NORMA DE AUDITORIA 200
Anuncio
1250$'($8',725,$ 1$2%-(7,92<35,1&,3,26*(1(5$/(648(*2%,(51$1 81$$8',725Ë$'((67$'26),1$1&,(526 &217(1,'2 3iUUDIR ,QWURGXFFLyQ 2EMHWLYRGHXQDDXGLWRUtDGHHVWDGRVILQDQFLHURV 5HTXLVLWRVpWLFRVUHODWLYRVDXQDDXGLWRUtDGH HVWDGRVILQDQFLHURV &RQGXFFLyQGHXQDDXGLWRUtDGHHVWDGRVILQDQFLHURV $OFDQFHGHXQDDXGLWRUtDGHHVWDGRVILQDQFLHURV (VFHSWLFLVPRSURIHVLRQDO ± 6HJXULGDGUD]RQDEOH ± 5LHVJRGHDXGLWRUtDHLPSRUWDQFLDUHODWLYD ± 5HVSRQVDELOLGDGSRUORVHVWDGRVILQDQFLHURV ± 'HWHUPLQDFLyQGHODDFHSWDELOLGDGGHOPDUFRGH UHIHUHQFLDGHLQIRUPDFLyQILQDQFLHUD ± ([SUHVLyQGHXQDRSLQLyQVREUHORVHVWDGRV ILQDQFLHURV 9LJHQFLD /D 1RUPD $XGLWRUtD 1$ 2EMHWLYR \ SULQFLSLRV JHQHUDOHV TXH JRELHUQDQ XQD DXGLWRUtDGHHVWDGRVILQDQFLHURVGHEHUiOHHUVHHQHOFRQWH[WRGHO³3UHIDFLRDODV 1RUPDV,QWHUQDFLRQDOHVGH&RQWUROGH&DOLGDG$XGLWRUtD5HYLVLyQ2WURVWUDEDMRV SDUDDWHVWLJXDU\6HUYLFLRV5HODFLRQDGRV´TXHH[SRQHODDSOLFDFLyQ\DXWRULGDGGH ODV1,$ 1$ 2%-(7,92<35,1&,3,26*(1(5$/(648(*2%,(51$1 81$$8',725Ì$'((67$'26),1$1&,(526 ,QWURGXFFLyQ (O SURSyVLWR GH HVWD 1RUPD GH $XGLWRUtD 1$ HV HVWDEOHFHU QRUPDV \ GDU OLQHDPLHQWRV VREUH HO REMHWLYR \ ORV SULQFLSLRV JHQHUDOHV TXH JRELHUQDQ XQD DXGLWRUtD GH HVWDGRV ILQDQFLHURV 7DPELpQ GHVFULEH OD UHVSRQVDELOLGDG GH OD DGPLQLVWUDFLyQSRUODSUHSDUDFLyQ\SUHVHQWDFLyQGHORVHVWDGRVILQDQFLHURV\SRU ODLGHQWLILFDFLyQGHOPDUFRGHUHIHUHQFLDGHLQIRUPDFLyQILQDQFLHUDTXHVHKDGH XVDU SDUD SUHSDUDU ORV HVWDGRV ILQDQFLHURV DO FXDO VH UHILHUH OD 1$ FRPR HO ³PDUFRGHUHIHUHQFLDGHLQIRUPDFLyQILQDQFLHUDDSOLFDEOH´ 2EMHWLYRGHXQDDXGLWRUtDGHHVWDGRVILQDQFLHURV (O REMHWLYR GH XQD DXGLWRUtD GH HVWDGRV ILQDQFLHURV HV IDFLOLWDU DO DXGLWRU H[SUHVDUXQDRSLQLyQVREUHVLORVHVWDGRVILQDQFLHURVHVWiQSUHSDUDGRVUHVSHFWR GH WRGR OR LPSRUWDQWH GH DFXHUGR FRQ XQ PDUFR GH UHIHUHQFLD GH LQIRUPDFLyQ ILQDQFLHUDDSOLFDEOH 8QD DXGLWRUtD GH HVWDGRV ILQDQFLHURV HV XQ WUDEDMR SDUD DWHVWLJXDU VHJ~Q VH GHILQH HQ HO ³0DUFRGH 5HIHUHQFLD ,QWHUQDFLRQDOSDUD7UDEDMRV SDUD $WHVWLJXDU´ (OPDUFRGHUHIHUHQFLDGHILQH\GHVFULEHORVHOHPHQWRV\REMHWLYRVGHXQWUDEDMR SDUD DWHVWLJXDU /DV 1$ DSOLFDQ HO PDUFR GH UHIHUHQFLD HQ HO FRQWH[WR GH XQD DXGLWRUtD GH HVWDGRV ILQDQFLHURV \ FRQWLHQHQ ORV SULQFLSLRV EiVLFRV \ SURFHGLPLHQWRV HVHQFLDOHV MXQWR FRQ ORV OLQHDPLHQWRV UHODWLYRV SDUD DSOLFDUVH HQ HVD DXGLWRUtD /RV SiUUDIRV GH HVWD 1$ GLVFXWHQ HO VLJQLILFDGR GHO WpUPLQR ³HVWDGRV ILQDQFLHURV´ \ OD UHVSRQVDELOLGDG GH OD DGPLQLVWUDFLyQ SRU GLFKRVHVWDGRV6HJ~QVHGLVFXWHHQHOPDUFRGHUHIHUHQFLDXQDFRQGLFLyQSDUDOD DFHSWDFLyQGHXQWUDEDMRSDUDDWHVWLJXDUHVTXHORVFULWHULRVDTXHVHUHILHUHOD GHILQLFLyQVHDQ³FULWHULRVDGHFXDGRV´\GLVSRQLEOHVDORVSUHVXQWRVXVXDULRV/RV SiUUDIRVGHHVWD1$GLVFXWHQORVFULWHULRVDGHFXDGRV\VXGLVSRQLELOLGDGD ORV SUHVXQWRV XVXDULRV SDUD XQD DXGLWRUtD GH HVWDGRV ILQDQFLHURV PHGLDQWH OD FRQVLGHUDFLyQ GHO DXGLWRU GH OD DFHSWDELOLGDG GHO PDUFR GH UHIHUHQFLD GH LQIRUPDFLyQILQDQFLHUD 5HTXLVLWRVpWLFRVUHODWLYRVDXQDDXGLWRUtDGHHVWDGRVILQDQFLHURV (O DXGLWRU GHEHUi FXPSOLU FRQ ORV UHTXLVLWRV pWLFRV UHOHYDQWHV UHODWLYRV D ORV WUDEDMRVGHDXGLWRUtD 6HJ~QVHGLVFXWHHQOD1$&RQWUROGHFDOLGDGSDUDDXGLWRUtDVGHLQIRUPDFLyQ ILQDQFLHUD KLVWyULFD ORV UHTXLVLWRV pWLFRV UHODWLYRV D DXGLWRUtDV GH HVWDGRV ILQDQFLHURVRUGLQDULDPHQWHFRPSUHQGHQODVSDUWHV$\%GHO&yGLJRGHeWLFDSDUD &RQWDGRUHV3URIHVLRQDOHVGHOD)HGHUDFLyQ,QWHUQDFLRQDOGH&RQWDGRUHVHO&yGLJR GH ,)$& MXQWR FRQ ORV UHTXLVLWRV QDFLRQDOHV TXH VHDQ PiV HVWULFWRV /D 1$ LGHQWLILFDORVSULQFLSLRVIXQGDPHQWDOHVGHpWLFDSURIHVLRQDOHVWDEOHFLGRVSRUODV SDUWHV $ \ % GHO &yGLJR GH ,)$& \ H[SRQH ODV UHVSRQVDELOLGDGHV GHO VRFLR GHO WUDEDMRUHVSHFWRGHORVUHTXLVLWRVpWLFRV/D1$UHFRQRFHTXHHOHTXLSRGHO WUDEDMR WLHQH GHUHFKR D DSR\DUVH HQ ORV VLVWHPDV GH XQD ILUPD SDUD FXPSOLU FRQ VXV UHVSRQVDELOLGDGHV UHVSHFWR GH ORV SURFHGLPLHQWRV GH FRQWURO GH FDOLGDG DSOLFDEOHVDOWUDEDMRSDUWLFXODUGHDXGLWRUtD SRU HMHPSORHQUHODFLyQFRQODV FDSDFLGDGHV \ FRPSHWHQFLD GHO SHUVRQDO D WUDYpV GH VX UHFOXWDPLHQWR \ HQWUHQDPLHQWRIRUPDOFRQODLQGHSHQGHQFLDPHGLDQWHODDFXPXODFLyQ\FRPXQLFDFLyQ GHLQIRUPDFLyQUHOHYDQWHVVREUHODLQGHSHQGHQFLDPDQWHQLPLHQWRGHODVUHODFLRQHV FRQHO FOLHQWH SRU PHGLR GH OD DFHSWDFLyQ \ VLVWHPDV GH FRQWLQXDFLyQ \ FRQ OD /D LPSOHPHQWDFLyQ GH OD IUDVH ILQDO GHO SiUUDIR VH KD GLIHULGR KDVWD TXH HQWUH HQ YLJRU IHFKD D~Q SRU GHWHUPLQDU OD 1$ &RQVLGHUDFLRQHV HVSHFLDOHV ²$XGLWRUtDV GH HVWDGRV ILQDQFLHURV GH SURSyVLWR HVSHFLDO \ HOHPHQWRVHVSHFtILFRVFXHQWDVRSDUWLGDVGHXQHVWDGRILQDQFLHUR 1$ 2%-(7,92<35,1&,3,26*(1(5$/(648(*2%,(51$1 81$$8',725Ì$'((67$'26),1$1&,(526 DGKHVLyQDUHTXLVLWRVUHJXODGRUHV\OHJDOHVPHGLDQWHHOSURFHVRGHPRQLWRUHRD PHQRV TXH OD LQIRUPDFLyQ SURYLVWD SRU OD ILUPD X RWUDV SDUWHV VXJLHUD OR FRQWUDULR(QFRQVHFXHQFLDOD1RUPD,QWHUQDFLRQDOGH&RQWUROGH&DOLGDG ,64&R 1,&&&RQWURO GHFDOLGDG SDUD ILUPDVTXH GHVHPSHxDQDXGLWRUtDV\UHYLVLRQHVGH LQIRUPDFLyQILQDQFLHUDKLVWyULFD\RWURVWUDEDMRVSDUDDWHVWLJXDU\GHVHUYLFLRV UHODFLRQDGRV UHTXLHUH TXH OD ILUPD HVWDEOH]FD SROtWLFDV \ SURFHGLPLHQWRV GLVHxDGRV SDUD SURSRUFLRQDUOHVHJXULGDG UD]RQDEOH GH TXH OD ILUPD\VXSHUVRQDO FXPSOHQFRQORVUHTXLVLWRVpWLFRVUHOHYDQWHV &RQGXFFLyQGHXQDDXGLWRUtDGHHVWDGRVILQDQFLHURV (O DXGLWRU GHEHUi FRQGXFLU XQD DXGLWRUtD GH DFXHUGR FRQ ODV QRUPDV LQWHUQDFLRQDOHVGHDXGLWRUtD /DV 1$ FRQWLHQHQ SULQFLSLRV EiVLFRV \ SURFHGLPLHQWRV HVHQFLDOHV MXQWR FRQ OLQHDPLHQWRV UHODFLRQDGRV HQ IRUPD GH PDWHULDO H[SOLFDWLYR \ GH RWUR WLSR LQFOX\HQGR DSpQGLFHV /RV SULQFLSLRV EiVLFRV \ SURFHGLPLHQWRV HVHQFLDOHV VH KDQ GHHQWHQGHU\DSOLFDUHQHOFRQWH[WRGHOPDWHULDOH[SOLFDWLYR\GHRWURWLSRTXH GDOLQHDPLHQWRVSDUDVXDSOLFDFLyQ6HFRQVLGHUDHOWH[WRGHWRGDXQDQRUPDSDUD HQWHQGHU\DSOLFDUORVSULQFLSLRVEiVLFRV\SURFHGLPLHQWRVHVHQFLDOHV 3DUDFRQGXFLUXQDDXGLWRUtDGHDFXHUGRFRQODV1$HODXGLWRUWDPELpQFRQVLGHUD\ WLHQH FRQRFLPLHQWR GH ODV 'HFODUDFLRQHV ,QWHUQDFLRQDOHV VREUH 3UiFWLFD GH $XGLWRUtD ',3$V R ,$36V SRU VXV VLJODV HQ LQJOpV DSOLFDEOHV DO WUDEDMR