DOCV sencer - Diari Oficial de la Comunitat Valenciana

DIARI OFICIAL Any XXX Dilluns, 21 de maig de 2007 / Lunes, 21 de mayo de 2007 Núm. 5516 II. AUTORITATS I PERSONAL II. AUTORIDADES Y PERSONAL a) OFERTES D’OCUPACIÓ PÚBLICA, OPOSICIONS I CONCURSOS a) OFERTAS DE EMPLEO PÚBLICO, OPOSICIONES Y CONCURSOS Conselleria de Cultura, Educació i Esport RESOLUCIÓ d’11 de maig de 2007, del director general de Personal Docent de la Conselleria de Cultura, Educació i Esport, per la qual es declaren aprovades les llistes definitives d’aspirants admesos i exclosos per a participar en el concurs oposició per a l’accés al cos de professors d’Ensenyament Secundari, especialitat de Psicologia i Pedagogia, torn especial disposició transitòria 15 de la Llei Orgànica d’Educació i es nomenen els òrgans de selecció que han d’actuar en l’esmentat procediment. [2007/6352] Conselleria de Cultura, Educación y Deporte RESOLUCIÓN de 11 de mayo de 2007, del director general de Personal Docente, de la Conselleria de Cultura, Educación y Deporte, por la que se declaran aprobadas las listas definitivas de aspirantes admitidos y excluidos para participar en el concurso-oposición para el acceso al cuerpo de profesores de Enseñanza Secundaria, especialidad de Psicología y Pedagogía, turno especial disposición transitoria decimoquinta de la Ley Orgánica de Educación y se nombran los órganos de selección que han de actuar en dicho procedimiento. Conselleria de Justícia, Interior i Administracions Públiques RESOLUCIÓ de 8 de maig del 2007, del conseller de Justícia, Interior i Administracions Públiques, per la qual es publica la relació d’aspirants que han superat les proves selectives d’accés al grup A, sector administració especial, enginyers industrials, accés lliure. Convocatòria 61/04. [2007/6213] 20140 [2007/6352] 20140 Conselleria de Justicia, Interior y Administraciones Públicas RESOLUCIÓN de 8 de mayo de 2007, del conseller de Justicia, Interior y Administraciones Públicas, por la que se publica la relación de aspirantes que han superado las pruebas selectivas de acceso al grupo A, sector administración especial, ingenieros de montes, acceso libre. Convocatoria 61/04. [2007/6213] 20147 20149 RESOLUCIÓN de 8 de mayo de 2007, del conseller de Justicia y Administraciones Públicas, por la que se publica la relación de aspirantes que han superado las pruebas selectivas de acceso al Grupo A, sector administración especial, Ingenieros Industriales, turno de promoción interna. Convocatoria 62/04. [2007/6215] 20149 20151 RESOLUCIÓN de 8 de mayo de 2007, de la Conselleria de Justicia, Interior y Administraciones Públicas por la que se declaran desiertas las pruebas selectivas de acceso al grupo A, sector administración especial, ingenieros de montes, turno de discapacitados. Convocatoria 64/04. [2007/6219] 20151 20152 782/07PD Resolución de 9 de mayo 2007 de la Directora General de Justicia por la que se convoca la constitución de bolsas de trabajo para la provisión temporal de puestos de los cuerpos de médicos forenses, gestión provesal y administrativa, tramitación procesal y administrativa y de auxilio judicial de la admón. de justicia de la Comunidad Valenciana 20147 RESOLUCIÓ de 8 de maig de 2007, del conseller de Justícia, Interior i Administracions Públiques, per la qual es publica la relació d’aspirants que han superat les proves selectives d’accés al grup A, sector administració especial, enginyers industrials, torn de promoció interna. Convocatòria 62/04. [2007/6215] RESOLUCIÓ de 8 de maig de 2007, de la Conselleria de Justícia, Interior i Administracions Públiques, per la qual es declaren desertes les proves selectives d’accés al grup A, sector administració especial, enginyers forestals, torn de discapacitats. Convocatòria 64/04. [2007/6219] RESOLUCIÓ de 9 de maig de 2007, de la directora general de Justícia, per la qual es convoca la constitució de borses de treball, per a la provisió temporal de llocs dels cossos de metges forenses, gestió processal i administrativa, tramitació processal i administrativa i d’auxili judicial, de l’administració de justícia de la Comunitat Valenciana. [2007/6038] CONVOCATÒRIA 032/2007, de la Direcció General d’Administració Autonòmica, per la qual s’anuncia, per a la seua provisió pel sistema de lliure designació, un lloc de treball de naturalesa funcionarial, a la Conselleria d’Economia, Hisenda i Ocupació. [2007/6413] 20166 [2007/6038] 20152 CONVOCATORIA 032/2007, de la Dirección General de Administración Autonómica, por la que se anuncia para su provisión por el sistema de libre designación un puesto de trabajo de naturaleza funcionarial en la Conselleria de Economia, Hacienda y Empleo. [2007/6413] 20166 Núm. 5516 / 21.05.2007 Conselleria de Sanitat RESOLUCIÓ de 24 d’abril de 2007, del director general de Recursos Humans de la Conselleria de Sanitat, per la qual, com a execució d’una sentència, modifica la Resolució de 29 d’octubre de 2004 de la Direcció General de Recursos Humans, per la qual resol el concurs lliure i excepcional de consolidació d’ocupació del personal interí del cos de sanitaris locals per a la provisió de places de comares d’equips d’Atenció Primària. [2007/5894] 2 20169 Conselleria de Sanidad RESOLUCIÓN de 24 de abril de 2007, del director general de Recursos Humanos de la Conselleria de Sanidad, por la que en ejecución de sentencia se modifica la Resolución de 29 de octubre de 2004, de la Dirección General de Recursos Humanos por la que se resuelve el concurso libre y excepcional de consolidación de empleo del personal interino del cuerpo de sanitarios locales para la provisión de plazas de matronas de equipos de Atención Primaria (DOGV núm. 4.886, de 18.11.2004). [2007/5894] 20169 20171 Ajuntament de Benidorm Extracte de la convocatòria per a proveir una plaça d’enginyer tècnic d’Obres i Servicis per al Departament d’Urbanisme. [2007/4481] 20171 Ayuntamiento de Benidorm Extracto de la convocatoria para proveer una plaza de ingeniero técnico de Obras y Servicios para el Departamento de Urbanismo. [2007/4481] Extracte de la convocatòria per a proveir una plaça d’inspector de la Policia Local. [2007/4490] 20172 Extracto de la convocatoria para proveer una plaza de inspector de la Policía Local. [2007/4490] 20172 20173 Extracto de la convocatoria para proveer una plaza de técnico medio Asesor Jurídico para el Departamento de Rentas/Tesorería. [2007/4484] 20173 Extracte de la convocatòria per a proveir una plaça de tècnic mitjà Assessor Jurídic per al Departament de Rendes/Tresoreria. [2007/4484] Extracte de la convocatòria per a proveir una plaça de tècnic mitjà Assessor Jurídic per al Departament d’Urbanisme. Extracto de la convocatoria para proveer una plaza de técnico medio Asesor Jurídico para el Departamento de Urbanismo. 20174 [2007/4489] 20174 20175 Extracto de la convocatoria para proveer una plaza de técnico medio Asesor Jurídico para el Departamento de Secretaría General. [2007/4491] 20175 20176 Ayuntamiento de Dénia Extracto de las bases específicas del proceso de selección de 17 plazas de auxiliar administrativo de administración general (turno libre), vacantes en la plantilla de este Ayuntamiento. [2007/4264] 20176 20177 Ayuntamiento de Moncada Oferta de empleo público 2007 del Ayuntamiento de Moncada y organismos autónomos. [2007/4454] 20177 [2007/4660] 20178 Ayuntamiento de Soneja Extracto de la convocatoria de una plaza de alguacil municipal. [2007/4660] 20178 Extracte de la convocatòria d’una plaça d’operari de serveis múltiples. [2007/4662] 20179 Extracto de la convocatoria de una plaza de operario de servicios múltiples. [2007/4662] 20179 20180 Diputació Provincial d’Alacant Extracto de las bases del concurso-oposición libre de tres plazas de ingenieros técnicos en informática. [2007/4173] 20180 20181 Universidad de Alicante RESOLUCIÓN de 3 de mayo de 2007, de la Universidad de Alicante, por la que se publica la relación provisional de admitidos y excluidos, para la provisión de plazas docentes en régimen de contratación laboral, convocadas a concurso de méritos por Resolución de 23 de marzo de 2007 (DOCV de 30 de marzo de 2007). [2007/5678] 20181 20183 RESOLUCIÓN de 17 de mayo de 2007, de la Universidad de Alicante, por la que se publica la relación definitiva de admitidos y excluidos, la composición de la comisión de selección y la fecha prevista para el acto de constitución de la comisión de selección de una plaza de profesor colaborador (DC03201) en régimen de contratación laboral, convocada por Resolución de 4 de diciembre de 2006 (DOGV de 22 de diciembre de 2006). [2007/6381] 20183 [2007/4489] Extracte de la convocatòria per a proveir una plaça de tècnic mitjà Assessor Jurídic per a Departament de Secretaria General. [2007/4491] Ajuntament de Dénia Extracte de les bases específiques del procés de selecció de 17 places d’auxiliar administratiu d’administració general (torn lliure), vacants en la plantilla d’este Ajuntament. [2007/4264 Ajuntament de Moncada Oferta d’ocupació pública 2007 de l’Ajuntament de Moncada i organismes autònoms. [2007/4454] Ajuntament de Soneja Extracte de la convocatòria d’una plaça d’algutzir municipal. Diputació Provincial d’Alacant Extracte de les bases del concurs oposició lliure de tres places d’enginyers tècnics en informàtica. [2007/4173] Universitat d’Alacant RESOLUCIÓ de 3 de maig de 2007, de la Universitat d’Alacant, per la qual es publica la relació provisional d’admesos i exclosos, per a la provisió de places docents en règim de contractació laboral, convocades a concurs de mèrits per Resolució de 23 de març de 2007 (DOCV de 30 de març de 2007). [2007/5678] RESOLUCIÓ de 17 de maig de 2007, de la Universitat d’Alacant, per la qual es publica la relació definitiva d’admesos i exclosos, la composició de la comissió de selecció i la data prevista per a l’acte de constitució de la comissió de selecció d’una plaça de professor col·laborador (DC03201) en règim de contractació laboral, convocada per Resolució de 4 de desembre de 2006 (DOGV de 22 de desembre de 2006). [2007/6381] RESOLUCIÓ de 4 de maig de 2007, de la Universitat d’Alacant, per la qual es publica la relació provisional d’admesos i exclosos, per a la provisió de places docents en règim de contractació laboral, convocades per Resolució de RESOLUCIÓN de 4 de mayo de 2007, de la Universidad de Alicante, por la que se publica la relación provisional de admitidos y excluidos, para la provisión de plazas docentes en régimen de contratación laboral, convocadas por Resolu- Núm. 5516 / 21.05.2007 26 de març de 2007 (DOCV de 2 d’abril de 2007). [2007/5683] 3 20184 ción de 26 de marzo de 2007 (DOCV de 2 de abril de 2007). [2007/5683] Universitat Politècnica de València RESOLUCIÓ de 18 d’abril de 2007, de la Universitat Politècnica de València, per la qual es convoquen a concurs d’accés places de cossos docents universitaris. [2007/5386] 20186 Universidad Politécnica de Valencia RESOLUCIÓN del 18 de abril de 2007, de la Universidad Politecnica de Valencia, por la que se convocan a concurso de acceso plazas de Cuerpos Docentes Universitarios [2007/5386] RESOLUCIÓ de 3 de maig de 2007, de la Universitat Politècnica de València, per la qual es convoca procés específic de promoció interna per a l’accés al Grup C, sector d’administració especial, especialista tècnic de laboratori (PF566), segons l’aplicació de la disposició addicional quarta del Decret 33/1999, de 9 de març, del Govern Valencià. [2007/5938] Universitat Jaume I RESOLUCIÓ de 7 de maig de 2007, del Rectorat de la Universitat Jaume I de Castelló per la qual es convoca concurs de selecció de professorat contractat doctor. [2007/6327] 20184 20186 RESOLUCIÓN de 3 de mayo de 2007, de la Universidad Politécnica de Valencia, por la que se convoca proceso específico de promoción interna para acceder al Grupo C, sector administración especial, especialista técnico de laboratorio (PF566), en aplicación de la disposición adicional cuarta del Decreto 33/1999, de 9 de marzo, del Gobierno Valenciano. 20196 [2007/5938] 20204 Universitat Jaume I RESOLUCIÓN de 7 de mayo de 2007, del Rectorado de la Universitat Jaume I de Castellón por la cual se convoca concurso de selección de profesorado contratado doctor. [2007/6327] 20196 20204 b) NOMENAMENTS I CESSAMENTS b) NOMBRAMIENTOS Y CESES Conselleria de Justícia, Interior i Administracions Públiques RESOLUCIÓ de 16 de maig de 2007, del conseller de Justícia, Interior i Administracions Públiques, per la qual es proveïx la vacant anunciada per la Convocatòria número 28/07, de 20 de març de 2007 (DOCV núm. 5.476, de 23 de març de 2007). [2007/6366] 20230 Conselleria de Justicia, Interior y Administraciones Públicas RESOLUCIÓN de 16 de mayo de 2007, del conseller de Justicia, Interior y Administraciones Públicas, por la que se provee la vacante anunciada por la Convocatoria número 28/07, de 20 de marzo de 2007 (DOCV núm. 5.476, de 23 de marzo de 2007). [2007/6366] 20230 20231 RESOLUCIÓN del conseller de Justicia, Interior y Administraciones Públicas, por la que se provee la vacante anunciada por la Convocatoria número 28/07, de 20 de marzo de 2007 (DOCV núm. 5.476, de 23 de marzo de 2007). [2007/6367] 20231 20232 RESOLUCIÓN de 11 de mayo de 2007, del director general de Administración Autonómica, por la que se adjudica a Antonio Escrig Fernández el puesto de trabajo número 22029, técnico de prevención de riesgos laborales/jefe sector. RESOLUCIÓ, del conseller de Justícia, Interior i Administracions Públiques, per la qual es proveïx la vacant anunciada per la Convocatòria número 28/07, de 20 de març de 2007 (DOCV núm. 5.476, de 23 de març de 2007). [2007/6367] RESOLUCIÓ d’11 de maig de 2007, del director general d’Administració Autonòmica, per la que s’adjudica a Antonio Escrig Fernández el lloc de treball número 22029, tècnic de prevenció de riscs laborals/cap de sector. [2007/6368] Conselleria de Territori i Habitatge RESOLUCIÓ d’11 de maig del 2007, del conseller Territori i Habitatge, per la qual es nomena el Sr Jose Vicente Pardos Urios, personal eventual de la Conselleria de Territori i Habitatge. [2007/6394] Ajuntament d’Almàssera Nomenament d’un funcionari de carrera com a alguatzil notificador i contractació d’un oficial de serveis múltiples com a personal laboral fix. [2007/4431] Universitat d’Alacant RESOLUCIO de 25 d’abril de 2007, de la Universitat de Alacant per la qual es nomena Catedràtic d’Universitat DF02454, en l’àrea de coneixement de Història i Institucions Econòmiques a Javier Vidal Olivares [2007/5316] RESOLUCIÓ de 27 d’abril de 2007 de la Universitat d’Alacant, per la qual a tenor de les competències atribuïdes per la normativa vigent, es nomena el tribunal que ha de resoldre el procés selectiu convocat per Resolució de 26 de gener de 2007 (DOGV núm. 5.452, de 16 de febrer de 2007), per a l’accés a l’escala Oficial-Especialista de la Universitat d’Alacant (Referència C01/07) [2007/5777] [2007/6368] 20232 20233 Conselleria de Territorio y Vivienda RESOLUCIÓN de 11 de mayo de 2007 del conseller de Territorio y Vivienda, por la que se nombra a D. Jose Vicente Pardos Urios, personal eventual de la Conselleria de Territorio y Vivienda. [2007/6394] 20233 20234 Ayuntamiento de Almàssera Nombramiento de un funcionario de carrera alguacil-notificador y contratación de un oficial de servicios múltiples como personal laboral fijo. [2007/4431] 20234 20235 Universidad de Alicante RESOLUCION de 25 de abril de 2007, de la Universidad de Alicante, por la cual se nombra Catedrático de Universidad DF02454 en el área de conocimiento de Historia e Instituciones Económicas a Javier Vidal Olivares. [2007/5316] 20235 20236 RESOLUCIÓN de 27 de abril de 2007 de la Universidad de Alicante, por la que a tenor de las competencias atribuidas por la normativa vigente, se nombra el tribunal que ha de resolver el proceso selectivo convocado por Resolución de 26 de enero de 2007 (DOGV núm. 5.452, de 16 de febrero de 2007), para el acceso a la escala Oficial-Especialista de la Universidad de Alicante (Referencia C01/07). [2007/5777] 20236 Núm. 5516 / 21.05.2007 4 III. ACTES ADMINISTRATIUS III. ACTOS ADMINISTRATIVOS a) AUTORITZACIONS I CONCESSIONS a) AUTORIZACIONES Y CONCESIONES Conselleria d’Infraestructures i Transport Resolució de 16 de març de 2007, de la Direcció General d’Energia, per la qual s’atorga autorització administrativa per a la construcció de les instal·lacions de distribució d’energia elèctrica ST Albal, s’aprova el projecte d’execució i es declara la seua utilitat pública. Expedient número ATASCT/2005/213/46. [2007/5320] Conselleria de Infraestructuras y Transporte Resolución de 16 de marzo de la Dirección General de Energía por la que se otorga autorización administrativa para la construcción de las instalaciones de distribución de energía eléctrica ST Albal, se aprueba el proyecto de ejecución y se declara su utilidad pública. Expediente número ATASCT/2005/213/46. [2007/5320] 20237 RESOLUCIÓN de 27 de marzo de 2007, del Servicio Territorial de Energía, por la que se otorga a Gas Natural Cegas, SA, autorización administrativa y aprobación del proyecto de ejecución para la construcción de la red de distribución de gas natural en el término municipal de La Jana. Expediente número CBREDE/2005/27/12. [2007/5325] 20244 RESOLUCIÓN de 4 de abril de 2007 del Servicio Territorial de Energía de Alicante, por la que se otorga autorización administrativa y aprobación del proyecto de ejecución a la empresa Repsol Butano, S.A. para la construcción de las instalaciones de distribución de propano en Plan Parcial D-6 en el termino municipal de Bigastro. Exp.: CBREDE/2006/75/03 Y CBDFCP/2006/9/03. [2007/5736] 20247 RESOLUCIÓ de 27 de març de 2007, del Servici Territorial d’Energia, per la qual s’atorga a Gas Natural Cegas, SA, autorització administrativa i aprovació del projecte d’execució per a la construcció de la xarxa de distribució de gas natural al terme municipal de la Jana. Expedient número CBREDE/2005/27/12. [2007/5325] RESOLUCIÓ de 4 d’abril de 2007, del Servici Territorial d’Energia d’Alacant, per la qual s’atorga l’autorització administrativa i l’aprovació del projecte d’execució a l’empresa Repsol Butano, SA, per a la construcció de les instal¿lacions de distribució de propà al Pla Parcial D-6 al terme municipal de Bigastro. Exp.: CBREDE/2006/75/03 I CBDFCP/2006/9/03. [2007/5736] 20237 20244 20247 b) SUBVENCIONS I BEQUES b) SUBVENCIONES Y BECAS Presidència de la Generalitat RESOLUCIÓ de 9 de maig de 2007, del vicepresident del Consell, per la qual es concedix una beca per a la realització de pràctiques professionals en matèria de publicacions, en la direcció general de relacions amb les Corts i Secretariat del Govern. [2007/6353] 20249 Presidencia de la Generalitat RESOLUCIÓN de 9 de mayo de 2007, del vicepresidente del Consell, por la que se concede una beca para la realización de prácticas profesionales en materia de publicaciones, en la Direccion General de Relaciones con las Cortes y Secretariado del Gobierno. [2007/6353] 20249 20251 RESOLUCIÓN de 9 de mayo de 2007, del vicepresidente del Consell, por la que se concede una beca para la realización de prácticas profesionales en materia jurídica, en la Direccion General de Relaciones con las Cortes y Secretariado del Gobierno. [2007/6354] 20251 20253 RESOLUCIÓN de 9 de mayo de 2007, del vicepresidente del Consell, por la que se conceden dos becas para la realización de prácticas profesionales en materia de documentación, en la Direccion General de Relaciones con las Cortes y Secretariado del Gobierno. [2007/6355] 20253 20255 Conselleria de Agricultura, Pesca y Alimentación RESOLUCION de 18 de abril 2007, del director del Organismo Pagador de las Ayudas del Fondo Europeo Agrícola de Garantía (FEAGA) y del Fondo Europeo Agrícola de desarrollo Rural (FEADER) en la Comunitat Valenciana, por la que se destinan fondos de la de la Generalitat para la ampliación de la ayuda comunitaria a la reestructuración del viñedo en la campaña 2006-2007. [2007/6086] 20255 20256 RESOLUCIÓN de 4 de mayo de 2007, del conseller de Agricultura, Pesca y Alimentación, por la que se conceden subvenciones a entidades, empresas y profesionales, relacionados con la producción y comercialización en el sector agrario, por su colaboración con la Subsecretaría de la Conselleria de Agricultura, Pesca y Alimentación por los conceptos “Precios agrarios Reglamento CEE 2200/96” y “ Otros precios agrarios”. [2007/6082] 20256 Conselleria de Cultura, Educación y Deporte RESOLUCIÓN de 2 de mayo de 2007, la Conselleria de Cultura, Educación y Deporte, por la cual se adjudican las becas de colaboración de personal técnico en el Catálogo del Patrimonio Bibliográfico de la Comunidad Valenciana. [2007/6363] 20260 RESOLUCIÓ de 9 de maig de 2007, del vicepresident del Consell, per la qual es concedix una beca per a la realització de pràctiques professionals en matèria jurídica, en la Direcció General de Relacions amb les Corts i Secretariat del Govern. [2007/6354] RESOLUCIÓ de 9 de maig de 2007, del vicepresident del Consell, per la qual es concedixen dues beques per a la realització de pràctiques professionals en matèria de documentació, en la Direcció General de Relacions amb les Corts i Secretariat del Govern. [2007/6355] Conselleria d’Agricultura, Pesca i Alimentació RESOLUCIÓ de 18 d’abril de 2007, del director de l’Organisme Pagador de les Ajudes del Fons Europeu Agrícola de Garantia (FEAGA) i del Fons Europeu Agrícola de Desenrotllament Rural (FEADER) a la Comunitat Valenciana, per la qual es destinen fons de la de la Generalitat per a l’ampliació de l’ajuda comunitària a la reestructuració de la vinya en la campanya 2006-2007. [2007/6086] RESOLUCIÓ de 4 de maig de 2007, del conseller d’Agricultura, Pesca i Alimentació, per la qual es concedixen subvencions a entitats, empreses i professionals, relacionats amb la producció i la comercialització en el sector agrari, per la seua col¿laboració amb la Subsecretaria de la Conselleria d’Agricultura, Pesca i Alimentació pels conceptes “Preus agraris Reglament CEE 2200/1996” i “Altres preus agraris”. [2007/6082] Conselleria de Cultura, Educació i Esport RESOLUCIÓ de 2 de maig de 2007, de la Conselleria de Cultura, Educació i Esport, per la qual s’adjudiquen les beques de col·laboració de personal tècnic en el Catàleg del Patrimoni Bibliogràfic de la Comunitat Valenciana. [2007/6363] 20260 Núm. 5516 / 21.05.2007 Conselleria d’Economia, Hisenda i Ocupació RESOLUCIÓ de 12 d’abril de 2007, de la Direcció General de Treball i Seguretat Laboral, per la qual es dóna publicitat a les subvencions concedides l’any 2006 a càrrec del programa 315.10 Condicions de Treball i Administració de les Relacions Laborals. [2007/5235] Conselleria de Territori i Habitatge RESOLUCIÓ de 27 d’abril del 2007 del director general d’Habitatge i Projectes Urbans de concessió d’ajudes al finançament de les despeses corrents de funcionament i divulgació de les entitats declarades agents col·laboradors de la Xarxa d’Oficines d’Infohabitatge Solidari per a l’exercici 2007. Fase A. [2007/5834] Institut Valencià de la Joventut RESOLUCIÓN de 11 de mayo de 2007, del director general del Institut Valencià de la Joventut (IVAJ), por la que se adjudican becas para la realización de cursos de idiomas, destinadas a jóvenes trabajadores. [2007/6364] Institut Cartogràfic Valencià RESOLUCIÓ de 6 de març de 2007, del director de l’Institut Cartogràfic València per la que es concedix una beca en la modalitat d’enginyeria en geodèsia i cartografia. [2007/4757] RESOLUCIÓ de 21 de març de 2007, del director de l’Institut Cartogràfic València per la que es concedix una beca en la modalitat de llicenciats en físiques. [2007/4756] 5 20262 Conselleria de Economía, Hacienda y Empleo RESOLUCIÓN de 12 de abril de 2007, de la Dirección General de Trabajo y Seguridad Laboral, por la que se da publicidad a las subvenciones concedidas en el año 2006 con cargo al programa 315.10 Condiciones de Trabajo y Administración de las Relaciones Laborales. [2007/5235] 20262 20286 Conselleria de Territorio y Vivienda RESOLUCIÓN de 27 de abril de 2007, del director general de Vivienda y Proyectos Urbanos de concesión de ayudas a la financiación de los gastos corrientes de funcionamiento y divulgación de las entidades declaradas agentes colaboradores de la Red de Oficinas de Infovivienda solidaria para el ejercicio 2007. Fase A. [2007/5834] 20286 20288 Institut Valencià de la Joventut RESOLUCIÓN de 11 de mayo de 2007, del director general del Institut Valencià de la Joventut (IVAJ), por la que se adjudican becas para la realización de cursos de idiomas, destinadas a jóvenes trabajadores. [2007/6364] 20288 20292 Institut Cartogràfic Valencià RESOLUCIÓN de 6 de marzo de 2007, del director del Instituto Cartográfico Valenciano por la que se concede una beca en la modalidad de ingeniería en geodesia y cartografía. 20293 [2007/4757] 20292 RESOLUCIÓN de 21 de marzo de 2007, del director del Instituto Cartográfico Valenciano por la que se concede una beca en la modalidad de licenciados en físicas. [2007/4756] 20293 c) ALTRES ASSUMPTES c) OTROS ASUNTOS Conselleria de Cultura, Educació i Esport RESOLUCIÓ de 9 de maig de 2007, de la Conselleria de Cultura, Educació i Esport, per la qual es concedeix el premi a la labor dels llibreters de la Comunitat Valenciana en la difusió del llibre. [2007/6321] 20294 Conselleria de Cultura, Educación y Deporte RESOLUCIÓN de 9 de mayo de 2007, de la Conselleria de Cultura, Educación y Deporte, por la que se concede el premio a la labor de los libreros de la Comunidad Valenciana en la difusión del libro. [2007/6321] 20294 20295 Conselleria de Infraestructuras y Transporte RESOLUCIÓN de 23 de abril de 2007, de la Subsecretaría, por la que se dispone la publicación de la adhesión del Ayuntamiento de Polop de la Marina (Alicante), al Convenio Marco entre la Administración General del Estado y la Comunidad Valenciana para la colaboración en la progresiva implantación de un sistema intercomunicado de registros entre la Administración General del Estado, la Administración de la Generalitat Valenciana y las Entidades Locales del ámbito territorial de la Comunidad Valenciana. [2007/5439] 20295 20296 Conselleria de Turismo RESOLUCIÓN de fecha 3 de mayo de 2007, de la consellera de Turismo y presidenta de l’Agència Valenciana del Turisme, por la que se fijan los indicadores mínimos previstos en el artículo 7 del Decreto 71/2000, de 22 de mayo, del Consell. [2007/6122] 20296 20297 Fundación Valenciana de la Calidad Modificación de la convocatoria de la segunda edición del proyecto «Reconocimiento de la Calidad del Comercio en la Comunitat Valenciana». [2007/6409] 20297 20298 Conselleria de Economía, Hacienda y Empleo-Conselleria de Sanidad DECRETO 71/2007, de 18 de mayo, del Consell, por el que se arbitran medidas para la atención de las indemnizaciones correspondientes a las personas afectadas según lo dispuesto en la sentencia de la Audiencia Provincial de Valencia número 229/2007, de 14 de mayo. [2007/6450] 20298 Conselleria d’Infraestructures i Transport RESOLUCIÓ de 23 d’abril de 2007, de la Sotssecretaria, per la qual es disposa la publicació de l’adhesió de l’Ajuntament de Polop de la Marina (Alacant) al Conveni Marc entre l’administració general de l’Estat i la Comunitat Valenciana per a la col¿laboració en la progressiva implantació d’un sistema intercomunicat de registres entre l’administració general de l’Estat, l’administració de la Generalitat Valenciana i les entitats locals de l’àmbit territorial de la Comunitat Valenciana. [2007/5439] Conselleria de Turisme RESOLUCIÓ de 3 de maig de 2007, de la consellera de Turisme i presidenta de l’Agència Valenciana del Turisme, per la qual es fixen els indicadors mínims previstos en l’article 7 del Decret 71/2000, de 22 de maig, del Consell. [2007/6122] Fundación Valenciana de la Calidad Modificació de la convocatòria de la segona edició del projecte «Reconeixement de la Qualitat del Comerç en la Comunitat Valenciana». [2007/6409] Conselleria d’Economia, Hisenda i Ocupació-Conselleria de Sanitat DECRET 71/2007, de 18 de maig, del Consell, pel qual s’arbitren mesures per a l’atenció de les indemnitzacions corresponents a les persones afectades segons el que disposa la sentència de l’Audiència Provincial de València número 229/2007, de 14 de maig. [2007/6450] Núm. 5516 / 21.05.2007 6 IV. ADMINISTRACIÓ DE JUSTÍCIA IV. ADMINISTRACIÓN DE JUSTICIA Jutjat de Primera Instància número 01 de Carlet Notificació a la mercantil Sáez y Celma, SL, de la cèdula de citació a termini acordat en les actuacions del juí ordinari número 399/2006. [2007/4269] Juzgado de Primera Instancia número 01 de Carlet Notificación a la mercantil Sáez y Celma, SL, de la cédula de emplazamiento acordado en los autos del juicio ordinario número 399/2006. [2007/4269] 20299 Jutjat de Primera Instància número 06 de València Notificació a M. José Monteagudo Soto de la sentència dictada en les actuacions del juí verbal número 1262/2005. [2007/4276] Jutjat de Primera Instància número 20 de València Notificació a Guillermo Arenas Ruiz. Juí verbal número 984/2006. [2007/6065] 20299 Juzgado de Primera Instancia número 06 de València Notificación a M. José Monteagudo Soto de la sentencia dictada en los autos del juicio verbal número 1262/2005. 20300 [2007/4276] 20300 20301 Juzgado de Primera Instancia número 20 de València Notificación a Guillermo Arenas Ruiz. Juicio verbal número 984/2006. [2007/6065] 20301 V. ANUNCIS V. ANUNCIOS a) ORDENAMENT DEL TERRITORI I URBANISME a) ORDENACIÓN DEL TERRITORIO Y URBANISMO Conselleria de Territori i Habitatge Ressenya de l’acord de la Comissió Territorial d’Urbanisme d’1 de desembre del 2006, pel qual es declara definitivament aprovada l’homologació i el Pla parcial Urbe 1 Corral de Mora de la Font de la Figuera. [2007/5920] 20302 Conselleria de Territorio y Vivienda Reseña del acuerdo de la Comisión Territorial de Urbanismo de 1 de diciembre de 2006, por el que se declara definitivamente aprobada la homologación y Plan parcial Urbe 1 “Corral de Mora” de La Font de la Figuera. [2007/5920] 20302 20303 Reseña de la resolución de 6 de septiembre de 2006 del conseller de Territorio y Vivienda, por la que se aprueba definitivamente la corrección de errores materiales detectados en la ficha de planeamiento y gestión de las áreas de reparto pluriparcelarias 4 y 7 del suelo urbano del Altet de Elx. [2007/5953] 20303 Ressenya de la resolució de 6 de setembre del 2006, del conseller de Territori i Habitatge, per la qual s’aprova definitivament la correcció d’errors materials detectats en la fitxa de planejament i gestió de les àrees de repartiment pluriparcellàries 4 i 7 del sòl urbà de l’Altet d’Elx. [2007/5953] Ressenya de l’acord de la Comissió Territorial d’Urbanisme d’Alacant de data 20 de novembre de 2006, pel qual es declara definitivament aprovada l’homologació i el Pla parcial del PAI el Pouet del municipi d’Agost. (05/0713). [2007/5432] 20304 Informació pública de declaració d’interés comunitari per a una atribució d’ús i aprofitament a sòl no urbanitzable, relativa a l’extracció d’àrids, abocador i tractament d’àrids en el terme municipal de Vilafamés. Expedient número 2006/0444. [2007/5962] Ressenya de l’acord de la Comissió Territorial d’Urbanisme d’Alacant de data 1 de març del 2007, pel qual es declara definitivament aprovada l’homologació i el Pla parcial del sector PP-I/4 Rodalet del municipi de Sant Vicent del Raspeig. (05/0776). [2007/5970] Ajuntament d’Alacant Informació pública del Projecte de la Intersecció de la CV772 amb la Via Parc d’Alacant. [2007/4483] Ajuntament de Benidorm Informació pública de la proposta de conveni urbanístic per a l’obtenció de sòl dotacional en la partida de Marxassos per a la ubicació del futur Hospital Comarcal. [2007/4001] Reseña del acuerdo de la Comisión Territorial de Urbanismo de Alicante de fecha 20 de noviembre de 2006, por el que se declara definitivamente aprobada la Homologación y Plan Parcial del PAI “El Pouet” del municipio de Agost. (05/0713). [2007/5432] 20304 20305 Información pública de declaración de interés comunitario para una atribución de uso y aprovechamiento en suelo no urbanizable, relativa a extracción de áridos, vertedero y tratamiento de áridos en el término municipal de Vilafamés. Expediente número 2006/0444. [2007/5962] 20305 20306 Reseña del acuerdo de la Comisión Territorial de Urbanismo de Alicante de fecha 1 de marzo de 2007, por el que se declara definitivamente aprobada la homologación y Plan parcial del sector PP-I/4 Rodalet del municipio de San Vicente del Raspeig. (05/0776). [2007/5970] 20306 20307 Ayuntamiento de Alicante Información pública del Proyecto de la Intersección de la CV-772 con la Vía Parque de Alicante. [2007/4483] 20307 20308 Ayuntamiento de Benidorm Información pública de la propuesta de convenio urbanístico para la obtención de suelo dotacional en la partida de Marxassos para la ubicación del futuro Hospital Comarcal. [2007/4001] 20308 20309 Ayuntamiento de Dénia Información pública de la aprobación del proyecto de urbanización, expediente 3440-68/05, en partida del Corral de Calafat, calle del Cactus. [2007/4418] 20309 Ajuntament de Gandia Informació pública del Projecte e la 38a Modificació Detallada del Pla General de Gandia. [2007/4387] 20310 Ayuntamiento de Gandia Información pública del Proyecto de la 38ª Modificación Detallada del Plan General de Gandia. [2007/4387] 20310 Informació pública del projecte de reajust de la reparcel·lació Marenys Rafalcaid UE2. [2007/5159] 20311 Información pública del proyecto de reajuste de la reparcelación Marenys Rafalcaid UE2. [2007/5159] 20311 Ajuntament de Dénia Informació pública de l’aprovació del projecte d’urbanització, expedient 3440-68/05, a la partida del Corral de Calafat, carrer del Cactus. [2007/4418] Núm. 5516 / 21.05.2007 7 Ajuntament de Requena Informació pública del projecte d’urbanització presentat per Bienes Raíces El Romeral, CB, per a la urbanització de l`àmbit d’estudi de detall polígon industrial El Romeral. [2007/4058] Ajuntament de Sagunt Informació pública de l’aprovació del Projecte d’Urbanització de les Unitats d’Actuació 6, 7 i 8. [2007/4422] Ayuntamiento de Requena Información pública del proyecto de urbanización presentado por Bienes Raíces El Romeral, CB, para la urbanización del ámbito de estudio de detalle polígono industrial El Romeral. 20312 [2007/4058] 20312 20313 Ayuntamiento de Sagunto Información pública de la aprobación del Proyecto de Urbanización de las Unidades de Actuación 6, 7 y 8. [2007/4422] 20313 20314 Costa Este Europa Inversiones Inmobliarias, SA Información pública del proyecto de reparcelación voluntaria para el ámbito de la unidad de ejecución número 17 del suelo urbano de Anahuir, Plan General de Ordenación Urbana de Xàtiva. [2007/3789] 20314 20315 Fadesa Inmobiliaria, SA Información pública del programa de actuación integrada del sector Les Valls de Favara de suelo no urbanizable común en Favara. [2007/6007] 20315 20317 Pacva, SA Información pública de la alternativa técnica del programa de actuación integrada de la unidad de ejecución 11.2 del sector La Devesa del Plan General de Ordenación Urbana de Vinalesa. [2007/6253] 20317 20318 Promocions La Mallaeta, SL Información pública del plan parcial, documento justificativo de integración territorial, proyecto de urbanización y estudio del paisaje del sector 6 Pla Roig de Banyeres de Mariola. Costa Este Europa Inversiones Inmobliarias, SA Informació pública del projecte de reparcel·lació voluntària per a l’àmbit de la unitat d’execució número 17 del sòl urbà d’Anahuir, Pla General d’Ordenació Urbana de Xàtiva. [2007/3789] Fadesa Inmobiliaria, SA Informació pública del programa d’actuació integrada del sector Les Valls de Favara de sòl no urbanitzable comú a Favara. [2007/6007] Pacva, SA Informació pública de l’alternativa tècnica del programa d’actuació integrada de la unitat d’execució 11.2 del sector La Devesa del Pla General d’Ordenació Urbana de Vinalesa. [2007/6253] Promocions La Mallaeta, SL Informació pública del pla parcial, document justificatiu d’integració territorial, projecte d’urbanització i estudi del paisatge del sector 6 Pla Roig de Banyeres de Mariola. [2007/5587] [2007/5587] 20318 b) LICITACIÓ I ADJUDICACIÓ DE CONTRACTES b) LICITACIÓN Y ADJUDICACIÓN DE CONTRATOS Conselleria d’Infraestructures i Transport Licitació número 2007/12/0037 Servicis per a la digitalització i l’escaneig de sol·licituds de tacògraf digital de la Direcció General de Transports, Ports i Costes. [2007/6397] 20319 Conselleria de Infraestructuras y Transporte Licitación número 2007/12/0037 Servicios para digitalización y escaneo de solicitudes de tacógrafo digital de la Dirección General de Transportes, Puertos y Costas. [2007/6397] 20319 Licitació número 2006/12/0047 i 2007/11/0032. [2007/5991] 20321 Licitación número 2006/12/0047 y 2007/11/0032. [2007/5991] 20321 20323 Consell Valencià de l’Esport Licitación del expediente CVE.07.SE.07. Servicio de revisión médica y valoración funcional de los deportistas de elite en el Centro de Medicina de Cheste. [2007/6407] 20323 Construccions i Infraestructures Educatives de la Generalitat Valenciana, CIEGSA Licitació de l’expedient ATRD 257/07. Assistència Tècnica Redacció i Direcció d’Obra. [2007/5698] 20325 Construccions i Infraestructures Educatives de la Generalitat Valenciana, CIEGSA Licitación del expediente ATRD 257/07. Asistencia Técnica Redacción y Dirección de Obra. [2007/5698] 20325 Licitació de l’expedient OB 261/07. Execució d’obra relativa a centre docent. [2007/5710] 20326 Licitación del expediente OB 261/07. Ejecución de obra relativa a centro docente. [2007/5710] 20326 20327 Licitación del expediente ATCC 88/07. Asistencia Técnica para la realización de los trabajos de Control de Calidad por laboratorio homologado de obra relativa a centro docente. 20327 Consell Valencià de l’Esport Licitació de l’expedient CVE.07.SE.07. Servici de revisió médica y valoració funcional dels esportistes d’elit en el Centre de Medicina de Cheste. [2007/6407] Licitació de l’expedient ATCC 88/07. Assistència Tècnica per a la realització dels treballs de Control de Qualitat per laboratori homologat d’obra relativa a centre docent. [2007/5715] [2007/5715] Licitació de l’expedient OB 260/07. Execució d’obra relativa a centre docent. [2007/5718] Corts Valencianes Licitación del expediente CVI-1/2007 Contratación de la adquisición de ordenadores portátiles y servicios asociados al proyecto oficina móvil II de les Corts. [2007/5070] 20328 Licitación del expediente OB 260/07. Ejecución de obra relativa a centro docente. [2007/5718] 20328 20329 Corts Valencianes Licitació de l’expedient CVI-1/2007 Contractació de l’adquisició d’ordinadors portàtils i serveis associats al projecte oficina mòbil II de les Corts. [2007/5070] 20329 20330 Adjudicación del expediente CVI-5/2006. Contratación del servicio de soporte técnico al proyecto de oficina móvil de Les Corts. [2007/5843] 20330 Adjudicació de l’expedient CVI-5/2006. Contractació del servei de suport tècnic al projecte oficina mòbil de les Corts. [2007/5843] Adjudicació de l’expedient CVI-12/2006. Subministrament Adjudicación del expediente CVI-12/2006. Suministro de Núm. 5516 / 21.05.2007 de béns i serveis informàtics per a la implantació d’una plataforma de missatgeria i col·laboració Microsoft Exchange en les Corts. [2007/5846] Adjudicació de l’expedient CVI-10/2006. Contractació dels serveis de migració de les aplicacions Oracle de Les Corts a un entorn de tres capes. [2007/5847] Entitat Pública de Sanejament d’Aigües Residuals de la Comunitat Valenciana Licitació de l’expedient 2007/GV/0019. Servei de funcionament i manteniment del sistema de sanejament i depuració d’aigües residuals de Quart-Benàger (València). [2007/6070] Institut Valencià de la Joventut Licitació de l’expedient CNMY07/PARTAP/11. Redacció i execució dels projectes d’animació del programa de temps lliure juvenil Camps de Treball 2007. [2007/4835] Institut Valencià d’Habitatge, SA Licitació de l’expedient CTCM-07/18. Execució de les obres d’edificació de 60 vivendes protegides, aparcaments i locals comercials en la parcel·la M3.2 del sector Universitat de Gandia (València). [2007/5300] 8 20331 bienes y servicios informáticos para la implantación de una plataforma de mensajería y colaboración Microsoft Exchange en Les Corts. [2007/5846] 20331 20332 Adjudicación del expediente CVI-10/2006.Contratación de los servicios de migración de las aplicaciones Oracle de Les Corts a un entorno de tres capas. [2007/5847] 20332 20333 Entitat Pública de Sanejament d’Aigües Residuals de la Comunitat Valenciana Licitación del expediente 2007/GV/0019. Servicio de funcionamiento y mantenimiento del sistema de saneamiento y depuración de aguas residuales de Quart-Benàger (Valencia). [2007/6070] 20333 20340 Institut Valencià de la Joventut Licitación del expediente CNMY07/PARTAP/11. Redacción y ejecución de los proyectos de animación del programa de tiempo libre juvenil Camps de Treball 2007. [2007/4835] 20340 20337 Institut Valencià d’Habitatge, SA Licitación del expediente CTCM-07/18. Ejecución de las obras de edificación de 60 viviendas protegidas, aparcamientos y locales comerciales en la parcela M3.2 del sector Universidad de Gandia (Valencia). [2007/5300] 20337 20339 Licitación del expediente número CTCM-07/ Ejecución de las obras de edificación de 48 viviendas protegidas, locales y aparcamientos en las parcelas 3.3 y 3.4 de Benisaudet (Alicante). [2007/5299] 20339 20335 Licitación del expediente número CTCM-07/21. Ejecución de las obras de edificación de 36 viviendas protegidas, garaje y locales en la parcela 1.4 de Benisaudet (Alicante). 20335 Licitació de l’expedient número CTCM-07/ Execució de les obres d’edificació de 48 vivendes protegides, locals i aparcaments en les parcel¿les 3.3 i 3.4 de Benisaudet (Alacant). [2007/5299] Licitació de l’expedient número CTCM-07/21. Execució de les obres d’edificació de 36 vivendes protegides, garatge i locals en la parcel¿la 1.4 de Benisaudet (Alacant). [2007/5298] [2007/5298] Valenciana d’Aprofitament Energètic de Residus (VAERSA) Licitació de l’expedient número 14/2007, Construcció de 3 depòsits de formigó armat en la séquia “Portes de Múrcia”, en el T.M. d’Orihuela (Alacant). [2007/5950] 20341 Valenciana d’Aprofitament Energètic de Residus (VAERSA) Licitación del expediente número 14/2007. Construcción de 3 depósitos de hormigón armado en la acequia “Puertas de Murcia”, en el T.M. de Orihuela (Alicante). [2007/5950] 20341 Ayuntamiento de Mislata Licitación número 07-SE-14. Consultoría y asistencia en materia de gestión de personal y de seguridad social y fiscal. Ajuntament de Mislata Licitació número 07-SE-14. Consultoria i assistència en matèria de gestió de personal i de seguretat social i fiscal. 20343 [2007/5001] 20343 20344 Licitación número 07-SE-13. Prestación del servicio de conserjería, mantenimiento y limpieza de la piscina municipal de verano de Mislata. [2007/5012] 20344 Universitat Politècnica de València Licitació de l’expedient MY07/ICOMAV/S/43. Adquisició d’un equip inmunoteñidor automàtic. [2007/5965] 20345 Universidad Politécnica de Valencia Licitación del expediente MY07/ICOMAV/S/43. Adquisición de un equipo inmunoteñidor automático. [2007/5965] 20345 Licitació de l’expedient MY07/ICOMAV/S/25. Adquisició d’un analitzador de fragments (licor). [2007/4969] 20347 Licitación del expediente MY07/ICOMAV/S/25. Adquisición de un analizador de fragmentos (licor). [2007/4969] 20347 Licitació número MY07/27500/S/21. Subministrament i instal·lació de servidors de fitxers. [2007/4763] 20349 Licitación número MY07/27500/S/21. Suministro e instalación de servidores de ficheros. [2007/4763] 20349 Licitació de l’expedient MY07/ICOMAV/S/26. Adquisició d’un liofilizador. [2007/4974] 20351 Licitación del expediente MY07/ICOMAV/S/26. Adquisición de un liofilizador. [2007/4974] 20351 20353 Universitat Jaume I Licitación del expediente AS/11/07. Servicio de mantenimiento y conservación de las puertas automáticas de la Universitat Jaume I de Castelló. [2007/5482] 20353 [2007/5001] Licitació número 07-SE-13. Prestació del servei de consergeria, manteniment i neteja de la piscina municipal d’estiu de Mislata. [2007/5012] Universitat Jaume I Licitació de l’expedient AS/11/07. Servei de manteniment i conservació de les portes automàtiques de la Universitat Jaume I de Castelló. [2007/5482] c) ALTRES ASSUMPTES c) OTROS ASUNTOS Conselleria de Benestar Social Notificació en extracte a EGP 319/07 i altres: expedient Mohamed El Mokthari i altres. [2007/6405] Conselleria de Bienestar Social Notificación en extracto a EGP 319/07 y otros: expediente Mohamed El Mokthari y otros. [2007/6405] 20355 20355 Núm. 5516 / 21.05.2007 9 Conselleria d’Economia, Hisenda i Ocupació Notificació a Montserrat Fernández Regueira i altre. Conselleria de Economía, Hacienda y Empleo Notificación a Montserrat Fernández Regueira y otro. [2007/5452] 20357 [2007/5452] 20357 Notificació a Fachadas Marín Martínez, SCL, i altres empreses. [2007/5653] 20358 Notificación a Fachadas Marín Martínez, SCL, y otras empresas. [2007/5653] 20358 20359 Información pública de la modificación de los estatutos de la organización empresarial denominada: Asociación de Empresas de Áridos de la Comunidad Valenciana (ARIVAL). Informació pública de la modificació dels estatuts de l’organització empresarial denominada: Asociación de Empresas de Áridos de la Comunidad Valenciana (ARIVAL). [2007/5228] [2007/5228] 20359 Informació pública de la pèrdua de l’original de la carta de pagament de la fiança número 462004M416. [2007/5234] 20360 Información pública del extravío del original de la carta de pago de la fianza número 462004M416. [2007/5234] 20360 Informació pública de la pèrdua de l’original de la carta de pagament de la fiança número 462003M289. [2007/5232] 20361 Información pública del extravío del original de la carta de pago de la fianza número 462003M289. [2007/5232] 20361 Informació pública de la pèrdua de l’original de la carta de pagament de la garantia número 122003M194. [2007/5483] 20362 Información pública de la pérdida del original de la carta de pago de la garantía número 122003M194. [2007/5483] 20362 Notificació a Jaime Muñoz Ruano. [2007/5656] 20363 Notificación a Jaime Muñoz Ruano. [2007/5656] 20363 Informació pública de la pèrdua de l’original de la carta de pagament de la fiança número 462005M435. [2007/5233] 20364 Información pública del extravío del original de la carta de pago de la fianza número 462005M435. [2007/5233] 20364 Conselleria de Infraestructuras y Transporte Información pública de la solicitud de autorización administrativa y aprobación del proyecto de ejecución de instalaciones para la adenda de modificación al proyecto de autorización de Red básica de distribución de gas natural al municipio de Benicarló. Expediente número CBREDE/2004/8/12. Conselleria d’Infraestructures i Transport Informació pública de la sol·licitud d’autorització administrativa i aprovació del projecte d’execució d’instal·lacions per a l’addenda de modificació al projecte d’autorització de la xarxa bàsica de distribució de gas natural al municipi de Benicarló. Expediente número CBREDE/2004/8/12. [2007/5322] Informació pública sobre modificació del títol concessional Alpatró-Pego-Oliva-Gandia, CVV-231, titularitat de la mercantil Autobuses La Amistad, SA. [2007/5321] Informació pública per a l’autorització administrativa d’instal¿lació de gasos liquats del petroli. Expedient CBREDE 2006/42/46. [2007/5732] Informació pública per a l’autorització administrativa d’instal·lació de gasos liquats del petroli. Expedient número CBREDE 2006/88. [2007/5737] 20365 [2007/5322] 20365 20366 Información pública sobre modificación del título concesional “Patró-Pego-Oliva-Gandía”, CVV-231, titularidad de la mercantil Autobuses La Amistad, S.A. [2007/5321] 20366 20367 Información pública para autorización administrativa de instalación de gases licuados del petróleo. Expediente CBREDE 2006/42/46. [2007/5732] 20367 20368 Información pública para autorización administrativa de instalación de gases licuados del petróleo. Expediente número CBREDE 2006/88 [2007/5737] 20368 20369 RESOLUCIÓN de 21 de marzo de 2007 de modificación de la Resolución de 22 de febrero de 2006, de la Dirección General de Energía por la que se aprueban las Normas Particulares de Iberdrola Distribución Eléctrica SAU para Alta Tensión (hasta 30 kV), y Baja Tensión en la Comunidad Valenciana. [2007/5734] 20369 20371 Conselleria de Territorio y Vivienda Información pública de la solicitud de autorización ambiental integrada de una industria de fabricación de azulejos en Castellón. [2007/6351] 20371 RESOLUCIÓ de 21 de març de 2007, de modificació de la Resolució de 22 de febrer de 2006, de la Direcció General d’Energia, per la qual s’aproven les normes particulars d’Iberdrola Distribución Eléctrica, SAU, per a alta tensió (fins a 30 kV) i baixa tensió a la Comunitat Valenciana. [2007/5734] Conselleria de Territori i Habitatge Informació pública de la sol·licitud d’autorització ambiental integrada d’una indústria de fabricació de taulellets a Castelló. [2007/6351] Información pública de la solicitud de autorización ambiental integrada de una industria de fabricación azulejos en Onda. Informació pública de la sol·licitud d’autorització ambiental integrada d’una indústria de fabricació taulellets a Onda. [2007/6348] 20372 [2007/6348] 20372 Notificació a Gestinmuebles y Contratas, SL. Expedient número VIVI/049805/134. [2007/5638] 20373 Notificación a Gestinmuebles y Contratas SL. Expediente número VIVI/049805/134. [2007/5638] 20373 Institut Valencià d’Habitatge, SA Notificació a Maria Jose Gilabert Ibiza. Expedient número V-RCRE-00128/07. [2007/4997] 20375 Institut Valencià d’Habitatge, SA Notificación a Maria Jose Gilabert Ibiza. Expediente número V-RCRE-00128/07. [2007/4997] 20375 Notificació a María Paz Fernández Fernández. Expedient número A-DAFP-0069/07. [2007/6120] 20376 Notificación a María Paz Fernández Fernández. Expediente número A-DAFP-0069/07. [2007/6120] 20376 Notificació a Raimunda Rodríguez Jacinto. Expedient núme- Notificación a Raimunda Rodríguez Jacinto. Expediente Núm. 5516 / 21.05.2007 10 ro A-DAFP-0136/07. [2007/6216] 20377 número A-DAFP-0136/07. [2007/6216] 20377 Notificació a Carlos Zabala Telechea. Expedient número ADAFPGC-0006/07. [2007/6218] 20378 Notificación a Carlos Zabala Telechea. Expediente número A-DAFPGC-0006/07. [2007/6218] 20378 Notificació a José García Montoya i altres. Expedient número A-DAFT-0001/E, A-DAFT-0118/06-0118 i A-DAFT0146/06. [2007/6119] 20379 Notificación a José García Montoya y otros. Expediente número A-DAFT-0001/E, A-DAFT-0118/06-0118 y ADAFT-0146/06. [2007/6119] 20379 Notificació a Olga Reig Parra. Expedient número V-RCRE00165/07. [2007/4890] 20380 Notificación a Olga Reig Parra. Expediente número VRCRE-00165/07. [2007/4890] 20380 Notificació als hereus de Norberto Calero Egea. Expedient número A-R/S-0003/07. [2007/6118] 20381 Notificación a los herederos de Norberto Calero Egea. Expediente número A-R/S-0003/07. [2007/6118] 20381 Notificació als hereus de Jesús Mira Maciá. Expedient número A-R/S-0002/07. [2007/6091] 20383 Notificación a los herederos de Jesús Mira Maciá. Expediente número A-R/S-0002/07. [2007/6091] 20383 20385 Ayuntamiento de Barx Información pública de la expropiación de terrenos de la obra del colector de saneamiento de Barx. [2007/5872] 20385 20386 Ayuntamiento de Callosa de Segura Información pública del modelo de escudo de Callosa de Segura como escudo oficial de la ciudad. [2007/3813] 20386 Ajuntament de Barx Informació pública de l’expropiació de terrenys de l’obra del col·lector de sanejament de Barx. [2007/5872] Ajuntament de Callosa de Segura Informació pública del model d’escut de Callosa de Segura com a escut oficial de la ciutat. [2007/3813] Riegos San Alberto, Sociedad Cooperativa Valenciana Informació pública de reactivació de la cooperativa. [2007/6357] Riegos San Alberto, Sociedad Cooperativa Valenciana Información pública de reactivación de la cooperativa. 20387 [2007/6357] 20387 Núm. 5516 / 21.05.2007 &RQVHOOHULDGH&XOWXUD(GXFDFLyL(VSRUW 5(62/8&,Ï G¶ GH PDLJ GH GHO GLUHFWRU JHQHUDO GH3HUVRQDO'RFHQWGHOD&RQVHOOHULDGH&XOWXUD(GXFD FLyL(VSRUWSHUODTXDOHVGHFODUHQDSURYDGHVOHVOOLVWHV GHILQLWLYHV G¶DVSLUDQWV DGPHVRV L H[FORVRV SHU D SDUWL FLSDU HQ HO FRQFXUV RSRVLFLy SHU D O¶DFFpV DO FRV GH SUR IHVVRUV G¶(QVHQ\DPHQW 6HFXQGDUL HVSHFLDOLWDW GH 3VLFR ORJLDL3HGDJRJLDWRUQHVSHFLDOGLVSRVLFLyWUDQVLWzULD GH OD /OHL 2UJjQLFD G¶(GXFDFLy L HV QRPHQHQ HOV zUJDQV GH VHOHFFLy TXH KDQ G¶DFWXDU HQ O¶HVPHQWDW SURFHGLPHQW >@ 20140 &RQVHOOHULDGH&XOWXUD(GXFDFLyQ\'HSRUWH 5(62/8&,Ï1GHGHPD\RGHGHOGLUHFWRUJHQH UDO GH 3HUVRQDO 'RFHQWH GH OD &RQVHOOHULD GH &XOWXUD (GXFDFLyQ \ 'HSRUWH SRU OD TXH VH GHFODUDQ DSUREDGDV ODV OLVWDV GHILQLWLYDV GH DVSLUDQWHV DGPLWLGRV \ H[FOXLGRV SDUDSDUWLFLSDUHQHOFRQFXUVRRSRVLFLyQSDUDHODFFHVRDO FXHUSRGHSURIHVRUHVGH(QVHxDQ]D6HFXQGDULDHVSHFLDOL GDGGH3VLFRORJtD\3HGDJRJtDWXUQRHVSHFLDOGLVSRVLFLyQ WUDQVLWRULDGHFLPRTXLQWDGHOD/H\2UJiQLFDGH(GXFDFLyQ \VHQRPEUDQORVyUJDQRVGHVHOHFFLyQTXHKDQGHDFWXDU HQGLFKRSURFHGLPLHQWR>@ 7UDQVFRUUHJXWHOWHUPLQLGHUHFODPDFLRQVSUHYLVWHQHOSXQWVHJRQ GHOD5HVROXFLyGHGHJHQHUGHGHOGLUHFWRUJHQHUDOGH3HUVR QDO'RFHQW'2&9GHGHIHEUHUSHUODTXDOHVGHFODUHQDSURYDGHV OHVOOLVWHVSURYLVLRQDOVG¶DVSLUDQWVDGPHVRVLH[FORVRVSHUDSDUWLFLSDU HQ HO FRQFXUV RSRVLFLy FRQYRFDW SHU 2UGH GH GH MXOLRO GH GH OD FRQVHOOHULD GH &XOWXUD (GXFDFLy L (VSRUW SHU D O¶DFFpV DO FRV GH SURIHVVRUV G¶(QVHQ\DPHQW 6HFXQGDUL HVSHFLDOLWDW GH 3VLFRORJLD L 3HGDJRJLDWRUQHVSHFLDOGLVSRVLFLyWUDQVLWzULDGHOD/OHL2UJjQLFD G¶(GXFDFLyHVPHQDGHVOHVGHILFLqQFLHVREVHUYDGHVLUHVROWHVOHVUHFOD PDFLRQVSUHVHQWDGHVLDL[tPDWHL[GHFRQIRUPLWDWDPEHOTXHHVWDEOL[ ODEDVHGHO¶HVPHQWDGDFRQYRFDWzULDUHVSHFWHGHOVzUJDQVGHVHOHFFLy UHVROF 7UDQVFXUULGRHOSOD]RGHUHFODPDFLRQHVSUHYLVWRHQHOSXQWRVHJXQ GR GH OD 5HVROXFLyQ GH GH HQHUR GH GHO GLUHFWRU JHQHUDO GH 3HUVRQDO 'RFHQWH '2&9 GH GH IHEUHUR SRU OD TXH VH GHFODUDQ DSUREDGDVODVOLVWDVSURYLVLRQDOHVGHDVSLUDQWHVDGPLWLGRV\H[FOXLGRV SDUD SDUWLFLSDU HQ HO FRQFXUVRRSRVLFLyQ FRQYRFDGR SRU 2UGHQ GH GH MXOLR GH GH OD FRQVHOOHULD GH &XOWXUD (GXFDFLyQ \ 'HSRUWH SDUDHODFFHVRDOFXHUSRGHSURIHVRUHVGH(QVHxDQ]D6HFXQGDULDHVSH FLDOLGDGGH3VLFRORJtD\3HGDJRJtDWXUQRHVSHFLDOGLVSRVLFLyQWUDQVL WRULD GHFLPRTXLQWD GH OD /H\ 2UJiQLFD GH (GXFDFLyQ VXEVDQDGDV ODV GHILFLHQFLDV REVHUYDGDV \ UHVXHOWDV ODV UHFODPDFLRQHV SUHVHQWDGDV \ DVLPLVPRGHFRQIRUPLGDGFRQORHVWDEOHFLGRHQODEDVHGHODFLWDGD FRQYRFDWRULDUHVSHFWRGHORVyUJDQRVGHVHOHFFLyQUHVXHOYR 3ULPHU 1RPHQDU HO WULEXQDO TXH ILJXUD HQ O¶DQQH[ , G¶HVWD UHVROXFLy GDYDQWHOTXDOKDQG¶DFWXDUHOVDVSLUDQWVDGPHVRVSHUDSDUWLFLSDUHQHO SUHVHQWSURFHGLPHQWVHOHFWLXDL[tFRPDOWULEXQDOTXHILJXUDHQO¶DQ QH[,,SHUDUHDOLW]DUODSURYDGHFRQHL[LPHQWVGHOVGRVLGLRPHVRILFL DOVGHOD&RPXQLWDW9DOHQFLDQD 3ULPHUR 1RPEUDUDOWULEXQDOTXHILJXUDHQHODQH[R,DHVWDUHVROXFLyQDQWH HOFXDOKDQGHDFWXDUORVDVSLUDQWHVDGPLWLGRVSDUDSDUWLFLSDUHQHOSUH VHQWH SURFHGLPLHQWR VHOHFWLYR DVt FRPR DO WULEXQDO TXH ILJXUD HQ HO DQH[R,,SDUDUHDOL]DUODSUXHEDGHFRQRFLPLHQWRVGHORVLGLRPDVRIL FLDOHVGHOD&RPXQLWDW9DOHQFLDQD 6HJRQ (OVPHPEUHVGHOWULEXQDOKDXUDQG¶DEVWHQLUVHG¶LQWHUYLQGUHLDL[t KR QRWLILFDUDQ D OD 'LUHFFLy *HQHUDO GH 3HUVRQDO 'RFHQW TXDQ FRQ FyUUHJD HQ HOOV DOJXQD GH OHV FLUFXPVWjQFLHV SUHYLVWHV HQ OD EDVH GHO¶2UGHGHFRQYRFDWzULDLDL[zHQHOWHUPLQLGHGHXGLHVFRPSWDWVD SDUWLUGHO¶HQGHPjDODSXEOLFDFLyG¶HVWDUHVROXFLyHQHO'LDUL2ILFLDO GH OD &RPXQLWDW 9DOHQFLDQD $L[t PDWHL[ HOV DVSLUDQWV SRGUDQ UHFX VDUHOVPHPEUHVGHOWULEXQDOTXDQFRQFyUUHJXHQHQHOOVOHVHVPHQWDGHV FLUFXPVWjQFLHV 6HJXQGR /RVPLHPEURVGHOWULEXQDOGHEHUiQDEVWHQHUVHGHLQWHUYHQLUQRWL ILFiQGRORDOD'LUHFFLyQ*HQHUDOGH3HUVRQDO'RFHQWHFXDQGRFRQFX UUDHQHOORVDOJXQDGHODVFLUFXQVWDQFLDVSUHYLVWDVHQODEDVHGHOD 2UGHQGHFRQYRFDWRULD\HOORHQHOSOD]RGHGLH]GLDVFRQWDGRVDSDUWLU GHOGtDVLJXLHQWHDODSXEOLFDFLyQGHHVWDUHVROXFLyQHQHO'LDUL2ILFLDO GHOD&RPXQLWDW9DOHQFLDQD$VLPLVPRORVDVSLUDQWHVSRGUiQUHFXVDU DORVPLHPEURVGHOWULEXQDOFXDQGRFRQFXUUDQHQHOORVODVFLWDGDVFLU FXQVWDQFLDV 7HUFHU (OV zUJDQV GH VHOHFFLy TXH DFWXHQ HQ HVWHV SURYHV VHOHFWLYHV WLQ GUDQ GUHW D OD LQGHPQLW]DFLy SHU UDy GHO VHUYLFL SUHYLVWD HQ HO 'HFUHW G¶GHIHEUHU$TXHOOVGRFHQWVHOOORFGHWUHEDOOGHOVTXDOV HVWLJDXELFDWIRUDGHOWHUPHPXQLFLSDOGHOOORFGHODVHXG¶DFWXDFLyGHO WULEXQDO TXHGDUDQ DFROOLWV D O¶H[FHSFLy SUHYLVWD HQ O¶DUWLFOH GH OD VHFFLySULPHUDGHOFDStWRO,,GHO'HFUHWG¶GHIHEUHU 7HUFHUR /RV yUJDQRV GH VHOHFFLyQ TXH DFW~HQ HQ HVWDV SUXHEDV VHOHFWLYDV WHQGUiQGHUHFKRDODLQGHPQL]DFLyQSRUUD]yQGHOVHUYLFLRSUHYLVWDHQ HO'HFUHWRGHGHIHEUHUR$TXHOORVGRFHQWHVFX\RSXHVWR GHWUDEDMRHVWpXELFDGRIXHUDGHOWpUPLQRPXQLFLSDOGHOOXJDUVHGHGH DFWXDFLyQGHO7ULEXQDOTXHGDUiQDFRJLGRVDODH[FHSFLyQSUHYLVWDHQ HODUWtFXORGHOD6HFFLyQ3ULPHUD&DStWXOR,,GHO'HFUHWR GHGHIHEUHUR 4XDUW 'HFODUDUDSURYDGDODOOLVWDGHILQLWLYDG¶DVSLUDQWVDGPHVRVLH[FOR VRV DPE LQGLFDFLy HQ HVWH ~OWLP FDV GH OHV FDXVHV G¶H[FOXVLy SHU D SDUWLFLSDU HQ HO FRQFXUV RSRVLFLy SHU D O¶DFFpV DO FRV GH SURIHVVRUV G¶(QVHQ\DPHQW6HFXQGDULHVSHFLDOLWDWGH3VLFRORJLDL3HGDJRJLDWRUQ HVSHFLDOGLVSRVLFLyWUDQVLWzULDGHOD/OHL2UJjQLFDG¶(GXFDFLyTXH ILJXUDFRPDQQH[,,,G¶HVWDUHVROXFLy &XDUWR 'HFODUDU DSUREDGD OD OLVWD GHILQLWLYD GH DVSLUDQWHV DGPLWLGRV \ H[FOXLGRVFRQLQGLFDFLyQHQHVWH~OWLPRFDVRGHODVFDXVDVGHH[FOX VLyQSDUDSDUWLFLSDUHQHOFRQFXUVRRSRVLFLyQSDUDHODFFHVRDOFXHUSR GHSURIHVRUHVGH(QVHxDQ]D6HFXQGDULDHVSHFLDOLGDGGH3VLFRORJtD\ 3HGDJRJtD WXUQR HVSHFLDO GLVSRVLFLyQ WUDQVLWRULD GHFLPRTXLQWD GH OD /H\2UJiQLFDGH(GXFDFLyQTXHILJXUDFRPRDQH[R,,,DODSUHVHQWH UHVROXFLyQ (OKHFKRGHILJXUDUHQODUHODFLyQGHDGPLWLGRVQRSUHMX]JDTXHVH UHFRQR]FDDORVLQWHUHVDGRVODSRVHVLyQGHORVUHTXLVLWRVH[LJLGRVHQHO SUHVHQWHFRQFXUVRRSRVLFLyQ&XDQGRGHOH[DPHQGHODGRFXPHQWDFLyQ TXHGHDFXHUGRFRQODEDVHGHOD2UGHQGHFRQYRFDWRULDGHEHSUH VHQWDUVHHQHOFDVRGHVHUVHOHFFLRQDGRVHGHVSUHQGDTXHQRSRVHHQ DOJXQR GH ORV UHTXLVLWRV ORV LQWHUHVDGRV GHFDHUiQ GH WRGRV ORV GHUH FKRVTXHSXGLHUDQGHULYDUVHGHVXSDUWLFLSDFLyQHQHVWHSURFHGLPLHQWR (OIHWGHILJXUDUHQODUHODFLyG¶DGPHVRVQRSUHMXWMDTXHHVUHFR QHJDDOVLQWHUHVVDWVODSRVVHVVLyGHOVUHTXLVLWVH[LJLWVHQHVWHFRQFXUV RSRVLFLy4XDQGHO¶H[DPHQGHODGRFXPHQWDFLyTXHG¶DFRUGDPEOD EDVH GH O¶2UGH GH FRQYRFDWzULD KD GH SUHVHQWDUVH HQ HO FDV GH VHU VHOHFFLRQDW HV GHVSUHQJD TXH QR SRVVHw[HQ DOJXQ GHOV UHTXLVLWV HOV LQWHUHVVDWVSHUGUDQHOVGUHWVTXHSRJXHUHQGHULYDUVHGHODVHXDSDUWLFL SDFLyHQHVWHSURFHGLPHQW Núm. 5516 / 21.05.2007 20141 &LQTXp &RQYRFDUHOVDVSLUDQWVDGPHVRVGHFODUDWVQRH[HPSWVDODSURYDGH FRQHL[HPHQWVGHOVLGLRPHVRILFLDOVGHOD&RPXQLWDW9DOHQFLDQDGDYDQW GHOWULEXQDOSHUDODUHDOLW]DFLyGHO¶HVPHQWDGDSURYDHOGLDGHMXQ\ GHDOHVKRUHVDO¶,QVWLWXWG¶(GXFDFLy6HFXQGjULDFRQVHOOH ULDVLWLDOFDUUHU0RQDVWLUGH3REOHWVQGH9DOqQFLD 4XLQWR &RQYRFDU D ORV DVSLUDQWHV DGPLWLGRV GHFODUDGRV QR H[HQWRV D OD SUXHEDFRQRFLPLHQWRGHORVLGLRPDVRILFLDOHVGHOD&RPXQLWDW9DOHQ FLDQDDQWHHOWULEXQDOSDUDODUHDOL]DFLyQGHGLFKDSUXHEDHOGtDGH MXQLRGHDODVKRUDVHQHO,QVWLWXWRGH(GXFDFLyQ6HFXQGD ULDFRQVHOOHULDVLWRHQF0RQDVWLUGH3REOHWVQGH9DOHQFLD 6LVp &RQYRFDUHOVDVSLUDQWVDGPHVRVSHUDSDUWLFLSDUHQHOFRQFXUVRSR VLFLyTXHHVWLJXHQH[HPSWVRVXSHUHQOHVSURYHVGHFRQHL[HPHQWVGHOV GRV LGLRPHV RILFLDOV GH OD &RPXQLWDW 9DOHQFLDQD D O¶DFWH GH SUHVHQ WDFLy GDYDQW GHO WULEXQDO H[DPLQDGRU HO GLD GH MXQ\ GH D OHV KRUHVDO¶,QVWLWXWG¶(GXFDFLy6HFXQGjULDFRQVHOOHULDVLWLDOFDU UHU0RQDVWLUGH3REOHWVQGH9DOqQFLD 6H[WR &RQYRFDUDORVDVSLUDQWHVDGPLWLGRVSDUDSDUWLFLSDUHQHOFRQFXU VRRSRVLFLyQTXHHVWpQH[HQWRVRVXSHUHQODVSUXHEDVGHFRQRFLPLHQ WRGHORVGRVLGLRPDVRILFLDOHVGHOD&RPXQLGDG9DOHQFLDQDDODFWRGH SUHVHQWDFLyQDQWHHOWULEXQDOH[DPLQDGRUHOGtDGHMXQLRGHD ODV KRUDV HQ HO ,QVWLWXWR GH (GXFDFLyQ 6HFXQGDULD FRQVHOOHULD VLWRHQF0RQDVWLUGH3REOHWVQGH9DOHQFLD 6HWp 'HFRQIRUPLWDWDPEHOTXHSUHYHXODEDVHGHO¶2UGHGHGH MXOLROGHHQWDODFWHHOVDVSLUDQWVSUHVHQWDUDQDOWULEXQDOWRWDOD GRFXPHQWDFLyMXVWLILFDWLYDSHUDODYDORUDFLyGHOVPqULWVLODPHPzULD TXHGHIHQGUDQHQODIDVHG¶RSRVLFLy (OV DVSLUDQWV KDXUDQ GH SUHVHQWDUVH DPE HO GRFXPHQW QDFLRQDO G¶LGHQWLWDWRGRFXPHQWVHPEODQWGHOSDtVG¶RULJHQSDVVDSRUWRSHUPtV GHFRQGXFFLyYLJHQWVHQTXqDSDUHJDODIRWRJUDILDGHOWLWXODU (OVTXHQRKLFRPSDUHJXHQTXHGDUDQH[FORVRVGHOSURFpVVHOHFWLX H[FHSWHHQHOVFDVRVGHIRUoDPDMRUGHJXGDPHQWMXVWLILFDWVLDSUHFLDWV SHO7ULEXQDO 6pSWLPR 'HFRQIRUPLGDGFRQORSUHYLVWRHQODEDVHGHOD2UGHQGH GH MXOLR GH HQ GLFKR DFWR ORV DVSLUDQWHV SUHVHQWDUiQ DO WULEXQDO WRGDODGRFXPHQWDFLyQMXVWLILFDWLYDSDUDODYDORUDFLyQGHORVPpULWRV\ ODPHPRULDTXHGHIHQGHUiQHQODIDVHGHRSRVLFLyQ /RV DVSLUDQWHV GHEHUiQ LU SURYLVWRV GHO 'RFXPHQWR 1DFLRQDO GH ,GHQWLGDGRGRFXPHQWRVLPLODUGHOSDtVGHRULJHQSDVDSRUWHRSHUPLVR GHFRQGXFFLyQYLJHQWHVHQTXHDSDUH]FDODIRWRJUDItDGHOWLWXODU 4XLHQHV QR FRPSDUH]FDQ TXHGDUiQ H[FOXLGRV GHO SURFHVR VHOHF WLYR VDOYR HQ ORV FDVRV GH IXHU]D PD\RU GHELGDPHQWH MXVWLILFDGRV \ DSUHFLDGRVSRUHO7ULEXQDO +XLWp &RQWUD OD SUHVHQW UHVROXFLy TXH SRVD IL D OD YLD DGPLQLVWUDWLYD G¶DFRUGDPEHOTXHV¶KDSUHFHSWXDWHQO¶DUWLFOHGHOD/OHL GH GH QRYHPEUH HQ OD VHXD UHGDFFLy GRQDGD SHU OD /OHL GH GH JHQHU HQ UHODFLy DPE OD GLVSRVLFLy ILQDO VHJRQD GH OD /OHL GHGHGHVHPEUHGHO*RYHUQ9DOHQFLjLODGLVSRVLFLyDGGL FLRQDO GH OD /OHL GH G¶DEULO SRGUj LQWHUSRVDUVH DPE FDUjFWHU SRWHVWDWLX UHFXUV GH UHSRVLFLy GDYDQW GH OD 'LUHFFLy *HQHUDO GH 3HUVRQDO 'RFHQW HQ HO WHUPLQL G¶XQ PHV FRPSWDW GHV GH O¶HQGH Pj GH OD VHXD SXEOLFDFLy R LQWHUSRVDU GLUHFWDPHQW UHFXUV FRQWHQFLyV DGPLQLVWUDWLXGDYDQWGHO7ULEXQDO6XSHULRUGH-XVWtFLDGHOD&RPXQLWDW 9DOHQFLDQDHQHOWHUPLQLGHGRVPHVRVFRPSWDWVDSDUWLUGHO¶HQGHPj GHODVHXDSXEOLFDFLy 2FWDYR &RQWUDODSUHVHQWHUHVROXFLyQTXHSRQHILQDODYtDDGPLQLVWUDWLYD GHDFXHUGRFRQORSUHFHSWXDGRHQHODUWtFXORGHOD/H\ GHGHQRYLHPEUHHQVXUHGDFFLyQGDGDSRUOD/H\GHGH HQHURHQUHODFLyQFRQODGLVSRVLFLyQILQDOVHJXQGDGHOD/H\ GHGHGLFLHPEUHGHO*RELHUQR9DOHQFLDQR\ODGLVSRVLFLyQDGLFLRQDO GHFLPRTXLQWDGHOD/H\GHGHDEULOSRGUiLQWHUSRQHUVHFRQ FDUiFWHUSRWHVWDWLYRUHFXUVRGHUHSRVLFLyQDQWHOD'LUHFFLyQ*HQHUDOGH 3HUVRQDO'RFHQWHHQHOSOD]RGHXQPHVFRQWDGRGHVGHHOGtDVLJXLHQWH DO GH VX SXEOLFDFLyQ R LQWHUSRQHU GLUHFWDPHQWH UHFXUVR FRQWHQFLRVR DGPLQLVWUDWLYR DQWH HO7ULEXQDO 6XSHULRU GH -XVWLFLD GH OD &RPXQLGDW 9DOHQFLDQDHQHOSOD]RGHGRVPHVHVFRQWDGRVDSDUWLUGHOGtDVLJXLHQ WHDOGHVXSXEOLFDFLyQ 9DOqQFLD GH PDLJ GH ± (O GLUHFWRU JHQHUDO GH 3HUVRQDO 'RFHQW-RVp$QWRQLR5RYLUD-RYHU 9DOHQFLD GH PD\R GH ± (O GLUHFWRU JHQHUDO GH 3HUVRQDO 'RFHQWH-RVp$QWRQLR5RYLUD-RYHU $11(;, $1(;2, 7ULEXQDOH[DPLQDGRU 7ULEXQDOH[DPLQDGRU 3UHVLGHQWWLWXODU -RVp0DQXHO*DUFtD9DOOV 3UHVLGHQWHWLWXODU -RVp0DQXHO*DUFtD9DOOV 9RFDOVWLWXODUV 0DQXHO*DUFtD3LQLOOD )UDQFLVFR*LUyQ9DOOHMR -HV~V5LEHUD*LO 5H\HV.RQLQFN[)UDVTXHW 9RFDOHVWLWXODUHV 0DQXHO*DUFtD3LQLOOD )UDQFLVFR*LUyQ9DOOHMR -HV~V5LEHUD*LO 5H\HV.RQLQFN[)UDVTXHW 3UHVLGHQWVXSOHQW 3DWULFL5XL](VWHYH 3UHVLGHQWHVXSOHQWH 3DWULFL5XL](VWHYH 9RFDOVVXSOHQWV 3LODU%ODVFR&DOYR $QD'RPHQHFK3DODX /XLV,JQDFLR5DPLUH]5DPLUH] 0DUtD-RVp*LQHU$OFDxL] 9RFDOHVVXSOHQWHV 3LODU%ODVFR&DOYR $QD'RPHQHFK3DODX /XLV,JQDFLR5DPLUH]5DPLUH] 0DUtD-RVp*LQHU$OFDxL] Núm. 5516 / 21.05.2007 $11(;,, 7ULEXQDO H[DPLQDGRU GH OD SURYD SUqYLD GHO UHTXLVLW GH FRQHL[L PHQWVGHOVLGLRPHVRILFLDOVGHOD&RPXQLWDW9DOHQFLDQD 20142 $1(;2,, 7ULEXQDO H[DPLQDGRU GH OD SUXHED SUHYLD GH UHTXLVLWR GH FRQRFL PLHQWRGHORVLGLRPDVRILFLDOHVGHOD&RPXQLWDW9DOHQFLDQD 3UHVLGHQWDWLWXODU $QQD'RORUV0DUt0DUWtQH] 3UHVLGHQWDWLWXODU $QQD'RORUV0DUt0DUWtQH] 9RFDOVWLWXODUV -RDQ&RED)HPHQtD /OXtV)HUUtV(VFDUWt -RVHS/OXtV5LEHV5RV 0DQHO;DYLHU3LWDUFK)RQW 9RFDOHVWLWXODUHV -RDQ&RED)HPHQtD /OXtV)HUUtV(VFDUWt -RVHS/OXtV5LEHV5RV 0DQHO;DYLHU3LWDUFK)RQW 3UHVLGHQWVXSOHQW3UHVLGHQWHVXSOHQWH +LODUL0DQXHO*DUFtD*i]TXH] 3UHVLGHQWHVXSOHQWH +LODUL0DQXHO*DUFtD*i]TXH] 9RFDOVVXSOHQWV 5DIDHO)UHVTXHW)D\RV (YD0DUtD&LVFDU5RYLUD -RVHS0LTXHO5RGD3UDWV 5RVD9DOOV3pUH] 9RFDOHVVXSOHQWHV 5DIDHO)UHVTXHW)D\RV (YD0DUtD&LVFDU5RYLUD -RVHS0LTXHO5RGD3UDWV 5RVD9DOOV3pUH] �� Núm. 5516 / 21.05.2007 &RQVHOOHULDGH-XVWtFLD,QWHULRU L$GPLQLVWUDFLRQV3~EOLTXHV 5(62/8&,ÏGHGHPDLJGHOGHOFRQVHOOHUGH-XV WtFLD,QWHULRUL$GPLQLVWUDFLRQV3~EOLTXHVSHUODTXDOHV SXEOLFD OD UHODFLy G¶DVSLUDQWV TXH KDQ VXSHUDW OHV SURYHV VHOHFWLYHVG¶DFFpVDOJUXS$VHFWRUDGPLQLVWUDFLyHVSHFL DOHQJLQ\HUVLQGXVWULDOVDFFpVOOLXUH&RQYRFDWzULD >@ 20147 &RQVHOOHULDGH-XVWLFLD,QWHULRU \$GPLQLVWUDFLRQHV3~EOLFDV 5(62/8&,Ï1 GH GH PD\R GH GHO FRQVHOOHU GH -XVWLFLD,QWHULRU\$GPLQLVWUDFLRQHV3~EOLFDVSRUODTXH VHSXEOLFDODUHODFLyQGHDVSLUDQWHVTXHKDQVXSHUDGRODV SUXHEDV VHOHFWLYDV GH DFFHVR DO JUXSR$ VHFWRU DGPLQLV WUDFLyQHVSHFLDOLQJHQLHURVGHPRQWHVDFFHVROLEUH&RQ YRFDWRULD>@ &RQFORVHV OHV SURYHV VHOHFWLYHV SHU D O¶DFFpV DO JUXS $ VHFWRU DGPLQLVWUDFLy HVSHFLDO HQJLQ\HUV LQGXVWULDOV DFFpV OOLXUH FRQYRFD GHVSHU2UGHGHG¶RFWXEUHGHOGHODFRQVHOOHULDGH-XVWtFLDL $GPLQLVWUDFLRQV3~EOLTXHV'2*9Q~PHURGHG¶RFWXEUHGHO GHFRQIRUPLWDWDPEODEDVHGHODFRQYRFDWzULDUHVROF &RQFOXLGDVODVSUXHEDVVHOHFWLYDVSDUDHODFFHVRDO*UXSR$VHFWRU DGPLQLVWUDFLyQHVSHFLDOLQJHQLHURVGHPRQWHVDFFHVROLEUHFRQYRFD GDVSRU2UGHQGHGHRFWXEUHGHGHODFRQVHOOHULDGH-XVWLFLD \$GPLQLVWUDFLRQHV3~EOLFDV'2*9Q~PGHGHRFWXEUHGH GHFRQIRUPLGDGFRQODEDVHGHODFRQYRFDWRULDUHVXHOYR 3ULPHU 3XEOLFDU D SURSRVWD GHO 7ULEXQDO OD UHODFLy G¶DVSLUDQWV TXH KDQ VXSHUDWOHVSURYHVVHOHFWLYHVSHURUGHGHSXQWXDFLyTXHHVUHODFLRQHQ HQO¶DQQH[, 3ULPHUR 3XEOLFDU D SURSXHVWD GHO 7ULEXQDO OD UHODFLyQ GH DVSLUDQWHV TXH KDQVXSHUDGRODVSUXHEDVVHOHFWLYDVSRURUGHQGHSXQWXDFLyQTXHVH UHODFLRQDQHQHO$QH[R, 6HJRQ (QHOWHUPLQLGHGLHVKjELOVFRPSWDWVGHVGHOVHJHQWDOGHOD SXEOLFDFLyGHODSUHVHQW5HVROXFLyHQHO'LDUL2ILFLDOGHOD&RPXQL WDW 9DOHQFLDQD HOV DVSLUDQWV SURSRVDWV KDXUDQ GH SUHVHQWDU GDYDQW GH OD 'LUHFFLy *HQHUDO G¶$GPLQLVWUDFLy$XWRQzPLFD HOV VHJHQWV GRFX PHQWV )RWRFzSLDGHO'1,RFHUWLILFDWGHQDL[HPHQWH[SHGLGDSHOUHJLV WUHFLYLOFRUUHVSRQHQWRGRFXPHQWHTXLYDOHQWSHUDOVQDFLRQDOVG¶DOWUHV HVWDWVDTXqIDUHIHUqQFLDODEDVHGHJXGDPHQWFRPSXOVDGD 6HJXQGR (QHOSOD]RGHGtDVKiELOHVFRQWDGRVGHVGHHOVLJXLHQWHDOGHOD SXEOLFDFLyQGHODSUHVHQWHUHVROXFLyQHQHO'LDUL2ILFLDOGHOD&RPX QLWDW 9DOHQFLDQD ORV DVSLUDQWHV SURSXHVWRV GHEHUiQ SUHVHQWDU DQWH OD 'LUHFFLyQ*HQHUDOGH$GPLQLVWUDFLyQ$XWRQyPLFDORVVLJXLHQWHVGRFX PHQWRV )RWRFRSLDGHO'1,RFHUWLILFDFLyQGHQDFLPLHQWRH[SHGLGDSRU HO 5HJLVWUR &LYLO FRUUHVSRQGLHQWH R GRFXPHQWR HTXLYDOHQWH SDUD ORV QDFLRQDOHVGHRWURV(VWDGRVDOTXHKDFHUHIHUHQFLDODEDVHGHELGD PHQWHFRPSXOVDGD )RWRFRSLDFRPSXOVDGDGHOWtWXORGHLQJHQLHURLQGXVWULDORHTXL YDOHQWH (Q HO FDVR GH WLWXODFLRQHV REWHQLGDV HQ HO H[WUDQMHUR GHEHUi HVWDUVHHQSRVHVLyQGHODFUHGHQFLDOTXHDFUHGLWHVXKRPRORJDFLyQ 'HFODUDFLyQ GH QR KDEHU VLGR VHSDUDGR PHGLDQWH H[SHGLHQWH GLVFLSOLQDULRGHFXDOTXLHU$GPLQLVWUDFLyQRHPSOHRS~EOLFRDVtFRPR GH QR KDOODUVH LQKDELOLWDGR SHQDOPHQWH SDUD HO HMHUFLFLR GH IXQFLRQHV S~EOLFDV /RV DVSLUDQWHV TXH QR SRVHDQ OD QDFLRQDOLGDG HVSDxROD GHEHUiQ SUHVHQWDU GHFODUDFLyQ MXUDGD GH QR HVWDU VRPHWLGR D VDQFLyQ GLVFLSOL QDULDRFRQGHQDSHQDOTXHLPSLGDHQVX(VWDGRHODFFHVRDODIXQFLyQ S~EOLFD &HUWLILFDGRPpGLFRDFUHGLWDWLYRGHSRVHHUODFDSDFLGDGItVLFD\ SVtTXLFDQHFHVDULDSDUDHOGHVHPSHxRGHODVIXQFLRQHVGHORVSXHVWRV GHWUDEDMRRIHUWDGRV 'HFRQIRUPLGDGFRQODEDVHGHODFRQYRFDWRULDORVDVSLUDQWHV TXHKDQVXSHUDGRHO&RQFXUVR2SRVLFLyQDFUHGLWDUiQVXVFRQRFLPLHQ WRV GH YDOHQFLDQR PHGLDQWH OD SUHVHQWDFLyQ GH XQR GH ORV VLJXLHQWHV GRFXPHQWRV D7LWXOR GH %DFKLOOHUDWR R HTXLYDOHQWH FXUVDGR HQ OD &RPXQLGDG $XWyQRPD9DOHQFLDQDFRQVXSHUDFLyQGHODVDVLJQDWXUDVGHYDOHQFLD QR E7LWXORGHOD(VFXHOD2ILFLDOGH,GLRPDVFRUUHVSRQGLHQWHDOWHUFHU FXUVRGHFRQRFLPLHQWRVGHYDOHQFLDQR F&HUWLILFDGRGHQLYHOPHGLRGHOD-XQWD4XDOLILFDGRUDGH&RQHL[L PHQWVGH9DOHQFLj /RVDVSLUDQWHVTXHQRSXHGDQDFUHGLWDUHVWRVFRQRFLPLHQWRVFRQ IRUPHDORHVWDEOHFLGRHQHODSDUWDGRTXLQWRREOLJDWRULDPHQWHGHEHUiQ UHDOL]DU HO FXUVR HVSHFtILFR GH YDOHQFLDQR DO TXH VH UHILHUH HO DUWtFX ORGHOD/H\GHOD)XQFLyQ3~EOLFD9DOHQFLDQD$TXHOORVTXHQROR VXSHUHQVHJXLUiQREOLJDGRVDUHDOL]DUORVVXFHVLYRVFXUVRVTXHODDGPL QLVWUDFLyQRUJDQLFHSDUDODDGTXLVLFLyQGHOFRQRFLPLHQWRGHOYDOHQFLD QRH[LJLEOH )RWRFzSLDFRPSXOVDGDGHOWtWROG¶HQJLQ\HULQGXVWULDORHTXLYD OHQW(QHOFDVGHWLWXODFLRQVREWLQJXGHVHQO¶HVWUDQJHUKDXUjG¶HVWDUHQ SRVVHVVLyGHODFUHGHQFLDOTXHDFUHGLWHODVHXDKRPRORJDFLy 'HFODUDFLyGHQRKDYHUVLJXWVHSDUDWPLWMDQoDQWH[SHGLHQWGLVFL SOLQDULGHTXDOVHYRODGPLQLVWUDFLyRRFXSDFLyS~EOLFDDL[tFRPGHQR WUREDUVHLQKDELOLWDWSHQDOPHQWSHUDO¶H[HUFLFLGHIXQFLRQVS~EOLTXHV (OVDVSLUDQWVTXHQRSRVVHwVTXHQODQDFLRQDOLWDWHVSDQ\RODKDXUDQ GHSUHVHQWDUGHFODUDFLyMXUDGDGHQRHVWDUVRWPpVDVDQFLyGLVFLSOLQjULD R FRQGHPQD SHQDO TXH LPSHGLVFD HQ HO VHX (VWDW O¶DFFpV D OD IXQFLy S~EOLFD &HUWLILFDWPqGLF DFUHGLWDWLXGH SRVVHLU OD FDSDFLWDWItVLFDL SVt TXLFDQHFHVVjULDSHUDO¶DFRPSOLPHQWGHOHVIXQFLRQVGHOVOORFVGHWUH EDOORIHULWV 'HFRQIRUPLWDWDPEODEDVHGHOD&RQYRFDWzULDHOVDVSLUDQWV TXHKDQVXSHUDWHOFRQFXUVRSRVLFLyDFUHGLWDUDQHOVVHXVFRQHL[HPHQWV GHYDOHQFLjSHUPLWMjGHODSUHVHQWDFLyG¶XQGHOVVHJHQWVGRFXPHQWV D7tWROGHEDW[LOOHUDWRHTXLYDOHQWFXUVDWDOD&RPXQLWDW$XWzQRPD 9DOHQFLDQDDPEVXSHUDFLyGHOHVDVVLJQDWXUHVGHYDOHQFLj E7tWROGHO¶(VFROD2ILFLDOG¶,GLRPHVFRUUHVSRQHQWDOWHUFHUFXUV GHFRQHL[HPHQWVGHYDOHQFLj F&HUWLILFDWGHQLYHOOPLWMjGHOD-XQWD4XDOLILFDGRUDGH&RQHL[H PHQWVGH9DOHQFLj (OV DVSLUDQWV TXH QR SXJXHQ DFUHGLWDU HVWRV FRQHL[HPHQWV FRQ IRUPH DO TXH HVWDEOL[ HO SDUjJUDI DQWHULRU REOLJDWzULDPHQW KDXUDQ GH UHDOLW]DUHOFXUVHVSHFtILFGHYDOHQFLjDTXqHVUHIHUL[O¶DUWLFOHGHOD /OHLGHOD)XQFLy3~EOLFD9DOHQFLDQD$TXHOOVTXHQRHOVXSHUHQVHJXL UDQREOLJDWVDUHDOLW]DUHOVVXFFHVVLXVFXUVRVTXHO¶DGPLQLVWUDFLyRUJD QLW]HSHUDO¶DGTXLVLFLyGHOFRQHL[HPHQWGHOYDOHQFLjH[LJLEOH 7HUFHU (OVTXLWLQJXHQODFRQGLFLyGHIXQFLRQDULRSHUVRQDOODERUDODOVHU YLFLGHO¶DGPLQLVWUDFLyGHOD*HQHUDOLWDWHVWDUDQH[HPSWVGHMXVWLILFDU OHVFRQGLFLRQVLHOVUHTXLVLWVGHOSXQWVHJRQTXHMDWLQJXHQDFUHGLWDWV L LQVFULWV HQ HO 5HJLVWUH GH 3HUVRQDO GH OD 'LUHFFLy *HQHUDO G¶$GPL 7HUFHUR 4XLHQHV WXYLHUDQ OD FRQGLFLyQ GH IXQFLRQDULRV R SHUVRQDO ODERUDO DO VHUYLFLR GH OD DGPLQLVWUDFLyQ GH OD *HQHUDOLWDW HVWDUiQ H[HQWRV GH MXVWLILFDUODVFRQGLFLRQHV\UHTXLVLWRVGHOSXQWRVHJXQGRTXH\DWXYLH UDQDFUHGLWDGRVHLQVFULWRVHQHO5HJLVWURGH3HUVRQDOGHOD'LUHFFLyQ Núm. 5516 / 21.05.2007 20148 QLVWUDFLy$XWRQzPLFD ~QLFDPHQW KDXUDQ GH PDQLIHVWDUKR SHU HVFULW GDYDQW GH OD 'LUHFFLy *HQHUDO *HQHUDO G¶$GPLQLVWUDFLy$XWRQzPLFD VHQVHDSRUWDUODGRFXPHQWDFLyFRUUHVSRQHQW *HQHUDOGH$GPLQLVWUDFLyQ$XWRQyPLFD~QLFDPHQWHGHEHUiQPDQLIHV WDUORSRUHVFULWRDQWHOD'LUHFFLyQ*HQHUDOGH$GPLQLVWUDFLyQ$XWRQy PLFDVLQDSRUWDUODGRFXPHQWDFLyQFRUUHVSRQGLHQWH 4XDUW (OV DVSLUDQWV VHOHFFLRQDWV TXH GLQV GHO WHUPLQL LQGLFDW L H[FHS WH FDVRV GH IRUoD PDMRU QR SUHVHQWHQ OD GRFXPHQWDFLy DFUHGLWDWLYD R VH¶QGHGXw[TXHPDQTXHQG¶DOJXQGHOVUHTXLVLWVH[LJLWVQRSRGUDQVHU QRPHQDWVSHUVRQDOGHOD*HQHUDOLWDWVHQVHSHUMXtGHODUHVSRQVDELOLWDW HQTXqSRJXHUHQKDYHULQFRUUHJXWSHUIDOVHGDWHQOHVVHXHVVROÂOLFLWXGV GHSDUWLFLSDFLy/DSODoDQRRFXSDGDSHUO¶DVSLUDQWTXHQRSUHVHQWDOD GRFXPHQWDFLyTXHGDUjYDFDQW &XDUWR /RVDVSLUDQWHVVHOHFFLRQDGRVTXHGHQWURGHOSOD]RLQGLFDGR\VDOYR FDVRVGHIXHU]DPD\RUQRSUHVHQWDVHQODGRFXPHQWDFLyQDFUHGLWDWLYDR GHODPLVPDVHGHGXMHVHTXHFDUHFHQGHDOJXQRGHORVUHTXLVLWRVH[LJL GRVQRSRGUiQVHUQRPEUDGRVSHUVRQDOGHOD*HQHUDOLWDWVLQSHUMXLFLR GHODUHVSRQVDELOLGDGHQTXHSXGLHUDQKDEHULQFXUULGRSRUIDOVHGDGHQ VXVVROLFLWXGHVGHSDUWLFLSDFLyQ/DSOD]DQRRFXSDGDSRUHODVSLUDQWH TXHQRSUHVHQWDVHODGRFXPHQWDFLyQTXHGDUiYDFDQWH 9DOqQFLD GH PDLJ GH ± (O FRQVHOOHU GH -XVWtFLD ,QWHULRU L $GPLQLVWUDFLRQV3~EOLTXHV0LJXHO3HUDOWD9LxHV 9DOHQFLDGHPD\RGH±(OFRQVHOOHUGH-XVWLFLD,QWHULRU\ $GPLQLVWUDFLRQHV3~EOLFDV0LJXHO3HUDOWD9LxHV $11(;,$1(;2, $FFpV7RUQ/OLXUH $FFHVR7XUQROLEUH '1, &RJQRPVLQRP$SHOOLGRV\QRPEUH &RUWHV *DUFLD 7DUUD]RQD 6HJXUD 7RUUHV /ySH] 3RUWDOHV *UHJRUL )DUUH *yPH] 1RWDILQDO1RWDILQDO -RVH0LJXHO )UDQFLVFR(UQHV 0DULD'RORUHV 0DULD$QJHOHV 'LHJR-HVXV Núm. 5516 / 21.05.2007 &RQVHOOHULDGH-XVWtFLD,QWHULRU L$GPLQLVWUDFLRQV3~EOLTXHV 20149 &RQVHOOHULDGH-XVWtFLD,QWHULRU \$GPLQLVWUDFLRQHV3~EOLFDV 5(62/8&,ÏGHGHPDLJGHGHOFRQVHOOHUGH-XV WtFLD,QWHULRUL$GPLQLVWUDFLRQV3~EOLTXHVSHUODTXDOHV SXEOLFD OD UHODFLy G¶DVSLUDQWV TXH KDQ VXSHUDW OHV SURYHV VHOHFWLYHVG¶DFFpVDOJUXS$VHFWRUDGPLQLVWUDFLyHVSHFLDO HQJLQ\HUVLQGXVWULDOVWRUQGHSURPRFLyLQWHUQD&RQYRFD WzULD>@ 5(62/8&,Ï1 GH GH PD\R GH GHO FRQVHOOHU GH -XVWLFLD\$GPLQLVWUDFLRQHV3~EOLFDVSRUODTXHVHSXEOL FDODUHODFLyQGHDVSLUDQWHVTXHKDQVXSHUDGRODVSUXHEDV VHOHFWLYDV GH DFFHVR DO *UXSR $ VHFWRU DGPLQLVWUDFLyQ HVSHFLDO ,QJHQLHURV ,QGXVWULDOHV WXUQR GH SURPRFLyQ LQWHUQD&RQYRFDWRULD>@ &RQFORVHV OHV SURYHV VHOHFWLYHV SHU D O¶DFFpV DO JUXS $ VHFWRU DGPLQLVWUDFLy HVSHFLDO HQJLQ\HUV LQGXVWULDOV WRUQ GH SURPRFLy LQWHU QD FRQYRFDGHV SHU 2UGH GH G¶RFWXEUH GHO GH OD FRQVHOOHULD GH -XVWtFLD L$GPLQLVWUDFLRQV 3~EOLTXHV '2*9 Q~PHUR GH G¶RFWXEUHGHOLGHFRQIRUPLWDWDPEODEDVHGHOD&RQYRFDWz ULDUHVROF &RQFOXLGDVODVSUXHEDVVHOHFWLYDVSDUDHODFFHVRDO*UXSR$VHFWRU DGPLQLVWUDFLyQ HVSHFLDO ,QJHQLHURV ,QGXVWULDOHV WXUQR GH SURPRFLyQ LQWHUQDFRQYRFDGDVSRU2UGHQGHGHRFWXEUHGHGHODFRQVH OOHULDGH-XVWLFLD\$GPLQLVWUDFLRQHV3~EOLFDV'2*9Q~PHUR GHGHRFWXEUHGH\GHFRQIRUPLGDGFRQODEDVHGHODFRQ YRFDWRULDUHVXHOYR 3ULPHU 3XEOLFDU D SURSRVWD GHO 7ULEXQDO OD UHODFLy G¶DVSLUDQWV TXH KDQ VXSHUDWOHVSURYHVVHOHFWLYHVSHURUGHGHSXQWXDFLyTXHHVUHODFLRQHQ HQO¶DQQH[, 3ULPHUR 3XEOLFDU D SURSXHVWD GHO 7ULEXQDO OD UHODFLyQ GH DVSLUDQWHV TXH KDQVXSHUDGRODVSUXHEDVVHOHFWLYDVSRURUGHQGHSXQWXDFLyQTXHVH UHODFLRQDQHQHO$QH[R, 6HJRQ (QHOWHUPLQLGHGLHVKjELOVFRPSWDWVGHVGHOVHJHQWDOGHOD SXEOLFDFLy GH OD SUHVHQW 5HVROXFLy HQ HO 'LDUL 2ILFLDO GH OD &RPXQL WDW9DOHQFLDQD HOV DVSLUDQWV SURSRVDWV KDXUDQ GH SUHVHQWDU GDYDQW GH OD 'LUHFFLy *HQHUDO G¶$GPLQLVWUDFLy$XWRQzPLFD HOV VHJHQWV GRFX PHQWV )RWRFzSLDFRPSXOVDGDGHOWtWROG¶(QJLQ\HULQGXVWULDORHTXLYD OHQW(QHOFDVGHWLWXODFLRQVREWLQJXGHVHQO¶HVWUDQJHUKDXUjG¶HVWDUHQ SRVVHVVLyGHODFUHGHQFLDOTXHDFUHGLWHODVHXDKRPRORJDFLy 'HFRQIRUPLWDWDPEODEDVHGHOD&RQYRFDWzULDHOVDVSLUDQWV TXHKDQVXSHUDWHOFRQFXUVRSRVLFLyDFUHGLWDUDQHOVVHXVFRQHL[HPHQWV GHYDOHQFLjSHUPLWMjGHODSUHVHQWDFLyG¶XQGHOVVHJHQWVGRFXPHQWV 6HJXQGR (QHOSOD]RGHGtDVKiELOHVFRQWDGRVGHVGHHOVLJXLHQWHDOGHOD SXEOLFDFLyQGHODSUHVHQWHUHVROXFLyQHQHO'LDUL2ILFLDOGHOD&RPX QLWDW 9DOHQFLDQD ORV DVSLUDQWHV SURSXHVWRV GHEHUiQ SUHVHQWDU DQWH OD 'LUHFFLyQ*HQHUDOGH$GPLQLVWUDFLyQ$XWRQyPLFDORVVLJXLHQWHVGRFX PHQWRV )RWRFRSLD FRPSXOVDGD GHO 7tWXOR GH ,QJHQLHUR ,QGXVWULDO R HTXL YDOHQWH (Q HO FDVR GH WLWXODFLRQHV REWHQLGDV HQ HO H[WUDQMHUR GHEHUi SUHVHQWDUODFUHGHQFLDOTXHDFUHGLWHVXKRPRORJDFLyQ 'HFRQIRUPLGDGFRQODEDVHGHODFRQYRFDWRULDORVDVSLUDQWHV TXHKDQVXSHUDGRHO&RQFXUVR2SRVLFLyQDFUHGLWDUiQVXVFRQRFLPLHQ WRV GH YDOHQFLDQR PHGLDQWH OD SUHVHQWDFLyQ GH XQR GH ORV VLJXLHQWHV GRFXPHQWRV 7LWXOR GH %DFKLOOHUDWR R HTXLYDOHQWH FXUVDGR HQ OD &RPXQLGDG $XWyQRPD9DOHQFLDQDFRQVXSHUDFLyQGHODVDVLJQDWXUDVGHYDOHQFLD QR 7LWXOR GH OD (VFXHOD 2ILFLDO GH ,GLRPDV FRUUHVSRQGLHQWH DO WHUFHU FXUVRGHFRQRFLPLHQWRVGHYDOHQFLDQR &HUWLILFDGRGHQLYHOPHGLRGHOD-XQWD4XDOLILFDGRUDGH&RQHL[L PHQWVGH9DOHQFLj /RVDVSLUDQWHVTXHQRSXHGDQDFUHGLWDUHVWRVFRQRFLPLHQWRVFRQ IRUPHDORHVWDEOHFLGRHQHODSDUWDGRTXLQWRREOLJDWRULDPHQWHGHEHUiQ UHDOL]DU HO FXUVR HVSHFtILFR GH YDOHQFLDQR DO TXH VH UHILHUH HO DUWtFX ORGHOD/H\GHOD)XQFLyQ3~EOLFD9DOHQFLDQD$TXHOORVTXHQROR VXSHUHQVHJXLUiQREOLJDGRVDUHDOL]DUORVVXFHVLYRVFXUVRVTXHODDGPL QLVWUDFLyQRUJDQLFHSDUDODDGTXLVLFLyQGHOFRQRFLPLHQWRGHOYDOHQFLD QRH[LJLEOH $7tWROGHEDW[LOOHUDWRHTXLYDOHQWFXUVDWDOD&RPXQLWDW$XWzQR PD9DOHQFLDQDDPEVXSHUDFLyGHOHVDVVLJQDWXUHVGHYDOHQFLj %7tWROGHO¶(VFROD2ILFLDOG¶,GLRPHVFRUUHVSRQHQWDOWHUFHUFXUV GHFRQHL[HPHQWVGHYDOHQFLj &&HUWLILFDWGHQLYHOOPLWMjGHOD-XQWD4XDOLILFDGRUDGH&RQHL[H PHQWVGH9DOHQFLj (OV DVSLUDQWV TXH QR SXJXHQ DFUHGLWDU HVWRV FRQHL[HPHQWV FRQ IRUPH DO TXH HVWDEOL[ HO SDUjJUDI DQWHULRU REOLJDWzULDPHQW KDXUDQ GH UHDOLW]DUHOFXUVHVSHFtILFGHYDOHQFLjDTXqHVUHIHUL[O¶DUWLFOHGHOD /OHLGHOD)XQFLy3~EOLFD9DOHQFLDQD$TXHOOVTXHQRHOVXSHUHQVHJXL UDQREOLJDWVDUHDOLW]DUHOVVXFFHVVLXVFXUVRVTXHO¶DGPLQLVWUDFLyRUJD QLW]HSHUDO¶DGTXLVLFLyGHOFRQHL[HPHQWGHOYDOHQFLjH[LJLEOH 7HUFHU (OVTXHMDWLQJXHQDFUHGLWDWVLLQVFULWVHQHO5HJLVWUHGH3HUVRQDOGH OD 'LUHFFLy *HQHUDO G¶$GPLQLVWUDFLy$XWzQRPLFD HOV GRFXPHQWV GHO SXQWVHJRQ~QLFDPHQWKDXUDQGHPDQLIHVWDUKRSHUHVFULWGDYDQWGHOD 'LUHFFLy*HQHUDOG¶$GPLQLVWUDFLy$XWzQRPLFDVHQVHDSRUWDUODGRFX PHQWDFLyFRUUHVSRQHQW 7HUFHUR 4XLHQHV\DWXYLHUDQDFUHGLWDGRVHLQVFULWRVHQHO5HJLVWURGH3HU VRQDO GH OD 'LUHFFLyQ *HQHUDO GH $GPLQLVWUDFLyQ $XWRQyPLFD ORV GRFXPHQWRVGHOSXQWRVHJXQGR~QLFDPHQWHGHEHUiQPDQLIHVWDUORSRU HVFULWR DQWH OD 'LUHFFLyQ *HQHUDO GH$GPLQLVWUDFLyQ$XWRQyPLFD VLQ DSRUWDUODGRFXPHQWDFLyQFRUUHVSRQGLHQWH 4XDUW (OV DVSLUDQWV VHOHFFLRQDWV TXH GLQV GHO WHUPLQL LQGLFDW L H[FHS WH FDVRV GH IRUoD PDMRU QR SUHVHQWHQ OD GRFXPHQWDFLy DFUHGLWDWLYD R VH¶QGHGXw[TXHPDQTXHQG¶DOJXQGHOVUHTXLVLWVH[LJLWVQRSRGUDQVHU QRPHQDWVSHUVRQDOGHOD*HQHUDOLWDWVHQVHSHUMXtGHODUHVSRQVDELOLWDW HQTXqSRJXHUHQKDYHULQFRUUHJXWSHUIDOVHGDWHQOHVVHXHVVROÂOLFLWXGV GHSDUWLFLSDFLy/DSODoDQRRFXSDGDSHUO¶DVSLUDQWTXHQRSUHVHQWDOD GRFXPHQWDFLyTXHGDUjYDFDQW &XDUWR /RVDVSLUDQWHVVHOHFFLRQDGRVTXHGHQWURGHOSOD]RLQGLFDGR\VDOYR FDVRVGHIXHU]DPD\RUQRSUHVHQWDVHQODGRFXPHQWDFLyQDFUHGLWDWLYDR GHODPLVPDVHGHGXMHVHTXHFDUHFHQGHDOJXQRGHORVUHTXLVLWRVH[LJL GRVQRSRGUiQVHUQRPEUDGRVSHUVRQDOGHOD*HQHUDOLWDWVLQSHUMXLFLR GHODUHVSRQVDELOLGDGHQTXHSXGLHUDQKDEHULQFXUULGRSRUIDOVHGDGHQ VXVVROLFLWXGHVGHSDUWLFLSDFLyQ/DSOD]DQRRFXSDGDSRUHODVSLUDQWH TXHQRSUHVHQWDVHODGRFXPHQWDFLyQTXHGDUiYDFDQWH 9DOqQFLD GH PDLJ GH ± (O FRQVHOOHU GH -XVWtFLD ,QWHULRU L $GPLQLVWUDFLRQV3~EOLTXHV0LJXHO3HUDOWD9LxHV 9DOHQFLDGHPD\RGH±(OFRQVHOOHUGH-XVWLFLD,QWHULRU\ $GPLQLVWUDFLRQHV3~EOLFDV0LJXHO3HUDOWD9LxHV Núm. 5516 / 21.05.2007 20150 $11(;, $1(;2, $FFpV3URPRFLy,QWHUQD '1, &RJQRPVL1RP 6$17$0$5,$&25,$(67(%$1 08f2=*20(=5$)$(/ 3(5,6$50(1*27$1721,2 $FFHVR3URPRFLyQ,QWHUQD 1RWDILQDO '1, $SHOOLGRV\QRPEUH 6$17$0$5,$&25,$(67(%$1 08f2=*20(=5$)$(/ 3(5,6$50(1*27$1721,2 1RWDILQDO Núm. 5516 / 21.05.2007 &RQVHOOHULDGH-XVWtFLD,QWHULRU L$GPLQLVWUDFLRQV3~EOLTXHV 5(62/8&,ÏGHGHPDLJGHGHOD&RQVHOOHULDGH -XVWtFLD,QWHULRUL$GPLQLVWUDFLRQV3~EOLTXHVSHUODTXDO HVGHFODUHQGHVHUWHVOHVSURYHVVHOHFWLYHVG¶DFFpVDOJUXS $VHFWRUDGPLQLVWUDFLyHVSHFLDOHQJLQ\HUVIRUHVWDOVWRUQ GHGLVFDSDFLWDWV&RQYRFDWzULD>@ 20151 &RQVHOOHULDGH-XVWtFLD,QWHULRU \$GPLQLVWUDFLRQHV3~EOLFDV 5(62/8&,Ï1 GH GH PD\R GH GH OD &RQVHOOHULD GH -XVWLFLD ,QWHULRU \ $GPLQLVWUDFLRQHV 3~EOLFDV SRU OD TXHVHGHFODUDQGHVLHUWDVODVSUXHEDVVHOHFWLYDVGHDFFH VR DO JUXSR$ VHFWRU DGPLQLVWUDFLyQ HVSHFLDO LQJHQLHURV GH PRQWHV WXUQR GH GLVFDSDFLWDGRV &RQYRFDWRULD >@ 3HU 2UGH GH G¶RFWXEUH GH GH OD FRQVHOOHULD GH -XVWtFLD L $GPLQLVWUDFLRQV3~EOLTXHVHVFRQYRTXHQSURYHVVHOHFWLYHVG¶DFFpVDO JUXS$VHFWRUDGPLQLVWUDFLyHVSHFLDOHQJLQ\HUVIRUHVWDOVWRUQGHGLV FDSDFLWDWV &RQYRFDWzULD '2*9 Q~P GH G¶RFWXEUH GHO 9LVWTXHQRKDVXSHUDWFDSDVSLUDQWOHVSURYHVVHOHFWLYHVFRQYRFD GHVUHVROF 3RU2UGHQGHGHRFWXEUHGHGHODFRQVHOOHULDGH-XVWLFLD\ $GPLQLVWUDFLRQHV3~EOLFDVVHFRQYRFDURQSUXHEDVVHOHFWLYDVGHDFFH VR DO JUXSR$ VHFWRU DGPLQLVWUDFLyQ HVSHFLDO LQJHQLHURV GH PRQWHV WXUQR GH GLVFDSDFLWDGRV &RQYRFDWRULD '2*9 Q~PHUR GHGHRFWXEUHGH 9LVWR TXH QR KD VXSHUDGR QLQJ~Q DVSLUDQWH ODV SUXHEDV VHOHFWLYDV FRQYRFDGDVUHVXHOYR 3ULPHU 'HFODUDU GHVHUWD OD FRQYRFDWzULD SHU QR H[LVWLU DVSLUDQWV SUHVHQWDWV'HFRQIRUPLWDWDPEHOTXHGLVSRVDODEDVHGHODFLWDGD &RQYRFDWzULDHOOORFGHWUHEDOOTXHTXHGDVHQVHFREULUSHOWRUQGHGLV FDSDFLWDWVV¶DFXPXODDOVOORFVFRQYRFDWVSHOWRUQG¶DFFpVOOLXUHHQOD &RQYRFDWzULD 3ULPHUR 'HFODUDU GHVLHUWD OD FRQYRFDWRULD SRU QR H[LVWLU DVSLUDQWHV SUHVHQWDGRV'HFRQIRUPLGDGFRQORGLVSXHVWRHQODEDVHGHODFLWD GDFRQYRFDWRULDHOSXHVWRGHWUDEDMRTXHTXHGDVLQFXEULUSRUHOWXUQR GH GLVFDSDFLWDGRV VH DFXPXOD D ORV SXHVWRV FRQYRFDGRV SRU HO WXUQR GHDFFHVROLEUHHQODFRQYRFDWRULD 6HJRQ &RQWUDODSUHVHQW5HVROXFLyTXHSRVDILDODYLDDGPLQLVWUDWLYDHV SRGUj LQWHUSRVDU UHFXUV FRQWHQFLyV DGPLQLVWUDWLX HQ HO WHUPLQL GH GRV PHVRVFRPSWDGRUVGHVGHO¶HQGHPjGHODVHXDSXEOLFDFLyGDYDQWGHO 7ULEXQDO 6XSHULRU GH -XVWtFLD GH OD &RPXQLWDW9DOHQFLDQD GH FRQIRU PLWDW DPE HO TXH GLVSRVHQ HOV DUWLFOHV L GH OD /OHL GH GH QRYHPEUH GH 5qJLP -XUtGLF GH OHV$GPLQLVWUDFLRQV 3~EOL TXHV L GHO 3URFHGLPHQW$GPLQLVWUDWLX &RP~ DL[t FRP HQ HOV DUWLFOHV LGHOD/OHLGHGHMXOLRO5HJXODGRUDGHOD-XULV GLFFLy&RQWHQFLRVD$GPLQLVWUDWLYD1RREVWDQWDL[zSRGUjLQWHUSRVDU VHSRWHVWDWLYDPHQWUHFXUVGHUHSRVLFLyGDYDQWGHOPDWHL[zUJDQTXHYD GLFWDUO¶DFWHTXHHVUHFRUUHHQHOWHUPLQLG¶XQPHVFRPSWDGRUGHVGH O¶HQGHPjGHODVHXDSXEOLFDFLyRTXDOVHYRODOWUHUHFXUVTXHODSHUVRQD LQWHUHVVDGDHVWLPHSURFHGHQWSHUDODGHIHQVDGHOVVHXVLQWHUHVVRV 6HJXQGR &RQWUD HVWD UHVROXFLyQ TXH SRQH ILQ D OD YtD DGPLQLVWUDWLYD VH SRGUi LQWHUSRQHU UHFXUVR &RQWHQFLRVR$GPLQLVWUDWLYR HQ HO SOD]R GH GRVPHVHVFRQWDGRVGHVGHHOGtDVLJXLHQWHDOGHVXSXEOLFDFLyQDQWHHO 7ULEXQDO6XSHULRUGH-XVWLFLDGHOD&RPXQLGDG9DOHQFLDQDGHFRQIRU PLGDGFRQORGLVSXHVWRHQORVDUWtFXORV\GHOD/H\ GH GH QRYLHPEUH GH 5pJLPHQ -XUtGLFR GH ODV $GPLQLVWUDFLRQHV 3~EOLFDV\GHO3URFHGLPLHQWR$GPLQLVWUDWLYR&RP~QDVtFRPRHQORV DUWtFXORV \ GH OD /H\ GH GH MXOLR UHJXODGRUD GH OD-XULVGLFFLyQFRQWHQFLRVR±$GPLQLVWUDWLYD1RREVWDQWHSRGUiLQWHU SRQHUVHSRWHVWDWLYDPHQWHUHFXUVRGHUHSRVLFLyQDQWHHOPLVPRyUJDQR TXHGLFWyHODFWRTXHVHUHFXUUHHQHOSOD]RGHXQPHVFRQWDGRGHVGH HOGtDVLJXLHQWHDOGHVXSXEOLFDFLyQRFXDOTXLHURWURUHFXUVRTXHHVWL PHSURFHGHQWHSDUDODGHIHQVDGHVXVLQWHUHVHV 9DOqQFLD GH PDLJ GH ± (O FRQVHOOHU GH -XVWLFLD ,QWHULRU L $GPLQLVWUDFLRQV3~EOLTXHV0LJXHO3HUDOWD9LxHV 9DOHQFLDGHPD\RGH±(OFRQVHOOHUGH-XVWLFLD,QWHULRU\ $GPLQLVWUDFLRQHV3~EOLFDV0LJXHO3HUDOWD9LxHV Núm. 5516 / 21.05.2007 20152 &RQVHOOHULDGH-XVWtFLD,QWHULRU L$GPLQLVWUDFLRQV3~EOLTXHV &RQVHOOHULDGH-XVWLFLD,QWHULRU \$GPLQLVWUDFLRQHV3~EOLFDV 5(62/8&,ÏGHGHPDLJGHGHODGLUHFWRUDJHQH UDO GH -XVWtFLD SHU OD TXDO HV FRQYRFD OD FRQVWLWXFLy GH ERUVHVGHWUHEDOOSHUDODSURYLVLyWHPSRUDOGHOORFVGHOV FRVVRVGHPHWJHVIRUHQVHVJHVWLySURFHVVDOLDGPLQLVWUDWL YDWUDPLWDFLySURFHVVDOLDGPLQLVWUDWLYDLG¶DX[LOLMXGLFLDO GHO¶DGPLQLVWUDFLyGHMXVWtFLDGHOD&RPXQLWDW9DOHQFLDQD 5(62/8&,Ï1GHGHPD\RGHOD'LUHFWRUD*HQH UDO GH -XVWLFLD SRU OD TXH VH FRQYRFD OD FRQVWLWXFLyQ GH EROVDV GH WUDEDMR SDUD OD SURYLVLyQ WHPSRUDO GH SXHVWRV GH ORV FXHUSRV GH PpGLFRV IRUHQVHV JHVWLyQ SURYHVDO \ DGPLQLVWUDWLYDWUDPLWDFLyQSURFHVDO\DGPLQLVWUDWLYD\GH DX[LOLRMXGLFLDOGHODDGPyQGHMXVWLFLDGHOD&RPXQLGDG 9DOHQFLDQD>@ >@ /¶2UGHGHGHMXOLROGH'2*9Q~PGHG¶DJRVW GHGHODFRQVHOOHULDGH-XVWtFLD,QWHULRUL$GPLQLVWUDFLRQV3XEOL TXHVVREUHVHOHFFLyLQRPHQDPHQWGHIXQFLRQDULVLQWHULQVSHUDFREULU OORFVGHOVFRVVRVGHPHWJHVIRUHQVHVJHVWLySURFHVVDOLDGPLQLVWUDWLYD WUDPLWDFLySURFHVVDOLDGPLQLVWUDWLYDLDX[LOLMXGLFLDOGHO¶DGPLQLVWUD FLy GH -XVWtFLD D OD &RPXQLWDW 9DOHQFLDQD HVWDEOHL[ HO SURFHGLPHQW SHUDODIRUPDFLyGHERUVHVGHWUHEDOOSHUDFREULUWHPSRUDOPHQWOORFV GH OHV SODQWLOOHV GHOV zUJDQV MXGLFLDOV ILVFDOLHV LQVWLWXWV GH 0HGLFLQD /HJDO XQLWDWV DGPLQLVWUDWLYHV L OD UHVWD GH VHUYHLV GH O¶DGPLQLVWUDFLy GH-XVWtFLD '¶DFRUG DPE O¶DUWLFOH GH O¶HVPHQWDGD 2UGH OD FRQVWLWXFLy GH OHVERUVHVFRUUHVSRQDOD'LUHFFLy*HQHUDOGH-XVWtFLDPLWMDQoDQWXQD UHVROXFLySXEOLFDGDHQHO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQD (QFRQVHTqQFLDSUqYLDQHJRFLDFLyDPEOHVRUJDQLW]DFLRQVVLQGL FDOVLQWHJUDQWVGHOD0HVD6HFWRULDOGH-XVWtFLDHVFRQYRFDODFRQVWLWX FLyGHOHVHVPHQWDGHVERUVHVGHWUHEDOOG¶DFRUGDPEOHVVHJHQWV /D2UGHQGHGH-XOLRGH'2*9QGHGHDJRV WR GH GH OD FRQVHOOHULD GH -XVWLFLD ,QWHULRU \$GPLQLVWUDFLRQHV 3XEOLFDV VREUH VHOHFFLyQ \ QRPEUDPLHQWR GH IXQFLRQDULRV LQWHULQRV SDUDFXEULUSXHVWRVGHORV&XHUSRVGH0pGLFRV)RUHQVHV*HVWLyQ3UR FHVDO\$GPLQLVWUDWLYD7UDPLWDFLyQ3URFHVDO\$GPLQLVWUDWLYD\$X[L OLR-XGLFLDOGHODDGPLQLVWUDFLyQGH-XVWLFLDHQOD&RPXQLGDG9DOHQFLD QDHVWDEOHFHHOSURFHGLPLHQWRSDUDODIRUPDFLyQGH%ROVDVGH7UDEDMR SDUD FXEULU WHPSRUDOPHQWH SXHVWRV GH ODV SODQWLOODV GH ORV 2UJDQRV -XGLFLDOHV)LVFDOtDV,QVWLWXWRVGH0HGLFLQD/HJDO8QLGDGHV$GPLQLV WUDWLYDV\GHPiV6HUYLFLRVGHODDGPLQLVWUDFLyQGH-XVWLFLD 'HDFXHUGRFRQHODUWtFXORGHODFLWDGD2UGHQODFRQVWLWXFLyQGH ODV %ROVDV FRUUHVSRQGH D OD 'LUHFFLyQ *HQHUDO GH -XVWLFLD PHGLDQWH 5HVROXFLyQSXEOLFDGDHQHO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQD (QFRQVHFXHQFLDSUHYLDQHJRFLDFLyQFRQODVRUJDQL]DFLRQHVVLQGL FDOHVLQWHJUDQWHVGHOD0HVD6HFWRULDOGH-XVWLFLDVHFRQYRFDODFRQVWL WXFLyQGHODVFLWDGDV%ROVDVGH7UDEDMRFRQDUUHJORDODVVLJXLHQWHV %$6(6 %$6(6 3ULPHUD&RQYRFDWzULD (VFRQYRFDHOSURFpVSHUDODFRQVWLWXFLyGHOHVERUVHVGHWUHEDOO SHUDOQRPHQDPHQWGHIXQFLRQDULVLQWHULQVHQHOVzUJDQVGHO¶DGPLQLV WUDFLyGHMXVWtFLDDOD&RPXQLWDW9DOHQFLDQDTXHDPEFDUjFWHUSURYLQ FLDOWLQGUDQHOQRPEUHPj[LPG¶LQWHJUDQWVVHJHQWV 3ULPHUD&RQYRFDWRULD 6HFRQYRFDHOSURFHVRSDUDODFRQVWLWXFLyQGHODV%ROVDVGH7UDED MRSDUDHOQRPEUDPLHQWRGHIXQFLRQDULRVLQWHULQRVHQORVyUJDQRVGHOD DGPLQLVWUDFLyQGH-XVWLFLDHQOD&RPXQLGDG9DOHQFLDQDTXHFRQFDUiF WHUSURYLQFLDOWHQGUiQHOQ~PHURPi[LPRGHLQWHJUDQWHVVLJXLHQWHV &26 $/$&$17 &$67(//Ï 9$/Ê1&,$ *(1(5$/ ',6&$3$&,7$76 *(1(5$/ ',6&$3$&,7$76 *(1(5$/ ',6&$3$&,7$76 *(67,Ï 75$0,7$&,Ï $8;,/, )25(16(6 &8(532 $/,&$17( 9$/(1&,$ &$67(//Ï1 *(1(5$/ ',6&$3$&,7$'26 *(1(5$/ ',6&$3$&,7$'26 *(1(5$/ ',6&$3$&,7$'26 *(67,21 75$0,7$&,21 $8;,/,2 )25(16(6 Núm. 5516 / 21.05.2007 20153 (OV OORFV UHVHUYDWV SHU D GLVFDSDFLWDWV VHUDQ FREHUWV SHOV TXL WLQ JXHQ OD FRQGLFLy OHJDO GH SHUVRQHV DPE GLVFDSDFLWDW GH JUDX LJXDO R VXSHULRUDOVHPSUHTXHDFUHGLWHQO¶LQGLFDWJUDXGHGLVFDSDFLWDWL ODFRPSDWLELOLWDWIXQFLRQDODPEO¶H[HUFLFLGHOHVWDVTXHVTXHFRUUHVSR QHQDO&RVGHODERUVDDTXqRSWHQ (OVOORFVQRFREHUWVSHUO¶HVPHQWDGDTXRWDV¶LQFRUSRUDUDQDOJHQH UDO /RV SXHVWRV UHVHUYDGRV SDUD GLVFDSDFLWDGRV VH FXEULUiQ SRU TXLH QHVWHQJDQODFRQGLFLyQOHJDOGHSHUVRQDVFRQGLVFDSDFLGDGGHJUDGR LJXDO R VXSHULRU DO VLHPSUH TXH DFUHGLWHQ HO LQGLFDGR JUDGR GH GLVFDSDFLGDG \ OD FRPSDWLELOLGDG IXQFLRQDO FRQ HO GHVHPSHxR GH ODV WDUHDVTXHFRUUHVSRQGHQDO&XHUSRDFX\D%ROVDRSWDQ /RV SXHVWRV QR FXELHUWRV SRU HO FLWDGR FXSR VH LQFRUSRUDUiQ DO JHQHUDO 6HJRQD5HTXLVLWVGHOVDVSLUDQWV 3HUDFRQFyUUHUDOHVERUVHVGHWUHEDOOHOVDVSLUDQWVKDQGHUHXQLU DODILQDOLW]DFLyGHOWHUPLQLGHSUHVHQWDFLyGHVROÂOLFLWXGVHOVUHTXLVLWV VHJHQWV 6HUHVSDQ\ROPDMRUG¶HGDWLQRH[FHGLUO¶HGDWHVWDEOLGDSHUDOD MXELODFLy 7UREDUVH HQ SRVVHVVLy R HQ FRQGLFLRQV SHUTXq HOV