(/'(36,72/(*$/

QGLFH


'(),1,&,1 

2%-(7,926 
+,6725,$

&217(1,'2

/(*,6/$&,1<1250$7,9$9,*(17( 
$',5(&75,&(6,17(51$&,21$/(6  
%/(*,6/$&,1,17(51$&,21$/  
&/(*,6/$&,1(63$f2/$62%5('(36,72/(*$/ 
F1RUPDVGHOD$GPLQLVWUDFLyQ*HQHUDOGHO(VWDGR 
F5HDOHV'HFUHWRVGHWUDQVIHUHQFLDGHFRPSHWHQFLDVHQPDWHULDGHFXOWXUD  
F'HFUHWRV\UGHQHVGHOD$GPLQLVWUDFLyQ$XWRQyPLFDVREUH'HSyVLWR/HJDO  
F2WUDVGLVSRVLFLRQHVUHODFLRQDGDVFRQHOGHSyVLWROHJDO  

%,%/,2*5$)$ 


3iJLQDGH



3iJLQDGH

'(),1,&,1

(O'HSyVLWR/HJDOHVODREOLJDFLyQLPSXHVWDSRUOH\XRWURWLSRGHQRUPDDGPLQLVWUDWLYD
TXHREOLJDDLPSUHVRUHVHGLWRUHV\SURGXFWRUHVDGHSRVLWDUHQXQDRYDULDVDJHQFLDVHVSHFL
ILFDGDVXQ Q~PHURGHWHUPLQDGRGH HMHPSODUHVGH WRGDFODVH GH LPSUHVRV\PDWHULDOHVDX
GLRYLVXDOHVUHSURGXFLGRVHQFXDOTXLHUVRSRUWH\SRUFXDOTXLHUSURFHGLPLHQWRSDUDGLVWULEX
FLyQS~EOLFDDOTXLOHURYHQWD

$GHPiVHVXQFyGLJRLGHQWLILFDGRUGHHVDVSXEOLFDFLRQHVSXHVWRGRVORVGRFXPHQWRVGH
SRVLWDGRVHQHORUJDQLVPRHQFDUJDGRGHUHFRJHUORVHMHPSODUHVGHOGHSyVLWROHJDO%LEOLRWHFD
1DFLRQDO ELEOLRWHFDV S~EOLFDV HWF GHEHQ OOHYDU FRQVLJQDGR HO Q~PHUR GH GHSyVLWR OHJDO
&RQVWLWX\HILQDOPHQWHXQVLVWHPDGH DGTXLVLFLyQ TXH HVSURSLRGH XQUHGXFLGRQ~PHURGH
ELEOLRWHFDVSULQFLSDOPHQWHQDFLRQDOHV
2%-(7,926

(OREMHWLYRIXQGDPHQWDOGHOGHSyVLWROHJDOHVUHFRJHUODSURGXFFLyQELEOLRJUiILFD\DXGLRYL
VXDO QDFLRQDO SDUD VX FRQVHUYDFLyQ \ GLIXVLyQ < DXQTXH GHVGH VX FUHDFLyQ KDVWD KR\ ORV
REMHWLYRVGHOGHSyVLWROHJDOKDQLGRFDPELDQGRVLJXHPDQWHQLHQGRDOJXQRVGHORVREMHWLYRV
FRQORVTXHVHFUHy$FWXDOPHQWHHOGHSyVLWROHJDOSHUVLJXHORVVLJXLHQWHV

)RUPDFLyQ GH OD FROHFFLyQ QDFLRQDO HQWHQGLGD FRPR DTXHOOD TXH PDQWLHQH HO (VWDGR HQ
EHQHILFLRGHORVFLXGDGDQRV(VWDFROHFFLyQQDFLRQDOSRUVXDOWRFRVWHHVGLItFLOGHPDQ
WHQHUVLQHOGHSyVLWROHJDO
(ODERUDFLyQGHXQDELEOLRJUDItDQDFLRQDOFRUULHQWH
'LVSRVLFLyQGHHMHPSODUHVP~OWLSOHVGHVWLQDGRVDOFDQMH
(QULTXHFLPLHQWRGHODVFROHFFLRQHVGHDTXHOODVELEOLRWHFDVTXHWLHQHQGHVWLQDGRHOGHSy
VLWROHJDOFRPRODVS~EOLFDVODVFHQWUDOHVGH&&$$HWF
3URSRUFLRQDUGDWRVSDUDODFRQIHFFLyQGHHVWDGtVWLFDVQDFLRQDOHVGHSURGXFFLyQGHOLEURV
\RWURVGRFXPHQWRV
&RQWULEXFLyQHQ HOiPELWRLQWHUQDFLRQDODO&%8&RQWURO%LEOLRJUiILFR8QLYHUVDODWUD
YpVGHODFROHFFLyQQDFLRQDO\ODSXEOLFDFLyQGHODELEOLRJUDItDQDFLRQDO\DO'83'LVSRVL
FLyQ8QLYHUVDOGH3XEOLFDFLRQHVDWUDYpVGHOSUpVWDPRLQWHUELEOLRWHFDULRFDQMHHWF
+,6725,$

(OGHSyVLWROHJDOIXHFUHDGRHQ)UDQFLDSRU)UDQFLVFR,HQSRU2UGHQDQ]DGH0RQW
SHOOLHU7HQtDFRPRILQDOLGDGDFUHFHQWDUODFROHFFLyQGHOD%LEOLRWHFD5HDOFRQHOGHSyVLWRGH
XQHMHPSODUGHWRGRORSXEOLFDGRHQHOUHLQRDVtFRPRFRQWURODUODVSXEOLFDFLRQHVSURWHVWDQ
WHV &RPR FRQWUDSDUWLGD PiV WDUGH VH FRQYLUWLy HQ JDUDQWtD SDUD HO OLEUHUR HO HTXLYDOHQWH
GHOHGLWRUDFWXDOVDOYDQGRODVGLVWDQFLDVGHORVGHUHFKRVH[FOXVLYRVGHLPSUHVLyQGHODREUD
/RVDQWHFHGHQWHVKLVWyULFRVGHOGHSyVLWROHJDOHQ(VSDxDKD\TXHEXVFDUORVHQHOUHLQDGR
GH )HOLSH ,,, TXLpQ PHGLDQWH HO 5HDO 'HFUHWR GH  GH HQHUR GH  FRQFHGLy D OD 5HDO
%LEOLRWHFDGH(O(VFRULDOHVWDUHJDOtD0iVWDUGH)HOLSH9SRU5HDO&pGXODGHGHRFWXEUH
GH  FRQFHGLy D OD UHFLHQWHPHQWH IXQGDGD %LEOLRWHFD 5HDO HO SULYLOHJLR GH UHFLELU XQ
HMHPSODUGHFXDQWRVOLEURV\SDSHOHVVHLPSULPLHVHQ(VWDGLVSRVLFLyQVHUHLWHUD\FRQILUPD
HQDxRVSRVWHULRUHVDVtHQVHLQVLVWHHQTXHORVLPSUHVRUHVGHEHQHQWUHJDUXQHMHP
SODUGHWRGRORTXHLPSULPDQ\GHEHUiQKDFHUORDQWHVGHSRQHUDODYHQWDODREUDRDQXQ
FLDUVHHQOD*DFHWD
/DVLWXDFLyQFRQWLQ~DDVtKDVWDTXHGXUDQWHHOVLJOR;;HPSLH]DDOHJLVODUVH/DFRPSOH
WDRUJDQL]DFLyQGHOGHSyVLWROHJDOVHUHDOL]DUiPHGLDQWHHO5HJODPHQWRGHO6HUYLFLRGH'HSy
VLWR/HJDODSUREDGRSRU'HFUHWRGHGHGLFLHPEUHGH

