLUHF LLORU MXGH HQH DOH $UKLYHORU 1D LRQDOH FDUH DX SULRULWDWH OD
FXPS UDUHD RULF URU DVWIHO GH GRFXPHQWH HOH ILLQG REOLJDWH V VH SURQXQ H vQ
WHUPHQGH]LOHGHODGDWDvQUHJLVWU ULLFRPXQLF ULL±DUWDOLQ
3RWULYLWDUWGRFXPHQWHOHFDUHIDFSDUWHGLQ)RQGXO$UKLYLVWLF1D LRQDODO
5RPkQLHL RGDW LQWUDWH SRWULYLW OHJLL vQ GHSR]LWHOH $UKLYHORU 1D LRQDOH úLVDX
GLUHF LLORUMXGH HQHDOH$UKLYHORU1D LRQDOHQXPDLSRWILUHWUDVHGLQDGPLQLVWUDUHD
DFHVWRUDFXH[FHS LDELQHvQ HOHVDFHORUFDUHDXIRVWGDWHGRDUvQFXVWRGLH
3ULQÄDDVFXQGH´XQEXQFDUHIDFHSDUWHGLQSDWULPRQLXOFXOWXUDOQD LRQDOVDX
GLQIRQGXODUKLYLVWLFQD LRQDOVHvQ HOHJHDOSODVDDOGRVLDOSXQHvQWUXQORFJUHX
GH J VLW GH GHVFRSHULW VXVWU JkQGXO vQ DFHVW IHO GH OD UHJLPXO OHJDO GH RFURWLUH
UHVSHFWLYGHODUHJLPXOLQVWLWXLWSULQGLVSR]L LLOHOHJDOHvQYLJRDUH
(OHPHQWXO PDWHULDO DO LQIUDF LXQLL DQDOL]DWH FRQVW úL vQ RULFH DOW IDSW FDUH
DUHDFHOHDúLFRQVHFLQ HFXFHOHFHGHFXUJGHSHXUPDvQVWU LQ ULLVDXDVFXQGHULL
1LFRODH &RQHD vQ 9DVLOH 'REULQRLX 1LFRODH &RQHD &LSULDQ 5DXO 5RPL DQ &DPLO 7 Q VHVFX 1RUHO
1HDJX0D[LP'REULQRLX'UHSWSHQDO3DUWHDVSHFLDO YRO,,(GLWXUD/XPLQD/H[%XFXUHúWLS
1LFRODH&RQHDRSFLWYRO,,S
([LVW DFHDVW LQIUDF LXQHvQFRQFXUVFXLQIUDF LXQHDGHIXUWvQFD]XOvQFDUH
I SWXLWRUXODVXVWUDVPDLPXOWHWDEORXULGH1LFRODH*ULJRUHVFXGLQWUXQPX]HX
8UPDUHD LPHGLDW D DFHVWHL LQIUDF LXQL GH UH]XOWDW FRQVW vQ OLSVLUHD
SDWULPRQLXOXL FXOWXUDO QD LRQDO VDX D IRQGXOXL DUKLYLVWLF QD LRQDO GH XQ EXQ FDUH
IDFH SDUWH GLQ XQXO GLQ DFHVWH IRQGXUL 3H OkQJ XUPDUHD VSHFLILF DFHVWHL
LQIUDF LXQLXQHRULVHSURGXFHúLXQSUHMXGLFLXvQGDXQDXQHLXQLW LSXEOLFHVDXXQHL
SHUVRDQHIL]LFH
/HJ WXUDGHFDX]DOLWDWHvQWUHDF LXQHDLQFULPLQDW úLXUPDUHDLPHGLDW WUHEXLH
V H[LVWHúLV ILHGRYHGLW vQILHFDUHFD]vQSDUWH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LHFXFDUHVHSRDWHFRPLWHDFHDVW LQIUDF LXQHHVWHLQWHQ LD
GLUHFW VDXLQGLUHFW
0RELOXO GHWHUPLQDQW úL VFRSXO XUP ULW GH I SWXLWRU QX LQWHUHVHD] SHQWUX
H[LVWHQ DODWXULLVXELHFWLYHúLLPSOLFLWDLQIUDF LXQLLvQV úLGDUGHDFHVWHDVHYD LQH
VHDPD OD VWDELOLUHD JUDGXOXL GH SHULFRO VRFLDO FRQFUHW úL GHFL OD LQGLYLGXDOL]DUHD
SHGHSVHL
3HQWUX H[LVWHQ D HOHPHQWXOXL VXELHFWLY DO LQIUDF LXQLL HVWH QHFHVDU V VH
FRQVWDWH F I SWXLWRUXO úWLD F EXQXO UHVSHFWLY DSDU LQH SDWULPRQLXOXL FXOWXUDO
QD LRQDORULIRQGXOXLDUKLYLVWLFQD LRQDOvQVHQVFRQWUDURSHUkQGHURDUHDGHIDSWFD
RFDX] GHvQO WXUDUHDFDUDFWHUXOXLSHQDODOIDSWHL
)RUPH6DQF LXQL
)RUPH 1HUHVSHFWDUHD UHJLPXOXL GH RFURWLUH D XQRU EXQXUL V YkUúLQGXVH
SULQWURDF LXQHFRPLVLXQHHVWHVXVFHSWLELO GHDFWHSUHJ WLWRDUHúLGHWHQWDWLY
GDUDFHVWHDQXVXQWLQFULPLQDWHúLSULQXUPDUHQXVXQWVDQF LRQDWH
ÌQ GRFWULQ VD SURSXV GH OHJH IHUHQGD LQFULPLQDUHD WHQWDWLYHL OD DFHDVW
LQIUDF LXQH LQkQGXVHVHDPDGHSHULFROXOVRFLDOULGLFDWDOIDSWHLDQDOL]DWH
&RQVXPDUHDLQIUDF LXQLLDUHORFvQPRPHQWXOvQFDUHVDSURGXVFDXUPDUHD
vQVWU LQ ULL DVFXQGHULL VDX D RULF UHL IDSWH VLPLODUH SLHUGHUHD EXQXOXL SHQWUX
SDWULPRQLXOFXOWXUDOQD LRQDOVDXSHQWUXIRQGXODUKLYLVWLFQD LRQDO
ÌQ OLWHUDWXUD MXULGLF VD H[SULPDW RSLQLD SRWULYLW F UHLD SHQWUX FRQVXPDUHD
LQIUDF LXQLLSLHUGHUHDEXQXOXLWUHEXLHV ILHHIHFWLY úLGHILQLWLY 'DF DF LXQHDQX
DUH DFHVW UH]XOWDW IDSWD QX FRQVWLWXLH LQIUDF LXQHD GH QHUHVSHFWDUH D UHJLPXOXL GH
RFURWLUHDXQRUEXQXUL
$O L DXWRUL FRQVLGHU F SLHUGHUHD WHPSRUDU XUPDW GH UHJ VLUHD VDX
UHDGXFHUHD EXQXOXL FDUDFWHUL]HD] vQ DFHHDúL P VXU LQIUDF LXQHD FD úL SLHUGHUHD
GHILQLWLY QHSXWkQGXVH vQO WXUD IDSWD SHQDO FDUH VD FRQVXPDW vQ PRPHQWXO vQ
76VSGQU55'QUS
*KHRUJKH1LVWRUHDQX9DVLOH'REULQRLX$OH[DQGUX%RURL,OLH3DVFX,RDQ0ROQDU9DOHULF /D] U'UHSW
SHQDOSDUWHDVSHFLDO (GLWXUD(XURSD1RYD%XFXUHúWLS
'DQ 3HWFX 'HVSUH QHVDQF LRQDUHD WHQWDWLYHL OD LQIUDF LXQHD GH QHUHVSHFWDUH D UHJLPXOXL GH RFURWLUH D
XQRUEXQXULSUHY ]XWHGHDUWGLQ&RGXOSHQDO'UQUS±ÌQDFHODúLVHQV1LFRODH&RQHD
RSFLWYRO,,S
2FWDYLDQ/RJKLQ7XGRUHO7RDGHU'UHSWSHQDO3DUWHDVSHFLDO &DVDGH(GLWXU úL3UHV ÄùDQVD´65/
%XFXUHúWLS
9DVLOH 3DSDGRSRO vQ 7HRGRU 9DVLOLX *HRUJH $QWRQLX ùWHIDQ 'DQHú *KHRUJH ' UkQJ 'XPLWUX
/XFLQHVFX9DVLOH3DSDGRSRO'RUX3DYHO'XPLWUX3RSHVFX9LUJLO5 PXUHDQX&RGXOSHQDOFRPHQWDWúLDGQRWDW
SDUWHDVSHFLDO (GLWXUDùWLLQ LILF úL(QFLFORSHGLF %XFXUHúWLYRO,,SÌQDFHODúLVHQV,OLH3DVFXvQ
,OLH3DVFX9DOHULF /D] U'UHSWXOSHQDO3DUWHDVSHFLDO (GLWXUD/XPLQD/H[%XFXUHúWLS1LFRODH
&RQHDRSFLWYRO,,S
FDUHVDSURGXVSLHUGHUHDEXQXOXLSHQWUXSDWULPRQLXOFXOWXUDOQD LRQDOVDXIRQGXOOD
FDUHVHUHIHU WH[WXO
5HDGXFHUHD EXQXOXL vQ FRQGL LLOH SUHY ]XWH vQ DUW DOLQ & SHQ
FRQVWLWXLHRFDX] GHQHSHGHSVLUHVDXGHUHGXFHUHDSHGHSVHL
6DQF LXQL 1HUHVSHFWDUHD UHJLPXOXL GH RFURWLUH D XQRU EXQXUL vQ VLWXD LD vQ
FDUHHVWHV YkUúLW GHRSHUVRDQ IL]LF VHSHGHSVHúWHFXvQFKLVRDUHGHODODDQL
3HQWUXIDSWDSUHY ]XW vQDUW &SHQSHUVRDQDMXULGLF VHVDQF LRQHD]
FXDPHQG FXSULQV vQWUHúLOHL
'DF IDSWD VH FRPLWH vQ FRQGL LLOH DUW DOLQ & SHQ VH YRU DSOLFD
UHJXOLOHGHVDQF LRQDUHDOHFRQFXUVXOXLGHLQIUDF LXQL
&DX] GHQHSHGHSVLUHVDXGHUHGXFHUHDSHGHSVHL
3RWULYLWDUWDOLQ&SHQIDSWDSUHY ]XW vQDOLQQXVHSHGHSVHúWH
GDF vQDLQWH FD KRW UkUHD V IL U PDV GHILQLWLY I SWXLWRUXO vQO WXU UH]XOWDWXO
LQIUDF LXQLLI FkQGFDEXQXOV UHLQWUHvQDFHOSDWULPRQLXVDXIRQG
$SOLFDUHDFRQGL LHLGHQHSHGHSVLUHHVWHFRQGL LRQDW GHvQGHSOLQLUHDDQXPLWRU
FHULQ H
D I SWXLWRUXO V IL vQO WXUDW UH]XOWDWXO LQIUDF LXQLL 6 YkUúLUHD LQIUDF LXQLL
I FkQGXVH SULQ FRQOXFUDUHD WXWXURU SDUWLFLSDQ LORU DFWLYLWDWHD ILHF UXLD GLQWUH
DFHúWLDVHvQVFULHvQDQWHFHGHQ DFDX]DO DUH]XOWDWXOXLSURGXV
1R LXQHDGHÄI SWXLWRU´vQVHQVXOSUHY ]XWvQDUW&SHQHVWHGHIDSW
VLQRQLP FXFHDGHVXELHFWDFWLY'DUFXPVXELHFWDFWLYDORULF UHLLQIUDF LXQLHVWH
QX QXPDL DXWRUXO FL úL RULFDUH GLQWUH SDUWLFLSDQ L WHUPHQXO GH ÄI SWXLWRU´ HVWH
HFKLYDOHQWFXFHOGHSDUWLFLSDQWODIDSWDSUHY ]XW GHOHJHDSHQDO DVWIHOvQFkWGH
DFHDVW FDX] GHQHSHGHSVLUHYRUSXWHDEHQHILFLDúLFRPSOLFLLVDXLQVWLJDWRULL
(VWHGHDOWIHOvQLQWHUHVXOVRFLHW LLFDEXQXOV ILHUHDGXVvQSDWULPRQLXOVDX
IRQGXOGLQFDUHDIRVWVFRVFHHDFHVHSRDWHUHDOL]DFXPDLPXOWHúDQVHDWXQFLFkQG
SULQ FDX]D GH QHSHGHSVLUH VDX GH PLFúRUDUH GH SHGHDSV VXQW VWLPXOD L vQ DFHVW
VHQVWR LFHLFDUH±vQWUXFkWDXSDUWLFLSDWODV YkUúLUHDLQIUDF LXQLL±VXQWFHLPDLvQ
P VXU V FXQRDVF ORFXOXQGHVHJ VHúWHEXQXOúLHYHQWXDOV OIDF V UHLQWUHvQ
SDWULPRQLXOVDXIRQGXOSHQWUXFDUHDIRVWSLHUGXW
EUH]XOWDWXOVHFRQVLGHU vQO WXUDWDWXQFLFkQGI SWXLWRUXODI FXWFDEXQXOV
UHLQWUHvQSDWULPRQLXVDXIRQGXOGLQFDUHI FHDSDUWH
F vQO WXUDUHD UH]XOWDWXOXL V DLE ORF vQDLQWH FD KRW UkUHD V IL U PDV
GHILQLWLY
)LLQG R FLUFXPVWDQ SHUVRQDO DFHDVWD QX VH U VIUkQJH úL DVXSUD FHORUODO L
SDUWLFLSDQ LFDUHQXDXFRQOXFUDWODvQO WXUDUHDUH]XOWDWXOXL
(;(5&,7$5($) 5 '5(37$81(,352)(6,,
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO LQIUDF LXQLL vO FRQVWLWXLH UHOD LLOH VRFLDOH D F URU
GHVI úXUDUHHVWHDVLJXUDW SULQUHJOHPHQWDUHDH[HUFLW ULLSURIHVLLORUVDXDDOWRUDFWLYLW L
([HUFLWDUHDSURIHVLLORUúLDXQRUDQXPLWHDFWLYLW LvQDIDUDDFHVWRUUHJOHPHQW ULOHJDOH
DGXFH DWLQJHUH GHVI úXU ULL QRUPDOH D DFHVWRU SURIHVLL úL DFWLYLW L úL SXQH vQ SHULFRO
UHOD LLOHVRFLDOHRFURWLWHSULQH[HUFLWDUHDORUvQPRGOLFLW
2ELHFWXO PDWHULDO ,QIUDF LXQHD GH H[HUFLWDUH I U GUHSW D XQHL SURIHVLL DUH
RELHFW PDWHULDO QXPDL vQ FD]XO vQ FDUH DF LXQHD SULQ FDUH VH H[HUFLW SURIHVLD VDX
9DVLOH3DSDGRSRORSFLWYRO,,S
DOW DFWLYLWDWH VH HIHFWXHD] DVXSUD XQXL OXFUX ÌQ DFHVW FD] EXQXO VDX FRUSXO
SHUVRDQHLVXSXVHDF LXQLLYDILRELHFWPDWHULDODOLQIUDF LXQLLH[FRUSXOSHUVRDQHL
RSHUDWHVDXLQVWDOD LDH[HFXWDW GHXQHOHFWULFLDQ
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUDOLQIUDF LXQLLSRDWHILRULFHSHUVRDQ FDUHQX
HVWH DELOLWDW VDX DXWRUL]DW V H[HUFLWH R SURIHVLH VDX DFWLYLWDWH VXSXV XQXL UHJLP
OHJDOVDXFDUHH[HUFLW RSURIHVLHVDXDFWLYLWDWHvQDOWHFRQGL LLGHFkWFHOHOHJDOH
,QIUDF LXQHD HVWH VXVFHSWLELO GH D IL V YkUúLW vQ SDUWLFLSD LH vQ IRUPD
LQVWLJ ULLúLFRPSOLFLW LL,QIUDF LXQHDQXSRDWHILV YkUúLW vQV GHFkWGHXQVLQJXU
DXWRU LQ SHUVRQD SURSULD )LHFDUH GLQ SHUVRDQHOH FDUH DU H[HUFLWD I U GUHSW R
SURIHVLH VDX R DFWLYLWDWH I U DXWRUL]D LH vQ DFHODúL WLPS úL ORF V YkUúHúWH R IDSW
GLVWLQFW úLHVWHDXWRUDODFHOHLIDSWHúLQXFRDXWRUODIDSWHOHV YkUúLWHGHDO LL
6XELHFWDFWLYDODFHVWHLLQIUDF LXQLSRDWHILúLRSHUVRDQ MXULGLF vQFRQGL LLOH
úLFXOLPLW ULOHGLQDUW&SHQ
6XELHFWXOSDVLYSULQFLSDODOLQIUDF LXQLLHVWHVWDWXOFDWLWXODUDOYDORULLVRFLDOH
FDUHHVWHUHJLPXOOHJDOGHH[HUFLWDUHDSURIHVLLORUúLDFWLYLW LORUVXSXVHDFHVWXLUHJLP
&kQGH[HUFLWDUHDI U GUHSWVDXDEX]LY DSURIHVLHLVDXDDFWLYLW LLDFDX]DW
Y W P ULXQHLSHUVRDQHDFHDVWDYDILVXELHFWSDVLYVHFXQGDU
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO &RQ LQXWXO FRQVWLWXWLY DO LQIUDF LXQLL GH H[HUFLWDUH I U
GUHSW D XQHL SURIHVLL SUH]LQW XQ DQXPLW VSHFLILF SULQ DFHHD F R SDUWH GLQ
FRPSRQHQWHOHVDOHQXVXQWSUHY ]XWHvQDUW&SHQ'LQDFHVWSXQFWGHYHGHUH
GLVSR]L LD GLQ DUW & SHQ DUH FDUDFWHU GH QRUP SHQDO vQ DOE úL GH QRUP
FDGUXGHRDUHFHSHQWUXFRPSOHWDUHDFRQ LQXWXOXLLQIUDF LXQLLHVWHQHFHVDU H[LVWHQ D
XQRUQRUPHVSHFLDOHFDUHV VWDELOHDVF FRQGL LLOHGHH[HUFLWDUHDXQHLSURIHVLLVDX
DFWLYLW L úL V GLVSXQ F QHUHVSHFWDUHD DFHVWRU FRQGL LL HVWH VDQF LRQDW SRWULYLW
OHJLLSHQDOH
ÌQOLSVDXQRUSUHYHGHULSULQFDUHV VHGLVSXQ F QHUHVSHFWDUHDFRQGL LLORUGH
H[HUFLWDUH D XQHL SURIHVLL VDX DFWLYLW L HVWH VDQF LRQDW SRWULYLW OHJLL SHQDOH
vQF OFDUHDDFHVWRUFHULQ HYDSURGXFHGRDUFRQVHFLQ HILVFDOH
([LVW úL S UHUHD SRWULYLW F UHLD QX DUH vQVHPQ WDWH IDSWXO F DVHPHQHD
GLVSR]L LL FRPSOLQLWRDUH YRU IL FXSULQVH vQWUXQ DFW QRUPDWLY GH DOW YDORDUH GHFkW
OHJHD
(OHPHQWXOPDWHULDODOLQIUDF LXQLLFRQVW vQDF LXQHDGHH[HUFLWDUHI U GUHSWD
XQHLSURIHVLLVDXDXQHLDOWHDFWLYLW L
'LVSR]L LD GLQ DUW & SHQ IL[HD] GRDU VSHFLILFXO DF LXQLL SULQ FDUH VH
UHDOL]HD] HOHPHQWXO PDWHULDO VWDELOLQG QXPDL QDWXUD DFHVWHLD ÄH[HUFLWDUHD GH
SURIHVLHVDXGHDFWLYLWDWH´I U V LQGLFHvQV FDUHDQXPHSURIHVLLVDXDFWLYLW LVH
H[HUFLW $FHVWHD VXQW VWDELOLWH GH OHJLOH VSHFLDOH FDUH UHJOHPHQWHD] H[HUFLWDUHD
1LFROHWD ,OLHVFX RS FLW YRO ,9 S ÌQ DFHODúL VHQV 'XPLWUX & 3RSHVFX vQ 7HRGRU 9DVLOLX 'RUX
3DYHO *HRUJH $QWRQLX ùWHIDQ 'DQHú *KHRUJKH ' UkQJ 'XPLWUX /XFLQHVFX 9DVLOH 3DSDGRSRO 'XPLWUX &
3RSHVFX9LUJLO5 PXUHDQX&RGXOSHQDOURPkQFRPHQWDWúLDGQRWDW3DUWHDVSHFLDO YRO,,(GLWXUDùWLLQ LILF úL
(QFLFORSHGLF %XFXUHúWLSÌQVHQVFRQWUDU0DWHL%DVDUDEvQ0DWHL%DVDUDE/XFLD0ROGRYDQ9DOHU
6XLDQ'UHSWSHQDO3DUWHDVSHFLDO YRO,&OXM1DSRFDS
1LFROHWD,OLHVFXRSFLWYRO,9SÌQDFHODúLVHQV0DWHL%DVDUDERSFLWYRO,S96FKHUHU
&RQVLGHUD LLUHIHULWRDUHODDSOLFDUHDDUW&SHQSULYLQGLQIUDF LXQHDGHH[HUFLWDUHI U GUHSWDXQHLSURIHVLL
55'QUS
*HRUJH $QWRQLX vQ 7HRGRU 9DVLOLX *HRUJH $QWRQLX ùWHIDQ 'DQHú *KHRUJKH ' UkQJ 'XPLWUX
/XFLQHVFX9DVLOH3DSDGRSRO'RUX3DYHO'XPLWUX3RSHVFX9LUJLO5 PXUHDQX&RGXOSHQDOURPkQFRPHQWDWúL
DGQRWDW3DUWHDJHQHUDO (GLWXUDùWLLQ LILF %XFXUHúWLS
SURIHVLHL VDX DFWLYLW LL úL FDUH SUHFL]HD] vQ IHOXO DFHVWD RELHFWLYXO HOHPHQWXOXL
PDWHULDO DO LQIUDF LXQLL Ä([HUFLWDUHD XQHL SURIHVLL VDX D XQHL DFWLYLW L´ vQVHDPQ
SULQXUPDUHvQGHSOLQLUHDDFWHORUVSHFLILFHXQHLSURIHVLLVDXXQHLDFWLYLW LVWDELOLWH
SULQGLIHULWHOHJLVSHFLDOH
3ULQ ÄH[HUFLWDUH´ VH vQ HOHJH SUDFWLFDUHD SURIHVLHL VDX DFWLYLW LL FD
vQGHOHWQLFLUH úL QX HIHFWXDUHD LQFLGHQWDO D XQXL VLQJXU DFW VDX D FkWRUYD DFWH
VSHFLILFH XQHL SURIHVLL VDX XQHL DFWLYLW L &kQG vQV OHJHD VSHFLDO FDUH
UHJOHPHQWHD] H[HUFLWDUHDXQHLSURIHVLLVDXDXQHLDFWLYLW LSUHYHGHF HIHFWXDUHD
FKLDU D XQXL VLQJXU DFW FRQVWLWXLH LQIUDF LXQH YD IL VXILFLHQW SHQWUX H[LVWHQ D
HOHPHQWXOXLPDWHULDODOLQIUDF LXQLLvQGHSOLQLUHDXQXLDVLQJXU
$FHVWXLSXQFWGHYHGHUHLVDUSXWHDRSXQHXQXOFRQWUDUvQVHQVXOF LQIUDF
LXQHDDQDOL]DW QXHVWHXQDGHRELFHL1HFHVLWDWHDH[HUFLW ULLFDvQGHOHWQLFLUH±FHHD
FHDULPSULPDDFHVWHLIDSWHFDUDFWHUXOGHLQIUDF LXQHGHRELFHL±QXUH]XOW QLFLGLQ
FXSULQVXO WH[WXOXL QLFL GLQ VHPQLILFD LD SH FDUH OHJLXLWRUXO D vQ HOHV V R GHD
WHUPHQXOXL GH H[HUFLWDUH $WXQFL FkQG OHJLXLWRUXO D YRLW V LPSULPH XQHL IDSWH
FDUDFWHUXOGHLQIUDF LXQHGHRELFHLDLQWURGXVvQWH[WXQWHUPHQQHHFKLYRFGLQFDUH
DFHVWFDUDFWHUV UH]XOWHH[SURVWLWX LDFHUúHWRULD
ÌQ WRDWH VLWXD LLOH vQV vQ DFHDVW FRQFHS LH DU H[LVWD XQLWDWH LQIUDF LRQDO
F FL WHUPHQXO ÄH[HUFLWDUH´ VHPQLILF vQ HJDO P VXU V YkUúLUHD XQXL VLQJXU DFW
VDXDXQHLSOXUDOLW LGHDFWHUHSHWDWH&kQGvQV vQOHJHDVSHFLDO HVWHSUHY ]XW
FRQGL LD H[HUFLW ULL ÄFD vQGHOHWQLFLUH´ DFHDVW FRQGL LH YD vQWUHJL FRQ LQXWXO
LQIUDF LXQLLGHYHQLQGREOLJDWRULHvQFD]XOUHVSHFWLY
ÌQGHSOLQLUHDXQRUDFWHFDUHDXGRDURVLPSO FRQWLQJHQ FXXQDFWSURIHVLRQDO
QXUHDOL]HD] HOHPHQWXOPDWHULDODOLQIUDF LXQLLSUHY ]XW vQDUW&SHQH[
VIDWXUL LJLHQLFH GDWH FX WLWOX DPLFDO XQXL EROQDY VDX vQWRFPLUHD XQXL GHQXQ RUL D
XQHLSOkQJHULSHQWUXRSHUVRDQ Y W PDW SULQLQIUDF LXQHDFHVWRUDFWHOLSVLQGXOH
FDUDFWHUXOSURIHVLRQDO
'LVSR]L LD GLQ DUW & SHQ QX FHUH SHQWUX H[LVWHQ D LQIUDF LXQLL FD
H[HUFLWDUHD I U GUHSW D SURIHVLHL VDX D XQHL DFWLYLW L V ILH UHPXQHUDW 7RWXúL OD
VWDELOLUHDSHULFXOR]LW LLVRFLDOHDIDSWHLDFHVWHvPSUHMXU ULYRUWUHEXLV RFXSHXQ
ORFLPSRUWDQW
&HULQ HHVHQ LDOH3HQWUXFDDF LXQHDGHH[HUFLWDUHDXQHLSURIHVLLVDXDXQHL
DFWLYLW LV vQWUHJHDVF ODWXUDRELHFWLY DLQIUDF LXQLLSUHY ]XW vQDUW&SHQ
WUHEXLHV ILHvQGHSOLQLWHDQXPLWHFHULQ HHVHQ LDOHúLDQXPHH[HUFLWDUHDSURIHVLHL
VDXDFWLYLW LLSHQWUXFDUHOHJHDFHUHRDXWRUL]D LHV ILHÄI U GUHSW´VDXH[HUFLWDUHD
V VHHIHFWXH]HÄvQDOWHFRQGL LLGHFkWFHOHOHJDOH´
ÌQGHSOLQLUHD XQHLD VDX D DOWHLD GLQWUH DFHVWH FHULQ H GLIHUHQ LD] FHOH GRX
YDULDQWH DOH LQIUDF LXQLL ÄH[HUFLWDUHD I U GUHSW´ úL H[HUFLWDUHD ÄvQ DOWH FRQGL LL
GHFkWFHOHOHJDOH´
([HUFLWDUHD XQHL SURIHVLL ÄI U GUHSW´ DUH ORF DWXQFL FkQG SHUVRDQD FDUH
H[HUFLW R SURIHVLH QX DUH GUHSWXO V R IDF DGLF QX vQGHSOLQHúWH FRQGL LLOH
SUHY ]XWHGHOHJHSHQWUXH[HUFLWDUHDSURIHVLHL
([LVW DFHDVW LQIUDF LXQH GDF LQFXOSDWXO D H[HUFLWDW vQ PRG UHSHWDW I U
GUHSWDF LXQLVSHFLILFHSURIHVLHLGHDYRFDW
1LFROHWD,OLHVFXRSFLWYRO,9SÌQDFHODúLVHQV76VSGQU55'QU
S6XEOLQLLQGDFHVWFDUDFWHUDOLQIUDF LXQLLvQGLVFX LHLQVWDQ DVXSUHP DVWDWXDWF DWXQFLFkQGSHQWUXDUH LQH
LQIUDF LXQHD GH H[HUFLWDUH I U GUHSW D XQHL SURIHVLL VD FRQVWDWDW F LQFXOSDWXO D V YkUúLW vQ PRG UHSHWDW DFWHOH
VSHFLILFH SURIHVLHL UHVSHFWLYH DFHDVW UHSHWDUH D DFWHORU FDUH FDUDFWHUL]HD] FRQ LQXWXO LQIUDF LXQLL GHRELFHLQX
SRDWH vQ DFHODúL WLPS V GHD DFHVWHLD FDUDFWHUXO GH LQIUDF LXQH FRQWLQXDW vQ VHQVXO SUHYHGHULORU DUW DOLQ
&SHQ0DWHL%DVDUDERSFLWYRO,S
'XPLWUX&3RSHVFXRSFLWYRO,,S
1LFROHWD,OLHVFXRSFLWYRO,9S
,QVWDQ D VXSUHP D GHFLV F R DFWLYLWDWH SHQWUX FDUH WH[WXO OHJDO FHUH
DXWRUL]D LHHVWHHIHFWXDW I U GUHSWúLDWXQFLFkQGSHUVRDQDFDUHRH[HUFLW QXDUH
DXWRUL]D LD SUHY ]XW GH OHJHD VSHFLDO FDUH UHJOHPHQWHD] DFHDVW DFWLYLWDWH VDX
FDUH D RE LQXW SH QHGUHSW DXWRUL]D LD RUL DFWLYLWDWHD HVWH HIHFWXDW GXS FH
DXWRUL]D LDGDW SHUVRDQHLDIRVWDQXODW
([HUFLW ÄI U GUHSW´ R DFWLYLWDWH SHQWUX FDUH OHJHD FHUH DXWRUL]D LH
SHUVRDQD FDUH GHVI úRDU DFHDVW DFWLYLWDWH I U DXWRUL]D LD SUHY ]XW GH OHJHD
VSHFLDO FDUH R UHJOHPHQWHD] VDX FDUH D RE LQXW SH QHGUHSW DXWRUL]D LD DGLF
SHUVRDQDFDUHQXvQGHSOLQHúWHFRQGL LLOHFHUXWHGHDFHDOHJH
&HULQ D HVHQ LDO D ÄH[HUFLW ULL I U GUHSW´ QX WUHEXLH SULQ XUPDUH OLPLWDW
QXPDLODH[HUFLWDUHDXQHLDFWLYLW LI U DXWRUL]D LDFHUXW GHOHJHFLHDVHUHIHU úLOD
FD]XO FkQG DXWRUL]D LD D IRVW RE LQXW GH R SHUVRDQ FDUH QX vQGHSOLQHúWH FRQGL LLOH
FHUXWH GH OHJH SHQWUX D H[HUFLWD DFHD DFWLYLWDWH 'H H[HPSOX H[HUFLW I U GUHSW R
PHVHULHvQDWHOLHUSURSULXSHUVRDQDFDUHDRE LQXWDXWRUL]D LDGHH[HUFLWDUHDPHVHULHL
I U vQV V DLE R FDOLILFDUH FRUHVSXQ] WRDUH FRQVWDWDW SULQ WUHFHUHD XQXL H[DPHQ
VDXvQOLSVDDFHVWXLDSULQWURSUHJ WLUHWHKQLF GHVSHFLDOLWDWHPHGLHRULVXSHULRDU
([HUFLWDUHDXQHLSURIHVLLVDXDRULF UHLDOWHDFWLYLW LSHQWUXFDUHOHJHDFHUH
DXWRUL]D LH vQ DOWH FRQGL LL GHFkW FHOH OHJDOH HVWH FHULQ D HVHQ LDO vQ ODWXUD
RELHFWLY DFHOHLGHDGRXDYDULDQWHDLQIUDF LXQLLSUHY ]XW vQDUW&SHQ
ÌQ DFHDVW YDULDQW DF LXQHD GH H[HUFLWDUH SHQWUX D FRQVWLWXL HOHPHQWXO
PDWHULDODOLQIUDF LXQLLWUHEXLHV ILHI FXW vQDOWHFRQGL LLGHFkWFHOHOHJDOH
ÌQ DFHVW FD] H[HUFLWDUHD SURIHVLHL VDX DFWLYLW LL QX VH IDFH ÄI U GUHSW´
vQWUXFkWGUHSWXOGHDOHH[HUFLWDH[LVW vQV H[HUFLWDUHDVHIDFHvQPRGDEX]LYDGLF
VHGHS úHVFOLPLWHOHXQXLGUHSWH[LVWHQWSULQQHUHVSHFWDUHDFRQGL LLORUSUHY ]XWHGH
OHJHDVSHFLDO UHVSHFWLY
)DSWDDQJDMDWXOXLXQHLXQLW LGHVWDWGHDH[HFXWDOXFU ULvQQXPHSURSULXúL
GHDvQFDVDSHQWUXHOVXPHOHFRQYHQLWHSHQWUXDFHOHOXFU ULFRQVWLWXLHLQIUDF LXQHD
GHH[HUFLWDUHI U GUHSWDXQHLSURIHVLLúLQXLQIUDF LXQHDGHGHODSLGDUHFkW YUHPH
EHQHILFLDUXO OXFU ULORU D vQ HOHV V L vQFUHGLQ H]H HIHFWXDUHD DFHVWRUD FD PHVHULDú
SDUWLFXODUúLQXFDDQJDMDWDODFHOHLXQLW L
3HQWUX vQWUHJLUHD ODWXULL RELHFWLYH D LQIUDF LXQLL SUHY ]XW vQ DUW
& SHQ HVWH QHFHVDU vQGHSOLQLUHD XQHL FHULQ H FRPXQH DPEHORU YDULDQWH DOH
LQIUDF LXQLL $FHDVW FHULQ FRQVW vQ SUHYHGHUHD vQ OHJHD VSHFLDO F IDSWHOH GH
H[HUFLWDUH I U GUHSW D XQHL SURIHVLL VDX D RULF UHL DOWH DFWLYLW L SHQWUX FDUH OHJHD
FHUH DXWRUL]D LH RUL H[HUFLWDUHD DFHVWRUD vQ DOWH FRQGL LL GHFkW FHOH OHJDOH VH
VDQF LRQHD] SRWULYLWOHJLLSHQDOH
6 YkUúLUHD LQIUDF LXQLL QX SRDWH IL FRQFHSXW I U SUHH[LVWHQ D XQXL UHJLP
OHJDOVWDELOLWDGLF I U H[LVWHQ DvQOHJHDVSHFLDO FDUHUHJOHPHQWHD] H[HUFLWDUHD
XQHL SURIHVLL VDX D XQHL DFWLYLW L D XQRU GLVSR]L LL FDUH V LQWHU]LF H[HUFLWDUHD
SURIHVLHL I U GUHSW VDX D DFWLYLW LL UHVSHFWLYH I U DXWRUL]D LH úL V SUHYDG
FRQGL LLOHGHH[HUFLWDUHDSURIHVLHLRULDFWLYLW LL
ÌQGLVSR]L LDGLQDUW&SHQVHVSHFLILF ÄGDF OHJHDVSHFLDO SUHYHGHF
V YkUúLUHDXQRUDVWIHOGHIDSWHVHVDQF LRQHD] SRWULYLWOHJLLSHQDOH´
ÌQWUXFkW HVWH YRUED GH R GLVSR]L LH FX FDUDFWHU SHQDO FXSULQV vQWUR OHJH
VSHFLDO SULQ ÄOHJH VSHFLDO ´ WUHEXLH vQ HOHV R OHJH RUJDQLF VDX RUGLQDU RUL R
RUGRQDQ GHXUJHQ
70%XFXUHúWLVD,,DSHQGQU55'QUS
76VSGQU55'QUS
1LFROHWD,OLHVFXRSFLWYRO,9S
,GHPS
7M%LKRUGSQU55'QUS
8UPDUHD LPHGLDW FRQVW vQ FUHDUHD XQHL VW UL GH SHULFRO SHQWUX UHOD LLOH
VRFLDOH RFURWLWH SULQ QRUPD GH LQFULPLQDUH SUHY ]XW vQ DUW & SHQ 8UPDUHD
LPHGLDW H[LVW FKLDUDWXQFLFkQGH[HUFLWDUHDSURIHVLHLVDXDFWLYLW LLDIRVWI FXW vQ
EXQHFRQGL LLILLQGF VWDUHDGHSHULFRODSDUHúLvQDFHVWFD]JDUDQ LLOHOHJDOHILLQG
QHVRFRWLWH
'DF FD XUPDUH D H[HUFLW ULL I U GUHSW D XQHL SURIHVLL VDX D XQHL DFWLYLW L
SHQWUXFDUHVHFHUHRDXWRUL]D LHVDXDH[HUFLW ULLDFHVWRUDvQDOWHFRQGL LLGHFkWFHOH
OHJDOHVDV YkUúLWRDOW LQIUDF LXQHYDH[LVWDFRQFXUVvQWUHLQIUDF LXQHDSUHY ]XW
vQDUW&SHQúLDFHDLQIUDF LXQH$VWIHOGHH[GDF GLQFXOS RSHUVRDQ D
IRVWXFLV RULLVDXFDX]DWY W P ULFRUSRUDOHYDH[LVWDFRQFXUVvQWUHLQIUDF LXQHD
SUHY ]XW GH DUW & SHQ úL GXS FD] LQIUDF LXQHD SUHY ]XW vQ DUW
DOLQ&SHQVDXDUWDOLQ&SHQ
/HJ WXUDGHFDX]DOLWDWHvQWUHDF LXQHDLQFULPLQDW úLXUPDUHDLPHGLDW WUHEXLH
V H[LVWHúLUH]XOW H[UH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH HVWH LQWHQ LD )DSWD V YkUúLW GLQ FXOS QX FRQVWLWXLH
LQIUDF LXQH([LVW LQWHQ LHFkQGI SWXLWRUXOúLDGDWVHDPDGHQDWXUDDF LXQLLSHFDUH
RV YkUúHúWHúLDSUHY ]XWF vQDFHVWIHOvQFDOF UHJLPXOOHJDOGHH[HUFLWDUHDXQHL
SURIHVLLVDXDFWLYLW LúLVHFUHHD] RVWDUHGHSHULFROSHQWUXUHOD LLOHVRFLDOHRFURWLWH
úLDXUP ULWDFHVWUH]XOWDWLQWHQ LHGLUHFW VDXDDFFHSWDWSURGXFHUHDOXLLQWHQ LH
LQGLUHFW
&RQVLP PkQWXO SHUVRDQHL vQ OHJ WXU FX FDUH VH H[HUFLW SURIHVLD VDX VH
GHVI úRDU DFWLYLWDWHDQXSRDWHDFRSHULU VSXQGHUHDSHQDO DI SWXLWRUXOXLvQWUXFkW
SULQ V YkUúLUHD DFHVWHL IDSWH VH SXQ vQ SHULFRO UHOD LLOH VRFLDOH FDUH LQWHUHVHD]
VRFLHWDWHDúLQXQXPDLLQWHUHVHOHDFHOHLSHUVRDQH
1HFXQRDúWHUHD GH F WUH I SWXLWRU D QHFHVLW LL XQHL DELOLW UL SHQWUX D SXWHD
H[HUFLWD SURIHVLD VDX DFWLYLWDWHD VDX D FRQGL LLORU vQ FDUH HVWH SHUPLV H[HUFLWDUHD
XQHLSURIHVLLVDXDFWLYLW LSHQWUXFDUHDUHDELOLWDUHDQHFHVDU QXvQO WXU FDUDFWHUXO
SHQDODOIDSWHLvQWUXFkWGLVSR]L LLOHFDUHSUHY GDFHVWHREOLJD LLGHúLVXQWFXSULQVH
vQWUR OHJH QHSHQDO DX FDUDFWHU GH QRUPH SHQDOH FDUH vQWUHJHVF FRQ LQXWXO
LQIUDF LXQLL
([LVW úL S UHUHD F DFHDVW LQIUDF LXQH QX VH SRDWH FRPLWH GHFkW FX
LQWHQ LHGLUHFW
3HQWUX H[LVWHQ D LQWHQ LHL úL GHFL SHQWUX H[LVWHQ D LQIUDF LXQLL QX LQWHUHVHD]
VFRSXOVDXPRELOXOH[HUFLW ULLI U GUHSWVDXvQDOWHFRQGL LLGHFkWFHOHOHJDOHDXQHL
SURIHVLL VDX DFWLYLW L %LQHvQ HOHV vQV F HOH YRU IL OXDWH vQ VHDP OD
LQGLYLGXDOL]DUHD UHSUHVLXQLL $VWIHO GH H[ GDF V YkUúLUHD LQIUDF LXQLL H
GHWHUPLQDW GH PRWLYH GH RUGLQ VRFLDO VDX PRUDO DFHDVWD YD IL UH LQXW FD R
FLUFXPVWDQ DWHQXDQW ODVWDELOLUHDSHGHSVHL
)RUPH6DQF LXQL
)RUPH ,QIUDF LXQHD GH H[HUFLWDUH I U GUHSW D XQHL SURIHVLL UHDOL]kQGXVH
SULQWUR DF LXQH FRPLVLXQH HVWH VXVFHSWLELO GH D SDUFXUJH ID]HOH RELúQXLWH GH
GHVI úXUDUHDXQHLDFWLYLW LLQIUDF LRQDOHDFWHSUHSDUDWRULLWHQWDWLY FRQVXPDUH
$FWHOHSUHSDUDWRULLúLWHQWDWLYDGHúLVXQWSRVLELOHHOHQXFDGVXELQFLGHQ D
OHJLLSHQDOHQHILLQGLQFULPLQDWHGHDFHDVWD&kQGDF LXQHDGHH[HUFLWDUHDSURIHVLHL
VDX D XQHL DFWLYLW L vQFHSH V ILH H[HFXWDW DFWHOH SUHSDUDWRULL HIHFWXDWH GH DOWXO
GHFkWDXWRUXOSRWGHYHQLHYHQWXDODFWHGHFRPSOLFLWDWHDQWHULRDU
1LFROHWD,OLHVFXRSFLWYRO,9SÌQDFHODúLVHQV'XPLWUX&3RSHVFXRSFLWYRO,,S
0DWHL%DVDUDEYRO,S
&RQVXPDUHDLQIUDF LXQLLDUHORFvQPRPHQWXOvQFDUHH[HFXWDUHDDF LXQLLFDUH
FRQVWLWXLH HOHPHQWXO PDWHULDO DO LQIUDF LXQLL VD FRQFUHWL]DW vQ DFWH GH H[HUFLWDUH D
XQHLSURIHVLLVDXDFWLYLW LúLVDSURGXVXUPDUHDLPHGLDW DGLF VDFUHDWVWDUHDGH
SHULFROSHQWUXUHOD LLOHVRFLDOH
,QIUDF LXQHD VH SRDWH UHDOL]D vQ IRUP FRQWLQXDW FkQG DFWH GH H[HUFLWDUH D
SURIHVLHL VDX DFWLYLW LL VH UHSHW vQ UHDOL]DUHD DFHOHLDúL UH]ROX LL LQIUDF LRQDOH
VLWXD LHvQFDUHYRPDYHDXQPRPHQWDOHSXL] ULLFHYDLQWHUYHQLODGDWDV YkUúLULL
XOWLPHLDF LXQL
&kQG IDSWD GH H[HUFLWDUH I U GUHSW D SURIHVLHL VDX D XQHL DFWLYLW L HVWH
V YkUúLW GHRSHUVRDQ ID GHFDUHVDOXDWP VXUDGHVLJXUDQ DLQWHUGLF LHLGHD
H[HUFLWD R SURIHVLH vQ FRQGL LLOH DUW OLW F & SHQ DFHDVWD FRPLWH DWkW
LQIUDF LXQHD SUHY ]XW vQ DUW & SHQ FkW úL LQIUDF LXQHD GH QHUHVSHFWDUH D
KRW UkULORUMXGHF WRUHúWLSUHY ]XW GHDUWDOLQ&SHQ
6DQF LXQL ,QIUDF LXQHD GH H[HUFLWDUH I U GUHSW D XQHL SURIHVLL HVWH
VDQF LRQDW FXSHGHDSVDvQFKLVRULLGHODROXQ ODDQVDXFXDPHQG
3HUVRDQDMXULGLF VHVDQF LRQHD] SHQWUXIDSWDSUHY ]XW vQDUW&SHQFX
DPHQG vQWUHúLOHL
1(5(63(&7$5($5(*,08/8,75$1632578/8,587,(538%/,&
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO LQIUDF LXQLL DQDOL]DWH vO FRQVWLWXLH UHOD LLOH
VRFLDOH D F URU IRUPDUH úL GH]YROWDUH HVWH FRQGL LRQDW GH UHVSHFWDUHD UHJLPXOXL
OHJDO SULYLQG HPLWHUHD GH OLFHQ H SHQWUX WUDQVSRUW SHQWUX DXWRYHKLFXO RUL SHQWUX
WUDVHX D WHUPHQXOXL GH YDODELOLWDWH DO DFHVWRUD DO PRGXOXL GH GLVSXQHUH DO
HIHFWX ULL WUDQVSRUWXOXL SUHFXP úL GH UHVSHFWDUHD FRQGL LLORU OHJDOH GH HOLEHUDUH D
DFHVWRUOLFHQ H
2ELHFWXOPDWHULDOGHUHJXO OLSVHúWHODDFHDVW LQIUDF LXQH
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU DO LQIUDF LXQLL SRDWH IL RULFH SHUVRDQ FDUH
vQGHSOLQHúWH FRQGL LLOH JHQHUDOH DOH U VSXQGHULL SHQDOH 1X DUH LPSRUWDQ GDF
SHUVRDQDGHVI úRDU RDFWLYLWDWHRUJDQL]DW VDXQXGDF DPDLDYXWVDXQXOLFHQ HOH
VROLFLWDWHGHWH[WXOGHOHJH(VWHVXILFLHQWSHQWUXH[LVWHQ DLQIUDF LXQLLSRWULYLWDOLQ
FD SHUVRDQD vQ PRPHQWXO HIHFWX ULL WUDQVSRUWXOXL UXWLHU SXEOLF V QX DLE
OLFHQ GH WUDQVSRUW OLFHQ GH H[HFX LH SHQWUX YHKLFXO VDX OLFHQ GH H[HFX LH
SHQWUXWUDVHXGXS FD]RULFDOLFHQ HOHV DLE YDODELOLWDWHDH[SLUDW
3HQWUX H[LVWHQ D LQIUDF LXQLL XQHRUL HVWH QHFHVDU FD VXELHFWXO DFWLY V
vQGHSOLQHDVF RFRQGL LHVSHFLDO $VWIHOSRWULYLWDOLQVXELHFWXODFWLYWUHEXLHV
IDF SDUWHGLQFDWHJRULDSHUVRDQHORUFDUHSRWGLVSXQHHIHFWXDUHDWUDQVSRUWXOXLUXWLHU
SXEOLF vQ FRQGL LLOH SUHY ]XWH OD DOLQ VDX SRW FRQVLP L OD HIHFWXDUHD DFHVWXLD
$FHDVWD SUHVXSXQH F VXELHFWXO DFWLY GHVI úRDU R DFWLYLWDWH GH WUDQVSRUW UXWLHU
VXPDRSHUD LXQLORUGHWUDQVSRUWFDUHDVLJXU QHPLMORFLWGHSODVDUHDP UIXULORUVDX
DSHUVRDQHORUFXDMXWRUXOYHKLFXOHORUVDXDOFRPELQD LHLGHYHKLFXOHSHGLVWDQ HúL
vQFRQGL LLSUHVWDELOLWHúLPDLPXOWGHDWkWIDFHSDUWHGLQFDWHJRULDSHUVRQDOXOXLGH
FRQGXFHUH FDUH SRDWH OXD GHFL]LL vQ OHJ WXU FX HIHFWXDUHD RSHUD LXQLORU GH
1LFROHWD,OLHVFXRSFLWYRO,9S
,GHPYRO,9S
$FHVW WH[W D IRVW LQWURGXV vQ &RGXO SHQDO SULQ 28* QU SXEOLFDW vQ 02I QU GLQ
DSUREDW FXPRGLILF ULSULQ/HJHDQUSXEOLFDW vQ02IQUGLQ
WUDQVSRUW $P SXWHD VSXQH F vQ DOLQ VXQW LQFULPLQDWH GLVWLQFW LQVWLJDUHD úL
FRPSOLFLWDWHDODLQIUDF LXQHDSUHY ]XW vQDOLQ2FDOLWDWHVSHFLDO DVXELHFWXOXL
DFWLY HVWH FHUXW úL GH DOLQHDWXO XOWLP DO DFHVWXL DUWLFRO FDUH FHUH FD VXELHFWXO
LQIUDF LXQLL V IDF SDUWH GLQ $XWRULWDWHD 5XWLHU 5RPkQ $55 úL V DLE
DWULEX LLUHIHULWRDUHODHOLEHUDUHDOLFHQ HORU
ÌQFRQGL LLOHDUW&SHQSRDWHILVXELHFWDFWLYDOLQIUDF LXQLLDQDOL]DWHúL
SHUVRDQDMXULGLF
3DUWLFLSD LDSHQDO HVWHSRVLELO VXEWRDWHIRUPHOHVDOHFRDXWRUDWLQVWLJDUHD
FRPSOLFLWDWHD
6XELHFWXO SDVLY SULQFLSDO DO LQIUDF LXQLL HVWH VWDWXO FD WLWXODU DO YDORULORU
RFURWLWH GH OHJH LDU vQ VHFXQGDU HVWH $XWRULWDWHD 5XWLHU 5RPkQ FD RUJDQ
VSHFLDOL]DWvQGHUXODUHDúLVXSUDYHJKHUHDWUDQVSRUWXOXLUXWLHUSXEOLF
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDODOLQIUDF LXQLLVHUHDOL]HD] SULQWURDF LXQHGHHIHFWXDUHD
WUDQVSRUWXOXLUXWLHUSXEOLFI U OLFHQ GHWUDQVSRUWI U OLFHQ GHH[HFX LHSHQWUX
YHKLFXO VDX I U OLFHQ GH H[HFX LH SHQWUX WUDVHX GXS FD] RUL FX OLFHQ H FX
YDODELOLWDWHDH[SLUDW ,QIUDF LXQHDVHPDLSRDWHUHDOL]DúLSULQGLVSXQHUHDHIHFWX ULL
WUDQVSRUWXOXL UXWLHU SXEOLF vQ FRQGL LLOH SUHY ]XWH OD DOLQ VDX SULQ IDSWD GH D
FRQVLP LODHIHFWXDUHDDFHVWXLD
)DSWDSUHY ]XW vQDOLQFRQVW vQDF LXQHDGHHOLEHUDUHFXúWLLQ DXQHL
OLFHQ H GH WUDQVSRUW UXWLHU SXEOLF D XQHL OLFHQ H GH H[HFX LH SHQWUX YHKLFXO VDX D
XQHLOLFHQ HGHH[HFX LHSHQWUXWUDVHXI U UHVSHFWDUHDOHJLL
$FWXOQRUPDWLYODFDUHIDFHWULPLWHUHDOHJHDSHQDO HVWH28*QU
SULYLQG WUDQVSRUWXULOH UXWLHUH DSUREDW FX PRGLILF UL SULQ /HJHD
QU
3RWULYLW DUW SFW GLQ 28* QU DSUREDW FX PRGLILF UL SULQ
/HJHDQUDFWLYLWDWHDGHWUDQVSRUWUXWLHUUHSUH]LQW VXPDRSHUD LXQLORUGH
WUDQVSRUW FDUH DVLJXU QHPLMORFLW GHSODVDUHD P UIXULORU VDX D SHUVRDQHORU FX
DMXWRUXO YHKLFXOHORU VDX DO FRPELQD LHL GH YHKLFXOH SH GLVWDQ H úL vQ FRQGL LL
SUHVWDELOLWH
3ULQOLFHQ DGHWUDQVSRUWFRQIRUPDUWSFWGLQDFHODúLDFWQRUPDWLYVH
vQ HOHJHGRFXPHQWXOSULQFDUHVHDWHVW F vQWUHSULQGHUHDvQGHSOLQHúWHFRQGL LLOHGH
RQRUDELOLWDWHFDSDFLWDWHILQDQFLDU úLFRPSHWHQ SURIHVLRQDO DFHDVWDDYkQGDFFHV
ODWUDQVSRUWXOUXWLHUSXEOLF$FHDVWDVHHOLEHUHD] RSHUDWRUXOXLGHWUDQVSRUWUXWLHUGH
F WUHDXWRULWDWHDFRPSHWHQW úLDUHRYDODELOLWDWHGHDQL
/LFHQ DGHWUDVHXSRWULYLWDUWSFWGLQRUGRQDQ UHSUH]LQW GRFXPHQWXO
FDUHG GUHSWXORSHUDWRUXOXLGHWUDQVSRUWUXWLHUV HIHFWXH]HWUDQVSRUWUXWLHUSXEOLF
GHSHUVRDQHSULQVHUYLFLLUHJXODWHVDXVHUYLFLLUHJXODWHVSHFLDOHvQWUDILFQD LRQDOSH
XQDQXPLWWUDVHXFRQIRUPSURJUDPXOXLGHWUDQVSRUW
(IHFWXDUHD GH WUDQVSRUWXUL UXWLHUH HVWH SHUPLV QXPDL FX YHKLFXOH F URUD OL
VDX HOLEHUDW GHF WUHDJHQ LLOHWHULWRULDOHDOH$XWRULW LL5XWLHUH5RPkQH$55
OLFHQ HGHH[HFX LHSHQWUXYHKLFXOFRUHVSXQ] WRDUHFDWHJRULHLúLWLSXOXLGHWUDQVSRUW
UXWLHUUHVSHFWLY
/LFHQ D GH H[HFX LH SHQWUX YHKLFXO VH HOLEHUHD] VXE IRUP GH FDUWHO
PDJQHWLF SHUVRQDOL]DW GHFXORDUHGLIHULW SHQWUXWUDQVSRUWXOUXWLHUSXEOLFID GH
WUDQVSRUWXOUXWLHUvQLQWHUHVSURSULX
$OH[DQGUX%RURL'UHSWSHQDO3DUWHDVSHFLDO (GLWXUD&+%HFNS
3XEOLFDW vQ02IQUGLQ
3XEOLFDW vQ02IQUGLQ
/LFHQ HOHGHH[HFX LHSHQWUXYHKLFXOVHHOLEHUHD] GHF WUHDJHQ LLOHWHULWRULDOH
DOH DXWRULW LL 5XWLHUH 5RPkQH $55 RSHUDWRULORU GH WUDQVSRUW UXWLHU GH LQ WRUL
GHOLFHQ GHWUDQVSRUWUXWLHUSXEOLFGHOLFHQ GHWUDQVSRUWUXWLHUvQLQWHUHVSURSULX
VDX GH DXWRUL]D LH GH WUDQVSRUW vQ LQWHUHV SURSULX YDODELO SHQWUX SDUFXO DIODW vQ
DGPLQLVWUDUHDDFHVWRUD
&HULQ HHVHQ LDOH3HQWUXH[LVWHQ DHOHPHQWXOXLPDWHULDODOIDSWHLSUHY ]XWHvQ
DOLQHVWHQHFHVDUFDHOLEHUDUHDOLFHQ HLV VHUHDOL]H]HI U UHVSHFWDUHDOHJLL
8UPDUHD LPHGLDW FRQVW vQ FUHDUHD XQHL VW UL GH SHULFRO SHQWUX UHOD LLOH
VRFLDOHSURWHMDWHSULQDFHDVW LQFULPLQDUH
/HJ WXUD GH FDX]DOLWDWH vQWUH DF LXQHD LQFULPLQDW úL XUPDUHD LPHGLDW
WUHEXLHV H[LVWHúLUH]XOW GLQvQV úLPDWHULDOLWDWHDIDSWHLH[UH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH 'XS S UHUHD QRDVWU LQIUDF LXQHD DQDOL]DW vQ WRDWH
LSRWH]HOH VDOH GH LQFULPLQDUH VH FRPLWH FX LQWHQ LH GLUHFW VDX LQGLUHFW ÌQ OLSVD
XQHLFHULQ HHVHQ LDOHUHIHULWRDUHODVFRSVDXPRELOFDUHV FDOLILFHLQWHQ LDFXFDUH
DF LRQHD] VXELHFWXODFWLYFXJUHXVDUSXWHDDGPLWHF IDSWDSUHY ]XW vQDOLQ
VHV YkUúHúWHQXPDLFXLQWHQ LHGLUHFW FKLDUGDF vQFRQFUHWHVWHSRVLELOFDDFHDVW
PRGDOLWDWHV ILHPDLIUHFYHQWvQWkOQLW
1XVXQWSUHY ]XWHFHULQ HHVHQ LDOHUHIHULWRDUHODVFRSVDXPRELO
)RUPH6DQF LXQL
)RUPH$FWHOHSUHJ WLWRDUHúLWHQWDWLYDVXQWSRVLELOHGDUQXVXQWVDQF LRQDWH
&RQVXPDUHD LQIUDF LXQLL DUH ORF DWXQFL FkQG RULFDUH GLQ DFWLYLW LOH
LQFULPLQDWHHVWHGXV SkQ ODFDS WSURGXFkQGXVHXUPDUHDLPHGLDW
6DQF LXQL 1HUHVSHFWDUHD UHJLPXOXL WUDQVSRUWXOXL UXWLHU SXEOLF vQ YDULDQWD
WLSVHVDQF LRQHD] FXvQFKLVRDUHDGHODROXQ ODXQDQVDXDPHQG LDUvQYDULDQWD
DVLPLODW FX vQFKLVRDUHD GH OXQL OD DQL VDX DPHQG ÌQ YDULDQWD SUHY ]XW vQ
DOLQSHGHDSVDSUHY ]XW GHOHJHHVWHvQFKLVRDUHDGHODOXQLODDQL
3HUVRDQDMXULGLF VHSHGHSVHúWHSHQWUXFRPLWHUHDLQIUDF LXQLLGHQHUHVSHFWDUH
D UHJLPXOXL WUDQVSRUWXOXL UXWLHU SXEOLF vQ RULFDUH GLQWUH LSRWH]HOH VDOH GH
LQFULPLQDUHFXDPHQGDGHODODOHLSRWULYLWDUWDOLQ&SHQ
$OH[DQGUX%RURLRSFLWS
ÌQVHQVFRQWUDU$OH[DQGUX%RURLRSFLWS$XWRUXOFLWDWFRQVLGHU F IRUPDGHYLQRY LHVSHFLILF
DOLQDODUW&SHQHVWHLQWHQ LDGLUHFW IRUPDFHUXW H[SUHVGHWH[WXOGHOHJH$FHDVWDUH]XOW vQPRG
GLUHFWGLQLQWHUSUHWDUHDDFHVWXLDUWLFROI SWXLWRUXOFXQRVFkQGF HOLEHUDUHDDFWHORUVHIDFHvPSRWULYDUHJOHPHQW ULORU
OHJDOHÌQPRGFRQúWLHQWVHXUP UHúWHUHDOL]DUHDDFWLYLW LLLQIUDF LRQDOHSUHFXPúLDFUH ULLVW ULLGHSHULFRO
7,7/8/9,,
,1)5$& ,81,'()$/6
&DSLWROXO,
)$/6,),&$5($'(021('(7,0%5(6$8$/7(9$/25,
)$/6,),&$5($'(021('(6$8'($/7(9$/25,
2ELHFWXORFURWLULLSHQDOH
,QIUDF LXQHDGHIDOVLILFDUHGHPRQHGHVDXGHDOWHYDORULDUHFDRELHFWMXULGLF
JHQHULF DO RFURWLULL SHQDOH UHOD LLOH VRFLDOH ED]DWH SH ÄvQFUHGHUHD SXEOLF ´
FRQVLGHUDW FD úL UHDO YDORDUH VRFLDO vQFUHGHUH SULYLQG vQ FD]XO DFHVWHL
LQIUDF LXQLPRQHGHOHúLYDORULOHDIODWHOHJDOvQFLUFXOD LHSXEOLF
'DF DFHDVW vQFUHGHUHSXEOLF QXDUILSHQDORFURWLW PRQHGHOHúLYDORULOHDU
FRQVWLWXL PLMORDFH QHVLJXUH vQ IRUPDUHD úL GHVI úXUDUHD UHOD LLORU VRFLDOH LDU
FLUFXOD LDORUDUGHYHQLGDF QXLPSRVLELO vQRULFHFD]JUDYVWkQMHQLW
2ELHFWXO MXULGLF VSHFLDO DO DFHVWHL LQFULPLQ UL FRQVW vQ RFURWLUHD DFHVWRU
UHOD LL VRFLDOH vQ IRUPDUHD úL GHVI úXUDUHD F URUD MRDF XQ URO LPSRUWDQW H[LVWHQ D
PRQHGHORU úL WLWOXULORU GH YDORDUH DGLF DFHOH UHOD LL VRFLDOH vQ FDUH vQFUHGHUHD
SXEOLF SULYHúWHPRQHGHOHúLDOWHYDORUL2FURWLUHDSHQDO DDFHVWRUUHOD LLVRFLDOH
LPSOLF DS UDUHD vQFUHGHULL SXEOLFH vQ UDSRUW FX DGHY UXO SH FDUH WUHEXLH V ILH
VRFRWLWF vOH[SULP vQPRGUHDOPRQHGHOHúLWLWOXULOHGHYDORDUH
2ELHFWXO PDWHULDO 0RQHGD IDOVLILFDW SULQ SO VPXLUH FRQWUDIDFHUH FD úL
WLWOXOGHYDORDUHIDOVLILFDWvQDFHODúLIHOVXQWSURGXVXOLQIUDF LXQLLGHIDOVLILFDUHGH
PRQHGHVDXDOWHYDORULLDUQXRELHFWXOPDWHULDODODFHVWHLLQIUDF LXQL
&kQG IDOVLILFDUHD VH HIHFWXHD] SULQ FRQWUDIDFHUH RELHFW PDWHULDO DO
LQIUDF LXQLLVXQWPDWHULDOHOHGLQFDUHVHFRQIHF LRQHD] PRQHGDVDXWLWOXOGHYDORDUH
FRQWUDI FXW/DDFHVWHPDWHULDOHVHUHIHU GLVSR]L LDGLQDUW&SHQ
ÌQFD]XOIDOVLILF ULLSULQDOWHUDUHvQV PRQHGDVDXWLWOXOGHYDORDUHDGHY UDW
DVXSUDF UXLDVDHIHFWXDWRSHUD LDGHDOWHUDUHFRQVWLWXLHvQDFHODúLWLPSúLSURGXVXO
úLRELHFWXOPDWHULDODOLQIUDF LXQLL
ÌQ FHHD FH SULYHúWH LQIUDF LXQLOH GHULYDWH GH SXQHUH vQ FLUFXOD LH VDX GH
GH LQHUH D PRQHGHORU VDX YDORULORU IDOVLILFDWH PRQHGHOH VDX YDORULOH SXVH vQ
FLUFXOD LHVDXGH LQXWHFRQVWLWXLHRELHFWXOPDWHULDODOLQIUDF LXQLORU
ÌQWUH RELHFWXO PDWHULDO DO LQIUDF LXQLL GH IDOVLILFDUH GH PRQHGH VDX GH DOWH
YDORULúLSURGXVXODFHVWHLLQIUDF LXQLH[LVW GHRVHELUHDFDUHvQJHQHUHVHIDFHvQWUH
PDWHULD SULP úL SURGXVXO RE LQXW GLQ DFHDVWD 2ELHFWXO PDWHULDO SULYHúWH ID]D GH
9LQWLO 'RQJRUR] vQ 9LQWLO 'RQJRUR] 6LHJIULHG .DKDQH ,RQ 2DQFHD ,RVLI )RGRU 1LFROHWD ,OLHVFX
&RQVWDQWLQ %XODL 5RGLFD 6W QRLX 9LFWRU 5RúFD ([SOLFD LL WHRUHWLFH DOH &RGXOXL SHQDO URPkQ YRO ,9 (GLWXUD
$FDGHPLHL5RPkQH%XFXUHúWLS
9LQWLO 'RQJRUR]RSFLWYRO,9S
,GHPYRO,9S
,ELGHPYRO,9S
9LQWLO 'RQJRUR]RSFLWYRO,9S
H[HFXWDUH D DFWLYLW LL LQIUDF LRQDOH SH FkQG SURGXVXO UHSUH]LQW UH]XOWDWXO DFHVWHL
DFWLYLW L0RQHGDVDXWLWOXOGHYDORDUHIDOVLILFDWYDDYHDRDSWLWXGLQHPDLPDUHVDX
PDL PLF GH D VXUSULQGH vQFUHGHUHD SXEOLF GXS FDOLWDWHD PDWHULDOXOXL IRORVLW
DGLF GXS vQVXúLULOHRELHFWXOXLPDWHULDODOIDOVLILF ULL
ÌQFHHDFHSULYHúWHSURGXVXOIDOVLILF ULLDFHVWDWUHEXLHV UHSUH]LQWHRPRQHG
VDXRYDORDUHGLQFHOHDQXPHDU WDWHvQDUWDOLQúLDUW&SHQ
± 0RQHGD PHWDOLF VDX GH KkUWLH ÌQ 5RPkQLD FLUFXOD LD E QHDVF HVWH DVL
JXUDW SULQELOHWHGHEDQF vQYDORDUHQRPLQDO GHúLOHL
úLPRQHG GLYL]LRQDU vQYDORDUHQRPLQDO GHúLEDQLHPLVHGH%DQFD
1D LRQDO D5RPkQLHLVDXSULQJULMDDFHVWHLD
± 7LWOXULOH GH FUHGLW SXEOLF VXQW DFHOHGRFXPHQWHvQFDUHVHH[SULP GUHSWXULOH
FHORUFDUHDXSXVODGLVSR]L LDVWDWXOXLXQHOHPLMORDFHE QHúWLWHPSRUDUGLVSRQLELOHvQ
YHGHUHDVDWLVIDFHULLQHYRLORUJHQHUDOHDOHFROHFWLYLW LLGHH[REOLJD LXQLOH&(&
±&HFXULOHVXQWDFHOHGRFXPHQWHSULQFDUHSRVHVRUXOXQXLFRQWGHGHFRQWDUH
VDXFXUHQWG GLVSR]L LHE QFLLODFDUHDUHFRQWGHVFKLVV SO WHDVF VDXV YLUH]HvQ
FRQWXO XQHL DQXPLWH SHUVRDQH GLQ GLVSRQLELOXO V X R DQXPLW VXP GH EDQL
SUHY ]XW vQFRQ LQXWXOGRFXPHQWXOXL
&RPSOHWDUHDXQXLFHFFXOLPLW GHVXP PHQ LRQkQGXVHRVXP GLVSRQLELO
QHUHDO PDLPDUHGHFkWFHDDIODW vQFRQWFRQVWLWXLHLQIUDF LXQHDSUHY ]XW vQDUW
&SHQLDUQXDFHHDGHIDOVSUHY ]XW vQDUW&SHQIRUPXODUXOFHF
GREkQGLQGYDORDUHSULQFRPSOHWDUHDOXLGHF WUHHPLWHQW
ÌQQR LXQHDGHFHFXULQXVHLQFOXGúLOLEUHWHOH&(&GHRDUHFHQXVXQWDSWHD
VHUYL OD HIHFWXDUHD GH SO L DVWIHO vQFkW IDOVLILFDUHD XQXL OLEUHW &(& ± SULQ
vQORFXLUHD QXPHOXL úL GDWHORU SHUVRQDOH DOH WLWXODUXOXL FX DOH LQIUDFWRUXOXL ± VH YD
vQFDGUDvQGLVSR]L LLOHUHIHULWRDUHODIDOVXOPDWHULDOvQvQVFULVXULRILFLDOH
±7LWOXULGHRULFHIHOSHQWUXHIHFWXDUHDSO LORULQVWUXPHQWHGHSODW HOHFWURQLF
HPLVHGHLQVWLWX LLGHFUHGLWFRPSHWHQWHVDXDOWHWLWOXULRULYDORULDVHP Q WRDUH
2UGLQXOGHSODW QXSRDWHILDVLPLODWWLWOXULORUVXVPHQ LRQDWHODFDUHVHUHIHU
DUW & SHQ FkW WLPS SRWULYLW 5HJXODPHQWXOXL %15 QU SULQWUXQ
DVHPHQHD LQVWUXPHQW HPLWHQWXO GRDU FHUH VRFLHW LL EDQFDUH UHFHSWRDUH V SXQ
QHFRQGL LRQDWODGLVSR]L LDEHQHILFLDUXOXLRVXP GHEDQLODRDQXPLW GDW LDUHPLWHUHD
OXL RUGLQXOXL GH SODW QX HVWH VXILFLHQW SHQWUX HIHFWXDUHD SO LL ILLQG REOLJDWRULH
vQGHSOLQLUHD DQXPLWRU RSHUD LXQL GH F WUH VRFLHWDWHD EDQFDU I U GH FDUH WUDQVIHUXO
VXPHL GH EDQL QX VH SRDWH UHDOL]D $FHVWH RSHUD LXQL FDUH SULYHVF UHFHS LD DGLF
SURFHGXUD GH UHFXQRDúWHUH D SULPLULL RUGLQXOXL GH SODW DXWHQWLILFDUHD SULQ FDUH VH
YHULILF GDF RUGLQXOGHSODW DIRVWHPLVGHSHUVRDQDLQGLFDW FDHPLWHQWSUHFXPúL
DFFHSWDUHD FH FRQVW vQ UHFXQRDúWHUHD YDODELOLW LL RUGLQXOXL UHOHY FRQGL LRQDUHD
SXWHULL FLUFXODWRULL D RUGLQXOXL GH SODW GH HIHFWXDUHD XQRU IRUPDOLW L HVHQ LDOH SULQ
FRRSHUDUHDGLQWUHVRFLHWDWHDEDQFDU UHFHSWRDUHúLVRFLHWDWHDEDQFDU GHVWLQDWDU
3ULQ XUPDUH LQVWDQ D VXSUHP D GHFLV F RUGLQHOH GH SODW IDOVLILFDWH GH
LQFXOSDWQHDYkQGvQVLQHSXWHUHFLUFXODWRULHQXHUDXVXVFHSWLELOHDVHUYLGLUHFWFD
&6-VSGQU'UQUS&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL
&XOHJHUHGHGHFL]LLSHDQXO(GLWXUDÄ3URHPD´%DLD0DUHS
7M*DOD LVHQWSHQQU55'QUSÌQDFHODúLVHQV76VSGQU
55'QUS
&6-VSGQU'UQUS&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL
&XOHJHUHGHGHFL]LLSHDQXO(GLWXUD-XULV$UJHVVLV&XUWHDGH$UJHúS,QVWDQ DDPRWLYDW
DFHDVW GHFL]LHSULQDFHHDF SRWULYLW5HJXODPHQWXOXL% QFLL1D LRQDOHD5RPkQLHLQUGLQSHQWUXD
IDFHSO LSHED]DDFHVWXLRUGLQI U SXWHUHFLUFXODWRULHvQVLQHVRFLHWDWHDEDQFDU HVWHREOLJDW V vQGHSOLQHDVF
DQXPLWH RSHUD LXQL I U GH FDUH WUDQVIHUXO VXPHL GH EDQL QX VH SRDWH UHDOL]D ÌQ DFHODúL VHQV &$ &OXM G S QU
$5'3QUS
PLMORDFH GH SODW vQWUXFkW HOH QX SRW FRQVWLWXL WLWOX SHQWUX HIHFWXDUHD SO LORU vQ
DFFHS LXQHDDUW&SHQDVWIHOF vQFDGUDUHDMXULGLF DIDSWHLvQLQIUDF LXQHDGH
IDOV vQ vQVFULVXUL VXE VHPQ WXU SULYDW DúD FXP D SURFHGDW SULPD LQVWDQ HVWH
FRUHFW
8OWHULRULQVWDQ DVXSUHP DUHYHQLWDVXSUDDFHVWHLSR]L LLúLDVWDWXDWF ELOHWXO
OD RUGLQ FRQVWLWXLH XQ WLWOX SHQWUX HIHFWXDUHD SO LORU úL VH vQFDGUHD] vQ FDWHJRULD
YDORULORU OD FDUH VH UHIHU DUW & SHQ IDOVLILFDUHD OXL ILLQG SUHY ]XW FD
LQIUDF LXQHGHDFHVWWH[WGHOHJH
2ELHFWXOPDWHULDODOLQIUDF LXQLLGHIDOVLILFDUHúLSURGXVXODFHVWHLDFRQVWLWXLH
vQWRWGHDXQDXWLOHúLUHOHYDQWHPLMORDFHPDWHULDOHGHSURE vQFRQVWDWDUHDMXGLFLDU D
LQIUDF LXQLLGHIDOVLILFDUHGHPRQHGHVDXGHDOWHYDORUL
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUDOLQIUDF LXQLLGHIDOVLILFDUHGHPRQHGHVDX
GH DOWH YDORUL SRDWH IL RULFLQH QHILLQG QHYRLH MXULGLF GH YUHR FDOLWDWH VSHFLDO
3UDFWLFvQV QXRULFHSHUVRDQ SRDWHGHYHQLIDOVLILFDWRUGHPRQHGHVDXGHYDORUL
V YkUúLUHD DFHVWHL LQIUDF LXQL UHFODPkQG XWLOL]DUHD LOLFLW D XQRU PXQFL GH
VSHFLDOLWDWH
ÌQPDUHDPDMRULWDWHDFD]XULORUIDOVLILFDUHDGHPRQHGHVDXGHDOWHYDORULVH
UHDOL]HD] SULQ FRQWULEX LD PDL PXOWRU I SWXLWRUL GHFL GH F WUH R SOXUDOLWDWH GH
VXELHF L DFWLYL FRDXWRUL LQVWLJDWRUL FRPSOLFL &RQWULEX LD SDUWLFLSDQ LORU FKLDU
DWXQFL FkQG DSDU LQ DFHOHLDúL FDWHJRULL GH H[ FRDXWRUL SRDWH YDULD RSHUD LD GH
IDOVLILFDUHLPSOLFkQGGHFHOHPDLPXOWHRULRH[HFXWDUHFRPSOH[ SHQWUXHIHFWXDUHD
F UHLDHVWHQHYRLHGHFRQFXUVXOXQRUVSHFLDOLúWLGHVHQDWRULJUDILFLHQLILOLJUDQLúWL
FKLPLúWLWLSRJUDILLPSULPHXULHWF
(VWHDXWRUGHFLVXELHFWDFWLYQHPLMORFLWSDUWLFLSDQWXOFDUHDHIHFWXDWFKLDUúL
QXPDLRRSHUD LHvQFDGUXODFWLYLW LLGHH[HFXWDUH
6XQWVXELHF LDFWLYLQHPLMORFL LDXWRULDLLQIUDF LXQLORUGHULYDWHFHLFDUHSXQ
vQ FLUFXOD LH PRQHGH VDX YDORUL IDOVLILFDWH VDX FDUH GH LQ SURGXVXO IDOVLILF ULL vQ
YHGHUHDSXQHULLvQFLUFXOD LH
&kQGDFHHDúLSHUVRDQ HVWHVXELHFWDFWLYúLDOIDSWHLSULQFLSDOHGHIDOVLILFDUH
GH PRQHGH VDX GH DOWH YDORUL úL DO IDSWHL GHULYDWH GH SXQHUH vQ FLUFXOD LH D
SURGXVXOXLIDOVLILF ULLYDH[LVWDXQFRQFXUVGHLQIUDF LXQLI SWXLWRUXOILLQGVXELHFW
DFWLY DWkW DO LQIUDF LXQLL GH IDOVLILFDUH FkW úL DO IDSWHL GHULYDWH GH SXQHUH vQ
FLUFXOD LH'LPSRWULY vQFD]XOGH LQHULLPRQHGHORUVDXYDORULORUIDOVLILFDWHQX
YD H[LVWD FRQFXUV FkQG GH LQ WRUXO HVWH vQVXúL IDOVLILFDWRUXO VDX DOW SDUWLFLSDQW OD
IDOVLILFDUHILLQGF GH LQHUHDLQFULPLQDW vQDUWDOLQ&SHQQXHVWHGHFkW
XQFD]VSHFLDOGHW LQXLUHVDXGHIDYRUL]DUHRULDXWRUXOVDXRULFDUHSDUWLFLSDQWODR
LQIUDF LXQH QX SRDWH IL FRQVLGHUDW W LQXLWRU VDX IDYRUL]DWRU OD SURSULD VD
LQIUDF LXQH
'DF GH LQHUHD PRQHGHORU IDOVLILFDWH vQ YHGHUHD SXQHULL ORU vQ FLUFXOD LH úL
SXQHUHD vQ FLUFXOD LH D DFHVWRUD VH UHDOL]HD] GH F WUH DFHHDúL SHUVRDQ YRU IL
DSOLFDELOHUHJXOLOHGHODFRQFXUVXOGHLQIUDF LXQLGHRDUHFHOXDUHDvQFRQVLGHUDUHD
&6-VSGQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSH
DQXO (GLWXUD -XULV $UJHVVLV &XUWHD GH $UJHú S %LOHWXO OD RUGLQ FRQVWLWXLH SRWULYLW /HJLL
QUDVXSUDFDPELHLúLELOHWXOXLODRUGLQPRGLILFDW SULQ/HJHDQUXQWLWOXSHQWUXHIHFWXDUHDSO LORUúL
UHSUH]LQW DVWIHOXQWLWOXDVHP Q WRUFHORUHPLVHSHQWUXHIHFWXDUHDSO LORUGHRLQVWLWX LHEDQFDU VDXGHFUHGLW
9LQWLO 'RQJRUR] RS FLW YRO ,9 S ÌQ DFHODúL VHQV 9DVLOH 3DSDGRSRO vQ 7HRGRU 9DVLOLX 'RUX
3DYHO *HRUJH $QWRQLX ùWHIDQ 'DQHú *KHRUJKH ' UkQJ 'XPLWUX /XFLQHVFX 9DVLOH 3DSDGRSRO 'XPLWUX &
3RSHVFX9LUJLO5 PXUHDQX&RGXOSHQDOURPkQFRPHQWDWúLDGQRWDW3DUWHDVSHFLDO YRO,,(GLWXUDùWLLQ LILF úL
(QFLFORSHGLF %XFXUHúWLS&6-VSGQU'UQUS
9LQWLO 'RQJRUR]RSFLWYRO,9SÌQDFHODúLVHQV9DVLOH3DSDGRSRORSFLWYRO,,S
VFRSXOXLVSHFLDOFHFDOLILF LQWHQ LDvQFD]XOPRGDOLW LLGH LQHULLIDFHFDDFHDVWDV
QXVHDEVRDUE vQPRGQDWXUDOvQFHDDSXQHULLvQFLUFXOD LH
/HJDWGHDFHDVWDVDVXV LQXWF QXHVWHFD]XOV VHGHDYUHXQHIHFWMXULGLF
SR]L LHLVXELHFWLYHDI SWXLWRUXOXLGLQPRPHQWXOSULPLULLYDORULORUKRW UkWRDUHILLQG
SR]L LDVXELHFWLY GLQPRPHQWXOSXQHULLvQFLUFXOD LH
$úDGDUSHFkQGODLQIUDF LXQHDGHIDOVLILFDUHúLODFHDGHSXQHUHvQFLUFXOD LH
SRWILVXELHF LDFWLYLRULFHSHUVRDQHODLQIUDF LXQHDGHGH LQHUHGHPRQHGHVDXDOWH
YDORULIDOVLILFDWHQXSRWILVXELHF LDFWLYLFHLFDUHDXSDUWLFLSDWFDDXWRULFRPSOLFL
VDXLQVWLJDWRULODV YkUúLUHDLQIUDF LXQLLGHIDOVLILFDUH
6XELHFWXO DFWLY DO LQIUDF LXQLL H[DPLQDWH SRDWH IL úL R SHUVRDQ MXULGLF FX
OLPLW ULOHúLvQFRQGL LLOHSUHY ]XWHvQDUW&SHQ
6XELHFWXOSDVLY,QIUDF LXQHDGHIDOVLILFDUHGHPRQHGHVDXGHDOWHYDORULDUH
FD VXELHFW SDVLY HYHQWXDO SH DFHOD FDUH D IRVW LQGXV vQ HURDUH SULPLQG FD YDODELO
PRQHGDVDXWLWOXOGHYDORDUHIDOVLILFDW$FHDVW SHUVRDQ HVWHPDWHULDOSUHMXGLFLDW
6XELHFWXO SDVLY FHUW DO LQIUDF LXQLL HVWH LQVWLWXWXO VDX LQVWLWX LD FDUH D HPLV
PRQHGD VDX WLWOXO GH YDORDUH IDOVLILFDW FDUH HVWH QHYRLW V UHWUDJ WRDWH PRQHGHOH
VDX WLWOXULOH IDOVLILFDWH FDUH DX DMXQV vQ FLUFXLWXO VHUYLFLLORU VDOH SLHU]kQG DVWIHO
FRQWUDYDORDUHDDFHVWRUDúLFDUHPDLHVWHG XQDWúLSULQSLHUGHUHDvQFUHGHULLSXEOLFH
vQYDODELOLWDWHDPRQHGHORUVDXWLWOXULORUGHIHOXOFHORUIDOVLILFDWH(VXILFLHQWV VH
U VSkQGHDVF úWLUHDF VHJ VHVFvQFLUFXOD LHDQXPLWHPRQHGHVDXWLWOXULGHYDORDUH
IDOVLILFDWHSHQWUXFDQHvQFUHGHUHDvQPRQHGHOHVDXWLWOXULOHGHDFHODúLJHQYDODELOH
V GHYLQ JHQHUDO
ÌQFUHGHUHDSXEOLF ILLQGRYDORDUHVRFLDO DWLQJHUHDDFHVWHLDOH]HD] vQWUHDJD
FROHFWLYLWDWHVWkQMHQLQGUHOD LLOHGLQWUHRDPHQLDúDF QLF LHULPDLPXOWFDvQFD]XO
IDOVLILF ULLGHPRQHGHVDXGHYDORULQXDSDUHPDLHYLGHQWF vQRULFHIDSW SHQDO
VXELHFWSDVLYJHQHULFHVWHVRFLHWDWHD
/DWXUDRELHFWLY DLQIUDF LXQLLSULQFLSDOH
&RGXO SHQDO vQ YLJRDUH LQFULPLQHD] IDSWD GH IDOVLILFDUH GH PRQHGH VDX GH
DOWHYDORULvQGLVSR]L LDGLQDUWDOLQ&SHQ$O WXULGHLQFULPLQDUHDIDSWHL
SULQFLSDOHGHÄIDOVLILFDUHGHPRQHGHVDXDOWHYDORUL´FRGXOSHQDOLQFULPLQHD] SULQ
GLVSR]L LDDUWDOLQ&SHQúLIDSWHOHGHULYDWHGLQIDSWDSULQFLSDO úLDQXPH
IDSWD GH SXQHUH vQ FLUFXOD LH D PRQHGHORU VDX YDORULORU IDOVLILFDWH úL IDSWD GH
GH LQHUHGHPRQHGHVDXYDORULIDOVLILFDWHvQYHGHUHDSXQHULLORUvQFLUFXOD LH
$úDGDUGHúLGHQXPLUHDPDUJLQDO QRPHQMXULVDDUW&SHQVHUHIHU
QXPDLODLQFULPLQDUHDSULQFLSDO GLVSR]L LLOHDUWLFROXOXLFRQ LQvQV RSOXUDOLWDWHGH
LQFULPLQ UL FDUH QX GLIHU GHFkW SULQ FRQ LQXWXO ORU vQ VSHFLDO SULQ ODWXUD ORU
PDWHULDO
'LQ WH[WHOH PHQ LRQDWH UH]XOW F VXQW VDQF LRQDWH GRX IDSWH SHQDOH FX
WU V WXULFDUDFWHULVWLFHSURSULLLDUQXRVLQJXU LQIUDF LXQHFRPSOH[ vQFRQ LQXWXO
&RQVWDQWLQ%XWLXF'H LQHUHDúLSXQHUHDvQFLUFXOD LHDYDORULORUIDOVLILFDWH5'3QUSÌQ
VHQVFRQWUDU7M6LELXVHQWSHQQUúLDSXG&RQVWDQWLQ%XWLXF
9DVLOH 3DSDGRSRO 1RW OD G QU $ D &$ %XFXUHúWL V D ,,D SHQ vQ &XOHJHUHD GH SUDFWLF
MXGLFLDU SHQDO D &XU LL GH $SHO %XFXUHúWL SH DQXO (GLWXUD Ä&RQWLQHQW ;;,´ %XFXUHúWL S
$FHDVW RSLQLHDIRVWFULWLFDW GH&RQVWDQWLQ%XWLXFGHRDUHFHRDVHPHQHDLQWHUSUHWDUHHFKLYDOHD] FXRDG XJDUHOD
WH[WXOOHJLLSHQWUXF QRUPDGHLQFULPLQDUHQXFRQGL LRQHD] H[LVWHQ DLQIUDF LXQLLGHGH LQHUHGHYDORULIDOVLILFDWH
vQYHGHUHDSXQHULLvQFLUFXOD LHGHFXQRDúWHUHDvPSUHMXU ULLF VXQWIDOVLILFDWHDWXQFLFkQGHOHVXQWGREkQGLWH
9LQWLO 'RQJRUR]RSFLWYRO,9S
F UHLD LQWU FRQIRUP DUW DOLQ & SHQ FD HOHPHQW VDX FLUFXPVWDQ
DJUDYDQW RDF LXQHVDXLQDF LXQHFDUHFRQVWLWXLHSULQHDvQV úLLQIUDF LXQH
(OHPHQWXOPDWHULDODOLQFULPLQ ULLSULQFLSDOHFRQVW vQDF LXQHDGHIDOVLILFDUH
DXQHLPRQHGHVDXDOWHYDORUL
7HUPHQXO GH IDOVLILFDUH vQVHDPQ DOWHUDUHD DGHY UXOXL vQ XQD GLQ FHOH GRX
RSHUD LXQLSRVLELOHúLDQXPH
± FRQWUDIDFHUH SO VPXLUH DGLF FRQIHF LRQDUH GH PRQHGH VDX GH YDORUL
IDOVHSULQLPLWDUHDPRQHGHLVDXYDORULLDGHY UDWHVDX
± DOWHUDUH SUHIDFHUH DGLF PRGLILFDUHD FRQ LQXWXOXL VDX DVSHFWXOXL XQHL
PRQHGH VDX YDORUL DGHY UDWH vQ VFRSXO GH D FUHD R DSDUHQ QHFRUHVSXQ] WRDUH
DGHY UXOXL
)LHFDUHGLQWUHDFHVWHRSHUD LLSRDWHILHIHFWXDW SULQWURYDULHWDWHGHSURFHGHH
vQFHSkQG GH OD FHOH PDL VLPSOH PDL UXGLPHQWDUH úL VIkUúLQG FX FHOH PDL
FRPSOLFDWH PDL SHUIHF LRQDWH ÌQ FD]XO FHORU GLQWkL IDOVLILFDUHD SRDWH IL
GHVFRSHULW GH RULFH SHUVRDQ PDL DWHQW SH FkQG vQ FD]XO FHORU GLQ XUP HVWH
QHYRLHPDLWRWGHDXQDGHS UHUHDVSHFLDOLúWLORU
0LMORDFHOH GH IDOVLILFDUH VXQW GH DVHPHQHD H[WUHP GH YDULDWH úL IHOXULW
DGDSWDWHvQUDSRUWFXSURFHGHHOHGHIDOVLILFDUHIRORVLWH
1X HVWH QHFHVDU FD LPLWDUHD V ILH SHUIHFW (VWH VXILFLHQW FD LPLWDUHD V ILH
DVWIHO I FXW vQFkW PRQHGD VDX YDORDUHD FRQWUDI FXW GDWRULW DSDUHQ HL GH
DXWHQWLFLWDWHV SRDW ILOXDW vQFRQVLGHUDUHGUHSWRPRQHG VDXYDORDUHDXWHQWLF
$FWLYLW LOH GH IDOVLILFDUH GH FHFXUL LQFULPLQDWH SULQ DUW DOLQ GLQ
&RGXO SHQDO úL GH SXQHUH D DFHVWRUD vQ FLUFXOD LH LQIUDF LXQH LQFULPLQDW SULQ
DOLQHDWXO DO DFHOXLDúL DUWLFRO FRQVWLWXLH vQ XUPD PRGLILF ULORU úL FRPSOHW ULORU
DGXVH&RGXOXLSHQDOSULQ/HJHDQULQIUDF LXQHDGHvQúHO FLXQHSUHY ]XW
vQ DUW DOLQ WH]D , GLQ &RGXO SHQDO SULQ FDUH VH VDQF LRQHD] IDSWD GH
HPLWHUHDXQXLFHFDVXSUDXQHLLQVWLWX LLGHFUHGLWVDXXQHLSHUVRDQHúWLLQGF SHQWUX
YDORULILFDUHDOXLQXH[LVW SURYL]LDVDXDFRSHULUHDQHFHVDU
&HULQ H HVHQ LDOH 0RQHGD VDX YDORDUHD IDOVLILFDW WUHEXLH V FRUHVSXQG
XQHLD GLQWUH PRQHGHOH VDX WLWOXULOH GH YDORDUH DU WDWH vQ GLVSR]L LD GLQ DOLQ DO
DUW&SHQDGLF PRQHG PHWDOLF PRQHG GHKkUWLHWLWOXULGHFUHGLWSXEOLF
FHFXUL WLWOXUL GH RULFH IHO SHQWUX HIHFWXDUHD SO LORU LQVWUXPHQWH GH SODW
HOHFWURQLF HPLVH GH LQVWLWX LL GH FUHGLW FRPSHWHQWH VDX RULFDUH DOWH WLWOXUL RUL
YDORULDVHP Q WRDUH
(QXPHUDUHD GLQ WH[WXO DUW & SHQ GHúL OLPLWDWLY HVWH vQV ODUJ
FXSULQ] WRDUH vQWUXFkW RULFH WLWOX úL RULFH YDORDUH ÄDVHP Q WRDUH´ FHORU GLQ
FRQ LQXWXOHQXPHU ULLYRUILYDODELOHSHQWUXH[LVWHQ DDFHVWHLFHULQ HHVHQ LDOH
3HQWUXFDUDFWHUL]DUHDPRQHGHORUVDXWLWOXULORUGHYDORDUHVHYDDYHDvQYHGHUH
DFWXOQRUPDWLYSULQFDUHVXQWUHJOHPHQWDWH
&HULQ DHVHQ LDO HVWHvQGHSOLQLW úLvQFD]XOFkQGIDOVLILFDUHDDUSULYLPRQHGH
VDXYDORULVWU LQHDUW&SHQ3HQWUXFDUDFWHUL]DUHDYDORULORUVWU LQHVHYD LQH
VHDPD GH UHJLPXO DFHVWRUD vQ DUD UHVSHFWLY 9DORULOH VWU LQH WUHEXLH V ILH GH
QDWXUD FHORU DU WDWH vQ GLVSR]L LD GLQ DOLQ DO DUW & SHQ GDU SRW DYHD
GHQXPLUL GLIHULWH H[ WLWOXUL GH UHQW ERQXUL GH WH]DXU REOLJD LL DOH XQRU
vPSUXPXWXULGHVWDWHWF
&6-VSGQU9DOHULX%RJG QHVFX/HRQLGD3DVWRU$OH[H&RVWDFKH,YDQRY$QWRQ3DQGUHD
(XJHQLD3RSD*KHRUJKH8JOHDQ(OHQD&HDQ,RVLI,RQHVFX9LRULFD5DGX5R]DOLD/D] U3UREOHPHGHGUHSWGLQ
GHFL]LLOH&XU LL6XSUHPHGH-XVWL LH(GLWXUD2UL]RQWXUL%XFXUHúWLS
9LQWLO 'RQJRUR]RSFLWYRO,9S
&6-VSGQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSH
DQXO(GLWXUD-XULV$UJHVVLV&XUWHDGH$UJHúS
'DF SURGXVXOIDOVLILF ULLQXVHvQFDGUHD] vQQLFLXQDGLQWUHYDORULOHDU WDWH
vQDUWDOLQ&SHQDF LXQHDGHIDOVLILFDUHQXFRQVWLWXLHHOHPHQWXOPDWHULDO
DOLQIUDF LXQLLGHIDOVLILFDUHGHPRQHGHVDXGHDOWHYDORUL)DSWDYDSXWHDHYHQWXDO
V VH vQFDGUH]H vQ GLVSR]L LLOH SULYLWRDUH OD IDOVXO vQ vQVFULVXUL GH H[ IDOVLILFDUHD
ELOHWHORUGHWUHQVDXvQFHOHSULYLWRDUHODvQúHO FLXQHGHH[YLQGHUHDXQRUPRQHGH
DQWLFHIDOVLILFDWHGUHSWSLHVHDGHY UDWH
0RQHGHOHVDXWLWOXULOHGHIHOXOFHORUDU WDWHvQDOLQGLQDUW&SHQ
WUHEXLHV VHJ VHDVF vQFLUFXOD LHDGLF V DLE OHJDOSXWHUHDGHDFLUFXOD
$VXSUD XQHL PRQHGH UHWUDVH GLQ FLUFXOD LH VH SRW XQHRUL HIHFWXD RSHUD LL GH
IDOVLILFDUH DOWHUDUH $FHVWH RSHUD LL QX YRU UHDOL]D vQV HOHPHQWXO PDWHULDO DO
LQIUDF LXQLL GH IDOVLILFDUH GH PRQHGH GHFkW DWXQFL FkQG SURGXVXO RSHUD LHL YD
FRUHVSXQGHXQHLPRQHGHDIODWHvQFLUFXOD LH
&HULQ D HVHQ LDO YD IL GH DVHPHQHD vQGHSOLQLW vQ FD]XO IDOVLILF ULL XQHL
PRQHGHRULYDORULUHWUDVHGLQFLUFXOD LHGDUFDUHPDLSRDWHILvQF SUHVFKLPEDW 9D
ILGHDVHPHQHDvQGHSOLQLW FRQGL LDHVHQ LDO vQFD]XOEDQFQRWHORUúWDPSLODWHvQPRG
IUDXGXORVGXS H[SLUDUHDWHUPHQXOXLFkQGWUHEXLDXV ILHSUH]HQWDWHODúWDPSLODUH
3HQWUXPRQHGHOHVDXYDORULOHVWU LQHQXLQWHUHVHD] GDF DFHVWHDVXQWFRWDWH
ODEXUVHOHFDUHIXQF LRQHD] vQVWDWHOHUHVSHFWLYHILLQGVXILFLHQWSHQWUXvQGHSOLQLUHD
FHULQ HLFDHOHV DLE XQFXUVOHJDO
8UPDUHDLPHGLDW WLSLF DDF LXQLLGHIDOVLILFDUHFRQWUDIDFHUHVDXDOWHUDUH
FRQVW vQFUHDUHDXQHLVW ULGHSHULFROSHQWUXUHOD LLOHVRFLDOHRFURWLWHSULQRE LQHUHD
XQHLPRQHGHVDXDXQXLWLWOXGHYDORDUHDSDUHQWDVHP Q WRUFXPRQHGDVDXFXWLWOXO
DF UXLIDOVLILFDUHVDXUP ULW
8UPDUHDLPHGLDW QXVHFRQVLGHU vQV FDILLQGUHDOL]DW DWXQFLFkQGSURGXVXO
IDOVLILF ULL HVWH DWkW GH QHUHXúLW IDOV JURVRODQ vQFkW QLPHQL QX ODU FRQIXQGD FX
PRQHGDVDXFXYDORDUHDDGHY UDW
1X LQWHUHVHD] VXE UDSRUWXO H[LVWHQ HL LQIUDF LXQLL GDF XUPDUHD LPHGLDW
GHULY GLQUHDOL]DUHDXQXLSURGXVXQLFVDXGLQWURSURGXF LHvQVHULH
ÌQ YDULDQWD DJUDYDW SUHY ]XW vQ DOLQ XUPDUHD LPHGLDW FRQVW vQ
SRVLELOLWDWHDSURGXFHULLXQHLSDJXEHLPSRUWDQWHVLVWHPXOXLILQDQFLDUWH]D,VDXvQ
SURGXFHUHDHIHFWLYHDXQHLSDJXEHLPSRUWDQWHVLVWHPXOXLILQDQFLDUWH]D,,
/HJ WXUDGHFDX]DOLWDWH([LVWHQ DXQHLPRQHGHVDXDXQHLYDORULFDUHQXPDL
DSDUHQWSRDWHILOXDW GUHSWRPRQHG VDXRYDORDUHDGHY UDW QXFUHHD] VWDUHDGH
SHULFRO úL QX FRQVWLWXLH GHFL XUPDUHD LPHGLDW D XQHL DF LXQL GH IDOVLILFDUH GHFkW
GDF H[LVW ROHJ WXU GHFDX]DOLWDWHvQWUHDFHDVW DF LXQHúLH[LVWHQ DPRQHGHLVDX
YDORULL DSDUHQW YHULGLF 6H SRDWH GH SLOG FD R PRQHG VDX R YDORDUH DSDUHQW
YHULGLF V ILHSURGXVXOXQHLJUHúHOLV YkUúLWHFXRFD]LDEDWHULLPRQHGHLDGHY UDWH
VDXLPSULP ULLWLWOXOXLGHYDORDUHDGHY UDWLDUQXDOXQHLDF LXQLGHIDOVLILFDUHÌQ
JHQHUHvQSUDFWLF OHJ WXUDGHFDX]DOLWDWHHVWHPDLWRWGHDXQDY GLW úLQXDUHQHYRLH
GHSUREDWRULLVSHFLDOH
ÌQYDULDQWDDJUDYDW SUHY ]XW vQDOLQWH]D,,OHJ WXUDGHFDX]DOLWDWHYD
WUHEXLV ILHGRYHGLW vQWRDWHFD]XULOH
/DWXUDVXELHFWLY DLQIUDF LXQLLSULQFLSDOH
)RUPDGHYLQRY LH$F LXQHDGHIDOVLILFDUHDXQHLPRQHGHVDXDXQHLYDORUL
QX HVWH UHOHYDQW SHQDO GHFkW GDF HVWH V YkUúLW FX YLQRY LH DGLF FX YRLQ úL
LQWHQ LH
/DWXUD VXELHFWLY HVWH DOF WXLW GHFL GLQ YRLQ D I SWXLWRUXOXL GH D HIHFWXD
DF LXQHDGHIDOVLILFDUHGHFRQWUDIDFHUHVDXDOWHUDUHúLLQWHQ LDDFHVWXLDGHDUHDOL]D
9LQWLO 'RQJRUR]RSFLWYRO,9S
76&ROSHQGQU&'S
SULQDFHDDF LXQHRPRQHG VDXRYDORDUHFDUHDSDUHQWV FRUHVSXQG XQHLPRQHGH
VDXYDORULDGHY UDWHDVWIHOvQFkWGDF DUS WUXQGHvQFLUFXOD LDRELúQXLW YDSXWHDIL
SULPLW FDDWDUH
3URSULX]LV QX VH FHUH FD IDOVLILFDWRUXO V IL XUP ULW DQXPH SXQHUHD vQ
FLUFXOD LH D PRQHGHL VDX YDORULL IDOVLILFDWH LQWHQ LH GLUHFW ILLQG VXILFLHQW F HO
úLDGDWVHDPDDSUHY ]XWF DFHVWUH]XOWDWHVWHSRVLELOúLDDFFHSWDWSURGXFHUHDOXL
LQWHQ LHLQGLUHFW
0RELOXO GHWHUPLQDQW úL VFRSXO XUP ULW GH I SWXLWRU QX LQWHUHVHD] SHQWUX
H[LVWHQ DODWXULLVXELHFWLYHúLLPSOLFLWDLQIUDF LXQLLvQV úLGDUGHDFHVWHDVHYD LQH
VHDPD OD VWDELOLUHD JUDGXOXL GH SHULFRO VRFLDO FRQFUHW úL GHFL OD LQGLYLGXDOL]DUHD
SHGHSVHL
ÌQ GRFWULQ VD PDL VXV LQXW úL S UHUHD U PDV L]RODW FRQIRUP F UHLD
LQIUDF LXQHDDQDOL]DW QXVHSRDWHFRPLWHGHFkWFXLQWHQ LHGLUHFW
,QIUDF LXQHDGHIDOVLILFDUHGHPRQHGHVDXGHDOWHYDORULQXSRDWHILV YkUúLW
GLQFXOS
/DWXUDRELHFWLY DLQIUDF LXQLORUGHULYDWH
ÌQ FD]XO LQIUDF LXQLORU GH IDOV GH PRQHGH VDX GH DOWH YDORUL VXE DFHHDúL
GHQXPLUH PRQRPLF úL vQ FXSULQVXO DFHOXLDúL DUWLFRO GLQ FRG DUW & SHQ
VXQWSUHY ]XWHúLLQIUDF LXQLOHGHULYDWHSULYLQGÄSXQHUHDvQFLUFXOD LH´úLÄGH LQHUHD
vQYHGHUHDSXQHULLvQFLUFXOD LH´DPRQHGHORUVDXYDORULORUIDOVLILFDWH
(OHPHQWXO PDWHULDO FRQVW DúDGDU vQ DF LXQHD GH ÄSXQHUH vQ FLUFXOD LH´ úL vQ
DF LXQHDGHÄGH LQHUH´DPRQHGHORUVDXYDORULORUIDOVLILFDWHDU WDWHvQGLVSR]L LDGLQ
DOLQDODUW&SHQ
Ä3XQHUHD vQ FLUFXOD LH´ vQVHDPQ LQWURGXFHUHD PRQHGHORU VDX YDORULORU
IDOVLILFDWHvQVIHUDFLUFXLWXOvQFDUHvQPRGQRUPDOvúLvQGHSOLQHVFIXQF LXQHDORUúL
YDORULOHDGHY UDWH
3XQHUHD vQ FLUFXOD LH SRDWH IL UHDOL]DW SULQ RULFH PLMORDFH RELúQXLWH SO L
GHSXQHULVFKLPEXULH[SHGLHULSRúWDOHHWFVDXSULQDFWHLOLFLWHGHH[VXEVWLWXLUHD
9LQWLO 'RQJRUR]RSFLWYRO,9SÌQDFHODúLVHQV9DVLOH3DSDGRSRORSFLWYRO,,S
2OLYLX$XJXVWLQ6WRLFD'UHSWSHQDO3DUWHDVSHFLDO (GLWXUD'LGDFWLF úL3HGDJRJLF %XFXUHúWLS
2FWDYLDQ/RJKLQvQ2FWDYLDQ/RJKLQ$YUDP)LOLSDú'UHSWSHQDOURPkQ3DUWHDVSHFLDO HGL LHUHYL]XLW &DVD
GHHGLWXU úLSUHV ÄùDQVD´65/%XFXUHúWLS*KHRUJKH1LVWRUHDQXvQ*KHRUJKH1LVWRUHDQX9DVLOH
'REULQRLX $OH[DQGUX %RURL ,OLH 3DVFX ,RDQ 0ROQDU 9DOHULF /D] U 'UHSW SHQDO 3DUWHD VSHFLDO (GLWXUD
(XURSD1RYD%XFXUHúWLS,RDQD9DVLX'UHSWSHQDOURPkQ3DUWHDVSHFLDO YRO,,(GLWXUD$OEDVWU
&OXM1DSRFDS2FWDYLDQ/RJKLQ7XGRUHO7RDGHU'UHSWSHQDOURPkQ3DUWHDVSHFLDO HGL LDD,9D
UHY ]XW úLDG XJLW &DVDGHHGLWXU úLSUHV ùDQVD65/%XFXUHúWLS,OLH3DVFXvQ,OLH3DVFX9DOHULF
/D] U'UHSWXOSHQDO3DUWHDVSHFLDO (GLWXUD/XPLQD/H[%XFXUHúWLS9DVLOH'REULQRLXvQ9DVLOH
'REULQRLX 1LFRODH &RQHD &LSULDQ 5DXO 5RPL DQ &DPLO 7 Q VHVFX 1RUHO 1HDJX 0D[LP 'REULQRLX 'UHSW
SHQDO 3DUWHD VSHFLDO YRO ,, /XPLQD /H[ %XFXUHúWL S +RULD 'LDFRQHVFX 'UHSW SHQDO 3DUWHD
VSHFLDO YRO,,HGL LDDD(GLWXUD$OO%HFN%XFXUHúWLS$OH[DQGUX%RURL*KHRUJKH1LVWRUHDQX
'UHSWSHQDO3DUWHDVSHFLDO HGL LDD,,,D(GLWXUD$OO%HFN%XFXUHúWLS&RVWLF %XODLvQ&RVWLF
%XODL $YUDP )LOLSDú &RQVWDQWLQ 0LWUDFKH ,QVWLWX LL GH GUHSW SHQDO &XUV VHOHFWLY SHQWUX H[DPHQXO GH OLFHQ
HGL LD D ,,,D UHYL]XLW úL DG XJLW (GLWXUD WUHL %XFXUHúWL S 7XGRUHO 7RDGHU 'UHSW SHQDO 3DUWHD
VSHFLDO (GL LDDDUHYL]XLW úLDFWXDOL]DW (GLWXUD+DPDQJLX%XFXUHúWLS
9DOHU 6XLDQ vQ 0DWHL %DVDUDE /XFLD 0ROGRYDQ 9DOHU 6XLDQ 'UHSW SHQDO 3DUWHD VSHFLDO YRO ,,
&OXM1DSRFD S ÌQ VXV LQHUHD DFHVWHL S UHUL VH DUDW F IRUPD GH YLQRY LH HVWH GHWHUPLQDW GH SR]L LD
SVLKLF DI SWXLWRUXOXLID GHUH]XOWDWXODF LXQLLLQDF LXQLLÌQFD]XOLQIUDF LXQLLDQDOL]DWHÄUH]XOWDWXO´QXFRQVW
vQSXQHUHDvQFLUFXOD LHDPRQHGHLVDXYDORULLIDOVLILFDWHFLvQVWDUHDGHSHULFROSHQWUXvQFUHGHUHDSXEOLF $F LXQHD
GH IDOVLILFDUH SURGXFH vQ PRG FHUW XUPDUHD VRFLDOPHQWH SHULFXORDV DU WDW 3H GH DOW SDUWH SUHYHGHUHD úL
DFFHSWDUHD HYHQWXDOLW LL FD PRQHGD RUL YDORDUHD IDOVLILFDW V ILH SXV vQ FLUFXOD LH LPSOLF vQ PRG QHFHVDU
UHSUH]HQWDUHDFHUWLWXGLQLLSURGXFHULLVW ULLGHSHULFROSHQWUXvQFUHGHUHDSXEOLF DVWIHOF LQWHQ LDQXSRDWHILGHFkW
GLUHFW
9LQWLO 'RQJRUR]RSFLWYRO,9S
GH F WUH XQ JHVWLRQDU VDX PDQGDWDU D PRQHGHORU RUL YDORULORU IDOVLILFDWH vQ ORFXO
XQRUDDGHY UDWH
ÌQ HVHQ SXQHUHD vQ FLUFXOD LH QX HVWH GHFkW XQ PRG GH ÄvQOHVQLUH D
YDORULILF ULL´ SURGXVXOXL XQHL LQIUDF LXQL GHFL R YDULDQW D LQIUDF LXQLL GH W LQXLUH
DUW&SHQVDXGHÄDVLJXUDUHDIRORVXOXLVDXSURGXVXOXL´LQIUDF LXQLLGHFLR
YDULDQW DIDYRUL] ULLLQIUDFWRUXOXL±DUWDOLQ&SHQ
3XQHUHD vQ FLUFXOD LH VH HIHFWXHD] vQ JHQHUH SULQ DFWH VXFFHVLYH UHSHWDWH
F S WkQGPDLWRWGHDXQDFDUDFWHUXOGHLQIUDF LXQHFRQWLQXDW
Ä'H LQHUHD´ PRQHGHORU VDX YDORULORU IDOVLILFDWH vQVHDPQ SULPLUHD úL S VWUDUHD
DFHVWRUD LQGLIHUHQW GDF GH LQ WRUXO D GREkQGLW DFHOH PRQHGH VDX YDORUL úL OH GH LQH
SHQWUXHORULGDF LDXIRVWvQFUHGLQ DWHVSUHS VWUDUHúLOHGH LQHSHQWUXDOWXO
'H LQHUHD FD úL SXQHUHD vQ FLUFXOD LH HVWH XQ PRG GH D W LQXL VDX GH D
IDYRUL]DVSHFLDOLQFULPLQDWvQPDWHULDIDOVLILF ULLGHPRQHGHVDXGHDOWHYDORUL
1X LPSRUW SHQWUX H[LVWHQ D ODWXULL RELHFWLYH GDF GH LQHUHD D GXUDW SkQ OD
SXQHUHDvQFLUFXOD LHDPRQHGHORUVDXYDORULORUVDXDDYXWORFQXPDLvQWUXQDQXPLW
LQWHUYDOGHWLPSH[DFWFDúLvQFD]XOW LQXLULLúLIDYRUL] ULL
&HULQ H HVHQ LDOH 3HQWUX FD DF LXQLOH GH ÄSXQHUH vQ FLUFXOD LH´ VDX GH
ÄGH LQHUH´V vQWUHJHDVF ODWXUDRELHFWLY DLQIUDF LXQLLGHULYDWHUHVSHFWLYHWUHEXLH
V ILH vQGHSOLQLW R FHULQ HVHQ LDO FRPXQ DPEHORU DF LXQL 3ULQ XUPDUH
PRQHGHOHVDXYDORULOHIDOVLILFDWHSXVHvQFLUFXOD LHVDXGH LQXWHHVWHQHFHVDUV ILH
GLQFHOHDU WDWHvQGLVSR]L LDGLQDOLQDODUW&SHQ$FHDVW FHULQ HVWHR
FRQVHFLQ ILUHDVF DFDUDFWHUXOXLGHULYDWDODFHVWRULQIUDF LXQL
,QIUDF LXQLOH GHULYDWH GXS FXP DUDW FDOLILFDWLYXO ORU VXQW LQIUDF LXQL
VXEVHFYHQWH FDUH SUHVXSXQ R DOW LQIUDF LXQH DQWHFHGHQW DúD vQFkW FDOLILFDUHD FD
IDSW SHQDO D LQIUDF LXQLORU GHULYDWH GH SXQHUH vQ FLUFXOD LH VDX GH GH LQHUH GH
PRQHGHVDXYDORULIDOVLILFDWHGHSLQGHGHSUHH[LVWHQ DLQIUDF LXQLLGHIDOVLILFDUHGH
PRQHGHVDXGHDOWHYDORUL
&kW YUHPHQXVDV YkUúLWRLQIUDF LXQHGHIDOVLILFDUHGHPRQHGHVDXGHDOWH
YDORULQXVHSRDWHFRQFHSHV YkUúLUHDIDSWHLGHSXQHUHvQFLUFXOD LHVDXDIDSWHLGH
GH LQHUHGHPRQHGHVDXGHDOWHYDORULIDOVLILFDWH
$F LXQHD GH ÄGH LQHUH´ WUHEXLH V ILH V YkUúLW ÄvQ YHGHUHD SXQHULL vQ
FLUFXOD LH´ 1HvQGHSOLQLUHD DFHVWHL FHULQ H vQO WXU FDUDFWHUXO LQIUDF LRQDO DO IDSWHL GH
GH LQHUH 5 VSXQGHUHD SHQDO D GH LQ WRUXOXL LD ILLQ GLQ PRPHQWXO vQ FDUH úLD GDW
VHDPDGHQDWXUDPRQHGHORUVDXYDORULORUSULPLWHRULvQFUHGLQ DWHSHQWUXDOHGH LQHúLGH
VFRSXOGH LQHULLÌQOLSVDFHULQ HLHVHQ LDOHGH LQHUHDYDSXWHDFRQVWLWXLvQV LQIUDF LXQHD
GHIDYRUL]DUHGDF VXQWvQWUXQLWHHOHPHQWHOHDFHVWHLDDUW&SHQ
'H LQHUHD GH PRQHG FX úWLLQ D F HVWH IDOVLILFDW vQ YHGHUHD SXQHULL vQ
FLUFXOD LHFRQVWLWXLHLQIUDF LXQHDSUHY ]XW vQDUWDOLQ&SHQFKLDUGDF
DFHDVWD QX D IRVW SXV vQ FLUFXOD LH ÌQDLQWH GH D vQFHUFD V YkQG PRQHGD
IDOVLILFDW I SWXLWRULLQXDXFRPLVWHQWDWLYDODLQIUDF LXQHDGHvQúHO FLXQHGHRDUHFH
OLSVHúWHDFWXOGHSXQHUHvQH[HFXWDUHDKRW UkULLGHDV YkUúLLQIUDF LXQHDFRQGL LH
SUHY ]XW vQDUW&SHQ6XEDVSHFWXODFHVWHLLQIUDF LXQLGHFLIDSWDDU PDVvQ
ID]DDFWHORUSUHSDUDWRULLQHVDQF LRQDW GHOHJH
8UPDUHDLPHGLDW ÌQFD]XOLQIUDF LXQLLGHSXQHUHvQFLUFXOD LHDPRQHGHORU
VDX YDORULORU IDOVLILFDWH XUPDUHD LPHGLDW FRQVW vQ FUHDUHD XQHL VW UL GH SHULFRO
SHQWUX UHOD LLOH VRFLDOH RFURWLWH GHFXUJkQG GLQ S WUXQGHUHD HIHFWLY D SURGXVHORU
IDOVLILF ULLvQVIHUDFLUFXLWXORSHUD LLORUQRUPDOHGHFUHGLWVDXGHHIHFWXDUHGHSO L
,GHPYRO,9S
,ELGHPYRO,9S
&6-VSGQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSH
DQXORSFLWS
1XHVWHQHYRLHSHQWUXH[LVWHQ DXUP ULLLPHGLDWHFDWRDWHPRQHGHOHVDXYDORULOH
IDOVLILFDWHV ILIRVWSXVHvQFLUFXOD LHILLQGVXILFLHQW FKLDURVLQJXU DF LXQHGHSXQHUH
vQFLUFXOD LHFXRELHFWOLPLWDW8QHRULIDOVLILFDUHDHVWHGHVFRSHULW FKLDUGHODSULPHOH
PRQHGH VDX YDORUL IDOVH SXVH vQ FLUFXOD LH DOWHRUL vQV QXPDL GXS FH LPSRUWDQWH
FDQWLW LGHPRQHGHVDXYDORULIDOVHDXLQWUDWvQFLUFXOD LH
ÌQ FD]XO GH LQHULL PRQHGHORU VDX YDORULORU IDOVH vQ YHGHUHD SXQHULL ORU vQ
FLUFXOD LH XUPDUHD LPHGLDW FRQVW vQ VWDUHD VSHFLDO GH SHULFRO SH FDUH DFHDVW
GH LQHUH R FUHHD] úL R vQWUH LQH FRQVWLWXLQG R DPHQLQ DUH SHQWUX UHOD LLOH VRFLDOH
RFURWLWHGHOHJHDSHQDO SULQLQFULPLQDUHDIDOVLILF ULLGHPRQHGHVDXGHDOWHYDORUL
ÌQ YDULDQWD DJUDYDW SUHY ]XW vQ DOLQ XUPDUHD LPHGLDW FRQVW vQ
SRVLELOLWDWHDSURGXFHULLXQHLSDJXEHLPSRUWDQWHVLVWHPXOXLILQDQFLDUWH]D,VDXvQ
SURGXFHUHDHIHFWLY DXQHLSDJXEHLPSRUWDQWHVLVWHPXOXLILQDQFLDUWH]D,,
3ULQ ÄVLVWHP ILQDQFLDU´ VH vQ HOHJH DQVDPEOXO RSHUD LLORU SULYLQG ILQDQ HOH
VWDWXOXLDVWIHOFXPVXQWUHJOHPHQWDWHvQFRQ LQXWXOIXQF LXQHDúLPHFDQLVPXOORU
SULQGLYHUVHDFWHQRUPDWLYH
$JUDYDQWHOH VH DSOLF DWkW IDOVLILFDWRULORU FkW úL FHORU FDUH SXQ vQ FLUFXOD LH
VDX GH LQ PRQHGH RUL YDORUL IDOVLILFDWH úL LQGLIHUHQW GDF PRQHGHOH VDX YDORULOH
IDOVHVXQWURPkQHúWLVDXVWU LQH
$JUDYDQWD SULYLWRDUH OD VLWXD LD SRWHQ LDOLW LL YLUWXDOH VH DSOLF úL vQ FD] GH
WHQWDWLY GDF VHFRQVWDW F vQLSRWH]DF IDSWDVDUILFRQVXPDWDFHDVWDDUILSXWXW
FDX]DRSDJXE LPSRUWDQW VLVWHPXOXLILQDQFLDU
ÌQOLSVDXQHLQRUPHH[SOLFDWLYHLPSRUWDQ DSDJXEHL±SRWHQ LDOHVDXHIHFWLYH
± FDX]DWH VLVWHPXOXL ILQDQFLDU HVWH R FKHVWLXQH GH IDSW FDUH XUPHD] D IL
GHWHUPLQDW GH OD FD] OD FD] vQ UDSRUW FX SDUWLFXODULW LOH ILHF UHL SULFLQL ÌQ
IRUPXODUHD XQHL DSUHFLHUL HVWH QHFHVDU V VH LQ VHDPD GH QDWXUD SURGXVXOXL RUL
RELHFWXOXLPDWHULDODOLQIUDF LXQLLGHQXP UXOúLYDORDUHDDFHVWRUDGHFRQGL LLOHúL
FLUFXPVWDQ HOH V YkUúLULL IDSWHL GH LPSOLFD LLOH HL GH RUGLQ ILQDQFLDU vQ DU VDX
SHVWH KRWDUH SUHFXP úL RULFH DOWH HOHPHQWH FDUH vQ vPSUHMXU ULOH FD]XOXL FRQFUHW
VDUSXWHDGRYHGLUHOHYDQWH
/HJ WXUDGHFDX]DOLWDWHvQWUHDF LXQHDLQFULPLQDW úLXUPDUHDLPHGLDW WUHEXLH
V H[LVWHúLV ILHGRYHGLW
/DWXUDVXELHFWLY DLQIUDF LXQLORUGHULYDWH
)RUPDGHYLQRY LH)DSWDGHSXQHUHvQFLUFXOD LHDXQRUPRQHGHVDXYDORUL
IDOVLILFDWH FD úL IDSWD GH D GH LQH DVWIHO GH PRQHGH VDX YDORUL QX FRQVWLWXLH R
LQIUDF LXQH GHFkW GDF HVWH V YkUúLW FX YLQRY LH )RUPD GH YLQRY LH QHFHVDU
SHQWUX H[LVWHQ D ODWXULL VXELHFWLYH HVWH LQWHQ LD DGLF úWLLQ D I SWXLWRUXOXL F
PRQHGHOHVDXYDORULOHSHFDUHOHSXQHvQFLUFXOD LHVDXSHFDUHOHGH LQHSHQWUXDIL
SXVH vQ FLUFXOD LH VXQW IDOVLILFDWH úL GHFL SUHYHGHUHD F SULQ V YkUúLUHD DFHVWRU
DF LXQLVHFUHHD] RVWDUHGHSHULFROSHQWUXPHQ LQHUHDvQFUHGHULLSXEOLFHUH]XOWDW
SHFDUHvOXUP UHúWHVDXvODFFHSW
9LQWLO 'RQJRUR]RSFLWYRO,9S
9DVLOH3DSDGRSRORSFLWYRO,,S
9LQWLO 'RQJRUR]RSFLWYRO,9SÌQDFHODúLVHQV9DVLOH3DSDGRSRORSFLWYRO,,S2OLYLX
$XJXVWLQ6WRLFD'UHSWSHQDO3DUWHDVSHFLDO (GLWXUD'LGDFWLF úL3HGDJRJLF %XFXUHúWLS3URIHVRULL
6WRLFDúL'REULQRLXDXVXV LQXWvQV F vQPRGDOLWDWHDGH LQHULLIDSWDH[DPLQDW QXVHSRDWHFRPLWHGHFkWFXLQWHQ LH
GLUHFW 2FWDYLDQ/RJKLQvQ2FWDYLDQ/RJKLQ$YUDP)LOLSDú'UHSWSHQDOURPkQ3DUWHDVSHFLDO HGL LHUHYL]XLW
&DVDGHHGLWXU úLSUHV ÄùDQVD´65/%XFXUHúWLS*KHRUJKH1LVWRUHDQXvQ*KHRUJKH1LVWRUHDQX9DVLOH
'REULQRLX$OH[DQGUX%RURL,OLH3DVFX,RDQ0ROQDU9DOHULF /D] U'UHSWSHQDO3DUWHDVSHFLDO (GLWXUD(XURSD
1RYD %XFXUHúWL S ,RDQD 9DVLX 'UHSW SHQDO URPkQ 3DUWHD VSHFLDO YRO ,, (GLWXUD $OEDVWU
&OXM1DSRFD S 2FWDYLDQ /RJKLQ 7XGRUHO 7RDGHU 'UHSW SHQDO URPkQ 3DUWHD VSHFLDO HGL LD D ,9D
UHY ]XW úLDG XJLW &DVDGHHGLWXU úLSUHV ùDQVD65/%XFXUHúWLS,OLH3DVFXvQ,OLH3DVFX9DOHULF
0RELOXO GHWHUPLQDQW úL VFRSXO XUP ULW GH I SWXLWRU QX LQWHUHVHD] SHQWUX
H[LVWHQ DODWXULLVXELHFWLYHúLLPSOLFLWDLQIUDF LXQLLvQV úLGDUGHDFHVWHDVHYD LQH
VHDPD OD VWDELOLUHD JUDGXOXL GH SHULFRO VRFLDO FRQFUHW úL GHFL OD LQGLYLGXDOL]DUHD
SHGHSVHL
)DSWD V YkUúLW GLQ FXOS QX FRQVWLWXLH LQIUDF LXQH &HO FDUH D SULPLW R
PRQHG IDOV úL I U D FXQRDúWH IDOVLWDWHD DFHVWHLD R UHSXQH vQ FLUFXOD LH QX
V YkUúHúWH R LQIUDF LXQH LDU GDF úLD GDW VHDPD F PRQHGD HVWH IDOV úL WRWXúL R
UHSXQHvQFLUFXOD LHV YkUúHúWHRFRQWUDYHQ LH
$O L DXWRUL FRQVLGHU F LQIUDF LXQLOH GHULYDWH QX VH SRW FRPLWH GHFkW FX
LQWHQ LH GLUHFW ÌQ DFHDVW FRQFHS LH VLQWDJPD ÄvQ YHGHUHD SXQHULL vQ FLUFXOD LH´
UHSUH]LQW R FHULQ HVHQ LDO FDUH DIHFWHD] ODWXUD VXELHFWLY D LQIUDF LXQLL
DQDOL]DWHDYkQGDVWIHOVHQVGHILQDOLWDWHúLQXGHGHVWLQD LH
)RUPH6DQF LXQL
)RUPH ,QIUDF LXQHD GH IDOVLILFDUH GH PRQHGH VDX GH DOWH YDORUL úL
LQIUDF LXQLOH GHULYDWH GH SXQHUH vQ FLUFXOD LH VDX GH GH LQHUH D PRQHGHORU VDX
YDORULORU IDOVLILFDWH ILLQG LQIUDF LXQL GH DF LXQH VXVFHSWLELOH GH D IL UHDOL]DWH SULQ
DFWLYLW LLQIUDF LRQDOHGHGXUDW úLFXGHVI úXUDUHFRPSOH[ SRWSUH]HQWDIRUPHúL
PRGDOLW LGLIHULWHFDUHLPSXQRGLYHUVLILFDUHDUHJLPXOXLVDQF LRQDWRUúLRDWHQ LH
GHRVHELW vQRSHUD LLOHGHLQGLYLGXDOL]DUHMXGHF WRUHDVF DSHGHSVHL
$FWLYLWDWHDLQIUDF LRQDO DWkWvQFD]XOLQIUDF LXQLLSULQFLSDOHGHIDOVLILFDUHD
PRQHGHORU VDX DOWRU YDORUL FkW úL vQ FD]XO LQIUDF LXQLORU GHULYDWH GH SXQHUH vQ
FLUFXOD LHVDXGHGH LQHUHDPRQHGHORURULYDORULORUIDOVLILFDWHSDUFXUJHvQJHQHUH
WRDWHID]HOHXQHLGHVI úXU ULOHQWHSUHJ WLUHH[HFXWDUHFRQVXPDUHúLHSXL]DUH
ÌQSULQFLSLXDFWHOHSUHSDUDWRULLQXVXQWLQFULPLQDWHFDRIRUP DLQIUDF LXQLL
ÌQ FD]XO FkQG VD S úLW vQV OD H[HFXWDUHD DF LXQLL GH IDOVLILFDUH VDX DF LXQLORU
GHULYDWH DFHVWH DFWH VH LQVHUHD] vQ DFWLYLWDWHD LQIUDF LRQDO GHYHQLQG DFWH GH
FRPSOLFLWDWHDQWHULRDU FkQGVXQWHIHFWXDWHGHDOWHSHUVRDQHGHFkWDXWRUXO
&RGXO SHQDO vQ YLJRDUH FD GH DOWIHO PDMRULWDWHD FRGXULORU FDUH QX
LQFULPLQHD] DFWHOHSUHSDUDWRULLSUHYHGHvQV vQGLVSR]L LDGLQDUW&SHQFD
LQIUDF LXQL GH VLQH VW W WRDUH XQHOH IDSWH FDUH DX XQ Y GLW FDUDFWHU GH DFWH GH
SUHJ WLUHvQUDSRUWFXLQIUDF LXQHDGHIDOVLILFDUHGHPRQHGHVDXDOWHYDORUL
ÌQ FHHD FH SULYHúWH LQIUDF LXQHD GH SXQHUH vQ FLUFXOD LH D PRQHGHORU VDX
YDORULORU IDOVLILFDWH PDMRULWDWHD DFWHORU SUHSDUDWRULL VXQW FXSULQVH vQ LQFULPLQDUHD
GH LQHULLGHPRQHGHVDXYDORULIDOVHvQYHGHUHDSXQHULLvQFLUFXOD LHGH LQHFHOFDUH
LQWURGXFH vQ DU PRQHGH VDX YDORUL IDOVLILFDWH vQ VWU LQ WDWH GH LQH FHO FDUH
UHSDUWL]HD] PRQHGHOH VDX YDORULOH IDOVLILFDWH GLYHUúLORU LQGLYL]L FDUH úLDX OXDW
VDUFLQDGHDOHSXQHvQFLUFXOD LHGH LQHFHOFDUHvQDúWHSWDUHDPRPHQWXOXLSULHOQLF
/D] U 'UHSWXO SHQDO 3DUWHD VSHFLDO (GLWXUD /XPLQD /H[ %XFXUHúWL S 9DVLOH 'REULQRLX vQ 9DVLOH
'REULQRLX1LFRODH&RQHD&LSULDQ5DXO5RPL DQ&DPLO7 Q VHVFX1RUHO1HDJX0D[LP'REULQRLX'UHSWSHQDO
3DUWHDVSHFLDO YRO,,/XPLQD/H[%XFXUHúWLS+RULD'LDFRQHVFX'UHSWSHQDO3DUWHDVSHFLDO
YRO,,HGL LDDD(GLWXUD$OO%HFN%XFXUHúWLS$OH[DQGUX%RURL*KHRUJKH1LVWRUHDQX'UHSWSHQDO
3DUWHDVSHFLDO HGL LDD,,,D(GLWXUD$OO%HFN %XFXUHúWL S &RVWLF %XODL vQ &RVWLF %XODL$YUDP
)LOLSDú &RQVWDQWLQ 0LWUDFKH ,QVWLWX LL GH GUHSW SHQDO &XUV VHOHFWLY SHQWUX H[DPHQXO GH OLFHQ HGL LD D ,,,D
UHYL]XLW úLDG XJLW (GLWXUD7UHL%XFXUHúWLS$OH[DQGUX%RURL'UHSWSHQDO3DUWHDVSHFLDO
FXUVXQLYHUVLWDU(GLWXUD&+%HFN%XFXUHúWLS7XGRUHO7RDGHU'UHSWSHQDO3DUWHDVSHFLDO (GL LD
DDUHYL]XLW úLDFWXDOL]DW (GLWXUD+DPDQJLX%XFXUHúWLS
9LQWLO 'RQJRUR]RSFLWYRO,9S
9DOHU 6XLDQ vQ 0DWHL %DVDUDE /XFLD 0ROGRYDQ 9DOHU 6XLDQ 'UHSW SHQDO 3DUWHD VSHFLDO YRO ,,
&OXM1DSRFDS
DUH vQ GHSR]LW PRQHGHOH VDX YDORULOH HWF ,QGLUHFW GHFL UHSULPDUHD DFWHORU GH
SUHJ WLUHHVWHDVLJXUDW
7HQWDWLYDDGLF H[HFXWDUHDDF LXQLLGHIDOVLILFDUHVDXDDF LXQLLGHSXQHUHvQ
FLUFXOD LH RUL GH GH LQHUH D PRQHGHORU VDX YDORULORU IDOVLILFDWH vQFHSXW GDU
vQWUHUXSW VDX U PDV I U UH]XOWDW HVWH SHGHSVLW SRWULYLW GLVSR]L LHL GLQ DUW
DOLQ&SHQ
([LVW WHQWDWLY vQFD]XOIDOVLILF ULLGDF H[HFXWDUHDDF LXQLLGHFRQWUDIDFHUH
VDXGHDOWHUDUHDPRQHGHORUVDXDDOWRUYDORULDIRVWFXUPDW vQDLQWHGHDILDMXQVOD
FDS WGLQFDX]HVWU LQHGHYRLQ DI SWXLWRUXOXLVDXGHúLDIRVWGXV ODFDS WQXDGDW
UH]XOWDWvQVHQVXOF QXVDXRE LQXWPRQHGHVDXYDORULIDOVLILFDWHRULFHOHRE LQXWH
VXQWDWkWGHQHUHXúLWHvQFkWQXSRWILFRQVLGHUDWHFDILLQGFRUHVSXQ] WRDUHYUHXQHL
YDORUL DGHY UDWH úL GHFL SRVLELOLWDWHD XQHL SXQHUL vQ FLUFXOD LH HVWH H[FOXV
QHFLUFXODELOH
'DF QHRE LQHUHD UH]XOWDWXOXL VH GDWRUHD] IDSWXOXL F PLMORDFHOH VDX
PDWHULDOHOH IRORVLWH HUDX LQVXILFLHQWH VDX GHIHFWXRDVH YD H[LVWD WHQWDWLY GLQ
FRQWU GDF PLMORDFHOH VDX PDWHULLOH HUDX FX WRWXO LPSURSULL SHQWUX UHDOL]DUHD
UH]XOWDWXOXLQXYDH[LVWDWHQWDWLY DUWDOLQXOWLP&SHQ
ÌQ FD]XO LQIUDF LXQLL GHULYDWH D SXQHULL vQ FLUFXOD LH H[LVW WHQWDWLY FkQG
DF LXQHDI SWXLWRUXOXLDIRVWGHVFRSHULW vQDLQWHFDHOV ILUHXúLWDSXQHvQFLUFXOD LH
YUHR PRQHG VDXYUHXQWLWOXGHYDORDUHIDOVLILFDWDGLF vQWLPSXOFkQGvQFHUFDV
HIHFWXH]HSXQHUHDvQFLUFXOD LHLDUvQFD]XOLQIUDF LXQLLGHULYDWHDGH LQHULLYDH[LVWD
WHQWDWLYD FkQG DF LXQHD I SWXLWRUXOXL D IRVW GHVFRSHULW vQ PRPHQWXO vQ FDUH
vQFHSXVH V L VH IDF SUHGDUHD PRQHGHORU VDX YDORULORU IDOVH RUL GXS FH HO
DFFHSWDVH SURSXQHUHD GH D SULPL PRQHGHOH VDX YDORULOH SHQWUX D OH GH LQH VDX
WUDQVSRUWDGDUvQDLQWHFDDFHVWHDV LILIRVWUHPLVH
&RQVXPDUHD DUH ORF GLQ PRPHQW FH H[HFXWDUHD DF LXQLORU GH IDOVLILFDUH VDX
GH SXQHUH vQ FLUFXOD LH RUL GH GH LQHUH D PRQHGHORU VDX YDORULORU IDOVLILFDWH VD
GHVI úXUDWSkQ ODFDS WúLVDSURGXVXUPDUHDLPHGLDW
3HQWUX FRQVXPDUHD LQIUDF LXQLL GH IDOVLILFDUH HVWH VXILFLHQW FD R VLQJXU
PRQHG IDOV VDX XQ VLQJXU WLWOX GH YDORDUH IDOV VXVFHSWLELO GH D SXWHD IL SXV vQ
FLUFXOD LHV ILIRVWFRQWUDI FXWVDXDOWHUDW/DIHOSHQWUXFRQVXPDUHDLQIUDF LXQLORU
GHULYDWH HVWH VXILFLHQW FD R VLQJXU PRQHG VDX YDORDUH IDOV V IL IRVW SXV vQ
FLUFXOD LHVDXV ILIRVWGH LQXW vQVFRSXOGHILSXV vQFLUFXOD LH
,QIUDF LXQLOH SUHY ]XWH vQ DUW DOLQ WH]D ,D úL vQ DUW & SHQ VH
FRQVXP vQ PRPHQWXO UHPLWHULL YDORULORU IDOVLILFDWH úL UHVSHFWLY DO SULPLULL FD
SODW D EDQLORU GH OD SHUVRDQD Y W PDW 5HVWLWXLUHD XOWHULRDU D EDQLORU GXS
REVHUYDUHDvQúHO FLXQLLQXDWULEXLHIDSWHORUFDUDFWHUXOGHWHQWDWLY
&XPSHGHRSDUWHLQIUDF LXQHDGHIDOVLILFDUHGHPRQHGHVDXGHDOWHYDORUL
FD úL LQIUDF LXQLOH GH SXQHUH vQ FLUFXOD LH D PRQHGHORU VDX YDORULORU IDOVLILFDWH
FDS W GHFHOHPDLPXOWHRULFDUDFWHUXOGHLQIUDF LXQHFRQWLQXDW úLFXPSHGHDOW
SDUWHGH LQHUHDGHPRQHGHVDXYDORULIDOVLILFDWHFRQVWLWXLHWRWGHDXQDRLQIUDF LXQH
FRQWLQX HVWHvQPRGILUHVFSRVLELO vQFD]XODFHVWRULQIUDF LXQLID]DHSXL] ULL
9LQWLO 'RQJRUR]RSFLWYRO,9S
,GHP YRO ,9 S ÌQ VHQV FRQWUDU 9DVLOH 3DSDGRSRO RS FLW YRO ,, S ÌQ H[SULPDUHD S UHULL
FRQWUDUHUHJUHWDWXOMXGHF WRU9DVLOH3DSDGRSRODVXV LQXWF WHQWDWLYDSUHVXSXQHFXQHFHVLWDWHHIHFWXDUHDXQRUDFWH
GHH[HFXWDUHDDF LXQLLLQFULPLQDWHLDUvQFD]XOÄGH LQHULL´H[HFXWDUHDHVWHGHQHFRQFHSXWI U XQFRQWDFWPDWHULDO
FXEXQXULOHGHVSUHFDUHHVWHYRUED
&6-VSGQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSH
DQXO(GLWXUD-XULV$UJHVVLV&XUWHDGH$UJHúS1XPDLGDF SDUWHDY W PDW F UHLDLVDX
RIHULW VSUH YkQ]DUH FHOH FXSRDQH DJULFROH DU IL REVHUYDW F DFHVWHD VXQW IDOVH úL QX OHDU IL SO WLW IDSWHOH
LQFXOSDWXOXLDUILU PDVvQID]DWHQWDWLYHL
(SXL]DUHD DUH ORF FkQG D vQFHWDW DF LXQHD GH IDOVLILFDUH úL GH HPLWHUH D
PRQHGHORU VDX YDORULORU IDOVH úL UHVSHFWLY FkQG D vQFHWDW DF LXQHD GH SXQHUH vQ
FLUFXOD LHVDXFkQGDXIRVWULGLFDWHGHODGHVWLQDWDULWRDWHSLHVHOHIDOVH
6DQF LXQL 3HGHDSVD SUHY ]XW GH OHJH SHQWUX SHUVRDQD IL]LF vQ FD]XO
IDSWHORUSUHY ]XWHvQDOLQúLHVWHvQFKLVRDUHDGHODODDQLúLLQWHU]LFHUHD
XQRUGUHSWXUL
ÌQ YDULDQWD SUHY ]XW vQ DOLQ SHGHDSVD DSOLFDELO SHUVRDQHL IL]LFH HVWH
vQFKLVRDUHDGHODODDQLúLLQWHU]LFHUHDXQRUGUHSWXULGDF VDUILSXWXWFDX]DR
SDJXE LPSRUWDQW VLVWHPXOXL ILQDQFLDU VDX vQFKLVRDUHD GH OD OD GH DQL úL
LQWHU]LFHUHDXQRUGUHSWXULGDF VDSULFLQXLWHIHFWLYRSDJXE LPSRUWDQW VLVWHPXOXL
ILQDQFLDU
)DOVLILFDUHDGHPRQHGHVDXGHDOWHYDORULFRPLV GHRSHUVRDQ MXULGLF HVWH
VDQF LRQDW FXDPHQGDGHODODOHLSRWULYLWDUWDOLQ&SHQ
'HRDUHFHVXQWSURGXVHSULQLQIUDF LXQHPRQHGHOHúLYDORULOHIDOVLILFDWHSXVH
vQ FLUFXOD LH VDX GH LQXWH vQ YHGHUHD SXQHULL ORU vQ FLUFXOD LH YRU IL VXSXVH
FRQILVF ULLVSHFLDOH
)$/6,),&$5($'(7,0%5(0 5&,6$8'(%,/(7('(75$163257
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDODOLQIUDF LXQLLH[DPLQDWHFRQVW vQUHOD LLOHVRFLDOH
vQVIHUDF URUDHVWHQHFHVDU IRORVLUHDWLPEUHORUP UFLORUúLELOHWHORUGHWUDQVSRUW
3ULQLQFULPLQDUHDIDSWHLGHIDOVLILFDUHGHWLPEUHP UFLVDXELOHWHGHWUDQVSRUW
OHJHDSHQDO DO WXULGHRFURWLUHDGHRUGLQSHQDODS U FLYLOLQWHUHVHOHSHUVRDQHORU
FkW úL SH DFHOHD DOH LQVWLWX LLORU vQV UFLQDWH FX HPLWHUHD úL SXQHUHD vQ FLUFXOD LH D
DFHVWRUYDORULúLGHFLLPSOLFLWDYXWXOSXEOLF
2ELHFWXOPDWHULDO7LPEUHOHP UFLOHVDXELOHWHOHGHWUDQVSRUWIDOVLILFDWHSULQ
FRQWUDIDFHUH FRQVWLWXLH SURGXVXO LQIUDF LXQLL GH IDOVLILFDUH D DFHVWRU YDORUL LDU QX
RELHFWXO ORU PDWHULDO 2ELHFWXO PDWHULDO FRQVW vQ PDWHULDOHOH KkUWLH FHUQHDO
FXORUL JXP HWF FDUH DX VHUYLW OD FRQWUDIDFHUHD SO VPXLUHD WLPEUHORU P UFLORU
VDXELOHWHORU([FHS LRQDOvQFD]XOIDOVLILF ULLSULQDOWHUDUHDWLPEUXOXLP UFLLVDX
ELOHWXOXLDGHY UDWDVXSUDF UXLDVDHIHFWXDWRPRGLILFDUHWLPEUXOPDUFDVDXELOHWXO
IDOVLILFDWHVWHúLRELHFWPDWHULDOúLSURGXVDOIDOVLILF ULLÌQFD]XOIDSWHLGHULYDWHGH
SXQHUHvQFLUFXOD LHDWLPEUHORUP UFLORUVDXELOHWHORUIDOVLILFDWHDFHVWHDFRQVWLWXLH
RELHFWXOPDWHULDODOLQIUDF LXQLL
$FHDVW QRUP GHLQFULPLQDUHHVWHúLFRQVHFLQ DUDWLILF ULLGHF WUH5RPkQLDSULQ'HFUHWXOQU
SXEOLFDWvQ%2IQUGLQD&RQYHQ LHLPRQGLDOHSRúWDOHvQFKHLDW OD%UX[HOOHVOD
9LQWLO 'RQJRUR]RSFLWYRO,9SÌQDFHODúLVHQV*KHRUJKH1LVWRUHDQXvQ*KHRUJKH1LVWRUHDQX
9DVLOH'REULQRLX$OH[DQGUX%RURL,OLH3DVFX,RDQ0ROQDU9DOHULF /D] U'UHSWSHQDO3DUWHDVSHFLDO (GLWXUD
(XURSD1RYD%XFXUHúWLS,RDQD9DVLX'UHSWSHQDOURPkQ3DUWHDVSHFLDO YRO,,(GLWXUD$OEDVWU
&OXM1DSRFDS2FWDYLDQ/RJKLQ7XGRUHO7RDGHU'UHSWSHQDOURPkQ3DUWHDVSHFLDO HGL LDD,9D
UHY ]XW úLDG XJLW &DVDGHHGLWXU úLSUHV ùDQVD65/%XFXUHúWLS,OLH3DVFXvQ,OLH3DVFX9DOHULF
/D] U 'UHSWXO SHQDO 3DUWHD VSHFLDO (GLWXUD /XPLQD /H[ %XFXUHúWL S 9DVLOH 'REULQRLX vQ
9DVLOH 'REULQRLX 1LFRODH &RQHD &LSULDQ 5DXO 5RPL DQ &DPLO 7 Q VHVFX 1RUHO 1HDJX 0D[LP 'REULQRLX
'UHSW SHQDO 3DUWHD VSHFLDO YRO ,, /XPLQD /H[ %XFXUHúWL S $OH[DQGUX %RURL *KHRUJKH
1LVWRUHDQX 'UHSW SHQDO 3DUWHD VSHFLDO HGL LD D ,,,D (GLWXUD $OO %HFN %XFXUHúWLS&RVWLF
%XODL vQ &RVWLF %XODL $YUDP )LOLSDú &RQVWDQWLQ 0LWUDFKH ,QVWLWX LL GH GUHSW SHQDO &XUV VHOHFWLY SHQWUX
H[DPHQXO GH OLFHQ HGL LD D ,,,D UHYL]XLW úL DG XJLW (GLWXUD WUHL %XFXUHúWL S $OH[DQGUX %RURL
'UHSWSHQDO3DUWHDVSHFLDO FXUVXQLYHUVLWDU(GLWXUD&+%HFN%XFXUHúWLS7XGRUHO7RDGHU
'UHSWSHQDO3DUWHDVSHFLDO (GL LDDDUHYL]XLW úLDFWXDOL]DW (GLWXUD+DPDQJLX%XFXUHúWLS
ÌQWURDOW RSLQLHVHFRQVLGHU F H[LVW XQRELHFWPDWHULDOUHSUH]HQWDWGH
YDORULOHDU WDWHOLPLWDWLYvQDUW&SHQWLPEUHP UFLSRúWDOHSOLFXULSRúWDOH
F U LSRúWDOHELOHWHRULIRLGHF O WRULHVDXWUDQVSRUWFXSRDQHU VSXQVLQWHUQD LRQDO
3RWULYLW XQHL S UHULLQWHUPHGLDUHQLFLPDWHULDOHOHKkUWLHFHUQHDO FXORUL
HWF FDUH DX IRVW vQWUHEXLQ DWH OD IDOVLILFDUHD SULQ FRQWUDIDFHUH D YDORULORU
PHQ LRQDWH QX FRQVWLWXLH RELHFWXO PDWHULDO DO LQIUDF LXQLL SHQWUX F FHHD FH HVWH
SHULFXORV SHQWUX VRFLHWDWH úL D IRVW LQFULPLQDW QX HVWH IRORVLUHD ORU FL UH]XOWDWXO
DFHVWHLIRORVLUL(OHVXQWúLU PkQPLMORDFHSULQFDUHVHV YkUúHúWHLQIUDF LXQHDúLQX
RELHFWXODFHVWHLD
$O L DXWRUL SULQ QHDERUGDUHD DFHVWHL FKHVWLXQL FRQVLGHU F LQIUDF LXQHD
H[DPLQDW QXDUHXQRELHFWPDWHULDO
7LPEUHOHVXQWLPSULPDWHGHYDORDUHGHGLPHQVLXQLUHGXVHHPLVHGHVWDWVDX
GHRLQVWLWX LHVSHFLDODXWRUL]DW FDUHVHUYHVFODSODWDXQXLLPSR]LWVDXDXQHLWD[H
0 UFLOHSRúWDOHVXQWWLPEUHHPLVHGHF WUHRUJDQHOHFHQWUDOHSRúWDOHDOHXQHL
UL FDUH DSOLFDWH SH FRUHVSRQGHQ IDF GRYDGD SO LL DQWLFLSDWH D FRVWXOXL
WUDQVSRUWXOXL
3OLFXULOHúLF U LOHSRúWDOHVXQWRELHFWHFRQIHF LRQDWHGLQKkUWLHVDXFDUWRQvQ
FDUH VH SRDWH LQWURGXFH VDX SH FDUH VH SRDWH FRQVHPQD FRUHVSRQGHQ D DYkQG
DSOLFDWHPDUFDSRúWDO FRUHVSXQ] WRDUHFRVWXOXLWUDQVSRUWXOXL
%LOHWHOH RUL IRLOH GH F O WRULH VDX WUDQVSRUW VXQW OHJLWLPD LL HOLEHUDWH FRQWUD
FRVW VDX vQ ED]D XQXL UHJLP SUHIHUHQ LDO VWXGHQ L HOHYL SHQVLRQDUL PLOLWDUL vQ
WHUPHQHWFXWLOL]DWHSHQWUXWUDQVSRUWXOSHFDOHIHUDW DXWRDHULDQQDYDO
&XSRDQHOHU VSXQVLQWHUQD LRQDOUHSUH]LQW XQPLMORFGHSODW VSHFLILFSHQWUX
VFULVRULOH WULPLVH GLQ VWU LQ WDWH &XSRDQHOH VXQW FRQIHF LRQDWH GH %LURXO
,QWHUQD LRQDODO8QLXQLL3RúWDOH8QLYHUVDOHúLSXVHODGLVSR]L LD ULORUPHPEUHFDUH
DXVHPQDW&RQYHQ LDPRQGLDO SRúWDO vQFKHLDW OD%UX[HOOHVODLXOLH
7LPEUHOHP UFLOHVDXELOHWHOHGHWUDQVSRUWIDOVLILFDWHWUHEXLHV ILHGLQWUHFHOH
DIODWHvQPRGOHJDOvQFLUFXOD LHODGDWDV YkUúLULLIDSWHL'DF RDVHPHQHDYDORDUH
FDUH HVWH IDOVLILFDW HUD GHMD VFRDV GLQ FLUFXOD LH úL XOWHULRU HD HVWH YkQGXW XQHL
DOWHSHUVRDQHIDSWDYDSXWHDFRQVWLWXLLQIUDF LXQHDGHvQúHO FLXQHSUHY ]XW vQDUW
DOLQ & SHQ úL QX FHD GH IDOVLILFDUH GH PRQHGH WLPEUH VDX GH DOWH
YDORUL
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU DO DFHVWHL LQIUDF LXQL SRDWH IL RULFH
SHUVRDQ QHILLQGQHYRLHGHYUHRFDOLWDWHVSHFLDO &DúLODIDOVLILFDUHDGHPRQHGH
HVWH vQ JHQHUH QHFHVDU FRRSHUDUHD PDL PXOWRU SHUVRDQH vQ VSHFLDO vQ FD] GH
FRQWUDIDFHUH ILHFDUH I SWXLWRU DYkQG XQ URO GLVWLQFW GH DO FHORUODO L GHVHQDWRU
JUDILFLDQIRWRJUDIHWF$OWHUDUHDSRDWHILvQV HIHFWXDW úLGHRVLQJXU SHUVRDQ
,QIUDF LXQHDGHIDOVLILFDUHGHWLPEUHGHP UFLVDXGHELOHWHGHWUDQVSRUWDUH
FDILUHDVF GHULYD LHIDSWDGHSXQHUHvQFLUFXOD LHDWLPEUHORUP UFLORUVDXELOHWHORU
2OLYLX$XJXVWLQ6WRLFD'UHSWSHQDO3DUWHDVSHFLDO (GLWXUD'LGDFWLF úL3HGDJRJLF %XFXUHúWL
SÌQDFHODúLVHQV9DOHU6XLDQvQ0DWHL%DVDUDE/XFLD0ROGRYDQ9DOHU6XLDQ'UHSWSHQDO3DUWHDVSHFLDO
YRO,,&OXM1DSRFDS
+RULD'LDFRQHVFX'UHSWSHQDO3DUWHDVSHFLDO YRO,,HGL LDDD(GLWXUD$OO%HFN%XFXUHúWL
S&XH[FHS LDPHQ LRQDW úLDFHVWDXWRUHVWHGHDFRUGFXS UHUHDH[SULPDW vQOXFUDUHD([SOLFD LLWHRUHWLFH
9DVLOH 3DSDGRSRO vQ 7HRGRU 9DVLOLX 'RUX 3DYHO *HRUJH $QWRQLX ùWHIDQ 'DQHú *KHRUJKH ' UkQJ
'XPLWUX/XFLQHVFX9DVLOH3DSDGRSRO'XPLWUX&3RSHVFX9LUJLO5 PXUHDQX&RGXOSHQDOURPkQFRPHQWDWúL
DGQRWDW 3DUWHD VSHFLDO YRO ,, (GLWXUD ùWLLQ LILF úL (QFLFORSHGLF %XFXUHúWL S ÌQ DFHODúL VHQV
2FWDYLDQ/RJKLQvQ2FWDYLDQ/RJKLQ$YUDP)LOLSDú'UHSWSHQDOURPkQ3DUWHDVSHFLDO HGL LHUHYL]XLW &DVD
GHHGLWXU úLSUHV ÄùDQVD´65/%XFXUHúWLS
9DVLOH3DSDGRSRORSFLWS
GHWUDQVSRUWIDOVLILFDWH&HLFDUHHIHFWXHD] DF LXQHDGHULYDW VXQWVXELHF LDFWLYLDL
IDSWHLGHSXQHUHvQFLUFXOD LHDWLPEUHORUP UFLORUVDXELOHWHORUGHWUDQVSRUWIDOVH
'DF FHO FDUH D IDOVLILFDW VDX D SDUWLFLSDW OD IDOVLILFDUHD WLPEUHORU P UFLORU HWF
V YkUúHúWH IDSWD GH SXQHUH vQ FLUFXOD LH YD U VSXQGH SHQWUX FRQFXUV GH
LQIUDF LXQL
6XELHFW DFWLY SRDWH IL úL R SHUVRDQ MXULGLF vQ FRQGL LLOH úL FX OLPLW ULOH
DU WDWHvQDUW&SHQ
3DUWLFLSD LDSHQDO HVWHSRVLELO vQWRDWHIRUPHOHVDOHODDPEHOHIDSWHSHQDOH
FRDXWRUDWLQVWLJDUHFRPSOLFLWDWH
6XELHFWXOSDVLY,QIUDF LXQHDGHIDOVLILFDUHGHWLPEUHP UFLVDXGHELOHWHGH
WUDQVSRUWSRDWHDYHDFDVXELHFWSDVLYHYHQWXDOSHDFHODFDUHILLQGLQGXVvQHURDUHD
DFKL]L LRQDW WLPEUH P UFL VDX ELOHWH GH WUDQVSRUW IDOVH FUH]kQGXOH DGHY UDWH
6XELHFWSDVLYFHUWHVWHLQVWLWX LDvQF GHUHDF UHLDHVWHGDW HPLWHUHDúLSXQHUHDvQ
FLUFXOD LH D WLPEUHORU P UFLORU VDX ELOHWHORU GH WUDQVSRUW ([LVWHQ D XQRU WLPEUH
P UFL VDX ELOHWH IDOVH FRQVWLWXLH XQ SHULFRO SHQWUX QRUPDOD FLUFXOD LH D WLPEUHORU
P UFLORU VDX ELOHWHORU YDODELOH LDU vQ P VXUD vQ FDUH YDORULOH IDOVH DX UHXúLW V
S WUXQG vQ VIHUD FLUFXOD LHL LQVWLWX LD UHVSHFWLY HVWH S JXELW FX FRQWUDYDORDUHD
DFHVWRUD
/DWXUDRELHFWLY
)DSWDGHIDOVLILFDUHGHWLPEUHP UFLVDXELOHWHGHWUDQVSRUWHVWHLQFULPLQDW vQ
DUW & SHQ DO WXUL GH IDSWD GHULYDW GH SXQHUH vQ FLUFXOD LH D WLPEUHORU
P UFLORUVDXELOHWHORUIDOVLILFDWH$úDGDUGHQXPLULLPDUJLQDOHPRQRPLFHDDUW
&SHQvLFRUHVSXQGGRX LQFULPLQ ULGLVWLQFWHGDUWRWGHDXQDFRQH[H
'HRDUHFH QX HVWH LQFULPLQDW vQ PRG GLVWLQFW GH LQHUHD GH WLPEUH úL P UFL
IDOVLILFDWH vQ VFRSXO SXQHULL ORU vQ FLUFXOD LH DFHDVWD IDSW YD IL vQFDGUDW úL
VDQF LRQDW FDW LQXLUHVDXFRPSOLFLWDWHODSXQHUHDvQFLUFXOD LHvQUDSRUWFXVLWXD LD
FRQFUHW
(OHPHQWXOPDWHULDO$F LXQHDGHIDOVLILFDUHDWLPEUHORUP UFLORUVDXELOHWHORU
GHWUDQVSRUWFRQVWLWXLHHOHPHQWXOPDWHULDODODFHVWHLIDSWHSULQFLSDOHLDUDF LXQHDGH
SXQHUH vQ FLUFXOD LH IRUPHD] HOHPHQWXO PDWHULDO DO IDSWHL GHULYDWH GH SXQHUH vQ
FLUFXOD LHDYDORULORUIDOVLILFDWH
$F LXQHD GH IDOVLILFDUH VH HIHFWXHD] ILH SULQ FRQWUDIDFHUH SO VPXLUH
FRQIHF LRQDUH LPLWDUH ILH SULQ DOWHUDUH PRGLILFDUHD XQXL WLPEUX XQHL P UFL VDX
XQXLELOHWGHWUDQVSRUWDGHY UDWYDODELOVDXXWLOL]DW
&RQWUDIDFHUHD VH HIHFWXHD] SULQ SURFHGHH úL FX PLMORDFH VLPLODUH FX FHOH
IRORVLWHODIDOVLILFDUHDGHPRQHGHVDXDOWHYDORUL
$OWHUDUHDVHSRDWHHIHFWXDILHSULQUHDGXFHUHDXQHLYDORULFDUHDIRVWXWLOL]DW
GH H[ WLPEUX VDX PDUF úWDPSLODW OD IRUPD VD DQWHULRDU VS ODUH UDGLHUH VDX
UHWXúDUH DELO RSHUDWH ILH SULQ PRGLILFDUHD PHQ LXQLORU SHQWUX D GD XQHL SLHVH
DGHY UDWHRYDORDUHVSRULW GHH[PRGLILFDUHDGHVWLQD LHLvQWURIRDLHGHF O WRULH
VDXDFDQWLW LLP UIXULORUvQWURIRDLHGHWUDQVSRUW
$F LXQHD GH SXQHUH vQ FLUFXOD LH VH SRDWH HIHFWXD vQ RULFH PRG IRORVLUH
SHUVRQDO WUDQVPLWHUHD YDORULORU IDOVLILFDWH DOWRU SHUVRDQH SULQ DP JLUH SUHGDUHD
YDORULORUvQYHGHUHDSXQHULLvQFLUFXOD LHGHF WUHRDWUHLDSHUVRDQ HWF
9LQWLO 'RQJRUR]RSFLWYRO,9SÌQDFHODúLVHQV9DVLOH3DSDGRSRORSFLWS9DOHU6XLDQ
RSFLWYRO,,S
9LQWLO 'RQJRUR]RSFLWYRO,9S
9DVLOH3DSDGRSRORSFLWYRO,,S
9LQWLO 'RQJRUR]RSFLWYRO,9SÌQDFHODúLVHQV9DVLOH3DSDGRSRORSFLWYRO,,S
3XQHUHD vQ FLUFXOD LH D P UFLORU úL WLPEUHORU IDOVLILFDWH QX LPSOLF QHDS UDW
vQúHODUHDEXQHLFUHGLQ HDDOWHLSHUVRDQH2PDUF IDOVLILFDW OLSLW SHRVFULVRDUHFH
DIRVWLQWURGXV vQFXWLDSRúWDO FDúLXQWLPEUXIDOVLILFDWDSOLFDWSHXQDFWH[SHGLDW
SULQSRúW VHFRQVLGHU SXVHvQFLUFXOD LHGHúLvQF QLPHQLQXOHDSULPLWQXOHD