GH DXGLWRUtD/DV',3$VSURSRUFLRQDQJXtDVGHLQWHUSUHWDFLyQ\D\XGDSUiFWLFDDORV DXGLWRUHV SDUD LPSOHPHQWDU ODV 1$ 8Q DXGLWRU TXH QR DSOLFD ORV OLQHDPLHQWRV LQFOXLGRVHQXQD',3$UHOHYDQWHQHFHVLWDHVWDUSUHSDUDGRSDUDH[SOLFDUFyPRVHKD FXPSOLGRFRQORVSULQFLSLRVEiVLFRV\SURFHGLPLHQWRVHVHQFLDOHVGHOD 1$WUDWDGRV HQOD',3$ (ODXGLWRUSXHGHWDPELpQFRQGXFLUODDXGLWRUtDGHDFXHUGRWDQWRFRQODV1$FRPR FRQQRUPDVGHDXGLWRUtDGHXQDMXULVGLFFLyQRSDtVHVSHFtILFR $OFDQFHGHXQDDXGLWRUtDGHHVWDGRVILQDQFLHURV (O WpUPLQR ³DOFDQFH GH XQD DXGLWRUtD´ VH UHILHUH D ORV SURFHGLPLHQWRV GH DXGLWRUtD TXH D MXLFLR GHO DXGLWRU \ FRQ EDVH HQ ODV 1$ VH FRQVLGHUDQ DSURSLDGRVHQODVFLUFXQVWDQFLDVSDUDORJUDUHOREMHWLYRGHODDXGLWRUtD 3DUD GHWHUPLQDU ORV SURFHGLPLHQWRV GH DXGLWRUtD TXH KD GH GHVHPSHxDU SDUD FRQGXFLUXQDDXGLWRUtDGHDFXHUGRFRQODV1$HODXGLWRUGHEHUiFXPSOLUFRQFDGD XQDGHODV1$UHOHYDQWHVDODDXGLWRUtD $OGHVHPSHxDUXQDDXGLWRUtDVHGHEHSHGLUDORVDXGLWRUHVTXHFXPSODQFRQRWURV UHTXLVLWRV SURIHVLRQDOHV OHJDOHV R GH UHJXODFLyQ DGHPiV GH ODV 1$ /DV 1$ QR GRPLQDQ VREUH ODV OH\HV \ UHJXODFLRQHV ORFDOHV TXH JRELHUQDQ XQD DXGLWRUtD GH HVWDGRVILQDQFLHURV(Q HO FDVR GH TXH GLFKDV OH\HV \ UHJXODFLRQHV GLILHUDQ GH ODV1$XQDDXGLWRUtDFRQGXFLGDGHDFXHUGRFRQODVOH\HV\UHJXODFLRQHVORFDOHV QRFXPSOLUiDXWRPiWLFDPHQWHFRQODV1$ &XDQGR HO DXGLWRU FRQGXFH OD DXGLWRUtD GH DFXHUGR FRQ ODV 1$ \ FRQ QRUPDV GH DXGLWRUtDGHXQDMXULVGLFFLyQRSDtVHVSHFtILFRDGHPiVGHFXPSOLUFRQFDGDXQD GH ODV 1$ UHOHYDQWHV D OD DXGLWRUtD HO DXGLWRU WDPELpQ GHVHPSHxD FXDOHVTXLHU SURFHGLPLHQWRVDGLFLRQDOHVQHFHVDULRVSDUDFXPSOLUFRQODVQRUPDVUHOHYDQWHVGH GLFKDMXULVGLFFLyQRSDtV 9pDVHDQH[R)DFWRUHVMXVWLILFDWLYRVGHFRQYHUJHQFLD 1$ 2%-(7,92<35,1&,3,26*(1(5$/(648(*2%,(51$1 81$$8',725Ì$'((67$'26),1$1&,(526 (O DXGLWRU QR GHEHUi PDQLIHVWDU FXPSOLPLHQWR FRQ QRUPDV LQWHUQDFLRQDOHV GH DXGLWRUtDDPHQRVTXHKD\DFXPSOLGRWRWDOPHQWHFRQWRGDVODV1$UHOHYDQWHVDOD DXGLWRUtD (O DXGLWRU SXHGH HQ FLUFXQVWDQFLDV HVSHFLDOHV MX]JDU QHFHVDULR GHVYLDUVH GH XQ SULQFLSLR EiVLFR R GH XQ SURFHGLPLHQWR HVHQFLDO TXH VHD UHOHYDQWHHQODV FLUFXQVWDQFLDVGHOD DXGLWRUtD SDUD ORJUDU HOREMHWLYRGH OD PLVPD(QWDOFDVRQRVHLPSLGHDODXGLWRUUHSUHVHQWDUHOFXPSOLPLHQWRFRQODV 1$ VLHPSUH TXH OD GHVYLDFLyQ VH GRFXPHQWH GH PDQHUD DSURSLDGD VHJ~Q UHTXLHUH OD1$'RFXPHQWDFLyQGHDXGLWRUtD (VFHSWLFLVPRSURIHVLRQDO (O DXGLWRU GHEHUi SODQHDU \ GHVHPSHxDU XQD DXGLWRUtD FRQ XQD DFWLWXG GH HVFHSWLFLVPR SURIHVLRQDO UHFRQRFLHQGR TXH SXHGHQ H[LVWLU FLUFXQVWDQFLDV TXH KDJDQTXHORVHVWDGRVILQDQFLHURVHVWpQUHSUHVHQWDGRVHUUyQHDPHQWHHQXQDIRUPD GHLPSRUWDQFLDUHODWLYD 8QD DFWLWXG GH HVFHSWLFLVPR SURIHVLRQDO VLJQLILFD TXH HO DXGLWRU KDFH XQD HYDOXDFLyQ FUtWLFD FRQ XQD PHQWDOLGDG FXHVWLRQDQWH GH OD YDOLGH] GH OD HYLGHQFLD GH DXGLWRUtD REWHQLGD \ HVWi DOHUWD D HYLGHQFLD GH DXGLWRUtD TXH FRQWUDGLJD R SRQJD HQ GXGD OD FRQILDELOLGDG GH ORV GRFXPHQWRV \ UHVSXHVWDV D DYHULJXDFLRQHV \ RWUD LQIRUPDFLyQ REWHQLGD GH OD DGPLQLVWUDFLyQ \ GH ORV HQFDUJDGRV GHO JRELHUQR FRUSRUDWLYR 3RU HMHPSOR HV QHFHVDULD XQD DFWLWXG GH HVFHSWLFLVPRSURIHVLRQDODORODUJRGHOSURFHVRGHDXGLWRUtDSDUDTXHHODXGLWRU UHGX]FD HO ULHVJR GH SDVDU SRU DOWR FLUFXQVWDQFLDV LQXVXDOHV GH VREUHJHQHUDOL]DUFXDQGRH[WUDHFRQFOXVLRQHVGHODVREVHUYDFLRQHVGHDXGLWRUtD\ GH XVDU VXSXHVWRV GHIHFWXRVRV SDUD GHWHUPLQDU OD QDWXUDOH]D RSRUWXQLGDG \ H[WHQVLyQ GH ORV SURFHGLPLHQWRV GH DXGLWRUtD \ SDUD HYDOXDU ORV UHVXOWDGRV FRQVLJXLHQWHV &XDQGR KDFH DYHULJXDFLRQHV \ GHVHPSHxD RWURV SURFHGLPLHQWRV GH DXGLWRUtD HO DXGLWRU QR TXHGDUi VDWLVIHFKR FRQ HYLGHQFLD GH DXGLWRUtD TXH VHD PHQRV TXH SHUVXDVLYD FRQ EDVH HQ XQD FUHHQFLD GH TXH OD DGPLQLVWUDFLyQ \ ORV HQFDUJDGRV GHO JRELHUQR FRUSRUDWLYR VRQ KRQUDGRV \ WLHQHQ LQWHJULGDG (Q FRQVHFXHQFLD ODV UHSUHVHQWDFLRQHV GH OD DGPLQLVWUDFLyQ QR VRQ XQ VXVWLWXWR GH OD REWHQFLyQ GH VXILFLHQWH HYLGHQFLD DSURSLDGD GH DXGLWRUtD SDUD SRGHU H[WUDHU FRQFOXVLRQHVUD]RQDEOHVVREUHODVTXHVHEDVHODRSLQLyQGHODXGLWRU 6HJXULGDGUD]RQDEOH 8Q DXGLWRU TXH FRQGXFH XQD DXGLWRUtD GH DFXHUGR FRQ ODV 1$ REWLHQH VHJXULGDG UD]RQDEOH GH TXH ORV HVWDGRV ILQDQFLHURV WRPDGRV FRPR XQ WRGR HVWiQ OLEUHV GH UHSUHVHQWDFLyQHUUyQHDGHLPSRUWDQFLDUHODWLYD\DVHDGHELGDDIUDXGHRDHUURU 6HJXULGDGUD]RQDEOHHVXQFRQFHSWRUHODWLYRDODDFXPXODFLyQGHODHYLGHQFLDGH DXGLWRUtD QHFHVDULD SDUD TXH HO DXGLWRU FRQFOX\D TXH QR KD\ UHSUHVHQWDFLRQHV HUUyQHDV GH LPSRUWDQFLD UHODWLYD HQ ORV HVWDGRV ILQDQFLHURV WRPDGRV FRPR XQ WRGR /DVHJXULGDGUD]RQDEOHVHUHODFLRQDFRQHOSURFHVRWRWDOGHDXGLWRUtD 8QDXGLWRUQRSXHGHREWHQHUVHJXULGDGDEVROXWDSRUTXHKD\OLPLWDFLRQHVLQKHUHQWHV HQ XQD DXGLWRUtD TXH DIHFWDQ OD FDSDFLGDG GHO DXGLWRU SDUD GHWHFWDU UHSUHVHQWDFLRQHV HUUyQHDV GH LPSRUWDQFLD UHODWLYD (VWDV OLPLWDFLRQHV VRQ UHVXOWDGRGHIDFWRUHVFRPRORVVLJXLHQWHV Ŷ (OXVRGHSUXHEDV Ŷ /DVOLPLWDFLRQHVLQKHUHQWHVGHOFRQWUROLQWHUQRSRUHMHPSORODSRVLELOLGDG GHTXHODDGPLQLVWUDFLyQVREUHSDVHHOFRQWURORGHFROXVLyQ Ŷ (OKHFKRGHTXHODPD\RUSDUWHGHODHYLGHQFLDGHDXGLWRUtDHVSHUVXDVLYDPiV TXHFRQFOXVLYD 9pDVHDQH[R)DFWRUHVMXVWLILFDWLYRVGHFRQYHUJHQFLD 1$ 2%-(7,92<35,1&,3,26*(1(5$/(648(*2%,(51$1 81$$8',725Ì$'((67$'26),1$1&,(526 7DPELpQ HO WUDEDMR HPSUHQGLGR SRU HO DXGLWRU SDUD IRUPDU XQD RSLQLyQ GH DXGLWRUtDHVWiLPSUHJQDGRGHMXLFLRHQSDUWLFXODUUHVSHFWRGH D/D FRPSLODFLyQ GH HYLGHQFLD GH DXGLWRUtD SRU HMHPSOR DO GHFLGLU OD QDWXUDOH]DRSRUWXQLGDG\H[WHQVLyQGHORVSURFHGLPLHQWRVGHDXGLWRUtD E/D H[WUDFFLyQ GH FRQFOXVLRQHV FRQEDVHHQHYLGHQFLDGHDXGLWRUtD FRPSLODGD SRU HMHPSOR HYDOXDU OR UD]RQDEOH GH ODV HVWLPDFLRQHV KHFKDV SRU OD DGPLQLVWUDFLyQSDUDSUHSDUDUORVHVWDGRVILQDQFLHURV $GHPiV RWUDV OLPLWDFLRQHV SXHGHQ DIHFWDU OD SHUVXDVLYLGDG GH OD HYLGHQFLD GH DXGLWRUtD GLVSRQLEOH SDUD H[WUDHUFRQFOXVLRQHVVREUH DVHYHUDFLRQHVSDUWLFXODUHV SRU HMHPSOR WUDQVDFFLRQHV HQWUH SDUWHV UHODFLRQDGDV (Q HVWRV FDVRV FLHUWDV 1$ LGHQWLILFDQ SURFHGLPLHQWRV GH DXGLWRUtD HVSHFLILFDGRV TXH SURSRUFLRQDUiQ GHELGR D OD QDWXUDOH]D GH ODV