5HYLVWD-XGLFLDO&RVWD5LFD1ž6HWLHPEUH

/$321'(5$&,Ï1&2027e&1,&$'(
$3/,&$&,Ï1'(/$61250$662%5(
'(5(&+26)81'$0(17$/(681$6(17(1&,$
(0,7,'$325(/75,%81$/&2167,78&,21$/
(63$f2/(10$7(5,$'(/,%(57$'5(/,*,26$

'U9tFWRU(GXDUGR2UR]FR6RODQR

680$5,2

, ,QWURGXFFLyQ

,, /DVQRUPDVMXUtGLFDVFRPRUHJODVRSULQFLSLRV

,,, 6REUHODSRQGHUDFLyQ\HOSULQFLSLRGHSURSRUFLRQDOLGDG

,9 (OMXLFLRGHSRQGHUDFLyQHQXQDVHQWHQFLDGHO7ULEXQDO&RQVWLWXFLRQDO(VSDxROHQ
PDWHULDGHOLEHUWDGUHOLJLRVD

9 &RQFOXVLRQHV
 5HYLVWD-XGLFLDO&RVWD5LFD1ž6HWLHPEUH
/$321'(5$&,Ï1&2027e&1,&$
'($3/,&$&,Ï1'(/$61250$662%5(
'(5(&+26)81'$0(17$/(681$6(17(1&,$
(0,7,'$325(/75,%81$/&2167,78&,21$/
(63$f2/(10$7(5,$'(/,%(57$'5(/,*,26$
,,QWURGXFFLyQ
(QWpUPLQRVJHQHUDOHVHOSURSyVLWRGHHVWDV
QRWDV HV GHVDUUROODU OD PDQHUD HQ TXH HO
7ULEXQDO &RQVWLWXFLRQDO (VSDxRO PHGLDQWH OD
DSOLFDFLyQGHOPpWRGRGHODSRQGHUDFLyQKDFH
HIHFWLYRV ORV PDQGDWRV GH RSWLPL]DFLyQ TXH
QRUPDOPHQWH FRQWLHQHQ ODV FRQVWLWXFLRQHV R
ODVGHFODUDFLRQHVGHGHUHFKRVDOUHFRQRFHUR
FRQVDJUDU GHUHFKRV IXQGDPHQWDOHV FRQ VXV
'U9tFWRU(GXDUGR2UR]FR6RODQR
VHJXQGDGHLJXDOIHFKDGHMXQLRGH
\ FRQ LJXDO Q~PHUR  GLFWDGDV SRU
OD6DODGHOR3HQDOGHO7ULEXQDO6XSUHPRHQ
HO UHFXUVR GH FDVDFLyQ Q~P ´ 'H
HVWD IRUPD HQ ODV VHQWHQFLDV UHFXUULGDV VH
GHFUHWDURQVHQGDVFRQGHQDVSHQDOHVFRQWUD
ORVSDGUHVGHXQPHQRUTXHHQHVWDGRPX\
JUDYH VH QHJy D UHFLELU XQD WUDQVIXVLyQ GH
VDQJUH DOHJDQGR PRWLYRV UHOLJLRVRV &RPR
UHVXOWDGR GH OD IDOWD GH WUDWDPLHQWR GHO
FRUUHVSRQGLHQWHV YDORUHV \ ELHQHV MXUtGLFRV
\ FyPR UHVXHOYHQ ORV FRQÀLFWRV TXH VH
SURGXFHQ FXDQGR HOORV FROLVLRQDQ $GHPiV
VHUi FRPHQWDGR HO PRGR HQ TXH WDOHV
GHUHFKRVKDQVLGRFDOL¿FDGRVFRPRSULQFLSLRV
HQODFRQRFLGDGLVWLQFLyQUHDOL]DGDSRU5REHUW
$OH[\DFHUFDGHODVQRUPDVMXUtGLFDV
&RQ HVH SURSyVLWR VH KD HVFRJLGR XQD
PHQRU \ DQWH OD QHJDWLYD GH ORV SDGUHV GH
FRQYHQFHUDOQLxRHQHOVHQWLGRTXHUHFLELHUD
ODWUDQVIXVLyQpVWH¿QDOPHQWHIDOOHFLy
$Vt HQ HVWD RSRUWXQLGDG VH DQDOL]DUi HO
MXLFLR GH SRQGHUDFLyQ TXH DSOLFy HO7ULEXQDO
&RQVWLWXFLRQDO (VSDxRO SDUD UHVROYHU HVH
FDVRFRQUHVSHFWRDOGHUHFKRDODYLGDGHO
PHQRU\ODOLEHUWDGGHUHOLJLyQGHOPHQRU\GH
VHQWHQFLDGHO7ULEXQDO&RQVWLWXFLRQDO(VSDxRO VXV SDGUHV QR VLQ DQWHV HIHFWXDU DOJXQRV
 GH  GH MXQLR TXH FRQVWLWX\H FRPHQWDULRVVREUHODVWHRUtDVTXHKDQGDGR
XQFDVRHPEOHPiWLFRHQPDWHULDGHOLEHUWDG FDELGDDODGLVWLQFLyQGHQWURGHODVQRUPDV
UHOLJLRVD $Vt HQ HVWH SURQXQFLDPLHQWR VH MXUtGLFDV HQWUH UHJODV \ SULQFLSLRV VHJ~Q
UHVROYLy XQ UHFXUVR GH DPSDUR SURPRYLGR KD VLGR LQWURGXFLGD SRU 5RQDOG 'ZRUNLQ \
FRQWUD ODV ³6HQWHQFLDV DPEDV ±SULPHUD \ HODERUDGDSRU5REHUW$OH[\

 'RFWRUHQ'HUHFKR&RQVWLWXFLRQDOSRUOD8QLYHUVLGDGGH&DVWLOOD/D0DQFKD/HWUDGRGHOD6DOD&RQVWLWXFLRQDOGHOD
&RUWH6XSUHPDGH-XVWLFLDGHOD5HS~EOLFDGH&RVWD5LFD
 9pDVH'ZRUNLQ5/RVGHUHFKRVHQVHULR$ULHO%DUFHORQD
 9HU$OH[\57HRUtDGHORVGHUHFKRVIXQGDPHQWDOHV&HQWURGH(VWXGLRV3ROtWLFRV\&RQVWLWXFLRQDOHV0DGULG
 

(VFODURHQWRQFHVTXHHOMXLFLRGHSRQGHUDFLyQ GHVDUUROODGDV SRU 5REHUW$OH[\ ODV QRUPDV

FRPRWpFQLFDGHDSOLFDFLyQGHORVGHUHFKRV MXUtGLFDV SXHGHQ SUHVHQWDUVH R H[SUHVDU
IXQGDPHQWDOHVVHWUDGXFHHQODREVHUYDQFLD XQD HVWUXFWXUD GH UHJODV R SULQFLSLRV (VWD
GHOSULQFLSLRGHSURSRUFLRQDOLGDGDVtFRPRGH GLVWLQFLyQ KD VLGR XQR GH ORV WHPDV PiV
VXVFRQWHQLGRVHOFXDOMXVWDPHQWHFRQVWLWX\H
XQLQVWUXPHQWRGHLQWHUSUHWDFLyQWtSLFDPHQWH
FRQVWLWXFLRQDO TXH MXQWR FRQ RWUDV WpFQLFDV
KD YHQLGR D FRPSHQVDU DXQTXH GH PRGR
SDUFLDO ODV LQVX¿FLHQFLDV TXH ORV PpWRGRV
FOiVLFRV GH LQWHUSUHWDFLyQ SURGXFHQ HQ HVWH
iPELWRVREUHWRGRHQORTXHDWDxHDOFDUiFWHU
YLQFXODQWH GH ORV GHUHFKRV IXQGDPHQWDOHV
IUHQWHDODVDFFLRQHV\ODVRPLVLRQHVGHORV
SRGHUHVFRQVWLWXLGRV
GHEDWLGRV \ GLVFXWLGRV SRU OD WHRUtD \ OD
¿ORVRItDGHOGHUHFKRHQODV~OWLPDVGpFDGDV
$Vt HQ HO SULPHU FDVR \ HQ WpUPLQRV PX\
JHQHUDOHV ³ODV UHJODV UHVSRQGHQ D OD LGHD
WUDGLFLRQDO GH XQD QRUPD MXUtGLFD FRPR
HQXQFLDGR TXH FRQVWD GH XQ VXSXHVWR GH
KHFKR \ XQD FRQVHFXHQFLD MXUtGLFD´ (Q HO
VHJXQGRORVSULQFLSLRVFRQVWLWX\HQPDQGDWRV
GH RSWLPL]DFLyQ GH XQ GHWHUPLQDGR YDORU R
ELHQ MXUtGLFR HQ HO FDVR TXH QRV RFXSD VH
FRUUHVSRQGHUtD FRQ OD YLGD \ OD OLEHUWDG GH
'HHVWDIRUPDHQHVWDOtQHDVVHUHFRQVWUXLUtD UHOLJLyQ FX\D REVHUYDQFLD SUHWHQGH VHU
HO MXLFLR GH SRQGHUDFLyQ HIHFWXDGR SRU HO SRWHQFLDGD HQ OD PD\RU PHGLGD SRVLEOH
7ULEXQDO&RQVWLWXFLRQDO(VSDxRODVtFRPROD (Q HVWH RUGHQ GH LGHDV 5REHUW $OH[\
IRUPDHQTXHHQODSULPHUDVHQWHQFLDVHKD ORV GLVWLQJXH GH OD VLJXLHQWH PDQHUD ³/D
SRWHQFLDGRODYHUWLHQWHH[WHUQDGHODOLEHUWDG
UHOLJLRVDGHORVSDGUHVSRUVREUHHOYDORUYLGD
GHOPHQRUIDOOHFLGRSHVHDTXHQRVSDUHFH
HYLGHQWH TXH HQ HVDV VHQWHQFLDV SHQDOHV
QR VH KD YXOQHUDGR D ORV SULPHURV QLQJ~Q
GHUHFKRIXQGDPHQWDO
,, /DVQRUPDVMXUtGLFDVFRPR
UHJODVRSULQFLSLRV
'H DFXHUGR FRQ ODV LGHDV LQLFLDOPHQWH
HVER]DGDV SRU 5RQDOG 'ZRUNLQ \ OXHJR
VHJXQGD « HV XQD GLVWLQFLyQ HQWUH GRV
WLSRV GH QRUPDV HVWR HV HQWUH UHJODV \
SULQFLSLRV /DV UHJODV VRQ QRUPDV TXH
GDGDV GHWHUPLQDGDV FRQGLFLRQHV RUGHQDQ
SURKtEHQ SHUPLWHQ X RWRUJDQ XQ SRGHU GH
PDQHUDGH¿QLWLYD$VtSXHGHQFDUDFWHUL]DUVH
FRPR©PDQGDWRVGH¿QLWLYRVª/RVGHUHFKRV
TXH VH EDVDQ HQ UHJODV VRQ GHUHFKRV
GH¿QLWLYRV/RVSULQFLSLRVVRQQRUPDVGHXQ
WLSR FRPSOHWDPHQWH GLVWLQWR (VWRV RUGHQDQ
RSWLPL]DU &RPR WDOHV VRQ QRUPDV TXH
RUGHQDQTXHDOJRGHEHKDFHUVHHQODPD\RU
PHGLGD IiFWLFD \ MXUtGLFDPHQWH SRVLEOH /DV

 9HU*RQ]iOH]%HLOIXVV0(OSULQFLSLRGHSURSRUFLRQDOLGDGHQOD-XULVSUXGHQFLDGHO7ULEXQDO&RQVWLWXFLRQDO7KRPVRQ
$UDQ]DQGL1DYDUUDSiJ
 9pDVH%HUQDO3XOLGR&(OSULQFLSLRGHSURSRUFLRQDOLGDG\ORVGHUHFKRVIXQGDPHQWDOHVHOSULQFLSLRGHSURSRUFLRQDOLGDG
FRPR FULWHULR SDUD GHWHUPLQDU HO FRQWHQLGR GH ORV GHUHFKRV IXQGDPHQWDOHV YLQFXODQWH SDUD HO OHJLVODGRU &HQWUR GH
(VWXGLRV3ROtWLFRV\&RQVWLWXFLRQDOHV7HUFHUD(GLFLyQ0DGULGSiJ(QORTXHDWDxHDODGLVWLQFLyQHQWUH
UHJODV\SULQFLSLRVHQODGRFWULQDHVSDxRODSXHGHVHUUHYLVDGR3ULHWR6DQFKtV/6REUHSULQFLSLRV\QRUPDV3UREOHPDV
GHOUD]RQDPLHQWRMXUtGLFR&HQWURGH(VWXGLRV3ROtWLFRV\&RQVWLWXFLRQDOHV0DGULG
 8Q YDOLRVR HVWXGLR VREUH ORV YDORUHV GHVGH XQD SHUVSHFWLYD MXUtGLFRFRQVWLWXFLRQDO SXHGH VHU HQFRQWUDGR HQ 'tD]
5HYRULR ) - 9DORUHV VXSHULRUHV H LQWHUSUHWDFLyQ FRQVWLWXFLRQDO &HQWUR GH (VWXGLRV 3ROtWLFRV \ &RQVWLWXFLRQDOHV
0DGULG
 6REUH WRGR OR DQWHULRU YpDVH 'tH]3LFD]R / 0 6LVWHPD GH 'HUHFKRV )XQGDPHQWDOHV7HUFHUD (GLFLyQ7KRPVRQ
&tYLWDVSiJ
 

