NORMA DE AUDITORËA 500 NA 500 EVIDENCIA DE AUDITORËA
Anuncio
1250$'($8',725Ë$ 1$(9,'(1&,$'($8',725Ë$ &217(1,'2 3iUUDIR ,QWURGXFFLyQ ± &RQFHSWRGHHYLGHQFLDGHDXGLWRUtD ± (YLGHQFLDVXILFLHQWHDSURSLDGDGHDXGLWRUtD ± (OXVRGHDVHYHUDFLRQHVSDUDREWHQHUHYLGHQFLDGH DXGLWRUtD ± 3URFHGLPLHQWRVGHDXGLWRUtDSDUDREWHQHUHYLGHQFLD GHDXGLWRUtD 9LJHQFLD ³(YLGHQFLD GH $XGLWRUtD´ GHEH OHHUVH HQ HO FRQWH[WR GHO ³3UHIDFLR D ODV 1RUPDV ,QWHUQDFLRQDOHV GH &RQWURO GH &DOLGDG $XGLWRUtD 5HYLVLyQ 2WURV WUDEDMRV SDUD DWHVWLJXDU \ 6HUYLFLRV 5HODFLRQDGRV´ TXH H[SRQH OD DSOLFDFLyQ \ DXWRULGDG GH ODV 1,$V 9pDVHDQH[R)DFWRUHVMXVWLILFDWLYRVGHFRQYHUJHQFLD (9,'(1&,$'($8',725Ë$ ,QWURGXFFLyQ (O SURSyVLWR GH HVWD 1RUPD $XGLWRUtD 1$ HV HVWDEOHFHU QRUPDV \ SURSRUFLRQDU JXtDV VREUH OR TXH FRQVWLWX\H HYLGHQFLD GH DXGLWRUtD HQ XQD DXGLWRUtD GH HVWDGRV ILQDQFLHURV OD FDQWLGDG \FDOLGDGGHODHYLGHQFLDGH DXGLWRUtD TXH VH GHEH REWHQHU \ ORV SURFHGLPLHQWRV GH DXGLWRUtD TXH XVDQ ORVDXGLWRUHVSDUDREWHQHUGLFKDHYLGHQFLD (O DXGLWRU GHEHUi REWHQHU HYLGHQFLD VXILFLHQWH DSURSLDGD GH DXGLWRUtD SDUD SRGHU OOHJDU D FRQFOXVLRQHV UD]RQDEOHV HQ ODV FXDOHV EDVDU OD RSLQLyQ GH DXGLWRUtD &RQFHSWRGHHYLGHQFLDGHDXGLWRUtD ³(YLGHQFLD GH DXGLWRUtD´ HV WRGD OD LQIRUPDFLyQ TXH XVD HO DXGLWRU SDUD OOHJDU D ODV FRQFOXVLRQHV HQ ODV TXH VH EDVD OD RSLQLyQ GH DXGLWRUtD H LQFOX\HODLQIRUPDFLyQFRQWHQLGDHQORVUHJLVWURVFRQWDEOHVVXE\DFHQWHVDORV HVWDGRV ILQDQFLHURV \ RWUD LQIRUPDFLyQ 1R VH HVSHUD TXH ORV DXGLWRUHV /DHYLGHQFLDGHDXGLWRUtD DWLHQGDQDWRGDODLQIRUPDFLyQTXHSXHGDH[LVWLU TXH HV DFXPXODWLYD SRU QDWXUDOH]D LQFOX\H DTXHOOD HYLGHQFLD TXH VH REWLHQH GH SURFHGLPLHQWRV GH DXGLWRUtD TXH VH GHVHPSHxDQ GXUDQWH HO FXUVR GH OD DXGLWRUtD \ SXHGH LQFOXLU HYLGHQFLD GH DXGLWRUtD TXH VH REWLHQH GH RWUDV IXHQWHVFRPRDXGLWRUtDVDQWHULRUHV\ORVSURFHGLPLHQWRVGHFRQWUROGHFDOLGDG GHXQDILUPDSDUDODDFHSWDFLyQ\FRQWLQXDFLyQGHFOLHQWHV /RV UHJLVWURV FRQWDEOHV JHQHUDOPHQWH LQFOX\HQ ORV UHJLVWURV GH DVLHQWRV LQLFLDOHV\UHJLVWURVGHVRSRUWHFRPRFKHTXHV\UHJLVWURVGHWUDQVIHUHQFLDV HOHFWUyQLFDV GH IRQGRV IDFWXUDV FRQWUDWRV ORV PD\RUHV JHQHUDO \ DX[LOLDUHVDVLHQWRVGHOGLDULR\RWURVDMXVWHVDORVHVWDGRVILQDQFLHURVTXH QR VH UHIOHMDQ HQ DVLHQWRV IRUPDOHV GHO GLDULR \ UHJLVWURV FRPR KRMDV GH WUDEDMR\KRMDVGHFiOFXORTXHVRSRUWDQODVDVLJQDFLRQHVGHFRVWRVFiOFXORV FRQFLOLDFLRQHV \ UHYHODFLRQHV /RV DVLHQWRV HQ ORV UHJLVWURV FRQWDEOHV D PHQXGR VH LQLFLDQ UHJLVWUDQ SURFHVDQ H LQIRUPDQ HQ IRUPD HOHFWUyQLFD $GHPiV ORV UHJLVWURV FRQWDEOHV SXHGHQ VHU SDUWH GH VLVWHPDV LQWHJUDGRV TXH FRPSDUWHQGDWRV\VRSRUWDQWRGRVORVDVSHFWRVGHORVREMHWLYRVGHLQIRUPDFLyQ ILQDQFLHUDRSHUDFLRQHV\FXPSOLPLHQWRGHODHQWLGDG /D DGPLQLVWUDFLyQ HV UHVSRQVDEOH SRU OD SUHSDUDFLyQ GH ORV HVWDGRV ILQDQFLHURV FRQ EDVH HQ ORV UHJLVWURV FRQWDEOHV GH OD HQWLGDG (O DXGLWRU REWLHQH DOJXQD HYLGHQFLD GH DXGLWRUtD VRPHWLHQGR D SUXHEDV ORV UHJLVWURV FRQWDEOHV SRU HMHPSOR D WUDYpV GH DQiOLVLV \ UHYLVLyQ GH YROYHU D GHVDUUROODUSURFHGLPLHQWRVVHJXLGRVHQHOSURFHVRGHLQIRUPDFLyQ ILQDQFLHUD \GHFRQFLOLDUORVWLSRV\DSOLFDFLRQHVUHODFLRQDGRVGHODPLVPDLQIRUPDFLyQ 0HGLDQWHHOGHVDUUROORGHHVWRVSURFHGLPLHQWRVGHDXGLWRUtDHODXGLWRUSXHGH GHWHUPLQDU TXH ORV UHJLVWURV FRQWDEOHV VRQ LQWHUQDPHQWH FRQVLVWHQWHV \ FXDGUDQFRQORVHVWDGRVILQDQFLHURV6LQHPEDUJRGHELGRDTXHORVUHJLVWURV FRQWDEOHV SRU Vt VRORV QR SURSRUFLRQDQ HYLGHQFLD VXILFLHQWH GH DXGLWRUtD VREUH OD FXDO EDVDU XQD RSLQLyQ GH DXGLWRUtD VREUH ORV HVWDGRV ILQDQFLHURV HODXGLWRUREWLHQHRWUDHYLGHQFLDGHDXGLWRUtD 2WUD LQIRUPDFLyQ TXH HO DXGLWRU SXHGH XVDU FRPR HYLGHQFLD GH DXGLWRUtD LQFOX\HPLQXWDVDFWDVGHUHXQLRQHVFRQILUPDFLRQHVGHWHUFHURVLQIRUPHVGH DQDOLVWDV GDWRV FRPSDUDEOHV VREUH FRPSHWLGRUHV FRPSDUDFLyQ SRU SXQWR GH UHIHUHQFLD PDQXDOHV GH FRQWUROHV LQIRUPDFLyQ REWHQLGD SRU HO DXGLWRU