YHULILFDWúLQXDDYXWSRVLELOLWDWHDV REVHUYHIDOVLWDWHDORU6LWXD LDHVWHGLIHULW vQ
FD]XO ELOHWHORU GH F O WRULH úL DO IRLORU GH WUDQVSRUW IDOVLILFDWH D F URU SXQHUH vQ
FLUFXOD LH ILLQG GH QHFRQFHSXW I U SUH]HQWDUHD úL UHPLWHUHD ORU DOWHL SHUVRDQH
SUHVXSXQH vQ PRG QHFHVDU LQGXFHUHD vQ HURDUH D DFHVWHLD úL DFFHSWDUHD ORU FD
DGHY UDWHFKLDUúLQXPDLSHQWUXXQLQWHUYDOGHWLPSIRDUWHVFXUW
&HULQ DHVHQ LDO (VWHQHFHVDUFDYDORDUHDDF UHLIDOVLILFDUHVHV YkUúHúWHV
FRUHVSXQG XQHLYDORULH[LVWHQWHDGLF V SULYHDVF XQWLPEUXRPDUF VDXXQELOHW
GH WUDQVSRUW GLQWUH DFHOHD FDUH H[LVW RILFLDO vQ FLUFXOD LD SXEOLF D DFHVWRU YDORUL
&HULQ DHVHQ LDO QXHVWHvQGHSOLQLW DWXQFLFkQGDF LXQHDGHIDOVLILFDUHVDXDF LXQHD
GHSXQHUHvQFLUFXOD LHSULYHúWHXQWLPEUXRPDUF RULXQELOHWFDUHDIRVWVFRVGLQ
FLUFXOD LHODGDWDV YkUúLULLDFHVWRUDF LXQL$FHODúLOXFUXvQFD]GHIDOVLILFDUHDXQHL
P UFLFDUHQXDUHGHFkWRYDORDUHILODWHOLF
&RQIHF LRQDUHDXQXLWLPEUXP UFLVDXXQXLELOHWGHWUDQVSRUWFDUHQXDUDYHD
RILFLDOXQFRUHVSRQGHQWSULQWUHWLPEUHOHP UFLOHVDXELOHWHOHGHWUDQVSRUWDGHY UDWH
QX FRQVWLWXLH LQIUDF LXQH ILLQGF QX HVWH UH]XOWDWXO XQHL FRQWUDIDFHUL VDX DOWHU UL
DFHVWHDF LXQLQHSXWkQGILV YkUúLWHGHFkWFXSULYLUHODFHYDFHSUHH[LVW
7LPEUXOPDUFDELOHWXOGHWUDQVSRUWHWFWUHEXLHV DLE XQFDUDFWHURILFLDOúL
V ILHGHX]SXEOLFILLQGF QXPDLvQDFHVWIHOYDORULOHUHVSHFWLYHVXQWFRQVLGHUDWHFD
I FkQGSUREDDGHY UXOXLúLLQVSLU SXEOLFXOXLvQFUHGHUH
'HDVHPHQHDIDOVLILFDUHDWUHEXLHV ILHV YkUúLW vQYHGHUHDSURGXFHULLXQRU
YDORUL IDOVH GLQ FHOH HQXPHUDWH vQ DUW & SHQ DGLF WLPEUH P UFL SRúWDOH
SOLFXULúLF U LSRúWDOHELOHWHRULIRLGHF O WRULHVDXWUDQVSRUWúLFXSRDQHU VSXQV
LQWHUQD LRQDOÌQFDGUDUHDYDORULLIDOVLILFDWHvQFDWHJRULLOHHQXPHUDWHvQGLVSR]L LDGLQ
DUW VH YD IDFH LQkQGXVH VHDPD GH DFWHOH QRUPDWLYH FDUH OH SUHY G úL OH
UHJOHPHQWHD]
1XLPSRUW GDF DFHVWHYDORULVXQWURPkQHúWLVDXVWU LQH
)DSWD GHULYDW GH SXQHUH vQ FLUFXOD LH D WLPEUHORU P UFLORU VDX ELOHWHORU GH
WUDQVSRUWIDOVLILFDWHQXSRDWHILFRQFHSXW I U SUHH[LVWHQ DYDORULORUIDOVLILFDWHFDUH
YRUIRUPDRELHFWXOPDWHULDODOLQIUDF LXQLLGHSXQHUHvQFLUFXOD LH)DSWDGHSXQHUH
vQFLUFXOD LHHVWHVXEUDSRUWXOLQFULPLQ ULLGHULYDW GLQLQFULPLQDUHDSULQFLSDO LDU
VXEUDSRUWXOV YkUúLULLVXEVHFYHQW DFHVWHLD
ÌQ VLWXD LD vQ FDUH QX VH V YkUúHúWH GH vQVXúL IDOVLILFDWRUXO SXQHUHD vQ
FLUFXOD LH D XQRU WLPEUH VDX P UFL IDOVLILFDWH FRQVWLWXLH LQIUDF LXQH QXPDL GDF
VXELHFWXO D SULPLW DFHVWH YDORUL vQ GHSOLQ FXQRúWLQ DVXSUD IDOVLW LL ORU &X DOWH
FXYLQWH SXQHUHD vQ FLUFXOD LH D XQRU WLPEUH VDX P UFL IDOVLILFDWH GDU SULPLWH FD
DGHY UDWH QX FDGH VXE LQFLGHQ D OHJLL SHQDOH QLFL DWXQFL FkQG GREkQGLWRUXO
GHVFRSHULQG XOWHULRU IDOVXO OHD LQWURGXV DSRL vQ FLUFXOD LH SHQWUX D HYLWD
SUHMXGLFLXO SH FDUH DU IL WUHEXLW V O VXSRUWH ÌQ DFHVW FD] VDU SXWHD DSOLFD
GLVSR]L LLOHOHJDOHUHIHULWRDUHODLQIUDF LXQHDGHvQúHO FLXQH
8UPDUHDLPHGLDW DIDSWHLSUHY ]XWHvQDUW&SHQFRQVW vQWURVWDUHGH
SHULFRO SHQWUX UHOD LLOH VRFLDOH RFURWLWH DGLF SHQWUX UHOD LLOH ED]DWH SH vQFUHGHUHD
SXEOLF vQ WLPEUHOH P UFLOH VDX ELOHWHOH DIODWH vQ FLUFXOD LH VWDUHD GH SHULFRO
GHFXUJkQGGLQSURGXFHUHDGHWLPEUHIDOVHGHP UFLIDOVHVDXGHELOHWHGHWUDQVSRUW
9DVLOH3DSDGRSRORSFLWYRO,,S
9LQWLO 'RQJRUR]RSFLWYRO,9S
,GHPYRO,9S
9DVLOH3DSDGRSRORSFLWYRO,,S
IDOVH$FHDVWDHVWHUHDOL]DW FKLDUGDF SURGXVXOIDOVLILF ULLQXHVWHGHV YkUúLWILLQG
VXILFLHQW SRVLELOLWDWHDGHDVXUSULQGHvQFUHGHUHDXQRUSHUVRDQH8UPDUHDLPHGLDW
QXHVWHUHDOL]DW FkQGDFHDVW SRVLELOLWDWHOLSVHúWH
/HJ WXUDGHFDX]DOLWDWH&UHDUHDXQHLVW ULGHSHULFROQXFRQVWLWXLHXUPDUHD
LPHGLDW DDF LXQLLGHIDOVLILFDUHFDUHIRUPHD] RELHFWXOPDWHULDODOLQIUDF LXQLLGH
IDOVLILFDUH GH WLPEUH GH P UFL VDX GH ELOHWH GH WUDQVSRUW GHFkW GDF vQWUH DFHD
DF LXQHúLSURGXFHUHDVW ULLGHSHULFROH[LVW ROHJ WXU GHFDX]DOLWDWH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH3HQWUXH[LVWHQ DLQIUDF LXQLLGHIDOVLILFDUHGHWLPEUHGH
P UFLVDXGHELOHWHGHWUDQVSRUWFDúLSHQWUXH[LVWHQ DIDSWHLGHULYDWHGHSXQHUHvQ
FLUFXOD LH GH YDORUL IDOVLILFDWH VH FHUH VXE UDSRUWXO ODWXULL VXELHFWLYH V H[LVWH
YLQRY LHvQIRUPDLQWHQ LHGLUHFW VDXLQGLUHFW
0RELOXO GHWHUPLQDQW úL VFRSXO XUP ULW GH I SWXLWRU QX LQWHUHVHD] SHQWUX
H[LVWHQ DODWXULLVXELHFWLYHúLLPSOLFLWDLQIUDF LXQLLvQV úLGDUGHDFHVWHDVHYD LQH
VHDPD OD VWDELOLUHD JUDGXOXL GH SHULFRO VRFLDO FRQFUHW úL GHFL OD LQGLYLGXDOL]DUHD
SHGHSVHL
ÌQGRFWULQ VDPDLVXV LQXWúLS UHUHDFXFDUHQXVXQWHPGHDFRUGúLFDUH
GHDOWIHO D U PDV L]RODW FRQIRUP F UHLD LQIUDF LXQHD DQDOL]DW QX VH SRDWH FRPLWH
GHFkWFXLQWHQ LHGLUHFW
)DSWHOHV YkUúLWHGLQFXOS QXFRQVWLWXLHLQIUDF LXQH'DF RSHUVRDQ ILHGLQ
FXOS ILHGLQFDX]DXQHLLQGXFHULvQHURDUHDFRQWULEXLWODIDOVLILFDUHDGHYDORULRUL
OD SXQHUHD ORU vQ FLUFXOD LH VH YRU DSOLFD GLVSR]L LLOH GH OD SDUWLFLSD LD LPSURSULH
DUW&SHQ
)RUPH6DQF LXQL
)RUPH,QIUDF LXQHDGHIDOVLILFDUHGHWLPEUHP UFLVDXELOHWHGHWUDQVSRUWFD
úL LQIUDF LXQHD GHULYDW GH SXQHUH vQ FLUFXOD LH D YDORULORU IDOVLILFDWH VXQW
LQIUDF LXQLGHDF LXQHFRPLVLYHDúDvQFkWDFWLYLW LOHLQIUDF LRQDOHSULQFDUHVXQW
UHDOL]DWHSRWSDUFXUJHWRDWHID]HOHXQHLGHVI úXU ULGHGXUDW
$FWHOH SUHSDUDWRULL VXQW SRVLELOH vQ FD]XO DPEHORU LQIUDF LXQL GDU QX VXQW
SHGHSVLWH FD DWDUH ÌQ FD] GH vQFHSHUH D H[HFXW ULL HOH SRW GHYHQL DFWH GH
FRPSOLFLWDWHDQWHULRDU GDF VXQWFRPLVHGHDOW SHUVRDQ GHFkWDXWRUXO
6XQW vQV LQFULPLQDWH FD LQIUDF LXQH GH VLQH VW W WRDUH IDSWHOH GH IDEULFDUH
VDXGHGH LQHUHGHLQVWUXPHQWHVDXPDWHULDOHvQVFRSXOGHDVHUYLODIDOVLILFDUHDGH
9LQWLO 'RQJRUR] RS FLW YRO ,9 S ÌQ DFHODúL VHQV 9DVLOH 3DSDGRSRO RS FLW YRO ,, S
2OLYLX$XJXVWLQ6WRLFD'UHSWSHQDO3DUWHDVSHFLDO (GLWXUD'LGDFWLF úL3HGDJRJLF %XFXUHúWLS
2FWDYLDQ/RJKLQvQ2FWDYLDQ/RJKLQ$YUDP)LOLSDú'UHSWSHQDOURPkQ3DUWHDVSHFLDO HGL LHUHYL]XLW &DVD
GHHGLWXU úLSUHV ÄùDQVD´65/%XFXUHúWLS*KHRUJKH1LVWRUHDQXvQ*KHRUJKH1LVWRUHDQX9DVLOH
'REULQRLX $OH[DQGUX %RURL ,OLH 3DVFX ,RDQ 0ROQDU 9DOHULF /D] U 'UHSW SHQDO 3DUWHD VSHFLDO (GLWXUD
(XURSD1RYD%XFXUHúWLS,RDQD9DVLX'UHSWSHQDOURPkQ3DUWHDVSHFLDO YRO,,(GLWXUD$OEDVWU
&OXM1DSRFDS2FWDYLDQ/RJKLQ7XGRUHO7RDGHU'UHSWSHQDOURPkQ3DUWHDVSHFLDO HGL LDD,9D
UHY ]XW úLDG XJLW &DVDGHHGLWXU úLSUHV ùDQVD65/%XFXUHúWLS,OLH3DVFXvQ,OLH3DVFX9DOHULF
/D] U 'UHSWXO SHQDO 3DUWHD VSHFLDO (GLWXUD /XPLQD /H[ %XFXUHúWL S 9DVLOH 'REULQRLX vQ
9DVLOH 'REULQRLX 1LFRODH &RQHD &LSULDQ 5DXO 5RPL DQ &DPLO 7 Q VHVFX 1RUHO 1HDJX 0D[LP 'REULQRLX
'UHSWSHQDO3DUWHDVSHFLDO YRO,,/XPLQD/H[%XFXUHúWLS+RULD'LDFRQHVFX'UHSWSHQDO3DUWHD
VSHFLDO YRO,,HGL LDDD(GLWXUD$OO%HFN%XFXUHúWLS$OH[DQGUX%RURL*KHRUJKH1LVWRUHDQX
'UHSWSHQDO3DUWHDVSHFLDO HGL LDD,,,D(GLWXUD$OO%HFN%XFXUHúWLS&RVWLF %XODLvQ&RVWLF
%XODL $YUDP )LOLSDú &RQVWDQWLQ 0LWUDFKH ,QVWLWX LL GH GUHSW SHQDO &XUV VHOHFWLY SHQWUX H[DPHQXO GH OLFHQ
HGL LDD,,,DUHYL]XLW úLDG XJLW (GLWXUD7UHL%XFXUHúWLS$OH[DQGUX%RURLRSFLWS7XGRUHO
7RDGHURSFLWS
9DOHU6XLDQRSFLWYRO,,S
WLPEUH GH P UFL VDX GH ELOHWH GH WUDQVSRUW $FHVWH IDSWH DX FDUDFWHUXO GH DFWH
SUHSDUDWRULLDUW&SHQ
7HQWDWLYD H[LVW DWXQFL FkQG H[HFXWDUHD DF LXQLL GH IDOVLILFDUH D WLPEUHORU
P UFLORUVDXELOHWHORUDvQFHSXWGDUDIRVWvQWUHUXSW VDXDU PDVI U UH]XOWDWGLQ
FDX]HLQGHSHQGHQWHVWU LQHGHYRLQ DI SWXLWRUXOXLVDXI SWXLWRULORU
6HFRQVLGHU FDU PDV I U UH]XOWDWúLH[HFXWDUHDFDUHQXDUHXúLWV SURGXF
YDORULVXVFHSWLELOHGHDILSXVHvQFLUFXOD LHFDUHQXDYHDXSRWHQ LDODSWLWXGLQHDGHD
UHDOL]DXUPDUHDLPHGLDW
ÌQ FD]XO LQIUDF LXQLL GHULYDWH GH SXQHUH vQ FLUFXOD LH D YDORULORU IDOVLILFDWH
H[LVW WHQWDWLY FkQGI SWXLWRUXODIRVWvPSLHGLFDWV GHV YkUúHDVF DF LXQHDOXLGHD
SXQH vQ FLUFXOD LH VDX FkQG D vQFHUFDW GDU QX D UHXúLW V GHWHUPLQH SH DO LL V
DFFHSWHYDORULOHSHFDUHOHRIHUHD
&RQVXPDUHD DUH ORF vQ PRPHQWXO vQ FDUH SULPD YDORDUH IDOVLILFDW
VXVFHSWLELO GH D IL SXV vQ FLUFXOD LH D IRVW SURGXV vQ FD]XO LQIUDF LXQLL GH
IDOVLILFDUH úL vQ PRPHQWXO vQ FDUH XQD GLQWUH YDORULOH IDOVLILFDWH D IRVW FX úWLLQ
LQWURGXV vQ FLUFXOD LD YDORULORU DGHY UDWH vQ FD]XO LQIUDF LXQLL GH SXQHUH vQ
FLUFXOD LH
&kQG SURGXVXO DF LXQLL GH IDOVLILFDUH HVWH HYLGHQW QHVXVFHSWLELO GH D FLUFXOD
IDOV JURVRODQ QX H[LVW IDSW FRQVXPDW FL R WHQWDWLY LDU GDF YDORDUHD
IDOVLILFDW vQDWDUHFRQGL LLDUILWRWXúLDFFHSWDW GHYUHXQQHFXQRVF WRUIDSWDQXYD
FRQVWLWXL LQIUDF LXQHD GH SXQHUH vQ FLUFXOD LH GH YDORUL IDOVH FL R vQúHO FLXQH
SRWULYLWGLVSR]L LHLDUW&SHQ
ÌQ FD]XO IDOVLILF ULL YDORULORU SULQ FRQWUDIDFHUH DF LXQHD GH IDOVLILFDUH SRDWH
FRQWLQXD úL GXS RE LQHUHD SULPHORU YDORUL IDOVLILFDWH DúD vQFkW H SRVLELO IRUPD
LQIUDF LXQLL FRQWLQXDWH úL GHFL ID]D HSXL] ULL FDUH YD vQFHWD FkQG FRQWUDIDFHUHD vQ
VHULHYDOXDVIkUúLW
'H DVHPHQHD vQ FD]XO FkQG YDORULOH IDOVLILFDWH VXQW QXPHURDVH DF LXQHD GH
SXQHUH vQ FLUFXOD LH V YkUúLW GH R SHUVRDQ YD SXWHD F S WD FDUDFWHUXO GH
LQIUDF LXQHFRQWLQXDW úLYDDMXQJHODID]DHSXL] ULLFDUHYDvQFHWDDWXQFLFkQGQX
YRUPDLH[LVWDYDORULIDOVHFDUHDUSXWHDILSXVHvQFLUFXOD LHVDXWHUPLQDWRULDX
IRVWGHVFRSHULWHúLULGLFDWHGHRUJDQHOHGHXUP ULUHSHQDO
6DQF LXQL'HúLDPEHOHLQIUDF LXQLVHVDQF LRQHD] SRWULYLWDUW&SHQ
FXDFHHDúLSHGHDSV ±vQFKLVRDUHOXQLODDQL±SDULILFDUHOHJDO MXGHF WRUXOYD
SXWHD vQ FDGUXO RSHUD LHL GH LQGLYLGXDOL]DUH MXGLFLDU D SHGHSVHL V DSOLFH R
SHGHDSV GLIHULW vQUDSRUWGHvPSUHMXU ULOHvQFDUHVDFRPLVIDSWDFRQFUHW
3HUVRDQD MXULGLF VH VDQF LRQHD] FX DPHQGD GH OD OD OHL ±
DUWDOLQ&SHQ
)$/6,),&$5($'(9$/25,675 ,1(
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDOHVWHLGHQWLFFXFHODOLQIUDF LXQLORUSUHY ]XWHvQDUW
&SHQúL&SHQ
7H[WXODUW&SHQDIRVWLQVWURGXVvQ&RGXOSHQDOURPkQDYkQGvQYHGHUH
SUHYHGHULOH&RQYHQ LHLGHOD*HQHYDGLQDSULOLHVHPQDW GH5RPkQLDSULQ
FDUH IDOVLILFDUHD GH PRQHG HVWH FRQVLGHUDW R LQIUDF LXQH GH QDWXU V DGXF
DWLQJHUHXQRUYDORULFXFDUDFWHUXQLYHUVDO,QFULPLQDUHDDFHVWHLIDSWHUHSUH]LQW XQ
9LQWLO 'RQJRUR]RSFLWYRO,9S
DVSHFWDODVLVWHQ HLMXGLFLDUHSHFDUH DUDQRDVWU RDFRUG FHORUODOWHVWDWHvQOXSWD
FRQWUDLQIUDF LXQLORU
3ULQ DUW & SHQ VH LQFULPLQHD] DFHOHDúL IDSWH UHVSHFWLY IDOVLILFDUHD
SXQHUHD vQ FLUFXOD LH VDX GXS FD] GH LQHUHD vQ YHGHUHD SXQHULL vQ FLUFXOD LH
SUHY ]XWH vQ DUW úL & SHQ vQ VLWXD LD FkQG VXQW FRPLVH vQ OHJ WXU FX
PRQHGHDOHDOWRUVWDWHFXWLWOXULGHFUHGLWSXEOLFFHFXULWLWOXULGHRULFHIHOSHQWUX
HIHFWXDUHD SO LORU LQVWUXPHQWH GH SODW HOHFWURQLF DOWH WLWOXUL RUL YDORUL
DVHP Q WRDUHWLPEUHP UFLSRúWDOHSOLFXULSRúWDOHF U LSRúWDOHúLELOHWHRULIRLGH
F O WRULHVDXWUDQVSRUWHPLVHvQDOW DU
2ELHFWXO PDWHULDO ILLQG UHODWLY DVHP Q WRU FX DO FHORUODOWH GRX LQIUDF LXQL
DQWHULRDUHWULPLWHPODDQDOL]DI FXW DFHVWRUD
(VWH QHFHVDU FD PRQHGD VWU LQ IDOVLILFDW V DLE FXUV OHJDO vQ DUD
UHVSHFWLY DúDFXPPRQHGDURPkQHDVF FRQWUDI FXW RULDOWHUDW WUHEXLHV DLE
FXUVOHJDOvQ5RPkQLD7LWOXULOHWLPEUHOHVDXFHOHODOWHYDORULIDOVLILFDWHWUHEXLHV
ILH GLQWUH FHOH DIODWH vQ FLUFXOD LH OD GDWD FRPLWHULL IDSWHL ÌQ FD] FRQWUDU YRU IL
LQFLGHQWH GLVSR]L LLOH UHIHULWRDUH OD vQúHO FLXQH GDF VXQW vQWUXQLWH úL FHOHODOWH
FRQGL LLGHLQFULPLQDUHSUHY ]XWHvQDUW&SHQ
([SOLFD LLOHDQWHULRDUHGDWHFXSULYLUHODVXELHF LLLQIUDF LXQLORUSUHY ]XWHvQ
DUW&SHQúL&SHQVXQWYDODELOHúLSHQWUXIDOVLILFDUHDGHYDORULVWU LQH
3HQWUX DSOLFDUHD GLVSR]L LLORU GLQ DUW & SHQ QX LQWHUHVHD] GDF
PRQHGHOHWLPEUHOHRULFHOHODOWHYDORULVWU LQHDXIRVWIDOVLILFDWHSXVHvQFLUFXOD LH
VDXGXS FD]GH LQXWHVSUHDILSXVHvQFLUFXOD LHvQ5RPkQLDVDXSHWHULWRULXODOWXL
VWDW'HDVHPHQHDQXSUH]LQW LQWHUHVQLFLGDF IDSWDDIRVWFRPLV GHXQFHW HDQ
URPkQGHRSHUVRDQ I U FHW HQLHVDXGHXQFHW HDQVWU LQ
([SOLFD LLOHGDWHODLQIUDF LXQLOHSUHY ]XWHvQDUW&SHQúL&SHQ
FX SULYLUH OD ODWXUD RELHFWLY úL VXELHFWLY SUHFXP úL FHOH UHIHULWRDUH OD IRUPHOH
PRGDOLW LOH úL VDQF LXQLOH DFHVWRUD VXQW YDODELOH úL vQ FD]XO IDOVLILF ULL GH YDORUL
VWU LQH
'( ,1(5($'(,167580(17(Ì19('(5($)$/6,),& 5,,'(9$/25,
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDODOLQIUDF LXQLLGHGH LQHUHGHLQVWUXPHQWHvQYHGHUHD
IDOVLILF ULL GH YDORUL HVWH OD UkQGXO V X VLPLODU FX DFHOD DO LQIUDF LXQLORU GH
IDOVLILFDUHOHJHDRFURWLQGSULQLQFULPLQDUHDDFHVWHLIDSWHDFHOHDúLUHOD LLVRFLDOHvQ
IRUPDUHD úL GHVI úXUDUHD F URUD HVWH DSURDSH LQHYLWDELO IRORVLUHD GH PRQHGH
WLWOXULWLPEUHVDXDOWHYDORULúLWRWGHDXQDLQGLVSHQVDELO vQFUHGHUHDvQYDODELOLWDWHD
DFHVWRUD
ÌQHVHQ IDSWDGHGH LQHUHGHLQVWUXPHQWHVDXPDWHULDOHvQVFRSXOGHDVHUYL
OD IDOVLILFDUHD GH PRQHGH WLPEUH VDX DOWH YDORUL DUH FDUDFWHUXO GH DF LXQH
SUHJ WLWRDUH ID GH LQIUDF LXQLOH GH IDOVLILFDUH GH YDORUL FDUDFWHU FDUH UH]XOW DWkW
GLQvQV úLQDWXUDLQVWUXPHQWHORUúLPDWHULDOHORUGH LQXWHFDUHVXQWVXVFHSWLELOHGHD
VHUYL OD V YkUúLUHD GH IDOVXUL FkW úL GLQ GHVWLQD LD vQ YHGHUHD F UHLD VXQW GH LQXWH
DFHVWH LQVWUXPHQWH VDX PDWHULDOH )DSWD GH D GH LQH LQVWUXPHQWH úL PDWHULDOH
GHVWLQDWH D VHUYL OD IDOVLILFDUHD GH YDORUL VDX WLWOXUL FRQVWLWXLH R LQIUDF LXQH PLMORF
ID GHLQIUDF LXQLOHVFRSFRUHOD LH
,QFULPLQDUHDDFHVWHLIDSWHVHMXVWLILF WRFPDLSHPRWLYXOF RULFHIDSW FDUH
VHUYHúWHGHPLMORFSHQWUXV YkUúLUHDXQHLLQIUDF LXQLvPSUXPXW vQPRGILUHVFGHOD
9DVLOH3DSDGRSRORSFLWYRO,,S
LQIUDF LXQHD VFRS FDUDFWHUXO GH IDSW VRFLDO SHULFXORDV vPSRWULYD F UHLD GHYLQ
QHFHVDUHVDQF LXQLOHGUHSWXOXLSHQDO
)D GH DFHVW FDUDFWHU DO IDSWHL GH GH LQHUH GH LQVWUXPHQWH vQ VFRSXO
IDOVLILF ULLGHYDORULGHúLQXDSDU LQHJUXSXOXLLQIUDF LXQLORUGHIDOVWRWXúLGDWRULW
VWUkQVHL VDOH FRQH[LW L FX DFHVWH LQIUDF LXQL D WUHEXLW FD GLVSR]L LD FDUH R
LQFULPLQHD] V ILHDúH]DW vQJUXSXOLQIUDF LXQLORUSULYLQGIDOVLILFDUHDGHPRQHGH
WLPEUHVDXDOWHYDORUL
)DSWD GH LQHULL GH LQVWUXPHQWH HVWH GLQ SXQFWXO GH YHGHUH DO LQFULPLQ ULLR
LQIUDF LXQHGHULYDW ID GHLQFULPLQ ULOHGLQDUW&SHQúLDUW&SHQvQ
VFKLPE GLQ SXQFWXO GH YHGHUH DO V YkUúLULL HVWH R IDSW DQWHULRDU IDSWHORU GH
IDOVLILFDUH
2ELHFWXO PDWHULDO ,QIUDF LXQHD H[DPLQDW DUH FD RELHFW PDWHULDO vQVHúL
LQVWUXPHQWHOH VDX PDWHULDOHOH GH LQXWH ÌQ FD]XO IDEULF ULL GH LQVWUXPHQWH DFHVWH
LQVWUXPHQWHGHúLVXQWSURGXVXORSHUD LHLGHIDEULFDUHFRQVWLWXLHvQV SULQVXEVWDQ D
ORURELHFWXOPDWHULDODOLQIUDF LXQLLGHGH LQHUH
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU DO LQIUDF LXQLL H[DPLQDWH SRDWH IL RULFH
SHUVRDQ &kQG I SWXLWRUXO DUH YUHR FDOLWDWH VDODULDW WHKQLFLDQ FKLPLVW HWF úL
DFHDVW FDOLWDWHDFRQWULEXLWODV YkUúLUHDLQIUDF LXQLLHDYDFRQVWLWXLRvPSUHMXUDUH
DJUDYDQW
6XELHFW DFWLY DO LQIUDF LXQLL H[DPLQDWH SRDWH IL úL R SHUVRDQ MXULGLF vQ
FRQGL LLOHúLFXOLPLW ULOHDU WDWHvQDUW&SHQ
/D V YkUúLUHD IDSWHL SRW FRQWULEXL FD VXELHF L DFWLYL PDL PXO L I SWXLWRUL
SDUWLFLSDQ LFRDXWRULLQVWLJDWRULFRPSOLFL$FHOHDúLLQVWUXPHQWHVDXPDWHULDOHSRW
ILGH LQXWHVXFFHVLYGHGLIHULWHSHUVRDQH&XQRVFkQGILHFDUHVFRSXOGH LQHULLWRDWH
DFHVWHSHUVRDQHYRUILVXELHF LDFWLYLDLLQIUDF LXQLL
3HUVRDQDFDUHDFRQIHF LRQDWIDEULFDWLQVWUXPHQWXOSHFDUHODUHPLVDOWXLDVSUH
DOGH LQHHVWHVXELHFWDFWLYQHPLMORFLWDXWRUFRQIHF LRQDUHDLPSOLFkQGGH LQHUH
&kQG IDEULFDUHD XQXL LQVWUXPHQW VDX SUHSDUDUHD XQRU PDWHULDOH QHFHVDUH
IDOVLILF ULL VDU HIHFWXD FKLDU vQ WLPSXO GHVI úXU ULL DF LXQLL GH IDOVLILFDUH GH
PRQHGH WLPEUH HWF SHUVRDQD FDUH D IDEULFDW LQVWUXPHQWXO VDX D SUHSDUDW
PDWHULDOHOH YD U VSXQGH FD SDUWLFLSDQW OD LQIUDF LXQHD GH IDOVLILFDUH LDU QX SHQWUX
LQIUDF LXQHDSUHDODELO GHÄGH LQHUHGHLQVWUXPHQWHVDXPDWHULDOH«´
6XELHFWXOSDVLY,QIUDF LXQHDGHGH LQHUHGHLQVWUXPHQWHvQYHGHUHDIDOVLILF ULL
GH YDORUL DUH FD VXELHFW SDVLY VWDWXO &kQG LQVWUXPHQWHOH VDX PDWHULDOHOH DX IRVW
IRORVLWH OD V YkUúLUHD YUHXQHL IDOVLILF UL LQIUDF LXQHD GH GH LQHUH YD SXWHD DYHD
HYHQWXDOFDSHUVRDQ Y W PDW SHVXELHFWXOSDVLYDOLQIUDF LXQLLGHIDOVLILFDUHGH
YDORULWLWOXULHWFODV YkUúLUHDF UHLDYRUILVHUYLWDFHOHLQVWUXPHQWHVDXPDWHULDOH
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDODODFHVWHLLQFULPLQ ULFRQVW vQDF LXQHDGHIDEULFDUHGH
LQVWUXPHQWHRULPDWHULDOHVDXvQDF LXQHDGHGH LQHUHDDFHVWRUD
3ULQ ÄIDEULFDUH´ VH vQ HOHJH FRQIHF LRQDUHD SURGXFHUHD VDX DGDSWDUHD vQ
FD]XO LQVWUXPHQWHORU úL SUHSDUDUHD SUHOXFUDUHD VDX GHFRQWDUHD vQ FD]XO
PDWHULDOHORU1XLPSRUW GDF IDEULFDUHDHVWHFRPSOHW VDXSDU LDO
9LQWLO 'RQJRUR] vQ 9LQWLO 'RQJRUR] 6LHJIULHG .DKDQH ,RQ 2DQFHD ,RVLI )RGRU 1LFROHWD ,OLHVFX
&RQVWDQWLQ %XODL 5RGLFD 6W QRLX 9LFWRU 5RúFD ([SOLFD LL WHRUHWLFH DOH &RGXOXL SHQDO URPkQ YRO ,9 (GLWXUD
$FDGHPLHL5RPkQH%XFXUHúWLS
9LQWLO 'RQJRUR]RSFLWYRO,9S
,GHPYRO,9S
1R LXQHDGHIDEULFDUHLPSOLFkQGQXQXPDLRDFWLYLWDWHIL]LF GHFRQIHF LRQDUH
D XQRU LQVWUXPHQWH VDX GH SUHSDUDUH D XQRUPDWHULDOHGDUúLRE LQHUHDSURGXVXOXL
XUP ULW HOHPHQWXO PDWHULDO DO LQIUDF LXQLL vQ DFHDVW PRGDOLWDWH VH FRQVLGHU
LQWHJUDOUHDOL]DWvQPRPHQWXOvQFDUHSHSDUFXUVXODFWLYLW LLGHVI úXUDWHFHOSX LQ
XQXOGLQLQVWUXPHQWHOHVDXPDWHULDOHOHGRULWHDIRVWSURGXV
3ULQÄGH LQHUH´VHvQ HOHJHDSULPLúLS VWUDLQVWUXPHQWHOHVDXPDWHULDOHOHVDX
DOHWUDQVSRUWDúLSUHGDFHORULQWHUHVD LDOHGHSXQHvQWUXQORFDVFXQVDOHDPHVWHFD
SULQWUH DOWH LQVWUXPHQWH VDX PDWHULDOH D OH GD vPSDFKHWDWH vQ S VWUDUHD XQHL DOWH
SHUVRDQHFDUHQXFXQRDúWHFRQ LQXWXOFXREOLJD LDGHDOHUHVWLWXLODFHUHUH
3HQWUXH[LVWHQ DHOHPHQWXOXLPDWHULDOHVWHVXILFLHQW HIHFWXDUHDXQHLDGLQWUH
DFHVWHDF LXQL
&HULQ D HVHQ LDO 3HQWUX FD DF LXQHD GH IDEULFDUH VDX GH GH LQHUH V
vQWUHJHDVF FRQ LQXWXO RELHFWLY DO LQIUDF LXQLL HVWH QHFHVDU FD LQVWUXPHQWHOH VDX
PDWHULDOHOH IDEULFDWH VDX GH LQXWH V ILH DSWH D IL IRORVLWH OD V YkUúLUHD XQHL
IDOVLILF ULGHWLWOXULVDXYDORUL&kQGLQVWUXPHQWHOHVDXPDWHULDOHOHQXFRUHVSXQG
QLFL XQXL PRG GH IDOVLILFDUH úL QX SRW IL SUDFWLF XWLOL]DWH FHULQ D HVHQ LDO QX HVWH
vQGHSOLQLW LDUODWXUDRELHFWLY DLQIUDF LXQLLQXHVWHUHDOL]DW
$FHODúL OXFUX DWXQFL FkQG LQVWUXPHQWHOH VDX PDWHULDOHOH FRUHVSXQG IRUPDO
YUHXQXLPRGGHIDOVLILFDUHGDUVXEVWDQ LDOVXQWFXWRWXOLPSURSULLGHDVHUYLHIHFWLY
ODV YkUúLUHDXQHLIDOVLILF UL
3ULQ ÄLQVWUXPHQWH´ VH vQ HOHJ RULFH XQHOWH VDX DSDUDWH FX DMXWRUXO F URUD VH
SRDWH UHDOL]D IDOVLILFDUHD LDU SULQ ÄPDWHULDOH´ VH vQ HOHJ RULFH PDWHULL SULPH VDX
VHPLIDEULFDWHIRORVLWHODH[HFXWDUHDIDOVLILF ULL
8UPDUHDLPHGLDW DLQIUDF LXQLLH[DPLQDWHFRQVW vQFUHDUHDXQHLVW ULGHSHULFRO
SHQWUX vQFUHGHUHD SXEOLF UH]XOWDW GLQ SURGXFHUHD úL GH LQHUHD LQVWUXPHQWHORU VDX
PDWHULDOHORUSURSULLGHDILIRORVLWHODV YkUúLUHDXQHLIDOVLILF ULGHPRQHGHWLPEUHVDX
DOWH YDORUL 8UPDUHD LPHGLDW H[LVW GLQ PRPHQW FH LQVWUXPHQWHOH VDX PDWHULDOHOH DX
IRVWIDEULFDWHVDXVHDIO vQGH LQHUHDXQHLSHUVRDQH
/HJ WXUD GH FDX]DOLWDWH 3HQWUX FD VWDUHD GH SHULFRO V FRQVWLWXLH XUPDUHD
LPHGLDW DDF LXQLLGHIDEULFDUHVDXGH LQHUHWUHEXLHFDvQWUHHOHV H[LVWHROHJ WXU
GH FDX]DOLWDWH )L]LF LQVWUXPHQWHOH VDX PDWHULDOHOH IDEULFDWH VDX GH LQXWH SRW IL
XQHRUL LQH[SUHVLYH VXE UDSRUWXO XUP ULL LPHGLDWH úL D OHJ WXULL GH FDX]DOLWDWH GDU
DFHVWHDGHYLQvQV HYLGHQWHSULQUHOHYDQ DODWXULLVXELHFWLYHDGLF SULQFRQVWDWDUHD
VFRSXOXLXUP ULWGHF WUHI SWXLWRUL
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH D DFHVWHL LQIUDF LXQL HVWH LQWHQ LD )DSWD V YkUúLW GLQ
FXOS QXFRQVWLWXLHLQIUDF LXQH3HQWUXH[LVWHQ DLQWHQ LHLHVWHQHFHVDUFDI SWXLWRUXO
V úLILGDWVHDPDGHQDWXUDLQVWUXPHQWHORUVDXPDWHULDOHORUSHFDUHOHIDEULF VDXOH
GH LQHúLGHIDSWXOF DFHVWHDDUSXWHDVHUYLODV YkUúLUHDXQHLIDOVLILF ULGHPRQHGH
WLPEUHVDXDOWHYDORUL
&HULQ D HVHQ LDO ÌQ SULYLQ D DFHVWRU FRQGL LL WUHEXLH V VH IDF GHRVHELUH
vQWUH FD]XO FkQG I SWXLWRUXO IDEULF VDX GH LQH LQVWUXPHQWHOH SHQWUX X]XO V X
SHUVRQDO úL FD]XO FkQG IDEULFDUHD VDX GH LQHUHD HVWH HIHFWXDW OD FHUHUHD úL SHQWUX
X]XODOWRUSHUVRDQH
9DVLOH 3DSDGRSRO vQ 7HRGRU 9DVLOLX 'RUX 3DYHO *HRUJH $QWRQLX ùWHIDQ 'DQHú *KHRUJKH ' UkQJ
'XPLWUX/XFLQHVFX9DVLOH3DSDGRSRO'XPLWUX&3RSHVFX9LUJLO5 PXUHDQX&RGXOSHQDOURPkQFRPHQWDWúL
DGQRWDW3DUWHDVSHFLDO YRO,,(GLWXUDùWLLQ LILF úL(QFLFORSHGLF %XFXUHúWLS
9LQWLO 'RQJRUR]RSFLWYRO,9S
76&ROSHQGQU55'QUS
ÌQ SULPD LSRWH] SHQWUX FD V H[LVWH LQWHQ LH WUHEXLH V VH FRQVWDWH F
I SWXLWRUXODIDEULFDWLQVWUXPHQWHOHVDXPDWHULDOHOHRULOHDGH LQXWFXVFRSXOGHDVH
VHUYLSHUVRQDOGHDFHVWHDODV YkUúLUHDIDOVLILF ULLGHYDORULVDXWLWOXUL$úDGDUVXE
UDSRUWXOODWXULLVXELHFWLYHvQDFHVWFD]HVWHQHYRLHSHQWUXH[LVWHQ DLQIUDF LXQLLGH
RLQWHQ LHGLUHFW FDUDFWHUL]DW SULQVFRSXOXUP ULWÌQDGRXDLSRWH] HVWHVXILFLHQW
FDI SWXLWRUXOV ILSUHY ]XWF LQVWUXPHQWHOHFRPDQGDWHGHDOWHSHUVRDQHDUSXWHDIL
DFKL]L LRQDWH vQ VFRSXO GH D VHUYL OD IDOVLILF UL GH YDORUL úL D DFFHSWDW ULVFXO XQXL
DVWIHOGHUH]XOWDWLQWHQ LHLQGLUHFW
ÌQSULPDLSRWH] GDF I SWXLWRUXOQXDXUP ULWLQL LDOVFRSXOFDUHFRQVWLWXLH
FHULQ DHVHQ LDO GDUXOWHULRUDV YkUúLWFXLQVWUXPHQWHOHVDXPDWHULDOHOHIDEULFDWH
RULGH LQXWHRIDOVLILFDUHGHYDORULVDXFXúWLLQ DSURFXUDWDFHOHLQVWUXPHQWHVDX
PDWHULDOH FHORU FDUH DX FRPLV IDOVLILFDUHD YD U VSXQGH GXS FD] FD DXWRU VDX
FRPSOLFHODIDOVLILFDUHúLFDDXWRUSHQWUXLQIUDF LXQHDGHGH LQHUH
ÌQFHDGHDGRXDLSRWH] vQFDUHIDEULFDUHDVDXGH LQHUHDLQVWUXPHQWHORUVDX
PDWHULDOHORUVDHIHFWXDWODFHUHUHDúLSHQWUXX]XODOWRUSHUVRDQHFXYkQWXOÄVFRSXO´
GLQ WH[WXO DUW & SHQ FDS W VHQVXO GH ÄGHVWLQD LH´ úL GHFL YD H[LVWD LQWHQ LH
FkQGVHYDFRQVWDWDGLQvPSUHMXU ULOHvQFDUHDIRVWFRPLV IDEULFDUHDVDXGH LQHUHD
F I SWXLWRUXO D SUHY ]XW FDUH HVWH GHVWLQD LD LQVWUXPHQWHORU VDX D PDWHULDOHORU
IDEULFDWHVDXGH LQXWHúLDQXPHF YRUVHUYLODV YkUúLUHDXQHLIDOVLILF ULúLGHúLQX
DXUP ULWDFHVWUH]XOWDWWRWXúLDDFFHSWDWHYHQWXDODOXLSURGXFHUH$úDGDUvQDFHDVW
LSRWH] SRDWHvQWUHJLFRQ LQXWXOODWXULLVXELHFWLYHúLLQWHQ LDLQGLUHFW
$FHDVW RSLQLH D IRVW FULWLFDW GH 9DVLOH 3DSDGRSRO FDUH D VXV LQXW F
LQIUDF LXQHDDQDOL]DW vQDPEHOHPRGDOLW LQRUPDWLYHQXVHSRDWHFRPLWHGHFkWFX
LQWHQ LH GLUHFW vQWUXFkW QRUPD GH LQFULPLQDUH SUHY ]XW vQ DUW & SHQ
IRORVHúWH SHQWUX DPEHOH LSRWH]H OD FDUH VH UHIHU SURIHVRUXO 9LQWLO 'RQJRUR]
WHUPHQXOÄVFRS´F UXLDQXLVHSRWDWULEXLDFFHS LXQLGLIHULWHGXS FXPvOUDSRUW P
OD R LSRWH] VDX DOWD 2U D XUP UL XQ DQXPLW VFRS vQVHDPQ D WLQGH vQ PRG
FRQúWLHQWF WUHUHDOL]DUHDXQXLIDSWVDXDXQXLUH]XOWDW) U vQGRLDO GXS FXPVD
DU WDW VFRSXO XUP ULW GH F WUH FHO FDUH IDEULF RUL GH LQH LQVWUXPHQWHOH VDX
PDWHULDOHOH QX LQFOXGH úL UHDOL]DUHD vQ PRG QHPLMORFLW SHUVRQDO D RSHUD LHL GH
IDOVLILFDUH GDU QX HVWH PDL SX LQ DGHY UDW F VFRSXO IDOVLILF ULL XQRU WLWOXUL VDX
YDORUL FHUXW H[SUHV GH OHJH SUHVXSXQH FHO SX LQ F IDOVLILFDWRUXO VDX GH LQ WRUXO
LQVWUXPHQWHORU RUL PDWHULDOHORU WLQGH vQ PRG FRQúWLHQW OD UHDOL]DUHD DFHVWHL
9LQWLO 'RQJRUR] RS FLW YRO ,9 S ÌQ DFHODúL VHQV +RULD 'LDFRQHVFX 'UHSW SHQDO 3DUWHD
VSHFLDO YRO,,HGL LDDD(GLWXUD$OO%HFN%XFXUHúWLS&RVWLF %XODLvQ&RVWLF %XODL$YUDP
)LOLSDú &RQVWDQWLQ 0LWUDFKH ,QVWLWX LL GH GUHSW SHQDO &XUV VHOHFWLY SHQWUX H[DPHQXO GH OLFHQ HGL LD D ,,,D
UHYL]XLW úLDG XJLW (GLWXUDWUHL%XFXUHúWLS
9LQWLO 'RQJRUR]RSFLWYRO,9S
,GHPYRO,9S
9DVLOH3DSDGRSRORSFLWYRO,,SÌQDFHODúLVHQV2OLYLX$XJXVWLQ6WRLFD'UHSWSHQDO3DUWHD
VSHFLDO (GLWXUD'LGDFWLF úL3HGDJRJLF %XFXUHúWLS9DOHU6XLDQvQ0DWHL%DVDUDE/XFLD0ROGRYDQ
9DOHU6XLDQ'UHSWSHQDO3DUWHDVSHFLDO YRO,,&OXM1DSRFDS2FWDYLDQ/RJKLQvQ2FWDYLDQ/RJKLQ
$YUDP)LOLSDú'UHSWSHQDOURPkQ3DUWHDVSHFLDO HGL LHUHYL]XLW &DVDGHHGLWXU úLSUHV ÄùDQVD´65/%XFXUHúWL
S *KHRUJKH 1LVWRUHDQX vQ *KHRUJKH 1LVWRUHDQX 9DVLOH 'REULQRLX $OH[DQGUX %RURL ,OLH 3DVFX ,RDQ
0ROQDU9DOHULF /D] U'UHSWSHQDO3DUWHDVSHFLDO (GLWXUD(XURSD1RYD%XFXUHúWLS,RDQD9DVLX
'UHSWSHQDOURPkQ3DUWHDVSHFLDO YRO,,(GLWXUD$OEDVWU &OXM1DSRFDS2FWDYLDQ/RJKLQ7XGRUHO
7RDGHU'UHSWSHQDOURPkQ3DUWHDVSHFLDO HGL LDD,9DUHY ]XW úLDG XJLW &DVDGHHGLWXU úLSUHV ùDQVD65/
%XFXUHúWLS,OLH3DVFXvQ,OLH3DVFX9DOHULF /D] U'UHSWXOSHQDO3DUWHDVSHFLDO (GLWXUD/XPLQD/H[
%XFXUHúWL S 9DVLOH 'REULQRLX vQ 9DVLOH 'REULQRLX 1LFRODH &RQHD &LSULDQ 5DXO 5RPL DQ &DPLO
7 Q VHVFX 1RUHO 1HDJX 0D[LP 'REULQRLX 'UHSW SHQDO 3DUWHD VSHFLDO YRO ,, /XPLQD /H[ %XFXUHúWL
S $OH[DQGUX %RURL *KHRUJKH 1LVWRUHDQX 'UHSW SHQDO 3DUWHD VSHFLDO HGL LD D ,,,D (GLWXUD $OO %HFN
%XFXUHúWL S $OH[DQGUX %RURL 'UHSW SHQDO 3DUWHD VSHFLDO FXUV XQLYHUVLWDU (GLWXUD & + %HFN
%XFXUHúWLS7XGRUHO7RDGHU'UHSWSHQDO3DUWHDVSHFLDO (GL LDDDUHYL]XLW úLDFWXDOL]DW (GLWXUD
+DPDQJLX%XFXUHúWLS
ILQDOLW L SULQ FUHDUHD SUHPLVHORU PDWHULDOH QHFHVDUH FD R DOW SHUVRDQ V SRDW
FRPLWHIDOVXO
0RELOXOQXLQWHUHVHD] SHQWUXH[LVWHQ DLQIUDF LXQLLGDUYDIL LQXWvQVHDP OD
RSHUD LXQHDGHLQGLYLGXDOL]DUHMXGLFLDU DSHGHSVHL
)RUPH6DQF LXQL
)RUPH 'H LQHUHD GH LQVWUXPHQWH vQ YHGHUHD IDOVLILF ULL GH YDORUL HVWH R
LQIUDF LXQH REVWDFRO DGLF R IDSW FDUH SUH]HQWkQG SHULFRO VRFLDO SULQ DFHHD F
GDWRULW V YkUúLULLHLVHSRDWHDMXQJHODFRPLWHUHDDOWRULQIUDF LXQLPDLJUDYHHVWH
LQFULPLQDW WRFPDL SHQWUX SUHYHQLUHD DFHORU LQIUDF LXQL FX XQ SHULFRO VRFLDO
VSRULW )LLQG R LQIUDF LXQH LQFULPLQDW GH VLQH VW W WRU LDU V YkUúLUHD VD
UHDOL]kQGXVHSULQDF LXQHFRPLVLXQHDFHDVW IDSW SHQDO HVWHVXVFHSWLELO GHD
SDUFXUJH WRDWH IRUPHOH LQHUHQWH GHVI úXU ULL DFHVWHL DFWLYLW L FRPLVH DFWH GH
SUHJ WLUHWHQWDWLY FRQVXPDUHHSXL]DUH
&XPvQV vQHVHQ GH LQHUHDGHLQVWUXPHQWHVDXPDWHULDOHFXVFRSXOGHDL
VHUYL OD IDOVLILFDUHD GH YDORUL HVWH R IDSW SUHJ WLWRDUH D IRVW ILUHVF FD OHJHD V
OLPLWH]H LQFULPLQDUHD QXPDL OD IRUPD FRQVXPDW $úDGDU DFWHOH SUHSDUDWRULL úL
WHQWDWLYDGHúLSRVLELOHQXVXQWLQFULPLQDWHúLQXFDGVXELQFLGHQ D&RGXOXLSHQDO
&RQVXPDUHD DUH ORF vQ FD]XO IDEULF ULL GLQ PRPHQW FH XQ LQVWUXPHQW VDX
YUHXQ PDWHULDO D IRVW IDEULFDW vQ VFRSXO GH D VHUYL OD IDOVLILFDUHD GH YDORUL LDU vQ
FD]XO GH LQHULL GLQ PRPHQWXO vQ FDUH R SHUVRDQ D vQFHSXW V GH LQ vQ YHGHUHD
DFHOXLDúLVFRSYUHXQLQVWUXPHQWVDXYUHXQPDWHULDOIDEULFDWGHRDOW SHUVRDQ
)DEULFDUHDGHLQVWUXPHQWHVDXPDWHULDOHSXWkQGGXUDvQWLPSúLOXDGHFLIRUPD
LQIUDF LXQLLFRQWLQXDWHLDUGH LQHUHDGHLQVWUXPHQWHVDXGHPDWHULDOHILLQGRIDSW
SULQ QDWXUD VD FRQWLQX LQIUDF LXQHD GH GH LQHUH GH LQVWUXPHQWH vQ YHGHUHD
IDOVLILF ULLGHYDORULHVWHLPSOLFLWVXVFHSWLELO GHIRUPDHSXL]DUH$FHDVWDLDVIkUúLW
DWXQFLFkQGDF LXQHDGHIDEULFDUHVDXGHGH LQHUHDvQFHWDW
6DQF LXQL 3HGHDSVD SUHY ]XW GH OHJH SHQWUX SHUVRDQD IL]LF vQ FD]XO
DFHVWHLIDSWHSHQDOHHVWHvQFKLVRDUHDGHODOXQLODDQL
3HUVRDQDMXULGLF VHVDQF LRQHD] FXDPHQGDGHODODOHL±DUW
DOLQ&SHQ
'LVSR]L LLOH UHIHULWRDUH OD FRQILVFDUHD VSHFLDO VXQW DSOLFDELOH 3ULQ XUPDUH
YRU IL FRQILVFDWH QX QXPDL LQVWUXPHQWHOH úL PDWHULDOHOH IRORVLWH RUL GH LQXWH vQ
VFRSXOV YkUúLULLDF LXQLLGHIDOVLILFDUHFDUHVXQWOXFUXULÄGHVWLQDWHV VHUYHDVF OD
V YkUúLUHDXQHLLQIUDF LXQL´GDUúLLQVWUXPHQWHOHúLPDWHULDOHOHXWLOL]DWHvQYHGHUHD
SURGXFHULLRULSUHSDU ULLORUvQWUXFkWVXQWOXFUXULÄFDUHDXVHUYLWODV YkUúLUHDXQHL
LQIUDF LXQL´
3RWULYLWDUW&SHQGDF XQDGLQWUHIDSWHOHSUHY ]XWHvQDUW±D
IRVWV YkUúLW GHRSHUVRDQ MXULGLF SHOkQJ SHGHDSVDDPHQ]LLVHDSOLF vQPRG
REOLJDWRULX úL QX IDFXOWDWLY ± VXEO QV úL SHGHDSVD FRPSOHPHQWDU D GL]ROY ULL
SHUVRDQHL MXULGLFH VDX D VXVSHQG ULL DFWLYLW LL RUL D XQHLD GLQWUH DFWLYLW LOH
SHUVRDQHLMXULGLFHGXS FD]
9DVLOH3DSDGRSRORSFLWYRO,,S
&DSLWROXO,,
)$/6,),&$5($,167580(17(/25'($87(17,),&$5(
6$8'(0$5&$5(
)$/6,),&$5($,167580(17(/252),&,$/(
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDODOLQIUDF LXQLLGHIDOVLILFDUHDLQVWUXPHQWHORURILFLDOH
vOIRUPHD] UHOD LLOHVRFLDOHFDUHDUILH[SXVHXQRUJUDYHDWLQJHULGDF OHJHDSHQDO
QXDULQFULPLQDúLVDQF LRQDIDOVLILFDUHDGHLQVWUXPHQWHRILFLDOHGHDXWHQWLILFDUHVDX
GH PDUFDUH 2FURWLQG SHQDO vQFUHGHUHD SH FDUH SXEOLFXO WUHEXLH V R DLE vQ
vQVFULVXULOHVDXRELHFWHOHSXUWkQGDPSUHQWDLQVWUXPHQWHORURILFLDOHGHDXWHQWLILFDUH
úLGHPDUFDUHOHJHDSHQDO DVLJXU SXWHUHDSUREDWRULHDvQVFULVXULORUVDXRELHFWHORU
FDUHSRDUW DPSUHQWDUHDO DDFHVWRULQVWUXPHQWH
2ELHFWXO PDWHULDO &D úL vQ FD]XO IDOVLILF ULL GH LQVWUXPHQWH GHVWLQDWH
IDOVLILF ULL GH YDORUL LQVWUXPHQWHOH GH DXWHQWLILFDUH VDX GH PDUFDUH IDOVLILFDWH
VHUYHVF FD PLMORF SHQWUX V YkUúLUHD XQHL IDSWH VXEVHFYHQWH SHQWUX UHDOL]DUHD XQHL
IDOVH DXWHQWLILF UL VDX XQHL IDOVH PDUF UL $úD ILLQG VLJLOLLOH úWDPSLOHOH VDX
LQVWUXPHQWHOHGHPDUFDWIDOVHFDUHVXQWGHIDSWSURGXVXORSHUD LHLGHIDOVLILFDUHHOH
DYkQG vQV R DQXPLW VWUXFWXU FRQVWLWXLH WRWRGDW úL RELHFWXO PDWHULDO DO
LQIUDF LXQLLGHIDOVLILFDUHDLQVWUXPHQWHORURILFLDOHGHDXWHQWLILFDUHúLGHPDUFDUH
6LJLOLLOHúWDPSLOHOHúLLQVWUXPHQWHOHGHPDUFDWQXFRQVWLWXLHYDORULvQVHQVXO
GLVSR]L LLORUGLQDUW&SHQ±DUW&SHQ
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUDOLQIUDF LXQLLGHIDOVLILFDUHDLQVWUXPHQWHORU
RILFLDOHSRDWHILRULFLQHvQWUXFkWOHJHDQXOFLUFXPVWDQ LD] vQYUHXQIHO
6XELHFW DFWLY SRDWH IL úL R SHUVRDQ MXULGLF vQ FRQGL LLOH úL FX OLPLW ULOH
DU WDWHvQDUW&SHQ
/D V YkUúLUHD IDSWHL SRW HYHQWXDO FRQWULEXL PDL PXOWH SHUVRDQH GHFL PDL
PXO LVXELHF LDFWLYLFDSDUWLFLSDQ LFRDXWRULLQVWLJDWRULFRPSOLFL
6XELHFWXOSDVLYHVWHDXWRULWDWHDVDXLQVWLWX LDSXEOLF DOF UHLVLJLOLXúWDPSLO
VDXLQVWUXPHQWGHPDUFDWDIRVWIDOVLILFDWRULDF UXLIDOVLILFDUHVDvQFHUFDWILLQGF
IDSWDV YkUúLW VDXvQFHUFDW SUH]LQW XQSHULFROSHQWUXUHOD LLOHVRFLDOHGHFDUHVXQW
OHJDWHLQWHUHVHOHDFHOHLSHUVRDQHMXULGLFHGHGUHSWSXEOLF
ÌQFD]GHIRORVLUHDVLJLOLXOXLúWDPSLOHLVDXLQVWUXPHQWXOXLIDOVLILFDWGHYLQH
VXELHFWSDVLYúLSHUVRDQDFDUHDIRVWLQGXV vQHURDUHGDWRULW XQXLvQVFULVVDXXQXL
RELHFW FDUH SXUWD DPSUHQWD VLJLOLXOXL úWDPSLOHL VDX LQVWUXPHQWXOXL GH PDUFDW
IDOVLILFDW
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDODOLQIUDF LXQLLH[DPLQDWHFRQVW vQDF LXQHDGHIDOVLILFDUH
DXQXLVLJLOLXúWDPSLO VDXLQVWUXPHQWGHPDUFDUH
$F LXQHDGHIDOVLILFDUHVHV YkUúHúWHvQJHQHUHSULQFRQWUDIDFHUHSO VPXLUH
FRQIHF LRQDUHDGLF SULQLPLWDUHDVLJLOLXOXLúWDPSLOHLRULLQVWUXPHQWXOXLDGHY UDW
9LQWLO 'RQJRUR] vQ 9LQWLO 'RQJRUR] 6LHJIULHG .DKDQH ,RQ 2DQFHD ,RVLI )RGRU 1LFROHWD ,OLHVFX
&RQVWDQWLQ %XODL 5RGLFD 6W QRLX 9LFWRU 5RúFD ([SOLFD LL WHRUHWLFH DOH &RGXOXL SHQDO URPkQ YRO ,9 (GLWXUD
$FDGHPLHL5RPkQH%XFXUHúWLS
)DOVLILFDUHDSULQDOWHUDUHDXQXLVLJLOLXDGHY UDWVDXDXQHLúWDPSLOHDGHY UDWHRULD
XQXLLQVWUXPHQWGHPDUFDUHDGHY UDWHVWHPDLUDUSRVLELO GDUQXH[FOXV GHH[vQ
FD]XOFkQGPRGLILFDUHDSULYHúWHHOHPHQWHVXVFHSWLELOHGHDILXúRUDOWHUDWH
(IHFWXDUHD DF LXQLL GH FRQWUDIDFHUH QHFHVLW PDWHULDOH SURFHGHH úL PLMORDFH
FRUHVSXQ] WRDUH VSHFLILFXOXL ILHF UXL LQVWUXPHQW GH DXWHQWLILFDUH VDX GH PDUFDUH
&HHDFHWUHEXLHV ILHLPLWDWFRQWUDI FXWHVWHSDUWHDGHVWLQDW V UHGHDDPSUHQWD
LQVWUXPHQWXOXL IDOVLILFDW LDU QX VXEVWDQ D úL IRUPD LUHOHYDQW D LQVWUXPHQWXOXL
6LJLOLLOHúLúWDPSLOHOHDXFDVHPQSURSULXXQDúD]LVVLPEROLPDJLQHúLROHJHQG
LQVFULS LH ILH vQ UHOLHI ILH vQFUXVWDW DúD F SULQ DSOLFDUH ODV R DPSUHQW XUP
VHDF VDX XPHG FDUH FRQVWLWXLH GRYDGD DXWHQWLILF ULL VDX D PDUF ULL 'HFL D
FRQWUDIDFH XQ LQVWUXPHQW RILFLDO GH DXWHQWLILFDUH VDX GH PDUFDUH vQVHDPQ D
FRQIHF LRQD XQ LQVWUXPHQW SULQ FDUH V VH SRDW RE LQH LOLFLW úL GHFL SULQ IDOV R
DPSUHQW LGHQWLF FX DFHHD D XQXL LQVWUXPHQW RILFLDO GH DXWHQWLILFDUH VDX GH
PDUFDUH
ÌQ GRFWULQ VD VXV LQXW F úL IDOVLILFDUHD XQHL úWDPSLOH VLJLOLX RUL
LQVWUXPHQWGHPDUFDUHQHDVHP Q WRUFXDWkWPDLPXOWGDF HVWHDVHP Q WRUFXFHO
RULJLQDOGDUFDUHFXSULQGHGDWHOHSHFDUHXQDVHPHQHDLQVWUXPHQWRILFLDOOHFRQ LQH
vQJHQHUDO±DVWIHOF IRORVLUHDVDDUGDDFWXOXLSHFDUHVHLPSULP DVSHFWXOXQXLDFW
HPLV GH DXWRULWDWHD VDX LQVWLWX LD SXEOLF ± UHDOL]HD] HOHPHQWXO PDWHULDO DO
LQIUDF LXQLLDQDOL]DWH
)DOVLILFDUHD DPSUHQWHL XQXL LQVWUXPHQW RILFLDO HIHFWXDW GLUHFW SH XQ vQVFULV
VDX SH XQ RELHFW QX UHDOL]HD] HOHPHQWXO PDWHULDO DO IDOVLILF ULL GH LQVWUXPHQWH
RILFLDOH ILLQGF FHHD FH VD IDOVLILFDW QX HVWH XQ LQVWUXPHQW FL R DPSUHQW
)DOVLILFDUHD DPSUHQWHL I FXW GLUHFW SH XQ vQVFULV YD SXWHD FRQVWLWXL XQ IDOV vQ
vQVFULVXUL RILFLDOH LDU IDOVLILFDUH GLUHFW D PDUFDMXOXL SH XQ RELHFW YD SXWHD
HYHQWXDO FRQVWLWXL R vQúHO FLXQH GDF YD IL LQGXV vQ HURDUH R SHUVRDQ FX DFHO
RELHFW
&HULQ D HVHQ LDO 3HQWUX FD DF LXQHD GH FRQWUDIDFHUH D XQXL LQVWUXPHQW GH
DXWHQWLILFDUH VDX GH PDUFDUH V SRDW FRQVWLWXL HOHPHQWXO PDWHULDO DO LQIUDF LXQLL
WUHEXLH FD LQVWUXPHQWXO IDOVLILFDW V FRUHVSXQG XQXL LQVWUXPHQW RILFLDO GH
DXWHQWLILFDUHVDXGHPDUFDUH
,QVWUXPHQWXO RILFLDO SUHH[LVWHQW FRQVWLWXLH vQ IRUPD úL PDWHULDOLWDWHD VD XQ
PLMORF GH DWHVWDUH D DGHY UXOXL DúDvQFkWSHULFROXOGHDOWHUDUHDDFHVWXLDGHY UVH
SURGXFHSULQV YkUúLUHDIDSWHLGHIDOVLILFDUHDXQXLDVWIHOGHLQVWUXPHQW
6LJLOLXOúWDPSLODLQVWUXPHQWXOGHPDUFDUHRILFLDOWUHEXLHSRWULYLWGLVSR]L LHL
GLQ DUW & SHQ V ILH GLQWUH DFHOHD IRORVLWH GH R XQLWDWH OD FDUH VH UHIHU
DUW & SHQ DXWRULW LOH SXEOLFH LQVWLWX LLOH SXEOLFH LQVWLWX LLOH VDX DOWH
SHUVRDQHMXULGLFHGHLQWHUHVSXEOLF
&RQIRUPD LDIXQF LXQHDVDXPRGXOGHvQWUHEXLQ DUHDVLJLOLLORUúWDPSLOHORUúL
LQVWUXPHQWHORUGHPDUFDMVXQWUHJOHPHQWDWHSULQGLIHULWHDFWHQRUPDWLYH
3ULQÄVLJLOLX´VHvQ HOHJHXQRELHFWDOF WXLWGLQWURSODF IL[DW GHXQPkQHU
SHFDUHHVWHJUDYDW RLQVFULS LHRHPEOHP HILJLHHWFúLFDUHVHDSOLF SHXQDFWFD
GRYDG DDXWHQWLFLW LLOXL
9LQWLO 'RQJRUR]RSFLWYRO,9S
,GHPYRO,9S
9DVLOH 3DSDGRSRO vQ 7HRGRU 9DVLOLX 'RUX 3DYHO *HRUJH $QWRQLX ùWHIDQ 'DQHú *KHRUJKH ' UkQJ
'XPLWUX/XFLQHVFX9DVLOH3DSDGRSRO'XPLWUX&3RSHVFX9LUJLO5 PXUHDQX&RGXOSHQDOURPkQFRPHQWDWúL
DGQRWDW3DUWHDVSHFLDO YRO,,(GLWXUDùWLLQ LILF úL(QFLFORSHGLF %XFXUHúWLS
9LQWLO 'RQJRUR]RSFLWYRO,9S
,GHPYRO,9S
'(;S
ÄùWDPSLOD´HVWHRSODF GHOHPQFHUDPLF PHWDOHWFPRQWDW SHXQPkQHU
DYkQGXQGHVHQvQUHOLHIFDUHVHDSOLF SHvQVFULVXULVDXSHP UIXULVSUHDOHDWHVWD
YDOLGLWDWHDVDXSURYHQLHQ D
Ä,QVWUXPHQWXO GH PDUFDW´ HVWH XQ RELHFW SXUW WRU DO XQXL VHPQ GLVWLQFWLY XQ
GHVHQ R ILJXU R GHQXPLUH HWF FDUH DSOLFDW SH DQXPLWH EXQXUL FHUWLILF XQHOH
SURSULHW LDOHDFHVWRUDVDXOHGHRVHEHúWHGHDOWHOHLQGLFkQGXOHIHOXOSURYHQLHQ DHWF
,QVWUXPHQWHOH GH PDUFDW DX XQ FkPS GH XWLOL]DUH PDL UHVWUkQV VHUYLQG OD
PDUFDUHD PHWDOHORU SUH LRDVH OD PDUFDUHD DSDUDWHORU VDX LQVWUXPHQWHORU GH
P VXU WRDUH OD PDUFDUHD PDWHULDOHORU OHPQRDVH DIODWH vQ S GXUL OD PDUFDUHD
PRWRDUHORUVDXDOWRUSURGXVHLQGXVWULDOHHWF
3HQWUX UHDOL]DUHD HOHPHQWXOXL PDWHULDO DO LQIUDF LXQLL H[DPLQDWH HVWH QHFHVDU
FD LQVWUXPHQWXO IDOVV FRUHVSXQG XQXLLQVWUXPHQWRILFLDOGHDXWHQWLILFDUHVDXGH
PDUFDUH'HDVHPHQHDVHLPSXQHFDDF LXQHDGHIDOVLILFDUHV SURGXF XQVLJLOLXR
úWDPSLO VDXXQLQVWUXPHQWGHPDUFDUHFDUHSULQDVSHFWXOV XJHQHUDOVHDVHDP Q
FXVLJLOLXOúWDPSLODVDXLQVWUXPHQWXOGHPDUFDUHDGHY UDWvQDúDIHOvQFkWSXEOLFXO
V SRDW ILvQúHODWGHDPSUHQWDO VDW GHHOHFKLDUGDF DFHDVWDQXHVWHLGHQWLF
'DF SURGXVXOFRQWUDIDFHULLVDXDOWHU ULLQXHVWHDSWvQQLFLXQIHODSXWHDGXFH
SXEOLFXO vQ HURDUH GH XUPD O VDW SH XQ vQVFULV VDX RELHFW QH DIO P vQ ID D XQHL
WHQWDWLYHDEVROXWLPSURSULL±DUWDOLQ&SHQ
)DOVLILFDUHDXQXLLQVWUXPHQWGHDWHVWDUHúWDPSLO SDUDI HWFDSDU LQkQGXQHL
SHUVRDQHMXULGLFHDOWDGHFkWDXWRULW LOHVDXLQVWLWX LLOHSXEOLFHVDXXQXLSDUWLFXODU
RULXQHLDXWRULW LVDXRUJDQL]D LLGLQVWU LQ WDWHQXFRQVWLWXLHHOHPHQWXOPDWHULDO
DO LQIUDF LXQLL GH IDOVLILFDUH GH LQVWUXPHQWH QHILLQG vQGHSOLQLW FHULQ D HVHQ LDO
PHQ LRQDW PDL VXV )RORVLUHD XQRU DVWIHO GH LQVWUXPHQWH IDOVH YD SXWHD FRQGXFH
GXS FD]ODV YkUúLUHDXQXLIDOVvQvQVFULVXULVDXDXQHLvQúHO FLXQL
8UPDUHD LPHGLDW 3HQWUX vQWUHJLUHD ODWXULL RELHFWLYH D LQIUDF LXQLL GH
IDOVLILFDUH D LQVWUXPHQWHORU RILFLDOH HVWH QHFHVDU FD DF LXQHD GH IDOVLILFDUH GH
FRQWUDIDFHUH V IL DYXW FD XUPDUH LPHGLDW FUHDUHD XQHL VW UL GH SHULFRO SHQWUX
vQFUHGHUHD SXEOLF VWDUH UH]XOWDW GLQ FRQIHF LRQDUHD XQXL LQVWUXPHQW FDUH DUH
DSWLWXGLQHDGHDUHGDvQPRGIDOVDPSUHQWDXQXLLQVWUXPHQWRILFLDODGHY UDW
'DF DF LXQHD QX D SURGXV R DVWIHO GH XUPDUH VDX GDF QX HUD SRWHQ LDO GH
QDWXU V R SURGXF vQ FD] GH WHQWDWLY ODWXUD RELHFWLY D IDSWHL GH IDOVLILFDUH D
LQVWUXPHQWHORURILFLDOHGHDXWHQWLILFDUHVDXGHPDUFDUHQXHVWHUHDOL]DW úLGHFLQX
H[LVW LQIUDF LXQH$úDGDUXUPDUHDLPHGLDW QXHVWHUHDOL]DW DGLF QXH[LVW VWDUH
GHSHULFROFkQGSURGXVXOIDOVLILF ULLHVWHHYLGHQWúLQXDUSXWHDILXWLOIRORVLW
/HJ WXUD GH FDX]DOLWDWH 3URGXFHUHD XQXL VLJLOLX IDOV VDX D XQHL úWDPSLOH
IDOVH RUL D XQXL LQVWUXPHQW GH PDUFDW IDOV QHSXWkQG DYHD R DOW VXUV GHFkW
'(;S
3ULQ &RGXO VLOYLF /HJHD QU SXEOLFDW vQ 0 2I QU GLQ HVWH LQFULPLQDW DWkW
IDOVLILFDUHDFkWúLIRORVLUHDLOLFLW DFLRFDQXOXLVLOYLFGHPDUFDWLQVWUXPHQWGHPDUFDUHvQVHQVXODUWúL
&SHQ
$UW ± )DOVLILFDUHD FLRFDQXOXL VLOYLF GH PDUFDW VH SHGHSVHúWH FX vQFKLVRDUH GH OD OXQL OD DQL VDX FX
DPHQG
$UW ± )RORVLUHD I U GUHSW VDX FRQWUDU GLVSR]L LLORU OHJDOH VSHFLILFH D FLRFDQXOXL VLOYLF GH PDUFDW VH
SHGHSVHúWHFXvQFKLVRDUHGHODOXQLODDQL
'DF SHQWUX PDUFDUH VD IRORVLW XQ FLRFDQ VLOYLF GH PDUFDW IDOV RUL DOWH RELHFWH VDX PLMORDFH SRWULYLWH
SHGHDSDVDHVWHvQFKLVRDUHDGHODXQXODDQL
,OLH3DVFXvQ,OLH3DVFX9DOHULF /D] U'UHSWXOSHQDO3DUWHDVSHFLDO (GLWXUD/XPLQD/H[%XFXUHúWL
S
9LQWLO 'RQJRUR]RSFLWYRO,9SÌQDFHODúLVHQV6RULQ&RUO HDQX)DOVLILFDUHDLQVWUXPHQWHORU
GHDXWHQWLILFDUHVDXGHPDUFDUH5'3QUS70%GS&$&OXMGS
&$3ORLHúWLVSGQU$ÌQVHQVFRQWUDU&6-VSGQU&$,DúLVSGQUDSXG
6RULQ&RUO HDQX
V YkUúLUHD XQHL DF LXQL GH FRQWUDIDFHUH H[LVWHQ D OHJ WXULL GH FDX]DOLWDWH vQWUH
HOHPHQWXO PDWHULDO DO LQIUDF LXQLL DGLF DF LXQHD GH FRQWUDIDFHUH úL FUHDUHD XQHL
VW ULGHSHULFROFDXUPDUHLPHGLDW SULQSURGXFHUHDLQVWUXPHQWXOXLGHDXWHQWLILFDUH
VDXGHPDUFDUHIDOVLILFDWHVWHWRWGHDXQDHYLGHQW úLQXDUHQHYRLHGHXQSUREDWRULX
VSHFLDO
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH D HOHPHQWXOXL VXELHFWLY DO LQIUDF LXQLL HVWH LQWHQ LD
GLUHFW VDXLQGLUHFW
0RELOXO GHWHUPLQDQW úL VFRSXO XUP ULW GH I SWXLWRU QX LQWHUHVHD] SHQWUX
H[LVWHQ DODWXULLVXELHFWLYHúLLPSOLFLWDLQIUDF LXQLLvQV úLGDUGHDFHVWHDVHYD LQH
VHDPD OD VWDELOLUHD JUDGXOXL GH SHULFRO VRFLDO FRQFUHW úL GHFL OD LQGLYLGXDOL]DUHD
SHGHSVHL
ÌQ GRFWULQ VD PDL VXV LQXW úL S UHUHD U PDV L]RODW FRQIRUP F UHLD
LQIUDF LXQHDDQDOL]DW QXVHSRDWHFRPLWHGHFkWFXLQWHQ LHGLUHFW
)DSWDV YkUúLW GLQFXOS QXFRQVWLWXLHLQIUDF LXQH
)RUPH6DQF LXQL
)RUPH)DOVLILFDUHDGHLQVWUXPHQWHRILFLDOHGHDXWHQWLILFDUHVDXGHPDUFDUH
ILLQGRLQIUDF LXQHGHDF LXQHFRPLVLY V YkUúLUHDDFHVWHLDSRDWHSDUFXUJHID]HOH
RELúQXLWH DOH XQHL DFWLYLW L LQIUDF LRQDOH GH DFHVW IHO DGLF SUHJ WLUH WHQWDWLY
FRQVXPDUH
$FWHOHSUHSDUDWRULLVXQWQXQXPDLSRVLELOHGDULQHYLWDELOHvQUHDOL]DUHDIDSWHL
GH IDOVLILFDUH GH LQVWUXPHQWH RILFLDOH FDUH QHFHVLW SURFXUDUHD GH PDWHULDOH úL
XQHOWH DGDSWDUHD DFHVWRUD OD DF LXQHD GH FRQWUDIDFHUH SURFXUDUHD PRGHOXOXL SULQ
IRWRJUDILLVDXDPSUHQWHOXDWHSHFHDU J VLUHDXQXLH[HFXWDQWSULFHSXWHWF/HJHD
QX LQFULPLQHD] vQV DFWHOH SUHSDUDWRULL QLFL FD IRUP D LQIUDF LXQLL úL QLFL FD
LQIUDF LXQH GH VLQH VW W WRDUH $FHVWH DFWH DWXQFL FkQG D vQFHSXW H[HFXWDUHD
IDOVLILF ULL SRW GHYHQL DFWH GH FRPSOLFLWDWH DQWHULRDU GDF VXQW FRPLVH GH DOW
SHUVRDQ GHFkWDXWRUXO
7HQWDWLYDH[LVW vQFD]XOFkQGH[HFXWDUHDIDOVLILF ULLDvQFHSXWGDUvQDLQWHGH
DDMXQJHODVIkUúLWDIRVWvQWUHUXSW VDXGHúLVDGHVI úXUDWSkQ ODFDS WQXDGDW
UH]XOWDWQXVDSURGXVXUPDUHDLPHGLDW FDUHYLUWXDOHUDvQV SRVLELO
(VWH WHQWDWLY úL DWXQFL FkQG SURGXVXO IDOVLILF ULL HVWH QHUHXúLW ILLQGF
DF LXQHD GH FRQWUDIDFHUH GDF DU IL IRVW PDL DWHQW HIHFWXDW DU IL SXWXW GXFH OD
UHDOL]DUHD XQXL LQVWUXPHQW IDOV FRUHVSXQ] WRU LQVWUXPHQWXOXL DGHY UDW úL GHFL OD
FUHDUHDXUP ULLLPHGLDWH
9LQWLO 'RQJRUR] RS FLW YRO ,9 S ÌQ DFHODúL VHQV 9DVLOH 3DSDGRSRO RS FLW YRO ,, S
2OLYLX$XJXVWLQ6WRLFD'UHSWSHQDO3DUWHDVSHFLDO (GLWXUD'LGDFWLF úL3HGDJRJLF %XFXUHúWLS
2FWDYLDQ/RJKLQvQ2FWDYLDQ/RJKLQ$YUDP)LOLSDú'UHSWSHQDOURPkQ3DUWHDVSHFLDO HGL LHUHYL]XLW &DVD
GHHGLWXU úLSUHV ÄùDQVD´65/%XFXUHúWLS*KHRUJKH1LVWRUHDQXvQ*KHRUJKH1LVWRUHDQX9DVLOH
'REULQRLX $OH[DQGUX %RURL ,OLH 3DVFX ,RDQ 0ROQDU 9DOHULF /D] U 'UHSW SHQDO 3DUWHD VSHFLDO (GLWXUD
(XURSD1RYD%XFXUHúWLS,RDQD9DVLX'UHSWSHQDOURPkQ3DUWHDVSHFLDO YRO,,(GLWXUD$OEDVWU
&OXM1DSRFDS2FWDYLDQ/RJKLQ7XGRUHO7RDGHU'UHSWSHQDOURPkQ3DUWHDVSHFLDO HGL LDD,9D
UHY ]XW úLDG XJLW &DVDGHHGLWXU úLSUHV ùDQVD65/%XFXUHúWLS,OLH3DVFXvQ,OLH3DVFX9DOHULF
/D] U'UHSWXOSHQDO3DUWHDVSHFLDO (GLWXUD/XPLQD/H[%XFXUHúWLS9DVLOH'REULQRLXvQ9DVLOH
'REULQRLX 1LFRODH &RQHD &LSULDQ 5DXO 5RPL DQ &DPLO 7 Q VHVFX 1RUHO 1HDJX 0D[LP 'REULQRLX 'UHSW
SHQDO 3DUWHD VSHFLDO YRO ,, /XPLQD /H[ %XFXUHúWL S +RULD 'LDFRQHVFX 'UHSW SHQDO 3DUWHD
VSHFLDO YRO,,HGL LDDD(GLWXUD$OO%HFN%XFXUHúWLS$OH[DQGUX%RURL*KHRUJKH1LVWRUHDQX
'UHSW SHQDO 3DUWHD VSHFLDO HGL LD D ,,,D (GLWXUD $OO %HFN %XFXUHúWL S 7XGRUHO 7RDGHU 'UHSW
SHQDO3DUWHDVSHFLDO (GL LDDDUHYL]XLW úLDFWXDOL]DW (GLWXUD+DPDQJLX%XFXUHúWLS
9DOHU 6XLDQ vQ 0DWHL %DVDUDE /XFLD 0ROGRYDQ 9DOHU 6XLDQ 'UHSW SHQDO 3DUWHD VSHFLDO YRO ,,
&OXM1DSRFDS
7HQWDWLYDHVWHSHGHSVLW SRWULYLWGLVSR]L LHLGLQDUWDOLQ&SHQ
&RQVXPDUHD DUH ORF vQ PRPHQWXOvQFDUHDIRVWUHDOL]DW XUPDUHDLPHGLDW
DGLF VD FUHDW VWDUHD GH SHULFRO SULQ SURGXFHUHD XQXL VLJLOLX XQHL úWDPSLOH VDX D
XQXL LQVWUXPHQW GH PDUFDW IDOV SULQ IRORVLUHD F UXLD VH SRDWH RE LQH DPSUHQWD
IDOVLILFDW DLQVWUXPHQWXOXLRILFLDO
'XS FXP VD PDL DU WDW SHQWUX H[LVWHQ D LQIUDF LXQLL QX VH FHUH FD
LQVWUXPHQWXOIDOVLILFDWV UHSUH]LQWHRLPLWD LHSHUIHFW LPSHFDELO HVWHVXILFLHQW
FDDPSUHQWDO VDW GHDFHVWLQVWUXPHQWV SRDW ILDSDUHQWVRFRWLW FDDGHY UDW úL
GHFLV ILHVXVFHSWLELO GHDLQGXFHvQHURDUHSHFHLID GHFDUHDUILIRORVLW
(SXL]DUHD HVWH R ID] SULQ FDUH QX SRDWH WUHFH DFWLYLWDWHD LQIUDF LRQDO GH
IDOVLILFDUHDLQVWUXPHQWHORURILFLDOHILLQGF DF LXQHDGHFRQWUDIDFHUHDUHWRWGHDXQD
FDILQDOLWDWHRE LQHUHDXQHLSLHVHXQLFHVLJLOLXúWDPSLO VDXLQVWUXPHQWGHPDUFDW
ÌQFD]GHIDOVLILFDUHVXFFHVLY DPDLPXOWRULQVWUXPHQWHRILFLDOHYDH[LVWDXQ
FRQFXUVGHLQIUDF LXQL
6DQF LXQL 3HGHDSVD SUHY ]XW SHQWUX SHUVRDQD IL]LF vQ FD]XO IDOVLILF ULL
LQVWUXPHQWHORURILFLDOHHVWHvQFKLVRDUHDGHODOXQLODDQL
3HUVRDQD MXULGLF VH VDQF LRQHD] FX DPHQGD GH OD OD OHL ±
DUWDOLQ&SHQ
6LJLOLLOH úWDPSLOHOH VDX LQVWUXPHQWHOH GH PDUFDW IDOVLILFDWH SUHFXP úL
PDWHULDOHOH úL XQHOWHOH FDUH DX VHUYLW OD V YkUúLUHD IDSWHL VXQW VXSXVH FRQILVF ULL
VSHFLDOH
ÌQFD]XOvQFDUHFHOFDUHDIDOVLILFDWLQVWUXPHQWXORILFLDOVDVHUYLWXOWHULRUGH
DFHVWDSHQWUXDFRPLWHXQIDOVvQvQVFULVXULYDH[LVWDXQFRQFXUVGHLQIUDF LXQL
)2/26,5($,167580(17(/252),&,$/()$/6(
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO )RORVLUHD XQXL LQVWUXPHQW RILFLDO IDOV HVWH IDSWD
SHUVRDQHL FDUH FRQIHF LRQHD] R SURE PLQFLQRDV D XQHL SUHWLQVH UHDOLW L
LQH[LVWHQW VDX GLIHULW GH FHD H[LVWHQW SULQ vQWUHEXLQ DUHD XQXL LQVWUXPHQW GH
DXWHQWLILFDUH VDX GH PDUFDUH IDOV (VWH DúDGDURVXSUDSXQHUHGHIDSWHSULQFDUHVH
DOWHUHD] DGHY UXO,QVWUXPHQWXOIDOVFRQ LQHvQHORDOWHUDUHDDGHY UXOXLLDUSULQ
IRORVLUHDOXLFUHHD] RSURE FDUHODUkQGXOHLFRQ LQHRDOWHUDUHGHDGHY U
6XEUDSRUWXORFURWLULLMXULGLFHSHQDOHLQIUDF LXQHDGHIRORVLUHDLQVWUXPHQWHORU
RILFLDOH IDOVH VH VLWXHD] SH DFHODúL SODQ FX LQIUDF LXQHD GH IDOVLILFDUH D
LQVWUXPHQWHORUGHDXWHQWLILFDUHúLGHPDUFDUHHOHILLQGXQDID GHFHDODOW IDSWH
FRUHODWLYHFDUHUHSUH]LQW DVSHFWHDOHDFHOXLDúLIHQRPHQLQIUDF LRQDO
3ULQXUPDUHFHOHGRX LQFULPLQ ULFRUHODWLYHDXDFHODúLRELHFWMXULGLFJHQHULF
úL VSHFLDO ÌQWUDGHY U SHULFROXO VRFLDO DO IDSWHL GH IDOVLILFDUH D XQXL VLJLOLX
úWDPSLOH VDX D XQXL LQVWUXPHQW GH PDUFDUH FRQVW WRFPDL vQ DSWLWXGLQHD
LQVWUXPHQWXOXLIDOVLILFDWGHDILXWLOL]DWúLGHDSHULFOLWDDVWIHODFHOHUHOD LLVRFLDOH
FDUHVHvQWHPHLD] SHvQFUHGHUHDSXEOLF DFRUGDW YDORULLSUREDQWHDDFWHORURILFLDOH
VDX GXS FD] D RELHFWHORU PDUFDWH 3ULQ DSOLFDUHD VLJLOLXOXL úWDPSLOHL VDX
LQVWUXPHQWXOXL IDOVLILFDW SH XQ vQVFULV RILFLDO VDX SH XQ RELHFW VXSXV PDUF ULL
DFHVWHD GREkQGHVF vQ PRG DSDUHQW SXWHUHD SUREDQW D vQVFULVXULORU VDX RELHFWHORU
SHFDUHVDLPSULPDWvQPRGOHJDODPSUHQWDUHVSHFWLY úLFDDWDUHVHVXEPLQHD]
vQFUHGHUHDSXEOLF vQDXWHQWLFLWDWHDDFHVWRUvQVFULVXULúLRELHFWH
9LQWLO 'RQJRUR] vQ 9LQWLO 'RQJRUR] 6LHJIULHG .DKDQH ,RQ 2DQFHD ,RVLI )RGRU 1LFROHWD ,OLHVFX
&RQVWDQWLQ %XODL 5RGLFD 6W QRLX 9LFWRU 5RúFD ([SOLFD LL WHRUHWLFH DOH &RGXOXL SHQDO URPkQ YRO ,9 (GLWXUD
$FDGHPLHL5RPkQH%XFXUHúWLS
$FHOHDúLUHOD LLVRFLDOHVXQWSXVHvQSHULFROúLSULQIRORVLUHDI U GUHSWDXQXL
VLJLOLXRULDXQHLúWDPSLOHFXVWHPD ULLDGHY UDWHGHRDUHFHúLvQDFHVWFD]DFWXO
QX H[SULP DGHY UXO SH FDUH DYHD PHQLUHD V O UHIOHFWH úL FD XUPDUH DUH ORF R
]GUXQFLQDUHDvQFUHGHULLSXEOLFHvQDXWHQWLFLWDWHDvQVFULVXULORURILFLDOH
2ELHFWXO PDWHULDO )RORVLUHD LQVWUXPHQWHORU RILFLDOH IDOVH DUH FD RELHFW
PDWHULDO DúD GXS FXP LQGLF vQV úL GHQXPLUHD LQIUDF LXQLL LQVWUXPHQWHOH IDOVH
DGLF úWDPSLOD VLJLOLXO VDX LQVWUXPHQWXO GH PDUFDW FDUH DX IRVW SURGXVH SULQ
V YkUúLUHDLQIUDF LXQLLGHIDOVLILFDUHDXQRUDVWIHOGHLQVWUXPHQWH
ÌQ FD]XO IRORVLULL I U GUHSW D XQRU LQVWUXPHQWH RILFLDOH DGHY UDWH RELHFWXO
PDWHULDODOLQIUDF LXQLLYDILLQVWUXPHQWXOIRORVLW
ÌQ DPEHOH FD]XUL RELHFWXO PDWHULDO FRQVWLWXLH vQ DFHODúL WLPS úL PLMORFXO
PDWHULDOGHV YkUúLUHDLQIUDF LXQLL
,QVWUXPHQWHOH IDOVH SXWkQG IL IRORVLWH vQ PRG UHSHWDW YRU IRUPD vQ PRG
ILUHVF RELHFWXO PDWHULDO DO vQWUHJLL VHULL GH LQIUDF LXQL GH IRORVLUH GH LQVWUXPHQWH
IDOVHV YkUúLWHFXDMXWRUXOORU
)RORVLUHD LQVWUXPHQWHORU IDOVH LPSOLF vQV úL XQ PDWHULDO DVXSUD F UXLD VH
DSOLF LQVWUXPHQWXOIRORVLWKkUWLHSHUJDPHQWOHPQPHWDOPDWHULLSODVWLFHHWFÌQ
UHDOL]DUHD DF LXQLL GH IRORVLUH D LQVWUXPHQWHORU IDOVH VDX GH IRORVLUH SH QHGUHSW D
LQVWUXPHQWHORU DGHY UDWH DFHVWH PDWHULDOH FRQVWLWXLH úL HOH RELHFWH PDWHULDOH DOH
LQIUDF LXQLLLDUGXS FHVDDSOLFDWDVXSUDORUDPSUHQWDLQVWUXPHQWXOXLIDOVHOHDSDU
FDSURGXVDOLQIUDF LXQLL
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU DO IRORVLULL LQVWUXPHQWHORU RILFLDOH IDOVH
SRDWH IL RULFH SHUVRDQ 'DF DXWRUXO DU DYHD YUHR FDOLWDWH FDUH D vQOHVQLW OD
V YkUúLUHDLQIUDF LXQLLDFHDVWDYDILUH LQXW FDRvPSUHMXUDUHDJUDYDQW
6XELHFW DFWLY DO LQIUDF LXQLL H[DPLQDWH SRDWH IL úL R SHUVRDQ MXULGLF vQ
FRQGL LLOHúLFXOLPLW ULOHDU WDWHvQDUW&SHQ
,QIUDF LXQHD SRDWH IL V YkUúLW úL GH PDL PXO L VXELHF L DFWLYL FRDXWRUL
LQVWLJDWRULFRPSOLFL
&kQGSHUVRDQDFDUHVHIRORVHúWHGHLQVWUXPHQWXORILFLDOIDOVHVWHvQVXúLDXWRUXO
LQIUDF LXQLL GH IDOVLILFDUH D LQVWUXPHQWXOXL RILFLDO VDX YUHXQ DOW SDUWLFLSDQW OD
DFHDVW LQIUDF LXQH H[LVW FRQFXUV GH LQIUDF LXQL FHOH GRX IDSWH FRQVWLWXLQG
LQIUDF LXQLFRQH[HFRUHODWLYHGDULQFULPLQDWHGLVWLQFW
6XELHFWXOSDVLYHVWHWRWGHDXQDvQPRGFHUWDXWRULWDWHDVDXLQVWLWX LDSXEOLF
DOF UHLLQVWUXPHQWRILFLDODIRVWIDOVLILFDWúLDSRLIRORVLWXQLWDWHF UHLDLVHYDDGXFH
DWLQJHUHSULQQHvQFUHGHUHDSHFDUHSXEOLFXORYDPDQLIHVWDID GHvQVFULVXULOHVDX
RELHFWHOHFDUHSRDUW DPSUHQWDLQVWUXPHQWXOXLRILFLDODODFHVWHLXQLW LDWXQFLFkQG
VDUúWLF DFHVWHvQVFULVXULVDXRELHFWHSRWILSURGXVXOXQHLIRORVLULGHLQVWUXPHQWH
IDOVLILFDWH
&kQG vQVFULVXO VDX RELHFWXO FDUH SRDUW DPSUHQWD LQVWUXPHQWXOXL RILFLDO
IDOVLILFDW HVWH IRORVLW VH V YkUúHúWH R QRX LQIUDF LXQH VHUYLUH GH vQVFULV IDOV
vQúHO FLXQHSULQPDUFDMIDOVDOF UHLVXELHFWSDVLYGHYLQHLQGLUHFWúLVXELHFWSDVLY
HYHQWXDODOIRORVLULLLQVWUXPHQWHORURILFLDOHIDOVH
9DVLOH 3DSDGRSRO vQ 7HRGRU 9DVLOLX 'RUX 3DYHO *HRUJH $QWRQLX ùWHIDQ 'DQHú *KHRUJKH ' UkQJ
'XPLWUX/XFLQHVFX9DVLOH3DSDGRSRO'XPLWUX&3RSHVFX9LUJLO5 PXUHDQX&RGXOSHQDOURPkQFRPHQWDWúL
DGQRWDW3DUWHDVSHFLDO YRO,,(GLWXUDùWLLQ LILF úL(QFLFORSHGLF %XFXUHúWLS
9LQWLO 'RQJRUR]RSFLWYRO,9S
,GHPYRO,9S
,ELGHPYRO,9S
ÌQYDULDQWDDVLPLODW SUHY ]XW vQDOLQDODUW&SHQVXELHFWSDVLY
HVWHVWDWXO
'DF SULQV YkUúLUHDRULF UHLDGLQWUHIDSWHOHSUHY ]XWHvQDUW&SHQVD
FDX]DWYUHXQSUHMXGLFLXXQHLSHUVRDQHIL]LFHVDXMXULGLFHDFHDVWDDUHGHDVHPHQHD
FDOLWDWHDGHVXELHFWSDVLYDOLQIUDF LXQLL
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDOFRQVW vQDF LXQHDGHIRORVLUHDXQXLLQVWUXPHQWRILFLDOGH
DXWHQWLILFDUH VDX GH PDUFDUH IDOV VDX vQ IRORVLUHD SH QHGUHSW D XQXL VLJLOLX VDX
úWDPSLOHFXVWHPD ULL
3ULQÄIRORVLUH´VHvQ HOHJHvQWUHEXLQ DUHDLQVWUXPHQWXOXLvQWURVLWXD LHvQFDUH
XWLOL]DUHDOXLHVWHQHFHVDU GHH[ILHODDXWHQWLILFDUHDXQXLvQVFULVILHODDWHVWDUHD
RILFLDO DXQHLFRQVWDW ULILHODPDUFDUHDXQRURELHFWHHWF
ÌQWUHEXLQ DUHD LQVWUXPHQWXOXL RILFLDO IDOV VDX XWLOL]DW SH QHGUHSW vQWUR
VLWXD LHvQFDUHQXHVWHQHFHVDUV H[LVWHRDXWHQWLILFDUHRDWHVWDUHVDXRFHUWLILFDUH
RILFLDO FRQVWLWXLH R IRORVLUH LQXWLO LDU QX R IRORVLUH vQ VHQVXO LQFULPLQ ULL GLQ
OHJHDSHQDO HDG vQV vQYLOHDJH[LVWHQ DLQVWUXPHQWXOXLIDOV
3UDFWLFIRORVLUHDVHHIHFWXHD] SRWULYLWFXQDWXUDLQVWUXPHQWXOXLIDOVVLJLOLX
úWDPSLO FOHúWHVDXFLRFDQGHPDUFDUHHWFúLFXQDWXUDVXEVWDQ HLRELHFWXOXLDVXSUD
F UXLDHVWHDSOLFDWLQVWUXPHQWXOIRORVLW
&HULQ HHVHQ LDOH
± ÌQ FD]XO IRORVLULL XQXL LQVWUXPHQW IDOV DFHVWD WUHEXLH V FRUHVSXQG
LQVWUXPHQWXOXLRILFLDOGHVWLQDWSHQWUXDXWHQWLILFDUHDvQVFULVXOXLVDXSHQWUXPDUFDUHD
RELHFWXOXL DVXSUD F UXLD HVWH DSOLFDW LQVWUXPHQWXO IDOV 'DF LQVWUXPHQWXO IDOV QX
HVWHFRUHVSXQ] WRUFHULQ DVSHFLDO QHILLQGvQGHSOLQLW QXH[LVW LQIUDF LXQH
±ÌQFD]XOIRORVLULLSHQHGUHSWDLQVWUXPHQWXOXLRILFLDODGHY UDWWUHEXLHV ILH
vQGHSOLQLW FHULQ D VSHFLDO FD DFHVW LQVWUXPHQW V SULYHDVF XQ VLJLOLX VDX R
úWDPSLO FXVWHPD ULL
6WHPD5RPkQLHLVLPEROL]HD] VWDWXOURPkQQD LRQDOVXYHUDQúLLQGHSHQGHQW
XQLWDUúLLQGLYL]LELOúLVHFRPSXQHGLQGRX VFXWXULVXSUDSXVHVFXWXOPDUHúLVFXWXO
PLF 6WHPD 5RPkQLHL HVWH UHSURGXV SH VLJLOLLOH DXWRULW LORU SXEOLFH SH DFWH
RILFLDOH SH LPSULPDWHOH úL SO FLOH LQGLFDWRDUH DOH HGLILFLLORU DFHVWRUD SH PRQHGD
QD LRQDO úL SH DOWHVHPQHPRQHWDUHHPLVHGH5RPkQLDSHvQVHPQHOHúLSHXQHOH
DFFHVRULLDOHXQLIRUPHORUPLOLWDUHvQFRQGL LLOHVWDELOLWHGH*XYHUQXO5RPkQLHL
6LJLOLXO VWDWXOXL HVWH vQVHPQXO VXYHUDQLW LL QD LRQDOH úL JDUDQWHD]
DXWHQWLFLWDWHD DFWHORU VWDWXOXL 3H VLJLOLXO VWDWXOXL HVWH UHSUH]HQWDW VWHPD ULL FX
520Æ1,$ vQ H[HUJ vQ SDUWHD LQIHULRDU 6LJLOLXO VWDWXOXL VH S VWUHD] OD
0LQLVWHUXO $IDFHULORU ([WHUQH úL VH DSOLF SRWULYLW GLVSR]L LLORU PLQLVWUXOXL
DIDFHULORUH[WHUQHSHDFWHOHLQWHUQD LRQDOHvQFKHLDWHGH5RPkQLD
$XWRULW LOH SXEOLFH vúL SRW HODERUD vQVHPQH KHUDOGLFH úL VLJLOLL SURSULL vQ
FRQGL LLOHOHJLL
9DVLOH3DSDGRSRORSFLWYRO,,S
9LQWLO 'RQJRUR]RSFLWYRO,9S
$UWDOLQGLQ/HJHDQUSULYLQGVWHPD ULLúLVLJLOLXOVWDWXOXLSXEOLFDW vQ02IQU
GLQ $ VH YHGHD úL +* QU SULYLQG IRORVLUHD úL H[SXQHUHD VWHPHL 5RPkQLHL SXEOLFDW vQ
02IQUGLQ
$UWGLQ/HJHDQU
$ VH YHGHD VSUH H[HPSOX +* QU SHQWUX DSUREDUHD vQVHPQHORU KHUDOGLFH SHQWUX $UPDWD
5RPkQLHL úL XQHOH VWUXFWXUL LQ FRPSXQHUHD 0LQLVWHUXOXL $S U ULL 1D LRQDOH SXEOLFDW vQ 0 2I QU GLQ
6WHPHOHMXGH HORUPXQLFLSLLORURUDúHORUúLFRPXQHORUVHDSURE GH*XYHUQ
OD SURSXQHUHD FRQVLOLLORU MXGH HQH VDX GXS FD] D FRQVLOLLORU ORFDOH FX DYL]XO
&RPLVLHL1D LRQDOHGH+HUDOGLF úL*HQHDORJLH
([LVWHQ D LQIUDF LXQLL GH IRORVLUHD LQVWUXPHQWHORU RILFLDOH QX SRDWH IL
FRQFHSXW I U SUHH[LVWHQ DILHDXQXLLQVWUXPHQWRILFLDOIDOVvQFD]XOvQFDUHIDSWD
VH V YkUúHúWH SULQ IRORVLUHD DFHVWXLD ILH D XQXL LQVWUXPHQW RILFLDO DGHY UDW FkQG
IDSWDHVWHFRPLV SULQIRORVLUHDSHQHGUHSWDDFHVWXLLQVWUXPHQW
8UPDUHD LPHGLDW FRQVW vQ FUHDUHD XQHL VW UL GH SHULFRO SHQWUX vQFUHGHUHD
SXEOLF VWDUHGHFXUJkQGGLQDSOLFDUHDSHXQvQVFULVDDPSUHQWHLGHDXWHQWLFLWDWHVDX
SULQLPSULPDUHDSHXQRELHFWDVHPQXOXLGHPDUFDUH
'DF vQVFULVXOSHFDUHVDDSOLFDWVLJLOLXOVDXúWDPSLODIDOV QXHVWHVXVFHSWLELO
GHDVHUYLFDSURE úLGHFLGHDDYHDFRQVHFLQ HMXULGLFHVDXGDF RELHFWXODVXSUD
F UXLD VD HIHFWXDW PDUFDMXO QX SRDWH VXVFLWD YUHR vQGRLDO DVXSUD DGHY UDWHL VDOH
QDWXULúLYDORULQHH[LVWkQGRVWDUHGHSHULFROQXH[LVW XUPDUHDLPHGLDW QHFHVDU
SHQWUXvQWUHJLUHDODWXULLRELHFWLYHúLQXH[LVW LQIUDF LXQH
ÌQ OLSVD XUP ULL LPHGLDWH IDSWD QX FRQVWLWXLH GHFkW R LQXWLO XWLOL]DUH D
LQVWUXPHQWXOXLIDOVVDXDEX]LYIRORVLW
/HJ WXUDGHFDX]DOLWDWH3UH]HQ DXQHLDPSUHQWHGXELRDVHSHXQvQVFULVRULD
XQHL PDUF UL VXVSHFWH SH XQ RELHFW QX vQVHDPQ QHDS UDW F D IRVW IRORVLW XQ
LQVWUXPHQW RILFLDO IDOV RUL F D IRVW IRORVLW SH QHGUHSW XQ LQVWUXPHQW DGHY UDW
7UHEXLH V VH VWDELOHDVF OHJ WXUD GH FDX]DOLWDWH vQWUH DPSUHQWD GXELRDV VDX
PDUFDMXOVXVSHFWúLDF LXQHDGHIRORVLUHDXQXLLQVWUXPHQWIDOVRULDXQXLLQVWUXPHQW
DGHY UDWSHQHGUHSW2úWDPSLO DSXWXWILDSOLFDW GLQHURDUHVDXvQPRGGHIHFWXRV
FHHDFHH[FOXGHOHJ WXUDGHFDX]DOLWDWHGLQWUHSUH]HQ DDPSUHQWHLDFHOHLúWDPSLOHSH
XQ vQVFULV úL V YkUúLUHD YUHXQHL DF LXQL GH IRORVLUH D XQXL LQVWUXPHQW IDOV RUL GH
vQWUHEXLQ DUHLOLFLW DXQXLLQVWUXPHQWRILFLDODGHY UDW'HDFHHDH[LVWHQ DOHJ WXULL
GHFDX]DOLWDWHYDWUHEXLV ILHFHUFHWDW úLFRQVWDWDW RULGHFkWHRULQXUH]XOW Y GLW
GLQPDWHULDOLWDWHDIDSWHL
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH FDUH FRQVWLWXLH HOHPHQWXO VXELHFWLY DO LQIUDF LXQLL HVWH
LQWHQ LD DGLF úWLLQ D F LQVWUXPHQWXO RILFLDO HVWH IDOV vQ FD]XO SUHY ]XW GH
GLVSR]L LD GLQ DOLQ DO DUW úL úWLLQ D F LQVWUXPHQWXO RILFLDO DGHY UDW HVWH
IRORVLWSHQHGUHSWvQFD]XOSUHY ]XWvQGLVSR]L LDGLQDOLQDODUW&SHQ
0RELOXO GHWHUPLQDQW úL VFRSXO XUP ULW GH I SWXLWRU QX LQWHUHVHD] SHQWUX
H[LVWHQ DODWXULLVXELHFWLYHúLLPSOLFLWDLQIUDF LXQLLvQV úLGDUGHDFHVWHDVHYD LQH
VHDPD OD VWDELOLUHD JUDGXOXL GH SHULFRO VRFLDO FRQFUHW úL GHFL OD LQGLYLGXDOL]DUHD
SHGHSVHL
9LQWLO 'RQJRUR]RSFLWYRO,9SÌQDFHODúLVHQV9DVLOH3DSDGRSRORSFLWYRO,,S2FWDYLDQ
/RJKLQvQ2FWDYLDQ/RJKLQ$YUDP)LOLSDú'UHSWSHQDOURPkQ3DUWHDVSHFLDO HGL LHUHYL]XLW &DVDGHHGLWXU úL
SUHV ÄùDQVD´ 65/ %XFXUHúWL S *KHRUJKH 1LVWRUHDQX vQ *KHRUJKH 1LVWRUHDQX 9DVLOH 'REULQRLX
$OH[DQGUX %RURL ,OLH 3DVFX ,RDQ 0ROQDU 9DOHULF /D] U 'UHSW SHQDO 3DUWHD VSHFLDO (GLWXUD (XURSD 1RYD
%XFXUHúWL S ,RDQD 9DVLX 'UHSWSHQDOURPkQ3DUWHDVSHFLDO YRO,,(GLWXUD$OEDVWU &OXM1DSRFD
S 2FWDYLDQ /RJKLQ 7XGRUHO 7RDGHU 'UHSW SHQDO URPkQ 3DUWHD VSHFLDO HGL LD D ,9D UHY ]XW úL
DG XJLW &DVDGHHGLWXU úLSUHV ùDQVD65/%XFXUHúWLS,OLH3DVFXvQ,OLH3DVFX9DOHULF /D] U'UHSWXO
SHQDO3DUWHDVSHFLDO (GLWXUD/XPLQD/H[%XFXUHúWLS9DVLOH'REULQRLXvQ9DVLOH'REULQRLX1LFRODH
&RQHD &LSULDQ 5DXO 5RPL DQ &DPLO 7 Q VHVFX 1RUHO 1HDJX 0D[LP 'REULQRLX 'UHSW SHQDO 3DUWHD VSHFLDO
YRO ,, /XPLQD /H[ %XFXUHúWL S $OH[DQGUX %RURL *KHRUJKH 1LVWRUHDQX 'UHSW SHQDO 3DUWHD
VSHFLDO HGL LDD,,,D(GLWXUD$OO%HFN%XFXUHúWLS+RULD'LDFRQHVFX'UHSWSHQDO3DUWHDVSHFLDO
YRO ,, HGL LD D D (GLWXUD $OO %HFN %XFXUHúWL S 7XGRUHO 7RDGHU 'UHSW SHQDO 3DUWHD VSHFLDO
(GL LDDDUHYL]XLW úLDFWXDOL]DW (GLWXUD+DPDQJLX%XFXUHúWLS
ÌQ GRFWULQ VD PDL VXV LQXW úL S UHUHD U PDV L]RODW FRQIRUP F UHLD
LQIUDF LXQHDDQDOL]DW QXVHSRDWHFRPLWHGHFkWFXLQWHQ LHGLUHFW
)DSWDV YkUúLW GLQFXOS QXFRQVWLWXLHLQIUDF LXQH
)RUPH6DQF LXQL
)RUPH ,QIUDF LXQHD GH IRORVLUH D LQVWUXPHQWHORU RILFLDOH IDOVH VDX D FHORU
DGHY UDWH GDU I U GUHSW UHDOL]kQGXVH SULQWUR DF LXQH FRPLVLXQH HIHFWXDUHD
DFHVWHL DF LXQL SRDWH SDUFXUJH WRDWH ID]HOH XQHL DFWLYLW L LQIUDF LRQDOH DFWH GH
SUHJ WLUH WHQWDWLY FRQVXPDUH HSXL]DUH úL SRDWH SUH]HQWD GLIHULWHPRGDOLW LFDUH
LPSXQRGLYHUVLILFDUHvQDSOLFDUHDVDQF LXQLORU
'HúLVXQWSRVLELOHWRWXúLOHJHDQXLQFULPLQHD] QLFLDFWHOHGHSUHJ WLUHQLFL
WHQWDWLYDFRQVLGHUkQGF JUDGXOGHSHULFROVRFLDOSHFDUHvOSUH]LQW DFHVWHIRUPH
QXMXVWLILF UHFXUJHUHDODVDQF LXQLSHQDOH
)DEULFDUHDLQVWUXPHQWHORUGHDXWHQWLILFDUHVDXGHPDUFDUHRILFLDOHFRQVWLWXLH
GHVLJXU R DFWLYLWDWH SUHJ WLWRDUH vQ UDSRUW FX LQIUDF LXQHD GH IRORVLUH D DFHVWRU
LQVWUXPHQWH GDU DFHDVWD HVWH vQV LQFULPLQDW FD LQIUDF LXQH GH VLQH VW W WRDUH
DUW & SHQ $úDGDU GDF DXWRUXO IDOVLILF ULL SDUWLFLS XOWHULRU FD DXWRU VDX
FRPSOLFHODV YkUúLUHDLQIUDF LXQLLGHIRORVLUHDLQVWUXPHQWHORUIDOVHLQIUDF LXQHDGH
IDOVLILFDUH QX VH DEVRDUEH FD ID] SUHJ WLWRDUH D DFWLYLW LL SULQ FDUH VD UHDOL]DW
LQIUDF LXQHD GH IRORVLUHD LQVWUXPHQWHORU LDU I SWXLWRUXO YD U VSXQGH SHQDO SHQWUX
FRQFXUVGHLQIUDF LXQL
&RQVXPDUHD DUH ORF vQ PRPHQWXO vQ FDUH H[HUFLWDUHD DF LXQLL GH IRORVLUH D
LQVWUXPHQWXOXLRILFLDOIDOVRULGHIRORVLUHSHQHGUHSWDLQVWUXPHQWXOXLDGHY UDWDIRVW
GXV SkQ ODFDS WúLVDSURGXVXUPDUHDLPHGLDW DGLF VDFUHDWRVWDUHGHSHULFRO
SULQHIHFWXDUHDXQHLIDOVHDXWHQWLILF ULVDXXQHLIDOVHPDUF UL
3HQWUX H[LVWHQ D FRQVXP ULL QX LQWHUHVHD] GDF vQVFULVXO vQ PRG IDOV
DXWHQWLILFDWVDXRELHFWXOvQPRGIDOVPDUFDWDIRVWVDXQXIRORVLWRULDUHXúLWVDXQX
V ILHvQWUHEXLQ DW
8QLQVWUXPHQWRILFLDOIDOVFRQVWLWXLQGXQPLMORFGHV YkUúLUHDLQIUDF LXQLLGH
IRORVLUHLOLFLW DFHDVW IRORVLUHSRDWHV ILHV YkUúLW vQVHULH&XXQVLJLOLXIDOVVDX
FX R úWDPSLO IDOV SRW IL FRQIHF LRQDWH XQ QXP U PDL PDUH VDX PDL PLF GH
DXWHQWLILF ULIDOVHRVHULHGHGLSORPHIDOVHRVHULHGHFHUWLILFDWHIDOVHHWF/DIHO
SRDWHILIRORVLWvQVHULHXQLQVWUXPHQWGHPDUFDWIDOV$FWHOHGHIRORVLUHV YkUúLWHvQ
VHULHSRWGXS FD]vQIXQF LHGHXQLWDWHDVDXSOXUDOLWDWHDXQHLKRW UkULUH]ROX LL
LQIUDF LRQDOH V FRQVWLWXLH ILH R LQIUDF LXQH FRQWLQXDW ILH XQ FRQFXUV GH
LQIUDF LXQL ÌQ FD]XO LQIUDF LXQLL FRQWLQXDWH VH YD SURGXFH HSXL]DUHD FkQG VD SXV
FDS W DFHVWHL FRQWLQXLW L ILH SULQ YRLQ D I SWXLWRUXOXL ILH GUHSW FRQVHFLQ D
SRUQLULLXQHLXUP ULULSHQDOH
6DQF LXQL 3HQWUX IRORVLUHD LQVWUXPHQWHORU RILFLDOH IDOVH SHUVRDQD IL]LF VH
SHGHSVHúWHFXvQFKLVRDUHDGHODOXQLODDQL
)RORVLUHD I U GUHSW D XQXL VLJLOLX RUL D XQHL úWDPSLOH FX VWHPD ULL VH
SHGHSVHúWHFXvQFKLVRDUHGHODOXQLODDQLVDXDPHQG
3HUVRDQD MXULGLF vQ DPEHOH LSRWH]H GH LQFULPLQDUH VH VDQF LRQHD] FX
DPHQG GHODODOHL±DUWDOLQ&SHQ
9DOHU 6XLDQ vQ 0DWHL %DVDUDE /XFLD 0ROGRYDQ 9DOHU 6XLDQ 'UHSW SHQDO 3DUWHD VSHFLDO YRO ,,
&OXM1DSRFDS
,GHPYRO,9S
&DSLWROXO,,,
)$/685,Ì1Ì16&5,685,
)$/68/0$7(5,$/Ì1Ì16&5,685,2),&,$/(
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDODORFURWLULLSHQDOHvOIRUPHD] UHOD LLOHVRFLDOHDF URU
IRUPDUH GHVI úXUDUH úL GH]YROWDUH GHSLQG GH vQFUHGHUHD SXEOLF DFRUGDW
vQVFULVXULORU RILFLDOH $S UDUHD DFHVWHL vQFUHGHUL LPSOLF DS UDUHD vQV úL D WXWXURU
vQVFULVXULORU RILFLDOH vQ FRQWUD IDOVLILF ULL PDWHULDOH &XP LPHQVD PDMRULWDWH D
UHOD LLORU VRFLDOH LQFOXGH vQ PHFDQLVPXO ORU IRORVLUHD GH vQVFULVXUL RILFLDOH VDU
SXWHD VSXQH F SULQ LQFULPLQDUHD úL VDQF LRQDUHD IDOVXOXL PDWHULDO vQ vQVFULVXUL
RILFLDOHVXQWRFURWLWHDSURDSHWRDWHUHOD LLOHVRFLDOH
2ELHFWXOPDWHULDOÌQV YkUúLUHDIDSWXOXLGHIDOVPDWHULDOvQvQVFULVXULRILFLDOH
vQVFULVXOIDOVLILFDWDSDUHvQSULPXOUkQGFDSURGXVDODFWLYLW LLLQIUDF LRQDOH
ÌQFD]XOFkQGIDOVXOPDWHULDOVHFRPLWHSULQDOWHUDUHDXQXLvQVFULVRILFLDOH[LVWHQW
DFHVWvQVFULVDUHvQDFHODúLWLPSúLFDUDFWHUXOGHRELHFWPDWHULDODOLQIUDF LXQLL
'DU FKLDU vQ FD]XO FRQWUDIDFHULL SO VPXLULL XQXL vQVFULV RILFLDO SHQWUX
UHDOL]DUHD DFHVWXLD VXQW IRORVLWH PDWHULDOH KkUWLH FHUQHDO FDUH LQVHUkQGXVH vQ
SURGXVXO LQIUDF LXQLL vQVFULVXO RILFLDO IDOV S VWUHD] vQV FDUDFWHUXO GH RELHFW
PDWHULDO DO LQIUDF LXQLL GHRDUHFH DVXSUD ORU VD HIHFWXDW DF LXQHD GH IDOVLILFDUH
SO VPXLUH
ÌQVFULVXULOHRILFLDOHIDOVLILFDWHSO VPXLWHVDXDOWHUDWHVXQWGLQDFHDVW FDX]
VRFRWLWHWRWGHDXQDúLRELHFWPDWHULDODOLQIUDF LXQLL
ÌQVFULVXO IRUPHD] RELHFWXO PDWHULDO DO LQIUDF LXQLL LQGLIHUHQW GDF D IRVW
IDOVLILFDWvQWRWXOVDXQXPDLvQSDUWHGDF IDOVXOSULYHúWHFRQ LQXWXOvQVFULVXOXLRUL
VHPQDUHD DFHVWXLD VDX PRGXO GH DXWHQWLILFDUH GH FHUWLILFDUH VDX GH DWHVWDUH FDUH
vQVR HúWHvQVFULVXO
ÌQ VHPQLILFD LD VD FHD PDL ODUJ SULQ ÄvQVFULV´ VH vQ HOHJH RULFH VHPQ
PDWHULDO YL]LELO úL SHUPDQHQW FDUH VHUYHúWH OD WUDQVPLWHUHD JkQGXULORU úL LGHLORU
'LQDFHVWSXQFWGHYHGHUHVHFXQRDúWHVFULHUHDLGHRJUDILF FHHYRF GLUHFWLGHHD
SHQWUX F HVWH UHSUH]HQWDUHD DLGRPD RUL VLPEROLF D OXFUXOXL H[SULPDW úL VFULHUHD
IRQHWLF FHQXUHSUH]LQW vQPRGGLUHFWGHFkWRVXFFHVLXQHGHVXQHWHGDUFDUHDUH
DSWLWXGLQHD GH D WUH]L LGHLOH vQ JHQHUDO OHJDWH GH R DVHPHQHD vQP QXQFKHUH GH
VXQHWH FRPELQDWH /HJHD SHQDO QX DWULEXLH WHUPHQXOXL GH ÄvQVFULV´ DFHDVW
VHPQLILFD LH ODUJ FL SH DFHHD GH DFW DOF WXLW vQ IRUP VFULV /LPLWDUHD HVWH
ILUHDVF GHRDUHFH VFULHUHD ± vQ VHQVXO GH VFULHUH IRQHWLF ± HVWH VLQJXUXO PRG GH
H[SULPDUHDJkQGLULLFDUHSUH]LQW RDQXPLW FRPSOH[LWDWHúLFDDWDUHIDOVLILFDUHD
VD±FRQVLGHUDW FRPSDUDWLYFXIDOVLILFDUHDDOWRUVHPQHPDWHULDOH±UHOHY vQFHHD
FHOSULYHúWHSHDXWRUúLIDSWDVDXQSHULFROVRFLDOPDLLQWHQV
9LQWLO 'RQJRUR] vQ 9LQWLO 'RQJRUR] 6LHJIULHG .DKDQH ,RQ 2DQFHD ,RVLI )RGRU 1LFROHWD ,OLHVFX
&RQVWDQWLQ %XODL 5RGLFD 6W QRLX 9LFWRU 5RúFD ([SOLFD LL WHRUHWLFH DOH &RGXOXL SHQDO URPkQ 3DUWHD VSHFLDO
YRO,9(GLWXUD$FDGHPLHL5RPkQH%XFXUHúWLS
9LQWLO 'RQJRUR]RSFLWYRO,9S
9DVLOH 3DSDGRSRO vQ 7HRGRU 9DVLOLX 'RUX 3DYHO *HRUJH $QWRQLX ùWHIDQ 'DQHú *KHRUJKH ' UkQJ
'XPLWUX/XFLQHVFX9DVLOH3DSDGRSRO'XPLWUX&3RSHVFX9LUJLO5 PXUHDQX&RGXOSHQDOURPkQFRPHQWDWúL
DGQRWDW3DUWHDVSHFLDO YRO,,(GLWXUDùWLLQ LILF úL(QFLFORSHGLF %XFXUHúWLS
1X RULFH vQVFULV IDOVLILFDW LQWHUHVHD] vQV GUHSWXO SHQDO VXE DVSHFWXO
DSOLFDELOLW LLDUWúLXUPGLQ&SHQFLQXPDLFHOHF URUDOHJHDOHUHFXQRDúWH
DSWLWXGLQHDGHDSURGXFHFRQVHFLQ HMXULGLFH
ÌQVFULV RILFLDO HVWH RULFH vQVFULV FDUH HPDQ GH OD R DXWRULWDWH SXEOLF
LQVWLWX LHSXEOLF VDXGHODRDOW SHUVRDQ MXULGLF GHGUHSWSXEOLFVDXFDUHDSDU LQH
XQHLDVHPHQHDXQLW L±DUWDOLQ&SHQFRPELQDWFXDUW&SHQ
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU DO IDOVXOXL PDWHULDO vQ vQVFULVXUL RILFLDOH
SRDWH IL RULFH SHUVRDQ IL]LF FH vQWUXQHúWH FRQGL LLOH JHQHUDOH SHQWUX D U VSXQGH
SHQDO&DOLWDWHDDFHVWHLDSRDWHILXQHRULRvPSUHMXUDUHDJUDYDQW
&kQG I SWXLWRUXO HVWH vQV XQ IXQF LRQDU LDU IDSWD HVWH V YkUúLW vQ
H[HUFL LXO DWULEX LLORU GH VHUYLFLX DFHVWH GRX vPSUHMXU UL vQ vPELQDUHD ORU
FRQVWLWXLHXQHOHPHQWFLUFXPVWDQ LDOGHDJUDYDUHSRWULYLWGLVSR]L LHLGLQDOLQDO
DUW&SHQ
3DUWLFLSD LD SHQDO HVWH SRVLELO VXE WRDWH IRUPHOH VDOH FRDXWRUDW LQVWLJDUH
FRPSOLFLWDWH
ÌQYDULDQWDDJUDYDW FRDXWRULQXSRWILGHFkWDFHOHSHUVRDQHFDUHDXFDOLWDWHD
FHUXW GH OHJH OD GDWD FRPLWHULL LQIUDF LXQLL &HLODO L SDUWLFLSDQ L LQVWLJDWRULL
FRPSOLFLLSRWV QXDLE DFHDVW FDOLWDWH'DF QXPDLLQVWLJDWRUXOVDXFRPSOLFHOH
DUHFDOLWDWHDGHIXQF LRQDULDUDXWRUXOQXRDUHIDSWDLQVWLJDWRUXOXLVDXFRPSOLFHOXL
FKLDU GDF D IRVW FRPLV vQ H[HUFL LXO DWULEX LLORU GH VHUYLFLX YD IL vQFDGUDW vQ
UDSRUWFXIDSWDDXWRUXOXLvQGLVSR]L LLOHGLQDUWDOLQ&SHQ'HVLJXUF GH
DFHVWHDVSHFWHVHYD LQHVHDP ODLQGLYLGXDOL]DUHDMXGLFLDU DSHGHSVHL
&kQG IDOVXO PDWHULDO DO XQXL vQVFULV RILFLDO VH UHDOL]HD] SULQ DSOLFDUHD XQXL
VLJLOLXIDOVVDXDXQHLúWDPSLOHIDOVHFHOFDUHDIRORVLWVLJLOLXOVDXúWDPSLODIDOV YD
U VSXQGHFDDXWRUDGRX IDSWHSHQDOHúLDQXPHIDOVPDWHULDOvQvQVFULVXULRILFLDOH
úLIRORVLUHGHLQVWUXPHQWHRILFLDOHIDOVH
6XELHFWDFWLYDODFHVWHLLQIUDF LXQLSRDWHV ILHúLRSHUVRDQ MXULGLF SRWULYLW
GLVSR]L LHLGLQDUW&SHQ
6XELHFWXOSDVLYHVWHRDXWRULWDWHSXEOLF LQVWLWX LHSXEOLF VDXDOW SHUVRDQ
MXULGLF GH GUHSW SXEOLF F UHLD L VH DWULEXLH vQ PRG PLQFLQRV vQVFULVXO RILFLDO
IDOVLILFDW
ÌQVFULVXO RILFLDO IDOV SRDWH IL vQV SURGXF WRU GH FRQVHFLQ H MXULGLFH FRQWUD
XQHLSHUVRDQHIL]LFHVDXMXULGLFH$FHDVW SHUVRDQ HVWHVXELHFWXOSDVLYHYHQWXDODO
LQIUDF LXQLLFDUHYDGHYHQLVXELHFWSDVLYHIHFWLYDWXQFLFkQGvQVFULVXOYDILIRORVLW
vPSRWULYDVDILLQGF DWLQJHUHDDGXV LQWHUHVHORUDFHVWXLVXELHFWSDVLYvúLDUHFDX]D
QX QXPDL vQ IRORVLUHD vQVFULVXOXL IDOV FL úL vQ IDSWD FDUH D FUHDW DFHVW vQVFULV IDOV
DGLF LQIUDF LXQHDGHIDOVPDWHULDOvQvQVFULVXULRILFLDOH
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDODOLQIUDF LXQLLH[DPLQDWHFRQVW vQDF LXQHDGHIDOVLILFDUH
vQPRGPDWHULDODXQXLvQVFULVRILFLDO
$F LXQHD GH IDOVLILFDUH SRDWH IL V YkUúLW SULQ FRQWUDIDFHUHD UHVSHFWLY
FRQIHF LRQDUHD SULQ LPLWDUH VFULHULL VDX VHPQ WXULL vQVFULVXOXL RILFLDO RUL SULQ
DOWHUDUHDPRGLILFDUHDvQRULFHPRGDvQVFULVXOXL
1R LXQHD GH ÄIDOVLILFDUH´ IRORVLW GH DUW & SHQ WUHEXLH vQ HOHDV QX
QXPDL vQ VHQVXO GH GHQDWXUDUH D XQXL vQVFULV SUHH[LVWHQW DGHY UDW FL úL vQ VHQVXO
3HQWUXvQ HOHVXODFHVWHLQR LXQLúLDFHOHLGHIXQF LRQDUSXEOLFDVHYHGHDFHOHDU WDWHFXSULYLUHODVXELHFWXO
DFWLYQHPLMORFLWDOLQIUDF LXQLLGHDEX]vQVHUYLFLXFRQWUDLQWHUHVHORUSHUVRDQHORU
9LQWLO 'RQJRUR]RSFLWYRO,9S
LPLW ULL DOF WXLULL vQ PRG IUDXGXORV SO VPXLULL vQ vQWUHJLPH VDX SDU LDO
FRQWUDIDFHULLXQXLvQVFULV
&RQWUDIDFHUHD VFULHULL vQ FD]XO vQVFULVXULORU RILFLDOH QX vQVHDPQ LPLWDUHD
VFULVXOXL PDL DOHV F PDMRULWDWHD vQVFULVXULORU RILFLDOH VXQW WLS ULWH VDX
GDFWLORJUDILDWH FL LPLWDUH SULQ UHSURGXFHUHD FRQ LQXWXOXL RELúQXLW DO vQVFULVXOXL
IDOVLILFDWGHH[RGLSORP IDOV WUHEXLHV DLE FRQ LQXWXOXQHLGLSORPHDGHY UDWH
XQSURFHVYHUEDOGHFRQVWDWDUHWUHEXLHV DLE FRQ LQXWXOXQXLDVWIHOGHvQVFULVXQ
EXOHWLQGHLGHQWLWDWHWUHEXLHV FRQ LQ PHQ LXQLOHXQXLDVWIHOGHDFW) U RDVWIHO
GH UHSURGXFHUH D FRQ LQXWXOXL vQVFULVXO IDOV QX DU SXWHD DYHD DSDUHQ D GH vQVFULV
DGHY UDW&RQWUDIDFHUHDVFULHULLvQVHDPQ GHFLSO VPXLUHDUHVSHFWLYFRQIHF LRQDUHD
XQXLvQVFULVVLPLODUFHOXLRILFLDO
&RQWUDIDFHUHD VHPQ WXULL SH XQ vQVFULV RILFLDO DGHY UDW VDX SO VPXLW QX
vQVHDPQ LDU úLRLPLWDUHFRSLHUHDVHPQ WXULLFLDSOLFDUHDXQHLVHPQ WXULFDUHV
DLE DSDUHQ D F DU IL D FHOXLFHWUHEXLDV VHPQH]HFXDU WDUHDvQSDUDQWH] VDX
VXEVHPQ WXU DQXPHOXLúLSUHQXPHOXLSUHWLQVXOXLVHPQDWDU
'H FHOH PDL PXOWH RUL VHPQ WXUD IDOV HVWH vQVR LW úL GH DPSUHQWD XQHL
úWDPSLOHIDOVHVDXSHQHGUHSWIRORVLWH&RQVWLWXLHIDOVPDWHULDOvQvQVFULVXULRILFLDOH
vQ DFHDVW PRGDOLWDWH QRUPDWLY úL FRQWUDIDFHUHD DPSUHQWHL XQHL úWDPSLOH DSOLFDWH
SHXQvQVFULVRILFLDO
$OWHUDUHD XQXL vQVFULV RILFLDO vQVHDPQ GHQDWXUDUHD PDWHULDO D FRQ LQXWXOXL
V XILHSULQDG XJLULvQWUHUkQGXULVDXPDUJLQDOHRULPRGLILF ULGHFLIUHVDXGDWH
ILHSULQúWHUV WXULVDXELI ULILHSULQDGXFHUHDvQVWDUHGHLOL]LELOLWDWHDXQRUS U LGLQ
vQVFULVXORILFLDOS WDUHGHFRORUDUHHWF
0RGLILFDUHD XQRU ERQXUL GH SODW SULQ PDMRUDUHD VXPHORU SO WLWH SHQWUX
MXVWLILFDUHDXQHLSUHVXSXVHOLSVHvQJHVWLXQHFRQVWLWXLHLQIUDF LXQHDGHIDOVPDWHULDO
vQvQVFULVXULRILFLDOHFKLDUGDF XOWHULRUFXRFD]LDYHULILF ULLVHFRQVWDW F OLSVD
SHFDUHLQFXOSDWXOXUP UHDV RDFRSHUHvQPRGXODU WDWQXHVWHUHDO
6HPQDUHDFRQGLFLLGHSUH]HQ FXQXPHOHXQHLSHUVRDQHFHQXDIRVWSUH]HQW
ODOXFUXFRQVWLWXLHRDF LXQHJHQHUDWRDUHGHFRQVHFLQ HMXULGLFHGHRDUHFHFRQGLFD
GH SUH]HQ ILLQG R IRUP GH HYLGHQ SH ED]D F UHLD VH FDOFXOHD] úL VH SO WHVF
VDODULLOHDWUDJHvQGHSOLQLUHDREOLJD LHLXQLW LLGHDSO WLVDODULXO'HDFHHDRDVWIHO
GH IDSW vQWUXQHúWH HOHPHQWHOH FRQVWLWXWLYH DOH IDOVXOXL PDWHULDO vQ vQVFULVXUL
RILFLDOH
)DOVLILFDUHD XQRU IDFWXUL SULQ PHQ LRQDUHD XQXL SUH PDL PLF DO P UIXULORU
YkQGXWHúLIRORVLUHDDFHVWRUDODvQWRFPLUHDELODQ XOXLúLDFHORUODOWHDFWHGHHYLGHQ
FRQWDELO VXQW DFWLYLW L FXSULQVH vQ ODWXUD RELHFWLY D LQIUDF LXQLL GH HYD]LXQH
ILVFDO SUHY ]XW vQDUWGLQ/HJHDQULDUQXLQIUDF LXQLGHIDOVúLX]
GHIDOVV YkUúLWHvQFRQFXUVFXFHDGLQWkL
76GvQU55'QUSÌQDFHODúLVHQV76VSGQU55'QU
S76VSGQU55'QUS76VSGQU55'QU
S7M*DOD LGSQU55'QUSFXQRW GH*ULJRUH2SULF 9DVLOH3DSDGRSRO
55'QUS
9LQWLO 'RQJRUR]RSFLWYRO,9S
,GHPYRO,9S
70%VD,,DSHQGQU55'QUS
9LQWLO 'RQJRUR]RSFLWYRO,9S
76VSGQU55'QUS
76VSGQU55'QUS
$FHVW DFW QRUPDWLY D IRVW DEURJDW SULQ /HJHD QU SHQWUX SUHYHQLUHD úL FRPEDWHUHD HYD]LXQLL
ILVFDOHSXEOLFDW vQ02IQUGLQ
&6-VSGQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSH
DQXO(GLWXUD-XULV$UJHVVLV&XUWHDGH$UJHúS
&HULQ HHVHQ LDOHÌQVFULVXOWUHEXLHV IDF SDUWHGLQFDWHJRULDvQVFULVXULORU
RILFLDOH DGLF vQVFULVXUL vQWRFPLWH HPDQDWHVDXvQW ULWHGHRSHUVRDQ MXULGLF GH
GUHSWSXEOLF
ÌQVFULVRILFLDODúDFXPVDDU WDWPDLVXVHVWHRULFHvQVFULVFDUHHPDQ GHOD
R DXWRULWDWH SXEOLF LQVWLWX LH SXEOLF VDX GH OD R DOW SHUVRDQ MXULGLF GH GUHSW
SXEOLFVDXFDUHDSDU LQHXQHLDVHPHQHDXQLW L±DUWDOLQ&SHQFRPELQDW
FXDUW&SHQ
ÌQVFULVXULOH SRW IL VFULVH vQ OLPED URPkQ VDX vQ RULFH DOW OLPE vQVFULVXUL
RILFLDOHVWU LQHvQRULJLQDOVDXWUDGXFHULRILFLDOH
ÌQVFULVXULOHHPDQDWHGHODDXWRULW LGHODRUJDQHDOHDFHVWRUDVXQWGHUHJXO
DFWH GDWH vQ FLUFXOD LH GH RUGLQ H[WHUQ ILLQG UHPLVH ILH DOWRU DXWRULW L ILH XQRU
SHUVRDQHvQGUHSW LWHDGUHVHFLUFXODUHGLSORPHRUGRQDQ HGHSODW FKLWDQ HHWF
6XQW FRQVLGHUDWH vQVFULVXUL RILFLDOH QX QXPDL H[HPSODUHOH RULJLQDOH FL úL
FRSLLOH OHJDOL]DWH VDX FHUWLILFDWH DOH DFHVWRUD FkQG VXQW VXVFHSWLELOH GH D SURGXFH
FRQVHFLQ H MXULGLFH &HULQ D HVHQ LDO HVWH GHFL vQGHSOLQLW vQ FD] GH IDOVLILFDUH D
XQHL FRSLL FKLDU GDF QX H[LVW vQVFULVXO RULJLQDO VXILFLHQW F UHVSHFWLYD FRSLH
GDF DUILIRVWDGHY UDW QHFRQWUDI FXW DUILSURGXVHIHFWHMXULGLFH
ÌQWRFPLUHDXQHLFRSLLDXQXLDFWLQH[LVWHQWFRQVWLWXLHIDSWDGHIDOVPDWHULDOvQ
vQVFULVXULRILFLDOH
ÌQVFULVXULOH FDUH DOF WXLHVF VFULSWLFD XQHL SHUVRDQH MXULGLFH GH GUHSW SXEOLF
VXQW vQ JHQHUH GH VHUYLFLX GH RUGLQ LQWHUQ QHFHVDUH SHQWUX GHVI úXUDUHD úL
HYLGHQ D DFWLYLW LL GLQ LQWHULRUXO XQLW LL UHVSHFWLYH UHJLVWUH UHIHUDWH UDSRDUWH
VWDWH GH SODW HWF $FHVWH vQVFULVXUL S VWUHD] FDUDFWHUXO GH vQVFULV RILFLDO FKLDU
GDF vQ FXSULQVXO ORU VH IDFH UHIHULUH OD DOWH vQVFULVXUL VDX OD RSHUD LL H[WHUQH
vQUHJLVWU ULGHLQWU ULúLLHúLULSURFHVHYHUEDOHGHFRQVWDWDUHHWF
7LWOXULOHúLvQVFULVXULOHSUHY ]XWHvQDUWúLDUW&SHQQXSRWFRQVWLWXL
RELHFWXOPDWHULDODOIDSWHLSHQDOHDQDOL]DWHGHRDUHFHFRQWUDIDFHUHDúLDOWHUDUHDORU
HVWHLQFULPLQDW GLVWLQFWSULQWH[WHOHFLWDWH
3RWULYLWGLVSR]L LHLGLQDOLQDODUW&SHQVXQWFRQVLGHUDWHvQVFULVXUL
RILFLDOH ELOHWHOH WLFKHWHOH VDX RULFH DOWH LPSULPDWH SURGXF WRDUH GH FRQVHFLQ H
MXULGLFH
%LOHWHOH WLFKHWHOH VDX LPSULPDWHOH WUHEXLH V HPDQH GH OD XQD GLQ XQLW LOH
DU WDWH vQ DUW & SHQ ILLQGF QXPDL vQ DFHVW FD] DFHVWHD SRW IL DVLPLODWH
vQVFULVXULORU RILFLDOH ,QWU vQ DFHDVW FDWHJRULH ELOHWHOH GH LQWUDUH OD VSHFWDFROH
ELOHWHOHORWRVDXSURQRVSRUWWLFKHWHOHGHWUDPYDLVDXDOWHPLMORDFHGHWUDQVSRUWvQ
FRPXQHWFÌQJHQHUDODFHVWHLPSULPDWHIDFGRYDGDXQHLSO LGHúLQXSRDUW YUHR
VHPQ WXU GH DWHVWDUH %LOHWHOH WLFKHWHOH úL FHOHODOWH LPSULPDWH SURGXF WRDUH GH
FRQVHFLQ H MXULGLFH HPLVH GH DOWH XQLW L GHFkW FHOH SUHY ]XWH vQ DUW & SHQ
VXQW vQVFULVXUL VXE VHPQ WXU SULYDW úL QX SRW IDFH GHFkW RELHFWXO IDSWHL SHQDOH
SUHY ]XWHvQDUW&SHQ
ÌQVFULVXORILFLDOIDOVLILFDWWUHEXLHV ILHVXVFHSWLELOGHDSURGXFHFRQVHFLQ H
MXULGLFH vQ FD]XO FkQG DU IL IRORVLW $FHDVWD vQVHDPQ F DFWXO UH]XOWDW vQ XUPD
IDOVLILF ULLWUHEXLHV ILHXQvQVFULVFXYDORDUHSUREDWRULHúLFXVHPQLILFD LHMXULGLF
ÌQYDULDQWDDJUDYDW HVWHQHFHVDUFDDF LXQHDGHIDOVLILFDUHV ILHUHDOL]DW
GHXQIXQF LRQDUvQH[HUFL LXODWULEX LLORUGHVHUYLFLX
&RQVWLWXLH LQIUDF LXQLOH SUHY ]XWH vQ DUW DOLQ & SHQ úL DUW
&SHQIDSWDXQXLSROL LVWvQV UFLQDWFXHIHFWXDUHDFHUFHW ULLSHQDOHGHDIDOVLILFD
VHPQ WXULOH XQRU SHUVRDQH SH SURFHVXO YHUEDO GH FRQVWDWDUH D LQIUDF LXQLL
9LQWLO 'RQJRUR]RSFLWYRO,9S
76VSGQU55'QUS
9LQWLO 'RQJRUR]RSFLWYRO,9S
DWULEXLQGXOHvQPRGQHUHDOFDOLWDWHDGHPDUWRULDVLVWHQ LúLGHDvQWRFPLGHFODUD LL
DOHDFHVWRUDFXIDOVLILFDUHDVHPQ WXULL
8UPDUHD LPHGLDW D IDSWHL SHQDOH H[DPLQDWH FRQVW vQ FUHDUHD XQHL VW UL GH
SHULFROSHQWUXUHOD LLOHVRFLDOHRFURWLWHSHULFROGHFXUJkQGGLQUHDOL]DUHDXQXLvQVFULV
RILFLDOIDOVFDUHSUH]LQW DSDUHQWWRDWHvQVXúLULOHXQXLvQVFULVRILFLDOFRUHVSXQ] WRU
3HQWUX H[LVWHQ D LQIUDF LXQLL GH IDOV PDWHULDO vQ vQVFULVXUL RILFLDOH QX HVWH
QHFHVDUV VHILFDX]DWXQSUHMXGLFLXPDWHULDOFLQXPDLFDDFWXOIDOVLILFDWV ILHGH
QDWXU D JHQHUD FRQVHFLQ H MXULGLFH úL D FDX]D SUHMXGLFLL RUGLQLL VWDWRUQLFLWH vQ
5RPkQLDRUGLQHFDUHFHUHFDDFWHOHvQWRFPLWHGHIXQF LRQDULV H[SULPHVXEWRDWH
DVSHFWHOHDGHY UXO
&kQG IDOVLWDWHD vQVFULVXOXL HVWH vQV YL]LELO úL XúRU GH REVHUYDW úWHUV WXUL
HYLGHQWHDG XJLULVFULVHFXDOW FHUQHDO HWFXUPDUHDLPHGLDW QXYDILvQGHSOLQLW
LDUIDSWDQXYDFRQVWLWXLGHFkWRvQFHUFDUHGHDIDOVLILFD
/HJ WXUD GH FDX]DOLWDWH vQWUH VWDUHD GH SHULFRO úL DF LXQHD GH IDOVLILFDUH
WUHEXLHV H[LVWHúLGHUHJXO UH]XOW GLQPDWHULDOLWDWHDIDSWHLH[UH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LHFDUHFRQVWLWXLHHOHPHQWXOVXELHFWLYDODFHVWHLLQIUDF LXQL
HVWH LQWHQ LD GLUHFW VDX LQGLUHFW ([LVW LQWHQ LH FkQG I SWXLWRUXO úLD GDW VHDPD
F SULQ DF LXQHD SH FDUH R V YkUúHúWH IDOVLILF PDWHULDO XQ vQVFULV RILFLDO D
SUHY ]XW F vQ DFHVW IHO VH FUHHD] R VWDUH GH SHULFRO SHQWUX vQFUHGHUHD SH FDUH
WUHEXLH V R LQVSLUH XQ DVWIHO GH vQVFULV úL D XUP ULW DFHVW UH]XOWDW VDX D DFFHSWDW
SURGXFHUHDOXL
0RELOXOúLVFRSXOQXLQWHUHVHD] SHQWUXH[LVWHQ DLQIUDF LXQLLGHIDOVPDWHULDO
vQvQVFULVXULRILFLDOHFLGRDUSHQWUXVWDELOLUHDJUDGXOXLGHSHULFROVRFLDOFRQFUHWDO
IDSWHLFRPLVHGHVXELHFWXODFWLYúLODLQGLYLGXDOL]DUHDMXGLFLDU DSHGHSVHL
ÌQGRFWULQ VDPDLVXV LQXWúLS UHUHDFXFDUHQXVXQWHPGHDFRUGúLFDUH
GHDOWIHO D U PDV L]RODW FRQIRUP F UHLD LQIUDF LXQHD DQDOL]DW QX VH SRDWH FRPLWH
GHFkWFXLQWHQ LHGLUHFW
)DSWDV YkUúLW GLQFXOS QXFRQVWLWXLHLQIUDF LXQH&XOSDUH]XOW vQJHQHUH
GLQPHQ LXQHDFDUHVHIDFHSHvQVFULVFKLDUvQPRPHQWXOvQWRFPLULLGHVSUHHURDUHD
FRPLV
&6-VSGQU1LFRULQD&ULúX0DJUDRQ&RQVWDQWLQ&ULúX-XULVSUXGHQ vQPDWHULHSHQDO D
ÌQDOWHL&XU LGH&DVD LHúL-XVWL LHFXU LGHDSHOúLWULEXQDOH(GLWXUD-XULV$UJHVVLV&XUWHDGH$UJHú
S
76&ROSHQGQUFLWGH9DVLOH3DSDGRSRORSFLWYRO,,S
9LQWLO 'RQJRUR] RS FLW YRO ,9 S ÌQ DFHODúL VHQV 9DVLOH 3DSDGRSRO RS FLW YRO ,, S
2OLYLX$XJXVWLQ6WRLFDRSFLWS2FWDYLDQ/RJKLQvQ2FWDYLDQ/RJKLQ$YUDP)LOLSDú'UHSWSHQDOURPkQ
3DUWHD VSHFLDO HGL LH UHYL]XLW &DVD GH HGLWXU úL SUHV ÄùDQVD´ 65/ %XFXUHúWL S *KHRUJKH
1LVWRUHDQXvQ*KHRUJKH1LVWRUHDQX9DVLOH'REULQRLX$OH[DQGUX%RURL,OLH3DVFX,RDQ0ROQDU9DOHULF /D] U
'UHSW SHQDO 3DUWHD VSHFLDO (GLWXUD (XURSD 1RYD %XFXUHúWL S ,RDQD 9DVLX 'UHSW SHQDO URPkQ
3DUWHD VSHFLDO YRO ,, (GLWXUD $OEDVWU &OXM1DSRFD S 2FWDYLDQ /RJKLQ 7XGRUHO 7RDGHU 'UHSW
SHQDOURPkQ3DUWHDVSHFLDO HGL LDD,9DUHY ]XW úLDG XJLW &DVDGHHGLWXU úLSUHV ùDQVD65/%XFXUHúWL
S ,OLH 3DVFX vQ ,OLH 3DVFX 9DOHULF /D] U 'UHSWXO SHQDO 3DUWHD VSHFLDO (GLWXUD /XPLQD /H[
%XFXUHúWL S 9DVLOH 'REULQRLX vQ 9DVLOH 'REULQRLX 1LFRODH &RQHD &LSULDQ 5DXO 5RPL DQ &DPLO
7 Q VHVFX1RUHO1HDJX0D[LP'REULQRLX'UHSWSHQDO3DUWHDVSHFLDO YRO,,/XPLQD/H[%XFXUHúWL
S+RULD'LDFRQHVFX'UHSWSHQDO3DUWHDVSHFLDO YRO,,HGL LDDD(GLWXUD$OO%HFN%XFXUHúWL
S $OH[DQGUX %RURL *KHRUJKH 1LVWRUHDQX 'UHSW SHQDO 3DUWHD VSHFLDO HGL LD D ,,,D (GLWXUD $OO %HFN
%XFXUHúWL S &RVWLF %XODL vQ &RVWLF %XODL $YUDP )LOLSDú &RQVWDQWLQ 0LWUDFKH ,QVWLWX LL GH GUHSW
SHQDO&XUVVHOHFWLYSHQWUXH[DPHQXOGHOLFHQ HGL LDD,,,DUHYL]XLW úLDG XJLW (GLWXUD7UHL%XFXUHúWL
S
9DOHU 6XLDQ vQ 0DWHL %DVDUDE /XFLD 0ROGRYDQ 9DOHU 6XLDQ 'UHSW SHQDO 3DUWHD VSHFLDO YRO ,,
&OXM1DSRFDS
)RUPH6DQF LXQL
)RUPH )LLQG R IDSW FRPLVLY IDOVXO PDWHULDO vQ vQVFULVXUL RILFLDOH HVWH
VXVFHSWLELO GH D SDUFXUJH ID]HOH RELúQXLWH GH GHVI úXUDUH DOH XQHL DFWLYLW L
LQIUDF LRQDOHDFWHSUHSDUDWRULLWHQWDWLY FRQVXPDUH
'HúL VXQW SRVLELOH úL QHFHVDUH DFWHOH SUHSDUDWRULL H[ SURFXUDUHD GH
LQVWUXPHQWH úL PDWHULDOH DGDSWDUHD ORU vQ YHGHUHD H[HFXW ULL HIHFWXDUHD GH SUREH
HWFQXVXQWLQFULPLQDWHGHOHJHDSHQDO
&kQG DF LXQHD GH IDOVLILFDUH vQFHSH V ILH H[HFXWDW DFWHOH GH SUHJ WLUH
HIHFWXDWHGHDOWXOGHFkWDXWRUXOSRWGHYHQLHYHQWXDODFWHGHFRPSOLFLWDWHDQWHULRDU
ODV YkUúLUHDLQIUDF LXQLL
8Q PLMORF IRDUWH QHFHVDU OD V YkUúLUHD IDOVXOXL PDWHULDO vQ DFWHOH RILFLDOH vO
FRQVWLWXLHIRORVLUHDGHVLJLOLLúWDPSLOHIDOVHLDUIDOVLILFDUHDGHVLJLOLLVDXúWDPSLOH
HVWHHYLGHQWRDFWLYLWDWHSUHSDUDWRULHvQUDSRUWFXLQIUDF LXQHDGHIDOVPDWHULDOvQ
vQVFULVXULRILFLDOH
7HQWDWLYDH[LVW DWXQFLFkQGH[HFXWDUHDDF LXQLLGHIDOVLILFDUHDvQFHSXWGDUD
IRVWvQWUHUXSW VDXDU PDVI U UH]XOWDWGLQFDX]HVWU LQHGHYRLQ DI SWXLWRUXOXL
([LVW WHQWDWLY úLDWXQFLFkQGH[HFXWDUHDDF LXQLLGHIDOVLILFDUHDvQFHSXWGDU
QX VD SURGXV XUPDUHD LPHGLDW vQVFULVXO IDOVLILFDW ILLQG LQXWLOL]DELO GLQ FDX]D
GHIHFWHORUVDOHIDOVJURVRODQXúRUGHREVHUYDWFKLDUGHF WUHRSHUVRDQ PDLSX LQ
DWHQW
7HQWDWLYDHVWHLQFULPLQDW SRWULYLWDUWDOLQ&SHQ
&RQVXPDUHDDUHORFvQPRPHQWXOvQFDUHH[HFXWDUHDDF LXQLLGHIDOVLILFDUHD
DMXQVODFDS WúLDSURGXVXUPDUHDLPHGLDW DGLF VDFUHDWVWDUHDGHSHULFROSHQWUX
UHOD LLOHVRFLDOHSURWHMDWHSULQQRUPDGHLQFULPLQDUHH[DPLQDW
3HQWUX FRQVXPDUHD LQIUDF LXQLL QX LPSRUW GDF vQVFULVXO RILFLDO IDOV D IRVW
VDXQXIRORVLW
'LVWUXJHUHD vQVFULVXOXL GXS GHVFRSHULUHD IDSWHL QX vQO WXU H[LVWHQ D
LQIUDF LXQLL
ÌQWUXFkWLQIUDF LXQHDGHDEX]vQVHUYLFLXDUHFDUDFWHUVXEVLGLDULDUIDOVLILFDUHD
XQRU vQVFULVXUL RILFLDOH GH F WUH IXQF LRQDUXO vQV UFLQDW FX vQWRFPLUHD ORU VH
vQFDGUHD] vQDUW&SHQLQVWDQ DQXSRDWHFDOLILFDDFHHDúLIDSW FDúLDEX]vQ
VHUYLFLX
6DQF LXQL)DOVXOPDWHULDOvQvQVFULVXULRILFLDOHvQYDULDQWDWLSVHSHGHSVHúWH
FXvQFKLVRDUHGHODOXQLODDQL
ÌQ YDULDQWD DJUDYDW IDOVXO PDWHULDO vQ vQVFULVXUL RILFLDOH VH SHGHSVHúWH FX
vQFKLVRDUHGHODOXQLODDQL
3HUVRDQD MXULGLF VH VDQF LRQHD] vQ DPEHOH LSRWH]H GH LQFULPLQDUH FX
DPHQGDFXSULQV vQWUHODOHLSRWULYLWDUWDOLQ&SHQ
)$/68/,17(/(&78$/
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDODORFURWLULLSHQDOHvOIRUPHD] UHOD LLOHVRFLDOHDF URU
IRUPDUH GHVI úXUDUH úL GH]YROWDUH GHSLQG GH vQFUHGHUHD SXEOLF DFRUGDW
vQVFULVXULORURILFLDOH
)DOVXOLQWHOHFWXDOHVWHGHQXPLWDVWIHOILLQGF vQRSXQHUHFXIDOVXOPDWHULDOvQ
vQVFULVXUL RILFLDOH DOWHUDUHD DGHY UXOXL QX SULYHúWH PDWHULDOLWDWHD vQVFULVXOXL vQ
9LQWLO 'RQJRUR]RSFLWYRO,9S
76&ROSHQGQU-1QUS
IRUPD úL VXUVD DFHVWXLD FL QXPDL PHQ LXQLOH úL FRQVWDW ULOH FXSULQVH vQ FRQWH[WXO
vQVFULVXOXLRILFLDOvQWRFPLWGHRUJDQXOFRPSHWHQW
/D IDOVXO LQWHOHFWXDO vQVFULVXO RILFLDO HVWH GLQ SXQFW GH YHGHUH PDWHULDO
UHJXODWúLOHJDOIDOVLWDWHDSULYHúWHvQV IDSWHOHúLGDWHOHGHVSUHFDUHvQVFULVXORILFLDO
HVWHFKHPDWV IDF SURE
3HQWUX F IDOVXO LQWHOHFWXDO HVWH V YkUúLW GH F WUH XQ IXQF LRQDU DIODW vQ
H[HUFL LXO DWULEX LXQLORU GH VHUYLFLX IDSWD VD DGXFH DWLQJHUH vQ VXEVLGLDU úL
UHOD LLORUVRFLDOHUHIHULWRDUHODEXQDGHVI úXUDUHDDFWLYLW LLGHVHUYLFLX
2ELHFWXO PDWHULDO )DOVXO LQWHOHFWXDO QHSXWkQG IL V YkUúLW GHFkW FX RFD]LD
vQWRFPLULL XQXL vQVFULV RILFLDO RELHFWXO DVXSUD F UXLD FDGH DFWLYLWDWHD LOLFLW HVWH
vQVXúL vQVFULVXO DO F UXL FRQ LQXW HVWH DOWHUDW FKLDU FX SULOHMXO vQWRFPLULL VDOH
$úDGDU RELHFW PDWHULDO DO LQIUDF LXQLL GH IDOV LQWHOHFWXDO HVWH vQVFULVXO RILFLDO
IDOVLILFDWFDUHFDúLODIDOVXOPDWHULDOGHYLQHSDUWHvQSURGXVXOLQIUDF LXQLL
ÌQVFULVXO IRUPHD] RELHFWXO PDWHULDO DO LQIUDF LXQLL LQGLIHUHQW GDF D IRVW
IDOVLILFDWvQWRWXOVDXQXPDLvQSDUWHGDF IDOVXOSULYHúWHFRQ LQXWXOvQVFULVXOXLRUL
VHPQDUHD DFHVWXLD VDX PRGXO GH DXWHQWLILFDUH GH FHUWLILFDUH VDX GH DWHVWDUH FDUH
vQVR HúWHvQVFULVXO
ÌQVFULV RILFLDO HVWH RULFH vQVFULV FDUH HPDQ GH OD R DXWRULWDWH SXEOLF
LQVWLWX LHSXEOLF VDXGHODRDOW SHUVRDQ MXULGLF GHGUHSWSXEOLFVDXFDUHDSDU LQH
XQHLDVHPHQHDXQLW L±DUWDOLQ&SHQFRPELQDWFXDUW&SHQ
1X H[LVW LQIUDF LXQHD SUHY ]XW vQ DUW & SHQ GDF vQVFULVXO IDOVLILFDW
FHUHUHD GH vPSUXPXW &$5 QX FRQVWLWXLH XQ vQVFULV RILFLDO LDU LQFXOSDWD D
FRPSOHWDWIRUPXODUXOFXGDWHQHUHDOHFkQGQXVHPDLDIODvQH[HUFL LXODWULEX LLORU
VDOHGHVHUYLFLXÌQDFHVWFD]HDYDU VSXQGHSHQWUXIDOVvQvQVFULVXULVXEVHPQ WXU
SULYDW
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU DO DFHVWHL LQIUDF LXQL SURSULL QX SRDWH IL
GHFkWRSHUVRDQ FDOLILFDW úLDQXPHXQIXQF LRQDUSXEOLFVDXIXQF LRQDUFDUH
V YkUúHúWHIDSWDvQH[HUFL LXODWULEX LLORUVDOHGHVHUYLFLX
&DOLWDWHDGHIXQF LRQDUVDXIXQF LRQDUSXEOLFDQRWDULORUSXEOLFLGXS DSDUL LD
/HJLL QU úL QDWXUD MXULGLF D DFWHORU FDUH HPDQ GH OD DFHúWLD vQVFULVXUL
RILFLDOHVDXSULYDWHvQVHQVXOOHJLLSHQDOHUHSUH]LQW XQDGLQFKHVWLXQLOHFHOHPDL
GH]E WXWHúLFRQWURYHUVDWHDWkWvQSUDFWLFDMXGLFLDU FkWúLvQGRFWULQ
,QVWDQ D VXSUHP D GHFLV F DFWXO GH YkQ]DUHFXPS UDUH vQORFXLW úL
DXWHQWLILFDWGHQRWDUXOSXEOLFFRQVWLWXLHvQVFULVRILFLDOvQDFFHS LXQHDDUWDOLQ
& SHQ úL DUW & SHQ LDU QRWDUXO SXEOLF DUH FDOLWDWHD GH IXQF LRQDU vQ
VHQVXO SUHYHGHULORU DUW & SHQ &D XUPDUH DXWHQWLILFDUHD GH F WUH QRWDUXO
SXEOLFDXQXLDFWGHYkQ]DUHFXPS UDUHvQFDUHVHPQ WXULOHQXDSDU LQYkQ] WRULORU
FRQVWLWXLHLQIUDF LXQHDGHIDOVLQWHOHFWXDO
9LQWLO 'RQJRUR] vQ 9LQWLO 'RQJRUR] 6LHJIULHG .DKDQH ,RQ 2DQFHD ,RVLI )RGRU 1LFROHWD ,OLHVFX