SRVLELOLGDGHVMXUtGLFDVDGHPiVGHGHSHQGHU HQFDMDRQRHQXQVXSXHVWRGHKHFKRRHQ
GHUHJODVHVWiQHVHQFLDOPHQWHGHWHUPLQDGDV RWUDVSDODEUDVGLOXFLGDUVLVHGHEHDSOLFDUOD
SRU RWURV SULQFLSLRV RSXHVWRV KHFKR TXH FRQVHFXHQFLDMXUtGLFDVLVHSURGXFHRQRHVH
LPSOLFDTXHORVSULQFLSLRVSXHGHQ\GHEHQVHU VXSXHVWR HQ HO FDVR GH ORV SULQFLSLRV VH
SRQGHUDGRV /RV GHUHFKRV TXH VH EDVDQ HQ XWLOL]DODWpFQLFDGHODSRQGHUDFLyQTXHQRVH
SULQFLSLRVVRQGHUHFKRVSULPDIDFLH´ SODQWHDHQWpUPLQRVGHVtRQRVLQRGHPiV
6REUH HO SDUWLFXODU OD GRFWULQD HVSDxROD KD
FRPHQWDGR ³HQ SULQFLSLR VH SXHGH D¿UPDU
TXH HO DVSHFWR GHFLVLYR SDUD OD GLVWLQFLyQ
HQWUH UHJODV \ SULQFLSLRV HV TXH HVWRV
~OWLPRV VRQ QRUPDV TXH RUGHQDQ TXH DOJR
VHD UHDOL]DGR HQ OD PD\RU PHGLGD SRVLEOH
GHQWUR GH ODV SRVLELOLGDGHV MXUtGLFDV \
UHDOHVH[LVWHQWHV3RUHVRVHD¿UPDTXHORV
SULQFLSLRV VRQ PDQGDWRV GH RSWLPL]DFLyQ
TXH HVWiQ FDUDFWHUL]DGRV SRU HO KHFKR GH
TXH SXHGHQ VHU FXPSOLGRV HQ GLIHUHQWH
JUDGR \ TXH OD PHGLGD GH VX FXPSOLPLHQWR
QR VyOR GHSHQGH GH ODV SRVLELOLGDGHV GH
KHFKR VLQR WDPELpQ GH ODV MXUtGLFDV (Q
FDPELR ODV UHJODV VRQ QRUPDV TXH VyOR
SXHGHQVHURQRFXPSOLGDVVLXQDUHJODHV
RPHQRV³VHWUDWDHQWRQFHVGHRSWLPL]DUHO
YDORU R ELHQ MXUtGLFR \ SRU HOOR GH GDUOH OD
Pi[LPDHIHFWLYLGDGSRVLEOHKDELGDFXHQWDGH
ODVFLUFXQVWDQFLDVGHOFDVR´
&DEHPHQFLRQDUHQHOFDVRSDUWLFXODUGHORV
SULQFLSLRV TXH OD WpFQLFD GH OD SRQGHUDFLyQ
HQ QLQJ~Q PRPHQWR SXHGH SUHVFLQGLU GH
ORV SUREOHPDV GHO OHQJXDMH QDWXUDO TXH
QRUPDOPHQWH VH SODQWHDQ DO LQWpUSUHWH D
OD KRUD GH VDWLVIDFHU GLFKRV PDQGDWRV GH
RSWLPL]DFLyQ(QHVWHRUGHQGHLGHDV9tFWRU
)HUUHUHV PHQFLRQD DO PHQRV WUHV WLSRV GH
SUREOHPDVLQKHUHQWHVDOHPSOHRGHOOHQJXDMH
QDWXUDO SDUD HQXQFLDU ORV SULQFLSLRV OD
DPELJHGDG TXH GHVLJQD OD SRVLELOLGDG GH
DWULEXLU D XQ WpUPLQR GLYHUVRV VLJQL¿FDGRV
YiOLGD KD GH KDFHUVH OR TXH HOOD H[LJH QR
PiV QR PHQRV´ $Vt PLHQWUDV ODV UHJODV
QRUPDOPHQWH VRQ DSOLFDEOHV PHGLDQWH OD
WpFQLFDGHOD³VXEVXQFLyQ´HQFX\DUD]yQOR
TXHVHSHUVLJXHHVGHWHUPLQDUVLXQFDVRUHDO
HMHPSOR ³SUXHED´ ³EDQFR´ OD YDJXHGDG
TXH GHVLJQD OD LPSRVLELOLGDG GH GHOLPLWDU HO
iPELWRGHDSOLFDFLyQGHOSULQFLSLR\ODWH[WXUD
DELHUWDTXHMXVWDPHQWHFRQVLVWHHQUHFRQRFHU
OD SRVLELOLGDG GH WRGR WpUPLQR GH FRQWHQHU

 9pDVH$OH[\5'HUHFKRV5D]RQDPLHQWR-XUtGLFR\'LVFXUVR5DFLRQDOHQ5REHUW$OH[\'HUHFKR\5D]yQ3UiFWLFD
'LVWULEXFLRQHV)RQWDPDUD&ROHFFLyQGHeWLFD)LORVRItDGHO'HUHFKR\3ROtWLFD1ž0p[LFRSiJV
 9pDVH%DVWLGD)UHLMHGR)-\RWURV7HRUtD*HQHUDOGHORV'HUHFKRV)XQGDPHQWDOHVHQOD&RQVWLWXFLyQ(VSDxRODGH
7HFQRV0DGULGSiJV
 &DEHPHQFLRQDUTXHORVFRQÀLFWRVHQWUHODVUHJODVMXUtGLFDVFRPRHVGHVREUDFRQRFLGRPD\RULWDULDPHQWHVRQUHVXHOWRV
PHGLDQWHDSOLFDFLyQGHORVFULWHULRVWUDGLFLRQDOHVSDUDODUHVROXFLyQGHORVFRQÀLFWRVQRUPDWLYRVHQWUHHOORVHOFULWHULR
MHUiUTXLFR HQ TXH OD QRUPD GH PD\RU UDQJR SUHYDOHFH VREUH OD LQIHULRU HO FULWHULR FURQROyJLFR OD QRUPD SRVWHULRU
GHURJDODQRUPDDQWHULRU\HOGHFRPSHWHQFLDTXHVHYHUL¿FDHQXQSODQRKRUL]RQWDOSUH¿ULpQGRVHODDSOLFDFLyQGHOD
UHJODMXUtGLFDHVSHFLDOPHQWHGLVHxDGDSDUDHVHFDVR$VtHQORTXHWRFDDORVDOFDQFHVGHOFULWHULRMHUiUTXLFR0LJXHO$
$SDULFLR3pUH]KDH[SOLFDGR³FRQHOORODFRQFOXVLyQVLHPSUHHVODPLVPDXQDQRUPDVXSHULRUVHDSRUMHUDUTXtDIRUPDO
RVHDSRUIXQFLyQVXSHULRUVLHPSUHVHGHEHLPSRQHUDODGHUDQJRMHUiUTXLFRRIXQFLRQDOLQIHULRUDOPHQRVHQVXV
PRPHQWRVDSOLFDWLYRV<SRUHVRWDPELpQHQFXDQWRDIHFWDQDODVIRUPDVGHSURGXFFLyQQRUPDWLYDHVWRVSULQFLSLRV
VyORSXHGHRSHUDUHQHOLQWHULRURXQRUGHQDPLHQWRVLPSOHRHQXQVXERUGHQDPLHQWR\QRORSXHGHQKDFHUFXDQGR
HQWUDQHQOL]DRUGHQDPLHQWRVHQJDU]DGRVFDGDXQRGHHOORVFRQVXVSURSLDVUHJODVGHFRPSRVLFLyQ´9pDVH$SDULFLR
3pUH]0$2UGHQDPLHQWR-XUtGLFR\VLVWHPDGHIXHQWHVHQ0DQXDOGH'HUHFKR&RQVWLWXFLRQDO$SDULFLR3pUH]0\
%DUFHOyL6HUUDOPDOHUD0&RRUGLQDGRUHV$WHOLHU%DUFHORQDSiJ
 9HU'tH]3LFD]R/06LVWHPDGH'HUHFKRV)XQGDPHQWDOHVRSFLWSiJV
 
DOJ~Q JUDGR GH YDJXHGDG FRQ UHVSHFWR DO
LQWpUSUHWH 3HUR WDPELpQ PHQFLRQD HO DXWRU
HQ HO iPELWR SDUWLFXODU GH ORV GHUHFKRV
IXQGDPHQWDOHV TXH GLFKRV SUREOHPDV GHO
OHQJXDMHQDWXUDOVRQLQFOXVRKDVWDSUHIHULEOHV
DOLQWHUSUHWHKDELGDFXHQWDGHODIXQFLyQTXH
FXPSOHQHQHORUGHQDPLHQWR\ODSRVLELOLGDG
GH ORV WULEXQDOHV FRQVWLWXFLRQDOHV PHGLDQWH
HO PpWRGR GH OD SRQGHUDFLyQ GH SUHFLVDU HO
DOFDQFHGHVXFRQWHQLGR
3RU VX ODGR 0DUF &DUULOOR OODPD OD DWHQFLyQ
VREUH OD PDQHUD HQ TXH DOJXQRV GHUHFKRV
IXQGDPHQWDOHV DO VHU FRQ¿JXUDGRV
FRQVWLWXFLRQDOPHQWH EDMR OD IyUPXOD GH
SULQFLSLRV GHMDQ ³DO 3DUODPHQWR XQ DPSOLR
(QVXPD\VLJXLHQGRD&DUORV%HUQDO3XOLGR
³ODV UHJODV VRQ QRUPDV ³TXH FRQWLHQHQ
GHWHUPLQDFLRQHVHQHOiPELWRGHORIiFWLFR\
MXUtGLFDPHQWHSRVLEOH´\TXH³VyORSXHGHQVHU
FXPSOLGDVRQR´/RVSULQFLSLRVHQFDPELRVH
GH¿QHQ FRPR ³PDQGDWRV GH RSWLPL]DFLyQ´
TXH SXHGHQ VHU FXPSOLGRV HQ GLYHUVRV
JUDGRV\TXHRUGHQDQTXHVHUHDOLFHDOJRHQ
OD PD\RU PHGLGD SRVLEOH HQ UHODFLyQ D ODV
SRVLELOLGDGHVMXUtGLFDV\IiFWLFDV´
3HURORDQWHULRUQRGHEHVHUHQWHQGLGRHQHO
VHQWLGRTXHWRGRVORVGHUHFKRVIXQGDPHQWDOHV
KDQVLGRFRQVDJUDGRVPHGLDQWHODVIyUPXODV
GH SULQFLSLRV DO PHQRV QR KD VLGR HO FDVR
HQHOVLVWHPDHVSDxRO\GLFKRVHDGHSDVR
PDUJHQ GH PDQLREUD SDUD GHWHUPLQDU VX
FRQWHQLGR\SRUWDQWRSDUDTXHODVGLIHUHQWHV\
SOXUDOHVRSFLRQHVSROtWLFDVSXHGDQFRQFUHWDU
VX DOFDQFH´ 6LQ HPEDUJR OR DQWHULRU QR
GHEH VHU HQWHQGLGR FRPR OR DGYLHUWH HO
PLVPRDXWRUHQHOVHQWLGRTXHHVWHPDUJHQ
GH DEVWUDFFLyQ FRQYLHUWH D ORV SULQFLSLRV
FRQVWLWXFLRQDOHV HQ QRUPDV HQ EODQFR
VLQR TXH HO /HJLVODGRU HVWi FRQVWUHxLGR
SRU ORV OtPLWHV PDWHULDOHV LPSXHVWRV SRU HO
7H[WR GH OD 1RUPD )XQGDPHQWDO (Q WDOHV
FDVRVHOMXLFLRGHSRQGHUDFLyQFRQVWLWX\HOD
KHUUDPLHQWD TXH SXHGH XWLOL]DU HO LQWpUSUHWH
SDUD SRWHQFLDU HQ OD PD\RU PHGLGD SRVLEOH
GHDFXHUGRFRQFULWHULRVMXUtGLFRV\IiFWLFRV
HO DOFDQFH GH ORV GHUHFKRV IXQGDPHQWDOHV
WDPSRFR HQ HO FRVWDUULFHQVH HQ HVWH
RUGHQ GH LGHDV VH KD DGYHUWLGR ³WHQLHQGR
HQ FXHQWD OD FRQ¿JXUDFLyQ TXH QXHVWUR
WH[WR FRQVWLWXFLRQDO FRQ¿HUH D ORV GHUHFKRV
IXQGDPHQWDOHV TXH UHFRQRFH VH SXHGH
D¿UPDU TXH QR VH DGVFULEH QL D XQ PRGHOR
SXUR GH SULQFLSLRV QL D XQ PRGHOR SXUR
GH UHJODV´ 3RU HO FRQWUDULR HV SUHFLVR
UHFRQRFHU TXH HO WH[WR GH ODV 1RUPDV
)XQGDPHQWDOHV QRUPDOPHQWH KDQ DFRJLGR
XQ PRGHOR PL[WR GH SULQFLSLRV \ UHJODV
DXQTXH OD PD\RUtD GH ODV GLVSRVLFLRQHV
UHVSRQGHQDOPRGHORGHQRUPDVGHSULQFLSLR
HQ OD PHGLGD HQ TXH VH SUHVHQWDQ ³FRPR
HQXQFLDGRV TXH QR HVWDEOHFHQ ODV UHJODV
MXUtGLFDV SUHFLVDV DWLQHQWHV D OD FRQGXFWD R

 6REUHWRGRORDQWHULRUYpDVH)HUUHUHV&RPHOOD9-XVWLFLDFRQVWLWXFLRQDO\GHPRFUDFLD&HQWURGH(VWXGLRV3ROtWLFRV\
&RQVWLWXFLRQDOHV0DGULG
 $O UHVSHFWR YpDVH &DUULOOR 0 /D H¿FDFLD GH ORV GHUHFKRV VRFLDOHV HQWUH OD &RQVWLWXFLyQ \ OD /H\ -XHFHV SDUD OD
'HPRFUDFLD1žSiJ
 9pDVH%HUQDO3XOLGR&(OSULQFLSLRGHSURSRUFLRQDOLGDG\ORVGHUHFKRVIXQGDPHQWDOHVHOSULQFLSLRGHSURSRUFLRQDOLGDG
FRPRFULWHULRSDUDGHWHUPLQDUHOFRQWHQLGRGHORVGHUHFKRVIXQGDPHQWDOHVYLQFXODQWHSDUDHOOHJLVODGRURSFLWSiJ
 $VtSRUHMHPSORHODUWtFXORGHOD&RQVWLWXFLyQ3ROtWLFDGHOD5HS~EOLFDGH&RVWD5LFDGLVSRQH
 ³$57Ë&8/21DGLHSRGUiVHUGHWHQLGRVLQXQLQGLFLRFRPSUREDGRGHKDEHUFRPHWLGRGHOLWR\VLQPDQGDWRHVFULWRGH
MXH]RDXWRULGDGHQFDUJDGDGHORUGHQS~EOLFRH[FHSWRFXDQGRVHWUDWDUHGHUHRSUyIXJRRGHOLQFXHQWHLQIUDJDQWLSHURHQ
WRGRFDVRGHEHUiVHUSXHVWRDGLVSRVLFLyQGHMXH]FRPSHWHQWHGHQWURGHOWpUPLQRSHUHQWRULRGHYHLQWLFXDWURKRUDV´
 9pDVH%DVWLGD)UHLMHGR)-\RWURV7HRUtD*HQHUDOGHORV'HUHFKRV)XQGDPHQWDOHVHQOD&RQVWLWXFLyQ(VSDxRODGH
RSFLWSiJ
 

