Sie sind auf Seite 1von 158











*/26$5,2'(7e50,126$1$/Ë7,&26

±

*/266$5<2)$1$/<7,&$/7(506




(GLFLyQVW(GLWLRQ 










/8,6&8$'52652'5Ë*8(=

/$85$*È0,=*5$&,$

$/(*5Ë$&$55$&23$1&25%2

&5,67,1$58,=6$0%/È6













 UHY 

 






























*ORVDULRGHWpUPLQRVDQDOtWLFRV (GLFLyQ *ORVVDU\RIDQDO\WLFDOWHUPV VWHGLWLRQ 

(GLFLyQ5HYLVLyQ


'HUHFKRV5HVHUYDGRV SRU/26$8725(6

(O GLVHxR GH OD SRUWDGD KD VLGR UHDOL]DGR SRU )UDQFLVFR 3,f(52 *$5&Ë$ 'LFKR DXWRU
DJUDGHFHD7$*;('2 ZZZWDJ[HGRFRP SRUIDFLOLWDUSDUWHGHODVKHUUDPLHQWDVXWLOL]DGDV
HQ HO GLVHxR $Vt PLVPR DJUDGHFH D *5$1$,1$ &5($7,9( &200216 
ZZZJUDQDGDWLHUUDVRxDGDHVGHVFDUJDVKWPO SRUODWLSRJUDItD*UDQDLQD)RQW

(VWH WUDEDMR SXHGH VHU GHVFDUJDGR JUDWXLWDPHQWH GHO VLWLR ZHE TXH HO *UXSR 5HJLRQDO
$QGDOX]GHOD6RFLHGDG(VSDxRODGH4XtPLFD$QDOtWLFD *5$6(4$ WLHQHHQODSiJLQDGHOD
6RFLHGDG(VSDxRODGH4XtPLFD$QDOtWLFD 6(4$ Z ZZZVHTDHVJUXSRVJUXSRVJUDVHTD
6XV FRQWHQLGRV SXHGHQ VHU FRPSDUWLGRV FRQ RWUDV SHUVRQDV ELHQ HOHFWUyQLFDPHQWH R HQ
IRUPDLPSUHVD6LQHPEDUJRQRSXHGHQVHUXWLOL]DGRFRQILQHVFRPHUFLDOHV


(GLFLyQLPSUHVD,6%1'HSyVLWR/HJDO-
(GLFLyQHOHFWUyQLFD,6%1'HSyVLWR/HJDO-


(GLWD *5$6(4$ *UXSR5HJLRQDO$QGDOX]GHOD6RFLHGDG(VSDxRODGH4XtPLFD$QDOtWLFD 





 

 












Prólogo 










/D4XtPLFD$QDOtWLFDHVXQDGLVFLSOLQDLQIRUPDWLYDFX\RVREMHWLYRVEiVLFRVVRQWDQWRPD\RUL]DQWHV
FRPR PLQRUL]DQWHV 3RU XQD SDUWH VH WUDWD GH SURGXFLU PiV FDQWLGDG  \ PHMRU FDOLGDG GH 
LQIRUPDFLyQ ELR TXtPLFD VREUH REMHWRV \ VLVWHPDV \ SRU RWUD XWLOL]DQGR FDGD YH] PHQRV
PDWHULDOHV PLQLDWXUL]DFLyQ  PHQRV WLHPSR UDSLGH] VLPSOLILFDFLyQ  PHQRV HVIXHU]RV
DXWRPDWL]DFLyQ VLPSOLILFDFLyQ  H LPSOLFDQGR PHQRV ULHVJRV SHUVRQDOHV \ PHGLRDPELHQWDOHV
PpWRGRVYHUGHVGHDQiOLVLV 

(678',$17(6

/,7(5$785$  
&,(17Ë),&$
EDVHVGHGDWRV

 

,167580(17$&,Ï1


 

62&,('$'




25'(1$'25

&212&,0,(172 ,1)250$&,Ï1

'$72635,0$5,26

),*85$  7LSRV PiV KDELWXDOHV GH FRPXQLFDFLRQHV UHFtSURFDV HQ HO iPELWR GH OD 4XtPLFD
$QDOtWLFDHQHOFRQWH[WRGHODMHUDUTXtDGDWRVLQIRUPDFLyQFRQRFLPLHQWR

/DFRPXQLFDFLyQHVSXHVHVHQFLDOHQOD&LHQFLD\7HFQRORJtD$QDOtWLFDV(VWDWUDQVPLVLyQGHEH
VHU ILDEOH \ HILFLHQWH SDUD DOFDQ]DU XQR GH VXV GRV Pi[LPRV ILQHV VDWLVIDFHU ORV UHTXLVLWRV
LQIRUPDWLYRV GHO FOLHQWH DGHPiV GH ORJUDU XQD DOWD FDOLGDG PHWUROyJLFD 7DPELpQ HV GH JUDQ


 

 


UHOHYDQFLDDOFDQ]DUORVGHQRPLQDGRVFRPSURPLVRVGHFDOLGDG´HQWUHHOORV(QOD)LJXUDDGMXQWD
VH PXHVWUDQ ODV RQFH UHODFLRQHV GH FRPXQLFDFLyQ UHFtSURFDV TXH VH SXHGHQ HVWDEOHFHU HQWUH
GLVWLQWRV FROHFWLYRV \ REMHWRV 8QD GHVFULSFLyQ GHWDOODGD GH HVWDV UHODFLRQHV HVWi IXHUD GHO
FRQWH[WRGHHVWHSUyORJRSHURVHLQWX\HQIiFLOPHQWH
'HEH UHVDOWDUVH WDPELpQ TXH SXHGHQ FRPXQLFDUVH WDQWR GDWRV SULPDULRV HM VHxDOHV
LQVWUXPHQWDOHV FRPRLQIRUPDFLyQRUHVXOWDGRVFXDOLWDWLYRV\FXDQWLWDWLYRV IUXWRGHODFRPSLODFLyQ
\WUDWDPLHQWRGHORVGDWRVSULPDULRV \FRQRFLPLHQWR IUXWRGHODFRQWH[WXDOL]DFLyQHLQWHUSUHWDFLyQ
GH OD LQIRUPDFLyQ  &RPR SXHGH YHUVH HQ OD )LJXUD OD WUDQVPLVLyQ GH OD LQIRUPDFLyQ \ HO
FRQRFLPLHQWR HVWi PiV UHODFLRQDGD FRQ ODV YtDV UHFtSURFDV GH FRPXQLFDFLyQ GH  D   GH ORV
TXtPLFRVDQDOtWLFRVHQWUHVt\ FRQORVFOLHQWHVODOLWHUDWXUD\ORVHVWXGLDQWHVHQHOFRQWH[WRGHOD
HGXFDFLyQ 3RU HO FRQWUDULR OD WUDVPLVLyQ GH ORV GDWRV SULPDULRV HV PiV FRKHUHQWH FRQ ODV
UHODFLRQHVGHOWULiQJXORTXtPLFRVDQDOtWLFRVLQVWUXPHQWDFLyQ\RUGHQDGRU
1RHVIUHFXHQWHHQWUHORVTXtPLFRVDQDOtWLFRVODUHIOH[LyQVREUHODQHFHVLGDGGHUHIRU]DU\DPSOLDU
HO EDFNJURXQG LQIRUPDWLYR GH QXHVWUD GLVFLSOLQD (OOR KD FRPSRUWDGR TXH JXtDV LQWHUQDFLRQDOHV
FRPRODGH*HVWLyQGHO&RQRFLPLHQWR\ODGH5HVSRQVDELOLGDG6RFLDOVHKD\DQDSHQDVHPSOHDGR
HQ HO FRQWH[WR GH OD 4XtPLFD $QDOtWLFD SHVH D VX LPSRUWDQFLD HVWUDWpJLFD FRPR HVWiQGDUHV
HVFULWRV
6LHVUHOHYDQWHHQFXDOTXLHUiPELWRFLHQWtILFRWHFQROyJLFRHQXQDGLVFLSOLQDLQIRUPDWLYDHOHPSOHR
GHSDODEUDVFODYH\VXVGHILQLFLRQHVTXHVHDQXQLYHUVDOPHQWHDFHSWDGDVHVXQDSLH]DFODYHGH
ODDUTXLWHFWXUDGHODFRPXQLFDFLyQHVSHFLDOPHQWHHQODVYtDVUHFtSURFDVGHDGHOD)LJXUDHQ
ODVTXHVHWUDQVPLWHWDQWRLQIRUPDFLyQFRPRFRQRFLPLHQWR0LSUHRFXSDFLyQSRUODWUDVFHQGHQFLD
GH HVWH WHPD VH KD UHIOHMDGR WDQWR HQ ODV DSUR[LPDFLRQHV MHUiUTXLFDV D OD 4XtPLFD $QDOtWLFD
SXEOLFDGDV KDFH FDVL  DxRV OD FRKHUHQFLD HQWUH ODV LQIRUPDFLRQHV GHPDQGDGDV \ JHQHUDGDV
SRUHOODERUDWRULRDVtFRPRHOJORVDULRGHWpUPLQRVGHOOLEURVREUHSULQFLSLRVGHQXHVWUDGLVFLSOLQD 
(O *ORVDULR GH 7pUPLQRV GHVDUUROODGR SRU ORV FRPSDxHURV GH OD 8QLYHUVLGDG GH *UDQDGD KD
VXSXHVWRXQHVIXHU]RFRQVLGHUDEOHWDQWRSRUVXH[KDXVWLYLGDG\ULJRUHQODVGHILQLFLRQHVGHFDGD
WpUPLQRFRPRSRULQFRUSRUDUWDQWRODYHUVLyQFDVWHOODQDFRPRODLQJOHVD1RPHFDEHGXGDGHOD
UHSHUFXVLyQGHHVWDREUDTXHHV\VHUiXQDKHUUDPLHQWDLPSUHVFLQGLEOHHQHOFRQWH[WRGHWRGDV
ODV UHODFLRQHV ELXQtYRFDV GH  D  GH OD )LJXUD \ HVSHFLDOPHQWH HQ HO iPELWR GH OD HGXFDFLyQ
UHODFLRQHV\ +DVLGRXQKRQRU\XQSODFHUDFHSWDUODLQYLWDFLyQGHHVFULELUHVWHSUyORJRTXH
QRKDUHVXOWDGRXQDFDUJDSRUODDPLVWDG\SRUTXHHOWHPDPHDSDVLRQD

&yUGREDDGH$EULOGH

0LJXHO9$/&È5&(/&$6(6
8QLYHUVLGDGGH&yUGRED



5HIHUHQFLDV
09DOFiUFHO%/HQGO7UHQGV$QDO&KHP
09DOFiUFHO%06LPRQHW7UHQGV$QDO&KHP
&:$(XURSHDQ*XLGHWR*RRG3UDFWLFHLQ.QRZOHGJH0DQDJHPHQW&(1%UXVVHOV
,62*XLGDQFHRQ6RFLDO5HVSRQVLELOLW\,62*LQHEUD
09DOFiUFHO5/XFHQD$QDO&KLP$FWD LQSUHVV 
09DOFiUFHO0'/XTXHGH&DVWUR7UHQGV$QDO&KHP
09DOFiUFHO$5tRV7UHQGV$QDO&KHP
09DOFiUFHO3ULQFLSOHVRI$QDO\WLFDO&KHPLVWU\$WH[WERRN6SULQJHU+HLGHOEHUJ




 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 












Índice











3UHVHQWDFLyQ 
/RVDXWRUHV 
¢&yPROHHUHVWHJORVDULR" 
 
 
 
ËQGLFHDOIDEpWLFRGHWpUPLQRV 




6HFFLyQ,$1È/,6,648Ë0,&2 6HFWLRQ,&+(0,&$/$1$/<6,6 
  
$OtFXRWD $OLTXRW 
$QiOLVLVGHGDWRV 'DWDDQDO\VLV 
$QiOLVLVTXtPLFR &KHPLFDODQDO\VLV 
$QiOLVLV TXtPLFR FXDOLWDWLYR 4XDOLWDWLYH FKHPLFDO DQDO\VLV 
$QiOLVLV TXtPLFR FXDQWLWDWLYR 4XDQWLWDWLYH FKHPLFDO DQDO\VLV 
$QiOLVLV TXtPLFR HVWUXFWXUDO 6WUXFWXUDO FKHPLFDO DQDO\VLV 
$QiOLVLV TXtPLFR VHPLFXDOLWDWLYR 6HPLTXDOLWDWLYH FKHPLFDO DQDO\VLV 
$QiOLVLV TXtPLFR VHPLFXDQWLWDWLYR 6HPLTXDQWLWDWLYH FKHPLFDO DQDO\VLV 
$QiOLVLVWRSRTXtPLFR 7RSRFKHPLFDODQDO\VLV 
$QDOLWR $QDO\WH 
$QDOLWRDGLFLRQDGR $GGHGDQDO\WH 

 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  


$QDOLWRQDWLYR 1DWLYHDQDO\WH,QFXUUHGDQDO\WH 
$QDOLWRSDWUyQ 6WDQGDUGDQDO\WH 
$SOLFDELOLGDG GHXQPpWRGRDQDOtWLFR  $SSOLFDELOLW\ RIDQDQDO\WLFDOPHWKRG  
$SWLWXGSDUDXVR GHXQPpWRGRDQDOtWLFR  )LWQHVVIRUSXUSRVH RIDQDQDO\WLFDO
PHWKRG  
%ODQFR %ODQN 
&DOLEUDFLyQDQDOtWLFD $QDO\WLFDOFDOLEUDWLRQ 
&DSDFLGDGGHGHWHFFLyQ &&ȕ  'HWHFWLRQFDSDELOLW\ &&ȕ  
&DUDFWHUtVWLFD &KDUDFWHULVWLF 
&DUDFWHUtVWLFDGHIXQFLRQDPLHQWR 3HUIRUPDQFHFKDUDFWHULVWLF 
&DUDFWHUL]DFLyQ &KDUDFWHULVDWLRQ 
&RPSDUDELOLGDG &RPSDUDELOLW\ 
&RQILUPDFLyQ &RQILUPDWLRQ 
&RQWDPLQDFLyQDQDOtWLFD $QDO\WLFDO &RQWDPLQDWLRQ 
&RQWDPLQDQWH &RQWDPLQDQW3ROOXWDQW 
&ULWHULRVGHIXQFLRQDPLHQWR 3HUIRUPDQFHFULWHULD 
&XDQWLILFDFLyQ 4XDQWLILFDWLRQ 
'HSXUDFLyQGHODPXHVWUD 6DPSOHFOHDQXS 
'HWHFFLyQ 'HWHFWLRQ 
'HWHUPLQDFLyQ 'HWHUPLQDWLRQ 
'LVROXFLyQ 6ROXWLRQ 
'LVROXFLyQGHHQVD\R 7HVWVROXWLRQ 
'LVROXFLyQSDWUyQ 6WDQGDUGVROXWLRQ 
'LVROXFLyQWUDWDGD 7UHDWHGVROXWLRQ 
'LVROYHQWH 6ROYHQW 
(IHFWRPDWUL] 0DWUL[HIIHFW 
(ILFLHQFLD GHXQPpWRGRFXDOLWDWLYR  (IILFLHQF\ RIDTXDOLWDWLYHPHWKRG  
(QVD\R 7HVW 
(UURUDOID Į  $OID Į HUURU 
(UURUEHWD ȕ  %HWD ȕ HUURU 
(VSHFLHTXtPLFD &KHPLFDOVSHFLH 
(VSHFLILFLGDG GHXQPpWRGRDQDOtWLFR  6SHFLILFLW\ RIDQDQDO\WLFDOPHWKRG  
(VSHFLILFLGDG GHXQPpWRGRFXDOLWDWLYR  6SHFLILFLW\ RIDTXDOLWDWLYHPHWKRG  
(VSpFLPHQ 6SHFLPHQ 
)LDELOLGDG GHXQPpWRGRDQDOtWLFR  5HOLDELOLW\ RIDQDQDO\WLFDOPHWKRG  
)XQFLyQGHFDOLEUDFLyQ &DOLEUDWLRQIXQFWLRQ 
,GHQWLILFDFLyQ ,GHQWLILFDWLRQ 
,GRQHLGDGGHOVLVWHPD DQDOtWLFR  $QDO\WLFDO 6\VWHPVXLWDELOLW\ 
,QFOXVLYLGDG GHXQPpWRGRFXDOLWDWLYR  ,QFOXVLYLW\ RIDTXDOLWDWLYHPHWKRG  
ËQGLFHGH<RXGHQ GHXQPpWRGRFXDOLWDWLYR  <RXGHQLQGH[ RIDTXDOLWDWLYHPHWKRG  
,QIRUPDFLyQDQDOtWLFD $QDO\WLFDOLQIRUPDWLRQ 
,QWHUIHUHQFLD ,QWHUIHUHQFH 

 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 


,QWHUIHUHQWH ,QWHUIHUHQW RU,QWHUIHULQJVXEVWDQFH  
,QWHUYDORGHWUDEDMR :RUNLQJUDQJH 
,QWHUYDOROLQHDO /LQHDUUDQJH 
/tPLWHGHFXDQWLILFDFLyQ GHXQPpWRGR /LPLWRITXDQWLILFDWLRQ RIDTXDQWLWDWLYH
FXDQWLWDWLYR  PHWKRG  
/tPLWHGHGHFLVLyQ /LPLWRIGHFLVLRQ 
/tPLWHGHGHWHFFLyQ /LPLWRIGHWHFWLRQ 
/tPLWHGHUHSHWLELOLGDG GHXQPpWRGR 5HSHDWDELOLW\OLPLW RIDTXDQWLWDWLYH
FXDQWLWDWLYR  PHWKRG  
/tPLWHGHUHSURGXFLELOLGDG GHXQPpWRGR 5HSURGXFLELOLW\OLPLW RIDTXDQWLWDWLYH
FXDQWLWDWLYR  PHWKRG  
/LQHDOLGDG GHXQPpWRGRDQDOtWLFR  /LQHDULW\ RIDQDQDO\WLFDOPHWKRG  
/RWHGHPDWHULDO 0DWHULDOEDWFK 
0DJQLWXGDQDOtWLFD $QDO\WLFDOTXDQWLW\ 
0DWHULDO 0DWHULDO 
0DWHULDOGHFRQWURO &RQWUROPDWHULDO 
0DWUL] 0DWUL[ 
0pWRGR DQDOtWLFR GHFULEDGR 6FUHHQLQJ DQDO\WLFDO PHWKRG 
0pWRGR DQDOtWLFR HPStULFR (PSLULFDO DQDO\WLFDO PHWKRG 
0pWRGR DQDOtWLFR QRUPDOL]DGR 6WDQGDUG DQDO\WLFDO PHWKRG 
0pWRGR DQDOtWLFR RILFLDO 5HJXODWRU\ DQDO\WLFDO PHWKRG 
0pWRGRDQDOtWLFR $QDO\WLFDOPHWKRG 
0RQLWRUL]DFLyQ 0RQLWRULQJ 
0XHVWUD 6DPSOH 
0XHVWUDFLHJD %OLQGVDPSOH 
0XHVWUDGHFRQWURO &RQWUROVDPSOH 
0XHVWUDGHHQVD\R 7HVWVDPSOH 
0XHVWUDGHODERUDWRULR /DERUDWRU\VDPSOH 
0XHVWUDGRSDGD 6SLNHGVDPSOH 
0XHVWUDHQULTXHFLGD )RUWLILHGVDPSOH 
0XHVWUDUHSOLFDGD 5HSOLFDWHVDPSOH 
0XHVWUHR 6DPSOLQJ 
1LYHOGHFRUWH GHXQPpWRGRGHFULEDGR  &XWRIIOHYHO RIDVFUHHQLQJPHWKRG  
2EMHWRDQDOtWLFR $QDO\WLFDOREMHFW 
3DUiPHWURDQDOtWLFR $QDO\WLFDOSDUDPHWHU 
3DWUyQ DQDOtWLFR H[WHUQR ([WHUQDO DQDO\WLFDO VWDQGDUG 
3DWUyQ DQDOtWLFR LQWHUQR ,QWHUQDO DQDO\WLFDO VWDQGDUG 
3DWUyQ DQDOtWLFR SULPDULR 3ULPDU\ DQDO\WLFDO VWDQGDUG 
3DWUyQ DQDOtWLFR VHFXQGDULR 6HFRQGDU\ DQDO\WLFDO VWDQGDUG 
3DWUyQ DQDOtWLFR VLPLODUDODPDWUL] 0DWUL[PDWFKHG DQDO\WLFDO VWDQGDUG 
3RUFLyQGHHQVD\R 7HVWSRUWLRQ 
3UDFWLFDELOLGDG GHXQPpWRGRDQDOtWLFR  3UDFWLFDELOLW\ RIDQDQDO\WLFDOPHWKRG  


 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  


3UHFLVLyQGH+RUWZLW] +RUWZLW]SUHFLVLRQ 
3UHFLVLyQLQWHUPHGLD ,QWHUPHGLDWHSUHFLVLRQ 
3UHSDUDFLyQGHODPXHVWUD 6DPSOHSUHSDUDWLRQ 
3UREOHPDDQDOtWLFR $QDO\WLFDOSUREOHP 
3URFHGLPLHQWRDQDOtWLFR $QDO\WLFDOSURFHGXUH 
3URFHVRDQDOtWLFR $QDO\WLFDOSURFHVV 
3URFHVRTXtPLFRGHPHGLGD &KHPLFDOPHDVXUHPHQWSURFHVV 
3URSLHGDGFXDOLWDWLYD 1RPLQDOSURSHUW\ 
3URWRFROR DQDOtWLFR  $QDO\WLFDO 3URWRFRO 
4XtPLFDDQDOtWLFD $QDO\WLFDOFKHPLVWU\ 
5HDFFLyQDQDOtWLFD $QDO\WLFDOUHDFWLRQ 
5HDFWLYRDQDOtWLFR $QDO\WLFDOUHDJHQW 
)DFWRUGH 5HFXSHUDFLyQ 5HFRYHU\ IDFWRU  
5HFXSHUDFLyQDSDUHQWH $SSDUHQWUHFRYHU\ 
5HODFLyQGHIDOVRVQHJDWLYRV GHXQPpWRGR )DOVHQHJDWLYHUDWH RIDTXDOLWDWLYH
FXDOLWDWLYR  PHWKRG  
5HODFLyQGHIDOVRVSRVLWLYRV GHXQPpWRGR )DOVHSRVLWLYHUDWH RIDTXDOLWDWLYH
FXDOLWDWLYR  PHWKRG  
5HODFLyQGH+RUZLW] +255$7  +RUZLW]UDWLR +255$7  
5HODFLRQDELOLGDG 7UDFNDELOLW\ 
5HSHWLELOLGDG 5HSHDWDELOLW\ 
5HSUHVHQWDWLYLGDG 5HSUHVHQWDWLYHQHVV 
5HSURGXFLELOLGDG 5HSURGXFLELOLW\ 
5REXVWH] 5REXVWQHVV 
6HOHFWLYLGDG GHXQPpWRGRDQDOtWLFR  6HOHFWLYLW\ RIDQDQDO\WLFDOPHWKRG  
6HQVLELOLGDG GHXQPpWRGRFXDOLWDWLYR  6HQVLWLYLW\ RIDTXDOLWDWLYHPHWKRG  
6HQVLELOLGDG GHXQPpWRGRFXDQWLWDWLYR  6HQVLWLYLW\ RIDTXDQWLWDWLYHPHWKRG  
6HxDODQDOtWLFD $QDO\WLFDOVLJQDO 
6LVWHPDDQDOtWLFR $QDO\WLFDOV\VWHP 
6ROLGH] 5XJJHGQHVV 
6ROXWR 6ROXWH 
6XEURJDGR 6XUURJDWH 
6XVWDQFLD 6XEVWDQFH 
7pFQLFDDQDOtWLFD $QDO\WLFDOWHFKQLTXH 
7UDQVIHULELOLGDG 7UDQVIHUDELOLW\ 
7UDWDPLHQWRGHGDWRV 'DWDWUHDWPHQW 
7UDWDPLHQWRGHODPXHVWUD 6DPSOHWUHDWPHQW 
7DQGDDQDOtWLFD $QDO\WLFDOEDWFK 
7UD]D 7UDFH 
9DOLGDFLyQDQDOtWLFD $QDO\WLFDOYDOLGDWLRQ 




 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 


6HFFLyQ,,0(752/2*Ë$$1$/Ë7,&$ 6HFWLRQ,,$1$/<7,&$/0(752/2*<
  
$MXVWH GHXQVLVWHPDGHPHGLGD  $GMXVWPHQW RIDPHDVXUHPHQWV\VWHP  
$SDUDWR $SSDUDWXV 
$SWLWXGSDUDXVR GHXQVLVWHPDGHPHGLGD  )LWQHVVIRUSXUSRVH RIDPHDVXULQJ
V\VWHP  
%DODQFHGHLQFHUWLGXPEUH 8QFHUWDLQW\EXGJHW 
&DGHQDGHPHGLGD 0HDVXULQJFKDLQ 
&DGHQDGHWUD]DELOLGDG PHWUROyJLFD  0HWURORJLFDO 7UDFHDELOLW\FKDLQ 
&DOLEUDFLyQ PHWUROyJLFD  0HWURORJLFDO &DOLEUDWLRQ 
&DOLEUDFLyQGLUHFWD 'LUHFWFDOLEUDWLRQ 
&DOLEUDFLyQLQGLUHFWD ,QGLUHFWFDOLEUDWLRQ 
&DOLILFDFLyQ 4XDOLILFDWLRQ 
&DOLILFDFLyQGHHTXLSRV (TXLSPHQWTXDOLILFDWLRQ 
&DOLILFDFLyQGHODLQVWDODFLyQ ,QVWDOODWLRQTXDOLILFDWLRQ ,4  
&DOLILFDFLyQGHOGHVHPSHxR 3HUIRUPDQFHTXDOLILFDWLRQ 34  
&DOLILFDFLyQGHOGLVHxR 'HVLJQTXDOLILFDWLRQ '4  
&DOLILFDFLyQGHOIXQFLRQDPLHQWR 2SHUDWLRQDOTXDOLILFDWLRQ 24  
&DUDFWHUtVWLFDPHWUROyJLFD 0HWURORJLFDOFKDUDFWHULVWLF 
&ODVHGHH[DFWLWXG $FFXUDF\FODVV 
&RPSDUDELOLGDG GHUHVXOWDGRVGHPHGLGD  &RPSDUDELOLW\ RIPHDVXUHPHQWUHVXOWV  
&RPSDWLELOLGDG GHUHVXOWDGRVGHPHGLGD  &RPSDWLELOLW\ RIPHDVXUHPHQWUHVXOWV  
&RPSHQVDFLyQ &RPSHQVDWLRQ 
&RQGLFLRQHVRSHUDWLYDV 2SHUDWLQJFRQGLWLRQ 
&RQILUPDFLyQPHWUROyJLFD 0HWURORJLFDOFRQILUPDWLRQ 
&RQPXWDELOLGDG GHXQPDWHULDOGHUHIHUHQFLD  &RPPXWDELOLW\ RIDUHIHUHQFHPDWHULDO  
&RUUHFFLyQ &RUUHFWLRQ 
&RUUHFFLyQ SDUiPHWUR  &RUUHFWLRQ SDUDPHWHU  
'DWR 'DWXP 
'HULYDLQVWUXPHQWDO ,QVWUXPHQWDOGULIW 
'HWHFWRU 'HWHFWRU 
'LDJUDPDGHFDOLEUDFLyQ &DOLEUDWLRQGLDJUDP 
'LVFULPLQDFLyQ 'LVFULPLQDWLRQ 
'LVSRVLWLYR 'HYLFH 
(TXLSRGHPHGLGD 0HDVXULQJHTXLSPHQW 
(UURUDFFLGHQWDO GHPHGLGD  *URVV PHDVXUHPHQW HUURU 
(UURUDOHDWRULR GHPHGLGD  5DQGRP PHDVXUHPHQW HUURU 
(UURUGHPHGLGD 0HDVXUHPHQWHUURU 
(UURUPi[LPRSHUPLWLGR GHXQDPHGLGD  0D[LPXPSHUPLVVLEOH PHDVXUHPHQW HUURU 
(UURUVLVWHPiWLFR GHPHGLGD  6\VWHPDWLF PHDVXUHPHQW HUURU 
(VSHFLILFDFLyQ 6SHFLILFDWLRQ 
(VSHFLILFDFLyQIXQFLRQDO )XQFWLRQDOVSHFLILFDWLRQ 

 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  


(VSHFLILFDFLyQRSHUDWLYD 2SHUDWLRQDOVSHFLILFDWLRQ 
(VWDELOLGDG GHXQVLVWHPDGHPHGLGD  6WDELOLW\ RIDPHDVXULQJV\VWHP  
(VWtPXOR 6WLPXOXV 
(YDOXDFLyQ7LSR$GHODLQFHUWLGXPEUH GH 7\SH$HYDOXDWLRQRI PHDVXUHPHQW 
PHGLGD  XQFHUWDLQW\ 
(YDOXDFLyQ7LSR%GHODLQFHUWLGXPEUH GH 7\SH%HYDOXDWLRQRI PHDVXUHPHQW
PHGLGD  XQFHUWDLQW\  
([DFWLWXG GHPHGLGD  0HDVXUHPHQW $FFXUDF\ 
)DFWRUGHFDOLEUDFLyQ &DOLEUDWLRQIDFWRU 
)DFWRUGHFREHUWXUD &RYHUDJHIDFWRU 
)DFWRUGHFRUUHFFLyQ &RUUHFWLRQIDFWRU 
)LDELOLGDG GHXQVLVWHPDGHPHGLGD  5HOLDELOLW\ RIDPHDVXULQJV\VWHP  
)XQFLyQGHFDOLEUDFLyQ &DOLEUDWLRQIXQFWLRQ 
)XQFLyQGHFRUUHFFLyQ &RUUHFWLRQIXQFWLRQ 
)XQFLyQGHPHGLGD 0HDVXUHPHQWIXQFWLRQ 
*HQHUDGRUGHUHVSXHVWDV 5HVSRQVHJHQHUDWRU 
*HVWLyQPHWUROyJLFD 0HWURORJLFDOPDQDJHPHQW 
+LVWpUHVLV +\VWHUHVLV 
,QFHUWLGXPEUHGHPHGLGD 0HDVXUHPHQWXQFHUWDLQW\ 
,QFHUWLGXPEUHGHELGDDODGHILQLFLyQ 'HILQLWLRQDOXQFHUWDLQW\ 
,QFHUWLGXPEUHHVWiQGDU GHPHGLGD  6WDQGDUG PHDVXUHPHQW XQFHUWDLQW\ 
,QFHUWLGXPEUHHVWiQGDUFRPELQDGD GH &RPELQHGVWDQGDUG PHDVXUHPHQW 
PHGLGD  XQFHUWDLQW\ 
,QFHUWLGXPEUHHVWiQGDUUHODWLYD GHPHGLGD  5HODWLYHVWDQGDUG PHDVXUHPHQW 
XQFHUWDLQW\ 
,QFHUWLGXPEUHH[SDQGLGD GHPHGLGD  ([SDQGHG PHDVXUHPHQW XQFHUWDLQW\ 
,QFHUWLGXPEUHLQVWUXPHQWDO ,QVWUXPHQWDO PHDVXUHPHQW XQFHUWDLQW\ 
,QFHUWLGXPEUHREMHWLYR 7DUJHW PHDVXUHPHQW XQFHUWDLQW\ 
,QGLFDFLyQ ,QGLFDWLRQ 
,QVWUXPHQWDFLyQ ,QVWUXPHQWDWLRQ 
,QVWUXPHQWRGHPHGLGD 0HDVXULQJLQVWUXPHQW 
,QWHUYDORGHFREHUWXUD &RYHUDJHLQWHUYDO 
,QWHUYDORGHPHGLGD 0HDVXULQJLQWHUYDO 
-HUDUTXtDGHFDOLEUDFLyQ &DOLEUDWLRQKLHUDUFK\ 
/tPLWHGHGHWHFFLyQ GHXQVLVWHPDGH /LPLWRIGHWHFWLRQ RIDPHDVXULQJV\VWHP 
PHGLGD  
/LQHDOLGDG /LQHDULW\ 
0DJQLWXG 4XDQWLW\ 
0DJQLWXGGHHQWUDGD ,QSXWTXDQWLW\ 
0DJQLWXGGHLQIOXHQFLD ,QIOXHQFHTXDQWLW\ 
0DJQLWXGGHVDOLGD 2XWSXWTXDQWLW\ 
0DQWHQLPLHQWR 0DLQWHQDQFH 
0DWHULDOGHUHIHUHQFLD 5HIHUHQFHPDWHULDO 50  

 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 


0DWHULDOGHUHIHUHQFLDFHUWLILFDGR &HUWLILHGUHIHUHQFHPDWHULDO &50  
0HGLGD RPHGLFLyQ  0HDVXUHPHQW 
0HGLGDPDWHULDOL]DGD 0DWHULDOPHDVXUH 
0HQVXUDQGR 0HDVXUDQG 
0pWRGRGHPHGLGD 0HDVXUHPHQWPHWKRG 
0HWURORJtD 0HWURORJ\ 
0yGXOR 0RGXOH 
2UGHQGHXQLQVWUXPHQWR ,QVWUXPHQWRUGHU 
3DUiPHWURLQVWUXPHQWDO ,QVWUXPHQWSDUDPHWHU 
3DWUyQGHPHGLGD 0HDVXUHPHQWVWDQGDUG 
3DWUyQGHPHGLGDGHUHIHUHQFLD 5HIHUHQFHPHDVXUHPHQWVWDQGDUG 
3ODQGHFDOLEUDFLyQ &DOLEUDWLRQSODQ 
3UHFLVLyQ GHPHGLGD  0HDVXUHPHQW 3UHFLVLRQ 
3ULQFLSLRGHPHGLGD 0HDVXUHPHQWSULQFLSOH 
3UREDELOLGDGGHFREHUWXUD &RYHUDJHSUREDELOLW\ 
3URFHGLPLHQWR GHPHGLGD  0HDVXUHPHQW 3URFHGXUH 
5DQJRGLQiPLFR '\QDPLFUDQJH 
5DQJRGLQiPLFROLQHDO /LQHDUG\QDPLFUDQJH 
5pJLPHQHVWDFLRQDULR GHXQVLVWHPDGH 6WHDG\VWDWHRSHUDWLQJ RIDPHDVXULQJ
PHGLGD  V\VWHP  
5HODFLyQVHxDOUXLGR 6LJQDOWRQRLVHUDWLR 61  
5HVROXFLyQ GHXQVLVWHPDGHPHGLGD  5HVROXWLRQ RIDPHDVXULQJV\VWHP  
5HVSXHVWD 5HVSRQVH 
5HVXOWDGR GHXQDPHGLGD  5HVXOW RIDPHDVXUHPHQW  
5XLGR 1RLVH 
6HOHFWLYLGDG GHXQVLVWHPDGHPHGLGD  6HOHFWLYLW\ RIDPHDVXULQJV\VWHP  
6HQVLELOLGDG GHXQVLVWHPDGHPHGLGD  6HQVLWLYLW\ RIDPHDVXULQJV\VWHP  
6HQVRU 6HQVRU 
6HxDOGHIRQGR %DFNJURXQGVLJQDO 
6HxDOGHOtQHDEDVH %DVHOLQHVLJQDO 
6HxDOGHOEODQFR %ODQNVLJQDO 
6HxDOLQVWUXPHQWDO ,QVWUXPHQWDOVLJQDO 
6HVJRLQVWUXPHQWDO ,QVWUXPHQWDOELDV 
6LVWHPDGHJHVWLyQGHODVPHGLFLRQHV 0HDVXUHPHQWPDQDJHPHQWV\VWHP 
6LVWHPDGHPHGLGD 0HDVXULQJV\VWHP 
7LHPSRGHUHVSXHVWD 5HVSRQVHWLPH 
7ROHUDQFLD GHXQDPDJQLWXG  7ROHUDQFH RIDTXDQWLW\  
7UDQVGXFWRU 7UDQVGXFHU 
7UD]DELOLGDGPHWUROyJLFD 0HWURORJLFDOWUDFHDELOLW\ 
8PEUDOGHGLVFULPLQDFLyQ 'LVFULPLQDWLRQWKUHVKROG 
9DOLGDFLyQ 9DOLGDWLRQ 
9DORUGHUHIHUHQFLD GHXQDPDJQLWXG  5HIHUHQFH TXDQWLW\ YDOXH 

 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  


9DORUPHGLGR GHXQDPDJQLWXG  0HDVXUHG TXDQWLW\ YDOXH 
9DORUQRPLQDO GHXQDPDJQLWXG  1RPLQDO TXDQWLW\ YDOXH 
9DORUYHUGDGHUR GHXQDPDJQLWXG  7UXH TXDQWLW\ YDOXH 
9HUDFLGDG GHPHGLGD  0HDVXUHPHQW 7UXHQHVV 
9HULILFDFLyQ 9HULILFDWLRQ 
9HULILFDFLyQPHWUROyJLFD 0HWURORJLFDOYHULILFDWLRQ 
=RQDPXHUWD 'HDGEDQG 



ËQGLFHGHUHIHUHQFLDV 
(VSDxRO 
(QJOLVK 




 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 












Presentación










(Q HVWD SULPHUD HGLFLyQ GHO *ORVDULR GH 7pUPLQRV $QDOtWLFRV VH UH~QHQ XQ FRQMXQWR GH 
WpUPLQRVTXHFRQVWLWX\HQHOYRFDEXODULREiVLFRTXHORVTXtPLFRVDQDOtWLFRVXWLOL]DQDFWXDOPHQWHHQ
UHODFLyQFRQGRVFDPSRVWHPiWLFRVHODQiOLVLVTXtPLFR WpUPLQRV \ODPHWURORJtDDSOLFDGDD
ORV DQiOLVLV TXtPLFRV  WpUPLQRV   (Q QXHVWUD RSLQLyQ HVWH JORVDULR YLHQH D FXEULU XQD
VLJQLILFDWLYDODJXQDHQODELEOLRJUDItDDFWXDOVREUH4XtPLFD$QDOtWLFD(OPXQGRKR\HQGtDHVWi
GRPLQDGRSRUODVIDFLOLGDGHVGHODLQIRUPDFLyQ\ODFRPXQLFDFLyQ\ORVHVWXGLDQWHV\SURIHVLRQDOHV
HQFXHQWUDQXQH[FHVRGHGLFKDLQIRUPDFLyQTXHFRPRHVOyJLFRDYHFHVSXHGHQRVHUFRKHUHQWH
HQWUH Vt \ TXH QL PXFKR PHQRV HVWi DUPRQL]DGD HQ UHODFLyQ FRQ OD WHUPLQRORJtD XWLOL]DGD  (OOR
FRQOOHYDXQDGLVSHUVLyQHQHOYRFDEXODULR\ORVFRQFHSWRVTXHSRGUtDFRQGXFLUDXQVtQGURPHGH
%DEHO1XHVWUDFRQWULEXFLyQLQWHQWDSDOLDUHVWHHIHFWRDGYHUVR\SRUHOORHVWiIXQGDPHQWDOPHQWH
GLULJLGDDORVHVWXGLDQWHV\IRUPDGRUHVHQHOiPELWRGHOD4XtPLFD$QDOtWLFD
3RU HVWH PRWLYR \ SDUD DVHJXUDU HO DFFHVR D OD HGLFLyQ HOHFWUyQLFD GH *ORVDULR GH 7pUPLQRV
$QDOtWLFRVpVWHVHSXHGHGHVFDUJDUOLEUHPHQWHGHOVLWLRZHETXHHO*UXSR5HJLRQDO$QGDOX]GHOD
6RFLHGDG(VSDxRODGH4XtPLFD$QDOtWLFD *5$6(4$ WLHQHHQODSiJLQDGHOD6RFLHGDG(VSDxROD
GH4XtPLFD$QDOtWLFD 6(4$ Z ZZZVHTDHVJUXSRVJUXSRVJUDVHTD
/DLGHDSULPLJHQLDQDFLyHQHODxRFRPRFRPSOHPHQWRGHOD([SHULPHQWDFLyQHQ4XtPLFD
$QDOtWLFD,,DVLJQDWXUDWURQFDOLQFOXLGDHQHODQWHULRU3ODQGH(VWXGLRVGH/LFHQFLDGRHQ4XtPLFD
GH OD 8QLYHUVLGDG GH *UDQDGD \ FX\RV UHVSRQVDEOHV HUDQ HQ DTXHOOD pSRFD OD SURIHVRUD 0
&DUPHQ 9DOHQFLD \ /XLV &XDGURV XQR GH ORV DXWRUHV GH HVWH JORVDULR  &RQ REMHWR GH TXH ORV
HVWXGLDQWHVXQLILFDUDQODQRPHQFODWXUDDGTXLULGDGXUDQWHVXIRUPDFLyQHQODVGLVWLQWDVDVLJQDWXUDV
GHOD4XtPLFD$QDOtWLFDDPERVSURIHVRUHVUHXQLHURQXQYRFDEXODULRHVHQFLDOGHWpUPLQRVFRQVXV
GHILQLFLRQHV PiV REYLDV  6REUH OD EDVH GH HVWH SULPHU GRFXPHQWR D ILQDOHV GHO DxR  VH
FRQVWLWX\yXQJUXSRGHWUDEDMRHQHO'HSDUWDPHQWRGH4XtPLFD$QDOtWLFDGHQXHVWUD8QLYHUVLGDG
TXHIXHFRQIRUPDGRSRUORVDXWRUHVGHOJORVDULRTXHDFWXDOPHQWHVHSUHVHQWD
'HVGH HO SULPHU PRPHQWR WXYLPRV FODUR TXH GDGR HO FDUiFWHU PXOWLGLVFLSOLQDU GH OD 4XtPLFD
$QDOtWLFD H[LVWHQ GLYHUVRV FDPSRV FLHQWtILFRWpFQLFRV TXH QHFHVDULDPHQWH WUDQVILHUHQ VXV
WpUPLQRV DO GRPLQLR GH OD 4XtPLFD $QDOtWLFD  -XQWR D HOORV KD\ TXH FRQVLGHUDU DTXHOORV RWURV
WpUPLQRVTXHOHVRQSURSLRV\TXHPDUFDQVXLGHQWLGDG3RUHOORXQDGHODVSULPHUDVWDUHDVTXH
DFRPHWLPRV IXH OD FRQFUHFLyQ GH ORV FDPSRV WHPiWLFRV HQ ORV TXH tEDPRV D WUDEDMDU \D TXH OD
HPSUHVDGHHODERUDUXQD~QLFDUHFRSLODFLyQGHWpUPLQRVVHQRVKDFtDLQDERUGDEOH,QLFLDOPHQWH
GHFLGLPRV WUDEDMDU VREUH ORV WpUPLQRV UHODFLRQDGRV FRQ GRV GH HOORV HVSHFtILFDPHQWH VREUH

 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  


DQiOLVLV TXtPLFR \ PHWURORJtD DQDOtWLFD \D TXH FRQVLGHUDPRV TXH HQ HOORV VH DJOXWLQDEDQ OD
PD\RUtDGHORVFRQFHSWRVIXQGDPHQWDOHVFDUDFWHUtVWLFRVGHOD4XtPLFD$QDOtWLFD
(O VLJXLHQWH SDVR IXH GHFLGLU VREUH ODV UHIHUHQFLDV GRFXPHQWDOHV TXH tEDPRV D XWLOL]DU
&RQVLGHUDPRV TXH GHEtDPRV HYLWDU HQ OR SRVLEOH DTXHOODV GHILQLFLRQHV GH tQGROH VXEMHWLYD TXH
SRGUtDQHQFRQWUDUVHHQDUWtFXORV GHDXWRU R LQFOXVR HQ OLEURVHVSHFLDOL]DGRVDXQTXH HQ FLHUWRV
FDVRV KD\DQ SRGLGR VHU XWLOL]DGDV  6LQ HPEDUJR \ VLHPSUH TXH IXHUD SRVLEOH QXHVWUDV IXHQWHV
SULPDULDV VHUtDQODV QRUPDVHODERUDGDVSRURUJDQLVPRV GHQRUPDOL]DFLyQ DFUHGLWDGRV  $(125
,62 ,(& $670  \ ORV GRFXPHQWRV WpFQLFRV HPLWLGRV SRU RUJDQL]DFLRQHV UHFRQRFLGDV HQ HO
iPELWRGHODTXtPLFDHQJHQHUDO ,83$& RHVSHFtILFDPHQWHGHODTXtPLFDDQDOtWLFD (85$&+(0
/*&  \ OD PHWURORJtD %,30 &(1$0   7DPELpQ KHPRV XWLOL]DGR GRFXPHQWRV GH DOJXQRV
RUJDQLVPRV RILFLDOHV HQWUH FX\DV FRPSHWHQFLDV VH HQFXHQWUD HO FRQWURO DQDOtWLFR &RPLVLyQ
(XURSHD&RGH[$OLPHQWDULXV)'$(3$812'& 
3DUDHVWDSULPHUDVHOHFFLyQFRQWDPRVFRQXQDSRGHURVDKHUUDPLHQWDFRPRKDVLGRHOGRFXPHQWR
WLWXODGR ,QYHQWRU\ RI 'HILQLWLRQV LQ $QDO\WLFDO &KHPLVWU\ HGLWDGR HQ  SRU OD 'LYLVLyQ GH
4XtPLFD $QDOtWLFD GH OD DQWHULRUPHQWH GHQRPLQDGD )(&6 GHVGH  LQWHJUDGD HQ (X&KH06 
(QHVWHGRFXPHQWRVHKDFHXQDYDOLRVDUHFRSLODFLyQGHUHIHUHQFLDVGRFXPHQWDOHVTXHFRQWLHQHQ
GHILQLFLRQHVGHWpUPLQRVUHODFLRQDGRVFRQOD4XtPLFD$QDOtWLFD
(V REYLR TXH OD PD\RUtD GH ODV UHIHUHQFLDV GRFXPHQWDOHV HVWiQ UHGDFWDGDV HQ OHQJXD LQJOHVD \
VRQ SRFRV ORV FDVRV HQ ORV TXH HQFRQWUDPRV WUDGXFFLRQHV RILFLDOL]DGDV DO HVSDxRO  (OOR QRV
OOHYyDWRPDUGRVGHFLVLRQHVODSULPHUDUHTXHUtDHODERUDUXQJORVDULRELOLQJHHVSDxROLQJOpV\OD
VHJXQGD LPSOLFDED EXVFDU ODV FRUUHVSRQGLHQWHV GHILQLFLRQHV HQ DPERV LGLRPDV &XDQGR VyOR
GLVSRQtDPRV GH OD GHILQLFLyQ HQ XQR GH ORV LGLRPDV KLFLPRV OD FRUUHVSRQGLHQWH WUDGXFFLyQ (Q
DOJXQRV FDVRV KHPRV LQWURGXFLGR SHTXHxRV FDPELRV R PRGLILFDFLRQHV HQ OD GHILQLFLyQ RULJLQDO
IXQGDPHQWDOPHQWHFRQHOiQLPRGHDGDSWDUODDOUHVWRGHORVWpUPLQRV\DVtPDQWHQHUODFRKHUHQFLD
WHUPLQROyJLFD HQ HO JORVDULR 3RU ~OWLPR QRV KHPRV DWUHYLGR WDPELpQ D SURSRQHU GHILQLFLRQHV GH
DTXHOORVWpUPLQRVSDUDORVTXHQRORJUDPRVHQFRQWUDUDOJXQDTXHQRVSDUHFLHUDVXILFLHQWHPHQWH
YiOLGD R DFHSWDEOH  /RV DVSHFWRV FRQFUHWRV FRQFHUQLHQWHV D FDGD WpUPLQR FRQVWDQ HQ OD ILFKD
FRUUHVSRQGLHQWH3DUDPD\RUFODULGDGYHUHODSDUWDGRGH&yPROHHUHVWHJORVDULRTXHDSDUHFH
HQSiJLQDVSRVWHULRUHV
(O JORVDULR QDFH FRQ XQD YRFDFLyQ GLQiPLFD TXH QRV OOHYDUi D LU HGLWDQGR HOHFWUyQLFDPHQWH
UHYLVLRQHVVXFHVLYDVFXDQGRVHLQWURGX]FDQPRGLILFDFLRQHVRLQVHUFLRQHVVREUHHOGRFXPHQWRTXH
DKRUD VH SUHVHQWD 3DUD HOOR TXHUHPRV FRQWDU FRQ OD FRODERUDFLyQ GH ORV XVXDULRV D ORV TXH
VROLFLWDPRVTXHQRVKDJDQOOHJDUVXVVXJHUHQFLDVGHPHMRUDTXHSURPHWHPRVHVWXGLDU\WHQHUHQ
FXHQWDVLHPSUHTXHLPSOLTXHQXQDPHMRUDGHOGRFXPHQWR(VSHUDPRVDGHPiV\HQHOORHVWDPRV
TXHHVWDHGLFLyQVHDHOSULPHUSHOGDxRSDUDXQDREUDPiVDPSOLD\DPELFLRVDTXHUH~QDWRGRVORV
WpUPLQRVGHLQWHUpVDQDOtWLFR\TXHGDUiOXJDUDSRVWHULRUHVHGLFLRQHVDPSOLDGDV
4XHUHPRVGHVWDFDUODFRODERUDFLyQTXHKHPRVHQFRQWUDGRHQODDFWXDO-XQWD&RRUGLQDGRUDGHOD
*5$6(4$HVSHFLDOPHQWHHQVXVDFWXDOHV3UHVLGHQWH\7HVRUHURORVSURIHVRUHV$QWRQLR0ROLQD\
-XDQ )UDQFLVFR *DUFtD 5H\HV GH OD 8QLYHUVLGDG GH -DpQ SRU ODV IDFLOLGDGHV GDGDV SDUD OD
SXEOLFDFLyQ\GLIXVLyQGHHVWDHGLFLyQ
)LQDOPHQWH TXHUHPRV H[SUHVDU QXHVWUR HVSHFLDO \ FDULxRVR DJUDGHFLPLHQWR DO 3URIHVRU 0LJXHO
9DOFiUFHO&DWHGUiWLFRGH4XtPLFD$QDOtWLFDGHOD8QLYHUVLGDGGH&yUGREDSRUHOJUDQKRQRU\HO
SUHVWLJLR TXH FRQOOHYD HO TXH KD\D DFHSWDGR UHGDFWDU HO SUyORJR GH HVWD SULPHUD HGLFLyQ GHO
*ORVDULRGH7pUPLQRV$QDOtWLFRV

/XLV&8$'52652'5Ë*8(=
/DXUD*È0,=*5$&,$
$OHJUtD&$55$6&23$1&25%2
&ULVWLQD58,=6$0%/$6


 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 




/XLV &8$'526 52'5Ë*8(= OFXDGURV#XJUHV  HV &DWHGUiWLFR GH


8QLYHUVLGDG HQ HO 'HSDUWDPHQWR GH 4XtPLFD $QDOtWLFD GH OD 8QLYHUVLGDG GH
*UDQDGD6HLQFRUSRUyDGLFKRGHSDUWDPHQWRGHVSXpVGHHMHUFHUGXUDQWH
DxRV FRPR GRFHQWH GH EDFKLOOHUDWR GH )tVLFD \ 4XtPLFD $ OR ODUJR GH VX
WUD\HFWRULD SURIHVLRQDO VLHPSUH KD HVWDGR LQWHUHVDGR HQ ORV FRQFHSWRV TXH
IXQGDPHQWDQ OD 4XtPLFD $QDOtWLFD HVSHFLDOPHQWH DTXHOORV GHULYDGRV GH OD
0HWURORJtD\&XDOLPHWUtD(QVXDPSOLRFXUULFXOXPILJXUDQQXPHURVRVDUWtFXORV
GHULYDGRVGHHVWHLQWHUpVTXHGHVDUUROODQDVSHFWRVWDOHVFRPRFDUDFWHUtVWLFDV
 GH IXQFLRQDPLHQWR FDOLEUDFLyQ \ FXDQWLILFDFLyQ PDWHULDOHV GH UHIHUHQFLD
YDOLGDFLyQUREXVWH]HLQFHUWLGXPEUH'HVGHKDFHXQRVDxRVOLGHUDXQHTXLSR
GHWUDEDMRGHQRPLQDGR8QLGDGGH&XDOLPHWUtD\0HWURORJtD4XtPLFD &04 
TXH UHDOL]D DFWLYLGDGHV GH DVHVRUDPLHQWR \ IRUPDFLyQ D SURIHVLRQDOHV
UHODFLRQDGDVFRQHOiPELWRGHORVODERUDWRULRVGHDQiOLVLVTXtPLFR

/DXUD *È0,= *5$&,$ OJDPL]#XJUHV  HV 3URIHVRUD 7LWXODU HQ HO


'HSDUWDPHQWRGH4XtPLFD$QDOtWLFDGHOD8QLYHUVLGDGGH*UDQDGD5HDOL]yVX
7HVLV 'RFWRUDO HQ OD 8QLYHUVLGDG GH &yUGRED DxR   LQFRUSRUiQGRVH
GHILQLWLYDPHQWH DO 'HSDUWDPHQWR GH 4XtPLFD $QDOtWLFD GH OD 8QLYHUVLGDG GH
*UDQDGD FRQ XQ FRQWUDWR GH UHLQFRUSRUDFLyQ GH GRFWRUHV SDUD FRQVHJXLU
SRVWHULRUPHQWH XQ FRQWUDWR 5DPyQ \ &DMDO $FWXDOPHQWH VX ODERU
LQYHVWLJDGRUD HVWi FHQWUDGD HQ HO GHVDUUROOR GH QXHYDV PHWRGRORJtDV
DQDOtWLFDVSDUDODGHWHUPLQDFLyQGHPLFRWR[LQDV\UHVLGXRVGHFRQWDPLQDQWHV
 DQWLELyWLFRV \ SODJXLFLGDV  HQ DOLPHQWRV HPSOHDQGR WpFQLFDV GH VHSDUDFLyQ
PLQLDWXUL]DGDV HOHFWURIRUHVLV FDSLODU \ +3/& FDSLODU  \ GH XOWUDUHVROXFLyQ
8+3/& \WUDWDPLHQWRVGHPXHVWUDDOWHUQDWLYRV$ORODUJRGHVXWUD\HFWRULD
KDSXEOLFDGRPiVGHDUWtFXORVGHLQYHVWLJDFLyQ

$OHJUtD&$55$6&23$1&25%2 DOHJULDF#XJUHV HV3URIHVRUD7LWXODUHQ


HO 'HSDUWDPHQWR GH 4XtPLFD $QDOtWLFD GH OD 8QLYHUVLGDG GH *UDQDGD 6H
OLFHQFLy HQ 4XtPLFD SRU OD 8QLYHUVLGDG GH *UDQDGD HQ  \ GHIHQGLy VX
WHVLV GRFWRUDO D ILQDOHV GH  FHQWUDGD HQ OD FDUDFWHUL]DFLyQ GH ORV
FRPSXHVWRV IHQyOLFRV SUHVHQWHV HQ HO DFHLWH GH ROLYD 'XUDQWH HO SHUtRGR
SUHGRFWRUDO UHDOL]y HVWDQFLDV GH LQYHVWLJDFLyQ HQ OD 8QLYHUVLGDG GH %RORQLD
,WDOLD  \ HQ OD HPSUHVD %UXNHU 'DOWRQLN %UHPHQ $OHPDQLD  7UDV HOOR
GHVDUUROOyVXDFWLYLGDGSRVGRFWRUDOHQWUHHQHO&HQWUR0pGLFRGHOD
 8QLYHUVLGDGGH/HLGHQ /HLGHQ+RODQGD OOHYDQGRDFDERDSOLFDFLRQHVHQHO
FDPSR GH OD PHWDEROyPLFD &HQWUD VX ODERU LQYHVWLJDGRUD HQ HO GHVDUUROOR \
HYDOXDFLyQGHSODWDIRUPDVDQDOtWLFDVSDUDFDUDFWHUL]DUHOPHWDERORPDWDQWRGH
IUXWDVWURSLFDOHV\RWURVDOLPHQWRVFRPRGHIOXLGRVELROyJLFRV

&ULVWLQD 58,= 6$0%/È6 FUVDPEODV#XJUHV  HV ,QYHVWLJDGRUD &RQWUDWDGD


HQ HO 'HSDUWDPHQWR GH 4XtPLFD $QDOtWLFD GH OD 8QLYHUVLGDG GH *UDQDGD
2EWXYR VX JUDGR HQ ,QJHQLHUtD 4XtPLFD HQ  HQ GLFKD 8QLYHUVLGDG
UHDOL]DQGRHOSUR\HFWRILQGHFDUUHUDHQ8QLYHUVLW\&ROOHJHRI/RQGRQ(Q
GHIHQGLy VX WHVLV GRFWRUDO LQWHUQDFLRQDO FHQWUDGD HQ OD DXWHQWLILFDFLyQ GH
DFHLWHVYHJHWDOHVPHGLDQWHHOHPSOHRGH*&06REWHQLHQGRXQDFDOLILFDFLyQ
GH $SWR &XP /DXGH 'XUDQWH HO SHUtRGR SUHGRFWRUDO UHDOL]y HVWDQFLDV GH
 LQYHVWLJDFLyQ HQ HO 5,.,/7,QVWLWXWHRI )RRG 6DIHW\ :DJHQLQJHQ +RODQGD  \
HQOD8QLYHUVLGDGGH5RPD/D6DSLHQ]D ,WDOLD (VFRDXWRUDGHGLIHUHQWHV
DUWtFXORV GH LQYHVWLJDFLyQ \ QXPHURVDV FRPXQLFDFLRQHV D FRQJUHVRV GRQGH
GHVFULEH DSOLFDFLRQHV GH OD FURPDWRJUDItD HVSHFWURPHWUtD GH PDVDV \
TXLPLRPHWUtDHQHOiPELWRGHODDXWHQWLILFDFLyQGHORVDOLPHQWRV


 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



¢&yPROHHUHVWH*/26$5,2"

/D LQIRUPDFLyQ FRUUHVSRQGLHQWH D FDGD WpUPLQR HVWi LQFOXLGD HQ XQD ILFKD TXH LQFRUSRUD FLQFR
FDPSRV  HOQRPEUHGHOWpUPLQRFRUUHVSRQGLHQWH  ODGHILQLFLyQ  ODIXHQWHGRFXPHQWDOR
HQ VX FDVR XQD GHFODUDFLyQ GH TXH OD GHILQLFLyQ HV WUDGXFLGD DGDSWDGD R SURSXHVWD SRU ORV
DXWRUHV  RWURVWpUPLQRVUHODFLRQDGRVTXHHVWiQFRQWHPSODGRVHQHOJORVDULR\  XQDVHULHGH
REVHUYDFLRQHV TXH FRQWLHQHQ DFODUDFLRQHV \ D YHFHV HMHPSORV H[SOLFDWLYRV UHODFLRQDGRV FRQ HO
WpUPLQRHQFXHVWLyQ/RVtWHPV\DSDUHFHQWDPELpQHQLQJOpV
(Q HO VLJXLHQWH HVTXHPD \ WRPDQGR HO WpUPLQR GH 48Ë0,&$ $1$/Ë7,&$ FRPR UHIHUHQFLD VH
LQGLFDODSRVLFLyQGHFDGDXQRGHORVFDPSRVDQWHVGHVFULWRV

48Ë0,&$$1$/Ë7,&$ $1$/<7,&$/&+(0,675<
&LHQFLD PHWUROyJLFD TXH GHVDUUROOD RSWLPL]D \ $ PHWURORJLFDO VFLHQFH WKDW GHYHORSV RSWLPLVHV
DSOLFD SURFHVRV TXtPLFRV GH PHGLGD DQG DSSOLHV FKHPLFDO PHDVXUHPHQW SURFHVVHV
HQFDPLQDGRV D REWHQHU LQIRUPDFLyQ TXtPLFD LQWHQGHG WR DFKLHYH TXDOLW\ DQDO\WLFDO FKHPLFDO
DQDOtWLFD GH FDOLGDG GH VLVWHPDV PDWHULDOHV SDUD LQIRUPDWLRQ RI PDWHULDO V\VWHPV LQ RUGHU WR VROYH
UHVROYHU SUREOHPDV DQDOtWLFRV DQDO\WLFDO SUREOHPV

$GDSWDGDGH*ORVDULRGHWpUPLQRVHQ0 $GDSWHGIURP*ORVVDU\RIWHUPVLQ0
9DOFiUFHO3ULQFLSLRVGHTXtPLFDDQDOtWLFD 9DOFiUFHO3ULQFLSOHVRIDQDO\WLFDOFKHPLVWU\D
 6SULQJHU WH[WERRN  6SULQJHU

0HWURORJtDTXtPLFD3UREOHPDDQDOtWLFR &KHPLFDOPHWURORJ\$QDO\WLFDOSUREOHP
,QIRUPDFLyQDQDOtWLFD3URFHVRTXtPLFRGH $QDO\WLFDOLQIRUPDWLRQ&KHPLFDOPHDVXUHPHQW
PHGLGD$QiOLVLVTXtPLFR SURFHVV&KHPLFDODQDO\VLV

2%6(59$&,21(6
ƒ /R TXH FDUDFWHUL]D D OD 4XtPLFD $QDOtWLFD HV TXH REWLHQH LQIRUPDFLyQ VREUH FDUDFWHUtVWLFDV
TXtPLFDV DXQTXH SDUD HOOR XWLOLFH HVWUDWHJLDV \ WHFQRORJtD GH FXDOTXLHU iPELWR GH OD FLHQFLD
ƒ (Q OD DFWXDOLGDG H[LVWH XQD WHQGHQFLD GH JHQHUDOL]DU HO WpUPLQR GH 4XtPLFD $QDOtWLFD \ VXVWLWXLUOR
SRU &LHQFLDV $QDOtWLFDV (VWD FDPELR UHFRQRFH OD PXOWLGLVFLSOLQDULHGDG GH OD 4XtPLFD $QDOtWLFD
DFWXDO

7e50,127(50

'HILQLFLyQ'HILQLWLRQ

)XHQWHGRFXPHQWDO'RFXPHQWDOVRXUFH

2WURVWpUPLQRVUHODFLRQDGRV2WKHUUHODWHGWHUPV

2EVHUYDFLRQHV HQ HVSDxRO TXH FRQWLHQHQ DFODUDFLRQHV \ HMHPSORV


UHODFLRQDGRV FRQ HO WpUPLQR GHILQLGR 3XHGHQ LQFRUSRUDU QXHYRV WpUPLQRV
TXH DSDUHFHUiQ PDUFDGRV HQ QHJULWD



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 













Sección I:  Section I:
ANÁLISIS QUÍMICO CHEMICAL ANALYSIS














$/Ë&827$  $/,4827
&DQWLGDG FRQRFLGD GH XQ PDWHULDO  $NQRZQDPRXQWRIDKRPRJHQHRXVPDWHULDO
KRPRJpQHR TXH KD VLGR WRPDGD GH XQ WRGR DVVXPHGWREHWDNHQZLWKQHJOLJLEOHVDPSOLQJ
FRQXQHUURUGHPXHVWUHRGHVSUHFLDEOH HUURU
$'0F1DXJKW$:LONLQVRQ&RPSHQGLRGH  &RPSHQGLXPRIFKHPLFDOWHUPLQRORJ\±*ROG
WHUPLQRORJtDTXtPLFD  6tQWHVLV %RRN:HEHGYHU  ,83$&
6XEPXHVWUD(VSpFLPHQ  6XEVDPSOH6SHFLPHQ

2%6(59$&,21(6
ƒ (O WpUPLQR VH UHILHUH XVXDOPHQWH D GLVROXFLRQHV SHUR QR HV H[FOXVLYR GH PXHVWUDV HQ HVWD
IDVH



 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



$1È/,6,6'('$726  '$7$$1$/<6,6
&RPSDUDFLyQ GH OD DGHFXDFLyQ GH ORV GDWRV  7KH FRPSDULVRQ RI WKH DGHTXDF\ RI WKH GDWD
FRQ XQ PRGHOR FRQFHSWXDO SH XQ PRGHOR ZLWKDFRQFHSWXDOPRGHO HJDOLQHDUPRGHO 
OLQHDO  TXH SXHGH LQFOXLU HO FiOFXOR GH DQG PD\ LQFOXGH FRPSXWDWLRQ RI VXPPDU\
SDUiPHWURV HVWDGtVWLFRV HUURUHV GH PHGLGD VWDWLVWLFV VWDQGDUG HUURUV FRQILGHQFH
LQWHUYDORV GH FRQILDQ]D WHVW GH KLSyWHVLV \ LQWHUYDOVWHVWV RI K\SRWKHVHVDQGJRRGQHVV
HYDOXDFLyQ GH OD ERQGDG GH XQ DMXVWH \ HO RIILW WHVWV DQG WKH GHVLJQ RI SORWV JUDSKLFV
GLVHxRGHJUiILFRVHLOXVWUDFLRQHV DQGDUWZRUNV
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP*ORVVDU\RITXDOLW\DVVXUDQFH
WHUPVDQGUHODWHGDFURQ\PV  86(3$
'DWR7UDWDPLHQWRGHGDWRV  'DWXP'DWDWUHDWPHQW

2%6(59$&,21(6
ƒ /RV GDWRV D DQDOL]DU GHEHQ GH FRQVWLWXLU XQ FRQMXQWR GH YDORUHV GDWD VHW  REWHQLGRV HQ
VLPLODUHVFRQGLFLRQHV
ƒ +D\TXHGLIHUHQFLDUHVWHWpUPLQRGHODPHUDLQVSHFFLyQRUHYLVLyQGHORVGDWRVTXHHVXQD
HWDSDSUHYLD







$1È/,6,648Ë0,&2  &+(0,&$/$1$/<6,6
$GTXLVLFLyQ GH LQIRUPDFLyQ VREUH OD  $FTXLVLWLRQRILQIRUPDWLRQDERXW WKHFKHPLFDO
FRPSRVLFLyQ R OD HVWUXFWXUD TXtPLFD GH XQ FRPSRVLWLRQRUVWUXFWXUHRIDPDWHULDOV\VWHP
VLVWHPD PDWHULDO PHGLDQWH OD DSOLFDFLyQ GH E\DQDQDO\WLFDOSURFHVV
XQSURFHVRDQDOtWLFR
$GDSWDGDGH*ORVDULRGHWpUPLQRVHQ0  $GDSWHGIURP*ORVVDU\RIWHUPVLQ0
9DOFiUFHO3ULQFLSLRVGHTXtPLFDDQDOtWLFD 9DOFiUFHO3ULQFLSOHVRIDQDO\WLFDOFKHPLVWU\D
 6SULQJHU WH[WERRN  6SULQJHU
(QVD\RTXtPLFR3URFHVRDQDOtWLFR  &KHPLFDODVVD\&KHPLFDOWHVW$QDO\WLFDO
SURFHVV

2%6(59$&,21(6
ƒ /DLQIRUPDFLyQTXtPLFDREWHQLGDHQXQDQiOLVLVTXtPLFRSXHGHHVWDUUHIHULGDDODFDQWLGDG R
FRQWHQLGR GH XQ GHWHUPLQDGR FRPSRQHQWH DQDOLWR  RDOYDORU GH XQDPDJQLWXGUHODFLRQDGD
SDUiPHWURDQDOtWLFR 
ƒ (O DQiOLVLV TXtPLFR HV XQ WpUPLQR TXH VH GHEH DSOLFDU D PDWHULDOHV PDWULFHV  PXHVWUDV X
REMHWRVSHURQRDDQDOLWRVRPDJQLWXGHVSHHVFRUUHFWRGHFLUDQiOLVLVGHDJXDVSHURQR
DQiOLVLV GH IRVIDWRV R GHO S+ GHO DJXD VLHQGR OR DGHFXDGR HQ HVRV FDVRV GHFLU
GHWHUPLQDFLyQGHIRVIDWRVRGHOS+GHODJXD
ƒ (ODQiOLVLVTXtPLFRFRPSUHQGHWRGDVODVRSHUDFLRQHVGHOSURFHVRDQDOtWLFRUHDOL]DGDVVREUH
PXHVWUDV UHDFWLYRV \ SDWURQHV LQFOX\HQGR HO WUDWDPLHQWR GH OD PXHVWUD HQ VX FDVR  \ OD
SRVWHULRUPHGLGD



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



$1È/,6,6 TXtPLFR &8$/,7$7,92  48$/,7$7,9( FKHPLFDO $1$/<6,6
$QiOLVLV HQ HO TXH XQ VLVWHPD PDWHULDO VH  $QDO\VLV LQ ZKLFK D PDWHULDO V\VWHP LV
FDOLILFD HQ EDVH D XQD HYLGHQFLD TXDOLILHG DFFRUGLQJ WR H[SHULPHQWDO HYLGHQFH
H[SHULPHQWDO UHODFLRQDGD FRQ VX UHODWHG WR LWV FKHPLFDO FRPSRVLWLRQ RU
FRPSRVLFLyQRHVWUXFWXUDTXtPLFD VWUXFWXUH
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP(85$&+(0&,7$&*XLGH
 7KHH[SUHVVLRQRIXQFHUWDLQW\LQ
TXDOLWDWLYHWHVWLQJ 'UDIW
/*&9$0 
&RQILUPDFLyQ&ULEDGR,GHQWLILFDFLyQ  &RQILUPDWLRQ6FUHHQLQJ,GHQWLILFDWLRQ
0pWRGRFXDOLWDWLYR GHDQiOLVLV  4XDOLWDWLYH DQDO\WLFDO PHWKRG4XDOLWDWLYH
FKHPLFDO WHVWLQJ

