S1200741 Es-2

6(5,(

PDFURHFRQRPtDGHOGHVDUUROOR

, QIRUPDOLGDG\WULEXWDFLyQHQ
$PpULFD/DWLQD([SORUDQGRORV
QH[RVSDUDPHMRUDUODHTXLGDG
-XDQ&DUORV*yPH]6DEDtQL
'DOPLUR0RUiQ

'LYLVLyQGH'HVDUUROOR(FRQyPLFR

6DQWLDJRVHSWLHPEUHGH

(VWHGRFXPHQWRIXHSUHSDUDGRSRU-XDQ&DUORV*yPH]6DEDtQL\'DOPLUR0RUiQFRQVXOWRUHVGHOD'LYLVLyQGH
'HVDUUROOR (FRQyPLFR GH OD &(3$/ HQ HO PDUFR GH ODV DFWLYLGDGHV GHO SUR\HFWR &(3$/$(&,' 3ROtWLFD
ILVFDOSDUDHOFUHFLPLHQWRHFRQyPLFR\ODFRKHVLyQVRFLDO$(&
/DV RSLQLRQHV H[SUHVDGDV HQ HVWH GRFXPHQWR TXH QR KD VLGR VRPHWLGR D UHYLVLyQ HGLWRULDO VRQ GH H[FOXVLYD
UHVSRQVDELOLGDGGHORVDXWRUHV\SXHGHQQRFRLQFLGLUFRQODVGHODRUJDQL]DFLyQ
3XEOLFDFLyQGHODV1DFLRQHV8QLGDV
,661
/&/
&RS\ULJKW1DFLRQHV8QLGDVVHSWLHPEUHGH7RGRVORVGHUHFKRVUHVHUYDGRV
,PSUHVRHQ1DFLRQHV8QLGDV6DQWLDJRGH&KLOH

/RV(VWDGRVPLHPEURV\VXVLQVWLWXFLRQHVJXEHUQDPHQWDOHVSXHGHQUHSURGXFLUHVWDREUDVLQDXWRUL]DFLyQSUHYLD6yORVHOHV
VROLFLWDTXHPHQFLRQHQODIXHQWHHLQIRUPHQDODV1DFLRQHV8QLGDVGHWDOUHSURGXFFLyQ
&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1 ,QIRUPDOLGDG\WULEXWDFLyQHQ$PpULFD/DWLQD([SORUDQGRORVQH[RV«
ËQGLFH
5HVXPHQ
,QWURGXFFLyQ
, (OSUREOHPDGHODLQIRUPDOLGDGHQODHFRQRPtD
$ (OFRPSOHMRFtUFXORGHLQWHUDFFLRQHVHQWUHGLVWLQWRVIDFWRUHV
% 'HILQLFLRQHVDQWHFHGHQWHV\SULQFLSDOHVHQIRTXHV
& /DVSULQFLSDOHVFDXVDVGHODLQIRUPDOLGDG
' $OJXQDVGHODVFRQVHFXHQFLDVDVRFLDGDVDODLQIRUPDOLGDG
( &ULWHULRVGHPHGLFLyQXWLOL]DGRVDQLYHOLQWHUQDFLRQDO
,, /DLQIRUPDOLGDGHQ$PpULFD/DWLQD
$ 3ULQFLSDOHVUHVXOWDGRV\WHQGHQFLDVUHJLRQDOHV
% /DVSDUWLFXODULGDGHVGHODLQIRUPDOLGDGHQ$PpULFD/DWLQD
& /DGLPHQVLyQODERUDOGHODLQIRUPDOLGDGHQODUHJLyQ
' /DLQIRUPDOLGDG\VXVHIHFWRVVREUHODVHFRQRPtDV
ODWLQRDPHULFDQDV
,,, /DSROtWLFDWULEXWDULDHQ$PpULFD/DWLQD
$ (YROXFLyQUHFLHQWH\FDUDFWHUtVWLFDVVDOLHQWHV
DQLYHOUHJLRQDO
% 3ULQFLSDOHVWHQGHQFLDVHQODVHVWUXFWXUDVWULEXWDULDV
GHODUHJLyQ
& /DVUHODFLRQHVHQWUHODUHFDXGDFLyQWULEXWDULD
\ODLQIRUPDOLGDG
' /DHYDVLyQLPSRVLWLYD\ODLQIRUPDOLGDGHQORVSDtVHV
GH$PpULFD/DWLQD

,9 /DVUHVSXHVWDVWULEXWDULDVSDUDDWHQGHUORVQLYHOHVGHLQIRUPDOLGDG
$ /DWULEXWDFLyQVLPSOLILFDGDSDUDSHTXHxRVFRQWULEX\HQWHVHQ$PpULFD/DWLQD
% $QiOLVLVGHORVUHJtPHQHVVLPSOLILFDGRVLPSOHPHQWDGRVHQODUHJLyQ
& /HFFLRQHVVREUHODWULEXWDFLyQVLPSOLILFDGDHQODUHJLyQ
9 &RQFOXVLRQHV\UHFRPHQGDFLRQHVGHSROtWLFD
%LEOLRJUDItD
$QH[RHVWDGtVWLFR
6HULH0DFURHFRQRPtDGHOGHVDUUROORQ~PHURVSXEOLFDGRV
ËQGLFHGHFXDGURV
&8$'52 7$0$f2'(/$(&2120Ë$,1)250$/(1$0e5,&$/$7,1$
&8$'52 &20326,&,Ï1'(/(03/(2,1)250$/(1$0e5,&$/$7,1$$f2
&8$'52 ,03$&72'(/6,67(0$75,%87$5,262%5(/$',675,%8&,Ï1
'(/,1*5(62(1$0e5,&$/$7,1$
&8$'52 5(*Ë0(1(6(63(&,$/(63$5$3(48(f26&2175,%8<(17(6(13$Ë6(6
'($0e5,&$/$7,1$
&8$'52 &203$5$&,Ï1'(/26³723(6´'(/26,038(67266,03/,),&$'26
&8$'52 5(&$8'$&,Ï175,%87$5,$'(5(*Ë0(1(66,03/,),&$'26(1
$0e5,&$/$7,1$3$Ë6(66(/(&&,21$'26$f2
&8$'52$ 7$0$f2'(/$(&2120Ë$,1)250$/
&8$'52$ ,1*5(62675,%87$5,26'(/263$Ë6(6'($0e5,&$/$7,1$
,1&/8<(1'2&2175,%8&,21(6'(/$6(*85,'$'62&,$/
ËQGLFHGHJUiILFRV
*5È),&2 /$(&2120Ë$,1)250$/(1',67,17$65(*,21(6'(/3/$1(7$
3520(',2
*5È),&2 (92/8&,Ï1'(/7$0$f2'(/$(&2120Ë$,1)250$/
(1$0e5,&$/$7,1$*58326</$2&'(
*5È),&2 ,1)250$/,'$'/$%25$/(1/263$Ë6(6'($0e5,&$/$7,1$
$f2
*5È),&2 7$0$f2'(/$(&2120Ë$,1)250$/<3,%3(5&È3,7$$f2
*5È),&2 7$0$f2'(/$(&2120Ë$,1)250$/<'(6,*8$/'$'(1
/26,1*5(626$f2
*5È),&2 ,1*5(62675,%87$5,26(1/263$Ë6(6'($0e5,&$/$7,1$
*5È),&2 (6758&785$75,%87$5,$3520(',2'($0e5,&$/$7,1$
*5È),&2 (6758&785$'(/266,67(0$675,%87$5,26(1$0e5,&$/$7,1$
0Ë1,020È;,02<3520(',25(*,21$/3$5$&$'$7,32
'(,038(6726
*5È),&2 (&2120Ë$,1)250$/<5(&$8'$&,Ï1'(/,9$(1$0e5,&$/$7,1$
*5È),&2 (&2120Ë$,1)250$/<5(&$8'$&,Ï1'(/,038(67262%5(
/$5(17$(1$0e5,&$/$7,1$
*5È),&2 ,1)250$/,'$'/$%25$/<),1$1&,$0,(172'(/$6(*85,'$'
62&,$/(1$0e5,&$/$7,1$
*5È),&2 ,1)250$/,'$'/$%25$/<),1$1&,$0,(172'(/$6(*85,'$'
62&,$/(1$0e5,&$/$7,1$$f26
*5È),&2 7$0$f2'(/$(&2120Ë$,1)250$/<(9$6,Ï175,%87$5,$'(/,9$
(1$0e5,&$/$7,1$(13$Ë6(66(/(&&,21$'26$f26
ËQGLFHGHUHFXDGURV
5(&8$'52 /$,03257$1&,$'(/$63<0(6(1$0e5,&$/$7,1$

5HVXPHQ
(Q ORV ~OWLPRV DxRV HO HVWXGLR GHO SUREOHPD GH OD LQIRUPDOLGDG HQ OD
HFRQRPtD KD DGTXLULGR XQ FUHFLHQWH LQWHUpV SDUD YDULDV GLVFLSOLQDV
FLHQWtILFDV \ HQ HVH PDUFR ODV UHODFLRQHV TXH SXHGHQ HVWDEOHFHUVH HQWUH
HVWHIHQyPHQR\ODSROtWLFDWULEXWDULDGHORVSDtVHVD~QPXHVWUDQXQDPSOLR
HVSDFLRSDUDVHUH[SORUDGR9DULRVHVWXGLRVHQODPDWHULDKDQSUHVHQWDGR
FODUDV SUXHEDV GH TXH HO VLVWHPD WULEXWDULR LQIOX\H VREUH HO WDPDxR GH OD
HFRQRPtDLQIRUPDO$VXYH]DOWRVQLYHOHVGHLQIRUPDOLGDGDWHQWDQFRQWUD
HO QHFHVDULR FXPSOLPLHQWR WULEXWDULR SRU SDUWH GH ORV FRQWULEX\HQWHV
HURVLRQDQGR ORV UHFXUVRV GLVSRQLEOHV \ GLVWRUVLRQDQGR ORV HIHFWRV GH OD
WULEXWDFLyQVREUHODHTXLGDGGLVWULEXWLYD
/RV GDWRV PiV UHFLHQWHV SHUPLWHQ FRPSUREDU TXH HQ OD PD\RUtD GH
ORVSDtVHVGHODUHJLyQHOFLFORGHFUHFLPLHQWRHFRQyPLFRVRVWHQLGRGXUDQWH
JUDQ SDUWH GH OD ~OWLPD GpFDGD KD HVWDGR DFRPSDxDGR SRU GRV WHQGHQFLDV
VLPXOWiQHDV L HO DXPHQWR GH OD UHFDXGDFLyQ GH ORV GRV SULQFLSDOHV
LPSXHVWRV YLJHQWHVHQORVVLVWHPDV WULEXWDULRV ODWLQRDPHULFDQRVORFXDOKD
UHIRU]DGR XQ SURFHVR GH FRQFHQWUDFLyQ GH OD HVWUXFWXUD WULEXWDULD D QLYHO
UHJLRQDO \ LL OD GLVPLQXFLyQ OHQWD SHUR HYLGHQWH GH ORV QLYHOHV GH
LQIRUPDOLGDG HFRQyPLFD HQ WRGRV ORV SDtVHV GH OD UHJLyQ DQDOL]DGRV D~Q
FXDQGRDOJXQRVGHHOORVVHHQFXHQWUDQDFWXDOPHQWHHQWUHORVPiVLQIRUPDOHV
GHOSODQHWD
6HKDREVHUYDGRWDPELpQTXHORVSDtVHVTXHWLHQHQPHQRUJUDGRGH
GHVDUUROOR PD\RU GHVLJXDOGDG GH LQJUHVRV \ ORV TXH H[KLEHQ PD\RUHV
QLYHOHVGHHYDVLyQLPSRVLWLYDVRQORVSDtVHVFRQHFRQRPtDVLQIRUPDOHVGH
PD\RUWDPDxRUHODWLYR

/DLQIRUPDOLGDGODERUDOSRUVXSDUWHKDPRVWUDGRXQGHVFHQVRDOHQWDGRUDSDUWLUGHORVDYDQFHV
ORJUDGRVHQPDWHULDGHFREHUWXUDSUHYLVLRQDODOPHQRVHQDTXHOORVSDtVHVGHODUHJLyQFRQVLVWHPDVGH
VHJXULGDG VRFLDO PiV FRQVROLGDGRV $QWH OD JUDYHGDG PDQLILHVWD GHO SUREOHPD GH OD LQIRUPDOLGDG ORV
SDtVHV KDQ YHQLGR LPSOHPHQWDQGR UHJtPHQHV VLPSOLILFDGRV GH WULEXWDFLyQ FRPR XQD KHUUDPLHQWD SDUD
DWHQGHU WDQWR ODV QHFHVLGDGHV GH IRUPDOL]DFLyQ GH ORV SHTXHxRV FRQWULEX\HQWHV FRPR SDUD FRPEDWLU HO
HOHYDGRQLYHOGHLQFXPSOLPLHQWRWULEXWDULRTXHVHDGYLHUWHHQWUHORVPLVPRV1RREVWDQWHHOORVHLQGLFD
TXHGLFKRVVLVWHPDVHVSHFLDOHVGHLPSRVLFLyQGHEHQVHUFRQVLGHUDGRVFRPRXQSXQWRGHSDUWLGDSHURQR
GHOOHJDGDHQHOWUDWDPLHQWRGHODLQIRUPDOLGDG

,QWURGXFFLyQ
(QXQDVLWXDFLyQKLSRWpWLFDVHHQFXHQWUDQWUHVWUDEDMDGRUHVHOHFWULFLVWDVFRQ

XQPLVPRREMHWLYRREWHQHUXQLQJUHVRVXILFLHQWHTXHOHSHUPLWDVDWLVIDFHUODV
QHFHVLGDGHV GH DOLPHQWDFLyQ YLYLHQGD VDOXG HGXFDFLyQ \ UHFUHDFLyQ GH
WRGRV ORV LQWHJUDQWHV GH VX IDPLOLD $ SHVDU GH ODV GLIHUHQFLDV SDUWLFXODUHV
HQWUHHOORVVHVDEHTXHORVWUHVWLHQHQORVPLVPRVFRQRFLPLHQWRVSUiFWLFRVHQ
VXHVSHFLDOLGDGSDUDFXEULUXQGHWHUPLQDGRSXHVWRODERUDO
(O SULPHUR GH HOORV FRQVLJXH XQ HPSOHR IRUPDO HQ XQD HPSUHVD
FRQVWUXFWRUD SRU HO FXDO UHFLEH XQ VDODULR DFRUGH D VX IRUPDFLyQ
SURIHVLRQDO \ SRU HO SDJR GH LPSXHVWRV FRUUHVSRQGLHQWH JR]D GH OD
SURWHFFLyQVRFLDOSURYLVWDSRUHO(VWDGRSHQVLRQHVVHJXURGHVDOXGHWF
SDUDpOPLVPR\VXJUXSRIDPLOLDU
(OVHJXQGRWUDEDMDGRUQRWLHQHODPLVPDVXHUWHVXPHQRUQLYHOGH
HGXFDFLyQJHQHUDOD~QHVWDQGRFDSDFLWDGRSDUDODWDUHDHQFXHVWLyQORKD
UHOHJDGR HQ ODV E~VTXHGDV GH HPSOHR \ VXV XUJHQFLDV PRQHWDULDV OR KDQ
OOHYDGRDHPSOHDUVHGHPDQHUDLQIRUPDO\SUHFDULDDFHSWDQGRXQLQJUHVR
PHQRU \ GDGR TXH QR UHDOL]D ODV FRQWULEXFLRQHV ODERUDOHV OHJDOHV VLQ OD
SRVLELOLGDGGHREWHQHUQLQJ~QEHQHILFLRGHODVHJXULGDGVRFLDO
3RU VX SDUWH HO WHUFHU HOHFWULFLVWD SRVHH XQ DFHSWDEOH QLYHO
HGXFDWLYR \ WLHQH XQ EXHQ SDVDU HFRQyPLFR D QLYHO IDPLOLDU SRU OR TXH
HVWDUtDHQFRQGLFLRQHVGHREWHQHUXQHPSOHRIRUPDOFRQXQVDODULRVLPLODU
DO GHO SULPHU WUDEDMDGRU 1R REVWDQWH HVWH LQGLYLGXR KD RSWDGR
GHOLEHUDGDPHQWHSRUGHVDUUROODUVXVWDUHDVGHPDQHUDLQIRUPDOXELFiQGRVH
³IXHUDGHOVLVWHPD´ \UHFLELHQGRDVtXQLQJUHVRHTXLYDOHQWHDOGHOSULPHU
FDVRSHURVLQFXPSOLUFRQVXVREOLJDFLRQHVWULEXWDULDVORTXHOHEULQGDXQ
PD\RULQJUHVRGLVSRQLEOHILQDO$VLPLVPRHVWHWUDEDMDGRUSRGUtDRSWDUSRU

GHFODUDU VyOR XQD SDUWH GH ORV LQJUHVRV TXH UHFLEH KDELOLWiQGROR D UHFLELU SUHVWDFLRQHV GH OD VHJXULGDG
VRFLDOORTXHHQGHILQLWLYDOHSHUPLWHSDJDUPHQRVLPSXHVWRVTXHORVDVDODULDGRVIRUPDOHV\UHFLELUDVt
XQLQJUHVRHIHFWLYRPHQVXDOFRQVLGHUDEOHPHQWHPD\RUDOGHORVRWURVGRVFDVRVVHxDODGRV
(QPXFKRVSDtVHVGH$PpULFD/DWLQDHVWDVLWXDFLyQUHVXOWDPiVIUHFXHQWHGHORTXHVHHVSHUDUtD
<DVHDSRUVXH[FOXVLyQLQYROXQWDULDGHOPHUFDGRIRUPDOGHWUDEDMRRSRUODHOHFFLyQUDFLRQDOGHOPLVPR
WUDEDMDGRU PXFKDV SHUVRQDV GHVDUUROODQ VXV WDUHDV ODERUDOHV \ REWLHQHQ SDUWH R OD WRWDOLGDG GH VXV
LQJUHVRV PRQHWDULRV HQ OR TXH VH GHQRPLQD ³HO VHFWRU LQIRUPDO´ GH OD HFRQRPtD $QiORJDPHQWH HVWR
PLVPRVXFHGHFRQORVFXHQWDSURSLVWDV\ODVHPSUHVDVHVSHFLDOPHQWHODVGHPHQRUWDPDxRGRQGHWDQWR
SRUH[FOXVLyQFRPRSRUHOHFFLyQVHUHJLVWUDQHOHYDGRVQLYHOHVGHLQIRUPDOLGDG
6DELGR HV TXH HVWH IHQyPHQR HV XQ VLJQR GH VXEGHVDUUROOR \ HQ DOJXQRV FDVRV GH UHWUDVR
HFRQyPLFR HQ WDQWR LPSOLFD XQD LQHILFLHQWH DVLJQDFLyQ GH UHFXUVRV \ XQD SpUGLGD GH ODV YHQWDMDV TXH
EULQGD HO VLVWHPD IRUPDO GH OD HFRQRPtD FRPR VRQ OD SURWHFFLyQ OHJDO GH ORV GHUHFKRV HO DFFHVR DO
FUpGLWR\ODSDUWLFLSDFLyQSOHQDHQORVPHUFDGRVGHELHQHV\VHUYLFLRV
3RUORWDQWRHQXQSULPHUPRPHQWRFDEUtDSUHJXQWDUVHVREUHFXiQLPSRUWDQWHHVHOWDPDxRGHOD
HFRQRPtDLQIRUPDOHQODUHJLyQ(QHVHVHQWLGRODOLWHUDWXUDVREUHODLQIRUPDOLGDGD~QPDQWLHQHFLHUWD
FRPSOHMLGDG HQ OD GHILQLFLyQ GH HVWH IHQyPHQR \ SRU HOOR VH FRQVLGHUD QHFHVDULR FRPHQ]DU FRQ XQD
FODULILFDFLyQ GH OD FXHVWLyQ \ XQ UHFRQRFLPLHQWR GH TXH HO WHPD UHYLVWH IDFHWDV TXH HVWiQ UHODFLRQDGDV
FRQ DVSHFWRV SROtWLFRV HFRQyPLFRV \ VRFLDOHV TXH QHFHVLWDQ VHU H[SXHVWDV HQ WRGD VX GLPHQVLyQ SDUD
SRGHUDSUHFLDUODLPSRUWDQFLDGHOSUREOHPD$SHVDUGHODVGLILFXOWDGHVWpFQLFDVTXHLPSOLFDWDPELpQHV
LPSRUWDQWHDQDOL]DUODVHVWLPDFLRQHVFXDQWLWDWLYDVUHVSHFWRGHODLQIRUPDOLGDGHQHOPXQGR\HQHVSHFLDO
HQORVSDtVHVGHODUHJLyQ
(QVHJXQGROXJDUVXUJHQHFHVDULRLQGDJDUVREUHODVFDXVDV\ODVFRQVHFXHQFLDVGHODLQIRUPDOLGDG
HQ $PpULFD /DWLQD /D SUHJXQWD DGTXLHUH GH SRU Vt XQ LPSRUWDQFLD HVHQFLDO \D TXH SRGHU FODULILFDU VXV
UD]RQHV SXHGH FRQGXFLU D JHQHUDU VROXFLRQHV SDUD DFRWDU HVWH IHQyPHQR VRFLRHFRQyPLFR KDFLD OtPLWHV
DFHSWDEOHV (Q HVH VHQWLGR ORV WHPDV UHODWLYRV D OD VLWXDFLyQ WULEXWDULD D OD QHFHVLGDG GH HYLWDU SHUGHU
EHQHILFLRVS~EOLFRVDODFRQYHQLHQFLDGHHOXGLUODDSOLFDFLyQGHUHJXODFLRQHV\UHTXHULPLHQWRVDUHODFLRQHV
GHFRQYHQLHQFLDVPXWXDVHQWUHHOVHFWRUODERUDO\ODVHPSUHVDVDVtFRPRODGLVWRUVLyQGHORVSUHFLRVHQWUH
HOIDFWRUWUDEDMR\FDSLWDOPRWLYDGDVSRUGLVSRVLFLRQHVS~EOLFDVUHTXLHUHQGHXQDQiOLVLVGHWDOODGR
(Q OR TXH VH UHILHUH D ODV FRQVHFXHQFLDV HVSHFLDOPHQWH HQ HO iPELWR HFRQyPLFR HO WHPD GH OD
LQIRUPDOLGDG QR VyOR LPSDFWD HQ FXHVWLRQHV YLQFXODGDV DO PHUFDGR GH WUDEDMR \ D ODV UHODWLYDV D OD
HYDVLyQ WULEXWDULD VLQR WDPELpQ HQ OD HVWUXFWXUD GH ODV HFRQRPtDV ODV UHODFLRQHV H[LVWHQWHV HQWUH ORV
JRELHUQRV \ ODV HPSUHVDV SULYDGDV ODV HVWDGtVWLFDV GH FXHQWDV QDFLRQDOHV \ VRFLDOHV DVt FRPR HQ XQD
VHULHGHIDFWRUHVHVSHFtILFRVSDUD$PpULFD/DWLQDTXHUHVXOWDQGHLQWHUpVHVWXGLDUHQHVWHLQIRUPH
3RU~OWLPRHQODE~VTXHGDGHVROXFLRQHVSDUDHVWHSUREOHPDORVSDtVHVGHODUHJLyQKDQDSHODGR
FRQGLVWLQWRJUDGRGHp[LWRDODLPSOHPHQWDFLyQGHPHGLGDVHLQVWUXPHQWRVGHSROtWLFDHFRQyPLFDFRQHO
ILQGHUHGXFLUORVHOHYDGRVQLYHOHVGHLQIRUPDOLGDG$OUHVSHFWRODSROtWLFDWULEXWDULDKDVLGRXQRGHORV
SULQFLSDOHV FDQDOHV D WUDYpV GH ORV FXDOHV ORV JRELHUQRV KDQ LQWHQWDGR GHVDUUROODU SURFHVRV GH
IRUPDOL]DFLyQGHORVWUDEDMDGRUHVLQIRUPDOHVUD]yQSRUODFXDOUHVXOWDGHLQWHUpVHVWXGLDUORVQH[RVTXH
SXHGHQHQFRQWUDUVHHQXQRXRWURVHQWLGRHQWUHODLQIRUPDOLGDG\ODWULEXWDFLyQHQ$PpULFD/DWLQD
9DULRV HVWXGLRV HQ OD PDWHULD KDQ SUHVHQWDGR FODUDV SUXHEDV GH TXH HO VLVWHPD WULEXWDULR LQIOX\H
VREUH OD HFRQRPtD LQIRUPDO GDGR TXH ORV LPSXHVWRV \ ORV DSRUWHV D OD VHJXULGDG VRFLDO VH VXPDQ D ORV
FRVWRV GH OD PDQR GH REUD \ pVWRV FRQVWLWX\HQ IDFWRUHV FODYH HQ OR TXH UHVSHFWD D OD LQIRUPDOLGDG $Vt
FXDQWRPD\RUVHDODGLIHUHQFLDHQWUHHOFRVWRWRWDOGHODPDQRGHREUDHQODHFRQRPtDRILFLDO\ODVJDQDQFLDV
GHOWUDEDMRXQDYH]GHGXFLGRVORVLPSXHVWRVPD\RUVHUiHOLQFHQWLYRSDUDTXHHPSOHDGRUHV\HPSOHDGRV
HYLWHQHVWDGLIHUHQFLD\VHVXPHUMDQHQODHFRQRPtDLQIRUPDOSRUPHGLRGHODHOXVLyQRODHYDVLyQGHODV
REOLJDFLRQHV LPSRVLWLYDV $GHPiV DTXt HQWUDQ HQ MXHJR QR VyOR FXHVWLRQHV PHUDPHQWH HFRQyPLFDV VLQR

$OUHVSHFWRSXHGHQFRQVXOWDUVHORVHVWXGLRVGH*HU[KDQLTXHUHFRSLODXQDH[WHQVDVHULHGHWUDEDMRVVREUHHVWRVDVSHFWRVGHOD
2&'( TXH DQDOL]D ODV LPSOLFDQFLDV ILVFDOHV GH OD LQIRUPDOLGDG \ GH 9XOHWLQ TXH HYDO~D OD UHOHYDQFLDGHO VLVWHPD
WULEXWDULRFRPRGHWHUPLQDQWHGHOQLYHOGHLQIRUPDOLGDGSDUDORVSDtVHVGH$PpULFD/DWLQD

DTXHOODVUHODFLRQDGDVFRQODFDOLGDGGHODVLQVWLWXFLRQHV\HOQLYHOGHJREHUQDQ]DODPRUDOWULEXWDULD\HO
YtQFXOR HQWUH ORV FRQWULEX\HQWHV \ HO (VWDGR D WUDYpV GH XQD DGHFXDGD SURYLVLyQ GH ELHQHV \ VHUYLFLRV
S~EOLFRV 7RGRV HVWRV DVSHFWRV UHTXLHUHQ HQWRQFHV GH XQ DQiOLVLV SURIXQGR GHVGH XQD SHUVSHFWLYD
LQWHJUDGRUDVLHPSUHTXHVHSUHWHQGDLQWURGXFLUFDPELRVHQORVVLVWHPDVWULEXWDULRVGHODUHJLyQ
3DUD FXPSOLU FRQ ORV REMHWLYRV TXH VH SURSRQH HO SUHVHQWH LQIRUPH VHJXLGDPHQWH D HVWD
LQWURGXFFLyQHQHOSULPHUFDStWXORVHLQWHQWDUiHVWDEOHFHUXQPDUFRWHyULFRFRPSDFWRVREUHHOWHPDGHOD
LQIRUPDOLGDGHQODHFRQRPtDDQLYHOJHQHUDOLGHQWLILFDQGRODVFDXVDV\FRQVHFXHQFLDVGHOSUREOHPDFRQ
pQIDVLVHQHOYtQFXORH[LVWHQWHFRQHOVLVWHPDWULEXWDULRDGHPiVGHSUHVHQWDUDOJXQRVUHVXOWDGRVJHQHUDOHV\
ODV SULQFLSDOHV PHWRGRORJtDV XWLOL]DGDV SDUD OD FXDQWLILFDFLyQ GH OD LQIRUPDOLGDG HQ HO PXQGR (Q HO
FDStWXORVLJXLHQWHVHHIHFWXDUiXQDUHYLVLyQGHODOLWHUDWXUDHPStULFDVREUHLQIRUPDOLGDGHQ$PpULFD/DWLQD
SUHVHQWDQGR ODV PiV UHFLHQWHV HVWLPDFLRQHV FXDQWLWDWLYDV SDUD REWHQHU XQD LGHD SUHFLVD GH ODV
SDUWLFXODULGDGHV GH HVWH IHQyPHQR HQ OD UHJLyQ \ HQ DOJXQRV GH ORV SDtVHV TXH OD FRPSRQHQ (O WHUFHU
FDStWXOR H[SORUDUi ORV YtQFXORV H[LVWHQWHV HQWUH OD VLWXDFLyQ WULEXWDULD ODWLQRDPHULFDQD \ ORV QLYHOHV GH
LQIRUPDOLGDGDQDOL]DQGRODVSULQFLSDOHVFDUDFWHUtVWLFDVHLPSOLFDQFLDVSDUDORVSDtVHVODWLQRDPHULFDQRVFRQ
HVSHFLDOpQIDVLVHQHOQLYHO\ODHVWUXFWXUDGHODFDUJDWULEXWDULD\ORVQLYHOHVGHHYDVLyQLPSRVLWLYD3RUVX
SDUWH HO FXDUWR FDStWXOR WUDWDUi VREUH ODV UHVSXHVWDV GH OD SROtWLFD WULEXWDULD DQWH OD H[LVWHQFLD GH OD
LQIRUPDOLGDG SDUWLFXODUPHQWH OD DSOLFDFLyQ GH UHJtPHQHV VLPSOLILFDGRV GLULJLGRV D ORV SHTXHxRV
FRQWULEX\HQWHVODFXDOUHVXOWDKR\HQGtDXQDSUiFWLFDDPSOLDPHQWHGLIXQGLGDHQWUHORVSDtVHVGHODUHJLyQ
)LQDOPHQWHVREUHODEDVHGHORVDUJXPHQWRVHVJULPLGRVVHSUHVHQWDUiQODVSULQFLSDOHVFRQFOXVLRQHV\VH
SODQWHDUiQDOJXQDVUHFRPHQGDFLRQHVGHSROtWLFDVWHQGLHQWHVDPHMRUDUODHILFLHQFLD\ODHTXLGDGGHOVLVWHPD
WULEXWDULRDODOX]GHORVQLYHOHVGHLQIRUPDOLGDGGHORVSDtVHVGHODUHJLyQ

, (OSUREOHPDGHODLQIRUPDOLGDG
HQODHFRQRPtD
$ (OFRPSOHMRFtUFXORGHLQWHUDFFLRQHV
HQWUHGLVWLQWRVIDFWRUHV
/DLQIRUPDOLGDGHVXQIHQyPHQRTXHUHFRQRFHP~OWLSOHVFDXVDV\JHQHUD
GLVWLQWDV FRQVHFXHQFLDV 8QD GH HVWDV FDXVDV HQ PXFKRV FDVRV VH
UHODFLRQD FRQ HO QLYHO \ OD HVWUXFWXUD GHO VLVWHPD WULEXWDULR PHGLDQWH HO
HIHFWR TXH ORV LPSXHVWRV HMHUFHQ VREUH ODV GHFLVLRQHV UDFLRQDOHV GH WLSR
LQGLYLGXDOSDUDSHUWHQHFHUDOVHFWRUIRUPDOGHODHFRQRPtDHQWDQWRHVWRV
VHDQ SHUFLELGRV FRPR XQ FRVWR QHFHVDULR SDUD VX ORJUR 7RUJOHU \
6FKQHLGHU3RURWUDSDUWHHOVLVWHPDWULEXWDULRHVWDPELpQPXFKDV
YHFHVDIHFWDGRSRUHOQLYHOGHLQIRUPDOLGDGTXHSRVHHXQGHWHUPLQDGRSDtV
\TXHSXHGHUHSUHVHQWDUXQDUHGXFFLyQFRQVLGHUDEOHHQHOQLYHOGHUHFXUVRV
WULEXWDULRVHIHFWLYDPHQWHUHFDXGDGRVUHVSHFWRGHOQLYHOSRWHQFLDO
(QVHJXQGROXJDUVHKDUHVDOWDGRUHLWHUDGDPHQWHODH[LVWHQFLDGHXQD
UHODFLyQLQYHUVDHQWUHHOQLYHOGHLQIRUPDOLGDG\HO³WDPDxRPHGLR´GHORV
FRQWULEX\HQWHVTXHVHHQFXHQWUDQHQHVWDVLWXDFLyQ3HUU\HWDO$Vt
VH REVHUYD WDQWR HQ SDtVHV GHVDUUROODGRV FRPR VXEGHVDUUROODGRV TXH HO
SUREOHPD GH OD LQIRUPDOLGDG VH GD FRQ PXFKD PD\RU LQWHQVLGDG HQWUH ORV
SHTXHxRV FRQWULEX\HQWHV \D VHDQ LQGLYLGXRV DXWyQRPRV DVDODULDGRV
SURGXFWRUHV\YHQGHGRUHVDPEXODQWHVRHPSUHVDVPLFURHPSUHQGLPLHQWRV
\3<0(6$VLPLVPRVHSXHGHGHULYDUXQDUHODFLyQGHUHFLSURFLGDGHQWUH
HVWHWLSRGHFRQWULEX\HQWHV\HOIHQyPHQRGHODLQIRUPDOLGDGGHELGRDTXH
SUHFLVDPHQWHORVSULPHURVVRQORVTXHHQFXHQWUDQPD\RUHVGLILFXOWDGHVDOD
KRUD GH FXPSOLU FRQ ORV UHTXHULPLHQWRV OHJDOHV SDUD SHUWHQHFHU DO VHFWRU
IRUPDO GH OD HFRQRPtD FRVWRV GH HQWUDGD D ORV PHUFDGRV FRVWRV GH
FXPSOLPLHQWR WULEXWDULR FRVWRV GH FRQIRUPLGDG UHJXODWRULD \ PD\RUHV

ULHVJRVHFRQyPLFRVUHVSHFWRGHODVHPSUHVDVJUDQGHV\DGLFLRQDOPHQWHVRQORVTXHVXHOHQWHQHUPiV
RSRUWXQLGDGHV D VDOLUVH GHO VLVWHPD IRUPDO GDGD OD PD\RU GLILFXOWDG GH FRQWURO TXH LPSOLFDQ SDUD HO
(VWDGR\VXVLQVWLWXFLRQHV
(O WHUFHU QH[R GH HVWD UHODFLyQ FRQHFWD D HVWRV SHTXHxRV FRQWULEX\HQWHV FRQ OD SROtWLFD \ OD
DGPLQLVWUDFLyQWULEXWDULD(QDxRVUHFLHQWHV\GDGRTXHJUDQSDUWHGHODLQIRUPDOLGDGVHFRQFHQWUDHQWUH
HVWH JUXSR GH FRQWULEX\HQWHV VH KD VXVFLWDGR XQ FUHFLHQWH LQWHUpV HQ LPSOHPHQWDU PHGLGDV GH SROtWLFD
WULEXWDULDHVSHFLDOPHQWHGLVHxDGDVSDUDORJUDUXQDXPHQWRHQHOFXPSOLPLHQWRWULEXWDULR\FRQWULEXLUFRQ
OD IRUPDOL]DFLyQ GH ORV PLVPRV /RV UHJtPHQHV GH WULEXWDFLyQ VLPSOLILFDGD VRQ XQ FODUR HMHPSOR GH
DGDSWDFLyQ GH OD SROtWLFD WULEXWDULD D HVWH SDUWLFXODU WLSR GH FRQWULEX\HQWHV $GHPiV OD DGPLQLVWUDFLyQ
WULEXWDULDVHKDDGHFXDGRSDUDPHMRUDUODILVFDOL]DFLyQ\FRQWUROGHORVPLVPRV'HHVWHPRGRVHHVSHUD
TXHHOVLVWHPDWULEXWDULRDFW~HVREUHXQDJUDQFDQWLGDGGHFRQWULEX\HQWHVFRPRXQ³SXHQWH´TXHYLDELOLFH
HOSDVRGHXQDVLWXDFLyQGHLQIRUPDOLGDGSDUFLDORFRPSOHWDKDFLDXQLGHDOFXPSOLPLHQWR YROXQWDULR
GHQWURGHOUpJLPHQJHQHUDOGHWULEXWDFLyQ
(Q FXDUWR OXJDU XQ IDFWRU TXH UHVXOWD VHU FDGD YH] PiV IXQGDPHQWDO SDUD H[SOLFDU OD UHDOLGDG
VRFLRHFRQyPLFDGHORVSDtVHVVXEGHVDUUROODGRVUDGLFDHQHOQLYHOGHJREHUQDQ]DHVGHFLUHQORVDVSHFWRV
TXHKDFHQDODOHJLWLPLGDGGHO(VWDGR\DODFRQILDQ]DGHORVFLXGDGDQRVHQODVLQVWLWXFLRQHVS~EOLFDVOD
FDOLGDG GH ORV ELHQHV S~EOLFRV TXH VH RIUHFHQ \ OD SHUFHSFLyQ LQGLYLGXDO \ FROHFWLYD VREUH HO XVR
DGHFXDGR GH ORV UHFXUVRV S~EOLFRV )HOG \ )UH\ 6L HO GHVHPSHxR LQVWLWXFLRQDO HV SREUH VH
LQFUHPHQWDQ ORV LQFHQWLYRV D OD LQIRUPDOLGDG \D TXH VH UHGXFHQ ORV EHQHILFLRV GHO VHFWRU IRUPDO
$VLPLVPRVLODLQIRUPDOLGDGHVHOHYDGDODDFFLyQGHO(VWDGRTXHGDDFRWDGD\OLPLWDGDGDQGROXJDUDXQ
FtUFXORYLFLRVRGHGLItFLOUHVROXFLyQDFUHFHQWDQGRORVLQFHQWLYRVGH³HVFDSH´KDFLDODHFRQRPtDLQIRUPDO
5HVWDPHQFLRQDUTXHHOFRPSRQHQWHFHQWUDOTXHDUWLFXODODVLQWHUDFFLRQHVGHOFRPSOHMRHVTXHPD
³LQIRUPDOLGDGWULEXWDFLyQSHTXHxRV FRQWULEX\HQWHVJREHUQDQ]D´ YLHQH GDGR SRU OD H[LVWHQFLD GHO
SUREOHPDGHOD³HYDVLyQWULEXWDULD´\DTXHODPLVPDVHUHODFLRQDFRQ
• HOUHIOHMRGHODVGHFLVLRQHVLQGLYLGXDOHVRGHODGHWHUPLQDFLyQVRFLDOVHJ~QFXiOVHDHOHQIRTXH
TXHVHDSOLTXHGHOIHQyPHQRGHODLQIRUPDOLGDGIUHQWHDOSDJRGHORVLPSXHVWRV
• XQD GH ODV FDXVDV FRQMXQWDPHQWH FRQ ORV JDVWRV WULEXWDULRV GH OD EUHFKD H[LVWHQWH HQWUH HO
PRQWR GH UHFXUVRV WULEXWDULRV SRWHQFLDOHV \ OD UHFDXGDFLyQ HIHFWLYD OR FXDO OLPLWD HO
ILQDQFLDPLHQWRGHELHQHV\VHUYLFLRVS~EOLFRVGHFDOLGDGRIUHFLGRVSRUHO(VWDGR
• ODGLILFXOWDGGHODV$GPLQLVWUDFLRQHV7ULEXWDULDGHSRGHUFRQWURODUDXQQ~PHURVLJQLILFDWLYRV
GHFRQWULEX\HQWHVSHTXHxRVTXHVRQDODYH]ORVTXHUHODWLYDPHQWHPiVQHFHVLWDQGHORVELHQHV
\VHUYLFLRVS~EOLFRV
• OD H[LVWHQFLD GH XQD SREUH FDOLGDG LQVWLWXFLRQDO XQD EDMD PRUDO WULEXWDULD \ OD GHVFRQILDQ]D
JHQHUDOL]DGDHQODFDSDFLGDGGHO(VWDGRSDUDDSOLFDUODVSROtWLFDVDGHFXDGDVTXHFRQGX]FDQDO
ELHQHVWDUJHQHUDOGHODSREODFLyQ
7RGRHVWRGHVHPERFDHQXQHVFHQDULRGRQGHODLQIRUPDOLGDGHQFXHQWUDYtQFXORVFHUFDQRVFRQODV
UDtFHV GH OD GHVLJXDOGDG HQ OD GLVWULEXFLyQ GHO LQJUHVR 0LHQWUDV TXH HVWD ~OWLPD UHIXHU]D ORV
GHWHUPLQDQWHVGHODSULPHUDEDMRHOHQIRTXHGH³H[FOXVLyQ´SRURWUDSDUWHODEDMDOHJLWLPLGDGGHO(VWDGR
\ HO HVFDVR YDORU SHUFLELGR GH ORV EHQHILFLRV SDUD SHUPDQHFHU HQ HO VHFWRU IRUPDO SRU SDUWH GH ORV
FRQWULEX\HQWHV WDO FRPR VH VHxDOy LQFHQWLYD OD LQIRUPDOLGDG FRPR YtD GH ³HVFDSH´ $Vt DQWH XQD
HOHYDGD GHVLJXDOGDG HO VLVWHPD WULEXWDULR SLHUGH FDSDFLGDG SDUD LQIOXLU VREUH OD HTXLGDG VLHQGR ORV
LQGLYLGXRV \ ODV 3<0(6 ORV PiV DIHFWDGRV UHODWLYDPHQWH DO HQIUHQWDU PD\RUHV ULHVJRV \ TXHGDU PiV
H[SXHVWRVDODVIXHU]DVGHOPHUFDGR
/D IRUPDOL]DFLyQ GH FRQWULEX\HQWHV HQ WDQWR UHGX]FD OD HYDVLyQ WULEXWDULD \ SURPXHYD HO
FXPSOLPLHQWRYROXQWDULRSHUPLWHPHMRUDUODHTXLGDGKRUL]RQWDO\YHUWLFDOHQWUHFRQWULEX\HQWHVORFXDO

6HUHILHUHDODHYDVLyQGHLPSXHVWRV\FRQWULEXFLRQHVDOD6HJXULGDG6RFLDOSRUSDUWHGHHPSOHDGRVLQIRUPDOHVHQHOVHFWRUIRUPDOGH
ODHFRQRPtDHPSUHVDIRUPDO

IRUWDOHFHUiODOHJLWLPLGDGGHO(VWDGRHQXQFtUFXORYLUWXRVR3RUORWDQWRHVHVSHUDEOHTXHWRGDSROtWLFD
S~EOLFD TXH DSXQWH D UHGXFLU ORV QLYHOHV GH LQIRUPDOLGDG SURGX]FD GLUHFWD R LQGLUHFWDPHQWH HIHFWRV
SRVLWLYRVVREUHODHTXLGDGHQWUHORVFRQWULEX\HQWHV
&RPRFRURODULRGHHOOR\GDGDODUHODFLyQPHQFLRQDGDHQWUHLQIRUPDOLGDG\HYDVLyQWULEXWDULDORV
SDtVHVGHODUHJLyQKDQGLVHxDGRHQORV~OWLPRVDxRVGLVWLQWDVHVWUDWHJLDVSDUDLQFUHPHQWDUVXVUHFXUVRV
WULEXWDULRV \DVX YH]DXPHQWDUHOFRQWUROVREUHORVFRQWULEX\HQWHVSDUDORFXDOKDQYHQLGRDSOLFDQGR
LQVWUXPHQWRVKHWHURGR[RVFRPRORVUHJtPHQHVVLPSOLILFDGRVSDUDSHTXHxRVFRQWULEX\HQWHVHLPSXHVWRV
PtQLPRVRSUHVXQWLYRVGHO,65HPSUHVDULDODVtFRPRVHKDQLQWURGXFLGRUHIRUPDVHQODDGPLQLVWUDFLyQ
WULEXWDULDWHQGLHQWHVDIDFLOLWDUHOSDJRGHORVLPSXHVWRV\DXPHQWDUHOQLYHOGHFXPSOLPLHQWRWULEXWDULR
(VGHFLUODLQIRUPDOLGDGODERUDOHVWiUHIOHMDGDHQODVYDULDEOHVGHODVHJXULGDGVRFLDOFRPRHO
JUDGRGHFREHUWXUD\ORVLQJUHVRVSRUFRQWULEXFLRQHV\DSRUWHV3HURODLQIRUPDOLGDGHQVHQWLGRDPSOLR
SURGXFWLYR HVWi UHODFLRQDGD FRQ OD HYDVLyQ GH WRGRV ORV LPSXHVWRV \D TXH FXPSOLU FRQ ODV
REOLJDFLRQHVWULEXWDULDVDOLJXDOTXHFRQODVFRQGLFLRQHV\UHTXLVLWRVGHOPDUFRUHJXODWRULRYLJHQWHHV
XQR GH ORV FRPSRQHQWHV IXQGDPHQWDOHV SDUD FRQVLGHUDU OD SHUWHQHQFLD GH XQ FRQWULEX\HQWH DO VHFWRU
IRUPDOGHODHFRQRPtD
% 'HILQLFLRQHVDQWHFHGHQWHV\SULQFLSDOHVHQIRTXHV
'XUDQWH PXFKR WLHPSR OD HFRQRPtD QR PRVWUy LQWHUpV DOJXQR HQ HVWXGLDU ODV DFWLYLGDGHV GHVDUUROODGDV
SRU IXHUD GHO PDUFR IRUPDO GH OD PLVPD 'H KHFKR HO RULJHQ GHO WpUPLQR ³VHFWRU LQIRUPDO´ HV
JHQHUDOPHQWH DWULEXLGR DO DQWURSyORJR VRFLDO .HLWK +DUW TXLHQ HQ HO FRQWH[WR GHO PXQGR
VXEGHVDUUROODGR LQWURGXMR HVWH FRQFHSWR SDUD UHIHULUVH D XQD SDUWH GH OD IXHU]D ODERUDO XUEDQD TXH VH
HPSOHDED IXHUD GHO PHUFDGR IRUPDO GH WUDEDMR 6LQ HPEDUJR VH VXHOH DFHSWDU TXH HO HVWXGLR SLRQHUR
VREUH HO VHFWRU LQIRUPDO GH OD HFRQRPtD KD VLGR HO UHDOL]DGR SRU OD 2UJDQL]DFLyQ ,QWHUQDFLRQDO GHO
7UDEDMR 2,7 HQ HO FXDO OD LQIRUPDOLGDG HV FDUDFWHUL]DGD SRU OD UHQXHQFLD D FXPSOLU FRQ ODV
UHJXODFLRQHV H LPSXHVWRV JXEHUQDPHQWDOHV \ HV SXHVWD HQ UHODFLyQ FRQ ODV FRQGLFLRQHV ODERUDOHV \ OD
GLVWULEXFLyQGHOLQJUHVR
(QDxRVVLJXLHQWHVVHKDGHVDUUROODGRXQDYDVWDOLWHUDWXUDVREUHHVWRVWySLFRV\KDQVXUJLGRQXHYRV
WpUPLQRVFRPR³HFRQRPtDVXEWHUUiQHD´³HFRQRPtDQHJUD´\³HFRQRPtDRFXOWDÓRTXHDxDGLyFRQIXVLyQ
DODGHILQLFLyQGHODLQIRUPDOLGDGSXGLpQGRVHHQFRQWUDUGLVWLQWRVVLJQLILFDGRVVHJ~QORVGLVWLQWRVFDPSRV
GHLQYHVWLJDFLyQHFRQRPtDODERUDOVRFLRORJtDPDFURHFRQRPtDHVWDGtVWLFDFULPLQRORJtDHWF/DIDOWD
GHFRQVHQVRSDUDDOFDQ]DUXQDGHILQLFLyQ~QLFDVREUHODLQIRUPDOLGDGHVWiUHODFLRQDGDSUHFLVDPHQWHFRQ
ODFRPSOHMLGDG \DPSOLWXGGHOIHQyPHQRHQFXHVWLyQHOFXDOLQYROXFUDDVSHFWRVFRPRODHGXFDFLyQOD
SREUH]D OD IRUWDOH]D GH ODV LQVWLWXFLRQHV OD PRUDO VRFLDO OD HILFLHQFLD HFRQyPLFD \ OD HTXLGDG
GLVWULEXWLYDHQWUHRWURV
(QHVWHVHQWLGROD2,7KDKHFKRHVIXHU]RVDORODUJRGHOWLHPSRSRUGHILQLUODWUDWDQGRGHDEDUFDU
ODV QXHYDV UHDOLGDGHV GHO PHUFDGR ODERUDO \ OD HFRQRPtD HQ VX FRQMXQWR \ GH GDU RULHQWDFLRQHV GH
SROtWLFDV (Q HO DxR HVWD RUJDQL]DFLyQ LQFRUSRUy XQD GH ODV YHUWLHQWHV GHO FRQFHSWR GH ³HPSOHR
SUHFDULR´DVRFLDGDDOHPSOHRQRUHJLVWUDGRHQDFWLYLGDGHVIRUPDOHVDODWUDGLFLRQDOGHILQLFLyQGHVHFWRU
LQIRUPDO YLQFXODGD FRQ ODV DFWLYLGDGHV GH VXEVLVWHQFLD HQ VHJPHQWRV PDUJLQDOHV GH OD HFRQRPtD (V
GHFLUTXHVHDPSOLyHOFRQFHSWRGHLQIRUPDOLGDGSDUDLQFRUSRUDUDWUDEDMDGRUHVTXHQRHVWiQVXMHWRVDOD
OHJLVODFLyQODERUDOPiVDOOiGHOVHFWRUIRUPDORLQIRUPDOHQHOTXHGHVDUUROOHQVXVDFWLYLGDGHV'HHVWH
PRGRVHUHODFLRQyHOFRQFHSWRGHWUDEDMRHQHOVHFWRULQIRUPDOEDVDGRHQODXQLGDGGHSURGXFFLyQFRQ
HOFRQFHSWRGHWUDEDMRLQIRUPDOPiVDPSOLR\EDVDGRHQHOSXHVWRGHWUDEDMR1RYLFNHWDO
3DUDOHODPHQWH\HQXQVHQWLGRHVWULFWRODHFRQRPtDVXEWHUUiQHDLQFOX\HWDQWRDFWLYLGDGHVOHJDOHV
FRPRLOHJDOHVHLQYROXFUDWUDQVDFFLRQHVPRQHWDULDVFRPRQRPRQHWDULDV6FKQHLGHU\(QVWH3RU
OR WDQWR UHVXOWD QHFHVDULR DFRWDU OD GHILQLFLyQ GHO VHFWRU LQIRUPDO SDUD KDFHUOD FRPSDWLEOH FRQ ORV
REMHWLYRVGHOSUHVHQWHLQIRUPH
(Q XQ UHFLHQWH HVWXGLR 6FKQHLGHU HW DO GHILQHQ TXH OD HFRQRPtD RFXOWD LQFOX\H WRGD OD
SURGXFFLyQ OHJDO GH ELHQHV \ VHUYLFLRV RULHQWDGRV DO PHUFDGR TXH VRQ GHOLEHUDGDPHQWH DSDUWDGRV GHO

