Sie sind auf Seite 1von 14

NORMA OFICIAL MEXICANA

NOM-005-SSA3-2018

Establece requisitos mínimos


de infraestructura.
 '2)'LDULR2ILFLDOGHOD)HGHUDFLyQ


'2)

1250$ 2ILFLDO 0H[LFDQD 12066$ 4XH HVWDEOHFH ORV UHTXLVLWRV PtQLPRV GH LQIUDHVWUXFWXUD \ HTXLSDPLHQWR GH
HVWDEOHFLPLHQWRVSDUDODDWHQFLyQPpGLFDGHSDFLHQWHVDPEXODWRULRV

$OPDUJHQXQVHOORFRQHO(VFXGR1DFLRQDOTXHGLFH(VWDGRV8QLGRV0H[LFDQRV6HFUHWDUtDGH6DOXG
$6$ (%%$ &+5,67,1$ /$85(// 6XEVHFUHWDULD GH ,QWHJUDFLyQ \ 'HVDUUROOR GHO 6HFWRU 6DOXG \ 3UHVLGHQWD GHO &RPLWp
&RQVXOWLYR 1DFLRQDO GH 1RUPDOL]DFLyQ GH ,QQRYDFLyQ 'HVDUUROOR 7HFQRORJtDV H ,QIRUPDFLyQ HQ 6DOXG FRQ IXQGDPHQWR HQ OR
GLVSXHVWRSRUORVDUWtFXORVGHOD/H\2UJiQLFDGHOD$GPLQLVWUDFLyQ 3~EOLFD )HGHUDO  GH OD /H\ )HGHUDO GH 3URFHGLPLHQWR
$GPLQLVWUDWLYR  IUDFFLyQ ,, IUDFFLRQHV ,,, \ ;,  \  IUDFFLyQ ,9   \  GH OD /H\ )HGHUDO VREUH 0HWURORJtD \
1RUPDOL]DFLyQRIUDFFLRQHV,\,,DSDUWDGR$IUDFFLRQHV,\,,\GHOD/H\*HQHUDOGH6DOXG\GHO5HJODPHQWR
GHOD/H\)HGHUDOVREUH0HWURORJtD\1RUPDOL]DFLyQR\RIUDFFLRQHV,,,\,,,GHO5HJODPHQWRGHOD/H\*HQHUDOGH6DOXGHQ
PDWHULDGH3UHVWDFLyQGH6HUYLFLRVGH$WHQFLyQ0pGLFDIUDFFLyQ9\IUDFFLyQ,9%LVGHO5HJODPHQWR,QWHULRUGHOD6HFUHWDUtD
GH6DOXG\
&216,'(5$1'2
4XH FRQ IHFKD  GH HQHUR GH  HQ FXPSOLPLHQWR GHO DFXHUGR GHO &RPLWp &RQVXOWLYR 1DFLRQDO GH 1RUPDOL]DFLyQ GH
,QQRYDFLyQ'HVDUUROOR7HFQRORJtDVH,QIRUPDFLyQHQ6DOXG\GHORSUHYLVWRHQHODUWtFXORIUDFFLyQ,GHOD/H\)HGHUDOVREUH
0HWURORJtD\1RUPDOL]DFLyQVHSXEOLFyHQHO'LDULR2ILFLDOGHOD)HGHUDFLyQHOSUR\HFWRGHPRGLILFDFLyQGHODSUHVHQWH1RUPDD
HIHFWRGHTXHHQORVVLJXLHQWHVGtDVQDWXUDOHVSRVWHULRUHVDGLFKDSXEOLFDFLyQORVLQWHUHVDGRVSUHVHQWDUDQVXVFRPHQWDULRVDO
&RPLWp&RQVXOWLYR1DFLRQDOGH1RUPDOL]DFLyQGH,QQRYDFLyQ'HVDUUROOR7HFQRORJtDVH,QIRUPDFLyQHQ6DOXG
4XHGXUDQWHHOSHULRGRGH&RQVXOWD3~EOLFDGHGtDVTXHFRQFOX\yHOGHPDU]RGHIXHURQUHFLELGRVHQODVHGHGHO
FLWDGR&RPLWpORVFRPHQWDULRVIRUPXODGRVSRUORVLQWHUHVDGRVUHVSHFWRGHOSUR\HFWRGHOD1RUPD2ILFLDO0H[LFDQDUD]yQSRUOD
FXDO FRQ IHFKD SUHYLD IXHURQ SXEOLFDGDV HQ HO 'LDULR 2ILFLDO GH OD)HGHUDFLyQ ODV UHVSXHVWDV D ORV PLVPRV HQ WpUPLQRV GH OR
SUHYLVWRSRUHODUWtFXORIUDFFLyQ,,,GHOD/H\)HGHUDOVREUH0HWURORJtD\1RUPDOL]DFLyQ
4XHOD6HFUHWDUtDGH6DOXGDWUDYpVGHOD6XEVHFUHWDUtDGH,QWHJUDFLyQ\'HVDUUROORGHO6HFWRU6DOXGKDGDGRFXPSOLPLHQWRD
OR HVWDEOHFLGR HQ ORV DUWtFXORV  GH OD /H\ *HQHUDO GH 0HMRUD 5HJXODWRULD \ 4XLQWR GHO$FXHUGR TXH ILMD ORV OLQHDPLHQWRV TXH
GHEHUiQVHUREVHUYDGRVSRUODVGHSHQGHQFLDV\RUJDQLVPRVGHVFHQWUDOL]DGRVGHOD$GPLQLVWUDFLyQ3~EOLFD)HGHUDOHQFXDQWRD
ODHPLVLyQGHORVDFWRVDGPLQLVWUDWLYRVGHFDUiFWHUJHQHUDO D ORV TXH OHV UHVXOWD DSOLFDEOH HO DUWtFXOR + GH OD/H\)HGHUDO GH
3URFHGLPLHQWR $GPLQLVWUDWLYR SXEOLFDGR HQ HO 'LDULR 2ILFLDO GH OD )HGHUDFLyQ HO  GH PDU]R GH  FRQ ODV DFFLRQHV GH
GHVUHJXODFLyQUHDOL]DGDVTXHUHSUHVHQWDQXQDKRUURGHKDVWDSHVRV\
4XH HQ DWHQFLyQ D ODV DQWHULRUHV FRQVLGHUDFLRQHV FRQWDQGR FRQ OD DSUREDFLyQ GHO &RPLWp &RQVXOWLYR 1DFLRQDO GH
1RUPDOL]DFLyQGH,QQRYDFLyQ'HVDUUROOR7HFQRORJtDVH,QIRUPDFLyQHQ6DOXGVHH[SLGHODVLJXLHQWH
1250$2),&,$/0(;,&$1$12066$48((67$%/(&(/265(48,6,7260Ë1,026'(
,1)5$(6758&785$<(48,3$0,(172'((67$%/(&,0,(17263$5$/$$7(1&,Ï10e',&$'(
3$&,(17(6$0%8/$725,26
35()$&,2
(QODHODERUDFLyQGHODSUHVHQWH1RUPDSDUWLFLSDURQ
&216(-2*(1(5$/'(6$/8%5,'$'
6(&5(7$5Ë$'(6$/8'
6XEVHFUHWDUtDGH,QWHJUDFLyQ\'HVDUUROORGHO6HFWRU6DOXG
'LUHFFLyQ*HQHUDOGH&DOLGDG\(GXFDFLyQHQ6DOXG
'LUHFFLyQ*HQHUDOGH'HVDUUROORGHOD,QIUDHVWUXFWXUD)tVLFD
'LUHFFLyQ*HQHUDOGH,QIRUPDFLyQHQ6DOXG
'LUHFFLyQ*HQHUDOGH3ODQHDFLyQ\'HVDUUROORHQ6DOXG
&HQWUR1DFLRQDOGH([FHOHQFLD7HFQROyJLFDHQ6DOXG
&RPLVLyQ&RRUGLQDGRUDGH,QVWLWXWRV1DFLRQDOHVGH6DOXG\+RVSLWDOHVGH$OWD(VSHFLDOLGDG
&RPLVLyQ)HGHUDOSDUDOD3URWHFFLyQFRQWUD5LHVJRV6DQLWDULRV
,167,78721$&,21$/'(3(',$75Ë$
+263,7$/*(1(5$/'(0e;,&2'5('8$5'2/,&($*$