/DOHJLVODFLyQPiVVLJQLILFDWLYDVREUHHVWHWHPDWDQWRHVSHFtILFDFRPRODTXHSXHGDDIHF
WDUODDQWHULRUDODDFWXDOPHQWHYLJHQWHHVODVLJXLHQWH

'HFUHWR GH  GH RFWXEUH GH  %2( GH  VH XWLOL]D SRU SULPHUD YH] HO
WpUPLQR'HSyVLWR/HJDOIXHUDGHODVGLVSRVLFLRQHVUHODWLYDVDOD3URSLHGDG,QWHOHFWXDOVX
SRQLHQGRODFRQFHSFLyQPRGHUQDGHOWpUPLQR$GHPiVHQWUHHOPDWHULDOTXHGHEHHQWUH
JDUVHDOD%LEOLRWHFD1DFLRQDOVHLQFOX\HODVUHSURGXFFLRQHVIRWRJUiILFDVREUDVFLQHPDWR
JUiILFDV\SLH]DVGHJUDPyIRQR0iVWDUGHDSDUWLUGHLQJUHVDUiQHQOD%LEOLRWHFD
1DFLRQDOORVSULPHURVGLVFRVSURFHGHQWHVGH9LWRULD
'HFUHWR  GH GLFLHPEUH GH  GHO 0LQLVWHULR GH (GXFDFLyQ 1DFLRQDO SRU HO TXH VH
DSUXHEDHOUHJODPHQWRGHO6HUYLFLRGHO'HSyVLWR/HJDO%2(
'HFUHWRGHGHIHEUHURGHO0LQLVWHULRGH(GXFDFLyQ1DFLRQDOSRUHOTXHVH
FUHDHO,QVWLWXWR%LEOLRJUiILFR+LVSiQLFR,%+%2(TXHWHQtDFRPRIXQFLRQHV
3iJLQDGH

HQWUHRWUDVKDFHUFXPSOLUOROHJLVODGRHQPDWHULDGHGHSyVLWROHJDO\UHGDFWDU\SXEOLFDU
DWUDYpVGHOGHSyVLWROHJDOOD%LEOLRJUDItD1DFLRQDO(VSDxROD
2UGHQ GH  GH RFWXEUH GH  GHO 0LQLVWHULR GH (GXFDFLyQ 1DFLRQDO SRU OD TXH VH
DSUXHEDHOUHJODPHQWRGHO,%+%2(
'HFUHWR  GH  GH QRYLHPEUH GH OD 3UHVLGHQFLD GHO *RELHUQR SRU HO TXH VH
HVWDEOHFH OD REOLJDFLyQ GH FRQVLJQDU HQ WRGD FODVH GH OLEURV \ IROOHWRV HO Q~PHUR ,6%1
%2(
5HDO 'HFUHWR  GH  GH DEULO SRU HO TXH VH HVWDEOHFH OD HVWUXFWXUD RUJiQLFD
EiVLFDGHO0LQLVWHULRGH&XOWXUD\GHVXVRUJDQLVPRVDXWyQRPRV%2(3RU
HVWH5HDO'HFUHWRHO,%+SDVDDLQWHJUDUVHHQOD%LEOLRWHFD1DFLRQDO

(OQDFLPLHQWRGHODV$XWRQRPtDVSURGXFHPRGLILFDFLRQHVHQODJHVWLyQGHOGHSyVLWROHJDO
\DTXHpVWHSDVDDGHSHQGHUGHODVPLVPDV$OJXQDV&&$$KDQHODERUDGRVXSURSLDQRUPD
WLYD GH GHSyVLWR OHJDO SRU OR TXH HQ HVWH PRPHQWR KD\ XQD JUDQ GLVSHUVLyQ HQ PDWHULD
OHJLVODWLYD(Q$QGDOXFtDSRUHMHPSORODOHJLVODFLyQVREUHODPDWHULDHVODVLJXLHQWH




5HDO'HFUHWRGHGHDEULO%2(VREUHGLVWULEXFLyQGHODWUDQV

IHUHQFLDVGHFRPSHWHQFLDVHQPDWHULDGHOHFWXUDGHSyVLWROHJDOGHOLEURVH,6%17HVRUR
%LEOLRJUiILFR\5HJLVWUR*HQHUDOGHOD3URSLHGDG,QWHOHFWXDODOD-XQWDGH$QGDOXFtD
'HFUHWR  GH  GH GLFLHPEUH SRU HO TXH VH HVWDEOHFHQ 1RUPDV GH IXQFLRQD
PLHQWRGHO6HUYLFLRGH'HSyVLWR/HJDOGH$QGDOXFtDVLWRHQOD%LEOLRWHFD3~EOLFD3URYLQ
FLDOGHFDGDSURYLQFLD\VXGHSyVLWRHQOD%LEOLRWHFDGH$QGDOXFtDFRQHOPLVPRIXQFLR
QDPLHQWR\IXQFLRQHVTXHHOGHSyVLWROHJDOQDFLRQDOHQOD%LEOLRWHFD1DFLRQDO%2-$

&217(1,'2







$ODKRUDGHVROLFLWDUHOGHSyVLWROHJDOGHEHWHQHUVHHQFXHQWDORVVLJXLHQWHVDVSHFWRV

2EOLJDFLyQ (Q OD DFWXDOLGDG ORV LPSUHVRUHV R SURGXFWRUHV GH SXEOLFDFLRQHV VRQ ORV
VXMHWRVREOLJDGRVDHIHFWXDUHO'HSyVLWR/HJDOHQ(VSDxD(OLPSUHVRUFXDQGRVHWUDWD
GHLPSUHVRV(OSURGXFWRUSDUDODVREUDVDXGLRYLVXDOHV(OHGLWRUVLHQODUHDOL]DFLyQGH
ODREUDLQWHUYLHQHQYDULRVLPSUHVRUHVHQODREUDVSXEOLFDGDVHQIDVFtFXORV\HQODVTXH
FRQWLHQHQGLYHUVRVVRSRUWHVGHLQIRUPDFLyQ
7UDPLWDFLyQ6HVROLFLWDUiHOQ~PHURGH'HSyVLWR/HJDOFXDQGRODREUDHVWpDSXQWRGH
WHUPLQDUVXLPSUHVLyQRSURGXFFLyQ/D$JHQFLDSURSRUFLRQDUiXQQ~PHURGHGHSyVLWR
OHJDO8QDYH] FRQFHGLGRXQ Q~PHURDXQDSXEOLFDFLyQH[LVWHXQSOD]RGHGRVPHVHV
SDUDODUHDOL]DFLyQ\HQWUHJDGHORVHMHPSODUHVFRUUHVSRQGLHQWHV6LHVWHSOD]RQRIXHUD
VXILFLHQWHVHSXHGHVROLFLWDUXQDSUyUURJDGHGRVPHVHVPHGLDQWHHVFULWR6LILQDOPHQ
WH OD SXEOLFDFLyQ QR VH UHDOL]D EDVWD FRQ FRPXQLFDUOR SRU HVFULWR SDUD SURFHGHU D VX
DQXODFLyQ
0DWHULDOHV(QFXDQWRDODH[WHQVLyQGHOGHSyVLWROHJDOYDUtDSRUSDtVHVSHURHQJH
QHUDOSXHGHGHFLUVHTXHDIHFWDIXQGDPHQWDOPHQWHDPDWHULDOHVELEOLRJUiILFRV\TXHVH
YDDEULHQGRSURJUHVLYDPHQWHDPDWHULDOHVQROLEUDULRV/D%LEOLRWHFD1DFLRQDOUHFLEHGL
DULDPHQWH ORV PDWHULDOHV ELEOLRJUiILFRV TXH VH GHSRVLWDQ HQ ODV  RILFLQDV H[LVWHQWHV
HQ(VSDxD(QFXDQWRDORVPDWHULDOHVGHSRVLWDGRVWDQWRHQHOiPELWRQDFLRQDOFRPR
DXWRQyPLFRVRQ

