VOL 6 , 1/6

81,9(56,'$''(/26$1'(6,,(65('HV
*2%(51$&,21'(/(67$'20(5,'$
3(752/(26'(9(1(=8(/$
3/$1(675$7(*,&2$/$5*23/$=2
0(5,'$
$3529(&+$0,(172'(/&212&,0,(172
9RO$5($(675$7(*,&$&,(1&,$<7(&12/2*,$
0(5,'$-8/,2
3/$1(675$7(*,&2$/$5*23/$=2
0(5,'$(67$'2&203(7,7,92
3/$1(675$7(*,&2'('(6$552//2
&,(1&,$<7(&12/2*,$
81,9(56,'$''(/26$1'(6
5(&725
)(/,3(3$&+$125,9(5$
9,&(55(&725$&$'e0,&2
&$5/26*8,//(502&$5'(1$6
9,&(55(&725$'0,1,675$7,92
-8/,2)/25(60(1(66,1,
6(&5(7$5,2
/(67(552'5,*8(=+(55(5$
'(&$12'(/$)$&8/7$''(&,(1&,$6(&21Ð0,&$6<62&,$/(6
0$18(/&$5$1*85(1
',5(&725'(/,167,7872'(,19(67,*$&,21(6(&21Ð0,&$6<62&,$/(6
-$,0(7,172*
*5832'(,19(67,*$&,215(*,21(675$7(*,$<'(6$552//25('HV
$'(/,6*5$7(52/&RRUGLQDGRU0$5,20858$,60$(/257,=+(51$1/23(=
('*$5%(51$/\-26(0,*8(/6$1&+(=
&RQYHQLR8/$3'96$
*UXSR5HJLyQ(VWUDWHJLD\'HVDUUROOR,QVWLWXWRGH,QYHVWLJDFLRQHV(FRQyPLFDV\6RFLDOHV
LL
3/$1(675$7(*,&2$/$5*23/$=2
0(5,'$(67$'2&203(7,7,92
3/$1(675$7(*,&2'('(6$552//2
&,(1&,$<7(&12/2*,$
(48,325(63216$%/(
&225',1$'25*(1(5$/
$'(/,6*5$7(52/8
(48,327(&1,&2
&RRUGLQDGRUHVGHiUHDV(VSHFLDOLVWDV&RQVXOWRUHV
0DULR0XU~D'LPHQVLyQ6RFLDO
-RKQQ\$UDQGLD6DOXG
-HV~V0RUD0LFURHPSUHVDV
$OHMDQGUR*XWLpUUH]&RPSHWLWLYLGDG\(FRQRPtD
2VFDU$JXLOHUD3URPRFLyQ6RFLDO
$XURUD2EDQGR6HUYLFLRV(
1RU\3HUHLUD'LPHQVLyQ)tVLFR$PELHQWDO
(GJDU%HUQDO)LQDQ]DV3~EOLFDV
,VPDHO2UWL](FRQRPtD
0DUtD,QpVGH3DGUyQ'LPHQVLyQ,QVWLWXFLRQDO
&KULVWRSKHU%LUNEHFN'HOLQFXHQFLD
0DWLOGH3DOPDU7UDQVSRUWH
/LRQHO&DVWUR&LHQFLD\7HFQRORJtD
5DIDHO&DUWD\7XULVPR
&DUORWD3HUHLUD6DOXG
/XLV$OEHUWR)HDXJDV&XOWXUD
1HOVRQ3LQHGD,QVWLWXFLRQDO
)HUQDQGR*DEDOGyQ6DOXG
(UDVPR5DPtUH]3REODFLyQ
Reynaldo Hidalgo (Seguridad)
3HGUR5LYDV(GXFDFLyQ
+HUQiQ/ySH](GXFDFLyQ
-RVp06iQFKH]$PELHQWH
$OH[LV0HOR,QGXVWULD\&RP
/HRQHO9LYDV$PELHQWH
$6,67(17(6
/LOLDQD5LYDV\/X]0DULQD5RQGyQ
&RQYHQLR8/$3'96$
*UXSR5HJLyQ(VWUDWHJLD\'HVDUUROOR,QVWLWXWRGH,QYHVWLJDFLRQHV(FRQyPLFDV\6RFLDOHV
LLL
3/$1(675$7(*,&2$/$5*23/$=2
0(5,'$(67$'2&203(7,7,92
3/$1(675$7(*,&2'('(6$552//2
&,(1&,$<7(&12/2*,$
(48,325(63216$%/('(/92/80(1
&225',1$'25*(1(5$/
$'(/,6*5$7(52/
$8725
/,21(/&$6752
$6,67(17(7(&1,&2