&RQVWDQWLQ %XODL 5RGLFD 6W QRLX 9LFWRU 5RúFD ([SOLFD LL WHRUHWLFH DOH &RGXOXL SHQDO URPkQ 3DUWHD VSHFLDO
YRO,9(GLWXUD$FDGHPLHL5RPkQH%XFXUHúWLS
2OLYLX$XJXVWLQ6WRLFD'UHSWSHQDO3DUWHDVSHFLDO (GLWXUD'LGDFWLF úL3HGDJRJLF %XFXUHúWLS
9LQWLO 'RQJRUR]RSFLWYRO,9S
7M&RQVWDQ DGSQU55'QUSFXQRW GH'RULQ&ORFRWLFL
3HQWUXvQ HOHVXODFHVWRUWHUPHQLDVHYHGHDFHOHDU WDWHFXSULYLUHODVXELHFWXODFWLYDOLQIUDF LXQLLGHDEX]
vQVHUYLFLXFRQWUDLQWHUHVHORUSHUVRDQHORU
&6-VSGQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSH
DQXO (GLWXUD $UJHVVLV &XUWHD GH $UJHú S 'U QU S 5'3 QU
SÌQDFHODúLVHQV+RULD'LDFRQHVFX3XQFWHGHYHGHUHFXSULYLUHODVXELHFWXODFWLYDOLQIUDF LXQLLGHOXDUHGH
PLW 'UQUS
ÌQ GRFWULQ vQV VD GHPRQVWUDW FRQYLQJ WRU F QRWDUXO SXEOLF GXS
DGRSWDUHD /HJLL QU D QRWDULORU SXEOLFL úL D DFWLYLW LL QRWDULDOH FX
PRGLILF ULOH úL FRPSOHW ULOH XOWHULRDUH QX DUH FDOLWDWHD GH IXQF LRQDU SXEOLF VDX
IXQF LRQDU vQ VHQVXO GLVSR]L LLORU DUW & SHQ GHRDUHFH QX H[HUFLW R
vQV UFLQDUH vQ VHUYLFLXO XQHL XQLW L SXEOLFH VDX SULYDWH DVSHFW KRW UkWRU SHQWUX
vQFDGUDUHD XQHL SHUVRDQH vQWUXQD GLQ FHOH GRX FDWHJRULL PHQ LRQDWH &D DWDUH
QRWDUXOQHSXWkQGDYHDFDOLWDWHDGHIXQF LRQDUSXEOLFVDXGHIXQF LRQDUvQJHQHUDO
QX SRDWH U VSXQGH SHQWUX YUHR LQIUDF LXQH FDUH SUHWLQGH SHQWUX VXELHFWXO DFWLY
FDOLWDWHD GH IXQF LRQDU úL GHFL úL SHQWUX IDOV LQWHOHFWXDO 'H DOWIHO vQ DFHDVW
FRQFHS LHQLFLvQVFULVXOFDUHHPDQ GHODQRWDUXOSXEOLFQXHVWHXQvQVFULVRILFLDOvQ
VHQVXODUWDOLQ&SHQ
3RUQLQGGHODDFHVWHFRQVWDW ULSURIHVRUXO*HRUJH$QWRQLXDSURSXVGHOHJH
IHUHQGD GXS PRGHOXO DOWRU OHJLVOD LL PRGHUQH LQWURGXFHUHD XQHL ILJXUL MXULGLFH
QRLFHDDSHUVRDQHLFDUHQXHVWHIXQF LRQDUGDUFDUHH[HUFLW RDFWLYLWDWHGHLQWHUHV
SXEOLF FRQFHSW GHILQLW vQ UDSRUW FX QDWXUD DWULEX LLORU HIHFWLY H[HUFLWDWH GH
SHUVRDQDUHVSHFWLY $FHDVW GHPRQVWUD LHVHSDUHF ODLQIOXHQ DWúLSHOHJLXLWRUXO
URPkQGHODDWXQFLFkQGDDGRSWDWQRXO&RGSHQDOGHRDUHFHDIRVWLQWURGXV
úL GHILQLW SULQWUR QRUP H[SOLFDWLY VLQWDJPD ÄSHUVRDQ FDUH H[HUFLW XQ
VHUYLFLXGHLQWHUHVSXEOLF´
5HSXWDWXOSHQDOLVW*HRUJH$QWRQLXDVHPQDODWFXDFHVWSULOHMvQPRGMXVW
úL UHGDFWDUHD JUHúLW D DUW & SHQ LQIUDF LXQH FDUH GXS WH[W DU SXWHD IL
V YkUúLW GHRULFHIXQF LRQDUGHúLI SWXLWRUXODF LRQkQGDVXSUDXQXLvQVFULVRILFLDO
QX SRDWH DYHD GHFkW FDOLWDWHD GH IXQF LRQDU SXEOLF (VWH R QHFRUHODUH Y GLW D
DUW&SHQFXDUWDOLQ&SHQ
6XELHFWDFWLYDODFHVWHLLQIUDF LXQLSRDWHV ILHúLRSHUVRDQ MXULGLF SRWULYLW
GLVSR]L LHLGLQDUW&SHQ
6XELHFWXOSDVLYDODFHVWHLLQIUDF LXQLHVWHRDXWRULWDWHSXEOLF LQVWLWX LHSXEOLF
VDXDOW SHUVRDQ MXULGLF GHGUHSWSXEOLFvQFDGUXOF UHLDVDV YkUúLWIDOVXOGHRDUHFH
SUHVWLJLXOúLDXWRULWDWHDDFHVWRUDVXQWSXVHvQSHULFROSULQIDSWDDQJDMDWXOXLORU
ÌQVFULVXO FDUH FRQ LQH XQ IDOV LQWHOHFWXDO DGXFH vQV DWLQJHUH úL SHUVRDQHL
UHIHULWRUODFDUHVDDOWHUDWFRQ LQXWXOvQVFULVXOXLVDXID GHFDUHSRDWHILIRORVLWDFHO
vQVFULV 'HFL VXELHFW SDVLY HYHQWXDO YD IL SHUVRDQD DOH F UHL LQWHUHVH SRW ILDWLQVH
SULQ FRPLWHUHD IDOVXOXL LQWHOHFWXDO ,QIUDF LXQHD SRDWH DYHD XQHRUL R SOXUDOLWDWH GH
VXELHF LSDVLYL
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDODOQRUPHLGHLQFULPLQDUHDQDOL]DWHFRQVW vQDF LXQHDGH
IDOVLILFDUHDXQXLvQVFULVRILFLDOvQFRQ LQXWXOV XILHSULQDWHVWDUHDXQRUIDSWHVDX
vPSUHMXU ULQHFRUHVSXQ] WRDUHDGHY UXOXLILHSULQRPLVLXQHDGHDLQVHUDXQHOHGDWH
VDX vPSUHMXU UL FDUH DU IL WUHEXLW V ILH FRQVWDWDWH ,QIUDF LXQHD HVWH FRPLVLY GDU
SRDWHILV YkUúLW DWkWSULQFRPLVLXQHDF LXQHFkWúLSULQRPLVLXQHLQDF LXQH
Ä$WHVWDUHD´ vQVHDPQ DU WDUHD F R DQXPLW IDSW VDX vPSUHMXUDUH D H[LVWDW
VDX H[LVW FX PHQ LRQDUHD GDWHORU QHFHVDUH SHQWUX LGHQWLILFDUHD úL FDUDFWHUL]DUHD
*HRUJH$QWRQLX1RWDUXOSXEOLFúLOHJHDSHQDO 'UQUS
3XEOLFDW vQ02IQUGLQ
$OH[DQGUX6DODQRSFLWS
$UWGLQQRXO&RGSHQDO±3ULQSHUVRDQ FDUHH[HUFLW XQVHUYLFLXGHLQWHUHVSXEOLFVHvQ HOHJHRULFH
SHUVRDQ SDUWLFXODU FDUH H[HUFLW R SURIHVLH GH LQWHUHV SXEOLF SHQWUX FDUH HVWH QHFHVDU R DELOLWDUH VSHFLDO D
DXWRULW LORUSXEOLFHúLFDUHHVWHVXSXV FRQWUROXOXLDFHVWRUD
ÌQDFHODúLVHQV$OH[DQGUX6DODQ)DOVXULvQvQVFULVXUL2EVHUYD LLFULWLFH5'3QUS'RULQ
&LXQFDQ5HIOHF LLDVXSUDLQIUDF LXQLORUGHIDOV5'3QUS
9LQWLO 'RQJRUR]RSFLWYRO,9S
DFHOHL IDSWH VDX vPSUHMXU UL $WHVWDUHD HVWH GHFL R DGHYHULUH SULYLQG IDSWH VDX
vPSUHMXU UL OHJDWH GH VWDUHD GH IDSW FDUH D GHWHUPLQDW vQWRFPLUHD vQVFULVXOXL
$WHVWDUHD HVWH QHFRUHVSXQ] WRDUH DGHY UXOXL úL GHFL PLQFLQRDV DWXQFL FkQG SULQ
DFHDVWD VH DUDW vQ PRG GHQDWXUDW DGLF DOWIHO GHFkW vQ UHDOLWDWH IDSWD VDX
vPSUHMXUDUHDDVXSUDF UHLDSRDUW DWHVWDUHD
)DOVXO LQWHOHFWXDO H[LVW vQ DFHDVW PRGDOLWDWH QRUPDWLY vQ FD]XO
LQFXOSDWXOXL GLUHFWRU JHQHUDO OD %DQFD $JULFRO FDUH vQWRFPHúWH úL VHPQHD] R
DGUHV SULQFDUHDWHVW vQPRGQHUHDOF DIRVWUDPEXUVDWLQWHJUDOFUHGLWXODFRUGDW
ILUPHL XQXL FRLQFXOSDW RUL DO LQFXOSD LORU IXQF LRQDUL vQ FDGUXO 3ULP ULHL úL
&RPLVLHL FRPXQDOH FDUH DX vQWRFPLW UHIHUDWH IDOVLILFDWH F URUD OL VD GDW HILFLHQ
GHSOLQ GHF WUHDXWRULW LOHXQGHDXIRVWGHSXVH
(IHFWXDUHDFXúWLLQ GHvQUHJLVWU ULLQH[DFWHSUHFXPúLHIHFWXDUHDFXúWLLQ D
vQUHJLVWU ULORU vQ FRQWDELOLWDWH DYkQG GUHSW FRQVHFLQ GHQDWXUDUHD YHQLWXULORU
FKHOWXLHOLORU UH]XOWDWHORU ILQDQFLDUH úL HOHPHQWHORU SDWULPRQLDOH FH VH UHIOHFW vQ
ELODQ XO FRQWDELO FRQVWLWXLH IDSWH FXSULQVH vQ LQIUDF LXQHD FRPSOH[ GH HYD]LXQH
ILVFDO SUHY ]XW vQDUWGLQ/HJHDQULDUQXXQFRQFXUVvQWUHDFHDVW
LQIUDF LXQH IDSWD GH IDOV LQWHOHFWXDO SUHY ]XW vQ DUW GLQ /HJHD QU
UDSRUWDWODDUW&SHQúLFHDGHX]GHIDOV
8OWHULRULQVWDQ DVXSUHP DUHYHQLWDVXSUDDFHVWXLSXQFWGHYHGHUHúLDVWDELOLW
F IDSWDGHDvQUHJLVWUDvQFRQWDELOLWDWHDFWHMXVWLILFDWLYHIDOVHSHQWUXFKHOWXLHOLFDUH
QXDXIRVWI FXWHvQUHDOLWDWHFXFRQVHFLQ DGLPLQX ULLYHQLWXOXLQHWúLLPSOLFLWD
REOLJD LHL ILVFDOH F WUH VWDW vQWUXQHúWH HOHPHQWHOH FRQVWLWXWLYH DOH LQIUDF LXQLL GH
HYD]LXQH ILVFDO úL DOH FHOHL GH IDOV LQWHOHFWXDO SUHY ]XW vQ /HJHD FRQWDELOLW LL
QU
Ä2PLVLXQHD´vQVHDPQ QHLQVHUDUHDDGLF WUHFHUHDVXEW FHUHDXQRUGDWHVDX
vPSUHMXU ULGHFDUHVXQWOHJDWHFHOHODOWHFRQVWDW ULDOHvQVFULVXOXL
,QDF LXQHD HVWH QHvQJ GXLW DWXQFL FkQG GDWHOH VDX vPSUHMXU ULOH WUHEXLDX V
ILHFRQVWDWDWHVDXPHQ LRQDWHvQvQVFULVXORILFLDO
)DSWD SROL LVWXOXL GH D SULPL IRORDVH SHQWUX D QX vQWRFPL DFWH GH FHUFHWDUH
SHQDO SULYLQGRLQIUDF LXQHUXWLHU úLGHDQXFRQVHPQDvQUDSRUWXOGHDFWLYLWDWHF
OD RSULW SH FRQGXF WRUXO DXWR SHQWUX FRQWURO FRQVWLWXLH LQIUDF LXQHD GH OXDUH GH
PLW vQVFRSXOGHDQXvQGHSOLQLXQDFWSULYLWRUODvQGDWRULULOHVDOHGHVHUYLFLXLDUQX
úL GH IDOV LQWHOHFWXDO SULQ RPLVLXQH DFHDVW GLQ XUP IDSW ILLQG LQFOXV vQ ODWXUD
RELHFWLY DOX ULLGHPLW
'XS S UHUHD QRDVWU vQ VSH WUHEXLD UH LQXW úL LQIUDF LXQHD GH IDOV
LQWHOHFWXDOSULQRPLVLXQHGHRDUHFHVFRSXOSUHY ]XWvQFRQ LQXWXOOX ULLGHPLW DUH
VHQV GH ILQDOLWDWH VH VLWXHD] vQ DIDUD LQIUDF LXQLL SUHY ]XWH vQ DUW & SHQ
,GHPYRO,9S
&$%XFXUHúWLV,SHQGQU$5'3QUS6XV LQHUHDLQFXOSDWXOXLvQVHQVXOF
EDQFDSRDWHUHQXQ DODRSDUWHGLQJDUDQ LLOHUHDOHPDWHULDOL]DWHVXEIRUPDLSRWHFLLFKLDUGDF vPSUXPXWDWXOQXD
DFKLWDWLQWHJUDOFUHGLWXOúLGREkQ]LOHDIHUHQWHQXHVWHGHQDWXU DOH[RQHUDGHU VSXQGHUHSHQDO GHRDUHFHIDSWD
UH LQXW vQVDUFLQDVDFRQVW vQDWHVWDUHDXQHLvPSUHMXU ULQHFRUHVSXQ] WRDUHDGHY UXOXLUDPEXUVDUHDLQWHJUDO D
FUHGLWXOXLDFRUGDWúLFDDWDUHFDGHVXELQFLGHQ DWH[WXOXLVXVPHQ LRQDW
&$&OXMVSGQU5'3QUS
&6-VSGQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSH
DQXO RS FLW S 5'3 QU S ÌQ DFHODúL VHQV &$ %XFXUHúWL V , SHQ
GQU5'3QUS&$%XFXUHúWLVD,,DSHQGQU5'3QUS
Ì&&- VS G QU %XOHWLQXO &DVD LHL-XULVSUXGHQ 'RFWULQ &RPXQLF UL QU
(GLWXUD $OO %HFN %XFXUHúWL S /LGLD % UEXOHVFX $QWRQ 3DQGUHD ,RDQ *ULJD 9LFWRU 9LFHQ LX 3DúFD
&DPHQL $GLQD9O VFHDQXÌQDOWD&XUWHGH&DVD LHúL-XVWL LH-XULVSUXGHQ D6HF LHLSHQDOHSHDQXO(GLWXUD
+DPDQJLX%XFXUHúWLS'UQUS
&6-VSGQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSH
DQXO(GLWXUD$//%HFN%XFXUHúWLS
IDSW D F UHL FRQVXPDUH QX GHSLQGH GH UHDOL]DUHD VD ÌQ WRDWH VLWXD LLOH SHQWUX
FRQVXPDUHDLQIUDF LXQLLGHOXDUHGHPLW HVWHVXILFLHQWV VHIDF GRYDGDF DFHVW
VFRSDIRVWXUP ULWLQGLIHUHQWGDF DIRVWUHDOL]DWVDXQX'DF DFHVWDVHUHDOL]HD]
GHF WUHI SWXLWRUVROX LDGLIHU GXS FXPDFWXOHVWHOLFLWVDXLOLFLWÌQFD]XOvQFDUH
DFWXOHVWHOLFLWDFHDVW FKHVWLXQHYDILDYXW vQYHGHUHODLQGLYLGXDOL]DUHDMXGLFLDU D
SHGHSVHLÌQVLWXD LDvQFDUHDFWXOHVWHLOLFLWúLvPEUDF HOHPHQWHOHFRQVWLWXWLYHDOH
XQHLDQXPLWHLQIUDF LXQLVROX LDFRUHFW YDILFHDDFRQFXUVXOXLGHLQIUDF LXQLvQWUH
OXDUHDGHPLW úLDFHDIDSW SHQDO
3HQWUX H[LVWHQ D HOHPHQWXOXL PDWHULDO HVWH VXILFLHQW R VLQJXU DWHVWDUH
FRQWUDU DGHY UXOXL VDX R VLQJXU RPLVLXQH D YUHXQHL GDWH VDX vPSUHMXU UL FDUH
WUHEXLHV ILHLQVHUDW vQvQVFULVXORILFLDO
&kQG VDX V YkUúLW PDL PXOWH DOWHU UL VDX RPLVLXQL RUL FXPXODWLY DOWHU UL úL
RPLVLXQLH[LVW XQVLQJXUHOHPHQWPDWHULDOFRPSOH[úLRLQIUDF LXQHXQLF
&HULQ HHVHQ LDOH$WHVWDUHDPLQFLQRDV VDXRPLVLXQHDQHvQJ GXLW WUHEXLH
V VHILSURGXVFXSULOHMXOvQWRFPLULLvQVFULVXOXLRILFLDO
6SUH GHRVHELUH GH IDOVXO PDWHULDO FDUH SRDWH IL FRPLV RULXQGH úL RULFkQG
IDOVXOLQWHOHFWXDOQXSRDWHILV YkUúLWGHFkWvQWLPSXOFkWVHvQWRFPHúWHvQVFULVXOúL
LPSOLFLWODORFXOXQGHVDSURFHGDWODvQWRFPLUHDDFHVWXLDORFFDUHSRDWHILVDXFHO
XQGHXQLWDWHDvQFDGUXODFWLYLW LLF UHLDVDvQWRFPLWvQVFULVXOvúLDUHVHGLXOVDXFHO
PHQ LRQDWvQvQVFULVFDILLQGORFXOvQWRFPLULL
3ULQ ÄvQWRFPLUHD vQVFULVXOXL´ QX VH vQ HOHJH QXPDL FRQIHF LRQDUHD OXL vQ
vQWUHJLPHFLúLFRPSOHWDUHDVDFXDQXPLWHGDWHRULvQUHJLVWU ULDWXQFLFkQGSRWULYLW
QDWXULLVDOHúLDXQRUGLVSR]L LLREOLJDWRULLHOHVWHVXSXVXQRUDVHPHQHDFRPSOHW UL
XOWHULRDUH
'XS vQWRFPLUHD vQVFULVXOXL QX PDL HVWH SRVLELO V YkUúLUHD XQXL IDOV
LQWHOHFWXDOFLQXPDLDXQXLDPDWHULDODOWHUDUH
$WHVWDUHDVDXRPLVLXQHDHQHFHVDUV ILHFRPLV GHIXQF LRQDUXOSXEOLFFDUH
D vQWRFPLW vQVFULVXO vQ H[HUFL LXO DWULEX LLORU VDOH GH VHUYLFLX $FHDVW FHULQ
SUHVXSXQH F IDSWD HVWH FRPLV FX SULOHMXO vQGHSOLQLULL DWULEX LLORU GH VHUYLFLX DOH
I SWXLWRUXOXLúLF DFHVWDHUDDELOLWDWFRPSHWHQWV vQWRFPHDVF DFHOvQVFULV
,QFXOSDWXO FDUH vQ FDOLWDWH GH úHI GH WXU OD YDP D IDOVLILFDW WUHL FKLWDQ H
SHQWUX D SHUPLWH vQVFULHUHD vQ FLUFXOD LH SULQ HOXGDUHD GLVSR]L LLORU +*
QUDXQXLQXP UGHWUHLDXWRWXULVPHYDU VSXQGHSHQWUXLQIUDF LXQHDGH
IDOVLQWHOHFWXDOFDUDFWHUL]DWSULQFDOLWDWHDGHIXQF LRQDUSXEOLFDOVXELHFWXOXLDFWLY
QHPLMORFLW úL SULQ FRPLWHUHD IDSWHL vQ H[HUFLWDUHD DWULEX LLORU GH VHUYLFLX úL QX
SHQWUXGHDEX]vQVHUYLFLXFRQWUDLQWHUHVHORUSXEOLFH
&kQG R DWHVWDUH PLQFLQRDV VDX R RPLVLXQH QHvQJ GXLW QX HVWH FRPLV GH
IXQF LRQDUXOSXEOLFVDXSULYDWFDUHDvQWRFPLWvQVFULVXOFLSURYLQHGLQGHFODUD LLOH
IDOVHVDXRPLVLXQHDGHDGHFODUDFRPLV GHDOWHSHUVRDQHFDUHDXIRVWSUH]HQWHúLDX
SDUWLFLSDW OD vQWRFPLUHD vQVFULVXOXL IDSWD QX FRQVWLWXLH LQIUDF LXQHD GH IDOV
LQWHOHFWXDOFLDFHHDGHIDOVvQGHFODUD LLDUW&SHQ
ÌQ VLWXD LD vQ FDUH FX RFD]LD vQWRFPLULL XQXL vQVFULV RILFLDO IXQF LRQDUXO D
DWHVWDW FD DGHY UDW R vPSUHMXUDUH PLQFLQRDV GXS FDUH D FRQWUDI FXW VHPQ WXUD
XQHLD GLQWUH SHUVRDQHOH FDUH WUHEXLD V VHPQH]H DFWXO VD VXV LQXW vQ GRFWULQ F
9DVLOH 3DSDGRSRO vQ 7HRGRU 9DVLOLX 'RUX 3DYHO *HRUJH $QWRQLX ùWHIDQ 'DQHú *KHRUJKH ' UkQJ
'XPLWUX/XFLQHVFX9DVLOH3DSDGRSRO'XPLWUX&3RSHVFX9LUJLO5 PXUHDQX&RGXOSHQDOURPkQFRPHQWDWúL
DGQRWDW3DUWHDVSHFLDO YRO,,(GLWXUDùWLLQ LILF úL(QFLFORSHGLF %XFXUHúWLS
&6-VSGQU'UQUS
9LQWLO 'RQJRUR]RSFLWYRO,9SÌQDFHODúLVHQV9DVLOH3DSDGRSRORSFLWYRO,,S
H[LVW XQ FRQFXUV UHDO GH LQIUDF LXQL vQWUH IDOVXO LQWHOHFWXDO úL FHO PDWHULDO vQ
vQVFULVXULRILFLDOH
$WHVWDUHD PLQFLQRDV VDX RPLVLXQHD QHvQJ GXLW WUHEXLH V SULYHDVF
IDSWHGDWHVDXvPSUHMXU ULFDUHVHUHIHU ODVWDUHDGHIDSWSHQWUXFRQVWDWDUHDF UHLD
VD vQWRFPLW vQVFULVXO RILFLDO LDU V YkUúLUHD DFHOHL DWHVW UL VDX RPLVLXQL V ILH
SURGXF WRDUHGHFRQVHFLQ HMXULGLFH
)DSWHOHGDWHOHVDXvPSUHMXU ULOHGHQDWXUDWHRULRPLVHSRWSULYLRULFHUHDOLWDWH
FDUHWUHEXLHV ILHFRQIRUP FXDGHY UXOQXPHSUHQXPHGHSHUVRDQHHYHQLPHQWH
DFWHGHFODUD LLOXFUXULUDSRUWXULMXULGLFHHWF
/HJHD QX FHUH vQ PRG H[SUHV DúD FXP IDFH vQ FD]XO LQIUDF LXQLL GH IDOV
PDWHULDOFDIDOVLILFDUHDV ILHGHQDWXU DSURGXFHFRQVHFLQ HMXULGLFH$FHDVWDQX
vQVHDPQ vQV F FHULQ D DFHDVWD QX DU IL QHFHVDU 0HQ LRQDUHD HL H[SUHV D IRVW
FRQVLGHUDW vQV VXSHUIOX GLQPRPHQWFHDFWXOIDOVLILFDWHVWHGLQWUHDFHOHDSHFDUH
IXQF LRQDUXO OH vQWRFPHúWH vQ H[HUFL LXO vQGDWRULULORU GH VHUYLFLX GHWHUPLQDW GH XQ
LQWHUHVOHJLWLP
)DOVLILFDUHD XQRU DFWH FRQWDELOH DOH XQHL VRFLHW L FRPHUFLDOH SULYDWH SULQ
PRGLILF ULúWHUV WXULúLDG XJLULúLIRORVLUHDORUODvQWRFPLUHDHYLGHQ HORUFRQWDELOH
QXFRQVWLWXLHLQIUDF LXQHDGHIDOVLQWHOHFWXDOúLGHX]GHIDOVFLLQIUDF LXQHDGHIDOV
vQvQVFULVXULVXEVHPQ WXU SULYDW
2PLVLXQHD FX úWLLQ D vQUHJLVWU ULORU vQ FRQWDELOLWDWH D XQRU IDFWXUL DYkQG
GUHSW FRQVHFLQ GHQDWXUDUHD YHQLWXULORU úL FKHOWXLHOLORU D UH]XOWDWHORU ILQDQFLDUH
FRQVWLWXLHLQIUDF LXQHDGHIDOVLQWHOHFWXDOSUHY ]XW vQDUWGLQ/HJHDQU
UDSRUWDWODDUW&SHQ
ÌQVFULHUHDGHGDWHQHUHDOHvQFDUQHWXOGHPXQF GHF WUHXQIXQF LRQDUDIODWvQ
H[HUFL LXO DWULEX LLORU VDOH GH VHUYLFLX FRQVWLWXLH IDOV LQWHOHFWXDO DFHVW DFW DYkQG
SRWULYLWDUWGLQ'HFUHWXOQUFDUDFWHUGHvQVFULVRILFLDO
5H LQkQGXVH LQIUDF LXQHD GH IDOV LQWHOHFWXDO FDUDFWHUL]DW SRWULYLW DUW
& SHQSULQFDOLWDWHDGHIXQF LRQDUDVXELHFWXOXLDFWLYúLSULQFRPLWHUHDIDSWHLvQ
H[HUFL LXO DWULEX LLORU GH VHUYLFLX QX VH SRDWH UH LQH úL LQIUDF LXQHD GH DEX] vQ
VHUYLFLXSUHY ]XW vQDUW&SHQQLFLvQFRQGL LLOHFRQFXUVXOXLUHDOúLQLFLvQ
FHOHDOHFRQFXUVXOXLLGHDOGHLQIUDF LXQL
8UPDUHD LPHGLDW D LQIUDF LXQLL H[DPLQDWH FRQVW vQ FUHDUHD XQHL VW UL GH
SHULFRO SHQWUX UHOD LLOH VRFLDOH RFURWLWH SHULFRO GHFXUJkQG GLQ vQWRFPLUHD XQXL
vQVFULVRILFLDOIDOV$FHDVW XUPDUHHVWHUHDOL]DW vQPRPHQWXOvQFDUHvQVFULVXOHVWH
SHUIHFWDWDGLF VHPQDWúLvQW ULWFXVLJLOLXOúLúWDPSLODFXYHQLW 'DF vQVFULVXOQX
HVWHSHUIHFWDWGLQYUHRFDX] LQGHSHQGHQW GHYRLQ DFHOXLFDUHODvQWRFPLWOLSVLQG
XUPDUHDLPHGLDW IDSWDYDFRQVWLWXLRWHQWDWLY GHIDOVLQWHOHFWXDO
*KHRUJKH' UkQJ QRW ODGSQUD7UHJ&ULúDQD-1QUSÌQDFHODúLVHQV
9DOHU6XLDQRSFLWYRO,,SÌQVHQVFRQWUDU9DVLOH'REULQRLXvQ9DVLOH'REULQRLX1LFRODH&RQHD&LSULDQ
5DXO5RPL DQ&DPLO7 Q VHVFX1RUHO1HDJX0D[LP'REULQRLX'UHSWSHQDO3DUWHDVSHFLDO YRO,,/XPLQD
/H[%XFXUHúWLS
9LQWLO 'RQJRUR]RSFLWYRO,9S
9DVLOH3DSDGRSRORSFLWYRO,,S
&6-VSGQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSH
DQXO(GLWXUD-XULV$UJHVVLV&XUWHDGH$UJHúS
&6-VSGQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSH
DQXO(GLWXUD$UJHVVLV&XUWHDGH$UJHúS
&6- VS G QU ÌQDOWD &XUWH GH &DVD LH úL -XVWL LH %XOHWLQXO MXULVSUXGHQ HL &XOHJHUH GH
GHFL]LLSHDQXO(GLWXUD$OO%HFN%XFXUHúWLS
&6-VSGQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSH
DQXO(GLWXUDÄ3URHPD´%DLD0DUHS
/HJ WXUDGHFDX]DOLWDWHvQWUHDF LXQHDLQFULPLQDW úLXUPDUHDLPHGLDW WUHEXLH
V H[LVWH úL V ILH FRQVWDWDW ([LVWHQ D OHJ WXULL GH FDX]DOLWDWH DSDUH GH FHOH PDL
PXOWHRULGLQvQV úLPDWHULDOLWDWHDúLGHFLGLQFRQVWDWDUHDH[LVWHQ HLIDSWHLV YkUúLWH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LHFXFDUHVHSRDWHFRPLWHDFHDVW LQIUDF LXQHHVWHLQWHQ LD
GLUHFW VDX LQGLUHFW ([LVW LQWHQ LH FkQG I SWXLWRUXO úLD GDW VHDPD F SULQ
DF LXQHDSHFDUHRV YkUúHúWHIDOVLILF XQvQVFULVRILFLDODSUHY ]XWF vQDFHVWIHO
VHFUHHD] RVWDUHGHSHULFROSHQWUXvQFUHGHUHDSHFDUHWUHEXLHV RLQVSLUHXQDVWIHO
GH vQVFULV úL D XUP ULW LQWHQ LH GLUHFW DFHVW UH]XOWDW VDX D DFFHSWDW LQWHQ LH
LQGLUHFW SURGXFHUHDOXL
ÌQ GRFWULQ VD PDL VXV LQXW úL S UHUHD U PDV L]RODW úL OD FDUH QX
VXEVFULHP FRQIRUP F UHLD LQIUDF LXQHD DQDOL]DW QX VH SRDWH FRPLWH GHFkW FX
LQWHQ LHGLUHFW
ÌQ FHHD FH QH SULYHúWH FUHGHP F ID GH SUHYHGHULOH DUW DOLQ XOWLP
&SHQLQWURGXFHUHDvQFRQ LQXWXOLQFULPLQ ULLDQDOL]DWHDH[SUHVLHLÄFXúWLLQ ´
DUHPHQLUHDGHDVXEOLQLDvQSOXVF IDOVXOLQWHOHFWXDOvQPRGDOLWDWHDVDRPLVLY QX
SRDWHILV YkUúLWGHFkWFXLQWHQ LH
$úDGDUIDSWDV YkUúLW GLQFXOS DWkWvQFD]GHDF LXQHFRPLVLXQHFkWúLvQ
FD]GHGHLQDF LXQHRPLVLXQHQXFRQVWLWXLHLQIUDF LXQHDGHIDOVLQWHOHFWXDOFLYD
SXWHD HYHQWXDO V ILH FRQVLGHUDW R QHJOLMHQ vQ VHUYLFLX DUW & SHQ GDF
VXQWvQWUXQLWHúLFHOHODOWHFRQGL LLGHLQFULPLQDUH
0RELOXOGHWHUPLQDQWúLVFRSXOXUP ULWQXLQWHUHVHD] SHQWUXH[LVWHQ DIDOVXOXL
LQWHOHFWXDO FL GRDU SHQWUX VWDELOLUHD JUDGXOXL GH SHULFRO VRFLDO FRQFUHW DO IDSWHL
FRPLVHGHDJHQWúLODLQGLYLGXDOL]DUHDMXGLFLDU DSHGHSVHL
)RUPH6DQF LXQL
)RUPH )DOVXO LQWHOHFWXDO GHúL SRDWH IL UHDOL]DW DWkW SULQ FRPLVLXQH FkW úL
SULQRPLVLXQHvQUDSRUWFXFRQFHSWXOV XHVWHRLQIUDF LXQHGHDF LXQHDF LXQHDGH
DOWHUDUH D DGHY UXOXL FDUH VH SRDWH V YkUúL SULQ RPLVLXQH $FHDVW SUHFL]DUH HVWH
QHFHVDU SHQWUXDDU WDF DFWLYLWDWHDLQIUDF LRQDO vQFD]XOIDOVXOXLLQWHOHFWXDOHVWH
9LQWLO 'RQJRUR]RSFLWYRO,9SÌQDFHODúLVHQV9DVLOH3DSDGRSRORSFLWYRO,,S76
VSGQU55'QUS76VSGQU55'QUS76VS
G QU 55' QU S 2OLYLX $XJXVWLQ 6WRLFD 'UHSW SHQDO 3DUWHD VSHFLDO (GLWXUD
'LGDFWLF úL 3HGDJRJLF %XFXUHúWL S 2FWDYLDQ /RJKLQ vQ 2FWDYLDQ /RJKLQ $YUDP )LOLSDú 'UHSW
SHQDO URPkQ 3DUWHD VSHFLDO HGL LH UHYL]XLW &DVD GH HGLWXU úL SUHV ÄùDQVD´ 65/ %XFXUHúWL S
*KHRUJKH 1LVWRUHDQX vQ *KHRUJKH 1LVWRUHDQX 9DVLOH 'REULQRLX $OH[DQGUX %RURL ,OLH 3DVFX ,RDQ 0ROQDU
9DOHULF /D] U'UHSWSHQDO3DUWHDVSHFLDO (GLWXUD(XURSD1RYD%XFXUHúWLS,RDQD9DVLX'UHSW
SHQDO URPkQ 3DUWHD VSHFLDO YRO ,, (GLWXUD $OEDVWU &OXM1DSRFD S 2FWDYLDQ /RJKLQ 7XGRUHO
7RDGHU 'UHSW SHQDO URPkQ 3DUWHD VSHFLDO HGL LD D ,9D UHY ]XW úL DG XJLW &DVD GH HGLWXU úL SUHV ùDQVD
65/ %XFXUHúWL S ,OLH 3DVFX vQ ,OLH 3DVFX 9DOHULF /D] U 'UHSWXO SHQDO 3DUWHD VSHFLDO (GLWXUD
/XPLQD /H[ %XFXUHúWL S 9DVLOH 'REULQRLX vQ 9DVLOH 'REULQRLX 1LFRODH &RQHD &LSULDQ 5DXO
5RPL DQ&DPLO7 Q VHVFX1RUHO1HDJX0D[LP'REULQRLX'UHSWSHQDO3DUWHDVSHFLDO YRO,,/XPLQD/H[
%XFXUHúWLS+RULD'LDFRQHVFX'UHSWSHQDO3DUWHDVSHFLDO YRO,,HGL LDDD(GLWXUD$OO%HFN
%XFXUHúWL S $OH[DQGUX %RURL *KHRUJKH 1LVWRUHDQX 'UHSW SHQDO 3DUWHD VSHFLDO HGL LD D ,,,D
(GLWXUD $OO %HFN %XFXUHúWL S &RVWLF %XODLvQ&RVWLF %XODL$YUDP)LOLSDú&RQVWDQWLQ0LWUDFKH
,QVWLWX LLGHGUHSWSHQDO&XUVVHOHFWLYSHQWUXH[DPHQXOGHOLFHQ HGL LDD,,,DUHYL]XLW úLDG XJLW (GLWXUDWUHL
%XFXUHúWLS
9DOHU 6XLDQ vQ 0DWHL %DVDUDE /XFLD 0ROGRYDQ 9DOHU 6XLDQ 'UHSW SHQDO 3DUWHD VSHFLDO YRO ,,
&OXM1DSRFD S ÌQ VSULMLQXO DFHVWHL S UHUL VH PDL DUDW F OHJLXLWRUXO QX D FRQVLGHUDW QHFHVDU V
SUHFL]H]HH[SUHVQHFHVLWDWHDLQWHQ LHLGLUHFWHvQFD]XODFHORULQIUDF LXQLFDUHSULQQDWXUDORUQXSRWILFRPLVHGHFkW
FXLQWHQ LHGLUHFW
Ä)DSWDFRQVWkQGvQWURLQDF LXQHFRQVWLWXLHLQIUDF LXQHILHF HVWHV YkUúLW FXLQWHQ LHILHGLQFXOS DIDU
GHFD]XOFkQGOHJHDVDQF LRQHD] QXPDLV YkUúLUHDHLFXLQWHQ LH´
VXVFHSWLELO GH IRUPH úL PRGDOLW L GLIHULWH FDUH WUHEXLH V VH U VIUkQJ DVXSUD
LQGLYLGXDOL] ULLVDQF LXQLORU
$FWHOH GH SUHJ WLUH GHúL VXQW SRVLELOH QX VXQW LQFULPLQDWH úL VDQF LRQDWH
SHQDO
&kQGH[HFXWDUHDDF LXQLLGHIDOVLILFDUHSULQDWHVW ULPLQFLQRDVHVDXRPLVLXQL
QHvQJ GXLWH D vQFHSXW DFWHOH SUHJ WLWRDUH HIHFWXDWH GH XQ DOWXO GHFkW DXWRUXO YRU
SXWHDILFRQYHUWLWHvQDFWHGHFRPSOLFLWDWHDQWHULRDU
7HQWDWLYDH[LVW DWXQFLFkQGH[HFXWDUHDDF LXQLLGHIDOVLILFDUHDvQFHSXWGDUD
IRVW vQWUHUXSW VDX D U PDV I U UH]XOWDW GLQ FDX]H LQGHSHQGHQWH GH YRLQ D
I SWXLWRUXOXLGHH[FLQHYDvQDLQWHGHSHUIHFWDUHDvQVFULVXOXLLQWHUYLQHúLGHPDVF
GHQDWXUDUHDVDXRPLVLXQHDV YkUúLW
(VWHWHQWDWLY úLDWXQFLFkQGQXVDSURGXVXUPDUHDLPHGLDW GLQFDX] F FHL
vQV UFLQD LFXYHULILFDUHDvQVFULVXOXLvQWRFPLWDXGLVSXVUHIDFHUHDvQVFULVXOXLSHQWUX
DQXPLWH YLFLL GH IRUP 3HQWUX H[LVWHQ D WHQWDWLYHL WUHEXLH V VH FRQVWDWH F
H[HFXWDUHDvQFHSXW DYHDSRWHQ LDODSWLWXGLQHDGHDFUHDXUPDUHDLPHGLDW
7HQWDWLYD OD DFHDVW LQIUDF LXQH VH SHGHSVHúWH SRWULYLW DUW DOLQ
&SHQ
&RQVXPDUHD DUH ORF vQ PRPHQWXO vQ FDUH vQVFULVXO DO F UXL FRQ LQXW D IRVW
DOWHUDW HVWH SHUIHFWDW GHFL GH vQGDW FH VD SURGXV XUPDUHD LPHGLDW 3HQWUX
H[LVWHQ DFRQVXP ULLQXLQWHUHVHD] GDF vQVFULVXOIDOVDIRVWVDXQXIRORVLWIDSWDGH
IDOV LQWHOHFWXDO FRQVWLWXLQG R LQIUDF LXQH GH VLQH VW W WRDUH DYkQG FD XUPDUH
LPHGLDW RVWDUHGHSHULFRO
1XVHFRQVLGHU FRQVXPDWIDOVXOLQWHOHFWXDODWXQFLFkQGvQVFULVXOvQWRFPLWQX
DIRVWSHUIHFWDWúLGHFLQXDUSXWHDILXWLOL]DWGDUSRDWHH[LVWDvQV WHQWDWLY
6DQF LXQL )DOVXO LQWHOHFWXDO FRPLV GH R SHUVRDQ IL]LF VH SHGHSVHúWH FX
vQFKLVRDUHDGHODOXQLODDQL
3HUVRDQD MXULGLF VH VDQF LRQHD] FX DPHQGD FXSULQV vQWUH úL
OHLSRWULYLWDUWDOLQ&SHQ
)$/68/Ì1Ì16&5,685,68%6(01 785 35,9$7
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO DFHVWHL LQIUDF LXQL FRQVW vQ RFURWLUHD UHOD LLORU
VRFLDOH OD IRUPDUHD úL GHVI úXUDUHD F URUD IRORVLUHD vQVFULVXULORU VXE VHPQ WXU
SULYDW HVWH QHFHVDU &X DOWH FXYLQWH SULQ DFHDVW LQFULPLQDUH HVWH SURWHMDW
vQFUHGHUHD SXEOLF FH VH DFRUG SXWHULL SUREDQWH D vQVFULVXULORU VXE VHPQ WXU
SULYDW
2ELHFWXOPDWHULDODOIDSWHLSUHY ]XWHvQDUW&SHQHVWHUHSUH]HQWDWGH
vQVFULVXO IDOVLILFDW FDUH FRQVWLWXLH vQ DFHODúL WLPS úL SURGXVXO DFWLYLW LL
LQIUDF LRQDOH
3ULQÄvQVFULVVXEVHPQ WXU SULYDW ´vQVHQVXOOHJLLSHQDOHVHvQ HOHJHRULFH
DFWFDUHHPDQ GHODRSHUVRDQ SDUWLFXODU SRDUW VHPQ WXU úLHVWHVXVFHSWLELOGH
D SURGXFH HIHFWH MXULGLFH 6XQW vQ DFHVW VHQV vQVFULVXUL VXE VHPQ WXU SULYDW
vQVFULVXULOH QHDXWHQWLILFDWH FDUH FXSULQG PDQLIHVW UL GH YRLQ DOH XQRU SHUVRDQH
SDUWLFXODUH UHIHULWRDUH OD GUHSWXUL VDX REOLJD LL FX FDUDFWHU SDWULPRQLDO VDX GH DOW
QDWXU GH H[HPSOX DFWH GH YkQ]DUH WHVWDPHQWH RORJUDIH FKLWDQ H FRQWUDFWH GH
vQFKLULHUH WLWOXULOH GH FUHGLW vQWUH SDUWLFXODUL DFWHOH SULQFDUHVHFRQVWDW RSHUD LL
FRPHUFLDOHGHF WUHSHUVRDQHSDUWLFXODUHvQJHQHUDOWRDWHDFWHOHSULYDWHGHQDWXU
9LQWLO 'RQJRUR]RSFLWYRO,9S
V FRQVWLWXLHED]DXQHLSUHWHQ LLV VHUYHDVF ODFRQVWDWDUHDXQXLGUHSWRULDIDFHV
VHSUH]XPHXQGUHSWVDXV FDX]H]HXQSUHMXGLFLX
ÌQVFULVXOVXEVHPQ WXU SULYDW QXúLVFKLPE QDWXUDFKLDUGDF GLQSXQFWGH
YHGHUHPDWHULDOVHDIO vQFRUSRUDWvQWUXQvQVFULVRILFLDOGHH[HPSOXRFKLWDQ GH
SULPLUHDXQHLVXPHGHEDQLHVWHVFULV SHPDUJLQHDXQXLDFWDXWHQWLF
ÌQDIDU GHvQVFULVXOVXEVHPQ WXU SULYDW IDOVLILFDWPDLSRWFRQVWLWXLRELHFW
PDWHULDO DO LQIUDF LXQLL PDWHULDOHOH GH FDUH VD VHUYLW I SWXLWRUXO SHQWUX UHDOL]DUHD
IDOVXOXL
6XQWLQFLGHQWHGLVSR]L LLOHDUWGLQ/HJHDFRQWDELOLW LLUDSRUWDWHODDUW
& SHQ vQ LSRWH]D vQ FDUH LQFXOSDWXO D HIHFWXDW FX úWLLQ vQUHJLVWU UL LQH[DFWH vQ
VWDWHOH GH SODW DOH XQHL VRFLHW L FRPHUFLDOH FX U VSXQGHUH OLPLWDW FDUH QX IDFH
SDUWHGLQFHOHHQXPHUDWHODDUW&SHQ
)RUPXODUXOYDPDOUHSUH]LQW XQvQVFULVVXEVHPQ WXU SULYDW úLQXXQvQVFULV
RILFLDO3ULQXUPDUHIDOVLILFDUHDXQXLDVWIHOGHvQVFULVDWUDJHLQFLGHQ DGLVSR]L LLORU
GLQDUW&SHQ
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU DO IDOVXOXL vQ vQVFULVXUL VXE VHPQ WXU
SULYDW SRDWHILRULFHSHUVRDQ FHvQGHSOLQHúWHFRQGL LLOHJHQHUDOHSHQWUXDU VSXQGH
SHQDO ÌQ JHQHUH VH UHFXUJH OD SHUVRDQH FX RDUHFDUH SULFHSHUH VDX GH[WHULWDWH vQ
HIHFWXDUHDRSHUD LLORUGHFRQWUDIDFHUHVDXDOWHUDUH
6XELHFWDFWLYDODFHVWHLLQIUDF LXQLSRDWHV ILHúLRSHUVRDQ MXULGLF SRWULYLW
GLVSR]L LHLGLQDUW&SHQ
3DUWLFLSD LD SHQDO HVWH SRVLELO vQ WRDWH IRUPHOH VDOH FRDXWRUDW LQVWLJDUH
FRPSOLFLWDWH
&RQVWLWXLHLQVWLJDUHLPSURSULHODIDOVvQvQVFULVXULVXEVHPQ WXU SULYDW IDSWD
DGPLQLVWUDWRUXOXL XQHL VRFLHW L FRPHUFLDOH GH D DFKL]L LRQD GH SLD D QHDJU R
IDFWXU ILFWLY FHDYHDFRPSOHWDW UXEULFLOHIXUQL]RUVHPQ WXU úLúWDPSLO IXUQL]RU
úL SH FDUH OD GLFWDUHD VD D FRPSOHWDWR XQ DQJDMDW GRFXPHQW SULQ FDUH D IRVW
DWHVWDW vQ PRG PLQFLQRV DFKL]L LRQDUHD PDL PXOWRU P UIXUL SHQWUX FDUH D IRVW
GHGXV LOHJDORVXP LPSRUWDQW GHEDQLGUHSW79$
6XELHFWXOSDVLYHYHQWXDOHVWHSHUVRDQDID GHFDUHYDILIRORVLWvQVFULVXOVXE
VHPQ WXU SULYDW IDOV $WXQFL FkQG VH YD SURGXFH IDSWD GH IRORVLUH D vQVFULVXOXL
IDOVSUHMXGLFLXODGXVVXELHFWXOXLSDVLYYDILFDX]DWQXQXPDLGHFHOFDUHYDV YkUúL
X]XO GH IDOV FL úL GH FHO FDUH D V YkUúLW vQ SUHDODELO LQIUDF LXQHD GH IDOVLILFDUH D
vQVFULVXOXLIRORVLW
9DVLOH 3DSDGRSRO vQ 7HRGRU 9DVLOLX 'RUX 3DYHO *HRUJH $QWRQLX ùWHIDQ 'DQHú *KHRUJKH ' UkQJ
'XPLWUX/XFLQHVFX9DVLOH3DSDGRSRO'XPLWUX&3RSHVFX9LUJLO5 PXUHDQX&RGXOSHQDOURPkQFRPHQWDWúL
DGQRWDW3DUWHDVSHFLDO YRO,,(GLWXUDùWLLQ LILF úL(QFLFORSHGLF %XFXUHúWLS
&$ 3ORLHúWL G S QU FX QRW DSUREDWLY GH ,RQ 6WDLX ,QIUDF LXQHD GH IDOV vQ vQVFULVXUL VXE
VHPQ WXU SULYDW 5'3 QU S ÌQ DFHODúL VHQV /DXUD &RGUX D /DVFX )DOV vQ DFWH FRQWDELOH
5'3QUSÌQVHQVFRQWUDU$XJXVWLQ8QJXUHDQX$XUHO&LRSUDJD'LVSR]L LLGLQOHJLVSHFLDOH
URPkQHYRO,,,(GLWXUD/XPLQD/H[%XFXUHúWLS'XS DFHúWLDXWRULvQFDGUDUHDMXULGLF DXQRUDVWIHO
GHIDSWHVHIDFHvQDUWGLQ/HJHDFRQWDELOLW LLUDSRUWDWODDUW&SHQ
&$3LWHúWLGSQU55'3QUS
&$ 7kUJX0XUHú VS G QU 5 'LDQD3HUVLGD 3RSD &ULVWLQ1LFRODH 3RSD 6LQWH] GH SUDFWLF
MXGLFLDU D&XU LLGHDSHO7kUJX0XUHúvQPDWHULHSHQDO VHPHVWUXO,,'UQUS
9LQWLO 'RQJRUR] vQ 9LQWLO 'RQJRUR] 6LHJIULHG .DKDQH ,RQ 2DQFHD ,RVLI )RGRU 1LFROHWD ,OLHVFX
&RQVWDQWLQ %XODL 5RGLFD 6W QRLX 9LFWRU 5RúFD ([SOLFD LL WHRUHWLFH DOH &RGXOXL SHQDO URPkQ 3DUWHD VSHFLDO
YRO,9(GLWXUD$FDGHPLHL5RPkQH%XFXUHúWLS
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDODOQRUPHLGHLQFULPLQDUHH[DPLQDWHFRQVW vQDF LXQHDGH
IDOVLILFDUH SULQ YUHXQXO GLQ PRGXULOH DU WDWH vQ DUW & SHQ DGLF SULQ
FRQWUDIDFHUHD VFULHULL RUL D VXEVFULHULL SULQ DOWHUDUHD vQ RULFH PRG D XQXL vQVFULV
H[LVWHQW
'DWRULW OLPLW ULLOHJDOHDSURFHGHHORUGHV YkUúLUHDIDOVXOXLvQvQVFULVXULVXE
VHPQ WXU SULYDW vQGRFWULQ VHDSUHFLD] F VLPXOD LDvQDVHPHQHDvQVFULVXUL
FDUH vQ HVHQ HVWH XQ IDOV LQWHOHFWXDO QX FDGH VXE LQFLGHQ D DUW & SHQ FL
GRDUVXELQFLGHQ DOHJLLFLYLOH$WXQFLFkQGDFHVWHvQVFULVXULDSDUHQWHVXQWvQWRFPLWH
úL IRORVLWH vQ VFRSXO GH D RE LQH XQ IRORV PDWHULDO LQMXVW GDF DX DYXW FD XUPDUH
LQGXFHUHD vQ HURDUH D XQHL SHUVRDQH úL FDX]DUHD XQHL SDJXEH YRU IL LQFLGHQWH
GLVSR]L LLOH GLQ DUW & SHQ GDF úL FHOHODOWH FRQGL LL GH LQFULPLQDUH VXQW
vQGHSOLQLWH
6H FRQVLGHU FRQWUDIDFHUH D VHPQ WXULL úL H[HFXWDUHD SH XQ vQVFULV D XQHL
VHPQ WXULFDUHGHúLQXLPLW VHPQ WXUDUHDO DSHUVRDQHLvQGUHSWFUHHD] DSDUHQ D
VHPQ ULLvQVFULVXOXLGHF WUHSHUVRDQDFDUHLVHDWULEXLH
ÌQ FD]XO DOWHU ULL SULQ DG XJLUL DSDUH FD QHFHVDU R FRQWUDIDFHUH LPLWDUH D
VFULHULLDFHODúLVFULVGHPkQ VDXDFHOHDúLFDUDFWHUHGDFWLORJUDILFH$OWHUDUHDSULQ
úWHUV WXULUDGLHULVDXELI ULHVWHWRWGHDXQDVXVSHFW GHDFHHDIDOVLILFDWRUXOSUHIHU
V FRQWUDIDF vQVFULVXOvQvQWUHJLPH
)DOVLILFDUHD XQRU DFWH FRQWDELOH DOH XQHL VRFLHW L FRPHUFLDOH SULYDWH SULQ
PRGLILF ULúWHUV WXULúLDG XJLULúLIRORVLUHDORUODvQWRFPLUHDHYLGHQ HORUFRQWDELOH
QXFRQVWLWXLHLQIUDF LXQHDGHIDOVLQWHOHFWXDOúLGHX]GHIDOVFLLQIUDF LXQHDGHIDOV
vQvQVFULVXULVXEVHPQ WXU SULYDW
&HULQ H HVHQ LDOH 6 ILH YRUED GH XQ vQVFULV VXE VHPQ WXU SULYDW XQ
vQVFULVFDUHSUH]LQW WU V WXULOHHVHQ LDOHDOHXQRUDVWIHOGHvQVFULVXULDGLF FRQ LQXW
FX UHOHYDQ MXULGLF VHPQ WXU GDWD UHGDFW ULL 1X LPSRUW FDUDFWHUXO UHOHYDQ HL
MXULGLFH WHVWDPHQW RORJUDI FRQWUDFW GH vQFKLULHUH DFW GH FUHDQ DGHYHULQ GH
SULPLUHDXQHLSO LHWF
2VFULHUHI U UHOHYDQ MXULGLF I U VHPQ WXU VDXI U DOW SRVLELOLWDWHGHD
ILDWULEXLW XQHLSHUVRDQHQXSRDWHFRQVWLWXLRELHFWXOXQXLIDOVvQvQVFULVXULSULYDWH
ÌQVFULVXOSRDWHILVFULVvQOLPEDURPkQ VDXvQRULFHDOW OLPE
)DOVLILFDUHD GH ERUGHURXUL GH DFKL]L LH úL GH IDFWXUL ILVFDOH GH F WUH
DGPLQLVWUDWRUXO XQHL VRFLHW L FRPHUFLDOH vQWUXQHúWH HOHPHQWHOH FRQVWLWXWLYH DOH
LQIUDF LXQLLGHIDOVvQvQVFULVXULVXEVHPQ WXU SULYDW LDUQXDOHLQIUDF LXQLORUGH
IDOV PDWHULDO vQ vQVFULVXUL RILFLDOH úL X] GH IDOV GHRDUHFH VRFLHW LOH FRPHUFLDOH
ILLQGSHUVRDQHMXULGLFHGHGUHSWSULYDWQXLQWU VXELQFLGHQ DSUHYHGHULORUDUW
&SHQLDUvQVFULVXULOHHPLVHGHVRFLHW LOHFRPHUFLDOHQXVXQWvQVFULVXULRILFLDOHvQ
VHQVXODUWDOLQGLQDFHODúLFRG
)DSWD DQJDMDWXOXL XQHL VRFLHW L FRPHUFLDOH SULYDWH GH D vQWRFPL IDFWXUL
QHUHDOHGHOLYUDUHDXQRUP UIXULúLGHDOHIRORVLvQVFRSXOMXVWLILF ULLXQRUOLSVXULvQ
JHVWLXQH FRQVWLWXLH LQIUDF LXQHD GH IDOV vQ vQVFULVXUL VXE VHPQ WXU SULYDW LDU QX
9DVLOH3DSDGRSRORSFLWYRO,,S
,0XUHúDQÌQOHJ WXU FXHOHPHQWXOPDWHULDODOLQIUDF LXQLLGHIDOVvQvQVFULVXULVXEVHPQ WXU SULYDW
55'QUS
9LQWLO 'RQJRUR]RSFLWYRO,9S
&6-VSGQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSH
DQXO(GLWXUD-XULV$UJHVVLV&XUWHDGH$UJHúS
&6- VS G QU ÌQDOWD &XUWH GH &DVD LH úL -XVWL LH %XOHWLQXO MXULVSUXGHQ HL &XOHJHUH GH
GHFL]LLSHDQXO(GLWXUD$OO%HFN%XFXUHúWLS
LQIUDF LXQLOH GH IDOV LQWHOHFWXDO úL X] GH IDOV vQVFULVXULOH IDOVLILFDWH úL IRORVLWH vQ
YHGHUHDSURGXFHULLXQRUFRQVHFLQ HMXULGLFHQHDYkQGFDUDFWHURILFLDO
)DOVLILFDUHD úL IRORVLUHD XQRU vQVFULVXUL DSDU LQkQG XQRU VRFLHW L FRPHUFLDOH
QXFRQVWLWXLHLQIUDF LXQHDGHIDOVLQWHOHFWXDOúLX]GHIDOVGHRDUHFHDFHDVW VRFLHWDWH
QX HVWH R SHUVRDQ MXULGLF GH LQWHUHV SXEOLF FKLDU GDF DQWHULRU SULYDWL] ULL D
GH LQXW PRQRSROXO FRPHU XOXL FX SHWURO vQ 5RPkQLD LDU EXQXULOH DFHVWHLD GH
DVHPHQHDQXVXQWGHLQWHUHVSXEOLFvQVHQVXOSUHYHGHULORUDUW&SHQúL
DOLQ & SHQ &D DWDUH IDSWHOH PHQ LRQDWH FRQVWLWXLH LQIUDF LXQHD GH IDOV vQ
vQVFULVXULVXEVHPQ WXU SULYDW SUHY ]XW vQDUW&SHQ
ÌQVFULVXO IDOVLILFDW H QHFHVDU V ILH IRORVLW GH F WUH vQVXúL DXWRUXO IDOVXOXL
VDXV ILHvQFUHGLQ DWGHF WUHDFHVWDXQHLDOWHSHUVRDQHVSUHIRORVLUH
$úDGDU VLPSOD IDOVLILFDUH D XQXL vQVFULV SULYDW QX FRQVWLWXLH R LQIUDF LXQH
3HQWUX FD IDSWD V FDSHWH DFHVW FDUDFWHU HVWH QHDS UDW QHFHVDU FD IDOVLILFDWRUXO V
IRORVHDVF HOvQVXúLvQVFULVXOIDOVVDXV OvQFUHGLQ H]HDOWHLSHUVRDQHDQXPHSHQWUX
DILIRORVLW
&HULQ D QX HVWH vQGHSOLQLW GDF vQVFULVXO IDOVLILFDW D DMXQV vQ PkQD DOWXLD
DOWIHO GHFkW SULQ vQFUHGLQ DUH VXVWUDJHUH SLHUGHUH VDX GDF vQFUHGLQ DUHD
vQVFULVXOXLVDI FXWvQDOWVFRSGHFkWvQYHGHUHDIRORVLULLH[SHQWUXDILS VWUDWVDX
IRWRJUDILDWRULUHPLVFHOXLODFDUHVHUHIHUHD
ÌQVFULVXOIDOVLILFDWWUHEXLHV ILHVXVFHSWLELOGHDILIRORVLWGLUHFWVDXSULQ
vQFUHGLQ DUH vQ YHGHUHD SURGXFHULL XQHL FRQVHFLQ H MXULGLFH ) U R DVWIHO GH
vQVXúLUHvQVFULVXOVXEVHPQ WXU SULYDW IDOVHVWHLUHOHYDQWSHQWUXOHJHDSHQDO
8Q vQVFULV IDOVLILFDW HVWH DSW D SURGXFH FRQVHFLQ H MXULGLFH GDF SUH]LQW
DSDUHQ D XQXL DFW YHULWDELO GDF DUH SXWHUH SUREDWRULH úL GDF DUH VHPQLILFD LH
MXULGLF
$SWLWXGLQHD vQVFULVXOXL GH D SURGXFH FRQVHFLQ H MXULGLFH WUHEXLH DSUHFLDW
vQWRWGHDXQD vQ IDSW GHRDUHFH vQ SULQFLSLX FKLDU úL IDOVLILFDUHD XQXL DVHPHQHD
vQVFULV SRDWH F GHD VXE LQFLGHQ D DUW & SHQ GDF vQ UDSRUW úL GH DOWH
FLUFXPVWDQ HIRORVLUHDDFHVWXLvQVFULVIDOVLILFDWHVWHVXVFHSWLELOV GHDQDúWHUHXQRU
FRQVHFLQ H MXULGLFH 1XOLWDWHD XQXL vQVFULV VXE VHPQ WXU SULYDW LQGLIHUHQW GDF
HVWH DEVROXW VDX UHODWLY QX FRQVWLWXLH XQ REVWDFRO vQ FDOHD DSOLF ULL DUW
&SHQGDF FHOHODOWHFHULQ HSUHY ]XWHGHOHJHVXQWvQGHSOLQLWH
8UPDUHD LPHGLDW D IDSWHL SHQDOH H[DPLQDWH FRQVW vQ FUHDUHD XQHL VW UL GH
SHULFRO SHQWUX UHOD LLOH VRFLDOH RFURWLWH SHULFRO GHFXUJkQG GLQ SURGXFHUHD XQXL
vQVFULV VXE VHPQ WXU SULYDW FX DSDUHQ H GH vQVFULV DGHY UDW GH FDUH VD IRORVLW
vQVXúL IDOVLILFDWRUXO VDX SH FDUH DFHVWD OD vQFUHGLQ DW XQHL DOWH SHUVRDQH VSUH
IRORVLUH $úDGDU VWDUHD GH SHULFRO WUHEXLH V ILH UH]XOWDW DO IDOVLILF ULL vQVFULVXOXL
XUPDW GHIRORVLUHDVDXGDUHDVSUHIRORVLUHDDFHVWXLD
'DF vQVFULVXO RE LQXW QX HVWH VXVFHSWLELO GH D IL IRORVLW H[LVWHQ D XUP ULL
LPHGLDWHHVWHH[FOXV úLLPSOLFLWODWXUDRELHFWLY DLQIUDF LXQLLQXHVWHUHDOL]DW vQ
vQWUHJXOHL
)DOVXOvQvQVFULVXULVXEVHPQ WXU SULYDW SRDWHH[LVWDFKLDUvQFD]XOvQFDUH
QXVDSURGXVXQSUHMXGLFLXPDWHULDO
&6-VSGQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSHDQXO
(GLWXUD$//%HFN%XFXUHúWLSÌQDFHODúLVHQV&6-VSGQUÌQDOWD&XUWHGH
&DVD LHúL-XVWL LH%XOHWLQXOMXULVSUXGHQ HL&XOHJHUHGHGHFL]LLSHDQXORSFLWS
&6-VSGQUÌQDOWD&XUWHGH&DVD LHúL-XVWL LH%XOHWLQXOMXULVSUXGHQ HL&XOHJHUHGHGHFL]LL
SHDQXO(GLWXUD$OO%HFN%XFXUHúWLS
9LQWLO 'RQJRUR]RSFLWYRO,9S
9DVLOH3DSDGRSRORSFLWYRO,,S
76 &RO SHQ G QU & *DOO 1 +RJDú 5HSHUWRULX GH SUDFWLF MXGLFLDU (GLWXUD úWLLQ LILF
%XFXUHúWLS
/HJ WXUDGHFDX]DOLWDWHvQWUHDF LXQHDGHIDOVLILFDUHDvQVFULVXOXLXUPDW GH
IRORVLUHDVDXGHvQFUHGLQ DUHVSUHIRORVLUHDDFHVWXLDúLVWDUHDGHSHULFROWUHEXLHV
H[LVWH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LHFXFDUHVHSRDWHFRPLWHDFHDVW LQIUDF LXQHHVWHLQWHQ LD
GLUHFW ,QWHQ LD WUHEXLH V SULYHDVF DWkW DF LXQHD GH IDOVLILFDUH FkW úL DF LXQHD
FRQVHFXWLY GH IRORVLUH D vQVFULVXOXL IDOV GH F WUH I SWXLWRU VDX GH vQFUHGLQ DUH D
DFHOXLvQVFULVXQHLDOWHSHUVRDQHVSUHIRORVLUHvQYHGHUHDUHDOL] ULLXQHLFRQVHFLQ H
MXULGLFH /DWXUD VXELHFWLY LPSOLFkQG R ILQDOLWDWH V YkUúLUHD IDSWHL FX LQWHQ LH
LQGLUHFW DSDUHGHFLFDH[FOXV
([LVW úLS UHUHDF DFHDVW LQIUDF LXQHVHFRPLWHFXLQWHQ LHGLUHFW VDX
LQGLUHFW
/DWXUD VXELHFWLY QX HVWH UHDOL]DW FkQG ILH IDSWD vQ vQWUHJXO DFHVWHLD DU IL
V YkUúLW GLQ FXOS ILH DF LXQLOH VXEVHFYHQWH GH IRORVLUH D vQVFULVXOXL IDOV VDX GH
vQFUHGLQ DUH D DFHVWXLD XQHL DOWH SHUVRDQH VDU V YkUúL GLQ FXOS 'HVLJXU LSRWH]D
V YkUúLULLGLQFXOS HVWHSX LQSUREDELO GDUQXLPSRVLELO
&RQWUDI FkQG VHPQ WXUD SHUVRDQHL vQ FDX] HVWH DGHY UDW F LQFXOSDWXO D
V YkUúLWDF LXQHDFHFRQVWLWXLHHOHPHQWXOPDWHULDODOLQIUDF LXQLLVXVPHQ LRQDWH'H
DVHPHQHD HVWH HYLGHQW F vQVFULVXO vQWRFPLW GH LQFXOSDW DYkQG DSDUHQ D XQXL DFW
YHULGLFHUDDSWV SURGXF FRQVHFLQ HMXULGLFHGHDOWIHOvQVSH SHED]DOXLVDúL
SRUQLWSURFHGXUDGHHOLEHUDUHDFHUWLILFDWXOXLGHXUEDQLVPGDUvQFDX] H[LVWkQG
DFRUGXOEHQHILFLDUXOXLQXVHSRDWHUH LQHF LQFXOSDWXODFRPLVIDSWDFXLQWHQ LDGH
DFRPLWHXQIDOV
0RELOXOGHWHUPLQDQWúLVFRSXOILQDOXUP ULWGHDXWRUQXVXQWUHOHYDQWHSHQWUX
H[LVWHQ D LQIUDF LXQLL GDU YRU IL DYXWH vQ YHGHUH OD LQGLYLGXDOL]DUHD MXGLFLDU D
SHGHSVHL
)RUPH6DQF LXQL
)RUPH )DOVXO vQ vQVFULVXUL VXE VHPQ WXU SULYDW UHDOL]kQGXVH SULQWUR
DF LXQHFRPLVLXQHXUPDW GHRDOW DF LXQHWRWFRPLVLY IRORVLUHVDXvQFUHGLQ DUH
VSUH IRORVLUH V YkUúLUHD DFHVWRU DF LXQL SRDWH SDUFXUJH ID]HOH RELúQXLWH DOH XQHL
DFWLYLW LLQIUDF LRQDOHFRPSOH[HDFWHGHSUHJ WLUHWHQWDWLY FRQVXPDUH
$FWHOH SUHSDUDWRULL GHúL VXQW SRVLELOH úL SUDFWLF LQHYLWDELOH SURFXUDUH GH
PDWHULDOHúLXVWHQVLOHQXVXQWLQFULPLQDWHGHOHJHDSHQDO
9LQWLO 'RQJRUR]RSFLWYRO,9SÌQDFHODúLVHQV9DVLOH3DSDGRSRORSFLWYRO,,S9DOHU
6XLDQ RS FLW YRO ,, S 2FWDYLDQ /RJKLQ vQ 2FWDYLDQ /RJKLQ $YUDP )LOLSDú 'UHSW SHQDO URPkQ 3DUWHD
VSHFLDO HGL LH UHYL]XLW &DVD GH HGLWXU úL SUHV ÄùDQVD´ 65/ %XFXUHúWL S &RQVWDQWLQ 0LWUDFKH
RSFLWYRO,,,S*KHRUJKH1LVWRUHDQXvQ*KHRUJKH1LVWRUHDQX9DVLOH'REULQRLX$OH[DQGUX%RURL
,OLH 3DVFX ,RDQ 0ROQDU 9DOHULF /D] U 'UHSW SHQDO 3DUWHD VSHFLDO (GLWXUD (XURSD 1RYD %XFXUHúWL
S ,RDQD 9DVLX 'UHSW SHQDO URPkQ 3DUWHD VSHFLDO YRO ,, (GLWXUD $OEDVWU &OXM1DSRFD S
2FWDYLDQ/RJKLQ7XGRUHO7RDGHU'UHSWSHQDOURPkQ3DUWHDVSHFLDO HGL LDD,9DUHY ]XW úLDG XJLW &DVDGH
HGLWXU úLSUHV ùDQVD65/%XFXUHúWLS,OLH3DVFXvQ,OLH3DVFX9DOHULF /D] U'UHSWXOSHQDO3DUWHD
VSHFLDO (GLWXUD /XPLQD /H[ %XFXUHúWL S 9DVLOH 'REULQRLX vQ 9DVLOH 'REULQRLX 1LFRODH &RQHD
&LSULDQ5DXO5RPL DQ&DPLO7 Q VHVFX1RUHO1HDJX0D[LP'REULQRLX'UHSWSHQDO3DUWHDVSHFLDO YRO,,
/XPLQD/H[%XFXUHúWLS+RULD'LDFRQHVFX'UHSWSHQDO3DUWHDVSHFLDO YRO,,HGL LDDD(GLWXUD
$OO%HFN%XFXUHúWLS$OH[DQGUX%RURL*KHRUJKH1LVWRUHDQX'UHSWSHQDO3DUWHDVSHFLDO HGL LDD
,,,D(GLWXUD$OO%HFN%XFXUHúWLS
2OLYLX$XJXVWLQ6WRLFD'UHSWSHQDO3DUWHDVSHFLDO (GLWXUD'LGDFWLF úL3HGDJRJLF %XFXUHúWL
S ÌQ DFHODúL VHQV &RVWLF %XODL vQ &RVWLF %XODL $YUDP )LOLSDú &RQVWDQWLQ 0LWUDFKH ,QVWLWX LL GH GUHSW
SHQDO&XUVVHOHFWLYSHQWUXH[DPHQXOGHOLFHQ HGL LDD,,,DUHYL]XLW úLDG XJLW (GLWXUD7UHL%XFXUHúWL
S
&$%XFXUHúWLVD,,DSHQGQU$5'3QUS
'XS SXQHUHD vQ H[HFXWDUH D DF LXQLL GH IDOVLILFDUH DFHVWH DFWH SUHSDUDWRULL
SRWILHYHQWXDOFRQVLGHUDWHFDDFWHGHFRPSOLFLWDWHDQWHULRDU FkQGVXQWV YkUúLWHGH
DOW SHUVRDQ GHFkWDXWRUXOIDOVXOXLúLDXIRVWIRORVLWHGHDFHVWD
7HQWDWLYD H[LVW DWXQFL FkQG D vQFHSXW H[HFXWDUHD DF LXQLL GH IRORVLUH D
vQVFULVXOXL IDOV VDX GH vQFUHGLQ DUH D DFHVWXLD XQHL DOWH SHUVRDQH GDU D IRVW
vQWUHUXSW VDXDU PDVI U UH]XOWDWGLQFDX]HVWU LQHGHYRLQ DI SWXLWRUXOXL
(VWH WHQWDWLY vQV DWXQFL FkQG I SWXLWRUXO D vQFHUFDW V VH IRORVHDVF GH
vQVFULV GDU QX D UHXúLW VDX D vQFHUFDW V O vQFUHGLQ H]H XQHL DOWH SHUVRDQH GDU
DFHDVWDODUHIX]DWVDXODGHQXQ DW
7HQWDWLYDODIDOVXOvQvQVFULVXULVXEVHPQ WXU SULYDW HVWHSHGHSVLW ±DUW
DOLQ&SHQ
&RQVXPDUHDDUHORFGHvQGDW FHVDSURGXVXUPDUHDLPHGLDW DGLF VDFUHDW
VWDUHDGHSHULFROSULQV YkUúLUHDDF LXQLLVXEVHFYHQWHGHIRORVLUHGHF WUHI SWXLWRUD
vQVFULVXOXLIDOVvQYHGHUHDSURGXFHULLXQHLFRQVHFLQ HMXULGLFHVDXGHvQFUHGLQ DUHD
vQVFULVXOXLXQHLDOWHSHUVRDQHVSUHIRORVLUHvQYHGHUHDDFHOHLDúLILQDOLW L
3HQWUX H[LVWHQ D FRQVXP ULL QX LQWHUHVHD] GDF VDX SURGXV VDX QX
FRQVHFLQ HOHMXULGLFHDYXWHvQYHGHUHGHF WUHI SWXLWRUILLQGVXILFLHQWF DFHVWDVD
IRORVLW GH vQVFULVXO IDOVLILFDW GH HO vQ YHGHUHD SURGXFHULL DFHORU FRQVHFLQ H 'H
DVHPHQHD vQ FD]XO vQFDUHvQVFULVXOIDOVDIRVWvQFUHGLQ DWXQHLDOWHSHUVRDQHVSUH
IRORVLUH QX LQWHUHVHD] SHQWUX H[LVWHQ D FRQVXP ULL IDOVXOXL vQ vQVFULVXUL VXE
VHPQ WXU SULYDW GDF DFHDSHUVRDQ VDIRORVLWVDXQXVDIRORVLWGHvQVFULVXOIDOV
LDU vQ FD]XO FkQG vQVFULVXO D IRVW IRORVLW GDF VDX RE LQXW VDX QX FRQVHFLQ HOH
MXULGLFHDYXWHvQYHGHUH
6DQF LXQL )DOVXO vQ vQVFULVXUL VXE VHPQ WXU SULYDW VH SHGHSVHúWH FX
vQFKLVRDUHGHODOXQLODDQLVDXFXDPHQG
3HUVRDQD MXULGLF VH VDQF LRQHD] FX DPHQGD FXSULQV vQWUH úL
OHLSRWULYLWDUWDOLQ&SHQ
8=8/'()$/6
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDODORFURWLULLSHQDOHHVWHGLIHULWGXS FXPX]XOGHIDOV
SULYHúWHXQvQVFULVRILFLDOVDXXQvQVFULVVXEVHPQ WXU SULYDW DFHVWDILLQGVLPLODU
FXDFHODDOLQIUDF LXQLLGLQFDUHSURYLQHvQVFULVXOIDOVúLGHFLGLQFDUHGHULY X]XOGH
IDOV
2ELHFWXO PDWHULDO FRQVW vQ vQVFULVXO IDOV GH FDUH VH IDFH X] RELHFW FDUH
FRQVWLWXLHvQDFHODúLWLPSúLPLMORFXOGHV YkUúLUHDLQIUDF LXQLL
ÌQVFULVXO FDUH FXSULQGH R GHFODUD LH IDOV JHQHUDWRDUH QHPLMORFLW GH
FRQVHFLQ HMXULGLFHFRQVHPQDW GHF WUHIXQF LRQDUXOFRPSHWHQW±DGLF SURGXVXO
IDOVXOXLvQGHFODUD LLSUHY ]XWvQDUW&SHQ±QXSRDWHFRQVWLWXLRELHFWPDWHULDO
DO LQIUDF LXQLL GH X] GH IDOV GDWRULW OLPLW ULL I U HFKLYRF D vQVFULVXULORU D F URU
IRORVLUHRLQFULPLQHD] WH[WXODQDOL]DWúLSR]L LHLDFHVWXLDGXS WH[WHOHFDUHSUHY G
IDOVXOvQvQVFULVXULRILFLDOHúLIDOVXOvQvQVFULVXULVXEVHPQ WXU SULYDW
9LQWLO 'RQJRUR]RSFLWYRO,9S
9LQWLO 'RQJRUR] vQ 9LQWLO 'RQJRUR] 6LHJIULHG .DKDQH ,RQ 2DQFHD ,RVLI )RGRU 1LFROHWD ,OLHVFX
&RQVWDQWLQ %XODL 5RGLFD 6W QRLX 9LFWRU 5RúFD ([SOLFD LL WHRUHWLFH DOH &RGXOXL SHQDO URPkQ 3DUWHD VSHFLDO
YRO,9(GLWXUD$FDGHPLHL5RPkQH%XFXUHúWLS
9DVLOH 3DSDGRSRO vQ 7HRGRU 9DVLOLX 'RUX 3DYHO *HRUJH $QWRQLX ùWHIDQ 'DQHú *KHRUJKH ' UkQJ
'XPLWUX/XFLQHVFX9DVLOH3DSDGRSRO'XPLWUX&3RSHVFX9LUJLO5 PXUHDQX&RGXOSHQDOURPkQFRPHQWDWúL
DGQRWDW3DUWHDVSHFLDO YRO,,(GLWXUDùWLLQ LILF úL(QFLFORSHGLF %XFXUHúWLS
ÌQVFULVXOIDOVLILFDWWUHEXLHV DLE YDORDUHSUREDWRULHúLVHPQLILFD LHMXULGLF
FRQGL LLFHUH]XOW GLQFHULQ DOHJLLFDvQVFULVXOIDOVLILFDWV ILHIRORVLWGHDXWRUÄvQ
YHGHUHDSURGXFHULLXQHLFRQVHFLQ HMXULGLFH´
8Q vQVFULV DUH YDORDUH SUREDWRULH DWXQFL FkQG HVWH DSW V VHUYHDVF OD
GRYHGLUHD FRPSOHW VDX FHO SX LQ vQWUR DQXPLW P VXU D XQRU GUHSWXUL VDX
REOLJD LLRULFKLDUQXPDLDXQRUVLWXD LLGHIDSWJHQHUDWRDUHGHHIHFWHMXULGLFH
8QvQVFULVDUHVHPQLILFD LHMXULGLF DWXQFLFkQGSULQFRQ LQXWXOV XHVWHDSW
V SURGXF XQHOHHIHFWHMXULGLFHDGLF V VHUYHDVF GUHSWED] QDúWHULLVWLQJHULLVDX
PRGLILF ULLXQXLGUHSWVDXXQHLREOLJD LLV DGXF DWLQJHUHXQXLLQWHUHVRFURWLWGH
OHJHVDXV GHDQDúWHUHDOWRUFRQVHFLQ HFXFDUDFWHUMXULGLF
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU DO X]XOXL GH IDOV SRDWH IL RULFH SHUVRDQ
IL]LF FH vQWUXQHúWH FRQGL LLOH JHQHUDOH SHQWUX D U VSXQGH SHQDO ÌQ FD]XO FkQG
I SWXLWRUXO DUH YUHR FDOLWDWH DFHDVWD QX FRQGL LRQHD] H[LVWHQ D LQIUDF LXQLL GDU
SRDWHFRQVWLWXLRFLUFXPVWDQ SHUVRQDO ILHGHDWHQXDUHGHH[WHKQLFLDQFDUHVD
VHUYLWGHRGLSORP IDOV GDUFDUHDDGXVUHDOHVHUYLFLLXQLW LLUHVSHFWLYHILHGH
DJUDYDUHGHH[XQJHVWLRQDUVDVHUYLWGHSLHVHMXVWLILFDWLYHIDOVHSHQWUXDDVFXQGH
OLSVXULOHGHJHVWLXQH
ÌQFD]XOvQVFULVXULORUVXEVHPQ WXU SULYDW GDF SHUVRDQDFDUHVHIRORVHúWH
GH vQVFULVXO IDOV HVWH vQVXúL IDOVLILFDWRUXO DFHVWD QX YD IL VRFRWLW VXELHFW DFWLY DO
LQIUDF LXQLLGHX]GHIDOVDUW&SHQFLVXELHFWDFWLYDOLQIUDF LXQLLGHIDOVvQ
vQVFULVXULVXEVHPQ WXU SULYDW DUW&SHQX]XOGHIDOVvQDFHVWFD]ILLQG
DEVRUELWFDFHULQ HVHQ LDO vQFRQ LQXWXOLQIUDF LXQLLGHIDOV
6XELHFW DFWLY DO DFHVWHL IDSWH SHQDOH SRDWH V ILH úL R SHUVRDQ MXULGLF
SRWULYLWGLVSR]L LHLGLQDUW&SHQ
8]XO GH IDOV SRDWH IL V YkUúLW úL GH PDL PXO L VXELHF L DFWLYL FRDXWRUL
LQVWLJDWRULFRPSOLFL
6XELHFWXOSDVLY&DúLODLQIUDF LXQHDGHIDOVVXELHFWSDVLYFHUWHVWHVRFLHWDWHD
VWDWXOFDWLWXODUDOYDORULLVRFLDOHRFURWLWHvQFUHGHUHDSXEOLF 3HUVRDQDvPSRWULYD
F UHLD HVWH IRORVLW vQVFULVXO IDOV úL FDUH HVWH DPHQLQ DW V VXIHUH FRQVHFLQ HOH
MXULGLFH DOH vQVFULVXOXL IDOV vQ FD]XO FkQG DFHVWD DU IL FRQVLGHUDW DGHY UDW HVWH
VXELHFWSDVLYHYHQWXDO
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDODOQRUPHLGHLQFULPLQDUHH[DPLQDWHFRQVW vQDF LXQHDGH
IRORVLUHDXQXLvQVFULVIDOVRILFLDOVDXVXEVHPQ WXU SULYDW
,QIUDF LXQHDGHX]GHIDOVSULQvQV úLQDWXUDVDLPSOLF IDSWXOF HDQXSRDWH
IL QLFLRGDW FRQFHSXW QLFL V YkUúLW I U SUHH[LVWHQ D XQXL vQVFULV IDOVLILFDW
VXVFHSWLELOGHDSURGXFHFRQVHFLQ HMXULGLFH
8]XOGHIDOVHVWHDúDGDURDFWLYLWDWHVXEVHFYHQW SULQFDUHvQVFULVXULOHIDOVH
SURGXVDOLQIUDF LXQLLGHIDOVGHYLQPLMORFXOGHV YkUúLUHDLQIUDF LXQLLGHX]GHIDOV
$FHDVW DFWLYLWDWH GH IRORVLUH D vQVFULVXULORU IDOVH vPSUXPXW SH GH R SDUWH
FDUDFWHUXO GH IDSW LOLFLW GH OD LQIUDF LXQLOH SULQ FDUH DX IRVW SURGXVH vQVFULVXULOH
IDOVHLDUSHGHDOW SDUWHVSRUHúWHJUDGXOGHSHULFROVRFLDOSHFDUHvOSUH]LQW DFHVWH
LQIUDF LXQL8]XOGHIDOVDGXFHGHFLRJUDY DWLQJHUHvQFUHGHULLSHFDUHvQVFULVXULOH
RILFLDOH VDX VXE VHPQ WXU SULYDW WUHEXLH V R LQVSLUH RDPHQLORU vQ GHVI úXUDUHD
UHOD LLORUVRFLDOH
9DVLOH3DSDGRSRORSFLWYRO,,S
9LQWLO 'RQJRUR]RSFLWYRO,9S
,GHPYRO,9S
,QIUDF LXQHD GH X] GH IDOV FRQVWLWXLH GHFL vQ UDSRUW FX LQIUDF LXQLOH GH IDOV R
IDSW SHQDO VXEVHFYHQW GHULYDW úL FRUHODWLY GHULYDW ILLQGF HVWH QHFHVDU R
SUHDODELO IDOVLILFDUHDvQVFULVXOXLúLFRUHODWLY ILLQGF H[LVWHQ DIDSWHLGHX]GHIDOV
GHSLQGHGHH[LVWHQ DLQIUDF LXQLLGHIDOV
Ä$ IRORVL´ XQ vQVFULV IDOV vQVHDPQ DO SURGXFH vQ RULFH PRG FD GRYDG D
FRQ LQXWXOXLV XDSDUHQW
)DSWD GH IRORVLUH FX YLQRY LH GH DFWH YDPDOH IDOVH OD 5HJLVWUXO $XWR
5RPkQ vQ YHGHUHD YHULILF ULL XQXL DXWRWXULVP DGXV GLQ VWU LQ WDWH vQ VFRSXO
vQPDWULFXO ULLDFHVWXLDFRQVWLWXLHLQIUDF LXQHDGHX]GHIDOV
)RORVLUHDvQID DDXWRULW LORUDXQXLSDúDSRUWIDOVSHQXPHOHDOWHLSHUVRDQH
FRQVWLWXLHLQIUDF LXQHDGHIDOVSULYLQGLGHQWLWDWHDSUHY ]XW vQDUW&SHQQXúL
FHDGHX]GHIDOVSUHY ]XW vQDUW&SHQvQFRQFXUVFXFHDGLQWkLSHQWUXF
SUH]HQWDUHDVXERLGHQWLWDWHIDOV SRDWHILUHDOL]DW úLSULQIRORVLUHDXQRUDFWHIDOVH
GHLGHQWLWDWHDFHDVW GLQXUP IDSW ILLQGDEVRUELW vQFRQ LQXWXOODWXULLRELHFWLYHD
LQIUDF LXQLLGHIDOVSULYLQGLGHQWLWDWHD
Ä)RORVLUHD´ QX VH SRDWH UHDOL]D úL SULQ RPLVLXQH SULQ DEVWHQ LXQHD
I SWXLWRUXOXLGHDGDODLYHDO vQVFULVXOIDOVLILFDWGHH[QXH[LVW X]GHIDOVGDF R
SHUVRDQ ILLQGFKHPDW vQMXGHFDW FLYLO DUHDVXSUDVDvQLQVWDQ XQDFWIDOVFX
FDUH DU SXWHD V FRPEDW SUHWHQ LLOH UHFODPDQWXOXL vQV QXO vQI LúHD]
MXGHF WRULORUúLQXOGHSXQHODGRVDU
([LVW HOHPHQWXOPDWHULDODOLQIUDF LXQLLGHIRORVLUHDXQXLvQVFULVIDOVDWXQFL
FkQG XQ DVWIHO GH vQVFULV HVWH SUH]HQWDW OD XQ QRWDU SXEOLF SHQWUX RE LQHUHD XQHL
FRSLL OHJDOL]DWH FDUH OD UkQGXO HL YD IL IDOV IDOV SULQ ILOLD LXQH )RORVLUHD XQHL
DVWIHO GH FRSLL YD UHDOL]D HOHPHQWXO PDWHULDO DO LQIUDF LXQLL GH X] GH IDOV $FHODúL
OXFUXvQFD]GHIRORVLUHDXQHLWUDGXFHULRILFLDOHGXS XQvQVFULVvQOLPEDVWU LQ IDOV
RDVWIHOGHWUDGXFHUHFRQVWLWXLQGGHDVHPHQHDXQIDOVSULQILOLD LXQH
$F LXQHDFRQVWLWXWLY DX]XOXLGHIDOVvQOLSVDXQHLFLUFXPVWDQ LHULOHJDOHVH
UHDOL]HD] vQPRPHQWXOvQFDUHGH LQ WRUXOVFR kQGvQVFULVXOGLQVWDUHDVDRFXOW úL
LQHUW vO vQI LúHD] vO GHSXQH VDX QXPDL VH SUHYDOHD] GH HO LQGLIHUHQW GDF
SHUVRDQDIL]LF VDXMXULGLF F UHLDLDIRVWSUH]HQWDWODFDUHDIRVWGHSXVRULID GH
FDUH D IRVW LQYRFDW OD H[DPLQDW VD SURQXQ DW DVXSUD YDODELOLW LL OXL RUL LD GDW
HILFLHQ MXULGLF vQUDSRUWFXFRQ LQXWXOV XDSDUHQW
&HULQ HVHQ LDO 3HQWUX FD DF LXQHD GH IRORVLUH D vQVFULVXOXL IDOV V
vQWUHJHDVF ODWXUD RELHFWLY D LQIUDF LXQLL VH FHUH FD vQVFULVXO IDOV IRORVLW V ILH
VXVFHSWLELO GH D SURGXFH FRQVHFLQ H MXULGLFH DGLF GH D VHUYL FD SURE )RORVLUHD
XQXL vQVFULV IDOV FDUH D IRVW DQWHULRU GHFODUDW SULQWUR KRW UkUH IDOV QX PDL SRDWH
VHUYLFDSURE $FHODúLOXFUXvQFD]XOXQXLvQVFULVIDOVGHWHULRUDWFDUHQXSRDWHIL
UHFRQVWLWXLWúLF UXLDvLOLSVHúWHSDUWHDSHFDUHVHSUHWLQGHF DH[LVWDWVHPQ WXU VDX
VLJLOLXO RILFLDO FDUH QX SRDWH FRQVWLWXL HOHPHQWXO PDWHULDO DO LQIUDF LXQLL GH X] GH
IDOVILLQGF vQVFULVXOQXSRDWHVHUYLFDSURE
8UPDUHD LPHGLDW 3HQWUX FD DF LXQHD GH IRORVLUH D vQVFULVXOXL IDOV V
UHDOL]H]HODWXUDRELHFWLY DLQIUDF LXQLLGHX]GHIDOVHDWUHEXLHV DLE FDXUPDUH
LPHGLDW FUHDUHDXQHLVW ULGHSHULFROSHQWUXDIODUHDDGHY UXOXLúLGHFLSHQWUXMXVWD
,ELGHPYRO,9S
Ì&&- VX G QU ;,; GLQ 'U QU S %XOHWLQXO &DVD LHL -XULVSUXGHQ
'RFWULQ &RPXQLF UL QU (GLWXUD & + %HFN %XFXUHúWL S ÌQDOWD &XUWH GH &DVD LH úL -XVWL LH
-XULVSUXGHQ D6HF LHLSHQDOHSHDQXO(GLWXUD+DPDQJLX%XFXUHúWLS
&6-VSGQU'UQUS
9DVLOH3DSDGRSRORSFLWYRO,,S
9LQWLO 'RQJRUR]RSFLWYRO,9S
9DVLOH3DSDGRSRORSFLWYRO,,S
VROX LRQDUH D DF LXQLL VDX FHUHULL vQ VXV LQHUHD VDX FRPEDWHUHD F UHLD VH LQYRF
vQVFULVXOIDOV
$FHDVW VWDUHGHSHULFROVHSURGXFHvQPRPHQWXOvQFDUHI SWXLWRUXOSUHWLQGH
FDDF LXQHDVDXFHUHUHDUHVSHFWLY V ILHVROX LRQDW vQVHQVXOvQVFULVXOXLGHFDUHVH
IRORVHúWH 'HFL IRORVLUHD PDWHULDO WUHEXLH V ILH HIHFWLY DGLF V L XUPH]H
SUHYDODUHDMXULGLF GHvQVFULVXOIRORVLW
3HQWUX H[LVWHQ D LQIUDF LXQLL GH X] GH IDOV QX VH FHUH SURGXFHUHD YUHXQXL
SUHMXGLFLXHIHFWLY7RWXúLLQIUDF LXQHDGHX]GHIDOVvQDQXPLWHFRQGL LLSRDWHV
JHQHUH]H SDJXEH PDWHULDOH 3ULQ XUPDUH DU IL SRVLELO REOLJDUHD LQFXOSDWXOXL OD
GHVS JXELULFLYLOH
/HJ WXUDGHFDX]DOLWDWHÌQWUHIRORVLUHDHIHFWLY DvQVFULVXOXLIDOVúLSURGXFHUHD
XUP ULL LPHGLDWH H[LVW WRWGHDXQD R OHJ WXU GH FDX]DOLWDWH ILLQGF FHO FDUH D IRORVLW
vQVFULVXOIDOVúLVDSUHYDODWGHDFHOvQVFULVDUHDOL]DWvQPRGHYLGHQWXUPDUHDLPHGLDW
$FHDVW OHJ WXU QXPDLH[LVW vQV DWXQFLFkQGVDUHQXQ DWODIRORVLUHDvQVFULVXOXLúLV
DvPSLHGLFDWGHFLSURGXFHUHDXUP ULLLPHGLDWHDGLF DVW ULLGHSHULFROSHQWUXYDORDUHD
VRFLDO D vQFUHGHULL SXEOLFH úL LPSOLFLW SHQWUX MXVWD VROX LRQDUH D DF LXQLL FHUHULL
FRQIOLFWXOXLHWFFDUHDSULOHMXLWIRORVLUHDvQVFULVXOXLIDOV
/DWXUDVXELHFWLY
)RUPDGHYLQRY LHVSHFLILF DFHVWHLLQIUDF LXQLHVWHLQWHQ LD,QWHQ LDFRQVW
vQ KRW UkUHD SHUVLVWHQW GHFL GLUHFW GH D X]D GH XQ vQVFULV FXQRVFkQG F DFHO
vQVFULVHVWHIDOV
&HULQ HVHQ LDO 3HQWUX FD LQWHQ LD V vQWUHJHDVF ODWXUD VXELHFWLY D
LQIUDF LXQLLGHX]GHIDOVWUHEXLHV ILHvQGHSOLQLW FHULQ DHVHQ LDO FDIRORVLUHDV
ILH I FXW vQ YHGHUHD SURGXFHULL XQHL FRQVHFLQ H MXULGLFH $FHDVW FHULQ G
LQWHQ LHLFDUDFWHUXOGHFDOLILFDW úLPDUFKHD] SHUVLVWHQ DDFHVWHLDvQVHQVXOF HDVH
PDQLIHVW DWkW vQ IRORVLUHD PDWHULDO D vQVFULVXOXL FkW úL OD SURGXFHUHD XUP ULL
LPHGLDWH FH GHFXUJH GLQ DWLWXGLQHD I SWXLWRUXOXL FDUH SUHWLQGH V ILH OXDW vQ
FRQVLGHUD LHvQVFULVXOIDOVvQUH]ROYDUHDXQXLFD]FRQFUHW
0RELOXOFHVW ODED]DDFWLYLW LLLQIUDF LRQDOHQXLQWHUHVHD] SHQWUXH[LVWHQ D
X]XOXLGHIDOV
)RORVLUHD GLQ FXOS QX FRQVWLWXLH LQIUDF LXQH (VWH FXOS úL vQ FD]XO vQ FDUH
I SWXLWRUXOGHúLFXQRDúWHF vQVFULVXOHVWHIDOVVDIRORVLWGHDFHOvQVFULVGLQHURDUH
9LQWLO 'RQJRUR]RSFLWYRO,9S
76&ROSHQGQUFLWGH9DVLOH3DSDGRSRORSFLWYRO,,S
76VSGQU5,S
9LQWLO 'RQJRUR]RSFLWYRO,9SÌQDFHODúLVHQV9DVLOH3DSDGRSRORSFLWYRO,,S76
VSGQU55'QUS76VSGQU55'QUS2OLYLX
$XJXVWLQ 6WRLFD 'UHSW SHQDO 3DUWHD VSHFLDO (GLWXUD 'LGDFWLF úL 3HGDJRJLF %XFXUHúWL S 9DOHU
6XLDQvQ0DWHL%DVDUDE/XFLD0ROGRYDQ9DOHU6XLDQ'UHSWSHQDO3DUWHDVSHFLDO YRO,,&OXM1DSRFD
S2FWDYLDQ/RJKLQvQ2FWDYLDQ/RJKLQ$YUDP)LOLSDú'UHSWSHQDOURPkQ3DUWHDVSHFLDO HGL LHUHYL]XLW
&DVD GH HGLWXU úL SUHV ÄùDQVD´ 65/ %XFXUHúWL S *KHRUJKH 1LVWRUHDQX vQ *KHRUJKH 1LVWRUHDQX
9DVLOH'REULQRLX$OH[DQGUX%RURL,OLH3DVFX,RDQ0ROQDU9DOHULF /D] U'UHSWSHQDO3DUWHDVSHFLDO (GLWXUD
(XURSD1RYD%XFXUHúWLS,RDQD9DVLX'UHSWSHQDOURPkQ3DUWHDVSHFLDO YRO,,(GLWXUD$OEDVWU
&OXM1DSRFDS2FWDYLDQ/RJKLQ7XGRUHO7RDGHU'UHSWSHQDOURPkQ3DUWHDVSHFLDO HGL LDD,9D
UHY ]XW úLDG XJLW &DVDGHHGLWXU úLSUHV ùDQVD65/%XFXUHúWLS,OLH3DVFXvQ,OLH3DVFX9DOHULF
/D] U'UHSWXOSHQDO3DUWHDVSHFLDO (GLWXUD/XPLQD/H[%XFXUHúWLS9DVLOH'REULQRLXvQ9DVLOH
'REULQRLX 1LFRODH &RQHD &LSULDQ 5DXO 5RPL DQ &DPLO 7 Q VHVFX 1RUHO 1HDJX 0D[LP 'REULQRLX 'UHSW
SHQDO 3DUWHD VSHFLDO YRO ,, /XPLQD /H[ %XFXUHúWL S +RULD 'LDFRQHVFX 'UHSW SHQDO 3DUWHD
VSHFLDO YRO,,HGL LDDD(GLWXUD$OO%HFN%XFXUHúWLS$OH[DQGUX%RURL*KHRUJKH1LVWRUHDQX
'UHSWSHQDO3DUWHDVSHFLDO HGL LDD,,,D(GLWXUD$OO%HFN%XFXUHúWLS&RVWLF %XODLvQ&RVWLF
%XODL $YUDP )LOLSDú &RQVWDQWLQ 0LWUDFKH ,QVWLWX LL GH GUHSW SHQDO &XUV VHOHFWLY SHQWUX H[DPHQXO GH OLFHQ
HGL LDD,,,DUHYL]XLW úLDG XJLW (GLWXUD7UHL%XFXUHúWLS
GH H[ GLQ QHE JDUH GH VHDP D DWDúDW OD R FHUHUH vQVFULVXO IDOV vQ ORFXO XQXL DOW
vQVFULVDGHY UDW
)RUPH6DQF LXQL
)RUPH ,QIUDF LXQHD GH X] GH IDOV SUH]LQW vQ FRQFUHW GLIHULWH IRUPH úL
PRGDOLW LFDUHVHU VIUkQJDVXSUDDF LXQLLVDOH
6 YkUúLUHDLQIUDF LXQLLGHX]GHIDOVGHúLVHSURGXFHFDRDFWLYLWDWHGHULYDW
WRWXúL HVWH VXVFHSWLELO GH D SDUFXUJH ID]HOH RELúQXLWH DOH XQHL DFWLYLW L
LQIUDF LRQDOHDFWHGHSUHJ WLUHWHQWDWLY FRQVXPDUHúLHSXL]DUH
$FWHOH SUHSDUDWRULL GHúL VXQW SRVLELOH GH H[ GHSXQHUHD XQHL FRSLL GXS
vQVFULVXOIDOVvQYHGHUHDIRORVLULLRULJLQDOXOXLQXVXQWLQFULPLQDWHGHOHJHDSHQDO
'H DVHPHQHD WHQWDWLYD GHúL HVWH LQHUHQW X]XOXL GH IDOV ILLQGF GLQ
PRPHQWXO IRORVLULL PDWHULDOH D vQVFULVXOXL úL SkQ OD SUHYDODUHD H[SUHV GH DFHO
vQVFULV úL SURGXFHUHD XUP ULL LPHGLDWH H[HFXWDUHD LQIUDF LXQLL VH SRDWH DIOD vQ
HYHQWXDO VWDUHGHWHQWDWLY WRWXúLDFHDVWDQXHVWHVDQF LRQDW SHQDO
$úDGDU GLQ IRUPHOH LQIUDF LXQLL QX U PkQ UHOHYDQWH GHFkW FRQVXPDUHD úL
HSXL]DUHD
&RQVXPDUHDDUHORFDWXQFLFkQGH[HFXWDUHDDF LXQLLGHIRORVLUHDvQVFULVXOXL
IDOVDIRVWGXV SkQ ODFDS WúLVDSURGXVXUPDUHDLPHGLDW
3HQWUXFRQVXPDUHDIDSWHLQXLQWHUHVHD] GDF VDSURGXVVDXQXFRQVHFLQ D
MXULGLF SHFDUHI SWXLWRUXODDYXWRvQYHGHUHODIRORVLUHDvQVFULVXOXL
8]XOGHIDOVHVWHRLQIUDF LXQHLQVWDQWDQHHGHRDUHFHYHUEXOFXFDUHDIRVW
GHVHPQDWHOHPHQWXOV XRELHFWLYYHUEXPUHJHQVLQGLF RDF LXQHGHPRPHQWFDUH
VHUHDOL]HD] GHvQGDW LDUQXRDFWLYLWDWHGHGXUDW vQPRGQHFHVDUVXVFHSWLELO GH
SUHOXQJLUHSHXQWLPSQHGHWHUPLQDWÌQFRQVHFLQ GDF X]XOGHIDOVDJHQHUDWvQ
IRORVXOI SWXLWRUXOXLHIHFWHGHGXUDW WHUPHQXOGHSUHVFULS LHDOU VSXQGHULLSHQDOH
YDvQFHSHV FXUJ QXGHODGDWDHSXL] ULLDFHVWRUHIHFWHFLGLQPRPHQWXOFkQGD
OXDWVIkUúLWDF LXQHDGHIRORVLUHDvQVFULVXOXLIDOV
&kQGFDX]DvQFDUHHVWHIRORVLWvQVFULVXOIDOVVHGHVI úRDU vQGLIHULWHHWDSHGH
H[RFDX] vQID DMXVWL LHLV YkUúLUHDLQIUDF LXQLLGHX]GHIDOVVHSUHOXQJHúWHvQ
WLPS GXS FRQVXPDUH vQ PRG FRQWLQXX VDX FRQWLQXDW SkQ OD GHILQLWLYD
VROX LRQDUHDFDX]HLUHVSHFWLYHFkQGV YkUúLUHDIDSWHLYDILVRFRWLW HSXL]DW
$FHODúLvQVFULVIDOVSRDWHILIRORVLWvQPRGUHSHWDWvQED]DDFHOHLDúLUH]ROX LL
LQIUDF LRQDOH FD] vQ FDUH IDSWD YD FRQVWLWXL R LQIUDF LXQH FRQWLQXDW ± DUW
DOLQ&SHQ'HH[FXDFHHDúLGLSORP IDOV I SWXLWRUXOVHvQVFULHODPDLPXOWH
IDFXOW LFXDFHHDúLSURFXU IDOV vQFDVHD] GLIHULWHVXPHGHEDQL,QIUDF LXQHDVH
HSXL]HD] FkQGvQFHWHD] DF LXQHDGHIRORVLUH
,QVWDQ DVXSUHP DGHFLVF IRORVLUHDvQXUPDIDOVLILF ULLDFDUQHWXOXLGH
FRQGXFHUH YDODELO SHQWUX DXWRFDPLRDQH OD FRQGXFHUHD XQRU DXWRYHKLFXOH GH
WUDQVSRUWGHSHUVRDQHFRQVWLWXLHLQIUDF LXQHFRQWLQXDW GHX]GHIDOVFDUHGXUHD]
GHODSULPDIRORVLUHDDFWXOXLIDOVLILFDWSkQ ODXOWLPDDF LXQHGHDFHVWIHOGXS FDUH
vQFHSHV FXUJ WHUPHQXOGHSUHVFULS LH&DDWDUHLQIUDF LXQHDGHX]GHIDOVQXVH
HSXL]HD] LQVWDQWDQHX vQ PRPHQWXO DQJDM ULL I SWXLWRUXOXL SH ED]D FDUQHWXOXL
7UHJ$UJHúGSQU-1QUSÌQDFHODúLVHQV76VSGQU&'
S76VSGQU5,S
9DVLOH3DSDGRSRORSFLWYRO,,S
9LQWLO 'RQJRUR]RSFLWYRO,9S
&6-VSGQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSH
DQXO(GLWXUDÄ3URHPD´%DLD0DUHSÌQIDSWvQDQXOLQFXOSDWXO'$VDDQJDMDWFD
úRIHU GH DXWREX] OD 5$7/ 3LWHúWL IRORVLQG XQ FDUQHW GH FRQGXFHUH IDOVLILFDW HO QHDYkQG SHUPLV SHQWUX DFHDVW
FDWHJRULHGHDXWRYHKLFXO,QFXOSDWXODFRQGXVDXWREX]HSkQ ODFkQGDFRPLVXQDFFLGHQWPRUWDOGH
FLUFXOD LH
IDOVLILFDWFDúRIHUGHDXWREX]FLODGDWDFkQGDIRORVLWSHQWUXXOWLPDRDU FDUQHWXO
GHFRQGXFHUH
6DQF LXQL8]XOGHIDOVVHSHGHSVHúWHFXvQFKLVRDUHGHODOXQLODDQLFkQG
vQVFULVXOHVWHRILFLDOúLFXvQFKLVRDUHGHODOXQLODDQLVDXDPHQG FkQGvQVFULVXO
HVWHVXEVHPQ WXU SULYDW
3HUVRDQD MXULGLF VH VDQF LRQHD] vQ DPEHOH LSRWH]H GH LQFULPLQDUH FX
DPHQGDFXSULQV vQWUHúLOHLSRWULYLWDUWDOLQ&SHQ
)$/68/Ì1'(&/$5$ ,,
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDODORFURWLULLSHQDOHFRQVW vQRFURWLUHDWXWXURUDFHORU
UHOD LL VRFLDOH vQ IRUPDUHD úL GHVI úXUDUHD F URUD IRORVLUHD GHFODUD LLORU I FXWH
RILFLDOFRQVWLWXLHRIUHFYHQW úLSHUPDQHQW QHFHVLWDWH
2ELHFWXOPDWHULDO,QIUDF LXQHDGHIDOVvQGHFODUD LLV YkUúLQGXVHGHUHJXO
vQ PRG RUDO QX DUH RELHFW PDWHULDO vQVFULVXO vQ FDUH VH FRQVHPQHD] GHFODUD LD
PLQFLQRDV ILLQG SURGXVXO LDU QX RELHFWXO PDWHULDO DO LQIUDF LXQLL ÌQ FD]XO XQRU
GHFODUD LLIDOVHI FXWHvQVFULVIRDLDSHFDUHHVWHVFULV GHFODUD LDDUSXWHDILVRFRWLW
RELHFWPDWHULDODOV YkUúLULLLQIUDF LXQLLúLPLMORFGHV YkUúLUHDODFHVWHLD
ÌQWUR DOW RSLQLH VH FRQVLGHU F RELHFWXO PDWHULDO DO LQIUDF LXQLL
H[DPLQDWH vO FRQVWLWXLH GHFODUD LD VFULV VDX vQVFULVXO vQ FDUH HVWH FRQVHPQDW
GHFODUD LDYHUEDO GDW vQID DXQXLRUJDQRILFLDO$FHVWHDDXFDUDFWHUXOGHvQVFULVXUL
RILFLDOHFDUHFRQVWLWXLHPLMORFXOGHSURE DOFHORUGHFODUDWH
$O L DXWRUL vQ PRG H[SUHV VDX LPSOLFLW SULQ QHDERUGDUHD DFHVWHL
PDWHULL VXV LQ VDX ODV V VH vQ HOHDJ GXS FD] F OD IDSWD GH IDOV vQ GHFODUD LL
OLSVHúWHRELHFWXOPDWHULDO
9LQWLO 'RQJRUR]RSFLWYRO,9SÌQDFHODúLVHQV*KHRUJKH1LVWRUHDQXvQ*KHRUJKH1LVWRUHDQX
9DVLOH'REULQRLX$OH[DQGUX%RURL,OLH3DVFX,RDQ0ROQDU9DOHULF /D] U'UHSWSHQDO3DUWHDVSHFLDO (GLWXUD
(XURSD 1RYD %XFXUHúWL S ,OLH 3DVFX vQ ,OLH 3DVFX 9DOHULF /D] U 'UHSWXO SHQDO 3DUWHD
VSHFLDO (GLWXUD/XPLQD/H[%XFXUHúWLS9DVLOH'REULQRLXvQ9DVLOH'REULQRLX1LFRODH&RQHD
&LSULDQ5DXO5RPL DQ&DPLO7 Q VHVFX1RUHO1HDJX0D[LP'REULQRLX'UHSWSHQDO3DUWHDVSHFLDO YRO,,
/XPLQD/H[%XFXUHúWLS$OH[DQGUX%RURL*KHRUJKH1LVWRUHDQX'UHSWSHQDO3DUWHDVSHFLDO HGL LD
D,,,D(GLWXUD$OO%HFN%XFXUHúWLS
2OLYLX$XJXVWLQ6WRLFD'UHSWSHQDO3DUWHDVSHFLDO (GLWXUD'LGDFWLF úL3HGDJRJLF %XFXUHúWL
SÌQDFHODúLVHQV,RDQD9DVLX'UHSWSHQDOURPkQ3DUWHDVSHFLDO YRO,,(GLWXUD$OEDVWU &OXM1DSRFD
S 2FWDYLDQ /RJKLQ 7XGRUHO 7RDGHU 'UHSW SHQDO URPkQ 3DUWHD VSHFLDO HGL LD D ,9D UHY ]XW úL
DG XJLW &DVD GH HGLWXU úL SUHV ùDQVD 65/ %XFXUHúWL S 7XGRUHO 7RDGHU 'UHSW SHQDO 3DUWHD
VSHFLDO (GL LDDDUHYL]XLW úLDFWXDOL]DW (GLWXUD+DPDQJLX%XFXUHúWLS
&RVWLF %XODLvQ&RVWLF %XODL$YUDP)LOLSDú&RQVWDQWLQ0LWUDFKH,QVWLWX LLGHGUHSWSHQDO&XUVVHOHFWLY
SHQWUX H[DPHQXO GH OLFHQ HGL LD D ,,,D UHYL]XLW úL DG XJLW (GLWXUD WUHL %XFXUHúWL S ÌQ DFHODúL
VHQV +RULD 'LDFRQHVFX 'UHSW SHQDO 3DUWHD VSHFLDO YRO ,, HGL LD D D (GLWXUD $OO %HFN %XFXUHúWL
S $FHVW DXWRU VXV LQH F RELHFWXO PDWHULDO OLSVHúWH úL DWXQFL FkQG GHFODUD LD QHFRUHVSXQ] WRDUH DGHY UXOXL
vPEUDF IRUPDVFULV SHQWUXF VXSRUWXOSHFDUHHVWHVFULV KkUWLDHVWHPLMORFXOGHV YkUúLUHúLQXRELHFWXOPDWHULDO
DOIDOVXOXLvQGHFODUD LL
9DVLOH 3DSDGRSRO vQ 7HRGRU 9DVLOLX 'RUX 3DYHO *HRUJH $QWRQLX ùWHIDQ 'DQHú *KHRUJKH ' UkQJ
'XPLWUX/XFLQHVFX9DVLOH3DSDGRSRO'XPLWUX&3RSHVFX9LUJLO5 PXUHDQX&RGXOSHQDOURPkQFRPHQWDWúL
DGQRWDW 3DUWHD VSHFLDO YRO ,, (GLWXUD ùWLLQ LILF úL (QFLFORSHGLF %XFXUHúWL S ÌQ DFHODúL VHQV
9DOHU6XLDQvQ0DWHL%DVDUDE/XFLD0ROGRYDQ9DOHU6XLDQ'UHSWSHQDO3DUWHDVSHFLDO YRO,,&OXM1DSRFD
S 2FWDYLDQ /RJKLQ vQ 2FWDYLDQ /RJKLQ $YUDP )LOLSDú 'UHSW SHQDO URPkQ 3DUWHD VSHFLDO HGL LH
UHYL]XLW &DVDGHHGLWXU úLSUHV ÄùDQVD´65/%XFXUHúWLS
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU ,QIUDF LXQHD GH IDOV vQ GHFODUD LL SUH]LQW
VXEUDSRUWXOVXELHF LORURSDUWLFXODULWDWHúLDQXPHvQDIDU GHVXELHFWXODFWLYúLGH
FHOSDVLYH[LVW úLXQVXELHFWDX[LOLDUúLDQXPHIXQF LRQDUXOSXEOLFFRPSHWHQWFDUH
LDDFWGHGHFODUD LDIDOV GDUFDUHU PkQHvQJHQHUHXQSDUWLFLSDQWH[WUDSHQDO
$XWRU DGLF VXELHFW DFWLY QHPLMORFLW SRDWH IL RULFH SHUVRDQ FDUH vQ
PRPHQWXO IDFHULL GHFODUD LHL DUH FDSDFLWDWHD GH D IDFH GHFODUD LL FX UHOHYDQ
MXULGLF úLFDUHLPSOLFLWSRDWHU VSXQGHSHQDOGHIDSWDVD'DF OLSVDFDSDFLW LLQX
D IRVW FXQRVFXW vQ PRPHQWXO V YkUúLULL IDSWHL DFHDVW vPSUHMXUDUH YD IL LQXW vQ
VHDP FXRFD]LDXUP ULULLSHQDOH
6XELHFWXO DFWLY SRDWH IL úL R SHUVRDQ MXULGLF vQ FRQGL LLOH úL FX OLPLW ULOH
DU WDWHvQDUW&SHQ
3DUWLFLSD LD SHQDO HVWHSRVLELO VXEWRDWHIRUPHOHVDOHFRDXWRUDWLQVWLJDUH
FRPSOLFLWDWH
([LVW úLS UHUHDF LQIUDF LXQHDH[DPLQDW QXSRDWHILFRPLV vQFRDXWRUDW
GHRDUHFH GUHSWXO VDX REOLJD LD GH D IDFH GHFODUD LL GH QDWXUD FHORU YL]DWH SULQ
DUW&SHQHVWHSHUVRQDOVDXFXDOWHFXYLQWHILHFDUHSHUVRDQ IDFHGHFODUD LD
vQQXPHSURSULX
6XELHFWXO SDVLY DO LQIUDF LXQLL GH IDOV vQ GHFODUD LL HVWH SHUVRDQD IL]LF VDX
MXULGLF vPSRWULYD GUHSWXULORU úL LQWHUHVHORU F UHLD DX RSHUDW FRQVHFLQ HOH MXULGLFH
SURGXVHHIHFWLYGHGHFODUD LDIDOV &kW YUHPHQXVDXSURGXVFRQVHFLQ HOHMXULGLFH
SH FDUH I SWXLWRUXO OHD DYXW vQ YHGHUH FHO YL]DW SULQ DFHOH FRQVHFLQ H U PkQH XQ
VXELHFWSDVLYHYHQWXDO
6XELHFWSDVLYFHUWGDUJHQHULFHVWHELQHvQ HOHVVRFLHWDWHD
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO FRQVW vQ DF LXQHD GH D IDFH R GHFODUD LH
QHFRUHVSXQ] WRDUH DGHY UXOXL vQ ID D XQHL DXWRULW L VDX LQVWLWX LL SXEOLFH
FRPSHWHQW V LDDFWGHGHFODUD LDUHVSHFWLY
'HFODUD LDSRDWHILI FXW RUDOVDXVFULVVLPSO VDXFXH[SOLFD LLVSRQWDQVDX
ODFHUHUHvQOLPEDURPkQ VDXvQWURDOW OLPE VWU LQ SULQWUDGXF WRURILFLDO
'HFODUD LD RUDO WUHEXLH V ILH I FXW SHUVRQDO FHD VFULV SRDWH IL WUDQVPLV
SULQWUR D WUHLD SHUVRDQ FDUH YD DWHVWD VHPQ WXUD GHFODUDQWXOXL &kQG OHJHD
SUHYHGHRDQXPLW SURFHGXU GHFODUD LDVHIDFHFXREVHUYDUHDDFHOHLSURFHGXUL
&HULQ HVHQ LDO 'HFODUD LDI FXW V ILHGLQWUHDFHOHDFDUHSRWULYLWOHJLL
VDXvPSUHMXU ULORUVHUYHúWHODSURGXFHUHDYUHXQHLFRQVHFLQ HMXULGLFH
)DSWDGHIDOVvQGHFODUD LLQXSRDWHILFRQFHSXW úLQXDUSXWHDILV YkUúLW I U
SUHH[LVWHQ DYUHXQXLDGLQWUHDFHOHFD]XULvQFDUHVLPSODGHFODUD LHDXQHLSHUVRDQH
I FXW vQ ID D RUJDQXOXL FRPSHWHQW V SULPHDVF DVWIHO GH GHFODUD LL HVWH
SURGXF WRDUHGHFRQVHFLQ HMXULGLFH) U SUHH[LVWHQ DDFHVWHLSRVLELOLW LGHIDSWúL
GH GUHSW GHFODUD LLOH DU IL VLPSOH PDQLIHVW UL YHUEDOH OLSVLWH GH RULFH HILFLHQ
MXULGLF
$SWLWXGLQHD GHFODUD LHL GH D SURGXFH FRQVHFLQ H MXULGLFH GHFXUJH GH RELFHL
GLQ OHJH FDUH GH UHJXO VWDELOHúWH REOLJDWLYLWDWHD GHFODUD LHL FRQGL LLOH úL
WHUPHQHOHvQFDUHWUHEXLHI FXW úLvLGHWHUPLQ HIHFWHOHGDUSRDWHGHFXUJHúLGLQ
DQXPLWH vPSUHMXU UL GH IDSW FHO PDL DGHVHD QHSUHY ]XWH FDUH LPSXQ OXDUHD
GHFODUD LHLúLvLLPSULP HILFLHQ SUREDWRULH
,OLH3DVFXRSFLWSÌQDFHODúLVHQV+RULD'LDFRQHVFXRSFLWYRO,,S
9LQWLO 'RQJRUR]RSFLWYRO,9S
9DVLOH3DSDGRSRORSFLWYRO,,S
3HQWUX D DVLJXUD FRQIRUPLWDWHD GHFODUD LHL FX DGHY UXO úL GHFL HILFLHQ D
MXULGLF DDFHVWHLDOHJHDREOLJ XQHRULSHIXQF LRQDUXOSXEOLFFKHPDWV SULPHDVF
GHFODUD LD V DWUDJ DWHQ LD SHUVRDQHL FDUH R IDFH DVXSUD FRQVHFLQ HORU SHQDOH DOH
XQHLGHFODUD LLPLQFLQRDVH
([LVWHQ D FD]XULORU vQ FDUH OHJHD SUHYHGH F GHFODUD LD SURGXFH FRQVHFLQ H
MXULGLFHQXSUH]LQW QLFLRGLILFXOWDWH6HYD LQHWRWGHDXQDVHDPDGHDFWXOQRUPDWLY
FDUH SUHYHGH DFHDVW vQVXúLUH D GHFODUD LHL H[ DFWH GH VWDUH FLYLO GHFODUD LL GH
QRWRULHWDWH HWF FDUH QX vQJ GXLH vQWkU]LHUL SHQWUX OXDUHD vQ FRQVLGHUDUH D XQHL
GHFODUD LL
ÌQSUDFWLFDMXGLFLDU VDGHFLVvQDFHVWVHQVF FHUHUHDQHvQWHPHLDW GHD
VH RSHUD R PHQ LXQH vQ 5HJLVWUXO &RPHU XOXL SH ED]D XQHL KRW UkUL MXGHF WRUHúWL
QHGHILQLWLYHYHULILFDW úLDYL]DW GHIXQF LRQDULL2ILFLXOXL5HJLVWUXOXL&RPHU XOXLúL
GH MXGHF WRUXO GHOHJDW QX DUH FDUDFWHUXO XQXL IDOV vQ GHFODUD LL vQ VHQVXO
SUHYHGHULORU DUW GLQ /HJHD QU úL DUW & SHQ GH YUHPH FH
vQUHJLVWUDUHD PHQ LXQLL QX VH SRDWH IDFH GHFkW FX DYL]XO 2ILFLXOXL 5HJLVWUXOXL
&RPHU XOXL úL GLQ GLVSR]L LD MXGHF WRUXOXL GHOHJDW FHUHUHD vQ VLQH QHILLQG GH
QDWXU DSURGXFHFRQVHFLQ HMXULGLFH
'HFODUD LDV QXILHVXSXV XQHLUHJOHPHQW ULSHQDOHVSHFLDOHFXSULYLUHOD
YHUDFLWDWHD HL H[ GHFODUD LL GH PDUWRU GHQXQ UL GHFODUD LL YDPDOH HWF
'LVSR]L LLOH GLQ DUW & SHQ YRU IL DSOLFDELOH QXPDL GDF GHFODUDUHD
QHFRUHVSXQ] WRDUHDGHY UXOXLQXFDGHVXELQFLGHQ DDOWHLGLVSR]L LLSHQDOHÌQDFHVW
FD]VHYDIDFHDSOLFDUHDXQXLDGLQWUHSULQFLSLLOHFDUHJXYHUQHD] FRQFXUVXOGHWH[WH
úLDQXPHSULQFLSLXOVSHFLDOLW LLOH[VSHFLDOLVGHURJDWOHJLJHQHUDOL
,QIUDF LXQHD GH IDOV vQ GHFODUD LL H[FOXGH SULQ FRQ LQXWXO V X H[LVWHQ D vQ
FRQFXUV úL D LQIUDF LXQLL GH X] GH IDOV GDU HD YD SXWHD FRQVWLWXL XQ PLMORF GH
V YkUúLUH D DOWHL LQIUDF LXQL vQúHO FLXQH QHUHVSHFWDUHD GLVSR]L LLORU GH LPSRUW VDX
H[SRUWHWF
8UPDUHDLPHGLDW DLQIUDF LXQLLH[DPLQDWHFRQVW vQSURGXFHUHDXQHLVW ULGH
SHULFROSHQWUXUHOD LLOHVRFLDOHRFURWLWHVWDUHFDUHGHFXUJHGLQGHFODUD LDIDOV FDUHD
GHYHQLWXQPLMORFGHSURE FRQWUDDGHY UXOXL
ÌQ FD]XO GHFODUD LLORU VXE VHPQ WXU SULYDW F URUD OHJHD OH DWULEXLH
FRQVHFLQ HMXULGLFHGLUHFWH±LQGLIHUHQWGDF VXQWLQFOXVHVDXQXvQFXSULQVXOXQHL
FHUHUL±VWDUHDGHSHULFROSHQWUXUHOD LLOHVRFLDOHRFURWLWHSULQLQFULPLQDUHLDQDúWHUH
vQ PRPHQWXO vQ FDUH GHFODUD LD QHFRUHVSXQ] WRDUH DGHY UXOXL HVWH GHSXV úL
vQUHJLVWUDW ODDXWRULWDWHDVDXLQVWLWX LDSXEOLF FHHVWHFRPSHWHQW V LGHDHILFLHQ D
OHJDO DGLF vQ PRPHQWXO vQ FDUH HD GHYLQH DSW V VHUYHDVF OD SURGXFHUHD
FRQVHFLQ HLMXULGLFHvQYHGHUHDF UHLDDIRVWI FXW $FHHDúLFRQFOX]LHVHLPSXQHúL
FXSULYLUHODGHFODUD LLOHDXWHQWLFHFHWUHEXLHGHSXVHSRWULYLWOHJLLODDXWRULW LOHVDX
LQVWLWX LLOHSXEOLFHvQYHGHUHDUHDOL] ULLXQHLFRQVHFLQ HMXULGLFH
/HJ WXUD GH FDX]DOLWDWH /D LQIUDF LXQLOH DO F URU HOHPHQW PDWHULDO FRQVW
vQWURDF LXQHDF UHLV YkUúLUHLPSOLF QHDS UDWFUHDUHDXQHLVW ULGHSHULFROFXP
HVWH FD]XO LQIUDF LXQLL GH IDOV vQ GHFODUD LL OHJ WXUD GH FDX]DOLWDWH HVWH LQHUHQW
DF LXQLLGLQFDUHGHFXUJHVWDUHDGHSHULFRODúDF H[LVWHQ DDFHVWHLDQXDUHQHYRLH
V ILHVSHFLDOGRYHGLW
&6-VSGQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSH
DQXO(GLWXUD$//%HFN%XFXUHúWLS
&RQVWDQWLQ'XYDFvQ*KHRUJKH'LDFRQHVFX&RQVWDQWLQ'XYDF'UHSWSHQDO3DUWHDVSHFLDO 1RXO&RG
SHQDO&XUVXQLYHUVLWDUYRO,,(GLWXUD)XQGD LHL5RPkQLDGH0kLQH%XFXUHúWLS
76VSGQU&'SÌQDFHODúLVHQV76VSGQU55'QU
S7M7LPLúGSQU55'QUS
9DVLOH3DSDGRSRORSFLWYRO,,S
/DWXUDVXELHFWLY
)RUPDGHYLQRY LHFDUHFRQVWLWXLHHOHPHQWXOVXELHFWLYDOLQIUDF LXQLLGHIDOV
vQ GHFODUD LL HVWH LQWHQ LD DGLF úWLLQ D vQ PRPHQWXO FkQG VH IDFH GHFODUD LD F
DFHDVWDHVWHQHFRQIRUP FXDGHY UXO
&HULQ D HVHQ LDO 3HQWUX FD LQWHQ LD V FRQVWLWXLH HOHPHQWXO VXELHFWLY úL V
vQWUHJHDVF FRQ LQXWXOODWXULLVXELHFWLYHWUHEXLHV ILHvQGHSOLQLW FHULQ DHVHQ LDO
SULYLWRDUHODVFRSXOXUP ULWGHI SWXLWRUúLDQXPHGHFODUD LDV ILHI FXW vQYHGHUHD
SURGXFHULL XQHL FRQVHFLQ H MXULGLFH SHQWUX HO VDX SHQWUX XQ DOWXO 1X HVWH GHFL
VXILFLHQW QXPDLúWLLQ DF GHFODUD LDHVWHIDOV PDLWUHEXLHFDI SWXLWRUXOV ILI FXW
DFHDVW GHFODUD LH DQXPH ÄvQ YHGHUHD SURGXFHULL XQHL FRQVHFLQ H MXULGLFH´ SHQWUX
VLQHVDXSHQWUXDOWXO
$úDGDUFKLDUDWXQFLFkQGGHFODUD LDHVWHVXVFHSWLELO GHFRQVHFLQ HMXULGLFH
ODWXUDVXELHFWLY DLQIUDF LXQLLQXYDILUHDOL]DW GDF I SWXLWRUXOQXDDYXWvQYHGHUH
SURGXFHUHDDFHOHLFRQVHFLQ HMXULGLFH
$FHDVW FHULQ HVHQ LDO LPSULP HOHPHQWXOXL VXELHFWLY vQ LQIUDF LXQHD GH
IDOVvQGHFODUD LLFDUDFWHUXOGHLQWHQ LHFDOLILFDW
,QIUDF LXQHDGHIDOVSULYLQGLGHQWLWDWHDHVWHFRQGL LRQDW GHVFRSXOXUP ULWGH
I SWXLWRU FD SUH]HQWDUHD VXE R LGHQWLWDWH IDOV V SURGXF R FRQVHFLQ MXULGLF
$FHDVW FRQGL LH SULYHúWH ODWXUD VXELHFWLY D LQIUDF LXQLL FDUDFWHUL]DW SULQ VFRS
ILLQGLUHOHYDQWGDF vQIDSWFRQVHFLQ DMXULGLF VDSURGXVVDXQX
0RELOXOGHWHUPLQDQWQXLQWHUHVHD] SHQWUXH[LVWHQ DLQIUDF LXQLLFLQXPDLOD
LQGLYLGXDOL]DUHDMXGLFLDU DSHGHSVHL
'HFODUD LDI FXW GLQFXOS HURDUHQHDWHQ LHHWFQXFRQVWLWXLHLQIUDF LXQH
)RUPH6DQF LXQL
)RUPH ,QIUDF LXQHD GH IDOV vQ GHFODUD LL UHDOL]kQGXVH SULQWUR DF LXQH
FRPLVLXQH HVWH RELHFWLY VXVFHSWLELO GH IRUPH úL PRGDOLW L FDUH SRW DYHD R
ILUHDVF vQUkXULUHDVXSUDUHJLPXOXLVDQF LRQDWRU)DSWDGHIDOVvQGHFODUD LLSRDWHIL
V YkUúLW SULQWURDFWLYLWDWHLQIUDF LRQDO GHVI úXUDW vQWLPSúLLPSOLFkQGRID] GH
SUHJ WLUH R H[HFXWDUH vQFHSXW GDU U PDV vQ IRUP GH WHQWDWLY úL R H[HFXWDUH
DMXQV ODID]DFRQVXP ULL
$FWHOHGHSUHJ WLUHúLWHQWDWLYDGHúLVXQWSRVLELOHOHJHDQXOHLQFULPLQHD]
ILLQGF I SWXLWRUXOVHSRDWHGHVLVWDSkQ vQXOWLPXOPRPHQWvQDLQWHGHFRQVXPDUHD
IDSWHL GH GHFODUD LH IDOV DúD vQFkW UHSULPDUHD DFHVWRU IRUPH QX DU IL MXVWLILFDW
QHSUH]HQWkQGSHULFROXOVRFLDODOXQHLLQIUDF LXQL
&kQGIDSWDGHIDOVvQGHFODUD LLVDFRQVXPDWDFWHOHSUHJ WLWRDUHHIHFWXDWHGH
DOWH SHUVRDQH GHFkW DXWRUXO GHFODUD LHL SRW HYHQWXDO GHYHQL DFWH GH FRPSOLFLWDWH
DQWHULRDU VDXGHLQVWLJDUH
&RQVXPDUHDIDSWHLGHIDOVvQGHFODUD LLDUHORFvQPRPHQWXOvQFDUHGHFODUD LD
DIRVWvQPRGOHJDOFRQVHPQDW úLVDFUHDWDVWIHOXUPDUHDLPHGLDW DGLF VWDUHDGH
SHULFROSHQWUXYDORDUHDVRFLDO DvQFUHGHULLSXEOLFHúLSHQWUXUHVSHFWXODGHY UXOXL
H[LVWHQ D GHFODUD LHL IDOVH SXWkQG GHWHUPLQD SURGXFHUHD GH FRQVHFLQ H MXULGLFH
UHDOL]DWHvQPRGLOLFLW
)DOVXOvQGHFODUD LLSRDWHvPEU FDIRUPDFRQWLQXDW GHV YkUúLUHFD]vQFDUH
YRP DYHD úL R ID] D HSXL] ULL FDUH YD LQWHUYHQL OD GDWD H[HFXW ULL XOWLPHL DF LXQL
LQFULPLQDWH
ÌQSUDFWLFDMXGLFLDU VDGHFLVF IDSWDLQFXOSDWXOXLFDUHSHQWUXDRE LQHR
ORFXLQ vQFHQWUXOFLYLFDO0XQLFLSLXOXL%XFXUHúWLvQSHULRDGDLDQXDULH±
&6-VSGQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSH
DQXO(GLWXUD$UJHVVLV&XUWHDGH$UJHúS
9LQWLO 'RQJRUR]RSFLWYRO,9S
IHEUXDULH D GDW PDL PXOWH GHFODUD LL VFULVH SUH]HQWDWH DWkW OD 3ULP ULD
0XQLFLSLXOXL%XFXUHúWLFkWúLOD,&5$/%HUFHQLvQFDUHDDU WDWvQPRGQHDGHY UDW
F ORFXLHúWH vQWUR JDUVRQLHU GH PS vPSUHXQ FX VR LD PDPD úL GRL FRSLL
PLQRULGHúLDYHDúLRORFXLQ SURSULHWDWHSHUVRQDO HUDGLYRU DWLDUVR LDúLFRSLLL
vQFUHGLQ D L DFHVWHLD ORFXLDX vQ DOW SDUWH FRQVWLWXLH LQIUDF LXQHD GH IDOV vQ
GHFODUD LLFRPLV vQPRGFRQWLQXDWGHRDUHFHLQFXOSDWXODGDW±ODGLIHULWHLQWHUYDOH
GHWLPS±WRDWHDFHVWHGHFODUD LLvQUHDOL]DUHDXQXLVFRSXQLF
6DQF LXQL 3HGHDSVD SUHY ]XW GH OHJH vQ FD]XO DFHVWHL LQIUDF LXQL SHQWUX
SHUVRDQDIL]LF HVWHvQFKLVRDUHDGHODOXQLODDQLVDXFXDPHQG
3HUVRDQD MXULGLF VH VDQF LRQHD] FX DPHQGD GH OD OD OHL ±
DUWDOLQ&SHQ
'DF IDOVXO vQ GHFODUD LL D SURGXV FRQVHFLQ D MXULGLF SH FDUH D DYXWR vQ
YHGHUHI SWXLWRUXOúLGDF DFHDVW FRQVHFLQ GDWRULW IDOVHLGHFODUD LLFRQVWLWXLHR
LQIUDF LXQHGHH[vQúHO FLXQHELJDPLHVHYRUDSOLFDUHJXOLOHGHODFRQFXUVXOGH
LQIUDF LXQL
)$/68/35,9,1','(17,7$7($
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDODOLQIUDF LXQLLGHIDOVSULYLQGLGHQWLWDWHDvOIRUPHD]
DQVDPEOXOUHOD LLORUVRFLDOHDF URUIRUPDUHúLGHVI úXUDUHQRUPDO VHvQWHPHLD] SH
vQFUHGHUHD SXEOLF DFRUGDW FRQVWDW ULORU I FXWH GH RUJDQHOH DXWRULW LORU VDX
LQVWLWX LLORU SXEOLFH FRPSHWHQWH FX SULYLUH OD LGHQWLWDWHD SHUVRDQHORU FRQVWDW UL
ED]DWHSHFRQFRUGDQ DGLQWUHLGHQWLWDWHDVXEFDUHDFHVWHDVHSUH]LQW vQID DDFHORU
RUJDQHúLLGHQWLWDWHDORUUHDO
2ELHFWXOPDWHULDO,GHQWLWDWHDSHUVRDQHLILLQGXQDWULEXWLPDWHULDODODFHVWHLD
QXSRDWHILFRQVLGHUDW RELHFWPDWHULDODOLQIUDF LXQLL2ELHFWPDWHULDOSRDWHGHYHQL
PLMORFXO GH FDUH VD VHUYLW I SWXLWRUXO SHQWUX D VH SUH]HQWD VXE R IDOV LGHQWLWDWH
FDUQHWWLFKHWIRDLHGHOHJLWLPD LHHWF
ÌQFD]XOIDSWHLDVLPLODWHSULYLQGvQFUHGLQ DUHDXQXLvQVFULVSHQWUXDILIRORVLW
SHQHGUHSWODGRYHGLUHDLGHQWLW LLDFHVWvQVFULVSRDWHILVRFRWLWQXQXPDLPLMORFGH
V YkUúLUHFLúLRELHFWPDWHULDODOLQIUDF LXQLL
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU DO DFHVWHL IDSWH SHQDOH SRDWH IL RULFH
SHUVRDQ IL]LF FHvQWUXQHúWHFRQGL LLOHJHQHUDOHSHQWUXDU VSXQGHSHQDOH[LVWHQ D
LQIUDF LXQLL QHILLQG FRQGL LRQDW GH YUHR FDOLWDWH D I SWXLWRUXOXL &kQG DXWRUXO DU
DYHDYUHRFDOLWDWHFDUHDUILWUHEXLWV OUH LQ vQGHRVHELGHODFRPLWHUHDXQHLDVWIHO
GHIDSWHDFHDFDOLWDWHYDFRQVWLWXLRFLUFXPVWDQ DJUDYDQW MXGLFLDU
6XELHFWDFWLYDODFHVWHLLQIUDF LXQLvQDPEHOHLSRWH]HGHLQFULPLQDUHSRDWHIL
úLRSHUVRDQ MXULGLF vQFRQGL LLOHúLFXOLPLW ULOHDU WDWHvQDUW&SHQ
/DV YkUúLUHDIDSWHLSRWFRQWULEXLúLDOWHSHUVRDQHFDLQVWLJDWRULVDXFRPSOLFL
GHFLRSOXUDOLWDWHGHVXELHF LDFWLYLSDUWLFLSD LHRFD]LRQDO
/D YDULDQWD vQFUHGLQ ULL XQXL vQVFULV SHQWUX D VHUYL SH QHGUHSW OD GRYHGLUHD
LGHQWLW LLVXELHFWDFWLYHVWHFHOFDUHvQFUHGLQ HD] vQVFULVXO
3DUWLFLSD LD SHQDO GXS DO L DXWRUL HVWH SRVLELO QXPDL VXE IRUPD
LQVWLJ ULLúLDFRPSOLFLW LL
&$%XFXUHúWLV,SHQGQU5'3QUS
9LQWLO 'RQJRUR]RSFLWYRO,9S
9LQWLO 'RQJRUR]RSFLWYRO,9S
ÌQFD]XOvQFUHGLQ ULLXQXLvQVFULVFDUHVHUYHúWHSHQWUXGRYHGLUHDVW ULLFLYLOH
RULSHQWUXOHJLWLPDUHVDXLGHQWLILFDUHVSUHDILIRORVLWI U GUHSWGDF SHUVRDQDFDUH
ODSULPLWDI FXWX]GHHOSUH]HQWkQGXVHVXERLGHQWLWDWHIDOV ILHFDUHGLQWUHFHL
GRL I SWXLWRUL VH IDFH YLQRYDW GH R LQIUDF LXQH DXWRQRP SUHY ]XW vQ DUW
DOLQ VDX & SHQ GXS FD] $XWRUXO vQFUHGLQ ULL vQVFULVXOXL QX YD IL
FRQVLGHUDW FRPSOLFH OD LQIUDF LXQHD GH SUH]HQWDUH VXE R LGHQWLWDWH IDOV IDSWD VD
ILLQGLQFULPLQDW DXWRQRPFDLQIUDF LXQHGHVLQHVW W WRDUH
6XELHFWXO SDVLY HVWH DXWRULWDWHD VDX LQVWLWX LD SXEOLF FH D IRVW LQGXV vQ
HURDUHSULQV YkUúLUHDIDSWHLSUHFXPúLSHUVRDQDDF UHLLGHQWLWDWHDIRVWX]XUSDW vQ
FD]XOVXEVWLWXLULLGHSHUVRDQH
6XELHFW SDVLY HYHQWXDO YD IL SHUVRDQD Y W PDW SULQ FRQVHFLQ D MXULGLF
SURGXV GHIRORVLUHDLGHQWLW LLIDOVH
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO 6XE R GHQXPLUH PDUJLQDO XQLF DUW & SHQ
LQFULPLQHD] GRX LQIUDF LXQL SULPD FRQVW vQ ÄSUH]HQWDUHD VXE R LGHQWLWDWH IDOV
RULDWULEXLUHDXQHLDVHPHQHDLGHQWLW LDOWHLSHUVRDQHSHQWUXDLQGXFHVDXPHQ LQH
vQ HURDUH R DXWRULWDWH VDX LQVWLWX LH SXEOLF vQ YHGHUHD SURGXFHULL XQHL FRQVHFLQ H
MXULGLFH SHQWUX VLQH RUL SHQWUX DOWXO´ ± DOLQ ± LDU FHD GHD GRXD vQ
ÄvQFUHGLQ DUHD XQXL vQVFULV FDUH VHUYHúWH SHQWUX GRYHGLUHD VW ULL FLYLOH RUL SHQWUX
OHJLWLPDUHVDXLGHQWLILFDUHVSUHDILIRORVLWI U GUHSW´±DOLQ
&RQVLGHUDW vQ HVHQ D VD LQIUDF LXQHD SUHY ]XW vQ DOLQ HVWH XQ DFW
SUHJ WLWRUDOLQIUDF LXQLLSUHY ]XW vQDOLQV YkUúLWvQV GHDOW SHUVRDQ GHFkW
DXWRUXO DFHVWHLD VDX FX DOWH FXYLQWH XQ DFW GH FRPSOLFLWDWH OD LQIUDF LXQHD
SUHY ]XW vQDOLQFDUH±SULQGHURJDUHGHODSULQFLSLLOHJHQHUDOHDOHSDUWLFLSD LHL
SHQDOH ± VH SHGHSVHúWH FKLDU GDF QD vQFHSXW H[HFXWDUHD LQIUDF LXQLL vQ YHGHUHD
F UHLDFRPSOLFHOHDSUHVWDWDMXWRUXOV X
,QIUDF LXQHDSUHY ]XW vQDUWDOLQ&SHQHVWHRLQIUDF LXQHREVWDFRO
DGLF RIDSW FDUH±SUH]HQWkQGSHULFROVRFLDOSULQDFHHDF GDWRULW V YkUúLULLHLVH
SRDWH DMXQJH OD FRPLWHUHD DOWHL LQIUDF LXQL ± HVWH LQFULPLQDW WRFPDL SHQWUX
SUHYHQLUHD DFHVWHLD 'DF QDU H[LVWD SHULFROXO FD SULQ IRORVLUHD vQVFULVXOXL FH
VHUYHúWH SHQWUX GRYHGLUHD VW ULL FLYLOH RUL SHQWUX OHJLWLPDUH VDX LGHQWLILFDUH
vQFUHGLQ DWDOWHLSHUVRDQHDFHDVWDV VHSUH]LQWHVXERLGHQWLWDWHIDOV RULV DWULEXLH
DOWXLD R DVHPHQHD LGHQWLWDWH VDQF LRQDUHD IDSWHL SUHY ]XW vQ DUW DOLQ
&SHQDUILOLSVLW GHUD LXQH
/D YDULDQWD SULQFLSDO ± DUW DOLQ & SHQ ± HOHPHQWXO PDWHULDO
FRQVW vQDF LXQHDGHSUH]HQWDUHVXERLGHQWLWDWHIDOV VDXvQDF LXQHDGHDWULEXLUHD
XQHLLGHQWLW LIDOVHXQHLDOWHSHUVRDQHvQID DXQXLRUJDQVDXDXQHLLQVWLWX LLGHVWDW
RULDDOWHLXQLW LGLQWUHFHOHODFDUHVHUHIHU DUW&SHQ
Ä3UH]HQWDUHD´vQVHDPQ vQI LúDUHDXQHLSHUVRDQHvQDLQWHDRUJDQXOXLFDUHDUH
F GHUHD V FRQVWDWH LGHQWLWDWHD LDU SUH]HQWDUHD VXE R LGHQWLWDWH IDOV vQVHDPQ F
FHOFDUHVHvQI LúHD] vúLDWULEXLHRLGHQWLWDWHFDUHQXHVWHDVD
)DSWDLQFXOSDWXOXLFDUHGXS H[SXO]DUHDGLQ DUDXQGHDH[HFXWDWRSHGHDSV
SULYDWLY GHOLEHUWDWHDIODWvQVWDUHGHUHFLGLY vQUDSRUWFXPDLPXOWHFRQGDPQ UL
9DOHU 6XLDQ vQ 0DWHL %DVDUDE /XFLD 0ROGRYDQ 9DOHU 6XLDQ 'UHSW SHQDO 3DUWHD VSHFLDO YRO ,,
&OXM1DSRFDS
9DVLOH 3DSDGRSRO vQ 7HRGRU 9DVLOLX 'RUX 3DYHO *HRUJH $QWRQLX ùWHIDQ 'DQHú *KHRUJKH ' UkQJ
'XPLWUX/XFLQHVFX9DVLOH3DSDGRSRO'XPLWUX&3RSHVFX9LUJLO5 PXUHDQX&RGXOSHQDOURPkQFRPHQWDWúL
DGQRWDW3DUWHDVSHFLDO YRO,,(GLWXUDùWLLQ LILF úL(QFLFORSHGLF %XFXUHúWLS
9DVLOH3DSDGRSRORSFLWYRO,,S
9LQWLO 'RQJRUR]RSFLWYRO,9S
VXIHULWHvQ5RPkQLDSHQWUXFDUHDIRVWGDWvQXUP ULUHJHQHUDO vúLDWULEXLHRIDOV
LGHQWLWDWH vQ ID D RUJDQHORU SROL LHL GH IURQWLHU vQ VFRSXO GH D VH VXVWUDJH GH OD
H[HFXWDUHDSHGHSVHORUúLGHDRE LQHXQQRXSDúDSRUWSHQXPHOHV XUHDOFRQVWLWXLH
LQIUDF LXQHDGHIDOVSULYLQGLGHQWLWDWHD
Ä$WULEXLUHD´ XQHL LGHQWLW L IDOVH XQHL DOWH SHUVRDQH vQVHDPQ D GHFODUD F
DFHDSHUVRDQ DUHRLGHQWLWDWHFDUHvQUHDOLWDWHQXHVWHDVD
ÌQ VLWXD LLOH FH FDG VXE LQFLGHQ D DUW & SHQ DFWLYLWDWHD GH DOWHUDUH D
DGHY UXOXLQXSRDUW GHFLDVXSUDXQXLvQVFULVúLQXVHPDWHULDOL]HD] vQWUXQvQVFULV
FX FRQ LQXW IDOV VXEVHFYHQW GDU GH UHJXO HD VH V YkUúHúWH SULQ PLMORFLUHD XQXL
vQVFULVIDOVLILFDWVDXFKLDUDXQXLvQVFULVDGHY UDWGDUIRORVLWI U GUHSW
3HQWUXH[LVWHQ DLQIUDF LXQLLvQRULFDUHGLQFHOHGRX PRGDOLW LQRUPDWLYHQX
LQWHUHVHD] GDF DXWRUXODX]XUSDWLGHQWLWDWHDXQHLSHUVRDQHUHDOHVDXVDIRORVLWGH
XQQXPHLPDJLQDU
5HFHQWVDGHFLVF IRORVLUHDXQXLSDúDSRUWIDOVSHQXPHOHDOWHLSHUVRDQH
vQID DDXWRULW LORUFRQVWLWXLHLQIUDF LXQHDGHIDOVSULYLQGLGHQWLWDWHDLDUQXúLFHD
GHX]GHIDOVvQFRQFXUVFXFHDGLQWkL3UH]HQWDUHDVXERLGHQWLWDWHIDOV SUHY ]XW
vQDUW&SHQSRDWHILV YkUúLW úLSULQIRORVLUHDXQRUDFWHIDOVHGHLGHQWLWDWH
IDSW DEVRUELW vQ FRQ LQXWXO ODWXULL RELHFWLYH D LQIUDF LXQLL GH IDOV SULYLQG
LGHQWLWDWHDFDRPRGDOLWDWHGHLQGXFHUHvQHURDUHDRUJDQXOXLGHVWDW
/DYDULDQWDDVLPLODW vQFDUHHVWHLQFULPLQDW vQFUHGLQ DUHDXQXLvQVFULV±
DUWDOLQ&SHQ±HOHPHQWXOPDWHULDOFRQVW vQDF LXQHDGHvQFUHGLQ DUHD
XQXL vQVFULV FDUH VHUYHúWH OD GRYHGLUHD VW ULL FLYLOH RUL SHQWUX OHJLWLPDUH VDX
LGHQWLILFDUH VSUH D IL IRORVLW SH QHGUHSW DF LXQH HIHFWXDW GH F WUH FHO F UXLD vL
DSDU LQHvQVFULVXOVDXvQDF UXLSRVHVLHVDUJ VL
Ä$vQFUHGLQ D´FXLYDXQvQVFULVvQVHDPQ DLOSUHGDDLOUHPLWHvQRULFHPRG
ILHGLUHFWILHSULQPLMORFLUHDDOWHLSHUVRDQH
&HULQ D HVHQ LDO ÌQ FD]XO YDULDQWHL SULQFLSDOH SHQWUX FD DF LXQHD GH
SUH]HQWDUHVDXDWULEXLUHV vQWUHJHDVF ODWXUDRELHFWLY DLQIUDF LXQLLWUHEXLHV DLE
ORFvQID DXQXLRUJDQVDXDXQHLLQVWLWX LLGHVWDWRULDDOWHLXQLW LGLQWUHFHOHODFDUH
VH UHIHU DUW & SHQ $FHDVW FHULQ HVHQ LDO QX HVWH vQGHSOLQLW GDF
SUH]HQWDUHDVXERIDOV LGHQWLWDWHVDXDWULEXLUHDIDOVHLLGHQWLW LXQHLDOWHSHUVRDQH
DXDYXWORFvQID DXQRUSHUVRDQHMXULGLFHSULYDWH
$WULEXLUHDXQHLLGHQWLW LIDOVHODSUH]HQWDUHDvQID DXQHLVRFLHW LFRPHUFLDOH
FX U VSXQGHUH OLPLWDW QX FRQVWLWXLH LQIUDF LXQHD SUHY ]XW vQ DUW & SHQ
vQWUXFkWDFHDVW VRFLHWDWHFRPHUFLDO QXIDFHSDUWHGLQWUHXQLW LOHODFDUHVHUHIHU
DUW&SHQ
ÌQFD]XOYDULDQWHLDVLPLODWHSHQWUXFDDF LXQHDGHvQFUHGLQ DUHDXQXLvQVFULV
V vQWUHJHDVF ODWXUD RELHFWLY D LQIUDF LXQLL WUHEXLH FD DFHO vQVFULV V ILH GLQWUH
DFHOHDFDUHVHUYHVFSHQWUXGRYHGLUHDVW ULLFLYLOHFHUWLILFDWHOHGHSHDFWHOHGHVWDUH
FLYLO VDXSHQWUXOHJLWLPDUHGLIHULWHFDUQHWHVLQGLFDOHGHVHUYLFLXHWFRULSHQWUX
LGHQWLILFDUHEXOHWLQXOGHLGHQWLWDWHFDUWHGHLGHQWLWDWHSDúDSRUWHWF
ÌQFUHGLQ DUHD DOWRU vQVFULVXUL FKLDU GDF VDU UHIHUL OD R DQXPLW SHUVRDQ
GLSORPH EUHYHWH FRUHVSRQGHQ HWF QX SRDWH UHDOL]D FHULQ D HVHQ LDO DU WDW
PDLVXV
&6- VS G QU ÌQDOWD &XUWH GH &DVD LH úL -XVWL LH %XOHWLQXO MXULVSUXGHQ HL &XOHJHUH GH
GHFL]LLSHDQXO(GLWXUD$OO%HFN%XFXUHúWLS5'3QUS
9LQWLO 'RQJRUR]RSFLWYRO,9S
&6-VSGQU &XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSH
DQXO(GLWXUD$UJHVVLV&XUWHDGH$UJHúS
9DVLOH3DSDGRSRORSFLWYRO,,S
&$%XFXUHúWLVD,,DSHQGQU5'3QUS
8UPDUHD LPHGLDW FRQVW vQ FUHDUHD XQHL VW UL GH SHULFRO GHFXUJkQG GLQ
RE LQHUHD vQ FD]XO YDULDQWHL SULQFLSDOH úL GH SRVLELOLWDWHD GH D RE LQH vQ FD]XO
YDULDQWHL DVLPLODWH vQ PRG IUDXGXORV D XQHL FRQVWDW UL SULYLQG LGHQWLWDWHD
QHFRUHSXQ] WRDUH DGHY UXOXL úL GHFL VXVFHSWLELO GH D IL VXUVD XQRU FRQVHFLQ H
MXULGLFHQHOHJLWLPH
&kQGXUPDUHDLPHGLDW QXVDSXWXWSURGXFHILLQGF IDOVXODVXSUDLGHQWLW LLD
IRVWGHPDVFDWFKLDUGHODvQFHSXWVDXILLQGF vQVFULVXULOHvQFUHGLQ DWHVSUHDILSH
QHGUHSWIRORVLWHQXHUDXYDODELOHODWXUDRELHFWLY DLQIUDF LXQLLQXYDILUHDOL]DW úL
QXYDH[LVWDLQIUDF LXQH
/HJ WXUD GH FDX]DOLWDWH GLQWUHXUPDUHDLPHGLDW úLHOHPHQWXOPDWHULDOILLQG
LQHUHQW DFHVWXLDQXDUHQHYRLHV ILHGRYHGLW VSHFLDO
/DWXUDVXELHFWLY
)RUPDGHYLQRY LHDHOHPHQWXOXLVXELHFWLYvQDPEHOHYDULDQWHHVWHLQWHQ LD
DGLF úWLLQ DF LGHQWLWDWHDVXEFDUHI SWXLWRUXOVDSUH]HQWDWVDXSHFDUHDDWULEXLWR
DOWXLD HVWH IDOV RUL F vQVFULVXO vQFUHGLQ DW SHQWUX D IL IRORVLW SH QHGUHSW HVWH
SULYLWRUODVWDELOLUHDLGHQWLW LL
&HULQ H HVHQ LDOH 3HQWUX FD LQWHQ LD V vQWUHJHDVF ODWXUD VXELHFWLY D
LQIUDF LXQLL vQ YDULDQWD SULQFLSDO I SWXLWRUXO WUHEXLH V IL XUP ULW LQGXFHUHD VDX
PHQ LQHUHDvQHURDUHDDXWRULW LLVDXLQVWLWX LHLSXEOLFHvQID DF UHLDVHV YkUúHúWH
IDSWDúLDFHDVWDvQYHGHUHDSURGXFHULLXQHLFRQVHFLQ HMXULGLFHSHQWUXI SWXLWRUVDX
SHQWUXRDOW SHUVRDQ
ÌQ FHHD FH SULYHúWH LQIUDF LXQHD vQ YDULDQWD DVLPLODW LQWHQ LD WUHEXLH GH
DVHPHQHD V ILH vQVR LW GH FHULQ D HVHQ LDO D VFRSXOXL vQ YHGHUHD F UXLD VH IDFH
vQFUHGLQ DUHD úL DQXPH SHQWUX FD vQVFULVXO vQFUHGLQ DW V ILH ÄIRORVLW I U GUHSW´
DGLF V VHUYHDVF ODvQVXúLUHDXQHLLGHQWLW LIDOVH
&HULQ HOHHVHQ LDOHIDFFDvQDPEHOHLQIUDF LXQLHOHPHQWXOVXELHFWLYV DLE
FDUDFWHUXOGHLQWHQ LHFDOLILFDW
3HQWUX H[LVWHQ D LQIUDF LXQLL SULQFLSDOH QX HVWH QHFHVDU FD SHUVRDQD GLQ
FDGUXO DXWRULW LL VDX LQVWLWX LHL SXEOLFH ID GH FDUH DXWRUXO VD SUHYDODW GH R
LGHQWLWDWHIDOV RULDDWULEXLWDOWXLDRDVHPHQHDLGHQWLWDWHV ILIRVWLQGXV vQHURDUH
úLGHFLV ILI FXWRFRQVWDWDUHFRQWUDU UHDOLW LLFXSULYLUHODLGHQWLWDWHDFHOXLvQ
FDX]
0RELOXOGHWHUPLQDQWQXSUH]LQW UHOHYDQ SHQWUXH[LVWHQ DLQIUDF LXQLLGHIDOV
SULYLQG LGHQWLWDWHD GDU GH DFHVWD VH YD LQH VHDPD OD LQGLYLGXDOL]DUHD MXGLFLDU D
SHGHSVHL
)RUPH6DQF LXQL
)RUPH ,QIUDF LXQHD GH IDOV SULYLQG LGHQWLWDWHD vQ DPEHOH YDULDQWH
UHDOL]kQGXVHSULQDF LXQHFRPLVLXQHV YkUúLUHDDFHVWHLDSRDWHSUH]HQWDIRUPHúL
PRGDOLW LGLIHULWHGHQDWXU V VHU VIUkQJ DVXSUDWUDWDPHQWXOXLDFHVWRULQIUDF LXQL
úLDVDQF LXQLLORU
$PEHOH YDULDQWH VXQW VXVFHSWLELOH GLQ SXQFWXO GH YHGHUH DO UHDOL] ULL ORU
PDWHULDOH GH IRUPHOH RELúQXLWH DOH XQHL DFWLYLW L LQIUDF LRQDOH DFWH GH SUHJ WLUH
WHQWDWLY FRQVXPDUHúLXQHRULHSXL]DUH
/HJHDvQV QXLQFULPLQHD] DFWHOHSUHSDUDWRULLúLQXVDQF LRQHD] WHQWDWLYD
&kQGLQIUDF LXQHDVDFRQVXPDWDFWHOHSUHJ WLWRDUHSRWGHYHQLHYHQWXDOHDFWH
GHFRPSOLFLWDWHDQWHULRDU GDF DXIRVWFRPLVHGHDOW SHUVRDQ GHFkWDXWRUXO
9LQWLO 'RQJRUR]RSFLWYRO,9S
,GHPYRO,9S
9DVLOH3DSDGRSRORSFLWYRO,,S
&RQVXPDUHDDUHORFvQPRPHQWXOvQFDUHVDSURGXVXUPDUHDLPHGLDW DGLF
VWDUHD GH SHULFRO UH]XOWDW GLQ V YkUúLUHD YUHXQHLD GLQWUH DF LXQLOH FDUH FRQVWLWXLH
HOHPHQWXOPDWHULDODOLQIUDF LXQLLGHIDOVSULYLQGLGHQWLWDWHD
3HQWUX H[LVWHQ D FRQVXP ULL QX LQWHUHVHD] GDF VD UHDOL]DW VDX QX
FRQVHFLQ DMXULGLF vQYHGHUHDSURGXFHULLF UHLDVDFRPLVSUH]HQWDUHDVXELGHQWLWDWH
IDOV VDX DWULEXLUHD XQHL LGHQWLW L IDOVH DOWHL SHUVRDQH ILLQGF DFHDVW FRQVHFLQ
SULYHúWHVFRSXOLQIUDF LXQLLvQYHGHUHDSURGXFHULLGHFLRFHULQ HVHQ LDO SULYLQG
FDUDFWHUL]DUHDODWXULLVXELHFWLYHLDUQXXQHOHPHQWFRQVWLWXWLYDOLQIUDF LXQLL
'DF UHVSHFWLYDFRQVHFLQ VDSURGXVúLFRQVWLWXLHGDWRULW FDX]DOLW LLVDOH
LOLFLWH R LQIUDF LXQH vQúHO FLXQH H[HUFLWDUHD I U GUHSW D XQHL SURIHVLL HWF YD