0DWHULDOOLEUDULR(QWUHORVPDWHULDOHVREMHWRVGHOGHSyVLWROHJDOSXHGHQVHxDODUVH
L 0DWHULDOREOLJDWRULR
 /LEURVFXDOTXLHUDTXHVHDVXFRQWHQLGR\IRUPDGHLPSUHVLyQ\HVWpQRQRGHV
WLQDGRVDODYHQWD
 )ROOHWRVHVFULWRVTXHWHQJDQHQWUH\SiJLQDV
 +RMDV LPSUHVDV FRQ ILQHV GH GLIXVLyQ TXH QR FRQVWLWX\DQ SURSDJDQGD HVHQ
FLDOPHQWHFRPHUFLDOKRMDVVXHOWDV
 3XEOLFDFLRQHVSHULyGLFDVUHYLVWDVGLDULRVEROHWLQHVRILFLDOHVHWF
 3DUWLWXUDVPXVLFDOHV
 *UDEDGRVOiPLQDVVXHOWDVOiPLQDVHQFDOHQGDULRHVWDPSDVFURPRVWDUMHWDV
GH1DYLGDGFKULVWPDVDQXQFLRVDUWtVWLFRVFDUSHWDVGHOiPLQDVSRVWDOHVLOXV
WUDGDVHWF
 0DSDV\SODQRV
 &DUWHOHVDQXQFLDGRUHVGHHVSHFWiFXORVILHVWDV\GHPiVDFWRVS~EOLFRVVLHPSUH
TXHOOHYHQJUDEDGRVDUWtVWLFRV
 %DQGRV\HGLFWRV
 3RVWDOHVLOXVWUDGDV
 1DLSHV
LL &DVRVHVSHFLDOHV


3iJLQDGH









 6LVHLPSULPHXQDREUDHQYDULRVYRO~PHQHVWRGRVOOHYDQHOPLVPRQ~PHURGH
GHSyVLWROHJDO
 /DVVHJXQGDV\VXFHVLYDVHGLFLRQHVGHXQDREUDTXHFRQWHQJDQYDULDFLRQHVUH
TXHULUiQQXHYRVQ~PHURVGHGHSyVLWROHJDO
 /RVFDPELRVTXHVHSURGX]FDQHQXQDSXEOLFDFLyQVHULDGDELHQVHDHQVXIRU
PDWR SHULRGLFLGDG LPSUHQWD HWF QR LPSOLFDUi HO FDPELR GH Q~PHUR GH
GHSyVLWR OHJDO QLFDPHQWH KDEUi TXH FDPELDU GH Q~PHUR GH GHSyVLWR OHJDO
FXDQGRVHSURGX]FDQYDULDFLRQHVHQHOWtWXOR
 (QODVSXEOLFDFLRQHVVHULDGDVHOKHFKRGHTXHWRGDODSXEOLFDFLyQOOHYHHOPLV
PRQ~PHURGHGHSyVLWROHJDOQRH[LPHGHODHQWUHJDGHORVHMHPSODUHVTXHVH
SXEOLTXHQVXFHVLYDPHQWH

0DWHULDO DXGLRYLVXDO (QWUH ORV PDWHULDOHV REMHWRV GHO GHSyVLWR OHJDO SXHGHQ VHxD
ODUVH
L 0DWHULDOREOLJDWRULR
 'LDSRVLWLYDV
 0LFURIRUPDV
 ,PSUHVLRQHV R JUDEDFLRQHV VRQRUDV UHDOL]DGDV SRU FXDOTXLHU SURFHGLPLHQWR R
VLVWHPDHPSOHDGRHQODDFWXDOLGDGRHQHOIXWXUR
 3URGXFFLRQHVFLQHPDWRJUiILFDVWDQWRGHWLSRDUJXPHQWDOFRPRGRFXPHQWDO
 1XHYRV VRSRUWHV FLQWDV PDJQpWLFDV GLVTXHWHV &'520 &', FLQWDV '$7 \
FRIUHV SXEOLFDFLRQHV FRQVWLWXLGDV SRU GLVWLQWRV WLSRV GH PDWHULDOHV ELEOLRJUiIL
FRVSRUHMHPSOROLEURYtGHR\&'
LL &DVRVHVSHFLDOHV6LXQDPLVPDREUDVHUHSURGXFHHQGLVWLQWRVVRSRUWHVFLQWDGH
FDVHWH \ GLVFR FRPSDFWR FDGD XQR GH HVWRV VRSRUWHV VH FRQVLGHUD XQD HGLFLyQ
GLIHUHQWH\OOHYDUiGLVWLQWRQ~PHURGHGHSyVLWROHJDO
1~PHURGHHMHPSODUHV(OQ~PHURPtQLPRGHHMHPSODUHVUHFRPHQGDGRSRUODVGLUHF
WULFHVLQWHUQDFLRQDOHVVREUHGHSyVLWROHJDOHVGHGRVXQRGHVWLQDGRDODSUHVHUYDFLyQ\
RWURDOXVR3HURHOQ~PHURH[LJLGRHQFDGDOHJLVODFLyQQDFLRQDOYDUtDGHXQRVSDtVHVD
RWURV (Q (VSDxD VH HVWDEOHFHQ  HMHPSODUHV SDUD ODV REUDV VXMHWDV D ,6%1 \  SDUD
ODVTXHQROROOHYDQH[FHSWRORVUHJLVWURVVRQRURV\DXGLRYLVXDOHVSDUDORVTXHVHH[L
JHQ\ORVJXLRQHVGHFLQHSDUDORVTXHVHH[LJH
)RUPD(QODVSXEOLFDFLRQHVHVSDxRODVHOFyGLJRGHOGHSyVLWROHJDOVHFRQVLJQDSUHFH
GLGRGHODVVLJODV'/GHODVLJXLHQWHIRUPD
 8QDOHWUDLQLFLDOTXHLGHQWLILFDHOOXJDUJHRJUiILFRHQHOTXHVHUHDOL]DHOGHSyVLWR
 1~PHURGHYDULRVGtJLWRVTXHLQGLFDHORUGHQVHFXHQFLDOTXHOHFRUUHVSRQGHDHVH
GRFXPHQWRHQODSURGXFFLyQHGLWRULDOGHHVHDxR
 (ODxRGHSXEOLFDFLyQGHOGRFXPHQWR
/XJDU6HVXHOHFRORFDUHQHOYHUVRGHODSRUWDGD(QORVOLEURV\IROOHWRVMXQWRFRQHO
,6%1 HQ HO UHYHUVR GH OD SRUWDGD R SiJLQD GH GHUHFKRV (Q OD SUHQVD GLDULD \ HQ ODV
SXEOLFDFLRQHVVHULDGDVFRQIRUPDWRGHSHULyGLFRHQODFDEHFHUDGHFDGDHMHPSODU/RV
DXGLRYLVXDOHVGHEHQOOHYDUORHQODFDUiWXODRFDMDTXHORVSURWHJH(QDTXpOORVTXHVH
SXHGHQYLVLRQDUDGHPiVGHEHQOOHYDUORHQORVSULPHURVIRWRJUDPDV(QJHQHUDO\SDUD
WRGRWLSRGHSXEOLFDFLRQHVGHEHLUHQOXJDUELHQYLVLEOH
,QIUDFFLRQHV6HFRQVLGHUDQLQIUDFFLRQHV
 3XEOLFDUXQDREUDVLQKDEHUVROLFLWDGRHOGHSyVLWROHJDO
 3XEOLFDUODFRQHOGHSyVLWROHJDOIDOVRRLQFRPSOHWR
 1RKDFHUHQWUHJDGHORVHMHPSODUHVSUHFHSWLYRV
 1RFXPSOLUFRQORVSOD]RVGHWUDPLWDFLyQWDQWRHQODHQWUHJDGHHMHPSODUHVFRPR
HQODVSUyUURJDV\DQXODFLRQHV
/(*,6/$&,1<1250$7,9$9,*(17(
$',5(&75,&(6,17(51$&,21$/(6