GH SURFHGLPLHQWRV GH DXGLWRUtDFRPRLQYHVWLJDFLyQREVHUYDFLyQH LQVSHFFLyQ\ RWUD LQIRUPDFLyQ GHVDUUROODGD SRU R GLVSRQLEOH SDUD HO DXGLWRU TXH OH SHUPLWDOOHJDUDFRQFOXVLRQHVDWUDYpVGHXQUD]RQDPLHQWRYiOLGR 9HUSiUUDIR 1$ (9,'(1&,$'($8',725Ë$ (YLGHQFLDVXILFLHQWHDSURSLDGDGHDXGLWRUtD /D VXILFLHQFLD HV OD PHGLGD GH OD FDQWLGDG GH HYLGHQFLD GH DXGLWRUtD /R DSURSLDGR HV OD PHGLGD GH OD FDOLGDG GH HYLGHQFLD GH DXGLWRUtD R VHD VX UHOHYDQFLD \ VX FRQILDELOLGDG SDUD GDU VRSRUWH SDUD R GHWHFWDU UHSUHVHQWDFLRQHVHUUyQHDVHQODVFODVHVGHWUDQVDFFLRQHVVDOGRVGHFXHQWDV UHODFLRQDGDV /D FDQWLGDG GH HYLGHQFLD GH \ UHYHODFLRQHV \ DVHYHUDFLRQHV DXGLWRUtD TXH VH QHFHVLWD VH DIHFWD SRU HO ULHVJR GH UHSUHVHQWDFLyQ HUUyQHD GH LPSRUWDQFLD UHODWLYD D PD\RU ULHVJR HV SUREDEOH TXH VH UHTXLHUD PiV HYLGHQFLD GH DXGLWRUtD \ WDPELpQ SRU OD FDOLGDG GH GLFKD HYLGHQFLD D FDOLGDGPiVDOWDSXHGHUHTXHULUVHPHQRV&RQVHFXHQWHPHQWHODVXILFLHQFLD\ OR DSURSLDGR GH OD HYLGHQFLD GH DXGLWRUtD VH LQWHUUHODFLRQDQ 6LQ HPEDUJR VLPSOHPHQWH REWHQHU PiV HYLGHQFLD GH DXGLWRUtD QR SXHGH FRPSHQVDU VX PDOD FDOLGDG 8QFRQMXQWR GDGRGH SURFHGLPLHQWRVGH DXGLWRUtD SXHGH SURSRUFLRQDUHYLGHQFLD GH DXGLWRUtD TXH VHD UHOHYDQWH SDUD FLHUWDV DVHYHUDFLRQHV SHUR QR SDUD RWUDV3RUHMHPSORODLQVSHFFLyQGHUHJLVWURV\GRFXPHQWRVUHODFLRQDGRVFRQ HO FREUR GH FXHQWDV SRU FREUDU GHVSXpV GHO ILQDO GHO HMHUFLFLR SXHGH GDU HYLGHQFLDGHDXGLWRUtDUHVSHFWRWDQWRGHODH[LVWHQFLDFRPRGHODYDOXDFLyQ DXQTXHQRQHFHVDULDPHQWHGHORDSURSLDGRGHORVFRUWHVGHILQDOGHHMHUFLFLR 3RU RWUD SDUWH HO DXGLWRU D PHQXGR REWLHQH HYLGHQFLD GH DXGLWRUtD GH GLIHUHQWHV IXHQWHV R GH QDWXUDOH]D GLVWLQWD TXH VHD UHOHYDQWH SDUD OD PLVPD DVHYHUDFLyQ 3RU HMHPSOR HO DXGLWRU SXHGH DQDOL]DU OD DQWLJHGDG GH ODV FXHQWDVSRUFREUDU\HOFREURSRVWHULRUGHODVPLVPDVSDUDREWHQHUHYLGHQFLD GH DXGLWRUtD UHODFLRQDGD FRQ OD YDOXDFLyQ GH OD HVWLPDFLyQ SDUD FXHQWDV GXGRVDV 0iV D~Q REWHQHU HYLGHQFLD GH DXGLWRUtD UHODWLYD D XQD DVHYHUDFLyQ SDUWLFXODU SRU HMHPSOR OD H[LVWHQFLD ItVLFD GH LQYHQWDULR QR HV XQ VXVWLWXWR GH OD REWHQFLyQ GH HYLGHQFLD GH DXGLWRUtD UHVSHFWR GH RWUD DVHYHUDFLyQSRUHMHPSORODYDOXDFLyQGHLQYHQWDULR /DFRQILDELOLGDGGHODHYLGHQFLDGHDXGLWRUtDHVLQIOXLGDSRUVXIXHQWH\SRU VX QDWXUDOH]D \ GHSHQGH GH ODV FLUFXQVWDQFLDV LQGLYLGXDOHV EDMR ODV TXH VH REWLHQH6H SXHGHQKDFHUJHQHUDOL]DFLRQHV VREUH ODFRQILDELOLGDGGH GLYHUVDV FODVHV GH HYLGHQFLD GH DXGLWRUtD VLQ HPEDUJR HVWDV JHQHUDOL]DFLRQHV HVWiQ VXMHWDV D LPSRUWDQWHV H[FHSFLRQHV $XQ FXDQGR OD HYLGHQFLD GH DXGLWRUtD VH REWHQJD GH IXHQWHV H[WHUQDV D OD HQWLGDG HV SRVLEOH TXH H[LVWDQ FLUFXQVWDQFLDVTXHSXGLHUDQDIHFWDUODFRQILDELOLGDGGHODLQIRUPDFLyQTXHVH REWLHQH3RUHMHPSORODHYLGHQFLDGHDXGLWRUtDTXHVHREWLHQHGHXQDIXHQWH H[WHUQD LQGHSHQGLHQWH SXHGH QR VHU FRQILDEOH VL OD IXHQWH QR HVWi ELHQ LQIRUPDGD$XQUHFRQRFLHQGRTXHSXHGHQH[LVWLUH[FHSFLRQHVSXHGHQVHU~WLOHV ODV VLJXLHQWHV JHQHUDOL]DFLRQHV VREUH OD FRQILDELOLGDG GH OD HYLGHQFLD GH DXGLWRUtD /DHYLGHQFLDGHDXGLWRUtDHVPiVFRQILDEOHFXDQGRVHREWLHQHGHIXHQWHV LQGHSHQGLHQWHVIXHUDGHODHQWLGDG /D HYLGHQFLD GH DXGLWRUtD TXH VH JHQHUD LQWHUQDPHQWH HV PiV FRQILDEOH FXDQGR VRQ HIHFWLYRV ORV FRQWUROHV UHODFLRQDGRV LPSXHVWRV SRU OD HQWLGDG /D HYLGHQFLD GH DXGLWRUtD TXH VH REWLHQH GLUHFWDPHQWH SRU HO DXGLWRU SRU HMHPSOR REVHUYDFLyQ GH OD DSOLFDFLyQ GH XQ FRQWURO HV PiV FRQILDEOH TXH OD HYLGHQFLD GH DXGLWRUtD TXH VH REWLHQH GH PDQHUD LQGLUHFWD R SRU LQIHUHQFLD SRU HMHPSOR LQYHVWLJDFLyQ VREUH OD DSOLFDFLyQGHXQFRQWURO /D HYLGHQFLD GH DXGLWRUtD HV PiV FRQILDEOH FXDQGR H[LVWH HQ IRUPD GRFXPHQWDO\DVHDHQSDSHOHQIRUPDHOHFWUyQLFDRHQRWURPHGLRSRU 9pDVHDQH[R)DFWRUHVMXVWLILFDWLYRVGHFRQYHUJHQFLD 1$ (9,'(1&,$'($8',725Ë$ HMHPSOR XQ UHJLVWUR HVFULWR HQ HO PRPHQWR GH XQD UHXQLyQ HV PiV FRQILDEOH TXH XQD UHSUHVHQWDFLyQ RUDO