H[LVWDFRQFXUVGHLQIUDF LXQL
'H DVHPHQHD SHQWUX FRQVXPDUHD LQIUDF LXQLL vQ YDULDQWD DVLPLODW QX
LQWHUHVHD] GDF vQVFULVXO vQFUHGLQ DW D IRVW VDX QX D IRVW vQF IRORVLW SH QHGUHSW
DFHDVW IRORVLUHFRQVWLWXLQGVFRSXOLDUQXUH]XOWDWXODF LXQLLLQFULPLQDWH
ÌQ LSRWH]D FkQG VWDUHD GH IDSW JHQHUDWRDUH D LQIUDF LXQLL H[DPLQDWH LPSOLF
HIHFWXDUHD XQRU SUHVWD LL SHULRGLFH DVWIHO vQFkW OD ILHFDUH WHUPHQ I SWXLWRUXO
PHQ LQkQGvQHURDUHDXWRULWDWHDVDXLQVWLWX LDUHVSHFWLY VHSUH]LQW VXELGHQWLWDWH
IDOV VDX vQ WHPHLXO LGHQWLW LL IDOVH FDUH LD IRVW DWULEXLW LQIUDF LXQHD GH IDOV
SULYLQGLGHQWLWDWHDGHYLQHFRQWLQX úLVHYDHSXL]DODGDWDFkQGYRUvQFHWDSUHVWD LLOH
SHULRGLFHVDXFkQGYDILGHVFRSHULW
6DQF LXQL)DOVXOSULYLQGLGHQWLWDWHDFRPLVGHSHUVRDQDIL]LF VHSHGHSVHúWH
FXvQFKLVRDUHGHODOXQLODDQL
3HUVRDQD MXULGLF VH VDQF LRQHD] FX DPHQGD GH OD OD OHL ±
DUWDOLQ&SHQ
'DF ODV YkUúLUHDIDSWHLSULQFLSDOHDXWRUXOVDIRORVLWGHXQvQVFULVIDOVLILFDW
DFHVWDYDILFRQILVFDWvQWHPHLXODUWDOLQOLWE&SHQ
ÌQVFULVXO GHVWLQDW V VHUYHDVF OD GRYHGLUHD VW ULL FLYLOH OD OHJLWLPDUH VDX
LGHQWLILFDUH QX SRDWH IL FRQILVFDW FL WUHEXLH UHVWLWXLW WLWXODUXOXL FDUH DOWIHO DU IL
RULFkQGvQGUHSW LWV VROLFLWHHOLEHUDUHDXQXLvQVFULVDVHP Q WRU
)$/68/35,9,1')2/26,5($(0%/(0(,&58&,,52ù,,
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO DFHVWHL LQIUDF LXQL vO FRQVWLWXLH DFHOH UHOD LL
VRFLDOHODDF URUIRUPDUHVDXGHVI úXUDUHHVWHQHFHVDU úLKRW UkWRDUHvQFUHGHUHDvQ
HPEOHPDVXEGHQXPLUHDGH&UXFHURúLHIRORVLW vQPRGOLFLW
)DSWDSHQDO SUHY ]XW vQDUWDOLQ&SHQQXWUHEXLHFRQIXQGDW FX
LQIUDF LXQHDGLQDUW&SHQFDUHDUHDOWRELHFWMXULGLFúLFRQVW vQIRORVLUHDI U
GUHSWDHPEOHPHLVDXGHQXPLULLGH&UXFH5RúLHvQOHJ WXU FXRSHUD LLOHPLOLWDUH
2ELHFWXO PDWHULDO (PEOHPD FD úL GHQXPLUHD GH &UXFH URúLH ILLQG HQWLW L
LPDWHULDOHHOHQXSRWILFRQVLGHUDWHRELHFWPDWHULDODOLQIUDF LXQLL
(PEOHPDFDúLGHQXPLUHDvúLJ VHVFvQV H[SUHVLDPDWHULDO vQGHVHQXOVDX
VFULHUHDLPSULPDW RULDSOLFDW SHGLIHULWHOXFUXULILUPHSO FLDPEDODMHHWLFKHWH
9LQWLO 'RQJRUR]RSFLWYRO,9S
,GHPYRO,9S
,ELGHPYRO,9S
9LQWLO 'RQJRUR]RSFLWYRO,9S
$FHDVW QRUP GH LQFULPLQDUH D IRVW LQWURGXV SHQWUX SULPD GDW vQ &RGXO SHQDO &DURO DO ,,OHD SULQ
'HFUHWXO QU FD XUPDUH D UDWLILF ULL GH F WUH DUD QRDVWU OD GDWD GH D &RQYHQ LHL GH OD
*HQHYDGLQSULYLQGvPEXQ W LUHDVRDUWHLU QL LORUúLEROQDYLORUGLQIRU HOHDUPDWHvQFDPSDQLH
VHPQGLVWLQFWLYSHYHKLFXOHSHFH LHWF&kQGDFHVWHOXFUXULDXH[LVWHQ DXWRQRP
YRUILVRFRWLWHRELHFWPDWHULDODOLQIUDF LXQLL
/XFUXULOH SH FDUH VH J VHVF LPSULPDWH VDX DSOLFDWH DVWIHO GH H[SULP UL JUDILFH
YRUSXWHDILFRQVLGHUDWHXQHRULRELHFWPDWHULDODOLQIUDF LXQLLGHvQúHO FLXQHFXSULYLUH
OD FDOLWDWHD P UIXULORU DUW & SHQ VDX DO LQIUDF LXQLL GH FRQFXUHQ QHORLDO
DUW&SHQRULGHvQúHO FLXQHSXUúLVLPSOXDUW&SHQ
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU SRDWH IL RULFH SHUVRDQ FH vQWUXQHúWH
FRQGL LLOH JHQHUDOH SHQWUX D U VSXQGH SHQDO H[LVWHQ D LQIUDF LXQLL QHILLQG
FRQGL LRQDW GHYUHRFDOLWDWHDDXWRUXOXL
3RDWH IL VXELHFW DFWLY QHPLMORFLW FKLDU R SHUVRDQ FDUH DUH DXWRUL]D LD GH D
IRORVL HPEOHPD VDX GHQXPLUHD GH &UXFH URúLH GDU FDUH R IRORVHúWH SH QHGUHSW
SHVWHOLPLWHOHDXWRUL]D LHLSHFDUHDSULPLWR
'LVSR]L LLOH DUW & SHQ VXQW DSOLFDELOH vQ ED]D DUW & SHQ úL
FHW HQLORU VWU LQL VDX SHUVRDQHORU I U FHW HQLH FDUH QX GRPLFLOLD] SH WHULWRULXO
ULL úL DX FRPLV IDSWHOH vQ VWU LQ WDWH GDF VH DIO vQ DU GHRDUHFH vQ ED]D
&RQYHQ LLORU GH OD *HQHYD úL D LQFULPLQ ULORU FRUHVSXQ] WRDUH DFHVWH IDSWH VXQW
SUHY ]XWHFDLQIUDF LXQLvQWRDWH ULOH
6XELHFWXO DFWLY DO LQIUDF LXQLL H[DPLQDWH SRDWH IL úL R SHUVRDQ MXULGLF vQ
FRQGL LLOHúLFXOLPLW ULOHSUHY ]XWHvQDUW&SHQ
)DSWD SRDWH IL V YkUúLW GH R SOXUDOLWDWH GH VXELHF L DFWLYL SDUWLFLSDQ L
FRDXWRULLQVWLJDWRULFRPSOLFL
6XELHFWXO SDVLY HVWH vQ SULPXO UkQG LQVWLWX LD &UXFLL 5RúLL ILLQGF GH FHOH
PDL PXOWH RUL IRORVLUHD SH QHGUHSW D HPEOHPHL VDX GHQXPLULL VDOH R OLSVHúWH GH
DYDQWDMHOHPDWHULDOHSHFDUHSHQWUXUHDOL]DUHDVFRSXULORUVDOHSURIXQGXPDQLWDUHOH
RE LQHDWXQFLFkQGDFRUG DXWRUL]DUHDGHIRORVLUH
ÌQ DO GRLOHD UkQG YRU IL VXELHF L SDVLYL SHUVRDQHOH F URUD OL VH FDX]HD]
SDJXEHSULQIRORVLUHDSHQHGUHSWDHPEOHPHLVDXGHQXPLULLGH&UXFH5RúLHSHFDUH
DFHOH SHUVRDQH VXQW DXWRUL]DWH V R IRORVHDVF vQ VIHUD DFWLYLW LORU VRFLDOH VDX
HFRQRPLFH
ÌQILQHYRUSXWHDILVXELHF LSDVLYLúLDFHLFDUHDXIRVWS JXEL LSULQSURGXVHOH
IDOVSUH]HQWDWHVXEHPEOHPDVDXGHQXPLUHD&UXFLL5RúLL
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDOFRQVW vQDF LXQHDGHIRORVLUHDHPEOHPHLVDXGHQXPLULL
GH Ä&UXFH URúLH´ RUL D XQHL HPEOHPH VDX GHQXPLUL DVLPLODWH DFHVWHLD ILH vQ
DF LXQHD GH IRORVLUH D RULF UXL VHPQ VDX RULF UHL GHQXPLUL FDUH DU FRQVWLWXL R
LPLWD LHDHPEOHPHLVDXGHQXPLULLGH&UXFH5RúLHVDXDVLPLODWHDFHVWHLD
ÌQSULPDYDULDQW DF LXQHDGHIRORVLUHSULYHúWHFKLDUHPEOHPDVDXGHQXPLUHD
GH &UXFH 5RúLH VDX FHOH DVLPLODWH ÌQ D GRXD YDULDQW DF LXQHD GH IRORVLUH FH
SULYHúWHLPLWD LLDOHHPEOHPHLVDXDOHGHQXPLULLDGHY UDWHGHH[RDOW IRUP GH
FUXFHGDUWRWURúLHSHIRQGDOEVDXDFHHDúLIRUP GHFUXFHGDUGHXQURúXGLIHULWFD
QXDQ ODIHOúLFXSULYLUHODGHQXPLUHGHH[$VRFLD LDGH&UXFH5RúLH/LJDGH
&UXFH 5RúLH 8QLXQHD GH &UXFH 5RúLH HWF GHRVHELUL FDUH vQ JHQHUH WUHF
QHREVHUYDWHILLQGUHPDUFDWHGRDUGHSHUVRDQHPDLDWHQWHVDXE QXLWRDUH
)RORVLUHD HPEOHPHL VDX D LPLWD LHL VDOH H[LVW úL DWXQFL FkQG DFHVWHD VXQW
vQVR LWHGHDOWHGHVHQHVDXDUWLILFLLJUDILFH
9LQWLO 'RQJRUR]RSFLWYRO,9S
,GHPYRO,9S
)RORVLUHDSRDWHDYHDORFFXSULYLUHODDFHVWHRELHFWHúLSRDWHILUHDOL]DW SULQ
RULFH PLMORDFH (VWH VXILFLHQW IRORVLUHD ILH D HPEOHPHL ILH D GHQXPLULL RUL D
LPLWD LHLYUHXQHLDGLQWUHHOH)RORVLUHDFXPXODWLY QXVFKLPE FDUDFWHUXOXQLWDUDO
LQIUDF LXQLLGDUHOHPHQWXOPDWHULDOFDS W XQFRQ LQXWFRPSOH[
2 HPEOHP VDX GHQXPLUH VH FRQVLGHU D IL R LPLWD LH DWXQFL FkQG SULQ
DVSHFWXOV XJHQHUDOVHDVHDP Q FXFHDDGHY UDW úLGHFLSRDWHJHQHUDFRQIX]LHvQ
UkQGXOSXEOLFXOXL3HQWUXDDSUHFLDGDF H[LVW VDXQXRLPLWD LHWUHEXLHV VH LQ
VHDPDGHDQVDPEOXOHOHPHQWHORUFRQVWLWXWLYHDOHFHORUGRX HPEOHPHVDXGHQXPLUL
± FHD DGHY UDW úL FHD LPLWDW ± FXP DU IL IRUPD GHVHQHORU FXORULOH IRORVLWH
FXYLQWHOHvQWUHEXLQ DWHFDUDFWHUHOHúLPRGXOGHDúH]DUHDOLWHUHORUHWF&kWSULYHúWH
SRVLELOLWDWHDSURGXFHULLXQRUFRQIX]LLvQUkQGXOSXEOLFXOXLDFHDVWDWUHEXLHDSUHFLDW
vQ UDSRUW FX SUHJ WLUHD úL DWHQ LD PLMORFLH D RDPHQLORU SUHFXP úL FX vPSUHMXUDUHD
F GHRELFHLDFHúWLDQXDXODGLVSR]L LHvQDFHODúLPRPHQWSHQWUXDOHFRPSDUD
HPEOHPDVDXGHQXPLUHDDGHY UDW úLHPEOHPDVDXGHQXPLUHDLPLWDW
&HULQ HVHQ LDO $F LXQHD GH IRORVLUH D HPEOHPHLVDXGHQXPLULLGH&UXFH
5RúLHRULFHOHDVLPLODWHFDúLDF LXQHDGHIRORVLUHDXQRULPLWD LLDOHDFHVWRUDQX
vQWUHJHúWHODWXUDRELHFWLY DLQIUDF LXQLLGDF QXHVWHvQGHSOLQLW FHULQ DHVHQ LDO FD
IRORVLUHDV ILHHIHFWXDW ÄI U GUHSW´
)RORVLUHDHPEOHPHLVDXGHQXPLULLH[DFWHDGHY UDWHVHFRQVLGHU HIHFWXDW
ÄI U GUHSW´FkQGOLSVHúWHDXWRUL]D LDQHFHVDU VDXFkQGVDWUHFXWSHVWHOLPLWHOHRUL
FRQGL LLOHDFHVWHLD
)RORVLUHD LPLWD LLORU HVWH ÄI U GUHSW´ vQ VHQVXO GH LOLFLW FkQG VD SURGXV
vQWUXQ VHFWRU GH DFWLYLWDWH vQ FDUH QX SRDWH IL IRORVLW GHFkW HPEOHPD VDX
GHQXPLUHD H[DFW DGHY UDW úL DFHVWHD QXPDL FX DXWRUL]DUH &kQG LPLWD LD H
IRORVLW vQWUXQVHFWRUVWU LQGHSUHRFXS ULOH&UXFLL5RúLLVDXDVLPLODWHORUIDSWD
QXHVWHLOLFLW úLQLFLQXDUSXWHDILVRFRWLW FDHIHFWXDW SHQHGUHSW
ÌQYDULDQWDDJUDYDW VHFHUHFDIDSWDWLSLF V ILHV YkUúLW ÄvQWLPSGHU ]ERL´
Ä7LPSGHU ]ERL´SRWULYLWGLVSR]L LLORUH[SOLFDWLYHGLQDUW&SHQHVWH
LQWHUYDOXOGHWLPSGHODGDWDGHFODU ULLPRELOL] ULLVDXGHODvQFHSHUHDRSHUD LXQLORU
GHU ]ERLSkQ ODGDWDWUHFHULLDUPDWHLODVWDUHDGHSDFH
$JUDYDQWD VH H[SOLF SULQ DFHHD F vQ WLPS GH U ]ERL UROXO úL DFWLYLWDWHD
&UXFLL 5RúLL FDS W R DPSORDUH GHRVHELW LQWHUYHQ LD VD WUHFkQG GLQFROR GH ]RQD
RSHUD LLORU PLOLWDUH SHQWUX D UHDOL]D RSHUD GH DMXWRUDUH D U QL LORU SUL]RQLHULORU
UHIXJLD LORUSRSXOD LHLGLQWHULWRULLRFXSDWHYLFWLPHORUUDLGXULORUGHDYLD LHHWFDúD
vQFkW JDUDQWDUHD HPEOHPHL úL GHQXPLULL VDOH DVLJXU UHDOL]DUHD DFHVWHL GLILFLOH úL
YDVWHRSHUHXPDQLWDUH
8UPDUHDLPHGLDW FRQVW vQFDX]DUHDGHSDJXEHPDWHULDOHúLLPSOLFLWRVWDUH
GHSHULFROSHQWUXUHOD LLOHVRFLDOHRFURWLWH
'DF DFWLYLWDWHDGHIRORVLUHSHQHGUHSWQXDSURGXVGHFkWSUHMXGLFLLLPDWHULDOH
FKHVWLXQLGHSUHVWLJLXGHVXVFHSWLELOLWDWHGHSXEOLFLWDWHHWFQHH[LVWkQGXUPDUHD
LPHGLDW ODWXUDRELHFWLY QXHVWHUHDOL]DW úLQXH[LVW LQIUDF LXQH
3DJXEHOHPDWHULDOHYRUILFHOHSULFLQXLWHvQSULPXOUkQGLQVWLWX LHL&UXFLL5RúLL
RUL DVLPLODWH úL HYHQWXDO DOWRU SHUVRDQH $FHVWHD GLQ XUP YRU IL vQ JHQHUH
XUP ULSURGXVHLQGLUHFW
9LQWLO 'RQJRUR]RSFLWYRO,9S
9DVLOH 3DSDGRSRO vQ 7HRGRU 9DVLOLX 'RUX 3DYHO *HRUJH $QWRQLX ùWHIDQ 'DQHú *KHRUJKH ' UkQJ
'XPLWUX/XFLQHVFX9DVLOH3DSDGRSRO'XPLWUX&3RSHVFX9LUJLO5 PXUHDQX&RGXOSHQDOURPkQFRPHQWDWúL
DGQRWDW3DUWHDVSHFLDO YRO,,(GLWXUDùWLLQ LILF úL(QFLFORSHGLF %XFXUHúWLS
9LQWLO 'RQJRUR]RSFLWYRO,9SÌQDFHODúLVHQV9DVLOH3DSDGRSRORSFLWYRO,,S
,GHPYRO,9S
/HJ WXUDGHFDX]DOLWDWHÌQWUHDF LXQHDGHIRORVLUHDHPEOHPHLVDXGHQXPLULL
GH &UXFH 5RúLH VDX DVLPLODWH RUL GH IRORVLUH D XQRU LPLWD LL DOH DFHVWRUD úL
SDJXEHOHPDWHULDOHSUHWLQVHWUHEXLHV H[LVWHROHJ WXU GHFDX]DOLWDWH
/HJ WXUD YD UH]XOWD GH FHOH PDL PXOWH RUL GLQ vQV úL PDWHULDOLWDWHD IDSWHORU
LQVWLWX LD&UXFLL5RúLLILLQGS JXELW GHDYDQWDMXOPDWHULDOGHFDUHDIRVWOLSVLW úLSH
FDUHODUILDYXWGDF VDUILFHUXWúLDFRUGDWDXWRUL]D LDFXYHQLW
ÌQFHOHODOWHFD]XULDGLF DSDJXEHLFDX]DWHDOWRUSHUVRDQHYDWUHEXLV VHIDF
GRYDGD F DFHOH SDJXEH PDWHULDOH DX IRVW FDX]DWH SULQ IRORVLUHD SH QHGUHSW D
HPEOHPHL&UXFLL5RúLL
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH FDUH FRQVWLWXLH HOHPHQWXO VXELHFWLY DO LQIUDF LXQLL HVWH
LQWHQ LDGLUHFW VDXLQGLUHFW DGLF úWLLQ DF I U GUHSWVHIRORVHúWHHPEOHPDVDX
GHQXPLUHD &UXFLL 5RúLL RUL DVLPLODWH VDX D YUHXQHL LPLWD LL D DFHVWRUD úWLLQ
vQVR LW GHSUHYHGHUHDSURGXFHULLGHSDJXEHPDWHULDOHLQGLIHUHQWGDF DFHVWUH]XOWDW
DIRVWDQXPHXUP ULWVDXQXPDLDFFHSWDW
ÌQGRFWULQ VDPDLVXV LQXWúLS UHUHDU PDV L]RODW úLFXFDUHQXVXQWHP
GHDFRUGFRQIRUPF UHLDLQIUDF LXQHDDQDOL]DW QXVHSRDWHFRPLWHGHFkWFXLQWHQ LH
GLUHFW
)DSWDV YkUúLW GLQFXOS QXFRQVWLWXLHLQIUDF LXQH
0RELOXO GHWHUPLQDQW úL VFRSXO XUP ULW GH LQIUDFWRU QX LQWHUHVHD] SHQWUX
H[LVWHQ DLQIUDF LXQLLFLGRDUODLQGLYLGXDOL]DUHDMXGLFLDU DSHGHSVHL
)RUPH6DQF LXQL
)RUPH )DOVXO SULQ IRORVLUHD HPEOHPHL &UXFLL 5RúLL ILLQG R LQIUDF LXQH
FRPLVLY úLGHH[HFX LHOHQW HVWHVXVFHSWLELO úLGHIRUPHLPSHUIHFWHGHUHDOL]DUH
úLGHFLSRDWHDYHDXQLWHUFULPLQLV
$FWHOH GH SUHJ WLUH GHúL VXQW SRVLELOH úL FKLDU LQHYLWDELOH QX VXQW
LQFULPLQDWH GH OHJH &kQG IDSWD VH FRQVXP DFHVWH DFWH V YkUúLWH GH DOWXO GHFkW
DXWRUXOSRWHYHQWXDOILVRFRWLWHDFWHGHFRPSOLFLWDWHDQWHULRDU
7HQWDWLYDFDUHGHDVHPHQHDHVWHWRWGHDXQDSRVLELO vQDF LXQHDGHIRORVLUH
QXHVWHWRWXúLVDQF LRQDW SHQDOILLQGF VDFRQVLGHUDWF HDQXSUH]LQW XQJUDGGH
SHULFROVRFLDOFDUHV MXVWLILFHVDQF LXQLOHUHSUHVLYH
)DSWDGHIRORVLUHSHQHGUHSWDHPEOHPHLVDXGHQXPLULLGH&UXFH5RúLHRUL
DVLPLODWHVDXDLPLWD LHLDFHVWRUDVHFRQVXP úLGHYLQHLQIUDF LXQHvQPRPHQWXOvQ
FDUHVDSURGXVXUPDUHDLPHGLDW DGLF VDXFDX]DWSDJXEHPDWHULDOH
,ELGHPYRO,9S
9LQWLO 'RQJRUR] RS FLW YRO ,9 S ÌQ DFHODúL VHQV 9DVLOH 3DSDGRSRO RS FLW YRO ,, S
2OLYLX$XJXVWLQ6WRLFD'UHSWSHQDO3DUWHDVSHFLDO (GLWXUD'LGDFWLF úL3HGDJRJLF %XFXUHúWLS
2FWDYLDQ/RJKLQvQ2FWDYLDQ/RJKLQ$YUDP)LOLSDú'UHSWSHQDOURPkQ3DUWHDVSHFLDO HGL LHUHYL]XLW &DVD
GHHGLWXU úLSUHV ÄùDQVD´65/%XFXUHúWLS*KHRUJKH1LVWRUHDQXvQ*KHRUJKH1LVWRUHDQX9DVLOH
'REULQRLX $OH[DQGUX %RURL ,OLH 3DVFX ,RDQ 0ROQDU 9DOHULF /D] U 'UHSW SHQDO 3DUWHD VSHFLDO (GLWXUD
(XURSD1RYD%XFXUHúWLS,RDQD9DVLX'UHSWSHQDOURPkQ3DUWHDVSHFLDO YRO,,(GLWXUD$OEDVWU
&OXM1DSRFDS2FWDYLDQ/RJKLQ7XGRUHO7RDGHU'UHSWSHQDOURPkQ3DUWHDVSHFLDO HGL LDD,9D
UHY ]XW úLDG XJLW &DVDGHHGLWXU úLSUHV ùDQVD65/%XFXUHúWLS,OLH3DVFXvQ,OLH3DVFX9DOHULF
/D] U'UHSWXOSHQDO3DUWHDVSHFLDO (GLWXUD/XPLQD/H[%XFXUHúWLS9DVLOH'REULQRLXvQ9DVLOH
'REULQRLX 1LFRODH &RQHD &LSULDQ 5DXO 5RPL DQ &DPLO 7 Q VHVFX 1RUHO 1HDJX 0D[LP 'REULQRLX 'UHSW
SHQDO 3DUWHD VSHFLDO YRO ,, /XPLQD /H[ %XFXUHúWL S +RULD 'LDFRQHVFX 'UHSW SHQDO 3DUWHD
VSHFLDO YRO,,HGL LDDD(GLWXUD$OO%HFN%XFXUHúWLS$OH[DQGUX%RURL*KHRUJKH1LVWRUHDQX
'UHSW SHQDO 3DUWHD VSHFLDO HGL LD D ,,,D (GLWXUD $OO %HFN %XFXUHúWL S 7XGRUHO 7RDGHU 'UHSW
SHQDO3DUWHDVSHFLDO (GL LDDDUHYL]XLW úLDFWXDOL]DW (GLWXUD+DPDQJLX%XFXUHúWLS
9DOHU 6XLDQ vQ 0DWHL %DVDUDE /XFLD 0ROGRYDQ 9DOHU 6XLDQ 'UHSW SHQDO 3DUWHD VSHFLDO YRO ,,
&OXM1DSRFDS
3kQ OD SURGXFHUHD DFHVWRU SDJXEH H[HFXWDUHD VH J VHúWH vQ VWDUH GH
WHQWDWLY FDUH QX HVWH SHGHSVLELO DúD vQFkW I SWXLWRUXO SRDWH RULFkQG HYLWD
FRQVXPDUHD IDSWHL SULQ vPSLHGLFDUHD SURGXFHULL SDJXEHL PDWHULDOH 'XS
SURGXFHUHD SDJXEHL IDSWD HVWH FRQVXPDW úL FRQVWLWXLH LQIUDF LXQH UHSDUDUHD
SDJXEHLQHvQO WXUkQGU VSXQGHUHDSHQDO
([HFXWDUHD DF LXQLL GH IRORVLUH SH QHGUHSW D HPEOHPHL VDX GHQXPLULL &UXFLL
5RúLL FDS W IRUPD FRQWLQXDW vQ FD] GH IRORVLUL UHSHWDWH FDX]DWRDUH GH SDJXEH
HIHFWXDWH vQ ED]D DFHOHLDúL UH]ROX LL ÌQ DWDUH VLWXD LL YD H[LVWD úL ID]D HSXL] ULL
,QIUDF LXQHD YD IL HSXL]DW vQ PRPHQWXO vQ FDUH I SWXLWRUXO YD vQFHWD YRLW VDX
QHYRLWIRORVLUHDúLQXVHYRUPDLFDX]DSDJXEH
6DQF LXQL3HQWUXIDSWDSUHY ]XW vQDOLQSHUVRDQDIL]LF VHSHGHSVHúWH
FXvQFKLVRDUHGHODROXQ ODXQDQVDXFXDPHQG 'DF IDSWDWLSLF HVWHFRPLV vQ
WLPSGHU ]ERLSHUVRDQDIL]LF VHSHGHSVHúWHFXvQFKLVRDUHDGHODODDQL
3HUVRDQD MXULGLF VH VDQF LRQHD] vQ DPEHOH LSRWH]H GH LQFULPLQDUH FX
DPHQGDGHODODOHLFRQIRUPDUWDOLQ&SHQ
9LQWLO 'RQJRUR]RSFLWYRO,9S
7,7/8/9,,,
,1)5$& ,81,/$5(*,08/67$%,/,73(1758$180,7(
$&7,9,7 ,(&2120,&(
63(&8/$
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO LQIUDF LXQLL GH VSHFXO vO FRQVWLWXLH ± vQ DPEHOH
YDULDQWHvQYLJRDUHDUWOLWDúLE±UHOD LLOHVRFLDOHFDUHSURWHMHD] HFRQRPLD
QD LRQDO vPSRWULYD XQRU DFWLYLW L VSHFXODWLYH GH QDWXU V DGXF DWLQJHUH
GUHSWXOXLGHPRQRSRODOVWDWXOXLDVXSUDFRPHUFLDOL] ULLDQXPLWRUEXQXUL
ÌQVXEVLGLDULQIUDF LXQHDGHVSHFXO DVLJXU SURWHF LHLQWHUHVHORUSDWULPRQLDOH
DOH FHW HQLORU FDUH DU SXWHD IL S JXEL L SULQ FXPS UDUHD EXQXULORU SURKLELWH
FRPHU XOXLSDUWLFXODUODSUH XULPDLPDULVDXFKLDUGLVSURSRU LRQDWHID GHYDORDUHD
ORUUHDO
2ELHFWXO PDWHULDO 6SHFXOD DUH FD RELHFW PDWHULDO SURGXVHOH LQGXVWULDOH VDX
DJULFROH FDUH ÄQX SRW IDFH RELHFWXO FRPHU XOXL SDUWLFXODU´ GHRDUHFH FRPHU XO FX
DVHPHQHDSURGXVHFRQVWLWXLHSRWULYLWOHJLLPRQRSROGHVWDW
3URGXVHOH FDUH QX SRW IDFH RELHFWXO FRPHU XOXL SDUWLFXODU´ QX WUHEXLH
FRQIXQGDWH FX SURGXVHOH D F URU VLPSO GH LQHUH HVWH LQWHU]LV SDUWLFXODULORU &X
SULYLUH OD DFHVWH GLQ XUP SURGXVH VH DSOLF GH UHJXO GLVSR]L LL VSHFLDOH FDUH
LQFULPLQHD] QXQXPDLGH LQHUHDGDUúLRULFHDOWHRSHUD LL±LQFOXVLYFRPHUFLDOH±
FX DFHVWHD GH H[HPSOX /HJHD QU SULYLQG UHJLPXO DUPHORU úL DO
PXQL LLORU LQFULPLQHD] vQ DUW HIHFWXDUHD I U GUHSW D RULF URU RSHUD LL FX
DUPHVDXPXQL LL
3URGXVHOH ÄFDUH QX SRW IDFH RELHFWXO FRPHU XOXL SDUWLFXODU´ WUHEXLH V ILH
H[SUHV SUHY ]XWH vQWUXQ DFW QRUPDWLY 8Q DVHPHQHD DFW QRUPDWLY OD FRQVWLWXLW
SkQ vQ /HJHD QU SULYLQG DFWLYLWDWHD GH FRPHU LQWHULRU OHJH FDUH
FXSULQGHDvQDUWROLVW GHSURGXVHLQWHU]LVHFRPHU XOXLSDUWLFXODU&XWRDWHF
DFHDVW OHJHDIRVWWRWDODEURJDW DELDvQDQXOSULQ/HJHDQUvQIDSW
vQFHSkQGGLQFRPHU XODIRVWOLEHUDOL]DWFDHIHFWDOSUHYHGHULORUFXSULQVHvQ
DQH[D D +RW UkULL *XYHUQXOXL QU $FHDVW KRW UkUH D *XYHUQXOXL D
UH]HUYDWPRQRSROXOXLGHVWDWFRPHU XOFXXQQXP UH[WUHPGHUHGXVGHSURGXVH±
H[SOR]LYLGURJXULRWU YXULSURGXVHUDGLRDFWLYHPXQL LLúLDUPDPHQW±GDUDFHVWH
SURGXVHFRQVWLWXLHFXPDPDU WDWGHMDRELHFWPDWHULDODODOWRULQIUDF LXQLDVWIHOF
GLVSR]L LLOHDUW&SHQFDUHLQFULPLQHD] VSHFXODDXGHYHQLWFDGXFH'RYDGD
SHUHPSWRULHDDFHVWXLIDSWRFRQVWLWXLHvQV úLMXULVSUXGHQ DQ VFXW RGDW FXDFHVW
DFW QRUPDWLY GH H[HPSOX VD GHFLV F QX H[LVW VSHFXO GDF LQFXOSDWXO D
FXPS UDW úL UHYkQGXW R FDQWLWDWH GH FHUHDOH GHRDUHFH +* QU QX PDL
LQWHU]LFH FRPHU XO SDUWLFXODU FX FHUHDOH VDX WRW DVWIHO F QX H[LVW VSHFXO
GDF LQFXOSDWXO D FXPS UDW úL UHYkQGXW LJ UL úL E XWXUL DOFRROLFH GHRDUHFH
SUHYHGHULOHOHJDOHSULQFDUHVHVWDELOHDF EXQXULOHUHVSHFWLYHQXSRWIDFHRELHFWXO
FRPHU XOXLSDUWLFXODUDXIRVWLPSOLFLWDEURJDWHSULQ+*QU
&6-GHFSHQQUvQ6&ULúXúL('&ULúX&RGXOSHQDODGQRWDW(GLWXUD$UJHVVLVS
&6-GHFSHQQUvQRSFLWS
7RWXúL vQWUXFkW GHVXHWXGLQHD QX FRQVWLWXLH SRWULYLW RSLQLHL PDMRULWDUH XQ
PRG GH LHúLUH GLQ YLJRDUH D QRUPHORU MXULGLFH GLVSR]L LLOH DUW & SHQ DX
IRVWXQDQLPFRQVLGHUDWHFDU PDVHvQYLJRDUHXUPkQGFDHOHV úLUHLDDFWLYLWDWHD
DSOLFDELOLWDWHD DWXQFL FkQG LQWHUHVHOH HFRQRPLFH DOH VWDWXOXL DU LPSXQH LDU úL
LQVWLWXLUHDXQRUUHVWULF LLDOHFRPHU XOXLSDUWLFXODU
8QDWDUHSXQFWGHYHGHUH±vQSULQFLSLXDFFHSWDELO±DGHYHQLWvQV H[WUHPGH
JUHX GH VXV LQXW GXS DSDUL LD /HJLL QU GLQ PDL SULYLQG UHJLPXO
PRQRSROXOXLGHVWDW
3ULQGLVSR]L LLOHDUWGLQDFHDVW OHJHVDLQVWLWXLWPRQRSROXOGHVWDWDVXSUD
XUP WRDUHORUDFWLYLW LHFRQRPLFH
DIDEULFDUHDúLFRPHUFLDOL]DUHDDUPDPHQWXOXLPXQL LLORUúLH[SOR]LELOLORU
E SURGXFHUHD úL FRPHUFLDOL]DUHD VWXSHILDQWHORU úL D PHGLFDPHQWHORU FDUH
FRQ LQVXEVWDQ HVWXSHILDQWH
F H[WUDF LD SURGXFHUHD úL SUHOXFUDUHD vQ VFRSXUL LQGXVWULDOH D PHWDOHORU
SUH LRDVHúLDSLHWUHORUSUH LRDVH
GSURGXFHUHDúLHPLVLXQHDGHP UFLSRúWDOHúLWLPEUHILVFDOH
HIDEULFDUHDúLLPSRUWXOvQYHGHUHDFRPHUFLDOL] ULLvQFRQGL LLGHFDOLWDWHD
DOFRROXOXLúLDE XWXULORUVSLUWRDVHGLVWLODWH
I IDEULFDUHD úL LPSRUWXO vQ YHGHUHD FRPHUFLDOL] ULL vQ FRQGL LL GH FDOLWDWH D
SURGXVHORUGHWXWXQúLDKkUWLHLSHQWUX LJDUHWH
J RUJDQL]DUHD úL H[SORDWDUHD VLVWHPHORU GH MRF FX PL]D GLUHFWH VDX
GLVLPXODWH
KRUJDQL]DUHDúLH[SORDWDUHDSURQRVWLFXULORUVSRUWLYH
3RWULYLW /HJLL QU H[SORDWDUHD DFWLYLW LORU FRQVWLWXLQG PRQRSRO GH
VWDW VH IDFH QXPDL SH ED] GH OLFHQ H HOLEHUDWH GH 0LQLVWHUXO )LQDQ HORU ± vQ FD]
FRQWUDUIDSWDDWU JkQGU VSXQGHUHDSHQDO VDXFRQWUDYHQ LRQDO GXS FD]$VWIHO
GHVI úXUDUHDI U OLFHQ DDFWLYLW LORUSUHY ]XWHvQDUWOLWD±GúLJFRQVWLWXLH
FRQIRUPDUWDOLQGLQOHJHLQIUDF LXQHúLVHSHGHSVHúWHFXvQFKLVRDUHGHOD
OXQL OD DQL VDX FX DPHQG vQ WLPS FH GHVI úXUDUHD I U OLFHQ D DFWLYLW LORU
SUHY ]XWHvQDUWOLWHIKFRQVWLWXLHFRQWUDYHQ LHDUWDOLQ&RQVWLWXLHGH
DVHPHQHDFRQWUDYHQ LHFRPHUFLDOL]DUHDvQDIDUDFRQGL LLORUVWDELOLWHSULQOLFHQ RUL
OD SUH XUL VDX WDULIH SHVWH FHOH PD[LPDOH D SURGXVHORU FDUH IDF RELHFWXO
PRQRSROXOXLGHVWDWDUW/HJHDQU
$FHVWHSUHYHGHULDOH/HJLLSULYLQGUHJLPXOPRQRSROXOXLGHVWDWDXDYXWvQV
LPSOLFD LLGLQWUHFHOHPDLYDULDWHDVXSUDLQFULPLQ ULORUHFRQRPLFHLQFOXVLYDVXSUD
LQFULPLQ ULLIDSWHORUGHVSHFXO
2SULP LPSOLFD LHDDFHVWHLOHJLDIRVWUHOHYDW GHF WUH&XUWHD6XSUHP GH
-XVWL LHFDUHvQDGHFLVF SULQDSDUL LD/HJLLQUWH[WXODUWOLWF
GLQ'HFUHWXOQUDIRVWDEURJDWLPSOLFLWFXFRQVHFLQ DF DFWHOHGHFRPHU
vQVFRSGHVSHFXO FXPHWDOHVDXSLHWUHSUH LRDVHDXIRVWGH]LQFULPLQDWHDWU JkQG
GRDURU VSXQGHUHFRQWUDYHQ LRQDO vQFRQGL LLOHDUWGLQ/HJHDQU
'H DOWIHO DFHDVW SR]L LH D MXULVSUXGHQ HL D IRVW XUPDW OD VFXUW WLPS GH R
LQWHUYHQ LH OHJLVODWLY 'HFUHWXO QU ILLQG DEURJDW H[SUHV SULQ 28*
QU DSUREDW FX PRGLILF UL úL FRPSOHW UL SULQ /HJHD QU
SULYLQGUHJLPXOPHWDOHORUSUH LRDVHvQ5RPkQLD
2DOW LPSOLFD LHD/HJLLQU±FDUHQHLQWHUHVHD] vQPRGGHRVHELW±
HVWHvQV DFHHDF HDDDEURJDWWRWDVWIHOLPSOLFLWGLVSR]L LLOHDUW&SHQFDUH
GHILQHVF LQIUDF LXQHD GH VSHFXO ± GHRDUHFH RELHFWXO MXULGLF DO LQIUDF LXQLL
SUHY ]XWHvQDUWDOLQGLQ/HJHDQUFRLQFLGHvQWUHDOWHOHFXRELHFWXO
ÌQVHQVFRQWUDU*GHO9HFFKLR/HF LLGHILORVRILHMXULGLF (GLWXUD(XURSD1RYDS
&6-GHFSHQSXEOLFDW vQÄ'UHSWXO´QUS
MXULGLF VSHFLDO DO LQIUDF LXQLL GH VSHFXO $VWIHO VH SRDWH OHVQH REVHUYD F GDF
SULQFLSDOD UD LXQH D LQFULPLQ ULL IDSWHORU GH VSHFXO D IRVW DFHHD GH D DVLJXUD
SURWHF LH PRQRSROXOXL GH VWDW DVXSUD FRPHUFLDOL] ULL DQXPLWRU EXQXUL R LGHQWLF
UD LXQHHVWHFXSULQV DFXPvQWUHDFHOHDFDUHVHDIO ODED]DLQFULPLQ ULLGLQ/HJHD
QU DUW DOLQ ùL SH OkQJ DFHDVWD ID GH SUHYHGHULOH /HJLL
QUQXVHPDLSRDWHYRUELQLFLGHXQRELHFWMXULGLFVHFXQGDUDOLQIUDF LXQLL
GH VSHFXO ± FRQVWkQG vQ SURWHMDUHD LQWHUHVHORU SDWULPRQLDOH DOH FHW HQLORU ± GLQ
PRPHQW FH FRPHUFLDOL]DUHD SURGXVHORU FDUH IDF RELHFWXO PRQRSROXOXL GH VWDW OD
SUH XULúLWDULIHÄSHVWHFHOHPD[LPDOH´FRQVWLWXLHDFWXDOPHQWHFRQWUDYHQ LHDUW
/HJHD QU ÌQ FRQVHFLQ ILLQG H[FOXV FHO SX LQ GLQ SXQFW GH YHGHUH
ORJLF FRH[LVWHQ D D GRX QRUPH SHQDOH FX XQ LGHQWLF RELHFW MXULGLF GDU FX
FRQ LQXWXUL úL VDQF LXQL GLIHULWH QX SXWHP V FRQFKLGHP GHFkW F QH DIO P vQ
SUH]HQ D XQHL DEURJ UL LPSOLFLWH D DUW & SHQ SULQ DUW DOLQ GLQ /HJHD
QU
$G XJ P OD DFHVWHD FD R SDUDQWH] REVHUYD LD F /HJHD QU DUH
LPSOLFD LL úL DVXSUD DOWRU GLVSR]L LL SHQDOH FXP VXQW GH H[HPSOX DFHOHD FDUH
SULYHVF UHJLPXO PDWHULLORU H[SOR]LYH DUW & SHQ UHJLPXO DUPHORU úL
PXQL LLORUDUW&SHQFRPEDWHUHDWUDILFXOXLúLFRQVXPXOXLGHGURJXUL/HJHD
QUHWF'HVLJXUQXVDUSXWHDVXV LQHF DFHVWHGLVSR]L LLSHQDOHDXIRVW
úLHOHDEURJDWHWDFLWGLQPRPHQWFHHOHVHvQI LúHD] FDLQFULPLQ ULREVWDFROD
F URUSULQFLSDO UD LXQHHVWHDFHHDGHDvPSLHGLFDDOWHIDSWHVXEVHFYHQWHvQGUHSWDWH
vPSRWULYDSHUVRDQHLDYLH LLLQWHJULW LLIL]LFHRULV Q W LLDFHVWHLD1LVHSDUHvQV
QHvQGRLHOQLF IDSWXO F FHO SX LQ SkQ OD DSDUL LD /HJLL QU GLVSR]L LLOH vQ
FDX] DVLJXUDX SURWHF LH úL XQRU LQWHUH HFRQRPLFH DOH VWDWXOXL FDUH GH LQHD
PRQRSROXO SULQFLSDOHORU DFWLYLW L HFRQRPLFH UHIHULWRDUH OD DVHPHQHD EXQXUL
H[SOR]LYL DUPH PXQL LL úD &HHD FH GLQ SXQFWXO GH YHGHUH DO GUHSWXOXL SHQDO
vQVHDPQ F QHUHVSHFWDUHD UHJLPXOXL OHJDO DO DFHVWRU EXQXUL DWU JHD U VSXQGHUHD
SHQDO DFHORUYLQRYD LGRDUSHQWUXLQIUDF LXQHDREVWDFRODUW&SHQDUW
&SHQHWFGXS FD]$FWXDOPHQWHvQV FkQGvQF OFDUHDGUHSWXOXLGHPRQRSRODO
VWDWXOXLHVWHSUHY ]XW FDLQIUDF LXQHGLVWLQFW LQIUDF LXQHHFRQRPLF SUHY ]XW vQ
DUW DOLQ GLQ /HJHD QU vQ VDUFLQD FHORU YLQRYD L úL GH vQF OFDUHD
DFHVWXL GUHSW ± FHHD FH SUHVXSXQH F DX HIHFWXDW DFWLYLW L HFRQRPLFH UH]HUYDWH
PRQRSROXOXL GH VWDW ± XUPHD] V VH UH LQ V YkUúLUHD XQXL FRQFXUV IRUPDO GH
LQIUDF LXQL LQIUDF LXQHD SUHY ]XW vQ DUW DOLQ GLQ /HJHD QU vQ
FRQFXUVFXLQIUDF LXQHD±REVWDFROV YkUúLW
ÌQ VIkUúLW UHYHQLQG OD SUREOHPDWLFD LQIUDF LXQLL GH VSHFXO DG XJ P úL
SUHFL]DUHDF vQWUXFkWFRQFOX]LLOHGHPDLVXVUHSUH]LQW RVLPSO RSLQLHSHUVRQDO
VXVFHSWLELO GH D IL FRQWUD]LV VH LPSXQH V FRQWLQX P DQDOL]D FRQ LQXWXOXL
LQFULPLQ ULLGLQDUW&SHQLJQRUkQGIDSWXO±SHQWUXPRPHQWGLVFXWDELO±DO
DEURJ ULLWDFLWHDDFHVWXLWH[W
6XELHF LLLQIUDF LXQLL
6XELHFW DFWLY QHPLMORFLW DO LQIUDF LXQLL GH VSHFXO SRDWH IL RULFH SHUVRDQ
FDUHvQGHSOLQHúWHFRQGL LLOHJHQHUDOHDOHU VSXQGHULLSHQDOHLQFOXVLYXQIXQF LRQDU
3DUWLFLSD LDSHQDO HVWHSRVLELO VXEWRDWHIRUPHOH
6XELHFWSDVLYDOLQIUDF LXQLLHVWHVWDWXO
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDODOLQIUDF LXQLLGHVSHFXO GLIHU GXS FXPHVWHYRUEDGH
YDULDQWD WLS SUHY ]XW vQ DUW OLW D VDX GH YDULDQWD WLS SUHY ]XW vQ DUW
OLWE&SHQ
ÌQ YDULDQWD SUHY ]XW vQ DUW OLW D & SHQ HOHPHQWXO PDWHULDO DO
LQIUDF LXQLLGHVSHFXO FRQVW vQWURDFWLYLWDWHGHLQWHUPHGLHUHFRPHUFLDO vQVHQVXO
F DXWRUXOFXPS U DQXPLWHSURGXVHSHQWUXDOHUHYLQGHGHUHJXO ODXQSUH PDL
PDUH
ÌQ DFHDVW YDULDQW HVWH QHFHVDU vQ SULPXO UkQG FD DXWRUXO V UHDOL]H]H R
RSHUD LH GH ÄFXPS UDUH´ 'H XQGH XUPHD] F QX H[LVW VSHFXO GDF SURGXVHOH
LQGXVWULDOH VDX DJULFROH SURYLQ GLQ V YkUúLUHD XQHL DOWH LQIUDF LXQL ± GH H[HPSOX
IXUWW LQXLUHHWF±FKLDUGDF VDSO WLWXQÄSUH ´SHQWUXHOHÌQDOGRLOHDUkQG
HVWH QHFHVDU V VH GRYHGHDVF H[LVWHQ D VFRSXOXL GH UHYkQ]DUH D SURGXVHORU
FXPS UDWH$FHDVW H[LJHQ DOHJLLDIRVWLQWHUSUHWDW GHPDMRULWDWHDDXWRULORUFDR
FHULQ GHRUGLQVXELHFWLYvQVHQVXOF VSHFXODDUSUHWLQGHFXQHFHVLWDWHRLQWHQ LH
FDOLILFDW SULQVFRSXOGHUHYkQ]DUHDEXQXULORUÌQDFHODúLWLPSREVHUYkQGF HVWH
H[WUHP GH JUHX GH VWDELOLW FH VH SHWUHFH vQ IRUXO LQWHULRU DO DJHQWXOXL GRFWULQD D
VLP LW QHYRLD V SUHFL]H]H XQHOH FULWHULL FDUH V DMXWH LQVWDQ HOH vQ DSUHFLHUHD
H[LVWHQ HL VFRSXOXL GH UHYkQ]DUH FXP DU IL QHSRWULYLUHD GLQWUH FDQWLW LOH GH
SURGXVH FXPS UDWH úL QHYRLOH MXVWLILFDWH ILUHúWL DOH FXPS U WRUXOXL QDWXUD
EXQXULORU FXPS UDWH DEXQGHQ D VDX OLSVD ORU vQ FLUFXLWXO FRPHUFLDO PRGXO
DFKL]L LRQ ULL UHSHWDUHD DFHVWRUDODVFXUWHLQWHUYDOHHWF7RWXúLHVWHHYLGHQWF
DVHPHQHDFULWHULLVXQWGHQDWXU V FRQGXF ODRH[WLQGHUHQHMXVWLILFDW DDSOLF ULL
DUW & SHQ GLQ PRPHQW FH SULQ FXPS UDUHD XQRU FDQWLW L PDL PDUL GH
SURGXVH I SWXLWRUXO SRDWH XUP UL DOWH VFRSXUL úL QX VFRSXO GH UHYkQ]DUH ± GH
H[HPSOXHOSRDWHXUP ULV úLFUHH]HSURYL]LLVDXV DMXWHRDOW SHUVRDQ DIODW vQ
LPSRVLELOLWDWHGHDVHGHSODVDÌQUHDOLWDWHVFRSXOODFDUHVHIDFHUHIHULUHvQDUW
OLW D & SHQ QX UHSUH]LQW R FHULQ GH RUGLQ VXELHFWLY FL GHVHPQHD] R
FRPSRQHQW FHDGHDGRXDDHOHPHQWXOXLPDWHULDO3ULQIRUPXODDOHDV ÄvQVFRS
GH UHYkQ]DUH´ OHJLXLWRUXO D GRULW PDL SUHFLV V VXEOLQLH]H IDSWXO F QX HVWH
QHFHVDUFDUHYkQ]DUHDV VHILSURGXVHIHFWLYFLHVWHVXILFLHQWFDI SWXLWRUXOV IL
H[SXV VSUH YkQ]DUH DFHOH SURGXVH VDX V IL vQFHSXW QHJRFLHUL FX HYHQWXDOLL
FXPS U WRUL ± GHPRQVWUkQG DVWIHO F EXQXULOH SH FDUH OHD DFKL]L LRQDW QX HUDX
GHVWLQDWHQHYRLORUJRVSRG UHúWLFLRE LQHULLGHSURILWXUL
'HDOWIHORSLQLDFRQWUDU ±FDUHHVWHWRWXúLGRPLQDQW vQGRFWULQDQRDVWU ±
QXSDUHV ILIRVWvPS UW úLW GHF WUHMXULVSUXGHQ GLQPRPHQWFHLQVWDQ DQRDVWU
VXSUHP D GHFLV F QX H[LVW VSHFXO GDF ÄDF LXQLOH UHSHWDWH GH FXPS UDUH GH
DQLPDOH V YkUúLWH GH LQFXOSDW QX DX IRVW HIHFWXDWH vQ YHGHUHD XQRU DF LXQL
VXEVHFYHQWHGHUHYkQ]DUH±FHULQ HVHQ LDO SHQWUXDVHSXWHDUH LQHLQIUDF LXQHDGH
VSHFXO ± FL vQ YHGHUHD VDWLVIDFHULL XQRU QHYRL JRVSRG UHúWL OHJDWH GH DVLJXUDUHD
PLMORDFHORUGHWUDQVSRUWQHFHVDUHH[HUFLW ULLvQGHOHWQLFLULLGHDFKL]LWRUGHDPEDODMH
GLQFDUHLQFXOSDWXOvúLDVLJXU H[LVWHQ DVDúLDIDPLOLHLVDOH´
ÌQYDULDQWDSUHY ]XW vQDUWOLWE&SHQHOHPHQWXOPDWHULDOQXVHPDL
UH]XP OD GRX RSHUD LL ± FXPS UDUH úL vQFHUFDUH GH UHYkQ]DUH VDX UHYkQ]DUH
HIHFWLY ± FL FXSULQGH vQ SOXV FD R FRPSRQHQW LQWHUPHGLDU R DFWLYLWDWH GH
ÄSUHOXFUDUH´DGLF GHWUDQVIRUPDUHDSURGXVHORUFXPS UDWHvQDOWHSURGXVH
ÌQvQ HOHVXODUWOLWE&SHQWHUPHQXOGHÄSUHOXFUDUH´QXGHVHPQHD]
VLPSOH WUDQVIRUP UL H[WHULRDUH DOH SURGXVHORU FXPS UDWH ± DúD FXP VH VXV LQH GH
F WUHXQLLDXWRUL±FLGHVHPQHD] H[FOXVLYRVFKLPEDUHGHQDWXU DEXQXOXLF FL
ÌQDFHVWVHQV76GHFSHQSXEOLFDW vQ5HSHUWRULX,S7M%DF XGHFSHQvQ
55'QUS
,RVLI)RGRUvQ([SOLFD LLWHRUHWLFHDOH&RGXOXLSHQDOURPkQ3DUWHDVSHFLDO YRO,9(GLWXUD$FDGHPLHL
%XFXUHúWLS
76GHFSHQQUSXEOLFDW vQ5HSHUWRULX,,S
$VHYHGHD,)RGRURSFLWS
vQ FD] FRQWUDU IDSWD VDU vQFDGUD vQ SUHYHGHULOH DUW OLW D úL QX DOH DUW
OLWE&SHQ'HúLOHJLXLWRUXOIRORVHúWHúLvQDFHDVW DGRXDYDULDQW DLQIUDF LXQLL
DFHHDúL VLQWDJP ± ÄFXPS UDUHD vQ VFRS GH«UHYkQ]DUH´ ± vQ UHDOLWDWH GH DFHDVW
GDW QXPDLHVWHYRUEDGH©UHYkQ]DUHªFLGHYkQ]DUHDXQXLSURGXVQRXDGLF GH
R RSHUD LH FDUH vQ VLQH QX FRQVWLWXLH XQ DFW GH FRPHU úL GHFL QX DU SXWHD IL
DQDOL]DW FD R vQF OFDUH D GUHSWXOXL GH PRQRSRO DO VWDWXOXL ÌQ RULFH FD] SHQWUX D
F S WD FDUDFWHU FRPHUFLDO úL D F GHD VXE LQFLGHQ D SUHYHGHULORU DUW & SHQ
DGLF SHQWUX D GHYHQL R RSHUD LH FRPHUFLDO LQWHU]LV SDUWLFXODULORU DFHDVW
YkQ]DUHWUHEXLHV ILHSUHFHGDW GHRRSHUD LHGHFXPS UDUHDXQRUSURGXVHSULPDUH
FD úL GH R RSHUD LH GH SUHOXFUDUH GH WUDQVIRUPDUH D DFHVWRU SURGXVH vQ DOWHOH 'H
DFHHD úL vQ DFHVW FD] GDF OLSVHúWH ÄFXPS UDUHD´ GH H[HPSOX ILLQGF PDWHULD
SULP SURYLQH GLQ SURGXF LD SURSULH IDSWD QX PDL FRQVWLWXLH VSHFXO F FL vL
OLSVHúWH FDUDFWHUXO FRPHUFLDO ÌQ DFHVW FD] FKLDU GDF SURGXVXO YkQGXW ILJXUHD]
SULQWUH FHOH LQWHU]LVH FRPHU XOXL SDUWLFXODU RSHUD LD UHDOL]DW GH DJHQW U PkQH R
RSHUD LHFLYLO FDUHQXLQWU VXELQFLGHQ DDUW&SHQ
0DL PXOW GHFkW DWkW SHQWUX H[LVWHQ D LQIUDF LXQLL QX HVWH VXILFLHQW FD
DFWLYLWDWHDGHVI úXUDW GHDJHQWV DLE FDUDFWHUFRPHUFLDOFLSHOkQJ DFHDVWDPDL
HVWHQHFHVDUFDSURGXVHOHILQLWHSXVHvQFLUFXOD LHYkQGXWHV ILJXUH]HSULQWUHFHOH
LQWHU]LVH FRPHU XOXL SDUWLFXODU &D XUPDUH vQ PRG FRUHFW VD GHFLV F GDF
LQFXOSDWXODFXPS UDWSLHLSURGXVHLQWHU]LVHFRPHU XOXLSDUWLFXODUSULQDUWGLQ
/HJHDQUSHFDUHOHDSUHOXFUDWúLUHYkQGXWVXEIRUP GHFRMRDFHIDSWDQX
FRQVWLWXLH VSHFXO GHRDUHFH FRMRDFHOH QX VXQW SURGXVH LQWHU]LVH FRPHU XOXL
SDUWLFXODU
8UPDUHDLPHGLDW $FWHOHFDUHFRQVWLWXLHHOHPHQWXOPDWHULDODOLQIUDF LXQLLGH
VSHFXO vQ DPEHOH YDULDQWH DX FD XUPDUH LPHGLDW SULQFLSDO R DWLQJHUH DGXV
PRQRSROXOXL GH VWDW DVXSUD FRPHUFLDOL] ULL DQXPLWRU SURGXVH ,QIUDF LXQHD GH
VSHFXO SRDWH DYHD úL R XUPDUH VHFXQGDU FRQVWkQG vQ OH]DUHD LQWHUHVHORU
SDWULPRQLDOHDOHFXPS U WRULORUSULQDFKL]L LRQDUHDSURGXVHORUODSUH XULVXSHULRDUH
FHORUSUHY ]XWHGHOHJH
([LVWHQ DUDSRUWXOXLGHFDX]DOLWDWHVHSUH]XP
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH,QIUDF LXQHDGHVSHFXO VHFRPLWHFXLQWHQ LH
0RELOXOúLVFRSXOQXVXQWHOHPHQWHFRQVWLWXWLYHDOHLQIUDF LXQLL
)RUPH6DQF LXQL
)RUPH /D LQIUDF LXQHD GH VSHFXO IRUPHOH LPSHUIHFWH UHVSHFWLY DFWHOH GH
SUHJ WLUH úL WHQWDWLYD VXQW DVLPLODWH IRUPHL FRQVXPDWH ÌQ DFHDVW SULYLQ
UHDPLQWLP F HOHPHQWXO PDWHULDO DO LQIUDF LXQLL FXSULQGH GRX VDX GXS FD] WUHL
DF LXQLFRPSRQHQWHvQV FRPSRQHQWDILQDO VHSRDWHSUH]HQWD±vQDPEHOHYDULDQWH
±DWkWVXEIRUPDUHYkQ] ULLHIHFWLYHFkWúLDDFWHORUGHSUHJ WLUHRULDWHQWDWLYHLGH
UHYkQ]DUH
ÌQ RULFDUH GLQWUH FHOH GRX YDULDQWH YD H[LVWD IRUPD FRQVXPDW VLPSO D
LQIUDF LXQLL GDF DXWRUXO D UHDOL]DW R VLQJXU RSHUD LH FRPHUFLDO DYkQG FD RELHFW
EXQXUL LQWHU]LVH FRPHU XOXL SDUWLFXODU ÌQ FD] GH UHSHWDUH D DFHOHLDúL RSHUD LL
FRPHUFLDOH OD LQWHUYDOH GLIHULWH GH WLPS GDU vQ UHDOL]DUHD XQHL LGHQWLFH UH]ROX LL
LQIUDF LRQDOHLQIUDF LXQHDYDvPEU FDIRUP FRQWLQXDW DWU JkQGLQFLGHQ DDUW
DOLQ&SHQvQDFHVWFD]YDH[LVWDúLXQPRPHQWDOHSXL] ULLLQIUDF LXQLLFDUH
FRLQFLGHFXXOWLPDRSHUD LHFRPHUFLDO LOLFLW HIHFWXDW
&6-GHFSHQQUvQ6&ULúXúL('&ULúXRSFLWS
ÌQDFHVWVHQV76GHFSHQQUSXEOLFDW vQ&'S
'DF I SWXLWRUXOHIHFWXHD] GRX VDXPDLPXOWHRSHUD LLFRPHUFLDOHGLIHULWH
FDUHUHDOL]HD] FRQ LQXWXODPEHORUYDULDQWHYDH[LVWDXQFRQFXUVUHDOGHLQIUDF LXQL
GHRDUHFHVSHFXODHVWHDFWXDOPHQWHRLQIUDF LXQHELQRPLF VXEDFHHDúLGHQXPLUH
PDUJLQDO VXQWSUHY ]XWHGRX LQIUDF LXQL
6DQF LXQL ÌQ DPEHOH YDULDQWH LQIUDF LXQHD GH VSHFXO VH SHGHSVHúWH FX
vQFKLVRDUHDGHODOXQLODDQL
3URGXVHOHFDUHDXIRUPDWRELHFWXOPDWHULDODOLQIUDF LXQLLVXQWVXSXVHP VXULL
GHVLJXUDQ DFRQILVF ULLVSHFLDOHDUWOLWE&SHQ
Ì1ù(/ &,81($/$0 685 72$5(
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO LQIUDF LXQLL GH vQúHO FLXQH OD P VXU WRDUH HVWH
UHSUH]HQWDWvQSULQFLSDOGHUHOD LLOHVRFLDOHFDUHDVLJXU FRUHFWLWXGLQHDRSHUD LLORU
GHP VXUDUHúLLPSOLFLWvQFUHGHUHDSXEOLF vQVLVWHPXOHFRQRPLFH[LVWHQW
ÌQ VXEVLGLDU RELHFWXO MXULGLF VSHFLDO DO DFHVWHL LQIUDF LXQL HVWH FRQVWLWXLW GH
UHOD LLOHVRFLDOHFDUHSURWHMHD] LQWHUHVHOHGHRUGLQSDWULPRQLDODOHSHUVRDQHORUFDUH
SDUWLFLS ODGHUXODUHDRSHUD LLORUGHP VXUDUH
2ELHFWXO PDWHULDO DO LQIUDF LXQLL FRQVW vQ EXQXULOH VXSXVH RSHUD LHL GH
P VXUDUH%XQXULOHFDUHQXVXQWVDXQXSRWILP VXUDWHRULFkQW ULWHQXSRWIRUPD
RELHFWXO PDWHULDO DO DFHVWHL LQIUDF LXQL &D XUPDUH LQIUDF LXQHD QX SRDWH DYHD FD
RELHFWPDWHULDOEXQXULLQGLYLGXDOGHWHUPLQDWHUHVFHUWD±DúDFXPVXQWXQLFDWHOH
RULDOWHOXFUXULLQGLFDWHSULQFDUDFWHUHOHORUVSHFLILFHGHH[HPSOXSULQQXP UXOGH
vQPDWULFXODUH SULQ DGUHVD SRúWDO ± úL QLFL EXQXUL GH JHQ UHV JHQHUD FDUH VH
GHWHUPLQ SULQQXP UDUHGHH[HPSOXEDQLLRULEXQXULOHFDUHVHYkQGODEXFDW
6XELHF LLLQIUDF LXQLL
6XELHFWDFWLYQHPLMORFLWDOLQIUDF LXQLLGHvQúHO FLXQHODP VXU WRDUHSRDWHIL
RULFHSHUVRDQ GHRDUHFHGLVSR]L LDGLQDUW&SHQQXFXSULQGHFHULQ HVSHFLDOH
vQFHSULYHúWHDXWRUXO7RWXúLGHUHJXO DXWRUDOLQIUDF LXQLLHVWHXQIXQF LRQDURUL
XQDOWVDODULDWFDUHPkQXLHúWHLQVWUXPHQWHGHP VXUDW
3DUWLFLSD LD SHQDO HVWH SRVLELO VXE WRDWH IRUPHOH FRDXWRUDW LQVWLJDUH
FRPSOLFLWDWH
6XELHFW SDVLY SULQFLSDO DO LQIUDF LXQLL HVWH VWDWXO FD WLWXODU DO RUGLQLL
HFRQRPLFHDPHQLQ DWHSULQLQFRUHFWLWXGLQHDPDQLIHVWDW vQRSHUD LLOHGHP VXUDUH
6XELHFWXO SDVLY VHFXQGDU HVWH FXPS U WRUXO VDX GXS FD] SULPLWRUXO
SHUVRDQD vQV UFLQDW V UHFHS LRQH]H EXQXULOH F UHLD L VDU SXWHD LPSXWD
FRQWUDYDORDUHDEXQXULORUOLSV
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDOFRQVW vQWURDF LXQHGHvQúHODUH´GHLQGXFHUHvQHURDUH
DXQHLSHUVRDQHDF LXQHFDUHVHSRDWHUHDOL]DvQGRX PRGDOLW LDOWHUQDWLYHSULQ
IRORVLUHDXQXLLQVWUXPHQWGHP VXUDWLQH[DFWSULQIRORVLUHDIUDXGXORDV DXQXL
LQVWUXPHQWGHP VXUDWH[DFW
&HD GLQWkL PRGDOLWDWH SUHVXSXQH F LQVWUXPHQWXO GH P VXUDW FkQWDU PHWUX
HWF D IRVW FRQIHF LRQDW VDX PRGLILFDW vQ DúD IHO vQFkW V vQUHJLVWUH]H R YDORDUH
P ULPH VXSHULRDU FHOHL UHDOH 3UDFWLFD MXGLFLDU QX vQUHJLVWUHD] FD]XUL GH
V YkUúLUH D LQIUDF LXQLL vQ DFHDVW PRGDOLWDWH IDSW H[SOLFDELO SULQ DFHHD F vQ
FRQIRUPLWDWH FX SUHYHGHULOH OHJDOH vQ YLJRDUH SULYLQG DFWLYLWDWHD GH PHWURORJLH
2* QU PRGLILFDW SULQ 28* QU DSUREDW SULQ /HJHD
QUWRDWHPLMORDFHOHGHP VXUDUHXWLOL]DWHvQGRPHQLLOHGHLQWHUHVSXEOLF
VXQW VXSXVH REOLJDWRULX FRQWUROXOXL PHWURORJLF DO VWDWXOXL VXVWUDJHUHD GH OD DFHVW
FRQWURO DWU JkQG vQ SULQFLSDO U VSXQGHUHD FRQWUDYHQ LRQDO D SURGXF WRULORU úL
LPSRUWDWRULORU GH PLMORDFH GH P VXUDUH úL vQ VXEVLGLDU U VSXQGHUHD
FRQWUDYHQ LRQDO DXWLOL]DWRULORUGHDVHPHQHDPLMORDFH
&HD GH D GRXD PRGDOLWDWH SUHVXSXQH IRORVLUHD IUDXGXORDV ´ D XQXL
LQVWUXPHQWGHP VXUDWH[DFWDGLF PkQXLUHDLQFRUHFW DDFHVWXLLQVWUXPHQWGDUvQ
DúD IHO vQFkW V GHD LPSUHVLD FRUHFWLWXGLQLL P VXU WRULL 3HQWUX H[LVWHQ D DFHVWHL
PRGDOLW L D LQIUDF LXQLL QX WUHEXLH V VH IDF QHDS UDW GRYDGD V YkUúLULL XQRU
PDQRSHUHGHDP JLUHILLQGVXILFLHQWGHH[HPSOXFDDXWRUXOV SURILWHGHQHDWHQ LD
VDX QHU EGDUHD FOLHQWXOXL FDUH QX PDL YHULILF FDQWLWDWHD SULPLW ÌQ SUDFWLFD
MXGLFLDU VD GHFLV GH H[HPSOX F H[LVW DFHDVW LQIUDF LXQH GDF I SWXLWRUXO
EDUPDQ LQWURGXFH vQ SDKDUXO JUDGDW R FDQWLWDWH GH E XWXU PDL PLF GHFkW FHD
GDWRUDW FXPS U WRUXOXL RUL GDF YLQGH E XWXUL FX OLSV OD P VXU WRDUH
IRORVLQG XQ SDKDU QHPDUFDW VDX P VXUkQG E XWXUD GXS RFKL´ 7RWRGDW VD
GHFLVF WH[WXODUW&SHQHVWHDSOLFDELODWkWIDSWHORUFRPLVHGHIXQF LRQDULRUL
DO L VDODULD L FkW úL FHORU V YkUúLWH GH SHUVRDQH FH QX DX R DVHPHQHD FDOLWDWH vQ
UDSRUW FX DFHVWD WH[WXO DUW & SHQ DEX]XO vQ VHUYLFLX FRQWUD LQWHUHVHORU
SHUVRDQHORUDUHXQFDUDFWHUVXEVLGLDUúLFDXUPDUHIDSWDLQFXOSDWHLJHVWLRQDU OD
XQPDJD]LQDOLPHQWDUGHDYLQGHPDLPXOWRUSHUVRDQHXOHLFRPHVWLELOFXOLSV OD
P VXU WRDUH FRQVWLWXLH LQIUDF LXQHD GH vQúHO FLXQH OD P VXU WRDUH LDU QX DEX] vQ
VHUYLFLX FRQWUD LQWHUHVHORU SHUVRDQHORU 'DF I SWXLWRUXO DUH FDOLWDWHD GH
JHVWLRQDULQIUDF LXQHDGHvQúHO FLXQHODP VXU WRDUHYDLQWUDvQFRQFXUVIRUPDOFX
LQIUDF LXQHD GH FUHDUH GH SOXVXUL vQ JHVWLXQH SULQ PLMORDFH IUDXGXORDVH IDSW
SUHY ]XW vQDUWGLQ/HJHDQUPRGLILFDW SULQ/HJHDQU
8UPDUHDLPHGLDW ,QIUDF LXQHDGHvQúHO FLXQHODP VXU WRDUHDUHFDXUPDUH
LPHGLDW SULQFLSDO RVWDUHGHSHULFROSHQWUXHFRQRPLDQD LRQDO ,QIUDF LXQHDSRDWH
DYHD úL R XUPDUH VHFXQGDU FRQVWkQG vQ DSDUL LD XQHL SDJXEH PDWHULDOH vQ
SDWULPRQLXOFHOXLvQúHODWH[LVWHQ DLQIUDF LXQLLQXHVWHFRQGL LRQDW GHSURGXFHUHD
HIHFWLY DXQHLSDJXEH
5DSRUWXOGHFDX]DOLWDWHUH]XOW H[UH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH/DLQIUDF LXQHDGHvQúHO FLXQHODP VXU WRDUHHOHPHQWXO
VXELHFWLY vPEUDF IRUPD LQWHQ LHL GLUHFWH VDX LQGLUHFWH ([LVWHQ D LQWHQ LHL VH
SUH]XP QHILLQGSRVLELO GRYDGDFRQWUDU
0RELOXOúLVFRSXOQXVXQWHOHPHQWHFRQVWLWXWLYHDOHLQIUDF LXQLL
)RUPH6DQF LXQL
)RUPH &RQIRUP DUW DOLQ & SHQ WHQWDWLYD VH SHGHSVHúWH ([LVWHQ D
WHQWDWLYHL SUHVXSXQH GHVFRSHULUHD IDSWHL DQWHULRU PRPHQWXOXL SUHG ULL EXQXOXL ±
ILLQGF DúDGXS FXPVDGHFLVFRQVWDQWvQSUDFWLF DFHVWPRPHQWFRLQFLGHFX
FRQVXPDUHDLQIUDF LXQLL
ÌQUDSRUWFXXUPDUHDVDSULQFLSDO vQúHO FLXQHDODP VXU WRDUHVHSUH]LQW FD
R LQIUDF LXQH IRUPDO GH VLPSO DF LXQH FDUH VH FRQVXP vQ PRPHQWXO vQ FDUH
SHUVRDQDFDUHDVLVW ODP VXU WRDUHúLFDUHHVWHvQúHODW DSULPLWEXQXO±ILLQGF vQ
7M+XQHGRDUDGHFSHQQUSXEOLFDW vQ55'QUS
7M7LPLúGHFSHQQUSXEOLFDW vQ55'QUS
7M6XFHDYDGHFSHQQUSXEOLFDW vQ55'QUS
ÌQVHQVFRQWUDU&6-FRQWHQFLRVDGPGHFSXEOLFDW vQ6&ULúXúDRSFLWS
ÌQ DFHVW VHQV 7M 6XFHDYD GHF SHQ QU SXEO vQ 55' QU S 7M 3UDKRYD
GHFSHQSXEOvQ55'S
DFHVWPRPHQWDOSULPLULLEXQXOXLVHVWLQJHREOLJD LDI SWXLWRUXOXLGHDSUHGDOXFUXO
úLVHQDúWHREOLJD LDFHOXLvQúHODWGHDSO WLSUH XO
ÌQOLWHUDWXUDGHVSHFLDOLWDWHVDH[SULPDWvQV úLRDOW RSLQLHSRWULYLWF UHLD
PRPHQWXO FRQVXP ULL LQIUDF LXQLL DU FRLQFLGH FX PRPHQWXO vQ FDUH DUH ORF SODWD
SUH XOXL±FHHDFHDUvQVHPQDF H[LVW WHQWDWLY úLDWXQFLFkQGVDSURGXVSUHGDUHD
UHVSHFWLY SULPLUHD EXQXOXL vQV QX VD DFKLWDW SUH XO ÌQ FHHD FH QH SULYHúWH
VXQWHPvQV GHS UHUHF vQDFHDVW RSLQLHVHSRUQHúWHGHODRSUHPLV JUHúLW úL
DQXPHF LQIUDF LXQHDGHvQúHO FLXQHODP VXU WRDUHvQWUXFkWUHSUH]LQW RYDULDQW
GHVSHFLHDLQIUDF LXQLLGHvQúHO FLXQHDUWUHEXLV VHvQI LúH]HWRWFDRLQIUDF LXQH
GHUH]XOWDW2UvQUHDOLWDWHVSUHGHRVHELUHGHWH[WXODUW&SHQWH[WXODUW
& SHQ QX PDL FRQGL LRQHD] H[LVWHQ D LQIUDF LXQLL GH DSDUL LD HIHFWLY D XQHL
SDJXEH vQ SDWULPRQLXO YLFWLPHL DúD vQFkW LQIUDF LXQHD WUHEXLH FRQVLGHUDW
FRQVXPDW vQFKLDUPRPHQWXOSUHG ULLOXFUXOXLP VXUDWLQFRUHFW
6DQF LXQL ,QIUDF LXQHD GH vQúHO FLXQH OD P VXU WRDUH VH SHGHSVHúWH FX
vQFKLVRDUHGHODOXQLODDQL
Ì1ù(/ &,81($&835,9,5(/$&$/,7$7($0 5)85,/25
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO ,QIUDF LXQHD GH vQúHO FLXQH FX SULYLUH OD FDOLWDWHD
P UIXULORU DUH FD SULQFLSDO RELHFW MXULGLF VSHFLDO UHOD LLOH VRFLDOH FDUH DVLJXU
UHVSHFWDUHD VWULFW D VWDQGDUGHORU GH FDOLWDWH vQ vQWUHDJD VIHU D GLVWULEX LHL úL
GHVIDFHULLEXQXULORU
ÌQVXEVLGLDULQIUDF LXQHDDVLJXU SURWHF LHLQWHUHVHORUGHRUGLQSDWULPRQLDODOH
FRQVXPDWRULORU
2ELHFWXOPDWHULDODOLQIUDF LXQLLvOIRUPHD] P UIXULOHFDUHDXIRVWIDOVLILFDWH
RULVXEVWLWXLWHSUHFXPúLRULFHDOWHSURGXVHIDOVLILFDWHRULVXEVWLWXLWHGDF DXIRVW
SXVHvQFLUFXOD LHVXERULFHIRUP
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW QX HVWH FLUFXPVWDQ LDW 'H UHJXO vQV IDSWD VH
V YkUúHúWHGHRSHUVRDQ FDUHDUHFDOLWDWHDGHIXQF LRQDURULDOWVDODULDW
3DUWLFLSD LD SHQDO HVWH SRVLELO VXE WRDWH IRUPHOH FRDXWRUDW LQVWLJDUH
FRPSOLFLWDWH
6XELHFWXOSDVLYSULQFLSDODOLQIUDF LXQLLHVWHVWDWXO
,QIUDF LXQHD SRDWH DYHD úL XQ VXELHFW SDVLY VHFXQGDU vQ SHUVRDQD
FXPS U WRUXOXLvQúHODW
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO DO LQIUDF LXQLL GH vQúHO FLXQH FX SULYLUH OD FDOLWDWHD
P UIXULORUVHSRDWHUHDOL]DvQRULFDUHGLQXUP WRDUHOHSDWUXPRGDOLW LDOWHUQDWLYH
IDOVLILFDUHD SURGXVHORU VXEVWLWXLUHD SURGXVHORU H[SXQHUHD VSUH YkQ]DUH D
SURGXVHORUIDOVLILFDWHRULVXEVWLWXLWHYkQ]DUHDSURGXVHORUIDOVLILFDWHRULVXEVWLWXLWH
)DOVLILFDUHDSUHVXSXQHDOWHUDUHDGHQDWXUDUHDSURGXVXOXLSULQFRPELQDUHDOXL
FX DOWH VXEVWDQ H GH YDORDUH LQIHULRDU GH H[HPSOX E XWXULOH DOFRROLFH VXQW
DPHVWHFDWHFXDS VDXFXDOWHE XWXULGHYDORDUHPDLUHGXV
* $QWRQLX & %XODL 3UDFWLF MXGLFLDU SHQDO YRO ,,, 3DUWHD VSHFLDO (GLWXUD $FDGHPLHL 5RPkQH
%XFXUHúWLS
6XEVWLWXLUHD SUHVXSXQH vQORFXLUHD SURGXVXOXL FX XQ DOWXO GH R FDOLWDWH
LQIHULRDU VDXFKLDUOLSVLWGHYDORDUHGHH[HPSOXEO QXULOHQDWXUDOHVXQWvQORFXLWH
FXEO QXULVLQWHWLFHSDUIXPXOHVWHvQORFXLWFXOLFKLGRDUHFDUHHWF
0RGDOLW LOHFRQVWkQGvQH[SXQHUHDVSUHYkQ]DUHRULYkQ]DUHDSURGXVHORUQX
QHFHVLW H[SOLFD LLvQV WUHEXLHV VXEOLQLHPF DFHVWHDF LXQLUHDOL]HD] HOHPHQWXO
PDWHULDODOLQIUDF LXQLLQXPDLGDF VHGRYHGHúWHF I SWXLWRUXOúWLDF SURGXVHOHDX
IRVWIDOVLILFDWHRULVXEVWLWXLWH
ÌQSUDFWLFDMXGLFLDU VDGHFLVF H[LVW DFHDVW LQIUDF LXQHGDF I SWXLWRUXOD
YkQGXW FDUQH GH FDOLWDWH LQIHULRDU VXEVWLWXLW FHOHL GH FDOLWDWH VXSHULRDU RUL
GDF D YkQGXW XQ VRUWLPHQW GH SkLQH VLQJXUXO SH FDUHvODYHDvQPDJD]LQFXXQ
SUH PDL PDUH GHFkW FHO OHJDO FRUHVSXQ] WRU XQXL VRUWLPHQW GH FDOLWDWH
VXSHULRDU
8UPDUHD LPHGLDW SULQFLSDO D LQIUDF LXQLL GH vQúHO FLXQH FX SULYLUH OD
FDOLWDWHDP UIXULORUFRQVW vQWURVWDUHGHSHULFROSHQWUXHFRQRPLDQD LRQDO 'DF
SURGXVHOH IDOVLILFDWH RUL VXEVWLWXLWH DX IRVW YkQGXWH FRQVXPDWRULORU IDSWD YD
SUH]HQWDúLRXUPDUHVHFXQGDU FRQVWkQGvQSUHMXGLFLHUHDLQWHUHVHORUSDWULPRQLDOH
DOHDFHVWRUD
5DSRUWXOGHFDX]DOLWDWHUH]XOW H[UH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH ,QIUDF LXQHD GH vQúHO FLXQH FX SULYLUH OD FDOLWDWHD
P UIXULORU VH V YkUúHúWH FX LQWHQ LH ÌQ SULPHOH GRX PRGDOLW L IDOVLILFDUHD úL
VXEVWLWXLUHD H[LVWHQ D LQWHQ LHL VH SUH]XP ÌQ FD]XO H[SXQHULL VSUH YkQ]DUH úL DO
YkQ] ULLGHSURGXVHIDOVLILFDWHRULVXEVWLWXLWHLQWHQ LDWUHEXLHGRYHGLW ±PDLH[DFW
WUHEXLH GRYHGLW FXQRDúWHUHD GH F WUH I SWXLWRU D FDOLW LL QHFRUHVSXQ] WRDUH RUL D
OLSVHLGHFDOLWDWHDSURGXVHORU
0RELOXOúLVFRSXOQXVXQWHOHPHQWHFRQVWLWXWLYHDOHLQIUDF LXQLL
)RUPH6DQF LXQL
)RUPH ÌQ SULPHOH GRX PRGDOLW L LQIUDF LXQHD SRDWH vPEU FD IRUPD
WHQWDWLYHLLPSHUIHFWHFDUHSRWULYLWDUWDOLQ&SHQVHSHGHSVHúWH
&kW SULYHúWH H[SXQHUHD VSUH YkQ]DUH ± FDUH HVWH vQ IRQG R WHQWDWLY GH
YkQ]DUH ± DFHDVWD QX SRDWH vPEU FD IRUPD WHQWDWLYHL vQ DFHDVW PRGDOLWDWH
vQúHO FLXQHD FX SULYLUH OD FDOLWDWHD P UIXULORU VH SUH]LQW FD R LQIUDF LXQH GH
FRQVXPDUHDQWLFLSDW
&RQVXPDUHDLQIUDF LXQLLDUHORFvQPRPHQWXOH[HFXW ULLLQWHJUDOHDRULF UHLD
GLQWUHDF LXQLOHFDUHUHDOL]HD] HOHPHQWXOPDWHULDODODFHVWHLD
6DQF LXQLÌQXUPDPRGLILF ULORUDGXVH&RGXOXLSHQDOSULQ28*QUGLQ
LXQLH LQIUDF LXQHD GH vQúHO FLXQH FX SULYLUH OD FDOLWDWHD P UIXULORU VH
SHGHSVHúWHFXvQFKLVRDUHGHODODDQL
',98/*$5($6(&5(78/8,(&2120,&
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO LQIUDF LXQLL GH GLYXOJDUH D VHFUHWXOXL HFRQRPLF vO
IRUPHD] UHOD LLOH VRFLDOH FDUH RFURWHVF VHFUHWXO HFRQRPLF´ DGLF DFHOH GDWH úL
LQIRUPD LLFDUHSULYHVFRDFWLYLWDWHHFRQRPLF úLFDUHQXVXQWGHVWLQDWHSXEOLFLW LL
76GHFSHQvQ55'QUS
7M'ROMGHFSHQQUvQ55'QUS
2ELHFWXOPDWHULDO,QIUDF LXQHDGHGLYXOJDUHDVHFUHWXOXLHFRQRPLFSRDWHDYHD
XQ RELHFW PDWHULDO QXPDL vQ FD]XO vQ FDUH IDSWD VH V YkUúHúWH SULQ UHPLWHUHD XQXL
vQVFULV FH FRQ LQH GDWH VDX LQIRUPD LL FDUH QX VXQW GHVWLQDWH SXEOLFLW LL vQ DFHVW
FD]vQVFULVXOUHVSHFWLYDSDUHFDRELHFWPDWHULDODOLQIUDF LXQLLÌQFHOHODOWHFD]XUL
IDSWDQXDUHRELHFWPDWHULDO
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYÌQYDULDQWDWLSVXELHFWXODFWLYQHPLMORFLWDOLQIUDF LXQLLHVWH
FLUFXPVWDQ LDWDXWRUXOLQIUDF LXQLLWUHEXLHV DLE FDOLWDWHDGHIXQF LRQDUFHHDFHVH
GHGXFH GLQ FHULQ D FD DFHVWD V FXQRDVF GDWHOH VDX LQIRUPD LLOH VHFUHWH GDWRULW
DWULEX LLORUGHVHUYLFLX´
ÌQYDULDQWDDWHQXDW SUHY ]XW vQDOLQVXELHFWXODFWLYQHPLMORFLWWUHEXLHV
ILH R DOW SHUVRDQ GHFkW DFHHD FDUH DUH FDOLWDWHD GH IXQF LRQDU vQ FDGUXO XQLW LL
SUHMXGLFLDWH
3DUWLFLSD LD SHQDO HVWH SRVLELO VXE WRDWH IRUPHOH FRDXWRUDW LQVWLJDUH
FRPSOLFLWDWH vQV vQ FD]XO FRDXWRUDWXOXL I SWXLWRULL WUHEXLH V SRVHGH WR L
FDOLWDWHDFHUXW GHWH[W
6XELHFWXOSDVLYSULQFLSDODOLQIUDF LXQLLHVWHVWDWXO6XELHFWXOSDVLYVHFXQGDUDO
DFHVWHLDHVWHXQLWDWHDHFRQRPLF SUHMXGLFLDW
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDODOLQIUDF LXQLLVHUHDOL]HD] SULQWURDF LXQHGHGLYXOJDUH
DGLF GH WUDQVPLWHUH F WUH SHUVRDQH QHvQGUHSW LWH V OH FXQRDVF D GDWHORU VDX
LQIRUPD LLORUFDUHQXVXQWGHVWLQDWHSXEOLFLW LL
3HQWUX vQWUHJLUHD HOHPHQWXOXL PDWHULDO VH FHUH FD IDSWD V ILH GH QDWXU V
SURGXF SDJXEH 3ULQ DFHDVW FHULQ OHJLXLWRUXO D GRULW V VXEOLQLH]H R GDW vQ
SOXVIDSWXOF GLVSR]L LDGLQDUW&SHQDVLJXU SURWHF LHVHFUHWXOXLHFRQRPLF
DGLF DFHORUGDWHVDXLQIRUPD LLFDUHDUSXWHDILYDORULILFDWHGHDO LLvQGHWULPHQWXO
LQWHUHVHORUGHRUGLQHFRQRPLFSDWULPRQLDODOHGH LQ WRUXOXLOHJDOÌQDFHVWVHQVV
D GHFLV F H[LVW DFHDVW LQIUDF LXQH GDF LQFXOSDWXO FDUH OXFUD OD R XQLWDWH GLQ
%XFXUHúWL úL FXQRúWHD R VHULH GH GDWH GDWRULW DWULEX LLORU VDOH GH VHUYLFLX OHD
GLYXOJDW vQWUXQ FHUF GH SULHWHQL FHHD FH D DYXW GUHSW FRQVHFLQ SHUWXUEDUHD
DFWLYLW LLGHvQFKHLHUHDXQRUFRQWUDFWHFXDOWHXQLW L
8UPDUHDLPHGLDW ,QIUDF LXQHDGHGLYXOJDUHDVHFUHWXOXLHFRQRPLFDUHGUHSW
XUPDUHLPHGLDW SULQFLSDO RVWDUHGHSHULFROSHQWUXHFRQRPLDQD LRQDO
ÌQ VHFXQGDU IDSWD DUH FD XUPDUH SHULFOLWDUHD VDX Y W PDUHD LQWHUHVHORU
HFRQRPLFHDOHXQHLXQLW L
5DSRUWXO GH FDX]DOLWDWH /D DFHDVW LQIUDF LXQH WUHEXLH V VH GRYHGHDVF
DSWLWXGLQHD DF LXQLL LQFULPLQDWH GLYXOJDUHD GH D FDX]D LQGLUHFW R SDJXE vQ
SDWULPRQLXO XQLW LL 7RWXúL H[LVWHQ D LQIUDF LXQLL QX HVWH FRQGL LRQDW GH DSDUL LD
HIHFWLY DXQHLSDJXEHDVWIHOF HYHQWXDODSURGXFHUHDXQHLSDJXEHFDúLvQWLQGHUHD
DFHVWHLDYRULQWHUHVDGRDUvQRSHUD LDGHLQGLYLGXDOL]DUHMXGLFLDU DU VSXQGHULL
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH'LYXOJDUHDVHFUHWXOXLHFRQRPLFVHV YkUúHúWHVXEDVSHFW
VXELHFWLY FX LQWHQ LH GLUHFW VDX LQGLUHFW ([LVW LQWHQ LH úL vQ FD]XO FkQG
I SWXLWRUXOQXDDYXWUHSUH]HQWDUHDFRQVHFLQ HORUIDSWHLVDOHGDF VHVWDELOHúWHF HO
DFXQRVFXWFDUDFWHUXOFRQILGHQ LDODOGDWHORURULLQIRUPD LLORUSHFDUHOHDGLYXOJDW
F FL PDQLIHVWkQG YRLQ D GH D GD vQ YLOHDJ DFHOH GDWH VDX LQIRUPD LL HO DFFHSWDW
76GHFSHQQUSXEOvQ55'QUS
LPSOLFLW DVHPHQHD FRQVHFLQ H vQ RULFH FD] úLD SXWXW GD VHDPD F SHULFOLWHD]
DFWLYLWDWHDXQLW LL
0RELOXOúLVFRSXOQXVXQWHOHPHQWHFRQVWLWXWLYHDOHLQIUDF LXQLL
)RUPH6DQF LXQL
)RUPH/HJHDQXLQFULPLQHD] WHQWDWLYDGHGLYXOJDUHDVHFUHWXOXLHFRQRPLF
&RQVXPDUHDLQIUDF LXQLLDUHORFvQPRPHQWXOvQFDUHGDWHOHVDXLQIRUPD LLOH
DXDMXQVODFXQRúWLQ DXQHLSHUVRDQHQHvQGUHSW LW DOHFXQRDúWHGDF VHVWDELOHúWH
F DFHD SHUVRDQ DYHD SRVLELOLWDWHD GH D IRORVL GDWHOH VDX LQIRUPD LLOH VHFUHWH vQ
GHWULPHQWXOXQLW LLF UHLDvLDSDU LQ
6DQF LXQL ÌQ YDULDQWD WLS SUHY ]XW vQ DOLQ DO DUW & SHQ vQ FDUH
DXWRUDOGLYXOJ ULLHVWHXQIXQF LRQDUDOXQLW LLSUHMXGLFLDWHIDSWDVHSHGHSVHúWHFX
vQFKLVRDUHGHODODDQL
ÌQ YDULDQWD DWHQXDW SUHY ]XW vQ DOLQ DO DUW & SHQ vQ FDUH DXWRU DO
GLYXOJ ULLHVWHRDOW SHUVRDQ IDSWDVHSHGHSVHúWHFXvQFKLVRDUHGHODOXQLODDQL
&2175$)$&(5($2%,(&78/8,81(,,19(1 ,,
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO LQIUDF LXQLL GH FRQWUDIDFHUH D RELHFWXOXL XQHL
LQYHQ LL vO IRUPHD] UHOD LLOH VRFLDOH FDUH DVLJXU SURWHF LH GUHSWXOXL H[FOXVLY GH
H[SORDWDUHDLQYHQ LHLFRQIHULWWLWXODUXOXLGHEUHYHW3URWHMDUHDGUHSWXULORUWLWXODULORU
GH EUHYHWH GH LQYHQ LL vQVHDPQ vQ IRQG SURWHMDUHD FHUFHW ULL DSOLFDWH FDUH
FRQVWLWXLHXQIDFWRUGHWHUPLQDQWDOSURJUHVXOXLWHKQLFúLGH]YROW ULLHFRQRPLFH
2ELHFWXOPDWHULDO,QIUDF LXQHDGHFRQWUDIDFHUHDRELHFWXOXLXQHLLQYHQ LLQX
DUH RELHFW PDWHULDO SURGXVHOH FRQWUDI FXWH UHSUH]LQW SURGXVXO úL QX RELHFWXO
PDWHULDO DO DFHVWHLD $QDOL]DW FX DWHQ LH DFHDVW LQIUDF LXQH UH]LG vQ XOWLP
LQVWDQ vQIXUWXO´XQHLLGHLILHF HVWHYRUEDGHPRGHOXOLPDJLQHDXQXLSURGXV
ILHF HVWHYRUEDGHXQSURFHGHXGHRPHWRG
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDOLQIUDF LXQLLQXHVWHFLUFXPVWDQ LDW
3DUWLFLSD LD SHQDO HVWH SRVLELO VXE WRDWH IRUPHOH FRDXWRUDW LQVWLJDUH
FRPSOLFLWDWH
6XELHFWXOSDVLYSULQFLSDODOLQIUDF LXQLLHVWHVWDWXO6XELHFWSDVLYVHFXQGDUDO
LQIUDF LXQLL HVWH WLWXODUXO GH EUHYHW UHVSHFWLY LQYHQWDWRUXO VDX VXFFHVRUXO V X vQ
GUHSWXUL DUW GLQ /HJHD QU UHSXEOLFDW vQ WHPHLXO DUW ,9 GLQ /HJHD
QU
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDODOLQIUDF LXQLLVHUHDOL]HD] vQGRX PRGDOLW LDOWHUQDWLYH
úL DQXPH ILH SULQWUR DF LXQH GH FRQWUDIDFHUH ILH SULQWUR DF LXQH GH IRORVLUH D
RELHFWXOXLXQHLLQYHQ LL
'HXQGHVHGHGXFHF vQFRQFHS LD&RGXOXLSHQDOFRQWUDIDFHUHDUHSUH]LQW R
PRGDOLWDWHGHV YkUúLUHDLQIUDF LXQLLGLVWLQFW GHIRORVLUHDRELHFWXOXLXQHLLQYHQ LL
ÌQDFHODúLVHQV95 PXUHDQX&RGXOSHQDOFRPHQWDWúLDGQRWDW3DUWHDVSHFLDO YRO,,(GLWXUDùWLLQ LILF
úL(QFLFORSHGLF %XFXUHúWLS
&KHVWLXQHDRELHFWXOXLPDWHULDODODFHVWHLLQIUDF LXQLHVWHFRQWURYHUVDW 3R]L LDQRDVWU FRLQFLGHvQSDUWHFX
DFHHDDGRSWDW GH&RFD&R]PDvQ,QIUDF LXQLHFRQRPLFHSUHY ]XWHvQ&RGXOSHQDO(GLWXUDùWLLQ LILF %XFXUHúWL
S
FXDOWHFXYLQWHOHJLXLWRUXO&RGXOXLSHQDO LQkQGVHDPDGHFODVLILFDUHDLQYHQ LLORU
vQLQYHQ LLGHSURGXVHúLLQYHQ LLGHSURFHGHHVDXPHWRGHDOLPLWDWVHPQLILFD LD
WHUPHQXOXL ©FRQWUDIDFHUHª OD vQ HOHVXO GH IDEULFDUH I U GUHSW D XQXL SURGXV
EUHYHWDW LPSXQkQG DúDGDU V IDFHP GHRVHELUH vQWUH UHSURGXFHUHD I U GUHSW D
XQXLSURGXVEUHYHWDWúLUHSURGXFHUHDI U GUHSWDXQXLSURFHGHXEUHYHWDW
7RWXúL GHILQL LD SH FDUH &RGXO SHQDO R G LQIUDF LXQLL GH FRQWUDIDFHUH QX
FRQFRUG FX GHILQL LD GDW DFHOHLDúL LQIUDF LXQL SULQ SUHYHGHULOH DUW GLQ /HJHD
QUvQFDUHFRQWUDIDFHUHDHVWHGHILQLW FDRvQF OFDUHDSUHYHGHULORUDUW
DOLQ GLQ DFHDVW OHJH UHVSHFWLY FD IDEULFDUH IRORVLUH RIHULUH VSUH YkQ]DUH
YkQ]DUHLPSRUWGHSURGXVHEUHYHWDWHHWFRULFDXWLOL]DUHDXQXLSURFHGHXEUHYHWDW
I U FRQVLP PkQWXO WLWXODUXOXL GH EUHYHW ± FHHD FH HVWH LQDFFHSWDELO ILLQGF R
LGHQWLF LQIUDF LXQHQXSRDWHDYHDGRX GHILQL LLGLIHULWH
0DL PXOW GHFkW DWkW SXWHP YHGHD F GHRVHELULOH GLQWUH FHOH GRX GHILQL LL
SULYHVF QX GRDU DF LXQLOH FDUH UHDOL]HD] HOHPHQWXO PDWHULDO DO LQIUDF LXQLL FL úL
FHULQ HOH HVHQ LDOH DWDúDWH DFHVWXL HOHPHQW ILLQGF VLQWDJPHOH ©I U GUHSWª
DUW & SHQ úL ©I U FRQVLP PkQWXO WLWXODUXOXLª QX VXQW FkWXúL GH SX LQ
HFKLYDOHQWH
$VWIHO FHULQ D FD IDSWD V VH IL V YkUúLW ÄI U GUHSW´ SUHVXSXQH vQ SULPXO
UkQG V VH VWDELOHDVF YDODELOLWDWHD WLWOXOXL GH SURWHF LH D EUHYHWXOXL SH FDUH vO
LQYRF SHUVRDQDIL]LF VDXMXULGLF FDUHVHFRQVLGHU Y W PDW 2HYHQWXDO OLSV
GH YDODELOLWDWH D EUHYHWXOXL VH SRDWH GDWRUD GH H[HPSOX H[SLU ULL SHULRDGHL GH
YDODELOLWDWH D DFHVWXLD UHQXQ ULL H[SUHVH RUL GHF GHULL WLWXODUXOXL GLQ GUHSWXULOH
FRQIHULWH GH EUHYHW HWF &RQVWDWDUHD XQRU FDX]H FDUH DIHFWHD] YDODELOLWDWHD
EUHYHWXOXL vQO WXU FDUDFWHUXO SHQDO DO IDSWHL úL GUHSW XUPDUH SHUVRDQD FDUH D
UHSURGXVI U FRQVLP PkQWXOLQYHQWDWRUXOXLRULDOVXFFHVRUXOXLV XvQGUHSWXUL
RELHFWXOXQHLLQYHQ LLQXPDLSRDWHILWUDV ODU VSXQGHUHSHQDO ÌQWUXFkWOLSVHúWH
SURWHF LDOHJDO DLQYHQ LHLFRQWUDIDFHUHDVDXIRORVLUHDRELHFWXOXLDFHVWHLDQXPDL
SRDWH IL FRQVLGHUDW FD UHDOL]DW ©I U GUHSWª FX DOWH FXYLQWH SHQWUX H[LVWHQ D
DFHVWHLLQIUDF LXQLQXLQWHUHVHD] DWkWYRLQ DLQYHQWDWRUXOXLVDXDVXFFHVRUXOXLV X
vQGUHSWXULFDLQYHQ LDV QXILHH[SORDWDW GHDO LLFkWvQPRGVSHFLDOIDSWXOGDF
úLvQFHP VXU DFHDVW YRLQ HVWHSURWHMDW GHOHJH0DLPXOWvQWUXFkWFDUDFWHUXO
LOLFLWI U GUHSW´DOIDSWHLVHDSUHFLD] vQUDSRUWFXFRQ LQXWXOúLVIHUDSURWHF LHL
OHJDOHPDLWUHEXLHV REVHUY PF DFHDVW SURWHF LHHVWHOLPLWDW QXGRDUvQWLPS
GDUúLvQVSD LXvQSULQFLSLXEUHYHWXOGHLQYHQ LHSURGXFHHIHFWHQXPDLSHWHULWRULXO
VWDWXOXL FDUH OD HOLEHUDW DVWIHO F H[SORDWDUHD LQYHQ LHL vQWUR DU VWU LQ WUHEXLH
FRQVLGHUDW OLFLW H[FHSWkQGHYLGHQWFD]XOFkQGLQYHQ LDVDUEXFXUDGHSURWHF LH
úLvQDFHD DU
ÌQDOGRLOHDUkQGDSUHFLHUHDF IDSWDVDV YkUúLW©I U GUHSWªSUHVXSXQHF
vQFD]XOFRQFUHWQXDXLQFLGHQ HYHQWXDOHQRUPHGHH[FHS LHFDUHV vQJ GXLHR
DEDWHUHGHODUHJXO ±GHH[HPSOXDUWOLWDGLQ/HJHDQUUHSXEOLFDW
vQJ GXLH IRORVLUHD LQYHQ LLORU I U FRQVLP PkQWXO WLWXODUXOXL GH EUHYHW vQ
GRPHQLXO FRQVWUXF LHL GH YHKLFXOH FX FRQGL LD FD IRORVLUHD V VH IDF H[FOXVLY
SHQWUXQHYRLOHYHKLFXOXOXL
ÌQ ILQH PDL WUHEXLH V PHQ LRQ P FX UHIHULUH VSHFLDO OD FRQWUDIDFHUHD´
RELHFWXOXL XQHL LQYHQ LL F DFHDVW PRGDOLWDWH VXE]LVW QX QXPDL vQ FD]XO XQHL
UHSURGXFHUL VHUYLOH FDUH LPLW ULJXURV SURGXVXO RULJLQDO GDU úL vQ FD]XO
DúDQXPLWHORU YDULDQWH GH H[HFX LH vQ FDUH DSDU VLPSOH GHRVHELUL GH GHWDOLX
S VWUkQGXVHvQV FDUDFWHULVWLFLOHHVHQ LDOHDOHSURGXVXOXLRULJLQDO
8UPDUHD LPHGLDW SULQFLSDO D LQIUDF LXQLL FRQVW vQWUR VWDUH GH SHULFRO
SHQWUX HFRQRPLD QD LRQDO ÌQ VXEVLGLDU IDSWD DUH FD XUPDUH R DWLQJHUH DGXV
GUHSWXULORUWLWXODUXOXLGHEUHYHWLQYHQWDWRUVDXVXFFHVRUvQGUHSWXULDODFHVWXLD
([LVWHQ DUDSRUWXOXLGHFDX]DOLWDWHVHSUH]XP
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH,QIUDF LXQHDGHFRQWUDIDFHUHDRELHFWXOXLXQHLLQYHQ LLVH
V YkUúHúWHVXEDVSHFWVXELHFWLYFXLQWHQ LHDF UHLH[LVWHQ VHSUH]XP
0RELOXOúLVFRSXOQXVXQWHOHPHQWHFRQVWLWXWLYHDOHLQIUDF LXQLL
)RUPH6DQF LXQL
)RUPH7HQWDWLYDGHúLSRVLELO QXHVWHLQFULPLQDW
&RQVXPDUHDLQIUDF LXQLLDUHORFvQPRPHQWXOvQFDUHVDUHSURGXVRULIRORVLW
I U GUHSWXQSURGXVEUHYHWDWVDXGXS FD]vQPRPHQWXOIRORVLULLUHSURGXFHULL
I U GUHSWDXQXLSURFHGHXEUHYHWDW
ÌQFD]XOV YkUúLULLXQRUDFWHUHSHWDWHLQIUDF LXQHDYDvPEU FDIRUPDFRQWLQXDW
6DQF LXQL3RWULYLWDUW&SHQLQIUDF LXQHDGHFRQWUDIDFHUHDRELHFWXOXLXQHL
LQYHQ LLVHSHGHSVHúWHFXvQFKLVRDUHGHODOXQLODDQLVDXFXDPHQG SRWULYLWDUW
&SHQvQDFHVWFD]DPHQGDHVWHFXSULQV vQWUHOHLúLOHL
381(5($Ì1&,5&8/$ ,($352'86(/25&2175$) &87(
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDOQXGLIHU GHDFHODDOLQIUDF LXQLLSUHFHGHQWHDUW
&SHQDúDvQFkWWULPLWHPODH[SOLFD LLOHDQWHULRDUH
6SUHGHRVHELUHGHSUHFHGHQWDDFHDVW LQIUDF LXQHDUHXQRELHFWPDWHULDOFDUH
FRQVW vQSURGXVHOHSXVHvQFLUFXOD LHI U DXWRUL]D LDWLWXODUXOXLGHEUHYHW
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWQXHVWHFLUFXPVWDQ LDW
3DUWLFLSD LDSHQDO HVWHSRVLELO VXEWRDWHIRUPHOH
6XELHFW SDVLY SULQFLSDO HVWH VWDWXO 6XELHFW SDVLY VHFXQGDU HVWH WLWXODUXO GH
EUHYHW
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDODOLQIUDF LXQLLVHUHDOL]HD] SULQWURDF LXQHGHSXQHUHvQ
FLUFXOD LHDSURGXVHORUUHDOL]DWHFDXUPDUHDFRQWUDIDFHULLVDXIRORVLULLI U GUHSWD
RELHFWXOXLXQHLLQYHQ LL
6LQWDJPD IRORVLW GH OHJLXLWRU DFHHD GH SXQHUH vQ FLUFXOD LH´ UHSUH]LQW R
IRUPXO HFKLYDOHQW DFHOHLD GH DFW GH FRPHU ´ ± FHHD FH vQVHDPQ F HOHPHQWXO
PDWHULDO DO LQIUDF LXQLL UH]LG vQWUXQ DFW GH FRPHU FX SURGXVH UH]XOWDWH GLQ
V YkUúLUHDLQIUDF LXQLLGHFRQWUDIDFHUHDUW&SHQ
7RWXúL FKLDU vQ GUHSWXO FRPHUFLDO FULWHULLOH GH GLVWLQF LH vQWUH DFWHOH
FRPHUFLDOHúLFHOHFLYLOHDXU PDVGHVWXOGHFRQIX]HFHHDFHDUSXWHDH[SOLFDIDSWXO
F GRFWULQD QRDVWU SHQDO HQXPHU SULQWUH PRGDOLW LOH GH IDSW GH V YkUúLUH D
DFHVWHLLQIUDF LXQLúLDFWHFXFDUDFWHUFLYLO±DúDFXPVXQWGHH[HPSOXvPSUXPXWXO
GHIRORVLQ RULJDMXOFDUHQXJDUDQWHD] REOLJD LLFRPHUFLDOH±VDXDFWHOLSVLWHGH
RULFH UHOHYDQ SHQWUX H[LVWHQ D DFHVWHL LQIUDF LXQL ± GH H[HPSOX vQFHUFDUHD
SUREDUHDSURGXVXOXL
2EVHUYkQG FHOH WUHL WHRULL IRUPXODWH vQ GUHSWXO FRPHUFLDO FX SULYLUH OD
GHOLPLWDUHD DFWHORU FRPHUFLDOH GH FHOH FLYLOH ± WHRULD VSHFXOD LHL VDX D
ÌQDFHVWVHQV,)RGRUvQ ([SOLFD LLWHRUHWLFHYRO,9S±RSLQLHSUHOXDW GHPDMRULWDWHDDXWRULORU
URPkQL
$VHYHGHD93 WXOHD&7XULDQX(OHPHQWHGHGUHSWFRPHUFLDO&DVDGHHGLWXU úLSUHV ùDQVD±65/´
%XFXUHúWLS
SURILWXOXLWHRULDFLUFXOD LHLVDXDLQWHUPHGLHULLúLWHRULDvQWUHSULQGHULL±WUHEXLH
LQGLVFXWDELOV H[FOXGHPWHRULDvQWUHSULQGHULLFDUHLGHQWLILF DFWLYLWDWHDFRPHUFLDO
FX DFWLYLWDWHD SURGXFWLY LQGXVWULDO ILLQGF vQ UDSRUW FX GLVSR]L LLOH &RGXOXL
SHQDORDVHPHQHDDFWLYLWDWHvQWUXFkWDUDYHDFDRELHFWSURGXVHFDUHUHSURGXFRELHFWXO
XQHLLQYHQ LLDUDWUDJHLQFLGHQ DSUHYHGHULORUDUW&SHQúLQXDOHDUW&SHQ
,DU H[FOX]kQG DFWLYLWDWHD SURGXFWLY úL GkQG SUHIHULQ LGHLORU GH VSHFXOD LH úL
LQWHUSXQHUHvQWUHSURGXF WRUúLFRQVXPDWRUVHSRDWHFRQFKLGHF VLQWDJPDSXQHUHvQ
FLUFXOD LH´GHVHPQHD] vQPRGVWULFWYkQ]DUHDúLVFKLPEXOSHSLD ±FKLDUU PDVHvQ
VWDGLXO WHQWDWLYHL DO RIHUWHL GH YkQ]DUH VDX VFKLPE ± V YkUúLWH ILH GLUHFW GH F WUH
SURGXF WRU ILH GH F WUH XQ LQWHUPHGLDU vQ VFRSXO RE LQHULL GH EHQHILFLL SURILW 'H
DOWIHO DFHODúL SXQFW GH YHGHUH HVWH H[SULPDW GH VSHFLDOLúWLL vQ GRPHQLXO SURSULHW LL
LQGXVWULDOHFDúLGHSUDFWLFDMXGLFLDU VWU LQ vQFDUHVDGHFLVGHH[HPSOXF GRQD LD
XQRUSURGXVHFRQWUDI FXWHQXFDGHVXELQFLGHQ DOHJLLSHQDOH
ÌQLSRWH]DvQFDUHDFWLYLWDWHDLQIUDF LRQDO GHEXWHD] FXFRQWUDIDFHUHDXQXLSURGXV
VDXFXUHSURGXFHUHDQHDXWRUL]DW DXQXLSURFHGHXEUHYHWDWúLFRQWLQX FXSXQHUHDvQ
FLUFXOD LH´ D SURGXVHORU DVWIHO RE LQXWH HD vQWUXQHúWH DWkW HOHPHQWHOH FRQVWLWXWLYH DOH
LQIUDF LXQLLSUHY ]XWHvQDUW&SHQFkWúLFHOHDOHLQIUDF LXQLLSUHY ]XWHvQDUW
& SHQ 'UHSW XUPDUH DXWRUXO YD U VSXQGH SHQWUX V YkUúLUHD XQXL FRQFXUV UHDO GH
LQIUDF LXQLvQFDUHILHFDUHLQIUDF LXQHvPEUDF GHUHJXO IRUPDFRQWLQXDW
8UPDUHD LPHGLDW SULQFLSDO D LQIUDF LXQLL FRQVW vQWUR VWDUH GH SHULFRO
SHQWUXHFRQRPLDQD LRQDO 8UPDUHDVHFXQGDU DLQIUDF LXQLLFRQVW vQWURDWLQJHUH
DGXV LQWHUHVHORUGHRUGLQSDWULPRQLDODOHWLWXODUXOXLGHEUHYHW
([LVWHQ DUDSRUWXOXLGHFDX]DOLWDWHVHSUH]XP
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH 3XQHUHD vQ FLUFXOD LH D SURGXVHORU FRQWUDI FXWH VH
FRPLWHGLQSXQFWGHYHGHUHVXELHFWLYFXLQWHQ LH([LVWHQ DLQWHQ LHLVHSUH]XP ±
FHHDFHvQVHDPQ F I SWXLWRUXOQXSRDWHLQYRFDQHFXQRDúWHUHDH[LVWHQ HLEUHYHWXOXL
GHLQYHQ LHúLDGUHSWXULORUFRQIHULWHGHDFHVWDWLWXODUXOXL
0RELOXOúLVFRSXOQXVXQWHOHPHQWHFRQVWLWXWLYHDOHLQIUDF LXQLL
)RUPH6DQF LXQL
)RUPH ,QIUDF LXQHD QX SRDWH vPEU FD IRUPD WHQWDWLYHL ILLQGF VLPSOD
H[SXQHUHVDXRIHULUHVSUHYkQ]DUHDXQXLSURGXVFRQWUDI FXWUHSUH]LQW GHMDXQDFW
GHSXQHUHvQFLUFXOD LH´FDUHHFKLYDOHD] FXIRUPDFRQVXPDW DLQIUDF LXQLL
ÌQ FD]XO UHSHW ULL IDSWHL OD LQWHUYDOH GH WLPS GLIHULWH LQIUDF LXQHD FDS W
FDUDFWHUFRQWLQXDWDWU JkQGLQFLGHQ DSUHYHGHULORUDUW&SHQ
6DQF LXQL &RQIRUP DUW & SHQ PRGLILFDW SULQ /HJHD QU
SXQHUHDvQFLUFXOD LHDSURGXVHORUFRQWUDI FXWHVHSHGHSVHúWHFXvQFKLVRDUHGHOD
OXQLODDQL
&21&85(1 $1(/2,$/
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO vO FRQVWLWXLH UHOD LLOH FDUH SURWHMHD] DFWLYLWDWHD
HFRQRPLF vPSRWULYD XQRU SUDFWLFL QHORLDOH GH IRORVLUH LOLFLW D HOHPHQWHORU
LQFRUSRUDOHDOHXQXLIRQGGHFRPHU úLGHvQVXúLUHSHDFHDVW FDOHDFOLHQWHOHLFDUH
DSDU LQHDFHVWXLIRQG
$VHYHGHD<(PLQHVFX7UDWDWGHSURSULHWDWHLQGXVWULDO YRO,(GLWXUD$FDGHPLHL5RPkQH%XFXUHúWL
S±
2ELHFWXOPDWHULDOÌQFRQWUDGLF LHFXRSLQLDGRPLQDQW vQGRFWULQDQRDVWU
SHQDO FRQVLGHU P F LQIUDF LXQHD GH FRQFXUHQ QHORLDO SUHY ]XW vQ DUW
&SHQHVWHOLSVLW GHRELHFWPDWHULDOGHRDUHFHHDUH]LG vQIRORVLUHDI U GUHSWúL
QHUHDO DXQHLP UFLILUPHVDXDDOWXLHOHPHQWLQFRUSRUDO´DOIRQGXOXLGHFRPHU
&kWSULYHúWHSURGXVHOHFDUHSRDUW ´GHQXPLULGHRULJLQHLQGLFD LLGHSURYHQLHQ
RUL DOWH PHQ LXQL IDOVH DFHVWHD DSDU FD OXFUXUL FDUH DX VHUYLW OD V YkUúLUHD
LQIUDF LXQLLúLQXFDRELHFWPDWHULDODODFHVWHLD
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW QX HVWH FLUFXPVWDQ LDW &X WRDWH DFHVWHD vQ IDSW
VXELHFW DFWLY QHPLMORFLW DO DFHVWHL LQIUDF LXQL SRDWH IL QXPDL SHUVRDQD FDUH
GHVI úRDU R DFWLYLWDWH FRPHUFLDO ILH FD SURIHVLXQH ± DGLF vQ PRG RELúQXLW
FRQWLQXX±ILHvQPRGVSRUDGLFGLVFRQWLQXXVDXFKLDUvQPRGDFFLGHQWDO
6XELHFWXO SDVLY SULQFLSDO DO LQIUDF LXQLL HVWH VWDWXO 6XELHFW SDVLY VHFXQGDU
HVWHFRPHUFLDQWXOSUHMXGLFLDWSULQDFWXOGHFRQFXUHQ QHORLDO
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO DO LQIUDF LXQLL VH SRDWH UHDOL]D vQ RULFDUH GLQWUH
XUP WRDUHOH PRGDOLW L QRUPDWLYH IDEULFDUHD VDX SXQHUHD vQ FLUFXOD LH GH SURGXVH
FDUH SRDUW GHQXPLUL GH RULJLQH DGLF LQGLFD LL JHRJUDILFH FDUH VHUYHVF OD
LGHQWLILFDUHD XQXL SURGXV RULJLQDU GLQWUR DQXPLW DU UHJLXQH VDX ORFDOLWDWH RUL
LQGLFD LL GH SURYHQLHQ PDUF HPEOHP GHVHQ VDX PRGHO LQGXVWULDO HWF IDOVH
DSOLFDUHD SH SURGXVHOH SXVH vQ FLUFXOD LH GH PHQ LXQL IDOVH SULYLQG EUHYHWHOH GH
LQYHQ LL IRORVLUHD QHvQGUHSW LW D XQXL QXPH VDX GHQXPLUL FRPHUFLDOH DGLF D
XQHLILUPH
ÌQ RULFDUH GLQWUH DFHVWH PRGDOLW L IDSWD UHDOL]HD] HOHPHQWXO PDWHULDO DO
LQIUDF LXQLLQXPDLGDF VDV YkUúLWvQVFRSXOGHDLQGXFHvQHURDUHSHEHQHILFLDUL´
$FHDVW FHULQ DOHJLLQXSULYHúWHODWXUDVXELHFWLY DLQIUDF LXQLLVFRSXOXUP ULWGH
I SWXLWRU FL ODWXUD RELHFWLY D DFHVWHLD LPSXQkQG V VH VWDELOHDVF DSWLWXGLQHD
DF LXQLL±DSUHFLDW vQUDSRUWFXvPSUHMXU ULOHFRQFUHWH±GHDLQGXFHvQHURDUHSH
EHQHILFLDULGHDFRQGXFHODSLHUGHUHDWRWDO VDXSDU LDO DFOLHQWHOHL
ÌQSULQFLSLXDF LXQLOHSULQFDUHVHUHDOL]HD] HOHPHQWXOPDWHULDODOLQIUDF LXQLL
QXSUHWLQGH[SOLFD LL7RWXúLvQFHHDFHSULYHúWHIRORVLUHDQXPHOXLFRPHUFLDOVDXD
ILUPHL VH LPSXQH SUHFL]DUHD F SRWULYLW DUW GLQ /HJHD QU SULYLQG
UHJLVWUXOFRPHU XOXLUHSXEOLFDW vQFXPRGLILF ULOHúLFRPSOHW ULOHDGXVHSULQ
28*QUúL/HJHDQUGUHSWXOGHIRORVLQ H[FOXVLY DVXSUD
ILUPHLVHGREkQGHúWHSULQvQVFULHUHDDFHVWHLDvQ5HJLVWUXOFRPHU XOXL'HDVHPHQHD
vQ FH SULYHúWH GUHSWXO GH IRORVLQ H[FOXVLY D XQHL P UFL VDX D XQHL LQGLFD LL
JHRJUDILFHWUHEXLHV SUHFL] PF DFHVWDVHGREkQGHúWHSULQvQUHJLVWUDUHDP UFLLRUL
DLQGLFD LHLJHRJUDILFHOD2ILFLXOGH6WDWSHQWUX,QYHQ LLúL0 UFLvQFRQGL LLOH/HJLL
QUPRGLILFDW SULQ28*QU
8UPDUHD LPHGLDW SULQFLSDO D LQIUDF LXQLL FRQVW vQWUR VWDUH GH SHULFRO
SHQWUX HFRQRPLD QD LRQDO 8UPDUHD LPHGLDW VHFXQGDU FRQVW vQWUR DWLQJHUH
DGXV GUHSWXULORUDOWXLFRPHUFLDQWFDUHGHYLQHSDUWHY W PDW
5DSRUWXOGHFDX]DOLWDWHUH]XOW H[UH
95 PXUHDQXRSFLWS2/RJKLQ77RDGHU'UHSWSHQDOURPkQ&DVDGHHGLWXU úLSUHV ùDQVD±
65/´%XFXUHúWLS9'REULQRLX1&RQHDRSFLWSúD
)DSWHOHLQFULPLQDWHvQDUW&SHQVXQWSUHY ]XWHúLvQDOWHDFWHQRUPDWLYH±GHH[HPSOXvQDUWGLQ
/HJHD QU PRGLILFDW SULQ /HJLOH QU úL QU SULYLQG FRPEDWHUHD FRQFXUHQ HL QHORLDOH
/HJHDQUSULYLQGEUHYHWHOHGHLQYHQ LL/HJHDQUSULYLQGP UFLOHúLLQGLFD LLOHJHRJUDILFHHWFFHHD
FHDJHQHUDWGLILFXOW LSUDFWLFHLQVXUPRQWDELOH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH,QIUDF LXQHDGHFRQFXUHQ QHORLDO VHFRPLWHVXEDVSHFW
VXELHFWLYFXLQWHQ LHGLUHFW
&HULQ D SULYLWRDUH OD VFRSXO GH D LQGXFH vQ HURDUH SH EHQHILFLDUL´ FRQIHU
LQWHQ LHLIRUP FDOLILFDW
)RUPH6DQF LXQL
)RUPH ÌQ SULQFLSLX LQIUDF LXQHD GH FRQFXUHQ QHORLDO VH FRQVXP vQ
PRPHQWXO vQ FDUH VD UHDOL]DW LQGXFHUHD vQ HURDUH D EHQHILFLDULORU úL SUHOXDUHD vQ
DFHVWPRGDFOLHQWHOHLDOWXLFRPHUFLDQW&XWRDWHDFHVWHDQXQXPDLF OHJLXLWRUXO
QX D FRQGL LRQDW H[LVWHQ D LQIUDF LXQLL GH SURGXFHUHD HIHFWLY D DFHVWXL UH]XOWDW
SUHOXDUHD FOLHQWHOHL GDU PDL PXOW D SUHY ]XW FD PRGDOLW L GH V YkUúLUH D
LQIUDF LXQLL±vQIRUPDVDFRQVXPDW ±DFWHFDUHvQVLQHDXVHPQLILFD LDXQRUDFWH
GHSUHJ WLUHGHH[HPSOXIDEULFDUHDXQRUSURGXVHFDUHSULQFDUDFWHULVWLFLOHORUSRW
LQGXFH vQ HURDUH SH EHQHILFLDUL DVXSUD SURYHQLHQ HL ORU VDX D XQRU DFWH GH
H[HFXWDUH VSHFLILFH WHQWDWLYHL GH H[HPSOX H[SXQHUHD VSUH YkQ]DUH D DFHVWRU
SURGXVH
$VWIHO FRQFHSXW LQIUDF LXQHD GH FRQFXUHQ QHORLDO VH SUH]LQW FD R
LQIUDF LXQHFXFRQVXPDUHDQWLFLSDW
6DQF LXQL,QIUDF LXQHDGHFRQFXUHQ QHORLDO SUHY ]XW vQDUW&SHQ
VH SHGHSVHúWH FX vQFKLVRDUH GH OD R OXQ OD DQL VDX FX DPHQG 3HQWUX IDSWHOH
LGHQWLFHGDUSUHY ]XWHvQGLYHUVHOHJLVSHFLDOHSHGHSVHOHVXQWGLIHULWHGHFHOHGLQ
&RGXOSHQDO
1(5(63(&7$5($',632=, ,,/2535,9,1'23(5$ ,,'(,03257
6$8(;3257
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO ,QIUDF LXQHD GH QHUHVSHFWDUH D GLVSR]L LLORU SULYLQG
RSHUD LL GH LPSRUW VDX H[SRUW DUH FD RELHFW MXULGLF VSHFLDO UHOD LLOH VRFLDOH FDUH
DVLJXU PRQRSROXOGHVWDWDVXSUDFRPHU XOXLH[WHULRU
2ELHFWXOPDWHULDODOLQIUDF LXQLLvOIRUPHD] EXQXULOHH[SRUWDWHLPSRUWDWHVDX
DIODWHvQWUDQ]LWvQOLSVDDXWRUL]D LHLSUHY ]XWHGHOHJH
6XELHF LLLQIUDF LXQLL
6XELHFWDFWLYQHPLMORFLWDOLQIUDF LXQLLSUHY ]XWHvQDUW&SHQSRDWHIL
RULFHSHUVRDQ IL]LF 3DUWLFLSD LDSHQDO HVWHSRVLELO VXEWRDWHIRUPHOH
6XELHFWSDVLYDOLQIUDF LXQLLHVWHVWDWXO
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO DO LQIUDF LXQLL VH UHDOL]HD] SULQ HIHFWXDUHD RULF URU DFWH
VDXIDSWHFRQVLGHUDWHSRWULYLWOHJLLRSHUD LXQLGHLPSRUWH[SRUWVDXWUDQ]LW3RWULYLW
DUW GLQ /HJHD QU FX SULYLUH OD DFWLYLWDWHD GH FRPHU H[WHULRU DEURJDW
SULQ /HJHD QU SULQ DFWLYLWDWHD GH FRPHU H[WHULRU VH vQ HOHJ RSHUD LXQLOH
FRPHUFLDOH VDX GH FRRSHUDUH HFRQRPLF úL WHKQLFRúWLLQ LILF vQ UDSRUWXULOH FX
VWU LQ WDWHD SULYLQG YkQ]DUHD FXPS UDUHD VDX VFKLPEXULOH GH P UIXUL SUHVW ULOH
GH VHUYLFLL WUDQVSRUWXO úL H[SHGL LLOH LQWHUQD LRQDOH SURLHFWDUHD úL H[HFXWDUHD GH
OXFU ULDVLVWHQ DVDXFRODERUDUHDWHKQLF YkQ]DUHDVDXFXPS UDUHDGHOLFHQ HSHQWUX
IRORVLUHD EUHYHWHORU GH LQYHQ LL VDX D SURFHGHHORU WHKQRORJLFH FRQVLJQD LD VDX
GHSR]LWXOUHSUH]HQWDUHDúLFRPLVLRQXORSHUD LXQLOHILQDQFLDU±YDOXWDUHDVLJXU ULOH
WXULVPXO úL vQ JHQHUDO RULFH DFWH VDX IDSWH GH FRPHU SUHFXP úL SURVSHFW ULOH
RIHUWHOHGHPHUVXULOHWUDWDWLYHOHúLvQ HOHJHULOHSULYLQGDVHPHQHDRSHUD LXQL
3RWULYLW DUW & SHQ DFWHOH VDX IDSWHOH PDL VXV DU WDWH UHDOL]HD]
HOHPHQWXO PDWHULDO DO LQIUDF LXQLL QXPDL GDF VDX HIHFWXDW I U DXWRUL]D LH´
'HRDUHFH DFHDVW VLQWDJP SRDWH LQGXFH vQ HURDUH WUHEXLH V UHDPLQWLP F VXE
LPSHULXO /HJLL QU SDUWLFXODULL QX SXWHDX IL QLFLRGDW DXWRUL]D L´ V
UHDOL]H]H RSHUD LL GLQWUH FHOH HQXPHUDWH PDL VXV DVHPHQHD RSHUD LL ILLQG UH]HUYDWH
RUJDQLVPHORU VSHFLDOL]DWH DOH VWDWXOXL VDX DQXPLWRU XQLW L HFRQRPLFH 6LQJXUHOH
DXWRUL]D LL FDUH VH SXWHDX HOLEHUD XQRU SDUWLFXODUL SULYHDX GXS FXP DP DU WDW
DFKL]L LRQDUHDGLQVWU LQ WDWHDDQXPLWRUEXQXULGHYDORDUHGHVWLQDWHX]XOXLSHUVRQDO
8UPDUHD LPHGLDW FRQVW vQWUR DWLQJHUH DGXV PRQRSROXOXL GH VWDW DVXSUD
FRPHU XOXLH[WHULRU
5DSRUWXOGHFDX]DOLWDWHUH]XOW H[UH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH,QIUDF LXQHDVHV YkUúHúWHFXLQWHQ LHDF UHLH[LVWHQ VH
SUH]XP
0RELOXOúLVFRSXOQXVXQWHOHPHQWHFRQVWLWXWLYHDOHLQIUDF LXQLL
)RUPH6DQF LXQL
)RUPH7HQWDWLYDQXVHSHGHSVHúWH
)LLQG YRUED GH R LQIUDF LXQH IRUPDO PRPHQWXO FRQVXP ULL FRLQFLGH FX
PRPHQWXO HIHFWX ULL RULF UXL DFW VDX RULF UHL IDSWH FDUH SRWULYLW OHJLL FRQVWLWXLH R
RSHUD LXQH GH LPSRUW H[SRUW VDX WUDQ]LW ÌQ SUDFWLFD MXGLFLDU LQIUDF LXQHD VD
FRQVLGHUDWFRQVXPDW úLvQFD]XOvQFDUHI SWXLWRUXODLQWURGXVvQ DU FDQWLW LDúDGH
PDUL GH EXQXUL GH X] SHUVRQDO vQFkW VFRSXO GH UHYkQ]DUH DS UHD FD QHvQGRLHOQLF
&HHDFHDUDW F LQIUDF LXQHDGHQHUHVSHFWDUHDGLVSR]L LLORUSULYLQGRSHUD LLGHLPSRUW
VDXH[SRUWDIRVWFRQFHSXW GHMXULVSUXGHQ FDRLQIUDF LXQHFXFRQVXPDUHDQWLFLSDW
vQFDUHWHQWDWLYDHVWHDVLPLODW IRUPHLFRQVXPDWH0DLPXOWVDFRQVLGHUDW±DúDFXP
UH]XOW GLQDFHHDúLGHFL]LH±F GHVWLQD LDEXQXULORU±UHYkQ]DUHD±SRDWHILSUH]XPDW
ÌQ FH QH SULYHúWH FRQVLGHU P vQV F GHVWLQD LD EXQXULORU QX SRDWH IL SUH]XPDW FL
WUHEXLHGRYHGLW FHHDFHSUHVXSXQHFHOSX LQFDI SWXLWRUXOV ILRIHULWVDXV ILH[SXV
VSUHYkQ]DUHEXQXULOHFXPS UDWHGLQVWU LQ WDWH
6DQF LXQL ,QIUDF LXQHD GH QHUHVSHFWDUH D GLVSR]L LLORU SULYLQG RSHUD LL GH
LPSRUWVDXH[SRUWVHSHGHSVHúWHFXvQFKLVRDUHGHODODDQL
'(7851$5($'()21'85,
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO LQIUDF LXQLL GH GHWXUQDUH GH IRQGXUL vO FRQVWLWXLH UH
OD LLOHVRFLDOHFDUHDVLJXU XWLOL]DUHDvQFRQIRUPLWDWHFXGLVSR]L LLOHOHJDOHvQPDWHULHD
IRQGXULORUE QHúWLúLDUHVXUVHORUPDWHULDOHDOHXQLW LORUODFDUHVHUHIHU DUW&SHQ
2ELHFWXOPDWHULDO,QIUDF LXQHDGHGHWXUQDUHGHIRQGXULDUHFDRELHFWPDWHULDO
IRQGXULOHE QHúWLRULUHVXUVHOHPDWHULDOHGHWXUQDWHF URUDOLVDGDWRDOW GHVWLQD LH
GHFkWFHDDSUREDW SULQOHJH
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW QX HVWH FLUFXPVWDQ LDW 7RWXúL VH LPSXQH V
REVHUY PF DFHDVW IDSW QXDUSXWHDILV YkUúLW GHFkWGHF WUHXQIXQF LRQDUFDUH
DUHGUHSWXOGHDDGPLQLVWUDIRQGXULOHE QHúWLRULUHVXUVHOHPDWHULDOHDOHXQHLXQLW L
3DUWLFLSD LDSHQDO HVWHSRVLELO vQSULQFLSLXVXEWRDWHIRUPHOH
76GHFSHQQUvQ55'QUS
6XELHFWSDVLYSULQFLSDODOLQIUDF LXQLLHVWHVWDWXO6XELHFWSDVLYVHFXQGDUHVWH
XQLWDWHDSUHMXGLFLDW FDXUPDUHDV YkUúLULLDFHVWHLIDSWH
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO DO LQIUDF LXQLL GH GHWXUQDUH GH IRQGXUL VH UHDOL]HD]
SULQWUR DF LXQH GH VFKLPEDUH D GHVWLQD LHL IRQGXULORU E QHúWL VDX D UHVXUVHORU
PDWHULDOHI U UHVSHFWDUHDSUHYHGHULORUOHJDOHDGLF SULQWURDF LXQHGHXWLOL]DUHD
DFHVWRUDvQDOWHVFRSXULGHFkWDFHOHDSHQWUXFDUHDXIRVWDSUREDWHvQFRQGL LLOHOHJLL
8UPDUHD LPHGLDW SULQFLSDO D LQIUDF LXQLL FRQVW vQWUR VWDUH GH SHULFRO
SHQWUXHFRQRPLDQD LRQDO 8UPDUHDLPHGLDW VHFXQGDU FRQVW ILHvQWURSHUWXUEDUH
DDFWLYLW LLHFRQRPLFRILQDQFLDUHDXQHLXQLW LGLQWUHFHOHODFDUHVHUHIHU DUW
& SHQ ILH vQWUR SDJXE SURGXV XQHL DVHPHQHD XQLW L ÌQ UDSRUW FX XUPDUHD
VHFXQGDU GHWXUQDUHDGHIRQGXULVHSUH]LQW FDRLQIUDF LXQHGHUH]XOWDW
/HJ WXUD GH FDX]DOLWDWH GLQWUH HOHPHQWXO PDWHULDO úL XUPDUHD LPHGLDW
VHFXQGDU WUHEXLHGRYHGLW
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH ,QIUDF LXQHD GH GHWXUQDUH GH IRQGXUL VH FRPLWH VXE
DVSHFWVXELHFWLYFXLQWHQ LHDF UHLH[LVWHQ VHSUH]XP
0RELOXOúLVFRSXOQXVXQWHOHPHQWHFRQVWLWXWLYHDOHLQIUDF LXQLL
9DULDQWDDJUDYDW
3HQWUXDVHUH LQHvQVDUFLQDI SWXLWRUXOXLYDULDQWDDJUDYDW SUHY ]XW vQDOLQ
DO DUW & SHQ HVWH QHFHVDU FD LQIUDF LXQHD GH GHWXUQDUH GH IRQGXUL V IL
SURGXVFRQVHFLQ HGHRVHELWGHJUDYH
$úD FXP VH DUDW vQ GLVSR]L LD vQVFULV vQ DUW & SHQ SULQ FRQVHFLQ H
GHRVHELWGHJUDYH´VHvQ HOHJHRSDJXE PDWHULDO PDLPDUHGHOHLVDXR
SHUWXUEDUH GHRVHELW GH JUDY D DFWLYLW LL FDX]DW XQHL DXWRULW L SXEOLFH VDX
RULF UHLDGLQWUHXQLW LOHODFDUHVHUHIHU DUW
)RUPH6DQF LXQL
/DDFHDVW LQIUDF LXQHWHQWDWLYDQXHVWHLQFULPLQDW
&RQVXPDUHD LQIUDF LXQLL DUH ORF vQ PRPHQWXO vQ FDUH VD SURGXV XUPDUHD
VHFXQGDU UHVSHFWLY R SHUWXUEDUH D DFWLYLW LL HFRQRPLFRILQDQFLDUH VDX R SDJXE
FDX]DW XQXLRUJDQRULXQHLLQVWLWX LLGHVWDWVDXXQHLDOWHXQLW LGLQWUHFHOHODFDUH
VHUHIHU DUW&SHQ
6DQF LXQLÌQYDULDQWDWLSSUHY ]XW vQDUWDOLQ&SHQLQIUDF LXQHD
GHGHWXUQDUHGHIRQGXULHVWHSHGHSVLW FXvQFKLVRDUHGHODOXQLODDQL
ÌQ YDULDQWD DJUDYDW SUHY ]XW vQ DUW DOLQ & SHQ GHWXUQDUHD GH
IRQGXULHVWHSHGHSVLW FXvQFKLVRDUHGHODODDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
1(5(63(&7$5($',632=, ,,/2535,9,1',032578/
'('(ù(85,ù,5(=,'885,
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO 'HúL LQIUDF LXQHD GH QHUHVSHFWDUH D GLVSR]L LLORU
SULYLQG LPSRUWXO GH GHúHXUL úLUH]LGXXULILJXUHD] SULQWUHLQIUDF LXQLOHHFRQRPLFH
FDUH DVLJXU SURWHF LH XQRU DFWLYLW L HFRQRPLFH WUHEXLH V REVHUY P F vQ
UHDOLWDWH VFRSXO GH SURWHF LH DO DUW & SHQ SULYHúWH QX YUHXQ SULQFLSLX
HFRQRPLFFLSURWHF LDPHGLXOXLQDWXUDO±FHHDFHDUILLPSXVQLVHSDUHvQVFULHUHD
HL SULQWUH LQIUDF LXQLOH FRQWUD V Q W LL SXEOLFH 7LWOXO ,; FDSLWROXO ,, GLQ
&RGXOSHQDO
2ELHFWXOPDWHULDO,QIUDF LXQHDDUHFDRELHFWPDWHULDOGHúHXULOHRULUH]LGXXULOH
GH RULFH QDWXU VDX P UIXULOH SHULFXORDVH FDUH DX I FXW RELHFWXO XQRU RSHUD LL
LOLFLWHGHLPSRUWVDXWUDQ]LW'HúLGLQPRGXOGHUHGDFWDUHDDUW&SHQVDU
SXWHDWUDJHFRQFOX]LDF HVWHYRUEDGHWUHLFDWHJRULLGLVWLQFWHGHRELHFWHvQUHDOLWDWH
UH]LGXXULOH´úLP UIXULOHSHULFXORDVH´VHLQFOXGvQQR LXQHDODUJ GHGHúHXUL´
ÌQ FRQFHS LD 2UGRQDQ HL GH 8UJHQ QU PRGLILFDW SULQ /HJHD
QU28*QUúL/HJHDQUSULYLQGUHJLPXOGHúHXULORU
FRQVWLWXLH GHúHX´ RULFH VXEVWDQ FDUH HVWH LQFOXV SULQWUH FDWHJRULLOH GH GHúHXUL
VWDELOLWHvQDQH[D,%ODDFHVWDFWQRUPDWLY±FXPDUILGHH[HPSOXUH]LGXXULOHGH
SURGXF LHVDXGHFRQVXPSURGXVHOHFXWHUPHQXOGHYDODELOLWDWHH[SLUDWPDWHULDOHOH
FRQWDPLQDWH HWF 2UGRQDQ D IRORVHúWH GH DVHPHQHD QR LXQHD GH GHúHXUL
SHULFXORDVH´ DOH F URU WLSXUL JHQHULFH VXQW LQGLFDWH vQ DQH[D , & GH H[HPSOX
GHúHXULOHDQDWRPLFHVSLWDOLFHúWLVDXDOWHGHúHXULFOLQLFHFRPSRQHQWHIDUPDFHXWLFH
PHGLFLQDOH VDX YHWHULQDUH FRQVHUYDQ L SHQWUX OHPQ HWF vQV VXE DVSHFWXO
FRQGL LLORUGHLPSRUWúLWUDQ]LWDUILGHPHQ LRQDWGRDUIDSWXOF vQFD]XOGHúHXULORU
SHULFXORDVHRSHUDWRUXOGHWUDQVSRUWWUHEXLHV GH LQ vQSOXVROLFHQ GHWUDQVSRUW
SHQWUXP UIXULSHULFXORDVHDUWGLQRUGRQDQ
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDOLQIUDF LXQLLQXHVWHFLUFXPVWDQ LDWvQV vQUDSRUW
FX SUHYHGHULOH 28* QU DFHVWD DU SXWHD IL DWkW XQ IXQF LRQDU FDUH DUH
DWULEX LL vQ GRPHQLXO WUDQVSRUWXOXL VDX DOFRPHU XOXLH[WHULRUFXGHúHXULFkWúLXQ
OLEHUSURIHVLRQLVWDXWRUL]DWV GHVI úRDUHDVHPHQHDDFWLYLW L
3DUWLFLSD LDSHQDO HVWHSRVLELO VXEWRDWHIRUPHOH
6XELHFW SDVLY SULQFLSDO DO LQIUDF LXQLL HVWH VWDWXO ÌQ YDULDQWHOH DJUDYDWH
SUHY ]XWH vQ DOLQ LQIUDF LXQHD DUH úL XQ VXELHFW SDVLY VHFXQGDU UHSUH]HQWDW GH
SHUVRDQDIL]LF VDXMXULGLF SUHMXGLFLDW SULQV YkUúLUHDIDSWHLLQFULPLQDWH
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDODOLQIUDF LXQLLVHUHDOL]HD] SULQWURRSHUD LXQHGHLPSRUW
VDXGHWUDQ]LWDUHDGHúHXULORUSHWHULWRULXO ULLI U UHVSHFWDUHDGLVSR]L LLORUOHJDOH
([LVW RRSHUD LXQHGHLPSRUWGHGHúHXULDWkWvQFD]XOFkQGDFHVWHDGHúHXULOH
VXQWDFKL]L LRQDWHGLQDIDUDJUDQL HORU ULLvQVFRSXOGHDILXWLOL]DWHVDXGHSR]LWDWH
vQ5RPkQLDFkWúLvQFD]XOFkQGGHúHXULOHVXQWDFKL]L LRQDWHGLQ5RPkQLDvQV GH
ODSHUVRDQHIL]LFHRULMXULGLFHVWU LQH
&X SULYLUH OD LPSRUWXO GH GHúHXUL GH RULFH QDWXU vQ 5RPkQLD 2UGRQDQ D
QU SUHFL]HD] F DFHVWD HVWH SHUPLV QXPDL FX DSUREDUHD DXWRULW LORU
FRPSHWHQWHúLQXPDLGDF GHúHXULOHUHSUH]LQW RED] GHPDWHULLSULPHVHFXQGDUH
GHILFLWDUHSHQWUXFDUHvQ5RPkQLDH[LVW FDSDFLW LVXILFLHQWHGHSUHOXFUDUHGRWDWH
FXLQVWDOD LLOHQHFHVDUHSHQWUXSURWHF LDPHGLXOXL
ÌQ UDSRUW FX FHOH GRX PRGDOLW L vQ FDUH VH SRDWH UHDOL]D RSHUD LXQHD GH
LPSRUWWUHEXLHV REVHUY PF vQSULQFLSLXHVWHH[FOXV LQWURGXFHUHDvQ DU I U
DSURE ULOH QHFHVDUH D GHúHXULORU DFKL]L LRQDWH GLQ VWU LQ WDWH ILLQGF vQ OLSVD
GRFXPHQWHORU MXVWLILFDWLYH DFHVWHD VXQW UH LQXWH OD YDP LDU GH LQ WRUXO ORU HVWH
REOLJDW V OH UHWXUQH]H UHIX]XO GH UHWXUQDUH vQ DUD GH RULJLQH D GHúHXULORU SHQWUX
FDUHVDGLVSXVRDVWIHOGHP VXU GHF WUHRUJDQHOHvQGUHSWFRQVWLWXLHLQIUDF LXQHD
SUHY ]XW vQ DUW OLW H GLQ 28* QU ÌQWUR DVHPHQHD VLWXD LH vQ
VDUFLQD I SWXLWRUXOXL VH SRDWH UH LQH GRDU R WHQWDWLY GH LPSRUW LOHJDO GH GHúHXUL
FDUHVHSHGHSVHúWHFDDWDUHÌQHYHQWXDOLWDWHDF I SWXLWRUXODULQWURGXFHGHúHXULOHvQ
DU SULQHOXGDUHDFRQWUROXOXLYDPDOIDSWDVDDUDWUDJHQXQXPDLLQFLGHQ DDUWð
&SHQVDXDDUWGLQ28*FLúLLQFLGHQ DSUHYHGHULORUUHIHULWRDUHOD
LQIUDF LXQHDGHFRQWUDEDQG
&kWSULYHúWHWUDQ]LWDUHDGHúHXULORUSHWHULWRULXO5RPkQLHLU VSXQGHUHDSHQDO
LQWHUYLQH QXPDL GDF SH GXUDWD úL SH SDUFXUVXO WUDQ]LW ULL WHULWRULXOXL 5RPkQLHL
GHúHXULOH VXQW FRPHUFLDOL]DWH SLHUGXWH VDX DEDQGRQDWH DUW GLQ 28*
8UPDUHDLPHGLDW ÌQYDULDQWDWLSLQIUDF LXQHDDUHFDXUPDUHLPHGLDW RVWDUH
GHSHULFROSHQWUXV Q WDWHDSXEOLF
5DSRUWXOGHFDX]DOLWDWHUH]XOW vQDFHDVW YDULDQW H[UH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH ,QIUDF LXQHD VH FRPLWH FX LQWHQ LH D F UHL H[LVWHQ VH
SUH]XP
0RELOXOúLVFRSXOQXVXQWHOHPHQWHFRQVWLWXWLYHDOHLQIUDF LXQLL
9DULDQWHOHDJUDYDWH
$FHDVW LQIUDF LXQH SUH]LQW úL GRX YDULDQWH DJUDYDWH DPEHOH SUHY ]XWH vQ
DOLQDODUW&SHQÌQDFHVWFRQWH[WWUHEXLHV DG XJ PSUHFL]DUHDF ILHFDUH
DJUDYDQW VHSRDWHUHDOL]DvQPDLPXOWHPRGDOLW LDOWHUQDWLYHFDUHGLIHU vQUDSRUW
FXXUPDUHDSURGXV
3ULPD YDULDQW DJUDYDW H[LVW DWXQFL FkQG FD XUPDUH D QHUHVSHFW ULL
GLVSR]L LLORU OHJDOH SULYLQG LPSRUWXO VDX WUDQ]LWDUHD GHúHXULORU VD SXV vQ SHULFRO
V Q WDWHD VDX LQWHJULWDWHD FRUSRUDO D XQXL QXP U PDUH GH SHUVRDQH VD SURGXV
YUHXQD GLQWUH XUP ULOH DU WDWH vQ DUW RUL VD FDX]DW R SDJXE PDWHULDO
LPSRUWDQW
$ GRXD YDULDQW DJUDYDW H[LVW DWXQFL FkQG FD XUPDUH D QHUHVSHFW ULL
GLVSR]L LLORUOHJDOHSULYLQGLPSRUWXOVDXWUDQ]LWDUHDGHúHXULORUVDSURGXVPRDUWHD
XQHLD VDX PDL PXOWRU SHUVRDQH RUL VDX FDX]DW SDJXEH LPSRUWDQWH HFRQRPLHL
QD LRQDOH
ÌQ OHJ WXU FX DFHVWH DJUDYDQWH VH LPSXQ GXS S UHUHD QRDVWU PDL PXOWH
REVHUYD LL
ÌQ SULPXO UkQG DU IL GH REVHUYDW IDSWXO F XUPDUHD FRQVWkQG vQ SHULFROXO
SHQWUX V Q WDWHD VDX LQWHJULWDWHD FRUSRUDO D XQXL QXP U PDUH GH SHUVRDQH´ HUD
GHMDFXSULQV vQYDULDQWDWLSDLQIUDF LXQLLLDUDúDVWkQGOXFUXULOHHDQXPDLSXWHDIL
FXSULQV úL vQ YDULDQWD DJUDYDW FD HOHPHQW FLUFXPVWDQ LDO GH QDWXU V DJUDYH]H
U VSXQGHUHDSHQDO
ÌQDOGRLOHDUkQGDUILGHREVHUYDWIDSWXOF XUPDUHDFRQVWkQGvQWURSDJXE
PDWHULDO LPSRUWDQW HVWHFXSULQV DWkWvQSULPDYDULDQW DJUDYDW FkWúLvQFHDGHD
GRXDvQV vQDFHDVWDGLQXUP VHIRORVHúWHSOXUDOXO±SDJXEH´±FHHDFHHVWHGH
QHvQ HOHV'HRDUHFHvQDFHDVW DGRXDYDULDQW DJUDYDW VHSUHFL]HD] úLVLVWHPXO
GHUHIHULQ ±HFRQRPLDQD LRQDO ±IRORVLUHDSOXUDOXOXLSRDWHFRQGXFHODFRQFOX]LD
F VDDYXWvQYHGHUHRSOXUDOLWDWHGHDFWHPDWHULDOHFXXUP ULSDJXEH´GLVWLQFWH
2U FHUkQGXVH FD ILHFDUH XUPDUH ± SDJXE ± V ILH DWkW GH LPSRUWDQW vQFkW V
DIHFWH]H HFRQRPLD QD LRQDO DU XUPD F SOXUDOLWDWHD GH XUP UL GH SDJXEH
LPSRUWDQWHVHPQLILF XQGH]DVWUXHFRQRPLFXQDWHQWDWODVLJXUDQ DVWDWXOXLÌQV
vQ RSLQLD QRDVWU R DWDUH XUPDUH QX SRDWH GHFXUJH GLQWUR QHUHVSHFWDUH D
GLVSR]L LLORU OHJDOH SULYLQG LPSRUWXO GH GHúHXUL úL UH]LGXXUL GLQ PRPHQW FH
DVHPHQHD DFWH QX SRW DYHD GHFkW FDUDFWHU L]RODW DFFLGHQWDO ÌQ SOXV VLQWDJPD
IRORVLW vQ WH[W DFHHD GH SDJXE LPSRUWDQW ´ UHSUH]LQW GLQ SXQFW GH YHGHUH
MXULGLFXQHOHPHQWGHHYDOXDUH´±SHFDUHGRFWULQDSHQDO FODVLF vOFRQVLGHUD
LQDGPLVLELO GHRDUHFH LPSOLFkQG DSUHFLHUL SXU VXELHFWLYH GLQ SDUWHD RUJDQXOXL
$VHYHGHD*$QWRQLX9LQRY LDSHQDO (GLWXUD$FDGHPLHL5RPkQH%XFXUHúWLS
MXGLFLDUXQDVHPHQHDHOHPHQWGHYLQHLQHYLWDELORVXUV GHVROX LLFRQWUDGLFWRULLúL
GHFLGHLQHFKLWDWHvQDGPLQLVWUDUHDMXVWL LHL
ÌQ DO WUHLOHD UkQG PDL SXWHP REVHUYD F XUP ULOH FRQVWkQG vQ Y W PDUHD
FRUSRUDO JUDY RUL vQ PRDUWHD XQHLD VDX PDL PXOWRU SHUVRDQH QH LQGLF SUH]HQ D
XQHL LQIUDF LXQL FRPSOH[H vQ FDUH LQIUDF LXQHD LQWHQ LRQDW GH QHUHVSHFWDUH D
GLVSR]L LLORU SULYLQG LPSRUWXO GH GHúHXUL úL UH]LGXXUL DEVRDUEH LQIUDF LXQHD
SUDHWHULQWHQ LRQDW GH Y W PDUH FRUSRUDO JUDY DUW & SHQ VDX GXS FD]
LQIUDF LXQHD SUDHWHULQWHQ LRQDW GH ORYLUL VDX Y W P UL FDX]DWRDUH GH PRDUWH
DUW&SHQúLGHYLQHODUkQGXOV XLQIUDF LXQHSUDHWHULQWHQ LRQDW ±FHHDFH
HVWHLDU úLJUHXGHvQ HOHV
$VXSUD LQIUDF LXQLORU FRPSOH[H VDX SURJUHVLYH SUHY ]XWH vQ DUW
&SHQVHPDLLPSXQvQV úLDOWHREVHUYD LL
$VWIHOLQIUDF LXQHDGHQHUHVSHFWDUHDGLVSR]L LLORUSULYLQGLPSRUWXOGHGHúHXUL
úL UH]LGXXUL HVWH R LQIUDF LXQHREVWDFRO´ DO F UHL VFRS vO FRQVWLWXLH SUHYHQLUHD
FRPLWHULLDOWRUIDSWHVXEVHFYHQWHFDUHVXQWVXVFHSWLELOHV YDW PHvQPRGGLUHFW
PHGLXO vQFRQMXU WRU úL FROHFWLYLW LOH XPDQH 3ULQ LQFULPLQDUHD IDSWHL VD XUP ULW
PDLH[DFWV VHSUHYLQ RFUHúWHUHQHFRQWURODW DULVFXULORUGHvPEROQ YLULvQUkQGXO
SRSXOD LHL±F FLULVFXULOHRELúQXLWHFUHDWHGHSURGXF WRULLLQWHUQLGHGHúHXULVXQW
VDX FHO SX LQ DU WUHEXL V ILH FXQRVFXWH úL LQXWH VXE XQ VWULFW FRQWURO GH F WUH
RUJDQLVPHOHVSHFLDOL]DWHDOHVWDWXOXL
'DF vQV XOWHULRULQWURGXFHULLORULOHJDOHvQ DU ±FXWLWOXGHLPSRUWVDXFX
WLWOX GH WUDQ]LW ± GHúHXULOH VXQW DEDQGRQDWH VDX GHSR]LWDWH vQ DVHPHQHD FRQGL LL
vQFkW DIHFWHD] PHGLXO úL SURYRDF GLVWUXJHUL DOH FXOWXULORU RUL vPEROQ YLUHD VDX
PRDUWHDXQRUSHUVRDQHVHSXQHSUREOHPDH[LVWHQ HLDOWRULQIUDF LXQLGHUH]XOWDW±
GHH[HPSOXGLVWUXJHUHY W PDUHFRUSRUDO Y W PDUHFRUSRUDO JUDY HWF±vQFDUH
VWDELOLUHD SR]L LHL SVLKLFH D DJHQWXOXL ID GH UH]XOWDWXO VXUYHQLW GHYLQH H[WUHP GH
LPSRUWDQW
7RWXúLQLFLFKLDUvQVLWXD LDvQFDUHVHVWDELOHúWHF LQIUDF LXQHDVXEVHFYHQW
GHUH]XOWDWDIRVWFRPLV GHDVHPHQHDFXLQWHQ LHDFHDVWDQXDUSXWHDV DEVRDUE
vQ FRQ LQXWXO HL LQIUDF LXQHD DQWHFHGHQW LQIUDF LXQHDREVWDFRO´ ILLQGF R
DVHPHQHD LQIUDF LXQH vúL S VWUHD] vQ RULFH VLWXD LH DXWRQRPLD 'H XQGH VH
vQ HOHJH F UHVSHFWkQG ULJRULOH úWLLQ HL DJHQWXO DU WUHEXL V U VSXQG SHQWUX
V YkUúLUHDXQXLFRQFXUVUHDOvQWUHLQIUDF LXQHDSUHY ]XW vQDUW&SHQDOLQ
úLLQIUDF LXQHDVXEVHFYHQW GHUH]XOWDW
'DU GDF DFHDVW DEVRUE LH QX HVWH SRVLELO vQ VFKLPE vQ FRQFHS LD FDUH D
VWDW OD ED]D LQFULPLQ ULL FXSULQVH vQ DUW DOLQ & SHQ D GHYHQLW SRVLELO R
DOW DEVRUE LHDQXPHDFHHDDLQIUDF LXQLLVXEVHFYHQWHGHUH]XOWDWvQLQIUDF LXQHD
DQWHFHGHQW REVWDFRO´ ± FHHD FH H[SOLF GXS S UHUHD QRDVWU IDSWXO F DXWRULL
URPkQL QX DQDOL]HD] YDULDQWHOH DJUDYDWH DOH LQIUDF LXQLL GH QHUHVSHFWDUH D
GLVSR]L LLORU SULYLQG LPSRUWXO GH GHúHXUL úL UH]LGXXUL 'H DOWIHO LQIUDF LXQLOH
SUDHWHULQWHQ LRQDWHSUHY ]XWHvQDUWDOLQ&SHQQLFLQXYRUSXWHDILUH LQXWH
YUHRGDW vQSUDFWLF úLDFHDVWDGHRDUHFHILLQGFRQFHSXWHFDLQIUDF LXQLGHUH]XOWDW
DU WUHEXL V VH GRYHGHDVF UDSRUWXO GH FDX]DOLWDWH GLQWUH IDSWD GH QHUHVSHFWDUH D
GLVSR]L LLORUSULYLQGLPSRUWXOGHGHúHXULúLUH]XOWDWXOVXUYHQLWY W PDUHDFRUSRUDO
JUDY SDJXED LPSRUWDQW HWF LDU R DVHPHQHD GRYDG QX VH SRDWH IDFH F FL
OHJ WXUDGHFDX]DOLWDWHQXH[LVW $PDU WDWGHMDF DFHOHUH]XOWDWHLOLFLWHODFDUHVH