,167,78720(;,&$12'(/6(*85262&,$/
'LUHFFLyQGH3UHVWDFLRQHV0pGLFDV

ZZZGRIJREP[QRWDBGHWDOOHSKS"FRGLJR  IHFKD  SULQW WUXH 


 '2)'LDULR2ILFLDOGHOD)HGHUDFLyQ
&RRUGLQDFLyQGH8QLGDGHV0pGLFDVGH$OWD(VSHFLDOLGDG
,167,7872'(6(*85,'$'<6(59,&,2662&,$/(6'(/2675$%$-$'25(6'(/(67$'2
3(75Ï/(260(;,&$126
+RVSLWDO&HQWUDO1RUWH
6,67(0$1$&,21$/3$5$(/'(6$552//2,17(*5$/'(/$)$0,/,$
6(&5(7$5Ë$'(6$/8''(/$&,8'$''(0e;,&2
'LUHFFLyQGH&RRUGLQDFLyQ\'HVDUUROOR6HFWRULDO
'LUHFFLyQ$WHQFLyQ0pGLFD
6(&5(7$5Ë$'(6$/8'(1(/(67$'2'(+,'$/*2
&RPLVLyQSDUDOD3URWHFFLyQVREUH5LHVJRV6DQLWDULRVGHO(VWDGRGH+LGDOJR
6(&5(7$5Ë$'(6$/8'(1(/(67$'2'(025(/26
'LUHFFLyQ*HQHUDOGH6HUYLFLRVGH6DOXGGH0RUHORV
6(&5(7$5Ë$'(6$/8'(1(/(67$'2'(38(%/$
6XEGLUHFFLyQGH(QVHxDQ]DH,QYHVWLJDFLyQ
6(&5(7$5Ë$'(6$/8'(1(/(67$'2'(7/$;&$/$
'LUHFFLyQGH3ODQHDFLyQ
,167,787232/,7e&1,&21$&,21$/
(VFXHOD6XSHULRUGH0HGLFLQD
81,9(56,'$',%(52$0(5,&$1$
'HSDUWDPHQWRGH,QJHQLHUtDV
,167,78727(&12/Ï*,&2<'((678',26683(5,25(6'(0217(55(<=21$&(1752685
(VFXHODGHFLHQFLDVGHOD9LGD
$62&,$&,Ï1'(+263,7$/(635,9$'26<6(59,&,26&21(;26'(/(67$'2'(025(/26$&
7+($0(5,&$1%5,7,6+&2:'5$<0(',&$/&(17(5,$3
62&,('$'0(;,&$1$'($548,7(&726(63(&,$/,=$'26(16$/8'
Ë1',&(
,QWURGXFFLyQ
2EMHWLYR
&DPSRGHDSOLFDFLyQ
5HIHUHQFLDVQRUPDWLYDV
7pUPLQRV\GHILQLFLRQHV
'LVSRVLFLRQHVJHQHUDOHV
'LVSRVLFLRQHVHVSHFtILFDV
&RQFRUGDQFLDFRQQRUPDVLQWHUQDFLRQDOHV\PH[LFDQDV
%LEOLRJUDItD
9LJLODQFLD
9LJHQFLD
$SpQGLFHV1RUPDWLYRV

$SpQGLFHV,QIRUPDWLYRV
,QWURGXFFLyQ
(OGHVDUUROORGHWHFQRORJtDV\QXHYRVPDWHULDOHVHQODIDEULFDFLyQGHHTXLSRVSDUDODDWHQFLyQPpGLFDKDJHQHUDGRDYDQFHV
LPSRUWDQWHVHOORKDGHWHUPLQDGRODSURGXFFLyQ\GLVSRQLELOLGDGGHPRELOLDULRHTXLSRVHLQVWUXPHQWRVFRQPHMRUHVHVWiQGDUHVGH
FDOLGDG \ VHJXULGDG SDUD HO SDFLHQWH XVXDULRV \ SHUVRQDO GH ORV HVWDEOHFLPLHQWRV SDUD OD DWHQFLyQ PpGLFD GH SDFLHQWHV
DPEXODWRULRV

ZZZGRIJREP[QRWDBGHWDOOHSKS"FRGLJR  IHFKD  SULQW WUXH 


 '2)'LDULR2ILFLDOGHOD)HGHUDFLyQ
(QHVWHFRQWH[WRODLQIUDHVWUXFWXUD\HOHTXLSDPLHQWRGHGLFKRVHVWDEOHFLPLHQWRVGHEHHVWDUHQUHODFLyQGLUHFWDFRQHOWLSRGH
VHUYLFLRV TXH VH RIUHFHQ DVLPLVPR HO SHUVRQDO SURIHVLRQDO \ WpFQLFR GHO iUHD GH OD VDOXG HQFDUJDGR GH OD RSHUDFLyQ GH ORV
PLVPRV GHEH FRQWDU FRQ ORV FRQRFLPLHQWRV KDELOLGDGHV \ GHVWUH]DV QHFHVDULRV SDUD TXH pVWRV VHDQ XWLOL]DGRV GH PDQHUD
DGHFXDGDVHJXUD\HILFLHQWH
(VLPSRUWDQWHGHVWDFDUTXHODSUHVHQWH1RUPDQRHVXQOLVWDGRRFDWiORJRGHPRELOLDULR\HTXLSRSHURWDPSRFRUHSUHVHQWDXQ
LQVWUXPHQWROLPLWDWLYR SDUDORV HVWDEOHFLPLHQWRV GHDWHQFLyQ PpGLFDVLQRTXHVHFRQVWLWX\H HQ XQ EDVDPHQWR R SODWDIRUPD TXH
SHUPLWH D SDUWLU GH OR PtQLPR HO PHMRUDPLHQWR JUDGXDO GH ORV HVWDEOHFLPLHQWRV SDUD OD DWHQFLyQ PpGLFD GH SDFLHQWHV
DPEXODWRULRV D WUDYpV GH OD LQFRUSRUDFLyQ \ VXVWLWXFLyQGH PRELOLDULR HTXLSRV H LQVWUXPHQWRV VLPLODUHV R HTXLYDOHQWHV \ HQ VX
FDVRSRUWHFQRORJtDVXSHULRU\GHSXQWDHQODVGLYHUVDViUHDV\VHUYLFLRVGHODPHGLFLQD
2EMHWLYR
(VWD 1RUPD WLHQH SRU REMHWR HVWDEOHFHU ORV UHTXLVLWRV PtQLPRV GH LQIUDHVWUXFWXUD \ HTXLSDPLHQWR TXH GHEHQ FXPSOLU ORV
HVWDEOHFLPLHQWRVSDUDODDWHQFLyQPpGLFDGHORVVHFWRUHVS~EOLFRVRFLDO\SULYDGRTXHLQWHJUDQHO6LVWHPD1DFLRQDOGH6DOXGTXH
SURSRUFLRQHQVHUYLFLRVDSDFLHQWHVDPEXODWRULRV
&DPSRGHDSOLFDFLyQ
(VWD 1RUPD HV GH REVHUYDQFLD REOLJDWRULD SDUD WRGRV ORV HVWDEOHFLPLHQWRV SDUD OD DWHQFLyQ PpGLFD GH ORVVHFWRUHV S~EOLFR
VRFLDO\SULYDGRTXHLQWHJUDQHO6LVWHPD1DFLRQDOGH6DOXGGHQRPLQDGRVRTXHIXQFLRQHQFRPRFRQVXOWRULRVTXHSURSRUFLRQHQ
DWHQFLyQPpGLFDQRHVSHFLDOL]DGD
5HIHUHQFLDVQRUPDWLYDV
3DUD OD FRUUHFWD DSOLFDFLyQ GH HVWD 1RUPD HV QHFHVDULR FRQVXOWDU ODV VLJXLHQWHV 1RUPDV 2ILFLDOHV0H[LFDQDV R ODV TXH ODV
VXVWLWX\DQ
1RUPD2ILFLDO0H[LFDQD1206('(,QVWDODFLRQHV(OpFWULFDV XWLOL]DFLyQ 
1RUPD2ILFLDO0H[LFDQD12066$'HOH[SHGLHQWHFOtQLFR
 1RUPD 2ILFLDO 0H[LFDQD 12066$ 4XH HVWDEOHFH ODV FDUDFWHUtVWLFDV PtQLPDV GH LQIUDHVWUXFWXUD \
HTXLSDPLHQWRGHKRVSLWDOHV\FRQVXOWRULRVGHDWHQFLyQPpGLFDHVSHFLDOL]DGD
 1RUPD 2ILFLDO 0H[LFDQD 12066$ 5HJXODFLyQ GH VHUYLFLRV GH VDOXG 3DUD OD SUiFWLFD GH OD DFXSXQWXUD
KXPDQD\PpWRGRVUHODFLRQDGRV
1RUPD2ILFLDO0H[LFDQD12066$4XHHVWDEOHFHODVFDUDFWHUtVWLFDVDUTXLWHFWyQLFDVSDUDIDFLOLWDU HO DFFHVR
WUiQVLWR XVR \ SHUPDQHQFLD GH ODV SHUVRQDV FRQ GLVFDSDFLGDG HQ HVWDEOHFLPLHQWRV SDUD OD DWHQFLyQ PpGLFD DPEXODWRULD \
KRVSLWDODULDGHO6LVWHPD1DFLRQDOGH6DOXG
 1RUPD 2ILFLDO 0H[LFDQD 1206(0$51$766$ 3URWHFFLyQ DPELHQWDO6DOXG DPELHQWDO 5HVLGXRV SHOLJURVRV
ELROyJLFRLQIHFFLRVRV&ODVLILFDFLyQ\HVSHFLILFDFLRQHVGHPDQHMR
7pUPLQRV\GHILQLFLRQHV
3DUDORVHIHFWRVGHHVWD1RUPDVHHQWHQGHUiSRU