FRQWURO GH ODV DXWRULGDGHV JXEHUQDPHQWDOHV SRU DOJXQD GH ODV VLJXLHQWHV UD]RQHV L HYDGLU HO SDJR GH
LPSXHVWRV LL HYDGLU HO SDJR GH FRQWULEXFLRQHV D OD VHJXULGDG VRFLDO LLL HYDGLU HO FXPSOLPLHQWR GH
FLHUWDV HVWiQGDUHV OHJDOHV GHO PHUFDGR ODERUDO VDODULRV PtQLPRV MRUQDGD ODERUDO VHJXULGDG H KLJLHQH
HWFLYHYDGLUHOFXPSOLPLHQWRGHFLHUWRVSURFHGLPLHQWRVDGPLQLVWUDWLYRVUHJLVWUDFLyQ\FRQWURO
(VWDGHILQLFLyQVHHQFXHQWUDHQOtQHDFRQHOFRQFHSWRGHHFRQRPtDLQIRUPDODGRSWDGDSRUOD2,7
HQ HO DxR OD FXDO LQFOX\H D WRGDV ODV DFWLYLGDGHV HFRQyPLFDV GHVDUUROODGDV SRU WUDEDMDGRUHV R
HPSUHVDVTXHQRHVWiQOHJDOPHQWHRHQODSUiFWLFDFXELHUWDVRVXILFLHQWHPHQWHFXELHUWDVSRUHOPDUFR
IRUPDOGHODVLQVWLWXFLRQHV(VWHFULWHULRDPSOLRHVHOTXHVHDGRSWDUiDORODUJRGHOSUHVHQWHLQIRUPH
FRQXQpQIDVLVHVSHFLDOHQODVFXHVWLRQHVGHtQGROHWULEXWDULD
8Q KHFKR HVWLOL]DGR TXH VXUJH DO UHYLVDU OD OLWHUDWXUD FRQVLVWH HQ OD YLVLyQ SHVLPLVWD VREUH OD
LQIRUPDOLGDGTXHSUHGRPLQDEDHQHOSDVDGRODFXDOVXJHUtDODH[LVWHQFLDGHXQVHFWRUPDUJLQDO\UHVLGXDO
TXHGHEtDVHU³FRPEDWLGR´GHELGRDVXVHIHFWRVQHJDWLYRVSDUDODHFRQRPtDHQVXFRQMXQWR6LQHPEDUJR
HQORVDxRVUHFLHQWHVVHKDHQIDWL]DGRXQDSHUVSHFWLYDPiVRSWLPLVWDGHOSUREOHPDHQGRQGHVHLQWHQWD
UHFRQRFHU HO SRWHQFLDO GH WUDEDMDGRUHV \ HPSUHVDULRV LQIRUPDOHV VH DGYLHUWH OD GHSHQGHQFLD HQWUH HO
VHFWRU IRUPDO H LQIRUPDO \ VH SURSXJQD D ORV JRELHUQRVD EXVFDUXQD VROXFLyQ LQWHJUDGRUD \ HTXLWDWLYD
SDUDWRGRVORVDJHQWHVHFRQyPLFRVGHXQDVRFLHGDG
&RPR ELHQ DUJXPHQWDQ 3HUU\ HW DO PiV DOOi GH ODV GHILQLFLRQHV \ DSRUWHV TXH IXHURQ
VXUJLHQGRHQODVGRV~OWLPDVGpFDGDVODGLVFXVLyQGHOWHPDGHODLQIRUPDOLGDGVHKDGHVDUUROODGRDWUDYpV
GH GRV HQIRTXHV WHyULFRV GLVWLQWRV VHJ~Q ORV FXDOHV HVWH IHQyPHQR SXHGH HVWDU RFDVLRQDGR SRU OD
³H[FOXVLyQ´GHORVEHQHILFLRVGHO(VWDGR6HJXULGDG6RFLDOELHQHVS~EOLFRVHWFRGHORVFLUFXLWRVGHOD
HFRQRPtDIRUPDORSXHGHHVWDUJXLDGRSRUOD³VDOLGD´R³HOHFFLyQ´HVGHFLUSRUGHFLVLRQHVLQGLYLGXDOHV
YROXQWDULDVHQODVTXHRSWDQSRUSHUPDQHFHUIXHUDGHODVLQVWLWXFLRQHVIRUPDOHV
3RU XQ ODGR PXFKRV DXWRUHV SRVHHQ XQD YLVLyQ ³GXDO´ GHO IHQyPHQR HQ YLUWXG GH OD FXDO ORV
DJHQWHV HFRQyPLFRV VH YHQ ³REOLJDGRV´ D SHUWHQHFHU DO VHFWRU LQIRUPDO GH OD HFRQRPtD <D VHD SRU OD
VHJPHQWDFLyQGHOPHUFDGRODERUDO%RHNHRSRUODH[LVWHQFLDGHXQPDUFRUHJXODWRULRTXHLPSLGH
TXHODVHPSUHVDVSHTXHxDVFUXFHQODIURQWHUDKDFLDODIRUPDOLGDG\VHGHVDUUROOHQVDWLVIDFWRULDPHQWH'H
6RWRODLQIRUPDOLGDGGHVGHHVWDSHUVSHFWLYDVXUJHFRPRUHVXOWDGRGHODH[FOXVLyQLQYROXQWDULDGH
WUDEDMDGRUHV\HPSUHVDVGHODHFRQRPtDIRUPDO\VHVXHOHDVRFLDUDXQLQVWLQWRGHVXSHUYLYHQFLDGHORV
PLVPRV 3RU HVWD UD]yQ HVWD YLVLyQ VH UHODFLRQD FRQ ODV FRQGLFLRQHV VRFLRHFRQyPLFDV SRU ODV TXH
DWUDYLHVDODSREODFLyQFRPRODSREUH]DHOQLYHOHGXFDWLYRODGLVWULEXFLyQGHOLQJUHVRHWF
3RUHORWURODGRH[LVWHRWUDYLVLyQUHODFLRQDGDFRQODWRPDGHGHFLVLRQHVDQLYHOLQGLYLGXDOGRQGH
ORV DJHQWHV HVFRJHQ VX QLYHO ySWLPR GH DGKHUHQFLD FRQ ORV PDQGDWRV \ ODV LQVWLWXFLRQHV GHO (VWDGR
GHSHQGLHQGRGHOYDORUTXHDVLJQHQDORVEHQHILFLRVQHWRVUHODFLRQDGRVFRQODIRUPDOLGDG\DOHVIXHU]R\
ODFDSDFLGDGGHILVFDOL]DFLyQGHO(VWDGR(VGHFLUTXHPXFKRVWUDEDMDGRUHVIDPLOLDV\HPSUHVDVUHDOL]DQ
HYDOXDFLRQHVGHFRVWREHQHILFLRDFHUFDGHVLGHEHQRQRFUX]DUHOPDUJHQH[LVWHQWHKDFLDODIRUPDOLGDG\
FRQ IUHFXHQFLD GHFLGHQ QRFUX]DUOR 6HJ~Q HVWD SHUVSHFWLYD ORV DOWRV QLYHOHV GH LQIRUPDOLGDG VRQ XQD
FRQVHFXHQFLDGHTXHXQJUDQQ~PHURGHHPSUHVDV\SHUVRQDVRSWDQSRUQRSHUWHQHFHUDODVLQVWLWXFLRQHV
IRUPDOHVORFXDOLPSOLFDXQFXHVWLRQDPLHQWRGHODVRFLHGDGDODFDOLGDGGHORVVHUYLFLRVGHO(VWDGR\D
VXFDSDFLGDGSDUDKDFHUFXPSOLUODVQRUPDV
'HEH UHVDOWDUVH TXH D SHVDU GH ODV GLIHUHQFLDV HYLGHQWHV HVWDV GRV SHUVSHFWLYDV VREUH OD
LQIRUPDOLGDG UHVXOWDQ PDUFRV DQDOtWLFRV FRPSOHPHQWDULRV HQ OXJDU GH RSXHVWRV (Q HVWH VHQWLGR ORV
PHFDQLVPRVSRUORVFXDOHVSXHGHGDUVHODH[LVWHQFLDGHOVHFWRULQIRUPDOHQXQDHFRQRPtDSXHGHQYDULDU
VLJQLILFDWLYDPHQWH HQWUH SDtVHV GLVWLQWRV GH DFXHUGR D VXV UHVSHFWLYDV KLVWRULDV LQVWLWXFLRQHV \ PDUFRV
OHJDOHV R D~Q WDPELpQ OD LPSRUWDQFLD UHODWLYD GH OD H[FOXVLyQ \ OD VDOLGDHOHFFLyQ SXHGH YDULDU

3DUDXQDGLVFXVLyQDFWXDOL]DGDVREUHORVDVSHFWRVWpFQLFRVGHOFRQFHSWRGHLQIRUPDOLGDGVHSXHGHFRQVXOWDUHOWUDEDMRGH%DFFKHWWD
HWDO³/DJOREDOL]DFLyQ\HOHPSOHRLQIRUPDOHQORVSDtVHVHQGHVDUUROOR´2,720&6XL]D

'HEH TXHGDU HQ FODUR TXH DXQTXH SXGLHUD SDUHFHU OR FRQWUDULR ORV DJHQWHV VRQ FRQFHELGRV FRPR UDFLRQDOHV HQ ORV GRV HQIRTXHV
PHQFLRQDGRV(QWRGRFDVRODGLIHUHQFLDHQWUHDPERVUDGLFDHQHO³PDUJHQGHPDQLREUD´GHORVWUDEDMDGRUHV\ODVHPSUHVDVHQFDGD
XQRGHHOORVVLHQGRpVWHPD\RUGHVGHODSHUVSHFWLYDGH³VDOLGDHOHFFLyQ´

VLJQLILFDWLYDPHQWHHQWUHORVWUDEDMDGRUHV\ODVHPSUHVDVGHQWURGHFDGDSDtV3HUU\HWDO$GHPiV

OD LQIRUPDOLGDG HV XQ IHQyPHQR PXOWLGLPHQVLRQDO \D TXH ORV DJHQWHV LQWHUDFW~DQ FRQ HO (VWDGR HQ
DOJXQDV GLPHQVLRQHV \ QR HQ RWUDV FRQ OR FXDO VH FUHD XQD JUDQ iUHD JULV HQWUH ORV H[WUHPRV GH
FXPSOLPLHQWRWRWDO\GHQRFXPSOLPLHQWRGHODVOH\HV
3RU HQGH OD WHQGHQFLD DFWXDO VXJLHUH TXH SDUD REWHQHU XQD LGHD FDEDO GH ODV FDXVDV \
FRQVHFXHQFLDVGHODLQIRUPDOLGDG\VXUHODFLyQFRQODVLWXDFLyQWULEXWDULDVREUHWRGRHQ$PpULFD/DWLQD
UHVXOWDQHFHVDULRLQWHJUDUDPEDVDSUR[LPDFLRQHVWHyULFDVSDUDORJUDUXQDPHMRULGHQWLILFDFLyQGHOWLSRGH
LQIRUPDOLGDG DQDOL]DGR HQ FDGD FDVR \ VXV LPSOLFDQFLDV HVSHFtILFDV 3RU HMHPSOR ORV HIHFWRV GH OD
LQIRUPDOLGDG VREUH OD HTXLGDG SXHGHQ VHU GLVWLQWRV VHJ~Q HO FDVR $Vt HQ XQD VLWXDFLyQ HQ OD TXH GRV
WUDEDMDGRUHVGHVHPSHxDQODPLVPDWDUHD\SHUFLEHQHOPLVPRVDODULREiVLFRSHURVyORXQRGHHOORVUHFLEH
XQFRQMXQWRGHEHQHILFLRVVRFLDOHVVHSRGUtDFRQFOXLUTXHH[LVWHXQDVLWXDFLyQLQHTXLWDWLYDHQWUHDPERV
6LQHPEDUJRFRPRVHGLVFXWLUiPiVDGHODQWHODHYDOXDFLyQILQDOHQPDWHULDGHHTXLGDGGHSHQGHUiGHOD
GLIHUHQFLDFLyQHQWUHODLQIRUPDOLGDGYROXQWDULDHLQYROXQWDULD\VHHVWDUtDHQSUHVHQFLDGHXQDVLWXDFLyQ
LQHTXLWDWLYDVyORHQHOFDVRGHODLQIRUPDOLGDGTXHVXUJHGHOHQIRTXHGXDO\DTXHHQODRWUDVLWXDFLyQHO
KHFKRGHVHULQIRUPDOKDVLGRXQDHOHFFLyQGHORVDJHQWHV
'HELGRDORDQWHULRUVHDGYLHUWHTXHODLQWHJUDFLyQGHDPEDVSHUVSHFWLYDVWLHQHIXHUWHVLPSOLFDQFLDV
SDUDODVUHFRPHQGDFLRQHVGHSROtWLFD6LODLQIRUPDOLGDGHVSURGXFWRGHDJHQWHVTXHUHDOL]DQXQDHOHFFLyQ
UDFLRQDOHQWRQFHVODVDFFLRQHVDUHFRPHQGDUWHQGUtDQTXHGLULJLUVHDPRGLILFDUORVEHQHILFLRVRORVFRVWRV
GHOIHQyPHQR0LHQWUDVTXHVLVHFRQVLGHUDHOHQIRTXHGXDOODVUHFRPHQGDFLRQHVWHQGUtDQTXHDSXQWDUD
VROXFLRQDUSUREOHPDVFRPRODSREUH]D\ODIDOWDGHHGXFDFLyQ6DUJKLQLHWDO
1RREVWDQWHVLVyORVHDFWXDUDVREUHORVEHQHILFLRV\FRVWRVGHVHULQIRUPDOQRVHVROXFLRQDUtDOD
VLWXDFLyQ GH DTXHOORV TXH QR WLHQHQ OD SRVLELOLGDG GH HOHJLU (Q FRQWUDSRVLFLyQ VL VH VLJXLHUDQ
~QLFDPHQWHODVUHFRPHQGDFLRQHVGHOHQIRTXHGXDO\VHHMHFXWDUDQSROtWLFDVSDUDUHGXFLUODVHJPHQWDFLyQ
GHOPHUFDGRVLQPRGLILFDUORVLQFHQWLYRVGHORVDJHQWHVSDUDSHUPDQHFHUHQODLQIRUPDOLGDGDOJXQRVGH
HOORVVHJXLUtDQRSWDQGRSRUGLFKDDOWHUQDWLYD3RUORWDQWRODLQWHJUDFLyQGHDPERVHQIRTXHVUHDOL]DXQ
DSRUWH FRQVLGHUDEOH SDUD IRUPXODU PHGLGDV FRUUHFWLYDV \D TXH VL VH FRQVLGHUD VyOR XQR GH HOORV ORV
UHVXOWDGRVSXHGHQVHULQDGHFXDGRVHLQVXILFLHQWHV
& /DVSULQFLSDOHVFDXVDVGHODLQIRUPDOLGDG
8QWUDEDMDGRURXQDHPSUHVDSXHGHQWHQHUQXPHURVDVUD]RQHVSRUODVFXDOHVGHVDUUROOHVXVDFWLYLGDGHV
HFRQyPLFDV HQ HO VHFWRU LQIRUPDO GH OD HFRQRPtD $TXt QXHYDPHQWH UHVXOWDQ LJXDOPHQWH ~WLOHV ORV
HQIRTXHVGH³VDOLGD´\³H[FOXVLyQ´
6L OD LQIRUPDOLGDG VXUJH FRPR FRQVHFXHQFLD GH XQD HYDOXDFLyQ UDFLRQDO FRVWREHQHILFLR GH ORV
DJHQWHV HFRQyPLFRV GRQGH ORV FRVWRV GH SHUWHQHFHU DO VHFWRU IRUPDO VXSHUDQ D ORV EHQHILFLRV TXH VH
REWHQGUtDQODVFDXVDVGHOIHQyPHQRGHEHUiQEXVFDUVHSUHFLVDPHQWHHQORVFRPSRQHQWHVGHGLFKDHFXDFLyQ
3RUHOODGRGHORVFRVWRVHODVSHFWRWULEXWDULRHVFHQWUDO$VtVHSXHGHGHFLUTXHODLQIRUPDOLGDG
SUHYDOHFHUi SRU HMHPSOR DQWH OD H[LVWHQFLD GH XQD HOHYDGD SUHVLyQ LPSRVLWLYD \ SUHYLVLRQDO \D TXH
FXDQWRPD\RUVHDODSDUWHGHLQJUHVRVTXHGHEDGHVWLQDUVHDOSDJRGHLPSXHVWRVPHQRUVHUiHOLQJUHVR
QHWRILQDO\SRUHQGHPD\RUHVVHUiQODVJDQDQFLDVGHRSHUDUHQODLQIRUPDOLGDG
(VWR HVWDEOHFH XQ IXHUWH YtQFXOR HQWUH HVWH IHQyPHQR \ OD HYDVLyQ WULEXWDULD (Q SULPHU OXJDU D
PD\RUHV DOtFXRWDV DSOLFDGDV PD\RU VHUi HO LQFHQWLYR D HYDGLU OD FDUJD WULEXWDULD SHUPDQHFLHQGR HQ HO
VHFWRULQIRUPDO$GHPiVFXDQWRPHQRUVHDODSUREDELOLGDGGHVHUGHWHFWDGRSRUODVDXWRULGDGHVPD\RU
WDPELpQVHUiODHYDVLyQ'HDOOtTXHH[LVWDQSDtVHVFRQLGpQWLFRVQLYHOHVGHLPSRVLFLyQSHURFRQGLVWLQWDV
WDVDV GH HYDVLyQ H LQIRUPDOLGDG HQ YLUWXG GH OD FDSDFLGDG GH PRQLWRUHR \ FXPSOLPLHQWR TXH SXHGH
HMHUFHUHO(VWDGRDWUDYpVGHODVDJHQFLDVGHDGPLQLVWUDFLyQWULEXWDULD
'HPDQHUDVLPLODUHQODGHFLVLyQGHHYDGLULPSXHVWRVMXHJDQXQUROIXQGDPHQWDOODVSHQDOLGDGHV\
PXOWDVTXHVHLPSRQHQDORVHYDVRUHVJHQHUDOPHQWHGHFDUiFWHUSHFXQLDULRRDGPLQLVWUDWLYR$OOLQJKDP\
6DQGPR$VLPLVPRODGHFLVLyQGHHYDGLU\GHHVWDEOHFHUVHIXHUDGHOFLUFXLWRIRUPDOGHODHFRQRPtD

GHSHQGHUiGHOJUDGRGH PRUDOWULEXWDULDGHILQLGDFRPRODPRWLYDFLyQLQWUtQVHFDSDUD SDJDUGHELGDPHQWH

ORVLPSXHVWRVFRUUHVSRQGLHQWHVWRGDYH]TXHVHFRQGHQH³VRFLDOPHQWH´HQWUHORVFLXGDGDQRVHVWHWLSRGH
DFWLWXGHVLQGLYLGXDOHVFRQWUDODVLQVWLWXFLRQHVGHO(VWDGR7RUJOHU\6FKQHLGHU
$VLPLVPRORVQLYHOHVGHH[HQFLyQGHORVWULEXWRVSXHGHQLQFLGLUHQHOPLVPRVHQWLGR\DTXHVL
VRQ GHPDVLDGR EDMRV GLILFXOWDQ ODV WDUHDV GH FRQWURO \ ILVFDOL]DFLyQ SRUTXH VH UHJLVWUDQ GHPDVLDGRV
FRQWULEX\HQWHVSHURVLVRQGHPDVLDGRDOWRVSXHGHQFRQGXFLUDTXHHVWRV~OWLPRVPDQWHQJDQGHPDQHUD
LQHILFLHQWHVXQLYHOGHDFWLYLGDG\VXVYHQWDVLQJUHVRVGHFODUDGRVMXVWRSRUGHEDMRGHGLFKRQLYHOSDUD
HYLWDUFXPSOLUFRQVXVREOLJDFLRQHVWULEXWDULDV7DQ]L
$OLJXDOTXHHQORVSDtVHVGHVDUUROODGRVVLHOQLYHOGHLPSRVLFLyQIXHUDHO~QLFRGHWHUPLQDQWHGH
ODLQIRUPDOLGDGFDEUtDHVSHUDUUHODFLRQHVSRVLWLYDVHQWUHODDOtFXRWDFRPELQDGDGHORVLPSXHVWRVVREUH
ODV QyPLQDV \ GH ODV FRQWULEXFLRQHV D OD VHJXULGDG VRFLDO HO WD[ ZHGJH \ OD GLPHQVLyQ GHO HPSOHR
LQIRUPDO HQ HO FDVR GH ORV WUDEDMDGRUHV \ GHO PLVPR PRGR HQ OR TXH UHVSHFWD D ORV HPSUHVDULRV VH
SRGUtDLQIHULUXQDUHODFLyQSRVLWLYDHQWUHODVDOtFXRWDVGHOLPSXHVWRVREUHORVEHQHILFLRV \ODH[WHQVLyQ
GHOVHFWRULQIRUPDO6LQHPEDUJRODFDUJDTXHUHSUHVHQWDQORVWULEXWRVVRQVyORXQDSDUWHGHORVFRVWRV
GHSHUWHQHFHUDODHFRQRPtDIRUPDOD~QFXDQGRSXHGDVHUODTXHPiVSUHRFXSDDTXLHQHV\DHVWiQHQOD
PLVPD2&'(
/RTXHVHVXHOHGHILQLUFRPRFRVWRGHFXPSOLPLHQWRWULEXWDULRHVGHFLUWRGRVDTXHOORVUHTXLVLWRV
IRUPDOHV TXH VXHOHQ VROLFLWDUVH D ORV FRQWULEX\HQWHV SDUD FXPSOLPHQWDU FRQ HO SDJR GH VXV WULEXWRV
DGLFLRQDXQFRVWRH[WUDDODGHFLVLyQSULYDGDGHXQFLXGDGDQRSRUGHVHPSHxDUVHHQHOVHFWRULQIRUPDO
(VWRVFRVWRVTXHHQDOJXQRVFDVRVSXHGHQVHUD~QPiVLPSRUWDQWHVTXHHOSURSLRSDJRGHODREOLJDFLyQ
WULEXWDULD HVWiQ UHODFLRQDGRV FRQ HO PDUFR UHJXODWRULR JHQHUDO HO FXDO FRQVWLWX\H OD RWUD UD]yQ
IXQGDPHQWDOGHODLQIRUPDOLGDG
6LJXLHQGRD'H6RWR\XQDYDVWDOLWHUDWXUDSRVWHULRUODH[LVWHQFLDGHXQJUDQQ~PHURGH
QRUPDV \ UHJODPHQWDFLRQHV TXH UHFDHQ VREUH OD DFWLYLGDG HFRQyPLFD SURYRFD TXH ODV DFWLYLGDGHV
IRUPDOHV VHDQ PiV FRPSOLFDGDV \ PiV FDUDV HQ WpUPLQRV DGPLQLVWUDWLYRV LQFHQWLYDQGR D ORV DJHQWHV D
HOXGLU \ HYDGLU ORV FRQWUROHV /RV WUiPLWHV HQJRUURVRV SURORQJDGRV \ GLVSHUVRV HQ XQ JUDQ Q~PHUR GH
DJHQFLDVJXEHUQDPHQWDOHVDYHFHVGLILFXOWDQDORVLQGLYLGXRVDLQJUHVDUDOVLVWHPDIRUPDO
(Q JHQHUDO TXLHQHV SDUWLFLSDQ GHO VHFWRU LQIRUPDO SRVHHQ EDMRV QLYHOHV GH FDSDFLWDFLyQ \ VH
HQFXHQWUDQOLPLWDGRVSDUDFXPSOLUFRQWRGRVORVSURFHGLPLHQWRVDGPLQLVWUDWLYRVTXHGHEHQVHJXLUSDUD
REWHQHUODVKDELOLWDFLRQHVRLQVFULSFLRQHVFRUUHVSRQGLHQWHV(VSRUHVWDUD]yQTXHVXHOHDILUPDUVHTXHOD
LQIRUPDOLGDGRIUHFHDORVDJHQWHVXQPD\RUJUDGRGHIOH[LELOLGDGGHRSHUDFLyQPiVIDFLOLGDGGHHQWUDU\
VDOLU GHO VHFWRU QR KD\ SDWHQWHV QL LQVFULSFLyQ HQ UHJLVWURV IRUPDOHV \ PHQRUHV FRVWRV GH HODERUDU
FRQWUDWRVSRUTXHHVWRVVXHOHQKDFHUVHHQIRUPDRUDOORTXHUHGXFHORVFRVWRVGHWUDQVDFFLyQ
3RU HO RWUR ODGR GH OD HFXDFLyQ DOJXQRV EHQHILFLRV GH OD IRUPDOLGDG UHVXOWDQ REYLRV FRPR OD
SRVLELOLGDGGHSDUWLFLSDUHQ ORV PHUFDGRVIRUPDOHVGHFUpGLWR ILQDQFLDPLHQWRGH PDQRGHREUDPD\RU
FDOLILFDFLyQ \ GH ELHQHV \ VHUYLFLRV WDQWR SDUD HO FRPHUFLR GRPpVWLFR FRPR LQWHUQDFLRQDO DGHPiV GHO
DFFHVRDXQHVSHFWURPD\RUGHFOLHQWHV\ODOLEHUWDGSDUDODVHPSUHVDVGHRSHUDUFRQXQDHVFDODHILFLHQWHGH
SURGXFFLyQFXDQGRQRVHDGRSWHQDFWLWXGHVGH³HQDQLVPRILVFDO´SDUDHOXGLUORVFRQWUROHVGHO(VWDGR
1R REVWDQWH XQ IDFWRU IXQGDPHQWDO HVWi FRQVWLWXLGR SRU OD FDQWLGDG \ FDOLGDG GH ORV ELHQHV
S~EOLFRV RIUHFLGRV SRU HO (VWDGR HQWUH ORV FXDOHV VH GHVWDFDQ ODV SUHVWDFLRQHV GH OD VHJXULGDG VRFLDO
3UHFLVDPHQWH OD GHWHUPLQDFLyQ GH VL XQ QLYHO GH SUHVLyQ WULEXWDULD HV R QR HOHYDGR GHSHQGHUi GH OD
UHODFLyQTXHH[LVWDHQWUHORTXHVHSDJDHQFRQFHSWRGHLPSXHVWRV\ORTXHVHUHFLEHSRUSDUWHGHO(VWDGR
HQIRUPDGHELHQHV\VHUYLFLRVS~EOLFRV(QWHQGLHQGRDORVJUDYiPHQHVFRPRHOSUHFLRSDJDGRSRUORV
FLXGDGDQRV SDUD REWHQHU HVWRV EHQHILFLRV XQ SDtV HQ GRQGH HO JDVWR S~EOLFR VHD LQHILFLHQWH \ QR HVWp
GLVWULEXLGR GH PDQHUD HTXLWDWLYD WLHQH PHQRV SRVLELOLGDGHV GH LQGXFLU D VXV FLXGDGDQRV SDUD TXH
GHVDUUROOHQ VXV DFWLYLGDGHV HQ HO VHFWRU IRUPDO \ FXPSODQ FRQ HO SDJR GH VXV REOLJDFLRQHV WULEXWDULDV
$GLFLRQDOPHQWHODFRUUXSFLyQGHORVIXQFLRQDULRV\ODGHELOLGDGLQVWLWXFLRQDOVRQRWURVGRVIDFWRUHVTXH
SXHGHQIDYRUHFHUODLQIRUPDOLGDGUHGXFLHQGRGLFKRVEHQHILFLRVHQXQDVRFLHGDGGHPRFUiWLFD

+DVWDHVWHSXQWRWRGRVORVWUDEDMDGRUHV\HPSUHVDVGHXQSDtVHVWiQHQFRQGLFLRQHVGHUHDOL]DUHO
DQiOLVLVFRVWREHQHILFLRQHFHVDULRSDUDSRQGHUDUORVIDFWRUHVPHQFLRQDGRVKDVWDHOPRPHQWR\GHFLGLUHQ
FRQVHFXHQFLD SHUPDQHFHU HQ OD LQIRUPDOLGDG 6LQ HPEDUJR HVWDV HYDOXDFLRQHV JHQHUDOPHQWH VH YHQ
DIHFWDGDV SRU FLHUWDV FDUDFWHUtVWLFDV HVWUXFWXUDOHV GH OD HFRQRPtD FRPR OD HVWUXFWXUD SURGXFWLYD \
GHPRJUiILFD \ OD GLVSRQLELOLGDG GH PDQR GH REUD FDOLILFDGD TXH SDUD FLHUWD SDUWH GH OD SREODFLyQ
UHVXOWDQORVXILFLHQWHPHQWHOLPLWDQWHVFRPRSDUDIRU]DUVXH[FOXVLyQLQYROXQWDULDGHOVHFWRUIRUPDOGHOD
HFRQRPtD/RD\]DHWDO
(QWRQFHVGHVGHODSHUVSHFWLYDGHODH[FOXVLyQODLQIRUPDOLGDGSXHGHYHUVHSURSLFLDGDHQDTXHOORV
FDVRVGRQGHODWDVDGHLQGXVWULDOL]DFLyQ\ODSURGXFWLYLGDGODERUDOVHDQUHODWLYDPHQWHEDMDVFRPRVXFHGH
HQORVSDtVHVGHPHQRUJUDGRGHGHVDUUROOR\GRQGHVHDGYLHUWHODSUHVHQFLDGHPDQRGHREUDH[FHGHQWH
FRQXQHVFDVRRQXORJUDGRGHFDOLILFDFLyQ*HU[KDQL
(Q HO PHUFDGR GH WUDEDMR SXHGHQ REVHUYDUVH FLHUWDV UD]RQHV EiVLFDV SRU ODV FXDOHV ORV
WUDEDMDGRUHVVRQFRQGXFLGRVLQYROXQWDULDPHQWHKDFLDODHFRQRPtDLQIRUPDO
3ULPHUR OD SREUH]D \ OD PDUJLQDOLGDG HQ FRQGLFLRQHV GH DOWR GHVHPSOHR \ DO QR SHUFLELU ORV
UHFXUVRV QHFHVDULRV SXHGH IRU]DU D HVWRV LQGLYLGXRV D EXVFDU XQ VHJXQGR HPSOHR HQ OD HFRQRPtD
LQIRUPDO VL HV TXH VH HQFXHQWUDQ RFXSDGRV R D HPSOHDUVH HQ HVWH WLSR GH DFWLYLGDGHV UHVLJQiQGRVH D
SHUGHUORVGHUHFKRV\EHQHILFLRVTXHRWRUJDODSHUWHQHQFLDDOVHFWRUIRUPDO$VtODLQIRUPDOLGDGWHUPLQD
VLHQGR XQ UHIXJLR SDUD ORV SREUHV /D SREUH]D FRPR PRWRU GH OD HFRQRPtD LQIRUPDO GLILFXOWD OD
SRVLELOLGDG GH HUUDGLFDU HVWH VHFWRU HQ HO FRUWR R PHGLDQR SOD]R GHELGR D TXH VL QR VH VROXFLRQD OD
FRQGLFLyQGHORVLQGLYLGXRVTXHLQJUHVDQDOVHFWRULQIRUPDOSRUODLPSRVLELOLGDGGHFRQVHJXLURWURWLSR
GHHPSOHRHVWRVYROYHUiQDWUDEDMDULUUHJXODUPHQWHEXVFDQGRVXVXEVLVWHQFLD
6HJXQGR &KRQJ \ *UDGVWHLQ HQFXHQWUDQ TXH OD GHVLJXDOGDG GH LQJUHVRV SXHGH VHU RWUR
PHFDQLVPRTXHJHQHUHXQDXPHQWRGHODLQIRUPDOLGDG$SDUWLUGHXQPRGHORWHyULFR\VXFRPSUREDFLyQ
HPStULFDFRQILUPDQODH[LVWHQFLDGHXQDUHODFLyQSRVLWLYD\VLJQLILFDWLYD(VWRVDXWRUHVDUJXPHQWDQTXH
HO HIHFWR GH OD DOWD GHVLJXDOGDG SXHGH VHU H[DFHUEDGR HQ HO FRQWH[WR GH XQD EDMD FDOLGDG LQVWLWXFLRQDO
GRQGHODSURWHFFLyQGHORVGHUHFKRVGHSURSLHGDGHQHOVHFWRUIRUPDOUHVXOWHGpELO\VXVUHFXUVRVVHYHDQ
DPHQD]DGRV$XQUHVXOWDGRVLPLODUGDGRHOJUDGRGHGHVDUUROOR\RWUDVFDUDFWHUtVWLFDVLQVWLWXFLRQDOHVGH
ORV SDtVHV FRQGXFH HO WUDEDMR GH 3HUU\ HW DO TXLHQHV UHVDOWDQ TXH XQ QLYHO PX\ HOHYDGR GH
GHVLJXDOGDGFRPRHOGH$PpULFD/DWLQDWDPELpQGLILFXOWDOOHYDUDFDERODUHFDXGDFLyQGHLPSXHVWRVHQ
IRUPDMXVWD\HILFLHQWH
'HEHVHxDODUVHTXHWDPELpQHQHVWRVDVSHFWRVUHODFLRQDGRVFRQHOHQIRTXHGHH[FOXVLyQ\PiVD~Q
VREUHODGHVLJXDOGDGGHLQJUHVRVHOVLVWHPDWULEXWDULR\ODSROtWLFD ILVFDOHQJHQHUDOGHORVSDtVHVGH OD
UHJLyQSRGUtDWHQHUXQDLQIOXHQFLDFRQVLGHUDEOHHQFDVRGHLPSOHPHQWDUVHFLHUWDVUHIRUPDVHVWUXFWXUDOHV(Q
FRQVRQDQFLDFRQOD OLWHUDWXUDHVSHFLDOL]DGD*yPH]6DEDtQL \-LPpQH]EDUJXPHQWDQTXHHOHIHFWR
UHGLVWULEXWLYRGHODWULEXWDFLyQHQ$PpULFD/DWLQDHVPX\OLPLWDGR\FHUFDQRDODSURSRUFLRQDOLGDGORFXDO
FRQWUDVWDIXHUWHPHQWHFRQORREVHUYDGRHQODPD\RUtDGHORVSDtVHVGHOD2&'('RVFDXVDVTXHVHUiQ
DQDOL]DGDV HQ XQ SUy[LPR FDStWXOR VH HULJHQ FRPR ODV PiV UHOHYDQWHV SDUD H[SOLFDU HVWDV GLIHUHQFLDV HO
QLYHO GH HVSDFLR ILVFDO GLVSRQLEOH UHVXOWD LQVXILFLHQWH SDUD OOHYDU D FDER SROtWLFDV SURJUHVLYDV GH JDVWR
S~EOLFR HQ XQ JUDQ Q~PHUR GH SDtVHV ODWLQRDPHULFDQRV \ OD HVWUXFWXUD WULEXWDULD HVWi VHVJDGD KDFLD OD
WULEXWDFLyQLQGLUHFWDFRQXQDLQFLGHQFLDUHJUHVLYDVREUHODHTXLGDGGLVWULEXWLYD
3RURWUDSDUWHHOQLYHOGHHGXFDFLyQFXDQGRHVHVFDVRRQXORUHVWULQJHODVSRVLELOLGDGHVGHHOHFFLyQ
GHOWUDEDMDGRU\OROLPLWDDWUDEDMRVPDUJLQDOHV\GHEDMDSURGXFWLYLGDG/DHGXFDFLyQHVXQUHTXLVLWRFDGD
YH]PiVLPSRUWDQWHDODKRUDGHFRQWUDWDUWUDEDMDGRUHV\SRUHQGHVHHULJHFRPRRWURGHWHUPLQDQWHGHODV
SRVLELOLGDGHVGHORVPLVPRVSDUDFRQVHJXLUXQHPSOHRHQHOVHFWRUIRUPDOGHODHFRQRPtD
3RU~OWLPRHQPXFKRVSDtVHVODFRQGLFLyQGHLQPLJUDQWHLOHJDOREOLJDDTXLHQHVVHKDOODQHQHVWD
VLWXDFLyQDHPSOHDUVHHQVHFWRUHVLQIRUPDOHV/DIDOWDGHODGRFXPHQWDFLyQFRUUHVSRQGLHQWH\HOWHPRUD

6DOYRHQORVSDtVHVHVFDQGLQDYRVGRQGHODUHJUHVLYLGDGLPSOtFLWDGHVXVHVTXHPDVWULEXWDULRVVHFRPSHQVD\DQXODDWUDYpVGHOHIHFWR
DOWDPHQWHSURJUHVLYRGHODVWUDQVIHUHQFLDVGHJDVWRS~EOLFR

VHUGHVFXELHUWRVOOHYDDHVWRVLQGLYLGXRVDDFHSWDUODVFRQGLFLRQHVTXHVHOHVRIUHFHQVLQWHQHUQLQJXQD
SRVLELOLGDGGHH[LJLUTXHVHUHVSHWHQVXVGHUHFKRV'HPDQHUDPiVGHWHUPLQDQWHTXHODVDQWHULRUHVHVWD
FRQGLFLyQYHGDWRWDOPHQWHODLQFOXVLyQGHHVWRVLQGLYLGXRVGHQWURGHOHPSOHRIRUPDO
(Q GHILQLWLYD HO UHFRQRFLPLHQWR GH TXH QR WRGRV ORV WUDEDMDGRUHV LQIRUPDOHV VRQ H[FOXLGRV GHO
VHFWRU IRUPDO \D TXH KD\ RWURV TXH OR KDFHQ D SDUWLU GH XQD GHFLVLyQ UDFLRQDO \ TXH XQ FRQMXQWR GH
HPSUHVDVLQIRUPDOHVSXHGHQFRQWULEXLUHIHFWLYDPHQWHDOFUHFLPLHQWRHFRQyPLFRUHTXLHUHGHXQHQIRTXH
PXFKR PiV DPSOLR SDUD FRPSUHQGHU HO IHQyPHQR GH OD LQIRUPDOLGDG HQ OD DFWXDOLGDG HQ HO FXDO VH
GHVWDTXHQ QR ODV REOLJDFLRQHV HVWDEOHFLGDV SRU HO (VWDGR VLQR ORV GHUHFKRV \ EHQHILFLRV TXH EULQGD OD
SHUWHQHQFLDDOVHFWRUIRUPDOGHODHFRQRPtD7RNPDQ
' $OJXQDVGHODVFRQVHFXHQFLDVDVRFLDGDVDODLQIRUPDOLGDG
,QGHSHQGLHQWHPHQWHGHOSDtVDQDOL]DGRODH[LVWHQFLDGHXQDPSOLRVHFWRULQIRUPDOJHQHUDSRWHQFLDOPHQWH
VHULDV LPSOLFDQFLDV SDUD HO FRQWH[WR HFRQyPLFR JHQHUDO \ GH ODV SROtWLFDV S~EOLFDV HQ HVSHFLDO (Q
JHQHUDO ODV DFWLYLGDGHV GHVDUUROODGDV HQ OD LQIRUPDOLGDG QR JR]DQ GH ODV PLVPDV SURWHFFLRQHV QL
UHJXODFLRQHV TXH VH DSOLFDQ HQ HO VHFWRU IRUPDO JHQHUDQ LQHILFLHQFLDV \ DIHFWDQ OD SURGXFWLYLGDG
SURYRFDQXQDHURVLyQGHORVLQJUHVRVWULEXWDULRVSRUODHYDVLyQLPSRVLWLYDGHELOLWDQODFRQILDQ]DHQODV
LQVWLWXFLRQHVS~EOLFDV\GLILFXOWDQODPHGLFLyQHVWDGtVWLFDGHODVYDULDEOHVHFRQyPLFDV
(Q SDUWLFXODU GHEH DFODUDUVH TXH OD LQIRUPDOLGDG VREUH WRGR HQ HO PHUFDGR GH WUDEDMR SXHGH
DIHFWDU DO FUHFLPLHQWR HFRQyPLFR D WUDYpV GH YDULRV FDQDOHV TXH KDFHQ TXH HO HIHFWR QHWR ILQDO VHD
LQFLHUWR 6HJ~Q 6FKQHLGHU \ (QVWH XQD UHGXFFLyQ HQ OD LQIRUPDOLGDG WHQGHUi D LQFUHPHQWDU ORV
LQJUHVRVWULEXWDULRVORTXHDVXYH]HVWLPXODUiHOJDVWRS~EOLFRVREUHWRGRHQLQIUDHVWUXFWXUD\VHUYLFLRV
GHDSR\RDODH[SDQVLyQGHODSURGXFFLyQFRQGXFLHQGRDXQLQFUHPHQWRGHODWDVDJOREDOGHFUHFLPLHQWR
HFRQyPLFR 3RU RWUD SDUWH OD YLVLyQ FRQWUDULD VRVWLHQH TXH HO VHFWRU LQIRUPDO HV PiV FRPSHWLWLYR \
HILFLHQWHTXHHOIRUPDOVREUHWRGRFXDQGRHOQLYHOGHUHJXODFLyQHVH[FHVLYR\TXHXQLQFUHPHQWRGHVX
PDJQLWXGHVWLPXODHOFUHFLPLHQWRHFRQyPLFRJHQHUDO\DTXHJUDQSDUWHGHORVLQJUHVRVREWHQLGRVHQHO
VHFWRULQIRUPDOHVUiSLGDPHQWHJDVWDGRHQODHFRQRPtDRILFLDO
/RFLHUWRHVTXHSRUXQODGRODSURGXFFLyQHQHOVHFWRULQIRUPDOVXHOHJHQHUDULQHILFLHQFLDVTXH
DWHQWDQ FRQWUD HO FUHFLPLHQWR JOREDO GH OD HFRQRPtD WDQWR SRUTXH ODV HPSUHVDV OLPLWDQ VX WDPDxR SRU
GHEDMR GH VX HVFDOD ySWLPD FRQ HO ILQ GH HYDGLU VHU GHWHFWDGDV FRPR SRUTXH pVWDV XWLOL]DQ WHFQRORJtDV
DWUDVDGDV X REVROHWDV PHUFHG GHO UHGXFLGR DFFHVR D ORV FLUFXLWRV IRUPDOHV GH LQVXPRV \ VHUYLFLRV
$GHPiV ODV HPSUHVDV LQIRUPDOHV SXHGHQ RSHUDU VLQ UHVSHWDU ORV GHUHFKRV SULYDGRV GH SURSLHGDG
LQWHOHFWXDOFRSLDQGRPDUFDV \GLVHxRVORTXHUHVWDLQFHQWLYRVDORVHPSUHQGHGRUHVGHOVHFWRUIRUPDO
SDUDODLQQRYDFLyQ\GHVDUUROORGHQXHYRVSURGXFWRV$QGUHZVHWDO
7DOFRPRVHxDODQ3HUU\HWDOODVILUPDVLQIRUPDOHVSXHGHQDSURYHFKDUORVPHQRUHVFRVWRV
UHODWLYRV TXH REWLHQHQ DO HYDGLU LPSXHVWRV \ HYLWDU HO PDUFR UHJXODWRULR SDUD SHUPDQHFHU HQ
IXQFLRQDPLHQWR D~Q FXDQGR VX SURGXFWLYLGDG VHD PHQRU (VWR JHQHUD XQD VLWXDFLyQ GH FRPSHWHQFLD
LQHILFLHQWH\GHVOHDOTXHUHWDUGDODGHVWUXFFLyQFUHDWLYD³VFKXPSHWHULDQD´SXGLHQGROOHJDUDGHVDOHQWDUOD
LQYHUVLyQHQDTXHOODVDFWLYLGDGHVIRUPDOHVTXHVRQPiVFRVWRVDVSHURPiVSURGXFWLYDVFRQXQLQQHJDEOH
LPSDFWRQHJDWLYRVREUHHOFUHFLPLHQWRHFRQyPLFR
$GLFLRQDOPHQWH XQ HOHYDGR JUDGR GH LQIRUPDOLGDG WDPELpQ SXHGH IDYRUHFHU OD HURVLyQ GH ORV
UHFXUVRV WULEXWDULRV GHO (VWDGR /D HYDVLyQ GH ODV FRQWULEXFLRQHV DO SDJR GH ODV FRQWULEXFLRQHV SDUD HO
ILQDQFLDPLHQWR GH OD VHJXULGDG VRFLDO \ GHO ,PSXHVWR D OD 5HQWD HQ HO FDVR GH ORV WUDEDMDGRUHV
FXHQWDSURSLVWDVSURGXFHXQDSpUGLGDGHUHFXUVRVFX\RVHIHFWRVILQDOHVGHSHQGHQGHODVYtDVH[LVWHQWHV
SDUDILQDQFLDUODPLVPD
• 6LVHUHFXUUHDXQDXPHQWRGHODVDOtFXRWDVVHHMHUFHUtDPD\RUSUHVLyQVREUHHOVHFWRUIRUPDO
GHODHFRQRPtDORTXHSXHGHUHWURDOLPHQWDUODLQIRUPDOLGDG