SXJD VHU H[SHGLGDODWLWXODFLyVHJHQW 0HWJHVIRUHQVHVOOLFHQFLDWXUDHQ0HGLFLQD ±&RVGH*HVWLy3URFHVVDOL$GPLQLVWUDWLYDGLSORPDWXQLYHUVLWDUL HQJLQ\HUWqFQLFDUTXLWHFWHWqFQLFRHTXLYDOHQW ±&RVGH7UDPLWDFLy3URFHVVDOL$GPLQLVWUDWLYDWtWROGHEDW[LOOHUR HTXLYDOHQW ±&RVG¶$X[LOL-XGLFLDOWtWROGHJUDGXDWHQHQVHQ\DPHQWVHFXQGDUL REOLJDWRULRHTXLYDOHQW 1R KDYHU VLJXW FRQGHPQDW QL HVWDU SURFHVVDW QL LQFXOSDW SHU GHOLFWHGROyVOOHYDWTXHV¶KDJXHUDREWLQJXWODUHKDELOLWDFLyRKDJXHUD UHFDLJXWHQODFDXVDLQWHUORFXWzULDGHVREUHVHwPHQW 1R WUREDUVH LQKDELOLWDW SHU D O¶H[HUFLFL GH OHV IXQFLRQV S~EOL TXHV 1R KDYHU VLJXW VHSDUDW PLWMDQoDQW SURFHGLPHQW GLVFLSOLQDUL G¶XQ&RVGHO¶(VWDWGHOHVFRPXQLWDWVDXWzQRPHVRGHOHVDGPLQLVWUD FLRQV ORFDOV QL VXVSpV SHU D O¶H[HUFLFL GH IXQFLRQV S~EOLTXHV HQ YLD GLVFLSOLQjULD R MXGLFLDO OOHYDW TXH KDJXHUD VLJXW GHJXGDPHQW UHKDEL OLWDW 1RSDWLUGHIHFWHItVLFRPDODOWLDTXHO¶LQFDSDFLWHSHUDO¶H[HUFLFL GHOOORF 5HVLGLUHQDOJXQPXQLFLSLGHOD&RPXQLWDW9DOHQFLDQD 1RKDYHUVLJXWH[FOzVGHO¶DQWHULRUERUVDGHWUHEDOOGHSHUVRQDO GHO¶DGPLQLVWUDFLyGHMXVWtFLDSHUDOJXQDGHOHVFDXVHVDVVHQ\DODGHVHQ O¶DUWLFOHDSDUWDWVLGHO¶2UGHGHO¶GHMXQ\GH 6HJXQGD5HTXLVLWRVGHORVDVSLUDQWHV 3DUDFRQFXUULUDODV%ROVDVGH7UDEDMRORVDVSLUDQWHVGHEHQUHXQLU DODILQDOL]DFLyQGHOSOD]RGHSUHVHQWDFLyQGHVROLFLWXGHVORVVLJXLHQWHV UHTXLVLWRV 6HUHVSDxROPD\RUGHHGDG\QRH[FHGHUGHODHGDGHVWDEOHFLGD SDUDODMXELODFLyQ +DOODUVH HQ SRVHVLyQ R HQ FRQGLFLRQHV SDUD TXH OHV SXHGD VHU H[SHGLGDGHODVLJXLHQWHWLWXODFLyQ 0pGLFRV)RUHQVHV/LFHQFLDWXUDHQ0HGLFLQD ±&XHUSRGH*HVWLyQ3URFHVDO\$GPLQLVWUDWLYD'LSORPDGR 8QLYHUVLWDULR,QJHQLHUR7pFQLFR$UTXLWHFWR7pFQLFRRHTXLYDOHQWH ±&XHUSRGH7UDPLWDFLyQ3URFHVDO\$GPLQLVWUDWLYD7tWXORGH%DF KLOOHURHTXLYDOHQWH ± &XHUSR GH$X[LOLR -XGLFLDO 7tWXOR GH *UDGXDGR HQ (QVHxDQ]D 6HFXQGDULD2EOLJDWRULDRHTXLYDOHQWH 1RKDEHUVLGRFRQGHQDGRQLHVWDUSURFHVDGRQLLQFXOSDGRSRU GHOLWR GRORVR D PHQRV TXH VH KXELHUD REWHQLGR OD UHKDELOLWDFLyQ R KXELHUDUHFDtGRHQODFDXVDDXWRGHVREUHVHLPLHQWR 1R KDOODUVH LQKDELOLWDGR SDUD HO HMHUFLFLR GH ODV IXQFLRQHV S~EOLFDV 1R KDEHU VLGR VHSDUDGR PHGLDQWH SURFHGLPLHQWR GLVFLSOLQD ULR GH XQ &XHUSR GHO (VWDGR GH ODV &RPXQLGDGHV$XWyQRPDV R GH ODV$GPLQLVWUDFLRQHV/RFDOHVQLVXVSHQGLGRSDUDHOHMHUFLFLRGHIXQ FLRQHVS~EOLFDVHQYtDGLVFLSOLQDULDRMXGLFLDOVDOYRTXHKXELHUDVLGR GHELGDPHQWHUHKDELOLWDGR 1RSDGHFHUGHIHFWRItVLFRRHQIHUPHGDGTXHLQFDSDFLWHSDUDHO GHVHPSHxRGHOSXHVWR 5HVLGLUHQDOJ~QPXQLFLSLRGHOD&RPXQLGDG9DOHQFLDQD 1RKDEHUVLGRH[FOXLGRVGHODDQWHULRU%ROVDGH7UDEDMRGHSHU VRQDO GH OD DGPLQLVWUDFLyQ GH -XVWLFLD SRU DOJXQD GH ODV FDXVDV VHxD ODGDVHQHODUWtFXORDSDUWDGRV\GHOD2UGHQGHGHMXQLR GH /DVSHUVRQDVTXHRSWHQDODEROVDGHWUDEDMRGH*HVWLyQ3URFHVDO \$GPLQLVWUDWLYDGHEHUiQDFUHGLWDUWHQHUFRQRFLPLHQWRVGHLQIRUPiWLFD \ODVSHUVRQDVTXHRSWHQDODEROVDGHWUDEDMRGH7UDPLWDFLyQ3URFHVDO \$GPLQLVWUDWLYD GHEHUiQ DFUHGLWDU WHQHU FRQRFLPLHQWRV GH PHFDQR JUDItDHLQIRUPiWLFD/RVFRQRFLPLHQWRVGHLQIRUPiWLFDGHEHUiQYHQLU UHIHULGRVDWUDWDPLHQWRVGHWH[WRV6HH[FHSW~DGHHVWHUHTXLVLWRDTXL HQHVDFUHGLWHQKDEHUWUDEDMDGRFRPRLQWHULQRHQORV&XHUSRVGH2ILFL DOHV\$X[LOLDUHVSUHYLVWRVHQODDQWHULRUUHGDFFLyQGHOD/H\2UJiQLFD GHGH-XOLRGHO3RGHU-XGLFLDO /HVSHUVRQHVTXHRSWHQDODERUVDGHWUHEDOOGH*HVWLy3URFHVVDO L$GPLQLVWUDWLYDKDXUDQG¶DFUHGLWDUWLQGUHFRQHL[HPHQWVG¶LQIRUPjWLFD LOHVSHUVRQHVTXHRSWHQDODERUVDGHWUHEDOOGH7UDPLWDFLy3URFHVVDO L$GPLQLVWUDWLYD KDXUDQ G¶DFUHGLWDU WLQGUH FRQHL[HPHQWV GH PHFDQR JUDILD L LQIRUPjWLFD (OV FRQHL[HPHQWV G¶LQIRUPjWLFD KDXUDQ G¶HVWDU UHIHULWV D WUDFWDPHQWV GH WH[WV 6¶H[FHSWXHQ G¶DTXHVW UHTXLVLW HOV TXL DFUHGLWHQKDYHUWUHEDOODWFRPDLQWHUtHQHOVFRVVRVG¶2ILFLDOVL$X[L OLDUVSUHYLVWVHQO¶DQWHULRUUHGDFFLyGHOD/OHL2UJjQLFDGHO¶ GHMXOLROGHO3RGHU-XGLFLDO 7HUFHUD6ROÂOLFLWXGV /HV SHUVRQHV LQWHUHVVDGHV TXH FRPSOLVTXHQ HOV UHTXLVLWV HVWD EOLWV HQ OD EDVH VHJRQD SUHVHQWDUDQ VROÂOLFLWXG DMXVWDGD DO PRGHO TXH V¶DFRPSDQ\DFRPDDQQH[,SHUDOVFRVVRVGH*HVWLy3URFHVVDOL$GPL QLVWUDWLYD7UDPLWDFLy3URFHVVDOL$GPLQLVWUDWLYDL$X[LOL-XGLFLDOLVRO OLFLWXGDMXVWDGDDOPRGHOTXHV¶DFRPSDQ\DFRPDDQQH[,,SHUDO&RV GH0HWJHV)RUHQVHVHQHOWHUPLQLGHGLHVQDWXUDOVGHVGHODVHXD SXEOLFDFLyHQHO'2&9GLULJLGDDOD'LUHFFLy*HQHUDOGH-XVWtFLD (OVTXLHVWLJXHQH[HUFLQWIXQFLRQVFRPDLQWHUtHQO¶DGPLQLVWUD FLyGHMXVWtFLDWDQWDO¶LQLFLGHOWHUPLQLGHSUHVHQWDFLyGHVROÂOLFLWXGV FRPDOVHXDFDEDPHQWWDPEpKDXUDQGHSUHVHQWDUVROÂOLFLWXGVLGHVLW JHQ VHU LQFORVRV HQ OHV ERUVHV GH WUHEDOO DL[t FRP OD GRFXPHQWDFLy LQGLFDGDHQODEDVHTXDUWD /HVLQVWjQFLHVKDXUDQGHSUHVHQWDUVHHQTXDOVHYROGHOVUHJLVWUHV VHJHQWV ±'LUHFFLy*HQHUDOGH-XVWtFLDFDUUHU+LVWRULDGRU&KDEjV 9DOqQFLD ±'LUHFFLy*HQHUDOGH-XVWtFLDFDUUHU5DPEOD0pQGH]1~xH] SODQWD$ODFDQW 7HUFHUD6ROLFLWXGHV /DV SHUVRQDV LQWHUHVDGDV TXH FXPSODQ ORV UHTXLVLWRV HVWDEOHFL GRVHQODEDVHVHJXQGDSUHVHQWDUiQVROLFLWXGDMXVWDGDDOPRGHORTXH VH DFRPSDxD FRPR$QH[R , SDUD ORV &XHUSRV GH *HVWLyQ 3URFHVDO \ $GPLQLVWUDWLYD7UDPLWDFLyQ3URFHVDO\$GPLQLVWUDWLYD\$X[LOLR-XGL FLDO\VROLFLWXGDMXVWDGDDOPRGHORTXHVHDFRPSDxDFRPR$QH[R,, SDUDHO&XHUSRGH0pGLFRV)RUHQVHVHQHOSOD]RGHGtDVQDWXUDOHV GHVGHVXSXEOLFDFLyQHQHO'2&9GLULJLGDDOD'LUHFFLyQ*HQHUDOGH -XVWLFLD 4XLHQHV HVWpQ GHVHPSHxDQGR IXQFLRQHV FRPR LQWHULQR HQ OD DGPLQLVWUDFLyQGH-XVWLFLDWDQWRDOLQLFLRGHOSOD]RGHSUHVHQWDFLyQGH VROLFLWXGHVFRPRDVXILQDOL]DFLyQWDPELpQGHEHUiQSUHVHQWDUVROLFLWXG VLGHVHDQVHULQFOXLGRVHQODVEROVDVGHWUDEDMRDVtFRPRODGRFXPHQ WDFLyQLQGLFDGDHQODEDVHFXDUWD /DVLQVWDQFLDVGHEHUiQSUHVHQWDUVHHQFXDOTXLHUDGHORVVLJXLHQ WHVUHJLVWURV ± 'LUHFFLyQ *HQHUDO GH -XVWLFLD & +LVWRULDGRU &KDEiV 9DOHQFLD ± 'LUHFFLyQ *HQHUDO GH -XVWLFLD & 5DPEOD 0pQGH] 1~xH] SODQWD$OLFDQWH Núm. 5516 / 21.05.2007 20154 ±'LUHFFLy*HQHUDOGH-XVWtFLDFDUUHU0DMRU&DVWHOOy 7DPEpSRGUDQUHPHWUH¶VSHUTXDOVHYROGHOHVPRGDOLWDWVHVWDEOLGHV HQO¶DUWLFOHGHOD/OHLGH5qJLP-XUtGLFGHOHV$GPLQLV WUDFLRQV3~EOLTXHVLGHO3URFHGLPHQW$GPLQLVWUDWLX&RP~(QHOVXSz VLWGHWUDPHVDG¶LQVWjQFLHVDWUDYpVGHOHVRILFLQHVGHFRUUHXVDTXHVWHV KDXUDQGHSUHVHQWDUVHHQVREUHREHUWSHUDVHUGDWDGHVLVHJHOODGHVSHO IXQFLRQDULGHFRUUHXVDEDQVGHVHUFHUWLILFDGHV(OVSDUWLFLSDQWVHQYL DUDQODLQVWjQFLDTXHFRQWLQJDHOVHJHOOGHO¶RILFLQDGHFRUUHXVVHQVH TXH SXJD DGPHWUH¶V SDVVDW HO WHUPLQL GH SUHVHQWDFLy G¶LQVWjQFLHV DTXHOODTXHQRFRPSOLVFDDTXHVWUHTXLVLW (QFDVGHSUHVHQWDUVHDPpVG¶XQDERUVDLGDYDQWGHODSRVVLELOL WDWGHTXHGDUQHLQFOzVHQPpVG¶XQDDODLQVWjQFLDV¶KDGHSULRULW]DU ODERUVDDTXqGHVLWMDULDSHUWjQ\HU ±'LUHFFLyQ*HQHUDOGH-XVWLFLD&0D\RU&DVWHOOyQ 7DPELpQSRGUiQUHPLWLUVHSRUFXDOTXLHUDGHODVPRGDOLGDGHVHVWD EOHFLGDV HQ HO DUWtFXOR GH OD /H\ GH UpJLPHQ -XUtGLFR GHODV$GPLQLVWUDFLRQHV3~EOLFDV\GHO3URFHGLPLHQWR$GPLQLVWUDWLYR &RP~Q(QHOVXSXHVWRGHUHPLVLyQGHLQVWDQFLDVDWUDYpVGHODVRIL FLQDV GH FRUUHRV pVWDV GHEHUiQ SUHVHQWDUVH HQ VREUH DELHUWR SDUD VHU IHFKDGDV\VHOODGDVSRUHOIXQFLRQDULRGHFRUUHRVDQWHVGHVHUFHUWLIL FDGDV/RVSDUWLFLSDQWHVHQYLDUiQODLQVWDQFLDTXHFRQWHQJDHOVHOORGH ODRILFLQDGHFRUUHRVVLQTXHSXHGDDGPLWLUVHSDVDGRHOSOD]RGHSUH VHQWDFLyQGHLQVWDQFLDVDTXHOODTXHQRFXPSODHVWHUHTXLVLWR (QFDVRGHSUHVHQWDUVHDPiVGHXQD%ROVD\DQWHODSRVLELOLGDG GHTXHGDULQFOXLGRHQPiVGHXQD%ROVDGHWUDEDMRHQODLQVWDQFLDVH GHEHSULRUL]DUODEROVDDODTXHGHVHDUtDSHUWHQHFHU 4XDUWD'RFXPHQWDFLyDDSRUWDU /HVVROÂOLFLWXGVKDXUDQG¶DQDUDFRPSDQ\DGHVG¶RULJLQDOVRIRWRFz SLHVDFDUDGHVGHODGRFXPHQWDFLyVHJHQW $$XWREDUHPDFLy 3HUDOVFRVVRVGH*HVWLy3URFHVVDOL$GPLQLVWUDWLYD7UDPLWDFLy 3URFHVVDO L$GPLQLVWUDWLYD L$X[LOL -XGLFLDO V¶KDXUj GH SUHVHQWDU XQD DXWREDUHPDFLySHUFDGD&RVDTXqV¶RSWHVHJRQVPRGHOTXHV¶DFRP SDQ\DFRPDDQQH[9 3HUDOFRVVRVGH0HWJHV)RUHQVHVV¶KDXUjGHSUHVHQWDUXQDDXWR EDUHPDFLyVHJRQVPRGHOTXHV¶DFRPSDQ\DFRPDDQQH[9, %$FUHGLWDFLyGHOVUHTXLVLWV )RWRFzSLDDFDUDGDDPEHO'RFXPHQW1DFLRQDOG¶,GHQWLWDW )RWRFzSLDDFDUDGDDPEODWLWXODFLyQHFHVVjULDSHUDVHUQRPHQDW IXQFLRQDULLQWHUtHQHO&RVFRUUHVSRQHQW &HUWLILFDWG¶HPSDGURQDPHQWRUHVLGqQFLDHQDOJXQPXQLFLSLGH OD&RPXQLWDW9DOHQFLDQD /HVSHUVRQHVTXHFRQFyUUHJXHQDODTXRWDGHGLVFDSDFLWDWVKDX UDQG¶DSRUWDUQHFHVVjULDPHQWHOVFHUWLILFDWVVHJHQWV ±&HUWLILFDWDFUHGLWDWLXGHODGLVFDSDFLWDWHQTXqV¶LQGLTXHHOJUDX G¶DTXHVWD ±&HUWLILFDWDFUHGLWDWLXGHODFRPSDWLELOLWDWIXQFLRQDOSHUDO¶H[HU FLFLGHOHVWDVFDTXHFRUUHVSRQJXHQDO&RVGHODERUVDDTXqRSWHQ /HV SHUVRQHV TXH RSWHQ D OHV ERUVHV GH WUHEDOO GH *HVWLy 3UR FHVVDOL$GPLQLVWUDWLYDDFUHGLWDUDQHOVFRQHL[HPHQWVLQIRUPjWLFVPLW MDQoDQWFHUWLILFDWDFUHGLWDWLXG¶KDYHUUHDOLW]DWFXUVRVGHWUDFWDPHQWGH WH[WVLHOVTXLRSWHQDODERUVDGH7UDPLWDFLy3URFHVVDOL$GPLQLVWUDWL YDKDXUDQG¶DFUHGLWDUGHODPDWHL[DPDQHUDHOVFRQHL[HPHQWVG¶LQIRU PjWLFDLDPpVKDYHUUHDOLW]DWFXUVRVGHPHFDQRJUDILD 6¶H[FHSWXHQ GH SUHVHQWDU DTXHVW FHUWLILFDW DTXHOOV TXH DFUHGL WHQKDYHUWUHEDOODWFRPDLQWHULQVHQHOVFRVVRVGH*HVWLy3URFHVVDOL $GPLQLVWUDWLYDL7UDPLWDFLy3URFHVVDOL$GPLQLVWUDWLYDRHQHOG¶2ILFL DOVL$X[LOLDUVSUHYLVWVHQO¶DQWHULRUUHGDFFLyGHOD/OHL2UJjQLFD GHO¶GHMXOLROGHO3RGHU-XGLFLDOLKDXUjG¶LQGLFDUDTXHVWDFLUFXPV WjQFLDDODLQVWjQFLD &$FUHGLWDFLyGHOVPqULWV D0qULWVGHFDUjFWHUJHQHUDOSHUDWRWHVOHVERUVHVGHWUHEDOO 6HUYHLVHQO¶DGPLQLVWUDFLyGHMXVWtFLD (OVVHUYHLVSUHVWDWVFRPDLQWHULQVHQzUJDQVMXGLFLDOVDOD&RPX QLWDW9DOHQFLDQDGHVGHO¶GHJHQHUGHV¶KDXUDQG¶LQGLFDUDOD LQVWjQFLDSHUzQRFDOGUjODVHXDDFUHGLWDFLyGRFXPHQWDO 3HUDDFUHGLWDUHOVVHUYHLVSUHVWDWVDPEDQWHULRULWDWDO¶GHJHQHU GHRHQzUJDQVMXGLFLDOVUDGLFDWVIRUDGHOD&RPXQLWDW9DOHQFLDQD V¶DSRUWDUjFHUWLILFDWGHOILVFDOHQFDSVHFUHWDULMXGLFLDORFDSG¶RUJDQLV PHFRUUHVSRQHQWVHJRQVPRGHOTXHV¶DFRPSDQ\DFRPDDQQH[,,, &XDUWD'RFXPHQWDFLyQDDSRUWDU /DVVROLFLWXGHVGHEHUiQLUDFRPSDxDGDVGHRULJLQDOHVRIRWRFRSLDV FRPSXOVDGDVGHODVLJXLHQWHGRFXPHQWDFLyQ $$XWREDUHPDFLyQ 3DUDORV&XHUSRVGH*HVWLyQ3URFHVDO\$GPLQLVWUDWLYD7UDPL WDFLyQ3URFHVDO\$GPLQLVWUDWLYD\$X[LOLR-XGLFLDOVHGHEHUiSUHVHQ WDUXQDDXWREDUHPDFLyQSRUFDGD&XHUSRDOTXHVHRSWHVHJ~QPRGHOR TXHVHDFRPSDxDFRPR$QH[R9 3DUD HO &XHUSRV GH 0pGLFRV )RUHQVHV VH GHEHUi SUHVHQWDU XQD DXWREDUHPDFLyQVHJ~QPRGHORTXHVHDFRPSDxDFRPR$QH[R9, %$FUHGLWDFLyQGHORVUHTXLVLWRV )RWRFRSLDFRPSXOVDGDGHO'RFXPHQWR1DFLRQDOGH,GHQWLGDG )RWRFRSLDFRPSXOVDGDGHODWLWXODFLyQQHFHVDULDSDUDVHUQRP EUDGRIXQFLRQDULRLQWHULQRHQHO&XHUSRFRUUHVSRQGLHQWH &HUWLILFDGRGHHPSDGURQDPLHQWRRUHVLGHQFLDHQDOJ~QPXQLFL SLRGHOD&RPXQLGDG9DOHQFLDQD /DVSHUVRQDVTXHFRQFXUUDQDOFXSRGHGLVFDSDFLWDGRVGHEHUiQ DSRUWDUQHFHVDULDPHQWHORVVLJXLHQWHVFHUWLILFDGRV ± &HUWLILFDGR DFUHGLWDWLYR GH OD GLVFDSDFLGDG LQGLFDQGR HO JUDGR GHODPLVPD ±&HUWLILFDGRDFUHGLWDWLYRGHODFRPSDWLELOLGDGIXQFLRQDOSDUDHOGHV HPSHxRGHODVWDUHDTXHFRUUHVSRQGDQDOFXHUSRDFX\D%ROVDRSWDQ /DVSHUVRQDVTXHRSWDQDODVEROVDVGHWUDEDMRGH*HVWLyQSUR FHVDO \ $GPLQLVWUDWLYD DFUHGLWDUiQ ORV FRQRFLPLHQWRV LQIRUPiWLFRV PHGLDQWH FHUWLILFDGR DFUHGLWDWLYR GH KDEHU UHDOL]DGR FXUVRV GH WUDWD PLHQWRGHWH[WRV\ORVTXHRSWHQDOD%ROVDGH7UDPLWDFLyQ3URFHVDO\ $GPLQLVWUDWLYD GHEHUiQ DFUHGLWDU GHO PLVPR PRGR ORV FRQRFLPLHQWRV GHLQIRUPiWLFD\DGHPiVKDEHUUHDOL]DGRFXUVRVGHPHFDQRJUDItD 6H H[FHSW~D GH SUHVHQWDU HVWD FHUWLILFDFLyQ D DTXHOORV TXH DFUH GLWHQKDEHUWUDEDMDGRFRPRLQWHULQRVHQORV&XHUSRVGH*HVWLyQ3UR FHVDO \$GPLQLVWUDWLYD \7UDPLWDFLyQ 3URFHVDO \$GPLQLVWUDWLYD R HQ HO GH 2ILFLDOHV \$X[LOLDUHV SUHYLVWRV HQ OD DQWHULRU UHGDFFLyQ GH OD /2GHGHMXOLRGHO3RGHU-XGLFLDOGHELHQGRLQGLFDUHVWDFLU FXQVWDQFLDHQODLQVWDQFLD &$FUHGLWDFLyQGHORVPpULWRV D0pULWRVGHFDUiFWHUJHQHUDOSDUDWRGDVODVEROVDVGHWUDEDMR 6HUYLFLRVHQODDGPLQLVWUDFLyQGH-XVWLFLD /RV6HUYLFLRVSUHVWDGRVFRPRLQWHULQRVHQyUJDQRVMXGLFLDOHVHQOD &RPXQLGDG9DOHQFLDQDGHVGHHOGHHQHURGHVHGHEHUiQLQGL FDUHQODLQVWDQFLDSHURQRVHUiSUHFLVDVXDFUHGLWDFLyQGRFXPHQWDO 3DUD DFUHGLWDU ORV VHUYLFLRV SUHVWDGRV FRQ DQWHULRULGDG DO GH HQHURGHRHQyUJDQRVMXGLFLDOHVUDGLFDGRVIXHUDGHOD&RPXQL GDG9DOHQFLDQDVHDSRUWDUiFHUWLILFDGRGHO)LVFDO-HIH6HFUHWDULR-XGL FLDOR-HIHGHRUJDQLVPRFRUUHVSRQGLHQWHVHJ~QPRGHORTXHVHDFRP SDxDFRPR$QH[R,,, 6HUYLFLRVSUHVWDGRVHQRWUD$GPLQLVWUDFLyQ3~EOLFD 3DUD DFUHGLWDU WDOHV VHUYLFLRV VH DSRUWDUi FHUWLILFDFLyQ H[SHGLGD SRU IXQFLRQDULRFRPSHWHQWHVHJ~QPRGHORTXHVHDFRPSDxDFRPR$QH[R,9 (OKDEHUDSUREDGRDOJ~QHMHUFLFLRGHOD~OWLPDRSRVLFLyQFRQYR FDGDSDUDHODFFHVRDO&XHUSRDFX\D%ROVDVHLQVWDRVXHTXLYDOHQWH VHJ~QDQWHULRUGHQRPLQDFLyQQRGHEHUiDFUHGLWDUVHVLELHQGHEHKDFHU VHFRQVWDUHQODLQVWDQFLDSDUDVHUFRQVLGHUDGRFRPRPpULWR &HUWLILFDGR H[SHGLGR SRU OD -XQWD 4XDOLILFDGRUD GH &RQHL[H PHQWVGH9DOHQFLiRWtWXORKRPRORJDGRVHJ~Q2UGHQGHGHDJRV WRGHGHODFRQVHOOHULDGH(GXFDFLyQ\&LHQFLDPRGLILFDGDSRU 2UGHQGHGHGLFLHPEUHGH\2UGHQGHGHMXQLRGHGH 6HUYHLVSUHVWDWVHQXQDDOWUDDGPLQLVWUDFLyS~EOLFD 3HUDDFUHGLWDUDTXHVWVVHUYHLVV¶DSRUWDUjFHUWLILFDWH[SHGLWSHUIXQ FLRQDULFRPSHWHQWVHJRQVPRGHOTXHV¶DFRPSDQ\DFRPDDQQH[,9 +DYHU DSURYDW DOJXQ H[HUFLFL GH O¶~OWLPD RSRVLFLy FRQYRFD GDSHUDO¶DFFpVDO&RVDODERUVDGHOTXDOV¶LQVWDRHOVHXHTXLYDOHQW VHJRQVO¶DQWHULRUGHQRPLQDFLyQRKDXUjG¶DFUHGLWDUVHVLEpKDGHIHU VHFRQVWDUDODLQVWjQFLDSHUDVHUFRQVLGHUDWFRPDPqULW &HUWLILFDW H[SHGLW SHU OD -XQWD 4XDOLILFDGRUD GH &RQHL[HPHQWV GH9DOqQFLD R WtWRO KRPRORJDW VHJRQV O¶2UGH GH G¶DJRVW GH GHODFRQVHOOHULDG¶(GXFDFLyL&LqQFLDPRGLILFDGDSHUO¶2UGHGHGH GHVHPEUHGHLO¶2UGHGHGHMXQ\GHGHODFRQVHOOHULDGH Núm. 5516 / 21.05.2007 20155 &XOWXUD(GXFDFLyL&LqQFLDVREUHFHUWLILFDWVRILFLDOVGHFRQHL[HPHQWV GHYDOHQFLj &RQHL[HPHQWVG¶LQIRUPjWLFD 3HUDDFUHGLWDUFRPDPqULWHOFRQHL[HPHQWG¶LQIRUPjWLFDKDXUDQ GH SUHVHQWDU FHUWLILFDWV DFUHGLWDWLXV G¶KDYHU UHDOLW]DW FXUVRV GH WUDFWD PHQWGHWH[WVH[SHGLWVSHUXQDDGPLQLVWUDFLyS~EOLFDFRPSHWHQWDPE ODLQGLFDFLyGHOQRPEUHG¶KRUHVGHOFXUV E0qULWVHVSHFtILFVSHUDFDGDERUVDGHWUHEDOO 6¶DFUHGLWDUDQPLWMDQoDQWHOVFHUWLILFDWVRWtWROVDFUHGLWDWLXVFRUUHV SRQHQWV L V¶KDXUDQ GH SUHVHQWDU RULJLQDOV R IRWRFzSLHV GHJXGDPHQW FRPSXOVDGHV ODFRQVHOOHULDGH&XOWXUD(GXFDFLyQ\&LHQFLDVREUHFHUWLILFDGRVRILFL DOHVGHFRQRFLPLHQWRVGHYDOHQFLDQR &RQRFLPLHQWRVGHLQIRUPiWLFD 3DUD DFUHGLWDU FRPR PpULWR HO FRQRFLPLHQWR GH LQIRUPiWLFD GHEHUiQSUHVHQWDUFHUWLILFDGRVDFUHGLWDWLYRVGHKDEHUUHDOL]DGRFXUVRV GH WUDWDPLHQWR GH WH[WRV H[SHGLGRV SRU XQD$GPLQLVWUDFLyQ 3~EOLFD FRPSHWHQWHFRQODLQGLFDFLyQGHOQ~PHURGHKRUDVGHOFXUVR E0pULWRVHVSHFtILFRVSDUDFDGDEROVDGHWUDEDMR 6HDFUHGLWDUiQPHGLDQWHORVFHUWLILFDGRVRWtWXORVDFUHGLWDWLYRVFRU UHVSRQGLHQWHVSUHVHQWDQGRRULJLQDOHVRIRWRFRSLDVGHELGDPHQWHFRP SXOVDGDV &LQTXHQD7UDPLWDFLy )LQDOLW]DWHOWHUPLQLGHSUHVHQWDFLyG¶LQVWjQFLHVOD'LUHFFLy*HQH UDOGH-XVWtFLDSURFHGLUjDODUHDOLW]DFLyGHOVWUjPLWVVHJHQWV 4XLQWD7UDPLWDFLyQ )LQDOL]DGRHOSOD]RGHSUHVHQWDFLyQGHLQVWDQFLDVSRUOD'LUHFFLyQ *HQHUDOGH-XVWLFLDVHSURFHGHUiDODUHDOL]DFLyQGHORVVLJXLHQWHVWUi PLWHV 6H GHVHVWLPDUiQ GH RILFLR ODV VROLFLWXGHV SUHVHQWDGDV IXHUD GH SOD]R TXH QR VH DMXVWHQ DO PRGHOR R QR DSRUWHQ OD GRFXPHQWDFLyQ DFUHGLWDWLYDGHUHXQLUORVUHTXLVLWRVTXHVHH[LJHQ 6H HYDOXDUiQ ORV PpULWRV DFUHGLWDGRV VHJ~Q HO EDUHPR FRQWH QLGRHQOD2UGHQGHGHMXOLRGHGHODFRQVHOOHULDGH-XVWLFLD ,QWHULRU\$GPLQLVWUDFLRQHV3~EOLFDV /RV PpULWRV R FLUFXQVWDQFLDV QR DOHJDGRV HQ OD LQVWDQFLD \R QR DFUHGLWDGRVQRVHWHQGUiQHQFXHQWDDODKRUDGHVXEDUHPDFLyQ /D&RPLVLyQ0L[WDGH(VWXGLRGH'LVFDSDFLGDGHVVLVHHVWLPD QHFHVDULRHYDOXDUiODFDSDFLGDGGHODVSHUVRQDVTXHFRQODFRQGLFLyQ OHJDOGHGLVFDSDFLGDGSDUWLFLSHQHQODFRQYRFDWRULDSXGLHQGRFLWDUVL IXHVHSUHFLVRDORVLQWHUHVDGRVSDUDUHDOL]DUODSHUWLQHQWHUHYLVLyQTXH DFUHGLWHODFRPSDWLELOLGDGFRQODVIXQFLRQHVDGHVHPSHxDUHQORVSXHV WRVGHWUDEDMRDORVTXHRSWHQ /RVDVSLUDQWHVVHRUGHQDUiQFRQIRUPHDODSXQWXDFLyQREWHQLGD (Q FDVR GH HPSDWH SULPDUi OD SXQWXDFLyQ REWHQLGD HQ FDGD DSDUWDGR GHOEDUHPRFRPHQ]DQGRSRUHOSULPHUR'HSHUVLVWLUHOHPSDWHVHGLUL PLUi FRQ HO FULWHULR GH SULRULGDG DOIDEpWLFD FRPHQ]DQGR SRU OD OHWUD FRUUHVSRQGLHQWH D OD ~OWLPD RIHUWD GH HPSOHR SDUD ORV &XHUSRV GH OD DGPLQLVWUDFLyQGH-XVWLFLD (VGHVHVWLPDUDQG¶RILFLOHVVROÂOLFLWXGVSUHVHQWDGHVIRUDGHWHU PLQLTXHQRV¶DMXVWHQDOPRGHORQRDSRUWHQODGRFXPHQWDFLyDFUHGL WDWLYDGHUHXQLUHOVUHTXLVLWVTXHV¶KLH[LJHL[HQ 6¶DYDOXDUDQHOVPqULWVDFUHGLWDWVVHJRQVHOEDUHPFRQWLQJXWHQ O¶2UGHGHGHMXOLROGHGHODFRQVHOOHULDGH-XVWtFLD,QWHULRUL $GPLQLVWUDFLRQV3~EOLTXHV (OVPqULWVRFLUFXPVWjQFLHVQRDOÂOHJDWVDODLQVWjQFLDLRQRDFUH GLWDWVQRHVWLQGUDQHQFRPSWHDO¶KRUDGHODVHXDEDUHPDFLy /D&RPLVVLy0L[WDG¶(VWXGLGH'LVFDSDFLWDWVVLKLFDODYDOXDUj ODFDSDFLWDWGHOHVSHUVRQHVTXHDPEODFRQGLFLyOHJDOGHGLVFDSDFLWDW SDUWLFLSHQHQODFRQYRFDWzULDLSRGUjFLWDUVLHVFDXHOVLQWHUHVVDWVSHU D UHDOLW]DU OD SHUWLQHQW UHYLVLy TXH DFUHGLWH OD FRPSDWLELOLWDW DPE OHV IXQFLRQVDH[HUFLUDOVOORFVGHWUHEDOODTXqRSWHQ (OVDVSLUDQWVV¶RUGHQDUDQG¶DFRUGDPEODSXQWXDFLyREWLQJXGD (Q FDV G¶HPSDW SULPDUj OD SXQWXDFLy REWLQJXGD HQ FDGD DSDUWDW GHO EDUHP FRPHQoDQW SHO SULPHU 6L SHUVLVWHL[ O¶HPSDW HV GLULPLUj DPE HOFULWHULGHSULRULWDWDOIDEqWLFDFRPHQoDQWSHUODOOHWUDFRUUHVSRQHQWD O¶~OWLPDRIHUWDG¶RFXSDFLySHUDOVFRVVRVGHO¶DGPLQLVWUDFLyGHMXVWtFLD 6LVHQD&RQVWLWXFLyLSXEOLFDFLyGHOHVERUVHV 8QD YHJDGD DYDOXDWV HOV PqULWV OD 'LUHFFLy *HQHUDO GH -XVWt FLDSURFHGLUjDFRQVWLWXLUSURYLVLRQDOPHQWOHVERUVHVGHWUHEDOOGHOSHU VRQDOVHOHFFLRQDWTXHGHJXGDPHQWRUGHQDGHVVHUDQUHPHVHVSHUDOD VHXDH[SRVLFLyS~EOLFDDO7ULEXQDO6XSHULRUGH-XVWtFLDLHVFRPXQLFDUj DOHVRUJDQLW]DFLRQVVLQGLFDOV7DPEpV¶H[SRVDUDQDOD'LUHFFLy*HQH UDOGH-XVWtFLDG¶$ODFDQW&DVWHOOyL9DOqQFLD$L[tPDWHL[HVSXEOLFD UDQHQODSjJLQDZHEGHOD*HQHUDOLWDW9DOHQFLDQDDGUHoDZZZJYD HV /HV SHUVRQHV LQWHUHVVDGHV WLQGUDQ XQ WHUPLQL GH GLHV SHU D UHFODPDUVREUHTXDOVHYROGHOHVGDGHVFRQWLQJXGHVDOHVOOLVWHVGDYDQW GHOD'LUHFFLy*HQHUDOGH-XVWtFLDVHJRQVHOPRGHOTXHV¶DFRPSDQ\D FRPDDQQH[9,, 5HVROWHV OHV UHFODPDFLRQV HV SXEOLFDUDQ OHV ERUVHV GHILQLWLYHV VHJXLQWHOPDWHL[SURFHGLPHQWTXHSHUDODUHVROXFLySURYLVLRQDO 6H[WD&RQVWLWXFLyQ\SXEOLFDFLyQGHODV%ROVDV 8QDYH]HYDOXDGRVORVPpULWRVOD'LUHFFLyQ*HQHUDOGH-XVWLFLD SURFHGHUiDFRQVWLWXLUSURYLVLRQDOPHQWHODVEROVDVGHWUDEDMRGHOSHUVR QDOVHOHFFLRQDGRTXHGHELGDPHQWHRUGHQDGDVVHUiQUHPLWLGDVSDUDVX H[SRVLFLyQS~EOLFDDO7ULEXQDO6XSHULRUGH-XVWLFLD\VHFRPXQLFDUiD ODV2UJDQL]DFLRQHV6LQGLFDOHV7DPELpQVHH[SRQGUiQHQOD'LUHFFLyQ *HQHUDO GH -XVWLFLD GH$OLFDQWH &DVWHOOyQ \ 9DOHQFLD$VLPLVPR VH SXEOLFDUiQHQODSiJLQDZHEGHOD*HQHUDOLWDW9DOHQFLDQD'LUHFFLyQ ZZZJYDHV /DVSHUVRQDVLQWHUHVDGDVWHQGUiQXQSOD]RGHGtDVSDUDDQWH OD 'LUHFFLyQ *HQHUDO GH -XVWLFLD UHFODPDU VREUH FXDOTXLHUD GH ORV GDWRVFRQWHQLGRVHQODVOLVWDVVHJ~QHOPRGHORTXHVHDFRPSDxDFRPR $QH[R9,, 5HVXHOWDVODVUHFODPDFLRQHVVHSXEOLFDUiQODV%ROVDVGHILQLWLYDV VLJXLHQGRHOPLVPRSURFHGLPLHQWRTXHSDUDODUHVROXFLyQSURYLVLRQDO 6HWHQD5HFXUVRV &RQWUD OD SUHVHQW 5HVROXFLy TXH SRVD IL D OD YLD DGPLQLVWUDWLYD HVSRGUjLQWHUSRVDUUHFXUVFRQWHQFLyVDGPLQLVWUDWLXGDYDQWGHOVMXWMDWV FRQWHQFLRVRVDGPLQLVWUDWLXVGH9DOqQFLDHQXQWHUPLQLGHGRVPHVRV FRPSWDGRUV GHV GH O¶HQGHPj GH OD VHXD SXEOLFDFLy FRQIRUPH DPE HO TXH GLVSRVHQ HOV DUWLFOHV L GH OD /OHL GH GH MXOLRO 5HJXODGRUD GH OD -XULVGLFFLy &RQWHQFLRVD$GPLQLVWUDWLYD 7RW DL[z VHQVH SHUMXGLFL GH OD LQWHUSRVLFLy GH UHFXUV SRWHVWDWLX GH UHSRVL FLyGDYDQWGHOD'LUHFFLy*HQHUDOGH-XVWtFLDHQHOWHUPLQLG¶XQPHV FRPSWDGRUDSDUWLUGHO¶HQGHPjDODVHXDSXEOLFDFLyFRQIRUPHHOTXH GLVSRVHQ HOV DUWLFOHV L GH OD /OHL GH GH JHQHU GH PRGLILFDFLyGHOD/OHLGHGHQRYHPEUHGH5qJLP-XUtGLFGH OHV$GPLQLVWUDFLRQV3~EOLTXHVLGHO3URFHGLPHQW$GPLQLVWUDWLX&RP~ 6pSWLPD5HFXUVRV &RQWUDODSUHVHQWHUHVROXFLyQTXHSRQHILQDODYtDDGPLQLVWUDWLYD SRGUi LQWHUSRQHU UHFXUVR FRQWHQFLRVR± DGPLQLVWUDWLYR DQWH ORV -X]JD GRVGHOR&RQWHQFLRVR$GPLQLVWUDWLYRGH9DOHQFLDHQXQSOD]RGHGRV PHVHVFRQWDGRVGHVGHHOGtDVLJXLHQWHDOGHVXSXEOLFDFLyQFRQIRUPH ORGLVSXHVWRHQORVDUWtFXORV\GHOD/H\GH GH -XOLR UHJXODGRUD GH OD -XULVGLFFLyQ &RQWHQFLRVR$GPLQLVWUDWLYD 7RGR HOOR VLQ SHUMXLFLR GH OD LQWHUSRVLFLyQ GH UHFXUVR SRWHVWDWLYR GH 5HSRVLFLyQ DQWH OD 'LUHFFLyQ *HQHUDO GH -XVWLFLD HQ HO SOD]R GH XQ PHV FRQWDGR D SDUWLU GHO GtD VLJXLHQWH D VX SXEOLFDFLyQ FRQIRUPH OR GLVSXHVWR HQ ORV DUWtFXORV \ GH /H\ GH GH HQHUR GH PRGLILFDFLyQ GH OD /H\ GH GH QRYLHPEUH GH 5pJLPHQ -XUtGLFRGHODV$GPLQLVWUDFLRQHV3~EOLFDV\GHO3URFHGLPLHQWR$GPL QLVWUDWLYR&RP~Q 9DOqQFLD GH PDLJ GH /D GLUHFWRUD JHQHUDO GH -XVWtFLD 3DWULFLD0RQWDJXG$ODULR 9DOHQFLD GH PD\R GH /D GLUHFWRUD JHQHUDO GH -XVWLFLD 3DWULFLD0RQWDJXG$ODULR Núm. 5516 / 21.05.2007 20156 &216(//(5,$'(-867Ë&,$ ,17(5,25,$'0,1,675$&,216 3Ò%/,48(6 $ 62/Â/,&,78'' ,1&/86,Ï(1/$%256$'(75(%$// '(*(672575$0,7$'25,$8;,/,-8',&,$/ $11(;, $1(;2, 62/,&,78''(,1&/86,Ï1(1/$%2/6$'(75$%$-2 *(672575$0,7$'25<$8;,/,2-8',&,$/ '$'(63(5621$/6 '$7263(5621$/(6 &2*1206$3(//,'26 120120%5( $'5(d$FDUUHUSODoDQ~P',5(&&,Ï1FDOOHSOD]DQ % '1, 3529Ë1&,$3529,1&,$ &3 081,&,3,081,&,3,2 7(/Ê)217(/e)212 %256$'(75(%$//$/$48$/92/(8$&&(',5,25'('(35,25,7$7(1&$6'(/$92675$,1&/86,Ï(1 0e6' 81$%256$%2/6$'(75$%$-2$/$48(6(237$<25'(1'(35,25,'$'(1(/&$62'(68 ,1&/86,Ï1(10È6'(81$%2/6$ *(6725 75$0,7$'25 $/$&$17$/,&$17( $8;,/,- 8',&,$/$8;, /,2-8 ',&,$/ &$67(//Ï&$67(//Ï1 9$/Ê1 &,$ 9$/(1&,$ UQU & 5(48,6,76' 2&80(17$&,Ï48(6 $3257$ 5(48,6,726'2& 80(17$&,Ï148(6($3257$ )272&Ñ3,$$&$5$'$'(/'1, )272&23,$&2038/6$'$'(/'1, $&5(',7$&,Ï'(/&21(,;(0(17' ,1)250¬7,&$ $&5(',7$&,Ï1'(/&212&,0,(172'(,1)250È7,&$ &(57,),&$7' (03$'521$0(17 &(57,),&$'2'((03$'521$0,(172 $&5(',7$&,Ï'(/&21(,;(0(17'(0(&$12*5$),$ $&5(',7$&,Ï1'(/&212&,0,(172'(0(&$12*5$)Ë$ )272&Ñ3,$$&$5$'$'(/$7,78/$&,Ï(;,*,'$ )272&23,$&2038/6$'$'(/$7,78/$&,Ï1(;,*,'$ ' 4827$'(',6&$3$&,7$76 &832'(',6&$3$&,7$'26 *5$8'(0,1869$/,'(6$ *5$'2'(0,1869$/,$ ( &(57,),&$7'(0,1869$/,'(6$&(57,),&$'2'(0,1869$/,$ &(57,),&$7'(&203$7,%,/,7$7)81&,21$/&(57,),&$'2'( &203$7,%,/,'$' )81&,21$/ 0Ê5,76*(1(5$/6' 2&80(17$&,Ï48(6 $3257$ 0e5,726*(1(5$/(6'2&80(17$&,Ï148(6($3257$ 6 $&203$1<$'2&80(17$&,Ï 6(59(,635(67$76(1/ $'0,1,675$&,Ï'(-867Ë&,$$0%3267(5,25,7$7$/ 6(59,&,2635(67$'26(1/$$'0,1,675$&,Ï1'(-867,&,$&213267(5,25,'$'$/ 6($&203$f$'2&80(17$&,Ï1 6(59(,635(67$76(1/ $'0,1,675$&,Ï'(-867Ë&,$$0%$17(5,25,7$7$/ 2Ñ5*$16 5$',&$76)25$'(/$&20817$79$/(1&,$1$$11(;,,, 6(59,&,2635(67$'26(1/$$'0,1,675$&,Ï1'(-867,&,$&21$17(5,25,'$'$/8 Ï5*$1265$',&$'26)8(5$'(/$&2081,'$'9$/(1&,$1$$1(;2,,, 6(59(,635(67$76(1$/75$$'0,1,675$&,Ï3Ò%/,&$$11(;,9 6(59,&,2635(67$'26(1275$$'0,1,675$&,Ï13Ò%/,&$$1(;2,9 +$9(5683(5$7$/*81(;(5&,&,'(/ Ò/7,0$2326,&,Ï' 683(5$&,Ï1'($/*Ò1(-(5&,&,2'(/$Ò/7,0$2326,&,Ï1'( &(57,),&$7'(&21(,;(0(176'(9$/(1&,¬&(57,),&$'2'(&212&,0,(1726'(9$/(1&,$12 7Ë72/6&85626' ,1)250¬7,&$7Ë78/26&85626'(,1)250È7,&$ ) 0Ê5,76(63(&Ë),&6203/,5$/'256 0e5,726(63(&Ë),&265(//(1$5$/'2562 * $872%$5(0$&,Ï$11(;9$872%$5(0$&,Ï1$1(;29 /DSHUVRQDVRWDVLJQDQWVROÂOLFLWDODVHXDLQFOXVLyHQODERUVDGHWUHEDOOLGHFODUDTXHUHXQHL[HOVUHTXLVLWVH[LJLWVHQODEDVH VHJRQDGHOD5HVROXFLyGH(ODEDMRILUPDQWHVROLFLWDVXLQFOXVLyQHQODEROVDGHWUDEDMR\ GHFODUDTXHUHXQHORVUHTXLVLWRVH[LJLGRVHQODEDVHVHJXQGDGHOD5HVROXFLyQGH 6(*(//' (175$'$5(*,6752'((175$'$ /ORFLGDWD/XJDU\IHFKD 6LJQDWXUD)LUPD ,//0$65$' ,5(&725$*(1(5$/'(-867Ë&,$,/0$65$',5(&725$*(1(5$/'(-867,&,$ Núm. 5516 / 21.05.2007 ) 0Ê5,76(63(&Ë),&6'2&80(17$&,Ï48(6 $3257$ 0e5,726(63(&Ë),&26'2& 80(17$&,Ï148(6($3257$ 20157 Núm. 5516 / 21.05.2007 20158 #00':++ #0':1++ &216(//(5,$'(-867,&,$ ,17(5,25,$'0,1,675$&,216 3Ò%/,48(6 # 62/Â/,&,78'' ,1&/86,Ï(1/$%256$'(75(%$// 0(7*(6)25(16(6 62/,&,78''(,1&/86,Ï1(1/$%2/6$'(75$%$-2 0e',&26)25(16(6 &#&'52'4510#.5 &#6152'4510#.'5 $'5(d$&DUUHUSODoDQ~P',5(&&,Ï1FDOOHSOD]DQ $ &0+ 01/ 01/$4' %1)01/5#2'..+&15 081,&,3,081,&,3,2 3529Ë1&,$3529,1&,$ &3 7(/Ê)217(/e)212 4'37+5+65&1%7/'06#%+¡37'5#2146# 4'37+5+615&1%7/'06#%+¡037'5'#2146# )272&Ñ3,$ $&$5$'$'(/'1, )272&23,$ &2038/6$' $'(/'1, &(57,),&$7' (03$'521$0(17 &(57,),&$'2'((03$'521$0,(172 )272&Ñ3,$$&$5 $'$'(/$7,78 /$&,Ï(;,*,'$ )272&23,$& 2038/6$'$'(/$7,78/$&,Ï1(;,*,'$ % 4827$'(',6&$3$&,7$76 &832'(',6&$3$&,7$'26 *5$8'(0,1869$/,'(6$ *5$'2'(0,1869$/Ë$ &(57,),&$7'(0,1869$/,'(6$&(57,),&$'2'(0,1869$/Ë$ &(57,),&$7'(&203$7,%,/,7$7)81&,21$/&(57,),&$'2'(&203$7,%,/,'$')81&,21$/ & 0Ê5,76*(1(5$/6' 2&80(17$&,Ï48(6 $3257$ 0e5,726*(1(5$/(6'2&80(17$&,Ï148(6($3257$ 6 $&203$1<$'2&80(17$&,Ï 6($&203$f$'2&80(17$&,Ï1 6(59(,635(67$76(1 / $'0, 1,675$& ,Ï'(- 867Ë&,$$0%32 67(5,25 ,7$7$/ 6(59,&,2635(67 $'26(1 /$$'0 ,1,675$&,Ï1'( -867,&,$& 213267 (5,25,' $'$/ 6(59(,635(67$76(1/ $'0,1,675$&,Ï'(-867Ë &,$$0%$17(5,25 ,7$7$/ 2Ñ5*$165$',& $76)25$'(/$& 2081,7$7 9$/(1&,$1$$11(;,,,6(5 9,&,2635(67$'26(1/$$'0,1,675 $&,Ï1'(-867,&, $&21$1 7(5,25,' $'$/ Ò CÏ5*$126 5$',&$'26)8(5 $'(/$&2081,'$'9$/(1&,$1$ $1(;2,,, 6(59(,635(67$76(1 $/75$ $'0,1,675$&,Ï 3Ò%/,&$$11(;,9 6(59,&,2635(67$'26(1 275$$' 0,1,675$&,Ï13Ò%/,&$$1(;2,9 +$9(5683(5 $7$/*8 1(;(5& ,&,'(/ Ò/7,0 $2326, &,Ï683(5$&,Ï1' (È/*Ò1(-(5&,&,2'(/$ Ò/7,0$2326,&,Ï1 &(57,),&$7 '(&21(,;(0(176'(9$/(1&,¬ &(57,),&$'2'(&212&,0,(1726'(9$/(1&,$12 7Ë72/6&85626' ,1)250¬7,&$1 5(' +25(67Ë78/26&85626'(,1)250È7,&$1Ò0'(+25$6 ' 0Ê5,76(63(&Ë),&6,1' ,48(8(/60Ê5,7648(6 $/Â/(*8(1,/$'2&8 0(17$&,Ï48(6 $3257$ 0e5,726(63(&Ë),&26,1',48(/260e5 ,72648(6($/(*$ 1</$'2&80(17$& ,Ï148(6($3257$ ( $872%$5(0$&,Ï$11(;9,$872%$5(0$&,Ï1$1(;29, (OVRWDVLJQDWVROÂOLFLW DODVHXDLQFOXVLyHQODERUVDGHWUHEDOOLGHFODUDTXHUHXQHL[HOVUHTXLVLWVH[LJLWVHQODEDVHVHJRQDGHOD5HVROXFLy (ODEDMRILUPDQWHVROLFLWDVXLQFOXVLyQHQODEROVDGHWUDEDMR\GHFODUDTXHUHXQHORVUHTXLVLWRVH[LJLGRVHQODEDVHVHJXQGDGHOD5HVROXFLyQ 6(*( //' (175$'$5(*,6752'((175$'$ /ORFLGDWD/XJDU\IHFKD )LUPD ,/Â/0$65$',5(&725$*(1(5$/'(-867Ë&,$&216(//(5,$'(-867Ë&,$,17(5,25,$'0,1,675$&,2163Ò%/,48(6 ,/0$65$',5(&725$*(1(5$/'(-867,&,$&216(//(5,$'(-867,&,$,17(5,25<$'0,1,675$&,21(63Ò%/,&$6 Núm. 5516 / 21.05.2007 20159 &216(//(5,$'(-867Ë&,$ ,17(5,25,$'0,1,675$&,216 3Ò%/,48(6 $ &(57,),&$7'(6(59(,635(67$76&20$)81&,21$5,,17(5Ë(1 / $'0,1,675$&,Ï'(-867Ë&,$$0%$17(5,25,7$7$/ 2 Ñ5*$165$',&$76)25$'(/$&2081,7$79$/(1&,$1$ $11(;,,, $1(;2,,, &(57,),&$'2'(6(59,&,2635(67$'26&202)81&,21$5,2,17(5,12 (1/$$'0,1,675$&,Ï1'(-867,&,$&21$17(5,25,'$'$/8 Ï5*$1265$',&$'26)8(5$'(/$&2081,'$'9$/(1&,$1$ '$'(6'(/$3(5621$48(&(57,),&$ '$726'(/$3(5621$48(&(57,),&$ 120120%5( &2*1206$3(//,'26 Ñ5*$1Ï5*$12 % &¬55(&&$5*2 32%/$&,Ï32%/$&,Ï1 &217,1*87'(/&(57,),&$7 &217(1,'2'(/&(57,),&$'2 120120%5( &2*1206$3(//,'26 '1, //2&(;(5&,7&20$)81&,21$5,,17(5Ë38(672'(6(03(f$'2&202)81&,21$5,2,17(5,12 0(7*()25(16( 0e',&2)25(16( *(6725 *(6725 75$0,7$'25 75$0,7$'25 $8;,/,-8',&,$/ $8;,/,2-8',&,$/ $/75(HVSHFLILTXHXOR 2752HVSHFLILFDU '85$&,Ï'(/6(59(,35(67$77,(032'(6(59,&,235(67$'2 '$7$'(120(1$0(17 )(&+$'(120%5$0,(172 '$7$'(&(66$0(17 )(&+$'(&(6( 727$/'(0(626&203/(76 727$/'(0(6(6&203/(726 727$/'(',(6 727$/'('Ë$6 ,SH UTXqWLQJDHOVHIHFWHVFRUUHVSRQHQWVGDYDQWOD'LUHFFLy*HQHUDOGH-X VWtFLDGHOD&RQVHOOHULDGH-XVWtFLD ,QWHULRUL$GPLQLVWUDFLRQV3~EOLTXHVGHOD*HQHUDOLWDW9DOHQFLDQDHQO H[SHGLHQWSHUDODFRQVWLWXFLyGHODERUVDGH WUHEDOO SHU D OD SURYLVLy GH YDFDQWV GHOV FRVVRV GH 0HWJHV )RUHQVHV *HVWRUV 7UDPLWDGRUV L$X[LOL -XGLFLDO GH O $GPLQLVWUDFLyGH-XVWtFLDFHUWLILTXH <SDUDTXHVXUWDVXVHIHFWRVDQWHOD'LUHFFLyQ*HQHUDOGH-XVWLFLDGHOD&RQVHOOHULDGH-XVWLFLD,QWHULRU\ $GPLQLVWUDFLRQHV3~EOLFDVGHOD*HQHUDOLGDG9DOHQFLDQDHQHOH[SHGLHQWHSDUDODFRQVWLWXFLyQGHEROVDVGHWUDEDMR SDUDODSURYLVLyQGHYDFDQWHVGHORVFXHUSRVGH0pGLFRV)RUHQVHV*HVWRUHV7UDPLWDGRUHV\$X[LOLR-XGLFLDOGHOD $GPLQLVWUDFLyQGH-XVWLFLDFHUWLILFR /ORFLGDWD/XJDU\IHFKD 6LJQDWXUD)LUPD Núm. 5516 / 21.05.2007 20160 &(57,),&$7'(6(59(,635(67$ 76&20$)81&,21$5,,17(5Ë2 3(5621$//$%25$/(181$$'0,1,675$&,Ï3Ò%/,&$',67,17$'( $11(;,9 / $'0,1,675$&,Ï'(-867Ë&,$ &216(//(5,$'(-867Ë&,$ $1(;2,9 &(57,),&$'2'(6(59,&,2635(67$'26&202)81&,21$5,2,17(5,12 ,17(5,25,$'0,1,675$&,216 23(5621$//$%25$/(1$'0,1,675$&,Ï13Ò%/,&$',67,17$'(/$ 3Ò%/,48(6 $'0,1,675$&,Ï1'(-867,&,$ '$'(6'(/$3(5621$48(&(57,),&$ $ '$726'(/$3(5621$48(&(57,),&$ 120120%5( &2*1206$3(//,'26 Ñ5*$1Ï5*$12 % $'0,1,675$&,Ï$'0,1,675$&,Ï1 &¬55(&&$5*2 32%/$&,Ï32%/$&,Ï1 &217,1*87'(/&(57,),&$7 &217(1,'2'(/&(57,),&$'2 120120%5( &2*1206$3(//,'26 '1, //2&6(;(5&,76&20$)81&,21$5,,17(5Ë23(5621$//$%25$/38(6726'(6(03(f$'26 &202)81&,21$5,2,17(5,1223(5621$/ /$%25$/ //2&,*583 38(672<*5832 '$7$'(120(1$0(17 '$7$'(&(66$0(17 )(&+$'(120%5$0,(172 )(&+$'(&(6( 727$/'(0(626&203/(76 727$/'(0(6(6&203/(726 727$/'(',(6 727$/'('Ë$6 , SHUTXq WLQJD HOV HIHFWHV FRUUHVSRQHQWV GDYDQW OD 'LUHFFLy *HQHUDO GH -XVWtFLD GH OD &RQVHOOHULD GH -XVWtFLD ,Q WHULRU L $GPLQLVWUDFLRQV 3~EOLTXHV GH OD *HQHUDOLWDW9DOHQFLDQD HQ O H[SHGLHQW SHU D OD FRQVWLWXFLy GH ERUVHV GH WUHEDOO SHU D OD SURYLVLy GH YDFDQWV GHOV FRVVRV GH 0HWJHV )RUHQVHV *HVWRUV 7UDPLWDGRUV L $X[LOL -XGLFLDOGHO $GPLQLVWUDFLyGH-XVWtFLDFHUWLILTXH <SDUDTXHVXUWDVXVHIHFWRVDQWHOD'LUHFFLyQ*HQHUDOGH-XVWLFLDGHOD&RQVHOOHULDGH-XVWLFLD,QWHULRU\ $GPLQLVWUDFLRQHV3~EOLFDVGHOD*HQHUDOLGDG9DOHQFLDQDHQHOH[SHGLHQWHSDUDODFRQVWLWXFLyQGHEROVDVGH7UDEDMR SDUDODSURYLVLyQGHYDFDQWHVGHORVFXHUSRVGH0pGLFRV)RUHQVHV*HVWRUHV7UDPLWDGRUHV\$X[LOLR-XGLFLDOGHOD $GPLQLVWUDFLyQGH-XVWLFLDFHUWLILFR /ORFLGDWD/XJDU\IHFKD 6LJQDWXUD)LUPD Núm. 5516 / 21.05.2007 20161 &216(//(5,$'(-867Ë&,$ ,17(5,25,$'0,1,675$&,216 3Ò%/,48(6 $ $11(;9$872%$5(0$&,Ï%256$'(75(%$//&26626'( *(672575$0,7$'25,$8;,/,-8',&,$/ $1(;29$872%$5(0$&,Ï1%2/6$'(75$%$-2&8(5326 '(*(672575$0,7$'25<$8;,/,2-8',&,$/ '$'(63(5621$/6 '$7263(5621$/(6 '1, 120120%5( &2*1206$3(//,'26 *(6725 75$0,7$'25 $8;,/,-8',&,$/ $8;,/,2-8',&,$/ $872%$5(0$&,Ï3(5237$5$/&26'( $872%$5(0$&,Ï13$5$237$5$/&8(532'( % $872%$5(0$&,Ï$872%$5(0$&,Ï1 % 0Ê5,76*(1(5$/60e5,726*(1(5$/(6 $17,*8,7$7$17,*h('$' 38178$&,Ï 38178$&,Ï1 3HUWUHEDOOVUHDOLW]DWVFRPDSHUVRQDOIXQFLRQDULLQWHUtGHO $GPLQLVWUDFLyGH-XVWtFLDHQHOPDWHL[&RVD TXqRSWDSHUDOD%RUVDRHOVHXHTXLYDOHQWVHJRQVO DQWHULRUGHQRPLQDFLy3RUWUDEDMRVUHDOL]DGRV FRPRSHUVRQDOIXQFLRQDULRLQWHULQRGHOD$GPLQLVWUDFLyQGH-XVWLFLDHQHOPLVPR&XHUSRDOTXHRSWDSDUD OD%ROVDRVXHTXLYDOHQWHVHJ~QODDQWHULRUGHQRPLQDFLyQ 0(6260(6(6',(6',$6 3HUWUHEDOOVUHDO LW]DWVFRPDSHUVRQDOIXQFLRQDULGHO $GPLQLVWUDFLyGH-XVWtFLDHQTXDOVHYRODOWUH&RV GLIHUHQWDTXqV RSWD3RUWUDEDMRVUHDOL]DGRVFRPRSHUVRQDOIXQFLRQDULRLQWHULQRGHOD$GPLQLVWUDFLyQGH -XVWLFLDHQFXDOTXLHURWUR&XHUSRGLVWLQWRDOTXHVHRSWD 0(6260(6(6',(6',$6 3HUWUHEDOOVUHDOLW]DWVFRPDIXQFLRQDULLQWHUtRSHUVRQDOODERUDOHQTXDOVHYRODGPLQLVWUDFLyS~EOLFDHQOORF GHPHWJHWqFQLFPLWMjGHJHVWLyDGPLQLVWUDWLXRDX[LOLDUDGPLQLVWUDWLXSHUDOTXDOV H[LJLVFDODPDWHL[D WLWXODFLySHUDODERUVDDTXqLQVWD3RUWUDEDMRVUHDOL]DGRVFRPRIXQFLRQDULRLQWHULQRRSHUVRQDOODERUDO HQFXDOTXLHUDGPLQLVWUDFLyQS~EOLFDHQSXHVWRGHPpGLFRWpFQLFRPHGLRGHJHVWLyQDGPLQLVWUDWLYRR 0(6260(6(6',(6',$6 DX[LO LDUDGPLQLVWUDWLYRSDUDHOTXHVHH[LMDODPLVPDWLWXODFLyQSDUDODEROVDDODTXHLQVWD 727$/ (OWHPSVPj[LPFRPSXWDEOHVHUjGHDQ\V(OWLHPSRPi[LPRFRPSXWDEOHVHUiGHDxRV 683(5$&,Ï(;(5&,&,62326,&,Ï683(5$&,Ï1(-(5&,&,262326,&,Ï1 3HUODVXSHUDFLyGHOVH[HUFLFLVGHO ~OWLPDRSRVLFL yFRQYRFDGDSHUDO DFFpVDO&RVDTXqV LQVWDRHOVHXHTXLYDOHQWVHJRQVO DQWHULRU GHQRPLQDFLySXQWV3RUODVXSHUDFLyQGHORVHMHUFLFLRVGHOD~OWLPDRSRVLFLyQFRQYRFDGDSDUDHODFFHVRDOFXHUSRDOTXHVHLQVWDRVX HTXLYDOHQWHVHJ~QODDQWHULRUGHQRPLQDFLyQSXQWRV 3HUODVXSHUDFLyGHOSULPHUH[HUFLFLGHO RSRVLFLyFRQYRFDGDSHUDO DFFpVDO&RVDTXqV LQVWDRHOVHXHTXLYDOHQWVHJRQVO DQWHULRU GHQRPLQDFLySXQWV3RUODVXSHUDFLyQGHOSULPHUHMHUFLFLRGHODRSRVLFLyQFRQYDGDSDUDHODFFHVRDOFXHUSRDOTXHVHLQVWDRVX HTXLYDOHQWHVHJ~QODDQWHULRUGHQRPLQDFLyQSXQWRV 727$/ 9$/(1&,¬ 9$/(1&,$12 25$/(/(0(17$/0,7-¬683(5,25,2 &$3$&,7$&,Ï7Ê&1,&$ 381726 ,1)250¬7,&$,1)250È7,&$ 3HUFXUVGHDKRUHV SXQWV3RUFXUVRGHDKRUDV SXQWRV 1&XUVRV 3HUFXUVGHDKRUHVSXQW 3RUFXUVRGHDKRUDVSXQWR 1&XUVRV 3HUFXUVGHDKRUHVSXQWV3RUFXUVRGHDKRUDVSXQWRV1&XUVRV 3HUFXUVGHDKRUHVSXQWV3RUFXUVRGHDKRUDVSXQWRV 1&XUVRV 3HUFXUVGHPpVGHKRUHVSXQWV3RUFXUVRGHPiVGHKRUDVSXQWRV1&XUVRV 3XQWXDFLyPj[LPDSHUFXUVRVSXQWV3XQWXDFLyQPi[LPDSRUFXUVRVSXQWRV 727$/ (OVRWDVLJQDW62/Â/,&,7$SDUWLFLSDUHQODSUHVHQWFRQYRFDWRULDLGHFODUDSHOVHXKRQRU TXHODLQIRUPDFLyVXEPLQLVWUDGDpVYHUtGLFD(ODEDMRILUPDQWH62/,&,7$SDUWLFLSDUHQOD SUHVHQWHFRQYRFDWRULD\GHFODUDSRUVXKRQRUTXHODLQIRUPDFLyQVXPLQLVWUDGDHV YHUtGLFD 'DWDLVLJQDWXUD 6(*(//' (175$'$'(/5(*,675( 6(//2'((175$'$'(5(*,6752 Núm. 5516 / 21.05.2007 20162 % 0e5,76(63(&Ë),&60e5,726(63(&Ë),&26 7,78/$&,Ï$&$'Ê0,&$7,78/$&,Ï1$&$'e0,&$ 3HOWtWROGHOOLFHQFLDWXUDHQGUHWSXQWV3RU WtWXORGHOLFHQFLDWXUDHQGHUHFKRSXQWRV 3HOWtWROGHGLSORPDWXUDHQUHODFLRQVODERUDOVJUDGXDWVRFLDOFULPLQRORJLDDVtFRPHOVWUHVSULPHUVFXUVRVFRPSOHWVDOD)DFXOWDWGH 'UHWSXQWVSHUFDGDXDPEXQPj[LPGHSXQWV3RUHOWtWXORGHGLSORPDWXUDHQUHODFLRQHVODERUDOHVJUDGXDGRVRFLDO FULPLQRORJtDDVtFRPRORVWUHVSULPHURVFXUVRVFRPSOHWRVHQOD)DFXOWDGGH'HUHFKRSXQWRVSRUFDGDXQRFRQXQPi[LPRGH SXQWRV 3HOWtWROGH%DW[LOOHU6XSHULRU)RUPDFLy3URIHVLRQDOGHQ&LFOHHQHVSHFLDOLWDWDGPLQLVWUDWLYDRHTXLYDOHQWSXQWVSHUFDGDXDPE XQPj[LPGHSXQWV3RUHOWtWXORGH%DFKLOOHU6XSHULRU)RUPDFLyQ3URIHVLRQDOGHFLFORHQHVSHFLDOLGDGDGPLQLVWUDWLYDR HTXLYDOHQWHSXQWRVSRUFDGDXQRFRQXQPi[LPRGHSXQWRV 3XQWXDFLyPi[LPDSHUWLWXODFLyDFDGqPLFDSXQWV 3XQWXDFLyQPi[LPDSRUWLXWODFLyQDFDGpPLFDSXQWRV 727$/ 727$/$872%$5(0$&,Ï727$/$872%$5(0$&,Ï1 VXPDFDVHOOHVQ~PVVXPDFDVLOODVQ ,16758&&,2163(5$(03/(1$5,16758&&,21(63$5$&803/,0(17$5 $872%$5(0$&,Ï$872%$5(0$&,Ï1 +DXUjGHSUHVHQWDUVHXQDEDUHPDFLySHUFDGD&RVDTXqV RSWH6HGHEHUiSUHVHQWDUXQDDXWREDUHPDFLyQSRUFDGD FXHUSRDOTXHVHRSWH %$17,*8,7$7$17,*h('$' (QODFDVHOODLQGLTXHXHOQRPEUHGHPHVRVFRPSOHWVLGLHVGHWUHEDOOUHDOLW]DWVFRPDSHUVRQDOIXQFLRQDULLQWHUtGHO $GPLQLVWUDFLyGH-XVWtFLDHQHOPDWHL[ &RVDTXqRSWDSHUDODERUVDRHOVHXHTXLYDOHQWVHJRQVO DQWHULRUGHQRPLQDFLy(QODFDVLOODLQGLTXHHOQ~PHUR GHPHVHVFRPSOHWRV\GtDVGHWUDEDMR UHDOL]DGRV FRPR SHUVRQDO IXQFLRQDULR LQWHULQR GH OD $GPLQLVWUDFLyQ GH -XVWLFLD HQ HO PLVPR FXHUSR DOTXH RSWD SDUD OD EROVD R VX HTXLYDOHQWH VHJ~Q OD DQWHULRUGHQRPLQDFLyQ (QODFDVHOODLQGLTXHXODSXQWXDFLyREWLQJXGD SXQWVSHUPHVFRPSOHWL SXQWVSHUGLD(QODFDVLOODLQGLTXHODSXQWXDFLyQREWHQLGD SXQWRVSRUPHVFRPSOHWR\ SXQWRVSRUGtD (Q OD FDVHOOD LQGLTXHX HO QRPEUH GH PHVRV FRPSOHWV L GLHV GH WUHEDOO UHDOLW]DWV FRP DSHUVRQDO IXQFLRQDULLQWHUt GHO $GPLQLVWUDFLy GH -XVWtFLD HQ TXDOVHYRO DOWUH FRVGLVWLQWD TXq V RSWD (Q OD FDVLOOD LQGLTXH HO Q~PHUR GHPHVHV FRPSOHWRV \ GtDV GH WUDEDMR UHDOL]DGRV FRPR SHUVRQDO IXQFLRQDULR LQWHULQRGHOD$GPLQLVWUDFLyQGH-XVWLFLDHQFXDOTXLHURWURFXHUSRGLVWLQWRDOTXHRSWD (QODFDVHOODLQGLTXHXODSXQWXDFLyREWLQJXGD SXQWVSHUPHVFRPSOHWL SXQWVSHUGLD (QODFDVLOODLQGLTXHODSXQWXDFLyQREWHQLGD SXQWRVSRUPHVFRPSOHWR\ SXQWRVSRUGtD (Q OD FDVHOOD LQGLTXHX HO QRPEUH GH PHVRV FRPSOHWV L GLHV GH WUHEDOOUHDOLW]DWV FRPD SHUVRQDO IXQFLRQDUL LQWHUt R SHUVRQDO ODERUDO HQ TXDOVHYRO $GPLQLVWUDFLy3~EOLFDHQOORFGHPHWJHWqFQLFPLWMjGHJHVWLyDGPLQLVWUDWLXRDX[LOLDUDGPLQLVWUDWLXSHUDOTXDOV H[LJHL[ODPDWHL[DWLWXODFLyTXHSHUDODERUVD DTXqV RSWD(QODFDVLOODLQGLTXHHOQ~PHURGHPHVHVFRPSOHWRV\GtDVGHWUDEDMRUHDOL]DGRVFRPRSHUVRQDOIXQFLRQDULRLQWHULQR\SHUVRQDOODERUDOHQ FXDOTXLHU $GPLQLVWUDFLyQ 3~EOLFD HQ SXHVWR GH PpGLFR WpFQLFR PHGLR GH JHVWLyQDGPLQLVWUDWLYR R DX[LOLDU DGPLQLVWUDWLYR SDUD HOTXH VHH[LMD OD PLVPD WLW XODFLyQTXHSDUDODEROVDDODTXHRSWD (Q ODFDVHOOD LQGLTXHXOD SXQWXDFLy REWLQJXGD SXQWVSHU PHV FRPSOHW L SXQWV SHU GLD (Q OD FDVLOOD LQGLTXH ODSXQWXDFLyQREWHQLGD SXQWRVSRUPHVFRPSOHWR\ SXQWRVSRUGtD %9$/(1&,¬9$/(1&,$12 6ROVHVFRPSXWDUjHOFHUWLILFDWGHPDMRUQLYHOO6yORVHF RPSXWDUiHOFHUWLILFDGRGHPD\RUQLYHO %,1)250¬7,&$%,1)250È7,&$ (OVFXUVRVG LQIRUPjWLFDKDXUDQGHVHUGHWUDFWDPHQWGHWH[WH[SHGLWVRKRPRORJDWVSHU XQDDGPLQLVWUDFLyS~EOLFDFRPSHWHQW/RVFXUVRVGHLQIRUPiWLFD GHEHUiQVHUGHWUDWDPLHQWRGHWH[WRVH[SHGLGRVXKRPRORJDGRVSRUXQDDGPLQLVWUDFLyQS~EOLFDFRPSHWHQWH %7,78/$&,Ï$&$'Ê0,&$7,78/$&,Ï1$&$'e0,&$ 6 DYDOXDUDQHOVWtWROVDFDGq PLFVRILFLDOVG LJXDORVXSHULRUQLYHOOH[LJLWSHUDO H[HUFLPHQWGHOOORFDSURYHLUDPEH[FOXVLyGHOTXHFDOJDDOOORF3HUD O DYDOXDFLyGHOVPpULWVHVWLQGUjHQFRPSWH~QLFDPHQWHOWtWROVXSHULRUTXHUHTXHULVFDKDYHUREWLQJXWO LQIHULRU 6HYDORUDUiQORVWtWXORVDFDGpPLFR VRILFLDOHVGHLJXDORVXSHULRUQLYHOH[LJLGRSDUDHOGHVHPSHxRGHOSXHVWRDSURYH HUFRQH[FOXVLyQGHOTXHVHDQHFHVDULR DOSXHVWR3DUDODYDORUDFLyQGHORVPpULWRVVHWHQGUiHQFXHQWD~QLFDPHQWHHOWtWXORVXSHULRUTXHUHTXLHUDKDEHUREWHQLGRHOLQIHULRU Núm. 5516 / 21.05.2007 20163 &216(//(5,$'(-867Ë&,$ ,17(5,25,$'0,1,675$&,216 3Ò%/,48(6 $ '$'(63(5621$/6 '$7263(5621$/(6 '1, % $11(;9,$872%$5(0$&,Ï%256$'(75(%$// '(0(7*(6)25(16(6 $1(;29,$872%$5(0$&,Ï1%2/6$'(75$%$-2 '(0e',&26)25(16(6 120120%5( &2*1206$3(//,'26 $872%$5(0$&,Ï$872%$5(0$&,Ï1 % 0Ê5,76*(1(5$/60e5,726*(1(5$/(6 $17,*8,7$7$17,*h('$' 38178$&,Ï 38178$&,Ï1 3HUWUHEDOOVUHDOLW]DWVFRPDSHUVRQDOIXQFLRQDULLQWHUtGHO $GPLQLVWUDFLyGH-XVWtFLDHQHO&RVDTXqRSWD SHUDOD%RUVD3RUWUDEDMRVUHDOL]DGRVFRPRSHUVRQDOIXQFLRQDULRLQWHULQRGHOD$GPLQLVWUDFLyQGH -XVWLFLDHQHO&XHUSRDOTXHRSWDSDUDOD%ROVD 0(6260(6(6',(6',$6 3HUWUHEDOOVUHDO LW]DWVFRPDSHUVRQDOIXQFLRQDULGHO $GPLQLVWUDFLyGH-XVWtFLDHQTXDOVHYRODOWUH&RV GLIHUHQWDTXqV RSWD3RUWUDEDMRVUHDOL]DGRVFRPRSHUVRQDOIXQFLRQDULRLQWHULQRGHOD$GPLQLVWUDFLyQGH -XVWLFLDHQFXDOTXLHURWUR&XHUSRGLVWLQWRDOTXHVHRSWD 0(6260(6(6',(6',$6 3HUWUHEDOOVUHDOLW]DWV FRPDIXQFLRQDULLQWHUtRSHUVRQDOODERUDOHQTXDOVHYRODGPLQLVWUDFLyS~EOLFDHQOORF GHPHWJHWqFQLFPLWMjGHJHVWLyDGPLQLVWUDWLXRDX[LOLDUDGPLQLVWUDWLXSHUDOTXDOV H[LJLVFDODPDWHL[D WLWXODFLySHUDODERUVDDTXqLQVWD3RUWUDEDMRVUHDOL]DGRVFRPRIXQFLRQDULRLQWHULQRRSHUVRQDOODERUDO HQFXDOTXLHUDGPLQLVWUDFLyQS~EOLFDHQSXHVWRGHPpGLFRWpFQLFRPHGLRGHJHVWLyQDGPLQLVWUDWLYRR DX[LO LDUDGPLQLVWUDWLYRSDUDHOTXHVHH[LMDODPLVPDWLWXODFLyQSDUDODEROVDDODTXHLQVWD 0(6260(6(6',(6',$6 727$/ (OWHPSVPj[LPFRPSXWDEOHVHUjGHDQ\V(OWLHPSRPi[LPRFRPSXWDEOHVHUiGHDxRV 683(5$&,Ï(;(5&,&,62326,&,Ï 683(5$&,Ï1(-(5&,&,262326,&,Ï1 3HUODVXSHUDFLyGHOVH[HUFLFLVGHO ~OWLPDRSRVLFLyFRQYRFDGDSHUDO DFFpVDO&RVDTXqV LQVWDSXQWV3RUODVXSHUDFLyQGHORVHMHUFLFLRV GHOD~OWLPDRSRVLFLyQFRQYRFDGDSDUDHODFFHVRDOFXHUSRDOTXHVHLQVWDSXQWRV 3HUODVXSHUDFLyGHOSULPHUH[HUFLFLGHO RSRVLFLyFRQYRFDGDSHUDO DFFpVDO&RVDTXqV LQVWDRHOVHXHTXLYDOHQWVHJRQVO DQWHULRU GHQRPLQDFLySXQWV3RUODVXSHUDFLyQGHOSULPHUHMHUFLFLRGHODRSRVLFLyQFRQYDGDSDUDHODFFHVRDOFXHUSRDOTXHVHLQVWDRVX HTXLYDOHQWHVHJ~QODDQWHULRUGHQRPLQDFLyQSXQWRV 727$/ 9$/(1&,¬ 9$/(1&,$12 25$/(/(0(17$/0,7-¬683(5,25, &$3$&,7$&,Ï7e&1,&$ 381726 ,1)250¬7,&$,1)250È7,&$ 3HUFXUVGHDKRUHV SXQWV3RUFXUVRGHDKRUDV SXQWRV 1&XUVRV 3HUFXUVGHDKRUHVSXQW 3RUFXUVRGHDKRUDVSXQWR 1&XUVRV 3HUFXUVGHDKRUHVSXQWV3RUFXUVRGHDKRUDVSXQWRV1&XUVRV 3HUFXUVGHDKRUHVSXQWV3RUFXUVRGHDKRUDVSXQWRV 1&XUVRV 3HUFXUVGHPpVGHKRUHVSXQWV3RUFXUVRGHPiVGHKRUDVSXQWRV1&XUVRV 3XQWXDFLyPj[LPDSHUFXUVRVSXQWV3XQWXDFLyQPi[LPDSRUFXUVRVSXQWRV727$/ (OVRWDVLJQDW62/Â/,&,7$SDUWLFLSDUHQODSUHVHQWFRQYRFDWRULDLGHFODUDSHOVHXKRQRU TXHODLQIRUPDFLyVXEPLQLVWUDGDpVYHUtGLFD(ODEDMRILUPDQWH62/,&,7$SDUWLFLSDUHQOD SUHVHQWHFRQYRFDWRULD\GHFODUDSRUVXKRQRUTXHODLQIRUPDFLyQVXPLQLVWUDGDHV YHUtGLFD 'DWDLVLJQDWXUD 6(*(//' (175$'$'(/5(*,675( 6(//2'((175$'$'(5(*,6752 Núm. 5516 / 21.05.2007 20164 % 0Ê5,76(63(&Ë),&60e5,726(63(&Ë),&26 7,78/$&,Ï$&$'Ê0,&$7,78/$&,Ï1$&$'e0,&$ 3HUO HVSHFLDOLWDWHQ0HGLFLQD/HJDOL)RUHQVHSXQWV3RUODHVSHFLDOLGDGHQ0HGLFLQD/HJDO\)RUHQVHSXQWV 3HUFDGDHVSHFLDOLWDWHQ3VLTXLDWULD7UDXPDWRORJLD*LQHFRORJLD/DERUDWRUL5DGLRORJLD$QDWRPLD3DWROzJLFD0HGLFLQD,QWHUQDL 0HGLFLQDGH)DPtOLDL&RPXQLWjULDSXQWVDPEXQPj[LPGHSXQWV3RUFDGDHVSHFLDOLGDGHQ3VLTXLDWUtD7UDXPDWRORJtD *LQHFRORJtD/DERUDWRULR5DGLRORJtD$QDWRPtD3DWROyJLFD0HGLFLQD,QWHUQD\0HGLFLQD GHIDPLOLD\FRPXQLWDULDSXQWRVFRQXQ Pi[LPRGHSXQWRV 3HUDOWUHVHVSHFLDOLWDWVPqGLTXHVSXQWVDPEXQPj[LPGHSXQWV3RURWUDVHVSHFLD OLGDGHVPpGLFDVSXQWRVFRQXQPi[LPR GHSXQWRV 3HUODWLWXODFLyGH'RFWRUDWHQ0HGLFLQDSXQWV3RUODWLWXO DFLyQGH'RFWRUDGRHQ0HGLFLQDSXQWRV 3HUPjVWHUVHQPDWqULHVSUzSLHVGHODPHGLFLQDOHJDOSXQWDPEXQPj[LPGHSXQWV3RU0iVWHUVHQPDWHULDVSURSLDVGHOD PHGLFLQDOHJDOSXQWRKDVWDXQPi[LPRGHSXQWRV 3HUFXUVRVRGLSORPHVHQPDWqULHVSUzSLHVGHPHGLFLQDOHJDOKRPRORJDWVSHUXQDDGPLQLVWUDFLyS~EOLFDFRPSHWHQWDPEO DYDOXDFLy V HJHQW3RUFXUVRVRGLSORPDVHQPDWHULDVSURSLDVGHPHGLFLQDOHJDOKRPRORJDGDVSRUXQDDGPLQLVWUDFLyQS~EOLFDFRPSHWHQWH FRQODHYDOXDFLyQVLJXLHQWH &XUVRVRGLSORPHVGHDKRUHV SXQWV&XUVRVRGLSORPDVGHDKRUDV SXQWRV &XUVRVRGLSORPHVGHDKRUHV SXQWV&XUVRVRGLSORPDVGHDKRUDV SXQWRV &XUVRVRGLSORPHVGHDKRUHVSXQW&XUVRVRGLSORPDVGHDKRUDVSXQW &XUVRVRGLSORPHVGHPpVGHKRUHV SXQWV&XUVRVRGLSORPDVGHPiVGHKRUDV SXQWRV 727$/ 727$/$872%$5(0$&,Ï727$/$872%$5(0$&,Ï1 VXPDFDVHOOHVQ~P VXPDFDVLOOD VQ ,16758&&,2163(5$(03/(1$5,16758&&,21(63$5$&803/,0(17$5 $872%$5(0$&,Ï$872%$5(0$&,Ï1 %$17,*8,7$7 $17,*h('$' (QODFDVHOODLQGLTXHXHOQRPEUHGHPHVRVFRPSOHWVLGLHVGHWUHEDOOUHDOLW]DWVFRPDSHUVRQDOIXQFLRQDULLQWHUtGHO $GPLQLVWUDFLyGH-XVWtFLDHQHOPDWHL[ &RVDTXqRSWDSHUDODERUVDRHOVHXHTXLYDOHQWVHJRQVO DQWHULRUGHQRPLQDFLy(QODFDVLOODLQGLTXHHOQ~PHURGHPHVHVFRPSOHWRV\GtDVGHWUDEDMR UHDOL]DGRVFRPRSHUVRQDOIXQFLRQDULRLQWHULQRGHOD$GPLQLVWUDFLyQGH-XVWLFLDHQHOPLVPRFXHUSRDOTXHRSWDSDUDODEROVDRVXHTXLYDOHQWHVHJ~QOD DQWHULRUGHQRPLQDFLyQ (QODFDVHOODLQGLTXHXODSXQWXDFLyREWLQJXGD SXQWVSHUPHVFRPSOHWL SHUGLD (QODFDVHOODLQGLTXHXH OQRPEUHGHPHVRVFRPSOHWVLGLHVGHWUHEDOOUHDOLW]DWVFRPDSHUVRQDOIXQFLRQDUL LQWHUtGHO $GPLQLVWUDFLyGH-XVWtFLDHQ TXDOVHYRODOWUHFRVGLVWLQWDTXqV RSWD(QODFDVLOODLQGLTXHHOQ~PHURGHPHVHVFRPSOHWRV\GtDVGHWUDEDM RUHDOL]DGRVFRPRSHUVRQDOIXQFLRQDULR LQWHULQRGHOD$GPLQLVWUDFLyQGH-XVWLFLDHQFXDOTXLHURWURFXHUSRGLVWLQWRDOTXHRSWD (QODFDVHOODLQGLTXHXODSXQWXDFLyREWLQJXGD SXQWVSHUPHVFRPSOHWL SHUGLD (QODFDVLOODLQGLTXHODSXQWXDFLyQREWHQLGD SXQWRVSRUPHVFRPSOHWR\ SRUGtD (QODFDVHOODLQGLTXHXHOQRPEUHGHPHVRVFRPSOHWVLGLHVGHWUHEDOOUHDOLW]DWVFRPDSHUVRQDOIXQFLRQD ULLQWHUtRSHUVRQDOODERUDOHQTXDOVHYRO $GPLQLVWUDFLy3~EOLFDHQOORFGHPHWJHWqFQLFPLWMjGHJHVWLyDGPLQLVWUDWLXRDX[LOLDUDGPLQLVWUDWLXSHUDOTXDOV H[LJHL[ODPDWHL[DWLWXODFLySHUDODERUVDD TXqV RSWD(QODFDVLOODLQG LTXHHOQ~PHURGHPHVHVFRPSOHWRV\GtDVGHWUDEDMRUHDOL]DGRVFRPRSHUVRQDOIXQFLRQDULRLQWHULQR\SHUVRQDOODERUDOHQ FXDOTXLHU$GPLQLVWUDFLyQ3~E OLFDHQSXHVWRGHPpGLFRWpFQLFRPHGLRGHJHVWLyQDGPLQLVWUDWLYRRDX[LOLDUDGPLQLVWUDWLYRSDUDHOTXHVHH[LMDODPLVPD WLWXODFLyQSDUDODEROVDDODTXHRSWD (QODFDVHOODLQGLTXHXODSXQWXDFLyREWLQJXGD SXQWVSHUPHVFRPSOHWL SHUGLD(QODFDVLOODLQGLT XHODSXQWXDFLyQREWHQLGD SXQWRV SRUPHVFRPSOHWR\ SRUGtD %9$/(1&,¬9$/(1&,$12 6ROVHVFRPSXWDUjHOFHUWLILFDWGHPDMRUQLYHOO6yORVHF RPSXWDUiHOFHUWLILFDGRGHPD\RUQLYHO %,1)250¬7,&$%,1)250È7,&$ (OVFXUVRVG LQIRUPjWLFDKDXUDQGHVHUGHWUDFWDPHQWGHWH[WH[SHGLWVRKRPRORJDWVSHU XQDDGPLQLVWUDFLyS~EOLFDFRPSHWHQW/RVFXUVRVGHLQIRUPiWLFD GHEHUiQVHUGHWUDWDPLHQWRGHWH[WRVH[SHGLGRVXKRPRORJDGRVSRUXQDDGPLQLVWUDFLyQFRPSHWHQWH Núm. 5516 / 21.05.2007 &216(//(5,$'(-867Ë&,$ ,17(5,25,$'0,1,675$&,216 3Ò%/,48(6 $ 20165 $11(;9,, $1(;29,, '$'(63(5621$/6 '$7263(5621$/(6 &2*1206$3(//,'26 $ %256(6'(75(%$// 5(&/$0$&,Ï62%5(/(6//,67(63529,6,21$/6 %2/6$6'(75$%$-2 5(&/$0$&,Ï162%5(/$6/,67$63529,6,21$/(6 120120%5( '1, 5(&/$0$&,Ï 5(&/$0$&,Ï1 &RQHJXGHVOHVOOLVWHVSURYLVLRQDOVGHOHVERUVHVGHWUHEDOOFRQYRFDGHVSHU OD'LUHFFLy*HQHUDOGH-XVWtFLDGLQVGHOWHUPLQLHVWDEOLW PDQLIHVWHODPHXDGLVFRQIRUPLWDWVREUHOHVGDGHVVHJHQWVTXHFRQWHQHQ &RQRFLGDVODVOLVWDVSURYLVLRQDOHVGHODVEROVDVGHWUDEDMRFRQYRFDGDVSRUOD'LUHFFLyQ*HQHUDOGH-XVWLFLDGHQWURGHOSOD]R HVWDEOHFLGRPDQLILHVWRPLGLVFRQIRUPLGDGVREUHORVVLJXLHQWHVGDWRVFRQWHQLGRVHQODVPLVPDV ,1',48(8+,/(6'$'(6027,8'(/$5(&/$0$&,Ï,1',&$5/26'$726027,92'(/$5(&/$0$&,Ï1 % 027,86'(/$5(&/$0$&,Ï 027,926'(/$5(&/$0$&,Ï1 ,1',48(8+,(/6027,86'(/$5(&/$0$&,Ï,1',&$5/26027,926'(/$5(&/$0$&,Ï1 6(*(//' (175$'$6(//2'((175$'$ BBBBBBBBBBBBBBBBBBBBBBBBBBBBGHBBBBBBBBBBBBBBBBBBGH /DSHUVRQDLQWHUHVVDGD/DSHUVRQDLQWHUHVDGD )LUPDBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB ,/Â/0$65$',5(&725$*(1(5$/'(-867Ë&,$ ,/0$65$',5(&725$*(1(5$/'(-867,&,$ Núm. 5516 / 21.05.2007 &RQVHOOHULDGH-XVWtFLD,QWHULRU L$GPLQLVWUDFLRQV3~EOLTXHV 20166 &RQVHOOHULDGH-XVWLFLD,QWHULRU \$GPLQLVWUDFLRQHV3~EOLFDV &2192&$7Ñ5,$GHOD'LUHFFLy*HQHUDOG¶$G PLQLVWUDFLy $XWRQzPLFD SHU OD TXDO V¶DQXQFLD SHU D OD VHXD SURYLVLy SHO VLVWHPD GH OOLXUH GHVLJQDFLy XQ OORF GH WUHEDOOGHQDWXUDOHVDIXQFLRQDULDODOD&RQVHOOHULDG¶(FR QRPLD+LVHQGDL2FXSDFLy>@ &2192&$725,$ GH OD 'LUHFFLyQ *HQHUDO GH $GPLQLVWUDFLyQ $XWRQyPLFD SRU OD TXH VH DQXQFLD SDUD VXSURYLVLyQSRUHOVLVWHPDGHOLEUHGHVLJQDFLyQXQSXHVWR GHWUDEDMRGHQDWXUDOH]DIXQFLRQDULDOHQOD&RQVHOOHULDGH (FRQRPLD+DFLHQGD\(PSOHR>@ (QH[HFXFLyGHOD6HQWqQFLDQ~PUHFDLJXGDHQHOSUR FHGLPHQWDEUHXMDWQ~PVHJXLWHQHO-XWMDW&RQWHQFLyV$GPL QLVWUDWLXQ~PGH9DOqQFLDFRQILUPDGDSHU6HQWqQFLDQ~P GHG¶RFWXEUHGHO7ULEXQDO6XSHULRUGH-XVWtFLDGHOD&RPXQLWDWGH 9DOqQFLD6DOD&RQWHQFLRVD$GPLQLVWUDWLYD6HFFLy6HJRQDHVFRQYR FDSHUDODVHXDSURYLVLyHOOORFGHWUHEDOOTXHHVUHODFLRQDHQODEDVH WHUFHUDG¶DTXHVWDUHVROXFLyG¶DFRUGDPEOHVEDVHVVHJHQWV (QHMHFXFLyQGHOD6HQWHQFLDQ~PUHFDtGDHQHOSURFH GLPLHQWRDEUHYLDGRQ~PVHJXLGRHQHO-X]JDGRGHOR&RQ WHQFLRVR$GPLQLVWUDWLYRQ~PGH9DOHQFLDFRQILUPDGDSRU6HQWHQFLD Q~PGHGHRFWXEUHGHO7ULEXQDO6XSHULRUGH-XVWLFLDGH OD &RPXQLGDG GH 9DOHQFLD 6DOD GH OR &RQWHQFLRVR $GPLQLVWUDWLYR 6HFFLyQ VHJXQGD VH FRQYRFD SDUD VX SURYLVLyQ HO SXHVWR GH WUDEDMR TXHVHUHODFLRQDHQODEDVHWHUFHUDGHHVWDUHVROXFLyQGHDFXHUGRFRQ ODVVLJXLHQWHVEDVHV 3ULPHUD3DUWLFLSDQWV 3RGUDQSDUWLFLSDUHQDTXHVWD&RQYRFDWzULDHOVIXQFLRQDULVGHFDU UHUDGHOJUXS$SHUWDQ\HQWVDO&RVG¶,QVSHFWRUVGH7ULEXWVGHOD*HQH UDOLWDW 3ULPHUD3DUWLFLSDQWHV 3RGUiQSDUWLFLSDUHQHVWDFRQYRFDWRULDORVIXQFLRQDULRVGHFDUUHUD GHOJUXSR$SHUWHQHFLHQWHVDO&XHUSRGH,QVSHFWRUHVGH7ULEXWRVGHOD *HQHUDOLWDW 6HJRQD3UHVHQWDFLyGHVROÂOLFLWXGV /HV VROÂOLFLWXGV DGDSWDGHV DO PRGHO TXH HV SXEOLFD HQ O¶DQQH[ , KDXUDQGHSUHVHQWDUVHHQHOWHUPLQLGHGLHVKjELOVFRPSWDGRUVGHV GHO¶HQGHPjGHODSXEOLFDFLyG¶DTXHVWD&RQYRFDWzULDHQHO'2&9(O TXHSRGUjIHUVHDO5HJLVWUH*HQHUDOGHODFRQVHOOHULDGH-XVWtFLD,QWH ULRUL$GPLQLVWUDFLRQV3~EOLTXHVFDUUHU+LVWRULDGRU&KDEjV 9DOqQFLDDOVVHUYHLVFHQWUDOVLWHUULWRULDOVGHOHVGLVWLQWHVFRQVHOOHULHV RDOHVRILFLQHVS~EOLTXHVDTXqIDUHIHUqQFLDO¶DUWLFOHGHOD/OHL GHGHQRYHPEUHGH5qJLP-XUtGLFGHOHV$GPLQLVWUDFLRQV 3~EOLTXHVLGHO3URFHGLPHQW$GPLQLVWUDWLX&RP~ 6HJXQGD3UHVHQWDFLyQGHVROLFLWXGHV /DV VROLFLWXGHV DGDSWDGDV DO PRGHOR TXH VH SXEOLFD HQ HO DQH[R ,GHEHUiQSUHVHQWDUVHHQHOSOD]RGHGtDVKiELOHVFRQWDGRVGHVGH HO GtD VLJXLHQWH GH OD SXEOLFDFLyQ GH HVWD FRQYRFDWRULD HQ HO '2&9 /R TXH SRGUi KDFHUVH HQ HO UHJLVWUR JHQHUDO GH OD FRQVHOOHULD GH -XV WLFLD ,QWHULRU \ $GPLQLVWUDFLRQHV 3~EOLFDV +LVWRULDGRU &KDEiV 9DOHQFLDHQORVVHUYLFLRVFHQWUDOHV\WHUULWRULDOHVGHODVGLVWLQWDV FRQVHOOHULDVRHQODVRILFLQDVS~EOLFDVDTXHKDFHUHIHUHQFLDHODUWtFX ORGHOD/H\GHGHQRYLHPEUHGH5pJLPHQ-XUtGLFR GHODV$GPLQLVWUDFLRQHV3~EOLFDV\GHO3URFHGLPLHQWR$GPLQLVWUDWLYR &RP~Q $ODVROLFLWXGVHDGMXQWDUiIRWRFRSLDGHO'1,GHOVROLFLWDQWHFXU ULFXOXP YLWDH \ GRFXPHQWDFLyQ MXVWLILFDWLYD GH ORV PpULWRV DOHJDGRV 6LGLFKDGRFXPHQWDFLyQ\DFRQVWDUHHQHO5HJLVWURGH3HUVRQDOGHOD *HQHUDOLWDWVyORVHUiQHFHVDULRFLWDUORVHQODVROLFLWXGVLQDSRUWDUORV GRFXPHQWRVFRUUHVSRQGLHQWHV $ OD VROÂOLFLWXG V¶DGMXQWDUj IRWRFzSLD GHO '1, GH OD SHUVRQD VRO OLFLWDQW FXUULFXOXP YLWDH L GRFXPHQWDFLy MXVWLILFDWLYD GHOV PqULWV DOÂOHJDWV 6L O¶HVPHQWDGD GRFXPHQWDFLy MD FRQVWD DO 5HJLVWUH GH 3HU VRQDO GH OD *HQHUDOLWDW QRPpV FDOGUj FLWDUOD HQ OD VROÂOLFLWXG VHQVH DSRUWDUHOVGRFXPHQWVFRUUHVSRQHQWV 7HUFHUD/ORFTXHHVSRWVROÂOLFLWDU /ORFGHWUHEDOOQ~PFDSGHO6HUYHLGH*HVWLy7ULEXWjULD &RQVHOOHULDRUJDQLVPH(FRQRPLD+LVHQGDL2FXSDFLy &HQWUHGHGHVWLQDFLy'LUHFFLy*HQHUDOGH7ULEXWV /RFDOLWDWGHOOORF9DOqQFLD 1DWXUDOHVDIXQFLRQDULDO 6HFWRUHVSHFLDO 5HTXLVLWVJUXS$&RVG¶,QVSHFWRUVRUHVGH7ULEXWVGHOD*HQHUD OLWDW &RPSOHPHQWGHGHVWLQDFLyQLYHOO &RPSOHPHQWHVSHFtILF( )RUPDGHSURYLVLyOOLXUHGHVLJQDFLy )XQFLRQVSURJUDPDUGLULJLUVXSHUYLVDULUHWUHFRPSWHVGHOVUHVXO WDWV GHO VHUYHL G¶DFRUG DPE OHV IXQFLRQV TXH GH FRQIRUPLWDW DPE OD QRUPDWLYDRUJjQLFDLIXQFLRQDOYLJHQWFRUUHVSRQJXHQDDTXHVW'LULJLU LFRRUGLQDUOHVXQLWDWVLQIHULRUV 7HUFHUD3XHVWRTXHVHSXHGHVROLFLWDU 3XHVWRGHWUDEDMRQ~P-HIH6HUYLFLRGH*HVWLyQ7ULEX WDULD &RQVHOOHULD2UJDQLVPR(FRQRPtD+DFLHQGD\(PSOHR &HQWURGHGHVWLQR'LUHFFLyQ*HQHUDOGH7ULEXWRV /RFDOLGDGSXHVWR9DOHQFLD 1DWXUDOH]D)XQFLRQDULDO 6HFWRU(VSHFLDO 5HTXLVLWRV *UXSR$ &XHUSR GH ,QVSHFWRUHVDV GH7ULEXWRV GH OD *HQHUDOLWDW &RPSOHPHQWRGHGHVWLQRQLYHO &RPSOHPHQWRHVSHFtILFR( )RUPDGHSURYLVLyQOLEUHGHVLJQDFLyQ )XQFLRQHV 3URJUDPDU GLULJLU VXSHUYLVDU \ UHQGLU FXHQWDV GH ORV UHVXOWDGRV GHO VHUYLFLR GH DFXHUGR FRQ ODV IXQFLRQHV TXH GH FRQIRU PLGDGFRQODQRUPDWLYDRUJiQLFD\IXQFLRQDOYLJHQWHFRUUHVSRQGDQD HVWH'LULJLU\FRRUGLQDUODVXQLGDGHVLQIHULRUHV 4XDUWD/D&RPLVVLyG¶$YDOXDFLy /D &RPLVVLy G¶$YDOXDFLy GH OD SUHVHQW &RQYRFDWzULD HVWDUj LQWH JUDGDSHU 7LWXODUV 3UHVLGHQW 6U-DYLHU&DVDx)HUUHUFDSGHO6HUYHLGH9DORUDFLRQVFRQVHOOHULD G¶(FRQRPLD+LVHQGDL2FXSDFLy 9RFDOV 6U (QULTXH *XLOOpQ %RUW FDS GHO 6HUYHL G¶(VWXGLV L 3ODQLILFDFLy FRQVHOOHULDG¶(FRQRPLD+LVHQGDL2FXSDFLy &XDUWD/D&RPLVLyQGH9DORUDFLyQ /D &RPLVLyQ GH 9DORUDFLyQ GH OD SUHVHQWH FRQYRFDWRULD HVWDUi LQWHJUDGDSRU 7LWXODUHV 3UHVLGHQWH '-DYLHU&DVDx)HUUHU-HIH6HUYLFLRGH9DORUDFLRQHVFRQVHOOHULD GH(FRQRPtD+DFLHQGD\(PSOHR 9RFDOHV '(QULTXH*XLOOpQ%RUW-HIH6HUYLFLRGH(VWXGLRV\3ODQLILFDFLyQ FRQVHOOHULDGH(FRQRPtD+DFLHQGD\(PSOHR Núm. 5516 / 21.05.2007 20167 6U-XDQ&DUORV%HOWUiQ0LUDOOHVFDSGHOD6HFFLyGH&RRUGLQDFLyL &RQWUROFRQVHOOHULDG¶(FRQRPLD+LVHQGDL2FXSDFLy 6UD ,VDEHO &RUWpV 3DUUD UHSUHVHQWDQW GH OD 'LUHFFLy *HQHUDO GH O¶DGPLQLVWUDFLy$XWRQzPLFD 6U -RVp$OEHUW &HEHOOiQ UHSUHVHQWDQW GH OD 'LUHFFLy *HQHUDO GH O¶DGPLQLVWUDFLy$XWRQzPLFD 6UD &DUPHOD &RWV 6ROHU UHSUHVHQWDQW GH OD 'LUHFFLy *HQHUDO GH O¶DGPLQLVWUDFLy$XWRQzPLFD ±8QUHSUHVHQWDQWGHO6LQGLFDW&&22 ±8QUHSUHVHQWDQWGHO6LQGLFDW8*7 ±8QUHSUHVHQWDQWGHO6LQGLFDW,*(9$ ±8QUHSUHVHQWDQWGHO6LQGLFDW&6,) ±8QUHSUHVHQWDQWGHO6LQGLFDW67$39,Y 9RFDOVHFUHWDUL 6UD 7HUHVD *DGHD &ROD UHSUHVHQWDQW GH OD 'LUHFFLy *HQHUDO GH O¶DGPLQLVWUDFLy$XWRQzPLFD 6XSOHQWV 3UHVLGHQW 6U 3DEOR 7RPiV 0RQWR\D$OFyQ FDS GHO 6HUYHL GH 9DORUDFLRQV FRQVHOOHULDG¶(FRQRPLD+LVHQGDL2FXSDFLy 9RFDOV 6UD,VDEHO9LFHQV%OD\FDSGHO6HUYHLG¶,QVSHFFLy7ULEXWjULDFRQ VHOOHULDG¶(FRQRPLD+LVHQGDL2FXSDFLy 6UD9LFWRULD*DOHUD9HJDFDSGHOD6HFFLyG¶,QVSHFFLy7ULEXWjULD FRQVHOOHULDG¶(FRQRPLD+LVHQGDL2FXSDFLy 6UD &DUPHQ *DUFtD *DOGyQ UHSUHVHQWDQW GH OD 'LUHFFLy *HQHUDO G¶$GPLQLVWUDFLy$XWRQzPLFD 6UD9LFHQWD*yPH]1DYDUURUHSUHVHQWDQWGHOD'LUHFFLy*HQHUDO G¶$GPLQLVWUDFLy$XWRQzPLFD 6UD$QD0DVLi/ORUFDUHSUHVHQWDQWGHOD'LUHFFLy*HQHUDOG¶$G PLQLVWUDFLy$XWRQzPLFD ±8QUHSUHVHQWDQWGHO6LQGLFDW&&22 ±8QUHSUHVHQWDQWGHO6LQGLFDW8*7 ±8QUHSUHVHQWDQWGHO6LQGLFDW,*(9$ ±8QUHSUHVHQWDQWGHO6LQGLFDW&6,) ±8QUHSUHVHQWDQWGHO6LQGLFDW67$39,Y 9RFDOVHFUHWjULD ±6UD7HUHVD&DUUDVFR0DWHXUHSUHVHQWDQWGHOD'LUHFFLy*HQHUDO G¶$GPLQLVWUDFLy$XWRQzPLFD (O IXQFLRQDPHQW GH OD &RPLVVLy G¶$YDOXDFLy V¶DGDSWDUj DO TXH HVWDEOHL[OD/OHLGHGHQRYHPEUHGH5qJLP-XUtGLFGHOHV $GPLQLVWUDFLRQV3~EOLTXHVLGHO3URFHGLPHQW$GPLQLVWUDWLX&RP~SHU DOVzUJDQVFROÂOHJLDWV ' -XDQ &DUORV %HOWUiQ 0LUDOOHV -HIH 6HFFLyQ GH &RRUGLQDFLyQ \ &RQWUROFRQVHOOHULDGH(FRQRPtD+DFLHQGD\(PSOHR GRxD,VDEHO&RUWpV3DUUDUHSUHVHQWDQWHGHOD'LUHFFLyQ*HQHUDOGH ODDGPLQLVWUDFLyQ$XWRQyPLFD '-RVp$OEHUW&HEHOOiQUHSUHVHQWDQWHGHOD'LUHFFLyQ*HQHUDOGH ODDGPLQLVWUDFLyQ$XWRQyPLFD 'RxD &DUPHOD &RWV 6ROHU UHSUHVHQWDQWH GH OD 'LUHFFLyQ *HQHUDO GHODDGPLQLVWUDFLyQ$XWRQyPLFD ±8QUHSUHVHQWDQWHGHOVLQGLFDWR&&22 ±8QUHSUHVHQWDQWHGHOVLQGLFDWR8*7 ±8QUHSUHVHQWDQWHGHOVLQGLFDWR,*(9$ ±8QUHSUHVHQWDQWHGHOVLQGLFDWR&6,) ±8QUHSUHVHQWDQWHGHOVLQGLFDWR67$39,Y 9RFDOVHFUHWDULR 'xD7HUHVD*DGHD&RODUHSUHVHQWDQWHGHOD'LUHFFLyQ*HQHUDOGH ODDGPLQLVWUDFLyQ$XWRQyPLFD 6XSOHQWHV 3UHVLGHQWH ' 3DEOR 7RPiV 0RQWR\D$OFyQ -HIH 6HUYLFLR GH 9DORUDFLRQHV FRQVHOOHULDGH(FRQRPtD+DFLHQGD\(PSOHR 9RFDOHV 'xD ,VDEHO 9LFHQV %OD\ -HIH 6HUYLFLR GH ,QVSHFFLyQ 7ULEXWDULD FRQVHOOHULDGH(FRQRPtD+DFLHQGD\(PSOHR 'RxD9LFWRULD*DOHUD9HJD-HIH6HFFLyQGH,QVSHFFLyQ7ULEXWDULD FRQVHOOHULDGH(FRQRPtD+DFLHQGD\(PSOHR 'xD&DUPHQ*DUFtD*DOGyQUHSUHVHQWDQWHGHOD'LUHFFLyQ*HQHUDO GH$GPLQLVWUDFLyQ$XWRQyPLFD GRxD9LFHQWD*yPH]1DYDUURUHSUHVHQWDQWHGHOD'LUHFFLyQ*HQH UDOGH$GPLQLVWUDFLyQ$XWRQyPLFD 'xD$QD0DVLi/ORUFDUHSUHVHQWDQWHGHOD'LUHFFLyQ*HQHUDOGH $GPLQLVWUDFLyQ$XWRQyPLFD ±8QUHSUHVHQWDQWHGHOVLQGLFDWR&&22 ±8QUHSUHVHQWDQWHGHOVLQGLFDWR8*7 ±8QUHSUHVHQWDQWHGHOVLQGLFDWR,*(9$ ±8QUHSUHVHQWDQWHGHOVLQGLFDWR&6,) ±8QUHSUHVHQWDQWHGHOVLQGLFDWR67$39,Y 9RFDOVHFUHWDULD ± 'RxD 7HUHVD &DUUDVFR 0DWHX UHSUHVHQWDQWH GH OD 'LUHFFLyQ *HQHUDOGH$GPLQLVWUDFLyQ$XWRQyPLFD (OIXQFLRQDPLHQWRGHOD&RPLVLyQGH9DORUDFLyQVHDGDSWDUiDOR HVWDEOHFLGRHQOD/H\GHGHQRYLHPEUHGH5pJLPHQ-XUtGL FRGHODV$GPLQLVWUDFLRQHV3~EOLFDV\GHO3URFHGLPLHQWR$GPLQLVWUDWL YR&RP~QSDUDORVyUJDQRVFROHJLDGRV &LQTXHQD$GMXGLFDFLyGHGHVWLQDFLRQV 3HUDO¶DGMXGLFDFLyGHOOORFOD&RPLVVLyG¶$YDOXDFLySRGUjWLQGUH HQFRPSWHHOVPqULWVTXHILJXUHQHQODFRUUHVSRQHQWUHVROXFLyGHFODV VLILFDFLy /D &RPLVVLy G¶$YDOXDFLy LPPHGLDWDPHQW DEDQV GH UHGDFWDU OD SURSRVWDGHUHVROXFLyODSRVDUjGHPDQLIHVWDOHVSHUVRQHVLQWHUHVVD GHVDOWDXOHUG¶DQXQFLVGHOVVHUYHLVFHQWUDOVGH9DOqQFLDLHOVWHUULWRULDOV GH&DVWHOOy$ODFDQWL9DOqQFLDGHODFRQVHOOHULDGH-XVWtFLD,QWHULRUL $GPLQLVWUDFLRQV3~EOLTXHV /HVSHUVRQHVLQWHUHVVDGHVSRGUDQHQXQWHUPLQLGHGLHVKjELOV DOÂOHJDU L MXVWLILFDU HO TXH HVWLPHQ SHUWLQHQW GDYDQW GH OD &RPLVVLy G¶$YDOXDFLyGHODFRQYRFDWzULD8QDYHJDGDUHGDFWDGDSHUOD&RPLVVLy ODSURSRVWDGHUHVROXFLyDPEOHVDOÂOHJDFLRQVLMXVWLILFDFLRQVSUHVHQWD GHV WDQW OHV HVWLPDGHV FRP OHV GHVHVWLPDGHV VHUDQ HOHYDGHV D OD FRQ VHOOHULDFRUUHVSRQHQW(OFRQVHOOHURzUJDQFRPSHWHQWHQTXqUDGLTXHHO OORF HPHWUj XQ LQIRUPH SUHYL DO FRUUHVSRQHQW QRPHQDPHQW HQ UHODFLy DPEHO FDQGLGDWTXHFRQVLGHUH PpV LGRQL WHQLQW HQ FRPSWH HOV FULWHULV GHPqULWLFDSDFLWDWGLVFUHFLRQDOPHQWDGRSWDWV$ODYLVWDG¶DOOzTXHV¶KD H[SRVDWHVGLFWDUjODUHVROXFLyTXHSURFHGLVFDLODUHPHWUjDOD'LUHFFLy *HQHUDOG¶$GPLQLVWUDFLy$XWRQzPLFDSHUDODVHXDSXEOLFDFLy 4XLQWD$GMXGLFDFLyQGHGHVWLQRV 3DUDODDGMXGLFDFLyQGHOSXHVWROD&RPLVLyQGH9DORUDFLyQSRGUi WHQHUHQFXHQWDORVPpULWRVTXHILJXUHQHQODFRUUHVSRQGLHQWHUHVROX FLyQGHFODVLILFDFLyQ /D &RPLVLyQ GH 9DORUDFLyQ LQPHGLDWDPHQWH DQWHV GH UHGDFWDU OD SURSXHVWDGHUHVROXFLyQODSRQGUiGHPDQLILHVWRDORVLQWHUHVDGRVHQ HOWDEOyQGHDQXQFLRVGHORV6HUYLFLRV&HQWUDOHVGH9DOHQFLD\ORVWHUUL WRULDOHVGH&DVWHOOyQ$OLFDQWH\9DOHQFLDGHODFRQVHOOHULDGH-XVWLFLD ,QWHULRU\$GPLQLVWUDFLRQHV3~EOLFDV /RV LQWHUHVDGRV SRGUiQ HQ XQ SOD]R GH GtDV KiELOHV DOHJDU \ MXVWLILFDUORTXHHVWLPHQSHUWLQHQWHDQWHOD&RPLVLyQGH9DORUDFLyQGH OD FRQYRFDWRULD 8QD YH] UHGDFWDGD SRU OD &RPLVLyQ OD SURSXHVWD GH UHVROXFLyQFRQODVDOHJDFLRQHV\MXVWLILFDFLRQHVSUHVHQWDGDVWDQWRODV HVWLPDGDV FRPR GHVHVWLPDGDV VHUiQ HOHYDGDV D OD FRQVHOOHULD FRUUHV SRQGLHQWH(OFRQVHOOHUXyUJDQRFRPSHWHQWHHQTXHUDGLTXHHOSXHVWR HPLWLUi LQIRUPH SUHYLR DO FRUUHVSRQGLHQWH QRPEUDPLHQWR HQ UHODFLyQ DOFDQGLGDWRTXHFRQVLGHUHPiVLGyQHRWHQLHQGRHQFXHQWDORVFULWHUL RVGHPpULWR\FDSDFLGDGGLVFUHFLRQDOPHQWHDGRSWDGRV$ODYLVWDGHOR H[SXHVWRVHGLFWDUiODUHVROXFLyQTXHSURFHGD\ODUHPLWLUiDOD'LUHF FLyQ*HQHUDOGH$GPLQLVWUDFLyQ$XWRQyPLFDSDUDVXSXEOLFDFLyQ 6LVHQD5HVROXFLyGHO&RQFXUV $TXHVWD &RQYRFDWzULD HV UHVROGUj HQ XQ WHUPLQL QR VXSHULRU D PHVRVFRPSWDGRUVGHVGHO¶HQGHPjGHODGDWDG¶DFDEDPHQWGHOWHUPL QLGHSUHVHQWDFLyG¶LQVWjQFLHV 6H[WD5HVROXFLyQGHOFRQFXUVR (VWDFRQYRFDWRULDVHUHVROYHUiHQXQSOD]RQRVXSHULRUDPHVHV FRQWDGRVGHVGHHOGtDVLJXLHQWHDODIHFKDGHILQDOL]DFLyQGHOSOD]RGH SUHVHQWDFLyQGHLQVWDQFLDV Núm. 5516 / 21.05.2007 20168 (Q OD UHVROXFLy G¶DTXHVWD &RQYRFDWzULD V¶LQGLFDUj H[SUHVVDPHQW ODGDWDGHFRPHQoDPHQWGHOVWHUPLQLVGHFHVVDPHQWLSUHVDGHSRVVHV VLy (QODUHVROXFLyQGHHVWDFRQYRFDWRULDVHLQGLFDUiH[SUHVDPHQWHOD IHFKDGHFRPLHQ]RGHORVSOD]RVGHFHVH\WRPDGHSRVHVLyQ 6HWHQD5HFXUVRV /DSUHVHQW5HVROXFLySRVDILDODYLDDGPLQLVWUDWLYD,G¶DFRUGDPE HOVDUWLFOHVLGHOD/OHLGHGHQRYHPEUHGH5qJLP -XUtGLFGHOHV$GPLQLVWUDFLRQV3~EOLTXHVLGHO3URFHGLPHQW$GPLQLV WUDWLX&RP~DL[tFRPHOVDUWLFOHVLGHOD/OHLGH GHMXOLRO5HJXODGRUDGHOD-XULVGLFFLy&RQWHQFLRVD$GPLQLVWUDWLYDHOV LQWHUHVVDWVSRGHQLQWHUSRVDUUHFXUVGHUHSRVLFLyDPEFDUjFWHUSRWHVWD WLXGDYDQWGHO¶zUJDQTXHO¶KDGLFWDGDHQHOWHUPLQLG¶XQPHVFRPS WDGRUGHVGHO¶HQGHPjGHODVHXDSXEOLFDFLy$OWHUQDWLYDPHQWVLQRHV UHFRUUHHQUHSRVLFLySRWLQWHUSRVDUVHUHFXUVFRQWHQFLyVDGPLQLVWUDWLX GDYDQWGHO-XWMDW&RQWHQFLyV$GPLQLVWUDWLXGHODFLXWDWGH9DOqQFLDHQ HOWHUPLQLGHGRVPHVRVFRPSWDGRUVGHVGHOGLDVHJHQWGHODSXEOLFD FLyGHODSUHVHQW5HVROXFLy 6pSWLPD5HFXUVRV /DSUHVHQWHUHVROXFLyQSRQHILQDODYtDDGPLQLVWUDWLYD&RQDUUH JORDORVDUWtFXORV\GHOD/H\GHGHQRYLHPEUH GH5pJLPHQ-XUtGLFRGHODV$GPLQLVWUDFLRQHV3~EOLFDV\GHO3URFHGL PLHQWR$GPLQLVWUDWLYR &RP~Q DVt FRPR D ORV DUWtFXORV \ GHOD/H\GHGHMXOLRUHJXODGRUDGHOD-XULVGLFFLyQ&RQ WHQFLRVRDGPLQLVWUDWLYD ORV LQWHUHVDGRV SXHGHQ LQWHUSRQHU UHFXUVR GH UHSRVLFLyQFRQFDUiFWHUSRWHVWDWLYRDQWHHOyUJDQRTXHKDGLFWDGRHVWD UHVROXFLyQ HQ HO SOD]R GH XQ PHV D FRQWDU GHO GtD VLJXLHQWH DO GH VX SXEOLFDFLyQ$OWHUQDWLYDPHQWH VL QR VH UHFXUUH HQ UHSRVLFLyQ SXHGH LQWHUSRQHUVHUHFXUVR&RQWHQFLRVRDGPLQLVWUDWLYRDQWHHO-X]JDGRGHOR &RQWHQFLRVRDGPLQLVWUDWLYR GH OD FLXGDG GH 9DOHQFLD HQ HO SOD]R GH GRV PHVHV D FRQWDU GHO VLJXLHQWH DO GH OD SXEOLFDFLyQ GH OD SUHVHQWH UHVROXFLyQ 9DOqQFLDGHPDLJGH±(OGLUHFWRUJHQHUDOG¶$GPLQLVWUD FLy$XWRQzPLFD0LJXHO$QWRQLR&UHVSR0DU]DO 9DOHQFLDGHPD\RGH±(OGLUHFWRUJHQHUDOGH$GPLQLVWUD FLyQ$XWRQyPLFD0LJXHO$QWRQLR&UHVSR0DU]DO $11(;, $1(;2, 0RGHOG¶LQVWjQFLD 0RGHORGHLQVWDQFLD 1~PFRQYRFDWzULD1~POORF &RQVHOOHULD 2UGUHGHSUHIHUqQFLD 1~PFRQYRFDWRULD1~PSXHVWR &RQVHOOHULD 2UGHQGHSUHIHUHQFLD &RJQRPV 1RP'1,153 $GUHoDRILFLDO 7HOqIRQRILFLDO)D[PpVSUz[LP $GUHoDSDUWLFXODU 5HODFLySURIHVVLRQDODPEOD*HQHUDOLWDW9DOHQFLDQD $SHOOLGRV 1RPEUH'1,153 'RPLFLOLRRILFLDO 7HOpIRQRRILFLDO)D[PiVSUy[LPR 'RPLFLOLRSDUWLFXODU 5HODFLyQSURIHVLRQDOFRQOD*HQHUDOLWDW9DOHQFLDQD 1~POORFDFWXDO&RQVHOOHULD 5HODFLySURIHVVLRQDODPEDOWUHVDGPLQLVWUDFLRQVS~EOLTXHV 'HVWLQDFLyDFWXDO &RVHVFDODDTXqSHUWDQ\ 1~PSXHVWRDFWXDO&RQVHOOHULD 5HODFLyQSURIHVLRQDOFRQRWUDVDGPLQLVWUDFLRQHVS~EOLFDV 'HVWLQRDFWXDO &XHUSRHVFDODSHUWHQHFH /OLVWDGHGRFXPHQWVTXHSUHVHQWDDVVHQ\DOHXDPEXQD[ )RWRFzSLDGHO'1, &XUUtFXOXP &HUWLILFDFLRQVUHODWLYHVD $QWLJXLWDW 7LWXODFLRQV *UDXSHUVRQDO 7UHEDOOUHDOLW]DW &XUVRVGHIRUPDFLyLSHUIHFFLRQDPHQW &RQHL[HPHQWVGHYDOHQFLj &RQHL[HPHQWVG¶LGLRPHVFRPXQLWDULV $OWUHVFHUWLILFDWV /LVWDGHGRFXPHQWRVTXHSUHVHQWDVHxDODUFRQXQD[ )RWRFRSLDGHO'1, &XUUtFXOXP &HUWLILFDFLRQHVUHODWLYDVD $QWLJHGDG 7LWXODFLRQHV *UDGRSHUVRQDO 7UDEDMRUHDOL]DGR &XUVRVGHIRUPDFLyQ\SHUIHFFLRQDPLHQWR &RQRFLPLHQWRVGHYDOHQFLDQR &RQRFLPLHQWRVGHLGLRPDVFRPXQLWDULRV 2WURVFHUWLILFDGRV 9DOqQFLDGGH 9DOHQFLDGHGH )LUPD )LUPD ',5(&725*(1(5$/'¶$'0,1,675$&,Ï$8721Ñ0,&$ ',5(&725*(1(5$/'($'0,1,675$&,Ï1$8721Ï0,&$ Núm. 5516 / 21.05.2007 &RQVHOOHULDGH6DQLWDW 20169 &RQVHOOHULDGH6DQLGDG 5(62/8&,Ï GH G¶DEULO GH GHO GLUHFWRU JHQHUDO GH 5HFXUVRV +XPDQV GH OD &RQVHOOHULD GH 6DQLWDWSHUOD TXDO FRP D H[HFXFLy G¶XQD VHQWqQFLD PRGLILFD OD 5HVR OXFLyGHG¶RFWXEUHGHGHOD'LUHFFLy*HQHUDOGH 5HFXUVRV +XPDQV SHU OD TXDO UHVRO HO FRQFXUV OOLXUH L H[FHSFLRQDOGHFRQVROLGDFLyG¶RFXSDFLyGHOSHUVRQDOLQWH UtGHOFRVGHVDQLWDULVORFDOVSHUDODSURYLVLyGHSODFHVGH FRPDUHVG¶HTXLSVG¶$WHQFLy3ULPjULD>@ 5(62/8&,Ï1GHGHDEULOGHGHOGLUHFWRUJHQH UDO GH 5HFXUVRV +XPDQRV GH OD &RQVHOOHULD GH 6DQLGDG SRUODTXHHQHMHFXFLyQGHVHQWHQFLDVHPRGLILFDOD5HVR OXFLyQGHGHRFWXEUHGHGHOD'LUHFFLyQ*HQHUDO GH5HFXUVRV+XPDQRVSRUODTXHVHUHVXHOYHHOFRQFXUVR OLEUH\H[FHSFLRQDOGHFRQVROLGDFLyQGHHPSOHRGHOSHUVR QDOLQWHULQRGHOFXHUSRGHVDQLWDULRVORFDOHVSDUDODSUR YLVLyQGHSOD]DVGHPDWURQDVGHHTXLSRVGH$WHQFLyQ3UL PDULD'2*9Q~PGH>@ &RP D H[HFXFLy GH OD VHQWqQFLD IHUPD GH OD 6HFFLy 6HJRQD GH OD 6DOD &RQWHQFLRVD$GPLQLVWUDWLYD GHO 7ULEXQDO 6XSHULRU GH -XVWtFLD GH OD &RPXQLWDW 9DOHQFLDQD TXH HVWLPD HO UHFXUV G¶DSHO ODFLyLQWHUSRVDWSHU0-RVHID3LODU$VHQVLR%HOWUiQFRQWUDODVHQWqQFLD GHG¶RFWXEUHGHO-XWMDW&RQWHQFLyV$GPLQLVWUDWLXQ~PH URGH9DOqQFLDUHFDLJXGDHQHOSURFHGLPHQWDEUHYLDWODTXDO UHYRFD L WDPEp HVWLPD HO UHFXUV LQWHUSRVDW FRQWUD OD UHVROXFLy GH G¶RFWXEUH GH GH OD 'LUHFFLy *HQHUDO GH 5HFXUVRV +XPDQV SHU ODTXDOUHVROHOFRQFXUVOOLXUHLH[FHSFLRQDOGHFRQVROLGDFLyG¶RFXSD FLy GHO SHUVRQDO LQWHUt GHO &RV GH 6DQLWDULV /RFDOV SHU D OD SURYLVLy GH SODFHV GH FRPDUHV G¶HTXLSV G¶$WHQFLy 3ULPjULD GHSHQGHQWV GH OD FRQVHOOHULD GH 6DQLWDW OD TXDO DQXOÂOD L GHL[D VHQVH HIHFWH SHUTXq pV FRQWUjULDDGUHWTXDQWDO¶H[FOXVLyGHODUHFXUUHQWLUHFRQHL[HOGUHWGH O¶DFWRUD TXH V¶DYDOXHQ QRYDPHQW HOV VHXV PqULWV WHQLQW HQ FRPSWH OD VHXDLQWHJUDFLy 9LVWDOD5HVROXFLyGHG¶RFWXEUHGHGHOGLUHFWRUJHQHUDOGH 5HFXUVRV+XPDQVGHODFRQVHOOHULDGH6DQLWDWSHUODTXDOFRQYRFDXQ FRQFXUV OOLXUH L H[FHSFLRQDO GH FRQVROLGDFLy G¶RFXSDFLy GHO SHUVRQDO LQWHUtGHO&RVGH6DQLWDULV/RFDOVSHUDODSURYLVLyGHSODFHVGHFRPD UHV G¶HTXLSV G¶$WHQFLy 3ULPjULD SXEOLFDGD HQ HO 'LDUL 2ILFLDO GH OD &RPXQLWDW9DOHQFLDQDQ~PHURGHG¶RFWXEUHGH 9LVWDOD5HVROXFLyGHG¶RFWXEUHGHGHOD'LUHFFLy*HQHUDO GH 5HFXUVRV +XPDQV SHU OD TXDO UHVRO HO FRQFXUV OOLXUH L H[FHSFLR QDOGHFRQVROLGDFLyG¶RFXSDFLyGHOSHUVRQDOLQWHUtGHO&RVGH6DQLWDULV /RFDOVSHUDODSURYLVLyGHSODFHVGHFRPDUHVG¶HTXLSVG¶$WHQFLy3UL PjULDSXEOLFDGDHQHO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQDQ~PH URGH 9LVWDODQRYDEDUHPDFLyDWRUJDGDSHOWULEXQDOGHVLJQDWSHUDMXWMDU HO FRQFXUV OOLXUH L H[FHSFLRQDO GH FRQVROLGDFLy G¶RFXSDFLy GHO SHUVR QDO LQWHUt GHO &RV GH 6DQLWDULV /RFDOV SHU D OD SURYLVLy GH SODFHV GH FRPDUHVG¶HTXLSVG¶$WHQFLy3ULPjULDFRPDH[HFXFLyGHODVHQWqQFLD HVPHQWDGDDGpVLDGMXGLFDGHVGHQRXEDVDQWVHHQDL[zOHVSODFHVRIH ULGHVVHJRQVOHVEDVHVGHODFRQYRFDWzULD 3HUWRWDL[zLDWpVHOTXHGLVSRVHQHOV DUWLFOHV GH OD &RQVWLWXFLyGHOD/OHL2UJjQLFDG¶GHMXOLROGHO3RGHU -XGLFLDOLLVHJHQWVGHOD/OHLGHGHMXOLROUHJXODGRUD GHOD-XULVGLFFLy&RQWHQFLRVD$GPLQLVWUDWLYDTXHHVWDEOL[HQO¶REOLJD FLyGHFRPSOLUOHVVHQWqQFLHVLODUHVWDGHUHVROXFLRQVIHUPHVGLFWDGHV SHUMXWJHVLWULEXQDOV )HQW~VGHOHVFRPSHWqQFLHVSHUDTXqHPGHOHJDO¶DUWLFOHGHOD 5HVROXFLy GH GH JHQHU GH GHO GLUHFWRU JHQHUDO GH O¶$JqQFLD 9DOHQFLDQDGH6DOXWSHUODTXDOGHOHJDSHUDDOJXQHVFRPSHWqQFLHVHQ PDWqULDGHSHUVRQDOUHVROF (Q HMHFXFLyQ GH OD VHQWHQFLD ILUPH GH OD 6HFFLyQ 6HJXQGD GH OD 6DOD GH OR &RQWHQFLRVRDGPLQLVWUDWLYR GHO 7ULEXQDO 6XSHULRUGH-XVWLFLDGHOD&RPXQLGDG9DOHQFLDQDSRUODTXHVHHVWLPD HOUHFXUVRGHDSHODFLyQLQWHUSXHVWRSRU'RxD0-RVHID3LODU$VHQVLR %HOWUiQ FRQWUD OD VHQWHQFLD GH GH RFWXEUH GHO -X]JDGR GH OR FRQWHQFLRVR DGPLQLVWUDWLYR Q~PHUR 2FKR GH 9DOHQFLD UHFDtGD HQ SURFHGLPLHQWR DEUHYLDGR OD FXDO VH UHYRFD \ DVt PLVPR VHHVWLPDHOUHFXUVRLQWHUSXHVWRFRQWUDODUHVROXFLyQGHGHRFWXEUH GHGHODGLUHFFLyQJHQHUDOGH5HFXUVRV+XPDQRVSRUODTXHVH UHVXHOYH HO FRQFXUVR OLEUH \ H[FHSFLRQDO GH FRQVROLGDFLyQ GH HPSOHR GHOSHUVRQDOLQWHULQRGHOFXHUSRGH6DQLWDULRV/RFDOHVSDUDODSURYLVLyQ GHSOD]DVGH0DWURQDVGH(TXLSRVGH$WHQFLyQ3ULPDULDGHSHQGLHQWHV GHODFRQVHOOHULDGHVDQLGDGODFXDOVHDQXOD\VHGHMDVLQHIHFWRSRU VHUFRQWUDULDDGHUHFKRHQFXDQWRDODH[FOXVLyQGHODUHFXUUHQWH\VH UHFRQRFHHOGHUHFKRGHODDFWRUDDTXHVHHYDO~HQGHQXHYRVXVPpULWRV WHQLHQGRHQFXHQWDVXLQWHJUDFLyQ 9LVWD OD 5HVROXFLyQ GH GH RFWXEUH GH GHO GLUHFWRU JHQH UDOGH5HFXUVRV+XPDQRVGHODFRQVHOOHULDGH6DQLGDGSRUODTXHVH FRQYRFDFRQFXUVROLEUH\H[FHSFLRQDOGHFRQVROLGDFLyQGHHPSOHRGHO SHUVRQDOLQWHULQRGHOFXHUSRGHVDQLWDULRVORFDOHVSDUDODSURYLVLyQGH SOD]DVGHPDWURQDVGHHTXLSRVGH$WHQFLyQ3ULPDULDSXEOLFDGDHQHO '2*9GHGHRFWXEUHGH 9LVWD OD UHVROXFLyQ GH GH RFWXEUH GH GH OD 'LUHFFLyQ *HQHUDO GH 5HFXUVRV +XPDQRV SRU OD TXH VH UHVXHOYH FRQFXUVR OLEUH \ H[FHSFLRQDO GH FRQVROLGDFLyQ GH HPSOHR GHO SHUVRQDO LQWHULQR GHO FXHUSRGHVDQLWDULRVORFDOHVSDUDODSURYLVLyQGHSOD]DVGHPDWURQDVGH HTXLSRVGH$WHQFLyQ3ULPDULD 9LVWDODQXHYDEDUHPDFLyQRWRUJDGDSRUHO7ULEXQDOGHVLJQDGRSDUD MX]JDUHOFRQFXUVROLEUH\H[FHSFLRQDOGHFRQVROLGDFLyQGHHPSOHRGHO SHUVRQDOLQWHULQRGHOFXHUSRGHVDQLWDULRVORFDOHVSDUDODSURYLVLyQGH SOD]DVGHPDWURQDVGHHTXLSRVGH$WHQFLyQ3ULPDULDHQHMHFXFLyQGH ODSUHFLWDGDVHQWHQFLD\UHDGMXGLFDGRVHQEDVHDHOORGHQXHYRODVSOD ]DVRIHUWDGDVVHJ~QODVEDVHVGHODFRQYRFDWRULD (Q YLUWXG GH OR DQWHULRU \ FRQVLGHUDQGR OR GLVSXHVWR HQ ORV DUWt FXORV GH OD &RQVWLWXFLyQ GH OD /H\ 2UJiQLFD GH GHMXOLRGHO3RGHU-XGLFLDO\\VLJXLHQWHVGHOD/H\GH GH MXOLR 5HJXODGRUD GH OD -XULVGLFFLyQ FRQWHQFLRVD$GPLQLVWUDWL YDTXHHVWDEOHFHQODREOLJDWRULHGDGGHFXPSOLUODVVHQWHQFLDV\GHPiV UHVROXFLRQHVILUPHVGLFWDGDVSRUMXHFHV\WULEXQDOHV (Q XVR GH ODV FRPSHWHQFLDV GHOHJDGDV HQ HO DUWtFXOR GH OD 5HVROXFLyQGHGHHQHURGHGHOGLUHFWRUJHQHUDOGHOD$JHQFLD 9DOHQFLDQD GH 6DOXG SRU OD TXH VH GHOHJDQ FRPSHWHQFLDV HQ PDWHULD GHSHUVRQDOUHVXHOYR 3ULPHU 0RGLILFDU OD 5HVROXFLy GH G¶RFWXEUH GH GH OD 'LUHFFLy *HQHUDOGH5HFXUVRV+XPDQVSHUODTXDOUHVROFRQFXUVOOLXUHLH[FHS FLRQDOGHFRQVROLGDFLyG¶RFXSDFLyGHOSHUVRQDOLQWHUtGHO&RVGH6DQL WDULV/RFDOVSHUDODSURYLVLyGHSODFHVGHFRPDUHVG¶HTXLSVG¶$WHQFLy 3ULPjULD QRPHQDQW SHUVRQDO HVWDWXWDUL IL[ -RVHID 3LODU$VHQVLR %HO WUiQDPE'1,HQODFDWHJRULDGH&RPDUHG¶(TXLSG¶$WHQ FLy3ULPjULD 3ULPHUR 0RGLILFDUOD5HVROXFLyQGHGHRFWXEUHGHGHOD'LUHFFLyQ *HQHUDO GH 5HFXUVRV +XPDQRV SRU OD TXH VH UHVXHOYH FRQFXUVR OLEUH \ H[FHSFLRQDO GH FRQVROLGDFLyQ GH HPSOHR GHO SHUVRQDO LQWHULQR GHO FXHUSR GH VDQLWDULRV ORFDOHV SDUD OD SURYLVLyQ GH SOD]DV GH PDWURQDV GHHTXLSRVGH$WHQFLyQ3ULPDULDQRPEUDQGRSHUVRQDOHVWDWXWDULRILMR D-RVHID3LODU$VHQVLR%HOWUiQFRQ'1,HQODFDWHJRUtDGH 0DWURQDGHHTXLSRGH$WHQFLyQ3ULPDULD 6HJRQ 0RGLILFDU O¶DQQH[ GH OD UHVROXFLy HVPHQWDGD DGMXGLFDQW D -RVHID 3LODU $VHQVLR %HOWUiQ DPE XQD SXQWXDFLy GH SXQWV OD SODoD GHO &HQWUH GH 6DOXW GH 9LODUHDO ,, L D 5RVD 5LSROOpV 3ULRU DPE XQD 6HJXQGR 0RGLILFDU HO DQH[R GH OD FLWDGD 5HVROXFLyQ DGMXGLFDQGR D -RVHID 3LODU$VHQVLR %HOWUiQ FRQ XQD SXQWXDFLyQ GH SXQWRV OD SOD]D GHO &HQWUR GH 6DOXG GH 9LOODUHDO ,, \ D 5RVD 5LSROOpV 3ULRU FRQ XQD Núm. 5516 / 21.05.2007 20170 SXQWXDFLyGHSXQWVODSODoDGHO&HQWUHGH6DOXWGHO¶$OF~GLDGH &UHVSLQV 5RVD 5LSROOpV 3ULRU KD GH FHVVDU HQ OD SODoD GLQV GHOV WUHV GLHV VHJHQWV D OD SXEOLFDFLy G¶HVWD UHVROXFLy HQ HO 'LDUL 2ILFLDO GH OD &RPXQLWDW9DOHQFLDQDLGLVSRVDSHUDODSUHVDGHSRVVHVVLyHQODSODoD DGMXGLFDGDG¶XQPHVDSDUWLUGHO¶HQGHPjGHOFHVVDPHQW -RVHID3LODU$VHQVLR%HOWUiQGLVSRVDG¶XQPHVDSDUWLUGHO¶HQGHPj GH OD SXEOLFDFLy G¶HVWD UHVROXFLy HQ HO 'LDUL 2ILFLDO GH OD &RPXQLWDW 9DOHQFLDQD SXQWXDFLyQGHSXQWRVODSOD]DGHOFHQWURGH6DOXGGH/D$OFXGLD GH&UHVSLQV 5RVD5LSROOpV3ULRUGHEHUiFHVDUHQVXSOD]DGHQWURGHORVWUHVGtDV VLJXLHQWHVDODSXEOLFDFLyQGHODSUHVHQWHUHVROXFLyQHQHO'2&9GLV SRQLHQGRSDUDODWRPDGHSRVHVLyQHQODSOD]DDGMXGLFDGDGHXQPHVD SDUWLUGHOGtDVLJXLHQWHDOGHOFHVH -RVHID3LODU$VHQVLR%HOWUiQGLVSRQGUiGHXQPHVDSDUWLUGHOGtD VLJXLHQWHDODSXEOLFDFLyQGHODSUHVHQWHUHVROXFLyQHQHO'2&9 7HUFHU &RQVLGHUDU H[HFXWDGD OD VHQWqQFLD IHUPD Q~PHUR GHO 7ULEXQDO 6XSHULRU GH -XVWtFLD GH OD &RPXQLWDW 9DOHQFLDQD 6DOD &RQ WHQFLRVD$GPLQLVWUDWLYD 6HFFLy 6HJRQD SHU OD TXDO HVWLPD HO UHFXUV LQWHUSRVDWSHU-RVHID3LODU$VHQVLR%HOWUiQ &RQWUD HVWD UHVROXFLy SRW LQWHUSRVDUVH XQ LQFLGHQW G¶H[HFXFLy GHVHQWqQFLDGDYDQWGHO-XWMDW&RQWHQFLyV$GPLQLVWUDWLXQ~PHURGH 9DOqQFLDG¶DFRUGDPEHOTXHGLVSRVDO¶DUWLFOHGHOD/OHL GHGHMXOLROUHJXODGRUDGHOD-XULVGLFFLy&RQWHQFLRVD$GPLQLVWUDWL YDHQHOWHUPLQLGHGRVPHVRVFRPSWDGRUGHVGHO¶HQGHPjGHODQRWLIL FDFLyG¶HVWDUHVROXFLy 7HUFHUR 'DUSRUHMHFXWDGDODVHQWHQFLDILUPHQ~PGHO7ULEXQDO 6XSHULRUGH-XVWLFLDGHOD&RPXQLGDG9DOHQFLDQD6DODGHOR&RQWHQFL RVRDGPLQLVWUDWLYR6HFFLyQ6HJXQGDSRUODTXHVHHVWLPDHOUHFXUVR LQWHUSXHVWRSRU'-RVHID3LODU$VHQVLR%HOWUiQ &RQWUD OD SUHVHQWH UHVROXFLyQ SRGUi LQWHUSRQHU LQFLGHQWH GH HMH FXFLyQGHVHQWHQFLDDQWHHO-X]JDGRGHORFRQWHQFLRVRDGPLQLVWUDWLYR Q~PHUR2FKRGH9DOHQFLDFRQIRUPHDORGLVSXHVWRHQHODUWtFXOR GHOD/H\GHGHMXOLRUHJXODGRUDGHOD-XULVGLFFLyQ&RQ WHQFLRVR$GPLQLVWUDWLYR HQ HO SOD]R GH GRV PHVHV D FRQWDU GHVGH HO GtDVLJXLHQWHDDTXHOHQTXHWHQJDOXJDUODQRWLILFDFLyQGHODSUHVHQWH UHVROXFLyQ 9DOqQFLD G¶DEULO GH (O GLUHFWRU JHQHUDO GH 5HFXUVRV +XPDQV-RVp&DQR3DVFXDO 9DOHQFLD GH DEULO GH (O GLUHFWRU JHQHUDO GH 5HFXUVRV +XPDQRV-RVp&DQR3DVFXDO Núm. 5516 / 21.05.2007 $MXQWDPHQWGH%HQLGRUP ([WUDFWHGHODFRQYRFDWzULDSHUDSURYHLUXQDSODoDG¶HQ JLQ\HUWqFQLFG¶2EUHVL6HUYLFLVSHUDO'HSDUWDPHQWG¶8U EDQLVPH>@ (Q HO %XWOOHWt 2ILFLDO GH OD 3URYtQFLD G¶$ODFDQW Q~PHUR GH GDWD GH PDUo GH HV YDQ SXEOLFDU tQWHJUDPHQW OHV EDVHV GH OD FRQYRFDWzULDUHDOLW]DGHVSHUO¶$MXQWDPHQWGH%HQLGRUPSHUDSURYHLU HQSURSLHWDWSHUPLWMjGHOVLVWHPDGHFRQFXUVRSRVLFLySHUSURPRFLy LQWHUQD XQD SODoD G¶HQJLQ\HU WqFQLF G¶2EUHV L 6HUYLFLV SHU DO 'HSDU WDPHQWG¶8UEDQLVPHHQTXDGUDGDHQO¶HVFDODG¶DGPLQLVWUDFLyHVSHFLDO VXEHVFDODWqFQLFDJUXS% (OWHUPLQLGHSUHVHQWDFLyG¶LQVWjQFLHVSHUDHVWDFRQYRFDWzULDVHUj GH GLHV QDWXUDOV D FRPSWDU GH O¶HQGHPj GH OD SXEOLFDFLy G¶HVWH DQXQFLHQHO%ROHWtQ2ILFLDOGHO(VWDGR (OV VXFFHVVLXV DQXQFLV UHODWLXV D HVWD FRQYRFDWzULD HV SXEOLFDUDQ ~QLFDPHQWHQHO%XWOOHWt2ILFLDOGHOD3URYtQFLDG¶$ODFDQWLHQHOWDXOHU G¶DQXQFLVGHO¶$MXQWDPHQWGH%HQLGRUP %HQLGRUPGHPDUoGH±/¶DOFDOGH0DQXHO3pUH])HQROO 20171 $\XQWDPLHQWRGH%HQLGRUP ([WUDFWR GH OD FRQYRFDWRULD SDUD SURYHHU XQD SOD]D GH LQJHQLHUR WpFQLFR GH 2EUDV \ 6HUYLFLRV SDUD HO 'HSDUWD PHQWRGH8UEDQLVPR>@ (Q HO %ROHWtQ 2ILFLDO GH OD 3URYLQFLD GH $OLFDQWH Q~PHUR GH IHFKDGHPDU]RGHVHSXEOLFDURQtQWHJUDPHQWHODVEDVHVGHOD FRQYRFDWRULDUHDOL]DGDVSRUHO$\XQWDPLHQWRGH%HQLGRUPSDUDSURYH HU HQ SURSLHGDG PHGLDQWH HO VLVWHPD GH FRQFXUVRRSRVLFLyQ SRU SUR PRFLyQ LQWHUQD XQD SOD]D GH LQJHQLHUR WpFQLFR GH 2EUDV \ 6HUYLFLRV SDUDHO'HSDUWDPHQWRGH8UEDQLVPRHQFXDGUDGDHQODHVFDODGHDGPL QLVWUDFLyQHVSHFLDOVXEHVFDODWpFQLFDJUXSR% (OSOD]RGHSUHVHQWDFLyQGHLQVWDQFLDVSDUDHVWDFRQYRFDWRULDVHUi GHGtDVQDWXUDOHVDFRQWDUGHVGHHOGtDVLJXLHQWHDOGHODSXEOLFDFLyQ GHHVWHDQXQFLRHQHO%ROHWtQ2ILFLDOGHO(VWDGR /RVVXFHVLYRVDQXQFLRVUHODWLYRVDHVWDFRQYRFDWRULDVHSXEOLFDUiQ ~QLFDPHQWH HQ HO %ROHWtQ 2ILFLDO GH OD 3URYLQFLD GH$OLFDQWH \ HQ HO WDEOyQGHDQXQFLRVGHO$\XQWDPLHQWRGH%HQLGRUP %HQLGRUP GH PDU]R GH ± (O DOFDOGH 0DQXHO 3pUH] )HQROO Núm. 5516 / 21.05.2007 $MXQWDPHQWGH%HQLGRUP ([WUDFWHGHODFRQYRFDWzULDSHUDSURYHLUXQDSODoDG¶LQV SHFWRUGHOD3ROLFLD/RFDO>@ (QHO%XWOOHWt2ILFLDOGHOD3URYtQFLDG¶$ODFDQWQ~PHURGHGDWD GHPDUoGHHVYDQSXEOLFDUtQWHJUDPHQWOHVEDVHVGHODFRQYR FDWzULDUHDOLW]DGDSHUO¶$MXQWDPHQWGH%HQLGRUPSHUDSURYHLUHQSUR SLHWDWSHUPLWMjGHOVLVWHPDGHFRQFXUVRSRVLFLySHUSURPRFLyLQWHUQD XQDSODoDG¶LQVSHFWRUGHOD3ROLFLD/RFDOHQTXDGUDGDHQO¶HVFDODWqF QLFD G¶DGPLQLVWUDFLy HVSHFLDO VXEHVFDOD GH VHUYLFLV HVSHFLDOV FODVVH SROLFLDORFDOJUXS%FDWHJRULDG¶,QVSHFWRU (OWHUPLQLGHSUHVHQWDFLyG¶LQVWjQFLHVSHUDHVWDFRQYRFDWzULDVHUj GH GLHV QDWXUDOV D FRPSWDU GH O¶HQGHPj GH OD SXEOLFDFLy G¶HVWH DQXQFLHQHO%ROHWtQ2ILFLDOGHO(VWDGR (OV VXFFHVVLXV DQXQFLV UHODWLXV D HVWD FRQYRFDWzULD HV SXEOLFDUDQ ~QLFDPHQWHQHO%XWOOHWt2ILFLDOGHOD3URYtQFLDG¶$ODFDQWLHQHOWDXOHU G¶DQXQFLVGHO¶$MXQWDPHQWGH%HQLGRUP %HQLGRUPGHPDUoGH±/¶DOFDOGH0DQXHO3pUH])HQROO 20172 $\XQWDPLHQWRGH%HQLGRUP ([WUDFWR GH OD FRQYRFDWRULD SDUD SURYHHU XQD SOD]D GH LQVSHFWRUGHOD3ROLFtD/RFDO>@ (Q HO %ROHWtQ 2ILFLDO GH OD 3URYLQFLD GH $OLFDQWH Q~PHUR GH IHFKDGHPDU]RGHVHSXEOLFDURQtQWHJUDPHQWHODVEDVHVGHOD FRQYRFDWRULDUHDOL]DGDSRUHO$\XQWDPLHQWRGH%HQLGRUPSDUDSURYH HU HQ SURSLHGDG PHGLDQWH HO VLVWHPD GH FRQFXUVRRSRVLFLyQ SRU SUR PRFLyQLQWHUQDXQDSOD]DGHLQVSHFWRUGHOD3ROLFtD/RFDOHQFXDGUDGD HQODHVFDODWpFQLFDGHDGPLQLVWUDFLyQHVSHFLDOVXEHVFDODGHVHUYLFLRV HVSHFLDOHVFODVHSROLFtDORFDOJUXSR%FDWHJRUtDGH,QVSHFWRU (OSOD]RGHSUHVHQWDFLyQGHLQVWDQFLDVSDUDHVWDFRQYRFDWRULDVHUi GHGtDVQDWXUDOHVDFRQWDUGHVGHHOGtDVLJXLHQWHDOGHODSXEOLFDFLyQ GHHVWHDQXQFLRHQHO%ROHWtQ2ILFLDOGHO(VWDGR /RVVXFHVLYRVDQXQFLRVUHODWLYRVDHVWDFRQYRFDWRULDVHSXEOLFDUiQ ~QLFDPHQWH HQ HO %ROHWtQ 2ILFLDO GH OD 3URYLQFLD GH$OLFDQWH \ HQ HO WDEOyQGHDQXQFLRVGHO$\XQWDPLHQWRGH%HQLGRUP %HQLGRUP GH PDU]R GH ± (O DOFDOGH 0DQXHO 3pUH] )HQROO Núm. 5516 / 21.05.2007 $MXQWDPHQWGH%HQLGRUP 20173 $\XQWDPLHQWRGH%HQLGRUP ([WUDFWH GH OD FRQYRFDWzULD SHU D SURYHLU XQD SODoD GH WqFQLFPLWMj$VVHVVRU-XUtGLFSHUDO'HSDUWDPHQWGH5HQ GHV7UHVRUHULD>@ ([WUDFWR GH OD FRQYRFDWRULD SDUD SURYHHU XQD SOD]D GH WpFQLFR PHGLR $VHVRU -XUtGLFR SDUD HO 'HSDUWDPHQWR GH 5HQWDV7HVRUHUtD>@ (Q HO %XWOOHWt 2ILFLDO GH OD 3URYtQFLD G¶$ODFDQW Q~PHUR GH GDWD GH PDUo GH HV YDQ SXEOLFDU tQWHJUDPHQW OHV EDVHV GH OD FRQYRFDWzULDUHDOLW]DGHVSHUO¶$MXQWDPHQWGH%HQLGRUPSHUDSURYHLU HQSURSLHWDWSHUPLWMjGHOVLVWHPDGHFRQFXUVRSRVLFLySHUSURPRFLy LQWHUQDXQDSODoDGHWqFQLFPLWMj$VVHVVRU-XUtGLFSHUDO'HSDUWDPHQW GH5HQGHV7UHVRUHULDHQTXDGUDGDHQO¶HVFDODG¶DGPLQLVWUDFLyHVSHFLDO VXEHVFDODWqFQLFPLWMjJUXS% (OWHUPLQLGHSUHVHQWDFLyG¶LQVWjQFLHVSHUDHVWDFRQYRFDWzULDVHUj GH GLHV QDWXUDOV D FRPSWDU GH O¶HQGHPj GH OD SXEOLFDFLy G¶HVWH DQXQFLHQHO%ROHWtQ2ILFLDOGHO(VWDGR (OV VXFFHVVLXV DQXQFLV UHODWLXV D HVWD FRQYRFDWzULD HV SXEOLFDUDQ ~QLFDPHQWHQHO%XWOOHWt2ILFLDOGHOD3URYtQFLDG¶$ODFDQWLHQHOWDXOHU G¶DQXQFLVGHO¶$MXQWDPHQWGH%HQLGRUP (Q HO %ROHWtQ 2ILFLDO GH OD 3URYLQFLD GH $OLFDQWH Q~PHUR GH IHFKDGHPDU]RGHVHSXEOLFDURQtQWHJUDPHQWHODVEDVHVGHOD FRQYRFDWRULD UHDOL]DGDV SRU HO$\XQWDPLHQWR GH %HQLGRUP SDUD SUR YHHU HQ SURSLHGDG PHGLDQWH HO VLVWHPD GH FRQFXUVRRSRVLFLyQ SRU SURPRFLyQLQWHUQDXQDSOD]DGHWpFQLFRPHGLR$VHVRU-XUtGLFRSDUDHO 'HSDUWDPHQWR GH 5HQWDV7HVRUHUtD HQFXDGUDGD HQ OD HVFDOD GH DGPL QLVWUDFLyQHVSHFLDOVXEHVFDODWpFQLFRPHGLRJUXSR% (OSOD]RGHSUHVHQWDFLyQGHLQVWDQFLDVSDUDHVWDFRQYRFDWRULDVHUi GHGtDVQDWXUDOHVDFRQWDUGHVGHHOGtDVLJXLHQWHDOGHODSXEOLFDFLyQ GHHVWHDQXQFLRHQHO%ROHWtQ2ILFLDOGHO(VWDGR /RVVXFHVLYRVDQXQFLRVUHODWLYRVDHVWDFRQYRFDWRULDVHSXEOLFDUiQ ~QLFDPHQWH HQ HO %ROHWtQ 2ILFLDO GH OD 3URYLQFLD GH$OLFDQWH \ HQ HO WDEOyQGHDQXQFLRVGHO$\XQWDPLHQWRGH%HQLGRUP %HQLGRUPGHPDUoGH±/¶DOFDOGH0DQXHO3pUH])HQROO %HQLGRUP GH PDU]R GH ± (O DOFDOGH 0DQXHO 3pUH] )HQROO Núm. 5516 / 21.05.2007 $MXQWDPHQWGH%HQLGRUP 20174 $\XQWDPLHQWRGH%HQLGRUP ([WUDFWH GH OD FRQYRFDWzULD SHU D SURYHLU XQD SODoD GH WqFQLFPLWMj$VVHVVRU-XUtGLFSHUDO'HSDUWDPHQWG¶8UED QLVPH>@ ([WUDFWR GH OD FRQYRFDWRULD SDUD SURYHHU XQD SOD]D GH WpFQLFR PHGLR $VHVRU -XUtGLFR SDUD HO 'HSDUWDPHQWR GH 8UEDQLVPR>@ (Q HO %XWOOHWt 2ILFLDO GH OD 3URYtQFLD G¶$ODFDQW Q~PHUR GH GDWD GH PDUo GH HV YDQ SXEOLFDU tQWHJUDPHQW OHV EDVHV GH OD FRQYRFDWzULDUHDOLW]DGHVSHUO¶$MXQWDPHQWGH%HQLGRUPSHUDSURYHLU HQSURSLHWDWSHUPLWMjGHOVLVWHPDGHFRQFXUVRSRVLFLySHUSURPRFLy LQWHUQDXQDSODoDGHWqFQLFPLWMj$VVHVVRU-XUtGLFSHUDO'HSDUWDPHQW G¶8UEDQLVPHHQTXDGUDGDHQO¶HVFDODG¶DGPLQLVWUDFLyHVSHFLDOVXEHV FDODWqFQLFPLWMjJUXS% (OWHUPLQLGHSUHVHQWDFLyG¶LQVWjQFLHVSHUDHVWDFRQYRFDWzULDVHUj GH GLHV QDWXUDOV D FRPSWDU GH O¶HQGHPj GH OD SXEOLFDFLy G¶HVWH DQXQFLHQHO%ROHWtQ2ILFLDOGHO(VWDGR (OV VXFFHVVLXV DQXQFLV UHODWLXV D HVWD FRQYRFDWzULD HV SXEOLFDUDQ ~QLFDPHQWHQHO%XWOOHWt2ILFLDOGHOD3URYtQFLDG¶$ODFDQWLHQHOWDXOHU G¶DQXQFLVGHO¶$MXQWDPHQWGH%HQLGRUP (Q HO %ROHWtQ 2ILFLDO GH OD 3URYLQFLD GH $OLFDQWH Q~PHUR GH IHFKDGHPDU]RGHVHSXEOLFDURQtQWHJUDPHQWHODVEDVHVGHOD FRQYRFDWRULD UHDOL]DGDV SRU HO$\XQWDPLHQWR GH %HQLGRUP SDUD SUR YHHU HQ SURSLHGDG PHGLDQWH HO VLVWHPD GH FRQFXUVRRSRVLFLyQ SRU SURPRFLyQLQWHUQDXQDSOD]DGHWpFQLFRPHGLR$VHVRU-XUtGLFRSDUDHO 'HSDUWDPHQWR GH 8UEDQLVPR HQFXDGUDGD HQ OD HVFDOD GH DGPLQLVWUD FLyQHVSHFLDOVXEHVFDODWpFQLFRPHGLRJUXSR% (OSOD]RGHSUHVHQWDFLyQGHLQVWDQFLDVSDUDHVWDFRQYRFDWRULDVHUi GHGtDVQDWXUDOHVDFRQWDUGHVGHHOGtDVLJXLHQWHDOGHODSXEOLFDFLyQ GHHVWHDQXQFLRHQHO%ROHWtQ2ILFLDOGHO(VWDGR /RVVXFHVLYRVDQXQFLRVUHODWLYRVDHVWDFRQYRFDWRULDVHSXEOLFDUiQ ~QLFDPHQWH HQ HO %ROHWtQ 2ILFLDO GH OD 3URYLQFLD GH$OLFDQWH \ HQ HO WDEOyQGHDQXQFLRVGHO$\XQWDPLHQWRGH%HQLGRUP %HQLGRUPGHPDUoGH±/¶DOFDOGH0DQXHO3pUH])HQROO %HQLGRUP GH PDU]R GH ± (O DOFDOGH 0DQXHO 3pUH] )HQROO Núm. 5516 / 21.05.2007 $MXQWDPHQWGH%HQLGRUP 20175 $\XQWDPLHQWRGH%HQLGRUP ([WUDFWH GH OD FRQYRFDWzULD SHU D SURYHLU XQD SODoD GH WqFQLFPLWMj$VVHVVRU-XUtGLFSHUD'HSDUWDPHQWGH6HFUH WDULD*HQHUDO>@ ([WUDFWR GH OD FRQYRFDWRULD SDUD SURYHHU XQD SOD]D GH WpFQLFR PHGLR $VHVRU -XUtGLFR SDUD HO 'HSDUWDPHQWR GH 6HFUHWDUtD*HQHUDO>@ (Q HO %XWOOHWt 2ILFLDO GH OD 3URYtQFLD G¶$ODFDQW Q~PHUR GH GDWD GH PDUo GH HV YDQ SXEOLFDU tQWHJUDPHQW OHV EDVHV GH OD FRQYRFDWzULD UHDOLW]DGD SHU O¶$MXQWDPHQW GH %HQLGRUP SHU D SURYHLU HQSURSLHWDWSHUPLWMjGHOVLVWHPDGHFRQFXUVRSRVLFLySHUSURPRFLy LQWHUQDXQDSODoDGHWqFQLFPLWMj$VVHVVRU-XUtGLFSHUDO'HSDUWDPHQW GH6HFUHWDULD*HQHUDOHQTXDGUDGDHQO¶HVFDODG¶DGPLQLVWUDFLyHVSHFL DOVXEHVFDODWqFQLFPLWMjJUXS% (OWHUPLQLGHSUHVHQWDFLyG¶LQVWjQFLHVSHUDHVWDFRQYRFDWzULDVHUj GH GLHV QDWXUDOV D FRPSWDU GH O¶HQGHPj GH OD SXEOLFDFLy G¶HVWH DQXQFLHQHO%ROHWtQ2ILFLDOGHO(VWDGR (OV VXFFHVVLXV DQXQFLV UHODWLXV D HVWD FRQYRFDWzULD HV SXEOLFDUDQ ~QLFDPHQWHQHO%XWOOHWt2ILFLDOGHOD3URYtQFLDG¶$ODFDQWLHQHOWDXOHU G¶DQXQFLVGHO¶$MXQWDPHQWGH%HQLGRUP (Q HO %ROHWtQ 2ILFLDO GH OD 3URYLQFLD GH $OLFDQWH Q~PHUR GH IHFKDGHPDU]RGHVHSXEOLFDURQtQWHJUDPHQWHODVEDVHVGHOD FRQYRFDWRULD UHDOL]DGDV SRU HO$\XQWDPLHQWR GH %HQLGRUP SDUD SUR YHHU HQ SURSLHGDG PHGLDQWH HO VLVWHPD GH FRQFXUVRRSRVLFLyQ SRU SURPRFLyQLQWHUQDXQDSOD]DGHWpFQLFRPHGLR$VHVRU-XUtGLFRSDUDHO 'HSDUWDPHQWRGH6HFUHWDUtD*HQHUDOHQFXDGUDGDHQODHVFDODGHDGPL QLVWUDFLyQHVSHFLDOVXEHVFDODWpFQLFRPHGLRJUXSR% (OSOD]RGHSUHVHQWDFLyQGHLQVWDQFLDVSDUDHVWDFRQYRFDWRULDVHUi GHGtDVQDWXUDOHVDFRQWDUGHVGHHOGtDVLJXLHQWHDOGHODSXEOLFDFLyQ GHHVWHDQXQFLRHQHO%ROHWtQ2ILFLDOGHO(VWDGR /RVVXFHVLYRVDQXQFLRVUHODWLYRVDHVWDFRQYRFDWRULDVHSXEOLFDUiQ ~QLFDPHQWH HQ HO %ROHWtQ 2ILFLDO GH OD 3URYLQFLD GH$OLFDQWH \ HQ HO WDEOyQGHDQXQFLRVGHO$\XQWDPLHQWRGH%HQLGRUP %HQLGRUPGHPDUoGH±/¶DOFDOGH0DQXHO3pUH])HQROO %HQLGRUP GH PDU]R GH ± (O DOFDOGH 0DQXHO 3pUH] )HQROO Núm. 5516 / 21.05.2007 $MXQWDPHQWGH'pQLD 20176 $\XQWDPLHQWRGH'pQLD ([WUDFWH GH OHV EDVHV HVSHFtILTXHV GHO SURFpV GH VHOHFFLy GH SODFHV G¶DX[LOLDU DGPLQLVWUDWLX G¶DGPLQLVWUDFLy JHQHUDOWRUQOOLXUHYDFDQWVHQODSODQWLOODG¶HVWH$MXQWD PHQW>@ ([WUDFWRGHODVEDVHVHVSHFtILFDVGHOSURFHVRGHVHOHFFLyQ GHSOD]DVGHDX[LOLDUDGPLQLVWUDWLYRGHDGPLQLVWUDFLyQ JHQHUDOWXUQROLEUHYDFDQWHVHQODSODQWLOODGHHVWH$\XQ WDPLHQWR>@ (QHO%XWOOHWt2ILFLDOGHOD3URYtQFLDG¶$ODFDQWQ~PHURGH GHGHVHPEUHGH L Q~PHUR GH GH GHVHPEUHGH HV YDQ SXEOLFDU OHV EDVHV TXH KDQ GH UHJLU HO SURFpV GH VHOHFFLy FRP D IXQFLRQDUL HQ SURSLHWDW GH SODFHV G¶DX[LOLDU DGPLQLVWUDWLX HVFDOD G¶DGPLQLVWUDFLyJHQHUDOVXEHVFDODDX[LOLDUJUXS'RIHUWDG¶RFXSDFLy S~EOLFDGHLWRUQOOLXUHLHOVLVWHPDGHVHOHFFLyVHUj HOGHFRQFXUVRSRVLFLy (O WHUPLQL GH SUHVHQWDFLy G¶LQVWjQFLHV VHUj GH GLHV QDWXUDOV FRPSWDWVDSDUWLUGHO¶HQGHPjGHODSXEOLFDFLyGHODFRQYRFDWzULDHQHO %ROHWtQ2ILFLDOGHO(VWDGR (QHO%ROHWtQ2ILFLDOGHOD3URYLQFLDGH$OLFDQWHQ~PHURGH GH GLFLHPEUHGH \ HQ HOQ~PHUR GH GH GLFLHPEUH GH VHSXEOLFDURQODVEDVHVTXHKDQGHUHJLUHOSURFHVRGHVHOHFFLyQ FRPRIXQFLRQDULRHQSURSLHGDGGHSOD]DVGHDX[LOLDUDGPLQLVWUDWL YRHVFDODGHDGPLQLVWUDFLyQJHQHUDOVXEHVFDODDX[LOLDUJUXSR'RIHU WDGHHPSOHRS~EOLFRGH\WXUQROLEUH\HOVLVWHPD GHVHOHFFLyQVHUiHOGHFRQFXUVRRSRVLFLyQ (O SOD]R GH SUHVHQWDFLyQ GH LQVWDQFLDV VHUi GH GtDV QDWXUDOHV FRQWDGRVDSDUWLUGHOVLJXLHQWHDODSXEOLFDFLyQGHODFRQYRFDWRULDHQHO %ROHWtQ2ILFLDOGHO(VWDGR 'pQLDGHPDUoGH±/¶DOFDOGHVVDSUHVLGHQWD)UDQFLVFD5 9LFLDQR*XLOOHP 'pQLD GH PDU]R GH ± (O DOFDOGHVDSUHVLGHQWD )UDQFLVFD 59LFLDQR*XLOOHP Núm. 5516 / 21.05.2007 20177 $MXQWDPHQWGH0RQFDGD $\XQWDPLHQWRGH0RQFDGD 2IHUWD G¶RFXSDFLy S~EOLFD GH O¶$MXQWDPHQW GH 0RQFDGDLRUJDQLVPHVDXWzQRPV>@ 2IHUWD GH HPSOHR S~EOLFR GHO $\XQWDPLHQWR GH 0RQFDGD\RUJDQLVPRVDXWyQRPRV>@ /D -XQWD GH *RYHUQ /RFDO HQ OD VHVVLy GH GDWD GH PDUo GH KDDSURYDWO¶RIHUWDG¶RFXSDFLyS~EOLFDGHVHJHQW /D-XQWDGH*RELHUQR/RFDOHQODVHVLyQGHGHPDU]RGH KDDSUREDGRODRIHUWDGHHPSOHRS~EOLFRGHVLJXLHQWH $$MXQWDPHQWGH0RQFDGD3HUVRQDOIXQFLRQDUL'HGLFDFLyFRPSOHWD *UXSGHWLWXODFLy DUW/OHL $ % & & (VFDOD $GPLQLVWUDFLyHVSHFLDO $GPLQLVWUDFLyHVSHFLDO $GPLQLVWUDFLyHVSHFLDO $GPLQLVWUDFLyHVSHFLDO 6XEHVFDOD 7qFQLFD 6HUYLFLVHVSHFLDOV 6HUYLFLVHVSHFLDOV 6HUYLFLVHVSHFLDOV 1LYHOOGHVWt 'HQRPLQDFLy 7$(DUTXLWHFWH &ODVVHSROLFLDORFDOLQWHQGHQW &ODVVHSROLFLDORFDODJHQW &ODVVHSHUVRQDORILFLVFRRUGLQDGRUREUHVLVHUYLFLV 1RPEUHYDFDQWV 1LYHOOGHVWt 'HQRPLQDFLy 7qFQLFVXSHULRUDU[LXELEOLRWHFD 1RPEUHYDFDQWV 'HQRPLQDFLyQ 7$(DUTXLWHFWR &ODVHSROLFtDORFDOLQWHQGHQWH &ODVHSROLFtDORFDODJHQWH &ODVHSHUVRQDORILFLRVFRRUGLQDGRUREUDVLVHUYLFLRV 1~PHURYDFDQWHV 'HQRPLQDFLyQ 7pFQLFRVXSHULRUDUFKLYRELEOLRWHFD 1~PHURYDFDQWHV '&HQWUH&XOWXUDO3HUVRQDOIXQFLRQDUL'HGLFDFLyFRPSOHWD *UXSGHWLWXODFLy DUW/OHL (VFDOD $ $GPLQLVWUDFLyHVSHFLDO 6XEHVFDOD 7qFQLFD $$\XQWDPLHQWRGH0RQFDGD3HUVRQDOIXQFLRQDULR'HGLFDFLyQFRPSOHWD *UXSRGHWLWXODFLyQ DUW/OHL $ % & & (VFDOD $GPLQLVWUDFLyQHVSHFLDO $GPLQLVWUDFLyQHVSHFLDO $GPLQLVWUDFLyQHVSHFLDO $GPLQLVWUDFLyQHVSHFLDO 6XEHVFDOD 1LYHOGHVWLQR 7pFQLFD 6HUYLFLRVHVSHFLDOHV 6HUYLFLRVHVSHFLDOHV 6HUYLFLRVHVSHFLDOHV '&HQWUR&XOWXUDO3HUVRQDOIXQFLRQDULR'HGLFDFLyQFRPSOHWD *UXSRGHWLWXODFLyQ DUW/OHL (VFDOD $ $GPLQLVWUDFLyQHVSHFLDO 6XEHVFDOD 7pFQLFD 1LYHOGHVWLQR 0RQFDGD GH PDUo GH ± /¶DOFDOGHVVD &RQFKD $QGUpV 6DQFKRV 0RQFDGD GH PDU]R GH ± /D DOFDOGHVD &RQFKD$QGUpV 6DQFKRV Núm. 5516 / 21.05.2007 $MXQWDPHQWGH6RQHMD 20178 $\XQWDPLHQWRGH6RQHMD ([WUDFWHGHODFRQYRFDWzULDG¶XQDSODoDG¶DOJXW]LUPXQL FLSDO>@ ([WUDFWR GH OD FRQYRFDWRULD GH XQD SOD]D GH DOJXDFLO PXQLFLSDO>@ (VIDVDEHUTXHHQHO%XWOOHWt2ILFLDOGHOD3URYtQFLDGH&DVWHOOy Q~PHURGHGDWDGHPDUoGHHVSXEOLTXHQtQWHJUDPHQWOHV EDVHV TXH KDQ GH UHJLU SHU D FREULU HQ SURSLHWDW XQD SODoD G¶DOJXW]LU PXQLFLSDOPLWMDQoDQWHOVLVWHPDGH FRQFXUV RSRVLFLyVHJRQV O¶RIHUWD G¶RFXSDFLyGH &RVDTXHHVIDS~EOLFDSHUTXqHQSUHQJXHXFRQHL[HPHQW 6H KDFH VDEHU TXH HQ HO %ROHWtQ 2ILFLDO GH OD 3URYLQFLD GH &DVWHOOyQQ~PHURGHIHFKDGHPDU]RGHDSDUHFHQtQWHJUD PHQWHSXEOLFDGDVODVEDVHVTXHKDQGHUHJLUSDUDFXEULUHQSURSLHGDG XQDSOD]DGHDOJXDFLOPXQLFLSDOPHGLDQWHHOVLVWHPDGHFRQFXUVRRSR VLFLyQVHJ~QODRIHUWDGHHPSOHRGH /RTXHVHKDFHS~EOLFRSDUDJHQHUDOFRQRFLPLHQWR 6RQHMDGHPDUoGH±/¶DOFDOGH(PLOLR*LQpV5LYDV 6RQHMDGHPDU]RGH(ODOFDOGH(PLOLR*LQpV5LYDV Núm. 5516 / 21.05.2007 $MXQWDPHQWGH6RQHMD 20179 $\XQWDPLHQWRGH6RQHMD ([WUDFWHGHODFRQYRFDWzULDG¶XQDSODoDG¶RSHUDULGHVHU YHLVP~OWLSOHV>@ ([WUDFWR GH OD FRQYRFDWRULD GH XQD SOD]D GH RSHUDULR GH VHUYLFLRVP~OWLSOHV>@ (VIDVDEHUTXHHQHO%XWOOHWt2ILFLDOGHOD3URYtQFLDGH&DVWHOOy Q~PHURGHGDWDGHPDUoGHHVSXEOLTXHQtQWHJUDPHQWOHV EDVHVTXHKDQGHUHJLUSHUDFREULUHQSURSLHWDWXQDSODoDG¶RSHUDULGH VHUYHLV P~OWLSOHV PLWMDQoDQW HO VLVWHPD GH FRQFXUV RSRVLFLy VHJRQV O¶RIHUWDG¶RFXSDFLyGH &RVDTXHHVIDS~EOLFDSHUTXqHQSUHQJXHXFRQHL[HPHQW 6H KDFH VDEHU TXH HQ HO %ROHWtQ 2ILFLDO GH OD 3URYLQFLD GH &DVWHOOyQQ~PHURGHIHFKDGHPDU]RGHDSDUHFHQtQWHJUD PHQWHSXEOLFDGDVODVEDVHVTXHKDQGHUHJLUSDUDFXEULUHQSURSLHGDG XQD SOD]D GH RSHUDULR GH VHUYLFLRV P~OWLSOHV PHGLDQWH HO VLVWHPD GH FRQFXUVRRSRVLFLyQVHJ~QODRIHUWDGHHPSOHRGH /RTXHVHKDFHS~EOLFRSDUDJHQHUDOFRQRFLPLHQWR 6RQHMDGHPDUoGH±/¶DOFDOGH(PLOLR*LQpV5LYDV 6RQHMDGHPDU]RGH±(ODOFDOGH(PLOLR*LQpV5LYDV Núm. 5516 / 21.05.2007 'LSXWDFLy3URYLQFLDOG¶$ODFDQW 20180 'LSXWDFLyQ3URYLQFLDOGH$OLFDQWH ([WUDFWH GH OHV EDVHV GHO FRQFXUV RSRVLFLy OOLXUH GH WUHV SODFHVG¶HQJLQ\HUVWqFQLFVHQLQIRUPjWLFD>@ ([WUDFWRGHODVEDVHVGHOFRQFXUVRRSRVLFLyQOLEUHGHWUHV SOD]DVGHLQJHQLHURVWpFQLFRVHQLQIRUPiWLFD>@ (Q HO %XWOOHWt 2ILFLDO GH OD 3URYtQFLD G¶$ODFDQW Q~PHUR GH GDWDGHIHEUHUGHHVSXEOLTXHQOHVEDVHVtQWHJUHVGHOHVSUR YHVVHOHFWLYHVDSURYDGHVLFRQYRFDGHVSHO'HFUHWGHOGLSXWDWGHO¶¬UHD GH5HFXUVRV+XPDQVQ~PHURGHGDWDGHIHEUHUGHSHU FREULUSHOSURFHGLPHQWGHFRQFXUVRSRVLFLyOOLXUHWUHVSODFHVG¶HQJL Q\HU WqFQLF HQ LQIRUPjWLFD TXH HVWDQ YDFDQWV D OD SODQWLOOD G¶DTXHVWD 'LSXWDFLy 3URYLQFLDO GLQV GH OHV SODFHV UHVHUYDGHV D IXQFLRQDULV GH FDUUHUD L LQFORVHV HQ O¶RIHUWD G¶RFXSDFLy S~EOLFD SHU D O¶DQ\ L $TXHVWHV SODFHV SHUWDQ\HQ D O¶HVFDOD G¶DGPLQLVWUDFLy HVSHFLDO VXEHVFDODWqFQLFDFODVVHWqFQLFPLWMjGRWDGDDPEHOVHPROXPHQWVFRU UHVSRQHQWVDOJUXSGHFODVVLILFDFLy%GHO¶DUWLFOHGHOD/OHL GHG¶DJRVWLODUHVWDTXHFRUUHVSRQJXHQGHFRQIRUPLWDWDPEODOHJLV ODFLyYLJHQW /DUHVROXFLyDSURYDWzULDGHODOOLVWDG¶DVSLUDQWVDGPHVRVLH[FORVRV HVSXEOLFDUjHQHO%XWOOHWt2ILFLDOGHOD3URYtQFLDG¶$ODFDQW(QDTXHVW EXWOOHWtHVSXEOLFDUjDL[tPDWHL[ODGDWDO¶KRUDLHOOORFHQTXqHVUHX QLUjHOWULEXQDODO¶HIHFWHGHODUHDOLW]DFLyGHOSULPHUH[HUFLFLGHODIDVH G¶RSRVLFLy (O WHUPLQL GH SUHVHQWDFLy GH VROÂOLFLWXGV VHUj GH GLHV QDWXUDOV FRPSWDGRUVDSDUWLUGHO¶HQGHPjGHODSXEOLFDFLyGHO¶DQXQFLH[WUDFWH HQHO%ROHWtQ2ILFLDOGHO(VWDGR &RVDTXHHVIDS~EOLFDHQDTXHVWGLDULRILFLDOSHUTXqHQSUHQJXHQ FRQHL[HPHQWOHVSHUVRQHVLQWHUHVVDGHV (Q HO %ROHWtQ 2ILFLDO GH OD 3URYLQFLD GH $OLFDQWH Q~PHUR GH IHFKDGHIHEUHURGHVHSXEOLFDQODVEDVHVtQWHJUDVGHODVSUX HEDVVHOHFWLYDVDSUREDGDV\FRQYRFDGDVSRU'HFUHWRGHOGLSXWDGRGHO ÈUHD GH 5HFXUVRV +XPDQRV Q~PHUR GH IHFKD GH IHEUHUR GH SDUD FXEULU SRU HO SURFHGLPLHQWR GH FRQFXUVRRSRVLFLyQ OLEUH WUHVSOD]DVGHLQJHQLHURWpFQLFRHQLQIRUPiWLFDYDFDQWHVHQODSODQWLOOD GHHVWD'LSXWDFLyQ3URYLQFLDOGHQWURGHODVSOD]DVUHVHUYDGDVDIXQFL RQDULRVGHFDUUHUDHLQFOXLGDVHQODRIHUWDGHHPSOHRS~EOLFRSDUDHO DxR\ (VWDV SOD]DV SHUWHQHFHQ D OD HVFDOD GH DGPLQLVWUDFLyQ HVSHFLDO VXEHVFDOD WpFQLFD FODVH WpFQLFR PHGLR GRWDGD FRQ ORV HPROXPHQWRV FRUUHVSRQGLHQWHVDOJUXSRGHFODVLILFDFLyQ%GHODUWtFXORGHOD/H\ GH GH DJRVWR \ GHPiV TXH FRUUHVSRQGDQ GH FRQIRUPLGDG FRQODOHJLVODFLyQYLJHQWH /D UHVROXFLyQ DSUREDWRULD GH OD OLVWD GH DVSLUDQWHV DGPLWLGRV \ H[FOXLGRVVHSXEOLFDUiHQHO%ROHWtQ2ILFLDOGHOD3URYLQFLDGH$OLFDQ WH(QGLFKREROHWtQVHSXEOLFDUiDVLPLVPRODIHFKDKRUD\OXJDUHQ TXHVHUHXQLUiHOWULEXQDODHIHFWRVGHODUHDOL]DFLyQGHOSULPHUHMHUFL FLRGHODIDVHGHRSRVLFLyQ (O SOD]R GH SUHVHQWDFLyQ GH LQVWDQFLDV VHUi GH GtDV QDWXUDOHV D FRQWDU GHO VLJXLHQWH DO GH OD SXEOLFDFLyQ GHO DQXQFLR H[WUDFWR HQ HO %ROHWtQ2ILFLDOGHO(VWDGR /RTXHVHKDFHS~EOLFRHQHVWHGLDULRRILFLDOSDUDJHQHUDOFRQRFL PLHQWR\GHORVLQWHUHVDGRV $ODFDQW GH IHEUHU GH ± (O GLSXWDWGH 5HFXUVRV +XPDQV -RVp /ySH] *DUULGR /D VHFUHWjULD JHQHUDO$PSDUR .RQLQFN[ )UDV TXHW $OLFDQWHGHIHEUHURGH±(OGLSXWDGRGH5HFXUVRV+XPD QRV -RVp /ySH] *DUULGR /D VHFUHWDULD JHQHUDO $PSDUR .RQLQFN[ )UDVTXHW Núm. 5516 / 21.05.2007 20181 8QLYHUVLWDWG¶$ODFDQW 8QLYHUVLGDGGH$OLFDQWH 5(62/8&,Ï GH GH PDLJ GH GH OD 8QLYHUVLWDW G¶$ODFDQW SHU OD TXDO HV SXEOLFD OD UHODFLy SURYLVLRQDO G¶DGPHVRVLH[FORVRVSHUDODSURYLVLyGHSODFHVGRFHQWV HQ UqJLP GH FRQWUDFWDFLy ODERUDO FRQYRFDGHV D FRQFXUV GHPqULWVSHU5HVROXFLyGHGHPDUoGH'2&9GH GHPDUoGH>@ 5(62/8&,Ï1GHGHPD\RGHGHOD8QLYHUVLGDG GH $OLFDQWH SRU OD TXH VH SXEOLFD OD UHODFLyQ SURYLVLR QDOGHDGPLWLGRV\H[FOXLGRVSDUDODSURYLVLyQGHSOD]DV GRFHQWHVHQUpJLPHQGHFRQWUDWDFLyQODERUDOFRQYRFDGDV DFRQFXUVRGHPpULWRVSRU5HVROXFLyQGHGHPDU]RGH '2&9GHGHPDU]RGH>@ 'HFRQIRUPLWDWDPEODEDVHGHOFRQFXUVGHPqULWVGHSODFHVGH SHUVRQDO GRFHQW L LQYHVWLJDGRU HQ UqJLP GH FRQWUDFWDFLy ODERUDO FRQ YRFDWDFRQFXUVGHPpULWVSHUUHVROXFLyGHGHPDUoGH'2*9 GHGHPDUoGHHVUHVRO 'HFRQIRUPLGDGFRQODEDVHGHOFRQFXUVRGHPpULWRVGHSOD]DV GHSHUVRQDOGRFHQWHHLQYHVWLJDGRUHQUpJLPHQGHFRQWUDWDFLyQODERUDO FRQYRFDGR D FRQFXUVR GH PpULWRV SRU UHVROXFLyQ GH GH PDU]R GH '2&9GHGHPDU]RGHVHUHVXHOYH 3ULPHU 3XEOLFDUODUHODFLySURYLVLRQDOG¶DGPHVRVLH[FORVRVTXHILJXUDHQ O¶DQQH[,G¶HVWDUHVROXFLy 3ULPHUR 3XEOLFDUODUHODFLyQSURYLVLRQDOGHDGPLWLGRV\H[FOXLGRVTXHILJX UDHQHODQH[R,GHHVWDUHVROXFLyQ 6HJRQ $SDUWLUGHOGLDVHJHQWGHODSXEOLFDFLyGHODSUHVHQWUHVROXFLyHQ HO 'LDUL 2ILFLDO GH OD &RPXQLWDW 9DOHQFLDQD HOV LQWHUHVVDWV WHQHQ XQ WHUPLQLGHGLHVKjELOVSHUDODSUHVHQWDFLyGHVXEVDQDFLRQVRUHFOD PDFLRQVEpHQHO5HJLVWUH*HQHUDOGHOD8QLYHUVLWDWREpSHUTXDOVH YRO GH OHV IRUPHV SUHYLVWHV HQ O¶DUW GH OD /OHL GH GH QRYHPEUH GH 5qJLP -XUtGLF GH OHV$GPLQLVWUDFLRQV 3~EOLTXHV L GHO 3URFHGLPHQW$GPLQLVWUDWLX&RP~PRGLILFDGDSHUOD/OHL 6HJXQGR $SDUWLUGHOGtDVLJXLHQWHGHODSXEOLFDFLyQGHODSUHVHQWHUHVROX FLyQ HQ HO 'LDUL 2ILFLDO GH OD &RPXQLWDW 9DOHQFLDQD ORV LQWHUHVDGRV WLHQHQXQSOD]RGHGtDVKiELOHVSDUDODSUHVHQWDFLyQGHVXEVDQDFL RQHV R UHFODPDFLRQHV ELHQ HQ HO 5HJLVWUR *HQHUDO GH OD 8QLYHUVLGDG R ELHQ SRU FXDOTXLHUD GH ODV IRUPDV SUHYLVWDV HQ HO DUW GH OD /H\ GHGHQRYLHPEUHGH5pJLPHQ-XUtGLFRGHODV$GPLQLVWUD FLRQHV3~EOLFDV\GHO3URFHGLPLHQWR$GPLQLVWUDWLYR&RP~QPRGLILFD GDSRUOD/H\ 7HUFHUD '¶DFRUGDPEHOTXHSUHYHXO¶DUWEGHOD/OHLGH GHQRYHPEUHPRGLILFDGDSHUOD/OHLHVWDSXEOLFDFLyVXEVWLWXw[ ODQRWLILFDFLySHUVRQDODOVLQWHUHVVDWVLSURGXw[HOVPDWHL[RVHIHFWHV 7HUFHUD 'HDFXHUGRFRQORSUHYLVWRHQHODUWEGHOD/H\GH GHQRYLHPEUHPRGLILFDGDSRUOD/H\HVWDSXEOLFDFLyQVXV WLWX\HODQRWLILFDFLyQSHUVRQDODORVLQWHUHVDGRV\SURGXFHORVPLVPRV HIHFWRV $ODFDQW GH PDLJ GH ± (O UHFWRU SG 5HV 5HFWRUDO HOYLFHUHFWRUG¶2UGHQDFLy$FDGqPLFDL3URIHVVRUDW$QWR QLR0DUFLOOD*RPLV $OLFDQWH GH PD\R GH ± (O 5HFWRU SG 5HV 5HFWRUDO HO YLFHUUHFWRU GH 2UGHQDFLyQ$FDGpPLFD \ 3URIHVRUDGR $QWRQLR0DUFLOOD*RPLV $11(;, 5HODFLySURYLVLRQDODGPHVRVH[FORVRV±&RQYRFDWzULD'2*9GHGHPDUoGH 1~PSODoD'& 3URIHVVRUFROÂODERUDGRU ¬UHDGH'UHW,QWHUQDFLRQDO3~EOLFL5HODFLyQV,QWHUQDFLRQDOV '1, &RJQRPV $QWyQ*XDUGLROD &UHVSR1DYDUUR )OXYLi3HLUy /R]DQR&RQWUHUDV 5HTXHQD&DVDQRYD 1RP &DUPHQ 0DUtD(OHQD 0DULROD -RVp)HUQDQGR 0LOOiQ 1~PSODoD'& 3URIHVVRUFROÂODERUDGRU ¬UHDGH'UHW,QWHUQDFLRQDO3~EOLFL5HODFLyQV,QWHUQDFLRQDOV '1, &RJQRPV $QWyQ*XDUGLROD &UHVSR1DYDUUR )OXYLi3HLUy /R]DQR&RQWUHUDV 5HTXHQD&DVDQRYD 1RP &DUPHQ 0DUtD(OHQD 0DULROD -RVp)HUQDQGR 0LOOiQ 1~PSODoD'& 3URIHVVRUFROÂODERUDGRU ¬UHDGH'UHW,QWHUQDFLRQDO3~EOLFL5HODFLyQV,QWHUQDFLRQDOV '1, &RJQRPV $QWyQ*XDUGLROD &UHVSR1DYDUUR )OXYLi3HLUy /R]DQR&RQWUHUDV 5HTXHQD&DVDQRYD 5RGUtJXH]6DQWLDJR 1RP &DUPHQ 0DUtD(OHQD 0DULROD -RVp)HUQDQGR 0LOOiQ 0DQXHO 1~PSODoD'& 3URIHVVRUFROÂODERUDGRU ¬UHDGH'HUHWGHO7UHEDOOLGHOD6HJXUHWDW6RFLDO '1, &RJQRPV 1RP $OHJUH1XHQR 0DQXHO 5XL]GHOD&XHVWD)HUQiQGH] 06ROHGDG $GP([FO $ $ $ $ $ $GP([FO $ $ $ $ $ $GP([FO $ $ $ $ $ ( $GP([FO $ $ &DXVDG¶([FOXVLy &DXVDG¶([FOXVLy &DXVDG¶([FOXVLy 1RKLDFUHGLWDHOUHTXLVLWHVSHFtILF &DXVDG¶([FOXVLy Núm. 5516 / 21.05.2007 20182 1~PSODoD'& 3URIHVVRUFROÂODERUDGRU ¬UHDGH(QJLQ\HULD&DUWRJUjILFD*HRGqVLFDL)RWRJUDPHWULD '1, &RJQRPV =DEDV)HUQiQGH] 'tD]&HQWHQR 1RP $GROIR -HV~V 1~PSODoD'& 3URIHVVRUFROÂODERUDGRU ¬UHDGH,QIHUPHULD '1, &RJQRPV &DEDOOHUR3pUH] *LPpQH]7pEDU 1RP 3DEOR -RVp/XLV 1~PSODoD'& 3URIHVVRUFROÂODERUDGRU ¬UHDGH(QJLQ\HULD4XtPLFD '1, &RJQRPV )XOODQD)RQW 6DOFHGR'tD] 1~PSODoD'& '1, 3URIHVVRUFROÂODERUDGRU &RJQRPV )HUUL&ROO $GP([FO $ ( ( &DXVDG¶([FOXVLy $GP([FO $ $ &DXVDG¶([FOXVLy 1RP $QGUpV 5DTXHO $GP([FO $ $ &DXVDG¶([FOXVLy ¬UHDGH/LWHUDWXUD(VSDQ\ROD 1RP -RVp0DUtD $GP([FO $ &DXVDG¶([FOXVLy )DOWDGRFXPHQWDFUHGLWDWLXG¶LGHQWLWDW 1RKLDFUHGLWDHOUHTXLVLWHVSHFtILF $1(;2, 5HODFLyQSURYLVLRQDODGPLWLGRVH[FOXLGRV±&RQYRFDWRULD'2&9GHGHPDU]RGH 1SOD]D'& 3URIHVRUFRODERUDGRU ÈUHDGH'HUHFKR,QWHUQDFLRQDO3~EOLFR\5HODFLRQHV,QWHUQDFLRQDOHV '1, $SHOOLGRV $QWyQ*XDUGLROD &UHVSR1DYDUUR )OXYLi3HLUy0DULROD /R]DQR&RQWUHUDV 5HTXHQD&DVDQRYD 1RPEUH &DUPHQ 0DUtD(OHQD $ -RVp)HUQDQGR 0LOOiQ 1SOD]D'& 3URIHVRUFRODERUDGRU ÈUHDGH'HUHFKR,QWHUQDFLRQDO3~EOLFR\5HODFLRQHV,QWHUQDFLRQDOHV '1, $SHOOLGRV $QWyQ*XDUGLROD &UHVSR1DYDUUR )OXYLi3HLUy /R]DQR&RQWUHUDV 5HTXHQD&DVDQRYD 1RPEUH &DUPHQ 0DUtD(OHQD 0DULROD -RVp)HUQDQGR 0LOOiQ 1SOD]D'& 3URIHVRUFRODERUDGRU ÈUHDGH'HUHFKR,QWHUQDFLRQDO3~EOLFR\5HODFLRQHV,QWHUQDFLRQDOHV '1, $SHOOLGRV $QWyQ*XDUGLROD &UHVSR1DYDUUR )OXYLi3HLUy /R]DQR&RQWUHUDV 5HTXHQD&DVDQRYD 5RGUtJXH]6DQWLDJR 1RPEUH &DUPHQ 0DUtD(OHQD 0DULROD -RVp)HUQDQGR 0LOOiQ 0DQXHO 1SOD]D'& 3URIHVRUFRODERUDGRU ÈUHDGH'HUHFKRGHO7UDEDMR\GHOD6HJXULGDG6RFLDO '1, $SHOOLGRV $OHJUH1XHQR 5XL]GHOD&XHVWD)HUQiQGH] 1RPEUH 0DQXHO 06ROHGDG 1SOD]D'& 3URIHVRUFRODERUDGRU ÈUHDGH,QJHQLHUtD&DUWRJUiILFD*HRGpVLFD\)RWRJUDPHWUtD '1, 1SOD]D'& $SHOOLGRV =DEDV)HUQiQGH] 'tD]&HQWHQR 3URIHVRUFRODERUDGRU 1RPEUH $GROIR -HV~V ÈUHDGH(QIHUPHUtD $GP([FO $ ( ( '1, $SHOOLGRV &DEDOOHUR3pUH] *LPpQH]7pEDU 1RPEUH 3DEOR -RVp/XLV $GP([FO $ $ &DXVDGH([FOXVLyQ 13OD]D'& 3URIHVRUFRODERUDGRU ÈUHDGH,QJHQLHUtD4XtPLFD '1, $SHOOLGRV )XOODQD)RQW 6DOFHGR'tD] 1RPEUH $QGUpV 5DTXHO $GP([FO $ $ &DXVDGH([FOXVLyQ 13OD]D'& 3URIHVRUFRODERUDGRU ÈUHDGH/LWHUDWXUD(VSDxROD '1, $SHOOLGRV )HUUL&ROO 1RPEUH -RVp0DUtD $GP([FO $ &DXVDGH([FOXVLyQ $GP([FO $ $ &DXVDGH([FOXVLyQ $ $ $GP([FO $ $ $ $ $ $GP([FO $ $ $ $ $ ( $GP([FO $ $ &DXVDGH([FOXVLyQ &DXVDGH([FOXVLyQ 1RDFUHGLWDHOUHTXLVLWRHVSHFtILFR &DXVDGH([FOXVLyQ &DXVDGH([FOXVLyQ )DOWDGRFXPHQWRDFUHGLWDWLYRLGHQWLGDG 1RDFUHGLWDHOUHTXLVLWRHVSHFtILFR Núm. 5516 / 21.05.2007 20183 8QLYHUVLWDWG¶$ODFDQW 8QLYHUVLGDGGH$OLFDQWH 5(62/8&,Ï GH GH PDLJ GH GH OD 8QLYHUVLWDW G¶$ODFDQWSHUODTXDOHVSXEOLFDODUHODFLyGHILQLWLYDG¶DG PHVRVLH[FORVRVODFRPSRVLFLyGHODFRPLVVLyGHVHOHFFLy LODGDWDSUHYLVWDSHUDO¶DFWHGHFRQVWLWXFLyGHODFRPLV VLy GH VHOHFFLy G¶XQD SODoD GH SURIHVVRU FROÂODERUDGRU '& HQ UqJLP GH FRQWUDFWDFLy ODERUDO FRQYRFDGD SHU5HVROXFLyGHGHGHVHPEUHGH'2*9GHGH GHVHPEUHGH>@ 5(62/8&,Ï1GHGHPD\RGHGHOD8QLYHUVLGDG GH $OLFDQWH SRU OD TXH VH SXEOLFD OD UHODFLyQ GHILQLWLYD GH DGPLWLGRV \ H[FOXLGRV OD FRPSRVLFLyQ GH OD FRPLVLyQ GH VHOHFFLyQ \ OD IHFKD SUHYLVWD SDUD HO DFWR GH FRQVWLWX FLyQGHODFRPLVLyQGHVHOHFFLyQGHXQDSOD]DGHSURIHVRU FRODERUDGRU'&HQUpJLPHQGHFRQWUDWDFLyQODER UDOFRQYRFDGDSRU5HVROXFLyQGHGHGLFLHPEUHGH '2*9GHGHGLFLHPEUHGH>@ 'HFRQIRUPLWDWDPEOHVEDVHVLGHOFRQFXUVGHSODFHVGH SHUVRQDOGRFHQWLLQYHVWLJDGRUHQUqJLPGHFRQWUDFWDFLyODERUDOFRQYR FDWSHUUHVROXFLyGHGHGHVHPEUHGH'2*9GHGHGHVHP EUHGHHVWH5HFWRUDWKDUHVROWSXEOLFDUODUHODFLyGHILQLWLYDG¶DG PHVRVLH[FORVRVDODSODoDGH3URIHVVRU&ROÂODERUDGRUQ~P'& SHUWDQ\HQWDO¶jUHDGHFRQHL[HPHQWGH)LORORJLD&DWDODQDHOVPHPEUHV TXHFRPSRQHQOD&RPLVVLyGH6HOHFFLyTXHKDGHUHVROGUHHOFRQFXUV SHUDODSURYLVLyGHODSODoDGHUHIHUqQFLDDL[tFRPODGDWDSUHYLVWDSHU DO¶DFWHGH&RQVWLWXFLyG¶HVWD 'HFRQIRUPLGDGFRQODVEDVHV\GHOFRQFXUVRGHSOD]DV GHSHUVRQDOGRFHQWHHLQYHVWLJDGRUHQUpJLPHQGHFRQWUDWDFLyQODERUDO FRQYRFDGR SRU UHVROXFLyQ GH GH GLFLHPEUH GH '2*9 GH GHGLFLHPEUHGHHVWH5HFWRUDGRKDUHVXHOWRSXEOLFDUODUHODFLyQ GHILQLWLYD GH DGPLWLGRV \ H[FOXLGRV D OD SOD]D GH 3URIHVRU &RODERUD GRU Q~P '& SHUWHQHFLHQWH DO iUHD GH FRQRFLPLHQWR GH )LOROR JtD &DWDODQD DVt FRPR ORV PLHPEURV TXH FRPSRQHQ OD &RPLVLyQ GH 6HOHFFLyQTXHKDGHUHVROYHUHOFRQFXUVRSDUDODSURYLVLyQGHODSOD]D GHUHIHUHQFLD 5HODFLyGHILQLWLYDG¶DGPHVRVLH[FORVRV±3ODoDQ~P'& 5HODFLyQ GHILQLWLYD GH DGPLWLGRV \ H[FOXLGRV± 3OD]D Q~P '& '1, &RJQRPV *XDUGLROD6DYDOO ([FOXVRV1LQJ~ 1RP 0DUtD,VDEHO $GPHVRV([FORVRV $ '1, $SHOOLGRV *XDUGLROD6DYDOO ([FOXLGRV1LQJXQR 1RPEUH $GPLWLGRV([FOXLGRV 0DUtD,VDEHO $ &RPLVVLyGHVHOHFFLy±3ODoDQ~P'& &RPLVVLy7LWXODU 3UHVLGHQW -RUGL &RORPLQD &DVWDQ\HU &DWHGUiWLFR GH 8QLYHUVLGDG GHOD8QLYHUVLGDGGH$OLFDQWH 6HFUHWDUL &DUOHV 6HJXUD /ORSHV 3URIHVRU 7LWXODU GH 8QLYHUVLGDG GHOD8QLYHUVLGDGGH$OLFDQWH 9RFDO3ULPHU-RVHS0DUWLQHV3HUHV3URIHVRU7LWXODUGH8QLYHUVL GDGGHOD8QLYHUVLGDGGH$OLFDQWH 9RFDO 6HJRQ$QWRQL )HUUDQGR )UDQFpV &DWHGUiWLFR GH 8QLYHUVL GDGGHOD8QLYHUVLGDGGH9DOHQFLD 9RFDO7HUFHU(PLOL&DVDQRYD+HUUHUR&DWHGUiWLFRGH8QLYHUVLGDG GHOD8QLYHUVLGDGGH9DOHQFLD &RPLVLyQGH6HOHFFLyQ±SOD]DQ~P'& &RPLVLyQ7LWXODU 3UHVLGHQWH-RUGL&RORPLQD&DVWDQ\HU&DWHGUiWLFRGH8QLYHUVLGDG GHOD8QLYHUVLGDGGH$OLFDQWH 6HFUHWDULR&DUOHV6HJXUD/ORSHV3URIHVRU7LWXODUGH8QLYHUVLGDG GHOD8QLYHUVLGDGGH$OLFDQWH 9RFDO3ULPHUR-RVHS0DUWLQHV3HUHV3URIHVRU7LWXODUGH8QLYHUVL GDGGHOD8QLYHUVLGDGGH$OLFDQWH 9RFDO6HJXQGR$QWRQL)HUUDQGR)UDQFpV&DWHGUiWLFRGH8QLYHU VLGDGGHOD8QLYHUVLGDGGH9DOHQFLD 9RFDO7HUFHUR(PLOL&DVDQRYD+HUUHUR&DWHGUiWLFRGH8QLYHUVL GDGGHOD8QLYHUVLGDGGH9DOHQFLD &RPLVVLy6XSOHQW 3UHVLGHQW%UDXOL0RQWR\D$EDG&DWHGUiWLFRGH8QLYHUVLGDGGHOD 8QLYHUVLGDGGH$OLFDQWH 6HFUHWDUL 9LFHQW %HOWUDQ &DOYR 3URIHVRU 7LWXODU GH 8QLYHUVLGDG GHOD8QLYHUVLGDGGH$OLFDQWH 9RFDO3ULPHU$QWRQL0DV0LUDOOHV3URIHVRU7LWXODUGH8QLYHUVL GDGGHOD8QLYHUVLGDGGH$OLFDQWH 9RFDO6HJRQ0DQXHO3pUH]6DOGDQ\D3URIHVRU7LWXODUGH8QLYHU VLGDGGHOD8QLYHUVLGDGGH9DOHQFLD 9RFDO7HUFHU$EHODUG6DUDJRVVj$OED&DWHGUiWLFRGH(VFXHOD8QL YHUVLWDULDGHOD8QLYHUVLGDGGH9DOHQFLD &RPLVLyQ6XSOHQWH 3UHVLGHQWH %UDXOL 0RQWR\D$EDG &DWHGUiWLFR GH 8QLYHUVLGDG GH OD8QLYHUVLGDGGH$OLFDQWH 6HFUHWDULR9LFHQW%HOWUDQ&DOYR3URIHVRU7LWXODUGH8QLYHUVLGDG GHOD8QLYHUVLGDGGH$OLFDQWH 9RFDO3ULPHUR$QWRQL0DV0LUDOOHV3URIHVRU7LWXODUGH8QLYHUVL GDGGHOD8QLYHUVLGDGGH$OLFDQWH 9RFDO6HJXQGR0DQXHO3pUH]6DOGDQ\D3URIHVRU7LWXODUGH8QL YHUVLGDGGHOD8QLYHUVLGDGGH9DOHQFLD 9RFDO 7HUFHUR $EHODUG 6DUDJRVVj $OED &DWHGUiWLFR GH (VFXHOD 8QLYHUVLWDULDGHOD8QLYHUVLGDGGH9DOHQFLD 'DWDGHO¶DFWHGHFRQVWLWXFLyGHMXQ\GH &RQWUD OD SUHVHQW 5HVROXFLy TXH HVJRWD OD YLD DGPLQLVWUDWLYD SRW O¶LQWHUHVVDW LQWHUSRVDU UHFXUV GDYDQW GH OD -XULVGLFFLy FRQWHQFLyV DGPLQLVWUDWLXHQHOWHUPLQLGHGRVPHVRVSUHYLVWHQO¶DUWGHOD/OHL GHGHMXOLRODFRPSXWDUGHVGHO¶HQGHPjDOGHODSXEOLFD FLyGHODSUHVHQW )HFKDGHODFWRGHFRQVWLWXFLyQGHMXQLRGH &RQWUD OD SUHVHQWH UHVROXFLyQ TXH DJRWD OD YtD DGPLQLVWUDWLYD SXHGH HO LQWHUHVDGR LQWHUSRQHU UHFXUVR DQWH OD -XULVGLFFLyQ &RQWHQFL RVR$GPLQLVWUDWLYDHQHOSOD]RGHGRVPHVHVSUHYLVWRHQHODUWGH OD/H\GHGHMXOLRDFRPSXWDUGHVGHHOGtDVLJXLHQWHDOGH ODSXEOLFDFLyQGHODSUHVHQWH $ODFDQW GH PDLJ GH ± (O UHFWRU 3' 5HV 5HFWRUDO HO 9LFHUHFWRU G¶2UGHQDFLy $FDGqPLFD L 3URIHVVRUDW $QWRQLR0DUFLOOD*RPLV $OLFDQWH GH PD\R GH ± (O UHFWRU SG 5HV 5HFWRUDO HO YLFHUUHFWRU GH 2UGHQDFLyQ$FDGpPLFD \ 3URIHVRUDGR $QWRQLR0DUFLOOD*RPLV Núm. 5516 / 21.05.2007 20184 8QLYHUVLWDWG¶$ODFDQW 8QLYHUVLGDGGH$OLFDQWH 5(62/8&,Ï GH GH PDLJ GH GH OD 8QLYHUVLWDW G¶$ODFDQW SHU OD TXDO HV SXEOLFD OD UHODFLy SURYLVLRQDO G¶DGPHVRVLH[FORVRVSHUDODSURYLVLyGHSODFHVGRFHQWV HQUqJLPGHFRQWUDFWDFLyODERUDOFRQYRFDGHVSHU5HVROX FLyGHGHPDUoGH'2&9GHG¶DEULOGH 5(62/8&,Ï1GHGHPD\RGHGHOD8QLYHUVLGDG GH $OLFDQWH SRU OD TXH VH SXEOLFD OD UHODFLyQ SURYLVLR QDOGHDGPLWLGRV\H[FOXLGRVSDUDODSURYLVLyQGHSOD]DV GRFHQWHVHQUpJLPHQGHFRQWUDWDFLyQODERUDOFRQYRFDGDV SRU 5HVROXFLyQ GH GH PDU]R GH '2&9 GH GH DEULOGH>@ >@ 'H FRQIRUPLWDW DPE OD EDVH GHO FRQFXUV GH SODFHV GH SHUVRQDO GRFHQW L LQYHVWLJDGRU HQ UqJLP GH FRQWUDFWDFLy ODERUDO FRQYRFDW SHU UHVROXFLy GH GH PDUo GH '2&9 GH G¶DEULO GH HV UHVRO 'HFRQIRUPLGDGFRQODEDVHGHOFRQFXUVRGHSOD]DVGHSHUVRQDO GRFHQWHHLQYHVWLJDGRUHQUpJLPHQGHFRQWUDWDFLyQODERUDOFRQYRFDGR SRUUHVROXFLyQGHGHPDU]RGH'2&9GHGHDEULOGH VHUHVXHOYH 3ULPHU 3XEOLFDUODUHODFLySURYLVLRQDOG¶DGPHVRVLH[FORVRVTXHILJXUDHQ O¶DQQH[,G¶HVWDUHVROXFLy 3ULPHUR 3XEOLFDUODUHODFLyQSURYLVLRQDOGHDGPLWLGRV\H[FOXLGRVTXHILJX UDHQHO$1(;2,GHHVWDUHVROXFLyQ 6HJRQ $SDUWLUGHOGLDVHJHQWGHODSXEOLFDFLyGHODSUHVHQWUHVROXFLyHQ HO 'LDUL 2ILFLDO GH OD &RPXQLWDW 9DOHQFLDQD HOV LQWHUHVVDWV WHQHQ XQ WHUPLQLGHGLHVKjELOVSHUDODSUHVHQWDFLyGHVXEVDQDFLRQVRUHFOD PDFLRQVEpHQHO5HJLVWUH*HQHUDOGHOD8QLYHUVLWDWREpSHUTXDOVH YRO GH OHV IRUPHV SUHYLVWHV HQ O¶DUW GH OD /OHL GH GH QRYHPEUH GH 5qJLP -XUtGLF GH OHV$GPLQLVWUDFLRQV 3~EOLTXHV L GHO 3URFHGLPHQW$GPLQLVWUDWLX&RP~PRGLILFDGDSHUOD/OHL 6HJXQGR $SDUWLUGHOGtDVLJXLHQWHGHODSXEOLFDFLyQGHODSUHVHQWHUHVROX FLyQ HQ HO 'LDUL 2ILFLDO GH OD &RPXQLWDW 9DOHQFLDQD ORV LQWHUHVDGRV WLHQHQXQSOD]RGHGtDVKiELOHVSDUDODSUHVHQWDFLyQGHVXEVDQDFL RQHV R UHFODPDFLRQHV ELHQ HQ HO 5HJLVWUR *HQHUDO GH OD 8QLYHUVLGDG R ELHQ SRU FXDOTXLHUD GH ODV IRUPDV SUHYLVWDV HQ HO DUW GH OD /H\ GHGHQRYLHPEUHGH5pJLPHQ-XUtGLFRGHODV$GPLQLVWUD FLRQHV3~EOLFDV\GHO3URFHGLPLHQWR$GPLQLVWUDWLYR&RP~QPRGLILFD GDSRUOD/H\ 7HUFHUD '¶DFRUGDPEHOTXHSUHYHXO¶DUWEGHOD/OHLGH GHQRYHPEUHPRGLILFDGDSHUOD/OHLHVWDSXEOLFDFLyVXEVWLWXw[ ODQRWLILFDFLySHUVRQDODOVLQWHUHVVDWVLSURGXw[HOVPDWHL[RVHIHFWHV 7HUFHUD 'HDFXHUGRFRQORSUHYLVWRHQHODUWEGHOD/H\GH GHQRYLHPEUHPRGLILFDGDSRUOD/H\HVWDSXEOLFDFLyQVXV WLWX\HODQRWLILFDFLyQSHUVRQDODORVLQWHUHVDGRV\SURGXFHORVPLVPRV HIHFWRV $ODFDQW GH PDLJ GH ± (O UHFWRU SG 5HV 5HFWRUDO HOYLFHUHFWRUG¶2UGHQDFLy$FDGqPLFDL3URIHVVRUDW$QWR QLR0DUFLOOD*RPLV $OLFDQWH GH PD\R GH ± (O UHFWRUSG 5HV 5HFWRUDO (O9LFHUUHFWRUGH2UGHQDFLyQ$FDGpPLFD\3URIHVRUDGR $QWRQLR0DUFLOOD*RPLV $11(;, 5HODFLySURYLVLRQDODGPHVRVH[FORVRV± FRQYRFDWzULD'2&9GHG¶DEULOGH 1~PSODoD'& 3URIHVVRUFROÂODERUDGRU ¬UHDGHILORORJLDJUHJD '1, 'HVHUWD &RJQRPV 1RP $GP([FO &DXVDG¶([FOXVLy $GP([FO $ $ $ &DXVDG¶([FOXVLy $GP([FO $ $ $ &DXVDG¶([FOXVLy 1~PSODoD'& 3URIHVVRUFROÂODERUDGRU ¬UHDGHOOHQJXDHVSDQ\ROD '1, &RJQRPV %DUUDMyQ/RSH] &OLPHQW'H%HQLWR 5RGUtJXH]5RVLTXH 1RP (OLVD -DLPH 6XVDQD 1~PSODoD'& 3URIHVVRUFROÂODERUDGRU ¬UHDGHOOHQJXDHVSDQ\ROD '1, &RJQRPV %DUUDMyQ/RSH] &OLPHQW'H%HQLWR 5RGUtJXH]5RVLTXH 1~PSODoD'& 1RP (OLVD -DLPH 6XVDQD Núm. 5516 / 21.05.2007 20185 3URIHVVRUFROÂODERUDGRU ¬UHDGHOOHQJXDHVSDQ\ROD '1, &RJQRPV %DUUDMyQ/RSH] &OLPHQW'H%HQLWR 5RGUtJXH]5RVLTXH 1RP (OLVD -DLPH 6XVDQD $GP([FO $ $ $ &DXVDG¶([FOXVLy $GP([FO $ $ &DXVDG¶([FOXVLy 1~PSODoD'& 3URIHVVRUFROÂODERUDGRU ¬UHDGHHQJ\QJHULDTXtPLFD '1, &RJQRPV )XOODQD)RQW 6DOFHGR'tD] 1RP $QGUpV 5DTXHO $1(;2, 5HODFLyQSURYLVLRQDODGPLWLGRVH[FOXLGRV± FRQYRFDWRULD'2&9GHGHDEULOGH 1~P3OD]D'& 3URIHVRUFRODERUDGRU '1, 'HVLHUWD $SHOOLGRV 1~PSOD]D'& 3URIHVRUFRODERUDGRU '1, ÈUHDGHILORORJtDJULHJD 1RPEUH $GP([FO &DXVDGH([FOXVLyQ $GP([FO $ $ $ &DXVDGH([FOXVLyQ ÈUHDGHOHQJXDHVSDxROD $SHOOLGRV %DUUDMyQ/RSH] &OLPHQW'H%HQLWR 5RGUtJXH]5RVLTXH 1RPEUH (OLVD -DLPH 6XVDQD 1~PSOD]D'& 3URIHVRUFRODERUDGRUÈUHDGHOHQJXDHVSDxROD '1, $SHOOLGRV %DUUDMyQ/RSH] &OLPHQW'H%HQLWR 5RGUtJXH]5RVLTXH 1RPEUH (OLVD -DLPH 6XVDQD $GP([FO $ $ $ &DXVDGH([FOXVLyQ $GP([FO $ $ $ &DXVDGH([FOXVLyQ 1~PSOD]D'& 3URIHVRUFRODERUDGRU ÈUHDGHOHQJXDHVSDxROD '1, $SHOOLGRV %DUUDMyQ/RSH] &OLPHQW'H%HQLWR 5RGUtJXH]5RVLTXH 1RPEUH (OLVD -DLPH 6XVDQD 1~PSOD]D'& 3URIHVRUFRODERUDGRUÈUHDGHLQJHQLHUtDTXtPLFD '1, $SHOOLGRV )XOODQD)RQW 6DOFHGR'tD] 1RPEUH $QGUpV 5DTXHO $GP([FO $ $ &DXVDGH([FOXVLyQ Núm. 5516 / 21.05.2007 8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLD 20186 8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLD 5(62/8&,Ï GH G¶DEULO GH GH OD 8QLYHUVL WDW 3ROLWqFQLFD GH 9DOqQFLD SHU OD TXDO HV FRQYRTXHQ D FRQFXUV G¶DFFpV SODFHV GH FRVVRV GRFHQWV XQLYHUVLWDULV 5(62/8&,Ï1GHOGHDEULOGHGHOD8QLYHUVLGDG 3ROLWHFQLFDGH9DOHQFLDSRUODTXHVHFRQYRFDQDFRQFXU VR GH DFFHVR SOD]DV GH &XHUSRV 'RFHQWHV 8QLYHUVLWDULRV >@ >@ 'H FRQIRUPLWDW DPE HO TXH GLVSRVD O¶DUWLFOH GH OD /OHL 2UJj QLFD GH GH GHVHPEUH G¶8QLYHUVLWDWV GHV G¶DUD /28 L HO GHO 5HLDO 'HFUHW GH GH MXOLRO SHO TXDO HV UHJXOD HO VLVWHPD G¶KDELOLWDFLy QDFLRQDO SHU D O¶DFFpV D FRVVRV GH IXQFLRQDULV GRFHQWVXQLYHUVLWDULVLHOUqJLPGHOVFRQFXUVRVG¶DFFpVUHVSHFWLXVGHV G¶DUD5'+LVHJRQVDOOzTXHV¶KDHVWDEOLWSHOV(VWDWXWVGHOD8QLYHU VLWDW3ROLWqFQLFDGH9DOqQFLDDSURYDWVSHO'HFUHWGHGH GHVHPEUHGH'2*9DTXHVW5HFWRUDWIHQW~VGHOHV FRPSHWqQFLHVDWULEXwGHVSHUODOHJLVODFLyYLJHQWKDUHVROWFRQYRFDUD FRQFXUV G¶DFFpV OHV SODFHV YDFDQWV TXH HV UHODFLRQHQ HQ O¶$11(; , G¶DTXHVWDUHVROXFLyG¶DFRUGDPEOHVEDVHVVHJHQWV %DVHVGHODFRQYRFDWzULD 'HFRQIRUPLGDGFRQORGLVSXHVWRHQHODUWtFXORGHOD/H\2UJi QLFDGHGHGLFLHPEUHGH8QLYHUVLGDGHVHQDGHODQWH/28 \ HQ HO GHO 5HDO 'HFUHWR GH GH MXOLR SRU HO TXH VH UHJXODHOVLVWHPDGHKDELOLWDFLyQQDFLRQDOSDUDHODFFHVRD&XHUSRVGH )XQFLRQDULRV'RFHQWHV8QLYHUVLWDULRV\HOUpJLPHQGHORVFRQFXUVRVGH DFFHVRUHVSHFWLYRVHQDGHODQWH5'+\DWHQRUGHORHVWDEOHFLGRSRU ORV(VWDWXWRVGHOD8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLDDSUREDGRVSRU 'HFUHWRGHGHGLFLHPEUHGH'2*9HVWH 5HFWRUDGR HQ HMHUFLFLR GH ODV FRPSHWHQFLDV DWULEXLGDV SRU OD OHJLV ODFLyQ YLJHQWH KD UHVXHOWR FRQYRFDU D FRQFXUVR GH DFFHVR ODV SOD]DV YDFDQWHVTXHVHUHODFLRQDQHQHO$1(;2,GHODSUHVHQWHUHVROXFLyQ GHDFXHUGRFRQODVVLJXLHQWHVEDVHV %DVHVGHODFRQYRFDWRULD 1RUPHVJHQHUDOV $TXHVWDFRQYRFDWzULDHVUHJLUjSHOTXHHVGLVSRVDHQOD/OHL2UJj QLFDGHGHGHVHPEUH/28HO5'GHGHMXOL ROSHOTXDOHVUHJXODHOVLVWHPDG¶KDELOLWDFLyQDFLRQDOSHUDO¶DFFpVD FRVVRV GH IXQFLRQDULV GRFHQWV XQLYHUVLWDULV L HO UqJLP GHOV FRQFXUVRV G¶DFFpVUHVSHFWLXV5'+HOV(VWDWXWVGHOD8QLYHUVLWDW3ROLWqFQLFDGH 9DOqQFLDHO5HJODPHQWGH6HOHFFLyGHO3HUVRQDO'RFHQWL,QYHVWLJDGRU GHOD8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLDDSURYDWSHUDFRUGGHO&RQ VHOOGH*RYHUQGHGDWDGHMXQ\GHSXEOLFDWHQHO'2*9GH GHMXQ\PRGLILFDWSHUDFRUGGHO&RQVHOOGH*RYHUQGHGDWDGH MXOLROGHSHUODOHJLVODFLyJHQHUDOGHIXQFLRQDULVTXHVHOLDSOLTXH LDTXHVWHVEDVHV 1RUPDVJHQHUDOHV (VWD FRQYRFDWRULD VH UHJLUi SRU OR GLVSXHVWR HQ OD /H\ 2UJiQLFD GH GH GLFLHPEUH /28 HO 5' GH GH MXOLR SRUHOTXHVHUHJXODHOVLVWHPDGHKDELOLWDFLyQQDFLRQDOSDUDHODFFH VR D &XHUSRV GH )XQFLRQDULRV 'RFHQWHV 8QLYHUVLWDULRV \ HO UpJLPHQ GHORVFRQFXUVRVGHDFFHVRUHVSHFWLYRV5'+SRUORV(VWDWXWRVGHOD 8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLDSRUHO5HJODPHQWRGH6HOHFFLyQ GHO3HUVRQDO'RFHQWHH,QYHVWLJDGRUGHOD8QLYHUVLGDG3ROLWpFQLFDGH 9DOHQFLDDSUREDGRSRUDFXHUGRGHO&RQVHMRGH*RELHUQRGHIHFKD GHMXQLRGHSXEOLFDGRHQHO'2*9GHGHMXQLRPRGLILFDGR SRU DFXHUGR GHO &RQVHMR GH *RELHUQR GH IHFKD GH MXOLR GH SRU OD OHJLVODFLyQ JHQHUDO GH IXQFLRQDULRV TXH OH VHD GH DSOLFDFLyQ \ SRUODVSUHVHQWHVEDVHV 5HTXLVLWVGHOVFDQGLGDWV 3HUDVHUDGPHVRVHQDTXHVWDFRQYRFDWzULDHOVDVSLUDQWVKDX UDQGHUHXQLUHOVUHTXLVLWVJHQHUDOVVHJHQWV 6HU HVSDQ\RO R QDFLRQDO G¶DOJXQ GHOV DOWUHV HVWDWV PHPEUHV GH OD 8QLy(XURSHDRG¶DTXHOOVHVWDWVDOVTXDOVHQYLUWXWGHWUDFWDWVLQWHUQD FLRQDOVFHOHEUDWVSHUOD8QLy(XURSHDLUDWLILFDWVSHU(VSDQ\DV¶DSOL TXH OD OOLXUH FLUFXODFLy GH WUHEDOODGRUV HQ HOV WHUPHV HQ TXq DTXHVWD HV WURED GHILQLGD HQ HO 7UDFWDW &RQVWLWXWLX GH OD &RPXQLWDW (XURSHD VHJRQVGLVSRVDOD/OHLGHGHGHVHPEUH 5HTXLVLWRVGHORVFDQGLGDWRV 3DUDVHUDGPLWLGRVHQODSUHVHQWHFRQYRFDWRULDORVDVSLUDQWHV GHEHUiQUHXQLUORVVLJXLHQWHVUHTXLVLWRVJHQHUDOHV 6HUHVSDxRORQDFLRQDOGHDOJXQRGHORVGHPiV(VWDGRVPLHPEURV GHOD8QLyQ(XURSHDRGHDTXHOORV(VWDGRVDORVTXHHQYLUWXGGHWUD WDGRV LQWHUQDFLRQDOHV FHOHEUDGRV SRU OD 8QLyQ (XURSHD \ UDWLILFDGRV SRU (VSDxD VHD GH DSOLFDFLyQ OD OLEUH FLUFXODFLyQ GH WUDEDMDGRUHV HQ ORV WpUPLQRV HQ TXH pVWD VH KDOOD GHILQLGD HQ HO7UDWDGR &RQVWLWXWLYR GH OD &RPXQLGDG (XURSHD VHJ~Q GLVSRQH OD /H\ GH GH GLFLHPEUH 7DPELpQ SRGUiQ SDUWLFLSDU ORV GHVFHQGLHQWHV \ HO FyQ\XJH GH XQ FLXGDGDQR GH OD 8QLyQ (XURSHD \ ORV GHVFHQGLHQWHV GHO FyQ\XJH VLHPSUH TXH ORV FyQ\XJHV QR HVWpQ VHSDUDGRV GH GHUHFKR \ TXH ORV GHVFHQGLHQWHVVHDQPHQRUHVGHYHLQWL~QDxRVRPD\RUHVGHGLFKDHGDG SHURTXHYLYDQDVXFDUJR(VWHEHQHILFLRWDPELpQVHUiDSOLFDEOHDORV IDPLOLDUHVGHRWURVHVWDGRVVLKD\WUDWDGRVLQWHUQDFLRQDOHVUDWLILFDGRV SRU(VSDxDTXHDVtORHVWDEOH]FDQ ,JXDOPHQWHSRGUiQSDUWLFLSDUORVDVSLUDQWHVGHQDFLRQDOLGDGH[WUDQ MHUD QR FRPXQLWDULD VL GLVSRQHQ GHO FRUUHVSRQGLHQWH UHFRQRFLPLHQWR GHDSWLWXGOHJDOGHDFXHUGRFRQORHVWDEOHFLGRHQHO$UWGHO5' 5'+ 7HQHUFXPSOLGRVORVGLHFLRFKRDxRV\QRKDEHUFXPSOLGRORVVHWHQ WDDxRVGHHGDG (VWDUHQSRVHVLyQGHO7tWXORGH'RFWRU 7DPEp SRGUDQ SDUWLFLSDU HOV GHVFHQGHQWV L HO FzQMXJH G¶XQ FLX WDGj GH OD 8QLy (XURSHD L HOV GHVFHQGHQWV GHO FzQMXJH VHPSUH TXH HOVFzQMXJHVQRHVWLJXHQVHSDUDWVGHGUHWLTXHHOVGHVFHQGHQWVVLJXHQ PHQRUVGHRPDMRUVGHO¶HGDWHVPHQWDGDSHUzTXHYLVTXHQDFjUUHF VHX$TXHVW EHQHILFL WDPEp VHUj DSOLFDEOH DOV IDPLOLDUV G¶DOWUHV HVWDWV VLKLKDWUDFWDWVLQWHUQDFLRQDOVUDWLILFDWVSHU(VSDQ\DTXHDL[tKRHVWD EOLVTXHQ ,JXDOPHQWSRGUDQSDUWLFLSDUHOVDVSLUDQWVGHQDFLRQDOLWDWHVWUDQJH UDQRFRPXQLWjULDVLGLVSRVHQGHOFRUUHVSRQHQWUHFRQHL[HPHQWG¶DSWL WXGOHJDOG¶DFRUGDPEHOTXHHVWDEOHL[O¶DUWLFOHGHO5' 5'+ 7HQLUFRPSOLWVHOVGLYXLWDQ\VLQRKDYHUFRPSOLWHOVVHWDQWDDQ\V (VWDU HQ SRVVHVVLy GHO 7tWRO GH 'RFWRU H[FHSWH HQ OHV SODFHV GH 7LWXODUG¶(VFROD8QLYHUVLWjULDSHUDOHVTXHHVUHTXHUL[HO7tWROGH/OL FHQFLDW$UTXLWHFWHR(QJLQ\HURHOWtWROGH'LSORPDW$UTXLWHFWH7qF QLFR(QJLQ\HU7qFQLF 1R KDYHU VLJXW VHSDUDW PLWMDQoDQW XQ H[SHGLHQW GLVFLSOLQDUL GHO VHUYHLGHO¶DGPLQLVWUDFLyS~EOLFDQLWUREDUVHLQKDELOLWDWSHUVHQWqQFLD IHUPDSHUDO¶H[HUFLFLGHIXQFLRQVS~EOLTXHV (QHOFDVGHOVDVSLUDQWVTXHQRWLQJXHQODQDFLRQDOLWDWHVSDQ\ROD QR HVWDU VRWPHVRV D FDS VDQFLy GLVFLSOLQjULD R FRQGHPQD SHQDO TXH LPSHGLVFDHQHOVHXHVWDWO¶DFFpVDOD)XQFLy3~EOLFD 1R KDEHU VLGR VHSDUDGR PHGLDQWH H[SHGLHQWH GLVFLSOLQDULR GHO VHUYLFLRGHODDGPLQLVWUDFLyQ3~EOLFDQLKDOODUVHLQKDELOLWDGRSRUVHQ WHQFLDILUPHSDUDHOHMHUFLFLRGHIXQFLRQHVS~EOLFDV (QHOFDVRGHORVDVSLUDQWHVTXHQRRVWHQWHQODQDFLRQDOLGDGHVSD xROD QR HVWDU VRPHWLGRV D VDQFLyQ GLVFLSOLQDULD R FRQGHQD SHQDO TXH LPSLGDQHQVX(VWDGRHODFFHVRDOD)XQFLyQ3~EOLFD Núm. 5516 / 21.05.2007 1RSDWLUPDODOWLDQLGHIHFWHItVLFRSVtTXLFTXHLPSHGLVFDO¶H[HUFLFL GHOHVIXQFLRQVFRUUHVSRQHQWVDSURIHVVRUG¶XQLYHUVLWDW (OVVROÂOLFLWDQWVKDXUDQGHUHXQLUHOVUHTXLVLWVHVSHFtILFVTXHD FRQWLQXDFLyV¶DVVHQ\DOHQ $FUHGLWDUWUREDUVHKDELOLWDWVSHUDOFRVGRFHQWXQLYHUVLWDULLO¶jUHD GH FRQHL[HPHQW GH OD FRQYRFDWzULD HVSHFLILFDGD HQ O¶$11(; , G¶DFRUGDPEOHVSUHYLVLRQVFRQWLQJXGHVHQO¶DUWLFOHGHO5HLDO'HFUHW GH GH MXOLRO SHO TXDO HV UHJXOD HO VLVWHPD G¶KDELOLWDFLy QDFLRQDOSHUDO¶DFFpVDFRVVRVGHIXQFLRQDULVGRFHQWVXQLYHUVLWDULVLHO UqJLPGHOVFRQFXUVRVG¶DFFpVUHVSHFWLXV (VFRQVLGHUHQDL[tPDWHL[KDELOLWDWV (OV IXQFLRQDULV GHO FRV L O¶jUHD REMHFWH GH OD FRQYRFDWzULD R FRV G¶LJXDORVXSHULRUFDWHJRULDLPDWHL[DjUHDGHFRQHL[HPHQW (OVSURIHVVRUVG¶DOWUHVHVWDWVPHPEUHVGHOD8QLy(XURSHDLG¶HV WDWVDOVTXDOVV¶DSOLTXHODOOLXUHFLUFXODFLyGHWUHEDOODGRUVHQHOVWHUPHV HQTXqDTXHVWDHVWUREDGHILQLGDHQHO7UDFWDW&RQVWLWXWLXGHOD&RPX QLWDW(XURSHDTXHSHUDFRUGGHO&RQVHOOGH&RRUGLQDFLy8QLYHUVLWjULD HVFRQVLGHUHTXHKDQDFRQVHJXLWDODXQLYHUVLWDWG¶RULJHQXQDSRVLFLy LJXDORHTXLYDOHQWDODGHOVFRVVRVGRFHQWVXQLYHUVLWDULVHVSDQ\ROV (OV KDELOLWDWV G¶DFRUG DPE HO SDUjJUDI DQWHULRU GH QDFLRQDOLWDW HVWUDQJHUDQRFRPXQLWjULDSRGUDQSDUWLFLSDUHQHOSUHVHQWFRQFXUVTXDQ HQ O¶HVWDW GH OD VHXD QDFLRQDOLWDW DOV HVSDQ\ROV VH¶OV UHFRQHJD DSWLWXG OHJDO SHU D RFXSDU HQ OD GRFqQFLD XQLYHUVLWjULD SRVLFLRQV DQjORJXHV D OHVGHOVIXQFLRQDULVGHOVFRVVRVGRFHQWVXQLYHUVLWDULVHVSDQ\ROV 1RSRGUDQSDUWLFLSDUHQDTXHVWFRQFXUVHOVTXHWLQJXHQODFRQGLFLy GHIXQFLRQDULGRFHQWXQLYHUVLWDULGHODPDWHL[DFDWHJRULDLGHODPDWHL [DjUHDGHFRQHL[HPHQWGHODSODoDFRQYRFDGDOOHYDWTXHV¶KDMDSUR GXwWO¶H[HUFLFLHIHFWLXGHODSODoDG¶RULJHQGXUDQWDOPHQ\VGRVDQ\V /D FRQFXUUqQFLD GHOV UHTXLVLWV JHQHUDOV L HVSHFtILFV KDXUj G¶HVWDU UHIHULGD VHPSUH D XQD GDWD DQWHULRU D O¶H[SLUDFLy GHO WHUPLQL IL[DWSHUDVROÂOLFLWDUODSDUWLFLSDFLyHQHOFRQFXUVLPDQWHQLUVHILQVDO PRPHQWGHODSUHVDGHSRVVHVVLy 3HUDOFDVGHOVQDFLRQDOVG¶DOWUHVHVWDWVVLHQHOSURFpVVHOHFWLX QRUHVXOWDUDDFUHGLWDWHOFRQHL[HPHQWGHO¶LGLRPDHVSDQ\ROOD&RPLV VLyGH6HOHFFLySRGUjHVWDEOLUSURYHVHVSHFtILTXHVGHVWLQDGHVDYHULIL FDUHOFRPSOLPHQWG¶DTXHVWUHTXLVLW 6ROÂOLFLWXGV (OVTXHGHVLWJHQSUHQGUHSDUWHQODSUHVHQWFRQYRFDWzULDKDX UDQ GH SUHVHQWDU OD FRUUHVSRQHQW VROÂOLFLWXG GLULJLGD DO UHFWRU GH OD 8QLYHUVLWDW 3ROLWqFQLFD GH 9DOqQFLD HQ HO WHUPLQL GH YLQW GLHV KjELOV FRPSWDWV D SDUWLU GHO GLD VHJHQW D OD SXEOLFDFLy G¶DTXHVWD FRQYRFD WzULDHQHO%ROHWtQ2ILFLDOGHO(VWDGR%2(PLWMDQoDQWXQDLQVWjQFLD GHJXGDPHQW RPSOLGD HQ WULSOH YHUVLy VHJRQV HO PRGHO TXH FRQVWD HQ O¶$11(;,,,SHUDFDGDVFXQGHOVFRQFXUVRVTXHHVVROÂOLFLWH /DSUHVHQWDFLyGHVROÂOLFLWXGVHVUHDOLW]DUjDO5HJLVWUH*HQHUDO GHOD8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLDVLWXDWDODVHXFHQWUDOFDPt GH 9HUD VQ 9DOqQFLD L HOV VHXV UHJLVWUHV DX[LOLDUV D O¶(VFR OD3ROLWqFQLFD6XSHULRUG¶$OFRL3OGH)HUUiQGL]&DUERQHOOVQ $OFRLLDO¶(VFROD3ROLWqFQLFD6XSHULRUGH*DQGLD&DUUHWHUDGH1DW ]DUHW2OLYDVQ*UDXGH*DQGLD*DQGLDRSHUTXDOVHYROGHOV SURFHGLPHQWVHVWDEOLWVHQO¶DUWGHOD/OHLGH5qJLP-XUtGLFGHOHV $GPLQLVWUDFLRQV3~EOLTXHVLGHO3URFHGLPHQW$GPLQLVWUDWLX&RP~ 'UHWV G¶H[DPHQ (OV DVSLUDQWV KDXUDQ GH SDJDU GLQV GHO WHU PLQL GH SUHVHQWDFLy GH VROÂOLFLWXGV PLWMDQoDQW XQ LQJUpV HQ HO FRPS WH ³8QLYHUVLWDW 3ROLWqFQLFD GH9DOqQFLDWD[HV´ REHUW HQ %$1&$,;$ 8UEDQD 8QLYHUVLWDW 3ROLWqFQLFD Q~PHUR GH FRPSWH ªODTXDQWLWDWGHHXURVHQFRQFHSWHGHGUHWVG¶H[D PHQHVSHFLILFDQWHQHOUHVJXDUGGHO¶LQJUpVHOQRPLFRJQRPVQ~PHUR GH'1,LFRQFXUVHQTXqSDUWLFLSDDPELQGLFDFLyGHOFRGLG¶DTXHVW(O UHVJXDUGGHO¶LQJUpVKDXUjG¶XQLUVHDODVROÂOLFLWXGTXHHVSUHVHQWHSHU DSDUWLFLSDUHQHOFRQFXUV/DIDOWDGHSDJDPHQWGHOVGUHWVGHSDUWLFLSD FLyGLQVGHOWHUPLQLGHSUHVHQWDFLyG¶LQVWjQFLHVVHUjPRWLXG¶H[FOXVLy LUUHPHLDEOH 20187 1RSDGHFHUHQIHUPHGDGQLGHIHFWRItVLFRRSVtTXLFRTXHLPSLGDHO GHVHPSHxRGHODVIXQFLRQHVFRUUHVSRQGLHQWHVD3URIHVRUGH8QLYHUVL GDG /RVVROLFLWDQWHVGHEHUiQUHXQLUORVUHTXLVLWRVHVSHFtILFRVTXHD FRQWLQXDFLyQVHVHxDODQ $FUHGLWDUKDOODUVHKDELOLWDGRVSDUDHOFXHUSRGRFHQWHXQLYHUVLWDULR \iUHDGHFRQRFLPLHQWRGHODFRQYRFDWRULDHVSHFLILFDGDHQHO$1(;2 , FRQIRUPH D ODV SUHYLVLRQHV FRQWHQLGDV HQ HO DUWtFXOR GHO 5HDO 'HFUHWR GH GH MXOLR SRU HO TXH VH UHJXOD HO VLVWHPD GH KDELOLWDFLyQQDFLRQDOSDUDHODFFHVRD&XHUSRVGH)XQFLRQDULRV'RFHQ WHV8QLYHUVLWDULRV\HOUpJLPHQGHORVFRQFXUVRVGHDFFHVRUHVSHFWLYRV 6HFRQVLGHUDQDVLPLVPRKDELOLWDGRV /RV IXQFLRQDULRV GHO FXHUSR \ iUHD REMHWR GH OD FRQYRFDWRULD R FXHUSRGHLJXDORVXSHULRUFDWHJRUtD\PLVPDiUHDGHFRQRFLPLHQWR /RVSURIHVRUHVGHRWURV(VWDGRVPLHPEURVGHOD8QLyQ(XURSHD\ GH(VWDGRVDORVTXHVHDGHDSOLFDFLyQODOLEUHFLUFXODFLyQGHWUDEDMD GRUHVHQORVWpUPLQRVHQTXHpVWDVHHQFXHQWUDGHILQLGDHQHO7UDWDGR &RQVWLWXWLYR GH OD &RPXQLGDG (XURSHD TXH SRU DFXHUGR GHO &RQVH MR GH &RRUGLQDFLyQ 8QLYHUVLWDULD VH FRQVLGHUH TXH KDQ DOFDQ]DGR HQ OD8QLYHUVLGDGGHRULJHQXQDSRVLFLyQLJXDORHTXLYDOHQWHDODGHORV FXHUSRVGRFHQWHVXQLYHUVLWDULRVHVSDxROHV /RV KDELOLWDGRV GH DFXHUGR FRQ HO SiUUDIR DQWHULRU GH QDFLRQDOL GDGH[WUDQMHUDQRFRPXQLWDULDSRGUiQSDUWLFLSDUHQHOSUHVHQWHFRQFXU VRFXDQGRHQHO(VWDGRGHVXQDFLRQDOLGDGDORVHVSDxROHVVHOHVUHFR QR]FDDSWLWXGOHJDOSDUDRFXSDUHQODGRFHQFLDXQLYHUVLWDULDSRVLFLRQHV DQiORJDVDODVGHORVIXQFLRQDULRVGHORVFXHUSRVGRFHQWHVXQLYHUVLWD ULRVHVSDxROHV 1R SRGUiQ SDUWLFLSDU HQ HVWH FRQFXUVR TXLHQHV RVWHQWHQ OD FRQ GLFLyQ GH IXQFLRQDULR GRFHQWH XQLYHUVLWDULR GH LJXDO FDWHJRUtD \ GH OD PLVPD iUHD GH FRQRFLPLHQWR GH OD SOD]D FRQYRFDGD VDOYR TXH VH KD\DSURGXFLGRHOGHVHPSHxRHIHFWLYRGHODSOD]DGHRULJHQGXUDQWHDO PHQRVGRVDxRV /D FRQFXUUHQFLD GH ORV UHTXLVLWRV JHQHUDOHV \ HVSHFtILFRV GHEHUiHVWDUUHIHULGDVLHPSUHDXQDIHFKDDQWHULRUDODH[SLUDFLyQGHO SOD]RILMDGRSDUDVROLFLWDUODSDUWLFLSDFLyQHQHOFRQFXUVR\PDQWHQHUVH KDVWDHOPRPHQWRGHODWRPDGHSRVHVLyQ 3DUDHOFDVRGHORVQDFLRQDOHVGHRWURV(VWDGRVVLHQHOSURFHVR VHOHFWLYRQRUHVXOWDUDDFUHGLWDGRHOFRQRFLPLHQWRGHOLGLRPDHVSDxRO OD &RPLVLyQ GH 6HOHFFLyQ SRGUi HVWDEOHFHU SUXHEDV HVSHFtILFDV GHVWL QDGDVDYHULILFDUHOFXPSOLPLHQWRGHHVWHUHTXLVLWR 6ROLFLWXGHV 4XLHQHVGHVHHQWRPDUSDUWHHQODSUHVHQWHFRQYRFDWRULDGHEH UiQSUHVHQWDUODFRUUHVSRQGLHQWHVROLFLWXGGLULJLGDDO5HFWRUGHOD8QL YHUVLGDG 3ROLWpFQLFD GH 9DOHQFLD HQ HO SOD]R GH YHLQWH GtDV KiELOHV FRQWDGRV D SDUWLU GHO GtD VLJXLHQWH D OD SXEOLFDFLyQ GH HVWD FRQYRFD WRULDHQHO%ROHWtQ2ILFLDOGHO(VWDGR%2(PHGLDQWHLQVWDQFLDGHEL GDPHQWH FXPSOLPHQWDGD SRU WULSOLFDGR VHJ~Q PRGHOR TXH FRQVWD HQ $1(;2,,,SDUDFDGDXQDGHORVFRQFXUVRVTXHVROLFLWHQ /D SUHVHQWDFLyQ GH VROLFLWXGHV VH UHDOL]DUi HQ HO 5HJLVWUR *HQHUDO GH OD 8QLYHUVLGDG 3ROLWpFQLFD GH 9DOHQFLD VLWR HQ OD 6HGH &HQWUDO&DPLQRGH9HUDVQ9DOHQFLD\VXV5HJLVWURV$X[L OLDUHVHQOD(VFXHOD3ROLWpFQLFD6XSHULRUGH$OFR\3O)HUUiQGL]&DU ERQHOOVQ$OFR\\HQOD(VFXHOD3ROLWpFQLFD6XSHULRUGH*DQ GLD &DUUHWHUD 1D]DUHW2OLYD VQ *UDR GH *DQGLD *DQGLD R SRUFXDOTXLHUDGHORVSURFHGLPLHQWRVHVWDEOHFLGRVHQHODUWGHOD /H\GH5pJLPHQ-XUtGLFRGHODV$GPLQLVWUDFLRQHV3~EOLFDV\GHO3UR FHGLPLHQWR$GPLQLVWUDWLYR&RP~Q 'HUHFKRV GH ([DPHQ /RV DVSLUDQWHV GHEHUiQ DERQDU GHQWUR GHOSOD]RGHSUHVHQWDFLyQGHVROLFLWXGHVPHGLDQWHLQJUHVRHQODFXHQ WD ³8QLYHUVLGDG 3ROLWpFQLFD GH 9DOHQFLD7DVDV´ DELHUWD HQ %$1&$ -$8UEDQD8QLYHUVLGDG3ROLWpFQLFDQ~PHURGHFXHQWD ªODFDQWLGDGGHHXURVHQFRQFHSWRGHGHUHFKRVGH H[DPHQHVSHFLILFDQGRHQHOUHVJXDUGRGHOLQJUHVRHOQRPEUH\DSHOOL GRVQ~PHURGH'1,\FRQFXUVRHQHOTXHSDUWLFLSDFRQLQGLFDFLyQGHO FyGLJRGHOPLVPR(OUHVJXDUGRGHOLQJUHVRGHEHUiXQLUVHDODVROLFLWXG TXHVHSUHVHQWHSDUDSDUWLFLSDUHQHOFRQFXUVR/DIDOWDGHSDJRGHORV GHUHFKRVGHSDUWLFLSDFLyQGHQWURGHOSOD]RGHSUHVHQWDFLyQGHLQVWDQ FLDVVHUiPRWLYRGHH[FOXVLyQLQVXEVDQDEOH Núm. 5516 / 21.05.2007 20188 2ULJLQDOGHOUHVJXDUGTXHMXVWLILTXHHOSDJDPHQWGHWD[HVHQFRQ FHSWHGHGUHWVG¶H[DPHQ -XQWRFRQFDGDVROLFLWXGVHSUHVHQWDUiODVLJXLHQWHGRFXPHQ WDFLyQ )RWRFRSLDGHOGRFXPHQWRQDFLRQDOGHLGHQWLGDGRSDVDSRUWHFDVR GHVHUHVSDxROHV /RVFDQGLGDWRVTXHQRSRVHDQQDFLRQDOLGDGHVSDxRODGHEHUiQDSRU WDUIRWRFRSLDGHOGRFXPHQWRTXHDFUHGLWHVXQDFLRQDOLGDG\HQVXFDVR ORVGRFXPHQWRVTXHDFUHGLWHQHOYtQFXORGHSDUHQWHVFR\HOKHFKRGH YLYLUDH[SHQVDVRHVWDUDFDUJRGHOQDFLRQDOGHRWUR(VWDGRFRQHOTXH WHQJDQGLFKRYtQFXORFXDQGRHVWDFLUFXQVWDQFLDSURFHGD$VLPLVPRHQ HO VXSXHVWR GH DTXHOORV DVSLUDQWHV TXH SDUWLFLSHQ HQ OD SUHVHQWH FRQ YRFDWRULDSRUVXFRQGLFLyQGHFyQ\XJHVGHEHUiQSUHVHQWDUDGHPiVGH ORVGRFXPHQWRVVHxDODGRVGHFODUDFLyQMXUDGDRSURPHVDGHQRKDOODU VH VHSDUDGRV GH GHUHFKR GH VX UHVSHFWLYR FyQ\XJH /RV GRFXPHQWRV GHEHUiQSUHVHQWDUVHWUDGXFLGRVDOHVSDxRO )RWRFRSLD GHO WtWXOR DFDGpPLFR H[LJLGR TXH HQ FDVR GH KDEHUVH REWHQLGR HQ HO H[WUDQMHUR GHEHUi KDEHU VLGR KRPRORJDGR HQ (VSDxD /RVQDFLRQDOHVGHORVGHPiV(VWDGRVPLHPEURVGHOD8QLyQ(XURSHD SRGUiQ DFUHGLWDU HO FXPSOLPLHQWR GH HVWH UHTXLVLWR FRQ OD FUHGHQFLDO GHODFRQFHVLyQGHOUHFRQRFLPLHQWRGHOWtWXORH[LJLGRGHFRQIRUPLGDG FRQORGLVSXHVWRHQHO5HDO'HFUHWRGHGHRFWXEUH%2( )RWRFRSLDGHORVGRFXPHQWRVTXHDFUHGLWHQHOFXPSOLPLHQWRGHORV UHTXLVLWRVHVSHFtILFRVTXHVHxDODODEDVHSDUDSDUWLFLSDUHQHOFRQ FXUVR 2ULJLQDOGHOUHVJXDUGRTXHMXVWLILTXHHOSDJRGHWDVDVHQFRQFHSWR GHGHUHFKRVGHH[DPHQ 3URWHFFLyGHGDGHVGHFDUjFWHUSHUVRQDO ,QIRUPDFLyUHVSHFWHGHOHVGDGHVDUUHSOHJDGHV /HVGDGHVVXEPLQLVWUDGHVSHOVLQWHUHVVDWVSRGUDQTXHGDULQFRU SRUDGHVHQXQILW[HUDXWRPDWLW]DWTXHFRQVWLWXwVFDOD%DVHGHGDGHVGH SHUVRQDOROD%DVHGHGDGHVGHERUVDGHWUHEDOOGHFRQIRUPLWDWDPEOD /OHL 2UJjQLFD GH GH GHVHPEUH GH SURWHFFLy GH GDGHV GH FDUjFWHUSHUVRQDO/23' (O ILW[HU TXHGDUj GDYDOO OD UHVSRQVDELOLWDW GHO 5HFWRUDW GH OD 8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLDHQ(O&DPtGH9HUDVQ'3 GH9DOqQFLD /DLQIRUPDFLyREWLQJXGDVHUjSURFHVVDGDH[FOXVLYDPHQWSHUD ODJHVWLyGHSHUVRQDO /HV GDGHV GH FDUjFWHU SHUVRQDO VHUDQ WUDFWDWV DPE HO JUDX GH SURWHFFLy TXH HVWDEOHL[ HO 5HLDO 'HFUHW G¶ GH MXQ\ HQ HO TXDO V¶HVWDEOHL[HQ OHV PHVXUHV GH VHJXUHWDW GHOV ILW[HUV DXWRPDWLW]DWV TXH FRQWp GDGHV GH FDUjFWHU SHUVRQDO L V¶DGDSWDUDQ OHV PHVXUHV GH VHJXUHWDWQHFHVVjULHVSHUDJDUDQWLUODFRQILGHQFLDOLWDWLODLQWHJULWDWGH ODLQIRUPDFLy /HVSHUVRQHVLQWHUHVVDGHVSRGUDQH[HUFLUHOVVHXVGUHWVG¶DFFpV UHFWLILFDFLyFDQFHOÂODFLyLRSRVLFLyHQFRPSOLPHQWGHOTXHHVWDEOL[OD /23'GDYDQWGHO6HUYHLGH5HFXUVRV+XPDQV3',GHOD8QLYHUVLWDW 3ROLWqFQLFDGH9DOqQFLDVLWLHQ(O&DPtGH9HUDVQ~P'3GH 9DOqQFLD 3URWHFFLyQGHGDWRVGHFDUiFWHUSHUVRQDO ,QIRUPDFLyQUHVSHFWRGHORVGDWRVUHFRJLGRV /RV GDWRV VXPLQLVWUDGRV SRU ORV LQWHUHVDGRV SRGUiQ TXHGDU LQFRUSRUDGRV HQ XQ ILFKHUR DXWRPDWL]DGR TXH FRQVWLWX\D OD %DVH GH GDWRVGHSHUVRQDOROD%DVHGHGDWRVGHEROVDGHWUDEDMRGHFRQIRUPL GDGFRQOD/H\2UJiQLFDGHGHGLFLHPEUHGHSURWHFFLyQGH GDWRVGHFDUiFWHUSHUVRQDO/23' (O ILFKHUR TXHGDUi EDMR OD UHVSRQVDELOLGDG GHO 5HFWRUDGR GH OD8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLDHQHO&DPLQRGH9HUDVQ'3 GH9DOHQFLD /D LQIRUPDFLyQ REWHQLGD VHUi SURFHVDGD H[FOXVLYDPHQWH SDUD ODJHVWLyQGHSHUVRQDO /RVGDWRVGHFDUiFWHUSHUVRQDOVHUiQWUDWDGRVFRQHOJUDGRGH SURWHFFLyQ TXH HVWDEOH HO 5HDO 'HFUHWR GH GH MXQLR HQ HO FXDO VH HVWDEOHFHQ ODV PHGLGDV GH VHJXULGDG GH ORV ILFKHURV DXWR PDWL]DGRVTXHFRQWLHQHGDWRVGHFDUiFWHUSHUVRQDO\VHDGDSWDUiQODV PHGLGDVGHVHJXULGDGQHFHVDULDVSDUDJDUDQWL]DUODFRQILGHQFLDOLGDG\ ODLQWHJULGDGGHODLQIRUPDFLyQ /DVSHUVRQDVLQWHUHVDGDVSRGUiQHMHUFHUVXVGHUHFKRVGHDFFH VRUHFWLILFDFLyQFDQFHODFLyQ\RSRVLFLyQHQFXPSOLPLHQWRGHORTXH HVWDEOHFHOD/23'DQWHHO6HUYLFLRGH5HFXUVRV+XPDQRV3',GHOD 8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLDVLWRHQHO&DPLQRGH9HUDVQ '3GH9DOHQFLD $GPLVVLyG¶DVSLUDQWV (QHOWHUPLQLPj[LPGHGHXGLHVKjELOVGHVGHODILQDOLW]DFLy GHO WHUPLQL GH SUHVHQWDFLy GH VROÂOLFLWXGV V¶DSURYDUj PLWMDQoDQW XQD UHVROXFLyGHOUHFWRUGHOD8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLDODOOLVWD SURYLVLRQDO G¶DGPHVRV L H[FORVRV DPE LQGLFDFLy GH OHV FDXVHV G¶H[ FOXVLyLHVSXEOLFDUjHQODSDJLQDZHEGHO6HUYHLGH5HFXUVRV+XPDQV KWWSZZZXSYHVUUKKLHQHOWDXOHUG¶DQXQFLVGH5HFWRUDW $GPLVLyQGHDVSLUDQWHV (QHOSOD]RPi[LPRGHGLH]GtDVKiELOHVGHVGHODILQDOL]DFLyQ GHO SOD]R GH SUHVHQWDFLyQ GH VROLFLWXGHV VH DSUREDUi PHGLDQWH UHVR OXFLyQ GHO 5HFWRU GH OD 8QLYHUVLGDG 3ROLWpFQLFD GH 9DOHQFLD OD OLVWD SURYLVLRQDOGHDGPLWLGRV\H[FOXLGRVFRQLQGLFDFLyQGHODVFDXVDVGH H[FOXVLyQ \ VH SXEOLFDUi HQ OD SDJLQD :HE GHO 6HUYLFLR GH 5HFXUVRV +XPDQRVKWWSZZZXSYHVUUKK\HQHOWDEOyQGH$QXQFLRVGH5HF WRUDGR &RQWUDHVWDOLVWDSURYLVLRQDOORVLQWHUHVDGRVSRGUiQSUHVHQWDU UHFODPDFLyQ DQWH HO 5HFWRU HQ HO SOD]R GH GLH] GtDV KiELOHV D FRQWDU GHVGHHOVLJXLHQWHDOGHODSXEOLFDFLyQGHODPHQFLRQDGDUHVROXFLyQ )LQDOL]DGR HO SOD]R GH UHFODPDFLRQHV HO 5HFWRU HQ XQ SOD]R Pi[LPRGH TXLQFH GtDV KiELOHVSXEOLFDUiHQ ORV PHGLRV HVWDEOHFLGRV DQWHULRUPHQWH XQD UHVROXFLyQ HQ TXH VH DSUXHEH OD OLVWD GHILQLWLYD GH DGPLWLGRV \ H[FOXLGRV FRQ LQGLFDFLyQ GH ODV FDXVDV GH H[FOXVLyQ &RQWUDHVWHDFXHUGRVHSRGUiLQWHUSRQHUUHFXUVRGHUHSRVLFLyQDQWHHO 5HFWRUHQHOSOD]RGHXQPHVGHFRQIRUPLGDGFRQORGLVSXHVWRHQHO DUWtFXOR\VLJXLHQWHVGHOD/H\GH5pJLPHQ-XUtGLFRGHODV$GPL QLVWUDFLRQHV3~EOLFDV\GHO3URFHGLPLHQWR$GPLQLVWUDWLYR&RP~Q -XQWDPHQW DPE FDGDVFXQ GH OHV VROÂOLFLWXGV HV SUHVHQWDUj OD GRFXPHQWDFLyVHJHQW )RWRFzSLDGHOGRFXPHQWQDFLRQDOG¶LGHQWLWDWRSDVVDSRUWHQFDVGH VHUHVSDQ\ROV (OV FDQGLGDWV TXH QR SRVVHwVTXHQ QDFLRQDOLWDW HVSDQ\ROD KDXUDQ G¶DSRUWDUXQDIRWRFzSLDGHOGRFXPHQWTXHDFUHGLWHODVHXDQDFLRQDOLWDW LVLpVHOFDVHOVGRFXPHQWVTXHDFUHGLWHQHOYLQFOHGHSDUHQWLXLHOIHW GHYLXUHRHVWDUDFjUUHFGHOQDFLRQDOG¶XQDOWUHHVWDWDPETXqWLQJXHQ WDO YLQFOH TXDQ DTXHVWD FLUFXPVWjQFLD SURFHGLVFD$L[t PDWHL[ HQ HO FDVG¶DTXHOOVDVSLUDQWVTXHSDUWLFLSHQHQODSUHVHQWFRQYRFDWzULDSHUOD VHXDFRQGLFLyGHFzQMXJHVKDXUDQGHSUHVHQWDUDPpVGHOVGRFXPHQWV DVVHQ\DODWVXQDGHFODUDFLyMXUDGDRSURPHVDGHQRWUREDUVHVHSDUDWV GHGUHWGHOVHXUHVSHFWLXFzQMXJH(OVGRFXPHQWVKDXUDQGHSUHVHQWDU VHWUDGXwWVDO¶HVSDQ\RO )RWRFzSLD GHO WtWRO DFDGqPLF H[LJLW TXH HQ FDV G¶KDYHUVH REWLQ JXWDO¶HVWUDQJHUKDXUjG¶KDYHUVLJXWKRPRORJDWD(VSDQ\D(OVQDFL RQDOVGHOVDOWUHVHVWDWVPHPEUHVGHOD8QLy(XURSHDSRGUDQDFUHGLWDU HOFRPSOLPHQWG¶DTXHVWUHTXLVLWDPEODFUHGHQFLDOGHODFRQFHVVLyGHO UHFRQHL[HPHQW GHO WtWRO H[LJLW GH FRQIRUPLWDW DPE HO TXH GLVSRVD HO 5HLDO'HFUHWGHG¶RFWXEUH%2( )RWRFzSLDGHOVGRFXPHQWVTXHDFUHGLWHQHOFRPSOLPHQWGHOVUHTXL VLWVHVSHFtILFVTXHDVVHQ\DODODEDVHSHUDSDUWLFLSDUHQHOFRQFXUV &RQWUD DTXHVWD OOLVWD SURYLVLRQDO HOV LQWHUHVVDWV SRGUDQ SUH VHQWDUUHFODPDFLyGDYDQWGHOUHFWRUHQHOWHUPLQLGHGHXGLHVKjELOVD FRPSWDUGHVGHOVHJHQWDOGHODSXEOLFDFLyGHO¶HVPHQWDGDUHVROXFLy )LQDOLW]DW HO WHUPLQL GH UHFODPDFLRQV HO UHFWRU HQ XQ WHUPLQL Pj[LPGHTXLQ]HGLHVKjELOVSXEOLFDUjHQHOVPLWMDQVHVWDEOLWVDQWHUL RUPHQWXQDUHVROXFLyHQTXqV¶DSURYHODOOLVWDGHILQLWLYDG¶DGPHVRVL H[FORVRVDPELQGLFDFLyGHOHVFDXVHVG¶H[FOXVLy&RQWUDDTXHVWDFRUG HVSRGUjLQWHUSRVDUUHFXUVGHUHSRVLFLyGDYDQWGHOUHFWRUHQHOWHUPLQL G¶XQ PHV GH FRQIRUPLWDW DPE HO TXH GLVSRVD O¶DUWLFOH L VHJHQWV GHOD/OHLGH5qJLP-XUtGLFGHOHV$GPLQLVWUDFLRQV3~EOLTXHVLGHO3UR FHGLPHQW$GPLQLVWUDWLX&RP~ Núm. 5516 / 21.05.2007 20189 3HUDODYjOLGDDFWXDFLyGHODFRPLVVLyVHUjQHFHVVjULDODSDU WLFLSDFLyFRPDPtQLPGHWUHVPHPEUHV(OVPHPEUHVGHODFRPLVVLy TXHHVWLJXHQDEVHQWVHQDOJXQDDFWXDFLyFHVVDUDQHQODVHXDFRQGLFLy GH PHPEUHV (Q FDV G¶DEVqQFLD HO SUHVLGHQW VHUj VXEVWLWXwW SHO YRFDO GHPDMRUFDWHJRULDLDQWLJXLWDWLHOVHFUHWDULVHUjVXEVWLWXwWSHOSURIHVVRU GHPHQRUFDWHJRULDLDQWLJXLWDW &RPLVLRQHVGH6HOHFFLyQ /D&RPLVLyQGH6HOHFFLyQHVWDUiIRUPDGDFLQFRPLHPEURVTXH GHEHUiQVHUSURIHVRUHVGHOiUHDGHFRQRFLPLHQWRRHQVXFDVRFXDQGR QRKD\DSURIHVRUHVGHOiUHDGHFRQRFLPLHQWRTXHFXPSODQORVUHTXLVL WRV HVWDEOHFLGRV VH UHFXUULUi D SURIHVRUHV GH iUHDV DILQHV GHVFULWDV HQ HODQH[R9GHO5'5'+$GHPiVGHEHUiQRVWHQWDULJXDOR VXSHULRUFDWHJRUtDIXQFLRQDODODSOD]DGHOFRQFXUVRGHELHQGRVHUGRV DOPHQRVGHGLFKRVPLHPEURVGHFDWHJRUtDVXSHULRU'RVGHORVPLHP EURVGHODFRPLVLyQSRGUiQVHUSURIHVRUHVGHRWUR(VWDGRGHOD8QLyQ (XURSHDFRQFDWHJRUtDHTXLYDOHQWHDODGHORVGHPiVPLHPEURV 7RGRVORVPLHPEURVGHODFRPLVLyQTXHSHUWHQH]FDQDORVFXHUSRV GRFHQWHV XQLYHUVLWDULRV GHEHUiQ FRQWDU FRQ HO UHFRQRFLPLHQWR GH ORV SHULRGRVGHDFWLYLGDGLQYHVWLJDGRUDPtQLPDTXHVHHVWDEOHFHQSDUDORV PLHPEURVGHODV&RPLVLRQHVGH+DELOLWDFLyQVHJ~QVHHVWDEOHFHHQHO DUWGH5'5'+ (OSUHVLGHQWHGHOD&RPLVLyQVHUiHOSURIHVRUSHUWHQHFLHQWHDOFXHU SRGRFHQWHVXSHULRUFRQPD\RUDQWLJHGDGRVWHQWDQGRODFRQGLFLyQGH VHFUHWDULRHOSURIHVRUGHPHQRUFDWHJRUtD\DQWLJHGDG /D FRQGLFLyQ GH PLHPEUR GH XQD &RPLVLyQ GH 6HOHFFLyQ HV LUUHQXQFLDEOH H[FHSWR HQ ORV FDVRV GH FRQFXUUHQFLD GH ORV VXSXHVWRV OHJDOHVGHDEVWHQFLyQRUHFXVDFLyQRGHFDXVDMXVWLILFDGDTXHLPSRVL ELOLWHODDFWXDFLyQGHOPLHPEURGHOD&RPLVLyQ&RUUHVSRQGHDO5HFWRU ODUHVROXFLyQGHORVLQFLGHQWHVGHDEVWHQFLyQRUHFXVDFLyQ\ODDFHSWD FLyQHQVXFDVRGHODVUHQXQFLDV /DFRPSRVLFLyQGHOD&RPLVLyQTXHMX]JDUiODSOD]DLQFOXLGD HQ HVWD FRQYRFDWRULD HV OD TXH ILJXUD HQ HO$1(;2 , FX\R QRPEUD PLHQWRGHORVPLHPEURVFRUUHVSRQGLHQWHVVHHIHFW~DSRUHVWH5HFWRUD GRPHGLDQWHODSUHVHQWHUHVROXFLyQ /D&RPLVLyQVHFRQVWLWXLUiHQHOSOD]RPi[LPRGHYHLQWHGtDV KiELOHVGHVGHHOGtDVLJXLHQWHDODIHFKDGHSXEOLFDFLyQGHODUHVROXFLyQ GHOUHFWRUSRUODTXHVHDSUXHEHODOLVWDGHILQLWLYDGHDVSLUDQWHVDGPLWL GRV\H[FOXLGRV(OSUHVLGHQWHSUHYLDFRQVXOWDGHOUHVWRGHPLHPEURV FRQYRFDUiDORVWLWXODUHV\HQVXFDVRDORVVXSOHQWHVFRQXQDDQWHOD FLyQPtQLPDGHGLH]GtDVSDUDSURFHGHUDODFWRGHFRQVWLWXFLyQGHOD FRPLVLyQFRQLQGLFDFLyQGHOOXJDUIHFKD\KRUD /D FRQVWLWXFLyQ GH OD FRPLVLyQ H[LJLUi OD SUHVHQFLD GH WRGRV ORV PLHPEURV /RV PLHPEURV WLWXODUHV TXH QR FRQFXUUDQ DO DFWR GH FRQVWLWXFLyQFHVDUiQ\VHUiQVXVWLWXLGRVSRUVXVVXSOHQWHV(QFDVRGH TXHDGHPiVGHORVWLWXODUHVHQDOJXQRGHORVVXSOHQWHVFRQFXUUDFDXVD GH DEVWHQFLyQ UHFXVDFLyQ R UHQXQFLD VH SRGUiQ VXVWLWXLU HQWUH HOORV FRUUHODWLYDPHQWH(QHOVXSXHVWRGHTXHQRIXHUDSRVLEOHODFRQVWLWX FLyQ HO 5HFWRU GLFWDUi UHVROXFLyQ PRWLYDGD VXVSHQGLHQGR ORV SOD]RV GHOFRQFXUVR\SURFHGLHQGRGHQXHYRDOQRPEUDPLHQWRGHXQD&RPL VLyQRGHSDUWHGHODPLVPD 3DUDODYiOLGDDFWXDFLyQGHODFRPLVLyQVHUiQHFHVDULDODSDUWL FLSDFLyQFRPRPtQLPRGHWUHVPLHPEURV/RVPLHPEURVGHODFRPL VLyQTXHHVWpQDXVHQWHVHQDOJXQDDFWXDFLyQFHVDUiQHQVXFRQGLFLyQ GHPLHPEURV(QFDVRGHDXVHQFLDHO3UHVLGHQWHVHUiVXVWLWXLGRSRUHO YRFDO GH PD\RU FDWHJRUtD \ DQWLJHGDG \ HO VHFUHWDULR VHUi VXVWLWXLGR SRUHOSURIHVRUGHPHQRUFDWHJRUtD\DQWLJHGDG 'HVHQYROXSDPHQWGHOFRQFXUV (QO¶DFWHGHFRQVWLWXFLyLDEDQVGHODSUHVHQWDFLyGHOVFDQGL GDWVODFRPLVVLyIL[DUjHOVFULWHULVGHYDORUDFLyGHOFRQFXUVG¶DFFpVHQ HOV TXDOV HV YDORUDUj O¶DFWLYLWDW LQYHVWLJDGRUD GRFHQW L GH JHVWLy DL[t FRPDOWUHVPqULWVGHOVFDQGLGDWVWRWDL[zG¶DFRUGDPEHOVSHUFHQWDWJHV TXHV¶HVWDEOHL[HQHQHO$11(;,, $TXHVWDYDORUDFLyKDXUjGHUHDOLW]DUVHWHQLQWHQFRPSWHO¶DGHTXD FLyGHO¶DFWLYLWDWLPqULWVGHOVFDQGLGDWVDOSHUILOGHODSODoDTXHFRQVWD HQO¶$11(;, (OV FULWHULV GH YDORUDFLy HV IDUDQ S~EOLFV HQ O¶DFWH GH FRQVWLWXFLy GH OD FRPLVVLy GH VHOHFFLy PLWMDQoDQW OD VHXD H[SRVLFLy HQ HO WDXOHU G¶DQXQFLVGHO'HSDUWDPHQWDTXqFRUUHVSRQJDODSODoDREMHFWHGHFRQ FXUV $PEXQDDQWHODFLyPtQLPDGHGHXGLHVHOSUHVLGHQWFRQYRFDUj WRWVHOVFDQGLGDWVDGPHVRVSHUDODUHDOLW]DFLyGHO¶DFWHGHSUHVHQWDFLy DPELQGLFDFLyGHODGDWDO¶KRUDLHOOORF(QWRWFDVO¶DFWHGHSUHVHQ WDFLyGHFDQGLGDWVKDXUjGHWHQLUOORFHQHOWHUPLQLPj[LPGHKRUHV GHVGHO¶DFWHGHFRQVWLWXFLy 'HVDUUROORGHOFRQFXUVR (Q HO DFWR GH FRQVWLWXFLyQ \ DQWHV GH OD SUHVHQWDFLyQ GH ORV FDQGLGDWRVODFRPLVLyQILMDUiORVFULWHULRVGHYDORUDFLyQGHOFRQFXUVR GH DFFHVR HQ ORV TXH VH YDORUDUi OD DFWLYLGDG LQYHVWLJDGRUD GRFHQWH \ GH JHVWLyQ DVt FRPR RWURV PpULWRV GH ORV FDQGLGDWRV WRGR HOOR GH DFXHUGRFRQORVSRUFHQWDMHVTXHVHHVWDEOHFHQHQHO$1(;2,, (VWDYDORUDFLyQGHEHUiUHDOL]DUVHWHQLHQGRHQFXHQWDODDGHFXDFLyQ GH OD DFWLYLGDG \ PpULWRV GH ORV FDQGLGDWRV DO SHUILO GH OD SOD]D TXH FRQVWDHQHO$1(;2, /RVFULWHULRVGHYDORUDFLyQVHKDUiQS~EOLFRVWUDVHODFWRGHFRQV WLWXFLyQ GH OD &RPLVLyQ GH 6HOHFFLyQ PHGLDQWH VX H[SRVLFLyQ HQ HO WDEOyQGHDQXQFLRVGHO'HSDUWDPHQWRDOTXHFRUUHVSRQGDODSOD]DREMH WRGHFRQFXUVR &RQXQDDQWHODFLyQPtQLPDGHGLH]GtDVHO3UHVLGHQWHFRQYR FDUi D WRGRV ORV FDQGLGDWRV DGPLWLGRV SDUD OD UHDOL]DFLyQ GHO DFWR GH SUHVHQWDFLyQ FRQ LQGLFDFLyQ GH OD IHFKD KRUD \ OXJDU (Q WRGR FDVR HODFWRGHSUHVHQWDFLyQGHFDQGLGDWRVKDEUiGHFHOHEUDUVHHQHOSOD]R Pi[LPRGHVHWHQWD\GRVKRUDVGHVGHHODFWRGHFRQVWLWXFLyQ &RPLVVLRQVGHVHOHFFLy /D FRPLVVLy GH VHOHFFLy HVWDUj IRUPDGD FLQF PHPEUHV TXH KDXUDQGHVHUSURIHVVRUVGHO¶jUHDGHFRQHL[HPHQWRVLpVHOFDVTXDQ QR KL KDMD SURIHVVRUV GH O¶jUHD GH FRQHL[HPHQW TXH FRPSOLVTXHQ HOV UHTXLVLWV HVWDEOLWV HV UHFRUUHUj D SURIHVVRUV G¶jUHHV DILQV GHVFULWHV HQ O¶DQQH[ 9 GHO 5' 5'+$ PpV KDXUDQ GH WHQLU LJXDO R VXSHULRU FDWHJRULD IXQFLRQDO D OD SODoD GHO FRQFXUV KDYHQW GH VHU DOPHQ\VGRVG¶DTXHWVPHPEUHVGHFDWHJRULDVXSHULRU'RVGHOVPHP EUHV GH OD FRPLVVLy SRGUDQ VHU SURIHVVRUV G¶XQ DOWUH HVWDW GH OD 8QLy (XURSHDDPEFDWHJRULDHTXLYDOHQWDODGHOVDOWUHVPHPEUHV 7RWVHOVPHPEUHVGHODFRPLVVLyTXHSHUWDQQ\HQDOVFRVVRVGRFHQWV XQLYHUVLWDULV KDXUDQ GH FRPSWDU DPE HO UHFRQHL[HPHQW GHOV SHUtRGHV G¶DFWLYLWDWLQYHVWLJDGRUDPtQLPDTXHV¶HVWDEOHL[HQSHUDOVPHPEUHVGH OHV FRPLVVLRQV G¶KDELOLWDFLy VHJRQV V¶HVWDEOHL[ HQ O¶DUW GH 5' 5'+ (O SUHVLGHQW GH OD FRPLVVLy VHUj HO SURIHVVRU SHUWDQ\HQW DO FRV GRFHQWVXSHULRUDPEPDMRUDQWLJXLWDWLWLQGUjODFRQGLFLyGHVHFUHWDUL HOSURIHVVRUGHPHQRUFDWHJRULDLDQWLJXLWDW /D FRQGLFLy GH PHPEUH G¶XQD FRPLVVLy GH VHOHFFLy pV LUUH QXQFLDEOH H[FHSWH HQ HOV FDVRV GH FRQFXUUqQFLD GHOV VXSzVLWV OHJDOV G¶DEVWHQFLy R UHFXVDFLy R GH FDXVD MXVWLILFDGD TXH LPSRVVLELOLWH O¶DF WXDFLy GHO PHPEUH GH OD FRPLVVLy &RUUHVSRQ DO UHFWRU OD UHVROXFLy GHOVLQFLGHQWVG¶DEVWHQFLyRUHFXVDFLyLO¶DFFHSWDFLyVLpVHOFDVGHOHV UHQ~QFLHV /DFRPSRVLFLyGHOD&RPLVVLyTXHMXWMDUjODSODoDLQFORVDHQ DTXHVWDFRQYRFDWzULDpVODTXHILJXUDHQO¶$11(;,HOQRPHQDPHQW GHOVPHPEUHVFRUUHVSRQHQWVV¶HIHFWXDSHUDTXHVW5HFWRUDWSHUPLWMjGH ODSUHVHQWUHVROXFLy /D FRPLVVLy HV FRQVWLWXLUj HQ HO WHUPLQL Pj[LP GH YLQW GLHV KjELOVGHVGHO¶HQGHPjDODGDWDGHSXEOLFDFLyGHODUHVROXFLyGHOUHF WRUSHUODTXDOV¶DSUREHODOOLVWDGHILQLWLYDG¶DVSLUDQWVDGPHVRV\H[FOR VRV(OSUHVLGHQWGHVSUpVGHODFRQVXOWDSUqYLDGHODUHVWDGHPHPEUHV FRQYRFDUj HOV WLWXODUV L VL pV HO FDV HOV VXSOHQWV DPE XQD DQWHODFLy PtQLPDGHGHXGLHVSHUDSURFHGLUDO¶DFWHGHFRQVWLWXFLyGHODFRPLV VLyDPELQGLFDFLyGHOOORFODGDWDLO¶KRUD /DFRQVWLWXFLyGHODFRPLVVLyH[LJLUjODSUHVqQFLDGHWRWVHOV PHPEUHV(OVPHPEUHVWLWXODUVTXHQRFRQFyUUHJXHQDO¶DFWHGHFRQV WLWXFLyFHVVDUDQLVHUDQVXEVWLWXwWVSHOVVHXVVXSOHQWV(QHOFDVTXHD PpVGHOVWLWXODUVHQDOJXQGHOVVXSOHQWVFRQFzUUHJDXQDFDXVDG¶DEV WHQFLy UHFXVDFLy R UHQ~QFLD HV SRGUDQ VXEVWLWXLU HQWUH HOOV FRUUHODWL YDPHQW(QHOFDVTXHQRIyUDSRVVLEOHODFRQVWLWXFLyHOUHFWRUGLFWDUj XQDUHVROXFLyPRWLYDGDVXVSHQHQWHOVWHUPLQLVGHOFRQFXUVLSURFHGLQW QRYDPHQWDOQRPHQDPHQWG¶XQDFRPLVVLyRGHSDUWG¶DTXHVWD Núm. 5516 / 21.05.2007 /¶DFWHGHSUHVHQWDFLyVHUjS~EOLFLHQHOOHOVFDQGLGDWVHQWUHJDUDQ DOSUHVLGHQWGHODFRPLVVLyFLQFH[HPSODUVGHOVHXKLVWRULDODFDGqPLFL LQYHVWLJDGRULGHOVHXSURMHFWHDFDGqPLFDL[tFRPXQH[HPSODUGHOHV SXEOLFDFLRQVLGRFXPHQWVDFUHGLWDWLXVGHOVPqULWVLFLQFH[HPSODUVGHO SURJUDPDUDRQDWFRUUHVSRQHQWDOSHUILOGHODSODoDFRQYRFDGD (Q O¶DFWH GH SUHVHQWDFLy OD FRPLVVLy LQGLFDUj OD GDWD GH UHD OLW]DFLyGHODSURYDLVLpVHOFDVHVGHWHUPLQDUjSHUVRUWHLJLHVIDUj S~EOLFO¶RUGUHG¶LQWHUYHQFLyGHOVFDQGLGDWVSUHVHQWDWVLHVIL[DUjHOOORF LKRUDGHFRPHQoDPHQWGHODSURYD/DSURYDKDXUjGHFRPHQoDUHQXQ WHUPLQLPj[LPGHFLQFGLHVFRPSWDWVDSDUWLUGHO¶HQGHPjGHO¶DFWHGH SUHVHQWDFLy (OVHFUHWDULGHODFRPLVVLyJDUDQWLUjTXHODGRFXPHQWDFLyOOLX UDGDSHOVFDQGLGDWVSXJDVHUH[DPLQDGDSHUWRWVHOVFDQGLGDWVSUHVHQ WDWVDEDQVGHO¶LQLFLGHOHVSURYHV 20190 (ODFWRGHSUHVHQWDFLyQVHUiS~EOLFR\HQpOORVFDQGLGDWRVHQWUHJD UiQDOSUHVLGHQWHGHODFRPLVLyQFLQFRHMHPSODUHVGHVXKLVWRULDODFDGp PLFRHLQYHVWLJDGRU\GHVXSUR\HFWRDFDGpPLFRDVtFRPRXQHMHPSODU GHODVSXEOLFDFLRQHV\GRFXPHQWRVDFUHGLWDWLYRVGHORVPpULWRV\FLQFR HMHPSODUHVGHOSURJUDPDUD]RQDGRFRUUHVSRQGLHQWHDOSHUILOGHODSOD]D FRQYRFDGD (Q HO DFWR GH SUHVHQWDFLyQ OD &RPLVLyQ LQGLFDUi OD IHFKD GH UHDOL]DFLyQGHODSUXHED\HQVXFDVRVHGHWHUPLQDUiSRUVRUWHR\VH KDUiS~EOLFRHORUGHQGHLQWHUYHQFLyQGHORVFDQGLGDWRVSUHVHQWDGRV\ VHILMDUiHOOXJDU\KRUDGHFRPLHQ]RGHODSUXHED/DSUXHEDGHEHUi FRPHQ]DUHQXQSOD]RPi[LPRGHFLQFRGtDVFRQWDGRVDSDUWLUGHOGtD VLJXLHQWHDOGHODFWRGHSUHVHQWDFLyQ (OVHFUHWDULRGHOD&RPLVLyQJDUDQWL]DUiTXHODGRFXPHQWDFLyQ HQWUHJDGDSRUORVFDQGLGDWRVSXHGDVHUH[DPLQDGDSRUWRGRVORVFDQGL GDWRVSUHVHQWDGRVDQWHVGHOLQLFLRGHODVSUXHEDV &HOHEUDFLyGHODSURYD /D SURYD FRQVLVWLUj HQ O¶H[SRVLFLy RUDO SHOV FDQGLGDWV GHOV PqULWVLKLVWRULDODFDGqPLFGRFHQWLQYHVWLJDGRULGHJHVWLyDL[tFRP GHO SURMHFWH DFDGqPLF $L[t PDWHL[ D OD SURYD V¶DIHJLUj O¶H[SRVLFLy G¶XQSURJUDPDUDRQDWFRUUHVSRQHQWDOSHUILOGHODSODoDTXHFRQVWDHQ $11(;, /¶H[SRVLFLy GHOV PqULWV KLVWRULDO L SURMHFWH GH FDGD XQ GHOV FDQ GLGDWV L O¶H[SRVLFLy GHO SURJUDPD UDRQDW WLQGUj XQD GXUDFLy Pj[LPD G¶XQD KRUD$ FRQWLQXDFLy OD FRPLVVLy GHEDWUj DPE HO FDQGLGDW VREUH HOV VHXV PqULWV KLVWRULDO L SURMHFWH L VREUH O¶H[SRVLFLy GHO SURJUDPD UDRQDWGXUDQWXQWHPSVPj[LPGHGXHVKRUHV 8QDYHJDGDILQDOLW]DGDODSURYDFDGDPHPEUHGHODFRPLVVLy HPHWUjXQLQIRUPHUDRQDWDMXVWDWDOVFULWHULVGHYDORUDFLySUqYLDPHQW DFRUGDWVSHUODFRPLVVLyVREUHHOVPqULWVKLVWRULDOLSURMHFWHLSURJUD PDUDRQDWGHFDGDXQGHOVFDQGLGDWVSUHVHQWDWVDPELQGLFDFLyGHOHV SXQWXDFLRQVDWRUJDGHVDFDGDXQGHOVDSDUWDWV$ODYLVWDGHOVLQIRUPHV ODFRPLVVLyHIHFWXDUjXQDSURSRVWDPRWLYDGDGHSURYLVLyTXHKDXUjGH VHUDSURYDGDSHUDOPHQ\VWUHVYRWVDIDYRU/DSURSRVWDLQFORXUjXQD UHODFLyGHWRWVHOVFDQGLGDWVSHURUGUHGHSUHIHUqQFLDSHUDOVHXQRPH QDPHQW1RREVWDQWDL[zQRSRGUjHIHFWXDUVHXQQRPEUHPpVJUDQGH QRPHQDPHQWVTXHHOGHSODFHVFRQYRFDGHVWDOFRPV¶HVWDEOHL[HQO¶DUW GHOD/OHL2UJjQLFDG¶8QLYHUVLWDWV(OVYRFDOVTXHYRWHQHQ FRQWUD GH OD SURSRVWD PDMRULWjULD KDXUDQ GH IHU FRQVWDU OD PRWLYDFLy GHOVHXYRW 7RWV HOV FRQFXUVRV SRGUDQ UHVROGUH¶V DPE OD QRSURYLVLy GH SODoDRSODFHVVLEpWHQLQWHQFRPSWHDOOzTXHV¶KDGLVSRVDWSHUODQRU PDWLYDG¶DSOLFDFLy /D FRPLVVLy HQFDUUHJDGD GH UHVROGUH HO FRQFXUV HQ HO WUDQV FXUVGHOHVSURYHVYDORUDUjLHVWLPDUjVLHOVDVSLUDQWVTXHQRWLQJXHQ ODQDFLRQDOLWDWHVSDQ\RODSRVVHHL[HQHOFRQHL[HPHQWDGHTXDWGHO¶HV SDQ\ROWDOFRPUHFXOOODEDVHLSRGUjSHUDDL[zHVWDEOLUSURYHV HVSHFtILTXHVGHVWLQDGHVDYHULILFDUHOFRPSOLPHQWG¶DTXHVWUHTXLVLW &HOHEUDFLyQGHODSUXHED /DSUXHEDFRQVLVWLUiHQODH[SRVLFLyQRUDOSRUORVFDQGLGDWRV GH ORV PpULWRV H KLVWRULDO DFDGpPLFR GRFHQWH LQYHVWLJDGRU \ GH JHV WLyQDVtFRPRGHOSUR\HFWRDFDGpPLFR$VLPLVPRDODSUXHEDVHDxD GLUiODH[SRVLFLyQGHXQSURJUDPDUD]RQDGRFRUUHVSRQGLHQWHDOSHUILO GHODSOD]DTXHFRQVWDHQ$1(;2, /DH[SRVLFLyQGHORVPpULWRVKLVWRULDO\SUR\HFWRGHFDGDXQRGH ORVFDQGLGDWRV\ODH[SRVLFLyQGHOSURJUDPDUD]RQDGRWHQGUiXQDGXUD FLyQPi[LPDGHXQDKRUD$FRQWLQXDFLyQODFRPLVLyQGHEDWLUiFRQHO FDQGLGDWRVREUHVXVPpULWRVKLVWRULDO\SUR\HFWR\VREUHODH[SRVLFLyQ GHOSURJUDPDUD]RQDGRGXUDQWHXQWLHPSRPi[LPRGHGRVKRUDV 8QD YH] ILQDOL]DGD OD SUXHED FDGD PLHPEUR GH OD &RPLVLyQ HPLWLUi XQ LQIRUPH UD]RQDGR DMXVWDGR D ORV FULWHULRV GH YDORUDFLyQ SUHYLDPHQWHDFRUGDGRVSRUODFRPLVLyQVREUHORVPpULWRVKLVWRULDO\ SUR\HFWR\SURJUDPDUD]RQDGRGHFDGDXQRGHORVFDQGLGDWRVSUHVHQ WDGRVFRQLQGLFDFLyQGHODVSXQWXDFLRQHVRWRUJDGDVDFDGDXQRGHORV DSDUWDGRV$ OD YLVWD GH ORV LQIRUPHV OD FRPLVLyQ HIHFWXDUi XQD SUR SXHVWDPRWLYDGDGHSURYLVLyQTXHGHEHUiVHUDSUREDGDSRUDOPHQRV WUHVYRWRVDIDYRU/DSURSXHVWDLQFOXLUiXQDUHODFLyQGHWRGRVORVFDQ GLGDWRVSRURUGHQGHSUHIHUHQFLDSDUDVXQRPEUDPLHQWR1RREVWDQWH QRSRGUiHIHFWXDUVHPD\RUQ~PHURGHQRPEUDPLHQWRVTXHHOGHSOD]DV FRQYRFDGDVWDO\FRPRVHHVWDEOHFHHQHODUWGHOD/H\2UJiQLFD GH8QLYHUVLGDGHV/RVYRFDOHVTXHYRWHQHQFRQWUDGHODSUR SXHVWDPD\RULWDULDGHEHUiQKDFHUFRQVWDUODPRWLYDFLyQGHVXYRWR 7RGRVORVFRQFXUVRVSRGUiQUHVROYHUVHFRQODQRSURYLVLyQGH SOD]DRSOD]DVVLELHQWHQLHQGRHQFXHQWDORGLVSXHVWRSRUODQRUPDWL YDGHDSOLFDFLyQ /D &RPLVLyQ HQFDUJDGD GH UHVROYHU HO FRQFXUVR HQ HO WUDQV FXUVR GH ODV SUXHEDV YDORUDUi \ DSUHFLDUi VL ORV DVSLUDQWHV TXH QR RVWHQWHQ OD QDFLRQDOLGDG HVSDxROD SRVHHQ HO FRQRFLPLHQWR DGHFXDGR GHOHVSDxROWDO\FRPRUHFRJHODEDVHSXGLHQGRSDUDHOORHVWD EOHFHU SUXHEDV HVSHFtILFDV GHVWLQDGDV D YHULILFDU HO FXPSOLPLHQWR GH HVWHUHTXLVLWR 'HODSURSRVWDGHSURYLVLy /DSURSRVWDPRWLYDGDGHSURYLVLyGHODSODoDHVIDUjS~EOLFD HQHOOORFGHUHDOLW]DFLyGHOFRQFXUVLDOWDXOHUG¶DQXQFLVGHOGHSDUWD PHQWHQTXqHVFRQYRFDODSODoD/DSURSRVWDGHSURYLVLyLQGLFDUjHOV PLWMDQVG¶LPSXJQDFLyTXHHVSRGUDQXWLOLW]DUSHOVLQWHUHVVDWV 'HODSURSXHVWDGHSURYLVLyQ /DSURSXHVWDPRWLYDGDGHSURYLVLyQGHODSOD]DVHKDUiS~EOL FDHQHOOXJDUGHFHOHEUDFLyQGHOFRQFXUVR\HQHOWDEOyQGHDQXQFLRV GHO'HSDUWDPHQWRHQHOTXHVHFRQYRFDODSOD]D/DSURSXHVWDGHSUR YLVLyQLQGLFDUiORVPHGLRVGHLPSXJQDFLyQTXHVHSRGUiQXWLOL]DUSRU ORVLQWHUHVDGRV /D SURSXHVWD GH SURYLVLyQ VH SXEOLFDUi HQ HO SOD]R Pi[LPR GH FLQFRGtDVGHVGHHOVLJXLHQWHDODILQDOL]DFLyQGHODFHOHEUDFLyQGHODV SUXHEDV 'LFKD SURSXHVWD SHUPDQHFHUi H[SXHVWD DO PHQRV KDVWD OD ILQDOL]DFLyQGHOSOD]RSDUDLQWHUSRQHUUHFXUVRDGPLQLVWUDWLYR (OSUHVLGHQWHGHOD&RPLVLyQXQDYH]HIHFWXDGD\SXEOLFDGD ODSURSXHVWDGHSURYLVLyQUHPLWLUiDO5HFWRUHQXQSOD]RPi[LPRGH FLQFRGtDVQDWXUDOHVXQHMHPSODUGHWRGDVODVDFWDVHLQIRUPHV /DSURSRVWDGHSURYLVLyHVSXEOLFDUjHQHOWHUPLQLPj[LPGHFLQF GLHVGHVGHO¶HQGHPjGHODILQDOLW]DFLyGHODFHOHEUDFLyGHOHVSURYHV $TXHVWDURPDQGUjH[SRVDGDDOPHQ\VILQVDODILQDOLW]DFLyGHOWHUPLQL SHUDLQWHUSRVDUXQUHFXUVDGPLQLVWUDWLX (OSUHVLGHQWGHOD&RPLVVLyXQDYHJDGDHIHFWXDGDLSXEOLFDGD ODSURSRVWDGHSURYLVLyUHPHWUjDOUHFWRUHQXQWHUPLQLPj[LPGHFLQF GLHVQDWXUDOVXQH[HPSODUGHWRWHVOHVDFWHVLLQIRUPHV 5HFXUVRVFRQWUDODSURSRVWDGHSURYLVLy &RQWUDODSURSRVWDGHODFRPLVVLyGHVHOHFFLyHOVFDQGLGDWV SRGUDQ SUHVHQWDU XQD UHFODPDFLy GDYDQW GHO UHFWRU GH OD 8QLYHUVLWDW GLQVGHOWHUPLQLPj[LPGHGHXGLHVFRPSWDWVDSDUWLUGHO¶HQGHPjGH ODSXEOLFDFLyG¶DTXHVWDDOWDXOHUG¶DQXQFLVGHOGHSDUWDPHQW 5HFXUVRVFRQWUDODSURSXHVWDGHSURYLVLyQ &RQWUD OD SURSXHVWD GH OD &RPLVLyQ GH 6HOHFFLyQ ORV FDQ GLGDWRV SRGUiQ SUHVHQWDU XQD UHFODPDFLyQ DQWH HO 5HFWRU GH OD 8QL YHUVLGDGGHQWURGHOSOD]RPi[LPRGHGLH]GtDVFRQWDGRVDSDUWLUGHO VLJXLHQWH D OD SXEOLFDFLyQ GH OD PLVPD HQ HO WDEOyQ GH DQXQFLRV GHO 'HSDUWDPHQWR Núm. 5516 / 21.05.2007 20191 $GPHVD D WUjPLW OD UHFODPDFLy VH VXVSHQGUDQ HOV QRPHQD PHQWVILQVDODVHXDUHVROXFLyGHILQLWLYD $TXHVWDUHFODPDFLyVHUjYDORUDGDSHUXQDFRPLVVLyGHUHFOD PDFLRQVGHFRQIRUPLWDWDPEHOTXHGLVSRVDO¶DUWLFOHGHO5HJODPHQW GH6HOHFFLyGHO3HUVRQDO'RFHQWL,QYHVWLJDGRULO¶DUWLFOHGHOV(VWD WXWVGHOD8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLD /DUHVROXFLyGHOUHFWRUTXHVHUjHPHVDHQHOWHUPLQLPj[LP GH WUHV PHVRV DPE OD SURSRVWD SUqYLD YLQFXODQW GH OD FRPLVVLy GH UHFODPDFLRQVHVJRWDODYLDDGPLQLVWUDWLYDLHVSRGUjLPSXJQDUGDYDQW GHODMXULVGLFFLyFRQWHQFLRVDDGPLQLVWUDWLYD $GPLWLGDDWUiPLWHODUHFODPDFLyQVHVXVSHQGHUiQORVQRP EUDPLHQWRVKDVWDVXUHVROXFLyQGHILQLWLYD (VWDUHFODPDFLyQVHUiYDORUDGDSRUXQD&RPLVLyQGH5HFOD PDFLRQHVGHFRQIRUPLGDGFRQORGLVSXHVWRHQHODUWtFXORGHO5HJOD PHQWR GH 6HOHFFLyQ GHO 3HUVRQDO GRFHQWH H LQYHVWLJDGRU \ HO DUWtFXOR GHORV(VWDWXWRVGHOD8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLD /DUHVROXFLyQGHO5HFWRUTXHVHUiHPLWLGDHQHOSOD]RPi[L PR GH WUHV PHVHV SUHYLD SURSXHVWD YLQFXODQWH GH OD &RPLVLyQ GH 5HFODPDFLRQHVDJRWDODYtDDGPLQLVWUDWLYD\VHSRGUiLPSXJQDUDQWH ODMXULVGLFFLyQFRQWHQFLRVRDGPLQLVWUDWLYD 3UHVHQWDFLyGHGRFXPHQWVLQRPHQDPHQWV (O FDQGLGDW SURSRVDW SHU D OD SURYLVLy GH OD SODoD KDXUj GH SUHVHQWDUDO6HUYHLGH5HFXUVRV+XPDQVGHOD8QLYHUVLWDW3ROLWqFQLFD GH9DOqQFLDHQHOWHUPLQLGHYLQWGLHVQDWXUDOVVHJHQWVDOGHFRQFORX UHO¶DFWXDFLyGHODFRPLVVLyHOVGRFXPHQWVVHJHQWV )RWRFzSLDGHO'1,RGRFXPHQWHTXLYDOHQWSHUDOVQDFLRQDOVGHOV DOWUHVHVWDWVDTXqIDUHIHUqQFLDODEDVHDG¶DTXHVWDFRQYRFDWzULD (OV DVSLUDQWV TXH WLQJXHUHQ OD FRQGLFLy GH IXQFLRQDULV GH FDUUHUD G¶DGPLQLVWUDFLRQV HVSDQ\ROHV HVWDUDQ H[HPSWV GH MXVWLILFDU WDOV GRFX PHQWV L UHTXLVLWV KDXUDQ GH SUHVHQWDU XQ FHUWLILFDW GH OD VHXD DGPLQ LVWUDFLy G¶RULJHQ DFUHGLWDWLYD GH OD FRQGLFLy GH IXQFLRQDUL L WRWHV OHV FLUFXPVWjQFLHVTXHFRQVWHQHQHOVHXIXOOGHVHUYHLV (OUHFWRUDQRPHQDUjHOFDQGLGDWSURSRVDWSHUODFRPLVVLyGH VHOHFFLyHQXQWHUPLQLPj[LPGHWUHQWDGLHVKjELOVGHVGHO¶HQGHPjGH ODSXEOLFDFLyGHODSURSRVWDGHSURYLVLy (Q HO FDV TXH HO FDQGLGDW SURSRVDW QR SUHVHQWH HQ WHPSV L IRUPD OD GRFXPHQWDFLy UHTXHULGD DQWHULRUPHQW HO UHFWRU QRPHQDUj HO VHJHQW FDQGLGDW VHJRQV O¶RUGUH GH YDORUDFLy IRUPXODW GHVSUpV GH O¶DFUHGLWDFLySUqYLDGHOVHVPHQWDWVUHTXLVLWV (OQRPHQDPHQWTXHHVSHFLILFDUjODGHQRPLQDFLyGHODSODoD FRVLjUHDGHFRQHL[HPHQWVHUjSXEOLFDWDO%ROHWtQ2ILFLDOGHO(VWDGRL HQHO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQDLFRPXQLFDWVDOVUHJLV WUHVFRUUHVSRQHQWVLDOD6HFUHWDULD*HQHUDOGHO&RQVHOOGH&RRUGLQDFLy 8QLYHUVLWjULD (QHOWHUPLQLPj[LPGHYLQWGLHVDFRPSWDUGHVGHO¶HQGHPj GHODSXEOLFDFLyGHOQRPHQDPHQWHQHO%ROHWtQ2ILFLDOGHO(VWDGRHO FDQGLGDWKDXUjGHSUHQGUHSRVVHVVLyGHODVHXDGHVWLQDFLyPRPHQWHQ TXqDGTXLULUjODFRQGLFLyGHIXQFLRQDULGHFDUUHUDGHOFRVGRFHQWXQL YHUVLWDUL TXH HV WUDFWH VL QR HV WLQJXHUD MD OD GLWD FRQGLFLy DPE HOV GUHWVLGHXUHVTXHOLVyQSURSLV 3UHVHQWDFLyQGHGRFXPHQWRV\1RPEUDPLHQWRV (OFDQGLGDWRSURSXHVWRSDUDODSURYLVLyQGHODSOD]DGHEHUi SUHVHQWDUHQHO6HUYLFLRGH5HFXUVRV+XPDQRVGHOD8QLYHUVLGDG3ROL WpFQLFDGH9DOHQFLDHQHOSOD]RGHYHLQWHGtDVQDWXUDOHVVLJXLHQWHVDO GHFRQFOXLUODDFWXDFLyQGHOD&RPLVLyQORVVLJXLHQWHVGRFXPHQWRV )RWRFRSLD GHO '1, R GRFXPHQWR HTXLYDOHQWH SDUD ORV QDFLRQDOHV GH ORV RWURV HVWDGRV D ORV TXH KDFH UHIHUHQFLD OD EDVH D GH HVWD FRQYRFDWRULD &HUWLILFDFLyQPpGLFDRILFLDOGHQRSDGHFHUHQIHUPHGDGQLGHIHFWR ItVLFRRSVtTXLFRTXHOHLPSLGDHOGHVHPSHxRGHODVIXQFLRQHVFRUUHV SRQGLHQWHVD3URIHVRUHVGH8QLYHUVLGDG 'HFODUDFLyQMXUDGDGHQRKDEHUVLGRVHSDUDGRGHODDGPLQLVWUDFLyQ 3~EOLFDHQYLUWXGGHH[SHGLHQWHGLVFLSOLQDULR\QRKDOODUVHLQKDELOLWD GRSDUDHOHMHUFLFLRGHODIXQFLyQS~EOLFD $TXHOORV TXH QR RVWHQWHQ OD QDFLRQDOLGDG HVSDxROD GHEHUiQ DFUH GLWDU QR HVWDU VRPHWLGRV D VDQFLyQ GLVFLSOLQDULD R FRQGHQD SHQDO TXH LPSLGHQHQVX(VWDGRHODFFHVRDODIXQFLyQS~EOLFDPHGLDQWHFHUWLIL FDFLyQH[SHGLGDSRUODVDXWRULGDGHVFRPSHWHQWHVGHVXSDtVGHRULJHQ )RWRFRSLD FRPSXOVDGD GHO WtWXOR DFDGpPLFR H[LJLGR HQ OD FRQYR FDWRULDRFHUWLILFDFLyQVXSOHWRULDVHJ~QPRGHORRILFLDOHQFDVRGHQR KDEHUVLGRH[SHGLGRD~Q 'HFODUDFLyQ GH QR HVWDU DIHFWDGR GH LQFRPSDWLELOLGDG R HMHUFLFLR GHRSFLyQHQHOFDVRGHYHQLUGHVHPSHxDQGRDOJXQDDFWLYLGDGS~EOLFD RSHUFLELHQGRDOJXQDSHQVLyQ /RVDVSLUDQWHVTXHWXYLHUDQODFRQGLFLyQGHIXQFLRQDULRVGHFDUUHUD GHDGPLQLVWUDFLRQHVHVSDxRODVHVWDUiQH[HQWRVGHMXVWLILFDUWDOHVGRFX PHQWRV\UHTXLVLWRVGHELHQGRSUHVHQWDUFHUWLILFDFLyQGHVX$GPLQLVWUD FLyQ GH RULJHQ DFUHGLWDWLYD GH VX FRQGLFLyQ GH IXQFLRQDULR \ FXDQWDV FLUFXQVWDQFLDVFRQVWHQHQVXKRMDGHVHUYLFLRV (O5HFWRUQRPEUDUiDOFDQGLGDWRSURSXHVWRSRUOD&RPLVLyQ GH 6HOHFFLyQ HQ XQ SOD]R Pi[LPR GH WUHLQWD GtDV KiELOHV GHVGH HO VLJXLHQWHDODSXEOLFDFLyQGHODSURSXHVWDGHSURYLVLyQ (QFDVRGHTXHHOFDQGLGDWRSURSXHVWRQRSUHVHQWHHQWLHPSR \IRUPDODGRFXPHQWDFLyQUHTXHULGDDQWHULRUPHQWHHO5HFWRUQRPEUD UiDOVLJXLHQWHFDQGLGDWRVHJ~QHORUGHQGHYDORUDFLyQIRUPXODGRSUH YLDDFUHGLWDFLyQGHORVPHQFLRQDGRVUHTXLVLWRV (O QRPEUDPLHQWR TXH HVSHFLILFDUi OD GHQRPLQDFLyQ GH OD SOD]D FXHUSR \ iUHD GH FRQRFLPLHQWR VHUi SXEOLFDGR HQ HO %ROHWtQ 2ILFLDOGHO(VWDGR\HQHO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQD\ FRPXQLFDGRVDORVUHJLVWURVFRUUHVSRQGLHQWHV\DOD6HFUHWDUtD*HQHUDO GHO&RQVHMRGH&RRUGLQDFLyQ8QLYHUVLWDULD (Q HO SOD]R Pi[LPR GH YHLQWH GtDV D FRQWDU GHVGH HO GtD VLJXLHQWHDODSXEOLFDFLyQGHOQRPEUDPLHQWRHQHO%ROHWtQ2ILFLDOGHO (VWDGR HO FDQGLGDWR GHEHUi WRPDU SRVHVLyQ GH VX GHVWLQR PRPHQWR HQHOTXHDGTXLULUiODFRQGLFLyQGHIXQFLRQDULRGHFDUUHUDGHOFXHUSR GRFHQWHXQLYHUVLWDULRGHTXHVHWUDWHVLQRVHRVWHQWDVH\DGLFKDFRQGL FLyQFRQORVGHUHFKRV\GHEHUHVTXHOHVRQSURSLRV %DVHILQDO &RQWUD HOV DFWHV GH OD FRPLVVLy SRGUDQ HOV LQWHUHVVDWV LQWHU SRVDU UHFXUV G¶DOoDGD HQ HO WHUPLQL G¶XQ PHV FRPSWDW D SDUWLU GH OD SXEOLFDFLyGHO¶DFWHLPSXJQDWGDYDQWGHOUHFWRU &RQWUDODSUHVHQW5HVROXFLyTXHSRVDILDODYLDDGPLQLVWUD WLYDSRGUDQHOVLQWHUHVVDWVLQWHUSRVDUUHFXUVFRQWHQFLyVDGPLQLVWUDWLX HQHOWHUPLQLGHGRVPHVRVFRPSWDWVDSDUWLUGHOGLDVHJHQWGHODVHXD SXEOLFDFLyGDYDQWGHOVzUJDQVMXULVGLFFLRQDOVGHOFRQWHQFLyVDGPLQLV WUDWLXGHOD&RPXQLWDW9DOHQFLDQDGHFRQIRUPLWDWDPEHOTXHGLVSRVHQ HOVDUWLFOHVLGHOD/OHLGHGHQRYHPEUHGH5qJLP -XUtGLFGHOHV$GPLQLVWUDFLRQV3~EOLTXHVLGHO3URFHGLPHQW$GPLQLV %DVHILQDO &RQWUDORVDFWRVGHOD&RPLVLyQSRGUiQORVLQWHUHVDGRVLQWHU SRQHUUHFXVRGHDO]DGDHQHOSOD]RGHXQPHVFRQWDGRDSDUWLUGHOD SXEOLFDFLyQGHODFWRLPSXJQDGRDQWHHO5HFWRU &RQWUDODSUHVHQWHUHVROXFLyQTXHSRQHILQDODYtDDGPLQLV WUDWLYD SRGUiQ ORV LQWHUHVDGRV LQWHUSRQHU UHFXUVR FRQWHQFLRVRDGPL QLVWUDWLYRHQHOSOD]RGHGRVPHVHVFRQWDGRVDSDUWLUGHOGtDVLJXLHQWH GH VX SXEOLFDFLyQ DQWH ORV yUJDQRV MXULVGLFFLRQDOHV GH OR &RQWHQFLR VR$GPLQLVWUDWLYR GH OD &RPXQLGDG 9DOHQFLDQD GH FRQIRUPLGDG FRQ OR GLVSXHVWR HQ ORV DUWtFXORV \ GH OD /H\ GH GH QRYLHPEUH GH 5pJLPHQ -XUtGLFR GH ODV$GPLQLVWUDFLRQHV 3~EOLFDV \ &HUWLILFDWPqGLFRILFLDOGHQRSDWLUFDSPDODOWLDQLGHIHFWHItVLFR SVtTXLFTXHOLLPSHGLVFDO¶H[HUFLFLGHOHVIXQFLRQVFRUUHVSRQHQWVDSUR IHVVRUVG¶XQLYHUVLWDW 'HFODUDFLy MXUDGD GH QR KDYHU VLJXW VHSDUDW GH O¶DGPLQLVWUDFLy S~EOLFDHQYLUWXWG¶H[SHGLHQWGLVFLSOLQDULLQRWUREDUVHLQKDELOLWDWSHU DO¶H[HUFLFLGHODIXQFLyS~EOLFD $TXHOOVTXHQRWLQJXHQODQDFLRQDOLWDWHVSDQ\RODKDXUDQG¶DFUHGLWDU QR HVWDU VRWPHVRV D FDS VDQFLy GLVFLSOLQjULD R FRQGHPQD SHQDO TXH LPSHGHL[HQDOVHXHVWDWO¶DFFpVDODIXQFLyS~EOLFDPLWMDQoDQWFHUWLIL FDWH[SHGLWSHUOHVDXWRULWDWVFRPSHWHQWVGHOVHXSDtVG¶RULJHQ )RWRFzSLDFRPSXOVDGDGHOWtWRODFDGqPLFH[LJLWHQODFRQYRFDWzULD R FHUWLILFDFLy VXSOHWzULD VHJRQV HO PRGHO RILFLDO HQ FDV GH QR KDYHU VLJXWH[SHGLWHQFDUD 'HFODUDFLyGHQRHVWDUDIHFWDWG¶LQFRPSDWLELOLWDWRH[HUFLFLG¶RSFLy HQHOFDVG¶H[HUFLUDOJXQDDFWLYLWDWS~EOLFDRSHUFHEHQWDOJXQDSHQVLy Núm. 5516 / 21.05.2007 20192 WUDWLX &RP~ VHJRQV OD VHXD UHGDFFLy PRGLILFDGD SHU OD /OHL DL[t FRP HQ HOV DUWLFOHV L GH OD /OHL GH GH MXOLRO 5HJXODGRUD GH OD -XULVGLFFLy &RQWHQFLRVD$GPLQLVWUDWLYD L SRWHVWD WLYDPHQW SRGUDQ LQWHUSRVDU HO UHFXUV GH UHSRVLFLy HQ HO WHUPLQL G¶XQ PHVGDYDQWGHOUHFWRUGHFRQIRUPLWDWDPEHOVDUWLFOHVLGHOD UHIHULGD/OHLVHJRQVODVHXDUHGDFFLyPRGLILFDGDSHUOD/OHL 7RW DL[z VHQVH SHUMXGLFL TXH V¶XWLOLW]H TXDOVHYRO DOWUH UHFXUV TXH SHUDOVHXGUHWHVWLPHFRQYHQLHQW 9DOqQFLDG¶DEULOGH(OUHFWRU-XDQ-XOLj,JXDO GHO 3URFHGLPLHQWR$GPLQLVWUDWLYR &RP~Q VHJ~Q VX UHGDFFLyQ PRGL ILFDGDSRUOD/H\DVtFRPRHQORVDUWtFXORV\GHOD/H\ GH GH MXOLR 5HJXODGRUD GH OD -XULVGLFFLyQ &RQWHQFLRVR $GPLQLVWUDWLYD \ SRWHVWDWLYDPHQWH SRGUiQ LQWHUSRQHU HO UHFXUVR GH UHSRVLFLyQHQHOSOD]RGHXQPHVDQWHHO5HFWRUGHFRQIRUPLGDGFRQ ORVDUWtFXORV\GHODUHIHULGD/H\VHJ~QVXUHGDFFLyQ PRGLILFDGDSRUOD/H\ 7RGRHOORVLQSHUMXLFLRGHTXHVHXWLOLFHFXDOTXLHURWURUHFXUVRTXH SDUDVXGHUHFKRHVWLPHFRQYHQLHQWH 9DOHQFLDGHDEULOGH(OUHFWRU-XDQ-XOLi,JXDO $1(;2, $11(;, &2192&$7Ñ5,$&1 &RQYRFDWRULD&1 &yG&RQFXUV &RV&DWHGUjWLFDG¶8QLYHUVLWDW ¬UHDGH&RQHL[HPHQW(QJLQ\HULD$HURHVSDFLDO 'HSDUWDPHQW0jTXLQHVL0RWRUV7qUPLFV &HQWUH(76'¶(QJLQ\HULDGHO'LVVHQ\ 1RPEUHGH3ODFHV&yG 3HUILOGRFHQWGHODSODoD0HFjQLFDGH)OXLGV$PSOLDFLy0HFjQLFD GH)OXLGV 7ULEXQDO &yG&RQFXUVR &XHUSR&DWHGUiWLFRDGH8QLYHUVLGDG ÈUHDGH&RQRFLPLHQWR,QJHQLHUtD$HURHVSDFLDO 'HSDUWDPHQWR0iTXLQDV\0RWRUHV7pUPLFRV &HQWUR(76GH,QJHQLHUtDGHO'LVHxR 1~PHURGH3OD]DV&yG 3HUILO GRFHQWH GH OD SOD]D 0HFiQLFD GH )OXLGRV $PSOLDFLyQ 0HFiQLFDGH)OXLGRV 7ULEXQDO &RPLVVLyWLWXODU 3UHVLGHQWD '65$ -26e /8,6 0817$1<Ê6 *$5&Ë$ &DW HGUjWLFDG¶8QLYHUVLWDWGHOD8QLYHUVLWDW3ROLWqFQLFDGH0DGULG 6HFUHWDULD '65$ 0,*8(/$1*(/ *Ï0(= 7(1'5( &DW HGUjWLFDG¶8QLYHUVLWDWGHOD8QLYHUVLWDW3ROLWqFQLFDGH0DGULG 9RFDO SULPHU '65$ -26e 0(6(*8(5 58,= &DWHGUjWLFD G¶8QLYHUVLWDWGHOD8QLYHUVLWDW3ROLWqFQLFDGH0DGULG 9RFDO VHJRQ '65$ $1*(/ 3('52 6$1= $1'5e6 &DW HGUjWLFDG¶8QLYHUVLWDWGHOD8QLYHUVLWDW3ROLWqFQLFDGH0DGULG 9RFDO WHUFHU '65$ -26e 0$18(/ 3(5$/(6 3(5$/(6 &DWHGUjWLFDG¶8QLYHUVLWDWGHOD8QLYHUVLWDW3ROLWqFQLFDGH0DGULG &RPLVLyQWLWXODU 3UHVLGHQWHD''-26e/8,60217$fe6*$5&Ë$&DWHGUi WLFRDGH8QLYHUVLGDGGHOD8QLYHUVLGDG3ROLWpFQLFDGH0DGULG 6HFUHWDULRD''0,*8(/$1*(/*Ï0(=7,(512&DWHGUi WLFRDGH8QLYHUVLGDGGHOD8QLYHUVLGDG3ROLWpFQLFDGH0DGULG 9RFDOSULPHUR''-26e0(6(*8(558,=&DWHGUiWLFRDGH 8QLYHUVLGDGGHOD8QLYHUVLGDG3ROLWpFQLFDGH0DGULG 9RFDOVHJXQGR''$1*(/3('526$1=$1'5e6&DWHGUi WLFRDGH8QLYHUVLGDGGHOD8QLYHUVLGDG3ROLWpFQLFDGH0DGULG 9RFDO WHUFHUR '' -26e 0$18(/ 3(5$/(6 3(5$/(6 &DWHGUiWLFRDGH8QLYHUVLGDGGHOD8QLYHUVLGDG3ROLWpFQLFDGH0DGULG &RPLVVLyVXSOHQW 3UHVLGHQWD'65$-26e-8$16$/9$021)257&DWHGUjWLF DG¶8QLYHUVLWDWGHOD8QLYHUVLWDW3ROLWqFQLFDGH0DGULG 6HFUHWDULD '65$ '$0,È1 5,9$6 5,9$6 &DWHGUjWLFD G¶8QLYHUVLWDWGHOD8QLYHUVLWDWGH6HYLOOD 9RFDO SULPHU '65$ 52'5,*2 ) 0$57Ë1(=9$/9$/ 3(f$/26$ &DWHGUjWLFD G¶8QLYHUVLWDW GH OD 8QLYHUVLWDW 3ROLWqFQLFD GH0DGULG 9RFDO VHJRQ '65$ )5$1&,6&2 -$9,(5 )8(10$<25 )(51È1'(=&DWHGUjWLFDG¶8QLYHUVLWDWGHOD8QLYHUVLWDW3ROLWqFQLFD GH9DOqQFLD 9RFDOWHUFHU'65$-8$1,*1$&,248$'5$7(6*/e6,(6 &DWHGUjWLFDG¶8QLYHUVLWDWGHOD8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLD &RPLVLyQVXSOHQWH 3UHVLGHQWHD''-26e-8$16$/9$021)257&DWHGUiWLFR DGH8QLYHUVLGDGGHOD3ROLWpFQLFDGH0DGULG 6HFUHWDULRD '' '$0,È1 5,9$6 5,9$6 &DWHGUiWLFRD GH 8QLYHUVLGDGGHOD8QLYHUVLGDGGH6HYLOOD 9RFDOSULPHUR''52'5,*2)0$57Ë1(=9$/3(f$/2 6$ &DWHGUiWLFRD GH 8QLYHUVLGDG GH OD 8QLYHUVLGDG 3ROLWpFQLFD GH 0DGULG 9RFDO VHJXQGR '' )5$1&,6&2 -$9,(5 )8(10$<25 )(51È1'(= &DWHGUiWLFRD GH 8QLYHUVLGDG GH OD 8QLYHUVLGDG 3ROL WpFQLFDGH9DOHQFLD 9RFDOWHUFHUR''-8$1,*1$&,2&8$'5$'2,*/(6,$6 &DWHGUiWLFRDGH8QLYHUVLGDGGHOD8QLYHUVLGDG3ROLWpFQLFDGH9DOHQ FLD &yG&RQFXUV &RV7LWXODUG¶8QLYHUVLWDW ¬UHDGH&RQHL[HPHQW0DWHPjWLFD$SOLFDGD 'HSDUWDPHQW0DWHPjWLFD$SOLFDGD &HQWUH(76G¶(QJLQ\HULDGHO'LVVHQ\ 1RPEUHGH3ODFHV&yG 3HUILOGRFHQWGHODSODoD$PSOLDFLyGH0DWHPjWLTXHV)RQDPHQWV 0DWHPjWLFRVGHO¶(QJLQ\HULD 7ULEXQDO &yG&RQFXUVR &XHUSR7LWXODUGH8QLYHUVLGDG ÈUHDGH&RQRFLPLHQWR0DWHPiWLFD$SOLFDGD 'HSDUWDPHQWR0DWHPiWLFD$SOLFDGD &HQWUR(76GH,QJHQLHUtDGHO'LVHxR 1~PHURGH3OD]DV&yG 3HUILO GRFHQWH GH OD SOD]D $PSOLDFLyQ GH 0DWHPiWLFDV )XQGD PHQWRV0DWHPiWLFRVGHOD,QJHQLHUtD 7ULEXQDO &RPLVVLyWLWXODU 3UHVLGHQWD '65$ /8&$6 $1721,2 -Ï'$5 6È1&+(= &DWHGUjWLFDG¶8QLYHUVLWDWGHOD8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLD 6HFUHWDULD '65$ (15,48( 32162'$ 0,5$//(6 7LWXODU G¶8QLYHUVLWDWGHOD8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLD &RPLVLyQWLWXODU 3UHVLGHQWHD''/8&$6$1721,2-Ï'$56È1&+(=&DWH GUiWLFRDGH8QLYHUVLGDGGHOD8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLD 6HFUHWDULRD''(15,48(32162'$0,5$//(67LWXODUGH 8QLYHUVLGDGGHOD8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLD Núm. 5516 / 21.05.2007 20193 9RFDOSULPHU'65$'$0,È1*,1(67$53(,52&DWHGUjWLFD G¶(VFROD8QLYHUVLWjULDGHOD8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLD 9RFDO VHJRQ '65$ )(51$1'2 &$6$6 3e5(= 7LWXODU G¶8QLYHUVLWDWGHOD8QLYHUVLWDW-DXPH, 9RFDO WHUFHU '65$ 5$)$(/ -$&,172 9,/$129$ 0,&Ï &DWHGUjWLFDG¶8QLYHUVLWDWGHOD8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLD &RPLVVLyVXSOHQW 3UHVLGHQWD'65$(15,48(1$9$5527255(6&DWHGUjWLF DG¶8QLYHUVLWDWGHOD8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLD 6HFUHWDULD'65$)5$1&,6&2-$9,(5&$0$&+29,'$/ &DWHGUjWLFD G¶(VFROD 8QLYHUVLWjULD GH OD 8QLYHUVLWDW 3ROLWqFQLFD GH 9DOqQFLD 9RFDO SULPHU '65$ *5(*25,2 58%,2 1$9$552 7LWXODU G¶8QLYHUVLWDWGHOD8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLD 9RFDO VHJRQ '65$ 3(/(*5,1$ '(/ &$50(1 &2//$/, $*$ &DWHGUjWLFD G¶8QLYHUVLWDW GH OD 8QLYHUVLWDW 3ROLWqFQLFD GH 9DOqQFLD 9RFDO WHUFHU '65$ 5$)$(/ %58 *$5&Ë$ &DWHGUjWLFD G¶8QLYHUVLWDWGHOD8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLD 9RFDOSULPHUR'''$0,È1*,1(67$53(,52&DWHGUiWLFR DGH(VFXHOD8QLYHUVLWDULDGHOD8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLD 9RFDO VHJXQGR '' )(51$1'2 &$6$6 3e5(= 7LWXODU GH 8QLYHUVLGDGGHOD8QLYHUVLGDG-DXPH, 9RFDO WHUFHUR '' 5$)$(/ -$&,1729,//$18(9$ 0,&Ï &DWHGUiWLFRDGH8QLYHUVLGDGGHOD8QLYHUVLGDG3ROLWpFQLFDGH9DOHQ FLD &RPLVLyQVXSOHQWH 3UHVLGHQWHD''(15,48(1$9$5527255(6&DWHGUiWLFR DGH8QLYHUVLGDGGHOD8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLD 6HFUHWDULRD '' )5$1&,6&2 -$9,(5 &$0$&+2 9,'$/ &DWHGUiWLFRD GH (VFXHOD 8QLYHUVLWDULD GH OD 8QLYHUVLGDG 3ROLWpFQLFD GH9DOHQFLD 9RFDOSULPHUR''*5(*25,258%,21$9$5527LWXODUGH 8QLYHUVLGDGGHOD8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLD 9RFDOVHJXQGR''3(5(*5,1$'(/&$50(1&2//$/,$ *$ &DWHGUiWLFRD GH 8QLYHUVLGDG GH OD 8QLYHUVLGDG 3ROLWpFQLFD GH 9DOHQFLD 9RFDO WHUFHUR '' 5$)$(/ %58 *$5&Ë$ &DWHGUiWLFRD GH 8QLYHUVLGDGGHOD8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLD $1(;2,, $11(;,, %DUHPRSRUFHQWDMHVSDUDODYDORUDFLyQGHPpULWRV %DUHPSHUFHQWDWJHVSHUDODYDORUDFLyGHPqULWV ,QYHVWLJDFLy 'RFqQFLD *HVWLy $OWUHV 3URMHFWHDFDGqPLF ,QYHVWLJDFLyQ 'RFHQFLD *HVWLyQ 2WURV 3UR\HFWRDFDGpPLFR Núm. 5516 / 21.05.2007 20194 $11(;,,, 62//,&,78'3(5$3$57,&,3$5$&21&856'·$&&e6$&26626'()81&,21$5,6'2&(176 81,9(56,7$5,6'(/$81,9(56,7$732/,7Ë&1,&$'(9$/Ë1&,$ ,'$'(6'(/$3/$d$&2192&$'$$&21&856 'DWD3XEOLFDFLy&RQYRFDWzULDDO'2*9 &RGL&RQFXUV &RV'RFHQW ¬UHDGH&RQHL[HPHQW 'HSDUWDPHQW 3HUILO'RFHQW ,,'$'(63(5621$/6 3ULPHU&RJQRP 6HJRQ&RJQRP 1DFLRQDOLWDW 'DWDGHQDL[HPHQW /ORF 'RPLFLOLDWHQ& 1XP &RGLSRVWDO 3URYtQFLD 1RP '1, 3URYtQFLD 3REODFLy 7HOqIRQ ,,,'2&80(17$&,Ï48(6¶$'-817$ )RWRFySLD'1,\RGRFXPHQWDFLySUHYLVWDHQO¶DSDUWDWDGHODFRQYRFDWzULD )RWRFzSLD7tWRO 2ULJLQDOGHO5HVJXDUGTXHMXVWLILTXHO¶DERQDPHQWGHOHVWD[HVGHOVGUHWVG¶H[jPHQ )RWRFzSLDGRFXPHQWDFUHGLWDWLXGHOFRPSOLPHQWGHOVUHTXLVLWVTXHDVVHQ\DODODEDVHKDELOLWDFLyHWF 62/,&,7(/¶DGPLVVLyDOFRQFXUVGHO¶HVPHQWDGDSODoD 9DOqQFLD GH GH 6LJQDWXUD 5(&725$7'(/$81,9(56,7$732/,7Ê&1,&$'(9$/Ê1&,$ /HVVHXHVGDGHVSHUVRQDOVTXHGDUDQLQFORVHVHQHOILW[HUDXWRPDWLW]DWGHOD8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLDTXHHVFRPSURPHWDQRXWLOLW]DUOHV SHUDXQ~VGLIHUHQWG DTXHOOSHUDOTXDOKDQVLJXWVROÂOLFLWDGHVG DFRUGDPEOD/OHL2UJjQLFDGHSURWHFFLyGHGDGHV3RWH[HUFLUSHUHVFULWHOV GUHWVG DFFpVUHFWLILFDFLyFDQFHOÂODFLyLVLSURFHGHL[G RSRVLFLyHQHO6HUYHLGH5HFXUVRV+XPDQVG DTXHVWD8QLYHUVLWDW Núm. 5516 / 21.05.2007 20195 $1(;2,,, 62/,&,78'3$5$3$57,&,3$5(1&21&85626'($&&(62$&8(5326'()81&,21$5,26 '2&(17(681,9(56,7$5,26(1/$81,9(56,'$'32/,7e&1,&$'(9$/(1&,$ ,'$726'(/$3/$=$&2192&$'$$&21&8562 )HFKD3XEOLFDFLyQ&RQYRFDWRULDHQ%2( &yGLJR&RQFXUVR &XHUSR'RFHQWHGH ÈUHDGH&RQRFLPLHQWR 'HSDUWDPHQWR 3HUILO'RFHQWH ,,'$7263(5621$/(6 3ULPHU$SHOOLGR 6HJXQGR$SHOOLGR 1RPEUH 1DFLRQDOLGDG '1, )HFKDGHQDFLPLHQWR /XJDU 3URYLQFLD 'RPLFLOLDGRHQ& 1XP 0XQLFLSLR 7HOpIRQR &yGLJR3RVWDO 3URYLQFLD ,,,'2&80(17$&,Ï148(6($'-817$ )RWRFRSLD'1,\RGRFXPHQWDFLyQSUHYLVWDHQHODSDUWDGRDGHODFRQYRFDWRULD )RWRFRSLD7tWXOR 2ULJLQDOGHO5HVJXDUGRGHODERQRGHORVGHUHFKRVGHH[DPHQ )RWRFRSLDGRFXPHQWRDFUHGLWDWLYRGHOFXPSOLPLHQWRGHODEDVHKDELOLWDFLyQHWF 62/,&,7$VHUDGPLWLGRDOFRQFXUVRGHODSOD]DLQGLFDGD (Q D GH GH )GR (;&02<0$*1Ë),&2655(&72581,9(56,'$'32/,7e&1,&$'(9$/(1&,$ 6XVGDWRVSHUVRQDOHVTXHGDUiQLQFOXLGRVHQHOILFKHURDXWRPDWL]DGRGHOD8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLDTXHVHFRPSURPHWHDQR XWLOL]DUORVSDUDXQXVRGLVWLQWRGHDTXHOSDUDHOFXDOKDQVLGRVROLFLWDGRVGHDFXHUGRFRQOD/H\2UJiQLFDGHSURWHFFLyQGHGDWRV 3XHGHHMHUFHUSRUHVFULWRORVGHUHFKRVGHDFFHVRUHFWLILFDFLyQFDQFHODFLyQ\VLSURFHGHGHRSRVLFLyQHQHO6HUYLFLRGH5HFXUVRV+XPDQRV GHHVWD8QLYHUVLGDG Núm. 5516 / 21.05.2007 8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLD 20196 8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLD 5(62/8&,ÏGHGHPDLJGHGHOD8QLYHUVLWDW3ROL WqFQLFD GH 9DOqQFLD SHU OD TXDO HV FRQYRFD SURFpV HVSH FtILFGHSURPRFLyLQWHUQDSHUDO¶DFFpVDO*UXS&VHFWRU G¶DGPLQLVWUDFLy HVSHFLDO HVSHFLDOLVWD WqFQLF GH ODERUDWR UL 3) VHJRQV O¶DSOLFDFLy GH OD GLVSRVLFLy DGGLFLR QDOTXDUWDGHO'HFUHWGHGHPDUoGHO*RYHUQ 9DOHQFLj>@ 5(62/8&,Ï1GHGHPD\RGHGHOD8QLYHUVLGDG 3ROLWpFQLFD GH 9DOHQFLD SRU OD TXH VH FRQYRFD SURFHVR HVSHFtILFR GH SURPRFLyQ LQWHUQD SDUD DFFHGHU DO *UXSR & VHFWRU DGPLQLVWUDFLyQ HVSHFLDO HVSHFLDOLVWD WpFQLFR GH ODERUDWRULR 3) HQ DSOLFDFLyQ GH OD GLVSRVLFLyQ DGLFLRQDOFXDUWDGHO'HFUHWRGHGHPDU]RGHO *RELHUQR9DOHQFLDQR>@ $ IL G¶DWHQGUH OHV QHFHVVLWDWV GH SHUVRQDO HQ DTXHVWD DGPLQLV WUDFLy S~EOLFD HQFDUUHJDGD GHO VHUYHL S~EOLF GH O¶HGXFDFLy VXSHULRU DTXHVW 5HFWRUDW GH FRQIRUPLWDW DPE HO TXH GLVSRVD O¶DUW GH OD /OHL2UJjQLFDG¶8QLYHUVLWDWVGHGHGHVHPEUHFRPWDPEp HO7H[W 5HIyV GH OD /OHL GH OD )XQFLy 3~EOLFD 9DOHQFLDQD L HO 'HFUHW GHGHPDUoGHO*RYHUQ9DOHQFLjDFRUGDFRQYRFDUSURYHV G¶DFFpVDOJUXS&VHFWRUG¶DGPLQLVWUDFLyHVSHFLDOHVSHFLDOLVWDWqFQLF GH ODERUDWRUL GH OD 8QLYHUVLWDW 3ROLWqFQLFD GH 9DOqQFLD G¶DFRUG DPE OHVEDVHVVHJHQWV &RQ HO ILQ GH DWHQGHU ODV QHFHVLGDGHV GH SHUVRQDO HQ HVWD$GPL QLVWUDFLyQ 3~EOLFD HQFDUJDGD GHO VHUYLFLR S~EOLFR GH OD HGXFDFLyQ VXSHULRUHVWH5HFWRUDGRGHFRQIRUPLGDGFRQORGLVSXHVWRHQHODUW GHOD/H\2UJiQLFDGHGHGLFLHPEUHGH8QLYHUVLGDGHVDVt FRPRHO7H[WR5HIXQGLGRGHOD/H\GHOD)XQFLyQ3~EOLFD9DOHQFLDQD \'HFUHWRGHGHPDU]RGHO*RELHUQR9DOHQFLDQRDFXHUGD FRQYRFDU SUXHEDV GH DFFHVR DO JUXSR & VHFWRU DGPLQLVWUDFLyQ HVSH FLDO HVSHFLDOLVWD WpFQLFR GH ODERUDWRULR GH OD 8QLYHUVLGDG 3ROLWpFQLFD GH9DOHQFLDFRQDUUHJORDODVVLJXLHQWHVEDVHV 2EMHFWHGHODFRQYRFDWzULD $TXHVWDFRQYRFDWzULDWpSHUREMHFWHODVHOHFFLyGHSHUVRQDOSHU DFREULUOORFVGHOJUXS&VHFWRUG¶DGPLQLVWUDFLyHVSHFLDOHVSHFLDOLVWD WqFQLFGHODERUDWRULGHOD8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLDSHOWRUQ GH SURPRFLy LQWHUQD HQ DSOLFDFLy GH OD GLVSRVLFLy DGGLFLRQDO TXDUWD GHO'HFUHWGHGHPDUo /D UHDOLW]DFLy G¶DTXHVWHV SURYHV VHOHFWLYHV V¶DMXVWDUj DO TXH SUHYHX HO7H[W 5HIyV GH OD /OHL GH OD )XQFLy 3~EOLFD9DOHQFLDQD L OD QRUPDWLYDTXHHOGHVHQYROXSD 2EMHWRGHOD&RQYRFDWRULD /DSUHVHQWHFRQYRFDWRULDWLHQHSRUREMHWRODVHOHFFLyQGHSHU VRQDOSDUDFXEULUSXHVWRVGHOJUXSR&VHFWRUDGPLQLVWUDFLyQHVSHFLDO HVSHFLDOLVWD WpFQLFR GH ODERUDWRULR GH OD 8QLYHUVLGDG 3ROLWpFQLFD GH 9DOHQFLDSRUHOWXUQRGHSURPRFLyQLQWHUQDHQDSOLFDFLyQGHOD'LV SRVLFLyQ$GLFLRQDO&XDUWDGHO'HFUHWRGHGHPDU]R /D UHDOL]DFLyQ GH ODV SUHVHQWHV SUXHEDV VHOHFWLYDV VH DMXVWDUi D OR SUHYLVWR HQ HO7H[WR 5HIXQGLGR GH OD /H\ GH OD )XQFLyQ 3~EOLFD 9DOHQFLDQD\QRUPDWLYDGHGHVDUUROOR &RQGLFLRQVJHQHUDOVGHOVDVSLUDQWV 3HU D O¶DGPLVVLy D DTXHVWHV SURYHV VHOHFWLYHV HOV DVSLUDQWV KDXUDQGHUHXQLUHOVUHTXLVLWVVHJHQWV D (OV DVSLUDQWV TXH FRQFyUUHJXHQ D DTXHVWHV SURYHV VHOHFWLYHV KDXUDQGHVHUSHUVRQDOIXQFLRQDULGHFDUUHUDGHOD8QLYHUVLWDW3ROLWqF QLFDGH9DOqQFLDGHOJUXS'VHFWRUG¶DGPLQLVWUDFLyHVSHFLDOLKDYHU KL SUHVWDW VHUYHLV HIHFWLXV GXUDQW DOPHQ\V GRV DQ\V FRP D IXQFLRQDUL GHFDUUHUDHQODFDWHJRULDGHHVSHFLDOLVWDWqFQLFGHODERUDWRULHQHOJUXS 'LFRPSOLUHOVUHTXLVLWVVHJHQWV 7UREDUVHH[HUFLQWHOOORFDPEGHVWLQDFLyGHILQLWLYD 4XHHOOORFGHWUHEDOORFXSDWHVWUREHFODVVLILFDWHQODUHODFLyDOV OORFVGHWUHEDOOG¶DTXHVWD8QLYHUVLWDW3ROLWqFQLFDSHUDVHUSURYHwWSHU JUXSV GH WLWXODFLy &' VHFWRU G¶DGPLQLVWUDFLy HVSHFLDO GHQRPLQDFLy GHOOORFHVSHFLDOLVWDWqFQLFGHODERUDWRUL E (VWDU HQ SRVVHVVLy GHO WtWRO GH %83 EDW[LOOHU VXSHULRU IRU PDFLy SURIHVVLRQDO GH VHJRQ JUDX R HTXLYDOHQW R KDJHQ VXSHUDW OD SURYD G¶DFFpV SHU D PDMRUV GH DQ\V D OD 8QLYHUVLWDW R FRPSOLGHV OHVFRQGLFLRQVSHUDREWLQGUHKRHQODGDWDHQTXqDFDEHHOWHUPLQLGH SUHVHQWDFLyG¶LQVWjQFLHVRWLQGUHXQDDQWLJXLWDWGHDQ\VHQHOJUXS 'RGHFLQFDQ\VLODVXSHUDFLyG¶XQFXUVHVSHFtILFGHIRUPDFLy(QHO FDVGHWLWXODFLRQVREWLQJXGHVDO¶HVWUDQJHUFDOGUjG¶HVWDUHQSRVVHVVLy GHODFUHGHQFLDOTXHDFUHGLWHODVHXDKRPRORJDFLyRGHODFUHGHQFLDOGH UHFRQHL[HPHQW SHU D O¶H[HUFLFL GH OHV SURIHVVLRQV FRQVLGHUDGHV UHJX ODGHVHQYLUWXWGHO5HLDO'HFUHWGHG¶RFWXEUH /HV FRQGLFLRQV SHU D O¶DGPLVVLy D OHV SURYHV V¶KDXUDQ GH UHXQLU HQ HO PRPHQW GH ILQDOLW]DFLy GHO WHUPLQL GH SUHVHQWDFLy GH VROÂOLFLWXGVLPDQWHQLUVHGXUDQWWRWHOSURFpVVHOHFWLXILQVDOPRPHQW GHODSUHVDGHSRVVHVVLy &RQGLFLRQHVJHQHUDOHVGHORVDVSLUDQWHV 3DUD VHU DGPLWLGR D HVWDV SUXHEDV VHOHFWLYDV ORV DVSLUDQWHV GHEHUiQUHXQLUORVVLJXLHQWHVUHTXLVLWRV D/RVDVSLUDQWHVTXHFRQFXUUDQDODVSUHVHQWHVSUXHEDVVHOHFWLYDV GHEHUiQVHUSHUVRQDOIXQFLRQDULRGHFDUUHUDGHOD8QLYHUVLGDG3ROLWpF QLFDGH9DOHQFLDJUXSR'VHFWRUDGPLQLVWUDFLyQHVSHFLDOKDEHUSUHV WDGRVHUYLFLRVHIHFWLYRVGXUDQWHDOPHQRVGRVDxRVFRPRIXQFLRQDULR GH FDUUHUDHQ OD FDWHJRUtDGH HVSHFLDOLVWDWpFQLFRGH ODERUDWRULRHQ HO JUXSR'\FXPSOLUORVVLJXLHQWHVUHTXLVLWRV (QFRQWUDUVHGHVHPSHxDQGRHOSXHVWRFRQGHVWLQRGHILQLWLYR 4XHHOSXHVWRGHWUDEDMRRFXSDGRVHHQFXHQWUHFODVLILFDGRHQOD 5HODFLyQ GH 3XHVWRV GH7UDEDMR GH HVWD 8QLYHUVLGDG 3ROLWpFQLFD SDUD VHUSURYLVWRSRUJUXSRVGHWLWXODFLyQ&'VHFWRUDGPLQLVWUDFLyQHVSH FLDOGHQRPLQDFLyQGHOSXHVWRHVSHFLDOLVWDWpFQLFRGHODERUDWRULR E(VWDUHQSRVHVLyQGHOWtWXORGH%83%DFKLOOHU6XSHULRU)RUPD FLyQ3URIHVLRQDOGH6HJXQGR*UDGRRWLWXODFLyQHTXLYDOHQWHRKD\DQ VXSHUDGR OD SUXHED GH DFFHVR SDUD PD\RUHV GH DxRV D OD 8QLYHU VLGDGRFXPSOLGDVODVFRQGLFLRQHVSDUDREWHQHUORHQODIHFKDHQTXH WHUPLQHHOSOD]RGHSUHVHQWDFLyQGHLQVWDQFLDVRWHQHUXQDDQWLJHGDG GHDxRVHQHOJUXSR'RGHFLQFRDxRV\ODVXSHUDFLyQGHXQFXUVR HVSHFtILFR GH IRUPDFLyQ (Q HO FDVR GH WLWXODFLRQHV REWHQLGDV HQ HO H[WUDQMHURGHEHUiHVWDUVHHQSRVHVLyQGHODFUHGHQFLDOTXHDFUHGLWHVX KRPRORJDFLyQ R GH OD FUHGHQFLDO GH UHFRQRFLPLHQWR SDUD HO HMHUFLFLR GHODVSURIHVLRQHVFRQVLGHUDGDVUHJXODGDVHQYLUWXGGHO5HDO'HFUHWR GHGHRFWXEUH /DV FRQGLFLRQHV SDUD VHU DGPLWLGR D ODV SUXHEDV GHEHUiQ UHXQLUVH HQ HO PRPHQWR GH ILQDOL]DFLyQ GHO SOD]R GH SUHVHQWDFLyQ GH VROLFLWXGHV \ PDQWHQHUVH GXUDQWH WRGR HO SURFHVR VHOHFWLYR KDVWD HO PRPHQWRGHODWRPDGHSRVHVLyQ 6ROÂOLFLWXGV 4XL GHVLWJH SUHQGUH SDUW HQ DTXHVWHV SURYHV VHOHFWLYHV KR KDXUjGHIHUFRQVWDUHQODVROÂOLFLWXGVHJRQVHOPRGHOTXHVHUjIDFLOLWDW JUDWXwWDPHQWHQHO5HJLVWUH*HQHUDOHGLILFLGHO5HFWRUDWRHQO¶¬UHD G¶,QIRUPDFLyGHOD8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLDVLWLVDOFDPtGH 9HUDVQGH9DOqQFLDHQHO5HJLVWUHGHO¶(VFROD3ROLWqFQLFDG¶$OFRL VtWLDDODSODoDGH)HUUiQGL]L&DUERQHOOVQG¶$OFRLHQHO5HJLVWUHGH O¶(VFROD 3ROLWqFQLFD GH *DQGLD VtWLD D OD FDUUHWHUD GH 1D]DUHW2OLYD VQ GHO *UDX GH *DQGLD L HQ OD SjJLQD ZHE GHO 6HUYHL GH 5HFXUVRV 6ROLFLWXGHV 4XLHQHVGHVHHQWRPDUSDUWHHQHVWDVSUXHEDVVHOHFWLYDVGHEH UiQ KDFHUOR FRQVWDU HQ OD VROLFLWXG VHJ~Q PRGHOR TXH VHUi IDFLOLWDGR JUDWXLWDPHQWH HQ HO 5HJLVWUR *HQHUDO (GLILFLR GH 5HFWRUDGR R HQ HO ÈUHDGH,QIRUPDFLyQGHOD8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLDVLWRV HQ HO &DPLQR GH 9HUD VQ GH 9DOHQFLD HQ HO 5HJLVWUR GH OD (VFXH OD 3ROLWpFQLFDGH$OFRL VLWD HQ OD SOD]D)HUUDQGL]\ &DUERQHOO VQ GH $OFRL HQ HO 5HJLVWUR GH OD (VFXHOD 3ROLWpFQLFD GH *DQGLD VLWD HQ OD FDUUHWHUD 1D]DUHW2OLYD VQ GHO *UDR GH *DQGLD \ HQ OD SiJLQD:HE Núm. 5516 / 21.05.2007 20197 +XPDQV O¶DGUHoD HOHFWUzQLFD GH OD TXDO pV KWWSZZZXSYpVUUKK JHVWLyGHO3$6 /HVVROÂOLFLWXGVHVGLULJLUDQDOUHFWRUGHOD8QLYHUVLWDW3ROLWqF QLFDGH9DOqQFLDFDPtGH9HUDVQ&39DOqQFLDHQHOWHUPLQL GH YLQW GLHV KjELOV FRPSWDGRUV D SDUWLU GH O¶HQGHPj GH OD SXEOLFDFLy G¶DTXHVWDFRQYRFDWzULDHQHO'2&9 /DSUHVHQWDFLyGHVROÂOLFLWXGVHVSRGUjHIHFWXDUHQHO5HJLVWUH *HQHUDO GH OD 8QLYHUVLWDW 3ROLWqFQLFD GH9DOqQFLD FDPt GH9HUD VQ &3 9DOqQFLD HGLILFL GHO 5HFWRUDW HQ HO 5HJLVWUH GH O¶(VFROD 3ROLWqFQLFD 6XSHULRU G¶$OFRL SODoD GH )HUUiQGL] L &DUERQHOO VQ $OFRLHQHO5HJLVWUHGHO¶(VFROD3ROLWqFQLFD6XSHULRUGH*DQGLDFDU UHWHUD GH 1D]DUHW2OLYD VQ *UDX GH *DQGLD R HQ TXDOVHYRO GH OHV IRUPHVHVWDEOLGHVHQO¶DUWLFOHGHOD/OHLGH5qJLP-XUtGLF GH OHV $GPLQLVWUDFLRQV 3~EOLTXHV L GHO 3URFHGLPHQW $GPLQLVWUDWLX &RP~UHGDFWDWVHJRQVOD/OHLGHGHJHQHU (QHOFDVTXHV¶RSWDUDSHUSUHVHQWDUODVROÂOLFLWXGGDYDQWXQDRILFL QDGHFRUUHXVHVIDUjHQVREUHREHUWSHUTXqODLQVWjQFLDILJXUHGDWDGD LVHJHOODGDSHOIXQFLRQDULGHFRUUHXVDEDQVGHVHUFHUWLILFDGD6LQRHV IDG¶DTXHVWDPDQHUDHVFRQVLGHUDUjSUHVHQWDGDHQODGDWDG¶HQWUDGDHQ TXDOVHYROGHOVOORFVHVWDEOLWVHQHOSDUjJUDIDQWHULRU /HVVROÂOLFLWXGVVXEVFULWHVDO¶HVWUDQJHUHVSRGUDQFXUVDUHQHOWHU PLQLH[SUHVVDWHQODEDVHDWUDYpVGHOHVUHSUHVHQWDFLRQVGLSORPj WLTXHV R FRQVXODUV HVSDQ\ROHV FRUUHVSRQHQWV OHV TXDOV OHV WUDPHWUDQ VHJXLGDPHQW D O¶RUJDQLVPH FRPSHWHQW /D SHUVRQD LQWHUHVVDGD DGMXQ WDUj D O¶HVPHQWDGD VROÂOLFLWXG HO FRPSURYDQW EDQFDUL G¶KDYHU VDWLVIHW HOVGUHWVG¶H[DPHQ (OV GUHWV G¶H[DPHQ VHUDQ GH ¼ TXH V¶LQJUHVVDUDQ HQ HO FRPSWH FRUUHQW Q~PHUR ±WD[HV GH OD &DL[D G¶(VWDOYLV GH 9DOqQFLD &DVWHOOy L $ODFDQW %DQFDL[D D OD XUEDQDVLWXDGDDOD8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLDFDPtGH 9HUD VQ &3 9DOqQFLD (O MXVWLILFDQW GHO SDJDPHQW GHOV GUHWV G¶H[DPHQ HV UHDOLW]DUj DPE OD LPSUHVVLy GHO VHJHOO HQ OD VROÂOLFLWXG GH O¶HQWLWDW HVPHQWDGD (Q FDS FDV OD PHUD SUHVHQWDFLy L HO SDJDPHQW FRPSRUWDUjODVXEVWLWXFLyGHOWUjPLWGHSUHVHQWDFLyGHODVROÂOLFLWXGHQ WHPSVLIRUPDGDYDQWO¶zUJDQH[SUHVVDWHQODEDVH 4XHGHQH[HPSWHVGHOSDJDPHQWGHODWD[DG¶H[DPHQ /HVSHUVRQHVDPEXQJUDXGHPLQXVYDOLGHVDLJXDORVXSHULRU DOTXHKDQG¶DFRPSDQ\DUODVROÂOLFLWXGDPEXQFHUWLILFDWDFUHGL WDWLXG¶DTXHVWDFRQGLFLy /HV SHUVRQHV TXH ILJXUHQ FRP D GHPDQGDQWV G¶RFXSDFLy GXUDQW HO WHUPLQL DOPHQ\V G¶XQ PHV DQWHULRU D OD GDWD GH OD FRQYR FDWzULD 6yQ UHTXLVLWV SHU DO JDXGL GH O¶H[HPSFLy TXH HQ HO WHUPLQL GH TXq HV WUDFWH QR KDJHQ UHEXWMDW FDS RIHUWD G¶RFXSDFLy DGHFXDGD QLV¶KDJHQQHJDWDSDUWLFLSDUH[FHSWHFDXVDMXVWLILFDGDHQDFFLRQVGH SURPRFLyIRUPDFLyRUHFRQYHUVLySURIHVVLRQDOVLTXHDL[tPDWHL[QR WLQJXHQUHQGHVVXSHULRUVHQFzPSXWPHQVXDODOVDODULPtQLPLQWHUSUR IHVVLRQDO /D FHUWLILFDFLy UHODWLYD D OD FRQGLFLy GH GHPDQGDQW G¶RFXSDFLy DPE HOV UHTXLVLWV DVVHQ\DODWV VH VROÂOLFLWD D O¶RILFLQD GHOV VHUYHLV S~EOLFVG¶RFXSDFLy4XDQWDO¶DFUHGLWDFLyGHOHVUHQGHVHVUHDOLW]DPLW MDQoDQWXQDGHFODUDFLyMXUDGDRSURPHVDHVFULWDGHOVROÂOLFLWDQW$PE GyVGRFXPHQWVKDQG¶DGMXQWDUVHDODVROÂOLFLWXG /DIDOWDGHMXVWLILFDFLyGHOSDJDPHQWGHOVGUHWVG¶H[DPHQRGH WUREDUVHH[HPSWGHWHUPLQDO¶H[FOXVLyGHO¶DVSLUDQW (Q FDS FDV OD SUHVHQWDFLy L HO SDJDPHQW D OHV RILFLQHV D TXq HV ID UHIHUqQFLD VXSRVD OD VXEVWLWXFLy GHO WUjPLW GH SUHVHQWDFLy GH OD VROÂOLFLWXGGLQVGHOWHUPLQLLHQODIRUPDHVFDLHQW GHO 6HUYLFLR GH 5HFXUVRV +XPDQRV FX\D GLUHFFLyQ HOHFWUyQLFD HV KWWSZZZXSYHVUUKK*HVWLyQGHO3$6 /DVVROLFLWXGHVVHGLULJLUiQDO5HFWRUGHOD8QLYHUVLGDG3ROL WpFQLFD GH9DOHQFLD &DPLQR GH9HUD VQ &3 9DOHQFLD HQ HO SOD]RGHGtDVKiELOHVFRQWDGRVDSDUWLUGHOGtDVLJXLHQWHDODSXEOL FDFLyQGHHVWDFRQYRFDWRULDHQHO'2&9 /DSUHVHQWDFLyQGHVROLFLWXGHVVHSRGUiHIHFWXDUHQHO5HJLVWUR *HQHUDO GH OD 8QLYHUVLGDG 3ROLWpFQLFD GH 9DOHQFLD &DPLQR GH 9HUD VQ &3 GH 9DOHQFLD HQ HO 5HJLVWUR GH OD (VFXHOD 3ROLWpFQL FDGH$OFRLVLWRHQODSOD]D)HUUDQGL]\&DUERQHOOVQGH$OFRLHQHO 5HJLVWURGHOD(VFXHOD3ROLWpFQLFDGH*DQGLDVLWRHQODFDUUHWHUD1D]D UHW2OLYDVQGHO*UDRGH*DQGLDRHQFXDOTXLHUDGHODVIRUPDVHVWD EOHFLGDV HQ HO DUWtFXOR GH OD /H\ GH 5pJLPHQ -XUtGLFR GHODV$GPLQLVWUDFLRQHV3~EOLFDV\GHO3URFHGLPLHQWR$GPLQLVWUDWLYR &RP~QUHGDFWDGRFRQIRUPHDOD/H\GHGHHQHUR (Q HO FDVR GH TXH VH RSWDUD SRU SUHVHQWDU OD VROLFLWXG DQWH XQD RILFLQDGHFRUUHRVVHKDUiHQVREUHDELHUWRSDUDTXHODLQVWDQFLDVHD IHFKDGD\VHOODGDSRUHOIXQFLRQDULRGHFRUUHRVDQWHVGHVHUFHUWLILFDGD 'HQRKDFHUVHGHHVWDPDQHUDVHFRQVLGHUDUiSUHVHQWDGDHQODIHFKDGH HQWUDGDHQFXDOTXLHUDGHORVOXJDUHVHVWDEOHFLGRVHQHOSiUUDIRDQWHULRU /DV VROLFLWXGHV VXVFULWDV HQ HO H[WUDQMHUR SRGUiQ FXUVDUVH HQ HO SOD]RH[SUHVDGRHQODEDVHDWUDYpVGHODVUHSUHVHQWDFLRQHVGLSOR PiWLFDVRFRQVXODUHVHVSDxRODVFRUUHVSRQGLHQWHVTXLHQHVODVUHPLWLUiQ VHJXLGDPHQWH DO RUJDQLVPR FRPSHWHQWH (O LQWHUHVDGRD DGMXQWDUi D GLFKDVROLFLWXGFRPSUREDQWHEDQFDULRGHKDEHUVDWLVIHFKRORVGHUHFKRV GHH[DPHQ /RVGHUHFKRVGHH[DPHQVHUiQGH¼TXHVHLQJUHVDUiQ HQODFXHQWDFRUULHQWHQ~PHUR±7DVDVGH OD&DMDGH$KRUURVGH9DOHQFLD%DQFDMDHQODXUEDQDVLWDHQOD 8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLD&DPLQRGH9HUDVQ&3 9DOHQFLD(OMXVWLILFDQWHGHSDJRGHORVGHUHFKRVGHH[DPHQVHUHDOL]D UiFRQODLPSUHVLyQGHOVHOORHQODVROLFLWXGGHODPHQFLRQDGDHQWLGDG (QQLQJ~QFDVRODPHUDSUHVHQWDFLyQ\SDJRVXSRQGUiQVXVWLWXFLyQGHO WUiPLWHGHSUHVHQWDFLyQHQWLHPSR\IRUPDGHODVROLFLWXGDQWHHOyUJD QRH[SUHVDGRHQODEDVH (VWDUiQH[HQWRVGHOSDJRGHODWDVDGHH[DPHQ /DVSHUVRQDVFRQXQJUDGRGHPLQXVYDOtDLJXDORVXSHULRUDO SRUFLHQWRGHELHQGRDFRPSDxDUDODVROLFLWXGFHUWLILFDGRDFUHGLWDWL YRGHWDOFRQGLFLyQ /DV SHUVRQDV TXH ILJXUDVHQ FRPR GHPDQGDQWHV GH HPSOHR GXUDQWHHOSOD]RDOPHQRVGHXQPHVDQWHULRUDODIHFKDGHODFRQYR FDWRULD6HUiQUHTXLVLWRVSDUDHOGLVIUXWHGHODH[HQFLyQTXHHQHOSOD]R GHTXHVHWUDWHQRKXELHUHQUHFKD]DGRRIHUWDGHHPSOHRDGHFXDGRQL VHKXELHVHQQHJDGRDSDUWLFLSDUVDOYRFDXVDMXVWLILFDGDHQDFFLRQHVGH SURPRFLyQIRUPDFLyQRUHFRQYHUVLyQSURIHVLRQDOHV\TXHDVLPLVPR FDUH]FDQGHUHQWDVVXSHULRUHVHQFyPSXWRPHQVXDODOVDODULRPtQLPR LQWHUSURIHVLRQDO /DFHUWLILFDFLyQUHODWLYDDODFRQGLFLyQGHGHPDQGDQWHGHHPSOHR FRQORVUHTXLVLWRVVHxDODGRVVHVROLFLWDUiHQODRILFLQDGHORVVHUYLFLRV S~EOLFRVGHHPSOHR(QFXDQWRDODDFUHGLWDFLyQGHODVUHQWDVVHUHDOL ]DUiPHGLDQWHXQDGHFODUDFLyQMXUDGDRSURPHVDHVFULWDGHOVROLFLWDQWH $PERVGRFXPHQWRVGHEHUiQDFRPSDxDUVHDODVROLFLWXG /DIDOWDGHMXVWLILFDFLyQGHODERQRGHORVGHUHFKRVGHH[DPHQ RGHHQFRQWUDUVHH[HQWRGHWHUPLQDUiODH[FOXVLyQGHODVSLUDQWH (QQLQJ~QFDVRODSUHVHQWDFLyQ\SDJRHQODVRILFLQDVDTXHVH KDFHUHIHUHQFLDVXSRQGUiODVXVWLWXFLyQGHOWUiPLWHGHSUHVHQWDFLyQHQ WLHPSR\IRUPDGHODVROLFLWXG $GPLVVLyG¶DVSLUDQWV )LQDOLW]DW HO WHUPLQL GH SUHVHQWDFLy GH VROÂOLFLWXGV HO UHFWRU GLFWDUjXQDUHVROXFLyTXHHVSXEOLFDUjHQHO'2&9TXHFRQWLQGUjOD UHODFLySURYLVLRQDOG¶DGPHVRVLH[FORVRVDODUHDOLW]DFLyGHOHVSURYHV DL[tFRPHOVQRPHQDPHQWVGHOVPHPEUHVTXHFRPSRQHQHOWULEXQDOGH VHOHFFLy (OVDVSLUDQWVSRGUDQHQHOFDVG¶HUURURH[FOXVLyHVPHQDUHOV GHIHFWHV HQ TXq KDJHQ LQFRUUHJXW HQ OD VROÂOLFLWXG R UHDOLW]DU OHV UHF ODPDFLRQVTXHFRQVLGHUHQFRQYHQLHQWVHQHOWHUPLQLGHGHXGLHVKjELOV FRPSWDGRUVDSDUWLUGHO¶HQGHPjGHODSXEOLFDFLyGHODUHODFLySURYL VLRQDOG¶DGPHVRVLH[FORVRVHQHO'2&9 $GPLVLyQGHDVSLUDQWHV )LQDOL]DGR HO SOD]R GH SUHVHQWDFLyQ GH VROLFLWXGHV HO 5HFWRU GLFWDUiXQDUHVROXFLyQTXHVHSXEOLFDUiHQHO'2&9TXHFRQWHQGUiOD UHODFLyQ SURYLVLRQDO GH DGPLWLGRV \ H[FOXLGRV D OD UHDOL]DFLyQ GH ODV SUXHEDVDVtFRPRORVQRPEUDPLHQWRVGHORVPLHPEURVTXHFRPSRQHQ HO7ULEXQDOGH6HOHFFLyQ /RV DVSLUDQWHV SRGUiQ HQ HO FDVR GH HUURU R H[FOXVLyQ VXE VDQDU ORV GHIHFWRV HQ TXH KD\DQ LQFXUULGR HQ VX VROLFLWXG R UHDOL]DU ODVUHFODPDFLRQHVTXHWHQJDQSRU FRQYHQLHQWHHQ HOSOD]RGH GtDV KiELOHVFRQWDGRVDSDUWLUGHOVLJXLHQWHDODSXEOLFDFLyQGHODUHODFLyQ SURYLVLRQDOGHDGPLWLGRV\H[FOXLGRVHQHO'2&9 Núm. 5516 / 21.05.2007 (QWRWFDVDILG¶HYLWDUHUURUVLHQHOVXSzVLWGHSURGXLUVH¶Q SRVVLELOLWDU O¶HVPHQD HQ WHPSV L IRUPD HOV DVSLUDQWV FRPSURYDUDQ IHIDHQWPHQWQRVROVTXHQRILJXUHQHQODUHODFLySURYLVLRQDOG¶H[FORVRV VLQyDPpVTXHHOVQRPVLOHVGDGHVFRQVWHQFRUUHFWDPHQWHQOHVUHOD FLRQVG¶DGPHVRVSHUWLQHQWV 20198 7UDQVFRUUHJXW HO WHUPLQL GH GHX GLHV KjELOV HVPHQDWV HOV GHIHFWHV VL HVFDX L YLVWHV OHV UHFODPDFLRQV TXH FRUUHVSRQJXHQ HV GLFWDUj XQD UHVROXFLy TXH FRQWLQGUj OD UHODFLy GHILQLWLYD G¶DGPHVRV L H[FORVRVLDOPHQ\VDPEXQDDQWHODFLyGHTXLQ]HGLHVKjELOVODGDWD HO OORF L O¶KRUD GH UHDOLW]DFLy L FRPHQoDPHQW GHOV H[HUFLFLV TXH HV SXEOLFDUj HQ HO '2&9 6L pV SURFHGHQW HV SXEOLFDUj WDPEp O¶RUGUH G¶DFWXDFLyGHOVDVSLUDQWVVHJRQVHOTXHGLVSRVDODEDVH (OVHUURUVGHIHWTXHSRJXHUHQDGYHUWLUVHHVSRGUDQHVPHQDU HQTXDOVHYROPRPHQWG¶RILFLRDSHWLFLyGHODSHUVRQDLQWHUHVVDGD (QWRGRFDVRDOREMHWRGHHYLWDUHUURUHV\HQHOVXSXHVWRGH SURGXFLUVH ORV PLVPRV SDUD SRVLELOLWDU VX VXEVDQDFLyQ HQ WLHPSR \ IRUPD ORV DVSLUDQWHV FRPSUREDUiQ IHKDFLHQWHPHQWH QR VyOR TXH QR ILJXUDQUHFRJLGRVHQODUHODFLyQSURYLVLRQDOGHH[FOXLGRVVLQRDGHPiV TXHVXVQRPEUHV\GDWRVFRQVWDQFRUUHFWDPHQWHHQODVSHUWLQHQWHVUHOD FLRQHVGHDGPLWLGRV 7UDQVFXUULGR HO SOD]R GH GtDV KiELOHV VXEVDQDGRV ORV GHIHFWRVVLSURFHGLHUD\YLVWDVODVUHFODPDFLRQHVTXHFRUUHVSRQGDQVH GLFWDUiUHVROXFLyQTXHFRQWHQGUiODUHODFLyQGHILQLWLYDGHDGPLWLGRV\ H[FOXLGRV\FRQDOPHQRVXQDDQWHODFLyQGHGtDVKiELOHVODIHFKD HO OXJDU OD KRUD GH FHOHEUDFLyQ \ FRPLHQ]R GH ORV HMHUFLFLRV TXH VH SXEOLFDUi HQ HO '2&9 (Q VX FDVR VH SXEOLFDUi WDPELpQ HO RUGHQ GH DFWXDFLyQGHORVDVSLUDQWHVFRQIRUPHDORGLVSXHVWRHQODEDVH /RV HUURUHV GH KHFKR TXH SXGLHUDQ DGYHUWLUVH SRGUiQ VXEVD QDUVHHQFXDOTXLHUPRPHQWRGHRILFLRRDSHWLFLyQGHOLQWHUHVDGR 3URYHVVHOHFWLYHV (OSURFHGLPHQWGHVHOHFFLyFRQVWDUjGHGRVH[HUFLFLVREOLJDWR ULVLHOLPLQDWRULV 3ULPHUH[HUFLFL (V UHDOLW]DUj SHU HVFULW L YHUVDUj VREUH HOV FRQHL[HPHQWV TXH V¶HVSHFLILTXHQHQHOWHPDULGHO¶DQQH[,GHODSUHVHQWFRQYRFDWzULD $TXHVW H[HUFLFL HV FRQILJXUDUj HQ IRUPD GH THVWLRQDUL WLSXV WHVW DPE TXDWUH DOWHUQDWLYHV GH UHVSRVWD GH OHV TXDOV QRPpV XQD pV FRU UHFWD /DGXUDFLyG¶DTXHVWH[HUFLFLVHUjIL[DGDSHOWULEXQDODPEODVXIL FLHQWDQWHODFLy 6HJRQH[HUFLFL &RQVLVWLUj HQ XQD SURYD SUjFWLFD VREUH HO WHPDUL HVSHFLILFDW HQ O¶DQQH[,LOHVIXQFLRQVDGHVHQYROXSDUHQHOOORFGHWUHEDOO /DGXUDFLyG¶DTXHVWH[HUFLFLVHUjIL[DGDSHOWULEXQDODPEODVXIL FLHQWDQWHODFLy (Q WRWV HOV H[HUFLFLV HO WULEXQDO DGRSWDUj OHV PHVXUHV QHFHVVjULHV SHU D JDUDQWLUQH O¶DQRQLPDW HQ OD YDORUDFLy 6¶DQXOÂODUDQ WRWV DTXHOOV TXH FRQWLQJXHQ DOJXQD PDUFD TXH SRJXHUD LGHQWLILFDUQH O¶DXWRU 3UXHEDVVHOHFWLYDV (OSURFHGLPLHQWRGHVHOHFFLyQFRQVWDUiGHGRVHMHUFLFLRVREOL JDWRULRV\HOLPLQDWRULRV 3ULPHUHMHUFLFLR 6HUHDOL]DUiSRUHVFULWR\YHUVDUiVREUHORVFRQRFLPLHQWRVTXH VH HVSHFLILFDQHQHOWHPDULRGHO$QH[R,GHODSUHVHQWHFRQYRFDWRULD (VWH HMHUFLFLR VH FRQILJXUDUi HQ IRUPD GH FXHVWLRQDULR WLSR WHVW FRQ FXDWUR DOWHUQDWLYDV GH UHVSXHVWD VLHQGR ~QLFDPHQWH XQD GH HOODV ODFRUUHFWD /DGXUDFLyQGHHVWHHMHUFLFLRVHUiILMDGDSRUHO7ULEXQDOFRQODVXIL FLHQWHDQWHODFLyQ 6HJXQGRHMHUFLFLR &RQVLVWLUiHQXQDSUXHEDSUiFWLFDVREUHHOWHPDULRHVSHFLILFDGRHQ HODQH[R,\IXQFLRQHVDGHVDUUROODUHQHOSXHVWRGHWUDEDMR /DGXUDFLyQGHHVWHHMHUFLFLRVHUiILMDGDSRUHO7ULEXQDOFRQODVXIL FLHQWHDQWHODFLyQ (Q WRGRV ORV HMHUFLFLRV HO7ULEXQDO DGRSWDUi ODV PHGLGDV TXH VHDQ QHFHVDULDV SDUD JDUDQWL]DU HO DQRQLPDWR HQ OD YDORUDFLyQ GH ORV PLVPRVVLHQGRDQXODGRVWRGRVDTXpOORVHQORVTXHVHFRQWXYLHUDDOJX QDPDUFDTXHSXGLHUDLGHQWLILFDUDVXDXWRU 4XDOLILFDFLyGHOVH[HUFLFLV (OSULPHUH[HUFLFLHVTXDOLILFDUjGHDSXQWV&DOGUjREWH QLUXQDTXDOLILFDFLyLJXDORVXSHULRUDSXQWVSHUDVHUGHFODUDW$37( &DOLILFDFLyQGHORVHMHUFLFLRV (OSULPHUHMHUFLFLRVHSXQWXDUiGHDSXQWRVGHELpQGRVH REWHQHUXQDFDOLILFDFLyQLJXDORVXSHULRUDSXQWRVSDUDVHUGHFODUDGR $372 (OVHJXQGRHMHUFLFLRVHSXQWXDUiGHDSXQWRVGHELpQGRVH REWHQHUXQDFDOLILFDFLyQLJXDORVXSHULRUDSXQWRVSDUDVHUGHFODUDGR $372/RVFULWHULRVGHFRUUHFFLyQVHKDUiQS~EOLFRVFRQDQWHULRULGDG DODUHDOL]DFLyQGHORVHMHUFLFLRV /RVDVSLUDQWHVTXHKD\DQUHVXOWDGR$3726HQORVGRVHMHUFL FLRVFRQIRUPDUiQODUHODFLyQGHDVSLUDQWHVDSUREDGRV 8QDYH]UHVXHOWDVODVSRVLEOHVDOHJDFLRQHV\VXEVDQDFLRQHVHO WULEXQDOGLFWDUiUHVROXFLyQILMDQGRODUHODFLyQGHILQLWLYDGHDVSLUDQWHV DSUREDGRV (OVHJRQH[HUFLFLHVSXQWXDUjGHDSXQWV&DOGUjREWHQLU XQDTXDOLILFDFLyLJXDORVXSHULRUDSXQWVSHUDVHUGHFODUDW$37((OV FULWHULV GH FRUUHFFLy HV IDUDQ S~EOLFV DPE DQWHULRULWDW D OD UHDOLW]DFLy GHOVH[HUFLFLV (OV DVSLUDQWV TXH KDJHQ UHVXOWDW$37(6 HQ HOV GRV H[HUFLFLV FRQIRUPDUDQODUHODFLyG¶DVSLUDQWVDSURYDWV 5HVROWHVOHVSRVVLEOHVDOÂOHJDFLRQVLHVPHQHVHOWULEXQDOGLF WDUjXQDUHVROXFLyTXHIL[DUjODUHODFLyGHILQLWLYDG¶DVSLUDQWVDSURYDWV 'HVHQYROXSDPHQWGHOHVSURYHVVHOHFWLYHV (OVH[HUFLFLVWLQGUDQOORFDODFLXWDWGH9DOqQFLD (O SULPHU H[HUFLFL HV UHDOLW]DUj DO OORF OD GDWD L O¶KRUD TXH V¶HVWDEOLVFDHQODUHVROXFLySHUODTXDOV¶DSURYDLHVSXEOLFDHQHO'LDUL 2ILFLDO GH OD &RPXQLWDW 9DOHQFLDQD OD OOLVWD GHILQLWLYD G¶DGPHVRV L H[FORVRVGHOHVSURYHVREMHFWHG¶DTXHVWDFRQYRFDWzULDDPEXQDDQWHO DFLyQRLQIHULRUDTXLQ]HGLHVKjELOV (OV DVSLUDQWV VHUDQ FRQYRFDWV SHU D FDGD H[HUFLFL HQ FULGD ~QLFD(OVPHPEUHVGHOWULEXQDOTXDOLILFDGRULHOSHUVRQDOFROÂODERUDGRU QRSHUPHWUDQO¶DFFpVDODVDODRQHVUHDOLW]HO¶H[HUFLFLG¶DTXHOOHVSHU VRQHVTXHKLFRPSDUHJXHQXQDYHJDGDFRQFORVDODFULGDGHOVDVSLUDQWV FRQYRFDWV &DV GH UHDOLW]DUVH O¶H[HUFLFL HQ GLYHUVHV VHVVLRQV O¶RUGUH G¶LQWHUYHQFLyGHOVDVSLUDQWVFRPHQoDUjSHUODOOHWUD7VHJXLQWO¶RUGUH DOIDEqWLFGHFRJQRPVVHJRQVOD5HVROXFLyGHG¶DEULOGHGHOD FRQVHOOHULD GH -XVWtFLD ,QWHULRU L$GPLQLVWUDFLRQV 3~EOLTXHV '2&9 Q~PHURGHG¶DEULOGH (OV DVSLUDQWV KDXUDQ G¶DFUHGLWDUQH OD SHUVRQDOLWDW PLWMDQoDQW OD SUHVHQWDFLy GHO '1, R GHO UHVJXDUG DPE IRWRJUDILD GHO SDVVDSRUW R 'HVDUUROORGHODVSUXHEDVVHOHFWLYDV /RVHMHUFLFLRVWHQGUiQOXJDUHQODFLXGDGGH9DOHQFLD (O SULPHU HMHUFLFLR VH UHDOL]DUi HQ HO OXJDU IHFKD \ KRUD TXH VH HVWDEOH]FD HQ OD UHVROXFLyQ SRU OD TXH VH DSUXHED \ SXEOLFD HQ HO '2&9ODOLVWDGHILQLWLYDGHDGPLWLGRV\H[FOXLGRVGHODVSUXHEDVREMH WR GH HVWD FRQYRFDWRULD FRQ XQD DQWHODFLyQ QR LQIHULRU D TXLQFH GtDV KiELOHV /RVDVSLUDQWHVVHUiQFRQYRFDGRVSDUDFDGDHMHUFLFLRHQOODPD PLHQWR ~QLFR /RV PLHPEURV GHO7ULEXQDO GH 6HOHFFLyQ \ HO SHUVRQDO FRODERUDGRUQRSHUPLWLUiQHODFFHVRDODVDODGRQGHVHUHDOLFHHOHMHU FLFLRGHDTXHOODVSHUVRQDVTXHFRPSDUH]FDQXQDYH]FRQFOXLGRHOOOD PDPLHQWRGHORVDVSLUDQWHVFRQYRFDGRV &DVRGHUHDOL]DUVHHOHMHUFLFLRHQYDULDVVHVLRQHVHORUGHQGHLQWHU YHQFLyQ GH ORV DVSLUDQWHV FRPHQ]DUi SRU OD OHWUD ³7´ VLJXLHQGR HO RUGHQDOIDEpWLFRGHDSHOOLGRVFRQIRUPHDOD5HVROXFLyQGHGHDEULOGH GHODFRQVHOOHULDGH-XVWLFLD,QWHULRU\$GPLQLVWUDFLRQHV3~EOLFDV '2&9Q~PHURGHGHDEULOGH /RVDVSLUDQWHVGHEHUiQDFUHGLWDUVXSHUVRQDOLGDGPHGLDQWHODSUH VHQWDFLyQGHO'1,RGHOUHVJXDUGRFRQIRWRJUDItDGHOSDVDSRUWHRGHO Núm. 5516 / 21.05.2007 20199 GHOSHUPtVGHFRQGXLUVHQVHTXHDPEDTXHVWHIHFWHVLJXHQYjOLGHVOHV IRWRFzSLHVFRPSXOVDGHVG¶DTXHVWVGRFXPHQWVDL[tFRPGHO¶H[HPSODU SHUDO¶LQWHUHVVDWGHODVROÂOLFLWXGG¶DGPLVVLyDOHVSURYHV &RPHQoDGHVOHVSURYHVO¶DQXQFLGHODUHDOLW]DFLyGHODUHVWD G¶H[HUFLFLV HO IDUj S~EOLF HO WULEXQDO DO ORFDO HQ TXq V¶KDMD UHDOLW]DW O¶DQWHULRUHQHOWDXOHUG¶DQXQFLVGHO6HUYHLGH5HFXUVRV+XPDQV±6HF FLy GHO 3$6 D O¶HGLILFL GHO 5HFWRUDW L FRPSOHPHQWjULDPHQW L VHQVH FDUjFWHURILFLDOHQODSjJLQDZHEGHO6HUYHLGH5HFXUVRV+XPDQVHQ O¶DGUHoDKWWSZZZXSYHVUUKKDSDUWDWGHJHVWLyGHO3$6DPEXQD DQWHODFLyPtQLPDGHKRUHV (OV DVSLUDQWV SHUGUDQ HO VHX GUHW TXDQ HV SHUVRQHQ DOV OORFV GH UHDOLW]DFLy TXDQ MD V¶KDJHQ LQLFLDW OHV SURYHV R SHU QR DVVLVWLUKL HQFDUDTXHHVGHJDDFDXVHVMXVWLILFDGHV SHUPLVRGHFRQGXFLUVLQTXHSDUDHVWHHIHFWRVHDQYiOLGDVODVIRWRFR SLDV FRPSXOVDGDV GH GLFKRV GRFXPHQWRV DVt FRPR GHO HMHPSODUSDUD HOLQWHUHVDGRGHODVROLFLWXGGHDGPLVLyQDODVSUXHEDV &RPHQ]DGDVODVSUXHEDVHODQXQFLRGHFHOHEUDFLyQGHORVUHV WDQWHVHMHUFLFLRVVHKDUiS~EOLFRSRUHO7ULEXQDOHQHOORFDOHQTXHVH KD\DFHOHEUDGRHODQWHULRUHQHOWDEOyQGHDQXQFLRVGHO3$6VLWRHQHO HGLILFLR GH 5HFWRUDGR \ FRPSOHPHQWDULDPHQWH \ VLQ FDUiFWHU RILFLDO HQ OD SiJLQD:HE GHO 6HUYLFLR GH 5HFXUVRV +XPDQRV FX\D GLUHFFLyQ HV KWWSZZZXSYHVUUKK $SDUWDGR GH *HVWLyQ GH 3$6 FRQ XQD DQWHODFLyQPtQLPDGHKRUDV /RV DVSLUDQWHV TXHGDUiQ GHFDtGRV GH VX GHUHFKR FXDQGR VH SHU VRQHQ HQ ORV OXJDUHV GH FHOHEUDFLyQ FXDQGR \D VH KD\DQ LQLFLDGR ODV SUXHEDVRSRULQDVLVWHQFLDDODVPLVPDVDXQFXDQGRVHGHEDDFDXVDV MXVWLILFDGDV 3XEOLFLWDWGHOHVOOLVWHV (OWULEXQDOHOHYDUjDOUHFWRUOHVOOLVWHVGHILQLWLYHVGHOVDVSLUDQWVTXH KDJHQVXSHUDWOHVSURYHVSHUDODLQVHUFLyHQHO'2&9 3XEOLFLGDGGHODVOLVWDV (O7ULEXQDOHOHYDUiDO5HFWRUODVOLVWDVGHILQLWLYDVGHORVDVSLUDQWHV TXHKDQVXSHUDGRODVSUXHEDVSDUDVXLQVHUFLyQHQHO'2&9 &RQHL[HPHQWVGHYDOHQFLj /¶DFUHGLWDFLyGHOVFRQHL[HPHQWVGHYDOHQFLjSHOVDVSLUDQWVTXH KDJHQVXSHUDWOHVSURYHVVHOHFWLYHVTXHGLVSRVDO¶DUWLFOHGHO7H[W 5HIyV GH OD /OHL GH OD )XQFLy 3~EOLFD 9DOHQFLDQD HV SRGUj UHDOLW]DU PLWMDQoDQWODSUHVHQWDFLyG¶DOJXQGHOVGRFXPHQWVVHJHQWV &RQRFLPLHQWRVGH9DOHQFLDQR /D DFUHGLWDFLyQ GH ORV FRQRFLPLHQWRV GH YDOHQFLDQR SRU ORV DVSLUDQWHV TXH KD\DQ VXSHUDGR ODV SUXHEDV VHOHFWLYDV TXH GLVSRQH HO DUWtFXOR GHO 7H[WR 5HIXQGLGR GH OD /H\ GH OD )XQFLyQ 