ÈUHDGHDWHQFLyQGHOSDUWRDOVHUYLFLRGHDWHQFLyQPpGLFDDG\DFHQWHDXQFRQVXOWRULRGHOVHFWRUS~EOLFRHQHOFXDOVH
SXHGDDWHQGHUXQSDUWRHXWyFLFRHQFRQGLFLRQHVGHDVHSVLD
$WHQFLyQPpGLFDDPEXODWRULDDOFRQMXQWRGHVHUYLFLRVTXHVHSURSRUFLRQDQHQHVWDEOHFLPLHQWRVSDUDODDWHQFLyQPpGLFD
ILMRVRPyYLOHVFRQHOILQGHSURWHJHUSURPRYHURUHVWDXUDUODVDOXGGHSDFLHQWHVTXHQRUHTXLHUHQVHUKRVSLWDOL]DGRV
 $WHQFLyQ PpGLFD GH XUJHQFLDV D ODV DFFLRQHV PpGLFDV TXH VH OOHYDQ D FDER GH PDQHUD LQPHGLDWD HQFDPLQDGDV D
GLVPLQXLUHOULHVJRGHPXHUWH\HYLWDUHOGDxRDyUJDQRVRIXQFLRQHVYLWDOHV
%RWLTXtQGHXUJHQFLDVDORVPDWHULDOHVLQGLVSHQVDEOHVSDUDODDWHQFLyQGHXUJHQFLDVPpGLFDV
&DOLGDGGHODDWHQFLyQPpGLFDDODWULEXWRSRUPHGLRGHOFXDOORVVHUYLFLRVGHVDOXGSUHVWDGRVDLQGLYLGXRV\SREODFLRQHV
DXPHQWDQ OD SUREDELOLGDG GH ORJUDU ORV UHVXOWDGRV GHVHDGRV HQ VDOXG \ VRQFRQVLVWHQWHV FRQ ORV FRQRFLPLHQWRV SURIHVLRQDOHV
DFWXDOL]DGRV SDUD RWRUJDU DO XVXDULR DWHQFLyQ PpGLFD FRQRSRUWXQLGDG VHJXULGDG FRPSHWHQFLD \ FRQ ORV PHGLRV GLVSRQLEOHV
RIUHFHUHOPD\RUEHQHILFLRFRQHOPHQRUULHVJR
&RQVXOWRULRDWRGRHVWDEOHFLPLHQWRSDUDODDWHQFLyQPpGLFDS~EOLFRVRFLDORSULYDGRLQGHSHQGLHQWHROLJDGRDXQVHUYLFLR
KRVSLWDODULRRGHGLFDGRDOHMHUFLFLRSURIHVLRQDOLQGHSHQGLHQWHTXHWHQJDFRPRSURSyVLWRSUHVWDUVHUYLFLRVGHDWHQFLyQ PpGLFD D
SDFLHQWHVDPEXODWRULRV
 &RQVXOWRULR GH DFXSXQWXUD D WRGR HVWDEOHFLPLHQWR SDUD OD DWHQFLyQ PpGLFD GH ORV VHFWRUHV S~EOLFRVRFLDOR SULYDGR
OLJDGRDXQVHUYLFLRKRVSLWDODULRRGHGLFDGRDOHMHUFLFLRSURIHVLRQDOLQGHSHQGLHQWHHQGRQGHVHUHDOL]DQDFWLYLGDGHVDX[LOLDUHVHQ
HO WUDWDPLHQWR PpGLFR LQWHJUDO PHGLDQWH XQ PpWRGR FOtQLFR WHUDSpXWLFR QRPHGLFDPHQWRVR TXH FRQVLVWH HQ OD LQWURGXFFLyQ GH
DJXMDVPHWiOLFDVHVWHULOL]DGDVHQHOFXHUSRKXPDQR
&RQVXOWRULRGHHVWRPDWRORJtDDWRGRHVWDEOHFLPLHQWRSDUDODDWHQFLyQPpGLFDGHORVVHFWRUHVS~EOLFRVRFLDORSULYDGR
OLJDGR D XQ VHUYLFLR KRVSLWDODULR R GHGLFDGR DO HMHUFLFLR SURIHVLRQDO LQGHSHQGLHQWH HQ HO TXH VH GHVDUUROODQ DFWLYLGDGHV
SUHYHQWLYDVFXUDWLYDV\GHUHKDELOLWDFLyQGHODSDUDWRHVWRPDWRJQiWLFRGLULJLGDVDSURPRYHUPDQWHQHU\UHVWDXUDUODVDOXGGHODV
SHUVRQDV
ZZZGRIJREP[QRWDBGHWDOOHSKS"FRGLJR  IHFKD  SULQW WUXH 
 '2)'LDULR2ILFLDOGHOD)HGHUDFLyQ
 &RQVXOWRULR GH KRPHRSDWtD D WRGR HVWDEOHFLPLHQWR SDUD OD DWHQFLyQ PpGLFD GH ORV VHFWRUHV S~EOLFRVRFLDO R SULYDGR
OLJDGRDXQVHUYLFLRKRVSLWDODULRRGHGLFDGRDOHMHUFLFLRSURIHVLRQDOLQGHSHQGLHQWHHQHOTXHVHUHDOL]DQDFWLYLGDGHVGHSURPRFLyQ
SUHYHQFLyQGLDJQyVWLFRWUDWDPLHQWRDWUDYpVGHPHGLFDPHQWRVKRPHRSiWLFRV
 &RQVXOWRULR GH PHGLFLQD JHQHUDO R IDPLOLDU D WRGR HVWDEOHFLPLHQWR SDUD OD DWHQFLyQ PpGLFD TXH QR VHD GH
HVSHFLDOLGDG GH ORV VHFWRUHV S~EOLFR VRFLDO R SULYDGR OLJDGR D XQ VHUYLFLR KRVSLWDODULR R GHGLFDGR DO HMHUFLFLR SURIHVLRQDO
LQGHSHQGLHQWHGRQGHVHUHDOL]DQDFWLYLGDGHVGHSURPRFLyQSUHYHQFLyQGLDJQyVWLFRWUDWDPLHQWR\UHKDELOLWDFLyQ
&RQVXOWRULRGHPHGLFLQDSUHYHQWLYDDWRGRHVWDEOHFLPLHQWRSDUDODDWHQFLyQPpGLFDGHORVVHFWRUHVS~EOLFRVRFLDOR
SULYDGR LQGHSHQGLHQWH R OLJDGR D XQ VHUYLFLR KRVSLWDODULR TXH VH GHGLTXH D OD SURPRFLyQ GH OD VDOXG D OD DSOLFDFLyQ GH
LQPXQL]DFLRQHVDSDFLHQWHVDPEXODWRULRVDVtFRPRDODGHWHFFLyQGHSDGHFLPLHQWRV\DOVXPLQLVWURGHWUDWDPLHQWRVGHFDUiFWHU
PpGLFRSUHYHQWLYR
 &RQVXOWRULR GH QXWULRORJtD D WRGR HVWDEOHFLPLHQWR SDUD OD DWHQFLyQ PpGLFD GH ORV VHFWRUHV S~EOLFRVRFLDO R SULYDGR
OLJDGR D XQ VHUYLFLR KRVSLWDODULR R GHGLFDGR DO HMHUFLFLR SURIHVLRQDO LQGHSHQGLHQWH TXH VHGHGLTXH DO GLDJQyVWLFR WUDWDPLHQWR \
YDORUDFLyQGHOHVWDGRQXWULFLRQDOGHSDFLHQWHVDPEXODWRULRV
 &RQVXOWRULR GH RSWRPHWUtD D WRGR HVWDEOHFLPLHQWR SDUD OD DWHQFLyQ PpGLFD GH ORV VHFWRUHV S~EOLFRVRFLDO R SULYDGR
OLJDGRDXQVHUYLFLRKRVSLWDODULRRGHGLFDGRDOHMHUFLFLRSURIHVLRQDOLQGHSHQGLHQWHHQGRQGHVHUHDOL]DQDFWLYLGDGHVGHPHGLFLyQ
GHODDJXGH]DYLVXDODWUDYpVGHH[iPHQHVGHUHIUDFFLyQ\SUHVFULSFLyQGHDQWHRMRVJUDGXDGRV
&RQVXOWRULRGHSVLFRORJtDDWRGRHVWDEOHFLPLHQWRSDUDODDWHQFLyQPpGLFDGHORVVHFWRUHVS~EOLFR
VRFLDO R SULYDGR OLJDGR D XQ VHUYLFLR KRVSLWDODULR R GHGLFDGR DO HMHUFLFLR SURIHVLRQDO LQGHSHQGLHQWH HQ GRQGH VH UHDOL]DQ
DFWLYLGDGHVGHSUHYHQFLyQGLDJQyVWLFRWUDWDPLHQWR\UHKDELOLWDFLyQGHSUREOHPDVHPRFLRQDOHVRFRQGXFWXDOHV
 (TXLSR PpGLFR D ORV DSDUDWRV DFFHVRULRV H LQVWUXPHQWDO SDUD XVR HVSHFtILFR GHVWLQDGRV D OD DWHQFLyQ PpGLFD
TXLU~UJLFD R D SURFHGLPLHQWRV GH H[SORUDFLyQ GLDJQyVWLFR WUDWDPLHQWR \ UHKDELOLWDFLyQ GH SDFLHQWHV DVt FRPR DTXHOORV SDUD
HIHFWXDUDFWLYLGDGHVGHLQYHVWLJDFLyQELRPpGLFD
([SHGLHQWHFOtQLFRDOFRQMXQWR~QLFRGHLQIRUPDFLyQ\GDWRVSHUVRQDOHVGHXQSDFLHQWHTXHVHLQWHJUDGHQWURGHWRGR
WLSRGHHVWDEOHFLPLHQWRSDUDODDWHQFLyQPpGLFD\DVHDS~EOLFRVRFLDORSULYDGRHOFXDOFRQVWDGHGRFXPHQWRVHVFULWRVJUiILFRV
LPDJHQROyJLFRVHOHFWUyQLFRVPDJQpWLFRVHOHFWURPDJQpWLFRVySWLFRVPDJQHWRySWLFRV\GHFXDOTXLHURWUDtQGROHHQORVFXDOHV
HO SHUVRQDO GH VDOXG GHEHUi KDFHU ORVUHJLVWURV DQRWDFLRQHV HQ VX FDVR FRQVWDQFLDV \ FHUWLILFDFLRQHV FRUUHVSRQGLHQWHV D VX
LQWHUYHQFLyQHQODDWHQFLyQPpGLFDGHOSDFLHQWHFRQDSHJRDODVGLVSRVLFLRQHVMXUtGLFDVDSOLFDEOHV
 ,QIUDHVWUXFWXUD ItVLFD DO FRQMXQWR GH iUHDV VHUYLFLRV \ ORFDOHV LQWHUUHODFLRQDGRV SDUD OD SUHVWDFLyQ GH VHUYLFLRV GH
DWHQFLyQPpGLFD
 0HGLFLQD SUHYHQWLYD DO FRQMXQWR GH SURFHGLPLHQWRV \ DFWLYLGDGHV GH OD SUiFWLFD PpGLFDHQFDPLQDGDV D SUHYHQLU ODV
FDXVDVGHPRUELOLGDG\GLVPLQXLUORVtQGLFHVGHPRUWDOLGDGDVRFLDGRVDHQIHUPHGDGHVTXHSDGHFHQORVVHUHVKXPDQRV
0RELOLDULRDOFRQMXQWRGHELHQHVGHXVRGXUDGHURLQGLVSHQVDEOHVSDUDODSUHVWDFLyQGHVHUYLFLRVGHDWHQFLyQPpGLFD
3DFLHQWHDPEXODWRULRDWRGRDTXHOXVXDULRGHVHUYLFLRVGHDWHQFLyQPpGLFDTXHQRQHFHVLWHKRVSLWDOL]DFLyQ
 3HUVRQDO GH VDOXG D ORV SURIHVLRQDOHV WpFQLFRV \ DX[LOLDUHV GHO iUHD GH OD VDOXG TXH LQWHUYLHQHQ HQ HO SURFHVR GH
DWHQFLyQDOSDFLHQWHDPEXODWRULR
6HJXULGDGGHO3DFLHQWHFRQMXQWRGHDFFLRQHVLQWHUUHODFLRQDGDVTXHWLHQHQFRPRREMHWLYRSUHYHQLU\UHGXFLUORVHYHQWRV
DGYHUVRVTXHLPSOLFDQXQGDxRDOSDFLHQWHFRPRUHVXOWDGRGHODDWHQFLyQPpGLFDTXHUHFLEH
 8UJHQFLD D WRGR SUREOHPD PpGLFRTXLU~UJLFR DJXGR TXH SRQJD HQ SHOLJUR OD YLGD R OD SpUGLGD GH XQ yUJDQR R XQD
IXQFLyQ\TXHUHTXLHUDDWHQFLyQLQPHGLDWD
'LVSRVLFLRQHVJHQHUDOHV
7RGRFRQVXOWRULRDTXHVHUHILHUHHVWD1RUPDGHEH
(VWDULQWHJUDGRDXQKRVSLWDOTXHWHQJDOLFHQFLDVDQLWDULDRHQHOFDVRGHFRQVXOWRULRVLQGHSHQGLHQWHVILMRVRQROLJDGRVD
XQKRVSLWDOGHEHSUHVHQWDUDYLVRGHIXQFLRQDPLHQWRDQWHODDXWRULGDGFRUUHVSRQGLHQWHSRUORPHQRVGtDVDQWHULRUHVDDTXHOHQ
TXH VH SUHWHQGHQ LQLFLDU RSHUDFLRQHV FRQIRUPH D OR GLVSXHVWR HQ HO DUWtFXOR  GH OD /H\ *HQHUDO GH 6DOXG \ GHPiV
GLVSRVLFLRQHVDSOLFDEOHV
3UHVHQWDUDYLVRGH5HVSRQVDEOH6DQLWDULRGHDFXHUGRFRQODVGLVSRVLFLRQHVDSOLFDEOHV
 $VHJXUDU HO PDQHMR LQWHJUDO GH ORV UHVLGXRV SHOLJURVRV ELROyJLFRLQIHFFLRVRV GH FRQIRUPLGDG FRQ OR HVWDEOHFLGR HQ OD
1RUPD2ILFLDO0H[LFDQDFLWDGDHQHOSXQWRGHO&DStWXORGH5HIHUHQFLDVQRUPDWLYDVGHHVWD1RUPD
/OHYDU D FDER DFFLRQHV SDUD HO FRQWURO R HUUDGLFDFLyQ GH IDXQD QRFLYD DO PHQRV XQD YH] DO DxR SRU ORTXHVH GHEHUi
FRQVHUYDU HQ HO FRQVXOWRULR HO FRPSUREDQWH GH IXPLJDFLyQ R GHVLQIHVWDFLyQ FRUUHVSRQGLHQWH RWRUJDGR SRU HO HVWDEOHFLPLHQWR
DXWRUL]DGRHQWpUPLQRVGHODUWtFXORIUDFFLyQ,,,GHOD/H\*HQHUDOGH
6DOXG
/D IHFKD GH H[SHGLFLyQ GH GLFKR FRPSUREDQWH GHEHUi VHU PHQRU D  GtDV QDWXUDOHV DO PRPHQWR GH VHUSUHVHQWDGR D OD
DXWRULGDGVDQLWDULDTXHUHDOL]DODYHULILFDFLyQ
&RQWDUFRQHOPRELOLDULRTXHSHUPLWDJXDUGDU\GLVSRQHUGHORVH[SHGLHQWHVFOtQLFRVHQWRGRPRPHQWRGHFRQIRUPLGDGFRQ
ORHVWDEOHFLGRHQOD1RUPD2ILFLDO0H[LFDQDFLWDGDHQHOSXQWRGHO&DStWXORGH5HIHUHQFLDVQRUPDWLYDVGHHVWD1RUPD
ZZZGRIJREP[QRWDBGHWDOOHSKS"FRGLJR  IHFKD  SULQW WUXH 
 '2)'LDULR2ILFLDOGHOD)HGHUDFLyQ
/RVHVWDEOHFLPLHQWRVTXHSURSRUFLRQDQVHUYLFLRVGHDWHQFLyQPpGLFDDPEXODWRULDGHORVVHFWRUHVS~EOLFRVRFLDO\SULYDGR
HQVXFDVRSRGUiQVROLFLWDUODHYDOXDFLyQGHODFRQIRUPLGDGUHVSHFWRGHODSUHVHQWHQRUPDDQWHORVRUJDQLVPRVDSUREDGRVSDUD
GLFKRSURSyVLWR
'HODLQIUDHVWUXFWXUDItVLFD
&RQWDUFRQODVIDFLOLGDGHVDUTXLWHFWyQLFDVSDUDHIHFWXDUODVDFWLYLGDGHVPpGLFDVSURSLDVGHOHVWDEOHFLPLHQWRGHDFXHUGR
FRQVXGHQRPLQDFLyQ\RIHUWDGHVHUYLFLRVDGHPiVGHFRQWDUFRQXQiUHDVDODRORFDODSURSLDGRSDUDODHVSHUDGHSDFLHQWHVDVt
FRPRODGLVSRQLELOLGDGGHVDQLWDULRVGHFRQIRUPLGDGFRQORHVWDEOHFLGRHQOD1RUPD2ILFLDO0H[LFDQDFLWDGDHQHOSXQWRGHO
&DStWXORGH5HIHUHQFLDVQRUPDWLYDVGHHVWD1RUPD
 (VWDEOHFHU ODV FRQGLFLRQHV GH VHJXULGDG HQ HO GLVHxR GH OD LQIUDHVWUXFWXUD ItVLFD TXH SURWHMDQ LQWHJUDOPHQWH ORV
HVWDEOHFLPLHQWRVSDUDODDWHQFLyQPpGLFDTXHSUHVHUYHVXIXQFLRQDOLGDG\FDSDFLGDGGHDWHQFLyQSRVWHULRUDXQGHVDVWUHQDWXUDO
RSURYRFDGRHQSDUWLFXODUHQDTXHOODVORFDOLGDGHVGRQGHHVUHFRQRFLGRHOULHVJRODWHQWHRSDWHQWHGHHVWRVIHQyPHQRV
&RQVLGHUDUORQHFHVDULRHQHOGLVHxRDUTXLWHFWyQLFRSDUDTXHHODFFHVR\VDOLGDGHOHVWDEOHFLPLHQWRSXHGDQOOHYDUVHD
FDERHQIRUPDUiSLGD\VHJXUDFRQVLGHUDQGRODVQHFHVLGDGHVHVSHFLDOHVGHODVSHUVRQDVFRQGLVFDSDFLGDG\DGXOWRVPD\RUHV
GHFRQIRUPLGDGFRQORHVWDEOHFLGRHQOD1RUPD2ILFLDO0H[LFDQDFLWDGDHQHOSXQWRGHO&DStWXORGH5HIHUHQFLDVQRUPDWLYDV
GHHVWD1RUPD
 $VHJXUDU HO VXPLQLVWUR GH ORV UHFXUVRV HQHUJpWLFRV GH FRQVXPR \ FXPSOLU FRQ ODV HVSHFLILFDFLRQHV WpFQLFDV GH ODV
LQVWDODFLRQHVHOpFWULFDVLQGLVSHQVDEOHVSDUDHOIXQFLRQDPLHQWRGHOHVWDEOHFLPLHQWRSDUDODDWHQFLyQPpGLFDGHFRQIRUPLGDGFRQOR
HVWDEOHFLGRHQOD1RUPD2ILFLDO0H[LFDQDFLWDGDHQHOSXQWRGHO&DStWXORGH5HIHUHQFLDVQRUPDWLYDVGHHVWD1RUPD
 &RQVLGHUDU HQ DTXHOORV FRQVXOWRULRV HQ GRQGH VH UHDOLFHQ DFWLYLGDGHV GRFHQWHV ORV HVSDFLRV VXILFLHQWHV SDUD OD
SHUPDQHQFLDGHOSHUVRQDOGHVDOXGHQIRUPDFLyQGHWDOIRUPDTXHQRLQWHUILHUDFRQHOWUiQVLWRGHSHUVRQDV
 &RQWDU FRQ XQ iUHD GHVWLQDGD \ DFRQGLFLRQDGD FRPR KDELWDFLyQ HQ ORV HVWDEOHFLPLHQWRV GH DWHQFLyQ PpGLFD SDUD
SDFLHQWHVDPEXODWRULRVHQGRQGHSUHVWHVXVVHUYLFLRVXQPpGLFRSDVDQWHHQVHUYLFLRVRFLDO
'LVSRVLFLRQHVHVSHFtILFDV
(OFRQVXOWRULRGHPHGLFLQDJHQHUDORIDPLOLDUGHEH
&RQWDU DO PHQRV FRQ  iUHDV XQD SDUD HO LQWHUURJDWRULR FRQ HO SDFLHQWH \ VX DFRPSDxDQWH \ RWUDSDUD OD H[SORUDFLyQ
ItVLFDGHOLPLWDGDFRQXQHOHPHQWRItVLFRTXHDVHJXUHODSULYDFLGDG\VHJXULGDGGHOSDFLHQWH
/DV iUHDV GH LQWHUURJDWRULR \ H[SORUDFLyQ ItVLFD SXHGHQ HVWDU FRQWLJXDV R VHSDUDGDV FXDOTXLHUDTXH VHD HO FDVR OD
VXSHUILFLHWRWDOGHHVWDViUHDVGHEHUiFRQWHQHUFRPRPtQLPRHOPRELOLDULR\HTXLSDPLHQWRTXHVHPHQFLRQDHQHO$SpQGLFH$
1RUPDWLYRGHHVWD1RUPD\FRQWDUFRQORVHVSDFLRVQHFHVDULRVSDUDODVDFWLYLGDGHVGHOSHUVRQDOGHVDOXGGHORVSDFLHQWHV\VXV
DFRPSDxDQWHVSDUDDVHJXUDUODFDOLGDGGHODDWHQFLyQPpGLFDTXHVHEULQGH6HSUHVHQWDFRPR$SpQGLFH,,QIRUPDWLYRGHHVWD
QRUPDHOFURTXLVGHXQFRQVXOWRULRGHPHGLFLQDJHQHUDORIDPLOLDU
&RQWDUFRQXQODYDERSUy[LPRRHQHOiUHDGHH[SORUDFLyQ ItVLFD\SUHIHUHQWHPHQWHFRQWRDOODVGHVHFKDEOHV \ MDEyQ
OtTXLGR\