UHIHU GLVSR]L LLOH DUW DOLQ & SHQ SRW IL FDX]DWH QXPDL SULQWUR IDSW
VXEVHFYHQW GH DEDQGRQDUH VDX GHSR]LWDUH D GHúHXULORU vQ ORFXUL úL FRQGL LL GH
QDWXU V FRQGXF ODDVHPHQHDUH]XOWDWHRDVHPHQHDIDSW SRDWHILvQV V YkUúLW GH
$VHYHGHDúL*$QWRQLX&%XODL3UDFWLFDMXGLFLDU SHQDO YRO,,,(GLW$FDGHPLHL5RPkQH
S
RULFDUH GH LQ WRU GH GHúHXUL ± FHHD FH vQVHDPQ F QX H[LVW R OHJ WXU QHFHVDU
vQWUH IDSWD GH LQWURGXFHUH LOHJDO GH GHúHXUL vQ DU úL HYHQWXDOHOH UH]XOWDWH LOLFLWH
VXUYHQLWHXOWHULRU
)RUPH6DQF LXQL
&RQIRUPDUWDOLQ&SHQWHQWDWLYDGHLPSRUWLOHJDOVDXGHWUDQ]LWDUH
LOHJDO DGHúHXULORUSHWHULWRULXO5RPkQLHLVHSHGHSVHúWHRSUHYHGHUHVLPLODU HVWH
FXSULQV úLvQDUWDOLQGLQ28*QU
,QIUDF LXQHD VH FRQVXP vQ PRPHQWXO LQWURGXFHULL vQ DU GH GHúHXUL VDX
WUDQ]LW ULLDFHVWRUDSHWHULWRULXO ULLI U UHVSHFWDUHDGLVSR]L LLORUOHJDOH
6DQF LXQLÌQYDULDQWDWLSLQIUDF LXQHDGHQHUHVSHFWDUHDGLVSR]L LLORUSULYLQG
LPSRUWXOGHGHúHXULúLUH]LGXXULHVWHSHGHSVLW FXvQFKLVRDUHGHODODDQLVSUH
GHRVHELUH GH DUW GLQ 28* QU vQ FDUH IDSWHOH VXQW SHGHSVLWH FX
vQFKLVRDUHGHODODDQL
3ULPD YDULDQW DJUDYDW VH SHGHSVHúWH FX vQFKLVRDUH GH OD OD DQL úL
LQWHU]LFHUHDXQRUGUHSWXUL
$GRXDYDULDQW DJUDYDW VHSHGHSVHúWHFXvQFKLVRDUHGHODODGHDQLúL
LQWHU]LFHUHDXQRUGUHSWXUL
7,7/8/,;
,1)5$& ,81,&$5($'8&$7,1*(5(81255(/$ ,,
35,9,1'&219,( 8,5($62&,$/
&DSLWROXO,
,1)5$& ,81,&2175$)$0,/,(,
%,*$0,$
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDO,QIUDF LXQHDGHELJDPLHDUHFDRELHFWMXULGLFVSHFLDO
UHOD LLOHVRFLDOHFDUHRFURWHVFSULQFLSLXOF V WRULHLPRQRJDPH
2ELHFWXOPDWHULDO,QIUDF LXQHDGHELJDPLHQXDUHRELHFWPDWHULDO
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLW
%LJDPLDHVWHRLQIUDF LXQHFXSOXUDOLWDWHQHFHVDU QDWXUDO GHVXELHF LDFWLYL
'DF DPELL VR L SRVHG FkWH R F V WRULH DQWHULRDU ILHFDUH GLQWUH HL YD
U VSXQGH SHQWUX V YkUúLUHD LQIUDF LXQLL GH ELJDPLH vQ YDULDQWD WLS SUHY ]XW vQ
DOLQDODUW&SHQ
'DF QXPDLXQXOGLQWUHVR LSRVHG RDOW F V WRULHDFHVWDYDU VSXQGHSHQWUX
V YkUúLUHD LQIUDF LXQLL GH ELJDPLH vQ YDULDQWD WLS DOLQ DUW & SHQ LDU
FHO ODOW VR FDUH QX SRVHG R DOW F V WRULH YD U VSXQGH SHQWUX V YkUúLUHD
LQIUDF LXQLLGHELJDPLHvQYDULDQWDDWHQXDW DOLQDODUW&SHQ
'DF VH GRYHGHúWH F VR XO FDUH QX SRVHG R DOW F V WRULH D IRVW LQGXV vQ
HURDUHGHFHO ODOWVR FDUHLDDVFXQVIDSWXOF HVWHGHMDF V WRULWYRUILLQFLGHQWH
SUHYHGHULOH DUW & SHQ ± FHHD FH vQVHDPQ F DFHVWD QX PDL SRDWH IL WUDV OD
U VSXQGHUHSHQDO HURDUHDGHIDSWvQO WXUkQGH[LVWHQ DLQIUDF LXQLL
3OXUDOLWDWHDQHFHVDU GHI SWXLWRULFDUHHVWHVSHFLILF LQIUDF LXQLLGHELJDPLH
H[FOXGH SRVLELOLWDWHD XQHL SDUWLFLSD LL SHQDOH VXE IRUPD FRDXWRUDWXOXL 'LQ DFHVW
SXQFWGHYHGHUHELJDPLDHVWHLQIUDF LXQHFXDXWRUXQLFFDUHVHFRPLWHLQSHUVRQD
SURSULD
3DUWLFLSD LD SHQDO U PkQH vQV SRVLELO VXE IRUPD LQVWLJ ULL RUL D
FRPSOLFLW LL 'H H[HPSOX SRDWH DYHD FDOLWDWHD GH FRPSOLFH GHOHJDWXO GH VWDUH
FLYLO FDUH RILFLD] FHD GH D GRXD F V WRULH FXQRVFkQG F XQD GLQWUH S U L VDX
DPEHOHHVWHF V WRULW GDF VHGRYHGHúWHF HOQXDFXQRVFXWDFHVWIDSWvQV SXWHD
V OFXQRDVF GDF úLDUILvQGHSOLQLWvQPRGFRUHVSXQ] WRUDWULEX LLOHGHVHUYLFLX
GHOHJDWXOGHVWDUHFLYLO YDU VSXQGHSHQWUXV YkUúLUHDLQIUDF LXQLLGHQHJOLMHQ vQ
VHUYLFLX±DUW&SHQ
6XELHFWXOSDVLYSULQFLSDODOLQIUDF LXQLLHVWHVWDWXOFDWLWXODUDORUGLQLLMXULGLFH
vQF OFDWH 6XELHFW SDVLY VHFXQGDU DGLDFHQW HVWH vQ SULPXO UkQG VR XO QHYLQRYDW
GLQSULPDF V WRULHLDUvQDOGRLOHDUkQGvQP VXUDvQFDUHVHVWDELOHúWHH[LVWHQ D
HURULLGHIDSWVR XOQHYLQRYDWGLQFHDGHDGRXDF V WRULH
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDOVHUHDOL]HD] SULQWURDF LXQHGHvQFKHLHUHDXQHLF V WRULL
FDDFWMXULGLFvQFRQGL LLOHH[LVWHQ HLDOWHLF V WRULLvQFKHLDW DQWHULRU
3HQWUX FD DFHDVW DF LXQH vQFKHLHUHD XQHL F V WRULL FD DFW MXULGLF V
UHDOL]H]H HOHPHQWXO PDWHULDO DO LQIUDF LXQLL GH ELJDPLH WUHEXLH V ILH vQGHSOLQLWH
GRX FRQGL LLVDXFHULQ HHVHQ LDOHDWDúDWHHOHPHQWXOXLPDWHULDO´
ÌQ SULPXO UkQG WUHEXLH V VH FRQVWDWH F H[LVW R OHJ WXU SHUVRQDO vQWUH
SULPD úL D GRXD F V WRULH vQ VHQVXO F XQD GLQWUH S U L HVWH LGHQWLF vQ DPEHOH
F V WRULL'DF OHJ WXUDSHUVRQDO HVWHGXEO vQVHQVXOF ILHFDUHVR GLQFHDGH
D GRXD F V WRULH SRVHG R DOW F V WRULH DQWHULRDU DFHDVW vPSUHMXUDUH YD GD
QDúWHUHXQXLFRQFXUVLGHDOGHLQIUDF LXQLILHFDUHDXWRUYDWUHEXLV U VSXQG SHQWUX
R LQIUDF LXQH GH ELJDPLH V YkUúLW vQ UDSRUW FX SURSULD F V WRULH DQWHULRDU úL
SHQWUX R LQIUDF LXQH GH ELJDPLH V YkUúLW vQ UDSRUW FX F V WRULD DQWHULRDU D
FHOXLODOWDXWRU
ÌQ DO GRLOHD UkQG SHQWUX FD IDSWD V UHDOL]H]H HOHPHQWXO PDWHULDO DO
LQIUDF LXQLLGHELJDPLHHVWHQHFHVDUFDFHDGLQWkLF V WRULHV ILHYDODELO $FHDVW
FHULQ VHGHGXFHGLQSUHYHGHUHDvQVFULV vQDUWDOLQ&SHQSRWULYLWF UHLD
IDSWHOHQXVHVDQF LRQHD] vQWUHDOWHOHGDF SULPDF V WRULHHVWHGHFODUDW QXO
'HúLWH[WXODOLQDODUW&SHQODV V VHvQ HOHDJ F QXOLWDWHDSULPHL
F V WRULL DU DYHD GRDU VHPQLILFD LD XQHL FDX]H GH LPSXQLWDWH GH QHSHGHSVLUH vQ
UHDOLWDWHOLSVDGHYDODELOLWDWHDSULPHLF V WRULLvQO WXU vQV úLH[LVWHQ DLQIUDF LXQLL±
úLQXGRDUDU VSXQGHULLSHQDOH±ILLQGF vQFKHLHUHDXQHLDOWHF V WRULLHVWHLQWHU]LV
LOLFLW QXPDLGDF FHDDQWHULRDU úLDS VWUDWYDODELOLWDWHDVXEDFHVWDVSHFWWH[WXO
DUWDOLQ&SHQHVWHQHvQGRLHOQLFFULWLFDELO/LSVDGHYDODELOLWDWHDSULPHL
F V WRULLVHSRDWHGDWRUDDWkWXQHLFDX]HGHGHVIDFHUHDF V WRULHLPRDUWHGLYRU
GHFODUDUHD MXGHF WRUHDVF D PRU LL VDX UHF V WRULUHD VR XOXL FHOXL GHFODUDW PRUW ±
FX FRQGL LD FD DFHDVW FDX] V IL LQWHUYHQLW DQWHULRU vQFKHLHULL FHOHL GH D GRX
F V WRULL vQ FD] FRQWUDU LQIUDF LXQHD GH ELJDPLH VXE]LVW ± FkW úL XQHL FDX]H GH
QXOLWDWH DEVROXW VDX UHODWLY FKLDU GHFODUDW XOWHULRU vQFKHLHULL FHOHL GH D GRXD
F V WRULLF FLvQDPEHOHVDOHIRUPHQXOLWDWHDSURGXFHHIHFWHUHWURDFWLYH[WXQF
7RWXúL GXS FXP VD VHVL]DW GHMD GXS FH VD GDW R KRW UkUH GH
FRQGDPQDUH SHQWUX ELJDPLH FDUH D U PDV GHILQLWLY GHFODUDUHD QXOLW LL SULPHL
F V WRULLQXSRDWHvQO WXUDSXWHUHDOXFUXOXLMXGHFDWFHUH]XOW GLQDFHDVW KRW UkUH
DIDU GH FD]XO FkQG GHVILLQ DUHD KRW UkULL GHILQLWLYH GH FRQGDPQDUH VDU RE LQH
SULQWURFDOHGHDWDFH[WUDRUGLQDU &HHDFHvQVHDPQ F SHQWUXDvQO WXUDH[LVWHQ D
LQIUDF LXQLLGHELJDPLHQXOLWDWHDSULPHLF V WRULLWUHEXLHV ILHGHFODUDW FHOSX LQ
vQSULQFLSLXPDLvQDLQWHFDKRW UkUHDGHFRQGDPQDUHV U PkQ GHILQLWLY
2 DOW FKHVWLXQH FDUH D SUHRFXSDW JkQGLUHD SHQDO HVWH DFHHD GDF QXOLWDWHD
SULPHLF V WRULLSRDWHILLQYRFDW QXPDLvQID DLQVWDQ HLFLYLOHVDXVHSRDWHLQYRFD
úL GLUHFW vQ ID D LQVWDQ HL SHQDOH VHVL]DWH FX MXGHFDUHD LQIUDF LXQLL GH ELJDPLH ÌQ
OHJ WXU FXDFHDVW FKHVWLXQHGXS FXPDUDW 3DVWLRQúL3DSDGRSROXVHDSOLF
vQ JHQHUDO UHJXOD F MXGHF WRUXO DF LXQLL HVWH úL MXGHF WRUXO H[FHS LXQLL ± FHHD FH
vQVHDPQ F LQVWDQ D SHQDO VHVL]DW FX MXGHFDUHD ELJDPLHL vQWUXFkW WUHEXLH V
DSUHFLH]HH[LVWHQ DHOHPHQWHORUFRQVWLWXWLYHDOHLQIUDF LXQLLGHYLQHFRPSHWHQW V
V VH SURQXQ H DVXSUD WXWXURU H[FHS LLORU SURSXVH vQ DS UDUH LQFOXVLY DVXSUD
YDOLGLW LL F V WRULHL DQWHULRDUH 3H DFHDVW SR]L LH WHRUHWLF VH VLWXHD] DWkW GH
MXULVSUXGHQ D IUDQFH] FkW úL MXULVSUXGHQ D QRDVWU vQ FDUH VH FRQVLGHU F
YDODELOLWDWHD SULPHL F V WRULL UHSUH]LQW R FHULQ HVHQ LDO D F UHL vQGHSOLQLUH
WUHEXLHYHULILFDW GLQRILFLXFKLDUGLQID]DGHXUP ULUHvQDFHVWVHQVRUJDQXOGH
ÌQDFHODúLVHQV753RSHVFX7UDWDWGHGUHSWXOIDPLOLHLYRO,%XFXUHúWLS
'RUX3DYHORSFLWS
33DVWLRQ0,3DSDGRSROX&RGXOSHQDOGLQDGQRWDW(GLW6RFHF%XFXUHúWLS
$VHYHGHDGHFL]LLOHFLWDWHGH3DVWLRQúL3DSDGRSROXRSFLWS
XUP ULUHSHQDO HVWHREOLJDWV LQ VHDPDDWkWGHFDX]HOHGHQXOLWDWHDF V WRULHL
FkWúLGHFRQGL LLOHvQFDUHVHSRWLQYRFDDFHVWHD
3ULYLWRU OD FHULQ D HVHQ LDO SH FDUH R DQDOL] P DLFL ± YDODELOLWDWHD SULPHL
F V WRULL±GRFWULQDSHQDO LWDOLDQ VHVLWXHD] vQV SHRDOW SR]L LH3RUQLQGGHOD
SUHPLVDF VSUHGHRVHELUHGHFRGXOSHQDODQWHULRUFDUHSUHWLQGHDSHQWUXH[LVWHQ D
ELJDPLHLRF V WRULHYDOLG ´±DUW&RGXOSHQDOLWDOLDQvQYLJRDUHVHUHIHU OD
R F V WRULH FDUH DUH HIHFWH MXULGLFH´ GRFWULQD LWDOLDQ VXV LQH F DUH HIHFWH
MXULGLFH´ RULFH F V WRULH H[LVWHQW GLQ SXQFW GH YHGHUH MXULGLF vQ PRPHQWXO
FRQWUDFW ULL DOWHLD I U D LQWHUHVD GDF HD HVWH VDX QX DIHFWDW GH YUHR FDX] GH
QXOLWDWH DEVROXW VDX UHODWLY ÌQ DFHDVW FRQFHS LH R F V WRULH OLSVLW GH HIHFWH
MXULGLFH HVWH GRDU DúDQXPLWD F V WRULH LQH[LVWHQW ´ FDUH SUHVXSXQH F VDX
QHVRFRWLW FHULQ HOH SULYLQG GLYHUVLWDWHD GH VH[H FRQVLP PkQWXO PLULORU úL
FHOHEUDUHD VROHPQ vQ ID D RIL HUXOXL GH VWDUH FLYLO ± DFHVWH WUHL FHULQ H ILLQG
VLQJXUHOHFRQVLGHUDWHHVHQ LDOH´7UHFHPvQV SHVWHIDSWXOF DVW ]LWH]DDFWHORU
MXULGLFHLQH[LVWHQWH´DIRVWvQJHQHUDODEDQGRQDW SHQWUXDVHVL]DF vQGUHSWXO
SHQDO LWDOLDQ VXQW UHFXQRVFXWH GUHSW FDX]H FDUH DIHFWHD] YDODELOLWDWHD SULPHL
F V WRULL QX QXPDL FDX]HOH GH GHVIDFHUH D F V WRULHL FL úL FDX]HOH GH QXOLWDWH D
DFHVWHLD FKLDU GDF vQ SULYLQ D DFHVWRUD GLQ XUP UHFXQRDúWHUHD HVWH QXPDL
SDU LDO vQ P VXUD vQ FDUH PRWLYXO GH QXOLWDWH VH VXEVXPHD] FRQFHSWXOXL GH
F V WRULHLQH[LVWHQW ´
/DFHOHGRX FHULQ HHVHQ LDOHH[SXVHPDLvQDLQWHGRFWULQDSHQDO PDLYHFKH
DG XJD R D WUHLD DQXPH DFHHD FD úL FHD GH D GRXD F V WRULH V ILH YDODELO
FRQVLGHUkQGF QLFLvQFD]XOvQFDUHFHDGHDGRXDF V WRULHHVWHQXO ±SHQWUXXQ
DOWPRWLYGHFkWELJDPLD±QXVDUPDLSXWHDVXV LQHF DFX]DWXODFRQWUDFWDWRDOW
F V WRULHÌQFHQHSULYHúWHFRQVLGHU PvQV F SUHWLQVDYDODELOLWDWH´DFHOHLGH
D GRXD F V WRULL QX HVWH HVHQ LDO SHQWUX H[LVWHQ D LQIUDF LXQLL GH ELJDPLH &X
SULYLUHODDFHDVW FKHVWLXQHvPS UW úLPFRQFHS LDGRFWULQHLLWDOLHQHFDUHVRFRWHúWH
HVHQ LDOGRDUIDSWXOF VDvQFKHLDWRF V WRULHFDDFWMXULGLF±WUDQVFULV DúDGDUvQ
UHJLVWUXO GH VWDUH FLYLO ± vQ FRQGL LLOH SUHH[LVWHQ HL DOWHL F V WRULL ùL vQ SOXV
VXQWHPGHS UHUHF QXVHSRDWHH[SOLFDvQPRGFRQYLQJ WRUFDUHHVWHUD LXQHDGH
D SURFHGD OD R GLVFULPLQDUH vQWUH FDX]HOH GH QXOLWDWH 'LQ PRPHQW FH D GRXD
F V WRULH HVWH RULFXP ORYLW GH QXOLWDWH DEVROXW GDWRULW ELJDPLHL QX VH PDL
SRDWH DILUPD F QHYDODELOLWDWHD´ HL SRDWH IL VXV LQXW GRDU DWXQFL FkQG OLSVD GH
YDODELOLWDWHGHFXUJHGLQWUXQDOWPRWLYGHFkWELJDPLD'HDFHHDQLVHSDUHJUHXGH
vQ HOHVSUHYHGHUHDvQVFULV vQDOLQDODUW&SHQSHFDUHRUHJ VLPúLvQDOWH
OHJLVOD LL SHQDOH HXURSHQH SRWULYLW F UHLD VR LL GLQ FHD GH D GRXD F V WRULH VXQW
H[RQHUD L GH U VSXQGHUH QX VH SHGHSVHVF GDF DFHDVW F V WRULH HVWH GHFODUDW
QXO SHQWUXXQDOWPRWLYGHFkWELJDPLD
8UPDUHD LPHGLDW D LQIUDF LXQLL GH ELJDPLH FRQVW vQ DWLQJHUHD DGXV
SULQFLSLXOXLPRQRJDPLHLúLLPSOLFLWUHOD LLORUGHFRQYLH XLUHVRFLDO
5DSRUWXOGHFDX]DOLWDWHUH]XOW H[UH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH ,QIUDF LXQHD GH ELJDPLH VH FRPLWH FX LQWHQ LH GLUHFW
VDXLQGLUHFW DF UHLH[LVWHQ VHSUH]XP
$ VH YHGHD &+DPDQJLX , 5RVHWWL % O QHVFX $O % LFRLDQX 7UDWDW GH GUHSW FLYLO URPkQ
(GLW 1D LRQDO ´ %XFXUHúWL S , ,RQDVFR ( %DUDVFK /D FRQFHSWLRQ GH OD QXOOLWp GHV DFWHV
MXULGLTXHVGDQVOHGURLWFLYLOHVRFLDOLVWHURXPDLQ(GLW$FDGHPLHL5RPkQHSVD
33DVWLRQ0,3DSDGRSXOXRSFLWS
)U$QWROLVHL 0DQXDOHGLGLULWWRSHQDOH3DUWHVSHFLDOHYRO,*LXIIUH(GLWRUH0LODQRS1X
vPS UW úLPvQV SR]L LDMXULVSUXGHQ HLLWDOLHQHFDUHFRQVLGHU F úLFXQXQLDUHOLJLRDV DUSURGXFHHIHFWHMXULGLFH´
0RELOXOúLVFRSXOQXVXQWHOHPHQWHFRQVWLWXWLYHDOHLQIUDF LXQLL
)RUPH6DQF LXQL
/D LQIUDF LXQHD GH ELJDPLH WHQWDWLYD QX HVWH LQFULPLQDW ± GHúL HD HVWH
SRVLELO ILLQGF VSUH GHRVHELUH GH PDMRULWDWHD LQIUDF LXQLORU IRUPDOH FDUH VXQW
LQIUDF LXQL GH H[HFX LH SURPSW LQIUDF LXQHD GH ELJDPLH HVWH R LQIUDF LXQH GH
H[HFX LHOHQW
&RQVXPDUHDLQIUDF LXQLLDUHORFLQVWDQWDQHXvQPRPHQWXOvQFKHLHULLFHOHLGHD
GRXDF V WRULLvQPRPHQWXOWUDQVFULHULLDFHVWHLDvQUHJLVWUXOGHVWDUHFLYLO
'HRDUHFH OHJHD VWDELOHúWH vQ VDUFLQD YLLWRULORU VR L REOLJD LD GH D GD R
GHFODUD LH vQ VHQVXO F QX H[LVW LPSHGLPHQWH OD vQFKHLHUHD F V WRULHL VD ULGLFDW
vQWUHEDUHD GDF SHUVRDQD GHMD F V WRULW FDUH GHFODU PLQFLQRV F QX H[LVW
LPSHGLPHQWHV YkUúHúWHSHOkQJ LQIUDF LXQHDGHELJDPLHúLLQIUDF LXQHDGHIDOVvQ
GHFODUD LL/DDFHDVW vQWUHEDUHVDU VSXQVvQWURSULP RSLQLHFDUHFRUHVSXQGH
XQHLFRQFHS LLSURPRYDW GH&RGXOSHQDODQWHULRUvQPRGDILUPDWLYVXV LQkQGXVH
F GDF IDOVXOvQGHFODUD LLDSURGXVFRQVHFLQ DMXULGLF SHFDUHDDYXWRvQYHGHUH
I SWXLWRUXOúLGDF DFHDVW FRQVHFLQ FDUHVHGDWRUHD] IDOVHLGHFODUD LLFRQVWLWXLH
R LQIUDF LXQH GH H[HPSOX ELJDPLH VH YRU DSOLFD UHJXOLOH GH OD FRQFXUVXO GH
LQIUDF LXQL &X WRDWH DFHVWHD FHD GLQWkL GHFL]LH MXULVSUXGHQ LDO FDUH D IRVW
SURQXQ DW vQ DFHVW VHQV D IRVW VXSXV GH vQGDW FULWLFLL PRWLYkQGXVH F
DF LXQHDGHvQFKHLHUHDXQHLQRLF V WRULLGHF WUHRSHUVRDQ F V WRULW LPSOLF vQ
PRG QHFHVDU DVFXQGHUHD H[LVWHQ HL F V WRULHL DQWHULRDUH úL GHFL HIHFWXDUHD XQHL
GHFODUD LL GH F V WRULH FDUH QX FRUHVSXQGH DGHY UXOXL LDU vQ DFHVWH FRQGL LL
UHODW ULOHQHDGHY UDWHI FXWHGHYLLWRUXOVR VHDEVRUEvQPRGQDWXUDOvQFRQ LQXWXO
ODWXULL RELHFWLYH D LQIUDF LXQLL GH ELJDPLH úL FD DWDUH QX DU SXWHD FRQVWLWXL
HOHPHQWXO PDWHULDO DO XQHL LQIUDF LXQL DXWRQRPH SUHY ]XWH vQ DUW & SHQ
$FHDVW GHDGRXDRSLQLH±FDUHSDUHV vúLJ VHDVF WRWPDLPXO LDGHS L±QX
SRDWHvQV FRQYLQJHILLQGF ULJXURVYRUELQGLGHHDDEVRUE LHLQDWXUDOHQXDUHQLFL
XQ IXQGDPHQW GLPSRWULY GHFODUDUHD QHFRUHVSXQ] WRDUH D DGHY UXOXL vQ ID D
GHOHJDWXOXL GH VWDUH FLYLO U PkQH R IDSW LQIUDF LXQH GH VLQH VW W WRDUH DEVROXW
GLVWLQFW GHIDSWDLQIUDF LXQHDVXEVHFYHQW FRQVWkQGvQvQFKHLHUHDF V WRULHL
6DQF LXQLÌQYDULDQWDWLSSUHY ]XW vQDOLQDODUW&SHQELJDPLDVH
SHGHSVHúWHFXvQFKLVRDUHGHODODDQL
ÌQYDULDQWDDWHQXDW SUHY ]XW vQDOLQDODUWELJDPLDVHSHGHSVHúWHFX
vQFKLVRDUHGHODOXQLODDQL
3RWULYLW DUW DOLQ & SHQ IDSWHOH SUHY ]XWH vQ DOLQHDWHOH úL QX VH
VDQF LRQHD] GDF SULPDVDXFHDGHDGRXDF V WRULHHVWHGHFODUDW QXO SHQWUXDOW
PRWLY GHFkW ELJDPLD ÌQ OHJ WXU FX DFHVW DOLQHDW WUHEXLH V VXEOLQLHP FKLDU FX
ULVFXOGHDQHUHSHWDF vQUHDOLWDWHQXPDLQXOLWDWHDFHOHLGHDGRXDF V WRULLDUH
VHPQLILFD LD XQHL FDX]H GH LPSXQLWDWH FDUH vQO WXU U VSXQGHUHD SHQDO FkW
SULYHúWH QXOLWDWHD SULPHL F V WRULL DFHDVWD VH SUH]LQW FD R FDX] FDUH vQO WXU
FDUDFWHUXOSHQDODOIDSWHL
ÌQVIkUúLWFXSULYLUHODODWXUDFLYLO DFDX]HLVXEOLQLHPF vQFD]GHELJDPLH
LQVWDQ DSHQDO SURQXQ kQGFRQGDPQDUHDLQFXOSDWXOXLWUHEXLHV FRQVWDWHQXOLWDWHD
F V WRULHLvQFKHLDWHXOWHULRUúLV GLVSXQ UHVWDELOLUHDVLWXD LHLDQWHULRDUH
9LQWLO 'RQJRUR]([SOLFD LLWHRUHWLFHYRO,9S
-6DWX0DUHVHQWSHQSXEOLFDW vQ55'QUS
'$QL DúQRW ODVROX LDGHPDLVXVvQ55'QUS
&6LPD&RGXOSHQDODGQRWDW(GLW$WODV/H[%XFXUHúWLS
ÌQDFHVWVHQV76GHFSHQQUvQ55'QUS
$'8/7(58/
'LVSR]L LDvQVFULV vQDUW&SHQFDUHGHILQHDLQIUDF LXQHDGHDGXOWHUD
IRVWDEURJDW GH/HJHDQUGLQLXOLH
$%$1'218/'()$0,/,(
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDO,QIUDF LXQHDDEDQGRQGHIDPLOLHDUHFDRELHFWMXULGLF
VSHFLDO UHOD LLOH VRFLDOH FDUH DVLJXU vQGHSOLQLUHD REOLJD LHL GH vQWUH LQHUH ILH SULQ
IXUQL]DUHD PLMORDFHORU QHFHVDUH WUDLXOXL SULQ H[HFXWDUHD vQ QDWXU ILH SULQ SODWD
XQHLSHQVLLvQEDQL
2ELHFWXOPDWHULDO,QIUDF LXQHDGHDEDQGRQGHIDPLOLHQXDUHRELHFWPDWHULDO(D
QXVHU VIUkQJHDVXSUDYUHXQHLHQWLW LPDWHULDOHFLDVXSUDQLYHOXOXLGHWUDLDOYLFWLPHL
FDUHOLSVLW GHVSULMLQXOPDWHULDOODFDUHHVWHvQGUHSW LW VXSRUW GLYHUVHSULYD LXQL
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DO LQIUDF LXQLL GH DEDQGRQ GH IDPLOLH HVWH XQ VXELHFW
DFWLYFDOLILFDWFLUFXPVWDQ LDWúLDQXPHSHUVRDQDFDUHDUHREOLJD LDOHJDO GHDDVLJXUD
vQWUH LQHUHDYLFWLPHL3RWULYLWDUW&IDPREOLJD LDGHvQWUH LQHUHH[LVW vQWUHVR
úL VR LH S ULQ L úL FRSLL FHO FDUH vQILD] úL vQILDW EXQLFL úL QHSR L VWU EXQLFL úL
VWU QHSR LIUD LúLVXURULSUHFXPúLvQWUHFHOHODOWHSHUVRDQHDQXPHSUHY ]XWHGHOHJH
'DF REOLJD LD GH D DVLJXUD vQWUH LQHUHD YLFWLPHL UHYLQH SRWULYLW OHJLL PDL
PXOWRU SHUVRDQH úL QLFL XQD GLQWUH DFHVWHD QX R vQGHSOLQHúWH HOH YRU IL WRDWH
FRDXWRULDLLQIUDF LXQLL$FWHOHGHLQVWLJDUHRULGHFRPSOLFLWDWHODDFHDVW LQIUDF LXQH
VXQWWHRUHWLFSRVLELOHvQV SUDFWLFDMXGLFLDU QXvQUHJLVWUHD] FD]XULGHU VSXQGHUH
SHQWUXDVHPHQHDDFWH
6XELHFW SDVLY SULQFLSDO DO LQIUDF LXQLL HVWH VWDWXO FD WLWXODU DO RUGLQLL MXULGLFH
vQF OFDWH6XELHFWSDVLYVHFXQGDUHVWHSHUVRDQDY W PDW vQGUHSWXOV XODvQWUH LQHUH
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO 'HRDUHFH LQIUDF LXQHD GH DEDQGRQ GH IDPLOLH HVWH
SUHY ]XW FXP DP DU WDW vQ WUHL PRGDOLW L QRUPDWLYH FDUH SUHVXSXQ WRW DWkWHD
IDSWH LQIUDF LXQL GLIHULWH HOHPHQWXO PDWHULDO WUHEXLH DQDOL]DW vQ PRG GLVWLQFW vQ
UDSRUWFXILHFDUHPRGDOLWDWHvQSDUWH
ÌQSULPDPRGDOLWDWHQRUPDWLY ±SUHY ]XW vQDUWOLWD±HOHPHQWXO
PDWHULDOVHUHDOL]HD] SULQRULFDUHGLQXUP WRDUHOHWUHLDF LXQLS U VLUHDDOXQJDUHD
VDXO VDUHDI U DMXWRUDSHUVRDQHLvQGUHSW LWHODvQWUH LQHUH
3 U VLUHDSUHVXSXQHDEDQGRQDUHDYLFWLPHLO VDUHDHLI U RFURWLUH
$OXQJDUHDSUHVXSXQHL]JRQLUHDYLFWLPHLGLQORFXLQ
/ VDUHD I U DMXWRU SUHVXSXQH QHvQGHSOLQLUHD REOLJD LHL GH D GD DMXWRU vQ
PRPHQWXOFkQGYLFWLPDDUHQHYRLHGHXQDVHPHQHDDMXWRU
3HQWUX FD DFHVWH DF LXQL DOWHUQDWLYH V UHDOL]H]H HOHPHQWXO PDWHULDO DO
LQIUDF LXQLLHVWHQHFHVDU±FHULQ HVHQ LDO ±V VHVWDELOHDVF F HOHDXDYXWGUHSW
FRQVHFLQ H[SXQHUHDYLFWLPHLODVXIHULQ HIL]LFHVDXSVLKLFH'DF QXVDXSURGXVR
DVHPHQHD FRQVHFLQ QX VH SRDWH UH LQH LQIUDF LXQHD SUHY ]XW vQ DUW OLW D
&SHQÌQDFHVWVHQVVDGHFLVF QXFRQVWLWXLHLQIUDF LXQHDGHDEDQGRQGHIDPLOLH
IDSWDPDPHLGHDS U VLGRPLFLOLXOFRQMXJDOGLQPRPHQWFHFRSLLLPLQRULDXU PDV
vQJULMDWDW OXLDIODWvQSURGXF LHúLDDOWRUGRLFRSLLPDMRULFXYHQLWXULSURSULL
7-%UDúRYGHFQUvQ55'QUS
ÌQ FHD GH D GRXD PRGDOLWDWH QRUPDWLY HOHPHQWXO PDWHULDO FRQVW vQ
QHvQGHSOLQLUHDFXUHDFUHGLQ DREOLJD LHLGHvQWUH LQHUHSUHY ]XWHGHOHJH
ÌQ DFHDVW PRGDOLWDWH DEDQGRQXO GH IDPLOLH VH SUH]LQW FD R LQIUDF LXQH
RPLVLY SXU FXFDUDFWHUFRQWLQXX
ÌQ DFHVW FD] H[LVWHQ D LQIUDF LXQLL HVWH FRQGL LRQDW GH GRYHGLUHD UHOHL ±
FUHGLQ H D DXWRUXOXL vQ VHQVXO F GHúL GLVSXQH GH SRVLELOLW L PDWHULDOH HO QX
SUHVWHD] GHORF vQWUH LQHUHD OD FDUH HVWH REOLJDW VDX IDFH DFHDVWD vQ PRG VSRUDGLF
GHH[HPSOXS ULQWHOHFKHOWXLHúWHVDODULXOvQSURSULXOLQWHUHVUHIX]kQGVLVWHPDWLF
V FRQWULEXLHODvQWUH LQHUHDFRSLOXOXLV XPLQRU
&XWRDWHF GUHSWXOODvQWUH LQHUHSRDWHILYDORULILFDWSHFDOHFLYLO I SWXLWRUXO
SRDWHILWUDVúLODU VSXQGHUHSHQDO GDF YLFWLPDVHDIO vQQHYRLHúLVXQWvQWUXQLWH
WRDWH FHOHODOWH FRQGL LL GH H[LVWHQ D LQIUDF LXQLL ÌQ DFHVW VHQV VD GHFLV F
vPSUHMXUDUHDF S ULQWHOHDUHXQYHQLWOXQDUvQFDOLWDWHGHSHQVLRQDUQXH[RQHUHD]
SH ILX GH REOLJD LD OHJDO GH vQWUH LQHUH GDF YHQLWXO HVWH LQVXILFLHQW SHQWUX
DFRSHULUHDQHYRLORUFHOXLDIODWvQLQFDSDFLWDWHGHDPXQFL
ÌQFHDGHDWUHLDPRGDOLWDWHQRUPDWLY HOHPHQWXOPDWHULDOFRQVW vQQHSODWD
FX UHDFUHGLQ WLPS GH GRX OXQL D SHQVLHL GH vQWUH LQHUH VWDELOLW SH FDOH
MXGHF WRUHDVF
ÌQ DFHDVW PRGDOLWDWH DEDQGRQXO GH IDPLOLH VH SUH]LQW GH DVHPHQHD FD R
LQIUDF LXQHRPLVLY FRQWLQX 6HFHUHvQV FDRPLVLXQHDV DLE RDQXPLW GXUDW
úLPDLSUHFLVV GXUH]HPLQLPGRX OXQL$FHVWLQWHUYDOvQFHSHV FXUJ GHODGDWD
U PkQHULLGHILQLWLYHDKRW UkULLSULQFDUHVDVWDELOLWSHQVLDGHvQWUH LQHUH
'DF I SWXLWRUXODSO WLWXQWLPSLDUDSRLDvQWUHUXSWSODWDWHUPHQXOGHGRX
OXQLVHFDOFXOHD] GHODGDWDXOWLPHLSO L
ÌQFXSULQVXOLQWHUYDOXOXLGHGRX OXQLIDSWDQXFRQVWLWXLHLQIUDF LXQHGDUGH
vQGDW FH WHUPHQXO VD vPSOLQLW LQIUDF LXQHD VH FRQVLGHU FRQVXPDW 0DL PXOW
LQIUDF LXQHDVHFRQVLGHU FRQVXPDW FKLDUGDF I SWXLWRUXODI FXWRSODW SDU LDO
ILLQGF SODWD SDU LDO HFKLYDOHD] FX R QHSODW D SHQVLHL GH vQWUH LQHUH VWDELOLW GH
LQVWDQ SODWD VH FRQVLGHU I FXW GRDU DWXQFL FkQG REOLJD LD GH vQWUH LQHUH VD
vQGHSOLQLWLQWHJUDO
,QIUDF LXQHD VXE]LVW FKLDU GDF PLQRUXO DUH YHQLWXUL SURSULL vQV
QHvQGHVWXO WRDUH SHQWUX DúL DVLJXUD FRQGL LLOH QHFHVDUH GH FUHúWHUH úL HGXFDUH
RULFKLDUGDF PLQRUXOORFXLHúWHRSDUWHGLQWLPSODS ULQ LLI SWXLWRUXOXL
3ULYLWRUODFHULQ DUHOHLFUHGLQ HvQSUDFWLF VDGHFLVF DFHDVW FHULQ QX
HVWHvQGHSOLQLW GDF GHúLQXDSO WLWSHQVLDGHvQWUH LQHUHODFDUHDIRVWREOLJDWSULQ
KRW UkUH MXGHF WRUHDVF I SWXLWRUXO D ORFXLW vQ SHULRDGD UHVSHFWLY vPSUHXQ FX
PDPDPLQRUXOXLúLFXDFHVWDvQJULMLQGXVHGHPLQRUúLIXUQL]kQGXLFHOHQHFHVDUH
WUDLXOXL
8UPDUHD LPHGLDW SULQFLSDO D LQIUDF LXQLL FRQVW vQWUR VWDUH GH SHULFRO
SHQWUXUHOD LLOHGHFRQYLH XLUHVRFLDO 8UPDUHDLPHGLDW VHFXQGDU FRQVW vQFD]XO
PRGDOLW LORU SUHY ]XWH vQ DUW OLW E úL F vQWUR DWLQJHUH DGXV GUHSWXOXL GH
vQWUH LQHUHDOSHUVRDQHLY W PDWHÌQPRGDOLWDWHDSUHY ]XW vQDUWOLWD&SHQ
XUPDUHD LPHGLDW VHFXQGDU FRQVW vQWUR DWLQJHUH DGXV GUHSWXOXL OD vQJULMLUH DO
YLFWLPHLvQH[SXQHUHD´DFHVWHLDODVXIHULQ HIL]LFHVDXPRUDOH
5DSRUWXOGHFDX]DOLWDWHUH]XOW H[UH
7-6XFHDYDGHFQUvQ5HSHUWRULX,S
76GHFSHQQUvQ&'S
7M7LPLúGHFSHQQUvQ55'QUS
3URFXUDWXUD5P9kOFHDRUGRQDQ GHVFRDWHUHGHVXEXUP ULUHSHQDO SXEOLFDW vQ55'QUS
/DWXUDVXELHFWLY
(OHPHQWXOVXELHFWLYÌQRULFDUHGLQPRGDOLW LOHVDOHLQIUDF LXQHDGHDEDQGRQ
GHIDPLOLHVHV YkUúHúWHQXPDLFXLQWHQ LH
ÌQFD]XOPRGDOLW LORUSUHY ]XWHvQDUWOLWEúLFHVWHQHFHVDUFXPDP
DU WDW FD I SWXLWRUXO V DF LRQH]H ©FX UHDFUHGLQ ª ± IRUPXO FDUH D VXVFLWDW
GLVFX LL vQ GRFWULQ XQLL DXWRUL FRQVLGHUkQG F SULQ DFHDVW IRUPXO SH FDUH
OHJLXLWRUXO QX D H[SOLFDWR VDU GHVHPQD XQ DWULEXW´ DO LQWHQ LHL FDUH vL G
DFHVWHLDRFRORUDWXU VSHFLILF ´
7RWXúL SUDFWLFD MXGLFLDU D LQWHUSUHWDW FHULQ D UHOHLFUHGLQ H FD R FHULQ GH
RUGLQ RELHFWLY FDUH SULYHúWH FRQGL LLOH vQ FDUH IDSWD GREkQGHúWH FDUDFWHU LOLFLW ÌQ
YLUWXWHD DFHVWHL LQWHUSUHW UL VD GHFLV F H[LVW LQIUDF LXQHD SUHY ]XW vQ DUW
OLWFGDF GHH[HPSOXLQFXOSDWXOVDVXVWUDVGHODSODWDREOLJD LHLGHvQWUH LQHUH
VWDELOLW vQ VDUFLQD VD SULQ KRW UkUH MXGHF WRUHDVF GHúL GLVSXQHD HIHFWLY GH
SRVLELOLW L PDWHULDOH RUL GLPSRWULY F QX H[LVW DFHDVW LQIUDF LXQH GDF
QHSODWDSHQVLHLHVWHXUPDUHDVW ULLGHDUHVWDUHSUHYHQWLY vQDOW FDX] vQFDUHVH
J VHDLQFXOSDWXOGHRDUHFHDFHDVWDH[FOXGHFRQGL LDLPSXV GHWH[WXOLQFULPLQDWRU
FD QHSODWD V ILH XUPDUHD UHOHLFUHGLQ H VDX F QX H[LVW DFHDVW LQIUDF LXQH
GDF SULQWURKRW UkUHFLYLO GHILQLWLY XOWHULRDU VDFRQVWDWDWF LQFXOSDWXOQXHVWH
WDW OPLQRUXOXLSHQWUXFDUHIXVHVHREOLJDWV SO WHDVF SHQVLHGHvQWUH LQHUH
0RELOXOúLVFRSXOQXVXQWHOHPHQWHFRQVWLWXWLYHDOHLQIUDF LXQLL
)RUPH6DQF LXQL
ÌQPRGDOLWDWHDSUHY ]XW vQDUWOLWDDEDQGRQXOGHIDPLOLHVHSUH]LQW FD
RLQIUDF LXQHGHH[HFX LHSURPSW LDUvQFHOHODOWHGRX PRGDOLW LFDRLQIUDF LXQH
RPLVLY SXU ±FHHDFHvQVHDPQ F vQQLFLXQDGLQWUHPRGDOLW LOHVDOHDEDQGRQXO
GHIDPLOLHQXSRDWHDYHDWHQWDWLY
&RQVXPDUHD LQIUDF LXQLL DUH ORF vQ PRPHQWXO vQ FDUH VD UHDOL]DW DF LXQHD
LQDF LXQHDFDUHUHDOL]HD] HOHPHQWXOPDWHULDODOLQIUDF LXQLL
ÌQ PRGDOLW LOH SUHY ]XWH vQ DUW OLW E úL F & SHQ vQWUXFkW IDSWHOH VH
SUH]LQW VXE IRUPD XQRU LQIUDF LXQL RPLVLYH FRQWLQXH YD DS UHD GLVWLQFW GH
PRPHQWXO FRQVXP ULL úL XQ PRPHQW DO HSXL] ULL LQIUDF LXQLL ± PRPHQW FDUH
FRLQFLGH FX DFHOD vQ FDUH I SWXLWRUXO UHvQFHSH V úL vQGHSOLQHDVF REOLJD LD GH
vQWUH LQHUH VDX GXS FD] FX PRPHQWXO vQ FDUH VD SURQXQ DW vQ SULP LQVWDQ
KRW UkUHDGHFRQGDPQDUHSHQWUXLQIUDF LXQHDGHDEDQGRQGHIDPLOLH
ÌQOHJ WXU FXPRPHQWXOHSXL] ULLIDSWHLSUHY ]XWHvQDUWOLWF&SHQ
H[LVW QXPHURDVH VROX LL vQ SUDFWLFD MXGLFLDU ± GH H[HPSOX VD GHFLV F vQWUXFkW
LQIUDF LXQHDGHDEDQGRQGHIDPLOLHHVWHRLQIUDF LXQHFRQWLQX RPLVLY V YkUúLUHD
HLGXUHD] WRWWLPSXOFkWSHUVRDQDvQGUHSW LW ODSHQVLDGHvQWUH LQHUHHVWHOLSVLW
FXUHDFUHGLQ GHDFHDVWDFDDWDUHLQIUDF LXQHDQXVHHSXL]HD] ODGDWDWULPLWHULL
vQMXGHFDW DI SWXLWRUXOXLFLODGDWDFkQGDFHVWDDUHOXDWSODWDSHQVLHLGHvQWUH LQHUH
VDX vQ FD]XO FkQG QX D UHOXDW SODWD OD GDWD FRQGDPQ ULL VDOH GH F WUH SULPD
LQVWDQ
6WDELOLUHD PRPHQWXOXL HSXL] ULL HVWH LPSRUWDQW ILLQGF vQ UDSRUW FX DFHVW
PRPHQW XUPHD] D VH DSUHFLD LQFLGHQ D XQXL HYHQWXDO DFW GH FOHPHQ ÌQ DFHVW
ùW'DQHúvQ&RGXOSHQDOFRPHQWDWúLDGQRWDW3DUWHDVSHFLDO YRO,,S
,GHPS
76GHFSHQvQ-1QUS
7-+XQHGRDUDGHFSHQQUvQ55'QUS
7-&RQVWDQ DGHFSHQQUvQ55'QUS
&6- GHFSHQ SXEOLFDW vQ & &ULúX úL FRODE -XULVSUXGHQ úL GRFWULQ URPkQ
(GLWXUD$UJHVVLVS
VHQVVDGHFLVF GLQPRPHQWFHDFWLYLWDWHDFDUDFWHULVWLF LQIUDF LXQLLSUHY ]XW vQ
DUWOLWF&RGSHQDODIRVWvQWUHUXSW vQOXQDLXQLHGHFkQGLQFXOSDWXOXLL
VH UH LQH GLQ VDODULX OXQDU VXPD GDWRUDW FX WLWOXO GH SHQVLH GH vQWUH LQHUH VH
LPSXQH FRQFOX]LD F vQ PRG FRUHFW SULPD LQVWDQ D I FXW vQ FDX] DSOLFDUHD
DUW GLQ 'HFUHWXOOHJH QU GLQ LDQXDULH úL D vQFHWDW SURFHVXO SHQDO FD
HIHFWDODPQLVWLHLDFRUGDWHSULQDFHVWGHFUHWGLPSRWULY GDF PDLvQDLQWHGH
MXGHFDUHD FDX]HL vQ IRQG D IRVW DGRSWDW XQ DFW OHJLVODWLY GH DPQLVWLH LDU
LQFXOSDWXO QX D UHOXDW DQWHULRU SODWD SHQVLHL GH vQWUH LQHUH HO QX EHQHILFLD] GH
DPQLVWLH GHRDUHFH LQIUDF LXQHD QX VD HSXL]DW vQDLQWH GH DGRSWDUHD DFHVWHLD LDU
MXGHFDWDWUHEXLHV FRQWLQXH
ÌQPRGDOLW LOHQRUPDWLYHSUHY ]XWHvQDUWOLWDúLE&SHQDEDQGRQXOGH
IDPLOLH VH SHGHSVHúWH FX vQFKLVRDUH GH OD OXQL OD DQL VDX FX DPHQG LDU vQ
PRGDOLWDWHDSUHY ]XW vQDUWOLWF&SHQFXvQFKLVRDUHGHODODDQLVDXFX
DPHQG
ÌQWRDWHFD]XULOHDF LXQHDSHQDO VHSXQHvQPLúFDUHODSOkQJHUHDSUHDODELO D
SHUVRDQHLY W PDWHLDUvPS FDUHDS U LORUvQO WXU U VSXQGHUHDSHQDO
3RWULYLW DUW DOLQ & SHQ GDF S U LOH QX VDX vPS FDW GDU vQ FXUVXO
MXGHF LL LQFXOSDWXO vúL vQGHSOLQHúWH REOLJD LLOH LQVWDQ D vQ FD]XO FkQG VWDELOHúWH
YLQRY LD SURQXQ vPSRWULYD LQFXOSDWXOXL R FRQGDPQDUH FX VXVSHQGDUHD
FRQGL LRQDW D H[HFXW ULL SHGHSVHL FKLDU GDF QX VXQW vQGHSOLQLWH FRQGL LLOH
SUHY ]XWH vQ DUW & SHQ FD] VSHFLDO GH VXVSHQGDUH FRQGL LRQDW D H[HFXW ULL
SHGHSVHL 3RWULYLW XOWLPXOXL DOLQHDW DOLQ DO DUW & SHQ UHYRFDUHD
VXVSHQG ULLFRQGL LRQDWHVHSRDWHGLVSXQHQXPDLvQFD]XOFkQGvQFXUVXOWHUPHQXOXL
GHvQFHUFDUHFRQGDPQDWXOV YkUúHúWHGLQQRXLQIUDF LXQHDGHDEDQGRQGHIDPLOLH
5(/(/(75$7$0(17($3/,&$7(0,1258/8,
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO LQIUDF LXQLL GH UHOH WUDWDPHQWH DSOLFDWH PLQRUXOXL
FRQVW vQ UHOD LLOH VRFLDOH FDUH DVLJXU RFURWLUHD PLQRUXOXL FRUHVSXQ] WRU
LQWHUHVHORUDFHVWXLDúLH[LJHQ HORUVRFLDOH
2ELHFWXOPDWHULDO,QIUDF LXQHDSRDWHDYHDúLXQRELHFWPDWHULDODWXQFLFkQG
IDSWDFRQVW vQDFWHGHYLROHQ IL]LF H[HUFLWDWHDVXSUDFRSLOXOXLvQWUXQDVHPHQHD
FD]RELHFWXOPDWHULDOFRQVW vQFRUSXOFRSLOXOXLPLQRU
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDODFHVWHLLQIUDF LXQLHVWHXQVXELHFWDFWLYFDOLILFDW
$FHVWDSRDWHILQXPDLSHUVRDQDFDUHDUHFDOLWDWHDGHS ULQWHILHWDW OFRSLOXOXLILH
PDPD DFHVWXLD VDX SHUVRDQD F UHLD PLQRUXO LD IRVW vQFUHGLQ DW VSUH FUHúWHUH úL
HGXFDUHUXG VDXDOW SHUVRDQ
'DF PLQRUXO D IRVW vQFUHGLQ DW VSUH FUHúWHUH úL HGXFDUH XQHL LQVWLWX LL GH
RFURWLUH WH[WXO DUW & SHQ QX DUH LQFLGHQ ÌQ DFHVW VHQV VD GHFLV F IDSWD
HGXFDWRUXOXL GH D DSOLFD XQXL PLQRU LQWHUQDW vQ FDVD FRSLOXOXL FD XUPDUH D XQHL
DEDWHUL FRPLVH GH DFHVWD PDL PXOWH ORYLWXUL SURGXFkQGXL OH]LXQL FH DX QHFHVLWDW
vQJULMLUL PHGLFDOH GH V SW PkQL QX FRQVWLWXLH LQIUDF LXQHD GH UHOH WUDWDPHQWH
DSOLFDWH PLQRUXOXL SUHY ]XW vQ DUW & SHQ FL DFHHD GH Y W PDUH FRUSRUDO
SUHY ]XW vQDUW&SHQ
7%XFXUHúWLGHFSHQvQ&&ULúXúLFRODERSFLWS
&6-GHFSHQvQRSFLWS
7-+DUJKLWDGHFSHQQUvQ55'QUS
,QIUDF LXQHDQXHVWHVXVFHSWLELO GHDILV YkUúLW vQFRDXWRUDW±ILLQGYRUEDGH
vQF OFDUHDXQHLREOLJD LLFXFDUDFWHUVWULFWSHUVRQDOúLGHFLGHRLQIUDF LXQHFXDXWRU
XQLF FDUH VH V YkUúHúWH LQ SHUVRQD SURSULD ± vQV U PkQ SRVLELOH DFWHOH GH
SDUWLFLSD LHVXEIRUPDLQVWLJ ULLRULFRPSOLFLW LL
6XELHFWSDVLYSULQFLSDODOLQIUDF LXQLLHVWHVWDWXOFDWLWXODUDORUGLQLLMXULGLFH
vQF OFDWH6XELHFWSDVLYVHFXQGDUHVWHFRSLOXOPLQRUFDUHQXDvPSOLQLWYkUVWDGH
DQL
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDOVHUHDOL]HD] SULQP VXULVDXWUDWDPHQWHGHQDWXU DSXQH
vQSULPHMGLHJUDY GH]YROWDUHDIL]LF LQWHOHFWXDO VDXPRUDO DPLQRUXOXL
0 VXULOHODFDUHVHUHIHU DUW&SHQSRWFRQVWDvQORYLULvQOLSVLUHDGH
OLEHUWDWH vQ DOXQJDUHD GLQ ORFXLQ HWF 6SUH GHRVHELUH GH P VXUL WUDWDPHQWHOH
SUHVXSXQ XQ FRPSRUWDPHQW FDUH DUH R DQXPLW GXUDW vQ WLPS GDU FDUH GH
DVHPHQHDHVWHGHQDWXU V VHUHSHUFXWH]HQHJDWLYDVXSUDGH]YROW ULLFRSLOXOXLGH
H[HPSOXvPSLHGLFDUHDvQPRGUHSHWDWDFRSLOXOXLGHDPHUJHODúFRDO VXSXQHUHD
OXL OD PXQFL LVWRYLWRDUH VDX OD GLYHUVH XPLOLQ H REOLJDUHD DFHVWXLD V V YkUúHDVF
LQIUDF LXQLHWF
$úD FXP VD DU WDW vQ OLWHUDWXUD GH VSHFLDOLWDWH LQIUDF LXQHD GH UHOH
WUDWDPHQWH DSOLFDWH PLQRUXOXL QX HVWH R LQIUDF LXQH FRPSOH[ FL R LQIUDF LXQH
VLPSO FX R LQGLYLGXDOLWDWH SURSULH DúD vQFkW vQ VLWXD LD F P VXULOH VDX
WUDWDPHQWHOHDSOLFDWHPLQRUXOXLFRQVWLWXLHSULQHOHvQVHOHLQIUDF LXQLDFHVWHDQXYRU
ILDEVRUELWHvQLQIUDF LXQHDSUHY ]XW vQDUW&SHQFLYRULQWUDvQFRQFXUVFX
DFHDVWD ÌQ DFHVW VHQV VD GHFLV F vQWUXFkW vQ FRQ LQXWXO LQIUDF LXQLL GH UHOH
WUDWDPHQWHDSOLFDWHPLQRUXOXLQXLQWU FDHOHPHQWVDXFDFLUFXPVWDQ DJUDYDQW úL
VHFKHVWUDUHDSHUVRDQHLY W PDWH±DF LXQHFHUHDOL]HD] HOHPHQWXOPDWHULDODOXQHL
DOWH IDSWH SHQDOH úL DQXPH DO LQIUDF LXQLL GH OLSVLUH GH OLEHUWDWH vQ PRG LOHJDO
DUW&SHQ±DFHDVW GLQXUP LQIUDF LXQHQXVHDEVRDUEHvQFRQ LQXWXOFHOHL
GLQWkL SHQWUX D DOF WXL vPSUHXQ R LQIUDF LXQH FRPSOH[ FL S VWUkQGXúL
DXWRQRPLDVHDIO vQFRQFXUVIRUPDOFXHD
ÌQV UD LRQkQG DVWIHO DSDUH FD ILLQG FULWLFDELO VROX LD LQVWDQ HL QRDVWUH
VXSUHPH FDUH D GHFLV F LQIUDF LXQHD GH UHOH WUDWDPHQWH DSOLFDWH PLQRUXOXL
V YkUúLW SULQORYLULúLDOWHDFWHGHDJUHVLXQHGDF DFHVWHDVXQWGHQDWXU V FDX]H]H
PRDUWHDYLFWLPHLVDUDEVRUELvQLQIUDF LXQHDGHRPRU) U DLQWUDvQDP QXQWH
DVXSUDXQHLDVHPHQHDVROX LLFDUHDPDLIRVWVXSXV FULWLFLLWUHEXLHV VHVL] P
F QLFLXQXOGLQWUHFD]XULOHGHFRPSOH[LWDWHOHJDO SUHY ]XWHvQDUW&SHQ
QXSHUPLWHDEVRUE LDLQIUDF LXQLLSUHY ]XWHvQDUW&SHQ±F FLUHOD LLOHVRFLDOH
OH]DWH SULQ DFHDVWD VXQW vQ IRQG UHOD LL VWULFW SHUVRQDOH GH IDPLOLH ED]DWH SH
DIHF LXQHvQFUHGHUHúLVSULMLQPRUDOFHHDFHvQVHDPQ F vQVXúLRELHFWXOV XMXULGLF
GHWHUPLQ RGHSOLQ DXWRQRPLHDLQIUDF LXQLLGHUHOHWUDWDPHQWHDSOLFDWHPLQRUXOXL
I FkQGLPSRVLELO RHYHQWXDO VXERUGRQDUHDDFHVWHLDXQHLDOWHLQIUDF LXQL
8UPDUHD LPHGLDW FRQVW vQ SXQHUHD vQ SULPHMGLH JUDY ´ D GH]YROW ULL IL]LFH
LQWHOHFWXDOHVDXPRUDOHDPLQRUXOXL([LVWHQ DDFHVWHLXUP ULVHDSUHFLD] vQFRQFUHWvQ
UDSRUWFXSHULFXOR]LWDWHDP VXULORURULWUDWDPHQWHORUODFDUHDIRVWVXSXVPLQRUXO
5DSRUWXOGHFDX]DOLWDWHUH]XOW H[UH
9 3DSDGRSRO 03RSRYLFL 5HSHUWRULX DOIDEHWLF GH SUDFWLF MXGLFLDU vQ PDWHULH SHQDO SH DQLL
±(GLWùWLLQ LILF úL(QFLFORSHGLF %XFXUHúWLS
7P%XFXUHúWLGHFSHQQUSXEOLFDW vQ5HSHUWRULX,,,S
&6-GHFSHQQUvQ6&ULúX(&ULúX&RGXOSHQDODGQRWDWFXSUDFWLF MXGLFLDU
(GLW$UJHVVLVS
$&KL Hú,/XSX±QRW FULWLF ODGHFSHQQUD76vQ55'QUS
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH ,QIUDF LXQHD GH UHOH WUDWDPHQWH DSOLFDWH PLQRUXOXL VH
FRPLWHGLQSXQFWGHYHGHUHVXELHFWLYFXLQWHQ LHDF UHLH[LVWHQ VHSUH]XP
0RELOXOúLVFRSXOQXVXQWHOHPHQWHFRQVWLWXWLYHDOHLQIUDF LXQLL
)RUPH6DQF LXQL
7HQWDWLYDQXHVWHLQFULPLQDW
&RQVXPDUHD DUH ORF vQ PRPHQWXO vQ FDUH FD R FRQVHFLQ D P VXULORU VDX
WUDWDPHQWHORUDSOLFDWHVDSURGXVXUPDUHDLPHGLDW
ÌQ FD]XO WUDWDPHQWHORU´ vQWUXFkW LQIUDF LXQHD vPEUDF IRUP FRQWLQX YD
DS UHDúLXQPRPHQWDOHSXL] ULLLQIUDF LXQLLGLVWLQFWGHPRPHQWXOFRQVXP ULL
,QIUDF LXQHDGHUHOHWUDWDPHQWHDSOLFDWHPLQRUXOXLVHSHGHSVHúWHFXvQFKLVRDUH
GHODODDQL
1(5(63(&7$5($0 685,/2535,9,1'Ì1&5(',1 $5($0,1258/8,
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO GLIHU GXS FXP HVWH YRUED GH PRGDOLWDWHD QRUPDWLY
SUHY ]XW vQDOLQVDXGHPRGDOLWDWHDQRUPDWLY SUHY ]XW vQDOLQDODUW&SHQ
ÌQSULPDPRGDOLWDWHLQIUDF LXQHDDUHFDRELHFWMXULGLFVSHFLDOUHOD LLOHVRFLDOH
FDUH DVLJXU FUHúWHUHD úL HGXFDUHD FRSLOXOXL PLQRU FRUHVSXQ] WRU LQWHUHVHORU
DFHVWXLD úL H[LJHQ HORU VRFLDOH $FHVWH UHOD LL SRW IL Y W PDWH QX QXPDL SULQ IDSWH
FRQVWkQG vQ UHOH WUDWDPHQWH DSOLFDWH PLQRUXOXL GDU úL SULQ QHUHVSHFWDUHD GH F WUH
S ULQWH D P VXULL OXDWH GH F WUH RUJDQHOH FRPSHWHQWH LQVWDQ H VDX DOWH RUJDQH
VSHFLDOL]DWH FDUH LQkQG VHDPD GH DFHVWH LQWHUHVH DX GLVSXV vQFUHGLQ DUHD
FRSLOXOXLFHOXLODOWS ULQWHRULXQHLWHU HSHUVRDQH
ÌQ FHD GH D GRXD PRGDOLWDWH QRUPDWLY LQIUDF LXQHD DUH FD RELHFW MXULGLF
VSHFLDOUHOD LLOHVRFLDOHFDUHRFURWHVFGUHSWXOS ULQ LORUGHDDYHDOHJ WXULSHUVRQDOH
FXFRSLLLORUPLQRULFKLDUvQVLWXD LDFkQGDFHúWLDQXVHPDLDIO vQvQJULMLUHDORU
2ELHFWXO PDWHULDO ,QIUDF LXQHD GH QHUHVSHFWDUH D P VXULORU SULYLQG
vQFUHGLQ DUHDPLQRUXOXLQXDUHRELHFWPDWHULDO±F FLYDORULOHPDWHULDOHSURWHMDWHQX
VXQWVXVFHSWLELOHGHDVHvQI LúDvQWURIRUP PDWHULDO SDOSDELO
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY ,QIUDF LXQHD SUHY ]XW vQ DUW DOLQ & SHQ SULPD
PRGDOLWDWHQRUPDWLY HVWHRLQIUDF LXQHFXVXELHFWDFWLYXQLFHDVHSRDWHFRPLWH
QXPDLGHF WUHS ULQWHOHF UXLDQXLVDvQFUHGLQ DWFRSLOXO'DF IDSWDVHFRPLWHGH
F WUHRDOW SHUVRDQ vQFDGUDUHDMXULGLF VHVFKLPE vQLQIUDF LXQHDGHOLSVLUHGH
OLEHUWDWHvQPRGLOHJDO
3HQWUX FD S ULQWHOH V GHYLQ VXELHFW DFWLY DO DFHVWHL LQIUDF LXQL VH FHUH
SUHH[LVWHQ DXQHLKRW UkULHPLVHGHRUJDQXOFRPSHWHQWSULQFDUHPLQRUXOV ILIRVW
vQFUHGLQ DWVSUHFUHúWHUHúLHGXFDUHILHFHOXLODOWS ULQWHILHXQHLWHU HSHUVRDQHÌQ
OLSVDXQHLDVHPHQHDKRW UkULLQIUDF LXQHDQXVXE]LVW $VWIHOVDGHFLVF QXVXQW
vQWUXQLWH HOHPHQWHOH FRQVWLWXWLYH DOH LQIUDF LXQLL SUHY ]XWH vQ DUW DOLQ
& SHQ vQ VLWXD LD vQ FDUH FRQFXELQXO UH LQH SH PLQRUXO UH]XOWDW GLQ UHOD LLOH GH
FRQFXELQDMFXPDPDFRSLOXOXLvQVFRSXOGHDRGHWHUPLQDSHDFHDVWDV VHvQWRDUF
ÌQVHQVFRQWUDU,2DQFHD([SOLFD LLWHRUHWLFHYRO,9S
ODGRPLFLOLXOFRPXQLDUPLQRUXOHVWHELQHvQJULMLWDVWIHOvQFkWFUHúWHUHDúLHGXFDUHD
VDQXVXQWSULPHMGXLWH
)LLQG YRUED GH R LQIUDF LXQH FX DXWRU XQLF SDUWLFLSD LD SHQDO VXE IRUPD
FRDXWRUDWXOXL HVWH H[FOXV 5 PkQ vQV SRVLELOH DFWHOH GH SDUWLFLSD LH VXE IRUPD
LQVWLJ ULLRULDFRPSOLFLW LL
,QIUDF LXQHD SUHY ]XW vQ DUW DOLQ & SHQ D GRXD PRGDOLWDWH
QRUPDWLY HVWH GH DVHPHQHD R LQIUDF LXQH FX VXELHFW DFWLY XQLF HD VH SRDWH
FRPLWH QXPDL GH F WUH SHUVRDQD IL]LF F UHLD L VD vQFUHGLQ DW PLQRUXO SULQ
KRW UkUHMXGHF WRUHDVF ´VSUHFUHúWHUHúLHGXFDUH$FHDVW SHUVRDQ SRDWHILXQXO
GLQWUHS ULQ LVDXRWHU SHUVRDQ ÌQDFHVWVHQVVDGHFLVF ³IDSWDPDPHL±F UHLD
L VD vQFUHGLQ DW SULQ KRW UkUH GH GLYRU VSUH FUHúWHUH úL HGXFDUH PLQRUXO FX
REOLJD LD GH D SHUPLWH WDW OXL V O YL]LWH]H OD DQXPLWH GDWH ± GH DO vPSLHGLFD vQ
PRG UHSHWDW SH WDW V LD OHJ WXUD FX PLQRUXO vQ FRQGL LLOH VWDELOLWH SULQKRW UkUH
MXGHF WRUHDVF FRQVWLWXLH LQIUDF LXQHD GH QHUHVSHFWDUH D P VXULORU SULYLQG
vQFUHGLQ DUHDPLQRUXOXLvQYDULDQWDSUHY ]XW vQDUWDOLQ&SHQ6XV LQHUHD
LQFXOSDWHLvQVHQVXOF vQVSH QXDUILvQWUXQLWHHOHPHQWHOHLQIUDF LXQLLSUHY ]XWH
vQDUWDOLQ&SHQSHQWUXPRWLYXOF VXELHF LDFWLYLDLDFHVWHLLQIUDF LXQLQX
SRW IL GHFkW DOWH SHUVRDQH GHFkW S ULQ LL ± DFHúWLD SXWkQG V YkUúL QXPDL IDSWD
LQFULPLQDW SULQ DUW DOLQ & SHQ ± QX HVWH vQWHPHLDW ÌQ OLSVD RULF UHL
OLPLW UL vQ FXSULQVXO WH[WXOXL HVWH HYLGHQW F LQIUDF LXQHD SUHY ]XW vQ DUW
DOLQ&SHQSRDWHILV YkUúLW GHRULFHSHUVRDQ ±LQFOXVLYS ULQWHOH±F UHLDLVD
vQFUHGLQ DWSULQKRW UkUHMXGHF WRUHDVF PLQRUXOVSUHFUHúWHUHúLHGXFDUH
$FWHOH GH SDUWLFLSD LH SHQDO VXQW SRVLELOH QXPDL VXE IRUPD LQVWLJ ULL RUL
FRPSOLFLW LL
6XELHFW SDVLY SULQFLSDO HVWH vQ DPEHOH YDULDQWH GH WLS VWDWXO FD WLWXODU DO
RUGLQLLMXULGLFHvQF OFDWH6XELHFWXOSDVLYVHFXQGDUGLIHU GXS FXPHVWHYRUEDGH
PRGDOLWDWHD SUHY ]XW vQ DUW DOLQ VDX GH PRGDOLWDWHD SUHY ]XW vQ DUW
DOLQ&SHQ
ÌQFD]XOSULPHLPRGDOLW LVXELHFWSDVLYVHFXQGDUHVWHSHUVRDQDS ULQWHRUL
WHU F UHLDLVDvQFUHGLQ DWPLQRUXOSRWULYLWOHJLLÌQOLSVDXQHLKRW UkULDRUJDQXOXL
FRPSHWHQW LQVWDQ D GH MXGHFDW VDX FRPLVLD SHQWUX SURWHF LD FRSLOXOXL FDUH
IXQF LRQHD] vQ FDGUXO FRQVLOLXOXL MXGH HDQ UHVSHFWLY DO FRQVLOLXOXL ORFDO GH
VHFWRUUH LQHUHDDFHVWHLLQIUDF LXQLQXHVWHSRVLELO FXDOWHFXYLQWHFDOLWDWHDGH
VXELHFW SDVLY DO DFHVWHL LQIUDF LXQL QX SRDWH V H[LVWH GHFkW GXS HPLWHUHD XQHL
KRW UkULVDXGHFL]LLvQVHQVXOPHQ LRQDW
ÌQ FD]XO FHOHL GHD GRXD PRGDOLW L VXELHFW SDVLY VHFXQGDU HVWH S ULQWHOH
Y W PDWvQGUHSWXOV XGHDDYHDOHJ WXULSHUVRQDOHFXPLQRUXO7RWXúLGDF ILOLD LD
FRSLOXOXLQXDIRVWVWDELOLW FRQIRUPOHJLLGHH[HPSOXGDF WDW OQXODUHFXQRVFXW
SH FRSLO S ULQWHOH QX SRDWH LQYRFD DFHVW GUHSW úL vQ JHQHUDO QLFL XQXO GLQWUH
GUHSWXULOHS ULQWHúWL
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO GLIHU GH DVHPHQHD GXS FXP HVWH YRUED GH IDSWD
SUHY ]XW vQDOLQVDXGHIDSWDSUHY ]XW vQDOLQDODUW
ÌQ PRGDOLWDWHD SUHY ]XW vQ DOLQ DO DUW HOHPHQWXO PDWHULDO VH
UHDOL]HD] SULQWUR DF LXQH GH UH LQHUH D FRSLOXOXL PLQRU I U FRQVLP PkQWXO
SHUVRDQHLF UHLDLDIRVWvQFUHGLQ DWDFHVWD
3URFORF5P9kOFHDRUGRQDQ GHVFRDWHUHGHVXEXUP ULUHSHQDO GLQLXQLHvQ55'QU
SFXQRWHGH,3RSúL,&RUQHVFX
&$%XFXUHúWLGHFSHQQUvQ6&ULúX(&ULúXRSFLWS
$VHYHGHD2UGRQDQ DGH8UJHQ D*XYHUQXOXLQUSULYLQGSURWHF LDFRSLOXOXLDIODWvQGLILFXOWDWH
5H LQHUHD´vQVHDPQ UHIX]XOS ULQWHOXLGHDvQDSRLDPLQRUXOSHUVRDQHLF UHLD
LD IRVW vQFUHGLQ DW &D XUPDUH DFHDVW LQIUDF LXQH QX VDU SXWHD UH LQH vQ VDUFLQD
S ULQWHOXLFDUHOXkQGFRSLOXOODUHDGXVFXvQWkU]LHUHGLQPRWLYHQHLPSXWDELOHOXL
$F LXQHDGHUH LQHUHDPLQRUXOXLFDS W UHOHYDQ SHQDO QXPDLvQP VXUDvQFDUH
HDDUHRDQXPLW GXUDW vQWLPSúLVDV YkUúLWvQDVWIHOGHvPSUHMXU ULvQFkWGHYLQH
QHvQGRLHOQLF LQWHQ LD S ULQWHOXL GH D QHVRFRWL KRW UkUHD SURQXQ DW vPSRWULYD OXL
'HRDUHFH WH[WXO VH UHIHU OD R vQFUHGLQ DUH D PLQRUXOXL SRWULYLW OHJLL´ QX DUH
LPSRUWDQ GDF KRW UkUHD QHVRFRWLW GH I SWXLWRU S ULQWH D IRVW SURQXQ DW GH
LQVWDQ DMXGHF WRUHDVF VDXGHF WUHFRPLVLDSHQWUXSURWHF LDFRSLOXOXL
(VWHvQV QHFHVDU±FHULQ HVHQ LDO ±FDUH LQHUHDPLQRUXOXLV DLE ORFI U
FRQVLP PkQWXOSHUVRDQHLF UHLDLDIRVWvQFUHGLQ DW
ÌQ PRGDOLWDWHD SUHY ]XW vQ DOLQ DO DUW HOHPHQWXO PDWHULDO FRQVW vQ
IDSWD GH D vPSLHGLFD vQ PRG UHSHWDW SH RULFDUH GLQWUH S ULQ L V DLE OHJ WXUL
SHUVRQDOHFXPLQRUXOvQFRQGL LLOHVWDELOLWHGHS U LVDXGHF WUHRUJDQXOFRPSHWHQW
ÌQ DFHVW FD] H[LVWHQ D LQIUDF LXQLL HVWH FRQGL LRQDW vQ SULPXO UkQG GH
SUHH[LVWHQ D XQHL KRW UkUL MXGHF WRUHúWL SULQ FDUH PLQRUXO D IRVW vQFUHGLQ DW
I SWXLWRUXOXL ÌQ GRFWULQ VD H[SULPDW RSLQLD SRWULYLW F UHLD SULQ H[SUHVLD GH
PLQRUvQFUHGLQ DWSULQKRW UkUHMXGHF WRUHDVF ´DUWUHEXLV vQ HOHJHPúLPLQRUXO
vQFUHGLQ DWSULQKRW UkUHDFRPLVLHLSHQWUXRFURWLUHDFRSLOXOXL±FHHDFHDUvQVHPQD
V VHDGPLW F IDSWDSUHY ]XW vQDOLQDODUW&SHQVHSRDWHV YkUúLúLGH
F WUH SHUVRDQD F UHLD PLQRUXO LD IRVW vQFUHGLQ DW SULQ KRW UkUHD XQHL DVWIHO GH
FRPLVLL&XSULYLUHODDFHDVW RSLQLHWUHEXLHV VHVL] PF GHúLVROX LDSUHFRQL]DW
HVWH LQGLVFXWDELO MXVW úL VH LPSXQH SHQWUX LGHQWLWDWH GH UD LXQH HDGHP UDWLR
WRWXúLHDQXDUSXWHDILDFFHSWDW I U UH]HUYHGLQPRPHQWFHHVWHGHSULQFLSLXF
OHJHD SHQDO HVWH GH VWULFW LQWHUSUHWDUH LDU OHJHD VH UHIHU I U HFKLYRF OD R
³KRW UkUHMXGHF WRUHDVF ´&DDWDUHVDULPSXQHFUHGHPRUHIRUPXODUHDWH[WXOXL
PDLDOHVF SUDFWLFDMXGLFLDU DSXVvQHYLGHQ úLDOWHVLWXD LLvQFDUHIRUPXODDOHDV
GHOHJLXLWRUVDGRYHGLWQHFRUHVSXQ] WRDUHVFRSXOXLGHSURWHF LHDOQRUPHL$VWIHO
VDGHFLVF IDSWDS ULQWHOXLODFDUHVDVWDELOLWGRPLFLOLXOFRSLOXOXLPLQRUSkQ OD
GDWDVROX LRQ ULLDF LXQLLGHGLYRU GHDvPSLHGLFDvQPRGUHSHWDWSHFHO ODOWS ULQWH
GH D DYHD OHJ WXUL SHUVRQDOH FX PLQRUXO vQ FRQGL LLOH VWDELOLWH SULQ KRW UkUHD
MXGHF WRUHDVF FRQVWLWXLH LQIUDF LXQHD GH QHUHVSHFWDUH D P VXULORU SULYLQG
vQFUHGLQ DUHD PLQRUXOXL SUHY ]XW vQ DUW DOLQ & SHQ ± GHúL DFHVW WH[W VH
UHIHU H[SUHVODRKRW UkUHMXGHF WRUHDVF GHvQFUHGLQ DUHVSUHFUHúWHUHúLHGXFDUH
D PLQRUXOXL LDU QX úL OD R KRW UkUH MXGHF WRUHDVF GH VWDELOLUH D GRPLFLOLXOXL
FRSLOXOXLSkQ ODVROX LRQDUHDDF LXQLLGHGLYRU
ÌQDOGRLOHDUkQGH[LVWHQ DLQIUDF LXQLLHVWHFRQGL LRQDW GHSUHH[LVWHQ DXQHL
KRW UkUL MXGHF WRUHúWL VDX GXS FD] D XQHL vQ HOHJHUL D S U LORU FX SULYLUH OD
FRQGL LLOHORFGDW RUHvQFDUHS ULQWHOHSRDWHOXDOHJ WXUDSHUVRQDOFXFRSLOXO
V XPLQRUFHULQ SUHY ]XW GHDVHPHQHDH[SOLFLWvQWH[WXODUWDOLQ
ÌQVIkUúLWvQDOWUHLOHDUkQGHVWHQHFHVDUFDS ULQWHOHV ILHvPSLHGLFDWvQPRG
UHSHWDW´ GH D DYHD OHJ WXUL SHUVRQDOH FX PLQRUXO 6LQWDJPD IRORVLW vQ WH[W ± vQ
PRGUHSHWDW´±DUDW F OHJLXLWRUXODFRQFHSXWDFHDVW LQIUDF LXQHFDRLQIUDF LXQH
GH RELFHL DO F UHL HOHPHQW PDWHULDO VH FRPSXQH GLQWUXQ QXP U VXILFLHQW GH
UHSHW UL´DOHDFHOXLDúLDFWDVWIHOvQFkWV PDUFKH]HRRELúQXLQ GHRDUHFHVXQW
QHFHVDUH FHO SX LQ GRX UHSHW UL´ XUPHD] F SHQWUX H[LVWHQ D LQIUDF LXQLL GH
RELFHLVXQWQHFHVDUHPLQLPWUHLDFWH
,3)LOLSHVFX'UHSWXOIDPLOLHL%XFXUHúWLS
3URF/RF3UDKRYDRUGRQDQ DGLQDXJXVWvQ55'QUSFXQRWHGH13XúFDFLXúL
13OHúDQ
9'RQJRUR]'UHSWSHQDOS
ÌQ OHJ WXU FX DFHDVW PRGDOLWDWH QRUPDWLY D LQIUDF LXQLL vQ SUDFWLFD
MXGLFLDU VDGHFLVF QXVHSRDWHUH LQHH[LVWHQ DLQIUDF LXQLLSUHY ]XW GHDUW
DOLQ & SHQ vQ FD]XO vQ FDUH PLQRUXO ILLQG vQFUHGLQ DW VSUH FUHúWHUH úL HGXFDUH
PDPHL±FXREOLJD LDLPSXV DFHVWHLDGHDSHUPLWHWDW OXLV LDFRQWDFWFXPLQRUXO
vQDQXPLWH]LOHGHWHUPLQDWHSULQKRW UkUHMXGHF WRUHDVF ±vQFHUF ULOHWDW OXLGHD
UHDOL]D DFHDVW OHJ WXU DX HúXDW GDWRULW UHIX]XOXL PLQRUXOXL FDUH QX D YRLW V LD
FRQWDFW FX WDW O V X´ $FHDVW VROX LH D IRVW VXSXV FULWLFLL DU WkQGXVH F
UHIX]XO PLQRUXOXL QX SRDWH IL OXDW vQ FRQVLGHUD LH PDL vQDLQWH GH D VH IL VWDELOLW
FDX]HOH FDUH ODX GHWHUPLQDW SXWkQG IL FRQVLGHUDW FKLDU OLSVLW GH UHOHYDQ vQ
VLWXD LD vQ FDUH VH GRYHGHúWH F DFHVW UHIX] UHSUH]LQW GRDU XQ UHIOH[ DO DWLWXGLQLL
PDPHLID GHWDW OFRSLOXOXL
8UPDUHDLPHGLDW FRQVW vQWURVWDUHGHSHULFROSHQWUXFUHúWHUHDúLHGXFDUHD
PLQRUXOXL vQ FD]XO YDULDQWHL SUHY ]XWH OD DOLQ VDX vQWUR DWLQJHUH DGXV
GUHSWXOXL S ULQWHOXL GH D DYHD OHJ WXUL SHUVRQDOH FX ILXO V X PLQRU vQ FD]XO
YDULDQWHLSUHY ]XWHODDOLQ
5DSRUWXOGHFDX]DOLWDWHUH]XOW H[UH
/DWXUDVXELHFWLY
(OHPHQWXOVXELHFWLY$PEHOHLQIUDF LXQLSUHY ]XWHvQDUW&SHQVHFRPLW
VXEDVSHFWVXELHFWLYFXLQWHQ LHDF UHLH[LVWHQ VHSUH]XP
0RELOXOúLVFRSXOQXVXQWHOHPHQWHFRQVWLWXWLYHDOHLQIUDF LXQLL
)RUPH6DQF LXQL
7HQWDWLYDQXHVWHLQFULPLQDW
&RQVXPDUHD LQIUDF LXQLL DUH ORF vQ DPEHOH PRGDOLW L vQPRPHQWXOvQFDUH
DF LXQHDLOLFLW ILLQGH[HFXWDW vQvQWUHJLPHVDSURGXVXUPDUHDLPHGLDW
'H DVHPHQHD vQ DPEHOH PRGDOLW L ± vQWUXFkW HVWH YRUED GH R LQIUDF LXQH
FRQWLQX úLUHVSHFWLYGHRLQIUDF LXQHGHRELFHL±YDDS UHDGLVWLQFWGHPRPHQWXO
FRQVXP ULLXQPRPHQWDOHSXL] ULLLQIUDF LXQLLFDUHFRLQFLGHFXPRPHQWXOvQFDUH
I SWXLWRUXO VD FRQIRUPDW KRW UkULL SULYLQG vQFUHGLQ DUHD PLQRUXOXL VDX GXS FD]
KRW UkULL RUL vQ HOHJHULL SULYLQG VWDELOLUHD XQRU OHJ WXUL SHUVRQDOH vQWUH S ULQWH úL
PLQRU 'DF I SWXLWRUXO QX SXQH FDS W GH EXQ YRLH FRPSRUWDPHQWXOXL V X LOLFLW
LQIUDF LXQHD VH FRQVLGHU HSXL]DW vQ PRPHQWXO SURQXQ ULL vQ SULP LQVWDQ D
KRW UkULLGHFRQGDPQDUH
,QIUDF LXQLOH SUHY ]XWH vQ DUW DOLQ úL & SHQ VXQW SUHY ]XWH FX
SHGHSVHLGHQWLFHúLDQXPHFXvQFKLVRDUHGHODROXQ ODOXQLVDXFXDPHQG
$F LXQHD SHQDO VH SXQH vQ PLúFDUH OD SOkQJHUHD SUHDODELO D SHUVRDQHL
Y W PDWHLDUvPS FDUHDS U LORUvQO WXU U VSXQGHUHDSHQDO
3URFORF&kPSLQDUH]ROX LDQUvQ55'QUSFXQRW GH(0DLHU
ùW'DQHú93DSDGRSRO5HSHUWRULX,,,SvQDFHODúLVHQV&6LPDRSFLWS
ÌQVHQVXOF PRPHQWXOHSXL] ULLDUFRLQFLGHFXPRPHQWXOU PkQHULLGHILQLWLYHDKRW UkULLGHFRQGDPQDUHD
VHYHGHD7ULE%XFXUHúWLGHFSHQQU$vQ&XOHJHUHGHMXULVSUXGHQ 0RQLWRUXO2ILFLDOS
vQFHQHSULYHúWHFRQVLGHU PJUHúLW DFHDVW VROX LH
&DSLWROXO,,
,1)5$& ,81,&2175$6 1 7 ,,38%/,&(
= ' 51,&,5($&20%$7(5,,%2/,/25
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO vO FRQVWLWXLH UHOD LLOH VRFLDOH UHIHULWRDUH OD RFURWLUHD
V Q W LLSXEOLFHvPSRWULYDIDSWHORUGH] G UQLFLUHDFRPEDWHULLEROLORU
)DSWDQXDUHXQRELHFWPDWHULDODIDU GHFD]XOFkQGDF LXQHDI SWXLWRUXOXLVH
U VIUkQJH DVXSUD XQXL EXQ GH H[HPSOX vPSLHGLFDUHD GH]LQIHFW ULL XQRU YHKLFXOH
VDXDDUGHULLXQRUPDWHULDOHLQIHFWDWHHWF
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYSRDWHILRULFHSHUVRDQ 3DUWLFLSD LDHVWHSRVLELO vQRULFDUHGLQ
IRUPHOHDFHVWHLD
6XELHFW SDVLY SULQFLSDO HVWH VWDWXO FD UHSUH]HQWDQW DO VRFLHW LL 6XELHFW SDVLY
VHFXQGDUHVWHSHUVRDQDDF UHLV Q WDWHDDYXWGHVXIHULWFDXUPDUHDV YkUúLULLIDSWHL
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO FRQVW vQWUR DF LXQH VDX LQDF LXQH SULQ FDUH VXQW
] G UQLFLWH P VXULOH GH SUHYHQLUH VDX FRPEDWHUH D EROLORU PROLSVLWRDUH GH
H[HPSOX QX VH UHVSHFW P VXULOH GH L]RODUH D EROQDYXOXL RUL QX VH UHVSHFW
WUDWDPHQWXOPHGLFDO
8UPDUHDLPHGLDW FRQVW vQU VSkQGLUHDXQHLEROLPROLSVLWRDUH
3ULQU VSkQGLUHVHvQ HOHJHFRQWDPLQDUHDWUDQVPLWHUHDEROLLDOWRUSHUVRDQH
'DF VHGRYHGHúWHF I SWXLWRUXODXUP ULWDQXPHV YkUúLQGIDSWDV FDX]H]H
vPEROQ YLUHDVDXFKLDUPRDUWHDXQHLSHUVRDQHYDH[LVWDXQFRQFXUVGHLQIUDF LXQL
vQWUH Y W PDUH FRUSRUDO DUW Y W PDUH FRUSRUDO JUDY DUW VDX RPRU
DUWGXS FD]úLLQIUDF LXQHDGH] G UQLFLUHDFRPEDWHULLEROLORU
0DL ILUHVF DU IL IRVW vQV FD DFHDVW LQIUDF LXQH V IL IRVW FRQFHSXW FD R
LQIUDF LXQHGHVLPSO DF LXQHLQIUDF LXQHREVWDFROúLQXFDLQIUDF LXQHGHUH]XOWDW
FRQGL LRQDW GHU VSkQGLUHD´EROLLÌQRULFHFD]FRQFHSkQGDFHDVW LQIUDF LXQHFD
RLQIUDF LXQHGHUH]XOWDWOHJLXLWRUXOQHREOLJ V IDFHPGLVWLQF LHvQWUHIDSWDFRPLV
FX LQWHQ LH LQGLUHFW ± FDUH DWUDJH H[FOXVLY LQFLGHQ D DUW & SHQ ± úL IDSWD
FRPLV FXLQWHQ LHGLUHFW ±FDUHDWUDJHvQSOXVúLLQFLGHQ DDUWHWFGXS
FD]±FHHDFHHVWHFXWRWXOLQDFFHSWDELO
&DUDFWHUXO GHVWXO GH FRQIX] DO WH[WXOXL H[SOLF GH DOWIHO IDSWXO F SUDFWLFD
QRDVWU MXGLFLDU QXvQUHJLVWUHD] FD]XULGHDSOLFDUHDGLVSR]L LHLvQVFULVHvQDUW
&SHQ
/HJ WXUDGHFDX]DOLWDWHGLQWUHIDSWDGHQHUHVSHFWDUHDP VXULORUSULYLWRDUHOD
SUHYHQLUHD VDX FRPEDWHUHD EROLORU PROLSVLWRDUH úL XUPDUHD LPHGLDW WUHEXLH
GRYHGLW
ùW'DQHú2FURWLUHDV Q W LLSXEOLFHúLSURWHF LDPHGLXOXLvQFRQMXU WRUUHIOHFWDUHvQXQHOHGLVSR]L LLGH
GUHSWSHQDOvQ55'QUS
ùW'DQHú&RGXOSHQDOFRPHQWDWúLDGQRWDWYRO,,3DUWHDVSHFLDO S
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH )DSWD VH V YkUúHúWH VXE DVSHFW VXELHFWLY FX LQWHQ LH
LQGLUHFW 6 YkUúLUHD GLQ FXOS D DFHVWHL LQIUDF LXQL QX HVWH SRVLELO F FL
LQIUDF LXQHD VH SRDWH UH LQH QXPDL GDF I SWXLWRUXO DvQF OFDWvQPRGFRQúWLHQWúL
YROXQWDURP VXU GHSUHYHQLUHVDXFRPEDWHUHDXQHLEROLPROLSVLWRDUHVWDELOLW GH
RUJDQHOHFRPSHWHQWH
0RELOXOúLVFRSXOQXVXQWHOHPHQWHFRQVWLWXWLYHDOHLQIUDF LXQLL
)RUPH6DQF LXQL
$FWHOHGHSUHJ WLUHúLWHQWDWLYDQXVHSHGHSVHVF
,QIUDF LXQHD GH ] G UQLFLUH D FRPEDWHULL EROLORU VH FRQVXP vQ PRPHQWXO
FkQGVDSURGXVUH]XOWDWXO±U VSkQGLUHDEROLLPROLSVLWRDUH
,QIUDF LXQHDGH] G UQLFLUHDDFRPEDWHULLEROLORUVHSHGHSVHúWHFXvQFKLVRDUH
GHODROXQ ODDQLVDXFXDPHQG
&217$0,1$5($9(1(5,& ù,5 63Æ1',5($6,1'5208/8,
,0812'(),&,7$5'2%Æ1',7
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO vO FRQVWLWXLH UHOD LLOH VRFLDOH FDUH RFURWHVF V Q WDWHD
SXEOLF
2ELHFWXO PDWHULDO DO LQIUDF LXQLL vO FRQVWLWXLH FRUSXO SHUVRDQHL FDUH D IRVW
FRQWDPLQDW FXRERDO YHQHULF VDXFX6,'$
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYÌQDPEHOHYDULDQWHHVWHYRUEDGHRLQIUDF LXQHFXDXWRUXQLF
UHSUH]HQWDWGHSHUVRDQDFDUHúWLHF VXIHU GHRERDO YHQHULF DOLQVDXFDUHúWLH
F VXIHU GH6,'$DOLQ'UHSWXUPDUHSDUWLFLSD LDSHQDO HVWHSRVLELO QXPDL
VXEIRUPDLQVWLJ ULLRULFRPSOLFLW LL
6XELHFWSDVLYSULQFLSDOHVWHVWDWXOFDUHSUH]HQWDQWDOVRFLHW LL
6XELHFWSDVLYVHFXQGDUHVWHSHUVRDQDFRQWDPLQDW FXRERDO YHQHULF DOLQ
VDXFX6,'$DOLQ
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO VH UHDOL]HD] vQ SULPD YDULDQW WLS SULQ WUHL PRGDOLW L
DOWHUQDWLYHSULQUDSRUWVH[XDOQRUPDOSULQUHOD LLVH[XDOHvQWUHSHUVRDQHGHDFHODúL
VH[VDXSULQDFWHGHSHUYHUVLXQHVH[XDO
ÌQ FHD GH D GRXD YDULDQW WLS HOHPHQWXO PDWHULDO FRQVW vQ WUDQVPLWHUHD
VLQGURPXOXL LPXQRGHILFLWDU GREkQGLW 6,'$ LQGLIHUHQW GH PRGDOLWDWHD SULQ FDUH
VD UHDOL]DW WUDQVPLWHUHD GH UHJXO HVWH YRUED WRW GH UHOD LL VH[XDOH QRUPDOH VDX
DQRUPDOH
$WkWSHQWUXH[LVWHQ DLQIUDF LXQLLvQYDULDQWDSUHY ]XW vQDOLQFkWúLSHQWUX
H[LVWHQ DLQIUDF LXQLLvQYDULDQWDSUHY ]XW vQDOLQHVWHQHFHVDUSHGHRSDUWHFD
I SWXLWRUXO V úWLH F VXIHU GH DFHD ERDO LDU SH GH DOW SDUWH HVWH QHFHVDU FD
YLFWLPDV QXILIRVWGHMDFRQWDPLQDW FXDFHDERDO
8UPDUHD LPHGLDW FRQVW vQ vPEROQ YLUHD SHUVRDQHL FX FDUH I SWXLWRUXO D
UHDOL]DWDFWXOVH[XDO'DF DFHVWUH]XOWDWQXVHSURGXFHLQIUDF LXQHDGHFRQWDPLQDUH
YHQHULF úLWUDQVPLWHUHDVLQGURPXOXLLPXQRGHILFLWDUGREkQGLWQXVXE]LVW
/HJ WXUD GH FDX]DOLWDWH WUHEXLH GRYHGLW PDL H[DFW WUHEXLH V GRYHGHDVF
IDSWXO F DF LXQHD V YkUúLW GH I SWXLWRU HUD DSW V GHWHUPLQH FRQWDPLQDUHD
YLFWLPHL
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH,QIUDF LXQHDSUHY ]XW vQDUW&SHQVHFRPLWHVXE
DVSHFWXOVXELHFWLYFXLQWHQ LH
0RELOXOúLVFRSXOQXVXQWHOHPHQWHFRQVWLWXWLYHDOHLQIUDF LXQLL
)RUPH6DQF LXQL
$FWHOHGHSUHJ WLUHúLWHQWDWLYDQXVXQWSHGHSVLWH
ÌQ DPEHOH YDULDQWH LQIUDF LXQHD VH FRQVXP vQ PRPHQWXO FRQWDPLQ ULL
YLFWLPHL 6XEOLQLHP vQV F SHQWUX H[LVWHQ D YDULDQWHL WLS HVWH QHFHVDU FD
WUDQVPLWHUHD EROLL YHQHULFH V VH IL UHDOL]DW vQ PRGDOLW LOH DU WDWH vQ DOLQ DO
DUWDGLF SULQUHOD LLVH[XDOHGDF ERDODYHQHULF DIRVWWUDQVPLV YLFWLPHLvQ
DOWPRGLQIUDF LXQHDQXVXE]LVW
6DQF LXQL3HGHDSVDHVWHvQFKLVRDUHDGHODODDQLSHQWUXYDULDQWDSUHY ]XW vQ
DOLQúLvQFKLVRDUHDGHODODDQLSHQWUXYDULDQWDSUHY ]XW vQDOLQ
ÌQ DPEHOH FD]XUL LQVWDQ D GH MXGHFDW YD GLVSXQH úL P VXUD GH VLJXUDQ D
REOLJ ULLODWUDWDPHQWPHGLFDODUWDOLQ&SHQ
ÌQ FRQIRUPLWDWH FX GLVSR]L LD GLQ DUW & SHQ VXVWUDJHUHD GH OD
H[HFXWDUHD P VXULL GH VLJXUDQ D REOLJ ULL OD WUDWDPHQW PHGLFDO vQ FD]XO
LQIUDF LXQLLGHFRQWDPLQDUHYHQHULF DOLQDODUW&SHQVHSHGHSVHúWHFX
vQFKLVRDUHGHODOXQLODDQVDXFXDPHQG
1HFHVLWDWHD DFHVWHL LQFULPLQ UL DUW & SHQ HVWH vQGRLHOQLF ± IDSW
VHVL]DW GH DOWIHO FX PXOW vQDLQWHD QRDVWU GH DO L VSHFLDOLúWL 7UHFkQG SHVWH
IDSWXO F HVWH JUHX GH H[SOLFDW GH FH VXVWUDJHUHD GH OD WUDWDPHQW PHGLFDO VH
SHGHSVHúWH QXPDL vQ FD]XO FRQWDPLQ ULL YHQHULFH IDSW SUHY ]XW vQ DUW
DOLQGDUQXúLvQFD]XOWUDQVPLWHULLVLQGURPXOXLLPXQRGHILFLWDUGREkQGLWIDSW
SUHY ]XW vQ DUW DOLQ VH PDL SRDWH REVHUYD F SRWULYLW GLVSR]L LHL GLQ
DUWDOLQ&SHQFkQGSHUVRDQDID GHFDUHVDOXDWP VXUDGHVLJXUDQ D
REOLJ ULLODWUDWDPHQWPHGLFDOQXVHSUH]LQW UHJXODWODWUDWDPHQWVHSRDWHGLVSXQH
LQWHUQDUHDPHGLFDO 2UvQWUXFkWHVWHGHSULQFLSLXF SHGHSVHOHWUHEXLHV LQWHUYLQ
QXPDLDWXQFLFkQGSURWHMDUHDYDORULORUVRFLDOHQXVDUSXWHDDVLJXUDHILFLHQWSHDOWH
F LúLvQWUXFkWOHJHDSUHYHGHDGHMDSRVLELOLWDWHDvQORFXLULLP VXULLGHVLJXUDQ D
REOLJ ULL OD WUDWDPHQW PHGLFDO FX P VXUD GH VLJXUDQ D LQWHUQ ULL PHGLFDOH HVWH
HYLGHQWF LQFULPLQDUHDvQVFULV vQDUWïLQWLWXODW Ä6XVWUDJHUHDGHODWUDWDPHQW
PHGLFDO´UHSUH]LQW GLQSXQFWGHYHGHUHMXULGLFRHURDUH
5 63Æ1',5($%2/,/25/$$1,0$/(6$83/$17(
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO LQIUDF LXQLL vO FRQVWLWXLH UHOD LLOH VRFLDOH FDUH
DVLJXU SUHYHQLUHDúLFRPEDWHUHDEROLORUPROLSVLWRDUHODDQLPDOHúLSODQWHSUHFXP
úLDG XQ WRULORU
2ELHFWXO PDWHULDO DO LQIUDF LXQLL vO FRQVWLWXLH DQLPDOHOH VDX SODQWHOH
FRQWDPLQDWHVDXGLVWUXVHFDXUPDUHDU VSkQGLULLEROLLVDXDG XQ WRULORU
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDOLQIUDF LXQLLQXHVWHFLUFXPVWDQ LDW
3DUWLFLSD LDHVWHSRVLELO vQRULFDUHGLQIRUPHOHDFHVWHLD
*$QWRQLX1RWHGHFXUV
+DQV+-HVFKHFN/HKUEXFKGHV6WUDIUHFKWV$OOJ7HLO%HUOLQS
6XELHFWSDVLYSULQFLSDODOLQIUDF LXQLLHVWHVWDWXOFDUHSUH]HQWDQWDOVRFLHW LL
6XELHFWSDVLYVHFXQGDUHVWHSHUVRDQDIL]LF VDXMXULGLF FDUHDDYXWGHVXIHULW
FDXUPDUHDU VSkQGLULLEROLLRULDG XQ WRULORU
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO VH UHDOL]HD] ILH SULQWUR DF LXQH ILH SULQWUR LQDF LXQH
GDF SULQ DFHDVWD VXQW QHVRFRWLWH P VXULOH GH SUHYHQLUH RUL GH FRPEDWHUH D
U VSkQGLULLXQHLEROLPROLSVLWRDUHODDQLPDOHVDXSODQWHRULDG XQ WRULORU
8UPDUHD LPHGLDW FRQVW vQ U VSkQGLUHD EROLL VDX D G XQ WRULORU RUL vQ
SURGXFHUHD DOWRU XUP UL JUDYH GH H[HPSOX GLVWUXJHUHD XQHL UHFROWH GLILFXOW L vQ
DSURYL]LRQDUHDSRSXOD LHLPRDUWHDXQXLQXP UPDUHGHDQLPDOH
/HJ WXUD GH FDX]DOLWDWH GLQWUH DF LXQHD VDX LQDF LXQHD I SWXLWRUXOXL úL
XUPDUHDLPHGLDW WUHEXLHGRYHGLW
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH)DSWDVHV YkUúHúWHQXPDLFXLQWHQ LH
0RELOXOúLVFRSXOQXVXQWHOHPHQWHFRQVWLWXWLYHDOHLQIUDF LXQLL
)RUPH6DQF LXQL
$FWHOHGHSUHJ WLUHúLWHQWDWLYDQXVHSHGHSVHVF
&RQVXPDUHDLQIUDF LXQLLDUHORFFkQGVDSURGXVXQDGLQXUP ULOHDU WDWHvQ
DUW&SHQ
6DQF LXQL ÌQ XUPD PRGLILF ULORU DGXVH WH[WXOXL SULQ /HJHD QU
LQIUDF LXQHDSUHY ]XW vQDUW&SHQVHSHGHSVHúWHFXvQFKLVRDUHGHODOXQLOD
DQLVDXFXDPHQG
3UDFWLFDMXGLFLDU QXvQUHJLVWUHD] FD]XULGHDSOLFDUHDDFHVWXLWH[W
,1)(&7$5($$3(,
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO LQIUDF LXQLL vO FRQVWLWXLH UHOD LLOH VRFLDOH FDUH
DVLJXU SURWHF LD VXUVHORU úL UH HOHORU GH DS VSUH D HYLWD FD DFHDVWD V GHYLQ
G XQ WRDUHV Q W LLRDPHQLORUDQLPDOHORUVDXSODQWHORUÌQSUH]HQWWH[WXODUW
GLQ&SHQFDUHGHILQHúWHDFHDVW LQIUDF LXQHDSDUHFDILLQGDEURJDWLPSOLFLWSULQ
GLVSR]L LLOH vQVFULVH vQ DUW GLQ /HJHD DSHORU QU
PRGLILFDW SULQ /HJHD QU ± GLVSR]L LL FDUH GHVFULX vQ GHWDOLX
DF LXQLOH VXVFHSWLELOH V GHWHUPLQH LQIHFWDUHD´ DSHORU I FkQGXOH G XQ WRDUH
V Q W LLRDPHQLORUDQLPDOHORUVDXSODQWHORU
2ELHFWXOPDWHULDODOLQIUDF LXQLLvOIRUPHD] VXUVHOHVDXUH HOHOHGHDS
3ULQVXUVHGHDS VHvQ HOHJL]YRDUHOHSX XULOHODFXULOHúLUH]HUYRDUHOH
3ULQUH HOHVHvQ HOHJFRQGXFWHOHX]LQHOHGHILOWUDUHFDQDOHOHMJKHDEXULOHHWF
6XELHF LLLQIUDF LXQLL
6XELHFW DFWLY QHPLMORFLW SRDWH IL RULFH SHUVRDQ 3DUWLFLSD LD HVWH SRVLELO vQ
RULFDUHGLQIRUPHOHDFHVWHLD
6XELHFWSDVLYSULQFLSDODOLQIUDF LXQLLHVWHVWDWXO
6XELHFW SDVLY VHFXQGDU HVWH SHUVRDQD IL]LF VDX MXULGLF SUHMXGLFLDW SULQ
LPSRVLELOLWDWHDGHDPDLIRORVLDSDSHULFXORDV SHQWUXV Q WDWH
2REVHUYD LHVLPLODU VDI FXWvQOHJ WXU FXSUHYHGHULOHDUWGLQYHFKHD/HJHDDSHORUQUDVH
YHGHDùW'DQHú&RGXOSHQDOFRPHQWDWúLDGQRWDWYRO,,S
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO DO LQIUDF LXQLL VH UHDOL]HD] ILH SULQWUR DF LXQH GH
LQIHFWDUH GH DOWHUDUH D FRPSR]L LHL DSHL LQGLIHUHQW GH PLMORDFHOH SULQ FDUH VH
UHDOL]HD] DFHDVW DF LXQH
8UPDUHDLPHGLDW FRQVW vQWURVWDUHGHSHULFROSHQWUXV Q WDWHDRDPHQLORUD
DQLPDOHORUúLSODQWHORU
'DF vQ XUPD FRQVXP ULL DSHL VH SURGXFH XQ UH]XOWDW Y W P WRU IDSWD YD
LQWUD vQ FRQFXUV FX XQD GLQWUH LQIUDF LXQLOH FRQWUD YLH LL LQWHJULW LL FRUSRUDOH úL
V Q W LL VDX vQ FD] GH RWU YLUH vQ PDV FX LQIUDF LXQHD GH DWHQWDW FRQWUD XQHL
FROHFWLYLW LRULFXLQIUDF LXQHDGHGLVWUXJHUH
/HJ WXUDGHFDX]DOLWDWH/DDFHDVW LQIUDF LXQHWUHEXLHV VHGRYHGHDVF SH
ED] GHH[SHUWL] IDSWXOF DSDDGHYHQLWG XQ WRDUH´SHQWUXRDPHQLSODQWHVDX
DQLPDOH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH FX FDUH VH V YkUúHúWH DFHDVW LQIUDF LXQH HVWH LQWHQ LD
GLUHFW VDXLQGLUHFW
0RELOXOúLVFRSXOQXVXQWHOHPHQWHFRQVWLWXWLYHDOHLQIUDF LXQLL
)RUPH6DQF LXQL
$FWHOHGHSUHJ WLUHúLWHQWDWLYDQXVHSHGHSVHVF
,QIUDF LXQHD VH FRQVXP vQ PRPHQWXO LQIHFW ULL DSHL úL SURGXFHULL XUP ULL
LPHGLDWH
6DQF LXQL,QIUDF LXQHDGHLQIHFWDUHDDSHLVHSHGHSVHúWHFXvQFKLVRDUHGHOD
OXQLODDQLVDXFXDPHQG
75$),&8/'(6783(),$17(
2ELHFWXORFURWLULLSHQDOH
$úD FXP HUD FRQFHSXW DFHDVWD OD GDWD DGRSW ULL &RGXOXL SHQDO vQ
LQIUDF LXQHD GH WUDILF GH VWXSHILDQWH DUW & SHQ DVLJXUD SURWHF LH DWkW
UHJLPXOXLOHJDODOSURGXVHORUVDXVXEVWDQ HORUVWXSHILDQWHFkWúLUHJLPXOXLOHJDODO
SURGXVHORUVDXVXEVWDQ HORUWR[LFH
3ULQ/HJHDQUSULYLQGFRPEDWHUHDWUDILFXOXLúLFRQVXPXOXLLOLFLWGH
GURJXULVDXDEURJDWvQV GLVSR]L LLOHDUW&SHQvQFHHDFHSULYHúWHSURGXVHOH
VDX VXEVWDQ HOH VWXSHILDQWH DVWIHO F vQ &RGXO SHQDO DX U PDV vQ YLJRDUH QXPDL
GLVSR]L LLOH UHIHULWRDUH OD SURGXVHOH VDX VXEVWDQ HOH WR[LFH 'H DFHHD DúD FXP VD
REVHUYDW GHMD vQ SUH]HQW DU IL PDL FRUHFW V VH YRUEHDVF GH 7UDILFXO GH
SURGXVHVDXVXEVWDQ HWR[LFH´±úLQXGH7UDILFXOGHVWXSHILDQWH´
5HJLPXO SURGXVHORU úL VXEVWDQ HORU WR[LFH D IRVW UHJOHPHQWDW DQWHULRU SULQ
GLVSR]L LLOH 'HFUHWXOXL QU vQV DFHVW DFW QRUPDWLY D IRVW DEURJDW FD
XUPDUH D DSDUL LHL /HJLL QU SHQWUX DSOLFDUHD SUHYHGHULORU &RQYHQ LHL
SULYLQG LQWHU]LFHUHD GH]YROW ULL SURGXFHULL VWRF ULL úL IRORVLULL DUPHORU FKLPLFH úL
GLVWUXJHUHDDFHVWRUD
/HJHD QU VWDELOHúWH UHJLPXO DUPHORU FKLPLFH GDU DFHVWH DUPH
FXSULQG vQ SULPXO UkQG VXEVWDQ HOH FKLPLFH WR[LFH úL SUHFXUVRULL ORU´ ± FDUH vQ
WH[WXODUW&SHQVXQWGHVHPQDWHSULQIRUPXODSURGXVHVDXVXEVWDQ HWR[LFH´
,3DVFX&RGXOSHQDOOD5RPkQLHL(GLWXUD0DULQHDVD%XFXUHúWLS
/HJHDQUDIRVWUHSXEOLFDW vQWHPHLXODUW,,GLQ/HJHDQU
&DUDFWHUXO VLQRQLP DO DFHVWRU QR LXQL GLIHULWH IRORVLWH GH OHJLXLWRU UH]XOW úL GLQ
GHILQL LLOH GDWH vQ DUW GLQ /HJHD QU WHUPHQLORU GH VXEVWDQ FKLPLF
WR[LF ´ úL SUHFXUVRU´ 3ULQ VXEVWDQ FKLPLF WR[LF VH vQ HOHJH ± GXS FXP VH
DUDW vQDFHDVW OHJH±RULFHVXEVWDQ FKLPLF FDUHSULQDF LXQHDVDFKLPLF DVXSUD
SURFHVHORU ELRORJLFH SRDWH FDX]D PRDUWH LQFDSDFLWDWH WHPSRUDU VDX Y W P UL
SHUPDQHQWH OD RP VDX OD DQLPDOH LQGLIHUHQW GH RULJLQHD VD VDX GH PHWRGD GH
SURGXFHUH úL LQGLIHUHQW GDF VH RE LQH vQ LQVWDOD LL vQ PXQL LL ELQDUH VDX vQ DOW
SDUWH3ULQSUHFXUVRUVHvQ HOHJH±GXS FXPVHDUDW vQDFHHDúLOHJH±RULFHUHDFWLY
FKLPLF FDUH SDUWLFLS vQ RULFH ID] OD SURGXFHUHD SULQ RULFH PHWRGH D XQHL
VXEVWDQ HFKLPLFHWR[LFHLQFOXVLYRULFHFRPSRQHQWGHED] DOXQXLVLVWHPFKLPLF
ELQDUVDXPXOWLFRPSRQHQW
ÌQ PRG GHRVHELW VH LPSXQH D IL UHPDUFDW IDSWXO F vQ &DS9,,, GLQ /HJHD
QU VXQW LQFULPLQDWH PDL PXOWH IDSWH FXP DU IL GH]YROWDUHD SURGXFHUHD
GREkQGLUHDGH LQHUHDVDXWUDQVIHUXOGHDUPHFKLPLFHDUWDOLQVXVWUDJHUHD
GH VXEVWDQ H FKLPLFH WR[LFH VDX GH SUHFXUVRUL SHQWUX IRORVLUHD ORU vQ VFRSXULOH
DUPHORUFKLPLFHDUWDOLQSURGXFHUHDVXEVWDQ HORUFKLPLFHvQFDQWLW LSHVWH
OLPLWHOHVDXvQDOWHFRQGL LLGHFkWFHOHSUHY ]XWHGHOHJHDUWHWF
2UGDF IDFHPDEVWUDF LHGHPRGXOGLIHULWGHH[SULPDUHúLGHXQHOHGLIHUHQ H
PLQRUHGHFRQ LQXWVHSRDWHFRQVWDWDF IDSWHOHLQFULPLQDWHGH/HJHDQU
FRLQFLGFXDFHOHDODFDUHVHUHIHU DUW&SHQ±FHHDFHODV ORFLGHLLF WH[WXO
DUW&SHQDIRVWvQWRWDOLWDWHDEURJDWFKLDUGDF vQFHHDFHSULYHúWHSURGXVHOH
VDX VXEVWDQ HOH WR[LFH HVWH YRUED GH R DEURJDUH LPSOLFLW WDFLW GHWHUPLQDW GH
LQWUDUHDvQYLJRDUHD/HJLLQU
7RWXúLvQWUXFkWWH[WXODUWDIRVWPHQ LQXWvQ&RGXOSHQDOVXQWHPQHYRL L
V FRQWLQX PDQDOL]DFRQ LQXWXOXLLQFULPLQ ULL
2ELHFWXO MXULGLF VSHFLDO FRQVW vQ UHOD LLOH VRFLDOH SULYLQG V Q WDWHD SXEOLF
UHOD LLDS UDWHúLSULQQRUPHOHOHJDOHUHIHULWRDUHODSURGXF LDúLFLUFXOD LDSURGXVHORU
úLVXEVWDQ HORUWR[LFH
2ELHFWXOPDWHULDODOLQIUDF LXQLLFRQVW vQSURGXVHOHVDXVXEVWDQ HOHWR[LFHFX
SULYLUHODFDUHVDXHIHFWXDWRSHUD LLLQWHU]LVH
6XELHF LLLQIUDF LXQLL
6XELHFWDFWLYQHPLMORFLWDOLQIUDF LXQLLSRDWHILRULFHSHUVRDQ LDUSDUWLFLSD LD
SHQDO HVWHSRVLELO VXEWRDWHIRUPHOHFRDXWRUDWLQVWLJDUHFRPSOLFLWDWH
ÌQ YDULDQWD DJUDYDW DOLQ LQWURGXV SULQ /HJHD QU H[LVW R
SOXUDOLWDWH FRQVWLWXLW GH I SWXLWRUL 7UDILFXO GH VWXSHILDQWH GHYLQH vQ DFHVW FD] R
LQIUDF LXQH FRPSOH[ FDUH DEVRDUEH LQIUDF LXQHD GH DVRFLHUH SHQWUX V YkUúLUHD GH
LQIUDF LXQLDUW&SHQ
6XELHFWSDVLYSULQFLSDODOLQIUDF LXQLLHVWHVWDWXOFDUHSUH]HQWDQWDOVRFLHW LL
6XELHFWXO SDVLY HYHQWXDO VXEVLGLDU HVWH SHUVRDQD D F UHL V Q WDWH D IRVW
Y W PDW SULQV YkUúLUHDLQIUDF LXQLL
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO VH SRDWH UHDOL]D DOWHUQDWLY SULQ XQD GLQWUH XUP WRDUHOH
DF LXQLSURGXFHUHD´GH LQHUHD´RULFHRSHUD LHSULYLQGFLUFXOD LDSURGXVHORURUL
VXEVWDQ HORUWR[LFH´FXOWLYDUHDvQVFRSGHSUHOXFUDUHDSODQWHORUFDUHFRQ LQDVWIHO
GHVXEVWDQ H´H[SHULPHQWDUHDSURGXVHORUVDXVXEVWDQ HORUWR[LFH´
3URGXFHUHD´ vQVHDPQ GXS FD] IDEULFDUHD SUHSDUDUHD VDX H[WUDF LD
VXEVWDQ HORUWR[LFH
'H LQHUHD´vQVHDPQ SULPLUHDúLS VWUDUHDGHDVHPHQHDVXEVWDQ H
3ULQ RULFH RSHUD LH SULYLQG FLUFXOD LD´ VH vQ HOHJH YkQ]DUHD RIHULUHD
H[SXQHUHDVSUHYkQ]DUHFXPS UDUHDGLVWULEXLUHDWUDQVSRUWXOHWF
&XOWLYDUHDvQVFRSGHSUHOXFUDUHDSODQWHORUFDUHFRQ LQDVWIHOGHVXEVWDQ H´
SUHVXSXQHQXQXPDLvQV PkQ DUHDUHFROWDUHDHWFDSODQWHORUFDUHFRQ LQVXEVWDQ H
WR[LFH GDU úL R RSHUD LH XOWHULRDU GH SURGXFHUH IDEULFDUH SUHSDUDUH H[WUDF LH
I U DLQWHUHVDvQV GDF DFHDVW RSHUD LHXOWHULRDU DIRVWLQWHJUDOUHDOL]DW VDXVH
DIO GRDUvQSUHJ WLUH
([SHULPHQWDUHD´SUHVXSXQHGLYHUVHRSHUD LLGR]DUHFRPELQDUHYHULILFDUHHWF
&HULQ D HVHQ LDO SHQWUX H[LVWHQ D HOHPHQWXOXL PDWHULDO DO LQIUDF LXQLL HVWH
DFHHD FD RSHUD LLOH PHQ LRQDWH PDL VXV V ILH V YkUúLWH I U GUHSW´ DGLF V ILH
HIHFWXDWHvQDOWHFRQGL LLGHFkWDFHOHDvQFDUHHIHFWXDUHDORUHVWHSHUPLV GHOHJH
8UPDUHDLPHGLDW FRQVW vQWURVWDUHGHSHULFROSHQWUXV Q WDWHDSXEOLF
/HJ WXUDGHFDX]DOLWDWHUH]XOW H[UH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH6XEDVSHFWVXELHFWLYLQIUDF LXQHDVHFRPLWHFXLQWHQ LH
DF UHLH[LVWHQ VHSUH]XP
0RELOXOúLVFRSXOQXVXQWHOHPHQWHFRQVWLWXWLYHDOHLQIUDF LXQLL
9DULDQWDDJUDYDW
([LVWHQ D YDULDQWHL DJUDYDWH DOLQ SUHVXSXQH F WUDILFXO GH SURGXVH VDX
VXEVWDQ H WR[LFH D IRVW SUHFHGDW GH XQ DFRUG vQWUH PDL PXOWH SHUVRDQH FHO SX LQ
WUHLvQYHGHUHDV YkUúLULLLQIUDF LXQLL$FHVWDFRUGDUHVHPQLILFD LDXQHLLQIUDF LXQL
GH VLQH VW W WRDUH ± DVRFLHUHD SHQWUX V YkUúLUHD GH LQIUDF LXQL DUW & SHQ ±
FDUH SULQ YRLQ D OHJLXLWRUXOXL VH DEVRDUEH vQ LQIUDF LXQHD SUHY ]XW vQ DUW
FDUHGHYLQHDVWIHOLQIUDF LXQHFRPSOH[ 'DWRULW FDUDFWHUXOXLRUJDQL]DWDOJUXSXOXL
GH I SWXLWRUL JUDYLWDWHD LQIUDF LXQLL FUHúWH F FL GHVFRSHULUHD úL SULQGHUHD DFHVWRUD
YDILvQDFHVWHFRQGL LLPDLDQHYRLRDV
)RUPH6DQF LXQL
7HQWDWLYD D IRVW LQFULPLQDW SULQ /HJHD QU vQV HD QX SRDWH IL
UH LQXW ILLQGF VLWXD LLOHvQFDUHHVWHSRVLELO DXIRVWDVLPLODWHIRUPHLFRQVXPDWH
GHH[HPSOXSULQRULFHRSHUD LHSULYLQGFLUFXOD LD´VHvQ HOHJHQXQXPDLYkQ]DUHD
HIHFWLY FLúLRIHULUHDVDXH[SXQHUHDVSUHYkQ]DUH
,QIUDF LXQHD VH FRQVXP vQ PRPHQWXO UHDOL] ULL RULF UHLD GLQWUH RSHUD LLOH
LQWHU]LVHDU WDWHvQWH[W
ÌQ XQHOH GLQWUH PRGDOLW LOH VDOH LQIUDF LXQHD vPEUDF IRUP FRQWLQX GH
H[HPSOX SURGXFHUHD RUL GH LQHUHD ÌQ DFHVW FD] YD DS UHD úL XQ PRPHQW DO
HSXL] ULLGLVWLQFWGHPRPHQWXOFRQVXP ULLLQIUDF LXQLL
6DQF LXQLÌQYDULDQWDWLSDOLQLQIUDF LXQHDHVWHSHGHSVLW FXvQFKLVRDUHGH
ODODDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
ÌQYDULDQWDDJUDYDW DOLQLQIUDF LXQHDHVWHSHGHSVLW FXvQFKLVRDUHGHOD
ODGHDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
)$/6,),&$5($'($/,0(17(6$8$/7(352'86(
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDOÌQRULFDUHGLQWUHYDULDQWHOHVDOHGHWLSLQIUDF LXQHD
SUHY ]XW vQ DUW & SHQ DUH FD RELHFW MXULGLF VSHFLDO V Q WDWHD SXEOLF 6SUH
GHRVHELUHGHLQIUDF LXQHDGHvQúHO FLXQHFXSULYLUHODFDOLWDWHDP UIXULORUFDUHHVWH
R LQIUDF LXQH HFRQRPLF SULQ FDUH VH SURWHMHD] vQ SULQFLSDO LQWHUHVHOH GH RUGLQ
SDWULPRQLDODOHFXPS U WRULORULQIUDF LXQHDWULQRPLF SUHY ]XW vQDUW&SHQ
DVLJXU SURWHF LHvQSULPXOUkQGV Q W LLFRQVXPDWRULORUFDUHUHSUH]LQW RYDORDUH
VRFLDO GHRLPSRUWDQ PXOWPDLPDUH'HDFHHDSULQGLVSR]L LDGLQDUWDOLQ
& SHQ OHJLXLWRUXO D SUHY ]XW vQ PRG H[SOLFLW F vQ FD]XO FkQG P UIXULOH VDX
SURGXVHOHDXGHYHQLWSULQIDOVLILFDUHRULVXEVWLWXLUHY W P WRDUHV Q W LLVHDSOLF
GLVSR]L LLOHDUW
2ELHFWXO PDWHULDO )LHFDUH GLQWUH FHOH WUHL LQIUDF LXQL SUHY ]XWH vQ DUW
&SHQDUHXQRELHFWPDWHULDOSURSULX
,QIUDF LXQHD SUHY ]XW vQ DOLQ DUH FD RELHFW PDWHULDO DOLPHQWHOH VDX
E XWXULOHIDOVLILFDWHDOWHUDWHVDXLQWHU]LVHFRQVXPXOXLY W P WRDUHV Q W LL
,QIUDF LXQHD SUHY ]XW vQ DOLQ DUH FD RELHFW PDWHULDO DOWH P UIXUL VDX
SURGXVHFDUHSULQIDOVLILFDUHRULVXEVWLWXLUHDXGHYHQLWY W P WRDUHV Q W LL
,QIUDF LXQHDSUHY ]XW vQDOLQDUHFDRELHFWPDWHULDOFDUQHDVDXSURGXVHOH
GLQFDUQHSURYHQLWHGLQW LHULGHDQLPDOHVXVWUDVHFRQWUROXOXLYHWHULQDU
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDOLQIUDF LXQLORUSUHY ]XWHvQDUW&SHQSRDWH
ILRULFHSHUVRDQ FDUHvQGHSOLQHúWHFRQGL LLOHJHQHUDOHSHQWUXDU VSXQGHSHQDO
3DUWLFLSD LD SHQDO HVWH SRVLELO VXE WRDWH IRUPHOH FRDXWRUDW LQVWLJDUH
FRPSOLFLWDWH
6XELHFWSDVLYSULQFLSDODOLQIUDF LXQLLHVWHVWDWXOFDUHSUH]HQWDQWDOVRFLHW LL
6XELHFWSDVLYHYHQWXDOVXEVLGLDUHVWHSHUVRDQDIL]LF DF UHLV Q WDWHDIRVW
Y W PDW
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDOGLIHU vQUDSRUWFXYDULDQWHOHGHWLSDOHLQIUDF LXQLL
ÌQ YDULDQWD WLS SUHY ]XW vQ DOLQ HOHPHQWXO PDWHULDO VH UHDOL]HD]
DOWHUQDWLYSULQXQDGLQWUHXUP WRDUHOHDF LXQLSUHSDUDUHDGHDOLPHQWHVDXE XWXUL
IDOVLILFDWH DOWHUDWH HWF H[SXQHUHD VSUH YkQ]DUH VDX YkQ]DUHD GH DVHPHQHD
DOLPHQWHVDXE XWXUL
ÌQWUXFkWPRGDOLW LOHSULQFDUHVHUHDOL]HD] HOHPHQWXOPDWHULDOVXQWVXILFLHQW
GH ELQH SUHFL]DWH vQ WH[WXO OHJDO R H[SOLFD LH VXSOLPHQWDU VH LPSXQH GRDU vQ
OHJ WXU FX H[SXQHUHD VSUH YkQ]DUH´ $VWIHO DFHDVW PRGDOLWDWH D LQIUDF LXQLL QX
HVWH UHDOL]DW GDF DOLPHQWHOH VDX E XWXULOH IDOVLILFDWH DOWHUDWH VDX LQWHU]LVH
FRQVXPXOXL VXQW LQXWH vQWUR PDJD]LH vQWUXQ GXODS vQFKLV HWF ± QHILLQG GHFL
H[SXVH´VSUHYkQ]DUH
ÌQ RULFDUH GLQWUH FHOH WUHL PRGDOLW L DOWHUQDWLYH HQXPHUDWH PDL VXV IDSWD
WUHEXLHV DLE FDRELHFWDOLPHQWHVDXE XWXULIDOVLILFDWH´DOWHUDWH´VDXLQWHU]LVH
FRQVXPXOXL´
6XQW IDOVLILFDWH´ DFHOH DOLPHQWH VDX E XWXUL D F URU FRPSR]L LH D IRVW
PRGLILFDW úL GHFL QX PDL FRUHVSXQGH FX FRPSR]L LD SURGXVXOXL RULJLQDO VDX FX
DFHHD vQVFULV SH HWLFKHW ÌQ SUDFWLFD MXGLFLDU VD GHFLV F H[LVW DFHDVW
LQIUDF LXQH DUW DOLQ GDF LQFXOSDWXO D LQWURGXV vQWUR FDQWLWDWH GH ODSWH
IRVIDWWULVRGLFI FkQGXOY W P WRUV Q W LL
6XQW DOWHUDWH´ DFHOH DOLPHQWH VDX E XWXUL FDUH GDWRULW YHFKLPLL VDX
FRQGL LLORU LPSURSULL vQ FDUH DX IRVW S VWUDWH úLDX SLHUGXW FDOLW LOH LQWUkQG vQ
IHUPHQWD LHSXWUHIDF LHHWF
6XQW LQWHU]LVH FRQVXPXOXL´ DFHOH DOLPHQWH VDX E XWXUL FDUH ± GH UHJXO vQ
FD]XO XQRU HSLGHPLL ± VXQW LQWHU]LVH FX GHV YkUúLUH FRQVXPXOXL VDX SRW IL
FRQVXPDWHQXPDLvQDQXPLWHFRQGL LLGHH[HPSOXGXS ILHUEHUH
ÌQ YDULDQWD WLS SUHY ]XW vQ DOLQ HOHPHQWXO PDWHULDO VH UHDOL]HD] ILH
SULQWUR DF LXQH GH IDOVLILFDUH GH H[HPSOX VH VFKLPE FRPSR]L LD XQXL SURGXV
7M6XFHDYDGHFSHQQU5HSHUWRULX,,,S
FRVPHWLFILHSULQWURDF LXQHGHVXEVWLWXLUHGHvQORFXLUHDSURGXVXOXLRULJLQDOFX
XQDOWXOGHSURDVW FDOLWDWH
(VWHvQV QHFHVDU±FHULQ HVHQ LDO ±FDP UIXULOHRULSURGXVHOHV ILGHYHQLW
SULQ IDOVLILFDUH RUL VXEVWLWXLUH Y W P WRDUH V Q W LL 'DF DFHDVW FHULQ QX HVWH
vQGHSOLQLW YD H[LVWD LQIUDF LXQHD SUHY ]XW vQ DUW & SHQ 6XEOLQLHP F vQ
P VXUDvQFDUHP UIXULOHRULSURGXVHOHDXGHYHQLWY W P WRDUHV Q W LLQXVHYRU
UH LQH GRX LQIUDF LXQL vQ FRQFXUV ± DUW úL DUW ± FL QXPDL XQD DQXPH
LQIUDF LXQHDSUHY ]XW vQDUW&SHQ
ÌQYDULDQWDWLSSUHY ]XW vQDOLQHOHPHQWXOPDWHULDOVHUHDOL]HD] SULQWUR
DF LXQHGHSXQHUHvQFRQVXPSXEOLF´GHFDUQHVDXSURGXVHGLQFDUQH3XQHUHDvQ
FRQVXPSXEOLF´SUHVXSXQHFRQVXPDUHDvQDIDUDIDPLOLHLI U DLQWHUHVDvQV GDF
HVWHYRUEDGHRFRQVXPD LHFDUHVHDVLJXU FRQWUDFRVWVDXvQPRGJUDWXLW
3HQWUXH[LVWHQ DDFHVWHLYDULDQWHHVWHQHFHVDUSHGHRSDUWHFDVRUWLPHQWHOH
GHFDUQHSXVHvQFRQVXPSXEOLFV SURYLQ GLQW LHULGHDQLPDOHVXVWUDVHFRQWUROXOXL
YHWHULQDUSULPDFHULQ HVHQ LDO LDUSHGHDOW SDUWHHVWHQHFHVDUDGRXDFHULQ
HVHQ LDO FDIDSWDV ILDYXWGUHSWXUPDUHvPEROQ YLUHDXQHLSHUVRDQH
ÌQ OHJ WXU FX FHD GH D GRXD FHULQ HVHQ LDO ± DFHHD FD IDSWD V DYXW FD
XUPDUHvPEROQ YLUHDXQHLSHUVRDQH±WUHEXLHV VXEOLQLHPF DFHDVW FHULQ DUHXQ
FRQ LQXWVLPLODUFXFHULQ DFDDOLPHQWHOHE XWXULOHRULDOWHP UIXULVDXSURGXVHV IL
GHYHQLWY W P WRDUHV Q W LL´FHULQ SUHY ]XW vQDOLQHDWHOHúLúLSUHVXSXQH
V VH FRQVWDWH DSWLWXGLQHD JHQHUDO D SURGXVXOXL UHVSHFWLY GH D Y W PD V Q WDWHD
RDPHQLORU 'UHSW XUPDUH GDF vPEROQ YLUHD XQHL SHUVRDQH VD GDWRUDW QX
DSWLWXGLQLL JHQHUDOH D SURGXVXOXL GH D Y W PD V Q WDWHD FL XQHL VHQVLELOLW L
SDUWLFXODUHXQHLUHDF LLDQRUPDOHDRUJDQLVPXOXLYLFWLPHLQXVHPDLSRDWHUH LQHvQ
VDUFLQD I SWXLWRUXOXL DFHDVW LQIUDF LXQH FKLDU GDF DQLPDOHOH DX IRVW VXVWUDVH
FRQWUROXOXLYHWHULQDU
8UPDUHDLPHGLDW ÌQSULPHOHGRX YDULDQWHGHWLSLQIUDF LXQHDDUHFDXUPDUH
LPHGLDW RVWDUHGHSHULFROSHQWUXV Q WDWHDSXEOLF
ÌQ YDULDQWD WLS SUHY ]XW vQ DOLQ LQIUDF LXQHD DUH FD XUPDUH LPHGLDW
vPEROQ YLUHDXQHLSHUVRDQH´DGLF Y W PDUHDVDXY W PDUHDFRUSRUDO JUDY DXQHL
SHUVRDQH ± FHHD FH vQVHDPQ F vQ DFHDVW YDULDQW WLS LQIUDF LXQHD FDS W FDUDFWHU
FRPSOH[DEVRDUEHLQIUDF LXQLOHSUHY ]XWHvQDUWVDX&SHQ
/HJ WXUD GH FDX]DOLWDWH $P DU WDW GHMD F OD DFHDVW LQIUDF LXQH WUHEXLH
GRYHGLW vQ SULPXO UkQG DSWLWXGLQHD JHQHUDO D P UIXULORU VDX SURGXVHORU FDUH
FRQVWLWXLHRELHFWXOPDWHULDOGHDY W PDV Q WDWHDFRQVXPDWRULORU3HOkQJ DFHDVWD
vQYDULDQWDSUHY ]XW vQDOLQPDLWUHEXLHGRYHGLWúLIDSWXOvPEROQ YLULLHIHFWLYHD
FHOSX LQXQHLSHUVRDQH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LHÌQRULFDUHGLQWUHPRGDOLW LOHVDOHLQIUDF LXQHDVHFRPLWHVXE
DVSHFWVXELHFWLYFXLQWHQ LHÌQFD]XOH[SXQHULLVSUHYkQ]DUHVDXYkQ] ULLGHDOLPHQWH
VDX E XWXUL SHQWUX H[LVWHQ D YLQRY LHL HVWH QHFHVDU FXQRDúWHUHD GH F WUH DJHQW D
IDSWXOXLF DFHVWHDVXQWIDOVLILFDWHDOWHUDWHVDXLQWHU]LVHFRQVXPXOXLvQFD]FRQWUDUYD
RSHUDHURDUHDGHIDSWDGLF RFDX] FDUHvQO WXU FDUDFWHUXOSHQDODOIDSWHL
0RELOXOúLVFRSXOQXVXQWHOHPHQWHFRQVWLWXWLYHDOHLQIUDF LXQLL
9DULDQWHOHDJUDYDWH
3ULPDYDULDQW DJUDYDW DUWDOLQWH]DD,,DSULYHúWHH[FOXVLYIDSWD
SUHY ]XW vQDOLQSXQHUHDvQFRQVXPGHFDUQHVDXSURGXVHGLQFDUQHSURYHQLWH
GLQ W LHUL GH DQLPDOH VXVWUDVH FRQWUROXOXL YHWHULQDU úL H[LVW DWXQFL FkQG DFHDVW
ÌQDFHODúLVHQV70%XFXUHúWLGHFSHQvQ55'QUS
IDSW D DYXW FD XUPDUH PRDUWHD´ 'HRDUHFH WH[WXO QX SUHFL]HD] WUHEXLH V
GHGXFHPF DFHDVW DJUDYDQW XUPHD] DVHUH LQHDWkWvQFD]XOvQFDUHVDSURGXV
PRDUWHD XQHL VLQJXUH SHUVRDQH FkW úL vQ FD]XO vQ FDUH VD SURGXV PRDUWHD PDL
PXOWRUSHUVRDQH
'XS FXP UH]XOW GLQ IRUPXOD IRORVLW GH OHJLXLWRU ± GDF D DYXW FD
XUPDUH«´ ± VH FHUH FD UH]XOWDWXO PRDUWHD´ V ILH FDX]DW GLQ SXQFW GH YHGHUH
VXELHFWLYFXSUDHWHULQWHQ LH
$ GRXD YDULDQW DJUDYDW DUW DOLQ WH]D , H[LVW DWXQFL FkQG SULQ
IDSWHOH SUHY ]XWH vQ DOLQ VDX VDX SURGXV Y W P UL XQHLD VDX PDL PXOWRU
SHUVRDQH FDUH QHFHVLW SHQWUX YLQGHFDUH vQJULMLUL GH FHO PXOW GH ]LOH &X DOWH
FXYLQWHDFHDVW DJUDYDQW H[LVW DWXQFLFkQGIDSWHOHSUHY ]XWHvQDOLQVDXDX
DYXWXUPDUHDDU WDW vQDUWDOLQ&SHQÌQDFHVWFD]LQIUDF LXQLOHSUHY ]XWH
vQ DOLQ VDX GHYLQ LQIUDF LXQL FRPSOH[H FDUH DEVRUE LQIUDF LXQHD SUHY ]XW vQ
DUWDOLQ6HYDUH LQHRVLQJXU LQIUDF LXQHLQGLIHUHQWGHQXP UXOYLFWLPHORU
$ WUHLD YDULDQW DJUDYDW DUW DOLQ WH]D D ,,D H[LVW DWXQFL FkQG
SULQIDSWHOHSUHY ]XWHvQDOLQVDXVDXSURGXVY W P ULXQHLDVDXPDLPXOWRU
SHUVRDQHFDUHQHFHVLW vQJULMLULPHGLFDOHGHFHOPXOWGH]LOHùLvQFD]XODFHVWHL
DJUDYDQWHLQIUDF LXQLOHSUHY ]XWHvQDOLQVDXGHYLQLQIUDF LXQLFRPSOH[HvQV
GHDFHDVW GDW HOHDEVRUELQIUDF LXQHDSUHY ]XW vQDUW&SHQ1LFLvQDFHVW
FD]QXLQWHUHVHD] QXP UXOYLFWLPHORU'DF DXIRVWY W PDWHPDLPXOWHSHUVRDQH
GLQWUHFDUHXQHOHQHFHVLW vQJULMLULPHGLFDOHGHFHOPXOWGH]LOHLDUDOWHOHGHFHO
PXOW GH ]LOH VH YD UH LQH R VLQJXU LQIUDF LXQH vQ DFHDVW GLQ XUP YDULDQW
DJUDYDW DUWDOLQWH]DD,,D
$SDWUDYDULDQW DJUDYDW DUWDOLQWH]D,H[LVW DWXQFLFkQGSULQ
IDSWHOH SUHY ]XWH vQ DOLQ VDX VDX SURGXV Y W P UL XQHLD VDX PDL PXOWRU
SHUVRDQHFDUHQHFHVLW SHQWUXYLQGHFDUHPDLPXOWGHGH]LOHGHvQJULMLULPHGLFDOH
RULYUHXQDGLQFRQVHFLQ HOHSUHY ]XWHvQDUWDOLQÌQDFHVWFD]LQIUDF LXQLOH
SUHY ]XWHvQDOLQVDXDEVRUELQIUDF LXQHDSUHY ]XW vQDUWDOLQVDXDFHHD
SUHY ]XW vQDUWDOLQ&SHQ'DF DXIRVWY W PDWHPDLPXOWHSHUVRDQHLDU
JUDYLWDWHDY W P ULORUGLIHU VHYDUH LQHQXPDLDFHDVW GLQXUP DJUDYDQW
$FLQFHDYDULDQW DJUDYDW DUWDOLQWH]DD,,DH[LVW DWXQFLFkQG
IDSWHOH SUHY ]XWH vQ DOLQ VDX DX DYXW FD XUPDUH PRDUWHD ÌQ DFHDVW YDULDQW
IDSWHOH SUHY ]XWH vQ DOLQ VDX DEVRUE LQIUDF LXQHD GH ORYLUL VDX Y W P UL
FDX]DWRDUHGHPRDUWHDUW&SHQFDUHHVWHRLQIUDF LXQHSUDHWHULQWHQ LRQDW
'DF H[LVW PDL PXOWH YLFWLPH GLQWUH FDUH XQHOH DX GHFHGDW LDU DOWHOH DX VXIHULW
Y W P ULGHJUDYLWDWHGLIHULW VHYDUH LQHQXPDLDFHDVW DJUDYDQW DUWDOLQ
WH]DD,,D
)RUPH6DQF LXQL
3ULQ 28* QU D IRVW LQWURGXV DOLQHDWXO DO DUW SRWULYLW F UXLD
WHQWDWLYDLQIUDF LXQLORUSUHY ]XWHODDOLQúLVHSHGHSVHúWH,QWURGXFHUHDDOLQDO
DUW HVWH FRQVHFLQ D QHREVHUY ULL OHJ WXULL H[LVWHQWH vQWUH LQIUDF LXQHD GH
IDOVLILFDUHGHDOLPHQWHVDXDOWHSURGXVHúLLQIUDF LXQHDGHvQúHO FLXQHFXSULYLUHOD
FDOLWDWHDP UIXULORUDUW&SHQÌQDFHDVW SULYLQ vQWUROXFUDUHGHUHIHULQ
vQ GRFWULQD QRDVWU SHQDO VH DUDW XUP WRDUHOH 7HQWDWLYD LQIUDF LXQLL SUHY ]XWH
vQ DUW VH SHGHSVHúWH ÌQ DUW QX VH SUHYHGH SHGHDSVD WHQWDWLYHL DFHDVW
DILUPD LHHUDUHDO DQWHULRUDSDUL LHL28*QU±VXEOQRDVWU 'HDLFLVH
SRDWHREVHUYDF GDF IDOVLILFDUHDVDXVXEVWLWXLUHDGHP UIXULVDUHDOL]DWvQIRUPD
WHQWDWLYHLHDYDILFRQVLGHUDW FDRWHQWDWLY ODLQIUDF LXQHDSUHY ]XW GHDUW
FKLDU vQ LSRWH]D F SULQ IDOVLILFDUH VDX VXEVWLWXLUH ± GDF VDU IL FRQVXPDW ±
P UIXULOH VDX SURGXVHOH UHVSHFWLYH SXWHDX GHYHQL Y W P WRDUH V Q W LL 'HFL vQ
RULFH LSRWH] WHQWDWLYD VH YD VWDELOL SRUQLQG GH OD SUHYHGHULOH DUW &SHQ´
'DUDFWXDOPHQWHFDRFRQVHFLQ DLQWURGXFHULLDOLQXUPHD] DVHIDFHGLVWLQF LH
vQWUHWHQWDWLYDLQIUDF LXQLLSUHY ]XWHvQDUWúLWHQWDWLYDLQIUDF LXQLLSUHY ]XWHvQ
DUW±FHHDFHLPSXQHQRLREOLJD LLvQVDUFLQDRUJDQXOXLMXGLFLDUFDUHvQWRDWH
VLWXD LLOHYDWUHEXLV VROLFLWHS UHUHDVSHFLDOLúWLORUSHQWUXDVWDELOLGDF vQLSRWH]D
F IDSWDVDUILFRQVXPDWSURGXVXOGHYHQHDVDXQXY W P WRUV Q W LL
,QIUDF LXQLOH SUHY ]XWH vQDUW&SHQ VHFRQVXP vQPRPHQWXOvQFDUH
ILLQGUHDOL]DW XQDGLQDF LXQLOHFHFRQVWLWXLHHOHPHQWPDWHULDOVDSURGXVXUPDUHD
LPHGLDW
6DQF LXQL ,QIUDF LXQHD SUHY ]XW vQ DUW DOLQ VH SHGHSVHúWH FX
vQFKLVRDUHGHODODDQL
$FHHDúLSHGHDSV VHDSOLF SHQWUXLQIUDF LXQHDSUHY ]XW vQDUWDOLQ
FDúLSHQWUXLQIUDF LXQHDSUHY ]XW vQDUWDOLQWH]D,YDULDQWHDVLPLODWH
3ULPD YDULDQW DJUDYDW DUW DOLQ WH]D D ,,D HVWH SUHY ]XW FX
SHGHDSVDvQFKLVRULLGHODODGHDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
$GRXDYDULDQW DJUDYDW DUWDOLQWH]D,HVWHSUHY ]XW FXSHGHDSVD
vQFKLVRULLGHODODGHDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
$ WUHLD YDULDQW DJUDYDW DUW DOLQ WH]D D ,,D HVWH SUHY ]XW FX
SHGHDSVDvQFKLVRULLGHODODGHDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
$SDWUDYDULDQW DJUDYDW DUWDOLQWH]D,HVWHSUHY ]XW FXSHGHDSVD
vQFKLVRULLGHODODGHDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
$ FLQFHD YDULDQW DJUDYDW DUW DOLQ WH]D D ,,D HVWH SUHY ]XW FX
SHGHDSVDvQFKLVRULLGHODODGHDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
&DSLWROXO,,,
,1)5$& ,81,35,9,72$5(/$
$6,67(1 $&(/25Ì135,0(-',(
381(5($Ì135,0(-',($81(,3(562$1(Ì11(387,1 '($6(Ì1*5,-,
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO vO FRQVWLWXLH UHOD LLOH VRFLDOH UHIHULWRDUH OD DVLVWHQ D
FHORUDIOD LvQSULPHMGLH
2ELHFWXO PDWHULDO ,QIUDF LXQHD QX DUH RELHFW PDWHULDO GHRDUHFH FUHHD]
QXPDLRVWDUHGHSHULFROI U DVHU VIUkQJHDVXSUDFRUSXOXLYLFWLPHL
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWHVWHFLUFXPVWDQ LDWvQSHUVRDQDDFHOXLDFDUHDUHID
GHYLFWLP RREOLJD LHGHSD] VDXGHvQJULMLUH
3DUWLFLSD LDSHQDO HVWHSRVLELO vQSULQFLSLXVXEWRDWHIRUPHOHvQV vQFHHD
FHSULYHúWHFRDXWRUDWXODFHVWDSUHWLQGHFDWR LH[HFXWDQ LLPDWHULDOLV DLE REOLJD LD
GHDDVLJXUDSURWHF LHYLFWLPHLvPSRWULYDXQRUSHULFROHFUHDWHGHIRU HH[WHUQH
6XELHFWSDVLYSULQFLSDODOLQIUDF LXQLLHVWHVWDWXOFDUHSUH]HQWDQWDOVRFLHW LL
6XELHFWSDVLYVHFXQGDUHVWHFRSLOXOVDXDOW SHUVRDQ DIODW vQQHSXWLQ GHD
VHvQJULMLúLFDUHDIRVWGDW vQSD]DVDXvQJULMLUHDI SWXLWRUXOXL
ùW'DQHúRSFLWS
1X LQWHUHVHD] GDF REOLJD LD GH SD] VDX vQJULMLUH GHFXUJH GLQ OHJH GH
H[HPSOX REOLJD LD S ULQ LORU GH D S ]L úL vQJULML SH FRSLLL ORU PLQRUL GLQWUXQ
FRQWUDFW GH PXQF GH H[HPSOX REOLJD LLOH FH UHYLQ SHUVRDQHORU vQFDGUDWH vQ
LQVWLWX LLOHGHRFURWLUHDPLQRULORUDIOD LvQGLILFXOWDWHVDXSHUVRDQHORUvQFDGUDWHvQ
D]LOXULOH GH E WUkQL RUL GLQWUXQ FRQWUDFW FLYLO GH H[HPSOX IHPHLD DQJDMDW GH
S ULQ LV vQJULMHDVF FRSLOXO
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO VH UHDOL]HD] vQ WUHL PRGDOLW L DOWHUQDWLYH S U VLUHD
DOXQJDUHDVDXO VDUHDI U DMXWRU
&XSULYLUHODDFHVWHWUHLPRGDOLW LWULPLWHPODFRPHQWDULXOGHODLQIUDF LXQHD
GHDEDQGRQGHIDPLOLHDUWOLWD&SHQ
3HQWUXH[LVWHQ DHOHPHQWXOPDWHULDOHVWHQHFHVDUFDIDSWDV FUHH]HXQSHULFRO
LPLQHQW SHQWUX YLD D V Q WDWHD VDX LQWHJULWDWHD FRUSRUDO D SHUVRDQHL vQ QHSXWLQ
GH D VH vQJULML 3HULFROXO VH FRQVLGHU LPLQHQW DWXQFL FkQG YLD D V Q WDWHD VDX
LQWHJULWDWHD FRUSRUDO D SHUVRDQHL VXQW H[SXVH Y W P ULL LPHGLDW GXS V YkUúLUHD
IDSWHL'HFLWUHEXLHV H[LVWHRVWDUHGHSHULFROUHDO úLQXFHYDFDUHQXPDLVH
vQWUHYHGH vQ SHUVSHFWLY 'DF VH DGXFH R DWLQJHUH HIHFWLY YLH LL V Q W LL VDX
LQWHJULW LLFRUSRUDOHDSHUVRDQHLYDH[LVWDFRQFXUVGHLQIUDF LXQL
8UPDUHDLPHGLDW FRQVW vQSXQHUHDvQSHULFROLPLQHQWDYLH LLV Q W LLVDX
LQWHJULW LLFRUSRUDOHDYLFWLPHL
/HJ WXUD GH FDX]DOLWDWH ÌQWUH DF LXQHD I SWXLWRUXOXL úL XUPDUHD LPHGLDW
WUHEXLHV H[LVWHROHJ WXU GHFDX]DOLWDWH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LHHVWHLQWHQ LDGLUHFW VDXLQGLUHFW ,QWHQ LDHVWHQHFHVDU
úL vQ FD]XO V YkUúLULL IDSWHL SULQ LQDF LXQH O VDUHD I U DMXWRU DFHDVW FHULQ
UH]XOWkQG DWkW GLQ IRUPXODUHD IRORVLW vQ WH[W FkW úL GLQ FRUHODUHD FX FHOHODOWH
PRGDOLW LDOWHUQDWLYH
0RELOXOúLVFRSXOQXVXQWHOHPHQWHFRQVWLWXWLYHDOHLQIUDF LXQLL
)RUPH6DQF LXQL
)LLQGYRUEDGHLQIUDF LXQHGHH[HFX LHSURPSW WHQWDWLYDQXHVWHSRVLELO
ÌQVLWXD LDvQFDUHSHULFROXOH[WHUQVHFRQFUHWL]HD] vQWURDWLQJHUHHIHFWLY D
V Q W LL VDX YLH LL YLFWLPHL LQIUDF LXQHD SUHY ]XW vQ DUW & SHQ YD LQWUD vQ
FRQFXUV FX LQIUDF LXQHD GH UH]XOWDW Y W PDUH FRUSRUDO GLQ FXOS VDX XFLGHUH GLQ
FXOS 'DF SHULFROXO LPLQHQW vQ FDUH VH DIO YLFWLPD QX D IRVW FUHDW GH R IRU
H[WHUQ FLGHI SWXLWRUXOvQVXúLQXYDH[LVWDDFHDVW LQIUDF LXQH±vQDFHVWGLQXUP
FD] I SWXLWRUXO YD U VSXQGH SHQWUX WHQWDWLY GH RPRU VDX GXS FD] SHQWUX R
LQIUDF LXQHFRQVXPDW GHRPRU
ÌQ OHJ WXU FX IRUPD FRQVXPDW D DFHVWHL LQIUDF LXQL WUHEXLH V VHVL] P úL
GLILFXOWDWHD GH D GLVWLQJH vQWUH XUPDUHD VSHFLILF DFHVWHLD úL XUPDUHD VSHFLILF
LQIUDF LXQLLSUHY ]XWHvQDUWOLWD&SHQ±H[SXQHUHD´YLFWLPHLODVXIHULQ H
IL]LFHVDXPRUDOH±vQFRQGL LLOHH[LVWHQ HLXQXLHOHPHQWPDWHULDOLGHQWLF'HRDUHFH
WH[WXODUW&SHQDUHQHvQGRLHOQLFRVIHU GHLQFLGHQ PDLPDUHGHFkWDFHHDD
DUW OLW D FDUH VH UHIHU H[FOXVLY OD UDSRUWXUL MXULGLFH FUHDWH GH OHJLVOD LD
IDPLOLHL FUHGHP F VDU LPSXQH UHQXQ DUHD OD LQIUDF LXQHD SUHY ]XW vQ DUW
OLW D PDL DOHV F DFHDVWD H[FHGH RELHFWXOXL MXULGLF DO LQIUDF LXQLL GH DEDQGRQ GH
2/RJKLQ$)LOLSDú'UHSWSHQDOSDUWHVSHFLDO (GLW'LGDFWLF úL3HGDJRJLF S
79DVLOLXúLFRODERSFLWYRO,,S9'RQJRUR]RSFLWYRO,9S
IDPLOLHLQIUDF LXQHFDUHJDUDQWHD] DúDFXPVHVXV LQHGRDUH[HFXWDUHDREOLJD LHL
GHvQWUH LQHUH
6DQF LXQL ÌQ XUPD PRGLILF ULORU DGXVH &RGXOXL SHQDO SULQ /HJHD
QULQIUDF LXQHDGHSXQHUHvQSULPHMGLHDXQHLSHUVRDQHvQQHSXWLQ GHD
VHvQJULMLVHSHGHSVHúWHFXvQFKLVRDUHGHODXQXODDQL
&RQIRUP DUW DOLQ HVWH DS UDW GH SHGHDSV SHUVRDQD FDUH GXS
V YkUúLUHDIDSWHLvúLUHLDGHEXQ YRLHvQGDWRULULOH
/ 6$5($) 5 $-8725
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO vO FRQVWLWXLH UHOD LLOH VRFLDOH UHIHULWRDUH OD DVLVWHQ D
FHORUDIOD LvQSULPHMGLH
6SUH GHRVHELUH GH SUHFHGHQWD LQIUDF LXQHD GH O VDUH I U DMXWRU DUW
& SHQ QX VH PDL JUHIHD] SH XQ UDSRUW MXULGLF SUHH[LVWHQW vQWUH I SWXLWRU úL
YLFWLP DúDvQFkWREOLJD LDGHDGDDMXWRUVDXGHDvQúWLLQ DDXWRULWDWHDVHQDúWHvQ
FKLDUPRPHQWXOvQFDUHI SWXLWRUXOvQWkOQHúWHYLFWLPDDIODW GHMDvQSHULFRO
)DSWD HUD SUHY ]XW úL vQ FRGXO SHQDO DQWHULRU DUW DOLQ vQV FX XQ
FRQ LQXWvQWUXFkWYDGLIHULW
2ELHFWXOPDWHULDO,QIUDF LXQHDQXDUHRELHFWPDWHULDO
6XELHF LLLQIUDF LXQLL
6XELHFWDFWLYQHPLMORFLWDOLQIUDF LXQLLSRDWHILRULFHSHUVRDQ
,QIUDF LXQHD ILLQG RPLVLY QX HVWH VXVFHSWLELO GH D VH V YkUúL vQ FRDXWRUDW
ILHFDUHRPLWHQWILLQGDXWRULQGHSHQGHQWDOLQIUDF LXQLL
6XELHFWSDVLYSULQFLSDODOLQIUDF LXQLLHVWHVWDWXO
6XELHFWXOSDVLYVHFXQGDUHVWHSHUVRDQDDIODW vQSULPHMGLHúLOLSVLW GHSXWLQ D
GHDVHVDOYD
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDOVHSRDWHUHDOL]DSULQGRX LQDF LXQLDOWHUQDWLYHRPLVLXQHD
GHDGDDMXWRUXOQHFHVDUVDXRPLVLXQHDGHDvQúWLLQ DDXWRULWDWHD