3~EOLFD 9DOHQFLDQDSRGUiUHDOL]DUVHPHGLDQWHODSUHVHQWDFLyQGHDOJXQRGHORV VLJXLHQWHVGRFXPHQWRV D 7tWXOR GH %DFKLOOHU R HTXLYDOHQWH FXUVDGR HQ OD &RPXQLGDG 9DOHQFLDQDFRQVXSHUDFLyQGHODVDVLJQDWXUDVGHYDOHQFLDQR E7tWXORGHOD(VFXHOD2ILFLDOGH,GLRPDVFRUUHVSRQGLHQWHDOWHU FHUFXUVRGHFRQRFLPLHQWRVGHYDOHQFLDQR &HUWLILFDGRGHQLYHOPHGLRGHOD-XQWD4XDOLILFDGRUDGH&RQHL[H PHQWVGHO9DOHQFLj &HUWLILFDGRGHQLYHOPHGLRGH&RQRFLPLHQWRVGH9DOHQFLDQRH[SH GLGRXKRPRORJDGRSRUHO*DELQHWHGH1RUPDOL]DFLyQ/LQJtVWLFDGH OD8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLD 4XLHQHVQRSXHGDQDFUHGLWDUHVWRVFRQRFLPLHQWRVFRQIRUPHD ORHVWDEOHFLGRHQHOSXQWRDQWHULRUGHEHUiQUHDOL]DUHOFXUVRHVSHFtILFR GHYDOHQFLDQRDOTXHVHUHILHUHHODUWtFXORGHO7H[WR5HIXQGLGRGH OD/H\GHOD)XQFLyQ3~EOLFD9DOHQFLDQD 3UHVHQWDFLyQGHGRFXPHQWRV (QHOSOD]RGHGtDVKiELOHVFRQWDGRVGHVGHHOGtDVLJXLHQ WH DO GH OD SXEOLFDFLyQ HQ HO '2&9 GH ODV UHODFLRQHV GHILQLWLYDV GH DSUREDGRV ORV DVSLUDQWHV SURSXHVWRV GHEHUiQ UHPLWLU DO 6HUYLFLR GH 5HFXUVRV +XPDQRV ± 6HFFLyQ 3$6 GH HVWD 8QLYHUVLGDG 3ROLWpFQLFD D WUDYpVGHO5HJLVWUR*HQHUDOGHOD8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLD HQ HO 5HJLVWUR GH OD (VFXHOD 3ROLWpFQLFD 6XSHULRU GH$OFRL VLWR HQ OD SOD]D)HUUDQGL]\&DUERQHOOVQGH$OFRLHQHO5HJLVWURGHOD(VFXHOD 3ROLWpFQLFD6XSHULRUGH*DQGLDVLWRHQFDUUHWHUD1D]DUHW2OLYDVQGHO *UDRGH*DQGLDRHQFXDOTXLHUDGHODVIRUPDVHVWDEOHFLGDVHQHODUWt FXORGHOD/H\GH5pJLPHQ-XUtGLFRGHODV$GPLQLVWUD FLRQHV3~EOLFDV\GHO3URFHGLPLHQWR$GPLQLVWUDWLYR&RP~QUHGDFWDGR FRQIRUPH D OD /H\ GH GH HQHUR OD VLJXLHQWH GRFXPHQWD FLyQ D6DOYRTXHFRQVWHHQHOH[SHGLHQWHSHUVRQDOIRWRFRSLDFRPSXO VDGD GHO WtWXOR DFDGpPLFR H[LJLEOH VHJ~Q OD SUHVHQWH FRQYRFDWRULD R FHUWLILFDFLyQDFDGpPLFDTXHDFUHGLWHKDEHUUHDOL]DGRWRGRVORVHVWXGLRV SDUDODREWHQFLyQGHOWtWXOR(QHOFDVRGHWLWXODFLRQHVREWHQLGDVHQHO H[WUDQMHUR GHEHUi DGMXQWDUVH OD FUHGHQFLDO TXH DFUHGLWH VX KRPRORJD FLyQ E /RV DVSLUDQWHV GLVFDSDFLWDGRV GHEHUiQ SUHVHQWDU FHUWLILFDFLyQ GH OD FRQVHOOHULD GH %LHQHVWDU 6RFLDO X yUJDQRV FRPSHWHQWHV GH RWUDV $GPLQLVWUDFLRQHV3~EOLFDVTXHDFUHGLWHGLVFDSDFLWDFLyQLJXDORVXSH ULRUDODVtFRPRVXFDSDFLGDGSDUDGHVHPSHxDUODVIXQFLRQHVTXH FRUUHVSRQGDQDODVYDFDQWHVRIHUWDGDV F&HUWLILFDGRPpGLFRDFUHGLWDWLYRGHSRVHHUODFDSDFLGDGItVLFD\ SVtTXLFDQHFHVDULDSDUDHOGHVHPSHxRGHODVIXQFLRQHVGHORVSXHVWRV GHWUDEDMRRIHUWDGRV$HVWRVHIHFWRVORVUHFRQRFLPLHQWRVVHUHDOL]DUDQ D WUDYpV GHO 6HUYLFLR ,QWHJUDGR GH 3UHYHQFLyQ \ 6DOXG /DERUDO GH OD 8QLYHUVLGDG 3ROLWpFQLFD GH 9DOHQFLD DO REMHWR GH TXH pVWH UHDOLFH HO SHUWLQHQWHUHFRQRFLPLHQWRPpGLFR\H[SLGDHOFHUWLILFDGRPpGLFRTXH SURFHGD D7tWROGHEDW[LOOHURHTXLYDOHQWFXUVDWDOD&RPXQLWDW9DOHQFLDQD DPEVXSHUDFLyGHOHVDVVLJQDWXUHVGHYDOHQFLj E7tWROGHO¶(VFROD2ILFLDOG¶,GLRPHVFRUUHVSRQHQWDOWHUFHUFXUV GHFRQHL[HPHQWVGHYDOHQFLj F&HUWLILFDWGHQLYHOO0LWMjGHOD-XQWD4XDOLILFDGRUDGH&RQHL[H PHQWVGH9DOHQFLj G&HUWLILFDWGHJUDXPLWMjGH&RQHL[HPHQWVGHO9DOHQFLjH[SHGLWX KRPRORJDWSHO*DELQHWGH1RUPDOLW]DFLy/LQJtVWLFDGHOD8QLYHUVLWDW 3ROLWqFQLFDGH9DOqQFLD 4XLQRSXJDDFUHGLWDUDTXHVWVFRQHL[HPHQWVFRQIRUPHDOTXH HVWDEOHL[HOSXQWDQWHULRUKDXUjGHUHDOLW]DUHOFXUVHVSHFtILFGHYDOHQ FLjDTXqHVUHIHUHL[O¶DUWLFOHGHO7H[W5HIyVGHOD/OHLGHOD)XQFLy 3~EOLFD9DOHQFLDQD 3UHVHQWDFLyGHGRFXPHQWV (QHOWHUPLQLGHYLQWGLHVKjELOVFRPSWDGRUVGHVGHO¶HQGHPj GH OD SXEOLFDFLy HQ HO '2&9 GH OHV UHODFLRQV GHILQLWLYHV G¶DSURYDWV HOV DVSLUDQWV SURSRVDWV KDXUDQ GH SUHVHQWDU DO 6HUYHL GH 5HFXUVRV +XPDQV 6HFFLy GHO 3$6G¶DTXHVWD 8QLYHUVLWDW D WUDYpV GHO 5HJLV WUH *HQHUDO GH OD 8QLYHUVLWDW 3ROLWqFQLFD GH 9DOqQFLD DO 5HJLVWUH GH O¶(VFROD 3ROLWqFQLFD 6XSHULRU G¶$OFRL VLWXDGD HQ OD SODoD )HUUiQGL] L &DUERQHOOVQG¶$OFRLDO5HJLVWUHGHO¶(VFROD3ROLWqFQLFD6XSHULRUGH *DQGLDVLWXDWHQODFDUUHWHUD1D]DUHW2OLYDVQ*UDXGH*DQGLDRHQ TXDOVHYROGHOHVIRUPHVHVWDEOLGHVHQO¶DUWLFOHGHOD/OHL GH5qJLP-XUtGLFGHOHV$GPLQLVWUDFLRQV3~EOLTXHVLGHO3URFHGLPHQW $GPLQLVWUDWLX &RP~ UHGDFWDW FRQIRUPH D OD /OHL GH GH JHQHUODGRFXPHQWDFLyVHJHQW D/OHYDWTXHFRQVWHHQO¶H[SHGLHQWSHUVRQDOIRWRFzSLDFRPSXOVD GDGHOWtWRODFDGqPLFH[LJLEOHVHJRQVDTXHVWDFRQYRFDWzULDRFHUWLILFDW DFDGqPLFTXHDFUHGLWHKDYHUUHDOLW]DWWRWVHOVHVWXGLVSHUDO¶REWHQFLy GHO WtWRO (Q HO FDV GH WLWXODFLRQV REWLQJXGHV D O¶HVWUDQJHU KDXUj G¶DGMXQWDUVHODFUHGHQFLDOTXHDFUHGLWHO¶KRPRORJDFLy (OVDVSLUDQWVGLVFDSDFLWDWVKDXUDQGHSUHVHQWDUFHUWLILFDWGHODFRQ VHOOHULDGH%HQHVWDU6RFLDORGHOVzUJDQVFRPSHWHQWVG¶DOWUHVDGPLQLV WUDFLRQV S~EOLTXHV TXH DFUHGLWH GLVFDSDFLWDW LJXDO R VXSHULRU DO DL[tFRPODVHXDFDSDFLWDWSHUDH[HUFLUOHVIXQFLRQVTXHFRUUHVSRQJXHQ DOHVYDFDQWVRIHULGHV F&HUWLILFDWPqGLFDFUHGLWDWLXGHWHQLUODFDSDFLWDWItVLFDLSVtTXLFD QHFHVVjULDSHUDO¶H[HUFLFLGHOHVIXQFLRQVGHOVOORFVGHWUHEDOORIHULWV $PEDTXHVWHIHFWHHOVUHFRQHL[HPHQWVHVUHDOLW]HQDWUDYpVGHO6HUYHL ,QWHJUDWGH3UHYHQFLyL6DOXW/DERUDOGHOD8QLYHUVLWDW3ROLWqFQLFDGH 9DOqQFLDDILGHTXHDTXHVWUHDOLW]HHOSHUWLQHQWUHFRQHL[HPHQWPqGLFL H[SHGLVFDHOFHUWLILFDWPqGLFTXHSHUWRTXH Núm. 5516 / 21.05.2007 20200 (OVDVSLUDQWVVHOHFFLRQDWVTXHGLQVGHOWHUPLQLHVWDEOLWHQHO SXQWDQWHULRULWUHWGHFDVRVGHIRUoDPDMRUQRSUHVHQWHQODGRFXPHQ WDFLy DFUHGLWDWLYD HV GHGXLUj TXH QR WHQHQ DOJXQ GHOV UHTXLVLWV H[LJ LWVLQRSRGUDQVHUQRPHQDWVIXQFLRQDULVGHFDUUHUDVHQVHSHUMXGLFLGH OD UHVSRQVDELOLWDW HQ TXq SXJXHQ KDYHU LQFRUUHJXW SHU IDOVHGDW HQ OHV VROÂOLFLWXGVGHSDUWLFLSDFLy /RV\ODVDVSLUDQWHVVHOHFFLRQDGRVTXHGHQWURGHOSOD]RHVWD EOHFLGR HQ HO SXQWR DQWHULRU \ VDOYR FDVRV GH IXHU]D PD\RU QR SUH VHQWDVHQODGRFXPHQWDFLyQDFUHGLWDWLYDRGHODPLVPDVHGHGXMHVHTXH FDUHFHQGHDOJXQRGHORVUHTXLVLWRVH[LJLGRVQRSRGUiQVHUQRPEUDGRV IXQFLRQDULRVGHFDUUHUDVLQSHUMXLFLRGHODUHVSRQVDELOLGDGTXHSXGLH UDQKDEHULQFXUULGRSRUIDOVHGDGHQVXVVROLFLWXGHVGHSDUWLFLSDFLyQ 1RPHQDPHQWGHIXQFLRQDULV &RQFOzVHOSURFpVVHOHFWLXLWUDQVFRUUHJXWHOWHUPLQLGHSUHVHQWDFLy GHODGRFXPHQWDFLyHOVTXLO¶KDJHQVXSHUDWHVQRPHQDUDQIXQFLRQDULV GHFDUUHUDGHOJUXS&VHFWRUG¶DGPLQLVWUDFLyHVSHFLDOHVSHFLDOLVWDWqF QLFGHODERUDWRULG¶DTXHVWD8QLYHUVLWDW3ROLWqFQLFDPLWMDQoDQWUHVROXFLy TXH HV SXEOLFDUj HQ HO '2&9 L TXHGDUDQ DGVFULWV FRP D IXQFLRQDULV G¶DTXHVW JUXS DOV OORFV TXH RFXSDYHQ DPE FDUjFWHU GHILQLWLX DPE OD FDWHJRULDHVSHFLDOLVWDWqFQLFGHODERUDWRUL 1RPEUDPLHQWRGHIXQFLRQDULRV &RQFOXLGRHOSURFHVRVHOHFWLYR\WUDQVFXUULGRHOSOD]RGHSUHVHQ WDFLyQGHODGRFXPHQWDFLyQTXLHQHVORKXELHUDQVXSHUDGRVHUiQQRP EUDGRV IXQFLRQDULRV GH FDUUHUD GHO JUXSR & VHFWRU DGPLQLVWUDFLyQ HVSHFLDOHVSHFLDOLVWDWpFQLFRGHODERUDWRULRGHHVWD8QLYHUVLGDG3ROL WpFQLFDPHGLDQWHUHVROXFLyQTXHVHSXEOLFDUiHQHO'2&9TXHGDQGR DGVFULWRVFRPRIXQFLRQDULRVGHHVWHJUXSRDORVSXHVWRVGHWUDEDMRTXH YLQLHUDQRFXSDQGRFRQFDUiFWHUGHILQLWLYRFRQFDWHJRUtDGHHVSHFLDOLVWD WpFQLFRGHODERUDWRULR ,QIRUPDFLyUHVSHFWHGHOHVGDGHVUHFROOLGHV /HV GDGHV VXEPLQLVWUDGHV SHU OHV SHUVRQHV LQWHUHVVDGHV TXHGHQ LQFRUSRUDGHV D XQ ILW[HU DXWRPDWLW]DW TXH FRQVWLWXHL[ OD EDVH GHGDGHVGHSHUVRQDORODEDVHGHGDGHVGHERUVDGHWUHEDOOGHFRQIRU PLWDWDPEOD/OHLRUJjQLFDGHGHGHVHPEUHGHSURWHFFLy GHGDGHVGHFDUjFWHUSHUVRQDO/23' (OILW[HUTXHGDVRWDODUHVSRQVDELOLWDWGHO5HFWRUDWGHOD8QL YHUVLWDW 3ROLWqFQLFD GH 9DOqQFLD DO FDPt GH 9HUD VQ '3 GH 9DOqQFLD /DLQIRUPDFLyREWLQJXGDHVSURFHVVDH[FOXVLYDPHQWSHUDOD JHVWLyGHSHUVRQDO /HV GDGHV GH FDUjFWHU SHUVRQDO HV WUDFWHQ DPE HO JUDX GH SURWHFFLy TXH HVWDEOHL[ HO 5HLDO GHFUHW G¶ GH MXQ\ HQ HO TXDO V¶HVWDEOHL[HQ OHV PHVXUHV GH VHJXUHWDW GHOV ILW[HUV DXWRPDWLW]DWV TXH FRQWHQHQ GDGHV GH FDUjFWHU SHUVRQDO L V¶DGRSWHQ OHV PHVXUHV GH VHJXUHWDWQHFHVVjULHVSHUDJDUDQWLUODFRQILGHQFLDOLWDWLODLQWHJULWDWGH ODLQIRUPDFLy /HV SHUVRQHV LQWHUHVVDGHV SRGHQ H[HUFLU HOV VHXV GUHWV G¶DFFpV UHFWLILFDFLy FDQFHOÂODFLy L RSRVLFLy HQ FRPSOLPHQW GHO TXH HVWDEOHL[ OD /23' GDYDQW HO 6HUYHL GH 5HFXUVRV +XPDQV 3$6 GH OD 8QLYHUVLWDW 3ROLWqFQLFD GH 9DOqQFLD VLWL DO FDPt GH 9HUD VQ '3 GH9DOqQFLD ,QIRUPDFLyQUHVSHFWRGHORVGDWRVUHFRJLGRV /RV GDWRV VXPLQLVWUDGRV SRU ORV LQWHUHVDGRV SRQGUiQ TXHGDU LQFRUSRUDGRV HQ XQ ILFKHUR DXWRPDWL]DGR TXH FRQVWLWX\D OD %DVH GH GDWRVGHSHUVRQDOROD%DVHGHGDWRVGHEROVDGHWUDEDMRGHFRQIRUPL GDGFRQOD/H\2UJiQLFDGHGHGLFLHPEUHGHSURWHFFLyQ GHGDWRVGHFDUiFWHUSHUVRQDO/23' (OILFKHURTXHGDUiEDMRODUHVSRQVDELOLGDGGHO5HFWRUDGRGH OD8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLDHQHO&DPLQRGH9HUDVQ'3 GH9DOHQFLD /DLQIRUPDFLyQREWHQLGDVHUiSURFHVDGDH[FOXVLYDPHQWHSDUD ODJHVWLyQGHSHUVRQDO /RVGDWRVGHFDUiFWHUSHUVRQDOVHUiQWUDWDGRVFRQHOJUDGRGH SURWHFFLyQTXHHVWDEOHFHHO5HDO'HFUHWRGHGHMXQLRHQ HOFXDOVHHVWDEOHFHQODVPHGLGDVGHVHJXULGDGGHORVILFKHURDXWRPD WL]DGRV TXH FRQWLHQHQ GDWRV GH FDUiFWHU SHUVRQDO \ VH DGRSWDUiQ ODV PHGLGDVGHVHJXULGDGQHFHVDULDVSDUDJDUDQWL]DUODFRQILGHQFLDOLGDG\ ODLQWHJULGDGGHODLQIRUPDFLyQ /DVSHUVRQDVLQWHUHVDGDVSRGUiQHMHUFHUVXVGHUHFKRVGHDFFH VRUHFWLILFDFLyQFDQFHODFLyQ\RSRVLFLyQHQFXPSOLPLHQWRGHORTXH HVWDEOHFHOD/23'DQWHHO6HUYLFLRGH5HFXUVRV+XPDQRV3$6GHOD 8QLYHUVLGDG 3ROLWpFQLFD GH9DOHQFLD VLWR HQ HO &DPLQR GH9HUD VQ '3GH9DOHQFLD 7ULEXQDO (O WULEXQDO TXDOLILFDGRU G¶DTXHVWHV SURYHV VHOHFWLYHV VHUj QRPHQDW SHO UHFWRU HQ OD UHVROXFLy TXH IDoD S~EOLFD OD UHODFLy SURYL VLRQDOG¶DGPHVRVLH[FORVRVDPEXQDDQWHODFLyPtQLPDG¶XQPHVDOD GDWDGHO¶LQLFLGHOHVSURYHVLHVWDUjFRPSRVWSHU 7ULEXQDO (O7ULEXQDOGH6HOHFFLyQGHODVSUHVHQWHVSUXHEDVVHOHFWLYDV VHUiQRPEUDGRSRUHO5HFWRUHQODUHVROXFLyQTXHKDJDS~EOLFDODUHOD FLyQSURYLVLRQDOGHDGPLWLGRV\H[FOXLGRVFRQXQDDQWHODFLyQPtQLPD GHXQPHVDODIHFKDGHOFRPLHQ]RGHODVSUXHEDVHVWDQGRFRPSXHVWR SRU Â 3UHVLGHQWHD 8Q 9LFHUUHFWRU GH OD 8QLYHUVLGDG 3ROLWpFQLFD GH 9DOHQFLDRSHUVRQDHQTXLHQGHOHJXH Â7UHVYRFDOHVGHVLJQDGRVSRUHO5HFWRUGHOD8QLYHUVLGDG3ROLWpF QLFDGH9DOHQFLDIXQFLRQDULRVDVGHFDUUHUD Â 8QD YRFDO GHVLJQDGR SRU OD -XQWD GHO 3$6 GH OD 8QLYHUVLGDG 3ROLWpFQLFDGH9DOHQFLDIXQFLRQDULRGHFDUUHUD Â8QDVHFUHWDULRDIXQFLRQDULRDGHFDUUHUDGHOD8QLYHUVLGDG3ROL WpFQLFDGH9DOHQFLDTXHDFWXDUiFRQYR]SHURVLQYRWR 3UHVLGHQWSUHVLGHQWD XQ YLFHUHFWRUXQD YLFHUHFWRUD GH OD 8QLYHU VLWDW3ROLWqFQLFDGH9DOqQFLDRSHUVRQDHQTXLGHOHJXH 7UHVYRFDOVGHVLJQDWVSHOUHFWRUGHOD8QLYHUVLWDW3ROLWqFQLFDGH 9DOqQFLDSHUVRQDOIXQFLRQDULGHFDUUHUD 8QXQD YRFDO GHVLJQDW SHU OD -XQWD GHO 3$6 GH OD 8QLYHUVLWDW 3ROLWqFQLFDGH9DOqQFLDSHUVRQDOIXQFLRQDULGHFDUUHUD 8Q VHFUHWDULXQD VHFUHWjULD SHUVRQDO IXQFLRQDUL GH FDUUHUD GH OD 8QLYHUVLWDW 3ROLWqFQLFD GH 9DOqQFLD TXH DFWXDUj DPE YHX SHUz VHQVH YRW $L[tPDWHL[HVGHVLJQDUjXQWULEXQDOVXSOHQWDPEODPDWHL[DFRP SRVLFLy (OWULEXQDOSHUDODUHDOLW]DFLyGHOHVSURYHVSRGUjGHVLJQDU HOSHUVRQDOFROÂODERUDGRUDMXGDQWLDVVHVVRUHVSHFLDOLVWDTXHFRQVLGHUH RSRUW~ (OVPHPEUHVGHOWULEXQDODL[tFRPHOSHUVRQDOFROÂODERUDGRU DMXGDQW L DVVHVVRU HVSHFLDOLVWD VH Q¶KDXUDQ G¶DEVWHQLU L SRGUDQ VHU UHFXVDWV SHU OHV SHUVRQHV LQWHUHVVDGHV TXDQ KL FRQFyUUHJXHQ FLUFXP VWjQFLHVGHOHVSUHYLVWHVHQHOVDUWLFOHVLGHOD/OHLGH GHQRYHPEUHGH5qJLP-XUtGLFGHOHV$GPLQLVWUDFLRQV3~EOLTXHVL GHO3URFHGLPHQW$GPLQLVWUDWLX&RP~ $L[t PDWHL[ V¶KDXUj G¶DEVWHQLU TXL KDJXHUD UHDOLW]DW WDVTXHV GH SUHSDUDFLy G¶DVSLUDQWV HQ HOV FLQF DQ\V DQWHULRUV D OD SXEOLFDFLy G¶DTXHVWDFRQYRFDWzULD $VLPLVPRVHGHVLJQDUiXQ7ULEXQDOVXSOHQWHFRQODPLVPDFRP SRVLFLyQ (O7ULEXQDOSDUDODUHDOL]DFLyQGHODVSUXHEDVSRGUiGHVLJQDU ORVFRODERUDGRUHVD\XGDQWHV\DVHVRUHVHVSHFLDOLVWDVTXHHVWLPHRSRU WXQRV /RVPLHPEURVGHO7ULEXQDODVtFRPRORVFRODERUDGRUHVD\X GDQWHV\DVHVRUHVHVSHFLDOLVWDVGHEHUiQDEVWHQHUVH\SRGUiQVHUUHFX VDGRVSRUORVLQWHUHVDGRVFXDQGRFRQFXUUDQHQHOORVFLUFXQVWDQFLDVGH ODV SUHYLVWDV HQ ORV DUWtFXORV \ GH OD /H\ GH 5pJLPHQ -XUtGLFR GHODV$GPLQLVWUDFLRQHV3~EOLFDV\GHO3URFHGLPLHQWR$GPLQLVWUDWLYR &RP~Q $VLPLVPR GHEHUiQ DEVWHQHUVH DTXpOORV TXH KXELHUHQ UHDOL]DGR WDUHDV GH SUHSDUDFLyQ GH DVSLUDQWHV HQ ORV FLQFR DxRV DQWHULRUHV D OD SXEOLFDFLyQGHHVWDFRQYRFDWRULD Núm. 5516 / 21.05.2007 20201 7RWV HOV PHPEUHV GHO WULEXQDO KDXUDQ GH UHXQLU HOV UHTXLVLWV HVWDEOLWVHQO¶DUWLFOHGHO7H[W5HIyVGHOD/OHLGHOD)XQFLy3~EOL FD 9DOHQFLDQD L DOPHQ\V OD PHLWDW PpV XQ G¶DTXHVWV KDXUj GH WHQLU XQDWLWXODFLyFRUUHVSRQHQWDODPDWHL[DjUHDGHFRQHL[HPHQWVO¶H[LJLGD SHUDO¶LQJUpV (O WULEXQDO DL[t FRP HO SHUVRQDO FROÂODERUDGRU DMXGDQW L HO SHUVRQDO HVSHFLDOLVWD SRGUj H[LJLU GHOV DVSLUDQWV HQ TXDOVHYRO PRPHQWTXHDFUHGLWHQODLGHQWLWDWGHFRQIRUPLWDWDPEHOTXHSUHYHX ODEDVH $O¶HIHFWHGHFRPXQLFDFLRQVLGHTXDOVHYRODOWUDLQFLGqQFLDHO WULEXQDOWLQGUjODVHXDOD8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLDFDPtGH 9HUDVQ&39DOqQFLD (O WULEXQDO WLQGUj OD FDWHJRULD DVVHQ\DODGD HQ HO 'HFUHW G¶ GH IHEUHU GHO &RQVHOO GH OD *HQHUDOLWDW 9DOHQFLDQD VREUH LQGHPQLW]DFLRQV SHU UDy GHO VHUYHL L JUDWLILFDFLRQV SHU VHUYHLV WHQLQWHQFRPSWHHOTXHHVWDEOHL[O¶DUWLFOHGHOD/OHLGHGH GHVHPEUHGH0HVXUHV)LVFDOV$GPLQLVWUDWLYHVLG¶2UJDQLW]DFLyGHOD *HQHUDOLWDW9DOHQFLDQD (O WULEXQDO WLQGUj OD FRQVLGHUDFLy G¶zUJDQ FROÂOHJLDW GH O¶DGPLQLVWUDFLyLHQDTXHVWVHQWLWHVWDUjVRWPpVDOHVQRUPHVFRQWLQ JXGHV HQ OD /OHL GH GH QRYHPEUH GH 5qJLP -XUtGLF GH OHV$GPLQLVWUDFLRQV3~EOLTXHVLGHO3URFHGLPHQW$GPLQLVWUDWLX&RP~ PRGLILFDGDSHUOD/OHLGHGHJHQHU 7RGRV ORV PLHPEURV GHO 7ULEXQDO GHEHUiQ UHXQLU ORV UHTXLVLWRV HVWDEOHFLGRV HQ HO DUWtFXOR GHO7H[WR 5HIXQGLGR GH OD /H\ GH OD )XQFLyQ3~EOLFD9DOHQFLDQD\DOPHQRVODPLWDGPiVXQRGHORVPLV PRV GHEHUi WHQHU XQD WLWXODFLyQ FRUUHVSRQGLHQWH D OD PLVPD iUHD GH FRQRFLPLHQWRVGHODH[LJLGDSDUDHOLQJUHVR (O7ULEXQDODVtFRPRORVFRODERUDGRUHVD\XGDQWHV\HOSHU VRQDOHVSHFLDOLVWDSRGUiH[LJLUGHORVDVSLUDQWHVHQFXDOTXLHUPRPHQ WRTXHDFUHGLWHQVXLGHQWLGDG 5HFXUVRV &RQWUD DTXHVWD FRQYRFDWzULD L OHV VHXHV EDVHV TXH VyQ GHILQLWLYHV HQ OD YLD DGPLQLVWUDWLYD OHV SHUVRQHV LQWHUHVVDGHV SRGUDQ LQWHUSRVDUUHFXUVFRQWHQFLyVDGPLQLVWUDWLXHQHOWHUPLQLGHGRVPHVRV FRPSWDGRUVDSDUWLUGHO¶HQGHPjGHODSXEOLFDFLyHQHO'2&9GDYDQW GHOVzUJDQVMXULVGLFFLRQDOVFRQWHQFLRVRVDGPLQLVWUDWLXVGHOD&RPXQL WDW9DOHQFLDQDGHFRQIRUPLWDWDPEHOTXHHVWDEOHL[HQHOVDUWLFOHV LGHOD/OHLGHGHQRYHPEUHGH5qJLP-XUtGLFGHOHV $GPLQLVWUDFLRQV 3~EOLTXHV L GHO 3URFHGLPHQW $GPLQLVWUDWLX &RP~ VHJRQVODUHGDFFLyPRGLILFDGDSHUOD/OHLDL[tFRPHOVDUWLFOHV LGHOD/OHLGHGHMXOLRO5HJXODGRUDGHOD-XULVGLFFLy &RQWHQFLRVD$GPLQLVWUDWLYD3RWHVWDWLYDPHQWSRGUDQLQWHUSRVDUUHFXUV GH UHSRVLFLy HQ HO WHUPLQL G¶XQ PHV GDYDQW GHO UHFWRU GH FRQIRUPL WDWDPEHOVDUWLFOHVLGHO¶HVPHQWDGD/OHLVHJRQVOD UHGDFFLyPRGLILFDGDSHUOD/OHL &RQWUD HOV DFWHV GHO WULEXQDO HV SRGUj LQWHUSRVDU UHFXUV G¶DOoDGD GDYDQW GHO UHFWRU G¶DTXHVWD 8QLYHUVLWDW HQ HO WHUPLQL G¶XQ PHVDSDUWLUGHO¶HQGHPjGHODSXEOLFDFLyGHODFRUUHVSRQHQWUHVROXFLy GHOWULEXQDO 5HFXUVRV &RQWUDODSUHVHQWHFRQYRFDWRULD\VXVEDVHVTXHVRQGHILQLWL YDVHQODYtDDGPLQLVWUDWLYDSRGUiQORVLQWHUHVDGRVLQWHUSRQHUUHFXUVR FRQWHQFLRVRDGPLQLVWUDWLYRHQHOSOD]RGHGRVPHVHVFRQWDGRVDSDUWLU GHO GtD VLJXLHQWH DO GH VX SXEOLFDFLyQ HQ HO '2&9 DQWH ORV yUJDQRV MXULVGLFFLRQDOHV GH OR &RQWHQFLRVR$GPLQLVWUDWLYR GH OD &RPXQLGDG 9DOHQFLDQD GH FRQIRUPLGDG FRQ OR HVWDEOHFLGR HQ ORV DUWtFXORV \ GH OD /H\ GH GH QRYLHPEUH GH 5pJLPHQ -XUtGLFR GHODV$GPLQLVWUDFLRQHV3~EOLFDV\GHO3URFHGLPLHQWR$GPLQLVWUDWLYR &RP~QVHJ~QUHGDFFLyQPRGLILFDGDSRUOD/H\DVtFRPRORV DUWtFXORV\GHOD/H\GHGHMXOLR5HJXODGRUDGHOD -XULVGLFFLyQ &RQWHQFLRVR$GPLQLVWUDWLYD \ SRWHVWDWLYDPHQWH SRGUiQ LQWHUSRQHU HO UHFXUVR GH UHSRVLFLyQ HQ HO SOD]R GH XQ PHV DQWH HO 5HFWRUGHFRQIRUPLGDGFRQORVDUWtFXORV\GHODUHIHULGD/H\ VHJ~QVXUHGDFFLyQPRGLILFDGDSRUOD/H\ &RQWUD ORV DFWRV GHO 7ULEXQDO SRGUi LQWHUSRQHUVH UHFXUVR GH DO]DGDDQWHHO5HFWRUGHHVWD8QLYHUVLGDGHQHOSOD]RGHXQPHVDSDU WLUGHOGtDVLJXLHQWHDOGHODSXEOLFDFLyQGHODFRUUHVSRQGLHQWHUHVROX FLyQGHO7ULEXQDO 9DOqQFLDGHPDLJGH(OUHFWRUGHOD8QLYHUVLWDW3ROLWqFQLFD GH9DOqQFLD-XDQ-XOLi,JXDO 9DOHQFLDGHPD\RGH(O5HFWRUGHOD8QLYHUVLGDG3ROLWpF QLFDGH9DOHQFLD-XDQ-XOLi,JXDO $11(;, &RGLGHOOORF3) 'HQRPLQDFLyGHOOORF(VSHFLDOLVWD7qFQLFGH/DERUDWRUL 8QLWDW'HSDUWDPHQWGH&LqQFLD$QLPDO &HQWUH(76G¶(QJLQ\HUV$JUzQRPV &DWDORJDFLy&'( )XQFLRQVGHOOORF )XQFLRQVJHQHUDOV ± 0DQWHQLPHQW FRQWURO L FRPSURYDFLy GHO PDWHULDO HTXLSV L LQVWDOÂODFLRQVGHOODERUDWRULDPEODVXSHUYLVLyTXHSHUWRTXH ±3UHSDUDFLyGHO¶HTXLSDPHQWSHUDODSUHSDUDFLyGHOHVSUjFWLTXHV LOHVWUHEDOOVG¶LQYHVWLJDFLyTXHHVUHDOLW]HQDOODERUDWRULLFROÂODERUDU DPEHOSURIHVVRUDWHQHOGHVHQYROXSDPHQWG¶DTXHVWHV ± &RQWURODU OHV H[LVWqQFLHV GHO PDJDW]HP O¶DGTXLVLFLy GHO PDWH ULDO SHU D OHV SUjFWLTXHV G¶DFRUG DPE OHV RUGUHV GHO SHUVRQDO UHVSRQ VDEOHGHOGHSDUWDPHQWLHQDEVqQFLDGHSHUVRQDOGHPDMRUTXDOLILFDFLy O¶HODERUDFLyGHOHVSURSRVWHVG¶DGTXLVLFLy ± &RQqL[HU L UHDOLW]DU OHV WDVTXHV GH PDQHLJ L XWLOLW]DFLy GH OHV WqFQLTXHVLHOVHTXLSDPHQWVQHFHVVDULVSHUDOVWUHEDOOVTXHVHOLHQFR PDQHQSURSLVGHODVHXDjUHDGHFRPSHWqQFLD ±0DQHLJLLQVWDOÂODFLyGHSDTXHWVLQIRUPjWLFVDQLYHOOG¶XVXDUL $ORVHIHFWRVGHFRPXQLFDFLRQHV\GHFXDOHVTXLHUDRWUDVLQFL GHQFLDV HO 7ULEXQDO WHQGUi VX VHGH HQ OD 8QLYHUVLGDG 3ROLWpFQLFD GH 9DOHQFLD&DPLQRGH9HUDVQ&39DOHQFLD (O 7ULEXQDO WHQGUi OD FDWHJRUtD VHxDODGD HQ HO 'HFUHWR GH GH IHEUHUR GHO &RQVHOO GH OD *HQHUDOLWDW 9DOHQFLDQD VREUHLQGHPQL]DFLRQHVSRUUD]yQGHOVHUYLFLR\JUDWLILFDFLRQHVSRUVHU YLFLRV (O 7ULEXQDO WHQGUi OD FRQVLGHUDFLyQ GH yUJDQR FROHJLDGR GH OD DGPLQLVWUDFLyQ \ FRPR WDO HVWDUi VRPHWLGR D ODV QRUPDV FRQWHQLGDV HQ OD /H\ GH GH QRYLHPEUH GH 5pJLPHQ -XUtGLFR GH ODV $GPLQLVWUDFLRQHV3~EOLFDV\GHO3URFHGLPLHQWR$GPLQLVWUDWLYR&RP~Q PRGLILFDGDSRUOD/H\GHGHHQHUR $1(;2, &yGLJRGHSXHVWR3) 'HQRPLQDFLyQGHOSXHVWR(VSHFLDOLVWD7pFQLFRGH/DERUDWRULR 8QLGDG'HSDUWDPHQWRGH&LHQFLD$QLPDO &HQWUR(76,$JUyQRPRV &DWDORJDFLyQ&'( )XQFLRQHVGHOSXHVWR )XQFLRQHV*HQHUDOHV ±0DQWHQLPLHQWRFRQWURO\FRPSUREDFLyQGHOPDWHULDOHTXLSRVH LQVWDODFLRQHVGHOODERUDWRULRFRQODVXSHUYLVLyQTXHSURFHGD ±3UHSDUDFLyQGHOHTXLSDPLHQWRSDUDODSUHSDUDFLyQGHODVSUiFWL FDV\WUDEDMRVGHLQYHVWLJDFLyQTXHVHUHDOL]DQHQHOODERUDWRULRFROD ERUDQGRFRQHOSURIHVRUDGRHQHOGHVDUUROORGHODVPLVPDV ± &RQWURODU ODV H[LVWHQFLDV GHO DOPDFpQ DGTXLVLFLyQ GHO PDWHULDO SDUDODVSUiFWLFDVGHDFXHUGRFRQODVyUGHQHVGHOSHUVRQDOUHVSRQVDEOH GHO GHSDUWDPHQWR \ HQ DXVHQFLD GH SHUVRQDO GH PD\RU FXDOLILFDFLyQ GHEHUiHODERUDUODVSURSXHVWDVGHDGTXLVLFLyQ ±&RQRFHU\UHDOL]DUODVWDUHDVGHPDQHMR\XWLOL]DFLyQGHODVWpFQL FDV\HTXLSDPLHQWRVSUHFLVRVSDUDORVWUDEDMRVTXHVHOHHQFRPLHQGHQ SURSLRVGHVXiUHDGHFRPSHWHQFLD ±0DQHMRHLQVWDODFLyQGHSDTXHWHVLQIRUPiWLFRVDQLYHOGHXVXDULR Núm. 5516 / 21.05.2007 ±*HVWLRQDUO¶LQYHQWDULGHOVODERUDWRULV ±6XSRUWDOVSURIHVVRUVLDOXPQHVGHOSURMHFWHGHILGHFDUUHUDHQ O¶~VGHOHVLQVWDOÂODFLRQVGHOVODERUDWRULV ±*HVWLyGHUHVLGXVHQO¶jPELWGHOSURSLOORFGHWUHEDOO ± &RPSOLPHQW GH OHV QRUPHV GH VHJXUHWDW L VDOXW HPDQDGHV GHOV zUJDQVWqFQLFVFRPSHWHQWV ±,WRWHVDTXHOOHVIXQFLRQVLQKHUHQWVDOOORFGHWUHEDOOG¶DFRUGDPE ODFDWHJRULDSURIHVVLRQDOG¶DTXHVW )XQFLRQVHVSHFtILTXHV ± &ROÂODERUDU HQ OD JHVWLy PHGLDPELHQWDO HQ HO 'HSDUWDPHQW GH &LqQFLD$QLPDOPLWMDQoDQWODUHFROOLGDVHOHFWLYDGHOVUHVLGXVJHQHUDWV HQHOGHSDUWDPHQW ±6XSRUWWqFQLFHQOHVSUjFWLTXHV ± 1HWHMD GH OHV QDXV HQ TXq V¶DOORWJHQ HOV DQLPDOV 5HWLUDGD GH IHP ± &ROÂODERUDFLy L VXSRUW ±MXQW DPE HO SHUVRQDO GH ODERUDWRUL GH FDWHJRULDVXSHULRU±HQHOPDQHLJGHODUHSURGXFFLyO¶DOLPHQWDFLyLOD UHSRVLFLy GH OHV QDXV G¶DQLPDOV DGVFULWHV DO 'HSDUWDPHQW GH &LqQFLD $QLPDO ±&RQHL[HPHQWGHOVDQLPDOVSHUDODGHWHFFLyUjSLGDGHPDODOWLHV DILGHFRPXQLFDUOHVDOSHUVRQDOGHODERUDWRULGHFDWHJRULDVXSHULRU ±6DFULILFDUFRQLOOVFRUUHFWDPHQW ± &ROÂODERUDU HQ WUHEDOOV GH PDQWHQLPHQW GH O¶HTXLSDPHQW L OHV LQVWDOÂODFLRQVGHO ODERUDWRULUHDOLW]DQWOHV WDVTXHV TXH QR UHTXHUHL[HQ TXDOLILFDFLyHVSHFtILFD ±7UDVOODGDUFDUUHJDULGHVFDUUHJDUPDWHULDOVLHTXLSV ±2UGHQDUHOPDWHULDOGHOPDJDW]HP ±&ROÂODERUDUHQODYLJLOjQFLDLFXVWzGLDGHOVORFDOVLQVWDOÂODFLRQV EpQVLHTXLSVGHOODERUDWRUL 7HPDUL /D/OHLRUJjQLFDGHGHGHVHPEUHG¶XQLYHUVLWDWV (OV (VWDWXWV GH OD 8QLYHUVLWDW 3ROLWqFQLFD GH 9DOqQFLD UqJLP MXUtGLF WtWRO SUHOLPLQDU FDStWROV , L ,, (VWUXFWXUD GH OD 8QLYHUVLWDW WtWROSULPHU*RYHUQGHOD8QLYHUVLWDWWtWROVHJRQ /OHLRUJjQLFDGHGHGHVHPEUHGHSURWHFFLyGHGDGHV GHFDUjFWHUSHUVRQDOWtWRO,'LVSRVLFLRQVJHQHUDOVWtWRO,,3ULQFLSLVGH ODSURWHFFLyGHGDGHVWtWRO,,,'UHWVGHOHVSHUVRQHVWtWRO,9&DStWRO ,)LW[HUVGHWLWXODULWDWS~EOLFD /D /OHL GH SUHYHQFLy GH ULVFRV ODERUDOV REMHFWH jPELW G¶DSOLFDFLy L GHILQLFLRQV 'UHWV L REOLJDFLRQV 6HUYHLV GH SUHYHQFLy &RQVXOWDLSDUWLFLSDFLyGHOVWUHEDOODGRUV5HVSRQVDELOLWDWVLVDQFLRQV 0DQXDO GH GUHWV L REOLJDFLRQV GHO SHUVRQDO GH OD 8QLYHUVLWDW 3ROLWqFQLFDGH9DOqQFLDHQPDWqULDGHVHJXUHWDWLVDOXWHQHOWUHEDOO /¶HQWRUQGHWUHEDOOGH:LQGRZV&RQQH[LyDOD[DU[D8391(7 /D,QWHUQHW1DYHJDFLy5HFHUTXHVG¶LQIRUPDFLy/DSjJLQDZHEGHOD 839/DLQWUDQHW(OFRUUHXHOHFWUzQLF(OFRUUHXZHE /D VHJXUHWDW HQ HOV HTXLSV LQIRUPjWLFV SHUVRQDOV /HV UHJOHV EjVLTXHVGHQDYHJDFLyLFRUUHXVHJXUV$QWLYLUXVLWDOODIRFV *HQHUDFLyGHGRFXPHQWVEjVLFVDPE:RUG(GLFLyLLPSUHVVLy )RUPDWV 2UWRJUDILD L JUDPjWLFD 'LVVHQ\ GH SjJLQHV 7DXOHV (VWLOV ,PDWJHVLJUjILFV &jOFXOV HOHPHQWDOV HQ ([FHO *HQHUDFLy HGLFLy L LPSUHVVLy GH IXOOV 2SHUDFLRQV EjVLTXHV )XQFLRQV *UjILFV *HQHUDFLy L HGLFLy GH GLDSRVLWLYHVLSUHVHQWDFLRQVDPE3RZHU3RLQW /¶RUJDQLW]DFLySUHYHQWLYDG¶XQGHSDUWDPHQW 'LIHUHQWVILJXUHVGHO¶RUJDQLJUDPDSUHYHQWLXVHJXUHWDWLVDOXW G¶XQGHSDUWDPHQWOHVILJXUHV1111L1 5LVFRV G¶RULJHQ TXtPLF DOV ODERUDWRULV &RPSHQGL G¶LQVWUXFFLRQVRSHUDWLYHVUHODFLRQDGHVDPEHOVULVFRVG¶RULJHQTXtPLF 5LVFRV G¶RULJHQ ELROzJLF DOV ODERUDWRULV &RPSHQGL G¶LQVWUXFFLRQV RSHUDWLYHV UHODFLRQDGHV DPE HOV ULVFRV G¶RULJHQ ELROzJLF (O SURFpV G¶LPSODQWDFLy GHO 6LVWHPD GH *HVWLy$PELHQWDO OD 8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLD 20202 ±*HVWLRQDUHOLQYHQWDULRGHORVODERUDWRULRV ±$SR\RDORVSURIHVRUHV\DOXPQRVGHSUR\HFWRILQGHFDUUHUDHQ HOXVRGHODVLQVWDODFLRQHVGHORVODERUDWRULRV ±*HVWLyQGHUHVLGXRVHQHOiPELWRGHOSURSLRSXHVWRGHWUDEDMR ± &XPSOLPLHQWR GH ODV QRUPDV GH 6HJXULGDG \ 6DOXG HPDQDGDV SRUORVyUJDQRVWpFQLFRVFRPSHWHQWHV ± < WRGDV DTXHOODV IXQFLRQHV LQKHUHQWHV DO SXHVWR GH WUDEDMR GH DFXHUGRFRQODFDWHJRUtDSURIHVLRQDOGHOSXHVWR )XQFLRQHV(VSHFtILFDV ±&RODERUDUHQODJHVWLyQPHGLRDPELHQWDOHQHO'HSDUWDPHQWRGH &LHQFLD$QLPDOPHGLDQWHODUHFRJLGDVHOHFWLYDGHORVUHVLGXRVJHQHUD GRVHQHOGHSDUWDPHQWR ±$SR\RWpFQLFRHQODVSUiFWLFDV ±/LPSLH]DGHODVQDYHVHQODVTXHVHDORMDQORVDQLPDOHV5HWLUDGD GHHVWLpUFRO ± &RODERUDFLyQ \ DSR\R MXQWR FRQ HO SHUVRQDO GH ODERUDWRULR GH VXSHULRU FDWHJRUtD HQ HO PDQHMR GH OD UHSURGXFFLyQ DOLPHQWDFLyQ \ UHSRVLFLyQ GH ODV QDYHV GH DQLPDOHV DGVFULWDV DO 'HSDUWDPHQWR GH &LHQFLD$QLPDO ±&RQRFLPLHQWRGHORVDQLPDOHVSDUDODGHWHFFLyQUiSLGDGHHQIHU PHGDGHVDILQGHFRPXQLFDUODVDOSHUVRQDOGHODERUDWRULRGHVXSHULRU FDWHJRUtD ±6DFULILFDUFRUUHFWDPHQWHFRQHMRV ±&RODERUDUHQWUDEDMRVGHPDQWHQLPLHQWRGHOHTXLSDPLHQWRHLQV WDODFLRQHVGHOODERUDWRULRUHDOL]DQGRODVWDUHDVTXHQRUHTXLHUDQFXDOL ILFDFLyQHVSHFtILFD ±7UDVODGDUFDUJDU\GHVFDUJDUPDWHULDOHV\HTXLSRV ±2UGHQDUHOPDWHULDOGHODOPDFpQ ± &RODERUDU HQ OD YLJLODQFLD \ FXVWRGLD GH ORV ORFDOHV LQVWDODFLR QHVELHQHV\HTXLSRVGHOODERUDWRULR 7HPDULR /D/H\2UJiQLFDGHGHGLFLHPEUHGH8QLYHUVLGDGHV /RV(VWDWXWRVGHOD8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLD5pJL PHQ -XUtGLFR 7LWXOR 3UHOLPLQDU FDStWXORV , \ ,, (VWUXFWXUD GH OD 8QLYHUVLGDG7LWXOR3ULPHUR'HO*RELHUQRGHOD8QLYHUVLGDG7LWXOR 6HJXQGR /H\ 2UJiQLFD GH GH GLFLHPEUH GH 3URWHFFLyQ GH 'DWRVGH&DUiFWHU3HUVRQDO7tWXOR,'LVSRVLFLRQHV*HQHUDOHV7tWXOR ,,3ULQFLSLRVGHODSURWHFFLyQGHGDWRV7tWXOR,,,'HUHFKRVGHODVSHU VRQDV7tWXOR,9&DStWXOR,)LFKHURVGHWLWXODULGDGS~EOLFD /D/H\GH3UHYHQFLyQGH5LHVJRV/DERUDOHV2EMHWRiPELWRGH DSOLFDFLyQ\GHILQLFLRQHV'HUHFKRV\REOLJDFLRQHV6HUYLFLRVGHSUH YHQFLyQ&RQVXOWD\SDUWLFLSDFLyQGHORVWUDEDMDGRUHV5HVSRQVDELOLGD GHV\VDQFLRQHV 0DQXDO GH GHUHFKRV \ REOLJDFLRQHV GHO SHUVRQDO GH OD 8QLYHU VLGDG 3ROLWpFQLFD GH 9DOHQFLD HQ PDWHULD GH VHJXULGDG \ VDOXG HQ HO WUDEDMR (OHQWRUQRGHWUDEDMRGH:LQGRZV&RQH[LyQDODUHG8391(7 /D ,QWHUQHW 1DYHJDFLyQ %~VTXHGDV GH LQIRUPDFLyQ /D SiJLQD ZHE GHOD839/D,QWUDQHW(OFRUUHRHOHFWUyQLFR:HEPDLO /DVHJXULGDGHQORVHTXLSRVLQIRUPiWLFRVSHUVRQDOHV/DVUHJODV EiVLFDVGHODQDYHJDFLyQ\FRUUHRVHJXURV$QWLYLUXV\FRUWDIXHJRV *HQHUDFLyQGHGRFXPHQWRVEiVLFRVFRQ:RUG(GLFLyQHLPSUH VLyQ )RUPDWRV 2UWRJUDItD \ JUDPiWLFD 'LVHxR GH SiJLQDV 7DEODV (VWLORV,PiJHQHV\JUiILFRV &iOFXORVHOHPHQWDOHVHQ([FHO*HQHUDFLyQHGLFLyQHLPSUHVLyQ GHKRMDV2SHUDFLRQHVEiVLFDV)XQFLRQHV*UiILFRV*HQHUDFLyQ\HGL FLyQGHGLDSRVLWLYDV\SUHVHQWDFLRQHVFRQ3RZHUSRLQW /D2UJDQL]DFLyQ3UHYHQWLYDGHXQ'HSDUWDPHQWR 'LIHUHQWHV ILJXUDV GHO 2UJDQLJUDPD 3UHYHQWLYR VHJXULGDG \ VDOXGGHXQ'HSDUWDPHQWRODVILJXUDV1111\1 5LHVJRVGHRULJHQTXtPLFRHQORVODERUDWRULRV&RPSHQGLRGH ,QVWUXFFLRQHV 2SHUDWLYDV UHODFLRQDGDV FRQ ORV ULHVJRV GH RULJHQ TXt PLFR 5LHVJRVGHRULJHQELROyJLFRHQORVODERUDWRULRV&RPSHQGLRGH ,QVWUXFFLRQHV2SHUDWLYDVUHODFLRQDGDVFRQORVULHVJRVGHRULJHQELROy JLFR (OSURFHVRGHLPSODQWDFLyQGHO6LVWHPDGH*HVWLyQ$PELHQWDO HQOD8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLD Núm. 5516 / 21.05.2007 *HVWLyGHOVUHVLGXVQRSHULOORVRVDOD8QLYHUVLWDW3ROLWqFQLFDGH 9DOqQFLD1RUPDWLYDDSOLFDEOH *HVWLy GHOV UHVLGXV SHULOORVRV D OD 8QLYHUVLWDW 3ROLWqFQLFD GH 9DOqQFLD1RUPDWLYDDSOLFDEOH $LJHV UHVLGXDOV 3UREOHPjWLFD HVSHFtILFD GH OD 8QLYHUVLWDW 3ROLWqFQLFDGH9DOqQFLD1RUPDWLYDDSOLFDEOH 7qFQLTXHVLSURFHGLPHQWVGHQHWHMDLHVWHULOLW]DFLyGHPDWHULDO 3URGXFWHV L HTXLSV XWLOLW]DWV HQ QHWHMD GHVLQIHFFLy L HVWHULOLW]DFLy GH ODERUDWRULV 0DJQLWXGVLXQLWDWVGHPHVXUDORQJLWXGPDVVDIRUoDSUHVVLy WHPSVHWF 'LVVROXFLRQVIRUPHVGHFDOFXODULH[SUHVVDUOHVFRQFHQWUDFLRQV GHOHVGLVVROXFLRQV )XQFLRQDPHQWLPDQWHQLPHQWG¶DSDUHOOVGHODERUDWRULJHQHUDO EDODQFHVFHQWULIXJDGRUHVLPLFURFHQWULIXJDGRUHVHVWXIHVS+ELRFRQ JHODGRUVHWF )XQFLRQDPHQWG¶HTXLSDPHQWGHODERUDWRULHVSHFtILFPLFURVFR SLVDPEzSWLFDGHFRQWUDVWGHIDVHVHVSHFWURIRWzPHWUHVRVPzPHWUHV HVWXIHV GH FXOWLX DPE UHJXODFLy GH &2±2 HOHFWURSRUDGRUV FRO RUtPHWUHVWH[WXUzPHWUHV 0DWHULDO GH ODERUDWRUL LGHQWLILFDFLy L ~V FRUUHFWH SLSHWHV HUOHQPH\HU PDWUDVVRV JRWV EXUHWHV SURYHWHV WXEV HSHQGRUI FjS VXOHVGH3HWULFDPEUHVGHUHFRPSWH 3UHSDUDFLyLFRQVHUYDFLyGHPRVWUHVELROzJLTXHV 3UHSDUDFLyLFRQVHUYDFLyGHPLWMDQVGHFXOWLXLUHDFWLXV4XDOL WDWGHO¶DLJXD0LWMDQVHQULTXLWVDPEVqUXPPLWMDQVGHFULRFRQVHUYD FLyFULRSURWHFWRUVIOXRURFURPV 3ULQFLSDOVIRQWVGHFRQWDPLQDFLyHQFRQUHXVFHOÂOXODUV $VSHFWHVJHQHUDOVHQODSUHVDGHPRVWUHVGHPDWqULHVSULPHUHV LSURGXFWHVDQLPDOV3UHVDGHPRVWUHVSUHSDUDFLyLFRQVHUYDFLy &ODVVLILFDFLyLLGHQWLILFDFLyG¶DOLPHQWVSHUDOEHVWLDUIDUUDWJHV FRQFHQWUDWVLVXESURGXFWHV $QjOLVL TXtPLFD GH SLQVRV L PDWqULHV SULPHUHV 'HWHUPLQDFLy G¶KXPLWDWJUHL[EUXWSURWHwQDILEUDEUXWDFDUERKLGUDWVLFHQGUHV 4XDOLWDW ELRTXtPLFD GH OD OOHW 'HWHUPLQDFLy GH SDUjPHWUHV ILVLFRTXtPLFVDFLGHVDGHQVLWDWSXQWFULRVFzSLFFRPSRVLFLyTXtPLFD PDWqULD VHFD JUHL[ SURWHwQD ODFWRVD L FHQGUHV 0qWRGHV G¶DQjOLVL DXWRPjWLFD 3URFHVVRV G¶HODERUDFLy GHO IRUPDWJH 0DQHLJ GHO PDWHULDO L HTXLSDPHQW)DEULFDFLySLORWGHTXDOODGHVLIRUPDWJHIUHVF (VWUXFWXUDFRUSRUDOGHOFRQLOOLHOSROODVWUH 'LVVHFFLyGHOFRQLOO 'LVVHFFLyGHSHFHVFjUQLHVRVFDUQJUHL[WHQGRQV &RPSRVLFLyTXtPLFDGHODFDUQ'HWHUPLQDFLyG¶KXPLWDWJUHL[ SURWHwQDLFHQGUHV 3URSLHWDWVLQVWUXPHQWDOVGHODFDUQS+FRORUWH[WXUDFDSDFL WDWGHUHWHQFLyG¶DLJXD 3URSLHWDWV VHQVRULDOV GHOV DOLPHQWV , FDUDFWHUtVWLTXHV TXH FDO YDORUDU (QWUHQDPHQWG¶XQMXUDWGHWDVWDGRUV 0RGHOVGHSURYDVHQVRULDOSHUDDOLPHQWV 9DORUDFLyGHODTXDOLWDWGHO¶RX4XDOLWDWGHODFORVFD4XDOLWDW GHOURYHOO4XDOLWDWGHO¶DOEXPHQ 3URJUDPDUL HVSHFtILF GH JHVWLy GH UHIHUqQFLHV ELEOLRJUjILTXHV 5HIHUHQW0DQDJHULGHPDWHULDOUDPDGHU 20203 *HVWLyQGHORVUHVLGXRVQRSHOLJURVRVHQOD8QLYHUVLGDG3ROL WpFQLFDGH9DOHQFLD1RUPDWLYDDSOLFDEOH *HVWLyQGHORVUHVLGXRVSHOLJURVRVHQOD8QLYHUVLGDG3ROLWpFQL FDGH9DOHQFLD1RUPDWLYDDSOLFDEOH $JXDV UHVLGXDOHV 3UREOHPiWLFD HVSHFtILFD GH OD 8QLYHUVLGDG 3ROLWpFQLFDGH9DOHQFLD1RUPDWLYDDSOLFDEOH 7pFQLFDV \ SURFHGLPLHQWRV GH OLPSLH]D \ HVWHULOL]DFLyQ GH PDWHULDO 3URGXFWRV \ HTXLSRV XWLOL]DGRV HQ OLPSLH]D GHVLQIHFFLyQ \ HVWHULOL]DFLyQGHODERUDWRULRV 0DJQLWXGHV\XQLGDGHVGHPHGLGDORQJLWXGPDVDIXHU]DSUH VLyQWLHPSRHWF« 'LVROXFLRQHVIRUPDVGHFDOFXODU\H[SUHVDUODVFRQFHQWUDFLR QHVGHODVGLVROXFLRQHV )XQFLRQDPLHQWR \ PDQWHQLPLHQWR GH DSDUDWRV GH ODERUDWRULR JHQHUDOEDODQ]DVFHQWULIXJDV\PLFURFHQWUtIXJDVHVWXIDVS+ELRFRQ JHODGRUHVHWF« )XQFLRQDPLHQWR GH HTXLSDPLHQWR GH ODERUDWRULR HVSHFtILFR PLFURVFRSLRV FRQ ySWLFD GH FRQWUDVWH GH IDVHV HVSHFWURIRWyPHWURV RVPyPHWURVHVWXIDVGHFXOWLYRFRQUHJXODFLyQGH&R±2HOHFWURSR UDGRUHVFRORUtPHWURVWH[WXUyPHWURV 0DWHULDOGHODERUDWRULRLGHQWLILFDFLyQ\XVRFRUUHFWRSLSHWDV HUOHQPH\HUVPDWUDFHVYDVRVEXUHWDVSUREHWDVWXERVHSHQGRUISOD FDVSHWULFiPDUDVGHUHFXHQWR 3UHSDUDFLyQ\FRQVHUYDFLyQGHPXHVWUDVELROyJLFDV 3UHSDUDFLyQ\FRQVHUYDFLyQGHPHGLRVGHFXOWLYR\UHDFWLYRV &DOLGDGGHODJXD0HGLRVHQULTXHFLGRVFRQVXHURPHGLRVGHFULRFRQ VHUYDFLyQFULRSURWHFWRUHVIOXRURFUyPRV 3ULQFLSDOHVIXHQWHVGHFRQWDPLQDFLyQHQFXOWLYRVFHOXODUHV $VSHFWRVJHQHUDOHVHQODWRPDGHPXHVWUDVGHPDWHULDVSULPDV \SURGXFWRVDQLPDOHV7RPDGHPXHVWUDVSUHSDUDFLyQ\FRQVHUYDFLyQ &ODVLILFDFLyQ H LGHQWLILFDFLyQ GH DOLPHQWRV SDUD HO JDQDGR )RUUDMHVFRQFHQWUDGRV\VXESURGXFWRV $QiOLVLVTXtPLFRGHSLHQVRV\PDWHULDVSULPDV'HWHUPLQDFLyQ GHKXPHGDGJUDVDEUXWDSURWHtQDILEUDEUXWDFDUERKLGUDWRV\FHQL]DV &DOLGDGELRTXtPLFDGHODOHFKH'HWHUPLQDFLyQGHSDUiPHWURV ILVLFRTXtPLFRVDFLGH]GHQVLGDGSXQWRFULRVFySLFRFRPSRVLFLyQTXt PLFD PDWHULD VHFD JUDVD SURWHtQD ODFWRVD \ FHQL]DV 0pWRGRV GH DQiOLVLVDXWRPiWLFR 3URFHVRVGHHODERUDFLyQGHOTXHVR0DQHMRGHOPDWHULDO\HTXL SDPLHQWR)DEULFDFLyQSLORWRGHFXDMDGDV\TXHVRIUHVFR (VWUXFWXUDFRUSRUDOGHOFRQHMR\HOSROOR 'LVHFFLyQGHOFRQHMR 'LVHFFLyQGHSLH]DVFiUQLFDVKXHVRFDUQHJUDVDWHQGRQHV &RPSRVLFLyQTXtPLFDGHODFDUQH'HWHUPLQDFLyQGHKXPHGDG JUDVDSURWHtQD\FHQL]DV 3URSLHGDGHV LQVWUXPHQWDOHV GH OD FDUQH S+ FRORU WH[WXUD FDSDFLGDGGHUHWHQFLyQGHDJXD 3URSLHGDGHV VHQVRULDOHV GH ORV DOLPHQWRV , FDUDFWHUtVWLFDV D YDORUDU (QWUHQDPLHQWRGHXQMXUDGRGHFDWDGRUHV 0RGHORVGHSUXHEDVHQVRULDOSDUDDOLPHQWRV 9DORUDFLyQGHODFDOLGDGGHOKXHYR&DOLGDGGHODFiVFDUD&DOL GDGGHOD\HPD&DOLGDGGHODOEXPHQ 6RIWZDUH HVSHFtILFR GH JHVWLyQ GH UHIHUHQFLDV ELEOLRJUiILFDV 5HIHUHQWH0DQDJHU\GHPDWHULDOJDQDGHUR Núm. 5516 / 21.05.2007 20204 8QLYHUVLWDW-DXPH, 8QLYHUVLWDW-DXPH, 5(62/8&,Ï GH GH PDLJ GH GHO 5HFWRUDW GH OD 8QLYHUVLWDW -DXPH , GH &DVWHOOy SHU OD TXDO HV FRQYR FD FRQFXUV GH VHOHFFLy GH SURIHVVRUDW FRQWUDFWDW GRFWRU 5(62/8&,Ï1GHGHPD\RGHGHO5HFWRUDGRGHOD 8QLYHUVLWDW -DXPH , GH &DVWHOOyQ SRU OD FXDO VH FRQYRFD FRQFXUVR GH VHOHFFLyQ GH SURIHVRUDGR FRQWUDWDGR GRFWRU >@ >@ 6HQW QHFHVVjULD OD SURYLVLy GH SODFHV YDFDQWV GH SURIHVVRUDW FRQ WUDFWDWGRFWRUUHODFLRQDGHVHQO¶DQQH[,G¶DTXHVWDFRQYRFDWzULDLQFOR VHVHQODUHODFLyGHOORFVGHWUHEDOOGHOSHUVRQDOGRFHQWLLQYHVWLJDGRU GH OD 8QLYHUVLWDW -DXPH , GH &DVWHOOy L GRWDGHV SUHVVXSRVWjULDPHQW DTXHVW 5HFWRUDW UHVRO FRQYRFDU FRQFXUV GH VHOHFFLy G¶DFRUG DPE OHV VHJHQWVEDVHV 6LHQGR QHFHVDULD OD SURYLVLyQ GH SOD]DV YDFDQWHV GH SURIHVRUD GRFRQWUDWDGRGRFWRUUHODFLRQDGDHQHODQH[R,GHHVWDFRQYRFDWRULD LQFOXLGDV HQ OD UHODFLyQ GH SXHVWRV GH WUDEDMR GHO SHUVRQDO GRFHQWH H LQYHVWLJDGRUGHOD8QLYHUVLWDW-DXPH,GH&DVWHOOyQ\GRWDGDVSUHVXSX HVWDULDPHQWHHVWH5HFWRUDGRUHVXHOYHFRQYRFDUFRQFXUVRGHVHOHFFLyQ GHDFXHUGRFRQODVVLJXLHQWHVEDVHV 1RUPHVJHQHUDOV $TXHVWFRQFXUVHVUHJHL[SHOGLVSRVDWHQOD/OHLRUJjQLFD GH GH GHVHPEUH G¶XQLYHUVLWDWV %2( GH SHO GHFUHW GH G¶RFWXEUH GHO *RYHUQ YDOHQFLj VREUH UqJLP L UHWUL EXFLRQV GHO SHUVRQDO GRFHQW L LQYHVWLJDGRU FRQWUDFWDW ODERUDO GH OHV XQLYHUVLWDWV S~EOLTXHV YDOHQFLDQHV L VREUH UHWULEXFLRQV DGGLFLRQDOV GHO SURIHVVRUDW XQLYHUVLWDUL '2*9 GH SHU OD 1RUPDWL YDSHUDOGHVHQYROXSDPHQWGHOVFRQFXUVRVG¶DFFpVDFRVVRVGHIXQFL RQDULDWGRFHQWXQLYHUVLWDULLGHOVFRQFXUVRVGHVHOHFFLyGHSURIHVVRUDW FROÂODERUDGRULFRQWUDFWDWGRFWRUGHOD8QLYHUVLWDW-DXPH,GH&DVWHOOy DSURYDGDSHO&RQVHOOGH*RYHUQ3URYLVLRQDOHOG¶RFWXEUHGH DSDUWLUG¶DUD1RUPDWLYDGHOD8-,SHUOHVGLVSRVLFLRQVTXHUHJXOHQ HO UqJLP G¶LQJUpV HQ O¶DGPLQLVWUDFLy S~EOLFD SHU OHV UHVWDQWV QRUPHV G¶DSOLFDFLyJHQHUDOLSHOGLVSRVDWHQDTXHVWHVEDVHV 1RUPDVJHQHUDOHV (VWHFRQFXUVRVHULJHSRUORGLVSXHVWRHQOD/H\RUJiQLFD GH GH GLFLHPEUH GH XQLYHUVLGDGHV %2( GH SRU HO 'HFUHWR GH GH RFWXEUH GHO *RELHUQR YDOHQFLDQR VREUH UpJLPHQ\UHWULEXFLRQHVGHOSHUVRQDOGRFHQWHHLQYHVWLJDGRUFRQWUDWDGR ODERUDOGHODVXQLYHUVLGDGHVS~EOLFDVYDOHQFLDQDV\VREUHUHWULEXFLRQHV DGLFLRQDOHVGHOSURIHVRUDGRXQLYHUVLWDULR'2*9GHSRU OD1RUPDWLYDSDUDHOGHVDUUROORGHORVFRQFXUVRVGHDFFHVRDFXHUSRV GH IXQFLRQDULDGR GRFHQWH XQLYHUVLWDULR \ GH ORV FRQFXUVRV GH VHOHF FLyQGHSURIHVRUDGRFRODERUDGRU\FRQWUDWDGRGRFWRUGHOD8QLYHUVLWDW -DXPH,GH&DVWHOOyQDSUREDGDSRUHO&RQVHMRGH*RELHUQR3URYLVLR QDOHOGHRFWXEUHGHDSDUWLUGHDKRUD1RUPDWLYDGHOD8-, SRUODVGLVSRVLFLRQHVTXHUHJXODQHOUpJLPHQGHLQJUHVRHQODDGPLQLV WUDFLyQS~EOLFDSRUODVUHVWDQWHVQRUPDVGHDSOLFDFLyQJHQHUDO\SRUOR GLVSXHVWRHQHVWDVEDVHV 5HTXLVLWV 'HFDUjFWHUJHQHUDO D7LQGUHIHWVHOVDQ\VLQRVXSHUDUO¶HGDWGHMXELODFLy E (VWDU HQ SRVVHVVLy R HQ FRQGLFLRQV G¶REWLQGUH HO WtWRO DFDGq PLFH[LJLWSHUDFDGDILJXUD6LKDQUHDOLW]DWHOVHVWXGLVIRUDGHO¶HVWDW HVSDQ\RO OD WLWXODFLy DFDGqPLFD KD G¶HVWDU KRPRORJDGD SHO 0LQLVWH UL G¶(GXFDFLy &XOWXUD L (VSRUWV (OV FDQGLGDWV DPE WtWROV GH OD 8QLy (XURSHD KDQ GH SUHVHQWDU O¶KRPRORJDFLy GHO WtWRO R OD FUHGHQFLDO GH UHFRQHL[HPHQW GLULJLW D O¶H[HUFLFL GH OD SURIHVVLy GH SURIHVVRU R SUR IHVVRUDG¶XQLYHUVLWDW F1RSDWLUPDODOWLDRGLVFDSDFLWDWItVLFDRSVtTXLFDTXHLPSHGLVFD O¶H[HUFLFLGHOHVFRUUHVSRQHQWVIXQFLRQV G1RKDYHUVLJXWVHSDUDWGHOVHUYHLQLLQKDELOLWDWSHUDO¶H[HUFLFL GHIXQFLRQVS~EOLTXHVRH[HUFLUFjUUHFVRIXQFLRQVGHFODUDWVLQFRPSD WLEOHVDPEODGRFqQFLD$L[tPDWHL[O¶H[HUFLFLGHOHVSODFHVFRQYRFD GHVTXHGDVRWPqVDOD/OHLGHGHGHVHPEUHLDOHVQRUPHV GH GHVHQYROXSDPHQW HQ PDWqULD G¶LQFRPSDWLELOLWDWV (OV DVSLUDQWV OD QDFLRQDOLWDW GHOV TXDOV QR VLJD O¶HVSDQ\ROD QR KDQ G¶HVWDU VRWPHVRV D VDQFLy GLVFLSOLQjULD R FRQGHPQD SHQDO TXH LPSHGLVFD DO VHX HVWDW O¶DFFpVDODIXQFLyS~EOLFD H (OV DVSLUDQWV TXH QR VLJXHQ GH QDFLRQDOLWDW HVSDQ\ROD KDQ GH SRVVHLU XQ FRQHL[HPHQW GHO FDVWHOOj DGHTXDW SHU DO GHVHQYROXSDPHQW GHOHVVHXHVIXQFLRQV I (OV DVSLUDQWV TXH VROÂOLFLWHQ SODFHV DPE SHUILO GH GRFqQFLD HQ YDOHQFLjKDQG¶DFUHGLWDUHOQLYHOOPLWMjGHFRQHL[HPHQWVGHYDOHQFLj 5HTXLVLWRV 'HFDUiFWHUJHQHUDO D7HQHUFXPSOLGRVDxRV\QRVXSHUDUODHGDGGHMXELODFLyQ E(VWDUHQSRVHVLyQRHQFRQGLFLRQHVGHREWHQHUHOWtWXORDFDGp PLFR H[LJLGR SDUD FDGD ILJXUD 6L VH KDQ UHDOL]DGR ORV HVWXGLRV IXHUD GHOHVWDGRHVSDxROODWLWXODFLyQDFDGpPLFDGHEHHVWDUKRPRORJDGDSRU HO 0LQLVWHULR GH (GXFDFLyQ &XOWXUD \ 'HSRUWHV /RV FDQGLGDWRV FRQ WtWXORVGHOD8QLyQ(XURSHDGHEHQSUHVHQWDUODKRPRORJDFLyQGHOWtWXOR RODFUHGHQFLDOGHUHFRQRFLPLHQWRGLULJLGRDOHMHUFLFLRGHODSURIHVLyQ GHSURIHVRURSURIHVRUDGHXQLYHUVLGDG F 1R SDGHFHU HQIHUPHGDG R GLVFDSDFLGDG ItVLFD R SVtTXLFD TXH LPSLGDHOHMHUFLFLRGHODVFRUUHVSRQGLHQWHVIXQFLRQHV G1RKDEHUVLGRVHSDUDGRGHOVHUYLFLRQLLQKDELOLWDGRSDUDHOHMHU FLFLR GH IXQFLRQHV S~EOLFDV R HMHUFHU FDUJRV R IXQFLRQHV GHFODUDGDV LQFRPSDWLEOHV FRQ OD GRFHQFLD$Vt PLVPR HO HMHUFLFLR GH ODV SOD]DV FRQYRFDGDVTXHGDVRPHWLGRDOD/H\GHGHGLFLHPEUH\D ODVQRUPDVGHGHVDUUROORHQPDWHULDGHLQFRPSDWLELOLGDGHV/RVDVSL UDQWHVFX\DQDFLRQDOLGDGQRVHDODHVSDxRODQRGHEHQHVWDUVRPHWLGRV D VDQFLyQ GLVFLSOLQDULD R FRQGHQD SHQDO TXH LPSLGD HQ VX HVWDGR HO DFFHVRDODIXQFLyQS~EOLFD H /RV DVSLUDQWHV TXH QR WHQJDQ OD QDFLRQDOLGDG HVSDxROD GHEHQ SRVHHUXQFRQRFLPLHQWRGHOHVSDxRODGHFXDGRSDUDHOGHVDUUROORGHVXV IXQFLRQHV I /RV DVSLUDQWHV TXH VROLFLWHQ SOD]DV FRQ SHUILO GH GRFHQFLD HQ YDOHQFLDQRGHEHQDFUHGLWDUHOQLYHOPHGLRGHFRQRFLPLHQWRVGHYDOHQ FLDQR 'HFDUjFWHUHVSHFtILF D3HUDFFHGLUDSODFHVGHSURIHVVRUDWFRQWUDFWDWGRFWRU E(VWDUHQSRVVHVVLyGHOWtWROGHGRFWRUDWDPEDOPHQ\VWUHVDQ\V G¶DFWLYLWDWGRFHQWRLQYHVWLJDGRUDSRVWGRFWRUDODYDOXDGDSRVLWLYDPHQW SHUO¶$JqQFLD1DFLRQDOG¶$YDOXDFLyGHOD4XDOLWDWL$FUHGLWDFLyRSHU OD&RPLVVLy9DOHQFLDQDG¶$FUHGLWDFLyL$YDOXDFLyGHOD4XDOLWDW 'HFDUiFWHUHVSHFtILFR D3DUDDFFHGHUDSOD]DVGHSURIHVRUDGRFRQWUDWDGRGRFWRU E (VWDU HQ SRVHVLyQ GHO WtWXOR GH GRFWRUDGR FRQ DO PHQRV WUHV DxRV GH DFWLYLGDG GRFHQWH R LQYHVWLJDGRUD SRVWGRFWRUDO HYDOXDGD SRVLWLYDPHQWHSRUOD$JHQFLD1DFLRQDOGH(YDOXDFLyQGHOD&DOLGDG\ $FUHGLWDFLyQRSRUOD&RPLVLyQ9DOHQFLDQDGH$FUHGLWDFLyQ\(YDOXD FLyQGHOD&DOLGDG (O FXPSOLPHQWR GH HVWRV UHTXLVLWRV SDUD FRQFXUVDU VH UHILHUH VLHPSUHDODIHFKDGHH[SLUDFLyQGHOSOD]RILMDGRSDUDVROLFLWDUODSDU WLFLSDFLyQHQHVWHFRQFXUVR\VHGHEHPDQWHQHUKDVWDODIHFKDGHIRU PDOL]DFLyQGHOFRQWUDWR (OFRPSOLPHQWG¶DTXHVWVUHTXLVLWVSHUDFRQFXUVDUHVWjUHIHULW VHPSUHDODGDWDG¶H[SLUDFLyGHOWHUPLQLIL[DWSHUDVROÂOLFLWDUODSDUWLFL SDFLyHQDTXHVWFRQFXUVLV¶KDGHPDQWLQGUHILQVDODGDWDGHIRUPDOLW ]DFLyGHOFRQWUDFWH Núm. 5516 / 21.05.2007 20205 /¶DFUHGLWDFLy GH OHV FRQGLFLRQV JHQHUDOV TXH H[LJHL[ OD OHJLV ODFLyYLJHQWSHUDO¶DFFpVGHOSHUVRQDODOVHUYHLGHOHVDGPLQLVWUDFLRQV S~EOLTXHVV¶KDGHUHDOLW]DUSHUDDTXHOOVFRQFXUVDQWVTXHKDJHQREWLQ JXWSODoDDEDQVGHODVHXDFRQWUDFWDFLy /D DFUHGLWDFLyQ GH ODV FRQGLFLRQHV JHQHUDOHV H[LJLGDV SRU OD OHJLVODFLyQYLJHQWHSDUDHODFFHVRGHOSHUVRQDODOVHUYLFLRGHODVDGPL QLVWUDFLRQHVS~EOLFDVVHUHDOL]DUiSRUORVFRQFXUVDQWHVTXHKD\DQREWH QLGRSOD]DDQWHVGHVXFRQWUDWDFLyQ 3UHVHQWDFLyGHVROÂOLFLWXGV 3HUDSUHQGUHSDUWHQHOVFRQFXUVRVOHVSHUVRQHVLQWHUHVVDGHV KDQGHSUHVHQWDUODVROÂOLFLWXGGHSDUWLFLSDFLyTXHV¶LQGLFDHQO¶DQQH[ ,,G¶DTXHVWDFRQYRFDWzULDLQGLFDQWHOFRGLGHODSODoDDDOTXHRSWHQ DQQH[,/HVVROÂOLFLWXGVV¶KDQGHSUHVHQWDUDO5HJLVWUH*HQHUDOGHOD 8QLYHUVLWDW-DXPH,²HGLILFLGH5HFWRUDWFDPSXVGHO5LX6HF+RUD ULGHGLOOXQVDGLYHQGUHVGHDKRUHVLGHD+RUDULGHMXOLRO LDJRVWGHGLOOXQVDGLYHQGUHVGHDKRUHVRDOVUHJLVWUHVHQXPH UDWVHQO¶DUWLFOHGHOD/OHLGHUqJLPMXUtGLFGHOHVDGPL QLVWUDFLRQVS~EOLTXHVLGHOSURFHGLPHQWDGPLQLVWUDWLXFRP~HQHOWHU PLQLGHGLHVKjELOVDSDUWLUGHO¶HQGHPjGHODSXEOLFDFLyG¶DTXHVWD FRQYRFDWzULD HQ HO 'LDUL 2ILFLDO GH OD *HQHUDOLWDW -XQWDPHQW DPE OD VROÂOLFLWXGV¶KDGHSUHVHQWDUODGRFXPHQWDFLyVHJHQW 3UHVHQWDFLyQGHVROLFLWXGHV 3DUD WRPDU SDUWH HQ ORV FRQFXUVRV ODV SHUVRQDV LQWHUHVDGDV GHEHQSUHVHQWDUODVROLFLWXGGHSDUWLFLSDFLyQTXHVHLQGLFDHQHODQH[R ,,GHHVWDFRQYRFDWRULDLQGLFDQGRHOFyGLJRGHODSOD]DDODFXDORSWDQ DQH[R,/DVVROLFLWXGHVVHGHEHQSUHVHQWDUHQHO5HJLVWUR*HQHUDOGH OD 8QLYHUVLWDW -DXPH , ²HGLILFLR GH 5HFWRUDGR FDPSXV GHO 5LX 6HF +RUDULRGHOXQHVDYLHUQHVPDxDQDVGHDKRUDV\WDUGHVGHD KRUDV+RUDULRGHMXOLR\DJRVWRGHOXQHVDYLHUQHVGHDKRUDV RHQORVUHJLVWURVHQXPHUDGRVHQHODUWtFXORGHOD/H\GH UpJLPHQMXUtGLFRGHODVDGPLQLVWUDFLRQHVS~EOLFDV\GHOSURFHGLPLHQWR DGPLQLVWUDWLYRFRP~QHQHOSOD]RGHGtDVKiELOHVDFRQWDUGHVGHGHO GtDVLJXLHQWHGHODSXEOLFDFLyQGHHVWDFRQYRFDWRULDHQHO'LDUL2ILFL DOGHOD*HQHUDOLWDW-XQWRDODVROLFLWXGVHGHEHSUHVHQWDUODVLJXLHQWH GRFXPHQWDFLyQ D)RWRFRSLDGHOGRFXPHQWRQDFLRQDOGHLGHQWLGDGRODVSHUVRQDV TXHQRSRVHHQODQDFLRQDOLGDGHVSDxRODHOGRFXPHQWRTXHDFUHGLWDVX LGHQWLGDG\IHFKDGHQDFLPLHQWR E)RWRFRSLDGHOWtWXORDFDGpPLFRH[LJLGRHQODEDVHRUHVJXDU GRGHKDEHUDERQDGRORVGHUHFKRVGHH[SHGLFLyQ6LVHKDQUHDOL]DGR ORVHVWXGLRVIXHUDGHOHVWDGRHVSDxROVHGHEHSUHVHQWDUODIRWRFRSLDGH ORVGRFXPHQWRVDTXHVHUUHILHUHODEDVHE F )RWRFRSLD GH OD HYDOXDFLyQ SRVLWLYD R GHO LQIRUPH IDYRUDEOH VHJ~QODSOD]DGHOD$JHQFLD1DFLRQDOGH(YDOXDFLyQGHOD&DOLGDG\ $FUHGLWDFLyQRGHOD&RPLVLyQ9DOHQFLDQDGH$FUHGLWDFLyQ\(YDOXD FLyQGHOD&DOLGDG G5HODFLyQSRUPHQRUL]DGDGHORVPpULWRVDHQWUHJDUHQHODFWRGH SUHVHQWDFLyQ (O FXPSOLPLHQWR GH HVWH UHTXLVLWR SDUD FRQFXUVDU HVWi UHIHULGRVLHPSUHDODIHFKDGHH[SLUDFLyQGHOSOD]RILMDGRSDUDVROLFLWDU ODSDUWLFLSDFLyQHQHVWHFRQFXUVR\VHKDGHPDQWHQHUKDVWDODIHFKDGH IRUPDOL]DFLyQGHOFRQWUDWR H 5HVJXDUGR RULJLQDO GHO LQJUHVR GH ODV WDVDV HQ FRQFHSWR GH DGPLVLyQDSUXHEDV(VWDVWDVDVVRQGHHXURV\VHGHEHQLQJUH VDUHQODFXHQWDFRUULHQWHQ~PHUR²8QLYHUVLWDW-DXPH, GH&DVWHOOyQ'HUHFKRVGHH[DPHQ²GH%DQFDMDHQWLGDGVXFXU VDO$GHPiVGHOQRPEUH\ORVDSHOOLGRVVHGHEHLQGLFDUHOQ~PHUR GHOGRFXPHQWRQDFLRQDOGHLGHQWLGDG\HOQ~PHURGHODSOD]D I/DVLQVWDQFLDVSUHVHQWDGDVHQODVRILFLQDVGHFRUUHRVGHEHQFXP SOLUHOSURFHGLPLHQWRHVWDEOHFLGRHQHODUWtFXORGHO5HJODPHQWR GHORVVHUYLFLRVGH&RUUHRVODVLQVWDQFLDVVHGHEHQSUHVHQWDUHQVREUH DELHUWR SDUD TXH HO HPSOHDGR HVWDPSH HO VHOOR GH IHFKDV HQ OD SDUWH VXSHULRUL]TXLHUGDGHODVVROLFLWXGHV\GHEHILJXUDUFODUDPHQWHHOQRP EUHGHODRILFLQD\ODIHFKD 7UDGXFFLyQGHGRFXPHQWRV /RVGRFXPHQWRVDFUHGLWDWLYRVGHORVUHTXLVLWRVSUHVHQWDGRVHQXQ LGLRPDGLVWLQWRGHORVRILFLDOHVGHOD8QLYHUVLWDW-DXPH,VHGHEHQSUH VHQWDU DFRPSDxDGRV GH VX WUDGXFFLyQ MXUDGD D FXDOTXLHUD GH ORV LGL RPDVRILFLDOHVGHOD8QLYHUVLWDW-DXPH, D)RWRFzSLDGHOGRFXPHQWQDFLRQDOG¶LGHQWLWDWROHVSHUVRQHVTXH QR WHQHQ OD QDFLRQDOLWDW HVSDQ\ROD HO GRFXPHQW TXH DFUHGLWH OD VHXD LGHQWLWDWLGDWDGHQDL[HPHQW E )RWRFzSLD GHO WtWRO DFDGqPLF H[LJLW HQ OD EDVH R UHVJXDUG G¶KDYHUDERQDWHOVGUHWVG¶H[SHGLFLy6LV¶KDQUHDOLW]DWHOVHVWXGLVIRUD GHO¶HVWDWHVSDQ\ROV¶KDGHSUHVHQWDUODIRWRFzSLDGHOVGRFXPHQWVDTXq IDUHIHUqQFLDODEDVHE F )RWRFzSLD GH O¶DYDOXDFLy SRVLWLYD R GH O¶LQIRUPH IDYRUDEOH VHJRQV OD SODoD GH O¶$JqQFLD 1DFLRQDO G¶$YDOXDFLy GH OD 4XDOLWDW L $FUHGLWDFLyRGHOD&RPLVVLy9DOHQFLDQDG¶$FUHGLWDFLyL$YDOXDFLyGH OD4XDOLWDW G5HODFLyQSRUPHQRUL]DGDGHORVPpULWRVDHQWUHJDUHQHODFWRGH SUHVHQWDFLyQ (O FXPSOLPLHQWR GH HVWH UHTXLVLWR SDUD FRQFXUVDU HVWi UHIHULGRVLHPSUHDODIHFKDGHH[SLUDFLyQGHOSOD]RILMDGRSDUDVROLFLWDU ODSDUWLFLSDFLyQHQHVWHFRQFXUVR\VHKDGHPDQWHQHUKDVWDODIHFKDGH IRUPDOL]DFLyQGHOFRQWUDWR H 5HVJXDUG RULJLQDO GH O¶LQJUpV GH OHV WD[HV HQ FRQFHSWH G¶DG PLVVLy D SURYHV$TXHVWHV WD[HV VyQ GH HXURV L V¶KDQ G¶LQJUHV VDUHQHOFRPSWHFRUUHQWQ~P²8QLYHUVLWDW-DXPH,GH &DVWHOOy'UHWVG¶H[DPHQ²GH%DQFDL[DHQWLWDWVXFXUVDO $PpVGHOQRPLHOVFRJQRPVV¶KLKDG¶LQGLFDUHOQ~PHURGHGRFXPHQW QDFLRQDOG¶LGHQWLWDWLHOQ~PHURGHODSODoD I /HV LQVWjQFLHV SUHVHQWDGHV HQ OHV RILFLQHV GH FRUUHXV KDQ GH FRPSOLUHOSURFHGLPHQWHVWDEOHUWHQO¶DUWLFOHGHO5HJODPHQWGHOV VHUYHLV GH &RUUHXV OHV LQVWjQFLHV V¶KDQ GH SUHVHQWDU HQ VREUH REHUW SHUTXqO¶HPSOHDWHVWDPSHHOVHJHOOGHGDWDHQODSDUWVXSHULRUHVTXHUUD GHOHVVROÂOLFLWXGVLKLKDGHILJXUDUFODUDPHQWHOQRPGHO¶RILFLQDLOD GDWD 7UDGXFFLyGHGRFXPHQWV (OV GRFXPHQWV DFUHGLWDWLXV GHOV UHTXLVLWV SUHVHQWDWV HQ XQ LGLRPD GLVWLQWGHOVRILFLDOVGHOD8QLYHUVLWDW-DXPH,V¶KDQGHSUHVHQWDUDFRP SDQ\DWVGHODWUDGXFFLyMXUDGDDTXDOVHYROGHOVLGLRPHVRILFLDOVGHOD 8QLYHUVLWDW-DXPH, 3URWHFFLyGHGDGHVSHUVRQDOV /HV GDGHV GH FDUjFWHU SHUVRQDO UHFROOLGHV HQ HOV GRFXPHQWV DSRU WDWVSHUOHVSHUVRQHVTXHSUHVHQWHQODVROÂOLFLWXGGHSDUWLFLSDFLyTXHGD UDQLQFORVHVHQXQILW[HUDXWRPDWLW]DW/D8QLYHUVLWDW-DXPH,HVFRP SURPHWDQRIHUXQ~VGLVWLQWG¶DTXHVWHVGDGHVSHUDOTXDOKDQHVWDWVRO OLFLWDGHVG¶DFRUGDPEOD/OHLRUJjQLFDGHGHGHVHPEUHGH SURWHFFLyGHGDGHV /D 8QLYHUVLWDW -DXPH , LQIRUPD VREUH OD SRVVLELOLWDW G¶H[HUFLU HOV GUHWV G¶DFFpV GH UHFWLILFDFLy GH FDQFHOÂODFLy L VL HVFDX G¶RSRVLFLy G¶DFRUGDPEO¶DUWLFOHGHOD/OHL$TXHVWVGUHWVV¶KDQG¶H[HU FLUSHUHVFULWGDYDQWOD6HFUHWDULD*HQHUDOG¶DTXHVWD8QLYHUVLWDW 3URWHFFLyQGHGDWRVSHUVRQDOHV /RVGDWRVGHFDUiFWHUSHUVRQDOUHFRJLGRVHQORVGRFXPHQWRVDSRU WDGRVSRUODVSHUVRQDVTXHSUHVHQWHQODVROLFLWXGGHSDUWLFLSDFLyQTXH GDUiQ LQFOXLGRV HQ XQ ILFKHUR DXWRPDWL]DGR /D 8QLYHUVLWDW -DXPH , VHFRPSURPHWHDQRKDFHUXQXVRGLVWLQWRGHORVPLVPRVSDUDHOTXH VH KDQ VROLFLWDGR GH DFXHUGR FRQ OD /H\ RUJiQLFD GH GH GLFLHPEUHGHSURWHFFLyQGHGDWRV /D8QLYHUVLWDW-DXPH,LQIRUPDVREUHODSRVLELOLGDGGHHMHUFHUORV GHUHFKRVGHDFFHVRGHUHFWLILFDFLyQGHFDQFHODFLyQ\HQVXFDVRGH RSRVLFLyQGHDFXHUGRFRQHODUWtFXORGHOD/H\(VWRVGHUHF KRVVHGHEHQHMHUFHUSRUHVFULWRDQWHOD6HFUHWDUtD*HQHUDOGHHVWD8QL YHUVLGDG 5HODFLyGHSHUVRQHVDGPHVHVLH[FORVHV 'HVSUpV TXH KDMD ILQDOLW]DW HO SHUtRGH GH SUHVHQWDFLy GH VRO OLFLWXG OD 8QLYHUVLWDW SXEOLFDUj D OD SjJLQD ZHE RQ FRQVWD OD FRQYR FDWzULDLDOWDXOHUG¶DQXQFLVGHO6HUYHLGH5HFXUVRV+XPDQVODUHODFLy 5HODFLyQGHSHUVRQDVDGPLWLGDV\H[FOXLGDV $OILQDOL]DUHOSHULRGRGHSUHVHQWDFLyQGHVROLFLWXGHVOD8QL YHUVLGDGSXEOLFDUiHQODSiJLQDZHEGRQGHFRQVWDODFRQYRFDWRULD\HQ HOWDEOyQGHDQXQFLRVGHO6HUYLFLRGH5HFXUVRV+XPDQRVODUHODFLyQ Núm. 5516 / 21.05.2007 SURYLVLRQDOGHSHUVRQHVDGPHVHVLH[FORVHVGHOFRQFXUVDPELQGLFDFLy GHOVPRWLXVGHO¶H[FOXVLyVLHVFDXWRWLQGLFDQWDOHVSHUVRQHVLQWHUHV VDGHVTXHVLQRKRHVPHQHQHQHOWHUPLQLLPSURUURJDEOHGHGHXGLHV KjELOVSHUGHQHOVHXGUHW (QTXDOVHYROFDVSHUWDOG¶HYLWDUHUURUVLSHUDSRVVLELOLWDUODVHXD HVPHQDHQWHPSVLIRUPDOHVSHUVRQHVDVSLUDQWVKDQGHFRPSURYDUQR VROVTXHQRILJXUHQHQODUHODFLyGHSHUVRQHVH[FORVHVVLQyTXHDPpV DPpVOHVVHXHVGDGHVSHUVRQDOVFRQVWHQFRUUHFWDPHQWHQODSHUWLQHQW UHODFLyGHSHUVRQHVDGPHVHV /HVSHUVRQHVTXHGLQVGHOWHUPLQLDVVHQ\DODWQRHVPHQHQO¶H[FOX VLyRQRDOÂOHJXHQO¶RPLVVLyVHUDQGHILQLWLYDPHQWH[FORVHVGHODSDUWL FLSDFLyGHOHVSURYHV )LQDOLW]DWDTXHVWWHUPLQLV¶HOHYDUjDGHILQLWLYDODOOLVWDSURYLVL RQDODPEOHVPRGLILFDFLRQVTXHSURFHGLVTXHQLHVSXEOLFDUjWDPEpDOD SjJLQDZHE&RQWUDDTXHVWDUHVROXFLyHVSRGUjLQWHUSRVDUUHFXUVHQHOV WHUPLQLV TXH SUHYHXHQ HOV DUWLFOHV L VHJHQWV GH OD /OHL GHGHQRYHPEUHGHUqJLPMXUtGLFGHOHVDGPLQLVWUDFLRQVS~EOLTXHVL GHOSURFHGLPHQWDGPLQLVWUDWLXFRP~ eV FDXVD G¶H[FOXVLy D PpV GH OHV DVVHQ\DODGHV HQ DOWUHV DSDUWDWV G¶DTXHVWHVEDVHVO¶RPLVVLyGHODVLJQDWXUDHQODVROÂOLFLWXG /HV SHUVRQHV TXH UHVXOWHQ H[FORVHV HQ OD UHODFLy GHILQLWLYD SRGHQVROÂOLFLWDUHOUHLQWHJUDPHQWGHOHVWD[HVPLWMDQoDQWLQVWjQFLDGLUL JLGDDO5HFWRUDW(QODLQVWjQFLDKDQG¶LQGLFDUOHVGDGHVEDQFjULHVRQ V¶KDGHIHUHIHFWLYDODWUDQVIHUqQFLD &RPLVVLRQVGHFRQWUDFWDFLy (OV FRQFXUVRV HOV MXWMDUDQ OHV FRUUHVSRQHQWV FRPLVVLRQV GH FRQWUDFWDFLy IRUPDGHV G¶DFRUG DPE O¶DUWLFOH GH OD 1RUPDWLYD SHU DO GHVHQYROXSDPHQW GHOV FRQFXUVRV G¶DFFpV D FRVVRV GH IXQFLRQDULDW GRFHQWXQLYHUVLWDULLGHOVFRQFXUVRVGHODVHOHFFLyGHSURIHVVRUDWFRO ODERUDGRU L FRQWUDFWDW GRFWRU GH OD 8QLYHUVLWDW -DXPH , GH &DVWHOOy DSURYDGDSHO&RQVHOOGH*RYHUQ3URYLVLRQDOHOG¶RFWXEUHGH LPRGLILFDGDSHO&RQVHOOGH*RYHUQQ~PGHOGLDGHIHEUHUGH HQO¶DUWLFOHSRVWHULRUPHQWPRGLILFDGDHQODVHVVLyQGHO&RQ VHOOGH*RYHUQFHOHEUDGDHOGHMXQ\GH /D FRPSRVLFLy GH OHV FRPLVVLRQV pV OD TXH ILJXUD HQ O¶DQQH[ , G¶DTXHVWD FRQYRFDWzULD /D UHODFLy QRPLQDO GHOV PHPEUHV G¶DTXHV WHVFRPLVVLRQVHVSXEOLFDUjDO'2&9XQDYHJDGDDSURYDGDODUHODFLy GHILQLWLYDG¶DVSLUDQWVDGPHVRV 6LFRQFRUUHQHOVPRWLXVG¶DEVWHQFLyDTXqHVUHIHUHL[O¶DSDUWDW GH O¶DUWLFOH GH OD /OHL OHV SHUVRQHV LQWHUHVVDGHV V¶KDQ G¶DEVWLQGUHG¶DFWXDUHQODFRPLVVLyLKDQGHPDQLIHVWDUHOPRWLXFRQ FXUUHQW 4XDQ HV SURGXwVFD OD UHFXVDFLy D TXq HV UHIHUHL[ O¶DUWLFOH GH OD/OHLODSHUVRQDUHFXVDGDKDGHPDQLIHVWDUO¶HQGHPjGHOD GDWDGH FRQHL[HPHQW GH OD UHFXVDFLy VL HV GyQD R QR HQ HOOD OD FDXVD DOÂOHJDGD6LQHJDODFDXVDGHUHFXVDFLyHO5HFWRUDWGHVSUpVG¶REWLQ GUHHOVLQIRUPHVLFRPSURYDFLRQVTXHFRQVLGHUHRSRUWXQVHPHWUjXQD UHVROXFLyHQXQWHUPLQLGHWUHVGLHVKjELOV&RQWUDDTXHVWDUHVROXFLyQR HVSRWSUHVHQWDUFDSUHFODPDFLyVHQVHSHUMXGLFLTXHDTXHVWDV¶DOÂOHJXH HQLQWHUSRVDUUHFXUVRVSRVWHULRUV (Q HOV FDVRV G¶DEVWHQFLy GH UHFXVDFLy R GH FDXVD MXVWLILFDGD TXH LPSHGLVTXHQ O¶DFWXDFLy GHOV PHPEUHV GH OD FRPLVVLy WLWXODU DTXHVWV V¶KDQGHVXEVWLWXLUSHOVVXSOHQWVUHVSHFWLXV (Q HO FDV H[FHSFLRQDO TXH WDPEp HO PHPEUH VXSOHQW FRPSOLUj DOJXQGHOVVXSzVLWVG¶LPSHGLPHQWFLWDWVDQWHULRUPHQWOD8QLYHUVLWDWKD GHQRPHQDUXQQRXVXSOHQW &RQVWLWXFLyGHOHVFRPLVVLRQVGHFRQWUDFWDFLy 3HUWDOTXHODFRQVWLWXFLyGHODFRPLVVLyVLJDYjOLGDV¶H[LJHL[ ODSUHVqQFLDGHODWRWDOLWDWGHOVVHXVPHPEUHV(OVPHPEUHVWLWXODUVTXH QR FRPSDUHJXHQ HQ DTXHVW DFWH FHVVHQ FRP D PHPEUHV GH OD FRPLV VLyLKDQGHVHUVXEVWLWXwWVG¶DFRUGDPEHOTXHSUHYHXOD1RUPDWLYDGH O¶8-, 'HVSUpVTXHV¶KDMDFRQVWLWXwWODFRPLVVLyHQFDVG¶DEVqQFLDGHO SUHVLGHQWRSUHVLGHQWDDTXHVWKDGHVHUVXEVWLWXwWSHOSURIHVVRURSUR IHVVRUDPpVDQWLFG¶DFRUGDPEHOVHJHQWRUGUHGHSUHODFLyGHFRVVRV SURIHVVRUDW FDWHGUjWLF G¶XQLYHUVLWDW SURIHVVRUDW WLWXODU G¶XQLYHUVLWDW R 20206 SURYLVLRQDOGHSHUVRQDVDGPLWLGDV\H[FOXLGDVGHOFRQFXUVRFRQLQGL FDFLyQGHORVPRWLYRVGHH[FOXVLyQHQVXFDVRLQGLFDQGRDODVSHUVR QDVLQWHUHVDGDVTXHVLQRORHQPLHQGDQHQHOSOD]RLPSURUURJDEOHGH GLH]GtDVKiELOHVSLHUGHQVXGHUHFKR (Q FXDOTXLHU FDVR SDUD HYLWDU HUURUHV \ SDUD SRVLELOLWDU VX FRU UHFFLyQ HQ WLHPSR \ IRUPD ODV SHUVRQDV DVSLUDQWHV GHEHQ FRPSUREDU IHKDFLHQWHPHQWH QR VyOR TXH QR ILJXUDQ HQ OD UHODFLyQ GH SHUVRQDV H[FOXLGDV VLQR TXH DGHPiV VXV GDWRV SHUVRQDOHV FRQVWDQ FRUUHFWD PHQWHHQODSHUWLQHQWHUHODFLyQGHSHUVRQDVDGPLWLGDV /DV SHUVRQDV TXH GHQWUR GHO SOD]R LQGLFDGR QR VXEVDQHQ VX H[FOXVLyQRQRDOHJXHQVXRPLVLyQVHUiQGHILQLWLYDPHQWHH[FOXLGDVGH ODSDUWLFLSDFLyQHQODVSUXHEDV )LQDOL]DGRHOSOD]RGHUHFODPDFLRQHVVHHOHYDUiQDGHILQLWLYDV ODV OLVWDV SURYLVLRQDOHV FRQ ODV PRGLILFDFLRQHV TXH SURFHGDQ OD FXDO VH SXEOLFDUi LJXDOPHQWH HQ OD SiJLQD ZHE &RQWUD HVWD UHVROXFLyQ VH SXHGH LQWHUSRQHU UHFXUVR HQ ORV HQ ORV SOD]RV TXH VH SUHYHHQ HQ ORV DUWtFXORV\VLJXLHQWHVGHOD/H\GHGHQRYLHPEUHGH UpJLPHQMXUtGLFRGHODVDGPLQLVWUDFLRQHVS~EOLFDV\GHOSURFHGLPLHQWR DGPLQLVWUDWLYRFRP~Q (VFDXVDGHH[FOXVLyQDGHPiVGHODVVHxDODGDVHQRWURVDSDUWDGRV GHHVWDVEDVHVODRPLVLyQGHODILUPDHQODVROLFLWXG /DV SHUVRQDV TXH UHVXOWHQ H[FOXLGDV HQ OD UHODFLyQ GHILQLWLYD SXHGHQVROLFLWDUHOUHLQWHJURGHODVWDVDVPHGLDQWHLQVWDQFLDGLULJLGDDO 5HFWRUDGR(QODLQVWDQFLDGHEHQLQGLFDUORVGDWRVEDQFDULRVGRQGHVH GHEHKDFHUHIHFWLYDODWUDQVIHUHQFLD &RPLVLyQGHFRQWUDWDFLyQ /RV FRQFXUVRV VHUiQ MX]JDGRVSRU ODV FRUUHVSRQGLHQWHVFRPL VLRQHV GH FRQWUDWDFLyQ IRUPDGDV GH DFXHUGR FRQ HO DUWtFXOR GH OD 1RUPDWLYDSDUDHOGHVDUUROORGH ORV FRQFXUVRV GH DFFHVRGH DFFHVRD FXHUSRVGHIXQFLRQDULRVGRFHQWHVXQLYHUVLWDULRV\GHORVFRQFXUVRVGH VHOHFFLyQ GH SURIHVRUDGR FRODERUDGRU \ FRQWUDWDGR GRFWRU GH OD 8QL YHUVLWDW -DXPH , GH &DVWHOOy DSUREDGD SRU HO &RQVHMR GH *RELHUQR SURYLVLRQDO HO GH RFWXEUH GH \ PRGLILFDGD HQ OD VHVLyQ Q GHO&RQVHMRGH*RELHUQRQGHOGtDGHIHEUHURGHHQHODUWLFX ORSRVWHULRUPHQWHPRGLILFDGDHQODVHVLyQQGHO&RQVHMRGH *RELHUQRFHOHEUDGDHOGHMXQLRGH /DFRPSRVLFLyQGHODVFRPLVLRQHVHVODTXHILJXUDHQHODQH[R ,GHHVWDFRQYRFDWRULD/DUHODFLyQQRPLQDOGHORVPLHPEURVGHHVWDV FRPLVLRQHVVHSXEOLFDUiHQHO'2&9XQDYH]DSUREDGDODUHODFLyQ GHILQLWLYDGHDVSLUDQWHVDGPLWLGRV 6LFRQFXUUHQORVPRWLYRVGHDEVWHQFLyQDTXHVHUHILHUHHODSDU WDGR GHO DUWtFXOR GH OD /H\ ODV SHUVRQDV LQWHUHVDGDV VH GHEHQDEVWHQHUGHDFWXDUHQODFRPLVLyQ\GHEHQPDQLIHVWDUHOPRWLYR FRQFXUUHQWH &XDQGRVHSURGX]FDODUHFXVDFLyQDTXHVHUHILHUHHODUWtFXORGH OD /H\ OD SHUVRQD UHFXVDGD GHEH PDQLIHVWDU DO GtD VLJXLHQWH GHODIHFKDGHFRQRFLPLHQWRGHODUHFXVDFLyQVLVHGDRQRHQHOODOD FDXVDDOHJDGD6LQLHJDODFDXVDGHUHFXVDFLyQHO5HFWRUDGRWUDVREWH QHU ORV LQIRUPHV \ FRPSUREDFLRQHV TXH FRQVLGHUH RSRUWXQRV HPLWLUi XQDUHVROXFLyQHQXQSOD]RGHWUHVGtDVKiELOHV&RQWUDHVWDUHVROXFLyQ QR VH SXHGH SUHVHQWDU QLQJXQD UHFODPDFLyQ VLQ SHUMXLFLR GH TXH OD PLVPDVHDOHJXHDOLQWHUSRQHUUHFXUVRVSRVWHULRUHV (Q ORV FDVRV GH DEVWHQFLyQ GH UHFXVDFLyQ R GH FDXVD MXVWLILFDGD TXHLPSLGDQODDFWXDFLyQGHORVPLHPEURVGHODFRPLVLyQWLWXODUHVWRV GHEHQVHUVXVWLWXLGRVSRUORVVXSOHQWHVUHVSHFWLYRV (QHOFDVRH[FHSFLRQDOGHTXHWDPELpQXQPLHPEURVXSOHQWHFXP SOLHUDDOJXQRGHORVVXSXHVWRVGHLPSHGLPHQWRFLWDGRVDQWHULRUPHQWH OD8QLYHUVLGDGQRPEUDUiXQQXHYRVXSOHQWH &RQVWLWXFLyQGHODVFRPLVLRQHVGHFRQWUDWDFLyQ 3DUDTXHODFRQVWLWXFLyQGHODFRPLVLyQVHDYiOLGDVHH[LJHOD SUHVHQFLDGHODWRWDOLGDGGHVXVPLHPEURV/RVPLHPEURVWLWXODUHVTXH QRFRPSDUH]FDQHQHVWHDFWRFHVDQFRPRPLHPEURVGHODFRPLVLyQ\ GHEHQVHUVXVWLWXLGRVVHJ~QORSUHYLVWRHQOD1RUPDWLYDGHOD8-, 3RVWHULRUPHQWH D OD FRQVWLWXFLyQ GH OD FRPLVLyQ HQ FDVR GH DXVHQFLDGHOSUHVLGHQWHRODSUHVLGHQWDpVWHGHEHVHUVXVWLWXLGRSRUHO SURIHVRU R SURIHVRUD PiV DQWLJXR GH DFXHUGR FRQ HO VLJXLHQWH RUGHQ GHSUHODFLyQGHFXHUSRVSURIHVRUDGRFDWHGUiWLFRGHXQLYHUVLGDGSUR Núm. 5516 / 21.05.2007 20207 3HUTXq OD FRPLVVLy SXJD DFWXDU YjOLGDPHQW pV QHFHVVjULD OD SDUWLFLSDFLyG¶DOPHQ\VWUHVGHOVVHXVPHPEUHV (OVPHPEUHVGHODFRPLVVLyTXHHVWLJXHQDEVHQWVHQDOJXQDGH OHVSURYHVFRUUHVSRQHQWVDDOJXQGHOVDVSLUDQWVFHVVHQFRPDPHPEUHV G¶DTXHVWDVHQVHSHUMXGLFLGHOHVUHVSRQVDELOLWDWVHQTXqSXJXHQKDYHU LQFRUUHJXW 6L GHVSUpV TXH KDMD FRPHQoDW OD SULPHUD SURYD OD FRPLVVLy TXHGDDPEPHQ\VGHWUHVPHPEUHVV¶KDGHQRPHQDUXQDQRYDFRPLV VLyG¶DFRUGDPEHOSURFHGLPHQWTXHHVWDEOHL[D1RUPDWLYDGHO¶8-,HQ ODTXDOQRSRGHQLQFORXUH¶VHOVPHPEUHVGHODSULPHUDTXHKDQSHUGXW DTXHVWDFRQGLFLy (OV DFRUGV GH OD FRPLVVLy HV SUHQHQ SHU PDMRULD WHQLQW HQ FRPSWHTXHHQFDVG¶HPSDWOD3UHVLGqQFLDWpYRWGHTXDOLWDW &RUUHVSRQHQ DO VHFUHWDULjULD GH OD FRPLVVLy OHV DFWXDFLRQV DGPLQLVWUDWLYHV L OD JHVWLy HFRQzPLFD SUzSLD GH OD FRPLVVLy DX[LOLDW SHOVVHUYHLVDGPLQLVWUDWLXVGHOD8QLYHUVLWDW IHVRUDGR WLWXODU GH XQLYHUVLGDG R SURIHVRUDGR FDWHGUiWLFR GH HVFXHOD XQLYHUVLWDULDSURIHVRUDGRWLWXODUGHHVFXHODXQLYHUVLWDULD\HQVXFDVR SURIHVRUDGRFRQWUDWDGRGRFWRU 3DUDTXHODFRPLVLyQSXHGDDFWXDUYiOLGDPHQWHHVQHFHVDULDOD SDUWLFLSDFLyQGHDOPHQRVWUHVGHVXVPLHPEURV /RVPLHPEURVGHODFRPLVLyQTXHVHKDOOHQDXVHQWHVHQDOJXQD GHODVSUXHEDVFRUUHVSRQGLHQWHVDDOJXQRGHORVDVSLUDQWHVFHVDQFRPR PLHPEURVGHODPLVPDVLQSHUMXLFLRGHODVUHVSRQVDELOLGDGHVHQTXH SXHGDQKDEHULQFXUULGR 6LWUDVHOLQLFLRGHODSULPHUDSUXHEDODFRPLVLyQVHTXHGDFRQ PHQRVGHWUHVPLHPEURVVHGHEHQRPEUDUXQDQXHYDFRPLVLyQGHDFX HUGRFRQHOSURFHGLPLHQWRHVWDEOHFLGRHQOD1RUPDWLYDGHOD8-,HQOD TXHQRVHSXHGHQLQFOXLUORVPLHPEURVGHODSULPHUDTXHKDQSHUGLGR WDOFRQGLFLyQ /RVDFXHUGRVGHODFRPLVLyQVHWRPDQSRUPD\RUtDWHQLHQGR HQFXHQWDTXHHQFDVRGHHPSDWHOD3UHVLGHQFLDWLHQHYRWRGHFDOLGDG &RUUHVSRQGH DO VHFUHWDULRVHFUHWDULDGH OD FRPLVLyQ ODV DFWXD FLRQHVDGPLQLVWUDWLYDV\ODJHVWLyQHFRQyPLFDSURSLDVGHODFRPLVLyQ DX[LOLDGRVSRUORVVHUYLFLRVDGPLQLVWUDWLYRVGHOD8QLYHUVLGDG 3UHSDUDFLyGHOHVSURYHV 'LQV GHO WHUPLQL SHU D OD FRQVWLWXFLy GH OD FRPLVVLy OD 3UH VLGqQFLD GHVSUpV GH FRQVXOWDU OD UHVWD GH PHPEUHV KD GH GLFWDU XQD UHVROXFLyHQODTXDOHVIL[HQHOGLDHOOORFLO¶KRUDGHO¶DFWHGHFRQVWL WXFLy$TXHVWDUHVROXFLyV¶KDGHQRWLILFDUDWRWHVOHVSHUVRQHVLQWHUHV VDGHVDPEXQDDQWHODFLyPtQLPDGHGLHVKjELOVUHVSHFWHDODGDWDGH O¶DFWHSHUDOTXDOVH¶OVFLWD0LWMDQoDQWDTXHVWDUHVROXFLyHVFRQYRTXHQ OHVSHUVRQHVTXHV¶LQGLTXHQDFRQWLQXDFLy D7RWVHOVPHPEUHVWLWXODUVGHODFRPLVVLyLVLHVFDXHOVVXSOHQWV QHFHVVDULVSHUHIHFWXDUO¶DFWHGHFRQVWLWXFLyGHODFRPLVVLyLSHUIL[DUL IHUS~EOLFVDFRQWLQXDFLyHOVFULWHULVTXHV¶HVWDEOLVTXHQSHUDODYDORUD FLyGHOHVSURYHV(OVPHPEUHVGHODFRPLVVLyKDQGHWLQGUHHQFRPSWH SHUDODYDORUDFLyGHOFXUUtFXOXPGHOFRQFXUVDQWHOEDUHPTXHHVUHFXOO HQO¶DQQH[,9 (QHOVFRQFXUVRVDSODFHVGHSURIHVVRUDWFRQWUDFWDWGRFWRUDOSUL PHUH[HUFLFLV¶KLKDG¶DVVLJQDUFRPDPtQLPXQYDORUGREOHLFRPD Pj[LPXQYDORUWULSOHTXHDOVHJRQH[HUFLFL(VFRQVLGHUDPqULWSUH IHUHQW SHU D OD FRQWUDFWDFLy VHU IXQFLRQDUL R IXQFLRQjULD GHOV FRVVRV GRFHQWVXQLYHUVLWDULVRHVWDUKDELOLWDWRKDELOLWDGDSHUSDUWLFLSDUHQHOV FRQFXUVRV G¶DFFpV D DTXHVWV FRVVRV HQ O¶jUHD GH FRQHL[HPHQW D TXq FRUUHVSRQODSODoDREMHFWHGHODFRQYRFDWzULDRVLQRQ¶KLKDHQjUHHV GHFRQHL[HPHQWDILQV /DFRPLVVLySRWFRQVLGHUDUFRPDPqULWSUHIHUHQWHOFRQHL[HPHQW GH OD OOHQJXD SUzSLD GH OD 8QLYHUVLWDW -DXPH , L WDPEp HO IHW G¶KDYHU PDQWLQJXW DPE DQWHULRULWDW D O¶HQWUDGD HQ YLJRU GH OD 1RUPDWLYD GH O¶8-, TXDOVHYRO FODVVH GH UHODFLy FRQWUDFWXDO DPE OD 8QLYHUVLWDW SHU UHDOLW]DUKLIXQFLRQVGRFHQWVRLQYHVWLJDGRUHV /DFRPLVVLySRWVROÂOLFLWDUDWUDYpVGHOD3UHVLGqQFLDHOVDVVHVVRUD PHQWVTXHFRQVLGHUHFRQYHQLHQWVHOVTXDOVV¶KDQG¶HIHFWXDUGHIRUPD FRQILGHQFLDOLSHUHVFULWLV¶KDQG¶DGMXQWDUDO¶DFWDFRUUHVSRQHQW E7RWHV OHV SHUVRQHV DGPHVHV D SDUWLFLSDU HQ HO FRQFXUV SHU UHD OLW]DU O¶DFWH GH SUHVHQWDFLy GHOV FRQFXUVDQWV DPE LQGLFDFLy GHO GLD O¶KRUDLHOOORFGHUHDOLW]DFLyG¶DTXHVWDFWHDDTXHVWHIHFWHHOWHUPLQL HQWUHODGDWDSUHYLVWDSHUDO¶DFWHGHFRQVWLWXFLyGHODFRPLVVLyLODGDWD DVVHQ\DODGDSHUDO¶DFWHGHSUHVHQWDFLyQRSRWVHUVXSHULRUDGRVGLHV KjELOV (QO¶DFWHGHSUHVHQWDFLyTXHpVS~EOLFHOVDVSLUDQWVKDQG¶HQ WUHJDUODGRFXPHQWDFLyFRUUHVSRQHQWDODSULPHUDSURYDLKDQGHUHEUH WRWHV OHV LQVWUXFFLRQV DGLHQWV VREUH OD UHDOLW]DFLy GH OHV SURYHV$L[t PDWHL[ V¶KL KD GH GHWHUPLQDU PLWMDQoDQW VRUWHLJ O¶RUGUH G¶DFWXDFLy GHOVSDUWLFLSDQWVLV¶KLKDGHIL[DUHOOORFODGDWDLO¶KRUDGHFRPHQoD PHQWGHOHVSURYHV (QHOPDWHL[DFWHGHSUHVHQWDFLyOD3UHVLGqQFLDGHODFRPLVVLyKD GHIHUS~EOLFHOWHUPLQLIL[DWSHUDTXHOODSHUTXqTXDOVHYROSDUWLFLSDQW SXJD H[DPLQDU OD GRFXPHQWDFLy SUHVHQWDGD SHU OD UHVWD G¶DVSLUDQWV DEDQVGHO¶LQLFLGHOHVSURYHV (OV FRQFXUVDQWV R OD 8QLYHUVLWDW SRGHQ VROÂOLFLWDU GHOV HQV S~EOLFVLSULYDWVHQTXqSUHVWHQRKDQSUHVWDWHOVVHXVVHUYHLVO¶HPLV VLyG¶XQLQIRUPHLQGLYLGXDOLW]DWVREUHOHVDFWLYLWDWVH[HUFLGHVSHOVFRQ FXUVDQWV L HO VHX UHQGLPHQW HO TXDO V¶KD GH UHPHWUH GLUHFWDPHQW D OD 3UHSDUDFLyQGHODVSUXHEDV 'HQWURGHOSOD]RSDUDODFRQVWLWXFLyQGHODFRPLVLyQOD3UHVL GHQFLDWUDVFRQVXOWDUDOUHVWRGHPLHPEURVGHEHGLFWDUXQDUHVROXFLyQ HQ OD FXDO VH ILMHQ HO GtD HO OXJDU \ OD KRUD GHO DFWR GH FRQVWLWXFLyQ (VWDUHVROXFLyQVHGHEHQRWLILFDUDWRGDVODVSHUVRQDVLQWHUHVDGDVFRQ XQDDQWHODFLyQPtQLPDGHGtDVKiELOHVUHVSHFWRDODIHFKDGHODFWR SDUDHOFXDOVHFLWDQ0HGLDQWHHVWDUHVROXFLyQVHFRQYRFDQDODVSHUVR QDVTXHVHLQGLFDQDFRQWLQXDFLyQ D7RGRVORVPLHPEURVWLWXODUHVGHODFRPLVLyQ\HQVXFDVRORV VXSOHQWHV QHFHVDULRV SDUD OOHYDU D FDER HO DFWR GH FRQVWLWXFLyQ GH OD FRPLVLyQ\SDUDILMDU\KDFHUS~EOLFRVDFRQWLQXDFLyQORVFULWHULRVTXH VHHVWDEOH]FDQSDUDODYDORUDFLyQGHODVSUXHEDV/RVPLHPEURVGHOD FRPLVLyQGHEHQWHQHUHQFXHQWDSDUDODYDORUDFLyQGHOFXUUtFXOXPGHO FRQFXUVDQWHHOEDUHPRTXHVHUHIOHMDHQHODQH[R,9 (QORVFRQFXUVRVDSOD]DVGHSURIHVRUDGRFRQWUDWDGRGRFWRUDOSUL PHUHMHUFLFLRVHGHEHDVLJQDUFRPRPtQLPRXQYDORUGREOH\FRPR Pi[LPRXQYDORUWULSOHTXHHODVLJQDGRDOVHJXQGRHMHUFLFLR6HFRQ VLGHUDPpULWRSUHIHUHQWHSDUDODFRQWUDWDFLyQVHUIXQFLRQDULRRIXQFLR QDULDGHORVFXHUSRVGRFHQWHVXQLYHUVLWDULRVRHVWDUKDELOLWDGRRKDELOL WDGDSDUDSDUWLFLSDUHQORVFRQFXUVRVGHDFFHVRDGLFKRVFXHUSRVHQHO iUHDGHFRQRFLPLHQWRDTXHFRUUHVSRQGHODSOD]DREMHWRGHODFRQYRFD WRULDRHQVXGHIHFWRHQiUHDVGHFRQRFLPLHQWRDILQHV /D FRPLVLyQ SXHGH FRQVLGHUDU FRPR PpULWR SUHIHUHQWH HO FRQRFL PLHQWRGHODOHQJXDSURSLDGHOD8QLYHUVLWDW-DXPH,\WDPELpQKDEHU PDQWHQLGRFRQDQWHULRULGDGDODHQWUDGDHQYLJRUGHOD1RUPDWLYDGH OD8-,FXDOTXLHUFODVHGHUHODFLyQFRQWUDFWXDOFRQOD8QLYHUVLGDGSDUD OOHYDUDFDERIXQFLRQHVGRFHQWHVRLQYHVWLJDGRUDV /DFRPLVLyQSXHGHVROLFLWDUDWUDYpVGHOD3UHVLGHQFLDORVDVHVR UDPLHQWRVTXHFRQVLGHUHFRQYHQLHQWHVTXHVHGHEHQHIHFWXDUGHIRUPD FRQILGHQFLDO\SRUHVFULWR\VHGHEHQDGMXQWDUDODFWDFRUUHVSRQGLHQWH E 7RGDV ODV SHUVRQDV DGPLWLGDV D SDUWLFLSDU HQ HO FRQFXUVR SDUD UHDOL]DU HO DFWR GH SUHVHQWDFLyQ GH ORV FRQFXUVDQWHV FRQ LQGLFDFLyQ GHOGtDODKRUD\HOOXJDUGHUHDOL]DFLyQGHGLFKRDFWRDGLFKRHIHF WR HO SOD]R HQWUH OD IHFKD SUHYLVWD SDUD HO DFWR GH FRQVWLWXFLyQ GH OD FRPLVLyQ\ODIHFKDVHxDODGDSDUDHODFWRGHSUHVHQWDFLyQQRSXHGHVHU VXSHULRUDGRVGtDVKiELOHV (QHODFWRGHSUHVHQWDFLyQTXHHVS~EOLFRORVDVSLUDQWHVGHEHQ HQWUHJDU OD GRFXPHQWDFLyQ FRUUHVSRQGLHQWH D OD SULPHUD SUXHED \ GHEHQUHFLELUWRGDVODVLQVWUXFFLRQHVRSRUWXQDVVREUHODUHDOL]DFLyQGH ODVSUXHEDV$VtPLVPRVHGHEHGHWHUPLQDUPHGLDQWHVRUWHRHORUGHQ GHDFWXDFLyQGHORVSDUWLFLSDQWHV\VHGHEHILMDUHOOXJDUODIHFKD\OD KRUDGHLQLFLRGHODVSUXHEDV (Q HO PLVPR DFWR GH SUHVHQWDFLyQ OD 3UHVLGHQFLD GH OD FRPLVLyQ GHEH KDFHU S~EOLFR HO SOD]R ILMDGR SRU OD PLVPD SDUD TXH FXDOTXLHU SDUWLFLSDQWHSXHGDH[DPLQDUODGRFXPHQWDFLyQSUHVHQWDGDSRUHOUHVWR GHORVDVSLUDQWHVDQWHVGHOLQLFLRGHODVSUXHEDV /RVFRQFXUVDQWHVROD8QLYHUVLGDGSXHGHQVROLFLWDUGHORVHQWHV S~EOLFRV \ SULYDGRV HQ TXH SUHVWHQ R KDQ SUHVWDGR VXV VHUYLFLRV OD HPLVLyQGHXQLQIRUPHLQGLYLGXDOL]DGRVREUHODVDFWLYLGDGHVHMHUFLGDV SRUORVFRQFXUVDQWHV\VXUHQGLPLHQWRTXHVHGHEHUHPLWLUGLUHFWDPHQ SURIHVVRUDWFDWHGUjWLFG¶HVFRODXQLYHUVLWjULDSURIHVVRUDWWLWXODUG¶HVFR ODXQLYHUVLWjULDLVLHVFDXSURIHVVRUDWFRQWUDFWDWGRFWRU Núm. 5516 / 21.05.2007 FRPLVVLy4XDQO¶LQIRUPHKDMDGHUHPHWUH¶OXQDXQLYHUVLWDWRXQRUJD QLVPHS~EOLFG¶LQYHVWLJDFLyV¶KDGHVROÂOLFLWDUTXHO¶HQYLHLTXHDGMXQ WH OHV DYDOXDFLRQV DQXDOV UHDOLW]DGHV HQ FRPSOLPHQW GH OD QRUPDWLYD YLJHQWVREUHO¶DFWLYLWDWGRFHQWLLQYHVWLJDGRUDGHOFRQFXUVDW /D&RPLVVLyYDORUDUjHOVLQIRUPHVDTXqIDUHIHUqQFLDHOSDUjJUDI DQWHULRU ~QLFDPHQW HQ HO FDV TXH HOV REWLQJD DEDQV GHO FRPHQoDPHQW GHOHVSURYHV /HVSURYHVKDQGHFRPHQoDUGLQVGHOWHUPLQLGHGLHVKjELOV FRPSWDGRUVGHVGHOGLDGHO¶DFWHGHSUHVHQWDFLy 'RFXPHQWDFLyLGHVHQYROXSDPHQWGHOHVSURYHV (OVDVSLUDQWVKDQGHOOLXUDUDOD3UHVLGqQFLDGHODFRPLVVLyHQ O¶DFWHGHSUHVHQWDFLyODGRFXPHQWDFLyVHJHQW D &XUULFXOXP YLWDH SHU TXLQWXSOLFDW VHJRQV HO PRGHO TXH HVWD EOHL[ODFRQYRFDWzULDGHOFRQFXUVLXQH[HPSODUGHOHVSXEOLFDFLRQVL GRFXPHQWVDFUHGLWDWLXVGHOTXHV¶KLFRQVLJQD/D8QLYHUVLWDWV¶KDG¶HQ FDUUHJDUTXHWRWVHOVPHPEUHVGHODFRPLVVLyGLVSRVHQGHOHVSXEOLFD FLRQVLGRFXPHQWVDFUHGLWDWLXVQHFHVVDULVSHUHPHWUHO¶LQIRUPHUDRQDWD TXqHVUHIHUHL[O¶DSDUWDWG¶DTXHVWDEDVH E3URMHFWHGRFHQWLVLHVFDXG¶LQYHVWLJDFLySHUTXLQWXSOLFDWTXH O¶DVSLUDQWSURSRVDGHVHQYROXSDUVLREWpODSODoDDTXqFRQFXUVD 6¶HQWpQ FRP D SURMHFWH GRFHQW L G¶LQYHVWLJDFLy O¶H[SRVLFLy GH OHV OtQLHVEjVLTXHVGHGRFqQFLDLLQYHVWLJDFLyTXHO¶DVSLUDQWSUHWpQGHVHQ YROXSDUHQHOVXSzVLWTXHVHOLDGMXGLTXHODSODoD (Q HO SURMHFWH GRFHQW L LQYHVWLJDGRU OD SDUW GRFHQW V¶KD G¶DMXVWDU VLV¶KDIL[DWHQODFRQYRFDWzULDDOHVHVSHFLILFDFLRQVHVWDEOLGHVSHUOD 8QLYHUVLWDW/DSDUWG¶LQYHVWLJDFLyV¶H[LJLUjHQHOVFRQFXUVRVGHSODFHV GHSURIHVVRUDWFRQWUDFWDWGRFWRU $EDQVGHOFRPHQoDPHQWGHODSULPHUDSURYDFDGDPHPEUHGH ODFRPLVVLyKDG¶HQWUHJDUDOVHFUHWDULRVHFUHWjULDG¶DTXHVWDXQLQIRUPH UDRQDWVREUHHOVPqULWVDOÂOHJDWVSHUFDGDFRQFXUVDQWHQHOVHXFXUULFX OXPYLWDHLVREUHO¶DGHTXDFLyGHOVHXSURMHFWHGRFHQWLVLHVFDXG¶LQ YHVWLJDFLyDOHVQHFHVVLWDWVGHOD8QLYHUVLWDWH[SRVDGHVHQODFRQYRFD WzULDGHOFRQFXUV /D SULPHUD SURYD G¶DTXHVWV FRQFXUVRV pV S~EOLFD L FRQVLV WHL[HQO¶H[SRVLFLyRUDOSHUSDUWGHO¶DVSLUDQWHQHOWHPSVTXHFRQVL GHUHRSRUW~GHOVPqULWVDOÂOHJDWVLODGHIHQVDGHOSURMHFWHGRFHQWLVL HVFDX G¶LQYHVWLJDFLy SUHVHQWDWV $ FRQWLQXDFLy OD FRPLVVLy GHEDWUj DPE HO FRQFXUVDQW GXUDQW XQ WHPSV Pj[LP GH WUHV KRUHV VREUH HOV VHXVPqULWVO¶KLVWRULDODFDGqPLFLLQYHVWLJDGRULHOSURMHFWHGRFHQWLVL HVFDXG¶LQYHVWLJDFLySUHVHQWDWV$TXHVWDSURYDWpFDUjFWHUHOLPLQDWRUL SHUDWRWHVDTXHOOHVSHUVRQHVTXHQRKLREWLQJXHQDOPHQ\VWUHVYRWV 3HUDODVHJRQDSURYDHOVDVSLUDQWVKDQG¶HQWUHJDUDODFRPLV VLyGHVSUpVTXHV¶KDMDUHDOLW]DWODTXDOLILFDFLyGHODSULPHUDXQUHVXP GHOWHPDHOHJLWRGHOWUHEDOORULJLQDOG¶LQYHVWLJDFLyTXHH[SRVDUDQRUDO PHQWGHVSUpV /D VHJRQD SURYD G¶DTXHVWV FRQFXUVRV pV S~EOLFD L FRQVLVWHL[ HQ O¶H[SRVLFLy RUDO SHU SDUW GH O¶DVSLUDQW GXUDQW XQ WHPSV Pj[LP GH WUHV KRUHV G¶XQ WHPD UHODWLX D XQD HVSHFLDOLWDW GH O¶jUHD GH FRQHL[H PHQW D TXq FRUUHVSRQJD OD SODoD R HO FRQMXQW GH SODFHV FRQYRFDGHV RDHOHFFLyGHOFDQGLGDWG¶XQWUHEDOORULJLQDOG¶LQYHVWLJDFLyUHDOLW]DW SHOFRQFXUVDQWLQGLYLGXDOPHQWRHQHTXLSHQDTXHVW~OWLPFDVFRPD GLUHFWRURGLUHFWRUDGHODLQYHVWLJDFLyODTXDOFRVDKDGHTXHGDUFHUWL ILFDGDSHOVPHPEUHVGHO¶HTXLS $ FRQWLQXDFLy OD FRPLVVLy GHEDWUj DPE HO FRQFXUVDQW GXUDQW XQ WHPSV Pj[LP GH WUHV KRUHV VREUH HOV FRQWLQJXWV FLHQWtILFV H[SRVDWV OD PHWRGRORJLD TXH KD G¶XWLOLW]DU HQ OD LPSDUWLFLy D O¶DOXPQDW L WRWV DTXHOOV DVSHFWHV TXH FRQVLGHUH UHOOHYDQWV HQ UHODFLy DPE HO WHPD R VREUHWRWVDTXHOOVDVSHFWHVTXHFRQVLGHUHUHOOHYDQWVHQUHODFLyDPEHO WUHEDOORULJLQDOG¶LQYHVWLJDFLy 'HVSUpVGHILQDOLW]DUOHVSURYHVLDEDQVGHODVHXDTXDOLILFDFLy ODFRPLVVLyGHOLEHUDUjLFDGDVFXQGHOVVHXVPHPEUHVKDG¶HODERUDUXQD LQIRUPHUDRQDWVREUHODYDORUDFLyTXHKDREWLQJXWFDGDFRQFXUVDQW6L KL KD XQDQLPLWDW DTXHVW LQIRUPHV HV SRGHQ VXEVWLWXLU SHU XQ LQIRUPH ~QLFLUDRQDWGHODFRPLVVLy 20208 WHDODFRPLVLyQ&XDQGRHOLQIRUPHORGHEDUHPLWLUXQDXQLYHUVLGDGR XQRUJDQLVPRS~EOLFRGHLQYHVWLJDFLyQVHGHEHVROLFLWDUTXHORHQYtH\ TXH DGMXQWH DO PLVPR ODV HYDOXDFLRQHV DQXDOHV UHDOL]DGDV HQ FXPSOL PLHQWRGHODQRUPDWLYDYLJHQWHVREUHODDFWLYLGDGGRFHQWHHLQYHVWLJD GRUDGHOFRQFXUVDQWH /DFRPLVLyQYDORUDUiORVLQIRUPHVDTXHVHKDFHUHIHUHQFLDHQHO SiUUDIR DQWHULRU ~QLFDPHQWH HQ HO FDVR GH TXH ORV REWHQJD DQWHV GHO LQLFLRGHODVSUXHEDV /DVSUXHEDVGHEHQHPSH]DUGHQWURGHOSOD]RGHGtDVKiEL OHVDFRQWDUGHVGHHOGtDVLJXLHQWHDODFWRGHSUHVHQWDFLyQ 'RFXPHQWDFLyQ\GHVDUUROORGHODVSUXHEDV /RVDVSLUDQWHVGHEHQHQWUHJDUDOD3UHVLGHQFLDGHODFRPLVLyQ HQHODFWRGHSUHVHQWDFLyQODGRFXPHQWDFLyQVLJXLHQWH D&XUULFXOXPYLWDHSRUTXLQWXSOLFDGRVHJ~QHOPRGHORTXHHVWD EOHFH OD FRQYRFDWRULD GHO FRQFXUVR \ XQ HMHPSODU GH ODV SXEOLFDFLR QHV \ GRFXPHQWRV DFUHGLWDWLYRV GH OR TXH VH FRQVLJQD HQ HO PLVPR /D 8QLYHUVLGDG GHEH HQFDUJDUVH GH TXH WRGRV ORV PLHPEURV GH OD FRPLVLyQ GLVSRQJDQ GH ODV SXEOLFDFLRQHV \ GRFXPHQWRV DFUHGLWDWLYRV QHFHVDULRVSDUDHPLWLUHOLQIRUPHUD]RQDGRDTXHVHUHILHUHHODSDUWDGR GHHVWDEDVH E 3UR\HFWR GRFHQWH \ HQ VX FDVR GH LQYHVWLJDFLyQ SRU TXLQWX SOLFDGRTXHHODVSLUDQWHSURSRQHGHVDUUROODUVLREWLHQHODSOD]DDTXH FRQFXUVD 6HHQWLHQGHFRPRSUR\HFWRGRFHQWH\GHLQYHVWLJDFLyQODH[SRVL FLyQGHODVOtQHDVEiVLFDVGHGRFHQFLDHLQYHVWLJDFLyQTXHHODVSLUDQWH SUHWHQGHGHVDUUROODUHQHOVXSXHVWRGHTXHVHOHDGMXGLTXHODSOD]D (QHOSUR\HFWRGRFHQWHHLQYHVWLJDGRUODSDUWHGRFHQWHGHEHDMXV WDUVHVLVHKDILMDGRHQODFRQYRFDWRULDDODVHVSHFLILFDFLRQHVHVWDEOH FLGDV SRU OD 8QLYHUVLGDG /D SDUWH GH LQYHVWLJDFLyQ VH H[LJLUi HQ ORV FRQFXUVRVGHSOD]DVGHSURIHVRUDGRFRQWUDWDGRGRFWRU $QWHV GHO LQLFLR GH OD SULPHUD SUXHED FDGD PLHPEUR GH OD FRPLVLyQGHEHHQWUHJDUDOVHFUHWDULRRVHFUHWDULDGHODPLVPDXQLQIRU PH UD]RQDGR VREUH ORV PpULWRV DOHJDGRV SRU FDGD FRQFXUVDQWH HQ VX FXUULFXOXPYLWDH\VREUHODDGHFXDFLyQGHVXSUR\HFWRGRFHQWH\HQVX FDVRGHLQYHVWLJDFLyQDODVQHFHVLGDGHVGHOD8QLYHUVLGDGUHIOHMDGDV HQODFRQYRFDWRULDGHOFRQFXUVR /D SULPHUD SUXHED GH ORV FRQFXUVRV HV S~EOLFD \ FRQVLVWH HQ OD H[SRVLFLyQ RUDO SRU SDUWH GHO DVSLUDQWH HQ HO WLHPSR TXH FRQ VLGHUH RSRUWXQR GH ORV PpULWRV DOHJDGRV \ OD GHIHQVD GH VX SUR\HFWR GRFHQWH \ HQ VX FDVR GH LQYHVWLJDFLyQ SUHVHQWDGRV$ FRQWLQXDFLyQ OD FRPLVLyQ GHEDWLUi FRQ HO FRQFXUVDQWH GXUDQWH XQ WLHPSR Pi[LPR GHWUHVKRUDVVREUHVXVPpULWRVHOKLVWRULDODFDGpPLFRHLQYHVWLJDGRU \HOSUR\HFWRGRFHQWH\HQVXFDVRGHLQYHVWLJDFLyQSUHVHQWDGRV(VWD SUXHEDWLHQHFDUiFWHUHOLPLQDWRULRSDUDWRGDVDTXHOODVSHUVRQDVTXHQR REWHQJDQDOPHQRVWUHVYRWRV 3DUD OD VHJXQGD SUXHED ORV DVSLUDQWHV GHEHQ HQWUHJDU D OD FRPLVLyQ WUDV KDEHU UHDOL]DGR OD FDOLILFDFLyQ GH OD SULPHUD XQ UHVX PHQ GHO WHPD HOHJLGR R GHO WUDEDMR RULJLQDO GH LQYHVWLJDFLyQ TXH H[SRQGUiQRUDOPHQWHDFRQWLQXDFLyQ /DVHJXQGDSUXHEDGHORVFRQFXUVRVHVS~EOLFD\FRQVLVWHHQOD H[SRVLFLyQRUDOSRUSDUWHGHODVSLUDQWHGXUDQWHXQWLHPSRPi[LPRGH WUHVKRUDVGHXQWHPDUHODWLYRDXQDHVSHFLDOLGDGGHOiUHDGHFRQRFL PLHQWRDTXHFRUUHVSRQGHODSOD]DRHOFRQMXQWRGHSOD]DVFRQYRFDGDV R D HOHFFLyQ GHO FDQGLGDWR GH XQ WUDEDMR GH LQYHVWLJDFLyQ UHDOL]DGR SRU HO FRQFXUVDQWH LQGLYLGXDOPHQWH R HQ HTXLSR HQ HVWH ~OWLPR FDVR FRPRGLUHFWRURGLUHFWRUDGHODLQYHVWLJDFLyQORTXHGHEHTXHGDUFHUWL ILFDGRSRUORVPLHPEURVGHOHTXLSR $FRQWLQXDFLyQODFRPLVLyQGHEDWLUiFRQHOFRQFXUVDQWHGXUDQWHXQ WLHPSRPi[LPRGHWUHVKRUDVVREUHORVFRQWHQLGRVFLHQWtILFRVH[SXHV WRVODPHWRGRORJtDTXHXWLOL]DUiHQODLPSDUWLFLyQDODOXPQDGR\WRGRV DTXHOORVDVSHFWRVTXHFRQVLGHUHUHOHYDQWHVHQUHODFLyQFRQHOWHPDR VREUHWRGRVDTXHOORVDVSHFWRVTXHFRQVLGHUHUHOHYDQWHVHQUHODFLyQFRQ HOWUDEDMRRULJLQDOGHLQYHVWLJDFLyQ 3RVWHULRUPHQWH D OD ILQDOL]DFLyQ GH ODV SUXHEDV \ DQWHV GH VX FDOLILFDFLyQODFRPLVLyQGHOLEHUDUiLFDGDXQRGHVXVPLHPEURVHOD ERUDUiXQLQIRUPDUD]RQDGRVREUHODYDORUDFLyQTXHKDREWHQLGRFDGD FRQFXUVDQWH6LKD\XQDQLPLGDGHVWRVLQIRUPHVSXHGHQVXVWLWXLUVHSRU XQLQIRUPH~QLFR\UD]RQDGRGHODFRPLVLyQ Núm. 5516 / 21.05.2007 20209 3URSRVWDGHOHVFRPLVVLRQV /DSURSRVWDGHSURYLVLyGHSODoDRGHSODFHVV¶KDGHUHDOLW]DU SHOVLVWHPDGHYRWDFLyHQHOWHUPLQLPj[LPGHGLHVFRPSWDGRUVD SDUWLUGHODGDWDGHOFRPHQoDPHQWGHOHVSURYHV$PEDTXHVWDILQDOLWDW ODFRPLVVLyKDGHIHUS~EOLFDXQDUHVROXFLyRQIRUPXOHODVHXDSURSRV WDLHOYRWGHFDGDXQGHOVPHPEUHV (Q HOV FRQFXUVRV OHV FRPLVVLRQV KDQ GH UHDOLW]DU OHV VHXHV SURSRVWHVG¶DFRUGDPEHOVSUHVVXSzVLWVVHJHQWV D6¶KDQGHSURYHLUOHVSODFHVFRQYRFDGHVTXDQKLKDMDFRQFXUVDQWV YDORUDWVIDYRUDEOHPHQWDOPHQ\VSHUWUHVGHOVVHXVPHPEUHV E(OVPHPEUHVGHODFRPLVVLyQRHVSRGHQDEVWLQGUHHQODYRWDFLy F1RSRWSURSRVDUVHXQQRPEUHPpVJUDQGHQRPHQDPHQWVTXHHO QRPEUHGHSODFHVFRQYRFDGHV G4XDQV¶KDJHQFRQYRFDWGLYHUVHVSODFHVODFRPLVVLyKDGHFLWDU HOV FRQFXUVDQWV SURSRVDWV SHU O¶RUGUH GH YDORUDFLy TXH KDQ REWLQJXW SHUWDOTXHHOHJLVTXHQYDFDQW H7RWVHOVFRQFXUVRVHVSRGHQUHVROGUHDPEODQRSURYLVLyGHSODoD RSODFHV (OVFRQFXUVDQWVTXHQRKDQVLJXWSURSRVDWVQRSRGHQDOÂOHJDU FDSGUHWVREUHSODFHVYDFDQWV /D UHVROXFLy GHOV FRQFXUVRV HVWDUj VHPSUH VXSHGLWDGD DOV SRVVLEOHV UHFXUVRV DGPLQLVWUDWLXV R FRQWHQFLyVDGPLQLVWUDWLXV TXH HV SXJXHQSODQWHMDU 3URSXHVWDGHODVFRPLVLRQHV /DSURSXHVWDGHSURYLVLyQGHSOD]DRSOD]DVVHGHEHUHDOL]DU SRU HO VLVWHPD GH YRWDFLyQ HQ HO SOD]R Pi[LPR GH GtDV D FRQWDU GHVGH GH OD IHFKD GHO LQLFLR GH ODV SUXHEDV &RQ HVWD ILQDOLGDG OD FRPLVLyQGHEHKDFHUS~EOLFDXQDUHVROXFLyQHQODTXHIRUPXOHVXSUR SXHVWD\HOYRWRGHFDGDXQRGHVXVPLHPEURV (QORVFRQFXUVRVODVFRPLVLRQHVGHEHQUHDOL]DUVXVSURSXHVWDV GHDFXHUGRFRQORVVLJXLHQWHVSXQWRV 6HGHEHQSURYHHUODVSOD]DVFRQYRFDGDVFXDQGRKD\DFRQFXUVDQWHV YDORUDGRVIDYRUDEOHPHQWHDOPHQRVSRUWUHVGHVXVPLHPEURV /RVPLHPEURVGHODFRPLVLyQQRSXHGHQDEVWHQHUVHHQODYRWDFLyQ 1RSXHGHSURSRQHUVHXQQ~PHURVXSHULRUGHQRPEUDPLHQWRVTXH HOQ~PHURGHSOD]DVFRQYRFDGDV &XDQGR VH KD\DQ FRQYRFDGR GLYHUVDV SOD]DV OD FRPLVLyQ GHEH FLWDUDORVFRQFXUVDQWHVSURSXHVWRVSRUHORUGHQGHYDORUDFLyQTXHKDQ REWHQLGRSDUDTXHHOLMDQYDFDQWH 7RGRV ORV FRQFXUVRV VH SXHGHQ UHVROYHU FRQ OD QR SURYLVLyQ GH SOD]DRSOD]DV /RVFRQFXUVDQWHVTXHQRKDQVLGRSURSXHVWRVQRSXHGHQDOH JDUQLQJ~QGHUHFKRVREUHODVSOD]DVYDFDQWHV /D UHVROXFLyQ GH ORV FRQFXUVRV HVWDUi VLHPSUH VXSHGLWDGD D ORVSRVLEOHVUHFXUVRVDGPLQLVWUDWLYRVRFRQWHQFLRVRDGPLQLVWUDWLYRTXH SXHGDQSODQWHDUVH 3UHVHQWDFLyGHGRFXPHQWDFLy (QHOVVHWGLHVKjELOVVHJHQWVDOGLDGHILQDOLW]DFLyGHO¶DF WXDFLyGHODFRPLVVLyHOVHFUHWDULRVHFUHWjULDG¶DTXHVWDKDG¶HQWUHJDU DOD6HFUHWjULD*HQHUDOGHOD8QLYHUVLWDWO¶H[SHGLHQWDGPLQLVWUDWLXGHO FRQFXUVTXHKDG¶LQFRUSRUDUHOVGRFXPHQWVVHJHQWV D/¶DFWDGHFRQVWLWXFLyGHODFRPLVVLyLGHFDGDXQDGHOHVVHVVL RQVUHDOLW]DGHVHQOHVTXDOVKDQGHFRQVWDUOHVDFWXDFLRQVIRQDPHQWDOV UHDOLW]DGHV E(OVGRFXPHQWVDTXqDOÂOXGHL[ODEDVH F(OGRFXPHQWHQTXqFRQVWHQHOVFULWHULVXWLOLW]DWVSHUDODYDORUD FLyGHOHVSURYHVDTXqDOÂOXGHL[ODEDVHD G(OGRFXPHQWHQTXqFRQVWHQHOVLQIRUPHVDTXqDOÂOXGHL[HQOHV EDVHVL H(OGRFXPHQWHQTXqFRQVWHODYDORUDFLyUDRQDGDGHODFRPLVVLy RGHFDGDXQGHOVVHXVPHPEUHVVREUHFDGDXQGHOVDVSLUDQWVHQFDGD SURYDDTXqDOÂOXGHL[ODEDVH I/¶DFWDGHSURSRVWDGHSURYLVLyGHODSODoDRSODFHVDPEXQDOOLV WDGHOVFRQFXUVDQWVSHURUGUHGHSUHIHUqQFLD J &XUULFXOXP YLWDH SURMHFWH GRFHQW L LQYHVWLJDGRU GRFXPHQWV L WUHEDOOVSUHVHQWDWVSHOVFRQFXUVDQWV (OVFRQFXUVDQWVSRGHQVROÂOLFLWDUHQOD6HFUHWDULD*HQHUDOGH OD8QLYHUVLWDWXQFHUWLILFDWGHODYDORUDFLyUDRQDGDTXHODFRPLVVLyR FDGDXQGHOVVHXVPHPEUHVKDHPqVVREUHHOVVHXVPqULWV 3UHVHQWDFLyQGHGRFXPHQWDFLyQ (QORVVLHWHGtDVKiELOHVVLJXLHQWHVDOGtDGHILQDOL]DFLyQGHOD DFWXDFLyQGHODFRPLVLyQHOVHFUHWDULRRVHFUHWDULDGHODPLVPDGHEH HQWUHJDUDOD6HFUHWDUtD*HQHUDOGHOD8QLYHUVLGDGHOH[SHGLHQWHDGPL QLVWUDWLYRGHOFRQFXUVRTXHGHEHLQFRUSRUDUORVGRFXPHQWRVVLJXLHQ WHV (ODFWDGHFRQVWLWXFLyQGHODFRPLVLyQ\GHFDGDXQDGHODVVHVLR QHVUHDOL]DGDVHQODVTXHGHEHQFRQVWDUODVDFWXDFLRQHVIXQGDPHQWDOHV UHDOL]DGDV /RVGRFXPHQWRVDTXHDOXGHODEDVH (OGRFXPHQWRHQTXHFRQVWHQORVFULWHULRVXWLOL]DGRVSDUDODYDOR UDFLyQGHODVSUXHEDVDTXHDOXGHODEDVHD (OGRFXPHQWRHQTXHFRQVWHQORVLQIRUPHVDTXHDOXGHQODVEDVHV \ (OGRFXPHQWRHQTXHFRQVWHODYDORUDFLyQUD]RQDGDGHODFRPLVLyQ RGHFDGDXQRGHVXVPLHPEURVVREUHFDGDXQRGHORVDVSLUDQWHVHQ FDGDSUXHEDDTXHDOXGHODEDVH (ODFWDGHODSURSXHVWDGHSURYLVLyQGHODSOD]DRSOD]DVFRQXQD OLVWDGHORVFRQFXUVDQWHVSRURUGHQGHSUHIHUHQFLD &XUULFXOXPYLWDHSUR\HFWRGRFHQWHHLQYHVWLJDGRUGRFXPHQWRV\ WUDEDMRVSUHVHQWDGRVSRUORVFRQFXUVDQWHV /RV FRQFXUVDQWHV SXHGHQ VROLFLWDU HQ OD 6HFUHWDUtD *HQH UDOGHOD8QLYHUVLGDGXQFHUWLILFDGRGHODYDORUDFLyQUD]RQDGDTXHOD FRPLVLyQRFDGDXQRGHVXVPLHPEURVKDHPLWLGRVREUHVXVPpULWRV /HVFRQWUDFWDFLRQV /HVFRQWUDFWDFLRQVSURSRVDGHVSHUODFRPLVVLyOHVKDG¶HIHF WXDUHO5HFWRUDWGHOD8QLYHUVLWDWHQHOWHUPLQLGHGLHVKjELOVFRPS WDGRUVDSDUWLUGHODUHFHSFLyGHO¶H[SHGLHQWDGPLQLVWUDWLXHQOD6HFUH WDULD*HQHUDOGHOD8QLYHUVLWDWLGHVSUpVTXHODSHUVRQDSURSRVDGDKDMD DFUHGLWDWTXHFRPSOHL[HOVUHTXLVLWVDTXqDOÂOXGHL[ODEDVHG¶DTXHVWD FRQYRFDWzULDODTXDOFRVDKDGHIHUHQHOVGLHVKjELOVVHJHQWVDO GLD GH ILQDOLW]DFLy GH O¶DFWXDFLy GH OD FRPLVVLy (Q FDV TXH OD SHUVR QD SURSRVDGD QR SUHVHQWH RSRUWXQDPHQW OD GRFXPHQWDFLy UHTXHULGD HO&RQVHOOGH*RYHUQGHOD8QLYHUVLWDWSRWGHFODUDUODSODoDYDFDQWR UHPHWUHO¶H[SHGLHQWDODFRPLVVLySHUTXqSURSRVHVLDTXHVWDKRFRQ VLGHUDFRQYHQLHQWHQHOWHUPLQLGHGLHVODFRQWUDFWDFLyGHOVHJHQW FRQFXUVDQWHQO¶RUGUHGHYDORUDFLyIRUPXODW (Q OD FRQWUDFWDFLy V¶KD G¶HVSHFLILFDU OD GHQRPLQDFLy GH OD SODoD VHJRQV HO FDWjOHJ G¶jUHHV GH FRQHL[HPHQW L HO GHSDUWDPHQW DO TXDOV¶DGVFULXDTXHVWD /DVFRQWUDWDFLRQHV /DV FRQWUDWDFLRQHV SURSXHVWDV SRU OD FRPLVLyQ ODV HIHFWXDUi HO5HFWRUDGRGHOD8QLYHUVLGDGHQHOSOD]RGHGtDVKiELOHVDFRQ WDU GHVGH OD UHFHSFLyQ GHO H[SHGLHQWH DGPLQLVWUDWLYR HQ OD 6HFUHWDUtD *HQHUDOGHOD8QLYHUVLGDG\GHVSXpVGHTXHODSHUVRQDSURSXHVWDKD\D DFUHGLWDGRTXHFXPSOHORVUHTXLVLWRVDTXHDOXGHODEDVHGHHVWDFRQ YRFDWRULDORTXHGHEHUiKDFHUHQORVGtDVKiELOHVVLJXLHQWHVDOGtD GHILQDOL]DFLyQGHODDFWXDFLyQGHODFRPLVLyQ(QHOFDVRTXHODSHU VRQDSURSXHVWDQRSUHVHQWHRSRUWXQDPHQWHODGRFXPHQWDFLyQUHTXHUL GDHO&RQVHMRGH*RELHUQRGHOD8QLYHUVLGDGSXHGHGHFODUDUODSOD]D YDFDQWH R UHPLWLU HO H[SHGLHQWH D OD FRPLVLyQ SDUD TXH SURSRQJD VL HVWDORFRQVLGHUDFRQYHQLHQWHHQHOSOD]RGHGtDVODFRQWUDWDFLyQ GHOVLJXLHQWHFRQFXUVDQWHHQHORUGHQGHYDORUDFLyQIRUPXODGR (QODFRQWUDWDFLyQVHGHEHHVSHFLILFDUODGHQRPLQDFLyQGHOD SOD]DVHJ~QHOFDWiORJRGHiUHDVGHFRQRFLPLHQWR\HOGHSDUWDPHQWRDO TXHHVWDDGVFULWDODPLVPD 'XUDGDIXQFLRQVLUHWULEXFLRQVGHOVFRQWUDFWHV 3URIHVVRUDWFRQWUDFWDWGRFWRU (OV FRQWUDFWHV ODERUDOV GHO SURIHVVRUDW FRQWUDFWDW GRFWRU VyQ GH FDUjFWHULQGHILQLWLWHQHQXQDGHGLFDFLyDWHPSVFRPSOHW 'XUDFLyQIXQFLRQHV\UHWULEXFLRQHVGHORVFRQWUDWRV 3URIHVRUDGRFRQWUDWDGRGRFWRU /RV FRQWUDWRV ODERUDOHV GHO SURIHVRUDGR FRQWUDWDGR GRFWRU VRQ GH FDUiFWHULQGHILQLGR\WLHQHQXQDGHGLFDFLyQDWLHPSRFRPSOHWR Núm. 5516 / 21.05.2007 20210 /HV IXQFLRQV GHO SURIHVVRUDW FRQWUDFWDW GRFWRU TXH LQFORXHQ OD GRFqQFLD OD LQYHVWLJDFLy L VL HVFDX OD GLUHFFLy GH SURMHFWHV G¶LQYHV WLJDFLyVyQOHVHVWDEOLGHVSHUOD8QLYHUVLWDWHQODFRUUHVSRQHQWUHODFLy GHOORFVGHWUHEDOO (OVRXHOVWULHQQLVOHVSDJXHVH[WUDRUGLQjULHVLHOFRPSOHPHQWGH GHVWLQDFLyVyQHOVTXHFRUUHVSRQHQDOVIXQFLRQDULVLQFORVRVHQO¶jPELW G¶DSOLFDFLyGHOD/OHLGHG¶DJRVWG¶DFRUGDPEHOJUXS$GH FODVVLILFDFLyDTXqHVUHIHUHL[O¶DUWLFOHGHODGLWD/OHLLHOQLYHOO GH FRPSOHPHQW GH GHVWLQDFLy (O FRPSOHPHQW HVSHFtILF V¶DERQDUj HQ PHQVXDOLWDWVLODVHXDTXDQWLDDQXDOpVGHHXURV 3URIHVVRUDWFROÂODERUDGRU (OVFRQWUDFWHVODERUDOVGHOSURIHVVRUDWFROÂODERUDGRUVyQGHFDUjF WHULQGHILQLWLWHQHQXQDGHGLFDFLyDWHPSVFRPSOHW /HV IXQFLRQV GHO SURIHVVRUDW FROÂODERUDGRU VyQ H[FOXVLYDPHQW GRFHQWV (O VRX EDVH HOV WULHQQLV OHV SDJXHV H[WUDRUGLQjULHV L HO FRPSOH PHQWGHGHVWLQDFLyHVIL[DUDQHQODQHJRFLDFLyFROÂOHFWLYDLHVJDUDQWL UDQFRPDPtQLPHOVTXHFRUUHVSRQHQDOIXQFLRQDULDWLQFOzVHQO¶jPELW G¶DSOLFDFLyGHOD/OHLGHG¶DJRVWG¶DFRUGDPEHOJUXS$GH FODVVLILFDFLyDTXqHVUHIHUHL[O¶DUWLFOHGHODGLWD/OHLLHOQLYHOO GH FRPSOHPHQW GH GHVWLQDFLy (O FRPSOHPHQW HVSHFtILF V¶DERQDUj HQ PHQVXDOLWDWVLODVHXDTXDQWLDDQXDOpVGHHXURV /DV IXQFLRQHV GHO SURIHVRUDGR FRQWUDWDGR GRFWRU TXH LQFOX\HQ OD GRFHQFLDODLQYHVWLJDFLyQ\HQVXFDVRODGLUHFFLyQGHSUR\HFWRVGH LQYHVWLJDFLyQVRQODVHVWDEOHFLGDVSRUOD8QLYHUVLGDGHQODFRUUHVSRQ GLHQWHUHODFLyQGHSXHVWRVGHWUDEDMR (OVXHOGRORVWULHQLRVODVSDJDVH[WUDRUGLQDULDV\HOFRPSOHPHQWR GHGHVWLQRVRQORVTXHFRUUHVSRQGHQDORVIXQFLRQDULRVLQFOXLGRVHQHO iPELWRGHDSOLFDFLyQGHOD/H\GHGHDJRVWRGHDFXHUGRFRQ HOJUXSR$GHFODVLILFDFLyQDTXHVHUHILHUHHODUWtFXORGHGLFKD/H\\ HO QLYHO GH FRPSOHPHQWR GH GHVWLQR (O FRPSOHPHQWRHVSHFtILFRVH DERQDUiHQPHQVXDOLGDGHV\VXFXDQWtDDQXDOHVGHHXURV 3URIHVRUDGRFRODERUDGRU /RVFRQWUDWRVODERUDOHVGHOSURIHVRUDGRFRODERUDGRUVRQGHFDUiF WHULQGHILQLGR\WLHQHQXQDGHGLFDFLyQDWLHPSRFRPSOHWR /DV IXQFLRQHV GHO SURIHVRUDGR FRODERUDGRU VRQ H[FOXVLYDPHQWH GRFHQWHV (OVXHOGREDVHORVWULHQLRVODVSDJDVH[WUDRUGLQDULDV\HOFRPSOH PHQWR GH GHVWLQR VH ILMDUiQ HQ OD QHJRFLDFLyQ FROHFWLYD \ VH JDUDQWL ]DUiQFRPRPtQLPRORVTXHFRUUHVSRQGHQDOIXQFLRQDULDGRLQFOXLGRHQ HOiPELWRGHDSOLFDFLyQGHOD/H\GHGHDJRVWRGHDFXHUGR FRQHOJUXSR$GHFODVLILFDFLyQDTXHVHUHILHUHHODUWtFXORGHGLFKD /H\\HOQLYHOGHFRPSOHPHQWRGHGHVWLQR(OFRPSOHPHQWRHVSHFt ILFRVHDERQDUiHQPHQVXDOLGDGHV\VXFXDQWtDDQXDOHVGH ,QIRUPDFLy (VSRWDFFHGLUDWRWDODLQIRUPDFLyGHODFRQYRFDWzULDEDVHVLQV WjQFLHV L EDUHPV D O¶DGUHoD KWWSZZZXMLHVVHUYHLVUHFKXPFRQY SGL! ,QIRUPDFLyQ 6HSXHGHDFFHGHUDWRGDODLQIRUPDFLyQGHODFRQYRFDWRULDEDVHV LQVWDQFLDV \ EDUHPRV HQ OD GLUHFFLyQ KWWSZZZXMLHVVHUYHLVUHF KXPFRQYSGL! 5HFODPDFLRQV &RQWUD OHV SURSRVWHV GH OHV FRPLVVLRQHV GH VHOHFFLy HV SRGUj LQWHUSRVDUXQUHFXUVG¶DOoDGDGDYDQWHOUHFWRUHQHOWHUPLQLG¶XQPHV FRPSWDGRUGHVGHO¶HQGHPjGHODSXEOLFDFLyGHODSURSRVWD 8QDYHJDGDDGPqVDWUjPLWHOUHFXUVVHUjYDORUDWSHUOD&RPLV VLyGHUHFODPDFLRQVGHSURIHVVRUDWFRQWUDFWDWGHOD8QLYHUVLWDW-DXPH, IRUPDGDSHOYLFHUHFWRUTXHWLQJDDWULEXwGHVOHVFRPSHWqQFLHVHQPDWq ULDGHSURIHVVRUDWTXHODSUHVLGLUjLTXDWUHSURIHVVRUVIXQFLRQDULVGHOV FRVVRV GRFHQWV XQLYHUVLWjULD GRFWRUV R FRQWUDFWDWV GRFWRUV QRPHQDWV SHOUHFWRUDSURSRVWDGHO&RQVHOOGH*RYHUQSHUXQSHUtRGHGHTXDWUH DQ\VSURUURJDEOHSHUXQD~QLFDYHJDGD/D&RPLVVLyHVUHQRYDUjSHU PHLWDWVFDGDGRVDQ\V /D&RPLVVLyGHUHFXUVRVLQIRUPDUjVREUHHOVDVSHFWHVGHOSUR FHGLPHQW GHO SURFpV VHOHFWLX L FRPSURYDUj O¶HIHFWLX UHVSHFWH SHU OHV FRPLVVLRQVGHVHOHFFLyGHOVSULQFLSLVG¶LJXDOWDWPqULWLFDSDFLWDWVHQVH THVWLRQDU O¶jPELW GH GLVFUHFLRQDOLWDW WqFQLFD GH OD FRPLVVLy VHOHFFL RQDGRUD /D &RPLVVLy GH UHFXUVRV HIHFWXDUj XQD SURSRVWD PRWLYDGD L YLQFXODQW DO UHFWRU HQ IXQFLy GH OD TXDO HV FRQILUPDUj OD SURSRVWD GH FRQWUDFWDFLyRV¶HVWLPDUjWRWDORSDUFLDOPHQWHOUHFXUVDPEUHWURDFFLy G¶DFWXDFLRQVVLHVFDXSHUDODIRUPXODFLyG¶XQDQRYDSURSRVWDGHSUR YLVLySHUSDUWGHODFRPLVVLyGHVHOHFFLy 7UHWTXHODUHVROXFLyGHOUHFWRULQGLTXHXQDDOWUDFRVDODFRPLV VLy GH VHOHFFLy QR KDXUj G¶DYDOXDU GH QRX WRWV HOV FRQFXUVDQWV VLQy VRODPHQW DTXHOOV D TXq HV UHIHUHL[ OD UHVROXFLy L ~QLFDPHQW HQ HOV DSDUWDWV R HOV PqULWV GHO FXUUtFXOXP TXH DTXHVWD UHVROXFLy HVPHQWH 1RREVWDQWDL[zVLDFRQVHTqQFLDGHOUHFXUVODQRYDSXQWXDFLyDIHF WDODGHOVDOWUHVFRQFXUVDQWVSHUVXSHUDUODSXQWXDFLyPj[LPDSUHYLVWD HQDOJXQDSDUWDWJHQHUDOGHOEDUHPFDOGUjQRUPDOLW]DULPRGLILFDUOHV SXQWXDFLRQVREWLQJXGHVSHUDTXHVWVFRQFXUVDQWVHQO¶DSDUWDWFRUUHVSR QHQWLFRQVHJHQWPHQWHQODSXQWXDFLyILQDO /HV UHVROXFLRQV GHO UHFWRU D TXq ID UHIHUqQFLD DTXHVW DUWLFOH H[KDXUHL[HQ OD YLD DGPLQLVWUDWLYD L HV SRGHQ UHFyUUHU GDYDQW OD MXULV GLFFLyFRQWHQFLRVDDGPLQLVWUDWLYD 4XDQ OHV FRPLVVLRQV GH VHOHFFLy HIHFWXHQ XQD QRYD SURSRVWD PRWLYDGDFRPDFRQVHTqQFLDGHO¶HVWLPDFLyG¶XQUHFXUVO¶KDXUDQGH QRWLILFDUDWRWVHOVFRQFXUVDQWV&RQWUDDTXHVWDSURSRVWDHVSRGUjLQWHU SRVDU UHFXUV G¶DOoDGD GDYDQW HO UHFWRU SHU TXDOVHYRO PRWLX GLIHUHQW GHOVTXHYDQVHUYLUGHIRQDPHQWDOSULPHUUHFXUV 5HFODPDFLRQHV &RQWUD ODV SURSXHVWDV GH ODV FRPLVLRQHV GH VHOHFFLyQ VH SXHGH LQWHUSRQHUUHFXUVRGHDO]DGDDQWHHO5HFWRUHQHOSOD]RGHXQPHVFRQ WDGRGHVGHHOGtDVLJXLHQWHDODSXEOLFDFLyQGHODSURSXHVWD 8QD YH] DGPLWLGD D WUiPLWH HO UHFXUVR VHUi YDORUDGR SRU XQD FRPLVLyQGHUHFODPDFLRQHVGHSURIHVRUDGRFRQWUDWDGRGHOD8QLYHUVLWDW -DXPH,IRUPDGDSRUHOYLFHUUHFWRUTXHWHQJDDWULEXLGDVODVFRPSHWHQ FLDVHQPDWHULDGHSURIHVRUDGRTXHODSUHVLGLUiLSRUFXDWURSURIHVRUHV IXQFLRQDULRV GH ORV FXHUSRV GRFHQWHV XQLYHUVLWDULRV GRFWRUHV R FRQ WUDWDGRV GRFWRUHV QRPEUDGRV SRU HO 5HFWRU D SURSXHVWD GHO &RQVHMR GH*RELHUQRSRUXQSHULRGRGHFXDWURDxRVSURUURJDEOHSRUXQ~QLFD YH]/DFRPLVLyQVHUHQRYDUiSRUPLWDGHVFDGDGRVDxRV /D&RPLVLyQGHUHFXUVRVLQIRUPDUiVREUHORVDVSHFWRVGHOSURFH GLPLHQWRGHOSURFHVRVHOHFWLYR\FRPSUREDUiTXHVHUHVSHWDORVSULQFL SLRVGHLJXDOGDGPpULWR\FDSDFLGDGSRUSDUWHGHODVFRPLVLRQHVVLQ FXHVWLRQDUHOiPELWRGHGLVFUHFLRQDOLGDGWpFQLFDGHODFRPLVLyQVHOHF FLRQDGRUD/D&RPLVLyQGH5HFXUVRVHIHFWXDUiXQDSURSXHVWDPRWLYD GDLYLQFXODQWHDOUHFWRUHQIXQFLyQGHODFXDOVHFRQILUPDUiODSURSX HVWDGHFRQWUDWDFLyQRVHHVWLPDUiWRWDORSDUFLDOPHQWHHOUHFXUVRFRQ UHWURDFFLyQGHDFWXDFLRQHVVLFDEHSDUDIRUPXODUXQDQXHYDSURSXHVWD GHSURYLVLyQSRUSDUWHGHODFRPLVLyQGHVHOHFFLyQ 6DOYRTXHODUHVROXFLyQGHOUHFWRULQGLTXHRWUDFRVDODFRPLVLyQGH VHOHFFLyQQRKDEUiGHHYDOXDUGHQXHYRDWRGRVORVFRQFXUVDQWHVVLQR VRODPHQWHDDTXHOORVDTXHVHUHILHUHODUHVROXFLyQ\~QLFDPHQWHHQORV DSDUWDGRVRORVPpULWRVGHOFXUUtFXOXPTXHHVWDUHVROXFLyQPHQFLRQH 1RREVWDQWHVLDFRQVHFXHQFLDGHOUHFXUVRODQXHYDSXQWXDFLyQDIHFWD D ORV GHPiV FRQFXUVDQWHV SRU VXSHUDU OD SXQWXDFLyQ Pi[LPD SUHYLVWD HQDOJXQRGHORVDSDUWDGRVJHQHUDOHVGHOEDUHPRKDEUiTXHPRGLILFDU ODV SXQWXDFLRQHV REWHQLGDV SRU DTXHOORV FRQFXUVDQWHV HQ HO DSDUWDGR FRUUHVSRQGLHQWH\FRQJUXHQWHPHQWHHQODSXQWXDFLyQILQDO /DVUHVROXFLRQHVGHO5HFWRUDTXHVHUHILHUHHVWHDUWtFXORDJRWDQOD YtDDGPLQLVWUDWLYD\GHSXHGHQUHFXUULUDQWHODMXULVGLFFLyQFRQWHQFLR VRDGPLQLVWUDWLYD &XDQGRODVFRPLVLRQHVGHVHOHFFLyQHIHFW~HQXQDQXHYDSURSXHVWD PRWLYDGDFRPRFRQVHFXHQFLDGHODHVWLPDFLyQGHOUHFXUVRORKDEUiQ GHQRWLILFDUDWRGRVORVFRQFXUVDQWHV&RQWUDHVWDSURSXHVWDVHSXHGH LQWHUSRQHUUHFXUVRGHDO]DGDDQWHHOUHFWRUSRUFXDOTXLHUPRWLYRGLIH UHQWHGHORVTXHYDQDVHUYLUGHIXQGDPHQWRDOSULPHUUHFXUVR &DVWHOOyGHOD3ODQDGHPDLJGH±(OUHFWRULSHUGHOHJDFLy GHVLJQDWXUD5HVROXFLyGHHOYLFHUHFWRUG¶2UGHQDFLy$FD GqPLFDL3URIHVVRUDW-RDQ6HUDIt%HUQDWL0DUWt &DVWHOOyQGHOD3ODQDGHPD\RGH±(OUHFWRU\SRUGHOHJD FLyQ GH ILUPD 5HVROXFLyQ GH HO YLFHUUHFWRU GH 2UGHQDFLyQ $FDGpPLFD\3URIHVRUDGR-RDQ6HUDIt%HUQDWL0DUWt Núm. 5516 / 21.05.2007 20211 $11(;, $1(;2, &RPSRVLFLyGHOHVFRPLVLRQV &RPSRVLFLyQGHODVFRPLVLRQHV $TXHVWHV FRPLVVLRQV OHV KD GH SUHVLGLU HO UHFWRUD R SHUVRQD HQ TXLGHOHJXHLKDQG¶HVWDULQWHJUDGHVDPpVSHUYRFDOVSUHIHUHQWPHQW G¶DTXHVWDXQLYHUVLWDWHQODSURSRUFLyVHJHQW D'RVPHPEUHVYRFDOVGHVLJQDWVSHOGHSDUWDPHQWHQWUHSURIHVVR UDWGHO¶jUHDGHFRQHL[HPHQWGHODSODoD E8QPHPEUHYRFDOGHVLJQDWSHO5HFWRUDWHQWUHXQPtQLPGHFLQF SURSRVDWVSHOGHSDUWDPHQW F8QPHPEUHYRFDOGHVLJQDWSHO5HFWRUDWHQWUHXQPtQLPGHFLQF SURSRVDWVSHUO¶zUJDQGHUHSUHVHQWDFLyVLQGLFDOFRPSHWHQW (VWDVFRPLVLRQHVODVKDGHSUHVLGLUHOUHFWRUDRSHUVRQDHQTXLHQ GHOHJXH\KDQGHHVWDULQWHJUDGDVDGHPiVSRUYRFDOHVSUHIHUHQWHPHQ WHGHHVWDXQLYHUVLGDGHQODSURSRUFLyQVLJXLHQWH D 'RV PLHPEURV YRFDOHV GHVLJQDGRV SRU HO GHSDUWDPHQWR HQWUH SURIHVRUDGRGHOiUHDGHFRQRFLPLHQWRGHODSOD]D E8QPLHPEURYRFDOGHVLJQDGRSRUHO5HFWRUDGRHQWUHXQPtQLPR GHFLQFRSURSXHVWRVSRUHOGHSDUWDPHQWR F8QPLHPEURYRFDOGHVLJQDGRSRUHO5HFWRUDGRHQWUHXQPtQLPR GH FLQFR SURSXHVWRV SRU HO yUJDQR GH UHSUHVHQWDFLyQ VLQGLFDO FRPSH WHQWH &RGLLFDUDFWHUtVWLTXHVGHOHVSODFHV &yGLJR\FDUDFWHUtVWLFDVGHODVSOD]DV &RGL &DWHJRULD 'HSDUWDPHQW &yGLJR &DWHJRUtD 'HSDUWDPHQWR 3URIHVVRU&RQWUDFWDW'RFWRU 3VLFRORJLD(YROXWLYD(GXFDWLYD6RFLDOL 0HWRGRORJLD ¬UHDGHFRQHL[HPHQW 3LVFRORJLD(YROXWLYDLGHO¶(GXFDFLy $FWLYLWDW &ROÂODERUDUHQOHVWDVTXHVGRFHQWVLLQYHV WLJDGRUHV TXH OL DVVLJQH HO GHSDUWDPHQW UHODFLRQDGHVDPEO¶jUHDGHFRQHL[HPHQW 3HUILO 3VLFRORJLD(YROXWLYD,, 'HGLFDFLy &RPSOHWD 'XUDFLy ,QGHILQLGD 3URIHVRU&RQWUDWDGR'RFWRU 3VLFRORJtD(YROXWLYD(GXFDWLYD6RFLDO\ 0HWRGRORJtD ÈUHDGHFRQRFLPLHQWR 3VLFRORJtD(YROXWLYD\GHOD(GXFDFLyQ $FWLYLGDG &RODERUDUHQODVWDUHDVGRFHQWHVHLQYHV WLJDGRUDV TXH OH DVLJQH HO GHSDUWDPHQWR UHODFLRQDGDVFRQHOiUHDGHFRQRFLPLHQWR 3HUILO 3VLFRORJtD(YROXWLYD,, 'HGLFDFLyQ &RPSOHWD 'XUDFLyQ ,QGHILQLGD Núm. 5516 / 21.05.2007 20212 $11(;,, 6(59(,'( 5(&85626+80$16 6ROÂOLFLWXGGHSDUWLFLSDFLyHQFRQFXUVRV GHFRQWUDFWDFLyGHSURIHVVRUDWHQUqJLPODERUDO 6ROLFLWXGGHSDUWLFLSDFLyQHQFRQFXUVRVGH FRQWUDWDFLyQGHSURIHVRUDGRHQUpJLPHQODERUDO 'DGHVSHUVRQDOV'DWRVSHUVRQDOHV 1RPLFRJQRPV1RPEUH\DSHOOLGRV '1, $GUHoD'LUHFFLyQ /RFDOLWDW/RFDOLGDG &3 7HOqIRQ7HOpIRQR /ORFGHQDL[HPHQW/XJDUGHQDFLPLHQWR 'DWDGHQDL[HPHQW)HFKDGHQDFLPLHQWR $GUHoDHOHFWUzQLFD'LUHFFLyQHOHFWUyQLFD ««« 'DGHVGHODSODoDFRQYRFDGD'DWRVGHODSOD]DFRQYRFDGD 3ODoDQ~P3OD]DQ &DWHJRULD&DWHJRUtD ¬UHDGHFRQHL[HPHQWÈUHDGHFRQRFLPLHQWR 'HSDUWDPHQW'HSDUWDPHQWR &HQWUH&HQWUR 'HGLFDFLy'HGLFDFLyQ 5HTXLVLWV5HTXLVLWRV 7LWXODFLyDFDGqPLFD7LWXODFLyQDFDGpPLFD R'RFWRUDW'RFWRUDGR R/OLFHQFLDWXUDHQJLQ\HULDRDUTXLWHFWXUD/LFHQFLDWXUDLQJHQLHUtDRDUTXLWHFWXUD R'LSORPDWXUDHQJLQ\HULDWqFQLFDRDUTXLWHFWXUDWqFQLFD'LSORPDWXUDLQJHQLHUtDWpFQLFDR DUTXLWHFWXUDWpFQLFD R(VWXGLVH[LJLWVSHUDO¶REWHQFLyGHOJUDXGHGRFWRUDW(VWXGLRVH[LJLGRVSDUDODREWHQFLyQGHOJUDGR GHGRFWRUDGR $FWLYLWDWSURIHVVLRQDODFWXDO$FWLYLGDGSURIHVLRQDODFWXDO R6HUYHLVSUHVWDWVHQDOWUHVXQLYHUVLWDWVS~EOLTXHV6HUYLFLRVSUHVWDGRVHQRWUDVXQLYHUVLGDGHVS~EOLFDV R$YDOXDFLySRVLWLYD$1(&$&9(&(YDOXDFLyQSRVLWLYD$1(&$&9(& R 5HVJXDUG TXH MXVWLILTXH HO SDJDPHQW GH HXURV HQ FRQFHSWH GH GUHWV GH SDUWLFLSDFLy 5HVJXDUGRTXHMXVWLILTXHHOSDJRGHHXURVHQFRQFHSWRGHGHUHFKRVGHSDUWLFLSDFLyQ Núm. 5516 / 21.05.2007 20213 6(59(,'( 5(&85626+80$16 6ROÂOLFLWXGGHSDUWLFLSDFLyHQFRQFXUVRV GHFRQWUDFWDFLyGHSURIHVVRUDWHQUqJLPODERUDO 6ROLFLWXGGHSDUWLFLSDFLyQHQFRQFXUVRVGH FRQWUDWDFLyQGHSURIHVRUDGRHQUpJLPHQODERUDO 'RFXPHQWDFLyTXHV¶KLDGMXQWD'RFXPHQWDFLyQTXHVHDGMXQWD 62/Â/,&,7( 6HU DGPqVHVD DO FRQFXUV FRQYRFDW SHU OD 8QLYHUVLWDW -DXPH , SHU SURYHLU OD SODoDQ~P 62/,&,72 6HU DGPLWLGRD DO FRQFXUVR FRQYRFDGR SRU OD 8QLYHUVLWDW -DXPH , SDUD SURYHHU OD SOD]D Q '(&/$5( 4XH VyQ FHUWHV OHV GDGHV TXH KL FRQVWHQ L TXH UHXQLVF OHV FRQGLFLRQV H[LJLGHV HQ OD FRQYRFDWzULD '(&/$524XHVRQFLHUWDVORVGDWRVTXHFRQVWDQ\TXHUH~QRODVFRQGLFLRQHVH[LJLGDVHQODFRQYRFDWRULD )LUPD &DVWHOOyGHOD3ODQDGGH /HVYRVWUHVGDGHVSHUVRQDOVTXHGDUDQLQFORVHVHQHOILW[HUDXWRPDWLW]DWGHOD8QLYHUVLWDW-DXPH,TXHHVFRPSURPHWDQRIHUQHXQ~VGLVWLQWG¶DTXHOO SHU DO TXDO KDQ HVWDW GHPDQDGHV G¶DFRUG DPE OD /OHL RUJjQLFD GH SURWHFFLy GH OHV GDGHV 3RGHX H[HUFLU SHU HVFULW HOV GUHWV G¶DFFpV UHFWLILFDFLyFDQFHOÂODFLyLVLHVFDXG¶RSRVLFLyGDYDQWGHOD6HFUHWDULD*HQHUDOG¶DTXHVWD8QLYHUVLWDW 6XVGDWRVSHUVRQDOHVTXHGDUiQLQFOXLGRVHQHOILFKHURDXWRPDWL]DGRGHOD8QLYHUVLWDW-DXPH,TXHVHFRPSURPHWHDQRKDFHUXQXVRGLVWLQWR GHDTXpOSDUDHO TXHIXHURQVROLFLWDGRVGHDFXHUGRFRQOD/H\RUJiQLFDGHSURWHFFLyQGHORV GDWRV3XHGHHMHUFHUSRU HVFULWRORV GHUHFKRVGHDFFHVRUHFWLILFDFLyQFDQFHODFLyQ\VLSURFHGHGHRSRVLFLyQDQWHOD6HFUHWDUtD*HQHUDOGHHVWD8QLYHUVLGDG 5(&725$7'(/$81,9(56,7$7-$80(, -XVWLILFDFLyGHO¶LQJUqVGHOVGUHWVGHSDUWLFLSDFLyHQHOFRQFXUVGHVHOHFFLy-XVWLILFDFLyQGHOLQJUHVRGHORVGHUHFKRVGHSDUWLFLSDFLyQ HQHOFRQFXUVRGHVHOHFFLyQ 3ODoDQ~P3OD]DQ '1, /LTXLGDFLy/LTXLGDFLyQ /D SHUVRQD LQWHUHVVDGD KD IHW HO SDJDPHQW HQ HO FF GH %DQFDL[D HQWLWDW RILFLQD/DSHUVRQDLQWHUHVDGDKDUHDOL]DGRHOSDJRHQODFFGH %DQFDMDHQWLGDGRILFLQD 'UHWVG¶H[DPHQ'HUHFKRVGHH[DPHQ HXURV 'HVSHVHVGHWUDQVIHUqQFLD*DVWRVGHWUDQVIHUHQFLD 7RWDO $TXHVWLPSUqVQRpVYjOLGVHQVHHOVHJHOOGHO¶HQWLWDWEDQFjULD(VWHLPSUHVRQRHVYiOLGRVLQHOVHOORGHODHQWLGDGEDQFDULD Núm. 5516 / 21.05.2007 20214 $11(;,,, 6(59(,'(5(&85626+80$16 &XUULFXOXPYLWDH 'DGHVGHODSODoDFRQYRFDGDDFRQFXUV &RGLQ~P ¬UHD 3HUILOGHODSODoD 'HSDUWDPHQW 5HVROXFLyGHOD8QLYHUVLWDW-DXPH,GH&DVWHOOyGHGDWD 'DGHVSHUVRQDOV &RJQRPVLQRP '1, 'DWDGHQDL[HPHQW /ORFGHQDL[HPHQW $GUHoD &3 3URYtQFLD 7HOqIRQ 3REODFLy $GUHoDHOHFWUzQLFD 6LRFXSHXSODoDGRFHQWDOD8QLYHUVLWDW )DFXOWDW (VFROD 'HSDUWDPHQW ¬UHD D)RUPDFLy 7LWXODFLy 'DWDGHILQDOLW]DFLyGHOVHVWXGLV *UDXGHOOLFHQFLDWXUD'DWD 4XDOLILFDFLy 7tWROGHODWHVLQD Núm. 5516 / 21.05.2007 4XDOLILFDFLyPLWMDQDGHO¶H[SHGLHQWDFDGqPLF 6¶REWp SXQWXDQW WRWHV OHV DVVLJQDWXUHV H[FHSWH OHV FRPSOHPHQWjULHV D TXq ID UHIHUqQFLD O¶DUWLFOH GH OD /OHL JHQHUDO G¶HGXFDFLy G¶DFRUG DPE O¶HVFDOD VHJHQW DSURYDW QRWDEOH H[FHOÂOHQW L PDWUtFXOD G¶KRQRU 'RFWRUDW8QLYHUVLWDW 7tWROGHODWHVL 'DWDGHOHFWXUD 4XDOLILFDFLy $OWUHVWtWROVXQLYHUVLWDULVGLSORPDWXUDOOLFHQFLDWXUDJUDXGHOOLFHQFLDWPjVWHUSRVWJUDX E 'RFqQFLD XQLYHUVLWjULD ,QFORX OD YDORUDFLy GH OD TXDOLWDW GH O¶HQVHQ\DPHQW GH OD XQLYHUVLWDW G¶RQ SURYHQLXHVFRQVLGHUDUjPqULWSUHIHUHQWODGRFqQFLDLPSDUWLGDHQYDOHQFLjHQHOVGRVFDVRVV¶KDG¶DFUHGLWDU RILFLDOPHQW F ,QYHVWLJDFLy DUWLFOHV OOLEUHV FDStWROV GH OOLEUHV FRPXQLFDFLRQV D FRQJUHVVRV SDUWLFLSDFLy HQ SURMHFWHV G¶LQYHVWLJDFLyFRQWUDFWHVG¶LQYHVWLJDFLy &HQWUHVRQV¶KDUHDOLW]DWODLQYHVWLJDFLyLTXLO¶KDILQDQoDGD 7tWROVGHOVSURMHFWHVHQTXqKHXWUHEDOODW 20215 Núm. 5516 / 21.05.2007 3HUVRQHVTXHHOVKDQGLULJLW'LJXHXVLHVFDXVLHOGLUHFWRURGLUHFWRUDGHOSURMHFWHpVODSHUVRQDLQWHUHVVDGD 3XEOLFDFLRQVWtWROHGLWRULDORUHYLVWDOORFGDWDSjJLQHV &RPXQLFDFLRQVDFRQJUHVVRV 7UHEDOOVHQFXUVGHUHDOLW]DFLy %HTXHVRDMXGHVSRVWGRFWRUDOVG¶LQYHVWLJDFLyTXHKHXREWLQJXWLFHQWUHVRQKHXWUHEDOODW (VWDGHVHQDOWUHVXQLYHUVLWDWVRFHQWUHVG¶LQYHVWLJDFLy 20216 Núm. 5516 / 21.05.2007 G9DOHQFLjDFUHGLWDFLyRILFLDO H $OWUHV PqULWV OOHQJHV G¶LQWHUqV FLHQWtILF SUHPLV GLVWLQFLRQV KRQRUtILTXHV DFWLYLWDW SURIHVVLRQDO H[WUDXQLYHUVLWjULDLQIRUPjWLFDSURMHFWHVG¶LQQRYDFLyHGXFDWLYD« /OHQJHVG¶LQWHUqVFLHQWtILFDFUHGLWDFLyRILFLDO 2SRVLFLRQV R FRQFXUVRV UHDOLW]DWV WDQW HQ OD FDUUHUD GRFHQW FRP HQ TXDOVHYRO DOWUD GH O¶DGPLQLVWUDFLy S~EOLFDLQGLTXHXODSODoDREWLQJXGDLODGDWDG¶REWHQFLy ([SHULqQFLDGRFHQWFXUVRVTXHKHXLPSDUWLWLQGLTXHXQHHOFHQWUHLODGDWDGHUHDOLW]DFLy 'LVFLSOLQHVTXHKHXLPSDUWLWRJUXSVGHSUjFWLTXHVTXHKHXWLQJXWDOYRVWUHFjUUHF 1RPGHOGLUHFWRURGLUHFWRUDGHOGHSDUWDPHQWDPETXLKHXWUHEDOODW &RQHL[HPHQWVG¶LQIRUPjWLFD ([SHULqQFLDSURIHVVLRQDOYLQFXODGDDO¶jUHDGHFRQHL[HPHQW 20217 Núm. 5516 / 21.05.2007 ,QQRYDFLyHGXFDWLYDFXUVRVGHIRUPDFLyGHOSURIHVVRUDWHWF 3UHPLV 'LVWLQFLRQVKRQRUtILTXHV $OWUHV 'RFXPHQWDFLyTXHV¶KLDGMXQWDGHOVPqULWVDOÂOHJDWV 20218 Núm. 5516 / 21.05.2007 '(&/$5(VRWDODPHXDUHVSRQVDELOLWDWTXHOHVGDGHVH[SRVDGHVVyQFHUWHV )LUPD &DVWHOOyGHOD3ODQDGGH 5(&725$7'(/$81,9(56,7$7-$80(,'(&$67(//Ï /HVYRVWUHVGDGHVSHUVRQDOVTXHGDUDQLQFORVHVHQHOILW[HUDXWRPDWLW]DWGHOD8QLYHUVLWDW-DXPH,TXHHVFRPSURPHWDQRIHUQHXQ~VGLVWLQW G¶DTXHOOSHUDOTXDOKDQHVWDWGHPDQDGHVG¶DFRUGDPEOD/OHLRUJjQLFDGHSURWHFFLyGHOHVGDGHV3RGHXH[HUFLUSHUHVFULWHOVGUHWV G¶DFFpVUHFWLILFDFLyFDQFHOÂODFLyLVLHVFDXG¶RSRVLFLyGDYDQWGHOD6HFUHWDULD*HQHUDOG¶DTXHVWD8QLYHUVLWDW 20219 Núm. 5516 / 21.05.2007 20220 $11(;,9 %$5(0*(1Ê5,&3(5$/$9$/25$&,Ï'(/&855Ë&8/80 3URIHVVRUDWFRQWUDFWDWGRFWRU )RUPDFLy«««««« ILQVDSXQWV 'RFqQFLDXQLYHUVLWjULD« ILQVDSXQWV ,QYHVWLJDFLy««««««« ILQVDSXQWV 9DOHQFLj«««««««« ILQVDSXQWV $OWUHV««««««««« ILQVDSXQWV Núm. 5516 / 21.05.2007 20221 $11(;,, 6(59(,'( 5(&85626+80$16 6ROÂOLFLWXGGHSDUWLFLSDFLyHQFRQFXUVRV GHFRQWUDFWDFLyGHSURIHVVRUDWHQUqJLPODERUDO 6ROLFLWXGGHSDUWLFLSDFLyQHQFRQFXUVRVGH FRQWUDWDFLyQGHSURIHVRUDGRHQUpJLPHQODERUDO 'DGHVSHUVRQDOV'DWRVSHUVRQDOHV 1RPLFRJQRPV1RPEUH\DSHOOLGRV '1, $GUHoD'LUHFFLyQ /RFDOLWDW/RFDOLGDG &37HOqIRQ7HOpIRQR «««« /ORFGHQDL[HPHQW/XJDUGHQDFLPLHQWR 'DWDGHQDL[HPHQW)HFKDGHQDFLPLHQWR $GUHoDHOHFWUzQLFD'LUHFFLyQHOHFWUyQLFD ««« 'DGHVGHODSODoDFRQYRFDGD'DWRVGHODSOD]DFRQYRFDGD 3ODoDQ~P3OD]DQ &DWHJRULD&DWHJRUtD ««« ¬UHDGHFRQHL[HPHQWÈUHDGHFRQRFLPLHQWR « 'HSDUWDPHQW'HSDUWDPHQWR « &HQWUH&HQWUR « 'HGLFDFLy'HGLFDFLyQ « 5HTXLVLWV5HTXLVLWRV 7LWXODFLyDFDGqPLFD7LWXODFLyQDFDGpPLFD R 'RFWRUDW'RFWRUDGR R /OLFHQFLDWXUDHQJLQ\HULDRDUTXLWHFWXUD/LFHQFLDWXUDLQJHQLHUtDRDUTXLWHFWXUD R 'LSORPDWXUDHQJLQ\HULDWqFQLFDRDUTXLWHFWXUDWqFQLFD'LSORPDWXUDLQJHQLHUtDWpFQLFDR DUTXLWHFWXUDWpFQLFD R (VWXGLVH[LJLWVSHUDO¶REWHQFLyGHOJUDX GH GRFWRUDW (VWXGLRV H[LJLGRV SDUD OD REWHQFLyQ GHO JUDGRGHGRFWRUDGR $FWLYLWDWSURIHVVLRQDODFWXDO$FWLYLGDGSURIHVLRQDODFWXDO R 6HUYHLV SUHVWDWV HQ DOWUHV XQLYHUVLWDWV S~EOLTXHV 6HUYLFLRV SUHVWDGRV HQ RWUDV XQLYHUVLGDGHV S~EOLFDV R $YDOXDFLySRVLWLYD$1(&$&9(&(YDOXDFLyQSRVLWLYD$1(&$&9(& R 5HVJXDUGTXHMXVWLILTXHHOSDJDPHQWGHHXURVHQFRQFHSWHGHGUHWVGHSDUWLFLSDFLy 5HVJXDUGRTXHMXVWLILTXHHOSDJRGHHXURVHQFRQFHSWRGHGHUHFKRVGHSDUWLFLSDFLyQ Núm. 5516 / 21.05.2007 20222 6(59(,'( 5(&85626+80$16 6ROÂOLFLWXGGHSDUWLFLSDFLyHQFRQFXUVRV GHFRQWUDFWDFLyGHSURIHVVRUDWHQUqJLPODERUDO 6ROLFLWXGGHSDUWLFLSDFLyQHQFRQFXUVRVGH FRQWUDWDFLyQGHSURIHVRUDGRHQUpJLPHQODERUDO 'RFXPHQWDFLyTXHV¶KLDGMXQWD'RFXPHQWDFLyQTXHVHDGMXQWD 62/Â/,&,7( 6HU DGPqVHVD DO FRQFXUV FRQYRFDW SHU OD 8QLYHUVLWDW -DXPH , SHU SURYHLU OD SODoDQ~P 62/,&,726HUDGPLWLGRDDOFRQFXUVRFRQYRFDGRSRUOD8QLYHUVLWDW-DXPH,SDUDSURYHHUODSOD]DQ '(&/$5(4XHVyQFHUWHVOHVGDGHVTXHKLFRQVWHQLTXHUHXQLVFOHVFRQGLFLRQVH[LJLGHVHQ ODFRQYRFDWzULD '(&/$52 4XH VRQ FLHUWDV ORV GDWRV TXH FRQVWDQ \ TXH UHXQR ODV FRQGLFLRQHV H[LJLGDV HQ OD FRQYRFDWRULD )LUPD &DVWHOOyGHOD3ODQDGGH /HVYRVWUHVGDGHVSHUVRQDOVTXHGDUDQLQFORVHVHQHOILW[HUDXWRPDWLW]DWGHOD8QLYHUVLWDW-DXPH,TXHHVFRPSURPHWDQRIHUQHXQ~VGLVWLQW G¶DTXHOOSHUDOTXDOKDQHVWDWGHPDQDGHVG¶DFRUGDPEOD/OHLRUJjQLFDGHSURWHFFLyGHOHVGDGHV3RGHXH[HUFLUSHUHVFULWHOVGUHWV G¶DFFpVUHFWLILFDFLyFDQFHOÂODFLyLVLHVFDXG¶RSRVLFLyGDYDQWGHOD6HFUHWDULD*HQHUDOG¶DTXHVWD8QLYHUVLWDW 6XVGDWRVSHUVRQDOHVTXHGDUiQLQFOXLGRVHQHOILFKHURDXWRPDWL]DGRGHOD8QLYHUVLWDW-DXPH,TXHVHFRPSURPHWHDQRKDFHUXQXVRGLVWLQWRGH DTXpO SDUD HO TXH IXHURQ VROLFLWDGRV GH DFXHUGR FRQ OD /H\ RUJiQLFD GH SURWHFFLyQ GH ORV GDWRV 3XHGH HMHUFHU SRU HVFULWR ORV GHUHFKRVGHDFFHVRUHFWLILFDFLyQFDQFHODFLyQ\VLSURFHGHGHRSRVLFLyQDQWHOD6HFUHWDUtD*HQHUDOGHHVWD8QLYHUVLGDG 5(&725$7'(/$81,9(56,7$7-$80(, -XVWLILFDFLy GH O¶LQJUqV GHOV GUHWV GH SDUWLFLSDFLy HQ HO FRQFXUV GH VHOHFFLy -XVWLILFDFLyQ GHO LQJUHVR GH ORV GHUHFKRVGHSDUWLFLSDFLyQHQHOFRQFXUVRGHVHOHFFLyQ 3ODoDQ~P 3OD]DQ '1, /LTXLGDFLy/LTXLGDFLyQ /DSHUVRQDLQWHUHVVDGDKDIHWHOSDJDPHQWHQHOFFGH%DQFDL[D HQWLWDWRILFLQD /DSHUVRQDLQWHUHVDGDKDUHDOL]DGRHOSDJRHQODFF GH%DQFDMDHQWLGDGRILFLQD 'UHWVG¶H[DPHQ'HUHFKRVGHH[DPHQ HXURV 'HVSHVHVGHWUDQVIHUqQFLD*DVWRVGHWUDQVIHUHQFLD 7RWDO $TXHVW LPSUqV QR pVYjOLG VHQVH HO VHJHOO GH O¶HQWLWDW EDQFjULD (VWH LPSUHVR QR HV YiOLGR VLQ HO VHOOR GH OD HQWLGDG EDQFDULD Núm. 5516 / 21.05.2007 20223 $1(;2,,, 6(59,&,2'(5(&85626+80$126 &XUULFXOXPYLWDH 'DWRVGHODSOD]DTXHVHFRQYRFDDFRQFXUVR &yGLJRQ ÈUHD 3HUILOGHODSOD]D 'HSDUWDPHQWR 5HVROXFLyQGHOD8QLYHUVLWDW-DXPH,GH&DVWHOOyQGHIHFKD 'DWRVSHUVRQDOHV $SHOOLGRV\QRPEUH '1, )HFKDGHQDFLPLHQWR /XJDUGHQDFLPLHQWR 'LUHFFLyQ &3 3URYLQFLD 3REODFLyQ 7HOpIRQR 'LUHFFLyQHOHFWUyQLFD 6LRFXSDSOD]DGRFHQWHHQOD8QLYHUVLGDG )DFXOWDG (VFXHOD 'HSDUWDPHQWR ÈUHD D)RUPDFLyQ 7LWXODFLyQ )HFKDGHILQDOL]DFLyQGHORVHVWXGLRV *UDGRGHOLFHQFLDWXUD)HFKD &DOLILFDFLyQ 7tWXORGHODWHVLQD Núm. 5516 / 21.05.2007 &DOLILFDFLyQPHGLDGHOH[SHGLHQWHDFDGpPLFR 6H REWLHQH SXQWXDQGR WRGDV ODV DVLJQDWXUDV H[FHSWR ODV FRPSOHPHQWDULDV D TXH KDFH UHIHUHQFLD HO DUWtFXORGHOD/H\JHQHUDOGHHGXFDFLyQGHDFXHUGRFRQODHVFDODVLJXLHQWHDSUREDGRQRWDEOH VREUHVDOLHQWH\PDWUtFXODGHKRQRU 'RFWRUDGR8QLYHUVLGDG 7tWXORGHODWHVLV )HFKDGHOHFWXUD &DOLILFDFLyQ 2WURVWtWXORVXQLYHUVLWDULRVGLSORPDWXUDOLFHQFLDWXUDJUDGRGHOLFHQFLDGRPiVWHUSRVWJUDGR E'RFHQFLDXQLYHUVLWDULD LQFOX\H OD YDORUDFLyQ GHOD FDOLGDG GH OD HQVHxDQ]D GH OD XQLYHUVLGDG GH GRQGHSURYLHQHVHFRQVLGHUDPpULWRSUHIHUHQWHODGRFHQFLDLPSDUWLGDHQYDOHQFLDQRHQDPERVFDVRV VHGHEHDFUHGLWDURILFLDOPHQWH F ,QYHVWLJDFLyQDUWtFXORVOLEURVFDStWXORVGHOLEURVFRPXQLFDFLRQHVDFRQJUHVRV SDUWLFLSDFLyQ HQ SUR\HFWRVGHLQYHVWLJDFLyQFRQWUDWRVGHLQYHVWLJDFLyQ &HQWURVGRQGHVHKDUHDOL]DGRODLQYHVWLJDFLyQ\TXLpQODKDILQDQFLDGR 7tWXORVGHORVSUR\HFWRVHQTXHKDWUDEDMDGR 20224 Núm. 5516 / 21.05.2007 3HUVRQDVTXHORVKDQGLULJLGR,QGLTXHHQVXFDVRVLHOGLUHFWRURGLUHFWRUDGHOSUR\HFWRHVODSHUVRQD LQWHUHVDGD 3XEOLFDFLRQHVWtWXORHGLWRULDORUHYLVWDOXJDUIHFKDSiJLQDV &RPXQLFDFLRQHVDFRQJUHVRV 7UDEDMRVHQFXUVRGHUHDOL]DFLyQ %HFDVRD\XGDVSRVWGRFWRUDOHVGHLQYHVWLJDFLyQTXHKDQREWHQLGR\FHQWURVHQTXHKDWUDEDMDGR (VWDQFLDVHQRWUDVXQLYHUVLGDGHVRFHQWURVGHLQYHVWLJDFLyQ 20225 Núm. 5516 / 21.05.2007 G9DOHQFLDQRDFUHGLWDFLyQRILFLDO H 2WURV PpULWRV OHQJXDV GH LQWHUpV FLHQWtILFR SUHPLRV GLVWLQFLRQHV KRQRUtILFDV DFWLYLGDG SURIHVLRQDOH[WUDXQLYHUVLWDULDLQIRUPiWLFDSUR\HFWRVGHLQQRYDFLyQHGXFDWLYD« /HQJXDVGHLQWHUpVFLHQWtILFRDFUHGLWDFLyQRILFLDO 2SRVLFLRQHV R FRQFXUVRV UHDOL]DGRV WDQWR HQ OD FDUUHUD GRFHQWH FRPR HQ FXDOTXLHU RWUD GH OD DGPLQLVWUDFLyQS~EOLFDLQGLTXHODSOD]DREWHQLGD\ODIHFKDGHODREWHQFLyQ ([SHULHQFLDGRFHQWHFXUVRVTXHKDLPSDUWLGRLQGLTXHHOFHQWUR\ODIHFKDGHUHDOL]DFLyQ 'LVFLSOLQDVTXHKDLPSDUWLGRRJUXSRVGHSUiFWLFDVTXHKDWHQLGRDVXFDUJR 1RPEUHGHOGLUHFWRURGLUHFWRUDGHOGHSDUWDPHQWRFRQTXLHQKDWUDEDMDGR 20226 Núm. 5516 / 21.05.2007 &RQRFLPLHQWRVGHLQIRUPiWLFD ([SHULHQFLDSURIHVLRQDOYLQFXODGDDOiUHDGHFRQRFLPLHQWR ,QQRYDFLyQHGXFDWLYDFXUVRVGHIRUPDFLyQGHOSURIHVRUDGRHWF 3UHPLRV 'LVWLQFLRQHVKRQRUtILFDV 2WURV 20227 Núm. 5516 / 21.05.2007 'RFXPHQWDFLyQTXHVHDGMXQWDGHORVPpULWRVDOHJDGRV '(&/$52EDMRPLUHVSRQVDELOLGDGTXHORVGDWRVH[SUHVDGRVVRQFLHUWRV )LUPD &DVWHOOyQGHOD3ODQDGGH 5(&725$'2'(/$81,9(56,7$7-$80(,'(&$67(//Ï1 6XVGDWRVSHUVRQDOHVTXHGDUiQLQFOXLGRVHQHOILFKHURDXWRPDWL]DGRGHOD8QLYHUVLWDW-DXPH,TXHVHFRPSURPHWHDQRKDFHUXQXVR GLVWLQWRGHDTXpOSDUDHOTXHIXHURQVROLFLWDGRVGHDFXHUGRFRQOD/H\RUJiQLFDGHSURWHFFLyQGHORVGDWRV3XHGHHMHUFHU SRU HVFULWR ORV GHUHFKRV GH DFFHVR UHFWLILFDFLyQ FDQFHODFLyQ \ VL SURFHGH GH RSRVLFLyQ DQWH OD 6HFUHWDUtD *HQHUDO GH HVWD 8QLYHUVLGDG 20228 Núm. 5516 / 21.05.2007 20229 $1(;2,9 %DUHPRJHQpULFRSDUDODYDORUDFLyQGHOFXUUtFXOR 3URIHVRUDGRFRQWUDWDGRGRFWRU )RUPDFLyQ«««««« 'RFHQFLDXQLYHUVLWDULD« ,QYHVWLJDFLyQ«««««« 9DOHQFLDQR««««««« 2WURV««««««««« KDVWDSXQWRV KDVWDSXQWRV KDVWDSXQWRV KDVWDSXQWRV KDVWDSXQWRV Núm. 5516 / 21.05.2007 &RQVHOOHULDGH-XVWtFLD,QWHULRU L$GPLQLVWUDFLRQV3~EOLTXHV 20230 &RQVHOOHULDGH-XVWLFLD,QWHULRU \$GPLQLVWUDFLRQHV3~EOLFDV 5(62/8&,ÏGHGHPDLJGHGHOFRQVHOOHUGH-XV WtFLD,QWHULRUL$GPLQLVWUDFLRQV3~EOLTXHVSHUODTXDOHV SURYHw[ODYDFDQWDQXQFLDGDSHUOD&RQYRFDWzULDQ~PHUR GHGHPDUoGH'2&9Q~PGH GHPDUoGH>@ 5(62/8&,Ï1 GH GH PD\R GH GHO FRQVHOOHU GH -XVWLFLD ,QWHULRU \ $GPLQLVWUDFLRQHV 3~EOLFDV SRU OD TXH VH SURYHH OD YDFDQWH DQXQFLDGD SRU OD &RQYRFDWR ULD Q~PHUR GH GH PDU]R GH '2&9 Q~P GHGHPDU]RGH>@ 9LVWDODSURSRVWDIRUPXODGDSHUODFRPLVVLyDYDOXDGRUDFRUUHVSR QHQW D OD &RQYRFDWzULD GH GH PDUo GH '2&9 Q~P GH GH PDUoGH SHU D OD SURYLVLy SHO SURFHGLPHQWGH OOLXUHGHVLJQDFLyGHOOORFGHWUHEDOOQ~PHURFDSGHO¶¬UHD,9$3 GHODFRQVHOOHULDGH-XVWtFLD,QWHULRUL$GPLQLVWUDFLRQV3~EOLTXHV 'HFRQIRUPLWDWDPE HO TXH GLVSRVD O¶DUWLFOH GHO 'HFUHW/HJLV ODWLXGHG¶RFWXEUHGHSHOTXDOV¶DSURYDHO7H[W5HIyVGHOD /OHL GH OD )XQFLy 3~EOLFD9DOHQFLDQD L WDPEp O¶DUWLFOH L VHJHQWV GHO'HFUHWGHGHPDUoSHOTXDOV¶DSURYDHO5HJODPHQWGH 6HOHFFLy 3URYLVLy GH /ORFV GH 7UHEDOO L &DUUHUD $GPLQLVWUDWLYD GHO 3HUVRQDOFRPSUpVHQO¶jPELWG¶DSOLFDFLyGHOD/OHLGHOD)XQFLy3~EOL FD9DOHQFLDQDUHVROF 1RPHQDU )UDQFLVFR 0DUWtQH] 6iQFKH] IXQFLRQDUL GH FDUUHUD GHO JUXS$ DPE 153 - HQ HO OORF GH WUHEDOO Q~P FDS GH O¶$UHD ,9$3 GH OD FRQVHOOHULD GH -XVWtFLD ,QWHULRU L$GPLQLVWUDFL RQV3~EOLTXHVJUXS$FRPSOHPHQWGHGHVWLDQFLyQLYHOOLFRPSOH PHQWHVSHFtILF(DPEHIHFWHVGHOGLDVHJXHQWDVXSXEOLFDFLzHQHO '2&9 &RQWUD OD SUHVHQW UHVROXFLy TXH SRVD IL D OD YLD DGPLQLVWUDWLYD HV SRGUj LQWHUSRVDU DPE FDUjFWHU SRWHVWDWLX UHFXUV GH UHSRVLFLy GDYDQW GHOPDWHL[zUJDQTXHKLKDGLFWDWO¶DFWHHQHOWHUPLQLG¶XQPHVFRPS WDW GHV GH O¶HQGHPj GH OD VHXD QRWLILFDFLy R Ep UHFXUV FRQWHQFLyV DGPLQLVWUDWLXGDYDQWGHO-XWMDW&RQWHQFLyV$GPLQLVWUDWLXGH9DOqQFLD RGDYDQWGHO-XWMDW&RQWHQFLyV$GPLQLVWUDWLXHQODFLUFXPVFULSFLyGHO TXDO WLQJD HO GHPDQGDQW HO VHX GRPLFLOL HQ HO WHUPLQL GH GRV PHVRV FRPSWDWV GHV GH O¶HQGHPj GH OD QRWLILFDFLy 7RW DL[z GH FRQIRUPLWDW DPEHOTXHHVWDEOL[HQHOVDUWLFOHVLGHOD/OHLGH GH QRYHPEUH GHO 5qJLP -XUtGLF GH OHV$GPLQLVWUDFLRQV 3~EOLTXHV L GHO3URFHGLPHQW$GPLQLVWUDWLX&RP~HQODUHGDFFLyGRQDGDSHUOD/OHL GHGHJHQHULHQHOVDUWLFOHVLGHOD/OHL GHGHMXOLROUHJXODGRUDGHOD-XULVGLFFLy&RQWHQFLRVD$GPLQLVWUD WLYD VHQVH SHUMXt TXH V¶XWLOLW]H TXDOVHYRO DOWUD YLD TXH HV FRQVLGHUH RSRUWXQD 9LVWD OD SURSXHVWD IRUPXODGD SRU OD FRPLVLyQ HYDOXDGRUD FRUUHV SRQGLHQWHDOD&RQYRFDWRULDGHGHPDU]RGH'2&9 Q~PGHGHPDU]RGHSDUDODSURYLVLyQSRUHOSURFH GLPLHQWRGHOLEUHGHVLJQDFLyQGHOSXHVWRGHWUDEDMRQ~PHURMHIH GHÈUHD,9$3GHODFRQVHOOHULDGH-XVWLFLD,QWHULRU\$GPLQLVWUDFLRQHV 3~EOLFDV 'H FRQIRUPLGDG FRQ OR TXH GLVSRQH HO DUWtFXOR GHO 'HFUHWR /HJLVODWLYRGHGHRFWXEUHGHSRUHOTXHVHDSUXHEDHO7H[WR 5HIXQGLGRGHOD/H\GHOD)XQFLyQ3~EOLFD9DOHQFLDQD\WDPELpQHO DUWtFXOR\VLJXLHQWHVGHO'HFUHWRGHGHPDU]RSRUHOTXH VHSUXHEDHO5HJODPHQWRGH6HOHFFLyQ3URYLVLyQGH3XHVWRVGH7UDED MR\&DUUHUD$GPLQLVWUDWLYDGHO3HUVRQDOFRPSUHQGLGRHQHOiPELWRGH DSOLFDFLyQGHOD/H\GHOD)XQFLyQ3~EOLFD9DOHQFLDQDUHVXHOYR 1RPEUDUD)UDQFLVFR0DUWtQH]6iQFKH]IXQFLRQDULRGHFDUUHUDGHO JUXSR$FRQ153-HQHOSXHVWRGHWUDEDMRQFRPR MHIHGHÈUHD,9$3GHODFRQVHOOHULDGH-XVWLFLD,QWHULRU\$GPLQLVWUD FLRQHV3~EOLFDVJUXSR$FRPSOHPHQWRGHGHVWLQRQLYHO\FRPSOH PHQWRHVSHFtILFR(FRQHIHFWRVGHOGtDVLJXLHQWHDVXSXEOLFDFLyQ HQHO'2&9 &RQWUD OD SUHVHQWH UHVROXFLyQ TXH SRQH ILQ D OD YtD DGPLQLVWUDWL YDVHSRGUiLQWHUSRQHUFRQFDUiFWHUSRWHVWDWLYRUHFXUVRGHUHSRVLFLyQ DQWH HO PLVPR yUJDQR TXH KD GLFWDGR HO DFWR HQ HO SOD]R GH XQ PHV FRQWDGR GHVGH HO GtD VLJXLHQWH DO GH VX QRWLILFDFLyQ R ELHQ UHFXUVR FRQWHQFLRVRDGPLQLVWUDWLYR DQWH HO -X]JDGR GH OR &RQWHQFLRVRDGPL QLVWUDWLYR GH9DOHQFLD R DQWH HO -X]JDGR GH OR &RQWHQFLRVRDGPLQLV WUDWLYRHQFX\DFLUFXQVFULSFLyQWHQJDHOGHPDQGDQWHVXGRPLFLOLRHQ HOSOD]RGHGRVPHVHVFRQWDGRVGHVGHHOGtDVLJXLHQWHDOGHVXQRWLILFD FLyQ7RGRHOORGHFRQIRUPLGDGFRQORHVWDEOHFLGRHQORVDUWtFXORV \GHOD/H\GHGHQRYLHPEUHGHO5pJLPHQ-XUtGLFR GHODV$GPLQLVWUDFLRQHV3~EOLFDV\GHO3URFHGLPLHQWR$GPLQLVWUDWLYR &RP~QHQODUHGDFFLyQGDGDSRUOD/H\GHGHHQHUR\HQ ORVDUWtFXORV\GHOD/H\GHGHMXOLRUHJXODGRUD GHOD-XULVGLFFLyQ&RQWHQFLRVRDGPLQLVWUDWLYDVLQSHUMXLFLRGHTXHVH XWLOLFHFXDOTXLHURWUDYtDTXHVHFRQVLGHUHRSRUWXQD 9DOqQFLDGHPDLJGH±(OFRQVHOOHUGH-XVWtFLD,QWHULRUL $GPLQLVWUDFLRQV3~EOLTXHV0LJXHO3HUDOWD9LxHV 9DOHQFLDGHPD\RGH±(OFRQVHOOHUGH-XVWLFLD,QWHULRU\ $GPLQLVWUDFLRQHV3~EOLFDV0LJXHO3HUDOWD9LxHV Núm. 5516 / 21.05.2007 &RQVHOOHULDGH-XVWtFLD,QWHULRU L$GPLQLVWUDFLRQV3~EOLTXHV 5(62/8&,ÏGHOFRQVHOOHUGH-XVWtFLD,QWHULRUL$GPLQLV WUDFLRQV3~EOLTXHVSHUODTXDOHVSURYHw[ODYDFDQWDQXQ FLDGD SHU OD &RQYRFDWzULD Q~PHUR GH GH PDUo GH '2&9 Q~P GH GH PDUo GH >@ 20231 &RQVHOOHULDGH-XVWLFLD,QWHULRU \$GPLQLVWUDFLRQHV3~EOLFDV 5(62/8&,Ï1GHOFRQVHOOHUGH-XVWLFLD,QWHULRU\$GPL QLVWUDFLRQHV 3~EOLFDV SRU OD TXH VH SURYHH OD YDFDQWH DQXQFLDGD SRU OD &RQYRFDWRULD Q~PHUR GH GH PDU]R GH '2&9 Q~P GH GH PDU]R GH >@ &RQWUD OD SUHVHQW UHVROXFLy TXH SRVD IL D OD YLD DGPLQLVWUDWLYD HV SRGUj LQWHUSRVDU DPE FDUjFWHU SRWHVWDWLX UHFXUV GH UHSRVLFLy GDYDQW GHOPDWHL[zUJDQTXHKLKDGLFWDWO¶DFWHHQHOWHUPLQLG¶XQPHVFRPS WDW GHV GH O¶HQGHPj GH OD VHXD QRWLILFDFLy R Ep UHFXUV FRQWHQFLyV DGPLQLVWUDWLXGDYDQWGHO-XWMDW&RQWHQFLyV$GPLQLVWUDWLXGH9DOqQFLD RGDYDQWGHO-XWMDW&RQWHQFLyV$GPLQLVWUDWLXHQODFLUFXPVFULSFLyGHO TXDO WLQJD HO GHPDQGDQW HO VHX GRPLFLOL HQ HO WHUPLQL GH GRV PHVRV FRPSWDWV GHV GH O¶HQGHPj GH OD QRWLILFDFLy 7RW DL[z GH FRQIRUPLWDW DPEHOTXHHVWDEOL[HQHOVDUWLFOHVLGHOD/OHLGH GH QRYHPEUH GHO 5qJLP -XUtGLF GH OHV$GPLQLVWUDFLRQV 3~EOLTXHV L GHO3URFHGLPHQW$GPLQLVWUDWLX&RP~HQODUHGDFFLyGRQDGDSHUOD/OHL GHGHJHQHULHQHOVDUWLFOHVLGHOD/OHL GHGHMXOLROUHJXODGRUDGHOD-XULVGLFFLy&RQWHQFLRVD$GPLQLVWUD WLYD VHQVH SHUMXt TXH V¶XWLOLW]H TXDOVHYRO DOWUD YLD TXH HV FRQVLGHUH RSRUWXQD 9LVWD OD SURSXHVWD IRUPXODGD SRU OD FRPLVLyQ HYDOXDGRUD FRUUHV SRQGLHQWHDOD&RQYRFDWRULDGHGHPDU]RGH'2&9 Q~PGHGHPDU]RGHSDUDODSURYLVLyQSRUHOSURFHGL PLHQWRGHOLEUHGHVLJQDFLyQGHOSXHVWRGHWUDEDMRQ~PHURMHIHGH 6HUYLFLRGH)RUPDFLyQ\(VWXGLRVGHODFRQVHOOHULDGH-XVWLFLD,QWHULRU \$GPLQLVWUDFLRQHV3~EOLFDV 'H FRQIRUPLGDG FRQ OR TXH GLVSRQH HO DUWtFXOR GHO 'HFUHWR /HJLVODWLYRGHGHRFWXEUHGHSRUHOTXHVHDSUXHEDHO7H[WR 5HIXQGLGRGHOD/H\GHOD)XQFLyQ3~EOLFD9DOHQFLDQD\WDPELpQHO DUWtFXOR\VLJXLHQWHVGHO'HFUHWRGHGHPDU]RSRUHOTXH VHSUXHEDHO5HJODPHQWRGH6HOHFFLyQ3URYLVLyQGH3XHVWRVGH7UDED MR\&DUUHUD$GPLQLVWUDWLYDGHO3HUVRQDOFRPSUHQGLGRHQHOiPELWRGH DSOLFDFLyQGHOD/H\GHOD)XQFLyQ3~EOLFD9DOHQFLDQDUHVXHOYR 1RPEUDU D ,JQDFLR 3LTXHUDV 5RFD IXQFLRQDULR GH FDUUHUD GHO JUXSR$FRQ153$HQHOSXHVWRGHWUDEDMRQFRPR MHIHGH6HUYLFLRGH)RUPDFLyQ\(VWXGLRVGHODFRQVHOOHULDGH-XVWLFLD ,QWHULRU \$GPLQLVWUDFLRQHV 3~EOLFDV JUXSR$ FRPSOHPHQWR GH GHV WLQR QLYHO \ FRPSOHPHQWR HVSHFtILFR ( FRQ HIHFWRV GHO GH MXQLRGH &RQWUD OD SUHVHQWH UHVROXFLyQ TXH SRQH ILQ D OD YtD DGPLQLVWUDWL YDVHSRGUiLQWHUSRQHUFRQFDUiFWHUSRWHVWDWLYRUHFXUVRGHUHSRVLFLyQ DQWH HO PLVPR yUJDQR TXH KD GLFWDGR HO DFWR HQ HO SOD]R GH XQ PHV FRQWDGR GHVGH HO GtD VLJXLHQWH DO GH VX QRWLILFDFLyQ R ELHQ UHFXUVR FRQWHQFLRVRDGPLQLVWUDWLYR DQWH HO -X]JDGR GH OR &RQWHQFLRVRDGPL QLVWUDWLYR GH9DOHQFLD R DQWH HO -X]JDGR GH OR &RQWHQFLRVRDGPLQLV WUDWLYRHQFX\DFLUFXQVFULSFLyQWHQJDHOGHPDQGDQWHVXGRPLFLOLRHQ HOSOD]RGHGRVPHVHVFRQWDGRVGHVGHHOGtDVLJXLHQWHDOGHVXQRWLILFD FLyQ7RGRHOORGHFRQIRUPLGDGFRQORHVWDEOHFLGRHQORVDUWtFXORV \GHOD/H\GHGHQRYLHPEUHGHO5pJLPHQ-XUtGLFR GHODV$GPLQLVWUDFLRQHV3~EOLFDV\GHO3URFHGLPLHQWR$GPLQLVWUDWLYR &RP~QHQODUHGDFFLyQGDGDSRUOD/H\GHGHHQHUR\HQ ORVDUWtFXORV\GHOD/H\GHGHMXOLRUHJXODGRUD GHOD-XULVGLFFLyQ&RQWHQFLRVRDGPLQLVWUDWLYDVLQSHUMXLFLRGHTXHVH XWLOLFHFXDOTXLHURWUDYtDTXHVHFRQVLGHUHRSRUWXQD 9DOqQFLDGHPDLJGH±(OFRQVHOOHUGH-XVWtFLD,QWHULRUL $GPLQLVWUDFLRQV3~EOLTXHV0LJXHO3HUDOWD9LxHV 9DOHQFLDGHPD\RGH±(OFRQVHOOHUGH-XVWLFLD,QWHULRU\ $GPLQLVWUDFLRQHV3~EOLFDV0LJXHO3HUDOWD9LxHV 9LVWDODSURSRVWDIRUPXODGDSHUODFRPLVVLyDYDOXDGRUDFRUUHVSR QHQW D OD &RQYRFDWzULD GH GH PDUo GH '2*9 Q~P GH GH PDUoGH SHU D OD SURYLVLy SHO SURFHGLPHQWGH OOLXUHGHVLJQDFLyGHOOORFGHWUHEDOOQ~PHURFDSGHO6HUYHLGH)RU PDFLyL(VWXGLVGHODFRQVHOOHULDGH-XVWtFLD,QWHULRUL$GPLQLVWUDFLRQV 3~EOLTXHV 'HFRQIRUPLWDWDPE HO TXH GLVSRVD O¶DUWLFOH GHO 'HFUHW/HJLV ODWLXGHG¶RFWXEUHGHSHOTXDOV¶DSURYDHO7H[W5HIyVGHOD /OHL GH OD )XQFLy 3~EOLFD9DOHQFLDQD L WDPEp O¶DUWLFOH L VHJHQWV GHO'HFUHWGHGHPDUoSHOTXDOV¶DSURYDHO5HJODPHQWGH 6HOHFFLy 3URYLVLy GH /ORFV GH 7UHEDOO L &DUUHUD $GPLQLVWUDWLYD GHO 3HUVRQDOFRPSUpVHQO¶jPELWG¶DSOLFDFLyGHOD/OHLGHOD)XQFLy3~EOL FD9DOHQFLDQDUHVROF 1RPHQDU,JQDFLR3LTXHUDV5RFDIXQFLRQDULGHFDUUHUDGHOJUXS$ DPE153$HQHOOORFGHWUHEDOOQ~PFDSGHO6HUYHL GH)RUPDFLyL(VWXGLVGHODFRQVHOOHULDGH-XVWtFLD,QWHULRUL$GPLQLV WUDFLRQV3~EOLTXHVJUXS$FRPSOHPHQWGHGHVWLDQFLyQLYHOOLFRP SOHPHQWHVSHFtILF(DPEHIHFWHVGHOGLDGHMXQ\GH Núm. 5516 / 21.05.2007 &RQVHOOHULDGH-XVWtFLD,QWHULRU L$GPLQLVWUDFLRQV3~EOLTXHV 5(62/8&,Ï G¶ GH PDLJ GH GHO GLUHFWRU JHQH UDO G¶$GPLQLVWUDFLy $XWRQzPLFD SHU OD TXH V¶DGMXGL FD D $QWRQLR (VFULJ )HUQiQGH] HO OORF GH WUHEDOO Q~PHUR WqFQLFGHSUHYHQFLyGHULVFVODERUDOVFDSGHVHFWRU >@ 9LVWD OD 5HVROXFLy GH GH IHEUHU GH GHO GLUHFWRU JHQHUDO G¶$GPLQLVWUDFLy$XWRQzPLFDHVWLPDWzULDGHOUHFXUVGHUHSRVLFLySUH VHQWDWSHU$QWRQLR(VFULJ)HUQiQGH]FRQWUDOD5HVROXFLyGHG¶DJRVW GH GH OD 'LUHFFLy *HQHUDO G¶$GPLQLVWUDFLy$XWRQzPLFD SHU OD TXDOV¶DGMXGLTXHQGHVWLQDFLRQVDOVSDUWLFLSDQWVHQHOFRQFXUVGHPqULWV Q~PHUR SHU D OD SURYLVLy GH OORFV GH WUHEDOO GH QDWXUDOHVD IXQFLRQDULDOVHFWRUDGPLQLVWUDFLyHVSHFLDOJUXS$WqFQLFVXSHULRUGH SUHYHQFLyGHULVFVODERUDOVFDSGHVHFWRUL$%WqFQLFGHSUHYHQFLyGH ULVFVODERUDOVFDSGHVHFWRU'2&9GHLHQFRQVH TqQFLDHOUHFXUUHQWUHVXOWDDGPpVDOFRQFXUVGHPULWV 5HXQLGDOD&RPLVVLyG¶$YDOXDFLyGHOFRQFXUVGHPqULWV HO GLD GH PDUo GH DTXHVWD HQ FRPSOLPHQW GH O¶HVPHQWDGD 5HVROXFLy YD UHDOLW]DU OD EDUHPDFLy GHOV PqULWV GHO 6U (VFULJ TXH WHQLDXQDSXQWXDFLyGHSXQWVDEDQVGHO¶HQWUHYLVWD $QWRQLR (VFULJ HQ O¶DFWH G¶HQWUHYLVWD YD GHIHQGUH ~QLFDPHQW OD PHPzULD FRUUHVSRQHQW DO OORF GH WUHEDOO Q~PHUR L OD &RPLV VLy G¶$YDOXDFLy OL YD DVVLJQDU XQD SXQWXDFLy G¶ SXQWV SHU DTXHV WDTXHVXPDWDODSXQWXDFLyDWRUJDGDSHUODUHVWDGHOVPqULWVUHVXOWD XQWRWDOGHSXQWV(QFRQVHTqQFLDOD&RPLVVLyG¶$YDOXDFLyYD HOHYDU OD VHXD SURSRVWD G¶DGMXGLFDFLy GHO OORF GH WUHEDOO DO 6U (VFULJ (VYDSRVDUGHPDQLIHVWO¶H[SHGLHQWDOVSDUWLFLSDQWVHQHO&RQFXUV GH0qULWVSHUWDOTXHDOÂOHJDUHQTXDQWFRQVLGHUDUHQFRQYHQLHQWHQXQ WHUPLQLGHGHXGLHV 7HQLQW HQ FRPSWH HO TXH GLVSRVHQ HOV DUWLFOHV L VHJHQWV GH OD /OHLGHGHQRYHPEUHGH5qJLP-XUtGLFGHOHV$GPLQLVWUD FLRQV3~EOLTXHVLGHO3URFHGLPHQW$GPLQLVWUDWLX&RP~ 3HUWRWHOTXHV¶KDH[SRVDWIHQW~VGHOHVFRPSHWqQFLHVDWULEXwGHV SHUO¶DUWLFOHGHO'HFUHWGHG¶RFWXEUHGHO&RQVHOOGHOD *HQHUDOLWDWSHOTXDOV¶DSURYDHO5HJODPHQW2UJjQLFL)XQFLRQDOGHOD FRQVHOOHULDGH-XVWtFLD,QWHULRUL$GPLQLVWUDFLRQV3~EOLTXHVLHQH[H FXFLyGHO¶HVPHQWDGD5HVROXFLyUHVROF 20232 &RQVHOOHULDGH-XVWLFLD,QWHULRU \$GPLQLVWUDFLRQHV3~EOLFDV 5(62/8&,Ï1GHGHPD\RGHGHOGLUHFWRUJHQH UDOGH$GPLQLVWUDFLyQ$XWRQyPLFDSRUODTXHVHDGMXGLFD D$QWRQLR (VFULJ )HUQiQGH] HO SXHVWR GH WUDEDMR Q~PHUR WpFQLFR GH SUHYHQFLyQ GH ULHVJRV ODERUDOHVMHIH VHFWRU>@ 9LVWDOD5HVROXFLyQGHGHIHEUHURGHGHOGLUHFWRUJHQHUDO GH$GPLQLVWUDFLyQ$XWRQyPLFDHVWLPDWRULDGHOUHFXUVRGH5HSRVLFLyQ SUHVHQWDGRSRU$QWRQLR(VFULJ)HUQiQGH]FRQWUDOD5HVROXFLyQGHGH DJRVWRGHGHOD'LUHFFLyQ*HQHUDOGH$GPLQLVWUDFLyQ$XWRQyPL FDSRUODTXHVHDGMXGLFDQGHVWLQRVDORVSDUWLFLSDQWHVHQHOFRQFXUVR GH PpULWRV Q~PHUR SDUD OD SURYLVLyQ GH SXHVWRV GH WUDEDMR GH QDWXUDOH]D IXQFLRQDULDO VHFWRU DGPLQLVWUDFLyQ HVSHFLDO JUXSR$ WpFQLFR VXSHULRU GH SUHYHQFLyQ GH ULHVJRV ODERUDOHVMHIH GH VHFWRU \ $%WpFQLFRGHSUHYHQFLyQGHULHVJRVODERUDOHVMHIHGHVHFWRU'2&9 GH\HQFRQVHFXHQFLDHOUHFXUUHQWHUHVXOWDDGPLWL GRDOFRQFXUVRGHPpULWRV 5HXQLGD OD &RPLVLyQ GH 9DORUDFLyQ GHO FRQFXUVR GH PpULWRV HOGtDGHPDU]RGHODPLVPDHQFXPSOLPLHQWRGH ODFLWDGD5HVROXFLyQSURFHGLyDUHDOL]DUODEDUHPDFLyQGHORVPpULWRV GHO6U(VFULJDOFDQ]DQGRXQDSXQWXDFLyQGHSXQWRVDQWHVGHOD HQWUHYLVWD $QWRQLR (VFULJ HQ HO DFWR GH HQWUHYLVWD GHIHQGLy ~QLFDPHQWH OD PHPRULDFRUUHVSRQGLHQWHDOSXHVWRGHWUDEDMRQ~PHURRWRUJiQ GROHOD&RPLVLyQGH9DORUDFLyQSXQWRVSRUODPLVPDTXHVXPD GRDODSXQWXDFLyQRWRUJDGDSRUHOUHVWRGHORVPpULWRVUHVXOWDXQWRWDO GHSXQWRV(QFRQVHFXHQFLDOD&RPLVLyQGH9DORUDFLyQHOHYyVX SURSXHVWDGHDGMXGLFDFLyQGHOSXHVWRGHWUDEDMRDO6U(VFULJ 7UDV HOOR VH SXVR GH PDQLILHVWR HO H[SHGLHQWH D ORV SDUWLFLSDQWHV HQ HO FRQFXUVR GH PpULWRV D ILQ GH TXH DOHJDUDQ FXDQWR FRQVLGHUDVHQ FRQYHQLHQWHHQXQSOD]RGHGLH]GtDV &RQVLGHUDQGR OR GLVSXHVWR HQ ORV DUWtFXORV \ VLJXLHQWHV GH OD /H\GHGHQRYLHPEUHGH5pJLPHQ-XUtGLFRGHODV$GPL QLVWUDFLRQHV3~EOLFDV\GHO3URFHGLPLHQWR$GPLQLVWUDWLYR&RP~Q (Q YLUWXG GH OR H[SXHVWR HQ XVR GH ODV FRPSHWHQFLDV DWULEXLGDV SRU HO DUWtFXOR GHO 'HFUHWR GH GH RFWXEUH GHO &RQ VHOOGHOD*HQHUDOLWDWSRUHOTXHVHDSUXHEDHO5HJODPHQWR2UJiQLFR \ )XQFLRQDO GH OD FRQVHOOHULDGH -XVWLFLD ,QWHULRU \$GPLQLVWUDFLRQHV 3~EOLFDV\HQHMHFXFLyQGHODFLWDGD5HVROXFLyQUHVXHOYR 3ULPHU $GMXGLFDU D$QWRQLR (VFULJ )HUQiQGH] HO OORF GH WUHEDOO Q~PHUR WqFQLFGHSUHYHQFLyGHULVFVODERUDOVFDSGHVHFWRU 3ULPHUR $GMXGLFDUD$QWRQLR(VFULJ)HUQiQGH]HOSXHVWRGHWUDEDMRQ~PHUR WpFQLFRGHSUHYHQFLyQGHULHVJRVODERUDOHVMHIHGHVHFWRU 6HJRQ /D SUHVD GH SRVVHVVLy GH$QWRQLR (VFULJ )HUQiQGH] HQ HO OORF GH WUHEDOOHVSURGXLUjHOGLDGHMXQ\GH /DSUHVHQW5HVROXFLySRVDILDODYLDDGPLQLVWUDWLYD'HFRQIRUPL WDWDPEHOTXHGLVSRVHQHOVDUWLFOHVLGHOD/OHLGH GHQRYHPEUHGH5qJLP-XUtGLFGHOHV$GPLQLVWUDFLRQV3~EOLTXHVLGHO 3URFHGLPHQW$GPLQLVWUDWLX&RP~DL[tFRPHOVDUWLFOHVLGH OD/OHLGHGHMXOLRO5HJXODGRUDGHOD-XULVGLFFLy&RQWHQFL RVD$GPLQLVWUDWLYDO¶LQWHUHVVDWSRWLQWHUSRVDUUHFXUVGHUHSRVLFLyDPE FDUjFWHUSRWHVWDWLXGDYDQWGHO¶zUJDQTXHKDGLFWDWDTXHVWDUHVROXFLy HQHOWHUPLQLG¶XQPHVDFRPSWDUGHO¶HQGHPjGHODVHXDQRWLILFDFLy $OWHUQDWLYDPHQWVLQRUHFRUUHHQUHSRVLFLyHVSRWLQWHUSRVDUUHFXUV FRQWHQFLyVDGPLQLVWUDWLXGDYDQWGHO-XWMDW&RQWHQFLyV$GPLQLVWUDWLXGH 9DOqQFLDHQHOWHUPLQLGHGRVPHVRVDFRPSWDUDSDUWLUGHO¶HQGHPjDO GHQRWLILFDFLy 6HJXQGR /DWRPDGHSRVHVLyQGH$QWRQLR(VFULJ)HUQiQGH]HQHOSXHVWRGH WUDEDMRVHSURGXFLUiHOGtDGHMXQLRGH /DSUHVHQWHUHVROXFLyQSRQHILQDODYtDDGPLQLVWUDWLYD'HFRQIRU PLGDGFRQORGLVSXHVWRHQORVDUWtFXORV\GHOD/H\ GH GH QRYLHPEUH GH 5pJLPHQ -XUtGLFR GH ODV $GPLQLVWUDFLRQHV 3~EOLFDV \ GHO 3URFHGLPLHQWR $GPLQLVWUDWLYR &RP~Q DVt FRPR ORV DUWtFXORV\GHOD/H\GHGHMXOLRUHJXODGRUDGH OD-XULVGLFFLyQ&RQWHQFLRVR$GPLQLVWUDWLYDHOLQWHUHVDGRSXHGHLQWHU SRQHU UHFXUVR GH UHSRVLFLyQ FRQ FDUiFWHU SRWHVWDWLYR DQWH HO yUJDQR TXHKDGLFWDGRHVWDUHVROXFLyQHQHOSOD]RGHXQPHVDFRQWDUGHVGHHO GtDVLJXLHQWHDOGHVXQRWLILFDFLyQ $OWHUQDWLYDPHQWH VL QR UHFXUUH HQ UHSRVLFLyQ SXHGH LQWHUSRQHU UHFXUVRFRQWHQFLRVRDGPLQLVWUDWLYRDQWHHO-X]JDGRGHOR&RQWHQFLRVR $GPLQLVWUDWLYRGH9DOHQFLDHQHOSOD]RGHGRVPHVHVDFRQWDUDSDUWLU GHOGtDVLJXLHQWHDOGHQRWLILFDFLyQ 9DOqQFLDGHPDLJGH±(OGLUHFWRUJHQHUDOG¶$GPLQLVWUD FLy$XWRQzPLFD0LJXHO$QWRQLR&UHVSR0DU]DO 9DOHQFLDGHPD\RGH±(OGLUHFWRUJHQHUDOGH$GPLQLVWUD FLyQ$XWRQyPLFD0LJXHO$QWRQLR&UHVSR0DU]DO Núm. 5516 / 21.05.2007 &RQVHOOHULDGH7HUULWRULL+DELWDWJH 20233 &RQVHOOHULDGH7HUULWRULR\9LYLHQGD 5(62/8&,ÏG¶GHPDLJGHGHOFRQVHOOHUGH7HU ULWRULL+DELWDWJHSHUODTXDOHVQRPHQD-RVp9LFHQWH3DU GRV8ULRVSHUVRQDOHYHQWXDOGHOD&RQVHOOHULDGH7HUULWRUL L+DELWDWJH>@ 5(62/8&,Ï1 GH GH PD\R GH GHO FRQVHOOHU GH 7HUULWRULR\9LYLHQGDSRUODTXHVHQRPEUDD-RVp9LFHQWH 3DUGRV8ULRVSHUVRQDOHYHQWXDOGHOD&RQVHOOHULDGH7HU ULWRULR\9LYLHQGD>@ 'HFRQIRUPLWDWDPEO¶DUWLFOHLFRQFRUGDQWVGHO'HFUHWOHJLVODWLX GH G¶RFWXEUH GH GHO *RYHUQ 9DOHQFLj SHO TXDO HV YD DSUR YDUHOWH[WUHIyVGHOD/OHLGHODIXQFLyS~EOLFDYDOHQFLDQDHO'HFUHW GH GH QRYHPEUH GHO *RYHUQ 9DOHQFLj VREUH UHJXODFLy GHO SHUVRQDO HYHQWXDO DO VHUYHL GH O¶DGPLQLVWUDFLy GHO *RYHUQ 9DOHQ FLjLHO'HFUHWGHGHPDUoGHO*RYHUQ9DOHQFLjSHOTXDO V¶HVWDEOHL[ODQDWXUDOHVDGHOVOORFVGHOVGLUHFWRUVFRQVHUYDGRUVGHSDUFV QDWXUDOV GH OD &RPXQLWDW 9DOHQFLDQD L SHU UDy GH OHV IDFXOWDWV TXH P¶DWRUJXHQHOVSUHFHSWHVOHJDOVPHQFLRQDWVUHVROF 'H FRQIRUPLGDG FRQ HO DUWtFXOR \ FRQFRUGDQWHV GHO 'HFUHWR /HJLVODWLYR GH GH RFWXEUH GH GHO *RELHUQR 9DOHQFLDQR SRU HOTXHVHDSUREyHO7H[WR5HIXQGLGRGHOD/H\GHOD)XQFLyQ3~EOLFD 9DOHQFLDQD HO 'HFUHWR GH GH QRYLHPEUH GHO *RELHUQR 9DOHQFLDQR VREUH UHJXODFLyQ GHO SHUVRQDO HYHQWXDO DO VHUYLFLR GH OD DGPLQLVWUDFLyQGHO*RELHUQR9DOHQFLDQR\HO'HFUHWRGH GHPDU]RGHO*RELHUQR9DOHQFLDQRSRUHOTXHVHHVWDEOHFHODQDWXUD OH]DGHORVSXHVWRVGHORVGLUHFWRUHVFRQVHUYDGRUHVGHSDUTXHVQDWXUD OHVGHOD&RPXQLGDG9DOHQFLDQD\HQYLUWXGGHODVIDFXOWDGHVTXHPH RWRUJDQORVSUHFHSWRVOHJDOHVPHQFLRQDGRVUHVXHOYR $UWLFOH 1RPHQDUSHUVRQDOHYHQWXDOHO6U-RVp9LFHQWH3DUGRV8ULRVDPE '1, & GLUHFWRU FRQVHUYDGRU GHO 3DUF 1DWXUDO GHO 7XULD DPEOHVUHWULEXFLRQVtQWHJUHVDQXDOVFRUUHVSRQHQWVDOJUXS$QLYHOOGH FRPSOHPHQWGHGHVWLQDFLyLFRPSOHPHQWHVSHFtILF( $UWtFXOR 1RPEUDUFRPRSHUVRQDOHYHQWXDOD'-RVp9LFHQWH3DUGRV8ULRV FRQ'1,Q~P&GLUHFWRU&RQVHUYDGRUGHO3DUTXH1DWXUDO GHO 7XULD FRQ ODV UHWULEXFLRQHV tQWHJUDV DQXDOHV FRUUHVSRQGLHQWHV DO JUXSR$QLYHOGHFRPSOHPHQWRGHGHVWLQR\FRPSOHPHQWRHVSHFt ILFR( $UWLFOH (O SUHVHQW QRPHQDPHQW WLQGUj HIHFWH GH OD GDWD G¶DTXHVWD UHVROX FLy $UWtFXOR (OUHIHULGRQRPEUDPLHQWRWHQGUiHIHFWRVGHVGHODIHFKDGHODSUH VHQWHUHVROXFLyQ 9DOqQFLD GH PDLJ GH ± (O FRQVHOOHU (VWHEDQ *RQ]iOH] 3RQV 9DOHQFLD GH PD\R GH ± (O FRQVHOOHU (VWHEDQ *RQ]iOH] 3RQV Núm. 5516 / 21.05.2007 $MXQWDPHQWG¶$OPjVVHUD 20234 $\XQWDPLHQWRGH$OPjVVHUD 1RPHQDPHQW G¶XQ IXQFLRQDUL GH FDUUHUD FRP D DOJXDW]LO QRWLILFDGRULFRQWUDFWDFLyG¶XQRILFLDOGHVHUYHLVP~OWLSOHV FRPDSHUVRQDOODERUDOIL[>@ 1RPEUDPLHQWRGHXQIXQFLRQDULRGHFDUUHUDDOJXDFLOQRWL ILFDGRU\FRQWUDWDFLyQGHXQRILFLDOGHVHUYLFLRVP~OWLSOHV FRPRSHUVRQDOODERUDOILMR>@ &RPSOLWV HOV SURFHVVRV VHOHFWLXV FRUUHVSRQHQWV D OHV SODFHV TXH D FRQWLQXDFLyV¶LQGLTXHQ 9LVWDO¶~OWLPDDFWDGHOWULEXQDOGHGDWDGHIHEUHUGHSHU DODVHOHFFLyG¶XQDSODoDG¶DOJXDW]LOQRWLILFDGRUGHQDWXUDOHVDIXQFLR QDULDOHQHOPDUFGHOSURFpVGHFRQVROLGDFLyGHO¶RFXSDFLyWHPSRUDOL SHUPLWMjGHOVLVWHPDGHFRQFXUVRSRVLFLyOOLXUHHQODTXDOHVSURSRVD DHVWD$OFDOGLDHOQRPHQDPHQWGH-RVp0DQXHO6HJDUUD0XxR] 9LVWDO¶~OWLPDDFWDGHOWULEXQDOGHGDWDGHIHEUHUGHSHU DODVHOHFFLyG¶XQDSODoDG¶RILFLDOGHVHUYLFLVP~OWLSOHVGHQDWXUDOHVD ODERUDOHQHOPDUFGHOSURFpVGHFRQVROLGDFLyGHO¶RFXSDFLyWHPSRUDO LSHUPLWMjGHOVLVWHPDGHFRQFXUVRSRVLFLyOOLXUHHQODTXDOHVSURSRVD DHVWD$OFDOGLDODFRQWUDFWDFLyODERUDOIL[DGH-RVp0DUtD)HUUHU0DU WtQH] 9LVWTXHPLWMDQoDQWUHJLVWUHVG¶HQWUDGDQ~PHURVLUHV SHFWLYDPHQW OHV SHUVRQHV FLWDGHV KDQ SUHVHQWDW GDYDQW G¶HVWH DMXQWD PHQWODGRFXPHQWDFLyDTXqHVUHIHUL[ODEDVHGHOHVTXHUHJL[HQOD FRQYRFDWzULD 3HUWRWDL[zHQYLUWXWGHOHVDWULEXFLRQVTXHHPFRQIHUL[O¶DUWLFOH KGHOD/OHL5HJXODGRUDGHOHV%DVHVGH5qJLP/RFDO KHUHVROWPLWMDQoDQWGHFUHWVQ~PHURVLUHVSHFWLYDPHQW HOVHJHQW &XPSOLGRV ORV SURFHVRV VHOHFWLYRV FRUUHVSRQGLHQWHV D ODV SOD]DV TXHDFRQWLQXDFLyQVHUHODFLRQDQ 9LVWDOD~OWLPDDFWDGHOWULEXQDOGHIHFKDGHIHEUHURGH SDUD OD VHOHFFLyQ GH XQD SOD]D GH DOJXDFLOQRWLILFDGRU GH QDWXUDOH]D IXQFLRQDULDO HQ HO PDUFR GHO SURFHVR GH FRQVROLGDFLyQ GHO HPSOHR WHPSRUDO\PHGLDQWHHOVLVWHPDGHFRQFXUVRRSRVLFLyQOLEUHHQODFXDO VH SURSRQH D HVWD$OFDOGtD HO QRPEUDPLHQWR GH -RVp 0DQXHO 6HJDUUD 0XxR] 9LVWDOD~OWLPDDFWDGHOWULEXQDOGHIHFKDGHIHEUHURGH SDUDODVHOHFFLyQGHXQDSOD]DGHRILFLDOGHVHUYLFLRVP~OWLSOHVGHQDWX UDOH]D ODERUDO HQ HO PDUFR GHO SURFHVR GH FRQVROLGDFLyQ GHO HPSOHR WHPSRUDO\PHGLDQWHHOVLVWHPDGHFRQFXUVRRSRVLFLyQOLEUHHQODFXDO VH SURSRQH D HVWD$OFDOGtD OD FRQWUDWDFLyQ ODERUDO ILMD GH -RVp 0DUtD )HUUHU0DUWtQH] 9LVWR TXH PHGLDQWH UHJLVWURV GH HQWUDGD Q~PHURV \ UHVSHFWLYDPHQWHORVFLWDGRVKDQSUHVHQWDGRDQWHHVWHD\XQWDPLHQWROD GRFXPHQWDFLyQDTXHVHUHILHUHODEDVHGHODVTXHULJHQODFRQYRFD WRULD 3RUWRGRHOORHQYLUWXGGHODVDWULEXFLRQHVTXHPHFRQILHUHHODUWt FXORKGHOD/H\5HJXODGRUDGHODV%DVHVGH5pJLPHQ /RFDOKHUHVXHOWRPHGLDQWHGHFUHWRVQ~PHURV\UHVSHF WLYDPHQWHORVLJXLHQWH 3ULPHU 1RPHQDU IXQFLRQDUL GH FDUUHUD GH O¶$MXQWDPHQW G¶$OPjVVHUD DOJXDW]LO QRWLILFDGRU HVFDOD G¶DGPLQLVWUDFLy JHQHUDO VXEHVFDOD VXE DOWHUQD JUXS ( -RVp 0DQXHO 6HJDUUD 0XxR] 1,) 7 DPE HIHFWHVDODGDWDGHSUHVDGHSRVVHVVLy 3ULPHUR 1RPEUDU IXQFLRQDULR GH FDUUHUD GHO$\XQWDPLHQWR GH$OPjVVHUD DOJXDFLOQRWLILFDGRU HVFDOD GH DGPLQLVWUDFLyQ JHQHUDO VXEHVFDOD VXE DOWHUQDJUXSR(D-RVp0DQXHO6HJDUUD0XxR]1,)7FRQ HIHFWRVDODIHFKDGHWRPDGHSRVHVLyQ 6HJRQ 3URFHGLU D OD FRQWUDFWDFLy FRP D SHUVRQDO ODERUDO IL[ GH O¶$MXQWDPHQW G¶$OPjVVHUD RILFLDO GH VHUYLFLV P~OWLSOHV JUXS ' GH -RVp)HUUHU0DUWtQH]1,).DPEHIHFWHVDODGDWDGHVXEV FULSFLyGHOFRQWUDFWH &RVDTXHHVIDS~EOLFDHQFRPSOLPHQWGHOTXHHVWDEOL[O¶DUWLFOH GHO5HLDO'HFUHWGHGHPDUoLDUWLFOHGHO5HLDO'HFUHW /HJLVODWLX GHO *RYHUQ 9DOHQFLj SHO TXDO V¶DSURYD HO 7H[W 5HIyVGHOD/OHLGHOD)XQFLy3~EOLFD9DOHQFLDQD 6HJXQGR 3URFHGHUDODFRQWUDWDFLyQFRPRSHUVRQDOODERUDOILMRGHO$\XQWD PLHQWRGH$OPjVVHUDRILFLDOGHVHUYLFLRVP~OWLSOHVJUXSR'GH-RVp )HUUHU0DUWtQH]1,).FRQHIHFWRVDODIHFKDGHVXVFULS FLyQGHOFRQWUDWR /R TXH VH KDFH S~EOLFR HQ FXPSOLPLHQWR GH OR HVWDEOHFLGR HQ HO DUWtFXOR GHO 5HDO 'HFUHWR GH GH PDU]R \ DUWtFXOR GHO 5HDO 'HFUHWR /HJLVODWLYR GHO *RELHUQR 9DOHQFLDQR SRU HOTXHVHDSUXHEDHO7H[WR5HIXQGLGRGHOD/H\GHOD)XQFLyQ3~EOLFD 9DOHQFLDQD $OPjVVHUDGHPDUoGH/¶DOFDOGHVVDDFFLGHQWDO&RQFHS FLyQ5LEHV*DUFtD $OPjVVHUDGHPDU]RGH/DDOFDOGHVDDFFLGHQWDO&RQFHS FLyQ5LEHV*DUFtD Núm. 5516 / 21.05.2007 8QLYHUVLWDWG¶$ODFDQW 5(62/8&,2GHG¶DEULOGHGHOD8QLYHUVLWDWGH $ODFDQW SHU OD TXDO HV QRPHQD &DWHGUjWLF G¶8QLYHUVLWDW ')HQO¶jUHDGHFRQHL[HPHQWGH+LVWzULDL,QVWLWXFL RQV(FRQzPLTXHVD-DYLHU9LGDO2OLYDUHV>@ 20235 8QLYHUVLGDGGH$OLFDQWH 5(62/8&,21GHGHDEULOGHGHOD8QLYHUVLGDG GH $OLFDQWH SRU OD FXDO VH QRPEUD &DWHGUiWLFR GH 8QL YHUVLGDG ') HQ HO iUHD GH FRQRFLPLHQWR GH +LVWR ULD H ,QVWLWXFLRQHV (FRQyPLFDV D -DYLHU 9LGDO 2OLYDUHV >@ 6HJRQV HO TXH HV GLVSRVD HQ HO 5HLDO 'HFUHW GH GH VHWHPEUH L HO 5HLDO 'HFUHW GH G¶DEULO L D SURSRVWD GH OD &RPLVVLy GRFHQW -XWMDGRUD GHO FRQFXUV FRQYRFDW SHU 5HVROXFLy G¶DTXHVWD8QLYHUVLWDWG¶$ODFDQWGHGHQRYHPEUHGH%2(GH GHGHVHPEUHGHHVQRPHQD&DWHGUjWLFG¶8QLYHUVLWDW') HQ O¶jUHD GH FRQHL[HPHQW GH ³+LVWzULD L ,QVWLWXFLRQV (FRQzPLTXHVª GHSDUWDPHQWGH$QjOLVL(FRQyPLFD$SOLFDGDD-DYLHU9LGDO2OLYDUHV $ WHQRU GH OR GLVSXHVWR HQ HO 5HDO 'HFUHWR GH GH VHSWLHPEUH\HQHO5HDO'HFUHWRGHGHDEULO\DSURSX HVWD GH OD &RPLVLyQ GRFHQWH -X]JDGRUD GHO FRQFXUVR FRQYRFDGR SRU 5HVROXFLyQ GH HVWD 8QLYHUVLGDG GH$OLFDQWH GH GH QRYLHPEUH GH %2(GHGHGLFLHPEUHGHVHQRPEUD&DWHGUiWLFRGH8QL YHUVLGDG')HQHOiUHDGHFRQRFLPLHQWRGH+LVWRULDH,QVWLWXFLR QHV(FRQyPLFDV'HSDUWDPHQWRGH$QiOLVLV(FRQyPLFR$SOLFDGRD' -DYLHU9LGDO2OLYDUHV $ODFDQWH G¶DEULO GH ± (O UHFWRU SG 5HV 5HFWRUDO HOYLFHUHFWRUG¶2UGHQDFLy$FDGpPLFDL3URIHVVRUDW$QWR QLR0DUFLOOD*RPLV $OLFDQWH GH DEULO GH ± (O UHFWRU SG 5HVRO 5HFWRUDO HO YLFHUUHFWRU GH 2UGHQDFLyQ$FDGpPLFD \ 3URIHVRUDGR $QWRQLR0DUFLOOD*RPLV Núm. 5516 / 21.05.2007 20236 8QLYHUVLWDWG¶$ODFDQW 5(62/8&,Ï GH G¶DEULO GH GH OD 8QLYHUVLWDW G¶$ODFDQWSHUODTXDODWHQRUGHOHVFRPSHWqQFLHVDWULEX wGHVSHUODQRUPDWLYDYLJHQWHVQRPHQDHOWULEXQDOTXHKD GH UHVROGUH HO SURFpV VHOHFWLX FRQYRFDW SHU 5HVROXFLy GH GHJHQHUGH'2*9Q~PGHGHIHEUHU GH SHU D O¶DFFpV D O¶HVFDOD 2ILFLDO(VSHFLDOLVWD GH OD8QLYHUVLWDWG¶$ODFDQW5HIHUqQFLD&>@ 7ULEXQDOWLWXODU 8QLYHUVLGDGGH$OLFDQWH 5(62/8&,Ï1 GH GH DEULO GH GH OD 8QLYHUVL GDG GH $OLFDQWH SRU OD TXH D WHQRU GH ODV FRPSHWHQFLDV DWULEXLGDV SRU OD QRUPDWLYD YLJHQWH VH QRPEUD HO WULEX QDOTXHKDGHUHVROYHUHOSURFHVRVHOHFWLYRFRQYRFDGRSRU 5HVROXFLyQGHGHHQHURGH'2*9Q~PGH GHIHEUHURGHSDUDHODFFHVRDODHVFDOD2ILFL DO(VSHFLDOLVWDGHOD8QLYHUVLGDGGH$OLFDQWH5HIHUHQFLD &>@ 7ULEXQDOWLWXODU 3UHVLGHQW )DUDyQ/ORUHQV/DUJR ([FP 6U 9LFHUHFWRU GH 7HFQRORJLD L ,QQRYDFLy (GXFDWLYD GH OD 8QLYHUVLWDWG¶$ODFDQW 6HFUHWDUL )UDQFLVFR&DQGHOD-DpQ )XQFLRQDULGHO¶(VFDODGH7qFQLFDGHOD8QLYHUVLWDWG¶$ODFDQW 9RFDOV 3HUO¶DGPLQLVWUDFLy -RVp/HDQGUR3HQDGpV0DUWtQH] &DWHGUjWLFG¶8QLYHUVLWDWGHOD8QLYHUVLWDWG¶$ODFDQW 3UHVLGHQWH ')DUDyQ/ORUHQV/DUJR ([FPR 6U9LFHUUHFWRU GH7HFQRORJtD H ,QQRYDFLyQ (GXFDWLYD GH OD8QLYHUVLGDGGH$OLFDQWH 6HFUHWDULR ')UDQFLVFR&DQGHOD-DpQ )XQFLRQDULRGHOD(VFDODGH7pFQLFDGHOD8QLYHUVLGDGGH$OLFDQWH 9RFDOHV 3RUODDGPLQLVWUDFLyQ '-RVp/HDQGUR3HQDGpV0DUWtQH] &DWHGUiWLFRGH8QLYHUVLGDGGHOD8QLYHUVLGDGGH$OLFDQWH 3HUOHV6HFFLRQV6LQGLFDOV -RVp*DUFtD5RGUtJXH] 3URIHVVRU 7LWXODU G¶(VFROD 8QLYHUVLWjULD GH OD 8QLYHUVLWDW G¶$ODFDQW 5HSUHVHQWDQWGHOD6HFFLy6LQGLFDO)(7(2*7 )UDQFLVFR-DYLHU3XLJ5XDQR )XQFLRQDULGHO¶(VFDOD7qFQLFDGHOD8QLYHUVLWDWG¶$ODFDQW 5HSUHVHQWDQWGHOD6HFFLy6LQGLFDO67(39,Y 3RUODV6HFFLRQHV6LQGLFDOHV '-RVp*DUFtD5RGUtJXH] 3URIHVRU7LWXODUGH(VFXHOD8QLYHUVLWDULDGHOD8QLYHUVLGDGGH$OL FDQWH 5HSUHVHQWDQWHGHOD6HFFLyQ6LQGLFDO)(7(8*7 ')UDQFLVFR-DYLHU3XLJ5XDQR )XQFLRQDULRGHOD(VFDOD7pFQLFDGHOD8QLYHUVLGDGGH$OLFDQWH 5HSUHVHQWDQWHGHOD6HFFLyQ6LQGLFDO67(39,Y 7ULEXQDOVXSOHQW 3UHVLGHQWD 0GHO0DU3XMRO/ySH] 3URIHVVRUD7LWXODUG¶8QLYHUVLWDWGHOD8QLYHUVLWDWG¶$ODFDQW 6HFUHWjULD $QD(FKHYHVWH7HOOHUtD )XQFLRQjULDGHO¶(VFDOD7qFQLFDGHOD8QLYHUVLWDWG¶$ODFDQW 9RFDOV 3HUO¶DGPLQLVWUDFLy 5DIDHO0ROLQD&DUPRQD 3URIHVVRU 7LWXODU G¶(VFROD 8QLYHUVLWjULD GH OD 8QLYHUVLWDW G¶$ODFDQW 7ULEXQDOVXSOHQWH 3UHVLGHQWD '0GHO0DU3XMRO/ySH] 3URIHVRUD7LWXODUGH8QLYHUVLGDGGHOD8QLYHUVLGDGGH$OLFDQWH 6HFUHWDULD '$QD(FKHYHVWH7HOOHUtD )XQFLRQDULDGHOD(VFDOD7pFQLFDGHOD8QLYHUVLGDGGH$OLFDQWH 9RFDOHV 3RUODDGPLQLVWUDFLyQ '5DIDHO0ROLQD&DUPRQD 3URIHVRU7LWXODUGH(VFXHOD8QLYHUVLWDULDGHOD8QLYHUVLGDGGH$OL FDQWH 3HUOHV6HFFLRQV6LQGLFDOV )UDQFLVFR-RVp0RUD*LPHQR 3URIHVVRU 7LWXODU G¶(VFROD 8QLYHUVLWjULD GH OD 8QLYHUVLWDW G¶$ODFDQW 5HSUHVHQWDQWGHOD6HFFLy6LQGLFDO)(7(2*7 3RUODV6HFFLRQHV6LQGLFDOHV ')UDQFLVFR-RVp0RUD*LPHQR 3URIHVRU7LWXODUGH(VFXHOD8QLYHUVLWDULDGHOD8QLYHUVLGDGGH$OL FDQWH 5HSUHVHQWDQWHGHOD6HFFLyQ6LQGLFDO)(7(8*7 0LJXHOÈQJHO(VTXHUGR3pUH] )XQFLRQDUL GH O¶(VFDOD $QDOLVWD3URJUDPDGRU GH OD 8QLYHUVLWDW G¶$ODFDQW 5HSUHVHQWDQWGHOD6HFFLy6LQGLFDO67(39,Y '0LJXHOÈQJHO(VTXHUGR3pUH] )XQFLRQDULRGHOD(VFDOD$QDOLVWD3URJUDPDGRUGHOD8QLYHUVLGDG GH$OLFDQWH 5HSUHVHQWDQWHGHOD6HFFLyQ6LQGLFDO67(39,Y $ODFDQWG¶DEULOGH±(OUHFWRU,JQDFLR-LPpQH]5DQHGD $OLFDQWHGHDEULOGH±(OUHFWRU,JQDFLR-LPpQH]5DQHGD Núm. 5516 / 21.05.2007 &RQVHOOHULDG¶,QIUDHVWUXFWXUHVL7UDQVSRUW 20237 &RQVHOOHULDGH,QIUDHVWUXFWXUDV\7UDQVSRUWH 5HVROXFLyGHGHPDUoGHGHOD'LUHFFLy*HQHUDO G¶(QHUJLD SHU OD TXDO V¶DWRUJD DXWRULW]DFLy DGPLQLVWUD WLYDSHUDODFRQVWUXFFLyGHOHVLQVWDOÂODFLRQVGHGLVWUL EXFLy G¶HQHUJLD HOqFWULFD 67 $OEDO V¶DSURYD HO SURMHFWH G¶H[HFXFLyLHVGHFODUDODVHXDXWLOLWDWS~EOLFD([SHGLHQW Q~PHUR$7$6&7>@ 5HVROXFLyQ GH GH PDU]R GH OD 'LUHFFLyQ *HQHUDO GH (QHUJtD SRU OD TXH VH RWRUJD DXWRUL]DFLyQ DGPLQLVWUDWLYD SDUD OD FRQVWUXFFLyQ GH ODV LQVWDODFLRQHV GH GLVWULEXFLyQ GH HQHUJtD HOpFWULFD 67 $OEDO VH DSUXHED HO SUR\HFWR GH HMHFXFLyQ \ VH GHFODUD VX XWLOLGDG S~EOLFD ([SHGLHQWH Q~PHUR$7$6&7>@ 9LVW O¶HVFULW SUHVHQWDW SHU ,EHUGUROD 'LVWULEXFLyQ (OpFWULFD 6$8 DPE GRPLFLOL D O¶HIHFWH GH QRWLILFDFLRQV D O¶DYLQJXGD GH %XUJRV % 0DGULG DPE GDWD GH MXOLRO GH GDYDQW GHO 6HUYLFL 7HUULWRULDOG¶(QHUJLDGH9DOqQFLDHQTXqVROÂOLFLWDTXHVHOLFRQFHGLVFD DXWRULW]DFLyDGPLQLVWUDWLYDSHUDODFRQVWUXFFLyGHOHVLQVWDOÂODFLRQVGH GLVWULEXFLy G¶HQHUJLD HOqFWULFD G¶XQD QRYD VXEHVWDFLy WUDQVIRUPDGRUD GH N9 GHQRPLQDGD 67$OEDO VLWXDGD HQ OD SDUFHOÂOD Q~P GHOSROtJRQSDUDWJHGH6DQWD$QQDDOWHUPHPXQLFLSDOG¶$OEDOSUR YtQFLDGH9DOqQFLDLHVGHFODUHHQFRQFUHWODXWLOLWDWS~EOLFD $O PHQFLRQDW HVFULW V¶DGMXQWDYD O¶DYDQWSURMHFWH WqFQLF GH O¶HV PHQWDGD LQVWDOÂODFLy ILUPDW SHU O¶HQJLQ\HU LQGXVWULDO ÈQJHO )HUQiQ GH] ÈOYDUH] L YLVDW SHO &ROÂOHJL 2ILFLDO G¶(QJLQ\HUV 6XSHULRUV ,QGXV WULDOV GH OD &RPXQLWDW 9DOHQFLDQD D 9DOqQFLD HO GH MXQ\ GH $7$6&7 9LVW TXH YD VHU SXEOLFDW O¶DQXQFL FRUUHVSRQHQW D OD LQIRUPDFLy S~EOLFD SUHYLVWD HQ O¶DUWLFOH GHO 'HFUHW GH G¶DEULO SHO TXDO V¶HVWDEOL[HQ HOV SURFHGLPHQWV G¶DXWRULW]DFLy G¶LQVWDOÂODFLRQV GH SURGXFFLy WUDQVSRUW L GLVWULEXFLy G¶HQHUJLD HOqFWULFD TXH VyQ FRPSH WqQFLDGHOD*HQHUDOLWDWHQHOVDUWLFOHVLGHOD/OHLGHO 6HFWRU(OqFWULFLHQO¶DUWLFOHGHOD/OHLGHGHPDUoVREUH ,PSDFWH$PELHQWDOHQHO'LDUL2ILFLDOGHOD*HQHUDOLWDWGHOGLDGH GHVHPEUHGHHQHO%XWOOHWt2ILFLDOGHOD3URYtQFLDGH9DOqQFLD GHGHIHEUHUGHHQHOGLDUL$%&GHGHGHVHPEUHGHL HQHOWDXOHUG¶DQXQFLVGHO¶$MXQWDPHQWG¶$OEDO '¶DFRUGDPEODGRFXPHQWDFLyTXHKLKDHQO¶H[SHGLHQWQRV¶KDQ SUHVHQWDWDOÂOHJDFLRQVDODPHQFLRQDGDVROÂOLFLWXG 9LVW O¶HVFULW SUHVHQWDW SHU ,EHUGUROD 'LVWULEXFLyQ (OpFWULFD 6$8 HQO¶H[SHGLHQWDEDQVFLWDWDPEGDWDGHJHQHUGHSHUPLWMjGHO TXDO VROÂOLFLWD FRPSOHPHQWDQW O¶DQWHULRU SHWLFLy O¶DSURYDFLy GHO SUR MHFWHG¶H[HFXFLyGHODVXEHVWDFLyWUDQVIRUPDGRUDGHN9GHQR PLQDGD67$OEDODGMXQWDHOSURMHFWHWqFQLFGHO¶HVPHQWDGDLQVWDOÂODFLy ILUPDWSHUO¶HQJLQ\HULQGXVWULDO,xDNL0DQULTXH,QpVLYLVDWSHO&ROÂOHJL 2ILFLDOG¶(QJLQ\HUV6XSHULRUV,QGXVWULDOVGHOD&RPXQLWDW9DOHQFLDQD D9DOqQFLDHOGHGHVHPEUHGH 9LVWO¶LQIRUPHWqFQLFIDYRUDEOHGHGHMXOLROGHLODUHPLV VLyFRPDFRQWLQXDFLyG¶HVWHGHGHPDUoGHHPHVRVSHO6HUYL FL7HUULWRULDOG¶(QHUJLDGH9DOqQFLD $WpV TXH DPE GDWD GH PDLJ GH OD GLUHFWRUD JHQHUDO GH *HVWLy GHO 0HGL 1DWXUDO GH OD FRQVHOOHULD GH 7HUULWRUL L +DELWDWJH YD GLFWDU 'HFODUDFLy G¶,PSDFWH$PELHQWDO HQ TXq FRQVLGHUD DFFHSWDEOH QRPpVDOVHIHFWHVDPELHQWDOVLVHQVHSHUMXtGHO¶REWHQFLySUqYLDGHOHV DXWRULW]DFLRQV VHFWRULDOV TXH VH OL DSOLTXHQ HO SURMHFWH GH OD VXEHVWD FLy WUDQVIRUPDGRUD GH N9 67$OEDO VHPSUH TXH HVWD HV GHV HQYROXSH DPE OHV SUHYLVLRQV GH O¶(VWXGL G¶,PSDFWH$PELHQWDO L DPE OHV FRQGLFLRQV TXH V¶DUUHSOHJXHQ HQ OD SDUW GLVSRVLWLYD GH OD SUHVHQW UHVROXFLy $WpVTXHG¶DFRUGDPEO¶DUWLFOHGHO5HLDO'HFUHWOHV LQVWDOÂODFLRQVO¶DXWRULW]DFLyGHOHVTXDOVVHVROÂOLFLWDFRQVWLWXw[HQLQVWDO ODFLRQVGHGLVWULEXFLyHOqFWULFD 9LVWTXH,EHUGUROD'LVWULEXFLyQ(OpFWULFD6$8HVWjLQVFULWDGHIL QLWLYDPHQWHQODVHFFLyDGHO5HJLVWUH$GPLQLVWUDWLXGH'LVWULEXwGRUV &RPHUFLDOLW]DGRUV L &RQVXPLGRUV 4XDOLILFDWV GH OD 'LUHFFLy *HQHUDO GH 3ROtWLFD (QHUJqWLFD L 0LQHV GHO 0LQLVWHUL G¶,QG~VWULD 7XULVPH L &RPHUo $WpVTXHG¶DFRUGDPEHOSURMHFWHSUHVHQWDWODILQDOLWDWVROÂOLFLWDGD pVGRWDUHVWD]RQDGHODLQIUDHVWUXFWXUDHOqFWULFDQHFHVVjULDSHUDDEVRU ELU OD GHPDQGD FUHL[HQW L JDUDQWLU OD FRQWLQXwWDW L TXDOLWDW GHO VHUYLFL TXHDFWXDOPHQWHVWUREHQOLPLWDWV/DQRYDVXEHVWDFLyVHUjDOLPHQWDGD SHUODOtQLD&DWDGDX7RUUHQWGHGREOHFLUFXLWLGHWHQVLyN9 9LVWR HO HVFULWR SUHVHQWDGR SRU ,EHUGUROD 'LVWULEXFLyQ (OpFWULFD 6$8FRQGRPLFLOLRDHIHFWRVGHQRWLILFDFLRQHVHQDYGH%XUJRV% 0DGULGHQIHFKDGHMXOLRGHDQWHHO6HUYLFLR7HUULWRULDO GH (QHUJtD GH9DOHQFLD VROLFLWDQGR VH OH FRQFHGD DXWRUL]DFLyQ DGPL QLVWUDWLYD SDUD OD FRQVWUXFFLyQ GH ODV LQVWDODFLRQHV GH GLVWULEXFLyQ GH HQHUJtDHOpFWULFDGHXQDQXHYDVXEHVWDFLyQWUDQVIRUPDGRUDGH N9GHQRPLQDGD³67$OEDO´XELFDGDHQODSDUFHODQGHOSROtJRQR 3DUDMHGH6DQWD$QDHQHOWpUPLQRPXQLFLSDOGH$OEDOSURYLQFLDGH 9DOHQFLD\VHGHFODUHHQFRQFUHWRVXXWLOLGDGS~EOLFD $OPHQFLRQDGRHVFULWRVHDGMXQWDEDHODQWHSUR\HFWRWpFQLFRGHOD FLWDGD LQVWDODFLyQ ILUPDGR SRU HO LQJHQLHUR LQGXVWULDO ÈQJHO )HUQiQ GH]ÈOYDUH]\YLVDGRSRUHO&ROHJLR2ILFLDOGH,QJHQLHURV6XSHULRUHV ,QGXVWULDOHVGHOD&RPXQLGDG9DOHQFLDQDHQ9DOHQFLDHQIHFKDGH MXQLRGH$7$6&7 5HVXOWDQGRTXHIXHSXEOLFDGRHODQXQFLRFRUUHVSRQGLHQWHDODLQIRU PDFLyQS~EOLFDSUHYLVWDHQHODUWtFXORGHO'HFUHWRGHGH DEULOSRUHOTXHVHHVWDEOHFHQORVSURFHGLPLHQWRVGHDXWRUL]DFLyQGHLQV WDODFLRQHVGHSURGXFFLyQWUDQVSRUWH\GLVWULEXFLyQGHHQHUJtDHOpFWULFD TXHVRQFRPSHWHQFLDGHOD*HQHUDOLWDWHQORVDUWtFXORV\GHOD/H\ GHO6HFWRU(OpFWULFR\HQHODUWtFXORGHOD/H\GHGH PDU]RVREUH,PSDFWR$PELHQWDOHQHO'LDUL2ILFLDOGHOD*HQHUDOLWDW GHOGtDGHGLFLHPEUHGHHQHO%ROHWtQ2ILFLDOGHOD3URYLQFLDGH 9DOHQFLDGHGHIHEUHURGHHQHOGLDULR$%&GHGHGLFLHPEUH GH\HQHOWDEOyQGHDQXQFLRVGHO$\XQWDPLHQWRGH$OEDO 'HDFXHUGRFRQODGRFXPHQWDFLyQTXHREUDHQHOH[SHGLHQWHQRVH KDQSUHVHQWDGRDOHJDFLRQHVDODPHQFLRQDGDVROLFLWXG 9LVWRHOHVFULWRSUHVHQWDGRSRU,EHUGUROD'LVWULEXFLyQ(OpFWULFD6$8 HQHOH[SHGLHQWHDQWHVUHIHULGRHQIHFKDGHHQHURGHPHGLDQWHHO TXHVROLFLWDFRPSOHPHQWDQGRVXDQWHULRUSHWLFLyQODDSUREDFLyQGHOSUR \HFWRGHHMHFXFLyQGHODVXEHVWDFLyQWUDQVIRUPDGRUDGHN9GHQR PLQDGD³67$OEDO´DGMXQWDQGRHOSUR\HFWRWpFQLFRGHODFLWDGDLQVWDOD FLyQILUPDGRSRUHOLQJHQLHURLQGXVWULDO,xDNL0DQULTXH,QpV\YLVDGRSRU HO&ROHJLR2ILFLDOGH,QJHQLHURV6XSHULRUHV,QGXVWULDOHVGHOD&RPXQLGDG 9DOHQFLDQDHQ9DOHQFLDHQIHFKDGHGLFLHPEUHGH 9LVWR HO LQIRUPH WpFQLFR IDYRUDEOH GH IHFKD GH MXOLR GH \ODUHPLVLyQFRPRFRQWLQXDFLyQGHOPLVPRGHIHFKDGHPDU]RGH HPLWLGRVSRUHO6HUYLFLR7HUULWRULDOGH(QHUJtDGH9DOHQFLD &RQVLGHUDQGR TXH FRQ IHFKD GH PD\R GH OD GLUHFWRUD JHQHUDOGH*HVWLyQGHO0HGLR1DWXUDOGHODFRQVHOOHULDGH7HUULWRULR\ 9LYLHQGD GLFWy 'HFODUDFLyQ GH ,PSDFWR$PELHQWDO HVWLPDQGR DFHSWD EOHDORVVRORVHIHFWRVDPELHQWDOHV\VLQSHUMXLFLRGHODSUHYLDREWHQ FLyQGHODVDXWRUL]DFLRQHVVHFWRULDOHVTXHOHVHDQGHDSOLFDFLyQHOSUR \HFWR GH OD 6XEHVWDFLyQ 7UDQVIRUPDGRUD GH N9 ³67$OEDO´ VLHPSUHTXHODPLVPDVHGHVDUUROOHFRQODVSUHYLVLRQHVGHO(VWXGLRGH ,PSDFWR$PELHQWDO\FRQORVFRQGLFLRQDQWHVTXHVHUHFRJHQHQODSDUWH GLVSRVLWLYDGHODSUHVHQWHUHVROXFLyQ &RQVLGHUDQGRTXHGHDFXHUGRFRQHODUWtFXORGHO5HDO'HFUHWR ODV LQVWDODFLRQHV FX\D DXWRUL]DFLyQ VH VROLFLWD FRQVWLWX\HQ LQVWDODFLRQHVGHGLVWULEXFLyQHOpFWULFD 5HVXOWDQGR TXH ,EHUGUROD 'LVWULEXFLyQ (OpFWULFD 6$8 HVWi LQV FULWDGHILQLWLYDPHQWHHQOD6HFFLyQGHO5HJLVWUR$GPLQLVWUDWLYRGH 'LVWULEXLGRUHV&RPHUFLDOL]DGRUHV\&RQVXPLGRUHV&XDOLILFDGRVGHOD 'LUHFFLyQ *HQHUDO GH 3ROtWLFD (QHUJpWLFD \ 0LQDV GHO 0LQLVWHULR GH ,QGXVWULD7XULVPR\&RPHUFLR &RQVLGHUDQGRTXHGHDFXHUGRFRQHOSUR\HFWRSUHVHQWDGRODILQDOL GDGVROLFLWDGDHVGRWDUDHVWD]RQDGHODLQIUDHVWUXFWXUDHOpFWULFDQHFH VDULD SDUD DEVRUEHU OD GHPDQGD FUHFLHQWH \ JDUDQWL]DU OD FRQWLQXLGDG \FDOLGDGGHOVHUYLFLRTXHDFWXDOPHQWHVHKDOODQOLPLWDGRV/DQXHYD VXEHVWDFLyQVHUiDOLPHQWDGDSRUODOtQHD³&DWDGDX7RUUHQWH´GHGREOH FLUFXLWR\GHWHQVLyQN9 Núm. 5516 / 21.05.2007 9LVWTXHHOSURMHFWHSUHVHQWDWWpHQWUHODVHXDGRFXPHQWDFLyHOVSOj QROVSHUWLQHQWVDHVFDODDGHTXDGDHVWjSURXGHWDOODWLFRQWpXQDUHODFLy FRQFUHWDLLQGLYLGXDOLW]DGDGHOVEpQVLGUHWVDIHFWDWVLHVFRPXQLFDTXH GXUDQWODVHXDHODERUDFLyV¶KDFRQVWDWDWO¶H[LVWqQFLDGHGLYHUVRVDUUHQ GDWDULVGHODILQFDHQTXqHVSUHYHXLQVWDOÂODUODVXEHVWDFLyWUDQVIRUPD GRUDDL[tFRPTXHHOFDPtG¶DFFpVDOHVLQVWDOÂODFLRQVTXHHQSULQFLSL HVFRQVLGHUDYDS~EOLFDSDUHL[HQHOFDGDVWUHGHWLWXODULWDWSULYDGDLOHV UHIHULGHVLQFLGqQFLHVDSDUHL[HQUHIOHFWLGHVHQODUHODFLyGHEpQVLGUHWV DIHFWDWVDGMXQWDDODSUHVHQWUHVROXFLy $WpV TXH OD VROÂOLFLWXG L GRFXPHQWDFLy DGMXQWD Wp XQD GHILQLFLy L FRQFUHFLy GH OHV FDUDFWHUtVWLTXHV WqFQLTXHV TXH JDUDQWL[HQ PpV VHJX UHWDW L PLOORU IXQFLRQDOLWDW GH OD VXEHVWDFLy WUDQVIRUPDGRUD L HVWRV VyQHOVSDUjPHWUHVTXHFRQGLFLRQHQLREOLJXHQSULQFLSDOPHQWDDGRS WDUO¶HVWDEOLPHQWGHODLQVWDOÂODFLyHOqFWULFDDPELQGHSHQGqQFLDGHOHV DIHFFLRQVTXHDWHUFHUVSXJXHQUHSUHVHQWDULDL[zVHQVHSHUMXtG¶LQGHP QLW]DUHVWHVDGHTXDGDPHQW $WpVTXHO¶DUWLFOHGHOD/OHLGHGHQRYHPEUHGHO 6HFWRU (OqFWULF HVWDEOL[ TXH OHV DXWRULW]DFLRQV G¶LQVWDOÂODFLRQV GH OD [DU[DGHGLVWULEXFLyG¶HQHUJLDHOqFWULFDVHUDQDWRUJDGHVSHUO¶DGPLQLV WUDFLyFRPSHWHQWVHQVHSHUMXtGHOHVFRQFHVVLRQVLDXWRULW]DFLRQVTXH VLJXHQ QHFHVVjULHV G¶DFRUG DPE DOWUHV GLVSRVLFLRQV TXH VLJXHQ DSOL FDEOHVLHQHVSHFLDOOHVUHODWLYHVDO¶RUGHQDFLyGHOWHUULWRULLDOPHGL DPELHQW $WpV TXH OD VROÂOLFLWXG KD FRPSOLW HOV WUjPLWV HVWDEOLWV HQ OD /OHL GH GH QRYHPEUH GHO 6HFWRU (OqFWULF L GHO 5HLDO 'HFUHW G¶ GH GHVHPEUH SHO TXDO HV UHJXOHQ OHV DFWLYLWDWV GH WUDQVSRUW GLVWULEXFLy FRPHUFLDOLW]DFLy L SURFHGLPHQWV G¶DXWRULW]DFLy G¶LQVWDOÂODFLRQVG¶HQHUJLDHOqFWULFDDL[tFRPHQHO'HFUHWGH G¶DEULOGHO&RQVHOOGHOD*HQHUDOLWDWSHOTXDOV¶HVWDEOL[HQHOVSUR FHGLPHQWVG¶DXWRULW]DFLyG¶LQVWDOÂODFLRQVGHSURGXFFLyWUDQVSRUWLGLV WULEXFLyG¶HQHUJLDHOqFWULFDTXHVyQFRPSHWqQFLDGHOD*HQHUDOLWDW $WpV OD 'LUHFFLy *HQHUDO G¶(QHUJLD FRPSHWHQW SHU D OD UHVROXFLy GHO SUHVHQW H[SHGLHQW G¶DFRUG DPE HO TXH GLVSRVD O¶DUWLFOH GHO 'HFUHWG¶G¶RFWXEUHGHO&RQVHOOGHOD*HQHUDOLWDWSHOTXDO V¶DSURYDHO5HJODPHQW2UJjQLFL)XQFLRQDOGHODFRQVHOOHULDG¶,QIUDHV WUXFWXUHVL7UDQVSRUW (VWD'LUHFFLy*HQHUDOG¶(QHUJLDUHVRO 3ULPHU$WRUJDU D ,EHUGUROD 'LVWULEXFLyQ (OpFWULFD 6$8 DXWRULW ]DFLy DGPLQLVWUDWLYD SHU D OD FRQVWUXFFLy GH OHV LQVWDOÂODFLRQV HOqFWUL TXHVGHGLVWULEXFLyFRUUHVSRQHQWVDODQRYDVXEHVWDFLyWUDQVIRUPDGRUD GH N9 GHQRPLQDGD 67$OEDO VLWXDGD HQ OD SDUFHOÂOD Q~P GHOSROtJRQ SDUDWJH GH 6DQWD$QQD ]RQD RHVW GHO WHUPH PXQLFLSDO G¶$OEDO SURYtQFLD GH 9DOqQFLD OHV FDUDFWHUtVWLTXHV SULQFLSDOV GH OD TXDOVyQ 7UHV WUDQVIRUPDGRUV GH SRWqQFLD GH 09$ FDGD XQ L UHODFLy N9 DPE OHV VHXHV FRUUHVSRQHQWV UHDFWjQFLHV WULIjVLTXHV OLPL WDGRUHVGHSUHVDGHWHUUDHQEDQ\G¶ROLGH$VHQHOFRVWDWGHOV WUDQVIRUPDGRUVGHN9 6LVWHPDHOqFWULFGHN9 &RQILJXUDFLy GH GREOH EDUUD HQ FHOÂOHV EOLQGDGHV G¶LQWHULRU DPE DwOODPHQW HQ 6) IRUPDW SHU WUHV PzGXOV GH FHOÂOHV DPE XQ WRWDO GH SRVLFLRQV WUHQWD G¶HL[LGD GH OtQLD WUHV GH WUDQVIRUPDGRU GRV GH PHVXUDPHQWGRVGHVHUYLFLVDX[LOLDUVWUHVGHEDWHULDGHFRQGHQVDGRUV GRVG¶HQOODoGHEDUUHVXQDGHSDUWLFLyLGHUHPXQWDGDGHEDUUHVLTXD WUHG¶XQLyGHEDUUHV(VWHVLVWHPDHVFRPSOHWDDPEODGRWDFLyGHWUHV EDWHULHVGHFRQGHQVDGRUV 6HUYLFLVDX[LOLDUV $OLPHQWDWVSHUGRVWUDQVIRUPDGRUVWULIjVLFVG¶LQWHULRUGH.9$ FDGDXUHODFLyGHWUDQVIRUPDFLy¶¶N9 %DWHULHVGHFRQGHQVDGRUV 6¶LQVWDOÂODUDQHQQ~PHURGHWUHVHVFDORQDGHVG¶LQWHULRUGHN9L .9$UFDGDXQDG¶HVWHV 3URWHFFLyLFRQWURO 7LSXVGLJLWDOLLQWHJUDWLIRUPDWSHUGLVWLQWHVXQLWDWVGHSRVLFLy (GLILFLHQTXqTXHGDUDQLQWHJUDWVHOVVLVWHPHVHOqFWULFVLHTXLSVGH WUDQVIRUPDFLyHTXLSVGHFRQWUROSURWHFFLyFRPXQLFDFLyLDOLPHQWDFLy HQ%7HWF 20238 5HVXOWDQGRTXHHOSUR\HFWRSUHVHQWDGRFXHQWDHQWUHVXGRFXPHQWD FLyQFRQORVSODQRVSHUWLQHQWHVDHVFDODDGHFXDGDHVWiVXILFLHQWHPHQ WHGHWDOODGR\FRQWLHQHXQDUHODFLyQFRQFUHWDHLQGLYLGXDOL]DGDGHORV ELHQHV \ GHUHFKRV DIHFWDGRV VLJQLILFDQGR TXH GXUDQWH OD HODERUDFLyQ GHOPLVPRVHKDFRQVWDWDGRODH[LVWHQFLDGHGLYHUVRVDUUHQGDWDULRVGH ODILQFDHQODTXHVHSUHYpLQVWDODUODVXEHVWDFLyQWUDQVIRUPDGRUDDVt FRPRTXHHOFDPLQRGHDFFHVRDODVLQVWDODFLRQHVTXHHQSULQFLSLRVH FRQVLGHUDED S~EOLFR DSDUHFH FDWDVWUDGR FRPR GH WLWXODULGDG SULYDGD DSDUHFLHQGRODUHIHULGDVLQFLGHQFLDVUHIOHMDGDVHQODUHODFLyQGHELHQHV \GHUHFKRVDIHFWDGRVDGMXQWDDODSUHVHQWHUHVROXFLyQ &RQVLGHUDQGRTXHODVROLFLWXG\GRFXPHQWDFLyQDGMXQWDUH~QHXQD GHILQLFLyQ \ FRQFUHFLyQ GH ODV FDUDFWHUtVWLFDV WpFQLFDV TXH JDUDQWL]DQ ODPD\RUVHJXULGDG\PHMRUIXQFLRQDOLGDGGHODVXEHVWDFLyQWUDQVIRU PDGRUDVLHQGRpVWRVORVSDUiPHWURVTXHFRQGLFLRQDQ\REOLJDQSULQ FLSDOPHQWHDDGRSWDUHOHVWDEOHFLPLHQWRGHODLQVWDODFLyQHOpFWULFDFRQ LQGHSHQGHQFLD GH ODV DIHFFLRQHV TXH D WHUFHURV SXHGDQ UHSUHVHQWDU \ HOORVLQSHUMXLFLRGHLQGHPQL]DUDGHFXDGDPHQWHODVPLVPDV &RQVLGHUDQGR TXH HO DUWtFXOR GH OD /H\ GH GH QRYLHPEUH GHO 6HFWRU (OpFWULFR HVWDEOHFH TXH ODV DXWRUL]DFLRQHV GH LQVWDODFLRQHVGHODUHGGHGLVWULEXFLyQGHHQHUJtDHOpFWULFDVHUiQRWRU JDGDVSRUODDGPLQLVWUDFLyQFRPSHWHQWHVLQSHUMXLFLRGHODVFRQFHVLR QHV\DXWRUL]DFLRQHVTXHVHDQQHFHVDULDVGHDFXHUGRFRQRWUDVGLVSR VLFLRQHVTXHVHDQDSOLFDEOHV\HQHVSHFLDOODVUHODWLYDVDODRUGHQDFLyQ GHOWHUULWRULR\DOPHGLRDPELHQWH &RQVLGHUDQGRTXHODVROLFLWXGKDFXPSOLGRORVWUiPLWHVHVWDEOHFL GRV HQ OD /H\ GH GH QRYLHPEUH GHO 6HFWRU (OpFWULFR \ GHO5HDO'HFUHWRGHGHGLFLHPEUHSRUHOTXHVHUHJXODQ ODVDFWLYLGDGHVGHWUDQVSRUWHGLVWULEXFLyQFRPHUFLDOL]DFLyQ\SURFHGL PLHQWRVGHDXWRUL]DFLyQGHLQVWDODFLRQHVGHHQHUJtDHOpFWULFDDVtFRPR HQHO'HFUHWRGHGHDEULOGHO&RQVHOOGHOD*HQHUDOLWDWSRU HOTXHVHHVWDEOHFHQORVSURFHGLPLHQWRVGHDXWRUL]DFLyQGHLQVWDODFLR QHV GH SURGXFFLyQ WUDQVSRUWH \ GLVWULEXFLyQ GH HQHUJtD HOpFWULFD TXH VRQFRPSHWHQFLDGHOD*HQHUDOLWDW &RQVLGHUDQGRDOD'LUHFFLyQ*HQHUDOGH(QHUJtDFRPSHWHQWHSDUD OD5HVROXFLyQGHOSUHVHQWHH[SHGLHQWHGHDFXHUGRFRQORGLVSXHVWRHQ HODUWtFXORGHO'HFUHWRGHGHRFWXEUHGHO&RQVHOOGHOD *HQHUDOLWDWSRUHOTXHVHDSUXHEDHO5HJODPHQWR2UJiQLFR\)XQFLR QDOGHODFRQVHOOHULDGH,QIUDHVWUXFWXUDV\7UDQVSRUWH (VWD'LUHFFLyQ*HQHUDOGH(QHUJtDUHVXHOYH 3ULPHUR2WRUJDUD,EHUGUROD'LVWULEXFLyQ(OpFWULFD6$8DXWRUL ]DFLyQDGPLQLVWUDWLYDSDUDODFRQVWUXFFLyQGHODVLQVWDODFLRQHVHOpFWUL FDV GH GLVWULEXFLyQ FRUUHVSRQGLHQWHV D OD QXHYD VXEHVWDFLyQ WUDQVIRU PDGRUDGHN9GHQRPLQDGD³67$OEDO´XELFDGDHQODSDUFH ODQGHOSROtJRQR3DUDMHGH6DQWD$QD]RQD2HVWHGHOWpUPLQR PXQLFLSDOGH$OEDOSURYLQFLDGH9DOHQFLDFX\DVFDUDFWHUtVWLFDVSULQ FLSDOHVVRQ 7UHVWUDQVIRUPDGRUHVGHSRWHQFLDGH09$FDGDXQR\UHODFLyQ N9FRQVXVFRUUHVSRQGLHQWHVUHDFWDQFLDVWULIiVLFDVOLPLWDGRUDV GH SXHVWD D WLHUUD HQ EDxR GH DFHLWH GH $ V HQ HO ODGR GH ORV WUDQVIRUPDGRUHVGHN9 6LVWHPDHOpFWULFRGHN9 &RQILJXUDFLyQGHGREOHEDUUDHQFHOGDVEOLQGDGDVGHLQWHULRUFRQ DLVODPLHQWR HQ 6) FRQIRUPDGR SRU WUHV PyGXORV GH FHOGDV FRQ XQ WRWDOGHSRVLFLRQHVWUHLQWDGHVDOLGDGHOtQHDWUHVGHWUDQVIRUPD GRUGRVGHPHGLGDGRVGHVHUYLFLRVDX[LOLDUHVWUHVGHEDWHUtDGHFRQ GHQVDGRUHVGRVGHHQODFHGHEDUUDVXQDGHSDUWLFLyQ\GHUHPRQWHGH EDUUDV\FXDWURGHXQLyQGHEDUUDV(VWHVLVWHPDVHFRPSOHWDFRQOD GRWDFLyQGHWUHVEDWHUtDVGHFRQGHQVDGRUHV 6HUYLFLRVDX[LOLDUHV $OLPHQWDGRVSRUGRVWUDQVIRUPDGRUHVWULIiVLFRVGHLQWHULRUGH .9$FDGDXQRUHODFLyQGHWUDQVIRUPDFLyQ¶¶N9 %DWHUtDVGHFRQGHQVDGRUHV 6HLQVWDODUiQHQQ~PHURGHWUHVHVFDORQDGDVGHLQWHULRUGHN9 \.9$UFDGDXQDGHHOODV 3URWHFFLyQ\FRQWURO 7LSRGLJLWDOHLQWHJUDGR\IRUPDGRSRUGLVWLQWDVXQLGDGHVGHSRVL FLyQ (GLILFLR HQ HO TXH TXHGDUiQ LQWHJUDGRV ORV VLVWHPDV HOpFWULFRV \ HTXLSRVGHWUDQVIRUPDFLyQHTXLSRVGHFRQWUROSURWHFFLyQFRPXQLFD FLyQ\DOLPHQWDFLyQHQ%7HWF Núm. 5516 / 21.05.2007 3UHVVXSRVWWRWDOFRQMXQW¶HXURV 6HJRQ$SURYDU HO SURMHFWH G¶H[HFXFLy GH OD VXEHVWDFLy FLWDGD HQ HOSXQWSULPHUGHODSUHVHQWUHVROXFLyILUPDWSHUO¶HQJLQ\HULQGXVWULDO ,xDNL0DQULTXH,QpVLYLVDWSHO&ROÂOHJL2ILFLDOG¶(QJLQ\HUV6XSHULRUV ,QGXVWULDOVGHOD&RPXQLWDW9DOHQFLDQDD9DOqQFLDHOGHGHVHPEUH GH /DSUHVHQWUHVROXFLyTXHGDVRWPHVDDOHVFRQGLFLRQVVHJHQWV D(VWDDSURYDFLyV¶HIHFWXDVHQVHSHUMXtGHOHVFRQFHVVLRQVLDXWR ULW]DFLRQVTXHVLJXHQQHFHVVjULHVG¶DFRUGDPEDOWUHVGLVSRVLFLRQVTXH VLJXHQDSOLFDEOHVLHQHVSHFLDOOHVUHODWLYHVDO¶RUGHQDFLyGHWHUULWRULL DOPHGLDPELHQW E/DLQVWDOÂODFLyTXHFDOH[HFXWDUFRPSOLUjHOVUHJODPHQWVDSOLFD EOHVDHVWHWLSXVG¶LQVWDOÂDFLRQVLHQSDUWLFXODUHOTXHHVWDEOL[HO5HLDO 'HFUHW GH GH QRYHPEUH VREUH FRQGLFLRQV WqFQLTXHV L JDUDQWLHV GH VHJXUHWDW HQ FHQWUDOV HOqFWULTXHV VXEHVWDFLRQV L FHQWUHV GH WUDQVIRUPDFLy L OHV VHXHV LQVWUXFFLRQV WqFQLTXHV FRPSOHPHQWjULHV (QWRWFDV,EHUGUROD'LVWULEXFLyQ(OpFWULFD6$8KDXUjG¶REVHUYDUHOV SUHFHSWHVOHVPHVXUHVLOHVFRQGLFLRQVTXHV¶HVWDEOLVTXHQHQODOHJLVOD FLyDSOLFDEOHDO¶DFWLYLWDWGHGLVWULEXFLyG¶HQHUJLDHOqFWULFD F/HVLQVWDOÂODFLRQVKDXUDQGHUHDOLW]DUVHVHJRQVHOSURMHFWHSUH VHQWDW(QHOFDVTXHIyUDQHFHVVDULLQWURGXLUPRGLILFDFLRQVUHVSHFWHGH ODGRFXPHQWDFLySUHVHQWDGDHOWLWXODUGHODSUHVHQWDXWRULW]DFLyKDXUj GHVROÂOLFLWDUDHVWD'LUHFFLy*HQHUDOODFRUUHVSRQHQWDXWRULW]DFLy G (O WHUPLQL SUHYLVW SHU D O¶H[HFXFLy GH OHV LQVWDOÂODFLRQV pV GH TXDWUH PHVRV FRPSWDGRUV D SDUWLU GH O¶RFXSDFLy UHDO GH OHV ILQTXHV DIHFWDGHV1RREVWDQWDL[zDEDQVGHO¶DFDEDPHQWGHOGLWWHUPLQL,EHU GUROD 'LVWULEXFLyQ (OpFWULFD 6$8 SRGUj VROÂOLFLWDUQH XQD DPSOLDFLy SHU PLWMj GH OD VROÂOLFLWXG PRWLYDGD GDYDQW G¶HVWD 'LUHFFLy *HQHUDO G¶(QHUJLD H(OWLWXODULQIRUPDUjGHO¶DFDEDPHQWGHOHVREUHVDO6HUYLFL7HU ULWRULDO G¶(QHUJLD GH 9DOqQFLD D O¶HIHFWH GH OD VROÂOLFLWXG G¶DXWRULW]D FLyG¶H[SORWDFLyDODTXDOV¶DGMXQWDUjXQFHUWLILFDWGHGLUHFFLyLILQDO G¶REUDVXEVFULWSHUWqFQLFIDFXOWDWLXFRPSHWHQWHQTXqDFUHGLWDUjTXH pV FRQIRUPH DOV UHJODPHQWV WqFQLFV HQ OD PDWqULD VHJRQV HVWDEOL[ OD QRUPDWLYDYLJHQWSHUDOVSURMHFWHVG¶LQVWDOÂODFLRQVHOqFWULTXHVLLJXDO PHQW UHVSHFWH D O¶DXWRULW]DFLy DGPLQLVWUDWLYD L HO SURMHFWH G¶H[HFXFLy DSURYDW I /¶DGPLQLVWUDFLy GHL[DUj VHQVH HIHFWH OD SUHVHQW UHVROXFLy HQ HO PRPHQW HQ TXq REVHUYH O¶LQFRPSOLPHQW GH OHV FRQGLFLRQV TXH V¶KL LPSRVHQ J &RQGLFLRQV G¶RUGH PHGLDPELHQWDO HVWDEOLGHV HQ OD 'HFODUDFLy G¶,PSDFWH$PELHQWDOGHGHPDLJGH (V UHVWDXUDUDQ D OHV VHXHV FRQGLFLRQV LQLFLDOV WRWHV OHV jUHHV TXH V¶KDJHQ YLVW DOWHUDGHV SHU OHV REUHV L HV SURFHGLUj D OD FRUUHFWD JHVWLy GHOV UHVLGXV JHQHUDWV 6¶HYLWDUj HQ WRW PRPHQW O¶DWHUUDPHQWR O¶REVWDFXOLW]DFLy GH OHV VpTXLHV GH UHJ SUz[LPHV D OD SDUFHOÂOD GXUDQW HOVWUHEDOOVGHFRQVWUXFFLy /HV RSHUDFLRQV GH EXLGDWJH L RPSOLPHQW GHO JDV 6) HPSOHDW FRP D PLWMj DwOODQW GLHOqFWULF HQ OHV FHOÂOHV GHOV VLVWHPHV HV UHDOLW]D UjSHUPLWMjG¶HTXLSVTXHSHUPHWHQODVHXDUHFXSHUDFLyLLPSHGLVTXHQ O¶HPLVVLyOOLXUHGHOJDVDO¶DWPRVIHUD 5HVSHFWHGHOHVHPLVVLRQVGHFDPSVHOHFWURPDJQqWLFVGHULYDGHV GHOIXQFLRQDPHQWGHODVXEHVWDFLyWUDQVIRUPDGRUDFDOGUjDMXVWDUVHDO TXHGLVSRVDOD'LUHFFLy*HQHUDOGH6DOXW3~EOLFDzUJDQFRPSHWHQWHQ OD YLJLOjQFLD VDQLWjULD GH OD FRQWDPLQDFLy HOHFWURPDJQqWLFD G¶DFRUG DPEOD/OHLGHGHMXQ\(QWRWFDVHVWHVHVPDQWLQGUDQSHU GDYDOOGHOVOtPLWVHVWDEOLWVSHUOD5HFRPDQDFLyGHO&RQVHOOGH0LQLV WUHV GH 6DQLWDW GH OD 8QLy (XURSHD GH GH MXOLRO &( IL[DWVHQN9PSHUDOFDPSHOqFWULFL7SHUDOFDPSPDJQqWLF $ODSRVDGD HQ PDU[DGH ODVXEHVWDFLyWUDQVIRUPDGRUDHV UHDOLW]DUDQ PHVXUDPHQWV SHU D JDUDQWLU HO FRPSOLPHQW G¶DPEGyV OtPLWV FDPS HOqFWULF L FDPS PDJQqWLF L HOV UHVXOWDWV GHOV TXDOV V¶LQFRUSRUDUDQ DO 3URJUDPDGH9LJLOjQFLD$PELHQWDO $ODSRVDGDHQPDU[DGHODVXEHVWDFLyWUDQVIRUPDGRUDHVSUR FHGLUjDPHVXUDUHOVQLYHOOVVRQRUVJHQHUDWVDILGHYHULILFDUHOFRPSOL PHQWGHOHVFRQGLFLRQVHVWDEOLGHVHQODOHJLVODFLyYLJHQW 20239 3UHVXSXHVWRWRWDOFRQMXQWR¶(XURV 6HJXQGR$SUREDUHOSUR\HFWRGHHMHFXFLyQGHODVXEHVWDFLyQFLWD GDHQHOSXQWRSULPHURGHODSUHVHQWHUHVROXFLyQILUPDGRSRUHOLQJH QLHURLQGXVWULDO',xDNL0DQULTXH,QpV\YLVDGRSRUHO&ROHJLR2ILFLDO GH,QJHQLHURV6XSHULRUHV,QGXVWULDOHVGHOD&RPXQLGDG9DOHQFLDQDHQ 9DOHQFLDHQIHFKDGHGLFLHPEUHGH /D SUHVHQWH UHVROXFLyQ TXHGD VRPHWLGD D ODV VLJXLHQWHV FRQGLFLR QHV D (VWD DSUREDFLyQ VH HIHFW~D VLQ SHUMXLFLR GH ODV FRQFHVLRQHV \ DXWRUL]DFLRQHVTXHVHDQQHFHVDULDVGHDFXHUGRFRQRWUDVGLVSRVLFLRQHV TXH UHVXOWHQ DSOLFDEOHV \ HQ HVSHFLDO ODV UHODWLYDV D OD RUGHQDFLyQ GH WHUULWRULR\DOPHGLRDPELHQWH E /D LQVWDODFLyQ D HMHFXWDU FXPSOLUi FRQ ORV UHJODPHQWRV DSOLFD EOHVDHVWHWLSRGHLQVWDODFLRQHV\HQSDUWLFXODUFRQORHVWDEOHFLGRHQ HO 5HDO 'HFUHWR GH GH QRYLHPEUH VREUH &RQGLFLRQHV 7pFQLFDV \ *DUDQWtDV GH 6HJXULGDG HQ &HQWUDOHV (OpFWULFDV 6XEHVWD FLRQHV\&HQWURVGH7UDQVIRUPDFLyQ\VXVLQVWUXFFLRQHVWpFQLFDVFRP SOHPHQWDULDV (Q WRGR FDVR ,EHUGUROD 'LVWULEXFLyQ (OpFWULFD 6$8 GHEHUiREVHUYDUORVSUHFHSWRVPHGLGDV\FRQGLFLRQHVTXHVHHVWDEOH] FDQHQODOHJLVODFLyQDSOLFDEOHDODDFWLYLGDGGHGLVWULEXFLyQGHHQHUJtD HOpFWULFD F/DVLQVWDODFLRQHVGHEHUiQUHDOL]DUVHVHJ~QHOSUR\HFWRSUHVHQWD GR(QFDVRGHTXHIXHUDQHFHVDULRLQWURGXFLUPRGLILFDFLRQHVUHVSHFWR GHODGRFXPHQWDFLyQSUHVHQWDGDHOWLWXODUGHODSUHVHQWHDXWRUL]DFLyQ GHEHUiVROLFLWDUDHVWD'LUHFFLyQ*HQHUDOODFRUUHVSRQGLHQWHDXWRUL]D FLyQ G (O SOD]R SUHYLVWR SDUD OD HMHFXFLyQ GH ODV LQVWDODFLRQHV HV GH FXDWURPHVHVFRQWDGRVDSDUWLUGHODRFXSDFLyQUHDOGHODVILQFDVDIHF WDGDV1RREVWDQWHFRQDQWHULRULGDGDODILQDOL]DFLyQGHGLFKRSOD]R ,EHUGUROD'LVWULEXFLyQ(OpFWULFD6$8SRGUiVROLFLWDUXQDDPSOLDFLyQ GHOPLVPRPHGLDQWHVROLFLWXGPRWLYDGDDQWHHVWD'LUHFFLyQ*HQHUDOGH (QHUJtD H (O WLWXODU GDUi FXHQWD GH OD WHUPLQDFLyQ GH ODV REUDV DO 6HUYL FLR7HUULWRULDOGH(QHUJtDGH9DOHQFLDDORVHIHFWRVGHODVROLFLWXGGH DXWRUL]DFLyQGHH[SORWDFLyQDODTXHVHDFRPSDxDUiXQFHUWLILFDGRGH GLUHFFLyQ\ILQDOGHREUDVXVFULWRSRUWpFQLFRIDFXOWDWLYRFRPSHWHQWH DFUHGLWDQGRTXHHVFRQIRUPHDORVUHJODPHQWRVWpFQLFRVHQODPDWHULD VHJ~QVHHVWDEOHFHHQODQRUPDWLYDYLJHQWHSDUDORVSUR\HFWRVGHLQVWD ODFLRQHVHOpFWULFDVHLJXDOPHQWHUHVSHFWRDODDXWRUL]DFLyQDGPLQLVWUD WLYD\HOSUR\HFWRGHHMHFXFLyQDSUREDGR I /D$GPLQLVWUDFLyQ GHMDUi VLQ HIHFWR OD SUHVHQWH UHVROXFLyQ HQ FXDOTXLHUPRPHQWRHQTXHREVHUYHHOLQFXPSOLPLHQWRGHODVFRQGLFLR QHVLPSXHVWDVHQHOOD J&RQGLFLRQHVGHRUGHQPHGLRDPELHQWDOHVWDEOHFLGDVHQOD'HFOD UDFLyQGH,PSDFWR$PELHQWDOGHGHPD\RGH 6HUHVWDXUDUiQDVXVFRQGLFLRQHVLQLFLDOHVWRGDVODViUHDVTXHVH KD\DQYLVWRDOWHUDGDVSRUODVREUDV\VHSURFHGHUiDODFRUUHFWDJHVWLyQ GHORVUHVLGXRVJHQHUDGRV6HHYLWDUiHQWRGRPRPHQWRHODWHUUDPLHQ WRRODREVWDFXOL]DFLyQGHODVDFHTXLDVGHULHJRSUy[LPDVDODSDUFHOD GXUDQWHORVWUDEDMRVGHFRQVWUXFFLyQ /DV RSHUDFLRQHV GH YDFLDGR \ OOHQDGR GHO JDV 6) HPSOHDGR FRPRPHGLRDLVODQWHGLHOpFWULFRHQODVFHOGDVGHORVVLVWHPDVVHUHDOL ]DUiPHGLDQWHHTXLSRVTXHSHUPLWDQVXUHFXSHUDFLyQHLPSLGDQODHPL VLyQOLEUHGHOJDVDODDWPyVIHUD &RQUHVSHFWRDODVHPLVLRQHVGHFDPSRVHOHFWURPDJQpWLFRVGHUL YDGDVHOIXQFLRQDPLHQWRGHODVXEHVWDFLyQWUDQVIRUPDGRUDVHHVWDUiDOR GLVSXHVWRSRUOD'LUHFFLyQ*HQHUDOGH6DOXG3~EOLFDyUJDQRFRPSHWHQ WH HQ OD YLJLODQFLD VDQLWDULD GH OD FRQWDPLQDFLyQ HOHFWURPDJQpWLFD GH DFXHUGRFRQODOH\GHGHMXQLR(QWRGRFDVRpVWDVVHPDQ WHQGUiQSRUGHEDMRGHORVOtPLWHVHVWDEOHFLGRVSRUOD5HFRPHQGDFLyQGHO &RQVHMR GH 0LQLVWURV GH 6DQLGDG GH OD 8QLyQ (XURSHD GHGHMXOLR &( ILMDGRV HQ N9P SDUD HO FDPSR HOpFWULFR \ ȝ7 SDUDHOFDPSRPDJQpWLFR$ODSXHVWDHQPDUFKDGHODVXEHVWDFLyQWUDQV IRUPDGRUDVHUHDOL]DUiQPHGLFLRQHVSDUDJDUDQWL]DUHOFXPSOLPLHQWRGH DPERVOtPLWHVFDPSRHOpFWULFR\FDPSRPDJQpWLFR\FX\RVUHVXOWDGRV VHLQFRUSRUDUiQDO3URJUDPDGH9LJLODQFLD$PELHQWDO $ OD SXHVWD HQ PDUFKD GH OD 6XEHVWDFLyQ 7UDQVIRUPDGRUD VH SURFHGHUi D PHGLU ORV QLYHOHV VRQRURV JHQHUDGRV DO REMHWR GH YHULIL FDU HO FXPSOLPLHQWR GH ODV FRQGLFLRQHV HVWDEOHFLGDV HQ OD OHJLVODFLyQ YLJHQWH Núm. 5516 / 21.05.2007 4XDOVHYRO PRGLILFDFLy R DPSOLDFLy GHO SURMHFWH SUHVHQWDW DL[t FRP VL HV GHWHFWDUD DOJXQ LPSDFWH DPELHQWDO QR SUHYLVW HQ O¶(VWXGL G¶,PSDFWH$PELHQWDOKDXUDQGHVHUFRPXQLFDWVDOD'LUHFFLy*HQHUDO GH *HVWLy GHO 0HGL 1DWXUDO GH OD FRQVHOOHULD GH 7HUULWRUL L +DELWDWJH TXHHVWDEOLUjVLSURFHGL[O¶DSOLFDFLyGHQRYHVFRQGLFLRQV 7HUFHU'HFODUDUHQFRQFUHWODXWLOLWDWS~EOLFDGHO¶HVWDEOLPHQWGH ODLQVWDOÂODFLyGH ODVXEHVWDFLyHOqFWULFDDXWRULW]DGDHQ HOSXQWSULPHU GHODSUHVHQWUHVROXFLyODTXDOFRVDSRUWDLPSOtFLWDODQHFHVVLWDWG¶RFX SDFLyGHOVEpQVLGUHWVDIHFWDWVLLPSOLFDODXUJHQWRFXSDFLyG¶HVWRVDOV HIHFWHVGHO¶DUWLFOHGHOD/OHLG¶([SURSLDFLy)RUoRVDLHVFRQFUHWD HQXQDDIHFFLyDOHVILQTXHVSDUWLFXODUVLQFORVHVHQODUHODFLyDQQH[D DPE O¶DEDVW L HOV HIHFWHV SUHYLVWRV HQ O¶DUWLFOH GH OD /OHL GHGHQRYHPEUHGHO6HFWRU(OqFWULFLHOVDUWLFOHV LGHO5HLDO'HFUHWG¶GHGHVHPEUHSHOTXDOHV UHJXOHQ OHV DFWLYLWDWV GH WUDQVSRUW GLVWULEXFLy FRPHUFLDOLW]DFLy VXE PLQLVWUDPHQW L SURFHGLPHQWV G¶DXWRULW]DFLy G¶LQVWDOÂODFLRQV G¶HQHUJLD HOqFWULFD 4XDUW3XEOLFDULQRWLILFDUODSUHVHQWUHVROXFLyG¶DFRUGDPEHOTXH HVWDEOL[O¶DUWLFOHGHO'HFUHWGHG¶DEULOGHO&RQVHOOGH OD *HQHUDOLWDW SHO TXDO V¶HVWDEOL[HQ HOV SURFHGLPHQWV G¶DXWRULW]DFLy G¶LQVWDOÂODFLRQVGHSURGXFFLyWUDQVSRUWLGLVWULEXFLyG¶HQHUJLDHOqFWUL FDTXHVyQFRPSHWqQFLDGHOD*HQHUDOLWDWLHVFRPXQLFDTXHODSXEOL FDFLyG¶HVWDHVUHDOLW]DUjLJXDOPHQWDOVHIHFWHVTXHGHWHUPLQDO¶DUWLFOH GHOD/OHLGHGHQRYHPEUHGH5qJLP-XUtGLFGHOHV $GPLQLVWUDFLRQV3~EOLTXHVLGHO3URFHGLPHQW$GPLQLVWUDWLX&RP~HQ ODUHGDFFLyTXHHOVGyQDOD/OHLGHGHJHQHUGHPRGLILFDFLy GHO¶DQWHULRUGHQRWLILFDFLyGHODSUHVHQWUHVROXFLyDOVWLWXODUVGHVFRQH JXWVRDPEGRPLFLOLLJQRUDWRDDTXHOOVHQTXqLQWHQWDGDODQRWLILFDFLy QRV¶KDJXHUDSRJXWUHDOLW]DU 20240 &XDOTXLHU PRGLILFDFLyQ R DPSOLDFLyQ GHO SUR\HFWR SUHVHQWDGR DVt FRPR VL VH GHWHFWDVH DOJ~Q LPSDFWR DPELHQWDO QR SUHYLVWR HQ HO (VWXGLR GH ,PSDFWR$PELHQWDO GHEHUiQ VHU FRPXQLFDGRV D OD 'LUHF FLyQ*HQHUDOGH*HVWLyQGHO0HGLR1DWXUDOGHODFRQVHOOHULDGH7HUUL WRULR \9LYLHQGD TXH HVWDEOHFHUi VL SURFHGH OD DSOLFDFLyQ GH QXHYRV FRQGLFLRQDQWHV 7HUFHUR 'HFODUDU HQ FRQFUHWR OD XWLOLGDG S~EOLFD GHO HVWDEOH FLPLHQWR GH OD LQVWDODFLyQ GH OD VXEHVWDFLyQ HOpFWULFD DXWRUL]DGD HQ HO SXQWR SULPHUR GH OD SUHVHQWH UHVROXFLyQ OR TXH OOHYD LPSOtFLWD OD QHFHVLGDG GH RFXSDFLyQ GH ORV ELHQHV \ GHUHFKRV DIHFWDGRV H LPSOL FD OD XUJHQWH RFXSDFLyQ GH ORV PLVPRV D ORV HIHFWRV GHO DUWtFXOR GHOD/H\GH([SURSLDFLyQ)RU]RVDFRQFUHWiQGRVHHQXQDDIHFFLyQD ODV ILQFDV SDUWLFXODUHV LQFOXLGDV HQ OD UHODFLyQ DQH[D FRQ HO DOFDQFH \ ORV HIHFWRV SUHYLVWRV HQ HO DUWtFXOR GH OD /H\ GH GH QRYLHPEUH GHO 6HFWRU (OpFWULFR \ ORV DUWtFXORV \GHO5HDO'HFUHWRGHGHGLFLHPEUHSRUHOTXHVH UHJXODQ ODV DFWLYLGDGHV GH WUDQVSRUWH GLVWULEXFLyQ FRPHUFLDOL]DFLyQ VXPLQLVWUR\SURFHGLPLHQWRVGHDXWRUL]DFLyQGHLQVWDODFLRQHVGHHQHU JtDHOpFWULFD &XDUWR3XEOLFDU\QRWLILFDUODSUHVHQWHUHVROXFLyQGHDFXHUGRFRQ ORHVWDEOHFLGRHQHODUWtFXORGHO'HFUHWRGHGHDEULOGHO &RQVHOOGHOD*HQHUDOLWDWSRUHOTXHVHHVWDEOHFHQORVSURFHGLPLHQWRV GHDXWRUL]DFLyQGHLQVWDODFLRQHVGHSURGXFFLyQWUDQVSRUWH\GLVWULEX FLyQ GH HQHUJtD HOpFWULFD TXH VRQ FRPSHWHQFLD GH OD *HQHUDOLWDW VLJ QLILFiQGRVHTXHODSXEOLFDFLyQGHODPLVPDVHUHDOL]DUiLJXDOPHQWHD ORVHIHFWRVTXHGHWHUPLQDHODUWtFXORGHOD/H\GHGH QRYLHPEUH GH 5pJLPHQ -XUtGLFR GH ODV$GPLQLVWUDFLRQHV 3~EOLFDV \ GHO 3URFHGLPLHQWR$GPLQLVWUDWLYR &RP~Q HQ VX UHGDFFLyQ GDGD SRU OD/H\GHGHHQHURGHPRGLILFDFLyQGHODDQWHULRUGHQRWL ILFDFLyQ GH OD SUHVHQWH UHVROXFLyQ D ORV WLWXODUHV GHVFRQRFLGRV R FRQ GRPLFLOLRLJQRUDGRRDDTXHOORVHQTXHLQWHQWDGDODQRWLILFDFLyQQRVH KXELHVHSRGLGRSUDFWLFDU $(2 $(2 $(2 $(2 $(4 $(, $(. $() E F G H %DUWRORPp&DVDx/ORUHQV &&ROyQ 0DVVDQDVD9DOqQFLD 0DUtD3LODU*LPHQR%DODJXHU &&LVFDUU 9DOqQFLD 5~VWLFD9DOHQFLDQD6$ 3O3RUWDGHOD0DUU 9DOqQFLD 6DVJXHV&KDTXHV%DXWLVWDLDOWUHV 3O3RUWDGHOD0DUU 9DOqQFLD 5HODFLyFRQFUHWDLLQGLYLGXDOLW]DGDGHEpQVLGUHWVDIHFWDWV 3DUF 3URM 5HIHUqQFLDFDGDVWUDO 3RO 3DUF 7LWXODULWDW )XQGDFLy-XDQ%DXWLVWD(VWHYH0XxR] $(2 3OGHO-DUGt $OEDO9DOHQFLD D $(2 5RVD7RUURPp1DYDUURL 5RVD&KLOHW7RUURPp &6DQ3HGUR $OEDO9DOqQFLD +HUHXVGH-XDQ3XFKDGHV&KLOHW &'U)OHPLQJ3%- $OEDO9DOqQFLD 0DQXHO&KLOHW*LPHQR 3ODoD6DQWtVVLP3%- $OEDO9DOqQFLD 5DIDHO9LOD*LPHQR &DUUHUGHOHV(VFROHV $OEDO9DOqQFLD $QWRQLR9LOD0DUWtQH] 3ODoDGHOD7RUUH $OEDO9DOqQFLD $UUHQGDWDULV 6XSDIHFW Pð 6XSWRWDO Pð &tWULFV &tWULFV &tWULFV &tWULFV &tWULFV 3DVWXUHV &tWULFV &tWULFV &tWULFV &tWULFV &ODVVHGHFXOWLX Núm. 5516 / 21.05.2007 20241 5HODFLyQFRQFUHWDHLQGLYLGXDOL]DGDGHELHQHV\GHUHFKRVDIHFWDGRV 3DUF 3UR\ 5HIHUHQFLD&DWDVWUDO 3RO 3DUF 7LWXODULGDG $UUHQGDWDULRV )XQGDFLyQ-XDQ%DXWLVWD(VWHYH0XxR] 3OGHO-DUGt $(2 $OEDO9DOHQFLD 5RVD7RUURPp1DYDUUR\ D $(2 5RVD&KLOHW7RUURPp &6DQ3HGUR $OEDO9DOHQFLD +HUHGHURVGH-XDQ3XFKDGHV&KLOHW &'U)OHPLQJ3%- E $(2 $OEDO9DOHQFLD 0DQXHO&KLOHW*LPHQR F $(2 3ODoD6DQWtVVLP3%- $OEDO9DOHQFLD 5DIDHO9LOD*LPHQR G $(2 &DUUHUGHOHV(VFROHV $OEDO9DOHQFLD $QWRQLR9LOD0DUWtQH] H $(2 3OD]DGHOD7RUUH $OEDO9DOHQFLD %DUWRORPp&DVDx/ORUHQV $(4 &&ROyQ 0DVVDQDVD9DOHQFLD 0DUtD3LODU*LPHQR%DODJXHU $(, &&LVFDU 9DOHQFLD 5~VWLFD9DOHQFLDQD6$ $(. 3O3RUWDGHOD0DU 9DOHQFLD 6DVJXHV&KDTXHV%DXWLVWD\2WURV $() 3O3RUWDGHOD0DU 9DOHQFLD &tWULFRV 3DVWRV &tWULFRV &tWULFRV &tWULFRV &tWULFRV &tWULFRV &tWULFRV &tWULFRV &tWULFRV &ODVHGHFXOWLYR 6XSDIHFW Pð 6XSWRWDO Pð Núm. 5516 / 21.05.2007 20242 Núm. 5516 / 21.05.2007 20243 &RQWUD OD SUHVHQW UHVROXFLy TXH QR SRVD IL D OD YLD DGPLQLVWUDWL YDSRGUjLQWHUSRVDUVHUHFXUVG¶DOoDGDGDYDQWGHOVHFUHWDULDXWRQzPLF G¶,QIUDHVWUXFWXUHVHQHOWHUPLQLG¶XQPHVFRPSWDGRUGHVGHO¶HQGHPj GHODVHXDQRWLILFDFLyG¶DFRUGDPEHOTXHHVWDEOL[O¶DUWLFOHGHOD /OHLGHGHQRYHPEUHGHO5qJLP-XUtGLFGHOHV$GPLQLVWUDFL RQV3~EOLTXHVLGHO3URFHGLPHQW$GPLQLVWUDWLX&RP~ &RQWUD OD SUHVHQWH UHVROXFLyQ TXH QR SRQH ILQ D OD YtD DGPLQLV WUDWLYD SRGUi LQWHUSRQHUVH UHFXUVR GH DO]DGD DQWH HO 6HFUHWDULR$XWR QyPLFR GH ,QIUDHVWUXFWXUDV HQ HO SOD]R GH XQ PHV FRQWDGR GHVGH HO GtDVLJXLHQWHDOGHVXQRWLILFDFLyQGHDFXHUGRFRQORHVWDEOHFLGRHQHO DUWtFXORGHOD/H\GHGHQRYLHPEUHGHO5pJLPHQ-XUtGL FRGHODV$GPLQLVWUDFLRQHV3~EOLFDV\GHO3URFHGLPLHQWR$GPLQLVWUDWL YR&RP~Q 9DOqQFLD GH PDUo GH ± (O GLUHFWRU JHQHUDO G¶(QHUJLD $QWRQLR&HMDOYR/DSHxD 9DOHQFLD GH PDU]R GH ± (O GLUHFWRU JHQHUDO GH (QHUJtD $QWRQLR&HMDOYR/DSHxD Núm. 5516 / 21.05.2007 &RQVHOOHULDG¶,QIUDHVWUXFWXUHVL7UDQVSRUW 20244 &RQVHOOHULDGH,QIUDHVWUXFWXUDV\7UDQVSRUWH 5(62/8&,ÏGHGHPDUoGHGHO6HUYLFL7HUULWR ULDOG¶(QHUJLDSHUODTXDOV¶DWRUJDD*DV1DWXUDO&HJDV 6$ DXWRULW]DFLy DGPLQLVWUDWLYD L DSURYDFLy GHO SURMHFWH G¶H[HFXFLySHUDODFRQVWUXFFLyGHOD[DU[DGHGLVWULEXFLy GH JDV QDWXUDO DO WHUPH PXQLFLSDO GH OD -DQD ([SHGLHQW Q~PHUR&%5('(>@ 5(62/8&,Ï1GHGHPDU]RGHGHO6HUYLFLR7HU ULWRULDO GH (QHUJtD SRU OD TXH VH RWRUJD D *DV 1DWXUDO &HJDV 6$ DXWRUL]DFLyQ DGPLQLVWUDWLYD \ DSUREDFLyQ GHO SUR\HFWR GH HMHFXFLyQ SDUD OD FRQVWUXFFLyQ GH OD UHG GH GLVWULEXFLyQGHJDVQDWXUDOHQHOWpUPLQRPXQLFLSDOGH/D -DQD([SHGLHQWHQ~PHUR&%5('(>@ 9LVWD OD VROÂOLFLWXG SUHVHQWDGD SHU *DV 1DWXUDO &HJDV 6$ DPE GDWD GH GHVHPEUH GH HQ HO 6HUYLFL 7HUULWRULDO G¶(QHUJLD GH &DVWHOOy GH OD FRQVHOOHULD G¶,QIUDHVWUXFWXUHV L 7UDQVSRUW MXQWDPHQW DPEHOSURMHFWHGHOD[DU[DGHGLVWULEXFLyGHJDVQDWXUDODOPXQLFLSLGH OD-DQDILUPDWSHUO¶HQJLQ\HUDLQGXVWULDO5RVD$QD)UDVTXHW6iQFKH] YLVDW SHO &ROÂOHJL G¶(QJLQ\HUV ,QGXVWULDOV GH 9DOqQFLD DPE GDWD GH GHVHPEUH GH L O¶DGGHQGD DO SURMHFWH SUHVHQWDGD HO GH JHQHU GH ILUPDGD SHU O¶HQJLQ\HU LQGXVWULDO -RDTXtQ &RVWD 0RUHQR L YLVDGD SHO &ROÂOHJL G¶(QJLQ\HUV ,QGXVWULDOV GH 9DOqQFLD DPE GDWD GHJHQHUGHSHUTXqOLVLJDDWRUJDGDO¶DXWRULW]DFLyDGPLQLVWUDWLYD LO¶DSURYDFLyGHOSURMHFWHG¶H[HFXFLySHUDODGLVWULEXFLyGHJDVQDWXUDO DOPXQLFLSLGHOD-DQDSURYtQFLDGH&DVWHOOyDPEGHVWLQDFLyDOVPHU FDWVGRPqVWLFFRPHUFLDOLLQGXVWULDO 9LVWD OD VROLFLWXG SUHVHQWDGD SRU *DV 1DWXUDO &HJDV 6$ FRQ IHFKDGHGLFLHPEUHGHHQHO6HUYLFLR7HUULWRULDOGH(QHUJtDGH &DVWHOOyQGHODFRQVHOOHULDGH,QIUDHVWUXFWXUDV\7UDQVSRUWHMXQWRFRQ SUR\HFWRGHUHGGHGLVWULEXFLyQGHJDVQDWXUDOHQHOPXQLFLSLRGH/D -DQDILUPDGRSRUOD,QJHQLHUR,QGXVWULDO5RVD$QD)UDVTXHW6iQFKH] YLVDGRSRUHO&ROHJLRGH,QJHQLHURV,QGXVWULDOHVGH9DOHQFLDFRQIHFKD GH GLFLHPEUH GH \ OD DGGHQGD DO SUR\HFWR SUHVHQWDGD HO GH HQHUR GH ILUPDGD SRU HO ,QJHQLHUR ,QGXVWULDO -RDTXtQ &RVWD 0RUHQR \ YLVDGD SRU HO &ROHJLR GH ,QJHQLHURV ,QGXVWULDOHV GH9DOHQ FLDFRQIHFKDGHHQHURGHSDUDTXHOHVHDRWRUJDGDODDXWRUL ]DFLyQDGPLQLVWUDWLYD\DSUREDFLyQGHOSUR\HFWRGHHMHFXFLyQSDUDOD GLVWULEXFLyQ GH JDV QDWXUDO HQ HO PXQLFLSLR GH /D -DQD SURYLQFLD GH &DVWHOOyQ FRQ GHVWLQR D ORV PHUFDGRV GRPpVWLFR FRPHUFLDO H LQGXV WULDO 5HVXOWDQGR TXH IXH UHDOL]DGD OD LQIRUPDFLyQ S~EOLFD D TXH KDFH UHIHUHQFLDHODUWtFXORGHOD/H\GHGHRFWXEUHGHO6HF WRUGH+LGURFDUEXURV%2(GHGHRFWXEUHGH 5HVXOWDQGRTXHHQODIHFKDTXHHVGLFWDGDODSUHVHQWHUHVROXFLyQ FRQVWDQ MXVWLILFDGDPHQWH DFUHGLWDGRV DQWH HO 6HUYLFLR 7HUULWRULDO GH (QHUJtDSRUSDUWHGH*DV1DWXUDO&HJDV6$ORVGDWRVUHIHULGRVDORV VLJXLHQWHVH[WUHPRV ±/D]RQDJHRJUiILFDSDUDODTXHVHVROLFLWDDXWRUL]DFLyQDGPLQLV WUDWLYD GHOLPLWDGD DGHFXDGDPHQWH \ GHILQLGD OD LQVWDODFLyQ SULQFLSDO GHODUHGGHQWURGH]RQDVXUEDQL]DGDVRFRQSUR\HFWRGHXUEDQL]DFLyQ DSUREDGR ±5HIHUHQFLDDOSODQGHH[SDQVLyQGHODUHGHQOD]RQDSDUDODOOH JDGDGHOJDVDORVGLVWLQWRVSXQWRVGHVXPLQLVWURLQFOXLGRVHQHOiPELWR GHODDXWRUL]DFLyQ ± ,GHQWLILFDFLyQ GH ORV OtPLWHV \ GLVWDQFLDV H[LVWHQWHV GH OD ]RQD REMHWR GH GLFKR SODQ OLPLWDGD OD H[SDQVLyQ D VXHOR FODVLILFDGR FRPR XUEDQRRXUEDQL]DEOHFRQSUR\HFWRGHXUEDQL]DFLyQDSUREDGR ±3XQWRVGHFRQH[LyQGHODLQIUDHVWUXFWXUDGHJDVVXHPSOD]DPL HQWRJHRJUiILFRWLWXODU\FDUDFWHUtVWLFDVTXHORGHILQHQ 5HVXOWDQGRTXH*DV1DWXUDO&HJDV6$UH~QHORVUHTXLVLWRVHVWD EOHFLGRVHQHO&DStWXOR,,GHO7tWXOR,,GHO5HDO'HFUHWRGH GHGLFLHPEUHSDUDHOHMHUFLFLRGHODDFWLYLGDGGHGLVWULEXFLyQ &RQVLGHUDQGRORVLQIRUPHVWpFQLFRVHPLWLGRVSRUHO6HUYLFLR7HU ULWRULDOGH(QHUJtDGH&DVWHOOyQGHODFRQVHOOHULDGH,QIUDHVWUXFWXUDV\ 7UDQVSRUWHVREUHODVVROLFLWXGHVSUHVHQWDGDVGHDXWRUL]DFLyQDGPLQLV WUDWLYDSDUDODFRQVWUXFFLyQGHODUHGGHGLVWULEXFLyQGHJDVQDWXUDOHQ HOWpUPLQRPXQLFLSDOGH/D-DQD 5HVXOWDQGRTXHSRUDSOLFDFLyQGHODUWtFXORSXQWRDSDUWDGRE GHODFLWDGD/H\GHGHRFWXEUHODVLQVWDODFLRQHVGHGLVWULEX FLyQGHJDVQDWXUDOUHTXLHUHQDXWRUL]DFLyQDGPLQLVWUDWLYDSUHYLD &RQVLGHUDQGRTXHVHKDQFXPSOLGRORVWUiPLWHVUHJODPHQWDULRVHQ HOH[SHGLHQWHLQVWUXLGRDOHIHFWR &RQVLGHUDQGR ODV YHQWDMDV HQ RUGHQ D OD JDUDQWtD LPSRUWDQFLD FDOLGDG\FRQGLFLRQHVWpFQLFDVHQYLUWXGGHORDQWHULRUPHQWHHVWDEOH FLGR\TXHHVWD'LUHFFLyQ*HQHUDOGH(QHUJtDHVFRPSHWHQWHSDUDGLF WDUODSUHVHQWHUHVROXFLyQGHDFXHUGRFRQHODUWtFXOR\HODUWtFXOR G GH OD /H\ \ FRQ HO DUWtFXOR GHO 'HFUHWR GHGHRFWXEUHGHO&RQVHOOGHOD*HQHUDOLWDWSRUHOTXHVHDSUXHEDHO 5HJODPHQWR2UJiQLFR\)XQFLRQDOGHODFRQVHOOHULDGH,QIUDHVWUXFWXUDV \7UDQVSRUWH (VWH6HUYLFLR7HUULWRULDOGH(QHUJtDUHVXHOYH 9LVWTXHYDVHUUHDOLW]DGDODLQIRUPDFLyS~EOLFDDTXqIDUHIHUqQFLD O¶DUWLFOH GH OD /OHL GH G¶RFWXEUH GHO 6HFWRU G¶+LGUR FDUEXUV%2(GHG¶RFWXEUHGH 9LVW TXH HQ OD GDWD TXH pV GLFWDGD OD SUHVHQW UHVROXFLy FRQVWHQ MXVWLILFDGDPHQWDFUHGLWDWVGDYDQWGHO6HUYLFL7HUULWRULDOG¶(QHUJLDSHU SDUWGH*DV1DWXUDO&HJDV6$OHVGDGHVUHIHULGHVDOVSXQWVVHJHQWV ±/D]RQDJHRJUjILFDSHUDODTXDOVHVROÂOLFLWDO¶DXWRULW]DFLyDGPL QLVWUDWLYDGHOLPLWDGDDGHTXDGDPHQWLGHILQLGDODLQVWDOÂODFLySULQFLSDO GHOD[DU[DGLQVGH]RQHVXUEDQLW]DGHVRDPESURMHFWHG¶XUEDQLW]DFLy DSURYDW ±5HIHUqQFLDDOSODG¶H[SDQVLyGHOD[DU[DHQOD]RQDSHUDO¶DUUL EDGDGHOJDVDOVGLVWLQWVSXQWVGHVXEPLQLVWUDPHQWLQFORVRVHQO¶jPELW GHO¶DXWRULW]DFLy ± ,GHQWLILFDFLy GHOV OtPLWV L GLVWjQFLHV H[LVWHQWV GH OD ]RQD REMHF WHGHOSODHVPHQWDWOLPLWDGDO¶H[SDQVLyDVzOFODVVLILFDWFRPDXUEjR XUEDQLW]DEOHDPESURMHFWHG¶XUEDQLW]DFLyDSURYDW ±3XQWVGHFRQQH[LyGHODLQIUDHVWUXFWXUDGHJDVHOVHXHPSODoD PHQWJHRJUjILFHOWLWXODULOHVFDUDFWHUtVWLTXHVTXHHOGHILQL[HQ 9LVW TXH *DV 1DWXUDO &HJDV 6$ Wp HOV UHTXLVLWV HVWDEOLWV HQ HO FDStWRO,,GHOWtWRO,,GHO5HLDO'HFUHWGHGHGHVHPEUH SHUDO¶H[HUFLFLGHO¶DFWLYLWDWGHGLVWULEXFLy $WpVHOVLQIRUPHVWqFQLFVHPHVRVSHO6HUYLFL7HUULWRULDOG¶(QHUJLD GH &DVWHOOy GH OD FRQVHOOHULD G¶,QIUDHVWUXFWXUHV L 7UDQVSRUW VREUH OHV VROÂOLFLWXGVSUHVHQWDGHVG¶DXWRULW]DFLyDGPLQLVWUDWLYDSHUDODFRQVWUXF FLyGHOD[DU[DGHGLVWULEXFLyGHJDVQDWXUDODOWHUPHPXQLFLSDOGHOD -DQD 9LVWTXHSHUDSOLFDFLyGHO¶DUWLFOHSXQWDSDUWDWEGHO¶HVPHQ WDGD/OHLGHG¶RFWXEUHOHVLQVWDOÂODFLRQVGHGLVWULEXFLyGH JDVQDWXUDOUHTXHUL[HQO¶DXWRULW]DFLyDGPLQLVWUDWLYDSUqYLD $WpV TXH V¶KDQ FRPSOLW HOV WUjPLWV UHJODPHQWDULV HQ O¶H[SHGLHQW LQVWUXwWDHVWHHIHFWH $WpV HOV DYDQWDWJHV DPE YLVWD D OD JDUDQWLD LPSRUWjQFLD TXDOLWDW L FRQGLFLRQV WqFQLTXHV HQ YLUWXW GHO TXH DQWHULRUPHQW V¶KD HVWDEOLW L TXHHVWD'LUHFFLy*HQHUDOG¶(QHUJLDpVFRPSHWHQWSHUDGLFWDUODSUH VHQW UHVROXFLy G¶DFRUG DPE O¶DUWLFOH L O¶DUWLFOH G GH OD /OHL L DPE O¶DUWLFOH GHO 'HFUHW G¶ G¶RFWXEUH GHO &RQVHOO GH OD *HQHUDOLWDW SHO TXDO V¶DSURYD HO 5HJODPHQW 2UJjQLF L )XQFLRQDOGHODFRQVHOOHULDG¶,QIUDHVWUXFWXUHVL7UDQVSRUW (VWH6HUYLFL7HUULWRULDOG¶(QHUJLDUHVRO $WRUJDU O¶DXWRULW]DFLy DGPLQLVWUDWLYD L O¶DSURYDFLy GHO SURMHFWH G¶H[HFXFLySHUDODFRQVWUXFFLyGHOD[DU[DGHGLVWULEXFLyGHJDVQDWX UDOHQODORFDOLWDWGHOD-DQDDODSURYtQFLDGH&DVWHOOyOHVFDUDFWHUtVWL TXHVSULQFLSDOVGHODTXDOVyQ 2WRUJDUDXWRUL]DFLyQDGPLQLVWUDWLYD\DSUREDFLyQGHOSUR\HFWRGH HMHFXFLyQSDUDODFRQVWUXFFLyQGHODUHGGHGLVWULEXFLyQGHJDVQDWXUDO HQODORFDOLGDGGH/D-DQDHQODSURYLQFLDGH&DVWHOOyQFX\DVFDUDFWH UtVWLFDVSULQFLSDOHVVRQ Núm. 5516 / 21.05.2007 D6XEMHFWH*DV1DWXUDO&HJDV6$ E7LSXVGHJDVJDVQDWXUDO F3XQWGHFRQQH[LySXQWGHOOLXUDPHQWDFRUGDWDPE*DV1DWXUDO 6'*6$HQODSDUFHOÂODVLWXDGDHQHOFDUUHU;HUWVHJRQVHOSOjQRO 375HYGHO¶DGGHQGDSUHVHQWDGDHOGHJHQHUGH G=RQDJHRJUjILFD]RQDXUEDQDGHOPXQLFLSLGHOD-DQD&DVWHOOy GHOLPLWDGDVHJRQVHOSOjQROQ~PHUR±375HYGHOSURMHFWH SUHVHQWDWHOGHGHVHPEUHGHO H3ODQLILFDFLyG¶H[HFXFLyGHOHVLQVWDOÂODFLRQV ҟ,QIUDHVWUXFWXUDEjVLFDTXHFDOFRQVWUXLUGXUDQWHOSULPHUDQ\ $UPDUL GH UHJXODFLy L PHVXUDPHQW 03%03$ L XQ FDEDO GH 1PñKLPGHWXEGHSROLHWLOpGHPPGHGLjPHWUH ҟ;DU[DVHFXQGjULDTXHFDOFRQVWUXLUHQDQ\VSRVWHULRUVGHVSUpVGH ODPDWHULDOLW]DFLyGHODLQIUDHVWUXFWXUDEjVLFD PGHWXEGHSROLHWLOpVRWHUUDWGHPPGHGLjPHWUHLP GHPPGHGLjPHWUH I3UHVVXSRVWGHSURMHFWHSUHVHQWDWHXURV /DSUHVHQWDXWRULW]DFLyDGPLQLVWUDWLYDV¶DWRUJDDO¶HPSDUDGHOTXH GLVSRVHQHOVDUWLFOHVDSDUWDWGLGHOD/OHLGHG¶RF WXEUH GHO 6HFWRU G¶+LGURFDUEXUV L TXHGDUj VRWPHVD D OHV FRQGLFLRQV TXHFRQVWHQDFRQWLQXDFLy 3ULPHUD(OWLWXODUG¶HVWDFRQVWLWXLUjHQHOWHUPLQLG¶XQPHVDSDU WLUGHODGDWDGHODQRWLILFDFLyGHODSUHVHQWUHVROXFLyXQDJDUDQWLDSHU YDORUGHHXURVLPSRUWGHOGRVSHUFHQWGHOSUHVVXSRVWGHOD LQVWDOÂODFLyTXHFRQVWDHQO¶H[SHGLHQWGHVROÂOLFLWXGTXHFDOSUHVHQWDU HQHO6HUYLFL7HUULWRULDOG¶(QHUJLDGH&DVWHOOySHUDJDUDQWLUHOFRPSOL PHQWGHOHVVHXHVREOLJDFLRQVG¶DFRUGDPEHOSXQWGHO¶DUWLFOHGH OD/OHLGHG¶RFWXEUHGHO6HFWRUG¶+LGURFDUEXUVLGHFRQ IRUPLWDWDPEO¶DUWLFOHGHO5HLDO'HFUHW/OHLG¶GHPDUo GHUHIRUPHVXUJHQWVSHUDO¶LPSXOVGHODSURGXFWLYLWDWLSHUDODPLOORUD GHODFRQWUDFWDFLyS~EOLFD /DILDQoDHVFRQVWLWXLUjHQOD7UHVRUHULDGHO6HUYLFL7HUULWRULDOGH &DVWHOOyGHODFRQVHOOHULDG¶(FRQRPLD+LVHQGDL2FXSDFLyGHFRQIRU PLWDWDPEO¶2UGHGHGHIHEUHUGHLO¶2UGHGHGHGHVHPEUH GHGHODFRQVHOOHULDG¶(FRQRPLDL+LVHQGDSHUODTXDOHVUHJXOD HO SURFHGLPHQW GH FRQVWLWXFLy L GHYROXFLy GH ILDQFHV /D ILDQoD VHUj WRUQDGDDOWLWXODUGHODSUHVHQWDXWRULW]DFLyXQDYHJDGDTXHHO6HUYLFL 7HUULWRULDOG¶(QHUJLDGH&DVWHOOyDWRUJXHO¶DXWRULW]DFLyG¶H[SORWDFLyGH OHVLQVWDOÂODFLRQVDTXqHVUHIHUL[ODSUHVHQWUHVROXFLy 6HJRQD *DV 1DWXUDO &HJDV 6$ FRPSOLUj OHV REOLJDFLRQV TXH HVWULFWDPHQWV¶DVVHQ\DOHQHQO¶DUWLFOH2EOLJDFLRQVGHOVGLVWULEXwGRUV GHJDVQDWXUDOLHQHOSXQWGHO¶DUWLFOH2EOLJDFLRQVLGUHWVGHOVGLV WULEXwGRUVLFRPHUFLDOLW]DGRUVHQUHODFLyDOVXEPLQLVWUDPHQWGHOD/OHL GH G¶RFWXEUH GHO 6HFWRU G¶+LGURFDUEXUV DL[t FRP HQ HO SXQWGHO¶DUWLFOHGHO5HLDO'HFUHWGHGHGHVHPEUH SHOTXDOHVUHJXOHQOHVDFWLYLWDWVGHWUDQVSRUWGLVWULEXFLyFRPHUFLDOLW ]DFLy VXEPLQLVWUDPHQW L SURFHGLPHQWV G¶DXWRULW]DFLy G¶LQVWDOÂODFLRQV GHJDVQDWXUDO(QHVSHFLDOHVWDUjREOLJDGDDDPSOLDUOHVLQVWDOÂODFLRQV GHGLVWULEXFLyHQO¶jPELWJHRJUjILFGHODVHXDDXWRULW]DFLyTXDQVLJD QHFHVVDUL DWHQGUH QRYHV GHPDQGHV GH VXEPLQLVWUDPHQW GH JDV VHQVH SHUMXtGHOTXHUHVXOWHGHO¶DSOLFDFLyGHOUqJLPUHJODPHQWjULDPHQWHVWD EOLWSHUDOHVFRQQH[LRQV 7HUFHUD(OWLWXODUGHODSUHVHQWDXWRULW]DFLyJDXGLUjFRPDGLVWUL EXwGRUGHOVGUHWVTXHDVVHQ\DOHQHOVDUWLFOHVLGHOD/OHL GHG¶RFWXEUHGHO6HFWRUG¶+LGURFDUEXUVDL[tFRPHOVTXHV¶DVVHQ\D OHQHQO¶DUWLFOHGHO5HLDO'HFUHWGHGHGHVHPEUHSHO TXDO HV UHJXOHQ OHV DFWLYLWDWV GH WUDQVSRUW GLVWULEXFLy FRPHUFLDOLW]D FLyVXEPLQLVWUDPHQWLSURFHGLPHQWVG¶DXWRULW]DFLyG¶LQVWDOÂODFLRQVGH JDVQDWXUDO 4XDUWD/DSUHVHQWDXWRULW]DFLyV¶HQWpQVHQVHSHUMXtLLQGHSHQGHQW PHQWGHOHVFRQFHVVLRQVOOLFqQFLHVSHUPLVRVRDXWRULW]DFLRQVGHFRP SHWqQFLD PXQLFLSDO SURYLQFLDO DXWRQzPLFD HVWDWDO R G¶HVWH R DOWUHV RUJDQLVPHVLHQWLWDWVTXHVLJXHQQHFHVVjULHVSHUDODUHDOLW]DFLyGHOHV LQVWDOÂODFLRQVG¶DFRUGDPEODFRUUHVSRQHQWOHJLVODFLyVHFWRULDORDPE DOWUHV GLVSRVLFLRQV TXH UHVXOWHQ DSOLFDEOHV L HQ HVSHFLDO OHV UHODWLYHV D O¶RUGHQDFLy GHO WHUULWRUL L GHO PHGL DPELHQW WRW DL[z VHJRQV HO TXH GLVSRVDO¶DUWLFOHGHOD/OHLGHG¶RFWXEUHLGHFRQIRU 20245 D6XMHWR*DV1DWXUDO&HJDV6$ E7LSRGHJDVJDVQDWXUDO F3XQWRGHFRQH[LyQSXQWRGHHQWUHJDDFRUGDGRFRQ*DV1DWXUDO 6'*6$HQODSDUFHODVLWXDGDHQODFDOOH&KHUWVHJ~QSODQR 375HYGHODDGHQGDSUHVHQWDGDHOGHHQHURGHO G =RQD JHRJUiILFD ]RQD XUEDQD GHO PXQLFLSLR GH /D -DQD &DVWHOOyQGHOLPLWDGDVHJ~Q SODQRQ~PHUR± 37 5HY GHO SUR\HFWRSUHVHQWDGRHOGHGLFLHPEUHGH H3ODQLILFDFLyQGHHMHFXFLyQGHODVLQVWDODFLRQHV ±,QIUDHVWUXFWXUDEiVLFDDFRQVWUXLUGXUDQWHHOSULPHUDxR $UPDULR GH UHJXODFLyQ \ PHGLGD 03%03$ \ XQ FDXGDO GH 1PñK\PGHWXERGHSROLHWLOHQRGHPPGHGLiPHWUR ± 5HG VHFXQGDULD D FRQVWUXLU HQ DxRV SRVWHULRUHV WUDV OD PDWHUL DOL]DFLyQGHODLQIUDHVWUXFWXUDEiVLFD PGHWXERGHSROLHWLOHQRHQWHUUDGRGHPPGHGLiPHWUR\ PGHPPGHGLiPHWUR I3UHVXSXHVWRGHSUR\HFWRSUHVHQWDGRHXURV /DSUHVHQWHDXWRUL]DFLyQDGPLQLVWUDWLYDVHRWRUJDDODPSDURGHOR GLVSXHVWRHQORVDUWtFXORVDSDUWDGRG\GHOD/H\GH GH RFWXEUH GHO 6HFWRU GH +LGURFDUEXURV \ TXHGDUi VRPHWLGD D ODV FRQGLFLRQHVTXHILJXUDQDFRQWLQXDFLyQ 3ULPHUD(OWLWXODUGHODPLVPDFRQVWLWXLUiHQHOSOD]RGHXQPHV D SDUWLU GH OD IHFKD GH OD QRWLILFDFLyQ GH OD SUHVHQWH UHVROXFLyQ XQD JDUDQWtD SRU YDORU GH HXURV LPSRUWH GHO GRV SRU FLHQWR GHO SUHVXSXHVWRGHODLQVWDODFLyQTXHILJXUDHQHOH[SHGLHQWHGHVROLFLWXG D SUHVHQWDU HQ HO 6HUYLFLR 7HUULWRULDO GH (QHUJtD GH &DVWHOOyQ SDUD JDUDQWL]DU HO FXPSOLPLHQWR GH VXV REOLJDFLRQHV FRQIRUPH VHxDOD HO SXQWRGHODUWtFXORGHOD/H\GHGHRFWXEUHGHO6HFWRU GH +LGURFDUEXURV \ GH FRQIRUPLGDG FRQ HO$UWtFXOR YLJpVLPR RFWDYR GHO 5HDO 'HFUHWR /H\ GH GH PDU]R GH 5HIRUPDV 8UJHQWHV 3DUDHO,PSXOVRGHOD3URGXFWLYLGDG\3DUDOD0HMRUDGHOD&RQWUDWD FLyQ3~EOLFD 'LFKDILDQ]DVHFRQVWLWXLUiHQOD7HVRUHUtDGHO6HUYLFLR7HUULWRULDO GH &DVWHOOyQ GH OD FRQVHOOHULD GH (FRQRPtD +DFLHQGD \ (PSOHR GH FRQIRUPLGDGFRQOD2UGHQGHGHIHEUHURGH\2UGHQGHGH GLFLHPEUHGHGHODFRQVHOOHULDGH(FRQRPtD\+DFLHQGDSRUOD TXHVHUHJXODHOSURFHGLPLHQWRGHFRQVWLWXFLyQ\GHYROXFLyQGHILDQ ]DV/DILDQ]DVHUiGHYXHOWDDOWLWXODUGHODSUHVHQWHDXWRUL]DFLyQXQD YH]TXHHO6HUYLFLR7HUULWRULDOGH(QHUJtDGH&DVWHOOyQRWRUJXHODDXWR UL]DFLyQGHH[SORWDFLyQGHODVLQVWDODFLRQHVDTXHVHUHILHUHODSUHVHQWH UHVROXFLyQ 6HJXQGD *DV 1DWXUDO &HJDV 6$ FXPSOLUi FRQ ODV REOLJDFLRQHV TXH HVWULFWDPHQWH VH VHxDODQ HQ HO DUWtFXOR ©2EOLJDFLRQHV GH ORV GLVWULEXLGRUHVGHJDVQDWXUDOª\HQHOSXQWRGHODUWtFXOR©2EOLJD FLRQHV\GHUHFKRVGHORV'LVWULEXLGRUHV\&RPHUFLDOL]DGRUHVHQUHOD FLyQDOVXPLQLVWURªGHOD/H\GHGHRFWXEUHGHO6HFWRUGH +LGURFDUEXURVDVtFRPRHQHOSXQWRGHODUWtFXORGHO5HDO'HFUHWR GHGHGLFLHPEUHSRUHOTXHVHUHJXODQODVDFWLYLGDGHV GH WUDQVSRUWH GLVWULEXFLyQ FRPHUFLDOL]DFLyQ VXPLQLVWUR \ SURFHGL PLHQWRV GH DXWRUL]DFLyQ GH LQVWDODFLRQHV GH JDV QDWXUDO (Q HVSHFLDO YHQGUi REOLJDGD D SURFHGHU D OD DPSOLDFLyQ GH ODV LQVWDODFLRQHV GH GLVWULEXFLyQ HQ HO iPELWR JHRJUiILFR GH VX DXWRUL]DFLyQ FXDQGR VHD QHFHVDULRDWHQGHUQXHYDVGHPDQGDVGHVXPLQLVWURGHJDVVLQSHUMXLFLR GHORTXHUHVXOWHGHODDSOLFDFLyQGHOUpJLPHQUHJODPHQWDULDPHQWHHVWD EOHFLGRSDUDODVDFRPHWLGDV 7HUFHUD (O WLWXODU GH OD SUHVHQWH DXWRUL]DFLyQ GLVIUXWDUi FRPR GLVWULEXLGRU GH ORV GHUHFKRV TXH VHxDODQ ORV DUWtFXORV \ GH OD /H\GHRFWXEUHGHO6HFWRUGH+LGURFDUEXURVDVtFRPRORV TXHVHVHxDODQHQHODUWLFXORGHO5HDO'HFUHWRGHGH GLFLHPEUHSRUHOTXHVHUHJXODQODVDFWLYLGDGHVGHWUDQVSRUWHGLVWULEX FLyQ FRPHUFLDOL]DFLyQ VXPLQLVWUR \ SURFHGLPLHQWRV GH DXWRUL]DFLyQ GHLQVWDODFLRQHVGHJDVQDWXUDO &XDUWD/DSUHVHQWHDXWRUL]DFLyQVHHQWLHQGHVLQSHUMXLFLRHLQGH SHQGLHQWHPHQWH GH ODV FRQFHVLRQHV OLFHQFLDV SHUPLVRV R DXWRUL]DFL RQHV GH FRPSHWHQFLD PXQLFLSDO SURYLQFLDO DXWRQyPLFD HVWDWDO R GH pVWHXRWURVRUJDQLVPRV\HQWLGDGHVTXHVHDQQHFHVDULDVSDUDODUHDOL]D FLyQGHODVLQVWDODFLRQHVGHDFXHUGRFRQODFRUUHVSRQGLHQWHOHJLVODFLyQ VHFWRULDORFRQRWUDVGLVSRVLFLRQHVTXHUHVXOWHQDSOLFDEOHV\HQHVSH FLDO ODV UHODWLYDV D OD RUGHQDFLyQ GHO WHUULWRULR \ GHO PHGLR DPELHQ WHWRGRHOORVHJ~QORGLVSXHVWRHQHODUWtFXORGHOD/H\ Núm. 5516 / 21.05.2007 20246 6LVHQD/HVLQVWDOÂODFLRQVTXHFDOHVWDEOLUHVIDUDQG¶DFRUGDPEHO SURMHFWH WqFQLF G¶H[HFXFLy SUHVHQWDW HQ HO 6HUYLFL 7HUULWRULDO G¶(QHU JLDGH&DVWHOOyLKDXUDQGHFRPSOLUHO5HJODPHQW7qFQLFGH'LVWULEX FLy L 8WLOLW]DFLy GH &RPEXVWLEOHV *DVRVRV DSURYDW SHO 5HLDO 'HFUHW GH GH MXOLRO %2( 5HJODPHQW GH ;DU[HV L &RQQH[LRQV GH &RPEXVWLEOHV *DVRVRV DSURYDW SHU O¶2UGH GH GH QRYHPEUH GH %2( L PRGLILFDW SHU O¶2UGH GH G¶RFWXEUHGH%2(LODVHXDFRUUHFFLyG¶HUUDGHV%2( O¶2UGHGHGHMXOLROGH%2(O¶2UGHGH GHPDUoGH%2(O¶2UGHGHGHPDLJGH%2( DL[tFRPOHVGLVSRVLFLRQVLQRUPHVWqFQLTXHVTXHHQJHQH UDOV¶DSOLTXHQ(VWHVLQVWDOÂODFLRQVHVWDUDQSUHYLVWHVSHUDUHVSRQGUHDOV DYDQoRVWHFQROzJLFVHQHOFDPSGHOJDVLDFRQVHJXLUSURYHwPHQWVIOH [LEOHVLVHJXUV 6HWHQD /D GHWHUPLQDFLy GH OHV WDULIHV L GHO UqJLP HFRQzPLF TXH V¶DSOLTXHQSHUDOVXEPLQLVWUDPHQWGHJDVQDWXUDOHVUHJLUDQSHUOHVGLV SRVLFLRQVYLJHQWVHQFDGDPRPHQW +XLWHQD/DSUHVHQWDXWRULW]DFLyV¶DWRUJDVHQVHSHUMXtGHWHUFHUVL GHL[DQWIRUDGHSHULOOHOVGUHWVSDUWLFXODUV 1RYHQD6HUjFDXVDGHUHYRFDFLyGHODSUHVHQWDXWRULW]DFLyDGPL QLVWUDWLYD O¶LQFRPSOLPHQW GH OHV FRQGLFLRQV H[SUHVVDGHV OD YDULDFLy VXEVWDQFLDO GH OHV FDUDFWHUtVWLTXHV GHVFULWHV HQ OD GRFXPHQWDFLy SUH VHQWDGDLTXHKDGHWHUPLQDWHOVHXDWRUJDPHQWRXQDDOWUDFDXVDH[FHS FLRQDOTXHKRMXVWLILTXH 'HX/DSUHVHQWDXWRULW]DFLyHQWUDUjHQYLJRUO¶HQGHPjGHODGDWD GHODQRWLILFDFLy &RQWUD OD SUHVHQW UHVROXFLy TXH QR SRVD IL D OD YLD DGPLQLVWUDWL YD HV SRGUj SUHVHQWDU UHFXUV G¶DOoDGD GDYDQW GH OD 'LUHFFLy *HQHUDO G¶(QHUJLD FDUUHU &RORP Q~P D 9DOqQFLD HQ HO WHUPLQL G¶XQPHVFRPSWDGRUDSDUWLUGHO¶HQGHPjG¶DTXHOOHQTXqWLQJDOORFOD QRWLILFDFLyGHODSUHVHQWGHFRQIRUPLWDWDPEHOTXHGLVSRVHQHOVDUWL FOHVLGHOD/OHLGHGHJHQHUGHPRGLILFDFLyGHOD /OHLGHGHQRYHPEUHGH5qJLP-XUtGLFLGHO3URFHGLPHQW $GPLQLVWUDWLX&RP~ GHGHRFWXEUH\GHFRQIRUPLGDGFRQHODUWtFXORYLJpVLPRRFWDYRGHO 5HDO'HFUHWR/H\GHGHPDU]RGHUHIRUPDVXUJHQWHVSDUDHO LPSXOVRGHODSURGXFWLYLGDG\SDUDODPHMRUDGHODFRQWUDWDFLyQS~EOL FD 4XLQWD/DSUHVHQWHDXWRUL]DFLyQHQQLQJ~QFDVRVHFRQFHGHUiFRQ GHUHFKRVH[FOXVLYRVGHXVRWDO\FRPRLQGLFDHODUWtFXORGHOD/H\ GH GH RFWXEUH GHO 6HFWRU GH +LGURFDUEXURV PRGLILFDGR SRUHODUWtFXORYLJpVLPRRFWDYRGHO5HDO'HFUHWR/H\GHGH PDU]R 6H[WD /DV LQVWDODFLRQHV D HVWDEOHFHU VH KDUiQ FRQ DUUHJOR DO SUR\HFWRWpFQLFRGHHMHFXFLyQSUHVHQWDGRHQHO6HUYLFLR7HUULWRULDOGH (QHUJtDGH&DVWHOOyQ\GHEHUiQFXPSOLUFRQHO5HJODPHQWR7pFQLFRGH GLVWULEXFLyQ\XWLOL]DFLyQGHFRPEXVWLEOHVJDVHRVRVDSUREDGRSRU5HDO 'HFUHWR GH GH MXOLR %2( 5HJODPHQWR GH 5HGHV \$FRPHWLGDV GH &RPEXVWLEOHV *DVHRVRV DSUREDGR SRU 2UGHQ GH GH QRYLHPEUH GH %2( \ PRGLILFDGR SRU OD 2UGHQ GH GH RFWXEUH GH %2( \ VX FRUUHFFLyQ GH HUURUHV %2( OD 2UGHQ GH GH MXOLR GH %2( OD 2UGHQ GH GH PDU]R GH %2( OD 2UGHQ GH GH PD\R GH %2( DVt FRPR ODV GLV SRVLFLRQHV\QRUPDVWpFQLFDVTXHHQJHQHUDOVHDQGHDSOLFDFLyQ(VWDV LQVWDODFLRQHVHVWDUiQSUHYLVWDVSDUDUHVSRQGHUDORVDYDQFHVWHFQROyJL FRVHQHOFDPSRGHOJDV\ORJUDUDEDVWHFLPLHQWRVIOH[LEOHV\VHJXURV 6pSWLPD/DGHWHUPLQDFLyQGHODVWDULIDV\GHOUpJLPHQHFRQyPLFR TXHVHDQGHDSOLFDFLyQSDUDHOVXPLQLVWURGHJDVQDWXUDOVHUHJLUiQSRU ODVGLVSRVLFLRQHVYLJHQWHVHQFDGDPRPHQWR 2FWDYD/DSUHVHQWHDXWRUL]DFLyQVHRWRUJDVLQSHUMXLFLRGHWHUFH URV\GHMDQGRDVDOYRORVGHUHFKRVSDUWLFXODUHV 1RYHQD 6HUi FDXVD GH UHYRFDFLyQ GH OD SUHVHQWH DXWRUL]DFLyQ DGPLQLVWUDWLYD HO LQFXPSOLPLHQWR GH ODV FRQGLFLRQHV H[SUHVDGDV OD YDULDFLyQ VXVWDQFLDO GH ODV FDUDFWHUtVWLFDV GHVFULWDV HQ OD GRFXPHQWD FLyQ SUHVHQWDGD \ TXH KD GHWHUPLQDGR VX RWRUJDPLHQWR X RWUD FDXVD H[FHSFLRQDOTXHORMXVWLILTXH 'pFLPD/DSUHVHQWHDXWRUL]DFLyQHQWUDUiHQYLJRUDOGtDVLJXLHQWH GHODIHFKDVXQRWLILFDFLyQ &RQWUDODSUHVHQWHUHVROXFLyQTXHQRSRQHILQDODYtDDGPLQLVWUD WLYD VH SRGUi SUHVHQWDU UHFXUVR GH DO]DGD DQWH OD 'LUHFFLyQ *HQHUDO GH(QHUJtDF&ROyQQ9DOHQFLDHQHOSOD]RGHXQPHV FRQWDGRDSDUWLUGHOGtDVLJXLHQWHDDTXHOHQTXHWHQJDOXJDUODQRWLIL FDFLyQGHODSUHVHQWHGHFRQIRUPLGDGFRQORGLVSXHVWRHQORVDUWtFXORV \GHOD/H\GHGHHQHURGHPRGLILFDFLyQGHOD/H\ GHGHQRYLHPEUHGH5pJLPHQ-XUtGLFR\GHO3URFHGLPLHQWR $GPLQLVWUDWLYR&RP~Q &DVWHOOy GH PDUo GH ± (O FDS GHO 6HUYLFL 7HUULWRULDO G¶(QHUJLD/HRSROGR,JXDO'tD]7HUiQ &DVWHOOyQ GH PDU]R GH ± (O MHIH GHO 6HUYLFLR7HUULWRULDO GH(QHUJtD/HRSROGR,JXDO'LD]7HUDQ PLWDWDPEO¶DUWLFOHGHO5HLDO'HFUHW/OHLG¶GHPDUoGH UHIRUPHVXUJHQWVSHUDO¶LPSXOVGHODSURGXFWLYLWDWLSHUDODPLOORUDGH ODFRQWUDFWDFLyS~EOLFD &LQTXHQD /D SUHVHQW DXWRULW]DFLy HQ FDS FDV HV FRQFHGLUj DPE GUHWVH[FOXVLXVG¶~VWDOFRPLQGLFDO¶DUWLFOHGHOD/OHLGH G¶RFWXEUH GHO 6HFWRU G¶+LGURFDUEXUV PRGLILFDW SHU O¶DUWLFOH GHO 5HLDO'HFUHW/OHLG¶GHPDUo Núm. 5516 / 21.05.2007 &RQVHOOHULDG¶,QIUDHVWUXFWXUHVL7UDQVSRUW 20247 &RQVHOOHULDGH,QIUDHVWUXFWXUDV\7UDQVSRUWH 5(62/8&,Ï GH G¶DEULO GH GHO 6HUYLFL 7HUULWRUL DO G¶(QHUJLD G¶$ODFDQW SHU OD TXDO V¶DWRUJD O¶DXWRULW]D FLy DGPLQLVWUDWLYD L O¶DSURYDFLy GHO SURMHFWH G¶H[HFXFLy D O¶HPSUHVD 5HSVRO %XWDQR 6$ SHU D OD FRQVWUXFFLy GH OHV LQVWDO¢ODFLRQV GH GLVWULEXFLy GH SURSj DO 3OD 3DU FLDO ' DO WHUPH PXQLFLSDO GH %LJDVWUR ([S &%5( '(,&%')&3>@ 5(62/8&,Ï1GHGHDEULOGHGHO6HUYLFLR7HUULWR ULDOGH(QHUJtDGH$OLFDQWHSRUODTXHVHRWRUJDDXWRUL]D FLyQDGPLQLVWUDWLYD\DSUREDFLyQGHOSUR\HFWRGHHMHFXFLyQ DODHPSUHVD5HSVRO%XWDQR6$SDUDODFRQVWUXFFLyQGH ODVLQVWDODFLRQHVGHGLVWULEXFLyQGHSURSDQRHQ3ODQ3DU FLDO'HQHOWHUPLQRPXQLFLSDOGH%LJDVWUR([S&%5( '(<&%')&3>@ 9LVWDODVROÂOLFLWXGSUHVHQWDGDSHU5HSVRO%XWDQR6$SHUDO¶DX WRULW]DFLyDGPLQLVWUDWLYDGHGLVWULEXFLyGHSURSjDO3OD3DUFLDO'DO WHUPHPXQLFLSDOGH%LJDVWURDPEGHVWtDOVPHUFDWVGRPqVWLFVFRPHU FLDOV 9LVWTXHO¶$MXQWDPHQWGH%LJDVWURYDVHULQIRUPDWSHO6HUYLFL7HU ULWRULDO G¶(QHUJLD G¶$ODFDQW GH OD VROÂOLFLWXG IHWD SHU 5HSVRO %XWDQR 6$LHVYDH[SRVDUHQHOWDXOHUG¶DQXQFLVGHOGLW$MXQWDPHQWGHOGLD DO 9LVWTXHUHDOLW]DGDODLQIRUPDFLyS~EOLFDVHJRQVHOTXHSUHYHXO¶DU WLFOHGHOD/OHLGHG¶RFWXEUHGHO6HFWRUG¶+LGURFDUEXUV HQHO%23HOGLDLHQHO'2&9HOGLD 9LVW TXH HQ OD LQIRUPDFLy S~EOLFD HV SUHVHQWD O¶DOÂOHJDFLy GH *DV 1DWXUDO&HJDV6$HQTXqV¶DVVHQ\DODTXHWpSUHYLVWVXEPLQLVWUDUJDV QDWXUDODOHVSREODFLRQVOLPtWURIHVD%LJDVWURGLQVGHOPHUFDWSRWHQFLDO GH OD ]RQD$L[t PDWHL[ HV FRQVLGHUDULD O¶H[LVWqQFLD GH GLYHUVRV GLV WULEXwGRUVFRPSUjFWLTXHVLQHILFDFHVGHOVLVWHPDSHUODTXDOFRVDVRO OLFLWDTXHV¶DXWRULW]HQHOVSURMHFWHVSUHVHQWDWVSHUHVWD 9LVWTXHSHUDSOLFDFLyGHO¶DUWLFOHSXQWDSDUWDWEGHO¶HVPHQ WDGD OOHL OHV LQVWDOÂODFLRQV GH GLVWULEXFLy GH JDV FDQDOLW]DW GH SURSj UHTXHUL[HQDXWRULW]DFLyDGPLQLVWUDWLYD $WpV TXH V¶KDQ FRPSOLW HOV WUjPLWV UHJODPHQWDULV HQ O¶H[SHGLHQW LQVWUXwWDHVWHHIHFWH $WpVTXHO¶DOÂOHJDFLySUHVHQWDGDSHU*DV1DWXUDO&HJDV6$SHU WDQ\DSURMHFWHVLSURFHGLPHQWVGLIHUHQWVVHQVHTXHDIHFWHHOSURMHFWH G¶HVWDUHVROXFLy $WpVHOVDYDQWDWJHVDPEYLVWDDODJDUDQWLDLPSRUWjQFLDTXDOLWDWL FRQGLFLRQVWqFQLTXHVSODQWHMDGHVSHU5HSVRO%XWDQR6$HVWH6HUYLFL 7HUULWRULDO G¶(QHUJLD G¶$ODFDQW HQ YLUWXW GH O¶DQWHULRUPHQW HVWDEOLW L GHOHVFRPSHWqQFLHVTXHOLKDQVLJXWDVVLJQDGHVDODFRQVHOOHULDG¶,Q IUDHVWUXFWXUHV L7UDQVSRUW G¶DFRUG DPE HO TXH GLVSRVD O¶DUWLFOH GHO 'HFUHWG¶G¶RFWXEUHGHO&RQVHOOGHOD*HQHUDOLWDWSHOTXDO V¶DSURYDHO5HJODPHQW2UJjQLFL)XQFLRQDOGHODFRQVHOOHULDG¶,QIUDHV WUXFWXUHVL7UDQVSRUW5HVRO $WRUJDU O¶DXWRULW]DFLy DGPLQLVWUDWLYD L O¶DSURYDFLy GHO SURMHFWH G¶H[HFXFLySHUDODFRQVWUXFFLyGHOD[DU[DGHGLVWULEXFLyGHSURSjDO 3OD3DUFLDO'DODORFDOLWDWGH%LJDVWUROHVFDUDFWHUtVWLTXHVSULQFLSDOV GHODTXDOVyQ ±6XEMHFWH5HSVRO%XWDQR6$ ±7LSXVGHJDVSURSj ±,QVWDOÂODFLRQVGRVGHSzVLWVVRWHUUDWVGHOFDGDXQ &DQDOLW]DFLRQVHQ03%DPEFDQRQDGDGHSROLHWLOpDPEGLjPHWUHV GH PP DPE XQD ORQJLWXG GH P GLjPHWUH PP DPE XQD ORQJLWXGGHPGLjPHWUHPPDPEXQDORQJLWXGGHPLGLj PHWUHDPEXQDORQJLWXGGHP ±=RQDJHRJUjILFD3OD3DUFLDO'DOWHUPHPXQLFLSDOGH%LJDVWUR ±3UHVVXSRVWHXURV (VWD DXWRULW]DFLy DGPLQLVWUDWLYD V¶DWRUJD D O¶HPSDUD GHO TXH GLV SRVHQHOVDUWLFOHVDSDUWDWGLGHOD/OHLGHG¶RFWX EUHGHO6HFWRUG¶+LGURFDUEXUVLTXHGDUjVRWPHVDDOHVFRQGLFLRQVTXH ILJXUHQDFRQWLQXDFLy 3ULPHUD /HV [DU[HV HVWDUDQ SUHYLVWHV SHU DO VXEPLQLVWUDPHQW GH JDVQDWXUDOHQSUHYLVLyTXHHQXQIXWXUHVGLVSRVHGHOGLWFRPEXVWLEOH HQHOPXQLFLSL 6HJRQD5HSVRO%XWDQR6$KDXUjG¶LQLFLDUHOVXEPLQLVWUDPHQWGH JDV HQ HO WHUPLQL G¶XQ PHV FRPSWDGRU D SDUWLU GH OD GDWD HQ TXq HO 6HUYLFL7HUULWRULDOG¶(QHUJLDG¶$ODFDQWIRUPDOLW]HO¶DFWDGHSRVDGDHQ PDU[DGHOHVLQVWDOÂODFLRQV 9LVWDODVROLFLWXGSUHVHQWDGDSRU5HSVRO%XWDQR6$SDUDOD$XWR UL]DFLyQ DGPLQLVWUDWLYD GH GLVWULEXFLyQ GH SURSDQR HQ 3ODQ 3DUFLDO 'HQHOWpUPLQRPXQLFLSDOGH%LJDVWURFRQGHVWLQRDORVPHUFDGRV GRPpVWLFRVFRPHUFLDOHV 5HVXOWDQGRTXHHO$\XQWDPLHQWRGH%LJDVWURIXHLQIRUPDGRSRUHO 6HUYLFLR 7HUULWRULDO GH (QHUJtD GH$OLFDQWH GH OD VROLFLWXG KHFKD SRU 5HSVRO%XWDQR6$KDELpQGRVHH[SXHVWRHQHOWDEOyQGHDQXQFLRVGH GLFKR$\XQWDPLHQWRGHOGtDDO 5HVXOWDQGRTXHUHDOL]DGDODLQIRUPDFLyQS~EOLFDVHJ~QORSUHYLV WRHQHODUWtFXORGHOD/H\GHGHRFWXEUHGHOVHFWRUGH +LGURFDUEXURV(QHO%23HOGtDHQHO'&29HOGtD 5HVXOWDQGR TXH HQ OD LQIRUPDFLyQ SXEOLFD VH SUHVHQWR DOHJDFLyQ GH *DV 1DWXUDO &HJDV 6$ VHxDODQGR WLHQH SUHYLVWR VXPLQLVWUDU JDV QDWXUDO D ODV SREODFLRQHV OLPtWURIHV D %LJDVWUR GHQWUR GHO PHUFDGR SRWHQFLDOGHOD]RQD$VLPLVPRVHFRQVLGHUDUtDODH[LVWHQFLDGHYDULRV GLVWULEXLGRUHVFRPRSUDFWLFDVLQHILFDFLDVGHOVLVWHPDSRUORTXHVROLFL WDVHDXWRULFHORVSUR\HFWRVSUHVHQWDGRVSRUHOODPLVPD 5HVXOWDQGRTXHSRUDSOLFDFLyQGHODUWtFXORSXQWRDSDUWDGRE GHODFLWDGD/H\ODVLQVWDODFLRQHVGHGLVWULEXFLyQGHJDVFDQDOL]DGRGH SURSDQRUHTXLHUHQDXWRUL]DFLyQDGPLQLVWUDWLYD &RQVLGHUDQGRTXHVHKDQFXPSOLGRORVWUiPLWHVUHJODPHQWDULRVHQ HOH[SHGLHQWHLQVWUXLGRDOHIHFWR &RQVLGHUDQGR TXH OD $OHJDFLyQ SUHVHQWDGD SRU *DV 1DWXUDO &HJDV6$SHUWHQHFHDSUR\HFWRV\SURFHGLPLHQWRVGLIHUHQWHVVLQTXH DIHFWHDOSUR\HFWRGHODSUHVHQWHUHVROXFLyQ &RQVLGHUDQGRODVYHQWDMDVHQRUGHQDODJDUDQWtDLPSRUWDQFLDFDOL GDG \ FRQGLFLRQHV WpFQLFDV SODQWHDGDV SRU 5HSVRO %XWDQR 6$ HVWH 6HUYLFLR 7HUULWRULDO GH (QHUJtD GH$OLFDQWH HQ YLUWXG GH OR DQWHULRU PHQWHHVWDEOHFLGR\GHODVFRPSHWHQFLDVTXHOHKDQVLGRDVLJQDGDVDOD FRQVHOOHULDGH,QIUDHVWUXFWXUDV\7UDQVSRUWHGHDFXHUGRFRQORGLVSXHV WRHQHODUWLFXORGHO'HFUHWRGHGHFWXEUH'HO&RQVHOO GHOD*HQHUDOLWDWSRUHOTXHVHDSUXHEDHOUHJODPHQWR2UJiQLFR\)XQ FLRQDOGHODFRQVHOOHULDGH,QIUDHVWUXFWXUDV\7UDQVSRUWH5HVXHOYH 2WRUJDUDXWRUL]DFLyQDGPLQLVWUDWLYD\DSUREDFLyQGHOSUR\HFWRGH HMHFXFLyQSDUDODFRQVWUXFFLyQGHODUHGGHGLVWULEXFLyQGHSURSDQRHQ HO 3ODQ 3DUFLDO ' HQ OD ORFDOLGDG GH %LJDVWUR FX\DV FDUDFWHUtVWLFDV SULQFLSDOHVVRQ ±6XMHWR5HSVRO%XWDQR6$ ±7LSRGHJDVSURSDQR ±,QVWDODFLRQHVGRVGHSyVLWRVHQWHUUDGRVGHOFDGDXQR &DQDOL]DFLRQHV HQ 03% FRQ WXEHUtD GH SROLHWLOHQR FRQ GLiPHWURV GHPPFRQXQDORQJLWXGGHPGLiPHWURPPPPFRQXQD ORQJLWXGGHPGLiPHWURPPFRQXQDORQJLWXGGHP\GLi PHWURFRQXQDORQJLWXGGHP ± =RQD JHRJUiILFD 3ODQ 3DUFLDO ' HQ HO WHUPLQR PXQLFLSDO GH %LJDVWUR ±3UHVXSXHVWRHXURV /DSUHVHQWHDXWRUL]DFLyQDGPLQLVWUDWLYDVHRWRUJDDODPSDURGHOR GLVSXHVWRHQORVDUWtFXORVDSDUWDGRG\GHOD/H\GH GH RFWXEUH GHO 6HFWRU GH +LGURFDUEXURV \ TXHGDUi VRPHWLGD D ODV FRQGLFLRQHVTXHILJXUDQDFRQWLQXDFLyQ 3ULPHUD/DVUHGHVHVWDUiQSUHYLVWDVSDUDHOVXPLQLVWURGHJDVQDWX UDOHQSUHYLVLyQGHTXHHQXQIXWXURVHGLVSRQJDGHGLFKRFRPEXVWLEOH HQHOPXQLFLSLR 6HJXQGD5HSVRO%XWDQR6$GHEHUiLQLFLDUHOVXPLQLVWURGHJDV HQ HO SOD]R GH XQ PHV FRQWDGR D SDUWLU GH OD IHFKD HQ TXH HO 6HUYL FLR 7HUULWRULDO GH (QHUJtD GH$OLFDQWH IRUPDOLFH HO DFWD GH SXHVWD HQ PDUFKDGHODVLQVWDODFLRQHV Núm. 5516 / 21.05.2007 7HUFHUD 5HSVRO %XWDQR 6$ FRPSOLUj OHV REOLJDFLRQV TXH HVWULF WDPHQWV¶DVVHQ\DOHQHQO¶DUWLFOH³2EOLJDFLRQVGHOVGLVWULEXwGRUVGH JDVFDQDOLW]DW´LHQHOSXQWGHO¶DUWLFOH³2EOLJDFLRQVLGUHWVGHOV GLVWULEXwGRUV L FRPHUFLDOLW]DGRUV HQ UHODFLy DPE HO VXEPLQLVWUDPHQW´ GHOD/OHLGHG¶RFWXEUHGHO6HFWRUG¶+LGURFDUEXUV 20248 /¶LQFRPSOLPHQWGHODFRQVWLWXFLyGHOGHSzVLWGHJDUDQWLDHQHOWHU PLQLLHQODIRUPDDVVHQ\DODWVHQHVWHVFRQGLFLRQV /¶LQFRPSOLPHQW GH OHV FRQGLFLRQV H[SUHVVDGHV OD YDULDFLy VXEV WDQFLDOGHOHVFDUDFWHUtVWLTXHVGHVFULWHVHQODGRFXPHQWDFLySUHVHQWDGD L TXH KD GHWHUPLQDW HO VHX DWRUJDPHQW R XQD DOWUD FDXVD H[FHSFLRQDO TXHKRMXVWLILTXH &RQWUD HVWD UHVROXFLy SRGUj LQWHUSRVDUVH UHFXUV G¶DOoDGD GDYDQW GHOD'LUHFFLy*HQHUDOGHO¶(QHUJLDHQHOWHUPLQLG¶XQPHVFRPSWDGRU GHV GH O¶HQGHPj GH OD QRWLILFDFLy G¶HVWD GH FRQIRUPLWDW DPE HO TXH HVWDEOL[O¶DUWLFOHGHOD/OHLGHGHQRYHPEUHGH5qJLP -XUtGLFGHOHV$GPLQLVWUDFLRQV3~EOLTXHVLGHO3URFHGLPHQW$GPLQLV WUDWLX&RP~ 7HUFHUD 5HSVRO %XWDQR 6$ FXPSOLUi FRQ ODV REOLJDFLRQHV TXH HVWULFWDPHQWHVHVHxDODQHQHODUWtFXOR³2EOLJDFLRQHVGHORVGLVWUL EXLGRUHVGHJDVFDQDOL]DGR´\HQHOSXQWRGHODUWtFXOR³2EOLJD FLRQHV\GHUHFKRVGHORVGLVWULEXLGRUHV\FRPHUFLDOL]DGRUHVFRQUHOD