• 6LVHUHGXFHHOJDVWRS~EOLFRVHDIHFWDUtDQHJDWLYDPHQWHODFDQWLGDG\RFDOLGDGGHVHUYLFLRV
S~EOLFRVEULQGDGRVSRUHO(VWDGRUHVWiQGROHDWUDFWLYRDSHUPDQHFHUHQODHFRQRPtDIRUPDO
• 6LVHRSWDUDSRUHOHQGHXGDPLHQWRVHUHGXFLUtDODRIHUWDGHFUpGLWRDQLYHOORFDO\DXPHQWDUtD
VXSUHFLRORFXDOSXHGHUHWUDVDUODUHDOL]DFLyQGHLQYHUVLRQHV\HOFRQVXPRGHELHQHVGXUDEOHV
$Vt HQ ORV WUHV FDVRV ORV HIHFWRV GH OD LQIRUPDOLGDG VREUH ORV LQJUHVRV WULEXWDULRV ILQDOPHQWH
UHSHUFXWLUtDQGHPDQHUDQHJDWLYDHQODWDVDGHFUHFLPLHQWRGHORVSDtVHV
(Q VHQWLGR FRQWUDULR OD LQIRUPDOLGDG SXHGH WHQHU HIHFWRV SRVLWLYRV VREUH HO FUHFLPLHQWR
HFRQyPLFR 'H KHFKR FXDQGR ODV ULJLGHFHV GHO PDUFR UHJXODWRULR \ OHJDO FRVWR GH HQWUDGD \ VDOLGD
IRUPDOLGDGHVHQJHQHUDOVRQGHPDVLDGR³DVIL[LDQWHVÓDHFRQRPtDLQIRUPDOSXHGHWUDQVIRUPDUVHHQXQD
YiOYXODGHHVFDSHSDUDXQDHFRQRPtDIRUPDOTXHGHRWUDPDQHUDHQIUHQWDUtDXQLPSRUWDQWHGHUURFKHGH
UHFXUVRV/RD\]DHWDO
$VLPLVPR OD LQIRUPDOLGDG ODERUDO SHUPLWH DPRUWLJXDU HO HIHFWR DGYHUVR TXH VH JHQHUD HQ HO
HPSOHR \ HQ ORV LQJUHVRV GH OD SREODFLyQ DQWH XQ VKRFN QHJDWLYR TXH DIHFWH OD SURGXFFLyQ SDUD ORV
HPSOHDGRUHVHOQRSDJRGHDSRUWHVSDWURQDOHVRIUHFHXQDSRVLELOLGDGGHILQDQFLDPLHQWRDODVHPSUHVDV\
HOHYDDUWLILFLDOPHQWHODUHQWDELOLGDGSHUPLWLpQGROHVFRQWLQXDUHQIXQFLRQDPLHQWRHYLWDQGRODTXLHEUD
KDVWDTXHHQODVIDVHVH[SDQVLYDVSXHGDQKDFHUIUHQWHDVXVFRPSURPLVRV
(QGHILQLWLYDHOHIHFWRQHWRGHODH[LVWHQFLDGHLQIRUPDOLGDGVREUHODWDVDGHFUHFLPLHQWRGHXQD
HFRQRPtDGHSHQGHUiGHODSRQGHUDFLyQGHWRGRVHVWRVIDFWRUHVPHQFLRQDGRVPiVDUULEDHQFDGDFDVRHQ
SDUWLFXODU &RPR UHIHUHQFLD VREUH HVWD FXHVWLyQ /RD\]D HW DO HIHFWXDURQ XQ DQiOLVLV HPStULFR
SDUD YHULILFDU HVWD UHODFLyQ HQ HO SHUtRGR VREUH XQD PXHVWUD GH PiV GH SDtVHV /RV
UHVXOWDGRV REWHQLGRV PRVWUDURQ GH PDQHUD UREXVWD \ VLJQLILFDWLYD TXH XQ DXPHQWR GH OD LQIRUPDOLGDG
OOHYDUtD D XQD GLVPLQXFLyQ GHO FUHFLPLHQWR HFRQyPLFR DGHPiV GH XQD UHODFLyQ SRVLWLYD HQWUH GLFKR
IHQyPHQR\ODLQFLGHQFLDGHODSREUH]D6LQHPEDUJRGHEHVHxDODUVHTXHHVWRQRDFODUDODUHODFLyQGH
FDXVDOLGDG HQWUH GLFKDV YDULDEOHV SXHVWR TXH HO QLYHO GH GHVDUUROOR HFRQyPLFR DIHFWD OD FDOLGDG GH ODV
LQVWLWXFLRQHVORFXDOWDPELpQGHWHUPLQDHOWDPDxRGHODLQIRUPDOLGDG
2WUDGHODVFRQVHFXHQFLDVLPSRUWDQWHVGHODLQIRUPDOLGDGVREUHODHFRQRPtDWLHQHTXHYHUFRQ
DVSHFWRVGHHTXLGDGGRQGHORVHIHFWRVWDPELpQSXHGHQVHUFRQWUDSXHVWRV\VtGHSHQGHQDGLIHUHQFLD
GHORVDVSHFWRVUHODFLRQDGRVFRQHOFUHFLPLHQWRHFRQyPLFRGHOWLSRGHLQIRUPDOLGDGGHOTXHVHWUDWH
\DVHDPRWLYDGDSRUH[FOXVLyQRSRUHOHFFLyQGHORVWUDEDMDGRUHVIDPLOLDV\HPSUHVDVGHGHWHUPLQDGR
SDtVRUHJLyQ
(Q FRQGLFLRQHV GHVIDYRUDEOHV GH SREUH]D \ GHVHPSOHR FRPR VH H[SOLFy DQWHULRUPHQWH OD
LQIRUPDOLGDGSXHGHVHUFRQFHELGDFRPRXQDUHVSXHVWDDOWHUQDWLYDVXSHUDGRUDDOFUHDUSXHVWRVGHWUDEDMR
DGLFLRQDOHVTXHDEVRUEHQODPDQRGHREUDH[FHGHQWHTXHQRORJUDKDOODUHPSOHRHQODHFRQRPtDIRUPDO
DOLYLDQGRDVtODVGHVLJXDOGDGHVGHLQJUHVR
7DPELpQ HV VDELGR TXH ORV WUDEDMDGRUHV LQIRUPDOHV HQIUHQWDQ DOWRV QLYHOHV GH LQVHJXULGDG \
YXOQHUDELOLGDG DO XELFDUVH JHQHUDOPHQWH HQ HPSOHRV SUHFDULRV FRQ FRQGLFLRQHV GHVIDYRUDEOHV PHQRUHV
LQJUHVRV\VLQDFFHVRDORVVLVWHPDVGHVHJXULGDGVRFLDO$GHPiVSRVHHQXQPHQRUSRGHUGHQHJRFLDFLyQ
FRQ VXV HPSOHDGRUHV \ PHQRUHV SRVLELOLGDGHV GH REWHQHU FDSDFLWDFLyQ \ HQWUHQDPLHQWR OR FXDO UHGXFH
D~QPiVVXSURGXFWLYLGDGUHODWLYD$QGUHZVHWDO
1RREVWDQWHODSRQGHUDFLyQGHHVWHHIHFWRQHJDWLYRVREUHODHTXLGDGIUHQWHDOLPSDFWRSRVLWLYR
VHxDODGR PiV DUULED GHSHQGHUi GHO HQIRTXH GH LQIRUPDOLGDG TXH VH DSOLTXH HQ FDGD FDVR 6L XQ
LQGLYLGXR GHFLGH YROXQWDULDPHQWH WUDEDMDU GH PDQHUD LQIRUPDO QR VH HVWDUtD DQWH XQ GHWHULRUR GH OD
HTXLGDG\DTXHVHGHVFXHQWDTXHpOPLVPRKDFRQVLGHUDGRWRGRVORVFRVWRVDVRFLDGRVLQFOX\HQGRODIDOWD
GHEHQHILFLRVVRFLDOHVORVPHQRUHVLQJUHVRVSUHVHQWHV\IXWXURV\ODIDOWDGHVHJXURGHULHVJRGHWUDEDMR
\KDFRQFOXLGRTXHORVEHQHILFLRVGHULYDGRVGHODLQIRUPDOLGDGVXSHUDQDGLFKRVFRVWRV(VWRHQFDPELR

$~QFXDQGRODLQIUDHVWUXFWXUDVRFLDOSXHGDHVWDU\DFRQJHVWLRQDGDSRUHODSURYHFKDPLHQWRRSRUWXQLVWDGHORVDJHQWHVLQIRUPDOHVTXH
QRFRQWULEX\HQFRQVXILQDQFLDPLHQWR

QR HV OR TXH RFXUUH HQ HO FDVR GH ORV LQIRUPDOHV LQYROXQWDULRV SRU H[FOXVLyQ ORV FXDOHV Vt HVWiQ HQ
GHVYHQWDMDUHODWLYDHQPDWHULDGHHTXLGDG\GHELHUDQVHUDVLVWLGRVSRUHO(VWDGR
&RPRVHKDHQIDWL]DGRPXFKRVIDFWRUHVGHODHFRQRPtDSXHGHQVHUDODYH]FDXVD\HIHFWRGHOD
LQIRUPDOLGDG GHMDQGR HQWUHYHU FLHUWD UHWURDOLPHQWDFLyQ HQWUH IHQyPHQRV OR TXH GLILFXOWD D~Q PiV VX
WUDWDPLHQWR\UHTXLHUHGHDQiOLVLVPiVGHWDOODGRV
8QR GH HOORV WLHQH TXH YHU FRQ OD FDOLGDG LQVWLWXFLRQDO \ OD FRQILDQ]D GH ORV FLXGDGDQRV HQ HO
IXQFLRQDPLHQWR GH ODV PLVPDV TXH IUHFXHQWHPHQWH SXHGH YHUVH DIHFWDGR SRU XQ HOHYDGR QLYHO GH
FRUUXSFLyQ'HHVWHPRGRHVWRVIDFWRUHVSROtWLFRLQVWLWXFLRQDOHVSXHGHQLQIOXLUVREUHODPRUDOWULEXWDULD
\ HO QLYHO GH FXPSOLPLHQWR WULEXWDULR YROXQWDULR \ SXHGHQ DIHFWDU ODV GHFLVLRQHV GH LQYHUVLyQ \
SURGXFFLyQ VHJ~Q HO JUDGRGH UHVSHWR D ODV QRUPDV HVWDEOHFLGDV \ DO (VWDGR GH 'HUHFKR UXOH RI ODZ
$VLPLVPR OD SUHVHQFLD GH XQD HOHYDGD LQIRUPDOLGDG HQ OD HFRQRPtD SXHGH PDJQLILFDU HVWDV
FDUDFWHUtVWLFDV TXH HQ GHILQLWLYD LQFLGLUiQ VREUH OD GHWHUPLQDFLyQ SULYDGD GH ORV DJHQWHV HFRQyPLFRV
SDUDRSHUDUIXHUDRGHQWURGHOVLVWHPDIRUPDOJHQHUDQGRXQFtUFXORYLFLRVRPX\FRPSOHMR
3RU~OWLPRODH[LVWHQFLDGHXQVHFWRULQIRUPDOHQODHFRQRPtDLPSOLFDTXHFLHUWDVWUDQVDFFLRQHV
VRQ RPLWLGDV R QR TXHGDQ FRPSUHQGLGDV HQ ODV HVWDGtVWLFDV RILFLDOHV (VWD GLVWRUVLyQ SXHGH DIHFWDU
VHULDPHQWHODSUHFLVLyQGHODVHVWLPDFLRQHVHtQGLFHVREWHQLGRVORFXDOSXHGHFRQGXFLUDORVJRELHUQRVD
WRPDUGHFLVLRQHVVXEySWLPDVGHSROtWLFDHFRQyPLFDTXHQRVHFRUUHVSRQGHUiQFRQODVQHFHVLGDGHVUHDOHV
GHODSREODFLyQ7DQ]L(VHVSHUDEOHHQWRQFHVTXHODVGLVFUHSDQFLDVHQYDULDEOHVPX\UHOHYDQWHV
FRPRHO3,%HOQLYHOGHSUHFLRVODSUHVLyQWULEXWDULDRODWDVDGHGHVHPSOHR\VXVLPSOLFDQFLDVVHDQ
PiVJUDYHVHQSDtVHVGRQGHHOWDPDxRGHODHFRQRPtDLQIRUPDOVHDFRQVLGHUDEOH
( &ULWHULRVGHPHGLFLyQXWLOL]DGRVDQLYHOLQWHUQDFLRQDO
6LHPSUHTXHVHLGHQWLILTXHXQSUREOHPDHQODHFRQRPtDFRPRSXHGHQVHUODSREUH]DRODGHVLJXDOGDGGH
LQJUHVRVVHUHTXHULUiGHPHGLFLRQHV\HVWLPDFLRQHVTXHSRVHDQHOPD\RUJUDGRGHSUHFLVLyQSRVLEOHDILQ
GH HIHFWXDU XQ FRUUHFWR GLDJQyVWLFR GH OD VLWXDFLyQ \ HVWDU DVt HQ FRQGLFLRQHV GH HVWDEOHFHU ODV SDXWDV
QHFHVDULDV SDUD OOHYDU D FDER ORV FDPELRV \ PHMRUDV TXH VH FRQVLGHUHQ FRQYHQLHQWHV (Q SDUWLFXODU DO
LJXDOTXHDODKRUDGHHQFRQWUDUXQDGHILQLFLyQFODUD\SUHFLVDGHOFRQFHSWRGH³HFRQRPtDLQIRUPDOÓD
WDUHD GH PHGLU HO WDPDxR \ GHVDUUROOR GH OD PLVPD FRQWLHQH XQ HOHYDGR JUDGR GH GLILFXOWDG /D
FRPSOHMLGDG GHO IHQyPHQR UHTXLHUH XQD DSUR[LPDFLyQ GHVGH YDULRV iQJXORV GH REVHUYDFLyQ
FRQVLGHUDQGRGLIHUHQWHVLQGLFDGRUHVTXHUHIOHMHQFDGDXQRGHVXVQXPHURVRVDVSHFWRV
(QORTXHKDFHDOVLVWHPDUHJXODWRULRGHORVSDtVHVVHVXHOHUHFXUULUDSXEOLFDFLRQHVHVSHFLDOL]DGDV
GHRUJDQLVPRVLQWHUQDFLRQDOHVTXHHVWDEOHFHQXQEHQFKPDUNGHFRPSDUDFLyQLQWHUQDFLRQDO3RUHMHPSOR
HOLQIRUPH'RLQJ%XVLQHVV%DQFR0XQGLDOUHFRSLODLQIRUPDFLyQDFHUFDGHODVUHJXODFLRQHVTXH
IDYRUHFHQODDFWLYLGDGHPSUHVDULDO\DTXHOODVTXHODOLPLWDQ\SUHVHQWDLQGLFDGRUHVFXDQWLWDWLYRVVREUHOD
UHJXODFLyQ HPSUHVDULDO \ OD SURWHFFLyQ GH ORV GHUHFKRV GH SURSLHGDG TXH VRQ VXVFHSWLEOHV GH
FRPSDUDFLyQ HQWUH HFRQRPtDV GHO PXQGR \ D WUDYpV GHO WLHPSR $OOt HQWUH RWUDV VH DQDOL]DQ ODV
UHJXODFLRQHVUHODWLYDVDOFRVWR\WLHPSRGHDSHUWXUDGHXQDHPSUHVDSHUPLVRVGHFRQVWUXFFLyQUHJLVWUR
GH SURSLHGDGHV REWHQFLyQ GH FUpGLWR SURWHFFLyQ GH LQYHUVRUHV SDJR GH LPSXHVWRV \ FRPHUFLR
WUDQVIURQWHUL]R
/D LQIRUPDOLGDG ODERUDO FRQVWLWX\H XQ IDFWRU PX\ LPSRUWDQWH PiV QR HO ~QLFR GH OR TXH VH
FRQRFH FRPR HFRQRPtD LQIRUPDO 3RU HVD UD]yQ WDPELpQ VH VXHOHQ DSURYHFKDU FRQOD PLVPD ILQDOLGDG
DQDOtWLFDORVGDWRVGHFREHUWXUDGHORVVLVWHPDVGHVHJXULGDGVRFLDOD~QFXDQGRODVFRPSDUDFLRQHVHQWUH
SDtVHVUHVXOWHQPiVGLILFXOWRVDVSRUODKHWHURJHQHLGDGGHORVVLVWHPDVDSOLFDGRV$VLPLVPRXQDGHODV
YDULDEOHVPiVXWLOL]DGDVDHIHFWRVFRPSDUDWLYRVHVWiGDGDSRUORTXHVHGHQRPLQD³EUHFKDVDODULDO´WD[
ZHGJH ODFXDO EULQGD XQDSDXWD DFHUFD GH ORV FRVWRV OHJDOHV GHO HPSOHR IRUPDO IRUPDGR EiVLFDPHQWH
SRUODVXPDGHOVDODULR\ODVFRQWULEXFLRQHVGHODVHJXULGDGVRFLDO
/D 2UJDQL]DFLyQ ,QWHUQDFLRQDO GHO 7UDEDMR 2,7 KD VLGR XQD GH ODVRUJDQL]DFLRQHV TXH PiV KD
FRQWULEXLGRDOHVWXGLR\ODPHGLFLyQGHORVDVSHFWRVFHQWUDOHVGHODLQIRUPDOLGDGHQHOPHUFDGRODERUDO
/RVLQIRUPHVUHDOL]DGRVHQORV~OWLPRVDxRVSRUHVWDHQWLGDGKDQSHUPLWLGRFODULILFDU\GHILQLUFRQPD\RU

SUHFLVLyQ FXiOHV VRQ ORV IDFWRUHV LQYROXFUDGRV HQ HO IHQyPHQR \ FXiOHV VRQ ORV LQGLFDGRUHV TXH PHMRU
UHIOHMDQODJUDYHGDGGHOPLVPRHQORVGLVWLQWRVSDtVHV$VtODVGRVSULQFLSDOHVYDULDEOHVREVHUYDGDVSDUD
ODVFXDOHVH[LVWHQHVWDGtVWLFDVSHULyGLFDPHQWHDFWXDOL]DGDVKDQVLGRHO³HPSOHRHQHOVHFWRULQIRUPDO´
GHILQLGR FRPR OD FDQWLGDG GH SXHVWRV GH WUDEDMR HQ HPSUHVDV LQIRUPDOHV TXH QR FXPSOHQ FRQ ODV
UHJXODFLRQHV OHJDOHV \ HO ³HPSOHR LQIRUPDO´ R VHD OD FDQWLGDG GH WUDEDMDGRUHV TXH QR DFFHGHQ D ORV
EHQHILFLRV GH OD VHJXULGDG VRFLDO LQGHSHQGLHQWHPHQWH GH VL ODV DFWLYLGDGHV VH GHVDUUROODQ HQ HO VHFWRU
IRUPDORLQIRUPDOGHODHFRQRPtD
$VLPLVPRODLQIRUPDOLGDG HQODHFRQRPtDHVWitQWLPDPHQWH OLJDGDFRQODHYDVLyQWULEXWDULDGH
KHFKRH[LVWHXQDPSOLRFRQVHQVRHQVHxDODUDOD~OWLPDFRPRXQDGHODVSULQFLSDOHVFRQVHFXHQFLDVGHOD
SULPHUD$OPHWDODUJXPHQWDQTXHHOWDPDxRGHODHFRQRPtDVXEWHUUiQHDSXHGHVHUYLUFRPRXQD
~WLOTXL]iVDOJRLPSHUIHFWDPHGLGDGHODPDJQLWXGGHODHYDVLyQWULEXWDULD1RREVWDQWHHVWDUHODFLyQ
SXHGHVHUELXQtYRFDHQWDQWRORVGHWHUPLQDQWHVGHODHYDVLyQLQFLGHQGHPDQHUDLQGLUHFWDHQORVQLYHOHV
GH LQIRUPDOLGDG 3RU OR WDQWR ODV HVWLPDFLRQHV GH HYDVLyQ VXHOHQ GDU XQD LGHD VREUH WRGR HQ DOJXQRV
VHFWRUHVGHODHFRQRPtDGHODGLPHQVLyQGHGLFKRIHQyPHQR
'HVGHHOSXQWRGHYLVWDPHWRGROyJLFRH[LVWHQYDULDVWpFQLFDVHVWDGtVWLFDVSDUDODHVWLPDFLyQGHOD
LQIRUPDOLGDG HQ XQD HFRQRPtD WRGRV HOODV FRQ YHQWDMDV \ GHVYHQWDMDV HVSHFtILFDV ODV FXDOHV SXHGHQ
DJUXSDUVHHQODVLJXLHQWHFODVLILFDFLyQ
D0pWRGRVGLUHFWRV
(VWRV SURFHGLPLHQWRV PLFURHFRQyPLFRV VH EDVDQ HQ OD XWLOL]DFLyQ GH HQFXHVWDV GH SDUWLFLSDFLyQ
YROXQWDULD R HQ DXGLWRUtDV WULEXWDULDV D ORV FRQWULEX\HQWHV SDUD YHULILFDU VXV LQJUHVRV LPSRQLEOHV QR
GHFODUDGRVHQODVGHFODUDFLRQHVMXUDGDV$SDUWLUGHORVUHVXOWDGRVTXHREWLHQHQPXFKRVDXWRUHVHVWXGLDQ
OD HFRQRPtD LQIRUPDO KDFLpQGRVH XQD LGHD DSUR[LPDGD GH VX PDJQLWXG D WUDYpV GH OD REVHUYDFLyQ GH
YDULDEOHV SUR[\ R LQGLFDGRUHV $Vt OD SURSRUFLyQ GH HPSOHR SRU FXHQWD SURSLD R DXWRHPSOHR HQ OD
IXHU]DODERUDOVHXWLOL]DFRP~QPHQWHFRPRYDULDEOHGHOWDPDxRGHODHFRQRPtDLQIRUPDO2,7E
2&'( $ PHQXGR VH DUJXPHQWD TXH ORV WUDEDMDGRUHV SRU FXHQWD SURSLD VRQ SURSHQVRV D
LQYROXFUDUVHHQDFWLYLGDGHVLQIRUPDOHVRDOPHQRVWHQHUXQPD\RUPDUJHQSDUDKDFHUORSRUHMHPSOR
HQODGHFODUDFLyQGHVXVLQJUHVRVGDGDODQDWXUDOH]DPiVIOH[LEOH\GLQiPLFDGHVXVDFWLYLGDGHV
6L ELHQ HVWRV PpWRGRV VRQ DPSOLDPHQWH XWLOL]DGRV \D TXH SXHGHQ SURSRUFLRQDU LQIRUPDFLyQ
GHWDOODGDVREUHODVDFWLYLGDGHVGHODHFRQRPtDLQIRUPDO\ODHVWUXFWXUD\FRPSRVLFLyQGHORVTXHWUDEDMDQ
HQHVHHQWRUQRORVHQIRTXHVGLUHFWRVSRVHHQDOJXQDVGHVYHQWDMDVFRPRHOPRGHUDGRQLYHOGHSUHFLVLyQ
ODGHSHQGHQFLDGHORVUHVXOWDGRVGHODYROXQWDGGHORVHQFXHVWDGRVDFRRSHUDU\ODSRVLELOLGDGGHREWHQHU
FRQFOXVLRQHVVHVJDGDVDOHYDOXDUORVLQJUHVRVGHVyORXQDPXHVWUDGHFRQWULEX\HQWHV
E0pWRGRVLQGLUHFWRV
(VWiQEDVDGRVHQODXWLOL]DFLyQGHXQRRYDULRVLQGLFDGRUHVPDFURHFRQyPLFRVFX\DLQIRUPDFLyQSHUPLWH
LQIHULUHOGHVDUUROORGHODHFRQRPtDLQIRUPDOHQHOWLHPSR$VtHOHQIRTXHGHHVWDGtVWLFDVGHODVFXHQWDV
QDFLRQDOHVHVWLPDHOWDPDxRGHODHFRQRPtDLQIRUPDODSDUWLUGHODGLVFUHSDQFLDHQWUHODVHVWDGtVWLFDVGHO
LQJUHVR \ GHO JDVWR HQ OD FRQWDELOLGDG QDFLRQDO R HQ GDWRV LQGLYLGXDOHV PLHQWUDV TXH HO PpWRGR GH
HVWDGtVWLFDVGHODIXHU]DODERUDOEXVFDLQIHULUHOFUHFLPLHQWRGHOVHFWRULQIRUPDOHQEDVHDODFDtGDGHOD
SDUWLFLSDFLyQGHODPDQRGHREUDHQODHFRQRPtDRILFLDOVXSRQLHQGRTXHODIXHU]DODERUDOWLHQHXQDWDVD
GHSDUWLFLSDFLyQJHQHUDOFRQVWDQWH
(Q OD OLWHUDWXUD WDPELpQ VH KD DSOLFDGR HO HQIRTXH LQGLUHFWR EDVDGR HQ ODV WUDQVDFFLRQHV
'HVDUUROODGRSRU)HLJH\EDVDGRHQODHFXDFLyQFXDQWLWDWLYDGH)LVKHU0 9 S 7XWLOL]DORV
GDWRV GHO YROXPHQ WRWDO GH ODV WUDQVDFFLRQHV PRQHWDULDV HQ XQD HFRQRPtD SDUD FDOFXODU HO 3,% WRWDO
QRPLQDOHOQRRILFLDOPiVHORILFLDO\OXHJRHVWLPDSRUGLIHUHQFLDHOYROXPHQGHODHFRQRPtDLQIRUPDO
UHVWiQGROH HO YDORU GHO3,%RILFLDO /RV IXHUWHV VXSXHVWRV \ ORV JUDQGHV UHTXHULPLHQWRV GH LQIRUPDFLyQ
SDUDREWHQHUHVWLPDFLRQHVFRQILDEOHVKDQDWHQWDGRFRQWUDODXWLOL]DFLyQGHHVWHPpWRGR

(Q HVWH LQIRUPH VH VHJXLUi HO FULWHULR VXJHULGR \ DPSOLDPHQWH FLWDGR GH 6FKQHLGHU \ (QVWH ³6KDGRZ (FRQRPLHV 6L]H
&DXVHVDQG&RQVHTXHQFHV´

(OHQIRTXHGHGHPDQGDGHGLQHURIXHGHVDUUROODGRSRU&DJDQ\OXHJRSRU7DQ]L

GRQGHDSDUWLUGHODHVWLPDFLyQHFRQRPpWULFDGHXQDIXQFLyQGHGHPDQGDGHGLQHURHQHIHFWLYRDORODUJR
GH XQ SHUtRGR GH WLHPSR GRQGH VH LQFOX\H D OD FDUJD WULEXWDULD \ D ODV UHJXODFLRQHV JXEHUQDPHQWDOHV
HQWUH ORV IDFWRUHV TXH GHWHUPLQDQ VX H[LVWHQFLD VH HVWLPD OD GLPHQVLyQ GH OD HFRQRPtD LQIRUPDO
VXSRQLHQGR TXH ODV WUDQVDFFLRQHV VXEWHUUiQHDV VH UHDOL]DQ HQ HIHFWLYR \ TXH XQ LQFUHPHQWR GH OD
HFRQRPtDLQIRUPDOHOHYDUiVXGHPDQGD
(OPiVUHFLHQWHPpWRGRLQGLUHFWRSDUDODHVWLPDFLyQGHOWDPDxRGHODHFRQRPtDLQIRUPDOHVHOTXH
XWLOL]D DO FRQVXPR GH HQHUJtD HOpFWULFD FRPR SULQFLSDO LQGLFDGRU GH OD DFWLYLGDG HFRQyPLFD SRU HVR
WDPELpQ VH OR VXHOH GHQRPLQDU ³PpWRGR GH LQVXPRV ItVLFRV´ $TXt H[LVWHQ GRV YDULDQWHV OD GH
.DXIPDQQ\.DOLEHUGD\ODGH/DFNyDXQTXHHQDPEDVODPHWRGRORJtDFRLQFLGHDOUHVWDU
ODWDVDGHFUHFLPLHQWRGHO3,%RILFLDOGHODWDVDGHFUHFLPLHQWRGHOFRQVXPRGHHQHUJtDHOpFWULFDWRWDO
DWULEX\pQGRVHODGLIHUHQFLDDOFUHFLPLHQWRGHODHFRQRPtDLQIRUPDO
F0pWRGRGHOPRGHORGHYDULDEOHODWHQWH
(VWHHQIRTXHWLHQHDQWHFHGHQWHVSLRQHURVHQHOWUDEDMRGH)UH\ \:HFN+DQQHPDQ\KDVLGRHO
HOHJLGRHQDOJXQDVGHODVPiVUHFLHQWHVHVWLPDFLRQHVGHODLQIRUPDOLGDGDQLYHOLQWHUQDFLRQDOWDOFRPR
6FKQHLGHUHWDOSDUDSDtVHVRFRPR9XOHWLQSDUD$PpULFD/DWLQD\HO&DULEH
6HJ~Q *LOHV HO SURFHGLPLHQWR FRQVLVWH HQ HVWLPDU ODV GLPHQVLRQHV GH OD HFRQRPtD
LQIRUPDODWUDYpVGHOWLHPSRYDULDEOHODWHQWHFRPRXQDIXQFLyQGHYDULDEOHVREVHUYDEOHVODVFXDOHVVH
VXSRQHTXHLQIOX\HQVREUHODSULPHUDSRUHMHPSORODFDUJDLPSRVLWLYDDVtFRPRGHYDULDEOHVHQTXHODV
DFWLYLGDGHV HFRQyPLFDV LQIRUPDOHV GHMDQ ³UDVWURV´ FRPR HO GLQHUR HQ HIHFWLYR OD MRUQDGD RILFLDO GH
WUDEDMRHOGHVHPSOHRHWF/DVSULPHUDVVRQLGHQWLILFDGDVFRPR³FDXVDV´PLHQWUDVTXHODVVHJXQGDVVRQ
ORV ³LQGLFDGRUHV´ TXH FRQIRUPDQ XQ PRGHOR GLQiPLFR GH P~OWLSOHV FDXVDV \ P~OWLSOHV LQGLFDGRUHV
'<0,0,&HQLQJOpV
(QWUHODVSULQFLSDOHVFDXVDVTXHKDQVLGRLGHQWLILFDGDVVHGHVWDFDQFRPR\DVHPHQFLRQyODFDUJD
WULEXWDULDODUHJXODFLyQJXEHUQDPHQWDO\ODPRUDOWULEXWDULDPLHQWUDVTXHORVSULQFLSDOHVLQGLFDGRUHVTXH
UHIOHMDQFDPELRVHQHOWDPDxRGHODHFRQRPtDLQIRUPDOWLHQGHQDHVWDUYLQFXODGRVFRQHOGHVDUUROORGH
YDULDEOHVPRQHWDULDVODERUDOHV\SURGXFWLYDV
$ SHVDU GH WRGR OR DQWHULRU FRPR HQIDWL]DQ 6FKQHLGHU \ (QVWH QR KD\ XQ PpWRGR GH
HVWLPDFLyQTXHVHDPHMRUTXHORVGHPiV&DGDHQIRTXHWLHQHVXVSXQWRVIXHUWHV\GpELOHV\SURGXFHVXV
SURSLRVUHVXOWDGRV \SHUFHSFLRQHV'HHVWHPRGRSDUDXQSDtVGDGRHQXQSHUtRGRGDGRFDGDPpWRGR
SXHGH GDU LPSUHVLRQHV PX\ GLIHUHQWHV VREUH HO YROXPHQ \ HO FUHFLPLHQWR OR TXH VLJQLILFD TXH ORV
HQFDUJDGRVGH WRPDU GHFLVLRQHV GHEHUiQ VHU FXLGDGRVRV VL XWLOL]DQ HVWLPDFLRQHV REWHQLGDV FRQ XQ VROR
PpWRGR7DPELpQHVQHFHVDULRSURFHGHUFRQFDXWHODDOUHDOL]DUFRPSDUDFLRQHVHQWUHSDtVHVRGHQWURGHXQ
PLVPRSDtVVLVHHPSOHDQHVWLPDFLRQHVREWHQLGDVFRQPpWRGRVGLIHUHQWHV
7RPDQGR HVWR HQ FRQVLGHUDFLyQ HQ HO VHJXQGR FDStWXOR GH HVWH WUDEDMR VH DKRQGDUi HQ ODV
FDUDFWHUtVWLFDV HVSHFtILFDV TXH DGTXLHUH HO IHQyPHQR GH OD LQIRUPDOLGDG HQ $PpULFD /DWLQD GRQGH VH
LQWHQWDUiLOXVWUDUDOJXQRVFDVRVFRQFUHWRVGHORVSDtVHVGHODUHJLyQ

(QVWH '+ ³5HJXODWLRQ DQG 6KDGRZ (FRQRP\ (PSLULFDO (YLGHQFH IRU 2&'( &RXQWULHV´ &RQVWLWXWLRQDO 3ROLWLFDO
(FRQRP\9RO

,, /DLQIRUPDOLGDGHQ
$PpULFD/DWLQD
$ 3ULQFLSDOHVUHVXOWDGRV\WHQGHQFLDV
UHJLRQDOHV
(Q OtQHD FRQ OR VHxDODGR SRU 3HUU\ HW DO OD LQIRUPDOLGDG QR HV
SDUWLFXODUPHQWH PiV HOHYDGD HQ $PpULFD /DWLQD FRQ UHVSHFWR D RWURV
SDtVHV HQ GHVDUUROOR FRQ LQJUHVRV SHU FiSLWD VLPLODUHV 6LQ HPEDUJR HQ
DxRV UHFLHQWHV OD FRQVLGHUDFLyQ GH HVWH IHQyPHQR KD DGTXLULGR XQD
FUHFLHQWH UHOHYDQFLD HQ ORV SDtVHV GH OD UHJLyQ D OD KRUD GH GLVHxDU ODV
SROtWLFDV PDFURHFRQyPLFDV GDGDV ODV FRQQRWDFLRQHV QHJDWLYDV DVRFLDGDV
DOPLVPRPDODVFRQGLFLRQHVGHWUDEDMRHPSUHVDVGHEDMDSURGXFWLYLGDG
IDOWDGHFXPSOLPLHQWRGHODVOH\HVQRUPDV\REOLJDFLRQHVWULEXWDULDVHWF
'HELGRDODDPSOLWXGGHORVUHVXOWDGRVREWHQLGRV\DODUREXVWH]GH
ORV PLVPRV JUDFLDV D OD XWLOL]DFLyQ VLPXOWiQHD GH WUHV GH ORV PpWRGRV GH
HVWLPDFLyQDTXtH[SOLFDGRVORVSHULyGLFRVWUDEDMRVGH)ULHGULFK6FKQHLGHU
FRQVWLWX\HQ XQD UHIHUHQFLD REOLJDGD FXDQGR VH LQWHQWD GDU XQD YLVLyQ
FXDQWLWDWLYD\JOREDOGHODLQIRUPDOLGDGHQGLVWLQWRVSDtVHV\UHJLRQHVGHO
PXQGR'HVXPiVUHFLHQWHPHGLFLyQ6FKQHLGHUVHGHVSUHQGHTXH
VLELHQOD LQIRUPDOLGDGDIHFWDHQODDFWXDOLGDGDFDVLWRGRVORVSDtVHVGHO
PXQGRQRORKDFHDWRGRVSRULJXDO

3RU HMHPSOR YHU 6FKQHLGHU HW DO ³6KDGRZ HFRQRPLHV DOO RYHU WKH ZRUOG 1HZ HVWLPDWHV IRU FRXQWULHV IURP WR
´%DQFR0XQGLDO

(Q HO JUiILFR VH SUHVHQWDQ ORV YDORUHV HVWLPDGRV GH OD HFRQRPtD LQIRUPDO GXUDQWH HO SHUtRGR
HQ GLVWLQWDV UHJLRQHV R JUXSRV GH SDtVHV 6L VH FRQVLGHUD HO SURPHGLR VLPSOH GH ORV SDtVHV
HQWUH GLFKRV DxRV FROXPQD GHUHFKD VH SXHGH REVHUYDU FODUDPHQWH OD GLIHUHQFLD H[LVWHQWH HQ HVWD
GLPHQVLyQHQWUHORVSDtVHVGHDOWRVLQJUHVRVSHUWHQHFLHQWHVDOD2&'(\ODVGHPiVUHJLRQHVGHPHQRU
JUDGRGHGHVDUUROOR$GHPiVVLELHQHOSURPHGLRVLPSOHPXQGLDOSDtVHVUHVXOWDHOHYDGRHQWRUQRDO
GHO3,%RILFLDOH[LVWHQUHJLRQHVTXHVXSHUDQGLFKRYDORU\VHDFHUFDQDOWDOFRPR(XURSD\
$VLD&HQWUDO\ÈIULFDVXE6DKDULDQDVLHQGR$PpULFD/DWLQD\HO&DULEHODTXHFXHQWDFRQXQDHFRQRPtD
LQIRUPDOHQSURPHGLRGHPD\RUWDPDxRDQLYHOLQWHUQDFLRQDOFRQXQGHO3,%UHJLRQDO

*5È),&2
/$(&2120Ë$,1)250$/(1',67,17$65(*,21(6'(/3/$1(7$3520(',2
(QSRUFHQWDMHVGHO3,%RILFLDO

$OWR,QJUHVR 2ULHQWH0HGLR 0XQGR 6XGHVWH (XURSD\$VLD ÈIULFDVXE $PpULFD/DWLQD
2&'( \ÈIULFDGHO DVLiWLFR FHQWUDO VDKDULDQD \&DULEH
1RUWH
3URPHGLRVLPSOH 3URPHGLRSRQGHUDGR SRU3,%

)XHQWH(ODERUDFLyQSURSLDVREUHODEDVHGH6FKQHLGHU

3RU RWUD SDUWH VL VH WRPD FRPR UHIHUHQFLD HO YDORU SURPHGLR GH GLFKD YDULDEOH SDUD HO PLVPR
SHUtRGRSHURSRQGHUDQGRORVUHVXOWDGRVSRUHO3,%GHFDGDSDtVHQHODxRHVSRVLEOHDGYHUWLUHQHO
*UiILFRTXHHOHVWDGRGHVLWXDFLyQQRYDUtDVLJQLILFDWLYDPHQWHSXHVWRTXHPLHQWUDVORVSDtVHVDIULFDQRV
VH HQFXHQWUDQ HQWUH ORV PiV LQIRUPDOHV GHO PXQGR HQ OD 2&'( HO IHQyPHQR UHSUHVHQWD
DSUR[LPDGDPHQWHXQWHUFLRGHHVHQLYHODPSOLiQGRVHD~QPiVODEUHFKD\DVHxDODGD
$VtORVSDtVHVGHVDUUROODGRVPXHVWUDQYDORUHVGHLQIRUPDOLGDGTXHVHFRQGLFHQFRQHOSURPHGLR
LQWHUQDFLRQDO HQ XQ VHJXQGR HVFDOyQ ORV SDtVHV GHO VXGHVWH DVLiWLFR \ GHO 0HGLR 2ULHQWH \
1RUWHGHÈIULFDH[KLEHQXQYDORUSURPHGLRHQWRUQRDSRU~OWLPRHOWDPDxRGHODHFRQRPtD
LQIRUPDOHQODVUHJLRQHVGH$PpULFD/DWLQD(XURSDRULHQWDO\$VLDFHQWUDO\HOÈIULFD
VXEVDKDULDQDDOFDQ]DYDORUHVSURPHGLRTXHGXSOLFDQODPHGLDPXQGLDOSRQGHUDGDSRU3,%OR
TXHUHIOHMDODJUDYHGDGGHOSUREOHPDGHODLQIRUPDOLGDGHQPXFKRVGHHVWRVSDtVHVVXEGHVDUUROODGRV
$GHPiV GH ORV QLYHOHV HVWLPDGRV WDPELpQ VRQ LPSRUWDQWHV ODV FDUDFWHUtVWLFDV TXH WLHQH OD
LQIRUPDOLGDG HQ ORV GLIHUHQWHV SDtVHV SULQFLSDOPHQWH HQ OR TXH UHVSHFWD D OD FRPSRVLFLyQ SRU VHFWRUHV
TXH FRQIRUPDQ OD HFRQRPtD LQIRUPDO GH FDGD SDtV /RV HVWXGLRV UHDOL]DGRV D QLYHO LQWHUQDFLRQDO
PXHVWUDQTXHH[LVWHQJUDQGHVVLPLOLWXGHVHQWUHQDFLRQHVGHGLVWLQWRJUDGRGHGHVDUUROORFRQUHVSHFWRD

6HUHILHUHDORVSDtVHVHXURSHRVGHPHQRUJUDGRGHGHVDUUROOR\TXHQRVRQPLHPEURVGHOD2&'(PD\RUPHQWHXELFDGRVHQODSDUWH
RULHQWDOGHOFRQWLQHQWH

ORV VHFWRUHV TXH SUHVHQWDQ PD\RUHV tQGLFHV GH LQIRUPDOLGDG $Vt OD DJULFXOWXUD OD FRQVWUXFFLyQ HO
FRPHUFLR PLQRULVWD HO VHUYLFLR GRPpVWLFR \ HQ DOJXQRV FDVRV HO WUDQVSRUWH S~EOLFR VH XELFDQ SRU
HQFLPD GHO UHVWR FXDQGR VH ORV RUGHQD VHJ~Q OD PDJQLWXG GH HVWH IHQyPHQR (OOR VH GHEH D TXH HVWDV
DFWLYLGDGHVVHFDUDFWHUL]DQSRUODSRFDFDSDFLWDFLyQTXHGHPDQGDQVXVHPSOHDGRV\SRUODGLILFXOWDGTXH
WLHQHQODVDXWRULGDGHVFRPSHWHQWHVSDUDFRQWURODUODV
6LQHPEDUJRORVVHFWRUHVTXHVRQWtSLFDPHQWHLQIRUPDOHVSRVHHQXQDLPSRUWDQFLDPD\RUGHQWUR
GH OD HVWUXFWXUD HFRQyPLFD HQ ORV SDtVHV PHQRV GHVDUUROODGRV (VWH HV HO FDVR SULQFLSDOPHQWH GH OD
DJULFXOWXUDHOFRPHUFLRPLQRULVWD\HOVHUYLFLRGRPpVWLFR$VLPLVPRHVWRVVHFWRUHVVXHOHQFRQFHQWUDUD
ORV JUXSRV GH PHQRU HGXFDFLyQ \ PHQRUHV LQJUHVRV UD]yQ SRU OD FXDO HO HQIRTXH GH OD GXDOLGDG R
H[FOXVLyQ VXHOH DGDSWDUVH PHMRU FXDQGR VH EXVFDQ ODV FDXVDV GH OD HOHYDGD LQIRUPDOLGDG HQ ORV SDtVHV
VXEGHVDUUROODGRV 1R REVWDQWH HVWR QR TXLWD TXH XQD SDUWH LPSRUWDQWH GHO IHQyPHQR REHGH]FD D XQD
GHFLVLyQUDFLRQDOGHORVDJHQWHVHFRQyPLFRVTXHRSWDQSRUHVWDEOHFHUVHIXHUDGHOFLUFXLWRIRUPDOGHOD
HFRQRPtDSDUDHOGHVDUUROORGHVXVDFWLYLGDGHV
/DRWUDGLIHUHQFLDVHHQFXHQWUDHQODVFDUDFWHUtVWLFDVTXHSRVHHQHVWRVVHFWRUHVHQFDGDJUXSRGH
SDtVHV (Q OD DJULFXOWXUD VH REVHUYD TXH HQ ORV SDtVHV PiV GHVDUUROODGRV RSHUD D JUDQ HVFDOD \ HVWi
RULHQWDGD D OD H[SRUWDFLyQ PLHQWUDV TXH HQ ODV QDFLRQHV PiV SREUHV XQD JUDQ SDUWH GHO VHFWRU HVWi
SULQFLSDOPHQWHGHVWLQDGRDOPHUFDGRORFDOVDOYRHQHOFDVRGHODVFRPPRGLWLHV\HQDOJXQRVFDVRVHV
XQDSURGXFFLyQGHVXEVLVWHQFLDGLULJLGDDODXWRFRQVXPR(QFXDQWRDOFRPHUFLRPLQRULVWDHQORVSDtVHV
PiV DYDQ]DGRV VRQ HVWDEOHFLPLHQWRV GH FLHUWD HQYHUJDGXUD FRQ FDSDFLGDG GH FUHFLPLHQWR \ GH
IRUPDOL]DFLyQ HQ WDQWR TXH HQ ORV SDtVHV SREUHV HVWD DFWLYLGDG WRPD OD IRUPD H[WUHPD GH YHQWD
DPEXODQWH \ FDOOHMHUD (VWD DFWLYLGDG VXUJH DQWH OD LPSRVLELOLGDG GH FRQVHJXLU XQ HPSOHR IRUPDO \ HV
PHUDPHQWHGHVXEVLVWHQFLD
% /DVSDUWLFXODULGDGHVGHODLQIRUPDOLGDGHQ$PpULFD/DWLQD
7DOFRPRVHSUHVHQWyDQWHULRUPHQWH$PpULFD/DWLQDUHJLVWUDHQSURPHGLRXQRGHORVPD\RUHVQLYHOHV
GHLQIRUPDOLGDGHQHOPXQGR(VWHIHQyPHQRSRUXQODGRPXHVWUDFLHUWDVFDUDFWHUtVWLFDVFRPXQHVTXH
VHUHSLWHQHQPD\RURPHQRUPHGLGDHQFDVLWRGRVORVSDtVHVGHODUHJLyQ6LQHPEDUJRGHQWURGHHVWD
UHJLyQWDPELpQHVSRVLEOHREVHUYDUXQDHOHYDGDKHWHURJHQHLGDGGHFDVRVFRQJUDQGHVGLIHUHQFLDVHQOD
GLPHQVLyQ\FRQIRUPDFLyQGHODHFRQRPtDLQIRUPDOODVFXDOHVPHUHFHQVHUGHVWDFDGDV
'H DFXHUGR D 6FKQHLGHU HQ HO VLJXLHQWH FXDGUR VH PXHVWUD ODV HVWLPDFLRQHV HQ
SRUFHQWDMHV GHO 3,% RILFLDO FRUUHVSRQGLHQWHV D ORV SHUtRGRV \ MXQWR FRQ HO
UHVXOWDGRSURPHGLRVLPSOHHQWUH\SDUDFDGDSDtVSDUDODUHJLyQSDUDOD2&'(\SDUDXQ
DPSOLR FRQMXQWR GH SDtVHV 9DOH PHQFLRQDU TXH ORV SDtVHV IXHURQ RUGHQDGRV HQ IXQFLyQ DO YDORU
PHGLRODWLQRDPHULFDQRSDUDHOSHUtRGRLJXDOD
$VXYH]\DXQTXHWRGRFULWHULRFODVLILFDWRULRHVVXVFHSWLEOHGHVHULPSXJQDGRSDUHFHDGHFXDGR
DJUXSDUDORVSDtVHVVHJ~QHVWUDWRVDFRUGHVFRQORVQLYHOHVSURPHGLRVGHLQIRUPDOLGDGSDUD
ORFXDOVHORVKDGLYLGLGRHQWUHVJUXSRVWRPDQGRFRPRFULWHULRTXHORVPLVPRVVHXELTXHQHQXQ
SRUHQFLPD\SRUGHEDMRGHOSURPHGLRUHJLRQDO
(OFULWHULRDSOLFDGRFRQILJXUDXQDVLWXDFLyQHQODFXDOVHREVHUYDQSDtVHVHQHO*UXSRFRQXQ
WDPDxRGHHFRQRPtDLQIRUPDOUHODWLYDPHQWHFHUFDQRDOSURPHGLRGHODUHJLyQSHURTXHSDUDODPD\RUtD
GH VXV LQWHJUDQWHV UHVXOWD VXSHULRU DO SURPHGLR PXQGLDO VLQ SRQGHUDU SRU 3,% \ PiV TXH GXSOLFD DO
SURPHGLRH[KLELGRSRUORVSDtVHVGHOD2&'(0LHQWUDVWDQWRHQORVH[WUHPRVVH HQFXHQWUDQ%ROLYLD
3DQDPi\3HU~TXHFRQIRUPDQHO*UXSRFRQQLYHOHVGHLQIRUPDOLGDGTXHQRVyORVHHQFXHQWUDQHQWUH
ORVPiVHOHYDGRVGHODUHJLyQVLQRGHWRGRHOPXQGR3RUVXSDUWHHO*UXSRFRQIRUPDGRSRU0p[LFR