 &XDQGR HO FRQVXOWRULR QR HVWp OLJDGR ItVLFDPHQWH D XQD XQLGDG KRVSLWDODULD GHEHUi FRQWDU FRQ XQ ERWLTXtQ GH
XUJHQFLDVFX\RFRQWHQLGRVHLQGLFDHQHO$SpQGLFH+1RUPDWLYRGHHVWD1RUPD
(QHOFDVRGHXQFRQMXQWRGHFRQVXOWRULRVTXHHVWpQLQWHUUHODFLRQDGRVHQXQDPLVPDSODQWDRQLYHOVHUiVXILFLHQWHFRQTXHVH
FXHQWHFRQXQVRORERWLTXtQGHXUJHQFLDVTXHVHHQFXHQWUHDFFHVLEOHSDUDWRGRVHOORV
(OFRQVXOWRULRGHPHGLFLQDSUHYHQWLYDGHEH
$GHPiV GH OR VHxDODGR HQ FXDQWR D LQIUDHVWUXFWXUD ItVLFD \ HTXLSDPLHQWR SDUD HO FRQVXOWRULR GH PHGLFLQD JHQHUDO R
IDPLOLDUFRQWDUFRQXQVLVWHPDGHUHIULJHUDFLyQFRQFRQWURO\UHJLVWURTXHJDUDQWLFHXQDWHPSHUDWXUDFRQVWDQWHHLQLQWHUUXPSLGD
GHDFXHUGRDODVQHFHVLGDGHVGHOFRQVXOWRULR
(QHOFDVRGHXQFRQMXQWRGHFRQVXOWRULRVTXHHVWpQLQWHUUHODFLRQDGRVHQXQDPLVPDXQLGDGPpGLFDVHUiVXILFLHQWHFRQ
XQ VLVWHPD GH UHIULJHUDFLyQ FRQ FRQWURO \ UHJLVWUR TXH JDUDQWLFH XQD WHPSHUDWXUD FRQVWDQWHHLQLQWHUUXPSLGD GH DFXHUGR D ODV
QHFHVLGDGHVGHOFRQVXOWRULR
(OFRQVXOWRULRGHKRPHRSDWtDGHEH
 &XPSOLU FRQ OR VHxDODGR SDUD HO FRQVXOWRULR GH PHGLFLQD JHQHUDO R IDPLOLDU DGHPiV GH FRQWDU FRQ HO PRELOLDULR \
HTXLSDPLHQWR TXH VH PHQFLRQD HQ HO $SpQGLFH $ 1RUPDWLYR GH HVWD 1RUPD DGLFLRQDOPHQWHSRGUi FRQWDU FRQ XQ ORFDO FRPR
ERWLTXtQKRPHRSiWLFR
(OFRQVXOWRULRGHHVWRPDWRORJtDGHEHFRQWDUFRQ
8QVLOOyQGHQWDO\VXVDFFHVRULRVDVHJXUDQGRORVHVSDFLRVQHFHVDULRVSDUDFLUFXODUFRQIDFLOLGDG\VHJXULGDG
ÈUHDSDUDODSUHSDUDFLyQ\HVWHULOL]DFLyQGHLQVWUXPHQWDO\GHORVPDWHULDOHVTXHDVtORUHTXLHUDQ\
8QODYDERFRQDJXDSRWDEOHSUy[LPRRHQHOiUHDGHH[SORUDFLyQItVLFDFRQWRDOODVGHVHFKDEOHV\MDEyQOtTXLGR
$GHPiVSRGUiFRQWDUFRQ
ÈUHDSDUDHQWUHYLVWDV\
ZZZGRIJREP[QRWDBGHWDOOHSKS"FRGLJR  IHFKD  SULQW WUXH 
 '2)'LDULR2ILFLDOGHOD)HGHUDFLyQ
(TXLSRGH5D\RV;GHQWDOFRQYHQFLRQDO\HQHOFDVRGHFRQWDUFRQHTXLSRSDUDWRPDGHUDGLRJUDItDSDQRUiPLFDGHQWDO
GHEHUiFXPSOLUFRQODVGLVSRVLFLRQHVDSOLFDEOHV
 /D LQVWDODFLyQ HOpFWULFD UHTXLHUH FRQWDFWRV DSURSLDGDPHQWH GLVWULEXLGRV \ HQ Q~PHUR VXILFLHQWH SDUD ORV HTXLSRV
LQVWDODGRV7RGRVORVFRQWDFWRVGHEHQHVWDUHOpFWULFDPHQWHSRODUL]DGRV\DWHUUL]DGRVQRVHGHEHUiQXVDUH[WHQVLRQHVHOpFWULFDVR
FRQWDFWRVP~OWLSOHVHQXQVRORFRQWDFWRGHFRQIRUPLGDGFRQORHVWDEOHFLGRHQOD1RUPD2ILFLDO0H[LFDQDFLWDGDHQHOSXQWR
GHO&DStWXORGH5HIHUHQFLDVQRUPDWLYDVGHHVWD1RUPD
/DLQVWDODFLyQKLGUiXOLFDGHEHVHUFRPSOHPHQWDGDFRQXQVLVWHPDORFDOGHILOWUDFLyQGHODJXDSDUDDTXHOODTXHVHXWLOL]D
HQODMHULQJDWULSOH\HQODVSLH]DVGHPDQR(ODJXDDGHVHFKDUGHEHUiVHUFDQDOL]DGDDODUHGGHGUHQDMH
&RQWDU FRQ HO PRELOLDULR HTXLSR PpGLFR H LQVWUXPHQWDO GHVFULWR HQ HO $SpQGLFH % 1RUPDWLYR GH HVWD 1RUPD (Q HO
$SpQGLFH-,QIRUPDWLYRGHHVWD1RUPDVHVHxDODHOFURTXLVGHXQFRQVXOWRULRGHHVWRPDWRORJtD
(O&RQVXOWRULRGHRSWRPHWUtDGHEH
 &RQWDU FRQ HVSDFLR \ PRELOLDULR VXILFLHQWH \ DGHFXDGR SDUD OD DWHQFLyQ GH SDFLHQWHV DPEXODWRULRV DVt FRPR FRQ HO
PRELOLDULR\HTXLSRPpGLFRGHVFULWRHQHO$SpQGLFH&1RUPDWLYRGHHVWD1RUPD
(OFRQVXOWRULRGHDFXSXQWXUDGHEH
 &XPSOLU FRQ OR VHxDODGR SDUD HO FRQVXOWRULR GH PHGLFLQD JHQHUDO DVt FRPR FRQ HO PRELOLDULR HTXLSR H LQVWUXPHQWDO
GHVFULWRHQHO$SpQGLFH'1RUPDWLYRGHHVWD1RUPDDVtFRPRFRQHOVHxDODGRHQOD1RUPD2ILFLDO0H[LFDQDFLWDGDHQHOSXQWR
GHO&DStWXORGH5HIHUHQFLDVQRUPDWLYDVGHHVWD1RUPD