FLyQDOVXPLQLVWUR´GHOD/H\GHGHRFWXEUHGHO6HFWRUGH +LGURFDUEXURV &XDUWD(OWLWXODUGHODSUHVHQWHDXWRUL]DFLyQGLVIUXWDUiFRPRGLV WULEXLGRUGHORVGHUHFKRVTXHVHxDODQORVDUWtFXORV\GHOD/H\ GHRFWXEUHGHO6HFWRUGH+LGURFDUEXURV 4XLQWD /DV LQVWDODFLRQHV D HVWDEOHFHU VH KDUiQ FRQ DUUHJOR DO SUR\HFWR WpFQLFR LQVWDODFLyQ GH GRV GHSyVLWRV HQWHUUDGRV GH */3 GH OLWURV \ UHG JHQHUDO GH GLVWULEXFLyQ SDUD VXPLQLVWUR HQ 3ODQ 3DUFLDO6HFWRU'GH')UDQFLVFR*X]PiQ*yPH] &ROHJLDGR QGHO&ROHJLRGH,QJHQLHURV7pFQLFRV,QGXVWULDOHVGH0XUFLD \YLVDGRHQIHFKD\HQWRGRPRPHQWRVHGHEHFXPSOLUFRQ HO 5HJODPHQWR WpFQLFR GH GLVWULEXFLyQ \ XWLOL]DFLyQ GH FRPEXVWLEOHV JDVHRVRV\VXVLQVWUXFFLRQHVWHFQLILFDVFRPSOHPHQWDULDV,&*D OD/H\GHGHMXOLRGH,QGXVWULDDVtFRPRODVGLVSRVLFLRQHV \QRUPDVWpFQLFDVTXHHQJHQHUDOVHDQGHDSOLFDFLyQ(VWDVLQVWDODFLR QHVHVWDUiQSUHYLVWDVSDUDUHVSRQGHUDORVDYDQFHVWHFQROyJLFRVHQHO FDPSRGHOJDV\ORJUDUDEDVWHFLPLHQWRVIOH[LEOHV\VHJXURV 6H[WD/DSUHVHQWHDXWRUL]DFLyQHQQLQJ~QFDVRVHHQWHQGHUiFRQ FHGLGDHQUpJLPHQGHPRQRSROLRQLFRQFHGHUiGHUHFKRVH[FOXVLYRVWDO \FRPRLQGLFDHODUWtFXORGHOD/H\GHGHRFWXEUHGHO 6HFWRUGH+LGURFDUEXURV 6pSWLPD /D SUHVHQWH DXWRUL]DFLyQ DGPLQLVWUDWLYD VH HQWLHQGH VLQ SHUMXLFLRVHLQGHSHQGLHQWHPHQWHGHODVFRQFHVLRQHVOLFHQFLDVSHUPL VRVRDXWRUL]DFLRQHVGHFRPSHWHQFLDPXQLFLSDOSURYLQFLDODXWRQyPL FDHVWDWDORGHpVWHXRWURVRUJDQLVPRV\HQWLGDGHVTXHVHDQQHFHVDULDV SDUDODUHDOL]DFLyQGHODVLQVWDODFLRQHVGHDFXHUGRFRQODFRUUHVSRQGL HQWH OHJLVODFLyQ VHFWRULDO R FRQ RWUDV GLVSRVLFLRQHV TXH UHVXOWHQ DSOL FDEOHV\HQHVSHFLDOODVUHODWLYDVDODRUGHQDFLyQGHOWHUULWRULR\GHO PHGLRDPELHQWHWRGRHOORGHDFXHUGRDORGLVSXHVWRHQHODUWtFXOR GHOD/H\GHGHRFWXEUH 2FWDYD/DGHWHUPLQDFLyQGHODVWDULIDV\GHOUpJLPHQHFRQyPLFR TXHVHDQGHDSOLFDFLyQSDUDHOVXPLQLVWURGHJDVFDQDOL]DGRVHUHJLUiQ SRUODVGLVSRVLFLRQHVYLJHQWHVHQFDGDPRPHQWR 1RYHQD/DSUHVHQWHDXWRUL]DFLyQVHRWRUJDVLQSHUMXLFLRGHWHUFH URV\GHMDQGRDVDOYRORVGHUHFKRVSDUWLFXODUHV 'pFLPD 3DUD LQWURGXFLU PRGLILFDFLRQHV TXH DIHFWHQ D ORV GDWRV EiVLFRVVHUiQHFHVDULRREWHQHUDXWRUL]DFLyQGHHVWH6HUYLFLR7HUULWRULDO GH(QHUJtDGH$OLFDQWH 8QGpFLPD'LFKR6HUYLFLR7HUULWRULDOXQDYH]ILQDOL]DGDVODVREUDV GH LQVWDODFLyQ SURFHGHUi D HIHFWXDU ORV HQVD\RV \ SUXHEDV RSRUWXQDV DVtFRPRDUHFDEDUXQFHUWLILFDGRILQDOGHREUDILUPDGRSRU7pFQLFR VXSHULRUFRPSHWHQWH\YLVDGRSRUHO&ROHJLR2ILFLDOFRUUHVSRQGLHQWH HQHOTXHFRQVWHTXHODFRQVWUXFFLyQ\PRQWDMHGHODVLQVWDODFLRQHVVH KDQHIHFWXDGRGHDFXHUGRFRQODQRUPDWLYDWpFQLFDYLJHQWHTXHOHVHD GHDSOLFDFLyQ 'XRGpFLPD 5HSVRO %XWDQR 6$ GDUi FXHQWD GH OD WHUPLQDFLyQ GH ODV LQVWDODFLRQHV DO 2UJDQLVPR DXWRUL]DQWH SDUD VX UHFRQRFLPLHQ WR GHILQLWLYR \ OHYDQWDPLHQWR GHO DFWD GH SXHVWD HQ PDUFKD VLQ FX\R UHTXLVLWRQRSRGUiQHQWUDUHQIXQFLRQDPLHQWR 'HFLPRWHUFHUD6HUiFDXVDGHUHYRFDFLyQGHODSUHVHQWHDXWRUL]D FLyQDGPLQLVWUDWLYD (OLQFXPSOLPLHQWRGHODFRQVWLWXFLyQGHOGHSyVLWRGHJDUDQWtDHQOD IRUPD\SOD]RVHxDODGRHQHOSUHVHQWHFRQGLFLRQDGR (OLQFXPSOLPLHQWRGHODVFRQGLFLRQHVH[SUHVDGDVODYDULDFLyQVXV WDQFLDOGHODVFDUDFWHUtVWLFDVGHVFULWDVHQODGRFXPHQWDFLyQSUHVHQWDGD \TXHKDGHWHUPLQDGRVXRWRUJDPLHQWRXRWUDFDXVDH[FHSFLRQDOTXHOR MXVWLILTXH &RQWUDODSUHVHQWHUHVROXFLyQSRGUiLQWHUSRQHUVHUHFXUVRGHDO]D GD DQWH OD 'LUHFFLyQ *HQHUDO GH OD (QHUJtD HQ HO SOD]R GH XQ PHV D FRQWDUGHVGHHOGtDVLJXLHQWHGHODQRWLILFDFLyQGHODPLVPDGHFRQIRU PLGDGFRQORHVWDEOHFLGRHQHODUWtFXORGHOD/H\GHGH QRYLHPEUH GH 5pJLPHQ -XUtGLFR GH ODV$GPLQLVWUDFLRQHV 3~EOLFDV \ GHO3URFHGLPLHQWR$GPLQLVWUDWLYR&RP~Q $ODFDQWG¶DEULOGH²(OFDSGHO6HUYLFL7HUULWRULDOG¶(QHU JLD0LJXHO*DUFtD0HQJXDO $OLFDQWHGHDEULOGH²(OMHIHGHO6HUYLFLR7HUULWRULDOGH (QHUJtD0LJXHO*DUFtD0HQJXDO 4XDUWD(OWLWXODUG¶HVWDDXWRULW]DFLyGLVIUXWDUjFRPDGLVWULEXwGRU GHOVGUHWVTXHDVVHQ\DOHQHOVDUWLFOHVLGHOD/OHLGH RFWXEUHGHO6HFWRUG¶+LGURFDUEXUV &LQTXHQD /HV LQVWDOÂODFLRQV TXH V¶KD G¶HVWDEOLU HV IDUDQ G¶DFRUG DPE HO SURMHFWH WqFQLF LQVWDOÂODFLy GH GRV GHSzVLWV VRWHUUDWV GH */3 GH OLWUHV L [DU[D JHQHUDO GH GLVWULEXFLy SHU D VXEPLQLVWUDPHQW DO3OD3DUFLDO6HFWRU'GHO6U)UDQFLVFR*X]PiQ*yPH]FROÂOHJLDW Q~PGHO&ROÂOHJLG¶(QJLQ\HUV7qFQLFV,QGXVWULDOVGH0~UFLDL YLVDWHQGDWDLHQWRWPRPHQWV¶KDGHFRPSOLUHOUHJODPHQW WqFQLF GH GLVWULEXFLy L XWLOLW]DFLy GH FRPEXVWLEOHV JDVRVRV L OHV VHXHV LQVWUXFFLRQVWqFQLTXHVFRPSOHPHQWjULHV,&*DOD/OHL GHGHMXOLROG¶,QG~VWULDDL[tFRPOHVGLVSRVLFLRQVLQRUPHVWqFQL TXHV TXH HQ JHQHUDO V¶DSOLTXHQ (VWHV LQVWDOÂODFLRQV HVWDUDQ SUHYLVWHV SHUDUHVSRQGUHDOVDYDQoRVWHFQROzJLFVHQHOFDPSGHOJDVLDFRQVH JXLUSURYHwPHQWVIOH[LEOHVLVHJXUV 6LVHQD(VWDDXWRULW]DFLyHQFDSFDVV¶HQWHQGUjFRQFHGLGDHQUqJLP GHPRQRSROLQLFRQFHGLUjGUHWVH[FOXVLXVWDOFRPLQGLFDO¶DUWLFOHGH OD/OHLGHG¶RFWXEUHGHO6HFWRUG¶+LGURFDUEXUV 6HWHQD (VWD DXWRULW]DFLy DGPLQLVWUDWLYD V¶HQWpQ VHQVH SHUMXtV L LQGHSHQGHQWPHQWGHOHVFRQFHVVLRQVOOLFqQFLHVSHUPLVRVRDXWRULW]DFL RQVGHFRPSHWqQFLDPXQLFLSDOSURYLQFLDODXWRQzPLFDHVWDWDORG¶HVWH RDOWUHVRUJDQLVPHVLHQWLWDWVTXHVLJXHQQHFHVVjULHVSHUDODUHDOLW]DFLy GHOHVLQVWDOÂODFLRQVG¶DFRUGDPEODFRUUHVSRQHQWOHJLVODFLyVHFWRULDOR DPEDOWUHVGLVSRVLFLRQVTXHUHVXOWHQDSOLFDEOHVLHQHVSHFLDOOHVUHODWL YHVDO¶RUGHQDFLyGHOWHUULWRULLGHOPHGLDPELHQWWRWDL[zG¶DFRUGDPE HOTXHGLVSRVDO¶DUWLFOHGHOD/OHLGHG¶RFWXEUH +XLWHQD/DGHWHUPLQDFLyGHOHVWDULIHVLGHOUqJLPHFRQzPLFTXH V¶DSOLTXHQSHUDOVXEPLQLVWUDPHQWGHJDVFDQDOLW]DWHVUHJLUDQSHUOHV GLVSRVLFLRQVYLJHQWVHQFDGDPRPHQW 1RYHQD (VWD DXWRULW]DFLy V¶DWRUJD VHQVH SHUMXt GH WHUFHUV L GHL[D IRUDGHSHULOOHOVGUHWVSDUWLFXODUV 'HVHQD3HUDLQWURGXLUPRGLILFDFLRQVTXHDIHFWHQOHVGDGHVEjVL TXHV VHUj QHFHVVDUL REWLQGUH O¶DXWRULW]DFLy G¶HVWH 6HUYLFL 7HUULWRULDO G¶(QHUJLDG¶$ODFDQW 2Q]H (O GLW 6HUYLFL7HUULWRULDO XQD YHJDGD ILQDOLW]DGHV OHV REUHV G¶LQVWDOÂODFLySURFHGLUjDHIHFWXDUHOVDVVDMRVLSURYHVRSRUWXQHVDL[t FRP D GHPDQDU XQ FHUWLILFDW ILQDO G¶REUD ILUPDW SHU WqFQLF VXSHULRU FRPSHWHQW L YLVDW SHO FROÂOHJL RILFLDO FRUUHVSRQHQW HQ HO TXDO FRQVWH TXH OD FRQVWUXFFLy L HO PXQWDWJH GH OHV LQVWDOÂODFLRQV V¶KDQ HIHFWXDW G¶DFRUGDPEODQRUPDWLYDWqFQLFDYLJHQWTXHVHOLDSOLTXH 'RW]H5HSVRO%XWDQR6$GRQDUjFRPSWHGHO¶DFDEDPHQWGHOHV LQVWDOÂODFLRQVDO¶RUJDQLVPHDXWRULW]DQWSHUDOVHXUHFRQHL[HPHQWGHIL QLWLX L O¶DOoDPHQW GH O¶DFWD GH SRVDGD HQ PDU[D VHQVH HO UHTXLVLW GHO TXDOQRSRGUDQHQWUDUHQIXQFLRQDPHQW 7UHW]H6HUjFDXVDGHUHYRFDFLyG¶HVWDDXWRULW]DFLyDGPLQLVWUDWLYD Núm. 5516 / 21.05.2007 3UHVLGqQFLDGHOD*HQHUDOLWDW 5(62/8&,ÏGHGHPDLJGHGHOYLFHSUHVLGHQWGHO &RQVHOOSHUODTXDOHVFRQFHGL[XQDEHFDSHUDODUHDOLW ]DFLy GH SUjFWLTXHV SURIHVVLRQDOV HQ PDWqULD GH SXEOLFD FLRQVHQODGLUHFFLyJHQHUDOGHUHODFLRQVDPEOHV&RUWVL 6HFUHWDULDWGHO*RYHUQ>@ $QWHFHGHQWVGHIHW 3HU5HVROXFLyGHGHJHQHUGHGHOYLFHSUHVLGHQWGHO&RQ VHOOHVYDQDSURYDUOHVEDVHVGHODFRQYRFDWzULDG¶XQDEHFDHQPDWqULD GH SXEOLFDFLRQV SHU DO GHVHQYROXSDPHQW GH SUjFWLTXHV SURIHVVLRQDOV HQ OD 'LUHFFLy *HQHUDO GH 5HODFLRQV DPE OHV &RUWV L 6HFUHWDULDW GHO *RYHUQ /¶DQXQFL HV YD SXEOLFDU HQ HO 'LDUL 2ILFLDO GH OD &RPXQLWDW 9DOHQFLDQDQ~PHURGHGHIHEUHUGH +L KD FRQVLJQDFLy SUHVVXSRVWjULD VXILFLHQW D FjUUHF GHO SURJUDPD FDStWRO,9GHOSUHVVXSRVWGHOD*HQHUDOLWDWGHO¶DQ\LOD ,QWHUYHQFLy'HOHJDGDKDLQIRUPDWIDYRUDEOHPHQW /D&RPLVVLy$YDOXDGRUDHVYDUHXQLUHOVGLHVGHPDUoLG¶DEULO GHSHUDO¶HVWXGLGHOHVVROÂOLFLWXGVSUHVHQWDGHVLODUHDOLW]DFLyGH OHVHQWUHYLVWHVUHVSHFWLYDPHQW6¶KDHOHYDWSURSRVWDGHFRQFHVVLyGHOD EHFDVXEVFULWDSHUWRWVHOVPHPEUHVGHOD&RPLVVLy$YDOXDGRUD )RQDPHQWVMXUtGLFV 20249 3UHVLGHQFLDGHOD*HQHUDOLWDW 5(62/8&,Ï1 GH GH PD\R GH GHO YLFHSUHVLGHQ WH GHO &RQVHOO SRU OD TXH VH FRQFHGH XQD EHFD SDUD OD UHDOL]DFLyQGHSUiFWLFDVSURIHVLRQDOHVHQPDWHULDGHSXEOL FDFLRQHVHQOD'LUHFFLRQ*HQHUDOGH5HODFLRQHVFRQODV &RUWHV\6HFUHWDULDGRGHO*RELHUQR>@ $QWHFHGHQWHVGHKHFKR 3RU UHVROXFLyQ GH GH HQHUR GH GHO 9LFHSUHVLGHQWH GHO &RQVHOO VH DSUREDURQ ODV EDVHV GH OD FRQYRFDWRULD GH XQD EHFD HQ PDWHULDGHSXEOLFDFLRQHVSDUDHOGHVDUUROORGHSUiFWLFDVSURIHVLRQDOHV HQ OD 'LUHFFLyQ *HQHUDO GH 5HODFLRQHV FRQ ODV &RUWHV \ 6HFUHWDULDGR GHO*RELHUQR(ODQXQFLRVHSXEOLFyHQHO'LDUL2ILFLDOGHOD&RPXQL WDW9DOHQFLDQDQ~PHURGHGHIHEUHURGH ([LVWH FRQVLJQDFLyQ SUHVXSXHVWDULD VXILFLHQWH D FDUJR GHO SURJUD PDFDStWXOR,9GHOSUHVXSXHVWRGHOD*HQHUDOLWDWGHODxR \KDLQIRUPDGRIDYRUDEOHPHQWHOD,QWHUYHQFLyQ'HOHJDGD /D &RPLVLyQ (YDOXDGRUD VH UHXQLy ORV GtDV GH PDU]R \ GH DEULOGHSDUDHOHVWXGLRGHODVVROLFLWXGHVSUHVHQWDGDV\ODUHDOL]D FLyQ GH ODV HQWUHYLVWDV UHVSHFWLYDPHQWH 6H KD HOHYDGR SURSXHVWD GH FRQFHVLyQGHODEHFDVXVFULWDSRUWRGRVORVPLHPEURVGHOD&RPLVLyQ (YDOXDGRUD )XQGDPHQWRVMXUtGLFRV 3HUOHVIDFXOWDWVTXHHPFRQIHUL[ODEDVHVH[WDGHODFRQYRFDWzULD UHVROF 3RUODVIDFXOWDGHVTXHPHFRQILHUHODEDVHVH[WDGHODFRQYRFDWR ULDUHVXHOYR 3ULPHU $GMXGLFDU OD EHFD FRQYRFDGD HQ PDWqULD GH SXEOLFDFLRQV SHU DO GHVHQYROXSDPHQW GH SUjFWLTXHV SURIHVVLRQDOV HQ OD 'LUHFFLy *HQHUDO GH5HODFLRQVDPEOHV&RUWVL6HFUHWDULDWGH*RYHUQDO¶DVSLUDQWTXHKD REWLQJXWPDMRUSXQWXDFLyTXHpV 0DUWtQ'RPtQJXH]3ULHWR 3ULPHUR $GMXGLFDUODEHFDFRQYRFDGDHQPDWHULDGHSXEOLFDFLRQHVSDUDHO GHVDUUROORGHSUiFWLFDVSURIHVLRQDOHVHQOD'LUHFFLyQ*HQHUDOGH5HOD FLRQHVFRQODV&RUWHV\6HFUHWDULDGRGH*RELHUQRDODVSLUDQWHTXHKD REWHQLGRPD\RUSXQWXDFLyQTXHHV 0DUWtQ'RPtQJXH]3ULHWR /DERUVDGHUHVHUYDTXHGDFRQVWLWXwGDFRPVHJXL[ &ULVWLQD$PSDUR3DUHGHV9LOOHQD 0DUtD7HUHVD$OPHOD$UWLJXH] 3LODU'DQ]i%DOOHVWHU $PDQGD9LFHQW(VFRULKXHOD /DEROVDGHUHVHUYDTXHGDFRQVWLWXLGDFRPRVLJXH &ULVWLQD$PSDUR3DUHGHV9LOOHQD 0DUtD7HUHVD$OPHOD$UWLJXH] 3LODU'DQ]i%DOOHVWHU $PDQGD9LFHQW(VFRULKXHOD 6¶H[FORXHQ OHV VROÂOLFLWXGV TXH V¶LQGLTXHQ D FRQWLQXDFLy SHOV PRWLXVTXHDL[tPDWHL[V¶H[SUHVVHQ )HUQDQGR*yPH]*DUFtD-XDQ$QWRQLR/HyQ$UFRVL$LWDQD&KDIHU $QGUHXSHUQRVHUOOLFHQFLDWVGHVSUpVGHEDVHSULPHUDGHO¶DQ QH[GHODFRQYRFDWzULD &RQFHSFLyQ0RQWHDJXGR&yUGREDL6DEULQD)RUWHD6HQGUDSHUQR SRVVHLUFDSGHOHVOOLFHQFLDWXUHVUHTXHULGHVEDVHSULPHUDGHO¶DQQH[D ODFRQYRFDWzULD 'HVLUpH-XOLDQ&RORPHUL-DLPH1XxR0RQWHOOV3DMDUHVSHUQRWLQ GUHDFUHGLWDWHO*UDX0LWMjGH&RQHL[HPHQWVGH9DOHQFLjGHOD-4&9 6HH[FOX\HQODVVROLFLWXGHVTXHVHUHODFLRQDQDFRQWLQXDFLyQSRU ORVPRWLYRVTXHDVLPLVPRVHH[SUHVDQ ' )HUQDQGR *yPH] *DUFtD ' -XDQ$QWRQLR /HyQ$UFRV \ 'xD $LWDQD&KDIHU$QGUHXSRUQRVHUOLFHQFLDGRVFRQSRVWHULRULGDGD %DVHSULPHUDGHO$QH[RGHODFRQYRFDWRULD 'xD&RQFHSFLyQ0RQWHDJXGR&yUGRED\'xD6DEULQD)RUWHD6HQ GUD SRU QR SRVHHU QLQJXQD GH ODV OLFHQFLDWXUDV UHTXHULGDV %DVH 3UL PHUDGHO$QH[RDOD&RQYRFDWRULD 'xD 'HVLUpH -XOLDQ &RORPHU \ ' -DLPH 1XxR 0RQWHOOV 3DMDUHV SRUQRWHQHUDFUHGLWDGRHOJUDXPLWMjGHFRQHL[HPHQWVGHYDOHQFLjGH OD-4&9 6HJRQ /¶DGMXGLFDWDULKDXUjG¶DFUHGLWDUHVWDUDOFRUUHQWGHOHVVHXHVREOLJD FLRQVWULEXWjULHVLDPEOD6HJXUHWDW6RFLDOGHFRQIRUPLWDWDPEHOTXH GLVSRVDO¶2UGHGHGHPDLJGHGHODFRQVHOOHULDG¶(FRQRPLD L +LVHQGD$L[t PDWHL[ KDXUj G¶DFUHGLWDU SHU TXDOVHYRO GHOV PLWMDQV HVWDEOLWVHQO¶DUWLFOHGHOD/OHL*HQHUDOGH6XEYHQFLRQV QRHVWDUVRWPpVHQFDSGHOHVSURKLELFLRQVDUUHSOHJDGHVHQO¶DSDUWDW G¶HVWHPDWHL[DUWLFOHSHUDVHUEHQHILFLDULG¶XQDVXEYHQFLy 6HJXQGR (O DGMXGLFDWDULR GHEHUi DFUHGLWDU HVWDU DO FRUULHQWH GH VXV REOLJD FLRQHV WULEXWDULDV \ FRQ OD 6HJXULGDG 6RFLDO GH FRQIRUPLGDG FRQ OR GLVSXHVWRHQOD2UGHQGHGHPD\RGHGHODFRQVHOOHULDGH(FR QRPtD \ +DFLHQGD$VLPLVPR GHEHUi DFUHGLWDU SRU FXDOTXLHUD GH ORV PHGLRVHVWDEOHFLGRVHQHODUWtFXORGHOD/H\*HQHUDOGH 6XEYHQFLRQHVQRHVWDULQFXUVRHQQLQJXQDGHODVSURKLELFLRQHVUHFR JLGDVHQHODSDUWDGRGHHVWHPLVPRDUWtFXORSDUDVHUEHQHILFLDULRGH XQDVXEYHQFLyQ /DLQFRUSRUDFLyQVHSURGXFLUiHOGHMXQLRGH &RQWUD HVWD UHVROXFLyQ TXH SRQH ILQ D OD YtD DGPLQLVWUDWLYD VH SRGUiLQWHUSRQHUSRWHVWDWLYDPHQWHUHFXUVRGHUHSRVLFLyQDQWHHOyUJD QRTXHKDGLFWDGRHODFWRHQHOSOD]RGHXQPHVFRQWDGRGHVGHHOGtD VLJXLHQWHDVXSXEOLFDFLyQGHFRQIRUPLGDGFRQORSUHYLVWRHQORVDUWt /DLQFRUSRUDFLyHVSURGXLUjO¶GHMXQ\GH &RQWUDHVWDUHVROXFLyTXHSRVDILDODYLDDGPLQLVWUDWLYDHVSRGUj LQWHUSRVDU SRWHVWDWLYDPHQW UHFXUV GH UHSRVLFLy GDYDQW GH O¶zUJDQ TXH KDGLFWDWO¶DFWHHQHOWHUPLQLG¶XQPHVFRPSWDWGHVGHO¶HQGHPjDOD VHXD SXEOLFDFLy GH FRQIRUPLWDW DPE HO TXH SUHYHXHQ HOV DUWLFOHV Núm. 5516 / 21.05.2007 20250 LGHOD/OHLGHGHQRYHPEUHGH5qJLP-XUtGLFGHOHV $GPLQLVWUDFLRQV3~EOLTXHVLGHO3URFHGLPHQW$GPLQLVWUDWLX&RP~HQ ODUHGDFFLyGRQDGDSHUOD/OHLGHGHJHQHUREpUHFXUVFRQ WHQFLyVDGPLQLVWUDWLXGDYDQWGHOD6DOD&RQWHQFLRVD$GPLQLVWUDWLXGHO 7ULEXQDO6XSHULRUGH-XVWtFLDGHOD&RPXQLWDW9DOHQFLDQDHQHOWHUPLQL GHGRVPHVRVFRPSWDWVGHVGHO¶HQGHPjDODVHXDSXEOLFDFLyGHFRQ IRUPLWDWDPEHOTXHHVWDEOL[HQHOVDUWLFOHVLGHOD/OHL GHGHMXOLRO5HJXODGRUDGHOD-XULVGLFFLy&RQWHQFLRVD$GPLQLVWUD WLYD 7RWDL[zVHQVHSHUMXtTXHV¶XWLOLW]HTXDOVHYRODOWUDYLDTXHHVFRQ VLGHUHRSRUWXQD FXORV\GHOD/H\GHGHQRYLHPEUHGH5pJLPHQ -XUtGLFRGHODV$GPLQLVWUDFLRQHV3~EOLFDV\GHO3URFHGLPLHQWR$GPL QLVWUDWLYR &RP~Q HQ OD UHGDFFLyQ GDGD SRU OD /H\ GH GH HQHUR R ELHQ UHFXUVR &RQWHQFLRVR$GPLQLVWUDWLYR DQWH OD 6DOD GH OR &RQWHQFLRVR $GPLQLVWUDWLYR GHO 7ULEXQDO 6XSHULRU GH -XVWLFLD GH OD &RPXQLGDG 9DOHQFLDQD HQ HO SOD]R GH GRV PHVHV FRQWDGRV GHVGH HO GtD VLJXLHQWH D VX SXEOLFDFLyQ GH FRQIRUPLGDG FRQ OR HVWDEOHFLGR HQ ORVDUWtFXORV\GHOD/H\GHGHMXOLR5HJXODGRUDGH OD-XULVGLFFLyQ&RQWHQFLRVD$GPLQLVWUDWLYD 7RGRHOORVLQSHUMXLFLRGHTXHVHXWLOLFHFXDOTXLHURWUDYtDTXHVH FRQVLGHUHRSRUWXQD 9DOqQFLDGHPDLJGH±(OYLFHSUHVLGHQWGHO&RQVHOO9LFWRU &DPSRV*XLQRWSG5GHGHQRYHPEUHGHGHOSUHVLGHQWGHOD *HQHUDOLWDW 9DOHQFLDGHPD\RGH±(OYLFHSUHVLGHQWHGHO&RQVHOO9LF WRU&DPSRV*XLQRW3RUGHOHJDFLyQUHVROXFLyQGHGHQRYLHPEUHGH GHO3UHVLGHQWHGHOD*HQHUDOLWDW Núm. 5516 / 21.05.2007 3UHVLGqQFLDGHOD*HQHUDOLWDW 5(62/8&,ÏGHGHPDLJGHGHOYLFHSUHVLGHQWGHO &RQVHOOSHUODTXDOHVFRQFHGL[XQDEHFDSHUDODUHDOLW]D FLyGHSUjFWLTXHVSURIHVVLRQDOVHQPDWqULDMXUtGLFDHQOD 'LUHFFLy*HQHUDOGH5HODFLRQVDPEOHV&RUWVL6HFUHWDULDW GHO*RYHUQ>@ $QWHFHGHQWVGHIHW 3HUUHVROXFLyGHGHJHQHUGHGHOYLFHSUHVLGHQWGHO&RQ VHOOHVYDQDSURYDUOHVEDVHVGHODFRQYRFDWzULDG¶XQDEHFDHQPDWq ULD MXUtGLFD SHU DO GHVHQYROXSDPHQW GH SUjFWLTXHV SURIHVVLRQDOV HQ OD 'LUHFFLy*HQHUDOGH5HODFLRQVDPEOHV&RUWVL6HFUHWDULDWGHO*RYHUQ /¶DQXQFLHVYDSXEOLFDUHQHO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQD Q~PHURGHGHIHEUHUGH +L KD FRQVLJQDFLy SUHVVXSRVWjULD VXILFLHQW D FjUUHF GHO SURJUDPD FDStWRO,9GHOSUHVVXSRVWGHOD*HQHUDOLWDWGHO¶DQ\LOD ,QWHUYHQFLy'HOHJDGDKDLQIRUPDWIDYRUDEOHPHQW /D&RPLVVLy$YDOXDGRUDHVYDUHXQLUHOVGLHVGHPDUoLG¶DEULO GHSHUDO¶HVWXGLGHOHVVROÂOLFLWXGVSUHVHQWDGHVLODUHDOLW]DFLyGH OHVHQWUHYLVWHVUHVSHFWLYDPHQW6¶KDHOHYDWSURSRVWDGHFRQFHVVLyGHOD EHFDVXEVFULWDSHUWRWVHOVPHPEUHVGHOD&RPLVVLy$YDOXDGRUD )RQDPHQWVMXUtGLFV 20251 3UHVLGHQFLDGHOD*HQHUDOLWDW 5(62/8&,Ï1 GH GH PD\R GH GHO YLFHSUHVLGHQ WH GHO &RQVHOO SRU OD TXH VH FRQFHGH XQD EHFD SDUD OD UHDOL]DFLyQGHSUiFWLFDVSURIHVLRQDOHVHQPDWHULDMXUtGLFD HQ OD 'LUHFFLRQ *HQHUDO GH 5HODFLRQHV FRQ ODV &RUWHV \ 6HFUHWDULDGRGHO*RELHUQR>@ $QWHFHGHQWHVGHKHFKR 3RU UHVROXFLyQ GH GH HQHUR GH GHO 9LFHSUHVLGHQWH GHO &RQVHOO VH DSUREDURQ ODV EDVHV GH OD FRQYRFDWRULD GH XQD EHFD HQ PDWHULD MXUtGLFD SDUD HO GHVDUUROOR GH SUiFWLFDV SURIHVLRQDOHV HQ OD 'LUHFFLyQ *HQHUDO GH 5HODFLRQHV FRQ ODV &RUWHV \ 6HFUHWDULDGR GHO *RELHUQR (O DQXQFLR VH SXEOLFy HQ HO 'LDUL 2ILFLDO GH OD &RPXQLWDW 9DOHQFLDQDQ~PHURGHGHIHEUHURGH ([LVWH FRQVLJQDFLyQ SUHVXSXHVWDULD VXILFLHQWH D FDUJR GHO SURJUD PDFDStWXOR,9GHOSUHVXSXHVWRGHOD*HQHUDOLWDWGHODxR \KDLQIRUPDGRIDYRUDEOHPHQWHOD,QWHUYHQFLyQ'HOHJDGD /D &RPLVLyQ (YDOXDGRUD VH UHXQLy ORV GtDV GH PDU]R \ GH DEULOGHSDUDHOHVWXGLRGHODVVROLFLWXGHVSUHVHQWDGDV\ODUHDOL]D FLyQ GH ODV HQWUHYLVWDV UHVSHFWLYDPHQWH 6H KD HOHYDGR SURSXHVWD GH FRQFHVLyQGHODEHFDVXVFULWDSRUWRGRVORVPLHPEURVGHOD&RPLVLyQ (YDOXDGRUD )XQGDPHQWRVMXUtGLFRV 3HUOHVIDFXOWDWVTXHHPFRQIHUL[ODEDVHVH[WDGHODFRQYRFDWzULD UHVROF 3RUODVIDFXOWDGHVTXHPHFRQILHUHODEDVHVH[WDGHODFRQYRFDWR ULDUHVXHOYR 3ULPHU $GMXGLFDUODEHFDFRQYRFDGDHQPDWqULDMXUtGLFDSHUDOGHVHQYROX SDPHQWGHSUjFWLTXHVSURIHVVLRQDOVHQOD'LUHFFLy*HQHUDOGH5HODFL RQVDPEOHV&RUWVL6HFUHWDULDWGH*RYHUQDO¶DVSLUDQWTXHKDREWLQJXW PDMRUSXQWXDFLyLTXHpVODVHJHQW $LQD&RVWD*DUFtD 3ULPHUR $GMXGLFDUODEHFDFRQYRFDGDHQPDWHULDMXUtGLFDSDUDHOGHVDUUROOR GHSUiFWLFDVSURIHVLRQDOHVHQOD'LUHFFLyQ*HQHUDOGH5HODFLRQHVFRQ ODV&RUWHV\6HFUHWDULDGRGH*RELHUQRDODDVSLUDQWHTXHKDREWHQLGR PD\RUSXQWXDFLyQTXHHVODVLJXLHQWH '$LQD&RVWD*DUFtD /DERUVDGHUHVHUYDTXHGDFRQVWLWXwGDFRPVHJXL[ /LYLD3pUH]&DVWHOOy (YD0DUtD(VWDUOLFK%UL] 'DYLG&DOYR0RUDOHV /DEROVDGHUHVHUYDTXHGDFRQVWLWXLGDFRPRVLJXH 'xD/LYLD3pUH]&DVWHOOy 'xD(YD0DUtD(VWDUOLFK%UL] ''DYLG&DOYR0RUDOHV 6¶H[FORXHQ OHV VROÂOLFLWXGV TXH V¶LQGLTXHQ D FRQWLQXDFLy SHOV PRWLXVTXHDL[tPDWHL[V¶H[SUHVVHQ ,QPDFXODGD'LHJR9HQWXUD5RVD$QD0DUWtQH]&OHPHQWHL9tFWRU 6LOYHVWUH ,ERU SHU QR KDYHU REWLQJXW OD OOLFHQFLDWXUD GH 'UHW GHVSUpV GHVHQWHVWHXQGHOVUHTXLVLWVDUUHSOHJDWVHQODEDVHSULPHUDGH O¶DQQH[DODFRQYRFDWzULD $UDFHOL *yPH] 0RUD L 1RHOLD *LUEHV &DODWD\XG SHU QR KDYHU DSRUWDWHO&HUWLILFDWGH*UDX0LWMjGH&RQHL[HPHQWVGHO9DOHQFLjGHOD -4&9EDVHSULPHUDGHO¶DQQH[DODFRQYRFDWzULD 6HH[FOX\HQODVVROLFLWXGHVTXHVHUHODFLRQDQDFRQWLQXDFLyQSRU ORVPRWLYRVTXHDVLPLVPRVHH[SUHVDQ 'RxD ,QPDFXODGD 'LHJR 9HQWXUD GRxD 5RVD$QD 0DUWtQH] &OH PHQWH\'9LFWRU6LOYHVWUH,ERUSRUQRKDEHUREWHQLGRODOLFHQFLDWXUD GH'HUHFKRFRQSRVWHULRULGDGDVLHQGRpVWHXQRGHORVUHTXLVLWRV UHFRJLGRVOD%DVH3ULPHUDGHO$QH[RDODFRQYRFDWRULD 'xD$UDFHOL*yPH]0RUD\'xD1RHOLD*LUEHV&DODWD\XGSRUQR KDEHUDSRUWDGRHOFHUWLILFDGRGHJUDXPLWMjGHFRQHL[HPHQWVGHOYDOHQ FLjGHOD-4&9%DVH3ULPHUDGHO$QH[RDODFRQYRFDWRULD 6HJRQ /¶DGMXGLFDWjULDKDXUjG¶DFUHGLWDUHVWDUDOFRUUHQWGHOHVVHXHVREOL JDFLRQV WULEXWjULHV L DPE OD 6HJXUHWDW 6RFLDO GH FRQIRUPLWDW DPE HO TXH GLVSRVD O¶2UGH GH GH PDLJ GH GH OD FRQVHOOHULD G¶(FR QRPLD L +LVHQGD $L[t PDWHL[ KDXUj G¶DFUHGLWDU SHU TXDOVHYRO GHOV PLWMDQVHVWDEOLWVHQO¶DUWLFOHGHOD/OHL*HQHUDOGH6XE YHQFLRQVQRHVWDUVRWPHVDHQFDSGHOHVSURKLELFLRQVDUUHSOHJDGHVHQ O¶DSDUWDWG¶HVWHPDWHL[DUWLFOHSHUDVHUEHQHILFLDULG¶XQDVXEYHQFLy 6HJXQGR /D DGMXGLFDWDULD GHEHUi DFUHGLWDU HVWDU DO FRUULHQWH GH VXV REOLJD FLRQHV WULEXWDULDV \ FRQ OD 6HJXULGDG 6RFLDO GH FRQIRUPLGDG FRQ OR GLVSXHVWRHQOD2UGHQGHGHPD\RGHGHODFRQVHOOHULDGH(FR QRPtD \ +DFLHQGD$VLPLVPR GHEHUi DFUHGLWDU SRU FXDOTXLHUD GH ORV PHGLRVHVWDEOHFLGRVHQHODUWtFXORGHOD/H\*HQHUDOGH 6XEYHQFLRQHVQRHVWDULQFXUVDHQQLQJXQDGHODVSURKLELFLRQHVUHFR JLGDVHQHODSDUWDGRGHHVWHPLVPRDUWtFXORSDUDVHUEHQHILFLDULRGH XQDVXEYHQFLyQ /DLQFRUSRUDFLyQVHSURGXFLUiHOGHMXQLRGH &RQWUD HVWD UHVROXFLyQ TXH SRQH ILQ D OD YtD DGPLQLVWUDWLYD VH SRGUiLQWHUSRQHUSRWHVWDWLYDPHQWHUHFXUVRGHUHSRVLFLyQDQWHHOyUJD QRTXHKDGLFWDGRHODFWRHQHOSOD]RGHXQPHVFRQWDGRGHVGHHOGtD VLJXLHQWHDVXSXEOLFDFLyQGHFRQIRUPLGDGFRQORSUHYLVWRHQORVDUWt FXORV\GHOD/H\GHGHQRYLHPEUHGH5pJLPHQ -XUtGLFRGHODV$GPLQLVWUDFLRQHV3~EOLFDV\GHO3URFHGLPLHQWR$GPL QLVWUDWLYR &RP~Q HQ OD UHGDFFLyQ GDGD SRU OD /H\ GH GH /DLQFRUSRUDFLyHVSURGXLUjO¶GHMXQ\GH &RQWUDHVWDUHVROXFLyTXHSRVDILDODYLDDGPLQLVWUDWLYDHVSRGUj LQWHUSRVDU SRWHVWDWLYDPHQW XQ UHFXUV GH UHSRVLFLy GDYDQW GH O¶zUJDQ TXHKDGLFWDWO¶DFWHHQHOWHUPLQLG¶XQPHVFRPSWDWGHVGHO¶HQGHPjD ODVHXDSXEOLFDFLyGHFRQIRUPLWDWDPEHOTXHSUHYHXHQHOVDUWLFOHV LGHOD/OHLGHGHQRYHPEUHGH5qJLP-XUtGLFGHOHV $GPLQLVWUDFLRQV3~EOLTXHVLGHO3URFHGLPHQW$GPLQLVWUDWLX&RP~HQ ODUHGDFFLyGRQDGDSHUOD/OHLGHGHJHQHUREpXQUHFXUV Núm. 5516 / 21.05.2007 20252 &RQWHQFLyV$GPLQLVWUDWLX GDYDQW GH OD 6DOD &RQWHQFLRVD$GPLQLVWUD WLX GHO 7ULEXQDO 6XSHULRU GH -XVWtFLD GH OD &RPXQLWDW 9DOHQFLDQD HQ HOWHUPLQLGHGRVPHVRVFRPSWDWVGHVGHO¶HQGHPjDODVHXDSXEOLFD FLyGHFRQIRUPLWDWDPEHOTXHHVWDEOL[HQHOVDUWLFOHVLGHOD/OHL GH GH MXOLRO 5HJXODGRUD GH OD -XULVGLFFLy &RQWHQFLRVD $GPLQLVWUDWLYD 7RWDL[zVHQVHSHUMXtTXHV¶XWLOLW]HTXDOVHYRODOWUDYLDTXHHVFRQ VLGHUHRSRUWXQD HQHUR R ELHQ UHFXUVR &RQWHQFLRVR$GPLQLVWUDWLYR DQWH OD 6DOD GH OR &RQWHQFLRVR $GPLQLVWUDWLYR GHO 7ULEXQDO 6XSHULRU GH -XVWLFLD GH OD &RPXQLGDG 9DOHQFLDQD HQ HO SOD]R GH GRV PHVHV FRQWDGRV GHVGH HO GtD VLJXLHQWH D VX SXEOLFDFLyQ GH FRQIRUPLGDG FRQ OR HVWDEOHFLGR HQ ORVDUWtFXORV\GHOD/H\GHGHMXOLR5HJXODGRUDGH OD-XULVGLFFLyQ&RQWHQFLRVD$GPLQLVWUDWLYD 7RGRHOORVLQSHUMXLFLRGHTXHVHXWLOLFHFXDOTXLHURWUDYtDTXHVH FRQVLGHUHRSRUWXQD 9DOqQFLDGHPDLJGH±(OYLFHSUHVLGHQWGHO&RQVHOO9tFWRU &DPSRV*XLQRW3HUGHOHJDFLy5HVROXFLyGHGHQRYHPEUHGH GHOSUHVLGHQWGHOD*HQHUDOLWDW 9DOHQFLDGHPD\RGH±(OYLFHSUHVLGHQWHGHO&RQVHOO9LF WRU&DPSRV*XLQRW3RUGHOHJDFLyQ5HVROXFLyQGHGHQRYLHPEUHGH GHO3UHVLGHQWHGHOD*HQHUDOLWDW Núm. 5516 / 21.05.2007 3UHVLGqQFLDGHOD*HQHUDOLWDW 5(62/8&,Ï GH GH PDLJ GH GHO YLFHSUHVLGHQW GHO&RQVHOOSHUODTXDOHVFRQFHGL[HQGXHVEHTXHVSHUD OD UHDOLW]DFLy GH SUjFWLTXHV SURIHVVLRQDOV HQ PDWqULD GH GRFXPHQWDFLy HQ OD 'LUHFFLy *HQHUDO GH 5HODFLRQV DPE OHV&RUWVL6HFUHWDULDWGHO*RYHUQ>@ $QWHFHGHQWVGHIHW 3HU5HVROXFLyGHGHJHQHUGHGHOYLFHSUHVLGHQWGHO&RQ VHOO HV YDQ DSURYDU OHV EDVHV GH OD FRQYRFDWzULD GH GXHV EHTXHV HQ PDWqULDGHGRFXPHQWDFLySHUDOGHVHQYROXSDPHQWGHSUjFWLTXHVSURIHV VLRQDOVHQOD'LUHFFLy*HQHUDOGH5HODFLRQVDPEOHV&RUWVL6HFUHWDULDW GHO*RYHUQ/¶DQXQFLHVYDSXEOLFDUHQHO'LDUL2ILFLDOGHOD&RPXQL WDW9DOHQFLDQDQ~PHURGHGHIHEUHUGH +L KD FRQVLJQDFLy SUHVVXSRVWjULD VXILFLHQW D FjUUHF GHO SURJUDPD FDStWRO,9GHO3UHVVXSRVWGHOD*HQHUDOLWDWGHO¶DQ\LOD ,QWHUYHQFLy'HOHJDGDKDLQIRUPDWIDYRUDEOHPHQW /D&RPLVVLy$YDOXDGRUDHVYDUHXQLUHOVGLHVGHPDUoLG¶DEULO GHSHUDO¶HVWXGLGHOHVVROÂOLFLWXGVSUHVHQWDGHVLODUHDOLW]DFLyGH OHVHQWUHYLVWHVUHVSHFWLYDPHQW6¶KDHQYLDWXQDSURSRVWDGHFRQFHVVLy GHOHVEHTXHVVXEVFULWDSHUWRWVHOVPHPEUHVGHOD&RPLVVLy$YDOXDGR UD )RQDPHQWVMXUtGLFV 20253 3UHVLGHQFLDGHOD*HQHUDOLWDW 5(62/8&,Ï1 GH GH PD\R GH GHO YLFHSUHVLGHQ WHGHO&RQVHOOSRUODTXHVHFRQFHGHQGRVEHFDVSDUDOD UHDOL]DFLyQGHSUiFWLFDVSURIHVLRQDOHVHQPDWHULDGHGRFX PHQWDFLyQHQOD'LUHFFLRQ*HQHUDOGH5HODFLRQHVFRQODV &RUWHV\6HFUHWDULDGRGHO*RELHUQR>@ $QWHFHGHQWHVGHKHFKR 3RU 5HVROXFLyQ GH GH HQHUR GH GHO 9LFHSUHVLGHQWH GHO &RQVHOO VH DSUREDURQ ODV EDVHV GH OD FRQYRFDWRULD GH GRV EHFDV HQ PDWHULDGHGRFXPHQWDFLyQSDUDHOGHVDUUROORGHSUiFWLFDVSURIHVLRQDOHV HQ OD 'LUHFFLyQ *HQHUDO GH 5HODFLRQHV FRQ ODV &RUWHV \ 6HFUHWDULDGR GHO*RELHUQR(ODQXQFLRVHSXEOLFyHQHO'LDUL2ILFLDOGHOD&RPXQL WDW9DOHQFLDQDQ~PHURGHGHIHEUHURGH ([LVWHFRQVLJQDFLyQSUHVXSXHVWDULDVXILFLHQWHDFDUJRGHOSURJUDPD &DStWXOR,9GHO3UHVXSXHVWRGHOD*HQHUDOLWDWGHODxR\ KDLQIRUPDGRIDYRUDEOHPHQWHOD,QWHUYHQFLyQ'HOHJDGD /D &RPLVLyQ (YDOXDGRUD VH UHXQLy ORV GtDV GH PDU]R \ GH DEULOGHSDUDHOHVWXGLRGHODVVROLFLWXGHVSUHVHQWDGDV\ODUHDOL]D FLyQ GH ODV HQWUHYLVWDV UHVSHFWLYDPHQWH 6H KD HOHYDGR SURSXHVWD GH FRQFHVLyQGHODVEHFDVVXVFULWDSRUWRGRVORVPLHPEURVGHOD&RPLVLyQ (YDOXDGRUD )XQGDPHQWRVMXUtGLFRV 3HUOHVIDFXOWDWVTXHHPFRQIHUL[ODEDVHVH[WDGHODFRQYRFDWzULD UHVROF 3RUODVIDFXOWDGHVTXHPHFRQILHUHODEDVHVH[WDGHODFRQYRFDWR ULDUHVXHOYR 3ULPHU $GMXGLFDUOHVEHTXHVFRQYRFDGHVHQPDWqULDGHGRFXPHQWDFLySHU DOGHVHQYROXSDPHQWGHSUjFWLTXHVSURIHVVLRQDOVHQOD'LUHFFLy*HQHUDO GH5HODFLRQV DPE OHV &RUWV L 6HFUHWDULDWGH *RYHUQ DOV DVSLUDQWVTXH KDQREWLQJXWPDMRUSXQWXDFLyLTXHVyQHOVVHJHQWV ,VLGUR&KR]D7RUUHV 0DUtDGHOD0HUFHG0HOHJR&DQHW 3ULPHUR $GMXGLFDUODVEHFDVFRQYRFDGDVHQPDWHULDGHGRFXPHQWDFLyQSDUD HO GHVDUUROOR GH SUiFWLFDV SURIHVLRQDOHV HQ OD 'LUHFFLyQ *HQHUDO GH 5HODFLRQHVFRQODV&RUWHV\6HFUHWDULDGRGH*RELHUQRDORVDVSLUDQWHV TXHKDQREWHQLGRPD\RUSXQWXDFLyQTXHVRQORVVLJXLHQWHV ,VLGUR&KR]D7RUUHV 0DUtDGHOD0HUFHG0HOHJR&DQHW /DERUVDGHUHVHUYDTXHGDFRQVWLWXwGDGHODPDQHUDVHJHQW 1HXV(VFRWR6LPy 0LJXHO/OiFHU%RVEDFK /DEROVDGHUHVHUYDTXHGDFRQVWLWXLGDFRPRVLJXH 1HXV(VFRWR6LPy 0LJXHO/OiFHU%RVEDFK 6¶H[FORXHQ OHV VROÂOLFLWXGV TXH V¶LQGLTXHQ D FRQWLQXDFLy SHOV PRWLXVTXHDL[tPDWHL[V¶H[SUHVVHQ 6ROÂOLFLWXGV SUHVHQWDGHV SHU &RQFHSFLyQ 0RQWHDJXGR &yUGRED L 3HGUR)HQROORVD7HMHGRUSHUQRKDYHUREWLQJXWODWLWXODFLyGHVSUpVGH EDVHSULPHUDDQQH[GHODFRQYRFDWzULD 6ROÂOLFLWXGV SUHVHQWDGHV SHU -DLPH 1XxR 0RQWHOOV 3DMDUHV (QDUD /DXUD$ULDV )tJDUR 0 &DUPHQ +HUUHUDV 5RGUtJXH] L 1LFROiV &DQR &HUYHUDSHUQRVHUOOLFHQFLDWVHQ'RFXPHQWDFLyEDVHSULPHUDDQQH[ GHODFRQYRFDWzULD 6HH[FOX\HQODVVROLFLWXGHVTXHVHUHODFLRQDQDFRQWLQXDFLyQSRU ORVPRWLYRVTXHDVLPLVPRVHH[SUHVDQ 6ROLFLWXGHVSUHVHQWDGDVSRU'xD&RQFHSFLyQ0RQWHDJXGR&yUGR ED\'RQ3HGUR)HQROORVD7HMHGRUSRUQRKDEHUREWHQLGRODWLWXODFLyQ FRQSRVWHULRULGDGD%DVH3ULPHUD$QH[RDOD&RQYRFDWRULD 6ROLFLWXGHV SUHVHQWDGDV ' -DLPH 1XxR 0RQWHOOV 3DMDUHV 'xD (QDUD /DXUD$ULDV )tJDUR 'xD 0 &DUPHQ +HUUHUDV 5RGUtJXH] \ ' 1LFROiV &DQR &HUYHUD SRU QR VHU /LFHQFLDGRV HQ 'RFXPHQWDFLyQ %DVH3ULPHUD$QH[RDOD&RQYRFDWRULD 6HJRQ (OV DGMXGLFDWDULV KDXUDQ G¶DFUHGLWDU HVWDU DO FRUUHQW GH OHV VHXHV REOLJDFLRQVWULEXWjULHVLDPEOD6HJXUHWDW6RFLDOGHFRQIRUPLWDWDPE HOTXHGLVSRVDO¶2UGHGHGHPDLJGHGHODFRQVHOOHULDG¶(FR QRPLD L +LVHQGD$L[t PDWHL[ KDXUDQ G¶DFUHGLWDU SHU TXDOVHYRO GHOV PLWMDQVHVWDEOLWVHQO¶DUWLFOHGHOD/OHL*HQHUDOGH6XE YHQFLRQVQRHVWDUVRWPHVRVHQFDSGHOHVSURKLELFLRQVDUUHSOHJDGHVHQ O¶DSDUWDWG¶HVWHPDWHL[DUWLFOHSHUDVHUEHQHILFLDULG¶XQDVXEYHQFLy 6HJXQGR /RVDGMXGLFDWDULRVGHEHUiQDFUHGLWDUHVWDUDOFRUULHQWHGHVXVREOL JDFLRQHVWULEXWDULDV\FRQOD6HJXULGDG6RFLDOGHFRQIRUPLGDGFRQOR GLVSXHVWRHQOD2UGHQGHGHPD\RGHGHODFRQVHOOHULDGH(FR QRPtD\+DFLHQGD$VLPLVPRGHEHUiQDFUHGLWDUSRUFXDOTXLHUDGHORV PHGLRVHVWDEOHFLGRVHQHODUWtFXORGHOD/H\*HQHUDOGH 6XEYHQFLRQHVQRHVWDULQFXUVRVHQQLQJXQDGHODVSURKLELFLRQHVUHFR JLGDVHQHODSDUWDGRGHHVWHPLVPRDUWtFXORSDUDVHUEHQHILFLDULRGH XQDVXEYHQFLyQ /DLQFRUSRUDFLyQVHSURGXFLUiHOGHMXQLRGH &RQWUD HVWD UHVROXFLyQ TXH SRQH ILQ D OD YtD DGPLQLVWUDWLYD VH SRGUiLQWHUSRQHUSRWHVWDWLYDPHQWHUHFXUVRGHUHSRVLFLyQDQWHHOyUJD QRTXHKDGLFWDGRHODFWRHQHOSOD]RGHXQPHVFRQWDGRGHVGHHOGtD VLJXLHQWHDVXSXEOLFDFLyQGHFRQIRUPLGDGFRQORSUHYLVWRHQORVDUWt FXORV\GHOD/H\GHGHQRYLHPEUHGH5pJLPHQ -XUtGLFRGHODV$GPLQLVWUDFLRQHV3~EOLFDV\GHO3URFHGLPLHQWR$GPL QLVWUDWLYR &RP~Q HQ OD UHGDFFLyQ GDGD SRU OD /H\ GH GH /DLQFRUSRUDFLyHVSURGXLUjO¶GHMXQ\GH &RQWUDHVWDUHVROXFLyTXHSRVDILDODYLDDGPLQLVWUDWLYDHVSRGUj LQWHUSRVDU SRWHVWDWLYDPHQW XQ UHFXUV GH UHSRVLFLy GDYDQW GH O¶zUJDQ TXHKDGLFWDWO¶DFWHHQHOWHUPLQLG¶XQPHVFRPSWDWGHVGHO¶HQGHPjD ODVHXDSXEOLFDFLyGHFRQIRUPLWDWDPEHOTXHSUHYHXHQHOVDUWLFOHV LGHOD/OHLGHGHQRYHPEUHGH5qJLP-XUtGLFGHOHV $GPLQLVWUDFLRQV3~EOLTXHVLGHO3URFHGLPHQW$GPLQLVWUDWLX&RP~HQ ODUHGDFFLyGRQDGDSHUOD/OHLGHGHJHQHUREpXQUHFXUV Núm. 5516 / 21.05.2007 20254 &RQWHQFLyV$GPLQLVWUDWLX GDYDQW GH OD 6DOD &RQWHQFLRVD$GPLQLVWUD WLX GHO 7ULEXQDO 6XSHULRU GH -XVWtFLD GH OD &RPXQLWDW 9DOHQFLDQD HQ HOWHUPLQLGHGRVPHVRVFRPSWDWVGHVGHO¶HQGHPjDODVHXDSXEOLFD FLyGHFRQIRUPLWDWDPEHOTXHHVWDEOL[HQHOVDUWLFOHVLGHOD/OHL GH GH MXOLRO 5HJXODGRUD GH OD -XULVGLFFLy &RQWHQFLRVD $GPLQLVWUDWLYD 7RWDL[zVHQVHSHUMXtTXHV¶XWLOLW]HTXDOVHYRODOWUDYLDTXHHVFRQ VLGHUHRSRUWXQD HQHUR R ELHQ UHFXUVR &RQWHQFLRVR$GPLQLVWUDWLYR DQWH OD 6DOD GH OR &RQWHQFLRVR $GPLQLVWUDWLYR GHO 7ULEXQDO 6XSHULRU GH -XVWLFLD GH OD &RPXQLGDG 9DOHQFLDQD HQ HO SOD]R GH GRV PHVHV FRQWDGRV GHVGH HO GtD VLJXLHQWH D VX SXEOLFDFLyQ GH FRQIRUPLGDG FRQ OR HVWDEOHFLGR HQ ORVDUWtFXORV\GHOD/H\GHGHMXOLR5HJXODGRUDGH OD-XULVGLFFLyQ&RQWHQFLRVD$GPLQLVWUDWLYD 7RGRHOORVLQSHUMXLFLRGHTXHVHXWLOLFHFXDOTXLHURWUDYtDTXHVH FRQVLGHUHRSRUWXQD 9DOqQFLDGHPDLJGH±(OYLFHSUHVLGHQWGHO&RQVHOO9tFWRU &DPSRV*XLQRW3HUGHOHJDFLy5HVROXFLyGHGHQRYHPEUHGH GHOSUHVLGHQWGHOD*HQHUDOLWDW 9DOHQFLDGHPD\RGH±(OYLFHSUHVLGHQWHGHO&RQVHOO9LF WRU&DPSRV*XLQRW3RUGHOHJDFLyQ5HVROXFLyQGHGHQRYLHPEUHGH GHO3UHVLGHQWHGHOD*HQHUDOLWDW Núm. 5516 / 21.05.2007 $JqQFLD9DOHQFLDQDGH)RPHQWL*DUDQWLD$JUjULD 20255 $JHQFLD9DOHQFLDQDGH)RPHQWR\*DUDQWtD$JUDULD 5(62/8&,ÏGHG¶DEULOGHGHOGLUHFWRUGHO¶2U JDQLVPH3DJDGRUGHOHV$MXGHVGHO)RQV(XURSHX$JUtFR ODGH*DUDQWLD)($*$LGHO)RQV(XURSHX$JUtFRODGH 'HVHQURWOODPHQW 5XUDO )($'(5 D OD &RPXQLWDW 9DOHQ FLDQDSHUODTXDOHVGHVWLQHQIRQVGHODGHOD*HQHUDOLWDW SHU D O¶DPSOLDFLy GH O¶DMXGD FRPXQLWjULD D OD UHHVWUXFWX UDFLyGHODYLQ\DHQODFDPSDQ\D>@ 5(62/8&,21GHGHDEULOGHOGLUHFWRUGHO2UJD QLVPR3DJDGRUGHODV$\XGDVGHO)RQGR(XURSHR$JUtFROD GH *DUDQWtD )($*$ \ GHO )RQGR (XURSHR $JUtFROD GH GHVDUUROOR 5XUDO )($'(5 HQ OD &RPXQLWDW 9DOHQFLDQD SRUODTXHVHGHVWLQDQIRQGRVGHODGHOD*HQHUDOLWDWSDUD ODDPSOLDFLyQGHODD\XGDFRPXQLWDULDDODUHHVWUXFWXUD FLyQGHOYLxHGRHQODFDPSDxD>@ (QO¶DUWLFOHGHO'HFUHWGHGHVHWHPEUHGHO&RQVHOO HVGHVLJQDDOD&RPXQLWDW9DOHQFLDQDO¶$JqQFLD9DOHQFLDQDGH)RPHQW L *DUDQWLD$JUjULD FRP D RUJDQLVPH SDJDGRU GH OHV DMXGHV )($*$ L )($'(5HQVXEVWLWXFLyGHODFRQVHOOHULDG¶$JULFXOWXUD3HVFDL$OL PHQWDFLyGHVLJQDGDSHUPLWMjGHO'HFUHWGHG¶RFWXEUH (QO¶2UGHGHGHVHWHPEUHGHGHODFRQVHOOHULDG¶$JULFXO WXUD3HVFDL$OLPHQWDFLyHVYDQFRQYRFDUDMXGHVSHUDO¶DSOLFDFLyDOD &RPXQLWDW9DOHQFLDQDGHOUqJLPG¶DMXGHVDODUHHVWUXFWXUDFLyLUHFRQ YHUVLyGHODYLQ\DHVWDEOLGDHQHO5HJODPHQW&(GHO&RQ VHOOGHGHPDLJGHSHOTXDOV¶HVWDEOL[O¶RUJDQLW]DFLyFRPXQD GHOPHUFDWYLWLYLQtFRODGHVSOHJDWTXDQWDOSRWHQFLDOGHSURGXFFLyHQHO 5HJODPHQW&(GHOD&RPLVVLyGHGHPDLJGHL HO5HLDOGHFUHWGHG¶DJRVWLHVUHJXODHQHOFDStWRO9OD LPSODQWDFLyGHOUqJLPGHUHHVWUXFWXUDFLyLUHFRQYHUVLyGHODYLQ\D 6REUH OD EDVH GH OHV VROÂOLFLWXGV SUHVHQWDGHV HQ OD GLWD FRQYR FDWzULD HV YDQ DSURYDU HOV SODQV GH UHHVWUXFWXUDFLy L UHFRQYHUVLy GH YLQ\HVHQO¶jPELWGHOD&RPXQLWDW9DOHQFLDQDDH[HFXWDUHQHOSHUtRGH /¶DVVLJQDFLyGHVWLQDGDSHUDOVHXILQDQoDPHQWHQO¶DQXDOL WDWG¶DFRUGDPEOHVSUHYLVLRQVFRQWLQJXGHVHQO¶DUWLFOH GHO5HLDO'HFUHWGHG¶DJRVWpVLQVXILFLHQWSHUDDWHQGUH O¶DQXDOLWDWFRUUHVSRQHQWDHVWHH[HUFLFL $ILGHSRGHUDWHQGUHWDODQXDOLWDWDO¶HPSDUDGHO¶DUWLFOHGHO 5HJODPHQWGHO&RQVHOOGHGHPDLJGHLHQHOPDUF GHO3OD0LOORUDUHODERUDWHQHVWDFRQVHOOHULDHO&RQVHOOKDGHFLGLWGHV WLQDUIRQVSURSLVGHOD*HQHUDOLWDWSHUDFRILQDQoDUOHVDMXGHVFRUUHV SRQHQWV 3HU WRW DL[z D SURSRVWD GHO FDS G¶¬UHD GH )RPHQW L *DUDQWLD $JUjULD L VHJRQV OD FRPSHWqQFLD HVWDEOLGD HQ O¶DUWLFOH GHO 'HFUHW SHOTXDOV¶DSURYDO¶(VWDWXWGHO¶$JqQFLDGH)RPHQWL*DUDQ WLD$JUjULDUHVROF (O'HFUHWRGHGHVHSWLHPEUHGHO&RQVHOOHQVXDUW GHVLJQDHQOD&RPXQLWDW9DOHQFLDQDDOD$JHQFLD9DOHQFLDQDGH)RPHQ WR\*DUDQWtD$JUDULDFRPR2UJDQLVPR3DJDGRUGHODVD\XGDV)($*$ \)($'(5HQVXVWLWXFLyQGHODFRQVHOOHULDGH$JULFXOWXUD3HVFD\$OL PHQWDFLyQGHVLJQDGDSRUHO'HFUHWRGHGHRFWXEUH /D2UGHQGHGHVHSWLHPEUHGHGHODFRQVHOOHULDGH$JUL FXOWXUD3HVFD\$OLPHQWDFLyQFRQYRFyD\XGDVSDUDODDSOLFDFLyQHQOD &RPXQLWDW 9DOHQFLDQD GHO UpJLPHQ GH D\XGDV D OD UHHVWUXFWXUDFLyQ \ UHFRQYHUVLyQ GHO YLxHGR HVWDEOHFLGD HQ HO 5HJODPHQWR &( GHO&RQVHMRGHGHPD\RGHSRUHOTXHVHHVWDEOHFHODRUJD QL]DFLyQ FRP~Q GHO PHUFDGR YLWLYLQtFROD GHVDUUROODGR HQ OR UHODWLYR DO SRWHQFLDO GH SURGXFFLyQ HQ HO 5HJODPHQWR &( GH OD &RPLVLyQGHGHPD\RGH\SRUHO5HDOGHFUHWR GHGHDJRVWRUHJXOiQGRVHHQHOFDSLWXOR9ODLPSODQWDFLyQGHOUpJL PHQGHUHHVWUXFWXUDFLyQ\UHFRQYHUVLyQGHOYLxHGR (Q EDVH D ODV VROLFLWXGHV SUHVHQWDGDV HQ GLFKD FRQYRFDWRULD IXH URQDSUREDGRVORV3ODQHVGHUHHVWUXFWXUDFLyQ\UHFRQYHUVLyQGHYLxH GRVHQHOiPELWRGHOD&RPXQLWDW9DOHQFLDQDDHMHFXWDUHQHOSHUtRGR /D DVLJQDFLyQ GHVWLQDGD SDUD VX ILQDQFLDFLyQ HQ OD DQXD OLGDGGHDFXHUGRFRQODVSUHYLVLRQHVFRQWHQLGDVHQHODUW GHO 5HDO 'HFUHWR GH GH DJRVWR HV LQVXILFLHQWH SDUD DWHQGHUODDQXDOLGDGFRUUHVSRQGLHQWHDHVWHHMHUFLFLR &RQ HO ILQ GH SRGHU DWHQGHU WDO DQXDOLGDG DO DPSDUR GHO DUWtFXOR GHO5HJODPHQWRGHO&RQVHMRGHGHPD\RGH\ HQHOPDUFRGHO3ODQ0LOORUDUHODERUDGRHQHVWDFRQVHOOHULDHO&RQVHOO KDGHFLGLGRGHVWLQDUIRQGRVSURSLRVGHOD*HQHUDOLWDWSDUDFRILQDQFLDU ODVFRUUHVSRQGLHQWHVD\XGDV 3RUWRGRHOORDSURSXHVWDGHO-HIHGHÈUHDGH)RPHQWR\*DUDQWtD $JUDULD\VHJ~QODFRPSHWHQFLDHVWDEOHFLGDHQHODUWGHO'HFUHWR SRUODTXHVHDSUXHEDHO(VWDWXWRGHODDJHQFLDGHIRPHQWR\ *DUDQWtDDJUDULDUHVXHOYR 3ULPHU /HV DMXGHV SHU D OD UHHVWUXFWXUDFLy L UHFRQYHUVLy GH OD YLQ\D GH YLQLILFDFLyHVWDEOLGHVSHO5HJODPHQW&(GHO&RQVHOOGH GHPDLJGHLDSOLFDGHVDOD&RPXQLWDW9DOHQFLDQDG¶DFRUGDPE O¶2UGH GH GH VHWHPEUH GH GH OD FRQVHOOHULD G¶$JULFXOWXUD 3HVFD L$OLPHQWDFLy HV FRQFHGLUDQ HQ OD FDPSDQ\D DPE XQD GRWDFLy DGGLFLRQDO GH IRQV SURSLV GH OD *HQHUDOLWDW GH HXURV TXH FRPSOHPHQWDUj G¶DFRUG DPE O¶DUWLFOH GHO UHJODPHQW FRPXQLWDUL HVPHQWDW O¶LPSRUW GLVSRQLEOH GH HXURV GH O¶DVVLJQDFLyILQDQFHUDGHO)($*$ (O SDJDPHQW GH OHV DMXGHV HO UHDOLW]DUj O¶$JqQFLD 9DOHQFLDQD GH )RPHQWL*DUDQWLD$JUjULDHQODVHXDTXDOLWDWG¶RUJDQLVPHSDJDGRUD OD&RPXQLWDW9DOHQFLDQDDFjUUHFGHODOtQLD(6GHOFDStWRO9 GHOSUHVVXSRVWGHOD*HQHUDOLWDWGHSHOVLPSRUWVLQGLFDWV 3ULPHUR /DVD\XGDVSDUDODUHHVWUXFWXUDFLyQ\UHFRQYHUVLyQGHOYLxHGRGH YLQLILFDFLyQHVWDEOHFLGDVSRUHO5HJODPHQWR&(GHO&RQVH MRGHGHPD\RGH\DSOLFDGDVHQOD&RPXQLWDW9DOHQFLDQDGH DFXHUGRFRQOD2UGHQGHGHVHSWLHPEUHGHGHODFRQVHOOHULD GH$JULFXOWXUD 3HVFD \$OLPHQWDFLyQ VH FRQFHGHUiQ HQ OD FDPSDxD FRQXQDGRWDFLyQDGLFLRQDOGHIRQGRVSURSLRVGHOD*HQH UDOLWDWGHHXURVTXHFRPSOHPHQWDUiGHDFXHUGRFRQHODUWt FXORGHOFLWDGR5HJODPHQWRFRPXQLWDULRHOLPSRUWHGLVSRQLEOHGH HXURVGHODDVLJQDFLyQILQDQFLHUDGHO)($*$ (O SDJR GH ODV$\XGDV VH UHDOL]DUi SRU OD$JHQFLD 9DOHQFLDQD GH )RPHQWR\*DUDQWtD$JUDULDHQVXFDOLGDGGH2UJDQLVPR3DJDGRUHQOD &RPXQLWDW9DOHQFLDQDFRQFDUJRDODOtQHD6(GHO&DStWXOR9 GHOSUHVXSXHVWRGHOD*HQHUDOLWDWGHSRUORVLPSRUWHVLQGLFDGRV 6HJRQ &RQWUD HVWH DFWH DGPLQLVWUDWLX SRGUj LQWHUSRVDUVH HQ HO WHUPL QL G¶XQ PHV FRPSWDGRU GHV GH OD SXEOLFDFLy G¶HVWH DFWH XQ UHFXUV GH UHSRVLFLy GDYDQW GHO PDWHL[ zUJDQ TXH O¶KD GLFWDW GH FRQIRUPLWDW DPEOHVGLVSRVLFLRQVGHOVDUWLFOHVLGHOD/OHLGHGH QRYHPEUH GH 5qJLP -XUtGLF GH O¶DGPLQLVWUDFLy R Ep OD LQWHUSRVLFLy G¶XQUHFXUVFRQWHQFLyVDGPLQLVWUDWLXHQHOWHUPLQLGHGRVPHVRVGHVGH ODSXEOLFDFLyG¶HVWHDFWHDUWLGHOD/OHL5HJXODGRUD GHOD-XULVGLFFLy&RQWHQFLRVD$GPLQLVWUDWLYD 6HJXQGR &RQWUDHVWHDFWRDGPLQLVWUDWLYRSRGUiLQWHUSRQHUVHHQHOSOD]RGH XQPHVDFRQWDUDSDUWLUGHODSXEOLFDFLyQGHHVWHDFWRUHFXUVRGHUHSR VLFLyQDQWHHOPLVPRyUJDQRTXHORGLFWyGHFRQIRUPLGDGFRQORGLV SXHVWRHQORVDUWtFXORV\GHOD/H\GHGHQRYLHP EUHGHO5pJLPHQ-XUtGLFRGHODDGPLQLVWUDFLyQRELHQODLQWHUSRVLFLyQ GHOUHFXUVRFRQWHQFLRVRDGPLQLVWUDWLYRHQHOSOD]RGHGRVPHVHVGHVGH ODSXEOLFDFLyQGHHVWHDFWRDUW\GHODOH\5HJXODGRUD GHOD-XULVGLFFLyQ&RQWHQFLRVR$GPLQLVWUDWLYD 9DOqQFLD G¶DEULO GH (O GLUHFWRU GH O¶23 GH OHV$MXGHV )($*$L)($'(5DOD&RPXQLWDW9DOHQFLDQD(QULTXH0DUWt6HOYD 9DOHQFLDGHDEULOGH±(OGLUHFWRUGHO23GHODVD\XGDV )($*$\)($'(5HQOD&RPXQLWDW9DOHQFLDQD(QULTXH0DUWt6HOYD Núm. 5516 / 21.05.2007 20256 &RQVHOOHULDG¶$JULFXOWXUD3HVFDL$OLPHQWDFLy &RQVHOOHULDGH$JULFXOWXUD3HVFD\$OLPHQWDFLyQ 5(62/8&,ÏGHGHPDLJGHGHOFRQVHOOHUG¶$JUL FXOWXUD 3HVFD L $OLPHQWDFLy SHU OD TXDO HV FRQFHGL[HQ VXEYHQFLRQV D HQWLWDWV HPSUHVHV L SURIHVVLRQDOV UHODFL RQDWVDPEODSURGXFFLyLODFRPHUFLDOLW]DFLyHQHOVHFWRU DJUDUL SHU OD VHXD FRO¢ODERUDFLy DPE OD 6XEVHFUHWDULD GHOD&RQVHOOHULDG¶$JULFXOWXUD3HVFDL$OLPHQWDFLySHOV FRQFHSWHV>@ 5(62/8&,Ï1 GH GH PD\R GH GHO FRQVHOOHU GH $JULFXOWXUD3HVFD\$OLPHQWDFLyQSRUODTXHVHFRQFHGHQ VXEYHQFLRQHVDHQWLGDGHVHPSUHVDV\SURIHVLRQDOHVUHOD FLRQDGRVFRQODSURGXFFLyQ\FRPHUFLDOL]DFLyQHQHOVHF WRU DJUDULR SRU VX FRODERUDFLyQ FRQ OD 6XEVHFUHWDUtD GH OD &RQVHOOHULD GH $JULFXOWXUD 3HVFD \ $OLPHQWDFLyQ SRU ORVFRQFHSWRV>@ 3HU2UGHGHG¶RFWXEUHGHGHODFRQVHOOHULDG¶$JULFXOWXUD 3HVFDL$OLPHQWDFLyV¶HVWDEOL[HQOHVEDVHVUHJXODGRUHVGHOHVVXEYHQ FLRQVDHQWLWDWVHPSUHVHVLSURIHVVLRQDOVUHODFLRQDWVDPEODSURGXFFLy LODFRPHUFLDOLW]DFLyHQHOVHFWRUDJUDULSHUODVHXDFROÂODERUDFLyDPE OD 6XEVHFUHWDULD GH OD FRQVHOOHULD G¶$JULFXOWXUD 3HVFD L$OLPHQWDFLy '2*9Q~PG¶ 3HU5HVROXFLyGHGHQRYHPEUHGHGHOFRQVHOOHUG¶$JULFXO WXUD3HVFDL$OLPHQWDFLyV¶HVWDEOL[ODFRQYRFDWzULDSHUDO¶DQ\ GHOHVVXEYHQFLRQVDHQWLWDWVHPSUHVHVLSURIHVVLRQDOVUHODFLRQDWVDPE ODSURGXFFLyLODFRPHUFLDOLW]DFLyHQHOVHFWRUDJUDULSHUODVHXDFRO ODERUDFLy DPE OD 6XEVHFUHWDULD GH OD FRQVHOOHULD G¶$JULFXOWXUD 3HVFD L$OLPHQWDFLy $YDOXDGHVOHVVROÂOLFLWXGVSUHVHQWDGHVSHOVFRQFHSWHV³3UHXVDJUD ULV5HJODPHQW&((´L³$OWUHVSUHXVDJUDULV´SHUOD&RPLV VLyGH9DORUDFLyG¶DFRUGDPEHOVFULWHULVOHVIRUPHVLOHVSULRULWDWVGH YDORUDFLyHVWDEOLWVHQO¶DUWLFOHGHO¶2UGHGHG¶RFWXEUHGH 9LVWD OD SURSRVWD GH UHVROXFLy SHU D OD FRQFHVVLy GH OHV VXEYHQ FLRQV SHOV FRQFHSWHV ³3UHXV DJUDULV 5HJODPHQW &(( ´ L ³$OWUHVSUHXVDJUDULVÚHVROF 3RU2UGHQGHGHRFWXEUHGHGHODFRQVHOOHULDGH$JULFXO WXUD3HVFD\$OLPHQWDFLyQVHHVWDEOHFHQODVEDVHVUHJXODGRUDVGHODV VXEYHQFLRQHVDHQWLGDGHVHPSUHVDV\SURIHVLRQDOHVUHODFLRQDGRVFRQ ODSURGXFFLyQ\FRPHUFLDOL]DFLyQHQHOVHFWRUDJUDULRSRUVXFRODER UDFLyQ FRQ OD 6XEVHFUHWDULD GH OD FRQVHOOHULD GH$JULFXOWXUD 3HVFD \ $OLPHQWDFLyQ'2*9Q~PGH 3RU5HVROXFLyQGHGHQRYLHPEUHGHGHOFRQVHOOHUGH$JUL FXOWXUD3HVFD\$OLPHQWDFLyQVHHVWDEOHFHODFRQYRFDWRULDSDUDHODxR GHODVVXEYHQFLRQHVDHQWLGDGHVHPSUHVDV\SURIHVLRQDOHVUHOD FLRQDGRV FRQ OD SURGXFFLyQ \ FRPHUFLDOL]DFLyQ HQ HO VHFWRU DJUDULR SRUVXFRODERUDFLyQFRQOD6XEVHFUHWDULDGHODFRQVHOOHULDGH$JULFXO WXUD3HVFD\$OLPHQWDFLyQ (YDOXDGDV ODV VROLFLWXGHV SUHVHQWDGDV SRU ORV FRQFHSWRV ³3UHFLRV DJUDULRV5HJODPHQWR&((´\³2WURVSUHFLRVDJUDULRV´SRUOD &RPLVLyQGH9DORUDFLyQFRQIRUPHDORVFULWHULRVIRUPDV\SULRULGDGHV GHYDORUDFLyQHVWDEOHFLGRVHQHODUWtFXORGHOD2UGHQGHGHRFWX EUHGH 9LVWDODSURSXHVWDGHUHVROXFLyQSDUDODFRQFHVLyQGHODVVXEYHQFL RQHVSRUORVFRQFHSWRV³3UHFLRVDJUDULRV5HJODPHQWR&((´\ ³2WURVSUHFLRVDJUDULRVÚHVXHOYR 3ULPHU $WRUJDUOHVVXEYHQFLRQVSHOVFRQFHSWHV³3UHXVDJUDULV5HJODPHQW &((´L³$OWUHVSUHXVDJUDULV´DFjUUHFGHO¶DSOLFDFLySUHV VXSRVWjULDOtQLDGHO3UHVVXSRVWGHOD*HQHUD OLWDWSHUDO¶DQ\DQQH[, /HVVXEYHQFLRQVHVFRQFHGL[HQHQTXDQWLDSURSRUFLRQDODOYROXP L OD FRPSOH[LWDW GH OHV GDGHV D VXEPLQLVWUDU VHJRQV HO WLSXV GH GDGHV L G¶DFRUG DPE HOV LPSRUWV Pj[LPV HVWDEOLWV SHU OD 5HVROXFLy GH GH QRYHPEUHGHSHUODTXDOV¶HVWDEOL[ODFRQYRFDWzULDSHUDO¶DQ\ GH OHV VXEYHQFLRQV D HQWLWDWV HPSUHVHV L SURIHVVLRQDOV UHODFL RQDWVDPEODSURGXFFLyLODFRPHUFLDOLW]DFLyHQHOVHFWRUDJUDULSHUOD VHXDFROÂODERUDFLyDPEOD6XEVHFUHWDULDGHODFRQVHOOHULDG¶$JULFXOWX UD3HVFDL$OLPHQWDFLy 3ULPHUR 2WRUJDU ODV VXEYHQFLRQHV SRU ORV FRQFHSWRV ³3UHFLRV DJUDULRV 5HJODPHQWR&((´\³2WURVSUHFLRVDJUDULRV´FRQFDUJRDOD DSOLFDFLyQSUHVXSXHVWDULDOtQHDGHO3UHVXSX HVWRGHOD*HQHUDOLWDWSDUDHODxR$QH[R, /DVVXEYHQFLRQHVVHFRQFHGHQHQFXDQWtDSURSRUFLRQDODOYROXPHQ \ FRPSOHMLGDG GH ORV GDWRV D VXPLQLVWUDU VHJ~Q HO WLSR GH GDWRV \ GH DFXHUGRFRQORVLPSRUWHPi[LPRVHVWDEOHFLGRVSRUOD5HVROXFLyQGH GHQRYLHPEUHGHSRUODTXHVHHVWDEOHFHODFRQYRFDWRULDSDUDHO DxR GH ODV VXEYHQFLRQHV D HQWLGDGHV HPSUHVDV \ SURIHVLRQDOHV UHODFLRQDGRV FRQ OD SURGXFFLyQ \ FRPHUFLDOL]DFLyQ HQ HO VHFWRU DJUD ULRSRUVXFRODERUDFLyQFRQOD6XEVHFUHWDULDGHODFRQVHOOHULDGH$JUL FXOWXUD3HVFD\$OLPHQWDFLyQ ,032570¬;,03(5&21&(37(,5(3$57,0(173529,1&,$/LPSRUWHQHXURV &RQFHSWHVXEYHQFLRQDEOH 3UHXV5HJO $OWUHVSUHXV 3HVFD 9L5HJO 7RWDODOWUHVSUHXV 727$/ $ODFDQW &DVWHOOy 9DOqQFLD 727$/ $ODFDQW &DVWHOOy 9DOqQFLD ,03257(0È;,02325&21&(372<5(3$5723529,1&,$/LPSRUWHHQHXURV &21&(37268%9(1&,21$%/( 3UHFLRV5JWR 727$/ $OLFDQWH &DVWHOOyQ 9DOHQFLD Núm. 5516 / 21.05.2007 2WURVSUHFLRV 3HVFD 9LQR5JWR 7RWDORWURVSUHFLRV 20257 727$/ $OLFDQWH &DVWHOOyQ 9DOHQFLD 6HJRQ /D QRFRQFHVVLy GH OD VXEYHQFLy SHO FRQFHSWH ³3UHXV DJUDULV 5HJODPHQW&((´D3DUtV/ySH]$QWRQLRTXHKDUHQXQFLDW DODVXEYHQFLySHUODFROÂODERUDFLyHQHOVXEPLQLVWUDPHQWG¶LQIRUPDFLy GHSUHXV5HJODPHQWDWUDYpVG¶HVFULWGHGDWDGHPDUoGH LODGHQHJDFLyGHODVXEYHQFLySHOFRQFHSWH³$OWUHVSUHXVDJUD ULV´ D *RQ]iOH] 0XUFLD 0 &DUPHQ GHVSUpV GH O¶LQIRUPH GH TXq HV FRQVWDWDTXHQRUHXQL[HOVUHTXLVLWVSHUDVHUEHQHILFLDULGHODVXEYHQ FLyTXHV¶HVWDEOL[HQHQO¶DUWLFOHGHO¶2UGHGHG¶RFWXEUHGH GH OD FRQVHOOHULD G¶$JULFXOWXUD 3HVFD L$OLPHQWDFLy TXH HVWDEOL[ OHV EDVHVUHJXODGRUHVGHOHVVXEYHQFLRQV /DSUHVHQWUHVROXFLySRVDILDODYLDDGPLQLVWUDWLYD(VSRGUjLQWHU SRVDU DPE FDUjFWHU SUHYL L SRWHVWDWLX UHFXUV GH UHSRVLFLy GDYDQW GHO FRQVHOOHU G¶$JULFXOWXUD 3HVFD L$OLPHQWDFLy HQ HO WHUPLQL G¶XQ PHV FRPSWDW D SDUWLU GH O¶HQGHPj DO GH OD SXEOLFDFLy R VHU LPSXJQDGD GLUHFWDPHQWGDYDQWGHOD6DOD&RQWHQFLRVD$GPLQLVWUDWLYDGHO7ULEXQDO 6XSHULRUGH-XVWtFLDGHOD&RPXQLWDW9DOHQFLDQDHQHOWHUPLQLGHGRV PHVRV GH FRQIRUPLWDW DPE HO TXH GLVSRVHQ HOV DUWLFOHV L GH OD /OHL GH 5qJLP -XUtGLF GH OHV$GPLQLVWUDFLRQV 3~EOLTXHV L GHO 3URFHGLPHQW$GPLQLVWUDWLX &RP~ L HQ O¶DUWLFOH GH OD /OHL GH GH MXOLRO 5HJXODGRUD GH OD -XULVGLFFLy &RQWHQFLRVD $GPLQLVWUDWLYD 6HJXQGR /DQRFRQFHVLyQGHODVXEYHQFLyQSRUHOFRQFHSWR³3UHFLRVDJUDUL RV5HJODPHQWR&((´D3DUtV/ySH]$QWRQLRTXHKDUHQXQFL DGRDODVXEYHQFLyQSRUODFRODERUDFLyQHQHOVXPLQLVWURGHLQIRUPD FLyQGHSUHFLRVUHJODPHQWRDWUDYpVGHHVFULWRGHIHFKD GH PDU]R GH \ OD GHQHJDFLyQ GH OD VXEYHQFLyQ SRU HO FRQFHSWR ³2WURVSUHFLRVDJUDULRV´D*RQ]iOH]0XUFLD0&DUPHQWUDVHOLQIRU PHGHOTXHVHFRQVWDWDTXHQRUHXQHORVUHTXLVLWRVSDUDVHUEHQHILFLDULR GHODVXEYHQFLyQTXHVHHVWDEOHFHQHQHODUWtFXORGHOD2UGHQGH GHRFWXEUHGHGHODFRQVHOOHULDGH$JULFXOWXUD3HVFD\$OLPHQWD FLyQTXHHVWDEOHFHODVEDVHVUHJXODGRUDVGHODVVXEYHQFLRQHV /D SUHVHQWH UHVROXFLyQ SRQH ILQ D OD YtD DGPLQLVWUDWLYD 3RGUi LQWHUSRQHUVHFRQFDUiFWHUSUHYLR\SRWHVWDWLYRUHFXUVRGHUHSRVLFLyQ DQWHHOFRQVHOOHUGH$JULFXOWXUD3HVFD\$OLPHQWDFLyQHQHOSOD]RGH XQPHVFRQWDGRDSDUWLUGHOGtDVLJXLHQWHDOGHVXSXEOLFDFLyQRVHU LPSXJQDGDGLUHFWDPHQWHDQWHOD6DODGHOR&RQWHQFLRVR$GPLQLVWUDWL YRGHO7ULEXQDO6XSHULRUGH-XVWLFLDGHOD&RPXQLGDG9DOHQFLDQDHQHO SOD]RGHGRVPHVHVGHFRQIRUPLGDGFRQORGLVSXHVWRHQORVDUWtFXORV \GHOD/H\GH5pJLPHQ-XUtGLFRGHODV$GPLQLVWUD FLRQHV 3~EOLFDV \ GHO 3URFHGLPLHQWR$GPLQLVWUDWLYR &RP~Q \ HQ HO DUWtFXORGHOD/H\GHGHMXOLR5HJXODGRUDGHOD-XULV GLFFLyQ&RQWHQFLRVR$GPLQLVWUDWLYD 9DOqQFLDGHPDLJGH±(OFRQVHOOHUG¶$JULFXOWXUD3HVFDL $OLPHQWDFLy-XDQ*&RWLQR)HUUHU 9DOHQFLDGHPD\RGH±(OFRQVHOOHUGH$JULFXOWXUD3HVFD \$OLPHQWDFLyQ-XDQ*&RWLQR)HUUHU $11(;, $1(;2, 5HODFLyGHVROÂOLFLWDQWVDOVTXDOVHVFRQFHGL[ODVXEYHQFLySHOFRQ FHSWH³3UHXVDJUDULV5HJODPHQW&((´ 5HODFLyQGHVROLFLWDQWHVDORVTXHVHFRQFHGHODVXEYHQFLyQSRUHO FRQFHSWR³3UHFLRVDJUDULRV5HJODPHQWR&((´ 4XDQWLDFRQFHGLGD LPSRUWHQHXURV &XDQWtDFRQFHGLGD LPSRUWHHQHXURV $ODFDQW $OEDIUXLWV&RRS9 %HWLVDQ6/ &DPED\DV&RRS9 &RRS$JU&DOORVDG¶(Q6DUULj &RRS$JUtFRODGH$OWHD6GDG&RRS9 &RRSGHQ*$OLFDQWH&RRS9 &RRS9$JUtFROD0RQIRUWHGHO&LG 3DORPHUR*XPEDX-RVp 3HUDOHV\)HUUHU6/ 6XULQYHU6GDG&RRS/ 7RWDO$ODFDQW $OLFDQWH $OEDIUXLWV&RRS9 %HWLVDQ6/ &DPED\DV&RRS9 &RRS$JU&DOORVDG¶(Q6DUULj &RRS$JUtFRODGH$OWHD6GDG&RRS9 &RRSGH*$OLFDQWH&RRS9 &RRS9$JUtFROD0RQIRUWHGHO&LG 3DORPHUR*XPEDX-RVp 3HUDOHV\)HUUHU6/ 6XULQYHU6GDG&RRS/ 7RWDO$OLFDQWH &DVWHOOy $JURDO&RRS9 %XUH[SRUW&RRS9 &RFDOQL&RRS9 &RRS$JU6DQ,VLGUR%HQLFDUOy6GDG&RRS9 6DQ$OIRQVR&RRS9 6RQH[Q~P&RRS9 9DOOIUXW&RRS9 7RWDO&DVWHOOy &DVWHOOyQ $JURDO&RRS9 %XUH[SRUW&RRS9 &RFDOQL&RRS9 &RRS$J6DQ,VLGUR%HQLFDUOy6GDG&RRS9 6DQ$OIRQVR&RRS9 6RQH[Q&RRS9 9DOOIUXW&RRS9 7RWDO&DVWHOOyQ 9DOqQFLD $JUtFROD$OJLQHW6&RRS9 $JUtFROD6-RVp$OFiFHU&RRS9 &LWULVDIRU&RRS9 &RKRFD&RRS9 9DOHQFLD $JUtFROD$OJLQHW6&RRS9 $JUtFROD6-RVp$OFiFHU&RRS9 &LWULVDIRU&RRS9 &RKRFD&RRS9 Núm. 5516 / 21.05.2007 20258 &RQVRUFL&RRSHUDWLXGHO¶+RUWD&RRS9 &RRS9LQtFRODGH/OtULD&RRS9 &RRS$JU6DQ%HUQDUGR&RRS9 &RRS$JUtFRODGH%pWHUD&RRS9 &RRS$JUtFRODGH*DQGtD&RRS9 &RRS$JUtFRODGHO0DUTXHVDGR&RRS9 &RRS+RUWRIUXWtFRODGH$O]LUD$O]LFRRS&9 &RRS9LQtFROD63HGUR$SyVWRO &RRS$JUtFROD3X]RO&9 &RSDO&RRS$JU6&-$OJHPHVt &RVLYD6&RRS )UXWDV7RQR6/ /D7XULVDQD&RRS9 0DGUHPtD6/ 2UWL]5H\-RVp5DPyQ 9LWLYLQtFROD3REODGHO'XF&RRS9 7RWDOYDOHQFLD 5HODFLyGHVROÂOLFLWDQWVDOVTXDOVHVFRQFHGL[ODVXEYHQFLySHOFRQ FHSWH³$OWUHVSUHXVDJUDULV´ 4XDQWLDFRQFHGLGD LPSRUWHQHXURV $ODFDQW $JUtFRODGH9LOOHQD&RRS9 %ODQFR=DSDWD3DVFXDO %RGHJD&RRSHUDWLYDGH$OJXHxD&RRS9 &DPED\DV&RRS9 &DUUDVFR$OEDODGHMR)UDQFLVFR &RRS&HUH]DV0RQWDxD$OLFDQWH&RRS9 )HOLV%ROXIHU-RVp0 *DUFtD$QWyQ-RVp$QWRQLR *DUFtD0RxLQR0RQVHUUDWH *LODEHUW$UWLJXHV)UDQFLVFR-DYLHU *LR5LYHVÈQJHO *RQ]iOH]1DYDUUR/XLV /ORUHW/ORUHW*DVSDU 0LFy1DYDUUR9LFHQWH 2UWXxR3OD]D$QWRQLR 3DORPHUR*XPEDX-RVp 3URLQDJUR6/ 5RGUtJXH]0DWHR-HV~V 6ROHU/ySH](VWHEDQ 7RWDO$ODFDQW &DVWHOOy $EDG9HQWXUD0LJXHO $JURFHUWLILFDGRUD6/ $OPD]DUD2OLYDUHUD&HUYRO6&RRS9QJUDX %HW[t([SRUW&RRS9 &DQyV5RPHUR9LFHQWH &RRS$JUtFROD6DJUDGR&RUD]yQ-HV~V$OWXUD &RRS$6,VLGURGH%HQLFDUOy6&RRS9 &RRS$JU6DQ,VLGURGH6HJRUEH&RRS9 &RRS&RPDUFDO6DQ$QWRQLR$EDGGH0RUHOOD &RRSHUDWLYD$JUtFROD%HQDVVDOHQVH&RRS9 )RUQHU0LUDOOHV0DQXHO )UDQFK$OFDOi9LFHQWH )UHVTXHW)RUpV-RVp$QWRQLR )UXWDV'RORUHV6/ *DUFtD&KLYD$JDSLWR *UDQDOEH6/ *XDO5HQDX*XLOOHUPR *XLOOHP*DUFpV-RVp0DQXHO -XOLi$UQDX-RVp 0DUtQ3LWDUFK)UDQFLVFR$QWRQLR 0DUWt0DxHV-RVp 0DUWt9HUGtD&DUPLQD 0DUWt9LYHV-XDQ$QWRQLR &RQVRUFL&RRSHUDWLXGH/¶+RUWD&RRS9 &RRS9LQtFRODGH/OtULD&RRS9 &RRS$JULF6DQ%HUQDUGR&RRS9 &RRS$JUtFRODGH%pWHUD&RRS9 &RRS$JUtFRODGH*DQGtD&RRS9 &RRS$JUtFRODGHO0DUTXHVDGR&RRS9 &RRS+RUWRIUXWtFRODGH$O]LUD$O]LFRRS&9 &RRS9LQtFROD©63HGUR$SyVWROª &RRS$JUtFROD3X]RO&9 &RSDO&RRS$J6&-$OJHPHVL &RVLYD6&RRS )UXWDV7RQR6/ /D7XULVDQD&RRS9 0DGUHPtD6/ 2UWL]5H\-RVp5DPyQ 9LWLYLQtFROD3REODGHO'XF&RRS9 7RWDO9DOHQFLD 5HODFLyQGHVROLFLWDQWHVDORVTXHVHFRQFHGHODVXEYHQFLyQSRUHO FRQFHSWR³2WURVSUHFLRVDJUDULRV´ &XDQWtDFRQFHGLGD LPSRUWHHQHXURV $OLFDQWH $JUtFRODGH9LOOHQD&RRS9 %ODQFR=DSDWD3DVFXDO %RGHJD&RRSHUDWLYDGH$OJXHxD&RRS9 &DPED\DV&RRS9 &DUUDVFR$OEDODGHMR)UDQFLVFR &RRS&HUH]DV0RQWDxD$OLFDQWH&RRS9 )HOLV%ROXIHU-RVp0 *DUFtD$QWyQ-RVp$QWRQLR *DUFtD0RxLQR0RQVHUUDWH *LODEHUW$UWLJXHV)UDQFLVFR-DYLHU *LR5LYHVÈQJHO *RQ]iOH]1DYDUUR/XLV /ORUHW/ORUHW*DVSDU 0LFy1DYDUUR9LFHQWH 2UWXxR3OD]D$QWRQLR 3DORPHUR*XPEDX-RVp 3URLQDJUR6/ 5RGUtJXH]0DWHR-HV~V 6ROHU/ySH](VWHEDQ 7RWDO$OLFDQWH &DVWHOOyQ $EDG9HQWXUD0LJXHO $JURFHUWLILFDGRUD6/ $OPD]DUD2OLYDUHUD&HUYRO6&RRS9JUDGR %HW[t([SRUW&RRS9 &DQyV5RPHUR9LFHQWH &RRS$JUtFROD6DJUDGR&RUD]yQ-HV~V$OWXUD &RRS$6,VLGURGH%HQLFDUOy6&RRS9 &RRS$JU6DQ,VLGURGH6HJRUEH&RRS9 &RRS&RPDUFDO6DQ$QWRQLR$EDGGH0RUHOOD &RRSHUDWLYD$JUtFROD%HQDVVDOHQVH&RRS9 )RUQHU0LUDOOHV0DQXHO )UDQFK$OFDOi9LFHQWH )UHVTXHW)RUpV-RVp$QWRQLR )UXWDV'RORUHV6/ *DUFtD&KLYD$JDSLWR *UDQDOEH6/ *XDO5HQDX*XLOOHUPR *XLOOHP*DUFpV-RVp0DQXHO -XOLi$UQDX-RVp 0DUtQ3LWDUFK)UDQFLVFR$QWRQLR 0DUWt0DxHV-RVp 0DUWt9HUGtD&DUPLQD 0DUWt9LYHV-XDQ$QWRQLR Núm. 5516 / 21.05.2007 2UWt/ySH]$OEHUWR 3HULV2VXQD-RVp 3LHQVRV%HQOORFK6/ 3RUWDOHV9LGDO$OEHUWR 5RXUHV0DUFR&pVDU 6DOHV)HUUHUHV(OHQD 7RWDO&DVWHOOy 20259 9DOqQFLD $JUtFRODGH$OJLQHW6&RRS9&RDJUL $JUtFROD6DQ6DOYDGRU&RRS9 $OFDUD]9LGDO9LFHQWH $UURFHUtDV5RYLUD%DOOHVWHU6/ %HOHQJXHU6$ &DVLQR(VWHEDQ&HViUHR &RKRFD&RRS9 &RQVRUFLR&RRSHUDWLYRGHO¶+RUWD&9 &RRS$1WUD6UDGHO2UHWR&RRS9O¶$OF~GLD &RRS$YLFXOWRUHV\*DQDGHURV9DOHQFLDQD&RRS9 &RRS9$JUtFROD/D$\RUHQVH6&/ &RRS9&ULDGRUHV*DQDGR&HUGD\9DFXQR&RFHUYD &RRSHUDWLYD$JUtFROD6DQ%HUQDUGR&RRS9 &RRSHUDWLYD9$JUtFROD6DQ3HGURGH0DVVDQDVVD (VFULEi$OEXL[HFK&DUORV )UXLWYDOO&RRS9 *DVSDU0DUTXpV9LFHQWH +DULQDV6HJXUD6/ /D5DPEOD&RRS9 /D7XULVDQD&RRS9 1DQWD6$ 2UWL])HUQiQGH]&ODXGLR 3XLJ/ORSLV$OIUHGR 5REHUWR%HOGD\&LD6/ 5RGUtJXH]*UDX&ULVWyEDO 6DQFKtV%DWDOOHU$QWRQLR 6DQ]*yPH])UDQFLVFR 6$76DQ5DPyQ 6$7)ULVRYDO 6GDG&RRS$0DUHQ\%DUUDTXHWHV&RRS9 7DPDUJR6DQWRV(XORJLR 9DOVXU&RRS9 9HOORVLOOR5RVHOOy$QWRQLR 9LWLYLQtFRODGHOD3REODGHO'XF&RRS9 7RWDO9DOqQFLD 5HODFLyGHVROÂOLFLWDQWVDOVTXDOVHVFRQFHGL[ODVXEYHQFLySHOFRQ FHSWH³3HVFD´ 4XDQWLDFRQFHGLGD $QGUHX9DOHUR5RTXH$ODFDQW &RIUDGtD3HVFDGRUHVGH9DOHQFLD9DOqQFLD /OXFK)XVWHU)UDQFLVFR&DVWHOOy 7RWDOSUHXVSHVFD LPSRUWHQHXURV 5HODFLyGHVROÂOLFLWDQWVDOVTXDOVHVFRQFHGL[ODVXEYHQFLySHOFRQ FHSWH³9L´ 4XDQWLDFRQFHGLGD LPSRUWHQHXURV 2FKDQGR3LHUD5DIDHO5HTXHQD9DOqQFLD 7RWDOSUHXV9, 2UWt/ySH]$OEHUWR 3HULV2VXQD-RVp 3LHQVRV%HQOORFK6/ 3RUWDOHV9LGDO$OEHUWR 5RXUHV0DUFR&pVDU 6DOHV)HUUHUHV(OHQD 7RWDO&DVWHOOyQ 9DOHQFLD $JUtFRODGH$OJLQHW6&RRS9&RDJUL $JUtFROD6DQ6DOYDGRU&RRS9 $OFDUD]9LGDO9LFHQWH $UURFHUtDV5RYLUD%DOOHVWHU6/ %HOHQJXHU6$ &DVLQR(VWHEDQ&HViUHR &RKRFD&RRS9 &RQVRUFLR&RRSHUDWLYRGH/¶+RUWD&9 &RRS$1WUD6UDGHO2UHWR&RRS9/¶$OF~GLD &RRS$YLFXOWRUHV\*DQDGHURV9DOHQFLDQD&RRS9 &RRS9$JUtFROD/D$\RUHQVH6&/ &RRS9&ULDGRUHV*DQDGR&HUGD\9DFXQR&RFHUYD &RRSHUDWLYD$JUtFROD6DQ%HUQDUGR&RRS9 &RRSHUDWLYD9$JUtFROD6DQ3HGURGH0DVVDQDVVD (VFULEi$OEXL[HFK&DUORV )UXLWYDOO&RRS9 *DVSDU0DUTXpV9LFHQWH +DULQDV6HJXUD6/ /D5DPEOD&RRS9 /D7XULVDQD&RRS9 1DQWD6$ 2UWL])HUQiQGH]&ODXGLR 3XLJ/ORSLV$OIUHGR 5REHUWR%HOGD\&LD6/ 5RGUtJXH]*UDX&ULVWyEDO 6DQFKtV%DWDOOHU$QWRQLR 6DQ]*yPH])UDQFLVFR 6$76DQ5DPyQ 6$7)ULVRYDO 6GDG&RRS$0DUHQ\%DUUDTXHWHV&RRS9 7DPDUJR6DQWRV(XORJLR 9DOVXU&RRS9 9HOORVLOOR5RVHOOy$QWRQLR 9LWLYLQtFRODGHOD3REODGHO'XF&RRS9 7RWDO9DOHQFLD 5HODFLyQGHVROLFLWDQWHVDORVTXHVHFRQFHGHODVXEYHQFLyQSRUHO FRQFHSWR³3HVFD´ &XDQWtDFRQFHGLGD LPSRUWHHQHXURV $QGUHX9DOHUR5RTXH$OLFDQWH &RIUDGtD3HVFDGRUHVGH9DOHQFLD9DOHQFLD /OXFK)XVWHU)UDQFLVFR&DVWHOOyQ 7RWDO3UHFLRVSHVFD 5HODFLyQGHVROLFLWDQWHVDORVTXHVHFRQFHGHUODVXEYHQFLyQSRUHO FRQFHSWR³9LQR´ &XDQWtDFRQFHGLGD LPSRUWHHQHXURV 2FKDQGR3LHUD5DIDHO5HTXHQD9DOHQFLD 7RWDO3UHFLRVYLQR Núm. 5516 / 21.05.2007 20260 &RQVHOOHULDGH&XOWXUD(GXFDFLyL(VSRUW 5(62/8&,ÏGHGHPDLJGHGHOD&RQVHOOHULDGH &XOWXUD (GXFDFLy L (VSRUW SHU OD TXDO V¶DGMXGLTXHQ OHV EHTXHV GH FROÂODERUDFLy GH SHUVRQDO WqFQLF HQ HO &DWjOHJ GHO 3DWULPRQL %LEOLRJUjILF GH OD &RPXQLWDW 9DOHQFLDQD >@ &RQVHOOHULDGH&XOWXUD(GXFDFLyQ\'HSRUWH 5(62/8&,Ï1 GH GH PD\R GH OD &RQVHOOHULD GH &XOWXUD (GXFDFLyQ \ 'HSRUWH SRU OD FXDO VH DGMXGL FDQ ODV EHFDV GH FRODERUDFLyQ GH SHUVRQDO WpFQLFR HQ HO &DWiORJR GHO 3DWULPRQLR %LEOLRJUiILFR GH OD &RPXQLGDG 9DOHQFLDQD>@ 0LWMDQoDQWO¶2UGUHGHGHJHQHUGHGHODFRQVHOOHULDGH&XO WXUD(GXFDFLyL(VSRUWHVYDFRQYRFDUHOFRQFXUVS~EOLFSHUDODFRQ FHVVLyGHEHTXHVGHFROÂODERUDFLyGHSHUVRQDOWqFQLFHQHO&DWjOHJGHO 3DWULPRQL %LEOLRJUjILF GH OD &RPXQLWDW 9DOHQFLDQD '2&9 Q~PHUR GHGHIHEUHUGH 8QDYHJDGDILQDOLW]DWHOWHUPLQLGHSUHVHQWDFLyGHVROÂOLFLWXGVLGH ODGRFXPHQWDFLyFRUUHVSRQHQWHVYDFRQVWLWXLUOD&RPLVVLy4XDOLILFD GRUD G¶DFRUG DPE HO TXH HVWDEOHL[ OD EDVH FLQTXHQD GH O¶DQQH[ , GH O¶HVPHQWDGD2UGUHODTXDOKDUHGDFWDWODSURSRVWDFRUUHVSRQHQW (QYLUWXWGHOHVFRPSHWqQFLHVWUDQVIHULGHVDOD*HQHUDOLWDWHQPDWq ULD GH FXOWXUD SHO 5HLDO 'HFUHW GH G¶RFWXEUH G¶DFRUG DPE O¶DUWLFOH GH OD /OHL GH GH GHVHPEUH GH *RYHUQ 9DOHQFLj L HQ YLUWXW GH OHV IDFXOWDWV GHOHJDGHV SHU O¶2UGUH GH GH VHWHPEUHGHGHOFRQVHOOHUGH&XOWXUD(GXFDFLyL(VSRUW'2*9 Q~PHURGHGHVHWHPEUHGHUHVROF 0HGLDQWH2UGHQGHGHHQHURGHGHODFRQVHOOHULDGH&XO WXUD(GXFDFLyQ\'HSRUWHVHFRQYRFyFRQFXUVRS~EOLFRSDUDODFRQ FHVLyQGHEHFDVGHFRODERUDFLyQGHSHUVRQDOWpFQLFRHQHO&DWiORJRGHO 3DWULPRQLR%LEOLRJUiILFRGHOD&RPXQLWDW9DOHQFLDQD'2&9Q~PHUR GHGHIHEUHURGH )LQDOL]DGR HO SOD]R GH SUHVHQWDFLyQ GH VROLFLWXGHV DFRPSDxDGDV GH OD GRFXPHQWDFLyQ FRUUHVSRQGLHQWH VH FRQVWLWX\y XQD &RPLVLyQ &DOLILFDGRUDVHJ~QORHVWDEOHFLGRHQODEDVH4XLQWDGHO$QH[R,GHOD FLWDGD2UGHQODFXDOKDHOHYDGRODFRUUHVSRQGLHQWHSURSXHVWD (QYLUWXGGHODVFRPSHWHQFLDVWUDQVIHULGDVDOD*HQHUDOLWDW9DOHQ FLDQD HQ PDWHULD GH FXOWXUD SRU HO 5HDO 'HFUHWR GH GH RFWXEUH GH DFXHUGR FRQ HO DUWtFXOR GH OD /H\ GH GH GLFLHPEUH GH *RELHUQR 9DOHQFLDQR \ HQ YLUWXG GH ODV IDFXOWDGHV GHOHJDGDV SRU RUGHQ GHO FRQVHOOHU GH &XOWXUD (GXFDFLyQ \ 'HSRUWH FRQ IHFKD GH GH VHSWLHPEUH GH '2*9 Q~PHUR GH KHUHVXHOWR 3ULPHU $GMXGLFDUOHVEHTXHVGHIRUPDFLyGHSHUVRQDOWqFQLFHQHO&DWjOHJ GHO3DWULPRQL%LEOLRJUjILFGHOD&RPXQLWDW9DOHQFLDQDG¶DFRUGDPEOD SXQWXDFLyREWLQJXGDLODSURYtQFLDWULDGD /HVSHUVRQHVDGMXGLFDWjULHVVRQOHVVHJHQWV 3ULPHUR $GMXGLFDUODVEHFDVGHIRUPDFLyQGHSHUVRQDOWpFQLFRHQHO&DWiOR JRGHO3DWULPRQLR%LEOLRJUiILFRGHOD&RPXQLGDG9DOHQFLDQDGHDFX HUGRFRQODSXQWXDFLyQREWHQLGD\ODVHGHHOHJLGD /RVDGMXGLFDWDULRVVRQORVVLJXLHQWHV 3URYtQFLDG¶$ODFDQW 5RPiQ&DVWHOOy0&ULVWLQD 3URYLQFLDGH$OLFDQWH 5RPiQ&DVWHOOy0&ULVWLQD 3URYtQFLDGH9DOqQFLD&DVWHOOy 3RQV&RUWHOO$PSDUR *yPH]*DUFtD)HUQDQGR 9DGLOOR6DXUtQ&DUPHQ /HyQ$UFRV-XDQ$QWRQLR 0RWD6DQGRYDO0DUtD'RORUHV &RQWDW5RGULJR$QD 9LOODOED0RUHW0DUtD3LODU 6ROi5XELR(VWKHU 3URYLQFLDGH9DOHQFLD&DVWHOOyQ 3RQV&RUWHOO$PSDUR *yPH]*DUFtD)HUQDQGR 9DGLOOR6DXUtQ&DUPHQ /HyQ$UFRV-XDQ$QWRQLR 0RWD6DQGRYDO0DUtD'RORUHV &RQWDW5RGULJR$QD 9LOODOED0RUHW0DUtD3LODU 6ROi5XELR(VWKHU 6HJRQ (VWDEOLUXQWRUQGHUHVHUYDDPEOHVSHUVRQHVVROÂOLFLWDQWVTXHKDQ VXSHUDW OD SURYD SUjFWLFD (O WRUQ GH UHVHUYD IXQFLRQDUj HQ HOV FDVRV VHJHQWV D3HUUHQ~QFLDSHUSDUWG¶DOJXQDGHOHVSHUVRQHVDGMXGLFDWjULHV E4XDQHOUHVSRQVDEOHGHO&DWjOHJGHO3DWULPRQL%LEOLRJUjILFGHV SUpVG¶XQDYtVSUHVHQWHXQLQIRUPHGHVIDYRUDEOHVREUHOHVDFWLYLWDWVGH IRUPDFLyGHOHVSHUVRQHVDGMXGLFDWjULHVGHOHVEHTXHV /DOOLVWDGHOWRUQGHUHVHUYDDOHVGLIHUHQWVVHXVpVODVHJHQW 6HJXQGR (VWDEOHFHUXQWXUQRGHUHVHUYDFRQORVVROLFLWDQWHVTXHKDVXSHUD GRODSUXHEDSUiFWLFD(OWXUQRGHUHVHUYDIXQFLRQDUiHQORVVXSXHVWRV VLJXLHQWHV D5HQXQFLDSRUSDUWHGHDOJXQRGHORVDGMXGLFDWDULRV E &XDQGR HO UHVSRQVDEOH GHO &DWiORJR GHO 3DWULPRQLR %LEOLR JUiILFRGHVSXpVGHXQDYLVRSUHYLRSUHVHQWHXQLQIRUPHGHVIDYRUDEOH VREUHODVDFWLYLGDGHVGHIRUPDFLyQGHORVDGMXGLFDWDULRVGHODVEHFDV /DUHODFLyQGHOWXUQRGHUHVHUYDHQODVGLIHUHQWHVVHGHVHVODVLJXLHQWH 3URYtQFLDG¶$ODFDQW +HUQiQGH]7RUUHJURVD(VWHIDQtD 3URYLQFLDGH$OLFDQWH +HUQiQGH]7RUUHJURVD(VWHIDQtD 3URYtQFLDGH9DOqQFLD&DVWHOOy 0DUWtQH]*DOLVWHR3DWULFLD $JXGR*DUULGR9LFWRULD 5R\R3ROR1XULD 5XL]*LPpQH]-XOLR 3LTXHU/OXFK+HUPLQLD %HUQDW6RWHOR%HOpQ 3URYLQFLDGH9DOHQFLD&DVWHOOyQ 0DUWtQH]*DOLVWHR3DWULFLD $JXGR*DUULGR9LFWRULD 5R\R3ROR1XULD 5XL]*LPpQH]-XOLR 3LTXHU/OXFK+HUPLQLD %HUQDW6RWHOR%HOpQ 7HUFHU 'HVHVWLPDU OD UHVWD GH VROÂOLFLWXGV SHOV PRWLXV TXH V¶HVSHFLILTXHQ WRWVHJXLW 7HUFHUR 'HVHVWLPDU HO UHVWR GH VROLFLWXGHV SRU ORV VLJXLHQWHV PRWLYRV TXH VHHVSHFLILFDQDFRQWLQXDFLyQ Núm. 5516 / 21.05.2007 D3HUQRKDYHUVXSHUDWODSURYDWqFQLFDRQRKDYHUV¶KLSUHVHQWDW &DxDPHUR/XFHQD05RVD )iEUHJD5RYLUD3DWULFLD )HUUDQGR*XDUGLRODÒUVXOD *UDPDJH9DOOV0-RVp +HUUHUDV*DUFtD0&DUPHQ -LPpQH]&RUWpV5D~O /ySH]GHO&DVWLOOR%HJRxD,QPDFXODGD 0RQWHDJXGR&yUGRED&RQFHSFLyQ 5XELR&ODURV7RPiV 6iQFKH]%RVTXH&ULVWLQD 6ROHU/ySH]-RVp 9HUGHMR0DUWtQH]0-RVp E 3HU QR KDYHU FRPSOHWDW OD GRFXPHQWDFLy UHTXHULGD HQ OD EDVH $L[3pUH]$PSDUR %HUQDW)HUUHU/LGyQ &DQR&HUYHUD1LFROiV &HEROOD7DOHQV'HVDPSDUDGRV &KXOLi3pUH]&ULVWLQD &ODUDPXQW0DUWRUHOO-XDQ-HV~V (VFRWR6LPy1HXV (VWHYH(VWHYH*HPPD0DUtD (VWHYH9LFHGR6DUD )HUUDQGLV1LHYHV'LDQD )UDQFpV$ORQVR/DUD 0DUFR'LDJR9LFHQWD 0RUD$SULOH/DXUD 0RUHQR&ROODGR(XJHQLD 0XxR]7RUPR6HUJLR 2OLYDUHV&DUDEDxR0-HV~V 2ULKXHO.HVVOHU9LFWRU1LFROiV 3DVWRU3ODQHOOV(OLVD 3pUH]0HUFKiQ5D~O 5DPRV3pUH]&HOLD 5XL]GHOÈUERO&DQD$QWDUHV 6DOLQDV5DPtUH]5HPHGLRV 6HEDVWLi0DUt0/X] 20261 D 3RU QR KDEHU VXSHUDGR R QR KDEHUVH SUHVHQWDGR D OD SUXHED WpFQLFD &DxDPHUR/XFHQD05RVD )iEUHJD5RYLUD3DWULFLD )HUUDQGR*XDUGLRODÒUVXOD *UDPDJH9DOOV0-RVp +HUUHUDV*DUFtD0&DUPHQ -LPpQH]&RUWpV5D~O /ySH]GHO&DVWLOOR%HJRxD,QPDFXODGD 0RQWHDJXGR&yUGRED&RQFHSFLyQ 5XELR&ODURV7RPiV 6iQFKH]%RVTXH&ULVWLQD 6ROHU/ySH]-RVp 9HUGHMR0DUWtQH]0-RVp E3RUQRKDEHUFRPSOHWDGRODGRFXPHQWDFLyQUHTXHULGDHQODEDVH &XDUWD $L[3pUH]$PSDUR %HUQDW)HUUHU/LGyQ &DQR&HUYHUD1LFROiV &HEROOD7DOHQV'HVDPSDUDGRV &KXOLi3pUH]&ULVWLQD &ODUDPXQW0DUWRUHOO-XDQ-HV~V (VFRWR6LPy1HXV (VWHYH(VWHYH*HPPD0DUtD (VWHYH9LFHGR6DUD )HUUDQGLV1LHYHV'LDQD )UDQFpV$ORQVR/DUD 0DUFR'LDJR9LFHQWD 0RUD$SULOH/DXUD 0RUHQR&ROODGR(XJHQLD 0XxR]7RUPR6HUJLR 2OLYDUHV&DUDEDxR0-HV~V 2ULKXHO.HVVOHU9LFWRU1LFROiV 3DVWRU3ODQHOOV(OLVD 3pUH]0HUFKiQ5D~O 5DPRV3pUH]&HOLD 5XL]GHOÈUERO&DQD$QWDUHV 6DOLQDV5DPtUH]5HPHGLRV 6HEDVWLi0DUt0/X] 4XDUW /HVSHUVRQHVFDQGLGDWHVEpVLJXHQDGMXGLFDWjULHVGHOHVEHTXHVEp HVWLJXHQLQFORVHVHQHOWRUQGHUHVHUYDHQHOFDVTXHHOVVLJDFRQFHGLGD XQDEHFDHVWDQREOLJDGHVDOFRPSOLPHQWGHOHVREOLJDFLRQVHVWDEOLGHV HQOHVEDVHVGHO¶2UGUHGHFRQYRFDWzULD &XDUWR /RVFDQGLGDWRVELHQVHDQDGMXGLFDWDULRVGHODVEHFDVRELHQHVWpQ LQFOXLGRV HQ HO WXUQR GH UHVHUYD HQ HO FDVR TXH VH OHV FRQFHGD XQD EHFDHVWiQREOLJDGRVDOFXPSOLPLHQWRGHODVREOLJDFLRQHVHVWDEOHFLGDV HQODVEDVHVGHOD2UGHQGHFRQYRFDWRULD &LQTXp 'HFRQIRUPLWDWDPEHOTXHHVWDEOHL[HQHOVDUWLFOHVL GHOD/OHLGHGHQRYHPEUHGH5qJLP-XUtGLFGHOHV$GPL QLVWUDFLRQV3~EOLTXHVLGHO3URFHGLPHQW$GPLQLVWUDWLX&RP~%2(GH GH QRYHPEUH GH DPE OHV PRGLILFDFLRQV LQWURGXwGHV SHU OD /OHLGHGHJHQHU%2(GHGHJHQHUGHLDPEHOV DUWLFOHVLGHOD/OHLGHGHMXOLRO5HJXODGRUDGHOD -XULVGLFFLy&RQWHQFLRVD$GPLQLVWUDWLYD%2(GHGHMXOLROGH FRQWUDDTXHVWDFWHTXHSRVDILDODYLDDGPLQLVWUDWLYDV¶KLSRGUjUHFyU UHUSRWHVWDWLYDPHQWHQUHSRVLFLyRV¶KLSRGUjSODQWHMDUGLUHFWDPHQWXQ UHFXUVFRQWHQFLyVDGPLQLVWUDWLXHQHOWHUPLQLLGDYDQWGHOVzUJDQVTXH V¶LQGLTXHQWRWVHJXLW D(OUHFXUVGHUHSRVLFLyKDXUjG¶LQWHUSRVDUVHGDYDQWGHOFRQVHOOHU GH&XOWXUD(GXFDFLyL(VSRUWHQHOWHUPLQLG¶XQPHVFRPSWDGRUGHVGH O¶HQGHPjGHODSXEOLFDFLy E(OUHFXUVFRQWHQFLyVDGPLQLVWUDWLXKDXUjGHSODQWHMDUVHGDYDQW GHO7ULEXQDO6XSHULRUGH-XVWtFLDGHOD&RPXQLWDW9DOHQFLDQDHQHOWHU PLQLGHGRVPHVRVFRPSWDGRUVGHVGHO¶HQGHPjGHODSXEOLFDFLy 4XLQWR 'H FRQIRUPLGDG FRQ OR HVWDEOHFLGR HQ ORV DUWtFXORV \ GHOD/H\GHGHQRYLHPEUHGH5pJLPHQ-XUtGLFRGH ODV$GPLQLVWUDFLRQHV 3~EOLFDV \ GHO 3URFHGLPLHQWR &RP~Q %2( GH FRQODVPRGLILFDFLRQHVLQWURGXFLGDVSRUOD/H\GH GH HQHUR %2( GH \ DUWtFXORV \ GH OD /H\ GH GH MXOLR 5HJXODGRUD GH OD -XULVGLFFLyQ &RQWHQFLRVD $GPLQLVWUDWLYD %2( HO SUHVHQWH DFWR TXH SRQH ILQ D OD YtDDGPLQLVWUDWLYDVHSRGUiUHFXUULUSRWHVWDWLYDPHQWHHQUHSRVLFLyQR ELHQVHSRGUiSODQWHDUGLUHFWDPHQWHUHFXUVRFRQWHQFLRVRDGPLQLVWUDWL YRHQORVSOD]RV\DQWHORVyUJDQRVTXHVHLQGLFDQDFRQWLQXDFLyQ 9DOqQFLD GH PDLJ GH ± (O GLUHFWRU JHQHUDO GHO /OLEUH L %LEOLRWHTXHV9LFHQWH/XLV1DYDUURGH/XMiQ 9DOHQFLD GH PD\R GH ± (O GLUHFWRU JHQHUDO GHO /LEUR \ %LEOLRWHFDV9LFHQWH/XLV1DYDUURGH/XMiQ D(OUHFXUVRGHUHSRVLFLyQKDEUiGHLQWHUSRQHUVHDQWHHOFRQVHOOHU GH&XOWXUD(GXFDFLyQ\'HSRUWHHQHOSOD]RGHXQPHVDFRQWDUGHVGH HOGtDVLJXLHQWHDOGHVXSXEOLFDFLyQ E(OUHFXUVRFRQWHQFLRVRDGPLQLVWUDWLYRKDEUiGHSODQWHDUVHDQWH HO 7ULEXQDO 6XSHULRU GH -XVWLFLD GH OD &RPXQLGDG 9DOHQFLDQD HQ HO SOD]R GH GRV PHVHV D FRQWDU GHVGH HO GtD VLJXLHQWH DO GH VX SXEOLFD FLyQ Núm. 5516 / 21.05.2007 &RQVHOOHULDG¶(FRQRPLD+LVHQGDL2FXSDFLy 20262 &RQVHOOHULDGH(FRQRPtD+DFLHQGD\(PSOHR 5(62/8&,ÏGHG¶DEULOGHGHOD'LUHFFLy*HQH UDO GH 7UHEDOO L 6HJXUHWDW /DERUDO SHU OD TXDO HV GyQD SXEOLFLWDWDOHVVXEYHQFLRQVFRQFHGLGHVO¶DQ\DFjU UHFGHOSURJUDPD&RQGLFLRQVGH7UHEDOOL$GPLQLV WUDFLyGHOHV5HODFLRQV/DERUDOV>@ 5(62/8&,Ï1 GH GH DEULO GH GH OD 'LUHFFLyQ *HQHUDOGH7UDEDMR\6HJXULGDG/DERUDOSRUODTXHVHGD SXEOLFLGDGDODVVXEYHQFLRQHVFRQFHGLGDVHQHODxR FRQ FDUJR DO SURJUDPD &RQGLFLRQHV GH 7UDEDMR \ $GPLQLVWUDFLyQGHODV5HODFLRQHV/DERUDOHV>@ /D'LUHFFLy*HQHUDOGH7UHEDOOL6HJXUHWDW/DERUDOGHFRQIRUPLWDW DPE O¶DUWLFOH GH OD /OHL GH GH QRYHPEUH *HQHUDO GH 6XEYHQFLRQVLHOVDUWLFOHVLGHOD/OHLGHGHQRYHP EUH GH 5qJLP -XUtGLF GH OHV$GPLQLVWUDFLRQV 3~EOLTXHV L GHO 3URFH GLPHQW$GPLQLVWUDWLX &RP~ UHVRO GRQDU SXEOLFLWDW D OHV VXEYHQFLRQV FRQFHGLGHV O¶DQ\ D FjUUHF GHO SURJUDPD SUHVVXSRVWDUL &RQGLFLRQV GH 7UHEDOO L$GPLQLVWUDFLy GH OHV 5HODFLRQV /DERUDOV D O¶HPSDUDGHOHVRUGUHVGHFRQYRFDWzULDVHJHQWV /D 'LUHFFLyQ *HQHUDO GH 7UDEDMR \ 6HJXULGDG /DERUDO GH FRQ IRUPLGDG FRQ HO DUWtFXOR GH OD /H\ GH GH QRYLHPEUH *HQHUDOGH6XEYHQFLRQHV\ORVDUWtFXORV\GHOD/H\ GH GH QRYLHPEUH GH 5pJLPHQ -XUtGLFR GH ODV $GPLQLVWUDFLRQHV 3~EOLFDV \ GHO 3URFHGLPLHQWR $GPLQLVWUDWLYR &RP~Q UHVXHOYH GDU SXEOLFLGDG D ODV VXEYHQFLRQHV FRQFHGLGDV HQ HO DxR FRQ FDUJR DOSURJUDPDSUHVXSXHVWDULR³&RQGLFLRQHVGH7UDEDMR\$GPL QLVWUDFLyQ GH ODV 5HODFLRQHV /DERUDOHV´ DO DPSDUR GH ODV VLJXLHQWHV yUGHQHVGHFRQYRFDWRULD 2UGHQ GH GH MXOLR GH GH OD FRQVHOOHULD GH (FRQRPtD +DFLHQGD\(PSOHRSRUODTXHVHDSUXHEDQODVEDVHVUHJXODGRUDVSDUD ODFRQFHVLyQGHD\XGDVGHVWLQDGDVDODSURPRFLyQIRPHQWR\GLIXVLyQ GHODHFRQRPtDVRFLDOHQOD&RPXQLGDG9DOHQFLDQDDWUDYpVGHDFWLYL GDGHV OOHYDGDV D FDER SRU ODV HQWLGDGHV DVRFLDWLYDV R UHSUHVHQWDWLYDV GHODVFRRSHUDWLYDVVRFLHGDGHVODERUDOHV\PXWXDOLGDGHVGHSUHYLVLyQ VRFLDO \ VH FRQYRFDQ GLFKDV D\XGDV SDUD HO HMHUFLFLR '2*9 Q~PGH 2UGHQ GH GH MXOLR GH GH OD FRQVHOOHULD GH (FRQRPtD +DFLHQGD\(PSOHRSRUODTXHVHDSUXHEDQODVEDVHVUHJXODGRUDVSDUD OD FRQFHVLyQ GH D\XGDV GHVWLQDGDV DO IRPHQWR GH ODV FRRSHUDWLYDV \ VRFLHGDGHV ODERUDOHV \ VH FRQYRFDQ GLFKDV D\XGDV SDUD HO HMHUFLFLR '2*9Q~PGH 2UGHQ GH GH DEULO GH GH OD FRQVHOOHULD GH (FRQRPtD +DFLHQGD\(PSOHRSRUODTXHVHFRQYRFDQSDUDHOHMHUFLFLRODV D\XGDVHFRQyPLFDVDODV2UJDQL]DFLRQHV6LQGLFDOHV\VHGDSXEOLFLGDG GHODGRWDFLyQTXHODVILQDQFLD'2*9Q~PGH 2UGHQGHGHMXQLRGHGHODFRQVHOOHULDGH(FRQRPtD+DFL HQGD \ (PSOHR SRU OD TXH VH HVWDEOHFHQ ODV EDVHV TXH UHJXODQ ODV D\XGDVSDUDHOGHVDUUROORGHDFFLRQHVGHSUHYHQFLyQGHULHVJRVODERUD OHV\SURPRFLyQGHDFWLYLGDGHVGHVWLQDGDVDODPHMRUDGHODVHJXULGDG \ VDOXG HQ HO WUDEDMR \ VH FRQYRFDQ SDUD HO HMHUFLFLR '2*9 Q~PGH 2UGHQ GH GH DEULO GH GH OD FRQVHOOHULD GH (FRQRPtD +DFLHQGD\(PSOHRSRUODTXHVHFRQYRFDQSDUDODVD\XGDVSDUD ODFUHDFLyQ\HTXLSDPLHQWRGHFHQWURVGHIRUPDFLyQVHFWRULDOHVHQSUH YHQFLyQGHULHVJRVODERUDOHV\VHGDSXEOLFLGDGGHODGRWDFLyQTXHODV ILQDQFLD'2*9Q~PGH 2UGHQ GH GH PD\R GH GH OD FRQVHOOHULD GH (FRQRPtD +DFLHQGD \ (PSOHR SRU OD TXH VH HVWDEOHFHQ ODV EDVHV UHJXODGRUDV SDUDODFRQFHVLyQGHVXEYHQFLRQHVSDUDHOIRPHQWRGHDFWLYLGDGHVGH WUDVFHQGHQFLDSDUDHOVLVWHPDGHODVUHODFLRQHVODERUDOHV\GHOPHUFDGR GH WUDEDMR \ VH FRQYRFDQ ODV PLVPDV SDUD HO HMHUFLFLR SUHVXSXHVWDULR GH'2*9Q~PGH 2UGHQ GH GH MXQLR GH GH OD FRQVHOOHULD GH (FRQRPtD +DFLHQGD\(PSOHRSRUODTXHVHFRQYRFDQSDUDHOHMHUFLFLRODV D\XGDVSUHYLDVDODMXELODFLyQGHWUDEDMDGRUHV\WUDEDMDGRUDVUHVLGHQWHV HQOD&RPXQLGDG9DOHQFLDQD\VHGDSXEOLFDFLyQGHODGRWDFLyQTXHODV ILQDQFLD'2*9Q~PGH 2UGHQ GH GH PD\R GH GH OD FRQVHOOHULD GH (FRQRPtD +DFLHQGD \ (PSOHR SRU OD TXH VH FRQYRFDQ SDUD HO HMHUFLFLR ODVD\XGDVSDUDODPHMRUDGHODVFRQGLFLRQHVGHWUDEDMRHQSHTXHxDV\ PHGLDQDVHPSUHVDV\VHGDSXEOLFLGDGGHODGRWDFLyQTXHODVILQDQFLD '2*9Q~PGH 2UGHQGHGHDEULOGHGHODFRQVHOOHULDGH(FRQRPtD+DFL HQGD \ (PSOHR SRU OD TXH VH HVWDEOHFHQ ODV EDVHV UHJXODGRUDV GH ODV D\XGDV SDUD OD VXEYHQFLyQ GHO FRVWH GHO FRQYHQLR HVSHFLDO GH FRWL]D FLyQDOD6HJXULGDG6RFLDODORVWUDEDMDGRUHV\WUDEDMDGRUDVUHVLGHQWHV HQ OD &RPXQLGDG 9DOHQFLDQD LQFOXLGRV HQ ORV VLVWHPDV HVSHFLDOHV GH IUXWDVKRUWDOL]DV\FRQVHUYDVYHJHWDOHVGHOUpJLPHQJHQHUDODODVHJX ULGDGVRFLDO'2*9QGH 2UGUH GH GH MXOLRO GH GH OD FRQVHOOHULD G¶(FRQRPLD +LVHQGDL2FXSDFLySHUODTXDOV¶DSURYHQOHVEDVHVUHJXODGRUHVSHUD ODFRQFHVVLyG¶DMXGHVGHVWLQDGHVDODSURPRFLyHOIRPHQWLODGLIXVLy GH O¶HFRQRPLD VRFLDO D OD &RPXQLWDW9DOHQFLDQD D WUDYpV G¶DFWLYLWDWV GXWHVDWHUPHSHUOHVHQWLWDWVDVVRFLDWLYHVRUHSUHVHQWDWLYHVGHOHVFRR SHUDWLYHV VRFLHWDWV ODERUDOV L PXWXDOLWDWV GH SUHYLVLy VRFLDO L HV FRQ YRTXHQOHVGLWHVDMXGHVSHUDO¶H[HUFLFL'2*9Q~PGH 2UGUH GH GH MXOLRO GH GH OD FRQVHOOHULD G¶(FRQRPLD +LVHQGDL2FXSDFLySHUODTXDOV¶DSURYHQOHVEDVHVUHJXODGRUHVSHUD ODFRQFHVVLyG¶DMXGHVGHVWLQDGHVDOIRPHQWGHOHVFRRSHUDWLYHVLVRFL HWDWV ODERUDOV L HV FRQYRTXHQ OHV GLWHV DMXGHV SHU D O¶H[HUFLFL '2*9Q~PGH 2UGUHGHG¶DEULOGHGHODFRQVHOOHULDG¶(FRQRPLD+LVHQ GDL2FXSDFLySHUODTXDOHVFRQYRTXHQSHUDO¶H[HUFLFLOHVDMX GHVHFRQzPLTXHVDOHVRUJDQLW]DFLRQVVLQGLFDOVLHVGyQDSXEOLFLWDWGH ODGRWDFLyTXHOHVILQDQoD'2*9Q~PGH 2UGUHGHGHMXQ\GHGHODFRQVHOOHULDG¶(FRQRPLD+LVHQ GDL2FXSDFLySHUODTXDOV¶HVWDEOL[HQOHVEDVHVTXHUHJXOHQOHVDMX GHVSHUDODUHDOLW]DFLyG¶DFFLRQVGHSUHYHQFLyGHULVFRVODERUDOVLSUR PRFLyG¶DFWLYLWDWVGHVWLQDGHVDODPLOORUDGHODVHJXUHWDWLVDOXWHQHO WUHEDOO L HV FRQYRTXHQ SHU D O¶H[HUFLFL '2*9 Q~P GH 2UGUHGHG¶DEULOGHGHODFRQVHOOHULDG¶(FRQRPLD+LVHQ GDL2FXSDFLySHUODTXDOHVFRQYRTXHQSHUDOOHVDMXGHVSHUDOD FUHDFLy L HTXLSDPHQW GH FHQWUHV GH IRUPDFLy VHFWRULDOV HQ SUHYHQFLy GH ULVFRV ODERUDOV L HV GyQD SXEOLFLWDW GH OD GRWDFLy TXH OHV ILQDQoD '2*9Q~PGH 2UGUH GH GH PDLJ GH GH OD FRQVHOOHULD G¶(FRQRPLD +LVHQGDL2FXSDFLySHUODTXDOV¶HVWDEOL[HQOHVEDVHVUHJXODGRUHVSHU D OD FRQFHVVLy GH VXEYHQFLRQV SHU DO IRPHQW G¶DFWLYLWDWV GH WUDQVFHQ GqQFLDSHUDOVLVWHPDGHOHVUHODFLRQVODERUDOVLGHOPHUFDWGHWUHEDOO L HV FRQYRTXHQ SHU D O¶H[HUFLFL SUHVVXSRVWDUL GH '2*9 Q~P GH 2UGUHGHGHMXQ\GHGHODFRQVHOOHULDG¶(FRQRPLD+LVHQ GDL2FXSDFLySHUODTXDOHVFRQYRTXHQSHUDO¶H[HUFLFLOHVDMX GHVSUqYLHVDODMXELODFLyGHWUHEDOODGRUVLWUHEDOODGRUHVUHVLGHQWVDOD &RPXQLWDW9DOHQFLDQDLHVGyQDSXEOLFDFLyGHODGRWDFLyTXHOHVILQDQ oD'2*9Q~PGH 2UGUH GH GH PDLJ GH GH OD FRQVHOOHULD G¶(FRQRPLD +LVHQGD L 2FXSDFLy SHU OD TXDO HV FRQYRTXHQ SHU D O¶H[HUFLFL OHV DMXGHV SHU D OD PLOORUD GH OHV FRQGLFLRQV GH WUHEDOO HQ PHQXGHV L PLWMDQHVHPSUHVHVLHVGyQDSXEOLFLWDWGHODGRWDFLyTXHOHVILQDQoD '2*9Q~PGH 2UGUHGHG¶DEULOGHGHODFRQVHOOHULDG¶(FRQRPLD+LVHQ GDL2FXSDFLySHUODTXDOV¶HVWDEOL[HQOHVEDVHVUHJXODGRUHVGHOHVDMX GHVSHUDODVXEYHQFLyGHOFRVWGHOFRQYHQLHVSHFLDOGHFRWLW]DFLyDOD 6HJXUHWDW6RFLDODOVWUHEDOODGRUVLWUHEDOODGRUHVUHVLGHQWVDOD&RPXQL WDW9DOHQFLDQDLQFORVRVHQHOVVLVWHPHVHVSHFLDOVGHIUXLWHVKRUWDOLVVHV L FRQVHUYHV YHJHWDOV GHO UqJLP JHQHUDO D OD VHJXUHWDW VRFLDO '2*9 Q~PGH Núm. 5516 / 21.05.2007 20263 ,HQYLUWXWGHOHVGHOHJDFLRQVHQHOOHVFRQWLQJXGHVHVIDQS~EOLTXHV OHV VXEYHQFLRQV FRQFHGLGHV HQ O¶DQQH[ TXH V¶DGMXQWD SHU DO FRQHL[H PHQWJHQHUDOLGHOVLQWHUHVVDWVGLUHFWHVHQSDUWLFXODUDPEH[SUHVVLyGH ODOtQLDGHVXEYHQFLyHOFUqGLWSUHVVXSRVWDULODILQDOLWDWHOEHQHILFLDUL ODGDWDGHODUHVROXFLyGHFRQFHVVLyLO¶LPSRUWGHO¶DMXGDFRQFHGLGD < HQ YLUWXG GH ODV GHOHJDFLRQHV HQ HOODV FRQWHQLGDV VH KDFHQ S~EOLFDV ODV VXEYHQFLRQHV FRQFHGLGDV HQ HO DQH[R TXH VH DFRPSDxD SDUDHOFRQRFLPLHQWRJHQHUDO\GHORVLQWHUHVDGRVGLUHFWRVHQSDUWLFX ODU FRQ H[SUHVLyQ GH OD OtQHD GH VXEYHQFLyQ FUpGLWR SUHVXSXHVWDULR ILQDOLGDGEHQHILFLDULRIHFKDGHODUHVROXFLyQGHFRQFHVLyQHLPSRUWH GHODD\XGDFRQFHGLGD 9DOqQFLD G¶DEULO GH ± (O GLUHFWRU JHQHUDO GH 7UHEDOO L 6HJXUHWDW/DERUDO5RPiQ&HEDOORV6DQFKR 9DOHQFLD GH DEULO GH ± (O GLUHFWRU JHQHUDO GH 7UDEDMR \ 6HJXULGDG/DERUDO5RPiQ&HEDOORV6DQFKR Núm. 5516 / 21.05.2007 20264 $11(; $-8'(6$/·(&2120,$62&,$/ $/tQLD7²3URJUDPDGH$SR\RDOD(FRQRPtD6RFLDO &UqGLWSUHVVXSRVWDULHXURV )LQDOLWDW 0HVXUHV HFRQzPLTXHV SHU DO IRPHQW OD IRUPDFLy L OD GLIXVLy GH O¶HFRQRPLD VRFLDO L DVVLVWqQFLD WqFQLFD LQWHJUDFLy GHVRFXSDWV L WUHEDOODGRUVHQHPSUHVHVG¶HFRQRPLDVRFLDOUHGXFFLyGHLQWHUHVVRVGHFUqGLWVSHUDLQYHUVLRQVG¶HFRQRPLDVRFLDO3$9$&( 352*5$0$68%9(1&,216$66,67Ê1&,(67Ê&1,48(6 &21&(37(5($/,7=$&,Ï'µ$8',725,(6 1,)&,) ) 120 &$5721$-(6$,7$1$&2239 &21&(37(5($/,7=$&,Ï3/$16(675$7Ê*,&6 1,)&,) ) '$7$ 5(62/8&,Ï (;3(',(17 (6($67 ,03257 &21&(',7 120 (;3(',(17 &223'(6(59,&,2'($<8'$$'20,&,/,26&2239 '$7$ 5(62/8&,Ï (6($67 ,03257 &21&(',7 352*5$0$35202&,Ï)20(17,',)86,Ï'(/µ(&2120,$62&,$/ &21&(37((6758&785(65(35(6(17$7,9(6'(/µ(035(6$ 1,)&,) 120 (;3(',(17 '$7$ 5(62/8&,Ï ,03257 &21&(',7 ) )('(5$&,219(035(6$6&22375$%$-2$62&,$'2 (6758& * )('(5$&,21(035(6$69$/(1&,$1$6(&2120,$62&,$/ (6758& * )('(5$&,Ï1&223(5$7,9$6'(9,9,(1'$69$/(1&,$1$ (6758& ) )('(5$&,21'(&223(5$7,9$6$*5$5,$6'(/$&9 (6758& * )('(5$&,21'(&$-$6585$/(6&223'(&5(',729 (6758& * )('(5$&,21'(0878$/,'$'(636&2081,'$'9$/(1 (6758& ) )('(5$&,Ï1'(&223(5$7,9$6'(&216802'(/$&9 (6758& ) 81,213529'(&223'(/&$032'(&$67(//21 (6758& ) 81,213529,1&,$/'(&223$*5$5,$6'($/,&$17( (6758& ) )('(5$&,21'(&223(5$7,9$6(/(&75,&$6'(/$&9 (6758& * )('(5$&,21'(&223'(6(59,&,26<75$163257(6&9 (6758& * &21)('(5$&,21'(&223(5$7,9$6'(/$&9 (6758& ) 81,213529'(&223'(/&$032'(9$/(1&,$87(&2 (6758& &21&(37($&7,9,7$76'()20(17 1,)&,) 120 '$7$ 5(62/8&,Ï (;3(',(17 ,03257 &21&(',7 ) )('(5$&,219(035(6$6&22375$%$-2$62&,$'2 (6$)20 * )('(5$&,21(035(6$69$/(1&,$1$6(&2120,$62&,$/ (6$)20 * )('(5$&,21'(&$-$6585$/(6&223'(&5(',729 (6$)20 ) 81,213529'(&223'(/&$032'(&$67(//21 (6$)20 ) 81,213529,1&,$/'(&223$*5$5,$6'($/,&$17( (6$)20 * )$(6&9 (6$)20 * &21)('(5$&,21'(&223(5$7,9$6'(/$&9 (6$)20 * )('(5$&,Ï1&223(5$7,9$6'(9,9,(1'$69$/(1&,$1$ (6$)20 &21&(37($&7,9,7$76'()250$&,Ï 1,)&,) 120 (;3(',(17 '$7$ 5(62/8&,Ï ,03257 &21&(',7 ) )('(5$&,219(035(6$6&22375$%$-2$62&,$'2 (6$)20 * )('(5$&,21(035(6$69$/(1&,$1$6(&2120,$62&,$/ (6$)20 ) 81,213529'(&223'(/&$032'(&$67(//21 (6$)20 Núm. 5516 / 21.05.2007 20265 ) 81,213529,1&,$/'(&223$*5$5,$6'($/,&$17( (6$)20 * )$(6&9 (6$)20 &21&(37($&7,9,7$56'(',)86,Ï 1,)&,) 120 '$7$ 5(62/8&,Ï (;3(',(17 ,03257 &21&(',7 ) )('(5$&,219(035(6$6&22375$%$-2$62&,$'2 (6$)20 * )('(5$&,21(035(6$69$/(1&,$1$6(&2120,$62&,$/ (6$)20 ) 81,213529'(&223'(/&$032'(&$67(//21 (6$)20 * )$(6&9 (6$)20 * &21)('(5$&,21'(&223(5$7,9$6'(/$&9 (6$)20 * &21)('(5$&,21'(&223(5$7,9$6'(/$&9 (6$)20 352*5$0$,17(*5$&,Ï62&,2/$%25$/62&,6 &21&(37(5(1'(668%6,67Ê1&,$)6( 1,)&,) 120 (;3(',(17 '$7$ 5(62/8&,Ï ,03257 &21&(',7 % &$51,&(5,$<&+$5&87(5,$+(50$126025$7$//$6// (6(,/6 % $872(67$&,26// (6(,/6 % +,'52(/,.(6// (6(,/6 % &2/25,1&2/25$'238(5,&8/785$6// (6(,/6 % &$/=$'2602'$/,16// (6(,/6 % 6+2(6',675,%87,21,%%$6// (6(,/6 % &$7$48,(;35(66// (6(,/6 % (/(5,266// (6(,/6 % (/(&7520217*26// (6(,/6 % )5,0(&,167$/$&,21(6<6(59,&,266// (6(,/6 ) %<'$$<8'$$'20,&,/,2&2239 (6(,/6 ) &$57(5$6(625(6785Ë67,&266&2239 (6(,/6 % $5$0$5680,1,6752635$(/9,'5,26// (6(,/6 % $152-8&$/3(6325702'$6// (6(,/6 % 6,67(0$67(&12/2*,&26%2869,$6// (6(,/6 % 725%5(6// (6(,/6 ) 0$5$1*$1$7(&2239 (6(,/6 % %(/,$1$3257$'$&2081,&$&,Ï16// (6(,/6 % &+$3$/,&$17(6// (6(,/6 ) ,17(*5$325(/75$%$-26&2239 (6(,/6 ) '3/866&2239 (6(,/6 % (&+$57*$//$5'26// (6(,/6 % (6758&785$63(5%$6// (6(,/6 ) 17*5$$6(625(66&2239 (6(,/6 % 0,521<3(5(=&2168/725(66// (6(,/6 % ,17,0$'21$*%6// (6(,/6 % <20$5,66(59,&,26,102%,/,$5,266// (6(,/6 % $6(625(67(&1,&26(1&2081,&$&,21(6$/,&$17(6// (6(,/6 ) '(1,%(1&2239 (6(,/6 % 6$%$7(6129(66// (6(,/6 % (678',2*/26// (6(,/6 % $/7($,1)250$7,&$6// (6(,/6 ) 9,&27(;&2239 (6(,/6 % 48,/(6$17216$1&+(=6// (6(,/6 ) &216758&&,21(6//,1$5(6&2239 (6(,/6 % 7(/(&2081,&$&,21(6021)257(/6// (6(,/6 % $57(/8&(17806// (6(,/6 Núm. 5516 / 21.05.2007 20266 % 75$0,7$/(9$17(6// (6(,/6 ) 75$$/&$&2;6'$'&2239 (6(,/6 ) 5(&8%5,0,(1726257,6256'$'&2239 (6(,/6 % 72:(53/$1($'9$1&('352-(&766// (6(,/6 % $/<0$55,(*266// (6(,/6 % 6(59,&$/36(59,&,26),1$1&,(5266// (6(,/6 ) &$)(%$5%$+,$&2239 (6(,/6 ) &223(6&2/$,1)$17,/&$5$1721<(6&2239 (6(,/6 % $/80&$67$//$6// (6(,/6 ) $&2/,0$0,*$6&223(5$7,9$'(/,03,(=$&2239 (6(,/6 % &2/6758&.6// (6(,/6 % 02/$&2/$&$'260(7$/,&266// (6(,/6 % /<'80$'6// (6(,/6 ) 7(&1275(606&2239 (6(,/6 % 1,175236// (6(,/6 ) $.5$&21'8&7266&2239 (6(,/6 % &5(9,0$7(5,$/(66// (6(,/6 % /(9$17(685$3/,&$&,21(66// (6(,/6 % &$53,10$76// (6(,/6 % &$53,0(56$/$62&,$'266// (6(,/6 % *(67,21,102%,/,$5,$6$17$/8&,$6// (6(,/6 % 3,1785$6<'(&25$&,21(6721,'$16// (6(,/6 % -2&$',,1)5$(6758&785$66// (6(,/6 % 5276(*85,'$'6// (6(,/6 % *(67,(/,*6// (6(,/6 % *$56$1&21752/'(3/$*$66// (6(,/6 % 75248(/$'260$72/$6// (6(,/6 ) '0(1-$5/$520$1$&2239 (6(,/6 % '2027,&$<621,'26// (6(,/6 % 6(59,&,26'(-$5',1(5,$3$(/;6// (6(,/6 % (6758&<)(56// (6(,/6 % 6$1=<%8$'(675$9(/6// (6(,/6 % $$-81,25&2/28566// (6(,/6 % ,167$//$&,216&/,0(/&$66// (6(,/6 % (63$&,25(,0$*,1$6// (6(,/6 % 3,17250$5,1'(&256// (6(,/6 % $6(625(6,102%,/,$5,263$6&8$/+(50$1266// (6(,/6 % +(0$&/(9$17(6// (6(,/6 % 5'526$/&(56// (6(,/6 ) 6$/86&2239 (6(,/6 % 7$//(5$87202&,25(<(77($06// (6(,/6 ) //('2(/(&&2239 (6(,/6 % )21727/$3/$1$6// (6(,/6 % 5(67$85$17(-(686<3$&26// (6(,/6 %/tQLD7²,QYHUVLRQV$FWLXVV)L[RV(PSUHVHV(FRQRPLD6RFLDO &UqGLWSUHVVXSRVWDULHXURV )LQDOLWDW$MXGHVSHUDODUHDOLW]DFLyGHSURMHFWHVG·LQYHUVLyGXWVDHIHFWHSHUHQWLWDWVG·HFRQRPLDVRFLDO3$9$&( &21&(37(68%9(1&,Ï',5(&7$$/$,19(56,Ï 1,)&,) 120 (;3(',(17 '$7$ 5(62/8&,Ï ,03257 &21&(',7 ) $/$5&215()250$6<&216758&&,21(6&2239 (6(',5 % 48,48(72/('$12352<(&726(,17(5,25,6026// (6(',5 $ $66(6625,$*9$/(1&,$6// (6(',5 Núm. 5516 / 21.05.2007 20267 ) *$50Ï1&2239 (6(',5 ) 3(17$3$3(5&2239 (6(',5 ) (6&2/$/$0$6,$&2239 (6(',5 ) *5$),67(&6&9/ (6(',5 ) &2',63$,1*52836&/9 (6(',5 % $/8%(1,66$6// (6(',5 ) &$57(5$6(625(6785Ë67,&266&2239 (6(',5 % 7,1725(5,$*8$'$668$56// (6(',5 % 6$/(;&5($&,21(6(1$&(526,12;,'$%/(66// (6(',5 % 027/(66// (6(',5 ) (6&2/$*$9,1$6&9 (6(',5 ) 7(&0$16&2239/7'$ (6(',5 $ ',60817(/6// (6(',5 ) 9$5(/(&&2239 (6(',5 ) 9$5(/(&&2239 (6(',5 ) 52$/$&2239 (6(',5 ) &216758&&,216%$567$9(51(66&2239 (6(',5 % $8727(&9$/(1&,$6// (6(',5 % 9$/(1&,$1$'(3<0(66// (6(',5 $ 1(21$/&26$/ (6(',5 $ +,/$785$67(;7,/(6&5(9,//(17(6$/ (6(',5 $ $%,5(176$/ (6(',5 % (;&$9$&,21(6-8$1<('8$5'26// (6(',5 ) 6(1'$&2239 (6(',5 ) $/8$57&2239 (6(',5 % 02725.8$66// (6(',5 % &2175$7$6*(/&26// (6(',5 ) 0(7$/%$/$7&2239$/(1&,$1$ (6(',5 ) 129$3/$1;$&2239/7'$ (6(',5 ) 48$/,7<3/$11,1*6&2239 (6(',5 % *$672(/6// (6(',5 ) &(55$-(5,$<$8720$7,6026021'8%(56&2239 (6(',5 $ $''2,035(625(66$/ (6(',5 % )867$0$1,$6// (6(',5 % &$<9,6// (6(',5 ) $59,0$&2239 (6(',5 % 5(81,'26<'2%/$'266// (6(',5 $ %25'$'269(/$6&26$/ (6(',5 ) *(50$167$0$5,7&2239 (6(',5 % 6(57(&$*52-$5',16// (6(',5 ) &29$),/0352'8&&,21(6&2239 (6(',5 ) (/675$67(56&2239$/(1&,$1$ (6(',5 ) (6&2/$(/'5$&6&2239 (6(',5 ) 0$57,6&/9 (6(',5 ) &%+$6(625$0,(172*(67,21<75$0,7$&,21,102%,/ (6(',5 ) 75$',&,21(,1129$&,216&2239 (6(',5 ) 7(&1275(606&2239 (6(',5 ) $6(029,//$+$%$1$6&2239 (6(',5 % /<'80$'6// (6(',5 % 1,175236// (6(',5 ) ('8$/6&2239 (6(',5 ) *80$5&2239 (6(',5 % 7,1725(5,$/$9$1'(5,$$/7($6// (6(',5 ) $9,0$&$&2239 (6(',5 % )5,0(&,167$/$&,21(6<6(59,&,266// (6(',5 Núm. 5516 / 21.05.2007 20268 ) ;,9$/3$6&9 (6(',5 ) (19$6(60<36'$'&2239$/(1&,$1$ (6(',5 ) '8/&(6/$$%8(/$&2239 (6(',5 * 0817$7*(6/$5,%(5$&2239 (6(',5 ) &2232%5(5$6$1-26( (6(',5 % $/80&$67$//$6// (6(',5 ) (6&2/$'()3/$6$)25&2239 (6(',5 ) 9(57,&$/0217*26'$'&2239$/ (6(',5 ) (/67$521*(56&2239$/(1&,$1$ (6(',5 % *(67,21(6'(%(/*,'$6// (6(',5 ) &223$*5Ë&2/$6$1,6,'52'(6(*25%(&2239 (6(',5 % 48,/(6$17216$1&+(=6// (6(',5 % 48,/(6$17216$1&+(=6// (6(',5 ) ,167$/$&,21(6(/(&75,&$6%$<9$/6&9 (6(',5 &21&(37(,19(56,Ï3(5$/)20(17'(&223(5$7,9(6,62&/$%25$/6 1,)&,) 120 (;3(',(17 '$7$ 5(62/8&,Ï ,03257 &21&(',7 % *(67,21'(6(59,&,26725%(/6// (6(0,1 ) &$,;$3238/$5&$,;$585$/&223&5('9$/ (6(0,1 $ 7(;7,/6025$6$/ (6(0,1 $ ',60817(/6// (6(0,1 ) (6&2/$*$9,1$6&9 (6(0,1 % *8$'$668$5(/(&75,&,'$'6// (6(0,1 ) &2/(*,26$1-26('(/$0217$f$&2239 (6(0,1 % 9$/(1&,$1$'(3<0(66// (6(0,1 % ;(5$-$/80,6// (6(0,1 % 1(86),1$,/,1$6// (6(0,1 ) ,17(*5$325(/75$%$-26&2239 (6(0,1 % $6(625,$&2168/725,$1$3(9$/$62&,$'266// (6(0,1 % *$672(/6// (6(0,1 % (/*,0&/8%(63257,8' $/%(5,&6// (6(0,1 ) &2/(*,2+(50(66&9 (6(0,1 % '219,7(6// (6(0,1 $ 7(&$5&$552&(5,$66$/ (6(0,1 ) &2/(*,2/$552'(62&,('$'&223(5$7,9$9$/(1&,$1$ (6(0,1 ) 6,7(6(59,&,26&2081,7$5,266&2239 (6(0,1 ) (6(0,1 ) &(175('()250$&,Ï,' (16(1<$0(17021&2)$ &2239 7$',7(&6&2239$/(1&,$1$ (6(0,1 % (1*/,6+:25/'1<9$6// (6(0,1 ) 7(&1275(606&2239 (6(0,1 ) &%+$6(625$0,(172*(67,21<75$0,7$&,21,102%,/ (6(0,1 ) &2168/7,1*9,//(1$6&9 (6(0,1 ) 75$',&,21(,1129$&,216&2239 (6(0,1 ) ('8$/6&2239 (6(0,1 ) $6(029,//$+$%$1$6&2239 (6(0,1 ) (1(5&21&2239 (6(0,1 ) $9,0$&$&2239 (6(0,1 ) )),102%,/,$5,$.$6$6&2239 (6(0,1 % 75(6(6&26,'269,//(1$6// (6(0,1 % &255('85,$'(6(*85260$57,1(=&87,//$66// (6(0,1 Núm. 5516 / 21.05.2007 20269 $-8'(6$25*$1,5=$&,2166,1',&$/6 /tQLD7²$MXGHVDRUJDQLW]DFLRQVVLQGLFDOV &UqGLWSUHVVXSRVWDULHXURV )LQDOLWDW6XSRUWDOHVRUJDQLW]DFLRQVVLQGLFDOV 1,)&,) 120 (;3(',(17 '$7$ 5(62/8&,Ï ,03257 &21&(',7 * 6,1'352)(6,21$/%5,*$'$6585$/(6'((0(5*(1&,$39 7526,1 * 6,1',&$7275$%$-$'25(6'(/$&(5È0,&$&9 7526,1 * 6,1',&$7'(75(%$//$'256'(/3$,69$/(1&,$6739, 7526,1 * 6,1',&$72,1'(3(1',(17('(/$(1(5*Ë$6,( 7526,1 * 6,1',&$7275$%$-$'25(6$'0Ï13Ò%/,&$9$/(1&,$1$ 7526,1 * 6,1',&$7'(75(%$//$'256,75(%$//$'25(6'(/ (16( 7526,1 * 6,1'75$%$//$'56,75$%'(/$6$/8739,17(56,19 7526,1 * )('6,1',&$726,1'(3(1'((16(f&9)6,( 7526,1 * 81,216,1',&$/2%5(5$<6,1')('(5$'266,$786,$3 7526,1 * 81,216,1',&$/2%5(5$'(/$&96)('$3,789 7526,1 * 6,1'75$%$-$'25(6$6,67(1&,$3Ò%/,&$&96,0$3&9 7526,1 * 6,1'75$%$-$'25(6$6,67(1&,$3Ò%/,&$&96,7$3&9 7526,1 * 6,1',&$72)(5529,$5,2'(/3$,69$/(1&,$12 7526,1 * &21)('(5$&,Ï16,1',&$/'(&20,6,21(62%5(5$6 7526,1 * $62&352)0e',&26<7,,78/$'266+263*<81,99 7526,1 * $62&,$&,Ï1352)6,1',&$72&(59(&(52,1'(3(1',(17( 7526,1 * $*583$&,21'(3(5621$/126$1,7$5,2$31639 7526,1 * 6,1',&$7$872120'(75(%$//$'256' (67$/9,6$7( 7526,1 * &21)('(5$&,Ï1,17(56,1',&$/'(&$-$6&,& 7526,1 * 3/$7$)250$81,7$5,$'(75$%$-$'25(6 7526,1 * 6,1',&$72,1'(3(1',(17()(5529,$5,2 7526,1 * 6,1',&$72'(75$%$-$'25(6'(&2081,&$&,21(667& 7526,1 * 6,1',&$72'(75$%$-$'25(6'(/$$'0,1,675$&,21,9 7526,1 * $62&,$&,Ï1'(,17(5,126'(/$*9$/(1&,$1$,*(9$ 7526,1 * )('(5$&,Ï1'(75$%$-$'25(6,1'&20(5&,2)(7,&2 7526,1 * &6,&6,)&2081,'$'9$/(1&,$1$ 7526,1 * 8*73$,69$/(1&,¬ 7526,1 * 6,1',&$72(63$f2/0$48,1,67$6<$<8')(5529,$5,26 7526,1 * &21)('(5$&,21*(1(5$/'(/75$%$-2&*7 7526,1 * &21)('(5$&,Ï1'(&8$'526<352)(6,21$/(6&209$/ 7526,1 * )('(5$&,Ï1'($62&,$&,21(66,1',&$/(6)$6*$ 7526,1 * &2/(&7,926$87Ï12026'(75$%$-,1'1$9$/ 7526,1 * *5832'(75$%$-$'25(6'(/£+257$125' 7526,1 * 6,1',&$726'(/$$'0,1,675$&,Ï13Ò%/,&$ 7526,1 * 6$76(6,1',&$72'((1)(50(5,$ 7526,1 * &219(5*(1&,$(67$7$/'(0e',&26<$76&(06$76( 7526,1 * )(',1'(3'(75$%$-$'25(6'(/&5e',72),7& 7526,1 * $66,1',&$/*(67,Ï1,17(*5$/&21)/,&726/$%25$/(6 7526,1 * 6,1',&$72,1'(3(1',(17(&9 7526,1 * &21)('(5$&,Ï1'(75$%$-$'25(6,1'(3(1',(17(6 7526,1 * 6,1',&$72352)(6,21$/'(9,$-(6639 7526,1 * $62&3529(03/($'26'(3203$6)81(%5(6'(9$/(1&,$ 7526,1 * 75$%$-$'25(6325/$81,'$''(&/$6( 7526,1 * 81,Ï17(/()Ï1,&$6,1',&$/ 7526,1 * 6,1',&$72$8;,/,$5(6'((1)(50(5Ë$ 7526,1 * 6,1',&$72352)(6,21$/'(32/,&,$6/2&$/(6<%20%(5 7526,1 Núm. 5516 / 21.05.2007 20270 $&&,21635(9(1&,Ð5,6&26/$%25$/6 /tQLD7²5HDOLW]DFLyDFFLRQVSUHYHQFLyULVFRVODERUDOV &UqGLWSUHVVXSRVWDULHXURV )LQDOLWDW3URPRFLyDFWLYLWDWVGHVWLQDGHVDODPLOORUDGHFRQGLFLRQVGHVDOXWLVHJXUHWDWHQHOWUHEDOOLQFORVDO¶DVVLVWqQFLDLFRRSHUDFLyWqFQLFD UHDOLW]DFLyG¶HVWXGLVLSURMHFWHVG¶LQYHVWLJDFLyHQPDWqULDGHSUHYHQFLyGHULVFRVODERUDOV * )('(5$&,21'(32/,*2126<(035(6$69$/)(3(9$/ 753520 '$7$ 5(62/8&,Ï * &21)('(5$&,Ï16,1',&$/'(&20,6,21(62%5(5$639 753520 * $62&'((035(6$5,26'(;$7,9$</$&267(5$$'(;$ 753520 ) 81,213529'(&223'(/&$032'(9$/(1&,$87(&2 753520 * )('3529'(/$&216758&&,21'($/,&$17()(&,$ 753520 1,)&,) 120 (;3(',(17 ,03257 &21&(',7 * )('(5$&,21&,5&8/2(035(6$5,26'(1,$0$5,1$$/7$ 753520 * &21)('(5$&,Ï16,1',&$/'(&20,6,21(62%5(5$639 753520 * &21)('(5$&,Ï16,1',&$/'(&20,6,21(62%5(5$639 753520 * &21)('(5$&,Ï16,1',&$/'(&20,6,21(62%5(5$639 753520 4- )(5,$08(675$5,2,17(51$&,21$/'(9$/(1&,$ 753520 * 81,21*(1(5$/'(75$%$-$'25(6'(/3$,69$/(1&,$12 753520 * 81,21*(1(5$/'(75$%$-$'25(6'(/3$,69$/(1&,$12 753520 * 81,21*(1(5$/'(75$%$-$'25(6'(/3$,69$/(1&,$12 753520 * ,167,78726,1',&$/'(75$%$0%,(17(<6$/8',67$6 753520 * )('9$/(1&,$1$'((035(6$5,26'(/$&216758&&,21 753520 * $62&9$/(1&,$1$'(&(5$0,&$$9(&*5(0,2 753520 * )81'$&,21/$%25$/'(/$&216758&&,21 753520 * )81'$&,21/$%25$/'(/$&216758&&,21 753520 * &21)('(5$'((035(6$5,26'(+267(/(5,$<785,602 753520 * $62&'(6$552//2(&21262&,<7(55,72*5832 753520 * )5(0$30878$'($&&,'(17(6'(75$%$-2 753520 ) 81,213529'(&223'(/&$032'(&$67(//21 753520 * )('(035(6$5,$/0(7$/85*,&$9$/(1&,$1$)(0(9$/ 753520 * 81,21'(0878$60$7(3661 753520 * 81,216,1',&$/2%5(5$'(/$&2081,'$'9$/862&9 753520 $-8'(6$/$&5($&,Ð'(&(175(6'()250$&,Ð6(&725,$/6 /tQLD7²$MXGHVDODFUHDFLyGHFHQWUHVGHIRUPDFLyVHFWRULDOVHQSUHYHQFLyGHULVFRVODERUDOV &UqGLWSUHVVXSRVWDULHXURV )LQDOLWDW&RQWULEXLUDODFRQVWUXFFLyLHTXLSDPHQWGHFHQWUHVGHIRUPDFLyVHFWRULDOVHQSUHYHQFLyGHULVFRVODERUDOV &21&(37(&5($&,Ï 1,)&,) * 120 &21)('(5$&,21(035(3529'($/,&$17(&2(3$ (;3(',(17 75&(17 '$7$ 5(62/8&,Ï ,03257 &21&(',7 ,03257 &21&(',7 &21&(37((48,3$0(17 * )81'$&,21/$%25$/'(/$&216758&&,21 75&(17 '$7$ 5(62/8&,Ï * )81')20(172&8/785$35(96(*85,'$'9,$/(1/$&9 75&(17 1,)&,) 120 (;3(',(17 )20(17'¶$&7,9,7$76'(75$6&(1'Ë1&,$3(5$/6,67(0$'(5(/$&,216/$%25$/6,'(/0(5&$7'(75(%$// /tQLD7²(VWXGLVVRFLRODERUDOVLGHOPHUFDWGHWUHEDOOGHOD&RPXQLWDW9DOHQFLDQD &UqGLWSUHVVXSRVWDULHXURV )LQDOLWDW6XEYHQFLRQDUHVWXGLVLLQIRUPHVUHODFLRQDWVDPEHOPHUFDWGHWUHEDOODOD&RPXQLWDW9DOHQFLDQD 75(6(& 75(6(& * &2/(*,22),&,$/'(*5$'8$'2662&,$/(6'( $/,&$17( &2/(*,22),&,$/'(*5$'8$'2662&,$/(6'( 9$/(1&,$ ,167,7872'(%,20(&$1,&$'(9$/(1&,$ '$7$ 5(62/8&,Ï 75(6(& * $62&3$5$(/'(6$(&262&,<7(55,*5832 75(6(& * $62&9$/(1&,$1$'(&(5$0,&$$9(&*5(0,2 75(6(& 1,)&,) 4& 4) 120 (;3(',(17 ,03257 &21&(',7 Núm. 5516 / 21.05.2007 20271 4' 81,9(56,7$7'(9$/(1&,$(678',2*(1(5$/ 75(6(& * 0&$8*739 75(6(& * $62&(035(6$5,26-29(1(6'(9$/(1&,$$-(9 75(6(& $-8'(635Ë9,(6$/$-8%,/$&,Ð'(75(%$//$'256 /tQLD7²-XELODFLRQVDQWLFLSDGHV &UqGLWSUHVVXSRVWDULHXURV )LQDOLWDW (VWDEOLU PHVXUHV GH VXSRUW DOV WUHEDOODGRUVHV G·HPSUHVHV HQ FULVL QR VXEMHFWHV D SODQV GH UHFRQYHUVLy LQGXVWULDO TXH SDOĊOLHQ SqUGXHVVDODULDOVLRFRVWRVGHFRQYHQLVHVSHFLDOVGHFRWLW]DFLyDOD6HJXUHWDW6RFLDO &21&(37( $-8'(635Ê9,(6$/$-8%,/$&,Ï25',1¬5,$ % $/&2$75$16)250$&,Ï352'8&7(66/ '$7$ 5(62/8&,Ï % )25'(63$f$6/ % )25'(63$f$6/ $ 6,'0(' % )25'(63$f$6/ 1,)&,) 120 (;3(',(17 ,03257 &21&(',7 $ 6,'0(' $ 6,'0(' &21&(37($-8'(6$/$-8%,/$&,Ï3/$16'(35(-8%,/$&,Ï5(1'(6 1,)&,) 120 (;3(',(17 '$7$ 5(62/8&,Ï ,03257 &21&(',7 $ (;75$%$-$'25(6'(/$(035(6$9,&(17(6(03(5(6$ 75-3/5 $ (;75$%$-$'25(652'5,*26$1&+26$ 75-3/5 $ (;75$%$-$'25(6,1'8675,$3(/(7(5$66$,03(/6$ 75-3/5 $ (;75$%$-$'25(6*(1(526'(38172)(55<66$ 75-3/5 $ (;75$%$-$'25(6'(/$(035(6$-(60$56$ 75-3/5 $ (;75$%$-$'25(6'(/$(035(6$'86(16$ 75-3/5 $ (;75$%$-$'25(652'5,*26$1&+26$ 75-3/5 &21&(37($-8'(6$/$-8%,/$&,Ï3/$16'(35(-8%,/$&,Ï&26735,0(6&219(1,6&27,7=$&,Ï,5(1'(6 1,)&,) $ 120 (;75$%$-'(/$(035(6$(67$03$'266$1&+,66$ (;3(',(17 75-3/0 '$7$ 5(62/8&,Ï ,03257 &21&(',7 '$7$ 5(62/8&,Ï ,03257 &21&(',7 &21&(37(&219(1,6(63(&,$/6'(&27,7=$&,Ï 1,)&,) 120 (;3(',(17 % -26(*$63$5*20(= 4 3$%/238&,/2:6.,$/26 75-8&2 75-8&2 6 )5$1&,6&262/$=0$= 75-8&2 $ 352'8&726257,=6$ 75-8&2 * (;75$%$-$'25(6'(/$(035(6$352'8&725257,=6$ 75-8&2 : )5$1&,6&2%2,;*$5&,$(;75$%7(-('85,$/(9$17(6/ 75-8&2 $ (;75$%$-$'25(652'5,*26$1&+26$ 75-8&2 $ (;75$%$-$'25(6*(1(526'(38172)(55<66$ 75-8&2 &21&(37(&267'µ,17(5(66263Ñ/,66(63(5$&219(1,6(63(&,$/6 $ (;75$%$-$'25(652'5,*26$1&+26$ 75-8,1 '$7$ 5(62/8&,Ï $ (;75$%$-$'25(6*(1(526'(38172)(55<66$ 75-8,1 1,)&,) 120 (;3(',(17 ,03257 &21&(',7 Núm. 5516 / 21.05.2007 20272 $-8'(63(5$0,//25$&21',&,216'(75(%$//(13,0(6 /tQLD7²0LOORUDFRQGLFLRQVGHWUHEDOOHQSLPHV &UqGLWSUHVVXSRVWDULHXURV )LQDOLWDW &RQWULEXLU D OD PLOORUD HQ OHV FRQGLFLRQV GH WUHEDOO HQ SLPHV GH OD &RPXQLWDW 9DOHQFLDQD PLWMDQoDQW O·DGDSWDFLy GHOV HTXLSV GH WUHEDOODO5' $FFLyDTXqFDOGRQDUVXSRUW,QFRUSRUDUPHFDQLVPHVGHSURWHFFLyLSUHYHQFLyG¶DFFLGHQWVHQPjTXLQHVLLQVWDOĊODFLRQV 1,)&,) 120 (;3(',(17 753(4( '$7$ 5(62/8&,Ï ,03257 &21&(',7 % &20(5&,$/(,1'8675,$/'(/0$502/6/ % 0(&$1,48(61$9$5526/ 753(4( % 0(0%5$&8596/ 753(4( % 2/(2+,'5$8/,&$/(-6/ 753(4( % 7$%/(526(15(/,(9(6/ 753(4( % $6)5,6/ 753(4( % *$/$;<)851,785(6/ 753(4( % 75(60$6/ 753(4( % )867(5,$)5$1&(66/ 753(4( % 32/<7(&48,0,&$6/ 753(4( % &2/2508526/ 753(4( % )251'(3$,%2//(5,$(/63$,3257,166/ 753(4( % $,6(0$,1'8675,$6'(/$0$'(5$6/ 753(4( 1 -26(/8,6529,5$/23(= 753(4( % 3$1,),&$'25$$/'$<$6/ 753(4( % 3$1$'(5,$021=2,%$f(=6/ 753(4( < $50$1'2-(686*$6&21*5$8 753(4( % 7$%/(526(15,48(0$57,1(=6/ 753(4( % 02/'85$69,&(17(<$1$6/ 753(4( * *5$&,$12&$1'(/$63(5(= 753(4( ( 5$021<9,&(17(3$6&8$/%/(6$&% 753(4( % (%$1,67(5,$9,/$6/ 753(4( % 6(*,/3$66/ 753(4( % )867$9$/(526/ 753(4( % $57<029$6/ 753(4( % 0$'(5$6%$/'26/ 753(4( % $/$3217+(50$1266/ 753(4( 1 '2/25(69,&(17$6,85$1$1$9$552 753(4( % &$53,17(5,$(10$'(5$<39&6$1-26(6/ 753(4( * )5$1&,6&21$9$648,//2*$0,= 753(4( + 3$6&8$/3(5(=*,0(1(= 753(4( % &$53,17(5,$$/$19,926/ 753(4( : -26(6$17$0$5,$&$126 753(4( $ $0$'(232<2$/$%$', 753(4( 7 ,5$1=258%,2-26( 753(4( % )251,%2//(5,$0$5,19,'$/(6 753(4( % 2578f26,67(0$6'(&$53,17(5,$6/ 753(4( / 6$1&+286('25(0,*,2 753(4( ; *$5&,$*$5,-2&$5/26 753(4( ) 03,/$56$1&+(=0(5,12 753(4( % )251,3$67,6(5,$6$1%(51$76// 753(4( / 3/$%280$5,$25(72 753(4( ( (/)251$17,&)251'(/$7255(6& 753(4( $ 6('(6$6$ 753(4( % &$552&(5,$6<)5,*25,),&26&$57(0(76/ 753(4( % $10$&$53,17(5266/ 753(4( % &216758&&,21(60(&$1,&$60(&29$/6/ 753(4( % 686<6+2(66/ 753(4( % 0$18)$&785$6%2/216/ 753(4( % '8<%$6/ 753(4( $ *,1(6&2//6$ 753(4( Núm. 5516 / 21.05.2007 1,)&,) 20273 120 (;3(',(17 753(4( '$7$ 5(62/8&,Ï ,03257 &21&(',7 % (8523$725166/ % .(00(5,&+,%(5,&$6/ 753(4( % )$&725)$%5,&$17(67251,//(5,$6/ 753(4( + )5$1&,6&2-$9,(5&$6(52*20(= 753(4( % 0%/(9$17(6/ 753(4( % 7+<66(1.5833(/(9$7250$18)$&785,1*63$,16/ 753(4( % 35()$%5,&$'2612/,.,$6/ 753(4( % '(/7$9$/(1&,$6/ 753(4( % .$51$.(6758&785$6<&216758&&,21(66/ 753(4( % 7$//(5(67(1$6/ 753(4( % ,17(502/'85$66/ 753(4( % $),/$'26%(5(1*8(56/ 753(4( : 0$5,$)5$1&,6&$3$67251$9$552 753(4( 0 0(1*8$//23(=0$5,$(5,&$ 753(4( % ,1*(1,(5,$'(&2038(67266/ 753(4( * -8$10,*8(/9(5'8&+-26( 753(4( % (035(6$&,&/216/ 753(4( $ *$5&,$,*8(52/$9,&(17 753(4( + 1$9$5526$10,*8(/-26( 753(4( ' /25(17(%$5%(5$-26( 753(4( $ 9,/$129$$/(0$1<,*1$&,2-$9,(5 753(4( 4 2&7$9,258(6&$6&20(5&,$/2,1'8675,$/ 753(4( % $57(*5$)5278/$&,21,1'8675,$/6/ 753(4( ' )(51$1'2$*8,/$55$0,5(= 753(4( $ $/%(5729,&(17(85,26021=21 753(4( / 0,*8(/$1*(/)5217(5$)(51$1'(= 753(4( % 7$//(5(6-8$1+,12-26$6/ 753(4( % (;&$9$&,21(65$63(,*6/ 753(4( % 0(&$1,=$'26,1'8675,$/(6&$126/81,3 753(4( $ &$8&+26(36$6$/ 753(4( % 85','26*5$)(56/ 753(4( % 3$1$'(5,$&$6$0$5,26/ 753(4( % 029$/02%,/,$5,26/8 753(4( % 0,'$&$53,17(5,$'(+2<6/ 753(4( % 02/'85$60,9$/6/ 753(4( % 02/'80$5&/(9$17(6/ 753(4( % -26e+8(57$6/ 753(4( $ ,1'8675,$60(7$/,&$6&$5%26$ 753(4( % 352'8&726$57(6$126-,-21$6/ 753(4( ; $1721,2&(5'$10,5$//(6 753(4( % 9,&(17(9,/$5025(//$6/ 753(4( : 5,&$5'0$57,%$55$&+,1$ 753(4( % 3$5'202%,/,$5,2<'(&25$&,216/ 753(4( % (63(-266$1&+,66/ 753(4( 1 -26(58,=0$57,1(= 753(4( % 352<(&726,17(*5$/(6(10$'(5$6/ 753(4( % 0$57)5$16/ 753(4( % ,1'8675,$63$56$6/ 753(4( % $57,&8/26'(&$53,17(5,$025(126/ 753(4( % /$&$76,3,1785(69,3(56// 753(4( % 02%,/&2',6(f26/ 753(4( % *3/$$/%(5&$6/ 753(4( % 68/(13(5),/6/ 753(4( % 68/(1)/(-(6/ 753(4( $ 7(;7,/(63$6&8$/6$ 753(4( $ 5('8&725(6&8f$76$ 753(4( Núm. 5516 / 21.05.2007 20274 1,)&,) 120 % (;3(',(17 )587,17(56/ 753(4( '$7$ 5(62/8&,Ï ,03257 &21&(',7 % %$f26-85$'26/ 753(4( % 3/$7<%2/6/ 753(4( % 352'8&725$'((60$/7(6<&2/25$17(66/ 753(4( $ 7$//(5(6+(5*$6$ 753(4( $ 3$67$6<%$5%27,1$6&(5$0,&$66$ 753(4( $ $/)5('2)(12//$56$ 753(4( % 02%/(0$)6/ 753(4( % )5(6$0$76/ 753(4( % &5($&,21(63$50$6/ 753(4( % %$&8/26'(/0(',7(55$1(26/ 753(4( % ,1'8675,$67$,129$6/ 753(4( % $/8(67,/6/ 753(4( % 3(5(=3$<$<&$53,17(5266/ 753(4( % 02%,/,$5,2'(&2&,1$*5(026/ 753(4( $ (;3(5,(1&,$&(5$0,&$6$ 753(4( % /25(&$6/ 753(4( % (63$,2%(576,67(0$66/ 753(4( % 9(5%(1$6/ 753(4( % $1)(5&8$7526/ 753(4( 9 -26($/%(572//8(9$*5$1(// 753(4( $ )(58%$/6$ 753(4( % 7$//(5(602//$6/ 753(4( ) &223(59$/(1&&5,$'25(6'(*$1$'2'(&(5'$<9$&81 753(4( $ 5$0211$9$55(7(625,$6$ 753(4( % )867$;;,6/ 753(4( % 123/(;$57(6*5$),&$66/ 753(4( $ ,1'8675,$648,0,&$6,906$ 753(4( % =$1277,,%(5,&$6/ 753(4( . 0,*8(/*$5&,$0$5, 753(4( % 38%/,3/$676/ 753(4( % 021//25526(//2&5($&,2166// 753(4( % 02/'85$63$1(/(6<&203/(0(17266/ 753(4( ) ,1129$&,2)867$&2239 753(4( % $&(,781$6&$=25/$6/ 753(4( ' 0$18(/3$/$1&$0$57,1(= 753(4( $ '$%$7$6$ 753(4( % 0$6602%/,&2308(%/(66/ 753(4( % % /,'(0&216758&&,21(60(&$1,&$66/ 48,0,&$6/$6(56/ 753(4( 753(4( % 1$5$1-$6&+(6/ 753(4( $-8'(6-8%,/$&,216'(/6(&725$*52$/,0(17$5, /tQLD7²-XELODFLRQVGHOVHFWRUDJURDOLPHQWDUL &UqGLWSUHVVXSRVWDULHXURV )LQDOLWDW $MXGHV GHVWLQDGHV D VXEYHQFLRQDU OD TXRWD GHOV FRQYHQLV HVSHFLDOV GH FRWLW]DFLy D OD 6HJXUHWDW 6RFLDO TXH VXEVFULJXHQ F UHHPSUHQJXHQHOVWUHEDOODGRUVLOHVWUHEDOODGRUHVFRPSUHVRVHQHOVVLVWHPHVHVSHFLDOVGHIUXLWHVLKRUWDOLVVHVLFRQVHUYHVYHJHWDOVGHO5qJLP *HQHUDOGHOD6HJXUHWDW6RFLDO 1,)&,) * 120 9,&(17$3(5$/(6%21$)e (;3(',(17 '$7$5(62/8&,Ï 75$*5, ,03257 &21&(',7 $1(;2 $<8'$6$/$(&2120,$62&,$/ $/tQHD7²3URJUDPDGH$SR\RDOD(FRQRPtD6RFLDO &UpGLWRSUHVXSXHVWDULRHXURV )LQDOLGDG0HGLGDVHFRQyPLFDVSDUDHOIRPHQWRIRUPDFLyQ\GLIXVLyQGHODHFRQRPtDVRFLDO\DVLVWHQFLDWpFQLFDLQWHJUDFLyQGHVHPSOHDGRV\ WUDEDMDGRUHVHQHPSUHVDVGHHFRQRPtDVRFLDOUHGXFFLyQGHLQWHUHVHVGHFUpGLWRVSDUDLQYHUVLRQHVGHHFRQRPtDVRFLDO3$9$&( Núm. 5516 / 21.05.2007 20275 352*5$0$68%9(1&,21(6$6,67(1&,$67e&1,&$6 &21&(3725($/,=$&,21'($8',725,$6 1,)&,) 120%5( ) &$5721$-(6$,7$1$&2239 (;3(',(17( )(&+$ 5(62/8&,21 (6($67 ,03257( &21&(','2 &21&(3725($/,=$&,213/$1(6(675$7(*,&26 )(&+$ 5(62/8&,21 ,03257( &21&(','2 1,)&,) 120%5( ) &223'(6(59,&,2'($<8'$$'20,&,/,26&2239 (;3(',(17( (6($67 &21&(372(6758&785$65(35(6(17$7,9$6'(/$(035(6$ (;3(',(17( )(&+$ 5(62/8&,21 ,03257( &21&(','2 352*5$0$35202&,21)20(172<',)86,21'(/$(&2120,$62&,$/ 1,)&,) 120%5( ) )('(5$&,219(035(6$6&22375$%$-2$62&,$'2 (6758& * )('(5$&,21(035(6$69$/(1&,$1$6(&2120,$62&,$/ (6758& * )('(5$&,Ï1&223(5$7,9$6'(9,9,(1'$69$/(1&,$1$ (6758& ) )('(5$&,21'(&223(5$7,9$6$*5$5,$6'(/$&9 (6758& * )('(5$&,21'(&$-$6585$/(6&223'(&5(',729 (6758& * )('(5$&,21'(0878$/,'$'(636&2081,'$'9$/(1 (6758& ) )('(5$&,Ï1'(&223(5$7,9$6'(&216802'(/$&9 (6758& ) 81,213529'(&223'(/&$032'(&$67(//21 (6758& ) 81,213529,1&,$/'(&223$*5$5,$6'($/,&$17( (6758& ) )('(5$&,21'(&223(5$7,9$6(/(&75,&$6'(/$&9 (6758& * )('(5$&,21'(&223'(6(59,&,26<75$163257(6&9 (6758& * &21)('(5$&,21'(&223(5$7,9$6'(/$&9 (6758& ) 81,213529'(&223'(/&$032'(9$/(1&,$87(&2 (6758& &21&(372$&7,9,'$'(6'()20(172 )(&+$ 5(62/8&,21 ,03257( &21&(','2 1,)&,) 120%5( (;3(',(17( ) )('(5$&,219(035(6$6&22375$%$-2$62&,$'2 (6$)20 * )('(5$&,21(035(6$69$/(1&,$1$6(&2120,$62&,$/ (6$)20 * )('(5$&,21'(&$-$6585$/(6&223'(&5(',729 (6$)20 ) 81,213529'(&223'(/&$032'(&$67(//21 (6$)20 ) 81,213529,1&,$/'(&223$*5$5,$6'($/,&$17( (6$)20 * )$(6&9 (6$)20 * &21)('(5$&,21'(&223(5$7,9$6'(/$&9 (6$)20 * )('(5$&,Ï1&223(5$7,9$6'(9,9,(1'$69$/(1&,$1$ (6$)20 &21&(372$&7,9,'$'(6'()250$&,Ï1 )(&+$ 5(62/8&,21 ,03257( &21&(','2 1,)&,) 120%5( (;3(',(17( ) )('(5$&,219(035(6$6&22375$%$-2$62&,$'2 (6$)20 * )('(5$&,21(035(6$69$/(1&,$1$6(&2120,$62&,$/ (6$)20 ) 81,213529'(&223'(/&$032'(&$67(//21 (6$)20 ) 81,213529,1&,$/'(&223$*5$5,$6'($/,&$17( (6$)20 * )$(6&9 (6$)20 &21&(372$&7,9,'$'(6'(',)86,Ï1 Núm. 5516 / 21.05.2007 1,)&,) 20276 120%5( (;3(',(17( )(&+$ 5(62/8&,21 ,03257( &21&(','2 ) )('(5$&,219(035(6$6&22375$%$-2$62&,$'2 (6$)20 * )('(5$&,21(035(6$69$/(1&,$1$6(&2120,$62&,$/ (6$)20 ) 81,213529'(&223'(/&$032'(&$67(//21 (6$)20 * )$(6&9 (6$)20 * &21)('(5$&,21'(&223(5$7,9$6'(/$&9 (6$)20 * &21)('(5$&,21'(&223(5$7,9$6'(/$&9 (6$)20 352*5$0$,17(*5$&,Ï162&,2/$%25$/62&,26 &21&(3725(17$668%6,67(1&,$)6( (;3(',(17( )(&+$ 5(62/8&,21 ,03257( &21&(','2 1,)&,) 120%5( % &$51,&(5,$<&+$5&87(5,$+(50$126025$7$//$6// (6(,/6 % $872(67$&,26// (6(,/6 % +,'52(/,.