/RVGDWRVDTXtXWLOL]DGRVSXHGHQFRQVXOWDUVHHQHO&XDGUR$GHO$QH[R(VWDGtVWLFRDOILQDOGHOLQIRUPH

&RVWD5LFD$UJHQWLQD\&KLOHPXHVWUDYDORUHVPXFKRPiVDFRUGHVDORVSDUiPHWURVLQWHUQDFLRQDOHVD~Q
XELFiQGRVHSRUHQFLPDGHORVFRUUHVSRQGLHQWHVDORVSDtVHVPiVGHVDUUROODGRV

&8$'52
7$0$f2'(/$(&2120Ë$,1)250$/(1$0e5,&$/$7,1$
3DtV
*5832
%ROLYLD(VWDGR3OXULQDFLRQDOGH
3DQDPiD
3HU~
*5832
8UXJXD\
*XDWHPDOD
+RQGXUDV
(O6DOYDGRU
1LFDUDJXD
%UDVLO
3DUDJXD\D
&RORPELD
9HQH]XHOD5HS~EOLFD%ROLYDULDQDGH
(FXDGRU
5HS~EOLFD'RPLQLFDQD
*5832
0p[LFR
&RVWD5LFD
$UJHQWLQD
&KLOH
$PpULFD/DWLQDE
2&'(
F
3URPHGLRPXQGLDO
)XHQWH(ODERUDFLyQSURSLDVREUHODEDVHGH6FKQHLGHU\6FKQHLGHUHWDO

D
'DWRVGLVSRQLEOHVVyORKDVWDHODxRLQFOXVLYH
E
3URPHGLRVLPSOHVLQSRQGHUDUSRUHO3,%GHORVSDtVHV
F
3URPHGLRVLPSOHSDUDSDtVHV

$~Q FRQ HVWDV GLIHUHQFLDV XQ KHFKR DOHQWDGRU GH OD HYROXFLyQ HFRQyPLFD UHFLHQWH HQ $PpULFD
/DWLQD HQ FRQVRQDQFLD FRQ HO DFHOHUDGR FUHFLPLHQWR HFRQyPLFR \ OD UHGXFFLyQ GH ORV QLYHOHV GH
GHVLJXDOGDG HVWi FRQVWLWXLGR SRU OD UHGXFFLyQ PRGHUDGD SHUR XQiQLPH GHO WDPDxR GH OD HFRQRPtD
LQIRUPDO HQ WRGRV ORV SDtVHV GH OD UHJLyQ $Vt HV SRVLEOH DGYHUWLU TXH GXUDQWH OD ~OWLPD GpFDGD \
VLJXLHQGRODWHQGHQFLDJOREDOHQHVWDPDWHULDORVQLYHOHVGHLQIRUPDOLGDGKDQGHVFHQGLGRHQWRGRVORV

6yOR SDUD WHQHU XQD LGHD LOXVWUDWLYD SDUD HO SURPHGLR HO WDPDxR GH OD HFRQRPtD LQIRUPDO HQ UHODFLyQ DO 3,% RILFLDO
HVWLPDGRSRU6FKQHLGHUIXHGHHQ6XL]DHQ((88HQ&KLQDHQ$OHPDQLDHQ(VSDxD\
HQ,WDOLD

/ySH]&DOYD / \ /XVWLJ1³([SODLQLQJWKH'HFOLQHLQ ,QHTXDOLW\LQ/DWLQ$PHULFD 7HFKQRORJLFDO&KDQJH(GXFDWLRQDO
8SJUDGLQJDQG'HPRFUDF\´%URRNLQJV,QVWLWXWLRQ3UHVVDQG81'3

FDVRVDXQTXHPX\HVSHFLDOPHQWHHQDTXHOORVSDtVHVTXHPRVWUDEDQPD\RUHVYDORUHVHQHOSHUtRGR
FRPRORVTXHLQWHJUDQHO*UXSR\DOJXQRVGHO*UXSRFRPR*XDWHPDOD+RQGXUDV\8UXJXD\
6LQ HPEDUJR D SHVDU GH HVWD JHQHUDOL]DGD WHQGHQFLD IDYRUDEOH XQD PLUDGD GH PiV ODUJR SOD]R
REOLJD D UHODWLYL]DU ORV ORJURV DOFDQ]DGRV HQ ORV ~OWLPRV DxRV $ SDUWLU GH XQD UHFRSLODFLyQ GH GDWRV
UHDOL]DGDSRU-LPpQH]HWDO\VREUHODEDVHGHHVWLPDFLRQHVSUHYLDVDSOLFDQGRXQDPHWRGRORJtD
VLPLODU D OD GH 6FKQHLGHU \ 6FKQHLGHU HW DO HV SRVLEOH DILUPDU TXH ORV QLYHOHV GH
LQIRUPDOLGDGHQODVHFRQRPtDVGH$PpULFD/DWLQDVHKDEtDQLQFUHPHQWDGRPX\IXHUWHPHQWHGXUDQWHOD
GpFDGD GH ORV ¶ WDPELpQ DFRPSDxDQGR OD WHQGHQFLD JOREDO KDVWD DOFDQ]DU YDORUHV Pi[LPRV HQ HO
SHUtRGR(VWDVLWXDFLyQVHUHIOHMyLQGLVWLQWDPHQWHHQWRGRVORVSDtVHVGHODUHJLyQ\HQORV
WUHVJUXSRVFRQIHFFLRQDGRVHQHVWHLQIRUPHWDOFRPRVHPXHVWUDHQHOVLJXLHQWHJUiILFR

*5È),&2
(92/8&,Ï1'(/7$0$f2'(/$(&2120Ë$,1)250$/
(1$0e5,&$/$7,1$*58326</$2&'(

*5832 *5832 *5832 2&'(

)XHQWH (ODERUDFLyQ SURSLD VREUH OD EDVH GH -LPpQH] HW DO 6FKQHLGHU \
6FKQHLGHUHWDO

&RPR\DVHVHxDOyODVHVWLPDFLRQHVVREUHODHFRQRPtDVXEWHUUiQHDRHFRQRPtDLQIRUPDOSXHGHQ
GDU XQD DSUR[LPDFLyQ D OD SUREOHPiWLFD GH OD HYDVLyQ ILVFDO GDGR TXH HVWDV FXDQWLILFDFLRQHV LQWHQWDQ
PHGLU ORV LQJUHVRV QR LQFOXLGRV HQ ORV FiOFXORV GHO LQJUHVR QDFLRQDO WUDWiQGRVH JHQHUDOPHQWH GH
DFWLYLGDGHVTXHTXHGDQVLQGHFODUDU6LQHPEDUJRGHEHWHQHUVHHQFXHQWDTXHHVWDVDSUR[LPDFLRQHVQR
EULQGDQXQSDQRUDPDFRPSOHWRVREUHHOJUDGRGHFXPSOLPLHQWRHQHOSDJRGHLPSXHVWRV\DTXHSRUXQ
ODGRQRDOFDQ]DDPHGLUODHYDVLyQHQODTXHLQFXUUHQORVVHFWRUHVUHJLVWUDGRVGHODHFRQRPtD\SRURWUR
ODGRQRWRGRVORVLQJUHVRVGHORVVHFWRUHVLQIRUPDOHVHVWDUtDQVXMHWRVDOSDJRGHLPSXHVWRVSRUHMHPSOR
SRUODH[LVWHQFLDGHH[HQFLRQHV
3RU OR WDQWR OD GLPHQVLyQ GH OD HFRQRPtD LQIRUPDO HV XQD FDUDFWHUtVWLFD TXH KD\ TXH WHQHU HQ
FRQVLGHUDFLyQ FXDQGR VH DQDOLFH PiV DGHODQWH HO SUREOHPD GH OD HYDVLyQ LPSRVLWLYD HQ OD UHJLyQ \ ODV
UHFRPHQGDFLRQHVTXHVHHIHFW~HQHQHVWDPDWHULD/DVWUDQVDFFLRQHVTXHVHOOHYDQDFDERHQODHFRQRPtD
VXEWHUUiQHDUHGXFHQODUHFDXGDFLyQWULEXWDULD\SRUORWDQWRGLVPLQX\HQODFDSDFLGDGGHILQDQFLDPLHQWR
GHO JDVWR S~EOLFR $GHPiV XQ LQFUHPHQWR GH ODV WDVDV LPSRVLWLYDV VLQ XQ DGHFXDGR FRQWURO SRGUtD
WUDGXFLUVH HQ XQ FUHFLPLHQWR GH ODV DFWLYLGDGHV RFXOWDV VL RFXUUH XQ GHVSOD]DPLHQWR GH HPSUHVDV \

6HUHFRQRFHQRREVWDQWHTXHORVYDORUHVHVWLPDGRVHQGLVWLQWRVPRPHQWRVGHOWLHPSRSXHGHQWUDWDUVHFRQFDXWHODGDGRHOSURJUHVLYR
SHUIHFFLRQDPLHQWRGHODVPHWRGRORJtDVDSOLFDGDV\ODPD\RUGLVSRQLELOLGDGGHODLQIRUPDFLyQHVWDGtVWLFDUHTXHULGDSDUDOOHYDUDFDER
ODVHVWLPDFLRQHV

WUDEDMDGRUHVGHVGHHOVHFWRUIRUPDODO LQIRUPDOGLILFXOWDQGRD~QPiVODFDSDFLGDGGHORVJRELHUQRVGH
JHQHUDUUHFXUVRV
& /DGLPHQVLyQODERUDOGHODLQIRUPDOLGDGHQODUHJLyQ
&RPR SXHGH QRWDUVH D SDUWLU GHO DQiOLVLV PXOWLGLVFLSOLQDULR GHO IHQyPHQR GH OD LQIRUPDOLGDG H[LVWHQ
GLYHUVDV GLPHQVLRQHV GH OD HFRQRPtD GRQGH pVWD VH PDQLILHVWD 4XL]iV XQD GH ODV PiV UHOHYDQWHV \
DPSOLDPHQWHWUDWDGDVHQODOLWHUDWXUDHVODTXHVHUHODFLRQDFRQHOPHUFDGRGHWUDEDMRPiVSUHFLVDPHQWH
FRQ OD UHODFLyQ GHO FRQWUDWR ODERUDO HQWUH HPSOHDGRUHV \ WUDEDMDGRUHV \ HQ YLUWXG GH OD PLVPD FRQ OD
SURYLVLyQGHEHQHILFLRVGHODVHJXULGDGVRFLDOSRUSDUWHGHO(VWDGR\VXVLQVWLWXFLRQHV
3HUU\ HW DO KDQ VHxDODGR TXH VL ELHQ ORV SDtVHV GH $PpULFD /DWLQD QR VRQ
VLJQLILFDWLYDPHQWH PiV LQIRUPDOHV TXH RWURV FRQ QLYHOHV GH GHVDUUROOR FRPSDUDEOHV OD LQIRUPDOLGDG
ODERUDO KD PRVWUDGR XQD WHQGHQFLD FUHFLHQWH HQ OD PD\RUtD GH HOORV GXUDQWH ORV DxRV QRYHQWD 6LQ
HPEDUJR HO FLFOR GH FUHFLPLHQWR HFRQyPLFR VRVWHQLGR \ ODV PHMRUDV HQ ORV LQGLFDGRUHV VRFLDOHV \
GLVWULEXWLYRV TXH H[SHULPHQWy OD UHJLyQ HQ JHQHUDO KD SURSLFLDGR HQ ORV DxRV UHFLHQWHV XQD VHULH GH
DYDQFHVHQHOPHUFDGRODERUDOD~QFXDQGRORVYDORUHVDFWXDOHVWDOFRPRVHSUHVHQWDUiDFRQWLQXDFLyQ
UHVXOWHQPX\HOHYDGRVHQYDULRVGHHVWRVSDtVHV
'HELGRDODFRPSOHMLGDG\ODGLYHUVLGDGGHFDVRVHQORTXHUHVSHFWDDODLQIRUPDOLGDGODERUDOVH
VXHOHQ XWLOL]DU GRV GHILQLFLRQHV FRQYHQFLRQDOHV TXH VL ELHQ SRVHHQ LPSOLFDQFLDV FRLQFLGHQWHV UHIOHMDQ
GLVWLQWRVDVSHFWRVGHOPHUFDGRGHWUDEDMR/DGHILQLFLyQSURGXFWLYDVHUHODFLRQDFRQHOWLSRGHWUDEDMR\
FRQVLGHUD FRPR LQIRUPDOHV D DTXHOORV WUDEDMDGRUHVHQ HPSOHRV GH EDMD SURGXFWLYLGDG PDUJLQDOHV \ GH
EDMDFDOLILFDFLyQ3RUVXSDUWHODGHILQLFLyQOHJDORGHSURWHFFLyQVRFLDOVHYLQFXODFRQHOFXPSOLPLHQWR
GH ODV OH\HV ODERUDOHV \ VH IRFDOL]D HQ OD IDOWD GH SURWHFFLyQ ODERUDO \ GH ORV EHQHILFLRV GH VHJXULGDG
VRFLDOTXHVHVXHOHQFRQWHPSODUHQHOVHFWRUIRUPDOGHODHFRQRPtD
(Q HO JUiILFR SXHGH YHUVH TXH DO PHQRV SDUD FXDWUR SDtVHV D ORV FXDOHV SRGUtD DJUHJDUVH
+RQGXUDVSHVHDODIDOWDGHLQIRUPDFLyQUHVSHFWRGHODGHILQLFLyQOHJDOODLQIRUPDOLGDGODERUDOUHYLVWH
XQ SUREOHPD GH JUDQ VLJQLILFDFLyQ GHVGH DPEDV SHUVSHFWLYDV (Q WRGRV HVWRV SDtVHV ORV GDWRV
DFWXDOL]DGRV GDQ FXHQWD GH XQ SRUFHQWDMH PD\RULWDULR GH ORV WUDEDMDGRUHV VXSHULRU DO FRQ ODV
FDUDFWHUtVWLFDVPHQFLRQDGDVSDUDGHVFULELUORVGLVWLQWRVDVSHFWRVGHODLQIRUPDOLGDG\DVHDSRUHOWLSRGH
HPSOHRTXHSRVHHQEDMDSURGXFWLYLGDGRSRUODIDOWDGHSURWHFFLyQODERUDO
3RU RWUD SDUWH HO SURPHGLR FDOFXODGR SDUD ORV SDtVHV GH ODUHJLyQ DTXt VHOHFFLRQDGRV GHQRWD
TXH HO GH ORV WUDEDMDGRUHV VRQ LQIRUPDOHV VHJ~Q OD GHILQLFLyQ SURGXFWLYD PLHQWUDV TXH VyOR HO
WLHQHGHUHFKROHJDODUHFLELUXQDSHQVLyQYLQFXODGDDOHPSOHRDOPRPHQWRGHOUHWLUR$GHPiVHQ
YDULRV SDtVHV GH OD UHJLyQ VH DSUHFLDQ JUDQGHV GLIHUHQFLDV HQ HO QLYHO GH LQIRUPDOLGDG HQ HO PHUFDGR
ODERUDO VHJ~Q OD GHILQLFLyQ XWLOL]DGD UHVXOWDQGR PX\ LQIHULRU OD HVWLPDFLyQ EDMR OD GHILQLFLyQ OHJDO
GHELGRDODJUDQLQFLGHQFLDGHORVVLVWHPDVGHVHJXULGDGVRFLDOHQFDVRVFRPRORVGH8UXJXD\%UDVLO\
&RVWD5LFD(VWHDVSHFWRVHUiDQDOL]DGRHQSURIXQGLGDGHQHOSUy[LPRFDStWXOR

(VWR QR LPSOLFD GHVFRQRFHU OD H[LVWHQFLD GH DOJXQRV SDtVHV HQ OD UHJLyQ FRPR &KLOH R &RORPELD GRQGH H[LVWHQ UHJtPHQHV GH
FDSLWDOL]DFLyQ SULYDGD HVWDEOHFLGRV FRQ WDO ILQDOLGDG 1R REVWDQWH HO QLYHO GH FREHUWXUD GH ORV VLVWHPDV GH VHJXULGDG VRFLDO HV
GHWHUPLQDGRHQJUDQPHGLGDSRUGHFLVLRQHVGHO(VWDGR

%DMRODGHILQLFLyQSURGXFWLYDXQWUDEDMDGRUHVFRQVLGHUDGRFRPRLQIRUPDOVLSHUWHQHFHDXQDGHODVVLJXLHQWHVFDWHJRUtDVODERUDOHV
LFXHQWDSURSLVWDVQRFDOLILFDGRVLLDVDODULDGRVHQILUPDVSHTXHxDVLLLWUDEDMDGRUHVQRUHPXQHUDGRV(QFDPELRVHJ~QODGHILQLFLyQ
OHJDORGHSURWHFFLyQVRFLDOXQWUDEDMDGRUDVDODULDGRHVLQIRUPDOVLQRWLHQHGHUHFKRDXQDSHQVLyQYLQFXODGDDOHPSOHRXQDYH]TXH
VHUHWLUH)XHQWH6('/$&&('/$6\%DQFR0XQGLDO

0p[LFRFRQVWLWX\HXQDH[FHSFLyQHQODUHJLyQDOH[KLELUXQDLQIRUPDOLGDGOHJDOSRUHQFLPDGHOYDORUREWHQLGREDMRODGHILQLFLyQ
SURGXFWLYDORFXDOVHH[SOLFDHQJUDQPHGLGDSRUODEDMDFREHUWXUD\ODVGHILFLHQFLDVHVWUXFWXUDOHVGHOVLVWHPDSUHYLVLRQDOYLJHQWH
/HY\

*5È),&2
D
,1)250$/,'$'/$%25$/(1/263$Ë6(6'($0e5,&$/$7,1$$f2
(QSRUFHQWDMHV

&RORPELD
5HS'RPLQLFDQD
0p[LFR
&RVWD5LFD
3HU~
$UJHQWLQD
8UXJXD\
9HQH]XHOD 5HS%ROGH
%ROLYLD(VW3OXUGH
(FXDGRU
3URPHGLR$PpULFD/DWLQD
3DQDPi
3DUDJXD\
%UDVLO
&KLOH
*XDWHPDOD
+RQGXUDV
(O6DOYDGRU
1LFDUDJXD
'HILQLFLyQSURGXFWLYD 'HILQLFLyQOHJDO

)XHQWH(ODERUDFLyQSURSLDVREUHODEDVHGHGDWRVGHO6('/$&&('/$6%DQFR0XQGLDO
D
6DOYRHQORVFDVRVTXHVHH[SOLFLWDHO~OWLPRDxRGLVSRQLEOHHQODVHVWLPDFLRQHV

(Q HO WHUUHQR GH OD VHJXULGDG VRFLDO SUHFLVDPHQWH VH KDQ UHJLVWUDGR SURJUHVRV LPSRUWDQWHV HQ OD
UHJLyQ'HDFXHUGRFRQXQUHFLHQWHLQIRUPHGH2,7DGXUDQWHOD~OWLPDGpFDGDKDDXPHQWDGROD
SURSRUFLyQGHODSREODFLyQRFXSDGDXUEDQDFRQDFFHVRDVHUYLFLRVGHVDOXGODTXHFRWL]DDXQDSHQVLyQ
GH UHWLUR R D DPERV SURJUDPDV(Q UHODFLyQ DO DFFHVRD OD VDOXG OD FREHUWXUD SURPHGLR SDUD OD UHJLyQ
SDVyGHDLQLFLRVGHODGpFDGDDKDFLDPLHQWUDVTXHODSURSRUFLyQGHORVRFXSDGRV
TXHFRWL]DDXQDSHQVLyQVXELyGHXQSURPHGLRGHDHQVLPLODUSHULRGR6LQHPEDUJRD~Q
SHUVLVWH XQ JUDQ GHVDItR SXHV XQD SDUWH LPSRUWDQWH GH ORV WUDEDMDGRUHV GH$PpULFD /DWLQD QR DFFHGHD
VHUYLFLRVGHVDOXGFRPRFRQVHFXHQFLDGHVXUHODFLyQODERUDOQLWDPSRFRWLHQHGHUHFKRDXQDSHQVLyQSDUD
HO UHWLUR KHFKR TXH VH DJUDYD HQWUH ORV WUDEDMDGRUHV FXHQWDSURSLVWDV HO VHUYLFLR GRPpVWLFR \ ORV
DVDODULDGRVGHPLFURHPSUHVDV
$Vt FRPR VH PHQFLRQy UHVSHFWR GHO WDPDxR GH OD HFRQRPtD LQIRUPDO OD LQIRUPDOLGDG ODERUDO
WDPELpQ GLILHUH HQWUH ORV VHFWRUHV SURGXFWLYRV 'H HVWH PRGR *DVSDULQL \ 7RUQDUROOL PXHVWUDQ
TXH ORV WUDEDMDGRUHV HPSOHDGRV HQ DFWLYLGDGHV SULPDULDV VRQ PD\RUPHQWH LQIRUPDOHV HQ ORV SDtVHV GH
$PpULFD/DWLQDVLWXDFLyQTXHVHUHSOLFDHQHOVHFWRUGHODFRQVWUXFFLyQ\GHOFRPHUFLRPLQRULVWD
$O LJXDO TXH OR REVHUYDGR HQ SDtVHV PiV GHVDUUROODGRV HO QLYHO GH LQIRUPDOLGDG VH UHGXFH
FRQVLGHUDEOHPHQWHHQFXDOTXLHUDGHODVGRVSRVLEOHVFRQFHSWXDOL]DFLRQHVHQHOVHFWRUGHPDQXIDFWXUDV
LQGXVWULDOHV1RREVWDQWHHVWDVJHQHUDOLGDGHVGHEHUHPDUFDUVHTXHH[LVWHQJUDQGHVGLIHUHQFLDVHQWUHORV
SDtVHVGHODUHJLyQVLHQGRORVSDtVHVFHQWURDPHULFDQRVH[FHSWR&RVWD5LFDORVDQGLQRVH[FHSWR&KLOH
\3DUDJXD\ORVSDtVHVFRQPD\RUHVGLILFXOWDGHVHQHVWRVDVSHFWRV
$GLFLRQDOPHQWHORVWUDEDMDGRUHVHPSOHDGRVHQHOVHFWRUS~EOLFRVRQORVTXHH[KLEHQPHQRUJUDGR
GH LQIRUPDOLGDG HQ WRGRV ORV SDtVHV GH OD UHJLyQ (Q FRQVHFXHQFLD HQ SDtVHV FRQ JUDQGHV HVWUXFWXUDV
EXURFUiWLFDVHVWRFRQWULEX\HDODUHGXFFLyQGHOQLYHOJHQHUDOGHLQIRUPDOLGDGODERUDO$GHPiVGDGRTXHORV
VHUYLFLRV GH HGXFDFLyQ \ VDOXG HQ OD PD\RUtD GH ORV SDtVHV VRQ SURYLVWRV SRU HO (VWDGR ORV WUDEDMDGRUHV
HPSOHDGRVHQHVWRVVHFWRUHVVXHOHQPRVWUDUQLYHOHVGHLQIRUPDOLGDGPiVDFRWDGRVTXHHOUHVWR

'DGRTXHHQ$PpULFD/DWLQDODJUDQPD\RUtDGHORVWUDEDMDGRUHVLQIRUPDOHVWUDEDMDQHQHPSUHVDV
GH QR PiV GH FLQFR WUDEDMDGRUHV OD LQIRUPDOLGDG ODERUDO HV FRQVLGHUDGD XQ IHQyPHQR GH OD SHTXHxD
HPSUHVD\pVWDVHUHIOHMDHQODGHFLVLyQGHODVHPSUHVDVDOUHJLVWUDUVXVRSHUDFLRQHVDVtFRPRHQODGHORV
WUDEDMDGRUHV D OD KRUD GH FXPSOLU FRQ ODV REOLJDFLRQHV WULEXWDULDV TXH OHV FRUUHVSRQGHQ LPSXHVWRV
GLUHFWRV \ FRQWULEXFLRQHV D OD VHJXULGDG VRFLDO $O UHVSHFWR 3HUU\ HW DO VRVWLHQHQ TXH HVWD
FDUDFWHUtVWLFD HV FRPSDUWLGD SRU ORV SDtVHV GHVDUUROODGRV \ TXH D SHVDU GH ODV GLIHUHQFLDV HQ VX
LQWHQVLGDGQRGHEHUtDWUDWDUVHFRPRXQIHQyPHQRSDWROyJLFRSURSLRGHORVSDtVHVPHQRVGHVDUUROODGRV
(QSDUWLFXODUGXUDQWHOD~OWLPDGpFDGDODVHPSUHVDVSHTXHxDVKDQDGTXLULGRXQUROSURWDJRQLVWD
HQHOFUHFLPLHQWRHFRQyPLFRGHORVSDtVHVGHODUHJLyQYpDVHHOUHFXDGUR\SRUORWDQWRVXYtQFXOR
FRQ HO IHQyPHQR GH OD LQIRUPDOLGDG WLHQH LPSOLFDQFLDV PX\ VLJQLILFDWLYDV WDQWR HQ HO GLVHxR GH ODV
SROtWLFDVFRPRHQHOGHVDUUROORHFRQyPLFR

5(&8$'52
/$,03257$1&,$'(/$63<0(6(1$0e5,&$/$7,1$
(Q ORV DxRV UHFLHQWHVVH KDVXVFLWDGR XQ FUHFLHQWHLQWHUpV HQ WRUQR DO HVWXGLR GH ODV 3<0(6 FRPR SURWDJRQLVWDV
IXQGDPHQWDOHVGHODUHDOLGDGHFRQyPLFDGHORVSDtVHV$OUHGHGRUGHWRGRHOSODQHWDVHKDUHFRQRFLGRTXHHVWRVDFWRUHV
FRQWULEX\HQ VLJQLILFDWLYDPHQWH DO GHVDUUROOR SURGXFWLYR GH ORV SDtVHV LQGHSHQGLHQWHPHQWH GHO QLYHO GH LQJUHVR GH ORV
PLVPRV (Q SDUWLFXODU VH VXHOH GHVWDFDU VX DSRUWH HQ OD JHQHUDFLyQ GH HPSOHR HQ OD LQQRYDFLyQ \ GLIXVLyQ GH ODV
WHFQRORJtDV\HQPHQRUPHGLGDVXSDUWLFLSDFLyQHQHO3,%
6LQ HPEDUJR UHVXOWD LQGLVSHQVDEOH VHxDODU TXH HO VHFWRU TXH FRQIRUPDQ ODV 3<0(6 DO FXDO WDPELpQ KDEUtD TXH
DxDGLU ODV PLFURHPSUHVDV HV HVHQFLDOPHQWH KHWHURJpQHR $Vt HV SRVLEOH LGHQWLILFDU QRWDEOHV GLIHUHQFLDV D QLYHO
LQWHUQDFLRQDO HQWUH UHJLRQHV VHJ~Q HO QLYHO GH GHVDUUROOR HFRQyPLFR D QLYHO UHJLRQDO HQWUH SDtVHV GH XQD PLVPD
UHJLyQJHRJUiILFDFRQVLPLODUQLYHOGHGHVDUUROORVHJ~QHOFDVRHVWXGLDGR\DQLYHOQDFLRQDOGHQWURGHXQPLVPRSDtV
VHJ~QHOVHFWRUSURGXFWLYRHOPHUFDGRHOSURGXFWRHWF
/D KHWHURJHQHLGDG HQWUH ODV 3<0(6 \ OD GLILFXOWDG TXH UHYLVWH VX FRPSDUDFLyQ LQWHUQDFLRQDO HVWiQ EDVDGDV
IXQGDPHQWDOPHQWHHQGRVUD]RQHVUHFXUUHQWHPHQWHFLWDGDVHQODOLWHUDWXUDVREUHHOWHPD\TXHVHDSOLFDQWDPELpQDORV
SDtVHVGH$PpULFD/DWLQD3RUXQODGRH[LVWHXQDDPSOLDGLYHUVLGDGGHFULWHULRVSDUDGHILQLU\FODVLILFDUDODVHPSUHVDV
HQWUHPLFURHPSUHVDVSHTXHxDVPHGLDQDV\JUDQGHV1RREVWDQWHDOJXQRVRUJDQLVPRVLQWHUQDFLRQDOHVKDQLQWHQWDGR
HVWDEOHFHUFLHUWRPDUFRGHUHIHUHQFLDEHQFKPDUNSDUDORJUDUXQDSDXODWLQDFRQYHUJHQFLDGHFULWHULRVGHFODVLILFDFLyQ
(QHOFXDGURVLJXLHQWHVHH[SRQHQORVSDUiPHWURVXWLOL]DGRVSRUOD&RPLVLyQ(XURSHDD\HO%DQFR0XQGLDOEORVFXDOHV
SHUPLWHQ WHQHU XQD LGHD SUHOLPLQDU GH ODV FDUDFWHUtVWLFDV EiVLFDV TXH GHILQHQ D ODV 3<0(6 HQ XQD JUDQ FDQWLGDG GH
SDtVHV

&ULWHULRVJHQHUDOHVSDUDGHILQLUDODV3<0(6VHJ~QVXWDPDxR

%DQFR0XQGLDO &RPLVLyQGHOD8(
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
0LFURHPSUHVD HPSOHDGRVFRPRPi[LPR\DFWLYRV HPSOHDGRVFRPRPi[LPR\EDODQFH
TXHQRVXSHUHQORV86' JHQHUDOWRWDOTXHQRVXSHUHORVPLOORQHV
GHHXURV¼

3HTXHxDHPSUHVD (QWUH\HPSOHDGRV9HQWDVWRWDOHV (QWUH\HPSOHDGRV9HQWDVWRWDOHV\

\DFWLYRVRVFLODQHQWUH86'\ EDODQFHJHQHUDOWRWDOLQIHULRUD¼
86'PLOORQHV PLOORQHV

0HGLDQDHPSUHVD (QWUH\HPSOHDGRV9HQWDVWRWDOHV (QWUH\HPSOHDGRV9HQWDVWRWDOHV

\DFWLYRVRVFLODQHQWUH86'PLOORQHV\ \EDODQFHJHQHUDOWRWDORVFLODQHQWUH¼
86'PLOORQHV \¼PLOORQHV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)XHQWH,7'³7D[DWLRQRI6PDOODQG0HGLXP(QWHUSULVHV´

3RURWURODGRHQSDUWHFRPRFRQVHFXHQFLDGHODIDOWDGHFRQVHQVRPHWRGROyJLFRHQORVFULWHULRVGHFODVLILFDFLyQOD
IDOWDGHLQIRUPDFLyQHVWDGtVWLFDVREUHEDVHVFRPSDUDEOHVUHSUHVHQWDXQIXHUWHREVWiFXORDODKRUDGHDQDOL]DU\SRQGHUDU
ODVFDUDFWHUtVWLFDVGHODV3<0(6HQXQSDtVGHWHUPLQDGRHQSHUVSHFWLYDDORREVHUYDGRHQRWURVSDtVHVGHXQDPLVPDR
GLVWLQWDUHJLyQJHRJUiILFD

5HFXDGURFRQFOXVLyQ
$OUHVSHFWRHQXQUHFLHQWHLQIRUPHGHOD&(3$/FVHDILUPDTXHHVWDVGHELOLGDGHVHVWDGtVWLFDVHVWiQUHODFLRQDGDVQR
VyOR FRQ OD IDOWD GH GDWRV SURSLDPHQWH GLFKD VLQR WDPELpQ FRQ OD GLILFXOWDG TXH UHSUHVHQWD FXDQWLILFDU HO FRPHUFLR
DPEXODQWH\KRJDUHxRODFDUHQFLDGHLQGLFDGRUHVHVWiQGDUFRPSDUDEOHV\ODHOHYDGDLQIRUPDOLGDGTXHVXHOHREVHUYDUVH
HQHOVHFWRU(VWD~OWLPDHVTXL]iVODPD\RUEDUUHUDHVWDGtVWLFDGHODV3<0(6GHELGRDTXHHVWUDQVYHUVDODODVGHPiV\
FXHQWDFRQGRVFRPSRQHQWHVGHGLILFXOWDGGDGRVSRUTXHODVHPSUHVDVTXHQRHVWiQIRUPDOPHQWHFRQVWLWXLGDVQRILJXUDQ
HQ QLQJ~Q UHJLVWUR OR FXDO FRPSOLFD VX UHOHYDPLHQWR \ VXV SURSLHWDULRV VXHOHQ PRVWUDUVH UHDFLRV D UHVSRQGHU ODV
HQFXHVWDV GHELGR D OD SRVLELOLGDG GH TXH ORV GDWRV UHFRJLGRV HQ HOODV VHDQ XWLOL]DGRV OXHJR SDUD VX ILVFDOL]DFLyQ
WULEXWDULD
$~QFRQHVWDVVDOYHGDGHVH[LVWHQDOJXQRVKHFKRVHVWLOL]DGRVTXHVHDSOLFDQGHPDQHUDJHQHUDODODV3<0(6GH
$PpULFD /DWLQD (Q SULPHU OXJDU HVWDV HPSUHVDV DGTXLHUHQ XQD JUDQ UHOHYDQFLD HQ OR TXH KDFH D OD JHQHUDFLyQ GH
HPSOHR FRQWULEX\HQGR FRQ HO HQ SURPHGLR SDUD OD UHJLyQ FRUUHVSRQGLHQGR OD PLWDG GH HVWH PRQWR VyOR D ODV
PLFURHPSUHVDV\UHDOL]DQXQDSRUWHQRPHQRUHQHO3,%GHORUGHQGHO(QJHQHUDOODV3<0(6HVWiQRULHQWDGDVDO
PHUFDGRGRPpVWLFRGHELGRDODVGLILFXOWDGHVTXHHQIUHQWDQSDUDH[SRUWDUVXVSURGXFWRVVyORDSRUWDQDOUHGHGRUGHO
GHODVH[SRUWDFLRQHVGH$PpULFD/DWLQDG
(QWRGRVORVSDtVHVGHODUHJLyQVLVHLQFOX\HQDODVPLFURHPSUHVDVHOVHFWRU3<0(FRQVLVWHHQXQXQLYHUVRPX\
QXPHURVRPiVGHOGHOWRWDOGHHPSUHVDVHQWRGRVORVSDtVHV\PX\KHWHURJpQHRDEDUFDGHVGHHPSUHQGLPLHQWRV
IDPLOLDUHVGHVXEVLVWHQFLDKDVWDHPSUHVDVPHGLDQDVFRQFDSDFLGDGH[SRUWDGRUD6LQHPEDUJRDSHVDUGHUHSUHVHQWDU
OD JUDQ PD\RUtD GH ODV HPSUHVDV UHJLVWUDGDV HQ $PpULFD /DWLQD VX DSRUWH D OD UHFDXGDFLyQ WULEXWDULD HQ FRQFHSWR GH
LQJUHVRVWRWDOHVJHQHUDGRVHVVyORXQDSRUFLyQPX\UHGXFLGDGHOWRWDO
$GHPiVD~QFXDQGRODVHPSUHVDVPiVSHTXHxDVVHDQPHQRVSURGXFWLYDVTXHODVPiVJUDQGHVWDPELpQHQRWURV
SDtVHV\UHJLRQHVGHOPXQGRORVSDtVHVGHODUHJLyQVHGHVWDFDQSRUSUHVHQWDUXQDPD\RUEUHFKDGHSURGXFWLYLGDGHQWUH
ODV3<0(6\ODVHPSUHVDVJUDQGHVHQFRPSDUDFLyQDODTXHVHUHJLVWUDHQORVSDtVHVGHVDUUROODGRVH
&RPR FRQVHFXHQFLD GH OD UHOHYDQFLD TXH VH OHV KD UHFRQRFLGR D ODV 3<0(6 HQ ODV HFRQRPtDV DFWXDOHV HQ ORV
~OWLPRVDxRVWDPELpQVHKDLQFUHPHQWDGRHOLQWHUpVGHODSROtWLFDWULEXWDULDVREUHHVWDVHPSUHVDV\VREUHORVSHTXHxRV
FRQWULEX\HQWHV HQ JHQHUDO OR FXDO VHUi DQDOL]DGR HQ HO FDStWXOR VLJXLHQWH 8Q HMHPSOR GH HOOR VRQ ODV FRQRFLGDV
UHXQLRQHVGHO,QWHUQDWLRQDO7D['LDORJXH,7'VREUHHVWDPDWHULDWHQLHQGROXJDUODSULPHUDGHHOODVHQ$UJHQWLQD
\ODPiVUHFLHQWHHQ*HRUJLDI(QWRGDVODVRSRUWXQLGDGHVHOpQIDVLVHVWXYRFRORFDGRHQODGLVFXVLyQVREUHORV
LQVWUXPHQWRVWULEXWDULRVPiVFRQYHQLHQWHVSDUDDVHJXUDUXQDGHFXDGRQLYHOGHFXPSOLPLHQWRWULEXWDULRSRUSDUWHGHORV
SHTXHxRVFRQWULEX\HQWHV\SDUDUHGXFLUORVHOHYDGRVQLYHOHVGHLQIRUPDOLGDGTXHVXHOHQREVHUYDUVHHQWUHODVHPSUHVDV
GHPHQRUWDPDxR

D
5HFRPHQGDFLyQGHOD&RPLVLyQ&(WDPELpQDGRSWDGDSRUOD2&'(
E
%DQFR 0XQGLDO ³,QWHUQDWLRQDO )LQDQFH &RUSRUDWLRQ ± $QQXDO 5HYLHZ RQ 6PDOO %XVLQHVV $FWLYLWLHV´
:DVKLQJWRQ'&
F
ÈOYDUH]0\'XUiQ/LPD-(³0DQXDOGHOD0LFUR3HTXHxD\0HGLDQD(PSUHVD8QDFRQWULEXFLyQDOD
PHMRUDGHORVVLVWHPDVGHLQIRUPDFLyQ\HOGHVDUUROORGHODVSROtWLFDVS~EOLFDV´&(3$/*,=(O6DOYDGRU
G
6HJ~QGDWRVGHOD'LYLVLyQGH'HVDUUROOR3URGXFWLYR\(PSUHVDULDOGH&(3$/VREUHODEDVHGHFLIUDVRILFLDOHVGH
FDGDSDtV
H
%XLWHODDU 5 ³/D VLWXDFLyQ GH ODV 3<0(6 HQ $PpULFD /DWLQD (O HQIRTXH \ HO DSRUWH GH &(3$/´ ;;,
5HXQLyQGH'LUHFWRUHVGH&RRSHUDFLyQ,QWHUQDFLRQDOGH$PpULFD/DWLQD\HO&DULEH6XULQDP
I
/DPD\RUSDUWHGHORVWUDEDMRVSUHVHQWDGRVHQHVWDV\ODVGHPiVFRQIHUHQFLDVRUJDQL]DGDVSRUHO,7'SXHGHQVHU
FRQVXOWDGRVHQODSiJLQDRILFLDOGHGLFKRRUJDQLVPRZZZLWGZHERUJ

3RURWUDSDUWHGHEHGHVWDFDUVHTXHXQH[DPHQGHOPHUFDGRGHWUDEDMRQRDJUtFRODUHJLRQDOKDFLD
ILQHV GH GpFDGD SDVDGD VXJLHUH TXH DOUHGHGRU GH GH FDGD SHUVRQDV RFXSDGDV WLHQHQ XQ HPSOHR
LQIRUPDO VHJ~Q LQIRUPDFLyQ DJUHJDGD GH SDtVHV GH $PpULFD /DWLQD 2,7 D $ SDUWLU GHO
VLJXLHQWHFXDGURVHSXHGHREVHUYDUTXHFHUFDGHGHHVRVWUDEDMDGRUHVVHHQFXHQWUDQHPSOHDGRVHQHO
VHFWRULQIRUPDOGHODHFRQRPtDPLHQWUDVTXHDSUR[LPDGDPHQWHGHHOORVWLHQHQXQHPSOHRLQIRUPDO
GHQWURGHOVHFWRUGHHPSUHVDVIRUPDOHV\DOUHGHGRUGHVHVLW~DQHQHOVHUYLFLRGRPpVWLFR
(QVHLVGHORVSDtVHVGHODUHJLyQXQDSURSRUFLyQGHODSREODFLyQXUEDQDRFXSDGDVXSHULRUDOWLHQH
HPSOHR LQIRUPDO %ROLYLD (O 6DOYDGRU +RQGXUDV 1LFDUDJXD
3DUDJXD\\3HU~8QIDFWRUFRLQFLGHQWHHQORVVHLVSDtVHVHVODHOHYDGDLQFLGHQFLDTXH
WLHQH HO WUDEDMR SRU FXHQWD SURSLD HQ HO HPSOHR WRWDO GHELGR DO SUHGRPLQLR GH PLFURQHJRFLRV \
DFWLYLGDGHVHQSHTXHxDHVFDODTXHHQIUHQWDQHQRUPHVUHVWULFFLRQHVHFRQyPLFDVSDUDDPSOLDUVXHVFDODGH
SURGXFFLyQGHELHQHV\VHUYLFLRV(QFRQWUDVWHHVWHSRUFHQWDMHVHUHGXFHDYDORUHVHQWRUQRDOHQ
DOJXQRVSDtVHVFRPR%UDVLO&RVWD5LFD3DQDPi\8UXJXD\

&8$'52
&20326,&,Ï1'(/(03/(2,1)250$/(1$0e5,&$/$7,1$$f2
(QSRUFHQWDMHVGHOHPSOHRQRDJUtFRODWRWDOSDtVHVVHOHFFLRQDGRV
(QHOVHFWRU (QHOVHFWRU (QVHUYLFLR

3DtV 7RWDO
LQIRUPDO IRUPDO GRPpVWLFR
$UJHQWLQD

%UDVLO
&RORPELD
&RVWD5LFD
(FXDGRU
(O6DOYDGRU
+RQGXUDV
0p[LFR
1LFDUDJXD
3DQDPi
3DUDJXD\
3HU~
5HS'RPLQLFDQD
8UXJXD\
9HQH]XHOD5HS~EOLFD%ROLYDULDQDGH

3URPHGLR$PpULFD/DWLQD
)XHQWH(ODERUDFLyQSURSLDVREUHODEDVHGH2,7D3DQRUDPD/DERUDO$PpULFD/DWLQD\HO&DULEH

7DO FRPR VH PHQFLRQy OD PD\RU IUDFFLyQ GHO HPSOHR LQIRUPDO VH HQFXHQWUD HQ HO VHFWRU
LQIRUPDO GH HPSUHVDV OR TXH UHIOHMDHO JUDQ UH]DJR HVWUXFWXUDO GHO PHUFDGR ODERUDO SXHV VH WUDWDGH
XQLGDGHV HFRQyPLFDV TXH SRU VX EDMR JUDGR GH RUJDQL]DFLyQ HVFDOD GH RSHUDFLyQ \ SURGXFWLYLGDG
GLItFLOPHQWH SXHGHQ SURYHHU FDOLGDG HQ OD RFXSDFLyQ R WUDEDMR GHFHQWH SDUD VXV HPSUHQGHGRUHV \R
WUDEDMDGRUHV 1R REVWDQWH HO SHVR UHODWLYR GHO HPSOHR LQIRUPDO HQ HO VHFWRU GH HPSUHVDV IRUPDOHV
FRQVWLWX\H XQ SUREOHPD LPSRUWDQWH /RV GDWRV UHIOHMDQ TXHHVWHVHJPHQWR UHSUHVHQWD DOJR PiV GHXQ
GpFLPRGHOWRWDOGHODSREODFLyQRFXSDGDQRDJUtFRODHQSURPHGLRSDUDSDtVHV\HQDOJXQRV
SDtVHV HTXLYDOH D DOUHGHGRU GH XQ TXLQWR GH ORV RFXSDGRV %ROLYLD (FXDGRU
3DUDJXD\\3HU~
' /DLQIRUPDOLGDG\VXVHIHFWRVVREUHODVHFRQRPtDV
ODWLQRDPHULFDQDV
5HVWD SRU GHVWDFDU GH DFXHUGR D ODV HVWLPDFLRQHV UHFLHQWHV HQ OD PDWHULD ODV UHODFLRQHV HQWUH OD
LQIRUPDOLGDG \ ODV YDULDEOHV GRQGH SRGUtDQ YHUVH UHIOHMDGRV VXV QRFLYRV HIHFWRV (Q HVH VHQWLGR ORV
SDtVHVGHODUHJLyQUHVSHWDQGLFKDVLQWHUUHODFLRQHVWDOFRPRVHREVHUYDHQHOVLJXLHQWHJUiILFRFRQXQD
HYLGHQWHDVRFLDFLyQQHJDWLYDHQWUHHOWDPDxRGHODHFRQRPtDLQIRUPDO\HOUHVSHFWLYR3,%SHUFiSLWDGH
FDGDXQRGHHOORV