&RPRGLUHFWULFHVLQWHUQDFLRQDOHVSXHGHQVHxDODUVHODVVLJXLHQWHV

&RXQFLO RI (XURSH(%/,'$ *XLGHOLQHV RQ /LEUDU\ /HJLVODWLRQ DQG 3ROLF\ LQ (XURSH
6WUDVERXUJ1RYHPEHU(O&DStWXOR,97KHSURWHFWLRQRIOLEUDU\KHULWDJH
VHUHILHUHDOGHSyVLWROHJDO
/$5,9,5( -XOHV *XLGHOLQHV IRU /HJDO 'HSRVLW /HJLVODWLRQ $ UHYLVHG HQODUJHG DQG
XSGDWHGHGLWLRQRIWKHSXEOLFDWLRQE\'U-HDQ/XQQ3DULV8QHVFR
/250HWHU-RKDQ\6211(.86(OL]DEHWK$6*XLGHOLQHVIRUOHJLVODWLRQIRUQDWLRQDO
OLEUDU\VHUYLFH3DULV81(6&20D\9HUVLyQSURYLVLRQDO7KH+DJXH,)/$6HF
WLRQRI1DWLRQDO/LEUDULHVGHPDU]RGH(OHStJUDIHVHGHGLFDDOGHSyVLWR
OHJDO


3iJLQDGH

%/(*,6/$&,1,17(51$&,21$/

5HVROXFLyQ&GHO&RQVHMRGHGHMXQLRGHVREUH&RQVHUYDUODPH
PRULDGHOPDxDQD&RQVHUYDUORVFRQWHQLGRVGLJLWDOHVSDUDODVJHQHUDFLRQHVIXWXUDV'LDULR
2ILFLDOGHODV&RPXQLGDGHV(XURSHDV&DxRGHMXOLRGH
&/(*,6/$&,1(63$f2/$62%5('(36,72/(*$/







F1RUPDVGHOD$GPLQLVWUDFLyQ*HQHUDOGHO(VWDGR

3XHGHQVHxDODUVH

'HFUHWRGHGHIHEUHURSRUHOTXHVHFUHDHO,QVWLWXWR%LEOLRJUiILFR+LVSi
QLFR%ROHWtQ2ILFLDOGHO(VWDGRGHGHPDU]R
2UGHQ GH  GH RFWXEUH GH  SRU OD TXH VH DSUXHED HO 5HJODPHQWR GHO ,QVWLWXWR
%LEOLRJUiILFR+LVSiQLFR%ROHWtQ2ILFLDOGHO(VWDGRQGHGHQRYLHPEUH
2UGHQ GH  GH )HEUHUR GH  SRU OD TXH VH PRGLILFD HO 5HJODPHQWR GHO ,QVWLWXWR
%LEOLRJUiILFR+LVSiQLFR%ROHWtQ2ILFLDOGHO(VWDGRQGHGHPDU]R
F5HDOHV'HFUHWRVGHWUDQVIHUHQFLDGHFRPSHWHQFLDVHQPDWHULDGHFXOWXUD

$QGDOXFtD 5HDO 'HFUHWRGHGHDEULOVREUHWUDVSDVRGHFRPSHWHQFLDV

IXQFLRQHV\VHUYLFLRVDOD-XQWDGH$QGDOXFtDHQPDWHULDGH&XOWXUD%ROHWtQ2ILFLDOGHO
(VWDGRQGHGHMXQLRGH([WUDFWR
$UDJyQ5HDO'HFUHWRGHGHGLFLHPEUHVREUHWUDQVIHUHQFLDGHFRPSH

WHQFLDVGHIXQFLRQHV\VHUYLFLRVGHOD$GPLQLVWUDFLyQGHO(VWDGRDOD'LSXWDFLyQ*HQHUDO
GH$UDJyQHQPDWHULDGH&XOWXUD%ROHWtQ2ILFLDOGHO(VWDGRQGHGHIHEUHURGH

$VWXULDV 5HDO 'HFUHWRGH GH GLFLHPEUH VREUH WUDQVIHUHQFLDVGH FRP

SHWHQFLDV GH OD $GPLQLVWUDFLyQ GHO (VWDGR DO &RQVHMR 5HJLRQDO GH $VWXULDV HQ PDWHULD
GHDFWLYLGDGHVPROHVWDVLQVDOXEUHVQRFLYDV\SHOLJURVDVXUEDQLVPRDJULFXOWXUDIHULDV
LQWHULRUHVWXULVPRWUDQVSRUWHVDGPLQLVWUDFLyQORFDOFXOWXUD\VDQLGDG%ROHWtQ2ILFLDO
GHO(VWDGRQGHGHGLFLHPEUHGH([WUDFWR
%DOHDUHV 5HDO 'HFUHWR  GH  GH QRYLHPEUH GH WUDQVIHUHQFLDV GH FRPSH

WHQFLDV DO &RQVHMR *HQHUDO ,QWHULQVXODU GH ODV ,VODV %DOHDUHV HQ PDWHULD GH 6DQLGDG \
&XOWXUD%ROHWtQ2ILFLDOGHO(VWDGRQGHGHQRYLHPEUHGH([WUDFWR
&DQWDEULD5HDO'HFUHWRGHGHMXOLRVREUHWUDVSDVRGHIXQFLRQHV\VHU

YLFLRVGHO(VWDGRDOD&RPXQLGDG$XWyQRPDGH&DQWDEULDHQPDWHULDGH&XOWXUD%ROH
WtQ2ILFLDOGHO(VWDGRQGHGHVHSWLHPEUHGH([WUDFWR
&DQDULDV5HDO'HFUHWRGHGHGLFLHPEUHVREUHWUDQVIHUHQFLDGHFRPSH

WHQFLDVGHOD$GPLQLVWUDFLyQGHO(VWDGRDOD-XQWDGH&DQDULDVHQPDWHULDGHDFWLYLGD
GHVPROHVWDVLQVDOXEUHVQRFLYDV\SHOLJURVDVXUEDQLVPRDJULFXOWXUDWXULVPR$GPL
QLVWUDFLyQ ORFDO FXOWXUD \ VDQLGDG %ROHWtQ2ILFLDO GHO (VWDGR Q   GH GLFLHPEUH
GH
&DVWLOOD/D0DQFKD5HDO'HFUHWRGHGHGLFLHPEUHVREUHWUDQVIHUHQ

FLDVGHFRPSHWHQFLDVGHOD$GPLQLVWUDFLyQGHO(VWDGRDOD-XQWDGH&RPXQLGDGHVGHOD
5HJLyQ&DVWHOODQR0DQFKHJDHQPDWHULDGHDJULFXOWXUDIHULDVLQWHULRUHVWXULVPR\FXO
WXUD%ROHWtQ2ILFLDOGHO(VWDGRQGHGHHQHURGH([WUDFWR
&DVWLOOD\/HyQ5HDO'HFUHWRGHGHGLFLHPEUHVREUHWUDQVIHUHQFLDVGH