SRVWHULRU GH ORV DVXQWRV TXH VH GLVFXWLHURQ /DHYLGHQFLD GH DXGLWRUtDTXH SURSRUFLRQDQ ORVGRFXPHQWRVRULJLQDOHVHV PiVFRQILDEOHTXHODREWHQLGDHQIRWRFRSLDVRIDFVtPLOHV 8QD DXGLWRUtD UDUD YH] LPSOLFD OD DXWHQWLILFDFLyQ GH GRFXPHQWRV \ HO DXGLWRU QR HVWi HQWUHQDGR FyPR QL VH HVSHUD TXH VHD XQ H[SHUWR HQ GLFKD DXWHQWLILFDFLyQ 6LQ HPEDUJR HO DXGLWRU FRQVLGHUD OD FRQILDELOLGDG GH OD LQIRUPDFLyQ TXH VH YD D XVDU FRPR HYLGHQFLD GH DXGLWRUtD SRU HMHPSOR IRWRFRSLDVIDFVtPLOHVGRFXPHQWRVILOPDGRVGLJLWDOL]DGRVRHOHFWUyQLFRVGH DOJ~Q RWUR WLSR LQFOX\HQGR FRQVLGHUDFLRQHV GH ORV FRQWUROHV VREUH VX SUHSDUDFLyQ\PDQWHQLPLHQWRFXDQGRVHDQUHOHYDQWHV &XDQGR HO DXGLWRU SDUD GHVHPSHxDU SURFHGLPLHQWRV GH DXGLWRUtD XVD LQIRUPDFLyQSURGXFLGDSRUODHQWLGDGHODXGLWRUGHEHUiREWHQHUHYLGHQFLDGH DXGLWRUtD VREUH OD H[DFWLWXG H LQWHJULGDG GH OD LQIRUPDFLyQ 3DUD TXH HO DXGLWRUREWHQJDHYLGHQFLDGHDXGLWRUtDFRQILDEOHODLQIRUPDFLyQHQODTXHVH EDVDQORVSURFHGLPLHQWRVGHDXGLWRUtDQHFHVLWDVHUVXILFLHQWHPHQWHFRPSOHWD\ H[DFWD 3RU HMHPSOR FXDQGR DXGLWD LQJUHVRV DSOLFDQGR SUHFLRV HVWiQGDU D UHJLVWURV GH YROXPHQ GH YHQWDV HO DXGLWRU FRQVLGHUD OD H[DFWLWXG GH OD LQIRUPDFLyQ VREUH SUHFLRV \ OD LQWHJULGDG \ H[DFWLWXG GH ORV GDWRV GH YRO~PHQHV GH YHQWDV 2EWHQHU HYLGHQFLD GH DXGLWRUtD VREUH OD LQWHJULGDG \ H[DFWLWXG GH OD LQIRUPDFLyQ SURGXFLGD SRU HO VLVWHPD GH LQIRUPDFLyQ GH OD HQWLGDGSXHGHKDFHUVHMXQWRFRQHOSURFHGLPLHQWRUHDOGHDXGLWRUtDDSOLFDGRD ODLQIRUPDFLyQFXDQGRREWHQHUGLFKDHYLGHQFLDGHDXGLWRUtDHVSDUWHLQWHJUDO GHOSURFHGLPLHQWRGHDXGLWRUtDPLVPR(QRWUDVVLWXDFLRQHVHODXGLWRUSXHGH KDEHU REWHQLGR HYLGHQFLD GH DXGLWRUtD GH OD H[DFWLWXG H LQWHJULGDG GH HVWD LQIRUPDFLyQ KDFLHQGR SUXHEDV D ORV FRQWUROHV VREUH OD SURGXFFLyQ \ PDQWHQLPLHQWR GH OD LQIRUPDFLyQ 6LQ HPEDUJR HQ DOJXQDV VLWXDFLRQHV HO DXGLWRU SXHGH GHWHUPLQDU TXH VH QHFHVLWDQ SURFHGLPLHQWRV DGLFLRQDOHV GH DXGLWRUtDeVWRVSRUHMHPSORSXHGHQLQFOXLUXVDU7pFQLFDVGH$XGLWRUtDFRQ $\XGDGH&RPSXWDGRUD7$$&VSDUDYROYHUDFDOFXODUODLQIRUPDFLyQ (ODXGLWRURUGLQDULDPHQWH FRQVLJXHPiVVHJXULGDGGH ODHYLGHQFLDFRQVLVWHQWH GHDXGLWRUtDTXHREWLHQHGHGLIHUHQWHVIXHQWHVRGHGLIHUHQWHQDWXUDOH]DTXH GH ODV SDUWLGDV GH HYLGHQFLD GH DXGLWRUtD FRQVLGHUDGDV LQGLYLGXDOPHQWH $GHPiV REWHQHU HYLGHQFLD GH DXGLWRUtD GH GLIHUHQWHV IXHQWHV R GH GLIHUHQWH QDWXUDOH]DSXHGHLQGLFDUTXHXQDSDUWLGDLQGLYLGXDOGHHYLGHQFLDGHDXGLWRUtD QR HV FRQILDEOH 3RU HMHPSOR FRUURERUDU LQIRUPDFLyQ TXH VH REWLHQH GH XQD IXHQWHLQGHSHQGLHQWHGHODHQWLGDGSXHGHDXPHQWDUODVHJXULGDGTXHREWLHQHHO DXGLWRU GH XQD UHSUHVHQWDFLyQ GH OD DGPLQLVWUDFLyQ $ OD LQYHUVD FXDQGR OD HYLGHQFLDGH DXGLWRUtD TXH VH REWLHQH GH XQD IXHQWH HV LQFRQVLVWHQWH FRQ OD REWHQLGDGH RWUDIXHQWHHO DXGLWRU GHWHUPLQD TXp SURFHGLPLHQWRVDGLFLRQDOHV GHDXGLWRUtDVRQQHFHVDULRVSDUDUHVROYHUODIDOWDGHFRQVLVWHQFLD (O DXGLWRU FRQVLGHUD OD UHODFLyQ HQWUH HO FRVWR GH REWHQHU HYLGHQFLD GH DXGLWRUtD \ OD XWLOLGDG GH OD LQIRUPDFLyQ TXH VH FRQVLJXH 6LQ HPEDUJR HO WHPDLPSOLFDGRGHGLILFXOWDGRJDVWRQRHVHQVtXQDEDVHYiOLGDSDUDRPLWLU XQSURFHGLPLHQWRGHDXGLWRUtDSDUDHOTXHQRKD\DOWHUQDWLYD $OIRUPDUVHODRSLQLyQGHDXGLWRUtDHODXGLWRUQRH[DPLQDWRGDODLQIRUPDFLyQ GLVSRQLEOHSRUTXHRUGLQDULDPHQWHVHSXHGHOOHJDUDFRQFOXVLRQHVFRQpOXVRGH HQIRTXHV GH PXHVWUHR \ RWURV PHGLRV GH VHOHFFLyQ GH SDUWLGDV SDUD SUXHEDV 7DPELpQ HO DXGLWRURUGLQDULDPHQWHHQFXHQWUD QHFHVDULRDSR\DUVHHQHYLGHQFLD GHDXGLWRUtDTXHVHDSHUVXDVLYDPiVTXHFRQFOXVLYDVLQHPEDUJRSDUDREWHQHU 9pDVHDQH[R)DFWRUHVMXVWLILFDWLYRVGHFRQYHUJHQFLD 1$ (9,'(1&,$'($8',725Ë$ VHJXULGDG UD]RQDEOH HO DXGLWRU QR VH GD SRU VDWLVIHFKR FRQ HYLGHQFLD GH (ODXGLWRUXVDHOMXLFLRSURIHVLRQDO DXGLWRUtDTXHVHDPHQRVTXHSHUVXDVLYD \ HMHUFH HO HVFHSWLFLVPR SURIHVLRQDO DO HYDOXDU OD FDQWLGDG DVt FRPR OD FDOLGDGGHODHYLGHQFLDGHDXGLWRUtD\DVtVXVXILFLHQFLD\SURSLHGDGSDUD VRSRUWDUODRSLQLyQGHDXGLWRUtD (O XVR GH DVHYHUDFLRQHV SDUD REWHQHU HYLGHQFLD GH DXGLWRUtD /D DGPLQLVWUDFLyQ HV UHVSRQVDEOH SRU OD SUHVHQWDFLyQ UD]RQDEOH GH HVWDGRV ILQDQFLHURV TXH UHIOHMHQ OD QDWXUDOH]D \ RSHUDFLRQHV GH OD HQWLGDG $O UHSUHVHQWDU TXH ORV HVWDGRV ILQDQFLHURV GDQ XQ SXQWR GH YLVWD YHUGDGHUR \ UD]RQDEOHRVHSUHVHQWDQUD]RQDEOHPHQWHUHVSHFWRGHWRGRORLPSRUWDQWHGH DFXHUGR FRQ HO PDUFR GH UHIHUHQFLD GH LQIRUPDFLyQ ILQDQFLHUD DSOLFDEOH OD DGPLQLVWUDFLyQ GH PRGR LPSOtFLWR R H[SOtFLWR KDFH DVHYHUDFLRQHV UHVSHFWR GHO UHFRQRFLPLHQWR YDOXDFLyQ SUHVHQWDFLyQ \ UHYHODFLyQ GH ORV GLYHUVRV HOHPHQWRVGHORVHVWDGRVILQDQFLHURV\UHYHODFLRQHVUHODFLRQDGDV (ODXGLWRUGHEHUiXVDUDVHYHUDFLRQHVSDUDFODVHVGHWUDQVDFFLRQHVVDOGRVGH FXHQWDV\SUHVHQWDFLyQ\UHYHODFLRQHVHQVXILFLHQWHGHWDOOHSDUDIRUPDUXQD EDVH SDUD OD HYDOXDFLyQ GH ORV ULHVJRV GH UHSUHVHQWDFLyQ HUUyQHD GH LPSRUWDQFLD UHODWLYD \ SDUD HO GLVHxR \ GHVHPSHxR GH SURFHGLPLHQWRV DGLFLRQDOHV GH DXGLWRUtD (O DXGLWRU XVD DVHYHUDFLRQHV SDUD HYDOXDU ORV ULHVJRV DO FRQVLGHUDU ORV GLIHUHQWHV WLSRV GH SRWHQFLDOHV UHSUHVHQWDFLRQHV HUUyQHDV TXH SXHGDQ RFXUULU \ GH DKt GLVHxDU SURFHGLPLHQWRV GH DXGLWRUtD TXH UHVSRQGDQ D ORV ULHVJRV HYDOXDGRV 2WUDV 1$V GLVFXWHQ VLWXDFLRQHV HVSHFtILFDV GRQGH VH UHTXLHUH DO DXGLWRU TXH REWHQJD HYLGHQFLD GH DXGLWRUtD DOQLYHOGHDVHYHUDFLyQ /DV DVHYHUDFLRQHV TXH XVD HO DXGLWRU FDHQ GHQWUR GH ODV VLJXLHQWHV FDWHJRUtDV D $VHYHUDFLRQHV VREUH FODVHV GH WUDQVDFFLRQHV \ HYHQWRV SRU HO SHULRGR TXHVHDXGLWD L 2FXUUHQFLD ² ODV WUDQVDFFLRQHV \ HYHQWRV TXH VH KDQ UHJLVWUDGR KDQRFXUULGR\FRUUHVSRQGHQDODHQWLGDG LL ,QWHJULGDG FRPSOHWLWXG² VH KDQ UHJLVWUDGR WRGDV WUDQVDFFLRQHV\HYHQWRVTXHGHELHUDQKDEHUVHUHJLVWUDGR ODV LLL([DFWLWXG ² ODV FDQWLGDGHV \ RWURV GDWRV UHODWLYRV D ODV WUDQVDFFLRQHV \ HYHQWRV UHJLVWUDGRV VHKDQUHJLVWUDGR GHPDQHUD DSURSLDGD LY &RUWHFLHUUH²ODVWUDQVDFFLRQHV\HYHQWRVVHKDQUHJLVWUDGRHQ HOHMHUFLFLRFRQWDEOHFRUUHFWR Y &ODVLILFDFLyQ²ODVWUDQVDFFLRQHV\HYHQWRVVHKDQUHJLVWUDGRHQ ODVFXHQWDVDSURSLDGDV E $VHYHUDFLRQHVVREUHVDOGRVGHFXHQWDVDOILQDOGHOHMHUFLFLR /RV SiUUDIRV GH OD 1$ 2EMHWLYR \ 3ULQFLSLRV *HQHUDOHV TXH *RELHUQDQ XQD $XGLWRUtD GH (VWDGRV )LQDQFLHURV SURSRUFLRQDQ XQD GLVFXVLyQ VREUH OD VHJXULGDG UD]RQDEOH HQ FXDQWR D VX UHODFLyQ FRQ XQD DXGLWRUtDGHHVWDGRVILQDQFLHURV 9pDVHDQH[R)DFWRUHVMXVWLILFDWLYRVGHFRQYHUJHQFLD 1$ (9,'(1&,$'($8',725Ë$ L ([LVWHQFLD ² ORV DFWLYRV SDVLYRV H LQWHUHVHV GH SDUWLFLSDFLyQ H[LVWHQ LL 'HUHFKRV \ REOLJDFLRQHV ² OD HQWLGDG SRVHH R FRQWUROD ORV GHUHFKRV D ORV DFWLYRV \ ORV SDVLYRV VRQ REOLJDFLRQHV GH OD HQWLGDG LLL,QWHJULGDG FRPSOHWLWXG² VH KDQ UHJLVWUDGR WRGRV ORV DFWLYRV SDVLYRV H LQWHUHVHV GH SDUWLFLSDFLyQ TXH GHELHUDQ KDEHUVH UHJLVWUDGR LY 9DOXDFLyQ \ DVLJQDFLyQ ² ORV DFWLYRV SDVLYRV H LQWHUHVHV GH SDUWLFLSDFLyQ VH LQFOX\HQ HQ ORV HVWDGRV ILQDQFLHURV SRU ORV PRQWRV DSURSLDGRV \ FXDOHVTXLHU DMXVWHV GH YDOXDFLyQ R DVLJQDFLyQUHVXOWDQWHVVHUHJLVWUDQGHPDQHUDDSURSLDGD F $VHYHUDFLRQHVVREUHSUHVHQWDFLyQ\UHYHODFLyQ L 2FXUUHQFLD \ GHUHFKRV \ REOLJDFLRQHV ² ORV HYHQWRV WUDQVDFFLRQHV \ RWURV DVXQWRV UHYHODGRV KDQ RFXUULGR \ FRUUHVSRQGHQDODHQWLGDG LL ,QWHJULGDG²VHKDQLQFOXLGRWRGDVODVUHYHODFLRQHVTXHGHELHUDQ KDEHUVHLQFOXLGRHQORVHVWDGRVILQDQFLHURV LLL&ODVLILFDFLyQ\ FRPSUHQVLELOLGDG ² OD LQIRUPDFLyQILQDQFLHUDVH SUHVHQWD \ GHVFULEH GH PDQHUD DSURSLDGD \ ODV UHYHODFLRQHV VH H[SUHVDQFRQFODULGDG LY ([DFWLWXG\YDOXDFLyQ²ODLQIRUPDFLyQILQDQFLHUD\GHRWURWLSR VHUHYHODQUD]RQDEOHPHQWH\SRUVXVPRQWRVDSURSLDGRV (O DXGLWRU SXHGH XVDU ODV DVHYHUDFLRQHV VHJ~Q VH GHVFULEH DQWHV R SXHGH H[SUHVDUODVGHPDQHUDGLIHUHQWHVLHPSUH\FXDQGRVHKD\DQFXELHUWRWRGRVORV DVSHFWRVDQWHVGHVFULWRV3RUHMHPSORHODXGLWRUSXHGHHVFRJHUFRPELQDUODV DVHYHUDFLRQHV VREUH WUDQVDFFLRQHV \ HYHQWRV FRQ ODV DVHYHUDFLRQHV VREUH