*5È),&2
7$0$f2'(/$(&2120Ë$,1)250$/<3,%3(5&È3,7$$f2

7DPDxRGHODHFRQRPtDLQIRUPDOGHO3,%RILFLDO
%2
3$
3(

*7
85
1, +1 69

3< %5
&2
(& 5' 9(
&5 0;
$5

&+

3,%SHUFiSLWDGyODUHV FRQVWDQWHVGHODxR

)XHQWH(ODERUDFLyQSURSLDVREUHODEDVHGHGDWRVGH6FKQHLGHU\&(3$/67$7VHXWLOL]yOD
VHULHGH3,%SHUFiSLWDH[SUHVDGDHQGyODUHVFRQVWDQWHVGHODxR
1RWD /DV UHIHUHQFLDV FRUUHVSRQGHQ D ORV VLJXLHQWHV SDtVHV $UJHQWLQD $5 %ROLYLD %2 %UDVLO
%5 &KLOH &+ &RORPELD &2 &RVWD 5LFD &5 (O6DOYDGRU 69 *XDWHPDOD *7 +RQGXUDV
+1 0p[LFR 0; 1LFDUDJXD 1, 3DQDPi 3$ 3DUDJXD\ 3< 3HU~ 3( 5HS~EOLFD
'RPLQLFDQD5'8UXJXD\85 \9HQH]XHOD9((VWDQRPHQFODWXUDVHDSOLFDUiHQORVJUiILFRV
GHOSUHVHQWHLQIRUPHHQORVTXHFRUUHVSRQGD

(Q XQD PLUDGD JOREDO GH OD UHJLyQ SXHGH LGHQWLILFDUVH TXH JUDQ SDUWH GH ORV SDtVHV GH
&HQWURDPpULFD \ ORV SDtVHV DQGLQRV PiV SREUHV VRQ ORV TXH SUHVHQWDQ HVFHQDULRV FRQ HOHYDGD
LQIRUPDOLGDG \ XQ QLYHO GH LQJUHVRV SRU KDELWDQWH FRPSDUDWLYDPHQWH UHGXFLGR 3UHFLVDPHQWH HVWRV
SDtVHV FRPSDUWHQ PXFKDV FDUDFWHUtVWLFDV HQ VXV HFRQRPtDV FRPR XQD HVWUXFWXUD SURGXFWLYD GRQGH HO
VHFWRU SULPDULR D~Q SRVHH XQD UHOHYDQFLD VXVWDQFLDO VXPDGD D ODV GHILFLHQFLDV TXH KLVWyULFDPHQWH KDQ
PRVWUDGRHQORVLQGLFDGRUHVGHSREUH]D\H[FOXVLyQVRFLDO(QHORWURH[WUHPRFRPRHUDGHHVSHUDUVH
HQFXHQWUDQORVSDtVHVGHPD\RUJUDGRGHGHVDUUROORGHODUHJLyQFRQWDPDxRVGHODHFRQRPtDLQIRUPDO
RVWHQVLEOHPHQWHPiVEDMRVD~QFRQH[FHSFLRQHVFRPRORVFDVRVGH8UXJXD\\3DQDPi
'H HVWH PRGR HV UD]RQDEOH HVSHUDU TXH D PD\RU QLYHO GH LQJUHVR SRU KDELWDQWH PHQRU VHD HO
WDPDxR GHO VHFWRU LQIRUPDO (O PD\RU JUDGR GH GHVDUUROOR VLJQLILFDUtD XQD PD\RU KRPRJHQHLGDG
SURGXFWLYD \ XQD LQVHUFLyQ ODERUDO PiV XQLIRUPH $XQTXH SXHGH WDPELpQ LQWHUSUHWDUVH FRPR OD
H[LVWHQFLD GH XQ PHQRU JUDGR GH UHJXODFLyQ SDUWLFXODUPHQWH HQ ORV PHUFDGRV GH ELHQHV \ HQ PHQRU
PHGLGDHQHOPHUFDGRGHWUDEDMR7RNPDQ
$OUHVSHFWRYDOHGHFLUDVLPLVPRTXHHVWDUHODFLyQQHJDWLYDUHVSHFWRGHOQLYHOGHGHVDUUROORGHODV
HFRQRPtDVODWLQRDPHULFDQDVWDPELpQKDVLGRFRPSUREDGDSRU*DVSDULQL\7RUQDUROOLHQORUHIHULGR
DOIHQyPHQRGHODLQIRUPDOLGDGHQHOPHUFDGRODERUDO3DUDXQDPXHVWUDGHSDtVHVGHLQJUHVRVPHGLDQRV
\EDMRVOD2,7EDUULEDDFRQFOXVLRQHVVLPLODUHVGRQGHGHVWDFDODPLVPDFRUUHODFLyQHQWUHHO3,%SHU
FiSLWD\HOQLYHOGHHPSOHRLQIRUPDOFRPRSRUFHQWDMHGHHPSOHRQRDJUtFRODWRWDO
3RURWUDSDUWHWDPELpQVHKDREVHUYDGRTXHHOWDPDxRGHODPD\RULQIRUPDOLGDGVHGDHQDTXHOORV
SDtVHVGHODUHJLyQFRQPiVLQHTXLGDGD~QFXDQGRHVWDUHODFLyQSRVLWLYDVHDPHQRVVLJQLILFDWLYD(VWRVH
SHUFLEHFODUDPHQWHHQSDtVHVFRPR%ROLYLD3DQDPi+RQGXUDV\*XDWHPDODTXHSUHVHQWDQODPiVDOWD

2,7E³6WDWLVWLFDOXSGDWHRQHPSOR\PHQWLQWKHLQIRUPDOHFRQRP\´,/2'HSDUWPHQWRI6WDWLVWLFV-XQH

LQIRUPDOLGDG MXQWR D OD PD\RU FRQFHQWUDFLyQ GH LQJUHVRV QR REVWDQWH KD\ H[FHSFLRQHV FRPR HO FDVR
FRORPELDQR(QPHQRUPHGLGDWDPELpQVHREVHUYDHQ1LFDUDJXD\3DUDJXD\3RUHOFRQWUDULRORVSDtVHV
GHODUHJLyQFRQXQDGLVWULEXFLyQGHOLQJUHVRPiVLJXDOLWDULDFRPR$UJHQWLQD9HQH]XHODR&RVWD5LFD
WDPELpQVRQDTXHOORVFRQXQDHFRQRPtDLQIRUPDOGHPHQRUWDPDxRUHODWLYRYpDVHHOJUiILFR&KLOH
FRQVWLWX\HXQFDVRLQWHUPHGLR\DTXHUHJLVWUDODPHQRULQIRUPDOLGDGGHODUHJLyQSHURVXGLVWULEXFLyQHQ
FRPSDUDFLyQFRQORVSDtVHVODWLQRDPHULFDQRVVHHQFXHQWUDHQXQQLYHOGHFRQFHQWUDFLyQLQWHUPHGLR

*5È),&2
7$0$f2'(/$(&2120Ë$,1)250$/<'(6,*8$/'$'(1/26,1*5(626$f2

%2
7DPDxRGHODHFRQRPtDLQIRUPDOGHO3,%RILFLDO
3$
3(
*7
85 +1
69 1,

3<
%5
&2
9( 5' (&
0;
$5 &5

&+

&RHILFLHQWHGH*LQL
)XHQWH(ODERUDFLyQSURSLDVREUHODEDVHGHGDWRVGH6FKQHLGHU\6('/$&&('/$6%DQFR0XQGLDO

/D GHVLJXDOGDG GH LQJUHVRV VH DVRFLD D XQD PD\RU FRQFHQWUDFLyQ GH DFWLYRV \ XQD HOHYDGD
KHWHURJHQHLGDGSURGXFWLYD\VHPDQLILHVWDHQDOWDVEUHFKDVGHLQJUHVRV3RUORWDQWRQRHVVRUSUHQGHQWH
HQFRQWUDUTXHHQORVSDtVHVTXHVHKDQFDUDFWHUL]DGRSRUXQDPD\RULJXDOGDGHLQWHJUDFLyQVRFLDOVRQORV
TXH UHJLVWUDQ ORV PHQRUHV QLYHOHV GH LQIRUPDOLGDG 6LQ HPEDUJR FRPR IXHUD HQIDWL]DGR QR VH WLHQH
SOHQD FHUWH]D VREUH HO RUGHQ GH FDXVDOLGDG HQWUH HVWDV YDULDEOHV GDGD OD FRPSOHMLGDG TXH UHYLVWH HO
IHQyPHQRGHODLQIRUPDOLGDG\HQWRGRFDVRSRGUtDFRQFHELUVHFRPRXQDLQWHUUHODFLyQGHGREOHVHQWLGR
$GHPiVFRPRVHPHQFLRQyHQDTXHOORVSDtVHVGHODUHJLyQFRQHOHYDGRVQLYHOHVGHGHVLJXDOGDG
ORV LQGLYLGXRV GH PHQRUHV LQJUHVRV VXHOHQ VHU ORV PHQRV FDOLILFDGRV \ SDUD FRQWUDUUHVWDU VX PHQRU
SURGXFWLYLGDG RSWDQ SRU PRYHUVH KDFLD HO VHFWRU LQIRUPDO GRQGH SXHGHQ REWHQHU PD\RUHV EHQHILFLRV
HFRQyPLFRV VREUH HQ FRQWH[WRV GH EDMD FDOLGDG LQVWLWXFLRQDO VLHQGR pVWH XQ DVSHFWR FHQWUDO HQ OR TXH
DWDxHDODSROtWLFDWULEXWDULDHQ$PpULFD/DWLQD(QHVHVHQWLGRODDFFLyQGHODSROtWLFDWULEXWDULDDGTXLHUH
XQD UHOHYDQFLD SUHSRQGHUDQWH HQ DPEDV GLPHQVLRQHV \D VHD HQ OD UHGXFFLyQ GH ORV QLYHOHV GH
LQIRUPDOLGDGDVtFRPRHQODUHGLVWULEXFLyQGHOLQJUHVRSDUDDVHJXUDUODHTXLGDGHQWUHFRQWULEX\HQWHV

,,, /DSROtWLFDWULEXWDULDHQ
$PpULFD/DWLQD
$ (YROXFLyQUHFLHQWH\FDUDFWHUtVWLFDV
VDOLHQWHVDQLYHOUHJLRQDO
(Q XQD YDVWD OLWHUDWXUD UHFLHQWH VH KD GHVWDFDGR HO FRQVLGHUDEOH DXPHQWR
TXHKDQH[SHULPHQWDGRORVLQJUHVRVWULEXWDULRVHQ$PpULFD/DWLQDGXUDQWH
ODVGRV~OWLPDVGpFDGDV/XHJRGHOSURORQJDGRGHWHULRUR\HVWDQFDPLHQWR
HQORVDxRV¶ODFDUJDWULEXWDULDHVGHFLUHVWRVUHFXUVRVPHGLGRVFRPR
SURSRUFLyQGHOSURGXFWRLQWHUQREUXWR3,%VHKDYHQLGRLQFUHPHQWDQGR
GH PDQHUD VRVWHQLGD FRQ H[FHSFLyQ GHO DxR SDVDQGR GH XQ YDORU
SURPHGLRLQFOX\HQGRODVFRQWULEXFLRQHVDODVHJXULGDGVRFLDOGH
GHO3,%HQHOWULHQLRKDVWDDOFDQ]DUXQDPHGLDQRSRQGHUDGDGH
GXUDQWHHOWULHQLR
1RREVWDQWHHVWDWHQGHQFLDUHJLRQDOHVQHFHVDULRUHVDOWDUODHOHYDGD
KHWHURJHQHLGDG HQWUH ORV SDtVHV GH $PpULFD /DWLQD HQ FXDQWR DO QLYHO
DFWXDO GH VXV LQJUHVRV WULEXWDULRV \ D VX UHFLHQWH HYROXFLyQ YpDVH HO
JUiILFR 3RU HMHPSOR %UDVLO DOFDQ]y XQ QLYHO SURPHGLR GH GHO
3,%SDUDHOWULHQLR\$UJHQWLQDOHVLJXHFRQXQGHO3,%
SDUD HO PLVPR SHUtRGR VLHQGR HVWH ~OWLPR XQR GH ORV SDtVHV MXQWR FRQ
1LFDUDJXD %ROLYLD \ (FXDGRU TXH UHJLVWUDQ HO PD\RU LQFUHPHQWR GH VX
FDUJD WULEXWDULD D QLYHO UHJLRQDO HQ ORV ~OWLPRV GRV GHFHQLRV 9DOH
GHVWDFDUTXHHVWRVGRVSDtVHVPXHVWUDQHQODDFWXDOLGDGQLYHOHVGHSUHVLyQ
WULEXWDULDHTXLSDUDEOHVDOSURPHGLRREVHUYDGRHQORVSDtVHVGHVDUUROODGRV
PLHPEURVGHOD2&'(

/RVGDWRVGHVDJUHJDGRVGHFDUJDWULEXWDULDHQHOSHUtRGRSDUDORVSDtVHVGHODUHJLyQVHOHFFLRQDGRVSXHGHQFRQVXOWDUVH
HQHO&XDGUR$GHO$QH[R(VWDGtVWLFRDOILQDOGHOLQIRUPH

*5È),&2
,1*5(62675,%87$5,26(1/263$Ë6(6'($0e5,&$/$7,1$
3URPHGLRVWULHQDOHVHQSRUFHQWDMHVGHO3,%

&RVWD5LFD
0p[LFR
3DQDPi
(FXDGRU
1LFDUDJXD
2&'(
%ROLYLD(VW3OXUGH
%UDVLO
&KLOH
&RORPELD
3HU~
5HS'RPLQLFDQD
*XDWHPDOD
+RQGXUDV
(O6DOYDGRU
$UJHQWLQD
$PpULFD/DWLQD
8UXJXD\
9HQH]XHOD 5HS%ROGH
3DUDJXD\

)XHQWH(ODERUDFLyQSURSLDVREUHODEDVHGHGDWRVGH&(3$/\2&'(
1RWD /D FREHUWXUD FRUUHVSRQGH DO JRELHUQR JHQHUDO HQ ORV FDVRV GH $UJHQWLQD %ROLYLD %UDVLO &KLOH &RVWD 5LFD
&RORPELD\0p[LFR3DUDORVGHPiVSDtVHVORVGDWRVFRUUHVSRQGHQDOJRELHUQRRDGPLQLVWUDFLyQFHQWUDO

3RUVXSDUWHSDUDPiVGHODPLWDGGHORVSDtVHVGHODUHJLyQHOQLYHOLPSRVLWLYRUHVXOWDLQIHULRUDO
GHO 3,% HQ DOJXQRV FDVRV HO PLVPR QR DXPHQWy VLJQLILFDWLYDPHQWH HQ *XDWHPDOD OD FDUJD
WULEXWDULDGHOJRELHUQRFHQWUDOSDVyGHDGHO3,%\HQ+RQGXUDVGHD\HQ
RWURVKDVWDVHUHGXMRUHVSHFWRGHORVYDORUHVUHJLVWUDGRVKDFHYHLQWHDxRV0p[LFR\9HQH]XHOD
¢4XpUD]RQHVSXHGHQDUJXPHQWDUVHSDUDH[SOLFDUHOVRVWHQLGRLQFUHPHQWRGHODFDUJDWULEXWDULDHQ
ODPD\RUtDGHORVSDtVHVGHODUHJLyQHQHOSHUtRGR"
(QSULPHUOXJDUGHVGHLQLFLRVGHORVDxRVVHKDQYHQLGRLQWURGXFLHQGRSURIXQGRVFDPELRVHQ
HO GLVHxR GH ORV VLVWHPDV WULEXWDULRV GH $PpULFD /DWLQD DO PLVPR WLHPSR TXH VH KDQ LQWHQVLILFDGR ORV
HVIXHU]RVSDUDIRUWDOHFHUODDGPLQLVWUDFLyQWULEXWDULDGHORVGLVWLQWRVWULEXWRV
&RPR FRQVHFXHQFLD GH ODVSROtWLFDV SUHJRQDGDV SRU HO&RQVHQVR GH :DVKLQJWRQ ODV HVWUXFWXUDV
WULEXWDULDV GH OD UHJLyQ H[SHULPHQWDURQ XQ SURFHVR GH VLPSOLILFDFLyQ FRQ OD HOLPLQDFLyQ GH XQD JUDQ
FDQWLGDG GH LPSXHVWRV HVSHFtILFRV (VWR FRQGXMR D OD FRQFHQWUDFLyQ GH ORV VLVWHPDV WULEXWDULRV HQ XQ
JUXSRDFRWDGRGHWULEXWRVHQWUHORVTXHVHGHVWDFDQHO,PSXHVWRDO9DORU$JUHJDGRHO,PSXHVWRVREUHOD
5HQWDGHSHUVRQDVItVLFDV\MXUtGLFDVDOJXQRVJUDYiPHQHVVHOHFWLYRVVREUHGHWHUPLQDGRVELHQHVWDEDFR
EHELGDV DOFRKyOLFDV FRPEXVWLEOHV \ VHUYLFLRV WHOHFRPXQLFDFLRQHV \ HOHFWULFLGDG WULEXWRV VREUH HO
FRPHUFLRLQWHUQDFLRQDO\DOJXQRVLPSXHVWRVSDWULPRQLDOHVFRUUHVSRQGLHQGRHOUHVWRDODVFRQWULEXFLRQHV
GHODVHJXULGDGVRFLDO

$FWXDOPHQWH H[LVWH XQD FRQWURYHUVLD UHVSHFWR GHO FDVR PH[LFDQR (Q HO SUHVHQWH LQIRUPH VH XWLOL]DURQ ORV GDWRV GH OD EDVH
&(3$/67$7SRUORTXHODSUHVLyQWULEXWDULDGH0p[LFRQRLQFOX\HDORVLQJUHVRVGHO*RELHUQR)HGHUDOHQFRQFHSWRGH'HUHFKRVGH
+LGURFDUEXURV SURYHQLHQWHV GH OD HPSUHVD SHWUROHUD HVWDWDO 3(0(; SRU QR FRUUHVSRQGHU D LQJUHVRV GH FDUiFWHU HVWULFWDPHQWH
WULEXWDULR 6HFUHWDUtD GH +DFLHQGD \ &UpGLWR 3~EOLFR ZZZVKFSJREP[ /D 2&'( GH OD FXDO 0p[LFR IRUPD SDUWH DGRSWD XQ
FULWHULRRSXHVWRSRUORTXHODFDUJDWULEXWDULDSURPHGLRHQWUH\SDUDGLFKRSDtVVHXELFDUtDHQWRUQRDOGHO3,%OR
FXDOWDPELpQHOHYDUtDHOSURPHGLRUHJLRQDODGHO3,%HQLJXDOSHUtRGR

(VWH FDPELR GH SDUDGLJPDRULJLQy OD QHFHVLGDG GH IRUWDOHFHU ODV SULQFLSDOHV IXHQWHV GH UHFXUVRV
WULEXWDULRV SRU OR TXH HQ OD PD\RUtD GH ORV SDtVHV VH DYDQ]y HQ OD FRQVROLGDFLyQ GHO ,9$ SRU VXV
YHQWDMDVWpFQLFDV\HFRQyPLFDVFRPRHOSULQFLSDOLQVWUXPHQWRGHODWULEXWDFLyQODWLQRDPHULFDQD
(O,PSXHVWRVREUHOD5HQWD,65WDPELpQIXHFRQVROLGiQGRVHFRPRHORWURSLODUIXQGDPHQWDOGH
ORV VLVWHPDV WULEXWDULRV GH OD UHJLyQ VREUH WRGR HQ HO ~OWLPR GHFHQLR /DV VXVWDQFLDOHV UHIRUPDV HQ OD
WULEXWDFLyQGLUHFWDREVHUYDGDVHQORVFDVRVGH8UXJXD\0p[LFR(FXDGRU\3HU~VRQXQDFODUDPXHVWUD
GHHOOR(QFRQVHFXHQFLDODPD\RUSDUWHGHODVPHMRUDVLPSOHPHQWDGDVHQODDGPLQLVWUDFLyQWULEXWDULDGH
ORVSULQFLSDOHVJUDYiPHQHVHVWXYLHURQFRQFHQWUDGDVWDQWRHQHO,9$FRPRHQHO,65ORTXHVHWUDGXMRHQ
XQDGLVPLQXFLyQGHORVFRVWRVGHUHFDXGDFLyQ\GHORVQLYHOHVGHHYDVLyQLPSRVLWLYD
$GLFLRQDOPHQWHFRPRVHUiDQDOL]DGRHQGHWDOOHHQRWURDSDUWDGRGHOSUHVHQWHLQIRUPHODPD\RUtD
GH ORV SDtVHV GH OD UHJLyQ LPSOHPHQWDURQ UHJtPHQHV VLPSOLILFDGRV GH WULEXWDFLyQ SDUD SHTXHxRV
FRQWULEX\HQWHV FRQ HO ILQ GH DXPHQWDU HO QLYHO GH FXPSOLPLHQWR WULEXWDULR \ GLVPLQXLU ORV HOHYDGRV
QLYHOHV GH LQIRUPDOLGDG TXH KDQ FDUDFWHUL]DGR D OD UHJLyQ GXUDQWH ODV ~OWLPDV GpFDGDV$OJXQRVSDtVHV
WDPELpQ LQWURGXMHURQ LPSXHVWRV KHWHURGR[RV FRPR DTXHOORV TXH JUDYDQ ODV WUDQVDFFLRQHV ILQDQFLHUDV
ORVFXDOHVKDQDGTXLULGRXQDFRQVLGHUDEOHLPSRUWDQFLDUHFDXGDWRULDHQORVDxRVUHFLHQWHV
$GLFLRQDOPHQWH VREUH WRGR GHVGH HQ DGHODQWH XQD VHULH GH IDFWRUHV FR\XQWXUDOHV
FRQWULEX\HURQ DO DXPHQWR GH ORV LQJUHVRV WULEXWDULRV HQ $PpULFD /DWLQD DFHQWXDQGR ODV WHQGHQFLDV
SUHGRPLQDQWHV (QWUH HOORV VH GHVWDFDQ L HO VRVWHQLGR DXPHQWR GHO SUHFLR LQWHUQDFLRQDO GH ORV
FRPPRGLWLHV\PLQHUDOHVTXHIDYRUHFLyDORVSDtVHVHVSHFLDOL]DGRVHQODH[SORWDFLyQ\FRPHUFLDOL]DFLyQ
GH VXV UHFXUVRV QDWXUDOHV LL HO FRQWH[WR LQWHUQDFLRQDO FDUDFWHUL]DGR SRU OD DFHOHUDFLyQ HQ ODV WDVDV GH
FUHFLPLHQWRHFRQyPLFRPXQGLDOTXHIXHDSURYHFKDGRSRUORVSDtVHVGHODUHJLyQDWUDYpVGHHVWUDWHJLDV
GH DSHUWXUD FRPHUFLDO \ ILQDQFLHUD MXQWR FRQ H[LWRVRV SURFHVRV GH HVWDELOL]DFLyQ PRQHWDULD \ LLL OD
UHGXFFLyQHQORVQLYHOHVGHGHVLJXDOGDGTXHSHUPLWLyXQDXPHQWRGHOFRQVXPRSULYDGR\VHSODVPyHQ
ODHYROXFLyQSRVLWLYDGHORVLPSXHVWRVTXHJUDYDQELHQHV\VHUYLFLRV
% 3ULQFLSDOHVWHQGHQFLDVHQODVHVWUXFWXUDVWULEXWDULDV
GHODUHJLyQ
5HVXOWDVHUXQKHFKRHYLGHQWHVHxDODUTXHORVQLYHOHVGHWULEXWDFLyQHQ$PpULFD/DWLQDVHUHODFLRQDQFRQ
ORVHOHYDGRVQLYHOHVGHLQIRUPDOLGDGH[LVWHQWHHQODUHJLyQDWUDYpVGHFLHUWRVFDQDOHVFRPRSRUHMHPSOR
HO JUDGR GH FXPSOLPLHQWR WULEXWDULR \ OD OHJLWLPLGDG SROtWLFD GH ORV HVTXHPDV LPSRVLWLYRV 3DUD
FRPSUHQGHUPiVDFDEDGDPHQWHHVWDVLQJXODULQIOXHQFLDDPELYDOHQWHUHVXOWDQHFHVDULRFRQRFHUFXiOHVOD
HVWUXFWXUD GH LQJUHVRV WULEXWDULRV TXH OD SROtWLFD WULEXWDULD KD YHQLGR FRQILJXUDQGR D WUDYpV GH
GHWHUPLQDGDVPHGLGDVGHSROtWLFDHQODV~OWLPDVGpFDGDVODVFXDOHVVHKDQWUDQVIRUPDGRHQWHQGHQFLDV
JHQHUDOHVSDUDORVSDtVHVODWLQRDPHULFDQRV\ORVKDQGLVWLQJXLGRUHVSHFWRGHRWUDVQDFLRQHVFRQVLPLODUR
PD\RUQLYHOGHGHVDUUROORFRPRORVPLHPEURVGHOD2&'(
(QHOJUiILFRVHSUHVHQWDXQDQiOLVLVGHORVFDPELRVREVHUYDGRVHQODSDUWLFLSDFLyQUHODWLYDGHORV
SULQFLSDOHV WLSRV GH LPSXHVWRV YLJHQWHV HQ OD UHJLyQ HQWUH ORV WULHQLRV \ $Vt SDUD HO
SURPHGLRGHSDtVHVSXHGHDGYHUWLUVHFRQFODULGDGHOSURFHVRGHFRQFHQWUDFLyQTXHKDH[SHULPHQWDGROD
UHFDXGDFLyQ WULEXWDULD UHJLRQDO WHQGLHQGR KDFLD XQD HVWUXFWXUD WULEXWDULD VRVWHQLGD VREUH GRV EDVHV
IXQGDPHQWDOHV ORV LPSXHVWRV JHQHUDOHV VREUH ELHQHV \ VHUYLFLRV SULPRUGLDOPHQWH HO ,9$ \ ORV
JUDYiPHQHVVREUHLQJUHVRVXWLOLGDGHV\JDQDQFLDVGHFDSLWDORVLPSOHPHQWHHO,PSXHVWRVREUHOD5HQWD

&RUQLD *$ *yPH] 6DEDtQL -& \ 0DUWRUDQR % ³1HZ ILVFDO SDFW WD[ SROLF\ FKDQJHV DQG LQFRPH LQHTXDOLW\ /DWLQ
$PHULFDGXULQJWKHODVWGHFDGH´818:,'(5

*5È),&2
(6758&785$75,%87$5,$3520(',2'($0e5,&$/$7,1$
3URPHGLRVWULHQDOHVHQSRUFHQWDMHVGHOWRWDOGHODUHFDXGDFLyQGHSDtVHV

*HQHUDOHV 5HQWD\JFLDV 6HJXULGDG (VSHFtILFRV &RPHUFLR 3URSLHGDG 2WURV
V%V\6V GHFDSLWDO VRFLDO V%V\6V LQWHUQDFLRQDO LPSXHVWRV

)XHQWH(ODERUDFLyQSURSLDVREUHODEDVHGHGDWRVGH&(3$/
1RWD /D FREHUWXUD FRUUHVSRQGH DO JRELHUQR JHQHUDO HQ ORV FDVRV GH $UJHQWLQD %ROLYLD %UDVLO
&KLOH&RVWD5LFD&RORPELD\0p[LFR3DUDORVGHPiVSDtVHVORVGDWRVFRUUHVSRQGHQDOJRELHUQR
RDGPLQLVWUDFLyQFHQWUDO

(QSULPHUOXJDUFRPRVHFRPHQWDUDDQWHULRUPHQWHHO,9$KDVLGRHOWULEXWRFX\DSDUWLFLSDFLyQ
UHODWLYDPiVKDFUHFLGRHQORV~OWLPRVYHLQWHDxRVOOHYDQGRDOFRQMXQWRGHJUDYiPHQHVJHQHUDOHVVREUH
ELHQHV\VHUYLFLRVDUHSUHVHQWDUPiVGHODWHUFHUDSDUWHGHODUHFDXGDFLyQWRWDOSURPHGLRHQORV~OWLPRV
DxRV /D JUDQ GLIXVLyQ TXH OH LPSULPLHURQ ORV RUJDQLVPRV LQWHUQDFLRQDOHV FRPR HO )0, \ HO %DQFR
0XQGLDOHQVXVUHFRPHQGDFLRQHVODVFXDOHVJR]DURQGHJUDQDFHSWDFLyQHQODUHJLyQGXUDQWHODVGpFDGDV
GHOµ\¶LQFHQWLYDURQDORVSDtVHVDIRUWDOHFHUWDQWRHOGLVHxRFRPRODDGPLQLVWUDFLyQWULEXWDULDGH
GLFKR JUDYDPHQ WUDQVIRUPiQGROR HQ OD SULQFLSDO IXHQWH GH LQJUHVRV WULEXWDULRV SDUD ORV SDtVHV
ODWLQRDPHULFDQRV D WUDYpV GH VXFHVLYRV DMXVWHV SDUD OD DPSOLDFLyQ GH VX EDVH WULEXWDULD \ HO JUDGXDO
DXPHQWRGHODVWDVDVOHJDOHVTXHSDVDURQGHXQSURPHGLRSDUDODUHJLyQGHGXUDQWHORVDxRVD
XQYDORUGHHQ&RUQLDHWDO
9DOHGHVWDFDUTXHHVWDVPRGLILFDFLRQHVKDQFRQWULEXLGRDXQSURFHVRGH³PDVLILFDFLyQ´GHO,9$
DOSXQWRWDOGHJUDYDUDFDVLWRGRVORVELHQHV\VHUYLFLRVGHFDGDSDtVFRQXQD~QLFDWDVDJHQHUDO&RPR
UHVXOWDGRGHHVWDWHQGHQFLD\DSHVDUGHODVUHIRUPDVDSOLFDGDVHQORVDxRVUHFLHQWHVODDGPLQLVWUDFLyQ
GHO WULEXWR VH KD KHFKR PiV GLILFXOWRVD DO LQYROXFUDU D XQ Q~PHUR PXFKR PD\RU GH FRQWULEX\HQWHV OR
FXDOHQSDtVHVFRQHOHYDGRVQLYHOHVGHLQIRUPDOLGDG\HYDVLyQLPSRVLWLYDFRPRORVODWLQRDPHULFDQRVKD
UHTXHULGRXQDPD\RUDWHQFLyQ\XWLOL]DFLyQGHUHFXUVRV

'HEHDFODUDUVHTXHHQDOJXQRVSDtVHVGHODUHJLyQHO,9$QRHVHO~QLFRWULEXWRJHQHUDOVREUHELHQHV\VHUYLFLRVSHURVtHVHOPiV
LPSRUWDQWH&RPRHMHPSORVVHSXHGHQFLWDUORVFDVRVGH$UJHQWLQDFRQHO,PSXHVWRVREUHORV,QJUHVRV%UXWRV,,%%%UDVLOFRQHO
,PSXHVWR VREUH 6HUYLFLRV ,66 \ &RORPELD FRQ HO ,PSXHVWR D OD ,QGXVWULD \ &RPHUFLR ,&$ WRGRV ORV FXDOHV FRUUHVSRQGHQ D
SRWHVWDGHV WULEXWDULDV GH VXV UHVSHFWLYRV JRELHUQRV VXEQDFLRQDOHV 3DUD XQ DQiOLVLV PiV GHWDOODGR VH UHFRPLHQGD YHU HO WUDEDMR GH
*yPH]6DEDtQL-&\-LPpQH]-3D³(OILQDQFLDPLHQWRGHORVJRELHUQRVVXEQDFLRQDOHVHQ$PpULFD/DWLQDXQDDQiOLVLVGH
FDVRV´&(3$/

/DVSULQFLSDOHVH[FHSFLRQHVDOUHVSHFWRVRQ%UDVLOTXHFXHQWDFRQFXDWURWDVDVGLIHUHQWHVSDUDHVWHLPSXHVWR\0p[LFRTXHWLHQH
WDVDV QXODV SDUD ODV H[SRUWDFLRQHV \ XQ FRQMXQWR GH ELHQHV HVSHFtILFRV \ DOtFXRWDV UHGXFLGDV SDUD GHWHUPLQDGDV ]RQDV JHRJUiILFDV
IURQWHUL]DV2&'((&/$&&,$7

3RU VX SDUWH HO ,PSXHVWR VREUH OD 5HQWD WDPELpQ LQFUHPHQWy VX LPSRUWDQFLD UHODWLYD HQ ODV
HVWUXFWXUDVWULEXWDULDVGHODUHJLyQHQWUHORVSHUtRGRVDQDOL]DGRVORVWULEXWRVTXHUHFDHQVREUHLQJUHVRV\
JDQDQFLDVGHFDSLWDOSDVDURQGHUHSUHVHQWDUHODOGHODUHFDXGDFLyQWRWDOORTXHVLJQLILFD
XQDPHMRUDGHOHQVXSDUWLFLSDFLyQ(QHVWHFDVRHOPD\RUFUHFLPLHQWRVHSURGXMRGXUDQWHOD~OWLPD
GpFDGDJUDFLDVDODVPHMRUDVORJUDGDVHQHOFRQWUROGHOXQLYHUVRGHFRQWULEX\HQWHVODVUHIRUPDVDSOLFDGDV
DOWULEXWRFRQQRUPDVGHWULEXWDFLyQLQWHUQDFLRQDOODUHFXSHUDFLyQGHORVQLYHOHVVDODULDOHVHQWpUPLQRV
UHDOHVSULQFLSDOEDVHWULEXWDULDHQODUHJLyQGHOLPSXHVWRDODUHQWDSHUVRQDO\ORVFUHFLHQWHVLQJUHVRVGH
HPSUHVDVGHVHUYLFLRVSULYDWL]DGDV\GHOVHFWRUILQDQFLHUR
(OWHUFHUFRPSRQHQWHHQLPSRUWDQFLDGHQWURGHODHVWUXFWXUDWULEXWDULDSURPHGLRGH$PpULFD/DWLQD
HVWiFRQVWLWXLGR\KDVLGRDVtHQORV~OWLPRVYHLQWHDxRVSRUODV&RQWULEXFLRQHVGHOD6HJXULGDG6RFLDOODV
FXDOHV DSRUWDQ DFWXDOPHQWH FHUFD GHO GH ORV LQJUHVRV WULEXWDULRV GH OD UHJLyQ 6LQ HPEDUJR GHEH
QRWDUVHODJUDQKHWHURJHQHLGDGGHFDVRVH[LVWHQWHV\DTXHHQWRGRFDVRODHYROXFLyQGHHVWRVUHFXUVRVVH
H[SOLFDFDVLH[FOXVLYDPHQWHSRUODFRQVROLGDFLyQGHORVVLVWHPDVSUHYLVLRQDOHVGHSDtVHVFRPR$UJHQWLQD
%UDVLO&RVWD5LFD3DQDPi\8UXJXD\PiVTXHSRUXQIRUWDOHFLPLHQWRHTXLOLEUDGRDQLYHOUHJLRQDOKDELGD
FXHQWDTXHHQPXFKRVSDtVHVODWLQRDPHULFDQRVHOQLYHOGHFREHUWXUDHVD~QPX\EDMR\ODFXDQWtDGHHVWRV
LQJUHVRVWULEXWDULRVHVSRFRVLJQLILFDWLYDFRQODVIXHUWHVLPSOLFDQFLDVTXHHVWRSRVHHFXDQGRVHDQDOL]DHO
SUREOHPDGHODLQIRUPDOLGDGHQORVSDtVHVGH$PpULFD/DWLQD
9DOH VHxDODU TXH DQWH XQ SDQRUDPD GH VLPSOLILFDFLyQ GH ORV VLVWHPDV WULEXWDULRV \
FRQFHQWUDFLyQ GH VX HVWUXFWXUD HQ VXV SULQFLSDOHV FRPSRQHQWHV ,9$ H ,65 HO UHVWR GH ORV WULEXWRV
DSOLFDGRV VXIULHURQ XQD FRQVLGHUDEOH PHUPD HQ VX SDUWLFLSDFLyQ UHODWLYD UHVSHFWR GH ORV YDORUHV
HYLGHQFLDGRVHQHOWULHQLR
/RVLPSXHVWRVHVSHFtILFRVVREUHELHQHV\VHUYLFLRVSHUGLHURQSDUWHGHVXDQWLJXRSHVRHVSHFtILFR
DOOLPLWDUVHDJUDYDUGHWHUPLQDGRVSURGXFWRV\VHUYLFLRVFRQXQDGHPDQGDUHODWLYDPHQWHLQHOiVWLFDWDOHV
FRPR EHELGDV DOFRKyOLFDV FRPEXVWLEOHV WDEDFR \ WHOHFRPXQLFDFLRQHV 0LHQWUDV WDQWR DOJR VLPLODU
VXFHGLy FRQ ORV JUDYiPHQHV VREUH HO FRPHUFLR LQWHUQDFLRQDO FRPR FRQVHFXHQFLD GH ORV SURFHVRV GH
OLEHUDOL]DFLyQ GHO FRPHUFLR \ OD FRQVLJXLHQWH UHGXFFLyQ GH ORV GHUHFKRV GH DGXDQDV VREUH ODV
LPSRUWDFLRQHV \ VXSUHVLyQ GH ORV LPSXHVWRV VREUH ODV H[SRUWDFLRQHV HQ QXPHURVRV SDtVHV
ODWLQRDPHULFDQRV FRQ OD GHVWDFDEOH VDOYHGDG GH $UJHQWLQD (Q VXPD DPERV WLSRV GH JUDYiPHQHV
SDVDURQ GH UHSUHVHQWDU FRQMXQWDPHQWH HO GH OD FDUJD WULEXWDULD WRWDO HQ D XQ
SURPHGLRHQ
/DH[FHSFLyQDHVWDWHQGHQFLDGHFUHFLHQWHGHORVHOHPHQWRVTXHFRPSRQHQODHVWUXFWXUDWULEXWDULD
SURPHGLR GH $PpULFD /DWLQD OD FRQVWLWX\HQ ORV LPSXHVWRV SDWULPRQLDOHV ORV FXDOHV DXPHQWDURQ
OHYHPHQWH VX SHVR UHODWLYR KDVWD HO GHO WRWDO PDQWHQLHQGR ORV KLVWyULFDPHQWH PDJURV UHVXOWDGRV
TXHKDQREWHQLGRFRPRLQVWUXPHQWRGHUHFDXGDFLyQHQODPD\RUtDGHORVSDtVHVGHODUHJLyQ
$SHVDUGHODVWHQGHQFLDVRSXHVWDVHQWUHORVSHVRVUHODWLYRVGHO,9$\ORVLPSXHVWRVHVSHFtILFRV
VREUHHOFRQVXPRGHEHUHPDUFDUVHTXHODPD\RUSDUWLFLSDFLyQFRQMXQWDGHORVWULEXWRVLQGLUHFWRVVHKD
PDQWHQLGR HVWDEOH GXUDQWH ODV ~OWLPDV GpFDGDV OD FXDO HV XQD FDUDFWHUtVWLFD GLVWLQWLYD GH ORV HVTXHPDV
WULEXWDULRVGHODUHJLyQFRQVHULDVLPSOLFDQFLDVHQPDWHULDGHHTXLGDGGLVWULEXWLYD
(OVLJXLHQWHJUiILFRH[SRQHGHGLVWLQWDPDQHUDODVWHQGHQFLDVVHxDODGDVHQFXDQWRDODVHVWUXFWXUDV
WULEXWDULDVGH$PpULFD/DWLQD\DxDGHRWURVKHFKRVVDOLHQWHVTXHPHUHFHQVHUFRPHQWDGRVSHUPLWLHQGR
YHULILFDUORVYDORUHVH[WUHPRV\PHGLRVTXHKDQWRPDGRFDGDJUXSRGHLPSXHVWRVDORODUJRGHORVDxRV
$OOtVHFRQVLGHUDQSDUDORVSHUtRGRV\SDUDORVSDtVHVGHODUHJLyQ\SDUDFDGD
WLSRGHWULEXWR

$OJXQRVSDtVHVFRPR&KLOH0p[LFR\3HU~VHEDVDQHQJUDQPHGLGDHQUHJtPHQHVSULYDGRVGHFDSLWDOL]DFLyQLQGLYLGXDOORTXHH[SOLFD
ORVQLYHOHVUHODWLYDPHQWHEDMRVGHLQJUHVRVWULEXWDULRVHPSOHDGRVSDUDILQDQFLDUODVHJXULGDGVRFLDO2&'(&(3$/&,$7

*5È),&2
(6758&785$'(/266,67(0$675,%87$5,26(1$0e5,&$/$7,1$
0Ë1,020È;,02<3520(',25(*,21$/3$5$&$'$7,32'(,038(6726
3URPHGLRVWULHQDOHVHQSRUFHQWDMHVGHO3,%

*HQHUDOHVV%V 5HQWD\JFLDV 6HJXULGDGVRFLDO (VSHFtILFRVV &RPHUFLR 3URSLHGDG 2WURVLPSXHVWRV

\6V GHFDSLWDO %V\6V LQWHUQDFLRQDO
0i[LPR$PpULFD/DWLQD 0tQLPR$PpULFD/DWLQD 3URPHGLR$PpULFD/DWLQD

)XHQWH(ODERUDFLyQSURSLDVREUHODEDVHGHGDWRVGH&(3$/
1RWD /DFREHUWXUD FRUUHVSRQGHDO JRELHUQR JHQHUDO HQ ORVFDVRVGH $UJHQWLQD%ROLYLD %UDVLO &KLOH &RVWD
5LFD &RORPELD \ 0p[LFR 3DUD ORV GHPiV SDtVHV ORV GDWRV FRUUHVSRQGHQ DO JRELHUQR R DGPLQLVWUDFLyQ
FHQWUDO
$FODUDFLyQ(OYDORUQHJDWLYRPtQLPRUHJLRQDOSDUDORVLPSXHVWRVHVSHFtILFRVVREUHELHQHV\VHUYLFLRVHQHO
WULHQLRFRUUHVSRQGHDOFDVRGH0p[LFRGRQGHHO,PSXHVWR(VSHFLDOVREUH3URGXFFLyQ\6HUYLFLRV
,(36SXHGHWUDQVIRUPDUVHHQXQVXEVLGLRDOGHSHQGHUHQUHVXPLGDVFXHQWDVGHOFRVWRGHSURGXFFLyQGHOD
HPSUHVD3(0(;GHOSUHFLRLQWHUQDFLRQDOGHOFUXGR\GHOSUHFLRGHYHQWDDOS~EOLFRGHORVFRPEXVWLEOHV

5HVXOWDHYLGHQWHTXHHQHOFDVRGHORVWULEXWRVJHQHUDOHVDOFRQVXPRHODXPHQWRSURJUHVLYRGHOD
UHFDXGDFLyQJHQHUDGDSRUHO,9$UHVSHFWRGHKDVLGRJHQHUDOL]DGRSDUDFDVLWRGRVORVSDtVHV
FRQ OD SDUWLFXODU H[FHSFLyQ GH 0p[LFR PDQWHQLpQGRVH OD EUHFKD HQWUH ORV SDtVHV GH PD\RU \ PHQRU
UHFDXGDFLyQGHHVWRVJUDYiPHQHVKDVWDHOUHFLHQWHSHUtRGR\UHJLVWUiQGRVHLQFUHPHQWRVWDQWR
HQORVH[WUHPRV%UDVLOFRQ\3DQDPiFRQGHO3,%FRPRHQHOSURPHGLRUHJLRQDOTXHFDVL
VHGXSOLFyGHDGHO3,%HQWUHSHUtRGRV
6LPLODU WHQGHQFLD HV OD TXH VH SXHGH DGYHUWLU HQ HO ,PSXHVWR VREUH OD 5HQWD GRQGH HO DXPHQWR
UHFDXGDWRULRHQWUH\VHSODVPyHQFDVLWRGRVORVSDtVHVHOHYiQGRVHORVQLYHOHVPtQLPR
\Pi[LPRGHODUHFDXGDFLyQJHQHUDGDSRUHOWULEXWRHQWRGDODUHJLyQDOLJXDOTXHHOPRQWRSURPHGLRGH
LQJUHVRVWULEXWDULRVSRU,65²HQWpUPLQRVGHO3,%²TXHSDVyGHDGHOSURGXFWR
/XHJR HQ HO FDVR GH ODV FRQWULEXFLRQHV GH OD VHJXULGDG VRFLDO VL ELHQ VH KD PRVWUDGR TXH KDQ
SHUGLGRDOJRGHVXLPSRUWDQWHSDUWLFLSDFLyQUHODWLYDDQLYHOUHJLRQDOVHSXHGHREVHUYDUTXHHQWpUPLQRV
DEVROXWRVODFDUJDWULEXWDULDSURPHGLRKDDXPHQWDGRGHDGHO3,%SDUDHVWHWLSRGHUHFXUVRV
DPpQGHODKHWHURJHQHLGDG\DH[SOLFDGD
3DUDHOUHVWRGHORVLPSXHVWRVORVPRQWRVSURPHGLRGHUHFDXGDFLyQHQWpUPLQRVGHOSURGXFWRVH
UHGXMHURQUHVSHFWRGHORVYDORUHVUHJLVWUDGRVDLQLFLRVGHORVDxRV¶FRQODFRQVHFXHQWHPHUPDHQVX
SDUWLFLSDFLyQ UHODWLYD /D ~QLFD H[FHSFLyQ HVWi FRQVWLWXLGD SRU ORV LPSXHVWRV VREUH OD SURSLHGDG FX\D
UHFDXGDFLyQ SURPHGLR SDUD OD UHJLyQ DXPHQWy OHYHPHQWH JUDFLDV D OD HYROXFLyQ IDYRUDEOH TXH ORV