2%6(59$&,21(6
ƒ (O REMHWLYR GH XQ DQiOLVLV FXDOLWDWLYR HV FODVLILFDU PXHVWUDV R PDWHULDOHV FRQ UHVSHFWR D XQ
GHWHUPLQDGR FULWHULR TXH HVWi UHODFLRQDGR FRQ LQIRUPDFLyQ VREUH VX FRPSRVLFLyQ \R
HVWUXFWXUD
ƒ /DFODVLILFDFLyQVHUHDOL]DHQEDVHDXQDHYLGHQFLDH[SHULPHQWDOTXHSXHGHVHUGHFDUiFWHU
VHQVRULDOREDVDGDHQODPHGLGDLQVWUXPHQWDOGHXQDPDJQLWXGGHQDWXUDOH]DItVLFDTXtPLFD
RELROyJLFD
ƒ /D UHVSXHVWDDQDOtWLFDTXHFDUDFWHUL]DDODHYLGHQFLDH[SHULPHQWDOHVGH QDWXUDOH]D ELQDULD
6t1R
ƒ (ODQiOLVLVFXDOLWDWLYRHVWiJHQHUDOPHQWHDVRFLDGRDODUHVROXFLyQGHSUREOHPDVWDOHVFRPR
L  SUHVHQFLDDXVHQFLD GH XQ GHWHUPLQDGR FRPSRQHQWH LL  FRPSDUDFLyQ GHO YDORU GH XQD
PDJQLWXG DQDOtWLFD FRQ XQ YDORU OtPLWH R XPEUDO H LLL  LGHQWLILFDFLyQ HQ EDVH D XQD
GHWHUPLQDGDHVWUXFWXUDTXtPLFD






$1È/,6,6 TXtPLFR &8$17,7$7,92  48$17,7$7,9( FKHPLFDO $1$/<6,6
$QiOLVLV TXH SHUPLWH REWHQHU OD FDQWLGDG R  $QDO\VHVLQZKLFKWKHDPRXQW RUFRQWHQW RI
FRQWHQLGR  GH XQ DQDOLWR R HO QLYHO GH XQ DQ DQDO\WH RU WKH OHYHO RI DQ DQDO\WLFDO
SDUiPHWURDQDOtWLFRH[SUHViQGRORVFRPRXQ SDUDPHWHU PD\ EH REWDLQHG DQG H[SUHVVHG
YDORUQXPpULFRFRQODVXQLGDGHVDGHFXDGDV DV D QXPHULFDO YDOXH ZLWK WKH DSSURSULDWH
XQLWV
$GDSWDGRGH$'0F1DXJKW$:LONLQVRQ  $GDSWHGIURP&RPSHQGLXPRIFKHPLFDO
&RPSHQGLRGHWHUPLQRORJtDDQDOtWLFD   WHUPLQRORJ\±*ROG%RRN:HEHGYHU
6tQWHVLV  ,83$&
$QiOLVLVFXDOLWDWLYR&XDQWLILFDFLyQ  4XDOLWDWLYHDQDO\VLV4XDQWLILFDWLRQ

2%6(59$&,21(6
ƒ 8QDQiOLVLVFXDQWLWDWLYRUHTXLHUHVLHPSUHXQDQiOLVLVFXDOLWDWLYRSUHYLRSDUDODLGHQWLILFDFLyQ\
FRQILUPDFLyQGHORVDQDOLWRVRSDUiPHWURVDQDOtWLFRV
ƒ 8QDQiOLVLVTXtPLFRFXDQWLWDWLYRHVXQSURFHVRPHWUROyJLFR\DTXHVXREMHWLYRHVUHDOL]DUOD
PHGLGDGHXQDPDJQLWXG


 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



$1È/,6,6 TXtPLFR (6758&785$/  6758&785$/ FKHPLFDO $1$/<6,6
$QiOLVLVHQHOTXHVHHVWDEOHFHODHVWUXFWXUD  $QDO\VLVWRHVWDEOLVKWKHFKHPLFDOVWUXFWXUHRI
TXtPLFD GH XQD VXVWDQFLD R XQ PDWHULDO \R D VXEVWDQFH RU PDWHULDO DQGRU WKH
OD GLVSRVLFLyQ JHRPpWULFD GH VXV HQWLGDGHV JHRPHWULFDO DUUDQJHPHQW RI LWV FKHPLFDO
TXtPLFDV HQWLWLHV
$GDSWDGDGH*ORVDULRGHWpUPLQRVHQ0  $GDSWHGIURP*ORVVDU\RIWHUPVLQ0
9DOFiUFHO3ULQFLSLRVGHTXtPLFDDQDOtWLFD 9DOFiUFHO3ULQFLSOHVRIDQDO\WLFDOFKHPLVWU\D
 6SULQJHU WH[WERRN  6SULQJHU
$QiOLVLVWRSRTXtPLFR  7RSRFKHPLFDODQDO\VLV

2%6(59$&,21(6
ƒ (ODQiOLVLVHVWUXFWXUDOVXPLQLVWUDLQIRUPDFLyQIXQGDPHQWDOPHQWHVREUHHOWLSR\QDWXUDOH]DGH
ORV HQODFHV TXtPLFRV LQWUD H LQWHUPROHFXODUHV \ OD HVWUXFWXUD FULVWDOLQD HQ VX FDVR  GH ORV
PDWHULDOHV
ƒ 7DPELpQ SRGUtD FRQVLGHUDUVH GHQWUR GHO iPELWR GHO DQiOLVLV HVWUXFWXUDO OD REWHQFLyQ GH
LQIRUPDFLyQ VREUH OD SUHVHQFLD GH GHWHUPLQDGRV iWRPRV R JUXSRV TXtPLFRV FRQ IXQFLRQHV
HVSHFtILFDV SH GRSDQWHV HQ XQ FULVWDO JUXSRV IXQFLRQDOHV HQ XQ SROtPHUR JUXSRV
ELRDFWLYRVHQXQDSURWHtQDHWF 
ƒ (VPiVIUHFXHQWHHQFRQWUDUHOWpUPLQRGHFDUDFWHUL]DFLyQHVWUXFWXUDO










$1È/,6,6 TXtPLFR 6(0,  6(0,48$/,7$7,9( FKHPLFDO 
&8$/,7$7,92 $1$/<6,6
$QiOLVLVHQHOTXHVHHVWDEOHFHODSUHVHQFLD  $QDO\VLVLQZKLFKWKHSUHVHQFHRUDEVHQFHRI
R DXVHQFLD GH XQR R PiV PLHPEURV GH XQD RQHRUPRUHPHPEHUVRIDFODVVRUJURXSRI
FODVH R JUXSR GH VXVWDQFLDV FRPSXHVWRV VXEVWDQFHV FRPSRXQGV HWF DOO RI ZKLFK
HWF TXH SURGXFHQ OD PLVPD R VLPLODU  SURGXFLQJWKHVDPHRUVLPLODUUHVSRQVHIURP
UHVSXHVWD GHO VLVWHPD GH WKH GHWHFWLRQPHDVXUHPHQW V\VWHP  LV
GHWHFFLyQPHGLFLyQ HVWDEOLVKHG
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP*ORVVDU\RITXDOLW\DVVXUDQFH
WHUPVDQGUHODWHGDFURQ\PV  86(3$
$QiOLVLVFXDOLWDWLYR  4XDOLWDWLYHDQDO\VLV

2%6(59$&,21(6
ƒ 8QDQiOLVLVVHPLFXDOLWDWLYRSHUPLWHGHWHFWDUDOPHQRVXQJUXSRGHFRPSXHVWRVVLPLODUHVVLQ
OOHJDUDLGHQWLILFDUOR



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



$1È/,6,6 TXtPLFR 6(0,  6(0,48$17,7$7,9( FKHPLFDO 
&8$17,7$7,92 $1$/<6,6
$QiOLVLV TXH SHUPLWH GHWHUPLQDU GH IRUPD  $QDO\VHV LQ ZKLFK DQ DSSUR[LPDWLRQ RI WKH
DSUR[LPDGD OD FDQWLGDG R FRQWHQLGR  GH XQ DPRXQW RUFRQWHQW RIDQDQDO\WHRUWKHOHYHO
DQDOLWRRHOQLYHOGHXQSDUiPHWURDQDOtWLFR RIDQDQDO\WLFDOSDUDPHWHUPD\EHREWDLQHG
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP(3ULFKDUG$QDO\WLFDO
PHDVXUHPHQWWHUPLQRORJ\  /*&
56&
$QiOLVLVFXDQWLWDWLYR0pWRGRGHFULEDGR  4XDQWLWDWLYHDQDO\VLV6FUHHQLQJPHWKRG

2%6(59$&,21(6
ƒ 8QDQiOLVLVVHPLFXDQWLWDWLYRSHUPLWHREWHQHUHVWLPDFLRQHVFRQSRFDVFLIUDVVLJQLILFDWLYDV
ƒ /RV PpWRGRV GH DQiOLVLV TXtPLFR VHPLFXDQWLWDWLYR VH XWLOL]DQ IUHFXHQWHPHQWH SDUD GLVSRQHU
GH XQ YDORU LQLFLDO \ SXHGHQ KDFHU HO SDSHO GH XQ PpWRGR DQDOtWLFR GH FULEDGR SH ORV
PpWRGRVEDVDGRVHQ(/,6$









$1È/,6,6723248Ë0,&2  7232&+(0,&$/$1$/<6,6
$QiOLVLV HQ HO TXH VH HVWDEOHFH OD  $QDO\VLV WR HVWDEOLVK WKH TXDOLWDWLYH DQGRU
GLVWULEXFLyQ HVSDFLDO FXDOLWDWLYD \R TXDQWLWDWLYH VSDWLDO GLVWULEXWLRQ RI WKH
FXDQWLWDWLYD GH ORV FRQVWLWX\HQWHV GH XQD FRQVWLWXHQWV RI D VDPSOH RU DQ DQDO\WLFDO
PXHVWUDXREMHWRDQDOtWLFR REMHFW
3URSXHVWDSRUORVDXWRUHV  3URSRVHGE\WKHDXWKRUV
$QiOLVLVHVWUXFWXUDO  6WUXFWXUDODQDO\VLV

2%6(59$&,21(6
ƒ (OWpUPLQRWRSRTXtPLFRGHULYDGHOYRFDEORJULHJRWRSRVTXHVLJQLILFDOXJDU
ƒ (MHPSORGHDQiOLVLVWRSRTXtPLFRVHUtDHO HVWXGLRGHGLVWULEXFLyQGHXQFRQWDPLQDQWHHQXQD
]RQDGHODDWPyVIHUDRHQXQDPDVDDFXiWLFDRODGLVWULEXFLyQGHXQDPHQDPLQHUDOHQXQ
WHUUHQR
ƒ 5HFLHQWHPHQWHHODQiOLVLVWRSRTXtPLFRKDDGTXLULGRXQJUDQLQWHUpVHQODFDUDFWHUL]DFLyQGH
VLVWHPDVELROyJLFRVSRUHMHPSORODWRSRTXtPLFDGHODSDUHGFHOXODU




 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



$1$/,72  $1$/<7(
&RPSRQHQWH GH XQ VLVWHPD PDWHULDO \ ORV  7KH FRPSRQHQW RI D PDWHULDO V\VWHP DQG
GHULYDGRV TXH SXGLHUDQ SURGXFLUVH TXH GHULYDWLYHV HPHUJLQJ WR EH GHWHFWHG
SUHWHQGH VHU GHWHFWDGR LGHQWLILFDGR R LGHQWLILHGDQGRUTXDQWLILHGXVLQJDPHWKRGRI
FXDQWLILFDGR PHGLDQWH OD DSOLFDFLyQ GH XQ FKHPLFDODQDO\VLV
PpWRGRGHDQiOLVLVTXtPLFR
$GDSWDGDGH'HFLVLyQ&(GHOD  $GDSWHGIURP&RPPLVVLRQ'HFLVLRQ
&RPLVLyQSRUODTXHVHDSOLFDOD'LUHFWLYD (&LPSOHPHQWLQJ&RXQFLO'LUHFWLYH
&(GHO&RQVHMRHQFXDQWRDO (&FRQFHUQLQJWKHSHUIRUPDQFHRI
IXQFLRQDPLHQWRGHORVPpWRGRVDQDOtWLFRV\ DQDO\WLFDOPHWKRGVDQGWKHLQWHUSUHWDWLRQRI
ODLQWHUSUHWDFLyQGHORVUHVXOWDGRV UHVXOWV
$QDOLWRDGLFLRQDGR$QDOLWRQDWLYR$QDOLWR  $GGHGDQDO\WH1DWLYHDQDO\WH6WDQGDUG
SDWUyQ6XEURJDGR DQDO\WH6XUURJDWH

2%6(59$&,21(6
ƒ (O WpUPLQR DQDOLWR KDFH VLHPSUH PHQFLyQ D XQ FRPSRQHQWH PDWHULDO TXH IRUPD SDUWH GH OD
FRPSRVLFLyQ GH OD PXHVWUD HOHPHQWR FRPSXHVWR HVSHFLH LyQ UDGLFDO«  SHUR QR D XQD
SURSLHGDGRPDJQLWXG
ƒ (VKDELWXDOHQFRQWUDUGHILQLFLRQHVHQODVTXHVHUHILHUHQDDQDOLWRFRPRXQDVXVWDQFLDSHUR
HVWRQRHVFRUUHFWR\DTXHHODQDOLWRSXHGHVHUXQDSDUWHGH ODVXVWDQFLDSHXQLyQRXQ
UDGLFDO
ƒ $QDOLWR QR GHEH XWLOL]DUVH MXQWR FRQ HO YHUER DQDOL]DU \D TXH VH DQDOL]DQ ODV PXHVWUDV R
PDWHULDOHVPLHQWUDVTXHORVDQDOLWRVVHLGHQWLILFDQ\VXFDQWLGDG RFRQWHQLGR VHFXDQWLILFD
(VWH HV XQ HUURU FRP~Q TXH DSDUHFH LQFOXVR HQ OD GHILQLFLyQ TXH D~Q PDQWLHQH OD ,83$&
,83$&*ROG%RRN 7KHFRPSRQHQWRIDV\VWHPWREHDQDO\VHG
ƒ /DH[SUHVLyQ\ORVGHULYDGRVTXHSXGLHUDQSURGXFLUVHVHUHILHUHDORVSURGXFWRVGHULYDGRV
GHO DQDOLWR TXH SXHGHQ IRUPDUVH PHGLDQWH SURFHVRV GH GHULYDWL]DFLyQ GXUDQWH OD
SUHSDUDFLyQ GH OD PXHVWUD $GHPiV HQ FLHUWRV FDVRV VH SXHGHQ FRQWHPSODU WDPELpQ ORV
PHWDEROLWRV \ SURGXFWRV GH GHJUDGDFLyQ QDWXUDO TXH DFRPSDxDQ DO DQDOLWR RULJLQDO HQ OD
PXHVWUDRPDWHULDO






$1$/,72$',&,21$'2  $''('$1$/,7(
6XVWDQFLD TXH KD VLGR DxDGLGD DO VLVWHPD  6XEVWDQFH ZKLFK KDV EHHQ DGGHG WR WKH
PDWHULDOEDMRHVWXGLRFRQHOILQGHHYDOXDUOD PDWHULDO V\VWHP XQGHU VWXG\ IRU TXDOLW\
FDOLGDG GH XQ PpWRGR R SURFHVR DQDOtWLFRR DVVHVVPHQW RU LQFXUUHG DQDO\WH TXDQWLWDWLRQ
SDUDFXDQWLILFDUHODQDOLWRQDWLYR SXUSRVHV
3URSXHVWDSRUORVDXWRUHV  3URSRVHGE\WKHDXWKRUV
$QDOLWRQDWLYR$QDOLWRSDWUyQ6XEURJDGR  1DWLYHDQDO\WH6WDQGDUGDQDO\WH6XUURJDWH

2%6(59$&,21(6
ƒ (VWHWpUPLQRLQFOXLUtDDORVDQDOLWRVHPSOHDGRVFRPRSDWUyQLQWHUQRHQHOFDVRGHTXHVHOOHYH
DFDERXQFDOLEUDGRHQSUHVHQFLDGHPDWUL]



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



$1$/,721$7,92  1$7,9($1$/<7(,1&855('
$1$/<7(
$QDOLWR TXH HVWi SUHVHQWH HQ HO VLVWHPD  $QDO\WHLQFRUSRUDWHGLQWRWKHWHVWPDWHULDOE\
PDWHULDOVRPHWLGRDHVWXGLR\FX\DSUHVHQFLD QDWXUDO SURFHVVHV DQG PDQXIDFWXULQJ
VH GHEH D SURFHVRV QDWXUDOHV R SURFHGXUHV
SURFHGLPLHQWRVGHPDQXIDFWXUDFLyQ
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  ,83$&7HFKQLFDO5HSRUW  +DUPRQLVHG
JXLGHOLQHVIRUWKHXVHRIUHFRYHU\LQIRUPDWLRQ
LQDQDO\WLFDOPHDVXUHPHQW
$QDOLWRDGLFLRQDGR$QDOLWRSDWUyQ  $GGHGDQDO\WH6WDQGDUGDQDO\WH

2%6(59$&,21(6
ƒ (VWH WpUPLQR QRV SHUPLWH GLIHUHQFLDU OD IUDFFLyQ GH XQ DQDOLWR SUHVHQWH HQ OD PXHVWUD
VRPHWLGDDHVWXGLRGHPDQHUDQDWXUDO SURSLRGHGLFKDPXHVWUD \ODIUDFFLyQGHOPLVPRTXH
KDVLGRDGLFLRQDGDGXUDQWHHOSURFHGLPLHQWRDQDOtWLFR











$1$/,723$75Ï1  67$1'$5'$1$/<7(
6XVWDQFLD ELHQ FDUDFWHUL]DGD \ GH OD PD\RU  :HOOGHILQHG VXEVWDQFH LQ LWV KLJKHVW
SXUH]D GLVSRQLEOH TXH VH HPSOHD FRPR DYDLODEOH SXULW\ WR EH XVHG DV D UHIHUHQFH LQ
UHIHUHQFLDHQHODQiOLVLV WKHDQDO\VLV
7UDGXFLGDSRUORVDXWRUHV  *ORVVDU\RIWHUPVIRUTXDOLW\DVVXUDQFHDQG
JRRGODERUDWRU\SUDFWLFHVQGHG  
8QLWHG1DWLRQV2IILFHRQ'UXJVDQG&ULPH
812'& 
'LVROXFLyQSDWUyQ3DWUyQSULPDULR3DWUyQ  6WDQGDUGVROXWLRQ3ULPDU\VWDQGDUG
VHFXQGDULR 6HFRQGDU\VWDQGDUG

2%6(59$&,21(6
ƒ (O FRQFHSWR GH DQDOLWR SDWUyQ VH UHILHUH D XQD VXVWDQFLD HQ HVWDGR SXUR HQ HVWDGR VyOLGR
OtTXLGRRJDVTXHHVHODQDOLWRRORFRQWLHQHIRUPDQGRXQFRPSXHVWRTXtPLFRSHXQDQDOLWR
SDWUyQSDUDXQDGHWHUPLQDFLyQGH)H ,, SRGUtDHVWDUFRQVWLWXLGRSRU)HPHWiOLFRRSRUVDOGH
0RKU +1 )H 62 
ƒ /DGLVROXFLyQFX\RVROXWRHVHODQDOLWRSDWUyQFRQVWLWX\HXQDGLVROXFLyQSDWUyQ



 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



$3/,&$%,/,'$' GHXQPpWRGR  $33/,&$%,/,7< RIDQDQDO\WLFDO
DQDOtWLFR  PHWKRG 
,QIRUPDFLyQ VREUH ORV DQDOLWRV PDWULFHV \  ,QIRUPDWLRQ DERXW WKH DQDO\WHV PDWUL[ HV 
FRQFHQWUDFLRQHV D ODV TXH HO PpWRGR SXHGH DQG FRQFHQWUDWLRQV WR ZKLFK WKH PHWKRG FDQ
VHUDSOLFDGRDVtFRPRODDSOLFDFLyQSUHYLVWD EH DSSOLHG DV ZHOO DV WKH LQWHQGHG
\VXVUHTXLVLWRVGHLQFHUWLGXPEUH DSSOLFDWLRQDQGLWVXQFHUWDLQW\UHTXLUHPHQWV
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP,83$&7HFKQLFDO5HSRUW
 +DUPRQL]HGJXLGHOLQHVIRUVLQJOH
ODERUDWRU\YDOLGDWLRQRIPHWKRGVRIDQDO\VLV
,QWHUYDORGHWUDEDMR  :RUNLQJUDQJH

2%6(59$&,21(6
ƒ 8QDGHFODUDFLyQGHDSOLFDELOLGDGGHEHVXPLQLVWUDULQIRUPDFLyQVREUHHOiPELWRGHDSOLFDFLyQ
GHOPpWRGRHLQFOXLUXQDOLVWDGHORVSURGXFWRVSDUDORVTXHHVDSOLFDEOH
ƒ 7DPELpQ GHEH LQFOXLU LQIRUPDFLyQ VREUH SRVLEOHV LQWHUIHUHQWHV R LQFOXVR VREUH DTXHOODV
PDWULFHVSDUDODVTXHHOPpWRGRQRSRGUtDVHUDSOLFDGR










$37,78'3$5$862 GHXQPpWRGR  ),71(66)25385326( RIDQ
DQDOtWLFR  DQDO\WLFDOPHWKRG 
*UDGRHQTXHORVUHVXOWDGRVREWHQLGRVHQXQ  'HJUHH WR ZKLFK GDWD SURGXFHG E\ D
SURFHVR GH PHGLGD SHUPLWHQ DO XVXDULR PHDVXUHPHQW SURFHVV HQDEOHV DQ XVHU WR
WRPDU GHFLVLRQHV FRUUHFWDV WDQWR GHVGH XQ PDNH WHFKQLFDOO\ DQG DGPLQLVWUDWLYHO\ FRUUHFW
SXQWR GH YLVWD WpFQLFR FRPR DGPLQLVWUDWLYR GHFLVLRQVIRUDVWDWHGSXUSRVH
FRQREMHWRGHDOFDQ]DUXQILQHVWDEOHFLGR
&$&*/'LUHFWULFHVVREUHOD  &$&*/*XLGHOLQHVRQDQDO\WLFDO
WHUPLQRORJtDDQDOtWLFD&RPLVLyQGHO&RGH[ WHUPLQRORJ\&RGH[$OLPHQWDULXV
$OLPHQWDULXV &RPPLVVLRQ
9DOLGDFLyQ  9DOLGDWLRQ

2%6(59$&,21(6
ƒ ,QGLFD OD H[WHQVLyQ HQ OD TXH ODV FDUDFWHUtVWLFDV GH IXQFLRQDPLHQWR GH XQ PpWRGR DQDOtWLFR
FXPSOHQORVUHTXLVLWRVHVWDEOHFLGRVSDUDHOXVRTXHHOFOLHQWHRXVXDULRWLHQHQSUHYLVWR
ƒ 6XGHVFULSFLyQSXHGHEDVDUVHHQORVYDORUHVGHORVSDUiPHWURVGHIXQFLRQDPLHQWRDXQTXHOR
DFRQVHMDEOHHVH[SUHVDUODHQWpUPLQRVGHLQFHUWLGXPEUHDFHSWDEOH
ƒ ([LVWHQRWURVVLQyQLPRVGHODPLVPDH[SUHVLyQDGHFXDFLyQDOILQSUHYLVWR



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



%/$1&2  %/$1.
0XHVWUD R HVSpFLPHQ TXH QR FRQWLHQH HO  6DPSOH RU VSHFLPHQ QRW FRQWDLQLQJ WKH
DQDOLWR DQDO\WH
7UDGXFLGDSRUORVDXWRUHV  $GDSWHGIURP*ORVVDU\RIWHUPVIRUTXDOLW\
DVVXUDQFHDQGJRRGODERUDWRU\SUDFWLFHV
QGHG  8QLWHG1DWLRQV2IILFHRQ
'UXJVDQG&ULPH 812'& 
0XHVWUD(VSpFLPHQ  6DPSOH6SHFLPHQ

2%6(59$&,21(6
ƒ 6LHOPpWRGRHPSOHDGRHVHVSHFtILFRHOEODQFRQRGHEHUtDRULJLQDUVHxDODQDOtWLFDVLORKDFH
pVWDVHGHQRPLQD³VHxDOGHOEODQFR´
ƒ (Q RFDVLRQHV VH XWLOL]D HO WpUPLQR EODQFR SDUD UHIHULUVH D OD VHxDO GHO EODQFR OR TXH HV
GHVDFRQVHMDEOHSRUTXHSXHGHJHQHUDUFRQIXVLyQ
ƒ (QHOGRFXPHQWR4XDOLW\&RQWURO%ODQNV 86(3$ DSDUHFHQGLIHUHQFLDGRVMXQWRFRQ
VXFRUUHVSRQGLHQWHGHILQLFLyQGLVWLQWRVWLSRVGHEODQFRVUHIHULGRVDPXHVWUDVDPELHQWDOHVGH
DJXD EODQFR GH LQVWUXPHQWR EODQFR GH PpWRGR EODQFR GH YLDMH EODQFR GH FDPSR \
EODQFRGHHTXLSR6HXWLOL]DQSDUDGLIHUHQFLDUODVSRVLEOHVIXHQWHVGHFRQWDPLQDFLyQGHODV
PXHVWUDV


&$/,%5$&,Ï1$1$/Ë7,&$  $1$/<7,&$/&$/,%5$7,21
2SHUDFLyQ TXH GHWHUPLQD OD UHODFLyQ  2SHUDWLRQ WKDW GHWHUPLQHV WKH IXQFWLRQDO
IXQFLRQDOHQWUHYDORUHVPHGLGRV\YDORUHVGH UHODWLRQVKLS EHWZHHQ PHDVXUHG DQG
PDJQLWXGHV DQDOtWLFDV \ TXH VH DSOLFD SDUD DQDO\WLFDO TXDQWLW\ YDOXHV FKDUDFWHULVLQJ
OD FDUDFWHUL]DFLyQ GH WLSRV GH DQDOLWRV \ OD W\SHVRIDQDO\WHVDQGWKHLUDPRXQW
GHWHUPLQDFLyQGHVXVFDQWLGDGHV
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP,83$&5HFRPPHQGDWLRQ
 *XLGHOLQHVIRUFDOLEUDWLRQLQDQDO\WLFDO
FKHPLVWU\±3DUW)XQGDPHQWDOVDQGVLQJOH
FRPSRQHQWFDOLEUDWLRQ
&DOLEUDFLyQPHWUROyJLFD)XQFLyQGH  0HWURORJLFDOFDOLEUDWLRQ&DOLEUDWLRQIXQFWLRQ
FDOLEUDFLyQ

2%6(59$&,21(6
ƒ (VWHWpUPLQRHVFDUDFWHUtVWLFRGHOD4XtPLFD$QDOtWLFD\KD\TXHGLIHUHQFLDUORGHODDFHSFLyQ
JHQHUDOGHWHUPLQDGDSRUHOWpUPLQRGHFDOLEUDFLyQPHWUROyJLFD
ƒ /DGHILQLFLyQDQWHULRUHVDSOLFDEOHWDQWRDPpWRGRVFXDOLWDWLYRVFRPRFXDQWLWDWLYRV\DTXHVH
EDVDHQHOHVWDEOHFLPLHQWRGHXQDUHODFLyQLQHTXtYRFDHQWUHODVHxDORORVGDWRVDQDOtWLFRV\
ODSUHVHQFLDLGHQWLILFDFLyQFDQWLGDGGHXQDQDOLWR
ƒ /DFDOLEUDFLyQLQFOX\HODVHOHFFLyQGHOPRGHOR HVGHFLUVXIRUPDIXQFLRQDO ODHVWLPDFLyQGH
ORV SDUiPHWURV GHO PRGHOR MXQWRFRQ VX LQFHUWLGXPEUH \ VX YDOLGDFLyQ 3XHGH UHDOL]DUVH HQ
EDVH D XQD IXQFLyQ PDWHPiWLFD DMXVWDGD PHGLDQWH UHJUHVLyQ  R XWLOL]DQGR XQ IDFWRU GH
SURSRUFLRQDOLGDG IDFWRUGHFDOLEUDFLyQRIDFWRUGHUHVSXHVWD 
ƒ 'HSHQGLHQGR GHO SDWUyQ XWLOL]DGR OD FDOLEUDFLyQ DQDOtWLFD SXHGH VHU FDOLEUDFLyQ H[WHUQD
H[WHUQDO FDOLEUDWLRQ  FDOLEUDFLyQ LQWHUQD LQWHUQDO FDOLEUDWLRQ  FDOLEUDFLyQ HQ
SUHVHQFLDGHPDWUL] PDWUL[PDWFKHGFDOLEUDWLRQ \FDOLEUDFLyQSRUDGLFLyQGHSDWUyQ
VWDQGDUGDGGHGFDOLEUDWLRQ  YHU7UHQGV$QDO&KHP 


 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



&$3$&,'$''('(7(&&,Ï1 &&ȕ   '(7(&7,21&$3$%,/,7< &&ȕ 
&RQWHQLGR PtQLPR GH XQD VXVWDQFLD TXH  7KH VPDOOHVW FRQWHQW RI WKH VXEVWDQFH WKDW
SXHGH VHU GHWHFWDGR LGHQWLILFDGR R PD\ EH GHWHFWHG LGHQWLILHG DQGRU TXDQWLILHG
FXDQWLILFDGR HQ XQD PXHVWUD FRQ XQD LQDVDPSOHZLWKDQHUURUSUREDELOLW\RIȕ
SUREDELOLGDGGHHUURUȕ
'HFLVLyQ&(GHOD&RPLVLyQSRUOD  &RPPLVVLRQ'HFLVLRQ(&
TXHVHDSOLFDOD'LUHFWLYD&(GHO LPSOHPHQWLQJ&RXQFLO'LUHFWLYH(&
&RQVHMRHQFXDQWRDOIXQFLRQDPLHQWRGHORV FRQFHUQLQJWKHSHUIRUPDQFHRIDQDO\WLFDO
PpWRGRVDQDOtWLFRV\ODLQWHUSUHWDFLyQGHORV PHWKRGVDQGWKHLQWHUSUHWDWLRQRIUHVXOWV
UHVXOWDGRV
/LPLWHGHGHWHFFLyQ  'HWHFWLRQOLPLW

2%6(59$&,21(6
ƒ /D FDSDFLGDG GH GHWHFFLyQ UHSUHVHQWD OD PtQLPD FDQWLGDG GH DQDOLWR TXH VLHPSUH SURGXFH
XQD VHxDO QHWD TXH SXHGH VHU GLVWLQJXLGD GH OD FRUUHVSRQGLHQWH VHxDO GHO EODQFR FRQ XQD
SUREDELOLGDGGHHUURUSRUIDOVDGHWHFFLyQLJXDODȕ
ƒ (QHOFDVRGHVXVWDQFLDVSDUDODVTXHQRVHKDHVWDEOHFLGRXQOtPLWHSHUPLWLGRODFDSDFLGDG
GH GHWHFFLyQ HV OD FRQFHQWUDFLyQ PtQLPD HQ OD TXH XQ PpWRGR SXHGH GHWHFWDU PXHVWUDV
UHDOPHQWHFRQWDPLQDGDVFRQXQDFHUWH]DHVWDGtVWLFDGHíȕ
ƒ (QHOFDVRGHVXVWDQFLDVSDUDODVTXHVHKDHVWDEOHFLGRXQOtPLWHSHUPLWLGRODFDSDFLGDGGH
GHWHFFLyQHVODFRQFHQWUDFLyQHQODTXHXQPpWRGRSXHGHGHWHFWDUOtPLWHVGHFRQFHQWUDFLyQ
SHUPLWLGRVFRQXQDFHUWH]DHVWDGtVWLFDGHíȕ








&$5$&7(5Ë67,&$  &+$5$&7(5,67,&
5DVJR GLVWLQWLYR GH XQD PXHVWUD R PDWHULDO  $ GLVWLQJXLVKLQJ IHDWXUH RI D VDPSOH RU
TXHSXHGHVHUPHGLGRFRQWDGRXREVHUYDGR PDWHULDO WKDW FDQ EH PHDVXUHG FRXQWHG RU
GHDOJ~QRWURPRGR RWKHUZLVHREVHUYHG
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP)LHOGVDPSOHPDQXDO  
0LQLVWU\RI(QYLURQPHQW%ULWLVK&ROXPELD
$WULEXWR&DUDFWHUL]DFLyQ  $WWULEXWH&KDUDFWHULVDWLRQ

2%6(59$&,21(6
ƒ 8QD FDUDFWHUtVWLFD SXHGH VHU LQKHUHQWH R DVLJQDGD \ VHU GH QDWXUDOH]D FXDQWLWDWLYD R
FXDOLWDWLYD DWULEXWR 
ƒ (QHOFRQWH[WRDQDOtWLFRODFDUDFWHUtVWLFDVHUHILHUHDXQSDUiPHWURRSURSLHGDGDQDOtWLFD



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



&$5$&7(5Ë67,&$'(  3(5)250$1&(&+$5$&7(5,67,&
)81&,21$0,(172
3ULQFLSDOHV FDUDFWHUtVWLFDV TXH GHILQHQ OD  .H\ FKDUDFWHULVWLFV WKDW GHILQH WKH IXQFWLRQDO
FDOLGDG IXQFLRQDO GH XQ PpWRGR DQDOtWLFR \ TXDOLW\ RI DQ DQDO\WLFDO PHWKRG ZKLFK DUH
TXHVRQHYDOXDGDVHQIXQFLyQGHODILQDOLGDG HYDOXDWHG IRU WKH SXUSRVHV RI PHWKRG
SDUDODTXHHOPpWRGRKDVLGRGHVDUUROODGR\ GHYHORSPHQWDQGYDOLGDWLRQ
YDOLGDGR
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP*ORVVDU\RIWHUPVIRUTXDOLW\
DVVXUDQFHDQGJRRGODERUDWRU\SUDFWLFHV
QGHG  8QLWHG1DWLRQV2IILFHRQ
'UXJVDQG&ULPH 812'& 
3DUiPHWURGHFDOLGDG&ULWHULRGH  4XDOLW\SDUDPHWHU3HUIRUPDQFH
IXQFLRQDPLHQWR9DOLGDFLyQDQDOtWLFD FKDUDFWHULVWLF$QDO\WLFDOYDOLGDWLRQ

2%6(59$&,21(6
ƒ (Q/DWLQRDPpULFDVHXWLOL]DHOWpUPLQRFDUDFWHUtVWLFDGHGHVHPSHxR
ƒ (QWUH GLFKDV FDUDFWHUtVWLFDV VH LQFOX\HQ YHUDFLGDG SUHFLVLyQ VHQVLELOLGDG VHOHFWLYLGDG
OtPLWHVLQIHULRUHVUREXVWH]VROLGH]HWF
ƒ (QLQJOpVHVWDPELpQXVXDOXWLOL]DUFRPRVLQyQLPRILJXUHRIPHULW
ƒ (O WpUPLQR SDUiPHWURV GH YDOLGDFLyQ VH XWLOL]D FRPR HTXLYDOHQWH HQ HO FRQWH[WR GH XQD
YDOLGDFLyQ











&$5$&7(5,=$&,Ï1  &+$5$&7(5,6$7,21
,GHQWLILFDFLyQ \R FXDQWLILFDFLyQ GH XQD R  ,GHQWLILFDWLRQ DQGRU TXDQWLILFDWLRQ RI VSHFLILF
PiV SURSLHGDGHV R FDUDFWHUtVWLFDV SURSHUWLHVRUFKDUDFWHULVWLFVRIWKHVDPSOHRU
HVSHFtILFDVGHXQDPXHVWUDRPDWHULDO PDWHULDO
7UDGXFLGDSRUORVDXWRUHV  (3ULFKDUG$QDO\WLFDOPHDVXUHPHQW
WHUPLQRORJ\  /*&56&
'HWHUPLQDFLyQ  'HWHUPLQDWLRQ

2%6(59$&,21(6
ƒ /D FDUDFWHUL]DFLyQ QR UHTXLHUH OD LGHQWLILFDFLyQ GH FRPSRQHQWHV HOHPHQWR FRPSXHVWRV
HVSHFLHVLRQHVUDGLFDOHVHWF SHLQIODPDELOLGDGFDSDFLGDGDQWLR[LGDQWHHWF
ƒ /D FDUDFWHUL]DFLyQ LPSOLFD HVWDEOHFHU ORV DVSHFWRV GLIHUHQFLDOHV GH XQ VLVWHPD PDWHULDO D
SDUWLUGHORVUHVXOWDGRVDQDOtWLFRV



 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



&203$5$%,/,'$'  &203$5$%,/,7<
*UDGR HQ HO TXH GLIHUHQWHV PpWRGRV  'HJUHHWRZKLFKGLIIHUHQWPHWKRGVGDWDVHWV
FRQMXQWRV GH GDWRV R GHFLVLRQHV VRQ DQGRUGHFLVLRQVDJUHHRUFDQEHUHSUHVHQWHG
FRKHUHQWHVRSXHGHQVHUFRQVLGHUDGRVFRPR DVVLPLODU
VLPLODUHV
7UDGXFLGDSRUORVDXWRUHV  *ORVVDU\RITXDOLW\DVVXUDQFHWHUPVDQG
UHODWHGDFURQ\PV:HEHG  86(3$
7UD]DELOLGDG  7UDFHDELOLW\

2%6(59$&,21(6
ƒ /DFRPSDUDELOLGDGHVXQLQGLFDGRUGHFDOLGDGWDQWRGHORVPpWRGRVDQDOtWLFRVDSOLFDGRVFRPR
GHORVGDWRVUHFRJLGRV
ƒ /DFRPSDUDELOLGDGHVXQDFRQVHFXHQFLDGHODWUD]DELOLGDG












&21),50$&,Ï1  &21),50$7,21
&RPELQDFLyQ GH GRV R PiV PpWRGRV GH  &RPELQDWLRQRIWZRRUPRUHDQDO\VHVWKDWDUH
DQiOLVLV FX\RV UHVXOWDGRV VRQ FRKHUHQWHV LQDJUHHPHQWZLWKHDFKRWKHUDWOHDVWRQHRI
VLHPSUH TXH DO PHQRV XQR GH HOORV FXPSOD ZKLFKPHHWVLGHQWLILFDWLRQFULWHULD
ORVFULWHULRVGHLGHQWLILFDFLyQ
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  6$1&20HWKRGYDOLGDWLRQDQG
TXDOLW\FRQWUROSURFHGXUHVIRUSHVWLFLGH
UHVLGXHVDQDO\VLVLQIRRGDQGIHHG
,GHQWLILFDFLyQ  ,GHQWLILFDWLRQ

2%6(59$&,21(6
ƒ /DFRQILUPDFLyQLPSOLFDODYHULILFDFLyQGHODSUHVHQFLDHLGHQWLGDGGHXQFRPSRQHQWH
ƒ 'HEHSURSRUFLRQDULQIRUPDFLyQWRWDORFRPSOHPHQWDULDTXHSHUPLWDLGHQWLILFDU \HQVXFDVR
FXDQWLILFDU GH PDQHUD LQHTXtYRFD OD VXVWDQFLD DO QLYHO GH LQWHUpV LGHDOPHQWH XWLOL]DQGR
WpFQLFDVRPpWRGRVGHVHOHFWLYLGDGRUWRJRQDO
ƒ $FWXDOPHQWH OD FRQILUPDFLyQ VH UHDOL]D FDVL H[FOXVLYDPHQWH DSOLFDQGR HVSHFWURPHWUtD GH
PDVDV HQ FXDOTXLHUD GH VXV YDULDQWHV DXQTXH WUDGLFLRQDOPHQWH VH KDQ XWLOL]DGR RWUDV
HVWUDWHJLDV FRPR XVR GH XQD VHJXQGD FROXPQD R XQ VHJXQGR GHWHFWRU HQ FURPDWRJUDItD 
HVWXGLRHVSHFWUDODSOLFDFLyQGHPHWRGRORJtDVDOWHUQDWLYDVGHSUHSDUDFLyQGHPXHVWUDHWF




 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



&217$0,1$&,Ï1 DQDOtWLFD   $QDO\WLFDO &217$0,1$7,21
,QWURGXFFLyQ QR LQWHQFLRQDGD GHO DQDOLWR HQ  8QLQWHQGHG LQWURGXFWLRQ RI WKH DQDO\WH LQWR D
OD PXHVWUD H[WUDFWR GLVROXFLyQ GH SDWUyQ VDPSOH H[WUDFW LQWHUQDO VWDQGDUG VROXWLRQ
LQWHUQR HWF SRU FXDOTXLHU PHGLR \ HQ HWF E\ DQ\ URXWH DQG DW DQ\ VWDJH GXULQJ
FXDOTXLHU HWDSD GXUDQWH HO PXHVWUHR R HO VDPSOLQJRUDQDO\VLV
DQiOLVLV
7UDGXFLGDSRUORVDXWRUHV  6$1&20HWKRGYDOLGDWLRQDQG
TXDOLW\FRQWUROSURFHGXUHVIRUSHVWLFLGH
UHVLGXHVDQDO\VLVLQIRRGDQGIHHG
&RQWDPLQDQWH  &RQWDPLQDQW

2%6(59$&,21(6
ƒ /D FRQWDPLQDFLyQ VH UHILHUH VLHPSUH DO DQDOLWR R DQDOLWRV 6L ORV FRPSRQHQWHV TXH VH
LQWURGXFHQQRVRQDQDOLWRVHVWRVVHHQJOREDQHQODPDWUL]HQHVWH~OWLPRFDVRVHKDEODGH
PDWUL]VXFLD
ƒ 3RVLEOHVIXHQWHVGHFRQWDPLQDFLyQVHUtDQHODPELHQWHGHWUDEDMRORVUHDFWLYRVTXtPLFRVHO
PDWHULDOGHYLGULRORVHTXLSRVGHPXHVWUHR\SUHSDUDFLyQGHPXHVWUDHWF












&217$0,1$17(  &217$0,1$17
6XVWDQFLDLQFOX\HQGRHODQDOLWRTXHKDVLGR  $ VXEVWDQFHLQFOXGLQJ WKHDQDO\WH LWVHOIWKDW
LQWURGXFLGD LQLQWHQFLRQDGDPHQWH HQ OD LVLQWURGXFHG XQLQWHQWLRQDOO\LQWR DVDPSOH
PXHVWUD GXUDQWH OD HWDSD GH PXHVWUHR GXULQJ FROOHFWLRQ SURFHVVLQJ RU
SURFHVDGRRPHGLGDGHODPLVPD PHDVXUHPHQW
7UDGXFLGDSRUORVDXWRUHV  %07LVVXH*ORVVDU\RIDQDO\WLFDOWHUPV
 
6XVWDQFLD&RQWDPLQDFLyQ  6XEVWDQFH&RQWDPLQDWLRQ

2%6(59$&,21(6
ƒ 8QFRQWDPLQDQWHGHEHLQFOXLUVLHPSUHHODQDOLWR\DTXHHQFDVRFRQWUDULRVyORVHPRGLILFDUtD
ODPDWUL]
ƒ (Q HO iPELWR DOLPHQWDULR XQ FRQWDPLQDQWH TXH HV FRQVHFXHQFLD GHO XVR GH SODJXLFLGDV R
PHGLFDPHQWRV YHWHULQDULRV VH GHQRPLQD UHVLGXR (O WpUPLQR LQFOX\H WDQWR D ORV SURGXFWRV
RULJLQDOHV FRPR D VXV SURGXFWRV GH GHJUDGDFLyQ PHWDEROLWRV \ SURGXFWRV GH UHDFFLyQ \ D
ODVLPSXUH]DVFRQVLGHUDGDVGHLPSRUWDQFLDWR[LFROyJLFD



 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



&5,7(5,26'()81&,21$0,(172  3(5)250$1&(&5,7(5,$
5HTXLVLWRV VREUH XQD FDUDFWHUtVWLFD GH  5HTXLUHPHQWV IRU D SHUIRUPDQFH
IXQFLRQDPLHQWR HQ IXQFLyQ GH ORV FXDOHV VH FKDUDFWHULVWLF DFFRUGLQJ WR ZKLFK LW FDQ EH
SXHGH GHWHUPLQDU TXH XQ PpWRGR DQDOtWLFR MXGJHGWKDWWKHDQDO\WLFDOPHWKRGLVILWIRUWKH
HV DSWR SDUD HO XVR SUHYLVWR \ RIUHFH SXUSRVHDQGJHQHUDWHVUHOLDEOHUHVXOWV
UHVXOWDGRVILDEOHV
'HFLVLyQ&(GHOD&RPLVLyQSRUOD  &RPPLVVLRQ'HFLVLRQ(&
TXHVHDSOLFDOD'LUHFWLYD&(GHO LPSOHPHQWLQJ&RXQFLO'LUHFWLYH(&
&RQVHMRHQFXDQWRDOIXQFLRQDPLHQWRGHORV FRQFHUQLQJWKHSHUIRUPDQFHRIDQDO\WLFDO
PpWRGRVDQDOtWLFRV\ODLQWHUSUHWDFLyQGHORV PHWKRGVDQGWKHLQWHUSUHWDWLRQRIUHVXOWV
UHVXOWDGRV
&DUDFWHUtVWLFDGHIXQFLRQDPLHQWR$SWLWXG  3HUIRUPDQFHFKDUDFWHULVWLF)LWQHVVIRU
SDUDXVR9DOLGDFLyQDQDOtWLFD SXUSRVH$QDO\WLFDOYDOLGDWLRQ

2%6(59$&,21(6
ƒ /RVFULWHULRVGHIXQFLRQDPLHQWRVHXWLOL]DQKDELWXDOPHQWHFRPRUHTXLVLWRSDUDODYDOLGDFLyQGH
PpWRGRV DQDOtWLFRV SRU HOOR HQ HVWH FRQWH[WR WDPELpQ SXHGHQ VHU GHQRPLQDGRV FRPR
UHTXLVLWRVGHYDOLGDFLyQ











&8$17,),&$&,Ï1  48$17,),&$7,21
3URFHVR TXH FRQVLVWH HQ REWHQHU  3URFHVV WR REWDLQ RQH RU PRUH H[SHULPHQWDO
H[SHULPHQWDOPHQWHXQRRYDULRVYDORUHVTXH YDOXHV WKDW FDQ EH DWWULEXWHG WR DQ DQDO\WLFDO
SXHGHQDWULEXLUVHDXQSDUiPHWURDQDOtWLFR SDUDPHWHU
3URSXHVWDSRUORVDXWRUHV  3URSRVHGE\WKHDXWKRUV

$QiOLVLVFXDQWLWDWLYR'HWHUPLQDFLyQ  4XDQWLWDWLYHDQDO\VLV'HWHUPLQDWLRQ

2%6(59$&,21(6
ƒ /D FXDQWLILFDFLyQ HV OD FRQFUHFLyQ GHO WpUPLQR PHGLFLyQ R PHGLGD HQ HO iPELWR DQDOtWLFR
*HQHUDOPHQWHHVXQDPHGLGDLQGLUHFWD\DTXHHOPHQVXUDQGRDQDOtWLFR SHODFRQFHQWUDFLyQ
GH DQDOLWR  QR VXHOH VHU DFFHVLEOH \ HV QHFHVDULR PHGLU OD PDJQLWXG DQDOtWLFD SH OD
DEVRUEDQFLDGHODGLVROXFLyQ 
ƒ 3RUWDQWRHQ4XtPLFD$QDOtWLFDODFXDQWLILFDFLyQVHEDVDHQ L ODDSOLFDFLyQGHXQDOH\ItVLFR
TXtPLFD SH OD HVWHTXLRPHWUtD GH OD UHDFFLyQ TXtPLFD HQ ODV YDORUDFLRQHV YROXPpWULFDV  R
LL HQXQDFDOLEUDFLyQDQDOtWLFDSUHYLDKDELWXDOHQODPD\RUtDGHORVPpWRGRVLQVWUXPHQWDOHV
XWLOL]DQGRSDWURQHVUHSUHVHQWDWLYRVGHODPXHVWUD



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



'(385$&,Ï1'(/$08(675$  6$03/(&/($183
3URFHVR GH VHSDUDFLyQ TXH VH DSOLFD SDUD  7KH VHSDUDWLRQ SURFHVV ZKLFK FDQ EH
HOLPLQDU OD PDWUL] DQDOtWLFD TXH SXHGH VHU UHTXLUHG WR UHPRYH WKH DQDO\WLFDO PDWUL[
FDXVDQWHGHOHIHFWRPDWUL] GHODSRUFLyQGH ZKLFKPD\FDXVHWKHPDWUL[HIIHFW IURPWKH
HQVD\R WHVWSRUWLRQ
3URSXHVWDSRUORVDXWRUHV  3URSRVHGE\WKHDXWKRUV
3UHSDUDFLyQGHPXHVWUD  6DPSOHSUHSDUDWLRQ

2%6(59$&,21(6
ƒ /DGHSXUDFLyQGHODPXHVWUDHVXQDHWDSDGHODSUHSDUDFLyQGHODPXHVWUD
ƒ 6H DSOLFD IXQGDPHQWDOPHQWH SDUD DGHFXDU OD PXHVWUD FXDQGR VH XWLOL]DQ VXVWDQFLDV SXUDV
FRPRSDWURQHVH[WHUQRVHQODFDOLEUDFLyQ
ƒ /DPDWUL]SXHGHHOLPLQDUVHWRWDOPHQWHRPiVIUHFXHQWHPHQWHXQDIUDFFLyQGHHOOD
ƒ (VWHWpUPLQRHVKDELWXDOPHQWHGHQRPLQDGRFRPROLPSLH]DGHODPXHVWUD7DPELpQVHXVD
GLUHFWDPHQWHHOWpUPLQRHQLQJOpV FOHDQXSGHODPXHVWUD 












'(7(&&,Ï1  '(7(&7,21
$VLJQDFLyQ GH XQD VHxDO DQDOtWLFD D OD  $VVLJQPHQW RI DQ DQDO\WLFDO VLJQDO WR WKH
SUHVHQFLD GH XQ FRPSRQHQWH GH OD PXHVWUD SUHVHQFH RI D FRQVWLWXHQW RI WKH VDPSOH RU
XREMHWR REMHFW
3URSXHVWDSRUORVDXWRUHV   3URSRVHGE\WKHDXWKRUV
,GHQWLILFDFLyQ/tPLWHGHGHWHFFLyQ  ,GHQWLILFDWLRQ'HWHFWLRQOLPLW

2%6(59$&,21(6
ƒ /D PtQLPD VHxDO DQDOtWLFD TXH SHUPLWH UHDOL]DU OD GHWHFFLyQ GHO DQDOLWR HVWi tQWLPDPHQWH
OLJDGDDOOtPLWHGHGHWHFFLyQ



 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



'(7(50,1$&,Ï1  '(7(50,1$7,21
$SOLFDFLyQ GH WRGR HO SURFHVR DQDOtWLFR SDUD  7KH DSSOLFDWLRQ RI WKH FRPSOHWH DQDO\WLFDO
OD GHWHFFLyQ LGHQWLILFDFLyQ \ FXDQWLILFDFLyQ SURFHVV IRU GHWHFWLQJ LGHQWLI\LQJ DQG
GHXQSDUiPHWURDQDOtWLFR TXDQWLI\LQJDQDQDO\WLFDOSDUDPHWHU
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP*ORVVDU\RITXDOLW\DVVXUDQFH
WHUPVDQGUHODWHGDFURQ\PV:HEHG  
86(3$
&DUDFWHUL]DFLyQ&XDQWLILFDFLyQ3DUiPHWUR  &KDUDFWHULVDWLRQ4XDQWLILFDWLRQ$QDO\WLFDO
DQDOtWLFR SDUDPHWHU

2%6(59$&,21(6
ƒ /D GHWHUPLQDFLyQ SXHGHHVWDU UHIHULGD DFXDOTXLHUSDUiPHWUR DQDOtWLFR\QR ~QLFDPHQWH DOD
FDQWLGDG RFRQWHQLGR GHDQDOLWR
ƒ $ YHFHV VH XWLOL]D HO WpUPLQR HQVD\R DVVD\ HQ OHQJXD LQJOHVD  FRPR VLQyQLPR GH
GHWHUPLQDFLyQeVWDHVODGHILQLFLyQTXHDSDUHFHHQHO&RPSHQGLRGH7HUPLQRORJtD4XtPLFD
,83$& *ROG %RRN  6LQ HPEDUJR HVWD DFHSFLyQ QR HV UHFRPHQGDEOH \D TXH SXHGH
FRQIXQGLUVHFRQHOWpUPLQRWHVW YHUGHILQLFLyQGHHQVD\RHQHVWHJORVDULR 










',62/8&,Ï1  62/87,21
)DVH OtTXLGD R VyOLGD TXH FRQWLHQH PiV GH  $ OLTXLG RU VROLG SKDVH FRQWDLQLQJ PRUH WKDQ
XQD VXVWDQFLD GRQGH SRU FRQYHQLHQFLD XQD RQHVXEVWDQFHZKHQIRUFRQYHQLHQFHRQH RU
RPiV GHODVVXVWDQFLDVTXHVHGHQRPLQD PRUH VXEVWDQFHZKLFKLVFDOOHGWKHVROYHQW
GLVROYHQWHVHWUDWDGHIRUPDGLIHUHQWHGHODV LV WUHDWHG GLIIHUHQWO\ IURP WKH RWKHU
RWUDVVXVWDQFLDVTXHVHGHQRPLQDQVROXWRV VXEVWDQFHVZKLFKDUHFDOOHGVROXWHV
$'0F1DXJKW$:LONLQVRQ&RPSHQGLRGH  &RPSHQGLXPRIFKHPLFDOWHUPLQRORJ\±*ROG
WHUPLQRORJtDTXtPLFD  6tQWHVLV %RRN:HEHGYHU  ,83$&
'LVROYHQWH6XVWDQFLD6ROXWR  6ROYHQW6XEVWDQFH6ROXWH

2%6(59$&,21(6
ƒ 8QDGHILQLFLyQPiVJHQHUDOGHGLVROXFLyQVHUtDPH]FODKRPRJpQHDGHGRVRPiVVXVWDQFLDV
'&+DUULV4XDQWLWDWLYH&KHPLFDO$QDO\VLVWKHG  )UHHPDQ 
ƒ &XDQGR OD VXPD GH ODV IUDFFLRQHV PRODUHV GH ORV VROXWRV HV SHTXHxD FRPSDUDGD FRQ OD
XQLGDGFDVRIUHFXHQWHDXQTXHQRJHQHUDOODGLVROXFLyQVHGHQRPLQDGLVROXFLyQGLOXLGD
ƒ $YHFHVVHXWLOL]DGHIRUPDLQFRUUHFWDFRPRVLQyQLPRHOWpUPLQRVROXFLyQ



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



',62/8&,Ï1'((16$<2  7(6762/87,21
'LVROXFLyQ SUHSDUDGD D SDUWLU GH OD SRUFLyQ  7KH VROXWLRQ SUHSDUHG IURP WKH WHVW SRUWLRQ
GH HQVD\R SDUD VHJXLU HO SURFHGLPLHQWR IRUWKHDQDO\WLFDOSURFHGXUH
DQDOtWLFR
$'0F1DXJKW$:LONLQVRQ&RPSHQGLRGH  &RPSHQGLXPRIFKHPLFDOWHUPLQRORJ\±*ROG
WHUPLQRORJtDTXtPLFD  6tQWHVLV %RRN :HEHGYHU ,83$&
3RUFLyQGHHQVD\R'LVROXFLyQWUDWDGD  7HVWSRUWLRQ7UHDWHGVROXWLRQ6DPSOH
7UDWDPLHQWRGHPXHVWUD WUHDWPHQW

2%6(59$&,21(6
ƒ /DVWpFQLFDVDQDOtWLFDVTXHVHDSOLFDQGLUHFWDPHQWHVREUHODPXHVWUDVyOLGDSXHGHQUHTXHULU
OD SUHSDUDFLyQ GH XQD GLVROXFLyQ VyOLGD GH HQVD\R XWLOL]DQGR XQ GLOX\HQWH LQHUWH SH
IOXRUHVFHQFLDGHUD\RV;
ƒ /D GLVROXFLyQ GH OD SRUFLyQ GH HQVD\R SXHGH LPSOLFDU YDULDV HWDSDV DOJXQDV GH ODV FXDOHV
OOHYDQLPSOtFLWDVODDSOLFDFLyQGHUHDFFLRQHVTXtPLFDV
ƒ /DVSURSRUFLRQHVGHODSRUFLyQGHHQVD\R\GLVROYHQWHVXHOHQVHUFRQRFLGDV
ƒ /DGLVROXFLyQGHHQVD\RWDPELpQSXHGHVHUGHQRPLQDGDGLVROXFLyQDQDOtWLFD











',62/8&,Ï13$75Ï1  67$1'$5'62/87,21
'LVROXFLyQ GH FRQFHQWUDFLyQ FRQRFLGD FRQ  $VROXWLRQRIDFFXUDWHO\NQRZQFRQFHQWUDWLRQ
WRGD H[DFWLWXG SUHSDUDGD D SDUWLU GH SUHSDUHG XVLQJ VWDQGDUG VXEVWDQFHV LQ RQH
VXVWDQFLDVSDWUyQ RIVHYHUDOZD\V
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  &RPSHQGLXPRIFKHPLFDOWHUPLQRORJ\±*ROG
%RRN:HEHGYHU  ,83$&
3DWUyQSULPDULR3DWUyQVHFXQGDULR$QDOLWR  3ULPDU\VWDQGDUG6HFRQGDU\VWDQGDUG
SDWUyQ 6WDQGDUGDQDO\WH

2%6(59$&,21(6
ƒ (VWHWpUPLQRVHXWLOL]DKDELWXDOPHQWHHQUHODFLyQFRQORVPpWRGRVEDVDGRVHQXQDYDORUDFLyQ
YROXPpWULFD



 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



',62/8&,Ï175$7$'$  75($7('62/87,21
'LVROXFLyQ UHVXOWDQWH GH VRPHWHU D OD  7KH WHVW VROXWLRQ WKDW KDV EHHQ VXEMHFWHG WR
GLVROXFLyQ GH HQVD\R D XQD UHDFFLyQ R UHDFWLRQ RU VHSDUDWLRQ SURFHGXUHV SULRU WR
SURFHGLPLHQWRV GH VHSDUDFLyQ SUHYLRV D OD PHDVXUHPHQWRIVRPHDQDO\WLFDOTXDQWLW\
PHGLGDGHDOJXQDPDJQLWXGDQDOtWLFD
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP,83$&5HFRPPHQGDWLRQ
 1RPHQFODWXUHIRUVDPSOLQJLQ
DQDO\WLFDOFKHPLVWU\
'LVROXFLyQGHHQVD\R7UDWDPLHQWRGH  7HVWVROXWLRQ6DPSOHWUHDWPHQW
PXHVWUD

2%6(59$&,21(6
ƒ /D GLVROXFLyQ WUDWDGD LPSOLFD VLHPSUH OD DSOLFDFLyQ GH XQD VHJXQGD RSHUDFLyQ VHSDUDFLyQ
UHDFFLyQHWF VREUHXQDGLVROXFLyQSUHYLDTXHFRUUHVSRQGHDODGLVROXFLyQGHHQVD\R
ƒ (V IUHFXHQWH REYLDU HVWH WpUPLQR \ XWLOL]DU ~QLFDPHQWH HO GH GLVROXFLyQ GH HQVD\RHQ WRGRV
ORVFDVRV












',62/9(17(  62/9(17
&RPSRQHQWH PD\RULWDULR GH XQD GLVROXFLyQ  0DMRU FRPSRQHQW RI D VROXWLRQ LQ ZKLFK WKH
HQFX\RVHQRVHFRQVLGHUDTXHHOVROXWRHVWi VROXWHLVGLVVROYHG
GLVXHOWR
3URSXHVWDSRUORVDXWRUHV  3URSRVHGE\WKHDXWKRUV
'LVROXFLyQ6ROXWR  6ROXWLRQ6ROXWH

2%6(59$&,21(6
ƒ *HQHUDOPHQWHORVGLVROYHQWHVVRQOtTXLGRVSHURWDPELpQSXHGHQVHUVyOLGRVRJDVHV
ƒ 6H SXHGH FRQVLGHUDU FRPR GLVROYHQWH XQD PH]FOD GH OtTXLGRV PLVFLEOHV HQWUH Vt TXH HQ VX
FRQMXQWRVRQFRPSRQHQWHVPD\RULWDULRVHQODGLVROXFLyQ



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



()(&720$75,=  0$75,;())(&7
,QIOXHQFLDGHXQRRPiVFRQVWLWX\HQWHVGHOD  ,QIOXHQFHRIRQHRUPRUHPDWUL[FRQVWLWXHQW V 
PDWUL] VREUH OD GHWHFFLyQ \R GHWHUPLQDFLyQ RQ WKH GHWHFWLRQ DQGRU GHWHUPLQDWLRQ RI DQ
GHXQSDUiPHWURDQDOtWLFR DQDO\WLFDOSDUDPHWHU
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  6$1&20HWKRGYDOLGDWLRQDQG
TXDOLW\FRQWUROSURFHGXUHVIRUSHVWLFLGH
UHVLGXHVDQDO\VLVLQIRRGDQGIHHG
,QWHUIHUHQFLD0DWUL]  ,QWHUIHUHQFH0DWUL[

2%6(59$&,21(6
ƒ /RV FRPSRQHQWHV PDWHULDOHV TXH GDQ OXJDU D HIHFWR PDWUL] D PHQXGR SHUPDQHFHQ VLQ
GHWHFWDU\RVLQLGHQWLILFDU
ƒ (O HIHFWR PDWUL] VH SXHGH PDQLIHVWDU GLUHFWDPHQWH SRU XQD GLVPLQXFLyQ R LQFUHPHQWR GH OD
VHxDO DIHFWDDODYHUDFLGDG RLQGLUHFWDPHQWHFRPRXQDSHUWXUEDFLyQVREUHODVHxDO DIHFWDD
ODSUHFLVLyQ 
ƒ 'LFKRV HIHFWRV VRQ FDXVDGRV SRU GLIHUHQWHV SURFHVRV ItVLFRV \R TXtPLFRV FX\D HOLPLQDFLyQ
SXHGHVHUGLItFLORLQFOXVRLPSRVLEOH










(),&,(1&,$ GHXQPpWRGRFXDOLWDWLYR   ()),&,(1&< RIDTXDOLWDWLYHPHWKRG 
&DSDFLGDG GH XQ PpWRGR DQDOtWLFR SDUD  &DSDELOLW\RIDQDQDO\WLFDOPHWKRGWRFRUUHFWO\
FDOLILFDU LGHQWLILFDU R FODVLILFDU  GH IRUPD TXDOLI\ LGHQWLI\RUFODVVLI\ DNQRZQVDPSOH
FRUUHFWDXQDPXHVWUDFRQRFLGD
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP(85$&+(0&,7$&*XLGH
 7KHH[SUHVVLRQRIXQFHUWDLQW\LQ
TXDOLWDWLYHWHVWLQJ 'UDIW
/*&9$0 
6HQVLELOLGDG(VSHFLILFLGDGËQGLFHGH  6HQVLWLYLW\6SHFLILFLW\<RXGHQLQGH[)DOVH
<RXGHQ5HODFLyQGHIDOVRVQHJDWLYRV QHJDWLYHUDWH)DOVHSRVLWLYHUDWH
5HODFLyQGHIDOVRVSRVLWLYRV

2%6(59$&,21(6
ƒ (VXQSDUiPHWURGHYDOLGDFLyQTXHVHFDOFXODXWLOL]DQGRORVGDWRVREWHQLGRVHQODHVWLPDFLyQ
GHODVHQVLELOLGDG\HVSHFLILFLGDG
ƒ 3URSRUFLyQ GH UHVXOWDGRV FRUUHFWRV SRVLWLYRV R QHJDWLYRV  REWHQLGRV FXDQGR HO HQVD\R VH
DSOLFDVREUHFXDOTXLHUPXHVWUDFRQRFLGD SRVLWLYD\QHJDWLYD \SRUWDQWRVHFDOFXODFRPR
(),&  Qž UHVXOWDGRV FRUUHFWRV  Qž HQVD\RV WRWDOHV UHDOL]DGRV VREUH REMHWRV SRVLWLYRV \
QHJDWLYRV 73717371)3)1 
ƒ (QRFDVLRQHVKDVLGRHPSOHDGRFRPRVLQyQLPRGHOWpUPLQRH[DFWLWXG DFFXUDF\ DXQTXH
HVWHXVRHVWiGHVDFRQVHMDGR


 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



(16$<2  7(67
2SHUDFLyQ WpFQLFD TXH SHUPLWH GHWHFWDU \R  7HFKQLFDO RSHUDWLRQ ZKLFK DOORZV WR
GHWHUPLQDU XQ SDUiPHWUR DQDOtWLFR R UHFRJQLVH RU GHWHUPLQH DQ DQDO\WH RU
FDUDFWHUL]DU XQD PXHVWUD R XQ PDWHULDO GH DQDO\WLFDO SDUDPHWHU RU WR FKDUDFWHULVH D
DFXHUGRDXQSURFHGLPLHQWR VDPSOH RU D PDWHULDO DFFRUGLQJ WR D
SURFHGXUH
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP(3ULFKDUG$QDO\WLFDO
PHDVXUHPHQWWHUPLQRORJ\  /*&
56&
$QiOLVLVTXtPLFR  &KHPLFDODQDO\VLV

2%6(59$&,21(6
ƒ (VIUHFXHQWHXWLOL]DUHOWpUPLQRSUXHEDFRPRVLQyQLPRGHHQVD\R
ƒ (OWpUPLQRHQVD\RWDPELpQVHXWLOL]DFRPRWUDGXFFLyQGHOWpUPLQRDVVD\HQOHQJXDLQJOHVD
VLQ HPEDUJR HVWH ~OWLPR HVWi PiV FRQHFWDGR FRQ HO VLJQLILFDGR GH GHWHUPLQDFLyQ YHU
GHILQLFLyQ 











(5525$/)$ Į   $/)$ Į (5525
3UREDELOLGDG GH TXH OD PXHVWUD DQDOL]DGD  3UREDELOLW\ WKDW WKH WHVWHG VDPSOH LV
VHD UHDOPHQWH FRQIRUPH DXQTXH VH KD\D FRPSOLDQW HYHQ WKRXJK D QRQFRPSOLDQW
REWHQLGRXQUHVXOWDGRQRFRQIRUPH PHDVXUHPHQWKDVEHHQREWDLQHG
'HFLVLyQ&(GHOD&RPLVLyQSRUOD  &RPPLVVLRQ'HFLVLRQ(&
TXHVHDSOLFDOD'LUHFWLYD&(GHO LPSOHPHQWLQJ&RXQFLO'LUHFWLYH(&
&RQVHMRHQFXDQWRDOIXQFLRQDPLHQWRGHORV FRQFHUQLQJWKHSHUIRUPDQFHRIDQDO\WLFDO
PpWRGRVDQDOtWLFRV\ODLQWHUSUHWDFLyQGHORV PHWKRGVDQGWKHLQWHUSUHWDWLRQRIUHVXOWV
UHVXOWDGRV
(UURUEHWD ȕ /tPLWHGHGHFLVLyQ/tPLWHGH  %HWD ȕ HUURU'HFLVLRQOLPLW'HWHFWLRQOLPLW
GHWHFFLyQ

2%6(59$&,21(6
ƒ 5HSUHVHQWD OD SUREDELOLGDG GH FRPHWHU HUURU DO WRPDU XQD GHFLVLyQ IDOVR QR FRQIRUPH R
IDOVRQHJDWLYR 
ƒ 7DPELpQSXHGHGHQRPLQDUVHFRPRHUURUGHWLSR,



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



(5525%(7$ ȕ   %(7$ ȕ (5525
3UREDELOLGDG GH TXH OD PXHVWUD DQDOL]DGD  3UREDELOLW\WKDWWKHWHVWHGVDPSOHLVWUXO\QRQ
VHDUHDOPHQWHQRFRQIRUPHDXQTXHVHKD\D FRPSOLDQW HYHQ WKRXJK D FRPSOLDQW
REWHQLGRXQUHVXOWDGRFRQIRUPH PHDVXUHPHQWKDVEHHQREWDLQHG
'HFLVLyQ&(GHOD&RPLVLyQSRUOD  &RPPLVVLRQ'HFLVLRQ(&
TXHVHDSOLFDOD'LUHFWLYD&(GHO LPSOHPHQWLQJ&RXQFLO'LUHFWLYH(&
&RQVHMRHQFXDQWRDOIXQFLRQDPLHQWRGHORV FRQFHUQLQJWKHSHUIRUPDQFHRIDQDO\WLFDO
PpWRGRVDQDOtWLFRV\ODLQWHUSUHWDFLyQGHORV PHWKRGVDQGWKHLQWHUSUHWDWLRQRIUHVXOWV
UHVXOWDGRV
(UURUDOID Į &DSDFLGDGGHGHWHFFLyQ  $OID Į HUURU'HWHFWLRQFDSDELOLW\'HWHFWLRQ
/tPLWHGHGHWHFFLyQ OLPLW

2%6(59$&,21(6
ƒ 5HSUHVHQWDODSUREDELOLGDGGHFRPHWHUHUURUDOWRPDUXQDGHFLVLyQIDOVRFRQIRUPH RIDOVR
SRVLWLYR 
ƒ 7DPELpQSXHGHGHQRPLQDUVHFRPRHUURUGHWLSR,,