2PLVLXQHDGHDGDDMXWRUXOQHFHVDUSUHVXSXQHF I SWXLWRUXOVDDE LQXWGHODR
DF LXQHDSW V VDOYH]HYLFWLPDGHúLDYHDSRVLELOLWDWHDGHDLQWHUYHQLGHH[HPSOXFHO
FDUHvQRDW vQDSURSLHUHDUHREOLJD LDGHDDFRUGDDMXWRUFHOXLDIODWvQSHULFROGHvQHF
'DF I SWXLWRUXOQXDDYXWSRVLELOLWDWHDGHDLQWHUYHQLHOHPHQWXOPDWHULDOQXVXE]LVW
7UHEXLHvQV SUHFL]DWF vQWUXFkWQRUPDGHLQFULPLQDUHQXGHVFULHDF LXQHDSUHWLQV
LPSRVLELOLWDWHD GH D DYHD R DQXPLW FRQGXLW QX H[FOXGH GDWRULD GH DGRSWD R DOW
FRQGXLW GHH[HPSOXDFHODFDUHQXúWLHV vQRDWHHVWHWRWXúLREOLJDWV FDXWHDMXWRU
SHQWUXYLFWLPDDIODW vQSHULFROGHvQHFÌQRULFHFD]I SWXLWRUXOU PkQHREOLJDWV
vQúWLLQ H]HGHvQGDW DXWRULWDWHD´DGLF RUJDQLVPHOHVRFLDOHDELOLWDWHV LQWHUYLQ vQ
FD]GHSULPHMGLHLQVWLWX LLPHGLFRVDQLWDUHSROL LHHWF
3HQWUX H[LVWHQ D HOHPHQWXOXL PDWHULDO DO LQIUDF LXQLL HVWH QHFHVDU ± FHULQ
HVHQ LDO ±FDYLFWLPDV ILHOLSVLW GHSXWLQ DGHDVHVDOYD´FHHDFHvQVHDPQ F
LQIUDF LXQHD QX VXE]LVW GDF YLFWLPD VH SRDWH VDOYD VLQJXU GH H[HPSOX GDF
ILLQGDWDFDW GHXQDQLPDOSHULFXORVDFHDVWDDUHSRVLELOLWDWHDGHDVHUHIXJLDvQWUR
FXUWHVDXGDF DFHDVWDSULPLVHGHMDDMXWRUGLQSDUWHDDOWRUSHUVRDQH
ÌQVIkUúLWVHLPSXQúLXQHOHSUHFL] ULvQOHJ WXU FXDF LXQHDGHVDOYDUHODFDUH
HVWH REOLJDW DJHQWXO $úD GXS FXP VD DU WDW vQGHRVHEL vQ GRFWULQD JHUPDQ
GDF SHQWUX D VDOYD YLFWLPD DJHQWXO FDX]HD] DFHVWHLD R Y W PDUH FRUSRUDO VDX
FKLDUPRDUWHDHOQXYDSXWHDILWUDVWRWXúLODU VSXQGHUHSHQDO GDF DF LXQHDVD
SRDWHILFDUDFWHUL]DW FDQHXWU ODULVF´±GHH[HPSOXGDF XQFRSLOVHDIO VLQJXU
vQWURvQF SHUHFXSULQV GHIO F ULúLDJHQWXOSHQWUXDOVDOYDvODUXQF SHIHUHDVWU
SURYRFkQGXLRIUDFWXU DSLFLRUXOXLOXLQXLVHYDLPSXWDDFHVWUH]XOWDWY W PDUHD
FRUSRUDO F FLFKLDUGDF HOSXWHDDOHJHRDOW IHUHDVWU DVWIHOvQFkWV ILDUXQFDW
FRSLOXOvQSODVDvQWLQV GHSRPSLHULDF LXQHDVDQLFLQXDP ULWúLQLFLQXDPLFúRUDW
ULVFXO Y W P ULL FRUSRUDOH I U DUXQFDUHD SH IHUHDVWU FRSLOXO DU IL IRVW RULFXP
Y W PDWVDXFKLDUDUILPXULWLDUDJHQWXOVDUILI FXWYLQRYDWGHO VDUHDI U DMXWRU
1LFLvQHYHQWXDOLWDWHDPRU LLFRSLOXOXLFDXUPDUHDUXQF ULLVDOHSHIHUHDVWU DJHQWXO
QXDUSXWHDILI FXWU VSXQ] WRUGHUH]XOWDWvQP VXUDvQFDUHULVFXOPRU LLvQDFHVW
IHOQXDIRVWPDLPDUHGHFkWDFHODDOPRU LLvQLQFHQGLXF FLúLvQDFHVWFD]DF LXQHD
VDWUHEXLHFRQVLGHUDW FDQHXWU ODULVF´
8UPDUHDLPHGLDW FRQVW vQWURVWDUHGHSHULFROSHQWUXUHOD LLOHGHVROLGDULWDWH
VRFLDO
5DSRUWXOGHFDX]DOLWDWHUH]XOW H[UH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH )LLQG YRUED GH R LQIUDF LXQH RPLVLY SXU IRUPDO
DFHDVWDVHSRDWHFRPLWHQXPDLFXLQWHQ LHV YkUúLUHDGLQFXOS ´DDFHVWHLIDSWHQX
HVWHSRVLELO
0RELOXOúLVFRSXOQXVXQWHOHPHQWHFRQVWLWXWLYHDOHLQIUDF LXQLL
)RUPH6DQF LXQL
$FWHOHGHSUHJ WLUHúLWHQWDWLYDQXVXQWSRVLELOHILLQGYRUEDGHRLQIUDF LXQH
RPLVLY SXU
&RQVXPDUHD DUH ORF GH vQGDW FH I SWXLWRUXO DYkQG SRVLELOLWDWHD QX vúL
vQGHSOLQHúWHREOLJD LDGHDGDDMXWRUúLVHSURGXFHXUPDUHDLPHGLDW
'DF VHSURGXFHHIHFWLYXQUH]XOWDWY W P WRUSHQWUXYLD DVDXLQWHJULWDWHD
FRUSRUDO DYLFWLPHLRPLWHQWXOQXYDU VSXQGHSHQWUXDFHVWUH]XOWDWGHRDUHFHQXHO
ODFDX]DWFLDJ VLWYLFWLPDGHMDvQWURVLWXD LHSULPHMGLRDV úLvQQHSXWLQ DGHDVH
VDOYDGDWRULW DOWRUFDX]HHOU PkQHU VSXQ] WRUGRDUSHQWUXO VDUHDI U DMXWRU
6DQF LXQL,QIUDF LXQHDGHO VDUHI U DMXWRUVHSHGHSVHúWHFXvQFKLVRDUHGHOD
ROXQ ODXQDQVDXFXDPHQG
/ 6$5($) 5 $-872535,120,6,81($'(Ì1ù7,,1 $5(
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO vO FRQVWLWXLH UHOD LLOH VRFLDOH UHIHULWRDUH OD DVLVWHQ D
FHORU DIOD L vQ SULPHMGLH ùL vQ DFHVW FD] HVWH YRUED GH R LQIUDF LXQH RPLVLY SULQ
FDUHVHQHVRFRWHúWHLPSHUDWLYXOVROLGDULW LLVRFLDOH
2ELHFWXOPDWHULDO,QIUDF LXQHDQXDUHRELHFWPDWHULDO
6XELHF LLLQIUDF LXQLL
6XELHFWDFWLYQHPLMORFLWDOLQIUDF LXQLLGHO VDUHI U DMXWRUSULQRPLVLXQHDGH
vQúWLLQ DUHSRDWHILRULFHSHUVRDQ
$QGUHDV+R\HU6WUDIUHFKW$OOJ7HLO%HUOLQS
3DUWLFLSD LDSHQDO HVWHSRVLELO VXEIRUPDLQVWLJ ULLGDUQXúLDFRDXWRUDWXOXL
ILLQGYRUEDGHRLQIUDF LXQHFXDXWRUXQLF±F FLREOLJD LDFHUHYLQHI SWXLWRUXOXL
HVWHRREOLJD LHSHUVRQDO RULDFRPSOLFLW LLILLQGF QXHVWHSRVLELO FRPSOLFLWDWHD
ODRRPLVLXQH
6XELHFWSDVLYSULQFLSDOHVWHVWDWXO
6XELHFW SDVLY VHFXQGDU HVWH SHUVRDQD DEDQGRQDW VDX SLHUGXW FDUH DUH
QHYRLHGHDMXWRU
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO VH UHDOL]HD] SULQWUR LQDF LXQH úL DQXPH QHvQúWLLQ DUHD
DXWRULW LL
3HQWUX FD DFHDVW RPLVLXQH V FRQVWLWXLH HOHPHQWXO PDWHULDO DO LQIUDF LXQLL
SUHY ]XWHvQDUW&SHQHVWHQHFHVDUFDHDV SULYHDVF RSHUVRDQ DEDQGRQDW
VDXSLHUGXW FDUHDUHQHYRLHGHDMXWRUILLQGXLSXV vQSHULFROYLD DV Q WDWHDRUL
LQWHJULWDWHDFRUSRUDO
6HDIO vQDFHDVW VLWXD LHvQSULPXOUkQGFRSLOXODEDQGRQDWFXLQWHQ LHVDX
SLHUGXWGHS ULQ LGDF HVWHDWkWGHPLFvQFkWQXVHSRDWHvQJULMLVLQJXUILLQGF vQ
DFHVWFD]LQGLVFXWDELOV Q WDWHDVDXFKLDUYLD DFRSLOXOXLHVWHvQSHULFROÌQDFHDVW
VLWXD LHVHSRWDIODvQV úLSHUVRDQHDGXOWHGHUHJXO VXIHULQGHGHEROLLQFXUDELOH
FDUH DX IRVW DEDQGRQDWH VDX SLHUGXWH GH FHL FDUH OH DYHDX vQ vQJULMLUH 3HQWUX
VDOYDUHDDFHVWRUDDUW&SHQVWDELOHúWHvQPRGLPSOLFLWREOLJD LDJHQHUDO FD
RULFLQHJ VHúWHRDVHPHQHDSHUVRDQ V vQúWLLQ H]HGHvQGDW DXWRULWDWHD´DGLF
V vQúWLLQ H]HRULFDUHLQVWLWX LHDVWDWXOXL
$FHDVW REOLJD LHWUHEXLHvQGHSOLQLW GHvQGDW SHQWUXFDRUJDQHOHFRPSHWHQWH
V SRDW LQWHUYHQLvQWLPSXWLODGLF PDLvQDLQWHFDV Q WDWHDVDXYLD DYLFWLPHLV
ILHY W PDWH
8UPDUHDLPHGLDW FRQVW vQWURVWDUHGHSHULFROSHQWUXUHOD LLOHGHFRQYLH XLUH
VRFLDO
5DSRUWXOGHFDX]DOLWDWHUH]XOW H[UH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH ,QIUDF LXQHD GH O VDUH I U DMXWRU SULQ RPLVLXQHD GH
vQúWLLQ DUHVHFRPLWHFXLQWHQ LHV YkUúLUHDIDSWHLGLQFXOS QXHVWHSRVLELO
0RELOXOúLVFRSXOQXVXQWHOHPHQWHFRQVWLWXWLYHDOHLQIUDF LXQLL
)RUPH6DQF LXQL
$FWHOH GH SUHJ WLUH úL WHQWDWLYD QX VXQW LQFULPLQDWH úL QLFL QX VXQW SRVLELOH
F FLLQIUDF LXQHDFRQVW vQWURRPLVLXQH
&RQVXPDUHDLQIUDF LXQLLGHO VDUHI U DMXWRUSULQRPLVLXQHDGHvQúWLLQ DUHDUH
ORF vQ PRPHQWXO vQ FDUH I SWXLWRUXO DYkQG SRVLELOLWDWHD RPLWH V vQúWLLQ H]H
DXWRULWDWHD
6DQF LXQL &RQIRUP DUW & SHQ LQIUDF LXQHD GH O VDUH I U DMXWRU SULQ
RPLVLXQHDGHvQúWLLQ DUHVHSHGHSVHúWHFXvQFKLVRDUHGHODROXQ ODOXQLVDXFX
DPHQG
ÌQDFHVWVHQV0.*XLXRSFLWS
&DSLWROXO,9
$/7(,1)5$& ,81,&$5($'8&$7,1*(5(
81255(/$ ,,35,9,1'&219,( 8,5($62&,$/
,167,*$5($/$',6&5,0,1$5(
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO LQIUDF LXQLL FRQVW vQ UHOD LLOH VRFLDOH SULYLQG
FRQYLH XLUHD VRFLDO D F URU H[LVWHQ úL GH]YROWDUH GHSLQG GH DVLJXUDUHD EXQHL
vQ HOHJHULvQWUHFHW HQL
,QFULPLQDUHD XUP UHúWH V FRPEDW XUD GH RULFH IHO GH UDV QD LRQDOLWDWH
HWQLHOLPE UHOLJLHJHQRULHQWDUHVH[XDO RSLQLHDSDUWHQHQ SROLWLF FRQYLQJHUL
DYHUHRULJLQHVRFLDO YkUVW GL]DELOLWDWHERDO FURQLF QHFRQWDJLRDV VDXLQIHF LH
+,96,'$
,QIUDF LXQHDQXDUHRELHFWPDWHULDO
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWSRDWHILRULFHSHUVRDQ UHVSRQVDELO SHQDO
,QIUDF LXQHDQXSRDWHILV YkUúLW vQSDUWLFLSD LHGHFkWVXEIRUPDFRLQVWLJ ULL
6XELHFWSDVLYSULQFLSDOHVWHVWDWXO6XELHFWSDVLYVHFXQGDUHVWHSHUVRDQDVDX
JUXSXOQD LRQDOHWQLFUDVLDOHWFvPSRWULYDF URUDVDGHVI úXUDWLQVWLJDUHDODXU
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO FRQVW vQWUR DF LXQH GH ÄLQVWLJDUH OD XU ´ ± FHHD FH QX
FRQFRUG FX GHQXPLUHDLQIUDF LXQLLFDUHHVWHDFHHDGHÄLQVWLJDUHODGLVFULPLQDUH´
VDX DOWIHO VSXV LQVWLJDUH OD SXQHUHD XQHL SHUVRDQH vQWUR VLWXD LH GH LQIHULRULWDWH
LQFOXVLYGLQSXQFWGHYHGHUHMXULGLF
6LQWDJPD ÄLQVWLJDUH OD XU ´ ULGLF VHPQH GH vQWUHEDUH úL VXE XQ DOW DVSHFW
$VWIHOSRWULYLWDUW&SHQLQVWLJDWRUHVWHSHUVRDQDFDUHFXLQWHQ LHGHWHUPLQ
SHRDOW SHUVRDQ V V YkUúHDVF RIDSW SUHY ]XW GHOHJHDSHQDO 2UQXQXPDL
F XUDQXFRQVWLWXLHRIDSW SUHY ]XW GHOHJHDSHQDO GDUQLFLP FDUQXFRQVWLWXLH
RIDSW XUDHVWHXQVHQWLPHQWúLQXRIDSW
ùL DSRL R DVWIHO GH GHVFULHUH D HOHPHQWXOXL PDWHULDO FRQWUDYLQH SULQFLSLXOXL
OHJDOLW LLFDUHSUHWLQGHvQWUHDOWHOHFDOHJHDV SUHFL]H]HHOHPHQWHOHHVHQ LDOHGH
QDWXU V FRQIHUH IDSWHL FDUDFWHU SHQDO (VWH vQV HYLGHQW F vQ FD]XO GH ID
DFHDVW FHULQ QXHVWHvQGHSOLQLW ILLQGF OHJHDQXSUHFL]HD] QLFLP FDUGDF HVWH
YRUEDGHRLQVWLJDUHFROHFWLY SXEOLF VDXGHRLQVWLJDUHLQGLYLGXDO
6LQJXUXOIDSWFHUWFDUHVHSRDWHGHVSULQGHGLQWH[WXOLQFULPLQ ULLHVWHDFHODF
LQVWLJDUHDODXU GHRULFHIHOVHSHGHSVHúWH±GHúLDFHDVWDHVWHGHQHvQ HOHVGDF
LQHP VHDPD GH IDSWXO F LQVWLJDUHD VH SRDWH UHDOL]D SULQ RULFH PLMORDFH vQ PRG
GLUHFW VDX LQGLUHFW DúD vQFkW GHYLQH SRVLELO FD SHGHDSVD V VH vQGUHSWH FKLDU
vPSRWULYD YLFWLPHL GDF úL vQ P VXUD vQ FDUH DFHDVWD D GHWHUPLQDW SULQ
FRPSRUWDPHQWXOV XVHQWLPHQWXOGHXU DODOWXLD
8UPDUHDLPHGLDW FRQVW vQWURVWDUHGHSHULFROSHQWUXUHOD LLOHGHFRQYLH XLUH
VRFLDO
/HJ WXUDGHFDX]DOLWDWHUH]XOW H[UH
'HQXPLUHDúLFRQ LQXWXODUW&SHQDXIRVWPRGLILFDWHSULQ/HJHDQU$QWHULRUDUW&SHQ
HUDLQWLWXODWÄ3URSDJDQGDQD LRQDOLVWúRYLQ ´
/DWXUDVXELHFWLY
)RUPDGHYLQRY LHHVWHLQWHQ LD
0RELOXOúLVFRSXOQXVXQWHOHPHQWHFRQVWLWXWLYHDOHLQIUDF LXQLL
)RUPH6DQF LXQL
/DDFHDVW LQIUDF LXQHWHQWDWLYDQXHVWHLQFULPLQDW
6DQF LXQL ,QIUDF LXQHD GH LQVWLJDUH OD GLVFULPLQDUH VH SHGHSVHúWH FX
vQFKLVRDUHGHODOXQLODDQLVDXFXDPHQG
Ì03,(',&$5($/,%(57 ,,&8/7(/25
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDODOLQFULPLQ ULLFRQVW vQUHOD LLOHVRFLDOHSULYLWRDUHOD
FRQYLH XLUHDVRFLDO
3ULQDFHDVW LQFULPLQDUHVHDVLJXU SURWHF LHPDLH[DFWSULQFLSLXOXLOLEHUW LL
FRQúWLLQ HL vQVFULV vQ DUW GLQ &RQVWLWX LH ÌQ YLUWXWHD DFHVWXL SULQFLSLX RULFH
SHUVRDQ HVWHOLEHU V DLE RFUHGLQ UHOLJLRDV úLV RSUDFWLFHVDXV QXDLE R
DVHPHQHD FUHGLQ úL V QX R SUDFWLFH 1LPHQL QX SRDWH IL vQJU GLW V H[HUFLWH XQ
FXOWUHOLJLRVGXS FXPQXSRDWHILQLFLFRQVWUkQVV DGHUHODRFUHGLQ UHOLJLRDV
2ELHFWXOPDWHULDO,QIUDF LXQLOHSUHY ]XWHvQDUWDOLQúL&SHQQX
VXQWLQIUDF LXQLFRPSOH[HQXDEVRUEHYHQWXDOHOHLQIUDF LXQLPLMORFFDUHGHUHJXO
VXQWLQIUDF LXQLGHUH]XOWDWúLGUHSWXUPDUHQXSRWDYHDXQRELHFWPDWHULDO
6XELHF LLLQIUDF LXQLL
6XELHFWDFWLYQHPLMORFLWSRDWHILRULFHSHUVRDQ
)DSWD VH SRDWH FRPLWH úL vQ SDUWLFLSD LH VXE RULFDUH IRUP D DFHVWHLD
FRDXWRUDWLQVWLJDUHFRPSOLFLWDWH
6XELHFWSDVLYSULQFLSDOHVWHVWDWXO6XELHFWSDVLYVHFXQGDUHVWHSHUVRDQDFDUH
VXIHU DF LXQHD GH vPSLHGLFDUH D H[HUFLW ULL FXOWXOXL VDX FDUH D IRVW FRQVWUkQV OD
DFHDVWD
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO VH UHDOL]HD] vQ SULPD YDULDQW WLS vQ GRX PRGDOLW L
DOWHUQDWLYHvPSLHGLFDUHDVDXWXOEXUDUHDOLEHUW LLGHH[HUFLWDUHDFXOWXOXLUHOLJLRV
1X LQWHUHVHD] PLMORDFHOH IRORVLWH vQV DF LXQHD I SWXLWRUXOXL WUHEXLH V
SULYHDVF XQFXOWUHOLJLRVFDUHHVWHRUJDQL]DWúLIXQF LRQHD] SRWULYLWOHJLLFHULQ
HVHQ LDO
ÌQ D GRXD YDULDQW WLS HOHPHQWXO PDWHULDO VH UHDOL]HD] SULQWUR DF LXQH GH
FRQVWUkQJHUHDXQHLSHUVRDQHV SDUWLFLSHODVHUYLFLLOHUHOLJLRDVHDOHXQXLFXOWVDX
V vQGHSOLQHDVF XQDFWUHOLJLRVOHJDWGHH[HUFLWDUHDXQXLFXOW
'DF PLMORDFHOHIRORVLWHGHI SWXLWRUFRQVWLWXLHSULQHOHvQVHOHLQIUDF LXQLVH
YRU DSOLFD UHJXOLOH SULYLQG FRQFXUVXO GH LQIUDF LXQL GH H[HPSOX GLVWUXJHUHD
ORYLUHDVDXDOWHYLROHQ HHWFvQFRQFXUVFXLQIUDF LXQHDSUHY ]XW vQDUWDOLQ
VDXGXS FD]
8UPDUHD LPHGLDW FRQVW vQ FUHDUHD XQHL VW UL GH SHULFRO SHQWUX UHOD LLOH GH
FRQYLH XLUHVRFLDO
/HJ WXUDGHFDX]DOLWDWHUH]XOW H[UH
ÌQVHQVFRQWUDU9/D] UVD'UHSWSHQDO3DUWHDVSHFLDO (GLWXUD(XURSD1RYD%XFXUHúWLS
1&RQHD'UHSWSHQDO3DUWHDVSHFLDO YRO,,(GLW/XPLQD/H[S
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH ,QIUDF LXQHD GH vPSLHGLFDUH D OLEHUW LL FXOWHORU VH
V YkUúHúWHQXPDLFXLQWHQ LHGLUHFW VDXLQGLUHFW
0RELOXOúLVFRSXOQXVXQWHOHPHQWHFRQVWLWXWLYHDOHLQIUDF LXQLL
)RUPH6DQF LXQL
$FWHOHGHSUHJ WLUHúLWHQWDWLYDQXVXQWLQFULPLQDWH
&RQVXPDUHDLQIUDF LXQLLDUHORFvQPRPHQWXOvQFDUHH[HUFL LXOFXOWXOXLHVWH
vPSLHGLFDW VDX HVWH WXOEXUDW GHVI úXUDUHD OXL RUL vQ PRPHQWXO FkQG YLFWLPD HVWH
FRQVWUkQV V DVLVWH OD XQ VHUYLFLX UHOLJLRV VDX V vQGHSOLQHDVF XQ DFW OHJDW GH
H[HUFLWDUHDXQXLFXOW
)DSWHOHVHSRWSUHOXQJLvQWLPSGXS PRPHQWXOFRQVXP ULLvPEU FkQGIRUP
FRQWLQX ÌQDFHVWFD]YDH[LVWDúLXQPRPHQWGLVWLQFWDOHSXL] ULLLQIUDF LXQLL
6DQF LXQLÌQDPEHOHVDOHYDULDQWHLQIUDF LXQHDSUHY ]XW vQDUW&SHQ
VHSHGHSVHúWHFXvQFKLVRDUHGHODROXQ ODOXQLVDXFXDPHQG
352)$1$5($'(0250,17(
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDODOLQIUDF LXQLLFRQVW vQUHOD LLOHVRFLDOHFDUHRFURWHVF
VHQWLPHQWHOHFRPXQHGHUHVSHFWúLSLHWDWHID GHFHLGHFHGD LúLID GHRELHFWHOH
FDUHS VWUHD] PHPRULDORUPRUPLQWHPRQXPHQWHXUQHIXQHUDUHHWF
&RGXO SHQDO DQWHULRU LQFULPLQD GLVWLQFW IDSWD GH SURIDQDUH GH PRUPLQWH
SUHY ]XW vQDUWGHDFHHDGHSURIDQDUHDXQXLFDGDYUXSUHY ]XW vQDUW
2ELHFWXO PDWHULDO vO FRQVWLWXLH PRUPkQWXO PRQXPHQWXO XUQD IXQHUDU VDX
FDGDYUXODVXSUDF URUDVHvQGUHDSW DF LXQHDI SWXLWRUXOXL
0RUPkQWXOHVWHORFXOXQGHHVWHvQKXPDWFDGDYUXO(OFXSULQGHWRDW SDUWHDGH
WHUHQ vQ FDUH HVWH vQJURSDW FDGDYUXO FX FRQVWUXF LLOH úL RELHFWHOH FDUH VH DIO SH
DFHDVWDvPSUHMPXLUHIHOLQDUHRELHFWHUHOLJLRDVHHWF
0RQXPHQWXO HVWH OXFUDUHD DUWLVWLF DIODW SH XQ PRUPkQW VDX DO WXUL GH XQ
PRUPkQWDYkQGPHQLUHDGHDH[SULPDVHQWLPHQWHOHGHUHVSHFWúLYHQHUD LHID GH
FHOGLVS UXW
8UQDIXQHUDU HVWHRELHFWXOvQFDUHVHS VWUHD] FHQXúDFHOXLGLVS UXW
3ULQFDGDYUXVHvQ HOHJHU P úL DWUXSHDVF DFHOXLGHFHGDW
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWQXHVWHFDOLILFDWSRDWHILRULFHSHUVRDQ
3DUWLFLSD LD HVWH SRVLELO vQ RULFDUH GLQ IRUPHOH HL FRDXWRUDW LQVWLJDUH
FRPSOLFLWDWH
6XELHFW SDVLY HVWH VWDWXO VRFLHWDWHD LQWHUHVDW vQ S VWUDUHD XQHL DWLWXGLQL GH
UHVSHFWID GHFHLGLVS UX L
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO VH UHDOL]HD] SULQWUR DF LXQH GH SURIDQDUH SULQ RULFH
PLMORDFHDXQXLPRUPkQWPRQXPHQWXUQ IXQHUDU FDGDYUX
3URIDQDUHDFRQVW vQRULFHDF LXQHFDUHH[SULP GLVSUH OLSV GHUHVSHFWID
GH PHPRULD FHOXL GLVS UXW GH H[HPSOX GHVHQDUHD SH PRUPkQW GLVWUXJHUHD VDX
GHJUDGDUHDDFHVWXLDHWF
,QIUDF LXQHD GH SURIDQDUH GH PRUPLQWH QX HVWH R LQIUDF LXQH FRPSOH[ GH
DFHHD GDF PLMORDFHOH SULQ FDUH VH PDQLIHVW OLSVD GH UHVSHFW ID GH FHO GHFHGDW
FRQVWLWXLHSULQHOHvQVHOHLQIUDF LXQLDFHVWHDvúLS VWUHD] LQGLYLGXDOLWDWHDXUPkQGD
ILUH LQXWHvQFRQFXUVIRUPDOFXLQIUDF LXQHDSUHY ]XW GHDUW&SHQ
8UPDUHDLPHGLDW FRQVW vQDWLQJHUHDDGXV VHQWLPHQWXOXLFRPXQGHSLHWDWH
ID GH PRU L úL FUHDUHD SULQ DFHVWHD D XQHL VW UL GH SHULFRO SHQWUX UHOD LLOH GH
FRQYLH XLUHVRFLDO ([LVW DFHDVW XUPDUHúLvQFD]XOVHF LRQ ULLFDGDYUXOXLGHF WUH
FHOFDUHDXFLVYLFWLPDRULvQFD]XOvQFDUHI SWXLWRUXOúLDvQVXúLWSURWH]DGHDXU
FXRFD]LDHIHFWX ULLDXWRSVLHLFDGDYUXOXL
/HJ WXUDGHFDX]DOLWDWHUH]XOW H[UH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH ,QIUDF LXQHD VH V YkUúHúWH FX LQWHQ LH GLUHFW VDX
LQGLUHFW
0RELOXOúLVFRSXOQXVXQWHOHPHQWHFRQVWLWXWLYHDOHLQIUDF LXQLL
)RUPH6DQF LXQL
$FWHOHGHSUHJ WLUHúLWHQWDWLYDQXVXQWSHGHSVLWH
,QIUDF LXQHD GH SURIDQDUH GH PRUPLQWH VH FRQVXP vQ PRPHQWXO UHDOL] ULL
RULF UHLDF LXQLFDUHSRDWHILFDUDFWHUL]DW FDSURIDQDUHDPRUPkQWXOXLFDGDYUXOXLHWF
6DQF LXQL)DSWDVHVDQF LRQHD] FXSHGHDSVDvQFKLVRULLGHODOXQLODDQL
78/%85$5($)2/26,1 (,/2&8,1 (,
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO LQIUDF LXQLL vO FRQVWLWXLH UHOD LLOH GH FRQYLH XLUH
VRFLDO D F URU H[LVWHQ úL GH]YROWDUH VXQW FRQGL LRQDWH GH DVLJXUDUHD IRORVLQ HL
OLQLúWLWHúLQHVWLQJKHULWHGHF WUHILHFDUHORFDWDUDORFXLQ HLVDOH
,QIUDF LXQHD QX DUH RELHFW PDWHULDO GHRDUHFH DF LXQHD I SWXLWRUXOXL VH
U VIUkQJHDVXSUDXQHLYDORULLPDWHULDOHIRORVLQ DORFXLQ HL
6XELHF LLLQIUDF LXQLL
6XELHFW DFWLY QHPLMORFLW SRDWH IL RULFH SHUVRDQ GHRDUHFH OHJHD QX FHUH
DFHVWXLDYUHRFDOLWDWHVSHFLDO
)DSWDVHSRDWHFRPLWHúLvQSDUWLFLSD LHVXERULFDUHGLQIRUPHOHDFHVWHLD
6XELHFW SDVLY HVWH SHUVRDQD F UHLD LD IRVW WXOEXUDW IRORVLQ D ORFXLQ HL 1X
LQWHUHVHD] WLWOXOFXFDUHVXELHFWXOSDVLYGH LQHORFXLQ DSURSULHWDUFKLULDúWROHUDWHWF
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDOQXHVWHGHVFULVGHOHJHDFHDVWDSUHFL]kQGGRDUUH]XOWDWXO
IDSWHL FDUH FRQVW ILH vQWUR WXOEXUDUH UHSHWDW D IRORVLQ HL ORFXLQ HL ORFDWDULORU
GLQWUXQLPRELOILHvQvPSLHGLFDUHDIRORVLQ HLQRUPDOHDORFXLQ HL
7XOEXUDUHD IRORVLQ HL ORFXLQ HL VH SRDWH UHDOL]D SULQ ]JRPRWH H[FHVLYH
DUXQFDUHD GH JXQRDLH HWF (VWH QHFHVDU FD UH]XOWDWXO V VH IL SURGXV vQ PRG
UHSHWDW´±FHHDFHvQVHDPQ F vQDFHDVW PRGDOLWDWHLQIUDF LXQHDVHSUH]LQW VXE
IRUPDXQHLLQIUDF LXQLGHRELFHL
ÌQDFHVWVHQV06vUEX,'LQF vQ55'QUS00D\R'3DYHOvQ55'QUS
* $QWRQLX & %XODL 3UDFWLF MXGLFLDU SHQDO YRO ,,, S vQ VHQV FRQWUDU 7 6 GHFSHQ
QUSXEOLFDW vQ55'QUS
7M7LPLúGHFSHQQUvQ55'QUS
,2DQFHDRSFLWS
6SUH GHRVHELUH GH IDSWHOH GH WXOEXUDUH D IRORVLQ HL FDUH SURYLQ vQWRWGHDXQD
GLQ H[WHULRUXO ORFXLQ HL vQ FD]XO vPSLHGLF ULL IRORVLQ HL QRUPDOH IDSWHOH
VWkQMHQLWRDUHSURYLQvQLQWHULRUXOORFXLQ HLGHH[HPSOXVHSXQGLYHUVHREVWDFROHvQ
ORFXULOHGHDFFHVVHGHSR]LWHD] OXFUXULVDXVHFUHVFDQLPDOHvQVSD LLOHFRPXQHVH
vQWUHUXSH FXUHQWXO HOHFWULF VH GHUDQMHD] DVFHQVRUXO HWF ÌQ DFHDVW GLQ XUP
PRGDOLWDWHLQIUDF LXQHDvPEUDF GHUHJXO IRUP FRQWLQX
3HQWUX H[LVWHQ D HOHPHQWXOXL PDWHULDO DO LQIUDF LXQLL vQ DPEHOH PRGDOLW L
HVWH QHFHVDU FD IDSWD V SULYHDVF XQ VSD LX ORFDWLY FX GHVWLQD LD GH ORFXLQ
LQFOXVLYGHSHQGLQ HOH,QIUDF LXQHDSUHY ]XW vQDUWH[LVW úLvQFD]XOvQFDUH
SURSULHWDUXO GLVWUXJH PDJD]LD FKLULDúXOXL ± DFHDVW IDSWD HFKLYDOHD] FX R
vPSLHGLFDUH D IRORVLQ HL ORFXLQ HL GHRDUHFH PDJD]LD HUD GHVWLQDW V vQOHVQHDVF
IRORVLUHD QRUPDO D ORFXLQ HL 'LPSRWULY QX H[LVW DFHDVW LQIUDF LXQH GDF
WXOEXUDUHDVHUHIHU ODXQVSD LXRFXSDWGHRXQLWDWHGHvQY PkQWILLQGF DFHVWD
QX FRQVWLWXLH R ORFXLQ 7RW DVWIHO QX H[LVW DFHDVW LQIUDF LXQH GDF D IRVW
WXOEXUDW IRORVLUHD XQRU VSD LL GHVWLQDWH D VHUYL FD DWHOLHUH GHSR]LWH PDJD]LL
DVHPHQHD IDSWH DU SXWHD FRQVWLWXL LQIUDF LXQHD SUHY ]XW vQ DUW & SHQ vQ
P VXUDvQFDUHDUSUH]HQWDXQSHULFROJUDY
8UPDUHD LPHGLDW ÌQ DPEHOH PRGDOLW L IDSWD DUH GUHSW FRQVHFLQ FUHDUHD
XQHLVW ULGHSHULFROSHQWUXGHVI úXUDUHDQRUPDO DUHOD LLORUGHFRQYLH XLUHVRFLDO
5DSRUWXOGHFDX]DOLWDWHUH]XOW H[UH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH 6XE DVSHFW VXELHFWLY LQIUDF LXQHD VH V YkUúHúWH FX
LQWHQ LHGLUHFW VDXHYHQWXDO DF UHLH[LVWHQ VHSUH]XP
0RELOXOúLVFRSXOQXLQWHUHVHD] SHQWUXH[LVWHQ DLQIUDF LXQLLFHOPDLDGHVHD
PRELOXOHVWHHJRLVWLQGLYLGXDOLVWXUPkQGDILDYXWvQYHGHUHODGR]DUHDSHGHSVHL
)RUPH6DQF LXQL
$FWHOH GH SUHJ WLUH úL WHQWDWLYD QX VXQW SRVLELOH DWXQFL FkQG IDSWD VH
V YkUúHúWHvQSULPDPRGDOLWDWH±WXOEXUDUHDIRORVLQ HLvQDFHVWFD]ILLQGYRUEDGHR
LQIUDF LXQH GH RELFHL IRUPHOH LPSHUIHFWH VXQW H[FOXVH (OH VXQW SRVLELOH GRDU vQ
FD]XOFHOHLGHDGRXDPRGDOLW LvQV OHJHDQXOHLQFULPLQHD]
ÌQSULPDPRGDOLWDWHLQIUDF LXQHDVHFRQVXP vQPRPHQWXOvQFDUHVDUHDOL]DW
XQQXP UVXILFLHQWGHDFWHPLQLPSHQWUXDUHOHYDF QXHVWHYRUEDGHXQIDSW
L]RODW DFFLGHQWDO FL GH R RELúQXLQ )LLQG YRUED GH R LQIUDF LXQH GH RELFHL YD
H[LVWDGLVWLQFWGHPRPHQWXOFRQVXP ULLXQPRPHQWDOHSXL] ULLLQIUDF LXQLL
ÌQDGRXDPRGDOLWDWHLQIUDF LXQHDVHFRQVXP GHvQGDW FHVDSURGXVFKLDU
XQVLQJXUDFWGHvPSLHGLFDUHDIRORVLULLQRUPDOHDORFXLQ HLGHSLOG I SWXLWRUXOvúL
SXQH PRELOD vQ ID D LQWU ULL vQWUXQ DOW DSDUWDPHQW SHQWUX D SXWHD V úL IDF
FXU HQLH vQ FDV ÌQ DFHVW FD] LQIUDF LXQHD vPEUDF IRUP FRQWLQX DVWIHO F YD
H[LVWDGHDVHPHQHDXQPRPHQWDOHSXL] ULLLQIUDF LXQLL
ÌQVLWXD LD±SUDFWLFSX LQSUREDELO ±vQFDUHI SWXLWRUXOV YkUúHúWHIDSWHFDUH
FRUHVSXQGDPEHORUPRGDOLW LDOHLQIUDF LXQLLYDH[LVWDRLQIUDF LXQHFRQWLQXDW vQ
RULFH FD] QX VH YD SXWHD UH LQH XQ FRQFXUV GH LQIUDF LXQL vQWUH SULPD úL FHD GHD
GRXDPRGDOLWDWHGHRDUHFHDFHDVWDQXHVWHRLQIUDF LXQHELQRPLF
*$QWRQLX&%XODLRSFLWS
76GHFSHQQUvQ55'QUS
7UHJ&RQVWDQ DGHFSHQQUvQ/3QUS
,2DQFHDRSFLWS
ÌQDFHODúLVHQVùW'DQHúRSFLWS
6DQF LXQL7XOEXUDUHDIRORVLQ HLORFXLQ HLVHSHGHSVHúWHFXvQFKLVRDUHGHOD
OXQLODDQLVDXFXDPHQG
$F LXQHD SHQDO VH SXQH vQ PLúFDUH OD SOkQJHUHD SUHDODELO D SHUVRDQHL
Y W PDWHLDUvPS FDUHDS U LORUvQO WXU U VSXQGHUHDSHQDO
8/75$-8/&2175$%81(/25025$985,ù,78/%85$5($
25',1,,ù,/,1,ù7,,38%/,&(
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO vO FRQVWLWXLH UHOD LLOH VRFLDOH FDUH RFURWHVF PRUDOD
EXQHOHPRUDYXULúLOLQLúWHDSXEOLF
0RUDODSXEOLF FXSULQGHXQPLQLPGHUHJXOLHWLFHSHFDUHLQGLYLGXOWUHEXLHV
OH UHVSHFWH DWXQFL FkQG VH DIO vQ FROHFWLYLWDWH SHQWUX D QX OH]D VHQWLPHQWXO GH
SXGRDUHDOFHORUODO L6SUHGHRVHELUHGHPRUDO OLQLúWHDSXEOLF HVWHRVWDUHGHIDSW
úL DQXPH DFHD VWDUH GH IDSW FDUH vQJ GXLH GHVI úXUDUHD QRUPDO D YLH LL VRFLDOH
WXOEXUDUHDOLQLúWLLSXEOLFHSULQVFDQGDOXUL]JRPRWHDODUPDQWHHWFHVWHGHQDWXU V
VHUHSHUFXWH]HQHJDWLYDVXSUDDFWLYLW LLVRFLDOH
$FHDVW LQFULPLQDUH QX SULYHúWH VLPSOH DFWH GH LPSROLWH H FL H[FOXVLY DFHOH
FRPSRUWDPHQWHFDUHVXQWGHQDWXU V XOWUDJLH]HV OH]H]HVHQWLPHQWXOFRPXQGH
SXGRDUH SURYRFkQG R UHDF LH GH LQGLJQDUH SXWHUQLF GLQ SDUWHD FHORU GLQ MXU ÌQ
FRGXOSHQDODQWHULRUIDSWDHUDLQFULPLQDW VXEGHQXPLUHDGHKXOLJDQLVPDUW
ÌQOHJ WXU FXDFHDVW LQFULPLQDUH±FXSULQV vQDUW&SHQ±WUHEXLHV
VHVL] P OLSVD GH FRQVHFYHQ D OHJLXLWRUXOXL QRVWUX FDUH SULQ /HJHD QU
SHQWUX VDQF LRQDUHD IDSWHORU GH vQF OFDUH D XQRU QRUPH GH FRQYLH XLUH VRFLDO D
RUGLQLLúLOLQLúWLLSXEOLFHDFRQIHULWDFHOHLDúLIDSWHFDUDFWHUFRQWUDYHQ LRQDO$VWIHO
SRWULYLW DUW SFW GLQ /HJHD QU FRQVWLWXLH FRQWUDYHQ LH V YkUúLUHD vQ
SXEOLF GH IDSWH DFWH VDX JHVWXUL REVFHQH SURIHUDUHD GH LQMXULL H[SUHVLL MLJQLWRDUH
VDX YXOJDUH DPHQLQ UL FX DFWH GH YLROHQ vPSRWULYD SHUVRDQHORU VDX EXQXULORU
DFHVWRUDGHQDWXU V WXOEXUHRUGLQHDúLOLQLúWHDSXEOLF VDXV SURYRDFHLQGLJQDUHD
FHW HQLORURULV OH]H]HGHPQLWDWHDúLRQRDUHDDFHVWRUDVDXDLQVWLWX LLORUSXEOLFH´
2U DFHVW SDUDOHOLVP GH QRUPH vQ FRQGL LLOH vQ FDUH QRUPHOH FRQFXUHQWH VWDELOHVF
VDQF LXQL GLIHULWH QX GRDU FD JUDYLWDWH GDU úL FD QDWXU UHSUH]LQW R vQF OFDUH D
SULQFLSLXOXL HJDOLW LL vQ GUHSWXUL vQVFULV vQ DUW GLQ &RQVWLWX LH SRWULYLW F UXLD
FHW HQLL VXQW HJDOL vQ ID D OHJLL úL D DXWRULW LORU SXEOLFH I U SULYLOHJLL úL I U
GLVFULPLQ UL
2ELHFWXOPDWHULDO,QIUDF LXQHDQXDUHRELHFWPDWHULDOILLQGF YDORULOHVRFLDOH
SURWHMDWH±DQXPHPRUDODúLOLQLúWHDSXEOLF ±QXVXQWVXVFHSWLELOHGHDVHvQI LúD
vQWUR IRUP PDWHULDO SDOSDELO 'H UHJXO vQV DFHDVW LQIUDF LXQH LQWU vQ
FRQFXUVIRUPDOFXDOWHLQIUDF LXQLFDUHDXRELHFWPDWHULDO±FHHDFHH[SOLF IDSWXO
F PXO L DXWRUL VXV LQ WRWXúL F DFHDVW LQIUDF LXQH DU SXWHD DYHD úL XQ RELHFW
PDWHULDO
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUDODFHVWHLLQIUDF LXQLSRDWHILRULFHSHUVRDQ
DXWRUXOQXHVWHFLUFXPVWDQ LDW
3DUWLFLSD LD SHQDO HVWH SRVLELO VXE WRDWH IRUPHOH FRDXWRUDW LQVWLJDUH
FRPSOLFLWDWH
6XELHFWSDVLYHVWHVWDWXO
,GHPS$ùWHIDQ5%RDQ *KLGSUDFWLFGHvQVXúLUHD&RGXOXLSHQDO%XFXUHúWLSúD
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO QX HVWH GHVFULV GH OHJH $FHVWD SRDWH FRQVWD vQ RULFH
PDQLIHVWDUH H[WHULRDU D VXELHFWXOXL DFWH JHVWXUL FXYLQWH HWF GDF SULQ DFHDVWD
VDFDX]DWXQXOGLQUH]XOWDWHOHDU WDWHvQDUWDOLQRDWLQJHUHDGXV EXQHORU
PRUDYXULXQVFDQGDOSXEOLFVDXRWXOEXUDUHDOLQLúWLLúLRUGLQLLSXEOLFH
&D FHULQ HVHQ LDO WH[WXO DUW & SHQ SUHWLQGH FD PDQLIHVWDUHD
VXELHFWXOXLDFWHJHVWXULFXYLQWHHWFV DLE ORFvQSXEOLF´ÌQDFHVWFD]FHULQ D
SXEOLFLW LLDUHXQvQ HOHVPDLUHVWUkQVGHFkWDFHODDU WDWvQDUW&SHQF FLQX
HVWH VXILFLHQW FD ORFXO XQGH VD V YkUúLW IDSWD V ILH XQ ORF SXEOLF FL HVWH DEVROXW
QHFHVDU SUH]HQ DPDLPXOWRUSHUVRDQHFDUHQXVXQWUXGHVDXSULHWHQLFXS U LOH±
QXPDL vQ DFHVW FD] VH SRDWH YRUEL GH R DWLQJHUH DGXV EXQHORU PRUDYXUL GH XQ
VFDQGDOSXEOLFRULGHRWXOEXUDUHDOLQLúWLLúLRUGLQLLSXEOLFH
3UDFWLFDMXGLFLDU VDSURQXQ DWFRQVWDQWvQDFHVWVHQV$VWIHOVDGHFLVF
IDSWDGHDDYHDRDWLWXGLQHLUHYHUHQ LRDV ID GHRSHUVRDQ FDUHDDGPRQHVWDWSH
I SWXLWRUGHRDUHFHFkQWDvPSUHXQ FXDO LLvQID DXQXLEORFGHORFXLQ HúLGHDR
ORYL FX SXPQLL SHVWH ID FDX]kQGXL OH]LXQL FDUH DX QHFHVLWDW vQJULMLUL PHGLFDOH
WLPS GH ]LOH QX FRQVWLWXLH LQIUDF LXQHD GH XOWUDM FRQWUD EXQXULORU PRUDYXUL úL
WXOEXUDUHD OLQLúWLL SXEOLFH DFHDVW IDSW ILLQG JHQHUDW GH XQ FRQIOLFW vQWUH FHOH
GRX S U L úL FRPLV QXPDL vQ SUH]HQ D JUXSXOXL GH WLQHUL GLQ FDUH I FHD SDUWH
LQFXOSDWXOvQWUXQHúWHGRDUHOHPHQWHOHLQIUDF LXQLLGHORYLUHSUHY ]XW úLSHGHSVLW
GH DUW DOLQ & SHQ 7RW DVWIHO VD GHFLV F vPSUHMXUDUHD F IDSWHOH
LQVXOWDUHDúLORYLUHDYLFWLPHLVDXSHWUHFXWvQVWUDG XQGHVDXDGXQDWPDLPXOWH
IHPHLFKHPDWHGHSDUWHDY W PDW FROHJHGHVHUYLFLXFXYLFWLPDQXDUHUHOHYDQ
VXEDVSHFWXODSOLF ULLDUW&SHQLQFLGHQWXOGLQWUHLQFXOSDWúLSDUWHDY W PDW
GHúLVDSHWUHFXWvQVWUDG QXFRQVWLWXLHúLLQIUDF LXQHDGHXOWUDMDO WXULGHLQVXOW úL
ORYLUHvQWUXFkWQXVDSURGXVQLFLXQDGLQWUHXUP ULOHDU WDWHvQDUWFROHJHOH
GHVHUYLFLXDOHYLFWLPHLQHILLQGDQWUHQDWHvQFRQIOLFW
'LPSRWULY VD GHFLV F VXQW vQWUXQLWH HOHPHQWHOH LQIUDF LXQLL SUHY ]XWH GH
DUW&SHQvQFD]XOvQFDUHGHúLLQL LDODH[LVWDWXQFRQIOLFWSHUVRQDOXOWHULRU
LQFXOSD LLvQGHVI úXUDUHDDFHVWXLFRQIOLFWDXPDQLIHVWDWWRWDO OLSV GHUHVSHFWID
GH UHJXOLOH GH FRQYLH XLUH VRFLDO SURYRFkQG ± SULQ H[SUHVLLOH WULYLDOH IRORVLWH úL
SULQ WXOEXUDUHD JUDY D OLQLúWLL SXEOLFH ± LQGLJQDUHD XQXL PDUH QXP U GH
SHUVRDQH'HDVHPHQHDVDGHFLVF V YkUúLUHDXQRUDFWHGHGLVWUXJHUHSRDWHIL
vQFDGUDW FRQFRPLWHQWúLvQSUHYHGHULOHDUW&SHQ±FXDSOLFDUHDDUWOLWE
&SHQ±GDF ILLQGFRPLVHvQSXEOLFID GHvPSUHMXU ULOHFRQFUHWHvQFDUHDXDYXW
ORFDXSURGXVVFDQGDOSXEOLFRULDXDGXVDWLQJHUHEXQHORUPRUDYXUL
8UPDUHDLPHGLDW FRQVW vQWURVWDUHGHSHULFROSHQWUXUHOD LLOHGHFRQYLH XLUH
VRFLDO
5DSRUWXOGHFDX]DOLWDWHUH]XOW H[UH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH ,QIUDF LXQHD GH XOWUDM FRQWUD EXQHORU PRUDYXUL úL
WXOEXUDUHD RUGLQLL úL OLQLúWLL SXEOLFH VH FRPLWH FX LQWHQ LH GH UHJXO LQGLUHFW D
F UHLH[LVWHQ VHSUH]XP
0RELOXOúLVFRSXOQXVXQWHOHPHQWHFRQVWLWXWLYHDOHLQIUDF LXQLL
76GHFSHQQUvQ5HSHUWRULX,S
7M%UDúRYGHFSHQQUvQ6&ULúXúD&RGXOSHQDODGQRWDWS
76GHFSHQQUvQ5HSHUWRULX,S
76GHFSHQQUvQ55'QUS
9DULDQWDDJUDYDW
3HQWUX H[LVWHQ D YDULDQWHL DJUDYDWH DUW DOLQ VH FHUH FD IDSWD V IL
SURGXVRWXOEXUDUHJUDY DOLQLúWLLSXEOLFH
6WDELOLUHD DFHVWHL FRQVHFLQ H SH FDUH OHJHD QX R GHILQHúWH LPSXQH V VH
H[DPLQH]HSHED]DSUREHORUDGPLQLVWUDWHGDF IDSWHOHV YkUúLWHGHLQFXOSDWDXIRVW
VDX QX GH QDWXU D FUHD UHDF LL SXWHUQLFH GH LQGLJQDUH úL GH]DSUREDUH DWkW PHGLXO
VRFLDOLPHGLDWDIHFWDWSULQV YkUúLUHDIDSWHLFkWúLvQDIDUDOXL
ÌQSUDFWLFDMXGLFLDU VDFRQVLGHUDWF H[LVW YDULDQWDDJUDYDW DLQIUDF LXQLL
GDF GHH[HPSOXLQFXOSD LLDIOD LvQVWDUHGHHEULHWDWHDXS WUXQVI U GUHSWúLFX
IRU D±SULQGLVWUXJHUHDSRU LORU±vQFXU LOHúLFKLDUvQFDVHOHXQRUFHW HQLSHFDUH
LDXORYLWSURYRFkQGRVHULRDV SHUWXUEDUHSXEOLF úLLQGLJQkQGXLSHORFDWDULLFDUH
VH FXOFDVHU RUL GDF GXS FHDLQWUDWvQWUXQUHVWDXUDQWXQGHVHGHVI úXUDXQ
SURJUDPGHGLVFRWHF LQFXOSDWXODORYLWGHPDLPXOWHRULFXSDQWRILLSHFDUHúLLD
VFRV GLQ SLFLRDUH XQ WkQ U DIODW DFROR GXS FDUH VD GH]EU FDW FRPSOHW vQ Y ]XO
FHORU GH SHUVRDQH GLQ ORFDO FDUH GH WHDP úL LQGLJQDWH GH PDQLIHVW ULOH
KXOLJDQLFHDOHLQFXOSDWXOXLDXS U VLWUHVWDXUDQWXO
)RUPH6DQF LXQL
$FWHOHGHSUHJ WLUHúLWHQWDWLYDQXVXQWLQFULPLQDWH
&RQVXPDUHDDUHORFvQPRPHQWXOSURGXFHULLFRQVHFLQ HORUDU WDWHvQDUW
&SHQ
ÌQ PRG RELúQXLW LQIUDF LXQHD SUHY ]XW vQ DUW & SHQ LQWU vQ FRQFXUV
LGHDOVDXIRUPDOFXRDOW LQIUDF LXQHFRQWUDSHUVRDQHLFRQWUDSDWULPRQLXOXLHWF
$FHDVW LQIUDF LXQH QX HVWH FRPSOH[ úL QX DEVRDUEH IDSWHOH GH GLVWUXJHUH ORYLUH
HWF±DúDFXPDXGHFLVvQPRGJUHúLWXQHOHLQVWDQ H
6DQF LXQLÌQYDULDQWDWLSIDSWDVHSHGHSVHúWHFXvQFKLVRDUHGHODODDQL
ÌQYDULDQWDDJUDYDW IDSWDVHSHGHSVHúWHFXvQFKLVRDUHGHODODDQL
Ì1& ,(5$5($
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO vO FRQVWLWXLH UHOD LLOH FDUH RFURWHVF VHFXULWDWHD úL
FRQYLH XLUHDVRFLDO vPSRWULYDPDQLIHVW ULORUYLROHQWHV YkUúLWHvQJUXS
,QIUDF LXQHDGHvQF LHUDUHGHQXPLW úLUL[SXQHvQSHULFROJUDYUHOD LLOHGH
FRQYLH XLUH VRFLDO DWkW SULQ VWDUHD GH DJLWD LH úL LQVHFXULWDWH VRFLDO SH FDUH R
FUHHD] FkW úL SULQ FRQVHFLQ HOH SH FDUH OH SRDWH DYHD DVXSUD SDUWLFLSDQ LORU VDX
FKLDU DVXSUD DOWRU SHUVRDQH GLQ MXU FDUH DU SXWHD F GHD YLFWLPH PDQLIHVW ULORU
YLROHQWHV YkUúLWHvQFXUVXOvQF LHU ULL
2ELHFWXOPDWHULDOFRLQFLGHFXRELHFWXOPDWHULDODOLQIUDF LXQLORUSUHY ]XWHvQ
DUW&SHQ
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY ÌQF LHUDUHD IDFH SDUWH GLQWUH LQIUDF LXQLOH FX SOXUDOLWDWH
QDWXUDO GHLQIUDFWRUL3ULQFRQFHSWHDSUHVXSXQHRFLRFQLUHvQWUHGRX WDEHUHVDX
JUXSXULGHI SWXLWRULDXWRUL0DLSUHFLVvQF LHUDUHDSUHWLQGHSDUWLFLSDUHDDPLQLP
SDWUXSHUVRDQH±FkWHGRX vQILHFDUHWDE U
76GHFSHQQUvQ55'QUS
7M%UDúRY'HFSHQQUvQ6&ULúX(&ULúXRSFLWS
&$%XFXUHúWLGHFSHQQUvQ6&ULúXRSFLWS
7M&RQVWDQ DGHFSHQQUvQ6&ULúXRSFLWS
$X FDOLWDWHD GH DXWRUL WR L DFHLD FDUH DX SDUWLFLSDW OD vQF LHUDUH LQGLIHUHQW
GDF DXLQWUDWvQOXSW GHODvQFHSXWVDXSHSDUFXUVRULGDF DXLHúLWODXQPRPHQW
GDWGLQvQF LHUDUH
3DUWLFLSD LDSHQDO QXHVWHSRVLELO VXEIRUPDFRDXWRUDWXOXLGDUHVWHSRVLELO
VXEIRUPDLQVWLJ ULLRULFRPSOLFLW LL
ÌQ OHJ WXU FX VXELHFWXO DFWLY DO DFHVWHL LQIUDF LXQL vQ SUDFWLF VD GHFLV F
GDF GRX SHUVRDQH DX DWDFDW úL ORYLW R DOW SHUVRDQ vQ VDUFLQD ORU QX VH SRDWH
UH LQH V YkUúLUHD LQIUDF LXQLL SUHY ]XW GH DUW & SHQ FL R DOW LQIUDF LXQH
ORYLUHY W PDUHFRUSRUDO HWFGHRDUHFHvQF LHUDUHDSUHVXSXQHH[LVWHQ DDGRX
JUXSXULDGYHUVHvQWUHFDUHVHVFKLPE ORYLWXULUHFLSURFHRUvQVSH YLFWLPDDIRVW
VLQJXU úLILLQGDWDFDW GHGRLDJUHVRULDSULPLWORYLWXULGLQSDUWHDDPkQGXURUD
6XELHFWSDVLYSULQFLSDODOLQIUDF LXQLLHVWHVWDWXOFDUHSUH]HQWDQWDOVRFLHW LL
6XELHFWSDVLYVHFXQGDUSRDWHILDWkWXQXOGLQWUHSDUWLFLSDQ LLODvQF LHUDUHFkW
úLRSHUVRDQ VWU LQ GHDFHDVWD
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO FRQVW vQ IDSWD GH D SDUWLFLSD OD R vQF LHUDUH vQWUH PDL
PXOWHSHUVRDQH
,QIUDF LXQHDQXDUHFDUDFWHUFRPSOH[úLQXDEVRDUEHIDSWHOHGHORYLUHVDXDOWH
YLROHQ HDUWRULGHY W PDUHFRUSRUDO DUW&SHQFLHYHQWXDOLQWU vQ
FRQFXUVFXDFHVWHD
'HRDUHFHWH[WXOQXGLVWLQJHWUHEXLHV FRQFKLGHPF IDSWDSRDWHvPEU FDQX
QXPDLIRUPDDFWHORUGHH[HFXWDUHORYLUHVDXDOWHYLROHQ HFLúLIRUPDXQRUDFWHGH
LQVWLJDUHVDXGHFRPSOLFLWDWHODvQF LHUDUH
3HQWUXH[LVWHQ DLQIUDF LXQLLGHvQF LHUDUHQXLQWHUHVHD] GDF VHSRDWHVDXQX
VWDELOL FRQWULEX LD ILHF UXL DXWRU FRUL[DQW 6XE DFHVW DVSHFW DSDUH FD ILLQG
JUHúLW VROX LDLQVWDQ HLVXSUHPHFDUHDGHFLVF vQVDUFLQDLQFXOSD LORUQXSRDWH
ILUH LQXW LQIUDF LXQHDGHvQF LHUDUHGHRDUHFHDFHDVW LQIUDF LXQHDUSUHVXSXQHV
QXVHSRDW VWDELOLFRQWULEX LDILHF UXLSDUWLFLSDQWÌQF LHUDUHDQXHVWHRLQIUDF LXQH
FRQWUDSHUVRDQHLFLHVWHRLQIUDF LXQHFRQWUDUHJXOLORUGHFRQYLH XLUHVRFLDO FDUH
VXE]LVW LQGLIHUHQW GDF SDUWLFLSDQWXO IDFH SDUWH GLQWUH vQYLQúL VDX GLQWUH
vQYLQJ WRULRULGDF DORYLWSHFLQHYDVDXDIRVWGRDUORYLWGHDO LL3HVFXUWSHQWUX
H[LVWHQ D LQIUDF LXQLL LQWHUHVHD] H[FOXVLY FRQWULEX LD VXE RULFH IRUP OD
GHVI úXUDUHDXQRUYLROHQ HvQWUHGRX JUXSXUL
&X SULYLUH VSHFLDO OD VLWXD LD vQ FDUH vQ FXUVXO vQF LHU ULL VD FDX]DW
Y W PDUHDFRUSRUDO JUDY DXQHLSHUVRDQHDUWDOLQ&SHQSUHYHGHF FHO
FDUHDV YkUúLWDFHDVW IDSW VHSHGHSVHúWHSHQWUXLQIUDF LXQHDV YkUúLW ±DUW
& SHQ ± DO F UHL PD[LP VH UHGXFH FX XQ DQ 9LFWLPD U VSXQGH GH DVHPHQHD
SHQDOSHQWUXIDSWDGHDILSDUWLFLSDWODvQF LHUDUH
7RWXúLSHQWUXLGHQWLFHUD LXQLVDUILLPSXVRSUHYHGHUHVLPLODU GHUHGXFHUH
D SHGHSVHL úL vQ FD]XO vQ FDUH VD FDX]DW PRDUWHD XQHL SHUVRDQH /LSVD XQHL
DVHPHQHD SUHYHGHUL OHJDOH VH GDWRUHD] IRDUWH SUREDELO IDSWXOXL F OHJLXLWRUXO D
FRQVLGHUDWF vQDVHPHQHDVLWXD LLIDSWDYDILSHGHSVLW FRQIRUPDUW&SHQ
ORYLULVDXY W P ULFDX]DWRDUHGHPRDUWH±úLQXFRQIRUPDUW&SHQRPRU
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH ,QIUDF LXQHD GH vQF LHUDUH VH V YkUúHúWH FX LQWHQ LH GH
DOWIHORÄSDUWLFLSDUH´GLQFXOS HVWHGHQHFRQFHSXW
76GHFSHQQUvQ&'S
ÌQDFHODúLVHQV,2DQFHDRSFLWS
&6-GHFSHQQUvQ6&ULúX(&ULúXRSFLWS
0RELOXOúLVFRSXOQXVXQWHOHPHQWHFRQVWLWXWLYHDOHLQIUDF LXQLL
9DULDQWHOHDJUDYDWH
9DULDQWHOHDJUDYDWH±DPEHOHSUHY ]XWHvQDUWDOLQH[LVW DWXQFLFkQG
vQ FXUVXO vQF LHU ULL VD FDX]DW Y W PDUHD FRUSRUDO JUDY VDX PRDUWHD XQHL
SHUVRDQHLDUDXWRUXOIDSWHLQXHVWHFXQRVFXWÌQDVHPHQHDVLWXD LLWR LSDUWLFLSDQ LL
ODvQF LHUDUHYRUILSHGHSVL LPDLVHYHU
)RUPH6DQF LXQL
$FWHOH GH SUHJ WLUH úL WHQWDWLYD OD DFHDVW LQIUDF LXQH VXQW DVLPLODWH IRUPHL
FRQVXPDWH
&RQVXPDUHD DUH ORF vQ PRPHQWXO V YkUúLULL RULF UXL DFW GH SDUWLFLSDUH OD
vQF LHUDUH
6DQF LXQLÌQYDULDQWDWLSIDSWDVHSHGHSVHúWHFXvQFKLVRDUHGHODROXQ OD
OXQLVDXFXDPHQG
ÌQYDULDQWDDJUDYDW SUHY ]XW vQDUWDOLQWH]D,±FDUHSUHVXSXQHF vQ
FXUVXOvQF LHU ULLVDFDX]DWRY W PDUHFRUSRUDO JUDY LDUDXWRUXODFHVWHLIDSWHQX
DIRVWLGHQWLILFDW±WR LLSDUWLFLSDQ LLVHSHGHSVHVFFXvQFKLVRDUHGHODOXQLODDQL
ÌQYDULDQWDDJUDYDW SUHY ]XW vQDUWDOLQWH]D,,FDUHSUHVXSXQHF vQ
FXUVXOvQF LHU ULLVDFDX]DWPRDUWHDLDUDXWRUXOIDSWHLQXDIRVWLGHQWLILFDW±WR LL
SDUWLFLSDQ LLVHSHGHSVHVFFXvQFKLVRDUHGHODODDQL
3RWULYLW DUW DOLQ HVWH H[RQHUDW GH U VSXQGHUH FHO FDUH D IRVW SULQV vQ
vQF LHUDUHvPSRWULYDYRLQ HLVDOHVDXFDUHDvQFHUFDWV GHVSDUW SHDO LLV UHVSLQJ
XQ DWDF VDX V DSHUH SH DO LL &X SULYLUH OD FD]XULOH GH LPSXQLWDWH SUHY ]XWH vQ
DUW DOLQ UHG P XUP WRDUHD VSH 3ULQ VHQWLQ D SHQDO QU GLQ
QRLHPEULHD-XGHF WRULHLùLPOHXO6LOYDQLHLRSWLQFXOSD LDXIRVWFRQGDPQD L
SHQWUXV YkUúLUHDLQIUDF LXQLLGHvQF LHUDUHSUHY ]XW GHDUWDOLQ&SHQÌQ
IDSWODQRLHPEULHvQWLPSFHSDWUXGLQWUHLQFXOSD LPHPEULLDLDFHOHLDúL
IDPLOLL VH GHSODVDX SH XQ GUXP GH FkPS vQWUH ORFDOLW LOH &L]HU úL 3ULD MXGH XO
6 ODM DX IRVW XUP UL L úL DMXQúL GLQ XUP GH FHLODO L SDWUX LQFXOSD L FDUH HUDX
vQDUPD LFXSDULúLvQWUHFHOHGRX JUXSXULDDYXWORFRE WDLHODFDUHDXSDUWLFLSDW
WR LFHLRSWLQFXOSD L)LHFDUHDVXIHULWY W P ULFRUSRUDOHGDUQXJUDYHúLDGHSXV
SOkQJHUHSHQDO «&XUWHDDDGPLVUHFXUVXOúLvQWHPHLXODUWOLWH&SUSHQ
úLDUWDOLQ&SHQLDDFKLWDWSHSDWUXGLQWUHLQFXOSD LFXPRWLYDUHDF DFHúWL
SDWUX LQFXOSD L DX IRVW XUP UL L úL DWDFD L GH FHLODO L SDWUX LQFXOSD L úL ILLQG SULQúL
DVWIHOvQvQF LHUDUHFRQWUDUYRLQ HLORUDXULSRVWDWSHQWUXDVHDS UDSHVLQHúLXQXO
SHFHO ODOWúLFDXUPDUHIDSWDORUQXWUHEXLHSHGHSVLW ´
'LQ SHUVSHFWLYD FRQVLGHUHQWHORU H[SXVH PDL vQDLQWH DSDUH GLPSRWULY FD
ILLQGJUHúLW XUP WRDUHDVROX LHÌQFDX] LQFXOSD LDXDWDFDWSHDOOHDLQFXOSDW
úL SH IUDWHOH V X SH FDUH ODX GRERUkW GLQ SULPHOH PRPHQWH LQFXOSDWXO DWDFDW D
ULSRVWDWORYLQGFXXQFX LWSHGLQWUHDJUHVRUL&DDWDUHQHILLQGYRUEDGHJUXSXUL
DGYHUVH vQ VDUFLQD LQFXOSD LORU QX SRDWH IL UH LQXW LQIUDF LXQHD GH vQF LHUDUH
SUHY ]XW vQDUW&SHQvQUDSRUWFXFRQVHFLQ HOHIDSWHORUV YkUúLWHFHLSDWUX
LQFXOSD L DJUHVRUL YRU U VSXQGH SHQWUX LQIUDF LXQHD SUHY ]XW GH DUW DOLQ
&SHQLDULQFXOSDWXODWDFDWSHQWUXLQIUDF LXQHDSUHY ]XW GHDUW&SHQúLDUW
UDSRUWDWODDUW&SHQ´
&RQWUDU FHORU UH LQXWH GH LQVWDQ vQ VSH HUDX vQWUXQLWH HOHPHQWHOH
FRQVWLWXWLYH DOH LQIUDF LXQLL GH vQF LHUDUH ± H[LVWDX LQGLVFXWDELO GRX JUXSXUL
ÌQDFHODúLVHQV76GHFSHQQUvQ5HSHUWRULXS
&$&OXMGHFSHQQU5vQ6&ULúXVDRSFLWS
&6-GHFSHQQUvQ6&ULúXRSFLWS
DGYHUVH FKLDU GDF XQXO GLQWUH HOH QX D YRLW vQF LHUDUHD ± úL SH OkQJ DFHDVWD
SHGHSVLUHDSHQWUXWHQWDWLY GHRPRUDLQFXOSDWXOXLDWDFDWFDUHQXDI FXWGHFkWV
VH DSDUH SH VLQH úL SH IUDWHOH V X FRQWUDYLQH SUHYHGHULORU DUW DOLQ & SHQ
0DLPXOWVROX LDQHVRFRWHúWHIDSWXOF OHJLXLWRUXODSUHY ]XWvQDUW&SHQ
UHJXOLVSHFLDOHGHSHGHSVLUHSHQWUXVLWXD LLOHvQFDUHVDFDX]DWY W PDUHDFRUSRUDO
JUDY VDX PRDUWHD XQHL SHUVRDQH RU vQWUXFkW vQ VSH QLFL XQXO GLQWUH DFHVWH
UH]XOWDWH QX VH SURGXVHVH LQVWDQ D DU IL WUHEXLW FX DWkW PDL PXOW V FRQVWDWH
LQFLGHQ DSUHYHGHULORUDUWDOLQ&SHQ
$62&,(5($3(17586 9Æ5ù,5($'(,1)5$& ,81,
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO vO FRQVWLWXLH UHOD LLOH SULYLQG FRQYLH XLUHD úL
VHFXULWDWHDVRFLDO
5D LXQHDLQFULPLQ ULLDFHVWHLIDSWHUH]LG QXvQIDSWXODVRFLHULL±FDUHSULYLW
vQVLQHHVWHFKLDUSR]LWLY±FLvQVFRSXODQWLVRFLDOXUP ULWGHSDUWLFLSDQ LFDUHVH
DVRFLD] vQYHGHUHDRUJDQL] ULLXQRUDFWLYLW LFXFDUDFWHULQIUDF LRQDO
2ELHFWXOPDWHULDO,QIUDF LXQHDGHDVRFLHUHSHQWUXV YkUúLUHDGHLQIUDF LXQLQX
DUHRELHFWPDWHULDO
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLY,QIUDF LXQHDSUHY ]XW vQDUW&SHQHVWHRLQIUDF LXQHFX
SOXUDOLWDWH FRQVWLWXLW GH I SWXLWRUL ± FHHD FH vQVHDPQ F OHJLXLWRUXO D LQFULPLQDW
vQVXúLIDSWXODVRFLHULLPDLPXOWRUSHUVRDQHDYkQGvQYHGHUHF DFWLYLWDWHDSUHFRQL]DW
DILGHVI úXUDW vQFRPXQGHF WUHDVRFLD LHVWHRDFWLYLWDWHLQIUDF LRQDO
3DUWLFLSD LDSHQDO QXHVWHSRVLELO ODDFHDVW LQIUDF LXQHvQWUXFkWWR LFHL
FDUHVHDVRFLD] RULDGHU ODDVRFLD LHVXQWDXWRULQXFRDXWRULLDUvQFRQIRUPLWDWH
FX GLVSR]L LD GLQ DUW DOLQ & SHQ DFWHOH GH LQVWLJDUH LQL LHUH´ RUL GH
FRPSOLFLWDWHVSULMLQLUH´WUHEXLHFRQVLGHUDWHGHDVHPHQHDFDDFWHGHDXWRUDW
6XELHFWSDVLYDOLQIUDF LXQLLHVWHVWDWXO
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO VH UHDOL]HD] vQ SULFLSDO SULQ IDSWD GH D VH DVRFLD vQ
VFRSXOV YkUúLULLXQHLDVDXPDLPXOWRULQIUDF LXQL
$úD FXP VD GHFLV vQ SUDFWLFD MXGLFLDU R SDUWLFLSDUH VSRQWDQ úL I U R
vQ HOHJHUH SUHDODELO D PDL PXOWRU SHUVRDQH OD V YkUúLUHD XQRU IDSWH SHQDOH QX
SRDWHFRQVWLWXLLQIUDF LXQHDGHDVRFLHUHSHQWUXV YkUúLUHDGHLQIUDF LXQLSUHY ]XW
GH DUW & SHQ $FHDVW LQIUDF LXQH SUHVXSXQH R vQWRY U úLUH GH RDUHFDUH
GXUDW vQ YHGHUHD UHDOL] ULL XQXL VFRS LQIUDF LRQDO FRPXQ LDU QX R VLPSO
vQ HOHJHUH vQWkPSO WRDUH úL VSRQWDQ ÌQ DFHODúL VHQV VD GHFLV F IDSWD
LQFXOSD LORU GH LQX L vQWUXQ SHQLWHQFLDU GH D VH IL DVRFLDW ± vQWRFPLQG XQ SODQ
DP QXQ LWFXGHWHUPLQDUHDUROXOXLILHF UXLD±SHQWUXDORYLúLLPRELOL]DSHDQJDMD LL
vQV UFLQD L FX SD]D SHQWUX D OH OXD XQLIRUPHOH DUPHOH úL D HYDGD XUPkQG FD
XOWHULRU V úL SURFXUH KDLQH úL DOLPHQWH SULQ IXUW vQWUXQHúWH WRDWH HOHPHQWHOH
LQIUDF LXQLLGHDVRFLHUHSHQWUXV YkUúLUHDGHLQIUDF LXQLSUHY ]XW GHDUWDOLQ
&SHQ
ÌQVHQVFRQWUDU,2DQFHDRSFLWS
&$%XFXUHúWLGHFSHQQUvQ6&ULúXRSFLWS
76GHFSHQQUvQ55'QUS
76GHFSHQQUvQ5HSHUWRULX,S
6LQWHWL]kQG DFHVWH FRQVLGHUD LL GLYHUVH VH SRDWH FRQFKLGH F vQ FRQFHS LD
MXULVSUXGHQ HL IDSWD GH D VH DVRFLD´ DUH VHPQLILFD LD GH FRQVHQV LQWHUYHQLW vQWUH
I SWXLWRULSULYLQGPRGXOGHV YkUúLUHDXQHLDVDXPDLPXOWRULQIUDF LXQL(VWHYRUED
GHRSO QXLUHVDXSUHPHGLWDUHvQFRPXQDXQHLDFWLYLW LLQIUDF LRQDOHXOWHULRDUH
vQVR LW GHRGLVWULEX LHPDLPXOWVDXPDLSUHFLV DUROXULORUFDúLGHRHYHQWXDO
HIHFWXDUHDXQRUDFWHGHSUHJ WLUHÌQVIkUúLWPDLWUHEXLHV DU W PF HVWHRDUHFXP
XQDQLPDGPLVIDSWXOF RDVHPHQHDDVRFLHUHWUHEXLHV FXSULQG PLQLPWUHLPHPEUL
F FLvQVXúLWHUPHQXOGHDVRFLD LH±VDXRUJDQL]D LH±UHFODP DFHVWPLQLPGHPHPEUL
(OHPHQWXO PDWHULDO VH SRDWH vQV UHDOL]D úL SULQ DOWH DF LXQL SUHY ]XWH
DOWHUQDWLY vQ FRQ LQXWXO GLVSR]L LHL GH LQFULPLQDUH LQL LHUHD DGHUDUHD VSULMLQLUHD
VXERULFHIRUP DXQHLDVWIHOGHDVRFLHUL
'LQWUH DFHVWH WUHL PRGDOLW L DOWHUQDWLYH XQHOH FODULILF UL SUHWLQGH vQ RSLQLD
QRDVWU GRDU DFHHD GH D LQL LD´ FRQVWLWXLUHD XQHL DVRFLHUL SHQWUX V YkUúLUHD GH
LQIUDF LXQL $VWIHO WUHEXLH V VHVL] P F DUH FDOLWDWHD GH LQL LDWRU DFHOD FDUH
IRUPXOHD] FHO GLQWkL SURSXQHUHD GH XQLUH D HIRUWXULORU vQ YHGHUHD GHVI úXU ULL
XQRU DFWLYLW L LQIUDF LRQDOH úL FDUH vQFHDUF WRWRGDW V FkúWLJH DGHS L 1X
LQWHUHVHD] vQV GDF GHPHUVXULOHVDOHDXIRVWVDXQXvQFXQXQDWHGHVXFFHV±FHHD
FH vQ WHUPLQRORJLD GUHSWXOXL SHQDO vQVHDPQ F LQL LHUHD´ GHVHPQHD] DWkW R
LQVWLJDUHUHXúLW FkWúLRWHQWDWLY GHLQVWLJDUHRLQVWLJDUHQHUHXúLW ÌQDFHVWGLQ
XUP vQ HOHV±GHF XWDUHGHDGHS L±DF LXQHDGHLQL LHUHVHSRDWHV YkUúLDWkWGHR
VLQJXU SHUVRDQ FkWúLGHPDLPXOWHSHUVRDQH
8UPDUHD LPHGLDW D DFHVWHL LQIUDF LXQL FRQVW vQWUR VWDUH GH SHULFRO SHQWUX
UHOD LLOHGHFRQYLH XLUHVRFLDO úLSHQWUXRUGLQHDGHGUHSW
5DSRUWXOGHFDX]DOLWDWHUH]XOW H[UH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH $FHDVW LQIUDF LXQH VH V YkUúHúWH VXE DVSHFW VXELHFWLY
FXLQWHQ LHGLUHFW
ÌQ DFHVW FD] HVWH YRUED GH R LQWHQ LH FDOLILFDW SULQ VFRS F FL DVRFLHUHD DUH
GUHSWVFRSV YkUúLUHDXQHLDVDXPDLPXOWRULQIUDF LXQL6FRSXOFRPXQDODXWRULORUHVWH
DFHOD GH D RUJDQL]D FRPLWHUHD XQHL LQIUDF LXQL ± SH FDUH GRFWULQD R GHQXPHúWH
LQIUDF LXQHSURJUDP´,QIUDF LXQHDFDUHLQWU vQVFRSXODVRFLHULLQXWUHEXLHV ILHGLQWUH
DFHOHDDU WDWHvQDUW±vQFD]FRQWUDUIDSWDYDFRQVWLWXLLQIUDF LXQHDGHFRPSORW
)RUPH6DQF LXQL
$FWHOHGHSUHJ WLUHúLWHQWDWLYDQXVXQWLQFULPLQDWHGHDOWIHODFHVWHDDXIRVW
DVLPLODWHLQIUDF LXQLLIDSWFRQVXPDW
&RQVXPDUHDDUHORFvQPRPHQWXOV YkUúLULLRULF UHLDGLQWUHDF LXQLOHSULQFDUH
VHUHDOL]HD] HOHPHQWXOPDWHULDO
3RWULYLW DUW DOLQ & SHQ GDF IDSWD GH DVRFLHUH D IRVW XUPDW GH
V YkUúLUHDXQHLLQIUDF LXQLFHORUFDUHDXV YkUúLWLQIUDF LXQHDUHVSHFWLY OLVHDSOLF
SHGHDSVD SHQWUX DFHD LQIUDF LXQH vQ FRQFXUV FX SHGHDSVD SUHY ]XW SHQWUX
LQIUDF LXQHDGHDVRFLHUHSHQWUXV YkUúLUHDGHLQIUDF LXQL
6DQF LXQL 3RWULYLW DUW DOLQ & SHQ LQIUDF LXQHD GH DVRFLHUH SHQWUX
V YkUúLUHDGHLQIUDF LXQLVHSHGHSVHúWHFXvQFKLVRDUHGHODODDQLI U DVHSXWHD
GHS úLSHGHDSVDSUHY ]XW GHOHJHSHQWUXLQIUDF LXQHDFHLQWU vQVFRSXODVRFLHULL
8OWLPXODOLQHDWDOLQDODUWFXSULQGHRFDX] GHQHSHGHSVLUH3RWULYLW
WH[WXOXL QX VH SHGHSVHVF SDUWLFLSDQ LL FDUH GHQXQ DXWRULW LORU DVRFLHUHD PDL
vQDLQWHGHDILIRVWGHVFRSHULW úLGHDVHILvQFHSXWV YkUúLUHDLQIUDF LXQLLFDUHLQWU
vQVFRSXODVRFLHULL5D LXQHDDFHVWHLSUHYHGHULHVWHDFHHDGHDvQOHVQLGHVFRSHULUHD
I SWXLWRULORUúLGHDSUHYHQLFRPLWHUHDÄLQIUDF LXQLLSURJUDP´
,167,*$5($38%/,& ù,$32/2*,$,1)5$& ,81,/25
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO vO FRQVWLWXLH UHOD LLOH VRFLDOH SULYLQG FRQYLH XLUHD
VRFLDO D F URU H[LVWHQ HVWH FRQGL LRQDW GH DS UDUHD RUGLQLL MXULGLFH vPSRWULYD
IDSWHORUGHLQVWLJDUHODQHVRFRWLUHDDFHVWHLD
,QFULPLQDUHDGLVWLQFW DDFHVWRUIDSWHVDLPSXVDWkWGDWRULW IDSWXOXLF HOHQX
SXWHDXILSHGHSVLWHFDDFWHGHSDUWLFLSD LH±F FLLQVWLJDUHDFDDFWGHSDUWLFLSD LHVH
DGUHVHD] vQWRWGHDXQDXQHLDVDXPDLPXOWRUSHUVRDQHELQHGHWHUPLQDWHúLQXXQXL
JUXS RDUHFDUH vQWkPSO WRU GH SHUVRDQH ± FkW úL SHQWUX F IDSWHOH GH DFHVW JHQ
FKLDU vQ FD]XO FkQG DFWLYLWDWHD GH GHWHUPLQDUH QX D UHXúLW QX D IRVW XUPDW GH
QHUHVSHFWDUHD OHJLL RUL GH V YkUúLUHD GH LQIUDF LXQL VXQW GH QDWXU V SXQ vQ
SHULFRO JUDY VHFXULWDWHD VRFLDO $úD VH H[SOLF GH DOWIHO IDSWXO F HOH VXQW
SUHY ]XWH GH DSURDSH WRDWHOHJLVOD LLOHPRGHUQHHOHILJXUDXúLvQFRGXULOHQRDVWUH
GLQúL
2ELHFWXO PDWHULDO ,QIUDF LXQHD GH LQVWLJDUH SXEOLF vQ RULFDUH GLQWUH
PRGDOLW LOHVDOHQRUPDWLYHQXDUHRELHFWPDWHULDO
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW QX HVWH FLUFXPVWDQ LDW SRDWH IL RULFH SHUVRDQ
3DUWLFLSD LDSHQDO SRDWHILFRQFHSXW vQRULFDUHGLQWUHIRUPHOHDFHVWHLD
6XELHFWSDVLYHVWHVWDWXO
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO VH UHDOL]HD] vQ PRG GLIHULW GXS FXP HVWH YRUED GH R
LQVWLJDUH SXEOLF GLUHFW SULPD PRGDOLWDWH SUHY ]XW vQ DOLQ GH R LQVWLJDUH
SXEOLF LQGLUHFW SULQDSRORJLHVLPEROLF DGRXDPRGDOLWDWHSUHY ]XW vQDOLQ
VDX GH R LQVWLJDUH SXEOLF LQGLUHFW SULQ DSRORJLH UHDO D WUHLD PRGDOLWDWH
SUHY ]XW vQDOLQ
ÌQFD]XOLQVWLJ ULLSXEOLFHGLUHFWHHOHPHQWXOPDWHULDOFRQVW vQWURDF LXQHGH
vQGHPQDUHDSXEOLFXOXLODQHUHVSHFWDUHDOHJLORUVDXODV YkUúLUHDGHLQIUDF LXQL1X
LQWHUHVHD] GDF DFHDVW DF LXQH VD V YkUúLW SULQ YLX JUDL DORFX LXQL GLVFXUVXUL
FkQWHFHvQVFULVF U LDILúHEURúXULVDXSULQDOWHPLMORDFH
,QVWLJDUHD SXEOLF GLUHFW VH SHGHSVHúWH PDL VHYHU ± YDULDQWD DJUDYDW
SUHY ]XW vQDOLQ±vQFD]XOFkQGIDSWDVDV YkUúLWGHXQIXQF LRQDUSXEOLFFDUH
vQGHSOLQHúWH R IXQF LH FH LPSOLF H[HUFL LXO DXWRULW LL GH VWDW VDX GH F WUH R
SHUVRDQ GLQ FHOH DU WDWH vQ DUW FDUH vQGHSOLQHúWH R DFWLYLWDWH LPSRUWDQW GH
VWDWVDXDOW DFWLYLWDWHSXEOLF LPSRUWDQW
ÌQFD]XOÄDSRORJLHLVLPEROLFH´HOHPHQWXOPDWHULDOVHUHDOL]HD] SULQDF LXQHD
GH SXUWDUH vQ SXEOLF GH XQLIRUPH HPEOHPH LQVLJQH HWF 3HQWUX H[LVWHQ D DFHVWHL
PRGDOLW L HVWH QHFHVDU SH GH R SDUWH FD XQLIRUPHOH LQVLJQHOH HWF V ILH
ÄQHDXWRUL]DWH´LQWHU]LVHGHRUJDQXOFRPSHWHQWLDUSHGHDOW SDUWHHVWHQHFHVDU
FD HOH V FXSULQG VLPEROLF vQGHPQXO GH D QX UHVSHFWD OHJHD SRWULYLW WH[WXOXL
OHJDOIDSWDWUHEXLHV ILHV YkUúLW vQVFRSXULOHDU WDWHvQDOLQ´
ÌQFD]XOÄDSRORJLHLUHDOH´HOHPHQWXOPDWHULDOFRQVW vQDF LXQHDGHO XGDUHvQ
SXEOLFDXQHLDVDXPDLPXOWRUSHUVRDQHFDUHDXV YkUúLWLQIUDF LXQLVDXvQO XGDUHD
vQSXEOLFDLQIUDF LXQLORUV YkUúLWHGHDFHVWHD
ÌQRULFDUHGLQDFHVWHWUHLPRGDOLW LHOHPHQWXOPDWHULDOFRQVW vQWUXQvQGHPQ
DGUHVDW GLUHFW VDX LQGLUHFW SXEOLFXOXL GH D QHVRFRWL RUGLQHD GH GUHSW RUL GH D
V YkUúLLQIUDF LXQL
ÌQWUXFkWIRUPXODÄvQSXEOLF´±IRORVLW vQDOLQúL±SRDWHLQGXFHvQHURDUH
WUHEXLHVXEOLQLDWF FHHDFHLQWHUHVHD] QXHVWHQDWXUDSXEOLF DORFXOXLXQGHVD
V YkUúLWIDSWDFLIDSWXOF vQGHPQXODIRVWDGXVODFXQRúWLQ DSXEOLFXOXL'DF IDSWD
FKLDUV YkUúLW vQWUXQORFSXEOLFvQVHQVXODUW&SHQQXDDMXQVODFXQRúWLQ D
SXEOLFXOXLDXQHLPXO LPLGHSHUVRDQHLQIUDF LXQHDQXVXE]LVW
8UPDUHD LPHGLDW FRQVW vQWUR VWDUH GH SHULFRO SHQWUX RUGLQHD GH GUHSW úL
SHQWUXUHOD LLOHGHFRQYLH XLUHVRFLDO
5DSRUWXOGHFDX]DOLWDWHUH]XOW H[UH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH ,QIUDF LXQHD VH V YkUúHúWH VXE DVSHFWXO VXELHFWLY FX
LQWHQ LHDF UHLH[LVWHQ VHSUH]XP
0RELOXO úL VFRSXO QX VXQW HOHPHQWH FRQVWLWXWLYH DOHLQIUDF LXQLLÄ6FRSXULOH´
ODFDUHVHIDFHUHIHULUHvQDUWDOLQQXH[SULP RFHULQ DODWXULLVXELHFWLYHFL
RFHULQ DHOHPHQWXOXLPDWHULDOFHUXW vQFD]XODSRORJLHLVLPEROLFH
)RUPH6DQF LXQL
$FWHOHGHSUHJ WLUHúLWHQWDWLYDQXVXQWLQFULPLQDWH
&RQVXPDUHD LQIUDF LXQLL DUH ORF LQVWDQWDQHX vQ PRPHQWXO vQ FDUH vQGHPQXO ±
GLUHFWVDXLQGLUHFW±GHDQXUHVSHFWDRUGLQHDGHGUHSWDDMXQVODFXQRúWLQ DSXEOLFXOXL
ÌQ FD]XO DSRORJLHL VLPEROLFH SULQ SXUWDUHD GH XQLIRUPH LQVLJQH HWF LQIUDF
LXQHDvPEUDF IRUP FRQWLQX úLGHFLYDH[LVWDúLXQPRPHQWDOHSXL] ULLDFHVWHLD
6 YkUúLUHD GH F WUH DFHHDúL SHUVRDQ D XQRU IDSWH GLIHULWH FRUHVSXQ] WRDUH
PRGDOLW LORUGLIHULWHSUHY ]XWHvQDUW&SHQQXDWUDJHU VSXQGHUHDI SWXLWRUXOXL
SHQWUX XQ FRQFXUV GH LQIUDF LXQL vQ DFHVW FD] VH YD UH LQH IRUPD FRQWLQXDW D
LQIUDF LXQLLODFDUHDSDUHGHDVHPHQHDXQPRPHQWXOWHULRUDOHSXL] ULLLQIUDF LXQLL
6DQF LXQL 3ULPD PRGDOLWDWH LQVWLJDUHD SXEOLF GLUHFW VH SHGHSVHúWH FX
vQFKLVRDUHGHODOXQLODDQLI U DVHSXWHDGHS úLSHGHDSVDSUHY ]XW GHOHJH
SHQWUXLQIUDF LXQHDODV YkUúLUHDF UHLDVDLQVWLJDW
'DF IDSWD SUHY ]XW vQ DOLQ DO DUW & SHQ D IRVW V YkUúLW GH XQ
IXQF LRQDUSXEOLFFDUHvQGHSOLQHúWHRIXQF LHFHLPSOLF H[HUFL LXODXWRULW LLGHVWDW
VDXGHF WUHRSHUVRDQ GLQFHOHDU WDWHvQDUWSHGHDSVDHVWHvQFKLVRDUHDGHOD
ODDQLI U DVHSXWHDGHS úLSHGHDSVDSUHY ]XW GHOHJHSHQWUXLQIUDF LXQHDOD
V YkUúLUHDF UHLDVDLQVWLJDWDOLQ
'DF LQVWLJDUHD SXEOLF D DYXW FD XUPDUH V YkUúLUHD LQIUDF LXQLL OD FDUH VD
LQVWLJDW SHGHDSVD HVWH FHD SUHY ]XW GH OHJH SHQWUX DFHD LQIUDF LXQH 5HIHULWRU OD
DFHDVW UHJXO GH SHGHSVLUH DOLQ DO DUW VH LPSXQH V REVHUY P F HD
SUHWLQGH RUJDQXOXL MXGLFLDU V VWDELOHDVF OHJ WXUD GH GHWHUPLQDUH SVLKLF GLQWUH
LQVWLJDUHD SXEOLF OD V YkUúLUHD XQHL LQIUDF LXQL úL LQIUDF LXQHD VXEVHFYHQW
V YkUúLW GHRDOW SHUVRDQ ±FHHDFHHVWHH[WUHPGHJUHXGHUHDOL]DW
3UDFWLFDQXvQUHJLVWUHD] FD]XULGHDSOLFDUHDWH[WXOXLDUW
3HQWUXDSRORJLDVLPEROLF úLDSRORJLDUHDO PRGDOLW LSUHY ]XWHvQDOLQúL
VHSUHYHGHSHGHDSVDvQFKLVRULLGHODOXQLODDQL
5 63Æ1',5($'(0$7(5,$/(2%6&(1(
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO vO FRQVWLWXLH UHOD LLOH FDUH RFURWHVF PRUDOD SXEOLF
5D LXQHDFDUHDLPSXVLQFULPLQDUHDDFHVWHLIDSWHUH]LG vQLQIOXHQ DQHIDVW SHFDUH
R H[HUFLW PDWHULDOHOH FX FDUDFWHU REVFHQ DVXSUD RDPHQLORU vQ JHQHUDO úL vQ PRG
ÌQDFHVWVHQV,2DQFHDRSFLWS
VSHFLDO DVXSUD FRSLLORU úL WLQHULORU ILLQGF HOH LQFLW OD LPRUDOLWDWH úL GHWHUPLQ
WRWRGDW RFUHúWHUHDQXP UXOXLLQIUDF LXQLORUSULYLWRDUHODYLD DVH[XDO
,QFULPLQDUHD IDSWHL D FRQVWLWXLW vQV úL R REOLJD LH DVXPDW GH VWDWXO URPkQ
SULQDGHUDUHDOD&RQYHQ LDGHOD*HQHYDGLQSHQWUXFRPEDWHUHDWUDILFXOXLFX
SXEOLFD LLREVFHQH
2ELHFWXO PDWHULDO DO LQIUDF LXQLL vO FRQVWLWXLH RELHFWHOH GHVHQHOH VFULHULOH
SUHFXPúLRULFHDOWHPDWHULDOHFXFDUDFWHUREVFHQ
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW QX HVWH FLUFXPVWDQ LDW SRDWH IL RULFH SHUVRDQ
3DUWLFLSD LDSHQDO HVWHSRVLELO VXEWRDWHIRUPHOHFRDXWRUDWLQVWLJDUHFRPSOLFLWDWH
6XELHFWSDVLYHVWHVWDWXO
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO VH SRDWH UHDOL]D DOWHUQDWLY SULQ RULFDUH GLQ XUP WRDUHOH
DF LXQL YLQGHUHD U VSkQGLUHD GH PDWHULDOH REVFHQH FRQIHF LRQDUHD GH LQHUHD GH
DVHPHQHDPDWHULDOHvQYHGHUHDU VSkQGLULL
3HQWUX FD DFHVWH SDWUX DF LXQL V SRDW FRQVWLWXL HOHPHQWXO PDWHULDO DO
LQIUDF LXQLL HVWH QHFHVDU FD HOH V SULYHDVF RELHFWH GHVHQH VFULHUL VDX DOWH
PDWHULDOH FX FDUDFWHU REVFHQ WULYLDO SRUQRJUDILF 3UH]LQW XQ DVHPHQHD FDUDFWHU
FKLDUúLOXFU ULFDUHVXQWSUH]HQWDWHXQHRULFDÄRSHUHGHDUW ´GDF úLvQP VXUDvQ
FDUH DFHVWHD GHVFULX VDX vQI LúHD] VH[XDOLWDWHD vQWUR DVHPHQHD PDQLHU vQFkW
OH]HD] VHQWLPHQWXOFRPXQGHSXGRDUH
7H[WXO DUW & SHQ LQFULPLQHD] vQ SULQFLSDO YkQ]DUHD FRPHU XO úL
GLIX]DUHDU VSkQGLUHD±JUDWXLW ±DXQRUDVHPHQHDPDWHULDOH
&kWSULYHúWHFRQIHF LRQDUHDúLGH LQHUHDGHPDWHULDOHREVFHQHDFHVWHDF LXQL
FDGVXELQFLGHQ DOHJLLSHQDOHQXPDLGDF DXWRUXOVDXGH LQ WRUXOH[SXQHVDXRIHU
DFHVWHPDWHULDOHDOWRUSHUVRDQHLQGLIHUHQWGDF VHSUHWLQGHVDXQXXQDYDQWDMSHQWUX
DFHDVWD$VWIHOVDGHFLVF IDSWDLQFXOSD LORUGHDILRUJDQL]DWvQORFXLQ HOHDOWRU
SHUVRDQH YL]LRQDUHD XQRU ILOPH SRUQRJUDILFH vQUHJLVWUDWH SH FDVHWH YLGHR vQ
VFKLPEXO XQRU VXPH GH EDQL vQFDVDWH GH OD VSHFWDWRUL FRQVWLWXLH LQIUDF LXQHD GH
U VSkQGLUHGHPDWHULDOHREVFHQHDUW&SHQ
8UPDUHD LPHGLDW FRQVW vQWUR VWDUH GH SHULFRO SHQWUX PRUDOD SXEOLF úL
LPSOLFLWSHQWUXUHOD LLOHGHFRQYLH XLUHVRFLDO
5DSRUWXOGHFDX]DOLWDWHUH]XOW H[UH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH ,QIUDF LXQHD VH FRPLWH FX LQWHQ LH D F UHL H[LVWHQ VH
SUH]XP
0RELOXOúLVFRSXOQXVXQWHOHPHQWHFRQVWLWXWLYHDOHLQIUDF LXQLL
)RUPH6DQF LXQL
$FWHOHGHSUHJ WLUHúLWHQWDWLYDQXVXQWLQFULPLQDWH
&RQVXPDUHD DUH ORF vQ PRPHQWXO YkQ] ULL VDX U VSkQGLULL GH PDWHULDOH
REVFHQHVDXvQPRPHQWXOH[SXQHULLRULRIHULULLPDWHULDOHORUREVFHQHFRQIHF LRQDWH
RULGH LQXWHGHI SWXLWRU
'DF IDSWHOH VH UHSHW OD GLIHULWH LQWHUYDOH GH WLPS vQ UHDOL]DUHD DFHOHLDúL
UH]ROX LLLQIUDF LXQHDYDF S WDIRUPDFRQWLQXDW
6DQF LXQL5 VSkQGLUHDGHPDWHULDOHREVFHQHVHSHGHSVHúWHFXvQFKLVRDUHGH
ODOXQLODDQLVDXFXDPHQG OLPLWHOHGHSHGHDSV DXIRVWPDMRUDWHSULQ/HJHD
QUGHúLWH[WXOVDDSOLFDWH[WUHPGHUDU
7P%XFXUHúWLGHFSHQQUvQ5HSHUWRULX,,,S
&(5ù(725,$
2ELHFWXOLQIUDF LXQLL
2ELHFWXO MXULGLF VSHFLDO vO FRQVWLWXLH UHOD LLOH GH FRQYLH XLUH VRFLDO FDUH
SUHWLQGvQWUHDOWHOHFRPEDWHUHDIRUPHORUGHSDUD]LWLVPVRFLDO
'XS FXP VD REVHUYDW GHMD vQ FRQGL LLOH vQ FDUH VRFLHWDWHD QX DVLJXU
H[HUFLWDUHD GUHSWXOXL FRQVWLWX LRQDO OD PXQF P VXULOH GH FRHUFL LH SHQDO VDX
DGPLQLVWUDWLY ± F FL SDUDGR[DO vQ OHJLVOD LD QRDVWU IDSWD FRQVWLWXLH vQ DFHODúL
WLPS úL FRQWUDYHQ LD SUHY ]XW vQ DUW SFW GLQ /HJHD QU ± DU WUHEXL
vQORFXLW FX P VXUL GH DVLVWHQ VRFLDO 7UDWDWHOH úL FRQYHQ LLOH LQWHUQD LRQDOH
YRUEHVF GH ÄGUHSWXO OD VHFXULWDWH VRFLDO ´ ÄGUHSWXO OD PXQF úL OLEHUD DOHJHUH D
PXQFLL´ HWF vQV ÄDFHVWH SHUVRDQH VXQW H[SXVH vQ VWUDG GLYHUVHORU ULVFXUL
VHFXULWDWHD ORU ILLQG PHUHX SULPHMGXLW GUHSWXO FHOXL PDL SXWHUQLF ILLQG VLQJXUXO
UHFXQRVFXW vQWUR DVHPHQHD OXPH´ HOH VH Y G SODVDWH vQWUR ÄSLD GH
LQVHFXULWDWH´ F FL ÄvQ UHDOLWDWH HVWH YRUED GH XQ YHULWDELO FRPHU FX FHUúHWRULD
RUJDQL]DWFDOFXODWúLJLUDWGHRDPHQLGHDIDFHULúLQXGHFHUúHWRUL´
1RXO &RG SHQDO IUDQFH] D GH]LQFULPLQDW DFHDVW IDSW úL PXO L
VSHFLDOLúWL SUHFRQL]HD] DFHDVW VROX LH úL vQ OHJLVOD LD QRDVWU 7RWXúL vQ FH QH
SULYHúWH FUHGHP F DFHDVW VROX LH SRDWH IL VXV LQXW QXPDL vQ FRQGL LLOH vQ FDUH
DFWXDODLQFULPLQDUHYDILvQORFXLW FXRDOWDúLDQXPHFXLQFULPLQDUHDIDSWHORUGH
GHWHUPLQDUH VDX vQOHVQLUH D SUDFWLF ULL FHUúHWRULHL ÌQ SOXV VXQWHP GH S UHUH F
VDQF LRQDUHDFRQWUDYHQ LRQDO DFHUúHWRULHLWUHEXLHPHQ LQXW
2ELHFWXOPDWHULDO,QIUDF LXQHDQXDUHRELHFWPDWHULDO
6XELHF LLLQIUDF LXQLL
6XELHFW DFWLY QHPLMORFLW DO LQIUDF LXQLL SRDWH IL QXPDL SHUVRDQD DSW GH
PXQF ,QFDSDELOLLKDQGLFDSD LLEROQDYLLHWFQXSRWILVXELHFWDFWLYQHPLMORFLWDO
DFHVWHL LQIUDF LXQL GHRDUHFH QX vQGHSOLQHVF FHULQ D GH D IL DS L GH PXQF ÌQ
SUDFWLF VD GHFLV F PLQRUXO DYkQG YkUVWD vQWUH úL DQL QX SRDWH IL VXELHFW
DFWLY DO DFHVWHL LQIUDF LXQL GHRDUHFH SRWULYLW GLVSR]L LLORU OHJDOH HO QX DUH
FDSDFLWDWHDLQWHJUDO GHH[HUFL LXDGUHSWXOXLODPXQF ±SHQWUXDVHSXWHDvQFDGUD
vQPXQF HVWHQHFHVDUFDUHSUH]HQWDQWXOV XOHJDOúLPHGLFXOFRPSHWHQWV úLILGDW
FRQVLP PkQWXO
&RDXWRUDWXOQXHVWHSRVLELO±ILLQGYRUEDGHRLQIUDF LXQHFXVXELHFWDFWLYXQLF±
vQV SDUWLFLSD LDSHQDO U PkQHSRVLELO VXEIRUPDLQVWLJ ULLRULFRPSOLFLW LL
6XELHFWSDVLYHVWHVWDWXO
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO FRQVW vQ DF LXQHD GH D DSHOD OD PLOD SXEOLFXOXL FHUkQG
DMXWRUPDWHULDO
) U RFHUHUHH[SOLFLW DGUHVDW DOWRUSHUVRDQHIDSWDQXDUHUHOHYDQ SHQDO
1XLQWHUHVHD] PLMORDFHOHSULQFDUHVHSUHWLQGHDMXWRUXOPDWHULDOSULQYLXJUDLSULQ
DILúHJHVWXULHWF
$2OLYH/HGURLWGHPHQGLU5HYXHGHVFLHQFHFULPLQHOOHHWGHGURLWSpQDOFRPSDUpQUS
FLWDWGH93DúFDvQÄ'UHSWXO´QUSúLXUP
9 3DúFD &HUúHWRULD úL YDJDERQGDMXO ± vQWUH GH]LQFULPLQDUHD GH IDFWR úL GH]LQFULPLQDUHD GH MXUH
Ä'UHSWXO´QUS
,ELGHPS
$2OLYHRSFLWS
76GHFSHQQUvQ5S
&HUúHWRULD HVWH R LQIUDF LXQH GH RELFHL ± FHHD FH vQVHDPQ F IDSWD FDS W
UHOHYDQ SHQDO QXPDLGDF VDUHSHWDWGHVXILFLHQWHRULSHQWUXDUHOHYDFDUDFWHUXO
GHRELúQXLQ VXQWQHFHVDUHPLQLPWUHLDFWHVXFFHVLYH
8UPDUHDLPHGLDW FRQVW vQWURVWDUHGHSHULFROSHQWUXUHOD LLOHGHFRQYLH XLUH
VRFLDO
5DSRUWXOGHFDX]DOLWDWHUH]XOW H[UH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH FX FDUH VH FRPLWH DFHDVW LQIUDF LXQH HVWH LQWHQ LD FDUH
UH]XOW GHDVHPHQHDH[UH
0RELOXOúLVFRSXOQXVXQWHOHPHQWHFRQVWLWXWLYHDOHLQIUDF LXQLL
)RUPH6DQF LXQL
7HQWDWLYDQXHVWHSRVLELO ILLQGYRUEDGHRLQIUDF LXQHGHRELFHL
&RQVXPDUHDDUHORFvQPRPHQWXOvQFDUHDFWHOHGHFHUúHWRULHVDXUHSHWDWGH
XQ QXP U VXILFLHQW GH RUL SHQWUX D GHPRQVWUD F IDSWD D GHYHQLW R vQGHOHWQLFLUH
RELúQXLW RVXUV GHFkúWLJI U PXQF
6DQF LXQL,QIUDF LXQHDGHFHUúHWRULHVHSHGHSVHúWHFXvQFKLVRDUHGHODROXQ
ODDQL
9$*$%21'$-8/
$UW&SHQFDUHLQFULPLQDIDSWDGHYDJDERQGDMDIRVWDEURJDWGH/HJHD
QU
35267,78 ,$
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDOvOFRQVWLWXLHUHOD LLOHFDUHRFURWHVFPRUDODSXEOLF úL
FRQYLH XLUHDVRFLDO vPSRWULYDIDSWHORUGHSDUD]LWLVPVRFLDO
5D LXQLOH FDUH DX LPSXV LQFULPLQDUHD DFHVWHL IDSWH VXQW DSURDSH LGHQWLFH FX
DFHOHDFDUHDXGHWHUPLQDWSHGHSVLUHDFHUúHWRULHLúLDYDJDERQGDMXOXLúLODIHOFDúL
vQ FD]XO DFHVWRUD HOH VXQW SXVH DVW ]L vQ GLVFX LH 6H LQYRF vQ DFHVW VHQV
DUJXPHQWXO F IUHFYHQ D IDSWHORU GH DFHVW JHQ HVWH GHWHUPLQDW vQ SULQFLSDO GH
OLSVD ORFXULORU GH PXQF úL DELD vQ VXEVLGLDU GH PHQWDOLWDWHD UHSUREDELO D
I SWXLWRULORU SUHFXP úL DUJXPHQWXO F LQFULPLQDUHD QHVRFRWHúWH GUHSWXO SHUVRDQHL
GHDGLVSXQHGHHDvQV úLÌPSRWULYDDFHVWRUDUJXPHQWHVHSRDWHvQV DU WDSHGHR
SDUWH F LPSRVLELOLWDWHD J VLULL XQXL ORF GH PXQF UHSUH]LQW R FKHVWLXQH FDUH
SULYHúWH YLQRY LD I SWXLWRUXOXL úL FDUH SRDWH IL UH]ROYDW GH H[HPSOX SULQ
SUHYHGHUHD DFHVWHL vPSUHMXU UL FD R FDX] VSHFLDO GH LPSXQLWDWH LDU SH GH DOW
SDUWHF GUHSWXOSHUVRDQHLGHDGLVSXQHGHHDvQV úLWUHEXLHH[HUFLWDWvQDúDIHOvQFkW
V QX OH]H]H PRUDOD SXEOLF úL FRQYLH XLUHD VRFLDO vQ RULFH FD] R VRFLHWDWH QX
SRDWHWU LQXPDLGLQSURVWLWX LHFHUúHWRULHHWFILLQGF DVWIHOVHDXWRGLVWUXJH
&XSULYLUHODVLWXD LDDFWXDO DDFHVWHLLQFULPLQ ULPDLWUHEXLHV DU W PúLF
GHúLIDSWDHVWHvQF SUHY ]XW vQ&RGXOSHQDOWRWXúLvQFHSkQGGLQHDDIRVW
FRQWUDYHQ LRQDOL]DW $VWIHOSRWULYLWDUWSFWGLQ/HJHDQUFRQVWLWXLH
FRQWUDYHQ LHÄDWUDJHUHDGHSHUVRDQHVXERULFHIRUP V YkUúLW vQORFDOXULSDUFXUL
SH VWU ]L VDX vQ DOWH ORFXUL SXEOLFH vQ YHGHUHD SUDFWLF ULL GH UDSRUWXUL VH[XDOH FX
DFHVWHD VSUH D RE LQH IRORDVH PDWHULDOH´ $SDUHQW DFHDVW SUHYHGHUH GLQ /HJHD
QU DU VDQF LRQD GRDU WHQWDWLYD GH SURVWLWX LH ÄDWUDJHUHD GH SHUVRDQH vQ
YHGHUHD SUDFWLF ULL GH UDSRUWXUL VH[XDOH´ vQV vQ UHDOLWDWH SH OkQJ IDSWXO F
WHQWDWLYD GH SURVWLWX LH QX HVWH SRVLELO vQ WH[W VH IRORVHúWH SOXUDOXO ÄUDSRUWXUL
VH[XDOH FX DFHVWHD´ ± FHHD FH ODV ORF XQHL FRQIX]LL GHSOLQH vQWUH IDSWD FH
FRQVWLWXLHLQIUDF LXQHúLDFHHDFDUHFRQVWLWXLHFRQWUDYHQ LH
2ELHFWXO PDWHULDO ,QIUDF LXQHD QX DUH RELHFW PDWHULDO ILLQGF YDORDUHD
VRFLDO SURWHMDW ± PRUDOD SXEOLF ± HVWH R YDORDUH LGHDO QHVXVFHSWLELO GH
FRQFUHWL]DUHVXEIRUPDXQHLHQWLW LPDWHULDOH
6XELHF LLLQIUDF LXQLL
6XELHFWDFWLYQHPLMORFLWSRDWHILRULFHSHUVRDQ LQGLIHUHQWGHVH[
3URVWLWX LD HVWH R LQIUDF LXQH FX VXELHFW DFWLY XQLF FDUH VH V YkUúHúWH LQ
SHUVRQD SURSULD ÌQ DFHVW VHQV VD GHFLV F LQIUDF LXQHD SUHY ]XW GH DUW
&SHQQXSRDWHDYHDPDLPXO LDXWRULGHRDUHFHDF LXQHDFHFRQVWLWXLHHOHPHQWXO
V XPDWHULDOQXSRDWHILV YkUúLW vQPRGQHPLMORFLWGHFkWGHRVLQJXU SHUVRDQ
DWXQFL FkQG IDSWH VLPLODUH VXQW V YkUúLWH vQ DFHODúL ORF úL WLPS GH PDL PXOWH
SHUVRDQHILHFDUHV YkUúHúWHRLQIUDF LXQHGLVWLQFW úLHVWHDXWRUDODFHOHLLQIUDF LXQL
LDU QX FRDXWRU OD IDSWHOH FRPLVH GH FHLODO L ÌQ FRQVHFLQ FkW YUHPH vQWUH
LQFXOSDWHOH WULPLVH vQ MXGHFDW ± GLQWUH FDUH XQD PLQRU ± SHQWUX V YkUúLUHD GH
ILHFDUHDLQIUDF LXQLLGHSURVWLWX LHQXVDXVWDELOLWUDSRUWXULGHODDXWRUODFRPSOLFH
QXVHSRDWHUH LQHvQVDUFLQDLQFXOSDWHLPDMRUHDJUDYDQWDSUHY ]XW GHDUWOLWF
&SHQ
/DDFHDVW LQIUDF LXQHVXQWH[FOXVHQXQXPDLDFWHOHGHFRDXWRUDWGDUúLDFWHOH
GH LQVWLJDUH RUL FRPSOLFLWDWH ± F FL DFHVWHD UHDOL]HD] HOHPHQWXO PDWHULDO DO XQHL
DOWHLQIUDF LXQLúLDQXPHDOLQIUDF LXQLLGHSUR[HQHWLVP
6XELHFWSDVLYHVWHVWDWXO
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDOFRQVW vQDF LXQHDGHSURFXUDUHDPLMORDFHORUGHH[LVWHQ
VDXDSULQFLSDOHORUPLMORDFHGHH[LVWHQ SULQSUDFWLFDUHDGHÄUDSRUWXULVH[XDOH´±
DGLF GHUHOD LLKHWHURVH[XDOHFXH[FOXGHUHDDúDGDUDUHOD LLORUKRPRVH[XDOHFHHD
FHVDUSXWHDLQWHUSUHWDFDRGLVFULPLQDUH±FXGLIHULWHSHUVRDQH
,QIUDF LXQHD VXE]LVW úL vQ FD]XO vQ FDUH I SWXLWRUXO HVWH vQFDGUDW vQ PXQF
GDF VHVWDELOHúWHF YHQLWXULOHVDOHSURYLQvQSULQFLSDOGLQSUDFWLFDUHDSURVWLWX LHL
úLQXGLQUHWULEX LDSHQWUXPXQFDGHVI úXUDW
3HQWUX H[LVWHQ D SURVWLWX LHL HVWH QHFHVDU ±FHULQ HVHQ LDO ±FDI SWXLWRUXO
V SUDFWLFHUDSRUWXULVH[XDOHÄFXGLIHULWHSHUVRDQH´úLQXFXDFHHDúLSHUVRDQ 0DL
PXOW ILLQG YRUED GH R LQIUDF LXQH GH RELFHL HVWH QHFHVDU FD IDSWD V VH UHSHWH GH
VXILFLHQWHRULSHQWUXDUHOHYDFDUDFWHUXOGHRELúQXLQ VHFHUPLQLPWUHLUDSRUWXUL
VH[XDOHFXSHUVRDQHGLIHULWH
8UPDUHD LPHGLDW FRQVW vQWUR VWDUH GH SHULFRO SHQWUX PRUDOD SXEOLF úL
UHOD LLOHGHFRQYLH XLUHVRFLDO
5DSRUWXOGHFDX]DOLWDWHUH]XOW H[UH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH,QIUDF LXQHDGHSURVWLWX LHVHFRPLWHGLQSXQFWGHYHGHUH
VXELHFWLYFXLQWHQ LH
ÌQFD]XOSURVWLWX LHLHVWHYRUEDGHRLQWHQ LHFDOLILFDW F FLUDSRUWXULOHVH[XDOH
VXQWSUDFWLFDWHvQVFRSXOSURFXU ULLPLMORDFHORUGHH[LVWHQ
ÌQVHQVFRQWUDU,2DQFHDRSFLWS
7ULE6XSUGHFSHQvQ&'S
ÌQVHQVFRQWUDU,2DQFHDRSFLWS
)RUPH6DQF LXQL
)LLQGYRUEDGHRLQIUDF LXQHGHRELFHLWHQWDWLYDQXHVWHSRVLELO
&RQVXPDUHD LQIUDF LXQLL DUH ORF vQ PRPHQWXO vQ FDUH VD UHDOL]DW XQ QXP U
VXILFLHQW GH DFWH SHQWUX D UHOHYD FDUDFWHUXO GH vQGHOHWQLFLUH GDF VD VWDELOLW úL
H[LVWHQ DVFRSXOXLVSHFLILF
0RPHQWXOHSXL] ULLFRLQFLGHFXPRPHQWXOvQFDUHDFWLYLWDWHDLQIUDF LRQDO D
vQFHWDWGHUHJXO FDXUPDUHDGHVFRSHULULLVDOH
6DQF LXQL,QIUDF LXQHDGHSURVWLWX LHVHSHGHSVHúWHFXvQFKLVRDUHGHODOXQL
ODDQL
352;(1(7,608/
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDOFRLQFLGHFXDFHODDOLQIUDF LXQLLGHSURVWLWX LH
)DSWHOHGHSUR[HQHWLVPQXUHSUH]LQW DOWFHYDGHFkWIDSWHGHLQVWLJDUHVDXGH
FRPSOLFLWDWH OD SURVWLWX LH SH FDUH vQV DYkQG vQ YHGHUH JUDYLWDWHD ORU GHRVHELW
OHJLXLWRUXO OHD LQFULPLQDW GLVWLQFW ± úL QX FD DFWH GH SDUWLFLSD LH SHQDO ±
SUHY ]kQGWRWRGDW SHGHSVHFRUHVSXQ] WRDUHSHULFROXOXLORUUHDO±vQFD]FRQWUDU
DVHPHQHD DFWH DU IL IRVW VDQF LRQDWH FRQIRUP DUW & SHQ FX SHGHDSVD
SUHY ]XW GH OHJH SHQWUX DXWRU´ FHHD FH DU IL vQVHPQDW V VH DSOLFH SHGHDSVD
SUHY ]XW GHOHJHSHQWUXLQIUDF LXQHDGHSURVWLWX LH
7RWXúL DFHDVW JULM D OHJLXLWRUXOXL QRVWUX GH D VWDELOL SHGHSVH FRUHVSXQ] WRDUH
SHQWUXGLYHUVHOHIDSWHGHSUR[HQHWLVPVHGRYHGHúWHOLSVLW GHXWLOLWDWHDWkWDYUHPHFkW
FHOSX LQvQSDUWHDFHVWHDDXIRVWWUDQVIRUPDWHvQFRQWUDYHQ LL$VWIHOSRWULYLWDUWSFW
WH]D D,,D úL SFW GLQ /HJHD QU UHSXEOLFDW FRQVWLWXLH FRQWUDYHQ LH
vQGHPQXOVDXGHWHUPLQDUHD´XQHLSHUVRDQHGHDDWUDJHSHUVRDQHvQYHGHUHDSUDFWLF ULL
GHUDSRUWXULVH[XDOHFXDFHVWHDVSUHDRE LQHIRORDVHPDWHULDOSUHFXPúLDFFHSWDUHD
VDXWROHUDUHD´SUDFWLF ULLXQRUDVHPHQHDIDSWHvQKRWHOXULPRWHOXULFDPSLQJXULEDUXUL
UHVWDXUDQWH FOXEXUL SHQVLXQL GLVFRWHFL VDX vQ DQH[HOH DFHVWRUD GH F WUH SDWURQLL VDX
DGPLQLVWUDWRULLORFDOXULORUUHVSHFWLYH
2ELHFWXOPDWHULDO,QIUDF LXQHDQXDUHRELHFWPDWHULDO
6XELHF LLLQIUDF LXQLL
6XELHFWDFWLYQHPLMORFLWDODFHVWHLLQIUDF LXQLSRDWHILRULFHSHUVRDQ
3DUWLFLSD LD SHQDO HVWH SRVLELO VXE WRDWH IRUPHOH FRDXWRUDW LQVWLJDUH
FRPSOLFLWDWH
6XELHFWSDVLYSULQFLSDOHVWHVWDWXO
6XELHFWSDVLYVXEVLGLDUHVWHSHUVRDQDFRQVWUkQV ODSUDFWLFDUHDSURVWLWX LHL
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDOVHUHDOL]HD] GLIHULWGXS FXPHVWHYRUEDGHSULPDVDXGH
FHDGHDGRXDYDULDQW GHWLS
ÌQSULPDYDULDQW WLSHOHPHQWXOPDWHULDOVHUHDOL]HD] DOWHUQDWLYSULQXQD
GLQXUP WRDUHOHDF LXQLvQGHPQDUHDvQOHVQLUHDVDXWUDJHUHDGHIRORDVHGHSHXUPD
SUDFWLF ULLSURVWLWX LHL
'LQWUHDFHVWHDF LXQLXQHOHFODULILF ULSUHWLQGHDFHHDFRQVWkQGvQWUDJHUHDGH
IRORDVH´ 3ULQWUR DVHPHQHD VLQWDJP OHJLXLWRUXO D YRLW V LQFULPLQH]H IDSWD GH D
W LQXLEXQXULGREkQGLWHSULQV YkUúLUHDLQIUDF LXQLLGHSURVWLWX LHLQGLIHUHQWGDF
W LQXLWRUXOSHQWUXDRE LQHXQIRORVPDWHULDODVFXQGHDFHOHEXQXULOHFXPS U OH
ÌQDFHVWVHQVùW'DQHúRSFLWS
WUDQVIRUP OH YDORULILF HWF ± F FL vQ DFHVW IHO EXQXULOH UHVSHFWLYH VXQW VXVWUDVH
H[HFXW ULL P VXULL GH VLJXUDQ D FRQILVF ULL VSHFLDOH úL SH OkQJ DFHDVWD
W LQXLWRUXOSURILW GHSHXUPDSUDFWLF ULLSURVWLWX LHL
&kWSULYHúWHFHOHODOWHGRX DF LXQLSULQFDUHVHUHDOL]HD] HOHPHQWXOPDWHULDO
VDGHFLVF H[LVW LQIUDF LXQHDGHSUR[HQHWLVPGDF LQFXOSDWXODSXVODGLVSR]L LH
XQHLIHPHLDSDUWDPHQWXOV XSHQWUXDSUDFWLFDSURVWLWX LDFKLDUGDF DSDUWDPHQWXOD
IRVW SXV OD GLVSR]L LD DFHOHL IHPHL R VLQJXU GDW RUL GDF D vQGHPQDW úL D
vQOHVQLW XQHL IHPHL SUDFWLFDUHD SURVWLWX LHL FKLDU I U D IL WUDV IRORDVH GH SH XUPD
DFHVWRUDF LXQL
ÌQ D GRXD YDULDQW WLS FDUH VH SHGHSVHúWH PDL VHYHU HOHPHQWXO PDWHULDO VH
UHDOL]HD] GHDVHPHQHDSULQWUHLDF LXQLDOWHUQDWLYHúLDQXPHUHFUXWDUHDXQHLSHUVRDQH
SHQWUXSURVWLWX LHWUDILFXOGHSHUVRDQHvQDFHVWVFRSúLFRQVWUkQJHUHDODSURVWLWX LH
5HFUXWDUHD SUHVXSXQH DQJDMDUHD DOHJHUHD VDX DWUDJHUHD XQHL SHUVRDQH vQ
FDGUXO XQHL RUJDQL]D LL DVRFLD LL HWF FDUH IXQF LRQHD] GH UHJXO FODQGHVWLQ úL
FDUH H[SORDWHD] SURVWLWX LD ILH vQ DU ILH vQ VWU LQ WDWH 1X LQWHUHVHD] GDF
SHUVRDQDUHFUXWDW DúWLXWVDXQXFHXUPHD] V IDF úLQLFLGDF PDLSUDFWLFDVHVDX
QX SURVWLWX LD 'H UHJXO vQ VLWXD LLOH vQ FDUH SHUVRDQHORU UHFUXWDWH OL VD DVFXQV
VFRSXO DGHY UDW DO DFHVWHL DFWLYLW L UHFUXWDUHD HVWH XUPDW GH FRQVWUkQJHUHD OD
SUDFWLFDUHDSURVWLWX LHL
7UDILFXOGHSHUVRDQHvQYHGHUHDSUDFWLF ULLSURVWLWX LHLSUHVXSXQHvQSULQFLSDO
YkQ]DUHD VDX FXPS UDUHD SHUVRDQHORU FDUH SUDFWLF SURVWLWX LD ± RSHUD LH FDUH DUH
GUHSW FRQVHFLQ WUHFHUHD SHUVRDQHL FDUH VH SURVWLWXHD] GLQ VW SkQLUHD XQXL
SUR[HQHW vQ VW SkQLUHD DOWXL SUR[HQHW 1X HVWH vQV H[FOXV QLFL VLWXD LD vQ FDUH
RELHFWXOYkQ] ULLHVWHGUHSWXOGHH[SORDWDUHDXQHLSHUVRDQHFDUHQXDPDLSUDFWLFDW
SURVWLWX LDYLFWLPDILLQGYkQGXW GHH[HPSOXGHS ULQ LXQXLSUR[HQHW
8UPDUHD LPHGLDW FRQVW vQWUR VWDUH GH SHULFRO SHQWUX PRUDOD SXEOLF úL
UHOD LLOHGHFRQYLH XLUHVRFLDO
5DSRUWXOGHFDX]DOLWDWHUH]XOW H[UH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH,QIUDF LXQHDGHSUR[HQHWLVPVHFRPLWHFXLQWHQ LHGLUHFW
,QWHQ LD HVWH FDOLILFDW vQWUXFkW IDSWHOH UHDOL]HD] HOHPHQWXO PDWHULDO DO
LQIUDF LXQLL GH SUR[HQHWLVP QXPDL GDF VH V YkUúHVF vQ VFRSXO GH D DVLJXUD
SUDFWLFDUHDSURVWLWX LHL
9DULDQWDDJUDYDW
([LVWHQ DYDULDQWHLDJUDYDWHDOLQSUHVXSXQHF IDSWHOHSUHY ]XWHvQDOLQ
VDXVDXV YkUúLWID GHXQPLQRUVDXF DFHVWHDSUH]LQW DOWFDUDFWHUJUDY
3HUVRDQD PLQRU HVWH R SHUVRDQ FDUH QX D vPSOLQLW DQL úL D F UHL YkUVW
IUDJHG R IDFH YXOQHUDELO XúRU GH LQIOXHQ DW VDX GH DP JLW ± FHHD FH H[SOLF
SHGHSVLUHDPDLVHYHU DDFWHORUGHSUR[HQHWLVPvQFD]XOFkQGVHV YkUúHVFID GHR
DVHPHQHDSHUVRDQ
&kW SULYHúWH VLWXD LLOH vQ FDUH DFWHOH GH SUR[HQHWLVP SUH]LQW DOW FDUDFWHU
JUDY´DSUHFLHUHDDFHVWRUDUHYLQHvQOLSVDRULF URUH[SOLFD LLDOHOHJLLLQVWDQ HLGH
MXGHFDW 7RWXúLvQFHQHSULYHúWHFUHGHPF DFHDVW VLQWDJP VDUSXWHDIRORVLGH
H[HPSOX vQ VLWXD LLOH vQ FDUH LQIUDF LXQHD GH SUR[HQHWLVP LQWU vQ FRQFXUV FX DOWH
LQIUDF LXQL JUDYH Y W PDUH FRUSRUDO JUDY úDQWDM HWF ± F FL SUR[HQHWLVPXO QX
HVWH R LQIUDF LXQH FRPSOH[ úL FD XUPDUH QX DEVRDUEH LQIUDF LXQLOH FDUH DX
FRQVWLWXLWPLMORDFHGHFRQVWUkQJHUHODSUDFWLFDUHDSURVWLWX LHL
7ULE6XSUGHFSHQQUvQ55'QUS
7ULE6XSUGHFSHQQUvQ55'QUS
)RUPHOH6DQF LXQL
)RUPH 7HQWDWLYD HVWH LQFULPLQDW DUW DOLQ vQV HD DU SXWHD IL
FRQFHSXW GRDUvQFD]XOWUDILFXOXLGHSHUVRDQHvQVFRSXOSUDFWLF ULLSURVWLWX LHL
ÌQFHOHODOWHFD]XULLQIUDF LXQHDVHFRQVXP LQVWDQWDQHXvQFKLDUPRPHQWXOvQ
FDUH D vQFHSXW H[HFXWDUHD )DSWHOH VH FRQVLGHU FRQVXPDWH FKLDU GDF VFRSXO
XUP ULW GH I SWXLWRU QX D IRVW DWLQV ± GHFL FKLDU GDF QX VD DMXQV OD HIHFWLYD
SUDFWLFDUH D SURVWLWX LHL ([FHS LH IDFH GRDU VLWXD LD vQ FDUH IDSWD FRQVW vQ
WUDJHUHDGHIRORDVHGHSHXUPDSUDFWLF ULLSURVWLWX LHL´F FLvQDFHDVW PRGDOLWDWH
LQIUDF LXQHDGHSUR[HQHWLVPLPSOLF SUHH[LVWHQ DXQRUDFWHGHSURVWLWX LH
'DF RSHUVRDQ V YkUúHúWHODGLIHULWHLQWHUYDOHGHWLPSDFWHFDUHUHDOL]HD]
HOHPHQWXOPDWHULDODODPEHORUYDULDQWHGHWLSYDH[LVWDXQFRQFXUVGHLQIUDF LXQL
6DQF LXQL ÌQ SULPD YDULDQW WLS SUHY ]XW vQ DOLQ LQIUDF LXQHD VH
SHGHSVHúWHFXvQFKLVRDUHGHODODDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
ÌQ D GRXD YDULDQW WLS SUHY ]XW vQ DOLQ LQIUDF LXQHD VH SHGHSVHúWH FX
vQFKLVRDUHGHODODDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
ÌQ YDULDQWD DJUDYDW SUHY ]XW vQ DOLQ LQIUDF LXQHD VH SHGHSVHúWH FX
vQFKLVRDUHGHODODDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
&RQIRUP DUW DOLQ EDQLL YDORULOH VDX RULFH DOWH EXQXUL FDUH DX VHUYLW
VDX DX IRVW GHVWLQDWH V VHUYHDVF GLUHFW VDX LQGLUHFW OD FRPLWHUHD LQIUDF LXQLL
SUHY ]XWH vQ DOLQ úL FHOH FDUH DX IRVW GREkQGLWH SULQ V YkUúLUHD DFHVWHLD VH
FRQILVF LDU GDF DFHVWHD QX VH J VHVF FRQGDPQDWXO HVWH REOLJDW OD SODWD
HFKLYDOHQWXOXLORUvQEDQL
-2&8/'(1252&
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDODODFHVWHLLQIUDF LXQLHVWHFRQVWLWXLWGLQUHOD LLOHFDUH
RFURWHVFPRUDODSXEOLF
'HúLDUWHVWHPHQ LQXWIRUPDOvQ&RGXOSHQDOWH[WXOQXVDDSOLFDWSULQ
/HJHD QU IDSWHOH SUHY ]XWH vQ SULPD YDULDQW WLS DX IRVW
FRQWUDYHQ LRQDOL]DWH&RQIRUPDUWSFWGLQDFHDVW OHJHFRQVWLWXLHFRQWUDYHQ LH
RUJDQL]DUHD vQJ GXLUHD VDX SDUWLFLSDUHD OD MRFXUL GH QRURF ± DOWHOH GHFkW FHOH
DXWRUL]DWHSRWULYLWOHJLL±GHQDWXU V OH]H]HEXQHOHPRUDYXUL´ÌQRULFHFD]FHULQ D
FD MRFXO GH QRURF V ILH GH QDWXU V OH]H]H EXQHOH PRUDYXUL QX DU SXWHD IL
vQGHSOLQLW GHFkWvQFD]XOvQFDUHIDSWDDMXQJHODFXQRúWLQ DSXEOLFXOXLvPSUHMXUDUH
FDUH FRQIHU DFHVWHL FRQWUDYHQ LL R JUDYLWDWH PDL PDUH GHFkW DFHHD D LQIUDF LXQLL
SUHY ]XWHvQDUWDOLQ
3HOkQJ DFHDVWDSULQ2UGRQDQ DGH8UJHQ D*XYHUQXOXLQUDIRVW
LQFULPLQDW ± FD LQIUDF LXQH HFRQRPLF vQ GRPHQLXO GLVFLSOLQHL ILQDQFLDUH ±
GHVI úXUDUHD I U OLFHQ D RULF UHLD GLQWUH DFWLYLW LOH GLQ GRPHQLXO MRFXULORU GH
QRURF´ IDSWD VH SHGHSVHúWH FRQIRUP DUW GLQ 2UGRQDQ FX vQFKLVRDUH GH OD
OXQLODDQLVDXFXDPHQG 2UvQUDSRUWFXDFHDVW GLQXUP LQFULPLQDUHWH[WXO
DUW & SHQ DSDUH FD ILLQG vQ vQWUHJLPH DEURJDW LPSOLFLW ± F FL SHQWUX
H[LVWHQ DLQIUDF LXQLLSUHY ]XWHvQDUWGLQ28*QUHVWHLQGLIHUHQWGDF
IDSWDRUJDQL]DUHDvQJ GXLUHDH[SORDWDUHDHWFVDV YkUúLWvQWUXQORFSXEOLFVDX
vQWURFDV SDUWLFXODU GDF VDRE LQXWVDXQXXQIRORVPDWHULDOVDXGDF IDSWDVD
V YkUúLWRVLQJXU GDW VDXGHPDLPXOWHRUL
&X WRDWH DFHVWHD IDSWXO F WH[WXO DUW HVWH PHQ LQXW vQ &RGXO SHQDO QH
REOLJ V FRQWLQX PDQDOL]DFRQ LQXWXOXLLQFULPLQ ULL
ùW'DQHúRSFLWS
2ELHFWXOPDWHULDO,QIUDF LXQHDSUHY ]XW vQDUW&SHQQXDUHRELHFWPDWHULDO
6XELHF LLLQIUDF LXQLL
6XELHFW DFWLY QHPLMORFLW DO DFHVWHL LQIUDF LXQL SRDWH IL RULFH SHUVRDQ IL]LF
UHVSRQVDELO SHQDO
,QIUDF LXQHDSRDWHILV YkUúLW vQRULFDUHGLQWUHIRUPHOHSDUWLFLSD LHLSHQDOH
6XELHFWSDVLYHVWHVWDWXO
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDODOLQIUDF LXQLLVHUHDOL]HD] vQDPEHOHYDULDQWHSULQXQD
GLQXUP WRDUHOHGRX DF LXQLRUJDQL]DUHDvQJ GXLUHDMRFXULORUGHQRURF
ÌQFD]XORUJDQL] ULL´I SWXLWRUXOLDWRDWHP VXULOHSHQWUXFDMRFXOGHQRURFV VH
GHVI úRDUH vQ VHQVXO F SXQHODGLVSR]L LHXQLPRELOVDXRSDUWHDDFHVWXLDDQXQ SH
MXF WRULVDXIDFHXQSURJUDPGHGHVI úXUDUHSURFXU SLHVHOHQHFHVDUHMRFXOXLHWF
6SUHGHRVHELUHGHRUJDQL]DUHvQJ GXLUHD´SUHVXSXQHF LQL LDWLYDMRFXOXLGHQRURF
DSDU LQHDOWRUSHUVRDQHLDUI SWXLWRUXOGRDUvúLG DFRUGXOSHQWUXGHVI úXUDUHDDFHVWXLD
3HQWUXH[LVWHQ DSULPHLYDULDQWHVHFHUHFDIDSWDV SULYHDVF XQMRFGHQRURF
QHDXWRUL]DW LDU SDUWLFLSDUHD OD DFHVW MRF V ILH DFFHVLELO SXEOLFXOXL ± FHHD FH
SUHVXSXQH GH UHJXO F MRFXO VH GHVI úRDU vQWUXQ ORF DFFHVLELO SXEOLFXOXL
ORFDOXULSXEOLFHSLH HVWU ]L
ÌQ YDULDQWD SUHY ]XW vQ DUW DOLQ & SHQ VH FHUH FD RUJDQL]DUHD VDX
vQJ GXLUHD XQXL MRF GH QRURF V VH GHVI úRDUH vQ PRG RELúQXLW´ vQWUR FDV
SDUWLFXODU vQ VFRSXO GH D UHDOL]D IRORDVH PDWHULDOH $FHVWH FHULQ H WUHEXLH
vQGHSOLQLWHFXPXODWLY
8UPDUHDLPHGLDW FRQVW vQWURVWDUHGHSHULFROSHQWUXUHOD LLOHGHFRQYLH XLUH
VRFLDO
/HJ WXUDGHFDX]DOLWDWHUH]XOW GLQvQV úLV YkUúLUHDIDSWHLH[UH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH,QIUDF LXQHDSUHY ]XW vQDUW&SHQVHV YkUúHúWH
vQDPEHOHYDULDQWHFXLQWHQ LH
ÌQYDULDQWDSUHY ]XW vQDOLQLQWHQ LDHVWHFDOLILFDW ILLQGF VHFHUHFDIDSWD
V ILHV YkUúLW vQVFRSXO´UHDOL] ULLGHIRORDVHPDWHULDOH1XHVWHvQV QHFHVDUFD
VFRSXOV ILIRVWHIHFWLYDWLQV
)RUPH6DQF LXQL
)RUPH7HQWDWLYDQXHVWHLQFULPLQDW 'HDOWIHOvQYDULDQWDSUHY ]XW vQDOLQ
WHQWDWLYDQLFLQXHVWHSRVLELO ILLQGYRUEDGHRLQIUDF LXQHGHRELFHL
ÌQ SULPD YDULDQW LQIUDF LXQHD SRDWH vPEU FD ILH IRUPD LQIUDF LXQLL
PRPHQWDQHILHIRUPDXQHLLQIUDF LXQLFRQWLQXHVXFFHVLYH
ÌQ D GRXD YDULDQW HVWH YRUED GH R LQIUDF LXQH GH RELFHL SHQWUX D F UHL
H[LVWHQ HVWHQHFHVDU V YkUúLUHDDPLQLPWUHLDFWHVXFFHVLYH
6DQF LXQL ÌQ DPEHOH YDULDQWH QRUPDWLYH DUW DOLQ úL & SHQ
LQIUDF LXQHDVHSHGHSVHúWHFXvQFKLVRDUHGHODOXQLODDQLVDXFXDPHQG
%DQLLVDXOXFUXULOHGREkQGLWHSULQV YkUúLUHDLQIUDF LXQLLVXQWVXSXVHP VXULL
GHVLJXUDQ DFRQILVF ULLVSHFLDOH
ÌQDFHVWVHQVùW'DQHúRSFLWSvQVHQVXOF úLvQYDULDQWDSUHY ]XW vQDUWDOLQDUILYRUED
WRWGHRLQIUDF LXQHGHRELFHLDVHYHGHD,3DVFX9/D] U'UHSWSHQDO3DUWHDVSHFLDO (GLWXUD/XPLQD/H[
S
7,7/8/;
,1)5$& ,81,&2175$&$3$&,7 ,,
'($3 5$5($520Æ1,(,
&DSLWROXO,
,1)5$& ,81,6 9Æ5ù,7('(0,/,7$5,
6HF LXQHD,
,1)5$& ,81,&2175$25',1,,ù,',6&,3/,1(,0,/,7$5(
$%6(1 $1(-867,),&$7
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO HVWH FRQVWLWXLW GH UHOD LLOH VRFLDOH FX SULYLUH OD
DVLJXUDUHD XQXL FOLPDW QRUPDO GH RUGLQH úL GLVFLSOLQ vQ XQLW LOH PLOLWDUH FOLPDW
FDUH QX SRDWH IL UHDOL]DW GHFkW SULQ SUH]HQ D PLOLWDUXOXL vQ XQLWDWHD GLQ FDUH IDFH
SDUWH
'DF SUH]HQ D vQ XQLWDWH D PLOLWDUXOXL FRQWULEXLH OD vQW ULUHD FDSDFLW LL GH
DF LXQH D ILHF UHL XQLW L vQF OFDUHD DFHVWHL vQGDWRULUL RVW úHúWL VXEPLQHD]
FDSDFLWDWHD GH OXSW D XQLW LL úL LPSOLFLW DGXFH DWLQJHUH FDSDFLW LL GH DS UDUH D
ULL
)LLQGRLQIUDF LXQHFDUHDGXFHDWLQJHUHRUGLQLLúLGLVFLSOLQHLPLOLWDUHDFHDVW
LQIUDF LXQHQXDUHRELHFWPDWHULDO
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUDOLQIUDF LXQLLvQYDULDQWDVDWLSGHED]
HVWHFDOLILFDWFLUFXPVWDQ LDWDFHVWDQXSRDWHILGHFkWRSHUVRDQ FDUHDUHFDOLWDWHD
GHPLOLWDUvQWHUPHQVDXFRQFHQWUDWSkQ ODJUDGXOGHVHUJHQWLQFOXVLY
$X FDOLWDWHD GH PLOLWDU vQ WHUPHQ WR L WLQHULL vQFRUSRUD L SHQWUX vQGHSOLQLUHD
VHUYLFLXOXL PLOLWDU vQ WHUPHQ 3RWULYLW DUW GLQ /HJHD QU SULYLQG
SUHJ WLUHD SRSXOD LHL SHQWUX DS UDUH SRW IL vQFRUSRUD L vQ DFHDVW FDOLWDWH QXPDL
E UED LLFHW HQLURPkQLFDUHDXvPSOLQLWYkUVWDGHGHDQL/DFHUHUHDFHúWLDSRW
IL vQFRUSRUD L LPHGLDW GXS vPSOLQLUHD YkUVWHL GH DQL 1X SRW IL vQFRUSRUD L vQ
DFHDVW FDOLWDWHFHW HQLLURPkQLFDUHDXvPSOLQLWYkUVWDGHGHDQL
ÌQ FH SULYHúWH FDOLWDWHD GH ÄPLOLWDU FRQFHQWUDW´ DFHDVWD QX HVWH GHILQLW GH
/HJHD QU vQV GLQ SUHYHGHULOH vQVFULVH vQ DUW GLQ DFHDVW OHJH VH
SRDWH GHGXFH F SRW DYHD DFHDVW FDOLWDWH QXPDL UH]HUYLúWLL YROXQWDUL VDX GLQ
UH]HUYD JHQHUDO FKHPD L SHQWUX LQVWUXLUH VDX SHQWUX vQGHSOLQLUHD XQRU PLVLXQL
DUWGLQ/HJHDQUDUDW F SULQFRQFHQWUDUHvQVHQVXODFHVWHLOHJLVH
vQ HOHJH FKHPDUHD UH]HUYLúWLORU YROXQWDUL SUHFXP úL D UH]HUYLúWLORU GLQ UH]HUYD
JHQHUDO SHQWUXLQVWUXLUHvQGHSOLQLUHDXQRUPLVLXQLVDXFRPSOHWDUHDLQVWLWX LLORUFX
DWULEX LLvQGRPHQLXODS U ULLSHWLPSXOVW ULLGHDVHGLX
0LOLWDULL vQ WHUPHQ úL FRQFHQWUD L SRW IL VXELHF L DFWLYL QHPLMORFL L DL DFHVWHL
LQIUDF LXQLQXPDLGDF VXQWVROGD LVDXJUDGD LSkQ ODJUDGXOGHVHUJHQWLQFOXVLY
ÌQWUXFkW HVWH GH SULQFLSLX F OHJHD SHQDO QX SRDWH IL H[WLQV SULQ DQDORJLH
WH[WXO GH LQFULPLQDUH DUW & SHQ QX SRDWH DYHD LQFLGHQ DVXSUD DOWRU
FDWHJRULL GH PLOLWDUL ± GH H[HPSOX VWXGHQ L DL FROHJLLORU PLOLWDUH RUL VROGD L VDX
JUDGD LYROXQWDUL7RWXúLOLPLWDUHDVIHUHLGHLQFLGHQ DDUW&SHQODFHOHGRX
FDWHJRULL GH PLOLWDUL ULGLF PDUL VHPQH GH vQWUHEDUH ILLQGF ORJLF DU IL FD WR L
PLOLWDULLDIOD LvQWURLGHQWLF VLWXD LHV ILHVXSXúLXQXLLGHQWLFWUDWDPHQWMXULGLF'H
DFHHD VDU LPSXQH FUHGHP R UHYL]XLUH D SUHYHGHULORU /HJLL QU úL
SXQHUHD ORU vQ DFRUG FX OHJLVOD LD SHQDO vQ YLJRDUH vQ DúD IHO vQFkW V VH DVLJXUH
HJDOLWDWHDGHWUDWDPHQWMXULGLFDWXWXURUPLOLWDULORU
ÌQYDULDQWDDJUDYDW DUWDOLQVXELHFWDFWLYQHPLMORFLWDOLQIUDF LXQLL
SRDWHILRULFHPLOLWDULQGLIHUHQWGHIRUPDVHUYLFLXOXLPLOLWDUSHFDUHRvQGHSOLQHúWH
DFWLYDOWHUQDWLYVDXvQUH]HUY úLLQGLIHUHQWGHJUDGXOSHFDUHvODUH
)LLQG YRUED GH R LQIUDF LXQH FX DXWRU XQLF LQIUDF LXQHD GH DEVHQ
QHMXVWLILFDW QXVHSRDWHFRPLWHvQSDUWLFLSD LHVXEIRUPDFRDXWRUDWXOXL3DUWLFLSD LD
SHQDO U PkQHSRVLELO vQV VXEIRUPDLQVWLJ ULLRULDFRPSOLFLW LL
6XELHFW SDVLY DO LQIUDF LXQLL HVWH XQLWDWHD PLOLWDU vQ FDUH vúL GHVI úRDU
DFWLYLWDWHDPLOLWDUXOvQWHUPHQVDXFRQFHQWUDW
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDOFRQVW GLQDEVHQ DQHMXVWLILFDW DPLOLWDUXOXLGHODXQLWDWH
VDXVHUYLFLX
3ULQQR LXQHDGHÄXQLWDWH´VHvQ HOHJHRULFHIRUPD LXQHPLOLWDU LQGLIHUHQWGH
QXP UXOPLOLWDULORUFDUHRDOF WXLHVFúLLQGLIHUHQWGDF DIRVWFRQVWLWXLW SHUPDQHQW
VDXWHPSRUDU
3ULQ QR LXQHD GH ÄVHUYLFLX´ VH vQ HOHJH ORFXO XQGH PLOLWDUXO vQGHSOLQHúWH R
DQXPLW DFWLYLWDWHGHH[HPSOXVHUYLFLLOHDX[LOLDUHDOHXQLW LL
$EVHQ DQHMXVWLILFDW VHSRDWHFRPLWHSULQS U VLUHDI U DSUREDUHDXQLW LL
SHQWUX R SHULRDG FDUH GHS úHúWH GH RUH VDX SULQ QHSUH]HQWDUHD PLOLWDUXOXL vQ
XQLWDWH GH vQGDW FH WHUPHQXO vQYRLULL D H[SLUDW ÌQ SUDFWLFD MXGLFLDU VD GHFLV F
VLPSOD DEVHQ D PLOLWDUXOXL vQ WHUPHQ GH OD DSHO QX FRQVWLWXLH LQIUDF LXQHD GH
DEVHQ QHMXVWLILFDW GDF QXVXQWGRYH]LF vQWLPSXODEVHQ HLPLOLWDUXODS U VLW
LQFLQWDVDXORFXOGHVWD LRQDUHDXQLW LL
3HQWUX H[LVWHQ D HOHPHQWXOXL PDWHULDO DO LQIUDF LXQLL HVWH QHFHVDU V ILH
UHDOL]DWHGRX FHULQ HHVHQ LDOH
3ULPD FHULQ HVWH DFHHD FD IDSWD V ILH FRPLV GH XQ PLOLWDU vQ WHUPHQ VDX
FRQFHQWUDW
$ GRXD FHULQ HVHQ LDO HVWH DFHHD FD DEVHQ D QHMXVWLILFD GH OD XQLWDWH VDX
VHUYLFLX V GXUH]H XQ DQXPLW WLPS úL DQXPH V GHS úHDVF GH RUH GDU V QX
GXUH]H PDL PXOW GH WUHL ]LOH $FHVWH WHUPHQH ILLQG GH GUHSW VXEVWDQ LDO OLSVD
PLOLWDUXOXL YD UHDOL]D HOHPHQWXO PDWHULDO DO LQIUDF LXQLL QXPDL GXS vPSOLQLUHD
HIHFWLY DGHRUHúLUHVSHFWLYD]LOHLQGLIHUHQWGDF ]LXDvQFDUHVHvPSOLQHúWH
WHUPHQXOYDILR]LGHV UE WRDUHOHJDO VDXR]LRELúQXLW GHOXFUX
/D FDOFXODUHD WLPSXOXL FkW PLOLWDUXO OLSVHúWH QHMXVWLILFDW GLQ XQLWDWH VDX
VHUYLFLXVHVWDELOHúWHRUDFkQGPLOLWDUXODS U VLWXQLWDWHDVDXRUDFkQGWUHEXLDV
UHYLQ OD VHGLX úL RUD FkQG PLOLWDUXO VD vQWRUV GH EXQ YRLH VDX D IRVW DGXV VLOLW
SULQLQWHUYHQ LDDXWRULW LORU
8UPDUHD LPHGLDW FRQVW vQ FUHDUHD XQHL VW UL GH SHULFRO FDUH GHFXUJH GLQ
QHVRFRWLUHDRUGLQLLúLGLVFLSOLQHLPLOLWDUH
/HJ WXUDGHFDX]DOLWDWHUH]XOW H[UH
7PLO%XFXUHúWLGHFSHQQUGLQvQ*$QWRQLX&%XODL3UDFWLF MXGLFLDU SHQDO YRO,,,
(GLWXUD$FDGHPLHL5RPkQH%XFXUHúWLS
,)RGRU([SOLFD LLWHRUHWLFHYRO,93DUWHDVSHFLDO (GLWXUD$FDGHPLHL5RPkQH%XFXUHúWLS
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH,QIUDF LXQHDVHV YkUúHúWHFXLQWHQ LH
6XE DVSHFW VXELHFWLY HVWH QHFHVDU V VH GRYHGHDVF IDSWXO F vQ UDSRUW FX
FRQGL LLOHFRQFUHWHDOHDF LXQLLI SWXLWRUXOúLDSXWXWGDVHDPDF SULQIDSWDVDvúL
vQFDOF REOLJD LDGHDILSUH]HQWvQXQLWDWH
)RUPH6DQF LXQL
$FWHOHGHSUHJ WLUHúLWHQWDWLYDQXVXQWLQFULPLQDWH'HDOWIHOILLQGYRUEDGHR
LQIUDF LXQHRPLVLY DFWHOHGHSUHJ WLUHúLWHQWDWLYDQLFLQXVXQWSRVLELOH
,QIUDF LXQHD VH FRQVXP vQ PRPHQWXO vQ FDUH VDX vPSOLQLW GH RUH
FDOFXODWH GLQ PRPHQWXO vQ FDUH I SWXLWRUXO WUHEXLD V ILH SUH]HQW OD XQLWDWH VDX
VHUYLFLX'HRDUHFHLQIUDF LXQHDDUHIRUP FRQWLQX DSDUHGLVWLQFWGHPRPHQWXO
FRQVXP ULLXQPRPHQWDOHSXL] ULL
,QIUDF LXQHD VH HSXL]HD] vQ PRPHQWXO vQ FDUH vQFHWHD] SH RULFH FDOH
DEVHQ D PLOLWDUXOXL GH OD XQLWDWH VDX VHUYLFLX (SXL]DUHD LQIUDF LXQLL WUHEXLH V
LQWHUYLQ PDL vQDLQWH GH vPSOLQLUHD WHUPHQXOXL PD[LP GH ]LOH ± ILLQGF vQ FD]
FRQWUDUIDSWDQXPDLFRQVWLWXLHLQIUDF LXQHDGHDEVHQ QHMXVWLILFDW FLLQIUDF LXQHD
GHGH]HUWDUH
ÌQ FD]XO YDULDQWHL DJUDYDWH D LQIUDF LXQLL FkQG IDSWD VH FRPLWH vQ WLPS GH
U ]ERL QX VH PDL FHUH FD VXELHFWXO DFWLY V ILH PLOLWDU vQ WHUPHQ VDX FRQFHQWUDW
ILLQGVXILFLHQW FDOLWDWHDGHPLOLWDU'HDVHPHQHDvQFHHDFHSULYHúWHGXUDWDIDSWHL
LQIUDF LXQHD VH FRQVLGHU FRQVXPDW vQ PRPHQWXO vQ FDUH VDX vPSOLQLW RUH GH
DEVHQ QHMXVWLILFDW 'DF DEVHQ D QHMXVWLILFDW GHS úHúWH RUH VH VFKLPE
vQFDGUDUHDMXULGLF DIDSWHLGLQLQIUDF LXQHDGHDEVHQ QHMXVWLILFDW vQLQIUDF LXQHD
GHGH]HUWDUH
ÌQ YDULDQWD WLS LQIUDF LXQHD GH DEVHQ QHMXVWLILFDW VH SHGHSVHúWH FX
vQFKLVRDUHGHODOXQLODXQDQLDUvQYDULDQWDDJUDYDW FXSHGHDSVDvQFKLVRULLGHOD
XQXODDQL
3RWULYLWSUHYHGHULLGLQDUWDOLQSHGHDSVDDSOLFDW PLOLWDUXOXLvQWHUPHQ
VHH[HFXW vQWURvQFKLVRDUHPLOLWDU
3HQWUX LQIUDF LXQHD GH DEVHQ QHMXVWLILFDW DF LXQHD SHQDO VH SXQH vQ
PLúFDUH QXPDL OD VHVL]DUHD FRPDQGDQWXOXL SRWULYLW SUHYHGHULORU DUW & SHQ
'HVLJXUHVWHYRUEDGHFRPDQGDQWXOXQLW LLGLQFDUHIDFHSDUWHPLOLWDUXOvQWHUPHQ
VDXFHOFRQFHQWUDW$FHVWXLFRPDQGDQWvLUHYLQHúLREOLJD LDGHDHIHFWXDXUP ULUHD
SHQDO DFHOXLYLQRYDWGHV YkUúLUHDLQIUDF LXQLL$FWHOHGHFHUFHWDUHSHQDO SRWIL
HIHFWXDWH úL GH RIL HUL DQXPH GHVHPQD L GH F WUH FRPDQGDQ LL XQLW LORU PLOLWDUH
DUW&SURFSHQ
'(=(57$5($
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO LQIUDF LXQLL HVWH FRQVWLWXLW GH UHOD LLOH VRFLDOH
UHIHULWRDUHODRUGLQHDúLGLVFLSOLQDPLOLWDU DFHVWHDILLQGDVLJXUDWHSULQWUHDOWHOHúL
SULQ SUH]HQ D PLOLWDUXOXL vQ PRG SHUPDQHQW OD XQLWDWHD IRUPD LXQHD VDX VHUYLFLXO
GLQFDUHIDFHSDUWH
2ELHFWXOPDWHULDO,QIUDF LXQHDQXDUHRELHFWPDWHULDO
ÌQ DFHODúL VHQV ' & 3RSHVFX &RGXO SHQDO FRPHQWDW úL DGQRWDW YRO ,, 3DUWHD VSHFLDO (GLWXUD
ùWLLQ LILF úL(QFLFORSHGLF %XFXUHúWLS
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUDOLQIUDF LXQLLGHGH]HUWDUHQXSRDWHILGHFkW
XQ PLOLWDU VXELHFW DFWLY FDOLILFDW LQGLIHUHQW GH FDWHJRULD úL DUPD GLQ FDUH IDFH
SDUWHVDXGHJUDGXOSHFDUHvODUH
&D úL vQ FD]XO DEVHQ HL QHMXVWLILFDWH GH]HUWDUHD SULQ QDWXUD HL QX SRDWH IL
V YkUúLW GHFkW GH R VLQJXU SHUVRDQ LQIUDF LXQH FX VXELHFW DFWLY XQLF
3DUWLFLSD LD SHQDO OD V YkUúLUHD DFHVWHL LQIUDF LXQL HVWH SRVLELO GRDU VXE IRUPD