FRQGXFWDV SURWHJLGDV \ D ORV LQVWUXPHQWRV FRQWUDSXHVWRV KD VLGR H[SXHVWR SRU

GH VX SURWHFFLyQ PiV ELHQ OR TXH KDFHQ )UDQFLVFR)HUQiQGH]6HJDGRFRQUHVSHFWR
HV RUGHQDU D ORV SRGHUHV S~EOLFRV \ GH DOGHUHFKRDOKRQRU\ODOLEHUWDGGHH[SUHVLyQ
PDQHUD HVSHFLDO DO OHJLVODGRU TXH SURWHMD SDUD GLOXFLGDU VL VH GHEH R QR FRQFHGHU
XQD GHWHUPLQDGD OLEHUWDG HQ OD PD\RU XQ DPSDUR VROLFLWDGR DQWH HO 7ULEXQDO
PHGLGD SRVLEOH ¿MDQGR UHJODV SUHFLVDV
TXH FRQFUHWHQ OD IRUPD HO HVSDFLR \ HO
WLHPSR GHO UpJLPHQ MXUtGLFR TXH HO GHUHFKR
IXQGDPHQWDOKDSUHYLVWRSDUDODFRQGXFWDGH
ODSHUVRQDGHORVSRGHUHVS~EOLFRV\GHRWURV
SDUWLFXODUHVDIHFWDGRV´
,,,6REUHODSRQGHUDFLyQ
\HOSULQFLSLRGH
SURSRUFLRQDOLGDG
3XHVELHQGHDFXHUGRFRQ/XLV0DUtD'tH]
3LFD]R ³ORV SULQFLSLRV FRPR PDQGDWRV GH
RSWLPL]DFLyQ QR VyOR H[LJHQ H[SOLFDU FRPR
VH DFDED GH KDFHU TXH KD\ TXH RSWLPL]DU
HVGHFLUHOYDORURELHQMXUtGLFRTXHKDVLGR
SURWHJLGR PHGLDQWH OD SURFODPDFLyQ GHO
&RQVWLWXFLRQDO (VSDxRO HQ ORV VLJXLHQWHV
WpUPLQRV ³HV LQQHFHVDULR GHFLU TXH HQ HO
VXSXHVWRGHFRQÀLFWRHQWUHGHUHFKRVRHQWUH
XQ GHUHFKR \ XQ ELHQ FRQVWLWXFLRQDOPHQWH
SURWHJLGR KDEUi TXH DFXGLU D OD QHFHVDULD
SRQGHUDFLyQ MXGLFLDO HQ OD TXH HO yUJDQR
MXULVGLFFLRQDO VLQ HVWLPDU SUHSRQGHUDQWH HQ
WRGR FDVR XQR GH ORV GHUHFKRV HQ FXHVWLyQ
\DWHQGLHQGRDODVFRQFUHWDVFLUFXQVWDQFLDV
GHOFDVRKDEUiGHGHFLGLUVREUHHOFRQÀLFWR
SODQWHDGR(QFXDOTXLHUVXSXHVWRHO7ULEXQDO
KD UHLYLQGLFDGR SDUD Vt OD UHYLVLyQ GHO
MXLFLR SRQGHUDWLYR UHDOL]DGR SRU HO yUJDQR
MXULVGLFFLRQDORUGLQDULR<DVtHQHOFRQÀLFWR
HQWUHGHUHFKRVPiVFRP~QHOTXHHQIUHQWD
D ODV OLEHUWDGHV GH H[SUHVLyQ H LQIRUPDFLyQ
FRQ HO GHUHFKR DO KRQRU HO -XH] GH OD
&RQVWLWXFLyQ KD VHxDODGR TXH HQWUD GHQWUR
SULQFLSLRVLQRWDPELpQKDVWDGyQGHKD\TXH GHVXMXULVGLFFLyQUHYLVDUODDGHFXDFLyQGHOD
RSWLPL]DU /D UHVSXHVWD D HVWH LQWHUURJDQWH SRQGHUDFLyQUHDOL]DGDSRUORVMXHFHVFRQHO
TXHKDEtDTXHGDGRHQHODLUHHVTXHKD\TXH REMHWRGHFRQFHGHUHODPSDURVLHOHMHUFLFLR
GDUDOYDORURELHQMXUtGLFRHQMXHJRODPi[LPD GH OD OLEHUWDG UHFRQRFLGR HQ HO DUWtFXOR 
HIHFWLYLGDG TXH SHUPLWDQ ODV FLUFXQVWDQFLDV
GHOFDVR´'HHVWDPDQHUDHQHOFDVRGHO
MXLFLRGHSRQGHUDFLyQHVQHFHVDULRGLVWLQJXLU
HQWUHGRVKLSyWHVLVODSULPHUDFXDQGRHOELHQ
MXUtGLFR R HO YDORU D RSWLPL]DU FROLVLRQD FRQ
RWURYDORU\ODVHJXQGDFXDQGRHQUHDOLGDG
QRH[LVWHRQRVHSURGXFHGLFKRFRQÀLFWR
8QHMHPSORGHHVWHWLSRGHSRQGHUDFLyQHQ
HO FDVR GH GRV YDORUHV R ELHQHV MXUtGLFRV
TXH FRQWHPSOD ODV OLEHUWDGHV LQIRUPDWLYDV
VHPDQL¿HVWDFRQVWLWXFLRQDOPHQWHOHJtWLPRR
GHQHJDUORHQHOVXSXHVWRFRQWUDULR´
3RURWURODGRFXDQGRKD\DXVHQFLDGHFROLVLyQ
HQWUH GRV YDORUHV R ELHQHV MXUtGLFRV IXQGD
PHQWDOHVODSRQGHUDFLyQH[LJHHOPD\RUJUD
GRGHVDWLVIDFFLyQGHORVDOXGLGRVPDQGDWRV
GH RSWLPL]DFLyQ ORV FXDOHV GH DFXHUGR FRQ
5REHUW$OH[\³RUGHQDQTXHDOJRVHDUHDOL]DGR

 9pDVH%DVWLGD)UHLMHGR)-\RWURV7HRUtD*HQHUDOGHORV'HUHFKRV)XQGDPHQWDOHVHQOD&RQVWLWXFLyQ(VSDxRODGH
RSFLWSiJ
 9HU'tH]3LFD]R6LVWHPDGH'HUHFKRV)XQGDPHQWDOHVRSFLWSiJ
 9HU )HUQiQGH] 6HJDGR ) 5HYLVWD (VSDxROD GH 'HUHFKR &RQVWLWXFLRQDO$xR  Q~P  VHSWLHPEUHGLFLHPEUH
SiJ
 

HQODPD\RUPHGLGDSRVLEOHGHDFXHUGRFRQ $KRUD ELHQ HQ OR TXH DWDxH DO SULQFLSLR GH
ODVSRVLELOLGDGHVIiFWLFDV\MXUtGLFDV´ LGRQHLGDG R DGHFXDFLyQ *UXQGVDW] GHU
(V FODUR TXH OD FXHVWLyQ VH KDFH PiV
FRPSOLFDGD HQ ORV FDVRV GH FROLVLyQ
HQWUH GRV R PiV WLSRV GH ELHQHV R YDORUHV
MXUtGLFRV UHFRJLGRV PHGLDQWH HO HQXQFLDGR
GHSULQFLSLRVRGHPDQGDWRVGHRSWLPL]DFLyQ
(QHVWRVVXSXHVWRV5REHUW$OH[\DOHJDTXH
VX 7HRUtD GH ORV 'HUHFKRV )XQGDPHQWDOHV
HQ FX\D YLUWXG OD PD\RUtD GH HOORV KDQ VLGR
FRQ¿JXUDGRVEDMRODHVWUXFWXUDGHSULQFLSLRVR
PDQGDWRVGHRSWLPL]DFLyQWLHQHFRPRSXQWR
GH SDUWLGD HO SULQFLSLR GH SURSRUFLRQDOLGDG
\ VXV WUHV FRQWHQLGRV$Vt GH DFXHUGR FRQ
HO DXWRU ³XQD GH ODV WHVLV IXQGDPHQWDOHV
H[SXHVWDV HQ OD 7HRUtD GH ORV 'HUHFKRV
)XQGDPHQWDOHV HV TXH HVD GH¿QLFLyQ
*HHJQHWKHLW $OH[\ OR GHVDUUROOD FRQ HO
VLJXLHQWH HMHPSOR ³6XSRQJDPRV TXH HO
OHJLVODGRULQWURGXFHODQRUPD1FRQODLQWHQFLyQ
GHPHMRUDUODVHJXULGDGGHO(VWDGR1LQIULQJH
OD OLEHUWDG GH H[SUHVLyQ /D VHJXULGDG GHO
(VWDGR SXHGH VHU FRQFHELGD FRPR PDWHULD
XQ SULQFLSLR GLULJLGR DXQ ELHQ FROHFWLYR
$ HVWH SULQFLSLR OH SRGHPRV OODPDU 3 /D
OLEHUWDG GH H[SUHVLyQ SXHGH VHU FRQFHELGD
FRPRXQGHUHFKRLQGLYLGXDOIXQGDPHQWDOTXH
VH EDVD HQ XQ SULQFLSLR $ HVWH SULQFLSLR OH
OODPDUHPRV 3 6XSRQJDPRV DKRUD TXH OD
QRUPD 1 QR HV DGHFXDGD SDUD SURPRYHU
3 HVWR HV OD VHJXULGDG GHO (VWDGR \ VLQ
HPEDUJR LQIULQJH 3 R VHD OD OLEHUWDG GH
H[SUHVLyQ (Q HVWH FDVR GH LQDGHFXDFLyQ
LPSOLFD HO SULQFLSLR GH SURSRUFLRQDOLGDG FRQ
VXVWUHVVXESULQFLSLRVLGRQHLGDGQHFHVLGDG
\ SURSRUFLRQDOLGDG HQ VHQWLGR HVWULFWR \
YLFHYHUVD TXH HO FDUiFWHU GH SULQFLSLRV
GH ORV GHUHFKRV IXQGDPHQWDOHV VH VLJXH
OyJLFDPHQWHGHOSULQFLSLRGHSURSRUFLRQDOLGDG
LQLGRQHLGDGH[LVWHODSRVLELOLGDGIiFWLFDGH
FXPSOLU DPERV SULQFLSLRV FRQMXQWDPHQWH HQ
XQD PD\RU PHGLGD GHFODUDQGR LQYiOLGD 1
TXH DFHSWDQGR OD YDOLGH] GH 1 $FHSWDU OD
YDOLGH] GH 1 QR FRQOOHYD QLQJXQD JDQDQFLD
SDUD3VLQRVyORSpUGLGDVSDUD3´3RUVX
«(VWDHTXLYDOHQFLDVLJQL¿FDTXHORVWUHV
VXESULQFLSLRVGHODSURSRUFLRQDOLGDGGH¿QHQ
ORTXHGHEHHQWHQGHUVHSRU©RSWLPL]DFLyQª
GHDFXHUGRFRQODWHRUtDGHORVSULQFLSLRV´
'HHVWDIRUPDORVVXESULQFLSLRV³GHLGRQHLGDG
\ GH QHFHVLGDG H[SUHVDQ OD SUHWHQVLyQ
FRQWHQLGD HQ HO FRQFHSWR GH SULQFLSLR GH
DOFDQ]DU OD PD\RU UHDOL]DFLyQ SRVLEOH GH
DFXHUGRFRQODVSRVLELOLGDGHVIiFWLFDV´
ODGRSDUD,JQDFLR9LOODYHUGH0HQpQGH]XQD
PHGLGDHVLGyQHDRDGHFXDGDVLFRQRFDVLyQ
GHODUHVWULFFLyQGHXQGHUHFKRIXQGDPHQWDO
KDDOFDQ]DGRHO¿QSURSXHVWRRULJLQDOPHQWH
HQ RWUDV SDODEUDV VL KD DOFDQ]DGR R QR HO
REMHWLYR SHUVHJXLGR FRQ HOOD DO OLPLWDU HO
GHUHFKR IXQGDPHQWDO (QWUH WDQWR &DUORV
%HUQDO 3XOLGR VRVWLHQH TXH HQ YLUWXG GH
GLFKR VXESULQFLSLR ³WRGD LQWHUYHQFLyQ HQ ORV

 9HU$OH[\5(StORJRDOD7HRUtDGHORV'HUHFKRV)XQGDPHQWDOHV5HYLVWD(VSDxRODGH'HUHFKR&RQVWLWXFLRQDODxR
Q~PVHSWLHPEUHGLFLHPEUHSiJ
 9HU$OH[\5(StORJRDOD7HRUtDGHORV'HUHFKRV)XQGDPHQWDOHVRSFLWSiJ(QODMXULVSUXGHQFLDGHO7ULEXQDO
&RQVWLWXFLRQDO(VSDxROHVSRVLEOHHQFRQWUDUP~OWLSOHVFDVRVHQORVFXDOHVKDGHVDUUROODGRORVDOFDQFHVGHOSULQFLSLR
GHSURSRUFLRQDOLGDGFRPRSRUHMHPSORHQODVVLJXLHQWHVGHFLVLRQHV667&\
'H HVWH PRGR HQ OD VHQWHQFLD  HO 7ULEXQDO &RQVWLWXFLRQDO SUHFLVy ³TXH OD H[LJHQFLD FRQVWLWXFLRQDO GH
SURSRUFLRQDOLGDG GH ODV PHGLGDV OLPLWDWLYDV GH GHUHFKRV IXQGDPHQWDOHV UHTXLHUH DGHPiV GH OD SUHYLVLELOLGDG OHJDO
TXHVHDXQDPHGLGDLGyQHDQHFHVDULD\SURSRUFLRQDGDHQUHODFLyQFRQXQ¿QFRQVWLWXFLRQDOPHQWHOHJtWLPR´
 9pDVH$OH[\5(StORJRDOD7HRUtDGHORV'HUHFKRV)XQGDPHQWDOHVRSFLWSiJV
 9HU$OH[\5'HUHFKRV5D]RQDPLHQWR-XUtGLFR\'LVFXUVR5DFLRQDORSFLWSiJ
 9pDVH9LOODYHUGH0HQpQGH],\RWURV7HRUtD*HQHUDOGHORV'HUHFKRV)XQGDPHQWDOHVHQOD&RQVWLWXFLyQ(VSDxROD
GHRSFLWSiJ
 