'HEHDFODUDUVHTXHKDFLDDOJXQRVSDtVHVFRPR3DUDJXD\\9HQH]XHODD~QQRDSOLFDEDQHO,9$

PLVPRVKDQPRVWUDGRHQORVSDtVHVGHPD\RUFDUJDWULEXWDULDFRPR$UJHQWLQD\%UDVLO\GHO
3,%UHVSHFWLYDPHQWHVLHQGRPDUJLQDOVXFRQWULEXFLyQHQHOUHVWRGH$PpULFD/DWLQD
(Q UHVXPHQ WDQWR HQ WpUPLQRV DEVROXWRV FRPR UHODWLYRV ORV FDPELRV DFRQWHFLGRV HQ ODV
HVWUXFWXUDVWULEXWDULDVKDQGHWHUPLQDGRODSUHSRQGHUDQFLDGHGRVLPSXHVWRVHO,9$\HO,65(VWRSRVHH
LPSOLFDQFLDV WDQWR HQ FXDQWR DO HIHFWR VREUH OD HTXLGDG GLVWULEXWLYD GHO VLVWHPD WULEXWDULR FRPR HQ OD
RUJDQL]DFLyQ\HIHFWLYLGDGGHODVDGPLQLVWUDFLRQHVWULEXWDULDVGHORVSDtVHV\HQGHILQLWLYDLQIOX\HVREUH
ODIRUPDHQTXHpVWDVVHUHODFLRQDQFRQHOSUREOHPDGHODLQIRUPDOLGDGHQ$PpULFD/DWLQD
(Q HVH VHQWLGR DQWH ORV P~OWLSOHV SUREOHPDV DVRFLDGRV D XQD VRFLHGDG IUDJPHQWDGD GRQGH
FRH[LVWHQXQSHTXHxRSRUFHQWDMHGHODSREODFLyQTXHFRQFHQWUDODPD\RUSDUWHGHODULTXH]DMXQWRFRQ
DPSOLDVPD\RUtDVGHVXMHWRVLQIRUPDOHVTXHREWLHQHQLQJUHVRVSRUGHEDMRGHORVQLYHOHVGHVXEVLVWHQFLD
UHVXOWD VHU SULRULWDULR HO URO GH ODV SROtWLFDV S~EOLFDV HQUHODFLyQ FRQ OD GLVWULEXFLyQGHO LQJUHVR \ PiV
HVSHFtILFDPHQWHHOGHODSROtWLFDWULEXWDULDHQSDUWLFXODU
6DELGR HV TXH GXUDQWH ODV GpFDGDV GH ORV RFKHQWD \ QRYHQWD ORV FULWHULRV GH SURJUHVLYLGDG
FDUDFWHUtVWLFRVGHODWULEXWDFLyQGLUHFWDIXHURQGHMDGRVGHODGRGHQWURGHOiPELWRGHODSROtWLFDWULEXWDULD
\ HQ JUDQ PHGLGD GHVSOD]DGRV HQ HO RUGHQ GH SULRULGDG SRU ORV FULWHULRV GH QHXWUDOLGDG \ HILFLHQFLD
$IRUWXQDGDPHQWH GXUDQWH OD ~OWLPD GpFDGD VH KD REVHUYDGR XQD UHYHUVLyQ GH HVWD WHQGHQFLD HQ ODV
SULRULGDGHVGHORVJRELHUQRVODWLQRDPHULFDQRV\HQODVUHFRPHQGDFLRQHVSURSXHVWDVSRUORVRUJDQLVPRV
LQWHUQDFLRQDOHVFREUDQGRFDGDYH]PiVIXHU]DODLGHDGHTXHHOFUHFLPLHQWRHFRQyPLFR\ODVPHMRUDVHQ
ODHTXLGDGVRQIDFWRUHVTXHJHQHUDQXQSURFHVRGHUHWURDOLPHQWDFLyQGRQGHDPERVFRQIOX\HQKDFLDXQ
GHVDUUROORVRVWHQLEOH
(VWRKDSURSLFLDGRHQORV~OWLPRVDxRVODUHDOL]DFLyQGHXQDVHULHGHHVWXGLRVVREUHLQFLGHQFLD
GLVWULEXWLYD SDUD FDVL WRGRV ORV SDtVHV GH $PpULFD /DWLQD VLJXLHQGR XQD PHWRGRORJtD XQLIRUPH
VXVWHQWDGD HQ HO DQiOLVLV GH PLFURVLPXODFLRQHV HQ EDVH D ODV HQFXHVWDV GH LQJUHVRV \ JDVWRV GH ORV
KRJDUHVFX\RVUHVXOWDGRVVHUHVXPHQHQHOVLJXLHQWHFXDGUR

&8$'52
,03$&72'(/6,67(0$75,%87$5,262%5(/$',675,%8&,Ï1'(/,1*5(62(1$0e5,&$/$7,1$
Ë1',&(6
*LQLSUH &RQFHQWUDFLyQ *LQLSRVW 5H\QROGV

3DtV $xR .DNZDQL
LPSXHVWRV GHLPSXHVWRV LPSXHVWRV 6PROHQVN\

(FXDGRU

3DQDPi
&RVWD5LFD
$UJHQWLQD
8UXJXD\
1LFDUDJXD
FRQWLQ~D

(QHVWRVSDtVHVDVtFRPRHQ&RORPELD\9HQH]XHODHOLQFUHPHQWRUHJLVWUDGRHQHVWHUXEURGXUDQWHORV~OWLPRVDxRVVHH[SOLFDPiV
SRUODLQWURGXFFLyQGHLPSXHVWRVVREUHODVWUDQVDFFLRQHVILQDQFLHUDVTXHSRUORVSURSLDPHQWHGLFKRV³LPSXHVWRVSDWULPRQLDOHV´FRPR
HOLPSXHVWRSUHGLDOORVFXDOHVJHQHUDOPHQWHVRQGHVFHQWUDOL]DGRVDORVQLYHOHVLQIHULRUHVGHJRELHUQRSURYLQFLDV\HVWDGRV

%DUUHL[$%qV0\5RFD-(TXLGDGILVFDOHQ&HQWURDPpULFD3DQDPi\5HS~EOLFD'RPLQLFDQD%,'(852VRFL$/
%DUUHL[$5RFD-\9LOOHOD //DHTXLGDGILVFDOHQORVSDtVHVDQGLQRV%,'(852VRFL$/5H]HQGH)\ $IRQVR-
(TXLGDGH)LVFDOQR%UDVLO%,'(852VRFL$/5RFD-(TXLGDGILVFDOHQ8UXJXD\%,'(852VRFL$/-RUUDWW
0 (TXLGDG )LVFDO HQ &KLOH 8Q $QiOLVLV GH OD ,QFLGHQFLD 'LVWULEXWLYD GH ORV ,PSXHVWRV \ HO *DVWR 6RFLDO %,'
(852VRFL$/*yPH]6DEDtQL-\5RVVLJQROR'$UJHQWLQD$QiOLVLVGHODVLWXDFLyQWULEXWDULD\SURSXHVWDVGHUHIRUPDV
LPSRVLWLYDVGHVWLQDGDVDPHMRUDUODGLVWULEXFLyQGHOLQJUHVR´2,7

&XDGURFRQFOXVLyQ
Ë1',&(6
*LQLSUH &RQFHQWUDFLyQ *LQLSRVW 5H\QROGV

3DtV $xR .DNZDQL
LPSXHVWRV GHLPSXHVWRV LPSXHVWRV 6PROHQVN\

&KLOH

&RORPELD
+RQGXUDV
5HS'RPLQLFDQD
(O6DOYDGRU
*XDWHPDOD
3HU~
%ROLYLD5HS%RO

GH
%UDVLO
)XHQWH*yPH]6DEDtQL-&-LPpQH]-3\5RVVLJQROR'³,PSRVLFLyQDODUHQWDSHUVRQDO\HTXLGDGHQ$PpULFD

/DWLQDQXHYRVGHVDItRV´&(3$/
1RWD/RVSDtVHVIXHURQRUGHQDGRVVHJ~QHOYDORUHVWLPDGRGHOtQGLFH5H\QROGV6PROHQVN\SDUDFDGDXQRGHORVSDtVHV
GRQGH XQ YDORU SRVLWLYR GH OD GLIHUHQFLD HQWUH ORV FRHILFLHQWHV GH *LQL GHVSXpV \ DQWHV GH LPSXHVWRV LQGLFD XQ LPSDFWR
SRVLWLYR VREUH OD GLVWULEXFLyQ GHO LQJUHVR $QiORJDPHQWH XQ YDORU SRVLWLYR GHO tQGLFH .DNZDQL LQGLFD SURJUHVLYLGDG GHO
VLVWHPDWULEXWDULRHQVXFRQMXQWR

(O FXDGUR SHUPLWH REVHUYDU DOJXQDV HVWLPDFLRQHV VREUH HO HIHFWR GLVWULEXWLYR ILQDO GH ORV
VLVWHPDVWULEXWDULRVODWLQRDPHULFDQRV3XHGHQHQWRQFHVGLVWLQJXLUVHGRVJUXSRVGHSDtVHVVHJ~QVLGLFKR
HIHFWRHVSURJUHVLYRR UHJUHVLYR6HSXHGHFRQFOXLUTXHVLELHQHQJHQHUDO ORVSDtVHVGHPD\RUFDUJD
WULEXWDULDWHQGUtDQVLVWHPDVWULEXWDULRVFRQOHYHVSHURSRVLWLYRVHIHFWRVVREUHODGLVWULEXFLyQGHOLQJUHVR
OXHJRGHOSDJRGHLPSXHVWRVSRUSDUWHGHORVFRQWULEX\HQWHVFRQODH[FHSFLyQGH%UDVLO\ORVSDtVHVGH
PHQRUFDUJDWULEXWDULDFRQODH[FHSFLyQGH%ROLYLDHQORV~OWLPRVDxRVREWHQGUtDQUHVXOWDGRVDGYHUVRV
HVODFRPSRVLFLyQGHHVWDFDUJDWULEXWDULDODTXHWHUPLQDGHILQLHQGRHOVLJQRGHOLPSDFWRGLVWULEXWLYR(Q
JHQHUDOHLQGHSHQGLHQWHPHQWHGHOUHVXOWDGRILQDOVHDGYLHUWHTXHORVUHVXOWDGRVVRQUHDOPHQWHOLPLWDGRV
WDQWRHQPDWHULDGHSURJUHVLYLGDGFRPRGHLPSDFWRUHGLVWULEXWLYR
$VLPLVPRSHVHDODVOLPLWDFLRQHVPHWRGROyJLFDVGHHVWRVHVWXGLRVHVSRVLEOHHQFRQWUDUDOJXQDV
FRLQFLGHQFLDVEiVLFDVHQORVUHVXOWDGRVREWHQLGRVORVFXDOHVHVWDUtDQLQGLFDQGRTXHODWULEXWDFLyQHQOD
UHJLyQ YD GH XQ HIHFWR OHYHPHQWH UHJUHVLYR D SURSRUFLRQDO GHELGR D OD SUHHPLQHQFLD GH OD LPSRVLFLyQ
LQGLUHFWD SRU VREUH OD LPSRVLFLyQ GLUHFWD 0iV HVSHFtILFDPHQWH OR TXH VH REVHUYD HV TXH OD UHGXFLGD
SDUWLFLSDFLyQGHOLPSXHVWRPiVSURJUHVLYRHOLPSXHVWRDODUHQWDSHUVRQDOQRORJUDFRQWUDUUHVWDUHOSHVR
GH OD UHJUHVLYLGDG GHO UHVWR GH ORV LPSXHVWRV FRPR ORV TXH UHFDHQ VREUH ELHQHV \ VHUYLFLRV ,9$ \
VHOHFWLYRV \ DGHPiV OD FDVL LQH[LVWHQFLD GH OD LPSRVLFLyQ SDWULPRQLDO QR FRQWULEX\H HQ DEVROXWR D
FDPELDU HVWH VHVJR &DEH GHVWDFDU WDPELpQ TXH LQFOXVR HO LPSXHVWR D OD UHQWD HPSUHVDULDO UHVXOWD VHU
SURSRUFLRQDORUHJUHVLYRHQJUDQSDUWHGHORVHVWXGLRVVLELHQHOORHVWiVXVWHQWDGRPiVHQORVVXSXHVWRV
XWLOL]DGRVGHWUDVODFLyQTXHHQDQiOLVLVHPStULFRVTXHKD\DQWHVWHDGRORVPLVPRV
(VWR LQGXGDEOHPHQWH DWHQWD FRQWUD ODV UHIRUPDV TXH VH KDQ HQIRFDGR HQ GRWDU GH PD\RU
SURJUHVLYLGDGDOWULEXWR\DTXHGHELGRDODEDMDUHFDXGDFLyQTXHJHQHUDGHQWURGHODHVWUXFWXUDWULEXWDULD
GH ORV SDtVHV WRGD PHMRUD HQ HO LPSDFWR UHGLVWULEXWLYR GHO PLVPR TXHGD UHODWLYL]DGD GHQWUR GH XQ

3RUHMHPSORQRVHLQFOX\HURQHQHODQiOLVLVORVWULEXWRVFX\DLQFLGHQFLDSXHGHHVWDUVXMHWDDFRQWURYHUVLDWDOHVFRPRHO,PSXHVWRDOD
5HQWDGH3HUVRQDV-XUtGLFDV\ODVFRQWULEXFLRQHVSDUDHOILQDQFLDPLHQWRGHOD6HJXULGDG6RFLDO

FRQWH[WR WULEXWDULR GRPLQDGR SRU RWURV WULEXWRV TXHGHWHUPLQDQ HO GpELO HIHFWR JOREDO GH OD WULEXWDFLyQ
VREUHODGLVWULEXFLyQGHOLQJUHVR
$GHPiV YDOH GHVWDFDU TXH HVWRV PDJURV UHVXOWDGRV GH LQFLGHQFLD GLVWULEXWLYD GHO VLVWHPD
WULEXWDULRHQ$PpULFD/DWLQDVHKDQPDQWHQLGRFDVLLQYDULDQWHVGXUDQWHODV~OWLPDVGpFDGDVWDOFXDOOR
GHPXHVWUDQ HVWXGLRV DQWHULRUHV FRPR ORV UHDOL]DGRV SRU %LUG \ 'H :XOI \ SRU &KX'DYRRGL \
*XSWD 'HHVWH ~OWLPR WDPELpQ VH GHVSUHQGH RWUR KHFKR HVWLOL]DGR PX\ LPSRUWDQWH HO LPSDFWR
GLVWULEXWLYRGHORVLPSXHVWRV\GHODSROtWLFDILVFDOHQVXFRQMXQWRHVPXFKRPD\RU\SURJUHVLYRHQ
ORVSDtVHVGHVDUUROODGRVTXHHQORVSDtVHVGHODUHJLyQ
(QHVWHVHQWLGRFDEHGHVWDFDUTXHSUHYLRDORVHIHFWRVGHODVSROtWLFDVS~EOLFDVORVFRHILFLHQWHVGH
GLVWULEXFLyQGH*LQLHQORVSDtVHVGH$PpULFD/DWLQDVXHOHQVHUVLPLODUHV\KDVWDLQIHULRUHVDORVQLYHOHV
GH GHVLJXDOGDG HQFRQWUDGRV HQ ORV SDtVHV PiV GHVDUUROODGRV 6LQ HPEDUJR PLHQWUDV TXH HQ ORV SDtVHV
LQGXVWULDOL]DGRVHOFRHILFLHQWHGH*LQLGLVPLQX\HVXVWDQFLDOPHQWHGHELGRDORVHIHFWRVGHORVLPSXHVWRV\
ODVWUDQVIHUHQFLDVS~EOLFDVHQORVSDtVHVHQGHVDUUROORORVFDPELRVORJUDGRVVRQVyORPDUJLQDOHV
$O UHVSHFWR WDQWR ORV HVWXGLRV HIHFWXDGRV SRU 'H )HUUDQWLV HW DO FRPR SRU 3HUU\ HW DO
VHxDODQTXHPLHQWUDVHQORVSDtVHVGHOD8QLyQ(XURSHDHO*LQLSUHUHVXOWyVHUGHOXHJR
GHODDFFLyQFRQMXQWDGHLPSXHVWRV\WUDQVIHUHQFLDVHOPLVPRVHUHGXMRHQXQDOYDORUGH(Q
UHODFLyQ FRQ ORV ((88 VL ELHQ HO LPSDFWR GH OD SROtWLFD ILVFDO HV DOJR PHQRU GH WRGDV PDQHUDV HO
FRHILFLHQWHSDVyGHODOOXHJRGHODVPHGLGDVILVFDOHV
(QOtQHDVJHQHUDOHVVHREVHUYDXQDDFWLWXGGHDFHSWDFLyQIUHQWHDODVOLPLWDFLRQHVHVWUXFWXUDOHVTXH
HQIUHQWDODLPSRVLFLyQGLUHFWDHQODUHJLyQFRPRSXHGHQVHUODH[WHQVLyQGHORVVHFWRUHVLQIRUPDOHV\ODV
OHJLVODFLRQHVWULEXWDULDVYLJHQWHVORFXDOREOLJDDLQYHVWLJDUFXiOHVVRQORVSULQFLSDOHVREVWiFXORVTXHVH
REVHUYDQ SDUD GRWDU D HVWH JUDYDPHQ FRQ XQD PD\RU SDUWLFLSDFLyQ HQ OD UHFDXGDFLyQ WRWDO DO PLVPR
WLHPSRTXHXQPD\RUJUDGRGHSURJUHVLYLGDG
&RPRUHVXOWDGRGHOSURFHVRGHDPSOLDFLyQGHOQ~PHURGHFRQWULEX\HQWHVWDQWRHQHOFDVRGHO,9$
\WDPELpQHQHO,65VHKDQLQFUHPHQWDGRODVSRVLELOLGDGHVGHHYDVLyQHVSHFLDOPHQWHFXDQGRVHWUDWDGH
SHTXHxRV FRQWULEX\HQWHV FRQ DOWD FRQFHQWUDFLyQ GH LQIRUPDOLGDG \ GLItFLOHV GH PRQLWRUHDU 1R HV
FDVXDOLGDGMXVWDPHQWHTXHODPD\RUtDGHODVUHIRUPDVGHDGPLQLVWUDFLyQWULEXWDULDHQORV~OWLPRVDxRV
VHKD\DQHQIRFDGRHQHOGLVHxRGHPpWRGRVSDUDDWHQGHUDHVWHWLSRGHFRQWULEX\HQWHV
$O UHVSHFWR XQD GH HVWDV UHIRUPDV WLHQH TXH YHU FRQ OD WULEXWDFLyQ HVSHFLDOPHQWH GLULJLGD D ODV
3<0(6 SODVPDGD GXUDQWH ORV DxRV UHFLHQWHV HQ OD LPSOHPHQWDFLyQ GH UHJtPHQHV VLPSOLILFDGRV SDUD
SHTXHxRV FRQWULEX\HQWHV HQ FDVL WRGRV ORV SDtVHV GH $PpULFD /DWLQD HQ FRQVRQDQFLD FRQ ODV SUiFWLFDV
WULEXWDULDVLQWHUQDFLRQDOHV
&RPRVHKDGHVDUUROODGRHQODOLWHUDWXUDVREUHHOWHPDH[LVWHXQDIXHUWHUHODFLyQHQWUHHOWDPDxR
GHXQDHPSUHVD \HO IHQyPHQRGHODLQIRUPDOLGDGFRPSUREiQGRVHTXHHVWH~OWLPRHVPXFKR PD\RU \
PiVLQWHQVRFXDQWRPHQRUHVHOWDPDxRGHODXQLGDGHFRQyPLFD(VWRSRQHVREUHUHOLHYHODLPSRUWDQFLD
GHODV3<0(6\ODIRUPDGHWULEXWDFLyQDSOLFDGDHQWDQWRSXHGHUHSUHVHQWDUXQFDPLQRGHVROXFLyQSDUD
ORVSUREOHPDVDVRFLDGRVDODLQIRUPDOLGDG
& /DVUHODFLRQHVHQWUHODUHFDXGDFLyQWULEXWDULD\
ODLQIRUPDOLGDG
+DVWDDTXtVHKDQVHxDODGRGRVKHFKRVHVWLOL]DGRVTXHFRQVWLWX\HQHMHVFHQWUDOHVGHOSUHVHQWHGRFXPHQWR
3RUXQODGRVHVHxDODTXHODUHODWLYDGLVPLQXFLyQGHORVQLYHOHVGHLQIRUPDOLGDGTXHDSHVDUGHVHJXLU
PRVWUDQGRDXQYDORUHVPX\HOHYDGRVHQODFRPSDUDFLyQLQWHUQDFLRQDOVHREVHUYDHQODPD\RUtDGHORV
SDtVHVGHODUHJLyQJUDFLDVDXQFRQWH[WRPDFURHFRQyPLFRIDYRUDEOHODVHYLGHQWHVPHMRUDVREWHQLGDVD

*yPH]6DEDtQL³&RKHVLyQVRFLDOHTXLGDG\WULEXWDFLyQ$QiOLVLV\SHUVSHFWLYDVSDUD$PpULFD/DWLQD´&(3$/&KX'DYRRGL
\*XSWD³,QFRPHGLVWULEXWLRQDQGWD[JRYHUQPHQWVRFLDOVSHQGLQJSROLFLHVLQGHYHORSLQJFRXQWULHV´818:,'(5

SDUWLU GH OD LPSOHPHQWDFLyQ GH GLVWLQWDV SROtWLFDV GH IRUPDOL]DFLyQ GH ORV DJHQWHV HFRQyPLFRV DVt
WDPELpQSRUODDGRSFLyQGHWpFQLFDVDYDQ]DGDVGHDGPLQLVWUDFLyQWULEXWDULD
3RURWURODGRVHKDREVHUYDGRXQDXPHQWRVRVWHQLGRGHODUHFDXGDFLyQWULEXWDULD\HQVLPXOWiQHR
XQSURFHVRGHFRQFHQWUDFLyQGHODHVWUXFWXUDLPSRVLWLYDHQVXVSULQFLSDOHVFRPSRQHQWHVORFXDOHQJUDQ
PHGLGDKDPDUFDGRODVSRVLELOLGDGHVTXHHQFXHQWUDDFWXDOPHQWHODSROtWLFD\ODDGPLQLVWUDFLyQWULEXWDULD
HQ$PpULFD/DWLQD
(OSDVRVLJXLHQWHHQHVWHDQiOLVLVFRQVLVWHHQREVHUYDUODHYROXFLyQFRQMXQWDGHODLQIRUPDOLGDG\
OD WULEXWDFLyQ SDUD WRGRV ORV SDtVHV GH ORV TXH VH GLVSRQH LQIRUPDFLyQ HVWDGtVWLFD DFWXDOL]DGD
FRPSDUDQGRODVLWXDFLyQH[LVWHQWHHQWUHGRVSHUtRGRVGLIHUHQWHV\1XHYDPHQWH
VH GHVHD GHMDU HQ FODUR TXH VL ELHQ SXHGH VXSRQHUVH XQD UHODFLyQ HVWUHFKD HQWUH HVWDV YDULDEOHV FRQ
GHULYDFLRQHVHLPSOLFDQFLDVUHDOHVVREUHODSROtWLFDWULEXWDULDGHORVSDtVHVQRUHVXOWDSRVLEOHHVWDEOHFHU
GHXQDPDQHUDH[SOtFLWD\FRQFOX\HQWHHORUGHQGHSUHODFLyQRGHODFDXVDOLGDGGHHVWRVIDFWRUHV(QWRGR
FDVRVHHQWLHQGHTXHSRUORVDUJXPHQWRVGLVFXWLGRVDORODUJRGHHVWHLQIRUPHODUHFDXGDFLyQWULEXWDULD\
OD LQIRUPDOLGDG LQWHUDFW~DQ PXWXDPHQWH IRUPDQGR FtUFXORV YLUWXRVRV R YLFLRVRV VHJ~Q FDGD FDVR HQ
SDUWLFXODU TXH LQYROXFUDQ XQ FRQMXQWR GH FDUDFWHUtVWLFDV FRPR HO QLYHO GH FXPSOLPLHQWR WULEXWDULR OD
PRUDOWULEXWDULDODOHJLWLPLGDGGHO(VWDGR\VXVLQVWLWXFLRQHVHQWUHRWUDV
(Q HO VLJXLHQWH JUiILFR VH SUHVHQWDQ VLPXOWiQHDPHQWH ORV YDORUHV GHO WDPDxR GH OD HFRQRPtD
LQIRUPDO6FKQHLGHU\GHODUHFDXGDFLyQJHQHUDGDSRUHO,9$HQSRUFHQWDMHVGHO3,%SDUDORV
SDtVHVGHODUHJLyQ\HQGRVPRPHQWRVGLVWLQWRV\$OOtSXHGHDGYHUWLUVHTXHOD
UHGXFFLyQGHODLQIRUPDOLGDGHQWRGDVODVHFRQRPtDVODWLQRDPHULFDQDVGXUDQWHOD~OWLPDGpFDGDD~QFRQ
GLVWLQWRVJUDGRVGHLPSRUWDQFLDVHKDYLVWRDFRPSDxDGDGHXQFRQVLGHUDEOH\JHQHUDOL]DGRDXPHQWRGHO
PRQWRGHLQJUHVRVWULEXWDULRVDSRUWDGRVSRUGLFKRJUDYDPHQFRQOD~QLFDH[FHSFLyQGH&KLOHGRQGHVH
UHJLVWUyXQDOHYHPHUPDHQODUHFDXGDFLyQ

*5È),&2
(&2120Ë$,1)250$/<5(&$8'$&,Ï1'(/,9$(1$0e5,&$/$7,1$

%2
3$
%2
7DPDxRGHODHFRQRPtDLQIRUPDO6FKQHLGHU
3(
3$
3(
*7 85
+1
1, *7 85
69
+1
1, %5
&2 69

3<
3< %5
(& 9(
5' &2
(& 9(
0; 5'
0; $5
&5
&5 $5
&+

&+

5HFDXGDFLyQWULEXWDULDGH,9$GHO3,% &(3$/

)XHQWH(ODERUDFLyQSURSLDVREUHODEDVHGH6FKQHLGHU\&(3$/6WDW
1RWD /DV UHIHUHQFLDV FRUUHVSRQGHQ D ORV VLJXLHQWHV SDtVHV $UJHQWLQD $5 %ROLYLD %2 %UDVLO
%5&KLOH&+&RORPELD&2&RVWD5LFD&5(O6DOYDGRU69*XDWHPDOD*7+RQGXUDV
+1 0p[LFR 0; 1LFDUDJXD 1, 3DQDPi 3$ 3DUDJXD\ 3< 3HU~ 3( 5HS~EOLFD
'RPLQLFDQD5'8UXJXD\85\9HQH]XHOD9(

'DGR TXH HO ,9$ DVt FRPR FXDOTXLHU RWUR JUDYDPHQ JHQHUDO VREUH ELHQHV \ VHUYLFLRV HVWi
UHODFLRQDGR PiV FRQ HO QLYHO GH DFWLYLGDG HFRQyPLFD \ HVSHFLDOPHQWH FRQ HO FRQVXPR ILQDO PiV TXH
FRQODVFDUDFWHUtVWLFDVSHUVRQDOHVGHORVFRQWULEX\HQWHVHVSUREDEOHTXHHODXPHQWRGHODLQFLGHQFLDGH
HVWH WULEXWR QR DIHFWH GLUHFWDPHQWH HO QLYHO GH HPSOHR IRUPDO \D TXH DO VHU WUDVODGDGR D ORV SUHFLRV
ILQDOHVORVVXMHWRVDOFDQ]DGRVWHUPLQDUDQDVXPLHQGRODFDUJDWULEXWDULDDOPRPHQWRGHOFRQVXPRGHORV
ELHQHV\VHUYLFLRVLQGHSHQGLHQWHPHQWHGHVXVFRQGLFLRQHVODERUDOHV
3RUHOFRQWUDULRHO,9$SXHGHLQIOXLUVREUHODVGHFLVLRQHVWULEXWDULDVGHODVILUPDV\ORVLQGLYLGXRV
SRU HO ODGR GH OD RIHUWD \ D~Q VLHQGR XQ LPSXHVWR GH DXWRFXPSOLPLHQWR SXHGH GLVXDGLU D FXDOTXLHU
HWDSD GH OD FDGHQD GH YDORU SDUD GHMDU GH SHUWHQHFHU D OD HFRQRPtD IRUPDO /D LQIRUPDOLGDG SXHGH
FRQYHUWLUVH HQ XQD FXHVWLyQ LPSRUWDQWH SDUD OD UHFDXGDFLyQ HIHFWLYD GHO ,9$ GHSHQGLHQGR HQWUH RWURV
IDFWRUHVGHOKHFKRTXHORVLQWHUFDPELRVIXHUDGHOVHFWRUIRUPDOVHDQGHELHQHVILQDOHVRLQWHUPHGLRV\D
TXHHQODVWUDQVDFFLRQHVGHHVWRV~OWLPRVHQWUHXQDHPSUHVDIRUPDO\RWUDLQIRUPDO\DTXHD~QFXDQGR
SXHGDQ HYDGLU HO SDJR GHO ,9$ ORV SHTXHxRV GLVWULEXLGRUHV LQIRUPDOHV GHEHUiQ DVXPLU HO ,9$ TXH VH
HQFXHQWUDLQFOXLGRHQORVSUHFLRVGHYHQWDGHVXVSURYHHGRUHVIRUPDOHV2&'(
'HEH QRWDUVH HQWRQFHV TXH HQ YLUWXG GH ODV SDUWLFXODUHV FDUDFWHUtVWLFDV GHO JUDYDPHQ OD PD\RU
HYDVLyQ WULEXWDULD GH HVWH LPSXHVWR \ FRQVHFXHQWHPHQWH OD PD\RU LQIRUPDOLGDG WHQGHUtD D GDUVH HQ OD
~OWLPD HWDSD GHO SURFHVR SURGXFWLYR SXHVWR TXH ORV DJHQWHV QR SHUGHUtDQ HO EHQHILFLR GHO FUpGLWR TXH
HIHFWLYDPHQWH RWRUJD HO ,9$ HQ ODV HWDSDV LQWHUPHGLDV (VWR H[SOLFD HQ SDUWH OD PD\RU LQIRUPDOLGDG
ODERUDO \ SURGXFWLYD HQ GHWHUPLQDGRV VHFWRUHV FRPR ORV SHTXHxRV SURGXFWRUHV SULPDULRV DJULFXOWXUD
JDQDGHUtD SHVFD HWF HO FRPHUFLR PLQRULVWD \ ORV SURYHHGRUHV GH VHUYLFLRV HVSHFLDOL]DGRV
JHQHUDOPHQWHDTXHOORVTXHWLHQHQXVRLQWHQVLYRGHPDQRGHREUD
3RU OR WDQWR OD SpUGLGD GH UHFDXGDFLyQ SRU HYDVLyQ TXHGDUtD DFRWDGD HQ DTXHOOD HWDSD GRQGH
HIHFWLYDPHQWHVHUHDOL]DUDXQSDJR6LHVWDHWDSDIXHUDOD~OWLPDGHOSURFHVRSURGXFWLYRD~QVHUHFDXGDUtDWRGR
HOLPSXHVWRGHWHUPLQDGRHQHWDSDVDQWHULRUHV$VLPLVPRORVLQFHQWLYRVDHYDGLUHO,9$\DSHUPDQHFHUIXHUD
GHORVFLUFXLWRVIRUPDOHVVHUHGXFHQHQODVHWDSDVLQWHUPHGLDVGHELGRDODXVXDOPHQWHPD\RUFRQFHQWUDFLyQ
HFRQyPLFDTXHIDFLOLWDODILVFDOL]DFLyQSRUSDUWHGHODDXWRULGDGWULEXWDULD
3RURWUDSDUWHGHEHVHxDODUVHTXHODLQIRUPDOLGDGQRREVWDQWHODSRVLWLYDHYROXFLyQUHFLHQWHGHO
,9$HQFDVLWRGDODUHJLyQSRUVXHVWUHFKRYtQFXORFRQODHYDVLyQLPSRVLWLYDREVWDFXOL]DODUHFDXGDFLyQ
\UHGXFHODEDVHJUDYDEOHSRWHQFLDOGHO,9$HQODPD\RUtDGHORVFDVRV'HHVWDPDQHUDODSURGXFWLYLGDG
GHOJUDYDPHQGLVPLQX\HOR TXHVHWUDGXFHHQSpUGLGDVGHHILFLHQFLD \HTXLGDG6LQHPEDUJRXQDEDMD
SURGXFWLYLGDG GHO LPSXHVWR QR HV QHFHVDULDPHQWH SURGXFWR GH XQ FXPSOLPLHQWR WULEXWDULR GHILFLHQWH
SXHVWRTXHHVWHLQGLFDGRUQRWLHQHHQFXHQWDODH[LVWHQFLDGHH[HQFLRQHV\UHJtPHQHVHVSHFLDOHVHQFDGD
SDtV ORV FXDOHV SXHGHQ UHSUHVHQWDU XQ PRQWR PX\ LPSRUWDQWH GH JDVWRV WULEXWDULRV HQ DOJXQRV FDVRV
FRPRHQ0p[LFR*XDWHPDOD(FXDGRU\&KLOH
(Q HVWH VHQWLGR VHJ~Q 2&'( HO pQIDVLV SXHVWR HQ HO IRUWDOHFLPLHQWR GHO ,9$ \ OD KLVWyULFD
GHSHQGHQFLDGHORVSDtVHVGHODUHJLyQUHVSHFWRGHODLPSRVLFLyQLQGLUHFWD²ODFXDOHVPHQRVSURJUHVLYDSRU
QDWXUDOH]D SHUR PiV IiFLO GH UHFDXGDU² SRGUtDQ WHQHU TXH YHU FRQ XQD UHVSXHVWD SUDJPiWLFD GH OD SROtWLFD
WULEXWDULDDQWHODSUHVHQFLDGHXQH[WHQVRVHFWRULQIRUPDOHQ$PpULFD/DWLQD
8Q FRPSRUWDPLHQWR VLPLODU DO GHVFULSWR SDUD HO ,9$ VH KD REVHUYDGR WDPELpQ HQ HO ,PSXHVWR
VREUHOD5HQWD,65\VXHYROXFLyQUHFLHQWHHQODUHJLyQ6HJ~QVHGHVSUHQGHGHOJUiILFRHQWRGRV
ORVSDtVHVDQDOL]DGRVVHKDFRPSUREDGRXQDXPHQWRVLJQLILFDWLYRHQORVLQJUHVRVWULEXWDULRVJHQHUDGRV
SRUODDSOLFDFLyQGHHVWHWULEXWRPHGLGRHQSRUFHQWDMHVGHO3,%DOWLHPSRTXHODLQIRUPDOLGDGWDOFRPR
VHH[SUHVyGHVFHQGLyHQVXQLYHOHQWUHORVSHUtRGRV\

*yPH]6DEDtQL-&\-LPpQH]-3E³(VWUXFWXUDWULEXWDULD\HYDVLyQLPSRVLWLYDHQ$PpULFD/DWLQD´&RPXQLGDG$QGLQDGH
)RPHQWR&$)

6HH[FOX\HHOFDVRGH3DUDJXD\SRUQRVHUFRPSDUDEOHDOUHVWRGHORVSDtVHVGHODUHJLyQHQWDQWRFDUHFHGHXQJUDYDPHQUHDOVREUH
ORVLQJUHVRVGHODVSHUVRQDVItVLFDV

*5È),&2
(&2120Ë$,1)250$/<5(&$8'$&,Ï1'(/,038(67262%5(/$5(17$
(1$0e5,&$/$7,1$

%2 3$
%2
3$
3(
*7 3(
+1
85 *7
69 85 +1
1,
1,
&2 69
%5
%5
(& 5' 9( &2
5'
0; 9(
(& 0;
&5 $5
&5 $5

&+
&+

5HFDXGDFLyQWULEXWDULDGH,65GHO3,% &(3$/

)XHQWH(ODERUDFLyQSURSLDVREUHODEDVHGH6FKQHLGHU\&(3$/6WDW

9DOHGHFLUTXHHO,65GHSHUVRQDVItVLFDVHVXQJUDYDPHQFX\DEDVHGHUHFDXGDFLyQHQODPD\RUtD
GH ORV SDtVHV \ SRU UD]RQHV LQWUtQVHFDV D VX GLVHxR WULEXWDULR VH QXWUH PD\RUPHQWH GH ORV LQJUHVRV GH
DVDODULDGRVIRUPDOHV$GHPiVHQODUHJLyQVHKDJHQHUDOL]DGRHOFREURGHHVWHLPSXHVWRDWUDYpVGHO
PpWRGRGHUHWHQFLRQHVSDUFLDOHVHQODIXHQWHORFXDOGLILFXOWDODHYDVLyQGHOPLVPRDOYLQFXODUHOSDJRGHO
,65 FRQ HO SXHVWR GH WUDEDMR \ HO FREUR GH ODV UHPXQHUDFLRQHV IRUPDOHV $Vt GHVGH OD ySWLFD GHO
WUDEDMDGRUHO,65TXHGHEHSDJDULQFLGHHQODGHFLVLyQGH³VDOLGD´GHOVHFWRUIRUPDOGHODHFRQRPtD\XQ
DXPHQWRVXVWDQFLDOGHOPLVPRSRGUtDLQFHQWLYDUVXSDVRDODLQIRUPDOLGDG0LHQWUDVTXHSRUHOODGRGHOD
RIHUWD \D VHD SDUD ODV HPSUHVDV R ORV WUDEDMDGRUHV DXWyQRPRV TXH QR VH HQFXHQWUDQ HQ UHODFLyQ GH
GHSHQGHQFLDHOLQFHQWLYRDHYDGLUHVPXFKRPD\RUVREUHWRGRHQWUHORVSHTXHxRVFRQWULEX\HQWHV
/RV EHQHILFLRV GH OD IRUPDOLGDG \ HO FXPSOLPLHQWR WULEXWDULR FRPR HQ OD PD\RUtD GH ORV
LPSXHVWRVVRQUHFLELGRVGHPDQHUDLQGLUHFWDDWUDYpVGHODRIHUWDGHELHQHVS~EOLFRVGHO(VWDGRTXHHQ
YDULRV SDtVHV GH $PpULFD /DWLQD VRQ GH XQD FDOLGDG \ FDQWLGDG GHILFLHQWHV \ VH HQFXHQWUDQ PDO
IRFDOL]DGRV OR TXH UHVWD LQFHQWLYRV SDUD FRQWLQXDU HQ OD HFRQRPtD IRUPDO VREUH WRGR FXDQGR OD
SURYLVLyQHVGHFDUiFWHUFDVLXQLYHUVDOSDUDWRGDODSREODFLyQ
(QFDPELRORVEHQHILFLRVTXHHOFRQWULEX\HQWHSRQGHUDDODKRUDGHGHFLGLUVXSHUWHQHQFLDDOVHFWRU
IRUPDO GH OD HFRQRPtD VRQ PiV ³SDOSDEOHV´ HQ HO FDVR GH ODV FRQWULEXFLRQHV D OD 6HJXULGDG 6RFLDO (O
GHUHFKRDSHUFLELUSHQVLRQHVMXELODFLRQHV \VHJXURVGH VDOXGTXHEULQGDHODSRUWHDO VLVWHPDSUHYLVLRQDO
YLJHQWH HQ FDGD SDtV HV PXFKR PiV SHUVRQDOL]DGR \ HQWRQFHV FDEUtD SHQVDU HQ XQD UHODFLyQ PXFKR PiV
IXHUWHHQWUHODUHFDXGDFLyQGHHVWDVFDUJDVODERUDOHV\ODHFRQRPtDLQIRUPDOHVSHFLDOPHQWHODLQIRUPDOLGDG
ODERUDOGHILQLGDVHJ~QHODFFHVRDHVWRVEHQHILFLRVVRFLDOHV³GHILQLFLyQOHJDO´VHJ~Q&('/$6
(QHOJUiILFRTXHILJXUDDFRQWLQXDFLyQVLQHPEDUJRVHSXHGHDSUHFLDUXQDDOWDKHWHURJHQHLGDG
GHFDVRVHQ$PpULFD/DWLQDHQFXDQWRDODHYROXFLyQUHFLHQWH\GHORVLQJUHVRV
WULEXWDULRV GHVWLQDGRV DO ILQDQFLDPLHQWR GH OD 6HJXULGDG6RFLDO \ GH ODV PHGLFLRQHVGH OD LQIRUPDOLGDG
ODERUDOHQORVGLVWLQWRVSDtVHV

*yPH]6DEDtQLHWDORSFLW

*5È),&2
,1)250$/,'$'/$%25$/<),1$1&,$0,(172'(/$6(*85,'$'62&,$/(1$0e5,&$/$7,1$
9DULDFLyQDEVROXWDHQWUHSHUtRGRV\

(&
&DPELRHQHOQLYHOGHODLQIRUPDOLGDG ODERUDO

GHILQLFLyQOHJDO 6('/$&
0; 9(
%2
85 69 $5

3<
&+ *7
&5

%5 1,
&2

3(

&DPELRHQODUHFDXGDFLyQSRUFRQWULEXFLRQHVGHOD6HJXULGDG VRFLDOHQGHO3,% &(3$/
)XHQWH(ODERUDFLyQSURSLDVREUHODEDVHGHGDWRVGH6('/$&\&(3$/6WDW

6L OD HVWUXFWXUD GH ORV VLVWHPDV SUHYLVLRQDOHV GH OD UHJLyQ IXHUD FRQVWDQWH HQ HO WLHPSR ²VLQ
FDPELRVFXDOLWDWLYRVQLFXDQWLWDWLYRVHQODVFDUJDVODERUDOHV²SRGUtDHVSHUDUVHTXHXQDUHGXFFLyQGHOD
LQIRUPDOLGDG ODERUDO VH WUDGXMHUD HQ XQ DXPHQWR GH OD UHFDXGDFLyQ GH HVWRV UHFXUVRV WULEXWDULRV ORV
FXDOHVVHKDQLQFUHPHQWDGRDORODUJRGHORV~OWLPRVDxRVHQDOJXQRVSDtVHVGHODUHJLyQ'HVHUDVtORV
SDtVHVSUHVHQWDGRVHQHOJUiILFRDQWHULRUGHEHUtDQXELFDUVHHQHOFXDGUDQWHLQIHULRUGHUHFKRRELHQHQHO
FXDGUDQWHVXSHULRUL]TXLHUGRVLORVLQJUHVRVWULEXWDULRVGHODVHJXULGDGVRFLDOVHKXELHUDQUHGXFLGRHQWUH
HVRVDxRV
6LQ HPEDUJR ORV SDtVHV GH OD UHJLyQ KDQ YHQLGR LQWURGXFLHQGR VXFHVLYDV UHIRUPDV HQ GLFKRV
HVTXHPDVORFXDOLPSLGHHQFRQWUDUFLHUWDUHJXODULGDGHQHOFRPSRUWDPLHQWRGHHVWDVGRVYDULDEOHVHQOD
~OWLPD GpFDGD (Q FRQVHFXHQFLD DGHPiV GH ORV SDtVHV TXH UHVSHWDQ HO FRPSRUWDPLHQWR VXJHULGR HV
SRVLEOH LGHQWLILFDU DOJXQRV FDVRV GRQGH OD LQIRUPDOLGDG ODERUDO GHVFHQGLy IXHUWHPHQWH \ DVLPLVPR VH
YLHURQ UHGXFLGRV VXV LQJUHVRV WULEXWDULRV SRU FRQWULEXFLRQHV SUHYLVLRQDOHV &KLOH &RORPELD 3HU~ DO
PLVPR WLHPSR TXH RWURV SDtVHV FRPR $UJHQWLQD \ VREUH WRGR (FXDGRU DOFDQ]DURQ LPSRUWDQWHV
DXPHQWRV VXVWDQFLDOHV HQ ORV UHFXUVRV WULEXWDULRV SDUD HO ILQDQFLDPLHQWR GH VXV VLVWHPDV GH VHJXULGDG
VRFLDOD~QFXDQGRODLQIRUPDOLGDGODERUDOVHKD\DLQFUHPHQWDGRGHQWURGHVXVHFRQRPtDV
1RREVWDQWHORDQWHULRUDSDUWLUGHOJUiILFRSXHGHDGYHUWLUVHTXHHQWUHORVSDtVHVGHODUHJLyQ
H[LVWLUtD FLHUWD UHODFLyQ LQYHUVD HQWUH OD LQIRUPDOLGDG ODERUDO \ OD UHFDXGDFLyQ WULEXWDULD SRU
FRQWULEXFLRQHVGHODVHJXULGDGVRFLDOGRQGHORVSDtVHVFRQVLVWHPDVPiVGHVDUUROODGRVFRPR$UJHQWLQD
8UXJXD\&RVWD5LFDR%UDVLOVRQSUHFLVDPHQWHORVTXHH[KLEHQPHQRUHVSRUFHQWDMHVGHWUDEDMDGRUHV
VLQGHUHFKRDXQDSHQVLyQRMXELODFLyQDOPRPHQWRGHVXUHWLUR(OFDVRFKLOHQRHVPX\SDUWLFXODUHQOD
UHJLyQSRUSRVHHUODLQIRUPDOLGDGODERUDOPiVEDMD\SUHVHQWDUODFRH[LVWHQFLDGHXQVLVWHPDS~EOLFRGH
UHSDUWR MXQWR FRQ XQ UpJLPHQ SULYDGR GH FDSLWDOL]DFLyQ $VLPLVPR ODV VXFHVLYDV UHIRUPDV OOHYDGDV D
FDER HQ HVWRV VLVWHPDV SUHYLVLRQDOHV FRPSOLFDQ OD FRPSDUDFLyQ GH UHVXOWDGRVHQWUHSDtVHV GH OD UHJLyQ
&HWUiQJROR

)DOWDUtDDJUHJDUD3DQDPiSHURVHFDUHFHGHGDWRVVREUHLQIRUPDOLGDGODERUDOGHILQLFLyQOHJDO

*5È),&2
,1)250$/,'$'/$%25$/<),1$1&,$0,(172'(/$6(*85,'$'62&,$/(1$0e5,&$/$7,1$
$f26

,QIRUPDOLGDGODERUDO GHILQLFLyQOHJDO6('/$&

3<
%2 (&
1,
*7 3(
0;
69 &2
9( $5
&5 %5
&+ 85

5HFDXGDFLyQWULEXWDULDSRU&RQWULEXFLRQHVGHOD6HJXULGDG 6RFLDO
GHO3,% &(3$/
)XHQWH(ODERUDFLyQSURSLDVREUHODEDVHGHGDWRVGH6('/$&\&(3$/6WDW