DVHYHUDFLRQHV SDUWLFXODUHV VXILFLHQWH HYLGHQFLD DSURSLDGDGHDXGLWRUtDDIDOWDGH D &LUFXQVWDQFLDV LQXVXDOHVTXH LQFUHPHQWHQ HOULHVJR GH UHSUHVHQWDFLyQ HUUyQHD GHLPSRUWDQFLDUHODWLYDPiVDOOiGHOTXHVHHVSHUDUtDRUGLQDULDPHQWH E &XDOTXLHU LQGLFDFLyQ GH TXH KD RFXUULGR XQD UHSUHVHQWDFLyQ HUUyQHD GH LPSRUWDQFLDUHODWLYD (QFRQVHFXHQFLDGHELGRDORVIDFWRUHVGHVFULWRVDQWHVXQDDXGLWRUtDQRHVXQD JDUDQWtDGHTXHORVHVWDGRVILQDQFLHURVHVWpQOLEUHVGHUHSUHVHQWDFLyQHUUyQHDGH LPSRUWDQFLDUHODWLYDSRUTXHODVHJXULGDGDEVROXWDQRHVDVHTXLEOH0iVD~QXQD RSLQLyQ GH DXGLWRUtD QR DVHJXUD OD IXWXUD YLDELOLGDG GH OD HQWLGDG QL OD HILFLHQFLDQLHIHFWLYLGDGFRQTXHODDGPLQLVWUDFLyQKD\DFRQGXFLGRORVDVXQWRVGH ODHQWLGDG 5LHVJRGHDXGLWRUtDHLPSRUWDQFLDUHODWLYD /DVHQWLGDGHVVLJXHQHVWUDWHJLDVSDUDORJUDUVXVREMHWLYRV\GHDFXHUGRFRQOD QDWXUDOH]D GH VXV RSHUDFLRQHV H LQGXVWULD HO HQWRUQR GH UHJXODFLyQ HQ TXH RSHUDQ DVt FRPR VX WDPDxR \ FRPSOHMLGDG VH HQIUHQWDQ D XQD GLYHUVLGDG GH ULHVJRV GH QHJRFLRV /D DGPLQLVWUDFLyQ HV UHVSRQVDEOH GH LGHQWLILFDU HVWRV ULHVJRV\GHUHVSRQGHUDHOORV6LQHPEDUJRQRWRGRVORVULHVJRVVHUHODFLRQDQ FRQ OD SUHSDUDFLyQ GH ORV HVWDGRV ILQDQFLHURV )LQDOPHQWH DO DXGLWRU OH LQWHUHVDQVyORORVULHVJRVTXHSXHGDQDIHFWDUDORVHVWDGRVILQDQFLHURV (O DXGLWRU REWLHQH \ HYDO~D HYLGHQFLD GH DXGLWRUtD SDUD REWHQHU VHJXULGDG UD]RQDEOH VREUH VL ORV HVWDGRV ILQDQFLHURV GDQ XQ SXQWR GH YLVWD YHUGDGHUR \ UD]RQDEOHRHVWiQSUHVHQWDGRVUD]RQDEOHPHQWHUHVSHFWRGHWRGRORLPSRUWDQWHGH DFXHUGR FRQ HO PDUFR GH UHIHUHQFLD GH LQIRUPDFLyQ ILQDQFLHUD DSOLFDEOH (O FRQFHSWRGHVHJXULGDGUD]RQDEOHUHFRQRFHTXHKD\XQULHVJRGHTXHODRSLQLyQGH DXGLWRUtD VHD LQDSURSLDGD (O ULHVJR GH TXH HO DXGLWRU H[SUHVH XQD RSLQLyQ GH DXGLWRUtD LQDSURSLDGD FXDQGR ORV HVWDGRV ILQDQFLHURV HVWiQ UHSUHVHQWDGRV HUUyQHDPHQWH HQ XQD IRUPD GH LPSRUWDQFLD UHODWLYD VH FRQRFH FRPR ³ULHVJR GH DXGLWRUtD´ /RV SiUUDIRV GH OD 1$ (YLGHQFLD GH DXGLWRUtD GLVFXWHQ HO XVR GH DVHYHUDFLRQHV SDUD REWHQHU /RV SiUUDIRV GH OD 1$ (QWHQGLPLHQWR GH OD HQWLGDG \ VX HQWRUQR \ HYDOXDFLyQ GH ORV ULHVJRV GH UHSUHVHQWDFLyQ HUUyQHD GH LPSRUWDQFLD UHODWLYD GLVFXWHQ HO FRQFHSWR GH ULHVJRV GHO QHJRFLR \ FyPR VH UHODFLRQDQ FRQ ORV ULHVJRV GH UHSUHVHQWDFLyQ HUUyQHD GH LPSRUWDQFLD UHODWLYD 9pDVH DQH[R )DFWRUHV -XVWLILFDWLYRVGH&RQYHUJHQFLD (VWDGHILQLFLyQGHULHVJRGHDXGLWRUtDQRLQFOX\HHOULHVJRGHTXHHODXGLWRUSXGLHUDGHPDQHUDHUUyQHDH[SUHVDU XQD RSLQLyQ GH TXH ORV HVWDGRV ILQDQFLHURV HVWiQ UHSUHVHQWDGRV HUUyQHDPHQWH HQ XQD IRUPD GH LPSRUWDQFLD UHODWLYD HYLGHQFLDGHDXGLWRUtD 1$ 2%-(7,92<35,1&,3,26*(1(5$/(648(*2%,(51$1 81$$8',725Ì$'((67$'26),1$1&,(526 (ODXGLWRUGHEHUiSODQHDU\GHVHPSHxDUXQDDXGLWRUtDSDUDUHGXFLUHOULHVJRDXQ QLYHODFHSWDEOHPHQWHEDMRTXHVHDFRQVLVWHQWHFRQHOREMHWLYRGHXQDDXGLWRUtD (ODXGLWRU UHGXFHHOULHVJRGH DXGLWRUtDDO GLVHxDU \ GHVHPSHxDU SURFHGLPLHQWRV SDUD REWHQHU HYLGHQFLD VXILFLHQWH DSURSLDGD GH DXGLWRUtD SDUD H[WUDHU FRQFOXVLRQHV UD]RQDEOHV HQ ODV TXH VH EDVH XQD RSLQLyQ 6H REWLHQH VHJXULGDG UD]RQDEOH FXDQGR HO DXGLWRU KD UHGXFLGR HO ULHVJR GH DXGLWRUtD D XQ QLYHO DFHSWDEOHPHQWHEDMR (O ULHVJR GH DXGLWRUtD HV XQD IXQFLyQ GHO ULHVJR GH UHSUHVHQWDFLyQ HUUyQHD GH LPSRUWDQFLD UHODWLYD GH ORV HVWDGRV ILQDQFLHURV R VLPSOHPHQWH HO ³ULHVJR GH UHSUHVHQWDFLyQHUUyQHD GHLPSRUWDQFLD UHODWLYD´HVGHFLU HO ULHVJR GHTXH ORV HVWDGRVILQDQFLHURVHVWpQUHSUHVHQWDGRVHUUyQHDPHQWHHQXQDIRUPDGHLPSRUWDQFLD UHODWLYD DQWHV GH OD DXGLWRUtD \ HO ULHVJR GH TXH HO DXGLWRU QR GHWHFWH HVWD UHSUHVHQWDFLyQHUUyQHDULHVJRGHGHWHFFLyQ(ODXGLWRUGHVHPSHxDSURFHGLPLHQWRV GH DXGLWRUtD SDUD HYDOXDU HO ULHVJR GH UHSUHVHQWDFLyQ HUUyQHD GH LPSRUWDQFLD UHODWLYD \ EXVFD OLPLWDU HO ULHVJR GH GHWHFFLyQ UHDOL]DQGR SURFHGLPLHQWRV GH DXGLWRUtDDGLFLRQDOHVFRQEDVHHQGLFKDHYDOXDFLyQYHU1$(QWHQGLPLHQWRGH ODHQWLGDG\VXHQWRUQR\HYDOXDFLyQGHORVULHVJRVGHUHSUHVHQWDFLyQHUUyQHDGH LPSRUWDQFLDUHODWLYD\OD1$3URFHGLPLHQWRVGHODXGLWRUHQUHVSXHVWDDORV ULHVJRV HYDOXDGRV (O SURFHVR GH DXGLWRUtD LPSOLFD HO HMHUFLFLR GH MXLFLR SURIHVLRQDODOGLVHxDUHOHQIRTXHGHDXGLWRUtDPHGLDQWHHOFHQWUDUVHHQORTXH SXHGDVDOLU PDO HVGHFLU FXiOHV VRQ ODVSRWHQFLDOHV UHSUHVHQWDFLRQHV HUUyQHDV TXH SXHGHQ VXUJLU D QLYHO DVHYHUDFLyQ YHU 1$ (YLGHQFLD GH DXGLWRUtD \ GHVHPSHxDUSURFHGLPLHQWRVGHDXGLWRUtDHQUHVSXHVWDDORVULHVJRVHYDOXDGRVSDUD REWHQHUHYLGHQFLDVXILFLHQWHDSURSLDGDGHDXGLWRUtD $ODXGLWRUOHSUHRFXSDQODVUHSUHVHQWDFLRQHVHUUyQHDVGHLPSRUWDQFLDUHODWLYD\ QR HV UHVSRQVDEOH GH OD GHWHFFLyQ GH UHSUHVHQWDFLRQHV HUUyQHDV TXH QR VHDQ GH LPSRUWDQFLD UHODWLYD SDUD ORV HVWDGRV ILQDQFLHURV WRPDGRV FRPR XQ WRGR (O DXGLWRU FRQVLGHUD VL HO HIHFWR GH UHSUHVHQWDFLRQHV HUUyQHDV LGHQWLILFDGDV VLQ FRUUHJLUWDQWRHQORLQGLYLGXDOFRPRHQHODJUHJDGRHVGHLPSRUWDQFLDUHODWLYD SDUDORVHVWDGRVILQDQFLHURVWRPDGRVFRPRXQWRGR/DLPSRUWDQFLDUHODWLYD\HO ULHVJR GH DXGLWRUtD HVWiQ UHODFLRQDGRV YHU 1$ ,PSRUWDQFLD UHODWLYD GH OD DXGLWRUtD&RQHOILQGHGLVHxDUSURFHGLPLHQWRVGHDXGLWRUtDSDUDGHWHUPLQDUVL KD\UHSUHVHQWDFLRQHVHUUyQHDV TXHVHDQ GH LPSRUWDQFLDUHODWLYDSDUD ORVHVWDGRV ILQDQFLHURV WRPDGRV FRPR XQ WRGR HO DXGLWRU FRQVLGHUD HO ULHVJR GH UHSUHVHQWDFLyQHUUyQHDGHLPSRUWDQFLDUHODWLYDDGRVQLYHOHVHOQLYHOJHQHUDOGH HVWDGRILQDQFLHUR\HQUHODFLyQFRQFODVHVGH WUDQVDFFLRQHV VDOGRVGHFXHQWDV DVtFRPRUHYHODFLRQHV\ODVDVHYHUDFLRQHVUHODFLRQDGDV (ODXGLWRUFRQVLGHUDHOULHVJRGHUHSUHVHQWDFLyQHUUyQHDGHLPSRUWDQFLDUHODWLYD DQLYHOJHQHUDOGHHVWDGRILQDQFLHURTXHVHUHILHUHDULHVJRVGHUHSUHVHQWDFLyQ HUUyQHD GH LPSRUWDQFLD UHODWLYD TXH VH UHODFLRQDQ GH PDQHUD GRPLQDQWH FRQ ORV HVWDGRV ILQDQFLHURV FRPR XQ WRGR \ SRWHQFLDOPHQWH DIHFWDQ D PXFKDV DVHYHUDFLRQHV /RV ULHVJRV GH HVWD QDWXUDOH]D D PHQXGR VH UHODFLRQDQ FRQ HO HQWRUQR GH FRQWURO GH OD HQWLGDG DXQTXH HVWRV ULHVJRV SXHGHQ WDPELpQ UHODFLRQDUVHFRQRWURVIDFWRUHVFRPRFRQGLFLRQHVHFRQyPLFDVDODEDMD\QRVRQ QHFHVDULDPHQWH ULHVJRV LGHQWLILFDEOHV FRQ DVHYHUDFLRQHV HVSHFtILFDV D QLYHO GH FODVH GH WUDQVDFFLRQHV VDOGR GH FXHQWD R UHYHODFLyQ 