GHUHFKRVIXQGDPHQWDOHVGHEHVHUDGHFXDGD
SDUDFRQVWUXLUDODREWHQFLyQGHXQ¿QFRQVWL
WXFLRQDOPHQWHOHJtWLPR´
(Q HVWH RUGHQ GH LGHDV 0DUNXV *RQ]iOH]
DGYLHUWH TXH OD XWLOL]DFLyQ GHO VXESULQFLSLR GH
LGRQHLGDG HQ ORV ~OWLPRV DxRV SRU SDUWH GHO
7ULEXQDO &RQVWLWXFLRQDO (VSDxRO VLJXLHQGR
LPSRQHU OD PHGLGD UHVWULFWLYD VyOR FDEH
HOHJLUODIRUPDRHOPHGLRTXHUHVXOWHPHQRV
JUDYRVD SDUD DOFDQ]DU DTXHOOD ¿QDOLGDG´
3RU VX ODGR &DUORV %HUQDO 3XOLGR OR YH GH
OD VLJXLHQWH PDQHUD ³GH DFXHUGR FRQ HO
SULQFLSLRGHQHFHVLGDGWRGDLQWHUYHQFLyQHQ
ORVGHUHFKRVIXQGDPHQWDOHVGHEHVHUODPiV
EHQLJQD FRQ HO GHUHFKR LQWHUYHQLGR HQWUH
ORV GHVDUUROORV DOHPDQHV VREUH HO SDUWLFXODU
HQUHDOLGDGQRVXSRQHQLQJXQDQRYHGDGHQOD
MXULVSUXGHQFLDGHO7ULEXQDO&RQVWLWXFLRQDOSHUR
OHKDSHUPLWLGRVLQHPEDUJRRUGHQDUVXUD]R
QDPLHQWR \ SRWHQFLDU DOJXQRV DVSHFWRV TXH
GHEHQVHUFRQVLGHUDGRVSRUHOLQWpUSUHWH
$KRUDELHQHQWUHGRVRPiVPHGLGDVLGyQHDV
RDGHFXDGDVSDUDDOFDQ]DUHO¿QSURSXHVWR
D OD KRUD GH UHVWULQJLU HO JRFH GHO GHUHFKR
WRGDVDTXpOODVTXHUHYLVWHQSRUORPHQRVOD
PLVPD LGRQHLGDG SDUD FRQWULEXLU D DOFDQ]DU
HO REMHWLYR SURSXHVWR´ $Vt HQWUH WRGDV
ODV PHGLGDV LGyQHDV SDUD DOFDQ]DU HO ¿Q
SURSXHVWRFRQODUHVWULFFLyQGHORVGHUHFKRV
IXQGDPHQWDOHV HO LQWpUSUHWH GHEH VLHPSUH
SUHIHULU OD PHQRV OHVLYD HQ HO DOFDQFH \ HQ
HOFRQWHQLGRGHODVOLEHUWDGHVIXQGDPHQWDOHV
$KRUDELHQDGLIHUHQFLDGHORVVXESULQFLSLRV
IXQGDPHQWDO HO SULQFLSLR GH QHFHVLGDG GHLGRQHLGDGRDGHFXDFLyQ\GHQHFHVLGDG
*UXQGVDW]GHU(UIRUGHUOLFKNHLWH[LJHVHJ~Q HO SULQFLSLR GH SURSRUFLRQDOLGDG SHUVLJXH OD
5REHUW$OH[\HVFRJHUHOPiVEHQLJQRFRQHO PD\RU UHDOL]DFLyQ SRVLEOH GH ORV PDQGDWRV
GHUHFKRIXQGDPHQWDODIHFWDGR/RDQWHULRU
KDVLGRGHVFULWRSRU9LOODYHUGH0HQpQGH]GHO
VLJXLHQWH PRGR ³OD H[LJHQFLD GH QHFHVLGDG
R LQWHUYHQFLyQ PtQLPD TXH FRQVLVWH HQ
OD PHGLGD OLPLWDWLYD GHEH VHU QHFHVDULD H
LPSUHVFLQGLEOHSDUDDOFDQ]DUHO¿QSHUVHJXLGR
FRQ HO OtPLWH HQ HO VHQWLGR GH TXH QR GHEH
H[LVWLU RWUR PHGLR PHQRV RQHURVR SDUD
ORJUDUOR /D PHGLGD UHVWULFWLYD QR VyOR GHEH
VHU LGyQHD PDWHULDO \ IXQFLRQDOPHQWH SDUD
OLPLWDUHOGHUHFKRHQUD]yQGHVXIXQGDPHQWR
DGHPiV GH HQWUH ODV SRVLEOHV PDQHUDV GH
GH RSWLPL]DFLyQ HV GHFLU GH ORV SULQFLSLRV
FRQ UHVSHFWR D ODV SRVLELOLGDGHV MXUtGLFDV
(VWH SULQFLSLR HV LGpQWLFR D OD OH\ GH
SRQGHUDFLyQ TXH GH DFXHUGR FRQ 5REHUW
$OH[\GLVSRQHORVLJXLHQWH³FXDQWRPD\RUHV
HOJUDGRGHODQRVDWLVIDFFLyQRGHDIHFWDFLyQ
GH XQR GH ORV SULQFLSLRV WDQWR PD\RU GHEH
VHUODLPSRUWDQFLDGHODVDWLVIDFFLyQGHORWUR´
$Vt VLJXLHQGR DO PLVPR DXWRU OD HIHFWLYD
DSOLFDFLyQ GH ORV PDQGDWRV GH RSWLPL]DFLyQ
VHSODVPDHQODWpFQLFDGHODSRQGHUDFLyQOD
FXDOVHSXHGHGLYLGLUHQWUHVSDVRV

 9pDVH%HUQDO3XOLGR&(OSULQFLSLRGHSURSRUFLRQDOLGDG\ORVGHUHFKRVIXQGDPHQWDOHVHOSULQFLSLRGHSURSRUFLRQDOLGDG
FRPRFULWHULRSDUDGHWHUPLQDUHOFRQWHQLGRGHORVGHUHFKRVIXQGDPHQWDOHVYLQFXODQWHSDUDHOOHJLVODGRURSFLWSiJ
 9pDVH*RQ]iOH]%HLOIXVV0ÒOWLPDVWHQGHQFLDVHQODLQWHUSUHWDFLyQGHOSULQFLSLRGHSURSRUFLRQDOLGDG5HYLVWD-XUtGLFD
GH&DWDOXQ\DQ~PSiJ
 9pDVH$OH[\5(StORJRDOD7HRUtDGHORV'HUHFKRV)XQGDPHQWDOHVRSFLWSiJ
 9pDVH9LOODYHUGH0HQpQGH],\RWURV7HRUtD*HQHUDOGHORV'HUHFKRV)XQGDPHQWDOHVHQOD&RQVWLWXFLyQ(VSDxROD
GHRSFLWSiJ
 9HU %HUQDO 3XOLGR & (O SULQFLSLR GH SURSRUFLRQDOLGDG \ ORV GHUHFKRV IXQGDPHQWDOHV HO SULQFLSLR GH SURSRUFLRQDOLGDG
FRPRFULWHULRSDUDGHWHUPLQDUHOFRQWHQLGRGHORVGHUHFKRVIXQGDPHQWDOHVYLQFXODQWHSDUDHOOHJLVODGRURSFLWSiJ
 9pDVH$OH[\5(StORJRDOD7HRUtDGHORV'HUHFKRV)XQGDPHQWDOHVRSFLWSiJ
 

‡ HQSULPHUOXJDUHVSUHFLVRGH¿QLUHOJUDGR GHO VLJXLHQWH PRGR ³VL HO VDFUL¿FLR GH ORV

GHODQRVDWLVIDFFLyQRGHDIHFWDFLyQGH LQWHUHVHV LQGLYLGXDOHV TXH FRPSDUWD OD
XQRGHORVSULQFLSLRV LQMHUHQFLD JXDUGD XQD UHODFLyQ UD]RQDEOH R
SURSRUFLRQDGDFRQODLPSRUWDQFLDGHOLQWHUpV
‡ HQ VHJXQGR OXJDU HV QHFHVDULR GH¿QLU HVWDWDO TXH VH WUDWD GH VDOYDJXDUGDU 6L HO
OD LPSRUWDQFLD GH OD VDWLVIDFFLyQ GHO VDFUL¿FLRUHVXOWDH[FHVLYRODPHGLGDGHEHUi
SULQFLSLRTXHMXHJDHQVHQWLGRFRQWUDULR FRQVLGHUDUVHLQDGPLVLEOHDXQTXHVDWLVIDJDHO
UHVWRGHSUHVXSXHVWRV\UHTXLVLWRVGHULYDGRV
‡ SRU ~OWLPR VH GHEH HVWDEOHFHU VL OD GHOSULQFLSLRGHSURSRUFLRQDOLGDG´
LPSRUWDQFLD GH OD VDWLVIDFFLyQ GHO
SULQFLSLR FRQWUDULR MXVWL¿FD OD DIHFWDFLyQ 8QD YH] UHDOL]DGRV ORV FRPHQWDULRV
RODQRVDWLVIDFFLyQGHORWUR DQWHULRUHV VREUH OD UHFRQRFLGD FODVL¿FDFLyQ
GH ODV QRUPDV MXUtGLFDV HQWUH UHJODV \
7RGRORDQWHULRUWDPELpQKDVLGRGHVDUUROODGR
SRU%HUQDO3XOLGRGHODVLJXLHQWHPDQHUD³HQ
¿QFRQIRUPHDOSULQFLSLRGHSURSRUFLRQDOLGDG
HQ VHQWLGR HVWULFWR OD LPSRUWDQFLD GH ORV
REMHWLYRV SHUVHJXLGRV SRU WRGD LQWHUYHQFLyQ
HQORVGHUHFKRVIXQGDPHQWDOHVGHEHJXDUGDU
XQD DGHFXDGD UHODFLyQ FRQ HO VLJQL¿FDGR
GHO GHUHFKR LQWHUYHQLGR (Q RWURV WpUPLQRV
ODV YHQWDMDV TXH VH REWLHQHQ PHGLDQWH OD
LQWHUYHQFLyQ HQ HO GHUHFKR IXQGDPHQWDO
GHEHQ FRPSHQVDU ORV VDFUL¿FLRV TXH pVWD
LPSOLFDSDUDVXVWLWXODUHV\SDUDODVRFLHGDG
SULQFLSLRV R PDQGDWRV GH RSWLPL]DFLyQ \
OD PDQHUD HQ TXH HO MXLFLR GH SRQGHUDFLyQ
GH ORV VHJXQGRV FRQWULEX\H D ORJUDU VX
PD\RU JUDGR GH DSOLFDFLyQ GH DFXHUGR FRQ
ODV FRQGLFLRQHV IiFWLFDV \ MXUtGLFDV TXH KDQ
FRQFXUULGRHQXQFDVRFRQFUHWRGHVHJXLGR
VHUi H[DPLQDGR HO MXLFLR GH SRQGHUDFLyQ
TXH KD UHDOL]DGR HO 7ULEXQDO &RQVWLWXFLRQDO
(VSDxRO HQ OD GHFLVLyQ  GH 
GH MXQLR HQ OD FXDO UHVROYLy XQ UHFXUVR GH
DPSDURHQTXH³FROLVLRQDURQ´DOPHQRVGRV
YDORUHVRELHQHVMXUtGLFRVIXQGDPHQWDOHVHO
HQJHQHUDO´(QWpUPLQRVVLPLODUHV1LFROiV GHUHFKRDODYLGD\DODLQWHJULGDGItVLFD\
*RQ]iOH]&XHOODU 6HUUDQR KD H[SOLFDGR OD OD OLEHUWDG GH UHOLJLyQ 6H WUDWD VLQ GXGD GH
PDQHUD HQ TXH VH DSOLFD HVWH VXESULQFLSLR XQ FDVR HPEOHPiWLFR HQ HO FXDO HO 7ULEXQDO
GH SURSRUFLRQDOLGDG HQ VHQWLGR HVWULFWR &RQVWLWXFLRQDO(VSDxROSHU¿OyORVDOFDQFHVGH

 6REUHWRGRORDQWHULRUYpDVH$OH[\5(StORJRDOD7HRUtDGHORV'HUHFKRV)XQGDPHQWDOHVRSFLWSiJV(Q
RWUDRSRUWXQLGDGHOPLVPR5REHUW$OH[\H[SOLFyODVLPSOLFDFLRQHVGHOSULQFLSLRGHSRQGHUDFLyQGHOVLJXLHQWHPRGR³HO
VXESULQFLSLRGHSURSRUFLRQDOLGDGHQVHQWLGRHVWULFWRHVGHFLUHOPDQGDWRGHSRQGHUDFLyQVHVLJXHGHODUHODWLYL]DFLyQ
FRQUHVSHFWRDODVSRVLELOLGDGHVMXUtGLFDV6LXQDQRUPDGHGHUHFKRIXQGDPHQWDOFRQFDUiFWHUGHSULQFLSLRHQWUDHQ
FROLVLyQFRQXQSULQFLSLRFRQWUDSXHVWRHQWRQFHVODVSRVLELOLGDGHVMXUtGLFDVSDUDODUHDOL]DFLyQGHODQRUPDGHGHUHFKR
IXQGDPHQWDO GHSHQGHQ GHO SULQFLSLR FRQWUDSXHVWR 3DUD OOHJDU D XQD GHFLVLyQ HV LQGLVSHQVDEOH OOHYDU D FDER XQD
SRQGHUDFLyQHQHOVHQWLGRGHODOH\GHODFROLVLyQ'DGRTXHHVWiRUGHQDGRDSOLFDUORVSULQFLSLRVYiOLGRVFXDQGRHOORV
VRQ DSOLFDEOHV \ TXH SDUD VX DSOLFDFLyQ HQ ORV FDVRV GH FROLVLyQ HV LQGLVSHQVDEOH OOHYDU D FDER XQD SRQGHUDFLyQ
HQWRQFHVHOFDUiFWHUGHSULQFLSLRGHODVQRUPDVGHGHUHFKRIXQGDPHQWDOLPSOLFDTXHHVWiRUGHQDGROOHYDUDFDERXQD
SRQGHUDFLyQFXDQGRHOODVHQWUDQHQFROLVLyQFRQRWURVSULQFLSLRVFRQWUDSXHVWRV(VWRTXLHUHGHFLUTXHHOVXESULQFLSLR
GHSURSRUFLRQDOLGDGHQVHQWLGRHVWULFWRHVGHGXFLEOHGHOFDUiFWHUGHSULQFLSLRGHODVQRUPDVGHGHUHFKRIXQGDPHQWDO´
9pDVH$OH[\57HRUtDGHORVGHUHFKRVIXQGDPHQWDOHVRSFLWSiJ
 9pDVH%HUQDO3XOLGR&(OSULQFLSLRGHSURSRUFLRQDOLGDG\ORVGHUHFKRVIXQGDPHQWDOHVHOSULQFLSLRGHSURSRUFLRQDOLGDG
FRPRFULWHULRSDUDGHWHUPLQDUHOFRQWHQLGRGHORVGHUHFKRVIXQGDPHQWDOHVYLQFXODQWHSDUDHOOHJLVODGRURSFLWSiJ
 9HU *RQ]iOH]&XHOODU 6HUUDQR 1 3URSRUFLRQDOLGDG \ GHUHFKRV IXQGDPHQWDOHV HQ HO SURFHVR SHQDO &ROH[ 0DGULG
SiJ
 