(OFRQVXOWRULRGHSVLFRORJtDGHEH
&RQWDUFRQHVSDFLR\PRELOLDULRVXILFLHQWH\DGHFXDGRSDUDODHQWUHYLVWD\SDUDODLQWHUYHQFLyQSVLFRWHUDSpXWLFDLQGLYLGXDO
\JUXSDODVtFRPRFRQHOPRELOLDULRGHVFULWRHQHO$SpQGLFH(1RUPDWLYRGHHVWD1RUPD
(OFRQVXOWRULRGHQXWULRORJtDGHEH
&RQWDUFRQHOPRELOLDULR\HTXLSRGHVFULWRHQHO$SpQGLFH)1RUPDWLYRGHHVWD1RUPD
'HODDWHQFLyQGHSDUWRV
 /D DWHQFLyQ GHO SDUWR HQ FRQVXOWRULRV ~QLFDPHQWH SRGUi UHDOL]DUVH HQ HVWDEOHFLPLHQWRV SDUD OD DWHQFLyQ PpGLFD GHO
VHFWRUS~EOLFRGHFRQIRUPLGDGFRQORVLJXLHQWH
&XDQGRSRUODVFRQGLFLRQHVJHRJUiILFDVGHOHMDQtDRDFFHVLELOLGDGQRVHGLVSRQJDGHHVWDEOHFLPLHQWRVSDUDODDWHQFLyQ
PpGLFDGHPD\RUSRGHUGHUHVROXFLyQVHSRGUiQDWHQGHUSDUWRVGHXUJHQFLDHQFRQVXOWRULRVGHPHGLFLQDJHQHUDORIDPLOLDU
&XDQGRHOFRQVXOWRULRQRHVWpOLJDGRItVLFDRUHIHUHQFLDOPHQWHDXQKRVSLWDOFOtQLFDRFHQWURGHVDOXG\SRUSROtWLFDVR
SURJUDPDV LQVWLWXFLRQDOHV EULQGH OD DWHQFLyQ GH SDUWRV VH GHEHUi DGLFLRQDU DO FRQVXOWRULR GH PHGLFLQD JHQHUDO R IDPLOLDU ODV
iUHDVHVSHFtILFDVSDUDGLFKDDFWLYLGDG
 (O DFRQGLFLRQDPLHQWR GHO ORFDO SDUD OD DWHQFLyQ GH SDUWRV GHEHUi FRQWDU FRPR PtQLPR FRQ iUHDV GH UHFHSFLyQ
REVHUYDFLyQH[SXOVLyQ\GHDWHQFLyQHQFRQGLFLRQHVDVpSWLFDVGHUHDQLPDFLyQGHOUHFLpQQDFLGR\GHUHFXSHUDFLyQGHODPDGUH
&RQWDUFRQVLVWHPDGHHVWHULOL]DFLyQSDUDHOLQVWUXPHQWDO\ORVPDWHULDOHVQHFHVDULRVOOHYDQGRHOFRQWUROGHOSURFHVRR
ELHQXWLOL]DUPDWHULDOHVWpULOGHVHFKDEOH\
&RQWDUFRQHOPRELOLDULRHTXLSRPpGLFRHLQVWUXPHQWDOTXHVHGHVFULEHHQHO$SpQGLFH*1RUPDWLYRGHHVWD1RUPD
(QHO$SpQGLFH.,QIRUPDWLYRGHHVWD1RUPDVHVHxDODHOFURTXLVGHXQDVDODGHH[SXOVLyQ
&RQFRUGDQFLDFRQQRUPDVLQWHUQDFLRQDOHV\PH[LFDQDV
(VWD1RUPDQRWLHQHFRQFRUGDQFLDFRQQLQJXQDQRUPDLQWHUQDFLRQDOQLPH[LFDQD
%LEOLRJUDItD
1RUPD2ILFLDO0H[LFDQD1206736&RORUHV\VHxDOHVGHVHJXULGDGHKLJLHQHHLGHQWLILFDFLyQGHULHVJRVSRU
IOXLGRVFRQGXFLGRVHQWXEHUtDV
 7R (UU ,V +XPDQ %XLOGLQJ D 6DIHU +HDOWK 6\VWHP /LQGD 7 .RKQQ -DQHW 0 &RUULDQ DQG 0ROOD 6 'RQDOGVRQ
:DVKLQJWRQ'&3iJ$EHGLV'RQDEHGLDQ
9LJLODQFLD
/D YLJLODQFLD GH OD DSOLFDFLyQ GH HVWD 1RUPD FRUUHVSRQGH D OD 6HFUHWDUtD GH 6DOXG \ D ORV JRELHUQRV GH ODV HQWLGDGHV
IHGHUDWLYDVHQHOiPELWRGHVXVUHVSHFWLYDVFRPSHWHQFLDV
9LJHQFLD
(VWD1RUPDHQWUDUiHQYLJRUDORVGtDVQDWXUDOHVFRQWDGRVDSDUWLUGHODIHFKDGHVXSXEOLFDFLyQHQHO'LDULR2ILFLDOGHOD
)HGHUDFLyQ
75$16,725,2/DHQWUDGDHQYLJRUGHODSUHVHQWH1RUPDGHMDVLQHIHFWRVOD1RUPD2ILFLDO0H[LFDQD12066$
4XHHVWDEOHFHORVUHTXLVLWRVPtQLPRVGHLQIUDHVWUXFWXUD\HTXLSDPLHQWRGHHVWDEOHFLPLHQWRVSDUDODDWHQFLyQPpGLFDGHSDFLHQWHV
DPEXODWRULRVSXEOLFDGDHQHO'LDULR2ILFLDOGHOD