0iV ELHQ HVWH ULHVJR JHQHUDOUHSUHVHQWDFLUFXQVWDQFLDVTXHLQFUHPHQWDQHOULHVJRGHTXHSXGLHUDKDEHU UHSUHVHQWDFLRQHV HUUyQHDV GH LPSRUWDQFLD UHODWLYD HQ FXDOTXLHU Q~PHUR GH DVHYHUDFLRQHV GLIHUHQWHV SRU HMHPSOR SRUTXH OD DGPLQLVWUDFLyQ VREUHSDVH HO FRQWURO LQWHUQR (VWRV ULHVJRV SXHGHQ VHU HVSHFLDOPHQWH UHOHYDQWHV D OD FRQVLGHUDFLyQ GHO DXGLWRU GHO ULHVJR GH UHSUHVHQWDFLyQ HUUyQHD GH LPSRUWDQFLD UHODWLYDTXHVHRULJLQHGHIUDXGH/DUHVSXHVWDGHODXGLWRUDOULHVJRHYDOXDGRGH UHSUHVHQWDFLyQ HUUyQHD D QLYHO JHQHUDO GH HVWDGR ILQDQFLHUR LQFOX\H FRQVLGHUDFLRQHVGHO FRQRFLPLHQWR KDELOLGDG\ FDSDFLGDG GHO SHUVRQDODO TXHVH /D1$´(QWHQGLPLHQWRGHODHQWLGDG\VXHQWRUQy\HYDOXDFLyQGHORVULHVJRVGHUHSUHVHQWDFLyQHUUyQHDGH LPSRUWDQFLDUHODWLYDµSURSRUFLRQDOLQHDPLHQWRVDGLFLRQDOHVVREUHHOUHTXLVLWRGHTXHHODXGLWRUHYDO~HORVULHVJRV GHUHSUHVHQWDFLyQHUUyQHDGHLPSRUWDQFLDUHODWLYDDQLYHOHVWDGRILQDQFLHUR\DQLYHODVHYHUDFLyQ 1$ 2%-(7,92<35,1&,3,26*(1(5$/(648(*2%,(51$1 81$$8',725Ì$'((67$'26),1$1&,(526 DVLJQDQ LPSRUWDQWHV UHVSRQVDELOLGDGHV GHO WUDEDMR LQFOX\HQGR VL VH GHEH LQYROXFUDUDH[SHUWRVORVQLYHOHVDSURSLDGRVGHVXSHUYLVLyQ\VLKD\HYHQWRVR FRQGLFLRQHVTXHSXHGDQSUR\HFWDUGXGDLPSRUWDQWHVREUHODFDSDFLGDGGHODHQWLGDG GHFRQWLQXDUFRPRXQQHJRFLRHQPDUFKD (O DXGLWRUWDPELpQ FRQVLGHUD HO ULHVJRGH UHSUHVHQWDFLyQ HUUyQHDGH LPSRUWDQFLD UHODWLYDDQLYHOGHFODVHGHWUDQVDFFLRQHVVDOGRGHFXHQWD\UHYHODFLyQSRUTXH WDO FRQVLGHUDFLyQ D\XGD GLUHFWDPHQWH D GHWHUPLQDU OD QDWXUDOH]D RSRUWXQLGDG \ H[WHQVLyQ GH SURFHGLPLHQWRV GH DXGLWRUtD DGLFLRQDOHV D QLYHO DVHYHUDFLyQ (O DXGLWRU EXVFD REWHQHU VXILFLHQWH HYLGHQFLD DSURSLDGD GH DXGLWRUtD D QLYHO GH FODVHGHWUDQVDFFLRQHVVDOGRGHFXHQWD\UHYHODFLyQGHPDQHUDWDOTXHIDFLOLWH DO DXGLWRU D OD WHUPLQDFLyQ GH OD DXGLWRUtD H[SUHVDU XQD RSLQLyQ VREUH ORV HVWDGRVILQDQFLHURVWRPDGRVFRPRXQWRGRDXQQLYHODFHSWDEOHPHQWHEDMRGHULHVJR GHDXGLWRUtD/RVDXGLWRUHVXVDQGLYHUVRVHQIRTXHVSDUDORJUDUHVHREMHWLYR /DGLVFXVLyQGHORVSiUUDIRVVLJXLHQWHVGDXQDH[SOLFDFLyQGHORVFRPSRQHQWHVGHO ULHVJRGHDXGLWRUtD(OULHVJRGHUHSUHVHQWDFLyQHUUyQHDGHLPSRUWDQFLDUHODWLYD DQLYHOGHDVHYHUDFLyQFRQVLVWHGHGRVFRPSRQHQWHVFRPRVLJXH Ŷ 5LHVJR LQKHUHQWH HV OD VXVFHSWLELOLGDG GH XQD DVHYHUDFLyQ D XQD Ŷ 5LHVJRGHFRQWUROHVHOULHVJRGHTXHXQDUHSUHVHQWDFLyQHUUyQHDTXHSXGLHUD UHSUHVHQWDFLyQHUUyQHDTXHSXGLHUDVHUGHLPSRUWDQFLDUHODWLYD\DVHDHQOR LQGLYLGXDO R FXDQGR VH DFXPXOD FRQ RWUDV UHSUHVHQWDFLRQHV HUUyQHDV VXSRQLHQGR TXH QR KD\ FRQWUROHV UHODFLRQDGRV (O ULHVJR GH HVWD UHSUHVHQWDFLyQ HUUyQHD HV PD\RU SDUD DOJXQDV DVHYHUDFLRQHV \ FODVHV UHODFLRQDGDV GH WUDQVDFFLRQHV VDOGRV GH FXHQWDV \ UHYHODFLRQHV TXH SDUD RWUDV 3RU HMHPSOR HV PiV SUREDEOH TXH VH UHSUHVHQWHQ HUUyQHDPHQWH ORV FiOFXORV FRPSOHMRV TXH ORV FiOFXORV VHQFLOORV /DV FXHQWDV TXH FRQVLVWHQ GH FDQWLGDGHVGHULYDGDVGHHVWLPDFLRQHVFRQWDEOHVTXHHVWiQVXMHWDVDXQDIDOWD GH FHUWH]D LPSRUWDQWH HQ OD PHGLFLyQ SODQWHDQ ULHVJRV PD\RUHV TXH ODV FXHQWDV TXH FRQVLVWHQ GH GDWRV REMHWLYRV GH UHODWLYD UXWLQD /DV FLUFXQVWDQFLDV H[WHUQDV TXH GDQ RULJHQ D ULHVJRV GH QHJRFLRV SXHGHQ WDPELpQ LQIOXLU HQ HO ULHVJR LQKHUHQWH 3RU HMHPSOR ORV GHVDUUROORV WHFQROyJLFRV SRGUtDQ KDFHU REVROHWR XQ SURGXFWR GHWHUPLQDGR FDXVDQGR SRU OR WDQWR TXH HOLQYHQWDULRVHDPiVVXVFHSWLEOHDH[DJHUDFLyQ$GHPiVGHODVFLUFXQVWDQFLDV TXHVRQSHFXOLDUHVDXQDDVHYHUDFLyQHVSHFtILFDIDFWRUHVGHODHQWLGDG\VX HQWRUQR TXH VH UHODFLRQDQ FRQ YDULDV R WRGDV ODV FODVHV GH WUDQVDFFLRQHV VDOGRV GH FXHQWDV R UHYHODFLRQHV SXHGHQ LQIOXLU HQ HO ULHVJR LQKHUHQWH UHODFLRQDGRFRQXQDDVHYHUDFLyQHVSHFtILFD(VWRV~OWLPRVIDFWRUHVLQFOX\HQ SRU HMHPSOR XQD IDOWD GH VXILFLHQWH FDSLWDO GH WUDEDMR SDUD FRQWLQXDU RSHUDFLRQHV R XQD LQGXVWULD HQ GHFOLYH FDUDFWHUL]DGD SRU XQ JUDQ Q~PHUR GH IUDFDVRVGHQHJRFLRV RFXUULUHQXQDDVHYHUDFLyQ\TXHSXGLHUDVHUGHLPSRUWDQFLDUHODWLYD\DVHD HQORLQGLYLGXDORFXDQGRVHDFXPXODFRQRWUDVUHSUHVHQWDFLRQHVHUUyQHDVQR VH SUHYHQJD R GHWHFWH \ FRUULMD RSRUWXQDPHQWH SRU HO FRQWURO LQWHUQR GH OD HQWLGDG (VH ULHVJR HV XQD IXQFLyQ GH OD HIHFWLYLGDG GHO GLVHxR \ OD RSHUDFLyQ GHO FRQWURO LQWHUQR SDUD ORJUDU ORV REMHWLYRV GH OD HQWLGDG UHOHYDQWHV SDUD OD SUHSDUDFLyQ GH ORV HVWDGRV ILQDQFLHURV GH OD HQWLGDG 6LHPSUHH[LVWLUiDOJ~QULHVJRGHFRQWUROGHELGRDODVOLPLWDFLRQHVLQKHUHQWHV GHOFRQWUROLQWHUQR /D1$3URFHGLPLHQWRVGHODXGLWRUHQUHVSXHVWDDORVULHVJRVHYDOXDGRVSURSRUFLRQDJXtDVDGLFLRQDOHVVREUH ORVUHTXLVLWRVSDUDTXHHODXGLWRUGLVHxH \GHVHPSHxHSURFHGLPLHQWRVDGLFLRQDOHVGHDXGLWRUtDHQUHVSXHVWDD ORVULHVJRVHYDOXDGRVDQLYHOGHDVHYHUDFLyQ (O DXGLWRU SXHGH KDFHU XVR GH XQ PRGHOR TXH H[SUHVH OD UHODFLyQ JHQHUDO GH ORV FRPSRQHQWHV GHO ULHVJR GH DXGLWRUtDHQWpUPLQRVPDWHPiWLFRVSDUDOOHJDUDXQQLYHODSURSLDGRGHOULHVJRGHGHWHFFLyQ$OJXQRVDXGLWRUHV HQFXHQWUDQ HVWH PRGHOR ~WLO FXDQGR SODQHDQ SURFHGLPLHQWRV GH DXGLWRUtD SDUD ORJUDU XQ ULHVJR GH DXGLWRUtD GHVHDGRDXQTXHHOXVRGHWDOPRGHORQRHOLPLQDHOMXLFLRLQKHUHQWHHQHOSURFHVRGHDXGLWRUtD 1$ 2%-(7,92<35,1&,3,26*(1(5$/(648(*2%,(51$1 81$$8',725Ì$'((67$'26),1$1&,(526 (O ULHVJR LQKHUHQWH \ HO ULHVJR GH FRQWURO VRQ ULHVJRV GH OD HQWLGDG H[LVWHQ LQGHSHQGLHQWHPHQWHGHODDXGLWRUtDGHORVHVWDGRVILQDQFLHURV6HUHTXLHUHTXHHO DXGLWRU HYDO~H HO ULHVJR GH UHSUHVHQWDFLyQ HUUyQHD GH LPSRUWDQFLD UHODWLYD D QLYHO GH DVHYHUDFLyQ FRPR EDVH SDUD SURFHGLPLHQWRV DGLFLRQDOHV GH DXGLWRUtD DXQTXH HVD HYDOXDFLyQ HV XQ MXLFLR PiV TXH XQD PHGLFLyQ SUHFLVD GHO ULHVJR &XDQGR OD HYDOXDFLyQ SRU HO DXGLWRU GHO ULHVJR GH UHSUHVHQWDFLyQ HUUyQHD GH LPSRUWDQFLDUHODWLYDLQFOX\H XQD H[SHFWDWLYD GH OD HIHFWLYLGDG RSHUDWLYD GH ORV FRQWUROHV HO DXGLWRU GHVHPSHxD SUXHEDV GH FRQWURO SDUD VRSRUWDU OD HYDOXDFLyQ GHOULHVJR/DV1$RUGLQDULDPHQWHQRVHUHILHUHQDOULHVJRLQKHUHQWH\DOULHVJR GHFRQWUROSRUVHSDUDGRVLQRPiVELHQDXQDHYDOXDFLyQFRPELQDGDGHO³ULHVJRGH UHSUHVHQWDFLyQ HUUyQHD GH LPSRUWDQFLD UHODWLYD´ $XQTXH ODV 1$ RUGLQDULDPHQWH GHVFULEHQ XQD HYDOXDFLyQ FRPELQDGD GHO ULHVJR GH UHSUHVHQWDFLyQ HUUyQHD GH