VDOGRVGHFXHQWDV2WURHMHPSORSXHGHQRKDEHUXQDDVHYHUDFLyQSRUVHSDUDGR UHODFLRQDGD FRQ HO FRUWH GH ODV WUDQVDFFLRQHV \ HYHQWRV FXDQGR ODV DVHYHUDFLRQHVGHRFXUUHQFLDHLQWHJULGDGLQFOX\HQXQDFRQVLGHUDFLyQDSURSLDGD GHOUHJLVWURGHODVWUDQVDFFLRQHVHQHOHMHUFLFLRFRQWDEOHFRUUHFWR 3URFHGLPLHQWRV GH DXGLWRUtD SDUD REWHQHU HYLGHQFLD GH DXGLWRUtD (O DXGLWRU REWLHQH HYLGHQFLD GH DXGLWRUtD SDUD OOHJDU D FRQFOXVLRQHV UD]RQDEOHVHQODVFXDOHVEDVDUODRSLQLyQGHDXGLWRUtDPHGLDQWHHOGHVHPSHxR GHSURFHGLPLHQWRVGHDXGLWRUtDSDUD D 2EWHQHU XQ HQWHQGLPLHQWR GH OD HQWLGDG \ VX HQWRUQR LQFOX\HQGR VX FRQWUROLQWHUQRSDUDHYDOXDUORVULHVJRVGHUHSUHVHQWDFLyQHUUyQHDGH LPSRUWDQFLD UHODWLYD D ORV QLYHOHV GH HVWDGR ILQDQFLHUR \ GH DVHYHUDFLyQORVSURFHGLPLHQWRVGHDXGLWRUtDGHVHPSHxDGRVSDUDHVWHILQ VHFLWDQHQODV1$VFRPR³SURFHGLPLHQWRVGHHYDOXDFLyQGHOULHVJR´ E &XDQGRVHDQHFHVDULRRFXDQGRHODXGLWRUKD\DGHWHUPLQDGRKDFHUORDVt KDFHU SUXHEDV GH OD HIHFWLYLGDG RSHUDWLYD GH ORV FRQWUROHV SDUD SUHYHQLU R GHWHFWDU \ FRUUHJLU UHSUHVHQWDFLRQHV HUUyQHDV GH LPSRUWDQFLD UHODWLYD DO QLYHO GH DVHYHUDFLyQ ORV SURFHGLPLHQWRV GH 1$ (9,'(1&,$'($8',725Ë$ DXGLWRUtDGHVHPSHxDGRVSDUDHVWHILQVHFLWDQHQODV1$VFRPR³SUXHEDV GHFRQWUROHV´\ F 'HWHFWDUUHSUHVHQWDFLRQHVHUUyQHDVGHLPSRUWDQFLDUHODWLYDDOQLYHOGH DVHYHUDFLyQORVSURFHGLPLHQWRVGHDXGLWRUtDGHVHPSHxDGRVSDUDHVWHILQ VH FLWDQ HQ ODV 1$V FRPR ³SURFHGLPLHQWRV VXVWDQWLYRV´ H LQFOX\HQ SUXHEDV GH GHWDOOHV GH FODVHV GH WUDQVDFFLRQHV VDOGRV GH FXHQWDV \ UHYHODFLRQHV\SURFHGLPLHQWRVVXVWDQWLYRVDQDOtWLFRV (O DXGLWRU VLHPSUH GHVHPSHxD SURFHGLPLHQWRV GH HYDOXDFLyQ GHO ULHVJR FRQ HO REMHWR GH GDU XQD EDVH VDWLVIDFWRULD SDUD OD HYDOXDFLyQ GH ULHVJRV D ORV QLYHOHV GH HVWDGR ILQDQFLHUR \ GH DVHYHUDFLyQ 6LQ HPEDUJR ORV SURFHGLPLHQWRV GH HYDOXDFLyQ GHO ULHVJR SRU Vt PLVPRV QR GDQ HYLGHQFLD VXILFLHQWH DSURSLDGD GH DXGLWRUtD HQ OD FXDO EDVDU OD RSLQLyQ GH DXGLWRUtD 6H VXSOHPHQWDQ FRQ SURFHGLPLHQWRV DGLFLRQDOHV GH DXGLWRUtD HQ IRUPD GH SUXHEDVGHFRQWUROHVFXDQGRVHDQHFHVDULR\GHSURFHGLPLHQWRVVXVWDQWLYRV /DV SUXHEDV GH FRQWUROHV VRQ QHFHVDULDV HQ GRV FLUFXQVWDQFLDV &XDQGR OD HYDOXDFLyQ GHO ULHVJR SRU HO DXGLWRU LQFOX\H XQD H[SHFWDWLYD GH OD HIHFWLYLGDG RSHUDWLYD GH ORV FRQWUROHV VH UHTXLHUH TXH HO DXGLWRU SUXHEH GLFKRV FRQWUROHV SDUD VRSRUWDU OD HYDOXDFLyQ GHO ULHVJR $GHPiV FXDQGR ORV SURFHGLPLHQWRV VXVWDQWLYRV VRORV QR GDQ HYLGHQFLD VXILFLHQWH DSURSLDGD GH DXGLWRUtD VH UHTXLHUH TXH HO DXGLWRU GHVHPSHxH SUXHEDV GH FRQWUROHV SDUD REWHQHUHYLGHQFLDGHDXGLWRUtDVREUHVXHIHFWLYLGDGRSHUDWLYD (O DXGLWRU SODQHD \ GHVHPSHxD SURFHGLPLHQWRV VXVWDQWLYRV TXH UHVSRQGDQ D OD HYDOXDFLyQ UHODFLRQDGD GH ORV ULHVJRV GH UHSUHVHQWDFLyQ HUUyQHD GH LPSRUWDQFLD UHODWLYD TXH LQFOX\HQ ORV UHVXOWDGRV GH ODV SUXHEDV GH FRQWUROHV VL ODV KD\ 6LQ HPEDUJR OD HYDOXDFLyQ GHO ULHVJR SRU HO DXGLWRU HVXQFDVRGHMXLFLR\SXHGHQRVHUVXILFLHQWHPHQWHSUHFLVDSDUDLGHQWLILFDU WRGRV ORV ULHVJRV GHUHSUHVHQWDFLyQ HUUyQHDGHLPSRUWDQFLDUHODWLYD$GHPiV KD\ OLPLWDFLRQHV LQKHUHQWHV DO FRQWURO LQWHUQR LQFOX\HQGR HO ULHVJR GH TXH ODDGPLQLVWUDFLyQORVREUHSDVHODSRVLELOLGDGGHHUURUKXPDQR\HOHIHFWRGH FDPELRV HQ ORV VLVWHPDV 3RU OR WDQWR VLHPSUH VH UHTXLHUHQ SURFHGLPLHQWRV VXVWDQWLYRV SDUD FODVHV LPSRUWDQWHV GH WUDQVDFFLRQHV VDOGRV GH FXHQWDV \ UHYHODFLRQHVSDUDREWHQHUHYLGHQFLDVXILFLHQWHDSURSLDGDGHDXGLWRUtD (O DXGLWRU XVD XQR R PiV WLSRV GH ORV SURFHGLPLHQWRV GH DXGLWRUtD TXH VH GHVFULEHQ PiV DGHODQWH HQ ORV SiUUDIRV (VWRV SURFHGLPLHQWRV GH DXGLWRUtD R FRPELQDFLRQHV GH ORV PLVPRV SXHGHQ XVDUVH FRPR SURFHGLPLHQWRV GHHYDOXDFLyQ GHO ULHVJR SUXHEDV GHFRQWUROHVRSURFHGLPLHQWRV VXVWDQWLYRV GHSHQGLHQGR GHO FRQWH[WR HQ TXH VH DSOLTXHQ SRU HO DXGLWRU (Q FLHUWDV FLUFXQVWDQFLDV OD HYLGHQFLD GH DXGLWRUtD TXH VH REWLHQH GH DXGLWRUtDV DQWHULRUHV SXHGH GDU QXHYD HYLGHQFLD