(63(&,(48Ë0,&$  &+(0,&$/63(&,(6
&RQMXQWR GH HQWLGDGHV PROHFXODUHV  6HWV RU HQVHPEOHV RI PROHFXODU HQWLWLHV
HQWHQGLHQGR FRPR WDOHV FXDOTXLHU iWRPR ZKHUH D PROHFXODU HQWLW\ LV DQ\
PROpFXODLyQSDULyQLFRUDGLFDOLyQUDGLFDO FRQVWLWXWLRQDOO\ RU LVRWRSLFDOO\ GLVWLQFW DWRP
FRPSOHMR FRQIyUPHOR HWF GLIHUHQFLDEOH PROHFXOH LRQ LRQ SDLU UDGLFDO UDGLFDO LRQ
TXtPLFD R LVRWySLFDPHQWH \ FDSD] GH VHU FRPSOH[ FRQIRUPHU HWF LGHQWLILDEOH DV D
LGHQWLILFDGR FRPR XQD HQWLGDG DLVODGD VHSDUDWHO\GLVWLQJXLVKDEOHHQWLW\
GLVWLQJXLEOH
$GDSWDGDGH$'0F1DXJKW$:LONLQVRQ  $GDSWHGIURP&RPSHQGLXPRIFKHPLFDO
&RPSHQGLRGHWHUPLQRORJtDTXtPLFD   WHUPLQRORJ\±*ROG%RRN:HEHGYHU
6tQWHVLV  ,83$&
6XVWDQFLD  6XEVWDQFH

2%6(59$&,21(6
ƒ (O QRPEUH GH XQ FRPSXHVWR SXHGH UHIHULUVH D OD HQWLGDG PROHFXODU R D OD HVSHFLH TXtPLFD
SRU HMHPSOR PHWDQR SXHGH VLJQLILFDU XQD VROD PROpFXOD GH &+ HQWLGDG PROHFXODU  R XQD
FDQWLGDGPRODUTXHSDUWLFLSDHQXQDUHDFFLyQ HVSHFLHTXtPLFD 




 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



(63(&,),&,'$' GHXQPpWRGR  63(&,),&,7< RIDQDQDO\WLFDOPHWKRG 
DQDOtWLFR 
&DSDFLGDG GH XQ PpWRGR DQDOtWLFR SDUD  &DSDELOLW\ RI DQ DQDO\WLFDO PHWKRG WR
GLVWLQJXLU LQHTXtYRFDPHQWH XQ GHWHUPLQDGR GLVWLQJXLVK XQHTXLYRFDOO\ DQ LQGLYLGXDO
DQDOLWR TXH YD D VHU GHWHFWDGR \R DQDO\WH ZKLFK LV LQWHQGHG WR EH GHWHFWHG
GHWHUPLQDGR HQWUH RWURV FRPSRQHQWHV GH DQGRU GHWHUPLQHG DPRQJ RWKHU FRPSRQHQWV
FRPSRUWDPLHQWRVLPLODU RIVLPLODUEHKDYLRXU
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP*ORVVDU\RIDQDO\WLFDOWHUPV
LQ.'DQ]HU$QDO\WLFDOFKHPLVWU\
WKHRUHWLFDODQGPHWURORJLFDOIXQGDPHQWDOV
 6SULQJHU
6HOHFWLYLGDG GHXQPpWRGRDQDOtWLFR   6HOHFWLYLW\ RIDQDQDO\WLFDOPHWKRG 

2%6(59$&,21(6
ƒ /DHVSHFLILFLGDGHVHOOtPLWH~OWLPRGHODVHOHFWLYLGDGSRUHOORHOXVRGHHVWHWpUPLQRQRHVWi
UHFRPHQGDGRSRUOD,83$&
ƒ /D HVSHFLILFLGDG UHTXLHUH DSOLFDU XQ UHDFWLYR XQ VHQVRU XQ LQVWUXPHQWR HVSHFtILFR R XQ
GHWHUPLQDGRSURFHVRGHSUHSDUDFLyQGHODPXHVWUDTXHKDJDDOPpWRGRHVSHFtILFR
ƒ (VWD FDUDFWHUtVWLFD HV DQWH WRGR XQD IXQFLyQ GH OD WpFQLFD DQDOtWLFD DSOLFDGD SHUR SXHGH
YDULDUHQIXQFLyQGHOWLSRGHFRPSXHVWRRGHODPDWUL]




(63(&,),&,'$' GHXQPpWRGR  63(&,),&,7< RIDTXDOLWDWLYHPHWKRG 
FXDOLWDWLYR 
&DSDFLGDG GH XQ PpWRGR DQDOtWLFR SDUD  &DSDELOLW\RIDQDQDO\WLFDOPHWKRGWRFRUUHFWO\
FDOLILFDU LGHQWLILFDU R FODVLILFDU  GH IRUPD TXDOLI\ LGHQWLI\ RU FODVVLI\  D QHJDWLYH
FRUUHFWDXQDPXHVWUDQHJDWLYD VDPSOH
7UDGXFLGDSRUORVDXWRUHV  $GDSWHGIURP(85$&+(0&,7$&*XLGH
 7KHH[SUHVVLRQRIXQFHUWDLQW\LQ
TXDOLWDWLYHWHVWLQJ 'UDIW
/*&9$0 
6HQVLELOLGDG(ILFLHQFLD5HODFLyQGHIDOVRV  6HQVLWLYLW\(IILFLHQF\)DOVHSRVLWLYHUDWH
SRVLWLYRV

2%6(59$&,21(6
ƒ 5HSUHVHQWD OD SUREDELOLGDG GH TXH HO HQVD\R LGHQWLILTXH R FODVLILTXH FRPR QHJDWLYD XQD
PXHVWUDTXHUHDOPHQWHORHV
ƒ (V XQ SDUiPHWUR GH YDOLGDFLyQ TXH VH FDOFXOD XWLOL]DQGR DO PHQRV GLH] PXHVWUDV GH XQ
PDWHULDOGHUHIHUHQFLDTXHVHVDEHTXHHVQHJDWLYRFRQUHVSHFWRDOHQVD\R
ƒ 6HLGHQWLILFDFRQODUHODFLyQGHYHUGDGHURVQHJDWLYRV\SRUWDQWRVHFDOFXODFRPR(63(& 
Qž UHVXOWDGRV QHJDWLYRV  Qž HQVD\RV WRWDOHV UHDOL]DGRV VREUH REMHWRV QHJDWLYRV  71 
71)3 
ƒ &XDQGRHODQiOLVLVFXDOLWDWLYRVHDSOLFDVREUHHOFRQWHQLGRGHXQGHWHUPLQDGRFRPSRQHQWHHO
YDORU HQFRQWUDGR HV DSOLFDEOH ~QLFDPHQWH DO YDORU GHO FRQWHQLGR FRQFHQWUDFLyQ  GH GLFKR
FRPSRQHQWH HQ HO REMHWR R PDWHULDO HQVD\DGR (Q HVWRV FDVRV SXHGH VHU QHFHVDULR
HVWDEOHFHUODVHQVLELOLGDGDGLIHUHQWHVQLYHOHVGHFRQFHQWUDFLyQ


 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



(63e&,0(1  63(&,0(1
3RUFLyQ GH XQ PDWHULDO VHOHFFLRQDGD  $ VSHFLILFDOO\ VHOHFWHG SRUWLRQ RI D PDWHULDO
HVSHFtILFDPHQWH WRPDGD GH XQ VLVWHPD WDNHQ IURP D G\QDPLF V\VWHP DQG DVVXPHG
GLQiPLFR\TXHVHVXSRQHUHSUHVHQWDWLYDGHO WREHUHSUHVHQWDWLYHRIWKHSDUHQWPDWHULDODW
PDWHULDORULJLQDOHQHOPRPHQWRHQHOTXHVH WKHWLPHLWLVWDNHQ
WRPD
$'0F1DXJKW$:LONLQVRQ&RPSHQGLRGH  &RPSHQGLXPRIFKHPLFDOWHUPLQRORJ\±*ROG
WHUPLQRORJtDTXtPLFD  6tQWHVLV %RRN:HEHGYHU  ,83$&
0XHVWUD  6DPSOH

2%6(59$&,21(6
ƒ $XQTXH HOHVSpFLPHQ SXHGH QR VHUUHSURGXFLEOHHQ HOWLHPSRHVGHFLUVHSXHGH WRPDUGH
XQDFRUULHQWHGHIOXMRRGHXQDSRUFLyQGHVDQJUHQRH[LVWHXQHUURUGHPXHVWUHRGHWHFWDEOH
\D TXH HVWH HUURU HVWi LUUHPHGLDEOHPHQWH LQFOXLGR HQ HO FRUUHVSRQGLHQWH HUURU GHO YDORU
HVWLPDGRGHODSURSLHGDGIXQFLyQRDQDOLWRREMHWRGHHVWXGLR
ƒ 8Q HVSpFLPHQ VH SXHGH FRQVLGHUDU FRPR XQ WLSR HVSHFLDO GH PXHVWUD WRPDGD
SUHIHUHQWHPHQWH HQ IXQFLyQ GHO WLHPSR PiV TXH GHO HVSDFLR HQ FRQGLFLRQHV WDOHV TXH OD
YDULDELOLGDG GHO PXHVWUHR QR SXHGH VHU YDORUDGD JHQHUDOPHQWH SRUTXH OD SREODFLyQ HV
FDPELDQWH \VHVXSRQHSRUFRQYHQLHQFLDTXHHVFHUR
ƒ (O WpUPLQR HVSpFLPHQ VH KD XWLOL]DGR JHQHUDOPHQWH HQ PXHVWUHR FOtQLFR ELROyJLFR \
PLQHUDOyJLFR SDUD LQGLFDU XQD XQLGDG UHSUHVHQWDWLYD R XQD XQLGDG GH XQD SREODFLyQ QR
UHSUHVHQWDWLYDSHURPHMRUTXHODPD\RUtDGHXQLGDGHVGHGLFKDSREODFLyQ








),$%,/,'$' GHXQPpWRGRDQDOtWLFR   5(/,$%,/,7< RIDQDQDO\WLFDOPHWKRG 
&DSDFLGDG GH XQ PpWRGR DQDOtWLFR GH  $ FKDUDFWHULVWLF RI DQ DQDO\WLFDO PHWKRG
PDQWHQHU VX H[DFWLWXG YHUDFLGDG \ GHILQHG DV LWV DELOLW\ WRSUHVHUYH LWV DFFXUDF\
SUHFLVLyQ DORODUJRGHOWLHPSR WUXHQHVVDQGSUHFLVLRQ RYHUWLPH
$GDSWDGDGH*ORVDULRGHWpUPLQRVHQ0  $GDSWHGIURP*ORVVDU\RIWHUPVLQ0
9DOFiUFHO3ULQFLSLRVGHTXtPLFDDQDOtWLFD 9DOFiUFHO3ULQFLSOHVRIDQDO\WLFDOFKHPLVWU\
 6SULQJHU $7H[W%RRN  6SULQJHU
([DFWLWXG5REXVWH]6ROLGH]  $FFXUDF\5REXVWQHVV5XJJHGQHVV
7UDQVIHULELOLGDG 7UDQVIHUDELOLW\

2%6(59$&,21(6
ƒ (VWiUHODFLRQDGDFRQODUREXVWH]VROLGH]\ODWUDQVIHULELOLGDG



 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



)81&,Ï1'(&$/,%5$&,Ï1  &$/,%5$7,21)81&7,21
5HODFLyQ IXQFLRQDO GHO SURFHVR GH PHGLGD  7KHIXQFWLRQDO QRWVWDWLVWLFDO UHODWLRQVKLSIRU
TXtPLFD TXH UHODFLRQD HO YDORU HVSHUDGR GH WKH FKHPLFDO PHDVXUHPHQW SURFHVV UHODWLQJ
OD VHxDO REVHUYDGD R YDULDEOH UHVSXHVWD \  WKHH[SHFWHGYDOXHRIWKHREVHUYHGVLJQDORU
FRQODFDQWLGDGGHDQDOLWR [  UHVSRQVHYDULDEOHWRWKHDQDO\WHDPRXQW
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  ,83$&5HFRPPHQGDWLRQV  
1RPHQFODWXUHLQHYDOXDWLRQRIDQDO\WLFDO
PHWKRGVLQFOXGLQJGHWHFWLRQDQG
TXDQWLILFDWLRQFDSDELOLWLHV
/LQHDOLGDG&DOLEUDFLyQDQDOtWLFD  /LQHDULW\$QDO\WLFDOFDOLEUDWLRQ

2%6(59$&,21(6
ƒ /D IXQFLyQ GH FDOLEUDFLyQ SXHGH VHU FRQRFLGD D SULRUL GHULYDGD GH OH\HV R SULQFLSLRV
FLHQWtILFRVRHVWLPDGDH[SHULPHQWDOPHQWHSRUPHGLRGHODVPXHVWUDVGHFDOLEUDFLyQ
ƒ /D UHSUHVHQWDFLyQ JUiILFD TXH VH REWLHQH D SDUWLU GH OD IXQFLyQ GH FDOLEUDFLyQ SDUD XQ
GHWHUPLQDGR DQDOLWR VH GHQRPLQD JHQpULFDPHQWH FXUYD GH FDOLEUDFLyQ DXQTXH HQ OD
PD\RUtDGHORVFDVRVFRUUHVSRQGDDXQDOtQHDUHFWD
ƒ $ OD IXQFLyQ LQYHUVD GH OD IXQFLyQ GH FDOLEUDFLyQ VH OH GHQRPLQD IXQFLyQ GH HYDOXDFLyQ R
IXQFLyQDQDOtWLFD









,'(17,),&$&,Ï1  ,'(17,),&$7,21
$VLJQDFLyQGHXQDQDOLWR RVHxDODQDOtWLFD D  $VVLJQLQJ DQ DQDO\WH DQDO\WLFDO VLJQDO  WR
XQ GHWHUPLQDGR FRPSXHVWR TXtPLFR R D XQ RQH LQGLYLGXDO FKHPLFDO FRPSRXQG RU WR D
JUXSRFODVH GH FRPSXHVWRV HQ EDVH D OD JURXSFODVV RI FRPSRXQGV EDVHG RQ
FRLQFLGHQFLD GH VXV SURSLHGDGHV R PDWFKLQJWKHLUSURSHUWLHVIHDWXUHV
FDUDFWHUtVWLFDV
7UDGXFLGDSRUORVDXWRUHV  %/0LOPDQ,GHQWLILFDWLRQRIFKHPLFDO
FRPSRXQGV7UHQGV$QDO&KHP

&RQILUPDFLyQ  &RQILUPDWLRQ

2%6(59$&,21(6
ƒ /D LGHQWLILFDFLyQ HV XQ UHFRQRFLPLHQWR GH XQD VXVWDQFLD TXH SXHGH EDVDUVH HQ VXV
SURSLHGDGHVRFDUDFWHUtVWLFDVItVLFDVTXtPLFDVRELROyJLFDV\HQLQIRUPDFLyQHVWUXFWXUDO
ƒ ,PSOLFD OD REWHQFLyQ GH HYLGHQFLDV VXILFLHQWHV SDUD DVHJXUDU TXH HO UHVXOWDGR SDUD XQD
PXHVWUDHVSHFtILFDHVYiOLGR
ƒ /D LGHQWLILFDFLyQ HV XQD RSHUDFLyQ TXH GHEH GLIHUHQFLDUVH GH OD GHWHFFLyQ \D TXH pVWD
VXSRQH ~QLFDPHQWH OD FRQVWDWDFLyQ GH XQD VHxDO DQDOtWLFD VLQ XQ YHUGDGHUR UHFRQRFLPLHQWR
GH VX QDWXUDOH]D 'HWHFFLyQ H LGHQWLILFDFLyQ VRQ SURFHVRV TXH YDQ tQWLPDPHQWH XQLGRV DO
DQiOLVLVFXDOLWDWLYR


 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



,'21(,'$''(/6,67(0$ DQDOtWLFR   $QDO\WLFDO 6<67(068,7$%,/,7<
&RQILUPDFLyQ KROtVWLFD GH TXH XQ VLVWHPD  7KH KROLVWLF HQVXULQJ WKDW DQ DQDO\WLFDO
DQDOtWLFRIXQFLRQDDGHFXDGDPHQWHGXUDQWHHO V\VWHP SHUIRUPV SURSHUO\ GXULQJ DQDO\VLV RI
DQiOLVLVGHPXHVWUDVGHVFRQRFLGDV XQNQRZQV
7UDGXFLGR\DGDSWDGRSRUORVDXWRUHV  $GDSWHGIURP$QDO\WLFDOSURFHGXUHVDQG
PHWKRGYDOLGDWLRQ GUDIW )'$
6LVWHPDDQDOtWLFR$SWLWXGSDUDXVR  $QDO\WLFDOV\VWHP)LWQHVVIRUSXUSRVH
9DOLGDFLyQ 9DOLGDWLRQ

2%6(59$&,21(6
ƒ /RVHQVD\RVGHLGRQHLGDGGHOVLVWHPD V\VWHPVXLWDELOLW\WHVW VRQXQDSDUWHLQWHJUDOGH
FXDOTXLHU PpWRGR DQDOtWLFR \ VH DSOLFDQ SDUD DVHJXUDU TXH HO VLVWHPD WUDEDMD GH IRUPD
DGHFXDGDGXUDQWHHODQiOLVLVGHODVPXHVWUDV
ƒ /D UHDOL]DFLyQ GH GLFKRV HQVD\RV SDUWH GH OD SUHPLVD GH TXH ORV HTXLSRV ORV SURJUDPDV
VRIWZDUH  ODV RSHUDFLRQHV DQDOtWLFDV \ ODV PXHVWUDV FRQVWLWX\HQ XQ VLVWHPD LQWHJUDO TXH
GHEHVHUHYDOXDGRFRPRWDO
ƒ /D LGRQHLGDG GHO VLVWHPD FRPELQD ORV REMHWLYRV GH OD FXDOLILFDFLyQ LQVWUXPHQWDO \ GH OD
YDOLGDFLyQGHPpWRGRV
ƒ /RVGRFXPHQWRVUHODFLRQDGRVFRQHODQiOLVLVIDUPDFpXWLFR )'$,&+)DUPDFRSHDV XWLOL]DQ
HO WpUPLQR IXQGDPHQWDOPHQWH HQ FRQH[LyQ FRQ ORV PpWRGRV FURPDWRJUiILFRV (Q HVWH FDVR
ORV FULWHULRV GH LGRQHLGDG GHO VLVWHPD LQFOX\HQ WDPELpQ SDUiPHWURV WtSLFDPHQWH
FURPDWRJUiILFRV IDFWRUHV GH FDSDFLGDG Q~PHUR GH SODWRV WHyULFRV IDFWRUHV GH VLPHWUtD GH
ORVSLFRVWLHPSRVGHUHWHQFLyQUHVROXFLyQSUHFLVLyQGHOiUHDGHSLFRIDFWRUHVGHUHVSXHVWD







,1&/86,9,'$' GHXQPpWRGR  ,1&/86,9,7< RIDTXDOLWDWLYHPHWKRG 
FXDOLWDWLYR 
&DSDFLGDG SDUD GHWHFWDU R LGHQWLILFDU ORV  $ELOLW\ WR GHWHFW RU LGHQWLI\ WKH UHOHYDQW
FRPSRQHQWHV UHOHYDQWHV GH XQ JUXSR GH PHPEHUV RI D WDUJHW DQDO\WH JURXS RU WKH
DQDOLWRV GLDQD R XQ DQDOLWR GLDQD GHQWUR GH WDUJHWDQDO\WHIURPDZLGHUDQJHRIVRXUFHV
XQDPSOLRUDQJRGHIXHQWHVXRUtJHQHV
7UDGXFLGDSRUORVDXWRUHV  1RUG9DO3URWRFRO1R  *XLGHLQ
YDOLGDWLRQRIDOWHUQDWLYHSURSULHWDU\FKHPLFDO
PHWKRGV
0DUFDGRU  0DUNHU

2%6(59$&,21(6
ƒ (ODQDOLWRGLDQD WDUJHWDQDO\WH DOTXHVHUHILHUHODGHILQLFLyQHVKDELWXDOPHQWHUHSUHVHQWDGR
SRUHOWpUPLQRPDUFDGRU PDUNHU 
ƒ &XDQGR VHD UHOHYDQWH KDEUtD TXH FRPSUREDU OD LQFOXVLYLGDG DQDOL]DQGR PXHVWUDV GH
GLIHUHQWHVRUtJHQHVSDUDFRPSUREDUVLHOPpWRGRHVFDSD]GHGHWHFWDUHODQDOLWRQRVRORHQ
GLIHUHQWHVPXHVWUDVVLQRWDPELpQVXSURFHGHQFLD SHPXHVWUDVGHVRMDPDt]RFDFDKXHWH
GHGLIHUHQWHVUHJLRQHVSDtVHV 


 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



Ë1',&('(<28'(1 GHXQPpWRGR  <28'(1,1'(; RIDTXDOLWDWLYH
FXDOLWDWLYR  PHWKRG 
)LDELOLGDG GH XQ PpWRGR FXDOLWDWLYR FXDQGR  5HOLDELOLW\ RI D TXDOLWDWLYH DQDO\WLFDO PHWKRG
VHDSOLFDVREUHPXHVWUDVSRVLWLYDV ZKHQLWLVDSSOLHGRQSRVLWLYHVDPSOHV
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP(85$&+(0&,7$&*XLGH
 7KHH[SUHVVLRQRIXQFHUWDLQW\LQ
TXDOLWDWLYHWHVWLQJ 'UDIW
/*&9$0 
6HQVLELOLGDG(VSHFLILFLGDG(ILFLHQFLD  6HQVLWLYLW\6SHFLILFLW\(IILFLHQF\)DOVH
5HODFLyQGHIDOVRVQHJDWLYRV5HODFLyQGH QHJDWLYHUDWH)DOVHSRVLWLYHUDWH
IDOVRVSRVLWLYRV

2%6(59$&,21(6
ƒ (V XQD PHGLGD GHO FRPSRUWDPLHQWR GH XQ HQVD\R FXDOLWDWLYR IUHQWH D PXHVWUDV SRVLWLYDV
5HIOHMD OD GLIHUHQFLD HQWUH ODV UHODFLRQHV GH YHUGDGHURV SRVLWLYRV \ GH IDOVRV SRVLWLYRV TXH
LGHDOPHQWHGHEHVHUORPiVDOWDSRVLEOHHVGHFLUFHUFDQDDODXQLGDG
ƒ 6H FDOFXOD FRPR <28'    (63(& ± 5)1    6(16 ± 5)3  5)1 UHODFLyQ GH IDOVRV
QHJDWLYRV5)3UHODFLyQGHIDOVRVSRVLWLYRV 
ƒ 'H IRUPD HTXLYDOHQWH VH SXHGH FDOFXODU WDPELpQ D SDUWLU GH ODV H[SUHVLRQHV <28'  
(63(&6(16 í í 5)35)1 
ƒ $YHFHVHQHOFRQWH[WRGHODQiOLVLVFXDOLWDWLYRDSDUHFHGHQRPLQDGRSRUHOWpUPLQRILDELOLGDG
UHOLDELOLW\ DXQTXHHVWHXVRHVWiGHVDFRQVHMDGR










,1)250$&,Ï1$1$/Ë7,&$  $1$/<7,&$/,1)250$7,21
&DUDFWHUtVWLFDV TXtPLFDV GH XQ REMHWR  &KHPLFDO FKDUDFWHULVWLFV RI DQ DQDO\WLFDO
DQDOtWLFR JHQHUDOPHQWH DWULEXLEOHV D VXV REMHFW XVXDOO\ DVFULEHG WR LWV FRPSRQHQWV
FRPSRQHQWHV DQDOLWRV  R DO FRQMXQWR DQDO\WHV  RU WKH HQWLW\ DV D ZKROH PDWUL[ 
PDWUL]  \ TXH VRQ QHFHVDULDV SDUD OD QHFHVVDU\WRUHVROYHDQDO\WLFDOSUREOHPV
UHVROXFLyQGHSUREOHPDVDQDOtWLFRV
$GDSWDGDGH*ORVDULRGHWpUPLQRVHQ0  $GDSWHGIURP*ORVVDU\RIWHUPVLQ0
9DOFiUFHO3ULQFLSLRVGHTXtPLFDDQDOtWLFD 9DOFiUFHO3ULQFLSOHVRIDQDO\WLFDOFKHPLVWU\D
 6SULQJHU WH[WERRN  6SULQJHU
&DUDFWHUtVWLFD3UREOHPDDQDOtWLFR  &KDUDFWHULVWLFV$QDO\WLFDOSUREOHP

2%6(59$&,21(6
ƒ /D LQIRUPDFLyQ DQDOtWLFD FRQVWLWX\H HO HVODEyQ HQWUH ORV GDWRV H[SHULPHQWDOHV \ HO
FRQRFLPLHQWR~WLO\HVHOREMHWLYRSULRULWDULRGHOD4XtPLFD$QDOtWLFD



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



,17(5)(5(1&,$  ,17(5)(5(1&(
(UURU VLVWHPiWLFR HQ HO DQiOLVLV FXDOLWDWLYR R  $ V\VWHPDWLF HUURU LQ WKH TXDOLWDWLYH RU
FXDQWLWDWLYR  FDXVDGR SRU OD SUHVHQFLD GH TXDQWLWDWLYH DQDO\VLVFDXVHGE\WKHSUHVHQFH
VXVWDQFLDVLQWHUIHUHQWHVHQODPXHVWUD RILQWHUIHUHQWVLQWKHVDPSOH
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP(3ULFKDUG$QDO\WLFDO
PHDVXUHPHQWWHUPLQRORJ\  /*&
56&
,QWHUIHUHQWH(IHFWRPDWUL]  ,QWHIHUHQW0DWUL[HIIHFW

2%6(59$&,21(6
ƒ /D LQWHUIHUHQFLD HV FDXVDGD SRU XQD SHUWXUEDFLyQ VLVWHPiWLFD GHO VLVWHPD DQDOtWLFR GH
QDWXUDOH]DItVLFDR ELR TXtPLFD
ƒ /DV LQWHUIHUHQFLDV SXHGHQ DIHFWDU DO UHVXOWDGR GHO DQiOLVLV GH IRUPD SRVLWLYD R QHJDWLYD
FDXVDQGR HUURUHV SRU H[FHVR R SRU GHIHFWR (Q DOJXQRV FDVRV SRGUtDQ H[LVWLU GRV
LQWHUIHUHQFLDVTXHVHFRPSHQVHQPXWXDPHQWHSRUORTXHQRVHGHWHFWDQ
ƒ /DLQWHUIHUHQFLDFDXVDGDSRUXQGHWHUPLQDGRLQWHUIHUHQWHGHSHQGHGHODWpFQLFDDQDOtWLFDTXH
VHDSOLTXH











,17(5)(5(17(  ,17(5)(5(17 RU,17(5)(5,1*
68%67$1&( 
6XVWDQFLDGLVWLQWDGHODQDOLWRTXHRULJLQDXQD  6XEVWDQFHRWKHUWKDQWKHDQDO\WHWKDWJLYHVD
VHxDO DQDOtWLFD VLPLODU R DOWHUD HO UHVXOWDGR VLPLODUDQDO\WLFDOVLJQDORUDOWHUWKHDQDO\WLFDO
DQDOtWLFR UHVXOW
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP*ORVVDU\RIWHUPVIRUTXDOLW\
DVVXUDQFHDQGJRRGODERUDWRU\SUDFWLFHV
QGHG  8QLWHG1DWLRQV2IILFHRQ
'UXJVDQG&ULPH 812'& 
,QWHUIHUHQFLD  ,QWHUIHUHQFH

2%6(59$&,21(6
ƒ (OWpUPLQRLQWHUIHUHQWHVLHPSUHGHEHDVRFLDUVHDVXVWDQFLDVLQGLYLGXDOPHQWHFRQVLGHUDGDV\
QRDXQFRQMXQWRGHHOODV



 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



,17(59$/2'(75$%$-2  :25.,1*5$1*(
&RQMXQWRGHYDORUHVGHFDQWLGDGGHDQDOLWRR  6HW RI YDOXHV RI DPRXQW RI DQDO\WH RU
SDUiPHWURDQDOtWLFRSDUDORVTXHHOHUURUGHO DQDO\WLFDOSDUDPHWHUIRUZKLFKWKHHUURURIDQ
PpWRGR DQDOtWLFR FRQVLGHUDGR SHUPDQHFH DQDO\WLFDO PHWKRG LV LQWHQGHG WR OLH ZLWKLQ
HQWUHORVOtPLWHVHVSHFLILFDGRV VSHFLILHGOLPLWV
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP&RPSHQGLXPRQDQDO\WLFDO
QRPHQFODWXUH±2UDQJH%RRN:HEHG
 ,83$&
,QWHUYDOROLQHDO  /LQHDUUDQJH

2%6(59$&,21(6
ƒ /RVHUURUHVDORVTXHKDFHPHQFLyQODGHILQLFLyQVHGHEHQGHILQLUHQWpUPLQRVGHSUHFLVLyQ\
YHUDFLGDG
ƒ (QVXFDUDFWHUL]DFLyQGHEHHVWDEOHFHUVHFODUDPHQWHHODQDOLWR\ODPDWUL]
ƒ (OLQWHUYDORGHWUDEDMRVHLQLFLDHQHOYDORUGHOOtPLWHGHFXDQWLILFDFLyQ\VHH[WLHQGHKDVWDHO
YDORUPiVDOWRGHFDQWLGDGGHDQDOLWRRSDUiPHWURDQDOtWLFRTXHKDVLGRYDOLGDGR
ƒ (O LQWHUYDOR GH WUDEDMR GHEH H[SUHVDUVH HQ ODV XQLGDGHV FRUUHVSRQGLHQWHV D OD FDQWLGDG GH
DQDOLWR R GHO SDUiPHWUR DQDOtWLFR FRQVLGHUDGR \ SXHGHQ HVWDU UHIHULGDV D OD GLVROXFLyQ GH
HQVD\RRPHMRUDODPXHVWUDXREMHWRDQDOtWLFRRULJLQDO







,17(59$/2/,1($/  /,1($55$1*(
5DQJR GH FDQWLGDG GH DQDOLWR R GH XQ  $QDO\WH DPRXQW RU DQDO\WLFDO SDUDPHWHU 
SDUiPHWUR DQDOtWLFR  HQ HO TXH OD LQWHQVLGDG UDQJH RYHU ZKLFK WKH LQWHQVLW\ RI WKH
GH OD VHxDO DQDOtWLFD REWHQLGD HV DQDO\WLFDO VLJQDO REWDLQHG LV GLUHFWO\
GLUHFWDPHQWH SURSRUFLRQDO D OD FDQWLGDG GH SURSRUWLRQDO WR WKH DPRXQW RI WKH VSHFLHV
ODVHVSHFLHVFDXVDQWHVGHODVHxDO SURGXFLQJWKHVLJQDO
$GDSWDGDGH$'0F1DXJKW$:LONLQVRQ  $GDSWHGIURP&RPSHQGLXPRIFKHPLFDO
&RPSHQGLRGHWHUPLQRORJtDTXtPLFD   WHUPLQRORJ\±*ROG%RRN:HEHGYHU
6tQWHVLV  ,83$&
/LQHDOLGDG5DQJRGLQiPLFROLQHDO  /LQHDULW\/LQHDUG\QDPLFUDQJH

2%6(59$&,21(6
ƒ (O LQWHUYDOR OLQHDO VH GHEH H[SUHVDU HQ XQLGDGHV GH FRQFHQWUDFLyQ \ SXHGH UHIHULUVH D OD
GLVROXFLyQGHHQVD\RRDODGLVROXFLyQWUDWDGD
ƒ 1RGHEHFRQIXQGLUVHHVWDSURSLHGDGGHORVPpWRGRVDQDOtWLFRVFRQHOUDQJRGLQiPLFROLQHDO
TXHHVXQDFDUDFWHUtVWLFDGHOLQVWUXPHQWRGHPHGLGD
ƒ (QXQPpWRGRDQDOtWLFROLQHDOHOLQWHUYDOROLQHDOVHLQLFLDHQHOYDORUFRUUHVSRQGLHQWHDOOtPLWH
GHGHWHFFLyQ
ƒ $XQTXHXQPpWRGRVHDQROLQHDOHVSRVLEOHTXHSUHVHQWHXQLQWHUYDOROLQHDOHQWUHGRVYDORUHV
GH FDQWLGDG GH DQDOLWR FRPR RFXUUH HQ ORV PpWRGRV FX\D FDOLEUDFLyQ VH DMXVWD D XQD
VLQXVRLGHSHXQPpWRGREDVDGRHQ(/,6$



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



/Ë0,7('(&8$17,),&$&,Ï1 GHXQ  /,0,72)48$17,),&$7,21 RID
PpWRGRFXDQWLWDWLYR  TXDQWLWDWLYHPHWKRG 
0tQLPDFRQFHQWUDFLyQRPDVDGHDQDOLWRTXH  7KH ORZHVW FRQFHQWUDWLRQ RU PDVV RI WKH
KDVLGRYDOLGDGDFRQXQDH[DFWLWXGDFHSWDEOH DQDO\WH WKDW KDV EHHQ YDOLGDWHG ZLWK
DSOLFDQGRHOPpWRGRDQDOtWLFRFRPSOHWR DFFHSWDEOH DFFXUDF\ E\ DSSO\LQJ WKH
FRPSOHWHDQDO\WLFDOPHWKRG
7UDGXFLGDSRUORVDXWRUHV  6$1&20HWKRGYDOLGDWLRQDQG
TXDOLW\FRQWUROSURFHGXUHVIRUSHVWLFLGH
UHVLGXHVDQDO\VLVLQIRRGDQGIHHG
/tPLWHGHGHWHUPLQDFLyQ/tPLWHGH  /LPLWRIGHWHUPLQDWLRQ/LPLWRIGHWHFWLRQ
GHWHFFLyQ

2%6(59$&,21(6
ƒ 7DPELpQ VH OH GHQRPLQD OtPLWH GH GHWHUPLQDFLyQ OLPLW RI GHWHUPLQDWLRQ R
GHWHUPLQDWLRQOLPLW 
ƒ &XDQGRHVWiLQFOXLGRHQHOLQWHUYDOROLQHDOGHOPpWRGRDQDOtWLFRHOOtPLWHGHFXDQWLILFDFLyQVH
GHILQH ~QLFDPHQWH HQ EDVH D OD SUHFLVLyQ $ PHQXGR HV GHILQLGR DUELWUDULDPHQWH FRPR OD
PtQLPDFDQWLGDG GH DQDOLWRTXHSXHGHVHUFXDQWLILFDGDFRQXQDSUHFLVLyQGHO y 
(VWD GHILQLFLyQ VH EDVD HQ HO KHFKR FRQWUDVWDGR GH TXH OD GHVYLDFLyQ HVWiQGDU UHODWLYD
DXPHQWDGUiVWLFDPHQWHFXDQGRGLVPLQX\HODFDQWLGDGGHDQDOLWR
ƒ $SOLFDQGRHOFULWHULRDQWHULRUHOOtPLWHGHFXDQWLILFDFLyQVHFDOFXODKDELWXDOPHQWHPXOWLSOLFDQGR
SRU  R SRU   OD GHVYLDFLyQ HVWiQGDU HVWLPDGD SDUD YDORUHV GH FDQWLGDG GH DQDOLWR PX\
EDMRV FHUFDQRVDOOtPLWHGHGHWHFFLyQ 
ƒ /D ,83$& UHFRPLHQGD QR XWLOL]DU HVWD FDUDFWHUtVWLFD GH IXQFLRQDPLHQWR FRPR XQ SDUiPHWUR
GHYDOLGDFLyQ





/Ë0,7('('(&,6,Ï1 &&Į   /,0,72)'(&,6,21 &&Į 
/tPLWHHQHOFXDO\DSDUWLUGHOFXDOVHSXHGH  7KH OLPLW DW DQG DERYH ZKLFK LW FDQ EH
FRQFOXLU FRQ XQD SUREDELOLGDG GH HUURU Į FRQFOXGHGZLWKDQHUURUSUREDELOLW\RIĮWKDW
TXHXQDPXHVWUDQRHVFRQIRUPH DVDPSOHLVQRQFRPSOLDQW
'HFLVLyQ&(GHOD&RPLVLyQSRUOD  &RPPLVVLRQ'HFLVLRQ(&
TXHVHDSOLFDOD'LUHFWLYD&(GHO LPSOHPHQWLQJ&RXQFLO'LUHFWLYH(&
&RQVHMRHQFXDQWRDOIXQFLRQDPLHQWRGHORV FRQFHUQLQJWKHSHUIRUPDQFHRIDQDO\WLFDO
PpWRGRVDQDOtWLFRV\ODLQWHUSUHWDFLyQGHORV PHWKRGVDQGWKHLQWHUSUHWDWLRQRIUHVXOWV
UHVXOWDGRV
(UURUDOID Į /tPLWHGHGHWHFFLyQ/tPLWHGH  $OID Į HUURU/LPLWRIGHWHFWLRQ/LPLWRI
FXDQWLILFDFLyQ TXDQWLILFDWLRQ

2%6(59$&,21(6
ƒ (QLQJOpVWDPELpQSXHGHYHQLUGHQRPLQDGRFRPRGHFLVLRQOLPLW
ƒ (O OtPLWH GH GHFLVLyQ QR VH XWLOL]D FRPR FDUDFWHUtVWLFD GH IXQFLRQDPLHQWR \D TXH OD
SUREDELOLGDGGHGHFODUDUHUUyQHDPHQWHODDXVHQFLDGHOFRPSRQHQWHFRQVLGHUDGR HUURUȕ HV
GHO


 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



/Ë0,7('('(7(&&,Ï1  /,0,72)'(7(&7,21
9DORU PHGLGR REWHQLGR PHGLDQWH XQ  0HDVXUHGTXDQWLW\YDOXHREWDLQHGE\DJLYHQ
SURFHGLPLHQWR GH PHGLGD GDGR FRQ XQD PHDVXUHPHQW SURFHGXUH IRU ZKLFK WKH
SUREDELOLGDG ȕ GH GHFODUDU HUUyQHDPHQWH OD SUREDELOLW\ RI IDOVHO\ FODLPLQJ WKH DEVHQFH RI
DXVHQFLDGHXQFRQVWLWX\HQWHHQXQPDWHULDO D FRPSRQHQW LQ D PDWHULDO LV ȕ JLYHQ D
GDGD XQD SUREDELOLGDG Į GH GHFODUDU SUREDELOLW\ĮRIIDOVHO\FODLPLQJLWVSUHVHQFH
HUUyQHDPHQWHVXSUHVHQFLD
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD±&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
/tPLWHGHGHFLVLyQ/tPLWHGHFXDQWLILFDFLyQ  /LPLWRIGHFLVLRQ/LPLWRITXDQWLILFDWLRQ
&DSDFLGDGGHGHWHFFLyQ(UURUDOID Į (UURU 'HWHFWLRQFDSDELOLW\$OID Į HUURU%HWD ȕ 
EHWD ȕ  HUURU

2%6(59$&,21(6
ƒ (O  OtPLWH GH GHWHFFLyQ UHSUHVHQWD OD FDQWLGDG PiV SHTXHxD GH DQDOLWR HQ OD PXHVWUD TXH
SXHGHVHUGLVWLQJXLGDGHIRUPDILDEOHGHOYDORUFHUR
ƒ 7UDGLFLRQDOPHQWH HO OtPLWH GH GHWHFFLyQ VH KD GHILQLGR WHQLHQGR HQ FXHQWD ~QLFDPHQWH HO
HUURUĮ IDOVRSRVLWLYR $FWXDOPHQWHHVWHFRQFHSWRHVWiOLJDGRDOOtPLWHGHGHFLVLyQ
ƒ (VWD GHILQLFLyQ DFWXDO GH OtPLWH GH GHWHFFLyQ LQFRUSRUD HQ XQ PLVPR SDUiPHWUR ODV
SUREDELOLGDGHVGHFRPHWHUHUURUHVSRUIDOVRQRGHWHFWDGR Į \IDOVRGHWHFWDGR ȕ DJUXSDORV
FRQFHSWRVGHILQLGRVHQHOOtPLWHGHGHFLVLyQ\ODFDSDFLGDGGHGHWHFFLyQ
ƒ /D,83$&UHFRPLHQGDSRUGHIHFWRTXHORVYDORUHVGHSUREDELOLGDGGHHUURUĮ IDOVRSRVLWLYR \
ȕ IDOVRQHJDWLYR VHDQLJXDOHVD  
ƒ (QLQJOpVDOJXQDVYHFHVVHXVDODDEUHYLDWXUD/2' OLPLWRIGHWHFWLRQRGHWHFWLRQOLPLW 



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



/Ë0,7('(5(3(7,%,/,'$' GHXQ  5(3($7$%,/,7</,0,7 RID
PpWRGRFXDQWLWDWLYR  TXDQWLWDWLYHPHWKRG 
9DORU SRU GHEDMR GHO FXDO VH VLW~D FRQ XQD  7KH YDOXH OHVV WKDQ RU HTXDO WR ZKLFK WKH
SUREDELOLGDGGHOHOYDORUDEVROXWRGHOD DEVROXWH GLIIHUHQFH EHWZHHQ ILQDO YDOXHV
GLIHUHQFLD HQWUH GRV UHVXOWDGRV GH HQVD\R HDFK RI WKHP UHSUHVHQWLQJ D VHULHV RI WHVW
REWHQLGRVEDMRFRQGLFLRQHVGHUHSHWLELOLGDG UHVXOWV RU PHDVXUHPHQW UHVXOWV REWDLQHG
XQGHU UHSHDWDELOLW\ FRQGLWLRQV PD\ EH
H[SHFWHGWREHZLWKDSUREDELOLW\RI
81(  ([DFWLWXG YHUDFLGDG\  ,62  $FFXUDF\ WUXHQHVVDQG
SUHFLVLyQ GHUHVXOWDGRV\PpWRGRVGH SUHFLVLRQ RIPHDVXUHPHQWPHWKRGVDQG
PHGLFLyQ±3DUWH3ULQFLSLRVJHQHUDOHV\ UHVXOWV±3DUW*HQHUDOSULQFLSOHVDQG
GHILQLFLRQHV GHILQLWLRQV
5HSHWLELOLGDG5HSURGXFLELOLGDG/tPLWHGH  5HSHDWDELOLW\5HSURGXFLELOLW\5HSURGXFLELOLW\
UHSURGXFLELOLGDG OLPLW

2%6(59$&,21(6
ƒ 6HUHSUHVHQWDSRUHOVtPERORU
ƒ 6HFDOFXODPXOWLSOLFDQGRHOGREOHGHODUDt]GHSRUODGHVYLDFLyQHVWiQGDUGHUHSHWLELOLGDG U
 ā'(U ā'(U 
ƒ ,QGLFD OD FDSDFLGDG GH UHVROXFLyQ R GLVFULPLQDFLyQ GHO PpWRGR DQDOtWLFR HQWUH UHVXOWDGRV
SUy[LPRVREWHQLGRVHQFRQGLFLRQHVGHUHSHWLELOLGDG






/Ë0,7('(5(352'8&,%,/,'$' GHXQ  5(352'8&,%,/,7</,0,7 RID
PpWRGRFXDQWLWDWLYR  TXDQWLWDWLYHPHWKRG 
9DORU SRU GHEDMR GHO FXDO VH VLW~D FRQ XQD  7KH YDOXH OHVV WKDQ RU HTXDO WR ZKLFK WKH
SUREDELOLGDGGHOHOYDORUDEVROXWRGHOD DEVROXWH GLIIHUHQFH EHWZHHQ ILQDO YDOXHV
GLIHUHQFLD HQWUH GRV UHVXOWDGRV GH HQVD\R HDFK RI WKHP UHSUHVHQWLQJ D VHULHV RI WHVW
REWHQLGRV EDMR FRQGLFLRQHV GH UHVXOWV RU PHDVXUHPHQW UHVXOWV REWDLQHG
UHSURGXFLELOLGDG XQGHU UHSURGXFLELOLW\ FRQGLWLRQV PD\ EH
H[SHFWHGWREHZLWKDSUREDELOLW\RI
81(  ([DFWLWXG YHUDFLGDG\  ,62  $FFXUDF\ WUXHQHVVDQG
SUHFLVLyQ GHUHVXOWDGRV\PpWRGRVGH SUHFLVLRQ RIPHDVXUHPHQWPHWKRGVDQG
PHGLFLyQ±3DUWH3ULQFLSLRVJHQHUDOHV\ UHVXOWV±3DUW*HQHUDOSULQFLSOHVDQG
GHILQLFLRQHV GHILQLWLRQV
5HSHWLELOLGDG5HSURGXFLELOLGDG/tPLWHGH  5HSHDWDELOLW\5HSURGXFLELOLW\5HSHDWDELOLW\
UHSHWLELOLGDG OLPLW

2%6(59$&,21(6
ƒ 6HUHSUHVHQWDSRUHOVtPEROR5
ƒ 6H FDOFXOD PXOWLSOLFDQGR HO GREOH GH OD UDt] GH  SRU OD GHVYLDFLyQ HVWiQGDU GH
UHSURGXFLELOLGDG 5  ā'(5 ā'(5 
ƒ ,QGLFD OD FDSDFLGDG GH UHVROXFLyQ R GLVFULPLQDFLyQ GHO PpWRGR DQDOtWLFR HQWUH UHVXOWDGRV
SUy[LPRVREWHQLGRVHQFRQGLFLRQHVGHUHSURGXFLELOLGDG


 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



/,1($/,'$' GHXQPpWRGRDQDOtWLFR   /,1($5,7< RIDQDQDO\WLFDOPHWKRG 
&DSDFLGDG GH XQ PpWRGR DQDOtWLFR SDUD  7KH DELOLW\ RI DQ DQDO\WLFDO PHWKRG WR LQGXFH
JHQHUDU XQD VHxDO FX\D LQWHQVLGDG HV D VLJQDO ZKRVH LQWHQVLW\ LV GLUHFWO\
GLUHFWDPHQWH SURSRUFLRQDO D OD FDQWLGDG GH SURSRUWLRQDO WR WKH DPRXQW RI WKH JLYHQ
XQDQDOLWRRSDUiPHWURDQDOtWLFRGDGR DQDO\WHRUDQDO\WLFDOSDUDPHWHU
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP,1$%3  *XLGHWR
PHWKRGYDOLGDWLRQIRUTXDQWLWDWLYHDQDO\VLVLQ
FKHPLFDOWHVWLQJODERUDWRULHV
/LQHDOLGDG,QWHUYDOROLQHDO5HFWDGH  /LQHDULW\/LQHDUUDQJH&DOLEUDWLRQFXUYH
FDOLEUDGR

2%6(59$&,21(6
ƒ /D OLQHDOLGDG HVWi DVRFLDGD DO HVWDEOHFLPLHQWR GH OD UHFWD GH FDOLEUDGR 'H KHFKR VH KD
SURSXHVWR FRPR SDUiPHWUR GH OLQHDOLGDG HO YDORU FRPSOHPHQWDULR GH OD GHVYLDFLyQ HVWiQGDU
UHODWLYDGHODSHQGLHQWH/,1 ±'(5 E 
ƒ 1R HV XQD SURSLHGDG QHFHVDULD \D TXH DOJXQRV PpWRGRV PXHVWUDQ XQ FRPSRUWDPLHQWR
LQWUtQVHFDPHQWHQROLQHDO\VHXWLOL]DQHQWRQFHVFXUYDVGHFDOLEUDFLyQDMXVWDGDVDIXQFLRQHV
QROLQHDOHV









/27('(0$7(5,$/  0$7(5,$/%$7&+
8QDFDQWLGDGGHPDWHULDO SHPXHVWUDV GH  $Q DPRXQW RI PDWHULDO HJ VDPSOHV  RI WKH
OD PLVPD PDWUL] R VLPLODU D OD TXH VH OH VDPH RU VLPLODU PDWUL[ H[SHFWHG WR EHKDYH
VXSRQH XQ FRPSRUWDPLHQWR PX\ SDUHFLGR VLPLODUO\ ZLWK UHVSHFW WR WKH SURFHGXUH V 
UHVSHFWR DO D ORV  SURFHGLPLHQWR V  EHLQJ HPSOR\HG FRQVLGHUHG WR EH D XQLIRUP
HPSOHDGR V  \ TXH VHFRQVLGHUD XQD XQLGDG GLVFUHWHXQLW
GLVFUHWDXQLIRUPH
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  *ORVVDU\RITXDOLW\DVVXUDQFHWHUPVDQG
UHODWHGDFURQ\PV:HEHG  86(3$
7DQGDDQDOtWLFD  $QDO\WLFDOEDWFK

2%6(59$&,21(6
ƒ 6HFRQVLGHUDTXHXQORWHKDVLGRSURGXFLGRRSURFHVDGRHQXQD~QLFDRSHUDFLyQ



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



0$*1,78'$1$/Ë7,&$  $1$/<7,&$/48$17,7<
3URSLHGDGGHFXDOTXLHUIHQyPHQRTXHSXHGD  3URSHUW\UHODWHGWRDQ\SKHQRPHQRQWKDWFDQ
UHODFLRQDUVHXQtYRFDPHQWHFRQODQDWXUDOH]D XQDPELJXRXVO\EHOLQNHGWRWKHQDWXUHDQGRU
\RFDQWLGDGGHVXVWDQFLDTXtPLFDSUHVHQWH DPRXQWRIFKHPLFDOSUHVHQW
3URSXHVWDSRUORVDXWRUHV  3URSRVHGE\WKHDXWKRUV
0DJQLWXG3DUiPHWURDQDOtWLFR  4XDQWLW\$QDO\WLFDOSDUDPHWHU

2%6(59$&,21(6
ƒ /DV PDJQLWXGHV DQDOtWLFDV SXHGHQ VHU GH QDWXUDOH]D FXDOLWDWLYD SH WLHPSR GH UHWHQFLyQ
ORQJLWXG GH RQGD SRWHQFLDO HOHFWURTXtPLFR  FXDQWLWDWLYD SH SHVR GH XQ SUHFLSLWDGR
LQWHQVLGDG GH XQD UDGLDFLyQ DOWXUD R iUHD GH XQ SLFR  R HVWUXFWXUDO SH SRVLFLyQ GH ODV
EDQGDVHQHVSHFWURVFRSLDGH,5RHQ501 









0$7(5,$/  0$7(5,$/
7RGD HQWLGDG KHFKD GH PDWHULD FRQVWLWXLGD  (YHU\ HQWLW\ PDGH RI PDWWHU FRPSULVLQJ RQH
SRUXQDRPiVVXVWDQFLDV RUPRUHVXEVWDQFHV
3URSXHVWDSRUORVDXWRUHV  3URSRVHGE\WKHDXWKRUV
2EMHWRDQDOtWLFR6XVWDQFLD  $QDO\WLFDOREMHFW6XEVWDQFH

2%6(59$&,21(6
ƒ (QHOiPELWRDQDOtWLFRHOWpUPLQRPDWHULDOVHUHILHUHDODPDWHULDTXHFRQVWLWX\HORVREMHWRVR
PXHVWUDVGHDQiOLVLV
ƒ (QFLHUWRVFDVRVODLGHQWLILFDFLyQ\RFXDQWLILFDFLyQGHXQPDWHULDOHQVtPLVPRSXHGHVHUHO
REMHWLYR GH XQ DQiOLVLV RFXSDQGR HO OXJDU GH ORV DQDOLWRV SH OD GHWHUPLQDFLyQ GH OD
SURSRUFLyQGHDFHLWHGHJLUDVROTXHDGXOWHUDXQDFHLWHGHROLYD
ƒ (Q TXtPLFD GH ORV PDWHULDOHV HO WpUPLQR WLHQH XQ VLJQLILFDGR GLVWLQWR \ VH XWLOL]D SDUD
UHSUHVHQWDU FXDOTXLHU FRPSRQHQWH JHQHUDOPHQWH VyOLGR GH PDTXLQDULD HVWUXFWXUDV
GLVSRVLWLYRVRSURGXFWRVTXHSXHGHVHUXWLOL]DGRSDUDDWHQGHUXQDQHFHVLGDGDFWXDORIXWXUD
GHODVRFLHGDG



 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



0$7(5,$/'(&21752/  &21752/0$7(5,$/
0DWHULDO TXH VH XWLOL]D SDUD HYDOXDU HO  $ PDWHULDO WR EH XVHG IRU WKH DVVHVVPHQW RI
IXQFLRQDPLHQWR GH XQ SURFHGLPLHQWR WKHSHUIRUPDQFHRIDQDQDO\WLFDOSURFHGXUHRU
DQDOtWLFRRGHSDUWHGHOPLVPR SDUWWKHUHRI
$'0F1DXJKW$:LONLQVRQ&RPSHQGLRGH  &RPSHQGLXPRIFKHPLFDOWHUPLQRORJ\±*ROG
WHUPLQRORJtDTXtPLFD  6tQWHVLV %RRN:HEHGYHU  ,83$&
0DWHULDOGHUHIHUHQFLD$QDOLWRSDWUyQ  5HIHUHQFHPDWHULDO6WDQGDUGDQDO\WH
0XHVWUDGHFRQWURO &RQWUROVDPSOH

2%6(59$&,21(6
ƒ 8QPDWHULDOGHFRQWUROHVVLPLODUDXQPDWHULDOGHUHIHUHQFLDSHURTXHVHXWLOL]D~QLFDPHQWH
FRQILQHVGHFRQWUROGHODFDOLGDG









0$75,=  0$75,;
&RPSRQHQWHV GH OD PXHVWUD GLVWLQWRV GHO  7KHFRPSRQHQWVRIWKHVDPSOHRWKHUWKDQWKH
DQDOLWR DQDO\WH
$'0F1DXJKW$:LONLQVRQ&RPSHQGLRGH  &RPSHQGLXPRIFKHPLFDOWHUPLQRORJ\±*ROG
WHUPLQRORJtDTXtPLFD  6tQWHVLV %RRN:HEHGYHU  ,83$&
$QDOLWR0XHVWUD  $QDO\WH6DPSOH

2%6(59$&,21(6
ƒ /DPDWUL]DQDOtWLFDSXHGHLQFOXLUWDQWRORVFRQVWLWX\HQWHVHQGyJHQRVFRPRDTXHOORVTXHVRQ
H[yJHQRVDOPDWHULDORULJLQDO
ƒ /DPDWUL]HQJOREDWRGRVORVFRPSRQHQWHVGLIHUHQWHVDO ORV DQDOLWRV V HQVXFRQMXQWR\QRD
QLYHOLQGLYLGXDO
ƒ )UHFXHQWHPHQWHODPDWUL]DSDUHFHGHILQLGDFRPRHOFRQMXQWRGHFRQFRPLWDQWHVVLHQGRHVWRV
FDGDXQRGHORVFRPSRQHQWHVLQGLYLGXDOHVGHODPXHVWUDGLIHUHQWHVGHODQDOLWR



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



0e72'2 DQDOtWLFR '(&5,%$'2  6&5((1,1* DQDO\WLFDO 0(7+2'
0pWRGR XWLOL]DGR SDUD HVWDEOHFHU HO YDORU GH  0HWKRGWKDWLVXVHGWR HVWDEOLVKWKHYDOXHRI
XQD SURSLHGDG R OD SUHVHQFLD GH XQD D IHDWXUH RU WKH SUHVHQFH RI D VXEVWDQFH RU
VXVWDQFLD R WLSR GH VXVWDQFLDV DO QLYHO GH FODVVRIVXEVWDQFHVDWWKHOHYHORILQWHUHVW
LQWHUpV
$GDSWDGDGH'HFLVLyQGHOD&RPLVLyQ  $GDSWHGIURP&RPPLVVLRQ'HFLVLRQ
&(SRUODTXHVHDSOLFDOD'LUHFWLYD (&LPSOHPHQWLQJ&RXQFLO'LUHFWLYH
&(GHO&RQVHMRHQFXDQWRDO (&FRQFHUQLQJWKHSHUIRUPDQFHRI
IXQFLRQDPLHQWRGHORVPpWRGRVDQDOtWLFRV\ DQDO\WLFDOPHWKRGVDQGWKHLQWHUSUHWDWLRQRI
ODLQWHUSUHWDFLyQGHORVUHVXOWDGRV UHVXOWV
$QiOLVLV RHQVD\R SDUDFULEDGR0pWRGR  6FUHHQLQJDQDO\VLV6FUHHQLQJWHVW6HPL
VHPLFXDQWLWDWLYR TXDQWLWDWLYHPHWKRG

2%6(59$&,21(6
ƒ (VWRV PpWRGRV SHUPLWHQ WUDWDU XQ HOHYDGR Q~PHUR GH PXHVWUDV \ VH XWLOL]DQ SDUD FULEDU
JUDQGHV FDQWLGDGHV GH PXHVWUDV HQ EXVFD GH SRVLEOHV UHVXOWDGRV QR FRQIRUPHV (VWiQ
GLVHxDGRVHVSHFtILFDPHQWHSDUDHYLWDUUHVXOWDGRVGHIDOVRFRQIRUPH
ƒ (Q JHQHUDO GHEHQ VHU UiSLGRV \ VHQFLOORV GH DSOLFDU HQ UHODFLyQ FRQ HO PpWRGR GH
FXDQWLILFDFLyQKDELWXDOPHQWHDSOLFDGR
ƒ 6XREMHWLYRIXQGDPHQWDOHVKDFHUXQDGLVFULPLQDFLyQGHODVPXHVWUDVFXDQGRVHFRQRFHGH
DQWHPDQRTXHVyORXQDEDMDSURSRUFLyQGHHOODVSXHGHVHUQRFRQIRUPHV
ƒ (QSULQFLSLRODUHDOL]DFLyQGHXQFULEDGRHVVLPLODUDODUHDOL]DFLyQGHXQDQiOLVLVH[FHSWRSRU
HOREMHWLYRGHGLVFULPLQDUPXHVWUDV




0e72'2 DQDOtWLFR (03Ë5,&2  (03,5,&$/ DQDO\WLFDO 0(7+2'
8Q PpWRGR TXH GHWHUPLQD XQ YDORU TXH  $PHWKRGZKLFKGHWHUPLQHVDYDOXHWKDWFDQ
SXHGHVHUREWHQLGRVRODPHQWHSRUDSOLFDFLyQ EH DFKLHYHG DW RQO\ LQ WHUPV RI WKH PHWKRG
GHO PpWRGR SHU VH \ FRQVWLWX\H SRU SHU VH DQG VHUYHV E\ GHILQLWLRQ DV WKH RQO\
GHILQLFLyQHO~QLFRPpWRGRSDUDHVWDEOHFHUHO PHWKRGIRUHVWDEOLVKLQJWKHPHDVXUDQG
GHWHUPLQDQGR
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP,83$&7HFKQLFDO5HSRUW
 +DUPRQLVHGJXLGHOLQHVIRUWKHXVHRI
UHFRYHU\LQIRUPDWLRQLQDQDO\WLFDO
PHDVXUHPHQW
3DUiPHWURDQDOtWLFR  $QDO\WLFDOSDUDPHWHU

2%6(59$&,21(6
ƒ 7DPELpQ VH SXHGH QRPEUDU FRPR PpWRGR DQDOtWLFR GHILQLGR R PpWRGR DQDOtWLFR
FRQYHQFLRQDO
ƒ (Q XQ PpWRGR HPStULFR HO GHWHUPLQDQGR HV OD FDQWLGDG R FRQWHQLGR GH DQDOLWR TXH SXHGH
VHUPHGLGRSRUDSOLFDFLyQGHOPpWRGRHQFXHVWLyQ'LFKDFDQWLGDGQRWLHQHSRUTXpFRLQFLGLU
FRQ OD FDQWLGDG WRWDO GH DQDOLWR SH QLWUyJHQR \ IyVIRUR H[WUDFWDEOH GH XQ VXHOR QLWUyJHQR
WRWDOEiVLFRYROiWLOGHOSHVFDGRGHPDQGDTXtPLFDGHR[tJHQRGHXQDJXDHWF
ƒ 8Q PpWRGR DQDOtWLFR QR HPStULFR VH GHQRPLQD PpWRGR DQDOtWLFR UDFLRQDO DXQTXH HVWD
WHUPLQRORJtDHVSRFRXWLOL]DGD


 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



0e72'2 DQDOtWLFR 1250$/,=$'2  67$1'$5' DQDO\WLFDO 0(7+2'
&RQMXQWRGHLQVWUXFFLRQHVDSUREDGDVSRUXQ  $VHWRILQVWUXFWLRQVDERXWKRZWRFDUU\RXWD
RUJDQLVPR GH QRUPDOL]DFLyQ VREUH FyPR PHWKRGLVVXHGE\DQDWLRQDOVWDQGDUGVERG\
OOHYDUDFDERXQPpWRGRDQDOtWLFR
7UDGXFLGDSRUORVDXWRUHV  (3ULFKDUG$QDO\WLFDOPHDVXUHPHQW
WHUPLQRORJ\  /*&56&
0pWRGRDQDOtWLFR0pWRGRDQDOtWLFRRILFLDO  $QDO\WLFDOPHWKRG5HJXODWRU\DQDO\WLFDO
3URFHGLPLHQWRDQDOtWLFR PHWKRG$QDO\WLFDOSURFHGXUH

2%6(59$&,21(6
ƒ /RVPpWRGRVDQDOtWLFRVQRUPDOL]DGRVWLHQHQODFDWHJRUtDGHSURFHGLPLHQWRVDQDOtWLFRV
ƒ *HQHUDOPHQWHORVPpWRGRVDQDOtWLFRVQRUPDOL]DGRVHVWiQHVFULWRVHQIRUPDGHSURFHGLPLHQWR
DQDOtWLFR
ƒ 7DPELpQ VH FRQVLGHUDQ PpWRGRV DQDOtWLFRV QRUPDOL]DGRV DTXHOORV TXH VRQ SURSXHVWRV SRU
RUJDQLVPRV UHFRQRFLGRV SRU VX DFWLYLGDG UHJXODWRULD DXQTXH QR VHDQ RUJDQLVPRV GH
QRUPDOL]DFLyQSH,83$&$2$&&2,,2&2,9),/,/)$3+$HWF











0e72'2 DQDOtWLFR 2),&,$/  5(*8/$725< DQDO\WLFDO 0(7+2'
0pWRGR DQDOtWLFR TXH HV LQFRUSRUDGR D OD  $QDO\WLFDO PHWKRG ZKLFK LV OHJLVODWHG E\ D
OHJLVODFLyQSRUXQRUJDQLVPRJXEHUQDPHQWDO QDWLRQDOJRYHUQPHQW
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP(3ULFKDUG$QDO\WLFDO
PHDVXUHPHQWWHUPLQRORJ\  /*&
56&
0pWRGRDQDOtWLFR0pWRGRQRUPDOL]DGR  $QDO\WLFDOPHWKRG6WDQGDUGDQDO\WLFDO
3URFHGLPLHQWRDQDOtWLFR PHWKRG$QDO\WLFDOSURFHGXUH

2%6(59$&,21(6
ƒ 6H FRQVLGHUDQ PpWRGRV DQDOtWLFRV RILFLDOHV DTXHOORV TXH VRQ SURSXHVWRV R DFHSWDGRV SRU
RUJDQLVPRV GHSHQGLHQWHV GH OD DGPLQLVWUDFLyQ SH 8( 0LQLVWHULR )'$ (3$ 26+$
,16+7)DUPDFRSHDHWF
ƒ 7DPELpQ VH FRQVLGHUDQ PpWRGRV DQDOtWLFRV RILFLDOHV DTXHOORV PpWRGRV DQDOtWLFRV
QRUPDOL]DGRVTXHKDQVLGRLQFRUSRUDGRVDODOHJLVODFLyQSRUXQDGLVSRVLFLyQOHJDO



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



0e72'2$1$/Ë7,&2  $1$/<7,&$/0(7+2'
6HFXHQFLD GH RSHUDFLRQHV WpFQLFDV  $ VHTXHQFH RI VSHFLILF WHFKQLFDO RSHUDWLRQV
HVSHFtILFDV SDUD OOHYDU D FDER XQ IRU FDUU\LQJ RXW D SDUWLFXODU FKHPLFDO
GHWHUPLQDGR DQiOLVLV TXtPLFR SUHVHQWDGDV DQDO\VLV V\VWHPDWLFDOO\ SUHVHQWHG LQ WKH
GH IRUPD VLVWHPiWLFD HQ HO RUGHQ HQ TXH RUGHULQZKLFKWKH\KDYHWREHH[HFXWHG
GHEHQVHUUHDOL]DGDV
3URSXHVWDSRUORVDXWRUHV  3URSRVHGE\WKHDXWKRUV

0pWRGRGHDQiOLVLVTXtPLFR3URFHGLPLHQWR  0HWKRGRIFKHPLFDODQDO\VLV$QDO\WLFDO
DQDOtWLFR SURFHGXUH

2%6(59$&,21(6
ƒ 8Q PpWRGR DQDOtWLFR HV OD DSOLFDFLyQ SUiFWLFD GH XQD GHWHUPLQDGD WpFQLFD R WpFQLFDV
DQDOtWLFDVFRQHOILQGHUHDOL]DUXQDQiOLVLVTXtPLFR
ƒ (OPpWRGRDQDOtWLFRUHSUHVHQWDODPDWHULDOL]DFLyQGHXQSURFHVRDQDOtWLFR










021,725,=$&,Ï1  021,725,1*
2EVHUYDFLyQ FRQWLQXD R UHSHWLGD PHGLGD \  &RQWLQXRXV RU UHSHDWHG REVHUYDWLRQ
HYDOXDFLyQ GH XQ SURFHVR HQ FLHUWR FDPSR PHDVXUHPHQW DQGHYDOXDWLRQRI DSURFHVVLQ
GHDSOLFDFLyQGHDFXHUGRDXQDGHWHUPLQDGD D FHUWDLQ ILHOG RI DSSOLFDWLRQ DFFRUGLQJ WR
SURJUDPDFLyQHVSDFLDO\WHPSRUDO JLYHQVFKHGXOHVLQVSDFHDQGWLPH
7UDGXFLGDSRUORVDXWRUHV  *ORVVDU\RIDQDO\WLFDOWHUPVLQ.'DQ]HU
$QDO\WLFDOFKHPLVWU\WKHRUHWLFDODQG
PHWURORJLFDOIXQGDPHQWDOV  6SULQJHU
0HGLGD  0HDVXUHPHQW

2%6(59$&,21(6
ƒ 6HXWLOL]DWDPELpQFRPRVLQyQLPRHOWpUPLQRVHJXLPLHQWR
ƒ &DPSRV GH DSOLFDFLyQ HQ ORV TXH VH DSOLFD OD PRQLWRUL]DFLyQ SXHGHQ VHU SH YLJLODQFLD
DPELHQWDO FRQWURO GH OD VDOXG \ OD VHJXULGDG LQVSHFFLyQ GH OD FDOLGDG DOLPHQWDULD
DVHJXUDPLHQWR\FRQWUROGHSURGXFWRVLQGXVWULDOHV



 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



08(675$  6$03/(
3RUFLyQ GHO PDWHULDO X REMHWR D HVWXGLDU  $ SRUWLRQ RI PDWHULDO VHOHFWHG IURP D ODUJHU
VHOHFFLRQDGDGHXQDFDQWLGDGPD\RU TXDQWLW\RIPDWHULDO
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  &RPSHQGLXPRIFKHPLFDOWHUPLQRORJ\±*ROG
%RRN:HEHGYHU  ,83$&
(VSpFLPHQ3RUFLyQGHHQVD\R2EMHWR  6SHFLPHQ7HVWSRUWLRQ2EMHFW

2%6(59$&,21(6
ƒ /DPXHVWUDWLHQHSRUILQDOLGDGRIUHFHULQIRUPDFLyQVREUHXQDFDUDFWHUtVWLFDGHWHUPLQDGDGHOD
SREODFLyQ REMHWR  DQDOL]DGD \ VHUYLU GH EDVH SDUD DGRSWDU XQD GHFLVLyQ UHODWLYD D OD
SREODFLyQHOSURGXFWRRHOSURFHVRTXHORVKD\DJHQHUDGR
ƒ (OWpUPLQRQHFHVLWDVHUFDOLILFDGRSRUHMHPSORPXHVWUDJOREDOPXHVWUDSULPDULDPXHVWUDD
JUDQHOPXHVWUDGHHQVD\R«
ƒ ,PSOLFD OD H[LVWHQFLD GH XQ HUURU GH PXHVWUHR HV GHFLU ORV UHVXOWDGRV REWHQLGRV HQ ODV
SRUFLRQHV WRPDGDV VRQ VyOR HVWLPDFLRQHV GH OD FRQFHQWUDFLyQ GH XQ FRQVWLWX\HQWH R GH OD
PDJQLWXGGHXQDSURSLHGDGSUHVHQWHHQHOPDWHULDOGHSDUWLGD6LQRKD\HUURUGHPXHVWUHRR
pVWHHVGHVSUHFLDEOHODSRUFLyQVHSDUDGDHVXQDSRUFLyQGHHQVD\RDOtFXRWDRHVSpFLPHQ
ƒ 6LODPXHVWUDHVGLYLGLGDHQSRUFLRQHVFDGDXQDGHHOODVFRQVWLWX\HXQDVXEPXHVWUD
ƒ /DIRUPDGHVHOHFFLyQGHODPXHVWUDVHGHEHHVWDEOHFHUHQXQSODQGHPXHVWUHR







08(675$&,(*$  %/,1'6$03/(
0XHVWUD TXH HV DQDOL]DGD SRU XQ RSHUDGRU  6DPSOH WKDW LV DQDO\VHG E\ DQ RSHUDWRU ZKR
TXH GHVFRQRFH HQ HO PRPHQWR GHO DQiOLVLV LVXQDZDUHDWWKHWLPHRIWKHDQDO\VLVWKDWWKH
TXH OD PXHVWUD HV XWLOL]DGD FRQ ILQHV GH VDPSOHLVIRUTXDOLW\FRQWUROSXUSRVHV
FRQWUROGHODFDOLGDG
7UDGXFLGDSRUORVDXWRUHV  *ORVVDU\RIWHUPVIRUTXDOLW\DVVXUDQFHDQG
JRRGODERUDWRU\SUDFWLFHVQGHG  
8QLWHG1DWLRQV2IILFHRQ'UXJVDQG&ULPH
812'& 
0XHVWUDGHFRQWURO  &RQWUROVDPSOH