ODOLEHUWDGUHOLJLRVDDVtFRPRGHVXVGLVWLQWDV
YHUWLHQWHVSRWHQFLiQGRODVSRUVREUHHOYDORU
YLGD GHO PHQRU IDOOHFLGR $ HVWH UHVSHFWR
KDEUtD TXH SUHJXQWDUVH MXVWDPHQWH HQ
DSOLFDFLyQ GH OD WpFQLFD GH OD SRQGHUDFLyQ
¢VL OD VDWLVIDFFLyQ GHO YDORU UHODWLYR D OD
OLEHUWDGGHUHOLJLyQHQHOFDVRFRQFUHWRHUDGH
WDOLPSRUWDQFLDTXHMXVWL¿FDEDODDIHFWDFLyQR
HOVDFUL¿FLRGHOYDORUYLGDGHOPHQRUGHHGDG"
3XHVELHQXQDUHVSXHVWDDHVWDLQWHUURJDQWH
VHLQWHQWDUiGHVHJXLGR
,9 (OMXLFLRGHSRQGHUDFLyQHQ
XQDVHQWHQFLDGHO7ULEXQDO
&RQVWLWXFLRQDO(VSDxROHQ
PDWHULDGHOLEHUWDGUHOLJLRVD
GHREFHFDFLyQRHVWDGRSDVLRQDODODSHQD
GHGRVDxRV\VHLVPHVHVGHSULVLyQ´
(Q VX GHFLVLyQ HO 7ULEXQDO &RQVWLWXFLRQDO
(VSDxRO WXYR HQ FRQVLGHUDFLyQ ORV VLJXLHQ
WHVKHFKRV
‡ (Q SULPHU OXJDU OD SHUVRQD SRU FX\D
PXHUWH VH FRQGHQD D ORV GHPDQGDQWHV
GH DPSDUR HUD XQ KLMR GH pVWRV GH 
DxRVGHHGDG
‡ (QVHJXQGROXJDUODFRQGHQDORHVSRU
RPLVLyQ GH OD FRQGXFWD H[LJLEOH D ORV
SDGUHV GHO PHQRU GDGD VX FRQGLFLyQ
GH JDUDQWHV GH OD VDOXG GH pVWH
FRQGLFLyQ TXH DFWXDOPHQWH VH UHFRJH
H[SUHVDPHQWH HQ HO DUW  HQ UHODFLyQ
FRQHODUWDPERVGHO&yGLJRSHQDO
&RPR OR H[SXVR HO 7ULEXQDO &RQVWLWXFLRQDO
HQHO)XQGDPHQWR-XUtGLFRGHODVHQWHQFLD
TXH DKRUD QRV RFXSD HQ HO UHFXUVR GH
DPSDUR1žIXHURQLPSXJQDGDV³GRV
6HQWHQFLDVDPEDVGHIHFKDGHMXQLRGH
 GLFWDGDV SRU OD 6DOD GH OR 3HQDO GHO
7ULEXQDO6XSUHPRHQHOUHFXUVRGHFDVDFLyQ
Q~P  /D SULPHUD GH HOODV HVWLPD
HO UHFXUVR GH FDVDFLyQ LQWHUSXHVWR SRU HO
0LQLVWHULR )LVFDO FRQWUD OD 6HQWHQFLD GH OD
$XGLHQFLD3URYLQFLDOGH+XHVFDGHIHFKD
GH QRYLHPEUH GH  TXH KDEtD DEVXHOWR
D ORV DKRUD GHPDQGDQWHV GH DPSDUR GHO
GH
‡ (Q WHUFHU OXJDU OD FRQGXFWD RPLWLGD
FRQVLVWtD ELHQ HQ XQD DFFLyQ GH ORV
DKRUD UHFXUUHQWHV HQ DPSDUR GLULJLGD D
GLVXDGLUDVXKLMRGHVXQHJDWLYDDGHMDUVH
WUDQVIXQGLUVDQJUHELHQHQODDXWRUL]DFLyQ
GH DTXpOORV D TXH VH SURFHGLHVH D OD
WUDQVIXVLyQGHVDQJUHDOPHQRU
‡ <HQFXDUWROXJDUODFDXVDGHODDFWXDFLyQ
GHORVSDGUHVSURSLDPHQWHODUD]yQGH
TXHpVWRVKXELHVHQRPLWLGRODFRQGXFWD
GHOLWRGHKRPLFLGLRSRURPLVLyQTXHDTXpOOHV
LPSXWDED/DVHJXQGDGHGLFKDV6HQWHQFLDV
FRPR FRQVHFXHQFLD GH OD H[SUHVDGD
HVWLPDFLyQ GHO UHFXUVR ORV FRQGHQD
³FRPR DXWRUHV UHVSRQVDEOHV GH XQ GHOLWR
GH KRPLFLGLR FRQ OD FRQFXUUHQFLD FRQ HO
FDUiFWHUGHPX\FXDOL¿FDGDGHODDWHQXDQWH
TXH VH GLFH GHELGD VH VXVWHQWDED HQ
VXV FUHHQFLDV UHOLJLRVDV SXHV GDGD
VX FRQGLFLyQ GH 7HVWLJRV GH -HKRYi
HQWLHQGHQ LQYRFDQGR DO HIHFWR GLYHUVRV
SDVDMHV GH ORV /LEURV 6DJUDGRV TXH OD
WUDQVIXVLyQGHVDQJUHHVWiSURKLELGDSRU
ODOH\GH'LRV

 8QFRPHQWDULRUHOHYDQWHVREUHHVWDVHQWHQFLD\VREUHODPDQHUDHQTXHHOMXLFLRGHSRQGHUDFLyQSXHGHVHUXWLOL]DGR
FRPRXQSDVRSUHYLRDODVXEVXQFLyQSXHGHVHUHQFRQWUDGRHQ0RUHVR--/D&RQVWLWXFLyQPRGHORSDUDDUPDU
0DUFLDO3RQV%DUFHORQDSiJV
 
'HORDQWHULRUVHGHGXFHFRQWRGDFODULGDG
TXH HO 7ULEXQDO &RQVWLWXFLRQDO (VSDxRO DO
UHVROYHU HVH UHFXUVR GH DPSDUR UHDOL]y HO
MXLFLR GH SRQGHUDFLyQ VREUH GRV YDORUHV
IXQGDPHQWDOHV TXH GH DFXHUGR FRQ OD
FODVL¿FDFLyQ SURSXHVWD SRU 5REHUW $OH[\
(QHVWHRUGHQGHLGHDVODOLEHUWDGGHUHOLJLyQ
WDPELpQKDVLGRGH¿QLGDFRPR³XQGHUHFKR
VXEMHWLYR GH FDUiFWHU IXQGDPHQWDO TXH VH
FRQFUHWDHQHOUHFRQRFLPLHQWRGHXQiPELWR
GH OLEHUWDG \ GH XQD HVIHUD GH DJLHUH OLFHUH
GHO LQGLYLGXR´ \ TXH FRPSRUWD ³HO GHUHFKR
HQWUHRWURVVHFRUUHVSRQGHFRQODHVWUXFWXUD GH ORV FLXGDGDQRV D DFWXDU HQ HVH FDPSR
GH ORV SULQFLSLRV R GH ORV PDQGDWRV GH FRQSOHQDLQPXQLGDGGHFRDFFLyQ´
RSWLPL]DFLyQ D VDEHU OD OLEHUWDG GH UHOLJLyQ
\ODYLGDRODLQWHJULGDGItVLFD
(OSXQWRMXUtGLFRGLVFXWLGRGHDFXHUGRFRQHO
REMHWRGHODLPSXJQDFLyQHQHVHUHFXUVRGH
DPSDUR HV VL ODV VHQWHQFLDV FRQGHQDWRULDV
TXH KDQ VLGR GHFUHWDGDV FRQWUD ORV SDGUHV
$O UHVSHFWR VH GLVFXWH VL OD OLEHUWDG GH
UHOLJLyQ HV XQ GHUHFKR HMHUFLGR ~QLFDPHQWH
SRU TXLHQHV KDQ DVXPLGR GH SUHYLR DOJXQD
FRQYLFFLyQ UHOLJLRVD GHVGH XQD SHUVSHFWLYD
SRVLWLYDHVGHFLUDSDUWLUGHODFUHHQFLDGHXQ
VHUVXSUHPRVXSHULRURODWUDVFHQGHQFLDGHO
GHO PHQRU IDOOHFLGR SRU VX QHJDWLYD GH DOPD KXPDQD D OD PXHUWH R VL FRPSUHQGH
DFHSWDU OD WUDQVIXVLyQ GH VDQJUH DOHJDQGR WDPELpQ HO FDVR GH ORV DJQyVWLFRV \ ORV
PRWLYRV UHOLJLRVRV KDQ YXOQHUDGR R QR HO
GHUHFKR FRQVDJUDGR HQ HO DUWtFXOR  GH OD
&RQVWLWXFLyQ(VSDxRODGH
6REUH ORV DOFDQFHV GH HVH GHUHFKR
IXQGDPHQWDO DKRUD HVWUXFWXUDGR FRPR
DWHRV FX\D OLEHUWDG GH UHOLJLyQ VH DJRWDUtD
MXVWDPHQWH HQ HO PRPHQWR HQ TXH QR KDQ
DVXPLGRQLQJXQDSRUORTXHPiVDOOiGHHVWH
iPELWRFXDOTXLHURWUDPDQLIHVWDFLyQGHHVD
HVFRJHQFLDLQLFLDOKDEUtDTXHUHFRQGXFLUODD
ODOLEHUWDGGHSHQVDPLHQWRRGHLGHRORJtD
PDQGDWR GH RSWLPL]DFLyQ R SULQFLSLR OD
GRFWULQDKDVHxDODGRTXHVXSRQHXQiPELWRGH 6REUH HO SDUWLFXODU VLQ GXGD HV UHOHYDQWH
LQPXQLGDGGHFRDFFLyQDIDYRUGHOLQGLYLGXR ODSRVLFLyQDGRSWDGDSRU0DUWtQH]GH3L]yQ
SDUDDEUD]DUXQDIHUHOLJLRVDGHWHUPLQDGD\ &DYHURTXHHVFRPSDUWLGDHQHVWHWUDEDMR
GHRUGHQDUVXSURSLDYLGDLQGLYLGXDORVRFLDO HQ HO VHQWLGR TXH OD OLEHUWDG GH UHOLJLyQ
GHDFXHUGRFRQHVDVFUHHQFLDV FRPSUHQGH WDQWR ODV DFFLRQHV UHDOL]DGDV D

 (ODUWtFXORGHOD&RQVWLWXFLyQ(VSDxRODGHGLVSRQH
 ³$UWtFXOR
 6HJDUDQWL]DODOLEHUWDGLGHROyJLFDUHOLJLRVD\GHFXOWRGHORVLQGLYLGXRV\ODVFRPXQLGDGHVVLQPiVOLPLWDFLyQHQVXV
PDQLIHVWDFLRQHVTXHODQHFHVDULDSDUDHOPDQWHQLPLHQWRGHORUGHQS~EOLFRSURWHJLGRSRUODOH\´
 1DGLHSRGUiVHUREOLJDGRDGHFODUDUVREUHVXLGHRORJtDUHOLJLyQRFUHHQFLDV
 1LQJXQDFRQIHVLyQWHQGUiFDUiFWHUHVWDWDO/RVSRGHUHVS~EOLFRVWHQGUiQHQFXHQWDODVFUHHQFLDVUHOLJLRVDVGHOD
VRFLHGDG HVSDxROD \ PDQWHQGUiQ ODV FRQVLJXLHQWHV UHODFLRQHV GH FRRSHUDFLyQ FRQ OD ,JOHVLD &DWyOLFD \ ODV GHPiV
FRQIHVLRQHV´
 9pDVH%DUUHUR2UWHJD$/DOLEHUWDGUHOLJLRVDHQ(VSDxD&HQWURGH(VWXGLRV3ROtWLFRV\&RQVWLWXFLRQDOHV0DGULG
 SiJ  2WUR HVWXGLR SDUWLFXODUPHQWH UHOHYDQWH VREUH HO WHPD SXHGH VHU KDOODGR HQ 9DOHUR +HUHGLD $ /D
OLEHUWDGGHFRQFLHQFLDQHXWUDOLGDGGHO(VWDGR\SULQFLSLRGHODLFLGDGXQHVWXGLRFRQVWLWXFLRQDOFRPSDUDGR0LQLVWHULR
GH-XVWLFLD6HFUHWDUtD*HQHUDO7pFQLFD0DGULG
 $OUHVSHFWRYpDVHODVHQWHQFLDGHO7ULEXQDO&RQVWLWXFLRQDO(VSDxROPHQFLRQDGDSRU%DUUHUR2UWHJD$/D
OLEHUWDGUHOLJLRVDHQ(VSDxDRSFLWSiJV
 9pDVH OD VHQWHQFLD GHO 7ULEXQDO &RQVWLWXFLRQDO (VSDxRO  PHQFLRQDGD SRU %DUUHUR 2UWHJD $ /D OLEHUWDG
UHOLJLRVDHQ(VSDxDRSFLWSiJV
 