FRPSHWHQFLDV GH IXQFLRQHV \ VHUYLFLRV GH OD $GPLQLVWUDFLyQ GHO (VWDGR DO &RQVHMR
*HQHUDOGH&DVWLOOD\/HyQHQPDWHULDGH&XOWXUD%ROHWtQ2ILFLDOGHO(VWDGRQGH
GHIHEUHURGH([WUDFWR
&DWDOXxD 5HDO 'HFUHWR  GH  GH IHEUHUR VREUH WUDVSDVR GH IXQFLRQHV \

VHUYLFLRVGHO0LQLVWHULRGH&XOWXUDDOD*HQHUDOLWDWGH&DWDOXxD%ROHWtQ2ILFLDOGHO(VWD
GRQGHGHMXQLRGH([WUDFWR
 &HXWD5HDO'HFUHWRGHHQHURVREUHWUDVSDVRGHIXQFLRQHV\VHUYLFLRVGH
OD$GPLQLVWUDFLyQGHO(VWDGRHQPDWHULDGHFXOWXUD\GHSRUWHDOD&LXGDGGH&HXWD%R
OHWtQ2ILFLDOGHO(VWDGRQGHGHIHEUHURGH([WUDFWR
 ([WUHPDGXUD 5HDO 'HFUHWR  GH  GH GLFLHPEUH VREUH WUDQVIHUHQFLD GH
FRPSHWHQFLDV GH OD $GPLQLVWUDFLyQ GHO (VWDGR D OD -XQWD 5HJLRQDO GH ([WUHPDGXUD HQ
PDWHULDGH DFWLYLGDGHVPROHVWDVLQVDOXEUHVQRFLYDV\SHOLJURVDVXUEDQLVPRDJULFXO
WXUD IHULDV LQWHULRUHV WXULVPR WUDQVSRUWHV $GPLQLVWUDFLyQ ORFDO FXOWXUD \ VDQLGDG
%ROHWtQ2ILFLDOGHO(VWDGRQGHGHHQHURGH
 *DOLFLD 5HDO 'HFUHWR  GH  GH MXOLR VREUH WUDQVIHUHQFLDV GH OD $GPLQLV
WUDFLyQGHO(VWDGRDOD-XQWDGH*DOLFLDHQPDWHULDGHWUDEDMRLQGXVWULDFRPHUFLRVD
QLGDGFXOWXUD\SHVFD%ROHWtQ2ILFLDOGHO(VWDGRQGHGHDJRVWRGH([
WUDFWR





3iJLQDGH

 /D 5LRMD 5HDO 'HFUHWR  GH  GH RFWXEUH VREUH WUDVSDVR GH IXQFLRQHV \
VHUYLFLRVGHO(VWDGRDOD&RPXQLGDG$XWyQRPDGH/D5LRMDHQPDWHULDGHFXOWXUD%ROH
WtQ2ILFLDOGHO(VWDGRQGHGHGLFLHPEUHGH
 0DGULG 5HDO 'HFUHWRGH GH DEULOVREUH WUDVSDVRGHIXQFLRQHV\VHUYL
FLRV GH OD $GPLQLVWUDFLyQ GHO (VWDGR D OD &RPXQLGDG GH 0DGULG HQ PDWHULD GH FXOWXUD
%ROHWtQ2ILFLDOGHO(VWDGRQGHGHPD\RGH
 0HOLOOD 5HDO 'HFUHWR  GH  DJRVWR VREUH WUDVSDVR GH IXQFLRQHV \ VHUYL
FLRVGHOD$GPLQLVWUDFLyQGHO(VWDGRDODFLXGDGGH0HOLOODHQPDWHULDGHFXOWXUD%ROH
WtQ2ILFLDOGHO(VWDGRQGHVHSWLHPEUH([WUDFWR
 0XUFLD5HDO'HFUHWRGHGHIHEUHURVREUHWUDQVIHUHQFLDGHFRPSHWHQFLDV
GHOD$GPLQLVWUDFLyQGHO(VWDGRDO&RQVHMR5HJLRQDOGH0XUFLDHQPDWHULDGHXUEDQLV
PR DJULFXOWXUD DFWLYLGDGHV PROHVWDV LQVDOXEUHV QRFLYDV \ SHOLJURVDV IHULDV LQWHULR
UHVWXULVPRWUDQVSRUWHV$GPLQLVWUDFLyQORFDOFXOWXUD\VDQLGDG%ROHWtQ2ILFLDOGHO(V
WDGRQGHGHPDU]RGH([WUDFWR
 1DYDUUD5HDO'HFUHWRGHGHHQHURGHWUDVSDVRGHIXQFLRQHV\VHUYLFLRV
GHOD$GPLQLVWUDFLyQGHO(VWDGRDOD&RPXQLGDG)RUDOGH1DYDUUDHQPDWHULDGHFXOWX
UDGHSRUWHV\DVLVWHQFLDVRFLDO\SURPRFLyQVRFLRFXOWXUDO%ROHWtQ2ILFLDOGHO(VWDGRQ
GHGHIHEUHURGH([WUDFWR
 3DtV9DVFR 5HDO 'HFUHWRGHGHVHSWLHPEUHVREUHWUDVSDVRGHVHUYL
FLRVGHO(VWDGRDOD&RPXQLGDG$XWyQRPDGHO3DtV9DVFRHQPDWHULDGH)XQGDFLRQHV\
$VRFLDFLRQHVFXOWXUDOHVOLEUR\ELEOLRWHFDVFLQHPDWRJUDItDP~VLFD\WHDWURMXYHQWXG\
SURPRFLyQ VRFLRFXOWXUDO SDWULPRQLR KLVWyULFRDUWtVWLFR \ GHSRUWHV %ROHWtQ 2ILFLDO GHO
(VWDGRQGHGHIHEUHURGH([WUDFWR
 9DOHQFLD5HDO'HFUHWRGHGHHQHURVREUHWUDQVIHUHQFLDGHFRPSHWHQ
FLDVGHOD$GPLQLVWUDFLyQGHO(VWDGRDO&RQVHMRGHO3DtV9DOHQFLDQRHQPDWHULDGHDFWL
YLGDGHVPROHVWDVLQVDOXEUHVQRFLYDV\SHOLJURVDVFXOWXUD\VDQLGDG%ROHWtQ2ILFLDOGHO
(VWDGRQGHGHIHEUHURGH([WUDFWR