2%6(59$&,21(6
ƒ &XDQGRODPXHVWUDFLHJDHVGHVFRQRFLGDWDPELpQFRPRWDOSRUHOVXSHUYLVRURUHVSRQVDEOH
WpFQLFRGHODQiOLVLVVHGHQRPLQDPXHVWUDGREOHPHQWHFLHJD



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



08(675$'(&21752/  &21752/6$03/(
0XHVWUD R SRUFLyQ GH HQVD\R XWLOL]DGD SDUD  7KH WHVW SRUWLRQ RU WHVW VROXWLRQ XVHG IRU
HYDOXDU HO IXQFLRQDPLHQWR GH XQ DVVHVVPHQW RI WKH SHUIRUPDQFH RI DQ
SURFHGLPLHQWRDQDOtWLFR DQDO\WLFDOSURFHGXUH
$GDSWDGDGH$'0F1DXJKW$:LONLQVRQ  &RPSHQGLXPRIFKHPLFDOWHUPLQRORJ\±*ROG
&RPSHQGLRGHWHUPLQRORJtDTXtPLFD   %RRN:HEHGYHU  ,83$&
6tQWHVLV
0XHVWUDFLHJD0DWHULDOGHFRQWURO  %OLQGVDPSOH&RQWUROPDWHULDO

2%6(59$&,21(6
ƒ (MHPSORV GH PXHVWUD FRQWURO VHUtDQ PDWHULDOHV GH UHIHUHQFLD PXHVWUDV GRSDGDV FXOWLYRV
FRQWURO PXHVWUDVGHXQDFRPSRVLFLyQELROyJLFDGHWHUPLQDGD EODQFRVHWF
ƒ 7DPELpQ VH SRGUtD HPSOHDU XQ SDWUyQ DQDOtWLFR HQ DFWLYLGDGHV GH YHULILFDFLyQ R FRQWURO GH
FDOLGDGHQFX\RFDVRKDEODUtDPRVGHSDWUyQGHFRQWURO









08(675$'((16$<2  7(676$03/(
0XHVWUD SUHSDUDGD D SDUWLU GH XQD PXHVWUD  6DPSOHSUHSDUHGIURPWKHODERUDWRU\VDPSOH
GH ODERUDWRULR \ GH OD TXH VH WRPDUiQ DQGIURPZKLFKWHVWSRUWLRQVZLOOEHWDNHQ
SRUFLRQHVGHHQVD\R
'HFLVLyQ&(GHOD&RPLVLyQSRUOD  ,626WDQGDUG  &KHPLVWU\
TXHVHDSOLFDOD'LUHFWLYD&(GHO OD\RXWVIRUVWDQGDUGV±3DUW0HWKRGVRI
&RQVHMRHQFXDQWRDOIXQFLRQDPLHQWRGHORV FKHPLFDODQDO\VLV
PpWRGRVDQDOtWLFRV\ODLQWHUSUHWDFLyQGHORV
UHVXOWDGRV
0XHVWUDGHODERUDWRULR3RUFLyQGHHQVD\R  /DERUDWRU\VDPSOH7HVWSRUWLRQ

2%6(59$&,21(6
ƒ &XDQGR OD PXHVWUD GH ODERUDWRULR QR UHTXLHUH GH QLQJXQD SUHSDUDFLyQ HV SRU Vt PLVPD OD
PXHVWUDGHHQVD\R
ƒ &XDQGRODPXHVWUDGHODERUDWRULRHVDGHPiVSUHSDUDGD UHGXFLGD SRUVXEGLYLVLyQPH]FOD
PROLHQGD R SRU YDULDVGH HVWDV RSHUDFLRQHVFRPELQDGDVHO UHVXOWDGR HV OD SURSLD PXHVWUD
GHHQVD\R



 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



08(675$'(/$%25$725,2  /$%25$725<6$03/(
0XHVWUD R VXEPXHVWUD V  HQYLDGD DO R  7KH VDPSOH RU VXEVDPSOH V  VHQW WR RU
UHFLELGDSRUHOODERUDWRULR UHFHLYHGE\WKHODERUDWRU\
$'0F1DXJKW$:LONLQVRQ&RPSHQGLRGH  &RPSHQGLXPRIFKHPLFDOWHUPLQRORJ\±*ROG
WHUPLQRORJtDTXtPLFD  6tQWHVLV %RRN:HEHGYHU  ,83$&
0XHVWUDGHHQVD\R  7HVWVDPSOH

2%6(59$&,21(6
ƒ /D PXHVWUD GH ODERUDWRULR HV OD PXHVWUD ILQDO GHVGH HO SXQWR GH YLVWD GH WRPD GH PXHVWUD
SHURHVODPXHVWUDLQLFLDOGHVGHHOSXQWRGHYLVWDGHOODERUDWRULRTXHOOHYDUiDFDERHODQiOLVLV
GHODPLVPD












08(675$'23$'$  63,.('6$03/(
0XHVWUD SUHSDUDGD PHGLDQWH OD DGLFLyQ  $ VDPSOH SUHSDUHG E\ DGGLQJ GHOLEHUDWHO\
GHOLEHUDGDGHDQDOLWR RXQVXEURJDGR VREUH WDUJHWRUQRQWDUJHWPDWHULDOWRDEODQNPDWUL[
ODPDWUL] VDPSOH
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP)LHOGVDPSOHPDQXDO  
0LQLVWU\RI(QYLURQPHQW%ULWLVK&ROXPELD
0XHVWUDHQULTXHFLGD%ODQFR  )RUWLILHGVDPSOH%ODQN

2%6(59$&,21(6
ƒ 8QDPXHVWUDGRSDGDVHREWLHQHDxDGLHQGRXQDFDQWLGDGFRQRFLGDGHDQDOLWR RVXEURJDGR D
ODPDWUL]HQVXHVWDGRQDWXUDOSRUWDQWRODPXHVWUDLQLFLDOPHQWHQRFRQWLHQHDQDOLWRQDWLYRHQ
FDVRFRQWUDULRVHGHEHGHXWLOL]DUHOWpUPLQRGHPXHVWUDHQULTXHFLGD
ƒ /DVPXHVWUDVGRSDGDVVHXWLOL]DQSRUHMHPSORSDUDGHWHUPLQDUVLH[LVWHHIHFWRPDWUL]



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



08(675$(15,48(&,'$  )257,),('6$03/(
0XHVWUD HQ OD TXH VH DGLFLRQD XQD FDQWLGDG  6DPSOHHQULFKHGZLWKDNQRZQDPRXQWRIWKH
FRQRFLGDGHODQDOLWRTXHGHEHGHWHFWDUVH DQDO\WHWREHGHWHFWHG
$GDSWDGRGH'HFLVLyQ&(GHOD  &RPPLVVLRQ'HFLVLRQ(&
&RPLVLyQSRUODTXHVHDSOLFDOD'LUHFWLYD LPSOHPHQWLQJ&RXQFLO'LUHFWLYH(&
&(GHO&RQVHMRHQFXDQWRDO FRQFHUQLQJWKHSHUIRUPDQFHRIDQDO\WLFDO
IXQFLRQDPLHQWRGHORVPpWRGRVDQDOtWLFRV\ PHWKRGVDQGWKHLQWHUSUHWDWLRQRIUHVXOWV
ODLQWHUSUHWDFLyQGHORVUHVXOWDGRV
0XHVWUDGRSDGD$QDOLWRDGLFLRQDGR  6SLNHGVDPSOH$GGHGDQDO\WH

2%6(59$&,21(6
ƒ (OWpUPLQRPXHVWUDHQULTXHFLGDGHEHUHIHULUVHVLHPSUHDXQDPXHVWUDTXH\DFRQWLHQHDQDOLWR
QDWLYR
ƒ (VEDVWDQWHKDELWXDOXWLOL]DUFRQHOPLVPRVLJQLILFDGRHOWpUPLQRPXHVWUDIRUWLILFDGD










08(675$5(3/,&$'$  5(3/,&$7(6$03/(
0XHVWUDV P~OWLSOHV WRPDGDV HQ FRQGLFLRQHV  0XOWLSOH VDPSOHV WDNHQ XQGHU FRPSDUDEOH
FRPSDUDEOHV FRQGLWLRQV
$'0F1DXJKW$:LONLQVRQ&RPSHQGLRGH  &RPSHQGLXPRIFKHPLFDOWHUPLQRORJ\±*ROG
WHUPLQRORJtDTXtPLFD  6tQWHVLV %RRN:HEHGYHU  ,83$&
0XHVWUD  6DPSOH

2%6(59$&,21(6
ƒ &XDQGRVyORVHUHDOL]DXQDUHSHWLFLyQVHXWLOL]DHOWpUPLQRPXHVWUDGXSOLFDGD
ƒ (VWDVHOHFFLyQGHPXHVWUDVP~OWLSOHVVHSXHGHFRQVHJXLUWRPDQGRXQLGDGHVDG\DFHQWHVHQ
HOWLHPSRRHQHOHVSDFLR
ƒ $XQTXH ODV PXHVWUDV UHSOLFDGDV VHVXSRQHQ LGpQWLFDV FRQ IUHFXHQFLD OD ~QLFD UpSOLFD HV HO
DFWRGHWRPDUODPXHVWUDItVLFD
ƒ (OSURSyVLWRSULQFLSDOGHWRPDUPXHVWUDVUHSOLFDGDVHVSRGHUHVWLPDUODSUHFLVLyQ YDULDFLRQHV
HVSDFLDOHV \ WHPSRUDOHV PiV ODV YDULDFLRQHV LQWURGXFLGDV D FRQVHFXHQFLD GH DSOLFDU HO
WUDWDPLHQWRGHPXHVWUD\HOSURFHGLPLHQWRDQDOtWLFR 



 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



08(675(2  6$03/,1*
3URFHVRGHREWHQHUXQDPXHVWUD  3URFHVVRIREWDLQLQJDVDPSOH

7UDGXFLGDSRUORVDXWRUHV  ,83$&5HFRPPHQGDWLRQV  


7HUPLQRORJ\LQVRLOVDPSOLQJ
0XHVWUD5HSUHVHQWDWLYLGDG  6DPSOH5HSUHVHQWDWLYHQHVV

2%6(59$&,21(6
ƒ (O PXHVWUHR HV XQD RSHUDFLyQ FUXFLDO SDUD DVHJXUDU OD UHSUHVHQWDWLYLGDG DXQTXH SXHGH
UHVXOWDU SDUDGyMLFR TXH JHQHUDOPHQWH WLHQH OXJDU IXHUD GHO iPELWR GHO ODERUDWRULR \ SRU
SHUVRQDODMHQRDpO













1,9(/'(&257( GHXQPpWRGRGH  &872))/(9(/ RIDVFUHHQLQJ
FULEDGR  PHWKRG 
9DORU GH OD VHxDO DQDOtWLFD GH XQ PpWRGR GH  7KH DQDO\WLFDO VLJQDO IURP D VFUHHQLQJ
FULEDGR LQGLFDWLYR GH OD SUHVHQFLD GH XQD PHWKRG ZKLFK LQGLFDWHV WKDW D VDPSOH
VXVWDQFLD HQ R SRU HQFLPD GHO XPEUDO GH FRQWDLQV D VXEVWDQFH DW RU DERYH WKH
FRQFHQWUDFLyQFRQVLGHUDGR WKUHVKROGWDUJHWFRQFHQWUDWLRQ
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP1RUG9DO3URWRFRO1R  
*XLGHLQYDOLGDWLRQRIDOWHUQDWLYHSURSULHWDU\
FKHPLFDOPHWKRGV
0pWRGRGHFULEDGR  6FUHHQLQJPHWKRG

2%6(59$&,21(6
ƒ 7DPELpQDSDUHFHGHQRPLQDGRFRPRXPEUDOGHFRUWH FXWRIIWKUHVKROG 
ƒ &XDQGRVHH[FHGHHOQLYHOGHFRUWHHVQHFHVDULRFRQILUPDUHOUHVXOWDGRPHGLDQWHXQPpWRGR
FXDQWLWDWLYR



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



2%-(72$1$/Ë7,&2  $1$/<7,&$/2%-(&7
6LVWHPD PDWHULDO R SDUWH GH pO GHO TXH VH  $PDWHULDOV\VWHPRUDSDUWRILWIURPZKLFK
UHTXLHUH LQIRUPDFLyQ TXtPLFD \ GHO TXH VH FKHPLFDOLQIRUPDWLRQLVUHTXLUHGDQGVDPSOHV
WRPDQODVPXHVWUDVTXHVHDQDOL]DQ DUHFROOHFWHGIRUDQDO\VLV
$GDSWDGRGH*ORVDULRGHWpUPLQRVHQ0  $GDSWHGIURP*ORVVDU\RIWHUPVLQ0
9DOFiUFHO3ULQFLSLRVGHTXtPLFDDQDOtWLFD 9DOFiUFHO3ULQFLSOHVRIDQDO\WLFDOFKHPLVWU\D
 6SULQJHU WH[WERRN  6SULQJHU
0DWHULDO0XHVWUD  0DWHULDO6DPSOH

2%6(59$&,21(6
ƒ $GLIHUHQFLDGHORVVLVWHPDVPDWHULDOHVJHQpULFDPHQWHFRQVLGHUDGRVXQREMHWRPDWHULDOGHEH
WHQHUELHQGHILQLGRVVXVOtPLWHVRIURQWHUDV
ƒ (QXQ SUREOHPDGHFRQWDPLQDFLyQDPELHQWDO GHODJXD HOREMHWRDQDOtWLFRSRGUtD VHUWRGRHO
VLVWHPDPDWHULDOSHXQUtRHQWHURRXQDSDUWHGHpOSHODGHVHPERFDGXUD
ƒ &DGDREMHWRDQDOtWLFRHVWiFDUDFWHUL]DGRSRUXQ~QLFRPDWHULDORSRUYDULRVPDWHULDOHVTXHVH
PH]FODQ








3$5È0(752$1$/Ë7,&2  $1$/<7,&$/3$5$0(7(5
&DUDFWHUtVWLFD GH XQ VLVWHPD PDWHULDO  $FKDUDFWHULVWLFRID PDWHULDO V\VWHPUHODWHG
UHODFLRQDGRFRQODFRPSRVLFLyQTXtPLFDTXH WR WKH FKHPLFDO FRPSRVLWLRQ WR EH GHWHFWHG
YDDVHUGHWHFWDGD\RGHWHUPLQDGDPHGLDQWH DQGRU GHWHUPLQHG E\ WKH DSSOLFDWLRQ RI D
ODDSOLFDFLyQGHXQPpWRGRDQDOtWLFR PHWKRGRIDQDO\VLV
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP,1$%3  *XLGHWR
PHWKRGYDOLGDWLRQIRUTXDQWLWDWLYHDQDO\VLVLQ
FKHPLFDOWHVWLQJODERUDWRULHV
&DUDFWHUtVWLFD  &KDUDFWHULVWLF

2%6(59$&,21(6
ƒ $ YHFHV VH XWLOL]D HO WpUPLQR SURSLHGDG DQDOtWLFD FRPR VLQyQLPR GH SDUiPHWUR DQDOtWLFR
DXQTXHHVPiV KDELWXDOHQFRQWUDU HOSULPHURFRQHOVLJQLILFDGRGH SURSLHGDGGH XQ PpWRGR
DQDOtWLFRTXHGHVFULEHVXFDOLGDGHQHVWHJORVDULRGLFKRVLJQLILFDGRYLHQHUHSUHVHQWDGRSRUHO
WpUPLQRFDUDFWHUtVWLFDGHIXQFLRQDPLHQWR
ƒ (O WpUPLQR SDUiPHWUR DQDOtWLFR VH DSOLFD DGHPiV D PDJQLWXGHV ItVLFRTXtPLFDV SH S+
FRQGXFWLYLGDGDEVRUFLyQ89YLVHWF RGHQDWXUDOH]DHPStULFD SHPDWHULDVHFDJUDGRGH
DFLGH] tQGLFH GH DPDUJRU HWF  TXH HVWiQ tQWLPDPHQWH UHODFLRQDGDV FRQ OD FRPSRVLFLyQ
TXtPLFD\TXHSXHGHQVHUREMHWRGHXQDQiOLVLVTXtPLFR
ƒ /DV PDJQLWXGHV UHODFLRQDGDV FRQ OD FDQWLGDG GH DQDOLWR FRPR FRQFHQWUDFLyQ SRUFHQWDMH
HWF SXHGHQ VHU FRQVLGHUDGDV FRPR SDUiPHWURV DQDOtWLFRV (Q HVWH VHQWLGR HO WpUPLQR
SDUiPHWUR DQDOtWLFR HV HTXLYDOHQWH HQ HO FRQWH[WR DQDOtWLFR DO WpUPLQR GHWHUPLQDQGR
HQWHQGLHQGRFRPRWDOODFRQFUHFLyQGHOPHQVXUDQGRHQHOiPELWRDQDOtWLFR


 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



3$75Ï1 DQDOtWLFR (;7(512  (;7(51$/ DQDO\WLFDO 67$1'$5'
3DWUyQ SUHSDUDGR GLUHFWDPHQWH PH]FODQGR  6WDQGDUG SUHSDUHG GLUHFWO\ E\ EOHQGLQJ D
DQDOLWR SDWUyQ HQ XQD VXVWDQFLD LQHUWH R VWDQGDUGDQDO\WHLQWRDQLQHUWVXEVWDQFHRUD
GLVROYHQWH VROYHQW
7UDGXFLGR\DGDSWDGRSRUORVDXWRUHV  $GDSWHGIURP*ORVVDU\RIWHUPVIRUTXDOLW\
DVVXUDQFHDQGJRRGODERUDWRU\SUDFWLFHV
QGHG  8QLWHG1DWLRQV2IILFHRQ
'UXJVDQG&ULPH 812'& 
$QDOLWRSDWUyQ0DWHULDOGHUHIHUHQFLD  6WDQGDUGDQDO\WH5HIHUHQFHPDWHULDO

2%6(59$&,21(6
ƒ (OSDWUyQH[WHUQRVHSXHGHSUHSDUDUGLUHFWDPHQWHDSDUWLUGHODQDOLWRSDWUyQRSRUVXFHVLYDV
GLOXFLRQHVGHOPLVPR
ƒ 8QSDWUyQH[WHUQRQRVHSUHSDUDHQHOPLVPRWLSRGHPDWUL]TXHODPXHVWUDRHVSpFLPHQD
DQDOL]DU \ QR LQFRUSRUD ORV FRPSRQHQWHV GH GLFKD PDWUL] SRU WDQWR QR VH UHTXLHUH XQD
H[WUDFFLyQSUHYLDDODQiOLVLV
ƒ 6H XWLOL]D SDUD IDFLOLWDU OD LGHQWLILFDFLyQ FXDOLWDWLYD \R GHWHUPLQDFLyQ FXDQWLWDWLYD GH ORV
FRPSRQHQWHVGHODPXHVWUD






3$75Ï1 DQDOtWLFR ,17(512  ,17(51$/ DQDO\WLFDO 67$1'$5'
3DWUyQ DGLFLRQDGR D OD PXHVWUD HQ  $ VWDQGDUG DGGHG WR VDPSOHV LQ NQRZQ
FRQFHQWUDFLyQ FRQRFLGD VRPHWLGR DO DPRXQWDQGFDUULHGWKURXJKWKHSURFHGXUHDV
SURFHGLPLHQWR DQDOtWLFR \ HPSOHDGR FRPR D UHIHUHQFH IRU FDOLEUDWLRQ DQG FRQWUROOLQJ
UHIHUHQFLDHQODFDOLEUDFLyQ\HQHOFRQWUROGH LQVWUXPHQWDO DQG DQDO\WLFDO SUHFLVLRQ DQG
OD SUHFLVLyQ \ YHUDFLGDG LQVWUXPHQWDO \ ELDV
DQDOtWLFD
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP)LHOGVDPSOHPDQXDO  
0LQLVWU\RI(QYLURQPHQW%ULWLVK&ROXPELD
$QDOLWRSDWUyQ6XEURJDGR  6WDQGDUGDQDO\WH6XUURJDWH

2%6(59$&,21(6
ƒ (OSDWUyQLQWHUQRVHHPSOHDSDUDFRPSHQVDUYDULDFLRQHVHQODUHVSXHVWDDQDOtWLFDGHELGDVDO
LQVWUXPHQWR\RHIHFWRPDWUL]RYDULDFLRQHVHQODFDQWLGDGGHPXHVWUDFRPRFRQVHFXHQFLDGH
IDOWDGHUHSHWLELOLGDGHQHOYROXPHQGHLQ\HFFLyQ
ƒ (QHOFLWDGRGRFXPHQWR)LHOGVDPSOHPDQXDO  DSDUHFHDGHPiVODVLJXLHQWHGLVWLQFLyQ
3DWUyQ LQWHUQR WLSR ,  7LHQH FDUDFWHUtVWLFDV TXtPLFDV VLPLODUHV DO DQDOLWR SHUR JHQHUD XQD
UHVSXHVWD TXtPLFD GLVWLQWD D OD GH pVWH QR HVWDQGR VXMHWD D LQWHUIHUHQFLDV 6H DxDGH D OD
PXHVWUD MXVWR DQWHV GHO DQiOLVLV 3DWUyQ LQWHUQR WLSR ,,  &DVR SDUWLFXODU HQ HO TXH HO SDWUyQ
LQWHUQRVHDxDGHDODPXHVWUDDQWHVGHODHWDSDGHSUHSDUDFLyQGHODPLVPD
ƒ /DGLIHUHQFLDIXQGDPHQWDOHQWUHORVGRVWLSRVGHSDWUyQLQWHUQRUDGLFDHQTXHHOWLSR,,VLUYH
SDUD FRPSHQVDU SpUGLGDV VXIULGDVGXUDQWH OD SUHSDUDFLyQ GH OD PXHVWUD \ YDULDFLRQHV HQ HO
YROXPHQGHPXHVWUDILQDO6HDVXPHTXHODSpUGLGDGHODQDOLWR\GHOSDWUyQLQWHUQRGXUDQWHOD
SUHSDUDFLyQGHODPXHVWUDVHUiSURSRUFLRQDO


 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



3$75Ï1 DQDOtWLFR 35,0$5,2  35,0$5< DQDO\WLFDO 67$1'$5'
6XVWDQFLD GH SXUH]D PX\ DOWD \ FRQRFLGD  6XEVWDQFH RI NQRZQ KLJK SXULW\ ZKLFK PD\
TXHVHGLVXHOYHHQXQYROXPHQFRQRFLGRGH EHGLVVROYHGLQDNQRZQYROXPHRIVROYHQWWR
GLVROYHQWH SDUD REWHQHU XQD GLVROXFLyQ JLYHDSULPDU\VWDQGDUGVROXWLRQ
HVWiQGDUSULPDULD
$'0F1DXJKW$:LONLQVRQ&RPSHQGLRGH  &RPSHQGLXPRIFKHPLFDOWHUPLQRORJ\±*ROG
WHUPLQRORJtDTXtPLFD  6tQWHVLV %RRN:HEHGYHU  ,83$&
$QDOLWRSDWUyQ3DWUyQVHFXQGDULR  6WDQGDUGDQDO\WH6HFRQGDU\VWDQGDUG

2%6(59$&,21(6
ƒ /D FRQFHQWUDFLyQ GH XQD GLVROXFLyQ HVWiQGDU SULPDULD VH FDOFXOD GLUHFWDPHQWH GH OD PDVD
SHVDGD \ GHO YROXPHQ SUHSDUDGR SRU OR TXH VH UHTXLHUH XWLOL]DU EDODQ]DV \ PDWHULDO
YROXPpWULFRGHFDOLGDGFRQWUDVWDGD FDOLEUDGRV 
ƒ /RVYDORUHVFDOFXODGRVGHFRQFHQWUDFLyQSXHGHQVHUFRUUHJLGRVSRUHOYDORUGHFODUDGRGHOD
SXUH]DGHODQDOLWRSDWUyQ











3$75Ï1 DQDOtWLFR 6(&81'$5,2  6(&21'$5< DQDO\WLFDO 67$1'$5'
6XVWDQFLD FX\R FRQWHQLGR HQ DJHQWH DFWLYR  $ VXEVWDQFH ZKRVH DFWLYH DJHQW FRQWHQWV
VHGHWHUPLQDSRUFRPSDUDFLyQFRQXQSDWUyQ KDYH EHHQ IRXQG E\ FRPSDULVRQ DJDLQVW D
SULPDULR SULPDU\VWDQGDUG
$'0F1DXJKW$:LONLQVRQ&RPSHQGLRGH  &RPSHQGLXPRIFKHPLFDOWHUPLQRORJ\±*ROG
WHUPLQRORJtDTXtPLFD  6tQWHVLV %RRN:HEHGYHU  ,83$&
$QDOLWRSDWUyQ3DWUyQSULPDULR  6WDQGDUGDQDO\WH3ULPDU\VWDQGDUG

2%6(59$&,21(6
ƒ 6L VH XWLOL]D OD HVWHTXLRPHWUtD SH SRU PHGLR GH XQD YROXPHWUtD R JUDYLPHWUtD  SDUD
HVWDEOHFHU OD FRQFHQWUDFLyQ GH XQ DJHQWH YDORUDQWH D HVWD GLVROXFLyQ VH OH GHQRPLQD
GLVROXFLyQSDWUyQVHFXQGDULD
ƒ /D RSHUDFLyQ SRU OD TXH VH FDUDFWHUL]D XQ SDWUyQ VHFXQGDULR HQ HO iPELWR GHO DQiOLVLV
PHGLDQWH YDORUDFLyQ YROXPpWULFD VH VXHOH FRQRFHU FRQ OD GHQRPLQDFLyQ GH FRQWUDVWH R
IDFWRUL]DFLyQ



 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



3$75Ï1 DQDOtWLFR 6,0,/$5$/$  0$75,;0$7&+(' DQDO\WLFDO 
0$75,= 67$1'$5'
3DWUyQ DQDOtWLFR SUHSDUDGR PH]FODQGR  $QDO\WLFDO VWDQGDUG SUHSDUHG E\ EOHQGLQJ D
DQDOLWRSDWUyQFRQPDWUL]OLEUHGHDQDOLWR VWDQGDUGDQDO\WHZLWKIUHHDQDO\WHPDWUL[
3URSXHVWDSRUORVDXWRUHV  3URSRVHGE\WKHDXWKRUV

$QDOLWRSDWUyQ0DWHULDOGHUHIHUHQFLD  6WDQGDUGDQDO\WH5HIHUHQFHPDWHULDO

2%6(59$&,21(6
ƒ /D QHFHVLGDG GH GLVSRQHU GH PDWUL] OLEUH GH DQDOLWR UHTXLHUH TXH GLFKR DQDOLWR QR VHD XQ
FRPSRQHQWH LQWUtQVHFR DO SURSLR PDWHULDO (Q HVWRV FDVRV SRGUtD XWLOL]DUVH XQD PDWUL]
SUHSDUDGDGHIRUPDDUWLILFLDO
ƒ (ODQiOLVLVGHXQSDWUyQVLPLODUDODPDWUL]UHTXLHUHDSOLFDUWRGDVODVRSHUDFLRQHVSUHYLDVGHO
PpWRGRDQDOtWLFR
ƒ 6H XWLOL]D WDQWR FRPR SDWUyQ GH FDOLEUDFLyQ HQ FDOLEUDFLRQHV HQ SUHVHQFLD GH PDWUL]
PDWUL[PDWFKHG FDOLEUDWLRQ  FRPR SDWUyQ GH FRQWURO HQ DTXHOORV FDVRV HQ ORV TXH HO
HIHFWRPDWUL]HVVLJQLILFDWLYR










325&,Ï1'((16$<2  7(673257,21
&DQWLGDG GH PDWHULDO WRPDGD GH OD PXHVWUD  4XDQWLW\ RI PDWHULDO GUDZQ IURP WKH WHVW
GHHQVD\RVREUHODTXHVHUHDOL]DHODQiOLVLV VDPSOH RQ ZKLFK WKH WHVW RU REVHUYDWLRQ LV
RODREVHUYDFLyQ FDUULHGRXW
'HFLVLyQ&(GHOD&RPLVLyQSRUOD  &RPPLVVLRQ'HFLVLRQ(&
TXHVHDSOLFDOD'LUHFWLYD&(GHO LPSOHPHQWLQJ&RXQFLO'LUHFWLYH(&
&RQVHMRHQFXDQWRDOIXQFLRQDPLHQWRGHORV FRQFHUQLQJWKHSHUIRUPDQFHRIDQDO\WLFDO
PpWRGRVDQDOtWLFRV\ODLQWHUSUHWDFLyQGHORV PHWKRGVDQGWKHLQWHUSUHWDWLRQRIUHVXOWV
UHVXOWDGRV
0XHVWUDGHHQVD\R  7HVWVDPSOH

2%6(59$&,21(6
ƒ /DSRUFLyQGHHQVD\RWDPELpQSXHGHVHUGHQRPLQDGDSRUFLyQDQDOtWLFD



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



35$&7,&$%,/,'$' GHXQPpWRGR  35$&7,&$%,/,7< RIDQDQDO\WLFDO
DQDOtWLFR  PHWKRG 
$SWLWXG SDUD SRQHU HQ SUiFWLFD XQ PpWRGR  $ELOLW\ WR SXW DQ DQDO\WLFDO PHWKRG LQWR
DQDOtWLFR SUDFWLFH
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP*ORVVDU\RIWHUPVIRUTXDOLW\
DVVXUDQFHDQGJRRGODERUDWRU\SUDFWLFHV
QGHG  8QLWHG1DWLRQV2IILFHRQ
'UXJVDQG&ULPH 812'& 
7UDQVIHULELOLGDG  7UDQVIHUDELOLW\

2%6(59$&,21(6
ƒ (VWi UHODFLRQDGD FRQ OD IDFLOLGDG GH OOHYDU D FDER ODV RSHUDFLRQHV GH ODERUDWRULR \ OD
YLDELOLGDG\HILFLHQFLDHQODLPSOHPHQWDFLyQGHGLFKDVRSHUDFLRQHV
ƒ (QHOODERUDWRULRODSUDFWLFDELOLGDGLPSOLFDODDXVHQFLDGHHTXLSRVRFRQGLFLRQHVDPELHQWDOHV
LQQHFHVDULDVRVRILVWLFDGDVTXHGLILFXOWHQTXHHOPpWRGRVHDDGHFXDGRSDUDXQXVRUXWLQDULR
ƒ 7DPELpQVHSXHGHFRQVLGHUDUHOFRVWHXQLWDULRDVRFLDGRDFDGDPXHVWUD









35(&,6,Ï1'(+25:,7=  +25:,7=35(&,6,21
9DORUGHUHIHUHQFLDGHODUHSURGXFLELOLGDGGH  5HIHUHQFH YDOXH RI WKH UHSURGXFLELOLW\ RI DQ
XQ PpWRGR DQDOtWLFR FDOFXODGD GH IRUPD DQDO\WLFDO PHWKRG HPSLULFDOO\ FDOFXODWHG IURP
HPStULFD PHGLDQWH OD HFXDFLyQ GH +RUZLW] \ WKH +RUZLW] HTXDWLRQ DQG H[SUHVVHG DV
H[SUHVDGD FRPR GHVYLDFLyQ HVWiQGDU UHODWLYHVWDQGDUGGHYLDWLRQ
UHODWLYD
$GDSWDGRGH&$&*/'LUHFWULFHV  $GDSWHG IURP &$&*/  *XLGHOLQHV
VREUHWHUPLQRORJtDDQDOtWLFD&RPLVLyQGHO RQDQDO\WLFDOWHUPLQRORJ\&RGH[$OLPHQWDULXV
&RGH[$OLPHQWDULXV &RPPLVVLRQ
5HSURGXFLELOLGDG  5HSURGXFLELOLW\

2%6(59$&,21(6
ƒ /DHFXDFLyQRULJLQDOGH+RUZLW]WRPDODH[SUHVLyQ'(55    ±āORJ& GRQGH'(55HV
ODGHVYLDFLyQHVWiQGDUGHUHSURGXFLELOLGDG\&HVODFRQFHQWUDFLyQGHDQDOLWRH[SUHVDGDFRPR
IUDFFLyQPiVLFDUHIHULGDDODXQLGDG
ƒ 'LFKDHFXDFLyQVHSXHGHH[SUHVDUPiVIiFLOPHQWHFRPR'(55   ā&RHQIXQFLyQGH
ODGHVYLDFLyQHVWiQGDU '(5 '(5 ā&

ƒ 5HFLHQWHPHQWH VH KD DFHSWDGR TXH HO YDORU GH OD SUHFLVLyQ GH +RUZLW] SDUD YDORUHV GH &
LQIHULRUHVD ±VHFRQVLGHUDFRQVWDQWHHLJXDODOYDORUGH 07KRPSVRQ$QDO\VW
 


 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



35(&,6,Ï1,17(50(',$  ,17(50(',$7(35(&,6,21
3UHFLVLyQ EDMR FRQGLFLRQHV GH REVHUYDFLyQ  3UHFLVLRQXQGHUREVHUYDWLRQFRQGLWLRQVZKHUH
GRQGH VH REWLHQHQ UHVXOWDGRV LQGHSHQGHQW WHVWPHDVXUHPHQW UHVXOWV DUH
LQGHSHQGLHQWHVGHQWURGHOPLVPRODERUDWRULR REWDLQHGZLWKLQWKHVDPHODERUDWRU\ZLWKWKH
FRQHOPLVPRPpWRGRHQLGpQWLFDVPXHVWUDV VDPH PHWKRG RQ LGHQWLFDO WHVWPHDVXUHPHQW
\ FDPELDQGR FRQGLFLRQHV FRPR RSHUDGRU LWHPV DQG ZLWK FKDQJLQJ FRQGLWLRQV VXFK DV
HTXLSRGHPHGLGDORFDOL]DFLyQ\WLHPSR RSHUDWRUPHDVXULQJHTXLSPHQWORFDWLRQDQG
WLPH
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP$670(  
6WDQGDUGSUDFWLFHIRUXVHRIWKHWHUPV
SUHFLVLRQDQGELDVLQ$670WHVWPHWKRGV
5HSHWLELOLGDG5HSURGXFLELOLGDG  5HSHDWDELOLW\5HSURGXFLELOLW\

2%6(59$&,21(6
ƒ /DSUHFLVLyQLQWHUPHGLDUHSUHVHQWDODSUHFLVLyQLQWUDODERUDWRULRDORODUJRGHXQODUJRSHULRGR
GHWLHPSRH[WHQVR
ƒ $ YHFHV VH OH GHQRPLQD UHSURGXFLELOLGDG LQWUDODERUDWRULR SHUR HVWH WpUPLQR QR HV
DFRQVHMDEOH \D TXH VXSRQH XQ PDO XVR GHO WpUPLQR UHSURGXFLELOLGDG \ SXHGH LQGXFLU D
FRQIXVLyQ
ƒ 'HSHQGLHQGR GH TXp FRQGLFLRQHV VH HVWXGLHQ SXHGHQ GHILQLUVH RWUDV FRPSRQHQWHV GH
SUHFLVLyQLQWHUPHGLDFRPRSUHFLVLyQLQWHUGtDSUHFLVLyQLQWHUDQDOLVWDHWF
ƒ /DFRUUHVSRQGLHQWHGHVYLDFLyQHVWiQGDUWRPDVLHPSUHXQYDORULQWHUPHGLR GHDKtVXQRPEUH 
HQWUHORVYDORUHVGHODVGHVYLDFLRQHVHVWiQGDUGHUHSHWLELOLGDG\UHSURGXFLELOLGDG






35(3$5$&,Ï1'(/$08(675$  6$03/(35(3$5$7,21
3URFHVR UHTXHULGR SDUD FRQYHUWLU OD PXHVWUD  7KH SURFHVV ZKLFK PD\ EH UHTXLUHG WR
GH ODERUDWRULR R OD SRUFLyQ GH HQVD\R HQ FRQYHUW WKH ODERUDWRU\ VDPSOH RU WHVW SRUWLRQ
GLVROXFLyQGHHQVD\R LQWRWKHWHVWVROXWLRQ
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP6$1&20HWKRG
YDOLGDWLRQDQGTXDOLW\FRQWUROSURFHGXUHVIRU
SHVWLFLGHUHVLGXHVDQDO\VLVLQIRRGDQGIHHG
7UDWDPLHQWRGHPXHVWUD'HSXUDFLyQGHOD  6DPSOHWUHDWPHQW6DPSOHFOHDQXS7HVW
PXHVWUD'LVROXFLyQGHHQVD\R VROXWLRQ

2%6(59$&,21(6
ƒ /D SUHSDUDFLyQ GH OD PXHVWUD SXHGH OOHYDU FRQVLJR GRV HWDSDV L  OD DGHFXDFLyQ ItVLFD
PH]FODGR PROLHQGD KRPRJHQL]DFLyQ HWF  \ LL  OD HOLPLQDFLyQ R VHSDUDFLyQ GH DTXHOORV
FRQVWLWX\HQWHVGHODPDWUL]TXHLQWHUILHUHQHQODPHGLGDGHODPDJQLWXGDQDOtWLFD GHSXUDFLyQ 
ƒ /DV RSHUDFLRQHV GH SUHSDUDFLyQ GH OD PXHVWUD SXHGHQ UHTXHULU OD DSOLFDFLyQ GH UHDFFLRQHV
TXtPLFDV
ƒ 6H XWLOL]D HO WpUPLQR GH UHFRQVWLWXFLyQ SDUD H[SUHVDU HO FDPELR GH GLVROYHQWH HQWUH OD
GLVROXFLyQ JHQHUDGD HQ HO SURFHVR GH VHSDUDFLyQ SH XQD H[WUDFFLyQ  \ HO GLVROYHQWH
FDUDFWHUtVWLFRGHODGLVROXFLyQGHHQVD\R


 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



352%/(0$$1$/Ë7,&2  $1$/<7,&$/352%/(0
3ODQWHDPLHQWR GH OD QHFHVLGDG GH XQD  $SSURDFK RI WKH QHFHVVLW\ RI SDUWLFXODU
GHWHUPLQDGD LQIRUPDFLyQ TXtPLFD FKHPLFDO LQIRUPDWLRQ UHDFKDEOH WKURXJK WKH
DOFDQ]DEOHDWUDYpVGHOGLVHxR\SODQLILFDFLyQ GHVLJQ DQG SODQQLQJ RI RQH RU VHYHUDO
GH XQR R YDULRV SURFHVRV DQDOtWLFRV DVt DQDO\WLFDO SURFHVVHV DV ZHOO DV WKH
FRPRGHODLQWHUSUHWDFLyQGHORVUHVXOWDGRV LQWHUSUHWDWLRQRIUHVXOWV
$GDSWDGDGH*ORVDULRGHWpUPLQRVHQ0  $GDSWHGIURP*ORVVDU\RIWHUPVLQ0
9DOFiUFHO3ULQFLSLRVGHTXtPLFDDQDOtWLFD 9DOFiUFHO3ULQFLSOHVRIDQDO\WLFDOFKHPLVWU\D
 6SULQJHU WH[WERRN  6SULQJHU
,QIRUPDFLyQDQDOtWLFD  $QDO\WLFDOLQIRUPDWLRQ

2%6(59$&,21(6
ƒ /D UHVROXFLyQ GH XQ SUREOHPD DQDOtWLFR LPSOLFD OD GLVSRQLELOLGDG GH OD LQIRUPDFLyQ TXtPLFD
QHFHVDULDLQWHUSUHWDGDHQODIRUPDFRQYHQLHQWH











352&(',0,(172$1$/Ë7,&2  $1$/<7,&$/352&('85(
&RQMXQWR GH LQVWUXFFLRQHV TXH VRQ  $ VHW RI LQVWUXFWLRQV ZKLFK DUH VXIILFLHQW IRU
VXILFLHQWHVSDUDTXHXQDQDOLVWDOOHYHDFDER WKHDQDO\VWWRFDUU\RXWWKHDQDO\WLFDOPHWKRG
XQPpWRGRDQDOtWLFR
7UDGXFLGDSRUORVDXWRUHV  (3ULFKDUG$QDO\WLFDOPHDVXUHPHQW
WHUPLQRORJ\  /*&56&
0pWRGRDQDOtWLFR3URFHGLPLHQWRQRUPDOL]DGR  $QDO\WLFDOPHWKRG6WDQGDUGRSHUDWLQJ
GHWUDEDMR 317 3URWRFRORDQDOtWLFR SURFHGXUH 623 $QDO\WLFDOSURWRFRO

2%6(59$&,21(6
ƒ (OSURFHGLPLHQWRDQDOtWLFRHVODFRQFUHFLyQGHOSURFHGLPLHQWRGHPHGLGDDOiPELWRDQDOtWLFR
ƒ 1R KD\ TXH FRQIXQGLU SURFHGLPLHQWR DQDOtWLFR FRQ SURFHGLPLHQWR QRUPDOL]DGR GH WUDEDMR
317 8QSURFHGLPLHQWRGHDQiOLVLVHVXQFRQMXQWRGHLQVWUXFFLRQHVFRQFUHWDVPLHQWUDVTXH
XQ 317 HV XQ GRFXPHQWR HVFULWR FRQ XQD HVWUXFWXUD GHWHUPLQDGD TXH GHVFULEH XQD
RSHUDFLyQ 8Q SURFHGLPLHQWR DQDOtWLFR SXHGH HVWDU UHGDFWDGR JXDUGDQGR OD HVWUXFWXUD GHO
317SHURHVWRQRHVLPSUHVFLQGLEOH
ƒ (Q HVWH FRQWH[WR VH KD EDUDMDGR WDPELpQ HO WpUPLQR SURWRFROR DQDOtWLFR TXH UHSUHVHQWD XQ
SURFHGLPLHQWR DQDOtWLFR HVFULWR FRQ VXPR GHWDOOH D ILQ GH TXH HO DQDOLVWD SXHGD VHJXLUOR VLQ
H[FHSFLyQ QL GXGD VLQ HPEDUJR HVWD QR HV OD DFHSFLyQ PiV KDELWXDO YHU OD GHILQLFLyQ GH
SURWRFRORHQHVWHJORVDULR 



 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



352&(62$1$/Ë7,&2  $1$/<7,&$/352&(66
&RQMXQWR GH RSHUDFLRQHV TXH VHSDUD D OD  7KH ERG\ RI RSHUDWLRQV WKDW VHSDUDWH WKH
PXHVWUD VLQ WRPDU VLQ PHGLU VLQ WUDWDU  GH XQFROOHFWHG XQPHDVXUHG XQWUHDWHG VDPSOH
ORV UHVXOWDGRV JHQHUDGRV \ H[SUHVDGRV IURP WKH DQDO\WLFDO UHVXOWV H[SUHVVHG
VHJ~Q ORV UHTXHULPLHQWRV GHO SUREOHPD DFFRUGLQJ WR WKH UHTXLUHPHQWV RI WKH LQLWLDO
DQDOtWLFRSODQWHDGR DQDO\WLFDOSUREOHP
$GDSWDGRGH*ORVDULRGHWpUPLQRVHQ0  $GDSWHGIURP*ORVVDU\RIWHUPVLQ0
9DOFiUFHO3ULQFLSLRVGHTXtPLFDDQDOtWLFD 9DOFiUFHO3ULQFLSOHVRIDQDO\WLFDOFKHPLVWU\D
 6SULQJHU WH[WERRN  6SULQJHU
$QiOLVLVTXtPLFR0pWRGRDQDOtWLFR3URFHVR  &KHPLFDODQDO\VLV$QDO\WLFDOPHWKRG
TXtPLFRGHPHGLGD &KHPLFDOPHDVXUHPHQWSURFHVV

2%6(59$&,21(6
ƒ 7UDGLFLRQDOPHQWH HO SURFHVR DQDOtWLFR FRQVWD GH WUHV HWDSDV ELHQ GLIHUHQFLDGDV TXH VH
FRQVWUX\HQHQUHODFLyQFRQODHWDSDFHQWUDOGHPHGLGD  WRPD\SUHSDUDFLyQGHODPXHVWUD
 PHGLGDGH ODVHxDODQDOtWLFD\WRPDGH GDWRV\   WUDWDPLHQWR GH GDWRV\H[SUHVLyQ GH
UHVXOWDGRV











352&(6248Ë0,&2'(0(','$   &+(0,&$/0($685(0(17352&(66
0pWRGRDQDOtWLFRFRQXQDHVWUXFWXUDGHILQLGD  $QDQDO\WLFDOPHWKRGRIGHILQHGVWUXFWXUHWKDW
TXH HQ ODV FRQGLFLRQHV GH PHGLGD VH KD KDV EHHQ EURXJKW LQWR D VWDWH RI VWDWLVWLFDO
OOHYDGR D XQ HVWDGR GH FRQWURO HVWDGtVWLFR FRQWUROVXFKWKDWLWVLPSUHFLVLRQDQGELDVDUH
GHILQLGR SRU XQRV YDORUHV GH LPSUHFLVLyQ \ IL[HGJLYHQWKHPHDVXUHPHQWFRQGLWLRQV
VHVJRSUHYLDPHQWHILMDGRV
7UDGXFLGDSRUORVDXWRUHV  ,83$&5HFRPPHQGDWLRQV  
1RPHQFODWXUHLQHYDOXDWLRQRIDQDO\WLFDO
PHWKRGVLQFOXGLQJGHWHFWLRQDQG
TXDQWLILFDWLRQFDSDELOLWLHV
$QiOLVLVTXtPLFR0pWRGRDQDOtWLFR3URFHVR  &KHPLFDODQDO\VLV$QDO\WLFDOPHWKRG
DQDOtWLFR $QDO\WLFDOSURFHVV

2%6(59$&,21(6
ƒ 8Q SURFHVR TXtPLFR GH PHGLGD HVWi FRQVWLWXLGR SRU XQ PpWRGR DQDOtWLFR YDOLGDGR \
FRQWURODGR



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



3523,('$'&8$/,7$7,9$  120,1$/3523(57<
&DUDFWHUtVWLFD GH XQ IHQyPHQR FXHUSR R  &KDUDFWHULVWLF RI D SKHQRPHQRQ ERG\ RU
VXVWDQFLD TXH QR SXHGH H[SUHVDUVH VXEVWDQFH ZKHUH WKH SURSHUW\ KDV QR
FXDQWLWDWLYDPHQWH PDJQLWXGH
$GDSWDGRGH81(,62*XtD,1    $GDSWHGIURP,62,(&*XLGH  
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD ,QWHUQDWLRQDOYRFDEXODU\RIPHWURORJ\±%DVLF
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DQGJHQHUDOFRQFHSWVDQGDVVRFLDWHGWHUPV
WpUPLQRVDVRFLDGRV HGLFLyQ -&*0 9,0 -&*0  ,QWHUQDWLRQDO
 9RFDEXODULRLQWHUQDFLRQDOGH YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
PHWURORJtD±&RQFHSWRVIXQGDPHQWDOHV\ FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 
JHQHUDOHV\WpUPLQRVDVRFLDGRV 9,0 
&DUDFWHUtVWLFD  &KDUDFWHULVWLF

2%6(59$&,21(6
ƒ 8QD SURSLHGDG FXDOLWDWLYD WLHQH XQ YDORU TXH SXHGH H[SUHVDUVH PHGLDQWH SDODEUDV FyGLJRV
DOIDQXPpULFRVXRWURVPHGLRV
ƒ (O YDORU GH XQD SURSLHGDG FXDOLWDWLYD QR GHEH FRQIXQGLUVH FRQ HO YDORU QRPLQDO GH XQD
PDJQLWXG
ƒ /DV SURSLHGDGHV FXDOLWDWLYDV UHIHULGDV D XQD PXHVWUD R PDWHULDO VH GHQRPLQDQ WDPELpQ
DWULEXWRV









35272&2/2 DQDOtWLFR   $QDO\WLFDO 35272&2/
'LUHFWUL] TXH UHODFLRQD ORV SURFHGLPLHQWRV D  'LUHFWLYHOLVWLQJWKHSURFHGXUHVWREHIROORZHG
DSOLFDU SDUD OOHYDU D FDER XQ GHWHUPLQDGR LQ SHUIRUPLQJ D SDUWLFXODU ODERUDWRU\ VWXG\ RU
HVWXGLRXRSHUDFLyQHQXQODERUDWRULR RSHUDWLRQ
7UDGXFLGDSRUORVDXWRUHV  *ORVVDU\RIWHUPVIRUTXDOLW\DVVXUDQFHDQG
JRRGODERUDWRU\SUDFWLFHVQGHG  
8QLWHG1DWLRQV2IILFHRQ'UXJVDQG&ULPH
812'& 
$QiOLVLVTXtPLFR0pWRGRDQDOtWLFR3URFHVR  &KHPLFDODQDO\VLV$QDO\WLFDOPHWKRG
TXtPLFRGHPHGLGD3URFHGLPLHQWRDQDOtWLFR &KHPLFDOPHDVXUHPHQWSURFHVV$QDO\WLFDO
SURFHGXUH

2%6(59$&,21(6
ƒ (O SURWRFROR GHVFULEH HO SODQ FRPSOHWR GH XQ DQiOLVLV FRQ XQ REMHWLYR PX\ GHWHUPLQDGR \
SXHGHFRPSUHQGHUYDULRVSURFHGLPLHQWRVDQDOtWLFRV
ƒ (VXQWpUPLQRKDELWXDOHQORVODERUDWRULRVFOtQLFRV\IRUHQVHV



 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



48Ë0,&$$1$/Ë7,&$  $1$/<7,&$/&+(0,675<
&LHQFLDPHWUROyJLFDTXHGHVDUUROODRSWLPL]D  $ PHWURORJLFDO VFLHQFH WKDW GHYHORSV
\ DSOLFD SURFHVRV TXtPLFRV GH PHGLGD RSWLPLVHVDQGDSSOLHVFKHPLFDOPHDVXUHPHQW
HQFDPLQDGRV D REWHQHU LQIRUPDFLyQ SURFHVVHV LQWHQGHG WR DFKLHYH TXDOLW\
TXtPLFD  DQDOtWLFD GH FDOLGDG GH VLVWHPDV DQDO\WLFDO FKHPLFDO  LQIRUPDWLRQ RI PDWHULDO
PDWHULDOHV SDUD UHVROYHU SUREOHPDV V\VWHPVLQRUGHUWRVROYHDQDO\WLFDOSUREOHPV
DQDOtWLFRV
$GDSWDGDGH*ORVDULRGHWpUPLQRVHQ0  $GDSWHGIURP*ORVVDU\RIWHUPVLQ0
9DOFiUFHO3ULQFLSLRVGHTXtPLFDDQDOtWLFD 9DOFiUFHO3ULQFLSOHVRIDQDO\WLFDOFKHPLVWU\D
 6SULQJHU WH[WERRN  6SULQJHU
0HWURORJtDTXtPLFD3UREOHPDDQDOtWLFR  &KHPLFDOPHWURORJ\$QDO\WLFDOSUREOHP
,QIRUPDFLyQDQDOtWLFD3URFHVRTXtPLFRGH $QDO\WLFDOLQIRUPDWLRQ&KHPLFDO
PHGLGD$QiOLVLVTXtPLFR PHDVXUHPHQWSURFHVV&KHPLFDODQDO\VLV

2%6(59$&,21(6
ƒ /R TXH FDUDFWHUL]D D OD 4XtPLFD $QDOtWLFD HV TXH REWLHQH LQIRUPDFLyQ VREUH FDUDFWHUtVWLFDV
TXtPLFDVDXQTXHSDUDHOORXWLOLFHHVWUDWHJLDV\WHFQRORJtDGHFXDOTXLHUiPELWRGHODFLHQFLD
ƒ (Q OD DFWXDOLGDG H[LVWH XQD WHQGHQFLD GH JHQHUDOL]DU HO WpUPLQR GH 4XtPLFD $QDOtWLFD \
VXVWLWXLUOR SRU &LHQFLDV $QDOtWLFDV (VWD FDPELR UHFRQRFH OD PXOWLGLVFLSOLQDULHGDG GH OD
4XtPLFD$QDOtWLFDDFWXDO



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



5($&&,Ï1$1$/Ë7,&$  $1$/<7,&$/5($&7,21
5HDFFLyQ TXtPLFD TXH RULJLQD IHQyPHQRV  $QDO\WLFDO UHDFWLRQ WKDW FDXVHV HDVLO\
IiFLOPHQWH REVHUYDEOHV R PHGLEOHV REVHUYDEOH RU PHDVXUDEOH SKHQRPHQD
UHODFLRQDGRVFRQLQIRUPDFLyQDQDOtWLFD\TXH UHODWHGWRDQDO\WLFDOLQIRUPDWLRQZKLFKFDQEH
SXHGHQVHUFDUDFWHUL]DGRVSRUXQDPDJQLWXG FKDUDFWHUL]HGE\DQDQDO\WLFDOTXDQWLW\
DQDOtWLFD
3URSXHVWDSRUORVDXWRUHV  3URSRVHGE\WKHDXWKRUV
5HDFWLYRDQDOtWLFR3UHSDUDFLyQGHPXHVWUD  $QDO\WLFDOUHDJHQW6DPSOHSUHSDUDWLRQ
7UDWDPLHQWRGHPXHVWUD 6DPSOHWUHDWPHQW

2%6(59$&,21(6
ƒ /D UHDFFLyQ DQDOtWLFD SXHGH WHQHU GRV REMHWLYRV L  PHMRUDU ODV FDUDFWHUtVWLFDV GH
IXQFLRQDPLHQWRGHOPpWRGRDQDOtWLFRGXUDQWHODPHGLGDGHODPDJQLWXGDQDOtWLFD\ LL REWHQHU
XQD QXHYD HVSHFLH TXtPLFD TXH SXHGD VHU PHGLGD HQ PHMRUHV FRQGLFLRQHV (Q HVWH ~OWLPR
FDVRODUHDFFLyQDQDOtWLFDVHGHQRPLQDHVSHFtILFDPHQWHUHDFFLyQGHIRUPDFLyQGHGHULYDGRV
RGHGHULYDWL]DFLyQ
ƒ /DUHDFFLyQDQDOtWLFDVLHPSUHRFXUUHHQXQDHWDSDSUHYLDDODPHGLGD\SXHGHIRUPDUSDUWH
GHORVSURFHVRVGHSUHSDUDFLyQRGHWUDWDPLHQWRGHPXHVWUD
ƒ (VWHWpUPLQRQDFLyHQHOFRQWH[WRGHODQiOLVLVFXDOLWDWLYRFOiVLFRSDUDODLGHQWLILFDFLyQGHLRQHV
PHWiOLFRV DXQTXH VX VLJQLILFDGR QR KD SHUGLGR DFWXDOLGDG \D TXH SXHGH VHU WDPELpQ
DSOLFDEOHDORVPpWRGRV GH DQiOLVLVLQVWUXPHQWDO /D GHILQLFLyQ SURSXHVWDHVXQDDGDSWDFLyQ
GHODGHILQLFLyQTXHVHXWLOL]DEDHQGLFKRFRQWH[WR\GHODTXHQRKHPRVSRGLGRORFDOL]DUOD
IXHQWHRULJLQDO
ƒ 6H SXHGH FRQVLGHUDU XQ WLSR HVSHFLDO GH UHDFFLyQ DQDOtWLFD DXQTXH QR WLHQH FDUiFWHU GH
UHDFFLyQ TXtPLFD HO GHFUHFLPLHQWR GHO Q~PHUR GH PLFURRUJDQLVPRV TXH WLHQH OXJDU FXDQGR
VH DGLFLRQD XQ DQWLELyWLFR VREUH XQ FXOWLYR EDFWHULDQR DGHFXDGR HVWH KHFKR VH XWLOL]D SRU
HMHPSORSDUDGHWHUPLQDUUHVLGXRVGHDQWLELyWLFRVHQPLHO(QHVWHFDVRHOFXOWLYREDFWHULDQR
KDUtDHOSDSHOGHUHDFWLYRDQDOtWLFR



 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



5($&7,92$1$/Ë7,&2  $1$/<7,&$/5($*(17
(VSHFLHTXtPLFDTXHVHDxDGHDODSRUFLyQR  $ FKHPLFDO VSHFLHV WKDW LV DGGHG WR D WHVW
GLVROXFLyQ GH HQVD\R SDUD SURGXFLU XQ SRUWLRQ RU WHVW VROXWLRQ LQ RUGHU WR IRUP D
SURGXFWR GH UHDFFLyQ FRQ DOJXQRV GH ORV UHDFWLRQ SURGXFW ZLWK VRPH RI WKH
FRPSRQHQWHVDOOtSUHVHQWHV FRQVWLWXHQWV
$GDSWDGDGH*ORVDULRGHWpUPLQRVHQ0  $GDSWHGIURP*ORVVDU\RIWHUPVLQ0
9DOFiUFHO3ULQFLSLRVGHTXtPLFDDQDOtWLFD 9DOFiUFHO3ULQFLSOHVRIDQDO\WLFDOFKHPLVWU\D
 6SULQJHU WH[WERRN  6SULQJHU
5HDFFLyQDQDOtWLFD6LVWHPDDQDOtWLFR  $QDO\WLFDOUHDFWLRQ$QDO\WLFDOV\VWHP

2%6(59$&,21(6
ƒ /RVUHDFWLYRVDQDOtWLFRVQRVLHPSUHGDQOXJDUDXQDUHDFFLyQDQDOtWLFD\DTXHHQRFDVLRQHV
VHDxDGHQSDUDTXHUHDFFLRQHQFRQRWURVFRPSRQHQWHVGLIHUHQWHVDODQDOLWRSHXQUHDFWLYR
HQPDVFDUDQWH PDVNLQJ UHDJHQW  TXH VH DGLFLRQD SDUD HYLWDU HO HIHFWR GH FLHUWRV
LQWHUIHUHQWHV
ƒ $XQTXHHOWpUPLQRUHDFWLYRVHXWLOL]DKDELWXDOPHQWHFRPRVLQyQLPRGHUHDFWDQWH UHDFWDQW 
HV SUHIHULEOH XWLOL]DU HVWH ~OWLPR SDUD GHQRPLQDU JHQpULFDPHQWH FXDOTXLHU VXVWDQFLD TXH VH
FRQVXPHGXUDQWHXQDUHDFFLyQTXtPLFD ,83$&±*ROG%RRN 









)DFWRUGH 5(&83(5$&,Ï1  5(&29(5< IDFWRU 
3URSRUFLyQ GH OD FDQWLGDG GH DQDOLWR  3URSRUWLRQ RI WKH DPRXQW RI DQDO\WH SUHVHQW
SUHVHQWH R DxDGLGR D OD SRUFLyQ GH HQVD\R LQ RU DGGHG WR WKH WHVW SRUWLRQ ZKLFK LV
HO FXDO HV H[WUDtGR \ SUHVHQWDGR SDUD OD H[WUDFWHGDQGSUHVHQWHGIRUPHDVXUHPHQW
PHGLGD
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP,83$&7HFKQLFDO5HSRUW
 +DUPRQLVHGJXLGHOLQHVIRUWKHXVHRI
UHFRYHU\LQIRUPDWLRQLQDQDO\WLFDO
PHDVXUHPHQW
5HFXSHUDFLyQDSDUHQWH  $SSDUHQWUHFRYHU\

2%6(59$&,21(6
ƒ /D UHFXSHUDFLyQ R IDFWRU GH UHFXSHUDFLyQ PLGH HO UHQGLPLHQWR JOREDO GH ORV SURFHVRV GH
VHSDUDFLyQ \R GHSXUDFLyQ GHO DQDOLWR GH OD PXHVWUD ,QIRUPD SRU WDQWR GH ODV SRVLEOHV
SpUGLGDVGHDQDOLWRGXUDQWHGLFKRVSURFHVRV
ƒ (VWH IDFWRU FRQVWLWX\H XQ SDUiPHWUR GH YDOLGDFLyQ \ VH HVWDEOHFH DQDOL]DQGR XQ PDWHULDO GH
UHIHUHQFLDWLSRPDWUL]



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



5(&83(5$&,Ï1$3$5(17(  $33$5(175(&29(5<
9DORU REVHUYDGR FDQWLGDG GH DQDOLWR   2EVHUYHG YDOXH DPRXQW RI DQDO\WH  GHULYHG
GHWHUPLQDGR SRU XQ SURFHGLPLHQWR DQDOtWLFR IURP DQ DQDO\WLFDO SURFHGXUH E\ PHDQV RI D
PHGLDQWH XQD FXUYD GH FDOLEUDFLyQ GLYLGLGR FDOLEUDWLRQ JUDSK GLYLGHG E\ UHIHUHQFH YDOXH
SRUHOYDORUGHUHIHUHQFLD FDQWLGDGGHDQDOLWR VSLNHGDPRXQWRIDQDO\WH 
LQLFLDODGLFLRQDGR 
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP,83$&5HFRPPHQGDWLRQV
 8VHRIWKHWHUPV³UHFRYHU\´DQG
³DSSDUHQWUHFRYHU\´LQDQDO\WLFDOSURFHGXUHV
5HFXSHUDFLyQ(UURUGHOHIHFWRPDWUL]  5HFRYHU\0DWUL[HIIHFWHUURU

2%6(59$&,21(6
ƒ /D UHFXSHUDFLyQ DSDUHQWH HV XQD PHGLGD GHO HUURU WRWDO FRPHWLGR GXUDQWH OD DSOLFDFLyQ GHO
SURFHVRDQDOtWLFR(VXQSDUiPHWURHTXLYDOHQWHDOVHVJR6(6*2 ;UHI ±5(&83 
ƒ /DUHFXSHUDFLyQDSDUHQWHLQFOX\HORVHUURUHVFRPHWLGRVGXUDQWHODVHSDUDFLyQGHODQDOLWRGH
OD PXHVWUD IDFWRU GH UHFXSHUDFLyQ  \ ORV HUURUHV GHELGRV DO HIHFWR PDWUL] VREUH OD
FXDQWLILFDFLyQ PHGLDQWH OD FXUYD GH FDOLEUDGR 3RU WDQWR VH SXHGH HVWDEOHFHU OD VLJXLHQWH
UHODFLyQ5(&83$3$5(17( )$&7255(&83 (55255(/$7,92()(&720$75,=
ƒ &XDQGRVHUHSUHVHQWDJUiILFDPHQWHORVYDORUHVREWHQLGRVGHFDQWLGDGGHDQDOLWRHQIXQFLyQ
GH ORV YDORUHV GH UHIHUHQFLD XWLOL]DGRV VH REWLHQH OD FXUYD GH UHFXSHUDFLyQ TXH QR
QHFHVDULDPHQWHKDGHVHUXQDOtQHDUHFWD



5(/$&,Ï1'()$/6261(*$7,926  )$/6(1(*$7,9(5$7( RID
GHXQPpWRGRFXDOLWDWLYR  TXDOLWDWLYHPHWKRG 
3URSRUFLyQGHUHVXOWDGRVLQFRUUHFWRV IDOVRV  7KH IUDFWLRQ RI LQFRUUHFW IDOVH QHJDWLYH 
QHJDWLYRV  REWHQLGRV FXDQGR HO HQVD\R VH UHVXOWV REWDLQHG ZKHQ D WHVW LV DSSOLHG WR
DSOLFDVREUHPXHVWUDVSRVLWLYDV SRVLWLYHVDPSOHV
7UDGXFLGDSRUORVDXWRUHV  (85$&+(0&,7$&*XLGH  7KH
H[SUHVVLRQRIXQFHUWDLQW\LQTXDOLWDWLYHWHVWLQJ
'UDIW/*&9$0 
(ILFLHQFLD(VSHFLILFLGDG6HQVLELOLGDG  (IILFLHQF\6HQVLWLYLW\6SHFLILFLW\)DOVH
5HODFLyQGHIDOVRVSRVLWLYRV SRVLWLYHUDWH

2%6(59$&,21(6
ƒ 8QIDOVRQHJDWLYR IDOVHQHJDWLYH)1 HVXQUHVXOWDGRQHJDWLYRREWHQLGRFXDQGRVHDSOLFD
XQ HQVD\RSDUDHO HVWXGLRGH XQDPXHVWUD SRVLWLYDPLHQWUDVTXHDOFRQWUDULR XQYHUGDGHUR
QHJDWLYR WUXHQHJDWLYH71 UHSUHVHQWDXQUHVXOWDGRQHJDWLYRREWHQLGRVREUHXQDPXHVWUD
TXHUHDOPHQWHORHV
ƒ (Q GHWHUPLQDGRV FRQWH[WRV VH SXHGHQ XWLOL]DU RWURV WpUPLQRV HTXLYDOHQWHV IDOVR QR
FRQIRUPHIDOVRQRGHWHFWDGRHWF
ƒ /D UHODFLyQGH IDOVRV QHJDWLYRVUHSUHVHQWDODSUREDELOLGDGGH REWHQHU XQ UHVXOWDGRQHJDWLYR
FXDQGRVHDQDOL]DXQDPXHVWUDSRVLWLYD
ƒ 6HLGHQWLILFDFRQHOQLYHOGHUHVXOWDGRVHUUyQHRVFXDQGRGHDQDOL]DQPXHVWUDVSRVLWLYDV\VH
FDOFXODFRPR5)1 QžUHVXOWDGRVIDOVRVQHJDWLYRVQžHQVD\RVWRWDOHVUHDOL]DGRVVREUH
REMHWRVSRVLWLYRV )173)1 
ƒ 6HSXHGHHVWDEOHFHUODVLJXLHQWHUHODFLyQ6(16 ±5)1


 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



5(/$&,Ï1'()$/626326,7,926  )$/6(326,7,9(5$7( RIDTXDOLWDWLYH
GHXQPpWRGRFXDOLWDWLYR  PHWKRG 
3URSRUFLyQGHUHVXOWDGRVLQFRUUHFWRV IDOVRV  7KH IUDFWLRQ RI LQFRUUHFW IDOVH SRVLWLYH 
SRVLWLYRV  REWHQLGRV FXDQGR HO HQVD\R VH UHVXOWV REWDLQHG ZKHQ D WHVW LV DSSOLHG WR
DSOLFDVREUHPXHVWUDVQHJDWLYDV QHJDWLYHVDPSOHV
7UDGXFLGDSRUORVDXWRUHV  (85$&+(0&,7$&*XLGH  7KH
H[SUHVVLRQRIXQFHUWDLQW\LQTXDOLWDWLYHWHVWLQJ
'UDIW/*&9$0 
(VSHFLILFLGDGËQGLFHGH<RXGHQ5HODFLyQ  6SHFLILFLW\<RXGHQLQGH[)DOVHQHJDWLYH
GHIDOVRVQHJDWLYRV6HQVLELOLGDG UDWH6HQVLWLYLW\

2%6(59$&,21(6
ƒ 8QIDOVRSRVLWLYR IDOVHSRVLWLYH)3 HVXQUHVXOWDGRSRVLWLYRREWHQLGRFXDQGRHOHQVD\RVH
DSOLFD VREUH XQD PXHVWUD QHJDWLYD PLHQWUDV TXH DO FRQWUDULR XQ YHUGDGHUR SRVLWLYR WUXH
SRVLWLYH´73 LPSOLFDXQUHVXOWDGRSRVLWLYRREWHQLGRVREUHXQDPXHVWUDTXHUHDOPHQWHORHV
ƒ (QGHWHUPLQDGRVFRQWH[WRVVHSXHGHQXWLOL]DURWURVWpUPLQRVHTXLYDOHQWHV IDOVRFRQIRUPH
IDOVRGHWHFWDGR
ƒ /D UHODFLyQ GH IDOVRV SRVLWLYRV UHSUHVHQWD OD SUREDELOLGDG GH REWHQHU XQ UHVXOWDGR SRVLWLYR
FXDQGRVHDQDOL]DXQDPXHVWUDQHJDWLYD
ƒ 6HLGHQWLILFDFRQHOQLYHOGHUHVXOWDGRVHUUyQHRVFXDQGRVHDQDOL]DQPXHVWUDVQHJDWLYDV\VH
FDOFXODFRPR5)3 QžUHVXOWDGRVIDOVRVSRVLWLYRVQžHQVD\RVWRWDOHV UHDOL]DGRVVREUH
REMHWRVQHJDWLYRV )371)3 
ƒ 6HSXHGHHVWDEOHFHUODVLJXLHQWHUHODFLyQ(63(& ±5)3







5(/$&,Ï1'(+25:,7= +255$7   +25:,7=5$7,2 +255$7 
5HODFLyQ HQWUH OD GHVYLDFLyQ HVWiQGDU  7KH UDWLR RI WKH UHSURGXFLELOLW\ UHODWLYH
UHODWLYD GH UHSURGXFLELOLGDG \ OD FDOFXODGD VWDQGDUGGHYLDWLRQWRWKDWFDOFXODWHGIURPWKH
PHGLDQWHODHFXDFLyQGH+RUZLW] +RUZLW]HTXDWLRQ
&$&*/'LUHFWULFHVVREUH  &$&*/*XLGHOLQHVRQDQDO\WLFDO
WHUPLQRORJtDDQDOtWLFD&RPLVLyQGHO&RGH[ WHUPLQRORJ\&RGH[$OLPHQWDULXV
$OLPHQWDULXV &RPPLVVLRQ
3UHFLVLyQ5HSURGXFLELOLGDG  3UHFLVLRQ5HSURGXFLELOLW\