(6// (6(,/6 % &2/25,1&2/25$'238(5,&8/785$6// (6(,/6 % &$/=$'2602'$/,16// (6(,/6 % 6+2(6',675,%87,21,%%$6// (6(,/6 % &$7$48,(;35(66// (6(,/6 % (/(5,266// (6(,/6 % (/(&7520217*26// (6(,/6 % )5,0(&,167$/$&,21(6<6(59,&,266// (6(,/6 ) %<'$$<8'$$'20,&,/,2&2239 (6(,/6 ) &$57(5$6(625(6785Ë67,&266&2239 (6(,/6 % $5$0$5680,1,6752635$(/9,'5,26// (6(,/6 % $152-8&$/3(6325702'$6// (6(,/6 % 6,67(0$67(&12/2*,&26%2869,$6// (6(,/6 % 725%5(6// (6(,/6 ) 0$5$1*$1$7(&2239 (6(,/6 % %(/,$1$3257$'$&2081,&$&,Ï16// (6(,/6 % &+$3$/,&$17(6// (6(,/6 ) ,17(*5$325(/75$%$-26&2239 (6(,/6 ) '3/866&2239 (6(,/6 % (&+$57*$//$5'26// (6(,/6 % (6758&785$63(5%$6// (6(,/6 ) 17*5$$6(625(66&2239 (6(,/6 % 0,521<3(5(=&2168/725(66// (6(,/6 % ,17,0$'21$*%6// (6(,/6 % <20$5,66(59,&,26,102%,/,$5,266// (6(,/6 (;3(',(17( )(&+$ 5(62/8&,21 1,)&,) 120%5( ,03257( &21&(','2 % $6(625(67(&1,&26(1&2081,&$&,21(6$/,&$17(6// (6(,/6 ) '(1,%(1&2239 (6(,/6 % 6$%$7(6129(66// (6(,/6 % (678',2*/26// (6(,/6 % $/7($,1)250$7,&$6// (6(,/6 ) 9,&27(;&2239 (6(,/6 % 48,/(6$17216$1&+(=6// (6(,/6 ) &216758&&,21(6//,1$5(6&2239 (6(,/6 % 7(/(&2081,&$&,21(6021)257(/6// (6(,/6 % $57(/8&(17806// (6(,/6 % 75$0,7$/(9$17(6// (6(,/6 ) 75$$/&$&2;6'$'&2239 (6(,/6 ) 5(&8%5,0,(1726257,6256'$'&2239 (6(,/6 Núm. 5516 / 21.05.2007 20277 % 72:(53/$1($'9$1&('352-(&766// (6(,/6 % $/<0$55,(*266// (6(,/6 % 6(59,&$/36(59,&,26),1$1&,(5266// (6(,/6 ) &$)(%$5%$+,$&2239 (6(,/6 ) &223(6&2/$,1)$17,/&$5$1721<(6&2239 (6(,/6 % $/80&$67$//$6// (6(,/6 ) $&2/,0$0,*$6&223(5$7,9$'(/,03,(=$&2239 (6(,/6 % &2/6758&.6// (6(,/6 % 02/$&2/$&$'260(7$/,&266// (6(,/6 % /<'80$'6// (6(,/6 ) 7(&1275(606&2239 (6(,/6 % 1,175236// (6(,/6 ) $.5$&21'8&7266&2239 (6(,/6 % &5(9,0$7(5,$/(66// (6(,/6 % /(9$17(685$3/,&$&,21(66// (6(,/6 % &$53,10$76// (6(,/6 % &$53,0(56$/$62&,$'266// (6(,/6 % *(67,21,102%,/,$5,$6$17$/8&,$6// (6(,/6 % 3,1785$6<'(&25$&,21(6721,'$16// (6(,/6 % -2&$',,1)5$(6758&785$66// (6(,/6 % 5276(*85,'$'6// (6(,/6 % *(67,(/,*6// (6(,/6 % *$56$1&21752/'(3/$*$66// (6(,/6 % 75248(/$'260$72/$6// (6(,/6 ) '0(1-$5/$520$1$&2239 (6(,/6 % '2027,&$<621,'26// (6(,/6 % 6(59,&,26'(-$5',1(5,$3$(/;6// (6(,/6 % (6758&<)(56// (6(,/6 % 6$1=<%8$'(675$9(/6// (6(,/6 % $$-81,25&2/28566// (6(,/6 % ,167$//$&,216&/,0(/&$66// (6(,/6 % (63$&,25(,0$*,1$6// (6(,/6 % 3,17250$5,1'(&256// (6(,/6 % $6(625(6,102%,/,$5,263$6&8$/+(50$1266// (6(,/6 % +(0$&/(9$17(6// (6(,/6 % 5'526$/&(56// (6(,/6 ) 6$/86&2239 (6(,/6 % 7$//(5$87202&,25(<(77($06// (6(,/6 (;3(',(17( )(&+$ 5(62/8&,21 1,)&,) 120%5( ,03257( &21&(','2 ) //('2(/(&&2239 (6(,/6 % )21727/$3/$1$6// (6(,/6 % 5(67$85$17(-(686<3$&26// (6(,/6 %/tQHD7²,QYHUVLRQHV$FWLYRV)LMRV(PSUHVDV(FRQRPtD6RFLDO &UpGLWRSUHVXSXHVWDULRHXURV )LQDOLGDG$\XGDVSDUDHOGHVDUUROORGHSUR\HFWRVGHLQYHUVLyQOOHYDGRVDHIHFWRSRU(QWLGDGHVGH(FRQRPtD6RFLDO3$9$&( &21&(37268%9(1&,Ï1',5(&7$$/$,19(56,Ï1 1,)&,) 120%5( (;3(',(17( )(&+$ 5(62/8&,21 ,03257( &21&(','2 ) $/$5&215()250$6<&216758&&,21(6&2239 (6(',5 % 48,48(72/('$12352<(&726(,17(5,25,6026// (6(',5 $ $66(6625,$*9$/(1&,$6// (6(',5 ) *$50Ï1&2239 (6(',5 Núm. 5516 / 21.05.2007 20278 ) 3(17$3$3(5&2239 (6(',5 ) (6&2/$/$0$6,$&2239 (6(',5 ) *5$),67(&6&9/ (6(',5 ) &2',63$,1*52836&/9 (6(',5 % $/8%(1,66$6// (6(',5 ) &$57(5$6(625(6785Ë67,&266&2239 (6(',5 % 7,1725(5,$*8$'$668$56// (6(',5 % 6$/(;&5($&,21(6(1$&(526,12;,'$%/(66// (6(',5 % 027/(66// (6(',5 ) (6&2/$*$9,1$6&9 (6(',5 ) 7(&0$16&2239/7'$ (6(',5 $ ',60817(/6// (6(',5 ) 9$5(/(&&2239 (6(',5 ) 9$5(/(&&2239 (6(',5 ) 52$/$&2239 (6(',5 ) &216758&&,216%$567$9(51(66&2239 (6(',5 % $8727(&9$/(1&,$6// (6(',5 % 9$/(1&,$1$'(3<0(66// (6(',5 $ 1(21$/&26$/ (6(',5 $ +,/$785$67(;7,/(6&5(9,//(17(6$/ (6(',5 $ $%,5(176$/ (6(',5 % (;&$9$&,21(6-8$1<('8$5'26// (6(',5 ) 6(1'$&2239 (6(',5 ) $/8$57&2239 (6(',5 % 02725.8$66// (6(',5 % &2175$7$6*(/&26// (6(',5 ) 0(7$/%$/$7&2239$/(1&,$1$ (6(',5 ) 129$3/$1;$&2239/7'$ (6(',5 ) 48$/,7<3/$11,1*6&2239 (6(',5 % *$672(/6// (6(',5 ) &(55$-(5,$<$8720$7,6026021'8%(56&2239 (6(',5 $ $''2,035(625(66$/ (6(',5 % )867$0$1,$6// (6(',5 % &$<9,6// (6(',5 ) $59,0$&2239 (6(',5 (;3(',(17( )(&+$ 5(62/8&,21 1,)&,) 120%5( ,03257( &21&(','2 % 5(81,'26<'2%/$'266// (6(',5 $ %25'$'269(/$6&26$/ (6(',5 ) *(50$167$0$5,7&2239 (6(',5 % 6(57(&$*52-$5',16// (6(',5 ) &29$),/0352'8&&,21(6&2239 (6(',5 ) (/675$67(56&2239$/(1&,$1$ (6(',5 ) (6&2/$(/'5$&6&2239 (6(',5 ) 0$57,6&/9 (6(',5 ) &%+$6(625$0,(172*(67,21<75$0,7$&,21,102%,/ (6(',5 ) 75$',&,21(,1129$&,216&2239 (6(',5 ) 7(&1275(606&2239 (6(',5 ) $6(029,//$+$%$1$6&2239 (6(',5 % /<'80$'6// (6(',5 % 1,175236// (6(',5 ) ('8$/6&2239 (6(',5 ) *80$5&2239 (6(',5 % 7,1725(5,$/$9$1'(5,$$/7($6// (6(',5 ) $9,0$&$&2239 (6(',5 Núm. 5516 / 21.05.2007 20279 % )5,0(&,167$/$&,21(6<6(59,&,266// (6(',5 ) ;,9$/3$6&9 (6(',5 ) (19$6(60<36'$'&2239$/(1&,$1$ (6(',5 ) '8/&(6/$$%8(/$&2239 (6(',5 * 0817$7*(6/$5,%(5$&2239 (6(',5 ) &2232%5(5$6$1-26( (6(',5 % $/80&$67$//$6// (6(',5 ) (6&2/$'()3/$6$)25&2239 (6(',5 ) 9(57,&$/0217*26'$'&2239$/ (6(',5 ) (/67$521*(56&2239$/(1&,$1$ (6(',5 % *(67,21(6'(%(/*,'$6// (6(',5 ) &223$*5Ë&2/$6$1,6,'52'(6(*25%(&2239 (6(',5 % 48,/(6$17216$1&+(=6// (6(',5 % 48,/(6$17216$1&+(=6// (6(',5 ) ,167$/$&,21(6(/(&75,&$6%$<9$/6&9 (6(',5 &21&(372,19(56,213$5$(/)20(172'(&223(5$7,9$6<62&/$%25$/(6 1,)&,) 120%5( (;3(',(17( )(&+$ 5(62/8&,21 ,03257( &21&(','2 % *(67,21'(6(59,&,26725%(/6// (6(0,1 ) &$,;$3238/$5&$,;$585$/&223&5('9$/ (6(0,1 $ 7(;7,/6025$6$/ (6(0,1 $ ',60817(/6// (6(0,1 ) (6&2/$*$9,1$6&9 (6(0,1 % *8$'$668$5(/(&75,&,'$'6// (6(0,1 ) &2/(*,26$1-26('(/$0217$f$&2239 (6(0,1 % 9$/(1&,$1$'(3<0(66// (6(0,1 % ;(5$-$/80,6// (6(0,1 % 1(86),1$,/,1$6// (6(0,1 ) ,17(*5$325(/75$%$-26&2239 (6(0,1 % $6(625,$&2168/725,$1$3(9$/$62&,$'266// (6(0,1 % *$672(/6// (6(0,1 % (/*,0&/8%(63257,8' $/%(5,&6// (6(0,1 ) &2/(*,2+(50(66&9 (6(0,1 % '219,7(6// (6(0,1 $ 7(&$5&$552&(5,$66$/ (6(0,1 ) &2/(*,2/$552'(62&,('$'&223(5$7,9$9$/(1&,$1$ (6(0,1 ) 6,7(6(59,&,26&2081,7$5,266&2239 (6(0,1 ) (6(0,1 ) &(175('()250$&,Ï,' (16(1<$0(17021&2)$ &2239 7$',7(&6&2239$/(1&,$1$ (6(0,1 % (1*/,6+:25/'1<9$6// (6(0,1 ) 7(&1275(606&2239 (6(0,1 ) &%+$6(625$0,(172*(67,21<75$0,7$&,21,102%,/ (6(0,1 ) &2168/7,1*9,//(1$6&9 (6(0,1 ) 75$',&,21(,1129$&,216&2239 (6(0,1 ) ('8$/6&2239 (6(0,1 ) $6(029,//$+$%$1$6&2239 (6(0,1 ) (1(5&21&2239 (6(0,1 ) $9,0$&$&2239 (6(0,1 ) )),102%,/,$5,$.$6$6&2239 (6(0,1 % 75(6(6&26,'269,//(1$6// (6(0,1 % &255('85,$'(6(*85260$57,1(=&87,//$66// (6(0,1 $<8'$6$25*$1,=$&,21(66,1',&$/(6 /tQHD7²$\XGDVD2UJDQL]DFLRQHV6LQGLFDOHV Núm. 5516 / 21.05.2007 20280 &UpGLWRSUHVXSXHVWDULRHXURV )LQDOLGDG$SR\RDODV2UJDQL]DFLRQHV6LQGLFDOHV 1,)&,) 120%5( (;3(',(17( )(&+$ 5(62/8&,21 ,03257( &21&(','2 * 6,1'352)(6,21$/%5,*$'$6585$/(6'((0(5*(1&,$39 7526,1 * 6,1',&$7275$%$-$'25(6'(/$&(5È0,&$&9 7526,1 * 6,1',&$7'(75(%$//$'256'(/3$,69$/(1&,$6739, 7526,1 * 6,1',&$72,1'(3(1',(17('(/$(1(5*Ë$6,( 7526,1 * 6,1',&$7275$%$-$'25(6$'0Ï13Ò%/,&$9$/(1&,$1$ 7526,1 * 6,1',&$7'(75(%$//$'256,75(%$//$'25(6'(/ (16( 7526,1 * 6,1'75$%$//$'56,75$%'(/$6$/8739,17(56,19 7526,1 * )('6,1',&$726,1'(3(1'((16(f&9)6,( 7526,1 * 81,216,1',&$/2%5(5$<6,1')('(5$'266,$786,$3 7526,1 * 81,216,1',&$/2%5(5$'(/$&96)('$3,789 7526,1 * 6,1'75$%$-$'25(6$6,67(1&,$3Ò%/,&$&96,0$3&9 7526,1 * 6,1'75$%$-$'25(6$6,67(1&,$3Ò%/,&$&96,7$3&9 7526,1 * 6,1',&$72)(5529,$5,2'(/3$,69$/(1&,$12 7526,1 * &21)('(5$&,Ï16,1',&$/'(&20,6,21(62%5(5$6 7526,1 * $62&352)0e',&26<7,,78/$'266+263*<81,99 7526,1 * $62&,$&,Ï1352)6,1',&$72&(59(&(52,1'(3(1',(17( 7526,1 * $*583$&,21'(3(5621$/126$1,7$5,2$31639 7526,1 * 6,1',&$7$872120'(75(%$//$'256' (67$/9,6$7( 7526,1 * &21)('(5$&,Ï1,17(56,1',&$/'(&$-$6&,& 7526,1 * 3/$7$)250$81,7$5,$'(75$%$-$'25(6 7526,1 * 6,1',&$72,1'(3(1',(17()(5529,$5,2 7526,1 * 6,1',&$72'(75$%$-$'25(6'(&2081,&$&,21(667& 7526,1 * 6,1',&$72'(75$%$-$'25(6'(/$$'0,1,675$&,21,9 7526,1 * $62&,$&,Ï1'(,17(5,126'(/$*9$/(1&,$1$,*(9$ 7526,1 * )('(5$&,Ï1'(75$%$-$'25(6,1'&20(5&,2)(7,&2 7526,1 * &6,&6,)&2081,'$'9$/(1&,$1$ 7526,1 * 8*73$,69$/(1&,¬ 7526,1 * 6,1',&$72(63$f2/0$48,1,67$6<$<8')(5529,$5,26 7526,1 * &21)('(5$&,21*(1(5$/'(/75$%$-2&*7 7526,1 * &21)('(5$&,Ï1'(&8$'526<352)(6,21$/(6&209$/ 7526,1 * )('(5$&,Ï1'($62&,$&,21(66,1',&$/(6)$6*$ 7526,1 * &2/(&7,926$87Ï12026'(75$%$-,1'1$9$/ 7526,1 * *5832'(75$%$-$'25(6'(/£+257$125' 7526,1 * 6,1',&$726'(/$$'0,1,675$&,Ï13Ò%/,&$ 7526,1 * 6$76(6,1',&$72'((1)(50(5,$ 7526,1 * &219(5*(1&,$(67$7$/'(0e',&26<$76&(06$76( 7526,1 * )(',1'(3'(75$%$-$'25(6'(/&5e',72),7& 7526,1 * $66,1',&$/*(67,Ï1,17(*5$/&21)/,&726/$%25$/(6 7526,1 * 6,1',&$72,1'(3(1',(17(&9 7526,1 * &21)('(5$&,Ï1'(75$%$-$'25(6,1'(3(1',(17(6 7526,1 * 6,1',&$72352)(6,21$/'(9,$-(6639 7526,1 * $62&3529(03/($'26'(3203$6)81(%5(6'(9$/(1&,$ 7526,1 * 75$%$-$'25(6325/$81,'$''(&/$6( 7526,1 * 81,Ï17(/()Ï1,&$6,1',&$/ 7526,1 * 6,1',&$72$8;,/,$5(6'((1)(50(5Ë$ 7526,1 * 6,1',&$72352)(6,21$/'(32/,&,$6/2&$/(6<%20%(5 7526,1 $&&,21(635(9(1&,Ð15,(6*26/$%25$/(6 /tQHD7²'HVDUUROORDFFLRQHVSUHYHQFLyQULHVJRVODERUDOHV &UpGLWRSUHVXSXHVWDULRHXURV )LQDOLGDG 3URPRFLyQ DFWLYLGDGHV GHVWLQDGDV D OD PHMRUD GH FRQGLFLRQHV GH VDOXG \ VHJXULGDG HQ HO WUDEDMR LQFOXLGD OD DVLVWHQFLD \ FRRSHUDFLyQWpFQLFDUHDOL]DFLyQGHHVWXGLRV\SUR\HFWRVGHLQYHVWLJDFLyQHQPDWHULDGHSUHYHQFLyQGHULHVJRVODERUDOHV 1,)&,) * 120%5( )('(5$&,21'(32/,*2126<(035(6$69$/)(3(9$/ (;3(',(17( 753520 )(&+$ ,03257( 5(62/8&,21 &21&(','2 Núm. 5516 / 21.05.2007 20281 * &21)('(5$&,Ï16,1',&$/'(&20,6,21(62%5(5$639 753520 * $62&'((035(6$5,26'(;$7,9$</$&267(5$$'(;$ 753520 ) 81,213529'(&223'(/&$032'(9$/(1&,$87(&2 753520 * )('3529'(/$&216758&&,21'($/,&$17()(&,$ 753520 * )('(5$&,21&,5&8/2(035(6$5,26'(1,$0$5,1$$/7$ 753520 * &21)('(5$&,Ï16,1',&$/'(&20,6,21(62%5(5$639 753520 * &21)('(5$&,Ï16,1',&$/'(&20,6,21(62%5(5$639 753520 * &21)('(5$&,Ï16,1',&$/'(&20,6,21(62%5(5$639 753520 4- )(5,$08(675$5,2,17(51$&,21$/'(9$/(1&,$ 753520 * 81,21*(1(5$/'(75$%$-$'25(6'(/3$,69$/(1&,$12 753520 * 81,21*(1(5$/'(75$%$-$'25(6'(/3$,69$/(1&,$12 753520 * 81,21*(1(5$/'(75$%$-$'25(6'(/3$,69$/(1&,$12 753520 * ,167,78726,1',&$/'(75$%$0%,(17(<6$/8',67$6 753520 * )('9$/(1&,$1$'((035(6$5,26'(/$&216758&&,21 753520 * $62&9$/(1&,$1$'(&(5$0,&$$9(&*5(0,2 753520 * )81'$&,21/$%25$/'(/$&216758&&,21 753520 * )81'$&,21/$%25$/'(/$&216758&&,21 753520 * &21)('(5$'((035(6$5,26'(+267(/(5,$<785,602 753520 * $62&'(6$552//2(&21262&,<7(55,72*5832 753520 * )5(0$30878$'($&&,'(17(6'(75$%$-2 753520 ) 81,213529'(&223'(/&$032'(&$67(//21 753520 * )('(035(6$5,$/0(7$/85*,&$9$/(1&,$1$)(0(9$/ 753520 * 81,21'(0878$60$7(3661 753520 * 81,216,1',&$/2%5(5$'(/$&2081,'$'9$/862&9 753520 $<8'$6$/$&5($&,Ð1'(&(17526'()250$&,Ð16(&725,$/(6 /tQHD7²$\XGDVDODFUHDFLyQGH&HQWURVGHIRUPDFLyQVHFWRULDOHVHQSUHYHQFLyQGHULHVJRVODERUDOHV &UpGLWRSUHVXSXHVWDULRHXURV )LQDOLGDG&RQWULEXLUDODFRQVWUXFFLyQ\HTXLSDPLHQWRGH&HQWURVGHIRUPDFLyQVHFWRULDOHVHQSUHYHQFLyQGHULHVJRVODERUDOHV &21&(372&5($&,Ï1 1,)&,) * 120%5( &21)('(5$&,21(035(3529'($/,&$17(&2(3$ (;3(',(17( 75&(17 )(&+$ 5(62/8&,21 ,03257( &21&(','2 ,03257( &21&(','2 &21&(372(48,3$0,(172 * )81'$&,21/$%25$/'(/$&216758&&,21 75&(17 )(&+$ 5(62/8&,21 * )81')20(172&8/785$35(96(*85,'$'9,$/(1/$&9 75&(17 1,)&,) 120%5( (;3(',(17( )20(172'($&7,9,'$'(6'(75$6&(1'(1&,$3$5$(/6,67(0$'(5(/$&,21(6/$%25$/(6<'(/0(5&$'2'(75$%$-2 /tQHD7²(VWXGLRVVRFLRODERUDOHV\GHOPHUFDGRGHWUDEDMRGHOD&RPXQLGDG9DOHQFLDQD &Up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Ð1'(75$%$-$'25(6 /tQHD7²-XELODFLRQHVDQWLFLSDGDV Núm. 5516 / 21.05.2007 20282 &UpGLWRSUHVXSXHVWDULRHXURV )LQDOLGDG(VWDEOHFHUPHGLGDVGHDSR\RDORVWUDEDMDGRUHVDVGH(PSUHVDVHQFULVLVQRVXMHWDVDSODQHVGHUHFRQYHUVLyQLQGXVWULDOTXHSDOLHQ SHUGLGDVVDODULDOHV\RFRVWHVGHFRQYHQLRVHVSHFLDOHVGHFRWL]DFLyQDOD6HJXULGDG6RFLDO &21&(372 $<8'$635(9,$6$/$-8%,/$&,Ï125',1$5,$ % $/&2$75$16)250$&,Ï352'8&7(66/ )(&+$ 5(62/8&,21 % )25'(63$f$6/ % )25'(63$f$6/ $ 6,'0(' % )25'(63$f$6/ $ 6,'0(' $ 6,'0(' 1,)&,) 120%5( &21&(372$<8'$6$/$-8%,/$&,213/$1(6'(35(-8%,/$&,215(17$6 1,)&,) 120%5( (;3(',(17( ,03257( &21&(','2 (;3(',(17( )(&+$ 5(62/8&,21 ,03257( &21&(','2 $ (;75$%$-$'25(6'(/$(035(6$9,&(17(6(03(5(6$ 75-3/5 $ (;75$%$-$'25(652'5,*26$1&+26$ 75-3/5 $ (;75$%$-$'25(6,1'8675,$3(/(7(5$66$,03(/6$ 75-3/5 $ (;75$%$-$'25(6*(1(526'(38172)(55<66$ 75-3/5 $ (;75$%$-$'25(6'(/$(035(6$-(60$56$ 75-3/5 $ (;75$%$-$'25(6'(/$(035(6$'86(16$ 75-3/5 $ (;75$%$-$'25(652'5,*26$1&+26$ 75-3/5 &21&(372$<8'$6$/$-8%,/$&,213/$1(6'(35(-8%,/$&,21&267(35,0$6&219(1,26&27,=$&,21<5(17$6 1,)&,) $ 120%5( (;75$%$-'(/$(035(6$(67$03$'266$1&+,66$ (;3(',(17( 75-3/0 )(&+$ 5(62/8&,21 ,03257( &21&(','2 )(&+$ 5(62/8&,21 ,03257( &21&(','2 &21&(372&219(1,26(63(&,$/(6'(&27,=$&,21 1,)&,) 120%5( (;3(',(17( % -26(*$63$5*20(= 4 3$%/238&,/2:6.,$/26 75-8&2 75-8&2 6 )5$1&,6&262/$=0$= 75-8&2 $ 352'8&726257,=6$ 75-8&2 * (;75$%$-$'25(6'(/$(035(6$352'8&725257,=6$ 75-8&2 : )5$1&,6&2%2,;*$5&,$(;75$%7(-('85,$/(9$17(6/ 75-8&2 $ (;75$%$-$'25(652'5,*26$1&+26$ 75-8&2 $ (;75$%$-$'25(6*(1(526'(38172)(55<66$ 75-8&2 &21&(372&267('(,17(5(6(632/,=$63$5$&219(1,26(63(&,$/(6 $ (;75$%$-$'25(652'5,*26$1&+26$ 75-8,1 )(&+$ 5(62/8&,21 $ (;75$%$-$'25(6*(1(526'(38172)(55<66$ 75-8,1 1,)&,) 120%5( (;3(',(17( ,03257( &21&(','2 $<8'$63$5$0(-25$&21',&,21(6'(75$%$-2(13<0(6 /tQHD7²0HMRUDFRQGLFLRQHVGHWUDEDMRHQ3<0(6 &UpGLWRSUHVXSXHVWDULRHXURV )LQDOLGDG&RQWULEXLUDODPHMRUDHQODVFRQGLFLRQHVGHWUDEDMRHQ3<0(6GHOD&RPXQLGDG9DOHQFLDQDPHGLDQWHODDGDSWDFLyQGHORVHTXLSRV GHWUDEDMRDO5' $FFLyQ$SR\DEOH,QFRUSRUDUPHFDQLVPRVGHSURWHFFLyQ\SUHYHQFLyQGHDFFLGHQWHVHQPiTXLQDVHLQVWDODFLRQHV % &20(5&,$/(,1'8675,$/'(/0$502/6/ 753(4( )(&+$ 5(62/8&,21 % 0(&$1,48(61$9$5526/ 753(4( 1,)&,) 120%5( (;3(',(17( ,03257( &21&(','2 Núm. 5516 / 21.05.2007 20283 % 0(0%5$&8596/ 753(4( )(&+$ 5(62/8&,21 % 2/(2+,'5$8/,&$/(-6/ 753(4( % 7$%/(526(15(/,(9(6/ 753(4( % $6)5,6/ 753(4( 1,)&,) 120%5( (;3(',(17( ,03257( &21&(','2 % *$/$;<)851,785(6/ 753(4( % 75(60$6/ 753(4( % )867(5,$)5$1&(66/ 753(4( % 32/<7(&48,0,&$6/ 753(4( % &2/2508526/ 753(4( % )251'(3$,%2//(5,$(/63$,3257,166/ 753(4( % $,6(0$,1'8675,$6'(/$0$'(5$6/ 753(4( 1 -26(/8,6529,5$/23(= 753(4( % 3$1,),&$'25$$/'$<$6/ 753(4( % 3$1$'(5,$021=2,%$f(=6/ 753(4( < $50$1'2-(686*$6&21*5$8 753(4( % 7$%/(526(15,48(0$57,1(=6/ 753(4( % 02/'85$69,&(17(<$1$6/ 753(4( * *5$&,$12&$1'(/$63(5(= 753(4( ( 5$021<9,&(17(3$6&8$/%/(6$&% 753(4( % (%$1,67(5,$9,/$6/ 753(4( % 6(*,/3$66/ 753(4( % )867$9$/(526/ 753(4( % $57<029$6/ 753(4( % 0$'(5$6%$/'26/ 753(4( % $/$3217+(50$1266/ 753(4( 1 '2/25(69,&(17$6,85$1$1$9$552 753(4( % &$53,17(5,$(10$'(5$<39&6$1-26(6/ 753(4( * )5$1&,6&21$9$648,//2*$0,= 753(4( + 3$6&8$/3(5(=*,0(1(= 753(4( % &$53,17(5,$$/$19,926/ 753(4( : -26(6$17$0$5,$&$126 753(4( $ $0$'(232<2$/$%$', 753(4( 7 ,5$1=258%,2-26( 753(4( % )251,%2//(5,$0$5,19,'$/(6 753(4( % 2578f26,67(0$6'(&$53,17(5,$6/ 753(4( / 6$1&+286('25(0,*,2 753(4( ; *$5&,$*$5,-2&$5/26 753(4( ) 03,/$56$1&+(=0(5,12 753(4( % )251,3$67,6(5,$6$1%(51$76// 753(4( / 3/$%280$5,$25(72 753(4( ( (/)251$17,&)251'(/$7255(6& 753(4( $ 6('(6$6$ 753(4( % &$552&(5,$6<)5,*25,),&26&$57(0(76/ 753(4( % $10$&$53,17(5266/ 753(4( % &216758&&,21(60(&$1,&$60(&29$/6/ 753(4( % 686<6+2(66/ 753(4( % 0$18)$&785$6%2/216/ 753(4( % '8<%$6/ 753(4( $ *,1(6&2//6$ 753(4( % (8523$725166/ 753(4( % .(00(5,&+,%(5,&$6/ 753(4( % )$&725)$%5,&$17(67251,//(5,$6/ 753(4( + )5$1&,6&2-$9,(5&$6(52*20(= 753(4( % 0%/(9$17(6/ 753(4( % 7+<66(1.5833(/(9$7250$18)$&785,1*63$,16/ 753(4( % 35()$%5,&$'2612/,.,$6/ 753(4( Núm. 5516 / 21.05.2007 20284 % '(/7$9$/(1&,$6/ 753(4( )(&+$ 5(62/8&,21 % .$51$.(6758&785$6<&216758&&,21(66/ 753(4( % 7$//(5(67(1$6/ 753(4( % ,17(502/'85$66/ 753(4( % $),/$'26%(5(1*8(56/ 753(4( : 0$5,$)5$1&,6&$3$67251$9$552 753(4( 0 0(1*8$//23(=0$5,$(5,&$ 753(4( % ,1*(1,(5,$'(&2038(67266/ 753(4( 1,)&,) 120%5( (;3(',(17( ,03257( &21&(','2 * -8$10,*8(/9(5'8&+-26( 753(4( % (035(6$&,&/216/ 753(4( $ *$5&,$,*8(52/$9,&(17 753(4( + 1$9$5526$10,*8(/-26( 753(4( ' /25(17(%$5%(5$-26( 753(4( $ 9,/$129$$/(0$1<,*1$&,2-$9,(5 753(4( 4 2&7$9,258(6&$6&20(5&,$/2,1'8675,$/ 753(4( % $57(*5$)5278/$&,21,1'8675,$/6/ 753(4( ' )(51$1'2$*8,/$55$0,5(= 753(4( $ $/%(5729,&(17(85,26021=21 753(4( / 0,*8(/$1*(/)5217(5$)(51$1'(= 753(4( % 7$//(5(6-8$1+,12-26$6/ 753(4( % (;&$9$&,21(65$63(,*6/ 753(4( % 0(&$1,=$'26,1'8675,$/(6&$126/81,3 753(4( $ &$8&+26(36$6$/ 753(4( % 85','26*5$)(56/ 753(4( % 3$1$'(5,$&$6$0$5,26/ 753(4( % 029$/02%,/,$5,26/8 753(4( % 0,'$&$53,17(5,$'(+2<6/ 753(4( % 02/'85$60,9$/6/ 753(4( % 02/'80$5&/(9$17(6/ 753(4( % -26e+8(57$6/ 753(4( $ ,1'8675,$60(7$/,&$6&$5%26$ 753(4( % 352'8&726$57(6$126-,-21$6/ 753(4( ; $1721,2&(5'$10,5$//(6 753(4( % 9,&(17(9,/$5025(//$6/ 753(4( : 5,&$5'0$57,%$55$&+,1$ 753(4( % 3$5'202%,/,$5,2<'(&25$&,216/ 753(4( % (63(-266$1&+,66/ 753(4( 1 -26(58,=0$57,1(= 753(4( % 352<(&726,17(*5$/(6(10$'(5$6/ 753(4( % 0$57)5$16/ 753(4( % ,1'8675,$63$56$6/ 753(4( % $57,&8/26'(&$53,17(5,$025(126/ 753(4( % /$&$76,3,1785(69,3(56// 753(4( % 02%,/&2',6(f26/ 753(4( % *3/$$/%(5&$6/ 753(4( % 68/(13(5),/6/ 753(4( % 68/(1)/(-(6/ 753(4( $ 7(;7,/(63$6&8$/6$ 753(4( $ 5('8&725(6&8f$76$ 753(4( % )587,17(56/ 753(4( % %$f26-85$'26/ 753(4( % 3/$7<%2/6/ 753(4( % 352'8&725$'((60$/7(6<&2/25$17(66/ 753(4( $ 7$//(5(6+(5*$6$ 753(4( $ 3$67$6<%$5%27,1$6&(5$0,&$66$ 753(4( $ $/)5('2)(12//$56$ 753(4( Núm. 5516 / 21.05.2007 20285 % 02%/(0$)6/ 753(4( )(&+$ 5(62/8&,21 % )5(6$0$76/ 753(4( % &5($&,21(63$50$6/ 753(4( % %$&8/26'(/0(',7(55$1(26/ 753(4( % ,1'8675,$67$,129$6/ 753(4( % $/8(67,/6/ 753(4( % 3(5(=3$<$<&$53,17(5266/ 753(4( % 02%,/,$5,2'(&2&,1$*5(026/ 753(4( $ (;3(5,(1&,$&(5$0,&$6$ 753(4( 1,)&,) 120%5( (;3(',(17( ,03257( &21&(','2 % /25(&$6/ 753(4( % (63$,2%(576,67(0$66/ 753(4( % 9(5%(1$6/ 753(4( % $1)(5&8$7526/ 753(4( 9 -26($/%(572//8(9$*5$1(// 753(4( $ )(58%$/6$ 753(4( % 7$//(5(602//$6/ 753(4( ) &223(59$/(1&&5,$'25(6'(*$1$'2'(&(5'$<9$&81 753(4( $ 5$0211$9$55(7(625,$6$ 753(4( % )867$;;,6/ 753(4( % 123/(;$57(6*5$),&$66/ 753(4( $ ,1'8675,$648,0,&$6,906$ 753(4( % =$1277,,%(5,&$6/ 753(4( . 0,*8(/*$5&,$0$5, 753(4( % 38%/,3/$676/ 753(4( % 021//25526(//2&5($&,2166// 753(4( % 02/'85$63$1(/(6<&203/(0(17266/ 753(4( ) ,1129$&,2)867$&2239 753(4( % $&(,781$6&$=25/$6/ 753(4( ' 0$18(/3$/$1&$0$57,1(= 753(4( $ '$%$7$6$ 753(4( % 0$6602%/,&2308(%/(66/ 753(4( % % /,'(0&216758&&,21(60(&$1,&$66/ 48,0,&$6/$6(56/ 753(4( 753(4( % 1$5$1-$6&+(6/ 753(4( $<8'$6-8%,/$&,21(6'(/6(&725$*52$/,0(17$5,2 /tQHD7²-XELODFLRQHVGHOVHFWRUDJURDOLPHQWDULR &UpGLWRSUHVXSXHVWDULRHXURV )LQDOLGDG$\XGDVGHVWLQDGDVDVXEYHQFLRQDUODFXRWDGHORVFRQYHQLRVHVSHFLDOHVGHFRWL]DFLyQDOD6HJXULGDG6RFLDOTXHVXVFULEDQFUHDQXGHQ ORVWUDEDMDGRUHV\ODVWUDEDMDGRUDVFRPSUHQGLGRVHQORVVLVWHPDVHVSHFLDOHVGHIUXWDV\KRUWDOL]DV\FRQVHUYDVYHJHWDOHVGHO5pJLPHQ*HQHUDO GHOD6HJXULGDG6RFLDO 1,)&,) * 120%5( 9,&(17$3(5$/(6%21$)e (;3(',(17( )(&+$5(62/8&,21 75$*5, ,03257( &21&(','2 Núm. 5516 / 21.05.2007 &RQVHOOHULDGH7HUULWRULL+DELWDWJH 20286 &RQVHOOHULDGH7HUULWRULR\9LYLHQGD 5(62/8&,ÏGHG¶DEULOGHOGHOGLUHFWRUJHQHUDO G¶+DELWDWJH L 3URMHFWHV 8UEDQV GH FRQFHVVLy G¶DMXGHV DO ILQDQoDPHQW GH OHV GHVSHVHV FRUUHQWV GH IXQFLRQDPHQW L GLYXOJDFLyGHOHVHQWLWDWVGHFODUDGHVDJHQWVFROÂODERUDGRUV GH OD ;DU[D G¶2ILFLQHV G¶,QIRKDELWDWJH 6ROLGDUL SHU D O¶H[HUFLFL)DVH$>@ 5(62/8&,Ï1GHGHDEULOGHGHOGLUHFWRUJHQH UDO GH 9LYLHQGD \ 3UR\HFWRV 8UEDQRV GH FRQFHVLyQ GH D\XGDV D OD ILQDQFLDFLyQ GH ORV JDVWRV FRUULHQWHV GH IXQ FLRQDPLHQWR \ GLYXOJDFLyQ GH ODV HQWLGDGHV GHFODUDGDV DJHQWHV FRODERUDGRUHV GH OD 5HG GH 2ILFLQDV GH ,QIRYLYL HQGDVROLGDULDSDUDHOHMHUFLFLR)DVH$>@ 9LVWDO¶2UGUHGHGHJHQHUGHGHODFRQVHOOHULDGH7HUULWRUL L+DELWDWJHSHUODTXDOHVFRQYRTXHQLV¶DSURYHQOHVEDVHVUHJXODGR UHVGHOHVDMXGHVDOILQDQoDPHQWGHOHVGHVSHVHVFRUUHQWVGHIXQFLRQD PHQWLGLYXOJDFLyGHOHVHQWLWDWVGHFODUDGHVDJHQWVFROÂODERUDGRUVGHOD ;DU[D9DOHQFLDQDG¶,QIRKDELWDWJH6ROLGDULSHUDO¶H[HUFLFLSXEOL FDGDHQHO'2&9Q~PGHGHJHQHUGH $WpVTXHOHVVROÂOLFLWXGVSUHVHQWDGHVHQODIDVH$GHODFRQYRFDWz ULDKDQVLJXWH[DPLQDGHVLYDORUDGHVSHUODFRPLVVLyWqFQLFDHVWDEOLGD HQODEDVHRQ]HGHO¶DQQH[,DO¶RUGUHGHFRQYRFDWzULDDSOLFDQWHOVFUL WHULVGHVFULWVHQO¶DSDUWDWG¶DTXHVWD 9LVWDODSURSRVWDG¶DGMXGLFDFLyFRUUHVSRQHQWDODIDVH$GHODFRQ YRFDWzULDTXHHOHYDODFRPLVVLyWqFQLFDLG¶DFRUGDPEHOSXQWSULPHU 'DGHOD5HVROXFLyGHG¶DJRVWGHOGHOFRQVHOOHUGH7HU ULWRULL+DELWDWJHVREUHODGHOHJDFLyGHO¶H[HUFLFLGHFRPSHWqQFLHVHQ GHWHUPLQDWVzUJDQVGHODFRQVHOOHULD'2*9GHUHVROF 9LVWDOD2UGHQGHGHHQHURGHGHODFRQVHOOHULDGH7HUULWRULR \9LYLHQGDSRUODTXHVHFRQYRFDQ\VHDSUXHEDQODVEDVHVUHJXODGRUDV GHODVD\XGDVDODILQDQFLDFLyQGHORVJDVWRVFRUULHQWHVGHIXQFLRQDPL HQWR\GLYXOJDFLyQGHODVHQWLGDGHVGHFODUDGDVDJHQWHVFRODERUDGRUHV GHOD5HG9DOHQFLDQDGH,QIRYLYLHQGD6ROLGDULDSDUDHOHMHUFLFLR SXEOLFDGDHQHO'2&9QGHGHHQHURGH 5HVXOWDQGRTXHODVVROLFLWXGHVSUHVHQWDGDVHQODIDVH$GHODFRQ YRFDWRULD KDQ VLGR H[DPLQDGDV \ YDORUDGDV SRU OD FRPLVLyQ WpFQLFD HVWDEOHFLGDHQODEDVHXQGpFLPDGHO$QH[R,DOD2UGHQGHFRQYRFDWR ULDDSOLFDQGRORVFULWHULRVGHVFULWRVHQHODSDUWDGRGHODPLVPD 9LVWDODSURSXHVWDGHDGMXGLFDFLyQFRUUHVSRQGLHQWHDODIDVH$GH OD FRQYRFDWRULD TXH HOHYD OD FRPLVLyQ WpFQLFD \ GH DFXHUGR FRQ HO SXQWRSULPHUR'DGHOD5HVROXFLyQGHGHDJRVWRGHGHO FRQVHOOHU GH 7HUULWRULR \ 9LYLHQGD VREUH GHOHJDFLyQ GHO HMHUFLFLR GH FRPSHWHQFLDV HQ GHWHUPLQDGRV yUJDQRV GH OD FRQVHOOHULD '2*9 GH UHVXHOYR 3ULPHU &RQFHGLU GH FRQIRUPLWDW DPE OHV EDVHV GH OD FRQ YRFDWzULD XQD VXEYHQFLy D FjUUHF GH O¶DSOLFDFLy SUHVVXSRVWjULD FRGL GH OtQLD 7 GH O¶HVWDW GH GHVSH VHVGHOSUHVVXSRVWGHOD*HQHUDOLWDW9DOHQFLDQDSHUDO¶H[HUFLFL SHU XQ LPSRUW GH WUHVFHQWV YLQWLQRX PLO FHQW VHWDQWDVHW HXURV ¼TXHFRUUHVSRQDOGHO¶LPSRUWJOREDOGHODOtQLD DOVEHQHILFLDULVTXHDFRQWLQXDFLyDSDUHL[HQLDPEODVHJHQWGRWDFLy HFRQzPLFD 3ULPHUR &RQFHGHU GH FRQIRUPLGDG FRQ ODV EDVHV GH OD FRQYR FDWRULD XQD VXEYHQFLyQ FRQ FDUJR D OD DSOLFDFLyQ SUHVXSXHVWDULD FyGLJRGHOtQHD7GHOHVWDGRGHJDV WRVGHOSUHVXSXHVWRGHOD*HQHUDOLWDW9DOHQFLDQDSDUDHOHMHUFLFLR SRU XQ LPSRUWH GH WUHVFLHQWRV YHLQWLQXHYH PLO FLHQWR VHWHQWD \ VLHWH HXURV¼TXHFRUUHVSRQGHDOGHOLPSRUWHJOREDOGH ODOtQHDDORVEHQHILFLDULRVTXHDFRQWLQXDFLyQVHUHODFLRQDQ\FRQOD VLJXLHQWHGRWDFLyQHFRQyPLFD 6HJRQ 1R DGPHWUH OD VROÂOLFLWXG SUHVHQWDGD SHU O¶$VVRFLDFLy GH 9HwQV&XOWXUDOLGH&RQVXPLGRUVGH3DWUDL[SHUKDYHUKRIHWIRUDGHO WHUPLQLHVWDEOLWHQODEDVHQRYHQDSXQWGHO¶2UGUHGHGHJHQHUGHO TXHUHJXODDTXHVWHVDMXGHV 6HJXQGR3URFHGHUDODLQDGPLVLyQGHODVVROLFLWXGSUHVHQWDGDSRU OD$VRFLDFLyQGH9HFLQRV&XOWXUDO\GH&RQVXPLGRUHVGH3DWUDL[SRU KDEHUORKHFKRIXHUDGHOSOD]RHVWDEOHFLGRHQODEDVHQRYHQDSXQWRGH OD2UGHQGHGHHQHURGHTXHUHJXODODVSUHVHQWHVD\XGDV 7HUFHU 'HVWLQDU HO FUqGLW VREUDQW G¶DTXHVWD IDVH G¶DFRUG DPE HO TXH HVWDEOL[ O¶DUWLFOH GH O¶2UGUH GH GH JHQHU GHO SHU XQ LPSRUWGHVLVFHQWVQRUDQWDFLQFHXURV¼SHUDLQFUHPHQWDUOD GRWDFLySUHYLVWDSHUDODIDVH% 7HUFHUR'HVWLQDUHOFUpGLWRVREUDQWHGHHVWDIDVHGHDFXHUGRFRQ ORHVWDEOHFLGRHQHODUWtFXORGHOD2UGHQGHGHHQHURGHSRU XQ LPSRUWH GH VHLVFLHQWRV QRYHQWD \ FLQFR HXURV ¼ D LQFUH PHQWDUODGRWDFLyQSUHYLVWDSDUDODIDVH% 4XDUW /¶DFWLYLWDW REMHFWH GH VXEYHQFLy pV OD SUHVWDFLy G¶XQ VHU YHLLQWHJUDOG¶LQIRUPDFLyPHGLDFLyVRFLDOLDVVHVVRUDPHQWHQPDWqULD G¶KDELWDWJHSHUDIDFLOLWDUO¶DFFpVDXQKDELWDWJHGLJQHDOVFLXWDGDQV &XDUWR/DDFWLYLGDGREMHWRGHVXEYHQFLyQHVODSUHVWDFLyQGHXQ VHUYLFLRLQWHJUDOGHLQIRUPDFLyQPHGLDFLyQVRFLDO\DVHVRUDPLHQWRHQ PDWHULDGHYLYLHQGDSDUDIDFLOLWDUHODFFHVRDXQDYLYLHQGDGLJQDDORV FLXGDGDQRV &LQTXp(OSDJDPHQWHVUHDOLW]DUjHQHOFRPSWHFRUUHQWGHO¶HQWLWDW ILQDQFHUDGHVLJQDGDSHUFDGDEHQHILFLDUL 4XLQWR (O SDJR VH UHDOL]DUi HQ OD FXHQWD FRUULHQWH GH OD HQWLGDG ILQDQFLHUDGHVLJQDGDSRUFDGDEHQHILFLDULR 6LVp3HUDHIHFWXDUHOSDJDPHQWHOVEHQHILFLDULVKDQGHSUHVHQWDU DEDQVGHOGHQRYHPEUHGHOODGRFXPHQWDFLyUHTXHULGDHQOD EDVHTXLQ]HGHO¶RUGUHGHFRQYRFDWzULDGHOHVDMXGHV 6H[WR 3DUD HIHFWXDU HO SDJR ORV EHQHILFLDULRV GHEHUiQ SUHVHQWDU DQWHVGHOGHQRYLHPEUHGHODGRFXPHQWDFLyQUHTXHULGDHQOD EDVHGHFLPRTXLQWDGHOD2UGHQGHFRQYRFDWRULDGHODVD\XGDV 6HWp/¶LQFRPSOLPHQWGHOVILQVGHODVXEYHQFLyLHOVVXSzVLWVSUH YLVWRV HQ OD EDVH VHW]H GRQDUDQ OORF D OD UHYRFDFLy GH OD UHVROXFLy L VHUjH[LJLEOHHOVHXUHLQWHJUDPHQWHQFDVTXHQRO¶HIHFWXHYROXQWjULD PHQWHOEHQHILFLDULLVHQVHSHUMXGLFLGHOHVDOWUHVUHVSRQVDELOLWDWVDTXq GRQHOORFDTXHVWLQFRPSOLPHQW 6pSWLPR (O LQFXPSOLPLHQWR GH ORV ILQHV GH OD VXEYHQFLyQ \ ORV VXSXHVWRVFRQWHPSODGRVHQODEDVHGHFLPRVH[WDGDUiQOXJDUDODUHYR FDFLyQ GH OD UHVROXFLyQ VLHQGR H[LJLEOH VX UHLQWHJUR HQ FDVR GH QR HIHFWXDUVH YROXQWDULDPHQWH SRU HO EHQHILFLDULR \ VLQ SHUMXLFLR GH ODV GHPiVUHVSRQVDELOLGDGHVDTXHGLHUDOXJDUHVWHLQFXPSOLPLHQWR 6HJRQV HO TXH GLVSRVHQ HOV DUWLFOHV GH OD /OHL GHUqJLPMXUtGLFGHOHVDGPLQLVWUDFLRQVS~EOLTXHVLGHOSURFH GLPHQWDGPLQLVWUDWLXFRP~LGHOD/OHLUHJXODGRUD GHODMXULVGLFFLyFRQWHQFLRVDDGPLQLVWUDWLYDHOSUHVHQWDFWHTXHSRVDIL DODYLDDGPLQLVWUDWLYDSRWVHUUHFRUUHJXWSRWHVWDWLYDPHQWHQUHSRVLFLy $ WHQRU GH OR GLVSXHVWR HQ ORV DUWtFXORV GH OD /H\ GH 5pJLPHQ -XUtGLFR GH ODV $GPLQLVWUDFLRQHV 3~EOLFDV \ GHO 3URFHGLPLHQWR$GPLQLVWUDWLYR&RP~Q\GHOD/H\ 5HJXODGRUDGHOD-XULVGLFFLyQ&RQWHQFLRVR$GPLQLVWUDWLYDHOSUHVHQWH DFWRTXHSRQHILQDODYtDDGPLQLVWUDWLYDSRGUiVHUUHFXUULGRSRWHVWDWL YDPHQWHHQUHSRVLFLyQRELHQFDEUiSODQWHDUGLUHFWDPHQWHUHFXUVRFRQ Núm. 5516 / 21.05.2007 20287 R Ep SRW SODQWHMDU GLUHFWDPHQW UHFXUV FRQWHQFLyV DGPLQLVWUDWLX HQ HOV WHUPLQLVLGDYDQWGHOVzUJDQVTXHV¶LQGLTXHQDFRQWLQXDFLy D(OUHFXUVGHUHSRVLFLyKDG¶LQWHUSRVDUVHGDYDQWGHOFRQVHOOHUGH 7HUULWRULL+DELWDWJHHQHOWHUPLQLG¶XQPHVFRPSWDGRUGHVGHO¶HQGH PjGHODQRWLILFDFLy E(OUHFXUVFRQWHQFLyVDGPLQLVWUDWLXKDGHSUHVHQWDUVHGDYDQWGHO 7ULEXQDO6XSHULRUGH-XVWtFLDGHOD&RPXQLWDW9DOHQFLDQDHQHOWHUPLQL GHGRVPHVRVFRPSWDGRUVGHVGHO¶HQGHPjGHODQRWLILFDFLy WHQFLRVRDGPLQLVWUDWLYRHQORVSOD]RV\DQWHORVyUJDQRVTXHVHLQGLFDQ DFRQWLQXDFLyQ D(OUHFXUVRGHUHSRVLFLyQGHEHUiLQWHUSRQHUVHDQWHHOFRQVHOOHUGH 7HUULWRULR\9LYLHQGDHQHOSOD]RGHXQPHVDFRQWDUGHVGHHOGtDVLJXL HQWHDOGHVXQRWLILFDFLyQ E(OUHFXUVRFRQWHQFLRVRDGPLQLVWUDWLYRGHEHUiSUHVHQWDUVHDQWHHO 7ULEXQDO6XSHULRUGH-XVWLFLDGHOD&RPXQLGDG9DOHQFLDQDHQHOSOD]R GHGRVPHVHVDFRQWDUGHVGHHOGtDVLJXLHQWHDOGHVXQRWLILFDFLyQ 9DOqQFLD G¶DEULO GH ± (O GLUHFWRU JHQHUDO G¶+DELWDWJH L 3URMHFWHV8UEDQVSG5HVROXFLyGHG¶DJRVWGHOGHOFRQVH OOHUGH7HUULWRULL+DELWDWJH%HUQDEp%XHQR0LUDOOHV 9DOHQFLD GH DEULO GH ± (O GLUHFWRU JHQHUDO GH 9LYLHQGD \3UR\HFWRV8UEDQRVSG5HVROXFLyQGHGHDJRVWRGHGHO FRQVHOOHUGH7HUULWRULR\9LYLHQGD%HUQDEp%XHQR0LUDOOHV Núm. 5516 / 21.05.2007 ,QVWLWXW9DOHQFLjGHOD-RYHQWXW 20288 ,QVWLWXW9DOHQFLjGHOD-RYHQWXW 5(62/8&,Ï1GHGHPD\RGHGHOGLUHFWRUJHQH UDOGHO,QVWLWXW9DOHQFLjGHOD-RYHQWXW,9$-SRUODTXH VH DGMXGLFDQ EHFDV SDUD OD UHDOL]DFLyQ GH FXUVRV GH LGL RPDVGHVWLQDGDVDMyYHQHVWUDEDMDGRUHV>@ 5(62/8&,Ï1GHGHPD\RGHGHOGLUHFWRUJHQH UDOGHO,QVWLWXW9DOHQFLjGHOD-RYHQWXW,9$-SRUODTXH VH DGMXGLFDQ EHFDV SDUD OD UHDOL]DFLyQ GH FXUVRV GH LGL RPDVGHVWLQDGDVDMyYHQHVWUDEDMDGRUHV>@ 3HU2UGUHGHGHQRYHPEUHGHGHODFRQVHOOHULDGH%HQ HVWDU6RFLDO'2*9Q~PGHGHGHVHPEUHGHHVYDQ FRQYRFDUOHVEHTXHVSHUDODUHDOLW]DFLyGHFXUVRVG¶LGLRPHVGHVWLQD GHVDMyYHQVWUHEDOODGRUV 'HVSUpV GH OD YDORUDFLy L OD SXQWXDFLy GH OHV VROÂOLFLWXGV SUHVHQ WDGHVG¶DFRUGDPEHOVFULWHULVTXHHVWDEOHL[HQODEDVHVHWHQDLODEDVH QRYHQD SXQW WUHVGH O¶DQQH[ , GH O¶RUGUH GH FRQYRFDWzULD D SURSRVWD GHOD&RPLVVLyDYDOXDGRUDTXHHVWDEOHL[ODEDVHKXLWHQDGHODPDWHL[D FRQYRFDWzULDLIHQW~VGHOHVIDFXOWDWVTXHHPFRQIHUHL[O¶DUWLFOHGH OD/OHLGHOD*HQHUDOLWDW9DOHQFLDQDGHGHMXQ\UHVROF 3RU2UGHQGHGHQRYLHPEUHGHGHODFRQVHOOHULDGH%LH QHVWDU 6RFLDO '2*9 Q~P GH GH GLFLHPEUH GH VH FRQYRFDURQODVEHFDVSDUDODUHDOL]DFLyQGHFXUVRVGHLGLRPDVGHVWL QDGDVDMyYHQHVWUDEDMDGRUHV 7UDVODYDORUDFLyQ\SXQWXDFLyQGHODVVROLFLWXGHVSUHVHQWDGDVGH DFXHUGRFRQORVFULWHULRVHVWDEOHFLGRVHQODEDVHVpSWLPD\HQODEDVH QRYHQDSXQWRWUHVGHODQH[R,GHODRUGHQGHFRQYRFDWRULDDSURSXHVWD GHOD&RPLVLyQHYDOXDGRUDHVWDEOHFLGDHQODEDVHRFWDYDGHODPLVPD \HQXVRGHODVIDFXOWDGHVTXHPHFRQILHUHHODUWtFXORGHOD/H\GHOD *HQHUDOLWDW9DOHQFLDQDGHGHMXQLRUHVXHOYR 3ULPHU $GMXGLFDUOHVEHTXHVSHUDO¶HVWXGLGHOVLGLRPHVTXHV¶KLLQGLTXHQ DOHVSHUVRQHVVROÂOLFLWDQWVTXHILJXUHQHQO¶DQQH[, /HVSHUVRQHVDGMXGLFDWjULHVKDXUDQGHGRQDUFRPSOLPHQWHQWHPSV LIRUPDDWRWHOTXHHVWDEOHL[HQOHVEDVHVGHODFRQYRFDWzULDLSUHVHQ WDUDQODFRPXQLFDFLyDTXqIDUHIHUqQFLDHOSXQWGHODEDVHGHVHQD HQHOPRGHOGHGRFXPHQWTXHV¶KLDGMXQWDFRPDDQQH[9 3ULPHUR $GMXGLFDUODVEHFDVSDUDHOHVWXGLRGHORVLGLRPDVTXHVHLQGLFDQ DODVSHUVRQDVUHODFLRQDGDVHQHO$QH[R, /DV SHUVRQDV DGMXGLFDWDULDV GHEHUiQ GDU FXPSOLPLHQWR HQ WLHPSR \IRUPDDWRGRORHVWDEOHFLGRHQODVEDVHVGHODFRQYRFDWRULDSUHVHQ WDQGRODFRPXQLFDFLyQDODTXHKDFHUHIHUHQFLDHOSXQWRGHODEDVH GpFLPDGHODFRQYRFDWRULDHQHOPRGHORGHGRFXPHQWRTXHVHDGMXQWD FRPRDQH[R9DHVWDUHVROXFLyQ 6HJRQ $SURYDUOHVOOLVWHVG¶HVSHUDTXHV¶LQFORXHQHQO¶DQQH[,,G¶DFRUG DPE HO TXH HVWDEOHL[ O¶RUGUH GH FRQYRFDWzULD /D JHVWLy GH OHV OOLVWHV G¶HVSHUD HV UHDOLW]DUj FRP V¶HVSHFLILFD HQ OD EDVH QRYHQD SXQW GH O¶RUGUHGHFRQYRFDWzULD 6HJXQGR $SUREDUODVOLVWDVGHHVSHUDTXHVHUHODFLRQDQHQHO$QH[R,, GH DFXHUGRFRQORHVWDEOHFLGRHQODRUGHQGHFRQYRFDWRULD/DJHVWLyQGH ODVOLVWDVGHHVSHUDVHUHDOL]DUiVHJ~QVHHVSHFLILFDHQODEDVHQRYHQD SXQWRGHODRUGHQGHFRQYRFDWRULD 7HUFHU 'HVHVWLPDUOHVVROÂOLFLWXGVTXHILJXUHQHQO¶DQQH[,,,SHOVPRWLXV TXHV¶KLLQGLTXHQ 7HUFHUR 'HVHVWLPDU ODV VROLFLWXGHV UHODFLRQDGDV HQ HO$QH[R ,,, SRU ORV PRWLYRVTXHVHLQGLFDQ 4XDUW &RQVLGHUDUTXHOHVSHUVRQHVLQFORVHVHQO¶DQQH[,9KDQGHVLVWLWGH ODVHXDVROÂOLFLWXGHQQRKDYHUHVPHQDWDOVHXWHPSVLHQIRUPDODIDOWD GHGRFXPHQWDFLyRO¶DFUHGLWDFLyGHUHTXLVLWVLHQFRQVHTqQFLDSUR FHGLUDO¶DU[LXGHOHVVROÂOLFLWXGV &RQWUD OD SUHVHQW UHVROXFLy TXH SRVD IL D OD YLD DGPLQLVWUDWL YD SRGUj LQWHUSRVDUVH SRWHVWDWLYDPHQW UHFXUV GH UHSRVLFLy GDYDQW HO GLUHFWRUJHQHUDOGHO¶,QVWLWXW9DOHQFLjGHOD-RYHQWXWHQHOWHUPLQLG¶XQ PHVFRPSWDGRUDSDUWLUGHO¶HQGHPjGHODSXEOLFDFLyG¶DFRUGDPEHOV DUWLFOHV L GH OD /OHL GH GH QRYHPEUH GH 5qJLP -XUtGLFGHOHV$GPLQLVWUDFLRQV3~EOLTXHVLGHO3URFHGLPHQW$GPLQLV WUDWLX&RP~REpGLUHFWDPHQWUHFXUVFRQWHQFLyVDGPLQLVWUDWLXGDYDQW OD 6DOD &RQWHQFLRVD$GPLQLVWUDWLYD GHO 7ULEXQDO 6XSHULRU GH -XVWtFLD GH OD &RPXQLWDW 9DOHQFLDQD HQ HO WHUPLQL GH GRV PHVRV FRPSWDGRUV D SDUWLU GH O¶HQGHPj GH OD QRWLILFDFLy G¶DFRUG DPE HO TXH SUHYHXHQ HOVDUWLFOHVLGHOD/OHLGHGHMXOLROUHJXODGRUDGHOD -XULVGLFFLy &RQWHQFLRVD$GPLQLVWUDWLYD 7RW DL[z VHQVH SHUMXGLFL TXH OHV SHUVRQHV LQWHUHVVDGHV SXJXHQ LQWHUSRVDUKL TXDOVHYRO DOWUH UHFXUV TXHFRQVLGHUHQRSRUW~ &XDUWR 7HQHU SRU GHVLVWLGDV GH VX VROLFLWXG D ODV SHUVRQDV UHODFLRQDGDV HQHO$QH[R,9DOQRKDEHUVXEVDQDGRHQWLHPSR\IRUPDODIDOWDGH GRFXPHQWDFLyQRDFUHGLWDFLyQGHUHTXLVLWRV\HQFRQVHFXHQFLDSURFH GHUDODUFKLYRGHVXVROLFLWXG &RQWUD OD SUHVHQWH UHVROXFLyQ TXH SRQH ILQ D OD YtD DGPLQLVWUDWL YDSRGUiLQWHUSRQHUVHSRWHVWDWLYDPHQWHUHFXUVRGHUHSRVLFLyQDQWHHO GLUHFWRUJHQHUDOGHO,QVWLWXW9DOHQFLjGHOD-RYHQWXWHQHOSOD]RGHXQ PHVFRQWDGRDSDUWLUGHOGtDVLJXLHQWHDOGHVXSXEOLFDFLyQGHDFXHUGR FRQORVDUWtFXORV\GHOD/H\GHGHQRYLHPEUHGH 5pJLPHQ -XUtGLFR GH ODV$GPLQLVWUDFLRQHV 3~EOLFDV \ GHO 3URFHGLPL HQWR$GPLQLVWUDWLYR&RP~QRELHQGLUHFWDPHQWHUHFXUVRFRQWHQFLRVR DGPLQLVWUDWLYRDQWHOD6DODGHOR&RQWHQFLRVR$GPLQLVWUDWLYRGHO7UL EXQDO 6XSHULRU GH -XVWLFLD GH OD &RPXQLGDG 9DOHQFLDQD HQ HO SOD]R GHGRVPHVHVFRQWDGRVGHVGHHOGtDVLJXLHQWHDOGHVXQRWLILFDFLyQWDO \FRPRSUHYpQORVDUWtFXORV\GHOD/H\GHGHMXOLR UHJXODGRUD GH OD -XULVGLFFLyQ &RQWHQFLRVR$GPLQLVWUDWLYD 7RGR HOOR VLQ SHUMXLFLR GH TXH ORV LQWHUHVDGRV SXHGDQ LQWHUSRQHU FXDOTXLHU RWUR UHFXUVRTXHHVWLPHQRSRUWXQR 9DOqQFLDG¶DEULOGH±(OGLUHFWRUJHQHUDOGH/¶,9$-0DU FRV$OyV&tD 9DOHQFLDGHPD\RGH±(OGLUHFWRUJHQHUDOGHO,9$-0DU FRV$OyV&tD Núm. 5516 / 21.05.2007 20289 $11(;,$1(;2, %HTXHVDGMXGLFDGHV%HFDVDGMXGLFDGDV '1, 120120%5( $OFiFHU%HOOpV/XLVD$ $QWyQ%RQHWH)LQD $ULDV)HUUHU1HUHD $UPHUR)HUQiQGH],UHQH %HODUWH5RGUtJXH]0DJGDOHQD %HQDJHV*LPHQR0-RVp %XHQR6DL]0-RVp &DOHUR0DFLi0DUtD-RVp &DPSRV5XL]/RUHQ]R &DQR&HUYHUD0&UX] &DxDGDV$UFDV'RORUHV &RQWHO5LFR%ODQFD &yUFROHV$OPHOD6DOYDGRU GHOD&UX]&HUYHUD'DOLOD (VSLQyV*DUFtD0,VDEHO )ORUHV5XLSpUH]-HV~V )UDQFpV,ERUUD/DXUD *DUFtD5RJHU*ORULD *DUFtD,ERUUD-RVp/XLV *DUFtD6iQFKH]-RUJH *XHUUHUR%ROXGD3DWULFLD ,UDQ]R&UHVSR/DXUD -LPpQH])HUQiQGH](OHQD .LNHHYD*XLOLDQ /ORUDFK9LOORGUH(OLVD /ORUHW6HYLOOD(YD 0DJUDQHU(JHD&ULVWLQD 0DUPDQHX*LO$QD 0DUWtQ&DUUDVFRVD/RUHQD 0DUWtQH]%ODQFK-XDQ)UDQFLVFR 0DUWtQH]3DURGL$OEHUWR 0LQVXW6LOYHVWUH0DULD 0RUDWDOOD$GULiQ6XVDQD 0XxR]3RQV0/XLVD 2PV6HQHQW1HOLD 3DX0ROLQD6DUD 3HUDO*DOLQGR9LFHQWH-RVp 3HULV/i]DUR,VDEHO 3LFyQ3RQFH0RLVpV5RJHOLR 3LQKHLUR2UWHJD7HUHVD 5HYHUW/i]DUR*ORULD 5RGUtJXH]$ORQVR0DUWD 5RGUtJXH]0DWXUDQD9HUyQLFD 6iQFKH]0RUHQR7HUHVD 6iQFKH]7RUUHV$QD0DUtD 6DQPDUWtQ-DUDPLOOR1DWDOLD 7RUUHV-iFRPH0DUFR$QWRQLR 8EULJ5RGUtJXH]&DUPHQ(VWHIDQtD 9LFHQWH*RQ]iOH]-RVp/XLV <XVWH6HYLOOD5RVD0 3817 %(&$ ,WDOLj,WDOLDQR $QJOpV,QJOpV $QJOpV,QJOpV $OHPDQ\$OHPiQ $QJOpV,QJOpV )UDQFpV)UDQFpV $QJOpV,QJOpV $QJOpV,QJOpV $QJOpV,QJOpV )UDQFpV)UDQFpV $OHPDQ\$OHPiQ $QJOpV,QJOpV $QJOpV,QJOpV $OHPDQ\$OHPiQ $QJOpV,QJOpV ,WDOLj,WDOLDQR $QJOpV,QJOpV $QJOpV,QJOpV $QJOpV,QJOpV $QJOpV,QJOpV $QJOpV,QJOpV $QJOpV,QJOpV ,WDOLj,WDOLDQR $OHPDQ\$OHPiQ $QJOpV,QJOpV $QJOpV,QJOpV )UDQFpV)UDQFpV ,WDOLj,WDOLDQR ,WDOLj,WDOLDQR $QJOpV,QJOpV ,WDOLj,WDOLDQR )UDQFpV)UDQFpV )UDQFpV)UDQFpV $QJOpV,QJOpV $QJOpV,QJOpV 3RUWXJXpV3RUWXJXpV $QJOpV,QJOpV $QJOpV,QJOpV $QJOpV,QJOpV $OHPDQ\$OHPiQ $OHPDQ\$OHPiQ ¬UDEÈUDEH $QJOpV,QJOpV ,WDOLj,WDOLDQR ,WDOLj,WDOLDQR 5XV5XVR $QJOpV,QJOpV $OHPDQ\$OHPiQ $QJOpV,QJOpV )UDQFpV)UDQFpV (;3 $11(;,,$1(;2,, /OLVWHVG¶HVSHUD/LVWDVGHHVSHUD '1, 120120%5( $ORQVR,EixH]%HDWUL] &HGLHO6HUUD07HUHVD &RUWpV2UWHJD)UDQFLVFR 'HIH]*DUFtD%HDWUL] 'RQDLUH=XELHWD$UDQW]D 'XUiQ9L]XHWH9HUyQLFD (VFULEDQR9LODU$OEHUWR (VWHYH4XL[DO$QQD )HUUL&RQFD3DEOR )LGDOJR0DUFRV/DXUD *DUFtD*UDX0DUWD *DUFtD5LFR)UDQFLVFR-RVp *XDUGLROD&OLPHQW0DUtD0DQXHOD +HUDV0DUWtQ'HOLD /DSHxD(VFREDU6DUD 0DQFKD6HJXt*LVHOD 3817 %(&$ $QJOpV,QJOpV $QJOpV,QJOpV )UDQFpV)UDQFpV $OHPDQ\$OHPiQ $QJOpV,QJOpV )UDQFpV)UDQFpV $QJOpV,QJOpV )UDQFpV)UDQFpV $QJOpV,QJOpV $QJOpV,QJOpV )UDQFpV)UDQFpV $OHPDQ\$OHPiQ $QJOpV,QJOpV $QJOpV,QJOpV )UDQFpV)UDQFpV )UDQFpV)UDQFpV 1Ò025'(1 Núm. 5516 / 21.05.2007 0DUWt0DUTXpV(VWHU 0DWHR3pUH]5XEpQ 1DYDUUR0DUWtQH]-RVHILQD 3DODFLRV$OEDOi$VXQFLyQ 3HUDO*DOLQGR9LFHQWH-RVp 5HYHUW/i]DUR*ORULD 6iQFKH]&XEHOOV0yQLFD 6HUUDQR5RGUtJXH]6DUD 9DOOpV9DOOV3DWULFLD 9DUJDV+HUQiQGH]7LWR5DXO 9RORKRYD2OJD 20290 )UDQFpV)UDQFpV $QJOpV,QJOpV )UDQFpV)UDQFpV )UDQFpV)UDQFpV )UDQFpV)UDQFpV )UDQFpV)UDQFpV $QJOpV,QJOpV )UDQFpV)UDQFpV )UDQFpV)UDQFpV $QJOpV,QJOpV $QJOpV,QJOpV $11(;,,,$1(;2,,, 6ROÂOLFLWXGVGHVHVWLPDGHV6ROLFLWXGHVGHVHVWLPDGDV '1, 120120%5( ,',20$ &$86$ %RTXHUD'RxDWH(OHQD )UDQFpV)UDQFpV &DPSV6HOOpV+HUQiQ $QJOpV,QJOpV 'RQDLUH=XELHWD$UDQW]D $OHPDQ\$OHPiQ *DOYiQGHO%DUFR5RVD%HOpQ )UDQFpV)UDQFpV .LNHHYD*XLOLDQ $OHPDQ\$OHPiQ /R]DQR$OEHULFK6DQGUD $OHPDQ\$OHPiQ 0DUWtQH]*DU]yQ9LFWRU0DQXHO $QJOpV,QJOpV 0DVDQHW7DPDULW%HJRxD 5XV5XVR 1DYDUUR+LQHVWURVD&pVDU $QJOpV,QJOpV 3LQLOOD0DUWtQ0$VXQFLyQ $OHPDQ\$OHPiQ 5LYLOOD6DQFKLV/RUHQD $QJOpV,QJOpV 5RPHUR0DUWtQH]&DWDOLQD $QJOpV,QJOpV 5RV&DODWD\XG6DQWLDJR )UDQFpV)UDQFpV 5XELR*DYLGLD0DUtD,VDEHO $QJOpV,QJOpV 6DQFKLV0pQGH]6DQGUD $QJOpV,QJOpV 7RPiV*DVHQL1RHOLD $QJOpV,QJOpV 1RWUREDUVHHQDOJXQDGH 7LQGUHFRPSOLWVHOVDQ\VLQRKDYHUFRPSOLWHOVDQ\V%DVH6HJRQDE7HQHUDxRVFXPSOLGRV\QRKDEHUFXPSOLGR%DVH6HJXQGDE +DYHUSUHVHQWDWODVR 1RKDYHUREWLQJXWGXUDQWO¶DQ\XQVLQJUHVVRVPtQLPVSURSLVGH¼%DVHVHJRQDG1RKDEHUREWHQLGRGXUDQWHHODxRXQRVLQJUHVRVPtQL PRVSURSLRVGH¼%DVHVHJXQGDG $11(;,9$1(;2,9 6ROÂOLFLWXGVDU[LYDGHV6ROLFLWXGHVDUFKLYDGDV '1, 120120%5( /LPD5DYHOR+RZDUG<RVHSK (QJXL[*DGHD*UDFLD 0DUWt6HJDUUD7HUHVD 1RHO&DWDOj/DXUD 0DUt*UDX-DYLHU *yPH]%DOOHVWHU5XEpQ 5DPtUH]5RGD0DUtD5RVD 3DODX*LQHU0DUtD-RVp %ODQFR3LFy/XFtD =XULDJD*DUFtD(OHQD &DUUDVFR5LEHOOHV0DU 0DUtQ6DORU05LWD &XHYDV&DQDOV,xDNL )LWR1DYDOyQ(VWKHU0 6HJXt)HPHQtD$QD 9LYy-LPpQH]0DU )DMDUGR/DELiQ1DWDOLD 6RWRV3ULHWR0HUFHGHV ,',20$ $QJOpV,QJOpV )UDQFpV)UDQFpV $QJOpV,QJOpV $OHPDQ\$OHPiQ )UDQFpV)UDQFpV $QJOpV,QJOpV )UDQFpV)UDQFpV )UDQFpV)UDQFpV $QJOpV,QJOpV $QJOpV,QJOpV $QJOpV,QJOpV $QJOpV,QJOpV $QJOpV,QJOpV ,WDOLj,WDOLDQR )UDQFpV)UDQFpV $QJOpV,QJOpV $QJOpV,QJOpV )UDQFpV)UDQFpV Núm. 5516 / 21.05.2007 20291 %(48(6,',20(6-Ï9(1675(%$//$'256 &2081,&$&,Ï'(/ $&&(37$&,Ï'(/$%(&$ %(&$6,',20$6-Ï9(1(675$%$-$'25(6 &2081,&$&,Ï1'($&(37$&,Ï1'(/$%(&$ $ '$'(6'(/$3(5621$62/Â/,&,7$17'$726'(/$3(5621$62/,&,7$17( &2*1206$3(//,'26 120120%5( '20,&,/,&$55(53/$d$1Ò0(52,3257$ '20,&,/,2&$//(3/$=$1Ò0(52<38(57$ &3 3529Ë1&,$3529,1&,$ % 7(/Ê)217(/e)212 7(/Ê)217(/e)212 '1, /2&$/,7$7/2&$/,'$' &255(8(/(&75Ñ1,&&255(2(/(&75Ï1,&2 (;326,&,Ï(;326,&,Ï1 4XHpVEHQHILFLDULjULDG XQDEHFDSHUDO HVWXGLGHO LGLRPD 4XHHVEHQHILFLDULRDGHXQDEHFDSDUDHOHVWXGLRGHOLGLRPD 4XHFRQHL[OHVEDVHVGHODFRQYRFDWzULD$QQH[,GHO 2UGUHGHOD&RQVHOOHULDGH%HQHVWDU6RFLDOGHGHQRYHPEUHGHSHUODTXDOHV FRQYRTXHQEHTXHVSHUDODUHDOLW]DFLyGHFXUVRVG LGLRPHVGHVWLQDGHVDMyYHQVWUHEDOODGRUV'2*9Q~PGHGHGHVHPEUHGH 4XHFRQRFHODVEDVHVGHODFRQYRFDWRULD$QH[R,GHOD2UGHQGHOD&RQVHOOHULDGH%HQHVWDU6RFLDOGHGHQRYLHPEUHGHSRUODTXHVH FRQYRFDQEHFDVSDUDODUHDOL]DFLyQGHFXUVRVGHLGLRPDVGHVWLQDGDVDMyYHQHVWUDEDMDGRUHV'2*9Q~PGHGHGLFLHPEUHGH & 62/Â/,&,78'62/,&,78' /DSHUVRQDTXHVLJQDVROÂOLFLWDO DGPLVVLyG HVWHHVFULWHQFRPSOLPHQWGHO REOLJDFLyTXHHVWDEOHL[ODEDVHGHVHQDDSDUWDWGHO 2UGUHGHOD &RQVHOOHULDGH%HQHVWDU6RFLDOGHGHQRYHPEUHGHSHUODTXDOHVFRQYRTXHQEHTXHVSHUDODUHDOLW]DFLyGHFXUVRVG LGLRPHVGHVWLQDGHV DMyYHQV WUHEDOODGRUV /DSHUVRQDTXHILUPDVROLFLWDODDGPLVLyQGHHVWHHVFULWRHQFXPSOLPLHQWRGHODREOLJDFLyQHVWDEOHFLGDHQODEDVHGHFLPDDSDUWDGRGHOD 2UGHQGHOD&RQVHOOHULDGH%HQHVWDU6RFLDOGHGHQRYLHPEUHGHSRUODTXHVHFRQYRFDQEHFDVSDUDODUHDOL]DFLyQGHFXUVRVGHLGLRPDV GHVWLQDGDVDMyYHQHVWUDEDMDGRUHV G GH /DSHUVRQDLQWHUHVVDGD/DSHUVRQDLQWHUHVDGD &,7,$& )LUPD ',1$ 5(*,675(' (175$'$ 5(*,6752'((175$'$ /HVGDGHVGHFDUjFWHUSHUVRQDOTXHFRQWpO LPSUpVSRGUDQVHULQFORVHVHQXQILW[HUSHUDOVHXWUDFWDPHQWSHUHVWHzUJDQDGPLQLVWUDWLXFRPD WLWXODUUHVSRQVDEOHGHOILW[HUHQO ~VGHOHVIXQFLRQVSUzSLHVTXHWpDWULEXwGHVLHQO jPELWGHOHVVHXHVFRPSHWqQFLHV$L[tPDWHL[VHO LQIRUPD GH OD SRVVLELOLWDW G H[HUFLUHOV GUHWV G DFFpV UHFWLILFDFLy FDQFHOÂODFLy LRSRVLFLy WRW DL[zGH FRQIRUPLWDW DPE HOTXHGLVSRVD O DUWGHOD/OHL 2UJjQLFDGH3URWHFFLyGH'DGHVGH&DUjFWHU3HUVRQDO%2(Q~PGH /RV GDWRV GH FDUiFWHU SHUVRQDO FRQWHQLGRV HQ HO LPSUHVR SRGUiQ VHU LQFOXLGRV HQ XQ ILFKHUR SDUD VX WUDWDPLHQWR SRU HVWH yUJDQR DGPLQLVWUDWLYR FRPR WLWXODU UHVSRQVDEOH GHO ILFKHUR HQ HO XVR GH ODV IXQFLRQHV SURSLDV TXH WLHQH DWULEXLGDV \ HQ HO iPELWR GH VXV FRPSHWHQFLDV$VtPLVPRVHOHLQIRUPDGHODSRVLELOLGDGGHHMHUFHUORVGHUHFKRVGHDFFHVRUHFWLILFDFLyQFDQFHODFLyQ\RSRVLFLyQWRGRHOORGH FRQIRUPLGDG FRQ OR GLVSXHVWR HQ HO DUW GH OD /H\ 2UJiQLFD GH 3URWHFFLyQ GH 'DWRV GH &DUiFWHU 3HUVRQDO %2( Q GH ,167,7879$/(1&,¬'(/$-29(1787 '$7$' (175$'$(1/ Ñ5*$1&203(7(17 )(&+$(175$'$(1Ï5*$12&203(7(17( ,$( (;(03/$53(5$/ ,167,7879$/(1&,¬'(/$-29(1787(-(03/$53$5$(/,16,7879$/(1&,¬'(/$-29(1787 4XHKDHIHFWXDW HQFRQFHSWH GHUHVHUYDGHOFXUV HOSDJDPHQWGH¼LTXHQ DSRUWDHOMXVWLILFDQW 4XHKDHIHFWXDGRHQFRQFHSWRGHUHVHUYDGHOFXUVRHOSDJRGH¼\TXHDSRUWDHOMXVWLILFDQWH Núm. 5516 / 21.05.2007 ,QVWLWXW&DUWRJUjILF9DOHQFLj 5(62/8&,ÏGHGHPDUoGHGHOGLUHFWRUGHO¶,QV WLWXW&DUWRJUjILF9DOHQFLjSHUODTXHHVFRQFHGL[XQDEHFD HQ OD PRGDOLWDW G¶HQJLQ\HULD HQ JHRGqVLD L FDUWRJUDILD >@ 0LWMDQoDQWXQDUHVROXFLyGHGHJHQHUGHOGHOGLUHFWRUGH O¶,QVWLWXW &DUWRJUjILF 9DOHQFLj HV YDQ DSURYDU OHV EDVHV UHJXODGRUHV SHU D OD FRQFHVVLy GH EHTXHV SHU OD 'LUHFFLy GH O¶,&9 SXEOLFDW HQ HO '2&9Q~PHO 0LWMDQoDQWXQDUHVROXFLyGHGHJHQHUGHOGHOGLUHFWRUGH O¶,&9HVFRQYRTXHQGRVEHTXHVSHUDODUHDOLW]DFLyGHWUHEDOOVSHUDOD IRUPDFLyGHSHUVRQDOHQO¶,&9HQPDWqULDGHGHVSOHJDPHQWLDSOLFDFLy GHQRYHVWHFQRORJLHVLRSWLPLW]DFLyGHSURFHVVRVFDUWRJUjILFVSXEOLFDW HQHO'2&9Q~PHO (QYLUWXWG¶DOOzGLWPpVDPXQWHVYDFRQVWLWXLUODFRPLVVLyDYDOX DGRUDSUHYLVWDHQO¶DUWLFOHGHOD5HVROXFLyHVPHQWDGDLXQDYHJDGD YDORUDWV HOV PqULWV DOÂOHJDWV SHOV FDQGLGDWV L UHDOLW]DGHV OHV FRUUHVSR QHQWVHQWUHYLVWHVDOV DVSLUDQWV SUHVHQWDWVHQ OD PRGDOLWDWG¶HQJLQ\HULD HQJHRGqVLDLFDUWRJUDILDKDDOoDWDFWDHQGDWDGHPDUoGHDPE O¶RSRUWXQDSURSRVWDG¶DGMXGLFDFLy )HQW~VGHOHVIDFXOWDWVTXHO¶DUWLFOHGHO'HFUHWGH GHGHVHPEUHGHO&RQVHOOGHOD*HQHUDOLWDWSHOTXDOV¶DSURYDHO5HJOD PHQW2UJjQLFL)XQFLRQDOGHO¶,QVWLWXW&DUWRJUjILF9DOHQFLjHQHOTXH FRQWHQHQOHVIDFXOWDWVTXHFRUUHVSRQHQDOGLUHFWRUGHO¶,&9 9LVWDODSURSRVWDHOHYDGDSHUODFRPLVVLyDYDOXDGRUDLHOTXHGLV SRVDO¶DUWLFOHGHOD5HVROXFLyGHFRQYRFDWzULDUHVROF &RQFHGLUXQDEHFDHQODPRGDOLWDWG¶HQJLQ\HULDHQJHRGqVLDLFDU WRJUDILDD(OLVD%HUPHMR1DYDUURDPESXQWVL'1,7 DPEGDWDHIHFWHVGHPDUoGHSHOSHUtRGHLTXDQWLDLQGLFDWVHQ ODFRQYRFDWzULD /D GRWDFLy HFRQzPLFD DQLUj D FjUUHF GH OD OtQLD 6( GHO FDStWRO,9©WUDQVIHUqQFLDFRUUHQWªGHOSUHVVXSRVWDVVLJQDWDO¶,&9SHU /D*HQHUDOLWDWSHUDO¶DQ\ 'HFODUDUFRPDVXSOHQWVG¶DFRUGDPEODSXQWXDFLyREWLQJXGDDOV VHJHQWVFDQGLGDWVSHURUGHFRUUHODWLX '1,3 '1,. '1,* '1,4 '1,1 %HDWUL]5RGULJXH]5HFDWDOj 6HUJLR&ODUN/ySH] )UDQFLVFR-DYLHU/ySH]7RUUHQW 0DULD1HXV$SDULFLR)HUUDQGR (QULTXH3HUH]0RQ]y 20292 ,QVWLWXWR&DUWRJUiILFR9DOHQFLDQR 5(62/8&,Ï1 GH GH PDU]R GH GHO GLUHFWRU GHO ,QVWLWXWR &DUWRJUiILFR 9DOHQFLDQR SRU OD TXH VH FRQFHGH XQDEHFDHQODPRGDOLGDGGHLQJHQLHUtDHQJHRGHVLD\FDU WRJUDItD>@ 0HGLDQWH5HVROXFLyQGHGHHQHURGHGHOGLUHFWRUGHO,QV WLWXWR&DUWRJUiILFR9DOHQFLDQRVHDSUREDURQODVEDVHVUHJXODGRUDVSDUD ODFRQFHVLyQGHEHFDVSRUOD'LUHFFLyQGHO,&9SXEOLFDGRHQHO'2&9 Q~PHO 0HGLDQWH5HVROXFLyQGHGHHQHURGHGHOGLUHFWRUGHO,&9 VH FRQYRFDQ GRV EHFDV SDUD OD UHDOL]DFLyQ GH WUDEDMRV SDUD OD IRUPD FLyQ GH SHUVRQDO HQ HO ,&9 HQ PDWHULD GH GHVDUUROOR \ DSOLFDFLyQ GH QXHYDVWHFQRORJtDV\RSWLPL]DFLyQGHSURFHVRVFDUWRJUiILFRVSXEOLFD GRHQHO'2&9Q~PHO (QYLUWXGGHORDQWHULRUVHFRQVWLWX\yODFRPLVLyQHYDOXDGRUDSUH YLVWDHQHODUWtFXORGHOD5HVROXFLyQFLWDGD\XQDYH]YDORUDGRVORV PpULWRVDOHJDGRVSRUORVFDQGLGDWRV\UHDOL]DGDVODVFRUUHVSRQGLHQWHV HQWUHYLVWDVDORVDVSLUDQWHVSUHVHQWDGRVHQODPRGDOLGDGGHLQJHQLHUtD HQ JHRGHVLD \ FDUWRJUDItD KD OHYDQWDGR DFWD HQ IHFKD GH PDU]R GH FRQODRSRUWXQDSURSXHVWDGHDGMXGLFDFLyQ (QXVRGHODVIDFXOWDGHVTXHHODUWtFXORGHO'HFUHWRGH GHGLFLHPEUHGHO&RQVHOOGHOD*HQHUDOLWDWSRUHOTXHVHDSUXHEDHO 5HJODPHQWR2UJiQLFR\)XQFLRQDOGHO,QVWLWXWR&DUWRJUiILFR9DOHQFLD QRHQHOTXHFRQWLHQHQODVIDFXOWDGHVTXHFRUUHVSRQGHQDOGLUHFWRUGHO ,&9 9LVWDODSURSXHVWDHOHYDGDSRUODFRPLVLyQHYDOXDGRUD\ORTXHGLV SRQHHODUWtFXORGHOD5HVROXFLyQGHFRQYRFDWRULDUHVXHOYR &RQFHGHU XQD EHFD HQ OD PRGDOLGDG GH LQJHQLHUtD HQ JHRGH VLD \ FDUWRJUDItD D (OLVD %HUPHMR 1DYDUUR FRQ SXQWRV \ '1, 7FRQIHFKDGHHIHFWRVGHPDU]RGHSRUHOSHULRGR\ FXDQWtDLQGLFDGRVHQODFRQYRFDWRULD /D GRWDFLyQ HFRQyPLFD LUi FRQ FDUJR D OD OtQHD 6( GHO FDStWXOR ,9 ©WUDQVIHUHQFLD FRUULHQWHVª GHO SUHVXSXHVWR DVLJQDGR DO ,&9SRUOD*HQHUDOLWDWSDUDHODxR 'HFODUDUFRPRVXSOHQWHVGHDFXHUGRFRQODSXQWXDFLyQREWHQLGDD ORVVLJXLHQWHVFDQGLGDWRVSRURUGHQFRUUHODWLYR '1,3 '1,. '1,* '1,4 '1,1 %HDWUL]5RGULJXH]5HFDWDOD 6HUJLR&ODUN/ySH] )UDQFLVFR-DYLHU/OySH]7RUUHQW 0DULD1HXV$SDULFLR)HUUDQGR (QULTXH3HUH]0RQ]y &RQWUD OD SUHVHQW UHVROXFLy TXH pV GHILQLWLYD HQ YLD DGPLQLVWUD WLYD SRGUj O¶LQWHUHVVDW LQWHUSRVDU UHFXUV FRQWHQFLyV DGPLQLVWUDWLX HQ HO WHUPLQL GH GRV PHVRV FRPSWDWV GHV GH O¶HQGHPj GH OD VHXD SXEOL FDFLyHQHO'2&9GDYDQWGHO-XWMDWFRQWHQFLyVDGPLQLVWUDWLXFRPSH WHQWG¶DFRUGDPEO¶DUWLFOHLHOVFULWHULVHVWDEOLWVHQO¶DUWLFOHGHOD /OHLGHGHMXOLRO5HJXODGRUDGHOD-XULVGLFFLyFRQWHQFLRVD DGPLQLVWUDWLYDREpSRWHVWDWLYDPHQWLHQHOWHUPLQLG¶XQPHVHOUHFXUV GHUHSRVLFLyHQO¶,&9VHQVHSHUMXtTXHSXJDLQWHUSRVDUTXDOVHYRODOWUH UHFXUVTXHHVWLPHSURFHGHQW &RQWUDODSUHVHQWHUHVROXFLyQTXHHVGHILQLWLYDHQYtDDGPLQLVWUDWL YDSRGUiHOLQWHUHVDGRLQWHUSRQHUUHFXUVRFRQWHQFLRVRDGPLQLVWUDWLYR HQHOSOD]RGHGRVPHVHVFRQWDGRVGHVGHHOGtDVLJXLHQWHDOGHVXSXEOL FDFLyQHQHO'2&9DQWHHO-X]JDGRGHOR&RQWHQFLRVR$GPLQLVWUDWLYR FRPSHWHQWH GH DFXHUGR FRQ HO DUWtFXOR \ ORV FULWHULRV HVWDEOHFLGRV HQHODUWtFXORGHOD/H\GHGHMXOLR5HJXODGRUDGHOD -XULVGLFFLyQ&RQWHQFLRVR$GPLQLVWUDWLYDRELHQSRWHVWDWLYDPHQWH\HQ HOSOD]RGHXQPHVHOUHFXUVRGHUHSRVLFLyQHQHO,&9VLQSHUMXLFLRGH TXHSXHGDLQWHUSRQHUFXDOTXLHURWURUHFXUVRTXHHVWLPHSURFHGHQWH 9DOqQFLDGHPDUoGH±(OGLUHFWRUGHO¶,QVWLWXW&DUWRJUjILF 9DOqQFLD(PLOLR)RUFpQ7iUUHJD 9DOHQFLDGHPDU]RGH±(OGLUHFWRUGHO,QVWLWXWR&DUWRJUi ILFR9DOHQFLDQR(PLOLR)RUFpQ7iUUHJD Núm. 5516 / 21.05.2007 ,QVWLWXW&DUWRJUjILF9DOHQFLj 5(62/8&,ÏGHGHPDUoGHGHOGLUHFWRUGHO¶,QV WLWXW&DUWRJUjILF9DOHQFLjSHUODTXHHVFRQFHGL[XQDEHFD HQODPRGDOLWDWGHOOLFHQFLDWVHQItVLTXHV>@ 20293 ,QVWLWXWR&DUWRJUiILFR9DOHQFLDQR 5(62/8&,Ï1 GH GH PDU]R GH GHO GLUHFWRU GHO ,QVWLWXWR &DUWRJUiILFR 9DOHQFLDQR SRU OD TXH VH FRQFH GH XQD EHFD HQ OD PRGDOLGDG GH OLFHQFLDGRV HQ ItVLFDV >@ 0LWMDQoDQW XQD UHVROXFLy GHO GH JHQHU GHO GHO GLUHFWRU GHO¶,QVWLWXW&DUWRJUjILF9DOHQFLjHVYDQDSURYDUOHVEDVHVUHJXODGRUHV SHU D OD FRQFHVVLy GH EHTXHV SHU OD 'LUHFFLy GH O¶,&9 SXEOLFDW HQ HO '2&9Q~PHOGHJHQHUGH 0LWMDQoDQWXQDUHVROXFLyGHOGHJHQHUGHOGHOGLUHFWRUGH O¶,&9HVFRQYRTXHQGRVEHTXHVSHUDODUHDOLW]DFLyGHWUHEDOOVSHUDOD IRUPDFLyGHSHUVRQDOHQO¶,&9HQPDWqULDGHGHVSOHJDPHQWLDSOLFDFLy GHQRYHVWHFQRORJLHVLRSWLPLW]DFLyGHSURFHVVRVFDUWRJUjILFVSXEOLFDW HQHO'2&9Q~PHOGHIHEUHUGH (QYLUWXWGHO¶DQWHULRUHVYDFRQVWLWXLUODFRPLVVLyDYDOXDGRUDSUH YLVWDHQO¶DUWLFOHGHODUHVROXFLyHVPHQWDGDLXQDYHJDGDYDORUDWVHOV PqULWVDOÂOHJDWVSHOVFDQGLGDWVLUHDOLW]DGHVOHVFRUUHVSRQHQWVHQWUHYLV WHV DOV DVSLUDQWV SUHVHQWDWV HQ OD PRGDOLWDW GH OOLFHQFLDWV HQ ItVLTXHV KD DOoDW DFWD HQ GDWD GH PDUo GHO DPE O¶RSRUWXQD SURSRVWD G¶DGMXGLFDFLy )HQW~VGHOHVIDFXOWDWVTXHO¶DUWLFOHGHO'HFUHWGH GHGHVHPEUHGHO&RQVHOOGHOD*HQHUDOLWDWSHOTXDOV¶DSURYDHO5HJOD PHQW2UJjQLFL)XQFLRQDOGHO¶,QVWLWXW&DUWRJUjILF9DOHQFLjHQHOTXH FRQWHQHQOHVIDFXOWDWVTXHFRUUHVSRQHQDOGLUHFWRUGHO¶,&9 9LVWDODSURSRVWDHOHYDGDSHUODFRPLVVLyDYDOXDGRUDLHOTXHGLV SRVDO¶DUWLFOHGHOD5HVROXFLyGHFRQYRFDWzULDUHVROF &RQFHGLU XQD EHFD HQ OD PRGDOLWDW GH OOLFHQFLDWV HQ ItVLTXHV D (PPD,]TXLHUGR9HUGLJXLHUDPESXQWVL'1,*DPE GDWDHIHFWHV GH PDUo GH SHO SHUtRGH L TXDQWLD LQGLFDWVHQOD FRQYRFDWzULD /D GRWDFLy HFRQzPLFD DQLUj D FjUUHF GH OD OtQLD 6( GHO FDStWRO,9³WUDQVIHUqQFLDFRUUHQW´GHOSUHVVXSRVWDVVLJQDWDO¶,&9SHU OD*HQHUDOLWDWSHUDO¶DQ\ 'HFODUDUFRPDVXSOHQWVG¶DFRUGDPEODSXQWXDFLyREWLQJXGDDOV VHJHQWVFDQGLGDWVSHURUGHFRUUHODWLX '1,= '1,. '1,1 $QDwV%DUHOOD2UWL] -XDQ3DEOR5DPyQ5DPyQ 5DPyQ=DFDULDV&HUGi5DPyQ 0HGLDQWH5HVROXFLyQGHGHHQHURGHGHOGLUHFWRUGHO,QV WLWXWR&DUWRJUiILFR9DOHQFLDQRVHDSUREDURQODVEDVHVUHJXODGRUDVSDUD ODFRQFHVLyQGHEHFDVSRUOD'LUHFFLyQGHO,&9SXEOLFDGRHQHO'2&9 Q~PHOGHHQHURGH 0HGLDQWH5HVROXFLyQGHGHHQHURGHGHOGLUHFWRUGHO,&9 VH FRQYRFDQ GRV EHFDV SDUD OD UHDOL]DFLyQ GH WUDEDMRV SDUD OD IRUPD FLyQ GH SHUVRQDO HQ HO ,&9 HQ PDWHULD GH GHVDUUROOR \ DSOLFDFLyQ GH QXHYDVWHFQRORJtDV\RSWLPL]DFLyQGHSURFHVRVFDUWRJUiILFRVSXEOLFD GRHQHO'2&9Q~PHOGHIHEUHURGH (QYLUWXGGHORDQWHULRUVHFRQVWLWX\yODFRPLVLyQHYDOXDGRUDSUH YLVWDHQHODUWtFXORGHOD5HVROXFLyQFLWDGD\XQDYH]YDORUDGRVORV PpULWRVDOHJDGRVSRUORVFDQGLGDWRV\UHDOL]DGDVODVFRUUHVSRQGLHQWHV HQWUHYLVWDV D ORV DVSLUDQWHV SUHVHQWDGRV HQ OD PRGDOLGDG GH OLFHQFLD GRVHQItVLFDVKDOHYDQWDGRDFWDHQIHFKDGHPDU]RGHFRQOD RSRUWXQDSURSXHVWDGHDGMXGLFDFLyQ (QXVRGHODVIDFXOWDGHVTXHHODUWtFXORGHO'HFUHWRGH GHGLFLHPEUHGHO&RQVHOOGHOD*HQHUDOLWDWSRUHOTXHVHDSUXHEDHO 5HJODPHQWR2UJiQLFR\)XQFLRQDOGHO,QVWLWXWR&DUWRJUiILFR9DOHQFLD QRHQHOTXHFRQWLHQHQODVIDFXOWDGHVTXHFRUUHVSRQGHQDOGLUHFWRUGHO ,&9 9LVWDODSURSXHVWDHOHYDGDSRUODFRPLVLyQHYDOXDGRUD\ORTXHGLV SRQHHODUWtFXORGHOD5HVROXFLyQGHFRQYRFDWRULDUHVXHOYR &RQFHGHU XQD EHFD HQ OD PRGDOLGDG GH OLFHQFLDGRV HQ ItVLFDV D (PPD,]TXLHUGR9HUGLJXLHUFRQSXQWRV\'1,*FRQ IHFKDGHHIHFWRVGHPDU]RGHSRUHOSHULRGR\FXDQWtDLQGLFD GRVHQODFRQYRFDWRULD /D GRWDFLyQ HFRQyPLFD LUi FRQ FDUJR D OD OtQHD 6( GHO FDStWXOR ,9 ©WUDQVIHUHQFLD FRUULHQWHVª GHO SUHVXSXHVWR DVLJQDGR DO ,&9SRUOD*HQHUDOLWDWSDUDHODxR 'HFODUDUFRPRVXSOHQWHVGHDFXHUGRFRQODSXQWXDFLyQREWHQLGDD ORVVLJXLHQWHVFDQGLGDWRVSRURUGHQFRUUHODWLYR '1,= '1,. '1,1 $QDwV%DUHOOD2UWL] -XDQ3DEOR5DPyQ5DPyQ 5DPyQ=DFDULDV&HUGi5DPyQ 6¶H[FORXGHOSURFpVVHOHFWLXDOVHQ\RU-XOLiQ<YHVSHUTXqLQFRP SOL[HOSXQWVHJRQEWHUFHUSDUjJUDIGHOHVEDVHVUHJXODGRUHVSXEOLFD GHVHQGDWDGHJHQHUGHDOQRDSRUWDUODFRQYDOLGDFLyRKRPR ORJDFLyGHODWLWXODFLy &RQWUD OD SUHVHQW UHVROXFLy TXH pV GHILQLWLYD HQ YLD DGPLQLVWUD WLYD SRGUj O¶LQWHUHVVDW LQWHUSRVDU UHFXUV FRQWHQFLyV DGPLQLVWUDWLX HQ HO WHUPLQL GH GRV PHVRV FRPSWDWV GHV GH O¶HQGHPj GH OD VHXD SXEOL FDFLyHQHO'2&9GDYDQWGHOMXWMDWFRQWHQFLyVDGPLQLVWUDWLXFRPSH WHQWG¶DFRUGDPEO¶DUWLFOHLHOVFULWHULVHVWDEOLWVHQO¶DUWLFOHGHOD /OHLGHGHMXOLRO5HJXODGRUDGHOD-XULVGLFFLyFRQWHQFLRVD DGPLQLVWUDWLYDREpSRWHVWDWLYDPHQWLHQHOWHUPLQLG¶XQPHVHOUHFXUV GHUHSRVLFLyHQO¶,&9VHQVHSHUMXtTXHSXJDLQWHUSRVDUTXDOVHYRODOWUH UHFXUVTXHHVWLPHSURFHGHQW 6H H[FOX\H GHO SURFHVR VHOHFWLYR D -XOLiQ<YHV SXHV LQFXPSOH HO SXQWRVHJXQGREWHUFHUSiUUDIRGHODVEDVHVUHJXODGRUDVSXEOLFDGDVHQ IHFKDGHHQHURGHDOQRDSRUWDUODFRQYDOLGDFLyQXKRPRORJD FLyQGHODWLWXODFLyQ &RQWUDODSUHVHQWHUHVROXFLyQTXHHVGHILQLWLYDHQYtDDGPLQLVWUDWL YDSRGUiHOLQWHUHVDGRLQWHUSRQHUUHFXUVRFRQWHQFLRVRDGPLQLVWUDWLYR HQHOSOD]RGHGRVPHVHVFRQWDGRVGHVGHHOGtDVLJXLHQWHDOGHVXSXEOL FDFLyQHQHO'2&9DQWHHO-X]JDGRGHOR&RQWHQFLRVR$GPLQLVWUDWLYR FRPSHWHQWH GH DFXHUGR FRQ HO DUWtFXOR \ ORV FULWHULRV HVWDEOHFLGRV HQHODUWtFXORGHOD/H\GHGHMXOLR5HJXODGRUDGHOD -XULVGLFFLyQ&RQWHQFLRVR$GPLQLVWUDWLYDRELHQSRWHVWDWLYDPHQWH\HQ HOSOD]RGHXQPHVHOUHFXUVRGHUHSRVLFLyQHQHO,&9VLQSHUMXLFLRGH TXHSXHGDLQWHUSRQHUFXDOTXLHURWURUHFXUVRTXHHVWLPHSURFHGHQWH 9DOqQFLDGHPDUoGH±(OGLUHFWRUGHO¶,QVWLWXW&DUWRJUjILF 9DOqQFLD(PLOLR)RUFpQ7iUUHJD 9DOHQFLD GH PDU]R GH ± (O GLUHFWRU GHO ,QVWLWXWR &DUWR JUiILFR9DOHQFLDQR(PLOLR)RUFpQ7iUUHJD Núm. 5516 / 21.05.2007 &RQVHOOHULDGH&XOWXUD(GXFDFLyL(VSRUW 20294 &RQVHOOHULDGH&XOWXUD(GXFDFLyQ\'HSRUWH 5(62/8&,ÏGHGHPDLJGHGHOD&RQVHOOHULDGH &XOWXUD (GXFDFLy L (VSRUW SHU OD TXDO HV FRQFHGHL[ HO SUHPLDODODERUGHOVOOLEUHWHUVGHOD&RPXQLWDW9DOHQFLDQD HQODGLIXVLyGHOOOLEUH>@ 5(62/8&,Ï1 GH GH PD\R GH GH OD &RQVHOOHULD GH&XOWXUD(GXFDFLyQ\'HSRUWHSRUODTXHVHFRQFHGHHO SUHPLRDODODERUGHORVOLEUHURVGHOD&RPXQLGDG9DOHQFL DQDHQODGLIXVLyQGHOOLEUR>@ 3HU2UGHGHGHGHVHPEUHGHGHODFRQVHOOHULDGH&XOWX UD(GXFDFLyL(VSRUW'2&9Q~PGHGHJHQHUGHHV FRQYRFjODFRQFHVVLyGHOSUHPLDODODERUGHOVOOLEUHWHUVGHOD&RPXQL WDW9DOHQFLDQDHQODGLIXVLyGHOOOLEUH )LQDOLW]DWHOWHUPLQLGHSUHVHQWDFLyGHVROÂOLFLWXGVDFRPSDQ\DGHV GHODFRUUHVSRQHQWGRFXPHQWDFLyHVFRQVWLWXtOD&RPLVVLySUHYLVWDHQ OD EDVH TXLQWD GH O¶HVPHQWDGD FRQYRFDWzULD OD TXDO KD HOHYDW OD SUR SRVWDFRUUHVSRQHQW (QYLUWXWGHOHVFRPSHWqQFLHVWUDQVIHULGHVDOD*HQHUDOLWDWHQPDWq ULD GH FXOWXUD SHU 5HLDO 'HFUHW GH G¶RFWXEUH VHJRQV O¶DUWLFOHGHOD/OHLGHG¶RFWXEUHGH*RYHUQ9DOHQFLjL FRQIRUPHDPEO¶HVPHQWDGDFRQYRFDWzULDUHVROF 3RU2UGHQGHGHGLFLHPEUHGHGHODFRQVHOOHULDGH&XOWX UD(GXFDFLyQ\'HSRUWH'2&9Q~PGHGHHQHURGH VH FRQYRFy OD FRQFHVLyQ GHO SUHPLR D OD ODERU GH ORV OLEUHURV GH OD &RPXQLWDW9DOHQFLDQDHQODGLIXVLyQGHOOLEUR )LQDOL]DGR HO SOD]R GH SUHVHQWDFLyQ GH VROLFLWXGHV DFRPSDxDGDV GHODFRUUHVSRQGLHQWHGRFXPHQWDFLyQVHFRQVWLWX\yOD&RPLVLyQSUH YLVWDHQODEDVHTXLQWDGHODFLWDGDFRQYRFDWRULDODFXDOKDHOHYDGROD SURSXHVWDFRUUHVSRQGLHQWH (Q YLUWXG GH ODV FRPSHWHQFLDV WUDQVIHULGDV D OD *HQHUDOLWDW HQ PDWHULD GH FXOWXUD SRU 5HDO 'HFUHWR GH GH RFWXEUH GHDFXHUGRFRQHODUWtFXORGHOD/H\GHGHRFWXEUHGH *RELHUQR 9DOHQFLDQR \ GH FRQIRUPLGDG FRQ OD FLWDGD FRQYRFDWRULD UHVXHOYR ÒQLF &RQFHGLUDOHVOOLEUHULHVTXHHVFLWHQDFRQWLQXDFLyODDMXGDHFRQz PLFDVHJHQWHXURVHQFRQFHSWHGHWUDQVIHUqQFLDFRUUHQW /LEUHULD)XWXUDPD /LEUHULD3OXPLHU 'HFRQIRUPLWDWDPEHOTXHHVWDEOHL[HQHOVDUWLFOHVL GHOD/OHLGH5qJLP-XUtGLFGHOHV$GPLQLVWUDFLRQV3~EOLTXHVLGHO3UR FHGLPHQW$GPLQLVWUDWLX&RP~LLGHOD/OHL5HJXODGRUDGH OD-XULVGLFFLy&RQWHQFLRVD$GPLQLVWUDWLYDFRQWUDHOSUHVHQWDFWHTXH SRVDILDODYLDDGPLQLVWUDWLYDHVSRGUjLQWHUSRVDUSRWHVWDWLYDPHQWXQ UHFXUVGHUHSRVLFLyREpSODQWHMDUGLUHFWDPHQWUHFXUVFRQWHQFLyVDGPL QLVWUDWLXHQHOVWHUPLQLVLGDYDQWHOVzUJDQVTXHV¶LQGLTXHQDFRQWLQX DFLy D(OUHFXUVGHUHSRVLFLyV¶LQWHUSRVDUjGDYDQWHOFRQVHOOHUGH&XO WXUD(GXFDFLyL(VSRUWHQHOWHUPLQLG¶XQPHVFRPSWDGRUGHVGHO¶HQ GHPjGHODVHXDSXEOLFDFLy E(OUHFXUVFRQWHQFLyVDGPLQLVWUDWLXHVSODQWHMDUjGDYDQWHO7ULEX QDO6XSHULRUGH-XVWtFLDGHOD&RPXQLWDW9DOHQFLDQDHQHOWHUPLQLGH GRVPHVRVFRPSWDGRUVGHVGHO¶HQGHPjGHODVHXDSXEOLFDFLy ÒQLFR &RQFHGHU D ODV OLEUHUtDV TXH VH FLWDQ D FRQWLQXDFLyQ OD VLJXLHQWH D\XGDHFRQyPLFDHXURVHQFRQFHSWRGHWUDQVIHUHQFLDVFRUULHQWHV /LEUHUtD)XWXUDPD /LEUHUtD3OXPLHU 'HFRQIRUPLGDGFRQORHVWDEOHFLGRHQORVDUWtFXORV\ GHOD/H\GH5pJLPHQ-XUtGLFRGHODV$GPLQLVWUDFLRQHV3~EOLFDV\GHO 3URFHGLPLHQWR$GPLQLVWUDWLYR&RP~Q\\GHOD/H\5HJX ODGRUDGHOD-XULVGLFFLyQ&RQWHQFLRVR$GPLQLVWUDWLYDHOSUHVHQWHDFWR TXH SRQH ILQ D OD YtD DGPLQLVWUDWLYD SRGUi VHU UHFXUULGR SRWHVWDWLYD PHQWH HQ UHSRVLFLyQ R ELHQ FDEUi SODQWHDU GLUHFWDPHQWH UHFXUVR FRQ WHQFLRVRDGPLQLVWUDWLYRHQORVSOD]RV\DQWHORVyUJDQRVTXHVHLQGL FDQDFRQWLQXDFLyQ D(OUHFXUVRGHUHSRVLFLyQGHEHUiLQWHUSRQHUVHDQWHHOFRQVHOOHUGH &XOWXUD(GXFDFLyQ\'HSRUWHHQHOSOD]RGHXQPHVDFRQWDUGHVGHHO GtDVLJXLHQWHDOGHVXSXEOLFDFLyQ E(OUHFXUVRFRQWHQFLRVRDGPLQLVWUDWLYRGHEHUiSODQWHDUVHDQWHHO 7ULEXQDO6XSHULRUGH-XVWLFLDGHOD&RPXQLWDW9DOHQFLDQDHQHOSOD]R GHGRVPHVHVDFRQWDUGHVGHHOGtDVLJXLHQWHDOGHVXSXEOLFDFLyQ 9DOqQFLDGHPDLJGH(OGLUHFWRUJHQHUDOGHO/OLEUHL%LEOL RWHTXHV9LFHQWH/XLV1DYDUURGH/XMiQ 9DOHQFLDGHPD\RGH(OGLUHFWRUJHQHUDOGHO/LEUR\%LEOL RWHFDV9LFHQWH/XLV1DYDUURGH/XMiQ Núm. 5516 / 21.05.2007 20295 &RQVHOOHULDG¶,QIUDHVWUXFWXUHVL7UDQVSRUW &RQVHOOHULDGH,QIUDHVWUXFWXUDV\7UDQVSRUWH 5(62/8&,Ï GH G¶DEULO GH GH OD 6RWVVHFUHWD ULD SHU OD TXDO HV GLVSRVD OD SXEOLFDFLy GH O¶DGKHVLy GH O¶$MXQWDPHQWGH3RORSGHOD0DULQD$ODFDQWDO&RQYHQL 0DUF HQWUH O¶DGPLQLVWUDFLy JHQHUDO GH O¶(VWDW L OD &RPX QLWDW9DOHQFLDQDSHUDODFRO¢ODERUDFLyHQODSURJUHVVLYD LPSODQWDFLyG¶XQVLVWHPDLQWHUFRPXQLFDWGHUHJLVWUHVHQWUH O¶DGPLQLVWUDFLy JHQHUDO GH O¶(VWDW O¶DGPLQLVWUDFLy GH OD *HQHUDOLWDW9DOHQFLDQDLOHVHQWLWDWVORFDOVGHO¶jPELWWHU ULWRULDOGHOD&RPXQLWDW9DOHQFLDQD>@ 5(62/8&,Ï1GHGHDEULOGHGHOD6XEVHFUHWD UtD SRU OD TXH VH GLVSRQH OD SXEOLFDFLyQ GH OD DGKHVLyQ GHO $\XQWDPLHQWR GH 3RORS GH OD 0DULQD $OLFDQWH DO &RQYHQLR 0DUFR HQWUH OD $GPLQLVWUDFLyQ *HQHUDO GHO (VWDGR \ OD &RPXQLGDG 9DOHQFLDQD SDUD OD FRODERUDFLyQ HQ OD SURJUHVLYD LPSODQWDFLyQ GH XQ VLVWHPD LQWHUFRPX QLFDGR GH UHJLVWURV HQWUH OD $GPLQLVWUDFLyQ *HQHUDO GHO (VWDGROD$GPLQLVWUDFLyQGHOD*HQHUDOLWDW9DOHQFLDQD\ ODV(QWLGDGHV/RFDOHVGHOiPELWRWHUULWRULDOGHOD&RPXQL GDG9DOHQFLDQD>@ &RQFORVD OD WUDPLWDFLy SUHYLVWD HQ OD FOjXVXOD GHO &RQYHQL 0DUF GH GH PDLJ GH VXEVFULW HQWUH O¶DGPLQLVWUDFLy JHQHUDO GH O¶(VWDW L OD &RPXQLWDW9DOHQFLDQD SHU D OD FROÂODERUDFLy HQ OD SUR JUHVVLYD LPSODQWDFLy G¶XQ VLVWHPD LQWHUFRPXQLFDW GH UHJLVWUHV HQWUH O¶DGPLQLVWUDFLy JHQHUDO GH O¶(VWDW O¶DGPLQLVWUDFLy GH OD *HQHUDOLWDW 9DOHQFLDQD L OHV HQWLWDWV ORFDOV GH O¶jPELW WHUULWRULDO GH OD &RPXQLWDW 9DOHQFLDQD V¶KD FXOPLQDW O¶DGKHVLy GH O¶$MXQWDPHQW GH 3RORS GH OD 0DULQD$ODFDQWDO¶HVPHQWDW&RQYHQL0DUFSHUODTXDOFRVDSURFH GL[SXEOLFDUHQHO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQDO¶HVPHQWD GDDGKHVLySHUDFRQHL[HPHQWJHQHUDO3HUWRWDL[zUHVROF &RQFOXLGD OD WUDPLWDFLyQ SUHYLVWD HQ OD FOiXVXOD GHO &RQYH QLR 0DUFR GH GH PD\R GH VXVFULWR HQWUH OD DGPLQLVWUDFLyQ *HQHUDO GHO (VWDGR \ OD &RPXQLGDG 9DOHQFLDQD SDUD OD FRODERUDFLyQ HQODSURJUHVLYDLPSODQWDFLyQGHXQVLVWHPDLQWHUFRPXQLFDGRGHUHJLV WURV HQWUH OD DGPLQLVWUDFLyQ *HQHUDO GHO (VWDGR OD DGPLQLVWUDFLyQ GH OD*HQHUDOLWDW9DOHQFLDQD\ODVHQWLGDGHVORFDOHVGHOiPELWRWHUULWRULDO GHOD&RPXQLGDG9DOHQFLDQDVHKDFXOPLQDGRODDGKHVLyQGHO$\XQWD PLHQWR GH 3RORS GH OD 0DULQD $OLFDQWH DO FLWDGR &RQYHQLR 0DUFR SRUORTXHSURFHGHSXEOLFDUHQHO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQ FLDQD OD FLWDGD DGKHVLyQ SDUD JHQHUDO FRQRFLPLHQWR 3RU WRGR OR FXDO UHVXHOYR 3ULPHU 3XEOLFDU O¶DGKHVLy GH O¶$MXQWDPHQW GH 3RORS GH OD 0DULQD $ODFDQWDO&RQYHQL0DUFGHGHPDLJGHVXEVFULWHQWUHO¶DG PLQLVWUDFLyJHQHUDOGHO¶(VWDWLOD&RPXQLWDW9DOHQFLDQDSHUDODFRO ODERUDFLy HQ OD SURJUHVVLYD LPSODQWDFLy G¶XQ VLVWHPD LQWHUFRPXQLFDW GHUHJLVWUHVHQWUHO¶DGPLQLVWUDFLyJHQHUDOGHO¶(VWDWO¶DGPLQLVWUDFLyGH OD*HQHUDOLWDW9DOHQFLDQDLOHVHQWLWDWVORFDOVGHO¶jPELWWHUULWRULDOGHOD &RPXQLWDW9DOHQFLDQD 3ULPHUR 3XEOLFDUODDGKHVLyQGHO$\XQWDPLHQWRGH3RORSGHOD0DULQD$OL FDQWH DO &RQYHQLR 0DUFR GH GH PD\R GH VXVFULWR HQWUH OD DGPLQLVWUDFLyQ *HQHUDO GHO (VWDGR \ OD &RPXQLGDG 9DOHQFLDQD SDUD OD FRODERUDFLyQ HQ OD SURJUHVLYD LPSODQWDFLyQ GH XQ VLVWHPD LQWHUFR PXQLFDGR GH UHJLVWURV HQWUH OD DGPLQLVWUDFLyQ *HQHUDO GHO (VWDGR OD DGPLQLVWUDFLyQ GH OD *HQHUDOLWDW 9DOHQFLDQD \ ODV (QWLGDGHV /RFDOHV GHOiPELWRWHUULWRULDOGHOD&RPXQLGDG9DOHQFLDQD 6HJRQ $SDUWLUGHODGDWDGHSXEOLFDFLyGHO¶DGKHVLyHQHO%XWOOHWt2ILFLDO GHOD3URYtQFLDG¶$ODFDQWQ~PGHGHPDUoGHO¶HVPHQ WDGDHQWLWDWORFDOSRGUjUHEUHLUHJLVWUDUHVFULWVLFRPXQLFDFLRQVGLULJLWV DOVzUJDQVLHQWLWDWVGHGUHWS~EOLFGHO¶DGPLQLVWUDFLyJHQHUDOGHO¶(V WDW L GH O¶DGPLQLVWUDFLy GH OD *HQHUDOLWDW 9DOHQFLDQD (VWHV IDFLOLWDWV HVSURGXLUDQHQHOVWHUPHVTXHHVWDEOL[HQOHVFOjXVXOHVGHOPHQFLRQDW &RQYHQL0DUFVXEVFULWSHOSUHVLGHQWGHOD*HQHUDOLWDW9DOHQFLDQDLHO PLQLVWUHSHUDOHV$GPLQLVWUDFLRQV3~EOLTXHVHOGHPDLJGH LSXEOLFDWHQHO'LDUL2ILFLDOGHOD*HQHUDOLWDWQ~PGHGH MXQ\GHOPDWHL[DQ\DL[tFRPOHVLQVWUXFFLRQVHPDQDGHVGHOD&RPLV VLyGH6HJXLPHQWL$YDOXDFLyGHO&RQYHQL 6HJXQGR $ SDUWLU GH OD IHFKD GH SXEOLFDFLyQ GH OD DGKHVLyQ HQ HO %ROHWtQ 2ILFLDOGHOD3URYLQFLDGH$OLFDQWHQ~PGHGHPDU]RGH ODFLWDGDHQWLGDGORFDOSRGUiUHFLELU\UHJLVWUDUHVFULWRV\FRPXQLFDFLR QHVGLULJLGRVDORVyUJDQRV\HQWLGDGHVGHGHUHFKRS~EOLFRGHODDGPL QLVWUDFLyQ*HQHUDOGHO(VWDGR\GHODDGPLQLVWUDFLyQGHOD*HQHUDOLWDW 9DOHQFLDQD (VWDV IDFLOLGDGHV VH SURGXFLUiQ HQ ORV WpUPLQRV SUHYLVWRV SRUODVFOiXVXODVGHOPHQFLRQDGR&RQYHQLR0DUFRVXVFULWRSRUHOSUH VLGHQWHGHOD*HQHUDOLWDW9DOHQFLDQD\HOPLQLVWURSDUDODV$GPLQLVWUD FLRQHV3~EOLFDVHOGHPD\RGH\SXEOLFDGRHQHO'LDUL2ILFLDO GHOD*HQHUDOLWDWQ~PGHOGHMXQLRGHOPLVPRDxRDVtFRPR HQODVLQVWUXFFLRQHVHPDQDGDVGHOD&RPLVLyQGH6HJXLPLHQWR\(YD OXDFLyQGHO&RQYHQLR 9DOqQFLDG¶DEULOGH±(OVRWVVHFUHWDUL*DVSDU3HUDO5LEH OOHV 9DOHQFLDGHDEULOGH±(OVXEVHFUHWDULR*DVSDU3HUDO5LEH OOHV Núm. 5516 / 21.05.2007 &RQVHOOHULDGH7XULVPH 5(62/8&,Ï GH GH PDLJ GH GH OD FRQVHOOHUD GH 7XULVPH L SUHVLGHQWD GH O¶$JqQFLD 9DOHQFLDQD GHO 7XULV PHSHUODTXDOHVIL[HQHOVLQGLFDGRUVPtQLPVSUHYLVWRVHQ O¶DUWLFOHGHO'HFUHWGHGHPDLJGHO&RQVHOO >@ 20296 &RQVHOOHULDGH7XULVPR 5(62/8&,Ï1GHIHFKDGHPD\RGHGHODFRQVH OOHUDGH7XULVPR\SUHVLGHQWDGHO¶$JqQFLD9DOHQFLDQDGHO 7XULVPHSRUODTXHVHILMDQORVLQGLFDGRUHVPtQLPRVSUH YLVWRVHQHODUWtFXORGHO'HFUHWRGHGHPD\R GHO&RQVHOO>@ $OGLWFRPSRQHQWDGGLFLRQDOV¶DSOLFDUjSRVWHULRUPHQWHOSHUFHQWDW JHTXHGHWHUPLQHOD/OHLGH3UHVVXSRVWRVGHOD*HQHUDOLWDWSHUDO¶H[HU FLFLUHVROF (O'HFUHWRGHGHPD\RGHO&RQVHOOGHGHVDUUROORGH OD /H\ GH GH PD\R GH 7XULVPR GH OD &RPXQLWDW 9DOHQ FLDQD HQ OR UHIHUHQWH D ORV FRQYHQLRV TXH SXHGHQ VXVFULELUVH HQWUH ORV PXQLFLSLRV GHFODUDGRV SRU HO &RQVHOO GH PDQHUD GHILQLWLYD FRPR WXUtVWLFRV \ O¶$JqQFLD9DOHQFLDQD GHO7XULVPH SUHYp TXH DQXDOPHQWH VH ILMDUiQ SRU 5HVROXFLyQ GHO 3UHVLGHQWH GH O¶$JqQFLD9DOHQFLDQD GHO 7XULVPHORVLQGLFDGRUHVPtQLPRVDSOLFDEOHVDORVJDVWRVGHULYDGRVGHO HVIXHU]RILQDQFLHURDGLFLRQDOUHDOL]DGRSRUORV³0XQLFLSLRV7XUtVWLFRV GHOD&RPXQLWDW9DOHQFLDQD´DOREMHWRGHSRGHUGHWHUPLQDUHOFRPSR QHQWHDGLFLRQDOFRPSHQVDEOH 9LVWD OD H[SHULHQFLD GH DxRV DQWHULRUHV DVt FRPR OD DGHFXDFLyQ \ PRGLILFDFLyQ OOHYDGD D FDER HQ HO SDVDGR HMHUFLFLR VH FRQVLGHUD FRQYHQLHQWH PDQWHQHU ORV LQGLFDGRUHV HVWDEOHFLGRV SRU OD 5HVROXFLyQ GH GH DEULO GH GH OD FRQVHOOHUD GH 7XULVPR \ 3UHVLGHQWD GH O¶$JqQFLD9DOHQFLDQDGHO7XULVPHSXEOLFDGDHQHO'LDUL2ILFLDOGHOD &RPXQLWDW9DOHQFLDQDQGHIHFKDGHPD\RGHSDUDVX DSOLFDFLyQDORVJDVWRVVRSRUWDGRVSRUORVPXQLFLSLRVGXUDQWHHOSDVD GRHMHUFLFLR $ GLFKR FRPSRQHQWH DGLFLRQDO VH DSOLFDUi SRVWHULRUPHQWH HO SRU FHQWDMHTXHGHWHUPLQHOD/H\GH3UHVXSXHVWRVGHOD*HQHUDOLWDWSDUDHO HMHUFLFLRUHVXHOYR 3ULPHU 3URUURJDU HOV LQGLFDGRUV PtQLPV IL[DWV HQ OD 5HVROXFLy GH G¶DEULOGHSHUDODVHXDDSOLFDFLyDOHVGHVSHVHVMXVWLILFDGHVSHOV PXQLFLSLVWXUtVWLFVFRUUHVSRQHQWVDO¶H[HUFLFLHFRQzPLF 3ULPHUR 3URUURJDUORVLQGLFDGRUHVPtQLPRVILMDGRVHQOD5HVROXFLyQGH GH DEULO GH SDUD VX DSOLFDFLyQ D ORV JDVWRV MXVWLILFDGRV SRU ORV PXQLFLSLRVWXUtVWLFRVFRUUHVSRQGLHQWHVDOHMHUFLFLRHFRQyPLFR 6HJRQ $PELQGHSHQGqQFLDGHODVHXDSXEOLFDFLyHQHO'LDUL2ILFLDOGHOD &RPXQLWDW9DOHQFLDQDQRWLILTXHXODSUHVHQW5HVROXFLyDFDGDVFXQGHOV PXQLFLSLVGHFODUDWVFRPDWXUtVWLFVGHOD&RPXQLWDW9DOHQFLDQD &RQWUD OD SUHVHQW 5HVROXFLy TXH SRVD IL D OD YLD DGPLQLVWUDWLYD SRGUj LQWHUSRVDUVH UHFXUV FRQWHQFLyV DGPLQLVWUDWLX GDYDQW OD 6DOD &RQWHQFLRVD $GPLQLVWUDWLYD GHO 7ULEXQDO 6XSHULRU GH -XVWtFLD GH OD &RPXQLWDW 9DOHQFLDQD GLQV GHO WHUPLQL GH GRV PHVRV FRPSWDWV GHV GHO¶HQGHPjGHODSXEOLFDFLyRQRWLILFDFLyG¶HVWDG¶DFRUGDPEHOTXH HVWDEOL[O¶DUWLFOHGHOD/OHLGHGHQRYHPEUHGH5qJLP -XUtGLFGHOHV$GPLQLVWUDFLRQV3~EOLTXHVLGHO3URFHGLPHQW$GPLQLV WUDWLX&RP~LHQO¶DUWLFOHGHOD/OHLGHGHMXOLRO5HJX ODGRUDGHOD-XULVGLFFLy&RQWHQFLRVD$GPLQLVWUDWLYD 6HJXQGR &RQ LQGHSHQGHQFLD GH VX SXEOLFDFLyQ HQ HO 'LDULR 2ILFLDO GH OD &RPXQLWDW 9DOHQFLDQD QRWLItTXHVH OD SUHVHQWH UHVROXFLyQ D FDGD XQR GHORV0XQLFLSLRVGHFODUDGRV7XUtVWLFRVGHOD&RPXQLWDW9DOHQFLDQD &RQWUDODSUHVHQWHUHVROXFLyQTXHSRQHILQDODYtDDGPLQLVWUDWLYD SRGUiLQWHUSRQHUVHUHFXUVRFRQWHQFLRVRDGPLQLVWUDWLYRDQWHOD6DODGH OR&RQWHQFLRVR$GPLQLVWUDWLYRGHO7ULEXQDO6XSHULRUGH-XVWLFLDGHOD &RPXQLWDW9DOHQFLDQDGHQWURGHOSOD]RGHGRVPHVHVFRQWDGRVGHVGH HOGtDVLJXLHQWHDOGHODSXEOLFDFLyQRQRWLILFDFLyQGHODPLVPDGHDFX HUGRFRQORHVWDEOHFLGRHQHODUWtFXORGHOD/H\GHGH QRYLHPEUH GH 5pJLPHQ -XUtGLFR GH ODV$GPLQLVWUDFLRQHV 3~EOLFDV \ GHO3URFHGLPLHQWR$GPLQLVWUDWLYR&RP~Q\HQHODUWtFXORGHOD/H\ GH GH MXOLR 5HJXODGRUD GH OD -XULVGLFFLyQ &RQWHQFLRVR $GPLQLVWUDWLYD 9DOqQFLDGHPDLJGH/DFRQVHOOHUDGH7XULVPHLSUHVLGHQWD GHO¶$JqQFLD9DOHQFLDQDGHO7XULVPH0LODJURVD0DUWtQH]1DYDUUR 9DOHQFLDGHPD\RGH/DFRQVHOOHUDGH7XULVPR\SUHVLGHQ WDGHO¶$JqQFLD9DOHQFLDQDGHO7XULVPH0LODJURVD0DUWtQH]1DYDUUR (O'HFUHWGHGHPDLJGHO&RQVHOOGH'HVSOHJDPHQW GH/D/OHLGHGHPDLJGH7XULVPHGHOD&RPXQLWDW9DOHQ FLDQDSHOTXHIDDOVFRQYHQLVTXHSRGHQVXEVFULXUH¶VHQWUHHOVPXQLFL SLVGHFODUDWVSHO&RQVHOOGHPDQHUDGHILQLWLYDFRPDWXUtVWLFVLO¶$JqQ FLD9DOHQFLDQDGHO7XULVPHSUHYHXTXHDQXDOPHQWHVIL[DUDQSHUUHVR OXFLyGHOSUHVLGHQWGHO¶$JqQFLD9DOHQFLDQDGHO7XULVPHHOVLQGLFDGRUV PtQLPVDSOLFDEOHVDOHVGHVSHVHVGHULYDGHVGHO¶HVIRUoILQDQFHUDGGLFL RQDOUHDOLW]DWSHOV³0XQLFLSLV7XUtVWLFVGHOD&RPXQLWDW9DOHQFLDQD´D ILGHSRGHUGHWHUPLQDUHOFRPSRQHQWDGGLFLRQDOFRPSHQVDEOH 9LVWDO¶H[SHULqQFLDG¶DQ\VDQWHULRUVDL[tFRPO¶DGHTXDFLyLPRGL ILFDFLy GXWD D WHUPH HQ HO SDVVDW H[HUFLFL HV FRQVLGHUD FRQYHQLHQW PDQWLQGUH HOV LQGLFDGRUV HVWDEOLWV SHU OD 5HVROXFLy GH G¶DEULO GH GHODFRQVHOOHUDGH7XULVPHLSUHVLGHQWDGHO¶$JqQFLD9DOHQFLDQD GHO7XULVPHSXEOLFDGDHQHO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQD Q~PGHGDWDGHPDLJGHSHUDODVHXDDSOLFDFLyDOHV GHVSHVHVVXSRUWDGHVSHOVPXQLFLSLVGXUDQWHOSDVVDWH[HUFLFL Núm. 5516 / 21.05.2007 )XQGDFLyQ9DOHQFLDQDGHOD&DOLGDG 20297 )XQGDFLyQ9DOHQFLDQDGHOD&DOLGDG 0RGLILFDFLy GH OD FRQYRFDWzULD GH OD VHJRQD HGLFLy GHO SURMHFWH©5HFRQHL[HPHQWGHOD4XDOLWDWGHO&RPHUoHQOD &RPXQLWDW9DOHQFLDQDª>@ 0RGLILFDFLyQGHODFRQYRFDWRULDGHODVHJXQGDHGLFLyQGHO SUR\HFWR©5HFRQRFLPLHQWRGHOD&DOLGDGGHO&RPHUFLRHQ OD&RPXQLWDW9DOHQFLDQDª>@ /D )XQGDFLy 9DOHQFLDQD GH OD 4XDOLWDW SHO TXH ID D OD FRQYRFD WzULD GH OD VHJRQD HGLFLy GHO SURMHFWH ©5HFRQHL[HPHQW GH OD 4XDOLWDW GHO&RPHUoHQOD&RPXQLWDW9DOHQFLDQDªSXEOLFDGDHQHO'LDUL2ILFLDO GHOD&RPXQLWDW9DOHQFLDQDQ~PHURGHG¶DEULOGHLDIL G¶DJLOLW]DULIDFLOLWDUO¶DFFpVGHFDQGLGDWVDOUHFRQHL[HPHQWKDFRQVL GHUDWQHFHVVjULDODPRGLILFDFLyGHOVVHJHQWVSXQWVGHOHVVHXHVEDVHV ± 3XQW WHUFHU $PSOLDFLy GHO WHUPLQL GH UHFHSFLy GH VROÂOLFLWXGV DPEOHVSURSRVWHVILQVDOHVKRUHVGHOGLDG¶DJRVWGH ±3XQWWHUFHU'RFXPHQWDFLyFRPSXOVDGDODGLWDFRPSXOVDSRGUj VXEVWLWXLUVHSHUXQDGHFODUDFLyMXUDGDGHODYHUDFLWDWGHODGRFXPHQWD FLyTXHHVSUHVHQWD /D)XQGDFLyQ9DOHQFLDQDGHOD&DOLGDGUHVSHFWRDODFRQYRFDWRULD GHODVHJXQGDHGLFLyQGHOSUR\HFWR©5HFRQRFLPLHQWRGHOD&DOLGDGGHO &RPHUFLR HQ OD &RPXQLWDW9DOHQFLDQDª SXEOLFDGD HQ HO 'LDUL 2ILFLDO GHOD&RPXQLWDW9DOHQFLDQDQ~PHURGHGHDEULOGH\D ILQGHDJLOL]DU\IDFLOLWDUHODFFHVRGHFDQGLGDWRVDOUHFRQRFLPLHQWRKD FRQVLGHUDGRQHFHVDULDODPRGLILFDFLyQGHORVVLJXLHQWHVSXQWRVGHVXV EDVHV ±3XQWRWHUFHUR$PSOLDFLyQGHOSOD]RGHUHFHSFLyQGHVROLFLWXGHV FRQODVSURSXHVWDVKDVWDODVKRUDVGHOGtDGHDJRVWRGH ± 3XQWR WHUFHUR 'RFXPHQWDFLyQ FRPSXOVDGD GLFKD FRPSXO VD SRGUi VXVWLWXLUVH SRU XQD GHFODUDFLyQ MXUDGD GH OD YHUDFLGDG GH OD GRFXPHQWDFLyQTXHVHSUHVHQWD 9DOqQFLDGHPDLJGH±(OFRQVHOOHUG¶(PSUHVD8QLYHUVL WDWL&LqQFLDSUHVLGHQWGH)94-XVWR1LHWR1LHWR 9DOHQFLDGHPD\RGH±(OFRQVHOOHUGH(PSUHVD8QLYHU VLGDG\&LHQFLDSUHVLGHQWHGH)94-XVWR1LHWR1LHWR Núm. 5516 / 21.05.2007 20298 &RQVHOOHULDG¶(FRQRPLD+LVHQGD L2FXSDFLy&RQVHOOHULDGH6DQLWDW &RQVHOOHULDGH(FRQRPtD+DFLHQGD \(PSOHR&RQVHOOHULDGH6DQLGDG '(&5(7 GH GH PDLJ GHO &RQVHOO SHO TXDO V¶DUELWUHQ PHVXUHV SHU D O¶DWHQFLy GH OHV LQGHPQLW]DFLRQV FRUUHVSRQHQWVDOHVSHUVRQHVDIHFWDGHVVHJRQVHOTXHGLV SRVD OD VHQWqQFLD GH O¶$XGLqQFLD 3URYLQFLDO GH 9DOqQFLD Q~PHURGHGHPDLJ>@ '(&5(72 GH GH PD\R GHO &RQVHOO SRU HO TXHVHDUELWUDQPHGLGDVSDUDODDWHQFLyQGHODVLQGHPQL ]DFLRQHVFRUUHVSRQGLHQWHVDODVSHUVRQDVDIHFWDGDVVHJ~Q ORGLVSXHVWRHQODVHQWHQFLDGHOD$XGLHQFLD3URYLQFLDOGH 9DOHQFLDQ~PHURGHGHPD\R>@ /D VHQWqQFLD GH O¶$XGLqQFLD 3URYLQFLDO GH 9DOqQFLD Q~PHUR GH GH PDLJ KD GHFODUDW UHVSRQVDEOH FLYLO VXEVLGLjULD D OD *HQHUDOLWDW UHVSHFWH GHO WRWDO GHOV SHUMXGLFDWV SHOV GHOLFWHV HQ HOOD VHQWHQFLDWVHQDSOLFDFLyGHOTXHGLVSRVHQHOVDUWLFOHVLGHO &RGL3HQDO /D *HQHUDOLWDW YLVW HO FRQWLQJXW GH OD GHFLVLy KD RSWDW SHU QR UHFyUUHU OD VHQWqQFLD WRW DVVXPLQW HOV VHXV IRQDPHQWV 3HU DL[z L D IL GHSHUPHWUHTXHHOVDIHFWDWVREWLQJXHQXQDUjSLGDUHVSRVWDDOHVVHXHV H[SHFWDWLYHV GH UHVFDEDODPHQW SHOV GDQ\V SDWLWV HO &RQVHOO KD GHFL GLW SURFHGLU D OD LPPHGLDWD FRQVLJQDFLy MXGLFLDO GH OD WRWDOLWDW GH OHV TXDQWLWDWVGHOHVTXDOVpVUHVSRQVDEOHFLYLOVXEVLGLjULVHQVHSHUMXtGHO VHXGUHWGHUHSHWLUSHUOHVTXDQWLWDWVFRUUHVSRQHQWVFRQWUDODUHVWDGH UHVSRQVDEOHVGLUHFWHVRVXEVLGLDULV (QYLUWXWG¶DL[zDLQLFLDWLYDGHOSUHVLGHQWGHOD*HQHUDOLWDWLDSUR SRVWD FRQMXQWD GHOV FRQVHOOHUV G¶(FRQRPLD +LVHQGD L 2FXSDFLy L GH 6DQLWDWDPEODGHOLEHUDFLySUqYLDGHO&RQVHOOHQODUHXQLyGHOGLD GHPDLJGH /D VHQWHQFLD GH OD $XGLHQFLD 3URYLQFLDO GH 9DOHQFLD Q~PHUR GH GH PD\R KD GHFODUDGR D OD *HQHUDOLWDW UHVSRQVDEOH FLYLO VXEVLGLDULD UHVSHFWR GHO WRWDO GH ORV SHUMXGLFDGRV SRU ORV GHOLWRV HQ HOOD VHQWHQFLDGRV HQ DSOLFDFLyQ GH OR GLVSXHVWR HQ ORV DUWtFXORV \GHO&yGLJR3HQDO /D*HQHUDOLWDWFRQVLGHUDQGRHOFRQWHQLGRGHOIDOORKDDGRSWDGROD GHFLVLyQGHQRUHFXUULUOD6HQWHQFLDDVXPLHQGRVXVIXQGDPHQWRV3RU HOOR \ HQ DUDV D SHUPLWLU TXH ORV DIHFWDGRV REWHQJDQ XQD UiSLGD UHV SXHVWD D VXV H[SHFWDWLYDV GH UHVDUFLPLHQWR SRU ORV GDxRV VXIULGRV HO &RQVHOOKDGHFLGLGRSURFHGHUDODLQPHGLDWDFRQVLJQDFLyQMXGLFLDOGH ODWRWDOLGDGGHODVFDQWLGDGHVGHODVFXDOHVHVUHVSRQVDEOHFLYLOVXEVL GLDULRVLQSHUMXLFLRGHVXGHUHFKRGHUHSHWLUSRUODVFDQWLGDGHVFRUUHV SRQGLHQWHVFRQWUDHOUHVWRGHUHVSRQVDEOHVGLUHFWRVRVXEVLGLDULRV (QVXYLUWXGDLQLFLDWLYDGHOSUHVLGHQWGHOD*HQHUDOLWDW\DSURSX HVWDFRQMXQWDGHORVFRQVHOOHUVGH(FRQRPtD+DFLHQGD\(PSOHR\GH 6DQLGDG SUHYLD GHOLEHUDFLyQ GHO &RQVHOO HQ OD UHXQLyQ GHO GtD GH PD\RGH '(&5(7( '(&5(72 $UWLFOH $XWRULW]DUODFRQVHOOHULDGH6DQLWDWSHUTXqFRQVLJQHOHVLQGHPQLW ]DFLRQVSUHYLVWHVHQODVHQWqQFLDGHO¶$XGLqQFLD3URYLQFLDOGH9DOqQFLD Q~PHURSHUXQLPSRUWWRWDOGHHXURV $UWtFXOR 6H DXWRUL]D D OD FRQVHOOHULD GH 6DQLGDG SDUD TXH FRQVLJQH ODV LQGHPQL]DFLRQHV SUHYLVWDV HQ OD VHQWHQFLD GH OD$XGLHQFLD 3URYLQFLDO GH9DOHQFLDQSRUXQLPSRUWHWRWDOGHHXURV $UWLFOH /D FRQVHOOHULD G¶(FRQRPLD +LVHQGD L 2FXSDFLy UHDOLW]DUj OHV PRGLILFDFLRQVSUHVVXSRVWjULHV SHU D IHU HIHFWLYHV OHV PHVXUHVDFRUGD GHVHQHVWHGHFUHW $UWtFXOR /D FRQVHOOHULD GH (FRQRPtD +DFLHQGD \ (PSOHR UHDOL]DUi ODV PRGLILFDFLRQHV SUHVXSXHVWDULDV QHFHVDULDV SDUD KDFHU HIHFWLYDV ODV PHGLGDVDFRUGDGDVHQHVWHGHFUHWR ',6326,&,Ï),1$/ ÒQLFD (OSUHVHQWGHFUHWHQWUDUjHQYLJRUHOPDWHL[GLDTXHHVSXEOLTXHHQ HO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQD 9DOqQFLDGHPDLJGH ',6326,&,Ï1),1$/ ÒQLFD (O SUHVHQWH GHFUHWR HQWUDUi HQ YLJRU HO PLVPR GtD GH VX SXEOLFD FLyQHQHO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQD 9DOHQFLDGHPD\RGH (OSUHVLGHQWGHOD*HQHUDOLWDW )5$1&,6&2&$036257,= (OSUHVLGHQWGHOD*HQHUDOLWDW )5$1&,6&2&$036257,= (OFRQVHOOHUG¶(FRQRPLD+LVHQGDL2FXSDFLy *(5$5'2&$036'(9(6$ (OFRQVHOOHUGH(FRQRPtD+DFLHQGD\(PSOHR *(5$5'2&$036'(9(6$ (OFRQVHOOHUGH6DQLWDW 5$)$(/%/$6&2&$67$1< (OFRQVHOOHUGH6DQLGDG 5$)$(/%/$6&2&$67$1< Núm. 5516 / 21.05.2007 -XWMDWGH3ULPHUD,QVWjQFLD Q~PHURGH&DUOHW 20299 -X]JDGRGH3ULPHUD,QVWDQFLD Q~PHURGH&DUOHW 1RWLILFDFLyDODPHUFDQWLO6iH]\&HOPD6/GHODFqGXOD GHFLWDFLyDWHUPLQLDFRUGDWHQOHVDFWXDFLRQVGHOMXtRUGL QDULQ~PHUR>@ 1RWLILFDFLyQDODPHUFDQWLO6iH]\&HOPD6/GHODFpGXOD GHHPSOD]DPLHQWRDFRUGDGRHQORVDXWRVGHOMXLFLRRUGLQD ULRQ~PHUR>@ 3URFHGLPHQWDVVXPSWHFLYLO -XWMDWGH3ULPHUD,QVWjQFLDQ~PHURGH&DUOHW -XtMXtRUGLQDUL 3DUWGHPDQGDQW0DUtD9LFHQWD0DUWtQH]6DQFKR 3DUWGHPDQGDGDPHUFDQWLO6iH]\&HOPD6/ 6REUH± (QHOMXtDTXqHVIDUHIHUqQFLDV¶KDDFRUGDWOOLXUDUDODSDUWGHPDQ GDGDODFqGXODHOWH[WGHODTXDOOLWHUDOPHQWGLXDL[t ©-XWMDWGH3ULPHUD,QVWjQFLDQ~PHURGH&DUOHW 3URFHGLPHQWMXtRUGLQDUL 'HPDQGDQW0DUtD9LFHQWD0DUWtQH]6DQFKR 3URFXUDGRU-HV~V4XHUHGD3DORS 'HPDQGDWPHUFDQWLO6iH]\&HOPD6/ 3URFXUDGRU± &qGXODGHFLWDFLyDWHUPLQL 7ULEXQDO TXH RUGHQD FLWDU D WHUPLQL -XWMDW GH 3ULPHUD ,QVWjQFLD Q~PHURGH&DUOHW $VVXPSWHRQV¶DFRUGDO¶LQGLFDWPpVDPXQW 3HUVRQDDODTXDOVHFLWDDWHUPLQLPHUFDQWLO6iH]\&HOPD6/HQ FRQFHSWHGHSDUWGHPDQGDGD 'RPLFLOLFDPt9HOOG¶$OFjVVHUVQ6LOOD9DOqQFLD 2EMHFWHGHODFLWDFLyDWHUPLQL &RPSDUpL[HU HQ HO MXt H[SUHVVDW SHU D FRQWHVWDU D OD GHPDQGD HQODTXDOILJXUDFRPDSDUWGHPDQGDGD6¶KLDGMXQWDXQDFzSLDGHOD GHPDQGD GHOV GRFXPHQWV DGMXQWDWV L GH OD LQWHUORFXWzULD G¶DGPLVVLy G¶DTXHOOD 7ULEXQDOGDYDQWHOTXDOKDGHFRPSDUpL[HU $ODVHXG¶HVWH-XWMDW 7HUPLQLSHUDFRPSDUpL[HU GLHVKjELOVFRPSXWDWVGHVGHO¶HQGHPjG¶HVWDFLWDFLyDWHUPLQL 3UHYHQFLRQVOHJDOV 6LQRFRPSDUHL[VH¶OGHFODUDUjHQVLWXDFLyGHUHEHOÂOLDSURFHVVDO LQRWLILFDGDHVWDQRVH¶QSRUWDUjDWHUPHFDSDOWUDWUHWDODGHODUHVROX FLyTXHSRVHILDOSURFpVDUWLGHOD/OHLG¶(QMXGLFLD PHQW&LYLO±/(&Q /DFRPSDUHL[HQoDHQMXtV¶KDGHIHUDWUDYpVGHSURFXUDGRUDPE O¶DVVLVWqQFLDG¶DGYRFDWDUWLGHOD/(&Q 6¶KD GH FRPXQLFDU D HVWH WULEXQDO TXDOVHYRO FDQYL GH GRPLFLOL TXHHVSURGXwVFDGXUDQWODVXEVWDQFLDFLyG¶HVWHSURFpVDUWSDUj JUDISULPHUGHOD/(&Q &DUOHWGHVHWHPEUHGH (OVHFUHWDULMXGLFLDOª $WpVHOGHVFRQHL[HPHQWGHO¶DFWXDOGRPLFLOLRUHVLGqQFLDGHODSDUW GHPDQGDGD PLWMDQoDQW OD SURYLVLy GH GH PDUo GH HO MXWJH GHFRQIRUPLWDWDPEHOTXHGLVSRVHQHOVDUWLFOHVLGHOD/OHL G¶(QMXGLFLDPHQW &LYLO KD DFRUGDW OD SXEOLFDFLy GHO SUHVHQW HGLFWH HQ HO 'LDUL 2ILFLDO GH OD &RPXQLWDW 9DOHQFLDQD SHU D SRUWDU D HIHFWHODGLOLJqQFLDGHFLWDFLyDWHUPLQL 3URFHGLPLHQWRDVXQWRFLYLO -X]JDGRGH3ULPHUD,QVWDQFLDQ~PHURGH&DUOHW -XLFLRMXLFLRRUGLQDULR 3DUWHGHPDQGDQWH0DUtD9LFHQWD0DUWtQH]6DQFKR 3DUWHGHPDQGDGDPHUFDQWLO6iH]\&HOPD6/ 6REUH± (QHOMXLFLRUHIHUHQFLDGRVHKDDFRUGDGRHQWUHJDUDODSDUWHGHPDQ GDGDODFpGXODFX\RWH[WROLWHUDOHVHOVLJXLHQWH ©-X]JDGRGH3ULPHUD,QVWDQFLDQ~PHURGH&DUOHW 3URFHGLPLHQWRMXLFLRRUGLQDULR 'HPDQGDQWH0DUtD9LFHQWD0DUWtQH]6DQFKR 3URFXUDGRU-HV~V4XHUHGD3DORS 'HPDQGDGRPHUFDQWLO6iH]\&HOPD6/ 3URFXUDGRU± &pGXODGHHPSOD]DPLHQWR 7ULEXQDO TXH RUGHQD HPSOD]DU -X]JDGR GH 3ULPHUD ,QVWDQFLD Q~PHURGH&DUOHW $VXQWRHQTXHVHDFXHUGDHODUULEDUHIHUHQFLDGR 3HUVRQDDODTXHVHHPSOD]DPHUFDQWLO6iH]\&HOPD6/HQFRQ FHSWRGHSDUWHGHPDQGDGD 'RPLFLOLRFDPLQR9HOOG¶$OFjVVHUVQ6LOOD9DOHQFLD 2EMHWRGHHPSOD]DPLHQWR &RPSDUHFHU HQ HO MXLFLR H[SUHVDGR SDUD FRQWHVWDU D OD GHPDQGD HQ OD TXH ILJXUD FRPR SDUWH GHPDQGDGD 6H DFRPSDxD FRSLD GH OD GHPDQGDGHORVGRFXPHQWRVDFRPSDxDGRV\GHODXWRGHDGPLVLyQGH DTXpOOD 7ULEXQDODQWHHOTXHGHEHFRPSDUHFHU (QODVHGHGHHVWH-X]JDGR 3OD]RSDUDFRPSDUHFHU GtDVKiELOHVFRPSXWDGRVGHVGHHOVLJXLHQWHDOGHHVWHHPSOD]D PLHQWR 3UHYHQFLRQHVOHJDOHV 6LQRFRPSDUHFHVHOHGHFODUDUiHQVLWXDFLyQGHUHEHOGtDSURFH VDO\QRWLILFDGDODPLVPDQRVHOOHYDUiDFDERQLQJXQDRWUDH[FHSWR ODGHODUHVROXFLyQTXHSRQJDILQDOSURFHVRDUW\GHOD/H\ GH(QMXLFLDPLHQWR&LYLO±/(&Q /DFRPSDUHFHQFLDHQMXLFLRGHEHUHDOL]DUVHSRUPHGLRGHSURFX UDGRUFRQODDVLVWHQFLDGHDERJDGRDUW\GHOD/(&Q 'HEHFRPXQLFDUDHVWHWULEXQDOFXDOTXLHUFDPELRGHGRPLFLOLR TXH VH SURGX]FD GXUDQWH OD VXVWDQFLDFLyQ GH HVWH SURFHVR DUW SiUUDIRSULPHURGHOD/(&Q &DUOHWGHVHSWLHPEUHGH (OVHFUHWDULRMXGLFLDOª (QDWHQFLyQDOGHVFRQRFLPLHQWRGHODFWXDOGRPLFLOLRRUHVLGHQFLD GH OD SDUWH GHPDQGDGD SRU SURYLGHQFLD GH GH PDU]R GH HO MXH]GHFRQIRUPLGDGFRQORGLVSXHVWRHQORVDUWtFXORV\GH OD/H\GH(QMXLFLDPLHQWR&LYLOKDDFRUGDGRODSXEOLFDFLyQGHO SUHVHQWH HGLFWR HQ HO 'LDUL 2ILFLDO GH OD &RPXQLWDW 9DOHQFLDQD SDUD OOHYDUDHIHFWRODGLOLJHQFLDGHHPSOD]DPLHQWR &DUOHW GH PDUo GH (O VHFUHWDUL MXGLFLDO 0LJXHO ÈQJHO *DUFtD+HUUHUD &DUOHWGHPDU]RGH(OVHFUHWDULRMXGLFLDO0LJXHOÈQJHO *DUFtD+HUUHUD Núm. 5516 / 21.05.2007 -XWMDWGH3ULPHUD,QVWjQFLD Q~PHURGH9DOqQFLD 20300 -X]JDGRGH3ULPHUD,QVWDQFLD Q~PHURGH9DOqQFLD 1RWLILFDFLy D 0 -RVp 0RQWHDJXGR 6RWR GH OD VHQWqQFLD GLFWDGDHQOHVDFWXDFLRQVGHOMXtYHUEDOQ~PHUR 1RWLILFDFLyQ D 0 -RVp 0RQWHDJXGR 6RWR GH OD VHQWHQFLD GLFWDGDHQORVDXWRVGHOMXLFLRYHUEDOQ~PHUR >@ >@ 0DQHUD G¶LPSXJQDFLy PLWMDQoDQW XQ UHFXUV G¶DSHOÂODFLy GDYDQW O¶$XGLqQFLD3URYLQFLDOGH9DOqQFLDDUW/(&Q (O UHFXUV HV SUHSDUDUj D WUDYpV G¶XQ HVFULW SUHVHQWDW HQ HVWH -XW MDWHQHOWHUPLQLGHFLQFGLHVKjELOVFRPSWDGRUVGHVGHO¶HQGHPjGHOD QRWLILFDFLyOLPLWDWDFLWDUODUHVROXFLyDSHOÂODGDPDQLIHVWDQWODYROXQ WDWGHUHFyUUHUDPEH[SUHVVLyGHOVSURQXQFLDPHQWVTXHLPSXJQDDUW /(&Q (VWDpVODVHQWqQFLDTXHSURQXQFLHPDQHLILUPHª $WpVHOGHVFRQHL[HPHQWGHO¶DFWXDOGRPLFLOLRUHVLGqQFLDGHODSDUW GHPDQGDGDPLWMDQoDQWODSURYLVLyGHGDWDGHKXLHOMXWJHGHFRQIRU PLWDW DPE HO TXH GLVSRVHQ HOV DUWLFOHV L GH OD /OHL G¶(QMXGLFLDPHQW &LYLO KD DFRUGDW OD SXEOLFDFLy GHO SUHVHQW HGLFWH DO WDXOHUG¶DQXQFLVGHOMXWMDWLHQHO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQ FLDQDSHUDSRUWDUDHIHFWHODGLOLJqQFLDGHQRWLILFDFLyGHVHQWqQFLDDOD GHPDQGDGD0DUtD-RVp0RQWHDJXGR6RWR 3URFHGLPLHQWRDVXQWRFLYLO -X]JDGRGH3ULPHUD,QVWDQFLDQ~PHURGH9DOHQFLD -XLFLRMXLFLRYHUEDO 3DUWHGHPDQGDQWH0HQXW0REOH6/ 3DUWHGHPDQGDGD0DUtD-RVp0RQWHDJXGR6RWR 6REUH± (Q HO MXLFLR UHIHUHQFLDGR VH KD GLFWDGR OD UHVROXFLyQ FX\R WH[WR OLWHUDOHVHOVLJXLHQWH ©6HQWHQFLDQ~PHUR -XH]DTXHODGLFWD-RDTXLQD0RUHQR&XHVWD /XJDU9DOHQFLD )HFKDGHHQHURGH 3DUWHGHPDQGDQWH0HQXW0REOH6/ $ERJDGR± 3URFXUDGRUD3LODU,EixH]0DUWt 3DUWHGHPDQGDGD0DUtD-RVp0RQWHDJXGR6RWR $ERJDGR± 3URFXUDGRU± 2EMHWRGHOMXLFLRUHFODPDFLyQGHFDQWLGDG )DOOR (VWLPDQGRODGHPDQGDIRUPXODGDSRUODSURFXUDGRUD3LODU,EixH] 0DUWtHQQRPEUH\UHSUHVHQWDFLyQGH0HQXW0REOH6/GHERFRQGH QDU \ FRQGHQR D 0DUtD -RVp 0RQWHDJXGR 6RWR D TXH DERQH D GLFKD SDUWH DFWRUD OD FDQWLGDG GH HXURV PiV HO LQWHUpV OHJDO GH GLFKD VXPDGHVGHODIHFKDGHODSUHVHQWDFLyQGHODGHPDQGD6HLPSRQHHO SDJRGHFRVWDVDODGHPDQGDGD 0RGR GH LPSXJQDFLyQ PHGLDQWH UHFXUVR GH DSHODFLyQ DQWH OD $XGLHQFLD3URYLQFLDOGH9DOHQFLDDUW/(&Q (O UHFXUVR VH SUHSDUDUi SRU PHGLR GH HVFULWR SUHVHQWDGR HQ HVWH -X]JDGRHQHOSOD]RGHFLQFRGtDVKiELOHVFRQWDGRVGHVGHHOGtDVLJXL HQWHGHODQRWLILFDFLyQOLPLWDGRDFLWDUODUHVROXFLyQDSHODGDPDQLIHV WDQGRODYROXQWDGGHUHFXUULUFRQH[SUHVLyQGHORVSURQXQFLDPLHQWRV TXHLPSXJQDDUW/(&Q $VtSRUHVWDVHQWHQFLDORSURQXQFLRPDQGR\ILUPRª (QDWHQFLyQDOGHVFRQRFLPLHQWRGHODFWXDOGRPLFLOLRRUHVLGHQFLD GH OD SDUWH GHPDQGDGD SRU SURYLGHQFLD GH IHFKD GH KR\ HO MXH] GH FRQIRUPLGDGFRQ OR GLVSXHVWR HQ ORV DUWtFXORV \ GH OD /H\ GH (QMXLFLDPLHQWR &LYLO KD DFRUGDGR OD SXEOLFDFLyQ GHO SUH VHQWHHGLFWRHQHOWDEOyQGHDQXQFLRVGHOMX]JDGR\HQHO'LDUL2ILFLDO GHOD&RPXQLWDW9DOHQFLDQDSDUDOOHYDUDHIHFWRODGLOLJHQFLDGHQRWLIL FDFLyQGHVHQWHQFLDDODGHPDQGDGD0DUtD-RVp0RQWHDJXGR6RWR 9DOqQFLD GH PDUo GH ± /D VHFUHWjULD MXGLFLDO &DUPHQ 5RGHUR0RQUHDO 9DOHQFLD GH PDU]R GH ± /D VHFUHWDULD MXGLFLDO &DUPHQ 5RGHUR0RQUHDO 3URFHGLPHQWDVVXPSWHFLYLO -XWMDWGH3ULPHUD,QVWjQFLDQ~PHURGH9DOqQFLD -XtMXtYHUEDO 3DUWGHPDQGDQW0HQXW0REOH6/ 3DUWGHPDQGDGD0DUtD-RVp0RQWHDJXGR6RWR 6REUH± (QHOMXtDTXqHVIDUHIHUqQFLDV¶KDGLFWDWODUHVROXFLyHOWH[WGHOD TXDOOLWHUDOPHQWGLXDL[t ©6HQWqQFLDQ~PHUR -XWJHVVDTXHODGLFWD-RDTXLQD0RUHQR&XHVWD /ORF9DOqQFLD 'DWDGHJHQHUGH 3DUWGHPDQGDQW0HQXW0REOH6/ $GYRFDW± 3URFXUDGRUD3LODU,EixH]0DUWt 3DUWGHPDQGDGD0DUtD-RVp0RQWHDJXGR6RWR $GYRFDW± 3URFXUDGRU± 2EMHFWHGHOMXtUHFODPDFLyGHTXDQWLWDW 'HFLVLy $PEO¶HVWLPDFLyGHODGHPDQGDIRUPXODGDSHUODSURFXUDGRUD3LODU ,EixH]0DUWtHQQRPLUHSUHVHQWDFLyGH0HQXW0REOH6/FRQGHPQH 0DUtD-RVp0RQWHDJXGR6RWRDSDJDUDHVWDSDUWDFWRUDODTXDQWLWDWGH HXURVPpVO¶LQWHUpVOHJDOG¶HVWDVXPDGHVGHODGDWDGHODSUHVHQ WDFLyGHODGHPDQGD6¶LPSRVDHOSDJDPHQWGHFRVWHVDODGHPDQGDGD Núm. 5516 / 21.05.2007 -XWMDWGH3ULPHUD,QVWjQFLD Q~PHURGH9DOqQFLD 20301 -X]JDGRGH3ULPHUD,QVWDQFLD Q~PHURGH9DOqQFLD 1RWLILFDFLy D *XLOOHUPR $UHQDV 5XL] -Xt YHUEDO Q~PHUR >@ 1RWLILFDFLyQD*XLOOHUPR$UHQDV5XL]-XLFLRYHUEDOQ~PH UR>@ 3URFHGLPHQWDVVXPSWHFLYLO -XWMDWGH3ULPHUD,QVWjQFLDQ~PGH9DOqQFLD -XtMXtYHUEDOGHVQRQDPHQWSHUIDOWDGHSDJDPHQW 3DUWGHPDQGDQW6DQWDQGHU%DQLI,QPRELOLDULR),, 3DUWGHPDQGDGD*XLOOHUPR$UHQDV5XL] 6REUH (QHOMXtGHODUHIHUqQFLDV¶KDGLFWDWODUHVROXFLyO¶HQFDSoDODPHQWL GHFLVLyGHODTXDOVyQGHOWHQRUOLWHUDOVHJHQW 6HQWqQFLD 9DOqQFLDG¶DEULOGHO 0GHO&DUPH0RUHQR0DUWtQH]PDJLVWUDGDGHO-XWMDWGH3ULPHUD ,QVWjQFLD Q~P GH 9DOqQFLD KH YLVW OHV SUHVHQWV DFWXDFLRQV GH MXt YHUEDOQ~PVHJXLGHVDLQVWjQFLHVGH6DQWDQGHU%DQLI,QPR ELOLDULR),,UHSUHVHQWDGDSHUODSURFXUDGRUD0-RVp9LFWRULD)XVWHU L GHIHVD SHO OOHWUDW -RVp , %RQPDWt /ORUHQV FRQWUD *XLOOHUPR$UHQDV 5XL]LHQDWHQFLyDOVVHJHQWV 'HFLVLy (VWLPHODGHPDQGDIRUPXODGDSHUODSURFXUDGRUD0-RVp9LFWRULD )XVWHU HQ QRP L UHSUHVHQWDFLy GH 6DQWDQGHU %DQLI ,QPRELOLDULR ),, FRQWUD *XLOOHUPR$UHQDV 5XL] VREUH UHVROXFLy SHU IDOWD GH SDJDPHQW GHODUHQGDLVHPEODQWVGHFRQWUDFWHG¶DUUHQGDPHQWGHYLYHQGDLVREUH UHFODPDFLy GH TXDQWLWDW HQ FRQFUHW HXURV HQ FRQFHSWH GH UHQGHVGHJXGHVILQVDO¶DEULOGHOLGHO¶LPSRUWGHOHVUHQGHVTXH HVPHULWHQHQXQIXWXUILQVDO¶H[HFXFLyGHODVHQWqQFLDGHFODUHUHVROW SHU IDOWD GH SDJDPHQW GH OD UHQGD HO FRQWUDFWH G¶DUUHQGDPHQW UHODWLX D OD YLYHQGD VtWLD D 9DOqQFLD HQ O¶DYLQJXGD$OIDXLU Q~P ± 7RUUH ,,,SRUWDDDPEHOVVHXVDQQH[RVLQVHSDUDEOHVGHODSODoDGHJDUDW JHQ~P%LHOWUDVWHUQ~P%VXEVFULWHOGLDG¶RFWXEUHGHO LHQFRQVHTqQFLDFRQGHPQHHOGHPDQGDWDVRWPHWUH¶VDODGLWD GHFODUDFLyKDYHQWGHGHL[DUOOLXUHYjFXDLH[SHGLWDLDGLVSRVLFLyGHO GHPDQGDQWODGLWDYLYHQGDLDQQH[RVHQHOWHUPHOHJDO $L[t PDWHL[ FRQGHPQH *XLOOHUPR $UHQDV 5XL] TXH SDJXH D 6DQWDQGHU %DQLI ,QPRELOLDULR ),, OD TXDQWLWDW GH HXURV PpVO¶LQWHUpVOHJDOGHVGHODLQWHUSHOÂODFLyMXGLFLDO 7DPEpHVFRQGHPQDHOGHPDQGDW*XLOOHUPR$UHQDV5XL]DO¶LP SRUW GH OHV UHQGHV TXH HV PHULWHQ GHV GHO PDLJ GHO ILQV DO GHV DOORWMDPHQW GH OD YLYHQGD L HOV VHXV DQQH[RV LQVHSDUDEOHV D UDy GH HXURVPHV 6¶LPSRVHQOHVFRVWHVDOGHPDQGDW &RQWUD HVWD VHQWqQFLD SRGUj LQWHUSRVDUVH UHFXUV G¶DSHOÂODFLy TXH HVSUHSDUDUjHQHOWHUPLQLGHOVFLQFGLHVVHJHQWVDOGHODVHXDQRWLIL FDFLy 1RV¶DGPHWUjHOUHFXUVDOGHPDQGDWVLHQSUHSDUDUORQRPDQLIHVWD DFUHGLWDQWKRSHUHVFULWWLQGUHVDWLVIHWHVOHVUHQGHVYHQoXGHVLOHVTXH G¶DFRUGDPEHOFRQWUDFWHKDMDGHSDJDUDYDQoDGHV (VWDpVODPHXDVHQWqQFLDTXHHVSRUWDUjDOVOOLEUHVGHODVHXDFODV VH L WHVWLPRQL D OHV DFWXDFLRQV FRUUHVSRQHQWV TXH SURQXQFLH PDQH L ILUPH $WpVHOGHVFRQHL[HPHQWGHO¶DFWXDOGRPLFLOLRUHVLGqQFLDGHODSDUW GHPDQGDGD GH FRQIRUPLWDW DPE HO TXH GLVSRVHQ HOV DUWLFOHV L GH OD /OHL G¶(QMXGLFLDPHQW &LYLO V¶KD DFRUGDW OD SXEOL FDFLyGHOSUHVHQWHGLFWHHQHOWDXOHUG¶DQXQFLVGHOMXWMDWLHQHO'LDUL 2ILFLDOGHOD&RPXQLWDW9DOHQFLDQDSHUDSRUWDUDHIHFWHODGLOLJqQFLD GHQRWLILFDFLyGHODVHQWqQFLDD*XLOOHUPR$UHQDV5XL] 3URFHGLPLHQWRDVXQWRFLYLO -X]JDGRGH3ULPHUD,QVWDQFLDQGH9DOHQFLD -XLFLRMXLFLRYHUEDOGHVDKXFLRSRUIDOWDGHSDJR 3DUWHGHPDQGDQWH6DQWDQGHU%DQLI,QPRELOLDULR),, 3DUWHGHPDQGDGD*XLOOHUPR$UHQDV5XL] 6REUH (QHOMXLFLRUHIHUHQFLDGRVHKDGLFWDGRODUHVROXFLyQFX\RHQFDEH ]DPLHQWR\IDOORVRQGHOWHQRUOLWHUDOVLJXLHQWH 6HQWHQFLD 9DOHQFLDGHDEULOGH 9LVWRV SRU Pt 0 GHO &DUPHQ 0RUHQR 0DUWtQH] PDJLVWUDGD GHO -X]JDGR GH 3ULPHUD ,QVWDQFLD Q GH 9DOHQFLD ORV SUHVHQWHV DXWRV GHMXLFLRYHUEDOQVHJXLGRVDLQVWDQFLDGH6DQWDQGHU%DQLI ,QPRELOLDULR ),, UHSUHVHQWDGD SRU OD SURFXUDGRUD 0 -RVp 9LFWRULD )XVWHU\GHIHQGLGDSRUHOOHWUDGR-RVp,%RQPDWt/ORUHQVFRQWUD*XL OOHUPR$UHQDV5XL]\DWHQFLyQDORVVLJXLHQWHV )DOOR 4XHHVWLPDQGRODGHPDQGDIRUPXODGDSRUODSURFXUDGRUD0-RVp 9LFWRULD)XVWHUHQQRPEUH\UHSUHVHQWDFLyQGH6DQWDQGHU%DQLI,QPR ELOLDULR),,FRQWUD*XLOOHUPR$UHQDV5XL]VREUHUHVROXFLyQSRUIDOWD GHSDJRGHODUHQWD\VLPLODUHVGHFRQWUDWRGHDUUHQGDPLHQWRGHYLYL HQGD \ VREUH UHFODPDFLyQ GH FDQWLGDG HQ FRQFUHWR HXURV HQFRQFHSWRGHUHQWDVDGHXGDGDVKDVWDDEULOGH\GHOLPSRUWHGH ODVUHQWDVTXHVHGHYHQJXHQHQXQIXWXURKDVWDODHMHFXFLyQGHODVHQ WHQFLDGHERGHFODUDU\GHFODURUHVXHOWRSRUIDOWDGHSDJRGHODUHQWDHO FRQWUDWRGHDUUHQGDPLHQWRUHODWLYRDODYLYLHQGDVLWDHQ9DOHQFLDHQOD DYHQLGD$OIDKXLUQ±7RUUH,,,SXHUWDFRQVXVDQHMRVLQVHSDUD EOHVGHODSOD]DGHJDUDMHQ%\HOFXDUWRWUDVWHURQ%VXVFULWR HOGtDGHRFWXEUHGH\HQFRQVHFXHQFLDFRQGHQRDOGHPDQGD GRDHVWDU\SDVDUSRUGLFKDGHFODUDFLyQGHELHQGRGHMDUOLEUHYDFXD\ H[SHGLWD\DGLVSRVLFLyQGHOGHPDQGDQWHGLFKDYLYLHQGD\DQHMRVHQHO WpUPLQROHJDO $VLPLVPR GHER FRQGHQDU \ FRQGHQR D *XLOOHUPR $UHQDV 5XL] D TXH SDJXH D 6DQWDQGHU %DQLI ,QPRELOLDULR ),, OD FDQWLGDG GH HXURVPiVHOLQWHUpVOHJDOGHVGHODLQWHUSHODFLyQMXGLFLDO 7DPELpQ VH FRQGHQD DO GHPDQGDGR *XLOOHUPR $UHQDV 5XL] DO LPSRUWHGHODVUHQWDVTXHVHGHYHQJXHQGHVGHPD\RGHKDVWDHO GHVDORMR GH OD YLYLHQGD \ VXV DQHMRV LQVHSDUDEOHV D UD]yQ GH HXURVPHV 6HLPSRQHQODVFRVWDVDOGHPDQGDGR &RQWUDHVWDVHQWHQFLDSRGUiLQWHUSRQHUVHUHFXUVRGHDSHODFLyQTXH VHSUHSDUDUiHQHOSOD]RGHORVFLQFRGtDVVLJXLHQWHVDOGHVXQRWLILFD FLyQ 1RVHDGPLWLUiHOUHFXUVRDOGHPDQGDGRVLDOSUHSDUDUORQRPDQL ILHVWDDFUHGLWiQGRORSRUHVFULWRWHQHUVDWLVIHFKDVODVUHQWDVYHQFLGDV\ ODVTXHFRQDUUHJORDOFRQWUDWRGHEDSDJDUDGHODQWDGDV $VtSRUHVWDPLVHQWHQFLDTXHVHOOHYDUiDORVOLEURVGHVXFODVH\ WHVWLPRQLRDORVDXWRVGHVXUD]yQORSURQXQFLRPDQGR\ILUPR (QDWHQFLyQDOGHVFRQRFLPLHQWRGHODFWXDOGRPLFLOLRRUHVLGHQFLD GH OD SDUWH GHPDQGDGD GH FRQIRUPLGDG FRQ OR GLVSXHVWR HQ ORV DUWt FXORV \ GH OD /H\ GH (QMXLFLDPLHQWR &LYLO VH KD DFRUGDGR OD SXEOLFDFLyQ GHO SUHVHQWH HGLFWR HQ HO WDEOyQ GH DQXQFLRV GHOMX]JDGR\HQHO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQDSDUDOOH YDU D HIHFWRODGLOLJHQFLDGH QRWLILFDFLyQGH ODVHQWHQFLDD *XLOOHUPR $UHQDV5XL] 9DOqQFLDGHPDLJGH±/DVHFUHWjULDMXGLFLDO0'RORUHV 9DOOH%XWUHUDV 9DOHQFLDGHPD\RGH±/DVHFUHWDULDMXGLFLDO0'RORUHV 9DOOH%XWUHUDV Núm. 5516 / 21.05.2007 &RQVHOOHULDGH7HUULWRULL+DELWDWJH 20302 &RQVHOOHULDGH7HUULWRULR\9LYLHQGD 5HVVHQ\DGHO¶DFRUGGHOD&RPLVVLy7HUULWRULDOG¶8UEDQLV PHG¶GHGHVHPEUHGHOSHOTXDOHVGHFODUDGHILQL WLYDPHQWDSURYDGDO¶KRPRORJDFLyLHO3ODSDUFLDO8UEH &RUUDOGH0RUDGHOD)RQWGHOD)LJXHUD>@ 5HVHxD GHO DFXHUGR GH OD &RPLVLyQ 7HUULWRULDO GH 8UED QLVPR GH GH GLFLHPEUH GH SRU HO TXH VH GHFODUD GHILQLWLYDPHQWHDSUREDGDODKRPRORJDFLyQ\3ODQSDUFLDO 8UEH>@ '¶DFRUGDPEO¶DUWLFOH%GHOD/OHLGHGHQRYHP EUHGHOD*HQHUDOLWDW9DOHQFLDQDUHJXODGRUDGHO¶DFWLYLWDWXUEDQtVWLFD '2*9Q~PGHGHQRYHPEUHGHHVSXEOLFDODUHVVH Q\DGHO¶DFRUGGHOD&RPLVVLy7HUULWRULDOG¶8UEDQLVPHG¶GHGHVHP EUHGHOLSXEOLFDWMXQWDPHQWDPEOHVQRUPHVXUEDQtVWLTXHVDSUR YDGHV HQ HO %XWOOHWt 2ILFLDO GH OD 3URYtQFLD GH 9DOqQFLD Q~P GH GDWDGHPDUoGHO ([S 'H DFXHUGR FRQ HO DUWtFXOR % GH OD /H\ GH GH QRYLHPEUH GH OD *HQHUDOLWDW9DOHQFLDQD 5HJXODGRUD GH OD$FWLYLGDG 8UEDQtVWLFD'2*9Q~PHURGHGHQRYLHPEUHGHVH SXEOLFDODUHVHxDGHO$FXHUGRGHOD&RPLVLyQ7HUULWRULDOGH8UEDQLV PRGHGHGLFLHPEUHGH\SXEOLFDGRMXQWRFRQODVQRUPDVXUED QtVWLFDV DSUREDGDV HQ HO %ROHWtQ 2ILFLDO GH OD 3URYLQFLD GH 9DOHQFLD Q~PHURGHIHFKDGHPDU]RGH ([SWH 9DOqQFLDG¶DEULOGH±(OVHFUHWDULGHOD&RPLVVLy7HUULWR ULDOG¶8UEDQLVPHGH9DOqQFLDÈOYDUR$OHL[DQGUH2UWt 9DOHQFLDGHDEULOGH±(OVHFUHWDULRGHOD&RPLVLyQ7HUUL WRULDOGH8UEDQLVPRGH9DOHQFLD$OYDUR$OHL[DQGUH2UWt Núm. 5516 / 21.05.2007 &RQVHOOHULDGH7HUULWRULL+DELWDWJH 5HVVHQ\D GH OD UHVROXFLy GH GH VHWHPEUH GHO GHO FRQVHOOHU GH 7HUULWRUL L +DELWDWJH SHU OD TXDO V¶DSURYD GHILQLWLYDPHQW OD FRUUHFFLy G¶HUURUV PDWHULDOV GHWHFWDWV HQODILW[DGHSODQHMDPHQWLJHVWLyGHOHVjUHHVGHUHSDUWL PHQWSOXULSDUFHOÂOjULHVLGHOVzOXUEjGHO¶$OWHWG¶(O[ >@ 20303 &RQVHOOHULDGH7HUULWRULR\9LYLHQGD 5HVHxD GH OD UHVROXFLyQ GH GH VHSWLHPEUH GH GHO FRQVHOOHUGH7HUULWRULR\9LYLHQGDSRUODTXHVHDSUXHED GHILQLWLYDPHQWHODFRUUHFFLyQGHHUURUHVPDWHULDOHVGHWHF WDGRVHQODILFKDGHSODQHDPLHQWR\JHVWLyQGHODViUHDVGH UHSDUWR SOXULSDUFHODULDV \ GHO VXHOR XUEDQR GHO $OWHW GH(O[>@ '¶DFRUGDPEO¶DUWLFOHEGHOD/OHLGHGHQRYHPEUH GH OD *HQHUDOLWDW 9DOHQFLDQD UHJXODGRUD GH O¶DFWLYLWDW XUEDQtVWLFD HV SXEOLFDXQDUHVVHQ\DGHODUHVROXFLyGHOFRQVHOOHUGH7HUULWRULL+DEL WDWJH GH GH VHWHPEUH GHO OD TXDO V¶KD SXEOLFDW MXQW DPE OHV QRUPHVXUEDQtVWLTXHVDSURYDGHVHQHO%XWOOHWt2ILFLDOGHOD3URYtQFLD G¶$ODFDQWQ~PGHG¶DEULOGHO ([S3/&RUUHFFLyG¶HUURUPDWHULDOHQILW[HV$5L$5 O¶$OWHWGHO3ODJHQHUDO 'H DFXHUGR FRQ HO DUWtFXOR E GH OD /H\ GH GH QRYLHPEUH GH OD *HQHUDOLWDW9DOHQFLDQD 5HJXODGRUD GH OD$FWLYLGDG 8UEDQtVWLFD VH SXEOLFD XQD UHVHxD GH OD 5HVROXFLyQ GHO FRQVHOOHU GH 7HUULWRULR\9LYLHQGDGHGHVHSWLHPEUHGHODFXDOVHKDSXEOL FDGRMXQWRFRQODVQRUPDVXUEDQtVWLFDVDSUREDGDVHQHO%ROHWtQ2ILFLDO GHOD3URYLQFLDGH$OLFDQWHQ~PHURGHGHDEULOGH ([S 3/ &RUUHFFLyQ GH HUURU PDWHULDO HQ ILFKDV$5 \ $5(O$OWHWGHO3ODQ*HQHUDO 9DOqQFLDG¶DEULOGH/DGLUHFWRUDJHQHUDOG¶2UGHQDFLyGHO 7HUULWRUL6ROHGDG0DUWtQH]5HLJ 9DOHQFLDGHDEULOGH/DGLUHFWRUDJHQHUDOGH2UGHQDFLyQ GHO7HUULWRULR6ROHGDG0DUWtQH]5HLJ Núm. 5516 / 21.05.2007 &RQVHOOHULDGH7HUULWRULL+DELWDWJH 20304 &RQVHOOHULDGH7HUULWRULR\9LYLHQGD 5HVVHQ\DGHO¶DFRUGGHOD&RPLVVLy7HUULWRULDOG¶8UEDQLV PH G¶$ODFDQW GH GDWD GH QRYHPEUH GH SHO TXDO HVGHFODUDGHILQLWLYDPHQWDSURYDGDO¶KRPRORJDFLyLHO3OD SDUFLDOGHO3$,HO3RXHWGHOPXQLFLSLG¶$JRVW 5HVHxDGHODFXHUGRGHOD&RPLVLyQ7HUULWRULDOGH8UEDQLV PRGH$OLFDQWHGHIHFKDGHQRYLHPEUHGHSRUHO TXHVHGHFODUDGHILQLWLYDPHQWHDSUREDGDOD+RPRORJDFLyQ \ 3ODQ 3DUFLDO GHO 3$, HO 3RXHW GHO PXQLFLSLR GH $JRVW >@ >@ ([ $JRVW +RPRORJDFLy L 3OD SDUFLDO GHO 3$, HO 3RXHW SURPRJXWSHU+LMRVGH)UDQFLVFR0RUDQW6/ 'H DFXHUGR FRQ HO DUWtFXOR % GH OD /H\ GH GH QRYLHPEUH GH OD *HQHUDOLWDW9DOHQFLDQD 5HJXODGRUD GH OD$FWLYLGDG 8UEDQtVWLFD '2*9 Q~P GH VH SXEOLFD OD UHVH xD GHO$FXHUGR GH OD &RPLVLyQ7HUULWRULDO GH 8UEDQLVPR GH$OLFDQWH SXEOLFDGRMXQWRFRQODV1RUPDV8UEDQtVWLFDVDSUREDGDVHQHO%ROHWtQ 2ILFLDOGHOD3URYLQFLDGH$OLFDQWHQ~PHURGHOGtDGHDEULOGH ([SWH $JRVW +RPRORJDFLyQ \ 3ODQ 3DUFLDO GHO 3$, ³(O 3RXHW´SURPRYLGRSRU+LMRVGH)UDQFLVFR0RUDQW6/ $ODFDQW G¶DEULO GH ² /D GLUHFWRUD JHQHUDO G¶2UGHQDFLy GHO7HUULWRUL6ROHGDG0DUWLQH]5HLJ $OLFDQWHGHDEULOGH±/DGLUHFWRUDJHQHUDOGH2UGHQDFLyQ GHO7HUULWRULR6ROHGDG0DUWLQH]5HLJ '¶DFRUGDPEO¶DUWLFOH%GHOD/OHLGHGHQRYHP EUHGHOD*HQHUDOLWDW9DOHQFLDQDUHJXODGRUDGHO¶DFWLYLWDWXUEDQtVWLFD '2*9Q~PGHHVSXEOLFDODUHVVHQ\DGHO¶$FRUG GH OD &RPLVVLy7HUULWRULDO G¶8UEDQLVPH G¶$ODFDQW SXEOLFDW MXQWDPHQW DPE OHV QRUPHV XUEDQtVWLTXHV DSURYDGHV HQ HO %XWOOHWt 2ILFLDO GH OD 3URYtQFLDG¶$ODFDQWQ~PHURGHOGLDG¶DEULOGH Núm. 5516 / 21.05.2007 &RQVHOOHULDGH7HUULWRULL+DELWDWJH 20305 &RQVHOOHULDGH7HUULWRULR\9LYLHQGD ,QIRUPDFLy S~EOLFD GH GHFODUDFLy G¶LQWHUpV FRPXQLWDUL SHU D XQD DWULEXFLy G¶~V L DSURILWDPHQW D VzO QR XUEDQLW ]DEOHUHODWLYDDO¶H[WUDFFLyG¶jULGVDERFDGRULWUDFWDPHQW G¶jULGV HQ HO WHUPH PXQLFLSDO GH 9LODIDPpV ([SHGLHQW Q~PHUR>@ ,QIRUPDFLyQ S~EOLFD GH GHFODUDFLyQ GH LQWHUpV FRPXQL WDULR SDUD XQD DWULEXFLyQ GH XVR \ DSURYHFKDPLHQWR HQ VXHORQRXUEDQL]DEOHUHODWLYDDH[WUDFFLyQGHiULGRVYHU WHGHUR\WUDWDPLHQWRGHiULGRVHQHOWpUPLQRPXQLFLSDOGH 9LODIDPpV([SHGLHQWHQ~PHUR>@ &DUORV$UD&DUUDVFRVDHQUHSUHVHQWDFLyGHODPHUFDQWLOÈULGRVOD %DURQD 6/ KD VROÂOLFLWDW OD GHFODUDFLy G¶LQWHUpV FRPXQLWDUL SHU D XQD DWULEXFLyG¶~VLDSURILWDPHQWDVzOQRXUEDQLW]DEOHUHODWLYDDO¶H[WUDF