LQVWLJ ULLVDXFRPSOLFLW LL
6XELHFWXOSDVLYDOLQIUDF LXQLLHVWHVWDWXOSUHFXPúLXQLWDWHDPLOLWDU vQFDUH
vúLGHVI úRDU DFWLYLWDWHDPLOLWDUXOFDUHDGH]HUWDW
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDOFRQVW vQIDSWDGHDDEVHQWDGHODXQLWDWHVDXVHUYLFLX
$FHDVW IDSW VHSRDWHUHDOL]DvQGRX PRGDOLW L
± SULQ S U VLUHD VDX SOHFDUHD GH OD XQLWDWH VDX VHUYLFLX I U SHUPLVLXQHD
FRPDQGDQWXOXLVDXúHIXOXL
±SULQQHSUH]HQWDUHDODXQLWDWHVDXVHUYLFLXvQWHUPHQXOFXYHQLWDWXQFLFkQG
PLOLWDUXODS U VLWvQPRGMXVLILFDWXQLWDWHDVDXVHUYLFLXO
(OHPHQWXOXLPDWHULDOvLVXQWDWDúDWHGRX FHULQ HHVHQ LDOHúLDQXPHDEVHQ D
V ILHQHMXVWLILFDW DEVHQ DV DLE RGXUDW PDLPDUHGH]LOH
&HULQ D FD DEVHQ D V ILH QHMXVWLILFDW QX HVWH vQGHSOLQLW vQ FD]XO vQ FDUH
DEVHQ D PLOLWDUXOXL GH OD XQLWDWH VDX VHUYLFLX VH GDWRUHD] vPSUHMXU ULL F D IRVW
DUHVWDWvQDFHVWFD]vQWUXFkWVHDIO ODGLVSR]L LDRUJDQHORUFDUHDXGLVSXVDUHVWDUHD
HOQXPDLU VSXQGHSHQWUXLQIUDF LXQHDGHGH]HUWDUH
ÌQXQHOHVLWXD LLLQIUDF LXQHDGHGH]HUWDUHLQWU vQFRQFXUVFXDOWHLQIUDF LXQL
$úDGHSLOG GDF PLOLWDUXOvQWHUPHQDS U VLWI U DSUREDUHXQLWDWHDvQWLPSFHVH
DIODvQVHUYLFLXOGHJDUG RULGHSD] DFHVWDYDU VSXQGHDWkWSHQWUXLQIUDF LXQHDGH
GH]HUWDUHFkWúLSHQWUXLQIUDF LXQHDGHF OFDUHGHFRQVHPQDUW&SHQ
ÌQSUDFWLFDMXGLFLDU VDGHFLVF H[LVW FRQFXUVGHLQIUDF LXQLúLvQFD]XOvQ
FDUH PLOLWDUXO vQ WHUPHQ DIODW vQ H[HFXWDUHD XQHL SHGHSVH SULYDWLYH GH OLEHUWDWH
vQWURvQFKLVRDUHPLOLWDU vQFRQGL LLOHSUHY ]XWHGHDUW&SHQS U VHúWHvQ
PRG QHMXVWLILFDW DFHD XQLWDWH vQWUR DVHPHQHD VLWXD LH PLOLWDUXO U VSXQGH DWkW
SHQWUX V YkUúLUHD LQIUDF LXQLL GH HYDGDUH FkW úL SHQWUX V YkUúLUHD LQIUDF LXQLL GH
GH]HUWDUH
ÌQGRFWULQ VDH[SULPDWvQV XQSXQFWGHYHGHUHFRQWUDUvQVHQVXOF DUH[LVWD
QXPDLLQIUDF LXQHDGHGH]HUWDUHGHRDUHFHvQWUXQDVWIHOGHFD]VDUOH]DRVLQJXU
YDORDUHVRFLDO DQXPHRUGLQHDúLGLVFLSOLQDPLOLWDU
$XH[LVWDWGLVFX LLúLvQOHJ WXU FXVLWXD LDPLOLWDUXOXLFDUHDEVHQWHD] GHPDL
PXOWHRULGLQXQLWDWHGHILHFDUHGDW ILLQGvQGHSOLQLWHFRQGL LLOHFHUXWHGHDUW
& SHQ ÌQ GRFWULQ VD DU WDW F vQ DVHPHQHD VLWXD LL DU WUHEXL V VH UH LQ R
SOXUDOLWDWH GH GH]HUW UL úL QX R LQIUDF LXQH XQLF vQ IRUP FRQWLQXDW GHRDUHFH
ILHFDUHDFWGHGH]HUWDUHSUHVXSXQHRUH]ROX LHLQIUDF LRQDO GLVWLQFW GHWHUPLQDW GH
vPSUHMXU ULúLVLWXD LLQRL7RWXúLSUDFWLFDMXGLFLDU VDSURQXQ DWvQVHQVFRQWUDU
DQXPH F DFWHOH UHSHWDWH GH GH]HUWDUH UHDOL]DWH OD LQWHUYDOH VFXUWH GH WLPS
' &RMRFDUX ,QIUDF LXQL FRQWUD FDSDFLW LL GH DS UDUH D 5RPkQLHL (GLWXUD ùWLLQ LILF úL (QFLFORSHGLF
%XFXUHúWLS
,)RGRURSFLWS
7PLO%XFXUHúWLVHQWSHQQUQHSXEOLFDW 7PLO%XFXUHúWLGHFQUQHSXEOLFDW
,)RGRURSFLWS
'&RMRFDUXRSFLWS
FRQVWLWXLHRVLQJXU LQIUDF LXQHvQIRUP FRQWLQXDW GHRDUHFHI SWXLWRUXODDF LRQDW
vQED]DDFHOHLDúLUH]ROX LLLQIUDF LRQDOH
8UPDUHD LPHGLDW D LQIUDF LXQLL GH GH]HUWDUH FRQVW vQWUR VWDUH GH SHULFRO
SHQWUXRUGLQHDúLGLVFLSOLQDPLOLWDU
/HJ WXUDGHFDX]DOLWDWHUH]XOW H[UH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH 3RWULYLW XQHL RSLQLL SH FDUH R vPS UW úLP
LQIUDF LXQHD GH GH]HUWDUH VH FRPLWH QXPDL FX LQWHQ LH ÌQ FHHD FH SULYHúWH RSLQLD
FRQWUDU vQFDUHVHVXV LQHF IDSWDVHSRDWHFRPLWHúLGLQFXOS DFHDVWDDIRVW
GHGXV GLQSUHYHGHULOHvQVFULVHvQDUWDOLQ&SHQvQV DFHVWHSUHYHGHULVXQW
GRDU R FRQVHFLQ D JUHúLWHL H[SOLFD LL SH FDUH GRFWULQD SHQDO R G QR LXQLL GH
DF LXQH
0RELOXOúLVFRSXOQXVXQWHOHPHQWHFRQVWLWXWLYHDOHLQIUDF LXQLL
)RUPH6DQF LXQL
)RUPH)LLQGRLQIUDF LXQHRPLVLY GH]HUWDUHDQXHVWHVXVFHSWLELO GHIRUPH
LPSHUIHFWHDFWHGHSUHJ WLUHVDXWHQWDWLY 'DF DEVHQ DQHMXVWLILFDW DPLOLWDUXOXL
GLQXQLWDWHVDXVHUYLFLXQXGHS úHúWH]LOHIDSWDFRQVWLWXLHLQIUDF LXQHDGHDEVHQ
QHMXVWLILFDW úLQXWHQWDWLY ODLQIUDF LXQHDGHGH]HUWDUH
&RQVXPDUHD LQIUDF LXQLL DUH ORF vQ PRPHQWXO vQ FDUH VDX vPSOLQLW WUHL ]LOH
UHVSHFWLY GH RUH vQ WLPS GH U ]ERL GH DEVHQ QHMXVWLILFDW D PLOLWDUXOXL GLQ
XQLWDWHVDXVHUYLFLX
,QIUDF LXQHD GH GH]HUWDUH VH HSXL]HD] ILH vQ PRPHQWXO vQ FDUH PLOLWDUXO VH
vQWRDUFHGHEXQ YRLHODXQLWDWHILHvQPRPHQWXOSULQGHULLúLDGXFHULLOXLVLOLWH
6DQF LXQL,QIUDF LXQHDGHGH]HUWDUHvQIRUPDVDVLPSO DUWDOLQVH
SHGHSVHúWHFXvQFKLVRDUHGHODODDQL'DF IDSWDHVWHV YkUúLW vQWLPSGHU ]ERL
IRUPDDJUDYDW SUHY ]XW vQDUWDOLQSHGHDSVDHVWHvQFKLVRDUHDGHODOD
DQL
&DúLvQFD]XOLQIUDF LXQLLGHDEVHQ QHMXVWLILFDW vQFD]XOGH]HUW ULLSXQHUHD
vQ PLúFDUH D DF LXQLL SHQDOH VH SRDWH IDFH QXPDL OD VHVL]DUHD FRPDQGDQWXOXL
&HUFHWDUHDSHQDO VHHIHFWXHD] GHF WUHFRPDQGDQWXOXQLW LLVDXGHRIL HULDQXPH
GHVHPQD L
& /&$5($'(&216(01
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO LQIUDF LXQLL HVWH FRQVWLWXLW GH UHOD LLOH VRFLDOH D
F URUQRUPDO GH]YROWDUHSRDWHILDVLJXUDW QXPDLSULQUHVSHFWDUHDGHF WUHPLOLWDUL
DUHJXOLORUGHVI úXU ULLVHUYLFLXOXLGHJDUG SD] vQVR LUHVDXVHFXULWDWH
$FHDVW LQIUDF LXQH QX DUH XQ RELHFW PDWHULDO 7UHEXLH vQV PHQ LRQDW F
HVWH SRVLELO DQJDMDUHD U VSXQGHULL FLYLOH GHOLFWXDOH D I SWXLWRUXOXL SHQWUX
HYHQWXDOXO SUHMXGLFLX FDX]DW XQLW LL GH XQ WHU GDF VH VWDELOHúWH F vQ OLSVD
7PLO&OXMVHQWSHQQU7PLO%XFXUHúWLGHFSHQQUQHSXEOLFDW
' &RMRFDUX RS FLW S 9 'REULQRLX 9 /D] U ,QIUDF LXQLOH FRQWUD FDSDFLW LL GH DS UDUH D
5RPkQLHL(GLWXUD0LOLWDU %XFXUHúWLS
,)RGRURSFLWS2/RJKLQ$)LOLSDú'UHSWXOSHQDOURPkQ3DUWHDVSHFLDO (GLWXUDÄùDQVD´
S
&X SULYLUH OD H[SOLFD LD DF LXQLL D VH YHGHD 0.*XLX 'UHSW SHQDO 3DUWHD JHQHUDO YRO,
(GLW8QLYHUVLW LL7UDQVLOYDQLD%UDúRYS
LQIUDF LXQLL FRPLVH GH HO SUHMXGLFLXO QX DU IL VXUYHQLW ± GH H[HPSOX U VSXQGHUHD
FLYLO GHOLFWXDO SRDWHILDQJDMDW vQVDUFLQDPLOLWDUXOXLDIODWvQVHUYLFLXOGHSD] OD
XQGHSR]LWGDF DFHVWDS U VHúWHSRVWXOSHQWUXXQWLPSLDUvQDFHVWWLPSGHSR]LWXO
HVWHSU GDW
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY ÌQ YDULDQWD SUHY ]XW vQ DUW DOLQ VXELHFW DFWLY
QHPLMORFLW DXWRU DO LQIUDF LXQLL GH F OFDUH GH FRQVHPQ SRDWH IL QXPDL PLOLWDUXO
FDUH IDFH SDUWH GLQ SHUVRQDOXO J U]LL FRPDQGDQW GH JDUG FDSRUDO GH VFKLPE
VDQWLQHO HWFVDXGLQVHUYLFLXOGHSD] vQVR LUHVDXVHFXULWDWH
ÌQ YDULDQWD SUHY ]XW vQ DUW DOLQ VXELHFW DFWLY QHPLMORFLW DXWRU DO
LQIUDF LXQLL GH F OFDUH GH FRQVHPQ SRDWH IL QXPDL PLOLWDUXO FDUH vQGHSOLQHúWH R
IXQF LH GH FRPDQG RUL F UXLD L VD vQFUHGLQ DW XQ DOW SRVW SHQWUX FDUH SRDUW
U VSXQGHUHDvQGHSOLQLULLFRQVHPQXOXLSULPLW
6XELHFWXODFWLYQHPLMORFLWHVWHGHFLGHGRX RULFDOLILFDWvQWUXFkWWUHEXLHV
DLE FDOLWDWHD GH PLOLWDU úL WRWRGDW V vQGHSOLQHDVF XQD GLQ vQGDWRULULOH DU WDWH
PDLVXV
3DUWLFLSD LDHVWHSRVLELO QXPDLVXEIRUPDLQVWLJ ULLúLFRPSOLFLW LLQXúLVXE
IRUPD FRDXWRUDWXOXL GHRDUHFH F OFDUHD GH FRQVHPQ HVWH R LQIUDF LXQH FX VXELHFW
DFWLYXQLF1XDUHUHOHYDQ IDSWXOF PLVLXQHDDIRVWvQFUHGLQ DW FRQFRPLWHQWPDL
PXOWRU PLOLWDUL ILHFDUH U VSXQGH FD DXWRU DO LQIUDF LXQLL GH F OFDUH GH FRQVHPQ
FKLDUGDF VDXDE WXWvQFRPXQGHODvQGDWRULULOHSUHY ]XWHvQFRQVHPQXOSULPLW
6XELHFWSDVLYDOLQIUDF LXQLLHVWHXQLWDWHDGLQFDUHIDFHSDUWHPLOLWDUXOFDUHD
vQF OFDWFRQVHPQXO
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO ÌQ YDULDQWD WLS DOLQ DO DUW & SHQ HOHPHQWXO
PDWHULDO VH UHDOL]HD] SULQ RULFH IDSW FDUH UHSUH]LQW R vQF OFDUH D UHJXOLORU
VWDELOLWHSHQWUXEXQDvQGHSOLQLUHDVHUYLFLXOXLGHJDUG SD] vQVR LUHVDXVHFXULWDWH
ÌQ DFHVW FD] HOHPHQWXO PDWHULDO VH SRDWH UHDOL]D ILH SULQWUR FRPLVLXQH GH H[
PLOLWDUXO S U VHúWH SRVWXO GH VDQWLQHO VDX GLYXOJ VHFUHWXO J U]LL ILH SULQWUR
RPLVLXQHGHH[PLOLWDUXOODV RSHUVRDQ VWU LQ V VHDSURSLHVDXV S WUXQG vQ
RELHFWLYXOSHFDUHOS ]HúWH
ÌQ YDULDQWD DVLPLODW DOLQ DO DUW & SHQ HOHPHQWXO PDWHULDO VH
UHDOL]HD] SULQWUR DF LXQH GH S U VLUH D FRPHQ]LL VDX D SRVWXOXL ÌQ SUDFWLFD
MXGLFLDU VDUH LQXWDFHDVW YDULDQW DLQIUDF LXQLLvQVDUFLQDPLOLWDUXOXLFDUHDYkQG
VXE FRPDQG XQ JUXS GH DO L RSW PLOLWDUL GXS H[HFXWDUHD XQHL PLVLXQL úLD
vQWUHUXSWGHSODVDUHDVSUHXQLWDWHDS U VLWSHPLOLWDULúLDPHUVDFDV V úLYL]LWH]H
S ULQ LL±GHRDUHFHvQFDOLWDWHDSHFDUHRDYHDDFHVWDHUDREOLJDWV XUPH]HFX
VWULFWH HLWLQHUDULXOVWDELOLWúLQXDYHDYRLHV VHDEDW GHODFRQVHPQXOSULPLWVSUHD
QX SXQH vQ SHULFRO VXEXQLWDWHD SH FDUH R FRPDQGD úL D FRPSURPLWH vQGHSOLQLUHD
SkQ ODFDS WDPLVLXQLL
ÌQYDULDQWDDJUDYDW SUHY ]XW vQDOLQHOHPHQWXOPDWHULDOFRQVW ODIHOFD
vQYDULDQWDWLSvQWURIDSW GHF OFDUHGHFRQVHPQ&HULQ DHVHQ LDO HVWHDFHHDFD
IDSWDV ILHV YkUúLW GHVDQWLQHODDIODW vQVHUYLFLXGHJDUG VDXGHSD] SHOkQJ
GHSR]LWHOH GH DUPDPHQW PXQL LL VDX PDWHULDOH H[SOR]LYH OD IURQWLHU RUL vQ DOWH
SRVWXULGHXQGHRVHELWLQWHUHVPLOLWDURULGHVWDW([LVWHQ DDJUDYDQWHLSUHY ]XW vQ
7PLO%XFXUHúWLGHFSHQFLW'UDJRú&RMRFDUX3UREOHPHGLQSUDFWLFDMXGLFLDU DLQVWDQ HORU
PLOLWDUHvQ55'QUS
*$QWRQLX&%XODL3UDFWLF MXGLFLDU SHQDO YRO,,,S'&RMRFDUXRSFLW55'QU
S
DOLQ VH DSUHFLD] vQ FRQFUHW vQ UDSRUW FX LPSRUWDQ D RELHFWLYHORU GDWH vQ SD]D
VHQWLQHOHL úL FX JUDYLWDWHD XUP ULORU SH FDUH OHDU IL SXWXW DYHD IDSWD ÌQ SUDFWLFD
MXGLFLDU DFHDVW YDULDQW VDUH LQXWFHOPDLDGHVHDvQVDUFLQDPLOLWDUXOXLDIODWvQ
SRVWGHVDQWLQHO ODIURQWLHU
ÌQ YDULDQWD DJUDYDW SUHY ]XW vQ DOLQ HOHPHQWXO PDWHULDO FRQVW GH
DVHPHQHDvQWURIDSW GHF OFDUHGHFRQVHPQ&HULQ DHVHQ LDO HVWHDFHHDFDIDSWD
V VHV YkUúHDVF vQWLPSGHU ]ERL
8UPDUHD LPHGLDW D LQIUDF LXQLL FRQVW vQWUR VWDUH GH SHULFRO SHQWUX EXQD
GHVI úXUDUHDDFWLYLW LLXQHLXQLW LPLOLWDUH
5DSRUWXOGHFDX]DOLWDWHUH]XOW H[UH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH OD LQIUDF LXQHD GH F OFDUH GH FRQVHPQ HVWH LQWHQ LD
GLUHFW VDXLQGLUHFW
0RELOXOúLVFRSXOQXVXQWHOHPHQWHFRQVWLWXWLYHDOHLQIUDF LXQLL
)RUPH6DQF LXQL
)RUPH$FWHOHGHSUHJ WLUHúLWHQWDWLYDQXVXQWLQFULPLQDWH
&RQVXPDUHD DUH ORF LQVWDQWDQHX vQ PRPHQWXO V YkUúLULL RULF UHL DF LXQL VDX
LQDF LXQLFDUHUHSUH]LQW RvQF OFDUHDFRQVHPQXOXL
6DQF LXQL ,QIUDF LXQHD GH F OFDUH GH FRQVHPQ V YkUúLW vQ RULFDUH GLQWUH
YDULDQWHOHGHWLS±DUWDOLQúL±VHSHGHSVHúWHFXvQFKLVRDUHGHODOXQL
ODDQ
ÌQYDULDQWDDJUDYDW SUHY ]XW vQDOLQIDSWDVHSHGHSVHúWHFXvQFKLVRDUHGH
ODDQODDQLLDUvQYDULDQWDDJUDYDW SUHY ]XW vQDOLQIDSWDVHSHGHSVHúWHFX
vQFKLVRDUHGHODODDQL
$F LXQHDSHQDO VHSXQHvQPLúFDUHODVHVL]DUHDFRPDQGDQWXOXL
,168%25'21$5($
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDOHVWHFRQVWLWXLWGHUHOD LLOHVRFLDOHDF URUIRUPDUHúL
GH]YROWDUHVXQWDVLJXUDWHSULQPHQ LQHUHDRUGLQLLúLGLVFLSOLQHLPLOLWDUHPDQLIHVWDW
SULQ H[HFXWDUHD vQWRFPDL úL OD WLPS D RUGLQHORU SULPLWH GLQ SDUWHD úHILORU VDX
VXSHULRULORU
,QIUDF LXQHD QX DUH XQ RELHFW PDWHULDO GHRDUHFH DF LXQHD I SWXLWRUXOXL HVWH
vQGUHSWDW vPSRWULYDXQHLYDORULLPDWHULDOH±RUGLQHDúLGLVFLSOLQDPLOLWDU
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWHVWHFDOLILFDWDXWRUDOLQIUDF LXQLLSRDWHILQXPDLXQ
PLOLWDU 'DF PLOLWDUXO LQVXERUGRQDW HVWH RIL HU PDLVWUX PLOLWDU VXERIL HU VDX
PLOLWDU DQJDMDW DFHVWH FDOLW L DWUDJ LQFLGHQ D YDULDQWHL DJUDYDWH SUHY ]XWH vQ
DUWDOLQ&SHQ
ÌQ FD]XO LQVXERUGRQ ULL SDUWLFLSD LD SHQDO HVWH SRVLELO QXPDL IRUPD
LQVWLJ ULLRULFRPSOLFLW LLvQDFHVWHFD]XULFDOLWDWHDGHLQVWLJDWRULVDXFRPSOLFLR
SRWDYHDDWkWPLOLWDULLFkWúLFLYLOLL,QVXERUGRQDUHDODIHOFDúLFHOHODOWHLQIUDF LXQL
GLQDFHVWJUXSQXVHSRDWHV YkUúLvQFRDXWRUDWDYkQGvQYHGHUHF vQGDWRULUHDGHD
H[HFXWDRUGLQXOSULPLWHVWHSHUVRQDO
76GHFSHQQUvQ5HSHUWRULX,S
ÌQVHQVFRQWUDU,)RGRURSFLWS
6XELHFW SDVLY HVWH XQLWDWHD PLOLWDU D F UHL DFWLYLWDWH HVWH SHUWXUEDW SULQ
FRPSRUWDUHDPLOLWDULORUFDUHV YkUúHVFDVHPHQHDIDSWH
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDOVHUHDOL]HD] SULQUHIX]XOPLOLWDUXOXLGHDH[HFXWDXQRUGLQ
SULPLWGHODúHIVDXVXSHULRURULGHULYkQGGLQREOLJD LLOHJHQHUDOHDOHPLOLWDULORU
,QVXERUGRQDUHD HVWH R LQIUDF LXQH FRPLVLY 7RWXúL SRDWH H[LVWD DWkW XQ UHIX]
I LúPDQLIHVWDWSULQWURRSXQHUHGHVFKLV FRQWUDRUGLQXOXLSULPLWRPDQLIHVWDUHGLUHFW
úLI U HFKLYRFGHQHVXSXQHUHFkWúLXQUHIX]WDFLWVDXLPSOLFLWGHDH[HFXWDRUGLQXO
VXERUGRQDWXOQXH[HFXW QLPLFVDXH[HFXW DOWFHYDGHFkWLVHRUGRQDVH
(VWH QHFHVDU ± FHULQ HVHQ LDO ± FD RUGLQXO V SULYHDVF vQGDWRULULOH GH
VHUYLFLX
2FRQGL LHVXEvQ HOHDV HVWHDFHHDFDRUGLQXOV DLE XQFRQ LQXWúLRIRUP
OHJDO DGLF V HPDQHGHODDXWRULWDWHDFRPSHWHQW VDXGHODSHUVRDQDLQYHVWLW FX
GUHSWXOGHDWUDQVPLWHRUGLQHOHúLFDHORUGLQXOV ILHOHJDO8QRUGLQY GLWLOHJDO
QX HVWH XQ RUGLQ LDU QHH[HFXWDUHD DFHVWXLD QX FRQVWLWXLH LQVXERUGRQDUH
'LPSRWULY H[HFXWDUHD XQXL RUGLQ Y GLW LOHJDO DWUDJH U VSXQGHUHD SHQDO D
VXERUGRQDWXOXLúLDúHIXOXLVDXFRPDQGDQWXOXLFDUHDGDWRUGLQXOÌQSURFHVHOHGH
OD 1UHQEHUJ DOH FULPLQDOLORU GH U ]ERL PXO L DFX]D L DX vQFHUFDW V VH DSHUH
VXV LQkQG F DX H[HFXWDW FULPHOH PRQVWUXRDVH SXVH vQ VDUFLQD ORU GLQ RUGLQ
$FHDVW DS UDUHDIRVWvQO WXUDW GHF WUHLQVWDQ DU WkQGXVHF QLFLXQPLOLWDUQX
HVWHREOLJDWV H[HFXWHXQRUGLQILLQGFRQúWLHQWF DVWIHOYDV YkUúLRLQIUDF LXQH
8UPDUHD LPHGLDW D LQIUDF LXQLL GH LQVXERUGRQDUH FRQVW vQWUR VWDUH GH
SHULFROSHQWUXRUGLQHDúLGLVFLSOLQDPLOLWDU
/HJ WXUDGHFDX]DOLWDWHUH]XOW H[UH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH ,QIUDF LXQHD GH LQVXERUGRQDUH VH V YkUúHúWH FX LQWHQ LH
GLUHFW VDXLQGLUHFW
)RUPH6DQF LXQL
)RUPH$FWHOHGHSUHJ WLUHúLWHQWDWLYDQXVXQWLQFULPLQDWH
,QIUDF LXQHDVHFRQVXP vQPRPHQWXOvQFDUHVHSURGXFHXUPDUHDLPHGLDW
ÌQYDULDQWDDJUDYDW SUHY ]XW vQDOLQDODUW&SHQIDSWDVHV YkUúHúWH
GH XQ RIL HU PDLVWUX PLOLWDU VXERIL HU VDX PLOLWDU DQJDMDW GH GRL VDX PDL PXO L
PLOLWDULvPSUHXQ vQID DWUXSHLDGXQDWH([LVW DFHDVW YDULDQW DJUDYDW úLvQFD]XO
vQFDUHIDSWDDUHXUP ULJUDYH
ÌQYDULDQWDDJUDYDW SUHY ]XW vQDOLQDODUW&SHQIDSWDVHV YkUúHúWH
vQWLPSGHU ]ERL
6DQF LXQL ÌQ IRUPD WLS GH ED] LQIUDF LXQHD GH LQVXERUGRQDUH VH
SHGHSVHúWHFXvQFKLVRDUHGHODOXQLODDQL
ÌQ YDULDQWD DJUDYDW SUHY ]XW vQ DOLQ VDQF LXQHD HVWH vQFKLVRDUHD GH OD
XQXOODDQL
ÌQYDULDQWDDJUDYDW SUHY ]XW vQDOLQSHGHDSVDSHQWUXIDSWDSUHY ]XW vQ
DOLQ HVWH vQFKLVRDUHD GH OD OD DQL LDU SHQWUX IDSWD SUHY ]XW vQ DOLQ
SHGHDSVDHVWHvQFKLVRDUHDGHODODDQL
,)RGRURSFLWS*$QWRQLX&%XODL3UDFWLFDMXGLFLDU SHQDO YRO,,,S9'REULQRLX
9/D] URSFLWS
9'REULQRLX1&RQHD'UHSWSHQDO3DUWHDVSHFLDO (GLWXUDÄ/XPLQD/H[´S
/29,5($683(5,258/8,
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDODOLQIUDF LXQLLHVWHFRPSOH[
3ULQLQFULPLQDUHDDFHVWHLIDSWHVXQWRFURWLWHvQSULQFLSDOUHOD LLOHVRFLDOHFDUH
DVLJXU PHQ LQHUHDRUGLQLLúLGLVFLSOLQHLPLOLWDUHLDUvQVXEVLGLDUUHOD LLOHVRFLDOH
UHIHULWRDUHODLQWHJULWDWHDIL]LF VDXV Q WDWHDSHUVRDQHL
ÌQ UDSRUW FX XUPDUHD VD VHFXQGDU LQIUDF LXQHD DUH úL XQ RELHFW PDWHULDO
UHSUH]HQWDWGHFRUSXOúHIXOXLVXSHULRUXOXLvPSRWULYDF UXLDVHvQGUHDSW DF LXQHD
GHORYLUHVDXDOWHYLROHQ H
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU HVWH PLOLWDUXO LQIHULRU vQ JUDG VDX
VXERUGRQDWXO VXELHFWXO DFWLY QHPLMORFLW FDOLILFDW $FHVWH FDOLW L SRW H[LVWD úL vQ
PRGVLPXOWDQ
3DUWLFLSD LD HVWH SRVLELO QXPDL VXE IRUPD LQVWLJ ULL VDX FRPSOLFLW LL
&RDXWRUDWXOQXHVWHSRVLELOILLQGYRUEDGHRLQIUDF LXQHFXVXELHFWDFWLYXQLF
6XELHFWSDVLYSULQFLSDOHVWHXQLWDWHDPLOLWDU vQFDUHVDFRPLVIDSWD
6XELHFWXOSDVLYVHFXQGDUHVWHPLOLWDUXOFXJUDGVXSHULRUVDXúHIXOFDUHDIRVW
YLFWLP DYLROHQ HLIL]LFH
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO VH UHDOL]HD] SULQWUR LQIUDF LXQH GH ORYLUH VDX DOWH
YLROHQ H±DUW&SHQ
ÌQ FD]XO vQ FDUH LQIUDF LXQHD GH ORYLUH D VXSHULRUXOXL SURGXFH YUHXQD GLQ
XUP ULOH SUHY ]XWH vQ DUW & SHQ HD YD LQWUD vQ FRQFXUV FX
LQIUDF LXQHD GH UH]XOWDW Y W PDUH FRUSRUDO Y W PDUH FRUSRUDO JUDY HWF
V YkUúLW
8UPDUHDLPHGLDW SULQFLSDO FRQVW vQWURVWDUHGHSHULFROSHQWUXRUGLQHDúL
GLVFLSOLQD PLOLWDU 8UPDUHD VHFXQGDU FRQVW vQWUR DWLQJHUH DGXV LQWHJULW LL
IL]LFHDYLFWLPHL
/HJ WXUDGHFDX]DOLWDWHUH]XOW H[UH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH )DSWD GH ORYLUH D VXSHULRUXOXL VH FRPLWH FX LQWHQ LH
GLUHFW VDXLQGLUHFW
(VWHQHFHVDUFDVXELHFWXODFWLYV FXQRDVF vPSUHMXUDUHDF FHOORYLWHVWHXQ
VXSHULRUúHI(URDUHDFXSULYLUHODFDOLWDWHDYLFWLPHLH[FOXGHU VSXQGHUHDSHQDO
'DF VHGRYHGHúWHF VXELHFWXODFWLYVDDIODWvQHURDUHFXSULYLUHODFDOLWDWHD
GHVXSHULRUVDXúHIDOVXELHFWXOXLSDVLYHOU VSXQGHQXPDLSHQWUXLQIUDF LXQHDGH
ORYLUHGHRDUHFHSHQWUXH[LVWHQ DDFHVWHLLQIUDF LXQLQXVHFHUHFDVXELHFWXOSDVLYV
DLE YUHRFDOLWDWHVSHFLDO
)RUPH6DQF LXQL
)RUPH $FWHOH GH SUHJ WLUH úL WHQWDWLYD QX VXQW LQFULPLQDWH QLFL QX VXQW
SRVLELOH
,QIUDF LXQHD VH FRQVXP DWXQFL vQ PRPHQWXO vQ FDUH VD SURGXV ORYLUHD
VXSHULRUXOXL
'&RMRFDUXRSFLWS
)DSWDVHSHGHSVHúWHPDLVHYHUGDF DIRVWFRPLV vQWLPSGHU ]ERLDUW
DOLQ&SHQ
6DQF LXQL ,QIUDF LXQHD GH ORYLUH D VXSHULRUXOXL VH SHGHSVHúWH FX vQFKLVRDUH
GHODOXQLODXQDQ
3HQWUX YDULDQWD DJUDYDW SUHY ]XW vQ DOLQ DUW & SHQ PD[LPXO
SHGHSVHLDU WDWHPDLVXVVHVSRUHúWHFXDQL
/29,5($,1)(5,258/8,
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO HVWH FRQVWLWXLW GH UHOD LLOH VRFLDOH FDUH DVLJXU
PHQ LQHUHD úL vQW ULUHD RUGLQLL úL GLVFLSOLQHL PLOLWDUH VXE DVSHFWXO DS U ULL
LQIHULRUXOXL VDX VXERUGRQDWXOXL vPSRWULYD DFWHORU GH ORYLUH V YkUúLWH GH F WUH
VXSHULRUXOúHIXODFHVWXLD
2ELHFWXO PDWHULDO DO LQIUDF LXQLL GH ORYLUH D LQIHULRUXOXL FRQVW vQ FRUSXO
YLFWLPHL
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUDOLQIUDF LXQLLHVWHFDOLILFDWDFHVWDSRDWHIL
QXPDLPLOLWDUXOFDUHDUHXQJUDGVXSHULRURULFDUHGH LQHIXQF LDGHúHIvQUDSRUWFX
PLOLWDUXOORYLW
6XELHFWXOSDVLYHVWHúLHOFLUFXPVWDQ LDWvQVHQVXOF DFHVWDQXSRDWHILGHFkW
PLOLWDUXOvQJUDGLQIHULRUVDXVXEDOWHUQXOORYLW
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO VH UHDOL]HD] SULQWUR LQIUDF LXQH GH ORYLUH VDX DOWH
YLROHQ H FDX]DWRDUH GH VXIHULQ H IL]LFH 0RGDOLW LOH SULQ FDUH VH UHDOL]HD] DFHVWH
DF LXQL SRW IL GLIHULWH D VH YHGHD vQ DFHVW VHQV H[SOLFD LLOH GH OD LQIUDF LXQHD
SUHY ]XW vQDUW&SHQ'DF SULQDF LXQHDGHORYLUHVHSURGXFHYUHXQDGLQ
XUP ULOHSUHY ]XWHvQDUW&SHQYDH[LVWDXQFRQFXUVGHLQIUDF LXQL
/RYLUHD LQIHULRUXOXL QX FRQVWLWXLH LQIUDF LXQH GDF HVWH V YkUúLW vQ WLPS GH
U ]ERLúLDIRVWGHWHUPLQDW GHRQHFHVLWDWHPLOLWDU
8UPDUHDLPHGLDW SULQFLSDO FRQVW vQWURVWDUHGHSHULFROSHQWUXRUGLQHDúL
GLVFLSOLQD PLOLWDU 8UPDUHD LPHGLDW VHFXQGDU FRQVW vQ FDX]DUHD GH VXIHULQ H
IL]LFH
/HJ WXUDGHFDX]DOLWDWHUH]XOW H[UH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH ,QIUDF LXQHD VH FRPLWH QXPDL FX LQWHQ LH GLUHFW VDX
LQGLUHFW
3HQWUX H[LVWHQ D DFHVWHL LQIUDF LXQL VH FHUH FD VXELHFWXO DFWLY V DLE
FXQRúWLQ GHFDOLWDWHDGHLQIHULRUVDXVXERUGRQDWDVXELHFWXOXLSDVLY'DF FHOORYLW
HVWHRSHUVRDQ FDUHDUHDFHODúLJUDGVDXvQGHSOLQHúWHDFHHDúLIXQF LHFXI SWXLWRUXO
YDH[LVWDLQIUDF LXQHDGHORYLUHVLPSO DUW&SHQ
)RUPH6DQF LXQL
)RUPH $FWHOH GH SUHJ WLUH úL WHQWDWLYD QX VXQW LQFULPLQDWH QLFL QX VXQW
SRVLELOH,QIUDF LXQHDVHFRQVXP vQPRPHQWXOSURGXFHULLXUP ULLLPHGLDWH
6DQF LXQL/RYLUHDLQIHULRUXOXLVHSHGHSVHúWHFXvQFKLVRDUHGHODROXQ ODXQ
DQ
6HF LXQHDD,,D
,1)5$& ,81,3(&Æ038/'(/837
&$3,78/$5($
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO HVWH FRQVWLWXLW GH UHOD LLOH VRFLDOH FDUH SURWHMHD]
FDSDFLWDWHDGHOXSW DIRU HORUDUPDWHúLFDUHSUHWLQGRFRPSRUWDUHSDWULRWLF SOLQ
GH FXUDM úL GHYRWDPHQW GLQ SDUWHD FRPDQGDQ LORU F URUD OL VD vQFUHGLQ DW VRDUWD
IRU HORUDUPDWHúLDPLMORDFHORUGHOXSW vQWLPSXOU ]ERLXOXL
)DSWD GH FDSLWXODUH DUH FD RELHFW PDWHULDO GXS FD] IRU HOH PLOLWDUH VDX
PLMORDFHOH GH OXSW úL FHOHODOWH PLMORDFH QHFHVDUH GXFHULL OXSWHL RUL WRDWH DVWHD
vPSUHXQ
6XELHF LLLQIUDF LXQLL
6XELHFWDFWLYQHPLMORFLWDXWRUHVWHFDOLILFDWDFHVWDSRDWHILQXPDLPLOLWDUXO
FX IXQF LH GH FRPDQG D XQHL IRUPD LXQL FDUH DUH FDUDFWHUXO GH ÄIRU PLOLWDU ´
DGLF IXQF LRQHD] vQ WLPS GH U ]ERL FD R IRU GH RSXQHUH úL GH QHXWUDOL]DUH D
LQDPLFXOXL
)LLQGRLQIUDF LXQHFXVXELHFWDFWLYXQLFFDSLWXODUHDQXSRDWHILV YkUúLW VXE
IRUPD FRDXWRUDWXOXL FKLDU GDF PDL PXO L FRPDQGDQ L VH vQ HOHJ V FDSLWXOH]H
GHRGDW FKLDU vQ DFHVW FD] ILHFDUH FRPDQGDQW U VSXQGH SHQWUX R LQIUDF LXQH
SURSULH
3DUWLFLSD LDHVWHSRVLELO QXPDLVXEIRUPDLQVWLJ ULLVDXFRPSOLFLW LL
6XELHFW SDVLY SULQFLSDO DO LQIUDF LXQLL HVWH VWDWXO FD WLWXODU DO YDORULL VRFLDOH
IXQGDPHQWDOH FDSDFLWDWHD GH DS UDUH 6XELHFW SDVLY VHFXQGDU DO LQIUDF LXQLL HVWH
XQLWDWHD PLOLWDU GLQ FDUH IDF SDUWH IRU HOH VDX PLMORDFHOH GH OXSW SUHGDWH
LQDPLFXOXL
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO VH UHDOL]HD] SULQ XUP WRDUHOH DF LXQL DOWHUQDWLYH
ÄSUHGDUHD´IRU HORUDUPDWHF WUHLQDPLFÄO VDUHD´vQPkLQLOHDFHVWXLDDPLMORDFHORU
GH OXSW VDX RULF URU PLMORDFH QHFHVDUH SXUW ULL U ]ERLXOXL ÄGLVWUXJHUHD´ VDX
ÄDGXFHUHDvQVWDUHGHQHvQWUHEXQL DUH´DPLMORDFHORUQHFHVDUHGHVI úXU ULLOXSWHORU
FXGXúPDQXO
3HQWUX H[LVWHQ D LQIUDF LXQLL HVWH VXILFLHQW V YkUúLUHD XQHLD GLQ DF LXQLOH
DOWHUQDWLYHGHVFULVHvQIRUPDGHLQFULPLQDUH
2SULP FHULQ HVHQ LDO SHQWUXH[LVWHQ DHOHPHQWXOXLPDWHULDODOLQIUDF LXQLL
HVWH DFHHD FD DF LXQLOH FRPDQGDQWXOXL V ILH V YkUúLWH SH FkPSXO GH OXSW 'DF
IDSWD VDU V YkUúL vQ DIDUD FkPSXOXL GH OXSW HD DU SXWHD vQWUXQL HOHPHQWHOH
FRQVWLWXWLYHDOHLQIUDF LXQLLGHWU GDUHSULQDMXWDUHDLQDPLFXOXLDUW&SHQ
2 D GRXD FHULQ HVHQ LDO HVWH DFHHD FD IDSWD V QX IL IRVW GHWHUPLQDW GH
FRQGL LLOHGHOXSW
8UPDUHD LPHGLDW FRQVW vQ SURGXFHUHD XQHL VW UL GH SHULFRO SHQWUX
FDSDFLWDWHD GH DS UDUH D IRU HORU DUPDWH úL SHQWUX VXV LQHUHD OXSWHL vPSRWULYD
GXúPDQXOXL
/HJ WXUDGHFDX]DOLWDWHUH]XOW H[UH
,RDQ6WRLFDÌQGUXP WRUMXULGLFSULYLQGDS UDUHDQD LRQDO (GLWXUD0LOLWDU S
,)RGRURSFLWS2/RJKLQ77RDGHURSFLWS
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH ,QIUDF LXQHD VH FRPLWH FX LQWHQ LH GLUHFW VDX
LQGLUHFW 6XELHFWXO DUH UHSUH]HQWDUHD F SULQ DF LXQHD VD SXQH OD GLVSR]L LD
LQDPLFXOXL IRU HOH DUPDWH úL PLMORDFHOH GH OXSW RUL GLVWUXJH PLMORDFHOH QHFHVDUH
SXUW ULLU ]ERLXOXLúLXUP UHúWHSURGXFHUHDDFHVWXLUH]XOWDWRULDFFHSW SRVLELOLWDWHD
SURGXFHULLOXL
0RELOXOúLVFRSXOQXVXQWHOHPHQWHFRQVWLWXWLYHDOHLQIUDF LXQLLHOHSUH]LQW
UHOHYDQ QXPDLVXEDVSHFWXOLQGLYLGXDOL] ULLVDQF LXQLL
)RUPH6DQF LXQL
)RUPH7HQWDWLYDODDFHDVW LQIUDF LXQHVHSHGHSVHúWH±DUWDOLQ
,QIUDF LXQHD GH FDSLWXODUH VH FRQVXP SULQ V YkUúLUHD RULF UHLD GLQ
PRGDOLW LOHDOWHUQDWLYHGHVFULVHvQFRQ LQXWXOQRUPHLGHLQFULPLQDUH
6DQF LXQL,QIUDF LXQHDGHFDSLWXODUHVHSHGHSVHúWHDOWHUQDWLYFXGHWHQ LXQH
SHYLD VDXFXvQFKLVRDUHGHODODDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
3 5 6,5($&Æ038/8,'(/837
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO HVWH FRQVWLWXLW GLQ UHOD LLOH VRFLDOH UHIHULWRDUH OD
FDSDFLWDWHDGHDS UDUHDF URUGH]YROWDUHHVWHDVLJXUDW SULQWURFRPSRUWDUHORLDO D
RVWDúLORUSHFkPSXOGHOXSW úLSULQIRORVLUHDHILFLHQW DvQWUHJXOXLSRWHQ LDOXPDQúL
PDWHULDODOXQLW LLGLQFDUHIDFHSDUWH
2ELHFWXOPDWHULDO,QIUDF LXQHDQXDUHRELHFWPDWHULDO
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWHVWHFDOLILFDWDFHVWDSRDWHILQXPDLPLOLWDUXODIODW
SH FkPSXO GH OXSW 1X DUH LPSRUWDQ JUDGXO VDX IXQF LD GH LQXW GH PLOLWDU vQ
FDGUXOXQLW LLúLQLFLVLWXD LDVDPLOLWDU FDGUXDFWLYUH]HUYLVWYROXQWDUHWF
3DUWLFLSD LD HVWH SRVLELO VXE WRDWH IRUPHOH FRDXWRUDW LQVWLJDUH VDX
FRPSOLFLWDWH
6XELHFW SDVLY SULQFLSDO DO LQIUDF LXQLL HVWH VWDWXO URPkQ vQ FDOLWDWHD VD GH
WLWXODUDOYDORULLVRFLDOHIXQGDPHQWDOHFDSDFLWDWHDGHDS UDUHD ULL6XELHFWSDVLY
VHFXQGDUHVWHXQLWDWHDPLOLWDU GLQFDUHIDFHSDUWHPLOLWDUXOFDUHDS U VLWFkPSXOGH
OXSW
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDOVHSRDWHUHDOL]DvQSDWUXPRGDOLW LDOWHUQDWLYHúLDQXPH
ÄS U VLUHD´ GH F WUH PLOLWDU D FkPSXOXL GH OXSW ÄUHIX]XO GH D DF LRQD´ vQ WLPSXO
OXSWHL ÄSUHGDUHD´ OD LQDPLF ÄFRPLWHUHD DOWRU DVHPHQHD IDSWH GH QDWXU D VHUYL
FDX]DGXúPDQXOXL´
5HDOL]DUHDRULF UHLDGLQWUHDFHVWHPRGDOLW LDOWHUQDWLYHHVWHVXILFLHQW SHQWUX
H[LVWHQ DLQIUDF LXQLL
(VWHQHFHVDU±FHULQ HVHQ LDO ±FDDF LXQLOHPHQ LRQDWHV ILHGHQDWXU D
VSULMLQLVDXDVHUYLFDX]DGXúPDQXOXL'DF DFHDVW FHULQ QXHVWHvQGHSOLQLW vQ
PRGLPSOLFLWQXYDH[LVWDLQIUDF LXQH
,6WRLFDRSFLWS
,)RGRURSFLWS
8UPDUHD LPHGLDW FRQVW vQ SURGXFHUHD XQHL VW UL JUDYH GH SHULFRO SHQWUX
FDSDFLWDWHDGHDS UDUHúLSHQWUXFRQWLQXDUHDOXSWHLFRQWUDGXúPDQXOXL
/HJ WXUDGHFDX]DOLWDWHUH]XOW H[UH
/DWXUDVXELHFWLY
)RUPH6DQF LXQL
)RUPH7HQWDWLYDVHSHGHSVHúWHDUWDOLQ&SHQ
,QIUDF LXQHDVHFRQVXP vQPRPHQWXOvQFDUHVDV YkUúLWRULFDUHGLQDF LXQLOH
LQFULPLQDWHúLVDSURGXVXUPDUHDLPHGLDW
6DQF LXQL3 U VLUHDFkPSXOXLGHOXSW VHSHGHSVHúWHFXGHWHQ LXQHSHYLD
VDXFXvQFKLVRDUHGHODODDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
6HF LXQHDD,,,D
,1)5$& ,81,63(&,),&($9,$ ,(,ù,0$5,1(,0,/,7$5(
=%258/1($8725,=$7
2ELHFWXORFURWLULSHQDOH
2ELHFWXOMXULGLFVSHFLDODOLQIUDF LXQLLvOFRQVWLWXLHUHOD LLOHVRFLDOHUHIHULWRDUH
ODEXQDGHVI úXUDUHDDFWLYLW LLvQXQLW LOHPLOLWDUHGHDYLD LH
)DSWDGH]ERUQHDXWRUL]DWVDXGHQHUHVSHFWDUHDUHJXOLORUGH]ERUDUHFDRELHFW
PDWHULDOvQVXúLDYLRQXOIRORVLW
ÌQFD]XOYDULDQWHLDJUDYDWHSUHY ]XWHvQDOLQDODUW&SHQDJUDYDQWD
H[LVW DWXQFLFkQGVDXFDX]DWXUP ULJUDYHVDXXQGH]DVWUXEXQXULOHGLVWUXVHYRU
FRQVWLWXLRELHFWXOPDWHULDODOLQIUDF LXQLL
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW HVWH FDOLILFDW DFHVWD SRDWH IL QXPDL PLOLWDUXO FDUH
HIHFWXHD] XQ ]ERU QHDXWRUL]DW VDX FDUH vQFDOF UHJXOLOH GH ]ERU vQ WLPSXO XQXL
]ERUDXWRUL]DW
ÌQ FD]XO vQ FDUH IDSWD VH V YkUúHúWH SULQ ÄQHUHVSHFWDUHD UHJXOLORU GH ]ERU´
VXELHF LDFWLYLDLLQIUDF LXQLLSRWILúLPLOLWDULLFDUHGLULMHD] ]ERUXOGHODVRO
'DF IDSWD HVWH FRPLV GH XQ FLYLO VDX GH XQ PLOLWDU GLQWUR DOW XQLWDWH
PLOLWDU QX YD H[LVWD LQIUDF LXQHD SUHY ]XW vQ DUW & SHQ FL R LQIUDF LXQH
FRQWUDSDWULPRQLXOXLGHRDUHFHVXELHFWXOQHDYkQGFDOLWDWHDGHPLOLWDUvQXQLWDWHDGH
DYLD LHUHVSHFWLY IDSWDVDYDFRQVWLWXLRVXVWUDJHUHDDSDUDWXOXLGH]ERU
3DUWLFLSD LDODLQIUDF LXQHDGH]ERUQHDXWRUL]DWHVWHSRVLELO VXEWRDWHIRUPHOH
6XELHFW SDVLY DO LQIUDF LXQLL GH ]ERU QHDXWRUL]DW HVWH XQLWDWHD SRVHVRDUH D
DHURQDYHLúLGLQFDUHIDFHSDUWHPLOLWDUXODXWRUDOIDSWHL
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO VH UHDOL]HD] vQ GRX PRGDOLW L DOWHUQDWLYH SULQ ]ERUXO
QHDXWRUL]DWFXRDHURQDY VDXSULQQHUHVSHFWDUHDUHJXOLORUGH]ERU
ÌQSULPDPRGDOLWDWHDXWRUXOIDFHSDUWHGLQXQLWDWHDPLOLWDU GHDYLD LHúLHVWH
vQGULWXLW V IRORVHDVF DSDUDWXO GH ]ERU vQV vQ PRPHQWXO vQ FDUH IDFH DFHDVW
9'REULQRLX9/D] URSFLWS
,)RGRURSFLWS
RSHUD LHQXDUHDXWRUL]D LDQHFHVDU 1XLQWHUHVHD] WLSXOGHQDY PLOLWDU DYLRQ
HOLFRSWHUUDFKHW HWFIRORVLWúLQLFLGXUDWDVDXGLVWDQ D]ERUXOXLQHDXWRUL]DW
ÌQDGRXDPRGDOLWDWHSLORWXOVHXUF ODERUGXODHURQDYHLDYkQGDXWRUL]D LDGH
]ERU vQV vQ WLPSXO ]ERUXOXL QX UHVSHFW vQGDWRULULOH UHJXODPHQWDUH FX SULYLUH OD
GHVI úXUDUHD ]ERUXOXL 1X LQWHUHVHD] QXP UXO VDX QDWXUD UHJXOLORU GH ]ERU
QHVRFRWLWHGHPLOLWDU(VWHvQV QHFHVDU±FHULQ HVHQ LDO ±FDIDSWDV SHULFOLWH]H
VHFXULWDWHD]ERUXOXLvQVSD LXODHULDQVDXDDHURQDYHL
8UPDUHD LPHGLDW FRQVW vQ SURGXFHUHD XQHL VW UL GH SHULFRO SHQWUX
DFWLYLWDWHDXQLW LLPLOLWDUHGHDYLD LHúLSHQWUXFDSDFLWDWHDGHDS UDUHD ULL
/HJ WXUDGHFDX]DOLWDWHUH]XOW H[UH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH ,QIUDF LXQHD VH V YkUúHúWH FX LQWHQ LH GLUHFW VDX
LQGLUHFW ) SWXLWRUXOvúLG VHDPDF HIHFWXkQG]ERUXOI U DXWRUL]D LDQHFHVDU
VDXI U V UHVSHFWHUHJXOLOHGHGHVI úXUDUHD]ERUXOXLSXQHvQSHULFROVHFXULWDWHD
QDYHLúLDQDYLJD LHLvQVSD LXODHULDQ
0RELOXOúLVFRSXOQXVXQWHOHPHQWHFRQVWLWXWLYHDOHLQIUDF LXQLL
)RUPH6DQF LXQL
)RUPH7HQWDWLYDVHSHGHSVHúWHDUW&SHQ
&RQVXPDUHD LQIUDF LXQLL DUH ORF vQ PRPHQWXO vQ FDUH SLORWXO D GHFRODW FX
QDYDLDUHSXL]DUHDHLDUHORFvQPRPHQWXODWHUL] ULLDHURQDYHLÌQFD]XOFHOHLGHD
GRXD PRGDOLW L LQIUDF LXQHD VH FRQVXP LQVWDQWDQHX vQ PRPHQWXO vQ FDUH VD
SURGXV QHUHVSHFWDUHD XQHL UHJXOL GH ]ERU úL GXUHD] DWkWD WLPS FkW GXUHD]
QHUHVSHFWDUHD
ÌQDUWDOLQ&SHQVXQWSUHY ]XWHGRX YDULDQWHDJUDYDWH
3ULPDYDULDQW DJUDYDW H[LVW DWXQFLFkQGIDSWDDSURGXVXUP ULJUDYHFHD
GHDGRXDYDULDQW DJUDYDW H[LVW DWXQFLFkQGIDSWDDFDX]DWXQGH]DVWUX
([LVW XUP UL JUDYH GDF VDX SURGXV FRQVHFLQ H FDUH SULQ HOH vQVHOH
FRQVWLWXLH LQIUDF LXQL JUDYH RPRU GLVWUXJHUL HWF ([LVW XQ GH]DVWUX FkQG VDX
SURGXV GLVWUXJHUL LPSRUWDQWH RUL PRDUWHD VDX Y W PDUHD JUDY D PDL PXOWRU
SHUVRDQHDUWDOLQ&SHQ
6DQF LXQL3HQWUXIRUPDVLPSO DLQIUDF LXQLLSHGHDSVDHVWHvQFKLVRDUHDGHOD
OXQLODDQL3HQWUXSULPDDJUDYDQW SHGHDSVDHVWHvQFKLVRDUHDGHODODDQL
3HQWUX D GRXD DJUDYDQW SHGHDSVD HVWH vQFKLVRDUHD GH OD OD DQL úL
LQWHU]LFHUHDXQRUGUHSWXUL
3 5 6,5($1$9(,
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDODOLQIUDF LXQLLvOFRQVWLWXLHUHOD LLOHVRFLDOHUHIHULWRDUH
ODEXQDGHVI úXUDUHDDFWLYLW LLvQFDGUXOXQLW LORUPLOLWDUHGHPDULQ úLDYLD LHúL
LPSOLFLWODDVLJXUDUHDFDSDFLW LLGHDS UDUHD ULL
)DSWD GH S U VLUH D QDYHL DUH FD RELHFW PDWHULDO QDYD DHURQDYD H[SXV
GLVWUXJHULL VDX SLHUGHULL FD XUPDUH D V YkUúLULL IDSWHL 1X DUH UHOHYDQ SHQWUX
H[LVWHQ DLQIUDF LXQLLGDF QDYDDIRVWVDOYDW SULQHIRUWXULOHHFKLSDMHORUDOWRUQDYH
RULGDF GXS S U VLUHDQDYHLGHXQLLPHPEULDLHFKLSDMXOXLFHLODO LvPSUHXQ FX
FRPDQGDQWXODXVDOYDWQDYD
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW HVWH FDOLILFDW DFHVWD SRDWH IL QXPDL FRPDQGDQWXO
QDYHLDHURQDYHLVDXRDOW SHUVRDQ FDUHIDFHSDUWHGLQHFKLSDM
3ULQ ÄRULFH SHUVRDQ FH IDFH SDUWH GLQ HFKLSDMXO QDYHL´ VH vQ HOHJH RULFH
PLOLWDU FDUH vQGHSOLQHúWH DQXPLWH DWULEX LL vQ FDGUXO QDYHL PLOLWDUH LQGLIHUHQW GH
JUDGVDXIXQF LHVXELHFWDFWLYFDOLILFDW
3DUWLFLSD LD SHQDO HVWH SRVLELO VXE RULFH IRUP FRDXWRUDW LQVWLJDUH VDX
FRPSOLFLWDWH
6XELHFW SDVLY HVWH XQLWDWHD F UHLD vL DSDU LQH QDYD S U VLW vQ FD] GH
QDXIUDJLX
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO VH UHDOL]HD] SULQ DF LXQHD GH S U VLUH D QDYHL GH F WUH
FRPDQGDQWVDXGHF WUHRULFHPHPEUXDOHFKLSDMXOXLI U RUGLQXOFRPDQGDQWXOXL
3ULQH[SUHVLDÄS U VLUHDQDYHL´VHvQ HOHJHDEDQGRQDUHDDFHVWHLDúLGHEDUFDUHD
SH XVFDW VDX WUHFHUHD SH R DOW QDY 3HQWUX H[LVWHQ D LQIUDF LXQLL VH FHU D IL
vQGHSOLQLWHúLXQHOHFHULQ HHVHQ LDOH
ÌQ FD]XO S U VLULL QDYHL GH F WUH FRPDQGDQW VH FHUH FD DFHVWD V QXúL IL
H[HUFLWDWSkQ ODFDS WvQGDWRWLULOHGHVHUYLFLXSHQWUXVDOYDUHDQDYHLúLHFKLSDMXOXL
ÌQFD]FRQWUDUGDF HODvQWUHSULQVWRWFHVHSXWHDSHQWUXVDOYDUHDYDVXOXLS U VLUHD
QDYHLQXFRQVWLWXLHLQIUDF LXQH
ÌQ FD]XO S U VLULL QDYHL GH F WUH XQ PHPEUX DO HFKLSDMXOXL VH FHUH V QX IL
H[LVWDWvQDFHVWVHQVXQRUGLQDOFRPDQGDQWXOXL
ÌQ FD]XO YDULDQWHL DJUDYDWH D LQIUDF LXQLL DUW DOLQ FHULQ D HVHQ LDO
HVWHFDIDSWDV ILHV YkUúLW vQWLPSGHU ]ERL
8UPDUHD LPHGLDW FRQVW vQ FUHDUHD XQXL SHULFRO JUDY SHQWUX VHFXULWDWHD
QDYHLúLLPSOLFLWSHQWUXFDSDFLWDWHDGHDS UDUHD ULL
/HJ WXUDGHFDX]DOLWDWHUH]XOW H[UH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH,QIUDF LXQHDGHS U VLUHDQDYHLVHV YkUúHúWHFXLQWHQ LH
GLUHFW VDXLQGLUHFW
)RUPH6DQF LXQL
)RUPH7HQWDWLYDVHSHGHSVHúWH
&RQVXPDUHDLQIUDF LXQLLDUHORFvQPRPHQWXOV YkUúLULLIDSWHORULQFULPLQDWH
ÌQ YDULDQWD DJUDYDW ± DOLQ ± IDSWD VH V YkUúHúWH vQ WLPS GH U ]ERL vQ
VHQVXODUW&SHQ
6DQF LXQL,QIUDF LXQHDGHS U VLUHDQDYHLHVWHSUHY ]XW FXvQFKLVRDUHGHOD
OXQLODDQLDWkWSHQWUXFRPDQGDQWFkWúLSHQWUXRULFHPHPEUXDOHFKLSDMXOXL
3HQWUX YDULDQWD DJUDYDW S U VLUHD QDYHL vQ WLPS GH U ]ERL SHGHDSVD HVWH
DOWHUQDWLY GHWHQ LXQHD SH YLD VDX vQFKLVRDUH GH OD OD DQL $SOLFDUHD
SHGHSVHLFRPSOHPHQWDUHDLQWHU]LFHULLXQRUGUHSWXULHVWHREOLJDWRULH
3 5 6,5($&20(1=,,
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDOvOFRQVWLWXLHUHOD LLOHVRFLDOHUHIHULWRDUHODVHFXULWDWHD
QDYHORU DHURQDYHORU PLOLWDUH úL LPSOLFLW OD FDSDFLWDWHD GH OXSW D XQLW LORU
PLOLWDUHGHPDULQ VDXDYLD LH
2ELHFW PDWHULDO HVWH vQV úL QDYD DHURQDYD U PDV I U FRPDQGDQW SULQ
S U VLUHDFRPHQ]LL
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDOLQIUDF LXQLLHVWHFDOLILFDWDFHVWDQXSRDWHILGHFkW
FRPDQGDQWXO &DOLWDWHD GH FRPDQGDQW DO QDYHL DHURQDYHL VH UHIHU OD IXQF LD
vQGHSOLQLW GHDFHVWDúLQXODJUDGXOV XPLOLWDU
$XWRUXO IDSWHL WUHEXLH V ILH LQYHVWLW FX GUHSWXO GH D FRPDQGD V DLE WRDWH
SUHURJDWLYHOHFRPHQ]LLúLV H[HUFLWHvQIRUPHOHOHJDOHúLvQPRGHIHFWLYFRPDQGD
XQHLQDYHVDXDXQXLJUXSGHQDYHRULDHURQDYH
/DDFHDVW LQIUDF LXQHSDUWLFLSD LDQXHVWHSRVLELO VXEIRUPDFRDXWRUDWXOXL
SHQWUXF HVWHYRUEDGHRLQIUDF LXQHFXVXELHFWDFWLYXQLF)DSWDSRDWHILV YkUúLW
vQV VXEIRUPDLQVWLJ ULLVDXFRPSOLFLW LL
6XELHFW SDVLY HVWH XQLWDWHD GH PDULQ VDX GH DYLD LH PLOLWDU F UHLD vL DSDU LQH
QDYD DHURQDYD VDX JUXSDUHD GH QDYH DHURQDYH DO F UHL FRPDQGDQW D S U VLW
FRPDQGD
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO VH UHDOL]HD] ILH SULQWUR DF LXQH FkQG FRPDQGDQWXO
S U VHúWHFRPDQGDILHSULQWURLQDF LXQHFkQGDFHVWDQXYLQHODERUGXOQDYHLVDX
DHURQDYHLSHQWUXDSUHOXDFRPDQGD
3 U VLUHD FRPHQ]LL VH SRDWH UHDOL]D SULQ GHFODUD LD H[SUHV D FRPDQGDQWXOXL
F UHQXQ OD H[HUFLWDUHD IXQF LHL VDX SULQ vQFHWDUHD vQ IDSW D DWULEX LLORU GH
FRQGXFHUHDQDYHLúLHFKLSDMXOXLVDXDJUXS ULLGHQDYHLQGLIHUHQWGDF DS U VLW
VDX QX QDYD SH FDUH HVWH vPEDUFDW (VWH LUHOHYDQW IDSWXO GDF S U VLUHD FRPHQ]LL
HVWH WHPSRUDU VDX GHILQLWLY GHRDUHFH FRQVXPDUHD LQIUDF LXQLL DUH ORF vQ FKLDU
PRPHQWXODEDQGRQ ULLIXQF LHL
3HQWUXH[LVWHQ DLQIUDF LXQLLVHFHUH±FHULQ HVHQ LDO ±FDIDSWDV VHFRPLW
vQ vPSUHMXU UL Ä FH DU IL SXWXW SHULFOLWD QDYD VDX QDYHOH PLOLWDUH RUL HFKLSDMXO
DFHVWRUD´
ÌQYDULDQWDDJUDYDW DLQIUDF LXQLLDUWDOLQPDLH[LVW úLRDGRXD
FHULQ HVHQ LDO DQXPH DFHHD FD S U VLUHD FRPHQ]LL V IL DYXW ORF ÄvQ WLPSXO
OXSWHL´
ÌQFHSULYHúWHORFXOúLWLPSXOV YkUúLULLIDSWHLVHFHUHFDIDSWDV VHFRPLW OD
ERUGXOQDYHLDHURQDYHLúLvQWLPSXOFkQGDFHDVWDHVWHVXSXV SULPHMGLHL
8UPDUHD LPHGLDW FRQVW vQ FUHDUHD XQHL VW UL GH SHULFRO SHQWUX VLJXUDQ D
QDYHORUDHURQDYHORUúLDHFKLSDMHORUDFHVWRUD
/HJ WXUDGHFDX]DOLWDWHUH]XOW LPSOLFLWGLQV YkUúLUHDIDSWHLLQFULPLQDWH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH )DSWD VH V YkUúHúWH QXPDL FX LQWHQ LH GLUHFW VDX
LQGLUHFW
0RELOXOúLVFRSXOQXVXQWHOHPHQWHFRQVWLWXWLYHDOHLQIUDF LXQLL
)RUPH6DQF LXQL
)RUPH7HQWDWLYDVHSHGHSVHúWH
,QIUDF LXQHD VH FRQVXP vQ PRPHQWXO vQ FDUH VD FRPLV IDSWD GHVFULV vQ
QRUPDGHLQFULPLQDUHúLHFKLSDMXOVHDIO OLSVLWGHFRPDQGDQW
6DQF LXQL6DQF LXQHDSHQWUXYDULDQWDWLSHVWHvQFKLVRDUHDGHODODDQLLDU
SHQWUXYDULDQWDDJUDYDW GHWHQ LXQHDSHYLD VDXvQFKLVRDUHDGHODODGHDQL
úLLQWHU]LFHUHDXQRUGUHSWXUL
1(/8$5($0 685,/251(&(6$5(Ì123(5$ ,,/(1$9$/(
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDOvOFRQVWLWXLHUHOD LLOHVRFLDOHUHIHULWRDUHODFDSDFLWDWHD
GHOXSW DPDULQHLVDXDYLD LHLPLOLWDUHFDUHSUHWLQGRDWLWXGLQHFRPEDWLY úLORLDO
DFRPDQGDQ LORUvQWLPSXOOXSWHL
)DSWD FRPDQGDQWXOXL FDUH QX LD P VXULOH FXYHQLWH vQ WLPSXO RSHUD LXQLORU
QDYDOH DUH FD RELHFW PDWHULDO QDYD VDX JUXSXO GH QDYH U PDVH vQ LQDFWLYLWDWH
ILLQGF DVXSUDORUVHU VIUkQJHDFWLYLWDWHDLOLFLW DI SWXLWRUXOXL
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDOLQIUDF LXQLLHVWHFRPDQGDQWXOQDYHLVDXJUXSXOXL
GH QDYH FDUH QX LD P VXULOH QHFHVDUH vQ RSHUD LXQLOH QDYDOH (VWH FRQVLGHUDW
FRPDQGDQWDWkWPLOLWDUXOFDUHFRPDQG QDYDvQPRGSHUPDQHQWFkWúLvQORFXLWRUXO
WHPSRUDUvQGULWXLWFXWRDWHUHVSRQVDELOLW LOHSULQOHJLOHúLUHJXODPHQWHOHPLOLWDUH
vQFD]GHLQGLVSRQLELOLWDWHDFRPDQGDQWXOXL
)LLQG R LQIUDF LXQH FX VXELHFW DFWLY XQLF SDUWLFLSD LD vQ DFHVW FD] VH SRDWH
UHDOL]DQXPDLVXEIRUPDLQVWLJ ULLRULFRPSOLFLW LL
6XELHFWSDVLYHVWHXQLWDWHDPLOLWDU QDYDO GLQFDUHIDFHSDUWHFRPDQGDQWXOúL
F UHLDvLDSDU LQHQDYDVDXFRQYRLXOGHQDYH
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO VH UHDOL]HD] SULQWUR LQDF LXQH OHJHD LQFULPLQkQG
RPLVLXQHDFRPDQGDQWXOXLXQHLQDYHVDXXQXLJUXSGHQDYHPLOLWDUHFDUHI U V IL
IRVW vPSLHGLFDW vQ H[HFXWDUHD PLVLXQLL VDOH RUL I U V IL IRVW RSULW SULQ RUGLQ QX
vQWUHSULQGH P VXULOH QHFHVDUH SHQWUX D DWDFD D OXSWD vPSRWULYD LQDPLFXOXL VDX
SHQWUX D DMXWD R QDY D ULL QRDVWUH RUL D XQXL VWDW DOLDW VDX QX V LD P VXULOH
QHFHVDUH vQ YHGHUHD GLVWUXJHULL XQXL FRQYRL GXúPDQ RUL QX XUP UHúWH QDYHOH GH
U ]ERLVDXFRPHUFLDOHDOHLQDPLFXOXL
$FWLYLWDWHD LQIUDF LRQDO VH SRDWH UHDOL]D úL SULQ DF LXQL GH H[HPSOX
FRPDQGDQWXO G RUGLQ FD QDYD SH FDUH R FRQGXFH V VH GHS UWH]H GH ORFXO
RSHUD LXQLORUPLOLWDUHvQGHVI úXUDUH
)DSWDVHSRDWHV YkUúLQXPDLvQWURVLWXD LHGHOXSW GHFRQIXQWDUHFXLQDPLFXO
&DFHULQ HVHQ LDO WH[WXOSUHWLQGHFDVXELHFWXODFWLYFRPDQGDQWXOV QXIL
IRVWvPSLHGLFDWV DF LRQH]HGHYUHXQRUGLQVDXGHRPLVLXQHVSHFLDO SULPLW
8UPDUHD LPHGLDW FRQVW vQ SHULFOLWDUHD SRWHQ LDOXO PLOLWDU URPkQ úL DOLDW
DQJDMDWvQOXSWDFXGXúPDQXO
/HJ WXUDGHFDX]DOLWDWHUH]XOW H[UH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH,QIUDF LXQHDGHQHOXDUHDP VXULORUQHFHVDUHvQRSHUD LLOH
QDYDOHVHV YkUúHúWHQXPDLFXLQWHQ LHGLUHFW VDXLQGLUHFW
0RELOXOúLVFRSXOQXVXQWHOHPHQWHFRQVWLWXWLYHDOHLQIUDF LXQLL
)RUPH6DQF LXQL
)RUPH ÌQ FH SULYHúWH WHQWDWLYD DFHDVWD QX HVWH SRVLELO vQ FD]XO
LQIUDF LXQLORURPLVH
,)RGRURSFLWYRO,9S
,ELGHPS
2/RJKLQ$)LOLSDúRSFLWPS,3DúFX9/D] U'UHSWSHQDO3DUWHDVSHFLDO (GLWXUD(XURSD
1RYDS
,QIUDF LXQHD VH FRQVXP RGDW FX RPLVLXQHD FRPDQGDQWXOXL GH D DYHD
FRPSRUWDUHDFHUXW GHOHJHSXQkQGvQSHULFROVXFFHVXORSHUD LLORUQDYDOHDHULHQH
6DQF LXQL ,QIUDF LXQHD GH QHOXDUH D P VXULORU QHFHVDUH vQ RSHUD LLOH QDYDOH
VHSHGHSVHúWHFXGHWHQ LHSHYLD VDXvQFKLVRDUHGHODODGHDQLúLLQWH]LFHUHD
XQRUGUHSWXUL
&2%25Æ5($3$9,/,218/8,
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDOvOFRQVWLWXLHUHOD LLOHVRFLDOHSULYLWRDUHODFDSDFLWDWHD
GHOXSW DQDYHORUDHURQDYHORUPLOLWDUHvQWLPSGHU ]ERLUHOD LLDF URUH[LVWHQ
SUHWLQGH R UH]LVWHQ DFWLY vPSRWULYD GXúPDQXOXL úL PHQ LQHUHD SDYLOLRQXOXL FD
VLPERODORQRDUHLúLYLWHMLHLPLOLWDUH
2ELHFWXOPDWHULDODOLQIUDF LXQLLHVWHFKLDUSDYLOLRQXOFRERUkWvQWLPSXOOXSWHL
ILLQGF DVXSUDOXLVHIHFWXHD] DF LXQHDLQFULPLQDW
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DO LQIUDF LXQLL GH FRERUkUH D SDYLOLRQXOXL SRDWH IL
QXPDL R SHUVRDQ vQURODW SH QDY )DSWD SRDWH IL V YkUúLW DWkW GH F WUH
FRPDQGDQWXOQDYHLFkWúLGHF WUHRDOW SHVRDQ GLQHFKLSDMVDXGLQWUXSHOHDWDúDWH
QDYHL'DF IDSWDHVWHFRPLV GHRSHUVRDQ DIODW RFD]LRQDOSHQDY GHH[HPSOX
GHXQFRUHVSRQGHQWDOXQXL]LDUDFHDVWDYDU VSXQGHSHQWUXRDOW LQIUDF LXQHúL
DQXPHFHDSUHY ]XW vQDUWOLWG&SHQWU GDUHSULQDF LXQLFDUHVXQWGH
QDWXU V IDYRUL]H]HDFWLYLWDWHDGXúPDQXOXL
3DUWLFLSD LD HVWH SRVLELO VXE WRDWH IRUPHOH &RDXWRUXO WUHEXLH vQV V DLE
FDOLWDWHDFHUXW GHOHJHSHQWUXDXWRU,QVWLJDWRULRULFRPSOLFLSRWILúLSHUVRDQHFDUH
QXIDFSDUWHGLQDUPDW
6XELHFW SDVLY SULQFLSDO DO LQIUDF LXQLL HVWH VWDWXO URPkQ FD WLWXODU DO YDORULL
VRFLDOHIXQGDPHQWDOHFDUHHVWHFDSDFLWDWHDGHDS UDUHD ULL
6XELHFWSDVLYVHFXQGDUHVWHXQLWDWHDPLOLWDU H[SXV SHULFROXOXL
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDOVHUHDOL]HD] SULQDF LXQHDGHFRERUkUHDSDYLOLRQXOXL
&HULQ DHVHQ LDO SHQWUXH[LVWHQ DHOHPHQWXOXLPDWHULDOHVWHDFHHDFDDF LXQHDV
ILH FRPLV vQ WLPSXO OXSWHL DGLF vQ WLPSXO RSHUD LXQLORU FRQWUD LQDPLFXOXL 'H DVH
PHQHDVHFHUHFDIDSWDV VHFRPLW ODORFXOXQGHVHDIO QDYDDGLF vQ]RQDGHOXSW
8UPDUHD LPHGLDW FRQVW vQ FUHDUHD XQHL VW UL GH SHULFRO SHQWUX VXFFHVXO
PLVLXQLLGHOXSW SHFDUHRDUHQDYDVDXJUXSXOGHQDYH
/HJ WXUD GH FDX]DOLWDWH UH]XOW LPSOLFLW GLQ FRPLWHUHD IDSWHL úL GLQ
SURGXFHUHDVW ULLGHSHULFRO
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH,QIUDF LXQHDVHFRPLWHQXPDLFXLQWHQ LH
$F LXQHD I SWXLWRUXOXL VH UHDOL]HD] vQ VFRSXO GH D VHUYL FDX]D GXúPDQXOXL
LQWHQ LHFDOLILFDW SULQVFRS1XSUH]LQW UHOHYDQ GDF DFHVWVFRSVDUHDOL]DWVDX
QX ILLQG VXILFLHQW FD HO V IL IRVW XUP ULW GH I SWXLWRU 1X YD H[LVWD DFHDVW
LQIUDF LXQHGDF FRERUkUHDSDYLOLRQXOXLVDI FXWGLQWURQHFHVLWDWHWDFWLF
)RUPH6DQF LXQL
)RUPH7HQWDWLYDHVWHLQFULPLQDW DUW&SHQ
,QIUDF LXQHD VH FRQVXP vQ PRPHQWXO vQ FDUHVDFRPLVIDSWDGHFRERUkUHD
SDYLOLRQXOXLvQFRQGL LLOHDU WDWH
6DQF LXQL,QIUDF LXQHDVHSHGHSVHúWHFXGHWHQ LHSHYLD VDXvQFKLVRDUHGHOD
ODGHDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
&2/,=,81($
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDOvOFRQVWLWXLHUHOD LLOHVRFLDOHFXSULYLUHODFDSDFLWDWHD
GH OXSW D XQLW LORU QDYDOH FDUH SUHWLQG R DWLWXGLQH SOLQ GH JULM ID GH QDYHOH
DHURQDYHOHDIODWHvQGRWDUHúLSUHYHQLUHDFROL]LXQLLRULDSXQHULLSHXVFDWDQDYHORU
2ELHFWXO PDWHULDO HVWH FKLDU QDYD VDX QDYHOH PLOLWDUH DYDULDWH FD XUPDUH D
FLRFQLULLVDXDSXQHULLSHXVFDW
6XELHF LLLQIUDF LXQLL
6XELHF LL DFWLY QHPLMORFLW DO LQIUDF LXQLL GH FROL]LXQH SRDWH IL FRPDQGDQWXO
QDYHLVDXRULFHSHUVRDQ DIODW ODERUGXODFHVWHLDFXFRQGL LDFDDFHDVW SHUVRDQ
V ILH PHPEUX DO HFKLSDMXOXL VDX V ILH XQ PLOLWDU DSDU LQkQG XQHL XQLW L DIHFWDWH
QDYHLVDXWUDQVSRUWDW GHQDY
3DUWLFLSD LDHVWHSRVLELO VXEIRUPDFRDXWRUDWXOXLLQVWLJ ULLVDXFRPSOLFLW LL
6XELHFWSDVLYHVWHXQLWDWHDPLOLWDU GHPDULQ VDXDYLD LHF UHLDvLDSDU LQH
QDYDDHURQDYDLQWUDW vQFROL]LXQH
ÌQFHSULYHúWHORFXOúLWLPSXOQXH[LVW FRQGL LLVSHFLDOH
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO VH UHDOL]HD] SULQ RULFH DF LXQH VDX LQDF LXQH FRQWUDU
UHJXOLORU GH QDYLJD LH GDF SULQ DFHDVWD VD SURYRFDW R FROL]LXQH VDX HúXDUHD
SXQHUHDSHXVFDWDQDYHL
7RWXúL DúD FXP VH SUHFL]HD] vQ DUW & SHQ SH OkQJ DSDUL LD XQXL
DVHPHQHD UH]XOWDW FROL]LXQH HúXDUH PDL HVWH QHFHVDU ± FHULQ HVHQ LDO ± FD
UHPHGLHUHD DYDULLORU V LPSOLFH FRVWXUL IRDUWH PDUL VH FHUH FD DYDULHUHD V ILH
ÄJUDY ´ RUL FD IDSWD V IL DYXW DOWH XUP UL ÄJUDYH´ GH H[HPSOX QHDFRUGDUHD
DMXWRUXOXLQHFHVDUXQHLDOWHQDYHDIODW vQSHULFROFHHDFHDDYXWFDXUPDUHSLHUGHUL
GHYLH LRULGHEXQXULLPSRUWDQWH
8UPDUHDLPHGLDW SULQFLSDO FRQVW vQWURVWDUHGHSHULFROSHQWUXFDSDFLWDWHD
GHOXSW VDXGHDS UDUHD ULL
8UPDUHD LPHGLDW VHFXQGDU FRQVW ILH vQWUR SDJXE LPSRUWDQW FDX]DW
XQLW LL PLOLWDUH F UHLD vL DSDU LQH QDYD ILH vQ DOWH XUP UL JUDYH LQGLIHUHQW GDF
DFHVWHXUP ULVXQWVXSRUWDWHGHRDOW XQLWDWHPLOLWDU RULGHRWHU SHUVRDQ IL]LF
VDXMXULGLF
ÌQ UDSRUW FX XUPDUHD VHFXQGDU SURGXV H[LVWHQ D OHJ WXULL GH FDX]DOLWDWH
WUHEXLHGRYHGLW
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH&ROL]LXQHDHVWHVLQJXUDGLQWUHIDSWHOHFRQWUDFDSDFLW LL
GH DS UDUH D ULL V YkUúLWH GH PLOLWDUL FDUH VH SRDWH V YkUúL DWkW GLQ FXOS vQ
YDULDQWDWLSFkWúLFXLQWHQ LHvQYDULDQWHOHDJUDYDWH
0RELOXOúLVFRSXOQXVXQWHOHPHQWHFRQVWLWXWLYHDOHLQIUDF LXQLL
)RUPH6DQF LXQL
)RUPH 7HQWDWLYD HVWH LQFULPLQDW vQ VLWXD LLOH vQ FDUH IDSWD VH FRPLWH FX
LQWHQ LH±DUWDOLQúL7HQWDWLYDODRIDSW GLQFXOS QXHVWHSRVLELO
&RQVXPDUHD DUH ORF vQ PRPHQWXO vQ FDUH D VXUYHQLW UH]XOWDWXO DYDULHJUDY
VDXDOWHÄXUP ULJUDYH´
6DQF LXQL 3HQWUX YDULDQWD GLQ DOLQ DO DUW & SHQ SHGHDSVD HVWH
vQFKLVRDUHDGHODOXQLODDQL
3HQWUX YDULDQWD DJUDYDW SUHY ]XW vQ DOLQ FkQG IDSWD D IRVW FRPLV FX
LQWHQ LHSHGHDSVDHVWHvQFKLVRDUHDGHODODGHDQLúLLQWH]LFHUHDXQRUGUHSWXUL
3HQWUX YDULDQWD DJUDYDW SUHY ]XW vQ DOLQ FkQG IDSWD VD FRPLV FX
LQWHQ LHúLvQWLPSGHU ]ERLSHGHDSVDHVWHGHWHQ LDSHYLD VDXvQFKLVRDUHDGHOD
ODDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
&DSLWROXO,,
,1)5$& ,81,6 9Æ5ù,7('(0,/,7$5,6$8'(&,9,/,
68675$*(5($'(/$6(59,&,8/0,/,7$5
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO vO FRQVWLWXLH UHOD LLOH VRFLDOH SULYLQG vQGHSOLQLUHD
VHUYLFLXOXLPLOLWDUREOLJDWRULXFDED] DDVLJXU ULLFDSDFLW LLGHDS UDUHD ULL
2ELHFWXOPDWHULDO,QIUDF LXQHDGHVXVWUDJHUHGHODVHUYLFLXOPLOLWDUQXDUHXQ
RELHFWPDWHULDO
6XELHF LLLQIUDF LXQLL
6XELHFW DFWLY QHPLMORFLW DXWRU DO LQIUDF LXQLL SRDWH IL QXPDL DFHD SHUVRDQ
FDUHSRDWHILFKHPDW ODvQGHSOLQLUHDVHUYLFLXOXLPLOLWDUFRQIRUPSUHYHGHULORU/HJLL
QU
/DDFHDVW LQIUDF LXQHQXHVWHSRVLELOFRDXWRUDWXOILLQGYRUEDGHRLQIUDF LXQH
FXVXELHFWDFWLYXQLF(VWHSRVLELO vQV SDUWLFLSD LDSHQDO VXEIRUPDLQVWLJ ULLVDX
FRPSOLFLW LL
6XELHFWSDVLYDOLQIUDF LXQLLHVWHVWDWXO
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO VH UHDOL]HD] SULQ RULFDUH GLQWUH PRGDOLW LOH DOWHUQDWLYH
SUHY ]XWHvQDUW&SHQúLDQXPH
±DXWRSURYRFDUHDGHY W P ULDOHLQWHJULW LLFRUSRUDOHVDXV Q W LL
±VLPXODUHDXQHLEROLVDXLQILUPLW L
±IRORVLUHDGHvQVFULVXULIDOVH
±IRORVLUHDGHRULFHDOWHPLMORDFH
(VWH QHFHVDU ± FHULQ HVHQ LDO ± FD DFHVWH IDSWH V ILH FRPLVH vQ VFRSXO
VXVWUDJHULLGHODVHUYLFLXOPLOLWDU
Ä3URYRFDUHD GH Y W P UL LQWHJULW LL FRUSRUDOH VDX V Q W LL´ WUHEXLH V ILH
UHDOL]DW GH F WUH vQV úL SHUVRDQD FDUH VXIHU Y W PDUHD 'DF DF LXQHD HVWH
HIHFWXDW GH R DOW SHUVRDQ ± OD VROLFLWDUHD úL FX FRQVLP PkQWXO SHUVRDQHL FDUH
HVWHY W PDW ±DFHDVWDYDILFRPSOLFHODLQIUDF LXQHDGHVXVWUDJHUHGHODVHUYLFLXO
PLOLWDU&RPSOLFHOHWUHEXLHV FXQRDVF VFRSXOvQFDUHVHIDFHY W PDUHDÌQFD]XO
DFHVWHLPRGDOLW LSHUVRDQDFDUHvúLSURYRDF Y W PDUHDGHYLQHLUHPHGLDELOLQDSW
SHQWUXVDWLVIDFHUHDVHUYLFLXOXLPLOLWDUFHHDFHFRQIHU XQSHULFROVRFLDOVSRULWIDSWHL
vQUDSRUWFXFHOHODOWHPRGDOLW L
3HQWUX ÄVLPXODUHD XQHL EROL VDX LQILUPLW L´ DXWRUXO UHFXUJH DGHVHRUL OD
IRORVLUHD XQRU VXEVWDQ H SULQ FDUH GHUHJOHD] WHPSRUDU DFWLYLWDWHD QRUPDO D XQRU
RUJDQHGHH[HPSOXIRORVHúWHXQHOHPHGLFDPHQWHSHQWUXFUHúWHUHDSXOVXOXLSHQWUX
IXQF LRQDUHDQHUHJXODW DLQLPLLHWF
Ä)RORVLUHDXQRUvQVFULVXULIDOVH´VHUHDOL]HD] GHUHJXO SULQSUH]HQWDUHDvQ
ID DFRPLVLLORUGHUHFUXWDUHVDXvQFRUSRUDUHRULvQID DVXSHULRULORUDXQRUDFWHIDOVH
FDUHGDF DUFRQVHPQDVLWXD LLUHDOHDUGXFHODvQO WXUDUHDREOLJD LHLI SWXLWRUXOXL
GH D vQGHSOLQL VHUYLFLXO PLOLWDU 3HQWUX H[LVWHQ D LQIUDF LXQLL QX SUH]LQW UHOHYDQ
FLQHDIDOVLILFDWDFWXOVDXGDF DFHVWDDIRVWIDOVLILFDWSDU LDOVDXvQvQWUHJLPH
3ULQÄIRORVLUHDGHDOWHPLMORDFH´VHvQ HOHJHRULFHDOW DF LXQHFDUHDUHDFHODúL
VFRS DGLF VXVWUDJHUHD GH OD VHUYLFLXO PLOLWDU GH H[HPSOX SOHFDUHD GLQ DU
V YkUúLUHDXQHLLQIUDF LXQLHWF
3HQWUXH[LVWHQ DLQIUDF LXQLLHVWHVXILFLHQW FRQVWDWDUHDV YkUúLULLXQHLVLQJXUH
PRGDOLW LGLQFHOHSUHY ]XWHvQWH[WXOGHOHJH
ÌQFD]XOUHDOL] ULLDGRX VDXPDLPXOWHPRGDOLW LYDH[LVWDGHDVHPHQHDR
XQLWDWH LQIUDF LRQDO FX FRQGL LD FD DF LXQLOH UHVSHFWLYH V VH HIHFWXH]H vQ ED]D
DFHOHLDúLUH]ROX LLLQIUDF LRQDOH
8UPDUHDLPHGLDW FRQVW vQWURVWDUHGHSHULFROSHQWUXFDSDFLWDWHDGHDS UDUH
D ULL
/HJ WXUDGHFDX]DOLWDWHUH]XOW H[UH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH,QIUDF LXQHDVHV YkUúHúWHFXLQWHQ LH
ÌQDFHVWFD]HVWHYRUEDGHRLQWHQ LHFDOLILFDW SULQVFRS)DSWDVHV YkUúHúWH
vQVFRSXOVXVWUDJHULLGHODVHUYLFLXOPLOLWDU1XLQWHUHVHD] GDF VFRSXODIRVWVDXQX
DWLQV
)RUPH6DQF LXQL
)RUPH 'HúL LQIUDF LXQHD HVWH VXVFHSWLELO GH IRUPH LPSHUIHFWH OHJHD QX
SHGHSVHúWHDFWHOHSUHSDUDWRULLúLQLFLWHQWDWLYD
&RQVXPDUHD LQIUDF LXQLL DUH ORF RGDW FX V YkUúLUHD RULF UHLD GLQWUH IDSWHOH
GHVFULVHvQQRUPDGHLQFULPLQDUHvQVFRSXOVXVWUDJHULLGHODVHUYLFLXOPLOLWDU
6DQF LXQL ÌQ YDULDQWD WLS LQIUDF LXQHD HVWH SHGHSVLW FX vQFKLVRDUH GH OD
OXQLODDQLLDUvQYDULDQWDDJUDYDW FkQGIDSWDVHFRPLWHvQWLPSGHU ]ERLFX
vQFKLVRDUHGHODODDQL
$F LXQHDSHQDO VHSXQHvQPLúFDUHODVHVL]DUHDFRPDQGDQWXOXL
'()(7,608/
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDOvOFRQVWLWXLHUHOD LLOHVRFLDOHUHIHULWRDUHODIDFWRULLPRUDOL
FDUH DVLJXU FDSDFLWDWHD GH DS UDUH D ULL úL DQXPH VWDUHD GH VSLULW D PLOLWDULORU
FDSDFLWDWHDGHUH]LVWHQ DSRSXOD LHLFLYLOHvQFUHGHUHDSRSXOD LHLvQIRU DDUPDWHLHWF
$FHDVW LQIUDF LXQHQXDUHXQRELHFWPDWHULDO
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDODFHVWHLLQIUDF LXQLSRDWHILDWkWXQPLOLWDUFkWúL
XQ FLYLO ,QIUDF LXQHD HVWH VXVFHSWLELO GH SDUWLFLSD LH VXE WRDWH IRUPHOH VDOH
FRDXWRUDWLQVWLJDUHúLFRPSOLFLWDWH
6XELHFW SDVLY HVWH VWDWXO D F UHL FDSDFLWDWH GH DS UDUH HVWH OH]DW SULQ
V YkUúLUHDDFHVWRUIDSWH
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDOVHUHDOL]HD] SULQU VSkQGLUHDVDXSXEOLFDUHDGH]YRQXUL
LQIRUPD LLVDXSULQDOWHDF LXQLDVHP Q WRDUHV YkUúLWHvQWLPSGHU ]ERLGHQDWXU
V GHPRELOL]H]H SRSXOD LD V SURYRDFH SLHUGHUHD vQFUHGHULL vQ DXWRULW L VDX vQ
FRPEDWLYLWDWHDDUPDWHL
$FHVWHDF LXQLVHSRWUHDOL]DSULQYLXJUDLSULQVFULVRULSULQPLMORDFHWHKQLFH
GHWHOHFRPXQLFD LHSULQGLVWULEXLUHDGHPDQLIHVWHHWF
3HQWUXH[LVWHQ DHOHPHQWXOXLPDWHULDODOLQIUDF LXQLLVHFHUDILvQGHSOLQLWHWUHL
FRQGL LL
± DF LXQLOH GH U VSkQGLUH VDX SXEOLFDUH V DLE FD RELHFW ]YRQXUL VDX
LQIRUPD LLIDOVHH[DJHUDWHVDXWHQGHQ LRDVH
±]YRQXULOHVDXLQIRUPD LLOHV SULYHDVF VLWXD LDHFRQRPLF úLSROLWLF D ULL
VDXVWDUHDPRUDO DSRSXOD LHLvQOHJ WXU FXGHFODUDUHDVDXPHUVXOU ]ERLXOXL
± DF LXQLOH DVHP Q WRDUH FHORU GH PDL VXV V DLE DSWLWXGLQHD GH D VO EL
UH]LVWHQ DPRUDO DSRSXOD LHL
8UPDUHD LPHGLDW FRQVW vQWUR VWDUH GH SHULFRO FRQFUHWL]DW vQ GHPR
UDOL]DUHDSRSXOD LHLúLvQSLHUGHUHDvQFUHGHULLDFHVWHLDvQFRPEDWLYLWDWHDDUPDWHL
/HJ WXUDGHFDX]DOLWDWHUH]XOW H[UH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH,QIUDF LXQHDGHGHIHWLVPVHV YkUúHúWHQXPDLFXLQWHQ LH
GLUHFW VDXLQGLUHFW
0RELOXOúLVFRSXOQXVXQWHOHPHQWHFRQVWLWXWLYHDOHLQIUDF LXQLL
)RUPH6DQF LXQL
)RUPH 'HúL LQIUDF LXQHD HVWH VXVFHSWLELO GH IRUPH LPSHUIHFWH OHJHD QX
SHGHSVHúWHQLFLDFWHOHSUHSDUDWRULLúLQLFLWHQWDWLYD
,QIUDF LXQHDVHFRQVXP SULQV YkUúLUHDRULF UHLDGLQWUHDF LXQLOHGHVFULVHvQ
QRUPDGHLQFULPLQDUH
6DQF LXQL,QIUDF LXQHDGHGHIHWLVPHVWHSHGHSVLW FXvQFKLVRDUHGHODOD
DQLúLLQWHU]LFHUHDXQRUGUHSWXUL
-()8,5($&(/25& =8 ,3(&Æ038/'(/837
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO vO FRQVWLWXLH UHOD LLOH VRFLDOH UHIHULWRDUH OD IDFWRULL
PRUDOLFDUHFRQGL LRQHD] FDSDFLWDWHDGHDS UDUHD ULLUHOD LLDF URURFURWLUHHVWH
DVLJXUDW vPSRWULYDIDSWHORUGHMHIXLUHDU QL LORUVDXDPRU LORUSHFkPSXOGHOXSW
RULvQDOWHORFXULGDUFXSULOHMXOXQRURSHUD LLGHU ]ERL
2ELHFWXOPDWHULDOHVWHFRQVWLWXLWGLQRELHFWHOHH[LVWHQWHDVXSUDFHORUPRU LVDX
U QL LDIOD LILHSHFkPSXOGHOXSW ILHvQDOWHORFXULSHFDUHVDXGHVI úXUDWRSHUD LL
GHU ]ERL
1X LQWHUHVHD] GDF FHL MHIXL L IDF SDUWH GLQ IRU HOH DUPDWH DOH ULL VDX DOH
LQDPLFXOXL
6XELHF LLLQIUDF LXQLL
6XELHFW DFWLY QHPLMORFLW SRDWH IL RULFH SHUVRDQ PLOLWDU VDX FLYLO
,QIUDF LXQHDSRDWHILFRPLV vQRULFHIRUP GHSDUWLFLSD LH
6XELHFWSDVLYSULQFLSDOHVWHVWDWXO
6XELHFW SDVLY VHFXQGDU SRDWH IL XQ PLOLWDU GLQ IRU HOH DUPDWH QD LRQDOH VDX
GLQIRU HOHDUPDWHDOHLQDPLFXOXLRULXQFLYLO
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDOVHUHDOL]HD] SULQDF LXQHDGHÄMHIXLUH´FDUHSUHVXSXQHúL
IRORVLUHDYLROHQ HLIXUWFXYLROHQ ±FKLDUGDF vQFD]XOvQFDUHVHV YkUúHúWH
DVXSUDXQXLFDGDYUXIDSWDQXFRQVWLWXLHWkOK ULHvQVHQVXODUW&SHQ
(OHPHQWXOPDWHULDOLQFOXGHúLGRX FHULQ HHVHQ LDOH
ÌQPRGDOLWDWHDSUHY ]XW vQDOLQWUHEXLHFDDF LXQHDGHMHIXLUHV VHIDF
SHFkPSXOGHOXSW
ÌQ PRGDOLWDWHD SUHY ]XW vQ DOLQ DO DUW DFWLYLWDWHD LQIUDF LRQDO
WUHEXLH V DLE ORF vQ DOW SDUWH GHFkW SH FkPSXO GH OXSW GDU FD XUPDUH D XQRU
RSHUD LLGHU ]ERLGHH[HPSOXODORFXOXQXLERPEDUGDPHQWDOXQHLH[SOR]LLHWF
8UPDUHDLPHGLDW FRQVW vQWURVWDUHGHSHULFROSHQWUXFDSDFLWDWHDGHDS UDUH
DVWDWXOXL$O WXULGHDFHDVW XUPDUHLPHGLDW SULQFLSDO H[LVW úLRXUPDUHLPHGLDW
DGLDFHQW FDUHFRQVW vQGHSRVHGDUHDYLFWLPHORUGHOXFUXULOHDIODWHDVXSUDORU
/HJ WXUDGHFDX]DOLWDWHUH]XOW H[UH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH,QIUDF LXQHDVHV YkUúHúWHQXPDLFXLQWHQ LHGLUHFW VDX
LQGLUHFW
0RELOXOúLVFRSXOQXVXQWHOHPHQWHFRQVWLWXWLYHDOHLQIUDF LXQLL
)RUPH6DQF LXQL
)RUPH 'HúL LQIUDF LXQHD HVWH VXVFHSWLELO GH D IL UHDOL]DW vQ IRUPH
LPSHUIHFWHOHJHDQXLQFULPLQHD] QLFLDFWHOHSUHSDUDWRULLúLQLFLWHQWDWLYD
&RQVXPDUHDLQIUDF LXQLLDUHORFFkQGVDSURGXVMHIXLUHDDGLF OXDUHDEXQXOXL
GHODSHUVRDQHOHU QLWHVDXGHODPRU LvQFRQGL LLOHDU WDWHGHOHJH
'DF DFWLYLW LOH GH MHIXLUH D FHORU F ]X L SH FkPSXO H OXSW VH UHSHW OD
GLIHULWHLQWHUYDOHGHWLPSQHYRPDIODvQSUH]HQ DXQHLLQIUDF LXQLFRQWLQXDWHVDXD
XQXL FRQFXUV GH LQIUDF LXQL GXS FXP I SWXLWRUXO D DF LRQDW FX DFHHDúL UH]ROX LH
LQIUDF LRQDO VDXQX
6DQF LXQL ,QIUDF LXQHD GH MHIXLUH D FHORU F ]X L SH FkPSXO GH OXSW HVWH
SHGHSVLW FXvQFKLVRDUHGHODODDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
)2/26,5($(0%/(0(,&58&,,52ù,,Ì17,038/23(5$ ,81,/25
0,/,7$5(
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO vO FRQVWLWXLH UHOD LLOH VRFLDOH UHIHULWRDUH OD IRORVLUHD
LOLFLW DHPEOHPHLúLDGHQXPLULL&UXFLL5RúLLúLDFHORUDVLPLODWHDFHVWHLDvQWLPSGH
U ]ERLúLvQOHJ WXU FXRSHUD LLOHPLOLWDUH3ULQDFHDVWDVHFRQVROLGHD] vQFUHGHUHD
vQ DF LXQLOH DFHVWHL RUJDQL]D LL HYHQWXDOD HL FRPSURPLWHUH SXWkQG DYHD JUDYH
UHSHUFXVLXQLDVXSUDVRDUWHLU QL LORUVDXEROQDYLORU
2ELHFWXO PDWHULDO DO LQIUDF LXQLL vO FRQVWLWXLH HPEOHPD VDX GHQXPLUHD GH
&UXFH 5RúLH VDX FHOH DVLPLODWH DFHVWHLD 6HPLOXQD 5RúLH /HXO 5RúX 6RDUHOH
5RúX
,)RGRURSFLWYRO,9S
6XELHF LLLQIUDF LXQLL
6XELHFW DFWLY QHPLMORFLW SRDWH IL RULFH SHUVRDQ vQWUXFkW GLVSR]L LD GH
LQFULPLQDUHQXSUHYHGHQLFLRFRQGL LHVSHFLDO FXSULYLUHODDFHVWD
,QIUDF LXQHDVHSRDWHFRPLWHvQRULFHIRUP GHSDUWLFLSD LH
6XELHFWXOSDVLYSULQFLSDOHVWHVWDWXODF UXLFDSDFLWDWHGHDS UDUHHVWHSHULFOLWDW
6XELHFW SDVLY VHFXQGDU HVWH VRFLHWDWHD &UXFHD URúLH D F UHL DFWLYLWDWH HVWH
Y W PDW SULQV YkUúLUHDLQIUDF LXQLL
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDOVHUHDOL]HD] SULQDF LXQHDGHIRORVLUHI U GUHSWvQWLPS
GH U ]ERL úL vQ OHJ WXU FX RSHUD LLOH PLOLWDUH D vQVHPQHORU VDX D GHQXPLULL GH
&UXFHD5RúLH
3ULQ ÄIRORVLUH´ VH vQ HOHJH vQWUHEXLQ DUHD XWLOL]DUHD vQ RULFH PRG ILH D
HPEOHPHLILHDGHQXPLULLGH&UXFHD5RúLH
&D R SULP FHULQ HVHQ LDO OHJHD SUHWLQGH FD DF LXQHD GH IRORVLUH D
HPEOHPHL VDX D GHQXPLULL GH &UXFHD 5RúLH V VH IDF I U GUHSW $ GRXD FHULQ
HVHQ LDO HVWHDFHHDFDDFWLYLWDWHDLQIUDF LRQDO V VHUHDOL]H]HvQWLPSGHU ]ERLÌQ
VIkUúLW D WUHLD FHULQ HVHQ LDO HVWH DFHHD FD IDSWD V ILH FRPLV vQ OHJ WXU FX
RSHUD LXQLOHPLOLWDUH
$FHVWH FHULQ H HVHQ LDOH PDUFKHD] GHRVHELUHD GLQWUH LQIUDF LXQHD SUHY ]XW
vQDUW&SHQúLFHDGLQDUW&SHQ
8UPDUHD LPHGLDW FRQVW vQ VWDUHD GH SHULFRO SHQWUX QRUPDOD GHVI úXUDUH D
RSHUD LXQLORU PLOLWDUH 'H DVHPHQHD VH FUHHD] XQ SHULFRO SHQWUX vQFUHGHUHD FH
WUHEXLHDFRUGDW 6RFLHW LLGH&UXFH5RúLHFHHDFHDUSXWHDDYHDFRQVHFLQ HGLQWUH
FHOH PDL JUDYH SHQWUX VRDUWD U QL LORU D EROQDYLORU úL D SHUVRQDOXOXL DQJDMDW vQ D
DFRUGDVSULMLQúLDMXWRUvQWLPSGHU ]ERLFHORUDIOD LvQSULPHMGLH
/HJ WXUDGHFDX]DOLWDWHUH]XOW H[UH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH,QIUDF LXQHDVHV YkUúHúWHQXPDLFXLQWHQ LHGLUHFW VDX
LQGLUHFW
0RELOXOúLVFRSXOQXVXQWHOHPHQWHFRQVWLWXWLYHDOHLQIUDF LXQLL
)RUPH6DQF LXQL
'HúL OD DFHDVW LQIUDF LXQH VXQW SRVLELOH IRUPHOH LPSHUIHFWH OHJHD QX
VDQF LRQHD] QLFLDFWHOHGHSUHJ WLUHúLQLFLWHQWDWLYD
,QIUDF LXQHD VH FRQVXP vQ PRPHQWXO vQ FDUH D IRVW V YkUúLW DF LXQHD GH
IRORVLUHDHPEOHPHLVDXGHQXPLULLGH&UXFH5RúLHRULDFHORUDVLPLODWHDFHVWHLD
,QIUDF LXQHD GH IRORVLUH D HPEOHPHL &UXFLL 5RúLL vQ WLPSXO RSHUD LXQLORU
PLOLWDUH SUH]LQW FDUDFWHULVWLFLOH XQHL LQIUDF LXQL FRQWLQXH FDUH VH YD HSXL]D vQ
PRPHQWXOvQFDUHvQFHWHD] DFWLYLWDWHDLQIUDF LRQDO
,QIUDF LXQHDHVWHVDQF LRQDW FXSHGHDSVDvQFKLVRULLGHODODDQL
68675$*(5($'(/$5(&+,=, ,,0,/,7$5(
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO vO FRQVWLWXLH UHOD LLOH VRFLDOH SULYLQG UHFKL]L LLOH
PLOLWDUHúLFDSDFLWDWHDGHDS UDUHD ULL
2ELHFWXO PDWHULDO DO LQIUDF LXQLL HVWH IRUPDW GLQ EXQXULOH VXSXVH
UHFKL]L LRQ ULLVDXFHOHUHFKL]L LRQDWHSRWULYLWOHJLL
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW SRDWH IL RULFH SHUVRDQ DWkW XQ FLYLO FkW úL XQ
PLOLWDU ,PSRUWDQW HVWH FD DFHDVW SHUVRDQ V GH LQ VXE RULFH IRUP EXQXUL
UHFKL]L LRQDELOH
,QIUDF LXQHD HVWH VXVFHSWLELO GH D IL FRPLV vQ WRDWH FHOH WUHL IRUPH DOH
SDUWLFLSD LHLFRDXWRUDWLQVWLJDUHVDXFRPSOLFLWDWH
6XELHFW SDVLY SULQFLSDO HVWH VWDWXO FD WLWXODU DO YDORULL VRFLDOH FDUH HVWH
FDSDFLWDWHDGHDRSUDUHD ULL
6XELHFWSDVLYVHFXQGDUHVWHXQLWDWHDPLOLWDU F UHLDvLHUDXGHVWLQDWHEXFXULLOH
VXSXVHUHFKL]L LRQ ULL
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO VH SRDWH UHDOL]D vQ WUHL PRGDOLW L DOWHUQDWLYH UHIX]XO
QHMXVWLILFDWGHDSXQHODGLVSR]L LDDUPDWHLEXQXULOHOHJDOUHFKL]L LRQDWHVXVWUDJHUHD
GH OD OD vQGHSOLQLUHD REOLJD LHL GH D SXQH OD GLVSR]L LD DUPDWHL EXQXULOH
UHFKL]L LRQDWHQHGHFODUDUHDODUHFHQV PkQWDEXQXULORUVXSXVHUHFKL]L LRQ ULL
,QIUDF LXQHD DUH FDUDFWHU RPLVLY vQV HD VH SRDWH V YkUúL DWkW SULQ DF LXQL
DVFXQGHUHvQVWU LQDUHFkWúLSULQLQDF LXQLQHGHFODUDUHDEXQXULORUHWF
ÌQ SULPD PRGDOLWDWH ÄUHIX]XO QHMXVWLILFDW´ H[LVWHQ D LQIUDF LXQLL SUHVXSXQH
LQH[LVWHQ D XQHL GLVSR]L LL OHJDOH VDX D XQHL VW UL GH QHFHVLWDWH FDUH V MXVWLILFH
UHIX]XO
ÌQ YDULDQWD DJUDYDW H[LVW FHULQ D FD IDSWD V IL IRVW V YkUúLW vQ WLPS GH
U ]ERL
8UPDUHD LPHGLDW FRQVW vQ SURGXFHUHD XQHL VW UL GH SHULFRO SHQWUX
FDSDFLWDWHDGHDS UDUHD ULL
/HJ WXUDGHFDX]DOLWDWHUH]XOW H[UH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH ,QIUDF LXQHD GH VXVWUDJHUH GH OD UHFKL]L LL PLOLWDUH vQ
RULFDUHGLQFHOHWUHLPRGDOLW LDOHVDOHSRDWHILV YkUúLW QXPDLFXLQWHQ LHGLUHFW
VDXLQGLUHFW ) SWXLWRUXOV YkUúHúWHIDSWDSULQÄUHIX]´VDXÄVXVWUDJHUH´±WHUPHQL
FDUH H[FOXG H[LVWHQ D FXOSHL 'DU FKLDU FkQG IDSWD VH FRPLWH SULQ DFWH RPLVLYH
QHGHFODUDUHDDFHVWHDWUHEXLHV YkUúLWHFXúWLLQ DGLF LQWHQ LRQDW
0RELOXOúLVFRSXOQXVXQWHOHPHQWHFRQVWLWXWLYHDOHLQIUDF LXQLL
)RUPH6DQF LXQL
)RUPH 'HúL HVWH SRVLELO FD LQIUDF LXQHD V VH V YkUúHDVF úL vQ FHOH GRX
IRUPHLPSHUIHFWHOHJHDQXDQF LRQHD] QLFLDFWHOHSUHSDUDWRULLúLQLFLWHQWDWLYD
,QIUDF LXQHD GH VXVWUDJHUH GH OD UHFKL]L LL PLOLWDUH VH FRQVXP vQ PRPHQWXO
FkQGH[HFXWDUHDDF LXQLLDIRVWGXV SkQ ODFDS WúLVDSURGXVXUPDUHDLPHGLDW
6DQF LXQLÌQYDULDQWDWLSLQIUDF LXQHDHVWHVDQF LRQDW FXSHGHDSVDvQFKLVRULL
GHODOXQLODDQL
ÌQYDULDQWDDJUDYDW SHGHDSVDHVWHvQFKLVRDUHDGHODOXQLODDQL
ÌQFRQ LQXWXO/HJLLQUPRGLILFDW SULQ/HJHDQUVXQWSUHFL]DWHVLWXD LLOHGHRVHELWH
FDUHLPSXQUHFKL]L LLOHGHEXQXUL
&DSLWROXO,,,
,1)5$& ,81,6 9Æ5ù,7('(&,9,/,
68675$*(5($'(/$5(&587$5(
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO vO FRQVWLWXLH UHOD LLOH VRFLDOH SULYLWRDUH OD DVLJXUDUHD
FDSDFLW LLGHDS UDUHD ULL
2ELHFWXOPDWHULDO,QIUDF LXQHDQXDUHXQRELHFWPDWHULDO
6XELHF LLLQIUDF LXQLL
6XELHFW DFWLY QHPLMORFLW SRDWH IL QXPDL SHUVRDQD FDUH DUH SRWULYLW OHJLL
REOLJD LDGHDVHSUH]HQWDODUHFUXWDUH
)LLQG R LQIUDF LXQH FX VXELHFW DFWLY XQLF VXVWUDJHUHD GH OD UHFUXWDUH HVWH
VXVFHSWLELO GH D IL V YkUúLW vQ SDUWLFLSD LH QXPDL VXE IRUPD LQVWLJ ULL VDX
FRPSOLFLW LL
6XELHFWXO SDVLY DO LQIUDF LXQLL HVWH VWDWXO D F UXL FDSDFLWDWH GH DS UDUH HVWH
SXV vQSHULFRO
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDOVHUHDOL]HD] SULQWURDF LXQHGHVXVWUDJHUHGHODUHFXUWDUH
3UH]HQWDUHD FX vQWkU]LHUH OD FRPLVLD ORFDO GH UHFUXWDUH GDF vQWkU]LHUHD QX
GHS úHúWH ]LOH QX UHDOL]HD] HOHPHQWXO PDWHULDO DO LQIUDF LXQLL FL FRQVWLWXLH
FRQWUDYHQ LH±DUWDOLQOLWEGLQ/HJHDQU
&HULQ DHVHQ LDO HVWHDFHHDFDIDSWDV VHFRPLW vQWLPSGHU ]ERL
8UPDUHD LPHGLDW FRQVW vQ FUHDUHD XQHL VW UL GH SHULFRO SHQWUX DVLJXUDUHD
IRU HORUDUPDWHFXQXP UXOQHFHVDUGHPLOLWDUL
/HJ WXUDGHFDX]DOLWDWHUH]XOW H[UH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LH,QIUDF LXQHDGHVXVWUDJHUHGHODUHFUXWDUHVHSRDWHV YkUúL
QXPDLFXLQWHQ LHGLUHFW VDXLQGLUHFW
0RELOXOúLVFRSXOQXVXQWHOHPHQWHFRQVWLWXWLYHDOHLQIUDF LXQLL
)RUPH6DQF LXQL
)RUPH ,QIUDF LXQHD HVWH VXVFHSWLELO GH D IL V YkUúLW vQ WRDWH IRUPHOH
LPSHUIHFWHvQV OHJHDQXSHGHSVHúWHQLFLDFWHOHSUHSDUDWRULLúLQLFLWHQWDWLYD
,QIUDF LXQHD VH FRQVXP SULQ QHSUH]HQWDUHD WkQ UXOXL OD FKHPDUHD RUJDQHORU
PLOLWDUHI U DMXVWLILFDvQYUHXQPRGDFHDVW OLSV
6DQF LXQL ,QIUDF LXQHD GH VXVWUDJHUH GH OD UHFUXWDUH VH SHGHSVHúWH FX
vQFKLVRDUHGHODXQXODDQL
1(35(=(17$5($/$Ì1&25325$5(6$8/$&21&(175$5(
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDOvOFRQVWLWXLHUHOD LLOHVRFLDOHUHIHULWRDUHODFDSDFLWDWHD
GHDS UDUHD ULL2ELHFWXOPDWHULDO$FHDVW LQIUDF LXQHQXDUHRELHFWPDWHULDO
6XELHF LLLQIUDF LXQLL
6XELHFW DFWLY QHPLMORFLW SRDWH IL QXPDL XQ FHW HDQ URPkQ FDUH D vPSOLQLW
YkUVWDGHGHDQLúLFDUHSRWULYLWOHJLLvQGHSOLQHúWHúLFHOHODOWHFRQGL LLSHQWUXD
H[HFXWD VHUYLFLXO PLOLWDU ÌQ DFHVW VHQV VD GHFLV F QX H[LVW DFHDVW LQIUDF LXQH
GDF ODWHUPHQXOFkQGWUHEXLDV VHSUH]LQWHODvQFRUSRUDUHLQFXOSDWXODYHDDQL
úLOXQLDVWIHOF QXvQGHSOLQHDFRQGL LDGHYkUVW FHUXW GHOHJHSHQWUXDILVXELHFW
DFWLYDOLQIUDF LXQLLSUHY ]XW vQDUWDOLQ&SHQÌQFDOLWDWHGHVXELHF L
DFWLYL DL DFHVWHL LQIUDF LXQL SRW IL úL UH]HUYLúWLL IRU HORU DUPDWH FDUH SRW IL
FRQFHQWUD LVDXPRELOL]D L,QIUDF LXQHDV YkUúLQGXVHLQSHUVRQDSURSULDQXSRDWH
IL FRPLV VXE IRUPD FRDXWRUDWXOXL GDU HVWH VXVFHSWLELO GH SDUWLFLSD LH vQ IRUPD
LQVWLJ ULLRULFRPSOLFLW LL
6XELHFWXOSDVLYHVWHVWDWXOFDWLWXODUDOYDORULLVRFLDOHFDUHHVWHFDSDFLWDWHDGH
DS UDUHD ULL
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO VH UHDOL]HD] SULQ QHSUH]HQWDUHD OD vQFRUSRUDUH VDX OD
FRQFHQWUDUH vQ WHUPHQXO SUHFL]DW vQ RUGLQ 3UH]HQWDUHD vQ FXUVXO DFHOHLDúL ]LOH FX
vQWkU]LHUH GH FkWHYD RUH vQ WLPSXO SURJUDPXOXL GH OXFUX QX YD DWUDJH DSOLFDUHD
GLVSR]L LLORU GLQ DUW DOLQ & SHQ 3HQWUX FHL DIOD L vQ VWU LQ WDWH
WHUPHQXOGHSUH]HQWDUHVHSUHOXQJHúWHFX]LOH&HULQ DHVHQ LDO SHQWUXH[LVWHQ D
LQIUDF LXQLL HVWH DFHHD FD IDSWDV VHFRPLW vQWLPSGHPRELOL]DUHVDXvQWLPSGH
U ]ERL
8UPDUHDLPHGLDW DLQIUDF LXQLLFRQVW vQFUHDUHDXQHLVW ULGHSHULFROSHQWUX
FDSDFLWDWHDGHDS UDUHD ULL
/HJ WXUDGHFDX]DOLWDWHUH]XOW H[UH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH ,QIUDF LXQHD VH FRPLWH FX LQWHQ LH D F UHL H[LVWHQ VH
SUH]XP 0RELOXOúLVFRSXOQXVXQWHOHPHQWHFRQVWLWXWLYHDOHLQIUDF LXQLL
)RUPH6DQF LXQL
)RUPH /D DFHDVW LQIUDF LXQH QX VXQW SRVLELOH DFWHOH GH SUHJ WLUH VDX
WHQWDWLYD ILLQG YRUED GH R LQIUDF LXQH RPLVLY SXU ,QIUDF LXQHD VH FRQVXP OD
vPSOLQLUHDWHUPHQXOXLDU WDWGHOHJHVDXIL[DWGHDXWRULWDWHDPLOLWDU
6DQF LXQL3HGHDSVDHVWHvQFKLVRDUHDGHODODDQL
$F LXQHD SHQDO SHQWUX DFHDVW LQIUDF LXQH VH SXQH vQ PLúFDUH QXPDL OD
VHVL]DUHDFRPDQGDQWXOXL
&6- V PLO GHF QU vQ 6 &ULúX ( &ULúX RS FLW S ÌQ DFHODúL VHQV 1 &RQHD
,QIUDF LXQHDGHQHSUH]HQWDUHODvQFRUSRUDUHVDXFRQFHQWUDUHvQÄ'UHSWXO´QUS
*$QWRQLX&%XODL3UDFWLFDMXGLFLDU SHQDO YRO,,,S
7,7/8/;,,
,1)5$& ,81,&2175$3 &,,ù,20(1,5,,
3523$*$1'$3(17585 =%2,
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO LQIUDF LXQLL vO FRQVWLWXLH UHOD LLOH VRFLDOH FDUH
DVLJXU IRUPDUHDúLPHQ LQHUHDXQXLFOLPDWGHSDFHvQWUH5RPkQLDúLWHU HVWDWH
,QIUDF LXQHD DUH FD RELHFW PDWHULDO VXSRUWXO SH FDUH HVWH vQUHJLVWUDW
LQIRUPD LD IDOV ± ]LDU DILú EDQG YLGHR DXGLR HWF ± GDU QX YD DYHD RELHFW
PDWHULDOvQLSRWH]DU VSkQGLULLLQIRUPD LHLSHFDOHRUDO
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU DO LQIUDF LXQLL QX HVWH FDOLILFDW HO SRDWH IL
GHFLFHW HDQURPkQVDXVWU LQDSDWULGGRPLFLOLDWvQ5RPkQLDRULvQVWU LQ WDWH
6XELHFW DFWLY DO LQIUDF LXQLL SRDWH IL úL SHUVRDQD MXULGLF vQ FRQGL LLOH úL FX
OLPLW ULOHSUHY ]XWHvQDUWGLQ&SHQ
3DUWLFLSD LD SHQDO HVWH SRVLELO vQ WRDWH IRUPHOH DFHVWHLD ± FRDXWRUDW
LQVWLJDUHFRPSOLFLWDWH
6XELHFWXO SDVLY HVWH VWDWXO GHRDUHFH SULQ DF LXQLOH LQFULPLQDWH VH WLQGH D
GHWHUPLQD5RPkQLDV LQWUHvQWURUHOD LHGHEHOLJHUDQ
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO HVWH FRQVWLWXLW GLQ DF LXQL GH U VSkQGLUH GLIX]DUH
SURSDJDUHDXQRULQIRUPD LLIDOVHSULQRULFHPLMORDFH
&HULQ DHVHQ LDO SHQWUXUHDOL]DUHDLQIUDF LXQLLHVWHFDIDSWDV ILHGHQDWXU D
SURYRFDXQU ]ERL
8UPDUHD LPHGLDW FRQVW vQ FUHDUHD XQHL VW UL SULPHMGLRDVH SHQWUX VWDWXO
URPkQH[SXVODRFRQIUXQWDUHPLOLWDU 7H[WXOQXFHUHSHQWUXH[LVWHQ DLQIUDF LXQLL
FDIDSWDV ILHXUPDW GHXQUH]XOWDWUHVSHFWLYGHGHFODUDUHDXQXLU ]ERL
5DSRUWXOGHFDX]DOLWDWHUH]XOW GLQvQV úLPDWHULDOLWDWHDIDSWHORU±H[UH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH ,QIUDF LXQHD LQFULPLQDW vQ DUW VH V YkUúHúWH FX
LQWHQ LHGLUHFW úLFDOLILFDW vQWUXFkWvQVXPHD] úLHOHPHQWXOVFRS,DUDFHVWVFRS
VWULFWGHWHUPLQDWGHOHJLXLWRUHVWHGHDSURYRFDXQU ]ERL
0RELOXOQXSUH]LQW LPSRUWDQ SHQWUXUHDOL]DUHDLQIUDF LXQLL
)RUPH6DQF LXQL
)RUPH 7HQWDWLYD VH SHGHSVHúWH &RQVXPDUHD LQIUDF LXQLL VXUYLQH
LQVWDQWDQHX OD PRPHQWXO GLIX] ULL SULPHL LQIRUPD LL IDOVH PRPHQW GLQ FDUH VH
QDúWHSHULFROXOL]EXFQLULLXQXLFRQIOLFWDUPDW
6DQF LXQL 7H[WXO SUHYHGH R SHGHDSV FX vQFKLVRDUH GH OD OD DQL úL
LQWHU]LFHUHDXQRUGUHSWXUL
*(12&,'8/
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDODOLQIUDF LXQLLGHJHQRFLGHVWHFRPSOH[$FHVWDDSDUH
FRQVWLWXLW SH GH R SDUWH GLQ UHOD LLOH VRFLDOH FDUH VXQW FRQGL LRQDWH GH DS UDUHD
H[LVWHQ HL úL VHFXULW LL FROHFWLYLW LORU úL D JUXSXULORU GHWHUPLQDWH SH FULWHULL GH
QD LRQDOLWDWHHWQLFHUDVLDOHVDXUHOLJLRDVHSHGHDOW SDUWHVXQWLPSOLFDWHUHOD LLOH
VRFLDOHSULYLQGYLD DV Q WDWHDLQWHJULWDWHDIL]LF úLSVLKLF DPHPEULORUDSDU LQkQG
FROHFWLYLW LORUFLUFXPVWDQ LDWHGHWH[W
ÌQWURvQFHUFDUHGHGHILQLUHDJHQRFLGXOXLVDDILUPDWF DFHVWDHVWHÄIDSWD
V YkUúLW GH XQ JUXS RUJDQL]DW GH SHUVRDQH SULQ PLMORDFH FX LQWHQ LD úL PRELOXO
SUHY ]XWH vQ OHJH vPSRWULYD XQXLD VDX PDL PXOWRU PHPEUL DL FROHFWLYLW LORU VDX
JUXS ULORU IRUPDWH SH FULWHULL GH QD LRQDOLWDWH HWQLH UDV VDX UHOLJLH SULQ FDUH VH
WLQGHúLVHXUP UHúWHGLVWUXJHUHDIL]LF ELRORJLF VDXFXOWXUDO WRWDO VDXSDU LDO D
DFHVWRUFRPXQLW LXPDQH´
2ELHFWXO PDWHULDO HVWH UHSUH]HQWDW GH FRUSXO SHUVRDQHORU DVXSUD F URUD VH
H[HFXW DFWLYLWDWHDLOLFLW
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU 7H[WXO LQFULPLQDWRU QX SUHWLQGH FD
I SWXLWRUXO V DLE R DQXPLW FDOLWDWH D VH YHGHD &RPHQWDULXO GLQ SUHDPEXOXO
FDSLWROXOXL
6XELHFW DFWLY DO LQIUDF LXQLL SRDWH IL úL SHUVRDQD MXULGLF vQ FRQGL LLOH úL FX
OLPLW ULOHSUHY ]XWHvQDUWGLQ&SHQ3DUWLFLSD LDSHQDO HVWHSRVLELO vQWRDWH
IRUPHOHDFHVWHLD±FRDXWRUDWLQVWLJDUHFRPSOLFLWDWH
6XELHF LLSDVLYLSULQFLSDOLVXQWVWDWXO±FDUHSUH]HQWDQWDOVRFLHW LLDIHFWDWH±
úL FRPXQLWDWHD LQWHUQD LRQDO D SRSRDUHORU LDU VXELHF L SDVLYL VHFXQGDUL VXQW
FROHFWLYLW LOH VDX JUXSXULOH GH SHUVRDQH vPSRWULYD F URUD VH vQGUHDSW DF LXQLOH
RSULPDWRDUH
6XELHFWXOSDVLYVHFXQGDUHVWHvQUHJXO JHQHUDO SOXUDOQXVHH[FOXGHvQV
QLFL LSRWH]D FD VXELHFWXO SDVLY VHFXQGDU V ILH R VLQJXU SHUVRDQ DWXQFL FkQG VH
GRYHGHúWHF LQWHQ LDVXELHF LORUDFWLYLDIRVWGHDGLVWUXJHFROHFWLYLWDWHDVDXJUXSXO
GLQFDUHDI FXWSDUWHDFHDXQLF YLFWLP XFLV U QLW VWHULOL]DW HWF
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO HVWH IRUPDW GLQ DF LXQL OLPLWDWLY HQXQ DWH vQ WH[WXO
LQFULPLQDWRUDF LXQLSULQFDUHVHWLQGHODGLVWUXJHUHDDFHORUFROHFWLYLW LRULJUXSXUL
SURVFULVH
7H[WXODUW&SHQUHJOHPHQWHD] GRX PRGDOLW LQRUPDWLYHDF LXQLSULQ
FDUH VH WLQGH OD H[WHUPLQDUHD XQHL FROHFWLYLW L RUL XQXL JUXS ± vQ DOLQ ± úL
DF LXQL GH SXQHUH vQ DFRUG D GRX VDX PDL PXOWRU SHUVRDQH vQ YHGHUHD H[HFXW ULL
XQHLDGLQWUHDF LXQLOHSUHY ]XWHvQDOLQHDWXOSUHFHGHQW±vQDOLQ
3HQWUX SULPD PRGDOLWDWH QRUPDWLY HVWH SUHY ]XW R PRGDOLWDWH DJUDYDW vQ
DOLQ LQFLGHQW vQ LSRWH]D F LQIUDF LXQHD GH JHQRFLG HVWH V YkUúLW vQWLPSGH
U ]ERL
0RGDOLWDWHDUHJOHPHQWDW vQDOLQ
*KHRUJKH'LDFRQHVFX*HQRFLGXO(GLWXUD0LOLWDU %XFXUHúWLS
D 8FLGHUHD PHPEULORU (VWH IDSWD SULQ FDUH VH VXSULP YLD D XQHL SHUVRDQH
DUW & SHQ úL HD SRDWH IL HIHFWXDW SULQ DFWH FRPLVLYH DGPLQLVWUDUHD XQRU
RWU YXUL VWUDQJXODUH RUL SULQ DFWH RPLVLYH DEDQGRQDUHD YLFWLPHL vQWUXQ ORF
QHFLUFXODWúLODRWHPSHUDWXU VF ]XW SULQDF LXQLGLUHFWHDVXSUDVXELHFWXOXLSDVLY
vPSXúFDUH vQMXQJKLHUH RUL LQGLUHFWH IRORVLUHD XQXL H[SOR]LELO FX GHWRQDUHD
FRQWURODW
E 9 W PDUHD JUDY D LQWHJULW LL IL]LFH VDX PLQWDOH D PHPEULORU $LGRPD
RPRUXOXL úL DFHDVW IDSW SRDWH IL V YkUúLW SULQ DFWH FRPLVLYH VDX RPLVLYH SULQ
DF LXQL GLUHFWH VDX LQGLUHFWH DVXSUD SHUVRDQHL úL DUH GUHSW FRQVHFLQ SURGXFHUHD
XQRU UH]XOWDWH SDUWLFXODUL]DWH ILH GH GXUDWD vQJULMLULORU PHGLFDOH ILH GH QDWXUD
GHRVHELW DY W P ULORUDUW&SHQ
F 6XSXQHUHD FROHFWLYLW LORU RUL JUXSXULORU OD FRQGL LL GH H[LVWHQ VDX
WUDWDPHQWHGHQDWXU V GXF ODGLVWUXJHUHDIL]LF $VWIHOGHDF LXQLVHvQI SWXLHVF
SULQ PHWRGH úL F L DSDUHQW QHYLROHQWH UHVSHFWLY SULQ ÄFUHDUHD´ GH FRQGL LL WRWDO
LPSURSULLYLH XLULLRULSULQREOLJDUHDFROHFWLYLW LORUGLVLGHQWHODDQXPLWHWUDWDPHQWH
FDUHGHWHUPLQ vQV LQHOXFWDELOvQWUXQLQWHUYDOPDLOXQJVDXPDLVFXUWGHFHVXORUL
SLHUGHUHD V Q W LL SHUVRDQHORU D F URU SLHLUH VD YRLW &X WLWOX H[HPSOLILFDWLY
vQIRPHWDUHDVDXKU QLUHDFXDOLPHQWHQHV Q WRDVHQHDVLJXUDUHDFRQGL LLORUPLQLPH
GH vQF O]LUH LOXPLQDUH VDX VDOXEULWDWH D ORFXLQ HORU FkW úL D vPEU F PLQWHL
FRUHVSXQ] WRDUH FOLPHL VXSXQHUHD OD PXQFL H[WHQXDQWH QHDFRUGDUHD DVLVWHQ HL
PHGLFDOH QHFHVDUH RUL IRORVLUHD FD PDWHULDO YLX OD HIHFWXDUHD XQRU H[SHULHQ H
PHGLFDOH
G/XDUHDGHP VXULWLQ]kQGODvPSLHGLFDUHDQDúWHULORUvQVkQXOFROHFWLYLW LL
VDX JUXSXOXL 3ULQ DVWIHO GH P VXUL D F URU ILQDOLWDWH HVWH GLVWUXJHUHD WUHSWDW SH
WHUPHQOXQJDXQHLFROHFWLYLW LXPDQHVHYL]HD] VXSULPDUHDQDWDOLW LLvQO XQWUXO
DFHOHL FROHFWLYLW L ± ÄJHQRFLGXO ELRORJLF´ 'LQWUH SUDFWLFLOH GH DFHVW JHQ SRW IL
DPLQWLWH DF LXQL VLVWHPDWLFH GH VWHULOL]DUH D IHPHLORU RUL GH IRU DUH D DFHVWRUD OD
DYRUWGHFDVWUDUHDE UED LORUGHvPSLHGLFDUHDFXSOXULORUV FRQYLH XLDVF úD
H 7UDQVIHUDUHD IRU DW D FRSLLORU DSDU LQkQG XQRU FROHFWLYLW L vQ DOWH
FROHFWLYLW L $F LXQLOH LQFULPLQDWH vQ DFHDVW YDULDQW ± ÄJHQRFLGXO FXOWXUDO´ ± VH
SDUWLFXODUL]HD] SULQFDUDFWHUXOÄIRU DW´DOWUDQVIHUXOXL±SRWULYQLFYRLQ HLFRSLLORU
S ULQ LORU úL HQWLW LL XPDQH GH FDUH DSDU LQ ± SULQ FDUDFWHUXO ÄREOLJDWRULX´ DO
GHVWLQD LHL±vQDOW HQWLWDWHRPHQHDVF GHFkWDFHHDGLQFDUHIDFSDUWHOHJLWLPFRSLLL
± úL SULQ FDUDFWHUXO ÄFRQWLQXX´ DO VW ULL QRX FUHDWH DFHVWRUD ± SHUPDQHQWL]DUHD
GLVORF ULL SH R SHULRDG GH WLPS ÄQHFHVDU ´ RUL GHILQLWLY D FRSLLORU ± SUHFXP úL
SULQVFRSXOXUP ULWGHVXELHF LLDFWLYL±GHFXSODUHSkQ ODUXSHUHDUHOD LLORUWLQHUHL
JHQHUD LL FX DQWHFHVRULL HL QD LRQDOL HWQLFL UDVLDOL VDX UHOLJLRúL SHQWUX D GLVWUXJH
FRPXQLWDWHDúLFRQWLQXLWDWHDYLH LLORUVSLULWXDOH
ÌQ PRGDOLWDWHD QRUPDWLY SUHY ]XW vQ DOLQ HOHPHQWXO PDWHULDO FRQVW
vQWURDF LXQHGHDOLQLHUHDYRLQ HLSDUWLFLSDQ LORUvQYHGHUHDV YkUúLULLLQIUDF LXQLL
UHJOHPHQWDWH vQ DOLQ $VWIHO GH DF LXQL DX FDUDFWHUXO GH DFWH SUHJ WLWRDUH GDU
GLQFDX]DSHULFROXOXLORUVRFLDOPDMRUDXIRVWLQFULPLQDWHSULQYRLQ DOHJLXLWRUXOXL
FDLQIUDF LXQHDXWRQRP
8UPDUHDLPHGLDW FRQVW vQWUXQSODQJHQHUDOvQFUHDUHDXQHLVW ULGHSHULFRO
VRFLDO SHQWUX H[LVWHQ D FRPXQLW LORU QD LRQDOH HWQLFH UDVLDOH VDX UHOLJLRDVH LDU
vQWUXQ SODQ DSURSLDW vQ SURGXFHUHD Y W P ULORU VXV GHVFULVH YLFWLPHORU ILHF UHLD
GLQDF LXQLOHUHVSHFWLYH
ÌQWUH GLYHUVHOH DF LXQL GLQ FRPSXQHUHD HOHPHQWXOXL PDWHULDO úL XUPDUHD
LPHGLDW WUHEXLHV H[LVWHROHJ WXU GHFDX]DOLWDWH$FHDVWDUH]XOW H[UHGHRDUHFH
SULQ vQWUHSULQGHUHD RULF UHLD GLQWUH DF LXQLOH LQFULPLQDWH VH QDúWH R VWDUH
SULPHMGLRDV SHQWUXFRPXQLW LOHXPDQHPHQ LRQDWH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH ,QIUDF LXQHD GH JHQRFLG VH V YkUúHúWH H[FOXVLY FX
LQWHQ LH GLUHFW úL QX QXPDL DWkW FX LQWHQ LH FDOLILFDW GHRDUHFH vQVXPHD] úL
HOHPHQWXO VFRS FDUH HVWH DFHOD GH D GLVWUXJH vQ vQWUHJLPH VDX vQ SDUWH R
FROHFWLYLWDWHVDXXQJUXSQD LRQDOHWQLFUDVLDOVDXUHOLJLRV
(VWH LUHOHYDQW GDF VFRSXO D IRVW úL UHDOL]DW QHFHVDU úL VXILFLHQW ILLQG FD
VXELHFWXODFWLYV XUP UHDVF DFHVWVFRS
7H[WXO QX FHUH FD VXELHFWXO DFWLY V ILH DQLPDW GH XQ DQXPLW PRELO GDU vQ
UHJXO JHQHUDO LQIUDF LXQHD VH V YkUúHúWH ILH GLQ VHQWLPHQWXO GH XU Q VFXW GLQ
DGYHUVLW LQD LRQDOHHWQLFHUDVLDOHVDXUHOLJLRDVHILHvQFRQVLGHUDUHDXQXLLQWHUHV±
HFRQRPLF SROLWLF FXOWXUDO PLOLWDU HWF ± FHO PDL DGHVHD GLQ vPSOHWLUHD
UHVHQWLPHQWXOXLFXLQWHUHVXO
)RUPH6DQF LXQL
)RUPH 7HQWDWLYD VH VDQF LRQHD] SRWULYLW SUHYHGHULORU DUW DOLQ
&SHQ,QIUDF LXQHDGHJHQRFLGVHDIO vQID] GHWHQWDWLY vQVLWXD LDvQFDUHSODQXO
GHH[WHUPLQDUHDXQHLFROHFWLYLW LVDXXQXLJUXSDIRVWvQI SWXLWGDUvQFHUFDUHDGH
SXQHUHDDFHVWXLDvQDSOLFDUHDIRVWvQWUHUXSW RULDU PDVI U UH]XOWDWGLQPRWLYH
LQGHSHQGHQWHGHYRLQ DI SWXLWRUXOXL
&RQVXPDUHDLQIUDF LXQLLvQPRGDOLWDWHDQRUPDWLY GHODDOLQVXUYLQHvQ
PRPHQWXOHIHFWX ULLSULPXOXLDFWGHSXQHUHvQH[HFXWDUHDSODQXOXLGHGLVWUXJHUHD
HQWLW LORUXPDQHFLUFXPVWDQ LDWHGHWH[WSULQXQDGLQWUHDF LXQLOHOLPLWDWLYHQXQ DWH
vQDOLQDODUW&SHQLDUPRGDOLWDWHDSUHY ]XW vQDOLQvQPRPHQWXO
VXUYHQLULL DFRUGXOXL GH YRLQ vQWUH GRX VDX PDL PXOWH SHUVRDQH vQ YHGHUHD
V YkUúLULLLQIUDF LXQLLSUHY ]XWHvQDOLQ
6DQF LXQL,QIUDF LXQHDGHJHQRFLGvQPRGDOLWDWHDQRUPDWLY GHODDOLQ
VHVDQF LRQHD] DOWHUQDWLYFXSHGHDSVDGHWHQ LHLSHYLD VDXDvQFKLVRULLGHODOD
GHDQLúLLQWHU]LFHUHDXQRUGUHSWXULLDUvQPRGDOLWDWHDQRUPDWLY GHODDOLQ
FXSHGHDSVDvQFKLVRULLGHODODDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
3HUVRDQDMXULGLF VHVDQF LRQHD] DWkWODPRGDOLW LOHQRUPDWLYHVLPSOHFkWúL
ODPRGDOLWDWHDDJUDYDW FXSHGHDSVDDPHQ]LLFXSULQV vQWUHOHLúL
OHLSRWULYLWGLVSR]L LLORUDUWDOLQGLQ&SHQ
75$7$0(17(1(20(12$6(
2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO HVWH DOF WXLW GLQ UHOD LLOH VRFLDOH FDUH SULYHVF YLD D
V Q WDWHD LQWHJULWDWHD FRUSRUDO OLEHUWDWHD SHUVRDQHORU SUHFXP úL GLQ UHOD LLOH
UHIHULWRDUH OD GUHSWXO DFHVWRUD OD R MXGHFDW OHJDO 6XQW vQV LPSOLFDWH úL UHOD LLOH
VRFLDOHIRUPDWHSHED]DSULQFLSLLORUXPDQLVWHSUHFXPúLFHOHL]YRUkWHGLQUHJXOLOH
GHGXFHUHDU ]ERLXOXL
$GRXDLQIUDF LXQHvPSRWULYDS FLLúLRPHQLULL±WUDWDPHQWHQHRPHQRDVH±D
IRVW LQWURGXV vQ OHJHD SHQDO DXWRKWRQ FD XUPDUH D DGHU ULL 5RPkQLHL OD
&RQYHQ LLOHGHOD*HQHYDGLQDXJXVWSHQWUXDPHOLRUDUHDVRDUWHLU QL LORUúL
EROQDYLORUúLSHQWUXWUDWDPHQWXOSUL]RQLHULORUGHU ]ERL
3ULQWH[WXOLQFULPLQDWRUVHDFRUG GHFLSURWHF LHSHQDO SHUVRDQHORUDIODWHVXE
SXWHUHD DGYHUVDUXOXL ± PLOLWDUL VDX FLYLOL ± vPSRWULYD DF LXQLORU FX XUP UL JUDYH
DVXSUDYLH LLLQWHJULW LLFRUSRUDOHV Q W LLúLOLEHUW LLSUHFXPúLDVXSUDGUHSWXOXL
DFHVWRUDODRMXGHFDW OHJDO
'LQUHIHULUHDQRUPHLODÄSHUVRDQHF ]XWHVXESXWHUHDDGYHUVDUXOXL´GHFXUJH
FXXúXULQ FRQFOX]LDSRWULYLWF UHLDLQIUDF LXQHDSUHY ]XW vQDUW&SHQSRDWH
ILV YkUúLW QXPDLvQFRQWH[WXOXQXLFRQIOLFWDUPDWU ]ERLLQYDGDUHDWHULWRULXOXLGH
IRU HPLOLWDUHVDXSDUDPLOLWDUHHWFVWDUHDGHFRQIOLFWDUPDWGHYHQLQGDVWIHOVLWXD LH
SUHPLV vQVWUXFWXUDLQIUDF LXQLL
(VWHGHVHPQDODWúLUH LQXWF SUHYHGHULOHDUW&SHQFDOFKLD] vQEXQ
P VXU SUHYHGHULOHFDUHUHJOHPHQWHD] úLVDQF LRQHD] FULPHOHGHU ]ERL
2ELHFWXO PDWHULDO vO FRQVWLWXLH GH UHJXO FRUSXO SHUVRDQHL DVXSUD F UXLD VH
U VIUkQJHDF LXQHDLOLFLW
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLY7H[WXOQXFHUHFDI SWXLWRUXOV DLE RDQXPLW FDOLWDWHDVH
YHGHD&RPHQWDULXOGLQSUHDPEXOXOFDSLWROXOXL
6XELHFW DFWLY DO LQIUDF LXQLL SRDWH IL úL SHUVRDQD MXULGLF vQ FRQGL LLOH úL FX
OLPLW ULOHSUHY ]XWHvQDUWGLQ&SHQ
3DUWLFLSD LD SHQDO HVWH SRVLELO vQ WRDWH IRUPHOH DFHVWHLD ± FRDXWRUDW
LQVWLJDUHFRPSOLFLWDWH
6XELHFWXO SDVLY HVWH GHWHUPLQDW GH OHJH úL DQXPH DFHVWD IDFH SDUWH GLQ
XUP WRDUHOH VHJPHQWH GHOLPLWDWH GH WH[W U QL L EROQDYL PHPEULL SHUVRQDOXOXL
VDQLWDUFLYLORULDO&UXFLL5RúLLVDXDORUJDQL]D LLORUDVLPLODWHDFHVWHLDQDXIUDJLD L
SUL]RQLHULGHU ]ERLRULFHDOWHSHUVRDQHF ]XWHVXESXWHUHDDGYHUVDUXOXL
6XELHFWXOSDVLYvQUHJXO JHQHUDO HVWHSOXUDO
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO VH H[SULP SULQ DF LXQL vQ FHOH PDL QXPHURDVH FD]XUL
QRUPDWLYH DF LXQL vQGUHSWDWH GH DVHPHQHD vPSRWULYD SHUVRDQHORU F ]XWH VXE
SXWHUHDDGYHUVDUXOXL
ÌQPRGDOLWDWHDQRUPDWLY WLSUHJOHPHQWDW vQDOLQHOHPHQWXOPDWHULDOVH
H[SULP SULQ DF LXQL GH VXSXQHUH OD WUDWDPHQWH QHRPHQRDVH RUL OD H[SHULHQ H
PHGLFDOHVDXúWLLQ LILFHDSHUVRDQHORUDSDU LQkQGFDWHJRULLORUHQXQ DWHvQWH[W
7UDWDPHQWHOH QHRPHQRDVH SRW IL vQI SWXLWH SULQ DFWH FRPLVLYH ORYLUL
REOLJDUHD OD PXQFL H[WHQXDQWH vQ WLPS FUHDUHD GH FRQGL LL SUHFDUH GH KUDQ
vPEU F PLQWH FD]DUH HWF RUL DFWH RPLVLYH DEVHQ D DVLVWHQ HL PHGLFDOH D
FRQGL LLORU HOHPHQWDUH GH LJLHQ LDU DFHVWHD VXQW JUHX GH VXSRUWDW IL]LF úL
XPLOLWRDUHGLQSXQFWGHYHGHUHPRUDO
ÌQ D GRXD WH] D SULPHL PRGDOLW L QRUPDWLYH HVWH LQFULPLQDW DF LXQHD GH
VXSXQHUHDVXELHF LORUSDVLYLODH[SHULHQ HPHGLFDOHVDXúWLLQ LILFH$úDGDUI U DIL
MXVWLILFDW GHXQWUDWDPHQWPHGLFDOvQIRORVXOYLFWLPHORUFRUSXODFHVWRUDHVWHIRORVLW
FD PDWHULDO YLX OD HIHFWXDUHD XQRU H[SHULHQ H SUDFWLF QHvQJ GXLW QLFL GDF VDU
GHPRQVWUDXWLOLWDWHDORUSHQWUXGH]YROWDUHDúWLLQ HL
ÌQ PRGDOLWDWHD QRUPDWLY GHVFULV vQ DOLQ VXQW UHJOHPHQWDWH PDL PXOWH
WLSXULYDULDQWHGHDF LXQL
&RQVWUkQJHUHDGHDVHUYLvQIRU HOHDUPDWHDOHDGYHUVDUXOXL
2EOLJDUHDXQHLSHUVRDQHGHDVHUYLvQIRU HOHDUPDWHDOHDGYHUVDUXOXLSRDWHIL
UHDOL]DW DWkWSULQDF LXQLGHFRQVWUkQJHUHIL]LF FkWúLSULQDF LXQLGHFRQVWUkQJHUH
PRUDO 1X SUH]LQW UHOHYDQ GDF VHUYLFLXO HVWH SUHVWDW vQ FDOLWDWH GH PLOLWDUVDX
FLYLO GDF XQLWDWHD EHQHILFLDU D VHUYLFLXOXL HVWH FRPEDWDQW VDX QHFRPEDWDQW úL
QLFLGDF VHUYLFLXOHVWHUHWULEXLWVDXQX8QLFDFHULQ HVWHFDSHUVRDQDV ILHVLOLW D
SUHVWDVHUYLFLXOvQIRU HOHDUPDWHDGYHUVHDGLF vQFRQWUDYRLQ HLDFHVWHLD
/XDUHD GH RVWDWLFL FRQVW vQ DF LXQHD GH D OLSVL GH OLEHUWDWH IL]LF XQ QXP U
QHGHWHUPLQDW GH SHUVRDQH vQ VFRSXO H[HUFLW ULL XQRU SUHVLXQL DO RE LQHULL XQRU
9DVLOH&UH X'UHSWLQWHUQD LRQDOSXEOLF(GLWXUD)XQGD LHL5RPkQLDGH0kLQH%XFXUHúWLSúLXUP
JDUDQ LL VDX DO UHDOL] ULL XQRU DOWH LQWHUHVH 6XQW LUHOHYDQWH SHQWUX UHDOL]DUHD
LQIUDF LXQLL FRQGL LLOH GH GH LQHUH ± SRW IL FKLDU FRQIRUWDELOH ± GXUDWD UHFOX]LXQLLVDX
QXP UXOFHORURSULPD L±VXILFLHQWúLXQLQGLYLG'HDVHPHQHDHVWHOLSVLWGHLPSRUWDQ
GDF VDXH[HUFLWDWVDXQXSUHVLXQLSHQWUXVDWLVIDFHUHDDQXPLWRULQWHUHVH(VHQ LDOHVWH
FDDF LXQHDGHOXDUHGHRVWDWLFLV ILHSXUWDW vQVFRSXULOHVXVPHQ LRQDWH
'HSRUWDUH'LVORFDUH/LSVLUHGHOLEHUWDWHI U WHPHLOHJDO
'HSRUWDUH $F LXQHD GH GHSODVDUH IRU DW D SHUVRDQHORU F ]XWH VXE SXWHUHD
DGYHUVDUXOXLGHSHWHULWRULXOXQGHVHDIODXSHXQDOWWHULWRULXFRQWURODWGHLQDPLF
'LVORFDUH $F LXQHD GH GHSODVDUH IRU DW D XQRU SHUVRDQH GLQ ORFDOLW LOH GH
GRPLFLOLX vQ DOWH ORFDOLW L VLWXDWH vQV ± vQ GHRVHELUH GH GHSRUWDUH ± SH WHULWRULXO
VWDWXOXLF UXLDvLDSDU LQ
/LSVLUH GH OLEHUWDWH I U WHPHL OHJDO 6H vQ HOHJH DFHD GLYHUVLWDWH GH P VXUL
SULQ FDUH HVWH vQJU GLW OLEHUWDWHD GH PLúFDUH D SHUVRDQHORU ± LQWHUQDUH vQ ODJ UH
LQWHUGLF LDGHDS U VLORFXLQ DVDXORFDOLWDWHDúD7H[WXOSUHWLQGHvQV FDGLVSR]L LD
V ILH OXDW I U WHPHL OHJDO DGLF vQ GLVSUH XO OHJLVOD LHL vQ YLJRDUH SH WHULWRULXO
XQGHVHSXQvQH[HFXWDUHDVWIHOGHP VXUL
3ULQ DVWIHO GH DF LXQL UHSUHVLYH VH UHVWUkQJH SkQ OD DQXODUH GUHSWXO
IXQGDPHQWDOODOLEHUWDWHDGHPLúFDUHDOXQRUSHUVRDQHGLQWHULWRULXORFXSDW$LGRPD
YDULDQWHLDQWHULRDUHQLFLvQDFHVWHLSRVWD]HQXVXQWUHOHYDQWHFRQGL LLOHGHYLD GH
FDUHGLVSXQSHUVRDQHOHGHSRUWDWHGLVORFDWHRULOLSVLWHGHOLEHUWDWHGXUDWDP VXULORU
VDXQXP UXOLQGLYL]LORUDVXSUL L
8OWLPDLSRWH] GHLQFULPLQDUHGLQPRGDOLWDWHDQRUPDWLY UHJOHPHQWDW vQDOLQ
DOWH[WXOXLFRQVW vQDF LXQHDGHFRQGDPQDUHDXQHLSHUVRDQHRULGHH[HFX LHD
DFHVWHLDI U RMXGHFDW HIHFWXDW GHRLQVWDQ FRQVWLWXLW OHJDOúLFDUHV ILMXGHFDW
FXUHVSHFWDUHDJDUDQ LLORUIXQGDPHQWDOHSUHY ]XWHGHOHJH
3ULQ LQVWDQ FRQVWLWXLW OHJDO VH vQ HOHJH DFHD DXWRULWDWH MXGHF WRUHDVF
SUHY ]XW úLFRPSXV SRWULYLWOHJLLvQYLJRDUHSHDFHOWHULWRULX*DUDQ LLOHMXGLFLDUH
IXQGDPHQWDOH VXQW IRUPDWH GLQ FRPSOH[XO GH UHJXOL úL SULQFLSLL ± GH DVHPHQHD
SUHY ]XWHGHOHJLOHvQYLJRDUHSHWHULWRULXORFXSDW±FHDVLJXU RMXGHFDW GUHDSW úL
OHJDO GLQWUHFDUHFXUROXULúLIXQF LLSUHHPLQHQWHFLW POHJDOLWDWHDúLRILFLDOLWDWHD
SURFHVXOXL SHQDO DIODUHD DGHY UXOXL JDUDQWDUHD GUHSWXOXL GH DS UDUH JDUDQWDUHD
OLEHUW LLSHUVRDQHLUHVSHFWDUHDGHPQLW LLXPDQH
0RGDOLW LQRUPDWLYHDJUDYDWH
ÌQSULPDPRGDOLWDWHDJUDYDW ±UHJOHPHQWDW vQDOLQ±HOHPHQWXOPDWHULDO
FRQVW vQWURDF LXQHGHWRUWXUDUHPXWLODUHVDXH[WHUPLQDUH
$ GRXD PRGDOLWDWH QRUPDWLY ± SUHY ]XW vQ DOLQ ± DUH FD HOHPHQW
PDWHULDORULFDUHGLQWUHDF LXQLOHHQXQ DWHvQDUW&SHQvQLSRWH]DF DFHVWHDVH
FRPLWÄvQWLPSGHU ]ERL´
8UPDUHDLPHGLDW DRULF UHLDGLQWUHDF LXQLOHSULQFDUHVHH[SULP HOHPHQWXO