F'HFUHWRV\UGHQHVGHOD$GPLQLVWUDFLyQ$XWRQyPLFDVREUH'HSyVLWR/HJDO

$QGDOXFtD'HFUHWRGHGHGLFLHPEUHSRUHOTXHVHHVWDEOHFHQODVQRU
PDVGHIXQFLRQDPLHQWRGHO6HUYLFLRGH'HSyVLWR/HJDOGH$QGDOXFtD%ROHWtQ2ILFLDOGH
OD-XQWDGH$QGDOXFtDQGHIHEUHURGH
$UDJyQ 2UGHQ GH  GH QRYLHPEUH GH  GHO 'HSDUWDPHQWR GH &XOWXUD \ (GXFD
FLyQSRUODTXHVHDPSOLDHOQXPHURGHHMHPSODUHVDLQJUHVDUHQ'HSyVLWR/HJDOHQODV
RILFLQDVGHWUDPLWDFLyQHVWDEOHFLGDVHQ$UDJyQ\VHUHJXODVXGHVWLQR%ROHWtQ2ILFLDOGH
$UDJyQQGHGHQRYLHPEUHGH
%DOHDUHV
D 'HFUHWRGHGHOHJDFLyQGHFRPSHWHQFLDVGHO&RQVHMR*HQHUDO,QWHULQVXODUGHODV%D
OHDUHVHQORV&RQVHMRV,QVXODUHVGH0DOORUFD0HQRUFDH,EL]D)RUPHQWHUDHQPDWH
ULD GH 'HSyVLWR /HJDO GH /LEURV %ROOHWt 2ILFLDO GHO &RQVHOO *HQHUDO ,QWHULQVXODU GH
ODV,OOHV%DOHDUHVQGHDJRVWRGH
E /H\$WULEXFLyQGHFRPSHWHQFLDVHQPDWHULDGHSDWULPRQLRKLVWyULFRSURPR
FLyQ \ DQLPDFLyQ VRFLRFXOWXUDO GH GHSyVLWR OHJDO GH OLEURV \ GH GHSRUWHV %ROHWtQ
2ILFLDOGHO(VWDGRQGHGHDEULOGH
F 'HFUHWRGHGHHQHURGH1RUPDVGHHMHFXFLyQGHODUWGHOD/H\GL
FLHPEUH GH DWULEXFLyQ GH FRPSHWHQFLDVHQ PDWHULDVGHSDWULPRQLRKLVWyULFR
DUWtVWLFR SURPRFLyQ VRFLRFXOWXUDO DQLPDFLyQ VRFLRFXOWXUDO GHSyVLWR OHJDO GH OL
EURV\GHSRUWHV%ROOHWL2ILFLDOGHO&RQVHOO*HQHUDO,QWHULQVXODUGHODV,OOHV%DOHDUHV
QGHGHHQHURGH
&DQWDEULD'HFUHWRGHGHPDU]RSRUHOTXHVHDSUXHEDHOSURFHGLPLHQWR
GHODLQVSHFFLyQ\VDQFLyQHQPDWHULDGH'HSyVLWR/HJDO%ROHWtQ2ILFLDOGH&DQWDEULDQ
GHOYLHUQHVGHPDU]RGH
&DVWLOOD/D0DQFKD
D 'HFUHWRGHGHPDU]RGHOD3UHVLGHQFLDGHOD-XQWDGH&RPXQLGDGHVGH
&DVWLOOD/D0DQFKDSRUHOTXHVHHVWDEOHFHQODVQRUPDVGHIXQFLRQDPLHQWRGHO6HU
YLFLRGH'HSyVLWR/HJDO%ROHWtQ2ILFLDOGHOD&RPXQLGDG$XWyQRPDGHOGHDEULO
GH
E 5HVROXFLyQGHGHVHSWLHPEUHGHGHOD&RQVHMHUtDGH(GXFDFLyQ\&XOWXUD
SRU OD TXH VH GLFWDQ LQVWUXFFLRQHV UHODWLYDV DO IXQFLRQDPLHQWR GH ODV 2ILFLQDV 3UR
YLQFLDOHVGH'HSyVLWR/HJDO\5HJLVWURGHOD3URSLHGDG,QWHOHFWXDO'LDULR2ILFLDOGH
&DVWLOOD/D0DQFKDQGHOGHPD\RGH



3iJLQDGH

&DVWLOOD \ /HyQ 'HFUHWR  GH  GH VHSWLHPEUH SRU HO TXH VH HVWDEOHFHQ
QRUPDVUHJXODGRUDVGHO'HSyVLWR/HJDOHQOD&RPXQLGDGGH&DVWLOOD\/HyQ%ROHWtQ2IL
FLDOGH&DVWLOOD\/HyQQGHGHVHSWLHPEUHGH
&DWDOXxD

D 2UGUH GH  GH MXOLROO GH  TXH HOHYD HO QRPEUH G
H[HPSODUV GH OHV REUHV QR
VXEMHFWHV D ,6%1 TXH KDXUDQ GH GLSRVLWDUVHVH D OHV RILFLQHV GHO 'LSzVLW /HJDO GH
&DWDOXQ\D 'LDUL 2ILFLDO GH OD *HQHUDOLWDW GH &DWDOXQ\D Q  GH GH DJRVWGH
'HURJDGDSRUOD2UGHQGHGHQRYLHPEUHGH
E 2UGUHGHGHQRYHPEUHGHTXHHOHYDHOQRPEUHG
H[HPSODUVGHOHVREUHV
QRVXEMHFWHVD,6%1TXHV
KDQGHGLSRVLWDUDOHVRILFLQHVGHO'LSzVLW/HJDOGH&DWD
OXQ\D 'LDULD 2ILFLDO GH OD *HQHUDOLWDW GH &DWDOXQ\D Q  GH  GHVHPEUH

F 'HFUHWGHGHJHQHUTXHUHJXODHOGLSzVLWSUHYLDODVHYDGLIXVLyGHOV
LPSUHVRVLOHVSXEOLFDWLRQVXQLWDULHV'LDUL2ILFLDOGHOD*HQHUDOLWDWGH&DWDOXQ\DQ
 GH  IHEUHU  6XVSHQGLGR SRU FRQIOLFWR SRVLWLR GH FRPSHWHQFLDV Q
'LDUL2ILFLDOGHOD*HQHUDOLWDWGH&DWDOXQ\DQ
G 'HFUHWRQGHGHMXQLRGHGHO'HSDUWDPHQWRGH&XOWXUD'HVWLQR
GH ORVOLEURVREWHQLGRVSRU'HSyVLWR/HJDO'LDUL2ILFLDOGHOD*HQHUDOLWDWGH&DWD
OXQ\DGHGHMXOLRGH
([WUHPDGXUD'HFUHWRGHGHRFWXEUHSRUHOTXHVHHVWDEOHFHQODVQRUPDVGH

IXQFLRQDPLHQWR GHO VHUYLFLR GH 'HSyVLWR /HJDO %ROHWtQ 2ILFLDO GH OD -XQWD 5HJLRQDO GH
([WUHPDGXUDGHOGHPDU]RGH
*DOLFLD

D 'HFUHWRGHGHIHEUHURSRUHOTXHVHHVWDEOHFHQODVQRUPDVTXHUHJXODQ
HOIXQFLRQDPLHQWRGHO'HSyVLWR/HJDOHQ*DOLFLD'LDULR2ILFLDOGH*DOLFLDQGHO
GHIHEUHURGH
E 2UGHQGHGHIHEUHURGHGHOD&RQVHOOHUtDGH&XOWXUD\-XYHQWXGSRUODTXH
VHGHVDUUROODHO'HFUHWRGHGHIHEUHUR'LDULR2ILFLDOGH*DOLFLDQ
GHOGHPDU]RGH
 0DGULG
D 'HFUHWRGHGHGLFLHPEUHSRUHOTXHVHHVWDEOHFHQODVQRUPDVUHJXOD
GRUDVGH'HSyVLWR/HJDOHQOD&RPXQLGDGGH0DGULG%ROHWtQ2ILFLDOGHOD&RPXQL
GDGGH0DGULGGHOGHHQHURGH
E /H\GHGHPDU]RGH)RPHQWRGHO/LEUR\OD/HFWXUDGHOD&RPXQLGDGGH
0DGULG&DStWXOR9'HO'HSyVLWR/HJDO%ROHWtQ2ILFLDOGHOD&RPXQLGDGGH0DGULG
GHGHDEULOGH
 0XUFLD 'HFUHWR Q  GH GH QRYLHPEUHSRUHO TXH VH HVWDEOHFHQ ODVQRU
PDVGHIXQFLRQDPLHQWRGH'HSyVLWR/HJDOHQOD&RPXQLGDG$XWyQRPDGHOD5HJLyQGH
0XUFLD%ROHWtQ2ILFLDOGHOD5HJLyQGH0XUFLDQGHIHEUHURGH
 9DOHQFLD
D 2UGHQGHGHRFWXEUHGHSRUODTXHVHUHJXODHOGHVWLQRGHORVOLEURVHQWUH
JDGRVHQHO'HSyVLWR/HJDOGH/LEURV\VHHVWDEOHFHHOKRUDULRGHVHUYLFLRDOS~EOLFR
GH ODV RILFLQDV GH $OLFDQWH &DVWHOOyQ \ 9DOHQFLD 'LDUL 2ILFLDO GH OD *HQHUDOLWDW GH
9DOHQFLDGHOGHQRYLHPEUHGH
E 2UGHQGHOD&RQVHOOHULDGH(GXFDFLyQ\&LHQFLDGHGHQRYLHPEUHGHSRU
OD TXH VH DPSOLD HQ PDWHULD GH SURGXFFLRQHV DXGLRYLVXDOHV OR HVWDEOHFLGR HQ OD
2UGHQGHGHRFWXEUHGHUHIHUHQWHVDOHMHUFLFLRGHODVFRPSHWHQFLDVWUDQV
IHULGDVHQPDWHULDGHGHSyVLWROHJDODO&RQVHOOGHOD&RPXQLGDG9DOHQFLDQD'LDUL
2ILFLDOGHOD*HQHUDOLWDW9DOHQFLDQDQGHOGHGLFLHPEUHGH