%/$1&$0$548,1$
'HSyVLWRV/HJDOHV;,6%1
;),6%1
&RQYHQLR8/$3'96$
*UXSR5HJLyQ(VWUDWHJLD\'HVDUUROOR,QVWLWXWRGH,QYHVWLJDFLRQHV(FRQyPLFDV\6RFLDOHV
LY
3/$1(675$7(*,&2$/$5*23/$=2
0(5,'$(67$'2&203(7,7,92
3/$1(675$7(*,&2'('(6$552//2
&,(1&,$<7(&12/2*,$
&217(1,'2
,1752'8&&,21
,17
&$3,78/2,
6,17(6,6'(/',$*1267,&2
,1',&$'25(6'('(6$552//2&,(17,),&2'(9(1(=8(/$
,
,1',&$'25(6&,(17,),&26'(/(67$'20(5,'$
,
,03$&7262%5((/'(6$552//2'(/(67$'2
,
&21&/86,21(6
,
&$3,78/2,,
/$9,6,21&203$57,'$3$5$(/
9,6,21
,,
0,6,21
,,
$1$/,6,6)2/$
,,
&$3,78/2,,,
/26*5$1'(62%-(7,926$$/&$1=$5</$6/,1($6(675$7(*,&$6
2%-(7,926
,,,
2%-(7,92&(175$/
,,,
2%-(7,926'(5,9$'26
,,,
2%-(7,926'($&8(5'2/$6´92&$&,21(6/2&$/(6µ
,,,
(675$7(*,$6
,,,
$3529(&+$0,(172'(/$6)257$/(=$6<'(/$62325781,'$'(6/,1($6'($&&,21
,,,
&RQYHQLR8/$3'96$
*UXSR5HJLyQ(VWUDWHJLD\'HVDUUROOR,QVWLWXWRGH,QYHVWLJDFLRQHV(FRQyPLFDV\6RFLDOHV
Y
3/$1(675$7(*,&2$/$5*23/$=2
0(5,'$(67$'2&203(7,7,92
3/$1(675$7(*,&2'('(6$552//2
&,(1&,$<7(&12/2*,$
&$3,78/2,9
352*5$0$6 3$5$ 0(-25$5 /$ &203(7,7,9,'$' '( /$ &,(1&,$ < /$ 7(&12/2*,$ (1 (/
(67$'20(5,'$
352*5$0$63$5$$3529(&+$5/$6)257$/(=$6
,9
352*5$0$63$5$683(5$5/$6'(%,/,'$'(6<&2175$5(67$5/$6$0(1$=$6
,9
&$3,78/29
352<(&726)$6('(,'(17,),&$&,21
&5,7(5,263$5$/$-(5$548,=$&,21'(352<(&726
9
352<(&726 )257$/(&('25(6 '( /$6 ,1)5$(6758&785$6 ,167,78&,21$/(6 7(&1,&2&,(17,),),&$6 < '(
&$3$&,7$&,21'($32<2
9
352<(&726 ,1'8&,'25(6 '( &$'(1$6 352'8&7,9$6 '( %$6( 7(&12/2*,&$ < 686 25*$1,=$&,21(6
&20321(17(6(1$5($6(148(6(&8(17$1&21)257$/(=$6
9
352<(&726'(,1&8%$&,21'$'2(/$9$1&((;,67(17((1/$,19(67,*$&,21(,1129$&,217(&12/2*,&$
9
&8$'525(680(1'(352<(&72
9
%,%/,,2*5$),$
$1(;26
&RQYHQLR8/$3'96$
*UXSR5HJLyQ(VWUDWHJLD\'HVDUUROOR,QVWLWXWRGH,QYHVWLJDFLRQHV(FRQyPLFDV\6RFLDOHV
%,%
$1(;2
YL
3/$1(675$7(*,&2$/$5*23/$=2
0(5,'$(67$'2&203(7,7,92
3/$1(675$7(*,&2'('(6$552//2
&,(1&,$<7(&12/2*,$
,1752'8&&,21
O GHVDUUROOR HFRQyPLFR HV HQ EXHQD SDUWH XQ SURFHVR GH DSUHQGL]DMH D SDUWLU GH OR TXH KDFHQ RWURV 6XV
YHUERVVRQFRQRFHUFRSLDUDVLPLODUWUDQVIRUPDUDGDSWDUFRQRFLPLHQWRV\WHFQRORJtDVIRUiQHDV\HQ
OR SRVLEOH VXSHUDUODV $PHULWD XQ JUDQ HVIXHU]R VRVWHQLGR TXH KDJD D OD JHQWH FDSD] \ KiELO SDUD HVH SURFHVR GH
DSUHQGL]DMH3UHVXSRQHFUHDUFDSDFLGDGHVFLHQWtILFDV\WHFQROyJLFDVHQGyJHQDVIUXWRGHXQSURSyVLWRQDFLRQDOTXHVH
PDWHULDOL]DHQHVWUDWHJLDVSROtWLFDVHLQYHUVLRQHVFRQWDOSURSyVLWR
$FHSWDGRHOSODQWHDPLHQWRDQWHULRUHOFRQRFLPLHQWR\ODLQIRUPDFLyQVRQSLHGUDVIXQGDPHQWDOHVGHOGHVHPSHxRGHORV
SDtVHV7RGRVORVFLXGDGDQRVWLHQHQGHUHFKRDOFRQRFLPLHQWR<QDGDOHVRIUHFHPiVOLEHUWDGTXHHOVDEHU\HOVDEHU
KDFHU6XUJHDVtXQGHVLGHUiWXPOD6RFLHGDGGHO&RQRFLPLHQWRVXVWHQWDGDHQHOGHVDUUROORGHODHGXFDFLyQSDUD
WRGRV\GXUDQWHWRGDODYLGDODFLHQFLDODWHFQRORJtD\ODFXOWXUD/DPLVPDHVWiHQFRQGLFLRQHVGHFUHDUDVLPLODU
FRSLDUGLIXQGLU\XVDUFRQRFLPLHQWRV\WHFQRORJtD,PSOLFDXQDWUDQVIRUPDFLyQGHYDORUHVQRUPDVPRGRV\KiELWRV
GH GLULJHQWHV \ GLULJLGRV TXH DIHFWD SURIXQGDPHQWH WRGR HO VLVWHPD GH FRQGXFFLyQ \ JHUHQFLD WDQWR S~EOLFD FRPR
SULYDGD
(Q WDOHV FLUFXQVWDQFLDV ORV UHWRV TXH HQIUHQWDQ ORV UHVSRQVDEOHV GHO ELHQ FRP~Q VRQ IRUPLGDEOHV HQ IXQFLyQ GH
RSFLRQHVpWLFDVFROHFWLYDV¢&yPRKDFHUSDUDTXHODFLHQFLD\ODWHFQRORJtDVHDQLQVWUXPHQWRVDOVHUYLFLRGHXQPXQGR
PiV KXPDQR \ GH PD\RU ELHQHVWDU" ¢&yPR GHPRFUDWL]DU HO DFFHVR DO FRQRFLPLHQWR \ D VX GLYXOJDFLyQ" ¢&yPR
UHVSRQGHU FRQ ORV DSRUWHV GH OD FLHQFLD \ OD WHFQRORJtD D ODV QHFHVLGDGHV GH DPSOLRV VHFWRUHV GH OD VRFLHGDG TXH
SODQWHDQ XQD GHPDQGD QR VROYHQWH" $YDORV *, /DV SUHJXQWDV DQWHULRUHV \ VXV UHVSXHVWDV VRQ FDGD YH] PiV
XUJHQWHVDQWHHOLPSDFWRDPELYDOHQWHGHODUHYROXFLyQWHFQROyJLFDHQODVRFLHGDGFRPRXQWRGR\HQSDUWLFXODUHQVX
GHVHPSHxRHFRQyPLFR&RPRKDVLGRELHQH[SUHVDGRHOJUDQSUREOHPDVHVODOHQWLWXGGHORVJRELHUQRVSDUDDOLYLDUORV
SHOLJURVTXHVHDYHFLQDQ%ODFN*HRUJH
(OSUHVHQWHGRFXPHQWRHVWDHVWUXFWXUDGRGHODVLJXLHQWHPDQHUD
(OFDSLWXOR,6tQWHVLVGHO'LDJQyVWLFRSXQWXDOL]DODSRVLFLyQGHSXQWDGHO(VWDGRHQHOGHVDUUROORFLHQWtILFRQDFLRQDO
PHGLDQWH OD FRQVLGHUDFLyQ GH WUHV LQGLFDGRUHV HVWiQGDU XVDGRV SRU RUJDQLVPRV LQWHUQDFLRQDOHV /D UHJLyQ DILQFD VX
&RQYHQLR8/$3'96$
*UXSR5HJLyQ(VWUDWHJLD\'HVDUUROOR,QVWLWXWRGH,QYHVWLJDFLRQHV(FRQyPLFDV\6RFLDOHV
YLL
3/$1(675$7(*,&2$/$5*23/$=2
0(5,'$(67$'2&203(7,7,92