LPSRUWDQFLDUHODWLYDHODXGLWRUSXHGHKDFHUHYDOXDFLRQHVVHSDUDGDVRFRPELQDGDV GHOULHVJRLQKHUHQWH\GHOGHFRQWUROGHSHQGLHQGRGHODVWpFQLFDVRPHWRGRORJtD GHDXGLWRUtDSUHIHULGDV\GHFRQVLGHUDFLRQHVSUiFWLFDV/DHYDOXDFLyQGHOULHVJR GH UHSUHVHQWDFLyQ HUUyQHD GH LPSRUWDQFLD UHODWLYD SXHGH H[SUHVDUVH HQ WpUPLQRV FXDQWLWDWLYRVFRPRSRUFHQWDMHVRHQWpUPLQRVQRFXDQWLWDWLYRV(QWRGRFDVRHV PiV LPSRUWDQWH OD QHFHVLGDG GH TXH HO DXGLWRU KDJD ODV HYDOXDFLRQHV DSURSLDGDV GHOULHVJRTXHORVGLIHUHQWHVHQIRTXHVFRQORVTXHSXHGDQKDFHUVH 5LHVJRGHGHWHFFLyQHVHOULHVJRGHTXHHODXGLWRUQRGHWHFWHXQDUHSUHVHQWDFLyQ HUUyQHDTXHH[LVWHHQXQDDVHYHUDFLyQTXHSXGLHUDVHUGHLPSRUWDQFLDUHODWLYD\D VHDHQORLQGLYLGXDORFXDQGRVHDFXPXODFRQRWUDVUHSUHVHQWDFLRQHVHUUyQHDV(O ULHVJR GH GHWHFFLyQ HV XQD IXQFLyQ GH OD HIHFWLYLGDG GH XQ SURFHGLPLHQWR GH DXGLWRUtD \ GH VX DSOLFDFLyQ SRU HO DXGLWRU (O ULHVJR GH GHWHFFLyQ QR SXHGH UHGXFLUVH D FHUR SRUTXH HO DXGLWRU JHQHUDOPHQWH QR H[DPLQD WRGD XQD FODVH GH WUDQVDFFLRQHV VDOGR GH FXHQWD R UHYHODFLyQ \ GHELGR D RWURV IDFWRUHV 'LFKRV IDFWRUHV LQFOX\HQ OD SRVLELOLGDG GH TXH XQ DXGLWRU SXGLHUD VHOHFFLRQDU XQ SURFHGLPLHQWRGHDXGLWRUtDLQDSURSLDGRDSOLFDUPDOXQSURFHGLPLHQWRGHDXGLWRUtD DSURSLDGR R PDOLQWHUSUHWDU ORV UHVXOWDGRV GH DXGLWRUtD (VWRV RWURV IDFWRUHV RUGLQDULDPHQWH SXHGHQ PDQHMDUVH PHGLDQWH XQD SODQHDFLyQ DGHFXDGD OD DVLJQDFLyQ DSURSLDGD GH SHUVRQDO DO HTXLSR GHO WUDEDMR OD DSOLFDFLyQ GH HVFHSWLFLVPR SURIHVLRQDO DVt FRPR VXSHUYLVLyQ \ UHYLVLyQ GHO WUDEDMR GH DXGLWRUtD GHVHPSHxDGR (OULHVJRGHGHWHFFLyQVHUHODFLRQDFRQODQDWXUDOH]DRSRUWXQLGDG\H[WHQVLyQGH ORV SURFHGLPLHQWRV GHO DXGLWRU TXH pVWH GHWHUPLQD SDUD UHGXFLU HO ULHVJR GH DXGLWRUtD D XQ QLYHO DFHSWDEOHPHQWH EDMR 3DUD XQ QLYHO GDGR GH ULHVJR GH DXGLWRUtDHOQLYHODFHSWDEOH GH ULHVJRGHGHWHFFLyQOOHYD XQD UHODFLyQ LQYHUVD FRQODHYDOXDFLyQGHOULHVJRGHUHSUHVHQWDFLyQHUUyQHDGHLPSRUWDQFLDUHODWLYDD QLYHO GH DVHYHUDFLyQ0LHQWUDVPD\RU VHDHOULHVJRGHUHSUHVHQWDFLyQ HUUyQHDGH LPSRUWDQFLD UHODWLYD TXH FUHH HO DXGLWRU TXH H[LVWH PHQRU VHUi HO ULHVJR GH GHWHFFLyQ TXH SXHGH DFHSWDUVH $ OD LQYHUVD PLHQWUDV PHQRU VHD HO ULHVJR GH UHSUHVHQWDFLyQ HUUyQHD GH LPSRUWDQFLD UHODWLYD TXH HO DXGLWRU FUHH TXH H[LVWH PD\RUVHUiHOULHVJRGHGHWHFFLyQTXHSXHGHDFHSWDUVH 5HVSRQVDELOLGDGSRUORVHVWDGRVILQDQFLHURV 6L ELHQ HO DXGLWRU HV UHVSRQVDEOH GH IRUPDU \ H[SUHVDU XQD RSLQLyQ VREUH ORV HVWDGRVILQDQFLHURVODUHVSRQVDELOLGDGSRUODSUHSDUDFLyQ\SUHVHQWDFLyQGHORV PLVPRV GH DFXHUGR FRQ HO PDUFR GH UHIHUHQFLD GH LQIRUPDFLyQ ILQDQFLHUD DSOLFDEOH HV GH OD DGPLQLVWUDFLyQ GH OD HQWLGDG FRQ VXSHUYLVLyQ GH ORV HQFDUJDGRVGHOJRELHUQRFRUSRUDWLYR /DDXGLWRUtDGHORVHVWDGRVILQDQFLHURVQR (O WpUPLQR ´DGPLQLVWUDFLyQµ VH KD XVDGR HQ HVWD 1$ SDUD GHVFULELU D ORV UHVSRQVDEOHV SRU OD SUHSDUDFLyQ \ SUHVHQWDFLyQ GH ORV HVWDGRV ILQDQFLHURV 2WURV WpUPLQRV SXHGHQ VHU DSURSLDGRV GHSHQGLHQGR GHO PDUFR GH UHIHUHQFLDOHJDOHQODMXULVGLFFLyQSDUWLFXODU9pDVHDQH[R)DFWRUHVMXVWLILFDWLYRVGHFRQYHUJHQFLD /DVHVWUXFWXUDVGHJRELHUQRFRUSRUDWLYRYDUtDQGHSDtVDSDtVUHIOHMDQGRDQWHFHGHQWHVFXOWXUDOHV\OHJDOHV3RU WDQWRODVUHVSRQVDELOLGDGHVUHVSHFWLYDVGHODDGPLQLVWUDFLyQGHORVHQFDUJDGRVGHOJRELHUQRFRUSRUDWLYRYDUtDQ GHSHQGLHQGRGHODVUHVSRQVDELOLGDGHVOHJDOHVHQODMXULVGLFFLyQSDUWLFXODU 1$ 2%-(7,92<35,1&,3,26*(1(5$/(648(*2%,(51$1 81$$8',725Ì$'((67$'26),1$1&,(526 UHOHYD D OD DGPLQLVWUDFLyQ QL D ORV HQFDUJDGRV GHO JRELHUQR FRUSRUDWLYR GH VXV UHVSRQVDELOLGDGHV (OWpUPLQR³HVWDGRVILQDQFLHURV´VHUHILHUHDXQDUHSUHVHQWDFLyQHVWUXFWXUDGDGH OD LQIRUPDFLyQ ILQDQFLHUD TXH RUGLQDULDPHQWH LQFOX\H QRWDV FRPSOHPHQWDULDV GHULYDGD GH UHJLVWURV FRQWDEOHV \ TXH VH SURSRQH FRPXQLFDU ORV UHFXUVRV HFRQyPLFRVXREOLJDFLRQHVGHXQDHQWLGDGHQXQPRPHQWRGHOWLHPSRRORVFDPELRV FRUUHVSRQGLHQWHVSRUXQSHULRGRGHWLHPSRGHDFXHUGRFRQXQPDUFRGHUHIHUHQFLD GH LQIRUPDFLyQ ILQDQFLHUD (O WpUPLQR SXHGH UHIHULUVH D XQ MXHJR FRPSOHWR GH HVWDGRV ILQDQFLHURV SHUR SXHGH WDPELpQ UHIHULUVH D XQ VROR HVWDGR ILQDQFLHUR SRU HMHPSOR XQ EDODQFH JHQHUDO R XQ HVWDGR GH LQJUHVRV \ JDVWRV \ ODV QRWDV DFODUDWRULDVUHODFLRQDGDV /RV UHTXLVLWRV GHO PDUFR GH UHIHUHQFLD GH LQIRUPDFLyQ ILQDQFLHUD GHWHUPLQDQ OD IRUPD \ FRQWHQLGR GH ORV HVWDGRV ILQDQFLHURV \ OR TXH FRQVWLWX\H XQ MXHJR FRPSOHWRGHHVWDGRVILQDQFLHURV3DUDFLHUWRVPDUFRVGHUHIHUHQFLDGHLQIRUPDFLyQ ILQDQFLHUDXQVRORHVWDGRILQDQFLHURFRPRXQHVWDGRGHIOXMRGHHIHFWLYR\ODV QRWDV DFODUDWRULDV UHODFLRQDGDV FRQVWLWX\H XQ MXHJR FRPSOHWR GH HVWDGRV ILQDQFLHURV 3RU HMHPSOR OD 1RUPD ,QWHUQDFLRQDO GH &RQWDELOLGDG GHO 6HFWRU 3~EOLFR ,36$6 SRU VXV VLJODV HQ LQJOpV ,QIRUPDFLyQ ILQDQFLHUD EDMR OD FRQWDELOLGDGFRQEDVHHQHIHFWLYRGHFODUDTXHHOSULQFLSDOHVWDGRILQDQFLHURHV XQ HVWDGR GH UHFLERV \ SDJRV GH HIHFWLYR FXDQGR XQD HQWLGDG GHO VHFWRU S~EOLFR SUHSDUD\SUHVHQWDVXVHVWDGRVILQDQFLHURVGHDFXHUGRFRQHVDQRUPD,36$63RU RWUD SDUWH ORV HVWDGRV ILQDQFLHURV SUHSDUDGRV SRU UHIHUHQFLD D ODV 1RUPDV ,QWHUQDFLRQDOHV GH ,QIRUPDFLyQ )LQDQFLHUD 1,) VH SURSRQHQ IDFLOLWDU LQIRUPDFLyQ VREUHOD SRVLFLyQ ILQDQFLHUDGHVHPSHxR \IOXMRV GH HIHFWLYR GHXQD HQWLGDG8QMXHJRFRPSOHWRGHHVWDGRVILQDQFLHURVEDMRODV1,,)\1,)LQFOX\HXQ EDODQFHJHQHUDO XQ HVWDGR GH UHVXOWDGRV XQ HVWDGR GH FDPELRV HQ FDSLWDO XQ HVWDGR GH IOXMR GH HIHFWLYR DVt FRPR QRWDV TXH FRPSUHQGHQ XQ UHVXPHQ GH SROtWLFDVFRQWDEOHVLPSRUWDQWHV\RWUDVQRWDVDFODUDWRULDV /D DGPLQLVWUDFLyQ HV UHVSRQVDEOH GH LGHQWLILFDU HO PDUFR GH UHIHUHQFLD GH LQIRUPDFLyQILQDQFLHUDTXHVHKDGHXVDUHQODSUHSDUDFLyQ\SUHVHQWDFLyQGHORV HVWDGRV ILQDQFLHURV /D DGPLQLVWUDFLyQ WDPELpQ HV UHVSRQVDEOH GH SUHSDUDU \ SUHVHQWDU ORV HVWDGRV ILQDQFLHURV GH DFXHUGR FRQ HVH PDUFR GH UHIHUHQFLD GH LQIRUPDFLyQILQDQFLHUDDSOLFDEOH(VWDUHVSRQVDELOLGDGLQFOX\H Ŷ 'LVHxDULPSOHPHQWDU\PDQWHQHUXQFRQWUROLQWHUQRUHOHYDQWHDODSUHSDUDFLyQ \ SUHVHQWDFLyQ GH HVWDGRV ILQDQFLHURV TXH HVWpQ OLEUHV GH UHSUHVHQWDFLyQ HUUyQHDGHLPSRUWDQFLDUHODWLYD\DVHDGHELGDDIUDXGHRHUURU Ŷ 6HOHFFLRQDU\DSOLFDUSROtWLFDVFRQWDEOHVDSURSLDGDV Ŷ +DFHUHVWLPDFLRQHVFRQWDEOHVTXHVHDQUD]RQDEOHVHQODVFLUFXQVWDQFLDV 'HWHUPLQDFLyQ GH OD DFHSWDELOLGDG GHO PDUFR GH UHIHUHQFLDGHLQIRUPDFLyQILQDQFLHUD (ODXGLWRUGHEHUiGHWHUPLQDUVLHOPDUFRGHUHIHUHQFLDGHLQIRUPDFLyQILQDQFLHUD DGRSWDGRSRUODDGPLQLVWUDFLyQDOSUHSDUDUORVHVWDGRVILQDQFLHURVHVDFHSWDEOH (O DXGLWRURUGLQDULDPHQWH WRPD HVWD GHWHUPLQDFLyQFXDQGRFRQVLGHUD VLDFHSWD HO WUDEDMRGHDXGLWRUtDVHJ~QVHGLVFXWHHQOD1$7pUPLQRVGHORVWUDEDMRVGH DXGLWRUtD 8Q PDUFR GH UHIHUHQFLD GHLQIRUPDFLyQ ILQDQFLHUD DFHSWDEOH VH FRQRFH HQODV1$FRPRHO³PDUFRGHUHIHUHQFLDGHLQIRUPDFLyQILQDQFLHUDDSOLFDEOH´ 9pDVHDQH[R)DFWRUHVMXVWLILFDWLYRVGHFRQYHUJHQFLD /DLPSOHPHQWDFLyQGHORVSiUUDIRVVHKDGLIHULGRKDVWDTXHHQWUHHQYLJRUIHFKDD~QSRUGHWHUPLQDU/D 1$ &RQVLGHUDFLRQHV HVSHFLDOHV ²$XGLWRUtDV GH HVWDGRV ILQDQFLHURV GH SURSyVLWR HVSHFLDO \ HOHPHQWRV HVSHFtILFRVFXHQWDVRSDUWLGDVGHXQHVWDGRILQDQFLHUR 1$ 2%-(7,92<35,1&,3,26*(1(5$/(648(*2%,(51$1 81$$8',725Ì$'((67$'26),1$1&,(526 (ODXGLWRUGHWHUPLQDVLHOPDUFRGHUHIHUHQFLDGHLQIRUPDFLyQILQDQFLHUDDGRSWDGR SRUODDGPLQLVWUDFLyQHVDFHSWDEOHHQYLVWDGHODQDWXUDOH]DGHODHQWLGDGSRU HMHPSOR TXH VHD XQD HPSUHVD GH QHJRFLRV XQD HQWLGDG GHO VHFWRU S~EOLFR R XQD RUJDQL]DFLyQQROXFUDWLYD\HOREMHWLYRGHORVHVWDGRVILQDQFLHURV (VWDGRV ILQDQFLHURV GLVHxDGRV SDUD FXPSOLU FRQ ODV QHFHVLGDGHV GH LQIRUPDFLyQILQDQFLHUDGHXVXDULRVHVSHFtILFRV (Q DOJXQRV FDVRV HO REMHWLYR GH ORV HVWDGRV ILQDQFLHURV VHUi FXPSOLU FRQ ODV QHFHVLGDGHVGHLQIRUPDFLyQILQDQFLHUDGHXVXDULRVHVSHFtILFRV/DVQHFHVLGDGHVGH LQIRUPDFLyQGHHVWRVXVXDULRVGHWHUPLQDUiQHOPDUFRGHUHIHUHQFLDGHLQIRUPDFLyQ ILQDQFLHUDDSOLFDEOHHQHVDVFLUFXQVWDQFLDV6RQHMHPSORVGHPDUFRVGHUHIHUHQFLD GH LQIRUPDFLyQ ILQDQFLHUD SDUD ODV QHFHVLGDGHV GH XVXDULRV HVSHFtILFRV FRQWDELOL]DFLyQ FRQ EDVH HQ LPSXHVWRV SDUD XQ MXHJR GH HVWDGRV ILQDQFLHURV TXH DFRPSDxDQ OD GHFODUDFLyQ GH LPSXHVWRV GH XQD HQWLGDG ODV GLVSRVLFLRQHV GH LQIRUPDFLyQ ILQDQFLHUD GH XQD GHSHQGHQFLD UHJXODGRUD GHO JRELHUQR SDUD TXH XQ MXHJR GH HVWDGRV ILQDQFLHURVFXPSODFRQODVQHFHVLGDGHV GH LQIRUPDFLyQ GH GLFKD GHSHQGHQFLD RXQ PDUFRGH UHIHUHQFLD GH LQIRUPDFLyQ ILQDQFLHUD HVWDEOHFLGR SRU ODVGLVSRVLFLRQHVGHXQDFXHUGRTXHHVSHFLILFDORVHVWDGRVILQDQFLHURVTXHGHEHQ SUHSDUDUVH /RV HVWDGRV ILQDQFLHURV SUHSDUDGRV GH DFXHUGR FRQ HVWRV PDUFRV GH UHIHUHQFLD GH LQIRUPDFLyQ ILQDQFLHUD SXHGHQ VHU ORV ~QLFRV HVWDGRV ILQDQFLHURV SUHSDUDGRV SRU XQD HQWLGDG \ HQ WDOHV FLUFXQVWDQFLDV FRQ IUHFXHQFLD VRQ XWLOL]DGRV SRU ORV XVXDULRV DGHPiV GH DTXHOORV SDUD TXLHQHV HVSHFtILFDPHQWH VH GLVHxD HO PDUFR GH UHIHUHQFLD GH LQIRUPDFLyQ ILQDQFLHUD $ SHVDU GH OD DPSOLD GLVWULEXFLyQGHORVHVWDGRVILQDQFLHURVHQHVDVFLUFXQVWDQFLDVSDUDILQHVGHODV 1$ ORV HVWDGRV ILQDQFLHURV VH VLJXHQ FRQVLGHUDQGR FRPR GLVHxDGRV SDUD FXPSOLU FRQODVQHFHVLGDGHVGHLQIRUPDFLyQILQDQFLHUDGHXVXDULRVHVSHFtILFRV/D1$ 'LFWDPHQ GHO DXGLWRU VREUH FRPSURPLVRV GH DXGLWRUtD FRQ SURSyVLWR HVSHFLDO HVWDEOHFH QRUPDV \ GD OLQHDPLHQWRV VREUH HVWDGRV ILQDQFLHURV FX\R REMHWLYR HV FXPSOLU FRQ ODV QHFHVLGDGHV GH LQIRUPDFLyQ ILQDQFLHUD GH XVXDULRV HVSHFtILFRV $XQTXH QR SXHGDQ LGHQWLILFDUVH ORV XVXDULRV HVSHFtILFRV OD 1$ WDPELpQ VH UHILHUH D ORV HVWDGRV ILQDQFLHURV TXH VH SUHSDUDQ GH DFXHUGR FRQ XQ PDUFR GH UHIHUHQFLDTXHQRHVWiGLVHxDGRSDUDORJUDUXQDSUHVHQWDFLyQUD]RQDEOH (VWDGRV ILQDQFLHURV GLVHxDGRV SDUD FXPSOLU FRQ ODV QHFHVLGDGHV FRPXQHVGHLQIRUPDFLyQILQDQFLHUDGHXQDDPSOLDJDPDGHXVXDULRV 0XFKRVXVXDULRVGHHVWDGRVILQDQFLHURVQRHVWiQHQXQDSRVLFLyQGHGHPDQGDUTXH ORV HVWDGRV ILQDQFLHURV VH DMXVWHQ D OD PHGLGD SDUD FXPSOLU VXV QHFHVLGDGHV HVSHFtILFDVGHLQIRUPDFLyQ $XQTXH QR SXHGHQ FXPSOLUVHWRGDV ODV QHFHVLGDGHV GH LQIRUPDFLyQ GH ORV XVXDULRV HVSHFtILFRV KD\ QHFHVLGDGHV GH LQIRUPDFLyQ ILQDQFLHUDTXHVRQFRPXQHVDXQDDPSOLDJDPDGHXVXDULRV/RVHVWDGRVILQDQFLHURV SUHSDUDGRV GH DFXHUGR FRQ XQ PDUFR GH UHIHUHQFLD GH LQIRUPDFLyQ ILQDQFLHUD GLVHxDGR SDUD FXPSOLU FRQ ODV QHFHVLGDGHV FRPXQHV GH LQIRUPDFLyQ GH XQD DPSOLD JDPDGHXVXDULRVVHFRQRFHQFRPR³HVWDGRVILQDQFLHURVGHSURSyVLWR JHQHUDO´ 0DUFRV GH UHIHUHQFLD GH LQIRUPDFLyQ ILQDQFLHUD HVWDEOHFLGRV SRU RUJDQL]DFLRQHVDXWRUL]DGDVRUHFRQRFLGDV $, SUHVHQWH QR KD\ XQD EDVH REMHWLYD QL DXWRUL]DGD TXH VH KD\D UHFRQRFLGR JOREDOPHQWH GH PDQHUD JHQHUDO SDUD MX]JDU OD DFHSWDELOLGDG GH ORV PDUFRV GH UHIHUHQFLD GH LQIRUPDFLyQ ILQDQFLHUD TXH VH KD\DQ GLVHxDGR SDUD HVWDGRV ILQDQFLHURVGHSURSyVLWRJHQHUDO+DVWDTXHH[LVWDHVWDEDVHVHVXSRQHTXHORV PDUFRV GH UHIHUHQFLD GH LQIRUPDFLyQ ILQDQFLHUD HVWDEOHFLGRV SRU RUJDQL]DFLRQHV TXHVHDQDXWRUL]DGDVRUHFRQRFLGDVSDUDSURPXOJDUQRUPDVTXHVHXVHQSRUFLHUWRV 9pDVHDQH[R)DFWRUHVMXVWLILFDWLYRVGHFRQYHUJHQFLD 1$ 2%-(7,92<35,1&,3,26*(1(5$/(648(*2%,(51$1 81$$8',725Ì$'((67$'26),1$1&,(526 WLSRVGHHQWLGDGHVVRQDFHSWDEOHVSDUDHVWDGRVILQDQFLHURVGHSURSyVLWRJHQHUDO SUHSDUDGRV SRU GLFKDV HQWLGDGHV VLHPSUH \ FXDQGR ODV RUJDQL]DFLRQHV VLJDQ XQ SURFHVR HVWDEOHFLGR \ WUDQVSDUHQWH TXH LPSOLTXH GHOLEHUDFLyQ \ FRQVLGHUDFLyQ GH ORV SXQWRV GH YLVWD GH XQD DPSOLD JDPD GH SDUWHV LQWHUHVDGDV /RV HMHPSORV GH HVWRVPDUFRVGHUHIHUHQFLDGHLQIRUPDFLyQILQDQFLHUDLQFOX\HQ Ŷ 1,,) SURPXOJDGDV SRU HO &RQVHMR GH 1RUPDV ,QWHUQDFLRQDOHV GH &RQWDELOLGDG \ 1,)1RUPDVGH,QIRUPDFLyQ)LQDQFLHUDHPLWLGDVSRUHO&RQVHMR7pFQLFR1DFLRQDO GH$XGLWRULD\&RQWDELOLGDG Ŷ ,36$61RUPDV,QWHUQDFLRQDOHVGH&RQWDELOLGDGGHO6HFWRU3~EOLFRSURPXOJDGDV SRU OD )HGHUDFLyQ ,QWHUQDFLRQDO GH &RQWDGRUHV &RQVHMR GH 1RUPDV ,QWHUQDFLRQDOHVGH&RQWDELOLGDGGHO6HFWRU3~EOLFR Ŷ 3ULQFLSLRV GH FRQWDELOLGDG JHQHUDOPHQWH DFHSWDGRV SURPXOJDGRV SRU XQ UHFRQRFLGRHVWDEOHFHGRUGHQRUPDVHQXQDMXULVGLFFLyQSDUWLFXODU (VWRV PDUFRV GH UHIHUHQFLD GH LQIRUPDFLyQ ILQDQFLHUD D PHQXGR VH LGHQWLILFDQ FRPR HO PDUFR GH UHIHUHQFLD GH LQIRUPDFLyQ ILQDQFLHUD DSOLFDEOH HQ ORV UHTXLVLWRV OHJLVODWLYRV \ UHJXODGRUHV TXH ULJHQ OD SUHSDUDFLyQ GH ORV HVWDGRV ILQDQFLHURV GH SURSyVLWR JHQHUDO 5HILpUDVH D OD 1$ SDUD PDUFRV GH UHIHUHQFLDGHLQIRUPDFLyQILQDQFLHUDGLVHxDGRVSDUDFXPSOLUFRQODVQHFHVLGDGHV