2%6(59$&,21(6
ƒ 6HUHSUHVHQWDSRUHODFUyQLPR+255$7 R+RU5DW 
ƒ 6H XWLOL]D FRPR FDUDFWHUtVWLFD GH IXQFLRQDPLHQWR GH XQ PpWRGR DQDOtWLFR (Q XQD SULPHUD
DSUR[LPDFLyQ VH SXHGHQ FRQVLGHUDU DFHSWDEOHV HQ UHODFLyQ FRQ OD SUHFLVLyQ YDORUHV GH
+255$7FRPSUHQGLGRVHQWUH\



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



5(/$&,21$%,/,'$'  75$&.$%,/,7<
3URSLHGDGGHXQUHVXOWDGRGHXQDPHGLGDD  7KH SURSHUW\ RI D UHVXOW RI D PHDVXUHPHQW
WUDYpVGHOFXDOpVWHSXHGHVHUXQtYRFDPHQWH ZKHUHE\WKHUHVXOWFDQEHXQLTXHO\UHODWHGWR
UHODFLRQDGRDODPXHVWUD WKHVDPSOH
7UDGXFLGDSRUORVDXWRUHV  *ORVVDU\RIDQDO\WLFDOWHUPV$FFUHG4XDO
$VVXU
7UD]DELOLGDG  7UDFHDELOLW\

2%6(59$&,21(6
ƒ /DUHODFLRQDELOLGDGVHUHILHUHDOKHFKRGHTXHFDGDHWDSDGHXQSURFHVRDQDOtWLFRGHEHHVWDU
GRFXPHQWDGD GH IRUPD TXH HO UHVXOWDGR GH XQD PHGLGD SXHGD VHU UHODFLRQDGR
LQHTXtYRFDPHQWHFRQODPXHVWUDTXHVHUHILHUH
ƒ ,PSOLFD TXH L  WRGDV ODV PXHVWUDV GHEHQ VHU ~QLFDPHQWH HWLTXHWDGDV LL  WRGDV ODV
RSHUDFLRQHV OOHYDGDV D FDER HQ XQD PXHVWUD GHEHQ VHU UHFRJLGDV HQ XQ FXDGHUQR X
RUGHQDGRU LLL  FURPDWRJUDPDV HVSHFWURV \ RWUDV VDOLGDV LQVWUXPHQWDOHV GHEHQ VHU
UHJLVWUDGDVFRQODPLVPDLGHQWLILFDFLyQ
ƒ 3XHGHDVHPHMDUVHDOFRQFHSWRGHWUD]DELOLGDGGRFXPHQWDOUHIHULGDDODVPXHVWUDV
ƒ (VXQWpUPLQRTXHQRWLHQHXQXVRKDELWXDOHQORVODERUDWRULRV








5(3(7,%,/,'$'  5(3($7$%,/,7<
3UHFLVLyQ HQ FRQGLFLRQHV EDMR ODV TXH VH  3UHFLVLRQXQGHUREVHUYDWLRQFRQGLWLRQVZKHUH
REWLHQHQ UHVXOWDGRV LQGHSHQGLHQWHV FRQ HO LQGHSHQGHQW WHVWPHDVXUHPHQW UHVXOWV DUH
PLVPRPpWRGRVREUHLGpQWLFDVPXHVWUDVHQ REWDLQHG ZLWK WKH VDPH PHWKRG RQ LGHQWLFDO
HOPLVPRODERUDWRULRSRUHOPLVPRRSHUDGRU WHVWPHDVXUHPHQW LWHPV LQ WKH VDPH WHVW RU
\XWLOL]DQGRORVPLVPRVHTXLSRVGHPHGLFLyQ PHDVXULQJIDFLOLW\E\WKHVDPHRSHUDWRUXVLQJ
GXUDQWHXQFRUWRLQWHUYDORGHWLHPSR WKH VDPH HTXLSPHQW ZLWKLQ VKRUW LQWHUYDOV RI
WLPH
81(  ([DFWLWXG YHUDFLGDG\  ,62  $FFXUDF\ WUXHQHVVDQG
SUHFLVLyQ GHUHVXOWDGRV\PpWRGRVGH SUHFLVLRQ RIPHDVXUHPHQWPHWKRGVDQG
PHGLFLyQ±3DUWH3ULQFLSLRVJHQHUDOHV\ UHVXOWV±3DUW*HQHUDOSULQFLSOHVDQG
GHILQLFLRQHV GHILQLWLRQV
3UHFLVLyQ3UHFLVLyQLQWHUPHGLD  3UHFLVLRQ,QWHUPHGLDWHSUHFLVLRQ
5HSURGXFLELOLGDG 5HSURGXFLELOLW\

2%6(59$&,21(6
ƒ /D UHSHWLELOLGDG LQGLFD VLHPSUH OD Pi[LPD SUHFLVLyQ GH XQ PpWRGR DQDOtWLFR PHQRU YDORU GH
GHVYLDFLyQHVWiQGDU 
ƒ 5HSUHVHQWDODSUHFLVLyQLQWUDODERUDWRULR



 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



5(35(6(17$7,9,'$'  5(35(6(17$7,9(1(66
3URSLHGDG FUXFLDO GH XQ PpWRGR DQDOtWLFR  $ FUXFLDO SURSHUW\ RI DQ DQDO\WLFDO PHWKRG
TXH HVWi UHODFLRQDGD FRQ OD FRKHUHQFLD GH UHODWHG WR FRQVLVWHQF\ EHWZHHQ WKH UHVXOWV
ORV UHVXOWDGRV \ ODV PXHVWUDV GH ODERUDWRULR DQG WKH ODERUDWRU\ VDPSOHV DQG EHWZHHQ
\ HQWUH pVWDV  HO REMHWR DQDOtWLFR \ HO WKHP WKH DQDO\WLFDO REMHFW DQG WKH DQDO\WLFDO
SUREOHPDDQDOtWLFR SUREOHP
$GDSWDGDGH*ORVDULRGHWpUPLQRVHQ0  $GDSWHGIURP*ORVVDU\RIWHUPVLQ0
9DOFiUFHO3ULQFLSLRVGHTXtPLFDDQDOtWLFD 9DOFiUFHO3ULQFLSOHVRIDQDO\WLFDOFKHPLVWU\D
 6SULQJHU WH[WERRN  6SULQJHU
)LDELOLGDG0XHVWUHR  5HOLDELOLW\6DPSOLQJ

2%6(59$&,21(6
ƒ /DUHSUHVHQWDWLYLGDGHVWiVRVWHQLGDVREUHGRVSLODUHVEiVLFRV L HQXQPXHVWUHRDGHFXDGR\
HQXQDFDGHQDGHFXVWRGLDGHODPXHVWUDELHQGRFXPHQWDGD\ LL HQXQPpWRGRDQDOtWLFRGH
ILDELOLGDGFRQWUDVWDGD









5(352'8&,%,/,'$'  5(352'8&,%,/,7<
3UHFLVLyQHQFRQGLFLRQHVEDMRODVFXDOHVORV  3UHFLVLRQXQGHUREVHUYDWLRQFRQGLWLRQVZKHUH
UHVXOWDGRV VH REWLHQHQ FRQ HO PLVPR LQGHSHQGHQW WHVWPHDVXUHPHQW UHVXOWV DUH
PpWRGR VREUH PXHVWUDV LGpQWLFDV HQ REWDLQHG ZLWK WKH VDPH PHWKRG RQ LGHQWLFDO
ODERUDWRULRV GLIHUHQWHV FRQ RSHUDGRUHV WHVWPHDVXUHPHQW LWHPV LQ GLIIHUHQW WHVW RU
GLVWLQWRV\XWLOL]DQGRHTXLSRVGLIHUHQWHV PHDVXUHPHQW IDFLOLWLHV ZLWK GLIIHUHQW
RSHUDWRUVXVLQJGLIIHUHQWHTXLSPHQW
81(  ([DFWLWXG YHUDFLGDG\  ,62  $FFXUDF\ WUXHQHVVDQG
SUHFLVLyQ GHUHVXOWDGRV\PpWRGRVGH SUHFLVLRQ RIPHDVXUHPHQWPHWKRGVDQG
PHGLFLyQ±3DUWH3ULQFLSLRVJHQHUDOHV\ UHVXOWV±3DUW*HQHUDOSULQFLSOHVDQG
GHILQLFLRQHV GHILQLWLRQV
3UHFLVLyQ3UHFLVLyQLQWHUPHGLD  3UHFLVLRQ,QWHUPHGLDWHSUHFLVLRQ
5HSHWLELOLGDG 5HSHDWDELOLW\

2%6(59$&,21(6
ƒ /D UHSHWLELOLGDG LQGLFD VLHPSUH OD PtQLPD SUHFLVLyQ GH XQ PpWRGR DQDOtWLFR PD\RU YDORU GH
GHVYLDFLyQHVWiQGDU 
ƒ 5HSUHVHQWDODSUHFLVLyQLQWHUODERUDWRULR
ƒ (Q WRGRV ORV FDVRV OD GHVYLDFLyQ HVWiQGDU GH UHSURGXFLELOLGDG KD GH VHU PD\RU TXH OD
GHVYLDFLyQHVWiQGDU GH UHSHWLELOLGDG &RPR SULPHUD DSUR[LPDFLyQ VH SXHGH FRQVLGHUDU TXH
OD'(U ā'(5



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



52%867(=  52%8671(66
&DSDFLGDG GH XQ SURFHGLPLHQWR DQDOtWLFR  &DSDFLW\RIDQDQDO\WLFDOSURFHGXUHWRUHPDLQ
SDUD SHUPDQHFHU LQDOWHUDGR SRU YDULDFLRQHV XQDIIHFWHGE\VPDOOEXWGHOLEHUDWHGHYLDWLRQV
SHTXHxDV SHUR GHOLEHUDGDV GH ORV LQPHWKRGSDUDPHWHUV
SDUiPHWURVFDUDFWHUtVWLFRVGHOPpWRGR
$GDSWDGDGH&$&*/'LUHFWULFHV  $GDSWHGIURP&$&*/*XLGHOLQHV
VREUHODWHUPLQRORJtDDQDOtWLFD&RPLVLyQGHO RQDQDO\WLFDOWHUPLQRORJ\&RGH[$OLPHQWDULXV
&RGH[$OLPHQWDULXV &RPPLVVLRQ
([DFWLWXG6ROLGH]  $FFXUDF\5XJJHGQHVV

2%6(59$&,21(6
ƒ /D UREXVWH] VXPLQLVWUD LQIRUPDFLyQ VREUH OD ILDELOLGDG GHO SURFHGLPLHQWR DQDOtWLFR FRQ
UHVSHFWRDOFRQWUROGHODVYDULDEOHVTXHGHILQHQODVFRQGLFLRQHVRSHUDWRULDV H[SHULPHQWDOHVH
LQVWUXPHQWDOHV GXUDQWHVXXWLOL]DFLyQQRUPDOHQUXWLQD
ƒ /D UREXVWH] GH XQ PpWRGR DQDOtWLFR H[SUHVD OD UHVLVWHQFLD LQHUFLD  DO FDPELR GH ORV
UHVXOWDGRV TXH JHQHUD FXDQGR VH PRGLILFDQ ODV YDULDEOHV GH LQIOXHQFLD TXH SXHGHQ VHU
FRQWURODGDV
ƒ /DHYDOXDFLyQGHODUREXVWH]GHEHOOHYDUVHDFDERGXUDQWHODHWDSDGHGLVHxR\GHVDUUROOR\
VXPHWRGRORJtDGHSHQGHGHOWLSRGHSURFHGLPLHQWRDDSOLFDU
ƒ *HQHUDOPHQWHGLFKDHYDOXDFLyQVHEDVDHQLQWURGXFLUGHOLEHUDGDPHQWHSHTXHxRVFDPELRVHQ
HOYDORUQRPLQDOGHODVFRQGLFLRQHVRSHUDWRULDV\H[DPLQDUHOHIHFWRGHGLFKRVFDPELRVVREUH
ORV UHVXOWDGRV 3DUD HOOR VH SXHGH DSOLFDU OD PHWRGRORJtD GH GLVHxR HVWDGtVWLFR GH
H[SHULPHQWRVXWLOL]DQGRGLVHxRVIDFWRULDOHVDGRVQLYHOHV






6(/(&7,9,'$' GHXQPpWRGR  6(/(&7,9,7< RIDQDQDO\WLFDOPHWKRG 
DQDOtWLFR 
([WHQVLyQ D OD FXDO HO PpWRGR SXHGH VHU  7KHH[WHQWWRZKLFKWKHPHWKRGFDQEHXVHG
XWLOL]DGR SDUD GHWHFWDU \R GHWHUPLQDU WRGHWHFWDQGRUGHWHUPLQHSDUWLFXODUDQDO\WHV
DQDOLWRVFRQFUHWRVHQPH]FODV\PDWULFHVVLQ LQ PL[WXUHV RU PDWULFHV ZLWKRXW LQWHUIHUHQFHV
OD LQWHUIHUHQFLD GH RWURV FRPSRQHQWHV GH IURPRWKHUFRPSRQHQWVRIVLPLODUEHKDYLRXU
FRPSRUWDPLHQWRVLPLODU
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP,83$&5HFRPPHQGDWLRQ
 6HOHFWLYLW\LQDQDO\WLFDOFKHPLVWU\
(VSHFLILFLGDG,QWHUIHUHQFLD(IHFWRPDWUL]  6SHFLILFLW\,QWHUIHUHQFH0DWUL[HIIHFW

2%6(59$&,21(6
ƒ /D UHFRPHQGDFLyQ GH OD ,83$& KDFH UHIHUHQFLD VyOR D PpWRGRV FXDQWLWDWLYRV SHUR HO
FRQFHSWR GH VHOHFWLYLGDG HV DSOLFDEOH WDPELpQ D PpWRGRV FXDOLWDWLYRV 3RU HOOR HQ ODV
UHFRPHQGDFLRQHVGH OD,83$&ORV DXWRUHV KDQDxDGLGR HOWpUPLQRGHWHFWDU HQ ODGHILQLFLyQ
RULJLQDO



 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



6(16,%,/,'$' GHXQPpWRGR  6(16,7,9,7< RIDTXDOLWDWLYHPHWKRG 
FXDOLWDWLYR 
&DSDFLGDG GH XQ PpWRGR DQDOtWLFR SDUD  &DSDELOLW\RIDQDQDO\WLFDOPHWKRGWRFRUUHFWO\
FDOLILFDU LGHQWLILFDU R FODVLILFDU  GH IRUPD TXDOLI\ LGHQWLI\RUFODVVLI\ DSRVLWLYHVDPSOH
FRUUHFWDXQDPXHVWUDSRVLWLYD
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP(85$&+(0&,7$&*XLGH
 7KHH[SUHVVLRQRIXQFHUWDLQW\LQ
TXDOLWDWLYHWHVWLQJ 'UDIW
/*&9$0 
(VSHFLILFLGDG(ILFLHQFLDËQGLFHGH<RXGHQ  6SHFLILFLW\(IILFLHQF\<RXGHQLQGH[)DOVH
5HODFLyQGHIDOVRVQHJDWLYRV QHJDWLYHUDWH

2%6(59$&,21(6
ƒ 5HSUHVHQWDODSUREDELOLGDGGHFDOLILFDUFRPRSRVLWLYDXQDPXHVWUDTXHUHDOPHQWHORHV
ƒ (V XQ SDUiPHWUR GH YDOLGDFLyQ TXH VH FDOFXOD XWLOL]DQGR DO PHQRV GLH] PXHVWUDV GH XQ
PDWHULDOGHUHIHUHQFLDXREMHWRTXHVHVDEHTXHHVSRVLWLYRFRQUHVSHFWRDOHQVD\R
ƒ 6HLGHQWLILFDFRQODSURSRUFLyQGHUHVXOWDGRVSRVLWLYRVREWHQLGRVFXDQGRHOHQVD\RGHDSOLFD
VREUHPXHVWUDVSRVLWLYDV\SRUWDQWRVHFDOFXODFRPR6(16 QžUHVXOWDGRVSRVLWLYRVQž
HQVD\RVWRWDOHVUHDOL]DGRVVREUHREMHWRVSRVLWLYRV 7373)1 
ƒ &XDQGRHODQiOLVLVFXDOLWDWLYRVHDSOLFDVREUHHOFRQWHQLGRGHXQGHWHUPLQDGRFRPSRQHQWHHO
YDORU HQFRQWUDGR HV DSOLFDEOH ~QLFDPHQWH DO YDORU GHO FRQWHQLGR FRQFHQWUDFLyQ  GH GLFKR
FRPSRQHQWH HQ HO REMHWR R PDWHULDO HQVD\DGR (Q HVWRV FDVRV SXHGH VHU QHFHVDULR
HVWDEOHFHUODVHQVLELOLGDGDGLIHUHQWHVQLYHOHVGHFRQFHQWUDFLyQ



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



6(16,%,/,'$' GHXQPpWRGR  6(16,7,9,7< RIDTXDQWLWDWLYHPHWKRG 
FXDQWLWDWLYR 
'LIHUHQFLD HQ XQLGDGHV GH FDQWLGDG GH  'LIIHUHQFHLQDQDO\WH RUDQDO\WLFDOSDUDPHWHU 
DQDOLWR R SDUiPHWUR DQDOtWLFR TXH DPRXQW FRUUHVSRQGLQJ WR WKH VPDOOHVW
FRUUHVSRQGHDODGLIHUHQFLDPiVSHTXHxDHQ GHWHFWDEOH GLIIHUHQFH LQ WKH DQDO\WLFDO VLJQDO
ODVHxDODQDOtWLFDTXHHVGHWHFWDEOH RIWKHPHWKRG
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP*ORVVDU\RIWHUPVIRUTXDOLW\
DVVXUDQFHDQGJRRGODERUDWRU\SUDFWLFHV
QGHG  8QLWHG1DWLRQV2IILFHRQ
'UXJVDQG&ULPH 812'& 
6HQVLELOLGDGLQVWUXPHQWDO  ,QVWUXPHQWDOVHQVLWLYLW\

2%6(59$&,21(6
ƒ /DVHQVLELOLGDGGHXQPpWRGRFXDQWLWDWLYRYLHQHH[SUHVDGDSRUHOJUDGLHQWH RSHQGLHQWH GH
ODIXQFLyQGHFDOLEUDFLyQDQDOtWLFD
ƒ $PHQXGRVHXWLOL]DGHIRUPDHUUyQHDFRQHOVLJQLILFDGRGHOtPLWHGHGHWHFFLyQ
ƒ 6H H[SUHVD HQ XQLGDGHV DUELWUDULDV GHSHQGLHQGR GH ODV FRQGLFLRQHV LQVWUXPHQWDOHV \ GH OD
IRUPDHQTXHVHWRPDQORVGDWRVGHODVHxDOLQVWUXPHQWDO\QRUHVXOWD~WLOFRPRSDUiPHWURGH
YDOLGDFLyQ
ƒ 6LQ HPEDUJR VX FRQWURO Vt HV PX\ ~WLO FRPR HVWUDWHJLD GH DVHJXUDPLHQWR GH OD FDOLGDG GHO
IXQFLRQDPLHQWRGHOLQVWUXPHQWRRVLVWHPDGHPHGLGD
ƒ $ YHFHV VH KD XWLOL]DGRHO WpUPLQR VHQVLELOLGDG DQDOtWLFDGHILQLGD HQ EDVH DO LQYHUVR GH OD
VHQVLELOLGDG (VWH SDUiPHWUR HVWDUtD FRQHFWDGR D OD FDSDFLGDG GH UHVROXFLyQ GH XQ PpWRGR
DQDOtWLFR SHUR VX XVR KDFH \D DxRV TXH HVWi GHVDFRQVHMDGR \ DSHQDV VH XWLOL]D HQ OD
DFWXDOLGDG




6(f$/$1$/Ë7,&$  $1$/<7,&$/6,*1$/
6HxDO LQVWUXPHQWDO TXH SXHGH VHU  ,QVWUXPHQWDO VLJQDO ZKLFK FDQ EH
GLIHUHQFLDGD GH OD VHxDO GH IRQGR \R GH OD GLVWLQJXLVKHGIURPWKHEDFNJURXQGDQGRUWKH
VHxDO GHO EODQFR \ TXH HV XWLOL]DGD SDUD EODQN VLJQDO DQG LV XVHG WR JHW DQDO\WLFDO
REWHQHULQIRUPDFLyQDQDOtWLFD LQIRUPDWLRQ
3URSXHVWDSRUORVDXWRUHV  3URSRVHGE\DXWKRUV

6HxDOLQVWUXPHQWDO,QIRUPDFLyQDQDOtWLFD  ,QVWUXPHQWDOVLJQDO$QDO\WLFDOLQIRUPDWLRQ

2%6(59$&,21(6
ƒ 1RKD\TXHFRQIXQGLUORVWpUPLQRVGHVHxDODQDOtWLFDFRQGDWR(OFRQFHSWRGHVHxDOHVPiV
DPSOLR\DEDUFDWRGRHOUHJLVWUR HQIXQFLyQGHOWLHPSRRGHRWUDPDJQLWXG SURSRUFLRQDGRSRU
HOLQVWUXPHQWRDQDOtWLFRSHXQFURPDWRJUDPDXQHVSHFWURXQDFXUYDFLQpWLFDHWF$SDUWLU
GH OD VHxDO VH SXHGHQ REWHQHU GLIHUHQWHV GDWRV TXH VH SXHGHQ XWLOL]DU HQ FDOLEUDFLRQHV
DQDOtWLFDV SH XQ iUHD R DOWXUD GH SLFR OD LQWHQVLGDG GH XQ Pi[LPR GH DEVRUFLyQ OD
SHQGLHQWHGHXQDFXUYDFLQpWLFDHWF
ƒ /RVLQVWUXPHQWRVDQDOtWLFRVPiVVHQFLOORV GHRUGHQFHUR VyORVXPLQLVWUDQXQGDWRSRUFDGD
PHGLGDUHDOL]DGDSRUORTXHHOFRQFHSWRGHVHxDODQDOtWLFDVHHTXLSDUDDOGHGDWRSHXQ
S+PHWURFRQYHQFLRQDO


 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



6,67(0$$1$/Ë7,&2  $1$/<7,&$/6<67(0
&RQMXQWR GH HOHPHQWRV LQWHUUHODFLRQDGRV  6HWRILQWHUUHODWHGHOHPHQWVWKDWFRQWULEXWHWR
TXH FRQWULEX\HQ D OD FDOLGDG GH ORV WKH TXDOLW\ RI DQDO\WLFDO GDWD LQFOXGLQJ
UHVXOWDGRV DQDOtWLFRV LQFOX\HQGR HTXLSRV HTXLSPHQW UHDJHQWV SURFHGXUHV WHVW
UHDFWLYRV SURFHGLPLHQWRV PDWHULDOHV GH PDWHULDOVSHUVRQQHOHQYLURQPHQWDQGTXDOLW\
HQVD\R SHUVRQDO DPELHQWH \ PHGLGDV GH DVVXUDQFHPHDVXUHV
DVHJXUDPLHQWRGHODFDOLGDG
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGE\WKHDXWKRUV,83$&7HFKQLFDO
UHSRUW  7KHKDUPRQLVHGJXLGHOLQHVIRU
LQWHUQDOTXDOLW\FRQWUROLQDQDO\WLFDOFKHPLVWU\
ODERUDWRULHV
,QVWUXPHQWR5HDFWLYR3URFHGLPLHQWR  ,QVWUXPHQW5HDJHQW3URFHGXUH0DWHULDO
0DWHULDO

2%6(59$&,21(6
ƒ (OVLVWHPDDQDOtWLFRFRPSUHQGHDOPHQRVXQSURFHGLPLHQWRDQDOtWLFRHVWDEOHFLGRDSDUWLUGH
XQGHWHUPLQDGRPpWRGRDQDOtWLFRXQLQWHUYDORGHILQLGRGHFDQWLGDGHVGHDQDOLWR\XQWLSRGH
PDWHULDOHVSHFLILFDGR








62/,'(=  58**('1(66
6LQyQLPRGHUREXVWH]  $V\QRQ\PRIUREXVWQHVV

&$&*/'LUHFWULFHVVREUHOD  &$&*/*XLGHOLQHVRIDQDO\WLFDO
WHUPLQRORJtDDQDOtWLFD&RPLVLyQGHO&RGH[ WHUPLQRORJ\&RGH[$OLPHQWDULXV
$OLPHQWDULXV &RPPLVVLRQ
5REXVWH]5HSURGXFLELOLGDG  5REXVWQHVV5HSURGXFLELOLW\

2%6(59$&,21(6
ƒ $FWXDOPHQWHHVWHWpUPLQRVHSUHVHQWDFRPRVLQyQLPRGHUREXVWH] UREXVWQHVV VLQTXHVH
GLIHUHQFLHHQWUHDPERV
ƒ 6LQ HPEDUJR GXUDQWH EDVWDQWH WLHPSR HVWH WpUPLQR HQ HO iPELWR GH ORV DQiOLVLV
IDUPDFpXWLFRVKDHVWDGRUHIHULGRDODUHSURGXFLELOLGDGRDODSUHFLVLyQLQWHUPHGLDGHOPpWRGR
DQDOtWLFR HQ UHODFLyQ FRQ ODV YDULDFLRQHV HQ ODV FRQGLFLRQHV H[SHULPHQWDOHV \ DPELHQWDOHV
QRUPDOPHQWHHVSHUDGDVFXDQGRVHFDPELDGHODERUDWRULRRGHDQDOLVWD
ƒ 7RGDYtD HQ  OD 86 3KDUPDFRSHLD   OR VHJXtD GHILQLHQGR FRPR WKH GHJUHH RI
UHSURGXFLELOLW\RIWHVWUHVXOWVREWDLQHGE\WKHDQDO\VLVRIWKHVDPHVDPSOHVXQGHUDYDULHW\RI
FRQGLWLRQV VXFK DV GLIIHUHQW ODERUDWRULHV DQDO\VWV LQVWUXPHQWV ORWV RI UHDJHQWV HODSVHG
DVVD\WLPHVDVVD\WHPSHUDWXUHVRUGD\V



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



62/872  62/87(
&RPSRQHQWH PLQRULWDULR GH XQD GLVROXFLyQ  7KH PLQRU FRPSRQHQW RI D VROXWLRQ ZKLFK LV
TXH VH FRQVLGHUD KD VLGR GLVXHOWR HQ HO UHJDUGHG DV KDYLQJ EHHQ GLVVROYHG E\ WKH
GLVROYHQWH VROYHQW
$'0F1DXJKW$:LONLQVRQ&RPSHQGLRGH  &RPSHQGLXPRIFKHPLFDOWHUPLQRORJ\±*ROG
WHUPLQRORJtDTXtPLFD  6tQWHVLV %RRN:HEHGYHU  ,83$&
'LVROXFLyQ'LVROYHQWH  6ROXWLRQ6ROYHQW

2%6(59$&,21(6
ƒ (QXQDGLVROXFLyQSXHGHKDEHUPiVGHXQVROXWRTXHSXHGHQVHUVyOLGRVOtTXLGRVRJDVHV
ƒ *HQHUDOPHQWHHQXQDGLVROXFLyQGHHQVD\RHODQDOLWRVHLGHQWLILFDFRQDOJXQRGHORVVROXWRV










68%52*$'2  68552*$7(
&RPSXHVWR SXUR GLIHUHQWH GHO DQDOLWR SHUR  $ SXUH FRPSRXQG GLIIHUHQW IURP EXW VLPLODU
VLPLODU DO PLVPR DxDGLGR HQ XQD HQRXJK WR WKH DQDO\WH DGGHG DW D NQRZQ
FRQFHQWUDFLyQ FRQRFLGD D OD PXHVWUD DQWHV FRQFHQWUDWLRQ WR WKH VDPSOH SULRU WR
GHOWUDWDPLHQWR SURFHVVLQJ
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP)LHOGVDPSOHPDQXDO  
0LQLVWU\RI(QYLURQPHQW%ULWLVK&ROXPELD
3DWUyQLQWHUQR  ,QWHUQDOVWDQGDUG

2%6(59$&,21(6
ƒ (QHVWDGHILQLFLyQVHHQWHQGHUtDSRUVXEURJDGRXQSDWUyQLQWHUQRWLSR,,
ƒ /RVVXEURJDGRVWLHQHQSURSLHGDGHVTXtPLFDVVLPLODUHVDODVGHODQDOLWR\GHEHQSURSRUFLRQDU
XQDVHxDODQDOtWLFDGLVWLQWDGHODGHDTXHO



 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



6867$1&,$  68%67$1&(
0DWHULD GH FRPSRVLFLyQ FRQVWDQWH  0DWWHU RI FRQVWDQW FRPSRVLWLRQ EHVW
FDUDFWHUL]DGD SRU ODV HQWLGDGHV TXH OD FKDUDFWHUL]HG E\ WKH HQWLWLHV PROHFXOHV
FRPSRQHQ PROpFXODV XQLGDGHV IyUPXOD IRUPXODXQLWVDWRPV LWLVFRPSRVHGRI
iWRPRV 
$'0F1DXJKW$:LONLQVRQ&RPSHQGLRGH  &RPSHQGLXPRIFKHPLFDOWHUPLQRORJ\±*ROG
WHUPLQRORJtDTXtPLFD  6tQWHVLV %RRN:HEHGYHU  ,83$&
(VSHFLHTXtPLFD  &KHPLFDOVSHFLH

2%6(59$&,21(6
ƒ /D VXVWDQFLD VH UHILHUH VLHPSUH D XQD PDWHULD FRPSOHWD SRU OR WDQWR HVWi FRPSXHVWD GH
HQWLGDGHVPDWHULDOHVQHXWUDV iWRPRVXQLGDGHVIyUPXODRPROpFXODV 8QLyQQRVHFRQVLGHUD
XQDVXVWDQFLD
ƒ /DVSURSLHGDGHVItVLFDVFRPRODGHQVLGDGHOtQGLFHGHUHIUDFFLyQODFRQGXFWLYLGDGHOpFWULFD
HOSXQWRGHIXVLyQHWFFDUDFWHUL]DQDODVVXVWDQFLDVTXtPLFDV




7e&1,&$$1$/Ë7,&$  $1$/<7,&$/7(&+1,48(
$SOLFDFLyQJHQpULFDGHXQSULQFLSLRFLHQWtILFR  *HQHULF DSSOLFDWLRQ RI D VFLHQWLILF SULQFLSOH
SDUD VXPLQLVWUDU LQIRUPDFLyQ DQDOtWLFD VREUH WKDW FDQ SURYLGH DQDO\WLFDO LQIRUPDWLRQ DERXW
XQREMHWRDQDOtWLFRRXQDPXHVWUD DQDQDO\WLFDOREMHFWRUVDPSOH
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP(3ULFKDUG$QDO\WLFDO
PHDVXUHPHQWWHUPLQRORJ\  /*&
56&
3ULQFLSLRGHPHGLGD7HFQRORJtDDQDOtWLFD  0HDVXUHPHQWSULQFLSOH$QDO\WLFDO
WHFKQRORJ\

2%6(59$&,21(6
ƒ 'HXQ~QLFRSULQFLSLRFLHQWtILFRSXHGHQHPDQDUGLYHUVDVWpFQLFDVDQDOtWLFDV\pVWDVSXHGHQ
HVWDUUHODFLRQDGDVFRQFXDOTXLHURSHUDFLyQGHDOJXQDGHODVHWDSDVGHOSURFHVRDQDOtWLFR
ƒ (O SULQFLSLR FLHQWtILFR SXHGH VHU GH QDWXUDOH]D ItVLFD ELR TXtPLFD PLFURELROyJLFD
PDWHPiWLFDRHVWDGtVWLFD
ƒ /D WpFQLFD FRQVWLWX\H OD PDWHULDOL]DFLyQ SUiFWLFD GH XQR R YDULRV SULQFLSLRV FLHQWtILFRV HQ XQ
LQVWUXPHQWRRVLVWHPDLQVWUXPHQWDODVtSRUHMHPSORODHVSHFWURPHWUtD899LVHVXQDGHODV
WpFQLFDVDQDOtWLFDVGHPHGLGDUHVXOWDQWHVGHDSOLFDUHOIHQyPHQRItVLFRTXtPLFR SULQFLSLRGH
PHGLGD GHODDEVRUFLyQGHODOX]SRUODPDWHULDRODFURPDWRJUDItDHVXQDWpFQLFDDQDOtWLFD
GHVHSDUDFLyQUHVXOWDQWHGHDSOLFDUORVSULQFLSLRVGHODVHSDUDFLyQGLQiPLFDHQIOXMRHQWUHXQD
IDVHHVWDFLRQDULD\XQDIDVHPyYLO
ƒ (O FRQMXQWR WDQWR GH ORV SULQFLSLRV FLHQWtILFRV MXQWR FRQ ODV FRUUHVSRQGLHQWHV WpFQLFDV
DSOLFDFLRQHV SODVPDGDV HQ GLVSRVLWLYRV LQVWUXPHQWRV R VRIWZDUH  FRQVWLWX\HQ OD DFWXDO
WHFQRORJtDDQDOtWLFD
ƒ (O WpUPLQR IXH SURSXHVWR SRU -. 7D\ORU $QDO &KHP   $  FRQ XQ VLJQLILFDGR
OLJHUDPHQWH GLIHUHQWH \D TXH VH UHIHUtD DO SULQFLSLR FLHQWtILFR ~WLO SDUD REWHQHU LQIRUPDFLyQ
FRPSRVLFLRQDO 6LQ HPEDUJR HVWH VLJQLILFDGR HVWi FRQWHPSODGR HQ HO WpUPLQR SULQFLSLR GH
PHGLGDTXHDSDUHFHGHILQLGRHQHO9,07DOXVR GHEHUtDVHUGHVWHUUDGR\DTXHHOWpUPLQR
WpFQLFDHVWiOLJDGRDWHFQRORJtD\QRDPHGLGD


 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



75$16)(5,%,/,'$'  75$16)(5$%,/,7<
3URSLHGDG GH XQ PpWRGR DQDOtWLFR TXH  3URSHUW\RIDQDQDO\WLFDOPHWKRGWKDWUHIOHFWV
GHVFULEH VX FDSDFLGDG GH PDQWHQHU ORV LWV DELOLW\ WR SURYLGH FRQVLVWHQW UHVXOWV ZKHQ
UHVXOWDGRVFXDQGRHVDSOLFDGRDODVPLVPDV DSSO\LQJ WR WKH VDPH VDPSOHV LQ GLIIHUHQW
PXHVWUDVHQGLIHUHQWHVODERUDWRULRV ODERUDWRULHV
$GDSWDGDGH*ORVDULRGHWpUPLQRVHQ0  $GDSWHGIURP*ORVVDU\RIWHUPVLQ0
9DOFiUFHO3ULQFLSLRVGHTXtPLFDDQDOtWLFD 9DOFiUFHO3ULQFLSOHVRIDQDO\WLFDOFKHPLVWU\D
 6SULQJHU WH[WERRN  6SULQJHU
)LDELOLGDG5REXVWH]3UDFWLFDELOLGDG  5HOLDELOLW\5REXVWQHVV3UDFWLFDELOLW\

2%6(59$&,21(6
ƒ /DWUDQVIHULELOLGDGGHXQPpWRGRDQDOtWLFRHVWiUHODFLRQDGDWDQWRFRQVXILDELOLGDG\UREXVWH]
FRPRFRQODSUDFWLFDELOLGDG










75$7$0,(172'('$726  '$7$75($70(17
3URFHVRSDUDREWHQHUUHVXOWDGRVDQDOtWLFRVD  3URFHVV WR REWDLQ DQDO\WLFDO UHVXOWV IURP WKH
SDUWLUGHGDWRVSULPDULRV UDZGDWD
3URSXHVWDSRUORVDXWRUHV    3URSRVHGE\WKHDXWKRUV

'DWR$QiOLVLVGHGDWRV  'DWXP'DWDDQDO\VLV

2%6(59$&,21(6
ƒ +DELWXDOPHQWHHOWUDWDPLHQWRGHGDWRVSXHGHVHUXQDVHQFLOODRSHUDFLyQPDWHPiWLFDGHULYDGD
GH DSOLFDU XQD HFXDFLyQ HVWHTXLRPpWULFD R UHTXHULU HO DMXVWH SUHYLR GH XQD IXQFLyQ GH
FDOLEUDGR PHGLDQWH XQ PpWRGR GH UHJUHVLyQ SDUD SRVWHULRUPHQWH DSOLFDUOD VREUH ORV GDWRV
REWHQLGRV
ƒ (Q DTXHOORV FDVRV HQ ORV TXH VH WUDEDMD FRQ GDWRV PXOWLYDULDEOHV R GDWRV PXOWLYtD HO
WUDWDPLHQWR GH GDWRV QHFHVDULR SXHGH VHU EDVWDQWH FRPSOHMR \ UHTXLHUH FRQRFLPLHQWRV
SURIXQGRVGHHVWDGtVWLFD\TXLPLRPHWUtD



 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



75$7$0,(172'(08(675$  6$03/(75($70(17
3URFHVRDDSOLFDUSDUDFRQYHUWLUODGLVROXFLyQ  7KH SURFHVV ZKLFK PD\ EH UHTXLUHG WR
GHHQVD\RHQGLVROXFLyQWUDWDGD FRQYHUW WKH WHVW VROXWLRQ LQWR WKH WUHDWHG
VROXWLRQ
7UDGXFLGDSRUORVDXWRUHV  ,83$&5HFRPPHQGDWLRQV  
7HUPLQRORJ\LQVRLOVDPSOLQJ
3UHSDUDFLyQGHPXHVWUD0XHVWUDWUDWDGD  6DPSOHSUHSDUDWLRQ7UHDWHGVDPSOH

2%6(59$&,21(6
ƒ /DIRUPDFLyQGHGHULYDGRV GHULYDWL]DWLRQ SRGUtDFRQVLGHUDUVHXQHMHPSORGHWUDWDPLHQWR
GHPXHVWUD\DTXHJHQHUDOPHQWHDXQTXHQRVLHPSUHVHDSOLFDGHVSXpVGHKDEHUREWHQLGR
ODGLVROXFLyQGHHQVD\R
ƒ $XQTXHOD,83$&KDGLIHUHQFLDGRORVGRVWpUPLQRVSUHSDUDFLyQGHPXHVWUD\WUDWDPLHQWRGH
PXHVWUDHQODSUiFWLFDDQDOtWLFDFRWLGLDQDDPERVWpUPLQRVVHXWLOL]DQGHIRUPDLQGLVWLQWD










7$1'$$1$/Ë7,&$  $1$/<7,&$/%$7&+
*UXSR GH PXHVWUDV LQFOXLGDV ODV PXHVWUDV  $ JURXS RI VDPSOHV LQFOXGLQJ TXDOLW\ FRQWURO
GH FRQWURO TXH VRQ SURFHVDGDV GH IRUPD VDPSOHVZKLFKDUHSURFHVVHGWRJHWKHUXVLQJ
FRQMXQWD DO PLVPR WLHPSR R HQ SHULRGRV GH WKHVDPHPHWKRGWKHVDPHORWVRIUHDJHQWV
WLHPSR FRQWLQXRV \ VHFXHQFLDOHV XWLOL]DQGR DQG DW WKH VDPH WLPH RU LQ FRQWLQXRXV
HOPLVPRPpWRGR\ORVPLVPRVUHDFWLYRV VHTXHQWLDOWLPHSHULRGV
7UDGXFLGDSRUORVDXWRUHV  *ORVVDU\RITXDOLW\DVVXUDQFHWHUPVDQG
UHODWHGDFURQ\PV:HEHG  86(3$
/RWHGHPDWHULDO0DWHULDO0XHVWUD  0DWHULDOEDWFK0DWHULDO6DPSOH

2%6(59$&,21(6
ƒ /DVPXHVWUDVTXHFRQIRUPDQXQORWHDQDOtWLFRGHEHUtDQWHQHUFRPSRVLFLyQVLPLODU\FRPSDUWLU
ORVPLVPRVSDWURQHVGHFRQWUROGHFDOLGDG
ƒ (Q OD SUiFWLFD DQDOtWLFD VH XWLOL]D HO WpUPLQR VHFXHQFLD SDUD LQGLFDU HO RUGHQ HQ TXH VH
DQDOL]DXQDWDQGDDQDOtWLFD
ƒ $YHFHVHQLQJOpVVHXWLOL]DWDPELpQHOWpUPLQRDQDO\WLFDOUXQFRQXQVLJQLILFDGRVLPLODU



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



75$=$  75$&(
&XDOTXLHU FRPSRQHQWH TXH SUHVHQWD XQD  $Q\ FRPSRQHQW KDYLQJ DQ DYHUDJH
FRQFHQWUDFLyQPHGLDPHQRUDSDUWHVSRU FRQFHQWUDWLRQ RI OHVV WKDQ DERXW  SDUWV
PLOOyQGHiWRPRV SSPD R JJ SHU PLOOLRQ DWRPV SSPD  RU OHVV WKDQ 
JJ
$GDSWDGRGH$'0F1DXJKW$:LONLQVRQ  &RPSHQGLXPRIFKHPLFDOWHUPLQRORJ\±*ROG
&RPSHQGLRGHWHUPLQRORJtDTXtPLFD   %RRN:HEHGYHU  ,83$&
6tQWHVLV
$QDOLWR  $QDOLWH

2%6(59$&,21(6
ƒ (Q HO iPELWR DQDOtWLFR HVWi \D EDVWDQWH DVHQWDGR HO WpUPLQR DQiOLVLV GH WUD]DV TXH HQ
UHDOLGDG HV HUUyQHR HQ Vt PLVPR \D TXH ODV WUD]DV UHSUHVHQWDQ VLHPSUH D DQDOLWRV \ HO
WpUPLQRDQiOLVLVVyORGHELHUDXWLOL]DUVHHQUHODFLyQDPXHVWUDVXREMHWRV6HUtDPiVFRUUHFWR
GHFLUGHWHUPLQDFLyQGHWUD]DV






9$/,'$&,Ï1$1$/Ë7,&$  $1$/<7,&$/9$/,'$7,21
3URFHVR SRU HO TXH VH HVWDEOHFH SRU PHGLR  7KH SURFHVV E\ ZKLFK LW LV HVWDEOLVKHG E\
GH HVWXGLRV GH ODERUDWRULR TXH ODV ODERUDWRU\ VWXGLHV WKDW WKH SHUIRUPDQFH
FDUDFWHUtVWLFDV GH IXQFLRQDPLHQWR GH XQ FKDUDFWHULVWLFV RI WKH PHWKRG PHHW WKH
PpWRGR HVWiQ GH DFXHUGR FRQ ORV UHTXLVLWRV UHTXLUHPHQWV IRU WKH LQWHQGHG DQDO\WLFDO
SDUDXQDDSOLFDFLyQDQDOtWLFDSUHYLVWD DSSOLFDWLRQ
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  *ORVVDU\RIWHUPVIRUTXDOLW\DVVXUDQFHDQG
JRRGODERUDWRU\SUDFWLFHVQGHG  
8QLWHG1DWLRQV2IILFHRQ'UXJVDQG&ULPH
812'& 
$SWLWXGSDUDXVR&DUDFWHUtVWLFDVGH  )LWQHVVIRUSXUSRVH3HUIRUPDQFH
IXQFLRQDPLHQWR&ULWHULRVGHIXQFLRQDPLHQWR FKDUDFWHULVWLFV3HUIRUPDQFHFULWHULD
9DOLGDFLyQ 9DOLGDWLRQ

2%6(59$&,21(6
ƒ /D YDOLGDFLyQ UHTXLHUH HO HVWDEOHFLPLHQWR SUHYLR GH XQRV GHWHUPLQDGRV UHTXLVLWRV R FULWHULRV
GHIXQFLRQDPLHQWR
ƒ /DYDOLGDFLyQDQDOtWLFDD~QDHOSURFHVRGHREWHQHUORVGDWRVQHFHVDULRVSDUDFDOFXODUHOYDORU
GHODVFDUDFWHUtVWLFDVGHIXQFLRQDPLHQWRQHFHVDULDVSDUDGHPRVWUDUODDSWLWXGSDUDXVR\OD
GHPRVWUDFLyQ GRFXPHQWDO GH TXH GLFKDV FDUDFWHUtVWLFDV VRQ FRKHUHQWHV FRQ ORV UHTXLVLWRV
HVWLSXODGRV 3RU WDQWR OD YDOLGDFLyQ QR GHEH FRQIXQGLUVH FRQ OD PHUD GHVFULSFLyQ GH ODV
FDUDFWHUtVWLFDVGHIXQFLRQDPLHQWRRSDUiPHWURVGHFDOLGDGGHOPpWRGR
ƒ /D YDOLGDFLyQ VROR DSOLFD DO LQWHUYDOR GH YDORUHV GH OD PDJQLWXG DQDOtWLFD TXH KDQ VLGR
H[DPLQDGRVHQHOHVWXGLRGHYDOLGDFLyQ\QRGHEHH[WUDSRODUVHIXHUDGHGLFKRLQWHUYDOR
ƒ (Q WpUPLQRV HVWULFWRV HO WpUPLQR GH YDOLGDFLyQ DQDOtWLFD GHEHUtD VHU DSOLFDGR D XQ VLVWHPD
DQDOtWLFRPiVTXHDXQPpWRGRRSURFHGLPLHQWRDQDOtWLFRV



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 













Sección II:  Section II:


METROLOGÍA ANALÍTICA ANALYTICAL METROLOGY












$-867( GHXQVLVWHPDGHPHGLGD   $'-8670(17 RIDPHDVXULQJV\VWHP 
&RQMXQWR GH RSHUDFLRQHV UHDOL]DGDV VREUH  6HWRIRSHUDWLRQVFDUULHGRXWRQDPHDVXULQJ
XQ LQVWUXPHQWR R VLVWHPD GH PHGLGD SDUD LQVWUXPHQW RU D PHDVXULQJ V\VWHP VR WKDW LW
TXH SURSRUFLRQH LQGLFDFLRQHV SUHVFULWDV SURYLGHV SUHVFULEHG LQGLFDWLRQV
FRUUHVSRQGLHQWHV D YDORUHV GDGRV GH OD FRUUHVSRQGLQJWRJLYHQYDOXHVRIDTXDQWLW\WR
PDJQLWXGDPHGLU EHPHDVXUHG
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
0DQWHQLPLHQWR9HULILFDFLyQ  0DLQWHQDQFH9HULILFDWLRQ

2%6(59$&,21(6
ƒ (OREMHWLYRGHODMXVWHHVOOHYDUHOHTXLSRGHPHGLGDDXQHVWDGRRSHUDWLYRRGHIXQFLRQDPLHQWR
FDUDFWHUL]DGRSRUWHQHUGHVYLDFLRQHVVXILFLHQWHPHQWHSHTXHxDVSDUDTXHVHDDGHFXDGRSDUD
VXXVR
ƒ 1R GHEH FRQIXQGLUVH HO DMXVWH GH XQ HTXLSR FRQ VX SURSLD FDOLEUDFLyQ TXH HV XQ UHTXLVLWR
SDUDHODMXVWH'HVSXpVGHODMXVWHHOHTXLSRGHEHVHUQXHYDPHQWHFDOLEUDGR
ƒ 0XFKRV LQVWUXPHQWRV SH EDODQ]DV S+PHWURV LQFRUSRUDQ XQD RSHUDFLyQ GHQRPLQDGD
DXWRFDOLEUDFLyQ R VLPSOHPHQWH FDOLEUDFLyQ  TXH HQ UHDOLGDG FRQVLVWH HQ XQ DMXVWH GH OD
VHQVLELOLGDG
ƒ ,JXDOPHQWHODRSHUDFLyQGHQRPLQDGDDMXVWHGHOFHURHVXQDMXVWHGHODVHxDOGHIRQGR


 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



$3$5$72  $33$5$786
$UWHIDFWR FRQVWLWXLGR SRU GLVWLQWRV HOHPHQWRV  $UWHIDFW FRQVLVWLQJ RI YDULRXV PHFKDQLFDO
PHFiQLFRV HOpFWULFRV R HOHFWUyQLFRV TXH HOHFWULFDO RU HOHFWURQLF SDUWV SHUIRUPLQJ D
DFW~DQFRQMXQWDPHQWHSDUDODUHDOL]DFLyQGH VSHFLILFIXQFWLRQRUWDVN
XQDIXQFLyQRWDUHDHVSHFtILFD
$GDSWDGDGH9RFDEXODULRFLHQWtILFR\WpFQLFR  7UDQVODWHGDQGDGDSWHGE\WKHDXWKRUV
 5HDO$FDGHPLDGHOD&LHQFLDV
([DFWDV)tVLFDV\1DWXUDOHV HG (VSDVD
&DOSH
'LVSRVLWLYR,QVWUXPHQWR  'HYLFH,QVWUXPHQW

2%6(59$&,21(6
ƒ (OWpUPLQRDSDUDWRSXHGHFRQVLGHUDUVHVLQyQLPRGHLQVWUXPHQWR
ƒ /RV DSDUDWRV QR UHDOL]DQ PHGLGDV \ HQ HO ODERUDWRULR VH XWLOL]DQ SDUD IXQFLRQHV DX[LOLDUHV
UHODFLRQDGDVFRQODREWHQFLyQGHODVPHGLGDVSHFHQWULIXJDVEDxRVDJLWDGRUHVHWF









$37,78'3$5$862 GHXQVLVWHPDGH  ),71(66)25385326( RID
PHGLGD  PHDVXULQJV\VWHP 
&DSDFLGDG GH XQ HTXLSR R VLVWHPD GH  $ELOLW\ RI D PHDVXULQJ LQVWUXPHQW RU
PHGLGD GH VHUYLU SDUD XQ ILQ GHILQLGR EDMR PHDVXULQJV\VWHPWRVHUYHDGHILQHGSXUSRVH
FRQGLFLRQHVHVSHFtILFDV XQGHUVSHFLILFFRQGLWLRQV
$GDSWDGDGH81((1    $GDSWHGIURP,62,(&*XLGH  
1RUPDOL]DFLyQ\DFWLYLGDGHVUHODFLRQDGDV 6WDQGDUGL]DWLRQDQGUHODWHGDFWLYLWLHV
9RFDEXODULRJHQHUDO *HQHUDOYRFDEXODU\
&DOLILFDFLyQ9DOLGDFLyQ  4XDOLILFDWLRQ9DOLGDWLRQ

2%6(59$&,21(6
ƒ (OWpUPLQRGHDSWLWXGSDUDXVRHVXQWpUPLQRSURSLRGHYRFDEXODULRGHFDOLGDGTXHDSOLFDHQ
JHQHUDODSURGXFWRVSURFHVRV\VHUYLFLRV
ƒ 6H XWLOL]D WDPELpQ OD IRUPD DGMHWLYDGD ILWWHG IRU SXUSRVH GH OD TXH VH SXHGHQ HQFRQWUDU
GLIHUHQWHV WUDGXFFLRQHV DO HVSDxRO FRPR DSWRDGHFXDGR SDUD SURSyVLWR DSWRDGHFXDGR
DOILQSUHYLVWR



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



%$/$1&('(,1&(57,'80%5(  81&(57$,17<%8'*(7
'HFODUDFLyQGHXQDLQFHUWLGXPEUHGHPHGLGD  6WDWHPHQW RI D PHDVXUHPHQW XQFHUWDLQW\ RI
\ ODV FRPSRQHQWHV GH HVD LQFHUWLGXPEUH WKH FRPSRQHQWV RI WKDW PHDVXUHPHQW
MXQWRFRQVXFiOFXOR\FRPELQDFLyQ XQFHUWDLQW\ DQG RI WKHLU FDOFXODWLRQ DQG
FRPELQDWLRQ
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
,QFHUWLGXPEUHGHPHGLGD,QFHUWLGXPEUH  0HDVXUHPHQWXQFHUWDLQW\8QFHUWDLQW\

2%6(59$&,21(6
ƒ $ YHFHV \ XWLOL]DQGR OD WUDGXFFLyQ OLWHUDO GHO WpUPLQR HQ LQJOpV VH XVD OD H[SUHVLyQ
SUHVXSXHVWRGHLQFHUWLGXPEUH
ƒ (Q HO EDODQFH GH LQFHUWLGXPEUH VH GHEHUtD LQFOXLU OD IXQFLyQ GH PHGLGD ODV HVWLPDFLRQHV H
LQFHUWLGXPEUHV DVRFLDGDV D ODV PDJQLWXGHV TXH LQWHUYLHQHQ HQ GLFKD IXQFLyQ \ HQ VX FDVR
ODVFRYDULDQ]DV,JXDOPHQWHKDEUtDTXHLQFOXLUORVJUDGRVGHOLEHUWDGHOWLSRGHHYDOXDFLyQGH
ODLQFHUWLGXPEUH $R% \HOIDFWRUGHFREHUWXUD







&$'(1$'(0(','$  0($685,1*&+$,1
6HULHGHHOHPHQWRVGHXQVLVWHPDGHPHGLGD  6HULHV RI HOHPHQWV RI D PHDVXULQJ V\VWHP
TXH FRQVWLWX\H OD WUD\HFWRULD GH OD VHxDO FRQVWLWXWLQJDVLQJOHSDWKRIWKHVLJQDOIURPD
GHVGHHOVHQVRUKDVWDHOHOHPHQWRGHVDOLGD VHQVRUWRDQRXWSXWHOHPHQW
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
'LVSRVLWLYR0HGLGD  'HYLFH0HDVXUHPHQW

2%6(59$&,21(6
ƒ (Q HO iPELWR GH ODV PHGLGDV DQDOtWLFDV HQ OD FDGHQD GH PHGLGD KDEUtD TXH LQFOXLU HO
GLVSRVLWLYR JHQHUDGRU GH UHVSXHVWD XWLOL]DGR SDUD OD SHUWXUEDFLyQ R H[FLWDFLyQ GHO VLVWHPD
PDWHULDOTXHGDOXJDUDODUHVSXHVWDDQDOtWLFD



 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



&$'(1$'(75$=$%,/,'$'  0HWURORJLFDO 75$&($%,/,7<&+$,1
PHWUROyJLFD 
6XFHVLyQ GH SDWURQHV \ FDOLEUDFLRQHV TXH  6HTXHQFH RI PHDVXUHPHQW VWDQGDUGV DQG
UHODFLRQDQ XQ UHVXOWDGR GH PHGLGD FRQ XQD FDOLEUDWLRQV WKDW LV XVHG WR UHODWH D
UHIHUHQFLD PHDVXUHPHQWUHVXOWWRDUHIHUHQFH
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
7UD]DELOLGDGPHWUROyJLFD  0HWURORJLFDOWUDFHDELOLW\

2%6(59$&,21(6
ƒ 8QDFDGHQDGHWUD]DELOLGDGPHWUROyJLFDVHGHILQHPHGLDQWHXQDMHUDUTXtDGHFDOLEUDFLyQ
ƒ /DFDGHQDGHWUD]DELOLGDGPHWUROyJLFDVHHPSOHDSDUDHVWDEOHFHUODWUD]DELOLGDGPHWUROyJLFD
GHXQUHVXOWDGRGHPHGLGD
ƒ /D FRPSDUDFLyQ HQWUH GRV SDWURQHV GH PHGLGDSXHGH FRQVLGHUDUVH FRPR XQD FDOLEUDFLyQVL
pVWD VH XWLOL]D SDUD FRPSUREDU \ VL SURFHGH FRUUHJLU HO YDORU \ OD LQFHUWLGXPEUH GH PHGLGD
DWULEXLGDDXQRGHORVSDWURQHV




 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



&$/,%5$&,Ï1 PHWUROyJLFD   0HWURORJLFDO &$/,%5$7,21
2SHUDFLyQ TXH EDMR FRQGLFLRQHV  2SHUDWLRQWKDWXQGHU VSHFLILHGFRQGLWLRQVLQ
HVSHFLILFDGDV HVWDEOHFH HQ XQD SULPHUD D ILUVW VWHS HVWDEOLVKHV D UHODWLRQ EHWZHHQ
HWDSD XQD UHODFLyQ HQWUH ORV YDORUHV \ VXV WKH TXDQWLW\ YDOXHV ZLWK PHDVXUHPHQW
LQFHUWLGXPEUHV GH PHGLGD DVRFLDGDV XQFHUWDLQWLHV SURYLGHG E\ PHDVXUHPHQW
REWHQLGDV D SDUWLU GH ORV SDWURQHV GH VWDQGDUGVDQGFRUUHVSRQGLQJLQGLFDWLRQVZLWK
PHGLGD \ ODV FRUUHVSRQGLHQWHV LQGLFDFLRQHV DVVRFLDWHG PHDVXUHPHQW XQFHUWDLQWLHV DQG
FRQ VXV LQFHUWLGXPEUHV DVRFLDGDV\ HQ XQD LQ D VHFRQG VWHS XVHV WKLV LQIRUPDWLRQ WR
VHJXQGDHWDSDXWLOL]DHVWDLQIRUPDFLyQSDUD HVWDEOLVK D UHODWLRQ IRU REWDLQLQJ D
HVWDEOHFHUXQD UHODFLyQTXHSHUPLWD REWHQHU PHDVXUHPHQWUHVXOWIURPDQLQGLFDWLRQ
XQ UHVXOWDGR GH PHGLGD D SDUWLU GH XQD
LQGLFDFLyQ
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
&DOLILFDFLyQ9HULILFDFLyQ9DOLGDFLyQ  4XDOLILFDWLRQ9HULILFDWLRQ9DOLGDWLRQ

2%6(59$&,21(6
ƒ 8QD FDOLEUDFLyQ VXHOH H[SUHVDUVH SDUD FDGD YDORU FDOLEUDGR FRPR XQD FRUUHFFLyQ DGLWLYD R
PXOWLSOLFDWLYD GH OD LQGLFDFLyQ FRQ VX LQFHUWLGXPEUH FRUUHVSRQGLHQWH 7DPELpQ HV SRVLEOH
H[SUHVDUODPHGLDQWHXQDGHFODUDFLyQXQDIXQFLyQGHFDOLEUDFLyQXQGLDJUDPDGHFDOLEUDFLyQ
XQDFXUYDGHFDOLEUDFLyQRXQDWDEODGHFDOLEUDFLyQ
ƒ 1R FRQIXQGLU FDOLEUDFLyQ FRQ DMXVWH D PHQXGR OODPDGR LQFRUUHFWDPHQWH DXWRFDOLEUDFLyQ R
FDOLEUDFLyQLQWHUQDQLFRQYHULILFDFLyQGHODFDOLEUDFLyQ
ƒ )UHFXHQWHPHQWH VH LQWHUSUHWD TXH ~QLFDPHQWH OD SULPHUD HWDSD GH HVWD GHILQLFLyQ
FRUUHVSRQGHDODFDOLEUDFLyQ



 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



&$/,%5$&,Ï1',5(&7$  ',5(&7&$/,%5$7,21
&DOLEUDFLyQ TXH VH UHDOL]D FXDQGR OD  $SSOLHG FDOLEUDWLRQ ZKHQ WKH VWDWHG TXDQWLW\
PDJQLWXGGHILQLGDSRUHOSDWUyQHVLJXDODOD YDOXH RI WKH VWDQGDUG LV HTXLYDOHQW WR WKH
PDJQLWXG GHO YDORU VXPLQLVWUDGR SRU HO SURYLGHG TXDQWLW\ E\ WKH PHDVXULQJ
LQVWUXPHQWR R VLVWHPD GH PHGLGD LQVWUXPHQWRUPHDVXULQJV\VWHP LQGLFDWLRQ 
LQGLFDFLyQ 
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP/&XDGURV5RGUtJXH]/
*iPL]*UDFLD($OPDQVD/ySH]-/DVR
6iQFKH]&DOLEUDWLRQLQFKHPLFDO
PHDVXUHPHQWSURFHVVHV,$PHWURORJLFDO
DSSURDFK7UHQGV$QDO&KHP

&DOLEUDFLyQ &DOLEUDFLyQ LQGLUHFWD 3DWUyQ  &DOLEUDWLRQ,QGLUHFWFDOLEUDWLRQ6WDQGDUG
,QGLFDFLyQ0DJQLWXG ,QGLFDWLRQ4XDQWLW\

2%6(59$&,21(6
ƒ $YHFHVDSDUHFHGHQRPLQDGDFRPRFDOLEUDFLyQDEVROXWD







&$/,%5$&,Ï1,1',5(&7$  ,1',5(&7&$/,%5$7,21
&DOLEUDFLyQ TXH VH UHDOL]D FXDQGR OD  $SSOLHG FDOLEUDWLRQ ZKHQ WKH VWDWHG TXDQWLW\
PDJQLWXG GHILQLGD SRU HO SDWUyQ HV GLIHUHQWH YDOXH RI WKH VWDQGDUG LV GLIIHUHQW WR WKH
D OD PDJQLWXG GHO YDORU VXPLQLVWUDGR SRU HO SURYLGHG TXDQWLW\ E\ WKH PHDVXULQJ
LQVWUXPHQWR R VLVWHPD GH PHGLGD LQVWUXPHQWRUPHDVXULQJV\VWHP LQGLFDWLRQ 
LQGLFDFLyQ 
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP/&XDGURV5RGUtJXH]/
*iPL]*UDFLD($OPDQVD/ySH]-/DVR
6iQFKH]&DOLEUDWLRQLQFKHPLFDO
PHDVXUHPHQWSURFHVVHV,$PHWURORJLFDO
DSSURDFK7UHQGV$QDO&KHP

&DOLEUDFLyQ&DOLEUDFLyQGLUHFWD3DWUyQ  &DOLEUDWLRQ'LUHFWFDOLEUDWLRQ6WDQGDUG
,QGLFDFLyQ0DJQLWXG ,QGLFDWLRQ4XDQWLW\

2%6(59$&,21(6
ƒ $YHFHVDSDUHFHGHQRPLQDGDFRPRFDOLEUDFLyQUHODWLYD
ƒ /DFDOLEUDFLyQGHPDWHULDOYROXPpWULFRHVXQDFDOLEUDFLyQLQWUtQVHFDPHQWHLQGLUHFWD\DTXHVH
XWLOL]DXQSDWUyQGHPDVD EDODQ]D SDUDPHGLUHOYROXPHQGHOHTXLSR



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



&$/,),&$&,Ï1  48$/,),&$7,21
3URFHVR SDUD GHPRVWUDU OD FDSDFLGDG SDUD  3URFHVV WR GHPRQVWUDWH WKH DELOLW\ WR IXOILOO
FXPSOLUORVUHTXLVLWRVHVSHFLILFDGRV VSHFLILHGUHTXLUHPHQWV
81((1,62  6LVWHPDVGH  ,62  4XDOLW\PDQDJHPHQWV
JHVWLyQGHODFDOLGDG)XQGDPHQWRV\ V\VWHPV)XQGDPHQWDOVDQGYRFDEXODU\
YRFDEXODULR
9HULILFDFLyQ9DOLGDFLyQ  9HULILFDWLRQ9DOLGDWLRQ

2%6(59$&,21(6
ƒ /DFDOLILFDFLyQSXHGHDSOLFDUVHDSHUVRQDVSURGXFWRVSURFHVRVRVLVWHPDV
ƒ (O WpUPLQR FRUUHFWR HQ HVSDxRO HV FDOLILFDFLyQ DXQTXH VH XWLOL]D KDELWXDOPHQWH GH IRUPD
HUUyQHD FXDOLILFDFLyQ (VWH ~OWLPR WpUPLQR VyOR HVWi DGPLWLGR SDUD VHU DSOLFDGR D SHUVRQDV
HQUHODFLyQFRQODSUHSDUDFLyQSDUDHMHUFHUGHWHUPLQDGDDFWLYLGDGRSURIHVLyQ 'LFFLRQDULRGH
OD5$( 










&$/,),&$&,Ï1'((48,326  (48,30(1748$/,),&$7,21
3URFHVR IRUPDO TXH SURSRUFLRQD HYLGHQFLD  )RUPDO SURFHVV WKDW SURYLGHV GRFXPHQWHG
GRFXPHQWDGD GH TXH XQ HTXLSR HV HYLGHQFHWKDWHTXLSPHQWLVILWIRULWVLQWHQGHG
DSURSLDGR SDUD XQ XVR HVWDEOHFLGR \ TXH HO SXUSRVH DQG NHSW LQ D VWDWH RI PDLQWHQDQFH
LQVWUXPHQWR VH GHVHPSHxD SDUD HVD DQGFDOLEUDWLRQFRQVLVWHQWZLWKLWVXVH
HVSHFLILFDFLyQ
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  /&*7KHGHYHORSPHQWDQGDSSOLFDWLRQRI
JXLGDQFHRQHTXLSPHQWTXDOLILFDWLRQRI
DQDO\WLFDOLQVWUXPHQWV $FFUHG4XDO$VVXU
 
9HULILFDFLyQ9DOLGDFLyQ  9HULILFDWLRQ9DOLGDWLRQ

2%6(59$&,21(6
ƒ 9HUREVHUYDFLRQHVHQUHODFLyQFRQODGHILQLFLyQGHFDOLILFDFLyQ
ƒ /DFDOLILFDFLyQHVVLPLODUDODYHULILFDFLyQHQODSDUWHGHFRPSUREDFLRQHVDSULRUL SUHYHQWLYDV 
SHUR DGHPiV LPSOLFD DTXHOODV RSHUDFLRQHV GLULJLGDV D PDQWHQHU HO HTXLSR EDMR FRQWURO
FRUUHFWLYDV 
ƒ 'HVSXpVGHFXDOTXLHUPDQWHQLPLHQWRFRUUHFWLYRHVQHFHVDULRUHDOL]DUXQDUHFDOLILFDFLyQ




 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



&$/,),&$&,Ï1'(/$,167$/$&,Ï1  ,167$//$7,2148$/,),&$7,21 ,4 
3URFHVR IRUPDO TXH FXEUH WRGRV ORV  )RUPDO SURFHVV WKDW FRYHUV DOO SURFHGXUHV
SURFHGLPLHQWRV UHODFLRQDGRV FRQ OD UHODWLQJWRWKHLQVWDOODWLRQRIWKHHTXLSPHQWLQ
LQVWDODFLyQ GHO HTXLSR HQ HO HQWRUQR GH WKHVHOHFWHGHQYLURQPHQW
WUDEDMRVHOHFFLRQDGR
&(1$0',37&5$7*XtD  /&*7KHGHYHORSPHQWDQGDSSOLFDWLRQRI
VREUHODFDOLILFDFLyQGHHTXLSRGH JXLGDQFHRQHTXLSPHQWTXDOLILFDWLRQRI
LQVWUXPHQWRVDQDOtWLFRV DQDO\WLFDOLQVWUXPHQWV $FFUHG4XDO$VVXU
 
9HULILFDFLyQ9DOLGDFLyQ  9HULILFDWLRQ9DOLGDWLRQ

2%6(59$&,21(6
ƒ (VWDEOHFH TXH HO HTXLSR HV UHFLELGR GH DFXHUGR D FRPR VH GLVHxy \ HVSHFLILFy TXH HV
DGHFXDGDPHQWH LQVWDODGR HQ HO HQWRUQR TXH VH VHOHFFLRQy \ TXH HV DSURSLDGR SDUD HO
IXQFLRQDPLHQWRGHOHTXLSR
ƒ &XEUH WRGD OD LQVWDODFLyQ GHO HTXLSR LQFOX\HQGR VX UHVSXHVWD D OD DSOLFDFLyQ LQLFLDO GH
HQHUJtD
ƒ ,QYROXFUD OD UHYLVLyQ IRUPDO SDUD FRQILUPDU TXH HO HTXLSR VXV PyGXORV \ DFFHVRULRV VH KDQ
VXPLQLVWUDGRFRPRVHVROLFLWDURQ GHDFXHUGRDHVSHFLILFDFLRQHVHVWDEOHFLGDVHQWUHHOXVXDULR
\HOSURYHHGRU \TXHHOHTXLSRHVLQVWDODGRDGHFXDGDPHQWHHQHOHQWRUQRTXHVHHOLJLy








&$/,),&$&,Ï1'(/'(6(03(f2  3(5)250$1&(48$/,),&$7,21 34 
3URFHVR HQ GRQGH VH GHPXHVWUD TXH XQ  3URFHVV RI GHPRQVWUDWLQJ WKDW DQ HTXLSPHQW
HTXLSR IXQFLRQD GH DFXHUGR D OD FRQVLVWHQWO\ SHUIRUPV DFFRUGLQJ WR D
HVSHFLILFDFLyQ DGHFXDGD SDUD VX XVR HQ VSHFLILFDWLRQDSSURSULDWHIRULWVURXWLQHXVH
UXWLQD
&(1$0',37&5$7*XtD  /&*7KHGHYHORSPHQWDQGDSSOLFDWLRQRI
VREUHODFDOLILFDFLyQGHHTXLSRGH JXLGDQFHRQHTXLSPHQWTXDOLILFDWLRQRI
LQVWUXPHQWRVDQDOtWLFRV DQDO\WLFDOLQVWUXPHQWV $FFUHG4XDO$VVXU
 
9HULILFDFLyQ  9HULILFDWLRQ

2%6(59$&,21(6
ƒ 7DPELpQVHSXHGHGHQRPLQDUFRPRFDOLILFDFLyQGHODVSUHVWDFLRQHV



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



&$/,),&$&,Ï1'(/',6(f2  '(6,*148$/,),&$7,21 '4 
3URFHVR IRUPDO TXH FXEUH WRGRV ORV  )RUPDO SURFHVV WKDW FRYHUV DOO SURFHGXUHV
SURFHGLPLHQWRVDQWHULRUHVDODLQVWDODFLyQGHO SULRU WR WKH LQVWDOODWLRQ RI WKH V\VWHP LQ WKH
HTXLSR HQ HO HQWRUQR GH WUDEDMR VHOHFWHGHQYLURQPHQW
VHOHFFLRQDGR
&(1$0',37&5$7*XtD  /&*7KHGHYHORSPHQWDQGDSSOLFDWLRQRI
VREUHODFDOLILFDFLyQGHHTXLSRGH JXLGDQFHRQHTXLSPHQWTXDOLILFDWLRQRI
LQVWUXPHQWRVDQDOtWLFRV DQDO\WLFDOLQVWUXPHQWV $FFUHG4XDO$VVXU
 