F2WUDVGLVSRVLFLRQHVUHODFLRQDGDVFRQHOGHSyVLWROHJDO

$GPLQLVWUDFLyQGHO(VWDGR
D 'HFUHWR  GH  GH QRYLHPEUH SRU HO TXH VH HVWDEOHFH OD REOLJDFLyQ GH
FRQVLJQDUHQWRGDFODVHGHOLEURV\IROOHWRVHOQ~PHUR,6%1%ROHWtQ2ILFLDOGHO(V
WDGRGHGHQRYLHPEUHGH
E /H\  GH  GH MXQLR GHO 3DWULPRQLR +LVWyULFR (VSDxRO %ROHWtQ 2ILFLDO GHO
(VWDGRGHGHMXQLRGH
F 5HDO 'HFUHWR  GH  GH HQHUR GH GHVDUUROOR SDUFLDO GH OD /H\ 
GHGHMXQLRGHO3DWULPRQLR+LVWyULFR(VSDxRO%ROHWtQ2ILFLDOGHO(VWDGRGHGH
HQHURGH
G 5HDO 'HFUHWR  GH  GH PD\RSRUHO TXH VH DSUXHEDHO 5HJODPHQWRGH
%LEOLRWHFDV3~EOLFDVGHO(VWDGR\GHO6LVWHPD(VSDxROGH%LEOLRWHFDV%ROHWtQ2ILFLDO
GHO(VWDGRGHGHPD\RGH


3iJLQDGH



H 5HDO'HFUHWRGHGHRFWXEUHSRUHOTXHVHDSUXHEDHO(VWDWXWRGHOD
%LEOLRWHFD1DFLRQDO
I 5HDO 'HFUHWR  GH  GH HQHUR SRU HO TXH VH PRGLILFD HO 5HDO 'HFUHWR
GHGHHQHURGHGHVDUUROORSDUFLDOGHOD/H\GHGHMXQLR
GHO3DWULPRQLR+LVWyULFR(VSDxRO%ROHWtQ2ILFLDOGHO(VWDGRGHGHPDU]RGH
$GPLQLVWUDFLyQ$XWRQyPLFD
D $QGDOXFtD
L /H\  GH  GH QRYLHPEUH GH %LEOLRWHFDV %ROHWtQ 2ILFLDO GH OD -XQWD GH
$QGDOXFLDGHGHQRYLHPEUHGH
LL 'HFUHWR  GH  GH PDU]R SRU HO TXH VH DSUXHED HO 5HJODPHQWR GHO
6LVWHPD%LEOLRWHFDULRGH $QGDOXFtD%ROHWtQ 2ILFLDO GHOD-XQWDGH$QGDOXFtDGH
GHPD\RGH
LLL 'HFUHWRGHGHQRYLHPEUHSRUHOTXHVHDSUXHEDHO5HJODPHQWR
GHO6LVWHPD%LEOLRWHFDULRGH$QGDOXFtD%ROHWtQ2ILFLDOGHOD-XQWDGH$QGDOXFtD
QGHGHGLFLHPEUHGH
E $UDJyQ
L /H\  GH  GH GLFLHPEUH GH %LEOLRWHFDV GH $UDJyQ %ROHWtQ 2ILFLDO GH
$UDJyQGHGHGLFLHPEUHGH
LL 2UGHQGHGHPDU]RGHGHO'HSDUWDPHQWRGH(GXFDFLyQ\&XOWXUDSRU
ODTXHVHDSUXHEDHO5HJODPHQWRGH)XQFLRQDPLHQWR\5pJLPHQ,QWHUQRGHODV
%LEOLRWHFDV 3~EOLFDV GH $UDJyQ %ROHWtQ 2ILFLDO GH $UDJyQ GH  GH PDU]R GH

F $VWXULDV'HFUHWRGHGHMXOLRSRUHOTXHVHDSUXHEDODHVWUXFWXUDRU
JiQLFDGHOD&RQVHMHUtDGH&XOWXUDPRGLILFDGRSRU'HFUHWRGHGHPDU
]R%ROHWtQ2ILFLDOGHO3ULQFLSDGRGH$VWXULDVQGHGHDJRVWRGH\Q
GHGHDEULOGH([WUDFWRV
G &DVWLOOD/D0DQFKD
L /H\GHGHPD\RGH%LEOLRWHFDVGH&DVWLOOD/D0DQFKD'LDULR2ILFLDO
GH&DVWLOOD/D0DQFKDGHGHPD\RGH
LL 'HFUHWRGHGHDEULOGHRUJDQL]DFLyQGHOD%LEOLRWHFDGH&DVWLOOD/D
0DQFKD'LDULR2ILFLDOGH&DVWLOOD/D0DQFKDQGHGHPD\RGH
H &DVWLOOD\/HyQ
L /H\  GH  GH QRYLHPEUH GH %LEOLRWHFDV GH &DVWLOOD \ /HyQ %ROHWtQ
2ILFLDOGH&DVWLOOD\/HyQGHGHGLFLHPEUHGH
LL 'HFUHWR  GH  GH PDU]R SRU HO TXH VH HVWDEOHFHQ OD HVWUXFWXUD \
IXQFLRQHVGHOD%LEOLRWHFDGH&DVWLOOD\/HyQ%ROHWtQ2ILFLDOGH&DVWLOOD\/HyQ
QGHGHPDU]RGH
LLL 'HFUHWR  GH  GH GLFLHPEUH SRU HO TXH VH DSUXHED HO 5HJODPHQWR
LQWHUQR GH RUJDQL]DFLyQ GH ORV VHUYLFLRV GH ODV %LEOLRWHFDV 3~EOLFDV GH WLWXODUL
GDGHVWDWDOJHVWLRQDGDVSRUOD&RPXQLGDGGH&DVWLOOD\/HyQ%ROHWtQ2ILFLDOGH
&DVWLOOD\/HyQGHGHHQHURGH
LY /H\GHGHMXOLRGH3DWULPRQLR&XOWXUDOGH&DVWLOOD\/HyQ%ROHWtQ
2ILFLDOGH&DVWLOOD\/HyQ6XSOHPHQWRDOQGHMXOLR'HSyVLWR/HJDO
DUWtFXORV\
I &DWDOXxD
L /H\  GH  GH PDU]R GHO 6LVWHPD %LEOLRWHFDULR GH &DWDOXxD %ROHWtQ
2ILFLDOGHO(VWDGRQGHGHDEULOGH
LL 'HFUHWRGHGHRFWXEUHSRUHOTXHVHHVWDEOHFHODHVWUXFWXUDGH
OD HQWLGDG DXWyQRPD %LEOLRWHFD GH &DWDOXxD 'LDUL 2ILFLDO GH OD *HQHUDOLWDW GH
&DWDOXQ\DQGHGHQRYLHPEUHGH
J ([WUHPDGXUD
L /H\  GH  GH PD\R GH %LEOLRWHFDV GH ([WUHPDGXUD 'LDULR 2ILFLDO GH
([WUHPDGXUDGHGHMXQLRGH
LL 'HFUHWRGHGHMXOLRGHHVWUXFWXUD\IXQFLRQDPLHQWRGHOD%LEOLR
WHFDGH([WUHPDGXUD'LDULR2ILFLDOGH([WUHPDGXUDQGHGHDJRVWRGH