SDUWLU GH XQD YDORUDFLyQ LQLFLDO SRVLWLYD GHO
IHQyPHQR UHOLJLRVR FRPR ODV QHJDWLYDV
DJQyVWLFDV R DWHDV /R DQWHULRU WHQLHQGR
HQ FRQVLGHUDFLyQ OR GLVSXHVWR HQ HO DUWtFXOR
 GH OD 'HFODUDFLyQ VREUH OD HOLPLQDFLyQ
GH WRGDV ODV IRUPDV GH LQWROHUDQFLD \
GLVFULPLQDFLyQ IXQGDGDV HQ OD UHOLJLyQ R ODV
FRQYLFFLRQHV DSUREDGD SRU OD $VDPEOHD
*HQHUDO GH 1DFLRQHV 8QLGDV HO  GH
QRYLHPEUHGH
WDFLRQHV TXH UHDOLFHQ ORV SDUWLFXODUHV OXHJR
GH KDEHU DVXPLGR XQD YDORUDFLyQ SRVLWLYD
FRQ UHVSHFWR DO IHQyPHQR UHOLJLRVR FRPR
DTXHOODVDFFLRQHVTXHWHQJDQFRPRSXQWRGH
SDUWLGDODQHJDFLyQGHODVFUHHQFLDVUHODWLYDV
D OD H[LVWHQFLD GH XQ VHU VXSUHPR R OD
WUDVFHQGHQFLDGHODOPDKXPDQDDODPXHUWH
$ PD\RU DEXQGDPLHQWR 2OLYHUDV -DQp
PHQFLRQD RWUD VHQWHQFLD  GH 
'HPRGRTXHHQHVWDGLVSRVLFLyQVHEULQGD
LJXDO WXWHOD WDQWR HQ HO FDVR HQ TXH VH
DVXPD XQD SRVLFLyQ SRVLWLYD FRQ UHVSHFWR
DOIHQyPHQRUHOLJLRVRFRPRHQHOVXSXHVWR
HQ VH DGYLHUWD RWUR WLSR GH FUHHQFLDV R
FRQYLFFLRQHV WRGDV ODV FXDOHV UHFODPDQ HO
PLVPR iPELWR GH SURWHFFLyQ SRU SDUWH GH
ORV SRGHUHV S~EOLFRV 'H DKt TXH UHVXOWD
LQFXHVWLRQDEOH TXH OD OLEHUWDG GH UHOLJLyQ
FRPSUHQGH DO PHQRV HQ HO RUGHQDPLHQWR
MXUtGLFR FRVWDUULFHQVH DTXHOODV PDQLIHV
GH IHEUHUR HQ OD FXDO HO UHFXUUHQWH HUD
OD ,JOHVLD GH OD 8QL¿FDFLyQ 'H DFXHUGR
FRQ OD DXWRUD HQ HVD GHFLVLyQ VH ³XWLOL]D
OD YtD LQWHUSUHWDWLYD GHO DUWtFXOR  &( \
UHSURGXFH OD LQWHUSUHWDFLyQ GHO DUWtFXOR 
GHOD'HFODUDFLyQ8QLYHUVDOGHORV'HUHFKRV
+XPDQRVTXHUHDOL]DHO&RPLWpGH'HUHFKRV
+XPDQRVGH1DFLRQHV8QLGDVDO&RPHQWDULR
JHQHUDOGHGHMXOLRGHVHJ~QHOFXDO
HO FLWDGR SUHFHSWR ³SURWHJH ODV FUHHQFLDV
WHtVWDV QR WHtVWDV \ DWHDV DVt FRPR HO
GHUHFKR D QR SURIHVDU QLQJXQD UHOLJLyQ R

 9pDVH0DUWtQH]GH3LVyQ&DYHUR-&RQVWLWXFLyQ\/LEHUWDGUHOLJLRVDHQ(VSDxD'\NLQVRQ0DGULGSiJ
 (VWD QRUPD GLVSRQH ³$UWtFXOR   7RGD SHUVRQD WLHQH GHUHFKR D OD OLEHUWDG GH SHQVDPLHQWR GH FRQFLHQFLD \ GH
UHOLJLyQ(VWHGHUHFKRLQFOX\HODOLEHUWDGGHWHQHUXQDUHOLJLyQRFXDOHVTXLHUDFRQYLFFLRQHVGHVXHOHFFLyQDVtFRPR
ODOLEHUWDGGHPDQLIHVWDUVXUHOLJLyQRVXVFRQYLFFLRQHVLQGLYLGXDORFROHFWLYDPHQWHWDQWRHQS~EOLFRFRPRHQSULYDGR
PHGLDQWHHOFXOWRODREVHUYDQFLDODSUiFWLFD\ODHQVHxDQ]D´
 $PD\RUDEXQGDPLHQWR-DFTXHV5REHUWKDFRQVLGHUDGRTXH³ODOLEHUWpUHOLJLHXVHQ¶HVWHQHIIHWSDVVHXOHPHQWODOLEHUWp
GXFKRL[G¶XQHUHOLJLRQPDLVHQFRUHODOLEHUWpGHSURIHVVHUODFUR\DQFHRXO¶LQFUR\DQFHPDVHQFRUHODOLEHUWpGHQHULHQ
SURIHVVHUGXWRXW2QSHXWIDLUHOHFKRL[G¶XQHFRQIHVVLRQQHSDVOHIDLUHRXVLPSOHPHQWDWWHQGUHOHPRPHQWRSSRUWXQ
SRXUVHGpFLGHU´9pDVH5REHUW-/DOLEHUWpUHOLJLHXVHHWOHUpJLPHGHVFXOWHV3UHVVHV8QLYHUVLWDLUHVGH)UDQFH3DULV
SiJ
 &DEHPHQFLRQDUTXHHQHORUGHQDPLHQWRMXUtGLFRFRVWDUULFHQVHDGLIHUHQFLDGHOFULWHULRPD\RULWDULDPHQWHVRVWHQLGRHQHO
VLVWHPDGHMXVWLFLDFRQVWLWXFLRQDOHXURSHRSDUWLFXODUPHQWHHQORVFDVRVGH$OHPDQLD,WDOLD\(VSDxDORV,QVWUXPHQWRV
,QWHUQDFLRQDOHVVREUH'HUHFKRV+XPDQRVSRVHHQXQFDUiFWHUQRUPDWLYRLQGLVFXWLEOH\FRQVWLWX\HQYHUGDGHUDVUHJODV
MXUtGLFDVQRDVtPHURVFULWHULRVGHLQWHUSUHWDFLyQGHORVGHUHFKRVUHFRQRFLGRVHQODVGLVWLQWDV&RQVWLWXFLRQHVPRWLYR
SRUHOFXDOORVSDUWLFXODUHVSXHGHQH[LJLUGLUHFWDPHQWHVXFXPSOLPLHQWRDQWHODVDXWRULGDGHVS~EOLFDVSRUHMHPSOR
PHGLDQWHODLQWHUSRVLFLyQGHXQUHFXUVRGHDPSDURDQWHOD6DOD&RQVWLWXFLRQDOGHOD&RUWH6XSUHPDGH-XVWLFLDDXQTXH
QRHVWpQUHFRQRFLGRVGHPDQHUDSRVLWLYD\HQIRUPDH[SUHVDHQOD&RQVWLWXFLyQGHOD5HS~EOLFDGH&RVWD5LFD/R
DQWHULRUDSDUWLUGHXQDLQWHUSUHWDFLyQVHJ~QODFXDOGLFKRVLQVWUXPHQWRVDGLIHUHQFLDGHRWUDVQRUPDV\UHJODVGHO
'HUHFKR,QWHUQDFLRQDOQRWLHQHQ~QLFDPHQWHXQYDORUVXSHULRUDODOH\GHDFXHUGRFRQHODUWtFXORƒGHOD&RQVWLWXFLyQ
3ROtWLFDGHOD5HS~EOLFDGH&RVWD5LFDVLQRTXHVXVGLVSRVLFLRQHVHQODPHGLGDHQTXHEULQGHQPD\RUFREHUWXUDR
WXWHODGHXQGHWHUPLQDGRGHUHFKRGHEHQSUHYDOHFHUSRUVREUHpVWRV6HWUDWDHQWRQFHVGHXQDFRQVWUXFFLyQHIHFWXDGD
SRUOD6DOD&RQVWLWXFLRQDODSDUWLUGHORVDOFDQFHVGHODUWtFXORGHOD&RQVWLWXFLyQ3ROtWLFD\TXHKDVLGRSODVPDGD
HQ UHLWHUDGDV GHFLVLRQHV HQWUH HOODV OD 1ž  GH  GH VHSWLHPEUH 1ž  GH ƒ GH MXOLR 1ž  \
VXDFODUDFLyQ1ž1žGHGHPD\R1žGHGHQRYLHPEUH1žGHGH
QRYLHPEUH\OD1žGHGHIHEUHURGH
 
FUHHQFLD ORV WpUPLQRV FUHHQFLD R UHOLJLyQ
GHEHQ HQWHQGHUVH HQ VHQWLGR DPSOLR´
DxDGLHQGRTXH³HODUWtFXORQRVHOLPLWDHQ
VXDSOLFDFLyQDODVUHOLJLRQHVWUDGLFLRQDOHVR
DODVUHOLJLRQHVRFUHHQFLDVFDUDFWHUtVWLFDVR
SUiFWLFDVLQVWLWXFLRQDOHVDQiORJDVDODVGHODV
UHOLJLRQHVWUDGLFLRQDOHV´'HDKtTXHHQHVD
VHQWHQFLDVHDGRSWDXQDFRQFHSFLyQDPSOLD
VREUH ODV FUHHQFLDV FRQ FDUDFWHUtVWLFDV R
SUiFWLFDV LQVWLWXFLRQDOHV DQiORJDV D ODV GH
ODVUHOLJLRQHVWUDGLFLRQDOHV
&RQVWLWXFLRQDO (VSDxRO GHVGH OD FRQRFLGD
VHQWHQFLD  GH  GH QRYLHPEUH
KD PDQLIHVWDGR TXH ³LQFOX\H WDPELpQ XQD
GLPHQVLyQH[WHUQDGHDJHUHOLFHUHTXHIDFXOWD
D ORV FLXGDGDQRV SDUD DFWXDU FRQ DUUHJOR
D VXV SURSLDV FRQYLFFLRQHV \ PDQWHQHUODV
IUHQWH D WHUFHURV´ (Q RWUD VHQWHQFLD GH 
GH MXQLR GH  VHxDOy ³HO FRQWHQLGR GHO
GHUHFKRDODOLEHUWDGUHOLJLRVDQRVHDJRWDHQ
ODSURWHFFLyQIUHQWHDLQMHUHQFLDVH[WHUQDVGH
XQD HVIHUD GH OLEHUWDG LQGLYLGXDO R FROHFWLYD
TXH SHUPLWH D ORV FLXGDGDQRV DFWXDU FRQ
3HUR WDPELpQ KD GLFKR OD GRFWULQD DUUHJORDOFUHGRTXHSURIHVHQ«SXHVFDEH
HVSHFLDOL]DGD \ OD MXULVSUXGHQFLD GHO 7UL DSUHFLDUXQDGLPHQVLyQH[WHUQDGHODOLEHUWDG
EXQDO &RQVWLWXFLRQDO (VSDxRO DFHUFD GH OD
OLEHUWDG GH UHOLJLyQ \ VLQ iQLPR GH UHDOL]DU
XQ DQiOLVLV H[KDXVWLYR VREUH ORV DOFDQFHV
\ PDWLFHV TXH UHVXOWDQ OXHJR GHO MXLFLR GH
SRQGHUDFLyQGHHVDOLEHUWDGFRQRWURVYDORUHV
RELHQHVMXUtGLFRVLJXDOPHQWHUHFRJLGRVEDMR
ORV HQXQFLDGRV GH SULQFLSLRV R PDQGDWRV
GH RSWLPL]DFLyQ FRPR FLHUWDPHQWH OR
FRQVWLWX\H D PRGR GH HMHPSOR HO SULQFLSLR
UHOLJLRVD TXH VH WUDGXFH HQ OD SRVLELOLGDG
GHHMHUFLFLRLQPXQHDWRGDFRDFFLyQGHORV
SRGHUHVS~EOLFRVGHDTXHOODVDFWLYLGDGHVTXH
FRQVWLWX\HQ PDQLIHVWDFLRQHV R H[SUHVLRQHV
GHOIHQyPHQRUHOLJLRVR´
&DEH PHQFLRQDU TXH HO GLVIUXWH GH OD
YHUWLHQWHH[WHUQDGHODOLEHUWDGGHUHOLJLyQQR
HVLOLPLWDGRVLQRTXHSXHGHVHUUHVWULQJLGR
GH QHXWUDOLGDG R GH ODLFLGDG HVWDWDO TXH
FRPSUHQGH GRV YHUWLHQWHV R GLPHQVLRQHV
XQDLQWHUQD\RWUDH[WHUQD
'HHVWHPRGRVREUHODYHUWLHQWHLQWHUQDGH
OD OLEHUWDG GH UHOLJLyQ 0DUWtQH] GH 3L]yQ
&DYHUR KD FRPHQWDGR TXH OH SHUPLWH D OD
SHUVRQDHVFRJHUFRQDXVHQFLDGHFRDFFLyQ
HOVLVWHPDGHFUHHQFLDVUHOLJLRVDVRQRTXH
FDGDSHUVRQDFUHDFRPRHOPiVDGHFXDGRD
VX FRQFLHQFLD D VXV SODQHV GH YLGD \ D ORV
REMHWLYRV GHO SHUIHFFLRQDPLHQWR PRUDO SRU
HQ WpUPLQRV PX\ JHQHUDOHV SRU UD]RQHV
GH RUGHQ S~EOLFR R ELHQ FXDQGR UHVXOWH
QHFHVDULRHQXQDVRFLHGDGGHPRFUiWLFDSDUD
ODVHJXULGDGS~EOLFDODSURWHFFLyQGHORUGHQ
GHODVDOXGRGHODPRUDOS~EOLFDVDVtFRPR
ODSURWHFFLyQGHORVGHUHFKRV\OLEHUWDGHVGH
ORV GHPiV OR DQWHULRU MXVWDPHQWH OXHJR GH
UHDOL]DU HO MXLFLR GH SRQGHUDFLyQ TXH VH KD
GHVDUUROODGRHQHVWDVQRWDVFRQUHVSHFWRD
ORVSULQFLSLRVRORVPDQGDWRVGHRSWLPL]DFLyQ
HQ TXH VRQ HQXQFLDGRV ORV GHUHFKRV
IXQGDPHQWDOHVFRPRHQHOFDVRSUHVHQWHOD
pOHOHJLGRV OLEHUWDGGHUHOLJLyQ

3RU VX SDUWH HQ OR TXH WRFD D OD YHUWLHQWH $OUHVSHFWRODGRFWULQDHVSDxRODKDGLVFXWLGR
H[WHUQDGHODOLEHUWDGGHUHOLJLyQHO7ULEXQDO VREUHODPDQHUDHQTXHGHEHVHUHQWHQGLGR

 9pDVH2OLYHUDV-DQp1/DHYROXFLyQGHODOLEHUWDGUHOLJLRVDHQOD-XULVSUXGHQFLDGHO7ULEXQDO&RQVWLWXFLRQDO5HYLVWD
&DWDODQDGH'UHWS~EOLFQ~PSiJ
 9HU0DUWtQH]GH3LVyQ&DYHUR-&RQVWLWXFLyQ\/LEHUWDGUHOLJLRVDHQ(VSDxDRSFLWSiJ
 