9HULILFDFLyQ9DOLGDFLyQ  9HULILFDWLRQ9DOLGDWLRQ

2%6(59$&,21(6
ƒ 'HILQH ODV HVSHFLILFDFLRQHV IXQFLRQDOHV \ RSHUDFLRQDOHV GHO HTXLSR \ GHWDOOD ODV GHFLVLRQHV
FRQVFLHQWHVHQODVHOHFFLyQGHOSURYHHGRU
ƒ 'HEHUi KDVWD GRQGH VHD SRVLEOH HVWDEOHFHUVH HO XVR SURSXHVWR R SUREDEOH GHO HTXLSR \
GHILQLU ODV HVSHFLILFDFLRQHV RSHUDFLRQDOHV \ IXQFLRQDOHV DSURSLDGDV (VWR SXHGH VHU XQ
FRPSURPLVRHQWUHORLGHDO\ORVGHWDOOHVSUiFWLFRVFRQVLGHUDQGRGHTXpVHGLVSRQH$XQTXH
HV UHVSRQVDELOLGDG GHO XVXDULR DVHJXUDU TXH H[LVWDQ HVSHFLILFDFLRQHV TXH VHDQ DSURSLDGDV
HVWDV HVSHFLILFDFLRQHV SXHGHQ VHU SUHSDUDGDV SRU HO XVXDULR HO ORV  SURYHHGRU HV  R SRU
GLVFXVLyQHQWUHDPERV







&$/,),&$&,Ï1'(/)81&,21$0,(172 23(5$7,21$/48$/,),&$7,21 24 
(O SURFHVR HQ GRQGH VH GHPXHVWUD TXH XQ  3URFHVV RI GHPRQVWUDWLQJ WKDW DQ HTXLSPHQW
HTXLSR IXQFLRQDUi GH DFXHUGR D OD ZLOO IXQFWLRQ DFFRUGLQJ WR LWV RSHUDWLRQDO
HVSHFLILFDFLyQ RSHUDWLYD HQ HO DPELHQWH VSHFLILFDWLRQLQWKHVHOHFWHGHQYLURQPHQW
VHOHFFLRQDGR
&(1$0',37&5$7*XtD  /&*7KHGHYHORSPHQWDQGDSSOLFDWLRQRI
VREUHODFDOLILFDFLyQGHHTXLSRGH JXLGDQFHRQHTXLSPHQWTXDOLILFDWLRQRI
LQVWUXPHQWRVDQDOtWLFRV DQDO\WLFDOLQVWUXPHQWV $FFUHG4XDO$VVXU
 
9HULILFDFLyQ9DOLGDFLyQ  9HULILFDWLRQ9DOLGDWLRQ

2%6(59$&,21(6
ƒ 7DPELpQ VH SXHGH GHQRPLQDU FRPR FDOLILFDFLyQ RSHUDWLYD (O GLFFLRQDULR GH OD 5$( QR
UHFRQRFH QLQJ~Q VLJQLILFDGR SDUD HO WpUPLQR RSHUDFLRQDO HQ UHODFLyQ FRQ ORV HTXLSRV R
DSDUDWRVVLQR~QLFDPHQWHFRQODVRSHUDFLRQHVPDWHPiWLFDVPLOLWDUHVRFRPHUFLDOHV(QWRGR
FDVRHVPiVFRUUHFWRXWLOL]DUHODGMHWLYRRSHUDWLYR



 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



&$5$&7(5Ë67,&$0(752/Ï*,&$  0(752/2*,&$/&+$5$&7(5,67,&
3URSLHGDG LGHQWLILFDEOH TXH SXHGH LQIOXLU HQ  'LVWLQJXLVKLQJ IHDWXUH ZKLFK FDQ LQIOXHQFH
ORVUHVXOWDGRVGHODPHGLFLyQ WKHUHVXOWVRIPHDVXUHPHQW
81((1,62  6LVWHPDVGH  ,62  0HDVXUHPHQW
JHVWLyQGHODVPHGLFLRQHV5HTXLVLWRVSDUD PDQDJHPHQWV\VWHPV5HTXLUHPHQWVIRU
ORVSURFHVRVGHPHGLFLyQ\ORVHTXLSRVGH PHDVXUHPHQWSURFHVVHVDQGPHDVXULQJ
PHGLFLyQ HTXLSPHQW
3DUiPHWURLQVWUXPHQWDO  ,QVWUXPHQWDOSDUDPHWHU

2%6(59$&,21(6
ƒ *HQHUDOPHQWH ORV HTXLSRV GH PHGLFLyQ WLHQHQYDULDV FDUDFWHUtVWLFDV PHWUROyJLFDV FDGD XQD
GHHOODVSRGUtDQVHUHOREMHWRGHFDOLEUDFLyQ\RYHULILFDFLyQ
ƒ /RV IDFWRUHV JHRPpWULFRV HQ ORV LQVWUXPHQWRV ySWLFRV FRQVWLWX\H XQ HMHPSOR FODUR GH
FDUDFWHUtVWLFDPHWUROyJLFD
ƒ 1RFRQIXQGLUFRQPDJQLWXGGHLQIOXHQFLD







&/$6('((;$&7,78'  $&&85$&<&/$66
&ODVHGHLQVWUXPHQWRVRVLVWHPDVGHPHGLGD  &ODVVRIPHDVXULQJLQVWUXPHQWVRUPHDVXULQJ
TXH VDWLVIDFHQ UHTXLVLWRV PHWUROyJLFRV V\VWHPV WKDW PHHW VWDWHG PHWURORJLFDO
GHWHUPLQDGRV GHVWLQDGRV D PDQWHQHU ORV UHTXLUHPHQWV WKDW DUH LQWHQGHG WR NHHS
HUURUHV GH PHGLGD R ODV LQFHUWLGXPEUHV PHDVXUHPHQW HUURUV RU LQVWUXPHQWDO
LQVWUXPHQWDOHV GHQWUR GH OtPLWHV XQFHUWDLQWLHV ZLWKLQ VSHFLILHG OLPLWV XQGHU
HVSHFLILFDGRV EDMR FRQGLFLRQHV GH VSHFLILHGRSHUDWLQJFRQGLWLRQV
IXQFLRQDPLHQWRGDGDV
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
  

2%6(59$&,21(6
ƒ 8QDFODVHGHH[DFWLWXGKDELWXDOPHQWHVHLQGLFDPHGLDQWHXQQ~PHURRXQVtPERORDGRSWDGR
SRUFRQYHQLR
ƒ (O FRQFHSWR GH FODVH GH H[DFWLWXG VH DSOLFD D ODV PHGLGDV PDWHULDOL]DGDV (MHPSORV GH
FODVHVSHVDVSDWUyQ)\)PDWUDFHVRSLSHWDV$\%
ƒ &DGD FODVH HVWi KDELWXDOPHQWH FDUDFWHUL]DGD SRU XQ HUURU Pi[LPR SHUPLWLGR D YHFHV
GHQRPLQDGRWROHUDQFLDGHFODVH 



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



&203$5$%,/,'$' GHUHVXOWDGRVGH  &203$5$%,/,7< RIPHDVXUHPHQW
PHGLGD  UHVXOWV 
3URSLHGDG GH XQ FRQMXQWR GH UHVXOWDGRV GH  3URSHUW\RIDVHWRIPHDVXUHPHQWUHVXOWVIRU
PHGLGDSDUDPDJQLWXGHVGH XQDQDWXUDOH]D TXDQWLWLHV RI D JLYHQ NLQG ZKLFK LV
GDGDTXHVRQPHWUROyJLFDPHQWHWUD]DEOHVD PHWURORJLFDOO\ WUDFHDEOH WR WKH VDPH
ODPLVPDUHIHUHQFLD UHIHUHQFH
$GDSWDGDGH81(,62*XtD,1    $GDSWHGIURP,62,(&*XLGH  
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD ,QWHUQDWLRQDOYRFDEXODU\RIPHWURORJ\±%DVLF
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DQGJHQHUDOFRQFHSWVDQGDVVRFLDWHGWHUPV
WpUPLQRVDVRFLDGRV 9,0 -&*0 9,0 -&*0  ,QWHUQDWLRQDO
 9RFDEXODULRLQWHUQDFLRQDOGH YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
PHWURORJtD±&RQFHSWRVIXQGDPHQWDOHV\ FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 
JHQHUDOHV\WpUPLQRVDVRFLDGRV 9,0 
7UD]DELOLGDGPHWUROyJLFD  0HWURORJLFDOWUDFHDELOLW\

2%6(59$&,21(6
ƒ /D FRPSDUDELOLGDG PHWUROyJLFD QR UHTXLHUH TXH ORV YDORUHV PHGLGRV \ ODV LQFHUWLGXPEUHV
GHPHGLGDDVRFLDGDVVHDQGHOPLVPRRUGHQGHPDJQLWXG





&203$7,%,/,'$' GHUHVXOWDGRVGH  &203$7,%,/,7< RIPHDVXUHPHQW
PHGLGD  UHVXOWV 
3URSLHGDG GH XQ FRQMXQWR GH UHVXOWDGRV GH  3URSHUW\ RI D VHW RI PHDVXUHPHQW UHVXOWV IRU
PHGLGD GH XQ PHQVXUDQGR HVSHFtILFR WDO D VSHFLILHG PHDVXUDQG VXFK WKDW WKH
TXH HO YDORU DEVROXWR GH OD GLIHUHQFLD GH ORV DEVROXWHYDOXHRIWKHGLIIHUHQFHRIDQ\SDLURI
YDORUHV PHGLGRV SDUD FXDOTXLHU SDU GH PHDVXUHG TXDQWLW\ YDOXHV IURP WZR GLIIHUHQW
UHVXOWDGRVGHPHGLGDVHDLQIHULRUDXQFLHUWR PHDVXUHPHQW UHVXOWV LV VPDOOHU WKDQ VRPH
P~OWLSOR VHOHFFLRQDGR GH OD LQFHUWLGXPEUH FKRVHQ PXOWLSOH RI WKH VWDQGDUG
WtSLFDGHHVWDGLIHUHQFLD PHDVXUHPHQWXQFHUWDLQW\RIWKDWGLIIHUHQFH
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
7UDQVIHULELOLGDG  7UDQVIHUDELOLW\

2%6(59$&,21(6
ƒ /D FRPSDWLELOLGDG PHWUROyJLFD VXVWLWX\H DO FRQFHSWR WUDGLFLRQDO GH ³HVWDU GHQWUR GHO HUURU´
SXHVUHSUHVHQWDHOFULWHULRSDUDGHFLGLUVLGRVUHVXOWDGRVGHPHGLGDVHUHILHUHQRQRDOPLVPR
PHQVXUDQGR
ƒ /DFRUUHODFLyQHQWUHPHGLGDVLQIOX\HHQODFRPSDWLELOLGDGPHWUROyJLFD
ƒ /DFRPSDWLELOLGDGGHORVUHVXOWDGRVGHXQDPHGLGDVyORHVWiFRQHFWDGDFRQODWUDQVIHULELOLGDG
GHORVPpWRGRVFXDQGRGLFKRVUHVXOWDGRVVHREWLHQHQGHXQPLVPRPpWRGR


 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



&203(16$&,Ï1  &203(16$7,21
$FFLyQ GH FRQWUDUUHVWDU IXHQWHV GH HUURU  $FWLRQ RI D VSHFLDO FRQVWUXFWLRQ D
GHELGDV D YDULDFLRQHV HQ FRQGLFLRQHV GH VXSSOHPHQWDO GHYLFH FLUFXLW RU VSHFLDO
RSHUDFLyQ HVSHFLILFDGDV TXH SXHGH VHU PDWHULDOV RI D PHDVXULQJ LQVWUXPHQW RU
OOHYDGD D FDER SRU XQD FRQVWUXFFLyQ PHDVXULQJ V\VWHP WR FRXQWHUDFW VRXUFHV RI
HVSHFLDO XQ GLVSRVLWLYR VXSOHPHQWDULR XQ HUURU GXH WR YDULDWLRQV LQ VSHFLILHG RSHUDWLQJ
FLUFXLWR R XQ PDWHULDO HVSHFLDO GH XQ FRQGLWLRQV
LQVWUXPHQWRGHPHGLGDRVLVWHPDGHPHGLGD
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP$16,,6$ 5 
3URFHVVLQVWUXPHQWDWLRQWHUPLQRORJ\
$MXVWH&RUUHFFLyQ  $GMXVWPHQW&RUUHFWLRQ

2%6(59$&,21(6
ƒ /D FRPSHQVDFLyQ WLHQH XQ ILQ VLPLODU DO DMXVWH SHUR GLILHUH HQ OD IRUPD GH OOHYDU D FDER OD
DFFLyQ \D TXH XQ DMXVWH VH UHDOL]D VREUH HO PLVPR LQVWUXPHQWR GH PHGLGD PLHQWUDV TXH OD
FRPSHQVDFLyQUHTXLHUHXQGLVSRVLWLYRH[WHUQRTXHVHLQFRUSRUDDOLQVWUXPHQWRRVLVWHPDGH
PHGLGD






&21',&,21(623(5$725,$6  23(5$7,1*&21',7,216
&RQGLFLRQHV D ODV TXH XQ GLVSRVLWLYR HVWi  &RQGLWLRQVWRZKLFKDGHYLFHLVVXEMHFWHGQRW
VRPHWLGRVLQLQFOXLUODYDULDEOHPHGLGD LQFOXGLQJ WKH YDULDEOH PHDVXUHG E\ WKH
GHYLFH
7UDGXFLGDSRUORVDXWRUHV  $16,,6$ 5 3URFHVV
LQVWUXPHQWDWLRQWHUPLQRORJ\
0DJQLWXGGHHQWUDGD  ,QSXWTXDQWLW\

2%6(59$&,21(6
ƒ ,QFOXLGDV HQ ODV FRQGLFLRQHV RSHUDWLYDV VH FRQVLGHUDQ ODV FRQGLFLRQHV DPELHQWDOHV
WHPSHUDWXUDSUHVLyQ\KXPHGDG
ƒ (OLQWHUYDORGHYDORUHVGHXQDFRQGLFLyQRSHUDWRULDTXHXQGLVSRVLWLYRSXHGHDVXPLUVLQTXH
VX IXQFLyQ VH YHD DIHFWDGD VH GHQRPLQD OtPLWH RSHUDWLYR *HQHUDOPHQWH HVWRV OtPLWHV
DSDUHFHQFLWDGRVHQODVHVSHFLILFDFLRQHVVXPLQLVWUDGDVSRUHOIDEULFDQWH



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



&21),50$&,Ï10(752/Ï*,&$  0(752/2*,&$/&21),50$7,21
&RQMXQWR GH RSHUDFLRQHV UHTXHULGDV SDUD  6HW RI RSHUDWLRQV UHTXLUHG WR HQVXUH WKDW
DVHJXUDUVH GH TXH HO HTXLSR GH PHGLGD HV PHDVXULQJ HTXLSPHQW FRQIRUPV WR WKH
FRQIRUPHDORVUHTXLVLWRVFRUUHVSRQGLHQWHVD UHTXLUHPHQWVIRULWVLQWHQGHG
VXXVRSUHYLVWR
81((1,62  6LVWHPDVGH  ,62  0HDVXUHPHQW
JHVWLyQGHODVPHGLFLRQHV±5HTXLVLWRVSDUD PDQDJHPHQWV\VWHPV±5HTXLUHPHQWVIRU
ORVSURFHVRVGHPHGLFLyQ\ORVHTXLSRVGH PHDVXUHPHQWSURFHVVHVDQGPHDVXULQJ
PHGLFLyQ HTXLSPHQW
$MXVWH&DOLEUDFLyQ&DOLILFDFLyQ  $GMXVWPHQW&DOLEUDWLRQ4XDOLILFDWLRQ
0DQWHQLPLHQWR9HULILFDFLyQ 0DLQWHQDQFH9HULILFDWLRQ

2%6(59$&,21(6
ƒ /D FRQILUPDFLyQ PHWUROyJLFD JHQHUDOPHQWH LQFOX\H OD FDOLEUDFLyQ \ YHULILFDFLyQ R ODV
FDOLILFDFLRQHVGHOIXQFLRQDPLHQWR\GHOGHVHPSHxR FXDOTXLHUDMXVWHRUHSDUDFLyQQHFHVDULR
\ OD VXEVLJXLHQWH UHFDOLEUDFLyQ R OD UHFDOLILFDFLyQ  OD FRPSDUDFLyQ FRQ ORV UHTXLVLWRV
PHWUROyJLFRVGHOXVRSUHYLVWRGHOHTXLSRDVtFRPRFXDOTXLHUVHOODGR\HWLTXHWDGRUHTXHULGR






&21087$%,/,'$' GHXQPDWHULDOGH  &20087$%,/,7< RIDUHIHUHQFH
UHIHUHQFLD  PDWHULDO 
3URSLHGDG GH XQ PDWHULDO GH UHIHUHQFLD  3URSHUW\ RI D UHIHUHQFH PDWHULDO
H[SUHVDGD SRU OD SUR[LPLGDG SRU XQD SDUWH GHPRQVWUDWHGE\WKHFORVHQHVVRIDJUHHPHQW
HQWUH ORV UHVXOWDGRV GH PHGLGD REWHQLGRV EHWZHHQ WKH UHODWLRQ DPRQJ WKH
SDUD XQD PDJQLWXG GHWHUPLQDGD GH HVWH PHDVXUHPHQW UHVXOWV IRU D VWDWHG TXDQWLW\ LQ
PDWHULDO XWLOL]DQGR GRV SURFHGLPLHQWRV GH WKLVPDWHULDOREWDLQHGDFFRUGLQJWRWZRJLYHQ
PHGLGD GDGRV \ SRU RWUD HQWUH ORV PHDVXUHPHQW SURFHGXUHV DQG WKH UHODWLRQ
UHVXOWDGRV GH PHGLGD SDUD RWURV PDWHULDOHV REWDLQHGDPRQJWKHPHDVXUHPHQWUHVXOWVIRU
HVSHFLILFDGRV RWKHUVSHFLILHGPDWHULDOV
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
0DWHULDOGHUHIHUHQFLD(VWDELOLGDG  5HIHUHQFHPDWHULDO6WDELOLW\

2%6(59$&,21(6
ƒ (O PDWHULDO GH UHIHUHQFLD D TXLHQ VH UHILHUH OD GHILQLFLyQ HV JHQHUDOPHQWH XQ FDOLEUDQWH
PLHQWUDVTXHORVRWURVPDWHULDOHVVRQPXHVWUDVGHUXWLQD
ƒ /DHVWDELOLGDGGHORVPDWHULDOHVGHUHIHUHQFLDFRQPXWDEOHVGHEHFRQWURODUVHUHJXODUPHQWH



 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



&255(&&,Ï1  &255(&7,21
&RPSHQVDFLyQ GH XQ HIHFWR VLVWHPiWLFR  &RPSHQVDWLRQ IRU DQ HVWLPDWHG V\VWHPDWLF
HVWLPDGR HIIHFW
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
6HVJR&RPSHQVDFLyQ$MXVWH  %LDV&RPSHQVDWLRQ$GMXVWPHQW

2%6(59$&,21(6
ƒ /D FRPSHQVDFLyQ SXHGH WRPDU GLIHUHQWHV IRUPDV WDOHV FRPR OD DGLFLyQ GH XQ YDORU OD
PXOWLSOLFDFLyQ SRU XQ IDFWRU R OD DSOLFDFLyQ GH XQD IXQFLyQ R ELHQ SXHGH GHGXFLUVH GH XQD
WDEOD
ƒ (QQLQJ~QFDVRLPSOLFDPRGLILFDURDFWXDUVREUHHOLQVWUXPHQWR






&255(&&,Ï1 SDUiPHWUR   &255(&7,21 SDUDPHWHU 
9DORUTXHKD\TXHVXPDUDOJHEUDLFDPHQWHDO  9DOXH DGGHG DOJHEUDLFDOO\ WR WKH UHVXOW RI D
UHVXOWDGRGHXQDPHGLGDSDUDFRPSHQVDUHO PHDVXUHPHQW WR FRPSHQVDWH IRU V\VWHPDWLF
HUURUVLVWHPiWLFR HUURU
7UDGXFLGDSRUORVDXWRUHV  -&*0  (YDOXDWLRQRI
PHDVXUHPHQWGDWD±*XLGHWRWKHH[SUHVVLRQ
RIXQFHUWDLQW\LQPHDVXUHPHQW *80
ZLWKPLQRUFRUUHFWLRQV 
)DFWRUGHFRUUHFFLyQ  &RUUHFWLRQIDFWRU

2%6(59$&,21(6
ƒ (OSDUiPHWURFRUUHFFLyQ &255 HTXLYDOHDOYDORURSXHVWRDOVHVJRLQVWUXPHQWDO&255 ±
6(6*2
ƒ (VWHVLJQLILFDGRGHOWpUPLQRFRUUHFFLyQQRDSDUHFHHQODDFWXDOHGLFLyQGHO9,0GH
ƒ (QHOFDVRGHFRUUHFFLRQHVPXOWLSOLFDWLYDVVHKDXWLOL]DGRHOWpUPLQRGHIDFWRUGHFRUUHFFLyQ




 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



'$72  '$780
9DORU QXPpULFR VXPLQLVWUDGR SRU XQ  1XPHULFDO YDOXH VXSSOLHG E\ D PHDVXULQJ
LQVWUXPHQWRRVLVWHPDGHPHGLGD XREWHQLGR LQVWUXPHQW RU V\VWHP RU REWDLQHG IURP D
GH XQD VHxDO LQVWUXPHQWDO SUHYLDPHQWH SUHYLRXVO\ DFTXLUHG LQVWUXPHQWDO VLJQDO 
DGTXLULGD  TXH FRQWLHQH OD LQIRUPDFLyQ FRQWDLQLQJ WKH LQIRUPDWLRQ UHODWHG WR WKH
UHODWLYDDODPDJQLWXGDPHGLU PHDVXUHGTXDQWLW\
3URSXHVWDSRUORVDXWRUHV  3URSRVHGE\WKHDXWKRUV

6HxDOLQVWUXPHQWDO  ,QVWUXPHQWDOVLJQDO

2%6(59$&,21(6
ƒ (OWpUPLQRYDORUREVHUYDGRSXHGHFRQVLGHUDUVHXQVLQyQLPRGHGDWR YHU81(,62 
ƒ /RV GDWRV SXHGHQ VHU VXPLQLVWUDGRV GLUHFWDPHQWH SRU HO LQVWUXPHQWR LQGLFDFLyQ  R
VHOHFFLRQDGRVSRUHORSHUDGRUDSDUWLUGHODVHxDOLQVWUXPHQWDOUHJLVWUDGD(ORSHUDGRUSXHGH
H[WUDHU XQ ~QLFR GDWR GH OD VHxDO HVFDODU  R XQ FRQMXQWR GH GDWRV GH GLIHUHQWH
GLPHQVLRQDOLGDG YHFWRUPDWUL]WHQVRU /DLQGLFDFLyQGHXQLQVWUXPHQWRRVLVWHPDGHPHGLGD
FRQVWLWX\HXQGDWRLQVWUXPHQWDOGHFDUiFWHUHVFDODU
ƒ (Q HO iPELWR GH OD TXLPLRPHWUtD ORV GDWRV GH GLPHQVLRQDOLGDG XQR UHFLEHQ HO QRPEUH GH
GDWRV PXOWLYDULDEOH PXOWLYDULDWH GDWD  $TXHOORV GH GLPHQVLRQDOLGDG PD\RU TXH XQR VH
FRQRFHQFRPRGDWRVPXOWLYtD PXOWLZD\GDWD 
ƒ (QHOiPELWRDQDOtWLFRHODQiOLVLV\WUDWDPLHQWRGHGDWRVFRQVWLWX\HKDELWXDOPHQWHODHWDSD
~OWLPDGHOSURFHVRDQDOtWLFR
ƒ $TXHOORV GDWRV WRPDGRV GLUHFWDPHQWH GHO LQVWUXPHQWR R VLVWHPD GH PHGLGD HQ VX HVWDGR
RULJLQDO VLQ KDEHU VLGR PRGLILFDGRV R SURFHVDGRV VH FRQRFHQ FRPR GDWRV SULPDULRV UDZ
GDWD  YHU81(,62 



'(5,9$,167580(17$/  ,167580(17$/'5,)7
9DULDFLyQ FRQWLQXD R LQFUHPHQWDO GH XQD  &RQWLQXRXV RU LQFUHPHQWDO FKDQJH RYHU WLPH
LQGLFDFLyQ D OR ODUJR GHO WLHPSR GHELGD D LQ LQGLFDWLRQ GXH WR FKDQJHV LQ PHWURORJLFDO
YDULDFLRQHV GH ODV FDUDFWHUtVWLFDV SURSHUWLHV RI D PHDVXULQJ LQVWUXPHQW RU
PHWUROyJLFDVGHXQLQVWUXPHQWRRVLVWHPDGH PHDVXULQJV\VWHP
PHGLGD
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
(VWDELOLGDGLQVWUXPHQWDO  ,QVWUXPHQWDOVWDELOLW\

2%6(59$&,21(6
ƒ /DGHULYDLQVWUXPHQWDOQRVHGHEHDXQDYDULDFLyQGHODPDJQLWXGPHGLGDQLDXQDYDULDFLyQ
GHXQDPDJQLWXGGHLQIOXHQFLDLGHQWLILFDGD
ƒ /DGHULYDVHSXHGHSURGXFLUSRUPRGLILFDFLRQHVHQHOYDORUGHODVHxDOGHIRQGR ]HURGULIW 
RGHODVHQVLELOLGDG VHQVLWLELW\GULIW 


 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



'(7(&725  '(7(&725
'LVSRVLWLYR R VXVWDQFLD TXH LQGLFD OD  'HYLFH RU VXEVWDQFH WKDW LQGLFDWHV WKH
SUHVHQFLD GH XQ GHWHUPLQDGR IHQyPHQR SUHVHQFH RI D VLQJOH SKHQRPHQRQ ERG\ RU
FXHUSR R VXVWDQFLD FXDQGR VH H[FHGH XQ VXEVWDQFH ZKHQ D WKUHVKROG YDOXH RI DQ
YDORUXPEUDOGHXQDPDJQLWXGDVRFLDGD DVVRFLDWHGTXDQWLW\LVH[FHHGHG
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
6HQVRU7UDQVGXFWRU  6HQVRU7UDQVGXFHU

2%6(59$&,21(6
ƒ (QDOJXQRViPELWRVHOWpUPLQRGHWHFWRUHVXWLOL]DGRFRPRVLQyQLPRGHVHQVRU
ƒ (QTXtPLFDIUHFXHQWHPHQWHVHHPSOHDHOWpUPLQRLQGLFDGRUSDUDHVWHFRQFHSWR






',$*5$0$'(&$/,%5$&,Ï1  &$/,%5$7,21',$*5$0
([SUHVLyQ JUiILFD GH OD UHODFLyQ HQWUH XQD  *UDSKLFDO H[SUHVVLRQ RIWKHUHODWLRQEHWZHHQ
LQGLFDFLyQ \ HO UHVXOWDGR GH PHGLGD LQGLFDWLRQ DQG FRUUHVSRQGLQJ PHDVXUHPHQW
FRUUHVSRQGLHQWH UHVXOW
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
,QFHUWLGXPEUHPHWUROyJLFD6HVJR  0HWURORJLFDOXQFHUWDLQW\,QVWUXPHQWDOELDV
LQVWUXPHQWDO

2%6(59$&,21(6
ƒ 8QGLDJUDPDGHFDOLEUDFLyQHVODEDQGDGHOSODQRGHILQLGRSRUHOHMHGHODVLQGLFDFLRQHV\HO
HMHGHORVUHVXOWDGRVGHPHGLGDTXHUHSUHVHQWDODUHODFLyQHQWUHXQDLQGLFDFLyQ\XQFRQMXQWR
GH YDORUHV PHGLGRV &RUUHVSRQGH D XQD UHODFLyQ XQR D YDULRV \ HO DQFKR GH EDQGD SDUD
XQDLQGLFDFLyQGHWHUPLQDGDSURSRUFLRQDODLQFHUWLGXPEUHLQVWUXPHQWDO
ƒ (VWHFRQFHSWRVHUHILHUHDXQDFDOLEUDFLyQFXDQGRODLQFHUWLGXPEUHLQVWUXPHQWDOHVJUDQGHHQ
FRPSDUDFLyQFRQODVLQFHUWLGXPEUHVGHPHGLGDDVRFLDGDVDORVYDORUHVGHORVSDWURQHV



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



',6&5,0,1$&,Ï1  ',6&5,0,1$7,21
&DSDFLGDG GH XQ LQVWUXPHQWR R VLVWHPD GH  $ELOLW\ RI D PHDVXULQJ LQVWUXPHQW RU
PHGLGDSDUDUHVSRQGHUDSHTXHxRVFDPELRV PHDVXULQJ V\VWHP WR UHVSRQG WR VPDOO
HQHOYDORUGHODFDQWLGDGPHGLGD FKDQJHV LQ WKH YDOXH RI WKH TXDQWLW\ WR EH
PHDVXUHG
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP*ORVVDU\RIWHUPVIRUTXDOLW\
DVVXUDQFHDQGJRRGODERUDWRU\SUDFWLFHV
QGHG  8QLWHG1DWLRQV2IILFHRQ
'UXJVDQG&ULPH 812'& 
5HVROXFLyQ  5HVROXWLRQ

2%6(59$&,21(6
ƒ $YHFHVVHXWLOL]DHOWpUPLQRXPEUDOGHGLVFULPLQDFLyQSDUDLQGLFDODUHVROXFLyQ











',6326,7,92  '(9,&(
$SDUDWR R FRPSRQHQWH GH XQ LQVWUXPHQWR  $Q DSSDUDWXV RU LQVWUXPHQW FRPSRQHQW IRU
SDUDOOHYDUDFDERXQDIXQFLyQHVWDEOHFLGD SHUIRUPLQJDSUHVFULEHGIXQFWLRQ
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP$16,,6$ 5 
3URFHVVLQVWUXPHQWDWLRQWHUPLQRORJ\
$SDUDWR,QVWUXPHQWR  $SSDUDWXV,QVWUXPHQW

2%6(59$&,21(6
ƒ (O WpUPLQR GLVSRVLWLYR HV JHQpULFR \ UHSUHVHQWD FXDOTXLHU FRPSRQHQWH GH XQ LQVWUXPHQWR R
VLVWHPDGHPHGLGDGHFXDOTXLHUQDWXUDOH]DPHFiQLFRySWLFRHOpFWULFRHOHFWUyQLFRHWF



 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



(48,32'(0(','$  0($685,1*(48,30(17
,QVWUXPHQWR GH PHGLGD VRIWZDUH SDWUyQ GH  0HDVXULQJ LQVWUXPHQW VRIWZDUH
PHGLGD PDWHULDO GH UHIHUHQFLD R DSDUDWR PHDVXUHPHQWVWDQGDUGUHIHUHQFHPDWHULDORU
DX[LOLDU R XQD FRPELQDFLyQ GH pVWRV DX[LOLDU\DSSDUDWXVRUDFRPELQDWLRQWKHUHRI
QHFHVDULR SDUD OOHYDU D FDER XQ SURFHVR GH QHFHVVDU\WRUHDOL]HDPHDVXUHPHQWSURFHVV
PHGLFLyQ
81((1,62  6LVWHPDVGH  ,62  0HDVXUHPHQW
JHVWLyQGHODVPHGLFLRQHV±5HTXLVLWRVSDUD PDQDJHPHQWV\VWHPV±5HTXLUHPHQWVIRU
ORVSURFHVRVGHPHGLFLyQ\ORVHTXLSRVGH PHDVXUHPHQWSURFHVVHVDQGPHDVXULQJ
PHGLFLyQ HTXLSPHQW
,QVWUXPHQWRGHPHGLGD6LVWHPDGHPHGLGD  0HDVXULQJLQVWUXPHQW0HDVXULQJV\VWHP

2%6(59$&,21(6
ƒ 8QHTXLSRGHPHGLGDSXHGHHVWDUIRUPDGRSRUXQ~QLFRLQVWUXPHQWRGHPHGLGD
ƒ (OWpUPLQRHTXLSRHVPiVJHQpULFRTXHLQVWUXPHQWR\DTXHLQFOX\HWDPELpQHOVRIWZDUH\ORV
SDWURQHV DXQTXH HQ QXPHURVRV GRFXPHQWRV WpFQLFRV VH XWLOL]D FRPR VLQyQLPR (Q FLHUWRV
FDVRVWDPELpQSXHGHUHSUHVHQWDUDXQVLVWHPDGHPHGLGD FRPELQDFLyQGHLQVWUXPHQWRV 








(5525$&&,'(17$/ GHPHGLGD   *5266 PHDVXUHPHQW (5525
(UURUHVSXQWXDOHVDVRFLDGRVFRQODPXHVWUD  2GG HUURUV DVVRFLDWHG ZLWK WKH VDPSOH
HOLQVWUXPHQWRRHOSURFHGLPLHQWR\TXHGDQ LQVWUXPHQW RU SURFHGXUH OHDGLQJ WR KLJKO\
OXJDU D UHVXOWDGRV DOWDPHQWH GLVFUHSDQWHV GLVFUHSDQW UHVXOWV ZLWK RWKHU YDOXHV RI D
FRQHOUHVWRGHYDORUHVGHXQDVHULH VHULHV
3URSXHVWDSRUORVDXWRUHV  3URSRVHGE\WKHDXWKRUV

(UURUGHPHGLGD9DORUGHUHIHUHQFLD9DORU  0HDVXUHPHQWHUURU5HIHUHQFHYDOXH
PHGLGR(UURUVLVWHPiWLFR(UURUDOHDWRULR 0HDVXUHGYDOXH6\VWHPDWLFHUURU5DQGRP
HUURU

2%6(59$&,21(6
ƒ 7DPELpQGHQRPLQDGRHUURUFUDVR
ƒ 6H SUHVHQWDQ GH IRUPD DLVODGD \ SXHGHQ VHU GHWHFWDGRV HQWUH XQ FRQMXQWR GH YDORUHV
UHSHWLGRV
ƒ 6H LGHQWLILFDQ FRQ OD SUHVHQFLD GH YDORUHV DQyPDORV 6LHPSUH TXH VH SXHGD MXVWLILFDU VX
DSDULFLyQGLFKRVYDORUHVSRGUtDQVHUHOLPLQDGRV\QRFRQVLGHUDGRVHQHOFiOFXORDXQTXHpVWD
HVXQDRSFLyQTXHQXQFDGHEHUtDJHQHUDOL]DUVH



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



(5525$/($725,2 GHPHGLGD   5$1'20 PHDVXUHPHQW (5525
&RPSRQHQWH GHO HUURU GH PHGLGD TXH HQ  &RPSRQHQW RI PHDVXUHPHQW HUURU WKDW LQ
PHGLGDV UHSHWLGDV YDUtD GH PDQHUD UHSOLFDWH PHDVXUHPHQWV YDULHV LQ DQ
LPSUHGHFLEOH XQSUHGLFWDEOHPDQQHU
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
(UURUGHPHGLGD9DORUPHGLGR(UURU  0HDVXUHPHQWHUURU0HDVXUHGYDOXH
VLVWHPiWLFR(UURUDFFLGHQWDO 6\VWHPDWLFHUURU*URVVHUURU

2%6(59$&,21(6
ƒ /RV HUURUHV DOHDWRULRV GH XQ FRQMXQWR GH PHGLGDV UHSHWLGDV IRUPDQ XQD GLVWULEXFLyQ TXH
SXHGHUHSUHVHQWDUVHSRUPHGLDQXOD\SRUVXYDULDQ]D
ƒ (OHUURUDOHDWRULRHVLJXDODODGLIHUHQFLDHQWUHHOHUURUGHPHGLGD\HOHUURUVLVWHPiWLFR
ƒ 6RQSURGXFLGRVSRUHOHIHFWRGHIDFWRUHVLQGHWHUPLQDGRVTXHQRVHSXHGHQFRQWURODU6RQGH
SHTXHxDPDJQLWXG\VLHPSUHWLHQHQFDUiFWHUDGLWLYRVHSUHVHQWDQGHIRUPDLPSUHGHFLEOHSRU
H[FHVR\SRUGHIHFWR
ƒ 'HWHUPLQDQODSUHFLVLyQGHXQPpWRGRRSURFHVRGHPHGLGD


(5525'(0(','$  0($685(0(17(5525
'LIHUHQFLD HQWUH XQ YDORU PHGLGR GH XQD  0HDVXUHG TXDQWLW\ YDOXH PLQXV D UHIHUHQFH
PDJQLWXG\XQYDORUGHUHIHUHQFLD TXDQWLW\YDOXH
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
9DORUGHUHIHUHQFLD9DORUPHGLGR(UURU  5HIHUHQFHYDOXH0HDVXUHGYDOXH5DQGRP
DOHDWRULR(UURUVLVWHPiWLFR(UURUDFFLGHQWDO HUURU6\VWHPDWLFHUURU*URVVHUURU

2%6(59$&,21(6
ƒ (OFRQFHSWRGHHUURUGHPHGLGDSXHGHHPSOHDUVH
D FXDQGR H[LVWD XQ ~QLFR YDORU GH UHIHUHQFLD FRPR HQ HO FDVR GH UHDOL]DU XQD FDOLEUDFLyQ
PHGLDQWHXQSDWUyQFX\RYDORUPHGLGRWHQJDXQDLQFHUWLGXPEUHGHPHGLGDGHVSUHFLDEOHR
FXDQGRVHWRPDXQYDORUFRQYHQFLRQDOHQFX\RFDVRHOHUURUHVFRQRFLGR
E FXDQGR HO PHQVXUDQGR VH VXSRQH UHSUHVHQWDGR SRU XQ YDORU YHUGDGHUR ~QLFR R SRU XQ
FRQMXQWR GH YDORUHV YHUGDGHURV GH DPSOLWXG GHVSUHFLDEOH HQ FX\R FDVR HO HUURU HV
GHVFRQRFLGR
ƒ (O HUURU WRWDO HQ XQD GHWHUPLQDFLyQDQDOtWLFD RHUURU DQDOtWLFR HV HO UHVXOWDGR GH FRQVLGHUDU
ORVGLIHUHQWHVFRPSRQHQWHVGHOHUURUUHVXOWDQWHVWDQWRGHOSURFHVRGHPHGLGDFRPRGHRWURV
SDVRVGHOSURFHVRDQDOtWLFR(VWRVHUURUHVLQFOX\HQDOHDWRULRVVLVWHPiWLFRV\DFFLGHQWDOHV


 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



(55250È;,023(50,7,'2 GHXQD  0$;,0803(50,66,%/(
PHGLGD  PHDVXUHPHQW (5525
9DORU H[WUHPR GHO HUURU GH PHGLGD FRQ  ([WUHPH YDOXH RI PHDVXUHPHQW HUURU ZLWK
UHVSHFWR D XQ YDORU GH UHIHUHQFLD FRQRFLGR UHVSHFW WR D NQRZQ UHIHUHQFH TXDQWLW\ YDOXH
SHUPLWLGR SRU HVSHFLILFDFLRQHV R SHUPLWWHG E\ VSHFLILFDWLRQV RU UHJXODWLRQV IRU
UHJODPHQWDFLRQHV SDUD XQD PHGLFLyQ DJLYHQPHDVXUHPHQWPHDVXULQJLQVWUXPHQW
LQVWUXPHQWRRVLVWHPDGHPHGLGDGDGR RUPHDVXULQJV\VWHP
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
(UURUGHPHGLGD7ROHUDQFLD  0HDVXUHPHQWHUURU7ROHUDQFH

2%6(59$&,21(6
ƒ (Q JHQHUDO ORV WpUPLQRV HUURU Pi[LPR SHUPLWLGR R OtPLWH GH HUURU VH XWLOL]DQ FXDQGR
H[LVWHQGRVYDORUHVH[WUHPRV
ƒ 1R HV FRQYHQLHQWH XWLOL]DU HO WpUPLQR WROHUDQFLD SDUD GHVLJQDU HO HUURU Pi[LPR SHUPLWLGR
DXQTXHHVKDELWXDOHQHOiPELWRGHOFRQWUROGHSURGXFWRVLQGXVWULDOHV



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



(55256,67(0È7,&2 GHPHGLGD   6<67(0$7,& PHDVXUHPHQW (5525
&RPSRQHQWH GHO HUURU GH PHGLGD TXH HQ  &RPSRQHQW RI PHDVXUHPHQW HUURU WKDW LQ
PHGLGDV UHSHWLGDV SHUPDQHFH FRQVWDQWH R UHSOLFDWH PHDVXUHPHQWV UHPDLQV FRQVWDQW RU
YDUtDGHPDQHUDSUHGHFLEOH YDULHVLQDSUHGLFWDEOHPDQQHU
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
(UURUGHPHGLGD9DORUGHUHIHUHQFLD(UURU  0HDVXUHPHQWHUURU5HIHUHQFHYDOXH
DOHDWRULR(UURUDFFLGHQWDO6HVJR 5DQGRPHUURU*URVVHUURU%LDV

2%6(59$&,21(6
ƒ (OYDORUGHUHIHUHQFLDSDUDXQHUURUVLVWHPiWLFRHVXQYDORUYHUGDGHURXQYDORUPHGLGRGHXQ
SDWUyQFX\DLQFHUWLGXPEUHGHPHGLGDHVGHVSUHFLDEOHRXQYDORUFRQYHQFLRQDO
ƒ (O HUURU VLVWHPiWLFR \ VXV FDXVDV SXHGHQ VHU FRQRFLGDV R QR 3DUD FRPSHQVDU XQ HUURU
VLVWHPiWLFRFRQRFLGRSXHGHDSOLFDUVHXQDFRUUHFFLyQ
ƒ (OHUURUVLVWHPiWLFRHVLJXDODODGLIHUHQFLDHQWUHHOHUURUGHPHGLGD\HOHUURUDOHDWRULR
ƒ 6RQDWULEXLGRVDFDXVDVGHWHUPLQDGDVDXQTXHQRVLHPSUHSXHGHQVHULGHQWLILFDGDV7LHQHQ
XQ VLJQR GHWHUPLQDGR SXHGHQ VHU FRQVWDQWHV R SURSRUFLRQDOHV DIHFWDQ D WRGRV ORV
UHVXOWDGRV\SXHGHQFRPSHQVDUVHHQWUHVt$OFRQWUDULRGHORVDQWHULRUHVHVSRVLEOHHYLWDUORV
RHOLPLQDUORVVLVXVFDXVDVVRQFRQRFLGDV
ƒ &DUDFWHUL]DQODYHUDFLGDGGHXQPpWRGRRSURFHVRGHPHGLGD







(63(&,),&$&,Ï1  63(&,),&$7,21
'RFXPHQWRTXHHVWDEOHFHUHTXLVLWRV  'RFXPHQWVWDWLQJUHTXLUHPHQWV

81((1,62  6LVWHPDVGH  ,62  4XDOLW\PDQDJHPHQWV


JHVWLyQGHODFDOLGDG)XQGDPHQWRV\ V\VWHPV)XQGDPHQWDOVDQGYRFDEXODU\
YRFDEXODULR
5HTXLVLWR  5HTXLUHPHQW

2%6(59$&,21(6
ƒ 8QD HVSHFLILFDFLyQ SXHGH HVWDU UHODFLRQDGD FRQ DFWLYLGDGHV SRU HMHPSOR XQ SURFHGLPLHQWR
GRFXPHQWDGRXQDHVSHFLILFDFLyQGHSURFHVR\XQDHVSHFLILFDFLyQGHHQVD\RSUXHED RFRQ
SURGXFWRV SRUHMHPSORXQDHVSHFLILFDFLyQGHSURGXFWRXQDHVSHFLILFDFLyQGHGHVHPSHxR\
XQSODQR 



 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



(63(&,),&$&,Ï1)81&,21$/  )81&7,21$/63(&,),&$7,21
(VSHFLILFDFLyQ TXH GHILQH WRGRV ORV  6SHFLILFDWLRQ WKDW GHILQHV WKH RYHUDOO
UHTXLVLWRV GHO HTXLSR LQFOX\HQGR OD UHTXLUHPHQWV RI WKH HTXLSPHQW LQFOXGLQJ WKH
HVSHFLILFDFLyQ RSHUDFLRQDO  \ RWURV IDFWRUHV RSHUDWLRQDO VSHFLILFDWLRQ DQG RWKHU FULWLFDO
FUtWLFRVUHODFLRQDGRVFRQVXXVR IDFWRUV UHODWLQJ WR LWV XVH HJ OHYHO RI
WUDLQLQJH[SHUWLVHUHTXLUHGE\RSHUDWRUV 
$GDSWDGDGH&(1$0',37&5$7  /&*7KHGHYHORSPHQWDQGDSSOLFDWLRQRI
*XtDVREUHODFDOLILFDFLyQGH JXLGDQFHRQHTXLSPHQWTXDOLILFDWLRQRI
HTXLSRGHLQVWUXPHQWRVDQDOtWLFRV DQDO\WLFDOLQVWUXPHQWV $FFUHG4XDO$VVXU
 
(VSHFLILFDFLyQRSHUDWLYD5HTXLVLWR  2SHUDWLRQDOVSHFLILFDWLRQ5HTXLUHPHQW

2%6(59$&,21(6
ƒ /DHVSHFLILFDFLyQIXQFLRQDOGHEHUiFRQVLGHUDUWRGRVORVUHTXLVLWRVGHOLQVWUXPHQWRLQFOX\HQGR
ODHVSHFLILFDFLyQRSHUDFLRQDO\RWURVIDFWRUHVFUtWLFRVUHODFLRQDGRVFRQVXXVR
ƒ 'HEH LQFOXLU LQIRUPDFLyQ VREUH VHJXULGDG H KLJLHQH \ VREUH UHTXLVLWRV R FRQGLFLRQHV
DPELHQWDOHV










(63(&,),&$&,Ï123(5$7,9$  23(5$7,21$/63(&,),&$7,21
(VSHFLILFDFLyQ TXH GHILQH ODV SUHVWDFLRQHV  6SHFLILFDWLRQ WKDW GHILQHV WKH NH\
FODYHV GHO HTXLSR ORV LQWHUYDORV VREUH ORV SHUIRUPDQFHFKDUDFWHULVWLFVRIWKHHTXLSPHQW
FXDOHV VH UHTXLHUH TXH HO HTXLSR IXQFLRQH \ DQG UDQJHV RYHU ZKLFK WKH HTXLSPHQW LV
TXHWUDEDMHGHIRUPDFRQVLVWHQWHWDO\FRPR UHTXLUHGWRRSHUDWHDQGFRQVLVWHQWO\SHUIRUP
VHDFRUGyHQWUHHOXVXDULR\HOSURYHHGRU DVDJUHHGEHWZHHQWKHXVHUDQGVXSSOLHU
$GDSWDGDGH&(1$0',37&5$7  /&*7KH'HYHORSPHQWDQGDSSOLFDWLRQRI
*XtDVREUHODFDOLILFDFLyQGH JXLGDQFHRQHTXLSPHQWTXDOLILFDWLRQRI
HTXLSRGHLQVWUXPHQWRVDQDOtWLFRV DQDO\WLFDOLQVWUXPHQWV $FFUHG4XDO$VVXU
 
(VSHFLILFDFLyQIXQFLRQDO  )XQFWLRQDOVSHFLILFDWLRQ

2%6(59$&,21(6
ƒ /DHVSHFLILFDFLyQRSHUDFLRQDOGHEHUiGHILQLUODVFDUDFWHUtVWLFDVFODYHVGHIXQFLRQDPLHQWRGHO
LQVWUXPHQWR ORV LQWHUYDORV SDUD ORV FXDOHV HV QHFHVDULR TXH HO LQVWUXPHQWR RSHUH \ ODV
SUHFDXFLRQHV\IRUPDFLyQGHORSHUDGRUTXHVHXWLOLFHGHIRUPDFRQVLVWHQWH







 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



(67$%,/,'$' GHXQVLVWHPDGH  67$%,/,7< RIDPHDVXULQJV\VWHP 
PHGLGD 
$SWLWXG GH XQ LQVWUXPHQWR R VLVWHPD GH  3URSHUW\ RI D PHDVXULQJ LQVWUXPHQW RU
PHGLGD SDUD FRQVHUYDU FRQVWDQWHV VXV PHDVXULQJ V\VWHP ZKHUHE\ LWV PHWURORJLFDO
FDUDFWHUtVWLFDV PHWUROyJLFDV D OR ODUJR GHO SURSHUWLHVUHPDLQFRQVWDQWLQWLPH
WLHPSR
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
'HULYDLQVWUXPHQWDO  ,QVWUXPHQWDOGULIW

2%6(59$&,21(6
ƒ /DHVWDELOLGDGSXHGHH[SUHVDUVHFXDQWLWDWLYDPHQWHGHYDULDVIRUPDV L PHGLDQWHXQLQWHUYDOR
GHWLHPSRHQHOFXUVRGHOFXDOXQDFDUDFWHUtVWLFDPHWUROyJLFDYDUtDXQDFDQWLGDGGHWHUPLQDGD
LL SRUODYDULDFLyQGHXQDSURSLHGDGHQXQLQWHUYDORGHWLHPSRGHWHUPLQDGR








(67Ë08/2  67,08/86
)HQyPHQR ItVLFRTXtPLFR GH RULJHQ H[WHUQR  3K\VLFRFKHPLFDO SKHQRPHQRQ H[WHUQDO RU
R LQWHUQR FDSD] GH SURYRFDU XQD UHVSXHVWD LQWHUQDO  SURGXFLQJ D UHVSRQVH LQ D PDWHULDO
HQXQVLVWHPDPDWHULDO V\VWHP
3URSXHVWDSRUORVDXWRUHV  3URSRVHGE\WKHDXWKRUV

5HVSXHVWD*HQHUDGRUGHUHVSXHVWD  5HVSRQVH5HVSRQVHJHQHUDWRU

2%6(59$&,21(6
ƒ &XDQGR HO HVWtPXOR SURYRFD XQ FDPELR HQ HO HVWDGR HOHFWUyQLFR GH iWRPRV PROpFXODV R
LRQHV JHQHUDOPHQWH SRU DFFLyQ GH HQHUJtD WpUPLFD R EDVDGD HQ XQD UDGLDFLyQ
HOHFWURPDJQpWLFDHOHVWtPXORVHGHQRPLQDH[FLWDFLyQ
ƒ $XQTXH JHQHUDOPHQWH OD UHVSXHVWD HVWi SURYRFDGD SRU XQ HVWtPXOR FLHUWRV VLVWHPDV VRQ
FDSDFHV GH JHQHUDU OD UHVSXHVWD GH IRUPD HVSRQWiQHD SH OD HPLVLyQ GH UDGLDFWLYLGDG
QDWXUDORHOSRWHQFLDOHOHFWURTXtPLFRGHXQVLVWHPDHVWiWLFR
ƒ $OJXQRVDXWRUHVDVLPLODQDQXHVWURMXLFLRGHIRUPDHUUyQHDHVWtPXORDSURSLHGDGDQDOtWLFD
*ORVVDU\RIDQDO\WLFDOWHUPVHQ.'DQ]HU$QDO\WLFDOFKHPLVWU\WKHRUHWLFDODQGPHWURORJLFDO
IXQGDPHQWDOV  6SULQJHU 



 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



(9$/8$&,Ï17,32$'(/$  7<3($(9$/8$7,212)
,1&(57,'80%5( GHPHGLGD  PHDVXUHPHQW 81&(57$,17<
(YDOXDFLyQ GH XQD FRPSRQHQWH GH OD  (YDOXDWLRQ RI D FRPSRQHQW RI PHDVXUHPHQW
LQFHUWLGXPEUH GH PHGLGD PHGLDQWH XQ XQFHUWDLQW\ E\ D VWDWLVWLFDO DQDO\VLV RI
DQiOLVLV HVWDGtVWLFR GH ORV YDORUHV PHGLGRV PHDVXUHG TXDQWLW\ YDOXHV REWDLQHG XQGHU
REWHQLGRV EDMR FRQGLFLRQHV GH PHGLGD GHILQHGPHDVXUHPHQWFRQGLWLRQV
GHILQLGDV
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
,QFHUWLGXPEUH(YDOXDFLyQ7LSR%GHOD  8QFHUWDLQW\7\SH%HYDOXDWLRQRIXQFHUWDLQW\
LQFHUWLGXPEUH

2%6(59$&,21(6
ƒ 3DUD YDULRV WLSRV GH FRQGLFLRQHV GH PHGLGD YpDVH FRQGLFLyQ GH UHSHWLELOLGDG FRQGLFLyQ GH
SUHFLVLyQLQWHUPHGLD\FRQGLFLyQGHUHSURGXFLELOLGDG






(9$/8$&,Ï17,32%'(/$  7<3(%(9$/8$7,212)
,1&(57,'80%5( GHPHGLGD  PHDVXUHPHQW 81&(57$,17<
(YDOXDFLyQ GH XQD FRPSRQHQWH GH OD  (YDOXDWLRQ RI D FRPSRQHQW RI PHDVXUHPHQW
LQFHUWLGXPEUH GH PHGLGD GH PDQHUD GLVWLQWD XQFHUWDLQW\ GHWHUPLQHG E\ PHDQV RWKHU WKDQ
D XQD HYDOXDFLyQ WLSR $ GH OD LQFHUWLGXPEUH D 7\SH $ HYDOXDWLRQ RI PHDVXUHPHQW
GHPHGLGD XQFHUWDLQW\
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 
DVRFLDGRV 9,0 -&*0   -&*0  ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
,QFHUWLGXPEUH(YDOXDFLyQ7LSR$GHOD  8QFHUWDLQW\7\SH$HYDOXDWLRQRIXQFHUWDLQW\
LQFHUWLGXPEUH

2%6(59$&,21(6
ƒ $OJXQRV HMHPSORV GH HYDOXDFLyQ EDVDGD HQ LQIRUPDFLRQHV VRQ L  DVRFLDGDV D YDORUHV
SXEOLFDGRV\UHFRQRFLGRV LL DVRFLDGDVDOYDORUGHXQPDWHULDOGHUHIHUHQFLDFHUWLILFDGR LLL 
REWHQLGDVDSDUWLUGHXQFHUWLILFDGRGHFDOLEUDFLyQ LY UHODWLYDVDODGHULYDREWHQLGDVDSDUWLU
GHODFODVHGHH[DFWLWXGGHXQLQVWUXPHQWRGH PHGLGDYHULILFDGRR Y REWHQLGDVDSDUWLUGH
ORVOtPLWHVSURFHGHQWHVGHODH[SHULHQFLDSHUVRQDO


 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



(;$&7,78' GHPHGLGD   0HDVXUHPHQW $&&85$&<
3UR[LPLGDGHQWUHXQYDORUPHGLGR\XQYDORU  &ORVHQHVV RI DJUHHPHQW EHWZHHQ D
YHUGDGHURGHXQPHQVXUDQGR PHDVXUHG TXDQWLW\ YDOXH DQG D WUXH TXDQWLW\
YDOXHRIDPHDVXUDQG
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
9HUDFLGDG3UHFLVLyQ(UURUGHPHGLGD  7UXHQHVV3UHFLVLRQ0HDVXUHPHQWHUURU

2%6(59$&,21(6
ƒ (OFRQFHSWRH[DFWLWXGQRUHSUHVHQWDXQDPDJQLWXG\QRVHH[SUHVDQXPpULFDPHQWH6HGLFH
TXHXQDPHGLGDHVPiVH[DFWDFXDQWRPiVSHTXHxRHVHOHUURUGHPHGLGD
ƒ $XQTXHHOWpUPLQRH[DFWLWXGGHXQUHVXOWDGRQRGHEHUtDXWLOL]DUVHHQOXJDUGHYHUDFLGDGD~Q
SHUVLVWH HVWD DFHSFLyQ HQ GLIHUHQWHV iPELWRV DQDOtWLFRV SRU HMHPSOR HQ HO VHFWRU
IDUPDFpXWLFR
ƒ ,JXDOPHQWH HO WpUPLQR SUHFLVLyQ WDPSRFR GHEH XWLOL]DUVH HQ OXJDU GH H[DFWLWXG \D TXH HVWD
~OWLPDLQFOX\HDYHUDFLGDG\SUHFLVLyQ
ƒ /DH[DFWLWXGGHPHGLGDVHLQWHUSUHWDDYHFHVFRPRODSUR[LPLGDGHQWUHORVYDORUHVPHGLGRV
DWULEXLGRVDOPHQVXUDQGR







)$&725'(&$/,%5$&,Ï1  &$/,%5$7,21)$&725
)DFWRU QXPpULFR SRU HO TXH KD\ TXH  1XPHULFDO IDFWRU E\ ZKLFK WKH LQGLFDWLRQ LV
PXOWLSOLFDU XQD LQGLFDFLyQ SDUD REWHQHU HO PXOWLSOLHG WR REWDLQ WKH FRUUHVSRQGLQJ
YDORUPHGLGRFRUUHVSRQGLHQWH PHDVXUHGTXDQWLW\YDOXH
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP/&XDGURV5RGUtJXH]/
*iPL]*UDFLD($OPDQVD/ySH]-/DVR
6iQFKH]&DOLEUDWLRQLQFKHPLFDO
PHDVXUHPHQWSURFHVVHV,$PHWURORJLFDO
DSSURDFK7UHQGV$QDO&KHP

)XQFLyQGHFDOLEUDFLyQ  &DOLEUDFLyQIXQFWLRQ

2%6(59$&,21(6
ƒ (OIDFWRUGHFDOLEUDFLyQSXHGHVHUFRQVWDQWHRYDULDUFRQHOYDORUGHODLQGLFDFLyQ
ƒ (Q HO iPELWR DQDOtWLFR HO IDFWRU GH FDOLEUDFLyQ HV HO LQYHUVR GHO IDFWRU GH UHVSXHVWD
SDUiPHWURPX\XWLOL]DGRHQFURPDWRJUDItD



 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



)$&725'(&2%(5785$  &29(5$*()$&725
1~PHUR PD\RU TXH XQR SRU HO TXH VH  1XPEHUODUJHUWKDQRQHE\ZKLFKDFRPELQHG
PXOWLSOLFD XQD LQFHUWLGXPEUH WtSLFD VWDQGDUG PHDVXUHPHQW XQFHUWDLQW\ LV
FRPELQDGD SDUD REWHQHU XQD LQFHUWLGXPEUH PXOWLSOLHG WR REWDLQ DQ H[SDQGHG
H[SDQGLGD PHDVXUHPHQWXQFHUWDLQW\
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
,QFHUWLGXPEUHH[SDQGLGD,QWHUYDORGH  ([SDQGHGXQFHUWDLQW\&RYHUDJHLQWHUYDO
FREHUWXUD3UREDELOLGDGGHFREHUWXUD &RYHUDJHSURSDELOLW\

2%6(59$&,21(6
ƒ +DELWXDOPHQWHVHXWLOL]DHOVtPERORNSDUDHOIDFWRUGHFREHUWXUD
ƒ (OYDORUGHN HVHOKDELWXDOPHQWHXWLOL]DGRDXQTXHUHTXLHUHTXHWRGDVODVFRPSRQHQWHVGH
LQFHUWLGXPEUHGHWLSR$KD\DQVLGRREWHQLGRVDSDUWLUGHRPiVGDWRVH[SHULPHQWDOHV









)$&725'(&255(&&,Ï1  &255(&7,21)$&725
)DFWRU QXPpULFR SRU HO TXH KD\ TXH  1XPHULFDO IDFWRU E\ ZKLFK WKH UHVXOW RI D
PXOWLSOLFDU HO UHVXOWDGR GH XQD PHGLGD SDUD PHDVXUHPHQWLVPXOWLSOLHGWRFRPSHQVDWHIRU
FRPSHQVDUHOHUURUVLVWHPiWLFR V\VWHPDWLFHUURU
7UDGXFLGDSRUORVDXWRUHV  -&*0  (YDOXDWLRQRI
PHDVXUHPHQWGDWD±*XLGHWRWKHH[SUHVVLRQ
RIXQFHUWDLQW\LQPHDVXUHPHQW *80
ZLWKPLQRUFRUUHFWLRQV 
&RUUHFFLyQ(UURUVLVWHPiWLFR  &RUUHFWLRQ6LVWHPDWLFHUURU

2%6(59$&,21(6
ƒ (OIDFWRUGHFRUUHFFLyQVHDSOLFDHQORVFDVRVHQORVTXHHOHUURUVLVWHPiWLFRHVSURSRUFLRQDO
DOYDORUPHGLGRSHHQORVPHGLGRUHVGHWLHPSR UHORMHVFURQyPHWURVHWF 
ƒ (Q HO iPELWR GH ORV SURFHVRV DQDOtWLFRV JOREDOPHQWH FRQVLGHUDGRV HO IDFWRU GH FRUUHFFLyQ
SXHGHDVLPLODUVHDOLQYHUVRGHOIDFWRUGHUHFXSHUDFLyQ
ƒ (VWHWpUPLQRIDFWRUGHFRUUHFFLyQQRDSDUHFHHQODDFWXDOHGLFLyQGHO9,0GH



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



),$%,/,'$' GHXQVLVWHPDGHPHGLGD   5(/,$%,/,7< RIDPHDVXULQJV\VWHP 
3UREDELOLGDG GH TXH XQ LQVWUXPHQWR R  /LNHOLKRRG WKDW DQ LQVWUXPHQW RU GHYLFH ZLOO
GLVSRVLWLYR IXQFLRQH EDMR XQDV FRQGLFLRQHV IXQFWLRQ XQGHU GHILQHG FRQGLWLRQV IRU D
GHILQLGDV SRU XQ SHULRGR GH WLHPSR VSHFLILHGSHULRGRIWLPH
GHWHUPLQDGR
7UDGXFLGDSRUORVDXWRUHV  *ORVVDU\RITXDOLW\DVVXUDQFHWHUPVDQG
UHODWHGDFURQ\PV  86(3$
(VWDELOLGDG([DFWLWXG  6WDELOLW\$FFXUDF\

2%6(59$&,21(6
ƒ /DILDELOLGDGFRPRRFXUUHFRQODH[DFWLWXGHVXQWpUPLQRTXHQRWLHQHXQVLJQLILFDGRDEVROXWR
VLQRTXHVHJUDG~DHQQLYHOHVDOWDEDMDEXHQDPDOD
ƒ 6XVLJQLILFDGRHVWiXQLGRDOGHFRQILDQ]DRFDOLGDG










)81&,Ï1'(&$/,%5$&,Ï1  &$/,%5$7,21)81&7,21
([SUHVLyQGHODUHODFLyQHQWUHXQDLQGLFDFLyQ  ([SUHVVLRQRIWKHUHODWLRQEHWZHHQLQGLFDWLRQ
\HOYDORUPHGLGRFRUUHVSRQGLHQWH DQGFRUUHVSRQGLQJPHDVXUHGTXDQWLW\YDOXH
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
)XQFLyQGHPHGLGD  0HDVXUHPHQWIXQFWLRQ

2%6(59$&,21(6
ƒ 8QDIXQFLyQGHFDOLEUDFLyQH[SUHVDXQDUHODFLyQELXQtYRFDTXHQRSURSRUFLRQDXQ UHVXOWDGR
GHPHGLGD\DTXHQRFRQWLHQHLQIRUPDFLyQDOJXQDVREUHODLQFHUWLGXPEUHGHPHGLGD
ƒ 7DPELpQVHSXHGHGHQRPLQDUFRPRIXQFLyQGHWUDQVIHUHQFLD
ƒ $XQTXH HO WpUPLQR FXUYD GH FDOLEUDFLyQ VH XWLOL]D LQGLVWLQWDPHQWH HV PiV DSURSLDGR
FRQVLGHUDU pVWD FRPR OD UHSUHVHQWDFLyQ JUiILFD GH XQD IXQFLyQ GH FDOLEUDFLyQ (O WpUPLQR
FXUYD HV XQD WUDQVFULSFLyQ OLWHUDO GHO LQJOpV \D TXH HQ UHDOLGDG XQD FXUYD GH FDOLEUDFLyQ
KDELWXDOPHQWHHVXQDOtQHDUHFWD
ƒ (QHOiPELWRDQDOtWLFRJHQHUDOPHQWHVHEXVFDQODVFRQGLFLRQHVSDUDODVFXDOHVODIXQFLyQGH
FDOLEUDFLyQHVOLQHDODXQTXHRWUDVIXQFLRQHVVRQWDPELpQDSOLFDEOHV



 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



)81&,Ï1'(&255(&&,Ï1  &255(&7,21)81&7,21
)XQFLyQ PDWHPiWLFD TXH KD\ TXH DSOLFDU DO  0DWKHPDWLFDO IXQFWLRQ WR DSSO\ RQ WKH UHVXOW
UHVXOWDGRGHXQDPHGLGDSDUDFRPSHQVDUHO RI D PHDVXUHPHQW WR FRPSHQVDWH WKH
HUURUVLVWHPiWLFR V\VWHPDWLFHUURU
3URSXHVWDSRUORVDXWRUHV  3URSRVHGE\WKHDXWKRUV

&RUUHFFLyQ)DFWRUGHFRUUHFFLyQ  &RUUHFWLRQ&RUUHFWLRQIDFWRU

2%6(59$&,21(6
ƒ (QHOiPELWRDQDOtWLFRODIXQFLyQGHFRUUHFFLyQVHLGHQWLILFDFRQODIXQFLyQGHUHFXSHUDFLyQ
\ VH KD SURSXHVWR VX XVR SDUD FRUUHJLU HO HUURU GHELGR DO HIHFWR PDWUL] $QDO &KLP $FWD
 









)81&,Ï1'(0(','$  0($685(0(17)81&7,21
)XQFLyQ GH PDJQLWXGHV FX\R YDORU HV XQ  ([SUHVVLRQRIWKHUHODWLRQEHWZHHQLQGLFDWLRQ
YDORU PHGLGR GH OD PDJQLWXG GH VDOLGD DQGFRUUHVSRQGLQJPHDVXUHGTXDQWLW\YDOXH
FXDQGR VH FDOFXOD PHGLDQWH ORV YDORUHV
FRQRFLGRVGHODVPDJQLWXGHVGHHQWUDGD
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
)XQFLyQGHFDOLEUDFLyQ0DJQLWXGGHHQWUDGD  &DOLEUDWLRQIXQFWLRQ,QSXWTXDQWLW\2XWSXW
0DJQLWXGGHVDOLGD TXDQWLW\

2%6(59$&,21(6
ƒ /DIXQFLyQGHPHGLGDSXHGHHVFULELUVHH[SOtFLWDPHQWHFRPR< I ;«;Q VLHQGR;«
;QODVPDJQLWXGHVGHHQWUDGD<ODPDJQLWXGGHVDOLGDHQHOPRGHORGHPHGLGD\IUHSUHVHQWD
ODIXQFLyQGHPHGLGD
ƒ /DIXQFLyQGHPHGLGDVHXWLOL]DWDPELpQSDUDFDOFXODUODLQFHUWLGXPEUHGHPHGLGDDVRFLDGDDO
YDORUPHGLGRGH<
ƒ /DIXQFLyQGHPHGLGDVHDSOLFDHQODVPHGLGDVLQGLUHFWDV
ƒ (Q HO iPELWR DQDOtWLFR FRLQFLGH FRQFHSWXDOPHQWH FRQ OD HFXDFLyQ XWLOL]DGD SDUD FDOFXODU HO
UHVXOWDGRDSDUWLUGHODFRQFHQWUDFLyQPHGLGDGHDQDOLWRHQODSRUFLyQGHHQVD\R



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



*(1(5$'25'(5(638(67$  5(63216(*(1(5$725
'LVSRVLWLYRGHVWLQDGRDSURGXFLUXQHVWtPXOR  'HYLFHSURGXFLQJDVWLPXOXV

3URSXHVWDSRUORVDXWRUHV  3URSRVHGE\WKHDXWKRUV

(VWtPXOR5HVSXHVWD  6WLPXOXV5HVSRQVH

2%6(59$&,21(6
ƒ (O HVWtPXOR HV VLHPSUH XQD HQHUJtD GH WLSR HOHFWURPDJQpWLFD HOpFWULFD WpUPLFD R QXFOHDU
TXHVHFRPXQLFDDOVLVWHPDPDWHULDO
ƒ 6HSXHGHQHQFRQWUDUGLIHUHQWHVWpUPLQRVFRQHOPLVPRRVLPLODUVLJQLILFDGRFRPRIXHQWHGH
H[FLWDFLyQ H[FLWDWLRQVRXUFH JHQHUDGRUGHHVWtPXOR VWLPXOXVGHYLFH RJHQHUDGRU
GHVHxDOHV VLJQDOVXSSO\ 
ƒ 1R FRQIXQGLU FRQ OD IXHQWH GH DOLPHQWDFLyQ SRZHU VXSSO\  TXH HV HO GLVSRVLWLYR TXH
VXPLQLVWUDHQHUJtDSDUDHOIXQFLRQDPLHQWRJHQHUDOGHOLQVWUXPHQWR