SDUWLFXODUHVGHXQDGHSHQGHQFLDUHJXODGRUDGHOJRELHUQR 0DUFRV GH UHIHUHQFLD GH LQIRUPDFLyQ ILQDQFLHUD FRPSOHPHQWDGRV FRQ UHTXLVLWRVOHJLVODWLYRV\UHJXODGRUHV (Q DOJXQDV MXULVGLFFLRQHV ORV UHTXLVLWRV OHJLVODWLYRV \ UHJXODGRUHV SXHGHQ FRPSOHPHQWDU XQ PDUFR GH UHIHUHQFLD GH LQIRUPDFLyQ ILQDQFLHUD DGRSWDGR SRU OD DGPLQLVWUDFLyQ FRQ ORV UHTXLVLWRV DGLFLRQDOHV UHODWLYRV D OD SUHSDUDFLyQ \ SUHVHQWDFLyQ GH ORV HVWDGRV ILQDQFLHURV (Q HVWDV MXULVGLFFLRQHV HO PDUFR GH UHIHUHQFLD GH LQIRUPDFLyQ ILQDQFLHUD DSOLFDEOH SDUD ILQHV GH DSOLFDU ODV 1$ DEDUFD WDQWRHO PDUFRGH UHIHUHQFLD GH LQIRUPDFLyQ ILQDQFLHUD LGHQWLILFDGR FRPR GLFKRV UHTXLVLWRV DGLFLRQDOHV VLHPSUH \ FXDQGR QR HQWUHQ HQ FRQIOLFWR FRQ HO PDUFR GH UHIHUHQFLDGHLQIRUPDFLyQ ILQDQFLHUD DSOLFDEOH eVWHSXHGH VHUHO FDVR FXDQGR ORV UHTXLVLWRV DGLFLRQDOHV SUHVFULEHQ UHYHODFLRQHV DGHPiV GH ODV UHTXHULGDV SRU HO PDUFR GH UHIHUHQFLD GH LQIRUPDFLyQ ILQDQFLHUD LGHQWLILFDGR R FXDQGR UHGXFHQ OD JDPD GH VHOHFFLRQHV DFHSWDEOHV TXH SXHGHQ KDFHUVH GHQWUR GHO PDUFR GH UHIHUHQFLD GH LQIRUPDFLyQ ILQDQFLHUD LGHQWLILFDGR 6L ORV UHTXLVLWRV DGLFLRQDOHV HQWUDQ HQFRQIOLFWR FRQHO PDUFR GHUHIHUHQFLD DQWHVPHQFLRQDGR HO DXGLWRUGLVFXWHODQDWXUDOH]DGHORVUHTXLVLWRVFRQODDGPLQLVWUDFLyQ\VLSXHGHQ FXPSOLUVH ORV UHTXLVLWRV DGLFLRQDOHV PHGLDQWH UHYHODFLRQHV DGLFLRQDOHV 6L HVWR QR HV SRVLEOH HO DXGLWRU FRQVLGHUD VL HV QHFHVDULR PRGLILFDU HO GLFWDPHQ GHO DXGLWRU9HU1$0RGLILFDFLRQHVDOGLFWDPHQGHODXGLWRULQGHSHQGLHQWH -XULVGLFFLRQHVTXHQRWLHQHQXQDRUJDQL]DFLyQHVWDEOHFHGRUDGHQRUPDV DXWRUL]DGD\UHFRQRFLGD &XDQGRXQDHQWLGDGHVWiUHJLVWUDGDXRSHUDHQXQDMXULVGLFFLyQTXHQRWLHQHXQD RUJDQL]DFLyQ DXWRUL]DGD R UHFRQRFLGD SDUD HVWDEOHFHU QRUPDV OD HQWLGDG LGHQWLILFD XQ PDUFR GH UHIHUHQFLD GH LQIRUPDFLyQ ILQDQFLHUD DSOLFDEOH /D SUiFWLFDHQHVDVMXULVGLFFLRQHVFRQIUHFXHQFLDHVXWLOL]DUXQPDUFRGHUHIHUHQFLD GHLQIRUPDFLyQILQDQFLHUDHVWDEOHFLGRSRUXQDGHODVRUJDQL]DFLRQHVGHVFULWDVHQ HO SiUUDIR 'H PRGR DOWHUQDWLYR SXHGH KDEHU FRQYHQFLRQHV FRQWDEOHV HVWDEOHFLGDV HQ XQD SDUWLFXODU MXULVGLFFLyQ TXH VHDQ JHQHUDOPHQWH UHFRQRFLGDV FRPRHOPDUFRGHUHIHUHQFLDGHLQIRUPDFLyQILQDQFLHUDDSOLFDEOHSDUDORVHVWDGRV ILQDQFLHURV GH SURSyVLWR JHQHUDO SUHSDUDGRV SRU FLHUWDV HQWLGDGHV HVSHFLILFDGDV TXHRSHUHQHQHVDMXULVGLFFLyQ&XDQGRODHQWLGDGDGRSWDHVHPDUFRGHUHIHUHQFLD GH LQIRUPDFLyQ ILQDQFLHUD HO DXGLWRU GHWHUPLQD VL SXHGH FRQVLGHUDUVH TXH ODV FRQYHQFLRQHV FRQWDEOHV HQ VX FRQMXQWR FRQVWLWX\HQ XQ PDUFR GH UHIHUHQFLD GH 1$ 2%-(7,92<35,1&,3,26*(1(5$/(648(*2%,(51$1 81$$8',725Ì$'((67$'26),1$1&,(526 LQIRUPDFLyQ ILQDQFLHUD DFHSWDEOH SDUD HVWDGRV ILQDQFLHURV GH SURSyVLWR JHQHUDO &XDQGR ODV FRQYHQFLRQHV FRQWDEOHV VH XVDQ DPSOLDPHQWH HQ XQD MXULVGLFFLyQ SDUWLFXODUODSURIHVLyQFRQWDEOHGHHVDMXULVGLFFLyQSXHGHKDEHUFRQVLGHUDGROD DFHSWDELOLGDGGHOPDUFRGHUHIHUHQFLDGHLQIRUPDFLyQILQDQFLHUDHQQRPEUHGHORV DXGLWRUHV'HPRGRDOWHUQDWLYRHODXGLWRUWRPDHVWDGHWHUPLQDFLyQDOFRQVLGHUDU VL ODV FRQYHQFLRQHV FRQWDEOHV UHYHODQ DWULEXWRV TXH QRUPDOPHQWH PXHVWUDQ ORV PDUFRV GH UHIHUHQFLD GH LQIRUPDFLyQ ILQDQFLHUD DFHSWDEOHV R DO FRPSDUDU ODV FRQYHQFLRQHV FRQWDEOHV FRQ ORV UHTXLVLWRV GH XQ PDUFR GH UHIHUHQFLD GH LQIRUPDFLyQILQDQFLHUDH[LVWHQWHTXHVHFRQVLGHUHFRPRDFHSWDEOH /RV PDUFRV GH UHIHUHQFLD GH LQIRUPDFLyQ ILQDQFLHUD DFHSWDEOHV SDUD HVWDGRV ILQDQFLHURV GH SURSyVLWR JHQHUDO QRUPDOPHQWH PXHVWUDQ ORV VLJXLHQWHV DWULEXWRV ORV FXDOHV GDQ FRPR UHVXOWDGR LQIRUPDFLyQ TXH VH PXHVWUD HQ ORV HVWDGRV ILQDQFLHURVTXHHV~WLOSDUDORVXVXDULRV D 5HOHYDQFLD HQ FXDQWR D TXH OD LQIRUPDFLyQ TXH VH GD HQ ORV HVWDGRV ILQDQFLHURV HV UHOHYDQWHD OD QDWXUDOH]D GHODHQWLGDG \DOREMHWLYRGHORV HVWDGRVILQDQFLHURV3RUHMHPSORHQHOFDVRGHXQDHPSUHVDGHQHJRFLRVTXH SUHSDUDHVWDGRVILQDQFLHURVGHSURSyVLWRJHQHUDOODUHOHYDQFLDVHHYDO~DHQ WpUPLQRV GH OD LQIRUPDFLyQ TXH VH QHFHVLWD SDUD FXPSOLU FRQ ODV QHFHVLGDGHV FRPXQHV GH LQIRUPDFLyQ GH XQD DPSOLD JDPD GH XVXDULRV SDUD WRPDU GHFLVLRQHV HFRQyPLFDV (VWDV QHFHVLGDGHV RUGLQDULDPHQWH VH FXPSOHQ SUHVHQWDQGR UD]RQDEOHPHQWH OD SRVLFLyQ ILQDQFLHUD GHVHPSHxR ILQDQFLHUR \ IOXMRV GH HIHFWLYRGHODHPSUHVDGHQHJRFLRV E ,QWHJULGDG HQ FXDQWR D TXHQRVHRPLWDQ WUDQVDFFLRQHV \HYHQWRVVDOGRV GH FXHQWD \ UHYHODFLRQHV TXH SXGLHUDQ DIHFWDU OD SUHVHQWDFLyQ UD]RQDEOH GH ORV HVWDGRVILQDQFLHURV F &RQILDELOLGDG HQ FXDQWR D TXH OD LQIRUPDFLyQ TXH VH GD HQ ORV HVWDGRV ILQDQFLHURV L5HIOHMD OD VXVWDQFLD HFRQyPLFD GH ORV HYHQWRV \ WUDQVDFFLRQHV \ QR PHUDPHQWHVXIRUPDOHJDO LL 'D FRPR UHVXOWDGR XQD HYDOXDFLyQ PHGLFLyQ SUHVHQWDFLyQ \ UHYHODFLyQ UD]RQDEOHPHQWH FRQVLVWHQWHV FXDQGR VH XVD HQ FLUFXQVWDQFLDV VLPLODUHV G 1HXWUDOLGDGHQ FXDQWR D TXH FRQWULEX\D D XQD LQIRUPDFLyQ OLEUHGH VHVJRHQ ORVHVWDGRVILQDQFLHURV H &RPSUHQVLELOLGDG HQ FXDQWR D TXH OD LQIRUPDFLyQ GH ORV HVWDGRV ILQDQFLHURV VHD FODUD H LQWHJUDO \ QR HVWp VXMHWD D XQD LQWHUSUHWDFLyQ FRQ GLIHUHQFLDV LPSRUWDQWHV 8Q FRQJORPHUDGR GH FRQYHQFLRQHV FRQWDEOHV LGHDGR SDUD VDWLVIDFHU SUHIHUHQFLDV LQGLYLGXDOHV QR HV XQ PDUFR GH UHIHUHQFLD GH LQIRUPDFLyQ ILQDQFLHUD DFHSWDEOH SDUD HVWDGRV ILQDQFLHURV TXH VH SURSRQHQ DWHQGHU ODV QHFHVLGDGHV FRPXQHV GH LQIRUPDFLyQGHXQDDPSOLDJDPDGHXVXDULRV /DGHVFULSFLyQ GHO PDUFRGHUHIHUHQFLD GH LQIRUPDFLyQ ILQDQFLHUD HQORV HVWDGRV ILQDQFLHURVLQFOX\HLQIRUPDFLyQVREUHODEDVHGHSUHSDUDFLyQGHORVPLVPRV\ODV SROtWLFDVFRQWDEOHVVHOHFFLRQDGDV\DSOLFDGDVSDUDWUDQVDFFLRQHV\RWURVHYHQWRV LPSRUWDQWHV (O DXGLWRU SXHGH GHFLGLU HO FRPSDUDU ODV FRQYHQFLRQHV FRQWDEOHV FRQ ORV UHTXLVLWRVGHXQ PDUFRGHUHIHUHQFLD H[LVWHQWHTXH VHFRQVLGHUD DFHSWDEOHFRPR SRU HMHPSOR 1,) SURPXOJDGDV SRU HO &RQVHMR GH 1RUPDV ,QWHUQDFLRQDOHV GH 1$ 2%-(7,92<35,1&,3,26*(1(5$/(648(*2%,(51$1 81$$8',725Ì$'((67$'26),1$1&,(526 &RQWDELOLGDG3DUDODDXGLWRUtDGHXQDHQWLGDGSHTXHxDHODXGLWRUSXHGHGHFLGLU HOFRPSDUDUHVDVFRQYHQFLRQHVFRQWDEOHVFRQXQPDUFRGpUHIHUHQFLDGHLQIRUPDFLyQ ILQDQFLHUDGHVDUUROODGRHVSHFtILFDPHQWHSDUDHVDVHQWLGDGHVSRUXQDRUJDQL]DFLyQ HVWDEOHFHGRUD GH QRUPDV DXWRUL]DGD R UHFRQRFLGD &XDQGR HO DXGLWRU KDFH HVWD FRPSDUDFLyQ\ VH LGHQWLILFDQ GLIHUHQFLDV OD GHFLVLyQ VREUH VL ODV FRQYHQFLRQHV FRQWDEOHVDGRSWDGDV SRU OD DGPLQLVWUDFLyQ FRQVWLWX\HQXQPDUFR GHUHIHUHQFLD GH LQIRUPDFLyQ ILQDQFLHUD DFHSWDEOH LQFOX\H HO FRQVLGHUDU ODV UD]RQHV SDUD ODV GLIHUHQFLDV \ VL OD DSOLFDFLyQ GH ODV FRQYHQFLRQHV FRQWDEOHV SRGUtD GDU FRPR UHVXOWDGRHVWDGRVILQDQFLHURVHTXtYRFRV &XDQGRHODXGLWRUFRQFOX\HTXH HOPDUFR GHUHIHUHQFLDGHLQIRUPDFLyQILQDQFLHUD DGRSWDGR SRU OD DGPLQLVWUDFLyQ QR HV DFHSWDEOH FRQVLGHUD ODV LPSOLFDFLRQHV HQ UHODFLyQ FRQ OD DFHSWDFLyQ GHO WUDEDMR YHU 1$ \ HO GLFWDPHQ GHO DXGLWRU YHU1$ ([SUHVLyQGHXQDRSLQLyQVREUHORVHVWDGRVILQDQFLHURV &XDQGR XQ DXGLWRU H[SUHVD XQD RSLQLyQ VREUH XQ MXHJR FRPSOHWR GH HVWDGRV ILQDQFLHURV GH SURSyVLWR JHQHUDO SUHSDUDGRV GH DFXHUGR FRQ XQ PDUFR GH UHIHUHQFLD GH LQIRUPDFLyQ ILQDQFLHUD GLVHxDGR SDUD ORJUDU XQD SUHVHQWDFLyQ UD]RQDEOHHODXGLWRUVHUHILHUHDOD1$UHYLVDGD(OGLFWDPHQGHODXGLWRU LQGHSHQGLHQWHVREUHXQMXHJRFRPSOHWRGHHVWDGRVILQDQFLHURVGHSURSyVLWRJHQHUDO SDUD QRUPDV \ OLQHDPLHQWRV VREUH ORV DVXQWRV TXH pO FRQVLGHUD SDUD IRUPDU XQD RSLQLyQGHGLFKRVHVWDGRVILQDQFLHURV\GHODIRUPD\FRQWHQLGRGHOGLFWDPHQGHO DXGLWRU (O DXGLWRU WDPELpQ VH UHILHUH D OD 1$ FXDQGR H[SUHVD XQD RSLQLyQ PRGLILFDGDGHDXGLWRUtDLQFOX\HQGRXQSiUUDIRGHpQIDVLVGHDVXQWRXQDRSLQLyQ FRQVDOYHGDGXQDDEVWHQFLyQGHRSLQLyQRXQDRSLQLyQDGYHUVD (ODXGLWRUVHUHILHUHDOD1$FXDQGRH[SUHVDXQDRSLQLyQVREUH D 8QMXHJRFRPSOHWRGHHVWDGRVILQDQFLHURVSUHSDUDGRVGHDFXHUGRFRQRWUDEDVH LQWHJUDOGHFRQWDELOLGDG E 8Q FRPSRQHQWH GH XQ MXHJR FRPSOHWR GH HVWDGRV ILQDQFLHURV GH SURSyVLWR JHQHUDO R GH SURSyVLWR HVSHFLDO FRPR XQ VROR HVWDGR ILQDQFLHUR FXHQWDV HVSHFLILFDGDVHOHPHQWRVGHFXHQWDVRSDUWLGDVGHXQHVWDGRILQDQFLHUR F &XPSOLPLHQWRGHDFXHUGRVFRQWUDFWXDOHV G (VWDGRVILQDQFLHURVUHVXPLGRV $GHPiVGHWUDWDUGHFRQVLGHUDFLRQHVGHLQIRUPDFLyQOD1$WDPELpQVHUHILHUH DRWURVDVXQWRVTXHHODXGLWRUWRPDHQFXHQWDHQHVWRVWUDEDMRVUHODFLRQDGRVFRQ SRUHMHPSORDFHSWDFLyQGHOWUDEDMR\ODFRQGXFFLyQGHODDXGLWRUtD )HFKDGHYLJHQFLD (VWD QRUPD GH DXGLWRUtD HQWUD HQ YLJHQFLD D SDUWLU GHO GH HQHUR GH 6H DFRQVHMD VX DSOLFDFLyQ DQWLFLSDGD SDUD OR FXDO HO DXGLWRU GHEH WRPDU ODV SUHYLVLRQHV TXH LPSOLFDQ DSOLFDU ODV 1$V HQ ORV FRPSURPLVRV DVXPLGRV \ HO DOFDQFH GHVXWUDEDMR 3HUVSHFWLYDGHOVHFWRUS~EOLFR 9pDVHDQH[R)DFWRUHVMXVWLILFDWLYRVGHFRQYHUJHQFLD 1$ 2%-(7,92<35,1&,3,26*(1(5$/(648(*2%,(51$1 81$$8',725Ì$'((67$'26),1$1&,(526 ,QGHSHQGLHQWHPHQWH GH VL XQD DXGLWRUtD VH FRQGXFH HQ HO VHFWRU SULYDGR R HQ HO S~EOLFR ORV SULQFLSLRV EiVLFRV GH DXGLWRUtD VLJXHQ VLHQGR ORV PLVPRV /R TXH SXHGH VHU GLIHUHQWH SDUD DXGLWRUtDV OOHYDGDV D FDER HQ HO VHFWRU S~EOLFR HV HO REMHWLYR \ DOFDQFH GH OD DXGLWRUtD (VWRV IDFWRUHV D PHQXGR VRQ DWULEXLEOHV D GLIHUHQFLDV HQ HO PDQGDWR GH DXGLWRUtD \ UHTXLVLWRV OHJDOHV R OD IRUPD GH LQIRUPDU SRU HMHPSOR SXHGH UHTXHULUVH D ODV HQWLGDGHV GHO VHFWRU S~EOLFR TXH SUHSDUHQLQIRUPHVILQDQFLHURVDGLFLRQDOHV &XDQGR OOHYD D FDER DXGLWRUtDV GH HQWLGDGHV GHO VHFWRU S~EOLFR HO DXGLWRU QHFHVLWDUi WRPDU HQ FXHQWD ORV UHTXLVLWRV HVSHFtILFRV GH FXDOHVTXLHU RWUDV UHJXODFLRQHV RUGHQDQ]DV R GLUHFWLYDV PLQLVWHULDOHV TXH DIHFWHQ DO PDQGDWR GH DXGLWRUtD \ FXDOHVTXLHU UHTXLVLWRV HVSHFLDOHV GH DXGLWRUtD LQFOX\HQGR OD QHFHVLGDG GH FRQVLGHUDU ORV DVXQWRV GH VHJXULGDG QDFLRQDO /RV PDQGDWRV GH DXGLWRUtD SXHGHQ VHU PiV HVSHFtILFRV TXH ORV GHO VHFWRU SULYDGR \ FRQ IUHFXHQFLDDEDUFDQXQDJDPDPiVDPSOLDGHREMHWLYRV\XQDOFDQFHPiVDPSOLRGHO TXH VH DSOLFD D OD DXGLWRUtD GH HVWDGRV ILQDQFLHURV GHO VHFWRU SULYDGR /RV PDQGDWRV \ UHTXLVLWRV SXHGHQ WDPELpQ DIHFWDU SRU HMHPSOR HO JUDGR GH GLVFUHFLyQGHODXGLWRUSDUDHVWDEOHFHUODLPSRUWDQFLDUHODWLYDSDUDLQIRUPDUGH IUDXGH \ HUURU \ HQ OD IRUPD GHO GLFWDPHQGHODXGLWRU 3XHGHQ WDPELpQ H[LVWLU GLIHUHQFLDV HQ HO HQIRTXH \ HVWLOR GH OD DXGLWRUtD 6LQ HPEDUJR HVWDV GLIHUHQFLDV QR FRQVWLWXLUtDQ XQD GLIHUHQFLD HQ ORV SULQFLSLRV EiVLFRV \ SURFHGLPLHQWRVHVHQFLDOHV 1$ 2%-(7,92<35,1&,3,26*(1(5$/(648(*2%,(51$1 81$$8',725Ì$'((67$'26),1$1&,(526 $1(;2 )$&725(6-867,),&$7,926'(&219(5*(1&,$ 5HIHUHQFLD 7HUPLQRORJtD 3iUUDIR XWLOL]DGDHQOD 1RUPD 1$ 6LQyQLPRV\DFODUDFLRQHVGHOD WHUPLQRORJtDXWLOL]DGD 1RUPD ,QWHUQDFLRQDO GH&RQWUROGH &DOLGDG,64& R1,&& $OPRPHQWRGHHVWDFRQYHUJHQFLDHQ%ROLYLDQRVHFXHQWDQSURQXQFLDPLHQWRV HVSHFtILFRV GH &RQWURO GH &DOLGDG /DV UHVROXFLRQHV GHO &71$& HVWDEOHFHQ TXH HQ DXVHQFLD GH XQ SURQXQFLDPLHQWR WpFQLFR HVSHFtILFR HQ HO SDtV VH DGRSWDQ ODV QRUPDV SURIHVLRQDOHV GH OD )HGHUDFLyQ ,QWHUQDFLRQDO GH &RQWDGRUHV,)$& (VWDGRV ILQDQFLHURV WRPDGRVFRPR XQWRGR 5LHVJRVGH QHJRFLRV 7DPELpQGHVFULWRVFRPRHVWDGRVILQDQFLHURVWRPDGRVHQVXFRQMXQWR6RQORV HVWDGRV ILQDQFLHURV GH SURSyVLWR JHQHUDO \ VXV QRWDV FRUUHVSRQGLHQWHV (Q DOJXQRVFDVRVLQFOX\HQRWURVHVWDGRVILQDQFLHURVUHTXHULGRVSRUHOUHJXODGRU 5LHVJRGHTXHORVREMHWLYRVGHOQHJRFLRRHOHQWHQRVHORJUHQFRQVLGHUDQGR ORV IDFWRUHV SUHVLRQHV \ IXHU]DV H[WHUQDV DO QHJRFLR \ ORV FDPELRV HQ ODV HVWUDWHJLDV1$ $GPLQLVWUDFLyQ (O WpUPLQR ³DGPLQLVWUDFLyQ´ VH XVD HQ HVWD 1$ SDUD GHVFULELU D ORV UHVSRQVDEOHV SRU OD SUHSDUDFLyQ \ SUHVHQWDFLyQ GH ORV HVWDGRV ILQDQFLHURV +DELWXDOPHQWHHVHOJHUHQWHJHQHUDORODPiVDOWDGLUHFFLyQUHVSRQVDEOHGHOD DGPLQLVWUDFLyQ (VWDGRGH FDPELRVHQ FDSLWDO (VWDGRV ILQDQFLHURVGH SURSyVLWR JHQHUDO (VWDGRGHHYROXFLyQGHOSDWULPRQLR $XGLWRUtDGH HVWDGRV ILQDQFLHURVGH SURSyVLWR HVSHFLDO &RUUHVSRQGHDLQIRUPHVVREUH(VWDGRVILQDQFLHURVFRQRWUDEDVHLQWHJUDOGH FRQWDELOLGDGVREUHFRPSRQHQWHVGHHVWDGRVILQDQFLHURVVREUHFXPSOLPLHQWR GHFRQYHQLRVVREUHHVWDGRVILQDQFLHURVUHVXPLGRV E &RUUHVSRQGHQ D ORV HVWDGRV ILQDQFLHURV SUHSDUDGRV EDMR 3ULQFLSLRV GH &RQWDELOLGDG *HQHUDOPHQWH $FHSWDGRV R 1RUPDV GH ,QIRUPDFLyQ )LQDQFLHUD (Q%ROLYLDVRQ(OEDODQFHJHQHUDOHVWDGRGHUHVXOWDGRVHVWDGRGHHYROXFLyQ GHOSDWULPRQLRQHWR\HVWDGRGHIOXMRVGHHIHFWLYR 1$