FXDQGR HO DXGLWRU GHVHPSHxH SURFHGLPLHQWRVGHDXGLWRUtDSDUDHVWDEOHFHUTXHVLJXHVLHQGRUHOHYDQWH /D QDWXUDOH]D \ RSRUWXQLGDG GH ORVSURFHGLPLHQWRVGH DXGLWRUtD TXH VH YDQ D XVDUSXHGHVHUDIHFWDGDSRUHOKHFKRGHTXHDOJXQRVGHORVGDWRVFRQWDEOHV\ RWUD LQIRUPDFLyQ SXHGHQ HVWDU GLVSRQLEOHV HQ IRUPD HOHFWUyQLFD R VyOR HQ FLHUWRVPRPHQWRVRSHULRGRVGHWLHPSR/RVGRFXPHQWRVIXHQWHFRPRyUGHQHVGH FRPSUD WDORQHV GH HPEDUTXH IDFWXUDV \ FKHTXHV SXHGHQ VXVWLWXLUVH FRQ PHQVDMHV HOHFWUyQLFRV 3RU HMHPSOR ODV HQWLGDGHV SXHGHQ XVDU FRPHUFLR HOHFWUyQLFR R VLVWHPDV GH SURFHVDPLHQWR GH LPDJHQ (Q HO FRPHUFLR HOHFWUyQLFR OD HQWLGDG \ VXV FOLHQWHV R SURYHHGRUHV XVDQ FRPSXWDGRUDV FRQHFWDGDV D XQD UHG S~EOLFD FRPR ,QWHUQHW SDUD KDFHU WUDQVDFFLRQHV GH QHJRFLRV HQ IRUPD HOHFWUyQLFD /DV WUDQVDFFLRQHV GH FRPSUD HPEDUTXH IDFWXUDFLyQUHFLERGHHIHFWLYR\GHVHPEROVRGHHIHFWLYRDPHQXGRVHFRQVXPDQ WRWDOPHQWH SRU HO LQWHUFDPELR GH PHQVDMHV HOHFWUyQLFRV HQWUH ODV SDUWHV (Q VLVWHPDVGHSURFHVDPLHQWRGHLPDJHQORVGRFXPHQWRVVHHVFDQHDQ\FRQYLHUWHQ HQLPiJHQHVHOHFWUyQLFDVSDUDIDFLOLWDUVXDOPDFHQDPLHQWR\UHIHUHQFLD\ORV GRFXPHQWRV IXHQWH SXHGHQ QR FRQVHUYDUVH GHVSXpV GH OD FRQYHUVLyQ &LHUWD LQIRUPDFLyQHOHFWUyQLFDSXHGHH[LVWLUHQXQFLHUWRPRPHQWR6LQHPEDUJRHVD 1$ (9,'(1&,$'($8',725Ë$ LQIRUPDFLyQ SXHGH QR VHU UHFXSHUDEOH GHVSXpV GH XQ SHULRGR HVSHFtILFR GH WLHPSR VL VH FDPELDQ ORV DUFKLYRV \ VL QR H[LVWHQ DOJXQRV GH UHVSDOGR /DV SROtWLFDVGHUHWHQFLyQGHGDWRVGHXQDHQWLGDGSXHGHQUHTXHULUTXHHODXGLWRU VROLFLWH OD UHWHQFLyQ GH DOJXQD LQIRUPDFLyQ SDUD VX UHYLVLyQ R SDUD GHVHPSHxDUSURFHGLPLHQWRVGHDXGLWRUtDHQXQWLHPSRHQTXHHVWpGLVSRQLEOHOD LQIRUPDFLyQ &XDQGR OD LQIRUPDFLyQ HVWi HQ IRUPD HOHFWUyQLFD HO DXGLWRU SXHGH OOHYDU D FDER FLHUWRV SURFHGLPLHQWRV GH DXGLWRUtD GH ORV GHVFULWRV PiV DGHODQWH D WUDYpVGH7$$&V ,QVSHFFLyQGHUHJLVWURVRGRFXPHQWRV /DLQVSHFFLyQFRQVLVWHHQH[DPLQDUUHJLVWURVRGRFXPHQWRV\DVHDQLQWHUQRVR H[WHUQRVHQIRUPDLPSUHVDHOHFWUyQLFDRHQRWURVPHGLRV/DLQVSHFFLyQGH UHJLVWURV\GRFXPHQWRVSURSRUFLRQDHYLGHQFLDGHDXGLWRUtDGHJUDGRVYDULDEOHV GH FRQILDELOLGDG GHSHQGLHQGR GH VX QDWXUDOH]D \ IXHQWH \ HQ HO FDVR GH UHJLVWURV\GRFXPHQWRVLQWHUQRVGHODHIHFWLYLGDGGHORVFRQWUROHVVREUHVX SURGXFFLyQ 8Q HMHPSOR GH LQVSHFFLyQ XVDGD FRPR SUXHED GH FRQWUROHV HV OD LQVSHFFLyQGHUHJLVWURVRGRFXPHQWRVSDUDHYLGHQFLDGHDXWRUL]DFLyQ $OJXQRV GRFXPHQWRV UHSUHVHQWDQ HYLGHQFLD GLUHFWD GH DXGLWRUtD GH OD H[LVWHQFLD GH XQ DFWLYR SRU HMHPSOR XQ GRFXPHQWR TXH FRQVWLWX\H XQ LQVWUXPHQWR ILQDQFLHUR FRPR XQD DFFLyQ R XQ ERQR /D LQVSHFFLyQ GH HVRV GRFXPHQWRV SXHGHQRQHFHVDULDPHQWHSURSRUFLRQDUHYLGHQFLD GH DXGLWRUtDVREUH ODSURSLHGDGRHOYDORU$GHPiVLQVSHFFLRQDUXQFRQWUDWRHMHFXWDGRSXHGHGDU HYLGHQFLD GH DXGLWRUtD UHOHYDQWH SDUD OD DSOLFDFLyQ GH SROtWLFDV FRQWDEOHV SRUODHQWLGDGFRPRUHFRQRFLPLHQWRGHLQJUHVRV ,QVSHFFLyQGHDFWLYRVWDQJLEOHV /DLQVSHFFLyQGHDFWLYRVWDQJLEOHVFRQVLVWHGHOH[DPHQItVLFRGHORVDFWLYRV /DLQVSHFFLyQ GHDFWLYRVWDQJLEOHVSXHGHSURSRUFLRQDU HYLGHQFLD GHDXGLWRUtD FRQILDEOH UHVSHFWR GH VX H[LVWHQFLD SHUR QR QHFHVDULDPHQWH VREUH ORV GHUHFKRV \ REOLJDFLRQHV R OD YDOXDFLyQ GH ORV DFWLYRV /D LQVSHFFLyQ GH SDUWLGDV LQGLYLGXDOHV GH LQYHQWDULR RUGLQDULDPHQWH DFRPSDxD DODREVHUYDFLyQ GHOFRQWHRGHLQYHQWDULR 2EVHUYDFLyQ /D REVHUYDFLyQ FRQVLVWH HQ REVHUYDU XQ SURFHVR R SURFHGLPLHQWR TXH VH GHVHPSHxD SRU RWURV /RV HMHPSORV LQFOX\HQ REVHUYDFLyQ GHO FRQWHR GH LQYHQWDULRV SRU SHUVRQDO GH OD HQWLGDG \ REVHUYDFLyQ GHO GHVHPSHxR GH DFWLYLGDGHV GH FRQWURO /D REVHUYDFLyQ SURSRUFLRQD HYLGHQFLD GH DXGLWRUtD VREUHHO GHVHPSHxR GH XQ SURFHVRR SURFHGLPLHQWR SHUR HVWi OLPLWDGD SRU HO PRPHQWR HQ TXH WLHQH OXJDU OD REVHUYDFLyQ \ SRU HO KHFKR GH TXH HO DFWR GH VHU REVHUYDGR SXHGH DIHFWDU OD PDQHUD HQ OD FXDO VH GHVHPSHxD HO SURFHVR R SURFHGLPLHQWR 9HU OD 1$ (YLGHQFLD GH $XGLWRUtD ² &RQVLGHUDFLRQHV $GLFLRQDOHV SDUD3DUWLGDV (VSHFtILFDVSDUDRWUDV JXtDV VREUH ODREVHUYDFLyQ GHOFRQWHRGHLQYHQWDULR ,QYHVWLJDFLyQ /DLQYHVWLJDFLyQFRQVLVWH HQEXVFDU LQIRUPDFLyQ GHSHUVRQDV ELHQLQIRUPDGDV WDQWR HQ OR ILQDQFLHUR FRPR HQ OR QR ILQDQFLHUR HQ OD HQWLGDG R IXHUD GH HOOD/DLQYHVWLJDFLyQHVXQSURFHGLPLHQWRGHDXGLWRUtDTXHVHXVDGHPDQHUD H[WHQVD HQ WRGD OD DXGLWRUtD \ D PHQXGR HV FRPSOHPHQWDULD DO GHVHPSHxR GH RWURV SURFHGLPLHQWRV GH DXGLWRUtD /DV LQYHVWLJDFLRQHV SXHGHQ LU GHVGH LQYHVWLJDFLRQHVIRUPDOHVSRUHVFULWRKDVWDLQYHVWLJDFLRQHVRUDOHVLQIRUPDOHV (YDOXDU ODV UHVSXHVWDV D ODV LQYHVWLJDFLRQHV HV XQD SDUWH LQWHJUDO GHO SURFHVRGHLQYHVWLJDFLyQ 1$ (9,'(1&,$'($8',725Ë$ /DV UHVSXHVWDV D ODV LQYHVWLJDFLRQHV LQGDJDFLRQHV SXHGHQ GDU DO DXGLWRU LQIRUPDFLyQ TXH QR WHQtD DQWHV R FRQ HYLGHQFLD GH DXGLWRUtD TXH VLUYH SDUD FRUURERUDU 'H PRGR DOWHUQDWLYR ODV UHVSXHVWDV SRGUtDQ GDU LQIRUPDFLyQ TXH GLILHUD GH PDQHUD LPSRUWDQWH GH RWUD LQIRUPDFLyQ TXH HO DXGLWRU KD\D REWHQLGR SRU HMHPSOR LQIRUPDFLyQ UHVSHFWR GH OD SRVLELOLGDG GH TXH OD DGPLQLVWUDFLyQ KD\D VREUHSDVDGR ORV FRQWUROHV (Q DOJXQRV FDVRV ODV UHVSXHVWDV D ODV LQYHVWLJDFLRQHV SURSRUFLRQDQ XQD EDVH SDUD TXH HO DXGLWRU PRGLILTXHRGHVHPSHxHSURFHGLPLHQWRVDGLFLRQDOHVGHDXGLWRUtD (O DXGLWRU GHVHPSHxD SURFHGLPLHQWRV GH DXGLWRUtD DGHPiV GHO XVR GH LQYHVWLJDFLyQ SDUD REWHQHU HYLGHQFLD VXILFLHQWH DSURSLDGD GH DXGLWRUtD /D LQYHVWLJDFLyQ VROD RUGLQDULDPHQWH QR GD VXILFLHQWH HYLGHQFLD GH DXGLWRUtD SDUDGHWHFWDUXQDUHSUHVHQWDFLyQHUUyQHDGHLPSRUWDQFLDUHODWLYDDOQLYHOGH DVHYHUDFLyQ 0iV D~Q OD LQYHVWLJDFLyQ VROD QR HV VXILFLHQWH SDUD SUREDU OD HIHFWLYLGDGRSHUDWLYDGHORVFRQWUROHV $XQTXH OD FRUURERUDFLyQ GH OD HYLGHQFLD REWHQLGD PHGLDQWH LQYHVWLJDFLyQ D PHQXGR HV GH SDUWLFXODU LPSRUWDQFLD HQ HO FDVR GH LQYHVWLJDFLRQHV VREUH LQWHQFLRQHV GHOD DGPLQLVWUDFLyQ ODLQIRUPDFLyQGLVSRQLEOH SDUDVRSRUWDU OD LQWHQFLyQ GH OD DGPLQLVWUDFLyQ SXHGH VHU OLPLWDGD (Q HVWRV FDVRV HO HQWHQGLPLHQWRGHODKLVWRULDSDVDGDGHODDGPLQLVWUDFLyQHQFXDQWRDOOHYDUD FDER VXV LQWHQFLRQHV GHFODUDGDV UHVSHFWR GH DFWLYRV R SDVLYRV ODV UD]RQHV GHFODUDGDVSRUODDGPLQLVWUDFLyQSDUDGHFLGLUXQSDUWLFXODUFXUVRGHDFFLyQ\ OD FDSDFLGDG GH OD DGPLQLVWUDFLyQ GH VHJXLU XQ FXUVR HVSHFtILFR GH DFFLyQ SXHGHEULQGDULQIRUPDFLyQUHOHYDQWHVREUHODLQWHQFLyQGHODDGPLQLVWUDFLyQ (QFXDQWRDRWURVDVXQWRVHODXGLWRUREWLHQHUHSUHVHQWDFLRQHVHVFULWDVGHOD DGPLQLVWUDFLyQ SDUD FRQILUPDU ODV UHVSXHVWDV D ODV LQYHVWLJDFLRQHV RUDOHV 3RU HMHPSOR HO DXGLWRU RUGLQDULDPHQWH REWLHQH UHSUHVHQWDFLRQHV SRU HVFULWR GH OD DGPLQLVWUDFLyQ VREUH DVXQWRV GH LPSRUWDQFLD UHODWLYD FXDQGR QR SXHGH HVSHUDUVH UD]RQDEOHPHQWH TXH H[LVWD RWUD HYLGHQFLD VXILFLHQWH DSURSLDGD GH DXGLWRUtDRFXDQGRODRWUDHYLGHQFLDGHDXGLWRUtDTXHVHREWLHQHHVGHPHQRU FDOLGDG9HUOD1$5HSUHVHQWDFLRQHVGHOD$GPLQLVWUDFLyQSDUDPiVJXtDV VREUHODVUHSUHVHQWDFLRQHVSRUHVFULWR &RQILUPDFLyQ /DFRQILUPDFLyQTXHHVXQWLSRHVSHFtILFRGHLQYHVWLJDFLyQHVHOSURFHVRGH REWHQHU XQD UHSUHVHQWDFLyQ GH LQIRUPDFLyQ R GH XQD FRQGLFLyQ H[LVWHQWH GLUHFWDPHQWHGHXQWHUFHUR3RUHMHPSORHODXGLWRUSXHGHEXVFDUFRQILUPDFLyQ GLUHFWD GH FXHQWDV SRU FREUDU SRU FRPXQLFDFLyQ FRQ ORV GHXGRUHV /DV FRQILUPDFLRQHVIUHFXHQWHPHQWHVHXVDQHQUHODFLyQFRQVDOGRVGHFXHQWDV\VXV FRPSRQHQWHVSHURQRQHFHVLWDQUHVWULQJLUVHDHVWDVSDUWLGDV3RUHMHPSORHO DXGLWRU SXHGH VROLFLWDU FRQILUPDFLyQ GH ORV WpUPLQRV GH ORV FRQYHQLRV R WUDQVDFFLRQHV TXH WLHQH XQD HQWLGDG FRQ WHUFHURV OD VROLFLWXG GH FRQILUPDFLyQ VH GLVHxD SDUD SUHJXQWDU VL VH KDQ KHFKR PRGLILFDFLRQHV DO FRQYHQLR \ GH VHU DVt FXiOHV VRQ ORV GHWDOOHV UHOHYDQWHV /DV FRQILUPDFLRQHV WDPELpQ VH XVDQ SDUD REWHQHU HYLGHQFLD GH DXGLWRUtD VREUH OD DXVHQFLD GH FLHUWDV FRQGLFLRQHV SRU HMHPSOR DXVHQFLD GH XQ ³DFXHUGR ODWHUDO´ TXH SXHGD LQIOXLU HQ HOUHFRQRFLPLHQWRGH LQJUHVRV 