*(67,210(752/Ï*,&$  0(752/2*,&$/0$1$*(0(17
$FWLYLGDGHV FRRUGLQDGDV SDUD GLULJLU \  &RRUGLQDWHG DFWLYLWLHV WR GHDO DQG FRQWURO DQ
FRQWURODUXQDRUJDQL]DFLyQHQORUHODWLYRDOD RUJDQL]DWLRQ FRQFHUQLQJ WR PHWURORJLFDO
FRQILUPDFLyQ PHWUROyJLFD GH ORV HTXLSRV GH FRQILUPDWLRQ RI PHDVXULQJ HTXLSPHQWV DQG
PHGLGD\DORVSURFHVRVGHPHGLFLyQ PHDVXULQJSURFHVV
81(  6LVWHPDVGHJHVWLyQGH  7UDQVODWHGE\WKHDXWKRUV
ODFDOLGDG*XtDSDUDODJHVWLyQ\HYDOXDFLyQ
PHWUROyJLFD
&RQILUPDFLyQPHWUROyJLFD  0HWURORJLFDOFRQILUPDWLRQ

2%6(59$&,21(6
ƒ ,QFOX\H HO HVWDEOHFLPLHQWR GH OD SROtWLFD \ GH ORV REMHWLYRV OD JHVWLyQ GH ORV UHFXUVRV OD
SODQLILFDFLyQHOFRQWURO\HODVHJXUDPLHQWRGHODFRQILUPDFLyQPHWUROyJLFDGHORVHTXLSRVGH
PHGLGD \ GH ORV SURFHVRV GH PHGLFLyQ DVt FRPR OD PHMRUD GHO GHVHPSHxR GHO VLVWHPD GH
JHVWLyQGHODVPHGLFLRQHV




 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



+,67e5(6,6  +<67(5(6,6
3URSLHGDG GH XQ GLVSRVLWLYR R LQVWUXPHQWR  3URSHUW\RIDGHYLFHRULQVWUXPHQWZKHUHE\LW
SRU OD FXDO VXPLQLVWUD GLIHUHQWHV YDORUHV GH JLYHV GLIIHUHQW RXWSXW YDOXHV LQ UHODWLRQ WR LWV
VDOLGD HQ UHODFLyQ D YDORUHV GH HQWUDGD LQSXW YDOXHV GHSHQGLQJ RQ WKH GLUHFWLRQDO
GHSHQGLHQGR GH OD VHFXHQFLD GLUHFFLRQDO HQ VHTXHQFH LQ ZKLFK WKH LQSXW YDOXHV KDYH
OD TXH HVRV YDORUHV GH HQWUDGD KDQ VLGR EHHQDSSOLHG
DSOLFDGRV
7UDGXFLGDSRUORVDXWRUHV  ,(&  3URFHVVPHDVXUHPHQW
DQGFRQWUROGHYLFHV±*HQHUDOPHWKRGVDQG
SURFHGXUHVIRUHYDOXDWLQJSHUIRUPDQFH±3DUW
7HVWVXQGHUUHIHUHQFHFRQGLWLRQV
(VWDELOLGDG)LDELOLGDG  6WDELOLW\5HOLDELOLW\

2%6(59$&,21(6
ƒ /DKLVWpUHVLVVHFDOFXODDSDUWLUGHODPi[LPDGLIHUHQFLDHQWUHORVYDORUHVGHGRVPHGLGDVGH
XQ PLVPR IHQyPHQR R VLVWHPD PDWHULDO REWHQLGRV SRU XQ PLVPR LQVWUXPHQWR R VLVWHPD GH
PHGLGD FXDQGR GLFKRV YDORUHV VRQ DGTXLULGRV HQ VHQWLGR FUHFLHQWH \ GHFUHFLHQWH
UHVSHFWLYDPHQWH GH OD PDJQLWXG D PHGLU 6H VXHOH H[SUHVDU HQ IRUPD GH SRUFHQWDMH HQ
UHODFLyQDOUDQJRGLQiPLFRGHOLQVWUXPHQWR
ƒ /DVFDXVDVWtSLFDVGHKLVWpUHVLVVRQODIULFFLyQ\FDPELRVHVWUXFWXUDOHVHQORVPDWHULDOHV
ƒ 1R HV XQ IHQyPHQR KDELWXDO HQ ORV LQVWUXPHQWRV DQDOtWLFRV 6HUtD HO FDVR HQ HO TXH XQ
HVSHFWURIRWyPHWURLQGLFDUDXQDDEVRUEDQFLDGLIHUHQWHGHXQDPLVPDGLVROXFLyQGHSHQGLHQGR
GHTXHODGLVROXFLyQPHGLGDSUHYLDPHQWHWXYLHUDXQDDEVRUEDQFLDPHQRURPD\RU



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



,1&(57,'80%5('(0(','$  0($685(0(1781&(57$,17<
3DUiPHWUR QR QHJDWLYR TXH FDUDFWHUL]D OD  1RQQHJDWLYH SDUDPHWHU FKDUDFWHUL]LQJ WKH
GLVSHUVLyQ GH ORV YDORUHV DWULEXLGRV D XQ GLVSHUVLRQ RI WKH TXDQWLW\ YDOXHV EHLQJ
PHQVXUDQGR D SDUWLU GH OD LQIRUPDFLyQ TXH DWWULEXWHG WR D PHDVXUDQG EDVHG RQ WKH
VHXWLOL]D LQIRUPDWLRQXVHG
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
,QFHUWLGXPEUHHVWiQGDU,QFHUWLGXPEUH  6WDQGDUGXQFHUWDLQW\&RPELQHGXQFHUWDLQW\
FRPELQDGD,QFHUWLGXPEUHH[SDQGLGD ([SDQGHGPHDVXUHPHQW

2%6(59$&,21(6
ƒ /DLQFHUWLGXPEUHGHPHGLGDLQFOX\HFRPSRQHQWHVSURFHGHQWHVGHHIHFWRVVLVWHPiWLFRVWDOHV
FRPRFRPSRQHQWHVDVRFLDGDVDFRUUHFFLRQHV\DYDORUHVDVLJQDGRVDSDWURQHVDVtFRPROD
LQFHUWLGXPEUH GHELGD D OD GHILQLFLyQ $OJXQDV YHFHV QR VH FRUULJHQ ORV HIHFWRV VLVWHPiWLFRV
HVWLPDGRV\HQVXOXJDUVHWUDWDQFRPRFRPSRQHQWHVGHLQFHUWLGXPEUH
ƒ (Q JHQHUDO OD LQFHUWLGXPEUH GH PHGLGD LQFOX\H QXPHURVDV FRPSRQHQWHV $OJXQDV SXHGHQ
FDOFXODUVH PHGLDQWH XQD HYDOXDFLyQ WLSR $ GH OD LQFHUWLGXPEUH GH PHGLGD D SDUWLU GH OD
GLVWULEXFLyQ HVWDGtVWLFD GH ORV YDORUHV TXH SURFHGHQ GH ODV VHULHV GH PHGLGDV \ SXHGHQ
FDUDFWHUL]DUVH SRU GHVYLDFLRQHV WtSLFDV /DV RWUDV FRPSRQHQWHV TXH SXHGHQ FDOFXODUVH
PHGLDQWH XQD HYDOXDFLyQ WLSR % GH OD LQFHUWLGXPEUH GH PHGLGD SXHGHQ FDUDFWHUL]DUVH
WDPELpQ SRU GHVYLDFLRQHV WtSLFDV HYDOXDGDV D SDUWLU GH IXQFLRQHV GH GHQVLGDG GH
SUREDELOLGDGEDVDGDVHQODH[SHULHQFLDXRWUDLQIRUPDFLyQ


,1&(57,'80%5('(%,'$$/$  '(),1,7,21$/81&(57$,17<
'(),1,&,Ï1
&RPSRQHQWH GH OD LQFHUWLGXPEUH GH PHGLGD  &RPSRQHQW RI PHDVXUHPHQW XQFHUWDLQW\
UHVXOWDQWH GH OD IDOWD GH GHWDOOHV HQ OD UHVXOWLQJIURPWKHILQLWHDPRXQWRIGHWDLOLQWKH
GHILQLFLyQGHOPHQVXUDQGR GHILQLWLRQRIDPHDVXUDQG
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
,QFHUWLGXPEUHGHPHGLGD  0HDVXUHPHQWXQFHUWDLQW\

2%6(59$&,21(6
ƒ /DLQFHUWLGXPEUHGHELGDDODGHILQLFLyQHVODLQFHUWLGXPEUHPtQLPDTXHSXHGHREWHQHUVHHQOD
SUiFWLFDSDUDWRGDPHGLGDGHXQPHQVXUDQGRGDGR
ƒ &XDOTXLHU PRGLILFDFLyQ GH ORV GHWDOOHV GHVFULSWLYRV GHO PHQVXUDQGR FRQGXFH D RWUD
LQFHUWLGXPEUHGHELGDDODGHILQLFLyQ
ƒ 7DPELpQVHGHQRPLQDFRPRLQFHUWLGXPEUHLQWUtQVHFD

 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



,1&(57,'80%5((67È1'$5 GH  67$1'$5' PHDVXUHPHQW 
PHGLGD  81&(57$,17<
,QFHUWLGXPEUH GH PHGLGD H[SUHVDGD FRPR  0HDVXUHPHQW XQFHUWDLQW\ H[SUHVVHG DV D
XQDGHVYLDFLyQWtSLFD VWDQGDUGGHYLDWLRQ
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
,QFHUWLGXPEUHHVWiQGDUUHODWLYD  5HODWLYHVWDQGDUGXQFHUWDLQW\0HDVXUHPHQW
,QFHUWLGXPEUHGHPHGLGD XQFHUWDLQW\

2%6(59$&,21(6
ƒ 7DPELpQVHSXHGHQRPEUDUFRPRLQFHUWLGXPEUHWtSLFD









,1&(57,'80%5((67È1'$5  &20%,1('67$1'$5' PHDVXUHPHQW 
&20%,1$'$ GHPHGLGD  81&(57$,17<
,QFHUWLGXPEUH WtSLFD REWHQLGD D SDUWLU GH ODV  6WDQGDUG PHDVXUHPHQW XQFHUWDLQW\ WKDW LV
LQFHUWLGXPEUHVWtSLFDVLQGLYLGXDOHVDVRFLDGDV REWDLQHG XVLQJ WKH LQGLYLGXDO VWDQGDUG
D ODV PDJQLWXGHV GH HQWUDGD GH XQ PRGHOR PHDVXUHPHQW XQFHUWDLQWLHV DVVRFLDWHG ZLWK
GHPHGLGD WKHLQSXWTXDQWLWLHVLQDPHDVXUHPHQWPRGHO
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
,QFHUWLGXPEUHHVWiQGDU,QFHUWLGXPEUH  6WDQGDUGXQFHUWDLQW\5HODWLYHVWDQGDUG
HVWiQGDUUHODWLYD XQFHUWDLQW\

2%6(59$&,21(6
ƒ &XDQGRH[LVWDQFRUUHODFLRQHVHQWUHODVPDJQLWXGHVGHHQWUDGDHQXQPRGHORGHPHGLGDHQ
HO FiOFXOR GH OD LQFHUWLGXPEUH HVWiQGDU FRPELQDGD HV QHFHVDULR WDPELpQ FRQVLGHUDU ODV
FRYDULDQ]DV



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



,1&(57,'80%5((67È1'$5  5(/$7,9(67$1'$5' PHDVXUHPHQW 
5(/$7,9$ GHPHGLGD  81&(57$,17<
&RFLHQWH HQWUH OD LQFHUWLGXPEUH WtSLFD \ HO  6WDQGDUG PHDVXUHPHQW XQFHUWDLQW\ GLYLGHG
YDORUDEVROXWRGHOYDORUPHGLGR E\ WKH DEVROXWH YDOXH RI WKH PHDVXUHG
TXDQWLW\YDOXH
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
,QFHUWLGXPEUHHVWiQGDU,QFHUWLGXPEUH  6WDQGDUGXQFHUWDLQW\&RPELQHGVWDQGDUG
HVWiQGDUFRPELQDGD XQFHUWDLQW\

2%6(59$&,21(6
ƒ 7DPELpQVHSXHGHQRPEUDUFRPRLQFHUWLGXPEUHWtSLFDUHODWLYD








,1&(57,'80%5((;3$1','$ GH  (;3$1'(' PHDVXUHPHQW 
PHGLGD  81&(57$,17<
3URGXFWR GH XQD LQFHUWLGXPEUH WtSLFD  3URGXFW RI D FRPELQHG VWDQGDUG
FRPELQDGD\XQIDFWRUPD\RUTXHXQR PHDVXUHPHQW XQFHUWDLQW\ DQG D IDFWRU ODUJHU
WKDQWKHQXPEHURQH
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
,QFHUWLGXPEUHHVWiQGDU)DFWRUGHFREHUWXUD  6WDQGDUGXQFHUWDLQW\&RYHUDJHIDFWRU

2%6(59$&,21(6
ƒ (O IDFWRU GHSHQGH GHO WLSR GH GLVWULEXFLyQ GH SUREDELOLGDG GH OD PDJQLWXG GH VDOLGD HQ XQ
PRGHORGHPHGLGD\GHODSUREDELOLGDGGHFREHUWXUDHOHJLGD
ƒ (OIDFWRUTXHLQWHUYLHQHHQHVWDGHILQLFLyQHVXQIDFWRUGHFREHUWXUD
ƒ /D LQFHUWLGXPEUH H[SDQGLGD WDPELpQ SXHGH GHQRPLQDUVH LQFHUWLGXPEUH JOREDO R
VLPSOHPHQWHLQFHUWLGXPEUH



 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



,1&(57,'80%5(,167580(17$/  ,167580(17$/ PHDVXUHPHQW 
81&(57$,17<
&RPSRQHQWH GH OD LQFHUWLGXPEUH GH PHGLGD  &RPSRQHQW RI PHDVXUHPHQW XQFHUWDLQW\
TXH SURFHGH GHO LQVWUXPHQWR R VLVWHPD GH DULVLQJ IURP D PHDVXULQJ LQVWUXPHQW RU
PHGLGDXWLOL]DGR PHDVXULQJV\VWHPLQXVH
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
,QFHUWLGXPEUHGHPHGLGD,QVWUXPHQWRGH  0HDVXUHPHQWXQFHUWDLQW\0HDVXULQJ
PHGLGD LQVWUXPHQW

2%6(59$&,21(6
ƒ /D LQFHUWLGXPEUHLQVWUXPHQWDOVHREWLHQHPHGLDQWHFDOLEUDFLyQGHOLQVWUXPHQWR RVLVWHPDGH
PHGLGDVDOYRSDUDXQSDWUyQSULPDULRSDUDHOTXHVHXWLOL]DQRWURVPHGLRV
ƒ /DLQFHUWLGXPEUHLQVWUXPHQWDOVHXWLOL]DHQODHYDOXDFLyQWLSR%GHODLQFHUWLGXPEUHGHPHGLGD
ƒ /D LQIRUPDFLyQ UHODWLYD D OD LQFHUWLGXPEUH LQVWUXPHQWDO SXHGH DSDUHFHU HQ ODV
HVSHFLILFDFLRQHVGHOLQVWUXPHQWR









,1&(57,'80%5(2%-(7,92  7$5*(7 0HDVXUHPHQW 81&(57$,17<
,QFHUWLGXPEUH GH PHGLGD HVSHFLILFDGD FRPR  0HDVXUHPHQW XQFHUWDLQW\ VSHFLILHG DV DQ
XQ OtPLWH VXSHULRU \ HOHJLGD HQ EDVH DO XVR XSSHU OLPLW DQG GHFLGHG RQ WKH EDVLV RI WKH
SUHYLVWRGHORVUHVXOWDGRVGHPHGLGD LQWHQGHGXVHRIPHDVXUHPHQWUHVXOWV
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
,QFHUWLGXPEUHGHPHGLGD,QFHUWLGXPEUH  0HDVXUHPHQWXQFHUWDLQW\8QFHUWDLQW\

2%6(59$&,21(6
ƒ 7DPELpQVHSXHGHGHQRPLQDUFRPRLQFHUWLGXPEUHOtPLWH



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



,1',&$&,Ï1  ,1',&$7,21
9DORU SURSRUFLRQDGR SRU XQ LQVWUXPHQWR R  4XDQWLW\ YDOXH SURYLGHG E\ D PHDVXULQJ
VLVWHPDGHPHGLGD LQVWUXPHQWRUDPHDVXULQJV\VWHP
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
6HxDOLQVWUXPHQWDO9DORUGHXQDPDJQLWXG  ,QVWUXPHQWDOVLJQDO9DOXHRIDTXDQWLW\

2%6(59$&,21(6
ƒ /DLQGLFDFLyQSXHGHSUHVHQWDUVHHQIRUPDYLVXDORWUDQVIHULUVHDRWURGLVSRVLWLYR
ƒ 8QD LQGLFDFLyQ YLVXDO FRQVWLWX\H OD LQWHQVLGDG GH XQD VHxDO HQ XQ LQVWDQWH GHWHUPLQDGR \
SXHGHYHQLUGDGDSRUODSRVLFLyQGHXQDDJXMDVREUHXQDHVFDODFRPRXQDVDOLGDDQDOyJLFD
SRU XQ Q~PHUR YLVXDOL]DGR R LPSUHVR FRPR XQD VDOLGD GLJLWDO SRU XQ FyGLJR FRPR VDOLGDV
FRGLILFDGDV
ƒ (QHOFDVRGHPHGLGDVPDWHULDOL]DGDVODLQGLFDFLyQHVHOYDORUDVLJQDGR
ƒ /D LQGLFDFLyQ \ HO YDORU GH OD PDJQLWXG PHGLGD FRUUHVSRQGLHQWH QR VRQ QHFHVDULDPHQWH
YDORUHVGHPDJQLWXGHVGHODPLVPDQDWXUDOH]D









,167580(17$&,Ï1  ,167580(17$7,21
8QFRQMXQWRGHLQVWUXPHQWRVRVXDSOLFDFLyQ  $FROOHFWLRQRILQVWUXPHQWVRUWKHLUDSSOLFDWLRQ
FRQ HO SURSyVLWR GH OOHYDU D FDER IRUWKHSXUSRVHRIREVHUYDWLRQPHDVXUHPHQW
REVHUYDFLRQHVPHGLGDVRFRQWURO RUFRQWURO
7UDGXFLGDSRUORVDXWRUHV  $16,,6$ 5 3URFHVV
LQVWUXPHQWDWLRQWHUPLQRORJ\
,QVWUXPHQWRGHPHGLGD  0HDVXULQJ,QVWUXPHQW

2%6(59$&,21(6
ƒ %DMRHOWpUPLQRGHLQVWUXPHQWDFLyQVHUH~QHQWRGRVORVLQVWUXPHQWRVXWLOL]DGRVSUHVHQWHVHQ
XQD GHWHUPLQDGD LQIUDHVWUXFWXUD LQVWUXPHQWDFLyQ GHO ODERUDWRULR  R FRQ XQ REMHWLYR
GHWHUPLQDGR LQVWUXPHQWDFLyQSDUDDQiOLVLVGHDJXDV 



 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



,167580(172'(0(','$  0($685,1*,167580(17
'LVSRVLWLYR XWLOL]DGR SDUD UHDOL]DU  'HYLFH XVHG IRU PDNLQJ PHDVXUHPHQWV
PHGLFLRQHV VROR R DVRFLDGR D XQR R YDULRV DORQH RU LQ FRQMXQFWLRQ ZLWK RQH RU PRUH
GLVSRVLWLYRVVXSOHPHQWDULRV VXSSOHPHQWDU\GHYLFHV
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
(TXLSRGHPHGLGD6LVWHPDGHPHGLGD  0HDVXULQJLQVWUXPHQW0HDVXULQJHTXLSPHQW

2%6(59$&,21(6
ƒ 8QLQVWUXPHQWRGHPHGLGDTXHSXHGHXWLOL]DUVHLQGLYLGXDOPHQWHFRQVWLWX\HWDPELpQXQHTXLSR
RVLVWHPDGHPHGLGD
ƒ 8QLQVWUXPHQWRGHPHGLGDSXHGHVHUXQLQVWUXPHQWRLQGLFDGRURXQDPHGLGDPDWHULDOL]DGD








,17(59$/2'(&2%(5785$  &29(5$*(,17(59$/
,QWHUYDORTXHFRQWLHQHHOFRQMXQWRGHYDORUHV  ,QWHUYDO FRQWDLQLQJ WKH VHW RI WUXH TXDQWLW\
YHUGDGHURV GH XQ PHQVXUDQGR FRQ XQD YDOXHV RI D PHDVXUDQG ZLWK D VWDWHG
SUREDELOLGDG GHWHUPLQDGD EDVDGD HQ OD SUREDELOLW\ EDVHG RQ WKH LQIRUPDWLRQ
LQIRUPDFLyQGLVSRQLEOH DYDLODEOH
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
,QFHUWLGXPEUHH[SDQGLGD3UREDELOLGDGGH  ([SDQGHGXQFHUWDLQW\&RYHUDJHSUREDELOLW\
FREHUWXUD)DFWRUGHFREHUWXUD &RYHUDJHIDFWRU

2%6(59$&,21(6
ƒ (OLQWHUYDORGHFREHUWXUDQRQHFHVLWDHVWDUFHQWUDGRHQHOYDORUPHGLGRHOHJLGR
ƒ (O LQWHUYDOR GH FREHUWXUD QR GHEHUtD GHQRPLQDUVH LQWHUYDOR GH FRQILDQ]D HYLWDQGR DVt
FRQIXVLyQFRQHOFRQFHSWRHVWDGtVWLFR
ƒ (OLQWHUYDORGHFREHUWXUDSXHGHREWHQHUVHGHXQDLQFHUWLGXPEUHH[SDQGLGD



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



,17(59$/2'(0(','$  0($685,1*,17(59$/
&RQMXQWR GH ORV YDORUHV GH PDJQLWXGHV GH  6HW RI YDOXHV RI TXDQWLWLHV RI WKH VDPH NLQG
XQDPLVPDQDWXUDOH]DTXHXQLQVWUXPHQWRR WKDW FDQ EH PHDVXUHG E\ D JLYHQ PHDVXULQJ
VLVWHPD GH PHGLGD GDGR SXHGH PHGLU FRQ LQVWUXPHQW RU PHDVXULQJ V\VWHP ZLWK
XQDLQFHUWLGXPEUHLQVWUXPHQWDOHVSHFLILFDGD VSHFLILHG LQVWUXPHQWDO XQFHUWDLQW\ XQGHU
HQXQDVFRQGLFLRQHVGHWHUPLQDGDV GHILQHGFRQGLWLRQV
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
,QWHUYDORGHWUDEDMR  :RUNLQJUDQJH

2%6(59$&,21(6
ƒ (QFLHUWDVPDJQLWXGHVVHXWLOL]DHOWpUPLQRUDQJRGHPHGLGD
ƒ 1RGHEHFRQIXQGLUVHHOOtPLWHLQIHULRUGHXQLQWHUYDORGHPHGLGDFRQHOOtPLWHGHGHWHFFLyQGH
GLFKRLQVWUXPHQWR





-(5$548Ë$'(&$/,%5$&,Ï1  &$/,%5$7,21+,(5$5&+<
6HFXHQFLD GH FDOLEUDFLRQHV GHVGH XQD  6HTXHQFHRI FDOLEUDWLRQV IURPDUHIHUHQFHWR
UHIHUHQFLD KDVWD HO VLVWHPD GH PHGLGD ILQDO WKH ILQDO PHDVXULQJ V\VWHP ZKHUH WKH
HQ OD FXDO HO UHVXOWDGR GH FDGD FDOLEUDFLyQ RXWFRPH RI HDFK FDOLEUDWLRQ GHSHQGV RQ WKH
GHSHQGH GHO UHVXOWDGR GH OD FDOLEUDFLyQ RXWFRPHRIWKHSUHYLRXVFDOLEUDWLRQ
SUHFHGHQWH
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
&DOLEUDFLyQ3ODQGHFDOLEUDFLyQ  &DOLEUDWLRQ&DOLEUDWLRQSODQ

2%6(59$&,21(6
ƒ /D LQFHUWLGXPEUH GH PHGLGD YD DXPHQWDQGR QHFHVDULDPHQWH D OR ODUJR GH OD VHFXHQFLD GH
FDOLEUDFLRQHV
ƒ /RVHOHPHQWRVGHXQDMHUDUTXtDGHFDOLEUDFLyQVRQSDWURQHV\VLVWHPDVGHPHGLGDXWLOL]DGRV
VHJ~QSURFHGLPLHQWRVGHPHGLGD
ƒ (QHVWDGHILQLFLyQODUHIHUHQFLDSXHGHVHUODGHILQLFLyQGHXQDXQLGDGGHPHGLGDDWUDYpVGH
XQDUHDOL]DFLyQSUiFWLFDXQSURFHGLPLHQWRGHPHGLGDRXQSDWUyQ
ƒ /D FRPSDUDFLyQ HQWUH GRV SDWURQHV GH PHGLGDSXHGH FRQVLGHUDUVH FRPR XQD FDOLEUDFLyQVL
pVWD VH XWLOL]D SDUD FRPSUREDU \ VL SURFHGH FRUUHJLU HO YDORU \ OD LQFHUWLGXPEUH DWULEXLGD D
XQRGHORVSDWURQHV

 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



/Ë0,7('('(7(&&,Ï1 GHXQVLVWHPD  /,0,72)'(7(&7,21 RIDPHDVXULQJ
GHPHGLGD  V\VWHP 
(OPtQLPRYDORUGH ODPDJQLWXGDPHGLU TXH  7KH ORZHVW YDOXH RI WKH TXDQWLW\ WR EH
HO LQVWUXPHQWR R VLVWHPD GH PHGLGD SXHGH PHDVXUHG WKDW WKH PHDVXULQJ LQVWUXPHQW RU
GLIHUHQFLDU GH IRUPD ILDEOH GHO UXLGR PHDVXULQJ V\VWHP FDQ UHOLDEO\ GLIIHUHQWLDWH
LQVWUXPHQWDO IURPEDFNJURXQGQRLVH
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP)LHOGVDPSOHPDQXDO  
0LQLVWU\RI(QYLURQPHQW%ULWLVK&ROXPELD
5HODFLyQVHxDOUXLGR  6LJQDOWRQRLVHUDWLR

2%6(59$&,21(6
ƒ (O OtPLWH GH GHWHFFLyQ LQVWUXPHQWDO VH LGHQWLILFD FRQ HO YDORU GH OD PDJQLWXG D PHGLU TXH
SURGXFHXQDVHxDOQYHFHVPiVLQWHQVDTXHHOYDORUGHOUXLGRGHOLQVWUXPHQWRRVLVWHPDGH
PHGLGD GRQGH Q HV GHILQLGR HQ EDVH D XQ SURFHGLPLHQWR IRUPDO VXHOH WRPDUVH FRPR
YDORUHVGHUHIHUHQFLDHO\HO 
ƒ (QLQJOpVVHXVDWDPELpQHOWpUPLQRGHWHFWLRQOLPLWTXHVHDEUHYLDLQGLVWLQWDPHQWHFRPR
/'R/2'
ƒ 1RGHEHXWLOL]DUVHHOWpUPLQRVHQVLELOLGDGHQOXJDUGHOtPLWHGHGHWHFFLyQ








/,1($/,'$'  /,1($5,7<
$SWLWXG GH XQ LQVWUXPHQWR GH PHGLGD SDUD  $ELOLW\ RI D PHDVXULQJ LQVWUXPHQW WR SURYLGH
SURSRUFLRQDU XQD LQGLFDFLyQ TXH WHQJD XQD DQLQGLFDWLRQKDYLQJDOLQHDUUHODWLRQVKLSZLWK
UHODFLyQ OLQHDO FRQ XQD PDJQLWXG GHILQLGD D GHILQHG TXDQWLW\ RWKHU WKDQ DQ LQIOXHQFH
TXHQRVHDXQDPDJQLWXGGHLQIOXHQFLD TXDQWLW\
81(  9RFDEXODULR  ,(&  ,QWHUQDWLRQDO
HOHFWURWpFQLFR0HGLGDVHLQVWUXPHQWRVGH (OHFWURWHFKQLFDO9RFDEXODU\ ,(9 ±(OHFWULFDO
PHGLGDHOpFWULFRV\HOHFWUyQLFRV DQGHOHFWURQLFPHDVXUHPHQWVDQGPHDVXULQJ
LQVWUXPHQWV
5DQJRGLQiPLFROLQHDO/LQHDOLGDGDQDOtWLFD  /LQHDUGLQDPLFUDQJH$QDO\WLFDOOLQHDULW\

2%6(59$&,21(6
ƒ /DQROLQHDOLGDGVHH[SUHVDDWUDYpVGHODPi[LPDGHVYLDFLyQGHODFXUYDGHFDOLEUDFLyQFRQ
UHVSHFWRDXQDOtQHDUHFWDGHWHUPLQDGDSRUODTXHVHKDDSUR[LPDGR+DELWXDOPHQWHVHVXHOH
H[SUHVDUFRPRSRUFHQWDMHGHGHVYLDFLyQFRQUHODFLyQDODPDJQLWXGFRQVLGHUDGD
ƒ /D OLQHDOLGDG H[SUHVD KDVWD TXp SXQWR HV FRQVWDQWH OD VHQVLELOLGDG GHO VLVWHPD
VHQVRUWUDQVGXFWRU
ƒ /D OLQHDOLGDG HV XQ SDUiPHWUR FDUDFWHUtVWLFR GH FLHUWRV LQVWUXPHQWRV \ VH LQGLFD VLHPSUH HQ
ODVHVSHFLILFDFLRQHVVXPLQLVWUDGDVSRUHOIDEULFDQWHSHODVEDODQ]DV
ƒ /RV SULQFLSDOHV IDFWRUHV TXH LQIOX\HQ HQ OD QR OLQHDOLGDG VRQ OD UHVROXFLyQ HO XPEUDO \ OD
KLVWpUHVLV



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



0$*1,78'  48$17,7<
3URSLHGDG GH XQ IHQyPHQR FXHUSR R  3URSHUW\ RI D SKHQRPHQRQ ERG\ RU
VXVWDQFLD TXH SXHGH H[SUHVDUVH VXEVWDQFH ZKHUH WKH SURSHUW\ KDV D
FXDQWLWDWLYDPHQWHPHGLDQWHXQQ~PHUR\XQD PDJQLWXGH WKDW FDQ EH H[SUHVVHG DV D
UHIHUHQFLD QXPEHUDQGDUHIHUHQFH
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
0DJQLWXGDQDOtWLFD  $QDO\WLFDOTXDQWLW\

2%6(59$&,21(6
ƒ /DUHIHUHQFLDHQODGHILQLFLyQDOFXHUSRRVXVWDQFLDSXHGHVHUVXVWLWXLGDSRUVLVWHPDPDWHULDO
ƒ /DUHIHUHQFLDSXHGHVHUXQDXQLGDGGHPHGLGDXQSURFHGLPLHQWRGHPHGLGDXQPDWHULDOGH
UHIHUHQFLDRXQDFRPELQDFLyQGHHOORV
ƒ 8QDPDJQLWXGWDOFRPRVHGHILQHDTXtHVXQDPDJQLWXGHVFDODU6LQHPEDUJRXQYHFWRUR
XQWHQVRUFX\DVFRPSRQHQWHVVHDQPDJQLWXGHVWDPELpQSXHGHVHUFRQVLGHUDGDFRPRXQD
PDJQLWXG







0$*1,78''((175$'$  ,138748$17,7<
0DJQLWXG TXH GHEH VHU PHGLGD R PDJQLWXG  4XDQWLW\ WKDW PXVW EH PHDVXUHG RU D
FX\RYDORUSXHGHREWHQHUVHGHRWUDPDQHUD TXDQWLW\WKHYDOXHRIZKLFKFDQEHRWKHUZLVH
SDUD FDOFXODU XQ YDORU PHGLGR GH XQ REWDLQHG LQ RUGHU WR FDOFXODWH D PHDVXUHG
PHQVXUDQGR TXDQWLW\YDOXHRIDPHDVXUDQG
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
0DJQLWXGGHVDOLGD  2XWSXWTXDQWLW\

2%6(59$&,21(6
ƒ /DVLQGLFDFLRQHVODVFRUUHFFLRQHV\ODVPDJQLWXGHVGHLQIOXHQFLDVRQPDJQLWXGHVGHHQWUDGD






 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  


0$*1,78''(,1)/8(1&,$  ,1)/8(1&(48$17,7<
0DJQLWXG TXH HQ XQD PHGLGD GLUHFWD QR  4XDQWLW\WKDWLQDGLUHFW PHDVXUHPHQW GRHV
DIHFWD D OD PDJQLWXG TXH UHDOPHQWH VH HVWi QRW DIIHFW WKH TXDQWLW\ WKDW LV DFWXDOO\
PLGLHQGRSHURVtDIHFWDDODUHODFLyQHQWUHOD PHDVXUHG EXW DIIHFWV WKH UHODWLRQ EHWZHHQ
LQGLFDFLyQ\HOUHVXOWDGRGHPHGLGD WKHLQGLFDWLRQDQGWKHPHDVXUHPHQWUHVXOW
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
0DJQLWXG0HGLGD  4XDQWLW\0HDVXUHPHQW

2%6(59$&,21(6
ƒ (O YDORU GH WUDEDMR GH ODV PDJQLWXGHV GH LQIOXHQFLD GHEH VHU RSWLPL]DGR SUHYLDPHQWH D OD
XWLOL]DFLyQGHOLQVWUXPHQWRRVLVWHPDGHPHGLGD
ƒ /DV FRQGLFLRQHV PHGLRDPELHQWDOHV SXHGHQ FRQVLGHUDUVH PDJQLWXGHV GH LQIOXHQFLD HQ VX
FDVR  SHUR QR OD WHPSHUDWXUD GH OD PXHVWUD FXDQGR pVWD IRUPD SDUWH GH OD GHILQLFLyQ GHO
PHQVXUDQGRSHODWHPSHUDWXUDDODTXHVHPLGHXQS+
ƒ (QHOiPELWRGHODTXtPLFDDQDOtWLFDODFRQFHQWUDFLyQGHVXVWDQFLDVLQWHUIHUHQWHVTXHDIHFWDQ
DOYDORUVXPLQLVWUDGRSRUHOLQVWUXPHQWRFRQVWLWX\HXQDPDJQLWXGGHLQIOXHQFLD







0$*1,78''(6$/,'$  28738748$17,7<
0DJQLWXG FX\R YDORU PHGLGR VH FDOFXOD  4XDQWLW\ WKH PHDVXUHG YDOXH RI ZKLFK LV
PHGLDQWH ORV YDORUHV GH ODV PDJQLWXGHV GH FDOFXODWHG XVLQJ WKH YDOXHV RI LQSXW
HQWUDGD TXDQWLWLHV
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
0DJQLWXGGHHQWUDGD  ,QSXWTXDQWLW\

2%6(59$&,21(6
ƒ (Q JHQHUDO XQD PDJQLWXG GH VDOLGD HV HO UHVXOWDGR ~QLFR GH DSOLFDU OD IXQFLyQ GH PHGLGD
VREUHGHWHUPLQDGRVYDORUHVGHHQWUDGD



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



0$17(1,0,(172  0$,17(1$1&(
&RQMXQWR GH RSHUDFLRQHV QHFHVDULDV SDUD  6HW RI UHTXLUHG RSHUDWLRQV WR SUHVHUYH WKH
SUHVHUYDU ODV HVSHFLILFDFLRQHV RSHUDWLYDV \ RSHUDWLRQDODQGIXQFWLRQDOVSHFLILFDWLRQV
IXQFLRQDOHV
3URSXHVWDSRUORVDXWRUHV  3URSRVHGE\WKHDXWKRUV

&DOLILFDFLyQ9DOLGDFLyQ  4XDOLILFDWLRQ9DOLGDWLRQ

2%6(59$&,21(6
ƒ 0DQWHQLPLHQWR HV XQ WpUPLQR JHQpULFR TXH UHFRJH DVSHFWRV FRPR OLPSLH]D OXEULFDFLyQ
DFRQGLFLRQDPLHQWR\UHSDUDFLyQLQFOX\HQGRHODMXVWH
ƒ /DYHULILFDFLyQHLQFOXVRODFDOLEUDFLyQSXHGHQFRQVLGHUDUVHGHVGHXQSXQWRGHYLVWDDPSOLR
FRPRRSHUDFLRQHVGHPDQWHQLPLHQWR
ƒ 7UDGLFLRQDOPHQWH VH KDQ GLIHUHQFLDGR GRV WLSRV GH PDQWHQLPLHQWR L  PDQWHQLPLHQWR
SUHYHQWLYR TXH VH UHDOL]D SDUD HYLWDU R GHWHFWDU GHWHULRURV R IDOORV DQWHV GH TXH WHQJDQ
LPSDFWRHQVXRSHUDWLYLGDGRIXQFLRQDPLHQWR\ LL PDQWHQLPLHQWRFRUUHFWLYRTXHVHUHDOL]D
SDUDVROXFLRQDUXQDGLVIXQFLyQRDYHUtDXQDYH]TXHKDVLGRGHWHFWDGDXQDQRFRQIRUPLGDG
ƒ (QHOPDQWHQLPLHQWRLQGXVWULDOVHKDEODWDPELpQGHPDQWHQLPLHQWRSUHGLFWLYR\SURDFWLYR



0$7(5,$/'(5()(5(1&,$  5()(5(1&(0$7(5,$/ 50 
0DWHULDO VXILFLHQWHPHQWH KRPRJpQHR \  0DWHULDO VXIILFLHQWO\ KRPRJHQHRXV DQG
HVWDEOH FRQ UHVSHFWR D SURSLHGDGHV VWDEOH ZLWK UHIHUHQFH WR VSHFLILHG SURSHUWLHV
HVSHFLILFDGDV HVWDEOHFLGR FRPR DSWR SDUD ZKLFK KDV EHHQ HVWDEOLVKHG WR EH ILW IRU LWV
VX XVR SUHYLVWR HQ XQD PHGLGD R HQ XQ LQWHQGHG XVH LQ PHDVXUHPHQW RU LQ
H[DPHQGHSURSLHGDGHVFXDOLWDWLYDV H[DPLQDWLRQRIQRPLQDOSURSHUWLHV
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
0DWHULDOGHUHIHUHQFLDFHUWLILFDGR3DWUyQ  &HUWLILHGUHIHUHQFHPDWHULDO$QDO\WLFDO
DQDOtWLFR VWDQGDUG

2%6(59$&,21(6
ƒ /RVPDWHULDOHVGHUHIHUHQFLDFRPSUHQGHQPDWHULDOHVTXHUHSUHVHQWDQWDQWRPDJQLWXGHVFRPR
SURSLHGDGHVFXDOLWDWLYDV(OH[DPHQGHXQDSURSLHGDGFXDOLWDWLYDFRPSUHQGHODDVLJQDFLyQGH
XQ YDORU D GLFKD SURSLHGDG \ GH XQD LQFHUWLGXPEUH DVRFLDGD (VWD LQFHUWLGXPEUH QR HV XQD
LQFHUWLGXPEUHGHPHGLGD
ƒ (O H[DPHQ GH XQD SURSLHGDG FXDOLWDWLYD FRPSUHQGH OD DVLJQDFLyQ GH XQ YDORU D GLFKD
SURSLHGDG\GHXQDLQFHUWLGXPEUHDVRFLDGDTXHQRHVXQDLQFHUWLGXPEUHGHPHGLGD
ƒ /RV PDWHULDOHV GH UHIHUHQFLD FRQ R VLQ YDORUHV DVLJQDGRV SXHGHQ VHUYLU SDUD FRQWURODU OD
SUHFLVLyQ GH OD PHGLGD PLHQWUDV TXH ~QLFDPHQWH ORV PDWHULDOHV FRQ YDORUHV DVLJQDGRV
SXHGHQXWLOL]DUVHSDUDODFDOLEUDFLyQRFRQWUROGHODYHUDFLGDG
ƒ 8QPDWHULDOGHUHIHUHQFLDSXHGHSUHVHQWDUVHEDMRODIRUPDGHXQJDVXQOtTXLGRRXQVyOLGR
SXURRFRPSXHVWR

 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



0$7(5,$/'(5()(5(1&,$  &(57,),('5()(5(1&(0$7(5,$/
&(57,),&$'2 &50 
0DWHULDO GH UHIHUHQFLD DFRPSDxDGR SRU OD  5HIHUHQFH PDWHULDO DFFRPSDQLHG E\
GRFXPHQWDFLyQ HPLWLGD SRU XQ RUJDQLVPR GRFXPHQWDWLRQ LVVXHG E\ DQ DXWKRULWDWLYH
DXWRUL]DGR TXH SURSRUFLRQD XQR R YDULRV ERG\ DQG SURYLGLQJ RQH RU PRUH VSHFLILHG
YDORUHV GH SURSLHGDGHV HVSHFLILFDGDV FRQ SURSHUW\YDOXHVZLWKDVVRFLDWHGXQFHUWDLQWLHV
LQFHUWLGXPEUHV \ WUD]DELOLGDGHV DVRFLDGDV DQGWUDFHDELOLWLHVXVLQJYDOLGSURFHGXUHV
HPSOHDQGRSURFHGLPLHQWRVYiOLGRV
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
0DWHULDOGHUHIHUHQFLD3DWUyQDQDOtWLFR  5HIHUHQFHPDWHULDO$QDO\WLFDOVWDQGDUG

2%6(59$&,21(6
ƒ /DGRFXPHQWDFLyQPHQFLRQDGDVHSURSRUFLRQDHQIRUPDGHFHUWLILFDGR
ƒ (QHVWDGHILQLFLyQHOWpUPLQRLQFHUWLGXPEUHVHUHILHUHWDQWRDODLQFHUWLGXPEUHGHODPHGLGD
FRPR D OD LQFHUWLGXPEUH GHO YDORU GH OD SURSLHGDG FXDOLWDWLYD WDO FRPR VX LGHQWLGDG \
VHFXHQFLD
ƒ (OWpUPLQRWUD]DELOLGDGLQFOX\HWDQWRODWUD]DELOLGDGPHWUROyJLFDGHOYDORUGHODPDJQLWXGFRPR
ODWUD]DELOLGDGGHOYDORUGHODSURSLHGDGFXDOLWDWLYD
ƒ 7RGRVORVPDWHULDOHVGHUHIHUHQFLDFHUWLILFDGRVUHVSRQGHQDODGHILQLFLyQGHSDWURQHV
ƒ (O1,67XWLOL]DHOWpUPLQRPDWHULDOGHUHIHUHQFLDSDWUyQ VWDQGDUGUHIHUHQFHPDWHULDO FRQ
HOPLVPRVLJQLILFDGR



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



0(','$ R0(',&,Ï1   0($685(0(17
3URFHVR TXH FRQVLVWH HQ REWHQHU  3URFHVV RI H[SHULPHQWDOO\ REWDLQLQJ RQH RU
H[SHULPHQWDOPHQWHXQRRYDULRVYDORUHVTXH PRUH TXDQWLW\ YDOXHV WKDW FDQ UHDVRQDEO\ EH
SXHGHQ DWULEXLUVH UD]RQDEOHPHQWH D XQD DWWULEXWHGWRDTXDQWLW\
PDJQLWXG
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
0DJQLWXG  0HDVXUHPHQW

2%6(59$&,21(6
ƒ 8QD PHGLGD VXSRQH XQD GHVFULSFLyQ GH OD PDJQLWXG FRPSDWLEOH FRQ HO XVR SUHYLVWR GH XQ
UHVXOWDGR GH PHGLGD XQ SURFHGLPLHQWR GH PHGLGD \ XQ HTXLSR R VLVWHPD GH PHGLGD 
FDOLEUDGR FRQIRUPH D XQ SURFHGLPLHQWR GH PHGLGD HVSHFLILFDGR LQFOX\HQGR ODV FRQGLFLRQHV
GHPHGLGD
ƒ (Q HO iPELWR GH OD TXtPLFD DQDOtWLFD KD\ TXH GLIHUHQFLDU HQWUH PHGLGDV GLUHFWDV \ PHGLGDV
LQGLUHFWDV /DV SULPHUDV VRQ DTXHOODV FX\R YDORU HV VXPLQLVWUDGR GLUHFWDPHQWH SRU HO
LQVWUXPHQWR HMHPSOR S+ R FRQGXFWLYLGDG  PLHQWUDV TXH ODV VHJXQGDV LPSOLFDUtDQ DTXHOODV
PHGLGDVFX\RYDORUVHREWLHQHGHVSXpVGHDSOLFDUODIXQFLyQGHFDOLEUDGRVREUHHOYDORUGHOD
PDJQLWXGTXHHVPHGLGDGHIRUPDGLUHFWD(QODSUiFWLFDDQDOtWLFDODPD\RUtDGHODVPHGLGDV
VRQPHGLGDVLQGLUHFWDV




0(','$0$7(5,$/,=$'$  0$7(5,$/0($685(
,QVWUXPHQWR GH PHGLGD TXH UHSURGXFH R  0HDVXULQJ LQVWUXPHQW UHSURGXFLQJ RU
SURSRUFLRQD GH PDQHUD SHUPDQHQWH GXUDQWH VXSSO\LQJ LQ D SHUPDQHQW PDQQHU GXULQJ LWV
VX XWLOL]DFLyQ PDJQLWXGHV GH XQD R YDULDV XVH TXDQWLWLHV RI RQH RU PRUH JLYHQ NLQGV
QDWXUDOH]DV FDGD XQD GH HOODV FRQ XQ YDORU HDFKZLWKDQDVVLJQHGTXDQWLW\YDOXH
DVLJQDGR
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
0HGLGD  0HDVXUHPHQW

2%6(59$&,21(6
ƒ /DLQGLFDFLyQGHXQDPHGLGDPDWHULDOL]DGDHVVXYDORUDVLJQDGR
ƒ (MHPSORVGHPHGLGDVPDWHULDOL]DGDVVRQSHVDSDWUyQPHGLGDGHYROXPHQ SURSRUFLRQDQGR
XQRRPiVYDORUHVFRQRVLQHVFDODGHYDORUHV UHVLVWHQFLDHOpFWULFDSDWUyQUHJODJUDGXDGD
EORTXHSDWUyQJHQHUDGRUGHVHxDOHVSDWUyQPDWHULDOGHUHIHUHQFLDFHUWLILFDGR

 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



0(1685$1'2  0($685$1'
0DJQLWXGTXHVHGHVHDPHGLU  4XDQWLW\LQWHQGHGWREHPHDVXUHG

81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO


LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
0DJQLWXG0HGLGD  0HDVXUHPHQW4XDQWLW\

2%6(59$&,21(6
ƒ $XQTXH HO WpUPLQR PHVXUDQGR SDUHFH PiV HYLGHQWH HO WpUPLQR FRUUHFWR HQ HVSDxRO HV
PHQVXUDQGR TXH HV FRPR DSDUHFH HQ HO 9,0 'LFKR WpUPLQR FRQHFWD FRQ PHQVXUDU R
PHQVXUD TXH HVWiQ UHFRJLGRV HQ HO GLFFLRQDULR GH OD 5$( FRQ ORV VLJQLILFDGRV GH PHGLU \
PHGLGDUHVSHFWLYDPHQWH
ƒ /D HVSHFLILFDFLyQ GH XQ PHQVXUDQGR UHTXLHUH HO FRQRFLPLHQWR GH OD QDWXUDOH]D GH OD
PDJQLWXG\ODGHVFULSFLyQGHOHVWDGRGHOIHQyPHQRFXHUSRRVXVWDQFLDFX\DPDJQLWXGHVXQD
SURSLHGDGLQFOX\HQGRODVFRPSRQHQWHVSHUWLQHQWHV\ODVHQWLGDGHVTXtPLFDVLQYROXFUDGDV
ƒ (QTXtPLFDDQDOtWLFDHODQDOLWRRHOQRPEUHGHODVXVWDQFLDRFRPSXHVWRVHHPSOHDQDOJXQDV
YHFHVHQOXJDUGH³PHQVXUDQGR´(VWDSUiFWLFDHVHUUyQHDGHELGRDTXHHVWRVWpUPLQRVQRVH
UHILHUHQDPDJQLWXGHV
ƒ (QHOiPELWRGHODTXtPLFDDQDOtWLFDFXDQGRVHUHDOL]DQPHGLGDVLQGLUHFWDVHQWUDQHQMXHJR
GRV WLSRV GH PDJQLWXGHV L  OD PDJQLWXG DQDOtWLFD DQDO\WLFDO TXDQWLW\  DTXHOOD TXH HV
PHGLGD GLUHFWDPHQWH SRU HO LQVWUXPHQWR SH DEVRUEDQFLD FRQGXFWLYLGDG LQWHQVLGDG GH
FRUULHQWHHWF \ LL HOPHQVXUDQGRDQDOtWLFR DQDO\WLFDOPHDVXUDQG \HVDTXHOODTXHHV
HO REMHWLYR GHO SURFHVR DQDOtWLFR \ TXH GD OXJDU DO UHVXOWDGR SH FRQFHQWUDFLyQ FRQWHQLGR
HWF  (O PHQVXUDQGR VH REWLHQH DSOLFDQGR OD IXQFLyQ GH FDOLEUDFLyQ D OD PDJQLWXG DQDOtWLFD
PHGLGD




0e72'2'(0(','$  0($685(0(170(7+2'
'HVFULSFLyQ JHQpULFD GH OD VHFXHQFLD OyJLFD  *HQHULF GHVFULSWLRQ RI D ORJLFDO RUJDQL]DWLRQ
GHRSHUDFLRQHVXWLOL]DGDVHQXQDPHGLGD RIRSHUDWLRQVXVHGLQDPHDVXUHPHQW
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
3URFHGLPLHQWRGHPHGLGD SURFHGLPLHQWR  0HDVXUHPHQWSURFHGXUH DQDO\WLFDO
DQDOtWLFR  SURFHGXUH 

2%6(59$&,21(6
ƒ (QHOiPELWRGHOD4XtPLFD$QDOtWLFDVHFRUUHVSRQGHFRQHOPpWRGRDQDOtWLFR

 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



0(752/2*Ë$  0(752/2*<
&LHQFLDGHODVPHGLGDV\VXVDSOLFDFLRQHV  6FLHQFHRIPHDVXUHPHQWDQGLWVDSSOLFDWLRQ

81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO


LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
0HGLGD  0HDVXUHPHQW

2%6(59$&,21(6
ƒ /D PHWURORJtD LQFOX\H WRGRV ORV DVSHFWRV WHyULFRV \ SUiFWLFRV GH ODV PHGLGDV FXDOHVTXLHUD
TXHVHDQVXLQFHUWLGXPEUHGHPHGLGD\VXFDPSRGHDSOLFDFLyQ









0Ï'8/2  02'8/(
&RQMXQWR GH FRPSRQHQWHV LQWHUFRQHFWDGRV  $Q DVVHPEO\ RI LQWHUFRQQHFWHG FRPSRQHQWV
TXHFRQVWLWX\HQXQGLVSRVLWLYRLQVWUXPHQWRR ZKLFK FRQVWLWXWHV DQ LGHQWLILDEOH GHYLFH
SDUWHGHXQHTXLSRLGHQWLILFDEOH LQVWUXPHQWRUSLHFHRIHTXLSPHQW
7UDGXFLGDSRUORVDXWRUHV  $16,,6$ 5 3URFHVV
LQVWUXPHQWDWLRQWHUPLQRORJ\
$SDUDWR'LVSRVLWLYR(TXLSR,QVWUXPHQWRGH  $SSDUDWXV'HYLFH(TXLSPHQW0HDVXULQJ
PHGLGD ,QVWUXPHQW

2%6(59$&,21(6
ƒ 8Q PyGXOR SXHGH VHU GHVFRQHFWDGR VHSDUDGR FRPR XQD XQLGDG \ UHPSOD]DGR SRU XQ
UHSXHVWR
ƒ 8Q PyGXOR HVWi GHILQLGR SRU XQDV FDUDFWHUtVWLFDV GH WUDEDMR HVSHFtILFDV TXH SXHGHQ VHU
YHULILFDGDV



 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



25'(1'(81,167580(172  ,167580(1725'(5
2UGHQGHOWHQVRUPDWHPiWLFRTXHFDUDFWHUL]D  7KH RUGHU RI WKH PDWKHPDWLFDO WHQVRU WKDW
OD VHxDO LQVWUXPHQWDO DGTXLULGD \R FKDUDFWHULVH WKH LQVWUXPHQWDO VLJQDO DFTXLUHG
DOPDFHQDGDSRUHOLQVWUXPHQWRRVLVWHPDGH DQGRUUHFRUGHGE\WKHPHDVXULQJLQVWUXPHQW
PHGLGDSDUDXQIHQyPHQRRVLVWHPDPDWHULDO RU PHDVXULQJ V\VWHP IURP D VLQJOH
GHWHUPLQDGR SKHQRPHQRQRUPDWHULDOV\VWHP
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP.6%RRNVK%5.RZDOVNL
7KHRU\RIWKHDQDO\WLFDOFKHPLVWU\$QDO
&KHP  $$
6HxDOLQVWUXPHQWDO'DWR  ,QVWUXPHQWDOVLJQDO'DWXP

2%6(59$&,21(6
ƒ 8QLQVWUXPHQWRTXHJHQHUDXQGDWRQXPpULFRLQGLYLGXDOHVXQLQVWUXPHQWRGHRUGHQFHUR\D
TXH XQ GDWR QXPpULFR HV XQ HVFDODU TXH HQ QRPHQFODWXUD PDWHPiWLFD FRUUHVSRQGH D XQ
WHQVRUGHRUGHQFHUR
ƒ 8QLQVWUXPHQWRTXHJHQHUDXQFRQMXQWRGHGDWRVGHXQDPLVPDPDJQLWXG SHXQHVSHFWUR
XQDFXUYDLHRXQFURPDWRJUDPD HVXQLQVWUXPHQWRGHRUGHQXQR\DTXHGLFKRFRQMXQWRGH
GDWRV SRU PXHVWUD SXHGH UHSUHVHQWDUVH PHGLDQWH XQ YHFWRU TXH FRQVWLWX\H XQ WHQVRU GH
RUGHQXQR
ƒ 8Q LQVWUXPHQWR TXH JHQHUD XQD WDEOD GH GDWRV FRQ UHVSHFWR D GRV PDJQLWXGHV SH XQ
HVSHFWUR GH IOXRUHVFHQFLD WRWDO R XQ FURPDWRJUDPD MXQWR FRQ HO HVSHFWUR 89 R 06 D FDGD
WLHPSRGHUHWHQFLyQHVXQLQVWUXPHQWRGHRUGHQGRV\DTXHGLFKDWDEODGHGDWRVSRUFDGD
PXHVWUDFRQVWLWX\HXQDPDWUL]ELGLPHQVLRQDOTXHHVXQWHQVRUGHRUGHQGRV
ƒ (Q SULQFLSLR QR KD\ OtPLWH SDUD HO RUGHQ GH ORV LQVWUXPHQWRV GH PHGLGD DXQTXH HV UDUR
HQFRQWUDU LQVWUXPHQWRVSRU HQFLPDGH RUGHQ WUHV TXHVRQDTXHOORV TXH JHQHUDUtDQ XQ FXER
GHGDWRVSRUFDGDPXHVWUDGLFKRFXERFRQVWLWX\HXQDPDWUL]WULGLPHQVLRQDOTXHHVXQWHQVRU
GHRUGHQWUHV



3$5È0(752,167580(17$/  ,167580(173$5$0(7(5
3DUiPHWUR SURSLR GH XQD FDUDFWHUtVWLFD GHO  3DUDPHWHU UHSUHVHQWDWLYH RI D IHDWXUH RI WKH
LQVWUXPHQWRRVLVWHPDGHPHGLGDFX\RYDORU PHDVXULQJ LQVWUXPHQW RU PHDVXULQJ V\VWHP
VLHVPRGLILFDGRGDOXJDUDXQFDPELRHQOD ZKLFKLIDOWHUHGPD\FKDQJHWKHRXWSXWIURP
VHxDOLQVWUXPHQWDO WKHLQVWUXPHQW
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP(3ULFKDUG$QDO\WLFDO
PHDVXUHPHQWWHUPLQRORJ\  /*&
56&
&DUDFWHUtVWLFDPHWUROyJLFD  0HWURORJLFDOFKDUDFWHULVWLF

2%6(59$&,21(6
ƒ (OWpUPLQRSDUiPHWURKDFHPHQFLyQVLHPSUHDXQYDORUTXHHVFRQVLGHUDGRFRPRFRQVWDQWH
SHURTXHSXHGHVHUPRGLILFDGRRDMXVWDGR
ƒ &RPRHMHPSORVHSXHGHPHQFLRQDUODDQFKXUDGHUHQGLMDHQXQHVSHFWURIRWyPHWUR899LV\D
TXHVLHOYDORUGHpVWDVHPRGLILFDODDEVRUEDQFLDPHGLGDFDPELDUiWDPELpQDXQTXHQRYDUtH
ODFDSDFLGDGDEVRUEHQWHGHOPDWHULDOTXHHVWiVLHQGRPHGLGR
ƒ (QPDWHPiWLFDVXQSDUiPHWURHVHOFRHILFLHQWHTXHGHWHUPLQDODIRUPDGHXQDIXQFLyQSHUR
QRVXYDORUSRUHMHPSORODSHQGLHQWHGHXQDIXQFLyQOLQHDO(QODIXQFLyQ\ Dā[DHVXQ
SDUiPHWURPLHQWUDVTXH\\[VRQODVYDULDEOHV

 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



3$75Ï1'(0(','$  0($685(0(1767$1'$5'
5HDOL]DFLyQGHODGHILQLFLyQGHXQDPDJQLWXG  5HDOL]DWLRQ RI WKH GHILQLWLRQ RI D JLYHQ
GDGD FRQ XQ YDORU GHWHUPLQDGR \ XQD TXDQWLW\ ZLWK VWDWHG TXDQWLW\ YDOXH DQG
LQFHUWLGXPEUH GH PHGLGD DVRFLDGD WRPDGD DVVRFLDWHG PHDVXUHPHQW XQFHUWDLQW\ XVHG
FRPRUHIHUHQFLD DVDUHIHUHQFH
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
0DWHULDOGHUHIHUHQFLD  5HIHUHQFHPDWHULDO

2%6(59$&,21(6
ƒ /D UHDOL]DFLyQ GH OD GHILQLFLyQ GH XQD PDJQLWXG GDGD SXHGH HVWDEOHFHUVH PHGLDQWH XQ
VLVWHPDGHPHGLGDXQDPHGLGDPDWHULDOL]DGDRXQPDWHULDOGHUHIHUHQFLD
ƒ 8Q SDWUyQ VH XWLOL]D IUHFXHQWHPHQWH FRPR UHIHUHQFLD SDUD REWHQHU YDORUHV PHGLGRV H
LQFHUWLGXPEUHV GH PHGLGD DVRFLDGDV SDUD RWUDV PDJQLWXGHV GH OD PLVPD QDWXUDOH]D
HVWDEOHFLHQGR DVt OD WUD]DELOLGDG PHWUROyJLFD PHGLDQWH FDOLEUDFLyQ GH RWURV SDWURQHV
LQVWUXPHQWRVRVLVWHPDVGHPHGLGD
ƒ (Q FLHQFLD \ WHFQRORJtD HO YRFDEOR LQJOpV VWDQGDUG VH XVD FRQ GRV VLJQLILFDGRV GLVWLQWRV
FRPRXQDQRUPDHVSHFLILFDFLyQUHFRPHQGDFLyQWpFQLFDRGRFXPHQWRHVFULWRVLPLODU\FRPR
XQSDWUyQGHPHGLGD(VWHYRFDEXODULRVHUHILHUH~QLFDPHQWHDOVHJXQGRVLJQLILFDGR



3$75Ï1'(0(','$'(  5()(5(1&(0($685(0(17
5()(5(1&,$ 67$1'$5'
3DWUyQ GHVLJQDGR SDUD OD FDOLEUDFLyQ GH  0HDVXUHPHQW VWDQGDUG GHVLJQDWHG IRU WKH
SDWURQHV GH PDJQLWXGHV GH OD PLVPD FDOLEUDWLRQ RI RWKHU PHDVXUHPHQW VWDQGDUGV
QDWXUDOH]D HQ XQD RUJDQL]DFLyQ R OXJDU IRU TXDQWLWLHV RI D JLYHQ NLQG LQ D JLYHQ
GDGR RUJDQL]DWLRQRUDWDJLYHQORFDWLRQ
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 
DVRFLDGRV HGLFLyQ -&*0   -&*0  ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
&DOLEUDFLyQ3DWUyQGHPHGLGD  &DOLEUDWLRQ0HDVXUHPHQWVWDQGDUG

2%6(59$&,21(6
ƒ (O XVR GH XQ SDWUyQ GH UHIHUHQFLD UHTXLHUH XQD RUJDQL]DFLyQ FRQVWLWXLGD SRU GLYHUVRV
GHSDUWDPHQWRVRODERUDWRULRV
ƒ 8QSDWUyQGHUHIHUHQFLDWtSLFRHQXQODERUDWRULRDQDOtWLFRSRGUtDVHUXQDSHVDSDWUyQTXHVH
XWLOL]D SDUD FDOLEUDU XQD EDODQ]D HQ FDGD XQR GH ORV ODERUDWRULRV \ TXH D VX YH] VH XWLOL]D
SDUDODFDOLEUDFLyQGHHTXLSRVYROXPpWULFRVGHPHGLGD


 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



3/$1'(&$/,%5$&,Ï1  &$/,%5$7,213/$1
2UJDQL]DFLyQ GHO FRQMXQWR GH ORV SDWURQHV  2UJDQL]DWLRQ RI PHDVXULQJ VWDQGDUGV
HTXLSRV R LQVWUXPHQWRV GH PHGLGD \ PHDVXULQJ HTXLSPHQW RU LQVWUXPHQWV DQG DOO
HOHPHQWRV DFFHVRULRV H[LVWHQWHV HQ XQ QHFHVVDU\ HOHPHQWV LQ HLWKHU D ODERUDWRU\ RU
ODERUDWRULR R HQ JHQHUDO HQ XQ FHQWUR GH PHDVXULQJ FHQWUH WR FDUU\ RXW WKH FDOLEUDWLRQ
PHGLFLyQ SDUD HIHFWXDU OD FDOLEUDFLyQ GH ORV RI WKHP PHWKRGRORJLFDOO\ LQ RUGHU WR DVVXUH
PLVPRV PHWyGLFDPHQWH GH IRUPD TXH VH WKH XQFHUWDLQW\ DQG WUDFHDELOLW\ RI WKH
SXHGD DVHJXUDU HQ WRGR PRPHQWR OD PHDVXUHV
LQFHUWLGXPEUH \ OD WUD]DELOLGDG GH ODV
PHGLGDVTXHVHUHDOLFHQ
81(  6LVWHPDVGHJHVWLyQGH  7UDQVODWHGE\WKHDXWKRUV
ODFDOLGDG*XtDSDUDODJHVWLyQ\HYDOXDFLyQ
PHWUROyJLFD
&RQILUPDFLyQPHWUROyJLFD-HUDUTXtDGH  0HWURORJLFDOFRQILUPDWLRQ&DOLEUDWLRQ
FDOLEUDFLyQ*HVWLyQPHWUROyJLFD KLHUDUFK\0HWURORJLFDOPDQDJHPHQW

2%6(59$&,21(6
ƒ /RV UHVXOWDGRV GH ODV FDOLEUDFLRQHV GHEHUiQ TXHGDU UHIOHMDGRV HQ XQ GRFXPHQWR
GHQRPLQDGRUHJLVWURRFHUWLILFDGRGHFDOLEUDFLyQ
ƒ 6HGHEHHVWDEOHFHUXQSURJUDPDGHODVFDOLEUDFLRQHVTXHSHUPLWDFRQRFHUDOUHVSRQVDEOH
FXiQGR GHEH FDOLEUDU HO HTXLSR DO HQFDUJDGR FXiQGR WLHQH TXH UHDOL]DUOD \ D FXDOTXLHU
SHUVRQDLQWHUHVDGDFyPR\FXiQGRVHHVWiQOOHYDQGRDFDERODVFDOLEUDFLRQHV


35(&,6,Ï1 GHPHGLGD   0HDVXUHPHQW 35(&,6,21
3UR[LPLGDG HQWUH ODV LQGLFDFLRQHV R ORV  &ORVHQHVVRIDJUHHPHQWEHWZHHQLQGLFDWLRQV
YDORUHV PHGLGRV REWHQLGRV HQ PHGLGDV RU PHDVXUHG TXDQWLW\ YDOXHV REWDLQHG E\
UHSHWLGDV GH XQ PLVPR REMHWR R GH REMHWRV UHSOLFDWH PHDVXUHPHQWV RQ WKH VDPH RU
VLPLODUHVEDMRFRQGLFLRQHVHVSHFLILFDGDV VLPLODUREMHFWVXQGHUVSHFLILHGFRQGLWLRQV
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
([DFWLWXG5HSHWLELOLGDG3UHFLVLyQ  $FFXUDF\5HSHDWDELOLW\,QWHUPHGLDWH
LQWHUPHGLD5HSURGXFLELOLGDG9HUDFLGDG SUHFLVLRQ5HSURGXFLELOLW\7UXHQHVV

2%6(59$&,21(6
ƒ (VKDELWXDOTXHODSUHFLVLyQGHXQDPHGLGDVHH[SUHVHQXPpULFDPHQWHPHGLDQWHPHGLGDVGH
GLVSHUVLyQ WDOHV FRPR OD GHVYLDFLyQ WtSLFD OD YDULDQ]D R HO FRHILFLHQWH GH YDULDFLyQ EDMR ODV
FRQGLFLRQHVHVSHFLILFDGDV
ƒ /DV FRQGLFLRQHV HVSHFLILFDGDV SXHGHQ VHU FRQGLFLRQHV GH UHSHWLELOLGDG GH SUHFLVLyQ
LQWHUPHGLDRGHUHSURGXFLELOLGDG81( ,62 
ƒ /D SUHFLVLyQ VH XWLOL]D SDUD GHILQLU OD UHSHWLELOLGDG GH PHGLGD OD SUHFLVLyQ LQWHUPHGLD \ OD
UHSURGXFLELOLGDG
ƒ &RQIUHFXHQFLDSUHFLVLyQVHXWLOL]DHUUyQHDPHQWHHQOXJDUGHH[DFWLWXG


 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



35,1&,3,2'(0(','$  0($685(0(1735,1&,3/(
)HQyPHQR TXH VLUYH FRPR EDVH GH XQD  3KHQRPHQRQ VHUYLQJ DV D EDVLV RI D
PHGLGD PHDVXUHPHQW
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
7pFQLFDDQDOtWLFD  $QDO\WLFDOWHFKQLTXH

2%6(59$&,21(6
ƒ 'LFKRIHQyPHQRSXHGHVHUGHQDWXUDOH]DItVLFD ELR TXtPLFDRELROyJLFD










352%$%,/,'$''(&2%(5785$  &29(5$*(352%$%,/,7<
3UREDELOLGDG GH TXH HO FRQMXQWR GH ORV  3UREDELOLW\WKDWWKHVHWRIWUXHTXDQWLW\YDOXHV
YDORUHV YHUGDGHURV GH XQ PHQVXUDQGR HVWp RI D PHDVXUDQG LV FRQWDLQHG ZLWKLQ D
FRQWHQLGR HQ XQ LQWHUYDOR GH FREHUWXUD VSHFLILHGFRYHUDJHLQWHUYDO
HVSHFLILFDGR
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
,QFHUWLGXPEUHH[SDQGLGD,QWHUYDORGH  ([SDQGHGXQFHUWDLQW\&RYHUDJHLQWHUYDO
FREHUWXUD)DFWRUGHFREHUWXUD &RYHUDJHIDFWRU

2%6(59$&,21(6
ƒ 1RFRQIXQGLUHVWHFRQFHSWRFRQHOFRQFHSWRHVWDGtVWLFRGHSUREDELOLGDGGHFRQILDQ]D



 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



352&(',0,(172 GHPHGLGD   0HDVXUHPHQW 352&('85(
'HVFULSFLyQ GHWDOODGD GH XQ SURFHVR GH  'HWDLOHG GHVFULSWLRQ RI D PHDVXUHPHQW
PHGLGDFRQIRUPHDXQRRPiVSULQFLSLRVGH DFFRUGLQJ WR RQH RU PRUH PHDVXUHPHQW
PHGLGD \ D XQ PpWRGR GH PHGLGD GDGR SULQFLSOHV DQG WR D JLYHQ PHDVXUHPHQW
EDVDGR HQ XQ PRGHOR GH PHGLGD \ TXH PHWKRGEDVHGRQDPHDVXUHPHQWPRGHODQG
LQFOX\HORVFiOFXORVQHFHVDULRVSDUDREWHQHU LQFOXGLQJ DQ\ FDOFXODWLRQ WR REWDLQ D
XQUHVXOWDGRGHPHGLGD PHDVXUHPHQWUHVXOW
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
0pWRGRGHPHGLGD  0HDVXUHPHQWPHWKRG

2%6(59$&,21(6
ƒ 8QSURFHGLPLHQWRGHPHGLGDVHGRFXPHQWDKDELWXDOPHQWHFRQVXILFLHQWHGHWDOOHSDUDTXHXQ
RSHUDGRUSXHGDUHDOL]DUXQDPHGLGD
ƒ (O SURFHGLPLHQWR GH PHGLGD D YHFHV VH GHQRPLQD SURFHGLPLHQWR QRUPDOL]DGR GH WUDEDMR
317  R VWDQGDUG RSHUDWLQJ SURFHGXUH 623  HQ OHQJXD LQJOHVD HVWD HV XQD
GHQRPLQDFLyQTXHSURYLHQHGHOGRFXPHQWRGH%XHQDV3UiFWLFDVGH/DERUDWRULR
ƒ (Q HO iPELWR GH OD TXtPLFD DQDOtWLFD VH FRUUHVSRQGH FRQ HO SURFHGLPLHQWR DQDOtWLFR R
SURFHGLPLHQWRGHDQiOLVLV