ZZZGRIJREP[QRWDBGHWDOOHSKS"FRGLJR  IHFKD  SULQW WUXH 


 '2)'LDULR2ILFLDOGHOD)HGHUDFLyQ
)HGHUDFLyQHOGHDJRVWRGH
&LXGDG GH 0p[LFR D  GH PDU]R GH  /D 6XEVHFUHWDULD GH ,QWHJUDFLyQ \ 'HVDUUROOR GHO 6HFWRU 6DOXG \3UHVLGHQWD GHO
&RPLWp &RQVXOWLYR 1DFLRQDO GH 1RUPDOL]DFLyQ GH ,QQRYDFLyQ 'HVDUUROOR 7HFQRORJtDV H ,QIRUPDFLyQ HQ 6DOXG $VD (EED
&KULVWLQD/DXUHOO5~EULFD
$SpQGLFHV1RUPDWLYRV
$SpQGLFH$1RUPDWLYR
$(48,3$0,(1723$5$(/&2168/725,2'(0(',&,1$*(1(5$/2)$0,/,$5
$0RELOLDULR
$$VLHQWRSDUDHOPpGLFR
$$VLHQWRSDUDHOSDFLHQWH\DFRPSDxDQWH
$$VLHQWRSDUDHOPpGLFRHQODH[SORUDFLyQGHOSDFLHQWH
$%DQTXHWDGHDOWXUDRVLPLODU
$%iVFXODFRQHVWDGtPHWUR
$ &XEHWD R FHVWR SDUD EROVD GH EDVXUD PXQLFLSDO \ EROVD GH SOiVWLFR FRORU URMR SDUD UHVLGXRV SHOLJURVRV ELROyJLFR
LQIHFFLRVRVDVtFRPRFRQWHQGRUUtJLGRSDUDUHVLGXRVSHOLJURVRVSXQ]RFRUWDQWHVGHFRQIRUPLGDGFRQORHVWDEOHFLGRHQOD1RUPD
2ILFLDO0H[LFDQDFLWDGDHQHOSXQWRGHO&DStWXORGH5HIHUHQFLDVQRUPDWLYDVGHHVWD1RUPD
$*XDUGDGHPHGLFDPHQWRVPDWHULDOHVRLQVWUXPHQWDO
$0HVDGHH[SORUDFLyQFRQSLHUQHUDV
$0HVDGH0D\R3DVWHXURVLPLODUGHDOWXUDDMXVWDEOH
$0XHEOHSDUDHVFULELU\
$0XHEOHSDUDJXDUGDGHH[SHGLHQWHVFOtQLFRV
$(TXLSR
$(VILJPRPDQyPHWUR SUHIHUHQWHPHQWH DQHURLGH R HOHFWUyQLFR FRQ EUD]DOHWH GHO WDPDxR TXH UHTXLHUDSDUD VX DFWLYLGDG
SULQFLSDO
$(VWHWRVFRSLRELDXULFXODU
$(VWHWRVFRSLR3LQDUG
$(VWXFKHGHGLDJQyVWLFR RIWDOPRVFRSLRRSFLRQDO 
$/iPSDUDFRQKD]GLUHFFLRQDEOH\
$1HJDWRVFRSLR
$,QVWUXPHQWDO
$&DMDFRQWDSDSDUDVROXFLRQHVGHVLQIHFWDQWHV
$(VSHMRV*UDYHVFKLFRVPHGLDQRV\JUDQGHV RSFLRQDO 
$0DQJRSDUDELVWXUt
$0DUWLOORSHUFXVRU
$3LQ]DGHDQLOORV
$3LQ]DGHGLVHFFLyQFRQGLHQWHV\VLQGLHQWHV
$3LQ]DWLSRPRVTXLWR
$3LQ]DSDUDVXMHWDUFXHOORGHPDWUL] RSFLRQDO 
$3LQ]DFXUYD
$3RUWDDJXMDUHFWRFRQUDQXUDFHQWUDO\HVWUtDVFUX]DGDV
$5LxyQGHPLOLOLWURVGHPD\RUFDSDFLGDG