9DULRV SDtVHV GH OD UHJLyQ KDQ HQFRQWUDGR GLYHUVDV GLILFXOWDGHV SDUD IRUWDOHFHU VXV UHVSHFWLYRV
VLVWHPDV GH VHJXULGDG VRFLDO OR FXDO HV XQD FRQGLFLyQ QHFHVDULD SDUD UHGXFLU ORV DFWXDOHV QLYHOHV GH
LQIRUPDOLGDGODERUDO/DVUHVWULFFLRQHVGHILQDQFLDPLHQWR \HOEDMRQLYHOGHFREHUWXUDVRQIDFWRUHVTXH
DWHQWDQFRQWUDODSURYLVLyQGHVHUYLFLRVSUHYLVLRQDOHVGHFDOLGDGDFHSWDEOH\IDYRUHFHQHOFUHFLPLHQWRGHO
HPSOHRLQIRUPDO
'HVGH HO SXQWR GH YLVWD LQGLYLGXDO OD GHFLVLyQ GH SDJDU ODV FRQWULEXFLRQHV SHUVRQDOHV GH OD
VHJXULGDG VRFLDO VHJ~Q OR GLVSXHVWR HQ OD OHJLVODFLyQ GHSHQGH QR VyOR GH OD LPSRVLFLyQ QHWD SDUD HO
WUDEDMDGRU\GHOFRVWRSHUFLELGRSRUHOWUDEDMDGRUVLQRTXHDGHPiVSXHGHHVWDUOLJDGDDRWURVDVSHFWRV
GHO FRQWUDWR ODERUDO FRPR ODV UHJXODFLRQHV \ RWUDV IRUPDOLGDGHV /D GHFLVLyQ GH LQFRUSRUDUVH
SHUPDQHFHURHYHQWXDOPHQWHVDOLUGHOVLVWHPDIRUPDOGHVHJXULGDGVRFLDOGHSHQGHUiGHODSRQGHUDFLyQ
GH GLFKRV FRVWRV YLVjYLV OD YDORUDFLyQ SHUVRQDO GHO HPSOHDGR UHVSHFWR GH ORV EHQHILFLRV FDQWLGDG \
FDOLGDGTXHOHVRQRIUHFLGRVDWUDYpVGHOPLVPR
6LQHPEDUJRQRGHEHGHVFRQRFHUVHTXHHODXPHQWRGHODFDUJDWULEXWDULDHQJHQHUDOPiVDOOiGHORV
WULEXWRVVREUHODVHJXULGDGVRFLDOWDPELpQSXHGHWHQHUXQLPSDFWRVREUHODLQIRUPDOLGDGODERUDODWUDYpV
GHOLQFHQWLYRTXHJHQHUDDLQJUHVDUHQHOVHFWRULQIRUPDOGHODHFRQRPtD'DGRTXHODHYDVLyQH[LJHRFXOWDU
RSHUDFLRQHVDORODUJRGHWRGRHOSURFHVRSURGXFWLYRXQDXPHQWRLPSRVLWLYRTXHDXPHQWDODHYDVLyQHQHO
,9$RHQHO,65WDPELpQLQGXFHPD\RUHYDVLyQGHODVFRQWULEXFLRQHVGHODVHJXULGDGVRFLDO
' /DHYDVLyQLPSRVLWLYD\ODLQIRUPDOLGDGHQORVSDtVHV
GH$PpULFD/DWLQD
&RPRVHKDGHVDUUROODGRDORODUJRGHHVWHLQIRUPHHOWDPDxRGHODHFRQRPtDLQIRUPDOWLHQHHIHFWRVHQ
HO VLVWHPD WULEXWDULR D WUDYpV GH XQD PD\RU HYDVLyQ LPSRVLWLYD FRQ OD FRQVLGHUDEOH UHGXFFLyQ GH ORV
UHFXUVRVS~EOLFRVTXHHVWRLPSOLFD(VWD~OWLPDDVXYH]SXHGHUHIRU]DUDOJXQRVGHORVGHWHUPLQDQWHVGH
OD LQIRUPDOLGDG HQ WDQWR UHSUHVHQWD XQ LQFXPSOLPLHQWR GH ODV QRUPDV HVWDEOHFLGDV HQ HO VHFWRU IRUPDO
3RU OR WDQWR HQWHQGHU ORV PHFDQLVPRV TXH LQIOX\HQ VREUH OD HYDVLyQ FRQWULEX\H D H[SOLFDU DOJXQDV
GLPHQVLRQHVIXQGDPHQWDOHVGHOIHQyPHQRGHODLQIRUPDOLGDG

(Q SULPHU OXJDU GHEH GHFLUVH TXH HQ PXFKRV SDtVHV GH $PpULFD /DWLQD OD GHELOLGDG GH VXV
VLVWHPDV WULEXWDULRV VH H[SOLFDQ WDQWR SRU ORV HOHYDGRV QLYHOHV GH LQFXPSOLPLHQWR WULEXWDULR ORV FXDO
JHQHUD XQ EDMR GH QLYHO GH LPSRVLFLyQ HIHFWLYD UHVSHFWR D VXV SRVLELOLGDGHV SRWHQFLDOHV FRPR SRU HO
PDUFDGRKDFLDODLPSRVLFLyQLQGLUHFWDHQGHWULPHQWRGHODLPSRVLFLyQGLUHFWD
/DV HVWLPDFLRQHV GLVSRQLEOHV GHPXHVWUDQ TXH HO IHQyPHQR GH OD HYDVLyQ HV GH PXFKD PD\RU
SURIXQGLGDGHQHO,PSXHVWR6REUHOD5HQWDSHUVRQDO\VRFLHWDULDTXHHQHO,PSXHVWRDO9DORU$JUHJDGR
D SHVDU GH HQFRQWUDUVH DPERV WULEXWRV VXVWDQFLDOPHQWH LQWHUUHODFLRQDGRV (Q HVWH VHQWLGR VH REVHUYD
DGHPiV TXH HQ ORV DxRV SDVDGRV ORV HVIXHU]RV HQ PDWHULD GH DGPLQLVWUDFLyQ WULEXWDULD SDUHFHQ KDEHU
HVWDGR HQIRFDGRV PXFKR PiV HQ FRPEDWLU OD HYDVLyQ H[LVWHQWH HQ HO ,9$ UHVWDQGR LPSRUWDQFLD DO
FXPSOLPLHQWRHIHFWLYRHQORVLPSXHVWRVDORVLQJUHVRV\DODWULEXWDFLyQGLUHFWDHQJHQHUDO
3UXHED GH HOOR HV TXH PLHQWUDV VH KDQ GHVDUUROODGR VLVWHPDV \ DVLJQDGR IRQGRV GH FRRSHUDFLyQ
H[WHUQD HQ SURJUDPDV SDUD FDPSDxDV HQ HO FRPEDWH D OD HYDVLyQ HQ HO ,9$ PHQRUHV KDQ VLGR ORV
HVIXHU]RV GH ODV DGPLQLVWUDFLRQHV WULEXWDULDV HQ HO FRQWURO GH OD HYDVLyQ UHODWLYD D OD LPSRVLFLyQ D OD
UHQWD (Q FXDQWR DO GLDJQyVWLFR OODPD OD DWHQFLyQ OD IDOWD GH HVWLPDFLRQHV GH HYDVLyQ HQ HO ,65 KDVWD
IHFKD PX\ UHFLHQWH D OD YH] TXH VH REVHUYD OD H[LVWHQFLD GH HVWLPDFLyQ GH HYDVLyQ HQ HO ,9$ GHVGH
KDFHDOJXQDVGpFDGDV
&RPR VH PHQFLRQy PLHQWUDV ODV WDVDV GH HYDVLyQ HQ HO ,9$ FDOFXODGDV SDUD ORV SDtVHV
ODWLQRDPHULFDQRVVHXELFDQHQXQUDQJRGH&KLOHDO1LFDUDJXDFRQXQSURPHGLRGH
DSUR[LPDGDPHQWH ODV WDVDV GH LQFXPSOLPLHQWR HQ HO ,65 YDQ VHJ~Q ORV ~OWLPRV GDWRV GHVGH
0p[LFR D (FXDGRU FRQ XQ YDORU PHGLR GH -LPpQH] HW DO $VLPLVPR HQ ORV
SDtVHV HVWXGLDGRV OD HYDVLyQ HQ HVWH ~OWLPR WULEXWR UHJLVWUD YDORUHV VXSHULRUHV SDUD ODV VRFLHGDGHV
UHVSHFWR GH ODV SHUVRQDV ItVLFDV (VWH SDUWLFXODU UHVXOWDGR HVWDUtD H[SOLFDGR SRU HO DOWR FRQWHQLGR GH
UHWHQFLRQHVHQODIXHQWHHIHFWXDGDVDORVLQJUHVRVGHDVDODULDGRVTXLHQHVFRPR\DIXHUDFRPHQWDGRVRQORV
TXHDSRUWDQODPD\RUSDUWHGHODUHFDXGDFLyQGHOJUDYDPHQ\DTXHJUDQSDUWHGHODVRWUDVIXHQWHVGHUHQWD
GLYLGHQGRVLQWHUHVHVUHQWDVGHWtWXORVS~EOLFRV\JDQDQFLDVGHFDSLWDOVHHQFXHQWUDQH[HQWDVGHOWULEXWR
(O HOHYDGR QLYHO GH LQFXPSOLPLHQWR HQ HO ,65 TXH HV XQ IHQyPHQR JHQHUDOL]DGR HQ WRGRV ORV
SDtVHVGH$PpULFD/DWLQD\HOORWLHQHQRVyORLPSOLFDQFLDVVREUHODHILFLHQFLDGHOJUDYDPHQVLQRWDPELpQ
VREUHODHTXLGDGGLVWULEXWLYDSXHVWRTXHUHODWLYL]D\UHGXFHFRQVLGHUDEOHPHQWHODLQFLGHQFLDTXHSRGUtD
WHQHU OD WULEXWDFLyQ GLUHFWD \ HVSHFLDOPHQWH HO ,PSXHVWR VREUH OD 5HQWD GH 3HUVRQDV )tVLFDV VREUH OD
GLVWULEXFLyQGHOLQJUHVRGHODSREODFLyQ
$GHPiVODIDOWDGHFRQWUROGHODHYDVLyQWLHQHFRQVHFXHQFLDVVREUHODSRVLELOLGDGGHSRGHUGLVSRQHU
GHORVUHFXUVRVQHFHVDULRVSDUDDXPHQWDUHOJDVWRVRFLDOSRUORTXHUHVXOWDLQGLVSHQVDEOHSDUDVDWLVIDFHUORV
FULWHULRV GH HTXLGDG \ SURJUHVLYLGDG GH OD HVWUXFWXUD WULEXWDULD 3RU OR WDQWR VH HULJH FRPR XQ DVSHFWR
IXQGDPHQWDO D WHQHU HQ FXHQWD VL VH TXLHUH PHMRUDU QR VyOR HO QLYHO GH OD UHFDXGDFLyQ VLQR WDPELpQ OD
LQFLGHQFLDGLVWULEXWLYDGHORVVLVWHPDVWULEXWDULRVGHODUHJLyQ
'DGRTXHDSDUHFHQFRPRGRVIHQyPHQRVHVWUHFKDPHQWHYLQFXODGRVHOVLJXLHQWHJUiILFRSHUPLWH
LGHQWLILFDU OD FRUUHODFLyQ SRVLWLYD TXH H[LVWH HQWUH OD PDJQLWXG GH OD LQIRUPDOLGDG \ ORV QLYHOHV GH
HYDVLyQWULEXWDULDHQORVSDtVHVGHODUHJLyQ'HEHDFODUDUVHQRREVWDQWHTXHDTXtVHXWLOL]DQORVGDWRVGH
LQFXPSOLPLHQWR FRUUHVSRQGLHQWHV DO ,9$ FRPR PXHVWUD GHO VLVWHPD WULEXWDULR SRU XQD FXHVWLyQ
PHUDPHQWH HVWDGtVWLFD DXQTXH H[LVWHQ VyOLGDV UD]RQHV SDUD SHQVDU TXH ORV JXDULVPRV JOREDOHV VRQ
VXSHULRUHVDORVSUHVHQWDGRV
6HJ~Q3HUU\HWDOODLQIRUPDOLGDGHQ$PpULFD/DWLQDVHYHUHIOHMDGDHQYDULDVGLPHQVLRQHV
GH OD UHDOLGDG VRFLRHFRQyPLFD GH ORV SDtVHV ODV FXDOHV H[SUHVDQ OD H[LVWHQFLD GH XQ FRQWUDWR VRFLDO
³GLVIXQFLRQDO´ HV GHFLU GH XQD GHILFLHQWH LQWHUDFFLyQ LQGLYLGXDO \ FROHFWLYD FRQ HO (VWDGR HO FXDO QR
PXHVWUDODFDSDFLGDGQHFHVDULDSDUDGHVDUUROODUGHPDQHUDHILFLHQWH\HTXLWDWLYDVXVIXQFLRQHVEiVLFDV\

&RUQLD*yPH]6DEDtQL\0DUWRUDQRRSFLW

(OUHFLHQWHWUDEDMRGH-LPpQH]HWDO³(YDVLyQ\HTXLGDGHQ$PpULFD/DWLQD´FRQVWLWX\HXQRGHORVHVFDVRVLQWHQWRVGHPHGLU
ODHYDVLyQHQHVWHJUDYDPHQDSOLFDQGRXQDPHWRGRORJtDFRP~QSDUDXQDPXHVWUDDFRWDGDGHSDtVHVGHODUHJLyQ

DWHQWD FRQWUD HO FRPSURPLVR GH ORV FLXGDGDQRV SDUD GHVHQYROYHUVH GHQWUR ODV QRUPDV VRFLDOHV
HVWDEOHFLGDV

*5È),&2
7$0$f2'(/$(&2120Ë$,1)250$/<(9$6,Ï175,%87$5,$'(/,9$
(1$0e5,&$/$7,1$(13$Ë6(66(/(&&,21$'26$f26

%2
3$
3(

85 *7
69 1,

&2
5'
0; (&
$5 &5
&+

7DVDGHHYDVLyQHQHO,9$HQSRUFHQWDMHV
)XHQWH(ODERUDFLyQSURSLDVREUHODEDVHGH6FKQHLGHU\*yPH]6DEDtQL\-LPpQH]
E

(QWUHORVIDFWRUHVTXHVHSXHGHQVHxDODUFRPRGHWHUPLQDQWHVGHHVWDVLWXDFLyQDGHPiVGHORVTXH
VH UHODFLRQDQ FRQ ORV VLVWHPDV GH VHJXULGDG VRFLDO \ HO PDUFR UHJXODWRULR GH ORV SDtVHV VREUHVDOHQ OD
H[LVWHQFLD GH XQD LPSRUWDQWH EUHFKD HQWUH OD UHFDXGDFLyQ WULEXWDULD SRWHQFLDO \ HIHFWLYD OR FXDO HV
SURGXFWR GH ORV HOHYDGRV QLYHOHV GH HYDVLyQ LPSRVLWLYD \ GH ODV HVWUHFKDV EDVHV JUDYDEOHV GH ORV
SULQFLSDOHV WULEXWRV MXQWR FRQ HO SUREOHPD TXH UHSUHVHQWD OD SUHVHQFLD GH XQ HOHYDGR Q~PHUR GH
SHTXHxRV FRQWULEX\HQWHV HPSUHVDV H LQGLYLGXRV TXH HYDGHQ FRPSOHWD R SDUFLDOPHQWH HO SDJR GH
LPSXHVWRVFDUJDVVDODULDOHV\UHJXODFLRQHVHFRQyPLFDV*yPH]6DEDtQL\-LPpQH]E
'HEH QRWDUVH TXH DXQTXH VH VXHOH UHFRQRFHU TXH HO HPSOHR IRUPDO VH FRQFHQWUD HQWUH ODV
HPSUHVDVGH PHQRUWDPDxR 3<0(6\ORV WUDEDMDGRUHVDXWyQRPRVQRH[LVWHQHYLGHQFLDVLUUHIXWDEOHV
TXHFRUURERUHQODLGHDGHTXHHVWRVDJHQWHVVHDQODIXHQWHSULQFLSDOGHODHYDVLyQWULEXWDULD(VGHFLUTXH
D~QFXDQGRODVWDVDVGHHYDVLyQSXHGDQVHUPXFKRPD\RUHVHQWUHHVWRVFRQWULEX\HQWHVUHVSHFWRGHODV
HPSUHVDVPiVJUDQGHVHQODPD\RUtDGHORVFDVRVODUHFDXGDFLyQSRWHQFLDOTXHVHSRGUtDREWHQHUVHUtD
XQDSRUFLyQPX\UHGXFLGDGHORVLQJUHVRVWULEXWDULRV
'HDOOtTXHODVSROtWLFDVGHIRUPDOL]DFLyQGHODVHPSUHVDVSHTXHxDV\ORVWUDEDMDGRUHVLQIRUPDOHV
\ DVLPLVPR OD LPSOHPHQWDFLyQ GH UHJtPHQHV GH WULEXWDFLyQ VLPSOLILFDGD TXH VHUiQ GHVDUUROODGRV HQ OD
SUy[LPD VHFFLyQ QR GHEDQ UHJLUVH VRODPHQWH SRU REMHWLYRV UHFDXGDWRULRV ²GDGR TXH HO UHVXOWDGR
SRWHQFLDOVHUtDSRFRVDWLVIDFWRULR²VLQRTXHDGHPiVUHTXLHUHQODYROXQWDGGHIRUWDOHFHUHOYtQFXORHQWUH
OD FLXGDGDQtD \ HO (VWDGR SDUD SURPRYHU HO FXPSOLPLHQWR YROXQWDULR GH ODV REOLJDFLRQHV WULEXWDULDV HQ
FRQWUDSDUWLGDDODSURYLVLyQGHVHUYLFLRVS~EOLFRVGHFDOLGDG

8Q LQIRUPH UHFLHQWH GH )XHQWHV &DVWUR HW DO VHxDOD HVWD SDUWLFXODULGDG SDUD HO FDVR PH[LFDQR GRQGH OD WDVD GH
LQFXPSOLPLHQWR WULEXWDULR HQ HO UpJLPHQ VLPSOLILFDGR SDUD SHTXHxRV FRQWULEX\HQWHV HQ YLJHQFLD 5(3(&26 GXUDQWH HO SHUtRGR
VHXELFySRUHQFLPDGHOHQODFXDOUHVXOWDPX\VXSHULRUDODWDVDGHHYDVLyQHVWLPDGDSDUDHOVLVWHPD
WULEXWDULRPH[LFDQRHQVXFRQMXQWRPHQRUDO

3UHFLVDPHQWHODGHELOLGDGGHOSDFWRILVFDOHQ$PpULFD/DWLQDHVWiUHODFLRQDGDFRQRWURVKHFKRV
HVWLOL]DGRV TXH WUDVYDVDQ OR HVWULFWDPHQWH HFRQyPLFR /D EDMD FDOLGDG GH ORV VHUYLFLRV S~EOLFRV
SUHVWDGRVSRUHO(VWDGRODGHILFLHQWHFDSDFLGDGSDUDLPSOHPHQWDUODVSROtWLFDVS~EOLFDVQHFHVDULDV\OD
HVFDVD FRQILDQ]D GH OD FLXGDGDQtD HQ ODV LQVWLWXFLRQHV S~EOLFDV VRQ WRGRV VRQ WRGRV DVSHFWRV TXH VH
HQFXHQWUDQUHSHWLGDPHQWHHQORVSDtVHVGHODUHJLyQ\FRQVSLUDQFRQWUDHOFXPSOLPLHQWRYROXQWDULRGH
ORVFRQWULEX\HQWHVDOPLVPRWLHPSRTXHIDYRUHFHQHOFUHFLPLHQWRGHODHFRQRPtDLQIRUPDO/RD\]DHW
DO
$VLPLVPR XQD EDMD PRUDO WULEXWDULD ²HQWHQGLGD FRPR HO JUDGR GH UHFKD]R GH ORV FLXGDGDQRV
DQWHHOLQFXPSOLPLHQWRGHODVREOLJDFLRQHV²FDUDFWHUL]DDORVSDtVHVGHODUHJLyQ\VRFDYDODVUDtFHVGH
GLFKR SDFWR VRFLDO ([LVWHQ HYLGHQFLDV VREUH OD FRUUHODFLyQ QHJDWLYD HQWUH OD PRUDO WULEXWDULD \ OD
LQIRUPDOLGDG 3HUU\ HW DO OR FXDO VXJLHUH TXH HVWH ~OWLPR IHQyPHQR VH REVHUYD FRQ PD\RU
IUHFXHQFLDHLQWHQVLGDGHQDTXHOORVSDtVHVHQORVTXHH[LVWHXQDSHUFHSFLyQJHQHUDOL]DGDVREUHODIDOWDGH
HTXLGDGGHOVLVWHPDWULEXWDULRODSRFDHIHFWLYLGDGGHO(VWDGRSDUDPRQLWRUHDUDORVFRQWULEX\HQWHV\OD
LQFDSDFLGDGGHSHQDOL]DUODVDFFLRQHVGHHYDVLyQWULEXWDULD
'HVGH HVWD SHUVSHFWLYD OD FLXGDGDQtD WHQGHUi D FRPSURPHWHUVH FRQ HO (VWDGR SDJDQGR
GHELGDPHQWHVXVLPSXHVWRVVLSHUFLEHTXHpVWHFXPSOHFRQVXSDUWHGHOFRQWUDWRVRFLDO\TXHDVXYH]
ORV GHPiV FRQWULEX\HQWHV WDPELpQ FXPSOHQ FRQ HO PDUFR MXUtGLFR H LQVWLWXFLRQDO (VWR FUHD XQ FtUFXOR
HQWUHODLQIRUPDOLGDGODWULEXWDFLyQ\HOUROGHO(VWDGRTXHSXHGHVHUYLFLRVRRYLUWXRVRVHJ~QFDGDFDVR
$VtHQFRQWH[WRVGHHOHYDGDLQIRUPDOLGDGFRPRVXFHGHHQODPD\RUSDUWHGH$PpULFD/DWLQDH[LVWLUi
PD\RUHYDVLyQODFXDOVHLQFUHPHQWDUiVLODPRUDOWULEXWDULDHVEDMDFRQGXFLHQGRDXQDUHGXFFLyQGHORV
UHFXUVRVGLVSRQLEOHV\DXQGHWHULRURHQODFDOLGDGGHORVVHUYLFLRVS~EOLFRVSURYLVWRVSRUHO(VWDGRHO
FXDOSHUGHUiOHJLWLPLGDGHLQFHQWLYDUiD~QPiVODLQIRUPDOLGDG\ODHYDVLyQWULEXWDULDFRPRUHVSXHVWD
GHORVFRQWULEX\HQWHV
(QGHILQLWLYDWRGRGHVHPERFDHQODQHFHVLGDGGHHQWHQGHUDODWULEXWDFLyQFRPRXQDKHUUDPLHQWD
IXQGDPHQWDO HQ HO IRUWDOHFLPLHQWR GHO (VWDGR QR VyOR SDUD KDFHUVH GH UHFXUVRV LQGLVSHQVDEOHV SDUD OD
DSOLFDFLyQ GH SROtWLFDV \ VROYHQWDU ORV JDVWRV S~EOLFRV VLQR WDPELpQ SDUD FRQVROLGDU HO YtQFXOR PRUDO
HQWUH ORV JRELHUQRV \ VXV FLXGDGDQRV FRQIRUPDGR SRU ORV SLODUHV GH OD WUDQVSDUHQFLD GH ODV SROtWLFDV
S~EOLFDVUHVSRQVDELOLGDGGHORVJRELHUQRVSRUVXVDFFLRQHVYLJHQFLDGHODVQRUPDV \FRPSURPLVRGH
ORVFRQWULEX\HQWHVFRQHOVLVWHPDGHPRFUiWLFR

*yPH]6DEDtQL³(OUROGHODSROtWLFDWULEXWDULDSDUDHOIRUWDOHFLPLHQWRGHO(VWDGRHQ$PpULFD/DWLQD´&(3$/

,9/DVUHVSXHVWDVWULEXWDULDV
SDUDDWHQGHUORVQLYHOHV
GHLQIRUPDOLGDG
(QORV~OWLPRVDxRVVHKDLQFUHPHQWDGRHOLQWHUpVGHODSROtWLFDWULEXWDULD
VREUH ODV 3<0(6 \ ORV SHTXHxRV FRQWULEX\HQWHV HQ JHQHUDO (VWR SXHGH
UHSUHVHQWDUXQDUHVSXHVWDOyJLFDSRVWHULRUDODSHUVLVWHQWHDWHQFLyQTXHVH
KDGDGRDOJUXSRGHORV³JUDQGHVFRQWULEX\HQWHV´HQGpFDGDVSDVDGDVSHUR
WDPELpQREHGHFHDODUHODFLyQH[LVWHQWHHQWUHODLQIRUPDOLGDG\HOWDPDxR
GHODVHPSUHVDVODFXDOKDFRQGXFLGRDFRQFHQWUDUVHPiVHQHOWUDWDPLHQWR
LPSRVLWLYR FRPR HOHPHQWR IXQGDPHQWDO SDUD FRQWUDUUHVWDU R DO PHQRV
SDUD QR LQWHQVLILFDU ORV HIHFWRV GH GLFKR IHQyPHQR VREUH OD HFRQRPtD
,7'
(Q OD OLWHUDWXUD VREUH HO WHPD VH KDQ HVJULPLGR QXPHURVRV
DUJXPHQWRV D IDYRU GH OD LPSOHPHQWDFLyQ GH LQVWUXPHQWRV WULEXWDULRV
HVSHFtILFRV DSOLFDGRV D HVWH WLSR GH FRQWULEX\HQWHV 6LQ HPEDUJR DO VHU
FRQVLGHUDGRVSDUWHLQWHJUDQWHGHOVHJPHQWRGHFRQWULEX\HQWHV³GLItFLOHVGH
JUDYDU´ KDUGWRWD[ SDUHFH H[LVWLU FRQVHQVR HQ TXH OD SULQFLSDO
PRWLYDFLyQSDUDDSOLFDUHVWRVUHJtPHQHVHVSHFLDOHVVREUHWRGRHQ$PpULFD
/DWLQDUDGLFDHQODQHFHVLGDGGHJDUDQWL]DUHOFXPSOLPLHQWRYROXQWDULRGH
VXV REOLJDFLRQHV WULEXWDULDV PLQLPL]DQGR HO FRVWR LPSOtFLWR SDUD ODV
HPSUHVDV PiVSHTXHxDV \HOFRVWRTXHVXDGPLQLVWUDFLyQUHSUHVHQWDSDUD
ODV $GPLQLVWUDFLRQHV 7ULEXWDULDV HO FXDO VH DFUHFLHQWD HQ ORV SDtVHV GH
PHQRUJUDGRGHGHVDUUROOR
7UDWDU GH VLQWHWL]DU HO LPSDFWR HQ ODV HVWUXFWXUDV WULEXWDULDV GH ORV
SDtVHVGH$PpULFD /DWLQDJHQHUDGDSRUODH[LVWHQFLDGHXQDPSOLRVHFWRU
GHHFRQRPtDLQIRUPDO OOHYD LQH[RUDEOHPHQWHDODQiOLVLV GHORVUHJtPHQHV
WULEXWDULRV VLPSOLILFDGRV OR FXDO FRQVLVWH HQ XQD WDUHD FRPSOHMD \D TXH
FDGDSDtVWLHQHSDUiPHWURV\GLPHQVLRQHVGLIHUHQWHV

6LQHPEDUJRVHSXHGHQDSUHFLDUFLHUWDVVLPLOLWXGHVTXHVHUHVHxDUDQPiVDEDMROXHJRGHXQDEUHYH
VtQWHVLVVREUHODUHDFFLyQGHORVSDtVHVIUHQWHDHVWDVFLUFXQVWDQFLDV
$ /DWULEXWDFLyQVLPSOLILFDGDSDUDSHTXHxRVFRQWULEX\HQWHV
HQ$PpULFD/DWLQD
(QXQFRQWH[WRGHIXHUWHFUHFLPLHQWRHFRQyPLFR\UHGXFFLyQGHODGHVLJXDOGDGHOGLVHxRGHWUDWDPLHQWRV
HVSHFLDOHV SDUD JUDYDU D ORV SHTXHxRV FRQWULEX\HQWHV \D VHDQ HVWRV SHUVRQDV ItVLFDV R HPSUHVDV
H[FOX\pQGRORV GH ODV QRUPDV JHQHUDOHV GHO ,9$ \R GHO ,65 HVWDEOHFLHQGR PpWRGRV SUHVXQWLYRV GH
GHWHUPLQDFLyQ GHO LPSXHVWR \R LPSRQLpQGROHV WDVDV PiV UHGXFLGDV KD VLGR XQR GH ORV SULQFLSDOHV
FDPLQRVTXHKDQDGRSWDGRORVSDtVHVGH$PpULFD/DWLQDSDUD³GHVFRPSULPLUÓDFDUJDGHWUDEDMRGHODV
DGPLQLVWUDFLRQHVWULEXWDULDV\PHMRUDUDVtVXVFDSDFLGDGHVGHILVFDOL]DFLyQ
$O UHVSHFWR *RQ]iOH] VHxDOD TXH ³HQ OD PD\RUtD GH ORV SDtVHV OD LQVWUXPHQWDFLyQ GH
UHJtPHQHVHVSHFLDOHVGHWULEXWDFLyQSDUDORVSHTXHxRVFRQWULEX\HQWHVQRKDWHQLGRFRPRREMHWRSULPRUGLDO
OD UHFDXGDFLyQ WULEXWDULD VLQR UHVROYHU XQD SUREOHPiWLFD GH DGPLQLVWUDFLyQ WULEXWDULD FRQ OD ILQDOLGDG GH
LQFRUSRUDUDODIRUPDOLGDGDXQDPSOLRVHFWRUGHFRQWULEX\HQWHVGHHVFDVDVLJQLILFDFLyQHFRQyPLFD´
$SDUWLUGHODLPSOHPHQWDFLyQGHHVWRVUHJtPHQHVHQODPD\RUtDGHORVSDtVHVODWLQRDPHULFDQRV
VH KD EXVFDGR IDFLOLWDU HO SDJR GH LPSXHVWRV GH FRQWULEX\HQWHV TXH HQ JHQHUDO UHVSRQGHQ D ODV
VLJXLHQWHV FDUDFWHUtVWLFDV L EDMRV LQJUHVRV LL XQ DOWR Q~PHUR TXH GLILFXOWD HO FRQWURO RILFLDO
LLLPD\RUPHQWHLQIRUPDOHVLYSREUHHVWUXFWXUDRUJDQL]DFLRQDO\YDOWDPRYLOLGDGGHHQWUDGD\VDOLGD
'HHVWDPDQHUDVHEXVFDODVLPSOLILFDFLyQGHODVQRUPDVOHJDOHV\WUiPLWHVDGPLQLVWUDWLYRVTXHWLHQH
HO FXPSOLPLHQWR GH ODV REOLJDFLRQHV WULEXWDULDV DSXQWDQGR FRQ HOOR D EULQGDUOHV XQ ³SXHQWH´ SDUD
DWUDHUDODIRUPDOLGDGDORVDJHQWHVHFRQyPLFRV\DOPLVPRWLHPSRPHMRUDUHOPDQHMRGHORVUHFXUVRV
GHODDGPLQLVWUDFLyQWULEXWDULD
3DUWLFXODUPHQWH HQ $PpULFD /DWLQD ORV UHJtPHQHV GH WULEXWDFLyQ VLPSOLILFDGD VH KDOODQ
DPSOLDPHQWHGLIXQGLGRV'HKHFKRDH[FHSFLyQGH(O6DOYDGRU3DQDPi\9HQH]XHODWRGRVORVSDtVHV
GH OD UHJLyQ KDQ LPSOHPHQWDGR DOJ~Q VLVWHPD GH WUDWDPLHQWR WULEXWDULR GLIHUHQFLDO VREUH ORV SHTXHxRV
FRQWULEX\HQWHV $VLPLVPR WDO FRPR VH SUHVHQWD HQ HO FXDGUR HQ DOJXQRV FDVRV VH DSOLFDQ
VLPXOWiQHDPHQWHYDULRVGHHVWRVHVTXHPDVWDOFRPRVXFHGHHQ%ROLYLD&KLOH0p[LFR3HU~
\ 8UXJXD\ 1R REVWDQWH HQ WRGDV ODV FLUFXQVWDQFLDV HO SUREOHPD JHQpULFR GH OD WULEXWDFLyQ
VLPSOLILFDGD FRQVLVWH HQ FODVLILFDU D ORV SHTXHxRV FRQWULEX\HQWHV HQ GLVWLQWDV FDWHJRUtDV GHILQLGDV SRU
DOJXQD QRFLyQ GH WDPDxR \ HQ GHWHUPLQDU GH TXp IRUPD \ GH KHFKR VL FRUUHVSRQGH LPSRQHU VREUH
HVWRVFDGDXQRGHORVJUDYiPHQHVGHOUpJLPHQJHQHUDOGHWULEXWDFLyQ
&DEHDFODUDUTXHORVHVTXHPDVVLPSOLILFDGRVGHODUHJLyQVHDSOLFDQIXQGDPHQWDOPHQWHVREUHSHUVRQDV
ItVLFDVTXHUHDOL]DQDFWLYLGDGHVHFRQyPLFDVDXQTXHHQDOJ~QFDVRVHH[WLHQGHQWDPELpQDFLHUWRVWLSRV
GHSHUVRQDVMXUtGLFDVWDOFRPRVXFHGHHQ%UDVLO&RVWD5LFD&KLOH0p[LFR\3HU~$GHPiVSUHYpQOD
DGKHVLyQYROXQWDULD\ODDXWRFDWHJRUL]DFLyQ\HVWiQGLULJLGRVSULQFLSDOPHQWHDORVVHFWRUHVGHFRPHUFLR
\SUHVWDFLyQGHVHUYLFLRV

3DUDXQDQiOLVLVSRUPHQRUL]DGRGHODVSULQFLSDOHVHVWUDWHJLDVTXHVLJXLHURQODVDGPLQLVWUDFLRQHVWULEXWDULDVGHODUHJLyQGXUDQWHODV
~OWLPDV GpFDGDV VH UHFRPLHQGD YHU HO LQIRUPH GH *yPH] 6DEDtQL -& \ -LPpQH] -3 E ³(VWUXFWXUD WULEXWDULD \ HYDVLyQ
LPSRVLWLYDHQ$PpULFD/DWLQD´&$)

(QDOJXQRVFDVRVVHH[WLHQGHQDRWURVVHFWRUHV³KDUGWRWD[´FRPRODLQGXVWULDDUWHVDQtDVJDQDGHUtDDJULFXOWXUDWUDQVSRUWHHWF

&8$'52
5(*Ë0(1(6(63(&,$/(63$5$3(48(f26&2175,%8<(17(6(13$Ë6(6'($0e5,&$/$7,1$
$xRGH
3DtV 'HQRPLQDFLyQ ,PSXHVWRVLQFOXLGRVHQHO5pJLPHQ
LQLFLR
$UJHQWLQD 5pJLPHQ6LPSOLILFDGRSDUD 6XVWLWX\HDLPSXHVWRVQDFLRQDOHV,PSDODV
3HTXHxRV&RQWULEX\HQWHV JDQDQFLDVH,9$\DORVDSRUWHV
0RQRWULEXWR SUHYLVLRQDOHV
%ROLYLD(VWDGR 5pJLPHQ7ULEXWDULR6LPSOLILFDGR 576 6XVWLWX\HQHO,PSXHVWRVDO9DORU$JUHJDGR
3OXULQDFLRQDO 576 67, HO,PSXHVWRVREUHODV8WLOLGDGHVGHODV
GH 6LVWHPD7ULEXWDULR,QWHJUDGR67, 5$8 (PSUHVDV
5pJLPHQ$JURSHFXDULR8QLILFDGR \HO,PSXHVWRDODV7UDQVDFFLRQHV
5$8
%UDVLO 6LVWHPD,QWHJUDGRGH3DJRGH 6XVWLWX\HWRGRVORVLPSXHVWRVIHGHUDOHV
,PSXHVWRV\&RQWULEXFLRQHV ,53-,3,,(5HQWD,75&30)\ODV
6,03/(6 FRQWULEXFLRQHVDOD6HJXULGDG6RFLDO
3,63$6(3&2),16&6//\RWURV
&KLOH 5pJLPHQ6LPSOLILFDGRGHO (O5pJLPHQ6LPSOLILFDGR\HO5pJLPHQGH
,PSXHVWRDOD5HQWDPLQHUtD 5HQWD3UHVXQWDVXVWLWX\HQH[FOXVLYDPHQWHDO
FRPHUFLRLQGXVWULD\SHVFD ,PSXHVWRVREUHOD5HQWDHO5pJLPHQGH
5pJLPHQGH5HQWD3UHVXQWD 7ULEXWDFLyQ6LPSOLILFDGD\HO5pJLPHQGH
DJURSHFXDULR &DPELRGH6XMHWRVXVWLWX\HQH[FOXVLYDPHQWH
5pJLPHQGH7ULEXWDFLyQ DO,PSXHVWRDO9DORU$JUHJDGR
6LPSOLILFDGDSDUDORV3HTXHxRV
&RQWULEX\HQWHV
5pJLPHQGH&DPELRGH6XMHWR
GHO,PSXHVWRDO9DORU$JUHJDGR
&RORPELD 5pJLPHQ6LPSOLILFDGR 6XVWLWX\HDO,PSXHVWRDO9DORU$JUHJDGR
&RVWD5LFD 5pJLPHQGH7ULEXWDFLyQ 6XVWLWX\HHO,PSXHVWR*HQHUDODODV9HQWDV

6LPSOLILFDGD WLSR,9$\HO,PSXHVWRVREUHOD5HQWD
(FXDGRU 5pJLPHQ6LPSOLILFDGR5,6( 6XVWLWX\HDO,PSXHVWRDO9DORU$JUHJDGR\DO

,PSXHVWRDOD5HQWD
(O6DOYDGRU 1RSRVHH QD 1RDSOLFD
*XDWHPDOD 5pJLPHQGH7ULEXWDFLyQ6LPSOLILFDGD 6XVWLWX\HDO,PSXHVWRDO9DORU$JUHJDGR\DO

SDUDORV3HTXHxRV&RQWULEX\HQWHV ,PSXHVWRDOD5HQWD
+RQGXUDV 5pJLPHQ6LPSOLILFDGRGHO,PSXHVWR 6XVWLWX\HDO,PSXHVWRVREUHODV9HQWDV

VREUH9HQWDV
0p[LFR 5pJLPHQGH3HTXHxRV 6XVWLWX\HDO,PSXHVWRDO9DORU$JUHJDGRDO
&RQWULEX\HQWHV5(3(&26 ,PSXHVWRVREUHOD5HQWD\DO,PSXHVWR
5pJLPHQ,QWHUPHGLR (PSUHVDULDOGH7DVDÒQLFD,(78
5pJLPHQ6LPSOLILFDGRSDUD
HPSUHVDVDJURJDQDGHURSHVFD\
DXWRWUDQVSRUWH
1LFDUDJXD 5pJLPHQ(VSHFLDOGH(VWLPDFLyQ 6XVWLWX\HDO,PSXHVWRDO9DORU$JUHJDGR\DO
$GPLQLVWUDWLYDSDUD&RQWULEX\HQWHV ,PSXHVWRVREUHOD5HQWD
SRU&XRWD)LMD
3DQDPi 1RSRVHH QD 1RDSOLFD
3DUDJXD\ ,PSXHVWRDOD5HQWDGH3HTXHxRV 6XVWLWX\HDO,PSXHVWRVREUHOD5HQWD
&RQWULEX\HQWHV,53&
3HU~ 5pJLPHQÒQLFR6LPSOLILFDGR (O586VXVWLWX\HDO,PSXHVWR*HQHUDODODV
586\ 9HQWDVWLSR,9$\DO,PSXHVWRVREUHOD
5pJLPHQ(VSHFLDOGH5HQWD 5HQWD
5(5 (O5(5VXVWLWX\HVyORDO,PSXHVWRVREUHOD
5HQWD
5HS~EOLFD 3URFHGLPLHQWR6LPSOLILFDGRGH 6XVWLWX\HDO,PSXHVWRVREUHOD5HQWD\DO
'RPLQLFDQD 7ULEXWDFLyQ367 ,PSXHVWRVREUHODV7UDQVIHUHQFLDVGH%LHQHV
,QGXVWULDOL]DGRV\6HUYLFLRV,7%,6
FRQWLQ~D

&XDGURFRQFOXVLyQ
$xRGH
3DtV 'HQRPLQDFLyQ ,PSXHVWRVLQFOXLGRVHQHO5pJLPHQ
LQLFLR
8UXJXD\ ,PSXHVWRDOD3HTXHxD(PSUHVD (O,3(HQ (O,3(VXVWLWX\HDO,PSXHVWRDODV5HQWDVGH
,3(SDUD3\0(V\0RQRWULEXWR \HO ,QGXVWULD\&RPHUFLR,5,&\DO,PSXHVWRDO
SDUDLQGLYLGXRV 0RQR 9DORU$JUHJDGR
WULEXWRHQ (O0RQRWULEXWRVXVWLWX\HDWRGRVORV
LPSXHVWRVQDFLRQDOHVYLJHQWHVFRQ
H[FHSFLyQGHORVTXH
JUDYDQODLPSRUWDFLyQPiVORVDSRUWHV
SUHYLVLRQDOHVDO%DQFRGH3UHYLVLyQ6RFLDO
9HQH]XHOD 1RSRVHH QD 1RDSOLFD
5HS~EOLFD
%ROLYDULDQDGH
)XHQWH(ODERUDFLyQSURSLDVREUHODEDVHGH*RQ]iOH]HWDO\)XHQWHV&DVWURHWDO

(QWUHODVWpFQLFDVSUHVXQWLYDVDSOLFDGDVHQODUHJLyQVHGHVWDFDODGHQRPLQDGD³FXRWDILMD´TXHVH
EDVD HQ HO SDJR GH XQD VXPD GHWHUPLQDGD GH GLQHUR TXH HVWDEOHFH OD OHJLVODFLyQ SRU FDWHJRUtD TXH
UHHPSOD]DXQDRPiVREOLJDFLRQHVWULEXWDULDVSDUDHOFRQWULEX\HQWH\TXHGHEHDERQDUVHJHQHUDOPHQWHHQ
IRUPD PHQVXDO (VWD WpFQLFD SHUPLWH OD Pi[LPD VLPSOLILFDFLyQ HQ OD OLTXLGDFLyQ GHO LPSXHVWR \ SRU OR
WDQWR UHGXFH VLJQLILFDWLYDPHQWH HO FRVWR LQGLUHFWR DGPLQLVWUDWLYR GHO FXPSOLPLHQWR GH ODV REOLJDFLRQHV
ILVFDOHV DGHFXiQGRVH PHMRU D OD UHDOLGDG VRFLRHFRQyPLFD GH ORV SDtVHV GH $PpULFD /DWLQD 2WURV SRFRV
SDtVHV GH OD UHJLyQ DSOLFDQ OD WpFQLFD SUHVXQWLYD GH XQ SRUFHQWXDO ILMR VREUH ORV LQJUHVRV EUXWRV GHO
FRQWULEX\HQWHDXQTXHODVDGPLQLVWUDFLRQHVWULEXWDULDVHQIUHQWDQPD\RUHVGLILFXOWDGHVGHFRQWURODODKRUD
GHGHWHUPLQDUHOQLYHOGHIDFWXUDFLyQGHORVSHTXHxRVFRQWULEX\HQWHVFRQHOHYDGRVQLYHOHVGHLQIRUPDOLGDG
/D DSOLFDFLyQ GH HVWRV UHJtPHQHV VXHOH LPSOLFDU OD VXVWLWXFLyQGH DOJ~Q JUDYDPHQ GHO VLVWHPD
WULEXWDULR YLJHQWH EDMR VX UpJLPHQ JHQHUDO TXH HQ JHQHUDO SDUD OD UHJLyQ VRQ HO ,PSXHVWR DO 9DORU
$JUHJDGR \ HO ,PSXHVWR VREUH OD 5HQWD 1R REVWDQWH HQ DOJXQRV SDtVHV FRPR $UJHQWLQD %UDVLO \
8UXJXD\ WDPELpQ VH LQFOX\HQ RWURV LPSXHVWRV QDFLRQDOHV \ ODV FRQWULEXFLRQHV D OD VHJXULGDG VRFLDO
(VWH DVSHFWR UHVXOWD PX\ UHOHYDQWH D ILQ GH FRPEDWLU OD HOHYDGD LQIRUPDOLGDG TXH PXHVWUDQ ORV
SHTXHxRVFRQWULEX\HQWHVHQORVSDtVHVGHODUHJLyQWRGDYH]TXHSHUPLWDLQFHQWLYDUHOFXPSOLPLHQWR
YROXQWDULRGHODVREOLJDFLRQHVILVFDOHVDWUDYpVGHORWRUJDPLHQWRGHFLHUWRVEHQHILFLRVFRPRSXHGHVHU
HODFFHVRDXQSODQGHMXELODFLRQHVRDXQVHJXURGHVDOXG$~QDVtGHEHQRWDUVHTXHODLQFOXVLyQGH
ODV FRQWULEXFLRQHV D OD VHJXULGDG VRFLDO HQWUH ORV WULEXWRV VXVWLWXLGRV HQ HVWRV WUHV SDtVHV KD VLGR
GLVWLQWDVHJ~QFDGDUpJLPHQDSOLFDGR
(Q FXDQWR D OD GLIHUHQFLDFLyQ GH ORV SHTXHxRV FRQWULEX\HQWHV H[LVWHQ YDULRV FULWHULRV SDUD
HVWDEOHFHUXPEUDOHV\OLPLWDUODDSOLFDFLyQGHORVUHJtPHQHVVLPSOLILFDGRV(Q$PpULFD/DWLQDODYDULDEOH
PiV XWLOL]DGD HV HO LQJUHVR GHO FRQWULEX\HQWH LQJUHVRV EUXWRV R YHQWDV WRWDOHV DXQTXH WDPELpQ VH
REVHUYDQRWUDVUHVWULFFLRQHVSDUDDFRWDUODDSOLFDFLyQGHHVWRVHVTXHPDVGDGRVSRUODFDQWLGDGGHWLHUUD
EDMRH[SORWDFLyQHOQ~PHURGHHVWDEOHFLPLHQWRVHOFRQVXPRGHHOHFWULFLGDGHOQ~PHURGHHPSOHDGRV\
HOFDSLWDOGLVSRQLEOH(QDOJXQRVSDtVHVGHODUHJLyQFRPR$UJHQWLQD&RORPELD\3HU~VHDSOLFDPiVGH
XQFULWHULRVLPXOWiQHDPHQWH
$ PRGR LOXVWUDWLYR HO VLJXLHQWH FXDGUR EULQGD XQD YHUVLyQ FRPSOHWD GH ORV WRSHV R XPEUDOHV
PRQHWDULRVTXHOLPLWDQORVUHJtPHQHVVLPSOLILFDGRVHQORVGLVWLQWRVSDtVHVGHODUHJLyQ(QFRPSDUDFLyQ
FRQDOJXQRVHMHPSORVGHSDtVHVGHVDUUROODGRVTXHWDPELpQXWLOL]DQHVWRVHVTXHPDVHVSRVLEOHDGYHUWLUTXH
HQ$PpULFD/DWLQDGLFKRVPRQWRVGHLQJUHVRVHVWDEOHFLGRVSRUODV$GPLQLVWUDFLRQHV7ULEXWDULDVSXHGHQVHU
PX\HOHYDGRVEULQGDQGRODSRVLELOLGDGGHLQFOXLUDXQQ~PHURPX\LPSRUWDQWHGHFRQWULEX\HQWHVTXHHQ
DOJXQRVFDVRVSXHGHFRQVLGHUDUVHH[FHVLYRGHVGHHOSXQWRGHYLVWDDGPLQLVWUDWLYR