5$1*2',1È0,&2  '<1$0,&5$1*(
,QWHUYDOR GHILQLGR SRU ORV YDORUHV PtQLPR \  ,QWHUYDO GHILQHG E\ WKH PLQLPXP DQG
Pi[LPR GH XQD PDJQLWXG TXH SXHGHQ VHU PD[LPXP YDOXHV RI D TXDQWLW\ WKDW WKH
PHGLGRV SRU HO LQVWUXPHQWR R VLVWHPD GH PHDVXULQJ LQVWUXPHQW RU V\VWHP LV GHVLJQHG
PHGLGD WRPHDVXUH
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP$60RUULV0HDVXUHPHQWDQG
LQVWUXPHQWDWLRQSULQFLSOHV  
%XWWHUZRUWK+HLQHPDQQ
5DQJRGLQiPLFROLQHDO=RQDPXHUWD=RQD  /LQHDUG\QDPLFUDQJH'HDGEDQG6DWXUDWLRQ
GHVDWXUDFLyQ EDQG

2%6(59$&,21(6
ƒ (OUDQJRGLQiPLFRHVWiFRPSUHQGLGRHQWUHOD]RQDPXHUWD\OD]RQDGHVDWXUDFLyQ
ƒ (QOHQJXDLQJOHVDVHDSOLFDWDPELpQHOWpUPLQRVSDQ



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



5$1*2',1È0,&2/,1($/  /,1($5'<1$0,&5$1*(
,QWHUYDOR GHO UDQJR GLQiPLFR GH XQ  ,QWHUYDO RI WKH G\QDPLF UDQJH ZKHUH WKH
LQVWUXPHQWR R VLVWHPD GH PHGLGD HQ HO TXH RXWSXW UHDGLQJ RI D PHDVXULQJ LQVWUXPHQW RU
ODPDJQLWXGPHGLGDSHUPDQHFHSURSRUFLRQDO V\VWHP LV SURSRUWLRQDO WR WKH TXDQWLW\ EHLQJ
DODFDQWLGDGDVHUHVWLPDGD PHDVXUHG
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP$60RUULV0HDVXUHPHQWDQG
LQVWUXPHQWDWLRQSULQFLSOHV  
%XWWHUZRUWK+HLQHPDQQ
5DQJRGLQiPLFR=RQDPXHUWD=RQDGH  '\QDPLFUDQJH'HDGEDQG6DWXUDWLRQEDQG
VDWXUDFLyQ

2%6(59$&,21(6
ƒ (VWH WpUPLQR VH KD XWLOL]DGR SDUD GHILQLU HO LQWHUYDOR GH DSOLFDFLyQ GH XQ PpWRGR DQDOtWLFR
GHQWURGHOFXDOODFDOLEUDFLyQHVOLQHDO1RREVWDQWHHVWHXVRQRHVFRUUHFWR\DTXHpVWHHVXQ
SDUiPHWUR LQVWUXPHQWDO UHODFLRQDGRFRQHOVLVWHPDVHQVRUGHWHFWRU GHOVLVWHPDGHPHGLGD\
QRGHEHUtDDSOLFDUVHDSURFHVRV








5e*,0(1(67$&,21$5,2 GHXQ  67($'<67$7(23(5$7,1* RID
VLVWHPDGHPHGLGD  PHDVXUHPHQWV\VWHP 
&RQGLFLyQ GH IXQFLRQDPLHQWR GH XQ  2SHUDWLQJ FRQGLWLRQ RI D PHDVXULQJ
LQVWUXPHQWR R VLVWHPD GH PHGLGD HQ OD TXH LQVWUXPHQWRUPHDVXULQJV\VWHPLQZKLFKWKH
OD UHODFLyQ HVWDEOHFLGD SRU OD FDOLEUDFLyQ UHODWLRQ HVWDEOLVKHG E\ FDOLEUDWLRQ UHPDLQV
SHUPDQHFH YiOLGD SDUD XQ PHQVXUDQGR D~Q YDOLGHYHQIRUDPHDVXUDQGYDU\LQJZLWKWLPH
FXDQGRpVWHYDUtHHQIXQFLyQGHOWLHPSR
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
(VWDELOLGDG  6WDELOLW\

2%6(59$&,21(6
ƒ (O UpJLPHQ HVWDFLRQDULR UHTXLHUH TXH ODV FDUDFWHUtVWLFDV GH OD FDOLEUDFLyQ QR YDUtHQ
VLJQLILFDWLYDPHQWHHQHOWLHPSR
ƒ 1RVHGHEHFRQIXQGLUFRQODDFHSFLyQXWLOL]DGDSDUDXQVLVWHPDItVLFRTXHVHFRQVLGHUDTXH
HVWiHQHVWDGRHVWDFLRQDULRVLODVYDULDFLRQHVFRQHOWLHPSRGHODVPDJQLWXGHVItVLFDVTXHOR
FDUDFWHUL]DQVRQSHULyGLFDV\VHUHSLWHQGHPDQHUDLGpQWLFDHQFDGDSHULRGR



 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



5(/$&,Ï16(f$/58,'2  6,*1$/7212,6(5$7,2 61 
0HGLGD GH OD SUHFLVLyQ GH OD VHxDO  0HDVXUH RI WKH SUHFLVLRQ RI LQVWUXPHQWDO
LQVWUXPHQWDO H[SUHVDGD JHQHUDOPHQWH VLJQDO PHDVXUHPHQW H[SUHVVHG PRVWO\ E\
PHGLDQWH OD UHODFLyQ GHO YDORU QHWR GH GLFKD WKHUDWLRRIWKHQHWVLJQDOYDOXHWRDEDVHOLQH
VHxDO FRQ UHVSHFWR DO UXLGR GH OD VHxDO GH QRLVHSDUDPHWHU VWDQGDUGGHYLDWLRQRUSHDN
OtQHD EDVH GHVYLDFLyQ HVWiQGDU R GLVWDQFLD WRSHDNGLVWDQFH 
HQWUHSLFRV 
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP*ORVVDU\RIDQDO\WLFDOWHUPV
LQ.'DQ]HU$QDO\WLFDOFKHPLVWU\
WKHRUHWLFDODQGPHWURORJLFDOIXQGDPHQWDOV
 6SULQJHU
6HxDOLQVWUXPHQWDO5XLGR6HxDOGHOtQHD  ,QVWUXPHQWDOVLJQDO1RLVH%DVHOLQHVLJQDO
EDVH/tPLWHGHGHWHFFLyQ /LPLWRIGHWHFWLRQ

2%6(59$&,21(6
ƒ (O YDORU GH OD VHxDOUXLGR VH FDOFXOD KDELWXDOPHQWH D SDUWLU GHO FRFLHQWH HQWUH OD GHVYLDFLyQ
HVWiQGDUREWHQLGDDSDUWLUGHQXPHURVDVPHGLGDV PiVGH GHODLQWHQVLGDGGHODVHxDO\
OD PHGLD GH GLFKD LQWHQVLGDG (VWH YDORU FRLQFLGH FRQ HO LQYHUVR GH OD FRUUHVSRQGLHQWH
GHVYLDFLyQHVWiQGDUUHODWLYD 61 '(5 
ƒ &RPRUHJODJHQHUDOVHFRQVLGHUDTXHXQDVHxDOHVLQGHWHFWDEOHFXDQGRODFRUUHVSRQGLHQWH
VHxDOUXLGR HV LQIHULRU D  y  (VWD UHJOD PDUFD OD SDXWD SDUD HO FiOFXOR GHO OtPLWH GH
GHWHFFLyQLQVWUXPHQWDO
ƒ /D UHODFLyQ VHxDOUXLGR SXHGH PHMRUDUVH UHJLVWUDQGR XQD VHxDO SURPHGLR D SDUWLU GH XQ
Q~PHURGHWHUPLQDGRGHPHGLGDVRGXUDQWHXQFLHUWRSHULRGRGHWLHPSR



5(62/8&,Ï1 GHXQVLVWHPDGH  5(62/87,21 RIDPHDVXULQJV\VWHP 
PHGLGD 
0tQLPDYDULDFLyQGHODPDJQLWXGPHGLGDTXH  6PDOOHVW FKDQJH LQ D TXDQWLW\ EHLQJ
GD OXJDU D XQD YDULDFLyQ SHUFHSWLEOH GH OD PHDVXUHG WKDW FDXVHV D SHUFHSWLEOH FKDQJH
LQGLFDFLyQ FRUUHVSRQGLHQWH GH XQ LQ WKH FRUUHVSRQGLQJ LQGLFDWLRQ RI D
LQVWUXPHQWRGHPHGLGD  PHDVXULQJLQVWUXPHQW 
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
8PEUDOGHGLVFULPLQDFLyQ  'LVFULPLQDWLRQWKUHVKROG

2%6(59$&,21(6
ƒ /DUHVROXFLyQSXHGHGHSHQGHUSRUHMHPSORGHOUXLGR LQWHUQRRH[WHUQR RGHODIULFFLyQ
ƒ 6HGHILQHWDPELpQUHVROXFLyQGHXQGLVSRVLWLYRYLVXDOL]DGRUHQVXFDVRFRPRODPtQLPD
GLIHUHQFLDHQWUHLQGLFDFLRQHVYLVXDOL]DGDVTXHSXHGHSHUFLELUVHGHIRUPDVLJQLILFDWLYD
ƒ (OWpUPLQRGLYLVLyQGHHVFDODVLJXHXWLOL]iQGRVHFRPRVLQyQLPRGHUHVROXFLyQ
ƒ /DUHVROXFLyQHVWitQWLPDPHQWHUHODFLRQDGDFRQODFDSDFLGDGGHGLVFULPLQDFLyQ


 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



5(638(67$  5(63216(
/HFWXUD GH XQ LQVWUXPHQWR R VLVWHPD GH  2XWSXWRIDPHDVXULQJRULQVWUXPHQWDOV\VWHP
PHGLGD FRPR FRQVHFXHQFLD GH XQ HVWtPXOR DVDUHDFWLRQWRDFHUWDLQVWLPXOXV
GDGR
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP*ORVVDU\RIDQDO\WLFDOWHUPV
LQ.'DQ]HU$QDO\WLFDOFKHPLVWU\
WKHRUHWLFDODQGPHWURORJLFDOIXQGDPHQWDOV
 6SULQJHU
(VWtPXOR6HxDO  6WLPXOXV6LJQDO

2%6(59$&,21(6
ƒ (OHVWtPXORHVUHFRQRFLGR\FDSWDGRSRUHOVHQVRUGHOLQVWUXPHQWRRVLVWHPDGHPHGLGDSDUD
GDUOXJDUDODVHxDOLQVWUXPHQWDODGTXLULGD
ƒ /DOHFWXUDSXHGHVHUXQHIHFWRPHGLEOHXREVHUYDEOH









5(68/7$'2 GHXQDPHGLGD   5(68/7 RIDPHDVXUHPHQW 
&RQMXQWR GH YDORUHV GH XQD PDJQLWXG  6HW RI TXDQWLW\ YDOXHV EHLQJ DWWULEXWHG WR D
DWULEXLGRV D XQ PHQVXUDQGR DFRPSDxDGRV PHDVXUDQG WRJHWKHU ZLWK DQ\ RWKHU DYDLODEOH
GH FXDOTXLHU RWUD LQIRUPDFLyQ UHOHYDQWH UHOHYDQWLQIRUPDWLRQ
GLVSRQLEOH
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
,QGLFDFLyQ  ,QGLFDWLRQ

2%6(59$&,21(6
ƒ (O UHVXOWDGR GH XQD PHGLGD VH H[SUHVD JHQHUDOPHQWH FRPR XQ YDORU PHGLGR ~QLFR \ XQD
LQFHUWLGXPEUH GH PHGLGD 6L OD LQFHUWLGXPEUH GH PHGLGD VH FRQVLGHUD GHVSUHFLDEOH SDUD XQ
GHWHUPLQDGRILQHOUHVXOWDGRGHPHGLGDSXHGHH[SUHVDUVHFRPRXQ~QLFRYDORUPHGLGRGHOD
PDJQLWXG(QPXFKRVFDPSRVpVWDHVODIRUPDKDELWXDOGHH[SUHVDUHOUHVXOWDGRGHPHGLGD
ƒ (QODELEOLRJUDItDWUDGLFLRQDOHOUHVXOWDGRGHPHGLGDDSDUHFHGHILQLGRFRPRXQYDORUDWULEXLGR
DOPHQVXUDQGRSHURHOWpUPLQRDVtGHILQLGRSXHGHFRQIXQGLUVHFRQLQGLFDFLyQUHVXOWDGRQR
FRUUHJLGRRUHVXOWDGRFRUUHJLGRVHJ~QHOFRQWH[WR



 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



58,'2  12,6(
&RPSRQHQWH GH OD VHxDO FDUDFWHUL]DGD SRU  6LJQDO FRPSRQHQW GHILQHG E\ D VHW RI
XQFRQMXQWRGHGHVYLDFLRQHVQRGHVHDGDVGH XQGHVLUDEOH GHYLDWLRQV IURP WKH VLJQDO ZLWK
ODVHxDOFRQUHVSHFWRDOYDORUGHODPDJQLWXG UHVSHFWWRWKHPHDVXUHGTXDQWLW\YDOXH
PHGLGD
$GDSWDGRGH81(    7UDQVODWHGDQGDGDSWHGE\WKHDXWKRUV
9RFDEXODULRHOHFWURWpFQLFR0HGLGDVH
LQVWUXPHQWRVGHPHGLGDHOpFWULFRV\
HOHFWUyQLFRV
6HxDOGHIRQGR6HxDOGHOtQHDEDVH  %DFNJURXQGVLJQDO%DVHOLQHVLJQDO6LJQDOWR
5HODFLyQVHxDOUXLGR QRLVHUDWLR

2%6(59$&,21(6
ƒ (O UXLGR DSDUHFH FRPR FRQVHFXHQFLD GH GLIHUHQWHV SURSLHGDGHV LQWUtQVHFDV GH ORV
FRPSRQHQWHVGHOLQVWUXPHQWRRVLVWHPDGHPHGLGD\QRSXHGHVHUIiFLOPHQWHFDUDFWHUL]DGR
\DTXHHVHOUHVXOWDGRGHXQDFRPELQDFLyQGHHIHFWRV
ƒ (O UXLGR RFXUUH GH IRUPD PiV R PHQRV DOHDWRULD \ JHQHUDOPHQWH WLHQH XQ HVSHFWUR GH
IUHFXHQFLDVDPSOLR6LODIUHFXHQFLDWLHQHXQYDORUDOWR\UHODWLYDPHQWHFRQVWDQWHHQWRQFHVVH
SXHGHXWLOL]DUHOWpUPLQRIOXFWXDFLyQ
ƒ (O UXLGR VXHOH VHU LQGHSHQGLHQWH GH OD LQWHQVLGDG GH OD VHxDO 6H SXHGH FXDQWLILFDU
GLUHFWDPHQWH D WUDYpV GH OD GHVYLDFLyQ HVWiQGDU GH OD VHxDO R GHO UDQJR HQWUH GLIHUHQWHV
YDORUHVGHLQWHQVLGDGHVPHGLGDVVREUHODVHxDOGHIRQGRRODOtQHDEDVH



6(/(&7,9,'$' GHXQVLVWHPDGH  6(/(&7,9,7< RIDPHDVXULQJV\VWHP 
PHGLGD 
3URSLHGDG GH XQ VLVWHPD GH PHGLGD  3URSHUW\RIDPHDVXULQJV\VWHPXVHGZLWKD
HPSOHDQGR XQ SURFHGLPLHQWR GH PHGLGD VSHFLILHGPHDVXUHPHQWSURFHGXUHZKHUHE\LW
HVSHFLILFDGR SRU OD TXH HO VLVWHPD SURYLGHVPHDVXUHGTXDQWLW\YDOXHVIRURQHRU
SURSRUFLRQD YDORUHV PHGLGRV SDUD XQR R PRUH PHDVXUDQGV VXFK WKDW WKH YDOXHV RI
YDULRV PHQVXUDQGRV TXH VRQ HDFK PHDVXUDQG DUH LQGHSHQGHQW RI RWKHU
LQGHSHQGLHQWHV HQWUH Vt R GH RWUDV PHDVXUDQGV RU RWKHU TXDQWLWLHV LQ WKH
PDJQLWXGHV H[LVWHQWHV HQ HO IHQyPHQR SKHQRPHQRQ ERG\ RU VXEVWDQFH EHLQJ
FXHUSRRVXVWDQFLDHQHVWXGLR LQYHVWLJDWHG
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
6HOHFWLYLGDG GHXQPpWRGRDQDOtWLFR   6HOHFWLYLW\ RIDQDQDO\WLFDOPHWKRG 

2%6(59$&,21(6
ƒ (QTXtPLFDODVPDJQLWXGHVPHGLGDVFRPSUHQGHQIUHFXHQWHPHQWHGLIHUHQWHVFRPSRQHQWHVHQ
HOVLVWHPDREMHWRGHPHGLGD\pVWDVQRVRQQHFHVDULDPHQWHGHODPLVPDQDWXUDOH]D
ƒ (Q TXtPLFD OD VHOHFWLYLGDG GH XQ VLVWHPD GH PHGLGD VH REWLHQH SDUD PDJQLWXGHV FRQ
FRPSRQHQWHVVHOHFFLRQDGDVHQFRQFHQWUDFLRQHVFRQLQWHUYDORVGHWHUPLQDGRV

 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



6(16,%,/,'$' GHXQVLVWHPDGH  6(16,7,9,7< RIDPHDVXULQJV\VWHP 
PHGLGD 
&RFLHQWHHQWUHODYDULDFLyQGHXQDLQGLFDFLyQ  4XRWLHQW RI WKH FKDQJH LQ DQ LQGLFDWLRQ RI D
GH XQ VLVWHPD GH PHGLGD \ OD YDULDFLyQ PHDVXULQJ V\VWHP DQG WKH FRUUHVSRQGLQJ
FRUUHVSRQGLHQWH GHO YDORU GH OD PDJQLWXG FKDQJH LQ D YDOXH RI D TXDQWLW\ EHLQJ
PHGLGD PHDVXUHG
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
6HQVLELOLGDG GHXQPpWRGRDQDOtWLFR   6HQVLWLYLW\ RIDQDQDO\WLFDOPHWKRG 

2%6(59$&,21(6
ƒ (QDOJXQRVLQVWUXPHQWRVHVSRVLEOHTXHHORSHUDGRUSXHGDPRGLILFDUODVHQVLELOLGDGPHGLDQWH
XQVLVWHPDGHDPSOLILFDFLyQGHODVHxDOHQHVWRVFDVRVVXHOHGHQRPLQDUVHFRPR JDQDQFLD
JDLQ 
ƒ /D VHQVLELOLGDG SXHGH GHSHQGHU GHO YDORU GH OD PDJQLWXG PHGLGD R GH ODV PDJQLWXGHV GH
LQIOXHQFLDSHODWHPSHUDWXUD
ƒ /D YDULDFLyQ GHO YDORU GH OD PDJQLWXG PHGLGD GHEH VHU JUDQGH HQ FRPSDUDFLyQ FRQ OD
UHVROXFLyQ


6(1625  6(1625
(OHPHQWR GH XQ VLVWHPD GH PHGLGD  (OHPHQW RI D PHDVXULQJ V\VWHP WKDW LV
GLUHFWDPHQWH DIHFWDGR SRU OD DFFLyQ GHO GLUHFWO\ DIIHFWHG E\ D SKHQRPHQRQ ERG\ RU
IHQyPHQRFXHUSRRVXVWDQFLDSRUWDGRUGHOD VXEVWDQFH FDUU\LQJ D TXDQWLW\ WR EH
PDJQLWXGDPHGLU PHDVXUHG
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
'HWHFWRU7UDQVGXFWRU  'HWHFWRU7UDQVGXFHU

2%6(59$&,21(6
ƒ (OVHQVRUFRQVWLWX\HHOHOHPHQWRSULPDULRGHOVLVWHPDGHPHGLGD\HVHOTXHHVWiHQFRQWDFWR
FRQHOIHQyPHQRRVLVWHPDPDWHULDOSRUWDGRUGHODPDJQLWXGDPHGLU8QHMHPSORGHVHQVRU
HVODFpOXODIRWRHOpFWULFDGHXQHVSHFWURIRWyPHWUR
ƒ 7DPELpQVHHPSOHDHOWpUPLQRFDSWDGRU GHULYDGRGHOWpUPLQRIUDQFpVFDSWHXU (QDOJXQRV
FDPSRVVHHPSOHDHOWpUPLQRGHWHFWRUSDUDHVWHFRQFHSWR
ƒ +D\TXHGLIHUHQFLDUHQWUHGRVDFHSFLRQHVGHOWpUPLQRVHQVRU(VWDGHILQLFLyQDSOLFDVREUHXQ
GLVSRVLWLYRGHXQLQVWUXPHQWRGHPHGLGDTXHHVGLIHUHQWHDOVHQVRUDQDOtWLFRFX\RVHQWLGRHV
PXFKRPiVDPSOLR


 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



6(f$/'()21'2  %$&.*5281'6,*1$/
6HxDO LQVWUXPHQWDO QXOD REWHQLGD HQ  ,QVWUXPHQWDO EDFNJURXQG LV WKH QXOO VLJQDO
DXVHQFLD GHO IHQyPHQR R GHO VLVWHPD REWDLQHGLQWKHDEVHQFHRIDQ\SKHQRPHQRQ
PDWHULDOSRUWDGRUGHODPDJQLWXGDPHGLU RUPDWHULDOV\VWHPFDUU\LQJWKHTXDQWLW\WREH
PHDVXUHG
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP*ORVVDU\RIDQDO\WLFDOWHUPV
LQ.'DQ]HU$QDO\WLFDOFKHPLVWU\
WKHRUHWLFDODQGPHWURORJLFDOIXQGDPHQWDOV
 6SULQJHU
6HxDOLQVWUXPHQWDO6HxDOGHOtQHDEDVH  ,QVWUXPHQWDOVLJQDO%DVHOLQHVLJQDO%ODQN
6HxDOGHOEODQFR VLJQDO

2%6(59$&,21(6
ƒ 3XHGHVHUFDXVDGDSRUFDPELRVHQHOYROWDMHGHORVFRPSRQHQWHVHOHFWUyQLFRVRSRUHIHFWR
GH OD DFXPXODFLyQ GH HOHFWULFLGDG HVWiWLFD \ SXHGH SHUPDQHFHU FRQVWDQWH R YDULDU FRQ HO
WLHPSR
ƒ /D VHxDO GH IRQGR QR GHEH FRQIXQGLUVH FRQ HO UXLGR \D TXH WLHQH GLIHUHQWH RULJHQ \
FDUDFWHUtVWLFDVDXQTXHDFRPSDxDDpVWH
ƒ (QFLHUWRVFDVRVHOLQVWUXPHQWRSXHGHJHQHUDUXQDVHxDOUHVLGXDOEHELGDDODSUHVHQFLDGH
UHVWRVGHOPDWHULDOTXHKDVLGRPHGLGRFRQDQWHULRULGDG$XQTXHSXHGHFRQIXQGLUVHpVWDQR
HVXQDVHxDOGHIRQGR
ƒ (QHOFRQWH[WRGHODVPHGLGDVDQDOtWLFDWDPSRFRKD\TXHFRQIXQGLUODFRQODVHxDOGHOEODQFR
DQDOtWLFR








6(f$/'(/Ë1($%$6(  %$6(/,1(6,*1$/
6HxDO TXH UHVXOWD GH VXPDU ODV VHxDOHV GH  6XPPDWLRQ RI WKH EDFNJURXQG SOXV EODQN
IRQGR\GHOEODQFRHQOD]RQDGHLQWHUpV VLJQDOVLQWKHUHJLRQRILQWHUHVW
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP*ORVVDU\RIDQDO\WLFDOWHUPV
LQ.'DQ]HU$QDO\WLFDOFKHPLVWU\
WKHRUHWLFDODQGPHWURORJLFDOIXQGDPHQWDOV
 6SULQJHU
6HxDOGHIRQGR6HxDOGHOEODQFR  %DFNJURXQGVLJQDO%ODQNVLJQDO

2%6(59$&,21(6
ƒ (QDTXHOODVWpFQLFDVHQODVTXHQRKD\VHxDOGHOEODQFRODVHxDOGHOtQHDEDVHFRLQFLGHFRQ
ODVHxDOGHIRQGRSHODVVHxDOHVFURPDWRJUiILFDV



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



6(f$/'(/%/$1&2  %/$1.6,*1$/
6HxDO REWHQLGD FXDQGR HO IHQyPHQR R  0HDVXUHG YDOXH REWDLQHG ZKHQ WKH
VLVWHPD PDWHULDO TXH SRUWD OD PDJQLWXG D SKHQRPHQRQRUPDWHULDOFRPSRQHQWFDUU\LQJ
PHGLUHVWiLQWHQFLRQDGDPHQWHDXVHQWH WKH TXDQWLW\ WR EH PHDVXUHG LV LQWHQWLRQDOO\
DEVHQW
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  $GDSWHGIURP*ORVVDU\RIDQDO\WLFDOWHUPV
LQ.'DQ]HU$QDO\WLFDOFKHPLVWU\
WKHRUHWLFDODQGPHWURORJLFDOIXQGDPHQWDOV
 6SULQJHU
6HxDOGHIRQGR6HxDOGHOtQHDEDVH  %DFNJURXQGVLJQDO%DVHOLQHVLJQDO

2%6(59$&,21(6
ƒ 7HyULFDPHQWHVLHOPpWRGRGHPHGLGDHVHVSHFtILFRHOEODQFRQRGHEHUtDRULJLQDUVHxDO
ƒ /DLQWHQVLGDGGHODVHxDOGHOEODQFRGHSHQGHGHODWpFQLFDLQVWUXPHQWDOTXHVHDSOLTXH








6(f$/,167580(17$/  ,167580(17$/6,*1$/
6DOLGD GH XQ VHQVRUWUDQVGXFWRU TXH HVWi  2XWSXW IURP D VHQVRUWUDQVGXFHU UHVSRQGLQJ
UHVSRQGLHQGR DO IHQyPHQR R VLVWHPD WRDSKHQRPHQRQRUPDWHULDOV\VWHPFDUU\LQJ
PDWHULDOSRUWDGRUGHODPDJQLWXGDPHGLU WKHTXDQWLW\WREHPHDVXUHG
$GDSWDGDGH++:LOODUG//0DUULW-$  7UDQVODWHGDQGDGDSWHGE\WKHDXWKRUV
'HDQ)$6HWWH0pWRGRVLQVWUXPHQWDOHVGH
DQiOLVLV  *UXSR(GLWRULDO
,EHURDPpULFD
'DWRLQVWUXPHQWDO5HVSXHVWD  ,QVWUXPHQWDOGDWD5HVSRQVH

2%6(59$&,21(6
ƒ 7RGD VHxDO LQVWUXPHQWDO LQFRUSRUD DO PHQRV FXDWUR FRPSRQHQWHV   UXLGR   VHxDO GH
IRQGR  VHxDOGHOEODQFR\  VHxDOSURSLDPHQWHGHELGDDOIHQyPHQRRVLVWHPDPDWHULDOD
PHGLU
ƒ *HQHUDOPHQWH VREUH OD VHxDO VH DSOLFDQ GLIHUHQWHV RSHUDFLRQHV GH DFRQGLFLRQDPLHQWR SDUD
PHMRUDU VXV FDUDFWHUtVWLFDV (QWUH HVWDV RSHUDFLRQHV VH SXHGHQ FLWDU DPSOLILFDFLyQ ILOWUDGR
FRQYHUVLyQHWF
ƒ 3DUDOHODPHQWHODVHxDOSXHGHVRPHWHUVHDRSHUDFLRQHVGHSURFHVDPLHQWR RSURFHVDGR TXH
LQFOX\HQHOFRQMXQWRGHWUDQVIRUPDFLRQHVDTXHGHEHVHUVRPHWLGDDILQGHH[WUDHUGHHOODOD
LQIRUPDFLyQTXHVHEXVFD
ƒ (QORVLQVWUXPHQWRVPRGHUQRVTXHLQFRUSRUDQXQVLVWHPDGHFRQWUROLQIRUPDWL]DGRODVHxDO
TXHGDUHJLVWUDGD\DOPDFHQDGDSRUORTXHHORSHUDGRUSXHGHUHFXSHUDUOD\WRPDUGHHOODORV
GDWRV QHFHVDULRV (Q ORV LQVWUXPHQWRV PiV VHQFLOORV OD VHxDO QR VH UHJLVWUD \ ~QLFDPHQWH
DSDUHFH HQ OD SDQWDOOD FRUUHVSRQGLHQWH SRU OR TXH HV QHFHVDULR WRPDU HO GDWR HQ HVH
PRPHQWR



 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



6(6*2,167580(17$/  ,167580(17$/%,$6
'LIHUHQFLDHQWUHODPHGLDGHODVLQGLFDFLRQHV  $YHUDJH RI UHSOLFDWH LQGLFDWLRQV RI D
GH XQ LQVWUXPHQWR GH PHGLGD  UHSHWLGDV \ PHDVXULQJ LQVWUXPHQW  PLQXV D UHIHUHQFH
XQYDORUGHUHIHUHQFLD TXDQWLW\YDOXH
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
6HVJR&RUUHFFLyQ  %LDV&RUUHFWLRQ

2%6(59$&,21(6
ƒ (OSDUiPHWURFRUUHFFLyQ &255 HTXLYDOHDOYDORURSXHVWRDOVHVJRLQVWUXPHQWDO
&255 ±6(6*2










6,67(0$'(*(67,Ï1'(/$6  0($685(0(170$1$*(0(17
0(',&,21(6 6<67(0
&RQMXQWR GH HOHPHQWRV LQWHUUHODFLRQDGRV R  6HW RI LQWHUUHODWHG RU LQWHUDFWLQJ HOHPHQWV
TXH LQWHUDFW~DQ QHFHVDULRV SDUD ORJUDU OD QHFHVVDU\ WR DFKLHYH PHWURORJLFDO
FRQILUPDFLyQ PHWUROyJLFD \ HO FRQWURO FRQILUPDWLRQ DQG FRQWLQXDO FRQWURO RI
FRQWLQXRGHORVSURFHVRVGHPHGLFLyQ PHDVXUHPHQWSURFHVVHV
81((1,62  6LVWHPDVGH  ,62  0HDVXUHPHQW
JHVWLyQGHODVPHGLFLRQHV5HTXLVLWRVSDUD PDQDJHPHQWV\VWHPV±5HTXLUHPHQWVIRU
ORVSURFHVRVGHPHGLFLyQ\ORVHTXLSRVGH PHDVXUHPHQWSURFHVVHVDQGPHDVXULQJ
PHGLFLyQ HTXLSPHQW
&RQILUPDFLyQPHWUROyJLFD*HVWLyQ  0HWURORJLFDOFRQILUPDWLRQ0HWURORJLFDO
PHWUROyJLFD PDQDJHPHQW

2%6(59$&,21(6
ƒ $XQTXH XQD RUJDQL]DFLyQ SXHGH LPSODQWDU XQ VLVWHPD GH JHVWLyQ GH ODV PHGLFLRQHV SRU Vt
VRORORQRUPDOHVTXHVHLQFOX\DFRPRFRPSOHPHQWRDXQVLVWHPDGHJHVWLyQGHODFDOLGDG



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



6,67(0$'(0(','$  0($685,1*6<67(0
&RQMXQWR GH XQR R PiV LQVWUXPHQWRV GH  6HW RI RQH RU PRUH PHDVXULQJ LQVWUXPHQWV
PHGLGD\IUHFXHQWHPHQWHRWURVGLVSRVLWLYRV DQG RIWHQ RWKHU GHYLFHV LQFOXGLQJ DQ\
LQFOX\HQGR UHDFWLYRV H LQVXPRV YDULRV UHDJHQW DQG VXSSO\ DVVHPEOHG DQG DGDSWHG
HQVDPEODGRV\DGDSWDGRVSDUDSURSRUFLRQDU WR JLYH LQIRUPDWLRQ XVHG WR JHQHUDWH
YDORUHV PHGLGRV GHQWUR GH LQWHUYDORV PHDVXUHG TXDQWLW\ YDOXHV ZLWKLQ VSHFLILHG
HVSHFLILFDGRV SDUD PDJQLWXGHV GH LQWHUYDOVIRUTXDQWLWLHVRIVSHFLILHGNLQGV
QDWXUDOH]DVGDGDV
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
,QVWUXPHQWRGHPHGLGD(TXLSRGHPHGLGD  0HDVXULQJLQVWUXPHQW0HDVXULQJHTXLSPHQW

2%6(59$&,21(6
ƒ 8QVLVWHPDGHPHGLGDSXHGHHVWDUIRUPDGRSRUXQ~QLFRLQVWUXPHQWRGHPHGLGD









7,(032'(5(638(67$  5(63216(7,0(
,QWHUYDOR GH WLHPSR TXH WUDQVFXUUH HQWUH HO  7LPH LQWHUYDO EHWZHHQ WKH LQVWDQW ZKHQ D
PRPHQWRHQTXHHOHVWtPXORVXIUHXQFDPELR VWLPXOXV LV VXEMHFWHG WR VSHFLILHG DEUXSW
EUXVFR \ HO LQVWDQWH HQ TXH OD UHVSXHVWD FKDQJH DQG WKH LQVWDQW ZKHQ WKH UHVSRQVH
LQVWUXPHQWDO DOFDQ]D XQ YDORU ILQDO TXH UHDFKHVDQGUHPDLQVZLWKLQVSHFLILHGOLPLWVRI
SHUPDQHFHHQWUHORVOtPLWHVHVSHFLILFDGRV LWVILQDOVWHDG\YDOXH
7UDGXFLGD\DGDSWDGDSRUORVDXWRUHV  *ORVVDU\RI7HUPVIRUTXDOLW\DVVXUDQFHDQG
JRRGODERUDWRU\SUDFWLFHVQGHG  
8QLWHG1DWLRQV2IILFHRQ'UXJVDQG&ULPH
812'& 
5HVSXHVWD(VWtPXOR  5HVSRQVH6WLPXOXV

2%6(59$&,21(6
ƒ 7DPELpQ VH DFHSWD OD GHQRPLQDFLyQ GH WLHPSR PXHUWR GHDG WLPH  DXQTXH HQ DOJXQRV
GRFXPHQWRVVHGLIHUHQFLDQDPERVWpUPLQRV YHU$16,,6$5 



 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



72/(5$1&,$ GHXQDPDJQLWXG   72/(5$1&( RIDTXDQWLW\ 
,QWHUYDOR GH YDORUHV HQ HO TXH GHEH  ,QWHUYDO LQ ZKLFK D PHDVXUHG YDOXH PXVW EH
HQFRQWUDUVH GLFKD PDJQLWXG SDUD TXH VH LQFOXGHGLQRUGHUWREHDFFHSWHGDVYDOLG
DFHSWHFRPRYiOLGD
81(  6LVWHPDVGHJHVWLyQGH  7UDQVODWHGDQGDGDSWHGE\WKHDXWKRUV
ODFDOLGDG±*XtDSDUDODJHVWLyQ\
HYDOXDFLyQPHWUROyJLFD
,QFHUWLGXPEUHREMHWLYR(UURUPi[LPR  7DUJHWXQFHUWDLQW\0D[LPXPSHUPLVVLEOH
SHUPLWLGR HUURU

2%6(59$&,21(6
ƒ /D WROHUDQFLD HV DSOLFDEOH WDQWR D XQD HVSHFLILFDFLyQ GH XQ SURGXFWR GH XQ UHTXLVLWR
DPELHQWDORGHVHJXULGDG\VDOXGODERUDODVtFRPRDORVOtPLWHVGHFRQWUROGHXQSURFHVRGH
UHDOL]DFLyQGHOSURGXFWR
ƒ 6LHOLQWHUYDORVHGHILQHFRQVLGHUDQGRHOYDORUGHODLQFHUWLGXPEUHGHODPHGLGDHQWRQFHVVH
GHQRPLQDWROHUDQFLDHIHFWLYD










75$16'8&725  75$16'8&(5
'LVSRVLWLYR XWLOL]DGR HQ PHGLFLyQ TXH KDFH  'HYLFH XVHG LQ PHDVXUHPHQW WKDW SURYLGHV
FRUUHVSRQGHU D XQD PDJQLWXG GH HQWUDGD DQRXWSXWTXDQWLW\KDYLQJDVSHFLILHGUHODWLRQ
XQD PDJQLWXG GH VDOLGD VHJ~Q XQD UHODFLyQ WRWKHLQSXWTXDQWLW\
GHWHUPLQDGD
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
'HWHFWRU6HQVRU  'HWHFWRU6HQVRU

2%6(59$&,21(6
ƒ *HQHUDOPHQWH HO WUDQVGXFWRU WUDQVIRUPD OD PDJQLWXG ItVLFD RULJLQDGD SRU HO VHQVRU HQ XQD
PDJQLWXGGHWLSRHOpFWULFR YROWDMH 



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



75$=$%,/,'$'0(752/Ï*,&$  0(752/2*,&$/75$&($%,/,7<
3URSLHGDGGHXQUHVXOWDGRGHPHGLGDSRUOD  3URSHUW\ RI D PHDVXUHPHQW UHVXOW ZKHUHE\
FXDOHOUHVXOWDGRSXHGHUHODFLRQDUVHFRQXQD WKH UHVXOW FDQ EH UHODWHG WR D UHIHUHQFH
UHIHUHQFLD PHGLDQWH XQD FDGHQD WKURXJK D GRFXPHQWHG XQEURNHQ FKDLQ RI
LQLQWHUUXPSLGD \ GRFXPHQWDGD GH FDOLEUDWLRQV HDFK FRQWULEXWLQJ WR WKH
FDOLEUDFLRQHV FDGD XQD GH ODV FXDOHV PHDVXUHPHQWXQFHUWDLQW\
FRQWULEX\HDODLQFHUWLGXPEUHGHPHGLGD
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
&DGHQDGHWUD]DELOLGDG  7UDFHDELOLW\FKDLQ

2%6(59$&,21(6
ƒ /DWUD]DELOLGDGPHWUROyJLFDUHTXLHUHXQDMHUDUTXtDGHFDOLEUDFLyQHVWDEOHFLGD
ƒ /RV HOHPHQWRV QHFHVDULRV SDUD FRQILUPDU OD WUD]DELOLGDG PHWUROyJLFD VRQ XQD FDGHQD GH
WUD]DELOLGDGPHWUROyJLFDLQLQWHUUXPSLGDDXQSDWUyQLQWHUQDFLRQDORDXQSDWUyQQDFLRQDOXQD
LQFHUWLGXPEUH GH PHGLGD GRFXPHQWDGD XQ SURFHGLPLHQWR GH PHGLGD GRFXPHQWDGR XQD
FRPSHWHQFLD WpFQLFD UHFRQRFLGD OD WUD]DELOLGDG PHWUROyJLFD DO 6LVWHPD ,QWHUQDFLRQDO \ ORV
LQWHUYDORVHQWUHFDOLEUDFLRQHV
ƒ $ YHFHV HO WpUPLQR DEUHYLDGR WUD]DELOLGDG VH XWLOL]D HQ OXJDU GH WUD]DELOLGDG PHWUROyJLFD DVt
FRPRSDUDRWURVFRQFHSWRVFRPRWUD]DELOLGDG KLVWRULDO GHXQDPXHVWUDGHXQGRFXPHQWR
GH XQ LQVWUXPHQWR GH XQ PDWHULDO HWF 3RU WDQWR HV SUHIHULEOH XWLOL]DU HO WpUPLQR FRPSOHWR
WUD]DELOLGDGPHWUROyJLFDSDUDHYLWDUFRQIXVLyQ
ƒ 7DPELpQ VREUH WRGR HQ ORV GRFXPHQWRV LEHURDPHULFDQRV DSDUHFH QRPEUDGD FRPR
UDVWUHDELOLGDGPHWUROyJLFD


80%5$/'(',6&5,0,1$&,Ï1  ',6&5,0,1$7,217+5(6+2/'
0i[LPD YDULDFLyQ GHO YDORU GH OD PDJQLWXG  /DUJHVWFKDQJHLQDYDOXHRIDTXDQWLW\EHLQJ
PHGLGD TXH QR FDXVD YDULDFLyQ GHWHFWDEOH PHDVXUHG WKDW FDXVHV QR GHWHFWDEOH FKDQJH
GHODLQGLFDFLyQFRUUHVSRQGLHQWH LQWKHFRUUHVSRQGLQJLQGLFDWLRQ
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
5HVROXFLyQ6HQVLELOLGDG  5HVROXWLRQ6HQVLWLYLW\

2%6(59$&,21(6
ƒ (OXPEUDOGHGLVFULPLQDFLyQSXHGHGHSHQGHUSRUHMHPSORGHOUXLGR LQWHUQRRH[WHUQR RGH
ODIULFFLyQ7DPELpQSXHGHGHSHQGHUGHOYDORUGHODPDJQLWXGPHGLGD\GHODIRUPDHQTXHVH
DSOLTXHGLFKDYDULDFLyQ


 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



9$/,'$&,Ï1  9$/,'$7,21
9HULILFDFLyQ GH TXH ORV UHTXLVLWRV  9HULILFDWLRQZKHUHWKHVSHFLILHGUHTXLUHPHQWV
HVSHFLILFDGRV VRQ DGHFXDGRV SDUD XQ XVR DUHDGHTXDWHIRUDQLQWHQGHGXVH
SUHYLVWR
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 
DVRFLDGRV 9,0 -&*0   -&*0  ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
&DOLILFDFLyQ9HULILFDFLyQ  4XDOLILFDWLRQ9HULILFDWLRQ

2%6(59$&,21(6
ƒ /D YDOLGDFLyQ HV XQD YHULILFDFLyQ GLULJLGD D FRPSUREDU GHWHUPLQDGRV UHTXLVLWRV UHODFLRQDGRV
FRQXQXVRHVSHFtILFR(VWHKHFKRTXHGDFODUDPHQWHHVWDEOHFLGRHQODGHILQLFLyQGHO9,0
ƒ (Q OD QRUPD 81((1 ,62    DSDUHFH XQD GHILQLFLyQ HTXLYDOHQWH &RQILUPDFLyQ
PHGLDQWHODDSRUWDFLyQGHHYLGHQFLDREMHWLYDGHTXHVHKDQFXPSOLGRORVUHTXLVLWRVSDUDXQD
XWLOL]DFLyQRDSOLFDFLyQHVSHFtILFDSUHYLVWD






9$/25'(5()(5(1&,$ GHXQD  5()(5(1&( TXDQWLW\ 9$/8(
PDJQLWXG 
9DORUGHXQDPDJQLWXGTXHVLUYHFRPREDVH  4XDQWLW\ YDOXH XVHG DV D EDVLV IRU
GH FRPSDUDFLyQ FRQ YDORUHV GH PDJQLWXGHV FRPSDULVRQ ZLWK YDOXHV RI TXDQWLWLHV RI WKH
GHODPLVPDQDWXUDOH]D VDPHNLQG
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
0DJQLWXG9DORUPHGLGR9DORUQRPLQDO  4XDQWLW\0HDVXUHGYDOXH1RPLQDOYDOXH
9DORUYHUGDGHUR 7UXHYDOXH

2%6(59$&,21(6
ƒ (O YDORU GH UHIHUHQFLD SXHGH VHU XQ YDORU YHUGDGHUR GH XQ PHQVXUDQGR HQ FX\R FDVR HV
GHVFRQRFLGRRXQYDORUFRQYHQFLRQDOHQFX\RFDVRHVFRQRFLGR
ƒ 8QYDORUGHUHIHUHQFLDFRQVXLQFHUWLGXPEUHGHPHGLGDDVRFLDGDKDELWXDOPHQWHVHUHILHUHD
D  XQ PDWHULDO SH XQ PDWHULDO GH UHIHUHQFLD FHUWLILFDGR E  XQ GLVSRVLWLYR SH XQ OiVHU
HVWDELOL]DGR F  XQ SURFHGLPLHQWR GH PHGLGD GH UHIHUHQFLD \ G  XQD FRPSDUDFLyQ GH
SDWURQHVGHPHGLGD



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



9$/250(','2 GHXQDPDJQLWXG   0($685(' TXDQWLW\ 9$/8(
&RQMXQWR IRUPDGR SRU XQ Q~PHUR \ XQD  1XPEHU DQG UHIHUHQFH WRJHWKHU H[SUHVVLQJ
UHIHUHQFLD TXH FRQVWLWX\H OD H[SUHVLyQ PDJQLWXGHRIDTXDQWLW\
FXDQWLWDWLYDGHXQDPDJQLWXG
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
'DWR0DJQLWXG  'DWXP4XDQWLW\

2%6(59$&,21(6
ƒ (QXQDPHGLGDTXHLQFOX\DLQGLFDFLRQHVUHSHWLGDVFDGDXQDGHpVWDVSXHGHXWLOL]DUVHSDUD
REWHQHUHOFRUUHVSRQGLHQWHYDORUPHGLGRGHODPDJQLWXG(VWHFRQMXQWRGHYDORUHVPHGLGRV
LQGLYLGXDOHVGHODPDJQLWXGSXHGHXWLOL]DUVHSDUDFDOFXODUXQYDORUUHVXOWDQWHGHODPDJQLWXG
PHGLGD PHGLDQWH XQD PHGLD R XQD PHGLDQD FRQ XQD LQFHUWLGXPEUH GH PHGLGD DVRFLDGD
JHQHUDOPHQWHPHQRU
ƒ &RPRRFXUUtDFRQODGHILQLFLyQGHPDJQLWXGHOYDORUWDOFRPRVHGHILQHDTXtHVXQDHVFDODU
6LQHPEDUJRXQYHFWRURXQDPDWUL] XQWHQVRU FX\DVFRPSRQHQWHVVHDQYDORUHVWDPELpQ
SXHGHVHUFRQVLGHUDGDFRPRXQYDORU
ƒ (OYDORUREWHQLGR HVFDODURWHQVRU GHXQDPDJQLWXGFRQVWLWX\HHOGDWR





9$/25120,1$/ GHXQDPDJQLWXG   120,1$/ TXDQWLW\ 9$/8(
9DORU UHGRQGHDGR R DSUR[LPDGR GH XQD  5RXQGHG RU DSSUR[LPDWH YDOXH RI D
PDJQLWXG FDUDFWHUtVWLFD GH XQ LQVWUXPHQWR R FKDUDFWHUL]LQJ TXDQWLW\ RI D PHDVXULQJ
VLVWHPD GH PHGLGD TXH VLUYH GH JXtD SDUD LQVWUXPHQWRUPHDVXULQJV\VWHPWKDWSURYLGHV
VXXWLOL]DFLyQDSURSLDGD JXLGDQFHIRULWVDSSURSULDWHXVH
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
0DJQLWXG9DORUPHGLGR9DORUGHUHIHUHQFLD  4XDQWLW\0HDVXUHGYDOXH5HIHUHQFHYDOXH
9DORUYHUGDGHUR 7UXHYDOXH

2%6(59$&,21(6
ƒ (OWpUPLQRYDORUQRPLQDOQRGHEHUtDFRQIXQGLUVHFRQYDORUGHXQDSURSLHGDGFXDOLWDWLYD
ƒ (MHPSORVHOYDORUPOPDUFDGRFRQXQWUD]RVREUHXQPDWUD]XRWURUHFLSLHQWHJUDGXDGR
HO YDORU  0 GH FRQFHQWUDFLyQ GH FDQWLGDG GH VXVWDQFLD GH XQD VROXFLyQ GH iFLGR
FORUKtGULFR


 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



9$/259(5'$'(52 GHXQD  758( TXDQWLW\ 9$/8(
PDJQLWXG 
9DORU GH XQD PDJQLWXG FRPSDWLEOH FRQ OD  4XDQWLW\ YDOXH FRQVLVWHQW ZLWK WKH GHILQLWLRQ
GHILQLFLyQGHODPDJQLWXG RIDTXDQWLW\
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
0DJQLWXG9DORUPHGLGR9DORUQRPLQDO  4XDQWLW\0HDVXUHGYDOXH1RPLQDOYDOXH
9DORUGHUHIHUHQFLD 5HIHUHQFHYDOXH

2%6(59$&,21(6
ƒ (QSDUWLFXODUSDUDODVFRQVWDQWHVIXQGDPHQWDOHVVHFRQVLGHUDTXHODPDJQLWXGWLHQHXQ~QLFR
YDORUYHUGDGHUR
ƒ (QHOHQIRTXHHQWRUQRDOFRQFHSWRGHHUURUHOYDORUYHUGDGHURGHODPDJQLWXGVHFRQVLGHUD
~QLFR\HQODSUiFWLFDLPSRVLEOHGHFRQRFHUHQODGHVFULSFLyQGHODPHGLGD(OHQIRTXHHQ
WRUQR DO FRQFHSWR GH LQFHUWLGXPEUH FRQVLVWH HQ UHFRQRFHU TXH GHELGR D OD FDQWLGDG GH
GHWDOOHV LQFRPSOHWRV LQKHUHQWHV D OD GHILQLFLyQ GH XQD PDJQLWXG QR H[LVWH XQ ~QLFR YDORU
YHUGDGHUR FRPSDWLEOH FRQ OD GHILQLFLyQ VLQR PiV ELHQ XQ FRQMXQWR GH YDORUHV YHUGDGHURV
FRPSDWLEOHV FRQ HOOD 6LQ HPEDUJR HVWH FRQMXQWR GH YDORUHV HV HQ SULQFLSLR LPSRVLEOH GH
FRQRFHUHQODSUiFWLFD
ƒ 2WURV SODQWHDPLHQWRV QR FRQWHPSODQ HO FRQFHSWR GH YDORU YHUGDGHUR GH XQD PDJQLWXG \ VH
DSR\DQHQHOFRQFHSWRGHFRPSDWLELOLGDGGHUHVXOWDGRVGHPHGLGDSDUDHYDOXDUODYDOLGH]GH
ORVUHVXOWDGRVGHPHGLGD



 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 



9(5$&,'$' GHPHGLGD   0HDVXUHPHQW 758(1(66
3UR[LPLGDG HQWUH OD PHGLD GH XQ Q~PHUR  &ORVHQHVV RI DJUHHPHQW EHWZHHQ WKH
LQILQLWR GH YDORUHV PHGLGRV UHSHWLGRV \ XQ DYHUDJH RI DQ LQILQLWH QXPEHU RI UHSOLFDWH
YDORUGHUHIHUHQFLD PHDVXUHG TXDQWLW\ YDOXHV DQG D UHIHUHQFH
TXDQWLW\YDOXH
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
([DFWLWXG(UURUVLVWHPiWLFR3UHFLVLyQ  $FFXUDF\6\VWHPDWLFHUURU3UHFLVLRQ%LDV
6HVJR

2%6(59$&,21(6
ƒ /DYHUDFLGDGGHPHGLGDQRHVXQDPDJQLWXG\QRSXHGHH[SUHVDUVHQXPpULFDPHQWHDXQTXH
OD QRUPD 81(  ,62   HVSHFLILFD IRUPDV GH H[SUHVDU GLFKD
SUR[LPLGDG 3DUD HVWH ILQ JHQHUDOPHQWH VH XWLOL]D HO VHVJR ELDV  DXQTXH HQ HO iPELWR
DQDOtWLFRHVPiVKDELWXDOXWLOL]DUHOIDFWRUGHUHFXSHUDFLyQ UHFRYHU\IDFWRU 
ƒ /DYHUDFLGDGGHPHGLGDHVWiLQYHUVDPHQWHUHODFLRQDGDFRQHOHUURUVLVWHPiWLFRSHURQRHVWi
UHODFLRQDGDFRQHOHUURUDOHDWRULR
ƒ 1RGHEHXWLOL]DUVHHOWpUPLQRH[DFWLWXGHQOXJDUGHYHUDFLGDG\YLFHYHUVD






9(5,),&$&,Ï1  9(5,),&$7,21
$SRUWDFLyQ GH HYLGHQFLD REMHWLYD GH TXH XQ  3URYLVLRQ RI REMHFWLYH HYLGHQFH WKDW D JLYHQ
HOHPHQWR VDWLVIDFH ORV UHTXLVLWRV LWHPIXOILOVVSHFLILHGUHTXLUHPHQWV
HVSHFLILFDGRV
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 
DVRFLDGRV 9,0 -&*0   -&*0  ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
&DOLILFDFLyQ9DOLGDFLyQ  4XDOLILFDWLRQ9DOLGDWLRQ

2%6(59$&,21(6
ƒ /DYHULILFDFLyQSXHGHDSOLFDUVHSRUHMHPSORDXQSURFHVRXQSURFHGLPLHQWRGHPHGLGD XQ
PDWHULDOXQFRPSXHVWRRXQHTXLSRGHPHGLGD
ƒ (Q OD QRUPD 81((1 ,62    DSDUHFH XQD GHILQLFLyQ HTXLYDOHQWH &RQILUPDFLyQ
PHGLDQWH OD DSRUWDFLyQ GH HYLGHQFLD REMHWLYD GH TXH VH KDQ FXPSOLGR ORV UHTXLVLWRV
HVSHFLILFDGRV


 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



9(5,),&$&,210(752/Ï*,&$  0(752/2*,&$/9(5,),&$7,21
&RPSDUDFLyQGLUHFWDHQWUHODVFDUDFWHUtVWLFDV  'LUHFW FRPSDULVRQ EHWZHHQ WKH PHWURORJLFDO
PHWUROyJLFDV GHO HTXLSR GH PHGLFLyQ \ ORV FKDUDFWHULVWLFV RI WKH PHDVXULQJ HTXLSPHQW
UHTXLVLWRV PHWUROyJLFRV GHO FOLHQWH FRQ HO DQG WKH PHWURORJLFDO UHTXLUHPHQWV RI WKH
REMHWR GH FRQILUPDU PHWUROyJLFDPHQWH HO FXVWRPHU WR FRQILUP PHWURORJLFDOO\ WKH
HTXLSRGHPHGLFLyQ PHDVXULQJHTXLSPHQW
81(  6LVWHPDVGHJHVWLyQGH  7UDQVODWHGE\WKHDXWKRUV
ODFDOLGDG*XtDSDUDODJHVWLyQ\HYDOXDFLyQ
PHWUROyJLFD
9HULILFDFLyQ(UURUPi[LPRSHUPLWLGR  9HULILFDWLRQ0D[LPXPSHUPLVVLEOHHUURU
7ROHUDQFLD 7ROHUDQFH

2%6(59$&,21(6
ƒ /D YHULILFDFLyQ PHWUROyJLFD QR GHEH VHU FRQIXQGLGD FRQ OD FDOLEUDFLyQ GH XQ VLVWHPD GH
PHGLGD /D YHULILFDFLyQ PHWUROyJLFD WLHQH FRPR SULQFLSDO REMHWLYR HO DVHJXUDU TXH XQ
GHWHUPLQDGR LQVWUXPHQWR HV DSWR SDUD GHVDUUROODU ODV IXQFLRQHV SDUD ODV TXH VH GLVHxy \
HOLJLySDUDHOORVHSXHGHQFRPSUREDUWRGDVRDOJXQDVGHODVFDUDFWHUtVWLFDVPHWUROyJLFDVTXH
SUHYLDPHQWHVHKD\DQVHOHFFLRQDGRFRQWDOREMHWR






=21$08(57$  '($'%$1'
,QWHUYDOR Pi[LPR GHQWUR GHO FXDO VH SXHGH  0D[LPXPLQWHUYDOWKURXJKZKLFKDYDOXHRID
KDFHUYDULDUHQORVGRVVHQWLGRVHOYDORUGHOD TXDQWLW\ EHLQJ PHDVXUHG FDQ EH FKDQJHG LQ
PDJQLWXG PHGLGD VLQ FDXVDU XQD YDULDFLyQ ERWK GLUHFWLRQV ZLWKRXW SURGXFLQJ D
GHWHFWDEOHGHODLQGLFDFLyQFRUUHVSRQGLHQWH GHWHFWDEOH FKDQJH LQ WKH FRUUHVSRQGLQJ
LQGLFDWLRQ
81(,62*XtD,1  9RFDEXODULR  ,62,(&*XLGH  ,QWHUQDWLRQDO
LQWHUQDFLRQDOGHPHWURORJtD&RQFHSWRV YRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDO
IXQGDPHQWDOHV\JHQHUDOHV\WpUPLQRV FRQFHSWVDQGDVVRFLDWHGWHUPV 9,0 -&*0
DVRFLDGRV 9,0 -&*0     ,QWHUQDWLRQDOYRFDEXODU\RI
9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD± PHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
&RQFHSWRVIXQGDPHQWDOHV\JHQHUDOHV\ DVVRFLDWHGWHUPV 9,0 
WpUPLQRVDVRFLDGRV 9,0 
5DQJRGLQiPLFR=RQDGHVDWXUDFLyQ  '\QDPLFUDQJH6DWXUDWLRQ]RQH

2%6(59$&,21(6
ƒ /D]RQDPXHUWDSXHGHGHSHQGHUGHODYHORFLGDGGHODYDULDFLyQ
ƒ /D]RQDPXHUWDVHFDUDFWHUL]DSRUTXHODVHQVLELOLGDGHVQXODRFHUFDQDDOFHUR
ƒ (VWDGHILQLFLyQGHO9,0QRGLIHUHQFLDHQWUHDTXHOODV]RQDVHQODTXHODLQGLFDFLyQHVFHURR
WRPD XQ YDORU Pi[LPR TXH QR VH SXHGH VXSHUDU 7UDGLFLRQDOPHQWH VH GHQRPLQDED ]RQD
PXHUWD DO LQWHUYDOR HQ HO TXH OD LQGLFDFLyQ SHUPDQHFtD HQ XQ YDORU FHUR DQWHV GHO UDQJR
GLQiPLFR  PLHQWUDV TXH VH GHQRPLQDED ]RQD GH VDWXUDFLyQ DO LQWHUYDOR HQ HO TXH OD
LQGLFDFLyQSHUPDQHFtDFRQVWDQWHDSHVDUGHTXHDXPHQWDUDHOYDORUGHODPDJQLWXGDPHGLU
GHVSXpVGHOUDQJRGLQiPLFR 


 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 












Índice de referencias 




(VSDxRO


&$&*/'LUHFWULFHVVREUHODWHUPLQRORJtDDQDOtWLFD&RPLVLyQGHO&RGH[$OLPHQWDULXV
&(1$0',37&5$7*XtDVREUHODFDOLILFDFLyQGHHTXLSRGHLQVWUXPHQWRV
DQDOtWLFRV
'HFLVLyQ&(GHOD&RPLVLyQSRUODTXHVHDSOLFDOD'LUHFWLYD&(GHO&RQVHMRHQ
FXDQWRDOIXQFLRQDPLHQWRGHORVPpWRGRVDQDOtWLFRV\ODLQWHUSUHWDFLyQGHORVUHVXOWDGRV
*ORVDULRGHWpUPLQRVHQ9DOFiUFHO03ULQFLSLRVGHTXtPLFDDQDOtWLFD  6SULQJHU
-&*0  9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD±&RQFHSWRVIXQGDPHQWDOHV\
JHQHUDOHV\WpUPLQRVDVRFLDGRV 9,0 
0F1DXJKW$':LONLQVRQ$&RPSHQGLRGHWHUPLQRORJtDTXtPLFD  6tQWHVLV
81(  9RFDEXODULRHOHFWURWpFQLFR0HGLGDVHLQVWUXPHQWRVGHPHGLGDHOpFWULFRV
\HOHFWUyQLFRV
81(  6LVWHPDVGHJHVWLyQGHODFDOLGDG*XtDSDUDODJHVWLyQ\HYDOXDFLyQ
PHWUROyJLFD
81(  ([DFWLWXG YHUDFLGDG\SUHFLVLyQ GHUHVXOWDGRV\PpWRGRVGHPHGLFLyQ±
3DUWH3ULQFLSLRVJHQHUDOHV\GHILQLFLRQHV
81((1  1RUPDOL]DFLyQ\DFWLYLGDGHVUHODFLRQDGDV9RFDEXODULRJHQHUDO
81((1,62  6LVWHPDVGHJHVWLyQGHODVPHGLFLRQHV5HTXLVLWRVSDUDORVSURFHVRV
GHPHGLFLyQ\ORVHTXLSRVGHPHGLFLyQ
81((1,62  6LVWHPDVGHJHVWLyQGHODFDOLGDG)XQGDPHQWRV\YRFDEXODULR
81(,62*XtD,1  9RFDEXODULRLQWHUQDFLRQDOGHPHWURORJtD±&RQFHSWRVIXQGDPHQWDOHV
\JHQHUDOHV\WpUPLQRVDVRFLDGRV 9,0 
9RFDEXODULRFLHQWtILFR\WpFQLFR  5HDO$FDGHPLDGHOD&LHQFLDV([DFWDV)tVLFDV\1DWXUDOHV
HG (VSDVD&DOSH
:LOODUG++0DUULW//'HDQ-$6HWWH)$0pWRGRVLQVWUXPHQWDOHVGHDQiOLVLV  
*UXSR(GLWRULDO,EHURDPpULFD


 

*/26$5,2GH7pUPLQRV$QDOtWLFRV (G  



(QJOLVK


$QDO\WLFDO3URFHGXUHVDQG0HWKRG9DOLGDWLRQ GUDIW )'$
$16,,6$ 5 3URFHVVLQVWUXPHQWDWLRQWHUPLQRORJ\
$670(  6WDQGDUGSUDFWLFHIRUXVHRIWKHWHUPVSUHFLVLRQDQGELDVLQ$670WHVW
PHWKRGV
%RRNVK.6.RZDOVNL%57KHRU\RIWKHDQDO\WLFDOFKHPLVWU\$QDO&KHP  $
$
&$&*/*XLGHOLQHVRQDQDO\WLFDOWHUPLQRORJ\&RGH[$OLPHQWDULXV&RPPLVVLRQ
&RPPLVVLRQ'HFLVLRQ(&LPSOHPHQWLQJ&RXQFLO'LUHFWLYH(&FRQFHUQLQJWKH
SHUIRUPDQFHRIDQDO\WLFDOPHWKRGVDQGWKHLQWHUSUHWDWLRQRIUHVXOWV
&RPSHQGLXPRIFKHPLFDOWHUPLQRORJ\±*ROG%RRN:HEHGYHU  ,83$&
&RPSHQGLXPRQDQDO\WLFDOQRPHQFODWXUH±2UDQJH%RRN:HEHG  ,83$&
&XDGURV5RGUtJXH]/*iPL]*UDFLD/$OPDQVD/ySH](/DVR6iQFKH]-&DOLEUDWLRQLQ
FKHPLFDOPHDVXUHPHQWSURFHVVHV,$PHWURORJLFDODSSURDFK7UHQGV$QDO&KHP

(85$&+(0&,7$&*XLGH  7KHH[SUHVVLRQRIXQFHUWDLQW\LQTXDOLWDWLYHWHVWLQJ 'UDIW
/*&9$0 
)LHOGVDPSOHPDQXDO  0LQLVWU\RI(QYLURQPHQW%ULWLVK&ROXPELD
*ORVVDU\RIDQDO\WLFDOWHUPV$FFUHG4XDO$VVXU
*ORVVDU\RIDQDO\WLFDOWHUPVLQ'DQ]HU.$QDO\WLFDOFKHPLVWU\WKHRUHWLFDODQGPHWURORJLFDO
IXQGDPHQWDOV  6SULQJHU
*ORVVDU\RITXDOLW\DVVXUDQFHWHUPVDQGUHODWHGDFURQ\PV  86(3$
*ORVVDU\RITXDOLW\DVVXUDQFHWHUPVDQGUHODWHGDFURQ\PV:HEHG  86(3$
*ORVVDU\RIWHUPVIRUTXDOLW\DVVXUDQFHDQGJRRGODERUDWRU\SUDFWLFHVQGHG  8QLWHG
1DWLRQV2IILFHRQ'UXJVDQG&ULPH 812'& 
*ORVVDU\RIWHUPVLQ9DOFiUFHO03ULQFLSOHVRIDQDO\WLFDOFKHPLVWU\DWH[WERRN  6SULQJHU
,(&  ,QWHUQDWLRQDO(OHFWURWHFKQLFDO9RFDEXODU\ ,(9 ±(OHFWULFDODQGHOHFWURQLF
PHDVXUHPHQWVDQGPHDVXULQJLQVWUXPHQWV
,(&  3URFHVVPHDVXUHPHQWDQGFRQWUROGHYLFHV±*HQHUDOPHWKRGVDQG
SURFHGXUHVIRUHYDOXDWLQJSHUIRUPDQFH±3DUW7HVWVXQGHUUHIHUHQFHFRQGLWLRQV
,1$%3  *XLGHWRPHWKRGYDOLGDWLRQIRUTXDQWLWDWLYHDQDO\VLVLQFKHPLFDOWHVWLQJ
ODERUDWRULHV
,62  0HDVXUHPHQWPDQDJHPHQWV\VWHPV5HTXLUHPHQWVIRUPHDVXUHPHQW
SURFHVVHVDQGPHDVXULQJHTXLSPHQW
,62  $FFXUDF\ WUXHQHVVDQGSUHFLVLRQ RIPHDVXUHPHQWPHWKRGVDQGUHVXOWV±
3DUW*HQHUDOSULQFLSOHVDQGGHILQLWLRQV
,62  4XDOLW\PDQDJHPHQWVV\VWHPV)XQGDPHQWDOVDQGYRFDEXODU\
,626WDQGDUG  &KHPLVWU\OD\RXWVIRUVWDQGDUGV±3DUW0HWKRGVRIFKHPLFDO
DQDO\VLV


 

 */26$5,2GH7pUPLQRV$QDOtWLFRV (G 


,62,(&*XLGH  6WDQGDUGL]DWLRQDQGUHODWHGDFWLYLWLHV*HQHUDOYRFDEXODU\
,62,(&*XLGH  ,QWHUQDWLRQDOYRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
DVVRFLDWHGWHUPV 9,0 
,83$&5HFRPPHQGDWLRQ  1RPHQFODWXUHIRUVDPSOLQJLQDQDO\WLFDOFKHPLVWU\
,83$&5HFRPPHQGDWLRQ  *XLGHOLQHVIRUFDOLEUDWLRQLQDQDO\WLFDOFKHPLVWU\±3DUW
)XQGDPHQWDOVDQGVLQJOHFRPSRQHQWFDOLEUDWLRQ
,83$&5HFRPPHQGDWLRQ  6HOHFWLYLW\LQDQDO\WLFDOFKHPLVWU\
,83$&5HFRPPHQGDWLRQV  1RPHQFODWXUHLQHYDOXDWLRQRIDQDO\WLFDOPHWKRGVLQFOXGLQJ
GHWHFWLRQDQGTXDQWLILFDWLRQFDSDELOLWLHV
,83$&5HFRPPHQGDWLRQV  8VHRIWKHWHUPVUHFRYHU\DQGDSSDUHQWUHFRYHU\LQ
DQDO\WLFDOSURFHGXUHV
,83$&5HFRPPHQGDWLRQV  7HUPLQRORJ\LQVRLOVDPSOLQJ
,83$&7HFKQLFDOUHSRUW  7KHKDUPRQLVHGJXLGHOLQHVIRULQWHUQDOTXDOLW\FRQWUROLQDQDO\WLFDO
FKHPLVWU\ODERUDWRULHV
,83$&7HFKQLFDO5HSRUW  +DUPRQLVHGJXLGHOLQHVIRUWKHXVHRIUHFRYHU\LQIRUPDWLRQLQ
DQDO\WLFDOPHDVXUHPHQW
,83$&7HFKQLFDO5HSRUW  +DUPRQL]HGJXLGHOLQHVIRUVLQJOHODERUDWRU\YDOLGDWLRQRIPHWKRGV
RIDQDO\VLV
-&*0  (YDOXDWLRQRIPHDVXUHPHQWGDWD±*XLGHWRWKHH[SUHVVLRQRIXQFHUWDLQW\LQ
PHDVXUHPHQW *80ZLWKPLQRUFRUUHFWLRQV 
-&*0  ,QWHUQDWLRQDOYRFDEXODU\RIPHWURORJ\±%DVLFDQGJHQHUDOFRQFHSWVDQG
DVVRFLDWHGWHUPV 9,0 
/&*7KHGHYHORSPHQWDQGDSSOLFDWLRQRIJXLGDQFHRQHTXLSPHQWTXDOLILFDWLRQRIDQDO\WLFDO
LQVWUXPHQWV $FFUHG4XDO$VVXU 
0LOPDQ%/,GHQWLILFDWLRQRIFKHPLFDOFRPSRXQGV7UHQGV$QDO&KHP
0RUULV$60HDVXUHPHQWDQGLQVWUXPHQWDWLRQSULQFLSOHV  %XWWHUZRUWK+HLQHPDQQ
1RUG9DO3URWRFRO1R  *XLGHLQYDOLGDWLRQRIDOWHUQDWLYHSURSULHWDU\FKHPLFDOPHWKRGV
3ULFKDUG($QDO\WLFDOPHDVXUHPHQWWHUPLQRORJ\  /*&56&
6$1&20HWKRGYDOLGDWLRQDQGTXDOLW\FRQWUROSURFHGXUHVIRUSHVWLFLGHUHVLGXHV
DQDO\VLVLQIRRGDQGIHHG
7LVVXH%0*ORVVDU\RIDQDO\WLFDOWHUPV  




 

Derechos Reservados (Copyright) 2013, por LOS AUTORES
Edición impresa: ISBN: 978-84-616-4558-9, Depósito Legal: J255-2013
Edición electrónica: ISBN: 978-84-616-4720-0, Depósito Legal: J256-2013

Edita:
GRASEQA (GRUPO REGIONAL ANDALUZ -
SOCIEDAD ESPAÑOLA DE QUÍMICA ANALÍTICA)

Das könnte Ihnen auch gefallen