PDWHULDO FRQVW ± vQWUXQ SULP SODQ ± vQ FUHDUHD XQHL VW UL SULPHMGLRDVH SHQWUX
RPHQLUHÌQWUXQDOGRLOHDSODQXUPDUHDLPHGLDW UH]LG vQWURVXIHULQ SURYRFDW
LQGLYL]LORU±XFLGHUHY W PDUHFRUSRUDO VDXDV Q W LLOLSVLUHGHOLEHUWDWH
ÌQWUH DF LXQHDLQDF LXQHD DXWRUXOXL úL XUPDUHD LPHGLDW WUHEXLH V H[LVWH XQ
UDSRUWGHFDX]DOLWDWH
/DWXUDVXELHFWLY
)RUPD GH YLQRY LH ,QIUDF LXQHD GH WUDWDPHQWH QHRPHQRDVH VH V YkUúHúWH
H[FOXVLYFXLQWHQ LH±GLUHFW VDXLQGLUHFW
6FRSXOúLPRELOXOQXSUH]LQW LPSRUWDQ SHQWUXUHDOL]DUHDLQIUDF LXQLL
''S
)RUPH6DQF LXQL
)RUPH7HQWDWLYDODLQIUDF LXQHDGHWUDWDPHQWHQHRPHQRDVHVHSHGHSVHúWHGH
OHJH±DUW&SHQ
)DSWDU PkQHvQID] GHWHQWDWLY vQFD]XOvQFDUHSXWHUHDVWDWDO RULSXWHUHD
WHURULVW D HODERUDW SODQXO GH RSULPDUH D VHJPHQWHORU XPDQH HQXQ DWH vQ WH[W GDU
SXQHUHD DFHVWXLD vQ DSOLFDUH D IRVW vQWUHUXSW RUL D U PDV I U UH]XOWDW GLQ PRWLYH
LQGHSHQGHQWHGHYRLQ DI SWXLWRUXOXL
,QIUDF LXQHD VH FRQVXP vQ PRPHQWXO HIHFWX ULL SULPXOXL DFW GH SXQHUH vQ
H[HFXWDUH D SODQXOXL GH VXSXQHUH OD WUDWDPHQWH QHRPHQRDVH D SHUVRDQHORU F ]XWH
VXESXWHUHDDGYHUVDUXOXL
6DQF LXQL ,QIUDF LXQHD vQ IRUPD FRQVXPDW VH SHGHSVHúWH vQ PRGDOLW LOH
UHJOHPHQWDWHvQDOLQúLFXvQFKLVRDUHGHODODDQLúLLQWHU]LFHUHDXQRU
GUHSWXUL 3HQWUX PRGDOLWDWHD DJUDYDW SUHY ]XW vQ DOLQ SHGHDSVD HVWH
GHWHQ LXQHD SH YLD VDX vQFKLVRDUH GH OD OD GH DQL úL LQWHU]LFHUHD XQRU
GUHSWXULLDUSHQWUXDFHHDSUHY ]XW vQDOLQSHGHDSVDHVWHGHWHQ LDSHYLD
3HUVRDQDMXULGLF VHVDQF LRQHD] DWkWODPRGDOLW LOHQRUPDWLYHWLSFkWúLOD
FHOHDJUDYDWHFXSHGHDSVDDPHQ]LLFXSULQV vQWUHOHLúLOHLSRWULYLW
GLVSR]L LLORUDUWDOLQGLQ&SHQ
',6758*(5($81252%,(&7,9(ù,Ì168ù,5($8125%8185,
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDOvOFRQVWLWXLHUHOD LLOHVRFLDOHUHIHULWRDUHODRFURWLUHD
SH WLPS GH U ]ERL D RELHFWLYHORU úL EXQXULORU D F URU GLVWUXJHUH VDX vQVXúLUH
SUHMXGLFLD] JUDYFRPXQLW LOHXPDQH
2ELHFWXOPDWHULDOHVWHFRQVWLWXLWGLQ
±RELHFWLYHOHúLEXQXULOHGLVWUXVHHQXQ DWHvQDOLQOLWD±FUHVSHFWLY
FO GLULOH RULFDUH DOWH FRQVWUXF LL VDX QDYH FDUH VHUYHVF GH VSLWDOH PLMORDFHOH GH
WUDQVSRUW GH RULFH IHO DIHFWDWH XQXL VHUYLFLX VDQLWDU VDX GH &UXFH 5RúLH RUL DO
RUJDQL]D LLORU DVLPLODWH DFHVWHLD SHQWUX WUDQVSRUWXO U QL LORU EROQDYLORU
PDWHULDOHORUVDQLWDUHVDXDOPDWHULDOHORU&UXFLL5RúLLRULDOHRUJDQL]D LLORUDVLPLODWH
DFHVWHLDGHSR]LWHOHGHPDWHULDOHVDQLWDUH
±EXQXULOHvQVXúLWHFHHUDXGHVWLQDWHSHQWUXDMXWRUXORULvQJULMLUHDU QL LORUVDX
EROQDYLORUF ]X LVXESXWHUHDLQDPLFXOXL
±RULFDUHDOWHEXQXULGHFkWFHOHHQXQ DWHODOLWDúLEGLVWUXVHVDXvQVXúLWH
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU DO LQIUDF LXQLL QX HVWH FLUFXPVWDQ LDW GH
WH[WDFHVWDSRDWHILRULFHSHUVRDQ FLYLO VDXPLOLWDU
6XELHFW DFWLY SRDWH IL úL SHUVRDQD MXULGLF vQ FRQGL LLOH úL FX OLPLW ULOH
SUHY ]XWHvQDUWGLQ&SHQ
3DUWLFLSD LDHVWHSRVLELO vQWRDWHIRUPHOHDFHVWHLDFRDXWRUDWLQVWLJDUHFRPSOLFLWDWH
6XELHFWXOSDVLYSRDWHILvQUDSRUWFXDSDUWHQHQ DEXQXULORUGLVWUXVHVDXVXVWUDVH
VWDWXO&UXFHD5RúLHRULRUJDQL]D LLOHDVLPLODWHDFHVWHLDSHUVRDQHOHIL]LFHVDXMXULGLFH
/DWXUDRELHFWLY
(OHPHQWXOPDWHULDOVHH[SULP SULQGRX WLSXULGHDF LXQL±GLVWUXJHUHVDXvQVXúLUH
&RQFHSWXO GLVWUXJHUH DUH vQ HOHVXO H[SOLFDW OD LQIUDF LXQHD SUHY ]XW GH
DUW LDU FRQFHSWXO vQVXúLUH VXE RULFH IRUP DUH vQ HOHVXULOH H[SOLFDWH OD
LQIUDF LXQLOHSUHY ]XWHvQDUWúL
&HULQ H HVHQ LDOH ÌQ FD]XO RELHFWLYHORU VDX EXQXULORU GLVWUXVH HQXQ DWH vQ
DOLQ VH FHUH FD DFHVWHD V SRDUWH VHPQHOHGLVWLQFWLYH UHJOHPHQWDUH ÌQ DEVHQ D
DFHVWRUVHPQHIDSWDYDSXWHDFRQVWLWXLLQIUDF LXQHDSUHY ]XW vQDOLQ
ÌQFD]XOEXQXULORUvQVXúLWHSUHY ]XWHvQDOLQVHFHUHFDDF LXQHDV QXILH
MXVWLILFDW GH R QHFHVLWDWH PLOLWDU ÌQ OLWHUDWXUD GH VSHFLDOLWDWH VD H[SOLFDW
FRQ LQXWXOVLQWDJPHLÄQHFHVLWDWHPLOLWDU ´FDILLQGDFHDVLWXD LHVDXvPSUHMXUDUHvQ
FDUH SRWULYLW OHJLORU U ]ERLXOXL úL X]DQ HORU XQDQLP DFFHSWDWH SRW IL V YkUúLWH
DF LXQLFDUHvQPRGRELúQXLWVXQWLQFULPLQDWHGHOHJH
ÌQ FD]XO YDULDQWHL UHJOHPHQWDWH vQ DOLQ HVWH QHFHVDU vQGHSOLQLUHD
FXPXODWLY D GRX FRQGL LL IDSWD V QX ILH MXVWLILFDW GH R QHFHVLWDWH PLOLWDU úL
EXQXULOHGLVWUXVHVDXvQVXúLWHV ILHvQSURSRU LLPDUL
8UPDUHD LPHGLDW FRQVW vQ DSDUL LD XQHL VW UL GH SHULFRO SHQWUX YDORULOH
VRFLDOH RFURWLWH GH WH[WXO LQFULPLQDWRU SHULFRO FH GHFXUJH GLQ UH]XOWDWHOH
Y W P WRDUHSURGXVHSULQDF LXQLOHGHGLVWUXJHUHúLvQVXúLUH
/HJ WXUDGHFDX]DOLWDWHUH]XOW GHUHJXO GLQvQV úLPDWHULDOLWDWHDIDSWHORU±H[UH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LHFXFDUHVHV YkUúHúWHLQIUDF LXQHHVWHLQWHQ LDvQDPEHOH
PRGDOLW L±GLUHFW VDXLQGLUHFW
0RELOXO úL VFRSXO QX SUH]LQW UHOHYDQ SHQWUX vQWUHJLUHD ODWXULL VXELHFWLYH
GDUGHDFHVWHHOHPHQWHVHSRDWH LQHVHDPDODLQGLYLGXDOL]DUHDSHGHSVHL
)RUPH6DQF LXQL
)RUPH7HQWDWLYDH[LVW FkQGDF LXQHDDIRVWSXV vQH[HFXWDUHGDUDFHDVWDD
IRVW vQWUHUXSW VDX D U PDV I U UH]XOWDW úL HVWH VDQF LRQDW SRWULYLW SUHYHGHULORU
DUWDOLQ
&RQVXPDUH LQIUDF LXQLL VXUYLQH vQ PRPHQWXO SURGXFHULL XUP ULL LPHGLDWH
DGLF DO FUH ULL VW ULL GH SHULFRO SHQWUX YDORULOH RFURWLWH GH WH[W úL DO SURYRF ULL
UH]XOWDWHORUS JXELWRDUH
6DQF LXQL7H[WXOSUHYHGHSHQWUXWRDWHPRGDOLW LOHQRUPDWLYHRVDQF LXQH
XQLF ±vQFKLVRDUHDGHODODGHDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
3HUVRDQDMXULGLF VHVDQF LRQHD] FXSHGHDSVDDPHQ]LLFXSULQV vQWUHOHL
úLOHLSRWULYLWGLVSR]L LLORUDUWDOLQGLQ&SHQ
',6758*(5($-()8,5($6$8Ì168ù,5($81259$/25,&8/785$/(
2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDOvOFRQVWLWXLHUHOD LLOHVRFLDOHUHIHULWRDUHODRFURWLUHD
SH WLPS GH U ]ERL D YDORULORU FDUH UHSUH]LQW FRQWULEX LD FXOWXUDO úWLLQ LILF úL
DUWLVWLF DILHF UHLFROHFWLYLW LODSURJUHVXORPHQLULL
2ELHFWXOPDWHULDOHVWHFRQVWLWXLWGLQYDORULOHFXOWXUDOHHQXQ DWHvQDOLQúL
úL DQXPH PRQXPHQWH VDX FRQVWUXF LL FDUH DX YDORDUH DUWLVWLF LVWRULF RUL
DUKHRORJLF PX]HH PDUL ELEOLRWHFL DUKLYH GH YDORDUH LVWRULF VDX úWLLQ LXILF
RSHUH GH DUW PDQXVFULVH F U L GH YDORDUH FROHF LL úWLLQ LILFH VDX FROHF LL
LPSRUWDQWH GH F U L DUKLYH RUL UHSURGXFHUL DOH EXQXULORU GH PDL VXV DOH RULF URU
YDORULFXOWXUDOHDOHSRSRDUHORU
5RGLFD0LKDHOD6W QRLXvQ9LQWLO 'RQJRUR]6LHJIULHG.DKDQH,RQ2DQFHD,RVLI)RGRU1LFROHWD,OLHVFX
&RQVWDQWLQ %XODL 5RGLFD 6W QRLX 9LFWRU 5RúFD ([SOLFD LL WHRUHWLFH DOH &RGXOXL SHQDO URPkQ YRO ,9 (GLWXUD
$FDGHPLHL5RPkQH%XFXUHúWLS
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLWDXWRUDOLQIUDF LXQLLHVWHQHFLUFXPVWDQ LDWGHWH[W
GHFLHOSRDWHILRULFHSHUVRDQ FLYLO VDXPLOLWDU
6XELHFW DFWLY SRDWH IL úL SHUVRDQD MXULGLF vQ FRQGL LLOH úL FX OLPLW ULOH
SUHY ]XWHvQDUWGLQ&SHQ
3DUWLFLSD LD HVWH SRVLELO vQ WRDWH IRUPHOH DFHVWHLD ± FRDXWSUDW LQVWLJDUH
FRPSOLFLWDWH
6XELHFWXO SDVLY SRDWH IL vQ UDSRUW FX DSDUHWHQHQ D YDORULORU GLVWUXVH MHIXLWH
VDX VXVWUDVH VWDWXO FHO PDL DGHVHD RULFDUH SHUVRDQ MXULGLF VDX IL]LF
SUHMXGLFLDW PRUDOVDXPDWHULDO
/DWXUDRELHFWLY
(OHPHQWXO PDWHULDO VH H[SULP SULQ DF LXQL GH GLVWUXJHUH MHIXLUH VDX
vQVXúLUH
3ULQMHIXLUHVHvQ HOHJHU SLUHDSULQYLROHQ DXQRUYDORULFXOWXUDOHGLQFHOH
HQXPHUDWHvQWH[WXOLQFULPLQDWRUFRPLV ODYHGHUHúLGHPDLPXO LI SWXLWRUL
3HQWUX vQ HOHVXO FRQFHSWHORU GLVWUXJHUH úL vQVXúLUH WULPLWHP OD H[SOLFD LLOH
GDWHODDQDOL]DLQIUDF LXQLORUSUHY ]XWHvQDUWUHVSHFWLYDUWúL
&HULQ H HVHQ LDOH 3HQWUX UHDOL]DUHD ODWXULL RELHFWLYH VH FHU vQGHSOLQLWH GRX
FHULQ HHVHQ LDOHDF LXQHDGHGLVWUXJHUHV QXILHMXVWLILFDW GHQHFHVLW LPLOLWDUHD
VHYHGHDH[SOLFD LLOHVLQWDJPHLODLQIUDF LXQHDSUHY ]XW vQDUW&SHQúLFD
DFHDDF LXQHV ILHvQWUHSULQV SHXQWHULWRULXDIODWVXERFXSD LHPLOLWDU
8UPDUHD LPHGLDW FRQVW vQ FUHDUHD XQHL VW UL GH SHULFRO SHQWUX VHFXULWDWHD
RPHQLULLVWDUHSURYRFDW GHSLHUGHUHDYDORULORUFXOWXUDOHGLVWUXVHMHIXLWHVDXvQVXúLWH
/HJ WXUD GH FDX]DOLWDWH UH]XOW vQ FRYkUúLWRDUHD PDMRULWDWH D FD]XULORU GLQ
vQV úLPDWHULDOLWDWHDIDSWHORU±H[UH
/DWXUDVXELHFWLY
)RUPDGHYLQRY LHVHH[SULP SULQLQWHQ LHvQDPEHOHIRUPHDOHDFHVWHLD±
GLUHFW VDXLQGLUHFW
0RELOXOúLVFRSXOQXDXUHOHYDQ vQUHDOL]DUHDLQIUDF LXQLLDFHVWHHOHPHQWH
SRWvQV DVHUYLvQSURFHVXOGHLQGLYLGXDOL]DUHDSHGHSVHL
)RUPH6DQF LXQL
)RUPH7HQWDWLYDLQIUDF LXQLLHVWHLQFULPLQDW vQDUWDOLQ&SHQ
&RQVXPDUHD LQIUDF LXQLL VXUYLQH vQ PRPHQWXO vQ FDUH XQD GLQWUH FHOH WUHL
DF LXQL ± GLVWUXJHUH MHIXLUH vQVXúLUH ± D IRVW ILQDOL]DW FX FRQVHFLQ D SURGXFHULL
XUP ULLLPHGLDWH
6DQF LXQL ,QIUDF LXQHD vQ RULFDUH GLQWUH PRGDOLW LOH HL QRUPDWLYH VH
SHGHSVHúWHFXvQFKLVRDUHDGHODODGHDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
3HUVRDQDMXULGLF VHVDQF LRQHD] FXSHGHDSVDDPHQ]LLFXSULQV vQWUHOHL
úLOHLSRWULYLWGLVSR]L LLORUDUWDOLQGLQ&SHQ
3RWULYLWDUW&SHQWHQWDWLYDLQIUDF LXQLORUSUHY ]XWHvQSUH]HQWXOWLWOXVH
SHGHSVHúWH LDU W LQXLUHD úL IDYRUL]DUHD SULYLWRDUH OD LQIUDF LXQLOH GLQ DFHVW WLWOX VH
SHGHSVHVFFXvQFKLVRDUHGHODODDQL
'HDVHPHQHDW LQXLUHDúLIDYRUL]DUHDV YkUúLWHGHVR VDXGHRUXG DSURSLDW
vQ FD]XO LQIUDF LXQLORU SUHY ]XWH vQ DUW úL DOLQ úL VH SHGHSVHVF
/LPLWHOHSHGHSVHLSUHY ]XWHvQDOLQVHUHGXFODMXP WDWHLDUvQFD]XOFHORUODOWH
LQIUDF LXQLW LQXLUHDúLIDYRUL]DUHDQXVHSHGHSVHVF
5RGLFD0LKDHOD6W QRLXRSFLWYRO,9S
7(67(*5,/
$XWRHYDOXDUH
,QIUDF LXQLOHGHWU GDUHDUWúL&SHQDXFDVXELHFWDFWLY
DQXPDLFHW HDQXOURPkQ
E FHW HDQXO URPkQ VDX SHUVRDQD I U FHW HQLH FDUH GRPLFLOLD] SH WHULWRULXO
VWDWXOXLURPkQ
F FHW HDQ VWU LQ VDX SHUVRDQD I U FHW HQLH FDUH QX GRPLFLOLD] SH WHULWRULXO
VWDWXOXLURPkQ
5 VSXQVFRUHFWOLWE
)RUPDGHYLQRY LHFXFDUHVHSRDWHFRPLWHLQIUDF LXQHDGHWU GDUHHVWH
DLQWHQ LDGLUHFW VDXLQGLUHFW
ELQWHQ LDLQGLUHFW
FLQWHQ LDGLUHFW
5 VSXQVFRUHFWOLWF
7U GDUHDSULQDMXWDUHDLQDPLFXOXLSRDWHILV YkUúLW QXPDL
DvQWLPSGHU ]ERL
EvQWLPSGHSDFH
FvQWLPSGHU ]ERLúLGHSDFH
5 VSXQVFRUHFWOLWD
)RUPD GH YLQRY LH FX FDUH VH SRDWH FRPLWH LQIUDF LXQHD GH WU GDUH SULQ
DMXWDUHDLQDPLFXOXLHVWH
DLQWHQ LDGLUHFW VDXLQGLUHFW
ELQWHQ LDLQGLUHFW
FLQWHQ LDGLUHFW
5 VSXQVFRUHFWOLWD
)RUPD GH YLQRY LH FX FDUH VH SRDWH FRPLWH LQIUDF LXQHD GH WU GDUH SULQ
WUDQVPLWHUHGHVHFUHWHHVWH
DLQWHQ LDGLUHFW VDXLQGLUHFW
ELQWHQ LDLQGLUHFW
FLQWHQ LDGLUHFW
5 VSXQVFRUHFWOLWD
)RUPDGHYLQRY LHFXFDUHVHSRDWHFRPLWHLQIUDF LXQHDGHFRPSORWHVWH
DLQWHQ LDGLUHFW VDXLQGLUHFW
ELQWHQ LDLQGLUHFW
FLQWHQ LDGLUHFW
5 VSXQVFRUHFWOLWF
2ELHFWXOPDWHULDODOLQIUDF LXQLLGHRPRUHVWHUHSUH]HQWDWGH
DFRUSXOSHUVRDQHL
EDF LXQHDXFLJ WRDUH
FFRUSXOSHUVRDQHLvQYLD
5 VSXQVFRUHFWOLWF
2PRUXOV YkUúLWFXSUHPHGLWDUH±DUWOLWD&SHQ
DLPSOLF RVLPSO FKLE]XLUHDQWHULRDU DVXSUDIDSWHL
E LPSOLF H[WHULRUL]DUHD UH]ROX LHL LQIUDF LRQDOH SULQ DFWH GH SUHJ WLUH D
LQIUDF LXQLL
F LPSOLF H[LVWHQ D XQXL LQWHUYDO GH WLPS vQWUH OXDUHD KRW UkULL GH D FRPLWH
LQIUDF LXQHDúLV YkUúLUHDDFHVWHLDFKLDUGDF I SWXLWRUXOQXDFKLE]XLWDVXSUDIDSWHLúL
QXDSUHJ WLWR
5 VSXQVFRUHFWOLWE
2PRUXOV YkUúLWGLQLQWHUHVPDWHULDO±DUWOLWE&SHQ
D VH SRDWH UH LQH LQGLIHUHQW GDF I SWXLWRUXO D RE LQXW VDX QX VDWLVIDFHUHD
LQWHUHVXOXLXUP ULW
E VH SRDWH UH LQH úL FkQG PRELOXO RPRUXOXL D IRVW JHOR]LD GDF vQ XUPD
LQIUDF LXQLLI SWXLWRUXOUHDOL]HD] XQDYDQWDMPDWHULDO
FQXVHSRDWHUH LQHGDF LQWHUHVXOPDWHULDOXUP ULWHVWHOHJLWLP
5 VSXQVFRUHFWOLWD
8FLGHUHDIUDWHOXLPDPHLUHSUH]LQW LQIUDF LXQHDGH
DRPRU
ERPRUFDOLILFDW
FRPRUGHRVHELWGHJUDY
5 VSXQVFRUHFWOLWE
(OHPHQWXOPDWHULDODOLQIUDF LXQLLGHRPRUVHSRDWHUHDOL]D
DQXPDLSULQDFWHFRPLVLYH
ESULQDFWHFRPLVLYHVDXRPLVLYH
FQXPDLSULQDFWHRPLVLYH
5 VSXQVFRUHFWE
6XSULPDUHD YLH LL XQHL SHUVRDQH JUDY EROQDYH OD UXJ PLQWHD DFHVWHLD
HXWDQDVLD
DQXUHSUH]LQW LQIUDF LXQH
EUHSUH]LQW LQIUDF LXQHDGHRPRU
FUHSUH]LQW LQIUDF LXQHDGHRPRUFDOLILFDW
5 VSXQVFRUHFWE
(URDUHD FX SULYLUH OD SHUVRDQD vPSRWULYD F UHLD HVWH vQGUHSWDW DF LXQHD
XFLJ WRDUH
DvQO WXU U VSXQGHUHDSHQDO DDXWRUXOXL
EGLPLQXHD] U VSXQGHUHDSHQDO DDXWRUXOXL
FQXSUH]LQW UHOHYDQ vQFHSULYHúWHU VSXQGHUHDSHQDO DDXWRUXOXL
5 VSXQVFRUHFWF
&RQVWLWXLH LQIUDF LXQH GH RPRU FDOLILFDW RPRUXO FRPLV vQ XQD GLQ
XUP WRDUHOHvPSUHMXU UL
DvQWLPSXOQRS LL
EFXSUHPHGLWDUH
F GH F WUH R SHUVRDQ DYkQG DVXSUD VD R DUP R VXEVWDQ QDUFRWLF VDX
SDUDOL]DQW
5 VSXQVFRUHFWE
&RQVWLWXLH LQIUDF LXQH GH RPRU FDOLILFDW RPRUXO FRPLV vQ XQD GLQ
XUP WRDUHOHvPSUHMXU UL
DSURILWkQGGHVWDUHDGHQHSXWLQ DYLFWLPHLGHDVHDS UD
EDVXSUDVR XOXLVDXXQHLUXGHDSURSLDWH
FGHGRX VDXPDLPXOWHSHUVRDQHvPSUHXQ
5 VSXQVFRUHFWDúLE
2PRUXOV YkUúLWDVXSUDVR XOXLVDXXQHLUXGHDSURSLDWH
DQXVHSRDWHUH LQHvQFD]XOvQFDUHYLFWLPDHVWHILXOIUDWHOXLWDW OXLI SWXLWRUXOXL
E QX VH SRDWH UH LQH vQ FD]XO vQ FDUH YLFWLPD HVWH VR LD IUDWHOXL WDW OXL
I SWXLWRUXOXL
FQXVHSRDWHUH LQHvQFD]XOvQFDUHI SWXLWRUXOHUDGHVS U LWvQIDSWGHVR LDVD
YLFWLPDFDUHORFXLDvQDOW ORFDOLWDWH
5 VSXQVFRUHFWE
([LVW DJUDYDQWD SUHY ]XW OD DUW OLW K & SHQ ± RPRUXO V YkUúLW
SHQWUXDvQOHVQLVDXDDVFXQGHV YkUúLUHDDOWHLLQIUDF LXQL
DLQGLIHUHQWGDF VFRSXOXUP ULWDIRVWVDXQXUHDOL]DW
EFKLDUGDF LQIUDF LXQHDVFRSHVWHRWkOK ULHVDXSLUDWHULH
FGDF LQIUDF LXQHDVFRSDIRVWV YkUúLW VDXXUPHD] DILV YkUúLW GRDUGHF WUH
I SWXLWRU
5 VSXQVFRUHFWD
2PRUXOFRPLVSHQWUXV YkUúLUHDXQHLWkOK ULLUHSUH]LQW
DRPRUFDOLILFDW
ERPRUGHRVHELWGHJUDY
FFRQFXUVGHLQIUDF LXQLvQWUHRPRUFDOLILFDWúLWkOK ULH
5 VSXQVFRUHFWE
2PRUXOFRPLVSHQWUXV YkUúLUHDXQHLSLUDWHULLUHSUH]LQW
DRPRUFDOLILFDW
ERPRUGHRVHELWGHJUDY
FFRQFXUVGHLQIUDF LXQLvQWUHRPRUFDOLILFDWúLWkOK ULH
5 VSXQVFRUHFWE
5HSUH]LQW RPRUFDOLILFDWRPRUXOV YkUúLW
DDVXSUDDGRX VDXPDLPXOWHSHUVRDQH
EDVXSUDXQHLIHPHLJUDYLGH
FDVXSUDXQHLUXGHDSURSLDWH
5 VSXQVFRUHFWF
2PRUXOV YkUúLWDVXSUDIUDWHOXLVR LHLUHSUH]LQW
DRPRUFDOLILFDWV YkUúLWDVXSUDXQHLUXGHDSURSLDWH
ERPRUVLPSOX
FRPRUGHRVHELWGHJUDY
5 VSXQVFRUHFWE
'DF I SWXLWRUXODXFLVvQDFHHDúLvPSUHMXUDUHFXLQWHQ LHGRX SHUVRDQH
VHUH LQH
DV YkUúLUHDDGRX LQIUDF LXQLGHRPRUVLPSOXDIODWHvQFRQFXUV
EV YkUúLUHDXQHLLQIUDF LXQLGHRPRU
FV YkUúLUHDXQHLLQIUDF LXQLGHRPRUGHRVHELWGHJUDY
5 VSXQVFRUHFWF
,QIUDF LXQHDGHSUXQFXFLGHUH
DUHSUH]LQW VXSULPDUHDYLH LLXQXLQRXQ VFXWFRPLV GHXQS ULQWH
EVHV YkUúHúWHLPHGLDWGXS QDúWHUH
FDUHXQVXELHFWDFWLYQHFLUFXPVWDQ LDWSXWkQGILRULFHIHPHLH
5 VSXQVFRUHFWE
3ULQ LQIUDF LXQHD GH SUXQFXFLGHUH VH vQ HOHJH XFLGHUHD FRSLOXOXL
QRXQ VFXWV YkUúLW LPHGLDWGXS QDúWHUHGHF WUHPDPDDIODW
DvQWURVWDUHGHWXOEXUDUHSULFLQXLW GHQDúWHUH
EvQVWDUHGHEH LHLQYROXQWDU úLFRPSOHW
FvQWURVWDUHGHWXOEXUDUHJUDY SULFLQXLW GHQDúWHUH
5 VSXQVFRUHFWD
&RQVWLWXLHLQIUDF LXQHDGHSUXQFXFLGHUHRPRUXOFRPLVGH
DPDP FXSUHPHGLWDUH
ERULFHSHUVRDQ DVXSUDXQXLFRSLOQRXQ VFXW
FPDP DIODW vQWURVWDUHGHWXOEXUDUHSULFLQXLW GHQDúWHUH
5 VSXQVFRUHFWF
3DUWLFLSDQ LLODV YkUúLUHDLQIUDF LXQLLGHSUXQFXFLGHUHU VSXQGvQFDOLWDWH
GHLQVWLJDWRULVDXFRPSOLFLSHQWUXV YkUúLUHDLQIUDF LXQLLGH
DRPRUFDOLILFDW
ERPRUGHRVHELWGHJUDY
FSUXQFXFLGHUH
5 VSXQVFRUHFWD
5HDOL]DUHD LQIUDF LXQLL GH SUXQFXFLGHUH HVWH FRQGL LRQDW GH VWDUHD GH
YLDELOLWDWHDFRSLOXOXLQRXQ VFXW"
DGD
EQX
5 VSXQVFRUHFWE
(VWH QHFHVDU D VH GHPRQVWUD OHJ WXUD GH FDX]DOLWDWH GLQWUH DF LXQHD VDX
LQDF LXQHDPDPHLúLGHFHVXOFRSLOXOXLQRXQ VFXW"
DQX
EGD
5 VSXQVFRUHFWE
)RUPDGHYLQRY LHODLQIUDF LXQHDGHSUXQFXFLGHUHHVWH
DFXOSD
ELQWHQ LD
FSUDHWHULQWHQ LD
5 VSXQVFRUHFWE
)RUPDGHYLQRY LHODLQIUDF LXQHDGHRPRUHVWH
DFXOSD
ELQWHQ LD
FSUDHWHULQWHQ LD
5 VSXQVFRUHFWE
7HQWDWLYDODLQIUDF LXQHDGHSUXQFXFLGHUHVHSHGHSVHúWH
DIDOV
EDGHY UDW
5 VSXQVFRUHFWD
/DLQIUDF LXQHDGHSUXQFXFLGHUH
DWHQWDWLYDHVWHSRVLELO GDUQXVHSHGHSVHúWH
EWHQWDWLYDHVWHSRVLELO úLVHSHGHSVHúWH
FWHQWDWLYDQXHVWHSRVLELO
5 VSXQVFRUHFWD
6XELHFWXOSDVLYDOLQIUDF LXQLLGHSUXQFXFLGHUHHVWH
DFRSLOXOQRXQ VFXWFXFRQGL LDGHDILYLDELO
EFRSLOXOQRXQ VFXWFXFRQGL LDV ILHYLX
FFRSLOXOQ VFXWPRUW
5 VSXQVFRUHFWE
7HQWDWLYDODLQIUDF LXQHDGHXFLGHUHGLQFXOS VHSHGHSVHúWH
DDGHY UDW
EIDOV
5 VSXQVFRUHFWE
/LPLWD OHJDO GH vPELED LH DOFRROLF D F UHL GHS úLUH DQWUHQHD]
U VSXQGHUHDSHUVRDQHORUFHFRQGXFDXWRYHKLFXOHSHGUXPXULOHSXEOLFHHVWHGH
DJODOFRROSXUvQVkQJH
EJODOFRROSXUvQVkQJH
FJODOFRROSXUvQVkQJH
5 VSXQVFRUHFWE
&RQVWLWXLH LQIUDF LXQHD GH ORYLUH VDX DOWH YLROHQ H IDSWD SULQ FDUH VH
SURGXFHYLFWLPHLRY W PDUHFHQHFHVLW SHQWUXYLQGHFDUHvQJULMLULPHGLFDOHGHSHVWH
GH]LOH
DDGHY UDW
EIDOV
5 VSXQVFRUHFWE
,QIUDF LXQHDGHORYLUHVDXDOWHYLROHQ HVHFRQVXP ODPRPHQWXO
DDWLQJHULLYLROHQWHDFRUSXOXLYLFWLPHL
EDSDUL LHLHIHFWHORUGXUHURDVHVDXY W P WRDUH
5 VSXQVFRUHFWD
3OkQJHUHD SUHDODELO vQ FD]XO LQIUDF LXQLL GH ORYLUH VDX DOWH YLROHQ H VH
DGUHVHD]
DMXGHF WRULHL
ERUJDQXOXLGHXUP ULUHSHQDO
5 VSXQVFRUHFWE
3OkQJHUHD SUHDODELO vQ FD]XO LQIUDF LXQLL GH Y W PDUH FRUSRUDO VH
DGUHVHD]
DMXGHF WRULHL
ERUJDQXOXLGHXUP ULUHSHQDO
5 VSXQVFRUHFWE
&RQVHFLQ HOHSUHY ]XWHGHOHJHSHQWUXFDIDSWDV FRQVWLWXLHLQIUDF LXQHDGH
Y W PDUHFRUSRUDO JUDY VXQW
DY W PDUHDLQWHJULW LLFRUSRUDOHVDXDV Q W LLFDUHQHFHVLW SHQWUXYLQGHFDUH
vQJULMLULPHGLFDOHFHOPXOWGHGH]LOH
EVOX LUHD
FSXQHUHDvQSULPHMGLHDYLH LLSHUVRDQHL
5 VSXQVFRUHFWEúLF
/RYLUHDLQWHQ LRQDW GHF WUHI SWXLWRUFXDFHHDúLRFD]LHDGRX SHUVRDQH
FRQVWLWXLH
DRLQIUDF LXQHGHORYLUHVDXDOWHYLROHQ H
EGRX LQIUDF LXQLGHORYLUHVDXDOWHYLROHQ HDIODWHvQFRQFXUV
FRLQIUDF LXQHGHORYLUHVDXDOWHYLROHQ HvQIRUP FRQWLQXDW
5 VSXQVFRUHFWE
'DF vQ XUPD XQXL DFFLGHQW GH FLUFXOD LH DX IRVW XFLVH GRX SHUVRDQH
IDSWDFRQVWLWXLH
DRLQIUDF LXQHGHXFLGHUHGLQFXOS PRGDOLWDWHDVLPSO
EGRX LQIUDF LXQLGHXFLGHUHGLQFXOS DIODWHvQFRQFXUV
FLQIUDF LXQHDGHXFLGHUHGLQFXOS vQYDULDQW DJUDYDW
5 VSXQVFRUHFWF
'HWHUPLQDUHDVDXvQOHVQLUHDVLQXFLGHULLVHUH LQHvQYDULDQWDDJUDYDW
D FkQG IDSWD VD V YkUúLW ID GH R SHUVRDQ FDUH QX SXWHD IL VW SkQ SH DFWHOH
VDOH
EFkQGVLQXFLGHUHDVDXvQFHUFDUHDGHVLQXFLGHUHDDYXWORF
FFkQGI SWXLWRUXODSURILWDWGHVWDUHDGHQHSXWLQ DYLFWLPHLGHDVHDS UD
5 VSXQVFRUHFWD
)RUPDGHYLQRY LHvQFD]XOLQIUDF LXQLLGHORYLULVDXY W P ULFDX]DWRDUH
GHPRDUWHHVWH
DFXOSD
ELQWHQ LD
FSUDHWHULQWHQ LD
5 VSXQVFRUHFWF
7HQWDWLYDODLQIUDF LXQHDGHORYLULVDXY W P ULFDX]DWRDUHVHSHGHSVHúWH
DIDOV
EDGHY UDW
5 VSXQVFRUHFWD
ÌQ FDUH GLQ XUP WRDUHOH vPSUHMXU UL vQWUHUXSHUHD FXUVXOXL VDUFLQLL
FRQVWLWXLHLQIUDF LXQH
DGHF WUHRSHUVRDQ FDUHDUHFDOLWDWHDGHPHGLFGHVSHFLDOLWDWH
EvQDIDUDLQVWLWX LLORUPHGLFDOHVDXFDELQHWHORUPHGLFDOHDXWRUL]DWHvQDFHVWVFRS
FGDF YkUVWDVDUFLQLLQXDGHS úLWSDWUXVSUH]HFHV SW PkQL
5 VSXQVFRUHFWE
ÌQWUHUXSHUHD FXUVXOXL VDUFLQLL HVWH OHJDO GDF vQWUH DOWH FRQGL LL VH
UHDOL]HD]
DGHF WUHRSHUVRDQ FDUHQXDUHFDOLWDWHDGHPHGLFGHVSHFLDOLWDWH
EvQDIDUDLQVWLWX LLORUPHGLFDOHVDXFDELQHWHORUPHGLFDOHDXWRUL]DWHvQDFHVWVFRS
FFXFRQVLP PkQWXOIHPHLLvQV UFLQDWH
5 VSXQVFRUHFWF
&DUH HVWH IRUPD GH YLQRY LH vQ FD]XO vQ FDUH SULQ LQIUDF LXQHD GH
SURYRFDUH LOHJDO D DYRUWXOXL VD FDX]DW IHPHLL vQV UFLQDWH R Y W PDUH FRUSRUDO
JUDY VDXPRDUWHDDFHVWHLD"
DFXSOD
ELQWHQ LD
FSUDHWHULQWHQ LD
5 VSXQVFRUHFWF
8FLGHUHDGLQFXOS HVWHRLQIUDF LXQH
DRPLVLY
EFRPLVLY FDUHVHSRDWHV YkUúLGRDUSULQDF LXQH
FFRPLVLY FDUHVHSRDWHV YkUúLDWkWSULQDF LXQHFkWúLSULQLQDF LXQH
5 VSXQVFRUHFWF
8FLGHUHDGLQFXOS VHUH LQHvQYDULDQW DJUDYDW
DFkQGIDSWDDIRVWFRPLV GHGRX VDXPDLPXOWHSHUVRDQHvPSUHXQ
EFkQGSULQIDSWDFRPLV VDFDX]DWPRDUWHDDGRX VDXPDLPXOWHSHUVRDQH
FFkQGIDSWDDIRVWFRPLV GHF WUHRSHUVRDQ FDUHDPDLV YkUúLWXQRPRU
5 VSXQVFRUHFWE
ÌQFD]XOLQIUDF LXQLLSUHY ]XWHvQDUW&SHQ
DWHQWDWLYDQXHVWHSRVLELO
EWHQWDWLYDHVWHSRVLELO vQV QXHVWHLQFULPLQDW
FWHQWDWLYDHVWHSRVLELO úLHVWHLQFULPLQDW
5 VSXQVFRUHFWE
3 WUXQGHUHDI U GUHSWvQWURORFXLQ GLQHURDUHFRQVWLWXLHLQIUDF LXQHD
GHYLRODUHGHGRPLFLOLX"
DDGHY UDW
EIDOV
5 VSXQVFRUHFWE
)RORVXO SH FDUH DXWRUXO LQWHQ LRQHD] V O GREkQGHDVF SULQ V YkUúLUHD
LQIUDF LXQLLGHúDQWDMHVWHGHRUGLQ
DPDWHULDO
EPRUDO
5 VSXQVFRUHFWDE
'DF vQXUPDXQXLDFFLGHQWUXWLHUYLFWLPDQHFHVLW SHQWUXYLQGHFDUH]LOH
GHvQJULMLULPHGLFDOHIDSWDYDILvQFDGUDW FD
DY W PDUHFRUSRUDO GLQFXOS DUWDOLQ&SHQ
EORYLUHVDXDOWHYLROHQ HDUWDOLQ&SHQ
FIDSWDQXHVWHLQIUDF LXQH
5 VSXQVFRUHFWF
'DF VDSURYRFDWY W PDUHDFRUSRUDO GLQFXOS DPDLPXOWRUSHUVRDQH
vQFDGUDUHDMXULGLF YDIL
DRVLQJXU LQIUDF LXQHGHY W PDUHFRUSRUDO GLQFXOS vQYDULDQWDWLS
ERVLQJXU LQIUDF LXQHGHY W PDUHFRUSRUDO GLQFXOS vQYDULDQW DJUDYDW
FXQFRQFXUVGHLQIUDF LXQLGHY W PDUHFRUSRUDO GLQFXOS DWkWHDLQIUDF LXQL
FkWHSHUVRDQHDXIRVWY W PDWH
5 VSXQVFRUHFWF
'LYXOJDUHD FRQ LQXWXOXL XQHL FRQYRUELUL VDX FRPXQLF UL LQWHUFHSWDWH GLQ
JUHúHDO VDX GLQ vQWkPSODUH FRQVWLWXLH LQIUDF LXQHD GH YLRODUHD VHFUHWXOXL
FRUHVSRQGHQ HL"
DIDOV
EDGHY UDW
5 VSXQVFRUHFWE
'LYXOJDUHD FRQ LQXWXOXL XQHL FRQYRUELUL VDX FRPXQLF UL LQWHUFHSWDWH GLQ
JUHúHDO VDX GLQ vQWkPSODUH FRQVWLWXLH LQIUDF LXQHD GH YLRODUHD VHFUHWXOXL
FRUHVSRQGHQ HL"
DIDOV
EDGHY UDW
5 VSXQVFRUHFWE
(VWHSRVLELO SDUWLFLSDUHDODV YkUúLUHDLQIUDF LXQLLGHGLYXOJDUHDVHFUHWXOXL
SURIHVLRQDOvQIRUPDFRDXWRUDWXOXL"
DGD
EQX
5 VSXQVFRUHFWE
&RQVWUkQJHUHDH[SOLFLW ODLQIUDF LXQHDGHYLROWUHEXLH
DV SUHFHDG
EV ILHFRQFRPLWHQW
FV ILHSRVWHULRDU DFWXOXLVH[XDO
5 VSXQVFRUHFWDE
3DUWLFLSD LD OD V YkUúLUHD LQIUDF LXQLL GH YLRO HVWH SRVLELO vQ XUP WRDUHOH
IRUPH
DFRDXWRUDW
ELQVWLJDUH
FFRPSOLFLWDWH
5 VSXQVFRUHFWDEF
)RUPDGHYLQRY LHFXFDUHVHV YkUúHúWHLQIUDF LXQHDGHYLROvQFD]XOvQ
FDUHIDSWDDDYXWFDXUPDUHPRDUWHDVDXVLQXFLGHUHDYLFWLPHLHVWH
DLQWHQ LD
EFXOSD
FSUDHWHULQWHQ LD
5 VSXQVFRUHFWF
6H[XOSDUWHQHULORUDFWXOXLGHSHUYHUVLXQHVH[XDO HVWH
DDFHODúL
EGLIHULW
5 VSXQVFRUHFWE
6XELHFWXODFWLYDOLQIUDF LXQLLGHIXUWSRDWHIL
DSURSULHWDUXOEXQXOXL
ESRVHVRUXOEXQXOXL
FGHWHQWRUXOEXQXOXL
5 VSXQVFRUHFWDEF
,QIUDF LXQHDGHIXUWVHFRQVXP vQPRPHQWXO
DGHSRVHG ULLYLFWLPHLGHEXQ
EvPSRVHG ULLDXWRUXOXLFXDFHOEXQ
5 VSXQVFRUHFWE
)XUWXOV YkUúLWvQWUXQWD[LFRQVWLWXLHLQIUDF LXQHDGHIXUWFDOLILFDWvQWUXFkW
IDSWDHVWHFRPLV vQWUXQPLMORFGHWUDQVSRUWvQFRPXQ
DDGHY UDW
EIDOV
5 VSXQVFRUHFWE
8UPDUHD LPHGLDW OD LQIUDF LXQHD GH vQúHO FLXQH FRQVW vQ SURGXFHUHD
XQXLSUHMXGLFLXYLFWLPHL
DPRUDO
EPDWHULDO
5 VSXQVFRUHFWE
&RQVXPDUHDLQIUDF LXQLLGHvQVXúLUHDEXQXOXLJ VLWVHUHDOL]HD]
DvQPRPHQWXOvQVXúLULLEXQXOXL
EODH[SLUDUHDWHUPHQXOXLGH]LOH
5 VSXQVFRUHFWE
ÌQFD]XOLQIUDF LXQLLGHW LQXLUHvQ HOHJHUHDvQWUHI SWXLWRULHVWH
DSRVWHULRDU LQIUDF LXQLLSULQFLSDOH
EFRQFRPLWHQW LQIUDF LXQLLSULQFLSDOH
FDQWHULRDU LQIUDF LXQLLSULQFLSDOH
5 VSXQVFRUHFWD
$FWHOH GH YLROHQ LQWHQ LRQDWH FDUH DX SULFLQXLW YLFWLPHL R Y W PDUH FH
QHFHVLW SHQWUXYLQGHFDUHGH]LOHGHvQJULMLULPHGLFDOHFRQVWLWXLHLQIUDF LXQHDGH
DY W PDUHFRUSRUDO
EUHSUH]LQW FRQWUDYHQ LH
FORYLUHVDXDOWHYLROHQ H±DUWDOLQ&SHQ
5 VSXQVFRUHFWF
3RDWHUHSUH]HQWDLQIUDF LXQHDGHY W PDUHFRUSRUDO JUDY IDSWDSULQFDUH
VDSULFLQXLW
DSLHUGHUHDXQHLSURWH]H
ESLHUGHUHDFXQRúWLQ HL
FSLHUGHUHDXQXLVLP VDXRUJDQ
5 VSXQVFRUHFWF
3RDWHH[LVWDWHQWDWLY ODLQIUDF LXQHDGH
DXFLGHUHGLQFXOS
EORYLWXULFDX]DWRDUHGHPRDUWH
FSUXQFXFLGHUH
5 VSXQVFRUHFWF
1XSRDWHILDXWRUDOLQIUDF LXQLLGHSURYRFDUHLOHJDO DDYRUWXOXL
DIHPHLDvQV UFLQDW
EPHGLFXOGHVSHFLDOLWDWH
FRSHUVRDQ FDUHQXHVWHFDGUXPHGLFDO
5 VSXQVFRUHFWD
/LSVLUHDGHOLEHUWDWHvQPRGLOHJDOHVWHPDLJUDY vQFD]XOvQFDUHIDSWDHVWH
V YkUúLW
DSULQVLPXODUHGHFDOLW LRILFLDOH
EvQWLPSXOQRS LL
FSULQVLPXODUHGHFDOLW LPLQFLQRDVH
5 VSXQVFRUHFWD
/LSVLUHDGHOLEHUWDWHvQPRGLOHJDOVHYDUH LQHvQYDULDQW DJUDYDQW DWXQFL
FkQGIDSWDHVWHV YkUúLW
DvQVFRSXOGHDREOLJDYLFWLPDODSUDFWLFDUHDSURVWLWX LHL
EvQWLPSXOXQHLFDODPLW L
FGHF WUHRSHUVRDQ PDVFDW GHJKL]DW VDXWUDYHVWLW
5 VSXQVFRUHFWD
9LRODUHDGHGRPLFLOLXYDILUH LQXW vQYDULDQW DJUDYDW DWXQFLFkQGHVWH
V YkUúLW
DvQWLPSXOXQHLFDODPLW L
ESULQIRORVLUHGHFDOLW LPLQFLQRDVH
FSULQVLPXODUHGHFDOLW LPLQFLQRDVH
5 VSXQVFRUHFWE
/DLQIUDF LXQHDGHúDQWDM
DWHQWDWLYDHVWHSRVLELO GDUQXHVWHVDQF LRQDW
EWHQWDWLYDQXHVWHSRVLELO
FWHQWDWLYDVHSHGHSVHúWH
5 VSXQVFRUHFWD
/DLQIUDF LXQHDGHúDQWDMIRUPDGHYLQRY LHFHUXW GHOHJHHVWH
DLQWHQ LDGLUHFW VDXLQGLUHFW
ELQWHQ LDGLUHFW FDOLILFDW SULQVFRS
FSUDHWHULQWHQ LD
5 VSXQVFRUHFWE
'HVFKLGHUHDXQHLVFULVRULDGUHVDWHDOWXLDSRDWHUHSUH]HQWDLQIUDF LXQHDGH
DOLSVLUHGHOLEHUWDWHvQPRGLOHJDO
EYLRODUHDVHFUHWXOXLFRUHVSRQGHQ HL
FGLYXOJDUHDVHFUHWXOXLSURIHVLRQDO
5 VSXQVFRUHFWE
/DLQIUDF LXQHDGHYLRO
DVXELHFWXODFWLYQHPLMORFLWQXSRDWHILGHFkWE UEDWXO
EVXELHFWXOSDVLYQXSRDWHILGHFkWIHPHLD
FVXELHFWXODFWLYQHPLMORFLWSRDWHILRULFHSHUVRDQ LQGLIHUHQWGHVH[
5 VSXQVFRUHFWF
)DSWDWDW OXLGHDúLREOLJDILLFDvQYkUVW GHDQLV vQWUH LQ UDSRUWXUL
VH[XDOHFXHOUHSUH]LQW LQIUDF LXQHDGH
DYLRO
EDFWVH[XDOFXXQPLQRU
FYLROvQFRQFXUVFXLQIUDF LXQHDGHLQFHVW
5 VSXQVFRUHFWF
9LROXOHVWHvQYDULDQW DJUDYDW
DFkQGI SWXLWRUXOSURILW GHLPSRVLELOLWDWHDYLFWLPHLGHDVHDS UD
EFkQGVDFDX]DWYLFWLPHLRY W PDUHFRUSRUDO
FFkQGYLFWLPDVHDIO vQvQJULMLUHDI SWXLWRUXOXL
5 VSXQVFRUHFWF
$FWXOVH[XDOFXXQPLQRUVHYDUH LQHvQYDULDQW DJUDYDW GDF
DYLFWLPDQXDvPSOLQLWYkUVWDGHDQL
EYLFWLPDDUHYkUVWDFXSULQV vQWUH±DQLLDUIDSWDDIRVWV YkUúLW GHWXWRUH
VDXFXUDWRU
F YLFWLPD QX D vPSOLQLW YkUVWD GH DQL LDU DFWXO VH[XDO D IRVW GHWHUPLQDW GH
RIHULUHDGHEDQLGHF WUHI SWXLWRU
5 VSXQVFRUHFWF
,QIUDF LXQHDGHLQFHVW
DDUHFDHOHPHQWPDWHULDODFWXOVH[XDOGHRULFHQDWXU
EVHSRDWHUHDOL]DvQWUHIUD LúLVXURUL
FSRDWHILFRPLV GHWDW DVXSUDILXOXLDYkQGvQYHGHUHF DFHúWLDVXQWUXGHvQ
OLQLHGLUHFW
5 VSXQVFRUHFWE
,QIUDF LXQHDGHIXUWSRDWHDYHDFDRELHFWPDWHULDO
DLPRELOHOHSULQGHVWLQD LH
EOXFUXULOHFHQXDSDU LQFXLYDUHVQXOOLXV
FOXFUXULOHDEDQGRQDWHGHSRVHVRUXOORUUHVGHUHOLFWDH
5 VSXQVFRUHFWD
6XQW DSOLFDELOH GLVSR]L LLOH DUW & SHQ ± SHGHSVLUHD XQRU IXUWXUL OD
SOkQJHUHDSUHDODELO ±vQFD]XOvQFDUHVXELHFWXODFWLYHVWH
DILHJ ]GXLWRUXOILHJ ]GXLWXOFDUHIXU XQXOvQSDJXEDFHOXLODOW
EJ ]GXLWRUXOFDUHV YkUúHúWHIXUWXOvQSDJXEDFHOXLSHFDUHvOJ ]GXLHúWH
FJ ]GXLWXOFDUHVXVWUDJHEXQXULGHODSHUVRDQDFDUHvOJ ]GXLHúWH
5 VSXQVFRUHFWF
ÌQVFULVXULOHSRWILRELHFWPDWHULDODOLQIUDF LXQLLGHIXUW
DGRDUGDF DXYDORDUHHFRQRPLF
EGRDUGDF VXQWDFWHFHGRYHGHVFVWDUHDFLYLO
FLQGLIHUHQWGDF DXVDXQXYDORDUHHFRQRPLF
5 VSXQVFRUHFWF
1XUHSUH]LQW LQIUDF LXQHDGHIXUWFDOLILFDW
DOXDUHDXQXLEXQPRELOGLQSRVHVLDDOWXLDSULQDPHQLQ DUHDFXRDUP
EVXVWUDJHUHDXQRUEXQXULvQWLPSXOXQHLFDODPLW L
FVXVWUDJHUHDXQXLEXQGHODRSHUVRDQ DIODW vQLPSRVLELOLWDWHGHDVHDS UD
5 VSXQVFRUHFWD
7kOK ULDDUHFDIRUP GHYLQRY LHSUDHWHULQWHQ LDvQFD]XOvQFDUH
DDDYXWFDXUPDUHPRDUWHDYLFWLPHL
EDDYXWYUHXQDGLQWUHXUP ULOHDU WDWHvQDUW
FDDYXWFDXUPDUHY W PDUHDFRUSRUDO DYLFWLPHL
5 VSXQVFRUHFWDúLE
5HSUH]LQW LQIUDF LXQHGHWkOK ULH
DIXUWXOV YkUúLWSULQvQWUHEXLQ DUHGHLQVXOWH
EIXUWXOXUPDWGHvQWUHEXLQ DUHDGHDPHQLQ ULSHQWUXS VWUDUHDEXQXOXLIXUDW
FIXUWXOV YkUúLWDVXSUDYLFWLPHLDIODWHvQVWDUHGHLQFRQúWLHQ VDXQHSXWLQ GHD
VHDS UD
5 VSXQVFRUHFWE
7kOK ULDVHYDUH LQHvQYDULDQWDDJUDYDW DWXQFLFkQG
DDDYXWYUHXQDGLQXUP ULOHDU WDWHvQDUW&SHQ
EDIRVWV YkUúLW SULQHIUDF LH
FDIRVWV YkUúLW vQWUXQPLMORFGHWUDQVSRUW
5 VSXQVFRUHFWF
7kOK ULDHVWHRLQIUDF LXQH
DFRPSOH[
EGHRELFHL
FVLPSO
5 VSXQVFRUHFWD
(OHPHQWXOPDWHULDODOLQIUDF LXQLLGHWkOK ULHHVWH
DXQEXQPRELO
EDFHODúLFDODLQIUDF LXQHDGHIXUWODFDUHVHDGDXJ IRORVLUHDYLROHQ HLIL]LFHVDX
SVLKLFH
FGHJUDGDUHDXQXLEXQPRELOSULQIRORVLUHDYLROHQ HLIL]LFHVDXSVLKLFH
5 VSXQVFRUHFWE
ÌQVXúLUHDXQXLEXQPRELODODOWXLDGH LQXWFXRULFHWLWOXUHSUH]LQW
DIXUW
EvQVXúLUHDEXQXOXLJ VLW
FDEX]GHvQFUHGHUH
5 VSXQVFRUHFWF
/DWXUDVXELHFWLY ODLQIUDF LXQHDGHDEX]GHvQFUHGHUHHVWHIRUPDW GLQ
DLQWHQ LHGLUHFW VDXLQGLUHFW
ESUDHWHULQWHQ LH
FLQWHQ LHVDXFXOS
5 VSXQVFRUHFWD
1XSRDWHILRELHFWPDWHULDODOLQIUDF LXQLLGHDEX]GHvQFUHGHUH
DXQEXQPRELOFRUSRUDO
EXQEXQLPRELOSULQGHVWLQD LH
FRVXP GHEDQLGDW FXWLWOXGHvPSUXPXW
5 VSXQVFRUHFWF
([LVW JHVWLXQHIUDXGXORDV vQYDULDQW DJUDYDW DWXQFLFkQG
DSDJXEHOHVXQWSULFLQXLWHFXUHDFUHGLQ
EIDSWDHVWHV YkUúLW FXRFD]LDDGPLQLVWU ULLEXQXULORU
FIDSWDHVWHV YkUúLW vQVFRSXOGHDGREkQGLXQIRORVPDWHULDO
5 VSXQVFRUHFWF
2ELHFWXOPDWHULDODOLQIUDF LXQLLGHJHVWLXQHIUDXGXORDV HVWH
DGRDUXQEXQPRELO
EGRDURVXP GHEDQL
FRXQLYHUVDOLWDWHGHEXQXULPRELOHúLVDXLPRELOH
5 VSXQVFRUHFWF
$XWRUDOLQIUDF LXQLLGHJHVWLXQHIUDXGXORDV SRDWHIL
DQXPDLXQJHVWLRQDUVDXXQDGPLQLVWUDWRUODRSHUVRDQ MXULGLF
ERULFHSHUVRDQ DOF UHLSDWULPRQLXHVWHSUHMXGLFLDW
FSHUVRDQDF UHLDLVDXvQFUHGLQ DWEXQXULVSUHFRQVHUYDUHVDXDGPLQLVWUDUH
5 VSXQVFRUHFWF
/DLQIUDF LXQHDGHJHVWLXQHIUDXGXORDV
DWHQWDWLYDHVWHSRVLELO úLVHSHGHSVHúWH
EWHQWDWLYDGHúLSRVLELO QXHVWHLQFULPLQDW
FWHQWDWLYDQXHVWHSRVLELO
5 VSXQVFRUHFWE
/DLQIUDF LXQHDGHvQúHO FLXQH
DRELHFWXOPDWHULDOSRDWHILXQEXQPRELOVDXLPRELO
ERELHFWXOPDWHULDOHVWHGRDUXQEXQPRELO
FHOHPHQWXOPDWHULDOFRQVW vQWRWGHDXQDvQWURDF LXQH
5 VSXQVFRUHFWD
/DLQIUDF LXQHDGHvQúHO FLXQHXUPDUHDLPHGLDW FRQVW
DvQWURVWDUHGHSHULFROFXSULYLUHODSDWULPRQLXOYLFWLPHL
EvQWURSDJXE FHVHSURGXFHvQSDWULPRQLXOYLFWLPHL
FvQRE LQHUHDSHQWUXVLQHVDXSHQWUXDOWXODXQXLIRORVPDWHULDOLQMXVW
5 VSXQVFRUHFWE
7HQWDWLYDvQFD]XOLQIUDF LXQLLGHvQúHO FLXQH
DQXHVWHSRVLELO
EHVWHSRVLELO vQV QXHVWHLQFULPLQDW
FHVWHSRVLELO úLHVWHLQFULPLQDW
5 VSXQVFRUHFWF
/DLQIUDF LXQHDGHvQúHO FLXQHIRUPDGHYLQRY LHHVWH
DLQWHQ LDGLUHFW
ELQWHQ LDGLUHFW VDXLQGLUHFW
FSUDHWHULQWH LD
5 VSXQVFRUHFWD
([LVW vQúHO FLXQHvQYDULDQWDDJUDYDW DWXQFLFkQGIDSWD
DVHFRPLWHvQVFRSXOGHDRE LQHXQIRORVPDWHULDOLQMXVW
EDSULFLQXLWRSDJXE
FHVWHV YkUúLW SULQIRORVLUHGHQXPHVDXFDOLW LPLQFLQRDVH
5 VSXQVFRUHFWF
6XELHFWDFWLYQHPLMORFLWODLQIUDF LXQHDGHGHODSLGDUHSRDWHIL
D XQ IXQF LRQDU SXEOLF VDX IXQF LRQDU FDUH HVWH vQV UFLQDW FX JHVWLXQHD VDX
DGPLQLVWUDUHDEXQXULORUXQHLSHUVRDQHMXULGLFHGHGUHSWSXEOLFVDXSULYDW
EGRDUXQIXQF LRQDUSXEOLF
FGRDUXQIXQF LRQDU
5 VSXQVFRUHFWD
(OHPHQWXOPDWHULDODOLQIUDF LXQLLGHGHODSLGDUHFRQVW vQ
DvQVXúLUHDWUDILFDUHDIRORVLUHDEXQXULORUJHVWLRQDWHVDXDGPLQLVWUDWH
EvQVXúLUHDGLVWUXJHUHDIRORVLUHDEXQXULORUJHVWLRQDWHVDXDGPLQLVWUDWH
FSULPLUHDWUDILFDUHDIRORVLUHDEXQXULORUJHVWLRQDWHVDXDGPLQLVWUDWH
5 VSXQVFRUHFWD
7HQWDWLYDVHSHGHSVHúWHODLQIUDF LXQHDGH
DDEX]GHvQFUHGHUH
EJHVWLXQHIUDXGXORDV
FGHODSLGDUH
5 VSXQVFRUHFWF
,QIUDF LXQHDGHGLVWUXJHUHDEXQXOXLSURSULXVHSRDWHV YkUúLúLSULQ
D vPSLHGLFDUHD OX ULL P VXULORU GH FRQVHUYDUH D XQXL EXQ FX YDORDUH DUWLVWLF
GHRVHELW FDUHDSDU LQHI SWXLWRUXOXL
ELQFHQGLHUHH[SOR]LHVDXSULQRULFHDODVHPHQHDPLMORFúLGDF UH]XOW SHULFRO
SXEOLF
FSROXDUHIRQLF
5 VSXQVFRUHFWDúLE
,QIUDF LXQHDGHGLVWUXJHUH
DHVWHRLQIUDF LXQHGHSHULFRO
EVHSRDWHV YkUúLSULQDF LXQHVDXLQDF LXQH
FQXVHSHGHSVHúWHGDF U PkQHvQVWDGLXOGHWHQWDWLY
5 VSXQVFRUHFWE
8UPDUHDLPHGLDW DLQIUDF LXQLLGHGLVWUXJHUHSRDWHFRQVWDvQ
DFUHDUHDXQHLVW ULGHSHULFRO
E GLVWUXJHUHD GHJUDGDUHD RUL DGXFHUHD vQ VWDUH GH QHvQWUHEXLQ DUH D XQXL EXQ
DIODWvQSDWULPRQLXOSXEOLFRULSULYDW
5 VSXQVFRUHFWE
7HQWDWLYDODLQIUDF LXQHDGHGLVWUXJHUHGLQFXOS
DHVWHSRVLELO GDUQXVHSHGHSVHúWH
EHVWHLQFULPLQDW
FQXHVWHSRVLELO
5 VSXQVFRUHFWF
/DLQIUDF LXQHDGHWXOEXUDUHGHSRVHVLH
DHOHPHQWXOPDWHULDOHVWHUHSUH]HQWDWGHDF LXQHDGHS WUXQGHUHI U GUHSWvQWUXQ
LPRELO
EWHQWDWLYDHVWHSRVLELO GDUQXHVWHLQFULPLQDW
FFRQVXPDUHDDUHORFLQVWDQWDQHXODPRPHQWXOLQWU ULLI SWXLWRUXOXLvQLPRELO
5 VSXQVFRUHFWE
2ELHFWXOPDWHULDODOLQIUDF LXQLLGHWXOEXUDUHGHSRVHVLHHVWH
DXQEXQLPRELO
EXQEXQPRELOVDXLPRELO
FRFXSDUHDI U GUHSWDXQXLLPRELODIODWvQSRVHVLDDOWXLD
5 VSXQVFRUHFWD
,QIUDF LXQHDGHWXOEXUDUHGHSRVHVLH
DHVWHRLQIUDF LXQHFXFRQVXPDUHLQVWDQWDQHH
EHVWHRLQIUDF LXQHFRQWLQX
FHVWHRLQIUDF LXQHGHRELFHL
5 VSXQVFRUHFWE
([LVW LQIUDF LXQHD GH WXOEXUDUH GH SRVHVLH vQ YDULDQW DJUDYDW ±
DUWDOLQ&SHQ±DWXQFLFkQG
DLPRELOXODSDU LQHGRPHQLXOXLSXEOLFDOVWDWXOXL
EIDSWDDIRVWV YkUúLW GHGRX VDXPDLPXOWHSHUVRDQHvPSUHXQ
FIDSWDDIRVWV YkUúLW vQWLPSXOQRS LL
5 VSXQVFRUHFWE
7 LQXLUHDHVWHRLQIUDF LXQH
DFRQWUDSDWULPRQLXOXL
EFRQWUDvQI SWXLULLMXVWL LHL
FFRQWUDOLEHUW LLSHUVRDQHL
5 VSXQVFRUHFWD
(OHPHQWXOPDWHULDODOLQIUDF LXQLLGHW LQXLUHSRDWHFRQVWDvQ
DWUDQVIRUPDUHDXQXLEXQFXQRVFkQGF DFHVWDSURYLQHGLQV YkUúLUHDXQHLIDSWH
SHQDOH
E VXVWUDJHUHD XQXL EXQ FXQRVFkQG F DFHVWD SURYLQH GLQ V YkUúLUHD XQHL IDSWH
SHQDOH
F SUHWLQGHUHD XQXL EXQ FXQRVFkQG F DFHVWD SURYLQH GLQ V YkUúLUHD XQHL IDSWH
SHQDOH
5 VSXQVFRUHFWD
ÌQFD]XOW LQXLULL
D SHGHDSVD DSOLFDW W LQXLWRUXOXL QX SRDWH GHS úL SHGHDSVD SUHY ]XW GH OHJH
SHQWUXLQIUDF LXQHDGLQFDUHSURYLQHEXQXOW LQXLW
E SHGHDSVD DSOLFDW W LQXLWRUXOXL QX SRDWH IL PDL PDUH GHFkW DFHHD FDUH VD
DSOLFDWDXWRUXOXLIDSWHLGLQFDUHSURYLQHEXQXO
F SHGHDSVD DSOLFDW W LQXLWRUXOXL VH UHGXFH GDF SHQWUX DXWRUXO IDSWHL GLQ FDUH
SURYLQHEXQXOVDXUH LQXWFLUFXPVWDQ HDWHQXDQWH
5 VSXQVFRUHFWD
7 LQXLUHDV YkUúLW GHVR VDXGHRUXG DSURSLDW
DVHSHGHSVHúWHvQDFHOHDúLFRQGL LLFDRULFHW LQXLUH
EVHSHGHSVHúWHFXRSHGHDSV UHGXV
FQXVHSHGHSVHúWH
5 VSXQVFRUHFWF
)RUPDGHYLQRY LHFXFDUHVHSRDWHFRPLWHW LQXLUHDHVWH
DLQWHQ LDGLUHFW VDXLQGLUHFW
ELQWHQ LDGLUHFW FDOLILFDW SULQVFRS
FLQWHQ LDLQGLUHFW
5 VSXQVFRUHFWE
/DLQIUDF LXQHDGHXOWUDMDUW&SHQ
DFkQGIDSWDHVWHV YkUúLW vPSRWULYDDGRLVDXPDLPXO LIXQF LRQDULSXEOLFLFX
DFHHDúLRFD]LHQXVXQWDSOLFDELOHUHJXOLOHFRQFXUVXOXLGHLQIUDF LXQL
E FkQG XQHOH DF LXQL DOH DXWRUXOXL DOF WXLHVF HOHPHQWXO PDWHULDO DO LQIUDF LXQLL
VLPSOH WLS LDU DOWHOH SH FHOH DOH XQHLD GLQWUH YDULDQWHOH DJUDYDWH YRU IL LQFLGHQWH
QXPDLGLVSR]L LLOHSULYLWRDUHODDFHDVWDGLQXUP FDUHDEVRDUEHYDULDQWDWLS
FFkQGIXQF LRQDUXOSXEOLFvúLH[HUFLW DEX]LYIXQF LDHOFRQWLQX V ILHSURWHMDW
GHQRUPDGHLQFULPLQDUH
GvQYDULDQWDWLSRELHFWXOPDWHULDOOLSVHúWH
5 VSXQVFRUHFWEúLG
/RYLUHD XQXL SROL LVW DIODW vQ H[HUFL LXO IXQF LXQLL GDU FDUH úLD GHS úLW
DWULEX LLOHGHVHUYLFLXUHSUH]LQW LQIUDF LXQHGH
DXOWUDM
EXOWUDMvQFRQFXUVFXLQIUDF LXQHDGHORYLUHVDXDOWHYLROHQ H
FORYLUHVDXDOWHYLROHQ H
GY W PDUHFRUSRUDO GLQFXOS
5 VSXQVFRUHFWF
([LVW LQIUDF LXQHGHXOWUDMvQYDULDQWDDJUDYDW
DGDF vPSRWULYDYLFWLPHLVHH[HUFLW RORYLUHVDXDOWHYLROHQ HRULRY W PDUH
FRUSRUDO VDXRY W PDUHFRUSRUDO JUDY
E GDF IXQF LRQDUXO SXEOLF FH vQGHSOLQHúWH R IXQF LH FDUH LPSOLF H[HUFL LXO
DXWRULW LLGHVWDWVHDIO vQH[HUFL LXOIXQF LXQLL
FGDF IDSWDHVWHV YkUúLW GHGRX VDXPDLPXOWHSHUVRDQH
GGDF IDSWDHVWHV YkUúLW GHGRX VDXPDLPXOWHSHUVRDQHvPSUHXQ
5 VSXQVFRUHFWD
8OWUDMXOHVWHRLQIUDF LXQHFRPSOH[ FDUHSRDWHV DEVRDUE vQFRQ LQXWXO
V XLQIUDF LXQLOHGH
DDPHQLQ DUH
EORYLUHVDXDOWHYLROHQ H
FY W PDUHFRUSRUDO
GY W PDUHFRUSRUDO JUDY
5 VSXQVFRUHFWDEFG
6XELHFWSDVLYODLQIUDF LXQHDGHXOWUDMSRDWHIL
DXQIXQF LRQDU
EXQIXQF LRQDUSXEOLF
FRULFHSHUVRDQ IL]LF VDXMXULGLF
GXQIXQF LRQDUSXEOLFFDUHvQGHSOLQHúWHRIXQF LHFHLPSOLF H[HUFL LXODXWRULW LL
GHVWDW
5 VSXQVFRUHFWG
3HQWUX D DWUDJH LQFLGHQ D GLVSR]L LLORU GLQ DUW DOLQ & SHQ
DPHQLQ DUHDWUHEXLHV
DV ILHV YkUúLW FRQWUDXQXLIXQF LRQDUSXEOLFFDUHQXvQGHSOLQHúWHRIXQF LHFH
LPSOLF H[HUFL LXO DXWRULW LL GH VWDW DIODW vQ H[HUFL LXO IXQF LXQLL RUL SHQWUX IDSWH
vQGHSOLQLWHvQH[HUFL LXOIXQF LXQLL
EV ILHV YkUúLW QHPLMORFLW
FV ILHFRPLV SULQPLMORDFHGHFRPXQLFDUHGLUHFW
5 VSXQVFRUHFWEúLF
7HQWDWLYDVHSHGHSVHúWHODLQIUDF LXQHDGH
DXOWUDMDUW&SHQ
EX]XUSDUHDGHFDOLW LRILFLDOHDUW&SHQ
FVXVWUDJHUHDVDXGLVWUXJHUHDGHvQVFULVXULDUWDOLQ&SHQ
5 VSXQVFRUHFWQLFLXQXO
)DSWDLQFXOSDWXOXLFDUHFXDFHHDúLRFD]LHDLQVXOWDWúLDPHQLQ DWvQPRG
VXFFHVLYWUHLOXFU WRULGHSROL LHDIOD LvQH[HUFL LXOIXQF LXQLLUHSUH]LQW
DRVLQJXU LQIUDF LXQHGHXOWUDMvQYDULDQW DJUDYDW
EWUHLLQIUDF LXQLGHXOWUDMDIODWHvQFRQFXUVFXWUHLLQIUDF LXQLGHORYLUHVDXDOWH
YLROHQ H
FWUHLLQIUDF LXQLGHXOWUDMDIODWHvQFRQFXUVUHDO
GRVLQJXU LQIUDF LXQHVXEIRUP FRQWLQXDW
5 VSXQVFRUHFWF
'DF R SHUVRDQ IRORVHúWH I U GUHSW R FDOLWDWH RILFLDO GDU QX
vQGHSOLQHúWH YUHXQ DFW OHJDO GLQ DFHD FDOLWDWH IDSWD FRQVWLWXLH LQIUDF LXQHD GH
X]XUSDUHGHFDOLW LRILFLDOH"
DDGHY UDW
EIDOV
5 VSXQVFRUHFWE
/D LQIUDF LXQHD GH VXVWUDJHUH VDX GLVWUXJHUH GH vQVFULVXUL DUW
&SHQYLQRY LDSRDWHH[LVWD
DGRDUVXEIRUPDLQWHQ LHL
EGRDUVXEIRUPDFXOSHL
FDWkWVXEIRUPDLQWHQ LHLFkWúLDFXOSHL
GGRDUvQPRGDOLWDWHDLQWHQ LHLGLUHFWH
5 VSXQVFRUHFWF
,QIUDF LXQHD GH VXVWUDJHUH VDX GLVWUXJHUH GH vQVFULVXUL DUW
&SHQDUHFDHOHPHQWPDWHULDOvQYDULDQWDWLS
DUH LQHUHDVDXGLVWUXJHUHDXQXLvQVFULVHPLVGHXQRUJDQGHXUP ULUHSHQDO GH
RLQVWDQ GHMXGHFDW VDXGHXQDOWRUJDQGHMXULVGLF LHRULvPSLHGLFDUHDvQRULFHPRG
FDXQvQVFULVGHVWLQDWXQXLDGLQWUHRUJDQHOHPHQ LRQDWHV DMXQJ ODDFHVWD
EVXVWUDJHUHDRULGLVWUXJHUHDXQXLGRVDUUHJLVWUXGRFXPHQWVDXRULFHDOWvQVFULV
FDUHVHDIO vQS VWUDUHDRULvQGH LQHUHDXQXLRUJDQVDXXQHLLQVWLWX LLGHVWDWRULDXQHL
DOWHXQLW LGLQFHOHODFDUHVHUHIHU DUW&SHQ
F VXVWUDJHUHD RULF UXL vQVFULV DIODW vQ S VWUDUHD VDX GH LQHUHD XQHL SHUVRDQH
MXULGLFH GH GUHSW SULYDW GDF DFHVW vQVFULV DYHD R YDORDUH úWLLQ LILF GHRVHELW SHQWUX
VXELHFWXOSDVLY
5 VSXQVFRUHFWE
/D LQIUDF LXQHD GH VXVWUDJHUH VDX GLVWUXJHUH GH vQVFULVXUL DUW
&SHQ
DWHQWDWLYDVHSHGHSVHúWHDWkWvQFD]XOIDSWHLSUHY ]XWHODDOLQFkWúLvQFD]XO
IDSWHLGHODDOLQ
EWHQWDWLYDQXVHSHGHSVHúWH
FWHQWDWLYDVHSHGHSVHúWHGRDUvQFD]XOIDSWHLSUHY ]XWHODDOLQ
5 VSXQVFRUHFWF
)RUPD GH YLQRY LH FX FDUH VH SRDWH V YkUúL LQIUDF LXQHD GH DEX] vQ
VHUYLFLXFRQWUDLQWHUHVHORUSHUVRDQHORUHVWH
DGRDULQWHQ LDGLUHFW
ELQWHQ LDGLUHFW VDXLQGLUHFW
FLQWHQ LDVDXFXOSD
5 VSXQVFRUHFWE
6XELHFW DFWLY QHPLMORFLW DO LQIUDF LXQLL GH DEX] vQ VHUYLFLX FRQWUD
LQWHUHVHORUSHUVRDQHORUHVWH
DQXPDLXQIXQF LRQDUSXEOLF
EQXPDLXQIXQF LRQDU
FDWkWXQIXQF LRQDUSXEOLFFkWúLXQIXQF LRQDU
GQXPDLXQIXQF LRQDUFXDWULEX LLGHFRQGXFHUHVDXFRQWURO
5 VSXQVFRUHFWF
8UPDUHD LPHGLDW D LQIUDF LXQLL GH DEX] vQ VHUYLFLX FRQWUD LQWHUHVHORU
SHUVRDQHORUHVWH
DRY W PDUHLPSRUWDQW DLQWHUHVHORUOHJDOHDOHXQHLSHUVRDQH
ERY W PDUHDLQWHUHVHORUOHJDOHDOHXQHLSHUVRDQH
FRY W PDUHDLQWHUHVHORUXQHLSHUVRDQH
5 VSXQVFRUHFWF
$EX]XOvQVHUYLFLXFRQWUDLQWHUHVHORUSHUVRDQHORU
DDUHFDUDFWHUVSHFLDOvQUDSRUWFXRULFHLQIUDF LXQH
EDUHFDUDFWHUVXELHFWLYQXPDLvQUDSRUWFXDOWHLQIUDF LXQLDOF URUVXELHFWDFWLY
QHPLMORFLWHVWHvQPRGREOLJDWRULXXQIXQF LRQDUSXEOLFVDXIXQF LRQDU
FDUHFDUDFWHUVXEVLGLDUvQUDSRUWFXRULFHLQIUDF LXQH
GHVWHRLQIUDF LXQHGHGDXQ
5 VSXQVFRUHFWEúLG
/D LQIUDF LXQHD GH DEX] vQ VHUYLFLX FRQWUD LQWHUHVHORU SXEOLFH RELHFWXO
PDWHULDOGHUHJXO OLSVHúWH
DDGHY UDW
EIDOV
5 VSXQVFRUHFWD
7HQWDWLYDODLQIUDF LXQHDGHDEX]vQVHUYLFLXFRQWUDLQWHUHVHORUSXEOLFHvQ
PRGDOLWDWHDQRUPDWLY FRPLVLY
DQXHVWHSRVLELO ILLQGRLQIUDF LXQHGHSHULFROFXFRQVXPDUHLQVWDQWDQHH
EHVWHSRVLELO GDUQXHVWHLQFULPLQDW
FHVWHSRVLELO úLHVWHLQFULPLQDW
5 VSXQVFRUHFWE
,QIUDF LXQHD GH DEX] vQ VHUYLFLX FRQWUD LQWHUHVHORU SXEOLFH SUH]LQW
FRQVHFLQ HGHRVHELWGHJUDYHúLGDF
D VH FDX]HD] R WXOEXUDUH vQVHPQDW D EXQXOXL PHUV DO XQXL RUJDQ VDX DO XQHL
LQVWLWX LLGHVWDWRULDOXQHLDOWHXQLW LGLQFHOHODFDUHVHUHIHU DUW&SHQVDXR
SDJXE SDWULPRQLXOXLDFHVWHLDPDLPDUHGHOHL
EVHFDX]HD] XQSUHMXGLFLXGHFHOSX LQOHL
FVHFDX]HD] XQXLRUJDQVDXXQHLLQVWLWX LLGHVWDWRULXQHLDOWHXQLW LGLQFHOHOD
FDUHVHUHIHU DUW&SHQRSDJXE SDWULPRQLXOXLDFHVWHLDPDLPDUHGHOHL
5 VSXQVFRUHFWF
/DDEX]XOvQVHUYLFLXFRQWUDLQWHUHVHORUSXEOLFHDUW&SHQ
DXUPDUHDLPHGLDW FRQVW vQWURVWDUHGHSHULFRO
E XUPDUHD LPHGLDW FRQVW vQWUXQ UH]XOWDW úL DFHVWD HVWH vQ PRG REOLJDWRULX
FRQFUHWL]DWvQWURSDJXE
F XUPDUHD LPHGLDW FRQVW vQWUXQ UH]XOWDW GDU QX HVWH REOLJDWRULX V VH UH LQ
H[LVWHQ DXQHLSDJXEH
G XUPDUHD LPHGLDW FRQVW vQWUR WXOEXUDUH vQVHPQDW EXQXOXL PHUV DO XQHL
XQLW L GLQ FHOH OD FDUH VH UHIHU DUW & SHQ VDX vQWUR SDJXE SDWULPRQLXOXL
DFHVWRUD
5 VSXQVFRUHFWFúLG
1HJOLMHQ DvQVHUYLFLXDUW&SHQVHV YkUúHúWH
DQXPDLGLQFXOS
EQXPDLFXLQWHQ LH
FDWkWFXLQWHQ LHFkWúLGLQFXOS
GQXPDLFXSUDHWHULQWHQ LH
5 VSXQVFRUHFWD
6XELHFWDFWLYQHPLMORFLWODLQIUDF LXQHDGHQHJOLMHQ vQVHUYLFLXSRDWHIL
DQXPDLXQIXQF LRQDUSXEOLF
ERULFHIXQF LRQDU
FRULFHVDODULDWFDUHH[HUFLW RvQV UFLQDUHvQVHUYLFLXOXQHLSHUVRDQHIL]LFHVDX
MXULGLFH
5 VSXQVFRUHFWE
1HJOLMHQ DvQVHUYLFLXDUW&SHQ
DHVWHRLQIUDF LXQHGHSHULFRO
EVHSRDWHUHDOL]DDWkWSULQDFWLYLW LFRPLVLYHFkWúLSULQDWLWXGLQLRPLVLYH
FHVWHRLQIUDF LXQHGHFXOS
GVHVDQF LRQHD] PDLDVSUXGDF DDYXWFRQVHFLQ HGHRVHELWGHJUDYH
5 VSXQVFRUHFWEFúLG
6XELHFWDFWLYQHPLMORFLWDOLQIUDF LXQLLGHQHJOLMHQ vQVHUYLFLXHVWH
DGRDUIXQF LRQDUXOSXEOLF
EIXQF LRQDUXOSXEOLFVDXRULFHIXQF LRQDU
FRULFHSHUVRDQ FHvQGHSOLQHúWHFRQGL LLOHJHQHUDOHDOHU VSXQGHULLSHQDOH
5 VSXQVFRUHFWE
ÌQWUHEXLQ DUHD GH H[SUHVLL MLJQLWRDUH ID GH R SHUVRDQ GH F WUH XQ
IXQF LRQDUSXEOLFvQH[HUFL LXODWULEX LLORUGHVHUYLFLXUHSUH]LQW
DLQIUDF LXQHDGHDEX]vQVHUYLFLXFRQWUDLQWHUHVHORUSHUVRDQHORU
ELQIUDF LXQHDGHSXUWDUHDEX]LY
FLQIUDF LXQHDGHDEX]vQVHUYLFLXSULQvQJU GLUHDXQRUGUHSWXUL
5 VSXQVFRUHFWE
)DSWDIXQF LRQDUXOXLSXEOLFDIODWvQH[HUFL LXODWULEX LLORUGHVHUYLFLXGH
DvQWUHEXLQ DH[SUHVLLMLJQLWRDUHID GHRSHUVRDQ FRQVWLWXLHLQIUDF LXQHDGH
DDEX]vQVHUYLFLXFRQWUDLQWHUHVHORUSHUVRDQHORU
EDEX]vQVHUYLFLXFRQWUDLQWHUHVHORUSXEOLFH
FSXUWDUHDEX]LY
5 VSXQVFRUHFWF
'DF R SHUVRDQ FRPLWH vQ FRQFUHW XQD VDX PDL PXOWH GLQ IDSWHOH
SUHY ]XWHvQDUW&SHQDFHVWHDYRUILvQFDGUDWHvQDFHDYDULDQW DJUDYDW FDUH
SUHYHGH SHGHDSVD FHD PDL DVSU vQWUXFkW IRUPHOH PDL SX LQ JUDYH VDX VLPSOH VH
DEVRUEvQFHOHDJUDYDWH
DDGHY UDW
EIDOV
5 VSXQVFRUHFWD
)RUPD GH YLQRY LH FX FDUH VH SRDWH V YkUúL LQIUDF LXQHD GH SXUWDUH
DEX]LY HVWH
DLQWHQ LDGLUHFW FDOLILFDW SULQVFRS
ELQWHQ LDGLUHFW VDXLQGLUHFW
FLQWHQ LDLQGLUHFW
GSUDHWHULQWHQ LD
5 VSXQVFRUHFWE
ÌQFD]XOLQIUDF LXQLLGHOXDUHGHPLW
D DF LXQHD VDX LQDF LXQHD LQFULPLQDW WUHEXLH V DLE FD RELHFW EDQL VDX DOWH
IRORDVH
EIRORVXOQHFXYHQLWFRQVW vQWUXQvPSUXPXW
FEDQLLVDXFHOHODOWHIRORDVHWUHEXLHV ILHQHFXYHQLWH
5 VSXQVFRUHFWDEúLF
ÌQYDULDQWDDJUDYDW OXDUHDGHPLW QXSRDWHILV YkUúLW GHFkWGHF WUH
DXQIXQF LRQDUSXEOLFFXDWULEX LLGHFRQWURO
EXQIXQF LRQDUFXDWULEX LLGHFRQWURO
FXQIXQF LRQDUSXEOLFFXDWULEX LLGHFRQGXFHUH
5 VSXQVFRUHFWE
/DOXDUHDGHPLW SRWILFRQILVFDWHGHODVXELHFWXODFWLY
DGRDUEXQXULOHFDUHDXIRVWSULPLWHVDXHFKLYDOHQWXOORUvQEDQL
EEXQXULOHFDUHDXIRVWSURPLVH
FHFKLYDOHQWXOEXQXULORUSHFDUHOHDSUHWLQVFHOPLWXLW
5 VSXQVFRUHFWD
&kQG OXDUHD GH PLW vQ YDULDQWD SULPLULL GH IRORDVH LQMXVWH D IRVW
V YkUúLW vQSDUWLFLSD LHLQVWDQ DSRDWHFRQILVFDGHODXQXOGLQWUHI SWXLWRUL
D QXPDL EHQHILFLXO UHDOL]DW SHUVRQDO EXQXULOH úL YDORULOH GH FDUH D SURILWDW
SHUVRQDO
EvQWUHDJDVXP VDXWRDWHEXQXULOHRULYDORULOHFHDXFRQVWLWXLWRELHFWXOPLWHL
FGRDUEXQXULOHEDQLLVDXYDORULOHFHDXIRVWJ VLWHDVXSUDI SWXLWRUXOXL
5 VSXQVFRUHFWD
6XELHFWXODFWLYQHPLMORFLWDOLQIUDF LXQLLGHOXDUHGHPLW vQYDULDQWDWLS
SRDWHIL
DGRDUIXQF LRQDUXOSXEOLF
ERULFHIXQF LRQDU
FRULFHSHUVRDQ
5 VSXQVFRUHFWE
6XELHFWXOSDVLYVSHFLDOODLQIUDF LXQHDGHOXDUHGHPLW HVWH
D FHO F UXLD L VH SUHWLQGH GH F WUH XQ IXQF LRQDU V GHD EDQL YDORUL VDX DOWH
EXQXULSHQWUXHIHFWXDUHDXQXLDFWFDUHLQWU vQvQGDWRULULOHVDOHGHVHUYLFLX
EIXQF LRQDUXOPLWXLW
FSHUVRDQDMXULGLF GHGUHSWSXEOLFVDXSULYDWvQVHUYLFLXOF UXLDI SWXLWRUXOvúL
H[HUFLW DWULEX LLOHIXQF LRQDOH
5 VSXQVFRUHFWF
ÌQFD]XOLQIUDF LXQLLGHOXDUHGHPLW DF LXQHDVDXLQDF LXQHDFRQFUHW D
VXELHFWXOXLDFWLYQHPLMORFLWWUHEXLHV ILH
D SRVWHULRDU vQGHSOLQLULL QHvQGHSOLQLULL RUL vQWkU]LHULL vQ vQGHSOLQLUHD DFWXOXL
GHWHUPLQDWSULYLWRUODvQGDWRULULOHGHVHUYLFLX
E FRQFRPLWHQW vQGHSOLQLULL QHvQGHSOLQLULL RUL vQWkU]LHULL vQ vQGHSOLQLUHD DFWXOXL
GHWHUPLQDWSULYLWRUODvQGDWRULULOHGHVHUYLFLX
F DQWHULRDU vQGHSOLQLULL QHvQGHSOLQLULL RUL vQWkU]LHULL vQ vQGHSOLQLUHD DFWXOXL
GHWHUPLQDWSULYLWRUODvQGDWRULULOHGHVHUYLFLX
5 VSXQVFRUHFWF
&RQIRUPS UHULLPDMRULWDUHDGRFWULQHLGHVSHFLDOLWDWHOXDUHDGHPLW VH
SRDWHFRPLWH
DFXLQWHQ LHGLUHFW VDXLQGLUHFW
EQXPDLFXLQWHQ LHGLUHFW FDOLILFDW SULQVFRS
FQXPDLFXLQWHQ LHLQGLUHFW
5 VSXQVFRUHFWE
ÌQ FD]XO vQ FDUH VFRSXO SUHY ]XW vQ DUW & SHQ VH UHDOL]HD] SULQ
V YkUúLUHDXQHLIDSWHFHvQWUXQHúWHWU V WXULOHXQHLLQIUDF LXQLDFHDVWD
DVHDEVRDUEHvQLQIUDF LXQHDGHOXDUHGHPLW
EIDFHFDOXDUHDGHPLW V VHUH LQ vQYDULDQW DJUDYDW
FQXHVWHDEVRUELW vQOXDUHDGHPLW FLFRQVWLWXLHRIDSW SHQDO GLVWLQFW FHOH
GRX LQIUDF LXQLDIOkQGXVHvQFRQFXUVUHDO
5 VSXQVFRUHFWF
(OHPHQWXOPDWHULDODOLQIUDF LXQLLGHOXDUHGHPLW DUW&SHQSRDWH
FRQVWDvQ
DGDUHDGHEDQLRULDOWHIRORDVH
ESURPLVLXQHDVDXRIHULUHDGHEDQL
FDFFHSWDUHDSURPLVLXQLLXQRUIRORDVH
GQHUHVSLQJHUHDSURPLVLXQLLXQRUIRORDVH
5 VSXQVFRUHFWFúLG
,QIUDF LXQHDGHOXDUHGHPLW DUW&SHQVHFRQVXP
DvQPRPHQWXOUHDOL] ULLDF LXQLLVDXLQDF LXQLLLQFULPLQDWH
EGRDUvQPRPHQWXOvQFDUHI SWXLWRUXOLQWU vQSRVHVLDIRORVXOXLQHFXYHQLW
FvQPRPHQWXOSURGXFHULLSDJXEHL
GGXS vQGHSOLQLUHDXQXLDFWSULYLWRUODvQGDWRULULOHVDOHGHVHUYLFLX
5 VSXQVFRUHFWD
&RQVWUkQJHUHD PLWXLWRUXOXL GH F WUH FHO FDUH D OXDW PLW GH D V YkUúL
DFHDVW IDSW HVWH
DRFDX] GHQHSHGHSVLUH
ERFDX] VSHFLDO FDUHvQO WXU FDUDFWHUXOSHQDODOIDSWHL
FRFDX] GHUHGXFHUHDSHGHSVHL
GRFLUFXPVWDQ DWHQXDQW
5 VSXQVFRUHFWE
'DF IXQF LRQDUXOFRUXSWvQVFRSXOGHDVDWLVIDFHVROLFLWDUHDPLWXLWRUXOXL
QX vQGHSOLQHúWH XQ DFW SULYLWRU OD vQGDWRULULOH OXL GH VHUYLFLX LDU DFHDVW
QHvQGHSOLQLUHFRQVWLWXLHSULQHDvQV úLRLQIUDF LXQH
DOXDUHDGHPLW YDLQWUDvQFRQFXUVFXUHVSHFWLYDLQIUDF LXQH
EOXDUHDGHPLW DEVRDUEHUHVSHFWLYDLQIUDF LXQH
FOXDUHDGHPLW VHUH LQHvQYDULDQW DJUDYDW
5 VSXQVFRUHFWD
3UHWLQGHUHD XQRU IRORDVH GH F WUH IXQF LRQDU úL SULPLUHD DFHVWRUD GXS
HIHFWXDUHDDFWXOXLSULYLWRUODvQGHSOLQLUHDvQGDWRULULORUVDOHGHVHUYLFLXSHQWUXFDUH
IRORDVHOHDXIRVWSUHWLQVHFRQVWLWXLHLQIUDF LXQHDGH
DOXDUHGHPLW
EDEX]vQVHUYLFLXFRQWUDLQWHUHVHORUSHUVRDQHORU
FSULPLUHGHIRORDVHQHFXYHQLWH
5 VSXQVFRUHFWD
)DSWDGHDSUHWLQGHúLSULPLXQIRORVQHFXYHQLWGHF WUHXQIXQF LRQDU
GXS vQGHSOLQLUHDvQSDUWHDXQHLvQGDWRULULGHVHUYLFLXGDUvQDLQWHGHILQDOL]DUHDHL
FRQVWLWXLH
DSULPLUHGHIRORDVHQHFXYHQLWH
EDEX]vQVHUYLFLXFRQWUDLQWHUHVHORUSHUVRDQHORU
FOXDUHGHPLW
5 VSXQVFRUHFWF
/XDUHDGHPLW HVWHRLQIUDF LXQH
DGHUH]XOWDW
EGHSHULFRO
FGHRELFHL
5 VSXQVFRUHFWE
9DORDUHDIRORDVHORUQHFXYHQLWHSULPLWHGHFHOPLWXLW
DWUHEXLHV DLE XQQLYHOPDLULGLFDWGHOHL
ESRDWHV DLE RULFHQLYHOGDUV QXILHEXQXULGHYDORDUHVLPEROLF QLFLGDUXUL
RFD]LRQDOH VDX GDUXUL FDUH H[SULP XQ VHQWLPHQW GH UHFXQRúWLQ RUL GH UHVSHFW
SHUVRQDO
FWUHEXLHV DLE XQQLYHOLQYHUVSURSRU LRQDOFXYDORDUHDVHUYLFLXOXLI FXWSULQ
vQGHSOLQLUHDDFWXOXL
5 VSXQVFRUHFWE
ÌQFD]XOLQIUDF LXQLLGHGDUHGHPLW
DEXQXULOHSRWILFRQILVFDWHGHODPLWXLWRU
E EXQXULOH SRW IL FRQILVFDWH GH OD DXWRU GRDU GDF RIHUWD GH PLWXLUH D IRVW
DFFHSWDW GHIXQF LRQDU
F EXQXULOH SRW IL FRQILVFDWH GH OD DXWRU FKLDU GDF RIHUWD GH PLWXLUH QX D IRVW
XUPDW GHDFFHSWDUH
5 VSXQVFRUHFWF
/DLQIUDF LXQHDGHGDUHGHPLW DUW&SHQHOHPHQWXOPDWHULDODO
IDSWHL
DVHV YkUúHúWHGRDUDQWHULRUHIHFWX ULLVDXQHHIHFWX ULLDFWXOXLGHVHUYLFLX
EVHV YkUúHúWHGRDUXOWHULRUHIHFWX ULLVDXQHHIHFWX ULLDFWXOXLGHVHUYLFLX
FVHSRDWHV YkUúLILHDQWHULRUILHXOWHULRUHIHFWX ULLVDXQHHIHFWX ULLDFWXOXLGH
VHUYLFLX
G VH FRPLWH QXPDL FRQFRPLWHQW FX HIHFWXDUHD VDX QHHIHFWXDUHD DFWXOXL GH
VHUYLFLX
5 VSXQVFRUHFWD
'HQXQ DUHDGHF WUHPLWXLWRUDIDSWHLPDLvQDLQWHFDRUJDQXOGHXUP ULUH
SHQDO V ILIRVWVHVL]DWSHQWUXDFHDLQIUDF LXQHHVWH
DRFDX] VSHFLDO GHQHSHGHSVLUH
ERFDX] FHvQO WXU FDUDFWHUXOSHQDODOIDSWHL
FRFDX] GHUHGXFHUHDSHGHSVHL
GRFDX] JHQHUDO GHQHSHGHSVLUH
5 VSXQVFRUHFWD
6XELHFWXODFWLYQHPLMORFLWDOLQIUDF LXQLLGHGDUHGHPLW HVWH
D RULFH SHUVRDQ IL]LF FH vQGHSOLQHúWH FRQGL LLOH JHQHUDOH SHQWUX D U VSXQGH
SHQDO
ERULFHIXQF LRQDU
FQXPDLXQIXQF LRQDUSXEOLF
5 VSXQVFRUHFWD
([LVW LQIUDF LXQHD GH SULPLUH GH IRORDVH QHFXYHQLWH DUW & SHQ
DWXQFLFkQG
DEXQXULOHDXIRVWSULPLWHGHIXQF LRQDUGXS FHDvQGHSOLQLWXQDFWvQED]DXQHL
vQ HOHJHULDQWHULRDUH
EEXQXULOHDXIRVWSULPLWHGHIXQF LRQDUvQDLQWHGHvQGHSOLQLUHDXQXLDFWODFDUH
HUDREOLJDWvQWHPHLXOIXQF LHLVDOH
FEXQXULOHDXIRVWSULPLWHGHIXQF LRQDUGXS FHDvQGHSOLQLWXQDFWvQYLUWXWHD
IXQF LHLVDOH
G EXQXULOH DX IRVW SULPLWH GH IXQF LRQDU GXS FH D vQGHSOLQLW XQ DFW FRQWUDU
vQGDWRULULORUVDOHGHVHUYLFLX
5 VSXQVFRUHFWF
$FWXO FH FRQVWLWXLH WHPHLXO SULPLULL GH IRORDVH QHFXYHQLWH vQ FD]XO
LQIUDF LXQLLSUHY ]XW vQDUW&SHQWUHEXLHV ILH
DDWkWOLFLWFkWúLLOLFLW
EQXPDLLOLFLW
FQXPDLOLFLW
5 VSXQVFRUHFWF
3HQWUXH[LVWHQ DLQIUDF LXQLLGHSULPLUHGHIRORDVHQHFXYHQLWH
D HVWH QHFHVDU V IL H[LVWDW R vQ HOHJHUH SUHDODELO UHDOL] ULL DFWXOXL vQWUH
IXQF LRQDUúLFHOFDUHRIHU IRORDVHOHQHFXYHQLWH
E HVWH VXILFLHQW H[LVWHQ D XQHL SURPLVLXQL VDX SUHWLQGHUHD XQRU IRORDVH
QHFXYHQLWHGHF WUHIXQF LRQDU
FHVWHQHFHVDU SULPLUHDXQRUIRORDVHGXS vQGHSOLQLUHDDFWXOXLOLFLW
5 VSXQVFRUHFWF
3HQWUXH[LVWHQ DLQIUDF LXQLLGHSULPLUHGHIRORDVHQHFXYHQLWH
D IRORDVHOH SRW IL SULPLWH DQWHULRU vQGHSOLQLULL DFWXOXL OD FDUH IXQF LRQDUXO HUD
REOLJDWvQYLUWXWHDIXQF LHL
EIRORDVHOHSRWILSULPLWHGRDUGXS vQGHSOLQLUHDDFWXOXLODFDUHIXQF LRQDUXOHUD
REOLJDWvQYLUWXWHDIXQF LHL
F IRORDVHOH QHFXYHQLWH SRW IL SULPLWH DQWHULRU VDX GXS vQGHSOLQLUHD DFWXOXL OD
FDUHIXQF LRQDUXOHUDREOLJDWvQYLUWXWHDIXQF LHL
5 VSXQVFRUHFWE
7HQWDWLYDODSULPLUHDGHIRORDVHQHFXYHQLWH
DVHSHGHSVHúWH
EQXHVWHLQFULPLQDW
FQXHVWHSRVLELO
5 VSXQVFRUHFWE
(OHPHQWXOPDWHULDODOLQIUDF LXQLLGHSULPLUHGHIRORDVHQHFXYHQLWHFRQVW
vQ
D SULPLUHD SUHWLQGHUHD DFFHSWDUHD SURPLVLXQLL VDX QHUHVSLQJHUHD SURPLVLXQLL
XQRUDVWIHOGHIRORDVH
ESULPLUHDXQRUIRORDVHQHFXYHQLWH
FSUHWLQGHUHDXQRUIRORDVHQHFXYHQLWH
5 VSXQVFRUHFWE
,QIUDF LXQHDGHWUDILFGHLQIOXHQ
DDUHXQVXELHFWDFWLYQHPLMORFLWFLUFXPVWDQ LDW
E VH SRDWH FRPLWH úL SULQWUR LQDF LXQH UHVSHFWLY SULQ QHUHVSLQJHUHD XQHL
SURPLVLXQLGHGDUXUL
F DUH FD XUPDUH LPHGLDW R VWDUH GH SHULFRO SHQWUX EXQXO PHUV DO DFWLYLW LL
XQLW LORUDU WDWHODDUW&SHQ
GVHFRPLWHQXPDLFXLQWHQ LHGLUHFW FDOLILFDW SULQVFRS
5 VSXQVFRUHFWFúLG
6XELHFWXODFWLYQHPLMORFLWDOLQIUDF LXQLLGHWUDILFGHLQIOXHQ HVWH
DIXQF LRQDUXOFDUHvQI SWXLHúWHXQDFWFHLQWU vQDWULEX LLOHVDOHGHVHUYLFLXvQ
VFKLPEXOXQXLIRORVPDWHULDOLQMXVW
E SHUVRDQD FDUH DUH VDX ODV V VH FUHDG F DUH LQIOXHQ DVXSUD XQXL
IXQF LRQDU
FGRDUIXQF LRQDUXOSXEOLF
5 VSXQVFRUHFWE
/DLQIUDF LXQHDGHWUDILFGHLQIOXHQ
DWHQWDWLYDHVWHSRVLELO úLHVWHVDQF LRQDW
ELQIOXHQ DGHFODUDW GHI SWXLWRU±UHDO VDXSUHVXSXV ±WUHEXLHV VHUHIHUHOD
XQIXQF LRQDUFDUHH[HUFLW HIHFWLYDWULEX LLOHQHFHVDUHFXPS U WRUXOXLGHLQIOXHQ
F GLVSR]L LLOH SULYLWRDUH OD FRQILVFDUH VH DSOLF úL vQ VLWXD LD vQ FDUH IDSWD VD
V YkUúLWSULQSUHWLQGHUHVDXDFFHSWDUHGHSURPLVLXQL
5 VSXQVFRUHFWE
/D LQIUDF LXQHD GH WUDILF GH LQIOXHQ DUW & SHQ VXELHFWXO DFWLY
QHPLMORFLWSRDWHIL
DRULFHSHUVRDQ
EGRDUXQIXQF LRQDUSXEOLF
FIXQF LRQDUXOFDUHvQGHSOLQHúWHXQDFWFHLQWU vQDWULEX LLOHVDOHGHVHUYLFLX
5 VSXQVFRUHFWD
)RORDVHOHvQFD]XOLQIUDF LXQLLGHWUDILFGHLQIOXHQ WUHEXLHV ILH
DFXYHQLWH
EQHFXYHQLWH
5 VSXQVFRUHFWE
7UDILFXOGHLQIOXHQ HVWHR
DLQIUDF LXQHFXFRQ LQXWXULDOWHUQDWLYH
ELQIUDF LXQHGHDF LXQHFRPLVLY
FLQIUDF LXQHFXFRQVXPDUHDQWLFLSDW
GLQIUDF LXQHLQWHQ LRQDW
5 VSXQVFRUHFWDEFG
/DLQIUDF LXQHDGHGHQXQ DUHFDORPQLRDV
DFRDXWRUDWXOHVWHSRVLELO
E VXELHFWXO SDVLY VHFXQGDU HVWH VWDWXO SULQ RUJDQXO MXGLFLDU D F UXL DFWLYLWDWH D
IRVWSHULFOLWDW
F RELHFWXO MXULGLF VSHFLDO DGLDFHQW VH UHIHU OD UHOD LLOH VRFLDOH SULYLQG QRUPDOD
GHVI úXUDUHDDFWHORUGHMXVWL LH
GvQYLQXLUHDPLQFLQRDV WUHEXLHI FXW SULQGHQXQ VDXSOkQJHUH
5 VSXQVFRUHFWDúLG
3URGXFHUHDRULWLFOXLUHDGHSUREHPLQFLQRDVHvQVSULMLQXOXQHLvQYLQXLUL
QHGUHSWHUHSUH]LQW
DLQIUDF LXQHDGHP UWXULHPLQFLQRDV
ELQIUDF LXQHDGHGHQXQ DUHFDORPQLRDV
FQHGHQXQ DUHDXQRULQIUDF LXQL
GLQIUDF LXQHDGHIDYRUL]DUHDLQIUDFWRUXOXL
5 VSXQVFRUHFWE
ÌQ FD]XO vQ FDUH SULQ DFHODúL GHQXQ PDL PXOWH SHUVRDQH VXQW vQYLQXLWH
PLQFLQRVGHDFHHDúLLQIUDF LXQHVHYDUH LQH
DRVLQJXU LQIUDF LXQHGHGHQXQ DUHFDORPQLRDV vQYDULDQWDWLS
EPDLPXOWHLQIUDF LXQLGHGHQXQ DUHFDORPQLRDV vQFRQFXUV
FRVLQJXU LQIUDF LXQHGHGHQXQ DUHFDORPQLRDV vQYDULDQWDDJUDYDW
5 VSXQVFRUHFWE
([LVW YDULDQWDDJUDYDW DLQIUDF LXQLLGHGHQXQ DUHFDORPQLRDV FkQG
D vQYLQXLUHD PLQFLQRDV D DYXW FD HIHFW DUHVWDUHD VDX FRQGDPQDUHD XQHL
SHUVRDQH
EVDXSURGXVRULWLFOXLWSUREHPLQFLQRDVHvQVSULMLQXOXQHLvQYLQXLULQHGUHSWH
FIDSWDDIRVWV YkUúLW GHGRX VDXPDLPXOWHSHUVRDQHvPSUHXQ
5 VSXQVFRUHFWE
ÌQFD]XOLQIUDF LXQLLGHGHQXQ DUHFDORPQLRDV vQYLQXLUHDPLQFLQRDV
DVHSRDWHUHIHULODRIDSW FDUHDUH[SXQHSHUVRDQDODRVDQF LXQHGLVFLSOLQDU
EVHSRDWHUHIHULODV YkUúLUHDXQHLFRQWUDYHQ LL
FVHSRDWHUHIHULGRDUODV YkUúLUHDXQHLLQIUDF LXQL
GVHSRDWHUHIHULODV YkUúLUHDXQHLIDSWHLOLFLWH
5 VSXQVFRUHFWF
/DLQIUDF LXQHDGHGHQXQ DUHFDORPQLRDV vQYLQXLUHDPLQFLQRDV SRDWH
ILI FXW SULQ
DSOkQJHUH
EGHQXQ
FFRQVWLWXLUHDFDSDUWHFLYLO
5 VSXQVFRUHFWDúLE
'HQXQ DUHDFDORPQLRDV SRWULYLWS UHULLPDMRULWDUHDGRFWULQHLSHQDOHVH
FRPLWH
DQXPDLFXLQWHQ LHGLUHFW
EFXLQWHQ LHGLUHFW VDXLQGLUHFW
FGRDUFXLQWHQ LHLQGLUHFW
5 VSXQVFRUHFWE
'HFODUD LD I SWXLWRUXOXL LQIUDF LXQLL GH GHQXQ DUH FDORPQLRDV PDL
vQDLQWHGHSXQHUHDvQPLúFDUHDDF LXQLLSHQDOHID GHSHUVRDQDvQFRQWUDF UHLDVD
I FXWGHQXQ XOVDXSOkQJHUHDRULvPSRWULYDF UHLDVDXSURGXVSUREHOHF GHQXQ XO
SOkQJHUHDVDXSUREHOHVXQWPLQFLQRDVHUHSUH]LQW R
DFDX] GHLPSXQLWDWH
EFDX] GHUHGXFHUHDSHGHSVHL
FFDX] GHDJUDYDUHDSHGHSVHL
5 VSXQVFRUHFWE
5HWUDJHUHDP UWXULHLPLQFLQRDVHvQDLQWHGHDUHVWDUHDLQFXOSDWXOXLVDXvQ
WRDWHFDX]HOHvQDLQWHGHSURQXQ DUHDXQHLKRW UkULRULDXQHLDOWHVROX LLFDXUPDUH
DP UWXULHLPLQFLQRDVHUHSUH]LQW RFDX] GH
DLPSXQLWDWH
EUHGXFHUHDSHGHSVHLFRQIRUPDUW&SHQ
FRFDX] GHvQO WXUDUHDFDUDFWHUXOXLSHQDODOIDSWHL
GRFDX] JHQHUDO GHvQO WXUDUHDU VSXQGHULLSHQDOH
5 VSXQVFRUHFWD
3DUWLFLSD LDODLQIUDF LXQHDGHP UWXULHPLQFLQRDV HVWHSRVLELO
DvQRULFHIRUP
EGRDUvQIRUPDDXWRUDWXOXL
FGRDUvQIRUPDLQVWLJ ULLúLFRDXWRUDWXOXL
GQXPDLVXEIRUPDLQVWLJ ULLúLDFRPSOLFLW LL
5 VSXQVFRUHFWG
,QIUDF LXQHDGHP UWXULHPLQFLQRDV DUHFDXUPDUH
DFUHDUHDXQHLVW ULGHSHULFROSHQWUXvQI SWXLUHDMXVWL LHL
EVROX LRQDUHDLQMXVW DXQHLFDX]H
FFRQGDPQDUHDSHQHGUHSWDXQHLSHUVRDQH
5 VSXQVFRUHFWD
8UPDUHDLPHGLDW ODLQIUDF LXQHDGHP UWXULHPLQFLQRDV FRQVW vQ
DSURGXFHUHDXQXLSUHMXGLFLX
EFUHDUHDXQHLVW ULGHSHULFROSHQWUXvQI SWXLUHDMXVWL LHL
FvPSLHGLFDUHDDIO ULLDGHY UXOXLvQWURFDX]
5 VSXQVFRUHFWE
5HWUDJHUHD P UWXULHL PLQFLQRDVH GXS DUHVWDUHD LQFXOSDWXOXL VDX vQ
WRDWHFDX]HOHGXS FHVDSURQXQ DWRKRW UkUHRULVDGDWRDOW VROX LHFDXUPDUHD
P UWXULHLPLQFLQRDVHUHSUH]LQW RFDX] GH
DLPSXQLWDWH
EUHGXFHUHDSHGHSVHLFRQIRUPDUW&SHQ
FvQO WXUDUHDFDUDFWHUXOXLSHQDODOIDSWHL
5 VSXQVFRUHFWE
/DLQIUDF LXQHDGHP UWXULHPLQFLQRDV
DDILUPD LDPLQFLQRDV VDXRPLVLXQHDGHDVSXQHWRWFHúWLHWUHEXLHV SULYHDVF
vPSUHMXU ULHVHQ LDOH
E RELHFWXO DFWLY QHPLMORFLW WUHEXLH V IL IRVW vQWUHEDW FX SULYLUH OD DFHVWH
vPSUHMXU ULHVHQ LDOH
F IRUPD GH YLQRY LH SRWULYLW GRFWULQHL GRPLQDQWH QX SRDWH IL GHFkW LQWHQ LD
GLUHFW VDXLQGLUHFW
5 VSXQVFRUHFWDEF
6XELHFWDFWLYQHPLMORFLWDOLQIUDF LXQLLGHP UWXULHPLQFLQRDV HVWH
DGRDUPDUWRUXO
EPDUWRUXOVDXSHUVRDQDFDUHvQFHDUF V OGHWHUPLQHSHPDUWRUV GHDGHFODUD LL
PLQFLQRDVH
FPDUWRUXOH[SHUWXOVDXLQWHUSUHWXO
5 VSXQVFRUHFWF
,QIUDF LXQHDGHP UWXULHPLQFLQRDV
DSRDWHDYHDFDVXELHFWDFWLYQHPLMORFLWXQLQWHUSUHW
EVHSRDWHV YkUúLQXPDLvQWURFDX] SHQDO FLYLO VDXGLVFLSOLQDU
FDUHFDVXELHFWSDVLYSULQFLSDOSHUVRDQDFDUHVXIHU FRQVHFLQ HOHXQHLP UWXULL
PLQFLQRDVH
GQXDUHRELHFWPDWHULDO
5 VSXQVFRUHFWDúLG
,QIUDF LXQHDGHP UWXULHPLQFLQRDV
DVHSRDWHV YkUúLGRDUSULQWURLQDF LXQH
EVHUHIHU úLODDILUPD LLPLQFLQRDVHI FXWHGHPDUWRUDVXSUDRULF URUvPSUHMXU UL
GHVSUHFDUHHVWHvQWUHEDWvQVROX LRQDUHDXQHLFDX]H
FVHV YkUúHúWHúLGLQFXOS
5 VSXQVFRUHFWQLFLXQXO
,QIUDF LXQHDGHP UWXULHPLQFLQRDV DUW&SHQ
DHVWHLQFULPLQDW vQIRUPDWHQWDWLYHL
EQXSRDWHDYHDIRUPDFRQWLQXDW
F VH FRQVXP vQ PRPHQWXO vQ FDUH DXGLHUHD VDX DVFXOWDUHD D OXDW VIkUúLW LDU
GHSR]L LDDIRVWVHPQDW GHPDUWRUH[SHUWVDXLQWHUSUHW
5 VSXQVFRUHFWF
3HUVRDQDFDUHDGHWHUPLQDWSHRDOW SHUVRDQ V vQFHUFHV GHWHUPLQHSH
XQPDUWRUH[SHUWLQWHUSUHWV V YkUúHDVF LQIUDF LXQHDGHP UWXULHPLQFLQRDV YD
U VSXQGHSHQWUX
DLQVWLJDUHODP UWXULHPLQFLQRDV
ELQVWLJDUHODvQFHUFDUHDGHDGHWHUPLQDP UWXULDPLQFLQRDV
FLQVWLJDUHODvPSLHGLFDUHDSDUWLFLS ULLvQSURFHV
5 VSXQVFRUHFWE
'DF vQFHUFDUHD GH D GHWHUPLQD P UWXULD PLQFLQRDV D IRVW XUPDW GH
V YkUúLUHD P UWXULHL PLQFLQRDVH GH F WUH R SHUVRDQ DVXSUD F UHLD VD vQFHUFDW
GHWHUPLQDUHDIDSWDYDILvQFDGUDW FD
DvQFHUFDUHDGHDGHWHUPLQDP UWXULDPLQFLQRDV
ELQVWLJDUHODLQIUDF LXQHDGHP UWXULHPLQFLQRDV
FLQVWLJDUHODvPSLHGLFDUHDSDUWLFLS ULLvQSURFHV
5 VSXQVFRUHFWE
ÌQFHUFDUHD GH D GHWHUPLQD R SHUVRDQ SULQ FRUXSHUH V GHD GHFODUD LL
IDOVHvQWURFDX] vQFDUHDUHFDOLWDWHDGHPDUWRUUHSUH]LQW
DLQVWLJDUHODP UWXULHPLQFLQRDV
EDXWRUDWODLQIUDF LXQHDGHDGHWHUPLQDP UWXULDPLQFLQRDV
FLQVWLJDUHODvQFHUFDUHDGHDGHWHUPLQDP UWXULDPLQFLQRDV
5 VSXQVFRUHFWE
,QIUDF LXQHDGHvQFHUFDUHGHDGHWHUPLQDP UWXULDPLQFLQRDV
DVHSRDWHV YkUúLúLSULQWURLQDF LXQH
EVHSRDWHFRPLWHQXPDLSULQDF LXQL
FVHSRDWHV YkUúLSULQFRUXSHUHVDXFRQVWUkQJHUH
5 VSXQVFRUHFWEúLF
,QIUDF LXQHDGHvQFHUFDUHGHDGHWHUPLQDP UWXULDPLQFLQRDV
D HVWH vQ UHDOLWDWH R LQFULPLQDUH DXWRQRP D XQHL WHQWDWLYH OD LQVWLJDUHD XQHL
P UWXULLPLQFLQRDVH
ESUHVXSXQHFDIDSWDSHQDO ODV YkUúLUHDF UHLDVDvQFHUFDWV VHGHWHUPLQHR
SHUVRDQ V QXVHILFRPLV
FLQFXPE IDSWXOFDGHWHUPLQDUHDVXELHFWXOXLSDVLYV QXILDYXWORF
5 VSXQVFRUHFWDEF
ÌQFHUFDUHDGHDGHWHUPLQDP UWXULDPLQFLQRDV DUW&SHQ
DVHFRPLWHSRWULYLWS UHULLPDMRULWDUHFXLQWHQ LHGLUHFW VDXLQGLUHFW
E VH FRQVXP LQVWDQWDQHX vQ PRPHQWXO vQ FDUH VD V YkUúLW DF LXQHD GH
FRQVWUkQJHUHVDXFRUXSHUHSULQFDUHVDvQFHUFDWGHWHUPLQDUHDODP UWXULHPLQFLQRDV
FQXHVWHSRVLELO vQIRUPDFRQWLQXDW
5 VSXQVFRUHFWE
ÌPSLHGLFDUHD SDUWLFLS ULL OD SURFHV DEVRDUEH vQ FRQ LQXWXO V X
LQIUDF LXQLOHGH
DORYLUHVDXDOWHYLROHQ H
EY W PDUHFRUSRUDO
FY W PDUHFRUSRUDO JUDY
GDPHQLQ DUH
5 VSXQVFRUHFWDúLG
ÌPSLHGLFDUHDSDUWLFLS ULLODSURFHV
DHVWHRLQIUDF LXQHGHUH]XOWDW
E VH VDQF LRQHD] úL GDF DFWHOH GH H[HFXWDUH VXQW vQWUHUXSWH GLQ FDX]H
LQGHSHQGHQWHGHYRLQ DI SWXLWRUXOXL
F VH FRQVXP vQ PRPHQWXO vQ FDUH D IRVW vPSLHGLFDW SDUWLFLSDUHD OD SURFHV D
XQHLDGLQWUHSHUVRDQHOHSUHY ]XWHvQDUW&SHQ
5 VSXQVFRUHFWDEúLF
1HGHQXQ DUHD XQRU LQIUDF LXQL DUW & SHQ VH SRDWH FRPLWH GLQ
SXQFWGHYHGHUHDOYLQRY LHL
DQXPDLFXLQWHQ LH
EQXPDLGLQFXOS
FDWkWFXLQWHQ LHFkWúLGLQFXOS
5 VSXQVFRUHFWF
2PLVLXQHD GH D GHQXQ D GH vQGDW V YkUúLUHD XQHL IDSWH GH RPRU
vQWUXQHúWHHOHPHQWHOHFRQVWLWXWLYHDOHLQIUDF LXQLLGH
DIDYRUL]DUHDLQIUDFWRUXOXLDUW&SHQ
EW LQXLUHDUW&SHQ
FQHGHQXQ DUHDXQRULQIUDF LXQLDUW&SHQ
5 VSXQVFRUHFWF
1HGHQXQ DUHDXQRULQIUDF LXQLDUW&SHQ
D SRDWH IL V YkUúLW GH RULFH SHUVRDQ FX H[FHS LD DXWRULORU LQIUDF LXQLL
QHGHQXQ DWH
EVHSRDWHV YkUúLQXPDLFXLQWHQ LHGLUHFW VDXLQGLUHFW
FHVWHRLQIUDF LXQHGHSHULFRO
5 VSXQVFRUHFWDúLF
1HGHQXQ DUHDXQRULQIUDF LXQLDUW&SHQHVWHRLQIUDF LXQH
DGHVHUYLFLXVDXvQOHJ WXU FXVHUYLFLXO
EFDUHvPSLHGLF vQI SWXLUHDMXVWL LHL
FGHFRUXS LH
5 VSXQVFRUHFWE
(OHPHQWXOPDWHULDODOQHGHQXQ ULLXQRULQIUDF LXQLVHSRDWHUHDOL]D
DQXPDLSULQLQDF LXQH
EQXPDLSULQDF LXQH
FDWkWSULQDF LXQLFkWúLSULQRPLVLXQL
5 VSXQVFRUHFWF
/D QHGHQXQ DUHD XQRU LQIUDF LXQL DUW & SHQ vQ PRGDOLWDWHD VD
RPLVLY
DVXQWSRVLELOHDFWHOHSUHSDUDWRULL
EVXQWSRVLELOHDFWHOHvQFHUFDWHWHQWDWLYD
FQXVXQWSRVLELOHDFWHOHSUHSDUDWRULLúLWHQWDWLYD
5 VSXQVFRUHFWF
$MXWRUXO GDW I SWXLWRUXOXL vQ XUPD vQ HOHJHUL DYXWH FX DFHVWD DQWHULRU
V YkUúLULL IDSWHL SHQWUX ] G UQLFLUHD XUP ULULL SHQDOH D MXGHF LL VDX D H[HFXW ULL
SHGHSVHLUHSUH]LQW LQIUDF LXQHDGH
DIDYRUL]DUHDLQIUDFWRUXOXL
EW LQXLUH
FFRPSOLFLWDWHODDFHDLQIUDF LXQH
GQHGHQXQ DUHDXQRULQIUDF LXQL
5 VSXQVFRUHFWF
,QIUDF LXQHDGHIDYRUL]DUHDLQIUDFWRUXOXL
DQXSRDWHDYHDFDRELHFWPDWHULDOIRORVXOVDXSURGXVXOPDWHULDODOLQIUDF LXQLL
V YkUúLWHGHLQIUDFWRUXOIDYRUL]DW
E VH GHRVHEHúWH GH LQIUDF LXQHD GH W LQXLUH úL SULQ DFHHD F I SWXLWRUXO QX
XUP UHúWHRE LQHUHDXQXLIRORVPDWHULDOSHQWUXVLQH
FVHSRDWHV YkUúLQXPDLSULQWURDF LXQH
GSRDWHILFRPLV FXLQWHQ LHGLUHFW VDXLQGLUHFW
5 VSXQVFRUHFWEúLG
ÌQ FD]XO LQIUDF LXQLL GH IDYRUL]DUH D LQIUDFWRUXOXL DUW & SHQ
DMXWRUXOVHSRDWHDFRUGD
DvQDLQWHGHV YkUúLUHDLQIUDF LXQLLSULQFLSDOH
EGXS V YkUúLUHDIDSWHLGHED]
FvQWLPSXOV YkUúLULLIDSWHL
5 VSXQVFRUHFWE
)DYRUL]DUHDLQIUDFWRUXOXLDUW&SHQQXSRDWHILFRQFHSXW I U
DSUHH[LVWHQ DXQHLLQIUDF LXQLFRPLVHGHRDOW SHUVRDQ GHFkWIDYRUL]DWRUXO
E vQFHSHUHD XUP ULULL SHQDOH SHQWUX R IDSW FRPLV GH R DOW SHUVRDQ GHFkW
IDYRUL]DWRUXO
F H[LVWHQ D XQHL FRQGDPQ UL GHILQLWLYH SHQWUX R LQIUDF LXQH V YkUúLW GH DOW
SHUVRDQ GHFkWIDYRUL]DWRUXO
5 VSXQVFRUHFWD
(OHPHQWXO PDWHULDO DO LQIUDF LXQLL GH IDYRUL]DUH D LQIUDFWRUXOXL
DUW&SHQVHSRDWHUHDOL]D
DSULQWURDF LXQH
ESULQWURLQDF LXQH
DDWkWSULQWURDF LXQHFkWúLSULQWURLQDF LXQH
5 VSXQVFRUHFWF
&kQGRSHUVRDQ V YkUúHúWHIDSWDGHIDYRUL]DUHvQDPEHOHVDOHYDULDQWH
SULYLQGDFHODúLLQIUDFWRUFRPLWH
DXQFXPXOGHLQIUDF LXQLGHIDYRUL]DUH
ERVLQJXU LQIUDF LXQHGHIUDYRUL]DUHDLQIUDFWRUXOXL
5 VSXQVFRUHFWE
'DF DMXWRUXOYDILGDWPDLPXOWRULQIUDFWRULDFHVWDYDILvQFDGUDWFD
DRLQIUDF LXQHFRQWLQXDW GHIDYRUL]DUH
EXQFRQFXUVUHDOGHLQIUDF LXQL
5 VSXQVFRUHFWE
ÌQFD]XOLQIUDF LXQLLGHIDYRUL]DUHDLQIUDFWRUXOXLDUW&SHQIDSWD
VHFRPLWH
DQXPDLFXLQWHQ LHGLUHFW
EFXLQWHQ LHGLUHFW VDXLQGLUHFW
FFXLQWHQ LHVDXGLQFXOS
5 VSXQVFRUHFWE
/DLQIUDF LXQHDGHIDYRUL]DUHDLQIUDFWRUXOXL
DDFWHOHSUHSDUDWRULLúLWHQWDWLYDVXQWSRVLELOHúLLQFULPLQDWH
EDFWHOHSUHSDUDWRULLúLWHQWDWLYDVXQWSRVLELOHGDUQXVXQWLQFULPLQDWH
FIDYRUL]DUHDV YkUúLW GHVR VDXGHRUXG DSURSLDW DWUDJHUHGXFHUHDSHGHSVHL
DSOLFDWHODMXP WDWH
5 VSXQVFRUHFWE
)DYRUL]DUHDLQIUDFWRUXOXLHVWHRLQIUDF LXQH
DRPLVLY
EDXWRQRP
FFRQH[ ±FRUHODWLY
GJHQHUDO GDUVXEVLGLDU
5 VSXQVFRUHFWEFG
0HQ LQHUHDLQWHQ LRQDW DVW ULLGHDUHVWGH LQHUHGXS H[SLUDUHDGXUDWHL
PDQGDWXOXLGHDUHVWDUHSUHYHQWLY GHH[HFXWDUHDSHGHSVHLFRQVWLWXLHLQIUDF LXQHGH
DOLSVLUHGHOLEHUWDWHvQPRGLOHJDO
EDUHVWDUHQHOHJDO
FUHSUHVLXQHQHGUHDSW
GDEX]vQVHUYLFLXFRQWUDLQWHUHVHORUSXEOLFH
5 VSXQVFRUHFWE
,QIUDF LXQHDGHDUHVWDUHQHOHJDO
D DUH GH UHJXO FD RELHFW PDWHULDO FRUSXO SHUVRDQHL vPSRWULYD F UHLD VH
V YkUúHúWHDF LXQHDLQFULPLQDW
EVHSRDWHV YkUúLQXPDLSULQWURDF LXQH
FHVWHLQFULPLQDW úLvQIRUPDWHQWDWLYHL
5 VSXQVFRUHFWD
$UHVWDUHDQHOHJDO
DVHV YkUúHúWHQXPDLFXLQWHQ LH
EHVWHLQFULPLQDW úLvQIRUPDWHQWDWLYHL
FHVWHRLQIUDF LXQHFRQWLQX
5 VSXQVFRUHFWDúLF
$UHVWDUHDQHOHJDO HVWHRLQIUDF LXQH
DSURSULH
EFRQWLQX
FLQWHQ LRQDW
GFRPLVLY
5 VSXQVFRUHFWDEFG
&HUFHWDUHDDEX]LY HVWHRLQIUDF LXQH
DSURSULH
EFRQWLQX
FLQWHQ LRQDW
GFRPLVLY
5 VSXQVFRUHFWDF
$UHVWDUHDQHOHJDO VHFRPLWHQXPDLFX
DLQWHQ LHGLUHFW FDOLILFDW SULQVFRS
ELQWHQ LHGLUHFW VDXLQGLUHFW
FLQWHQ LHVDXFXOS
5 VSXQVFRUHFWE
,QIUDF LXQHD GH HYDGDUH DUW & SHQ VH YD UH LQH vQ YDULDQWD
DJUDYDW GDF
DIDSWDHVWHV YkUúLW SULQIRORVLUHDGHFDOLW LPLQFLQRDVH
EIDSWDHVWHV YkUúLW GHGRX VDXPDLPXOWHSHUVRDQHvPSUHXQ
FIDSWDHVWHV YkUúLW vQWLPSXOQRS LL
GIDSWDHVWHFRPLV SULQIRORVLUHGHYLROHQ HGHDUPHVDXGHDOWHLQVWUXPHQWH
5 VSXQVFRUHFWEúLG
ÌQFD]XOLQIUDF LXQLLGHHYDGDUH
D SHGHDSVD DSOLFDW SHQWUX DFHDVW LQIUDF LXQH VH DGDXJ OD SHGHDSVD FH VH
H[HFXW I U DVHGHS úLPD[LPXOJHQHUDODOvQFKLVRULL
ESHGHDSVDDSOLFDW SHQWUXLQIUDF LXQHDGHHYDGDUHVHFRQWRSHúWHFXSHGHDSVDFH
VHH[HFXW
F SRDWH DYHD FDOLWDWHD GH VXELHFW DFWLY QHPLMORFLW úL SHUVRDQD FDUH D V YkUúLW R
LQIUDF LXQHIODJUDQW
GWHQWDWLYDHVWHSRVLELO úLVHSHGHSVHúWH
5 VSXQVFRUHFWDúLG
,QIUDF LXQHDGHHYDGDUH
DSRDWHvPEU FDIRUPDLQIUDF LXQLLFRQWLQXHVDXFRQWLQXDWH
E SUHVXSXQH WRWGHDXQD DSOLFDUHD XQHL SHGHSVH LQIHULRDUH FHOHL vQ H[HFXWDUHD
F UHLDVHDIODFRQGDPQDWXO
FHVWHvQIRUPDDJUDYDW FkQGVHvQWUHEXLQ HD] DQXPLWHLQVWUXPHQWH
GVHSRDWHUHDOL]DDWkWSULQWURDF LXQHFkWúLSULQWURLQDF LXQH
5 VSXQVFRUHFWF
,QIUDF LXQHDGHHYDGDUH
DSRDWHLQWUDvQFRQFXUVFXLQIUDF LXQHDGHORYLUHVDXDOWHYLROHQ HGDF DFHVWH
YLROHQ HVDXvQWUHEXLQ DWODV YkUúLUHDHYDG ULL
EQXDUHXQRELHFWPDWHULDO
FDUHFDXUPDUHRVWDUHGHSHULFROSHQWUXYDORDUHDVRFLDO SURWHJXLW
5 VSXQVFRUHFWEúLF
ÌQFD]XOLQIUDF LXQLLGHHYDGDUH
DYLROHQ DDUHvQ HOHVXODU WDWvQDUWDOLQ&SHQ
EYLROHQ DSRDWHDYHDORFDWkWDVXSUDXQHLSHUVRDQHFkWúLDVXSUDXQXLOXFUX
FSRWULYLWGRFWULQHLPDMRULWDUHYLQRY LDVHvQI LúHD] VXEIRUPDLQWHQ LHLGLUHFWH
VDXLQGLUHFWH
5 VSXQVFRUHFWDúLF
3HGHDSVDvQFD]XOLQIUDF LXQLLGHHYDGDUH
DVHDGDXJ ODSHGHDSVDFHVHH[HFXW I U DSXWHDGHS úLPD[LPXOJHQHUDODO
vQFKLVRULL
EVHFRQWRSHúWHFXSHGHDSVDFHVHH[HFXW
FQXSRDWHGHS úLFXDQWXPXOSHGHSVHLFHVHH[HFXW ODPRPHQWXOHYDG ULL
5 VSXQVFRUHFWD
1XH[LVW DJUDYDQWDODLQIUDF LXQHDGHHYDGDUHGDF
DIDSWDDIRVWV YkUúLW SULQIRORVLUHDGHYLROHQ H
EIDSWDDIRVWV YkUúLW GHGRX VDXPDLPXOWHSHUVRDQH
FIDSWDDIRVWV YkUúLW vQWLPSXOQRS LL
5 VSXQVFRUHFWEúLF
/D LQIUDF LXQHD GH vQOHVQLUH D HYDG ULL SRWULYLW RSLQLHL PDMRULWDUH
SDUWLFLSD LDSHQDO
DQXHVWHSRVLELO VXEQLFLRIRUP
EHVWHSRVLELO vQWRDWHIRUPHOHVDOH
FHVWHSRVLELO QXPDLvQIRUPDLQVWLJ ULLVDXFRPSOLFLW LL
5 VSXQVFRUHFWE
ÌQOHVQLUHDHYDG ULL
DHVWHRLQIUDF LXQHFRPLVLY
EVHSRDWHV YkUúLQXPDLSULQWURDF LXQH
FVHFRPLWHDWkWSULQDF LXQLFkWúLSULQLQDF LXQL
5 VSXQVFRUHFWDúLF
$F LXQHDGHvQOHVQLUHDHYDG ULL
DvQVHDPQ RULFHVSULMLQGDWSHUVRDQHLUH LQXWHVDXGH LQXWH
ELPSOLF IDSWXOF SHUVRDQDUH LQXW VDXGH LQXW VHKRW UkVHVDXDFFHSWDVHPDL
vQDLQWHvQGHPQXOGHDHYDGD
F DUH FD XUPDUH R VWDUH GH SHULFRO SHQWUX GHVI úXUDUHD QRUPDO D DFWLYLW LL GH
MXVWL LH
5 VSXQVFRUHFWDEúLF
,QIUDF LXQHDGHvQOHVQLUHDHYDG ULLDUW&SHQVHSRDWHV YkUúL
DQXPDLFXLQWHQ LHGLUHFW FDOLILFDW SULQVFRS
EQXPDLFXLQWHQ LH
FDWkWFXLQWHQ LHFkWúLGLQFXOS
GQXPDLGLQFXOS
5 VSXQVFRUHFWF
9LQRY LDvQFD]XOV YkUúLULLGHvQOHVQLUHDHYDG ULLGHF WUHRSHUVRDQ FH
DYHDvQGDWRULUHDGHDS ]LSHFHOFHDHYDGDWSRDWHvPEU FD
DGRDUIRUPDLQWHQ LHLGLUHFWH
EGRDUIRUPDLQWHQ LHL
FIRUPDLQWHQ LHLVDXFXOSHL
5 VSXQVFRUHFWF
1HUHVSHFWDUHDUHJLPXOXLDUPHORUúLPXQL LLORUDUW&SHQHVWHPDL
JUDY GDF
D DUPD VDX PXQL LD QX HVWH GHSXV vQ WHUPHQXO IL[DW GH OHJH OD RUJDQXO
FRPSHWHQW GH F WUH FHO F UXLD L VD UHVSLQV FHUHUHD SHQWUX SUHOXQJLUHD YDODELOLW LL
SHUPLVXOXL
EVHGH LQvQVWU LQHD] VDXSRDUW DUPHDVFXQVHVDXDUPHPLOLWDUH
FVHGH LQvQVWU LQHD] VDXSRDUW DUPHGHSDQRSOLH
GVHSRDUW DUPHI U GUHSWvQORFDOXOXQLW LORUGHVWDWVDXDODOWRUXQLW LODFDUH
VHUHIHU DUW&SHQODvQWUXQLULSXEOLFHRULvQORFDOXULGHDOHJHUL
5 VSXQVFRUHFWEúLG
ÌQ FD]XO LQIUDF LXQLL GH QHUHVSHFWDUHD UHJLPXOXL GH RFURWLUH D XQRU
EXQXUL GDF SLHUGHUHD EXQXOXL SHQWUX SDWULPRQLXO FXOWXUDO QD LRQDO VDX SHQWUX
IRQGXODUKLYLVWLFQD LRQDODIRVWSULFLQXLW SULQV YkUúLUHDXQHLIDSWHFDUHFRQVWLWXLH
SULQHDvQV úLRDOW LQIUDF LXQH
DVHYRUDSOLFDUHJXOLOHGHVDQF LRQDUHDOHLQIUDF LXQLLFRQWLQXDWH
E SHGHDSVD HVWH FHD SUHY ]XW GH OHJH SHQWUX LQIUDF LXQHD V YkUúLW DO F UHL
PD[LPVHPDMRUHD] FXDQL
F SHGHDSVD HVWH FHD SUHY ]XW GH OHJH SHQWUX LQIUDF LXQHD V YkUúLW DO F UHL
PD[LPVHPDMRUHD] FXDQL
GVHYRUDSOLFDUHJXOLOHGHVDQF LRQDUHDOHFRQFXUVXOXLGHLQIUDF LXQL
5 VSXQVFRUHFWEúLG
1HUHVSHFWDUHD UHJLPXOXL GH RFURWLUH D XQRU EXQXUL ± DUW DOLQ
&SHQ±QXVHSHGHSVHúWHGDF I SWXLWRUXOvQO WXU UH]XOWDWXOLQIUDF LXQLLI FkQGFD
EXQXOV UHLQWUHvQDFHOSDWULPRQLXVDXIRQG
DvQDLQWHGHSXQHUHDvQPLúFDUHDDF LXQLLSHQDOH
EvQDLQWHGHSURQXQ DUHDXQHLKRW UkULMXGHF WRUHúWLGHF WUHLQVWDQ DGHIRQG
FvQDLQWHFDKRW UkUHDV ILU PDVGHILQLWLY
GvQDLQWHGHDUHVWDUHDLQFXOSDWXOXL
5 VSXQVFRUHFWF
1HUHVSHFWDUHDUHJLPXOXLGHRFURWLUHDXQRUEXQXUL
DQXDUHRELHFWPDWHULDO
EXUPDUHDLPHGLDW FRQVW vQWURVWDUHGHSHULFRO
FIRUPDGHYLQRY LHFXFDUHVHSRDWHFRPLWHHVWHLQWHQ LDGLUHFW VDXLQGLUHFW
GOHJ WXUDGHFDX]DOLWDWHWUHEXLHGRYHGLW vQILHFDUHFD]vQSDUWH
5 VSXQVFRUHFWFúLG
,QIUDF LXQHDGHIDOVLILFDUHGHPRQHGHVDXDOWHYDORULDUW&SHQVH
SRDWHUHDOL]D
DGRDUSULQFRQWUDIDFHUHSO VPXLUH
EGRDUSULQDOWHUDUHSUHIDFHUH
FILHSULQFRQWUDIDFHUHILHSULQDOWHUDUH
GDVXSUDXQRUPRQHGHVDXWLWOXULGHIHOXOFHORUDU WDWHvQDOLQGLQDUW
&SHQDIODWHvQFLUFXOD LH
5 VSXQVFRUHFWFúLG
,QIUDF LXQHD GH IDOVLILFDUH GH PRQHGH VDX DOWH YDORUL DWXQFL FkQG VH
UHDOL]HD] SULQDOWHUDUH±DUWDOLQ&SHQ±SRDWHDYHDFDRELHFWPDWHULDO
D PRQHGHOH WLWOXULOH GHFUHGLWSXEOLFúLvQJHQHUDOWLWOXULOHGHRULFHIHOSHQWUX
HIHFWXDUHDSO LORU
EPRQHGHDQWLFHGLQGLYHUVHPHWDOH
FRULFHIHOGHPRQHGHVDXEDQFQRWHFKLDULHúLWHGLQFLUFXOD LH
5 VSXQVFRUHFWD
,QIUDF LXQHDGHIDOVLILFDUHGHPRQHGHVDXDOWHYDORUL±DUWDOLQ
& SHQ ± GDF VH UHDOL]HD] SULQ FRQWUDIDFHUH SO VPXLUH SRDWH DYHD FD RELHFW
PDWHULDO
D PRQHGHOH WLWOXULOH GHFUHGLWSXEOLFúLvQJHQHUDOWLWOXULOHGHRULFHIHOSHQWUX
HIHFWXDUHDSO LORU
EPRQHGHDQWLFHGLQGLYHUVHPHWDOH
FRULFHIHOGHPRQHGHVDXEDQFQRWHFKLDULHúLWHGLQFLUFXOD LH
5 VSXQVFRUHFWQLFLXQXO
&kQG DFHHDúL SHUVRDQ IDOVLILF PRQHGH VDX DOWH YDORUL SH FDUH DSRL OD
SXQHvQFLUFXOD LHVROX LDYDIL
DRVLQJXU LQIUDF LXQHVLPSO GHIDOVGHPRQHG VDXDOWHYDORUL
ERVLQJXU LQIUDF LXQHGHIDOVGHPRQHG VDXDOWHYDORULvQIRUP FRQWLQXDW
FXQFRQFXUVGHLQIUDF LXQLvQWUHIDSWDGHIDOVLILFDUHúLFHDGHSXQHUHvQFLUFXOD LH
DYDORULORUIDOVLILFDWH
5 VSXQVFRUHFWF
3HQWUX H[LVWHQ D LQIUDF LXQLL GH IDOVLILFDUH GH PRQHGH VDX GH DOWH YDORUL
HVWHQHFHVDUFD
D PRQHGD VDX YDORDUHD IDOVLILFDW V FRUHVSXQG XQHLD GLQWUH PRQHGHOH VDX
WLWOXULOHGHYDORDUHDU WDWHvQDOLQDODUW&SHQ
EYDORULOHDU WDWHvQDOLQDODUW&SHQWUHEXLHV VHJ VHDVF DFWXDOvQ
FLUFXOD LH
F XUPDUHD LPHGLDW V FRQVWHD vQWUR VWDUH GH SHULFRO SHQWUX UHOD LLOH VRFLDOH
RFURWLWH
5 VSXQVFRUHFWDEF
,QIUDF LXQHDGHIDOVLILFDUHGHPRQHGHVDXGHDOWHYDORUL±DUWDOLQ
&SHQ±SRWULYLWRSLQLHLPDMRULWDUHQXVHSRDWHFRPLWHGHFkWFX
DLQWHQ LHGLUHFW
ELQWHQ LHGLUHFW VDXLQGLUHFW
FLQWHQ LHLQGLUHFW
5 VSXQVFRUHFWE
,QIUDF LXQHD GH IDOVLILFDUH GH PRQHGH VDX GH DOWH YDORUL DUW
DOLQ&SHQ±SRWULYLWRSLQLHLPDMRULWDUHQXVHSRDWHFRPLWHGHFkWFX
DLQWHQ LHGLUHFW
ELQWHQ LHGLUHFW VDXLQGLUHFW
FLQWHQ LHLQGLUHFW
5 VSXQVFRUHFWE
)DOVLILFDUHDGHPRQHGHVDXGHDOWHYDORULHVWHPDLJUDY GDF
DYDORULOHIDOVLILFDWHVXQWSXVHvQFLUFXOD LH
EVDUILSXWXWFDX]DRSDJXE LPSRUWDQW VLVWHPXOXLILQDQFLDU
FVDFDX]DWRSDJXE LPSRUWDQW VLVWHPXOXLILQDQFLDU
5 VSXQVFRUHFWEúLF
)DOVLILFDUHDXQRUELOHWHWLFKHWHVDXRULFHDOWHLPSULPDWHSURGXF WRDUHGH
FRQVHFLQ HMXULGLFHUHSUH]LQW LQIUDF LXQHDGH
DIDOVLILFDUHGHPRQHGHVDXGHDOWHYDORUL
EIDOVLILFDUHGHWLPEUHP UFLVDXGHELOHWHGHWUDQVSRUW
FIDOVPDWHULDOvQvQVFULVXULRILFLDOH
GIDOVPDWHULDOvQvQVFULVXULVXEVHPQ WXU SULYDW
5 VSXQVFRUHFWF
)RUPDGHYLQRY LHFXFDUHVHSRDWHFRPLWHLQIUDF LXQHDGHIDOVLILFDUHGH
WLPEUHP UFLVDXGHELOHWHGHWUDQVSRUWvQYL]LXQHDGRFWULQHLPDMRULWDUHHVWH
DLQWHQ LDGLUHFW
ELQWHQ LDGLUHFW VDXLQGLUHFW
FLQWHQ LDLQGLUHFW
5 VSXQVFRUHFWE
3XQHUHD vQ FLUFXOD LH D XQRU FXSRDQH U VSXQV LQWHUQD LRQDO IDOVH
UHSUH]LQW LQIUDF LXQHDGH
DIDOVLILFDUHGHPRQHGHVDXGHDOWHYDORUL
EvQúHO FLXQH
FIDOVLILFDUHGHWLPEUHP UFLVDXGHELOHWHGHWUDQVSRUW
5 VSXQVFRUHFWF
'H LQHUHD GH LQVWUXPHQWH vQ YHGHUHD IDOVLILF ULL GH YDORUL DUW
&SHQ
DQXDUHRELHFWPDWHULDO
ESRDWHILV YkUúLW GHRULFHSHUVRDQ
FDUHFDXUPDUHLPHGLDW RVWDUHGHSHULFROSHQWUXvQFUHGHUHDSXEOLF
GHVWHRLQIUDF LXQHREVWDFRO
5 VSXQVFRUHFWEFG
7HQWDWLYDVHSHGHSVHúWHODLQIUDF LXQHDGH
DIDOVLILFDUHGHPRQHGHVDXGHDOWHYDORUL
EIDOVLILFDUHGHWLPEUHP UFLVDXGHELOHWHGHWUDQVSRUW
FGH LQHUHGHLQVWUXPHQWHvQYHGHUHDIDOVLILF ULLGHYDORUL
5 VSXQVFRUHFWDE
(OHPHQWXOPDWHULDODOLQIUDF LXQLLGHIDOVPDWHULDOvQvQVFULVXULRILFLDOHHVWH
D IDOVLILFDUHD XQXL vQVFULV RILFLDO FX SULOHMXO vQWRFPLULL DFHVWXLD SULQ
FRQVHPQDUHDXQRUIDSWHVDXvPSUHMXU ULQHDGHY UDWHRULRPLVLXQHDFRQVHPQ ULLXQRU
GDWHVDXvPSUHMXU UL
EIDOVLILFDUHDXQXLvQVFULVRILFLDOSULQFRQWUDIDFHUHDVFULHULLRULDVXEVFULHULLVDX
SULQDOWHUDUHDOXLvQRULFHPRG
FIRORVLUHDXQXLvQVFULVRILFLDOvQYHGHUHDSURGXFHULLGHFRQVHFLQ HMXULGLFH
GIDOVLILFDUHDXQXLvQVFULVVXEVHPQ WXU SULYDW
5 VSXQVFRUHFWE
6XELHFW DFWLY QHPLMORFLW DO LQIUDF LXQLL GH IDOV PDWHULDO vQ vQVFULVXUL
RILFLDOH±DUWDOLQ&SHQ±SRDWHIL
DRULFHIXQF LRQDU
EGRDUIXQF LRQDUXOSXEOLF
FRULFHSHUVRDQ IL]LF FHvQWUXQHúWHFRQGL LLOHJHQHUDOHSHQWUXDU VSXQGHSHQDO
5 VSXQVFRUHFWF
3HQWUXH[LVWHQ DLQIUDF LXQLLGHIDOVPDWHULDOvQvQVFULVXULRILFLDOH
DHVWHQHFHVDUFDVXELHFWXODFWLYQHPLMORFLWV ILHXQIXQF LRQDUSXEOLF
EHVWHQHFHVDUFDvQVFULVXOIDOVLILFDWV ILSURGXVFRQVHFLQ HMXULGLFH
FQXHVWHQHFHVDUFDvQVFULVXOV ILHIRORVLW
5 VSXQVFRUHFWF
ÌQWRFPLUHDXQHLÄFRSLL´DXQXLDFWRILFLDOLQH[LVWHQW
DFRQVWLWXLHLQIUDF LXQHDGHIDOVPDWHULDOvQvQVFULVXULRILFLDOHDUW&SHQ
EUHSUH]LQW LQIUDF LXQHDGHIDOVLQWHOHFWXDODUW&SHQ
FQXFRQVWLWXLHLQIUDF LXQH
5 VSXQVFRUHFWD
ÌQ YDULDQWD DJUDYDW IDOVXO PDWHULDO vQ vQVFULVXUL RILFLDOH QX SRDWH IL
V YkUúLWGHFkWGHF WUH
DXQIXQF LRQDUSXEOLF
EXQIXQF LRQDUSXEOLFvQH[HUFL LXODWULEX LLORUGHVHUYLFLX
FXQIXQF LRQDU
GXQIXQF LRQDUvQH[HUFL LXODWULEX LLORUGHVHUYLFLX
5 VSXQVFRUHFWG
6XQWvQVFULVXULRILFLDOHvQVHQVXODUW&SHQ
DFRSLLOHOHJDOL]DWHVDXFHUWLILFDWHDOHvQVFULVXULORURILFLDOHFkQGVXQWVXVFHSWLELOH
GHDSURGXFHFRQVHFLQ HMXULGLFHGDF QXH[LVW vQVFULVXORULJLQDO
EWLWOXULOHGHFUHGLWHPLVHGHLQVWLWX LLSXEOLFH
FELOHWHOHWLFKHWHOHVDXLPSULPDWHOHSURGXF WRDUHGHFRQVHFLQ HMXULGLFH
GP UFLOHSOLFXULOHúLF U LOHSRúWDOH
5 VSXQVFRUHFWDF
7HQWDWLYDQXVHSHGHSVHúWHODLQIUDF LXQHDGH
DIDOVPDWHULDOvQvQVFULVXULRILFLDOH
EIDOVvQGHFODUD LL
FIDOVSULYLQGLGHQWLWDWHD
5 VSXQVFRUHFWEF
/DLQIUDF LXQHDGHIDOVLQWHOHFWXDODUW&SHQ
DQXHVWHSRVLELOFRDXWRUDWXO
EHOHPHQWXOPDWHULDOQXVHSRDWHUHDOL]DSULQRPLVLXQH
FWHQWDWLYDVHSHGHSVHúWH
GDWHVWDUHDPLQFLQRDV VDXRPLVLXQHDQHvQJ GXLW QXWUHEXLHV VHILSURGXVFX
SULOHMXOvQWRFPLULLvQVFULVXOXLRILFLDO
5 VSXQVFRUHFWF
ÌQFD]XOLQIUDF LXQLLGHIDOVLQWHOHFWXDO
DIDOVLILFDUHDSULYHúWHPDWHULDOLWDWHDvQVFULVXOXL
EIDOVLILFDUHDSULYHúWHFRQ LQXWXODFWXOXL
FIDOVLILFDUHDHVWHvQWRWGHDXQDXOWHULRDU vQWRFPLULLDFWXOXL
5 VSXQVFRUHFWE
,QIUDF LXQHDGHIDOVLQWHOHFWXDO
DSRDWHDYHDFDVXELHFWDFWLYQXPDLRSHUVRDQ FXVWXGLLVXSHULRDUH
EVHUHIHU QXPDLODIDOVLILFDUHDDFWHORUGHVWXGLL
FVHV YkUúHúWHQXPDLFXSULOHMXOvQWRFPLULLDFWXOXL
5 VSXQVFRUHFWF
7HQWDWLYDVHSHGHSVHúWHODLQIUDF LXQHDGH
DIDOVvQvQVFULVXULVXEVHPQ WXU SULYDW
EX]GHIDOV
FIDOVLQWHOHFWXDO
5 VSXQVFRUHFWDF
)DOVLILFDUHD XQXL vQVFULV VXE VHPQ WXU SULYDW úL IRORVLUHD OXL GH F WUH
DXWRUXOIDOVXOXLUHSUH]LQW
D LQIUDF LXQHD GH IDOV vQ vQVFULVXUL VXE VHPQ WXU SULYDW vQ FRQFXUV FX
LQIUDF LXQHDGHX]GHIDOV
ELQIUDF LXQHDGHX]GHIDOV
FLQIUDF LXQHDGHIDOVvQvQVFULVXULVXEVHPQ WXU SULYDW
GRIDSW QHVDQF LRQDW GHOHJHDSHQDO
5 VSXQVFRUHFWF
)DOVLILFDUHDXQRUDFWHFRQWDELOHDOHXQHLVRFLHW LFRPHUFLDOHSULYDWHSULQ
PRGLILF ULúWHUV WXULúLDG XJLULúLIRORVLUHDORUODvQWRFPLUHDHYLGHQ HORUFRQWDELOH
FRQVWLWXLH
DIDOVvQvQVFULVXULVXEVHPQ WXU SULYDW
EIDOVPDWHULDOvQvQVFULVXULRILFLDOHvQFRQFXUVFXLQIUDF LXQHDGHX]GHIDOV
FX]GHIDOVvQFRQFXUVFXLQIUDF LXQHDGHIDOVLQWHOHFWXDO
5 VSXQVFRUHFWD
/DLQIUDF LXQHDGHIDOVvQvQVFULVXULVXEVHPQ WXU SULYDW
DWHQWDWLYDHVWHSRVLELO úLVHSHGHSVHúWH
EWHQWDWLYDHVWHSRVLELO GDUQXVHSHGHSVHúWH
FWHQWDWLYDQXHVWHSRVLELO
5 VSXQVFRUHFWD
2ELHFWPDWHULDODOLQIUDF LXQLLGHX]GHIDOVSRDWHIL
DGRDUXQvQVFULVRILFLDO
EGRDUXQvQVFULVVXEVHPQ WXU SULYDW
FXQvQVFULVRILFLDOVDXXQvQVFULVVXEVHPQ WXU SULYDW
5 VSXQVFRUHFWF
,QIUDF LXQHD GH X] GH IDOV FRQVWLWXLH vQ UDSRUW FX LQIUDF LXQLOH GH IDOV R
IDSW SHQDO VXEVHFYHQW GHULYDW ILLQGF HVWH QHFHVDU R SUHDODELO IDOVLILFDUH D
vQVFULVXOXL úL FRUHODWLY ILLQGF H[LVWHQ D IDSWHL GH X] GH IDOV GHSLQGH GH H[LVWHQ D
LQIUDF LXQLLGHIDOV
DDGHY UDW
EIDOV
5 VSXQVFRUHFWD
8]XOGHIDOVVHV YkUúHúWHQXPDLFX
DLQWHQ LHGLUHFW VDXLQGLUHFW
ELQWHQ LHGLUHFW FDOLILFDW SULQVFRS
FLQWHQ LHLQGLUHFW
5 VSXQVFRUHFWE
/DLQIUDF LXQHDGHX]GHIDOVRELHFWXOPDWHULDO
DSRDWHILGRDUXQvQVFULVVXEVHPQ WXU SULYDW
EHVWHUHSUH]HQWDW GHvQVFULVXOIDOVIRORVLW
FSRDWHILGRDUXQvQVFULVRILFLDO
5 VSXQVFRUHFWE
,QIUDF LXQHDGHIDOVvQGHFODUD LLVHV YkUúHúWHQXPDLFX
DLQWHQ LHGLUHFW FDOLILFDW SULQVFRS
ELQWHQ LHLQGLUHFW
FLQWHQ LHGLUHFW VDXLQGLUHFW
5 VSXQVFRUHFWD
6XELHFWDFWLYQHPLMORFLWDOLQIUDF LXQLLGHIDOVvQGHFODUD LLHVWH
DPDUWRUXOH[SHUWXOVDXLQWHUSUHWXO
ESHUVRDQDFDUHIDFHvQSXEOLFGHFODUD LLFDORPQLRDVH
FRULFHSHUVRDQ FDSDELO V IDF GHFODUD LLSURGXF WRDUHGHFRQVHFLQ HMXULGLFH
5 VSXQVFRUHFWF
/DLQIUDF LXQHDGHIDOVvQGHFODUD LL
DXUPDUHDLPHGLDW FRQVW vQWURVWDUHGHSHULFROSHQWUXUHOD LLOHVRFLDOHRFURWLW
EOHJ WXUDGHFDX]DOLWDWHQXWUHEXLHGRYHGLW
FIRUPDGHYLQRY LHHVWHLQWHQ LDGLUHFW FDOLILFDW SULQVFRS
5 VSXQVFRUHFWDEF
ÌQFUHGLQ DUHDXQXLvQVFULVFDUHVHUYHúWHSHQWUXGRYHGLUHDVW ULLFLYLOHRUL
SHQWUX OHJLWLPDUH VDX LGHQWLILFDUH VSUH D IL IRORVLW I U GUHSW SRDWH UHSUH]HQWD
LQIUDF LXQHDGH
DIDOVvQGHFODUD LL
EIDOVSULYLQGLGHQWLWDWHD
FX]GHIDOV
5 VSXQVFRUHFWE
3HQWUX D DWUDJH LQFLGHQ D GLVSR]L LLORU GLQ DUW DOLQ & SHQ
SUH]HQWDUHDVXERLGHQWLWDWHIDOV WUHEXLHI FXW vQID D
DXQXLRUJDQVDXDXQHLLQVWLWX LLGHVWDW
EXQHLXQLW LGLQWUHFHOHODFDUHVHUHIHU DUW&SHQ
FXQHLSHUVRDQHMXULGLFHSULYDWH
5 VSXQVFRUHFWDE
)DOVXOSULYLQGLGHQWLWDWHDvQYDULDQWDWLS
DHVWHRLQIUDF LXQHREVWDFRO
EHVWHRLQIUDF LXQHFRPLVLY
FVHV YkUúHúWHQXPDLFXLQWHQ LHGLUHFW FDOLILFDW SULQVFRS
5 VSXQVFRUHFWEF
)DOVXOSULYLQGLGHQWLWDWHDvQYDULDQWDDVLPLODW
DHVWHRLQIUDF LXQHREVWDFRO
EDUHFDXUPDUHLPHGLDW RVWDUHGHSHULFRO
FVHFRPLWHQXPDLFXLQWHQ LHGLUHFW FDOLILFDW SULQVFRS
5 VSXQVFRUHFWDEF
'DF S U LOHQXVDXvPS FDWGDUvQFXUVXOMXGHF LLSHQWUXV YkUúLUHD
LQIUDF LXQLL GH DEDQGRQ GH IDPLOLH LQFXOSDWXO vúL vQGHSOLQHúWH REOLJD LLOH GH
vQWUH LQHUHDFHDVWDGHWHUPLQ
D FRQGDPQDUHD LQFXOSDWXOXL OD R SHGHDSV FX VXVSHQGDUHD FRQGL LRQDW D
H[HFXW ULLSHGHSVHL
EUHGXFHUHDSHGHSVHLODMXP WDWH
FQHSHGHSVLUHDLQFXOSDWXOXL
5 VSXQVFRUHFWD
/D LQIUDF LXQHD GH DEDQGRQ GH IDPLOLH vQ PRGDOLWDWHD QRUPDWLY D
ÄO V ULLI U VSULMLQ´HOHPHQWXOVXELHFWLYvOFRQVWLWXLHYLQRY LD
DVXEIRUPDLQWHQ LHL
EQXPDLVXEIRUPDLQWHQ LHLGLUHFWH
FDWkWVXEIRUPDLQWHQ LHLFkWúLVXEIRUPDFXOSHL
5 VSXQVFRUHFWF
/DLQIUDF LXQHDGHDEDQGRQGHIDPLOLHVXELHFWXODFWLYQHPLMORFLWHVWH
DGRDUSHUVRDQDFDUHDUHREOLJD LDOHJDO GHvQWUH LQHUHID GHFHOvQGUHSW LWOD
vQWUH LQHUH
E GRDU SHUVRDQD FDUH DUH GH SO WLW R SHQVLH GH vQWUH LQHUH VWDELOLW SH FDOH
MXGHF WRUHDVF
FRULFHSHUVRDQ FDUHvQGHSOLQHúWHFRQGL LLOHJHQHUDOHDOHU VSXQGHULLSHQDOH
5 VSXQVFRUHFWD
,QIUDF LXQHDGHDEDQGRQGHIDPLOLHDUW&SHQ
DHVWHVXVFHSWLELO GHWHQWDWLY vQRULFDUHGLQYDULDQWHOHVDOHGHLQFULPLQDUH
EHVWHVXVFHSWLELO GHWHQWDWLY GRDUvQPRGDOLWDWHDQRUPDWLY DÄS U VLULL´VDX
ÄDOXQJ ULL´
FHVWHSHGHSVLW úLvQIRUPDWHQWDWLYHL
5 VSXQVFRUHFWE
2SLQLD PDMRULWDU FRQVLGHU F DEDQGRQXO GH IDPLOLH FX H[FHS LD
PRGDOLW LLQRUPDWLYHDÄO V ULLI U VSULMLQ´VHFRPLWH
DQXPDLFXLQWHQ LHGLUHFW
EFXLQWHQ LHGLUHFW VDXLQGLUHFW
FFXLQWHQ LHúLGLQFXOS
5 VSXQVFRUHFWE
&RQWDPLQDUHD YHQHULF úL WUDQVPLWHUHD VLQGURPXOXL LPXQRGHILFLWDU
GREkQGLW±DUWDOLQ&SHQ±
DVHWUDQVPLWHSULQUDSRUWVH[XDOSULQUHOD LLVH[XDOHvQWUHSHUVRDQHGHDFHODúLVH[
VDXSULQDFWHGHSHUYHUVLXQHVH[XDO
EVHWUDQVPLWHSULQRULFHPLMORDFH
FVHV YkUúHúWHFXLQWHQ LHGLUHFW VDXLQGLUHFW
5 VSXQVFRUHFWDúLF
/D LQIUDF LXQHD GH FRQWDPLQDUH YHQHULF úL WUDQVPLWHUHD VLQGURPXOXL
LPXQRGHILFLWDUGREkQGLW
DRELHFWXOPDWHULDOH[LVW úLFRQVW vQFRUSXOSHUVRDQHLVXELHFWXOXLSDVLY
ESDUWLFLSD LDSHQDO HVWHSRVLELO vQWRDWHIRUPHOHVDOH
FPRELOXOGHWHUPLQDQWúLVFRSXOXUP ULWGHI SWXLWRULQWHUHVHD] SHQWUXH[LVWHQ D
LQIUDF LXQLL
5 VSXQVFRUHFWD
7UDILFXOGHVXEVWDQ HWR[LFH
DDUHFDRELHFWPDWHULDOSURGXVHOHVDXVXEVWDQ HOHWR[LFH
E SRDWH IL V YkUúLW GH RULFH SHUVRDQ IL]LF FH vQGHSOLQHúWH FRQGL LLOH JHQHUDOH
SHQWUXDU VSXQGHSHQDO
FHVWHRLQIUDF LXQHRPLVLY
5 VSXQVFRUHFWDúLE
8OWUDMXO FRQWUD EXQHORU PRUDYXUL úL WXOEXUDUHD RUGLQLL úL OLQLúWLL SXEOLFH
HVWHPDLJUDY
DGDF VHFRPLWHvQSXEOLF
EGDF VHSURGXFHVFDQGDOSXEOLF
FGDF VDWXOEXUDWJUDYRUGLQHDúLOLQLúWHDSXEOLF
5 VSXQVFRUHFWF
$VRFLHUHDSHQWUXV YkUúLUHDGHLQIUDF LXQL
DDUHRELHFWPDWHULDO
EHVWHRLQIUDF LXQHSURSULH
FHVWHVDQF LRQDW úLvQIRUPDWHQWDWLY
GQXVHSHGHSVHúWHGDF I SWXLWRUXOGHQXQ DXWRULW LORUDVRFLHUHDPDLvQDLQWHGH
D IL IRVW GHVFRSHULW úL GH D VH IL vQFHSXW V YkUúLUHD LQIUDF LXQLL FDUH LQWU vQ VFRSXO
DVRFLHULL
5 VSXQVFRUHFWG
3UR[HQHWLVPXOHVWHRLQIUDF LXQH
DSURSULH
ELQSHUVRQDSURSULD
FFRPLVLY
GLQWHQ LRQDW
5 VSXQVFRUHFWFúLG
3UR[HQHWLVPXOSRDWHV FRQVWHDvQ
DvQGHPQXOODSURVWLWX LH
EvQOHVQLUHDSUDFWLF ULLSURVWLWX LHL
FWUDJHUHDGHIRORDVHGHSHXUPDSUDFWLF ULLSURVWLWX LHL
GWUDILFXOGHSHUVRDQHSHQWUXSURVWLWX LH
5 VSXQVFRUHFWDEFúLG