%UDVLO VXVWLWX\H ODV FRQWULEXFLRQHV GHO HPSOHDGRU FRQ HO UpJLPHQ 6LPSOHV PLHQWUDV TXH HO 0RQRWULEXWR GH $UJHQWLQD \ 8UXJXD\
VRODPHQWHHODSRUWHGHODXWyQRPR

&8$'52
&203$5$&,Ï1'(/26³723(6´'(/26,038(67266,03/,),&$'26
(QGyODUHV\HQSRUFHQWDMHVGHO3,%SHUFiSLWD
7RSH0i[LPR 7RSH0i[LPR
3DtV
86GHODxR HQUHODFLyQDO3,%SHUFiSLWD
%UDVLO

3HU~ 5865(5 5865(5
0p[LFR
VHUYLFLRV
$UJHQWLQD VHUYLFLRVFRPHUFLR
FRPHUFLR
&RORPELD
(FXDGRU
8UXJXD\ 0RQRWULEXWR,3( 0RQRWULEXWR,3(
%ROLYLD(VWDGR3OXULQDFLRQDOGH 576 576
&DQDGi

5HLQR8QLGR
(VWDGRV8QLGRV
)XHQWH)XHQWHV&DVWURHWDOVREUHODEDVHGHFLIUDVRILFLDOHVGHFDGDSDtV

3RURWUDSDUWHDSHVDUGHODHVFDVDHLQFRPSOHWDLQIRUPDFLyQHVWDGtVWLFDGLVSRQLEOHUHVXOWDRSRUWXQR
GHVWDFDUORVHVFDVRVQLYHOHVGHUHFDXGDFLyQGHODWULEXWDFLyQVLPSOLILFDGDOOHJDQGRHQDOJXQDVVLWXDFLRQHVD
WHQHU LQJUHVRV PX\ SRU GHEDMR GH ORV FRVWRV TXH LPSOLFD VX DGPLQLVWUDFLyQ 6H SXHGH VHxDODU TXH HO
SURPHGLRGHUHFDXGDFLyQGHHVWRVUHJtPHQHVHQORVSDtVHVODWLQRDPHULFDQRVHVDFWXDOPHQWHFHUFDQRDO
GHORVLQJUHVRVWULEXWDULRVWRWDOHVDXQTXHODPD\RUtDVHXELFDSRUGHEDMRGHGLFKRYDORU
6HJ~Q)XHQWHV&DVWURHWDO\WDOFRPRVHDSUHFLDHQHOFXDGURDFRQWLQXDFLyQHOSDtVTXH
PiVUHFDXGDDSDUWLUGHODDSOLFDFLyQGHHVWRVHVTXHPDVVLPSOLILFDGRVHV%UDVLOFRQHO³6LPSOHV´WDQWR
HQ UHODFLyQ DO 3,% \ D OD UHFDXGDFLyQ WRWDO $UJHQWLQD D WUDYpV GHO ³0RQRWULEXWR´ VXSHUD WDPELpQ HO
SURPHGLRUHJLRQDOGHUHFDXGDFLyQWULEXWDULD6LQHPEDUJRHQODPD\RUtDGHORVSDtVHVGHODUHJLyQ\D~Q
HQ DOJXQRV FDVRV GRQGH H[LVWHQ PiV GH XQ UpJLPHQ VLPSOLILFDGR VLPXOWiQHDPHQWH FRPR HQ %ROLYLD
&KLOH R 0p[LFR ORV LQJUHVRV WULEXWDULRV REWHQLGRV PHGLDQWH OD LPSOHPHQWDFLyQ GH ORV PLVPRV SDUD
SHTXHxRV FRQWULEX\HQWHV HV YLVLEOHPHQWH PX\ UHGXFLGD (VWD VLWXDFLyQ D~Q FXDQGR PXFKRV GH HVWRV
UHJtPHQHV VLPSOLILFDGRV VH HQFXHQWUDQ HQ YLJHQFLD GHVGH KDFH PiV GH XQD GpFDGD QR SDUHFH KDEHUVH
PRGLILFDGRVXVWDQFLDOPHQWHDORODUJRGHORV~OWLPRVDxRV

&8$'52
5(&$8'$&,Ï175,%87$5,$'(5(*Ë0(1(66,03/,),&$'26(1
$0e5,&$/$7,1$3$Ë6(66(/(&&,21$'26$f2
(QSRUFHQWDMHGHOD (QSRUFHQWDMHV
3DtVHV
UHFDXGDFLyQWRWDO GHO3,%
$UJHQWLQDD

E
%UDVLO
FRQWLQ~D

1R REVWDQWH ORV FRVWRV GH DGPLQLVWUDFLyQ GH HVWRV UHJtPHQHV UHVXOWDUiQ PHQRUHV D ORV TXH GHPDQGDUtD OD LQFOXVLyQ GH HVRV
FRQWULEX\HQWHVHQHOUpJLPHQJHQHUDOGHWULEXWDFLyQ

*RQ]iOH]'³5HJtPHQHVHVSHFLDOHVGHWULEXWDFLyQSDUDSHTXHxRVFRQWULEX\HQWHVHQ$PpULFD/DWLQD´%,'

&XDGURFRQFOXVLyQ
(QSRUFHQWDMHGHOD (QSRUFHQWDMHV
3DtVHV
UHFDXGDFLyQWRWDO GHO3,%
&KLOHE

(FXDGRU
0p[LFR
E
3DUDJXD\
3HU~E
8UXJXD\
)XHQWH )XHQWHV &DVWUR HW DO ³(VWXGLR GH (YDVLyQ )LVFDO HQ HO 5pJLPHQ GH 3HTXHxRV
&RQWULEX\HQWHV´VREUHODEDVHGHFLIUDVRILFLDOHVGHFDGDSDtV
D
&RUUHVSRQGHDO0RQRWULEXWRLPSRVLWLYR\SUHYLVLRQDO$),3
E
(Q ORV SDtVHV PDUFDGRV VH FRQVLGHUD OD UHFDXGDFLyQ FRQMXQWD GH WRGRV ORV UHJtPHQHV
VLPSOLILFDGRVHQYLJHQFLD

(Q JHQHUDO HO EDMR QLYHO GH UHFDXGDFLyQ GH HVWRV UHJtPHQHV HQ WRGD OD UHJLyQ HV FRQVHFXHQFLD
HQWUH RWURV GH ORV VLJXLHQWHV IDFWRUHV OD LQFOXVLyQ GH ORV SHTXHxRV FRQWULEX\HQWHV GH PHQRU QLYHO
HFRQyPLFROD³FXRWDILMD´TXHVXHOHVHUGHXQEDMR QLYHOHFRQyPLFR \WLHQHXQDDOWD PRURVLGDG \
HQORVSDtVHVTXHDSOLFDQHOUpJLPHQFRQEDVHHQORVLQJUHVRVHODOWRQLYHOGHHYDVLyQ
3UHFLVDPHQWH\DXQTXHVyORKD\HVWLPDFLRQHVSDUDXQFDVRWHVWLJRFRPRHOGH0p[LFRHQORV
SDtVHVGHODUHJLyQORVSHTXHxRVFRQWULEX\HQWHVVXHOHQSUHVHQWDUWDVDVGHHYDVLyQPiVDOWDVTXHODVGH
HPSUHVDV PiV JUDQGHV HQ JUDQ SDUWH GHELGR D TXH HO FRVWR TXH UHSUHVHQWD HO FXPSOLPLHQWR GH ODV
REOLJDFLRQHV WULEXWDULDV HV SURSRUFLRQDOPHQWH PiV DOWR SDUD ODV SULPHUDV \ DO HOHYDGR QLYHO GH
LQIRUPDOLGDGTXHVHDGYLHUWHHQODVHFRQRPtDVODWLQRDPHULFDQDV$OUHVSHFWRVHUHFRQRFHTXHQRWRGDV
ODVSHTXHxDVHPSUHVDVVRQLQIRUPDOHVQLWRGDVODVHPSUHVDVLQIRUPDOHVVRQSHTXHxDV3HURH[LVWHXQD
UHODFLyQHQWUHDPEDVGHPDQHUDTXHFRPR\DVHPHQFLRQyXQGLVHxRHLPSOHPHQWDFLyQDGHFXDGRVGH
ORVLPSXHVWRVSXHGHQUHVXOWDUFUXFLDOHVSDUDUHGXFLUHOJUDGRGHLQIRUPDOLGDGODFXDOHQPXFKRVSDtVHV
PHQRVFDEDFRQVLGHUDEOHPHQWHODEDVHWULEXWDULD\GLVWRUVLRQDODHVWUXFWXUDGHODDFWLYLGDGHFRQyPLFD
(Q FRQVHFXHQFLD D~Q FXDQGR OD UHFDXGDFLyQ JHQHUDGD VHD PX\ SRFR VLJQLILFDWLYD VH VXHOH
GHVWDFDUODXWLOLGDGGHHVWRVUHJtPHQHVVLPSOLILFDGRVFRPRKHUUDPLHQWDVSDUDYLDELOL]DUODWUDQVLFLyQGH
XQDJUDQFDQWLGDGGHFRQWULEX\HQWHVTXHGHVDUUROODQVXVDFWLYLGDGHVHFRQyPLFDVHQODHFRQRPtDLQIRUPDO
KDFLDVXLQFOXVLyQHIHFWLYDHQHOUpJLPHQJHQHUDOGHWULEXWDFLyQYLJHQWHHQFDGDSDtV
% $QiOLVLVGHORVUHJtPHQHVVLPSOLILFDGRVLPSOHPHQWDGRV
HQODUHJLyQ
(QHVWDVHFFLyQVHUHDOL]DUiXQDQiOLVLVGHORVGLIHUHQWHVVLVWHPDVGHUHFDXGDFLyQGHORVSDtVEDVDGRVHQ
HOWLSRGHLPSXHVWRTXLpQHVHVWiQVXMHWRVDpOODVDFWLYLGDGHVHFRQyPLFDVDIHFWDGDVSRUGLFKRJUDYDPHQ
VXV UHTXLVLWRV HQ WpUPLQRV GH LQJUHVR HQWUH RWURV SXQWRV LPSRUWDQWHV 'HQWUR GH ORV SDtVHV TXH VH
DQDOL]DUiQ VH HQFXHQWUDQ $UJHQWLQD %ROLYLD (VWDGR 3OXULQDFLRQDO GH %UDVLO &RORPELD &RVWD 5LFD
&KLOH(FXDGRU0p[LFR1LFDUDJXD3HU~5HS~EOLFD'RPLQLFDQD\8UXJXD\
$UJHQWLQD
$UJHQWLQD WLHQH XQ VROR LPSXHVWR D DQDOL]DU OODPDGR 0RQRWULEXWR /RV REMHWLYRV GHO 0RQRWULEXWR
VRQ RSWLPL]DU ORV UHFXUVRV SURPRYHU OD LQFRUSRUDFLyQ DO VLVWHPD GH FRQWULEX\HQWHV UHGXFLU OD SUHVLyQ

*RQ]iOH]'³/DSROtWLFDWULEXWDULDKHWHURGR[DHQORVSDtVHVGH$PpULFD/DWLQD´,/3(6

)XHQWHV&DVWURHWDORSFLW

9pDVHSRUHMHPSOR6FKQHLGHUHWDO\3HUU\HWDO

ILVFDO LQGLUHFWD \ HO FRVWR GHO FXPSOLPLHQWR WULEXWDULR (O 0RQRWULEXWR HV DSOLFDGR D SHUVRQDV ItVLFDV
VRFLHGDGGHKHFKR\VRFLHGDGHVLUUHJXODUHVTXHVHGHGLFDQDOFRPHUFLRODLQGXVWULD\DSURYHHUVHUYLFLRV
'HSHQGLHQGR GH OD DFWLYLGDG UHDOL]DGD HO UHTXLVLWR HQ LQJUHVR FRPR SRU HO XVR GH LQVXPRV R
IDFWRUHVGHODSURGXFFLyQFDPELD7RGDSHUVRQDTXHHVWpGHQWURGHHVWHUpJLPHQTXHSUHVWHVHUYLFLRVQR
SXHGHIDFWXUDUDQXDOPHQWHPiVGHGyODUHV'HODPLVPDPDQHUDWRGDSHUVRQDItVLFDRVRFLHGDG
TXH VH GHGLTXH DO FRPHUFLR QR SXHGH IDFWXUDU PiV GH 86' \ VL HVWRV VH HQFXHQWUDQ HQWUH ORV
\GyODUHVQRSXHGHFRQWDUFRQPiVGHLQWHJUDQWHV$GLFLRQDOPHQWHDODVIDFWXUDFLRQHV
DQWHULRUHVQRVHSXHGHFRQWDUFRQXQDRFXSDFLyQWHUULWRULDOPD\RUDORVPKDEHUFRQVXPLGRPiV
GH.:GHHQHUJtDHOpFWULFDQLWHQHUPiVGH86'GHDOTXLOHUHVGHYHQJDGRV
'HQWURGHO0RQRWULEXWRVHHQFXHQWUDQLQFOXLGRVHOLPSXHVWRDODVJDQDQFLDVHOLPSXHVWRDOYDORU
DJUHJDGR ,9$ \ ODV &RQWULEXFLRQHV D OD 6HJXULGDG 6RFLDO \ 6DOXG GHQRPLQiQGRVH SRU XQD SDUWH
0RQRWULEXWR ,PSRVLWLYR \ SRU OD RWUD 0RQRWULEXWR 3UHYLVLRQDO \ HQ FDVRV VRQ DSOLFDGRV SRU OD
$GPLQLVWUDFLyQ )HGHUDOGH ,QJUHVRV3~EOLFRV$),3&RPRREOLJDFLRQHVDHVWDFREUDQ]DOLPLWDFLRQHV
GHQWURGHODIDFWXUDFLyQHPLWLGDSRURSHUDFLRQHVVLQRWRUJDUFUpGLWRILVFDOHQHO,9$\FRQGHGXFLELOLGDG
OLPLWDGDHQHO,65
%ROLYLD (VWDGR 3OXULQDFLRQDO GH SRU VX SDUWH WLHQH VLVWHPDV WULEXWDULRV HO SULPHUR VLHQGR HO
5pJLPHQ7ULEXWDULR6LPSOLILFDGR³576´\HOVHJXQGRHO6LVWHPD7ULEXWDULR,QWHJUDGR³67,´(O576IXH
FUHDGR SDUD UHJODPHQWDU OD IRUPD GH WULEXWDFLyQ GH XQ VHFWRU JUDQGH GH FRQWULEX\HQWHV TXH SRU VX
FRQGLFLyQ VRFLRHFRQyPLFD OHV HV FDVL LPSRVLEOH SDJDU LPSXHVWRV 3RU RWUD SDUWH HO 67, IXH FUHDGR SDUD
HVWDEOHFHUXQVLVWHPDGHFRQWUROTXHSHUPLWDHOFXPSOLPLHQWRGHODVREOLJDFLRQHVWULEXWDULDVDOVHFWRUGH
WUDQVSRUWLVWDV
(O576VRORSXHGHVHUDSOLFDGRDSHUVRQDVItVLFDVTXHWHQJDQFRPRRILFLRODDUWHVDQtDTXHVHDQ
FRPHUFLDQWHV PLQRULVWDV YHQWD GH DOLPHQWRV HQ SHTXHxRV ORFDOHV R NLRVFRV (VWRV QR SXHGHQ WHQHU
LQJUHVRVDQXDOHVPD\RUHVDORV86'QLYHQGHUSURGXFWRVXQLWDULRVPD\RUHVDORV86'
SDUDORVDUWHVDQRV86'SDUDFRPHUFLDQWHVPLQRULVWDV\86'SDUDYLYDQGHURV(VWHLPSXHVWRHV
FREUDGRSRUHO6HUYLFLRGH,PSXHVWRV1DFLRQDOHV6,1HLQFOX\HHO,PSXHVWRVREUHODV8WLOLGDGHVGHOD
(PSUHVD,8(\HO,9$
3DUD VHU SDUWH GHO UpJLPHQ OD SHUVRQD ItVLFD GHEH LQVFULELUVH FRUUHFWDPHQWH DO VLVWHPD WULEXWDULR
WHQHUWRGDVODVIDFWXUDVH[SHGLGDVSRUSURYHHGRUHVH[KLELUHOFHUWLILFDGRGHLQVFULSFLyQ\WHQHUODEROHWD
GHO ~OWLPR SDJR ELPHVWUDO 3RU VX SDUWH HO 67, HV DSOLFDGR D SHUVRQDV ItVLFDV HQFDUJDGDV GHO WUDQVSRUWH
XUEDQRLQWHUSURYLQFLDORLQWHUGHSDUWDPHQWDOGHSDVDMHURV\RFDUJDFX\RUHTXLVLWRHVQRSRGHUSRVHHUPiV
GHGRVYHKtFXORV(VWHUpJLPHQDOLJXDOTXHHO576LQFOX\HHO,8(\HO,9$\HVFREUDGRSRUHO6,1
%UDVLO
%UDVLO WLHQH XQ LPSXHVWR OODPDGR 6,03/(6 DSOLFDGR D SHUVRQDV MXUtGLFDV WDPELpQ OODPDGDV
SHUVRQDVPRUDOHVGHGLFDGDVDOFRPHUFLRSUHVWDFLyQGHVHUYLFLRVLQGXVWULD\VHFWRUSULPDULRGHODHFRQRPtD
$GLIHUHQFLDGHORVSDtVHVPHQFLRQDGRV%UDVLOWLHQHOLPLWDFLRQHVUHVSHFWRDOWDPDxRGHODHPSUHVD
3DUDPLFURHPSUHVDVHVWDVQRSXHGHQWHQHULQJUHVRVDQXDOHV PD\RUHVD86'PLHQWUDVTXHSDUD
HPSUHVDVSHTXHxDVODOLPLWDFLyQVRQ86'(VWHVLVWHPDGHWULEXWDFLyQLQFOX\HHO,PSXHVWRDOD
5HQWDGHODV3HUVRQDV-XUtGLFDV,53-HO,PSXHVWRVREUHORV3URGXFWRV,QGXVWULDOL]DGRV,3,HO,PSXHVWR
VREUHOD([SORWDFLyQ,(HO,PSXHVWRDOD5HQWDUHODWLYRDSDJRVGHFUpGLWR\HO,PSXHVWRDOD3URSLHGDG
7HUULWRULDO 5XUDO ,75 (Q FXDQWR D FRQWULEXFLRQHV %UDVLO LQFOX\H ODV VLJXLHQWHV HQ HO SDJR GH ORV
6,03/(6 OD &RQWULEXFLyQ 3URYLVRULD VREUH HO 0RYLPLHQWR )LQDQFLHUR &30) &RQWULEXFLyQ SDUD ORV
3URJUDPDV GH ,QWHJUDFLyQ 6RFLDO \ GH )RUPDFLyQ GHO 3DWULPRQLR GHO 6HUYLGRU 3~EOLFR 3,63$6(3 OD
&RQWULEXFLyQ 6RFLDO VREUH OD *DQDQFLD /tTXLGD &6// OD &RQWULEXFLyQ SDUD HO )LQDQFLDPLHQWR GH OD

7RGDVODVFDQWLGDGHVPRQHWDULDVHQORVDQiOLVLVHVWiQH[SUHVDGDVHQGyODUHVGHORV(VWDGRV8QLGRVGH$PpULFD2FWXEUHGH\
VRQDSUR[LPDFLRQHVDQ~PHURVFHUUDGRVGHODPLVPDPDQHUDpVWRVGHSHQGHQGHOWLSRGHFDPELRTXHVHWHQJDHQFDGDSDtV

6HJXULGDG6RFLDO&2),$6ODV&RQWULEXFLRQHVSDUDOD6HJXULGDG6RFLDODFDUJRGHODSHUVRQDMXUtGLFD\

OD&RQWULEXFLyQSDUDOD6HJXULGDG6RFLDOUHODWLYDDORVHPSOHDGRV
(O 0LQLVWHULR GH +DFLHQGD GH %UDVLO VHxDOD TXH SDUD SHUWHQHFHU DO UpJLPHQ GH ORV 6,03/(6 HV
QHFHVDULDXQDGHFODUDFLyQMXUDGDHOUHJLVWURDpVWHSURFHVRVGHIDFWXUDFLyQDVtFRPRODH[KLELFLyQGH
FRQGLFLyQGHDGKHUHQWHDO6,03/(6
&RORPELD
&RORPELDGLVHxyXQVLVWHPDWULEXWDULROODPDGR5pJLPHQ6LPSOLILFDGRVREUHHO,9$DOUHFRQRFHU
TXHH[LVWHQDOJXQRVDJHQWHVTXHGDGRHOYROXPHQGHRSHUDFLRQHVQRUHTXLHUHQFXPSOLUFRQODUHJXODFLyQ
H[LVWHQWHSDUDHOUpJLPHQFRP~Q
(VWH UpJLPHQ VROR HV DSOLFDGR D SHUVRQDV ItVLFDV TXH VHDQ FRPHUFLDQWHV DUWHVDQRV DJULFXOWRUHV \
JDQDGHURV/DVOLPLWDFLRQHVSDUDHODFFHVRDHVWHUpJLPHQVHEDVDQHQHOLQJUHVR\HOHVSDFLRRFXSDGRHQ
RSHUDFLRQHV Q~PHUR GH HVWDEOHFLPLHQWRV (VWDV QR SXHGHQ WHQHU LQJUHVRV EUXWRV WRWDOHV PD\RUHV D ORV
86'WHQHUPiVGHXQHVWDEOHFLPLHQWRTXHQRVHDQXVXDULRVDGXDQHURVQRKDEHUREWHQLGRHQHO
DxRDQWHULRU\HQHODxRHQFXUVRFRQWUDWRVGHYHQWDVRSUHVWDFLyQGHVHUYLFLRVVXSHULRUHVD86'\
TXHHOPRQWRGHVXVFRQVLJQDFLRQHVEDQFDULDVGHSyVLWRVRLQYHUVLRQHVQRVXSHUHODFLIUDGHGyODUHV
(VWHUpJLPHQHVDSOLFDGRSRUOD'LUHFFLyQGH,PSXHVWRV\$GXDQDV1DFLRQDOHV&DEHGHVWDFDUTXH
QRKD\UHFDXGDFLyQGDGRTXHHOUpJLPHQHVXQDH[WHQVLyQWULEXWDULDDOLPSXHVWRGHO,9$
&RVWD5LFD
(Q&RVWD5LFDVHWLHQHXQUpJLPHQOODPDGR5pJLPHQGH7ULEXWDFLyQ6LPSOLILFDGD(VWHIXHFUHDGR
SDUD GHILQLU HVWUDWHJLDV SDUD HQFDPLQDU D ORV SHTXHxRV FRQWULEX\HQWHV TXH FRQIRUPDQ XQ VHFWRU
LPSRUWDQWHGHORVFRQWULEX\HQWHVGHGLItFLOFRQWURODOFXPSOLPLHQWRYROXQWDULRGHVXVREOLJDFLRQHV(VWH
VLVWHPD UHGXFLUtD DO PtQLPR HO FRVWR WDQWR SDUD ODV SHUVRQDV ItVLFDV \ PRUDOHV FRPR SDUD OD
$GPLQLVWUDFLyQ7ULEXWDULD
(O UpJLPHQ HV DSOLFDGR D DFWLYLGDGHV GLIHUHQWHV WRGDV UHODFLRQDGDV FRQ HO FRPHUFLR \ ODV
OLPLWDFLRQHVSDUDWRGRVVRQODVPLVPDV/DVFRPSUDVDQXDOHVSDUDHVWDVSHUVRQDVQRSXHGHQVXSHUDUORV
86' QR SXHGHQ WUDEDMDU PiV GH FLQFR SHUVRQDV SRU OD DFWLYLGDG UHDOL]DGD QL WHQHU PiV GH XQ
HVWDEOHFLPLHQWR (Q HO FDVR HVSHFLILFR GH ORV SHVFDGRUHV DUWHVDQDOHV HO PRQWR GH FRPSUDV DQXDO QR
SXHGHH[FHGHUORVGyODUHV
(VWHLPSXHVWRHVFRQWURODGRSRUOD'LUHFFLyQ*HQHUDOGH7ULEXWDFLyQGHO0LQLVWHULRGH+DFLHQGD
HLQFOX\HHO,65\HO,PSXHVWR*HQHUDOVREUHODV9HQWDV(OFRQWULEX\HQWHWLHQHFRPRREOLJDFLRQHVWHQHU
XQDGHFODUDFLyQMXUDGDODVIDFWXUDVGHWRGDYHQWDLQGLYLGXDOGHPHUFDQFtDTXHVXSHUHHOGHXQVDODULR
EDVHRpVWDVVHDQVROLFLWDGDVSRUVXVFOLHQWHV\SUHVHQWDUODFRQVWDQFLDGHLQVFULSFLyQ1RVHFXHQWDFRQ
LQIRUPDFLyQVREUHODUHFDXGDFLyQ
&KLOH
&KLOHSRUVXSDUWHWLHQHGRVUHJtPHQHVSDUDSHTXHxRVFRQWULEX\HQWHVVLHQGRHOSULPHURDDQDOL]DU
HO5pJLPHQGH7ULEXWDFLyQ6LPSOLILFDGDGHO,PSXHVWRDOD5HQWD\HOVHJXQGRHO5pJLPHQGH7ULEXWDFLyQ
6LPSOLILFDGDGHO,9$
(O SULPHU VLVWHPD WULEXWDULR QDFH FRQ OD ILQDOLGDG GH IDFLOLWDU OD WULEXWDFLyQ SDUD ORV
FRQWULEX\HQWHVHPSUHVDULRVLQGLYLGXDOHVGHPLFUR\SHTXHxDVHPSUHVDV(VWRVQRSXHGHQWHQHUSRUJLUR
RDFWLYLGDGODWHQHQFLDRH[SORWDFLyQGHELHQHVUDtFHVDJUtFRODV \DFWLYLGDGHVGHFDSLWDOHVPRELOLDULRV
$VLPLVPR SDUD SHUWHQHFHU DO UpJLPHQ QR SXHGHQ WHQHU XQ LQJUHVR SURPHGLR DQXDO VXSHULRU D
86' (VWH WULEXWR FRPR VX QRPEUH OR PHQFLRQD LQFOX\H DO ,65 \ HV FREUDGR SRU HO 6HUYLFLR GH
,PSXHVWRV ,QWHUQRV &RPR REOLJDFLyQ VH UHTXLHUH OOHYDU XQD FRQWDELOLGDG VLPSOLILFDGD GH ODV
IDFWXUDFLRQHVGHELGDV\ODVGHFODUDFLRQHVMXUDGDV
3RUVXSDUWHHOVHJXQGRUpJLPHQIXHFUHDGRSDUDLQFRUSRUDU\IDFLOLWDUODWULEXWDFLyQGHSHTXHxRV
FRPHUFLDQWHV DUWHVDQRV \ SUHVWDGRUHV GH VHUYLFLRV SHUVRQDV ItVLFDV /D ~QLFD OLPLWDFLyQ HV TXH
FXDOTXLHU YHQWD R SUHVWDFLyQ GH VHUYLFLRV DO S~EOLFR FRQVXPLGRU \ FX\R PRQWR SURPHGLR GH YHQWDV R

VHUYLFLRV PHQVXDOHV WRWDOHV H[FOXLGR HO ,9$ FRUUHVSRQGLHQWH DO SHUtRGR GH PHVHV LQPHGLDWDPHQWH
DQWHULRUDOPHVHQTXHSUHVHQWHQODVROLFLWXGQRH[FHGD86'DQXDOHV
$OLJXDOTXHHOSULPHUUpJLPHQpVWHHVFREUDGRSRUHO6HUYLFLRGH,PSXHVWRVLQWHUQRV\WDPELpQ
LQFOX\H FRPR VX QRPEUH OR GLFH HO ,9$ 'LFKR HVWR ODV REOLJDFLRQHV VRQ PiV HVWULFWDV \D TXH VH
UHTXLHUHGHXQSURFHVRGHIDFWXUDFLyQ\UHJLVWURULJXURVR(QpVWHVHGHEHUiOOHYDUXQOLEURHVSHFLDOSDUD
HOUHJLVWURGLDULRGHWRGDVVXVFRPSUDVYHQWDV\VHUYLFLRVXWLOL]DGRV\SUHVWDGRVLQFOX\HQGRDTXHOORVTXH
UHFDLJDQVREUHELHQHVRVHUYLFLRVH[HQWRV
(FXDGRU
(FXDGRUGLVHxyHO5pJLPHQ,PSRVLWLYR6LPSOLILFDGR(FXDWRULDQR5,6(FX\RREMHWLYRHVIDFLOLWDU
\ VLPSOLILFDU HO SDJR GH LPSXHVWRV GH XQ GHWHUPLQDGR VHFWRU GH FRQWULEX\HQWHV GH DFXHUGR FRQ HO
6HUYLFLR GH 5HQWDV ,QWHUQDV WLHQH SRU REMHWR PHMRUDU OD FXOWXUD WULEXWDULD HQ HO SDtV (O 5,6( VROR HV
DSOLFDGR D SHUVRQDV QDWXUDOHV ItVLFDV FX\D DFWLYLGDG HFRQyPLFD VHD FXDOTXLHUD VDOYR ODV VLJXLHQWHV
$JHQWHV GH EROVD DOPDFHQDPLHQWR GH SURGXFWRV GH WHUFHURV DJHQWHV GH DGXDQD FRPHUFLDOL]DFLyQ \
GLVWULEXFLyQGHFRPEXVWLEOHVFDVLQRVELQJRV\VDODVGHMXHJRSXEOLFLGDG\SURSDJDQGDHVSHFWiFXORV
OLEUH HMHUFLFLR SURIHVLRQDO SURGXFFLyQ \ FRPHUFLDOL]DFLyQ GH ELHQHV ,&( LPSUHQWDV DXWRUL]DGDV SRU HO
65,\FRUUHWDMHGHELHQHVUDtFHV
(VWDV SHUVRQDV QR SXHGHQ WHQHU LQJUHVRV PD\RUHV D ORV 86' DQXDOHV 6L HO LQJUHVR
GHSHQGH GH ODV DFWLYLGDGHV SUHYLDPHQWH PHQFLRQDGDV pVWH QR SXHGH VXSHUDU OD IUDFFLyQ EiVLFD GHO
,PSXHVWRDOD5HQWDJUDYDGDFRQWDULIDFHURSRUFLHQWRSDUDFDGDDxRSDUDHODxRHTXLYDOHD
86''HLJXDOPDQHUDSDUDSHUWHQHFHUDO5,6(GHEHQSDJDUVXFXRWDSXQWXDOPHQWHRSUHSDJDUHO
DxR\HPLWLUORVFRPSUREDQWHVGHYHQWDDXWRUL]DGRV
(VWHVLVWHPDWULEXWDULRHVWiFRQWURODGRSRUHO6HUYLFLRGH5HQWDV,QWHUQDVGHOJRELHUQRGH(FXDGRU
HLQFOX\HWDQWRHO,9$FRPRHO,65HQVXFREUDQ]D
0p[LFR
0p[LFRDSOLFDGHVGHHODxRHO5pJLPHQGH3HTXHxRV&RQWULEX\HQWHV5(3(&26SRUPHGLR
GHOFXDOVHVXVWLWX\HDO,PSXHVWRDO9DORU$JUHJDGR,9$DO,PSXHVWR6REUHOD5HQWD,65\GHVGH
DO,PSXHVWR(PSUHVDULDOD7DVDÒQLFD,(78(VWHVLVWHPDVLPSOLILFDGRHVWiGHVWLQDGRDWRGDVODV
SHUVRQDVItVLFDVTXHUHDOL]DQDFWLYLGDGHVHPSUHVDULDOHVFRQHOS~EOLFRHQJHQHUDO\HQODPHGLGDHQTXH
VXVLQJUHVRVDQXDOHVQRH[FHGHQORVGyODUHV
$FWXDOPHQWH ORV 5(3(&26 WLHQHQ GRV RSFLRQHV SDUD HO SDJR GH VXV LPSXHVWRV OOHYDU
FRQWDELOLGDG\SUHVHQWDUXQDGHFODUDFLyQMXUDGDSDJDQGRHOGHOORVLQJUHVRVEUXWRVTXHH[FHGDQDO
PRQWRPtQLPRQRLPSRQLEOHHOFXDOVHUiHTXLYDOHQWHDVDODULRVPtQLPRVGHODUHJLyQJHRJUiILFDGHO
FRQWULEX\HQWHHOHYDGRDOPHVFRUUHVSRQGLHQWHRHQVXGHIHFWRXWLOL]DUHOUpJLPHQGHFXRWDILMDHOFXDO
HV HVWDEOHFLGR SRU FDGD (QWLGDG )HGHUDWLYD \ EXVFD VLPSOLILFDU HO SDJR GH LPSXHVWRV \D TXH ORV
FRQWULEX\HQWHVVyORHVWLPDQVXVLQJUHVRVEUXWRVELPHVWUDOHV\SDJDQODFXRWDHVWDEOHFLGDVLQQHFHVLGDGGH
UHDOL]DUGHFODUDFLyQMXUDGDDOJXQDDQWHHO6HUYLFLRGH$GPLQLVWUDFLyQ7ULEXWDULD6$7
8QKHFKRDUHVDOWDUHVTXH0p[LFRDGLIHUHQFLDGHPXFKRVGHORVSDtVHVDQDOL]DGRVQRFRQVLGHUD
FRPRUHTXLVLWRVGHHQWUDGDHOHPHQWRVFRPRHOFRQVXPRGHLQVXPRVHOWDPDxRGHOORFDOHOQ~PHURGH
WUDEDMDGRUHVRHOYDORUGHODFWLYRILMR(QWpUPLQRVGHREOLJDFLRQHVWDPELpQH[LVWHQGLVSDULGDGHVFRPRHO
XVRREOLJDWRULRGHXQOLEURGHUHJLVWURRH[KLELUHQXQOXJDUYLVLEOHODLQVFULSFLyQDHVWHWLSRGHUpJLPHQ
SRUSDUWHGHOFRQWULEX\HQWH
/D DGPLQLVWUDFLyQ GH HVWRV LPSXHVWRV KD VLGR WUDQVIHULGD KDFLD ODV (QWLGDGHV )HGHUDWLYDV ODV
FXDOHV UHFLEHQ FRPR LQFHQWLYR HO GH OR UHFDXGDGR EDMR HVWRV FRQFHSWRV $VLPLVPR VH
HVWDEOHFLHURQ FLHUWRV EHQHILFLRV WULEXWDULRV SDUD VLPSOLILFDU HO WUDWDPLHQWR ILVFDO GH ORV 5(3(&26
UHOHYDQGRDHVWRVFRQWULEX\HQWHVGHDOJXQDVREOLJDFLRQHVILVFDOHVTXHVtVHDSOLFDQHQHOUpJLPHQJHQHUDO
GH ORV LPSXHVWRV LQYROXFUDGRV 3RU HMHPSOR VH H[LPLy D ORV 5(3(&26 GH OD REOLJDFLyQ GH OOHYDU XQ
UHJLVWUR GH LQJUHVRV GH SUHVHQWDU GHFODUDFLyQ MXUDGD DQXDO \ GH OD H[SHGLFLyQ GH QRWDV GH YHQWD HQ
RSHUDFLRQHVSRUPRQWRVGHKDVWDFLHUWRPRQWR

3RU ~OWLPR VL ELHQ QR LPSOLFDQ OD VXVWLWXFLyQ GH LPSXHVWRV GHO UpJLPHQ JHQHUDO VLQR TXH RIUHFHQ
DOJXQDV YHQWDMDVDGPLQLVWUDWLYDVSDUD ORVFRQWULEX\HQWHV GHKDVWDFLHUWR PRQWRGH LQJUHVRVDQXDOHVGHEH
DJUHJDUVH TXH HQ 0p[LFR H[LVWHQ WDQWR HO 5pJLPHQ ,QWHUPHGLR SDUD LQGLYLGXRV FRPR HO 5pJLPHQ
6LPSOLILFDGRSDUDHPSUHVDV(QWUHORVEHQHILFLRVTXHRIUHFHQVHHQFXHQWUDQODSRVLELOLGDGGHOOHYDUXQD
FRQWDELOLGDGVLPSOLILFDGD\GHDSOLFDUGHGXFFLRQHVHVSHFLDOHVSDUDODVFRPSUDVGHORVELHQHVGHDFWLYRILMR
1LFDUDJXD
1LFDUDJXD GLVHxy HO 5pJLPHQ (VSHFLDO GH (VWLPDFLyQ $GPLQLVWUDWLYD SDUD &RQWULEX\HQWHV SRU
&XRWD)LMD\IXHDSUREDGRHOGHDEULOGH
(VWH LPSXHVWR HV UHFDXGDGR SRU OD 'LUHFFLyQ *HQHUDO GH ,QJUHVRV \ FREUDGR D FRPHUFLDQWHV \
SUHVWDGRUHVGHVHUYLFLRVFX\RVLQJUHVRVEUXWRVDQXDOHVQRH[FHGDQORV86'QLTXHSRVHDQHQFXDOTXLHU
PRPHQWRGHODxRPHUFDQFtDYDOXDGDSURSLDRHQFRQVLJQDFLyQRDFUpGLWRPD\RUDORV86'(VWH
VLVWHPDWULEXWDULRLQFOX\HHO,65\HO,9$\WRGDSHUVRQDVXMHWDDpVWHWLHQHFRPRREOLJDFLyQLQVFULELUVHHQHO
5HJLVWURÒQLFRGH&RQWULEX\HQWHVODDXWROLTXLGDFLyQGHODFXRWDILMD\SURFHVRVGHIDFWXUDFLyQ
3HU~
3HU~ WLHQH UHJtPHQHV QXHYRV GHQWUR GH VX VLVWHPD GH UHFDXGDFLyQ 8QR GH HOORV HV OODPDGR
1XHYR 5pJLPHQ ÒQLFR 6LPSOLILFDGR 586 (VWH SULPHU LPSXHVWR HV DSOLFDGR D SHUVRQDV ItVLFDV \
VXFHVLRQHV LQGLYLVDV FX\D DFWLYLGDG HFRQyPLFD VHD HO FRPHUFLR OD SUHVWDFLyQ GH VHUYLFLRV LQGXVWULD
H[FOX\HQGRHO WUDQVSRUWHGH FDUJD \SDVDMHURV(VWDVSHUVRQDVQRSXHGHQWHQHULQJUHVRVEUXWRVDQXDOHV
PD\RUHVD86'WRGDDGTXLVLFLyQ\FRPSUDDIHFWDGDSRUODDFWLYLGDGUHDOL]DGDQRSXHGHVXSHUDU
DQXDOPHQWH86'\HOYDORUGHORVDFWLYRVILMRVXVDGRVHQGLFKDDFWLYLGDGWDPSRFRSXHGHVHU
PD\RUD86'
(VWH LPSXHVWR HV UHFDXGDGR SRU OD 6X

Sprache

S1200741 Es-2

Hochgeladen von

Dokumentinformationen

Originaltitel

Copyright

Dieses Dokument teilen

Dokument teilen oder einbetten

Freigabeoptionen

Stufen Sie dieses Dokument als nützlich ein?

Sind diese Inhalte unangemessen?

Copyright:

S1200741 Es-2

Hochgeladen von

Copyright:

6(5,(

(QXQDVLWXDFLyQKLSRWpWLFDVHHQFXHQWUDQWUHVWUDEDMDGRUHV HOHFWULFLVWDV FRQ

VLJQLILFDWLYDPHQWHHQWUHORVWUDEDMDGRUHV\ODVHPSUHVDVGHQWURGHFDGDSDtV 3HUU\HWDO $GHPiV

GHSHQGHUiGHOJUDGRGH PRUDOWULEXWDULDGHILQLGDFRPRODPRWLYDFLyQLQWUtQVHFDSDUD SDJDUGHELGDPHQWH

(OHQIRTXHGHGHPDQGDGHGLQHURIXHGHVDUUROODGRSRU&DJDQ  \OXHJRSRU7DQ]L  

3DtV   

)XHQWH(ODERUDFLyQSURSLDVREUHODEDVHGH6FKQHLGHU  \6FKQHLGHUHWDO  

  

    

*5832 *5832 *5832 2&'(

3HTXHxDHPSUHVD (QWUH\HPSOHDGRV9HQWDVWRWDOHV (QWUH\HPSOHDGRV9HQWDVWRWDOHV\

0HGLDQDHPSUHVD (QWUH\HPSOHDGRV9HQWDVWRWDOHV (QWUH\HPSOHDGRV9HQWDVWRWDOHV

(QHOVHFWRU (QHOVHFWRU (QVHUYLFLR

$UJHQWLQD    

)XHQWH(ODERUDFLyQSURSLDVREUHODEDVHGH2,7 D 3DQRUDPD/DERUDO$PpULFD/DWLQD\HO&DULEH

3,%SHUFiSLWD GyODUHV FRQVWDQWHVGHODxR 

*HQHUDOHVV%V 5HQWD\JFLDV 6HJXULGDGVRFLDO (VSHFtILFRVV &RPHUFLR 3URSLHGDG 2WURVLPSXHVWRV

0i[LPR$PpULFD/DWLQD 0tQLPR$PpULFD/DWLQD 3URPHGLR$PpULFD/DWLQD

*LQLSUH &RQFHQWUDFLyQ *LQLSRVW 5H\QROGV

(FXDGRU      

*LQLSUH &RQFHQWUDFLyQ *LQLSRVW 5H\QROGV

&KLOH      

)XHQWH*yPH]6DEDtQL-&-LPpQH]-3\5RVVLJQROR'  ³,PSRVLFLyQDODUHQWDSHUVRQDO\HTXLGDGHQ$PpULFD

&RVWD5LFD 5pJLPHQGH7ULEXWDFLyQ  6XVWLWX\HHO,PSXHVWR*HQHUDODODV9HQWDV

(FXDGRU 5pJLPHQ6LPSOLILFDGR 5,6(  6XVWLWX\HDO,PSXHVWRDO9DORU$JUHJDGR\DO

*XDWHPDOD 5pJLPHQGH7ULEXWDFLyQ6LPSOLILFDGD  6XVWLWX\HDO,PSXHVWRDO9DORU$JUHJDGR\DO

+RQGXUDV 5pJLPHQ6LPSOLILFDGRGHO,PSXHVWR  6XVWLWX\HDO,PSXHVWRVREUHODV9HQWDV

)XHQWH(ODERUDFLyQSURSLDVREUHODEDVHGH*RQ]iOH]HWDO  \)XHQWHV&DVWURHWDO  

%UDVLO  

&DQDGi  

)XHQWH)XHQWHV&DVWURHWDO  VREUHODEDVHGHFLIUDVRILFLDOHVGHFDGDSDtV

$UJHQWLQDD  

&KLOHE  

6HJXULGDG6RFLDO &2),$6 ODV&RQWULEXFLRQHVSDUDOD6HJXULGDG6RFLDODFDUJRGHODSHUVRQDMXUtGLFD\

(QXQDVLWXDFLyQKLSRWpWLFDVHHQFXHQWUDQWUHVWUDEDMDGRUHVHOHFWULFLVWDVFRQ

VLJQLILFDWLYDPHQWHHQWUHORVWUDEDMDGRUHV\ODVHPSUHVDVGHQWURGHFDGDSDtV3HUU\HWDO$GHPiV

GHSHQGHUiGHOJUDGRGH PRUDOWULEXWDULDGHILQLGDFRPRODPRWLYDFLyQLQWUtQVHFDSDUD SDJDUGHELGDPHQWH

(OHQIRTXHGHGHPDQGDGHGLQHURIXHGHVDUUROODGRSRU&DJDQ\OXHJRSRU7DQ]L

3DtV

)XHQWH(ODERUDFLyQSURSLDVREUHODEDVHGH6FKQHLGHU\6FKQHLGHUHWDO

5832 5832 *5832 2&'(

3HTXHxDHPSUHVD (QWUH\HPSOHDGRV9HQWDVWRWDOHV (QWUH\HPSOHDGRV9HQWDVWRWDOHV\

0HGLDQDHPSUHVD (QWUH\HPSOHDGRV9HQWDVWRWDOHV (QWUH\HPSOHDGRV9HQWDVWRWDOHV

$UJHQWLQD

)XHQWH(ODERUDFLyQSURSLDVREUHODEDVHGH2,7D3DQRUDPD/DERUDO$PpULFD/DWLQD\HO&DULEH

3,%SHUFiSLWDGyODUHV FRQVWDQWHVGHODxR

*HQHUDOHVV%V 5HQWD\JFLDV 6HJXULGDGVRFLDO (VSHFtILFRVV &RPHUFLR 3URSLHGDG 2WURVLPSXHVWRV

LQLSUH &RQFHQWUDFLyQ LQLSRVW 5H\QROGV

(FXDGRU

LQLSUH &RQFHQWUDFLyQ LQLSRVW 5H\QROGV

&KLOH

)XHQWH*yPH]6DEDtQL-&-LPpQH]-3\5RVVLJQROR'³,PSRVLFLyQDODUHQWDSHUVRQDO\HTXLGDGHQ$PpULFD

&RVWD5LFD 5pJLPHQGH7ULEXWDFLyQ 6XVWLWX\HHO,PSXHVWR*HQHUDODODV9HQWDV

(FXDGRU 5pJLPHQ6LPSOLILFDGR5,6( 6XVWLWX\HDO,PSXHVWRDO9DORU$JUHJDGR\DO

*XDWHPDOD 5pJLPHQGH7ULEXWDFLyQ6LPSOLILFDGD 6XVWLWX\HDO,PSXHVWRDO9DORU$JUHJDGR\DO

+RQGXUDV 5pJLPHQ6LPSOLILFDGRGHO,PSXHVWR 6XVWLWX\HDO,PSXHVWRVREUHODV9HQWDV

)XHQWH(ODERUDFLyQSURSLDVREUHODEDVHGH*RQ]iOH]HWDO\)XHQWHV&DVWURHWDO

%UDVLO

&DQDGi

)XHQWH)XHQWHV&DVWURHWDOVREUHODEDVHGHFLIUDVRILFLDOHVGHFDGDSDtV

$UJHQWLQDD

&KLOHE

6HJXULGDG6RFLDO&2),$6ODV&RQWULEXFLRQHVSDUDOD6HJXULGDG6RFLDODFDUJRGHODSHUVRQDMXUtGLFD\