HO WpUPLQR ³RUGHQ S~EOLFR´ HQ HO FRQWH[WR
GHODUWtFXORGHOD&RQVWLWXFLyQ(VSDxROD
SDUD UHDOL]DU HO MXLFLR GH SRQGHUDFLyQ
FRUUHVSRQGLHQWH (Q FRQFUHWR ³¢6H XVD
HQ HO VHQWLGR UHVWULQJLGR R SROLFLDO GH
LQFROXPLGDG GH SHUVRQDV \ FRVDV R GHEH
HQWHQGHUVH PiV ELHQ HQ VX VHQWLGR GH
DPSOLRHMHUFLFLRGHORVGHUHFKRVSRUSDUWHGH
WRGRV"´ 6REUH HO SDUWLFXODU VH KD SUHIHULGR
³7RGRV WLHQHQ GHUHFKR D OD YLGD \ D OD
LQWHJULGDGItVLFD\PRUDOVLQTXHHQQLQJ~Q
FDVR SXHGDQ VHU VRPHWLGRV D WRUWXUD QL D
SHQDV R WUDWRV LQKXPDQRV R GHJUDGDQWHV
4XHGD DEROLGD OD SHQD GH PXHUWH VDOYR
OR TXH SXHGDQ GLVSRQHU ODV OH\HV SHQDOHV
PLOLWDUHVSDUDWLHPSRVGHJXHUUD´
6REUHHOSDUWLFXODUHO7ULEXQDO&RQVWLWXFLRQDO
ODVHJXQGDRSFLyQDSDUWLUGHODUHODFLyQGH KD VRVWHQLGR ³GLFKR GHUHFKR D OD YLGD «
ORVDUWtFXORVGHOD&RQVWLWXFLyQ(VSDxROD FRQVWLWX\H HO GHUHFKR IXQGDPHQWDO HVHQFLDO
GH\GHO&RQYHQLRSDUDOD3URWHFFLyQ \WURQFDOHQFXDQWRHVHOVXSXHVWRRQWROyJLFR
GH 'HUHFKRV +XPDQRV \ GH ODV /LEHUWDGHV VLQHOTXHORVUHVWDQWHVGHUHFKRVQRWHQGUtDQ
)XQGDPHQWDOHVGH5RPDGHGHQRYLHPEUH
GH  $Vt HVWD FRQFHSFLyQ DPSOLD GHO
FRQFHSWR GHO RUGHQ S~EOLFR OH KD SHUPLWLGR
DO7ULEXQDO(XURSHRGH'HUHFKRV+XPDQRV
SRU HMHPSOR ³D¿UPDU VLQ GL¿FXOWDG TXH OD
SURKLELFLyQGHOVDFUL¿FLRSULYDGRGHUHVHVQR
YXOQHUDODOLEHUWDGUHOLJLRVDGHXQDFRPXQLGDG
MXGtD VH WUDWD GH XQD OLPLWDFLyQ FODUDPHQWH
UHVSDOGDGD SRU UD]RQHV VDQLWDULDV Pi[LPH
GH XQD OLPLWDFLyQ FODUDPHQWH UHVSDOGDGD
SRU UD]RQHV VDQLWDULDV Pi[LPH FXDQGR HV
SRVLEOH DGTXLULU FDUQH GH UHVHV VDFUL¿FDGDV
HQHVWDEOHFLPLHQWRVS~EOLFRVTXHUH~QHWRGDV
ODVFRQGLFLRQHVH[LJLGDVSRUGLFKDFRQIHVLyQ
67('+7VHGHNF)UDQFLDGHGHDEULOGH
H[LVWHQFLD SRVLEOH´ 67&  (Q HVWH
RUGHQGHLGHDV0DUFR$SDULFLR:LOKHOPLKD
H[SOLFDGRVREUHHVWHGHUHFKRTXHVXSRQHOD
IDFXOWDG GH XQD SHUVRQD GH H[LVWLU SHUR QR
GHVGHXQSXQWRGHYLVWDPHUDPHQWHELROyJLFR
VLQRFRQGLJQLGDG'HPRGRTXHHOGHUHFKR
DODYLGDVHFRQ¿JXUDDVtFRPRSUHVXSXHVWR
RQWROyJLFR FRPR SUHFRQGLFLyQ GHO UHVWR GH
GHUHFKRVGHODSHUVRQDItVLFD³SHURYDPiV
DOOi SXHV HQ Vt PLVPR LQFRUSRUD DO PHQRV
HQVXFRQWHQLGRPiVHOHPHQWDOORVDVSHFWRV
TXH OD GLJQLGDG WRPD \ D OD YH] H[LJH GHO
FRQMXQWRGHGHUHFKRVFRQVWLWXFLRQDOHV´
$VLPLVPR HQ OR TXH DWDxH D OD LQWHJULGDG
(QWRGRFDVRDPEDVGLVSRVLFLRQHV ItVLFD HO 7ULEXQDO &RQVWLWXFLRQDO HQ OD
H[LJHQODSUHYLVLyQHQXQDQRUPDFRQUDQJR VHQWHQFLDGLVSXVRTXH³JDUDQWL]DHO
GHOH\GHORVPRWLYRVGHRUGHQS~EOLFRSRU GHUHFKRDODOLEHUWDGItVLFD\PRUDOPHGLDQWH
ORVFXDOHVVHGHEHLPSRQHUXQDOLPLWDFLyQGH HO FXDO VH SURWHJH OD LQYLRODELOLGDG GH OD
ODYHUWLHQWHH[WHUQDGHODOLEHUWDGGHUHOLJLyQ SHUVRQD QR VyOR FRQWUD DWDTXHV GLULJLGRV D
OHVLRQDU VX FXHUSR \ HVStULWX VLQR WDPELpQ
$KRUDELHQHQORTXHDWDxHDORVYDORUHVYLGD FRQWUD WRGD FODVH GH LQWHUYHQFLyQ HQ HVRV
HLQWHJULGDGItVLFDpVWRVKDQVLGRUHFRQRFLGRV ELHQHVTXHFDUH]FDGHFRQVHQWLPLHQWRGHVX
HQHODUWtFXORGHOD&RQVWLWXFLyQ(VSDxROD WLWXODU´ SRU VX ODGR HQ OD VHQWHQFLD 
GHGHOVLJXLHQWHPRGR SUHFLVy ³HO GHUHFKR D OD LQWHJULGDG ItVLFD

 6REUHWRGRORDQWHULRUYpDVH'tH]3LFD]R/06LVWHPDGH'HUHFKRV)XQGDPHQWDOHVRSFLWSiJV
 9pDVH$SDULFLR:LKHOPL0/RVGHUHFKRVGHOiPELWRLQGLYLGXDOHQ0DQXDOGH'HUHFKR&RQVWLWXFLRQDO$SDULFLR3pUH]
0\%DUFHOyL6HUUDOPDOHUD0&RRUGLQDGRUHVRSFLWSiJ
 

QR VH LQIULQJH FXDQGR VH WUDWD GH UHDOL]DU SDGUHV VH QHJDUDQ D DXWRUL]DUOD LQYRFDQGR
XQD SUXHED SUHYLVWD SRU OD OH\ \ DFRUGDGD
UD]RQDGDPHQWH SRU OD $XWRULGDG MXGLFLDO HQ
HO VHQR GH XQ SURFHVR´ 6REUH HO SDUWLFXODU
0DUFR $SDULFLR :LOKHOPL KD FRPHQWDGR ³HO
DUWtFXOR  GH OD &RQVWLWXFLyQ LQFRUSRUD OD
VXV FUHHQFLDV UHOLJLRVDV QR HV VXVFHSWLEOH
GH UHSDUR DOJXQR GHVGH OD SHUVSHFWLYD
FRQVWLWXFLRQDO FRQIRUPH D OD FXDO HV OD
YLGD ³XQ YDORU VXSHULRU GHO RUGHQDPLHQWR
MXUtGLFR FRQVWLWXFLRQDO´ 667&  GH
SURWHFFLyQGHODLQWHJULGDGItVLFD\PRUDOGH
WRGDSHUVRQDFRPRFREHUWXUD\FRUUHODWRGHO
GHUHFKRDODYLGD6HWUDWDGHOGHUHFKRGHWRGD
SHUVRQDDGHFLGLUVREUHODVDFWXDFLRQHVTXH
SXHGDQSURGXFLUXQGDxRRPHQRVFDERHQVX
FXHUSRDVtFRPRDTXpOODVTXHSXHGDQDOWHUDU
QHJDWLYDPHQWH VX ELHQHVWDU SVLFROyJLFR R
VXSRQJDQKXPLOODFLyQRHQYLOHFLPLHQWR´'H
ORDQWHULRUFODUDPHQWHVHGHGXFHTXHWDQWRORV
YDORUHVYLGDFRPRLQWHJULGDGItVLFDQRVyOR
KDQ VLGR SURFODPDGRV H[SUHVDPHQWH HQ OD
&RQVWLWXFLyQ(VSDxRODGHVLQRWDPELpQ
TXH VXV FRQWHQLGRV KD VLGR DPSOLDPHQWH
GHVDUUROODGRV HQ OD MXULVSUXGHQFLD GHO 7UL
EXQDO&RQVWLWXFLRQDO(VSDxRO
3XHV ELHQ DO VHQWDU ODV FRQGLFLRQHV GH
DSOLFDFLyQ GH ORV PDQGDWRV GH RSWLPL]DFLyQ
TXH UHFRJHQ ORV YDORUHV YLGD H LQWHJULGDG
ItVLFD SRU XQ ODGR \ OD OLEHUWDG GH UHOLJLyQ
 GH DEULO \  GH  GH MXQLR
$GHPiV HV RSRUWXQR VHxDODU TXH FRPR
KHPRV GLFKR HQ ODV 667&  GH 
GHMXQLR)-\GHGHMXOLR)-
HOGHUHFKRIXQGDPHQWDODODYLGDWLHQH³XQ
FRQWHQLGRGHSURWHFFLyQSRVLWLYDTXHLPSLGH
FRQ¿JXUDUORFRPRXQGHUHFKRGHOLEHUWDGTXH
LQFOX\D HO GHUHFKR D OD SURSLD PXHUWH´ (Q
GH¿QLWLYD OD GHFLVLyQ GH DUURVWUDU OD SURSLD
PXHUWH QR HV XQ GHUHFKR IXQGDPHQWDO VLQR
~QLFDPHQWH XQD PDQLIHVWDFLyQ GHO SULQFLSLR
JHQHUDO GH OLEHUWDG TXH LQIRUPD QXHVWUR
WH[WRFRQVWLWXFLRQDOGHPRGRTXHQRSXHGH
FRQYHQLUVHHQTXHHOPHQRUJRFHVLQPDWLFHV
GHWDPDxDIDFXOWDGGHDXWRGLVSRVLFLyQVREUH
VXSURSLRVHU´
'H PRGR TXH DO HIHFWXDU HO MXLFLR GH
SRQGHUDFLyQ FRUUHVSRQGLHQWH HV GHFLU DO
¿MDU ODV FRQGLFLRQHV GH DSOLFDFLyQ GH ORV
SRU HO RWUR HV GHFLU DO HIHFWXDU HO MXLFLR GH YDORUHV YLGD \ OLEHUWDG UHOLJLRVD HO 7ULEXQDO
SRQGHUDFLyQ HO 7ULEXQDO &RQVWLWXFLRQDO &RQVWLWXFLRQDODGPLWHQRVyORTXHODOLEHUWDG
FRQVLGHUy HQ OD FRPHQWDGD VHQWHQFLD UHOLJLRVDQRHVXQGHUHFKRDEVROXWRVLQRTXH
GHGHMXQLRTXH³(QFXDQWRD FHGHOXHJRGHVHUSRQGHUDGRFRQUHVSHFWRDO
OD SULPHUD GH ODV FXHVWLRQHV DSXQWDGDV HV YDORUYLGDGHOPHQRUGHHGDGHOFXDOVHJ~Q
LQGLVFXWLEOH TXH HO MXLFLR SRQGHUDWLYR VH KD HO 7ULEXQDO FRQVWLWX\H ³XQ YDORU VXSHULRU
HIHFWXDGR HQ OR TXH DKRUD HVWULFWDPHQWH GHORUGHQDPLHQWRMXUtGLFRFRQVWLWXFLRQDO´'H
LQWHUHVDFRQIURQWDQGRHOGHUHFKRDODYLGDGHO DKtTXHGHVGHHVWDSHUVSHFWLYDHO7ULEXQDO
PHQRUDUW&(\HOGHUHFKRDODOLEHUWDG &RQVWLWXFLRQDO QR HQFXHQWUD UHSDUR DOJXQR
UHOLJLRVD \ GH FUHHQFLDV GH ORV SDGUHV DUW HQ OD GHFLVLyQ MXGLFLDO TXH LQLFLDOPHQWH
&((VLQFRQFXVRDHVWHUHVSHFWRTXH RUGHQDED OD WUDQVIXVLyQ DO PHQRU SHVH D
OD UHVROXFLyQ MXGLFLDO DXWRUL]DQGR OD SUiFWLFD ODV FRQYLFFLRQHV UHOLJLRVDV GH VXV SDGUHV
GHODWUDQVIXVLyQHQDUDVGHODSUHVHUYDFLyQ 3HUR OXHJR GH WRGR HO FXDGUR IiFWLFR TXH
GH OD YLGD GHO PHQRU XQD YH] TXH ORV VH KD H[SXHVWR FRQ DQWHULRULGDG HO PHQRU

 9HU$SDULFLR:LKHOPL0/RVGHUHFKRVGHOiPELWRLQGLYLGXDOHQ0DQXDOGH'HUHFKR&RQVWLWXFLRQDO$SDULFLR3pUH]0
\%DUFHOyL6HUUDOPDOHUD0&RRUGLQDGRUHVRSFLWSiJ
 