K *DOLFLD
L /H\  GH  GH RFWXEUH GH %LEOLRWHFDV 'LDULR 2ILFLDO GH *DOLFLD GH 
GHRFWXEUHGH
LL 'HFUHWRGHGHHQHURSRUHOTXHVHUHJXODQORVFHQWURVELEOLRWHFD
ULRVILMRV'LDULR2ILFLDOGH*DOLFLDGHOGHIHEUHURGH
L 0DGULG/H\GHGHRFWXEUHGH%LEOLRWHFDV%ROHWtQ2ILFLDOGHOD&RPX
QLGDGGH0DGULGGHOGHRFWXEUHGH



3iJLQDGH

M 0XUFLD
L /H\GHGHDEULOGH%LEOLRWHFDV\3DWULPRQLR%LEOLRJUiILFRGHOD5H
JLyQGH0XUFLD%ROHWtQ2ILFLDOGHOD5HJLyQGH0XUFLDQGHGHPD\R
GH
LL 'HFUHWRGHGHRFWXEUHSRUHOTXHVHHVWDEOHFHODHVWUXFWXUDRU
JiQLFDGHOD&RQVHMHUtDGH(GXFDFLyQ\&XOWXUD\FX\RDUWtFXORUHJXODOD%L
EOLRWHFD5HJLRQDOGH0XUFLD%ROHWtQ2ILFLDOGHOD5HJLyQGH0XUFLDQGH
GHQRYLHPEUHGH([WUDFWR
N 1DYDUUD
L 2UGHQ)RUDOGHGHQRYLHPEUHGHO'HSDUWDPHQWRGH(GXFDFLyQ\
&XOWXUDSRUHOTXHVHUHJXODODDGVFULSFLyQ\ILMDODVIXQFLRQHVGHORV1HJRFLD
GRV\8QLGDGHV7pFQLFDV%ROHWtQ2ILFLDOGH1DYDUUDQGHGHQRYLHP
EUHGH([WUDFWR
LL 2UGHQ)RUDOGHGHPD\RGHO'HSDUWDPHQWRGH(GXFDFLyQ\&XOWX
UD TXH PRGLILFD OD 2UGHQ )RUDO  GH  TXH UHJXOD OD DGV
FULSFLyQ\ILMDODVIXQFLRQHVGHORV1HJRFLDGRV\8QLGDGHV7pFQLFDV%ROHWtQ2IL
FLDOGH1DYDUUDQGHGHMXQLRGH
LLL /H\)RUDOGHGHQRYLHPEUHSRUODTXHVHUHJXODHOVLVWHPDELEOLR
WHFDULRGH1DYDUUD%ROHWtQ2ILFLDOGH1DYDUUDQGHGHQRYLHPEUHGH

O 3DtV9DVFR
L 'HFUHWRGHGHHQHURGHFUHDFLyQGH2UJDQL]DFLyQ%LEOLRWHFDULDGH
(XVNDGL%ROHWtQ2ILFLDOGHO3DtV9DVFRQGHGHPD\RGH
LL /H\GHGHMXOLRGH3DWULPRQLR&XOWXUDO9DVFR%ROHWtQ2ILFLDOGHO3DtV
9DVFRGHOGHDJRVWRGH([WUDFWR
P /D5LRMD
L /H\GHGHMXQLRSRUODTXHVHUHJXODQODVELEOLRWHFDVGH/D5LRMD
%ROHWtQ2ILFLDOGH/D5LRMDQGHGHDJRVWRGH
LL 'HFUHWRGHGHDEULOSRUHOTXHVHDSUXHEDHOUHJODPHQWRGHO6LV
WHPD GH %LEOLRWHFDV GH /D 5LRMD %ROHWtQ 2ILFLDO GH /D 5LRMD Q  GH  GH
DEULOGH
Q 9DOHQFLD
L 'HFUHWR  GH  GH HQHUR SRU HO TXH VH FUHD OD %LEOLRWHFD 9DOHQFLDQD
'LDUL2ILFLDOGHOD*HQHUDOLWDW9DOHQFLDQDQGHGHIHEUHURGH([
WUDFWR
LL /H\GHGHGLFLHPEUHGH2UJDQL]DFLyQ%LEOLRWHFDULDGHOD&RPXQL
GDG 9DOHQFLDQD 'LDUL 2ILFLDO GH OD *HQHUDOLWDW 9DOHQFLDQD GHO  GH HQHUR GH

%,%/,2*5$)$

%,%/,27(&$ 1$&,21$/ 'HSyVLWR /HJDO >HQ OtQHD@ 0DGULG %LEOLRWHFD 1DFLRQDO

KWWSZZZEQHHVHVSGOKWP!>&RQVXOWDPD\R@

%,%/,27(&$5(*,21$/'(085&,$'HSyVLWR/HJDO>HQOtQHD@0XUFLD%LEOLRWHFD5HJLRQDO
GH 0XUFLD KWWSZZZELEOLRWHFDUHJLRQDOFDUPHVVHUYLFLRVGHSRVLWROHJDOKWPO! >&RQVXOWD
PD\R@
&$55,1*87,(=00DQXDOGHELEOLRWHFDV0DGULG)XQGDFLyQ*HUPiQ6iQFKH]5XLSHUH]


*$5&$0(/(52/XLVQJHO1RUPDWLYDVREUHGHSyVLWROHJDO>HQOtQHD@0DGULG%LEOLRWHFD
1DFLRQDO KWWSZZZEQHHVHVSGHSRVLWRBOHJDOOHJLVODFLRQKWP! >&RQVXOWD  PD\R
@
(63$f$/H\GH3URSLHGDG,QWHOHFWXDO
(63$f$&RQVWLWXFLyQHVSDxRODGH

*$5&$ '( (17(55,$ &RQVLGHUDFLRQHV VREUH XQD QXHYD OHJLVODFLyQ GH 3URSLHGDG ,QWHOHF
WXDO

/3(='(6262$*$725,-$$UDQW]D23$&:(%=ODUHDOLGDGPXOWLOLQJHHQ)(
6$%,'
0$5710217$/9251RFLRQHVGHELEOLRWHFRQRPtD0DGULG/%+

25(5$25(5$/XLVDHG0DQXDOGH%LEOLRWHFRQRPtD0DGULG6tQWHVLV



3iJLQDGH

257,=+(55(5$6LOYLD/DREUDGLJLWDO\HOGHUHFKRGHUHSURGXFFLyQ(VSHFLDOUHIHUHQFLDD
ODFRSLDSULYDGDHQ-RUQDGDVHVSDxRODVGHGRFXPHQWDFLyQ9DOHQFLDQ

526$5'21,-RVp/XLVGHO/DSURSLHGDGLQWHOHFWXDO\ODVQXHYDVWHFQRORJtDVGRFXPHQWD
OHVHQ'RFXPHQWDFLyQGHODV&LHQFLDVGHOD,QIRUPDFLyQ0DGULG8QLYHUVLGDG&RPSOXWHQVH
GH0DGULGQSiJV

5(<12/'6'$XWRPDWL]DFLyQGHELEOLRWHFDV0DGULG)XQGDFLyQ*HUPiQ6iQFKH]5XLSpUH]




3iJLQDGH