$7LMHUDUHFWD\
$7RUXQGHURFRQWDSD
$9DULRV
$&LQWDPpWULFD\
$7HUPyPHWURFOtQLFR

ZZZGRIJREP[QRWDBGHWDOOHSKS"FRGLJR  IHFKD  SULQW WUXH 


 '2)'LDULR2ILFLDOGHOD)HGHUDFLyQ
$SpQGLFH%1RUPDWLYR
%(48,3$0,(1723$5$(/&2168/725,2'((6720$72/2*Ë$
%0RELOLDULR
%%DQFRJLUDWRULRSDUDRGRQWyORJRHQiUHDGHWUDEDMR
%$VLHQWRSDUDSDFLHQWHV\DFRPSDxDQWHV
% &XEHWD R FHVWR SDUD EROVD GH EDVXUD PXQLFLSDO \ EROVD GH SOiVWLFR FRORU URMR SDUD UHVLGXRV SHOLJURVRV ELROyJLFR
LQIHFFLRVRVDVtFRPRFRQWHQHGRUUtJLGRSDUDUHVLGXRVSHOLJURVRVSXQ]RFRUWDQWHVGHFRQIRUPLGDGFRQORHVWDEOHFLGRHQOD1RUPD
2ILFLDO0H[LFDQDFLWDGDHQHOSXQWRGHO&DStWXORGH5HIHUHQFLDVQRUPDWLYDVGHHVWD1RUPD
%*XDUGDGHPDWHULDOHVLQVWUXPHQWDORHTXLSR
%0HVDFRQWDUMD
%0XHEOHSDUDHVFULELU\
%0XHEOHSDUDJXDUGDGHH[SHGLHQWHVFOtQLFRV
%(TXLSR
% $XWRFODYH ROOD GH SUHVLyQ R HVWHULOL]DGRU HOpFWULFR GH FDORU VHFR R VX HTXLYDOHQWH WHFQROyJLFR TXH JDUDQWLFH OD
HVWHULOL]DFLyQGHOLQVWUXPHQWR
%&RPSUHVRUDGHDLUHOLEUHGHDFHLWHSDUDXQLGDGGHQWDOFRQDUUDQTXH\SDURDXWRPiWLFRGHSXUJDGHFRQGHQVDGRVDVt
FRPRILOWURGHDLUHSUHIHUHQWHPHQWHIXHUDGHOiUHDGHDWHQFLyQ\
% 8QLGDG GHQWDO FRQ VLOOyQ OiPSDUD EUD]R PyYLO SDUD PyGXOR FRQ FKDUROD SRUWDLQVWUXPHQWRV FRQ VLVWHPD IOXVK
DEDVWHFHGRUGHDLUHFRQDVSLUDGRUGHVDOLYDDJXDMHULQJDWULSOHHVFXSLGHUD\OOHQDYDVR
%,QVWUXPHQWDO
%$OYHRORWRPRSLQ]DJXELD
%$PDOJDPDGRUSUHIHUHQWHPHQWHHOpFWULFR
%$UFRGH<RXQJ
%%LVWXUt
%&XFKDULOODSDUDFLUXJtD
%&XUHWDVQHFHVDULDVSDUDHOVHUYLFLR
%(OHYDGRUUHFWRDFDQDODGR
%(OHYDGRUGHEDQGHUDL]TXLHUGR\GHUHFKRFRQPDQJRPHWiOLFRH[WUHPRHQiQJXORREWXVR\KRMDSHTXHxD
%(OHYDGRUFRQPDQJRPHWiOLFREUD]RDQJXODGRL]TXLHUGR\GHUHFKR
%(VSiWXODSDUDPH]FODUFHPHQWRVRGRQWROyJLFRV
%(VSiWXODSDUDPH]FODUDOJLQDWRR\HVR
%(VSHMRGHQWDOFRQPDQJRGHURVFDHVWiQGDUVLQDXPHQWRRFRQUHIUDFFLyQHQODVXSHUILFLH
%([FDYDGRU
%([SORUDGRUGHXQDSLH]DFRQGREOHH[WUHPR

%-HULQJD &DUSXOOH FRQ DGDSWDGRU SDUD DJXMD GHVHFKDEOH FRQ HQWUDGD XQLYHUVDO R HVWiQGDUKHQGLGXUD SDUD LQWURGXFLU
FDUWXFKRGHDQHVWpVLFRGHPLOLOLWURV\FRQGRVDOHWDVHQHOFXHUSRSDUDDSR\DUORVGHGRVtQGLFH\PHGLR
%-XHJRGHFXFKDULOODVSDUDLPSUHVLyQWRWDOSDUDSDFLHQWHVGHQWDGRV\GHVGHQWDGRV
%-XHJRGHFXFKDULOODVSDUDLPSUHVLyQSDUFLDO
%/LPDSDUDKXHVRGREOHH[WUHPRFRQSXQWDGHWUDEDMRUHFWDQJXODU\RYDO
%/RVHWDGHFULVWDO
%2EWXUDGRUHVQHFHVDULRVSDUDHOVHUYLFLR
%3LH]DGHPDQRGHDOWDYHORFLGDGHVWHULOL]DEOH
%3LH]DGHPDQRGHEDMDYHORFLGDGHVWHULOL]DEOH
%3LQ]DVSRUWDJUDSDVGHERFDGRODUJR
%3LQ]DSHUIRUDGRUDSDUDGLTXHGHKXOH
%3LQ]DSDUDFXUDFLRQHV
%3RUWDDJXMDV

ZZZGRIJREP[QRWDBGHWDOOHSKS"FRGLJR  IHFKD  SULQW WUXH 


 '2)'LDULR2ILFLDOGHOD)HGHUDFLyQ
%3RUWDDPDOJDPD
%3RUWDPDWUL]XQLYHUVDO
%5HFRUWDGRUHVGHDPDOJDPDQHFHVDULRVSDUDHOVHUYLFLR
%6HULHGH*UDSDVQHFHVDULDVSDUDHOVHUYLFLR
%6HULHGH)yUFHSVQHFHVDULRVSDUDHOVHUYLFLR
%7D]DGHKXOH
%7LMHUDVSDUDSURFHGLPLHQWRVTXLU~UJLFRV
%7LUDSXHQWHFRQSXQWDVLQWHUFDPELDEOHV\
%7RUXQGHURFRQWDSD
$SpQGLFH&1RUPDWLYR
&(48,3$0,(1723$5$&2168/725,2'(23720(75Ë$
&0RELOLDULR
&$VLHQWRSDUDHORSWRPHWULVWD
&$VLHQWRSDUDHOSDFLHQWH\DFRPSDxDQWH
&(VFULWRULRRPHVDGHWUDEDMR
&*XDUGDGHPDWHULDOHV\HTXLSR\
&0XHEOHSDUDJXDUGDGHH[SHGLHQWHVFOtQLFRV
&(TXLSR
&$UPD]yQGHOHQWHVSDUDSUXHEDV
&&DUWLOODGH$PVOHUR<DQX]]L
&&DUWLOODSDUDSUXHEDGHGLVWDQFLD
&&DUWLOODGH,VKLKDUD
&&DMDGHSULVPDV
&/iPSDUDGHKHQGLGXUD
&/HQWHVSDUDSUXHED
&/HQVyPHWUR