9HU OD 1$ &RQILUPDFLRQHV([WHUQDVSDUDPiVJXtDVFREUHODVFRQILUPDFLRQHV 9ROYHUDFDOFXODU 9ROYHU D FDOFXODU FRQVLVWH HQ YHULILFDU OD H[DFWLWXG PDWHPiWLFD GH ORV GRFXPHQWRV R UHJLVWURV (O QXHYR FiOFXOR SXHGH GHVHPSHxDUVH PHGLDQWH HO XVR GH WHFQRORJtD GH OD LQIRUPDFLyQ SRU HMHPSOR REWHQLHQGR XQ DUFKLYR HOHFWUyQLFR Gp OD HQWLGDG \ XVDQGR 7$$&V SDUD YHULILFDU OD H[DFWLWXG GH OD WRWDOL]DFLyQGHODUFKLYR 9ROYHUDGHVDUUROODU 1$ (9,'(1&,$'($8',725Ë$ 9ROYHU D GHVDUUROODU HV OD HMHFXFLyQ LQGHSHQGLHQWH SRU HO DXGLWRU GH SURFHGLPLHQWRVRFRQWUROHVTXHRULJLQDOPHQWH VH GHVDUUROODURQ FRPRSDUWHGHO FRQWUROLQWHUQRGHODHQWLGDG\DVHDPDQXDOPHQWHRFRQHOXVRGH7$$&V3RU HMHPSORYROYLHQGRDGHVDUUROODUODDQWLJHGDGGHODVFXHQWDVSRUFREUDU 3URFHGLPLHQWRVDQDOtWLFRV /RV SURFHGLPLHQWRV DQDOtWLFRV FRQVLVWHQ GH HYDOXDFLRQHV GH LQIRUPDFLyQ ILQDQFLHUD KHFKDV SRU XQ HVWXGLR GH UHODFLRQHV SODXVLEOHV HQWUH GDWRV ILQDQFLHURV \ QR ILQDQFLHURV /RV SURFHGLPLHQWRV DQDOtWLFRV WDPELpQ DEDUFDQ OD LQYHVWLJDFLyQ GH IOXFWXDFLRQHV \ UHODFLRQHV LGHQWLILFDGDV TXH VRQ LQFRQVLVWHQWHV FRQ RWUD LQIRUPDFLyQ UHOHYDQWH R VH GHVYtDQ GH PDQHUD LPSRUWDQWH GH ODV FDQWLGDGHV SURQRVWLFDGDV 9HU OD 1$ 3URFHGLPLHQWRV $QDOtWLFRVSDUDPiVJXtDVVREUHSURFHGLPLHQWRVDQDOtWLFRV 9LJHQFLD (VWDQRUPDGHDXGLWRUtDHQWUD HQYLJHQFLD D SDUWLU GHO GH HQHUR GH 6HDFRQVHMDVXDSOLFDFLyQDQWLFLSDGDSDUDORFXDOHODXGLWRUGHEHWRPDUODV SUHYLVLRQHV TXH LPSOLFDQ DSOLFDU ODV 1$V HQ ORV FRPSURPLVRV DVXPLGRV \ HO DOFDQFHGHVXWUDEDMR 3HUVSHFWLYDGHOVHFWRUS~EOLFR &XDQGROOHYD D FDER DXGLWRUtDV GHHQWLGDGHVGHO VHFWRU S~EOLFRHODXGLWRU WRPD HQ FXHQWD HO PDUFR GH UHIHUHQFLD OHJDO \ FXDOHVTXLHU RWUDV UHJXODFLRQHV RUGHQDQ]DV R GLUHFWLYDV PLQLVWHULDOHV TXH DIHFWHQ DO PDQGDWR GH DXGLWRUtD \ FXDOHVTXLHU RWURV UHTXLVLWRV HVSHFLDOHV GH DXGLWRUtD $O KDFHUDVHYHUDFLRQHVVREUHORVHVWDGRVILQDQFLHURVODDGPLQLVWUDFLyQDILUPD TXH ODV WUDQVDFFLRQHV \ KHFKRV KDQ HVWDGR GH DFXHUGR FRQ ODV OH\HV R OD DXWRULGDGDSURSLDGDDGHPiVGHODVDVHYHUDFLRQHVGHOSiUUDIRGHHVWD1,$ 9pDVHDQH[R)DFWRUHVMXVWLILFDWLYRVGHFRQYHUJHQFLD 1$ (9,'(1&,$'($8',725Ë$ $1(;2 )$&725(6-867,),&$7,926'(&219(5*(1&,$ 6LQyQLPRVPRGLVPRVEROLYLDQRV 5HIHUHQFLD 7HUPLQRORJtD 3iUUDIR XWLOL]DGDHQOD DFODUDFLRQHV\RWURV 1$ /D 5HVROXFLyQ $SOLFDFLyQ GH ODV 1RUPDV ,QWHUQDFLRQDOHV GH OD 3URIHVLyQ GH $VHYHUDFLyQ $XGLWRUtD \ &RQWDELOLGDG HQ OD 5HS~EOLFD GH %ROLYLD HVWDEOHFH´« $GRSWDU ORV SURQXQFLDPLHQWRV WpFQLFRV HPLWLGRV SRU OD )HGHUDFLyQ ,QWHUQDFLRQDO GH &RQWDELOLGDG ,)$& ~QLFDPHQWH HQ DXVHQFLD GH SURQXQFLDPLHQWRV WpFQLFRV HVSHFtILFRV GHO SDtV R UHJODPHQWDFLRQHV ORFDOHV VREUH XQD DVXQWR GHWHUPLQDGR«µ $ILUPDFLyQ GHFODUDFLyQ DVHUFLyQ &XDOTXLHU GHFODUDFLyQ R FRQMXQWR GH GHFODUDFLRQHV UHODFLRQDGDV WRPDGDV HQ FRQMXQWR H[SUHVDGD SRU XQ HQWH UHVSRQVDEOHHQODLQIRUPDFLyQILQDQFLHUD $XWHQWLFDFLyQ /HJDOL]DU XQ GRFXPHQWR 'DU IH GH OD YHUGDG GH XQ KHFKR R GRFXPHQWR FRQ DXWRULGDG OHJDO (V XQD SUHVXQFLyQ GH FHUWH]D HQ FXDQWR D OD DXWRUtD GHO GH GRFXPHQWRV GRFXPHQWR \ HQ FXDQWR D OD YHUDFLGDG GH ODV GHFODUDFLRQHV HQ pO FRQWHQLGDV VDOYRSUXHEDHQFRQWUDULR 7pFQLFD GH HVWDEOHFLPLHQWR R FRQILUPDFLyQ GH XQ GRFXPHQWR FRPR DXWpQWLFR 6LJQLILFDODFRQILUPDFLyQGHVXSURFHGHQFLD(Q%ROLYLDORVQRWDULRVDXWHQWLILFDEDQ ODSURFHGHQFLDGHXQGRFXPHQWRHVWHDFWR\DQRHVXVXDO\UHTXLHUHGHMXH]\OD XWLOL]DFLyQGHLQVWUXPHQWRV\H[SHUWRV 6HFWRU S~EOLFR (YLGHQFLD VXILFLHQWH DSURSLDGDGH DXGLWRULD 6HFWRU S~EOLFR (O DXGLWRU GHEH XVDU VX MXLFLR SURIHVLRQDO \ HMHUFHU HO HVFHSWLFLVPR SURIHVLRQDO SDUDHYDOXDUODFDQWLGDGDVtFRPRODFDOLGDGGHODHYLGHQFLDGHDXGLWRULD\DVtVX VXILFLHQFLD\SURSLHGDGSDUDVRSRUWDUODRSLQLyQGHDXGLWRULD *RELHUQR QDFLRQDO UHJLRQDO PXQLFLSDO DVt FRPR HQWLGDGHV JXEHUQDPHQWDOHV UHODFLRQDGDV(Q%ROLYLDODV1RUPDVGH$XGLWRUtD*XEHUQDPHQWDOHVWiQGLVSXHVWDV SRUOHJLVODFLyQQDFLRQDO 1$