¿QDOPHQWH IDOOHFLy \ VXV SURJHQLWRUHV WLWXFLRQDO (VSDxRO HQ HO FDVR FRQFUHWR HV
TXH FLHUWDPHQWH SRVHtDQ OD FRQGLFLyQ GH HYLGHQWH TXH FHGH FXDOTXLHU PDQLIHVWDFLyQ
JDUDQWH KDQ VLGR FRQGHQDGRV SRU HO GHOLWR
GHKRPLFLGLR
$ SHVDU GH OR DQWHULRU \ SHVH D UHFRQRFHU
TXHHOYDORUYLGDRFXSDEDHQHOFDVRSUHVHQWH
XQ YDORU SUHGRPLQDQWH VREUH OD OLEHUWDG GH
UHOLJLyQ HO 7ULEXQDO &RQVWLWXFLRQDO (VSDxRO
FRQVLGHUyTXHQRHVSRVLEOHVHQWDUQLQJXQD
UHVSRQVDELOLGDG SHQDO FRQWUD ORV SDGUHV GHO
QLxRVLQYXOQHUDUHOGHUHFKRSURWHJLGRHQHO
DUWtFXOR  GH OD &RQVWLWXFLyQ (VSDxROD GH
/RDQWHULRUSHVHDTXHORVUHFXUUHQWHV
H[WHUQDGHODOLEHUWDGGHUHOLJLyQGHORVSDGUHV
SRUVREUHHOYDORUYLGDGHOQLxRIDOOHFLGRGHDKt
TXHHVDPDQLIHVWDFLyQUHOLJLRVDQRHQFXHQWUD
SURWHFFLyQ FRQVWLWXFLRQDO HQ HO JUDGR HQ TXH
OR H[LJHQ ORV UHFXUUHQWHV HQ VX UHFXUVR GH
DPSDURORVFXDOHVFRPRVHKDGLFKRWHQtDQ
OD REOLJDFLyQ GH VDOYDJXDUGDU OD YLGD GHO
PHQRU TXLHQ ¿QDOPHQWH IDOOHFLy D FDXVD GH
ODVFRQYLFFLRQHVUHOLJLRVDVGHORVDFWRUHV
(V FODUR HQWRQFHV TXH ODV VHQWHQFLDV
GLFWDGDVSRUORVWULEXQDOHVRUGLQDULRVHQTXH
WHQtDQ D PL MXLFLR GH PDQHUD HYLGHQWH VH LPSXVLHURQ VHQGDV FRQGHQDV SHQDOHV
OD REOLJDFLyQ GH GDU DX[LOLR D VX KLMR \ GH D ORV SDGUHV GHO PHQRU QR YXOQHUDQ QL
DXWRUL]DU H LQFOXVR D H[LJLU HO WUDWDPLHQWR
QHFHVDULR HQ UD]yQ GH VX SDGHFLPLHQWR OR
FXDO OyJLFDPHQWH LQFOXtD OD SRVLELOLGDG GH
UHDOL]DU OD WUDQVIXVLyQ GH VDQJUH DQWH HO
ULHVJRGHPXHUWHTXHWHQtDHOPHQRU
(V FODUR TXH HQ HVWD GHFLVLyQ HO 7ULEXQDO
&RQVWLWXFLRQDO (VSDxRO DO VHQWDU ODV
FRQGLFLRQHV GH DSOLFDFLyQ GH ORV YDORUHV
SRU DVRPR OD OLEHUWDG GH UHOLJLyQ GH ORV
SURJHQLWRUHV OXHJR GH VHU SRQGHUDGD HVD
DSDUHQWH PDQLIHVWDFLyQ GH OD YHUWLHQWH
H[WHUQD GH HVD OLEHUWDG IUHQWH DO YDORU YLGD
GHOQLxRIDOOHFLGRSRUODIDOWDGHOWUDWDPLHQWR
PpGLFRQHFHVDULR
(Q HVWH VHQWLGR VL SRU UD]RQHV GH MXVWLFLD
PDWHULDODQWHHOIDOOHFLPLHQWRGHOKLMRGHORV
DOXGLGRV ~QLFDPHQWH WXYR HQ FRQVLGHUDFLyQ UHFXUUHQWHV VH SUHWHQGtD H[LPLUORV GH VX
ORV SRVWXODGRV GHO VXESULQFLSLR GH REOLJDFLyQGHFXPSOLUODVHQWHQFLDSHQDOHOOR
SURSRUFLRQDOLGDGHQVHQWLGRHVWULFWRHVGHFLU QRHVPRWLYRVX¿FLHQWHFRPRSDUDSRWHQFLDU
HO MXLFLR GH SRQGHUDFLyQ SRU FXDQWR QR VH
WUDWDED HQ HO SUHVHQWH FDVR GH YDORUDU XQD
UHVWULFFLyQRXQDDFWXDFLyQSRVLWLYDRQHJDWLYD
GH ODV DXWRULGDGHV S~EOLFDV FRQ VXVWHQWR D
ORV SULQFLSLRV GH LGRQHLGDG \ GH QHFHVLGDG
VLQRPiVELHQGHSRWHQFLDUHODOFDQFHGHGRV
YDORUHVFRQWUDSXHVWRV\GHH[DPLQDUHQTXp
PHGLGDHOVDFUL¿FLRGHYDORUYLGDHLQWHJULGDG
OXHJR GH HVWDEOHFHU ODV FRQGLFLRQHV GH
DSOLFDFLyQ GH ORV DOXGLGRV PDQGDWRV GH
RSWLPL]DFLyQHOYDORUUHODWLYRDODOLEHUWDGGH
UHOLJLyQSRUVREUHODYLGDGHOPHQRUIDOOHFLGR
FRPRVHKDSURGXFLGRHQHVHFDVRDFDXVD
GH OD GHFLVLyQ DGRSWDGD SRU HO 7ULEXQDO
&RQVWLWXFLRQDO(VSDxRO
ItVLFDVHMXVWL¿FDEDDFDXVDGHODOLEHUWDGGH
FXOWRGHORVUHFXUUHQWHVHQHVHDPSDURFX\DV
FRQYLFFLRQHV UHOLJLRVDV OH LPSHGtDQ VRPHWHU
DOPHQRUDXQDWUDVIXVLyQVDQJXtQHD
'H DKt TXH DO UHFRQVWUXLU HO MXLFLR GH
SRQGHUDFLyQHIHFWXDGRSRUHO7ULEXQDO&RQV
<HVTXHHQHOFDVRSUHVHQWHVHKDRWRUJDGR
DODYHUWLHQWHH[WHUQDGHODOLEHUWDGGHUHOLJLyQ
XQ DOFDQFH FDVL DEVROXWR D FDXVD GHO MXLFLR
GH SRQGHUDFLyQ HIHFWXDGR SRU HO 7ULEXQDO
&RQVWLWXFLRQDO OR FXDO QR VH DMXVWD QL DO
WH[WR GHO SULQFLSLR HQXQFLDGR HQ HO DUWtFXOR
 GH OD &RQVWLWXFLyQ HQ TXH VH SURFODPD
 

OD OLEHUWDG GH UHOLJLyQ QL D OD PDQHUD HQ
TXH GHEH VHU LQWHUSUHWDGD HVD GLVSRVLFLyQ
GHDFXHUGRFRQHO'HUHFKR,QWHUQDFLRQDOGH
ORV'HUHFKRV+XPDQRVHQORVWpUPLQRVGHO
DUWtFXORGHOD&RQVWLWXFLyQ(VSDxRODGH
 (Q WRGR FDVR HQ OD MXVWLFLD RUGLQDULD
VH SUHYpQ PHFDQLVPRV SDUWLFXODUHV SDUD
FXPSOLUGHWHUPLQDGDVFRQGHQDVSHQDOHVEDMR
FRQGLFLRQHV HVSHFLDOHV VL DVt OR FRQVLGHUD
SHUWLQHQWHHOMXH]SHQDOFRUUHVSRQGLHQWHGH
DFXHUGRFRQODVFLUFXQVWDQFLDVGHOFDVR
(Q WRGR FDVR GHO H[DPHQ GH ORV KHFKRV
TXHOHKDQVHUYLGRDO7ULEXQDO&RQVWLWXFLRQDO
(VSDxROSDUDDGRSWDUVXGHFLVLyQFODUDPHQWH
VHLQ¿HUHTXHVHKDFRQIHULGRHQODHVSHFLHXQ
WUDWDPLHQWRGLVFULPLQDWRULRDOPHQRUGHHGDG
FRQWUDULRDVXGLJQLGDGSHUVRQDOMXVWDPHQWH
DOKDEHUVLGRXWLOL]DGRFRQFLHQWHPHQWHFRPR
LQVWUXPHQWRSRUVXVSURJHQLWRUHVSDUDKDFHU
YDOHU VXV FRQYLFFLRQHV UHOLJLRVDV VREUH HO
(VWRV PDQGDWRV GH RSWLPL]DFLyQ WLHQGHQ
D JHQHUDU PD\RUHV GL¿FXOWDGHV HQ VX
DSOLFDFLyQTXHODVUHJODVMXUtGLFDVODVFXDOHV
FRPRVHKDLQGLFDGRVHDSR\DQHQODWpFQLFD
GH OD ³VXEVXQFLyQ´ GHWHUPLQiQGRVH VL XQ
FDVRHQFDMDRQRHQXQVXSXHVWRGHKHFKR
RELHQVLVHGHEHDSOLFDUXQDFRQVHFXHQFLD
MXUtGLFDDHVHVXSXHVWR
3HUR WDPELpQ VH KD LQWHQWDGR H[SOLFDU
DXQTXH HQ WpUPLQRV JHQHUDOHV FyPR OD
WpFQLFD GH OD SRQGHUDFLyQ ORJUD JHQHUDU
FRQGLFLRQHV GH DSOLFDFLyQ GH ORV SULQFLSLRV
R GH ORV PDQGDWRV GH RSWLPL]DFLyQ HQ TXH
VRQSURFODPDGRVORVYDORUHVIXQGDPHQWDOHV
'HDFXHUGRFRQ5REHUW$OH[\ODSRQGHUDFLyQ
GH HVWRV YDORUHV IXQGDPHQWDOHV VH ORJUD
PHGLDQWH OD DSOLFDFLyQ GHO SULQFLSLR GH
SURSRUFLRQDOLGDG FX\RV FRPSRQHQWHV WDP
ELpQKDQVLGRPHQFLRQDGRVVHDODLGRQHLGDG
RDGHFXDFLyQQHFHVLGDG\SURSRUFLRQDOLGDG
YDORUYLGDGHOQLxRDKRUDIDOOHFLGR\VREUHORV
UHLWHUDGRVFULWHULRVPpGLFRVHQHOVHQWLGRTXH
OD WUDQVIXVLyQ VDQJXtQHD HUD LQGLVSHQVDEOH
SDUD UHFREUDU VX VDOXG TXLHQ ¿QDOPHQWH
PXULy OXHJR GH XQD SURORQJDGD VLWXDFLyQ
GH VXIULPLHQWR D OD TXH IXH H[SXHVWR SRU HO
SURFHGHUGHVXVSDGUHV
9 &RQFOXVLRQHV
(Q HVWH WUDEDMR VH KDQ WRPDGR ORV YDOLRVRV
DSRUWHV UHDOL]DGRV SRU 5RQDOG 'ZRUNLQ \
5REHUW $OH[\ DFHUFD GH OD \D WUDGLFLRQDO
GLVWLQFLyQGHODVQRUPDVMXUtGLFDVHQWUHUHJODV
\ SULQFLSLRV SDUD FRLQFLGLU FRQ OD GRFWULQD
PiVFDOL¿FDGDHQHOVHQWLGRTXHORVGHUHFKRV
IXQGDPHQWDOHV PD\RULWDULDPHQWH KDQ VLGR
FRQVDJUDGRV HQ ODV FRQVWLWXFLRQDOHV EDMR
ODV IyUPXODV GH SULQFLSLRV R GH PDQGDWRV
GHRSWLPL]DFLyQ
HQ VHQWLGR HVWULFWR \ FRPR VRQ XWLOL]DGRV
SRU HO LQWpUSUHWH SDUD SUHFLVDU HO DOFDQFH
GH ORV GHUHFKRV IXQGDPHQWDOHV IUHQWH D
ODV OLPLWDFLRQHV GHFUHWDGDV SRU UD]RQHV GH
RUGHQS~EOLFRRORVGHUHFKRVGHWHUFHURV
&RQHVH¿Q\HQORTXHDWDxHFRQFUHWDPHQWHD
ODFROLVLyQGHYDORUHVMXUtGLFRVIXQGDPHQWDOHV
VH KD FRPHQWDGR OD SRQGHUDFLyQ UHDOL]DGD
SRUHO7ULEXQDO&RQVWLWXFLRQDOHQODVHQWHQFLD
 GH  GH MXQLR FRQ UHVSHFWR
D ORV YDORUHV YLGD \ OLEHUWDG GH UHOLJLyQ
(Q HVWD GHFLVLyQ HO 7ULEXQDO UHVROYLy XQ
UHFXUVR GH DPSDUR GLULJLGR FRQWUD XQDV
VHQWHQFLDV GLFWDGDV D ORV SDGUHV GH PHQRU
TXH SRU DOHJDU PRWLYRV UHOLJLRVRV VH QHJy
D UHFLELU XQD WUDQVIXVLyQ GH VDQJUH (Q
HVWDV VHQWHQFLDV VH WXYR SRU DFUHGLWDGD OD
UHVSRQVDELOLGDG SHQDO GH ORV SURJHQLWRUHV
DQWH HO GHFHVR GHO PHQRU TXLHQ VH QHJy D
UHFLELU HO WUDWDPLHQWR SRU PRWLYRV UHOLJLRVRV
 
\WDPSRFRIXHREOLJDGRSRUVXVSURJHQLWRUHV
DUHFLELUORSRUODVPLVPDVUD]RQHV
3XHVELHQDOUHVROYHUHODPSDURHO7ULEXQDO
&RQVWLWXFLRQDO (VSDxRO FRQVLGHUy TXH HQ
HVDV FRQGHQDV SHQDOHV VH YXOQHUDED OD
YHUWLHQWH H[WHUQD GH OD OLEHUWDG GH UHOLJLyQ
GH ORV UHFXUUHQWHV OR FXDO QR QRV SDUHFH
DFHUWDGRDOUHFRQVWUXLUODSRQGHUDFLyQHQWUH
ORVYDORUHVDOXGLGRV/RDQWHULRUSRUFXDQWR
HQ HVD GHFLVLyQ VH WHUPLQD SRWHQFLDQGR OD
YHUWLHQWH H[WHUQD GH OD OLEHUWDG GH UHOLJLyQ
QLQJ~QPRPHQWRVHKDYXOQHUDGRODOLEHUWDG
GHUHOLJLyQODFXDOPiVELHQGHEtDFHGHUDQWH
HOULHVJRWDQVHYHURTXHSDGHFtDHOQLxRFRQ
UHVSHFWRDODYLGD\DVXLQWHJULGDGItVLFDOR
FXDOKDVLGRVRVOD\DGRHQVXGHFLVLyQSRUHO
7ULEXQDO&RQVWLWXFLRQDO(VSDxRO6REUHWRGR
ORDQWHULRUHVSUHFLVRUHLWHUDUODSUHJXQWDTXH
VHKDEtDIRUPXODGRDO¿QDOL]DUODH[SOLFDFLyQ
VREUH ORV DOFDQFHV GHO VXESULQFLSLR GH
SURSRUFLRQDOLGDG HQ VHQWLGR HVWULFWR HQ HO
VHQWLGR¢VLODVDWLVIDFFLyQGHOYDORUUHODWLYR
DODOLEHUWDGGHUHOLJLyQHQHOFDVRFRQFUHWR
RWRUJiQGRVH XQ YDORU FDVL DEVROXWR HUD GH WDO LPSRUWDQFLD TXH MXVWL¿FDED OD
SRU VREUH OD YLGD GHO PHQRU IDOOHFLGR 'H DIHFWDFLyQ R HO VDFUL¿FLR GHO YDORU YLGD GHO
DKt TXH HQ ODV VHQWHQFLDV FRQGHQDWRULDV PHQRUGHHGDG"8QDUHVSXHVWDQHJDWLYDSRU
GHFUHWDGDV FRQWUD ORV SDGUHV GHO QLxR HQ ORH[SXHVWRVHLPSRQHHQHVWHDVXQWR