&2FOXVRU
&3UR\HFWRUGH2SWRWLSRV
&6LOOyQ2IWDOPROyJLFR
&7RQyPHWUR\
&8QLGDGGHUHIUDFFLyQFRQIRUySWHUR
$SpQGLFH'1RUPDWLYR
'(48,3$0,(1723$5$(/&2168/725,2'($&8381785$
'0RELOLDULR
'$VLHQWRSDUDHOPpGLFR
'$VLHQWRSDUDHOSDFLHQWH\DFRPSDxDQWH
'$VLHQWRSDUDHOPpGLFRHQODH[SORUDFLyQGHOSDFLHQWH
'%DQTXHWDGHDOWXUDRVLPLODU
' &XEHWD R FHVWR SDUD EROVD GH EDVXUD PXQLFLSDO \ EROVD GH SOiVWLFR FRORU URMR SDUD UHVLGXRV SHOLJURVRV ELROyJLFR
LQIHFFLRVRV DVt FRPR FRQWHQGRU UtJLGR SDUD UHVLGXRV SHOLJURVRV SXQ]RFRUWDQWHV FRQIRUPH OR HVWDEOHFH OD 1RUPD 2ILFLDO
0H[LFDQDFLWDGDHQHOSXQWRGHO&DStWXORGH5HIHUHQFLDVQRUPDWLYDVGHHVWD1RUPD
'*XDUGDGHPHGLFDPHQWRVPDWHULDOHVRLQVWUXPHQWDO
'0HVDGHH[SORUDFLyQ
'0HVDGH0D\R3DVWHXURVLPLODU
'0XHEOHSDUDHVFULELU\
'0XHEOHSDUDJXDUGDGHH[SHGLHQWHVFOtQLFRV

ZZZGRIJREP[QRWDBGHWDOOHSKS"FRGLJR  IHFKD  SULQW WUXH 


 '2)'LDULR2ILFLDOGHOD)HGHUDFLyQ
',QVWUXPHQWDO
'$JXMDVGHDFXSXQWXUD
'$JXMDVGHILORV
'&DMDFRQWDSDSDUDVROXFLRQHVGHVLQIHFWDQWHV
'7DFKXHODV
'7RUXQGHURFRQWDSD\
'7XERVGHHQVD\RRUHFLSLHQWHSRUWDDJXMDV
'(TXLSR
' $XWRFODYH ROOD GH SUHVLyQ R HVWHULOL]DGRU HOpFWULFR GH FDORU VHFR R VX HTXLYDOHQWH WHFQROyJLFR TXH JDUDQWLFH OD
HVWHULOL]DFLyQGHOLQVWUXPHQWDO
'%iVFXODFRQHVWDGtPHWUR
'(VILJPRPDQyPHWUR SUHIHUHQWHPHQWH DQHURLGH R HOHFWUyQLFR FRQ EUD]DOHWH GHO WDPDxR TXH UHTXLHUD SDUD VX DFWLYLGDG
SULQFLSDO
'(VWHWRVFRSLRELDXULFXODU
'/iPSDUDFRQKD]GLUHFFLRQDEOH\
'/iVHUGHEDMRSRGHU
$SpQGLFH(1RUPDWLYR
((48,3$0,(1723$5$(/&2168/725,2'(36,&2/2*Ë$
(0RELOLDULR
($VLHQWRSDUDHOSVLFyORJR
($VLHQWRSDUDHOSDFLHQWH\VXDFRPSDxDQWH

($VLHQWRVSDUDSDFLHQWHVHQJUXSR
('LYiQHQVXFDVR
(*XDUGDGHPDWHULDO\SDSHOHUtD
(0XHEOHSDUDHVFULELU\
(0XHEOHSDUDJXDUGDGHH[SHGLHQWHVFOtQLFRV
$SpQGLFH)1RUPDWLYR
)(48,3$0,(1723$5$&2168/725,2'(1875,2/2*Ë$
)0RELOLDULR
)$VLHQWRSDUDHOQXWULyORJR
)$VLHQWRSDUDHOSDFLHQWH\DFRPSDxDQWH
)*XDUGDGHPDWHULDOHVRLQVWUXPHQWDO
)0XHEOHSDUDHVFULELU\
)0XHEOHSDUDJXDUGDGHH[SHGLHQWHVFOtQLFRV
)(TXLSR
)%iVFXODFOtQLFDFRQHVWDGtPHWUR
)&LQWDDQWURSRPpWULFD\SOLFyPHWUR
$SpQGLFH*1RUPDWLYR
*(48,3$0,(1723$5$(/È5($'($7(1&,Ï1'(/3$572
*0RELOLDULR
*$VLHQWRDGHFXDGRSDUDHMHFXWDUODIXQFLyQFRUUHVSRQGLHQWH
*%DQTXHWDGHDOWXUD
* &XEHWD R FHVWR SDUD EROVD GH EDVXUD PXQLFLSDO \ EROVD GH SOiVWLFR FRORU URMR SDUD UHVLGXRV SHOLJURVRV ELROyJLFR
LQIHFFLRVRV DVt FRPR FRQWHQGRU UtJLGR SDUD UHVLGXRV SHOLJURVRV SXQ]RFRUWDQWHV FRQIRUPH OR HVWDEOHFH OD 1RUPD 2ILFLDO
0H[LFDQDFLWDGDHQHOSXQWRGHO&DStWXORGH5HIHUHQFLDVQRUPDWLYDVGHHVWD1RUPD
*0HVDGHH[SXOVLyQ
*0HVDGH0D\RRVLPLODU
ZZZGRIJREP[QRWDBGHWDOOHSKS"FRGLJR  IHFKD  SULQW WUXH 
 '2)'LDULR2ILFLDOGHOD)HGHUDFLyQ
*0HVD3DVWHXURVLPLODU\
*0HVDGHDWHQFLyQGHUHFLpQQDFLGR
*(TXLSRHLQVWUXPHQWDO
*$VSLUDGRUFRQVRQGDV
*%iVFXODSHVDEHEpV\FLQWDPpWULFD
*&XEHWDGHOLWURVGHFDSDFLGDG\SRUWDFXEHWDURGDEOH
*&LQWDSDUDFRUGyQXPELOLFDORSLQ]DSDUDHOFRUGyQXPELOLFDO
*(TXLSRGHVXWXUD
*(TXLSRGHUHDQLPDFLyQQHRQDWDO\GHDGXOWR
**XDQWHVGHOiWH[
*/iPSDUDREVWpWULFDVLQVRPEUDV
*2QIDORWRPR
*3LQ]DVGHDQLOORVUHFWD\GHFDPSR
*3RUWDVXHURV
*5LxyQGHPLOLOLWURVRGHPD\RUFDSDFLGDG
* 5RSD HVWpULO SDUD DWHQFLyQ GHO SDUWR OD FXDO HVWDUi FRQVWLWXLGD SRU XQD EDWD GH FLUXMDQR XQ VHFDGRU GH PDQRV 
FXEUHSLHUQDV\FDPSRVTXLU~UJLFRV
*5RSDHVWpULOSDUDDWHQFLyQGHOUHFLpQQDFLGRODFXDOHVWDUiFRQVWLWXLGDSRUXQDIUD]DGDXQD
VDEDQLWDXQFDPSRGREOH\XQFDPSRVHQFLOOR
*6RQGDGH)ROH\ RSFLRQDO
*6RQGDVGH1HODWRQ
*6RQGDVSDUDDVSLUDUDOQHRQDWR\
*7LMHUDUHFWD\FXUYD
$SpQGLFH+1RUPDWLYR
+0$7(5,$/'(&85$&,Ï1<0(',&$0(17263$5$(/%27,48Ë1'(85*(1&,$6
+0DWHULDOGHFXUDFLyQ
+$SyVLWRV
+$OJRGyQ
+&DPSRVHVWpULOHV
+*DVDV
+*XDQWHVTXLU~UJLFRVHVWpULOHV
+-HULQJDVGHVHFKDEOHVFRQDJXMDGHGLYHUVDVPHGLGDV
+0DWHULDOGHVXWXUD
+6ROXFLRQHVDQWLVpSWLFDV
+7HODDGKHVLYD
+7LUDVUHDFWLYDVSDUDODGHWHUPLQDFLyQGHJOXFRVDHQVDQJUH\
+9HQGDVHOiVWLFDVGLYHUVDVPHGLGDV
+0HGLFDPHQWRVGHXVRJHQHUDO
+$QDOJpVLFRV
+$QHVWpVLFRORFDO
+$QWLGLDUUHLFRV
+$QWLHPpWLFRV
+$QWLKLVWDPtQLFRV
+$QWLKLSHUWHQVLYRV
+$QWLLQIODPDWRULRV
+$QWLSLUpWLFRV
+%URQFRGLODWDGRUHV

ZZZGRIJREP[QRWDBGHWDOOHSKS"FRGLJR  IHFKD  SULQW WUXH 


 '2)'LDULR2ILFLDOGHOD)HGHUDFLyQ
+&RUWLFRVWHURLGHV
+(OHFWUROLWRVRUDOHV\
+9DVRGLODWDGRUHVFRURQDULRV
$SpQGLFH,,QIRUPDWLYR
&5248,6'(/&2168/725,2'(0(',&,1$*(1(5$/2)$0,/,$5
$SpQGLFHV,QIRUPDWLYRV




$SpQGLFH-,QIRUPDWLYR
&5248,6'(/&2168/725,2'((6720$72/2*,$


ZZZGRIJREP[QRWDBGHWDOOHSKS"FRGLJR  IHFKD  SULQW WUXH 


 '2)'LDULR2ILFLDOGHOD)HGHUDFLyQ


$SpQGLFH.,QIRUPDWLYR
&5248,6'(81/2&$/'($7(1&,Ï1'(3$5726


BBBBBBBBBBBBBBBBBBB


ZZZGRIJREP[QRWDBGHWDOOHSKS"FRGLJR  IHFKD  SULQW WUXH 

Das könnte Ihnen auch gefallen