3/$1(675$7(*,&2'('(6$552//2
&,(1&,$<7(&12/2*,$
IXWXUR HQ TXH WDO DFXPXODFLyQ GHO VDEHU JHQHUDGD SRU OD 8/$ HQ VX VHGH FHQWUDO VH GLIXQGDQ VREUH VX HQWRUQR
LQWHUDFW~HFRQpO\ULQGDQORVIUXWRVTXHGHHOODVHHVSHUD
/D YLVyQ GHO iUHD &LHQFLD \ 7HFQRORJtDVHFRQVLGHUDHQHO FDSLWXOR ,, 6H WUDWD GH HQFDPLQDU ODV YDULDEOHV \ IDFWRUHV
DFWXDQWHV KDFLD OD IRUPDFLyQ GH XQ VyOLGR 3ROR 7pFQLFR&LHQWtILFR EDMR HO DPSDUR GHO SDUDGLJPD GH OD 6RFLHGDG GHO
&RQRFLPLHQWR(QHO$QiOLVLV)RODVHFRQVLGHUDQFRQDPSOLWXGODVIRUWDOH]DVODVRSRUWXQLGDGHVODVOLPLWDFLRQHV\ODV
DPHQD]DV GHO iUHD VRSHVDQGR ORV GLYHUVRV IDFWRUHV FRQVLGHUDGRV HO EDODQFH HV SRVLWLYR \ DEUH XQ PXQGR GH
RSRUWXQLGDGHV
(Q HO FDSLWXOR ,,, 2EMHWLYRV \ (VWUDWHJLDV FRQVLGHUD HQ SULPHU OXJDU HO REMHWLYR FHQWUDO SURSXHVWRµ 'HVDUUROODU \
FRQVROLGDUODFDSDFLGDGFLHQWtILFD\WHFQROyJLFDH[LVWHQWHUHODFLRQDUODFRQODVYRFDFLRQHVUHJLRQDOHV\UHWURDOLPHQWDUHO
GHVDUUROORFLHQWtILFR\WHFQROyJLFRµ(VGHQRWDUTXHGDGRHOSHVRGHODDFDGHPLDHQHO(VWDGRODE~VTXHGDGHODFLHQFLD
SHUVHVHFRQVWLWX\HHQXQDILQDOLGDGLQHOXGLEOHDVtFRPRHOIRPHQWRGHODSURGXFFLyQGHELHQHV\VHUYLFLRVDVRFLDGRVDO
XVRLQWHQVLYRGHOFRQRFLPLHQWR(QVHJXQGROXJDUVHHQXQFLDQXQFRQMXQWRGHWHPDVTXHYDQLQIOXLUHQODVHVWUDWHJLDV
DVHJXLUSDUDFRQVROLGDUHQHOWLHPSRHO´VLVWHPDFLHQWtILFR\WHFQROyJLFRµ\HO´VLVWHPDGHLQQRYDFLyQµ(QWHUFHUOXJDU
VHHQXQFLDQODVOtQHDVGHDFFLyQLQPHGLDWDGLFWDGDVSRUODFRQMXQFLyQGHODVIRUWDOH]DVGHODPELHQWHLQWHUQRFRQODV
RSRUWXQLGDGHVTXHEULQGDHODPELHQWHH[WHUQR
(QHOFDSLWXOR,9FRQVLGHUDORV3URJUDPDVSDUDDSURYHFKDUODVIRUWDOH]DVFRPEDWLUODVGHELOLGDGHV\DPLQRUDUKDVWD
GRQGHVHDSRVLEOHODVDPHQD]DV
(QHOFDSLWXOR93UR\HFWRV)DVHGH,GHQWLILFDFLyQFDWHJRUL]DXQFRQMXQWRGHSUR\HFWRVOLJDGRVDODFLHQFLD\WHFQRORJtD
HQ WUHV JUDQGHV iUHDV 3UR\HFWRV IRUWDOHFHGRUHV GH ODV LQIUDHVWUXFWXUDV LQVWLWXFLRQDOHV WpFQLFRFLHQWtILFDV \ GH
FDSDFLWDFLyQ GH DSR\R 3UR\HFWRV LQGXFLGRUHV GH FDGHQDV SURGXFWLYDV GH EDVH WHFQROyJLFD \ VXV RUJDQL]DFLRQHV
FRPSRQHQWHVHQiUHDVHQTXHVHFXHQWDQFRQIRUWDOH]DV\3UR\HFWRVGHLQFXEDFLyQ
&RQYHQLR8/$3'96$
*UXSR5HJLyQ(VWUDWHJLD\'HVDUUROOR,QVWLWXWRGH,QYHVWLJDFLRQHV(FRQyPLFDV\6RFLDOHV
YLLL