FLyG¶jULGVDERFDGRULWUDFWDPHQWG¶jULGVH[SHGLHQWHQHO WHUPHPXQLFLSDOGH9LODIDPpVXELFDGDHQHOSROtJRQSDUFHOÂOHVD LD 'H FRQIRUPLWDW DPE HO TXH GLVSRVD O¶DUWLFOH D GH OD /OHL GHGHGHVHPEUHGHOD*HQHUDOLWDW9DOHQFLDQDVREUHVzOQR XUEDQLW]DEOHXQDYHJDGDDGPHVDDWUjPLWODVROÂOLFLWXGV¶REULODLQIRU PDFLyS~EOLFDGXUDQWHOWHUPLQLGHYLQWGLHVKjELOVFRPSWDGRUVDSDU WLUGHO¶HQGHPjGHODSXEOLFDFLyGHOSUHVHQWDQXQFLHQHO'LDUL2ILFLDO GHOD&RPXQLWDW9DOHQFLDQDHQHOTXDOHOVLQWHUHVVDWVSRGHQFRQVXOWDU O¶H[SHGLHQWGHGHFODUDFLyG¶LQWHUpVFRPXQLWDULLIRUPXODUSHUHVFULWOHV REVHUYDFLRQVTXHHVWLPHQSHUWLQHQWVDOHVRILFLQHVGHO6HUYHL7HUULWR ULDOG¶2UGHQDFLyGHO7HUULWRULGHODFRQVHOOHULDGH7HUULWRULL+DELWDWJH DYGHO0DUQ~PSODQWDSULPHUDGH&DVWHOOy &DUORV$UD&DUUDVFRVDHQUHSUHVHQWDFLyQGHODPHUFDQWLO$ULGRV/D %DURQD6/KDVROLFLWDGRGHFODUDFLyQGHLQWHUpVFRPXQLWDULRSDUDXQD DWULEXFLyQGHXVR\DSURYHFKDPLHQWRHQVXHORQRXUEDQL]DEOHUHODWLYD D H[WUDFFLyQ GH iULGRV YHUWHGHUR \ WUDWDPLHQWR GH iULGRV H[SHGLHQWH HQHOWpUPLQRPXQLFLSDOGH9LODIDPpVXELFDGDHQHOSROt JRQRSDUFHODVD\D 'HFRQIRUPLGDGFRQORGLVSXHVWRHQHODUWtFXORDGHOD/H\ GHGHGLFLHPEUHGHOD*HQHUDOLWDW9DOHQFLDQDVREUHVXHOR QRXUEDQL]DEOHXQDYH]DGPLWLGDDWUiPLWHODVROLFLWXGVHDEUHLQIRU PDFLyQS~EOLFDGXUDQWHHOSOD]RGHYHLQWHGtDVKiELOHVFRQWDGRVDSDU WLUGHOGtDVLJXLHQWHGHODSXEOLFDFLyQGHOSUHVHQWHDQXQFLRHQHO'LDUL 2ILFLDOGHOD&RPXQLWDW9DOHQFLDQDHQHOFXDOORVLQWHUHVDGRVSXHGHQ FRQVXOWDUHOH[SHGLHQWHGH'HFODUDFLyQGH,QWHUpV&RPXQLWDULR\IRU PXODUSRUHVFULWRODVREVHUYDFLRQHVTXHHVWLPHQSHUWLQHQWHVHQODVRIL FLQDVGHO6HUYLFLR7HUULWRULDOGH2UGHQDFLyQGHO7HUULWRULRGHODFRQVH OOHULDGH7HUULWRULR\9LYLHQGDDYGHO0DUQSODQWDSULPHUDGH &DVWHOOyQ /RTXHVHKDFHS~EOLFRSDUDJHQHUDOFRQRFLPLHQWR )HWTXHIHPS~EOLFSHUDFRQHL[HPHQWJHQHUDO &DVWHOOyGHOD3ODQDG¶DEULOGH±(OFDSGHO6HUYHL7HUUL WRULDOG¶2UGHQDFLyGHO7HUULWRUL)HUQDQGR5HQDX)DXEHOO &DVWHOOyQ GH OD 3ODQD GH DEULO GH ± (O MHIH GHO VHUYLFLR WHUULWRULDOGH2UGHQDFLyQGHO7HUULWRULR)HUQDQGR5HQDX)DXEHOO Núm. 5516 / 21.05.2007 &RQVHOOHULDGH7HUULWRULL+DELWDWJH 20306 &RQVHOOHULDGH7HUULWRULR\9LYLHQGD 5HVVHQ\D GH O¶DFRUG GH OD &RPLVVLy 7HUULWRULDO G¶8UED QLVPHG¶$ODFDQWGHGDWDGHPDUoGHOSHOTXDOHV GHFODUD GHILQLWLYDPHQW DSURYDGD O¶KRPRORJDFLy L HO 3OD SDUFLDO GHO VHFWRU 33, 5RGDOHW GHO PXQLFLSL GH 6DQW 9LFHQWGHO5DVSHLJ>@ 5HVHxDGHODFXHUGRGHOD&RPLVLyQ7HUULWRULDOGH8UEDQLV PRGH$OLFDQWHGHIHFKDGHPDU]RGHSRUHOTXHVH GHFODUDGHILQLWLYDPHQWHDSUREDGDODKRPRORJDFLyQ\3ODQ SDUFLDO GHO VHFWRU 33, 5RGDOHW GHO PXQLFLSLR GH 6DQ 9LFHQWHGHO5DVSHLJ>@ '¶DFRUGDPEO¶DUWLFOH%GHOD/OHLGHGHQRYHP EUHGHOD*HQHUDOLWDW9DOHQFLDQDUHJXODGRUDGHO¶DFWLYLWDWXUEDQtVWLFD '2*9 Q~P GH GH QRYHPEUH GH HV SXEOLFD OD UHV VHQ\D GH O¶DFRUG GH OD &RPLVVLy 7HUULWRULDO G¶8UEDQLVPH G¶$ODFDQW SXEOLFDWMXQWDPHQWDPEOHVQRUPHVXUEDQtVWLTXHVDSURYDGHVHQHO%XW OOHWt2ILFLDO GH OD 3URYtQFLD G¶$ODFDQW Q~P GHO GLD G¶DEULO GHO ([S 6DQW 9LFHQW GHO 5DVSHLJ +RPRORJDFLy L 3OD SDUFLDO GHO VHFWRU 33, 5RGDOHW SURPRJXW SHU 'HVDUUROOR 8UEDQtVWLFR 0DUH 1RVWUXP6/ 'H DFXHUGR FRQ HO DUWtFXOR % GH OD /H\ GH GH QRYLHPEUH GH OD *HQHUDOLWDW9DOHQFLDQD 5HJXODGRUD GH OD$FWLYLGDG 8UEDQtVWLFD'2*9Q~PHURGHGHQRYLHPEUHGHVH SXEOLFDODUHVHxDGHO$FXHUGRGHOD&RPLVLyQ7HUULWRULDOGH8UEDQLVPR GH$OLFDQWHSXEOLFDGRMXQWRFRQODVQRUPDVXUEDQtVWLFDVDSUREDGDVHQ HO%ROHWtQ2ILFLDOGHOD3URYLQFLDGH$OLFDQWHQ~PHURGHOGtDGH DEULOGH ([S6DQ9LFHQWHGHO5DVSHLJ+RPRORJDFLyQ\3ODQSDUFLDO GHOVHFWRU33,5RGDOHWSURPRYLGRSRU'HVDUUROOR8UEDQtVLWFR0DUH 1RVWUXP6/ $ODFDQWG¶DEULOGH/DGLUHFWRUDJHQHUDOG¶2UGHQDFLyGHO 7HUULWRUL6ROHGDG0DUWtQH]5HLJ $OLFDQWHGHDEULOGH/DGLUHFWRUDJHQHUDOGH2UGHQDFLyQ GHO7HUULWRULR6ROHGDG0DUWtQH]5HLJ Núm. 5516 / 21.05.2007 $MXQWDPHQWG¶$ODFDQW ,QIRUPDFLyS~EOLFDGHO3URMHFWHGHOD,QWHUVHFFLyGHOD&9 DPEOD9LD3DUFG¶$ODFDQW>@ 20307 $\XQWDPLHQWRGH$OLFDQWH ,QIRUPDFLyQS~EOLFDGHO3UR\HFWRGHOD,QWHUVHFFLyQGHOD &9FRQOD9tD3DUTXHGH$OLFDQWH>@ /D UHJLGRUD GHOHJDGD G¶8UEDQLVPH DPE GDWD GH VHWHPEUH GH KDGLFWDWODVHJHQWUHVROXFLy 6RWPHWUHDLQIRUPDFLyS~EOLFDSHUWHUPLQLG¶XQPHVFRPSWDWGHV GH O¶HQGHPj GH OD SXEOLFDFLy G¶HVWH HGLFWH HQ HO 'LDUL 2ILFLDO GH OD &RPXQLWDW9DOHQFLDQDHO3URMHFWHGHOD,QWHUVHFFLyGHOD&9DPE OD9LD3DUFG¶$ODFDQW &RVDTXHHVSXEOLFDSHUTXqHQSUHQJXHXFRQHL[HPHQWLHVIDVDEHU TXHO¶H[SHGLHQWHVSRGUjH[DPLQDWDO¶2ILFLQD0XQLFLSDOG¶,QIRUPDFLy 8UEDQtVWLFD FDUUHU 6DQW 1LFRODX L TXH GXUDQW HO WHUPLQL LQGLFDW SRGUDQ SUHVHQWDUVH DOÂOHJDFLRQV WRW DL[z GH FRQIRUPLWDW DPE HO TXH GLVSRVHQHOVDUWLFOHVLHQUHODFLyDPEHOVDUWLFOHVL GHOD/OHLGHGHGHVHPEUH8UEDQtVWLFD9DOHQFLDQD /DFRQFHMDODGHOHJDGDGH8UEDQLVPRFRQIHFKDGHVHSWLHPEUH GHKDGLFWDGRODVLJXLHQWHUHVROXFLyQ 6RPHWHU D LQIRUPDFLyQ S~EOLFD SRU SOD]R GH XQ PHV FRQWDGR GHVGHHOGtDVLJXLHQWHDODSXEOLFDFLyQGHHVWHHGLFWRHQHO'LDUL2IL FLDOGHOD&RPXQLWDW9DOHQFLDQDHO3UR\HFWRGHOD,QWHUVHFFLyQGHOD &9FRQOD9tD3DUTXHGH$OLFDQWH /R TXH VH SXEOLFD SDUD JHQHUDO FRQRFLPLHQWR VLJQLILFDQGR TXH HOH[SHGLHQWHSRGUiVHUH[DPLQDGRHQOD2ILFLQD0XQLFLSDOGH,QIRU PDFLyQ 8UEDQtVWLFD FDOOH 6DQ 1LFROiV \ TXH GXUDQWH HO LQGLFDGR SOD]R SRGUiQ SUHVHQWDUVH DOHJDFLRQHV WRGR HOOR GH FRQIRUPLGDG FRQ OR GLVSXHVWR HQ ORV DUWtFXORV \ HQ UHODFLyQ FRQ ORV DUWtFXORV \GHOD/H\GHGHGLFLHPEUH8UEDQtVWLFD9DOHQ FLDQD $ODFDQW GH PDUo GH ± /D UHJLGRUD G¶8UEDQLVPH 6RQLD &DVWHGR5DPRV(OYLFHVHFUHWDUL*HUPiQ3DVFXDO5XL]9DOGHSHxDV $OLFDQWH GH PDU]R GH ± /D FRQFHMDOD GH 8UEDQLVPR 6RQLD &DVWHGR 5DPRV (O YLFHVHFUHWDULR *HUPiQ 3DVFXDO 5XL]9DO GHSHxDV Núm. 5516 / 21.05.2007 $MXQWDPHQWGH%HQLGRUP ,QIRUPDFLy S~EOLFD GH OD SURSRVWD GH FRQYHQL XUEDQtVWLF SHU D O¶REWHQFLy GH VzO GRWDFLRQDO HQ OD SDUWLGD GH 0DU [DVVRV SHU D OD XELFDFLy GHO IXWXU +RVSLWDO &RPDUFDO >@ 20308 $\XQWDPLHQWRGH%HQLGRUP ,QIRUPDFLyQS~EOLFDGHODSURSXHVWDGHFRQYHQLRXUEDQtV WLFRSDUDODREWHQFLyQGHVXHORGRWDFLRQDOHQODSDUWLGDGH 0DU[DVVRV SDUD OD XELFDFLyQ GHO IXWXUR +RVSLWDO &RPDU FDO>@ (Q FRPSOLPHQW GHO TXH V¶KD SUHYLVW HQ OD GLVSRVLFLy DGGLFLRQDO TXDUWDGHOD/OHLGHGHGHVHPEUHGHOD*HQHUDOLWDW8UED QtVWLFD9DOHQFLDQDHVIDVDEHUTXHHVWD$OFDOGLDPLWMDQoDQWHO'HFUHW GHGHPDUoGHRwGDOD-XQWDGH*RYHUQ/RFDOKD UHVROW VRWPHWUH D LQIRUPDFLy S~EOLFD OD GRFXPHQWDFLy UHIHULGD D OD SURSRVWD GH FRQYHQL XUEDQtVWLF SHU D O¶REWHQFLy GH VzO GRWDFLRQDO HQ ODSDUWLGDGH0DU[DVVRVG¶HVWHWHUPHPXQLFLSDOSHUDODXELFDFLyGHO IXWXU+RVSLWDO&RPDUFDO /DGLWDGRFXPHQWDFLyV¶H[SRVDDOS~EOLFSHUXQWHUPLQLGHGLHV KjELOV FRPSWDWV D SDUWLU GH O¶HQGHPj GH OD GDWD GH SXEOLFDFLy G¶HVWH HGLFWHHQHO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQDDO¶HIHFWHTXH SHUSDUWGHOVLQWHUHVVDWVHVSXJDH[DPLQDUODGRFXPHQWDFLyLVLpVHO FDVSUHVHQWDUDOÂOHJDFLRQV (QFXPSOLPLHQWRGHORSUHYHQLGRHQODGLVSRVLFLyQDGLFLRQDOFXDU WDGHOD/H\GHGHGLFLHPEUHGHOD*HQHUDOLWDW8UEDQtV WLFD 9DOHQFLDQD VH KDFH VDEHU TXH HVWD $OFDOGtD PHGLDQWH 'HFUHWR GHGHPDU]RGHRtGDOD-XQWDGH*RELHUQR/RFDO KDUHVXHOWRVRPHWHUDLQIRUPDFLyQS~EOLFDODGRFXPHQWDFLyQUHIHULGDD ODSURSXHVWDGHFRQYHQLRXUEDQtVWLFRSDUDODREWHQFLyQGHVXHORGRWD FLRQDO HQ OD SDUWLGD GH 0DU[DVVRV GH HVWH WpUPLQR PXQLFLSDO SDUD OD XELFDFLyQGHOIXWXUR+RVSLWDO&RPDUFDO 'LFKD GRFXPHQWDFLyQ VH H[SRQH DO S~EOLFR SRU SOD]R GH GtDV KiELOHVFRQWDGRVDSDUWLUGHOVLJXLHQWHDOGHODIHFKDGHSXEOLFDFLyQGH HVWHHGLFWRHQHO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQDDHIHFWRV GHTXHSRUSDUWHGHORVLQWHUHVDGRVVHSXHGDH[DPLQDUODGRFXPHQWD FLyQ\HQVXFDVRSUHVHQWDUDOHJDFLRQHV %HQLGRUPGHPDUoGH±(OUHJLGRUGHOHJDWG¶8UEDQLVPH 0DQXHO$JHUD*XWLpUUH] %HQLGRUPGHPDU]RGH±(OFRQFHMDOGHOHJDGRGH8UED QLVPR0DQXHO$JHUD*XWLpUUH] Núm. 5516 / 21.05.2007 $MXQWDPHQWGH'pQLD 20309 $\XQWDPLHQWRGH'pQLD ,QIRUPDFLyS~EOLFDGHO¶DSURYDFLyGHOSURMHFWHG¶XUEDQLW ]DFLy H[SHGLHQW D OD SDUWLGD GHO &RUUDO GH &DODIDWFDUUHUGHO&DFWXV>@ ,QIRUPDFLyQ S~EOLFD GH OD DSUREDFLyQ GHO SUR\HFWR GH XUEDQL]DFLyQH[SHGLHQWHHQSDUWLGDGHO&RU UDOGH&DODIDWFDOOHGHO&DFWXV> (O&RQVHOOGH*HUqQFLD0XQLFLSDOG¶8UEDQLVPHHQODVHVVLyRUGL QjULD FHOHEUDGD HO GH JHQHU GH YD DSURYDU SHU XQDQLPLWDW L GHFRQIRUPLWDWDPEHOVLQIRUPHVWqFQLFVLMXUtGLFVHPHVRVHOSURMHFWH G¶XUEDQLW]DFLyTXHDFRQWLQXDFLyV¶H[SUHVVD /OLFqQFLD G¶XUEDQLW]DFLy GH FRQQH[Ly D OD [DU[D GH FODYHJXHUDP H[SHGLHQW SDUWLGD GHO &RUUDO GH &DODIDW FDUUHU GHO &DF WXVSURPRJXWSHU-XDQ6%HQDYHQWH)DXVHQUHSUHVHQWDFLyGH.DULQD +LOOV6/H[SRVLFLyS~EOLFD%23L'2*9 /DTXDOFRVDHVIDS~EOLFDHQFRPSOLPHQWGHOTXHGLVSRVHQHOVDUWL FOHVLGHOD/OHLGHGHGHVHPEUH8UEDQtV WLFD9DOHQFLDQD (O&RQVHMRGH*HUHQFLD0XQLFLSDOGH8UEDQLVPRHQVHVLyQRUGL QDULDFHOHEUDGDHOGHHQHURGHDSUREySRUXQDQLPLGDG\GH FRQIRUPLGDGFRQORVLQIRUPHVWpFQLFRV\MXUtGLFRVHPLWLGRVHOSUR\HF WRGHXUEDQL]DFLyQTXHDFRQWLQXDFLyQVHH[SUHVD /LFHQFLD GH XUEDQL]DFLyQ GH FRQH[LyQ D OD UHG GH DOFDQWDULOODGR H[SHGLHQWHSDUWLGDGHO&RUUDOGH&DODIDWFDOOHGHO&DFWXV SURPRYLGR SRU -XDQ 6 %HQDYHQWH )DXV HQ UHSUHVHQWDFLyQ GH .DULQD +LOOV6/H[SRVLFLyQS~EOLFD%23\'2*9 /RTXHVHKDFHS~EOLFRHQFXPSOLPLHQWRGHORSUHYLVWRHQORVDUWt FXORV\GHOD/H\GHGHGLFLHPEUH8UED QtVWLFD9DOHQFLDQD 'pQLD GH IHEUHU GH ± /¶DOFDOGH HQ IXQFLRQV 3DX 5HLJ 3pUH] 'pQLDGHIHEUHURGH±(ODOFDOGHHQIXQFLRQHV3DX5HLJ 3pUH] Núm. 5516 / 21.05.2007 $MXQWDPHQWGH*DQGLD 20310 $\XQWDPLHQWRGH*DQGLD ,QIRUPDFLy S~EOLFD GHO 3URMHFWH GH OD D 0RGLILFDFLy 'HWDOODGDGHO3OD*HQHUDOGH*DQGLD>@ ,QIRUPDFLyQ S~EOLFD GHO 3UR\HFWR GH OD 0RGLILFDFLyQ 'HWDOODGDGHO3ODQ*HQHUDOGH*DQGLD>@ 3HU'HFUHWGHO¶$OFDOGLDGHGHPDUoGHV¶KDUHVROWVRWPHWUH D LQIRUPDFLy S~EOLFD HO 3URMHFWH GH OD D 0RGLILFDFLy 'HWDOODGD GHO 3OD *HQHUDO GH *DQGLD FRQVLVWHQW HQ OD FDWDORJDFLy GH O¶HGLILFL %DQ FDL[D VLWXDW DO SDVVHLJ GH *HUPDQLHV Q~PHUR 'XUDQW HO WHUPLQL G¶XQPHVSRGUjH[DPLQDUVHO¶H[SHGLHQWHQOHVGHSHQGqQFLHVG¶8UED QLVPHGHO¶$MXQWDPHQWLVLpVHOFDVIRUPXODUVHDOÂOHJDFLRQV 3RU 'HFUHWR GH OD$OFDOGtD GH GH PDU]R GH VH KD UHVXHO WR VRPHWHU D LQIRUPDFLyQ S~EOLFD HO 3UR\HFWR GH OD 0RGLILFDFLyQ 'HWDOODGDGHO3ODQ*HQHUDOGH*DQGLDFRQVLVWHQWHHQODFDWDORJDFLyQ GHOHGLILFLR%DQFDL[DVLWXDGRHQHOSDVDMHGH*HUPDQLHVQ~PHUR 'XUDQWH HO SOD]R GH XQ PHV VH SRGUi H[DPLQDU HO H[SHGLHQWH HQ ODV GHSHQGHQFLDVGH8UEDQLVPRGHO$\XQWDPLHQWR\HQVXFDVRIRUPXODU DOHJDFLRQHV *DQGLD GH PDUo GH ± (O VHFUHWDUL JHQHUDO -RVp$QWRQLR $OFyQ=DUDJR]i *DQGLDGHPDU]RGH±(OVHFUHWDULRJHQHUDO-RVp$QWRQLR $OFyQ=DUDJR]i Núm. 5516 / 21.05.2007 $MXQWDPHQWGH*DQGLD 20311 $\XQWDPLHQWRGH*DQGLD ,QIRUPDFLyS~EOLFDGHOSURMHFWHGHUHDMXVWGHODUHSDUFHO ODFLy0DUHQ\V5DIDOFDLG8(>@ ,QIRUPDFLyQS~EOLFDGHOSUR\HFWRGHUHDMXVWHGHODUHSDU FHODFLyQ0DUHQ\V5DIDOFDLG8(>@ &RQIRUPH DO TXH GLVSRVD O¶DUWLFOH L FRQFRUGDQWV GH OD /OHL GHGHGHVHPEUHGHOD*HQHUDOLWDW8UEDQtVWLFD9DOHQFLDQD LHQFRPSOLPHQWGHO'HFUHWGHO¶$OFDOGLDGHGHIHEUHUGHVH VRWPHWDLQIRUPDFLyS~EOLFDSHUWHUPLQLG¶XQPHVHOSURMHFWHGHUHD MXVWGHODUHSDUFHOÂODFLy0DUHQ\V5DIDOFDLG8( 'XUDQWHOGLWSHUtRGHSRGUjFRQVXOWDUVHO¶H[SHGLHQWHQOHVGHSHQ GqQFLHV G¶8UEDQLVPH GH O¶$MXQWDPHQW L VL pV HO FDV IRUPXODUVH OHV DOOHJDFLRQVSHUWLQHQWV &RQIRUPH D OR GLVSXHVWR HQ HO DUWtFXOR \ FRQFRUGDQWHV GH OD /H\GHGHGLFLHPEUHGHOD*HQHUDOLWDW8UEDQtVWLFD9DOHQ FLDQD\HQFXPSOLPLHQWRGHO'HFUHWRGHOD$OFDOGtDGHGHIHEUHUR GHVHVRPHWHDLQIRUPDFLyQS~EOLFDSRUSOD]RGHXQPHVHOSUR \HFWRGHUHDMXVWHGHODUHSDUFHODFLyQ0DUHQ\V5DIDOFDLG8( 'XUDQWH GLFKR SHULRGR SRGUi FRQVXOWDUVH HO H[SHGLHQWH HQ ODV GHSHQGHQFLDVGH8UEDQLVPRGHO$\XQWDPLHQWR\HQVXFDVRIRUPXODU VHODVDOHJDFLRQHVSHUWLQHQWHV *DQGLD GH PDUo GH ± (O VHFUHWDUL JHQHUDO -RVp$QWRQLR $OFyQ=DUDJR]i *DQGLDGHPDU]RGH±(OVHFUHWDULRJHQHUDO-RVp$QWRQLR $OFyQ=DUDJR]i Núm. 5516 / 21.05.2007 $MXQWDPHQWGH5HTXHQD 20312 $\XQWDPLHQWRGH5HTXHQD ,QIRUPDFLy S~EOLFD GHO SURMHFWH G¶XUEDQLW]DFLy SUHVHQWDW SHU %LHQHV 5DtFHV (O 5RPHUDO &% SHU D OD XUEDQLW]DFLy GH OCjPELW G¶HVWXGL GH GHWDOO SROtJRQ LQGXVWULDO (O 5RPH UDO>@ ,QIRUPDFLyQS~EOLFDGHOSUR\HFWRGHXUEDQL]DFLyQSUHVHQ WDGRSRU%LHQHV5DtFHV(O5RPHUDO&%SDUDODXUEDQL]D FLyQ GHO iPELWR GH HVWXGLR GH GHWDOOH SROtJRQR LQGXVWULDO (O5RPHUDO>@ /D-XQWDGH*RYHUQGHO¶$MXQWDPHQWHQODVHVVLyRUGLQjULDGHOGLD GHIHEUHUGHKDDGRSWDWHQWUHDOWUHVO¶DFRUGVHJHQW ©/HV REUHV QR SRGUDQ LQLFLDUVH ILQV TXH QR V¶HVWHQJD O¶DFWD GH FRPSURYDFLy FRUUHVSRQHQW GHO UHSODQWHMDPHQW VXEVFULWD SHO SUR PRWRU HO FRQVWUXFWRU HO GLUHFWRU IDFXOWDWLX L HOV UHSUHVHQWDQWV GH O¶DGPLQLVWUDFLy $ O¶DFWD HVPHQWDGD FDOGUj DGMXQWDU HO GHSzVLW GH OD ILDQoDGHOHVREUHVTXHHVIL[DHQHOGHO¶LPSRUWG¶HVWHV (OSURPRWRUKDXUjGHGHVLJQDUHOGLUHFWRUGHODVREUHVDPEWLWXOD FLyVXILFLHQW ± 6¶HVSHFLILFDUj O¶REOLJDFLy JHQHUDO GHO SURPRWRU G¶DGDSWDU HOV PDWHULDOV SUHIDEULFDWV DOV HVWjQGDUGV PXQLFLSDOV D IL TXH SXJXHQ VHU VXEVWLWXwWVDPEIDFLOLWDW ± 8QD YHJDGD ILQDOLW]DGHV OHV REUHV L VL HVWHV VyQ FRQIRUPHV VH Q¶HVWHQGUjXQDDFWDGHUHFHSFLyDODTXDOFDOGUjDGMXQWDUHOFHUWLILFDW ILQDOG¶REUHVGHOWqFQLFGLUHFWRUHOVLQIRUPHVGHOFRQWUROGHTXDOLWDWHO FHUWLILFDWGHOHVLQVWDOÂODFLRQVGHEDL[DWHQVLyVHJHOODWSHO6HUYHL7HUUL WRULDOG¶,QG~VWULDL6HJXUHWDW,QGXVWULDOLODFHVVLyGHYLDOV$SDUWLUGH ODUHFHSFLyHVPHQWDGDV¶LQLFLDUjHOWHUPLQLGHJDUDQWLDTXHHVIL[DHQ XQDQ\ª 6HJRQ 3HUWRFD OD SXEOLFDFLy GH O¶DFRUG DSURYDWRUL HQ HO %XWOOHWt 2ILFLDOGHOD3URYtQFLDLHQHO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLD QDGHFRQIRUPLWDWDPEHOTXHGLVSRVDO¶DUWLFOHGHOD/OHL 8UEDQtVWLFD9DOHQFLDQD/89 (VIDVDEHUTXHFRQWUDHVWHDFWHTXHSRVDILDODYLDDGPLQLVWUDWLYD HV SRGUj LQWHUSRVDU SRWHVWDWLYDPHQW L VHQVH SHUMXGLFL GH O¶HIHFWLYLWDW LPPHGLDWD GH O¶DFRUG XQ UHFXUV GH UHSRVLFLy HQIURQW GH O¶zUJDQ TXH KDGLFWDWODUHVROXFLyHQHOWHUPLQLG¶XQPHVFRPSWDGRUGHVGHODSUH VHQW SXEOLFDFLy R Ep LQWHUSRVDUVH GLUHFWDPHQW XQ UHFXUV FRQWHQFLyV DGPLQLVWUDWLXGDYDQWGHO-XWMDW&RQWHQFLyV$GPLQLVWUDWLXGH9DOqQFLD HQHOWHUPLQLGHGRVPHVHVFRPSWDGRUVGHVGHODSXEOLFDFLyGHOSUHVHQ WHDQXQFL /D -XQWD GH *RELHUQR GH HVWH D\XQWDPLHQWR HQ VHVLyQ RUGLQDULD FHOHEUDGDHOGtDGHIHEUHURGHDGRSWyHQWUHRWURVHOVLJXLHQ WHDFXHUGR 3ULPHUR$SUREDUHOSUR\HFWRGHXUEDQL]DFLyQSUHVHQWDGRSRU%LH QHV5DtFHV(O5RPHUDO&%SDUDODXUEDQL]DFLyQGHOiPELWRGHHVWX GLR GH GHWDOOH SROtJRQR LQGXVWULDO (O 5RPHUDO DSUREDGR SRU DFXHUGR GHO3OHQRGHGHPDU]RGHFRQODVVLJXLHQWHVFRQGLFLRQHVGH HMHFXFLyQ ©/DVREUDVQRSRGUiQLQLFLDUVHKDVWDTXHQRVHOHYDQWHODFRUUHV SRQGLHQWH DFWD GH FRPSUREDFLyQ GHO UHSODQWHR VXVFULWD SRU HO SUR PRWRUHOFRQVWUXFWRUHOGLUHFWRUIDFXOWDWLYR\ORVUHSUHVHQWDQWHVGHOD DGPLQLVWUDFLyQ'LFKDDFWDVHDFRPSDxDUiFRQHOGHSyVLWRGHODILDQ]D GHODVREUDVTXHVHILMDHQHOGHOLPSRUWHGHODVPLVPDV 6H GHVLJQDUi SRU SDUWH GHO SURPRWRU DO GLUHFWRU GH ODV REUDV FRQ WLWXODFLyQVXILFLHQWH ±6HHVSHFLILFDUiODREOLJDFLyQJHQHUDOGHOSURPRWRUGHDGDSWDUORV PDWHULDOHV SUHIDEULFDGRV D ORV HVWiQGDUHV PXQLFLSDOHV FRQ HO ILQ GH SRGHUVHUVXVWLWXLGRVFRQIDFLOLGDG ±8QDYH]ILQDOL]DGDVODVREUDV\VLHVWDVVRQFRQIRUPHVVHOHYDQ WDUi DFWD GH UHFHSFLyQ GH ODV PLVPDV D OD TXH DFRPSDxDUDQ HO FHUWL ILFDGRILQDOGHREUDVGHOWpFQLFRGLUHFWRUORVLQIRUPHVGHOFRQWUROGH FDOLGDGHOFHUWLILFDGRGHODVLQVWDODFLRQHVGHEDMDWHQVLyQVHOODGRSRU HO 6HUYLFLR7HUULWRULDO GH ,QGXVWULD \ 6HJXULGDG ,QGXVWULDO \ OD FHVLyQ GHYLDOHV$SDUWLUGHGLFKDUHFHSFLyQVHLQLFLDUiHOSOD]RGHJDUDQWtD TXHVHILMDHQXQDxRª 6HJXQGR3URFHGHUDODSXEOLFDFLyQGHODFXHUGRDSUREDWRULRHQHO %ROHWtQ2ILFLDOGHOD3URYLQFLD\HQHO'LDUL2ILFLDOGHOD&RPXQLWDW 9DOHQFLDQD GH FRQIRUPLGDG FRQ OR SUHYLVWR HQ HO DUWtFXOR GH OD /H\8UEDQtVWLFD9DOHQFLDQD/89 +DFLHQGRVDEHUTXHFRQWUDHODFWRTXHSRQHILQDODYtDDGPLQLV WUDWLYDVHSRGUiLQWHUSRQHUSRWHVWDWLYDPHQWH\VLQSHUMXLFLRGHODHIHF WLYLGDGLQPHGLDWDGHODFXHUGRUHFXUVRGHUHSRVLFLyQIUHQWHDOyUJDQR TXHKDGLFWDGRODUHVROXFLyQHQHOSOD]RGHXQPHVDFRQWDUGHVGHOD SUHVHQWHSXEOLFDFLyQRELHQLQWHUSRQHUGLUHFWDPHQWHUHFXUVRFRQWHQFL RVRDGPLQLVWUDWLYRDQWHHO-X]JDGRGHOR&RQWHQFLRVR$GPLQLVWUDWLYR GH9DOHQFLDHQHOWpUPLQRGHGRVPHVHVDFRQWDUGHVGHODSXEOLFDFLyQ GHOSUHVHQWHDQXQFLR 5HTXHQDGHPDUoGH±/¶DOFDOGH$GHOR0RQWpV'LDQD 5HTXHQDGHPDU]RGH±(ODOFDOGH$GHOR0RQWpV'LDQD 3ULPHU $SURYDU HO SURMHFWH G¶XUEDQLW]DFLy SUHVHQWDW SHU %LHQHV 5DtFHV (O 5RPHUDO &% SHU D OD XUEDQLW]DFLy GH O¶jPELW G¶HVWXGL GH GHWDOOGHOSROtJRQLQGXVWULDO(O5RPHUDODSURYDWSHUXQDFRUGGHO3OH GHGHPDUoGHDPEOHVFRQGLFLRQVG¶H[HFXFLyVHJHQWV Núm. 5516 / 21.05.2007 $MXQWDPHQWGH6DJXQW ,QIRUPDFLyS~EOLFDGHO¶DSURYDFLyGHO3URMHFWHG¶8UEDQLW ]DFLyGHOHV8QLWDWVG¶$FWXDFLyL>@ 20313 $\XQWDPLHQWRGH6DJXQWR ,QIRUPDFLyQ S~EOLFD GH OD DSUREDFLyQ GHO 3UR\HFWR GH 8UEDQL]DFLyQ GH ODV 8QLGDGHV GH $FWXDFLyQ \ >@ /D -XQWD GH *RYHUQ /RFDO HQ VHVVLy RUGLQjULD FHOHEUDGD HO GLD GH PDUo GH YD DGRSWDU SHU XQDQLPLWDW HQWUH DOWUHV O¶DFRUG VHJHQW $SURYDFLy3URMHFWHG¶8UEDQLW]DFLyGHOHV8QLWDWVG¶$FWXDFLy L([SHGLHQW3/ /D -XQWD GH *RELHUQR /RFDO HQ VHVLyQ RUGLQDULD FHOHEUDGD HO GtD GHPDU]RGHDGRSWySRUXQDQLPLGDGHQWUHRWURVHOVLJXLHQWH DFXHUGR $SUREDFLyQ3UR\HFWRGH8UEDQL]DFLyQGHODV8QLGDGHVGH$FWX DFLyQ\([SHGLHQWH3/ 3ULPHU $SURYDUHO3URMHFWHG¶8UEDQLW]DFLyGHOHV8QLWDWVG¶([HFXFLy LDPEGDWDG¶HQWUDGDHOG¶RFWXEUHGHQ~PHUR5( 3ULPHUR $SUREDU HO 3UR\HFWR GH 8UEDQL]DFLyQ GH ODV 8QLGDGHV GH (MHFX FLyQ\FRQIHFKDGHHQWUDGDHOGHRFWXEUHGHQ~PHUR 5( 6HJRQ 3XEOLFDUHOSUHVHQWDFRUGHQHO%XWOOHWt2ILFLDOGHOD3URYtQFLDLHQ HO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQDGHFRQIRUPLWDWDPEHOTXH GLVSRVDO¶DUWLFOHGHOD/OHL8UEDQtVWLFD9DOHQFLDQD 6HJXQGR 3XEOLFDUHOSUHVHQWHDFXHUGRHQHO%ROHWtQ2ILFLDOGHOD3URYLQFLD\ HQHO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQDGHFRQIRUPLGDGFRQOR GLVSXHVWRHQHODUWtFXORGHOD/H\8UEDQtVWLFD9DOHQFLDQD 7HUFHU /¶DJHQWXUEDQLW]DGRUGLVSRVDGHOWHUPLQLG¶XQPHVGHVGHODQRWLIL FDFLyGHOSUHVHQWHGLFWHSHUDDSRUWDUODGRFXPHQWDFLyUHIRVDTXHFRQ WLQJDWRWVHOVFRQGLFLRQDQWVLREVHUYDFLRQVUHDOLW]DGHVSHOV667700 HQO¶LQIRUPHWUDQVFULW (VWH DFWH GH FRQIRUPLWDW DPE HO TXH HVWDEOL[ O¶DUWLFOH GH OD /OHLGHGHQRYHPEUHSRVDILDODYLDDGPLQLVWUDWLYDLV¶KL SRGUjLQWHUSRVDUDPEFDUjFWHUSRWHVWDWLXUHFXUVGHUHSRVLFLyRLPSXJ QDUORGLUHFWDPHQWGDYDQWGHODMXULVGLFFLyFRQWHQFLRVDDGPLQLVWUDWLYD 7HUFHUR (ODJHQWHXUEDQL]DGRUFXHQWDFRQHOSOD]RGHXQPHVGHVGHODQRWL ILFDFLyQ GH OD SUHVHQWH SDUD DSRUWDU OD GRFXPHQWDFLyQ UHIXQGLGD TXH UHFRMD WRGRV ORV FRQGLFLRQDQWHV \ REVHUYDFLRQHV UHDOL]DGDV SRU ORV 667700HQHOLQIRUPHWUDVFULWR (VWHDFWRGHFRQIRUPLGDGFRQORHVWDEOHFLGRHQHODUWtFXORGH OD/H\GHGHQRYLHPEUHSRQHILQDODYtDDGPLQLVWUDWLYD &RQWUDHOPLVPRSRGUiLQWHUSRQHUFRQFDUiFWHUSRWHVWDWLYRUHFXU VR GH UHSRVLFLyQ R LPSXJQDUOR GLUHFWDPHQWH DQWH OD MXULVGLFFLyQ FRQ WHQFLRVRDGPLQLVWUDWLYD (Q HO VXSXHVWR GH TXH RSWH SRU OD LQWHUSRVLFLyQ GHO UHFXUVR GH UHSRVLFLyQORKDUiDQWHHOyUJDQRPXQLFLSDOTXHGLFWyHODFWR\HQHO SOD]RGHXQPHVDFRQWDUGHVGHHOGtDVLJXLHQWHDDTXHOHQTXHWHQJD OXJDUODSXEOLFDFLyQGHOPLVPRGHELHQGRWHQHUHQFXHQWDTXHVXLQWHU SRVLFLyQ LPSHGLUi KDVWD VX UHVROXFLyQ H[SUHVD R GHVHVWLPDFLyQ SUH VXQWDODXWLOL]DFLyQGHYtDFRQWHQFLRVRDGPLQLVWUDWLYD (O UHFXUVR GHEHUi UHVROYHUVH \ QRWLILFDUVH HQ HO SOD]R GH XQ PHV HQWHQGLpQGRVH GHVHVWLPDGR \ TXHGDQGR H[SHGLWD OD YtD FRQWHQFLRVR DGPLQLVWUDWLYDHQFDVRFRQWUDULR (Q HO VXSXHVWR GH TXH GHFLGD LQWHUSRQHU UHFXUVR FRQWHQFLRVR DGPLQLVWUDWLYRGLUHFWDPHQWHORKDUiDQWHHOMX]JDGRGHORFRQWHQFLRVR DGPLQLVWUDWLYRFRUUHVSRQGLHQWHFRQVHGHHQODFLXGDGGH9DOHQFLDHQ HOSOD]RGHGRVPHVHVFRQWDGRVGHVGHHOGtDVLJXLHQWHDDTXHOHQTXH WHQJDOXJDUODSXEOLFDFLyQGHOSUHVHQWHDFXHUGRGHFRQIRUPLGDGFRQOR GLVSXHVWRHQORVDUWtFXORVGHOD/H\GHGHMXOLR 7RGRHOORVLQSHUMXLFLRGHTXHSXHGDHMHUFLWDUFXDOTXLHURWUDDFFLyQ RUHFXUVRTXHHVWLPHFRQYHQLHQWHHQGHIHQVDGHVXVGHUHFKRV /R TXH VH WUDVODGD D ORV HIHFWRV RSRUWXQRV \ D UHVHUYD GH OR TXH UHVXOWHGHODDSUREDFLyQGHODFWDFRUUHVSRQGLHQWH (Q HO FDV TXH RSWH SHU OD LQWHUSRVLFLy GHO UHFXUV GH UHSRVLFLy KR IDUj GDYDQW GH O¶zUJDQ PXQLFLSDO TXH YD GLFWDU O¶DFWH L HQ HO WHUPLQL G¶XQ PHV D FRPSWDU GHV GH O¶HQGHPj GH OD SXEOLFDFLy G¶HVWH FDOGUj WLQGUH HQ FRPSWH TXH OD LQWHUSRVLFLy LPSHGLUj ILQV D OD UHVROXFLy H[SUHVVDRGHVHVWLPDFLySUHVXPSWDODXWLOLW]DFLyGHODYLDFRQWHQFLRVD DGPLQLVWUDWLYD (OUHFXUVKDXUjGHUHVROGUH¶VLQRWLILFDUVHHQHOWHUPLQLG¶XQPHV V¶HQWHQGUj GHVHVWLPDW L TXHGDUj H[SHGLWD OD YLD FRQWHQFLRVD DGPLQLV WUDWLYDHQFDVFRQWUDUL (QHOFDVTXHGHFLGLVFDLQWHUSRVDUUHFXUVFRQWHQFLyVDGPLQLVWUDWLX GLUHFWDPHQWKR IDUj GDYDQW GHO MXWMDWFRQWHQFLyVDGPLQLVWUDWLXFRUUHV SRQHQW DPE VHX D OD FLXWDW GH 9DOqQFLD HQ HO WHUPLQL GH GRV PHVRV FRPSWDWVGHVGHO¶HQGHPjGHODSXEOLFDFLyGHOSUHVHQWDFRUGGHFRQ IRUPLWDWDPEHOTXHGLVSRVHQHOVDUWLFOHVGHOD/OHL GHGHMXOLRO 7RW DL[z VHQVH SHUMXGLFL TXH SXJD H[HUFLU TXDOVHYRO DOWUD DFFLy R UHFXUVTXHHVWLPHFRQYHQLHQWHQGHIHQVDGHOVVHXVGUHWV &RVDTXHHVWUDVOODGDDOVHIHFWHVRSRUWXQVLDUHVHUYDGHOTXHUHVXO WHGHO¶DSURYDFLyGHO¶DFWDFRUUHVSRQHQW 6DJXQWGHPDUoGH/¶DOFDOGHVVD*ORULD&DOHUR$OEDO 6DJXQWRGHPDU]RGH/DDOFDOGHVD*ORULD&DOHUR$OEDO Núm. 5516 / 21.05.2007 &RVWD(VWH(XURSD,QYHUVLRQHV,QPREOLDULDV6$ 20314 &RVWD(VWH(XURSD,QYHUVLRQHV,QPREOLDULDV6$ ,QIRUPDFLy S~EOLFD GHO SURMHFWH GH UHSDUFHOÂODFLy YROXQ WjULDSHUDO¶jPELWGHODXQLWDWG¶H[HFXFLyQ~PHURGHO VzO XUEj G¶$QDKXLU 3OD *HQHUDO G¶2UGHQDFLy 8UEDQD GH ;jWLYD>@ ,QIRUPDFLyQS~EOLFDGHOSUR\HFWRGHUHSDUFHODFLyQYROXQ WDULDSDUDHOiPELWRGHODXQLGDGGHHMHFXFLyQQ~PHUR GHOVXHORXUEDQRGH$QDKXLU3ODQ*HQHUDOGH2UGHQDFLyQ 8UEDQDGH;jWLYD>@ 3RU-RVp(QULTXH6HUUD9LOD5DIDHO-RVp9LOD3HLUy)UDQFLVFD6DQ KLSyOLWR 5LEHOOHV 3OiFLGR )HUUDJXG$OLxR 0DUtD 5RVD *DUFtD )XULy -RVp 5DPyQ 9LOD 3HLUy OD PHUFDQWLO &RVWD (VWH (XURSD ,QYHUVLRQHV ,QPRELOLDULDV 6$ \ ÈOYDUR 6HUUD 0HUFH VH KD SURPRYLGR SUR\HFWR GH UHSDUFHODFLyQ YROXQWDULD SDUD HO iPELWR GHOLPLWDGR SRU OD XQLGDG GH HMHFXFLyQ Q~PHUR GH VXHOR XUEDQR GH OD ]RQD GH$QDKXLU GHO 3ODQ *HQHUDO GH 2UGHQDFLyQ 8UEDQD GH ;jWLYD 'H FRQIRUPLGDG FRQ OR SUHYLVWR HQ HO DUWtFXOR GH OD /H\ GH OD *HQHUDOLWDW 8UEDQtVWLFD 9DOHQFLDQD VH SURFHGH D OD H[SRVLFLyQ S~EOLFD GH GLFKD UHSDUFHODFLyQ YROXQWDULD SRU OR TXH ORV LQWHUHVDGRV SRGUiQ FRQVXO WDU WDQWR HQ ODV GHSHQGHQFLDV GH OD 1RWDUtD GH /XLV 0LJXHO 'HOJDGR 7H]DQRV VLWD HQ ;jWLYD %DL[DGD GH O¶(VWDFLy Q~PHUR HQWUHVXHOR FRPHUFLDO%DVtFRPRHQHOSURSLR$\XQWDPLHQWRGH;jWLYDVLWRHQ SDVHRGH/¶$OEHUHGD-DXPH,Q~PHURGH;jWLYDHOHMHPSODUGHOD GRFXPHQWDFLyQH[SXHVWDDOS~EOLFR\SUHVHQWDUGHQWURGHOSOD]RGHXQ PHVGHVGHODSXEOLFDFLyQGHOSUHVHQWHDQXQFLRHQHO'LDUL2ILFLDOGHOD &RPXQLWDW9DOHQFLDQDDQWHHOSURSLR$\XQWDPLHQWRFRQUHODFLyQDVX FRQWHQLGRODVDOHJDFLRQHVTXHHVWLPHQSRUFRQYHQLHQWHV 3RU-RVp(QULTXH6HUUD9LOD5DIDHO-RVp9LOD3HLUy)UDQFLVFD6DQ KLSyOLWR 5LEHOOHV 3OiFLGR )HUUDJXG$OLxR 0DUtD 5RVD *DUFtD )XULy -RVp 5DPyQ 9LOD 3HLUy OD PHUFDQWLO &RVWD (VWH (XURSD ,QYHUVLRQHV ,QPRELOLDULDV 6$ \ ÈOYDUR 6HUUD 0HUFH VH KD SURPRYLGR SUR\HFWR GH UHSDUFHODFLyQ YROXQWDULD SDUD HO iPELWR GHOLPLWDGR SRU OD XQLGDG GH HMHFXFLyQ Q~PHUR GH VXHOR XUEDQR GH OD ]RQD GH$QDKXLU GHO 3ODQ *HQHUDO GH 2UGHQDFLyQ 8UEDQD GH ;jWLYD 'H FRQIRUPLGDG FRQ OR SUHYLVWR HQ HO DUWtFXOR GH OD /H\ GH OD *HQHUDOLWDW 8UEDQtVWLFD 9DOHQFLDQD VH SURFHGH D OD H[SRVLFLyQ S~EOLFD GH GLFKD UHSDUFHODFLyQ YROXQWDULD SRU OR TXH ORV LQWHUHVDGRV SRGUiQ FRQVXO WDU WDQWR HQ ODV GHSHQGHQFLDV GH OD 1RWDUtD GH /XLV 0LJXHO 'HOJDGR 7H]DQRV VLWD HQ ;jWLYD %DL[DGD GH O¶(VWDFLy Q~PHUR HQWUHVXHOR FRPHUFLDO%DVtFRPRHQHOSURSLR$\XQWDPLHQWRGH;jWLYDVLWRHQ SDVHRGH/¶$OEHUHGD-DXPH,Q~PHURGH;jWLYDHOHMHPSODUGHOD GRFXPHQWDFLyQH[SXHVWDDOS~EOLFR\SUHVHQWDUGHQWURGHOSOD]RGHXQ PHVGHVGHODSXEOLFDFLyQGHOSUHVHQWHDQXQFLRHQHO'LDUL2ILFLDOGHOD &RPXQLWDW9DOHQFLDQDDQWHHOSURSLR$\XQWDPLHQWRFRQUHODFLyQDVX FRQWHQLGRODVDOHJDFLRQHVTXHHVWLPHQSRUFRQYHQLHQWHV ;jWLYD GH PDU]R GH ± (O DGPLQLVWUDGRU ~QLFR GH &RVWD (VWH(XURSD,QYHUVLRQHV,QPRELOLDULDV6$&HIHULQR/XLV+HUQiQGH] 1DYDUUR ;jWLYD GH PDU]R GH (O DGPLQLVWUDGRU ~QLFR GH &RVWD (VWH(XURSD,QYHUVLRQHV,QPRELOLDULDV6$&HIHULQR/XLV+HUQiQGH] 1DYDUUR Núm. 5516 / 21.05.2007 )DGHVD,QPRELOLDULD6$ 20315 )DGHVD,QPRELOLDULD6$ ,QIRUPDFLyS~EOLFDGHOSURJUDPDG¶DFWXDFLyLQWHJUDGDGHO VHFWRU/HV9DOOVGH)DYDUDGHVzOQRXUEDQLW]DEOHFRP~D )DYDUD>@ ,QIRUPDFLyQ S~EOLFD GHO SURJUDPD GH DFWXDFLyQ LQWHJUD GDGHOVHFWRU/HV9DOOVGH)DYDUDGHVXHORQRXUEDQL]DEOH FRP~QHQ)DYDUD>@ (O3OHGHO¶$MXQWDPHQWGH)DYDUDHQODVHVVLyGHOGLDGHJHQHU GHO YD DFRUGDU HVWDEOLU OD JHVWLy LQGLUHFWD SHU DO GHVHQYROXSD PHQW GH O¶jPELW GH VzO QR XUEDQLW]DEOH FRP~ GHO SROtJRQ FDGDVWUDO GHOPXQLFLSLGH)DYDUDLDSURYDUOHVEDVHVSDUWLFXODUVTXHUHJLUDQHO FRQFXUVSHUDODVHOHFFLyG¶DJHQWXUEDQLW]DGRUSHUJHVWLyLQGLUHFWDGHO SURJUDPD G¶DFWXDFLy LQWHJUDGD SHU DO GHVHQYROXSDPHQW GH O¶HVPHQWDW SROtJRQOHVTXDOVYDQVHUSXEOLFDGHVHQHO%XWOOHWt2ILFLDOGHOD3UR YtQFLDGH9DOqQFLDQ~PHURGHGHIHEUHUGHO (QHO'LDUL2ILFLDOGHOD8QLy(XURSHDQ~PHUR6G¶GHPDUo GHOHVYDSURFHGLUDODLQIRUPDFLyS~EOLFDGHOFRQFXUVSHUDOD VHOHFFLy G¶DJHQW XUEDQLW]DGRU SHU DO GHVHQYROXSDPHQW GHO SURJUDPD G¶DFWXDFLyLQWHJUDGDREMHFWHGHOSUHVHQWHGLFWH )DGHVD,QPRELOLDULD6$H[SRVDDOS~EOLFHOVGRFXPHQWVGHODVHXD DOWHUQDWLYDWqFQLFDGHSURJUDPDG¶DFWXDFLyLQWHJUDGDFRPSRVWDSHU ±3ODSDUFLDOGHPLOORUDLGRFXPHQWGHMXVWLILFDFLyGHODLQWHJUDFLy WHUULWRULDO ± (VWXGL G¶LPSDFWH DPELHQWDO DPE HOV VHXV DQQH[RV VHJRQV OD OHJLVODFLyYLJHQW ±3URMHFWHG¶XUEDQLW]DFLy ±,QIRUPHGHVRVWHQLELOLWDW (Q FRPSOLPHQW GHO TXH GLVSRVD OD /OHL 8UEDQtVWLFD 9DOHQFLD QD GXUDQW HO WHUPLQL G¶XQ PHV TXDOVHYRO LQWHUHVVDW SRGUj IRUPXODU DOÂOHJDFLRQVLVXJJHULPHQWVDOSODSDUFLDOGHPLOORUDLDOGRFXPHQWGH MXVWLILFDFLyGHODLQWHJUDFLyWHUULWRULDOSURMHFWHG¶XUEDQLW]DFLyLHVWXGL G¶LPSDFWHDPELHQWDO ,HQFRPSOLPHQWGHOD/OHLGHG¶DEULOVREUHO¶DYDOXD FLyGHOVHIHFWHVGHGHWHUPLQDWVSODQVLSURJUDPHVHQHOPHGLDPELHQW GXUDQWXQWHUPLQLGHGLHVDFRPSWDUGHODSXEOLFDFLyG¶HVWHDQXQFL HVSRGUDQIRUPXODUDOÂOHJDFLRQVLVXJJHULPHQWVDO¶LQIRUPHGHVRVWHQL ELOLWDW 7RWVHVWRVGRFXPHQWVLQWHJUDQWVGHO¶DOWHUQDWLYDWqFQLFDTXHSODQ WHMD O¶$JUXSDFLy G¶,QWHUpV 8UEDQtVWLF /HV 'RV 9DOOV GH )DYDUD KDQ VLJXWSURWRFROÂOLW]DWVGDYDQWGHODQRWjULDGH6LPDWGHOD9DOOGLJQD0 (OHQD 6iQFKH] L VH Q¶KD GHSRVLWDW WDPEp XQD FzSLD HQ O¶$MXQWDPHQW GH)DYDUD /DFRQVXOWDGHOVGRFXPHQWVLODSUHVHQWDFLyG¶DOÂOHJDFLRQVLVXJJH ULPHQWVHVSRGUDQUHDOLW]DUHQHOVWHUPLQLVLQGLFDWVHQKRUDULGH DKRUHVHQODQRWDULDGH0(OHQD6iQFKH]VLWXDGDD6LPDWGHOD 9DOOGLJQDFDUUHU)RQW0HQRUQ~PWHOqIRQVL 4XDOVHYROLQWHUHVVDWSRGUjFRPSDUpL[HUHQODGLWDQRWDULDSHUDREWLQGUH FzSLDGHO¶DFWDGHSURWRFROÂOLW]DFLyGHO¶DOWHUQDWLYDWqFQLFDGHSURJUDPD G¶DFWXDFLy LQWHJUDGD DWRUJDGD GDYDQW G¶HVWH PDWHL[ QRWDUL R VROÂOLFLWDU TXHVHOLH[KLELVFDHVWDDL[tFRPSUHVHQWDUDOÂOHJDFLRQV ,JXDOPHQW SRGUj FRQVXOWDUVH OD GRFXPHQWDFLy L IRUPXODU DOÂOHJDFLRQVLVXJJHULPHQWVHQO¶$MXQWDPHQWGH)DYDUDRQHVWjGHSR VLWDGDXQDFzSLDGHOVGRFXPHQWVLQWHJUDQWVGHO¶DOWHUQDWLYDWqFQLFDGHO SURJUDPDG¶DFWXDFLyLQWHJUDGD $PE DQWHULRULWDW D OD SXEOLFDFLy GHO SUHVHQW DQXQFL L HQ FRPSOL PHQWGHOTXHHVWDEOL[O¶DUWLFOHGHOD/OHLGHOD*HQHUD OLWDW8UEDQtVWLFD9DOHQFLDQDV¶KDUHPpVHOFRUUHVSRQHQWDYtVDOGRPL FLOLGHOVTXHFRQVWHQHQHOFDGDVWUHFRPDWLWXODUVGHGUHWVDIHFWDWVSHU O¶DFWXDFLySURSRVDGD $L[t PDWHL[ HO SUHVHQW HGLFWH YDO G¶DQXQFL DOV WLWXODUV FDGDVWUDOV GHVFRQHJXWVRGHSDUDGRULJQRUDWVHQVHSHUMXtTXHO¶DYtVDOVGLWVWLWX ODUV V¶HIHFWXH DGGLFLRQDOPHQW SHU PLWMj GH SXEOLFDFLy HQ HO %XWOOH Wt 2ILFLDO GH OD 3URYtQFLD GH9DOqQFLD VHJRQV HO TXH GLVSRVD O¶DUWLFOH GHO5HJODPHQWG¶2UGHQDFLyL*HVWLy7HUULWRULDOL8UEDQtVWLFD (O3OHQRGHO$\XQWDPLHQWRGH)DYDUDHQVHVLyQFHOHEUDGDHOGtD GHHQHURGHDFRUGyHVWDEOHFHUODJHVWLyQLQGLUHFWDSDUDHOGHVDU UROORGHOiPELWRGHVXHORQRXUEDQL]DEOHFRP~QGHOSROtJRQRFDWDVWUDO GHOPXQLFLSLRGH)DYDUD\DSUREDUODVEDVHVSDUWLFXODUHVTXHUHJLUiQ HOFRQFXUVRSDUDODVHOHFFLyQGHDJHQWHXUEDQL]DGRUSRUJHVWLyQLQGL UHFWDGHOSURJUDPDGHDFWXDFLyQLQWHJUDGDSDUDHOGHVDUUROORGHOFLWDGR SROtJRQRODVFXDOHVIXHURQSXEOLFDGDVHQHO%ROHWtQ2ILFLDOGHOD3UR YLQFLDGH9DOHQFLDQ~PHURGHGHIHEUHURGH (Q HO 'LDULR 2ILFLDO GH OD 8QLyQ (XURSHD QtPHUR 6 GH GH PDU]RGHVHSURFHGLyDODLQIRUPDFLyQS~EOLFDGHOFRQFXUVRSDUD ODVHOHFFLyQGHDJHQWHXUEDQL]DGRUSDUDHOGHVDUUROORGHOSURJUDPDGH DFWXDFLyQLQWHJUDGDREMHWRGHOSUHVHQWHHGLFWR )DGHVD ,QPRELOLDULD 6$ H[SRQH DO S~EOLFR ORV GRFXPHQWRV GH VX DOWHUQDWLYDWpFQLFDGHSURJUDPDGHDFWXDFLyQLQWHJUDGDFRPSXHVWDSRU ±3ODQSDUFLDOGHPHMRUD\GRFXPHQWRGHMXVWLILFDFLyQGHODLQWH JUDFLyQWHUULWRULDO ± (VWXGLR GH LPSDFWR DPELHQWDO FRQ VXV DQH[RV VHJ~Q OD OHJLVOD FLyQYLJHQWH ±3UR\HFWRGHXUEDQL]DFLyQ ±,QIRUPHGHVRVWHQLELOLGDG (Q FXPSOLPLHQWR GH OR GLVSXHVWR HQ OD /H\ 8UEDQtVWLFD 9DOHQFL DQD GXUDQWH HO SOD]R GH XQ PHV FXDOTXLHU LQWHUHVDGR SRGUi IRUPXODU DOHJDFLRQHV\VXJHUHQFLDVDOSODQSDUFLDOGHPHMRUD\DOGRFXPHQWRGH MXVWLILFDFLyQ GH OD LQWHJUDFLyQ WHUULWRULDO SUR\HFWR GH XUEDQL]DFLyQ \ HVWXGLRGHLPSDFWRDPELHQWDO <HQFXPSOLPLHQWRGHOD/H\GHGHDEULOVREUHODHYD OXDFLyQGHORVHIHFWRVGHGHWHUPLQDGRVSODQHV\SURJUDPDVHQHOPHGLR DPELHQWHGXUDQWHXQSOD]RGHGtDVDFRQWDUGHVGHODSXEOLFDFLyQGH HVWHDQXQFLRVHSRGUiQIRUPXODUDOHJDFLRQHV\VXJHUHQFLDVDOLQIRUPH GHVRVWHQLELOLGDG 7RGRV HVWRV GRFXPHQWRV LQWHJUDQWHV GH OD DOWHUQDWLYD WpFQLFD TXH SODQWHDOD$JUXSDFLyQGH,QWHUpV8UEDQtVWLFR/RV'RV9DOOHVGH)DYDUD KDQ VLGR SURWRFROL]DGRV DQWH OD QRWDULR GH 6LPDW GH OD9DOOGLJQD 0 (OHQD 6iQFKH] GHSRVLWiQGRVH WDPELpQ XQD FRSLD GH OD PLVPD HQ HO $\XQWDPLHQWRGH)DYDUD /D FRQVXOWD GH ORV GRFXPHQWRV \ OD SUHVHQWDFLyQ GH DOHJDFLRQHV \ VXJHUHQFLDV VH SRGUiQ UHDOL]DU HQ ORV SOD]RV LQGLFDGRV HQ KRUDULR GH D KRUDV HQ OD QRWDUtD GH 0 (OHQD 6iQFKH] VLWD HQ 6LPDWGHOD9DOOGLJQDFDOOH)XHQWH0HQRUQWHOpIRQRV \&XDOTXLHULQWHUHVDGRSRGUiFRPSDUHFHUHQGLFKDQRWDUtD SDUDREWHQHUFRSLDGHODFWDGHSURWRFROL]DFLyQGHODDOWHUQDWLYDWpFQLFD GHSURJUDPDGHDFWXDFLyQLQWHJUDGDRWRUJDGDDQWHHVWHPLVPRQRWDULR RVROLFLWDUTXHVHOHH[KLEDODPLVPDDVtFRPRSUHVHQWDUDOHJDFLRQHV ,JXDOPHQWHSRGUiFRQVXOWDUVHODGRFXPHQWDFLyQ\IRUPXODUDOHJD FLRQHV\VXJHUHQFLDVHQHO$\XQWDPLHQWRGH)DYDUDGRQGHHVWiGHSRVL WDGDXQDFRSLDGHORVGRFXPHQWRVLQWHJUDQWHVGHODDOWHUQDWLYDWpFQLFD GHOSURJUDPDGHDFWXDFLyQLQWHJUDGD &RQDQWHULRULGDGDODSXEOLFDFLyQGHOSUHVHQWHDQXQFLR\HQFXP SOLPLHQWRGHORHVWDEOHFLGRHQHODUWtFXORGHOD/H\GH OD*HQHUDOLWDW8UEDQtVWLFD9DOHQFLDQDVHKDUHPLWLGRHOFRUUHVSRQGL HQWHDYLVRDOGRPLFLOLRGHTXLHQHVFRQVWDQHQHOFDWDVWURFRPRWLWXODUHV GHGHUHFKRVDIHFWDGRVSRUODDFWXDFLyQSURSXHVWD $VLPLVPRHOSUHVHQWHHGLFWRVLUYHGHDQXQFLRDORVWLWXODUHVFDWDV WUDOHV GHVFRQRFLGRV R GH LJQRUDGR SDUDGHUR VLQ SHUMXLFLR GH TXH HO DYLVR D GLFKRV WLWXODUHV VH HIHFW~H DGLFLRQDOPHQWH PHGLDQWH SXEOLFD FLyQ HQ HO %ROHWtQ 2ILFLDO GH OD 3URYLQFLD GH 9DOHQFLD VHJ~Q OR GLV SXHVWRHQHODUWtFXORGHO5HJODPHQWRGH2UGHQDFLyQ\*HVWLyQ 7HUULWRULDO\8UEDQtVWLFD 7LWXODUHVFDWDVWUDOHVGHVFRQRFLGRVRGHLJQRUDGRSDUDGHUR -RVp$QWRQLR&DVDGR&OLPHQWSDUFHODV\GHOSROtJRQR 6DEDK'HUJKDPSDUFHODGHOSROtJRQR -HDQ/RXLV*UXDOGLSDUFHODGHOSROtJRQR -RVp*LQHU0DVFDUHOOSDUFHODGHOSROtJRQR 7LWXODUVFDGDVWUDOVGHVFRQHJXWVRGHSDUDGRULJQRUDW -RVp$QWRQLR&DVDGR&OLPHQWSDUFHOÂOHVLGHOSROtJRQ 6DEDK'HUJKDPSDUFHOÂODGHOSROtJRQ -HDQ/RXLV*UXDOGLSDUFHOÂODGHOSROtJRQ -RVp*LQHU0DVFDUHOOSDUFHOÂODGHOSROtJRQ )DYDUDGHPDLJGH±(QUHSUHVHQWDFLyGH)DGHVD,QPRELOL DULD6$-XDQ,JQDFLR&RGRxHU*DUFtD )DYDUDGHPD\RGH(QUHSUHVHQWDFLyQGH)DGHVD,QPRELOL DULD6$-XDQ,JQDFLR&RGRxHU*DUFtD Núm. 5516 / 21.05.2007 20316 Núm. 5516 / 21.05.2007 3DFYD6$ 20317 3DFYD6$ ,QIRUPDFLy S~EOLFD GH O¶DOWHUQDWLYD WqFQLFD GHO SURJUDPD G¶DFWXDFLyLQWHJUDGDGHODXQLWDWG¶H[HFXFLyGHOVHF WRU /D 'HYHVD GHO 3OD *HQHUDO G¶2UGHQDFLy 8UEDQD GH 9LQDOHVD>@ ,QIRUPDFLyQS~EOLFDGHODDOWHUQDWLYDWpFQLFDGHOSURJUD PDGHDFWXDFLyQLQWHJUDGDGHODXQLGDGGHHMHFXFLyQ GHO VHFWRU /D 'HYHVD GHO 3ODQ *HQHUDO GH 2UGHQDFLyQ 8UEDQDGH9LQDOHVD>@ (QFRPSOLPHQWGHOTXHHVWDEOL[O¶DUWLFOHGHOD/OHL GH GH GHVHPEUH GH OD *HQHUDOLWDW 8UEDQtVWLFD 9DOHQFLDQD /89 HQUHODFLyDPEO¶DUWLFOHGHO5HJODPHQWG¶2UGHQDFLyL*HVWLy7HU ULWRULDOL8UEDQtVWLFD52*78WpOORFO¶LQLFLGHOSURFHGLPHQWGHFRQ FXUVSHUDOGHVSOHJDPHQWLH[HFXFLyGHOSURJUDPDG¶DFWXDFLyLQWHJUDGD SHUPLWMjGHJHVWLyLQGLUHFWDGHODXQLWDWG¶H[HFXFLyGHOVHFWRU/D 'HYHVDGHOVzOXUEDQLW]DEOHGHILQLWSHO3OD*HQHUDOG¶2UGHQDFLy8UED QDGH9LQDOHVD /HV EDVHV JHQHUDOV UHJXODGRUHV GHOV SURFHGLPHQWV GH SURJUDPHV G¶DFWXDFLy LQWHJUDGD SHU PLWMj GH OD JHVWLy LQGLUHFWD GH O¶$MXQWDPHQW GH 9LQDOHVD YDQ VHU SXEOLFDGHV HQ HO %XWOOHWt 2ILFLDO GH OD 3URYtQFLD GH9DOqQFLDQ~PHURHOGLDG¶DEULOGHKDYHQWVLJXWDSURYDW O¶LQLFL GHO SURFHGLPHQW GH FRQFXUV L OHV EDVHV SDUWLFXODUV TXH UHJLUDQ HQHOFRQFXUVSHUDODVHOHFFLyG¶DJHQWXUEDQLW]DGRUGHOSURJUDPDG¶DF WXDFLyLQWHJUDGDSHUPLWMjGHJHVWLyLQGLUHFWDGHODXQLWDWG¶H[HFXFLy GHOVHFWRU/D'HYHVDHQGDWDGHJHQHUGHHQYLDWDO'LDUL 2ILFLDOGHOD8QLy(XURSHDQ~PHUR6HOGHIHEUHU GH /D PHUFDQWLO 3DFYD 6$ FRGL G¶LGHQWLILFDFLy ILVFDO Q~PHUR $ LGRPLFLOLVRFLDOD9DOqQFLDFDUUHU3DVFXDO\*HQtVQ~PH URKDLQLFLDWODLQIRUPDFLyS~EOLFDGHODVHXDSURSRVWDGHSURJUD PD SHU DO GHVHQYROXSDPHQW GH OD XQLWDW G¶H[HFXFLy GHO VHFWRU /D 'HYHVD GHO 3OD *HQHUDO G¶2UGHQDFLy 8UEDQD GH 9LQDOHVD DPE OD SURWRFROÂOLW]DFLy GHOV GRFXPHQWV GH O¶DOWHUQDWLYD WqFQLFD GH SURJUDPD FRQVLVWHQWVHQSURMHFWHG¶XUEDQLW]DFLyLDQQH[FRPSOHPHQWDULG¶HVWH (OSUHVHQWDQXQFLHVSXEOLFDDOVHIHFWHVTXHGLVSRVDO¶DUWLFOH GH OD /OHL GH 5qJLP -XUtGLF GH OHV$GPLQLVWUDFLRQV 3~EOLTXHV L GHO 3URFHGLPHQW$GPLQLVWUDWLX&RP~SHUDOVWLWXODUVQRLGHQWLILFDWVSHUD DTXHOOVHOGRPLFLOLILVFDOGHOVTXDOVpVGHVFRQHJXWSHUDOVWLWXODUVTXH QRHVWUREHQHQODEDVHGHGDGHVGHODUHODFLyHPHVDSHOVRUJDQLVPHV RILFLDOVLSHUDDTXHOOVTXHLQWHQWDGDODQRWLILFDFLyHVWDQRKDVLJXWSRV VLEOH $ PpV L HQ SDUWLFXODU UHVSHFWH GHO WLWXODU VHJHQW -HUyQLPR $OFDxL])HUUHUFHQHOPXQLFLSL9LQDOHVD (QFXPSOLPLHQWRGHORHVWDEOHFLGRHQHODUWtFXORGHOD/H\ GHGHGLFLHPEUHGHOD*HQHUDOLWDW8UEDQtVWLFD9DOHQFLDQD /89HQUHODFLyQFRQHODUWtFXORGHO5HJODPHQWRGH2UGHQDFLyQ \*HVWLyQ7HUULWRULDO\8UEDQtVWLFD52*78WLHQHOXJDUHOLQLFLRGHO SURFHGLPLHQWRGHFRQFXUVRSDUDHOGHVDUUROOR\HMHFXFLyQGHOSURJUDPD GHDFWXDFLyQLQWHJUDGDSRUPHGLRGHJHVWLyQLQGLUHFWDGHODXQLGDGGH HMHFXFLyQGHOVHFWRU/D'HYHVDGHOVXHORXUEDQL]DEOHGHILQLGRSRU HO3ODQ*HQHUDOGH2UGHQDFLyQ8UEDQDGH9LQDOHVD /DV EDVHV JHQHUDOHV UHJXODGRUDV GH ORV SURFHGLPLHQWRV GH SUR JUDPDV GH DFWXDFLyQ LQWHJUDGD SRU PHGLR GH OD JHVWLyQ LQGLUHFWD GHO $\XQWDPLHQWRGH9LQDOHVDIXHURQSXEOLFDGDVHQHO%ROHWtQ2ILFLDOGHOD 3URYLQFLDGH9DOHQFLDQ~PHURHOGtDGHDEULOGHKDELHQGR VLGRDSUREDGRHOLQLFLRGHOSURFHGLPLHQWRGHFRQFXUVR\ODVEDVHVSDU WLFXODUHVTXHUHJLUiQHQHOFRQFXUVRSDUDODVHOHFFLyQGHDJHQWHXUED QL]DGRU GHO SURJUDPD GH DFWXDFLyQ LQWHJUDGD SRU PHGLR GH JHVWLyQ LQGLUHFWDGHODXQLGDGGHHMHFXFLyQGHOVHFWRU/D'HYHVDHQIHFKD GH HQHUR GH HQYLDGR DO 'LDULR 2ILFLDO GH OD 8QLyQ (XURSHD Q~PHUR6HOGHIHEUHURGH 3RUODPHUFDQWLO3DFYD6$FyGLJRGHLGHQWLILFDFLyQILVFDOQ~PH UR$\GRPLFLOLRVRFLDOHQ9DOHQFLDFDOOH3DVFXDO\*HQtV Q~PHURVHKDLQLFLDGRODLQIRUPDFLyQS~EOLFDGHVXSURSXHVWDGH SURJUDPDSDUDHOGHVDUUROORGHODXQLGDGGHHMHFXFLyQGHOVHFWRU /D'HYHVDGHO3ODQ*HQHUDOGH2UGHQDFLyQ8UEDQDGH9LQDOHVDFRQOD SURWRFROL]DFLyQGHORVGRFXPHQWRVGHODDOWHUQDWLYDWpFQLFDGHSURJUD PDFRQVLVWHQWHVHQSUR\HFWRGHXUEDQL]DFLyQ\DQH[RFRPSOHPHQWDULR GHOPLVPR 'LFKRVLQVWUXPHQWRVVHHQFXHQWUDQSURWRFROL]DGRVHQODQRWDUtDGH -RVp$OLFDUWH'RPLQJR VLWD HQ OD ORFDOLGDGGH9DOHQFLDFDOOH &ROyQ Q~PHUR$VLPLVPRFRQVWDXQHMHPSODUGHODFLWDGDGRFXPHQWDFLyQ GHSRVLWDGRHQHO$\XQWDPLHQWRGH9LQDOHVD 6H KDFH FRQVWDU HQ DSOLFDFLyQ GHO DUWtFXOR GH OD /H\ 8UED QtVWLFD9DOHQFLDQDTXHGXUDQWHHOSOD]RGHXQPHVFRQWDGRGHVGHOD SXEOLFDFLyQ GHO DQXQFLR HQ HO 'LDUL 2ILFLDO GH OD &RPXQLWDW9DOHQFL DQD FXDOTXLHU SHUVRQD SRGUi FRPSDUHFHU HQ KRUDULR GH DWHQFLyQ DO S~EOLFRELHQHQODQRWDUtDGH-RVp$OLFDUWH'RPLQJRELHQHQHO$\XQ WDPLHQWRGH9LQDOHVDSDUDREWHQHULQIRUPDFLyQSRUORVSURFHGLPLHQWRV OHJDOHVVREUHORVGRFXPHQWRVREMHWRGHH[SRVLFLyQS~EOLFD\SUHVHQWDU DOHJDFLRQHV'LFKDVDOHJDFLRQHVSRGUiQSUHVHQWDUVHLQGLVWLQWDPHQWHHQ ODQRWDUtDGHUHIHUHQFLDHQKRUDULRGHDKRUDVRELHQHQHO $\XQWDPLHQWRGH9LQDOHVDHQKRUDULRDGPLQLVWUDWLYRDELHUWRDOS~EOL FR (OSUHVHQWHDQXQFLRVHSXEOLFDDORVHIHFWRVTXHGLVSRQHHODUWtFXOR GHOD/H\GH5pJLPHQ-XUtGLFRGHODV$GPLQLVWUDFLRQHV3~EOLFDV \GHO3URFHGLPLHQWR$GPLQLVWUDWLYR&RP~QSDUDORVWLWXODUHVQRLGHQ WLILFDGRVSDUDDTXHOORVFX\RGRPLFLOLRILVFDOHVGHVFRQRFLGRSDUDORV WLWXODUHVTXHQRVHHQFXHQWUDQHQODEDVHGHGDWRVGHODUHODFLyQHPLWL GDSRUORVRUJDQLVPRVRILFLDOHV\SDUDDTXHOORVTXHLQWHQWDGDODQRWLIL FDFLyQpVWDQRKDVLGRSRVLEOH $GHPiV \ HQ SDUWLFXODU UHVSHFWR GHO VLJXLHQWH WLWXODU -HUyQLPR $OFDxL])HUUHUFHQHOPXQLFLSLR9LQDOHVD 9LQDOHVD GH PDLJ GH ± 3HU 3DFYD 6$ 9LFHQWH 'LHJR 5DPyQ 9LQDOHVD GH PD\R GH ± 3RU 3DFYD 6$ 9LFHQWH 'LHJR 5DPyQ (OV LQVWUXPHQWV HVPHQWDWV HV WUREHQ SURWRFROÂOLW]DWV HQ OD QRWDULD GH -RVp$OLFDUWH 'RPLQJR VLWXDGD D OD ORFDOLWDW GH 9DOqQFLD FDUUHU &RORP Q~PHUR $L[t PDWHL[ FRQVWD XQ H[HPSODU GH O¶HVPHQWDGD GRFXPHQWDFLyGHSRVLWDWHQO¶$MXQWDPHQWGH9LQDOHVD (V ID FRQVWDU HQ DSOLFDFLy GH O¶DUWLFOH GH OD /OHL 8UEDQtVWLFD 9DOHQFLDQDTXHGXUDQWHOWHUPLQLG¶XQPHVFRPSWDWGHVGHODSXEOL FDFLyGHO¶DQXQFLHQHO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQDTXDO VHYROSHUVRQDSRGUjFRPSDUpL[HUHQKRUDULG¶DWHQFLyDOS~EOLFEpHQ ODQRWDULDGH-RVp$OLFDUWH'RPLQJREpHQO¶$MXQWDPHQWGH9LQDOHVD SHU D REWLQGUH LQIRUPDFLy SHOV SURFHGLPHQWV OHJDOV VREUH HOV GRFX PHQWV REMHFWH G¶H[SRVLFLy S~EOLFD L SUHVHQWDU DOÂOHJDFLRQV /HV GLWHV DOÂOHJDFLRQV SRGUDQ SUHVHQWDUVH LQGLVWLQWDPHQW HQ OD QRWDULD GH UHIH UqQFLD HQ KRUDUL GH D KRUHV R Ep HQ O¶$MXQWDPHQW GH 9LQDOHVDHQKRUDULDGPLQLVWUDWLXREHUWDOS~EOLF Núm. 5516 / 21.05.2007 3URPRFLRQV/D0DOODHWD6/ ,QIRUPDFLy S~EOLFD GHO SOD SDUFLDO GRFXPHQW MXVWLILFDWLX G¶LQWHJUDFLy WHUULWRULDO SURMHFWH G¶XUEDQLW]DFLy L HVWXGL GHOSDLVDWJHGHOVHFWRU3OD5RLJGH%DQ\HUHVGH0DULROD >@ 20318 3URPRFLRQV/D0DOODHWD6/ ,QIRUPDFLyQS~EOLFDGHOSODQSDUFLDOGRFXPHQWRMXVWLILFD WLYRGHLQWHJUDFLyQWHUULWRULDOSUR\HFWRGHXUEDQL]DFLyQ\ HVWXGLR GHO SDLVDMH GHO VHFWRU 3OD 5RLJ GH %DQ\HUHV GH 0DULROD>@ 3URPRFLRQV /D 0DOODHWD 6/ DPE GRPLFLOL VRFLDO D %RFDLUHQW 9DOqQFLD&3FDUUHU-XDQ%HQH\WR%HUQDFHUKDGHSRVLWDW XQD FzSLD HQ OD QRWDULD GH %DQ\HUHV GH 0DULROD HO WLWXODU GH OD TXDO pV-RVp,JQDFLR0DUWtQH]9i]TXH]VLWXDGDHQO¶DYLQJXGD&RQVWLWXFLy GHODGLWDSREODFLyDPEKRUDULGHDKRUHVGHGLOOXQVD GLYHQGUHVLXQDDOWUDFzSLDHQO¶$MXQWDPHQWGH%DQ\HUHVGH0DULROD GHO SOD SDUFLDO GRFXPHQW MXVWLILFDWLX GH OD LQWHJUDFLy WHUULWRULDO SUR MHFWHG¶XUEDQLW]DFLyLHVWXGLGHSDLVDWJHGHOVHFWRU3OD5RLJDO¶HIHF WHTXHSXJXHQFRQVXOWDUVHHOVGLWVGRFXPHQWVSHUTXDOVHYROSHUVRQDL IRUPXODUDOÂOHJDFLRQVDHVWRVGXUDQWHOWHUPLQLG¶XQPHVFRPSWDWVGHV GHO¶HQGHPjGHO¶~OWLPGHOVDQXQFLVSXEOLFDWVHQHO'LDUL2ILFLDOGHOD &RPXQLWDW9DOHQFLDQDRGLDUL,QIRUPDFLyG¶$ODFDQW 3URPRFLRQV /D 0DOODHWD 6/ FRQ GRPLFLOLR VRFLDO HQ %RFDLUHQW 9DOHQFLD&3FDOOH-XDQ%HQH\WR%HUQDFHUKDGHSRVLWDGR XQD FRSLD HQ OD QRWDUtD GH %DQ\HUHV GH 0DULROD FX\R WLWXODU HV -RVp ,JQDFLR0DUWtQH]9i]TXH]VLWDHQDYHQLGD&RQVWLWXFLyQGHGLFKD SREODFLyQ FRQ KRUDULR GH D KRUDV GH OXQHV D YLHUQHV \ RWUDFRSLDHQHO$\XQWDPLHQWRGH%DQ\HUHVGH0DULRODGHOSODQSDU FLDOGRFXPHQWRMXVWLILFDWLYRGHODLQWHJUDFLyQWHUULWRULDOSUR\HFWRGH XUEDQL]DFLyQ\HVWXGLRGHSDLVDMHGHOVHFWRU3OD5RLJDORVHIHFWRV GH TXH SXHGDQ FRQVXOWDUVH GLFKRV GRFXPHQWRV SRU FXDOTXLHU SHUVRQD \IRUPXODUDOHJDFLRQHVDORVPLVPRVGXUDQWHHOSOD]RGHXQPHVFRQ WDGRV GHVGH HO GtD VLJXLHQWH DO ~OWLPR GH ORV DQXQFLRV SXEOLFDGRV HQ HO 'LDUL 2ILFLDO GH OD &RPXQLWDW 9DOHQFLDQD R GLDULR ,QIRUPDFLyQ GH $OLFDQWH %DQ\HUHV GH 0DULROD G¶DEULO GHO ± /¶DGPLQLVWUDGRU GH 3URPRFLRQV/D0DOODHWD6/SS/XLV&DODEXLJ&DODEXLJ %DQ\HUHV GH 0DULROD GH DEULO GH ± (O DGPLQLVWUDGRU GH 3URPRFLRQV/D0DOODHWD6/SS/XLV&DODEXLJ&DODEXLJ Núm. 5516 / 21.05.2007 &RQVHOOHULDG¶,QIUDHVWUXFWXUHVL7UDQVSRUW /LFLWDFLyQ~PHUR6HUYLFLVSHUDODGLJLWDOLW ]DFLy L O¶HVFDQHLJ GH VROÂOLFLWXGV GH WDFzJUDI GLJLWDOGHOD 'LUHFFLy*HQHUDOGH7UDQVSRUWV3RUWVL&RVWHV>@ 20319 &RQVHOOHULDGH,QIUDHVWUXFWXUDV\7UDQVSRUWH /LFLWDFLyQ Q~PHUR 6HUYLFLRV SDUD GLJL WDOL]DFLyQ\HVFDQHRGHVROLFLWXGHVGHWDFyJUDIRGLJLWDOGH OD 'LUHFFLyQ *HQHUDO GH 7UDQVSRUWHV 3XHUWRV \ &RVWDV >@ (QWLWDWDGMXGLFDGRUD D2UJDQLVPH*HQHUDOLWDW9DOHQFLDQDFRQVHOOHULDG¶,QIUDHVWUXFWX UHVL7UDQVSRUW$YLQJXGDGH%ODVFR,EixH]Q~P 7HO)D[9DOqQFLD E'HSHQGqQFLDTXHWUDPLWDO¶H[SHGLHQW6HUYLFLGH&RQWUDFWDFLyL ([SURSLDFLRQV F1~PHURG¶H[SHGLHQW 2EMHFWHGHOFRQWUDFWH D'HVFULSFLyGHO¶REMHFWHVHUYLFLVSHUDODGLJLWDOLW]DFLyLO¶HVFD QHLJGHVROÂOLFLWXGVGHWDFzJUDIGLJLWDOGHOD'LUHFFLy*HQHUDOGH7UDQV SRUWV3RUWVL&RVWHVGHODFRQVHOOHULDG¶,QIUDHVWUXFWXUHVL7UDQVSRUWGH 9DOqQFLD E /ORF G¶H[HFXFLy 'LUHFFLy *HQHUDO GH7UDQVSRUWV 3RUWV L &RV WHV F7HUPLQLG¶H[HFXFLyGRVDQ\VSRGUjDFRUGDUVHODUHQRYDFLyGHO VHUYLFL SHU PXWX DFRUG GH OHV SDUWV SHU SURFHGLPHQW QHJRFLDW VHQVH SXEOLFLWDW SHU XQ DQ\ PpV L QR SRGUj VXPDU HO FRQWUDFWH SULQFLSDO PpVODUHQRYDFLyPpVGHWUHVDQ\VG¶DFRUGDPEHOTXHGLVSRVDO¶DUWL FOHHGHO5'/SHOTXDOV¶DSURYDHOWH[WUHIyVGHOD/OHLGH &RQWUDFWHVGHOHV$GPLQLVWUDFLRQV3~EOLTXHV 7UDPLWDFLySURFHGLPHQWLIRUPDG¶DGMXGLFDFLy D7UDPLWDFLyRUGLQjULD E3URFHGLPHQWREHUW F)RUPDFRQFXUV 3UHVVXSRVWEDVHGHOLFLWDFLy,PSRUWWRWDOHXURV6L V¶DSOLFDO¶DUWLFOHHGHO5'/SHOTXDOV¶DSURYDHOWH[WUHIyV GH OD /OHL GH &RQWUDFWHV GH OHV$GPLQLVWUDFLRQV 3~EOLTXHV O¶LPSRUW WRWDOVHUjGHHXURV *DUDQWLDSURYLVLRQDOHXURV 2EWHQFLyGHGRFXPHQWDFLyLLQIRUPDFLy FRQVHOOHULDG¶,QIUDHVWUXFWXUHVL7UDQVSRUW $ODFDQWDYG¶$JXLOHUD±7HO &DVWHOOyDYGHO0DU±7HO 9DOqQFLDDYGH%ODVFR,EixH]±7HO )D[ 5HTXLVLWVHVSHFtILFVGHOFRQWUDFWLVWD &ODVVLILFDFLyJUXS/VXEJUXSFDWHJRULDD 3UHVHQWDFLyGHOHVRIHUWHVRGHOHVVROÂOLFLWXGVGHSDUWLFLSDFLy 'DWD OtPLW GH SUHVHQWDFLy ILQV D OHV KRUHV GHO YLQWLVHWp GLD QDWXUDOFRPSWDGRUGHVGHO¶HQGHPjGHODSXEOLFDFLyG¶HVWHDQXQFLHQ HO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQD 'RFXPHQWDFLy TXH FDO SUHVHQWDU HOV OLFLWDGRUV SUHVHQWDUDQ HQ HO 5HJLVWUH*HQHUDOILUPDWVLWDQFDWVGRVVREUHV(VIDUjFRQVWDUHQFDGD XQGHOVVREUHVHOUHVSHFWLXFRQWLQJXWHOQRPGHOOLFLWDGRUHOWtWROLHO Q~PHURGHO¶H[SHGLHQWGHO¶REUDDODTXDOFRQFRUUH(OFRQWLQJXWVHUj HOVHJHQW 6REUH$&DSDFLWDWSHUDFRQWUDFWDU'RFXPHQWDFLyDGPLQLVWUDWLYD SHUDODTXDOLILFDFLySUqYLDHQODIRUPDTXHGHWHUPLQDODFOjXVXODDQR PHQDGD&RQWLQJXWGHOHVSURSRVLFLRQVGHOSOHFGHFOjXVXOHVDGPLQLV WUDWLYHVSDUWLFXODUV 6REUH%'RFXPHQWDFLyWHFQLFRHFRQzPLFDHQODIRUPDTXHGHWHU PLQD OD FOjXVXOD DEDQV HVPHQWDGD /HV SURSRVLFLRQV HFRQzPLTXHV V¶DMXVWDUDQ DO PRGHO HVWDEOLW HQ HO SOHF GH FOjXVXOHV DGPLQLVWUDWLYHV SDUWLFXODUVLV¶DGMXQWDUDQHQXQVREUHHOVGRFXPHQWVTXHHOSOHFH[LJL[ /ORFGHSUHVHQWDFLyHQHO5HJLVWUHGHOHVGHSHQGqQFLHVLQGLFD GHVHQO¶DSDUWDW,QIRUPDFLy 7HUPLQL GXUDQW HO TXDO HO OLFLWDGRU HVWDUj REOLJDW D PDQWLQGUH O¶RIHUWDFRQFXUVWUHVPHVRVGHVGHODGDWDG¶REHUWXUDGHSURSRVLFLRQV HFRQzPLTXHV $GPLVVLyGHYDULDQWVFRQFXUVQRV¶DGPHWHQ 2EHUWXUDGHOHVRIHUWHV (QWLGDGDGMXGLFDGRUD D2UJDQLVPR*HQHUDOLWDW9DOHQFLDQDFRQVHOOHULDGH,QIUDHVWUXFWX UDV\7UDQVSRUWH$Y%ODVFR,EixH]Q~P 7HO)D[9DOHQFLD E 'HSHQGHQFLD TXH WUDPLWD HO H[SHGLHQWH 6HUYLFLR GH &RQWUDWD FLyQ\([SURSLDFLRQHV F1~PHURGHH[SHGLHQWH 2EMHWRGHOFRQWUDWR D'HVFULSFLyQGHOREMHWRVHUYLFLRVSDUDGLJLWDOL]DFLyQ\HVFDQHR GH VROLFLWXGHV GH WDFyJUDIR GLJLWDO GH OD 'LUHFFLyQ *HQHUDO GH7UDQV SRUWHV3XHUWRV\&RVWDVGHODFRQVHOOHULDGH,QIUDHVWUXFWXUDV\7UDQV SRUWHGH9DOHQFLD E/XJDUGHHMHFXFLyQ'LUHFFLyQ*HQHUDOGH7UDQVSRUWHV3XHUWRV \&RVWDV F3OD]RGHHMHFXFLyQGRVDxRVSRGUiDFRUGDUVHODUHQRYDFLyQGHO VHUYLFLRSRUPXWXRDFXHUGRGHODVSDUWHVSRUSURFHGLPLHQWRQHJRFLDGR VLQSXEOLFLGDGSRUXQDxRPiVQRSXGLHQGRVXPDUHOFRQWUDWRSULQFL SDOPiVODUHQRYDFLyQPiVGHWUHVDxRVGHDFXHUGRFRQORGLVSXHVWR HQ HO DUWtFXOR H GHO 5'/ SRU HO TXH VH DSUXHED HO7H[WR 5HIXQGLGRGHOD/H\GH&RQWUDWRVGHODV$GPLQLVWUDFLRQHV3~EOLFDV 7UDPLWDFLyQSURFHGLPLHQWR\IRUPDGHDGMXGLFDFLyQ D7UDPLWDFLyQRUGLQDULD E3URFHGLPLHQWRDELHUWR F)RUPDFRQFXUVR 3UHVXSXHVWREDVHGHOLFLWDFLyQ,PSRUWHWRWDOHXURV (Q HO FDVR GH DSOLFDUVH HO DUW H GHO 5'/ SRU HO TXH VH DSUXHEDHO7H[WR5HIXQGLGRGHOD/H\GH&RQWUDWRVGHODV$GPLQLVWUD FLRQHV3~EOLFDVHOLPSRUWHWRWDOVHUiGHHXURV *DUDQWtDSURYLVLRQDOHXURV 2EWHQFLyQGHGRFXPHQWDFLyQHLQIRUPDFLyQ FRQVHOOHULDGH,QIUDHVWUXFWXUDV\7UDQVSRUWH $OLFDQWHDY$JXLOHUD±7HO &DVWHOOyQDYGHO0DU±7HO 9DOHQFLDDY%ODVFR,EixH]±7HO )D[ 5HTXLVLWRVHVSHFtILFRVGHOFRQWUDWLVWD &ODVLILFDFLyQJUXSR/VXEJUXSRFDWHJRUtDD 3UHVHQWDFLyQGHODVRIHUWDVRGHODVVROLFLWXGHVGHSDUWLFLSDFLyQ )HFKDOtPLWHGHSUHVHQWDFLyQKDVWDODVKRUDVGHOYLJpVLPRVpS WLPRGtDQDWXUDODFRQWDUGHVGHHOGtDVLJXLHQWHDOGHODSXEOLFDFLyQGH HVWHDQXQFLRHQHO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQD 'RFXPHQWDFLyQ D SUHVHQWDU /RV OLFLWDGRUHV SUHVHQWDUiQ HQ HO 5HJLVWUR *HQHUDO ILUPDGRV \ FHUUDGRV GRV VREUHV \ VH KDUi FRQVWDU HQFDGDXQRGHHOORVHOUHVSHFWLYRFRQWHQLGRHOQRPEUHGHOOLFLWDGRU HO WtWXOR \ HO Q~PHUR GHO H[SHGLHQWH GH OD REUD D OD TXH FRQFXUUH (O FRQWHQLGRVHUiHOVLJXLHQWH 6REUH$&DSDFLGDGSDUDFRQWUDWDU'RFXPHQWDFLyQDGPLQLVWUDWLYD SDUDODFDOLILFDFLyQSUHYLDHQODIRUPDTXHGHWHUPLQDODFOiXVXODWLWX ODGD ©&RQWHQLGR GH ODV SURSRVLFLRQHVª GHO SOLHJR GH FOiXVXODV DGPL QLVWUDWLYDVSDUWLFXODUHV 6REUH % 'RFXPHQWDFLyQ 7pFQLFR HFRQyPLFD HQ OD IRUPD TXH GHWHUPLQD OD FOiXVXOD DQWHV FLWDGD /DV SURSRVLFLRQHV HFRQyPLFDV VH DMXVWDUiQ DO PRGHOR HVWDEOHFLGR HQ HO SOLHJR GH FOiXVXODV DGPLQLVWUD WLYDV SDUWLFXODUHV \ VH DGMXQWDUiQ HQ XQ VREUH ORV GRFXPHQWRV TXH HO SOLHJRH[LJH /XJDUGHSUHVHQWDFLyQHQHO5HJLVWURGHODVGHSHQGHQFLDVLQGL FDGDVHQHODSDUWDGR©,QIRUPDFLyQª 3OD]RGXUDQWHHOFXDOHOOLFLWDGRUHVWDUiREOLJDGRDPDQWHQHUVX RIHUWDFRQFXUVRWUHVPHVHVGHVGHODIHFKDGHDSHUWXUDGHSURSRVLFLR QHVHFRQyPLFDV $GPLVLyQGHYDULDQWHVFRQFXUVRQRVHDGPLWHQ $SHUWXUDGHODVRIHUWDV Núm. 5516 / 21.05.2007 20320 (QWLWDWFRQVHOOHULDG¶,QIUDHVWUXFWXUHVL7UDQVSRUW 'RPLFLOLDYGH%ODVFR,EixH] /RFDOLWDW9DOqQFLD 'DWD TXLQ]p GLD QDWXUDO FRPSWDGRU GHV GH O¶HQGHPj GH O¶DFDED PHQWGHOWHUPLQLGHSUHVHQWDFLyGHSURSRVLFLRQV +RUDKRUHVKRUDULSHQLQVXODU 3HO TXH ID DOV WHUPLQLV GH SUHVHQWDFLy L GH OLFLWDFLy FLWDWV HQ HOV SDUjJUDIVDQWHULRUVVLO¶~OWLPGLDIyUDGLVVDEWHRIHVWLXHVSURUURJDULD ILQVDOSULPHUGLDKjELOVHJHQW 'HVSHVHVG¶DQXQFLVDFjUUHFGHOVDGMXGLFDWDULV 3RUWDO LQIRUPjWLF R SjJLQD ZHE RQ FRQVWHQ OHV LQIRUPDFLRQV UHODWLYHV D OD FRQYRFDWzULD R RQ SRGHQ REWLQGUH¶V HOV SOHFV KWWS ZZZFLWJYDHV (QWLGDGFRQVHOOHULDGH,QIUDHVWUXFWXUDV\7UDQVSRUWH 'RPLFLOLRDY%ODVFR,EixH] /RFDOLGDG9DOHQFLD )HFKDGpFLPRTXLQWRGtDQDWXUDODFRQWDUGHVGHHOGtDVLJXLHQWHDO GHODILQDOL]DFLyQGHOSOD]RGHSUHVHQWDFLyQGHSURSRVLFLRQHV +RUDKRUDVKRUDULRSHQLQVXODU (QORTXHUHVSHFWDDORVSOD]RVGHSUHVHQWDFLyQ\GHOLFLWDFLyQFLWD GRVHQORVSiUUDIRVDQWHULRUHVVLHO~OWLPRGtDIXHUDViEDGRRIHVWLYRVH SURUURJDUtDKDVWDHOSULPHUGtDKiELOVLJXLHQWH *DVWRVGHDQXQFLRVDFDUJRGHORVDGMXGLFDWDULRV (QVXFDVRSRUWDOLQIRUPiWLFRRSiJLQDZHEGRQGHILJXUHQODV LQIRUPDFLRQHV UHODWLYDV D OD FRQYRFDWRULD R GRQGH SXHGHQ REWHQHUVH ORVSOLHJRVKWWSZZZFLWJYDHV 9DOqQFLD GH PDLJ GH ± (O FRQVHOOHU G¶,QIUDHVWUXFWXUHV L 7UDQVSRUW-RVp5DPyQ*DUFtD$QWyQ 9DOHQFLDGHPD\RGH±(OFRQVHOOHUGH,QIUDHVWUXFWXUDV\ 7UDQVSRUWH-RVp5DPyQ*DUFtD$QWyQ Núm. 5516 / 21.05.2007 &RQVHOOHULDG¶,QIUDHVWUXFWXUHVL7UDQVSRUW /LFLWDFLyQ~PHURL>@ 20321 &RQVHOOHULDGH,QIUDHVWUXFWXUDV\7UDQVSRUWH /LFLWDFLyQ Q~PHUR \ >@ (QWLWDWDGMXGLFDGRUD D2UJDQLVPH*HQHUDOLWDW9DOHQFLDQDFRQVHOOHULDG¶,QIUDHVWUXFWX UHVL7UDQVSRUW$YGH%ODVFR,EixH]Q~P7HO)D[ 9DOqQFLD E'HSHQGqQFLDTXHWUDPLWDO¶H[SHGLHQW6HUYLFLGH&RQWUDFWDFLyL ([SURSLDFLRQV 1~PHURVG¶H[SHGLHQWVL 2EMHFWHGHOFRQWUDFWH D'HVFULSFLyGHO¶REMHFWH&RQVXOWRULDLDVVLVWqQFLD SHUDOVXSRUWHQO¶DSOLFDFLyGHOQRXDFRUGHXURSHXUHODWLXDOWUDQVSRUW LQWHUQDFLRQDOGHPHUFDGHULHVSHULOORVHVSHUFDUUHWHUD$'5 &RQVXOWRULD L DVVLVWqQFLD SHU D OD GLUHFFLy GH OHV REUHVG¶XUEDQLW]DFLyGHOSDVVHLJ9LVWDOHJUHGH7RUUHYLHMD$ODFDQW E/ORFG¶H[HFXFLyHOVLQGLFDWVHQO¶DSDUWDWDQWHULRU F7HUPLQLG¶H[HFXFLy PHVRV HOTXHV¶LQGLFDHQODFOjXVXODDGHOSOHFGHFOjXVX OHVDGPLQLVWUDWLYHVSDUWLFXODUV 7UDPLWDFLySURFHGLPHQWLIRUPDG¶DGMXGLFDFLy D7UDPLWDFLyRUGLQjULD E3URFHGLPHQWREHUW F)RUPDFRQFXUV 3UHVVXSRVWEDVHGHOLFLWDFLy,PSRUWWRWDO HXURV HXURV *DUDQWLDSURYLVLRQDOQRV¶H[LJL[HQFDSH[SHGLHQW 2EWHQFLy GH GRFXPHQWDFLy L LQIRUPDFLy FRQVHOOHULD G¶,QIUDHV WUXFWXUHVL7UDQVSRUW $ODFDQWDYG¶$JXLOHUD7HO &DVWHOOyDYLQJXGDGHO0DU7HO 9DOqQFLD DY GH %ODVFR ,EixH]7HO )D[ 5HTXLVLWVHVSHFtILFVGHOFRQWUDFWLVWD /DVROYqQFLDHFRQzPLFDLILQDQFHUDDL[tFRPODWqFQLFDLSURIHV VLRQDO VHUj DFUHGLWDGD SHOV PLWMDQV TXH HVWDEOL[ HO SOHF GH FOjXVXOHV DGPLQLVWUDWLYHVHQODFOjXVXOD 3UHVHQWDFLyGHOHVRIHUWHVRGHOHVVROÂOLFLWXGVGHSDUWLFLSDFLy 'DWD OtPLW GH SUHVHQWDFLy ILQV D OHV KRUHV GHO YLQWLVHWp GLD QDWXUDOFRPSWDGRUGHVGHO¶HQGHPjGHODSXEOLFDFLyG¶HVWHDQXQFLHQ HO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQD 'RFXPHQWDFLy TXH FDO SUHVHQWDU HOV OLFLWDGRUV SUHVHQWDUDQ HQ HO 5HJLVWUH *HQHUDO ILUPDWV L WDQFDWV GRV VREUHV L HV IDUj FRQVWDU HQ FDGDXQG¶HVWRVHOUHVSHFWLXFRQWLQJXWHOQRPGHOOLFLWDGRUHOWtWROLHO Q~PHUR GH O¶H[SHGLHQW GH O¶REUD D TXq FRQFRUUH (O FRQWLQJXW VHUj HO VHJHQW 6REUH$&DSDFLWDWSHUDFRQWUDFWDU'RFXPHQWDFLyDGPLQLVWUDWLYD SHUDODTXDOLILFDFLySUqYLDHQODIRUPDTXHGHWHUPLQDODFOjXVXODWLWX ODGD&RQWLQJXWGHOHVSURSRVLFLRQVGHOSOHFGHFOjXVXOHVDGPLQLVWUDWL YHVSDUWLFXODUV 6REUH%'RFXPHQWDFLyWHFQLFRHFRQzPLFDHQODIRUPDTXHGHWHU PLQDODFOjXVXODDEDQVFLWDGD/HVSURSRVLFLRQVHFRQzPLTXHVV¶DMXVWD UDQDOPRGHOHVWDEOLWHQHOSOHFGHFOjXVXOHVDGPLQLVWUDWLYHVSDUWLFXODUV LV¶DGMXQWDUDQHQXQVREUHHOVGRFXPHQWVTXHHOSOHFH[LJL[ /ORFGHSUHVHQWDFLy (QHO5HJLVWUHGHOHVGHSHQGqQFLHVLQGLFDGHVHQO¶DSDUWDW,QIRUPD FLy 7HUPLQLGXUDQWHOTXDOHOOLFLWDGRUHVWDUjREOLJDWDPDQWLQGUHOD VHXDRIHUWDFRQFXUVWUHVPHVRVGHVGHODGDWDG¶REHUWXUDGHSURSRVL FLRQVHFRQzPLTXHV $GPLVVLyGHYDULDQWVFRQFXUVQRV¶DGPHWHQ 2EHUWXUDGHOHVRIHUWHV (QWLWDWFRQVHOOHULDG¶,QIUDHVWUXFWXUHVL7UDQVSRUW 'RPLFLOLDYGH%ODVFR,EixH] (QWLGDGDGMXGLFDGRUD D2UJDQLVPR*HQHUDOLWDW9DOHQFLDQDFRQVHOOHULDGH,QIUDHVWUXFWX UDV\7UDQVSRUWH$Y%ODVFR,EixH]Q~P7HO)D[ 9DOHQFLD E 'HSHQGHQFLD TXH WUDPLWD HO H[SHGLHQWH 6HUYLFLR GH &RQWUDWD FLyQ\([SURSLDFLRQHV 1~PHURVGHH[SHGLHQWHV\ 2EMHWRGHOFRQWUDWR D 'HVFULSFLyQ GHO REMHWR &RQVXOWRUtD \ DVLVWHQFLD SDUDHODSR\R HQ ODDSOLFDFLyQGHOQXHYR DFXHUGRHXURSHRUHODWLYRDO WUDQVSRUWHLQWHUQDFLRQDOGHPHUFDQFLDVSHOLJURVDVSRUFDUUHWHUD$'5 &RQVXOWRUtD \ DVLVWHQFLD SDUD OD GLUHFFLyQ GH ODV REUDVGHXUEDQL]DFLyQGHOSDVHR9LVWDOHJUHGH7RUUHYLHMD$OLFDQWH E/XJDUGHHMHFXFLyQORVLQGLFDGRVHQHODSDUWDGRDQWHULRU F3OD]RGHHMHFXFLyQ PHVHV HOTXHVHLQGLFDHQODFOiXVXODGHOSOLHJRGHFOiX VXODVDGPLQLVWUDWLYDVSDUWLFXODUHV 7UDPLWDFLyQSURFHGLPLHQWR\IRUPDGHDGMXGLFDFLyQ D7UDPLWDFLyQRUGLQDULD E3URFHGLPLHQWRDELHUWR F)RUPDFRQFXUVR 3UHVXSXHVWREDVHGHOLFLWDFLyQ,PSRUWHWRWDO HXURV HXURV *DUDQWtDSURYLVLRQDOQRVHH[LJHHQQLQJ~QH[SHGLHQWH 2EWHQFLyQ GH GRFXPHQWDFLyQ H LQIRUPDFLyQ FRQVHOOHULD GH ,QIUDHVWUXFWXUDV\7UDQVSRUWH $OLFDQWHDY$JXLOHUD±7HO &DVWHOOyQDYHQLGDGHO0DU±7HO 9DOHQFLDDY%ODVFR,EixH]7HO)D[ 5HTXLVLWRVHVSHFtILFRVGHOFRQWUDWLVWD /D VROYHQFLD HFRQyPLFD \ ILQDQFLHUD DVt FRPR OD WpFQLFD \ SUR IHVLRQDOVHDFUHGLWDUiSRUORVPHGLRVTXHHVWDEOHFHHOSOLHJRGH&OiX VXODV$GPLQLVWUDWLYDVHQVXFOiXVXOD 3UHVHQWDFLyQGHODVRIHUWDVRGHODVVROLFLWXGHVGHSDUWLFLSDFLyQ )HFKDOtPLWHGHSUHVHQWDFLyQKDVWDODVKRUDVGHOYLJpVLPRVpS WLPRGtDQDWXUDODFRQWDUGHVGHHOGtDVLJXLHQWHDOGHODSXEOLFDFLyQGH HVWHDQXQFLRHQHO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQD 'RFXPHQWDFLyQ D SUHVHQWDU /RV OLFLWDGRUHV SUHVHQWDUiQ HQ HO 5HJLVWUR *HQHUDO ILUPDGRV \ FHUUDGRV GRV VREUHV \ VH KDUi FRQVWDU HQFDGDXQRGHHOORVHOUHVSHFWLYRFRQWHQLGRHOQRPEUHGHOOLFLWDGRU HO WtWXOR \ HO Q~PHUR GHO H[SHGLHQWH GH OD REUD D OD TXH FRQFXUUH (O FRQWHQLGRVHUiHOVLJXLHQWH 6REUH$&DSDFLGDGSDUDFRQWUDWDU'RFXPHQWDFLyQDGPLQLVWUDWLYD SDUDODFDOLILFDFLyQSUHYLDHQODIRUPDTXHGHWHUPLQDODFOiXVXODWLWX ODGD ©&RQWHQLGR GH ODV SURSRVLFLRQHVª GHO SOLHJR GH FOiXVXODV DGPL QLVWUDWLYDVSDUWLFXODUHV 6REUH % 'RFXPHQWDFLyQ 7pFQLFR HFRQyPLFD HQ OD IRUPD TXH GHWHUPLQD OD FOiXVXOD DQWHV FLWDGD /DV SURSRVLFLRQHV HFRQyPLFDV VH DMXVWDUiQ DO PRGHOR HVWDEOHFLGR HQ HO SOLHJR GH FOiXVXODV DGPLQLVWUD WLYDV SDUWLFXODUHV \ VH DGMXQWDUiQ HQ XQ VREUH ORV GRFXPHQWRV TXH HO SOLHJRH[LJH /XJDUGHSUHVHQWDFLyQ (QHO5HJLVWURGHODVGHSHQGHQFLDVLQGLFDGDVHQHODSDUWDGR,QIRU PDFLyQ 3OD]RGXUDQWHHOFXDOHOOLFLWDGRUHVWDUiREOLJDGRDPDQWHQHUVX RIHUWDFRQFXUVRWUHVPHVHVGHVGHODIHFKDGHDSHUWXUDGHSURSRVLFLR QHVHFRQyPLFDV $GPLVLyQGHYDULDQWHVFRQFXUVRQRVHDGPLWHQ $SHUWXUDGHODVRIHUWDV (QWLGDGFRQVHOOHULDGH,QIUDHVWUXFWXUDV\7UDQVSRUWH 'RPLFLOLR$Y%ODVFR,EixH] Núm. 5516 / 21.05.2007 20322 /RFDOLWDW9DOqQFLD 'DWD TXLQ]p GLD QDWXUDO FRPSWDGRU GHV GH O¶HQGHPj GH O¶DFDED PHQWGHOWHUPLQLGHSUHVHQWDFLyGHSURSRVLFLRQV +RUDKRUHVKRUDULSHQLQVXODU 3HOTXHIDDOVWHUPLQLVGHSUHVHQWDFLyLGHOLFLWDFLyHVPHQWDWVHQHOV SDUjJUDIVDQWHULRUVVLO¶~OWLPGLDIyUDGLVVDEWHRIHVWLXHVSURUURJDULD ILQVDOSULPHUGLDKjELOVHJHQW 'HVSHVHVG¶DQXQFLVDFjUUHFGHOVDGMXGLFDWDULV 6L pV HO FDV SRUWDO LQIRUPjWLF R SjJLQD ZHE RQ FRQVWHQ OHV LQIRUPDFLRQV UHODWLYHV D OD FRQYRFDWzULD R RQ SRGHQ REWLQGUH¶V HOV SOHFVKWWSZZZFLWJYDHV /RFDOLGDG9DOHQFLD )HFKDGpFLPRTXLQWRGtDQDWXUDODFRQWDUGHVGHHOGtDVLJXLHQWHDO GHODILQDOL]DFLyQGHOSOD]RGHSUHVHQWDFLyQGHSURSRVLFLRQHV +RUDKRUDVKRUDULRSHQLQVXODU (QORTXHUHVSHFWDDORVSOD]RVGHSUHVHQWDFLyQ\GHOLFLWDFLyQFLWD GRVHQORVSiUUDIRVDQWHULRUHVVLHO~OWLPRGtDIXHUDViEDGRRIHVWLYRVH SURUURJDUtDKDVWDHOSULPHUGtDKiELOVLJXLHQWH *DVWRVGHDQXQFLRVDFDUJRGHORVDGMXGLFDWDULRV (QVXFDVRSRUWDOLQIRUPiWLFRRSiJLQDZHEGRQGHILJXUHQODV LQIRUPDFLRQHV UHODWLYDV D OD FRQYRFDWRULD R GRQGH SXHGHQ REWHQHUVH ORVSOLHJRVKWWSZZZFLWJYDHV 9DOqQFLD GH PDLJ GH ± (O FRQVHOOHU G¶,QIUDHVWUXFWXUHV L 7UDQVSRUW-RVp5DPyQ*DUFtD$QWyQ 9DOHQFLDGHPD\RGH±(OFRQVHOOHUGH,QIUDHVWUXFWXUDV \ 7UDQVSRUWH-RVp5DPyQ*DUFtD$QWyQ Núm. 5516 / 21.05.2007 &RQVHOO9DOHQFLjGHO¶(VSRUW 20323 &RQVHOO9DOHQFLjGHO¶(VSRUW /LFLWDFLy GH O¶H[SHGLHQW &9(6( 6HUYLFL GH UHYLVLy PpGLFD \ YDORUDFLy IXQFLRQDO GHOV HVSRUWLVWHV G¶HOLW HQ HO &HQWUHGH0HGLFLQDGH&KHVWH>@ /LFLWDFLyQ GHO H[SHGLHQWH &9(6( 6HUYLFLR GH UHYLVLyQPpGLFD\YDORUDFLyQIXQFLRQDOGHORVGHSRUWLVWDV GHHOLWHHQHO&HQWURGH0HGLFLQDGH&KHVWH>@ (QWLWDWDGMXGLFDGRUD 2UJDQLVPH&RQVHOO9DOHQFLjGHO¶(VSRUW 'HSHQGqQFLDTXHWUDPLWDO¶H[SHGLHQW6HFFLyGH*HVWLy(FRQzPLFD L$GPLQLVWUDWLYDGHO&RQVHOO9DOHQFLjGHO¶(VSRUW 1~PHURG¶H[SHGLHQW&9(6( 2EMHFWHGHOFRQWUDFWH D 'HVFULSFLy GH O¶REMHFWH 6HUYLFL GH UHYLVLy PqGLFD L YDORUDFLy IXQFLRQDOGHOVHVSRUWLVWHVG¶HOLWHQHO&HQWUHGH0HGLFLQDGH&KHVWH (QWLGDGDGMXGLFDGRUD 2UJDQLVPR&RQVHOO9DOHQFLjGHO¶(VSRUW 'HSHQGHQFLD TXH WUDPLWD HO H[SHGLHQWH 6HFFLyQ GH *HVWLyQ (FR QyPLFD\$GPLQLVWUDWLYDGHO&RQVHOO9DOHQFLjGHO¶(VSRUW 1XPHURGHH[SHGLHQWH&9(6( 2EMHWRGHOFRQWUDWR D 'HVFULSFLyQ GHO REMHWR 6HUYLFLR GH UHYLVLyQ PpGLFD \ YDORUD FLyQIXQFLRQDOGHORVGHSRUWLVWDVGHpOLWHHQHO&HQWURGH0HGLFLQDGH &KHVWH E /XJDU GH HMHFXFLyQ &HQWUR GH 0HGLFLQD GH &KHVWH &DUUHWHUD 9DOHQFLD&KHVWHVQ&KHVWH9DOHQFLD F3OD]RGHHMHFXFLyQ(OSOD]RGHGXUDFLyQGHOFRQWUDWRVHUiGH PHVHVFRQWDGRVDSDUWLUGHOGHMXOLRGHRGHVGHHOGtDHQTXHVH IRUPDOLFHHOFRQWUDWRVLHVWHIXHUDSRVWHULRU1RREVWDQWHODDGPLQLV WUDFLyQSRGUiDFRUGDUHOFRPLHQ]RGHODHMHFXFLyQGHOFRQWUDWRDXQTXH QRVHKD\DIRUPDOL]DGRpVWHVLHPSUHTXHVHKD\DFRQVWLWXLGRODJDUDQ WtDGHILQLWLYD 7UDPLWDFLyQSURFHGLPLHQWR\IRUPDGHDGMXGLFDFLyQ D7UDPLWDFLyQXUJHQWH E3URFHGLPLHQWRDELHUWR F)RUPDFRQFXUVR 3UHVXSXHVWREDVHGHOLFLWDFLyQ ,PSRUWHWRWDOHXURV *DUDQWtDV *DUDQWtDSURYLVLRQDOQRVHH[LJH 2EWHQFLyQGHGRFXPHQWDFLyQHLQIRUPDFLyQ (QWLGDG&RQVHOO9DOHQFLjGHO¶(VSRUW6HFFLyQGH*HVWLyQ(FRQy PLFD\$GPLQLVWUDWLYD 'RPLFLOLRF3URIHVRU%HOWUiQ%iJXHQD /RFDOLGDG\FyGLJRSRVWDO9DOHQFLD 7HOpIRQR )D[ )HFKDOtPLWHGHREWHQFLyQGHGRFXPHQWRVHLQIRUPDFLyQQRVHILMD OtPLWH 5HTXLVLWRVHVSHFtILFRVGHOFRQWUDWLVWD &ODVLILFDFLyQQRVHH[LJH 6ROYHQFLDHFRQyPLFDILQDQFLHUD\WpFQLFDYHUFXDGURGHFDUDFWH UtVWLFDVGHOSOLHJRGHFOiXVXODVDGPLQLVWUDWLYDVSDUWLFXODUHV 3UHVHQWDFLyQGHODVRIHUWDVRGHODVVROLFLWXGHVGHSDUWLFLSDFLyQ )HFKDOtPLWHGHSUHVHQWDFLyQGtDVKiELOHVDSDUWLUGHOGtDVLJXL HQWH DO GH OD SXEOLFDFLyQ GH HVWH DQXQFLR HQ HO 'LDUL 2ILFLDO GH OD &RPXQLWDW9DOHQFLDQD6LHO~OWLPRIXHVHViEDGRRIHVWLYRHOSOD]RVH DPSOLDUiKDVWDHOSULPHUGtDKiELOVLJXLHQWH 'RFXPHQWDFLyQ D SUHVHQWDU VH SUHVHQWDUiQ HQ GRV VREUHV VHSDUD GRV$\%ORVVLJXLHQWHVGRFXPHQWRV (OVREUH$FRQWHQGUiGHDFXHUGRFRQORHVWDEOHFLGRHQODFOiXVXOD GHOSOLHJRGHFOiXVXODVDGPLQLVWUDWLYDVSDUWLFXODUHVODSURSRVLFLyQ HFRQyPLFDMXQWRFRQODGRFXPHQWDFLyQWpFQLFDLQGLFDGDHQHODSDUWDGR GHOFXDGURGHFDUDFWHUtVWLFDV (OVREUH%FRQWHQGUiODGRFXPHQWDFLyQDGPLQLVWUDWLYDGHDFXHUGR FRQORHVWDEOHFLGRHQODFOiXVXODGHOSOLHJRGHFOiXVXODVDGPLQLV WUDWLYDVSDUWLFXODUHV /XJDUGH3UHVHQWDFLyQ (QWLGDGHQHO5HJLVWURGHO&RQVHOO9DOHQFLjGHO¶(VSRUW 'RPLFLOLRF3URIHVRU%HOWUiQ%iJXHQD /RFDOLGDG\&yGLJR3RVWDO9DOHQFLD 3OD]R GXUDQWH HO FXDO HO OLFLWDGRU HVWDUi REOLJDGR D PDQWHQHU OD RIHUWD7UHVPHVHVGHVGHHODFWRS~EOLFRGHDSHUWXUDGHSURSRVLFLRQHV HFRQyPLFDV $GPLVLyQGHYDULDQWHVRDOWHUQDWLYDVQRVHDGPLWHQ $SHUWXUDGHODVRIHUWDV (QWLGDG&RQVHOO9DOHQFLjGHO¶(VSRUW 'RPLFLOLRF3URIHVRU%HOWUiQ%iJXHQD E /ORF G¶H[HFXFLy &HQWUH GH 0HGLFLQD GH &KHVWH &DUUHWHUD 9DOqQFLD&KHVWHVQ&KHVWH9DOqQFLD F7HUPLQLG¶H[HFXFLy(OWHUPLQLGHGXUDFLyGHOFRQWUDFWHVHUjGH PHVRVFRPSWDWVDSDUWLUGHO¶GHMXOLROGHRGHVGHO¶HQGHPj TXHHVIRUPDOLW]HHOFRQWUDFWHHQHOFDVTXHIyUDSRVWHULRU1RREVWDQW O¶DGPLQLVWUDFLySRGUjDFRUGDUHOFRPHQoDPHQWGHO¶H[HFXFLyGHOFRQ WUDFWHHQFDUDTXHQRV¶KDMDIRUPDOLW]DWHVWHVHPSUHTXHV¶KDMDGHSRVL WDWODJDUDQWLDGHILQLWLYD 7UDPLWDFLySURFHGLPHQWLIRUPDG¶DGMXGLFDFLy D7UDPLWDFLyXUJHQW E3URFHGLPHQWREHUW F)RUPDFRQFXUV 3UHVVXSRVWEDVHGHOLFLWDFLy ,PSRUWWRWDOHXURV *DUDQWLHV *DUDQWLDSURYLVLRQDOQRV¶H[LJL[ 2EWHQFLyGHGRFXPHQWDFLyLLQIRUPDFLy (QWLWDW&RQVHOO9DOHQFLjGHO¶(VSRUW6HFFLyGH*HVWLy(FRQzPLFD L$GPLQLVWUDWLYD 'RPLFLOLF3URIHVVRU%HOWUiQ%iJXHQD /RFDOLWDWLFRGLSRVWDO9DOqQFLD 7HOqIRQ )D[ 'DWDOtPLWG¶REWHQFLyGHGRFXPHQWVLLQIRUPDFLyQRHVIL[DOtPLW 5HTXLVLWVHVSHFtILFVGHOFRQWUDFWLVWD &ODVVLILFDFLyQRV¶H[LJL[ 6ROYqQFLDHFRQzPLFDILQDQFHUDLWqFQLFDYHJHXTXDGUHGHFDUDF WHUtVWLTXHVGHOSOHFGHFOjXVXOHVDGPLQLVWUDWLYHVSDUWLFXODUV 3UHVHQWDFLyGHOHVRIHUWHVRGHOHVVROÂOLFLWXGVGHSDUWLFLSDFLy 'DWD OtPLW GH SUHVHQWDFLy GLHV KjELOV D SDUWLU GHO GLD VHJHQW DO GH OD SXEOLFDFLy G¶HVWH DQXQFL HQ HO 'LDUL 2ILFLDO GH OD &RPXQLWDW 9DOHQFLDQD6LO¶~OWLPpVGLVVDEWHRIHVWLXHOWHUPLQLV¶DPSOLDUjILQVDO SULPHUGLDKjELOVHJHQW 'RFXPHQWDFLy D SUHVHQWDU HV SUHVHQWDUDQ HQ GRV VREUHV VHSDUDWV $L%HOVGRFXPHQWVVHJHQWV (OVREUH$FRQWLQGUjG¶DFRUGDPEHOTXHHVWDEOL[ODFOjXVXOD GHOSOHFGHFOjXVXOHVDGPLQLVWUDWLYHVSDUWLFXODUVODSURSRVLFLyHFRQz PLFDMXQWDPEODGRFXPHQWDFLyWqFQLFDLQGLFDGDHQO¶DSDUWDWGHOTXD GUHGHFDUDFWHUtVWLTXHV (OVREUH%FRQWLQGUjODGRFXPHQWDFLyDGPLQLVWUDWLYDG¶DFRUGDPE HO TXH HVWDEOL[ OD FOjXVXOD GHO SOHF GH FOjXVXOHV DGPLQLVWUDWLYHV SDUWLFXODUV /ORFGHSUHVHQWDFLy (QWLWDWHQHO5HJLVWUHGHO&RQVHOO9DOHQFLjGHO¶(VSRUW 'RPLFLOLF3URIHVVRU%HOWUiQ%iJXHQD /RFDOLWDWLFRGLSRVWDO9DOqQFLD 7HUPLQLGXUDQWHOTXDOHOOLFLWDGRUHVWDUjREOLJDWDPDQWLQGUHO¶RIHU WD7UHVPHVRVGHVGHO¶DFWHS~EOLFG¶REHUWXUDGHSURSRVLFLRQVHFRQz PLTXHV $GPLVVLyGHYDULDQWVRDOWHUQDWLYHVQRV¶DGPHWHQ 2EHUWXUDGHOHVRIHUWHV (QWLWDW&RQVHOO9DOHQFLjGHO¶(VSRUW 'RPLFLOLF3URIHVVRU%HOWUiQ%iJXHQD Núm. 5516 / 21.05.2007 20324 3jJLQDZHERQILJXUHQOHVLQIRUPDFLRQVUHODWLYHVDODFRQYRFD WzULDLRQSRGHQREWLQGUH¶VHOVSOHFVKWWSZZZFXOWJYDHVGJGSULQ FLSDOKWP /RFDOLGDG\FyGLJRSRVWDO9DOHQFLD )HFKDVHQRWLILFDUiDORVOLFLWDGRUHVODIHFKD\KRUDGHODDSHUWXUD GHRIHUWDV *DVWRVGHDQXQFLRV /RV JDVWRV JHQHUDGRV SRU OD LQVHUFLyQ GHO DQXQFLR HQ ORV GLDULRV RILFLDOHVFRUUHUiQDFDUJRGHOFRQWUDWLVWDDGMXGLFDWDULRGHHVWDFRQWUD WDFLyQ 3iJLQD:HEGRQGHILJXUDQODVLQIRUPDFLRQHVUHODWLYDVDODFRQ YRFDWRULD\GRQGHSXHGHQREWHQHUVHORVSOLHJRVKWWSZZZFXOWJYD HVGJGSULQFLSDOKWP 9DOqQFLD GH PDLJ GH ± /D VHFUHWjULD DXWRQzPLFD G¶(V SRUWYLFHSUHVLGHQWDGHO&RQVHOO9DOHQFLjGHO¶(VSRUW1LXUND0RQWDOYR $PDUR 9DOHQFLD GH PD\R GH ± /D VHFUHWDULD DXWRQyPLFD GH 'HSRUWHYLFHSUHVLGHQWD GHO &RQVHOO 9DOHQFLj GH O¶(VSRUW1LXUND 0RQWDOYR$PDUR /RFDOLWDWLFRGLSRVWDO9DOqQFLD 'DWDGHO¶DFWHS~EOLFHVQRWLILFDUjDOVOLFLWDGRUVODGDWDLKRUDGH O¶REHUWXUDG¶RIHUWHV 'HVSHVHVG¶DQXQFLV /HVGHVSHVHVJHQHUDGHVSHUODLQVHUFLyGHO¶DQXQFLHQHOVGLDULVRIL FLDOVVHUDQDFjUUHFGHOFRQWUDFWLVWDDGMXGLFDWDULG¶HVWDFRQWUDFWDFLy Núm. 5516 / 21.05.2007 &RQVWUXFFLRQVL,QIUDHVWUXFWXUHV(GXFDWLYHV GHOD*HQHUDOLWDW9DOHQFLDQD&,(*6$ 20325 &RQVWUXFFLRQVL,QIUDHVWUXFWXUHV(GXFDWLYHV GHOD*HQHUDOLWDW9DOHQFLDQD&,(*6$ /LFLWDFLyGHO¶H[SHGLHQW$75'$VVLVWqQFLD7qFQLFD 5HGDFFLyL'LUHFFLyG¶2EUD>@ /LFLWDFLyQGHOH[SHGLHQWH$75'$VLVWHQFLD7pFQL FD5HGDFFLyQ\'LUHFFLyQGH2EUD>@ (QWLWDWDGMXGLFDGRUD D 2UJDQLVPH &RQVWUXFFLRQV L ,QIUDHVWUXFWXUHV (GXFDWLYHV GH OD *HQHUDOLWDW9DOHQFLDQD6$&,(*6$ E'HSHQGqQFLDTXHWUDPLWDO¶H[SHGLHQW&,(*6$ F1~PHURG¶([SHGLHQW$75' 2EMHFWHGHOFRQWUDFWH D 'HVFULSFLy GH O¶REMHFWH 5HGDFFLy 3URMHFWH %jVLF L G¶([H FXFLy 5HGDFFLy GH 3URMHFWHV G¶,QVWDOÂODFLRQV L (VWXGL GH 6HJXUHWDW L 6DOXW'LUHFFLyG¶2EUD'LUHFFLy([HFXFLyG¶REUD'LUHFFLy3URMHFWHV G¶,QVWDOÂODFLRQVL&RRUGLQDFLyGH6HJXUHWDWL6DOXW&HUWLILFDFLy/LTXL GDFLyL5HFHSFLyUHODWLXDFHQWUHGRFHQW 7UDPLWDFLySURFHGLPHQWLIRUPDG¶DGMXGLFDFLy D7UDPLWDFLyRUGLQjULD E3URFHGLPHQWREHUW F)RUPDG¶DGMXGLFDFLyFRQFXUV 3UHVVXSRVWGHOLFLWDFLy D,PSRUWWRWDO,9$LQFOzV ([SWH$75'HXURV &3+LVSDQLGDGHQ2UED$ODFDQW *DUDQWLHV 9HXUHTXDGURGH&DUDFWHUtVWLTXHV7qFQLTXHV 2EWHQFLyGHGRFXPHQWDFLyLLQIRUPDFLy 2EWHQFLyGHGRFXPHQWDFLy 3HUDDGTXLULUIRWRFzSLHVHOVLQWHUHVVDWVKDXUDQGHGLULJLUVHD &5, 0HVWDOOD FDUUHU &RQYHQW GH 6DQ )UDQFLVFR EDL[ 9DOqQFLD7HOqIRQ)D[ 2EWHQFLyG¶LQIRUPDFLy D(QWLWDW&RQVWUXFFLRQVL,QIUDHVWUXFWXUHV(GXFDWLYHVGHOD*HQH UDOLWDW9DOHQFLDQD6$&,(*6$ E'RPLFLOL&DUUHU3LQWRU6RUROODQ~P3ODQWDD F/RFDOLWDWLFRGLSRVWDO9DOqQFLD G7HOqIRQ H)D[ I'DWDOtPLWG¶REWHQFLyGHGRFXPHQWVLLQIRUPDFLyILQVDODGDWD GHSUHVHQWDFLyGHSURSRVLFLRQVHFRQzPLTXHV 5HTXLVLWVHVSHFtILFVGHOFRQWUDFWLVWD&ODVVLILFDFLyQRSURFHGL[ 3UHVHQWDFLyGHOHVRIHUWHV D'DWDOtPLWGHSUHVHQWDFLyGLHVDFRPSWDUGHOVHJHQWDOGHOD SXEOLFDFLyHQHO'LDUL2ILFLDOGHOD*HQHUDOLWDW(QFDVTXHHOILGHWHU PLQLVLJDIHVWLXRGLVVDEWHVHUjO¶HQGHPjKjELOILQVDOHVKRUHV *DVWRVG¶DQXQFLV (OVJDVWRVGHSXEOLFDFLyGHOSUHVHQWFRQFXUVVHUDQDFjUUHFGHO¶DG MXGLFDWDUL (QWLGDGDGMXGLFDGRUD D2UJDQLVPR&RQVWUXFFLRQHVH,QIUDHVWUXFWXUDV(GXFDWLYDVGHOD *HQHUDOLWDW9DOHQFLDQD6$&,(*6$ E'HSHQGHQFLDTXHWUDPLWDHOH[SHGLHQWH&,(*6$ F1~PHURGH([SHGLHQWH$75' 2EMHWRGHOFRQWUDWR D'HVFULSFLyQGHOREMHWR5HGDFFLyQ3UR\HFWR%iVLFR\GH(MHFX FLyQ5HGDFFLyQGH3UR\HFWRVGH,QVWDODFLRQHV\(VWXGLRGH6HJXULGDG \ 6DOXG 'LUHFFLyQ GH 2EUD 'LUHFFLyQ (MHFXFLyQ GH REUD 'LUHFFLyQ 3UR\HFWRVGH,QVWDODFLRQHV\&RRUGLQDFLyQGH6HJXULGDG\6DOXG&HU WLILFDFLyQ/LTXLGDFLyQ\5HFHSFLyQUHODWLYRDFHQWURGRFHQWH 7UDPLWDFLyQSURFHGLPLHQWR\IRUPDGHDGMXGLFDFLyQ D7UDPLWDFLyQRUGLQDULD E3URFHGLPLHQWRDELHUWR F)RUPDGHDGMXGLFDFLyQFRQFXUVR 3UHVXSXHVWRGHOLFLWDFLyQ D,PSRUWHWRWDO,9$LQFOXLGR ([SWH$75'HXURV &3+LVSDQLGDGHQ2UED$OLFDQWH *DUDQWtDV 9HUFXDGURGH&DUDFWHULVWLFDV7HFQLFDV 2EWHQFLyQGHGRFXPHQWDFLyQHLQIRUPDFLyQ 2EWHQFLyQGHGRFXPHQWDFLyQ 3DUDDGTXLULUIRWRFRSLDVORVLQWHUHVDGRVGHEHUiQGLULJLUVHD &5, 0HVWDOOD FDOOH &RQYHQWR GH 6DQ )UDQFLVFR EDMR 9DOHQFLD7HOpIRQR)D[ 2EWHQFLyQGHLQIRUPDFLyQ D (QWLGDG &RQVWUXFFLRQHV H ,QIUDHVWUXFWXUDV (GXFDWLYDV GH OD *HQHUDOLWDW9DOHQFLDQD6$&,(*6$ E'RPLFLOLR&DOOH3LQWRU6RUROODQ~P3ODQWD F/RFDOLGDG\FyGLJRSRVWDO9DOHQFLD G7HOpIRQR H)D[ I)HFKDOtPLWHGHREWHQFLyQGHGRFXPHQWRVHLQIRUPDFLyQKDVWD ODIHFKDGHSUHVHQWDFLyQGHSURSRVLFLRQHVHFRQyPLFDV 5HTXLVLWRVHVSHFtILFRVGHOFRQWUDWLVWD&ODVLILFDFLyQQRSURFHGH 3UHVHQWDFLyQGHODVRIHUWDV D)HFKDOtPLWHGHSUHVHQWDFLyQGtDVDFRQWDUGHVGHHOVLJXLHQ WH DO GH OD SXEOLFDFLyQ HQ HO 'LDUL 2ILFLDO GH OD *HQHUDOLWDW (Q FDVR GHTXHHOILQGHSOD]RVHDIHVWLYRRViEDGRVHUiHOGtDVLJXLHQWHKiELO KDVWDODVKRUDV E'RFXPHQWDFLyQDSUHVHQWDUHQHO³$´RIHUWDHFRQyPLFDHQHO VREUH³%´FDSDFLGDGSDUDFRQWUDWDUHQHOVREUH³&ÚHTXLVLWRVWpFQLFRV F/XJDUGHSUHVHQWDFLyQ (QWLGDG5HJLVWUR*HQHUDOGH&,(*6$ 'RPLFLOLRFDOOH3LQWRU6RUROODSODQWD /RFDOLGDG\FyGLJRSRVWDO9DOHQFLD G 3OD]R GXUDQWH HO FXDO HO OLFLWDGRU HVWi REOLJDGR D PDQWHQHU VX RIHUWDKDVWDODDGMXGLFDFLyQGHILQLWLYDGHOFRQWUDWR H$GPLVLyQGHYDULDQWHVQRVHDGPLWHQYDULDQWHVRDOWHUQDWLYDV $SHUWXUDGHRIHUWDV D(QWLGDG&,(*6$ E/XJDUVHQRWLILFDUiDORVOLFLWDGRUHVHOOXJDUGHOD$SHUWXUDGH 2IHUWDV F/RFDOLGDG9DOHQFLD G)HFKDVHQRWLILFDUiDORVOLFLWDGRUHVODIHFKDGHOD$SHUWXUDGH 2IHUWDV *DVWRVGHDQXQFLRV /RVJDVWRVGHSXEOLFDFLyQGHOSUHVHQWHFRQFXUVRVHUiQDFDUJRGHO DGMXGLFDWDULR 9DOqQFLD G¶DEULO GHO (O FRQVHOOHU GHOHJDW GH &,(*6$ 0i[LPR&DWXUOD5XELR 9DOHQFLDGHDEULOGH(OFRQVHMHURGHOHJDGRGH&,(*6$ 0i[LPR&DWXUOD5XELR E 'RFXPHQWDFLy D SUHVHQWDU HQ HO ³$´ RIHUWD HFRQzPLFD HQ HO VREUH³%´FDSDFLWDWSHUDFRQWUDFWDUHQHOVREUH³&ÚHTXLVLWVWqFQLFV F/ORFGHSUHVHQWDFLy D(QWLWDW5HJLVWUH*HQHUDOGH&,(*6$ D'RPLFLOLFDUUHU3LQWRU6RUROODSODQWDD D/RFDOLWDWLFRGLSRVWDO9DOqQFLD G 7HUPLQL GXUDQW HO TXDO HO OLFLWDGRU HVWj REOLJDW D PDQWLQGUH OD VHXDRIHUWDILQVDO¶DGMXGLFDFLyGHILQLWLYDGHOFRQWUDFWH H$GPLVVLyGHYDULDQWVQRV¶DGPHWHQYDULDQWVRDOWHUQDWLYHV 2EHUWXUDG¶RIHUWHV D(QWLWDW&,(*6$ E/ORFHVQRWLILFDUjDOVOLFLWDGRUVHOOORFGHO¶2EHUWXUDG¶2IHUWHV F/RFDOLWDW9DOqQFLD G'DWDHVQRWLILFDUjDOVOLFLWDGRUVODGDWDGHO¶2EHUWXUDG¶2IHUWHV Núm. 5516 / 21.05.2007 &RQVWUXFFLRQVL,QIUDHVWUXFWXUHV(GXFDWLYHV GHOD*HQHUDOLWDW9DOHQFLDQD&,(*6$ 20326 &RQVWUXFFLRQVL,QIUDHVWUXFWXUHV(GXFDWLYHV GHOD*HQHUDOLWDW9DOHQFLDQD&,(*6$ /LFLWDFLyGHO¶H[SHGLHQW2%([HFXFLyG¶REUDUHOD WLYDDFHQWUHGRFHQW>@ /LFLWDFLyQ GHO H[SHGLHQWH 2% (MHFXFLyQ GH REUD UHODWLYDDFHQWURGRFHQWH>@ (QWLWDWDGMXGLFDGRUD D 2UJDQLVPH &RQVWUXFFLRQV L ,QIUDHVWUXFWXUHV (GXFDWLYHV GH OD *HQHUDOLWDW9DOHQFLDQD6$ E'HSHQGqQFLDTXHWUDPLWDO¶H[SHGLHQW&,(*6$ F1~PHURG¶([SHGLHQW2% 2EMHFWHGHOFRQWUDFWH D 'HVFULSFLy GH O¶REMHFWH ([HFXFLy G¶REUD UHODWLYD D FHQWUH GRFHQW 7UDPLWDFLySURFHGLPHQWLIRUPDG¶DGMXGLFDFLy D7UDPLWDFLyRUGLQDUL E3URFHGLPHQWREHUW F)RUPDG¶DGMXGLFDFLyFRQFXUV 3UHVVXSRVWGHOLFLWDFLy D,PSRUWWRWDO,9$LQFOzV ([SWH2%HXURV ,(6/DV/RPDVHQ$OLFDQWH *DUDQWLHV *DUDQWLDSURYLVLRQDOGHOSUHVVXSRVWGHOLFLWDFLy 2EWHQFLyGHGRFXPHQWDFLyLLQIRUPDFLy 2EWHQFLyGHGRFXPHQWDFLy 3HUDDGTXLULUIRWRFzSLHVHOVLQWHUHVVDWVKDXUDQGHGLULJLUVHD &5, 0HVWDOOD FDUUHU &RQYHQW 6DQ )UDQFLVFR Q~P EDL[ 9DOqQFLD7HOL)D[ 2EWHQFLyG¶LQIRUPDFLy D(QWLWDW&RQVWUXFFLRQVL,QIUDHVWUXFWXUHV(GXFDWLYHVGHOD*HQH UDOLWDW9DOHQFLDQD6$&,(*6$ E'RPLFLOLFDUUHU3LQWRU6RUROODQ~P3ODQWDD F/RFDOLWDWLFRGLSRVWDO9DOqQFLD G7HOqIRQ H)D[ I'DWDOtPLWG¶REWHQFLyGHGRFXPHQWVLLQIRUPDFLyILQVDODGDWD GHSUHVHQWDFLyGHSURSRVLFLRQVHFRQzPLTXHV 5HTXLVLWVHVSHFtILFVGHOFRQWUDFWLVWD&ODVVLILFDFLy*UXS&FDWH JRULDI 3UHVHQWDFLyGHOHVRIHUWHV D'DWDOtPLWGHSUHVHQWDFLyGLHVQDWXUDOVDFRPSWDUGHOVHJHQW DOGHODSXEOLFDFLyHQHO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQD(Q FDVTXHHOILGHWHUPLQLVLJDIHVWLXRGLVVDEWHVHUjO¶HQGHPjKjELOILQV DOHVKRUHV E 'RFXPHQWDFLy D SUHVHQWDU HQ HO VREUH ³$´ RIHUWD HFRQzPLFD HQ HO VREUH ³%´ FDSDFLWDW SHU D FRQWUDFWDU HQ HO VREUH ³&´ UHTXLVLWV WqFQLFV F/ORFGHSUHVHQWDFLy D(QWLWDW5HJLVWUH*HQHUDOGH&,(*6$ D'RPLFLOLFDUUHU3LQWRU6RUROODSODQWDD D/RFDOLWDWLFRGLSRVWDO9DOqQFLD G 7HUPLQL GXUDQW HO TXDO HO OLFLWDGRU HVWj REOLJDW D PDQWLQGUH OD VHXDRIHUWDILQVDO¶DGMXGLFDFLyGHILQLWLYDGHOFRQWUDFWH H$GPLVVLyGHYDULDQWVQRV¶DGPHWHQYDULDQWVRDOWHUQDWLYHV 2EHUWXUDG¶RIHUWHV D(QWLWDW&,(*6$ E/ORFHVQRWLILFDUjDOVOLFLWDGRUVHOOORFGHO¶2EHUWXUDG¶2IHUWHV *DVWRVG¶DQXQFLV (OVJDVWRVGHSXEOLFDFLyGHOSUHVHQWFRQFXUVVHUDQDFjUUHFGHO¶DG MXGLFDWDUL (QWLGDGDGMXGLFDGRUD D2UJDQLVPR&RQVWUXFFLRQHVH,QIUDHVWUXFWXUDV(GXFDWLYDVGHOD *HQHUDOLWDW9DOHQFLDQD6$ E'HSHQGHQFLDTXHWUDPLWDHOH[SHGLHQWH&,(*6$ F1~PHURGH([SHGLHQWH2% 2EMHWRGHOFRQWUDWR D 'HVFULSFLyQ GHO REMHWR (MHFXFLyQ GH REUD UHODWLYD D FHQWUR GRFHQWH 7UDPLWDFLyQSURFHGLPLHQWR\IRUPDGHDGMXGLFDFLyQ D7UDPLWDFLyQRUGLQDULR E3URFHGLPLHQWRDELHUWR F)RUPDGHDGMXGLFDFLyQFRQFXUVR 3UHVXSXHVWRGHOLFLWDFLyQ D,PSRUWHWRWDO,9$LQFOXLGR ([SWH2%HXURV ,(6/$6/20$6$OLFDQWH *DUDQWtDV *DUDQWtDSURYLVLRQDOGHOSUHVXSXHVWRGHOLFLWDFLyQ 2EWHQFLyQGHGRFXPHQWDFLyQHLQIRUPDFLyQ 2EWHQFLyQGHGRFXPHQWDFLyQ 3DUDDGTXLULUIRWRFRSLDVORVLQWHUHVDGRVGHEHUiQGLULJLUVHD &5, 0HVWDOOD FDOOH &RQYHQWR 6DQ )UDQFLVFR Q~P EDMR 9DOHQFLD7OI\)D[ 2EWHQFLyQGHLQIRUPDFLyQ D (QWLGDG &RQVWUXFFLRQHV H ,QIUDHVWUXFWXUDV (GXFDWLYDV GH OD *HQHUDOLWDW9DOHQFLDQD6$&,(*6$ E'RPLFLOLRFDOOH3LQWRU6RUROODQ~P3ODQWD F/RFDOLGDG\FyGLJRSRVWDO9DOHQFLD G7HOpIRQR H)D[ I)HFKDOtPLWHGHREWHQFLyQGHGRFXPHQWRVHLQIRUPDFLyQKDVWD ODIHFKDGHSUHVHQWDFLyQGHSURSRVLFLRQHVHFRQyPLFDV 5HTXLVLWRV HVSHFtILFRV GHO FRQWUDWLVWD &ODVLILFDFLyQ *UXSR & FDWHJRUtDI 3UHVHQWDFLyQGHODVRIHUWDV D )HFKD OtPLWH GH SUHVHQWDFLyQ GtDV QDWXUDOHV D FRQWDU GHVGH HO VLJXLHQWH DO GH OD SXEOLFDFLyQ HQ HO 'LDUL 2ILFLDO GH OD &RPXQLWDW 9DOHQFLDQD(QFDVRGHTXHHOILQGHSOD]RVHDIHVWLYRRViEDGRVHUi HOGtDVLJXLHQWHKiELOKDVWDODVKRUDV E'RFXPHQWDFLyQDSUHVHQWDUHQHOVREUH³$´RIHUWDHFRQyPLFD HQ HO VREUH ³%´ FDSDFLGDG SDUD FRQWUDWDU HQ HO VREUH ³&´ UHTXLVLWRV WpFQLFRV F/XJDUGHSUHVHQWDFLyQ (QWLGDG5HJLVWUR*HQHUDOGH&,(*6$ 'RPLFLOLRFDOOH3LQWRU6RUROODSODQWD /RFDOLGDG\FyGLJRSRVWDO9DOHQFLD G 3OD]R GXUDQWH HO FXDO HO OLFLWDGRU HVWi REOLJDGR D PDQWHQHU VX RIHUWDKDVWDODDGMXGLFDFLyQGHILQLWLYDGHOFRQWUDWR H$GPLVLyQGHYDULDQWHVQRVHDGPLWHQYDULDQWHVRDOWHUQDWLYDV $SHUWXUDGHRIHUWDV D(QWLGDG&,(*6$ E/XJDUVHQRWLILFDUiDORVOLFLWDGRUHVHOOXJDUGHOD$SHUWXUDGH 2IHUWDV F/RFDOLGDG9DOHQFLD G)HFKDVHQRWLILFDUiDORVOLFLWDGRUHVODIHFKDGHOD$SHUWXUDGH 2IHUWDV *DVWRVGHDQXQFLRV /RVJDVWRVGHSXEOLFDFLyQGHOSUHVHQWHFRQFXUVRVHUiQDFDUJRGHO DGMXGLFDWDULR 9DOqQFLD G¶DEULO GH (O FRQVHOOHU GHOHJDW GH &,(*6$ 0i[LPR&DWXUOD5XELR 9DOHQFLDGHDEULOGH(OFRQVHMHURGHOHJDGRGH&,(*6$ 0i[LPR&DWXUOD5XELR F/RFDOLWDW9DOqQFLD G'DWDHVQRWLILFDUjDOVOLFLWDGRUVODGDWDGHO¶2EHUWXUDG¶2IHUWHV Núm. 5516 / 21.05.2007 &RQVWUXFFLRQVL,QIUDHVWUXFWXUHV(GXFDWLYHVGHOD*HQH UDOLWDW9DOHQFLDQD&,(*6$ /LFLWDFLyGHO¶H[SHGLHQW$7&&$VVLVWqQFLD7qFQLFD SHU D OD UHDOLW]DFLy GHOV WUHEDOOV GH &RQWURO GH 4XDOLWDW SHUODERUDWRULKRPRORJDWG¶REUDUHODWLYDDFHQWUHGRFHQW >@ 20327 &RQVWUXFFLRQHVH,QIUDHVWUXFWXUDV(GXFDWLYDVGHOD *HQHUDOLWDW9DOHQFLDQD&,(*6$ /LFLWDFLyQ GHO H[SHGLHQWH $7&& $VLVWHQFLD 7pFQL FDSDUDODUHDOL]DFLyQGHORVWUDEDMRVGH&RQWUROGH&DOL GDGSRUODERUDWRULRKRPRORJDGRGHREUDUHODWLYDDFHQWUR GRFHQWH>@ *DVWRVG¶DQXQFLV (OVJDVWRVGHSXEOLFDFLyGHOSUHVHQWFRQFXUVVHUDQDFjUUHFGHO¶DG MXGLFDWDUL (QWLGDGDGMXGLFDGRUD D2UJDQLVPR&RQVWUXFFLRQHVH,QIUDHVWUXFWXUDV(GXFDWLYDVGHOD *HQHUDOLWDW9DOHQFLDQD6$&,(*6$ E'HSHQGHQFLDTXHWUDPLWDHOH[SHGLHQWH&,(*6$ F1~PHURGH([SHGLHQWH$7&& 2EMHWRGHOFRQWUDWR D 'HVFULSFLyQ GHO REMHWR$VLVWHQFLD 7pFQLFD SDUD OD UHDOL]DFLyQ GHORVWUDEDMRVGH&RQWUROGH&DOLGDGSRUODERUDWRULRKRPRORJDGRGH REUDUHODWLYDDFHQWURGRFHQWH 7UDPLWDFLyQSURFHGLPLHQWR\IRUPDGHDGMXGLFDFLyQ D7UDPLWDFLyQRUGLQDULD E3URFHGLPLHQWRDELHUWR F)RUPDGHDGMXGLFDFLyQFRQFXUVR 3UHVXSXHVWRGHOLFLWDFLyQ D,PSRUWHWRWDO,9$LQFOXLGR ([SWH$7&&HXURV (,(/*5(*$/HQ&DVWHOOyQ *DUDQWtDV 9HUFXDGURGH&DUDFWHULVWLFDV7HFQLFDV 2EWHQFLyQGHGRFXPHQWDFLyQHLQIRUPDFLyQ 2EWHQFLyQGHGRFXPHQWDFLyQ 3DUDDGTXLULUIRWRFRSLDVORVLQWHUHVDGRVGHEHUiQGLULJLUVHD &5, 0HVWDOOD FDOOH &RQYHQWR GH 6DQ )UDQFLVFR EDMR 9DOHQFLD7HOpIRQR)D[ 2EWHQFLyQGHLQIRUPDFLyQ D (QWLGDG &RQVWUXFFLRQHV H ,QIUDHVWUXFWXUDV (GXFDWLYDV GH OD *HQHUDOLWDW9DOHQFLDQD6$&,(*6$ E'RPLFLOLR&DOOH3LQWRU6RUROODQ3ODQWD F/RFDOLGDG\FyGLJRSRVWDO9DOHQFLD G7HOpIRQR H)D[ I)HFKDOtPLWHGHREWHQFLyQGHGRFXPHQWRVHLQIRUPDFLyQKDVWD ODIHFKDGHSUHVHQWDFLyQGHSURSRVLFLRQHVHFRQyPLFDV 5HTXLVLWRVHVSHFtILFRVGHOFRQWUDWLVWD&ODVLILFDFLyQQRSURFHGH 3UHVHQWDFLyQGHODVRIHUWDV D)HFKDOtPLWHGHSUHVHQWDFLyQGtDVDFRQWDUGHVGHHOVLJXLHQ WH DO GH OD SXEOLFDFLyQ HQ HO 'LDUL 2ILFLDO GH OD *HQHUDOLWDW (Q FDVR GHTXHHOILQGHSOD]RVHDIHVWLYRRViEDGRVHUiHOGtDVLJXLHQWHKiELO KDVWDODVKRUDV E'RFXPHQWDFLyQDSUHVHQWDUHQHO³$´RIHUWDHFRQyPLFDHQHO VREUH³%´FDSDFLGDGSDUDFRQWUDWDUHQHOVREUH³&ÚHTXLVLWRVWpFQLFRV F/XJDUGHSUHVHQWDFLyQ (QWLGDG5HJLVWUR*HQHUDOGH&,(*6$ 'RPLFLOLRFDOOH3LQWRU6RUROODSODQWD /RFDOLGDG\FyGLJRSRVWDO9DOHQFLD G 3OD]R GXUDQWH HO FXDO HO OLFLWDGRU HVWi REOLJDGR D PDQWHQHU VX RIHUWDKDVWDODDGMXGLFDFLyQGHILQLWLYDGHOFRQWUDWR H$GPLVLyQGHYDULDQWHVQRVHDGPLWHQYDULDQWHVRDOWHUQDWLYDV $SHUWXUDGHRIHUWDV D(QWLGDG&,(*6$ E/XJDUVHQRWLILFDUiDORVOLFLWDGRUHVHOOXJDUGHOD$SHUWXUDGH 2IHUWDV F/RFDOLGDG9DOHQFLD G)HFKDVHQRWLILFDUiDORVOLFLWDGRUHVODIHFKDGHOD$SHUWXUDGH 2IHUWDV *DVWRVGHDQXQFLRV /RVJDVWRVGHSXEOLFDFLyQGHOSUHVHQWHFRQFXUVRVHUiQDFDUJRGHO DGMXGLFDWDULR 9DOqQFLD G¶DEULO GH ± (O FRQVHOOHU GHOHJDW GH &,(*6$ 0i[LPR&DWXUOD5XELR 9DOHQFLDGHDEULOGH(OFRQVHMHURGHOHJDGRGH&,(*6$ 0i[LPR&DWXUOD5XELR (QWLWDWDGMXGLFDGRUD D 2UJDQLVPH &RQVWUXFFLRQV L ,QIUDHVWUXFWXUHV (GXFDWLYHV GH OD *HQHUDOLWDW9DOHQFLDQD6$&,(*6$ E'HSHQGqQFLDTXHWUDPLWDO¶H[SHGLHQW&,(*6$ F1~PHURG¶([SHGLHQW$7&& 2EMHFWHGHOFRQWUDFWH D'HVFULSFLyGHO¶REMHFWH$VVLVWqQFLD7qFQLFDSHUDODUHDOLW]DFLy GHOV WUHEDOOV GH &RQWURO GH 4XDOLWDW SHU ODERUDWRUL KRPRORJDW G¶REUD UHODWLYDDFHQWUHGRFHQW 7UDPLWDFLySURFHGLPHQWLIRUPDG¶DGMXGLFDFLy D7UDPLWDFLyRUGLQjULD E3URFHGLPHQWREHUW F)RUPDG¶DGMXGLFDFLyFRQFXUV 3UHVVXSRVWGHOLFLWDFLy D,PSRUWWRWDO,9$LQFOzV ([SWH$7&&HXURV (,(/*5(*$/HQ&DVWHOOyQ *DUDQWLHV 9HXUHFXDGUHGHFDUDFWHULVWLTXHVWHFQLTXHV 2EWHQFLyGHGRFXPHQWDFLyLLQIRUPDFLy 2EWHQFLyGHGRFXPHQWDFLy 3HUDDGTXLULUIRWRFzSLHVHOVLQWHUHVVDWVKDXUDQGHGLULJLUVHD &5, 0HVWDOOD FDUUHU &RQYHQW GH 6DQ )UDQFLVFR EDL[ 9DOqQFLD7HOqIRQ)D[ 2EWHQFLyG¶LQIRUPDFLy D(QWLWDW&RQVWUXFFLRQVL,QIUDHVWUXFWXUHV(GXFDWLYHVGHOD*HQH UDOLWDW9DOHQFLDQD6$&,(*6$ E'RPLFLOL&DUUHU3LQWRU6RUROODQ~P3ODQWDD F/RFDOLWDWLFRGLSRVWDO9DOqQFLD G7HOqIRQ H)D[ I'DWDOtPLWG¶REWHQFLyGHGRFXPHQWVLLQIRUPDFLyILQVDODGDWD GHSUHVHQWDFLyGHSURSRVLFLRQVHFRQzPLTXHV 5HTXLVLWVHVSHFtILFVGHOFRQWUDFWLVWD&ODVVLILFDFLyQRSURFHGL[ 3UHVHQWDFLyGHOHVRIHUWHV D'DWDOtPLWGHSUHVHQWDFLyGLHVDFRPSWDUGHOVHJHQWDOGHOD SXEOLFDFLyHQHO'LDUL2ILFLDOGHOD *HQHUDOLWDW 9DOHQFLDQD (Q FDV TXH HO IL GH WHUPLQL VLJD IHVWLX R GLVVDEWHVHUjO¶HQGHPjKjELOILQVDOHVKRUHV E 'RFXPHQWDFLy D SUHVHQWDU HQ HO ³$´ RIHUWD HFRQzPLFD HQ HO VREUH³%´FDSDFLWDWSHUDFRQWUDFWDUHQHOVREUH³&ÚHTXLVLWVWqFQLFV F/ORFGHSUHVHQWDFLy D(QWLWDW5HJLVWUH*HQHUDOGH&,(*6$ D'RPLFLOLFDUUHU3LQWRU6RUROODSODQWDD D/RFDOLWDWLFRGLSRVWDO9DOqQFLD G 7HUPLQL GXUDQW HO TXDO HO OLFLWDGRU HVWj REOLJDW D PDQWLQGUH OD VHXDRIHUWDILQVDO¶DGMXGLFDFLyGHILQLWLYDGHOFRQWUDFWH H$GPLVVLyGHYDULDQWVQRV¶DGPHWHQYDULDQWVRDOWHUQDWLYHV 2EHUWXUDG¶RIHUWHV D(QWLWDW&,(*6$ E/ORFHVQRWLILFDUjDOVOLFLWDGRUVHOOORFGHO¶2EHUWXUDG¶2IHUWHV F/RFDOLWDW9DOqQFLD G'DWDHVQRWLILFDUjDOVOLFLWDGRUVODGDWDGHO¶2EHUWXUDG¶2IHUWHV Núm. 5516 / 21.05.2007 &RQVWUXFFLRQVL,QIUDHVWUXFWXUHV(GXFDWLYHV GHOD*HQHUDOLWDW9DOHQFLDQD&,(*6$ /LFLWDFLyGHO¶H[SHGLHQW2%([HFXFLyG¶REUDUHOD WLYDDFHQWUHGRFHQW>@ 20328 &RQVWUXFFLRQHVH,QIUDHVWUXFWXUDV(GXFDWLYDV GHOD*HQHUDOLWDW9DOHQFLDQD&,(*6$ /LFLWDFLyQ GHO H[SHGLHQWH 2% (MHFXFLyQ GH REUD UHODWLYDDFHQWURGRFHQWH>@ (OVJDVWRVGHSXEOLFDFLyGHOSUHVHQWFRQFXUVVHUDQDFjUUHFGHO¶DG MXGLFDWDUL (QWLGDGDGMXGLFDGRUD D2UJDQLVPR&RQVWUXFFLRQHVH,QIUDHVWUXFWXUDV(GXFDWLYDVGHOD *HQHUDOLWDW9DOHQFLDQD6$ E'HSHQGHQFLDTXHWUDPLWDHOH[SHGLHQWH&,(*6$ F1~PHURGH([SHGLHQWH2% 2EMHWRGHOFRQWUDWR D 'HVFULSFLyQ GHO REMHWR (MHFXFLyQ GH REUD UHODWLYD D FHQWUR GRFHQWH 7UDPLWDFLyQSURFHGLPLHQWR\IRUPDGHDGMXGLFDFLyQ D7UDPLWDFLyQRUGLQDULR E3URFHGLPLHQWRDELHUWR F)RUPDGHDGMXGLFDFLyQFRQFXUVR 3UHVXSXHVWRGHOLFLWDFLyQ D,PSRUWHWRWDO,9$LQFOXLGR ([SWH2%HXURV &((7$0$5,7HQ(OFKH$OLFDQWH *DUDQWtDV *DUDQWtDSURYLVLRQDOGHOSUHVXSXHVWRGHOLFLWDFLyQ 2EWHQFLyQGHGRFXPHQWDFLyQHLQIRUPDFLyQ 2EWHQFLyQGHGRFXPHQWDFLyQ 3DUDDGTXLULUIRWRFRSLDVORVLQWHUHVDGRVGHEHUiQGLULJLUVHD &5, 0HVWDOOD FDOOH &RQYHQWR 6DQ )UDQFLVFR Q~P EDMR 9DOHQFLD7OI\)D[ 2EWHQFLyQGHLQIRUPDFLyQ D (QWLGDG &RQVWUXFFLRQHV H ,QIUDHVWUXFWXUDV (GXFDWLYDV GH OD *HQHUDOLWDW9DOHQFLDQD6$&,(*6$ E'RPLFLOLRFDOOH3LQWRU6RUROODQ~P3ODQWD F/RFDOLGDG\FyGLJRSRVWDO9DOHQFLD G7HOpIRQR H)D[ I)HFKDOtPLWHGHREWHQFLyQGHGRFXPHQWRVHLQIRUPDFLyQKDVWD ODIHFKDGHSUHVHQWDFLyQGHSURSRVLFLRQHVHFRQyPLFDV 5HTXLVLWRVHVSHFtILFRVGHOFRQWUDWLVWD&ODVLILFDFLyQ1RSURFHGH 3UHVHQWDFLyQGHODVRIHUWDV D )HFKD OtPLWH GH SUHVHQWDFLyQ GtDV QDWXUDOHV D FRQWDU GHVGH HO VLJXLHQWH DO GH OD SXEOLFDFLyQ HQ HO 'LDUL 2ILFLDO GH OD &RPXQLWDW 9DOHQFLDQD(QFDVRGHTXHHOILQGHSOD]RVHDIHVWLYRRViEDGRVHUi HOGtDVLJXLHQWHKiELOKDVWDODVKRUDV E'RFXPHQWDFLyQDSUHVHQWDUHQHOVREUH³$´RIHUWDHFRQyPLFD HQ HO VREUH ³%´ FDSDFLGDG SDUD FRQWUDWDU HQ HO VREUH ³&´ UHTXLVLWRV WpFQLFRV F/XJDUGHSUHVHQWDFLyQ (QWLGDG5HJLVWUR*HQHUDOGH&,(*6$ 'RPLFLOLRFDOOH3LQWRU6RUROODSODQWD /RFDOLGDG\FyGLJRSRVWDO9DOHQFLD G 3OD]R GXUDQWH HO FXDO HO OLFLWDGRU HVWi REOLJDGR D PDQWHQHU VX RIHUWDKDVWDODDGMXGLFDFLyQGHILQLWLYDGHOFRQWUDWR H$GPLVLyQGHYDULDQWHVQRVHDGPLWHQYDULDQWHVRDOWHUQDWLYDV $SHUWXUDGHRIHUWDV D(QWLGDG&,(*6$ E/XJDUVHQRWLILFDUiDORVOLFLWDGRUHVHOOXJDUGHOD$SHUWXUDGH 2IHUWDV F/RFDOLGDG9DOHQFLD G)HFKDVHQRWLILFDUiDORVOLFLWDGRUHVODIHFKDGHOD$SHUWXUDGH 2IHUWDV *DVWRVGHDQXQFLRV /RVJDVWRVGHSXEOLFDFLyQGHOSUHVHQWHFRQFXUVRVHUiQDFDUJRGHO DGMXGLFDWDULR 9DOqQFLD G¶DEULO GH (O FRQVHOOHU GHOHJDW GH &,(*6$ 0i[LPR&DWXUOD5XELR 9DOHQFLDGHDEULOGH(OFRQVHMHURGHOHJDGRGH&,(*6$ 0i[LPR&DWXUOD5XELR (QWLWDWDGMXGLFDGRUD D 2UJDQLVPH &RQVWUXFFLRQV L ,QIUDHVWUXFWXUHV (GXFDWLYHV GH OD *HQHUDOLWDW9DOHQFLDQD6$ E'HSHQGqQFLDTXHWUDPLWDO¶H[SHGLHQW&,(*6$ F1~PHURG¶([SHGLHQW2% 2EMHFWHGHOFRQWUDFWH D 'HVFULSFLy GH O¶REMHFWH ([HFXFLy G¶REUD UHODWLYD D FHQWUH GRFHQW 7UDPLWDFLySURFHGLPHQWLIRUPDG¶DGMXGLFDFLy D7UDPLWDFLyRUGLQDUL E3URFHGLPHQWREHUW F)RUPDG¶DGMXGLFDFLyFRQFXUV 3UHVVXSRVWGHOLFLWDFLy D,PSRUWWRWDO,9$LQFOzV ([SWH2%HXURV &((7$0$5,7HQ(O[$ODFDQW *DUDQWLHV *DUDQWLDSURYLVLRQDOGHOSUHVVXSRVWGHOLFLWDFLy 2EWHQFLyGHGRFXPHQWDFLyLLQIRUPDFLy 2EWHQFLyGHGRFXPHQWDFLy 3HUDDGTXLULUIRWRFzSLHVHOVLQWHUHVVDWVKDXUDQGHGLULJLUVHD &5, 0HVWDOOD FDUUHU &RQYHQW 6DQ )UDQFLVFR Q~P EDL[ 9DOqQFLD7HOL)D[ 2EWHQFLyG¶LQIRUPDFLy D(QWLWDW&RQVWUXFFLRQVL,QIUDHVWUXFWXUHV(GXFDWLYHVGHOD*HQH UDOLWDW9DOHQFLDQD6$&,(*6$ E'RPLFLOLFDUUHU3LQWRU6RUROODQ~P3ODQWDD F/RFDOLWDWLFRGLSRVWDO9DOqQFLD G7HOqIRQ H)D[ I'DWDOtPLWG¶REWHQFLyGHGRFXPHQWVLLQIRUPDFLyILQVDODGDWD GHSUHVHQWDFLyGHSURSRVLFLRQVHFRQzPLTXHV 5HTXLVLWVHVSHFtILFVGHOFRQWUDFWLVWD&ODVVLILFDFLy1RSURFHGH 3UHVHQWDFLyGHOHVRIHUWHV D'DWDOtPLWGHSUHVHQWDFLyGLHVQDWXUDOVDFRPSWDUGHOVHJHQW DOGHODSXEOLFDFLyHQHO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQD(Q FDVTXHHOILGHWHUPLQLVLJDIHVWLXRGLVVDEWHVHUjO¶HQGHPjKjELOILQV DOHVKRUHV E 'RFXPHQWDFLy D SUHVHQWDU HQ HO VREUH ³$´ RIHUWD HFRQzPLFD HQ HO VREUH ³%´ FDSDFLWDW SHU D FRQWUDFWDU HQ HO VREUH ³&´ UHTXLVLWV WqFQLFV F/ORFGHSUHVHQWDFLy D(QWLWDW5HJLVWUH*HQHUDOGH&,(*6$ D'RPLFLOLFDUUHU3LQWRU6RUROODSODQWDD D/RFDOLWDWLFRGLSRVWDO9DOqQFLD G 7HUPLQL GXUDQW HO TXDO HO OLFLWDGRU HVWj REOLJDW D PDQWLQGUH OD VHXDRIHUWDILQVDO¶DGMXGLFDFLyGHILQLWLYDGHOFRQWUDFWH H$GPLVVLyGHYDULDQWVQRV¶DGPHWHQYDULDQWVRDOWHUQDWLYHV 2EHUWXUDG¶RIHUWHV D(QWLWDW&,(*6$ E/ORFHVQRWLILFDUjDOVOLFLWDGRUVHOOORFGHO¶2EHUWXUDG¶2IHUWHV F/RFDOLWDW9DOqQFLD G'DWDHVQRWLILFDUjDOVOLFLWDGRUVODGDWDGHO¶2EHUWXUDG¶2IHUWHV *DVWRVG¶DQXQFLV Núm. 5516 / 21.05.2007 /HV&RUWV 20329 /HV&RUWV /LFLWDFLyGHO¶H[SHGLHQW&9,&RQWUDFWDFLyGHO¶DG TXLVLFLy G¶RUGLQDGRUV SRUWjWLOV L VHUYHLV DVVRFLDWV DO SUR MHFWHRILFLQDPzELO,,GHOHV&RUWV>@ /LFLWDFLyQ GHO H[SHGLHQWH &9, &RQWUDWDFLyQ GH OD DGTXLVLFLyQ GH RUGHQDGRUHV SRUWiWLOHV \ VHUYLFLRV DVRFLD GRVDOSUR\HFWRRILFLQDPyYLO,,GHOHV&RUWV>@ (QWLWDWDGMXGLFDGRUD D2UJDQLVPH&RUWV9DOHQFLDQHV E'HSHQGqQFLDTXHWUDPLWDO¶H[SHGLHQW6HUYHLG¶,QIRUPjWLFD F1RPEUHH[SHGLHQW&ODX&9, 2EMHFWHGHO&RQWUDFWH D 'HVFULSFLy GH O¶REMHFWH FRQWUDFWDFLy GH O¶DGTXLVLFLy G¶RUGLQDGRUVSRUWjWLOVLVHUYHLVDVVRFLDWVDOSURMHFWHRILFLQDPzELO,,GH OHV&RUWV&9, &39 &3$ E'LYLVLySHUORWVLQRPEUHQR F/ORFG¶H[HFXFLy9DOqQFLD G7HUPLQLG¶H[HFXFLyPHVRVPHVRVDFRPSWDUGHVGHODQRWLIL FDFLyGHO¶DGMXGLFDFLy 7UDPLWDFLySURFHGLPHQWLIRUPDG¶DGMXGLFDFLy D7UDPLWDFLyRUGLQjULD E3URFHGLPHQWREHUW F)RUPDFRQFXUV 3UHVVXSRVWEDVHGHOLFLWDFLy,PSRUWWRWDOHXURV *DUDQWLD3URYLVLRQDO,PSRUWWRWDOHXURV 2EWHQFLyGHGRFXPHQWDFLyLLQIRUPDFLy D(QWLWDW&RUWV9DOHQFLDQHV6HUYHLG¶,QIRUPjWLFD E'RPLFLOLFDUUHU/OLEHUWDWQXPL F/RFDOLWDWLFRGLSRVWDO9DOqQFLD G7HOqIRQ H)D[ I'DWDOtPLWG¶REWHQFLyG¶LQIRUPDFLyGHMXQ\GH 5HTXLVLWVHVSHFtILFVGHOFRQWUDFWLVWD D&ODVVLILFDFLyVLHVFDXJUXS9VXEJUXSFDWHJRULD& E6ROYqQFLDHFRQzPLFDLILQDQFHUDLVROYqQFLDWqFQLFDLSURIHVVLR QDOVHJRQVSOHFGHFOjXVXOHVDGPLQLVWUDWLYHVSDUWLFXODUV 3UHVHQWDFLyG¶RIHUWHVRGHOHVVROÂOLFLWXGVGHSDUWLFLSDFLy D'DWDOtPLWGHSUHVHQWDFLyGHMXQ\GH/¶KRUDOtPLWTXHGD IL[DGDHQOHVK E'RFXPHQWDFLyDSUHVHQWDUVHJRQVSOHFGHFOjXVXOHVDGPLQLVWUD WLYHVSDUWLFXODUV F/ORFGHSUHVHQWDFLy (QWLWDW&RUWV9DOHQFLDQHV 'RPLFLOLFDUUHU/OLEHUWDWQXPL5HJLVWUH*HQHUDO /RFDOLWDWLFRGLSRVWDO9DOqQFLD G 7HUPLQL GXUDQW HO TXDO HO OLFLWDGRU HVWDUj REOLJDW D PDQWLQ GUHODVHXDRIHUWDPHVRVDSDUWLUGHODGDWDIL[DGDSHUDODUHFHSFLy G¶RIHUWHV H$GPLVVLyGHYDULDQWVQR 2EHUWXUDGHOHVRIHUWHV D(QWLWDW/HV&RUWV E'RPLFLOLFDUUHU/OLEHUWDWQXPL F/RFDOLWDW9DOqQFLD G'DWDHVIDUjS~EOLFDHQODSjJLQDZHEGHOHV&RUWV9DOHQFLDQHV LHVFRPXQLFDUjDDTXHOOHVHPSUHVHVTXHKDJHQSUHVHQWDWSURSRVLFLRQV (QWLGDGDGMXGLFDGRUD D2UJDQLVPR&RUWV9DOHQFLDQHV E'HSHQGHQFLDTXHWUDPLWDHOH[SHGLHQWH6HUYLFLRGH,QIRUPiWLFD F1~PHURH[SHGLHQWHFODYH&9, 2EMHWRGHO&RQWUDWR D'HVFULSFLyQGHOREMHWRFRQWUDWDFLyQGHODDGTXLVLFLyQGHRUGH QDGRUHVSRUWiWLOHV\VHUYLFLRVDVRFLDGRVDOSUR\HFWRRILFLQDPyYLO,,GH OHV&RUWV&9, &39 &3$ E'LYLVLyQSRUORWHV\Q~PHURQR F/XJDUGHHMHFXFLyQ9DOHQFLD G3OD]RGHHMHFXFLyQPHVHVPHVHV 7UDPLWDFLyQSURFHGLPLHQWR\IRUPDGHDGMXGLFDFLyQ D7UDPLWDFLyQRUGLQDULD E3URFHGLPLHQWRDELHUWR F)RUPDFRQFXUVR 3UHVXSXHVWREDVHGHOLFLWDFLyQ,PSRUWHWRWDOHXURV *DUDQWtD3URYLVLRQDO,PSRUWHWRWDOHXURV 2EWHQFLyQGHGRFXPHQWDFLyQHLQIRUPDFLyQ D(QWLGDG&RUWV9DOHQFLDQHV6HUYLFLRGH,QIRUPiWLFD E'RPLFLOLR&DOOH/LEHUWDGQXP\ F/RFDOLGDG\&yGLJR3RVWDO9DOHQFLD G7HOpIRQR H)D[ I)HFKDOtPLWHGHREWHQFLyQGHLQIRUPDFLyQGHMXQLRGH 5HTXLVLWRVHVSHFtILFRVGHOFRQWUDWLVWD D&ODVLILFDFLyQHQVXFDVRJUXSR9VXEJUXSRFDWHJRUtD& E6ROYHQFLDHFRQyPLFD\ILQDQFLHUD\VROYHQFLDWpFQLFD\SURIH VLRQDOVHJ~QSOLHJRGHFOiXVXODVDGPLQLVWUDWLYDVSDUWLFXODUHV 3UHVHQWDFLyQGHRIHUWDVRGHODVVROLFLWXGHVGHSDUWLFLSDFLyQ D)HFKDOtPLWHGHSUHVHQWDFLyQGHMXQLRGH/DKRUDOtPLWH TXHGDILMDGDHQODVK E'RFXPHQWDFLyQDSUHVHQWDUVHJ~QSOLHJRGHFOiXVXODVDGPLQLV WUDWLYDVSDUWLFXODUHV F/XJDUGHSUHVHQWDFLyQ (QWLGDG&RUWV9DOHQFLDQHV 'RPLFLOLRFDOOH/LEHUWDGQXP\5HJLVWUR*HQHUDO /RFDOLGDG\FyGLJRSRVWDO9DOHQFLD G3OD]RGXUDQWHHOFXDOHOOLFLWDGRUHVWDUiREOLJDGRDPDQWHQHUVX RIHUWDPHVHVDSDUWLUGHODIHFKDILMDGDSDUDODUHFHSFLyQGHRIHUWDV 6LHVFDXSRUWDOLQIRUPjWLFRSjJLQDZHERQILJXUHQOHVLQIRU PDFLRQVUHODWLYHVDODFRQYRFDWzULDRRQSXJXHQREWHQLUVH¶QHOVSOHFV KWWSZZZFRUWVYDOHQFLDQHVHV H$GPLVLyQGHYDULDQWHVQR $SHUWXUDGHODVRIHUWDV D(QWLGDG&RUWV9DOHQFLDQHV E'RPLFLOLRFDOOH/LEHUWDGQXP\ F/RFDOLGDG9DOHQFLD G)HFKD6HKDUiS~EOLFRHQODSiJLQDZHEGH/HV&RUWV9DOHQFLD QHV\VHFRPXQLFDUiDDTXHOODVHPSUHVDVTXHKD\DQSUHVHQWDGRSURSR VLFLRQHV (QVXFDVRSRUWDOLQIRUPiWLFRRSiJLQDZHEGRQGHILJXUHQODV LQIRUPDFLRQHVUHODWLYDVDODFRQYRFDWRULDGRQGHSXHGHQREWHQHUVHORV SOLHJRVKWWSZZZFRUWVYDOHQFLDQHVHV 9DOqQFLDG¶DEULOGH±(OSUHVLGHQWGHOHV&RUWV-XOLRGH (VSDxD0R\D 9DOHQFLDGHDEULOGH±(OSUHVLGHQWHGH/HV&RUWV-XOLR GH(VSDxD0R\D Núm. 5516 / 21.05.2007 /HV&RUWV 20330 /HV&RUWV $GMXGLFDFLy GH O¶H[SHGLHQW &9, &RQWUDFWDFLy GHO VHUYHL GH VXSRUW WqFQLF DO SURMHFWH RILFLQD PzELO GH OHV &RUWV>@ $GMXGLFDFLyQGHOH[SHGLHQWH&9,&RQWUDWDFLyQGHO VHUYLFLRGHVRSRUWHWpFQLFRDOSUR\HFWRGHRILFLQDPyYLOGH /HV&RUWV>@ (QWLWDWDGMXGLFDGRUD D2UJDQLVPH/HV&RUWV E'HSHQGqQFLDTXHWUDPLWDO¶H[SHGLHQW6HUYHLG¶,QIRUPjWLFD F1~PHURG¶H[SHGLHQW&9, 2EMHFWHGHOFRQWUDFWH D7LSXVGHFRQWUDFWHVHUYHLV E'HVFULSFLyGHO¶REMHFWHFRQWUDFWDFLyGHOVHUYHLGHVXSRUWWqFQLF DOSURMHFWHRILFLQDPzELOGH/HV&RUWV &39 &3$ G %XWOOHWt R GLDUL RILFLDO L GDWD GH SXEOLFDFLy GH O¶DQXQFL GH OLFL WDFLy 'LDUL 2ILFLDO GH OD &RPXQLWDW 9DOHQFLDQD Q~P GH GH PD\RGH 7UDPLWDFLySURFHGLPHQWLIRUPDG¶DGMXGLFDFLy D7UDPLWDFLyRUGLQjULD E3URFHGLPHQWREHUW F)RUPDFRQFXUVS~EOLF 3UHVVXSRVWEDVHGHOLFLWDFLy ,PSRUWWRWDOFLQTXDQWDTXDWUHPLOHXURV¼ $GMXGLFDFLy D'DWDGHMXQ\GH E&RQWUDFWLVWD6SHFLDOLVW&RPSXWHU&HQWUH F1DFLRQDOLWDWHVSDQ\ROD G,PSRUWG¶DGMXGLFDFLyTXDUDQWDVHWPLOTXDWUHFHQWVVHW]HHXURV DPETXDUDQWDKXLWFqQWLPV¼ (QWLGDGDGMXGLFDGRUD D2UJDQLVPR/HV&RUWV E'HSHQGHQFLDTXHWUDPLWDHOH[SHGLHQWH6HUYLFLRGH,QIRUPiWLFD F1~PHURH[SHGLHQWH&9, 2EMHWRGHOFRQWUDWR D7LSRGHFRQWUDWRVHUYLFLRV E'HVFULSFLyQGHOREMHWRFRQWUDWDFLyQGHOVHUYLFLRGHVRSRUWHWpF QLFRDOSUR\HFWRGHRILFLQDPyYLOGH/HV&RUWV &39 &3$ G %ROHWtQ R GLDULR RILFLDO \ IHFKD GH SXEOLFDFLyQ GH DQXQFLR GH OLFLWDFLyQ'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQDQ~PGH GHPD\RGH 7UDPLWDFLyQSURFHGLPLHQWR\IRUPDGHDGMXGLFDFLyQ D7UDPLWDFLyQRUGLQDULD E3URFHGLPLHQWRDELHUWR F)RUPDFRQFXUVRS~EOLFR 3UHVXSXHVWREDVHGHOLFLWDFLyQ ,PSRUWHWRWDOFLQFXHQWD\FXDWURPLOHXURV¼ $GMXGLFDFLyQ D)HFKDGHMXQLRGH E&RQWUDWLVWD6SHFLDOLVW&RPSXWHU&HQWUH F1DFLRQDOLGDGHVSDxROD G,PSRUWHGHDGMXGLFDFLyQFXDUHQWD\VLHWHPLOFXDWURFLHQWRVGLH FLVpLVHXURVFRQFXDUHQWD\RFKRFpQWLPRV¼ 9DOqQFLDG¶DEULOGH±(OSUHVLGHQWGH/HV&RUWV-XOLRGH (VSDxD0R\D 9DOHQFLDGHDEULOGH±(OSUHVLGHQWHGH/HV&RUWV-XOLR GH(VSDxD0R\D Núm. 5516 / 21.05.2007 /HV&RUWV 20331 /HV&RUWV $GMXGLFDFLy GH O¶H[SHGLHQW &9, 6XEPLQLVWUD PHQW GH EpQV L VHUYHLV LQIRUPjWLFV SHU D OD LPSODQWDFLy G¶XQDSODWDIRUPDGHPLVVDWJHULDLFROÂODERUDFLy0LFURVRIW ([FKDQJHHQOHV&RUWV>@ $GMXGLFDFLyQ GHO H[SHGLHQWH &9, 6XPLQLVWUR GH ELHQHV \ VHUYLFLRV LQIRUPiWLFRV SDUD OD LPSODQWDFLyQ GH XQD SODWDIRUPD GH PHQVDMHUtD \ FRODERUDFLyQ 0LFURVRIW ([FKDQJHHQ/HV&RUWV>@ (QWLWDWDGMXGLFDGRUD D2UJDQLVPH&RUWV9DOHQFLDQHV E'HSHQGqQFLDTXHWUDPLWDO¶H[SHGLHQW6HUYHLG¶,QIRUPjWLFD F1~PHURG¶H[SHGLHQW&9, 2EMHFWHGHOFRQWUDFWH D7LSXVGHFRQWUDFWHVXEPLQLVWUDPHQWLVHUYHLV E 'HVFULSFLy GH O¶REMHFWH 6XEPLQLVWUDPHQW GH EpQV L VHUYHLV LQIRUPjWLFV SHU D OD LPSODQWDFLy G¶XQD SODWDIRUPD GH PLVVDWJHULD L FROÂODERUDFLy0LFURVRIW([FKDQJHHQ/HV&RUWV G %XWOOHWt R GLDUL RILFLDO L GDWD GH SXEOLFDFLy GH O¶DQXQFL GH OLFL WDFLy'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQDQ~PGHGH GHVHPEUHGH 7UDPLWDFLySURFHGLPHQWLIRUPDG¶DGMXGLFDFLy D7UDPLWDFLyRUGLQjULD E3URFHGLPHQWREHUW F)RUPDFRQFXUVS~EOLF 3UHVVXSRVWEDVHGHOLFLWDFLy ,PSRUWWRWDOFHQWFLQTXDQWDTXDWUHPLOHXURV¼ $GMXGLFDFLy D'DWDGHPDUoGH E&RQWUDFWLVWD%XOO(VSDxD6$ F1DFLRQDOLWDWHVSDQ\ROD G,PSRUWG¶DGMXGLFDFLyFHQWFLQTXDQWDXQPLOHXURV¼ (QWLGDGDGMXGLFDGRUD D2UJDQLVPR&RUWV9DOHQFLDQHV E'HSHQGHQFLDTXHWUDPLWDHOH[SHGLHQWH6HUYLFLRGH,QIRUPiWLFD F1~PHURH[SHGLHQWH&9, 2EMHWRGHO&RQWUDWR D7LSRGHFRQWUDWRVXPLQLVWURV\VHUYLFLRV E'HVFULSFLyQGHOREMHWRVXPLQLVWURGHELHQHV\VHUYLFLRVLQIRU PiWLFRVSDUDODLPSODQWDFLyQGHXQDSODWDIRUPDGHPHQVDMHUtD\FROD ERUDFLyQ0LFURVRIW([FKDQJHHQ/HV&RUWV G %ROHWtQ R GLDULR RILFLDO \ IHFKD GH SXEOLFDFLyQ GH DQXQFLR GH OLFLWDFLyQ'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQDQ~PGH GHGLFLHPEUHGH 7UDPLWDFLyQSURFHGLPLHQWR\IRUPDGHDGMXGLFDFLyQ D7UDPLWDFLyQRUGLQDULD E3URFHGLPLHQWRDELHUWR F)RUPDFRQFXUVRS~EOLFR 3UHVXSXHVWREDVHGHOLFLWDFLyQ ,PSRUWHWRWDOFLHQWRFLQFXHQWD\FXDWURPLOHXURV¼ $GMXGLFDFLyQ D)HFKDGHPDU]RGH E&RQWUDWLVWD%XOO(VSDxD6$ F1DFLRQDOLGDGHVSDxROD G ,PSRUWH GH DGMXGLFDFLyQ FLHQWR FLQFXHQWD \ XQ PLO HXURV ¼ 9DOqQFLDG¶DEULOGH±(OSUHVLGHQWGHOHV&RUWV9DOHQFLD QHV-XOLRGH(VSDxD0R\D 9DOHQFLDGHDEULOGH±(OSUHVLGHQWHGHOHV&RUWV9DOHQ FLDQHV-XOLRGH(VSDxD0R\D Núm. 5516 / 21.05.2007 /HV&RUWV 20332 /HV&RUWV $GMXGLFDFLy GH O¶H[SHGLHQW &9, &RQWUDFWDFLy GHOV VHUYHLV GH PLJUDFLy GH OHV DSOLFDFLRQV 2UDFOH GH OHV &RUWVDXQHQWRUQGHWUHVFDSHV>@ $GMXGLFDFLyQGHOH[SHGLHQWH&9,&RQWUDWDFLyQGH ORV VHUYLFLRV GH PLJUDFLyQ GH ODV DSOLFDFLRQHV 2UDFOH GH /HV&RUWVDXQHQWRUQRGHWUHVFDSDV>@ (QWLWDWDGMXGLFDGRUD D2UJDQLVPH/HV&RUWV E'HSHQGqQFLDTXHWUDPLWDO¶H[SHGLHQW6HUYHLG¶,QIRUPjWLFD F1~PHURG¶H[SHGLHQW&9, 2EMHFWHGHOFRQWUDFWH D7LSXVGHFRQWUDFWHVHUYHLV E 'HVFULSFLy GH O¶REMHFWH &RQWUDFWDFLy GHOV VHUYHLV GH PLJUDFLy GHOHVDSOLFDFLRQV2UDFOHGH/HV&RUWVDXQHQWRUQGHWUHVFDSHV G %XWOOHWt R GLDUL RILFLDO L GDWD GH SXEOLFDFLy GH O¶DQXQFL GH OLFL WDFLy 'LDUL 2ILFLDO GH OD &RPXQLWDW 9DOHQFLDQD Q~P GH GH QRYLHPEUHGH 7UDPLWDFLySURFHGLPHQWLIRUPDG¶DGMXGLFDFLy D7UDPLWDFLyRUGLQjULD E3URFHGLPHQWREHUW F)RUPDFRQFXUVS~EOLF 3UHVVXSRVWEDVHGHOLFLWDFLy ,PSRUWWRWDOFLQTXDQWDWUHVPLOGRVFHQWVHXURV¼ $GMXGLFDFLy D'DWDGHJHQHUGH E&RQWUDFWLVWD3ODQLILFDFLyQGH(QWRUQRV7HFQROyJLFRV6/ F1DFLRQDOLWDWHVSDQ\ROD G ,PSRUW G¶DGMXGLFDFLy TXDUDQWDGRV PLO FLQFFHQWV VHL[DQWD HXURV¼ (QWLGDGDGMXGLFDGRUD D2UJDQLVPR/HV&RUWV E'HSHQGHQFLDTXHWUDPLWDHOH[SHGLHQWH6HUYLFLRGH,QIRUPiWLFD F1~PHURH[SHGLHQWH&9, 2EMHWRGHOFRQWUDWR D7LSRGHFRQWUDWRVHUYLFLRV E'HVFULSFLyQGHOREMHWR&RQWUDWDFLyQGHORVVHUYLFLRVGHPLJUD FLyQ GH ODV DSOLFDFLRQHV 2UDFOH GH /HV &RUWV D XQ HQWRUQR GH WUHV FDSDV G %ROHWtQ R GLDULR RILFLDO \ IHFKD GH SXEOLFDFLyQ GH DQXQFLR GH OLFLWDFLyQ'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQDQ~PGH GHQRYLHPEUHGH 7UDPLWDFLyQSURFHGLPLHQWR\IRUPDGHDGMXGLFDFLyQ D7UDPLWDFLyQRUGLQDULD E3URFHGLPLHQWRDELHUWR F)RUPDFRQFXUVRS~EOLFR 3UHVXSXHVWREDVHGHOLFLWDFLyQ ,PSRUWHWRWDOFLQFXHQWD\WUHVPLOGRVFLHQWRVHXURV¼ $GMXGLFDFLyQ D)HFKDGHHQHURGH E&RQWUDWLVWD3ODQLILFDFLyQGH(QWRUQRV7HFQROyJLFRV6/ F1DFLRQDOLGDGHVSDxROD G,PSRUWHGHDGMXGLFDFLyQFXDUHQWD\GRVPLOTXLQLHQWRVVHVHQWD HXURV¼ 9DOqQFLDG¶DEULOGH±(OSUHVLGHQWGH/HV&RUWV-XOLRGH (VSDxD0R\D 9DOHQFLDGHDEULOGH±(OSUHVLGHQWHGH/HV&RUWV-XOLR GH(VSDxD0R\D Núm. 5516 / 21.05.2007 (QWLWDW3~EOLFDGH6DQHMDPHQWG¶$LJHV 5HVLGXDOVGHOD&RPXQLWDW9DOHQFLDQD /LFLWDFLyGHO¶H[SHGLHQW*96HUYHLGHIXQFLR QDPHQW L PDQWHQLPHQW GHO VLVWHPD GH VDQHMDPHQW L GHSX UDFLy G¶DLJHV UHVLGXDOV GH 4XDUW%HQjJHU 9DOqQFLD >@ (QWLWDWDGMXGLFDGRUD D2UJDQLVPH*HQHUDOLWDW9DOHQFLDQD±(QWLWDW3~EOLFDGH6DQHMD PHQWG¶$LJHV5HVLGXDOVGHOD&RPXQLWDW9DOHQFLDQD E'HSHQGqQFLDTXHWUDPLWDO¶H[SHGLHQW'HSDUWDPHQWGHFRQWUDF WDFLy F1~PHURGHO¶H[SHGLHQW*9 2EMHFWHGHOFRQWUDFWH D'HVFULSFLyGHO¶REMHFWH6HUYHLGHIXQFLRQDPHQWLPDQWHQLPHQW GHO VLVWHPD GH VDQHMDPHQW L GHSXUDFLy G¶DLJHV UHVLGXDOV GH 4XDUW %HQjJHU9DOqQFLD F/ORFG¶H[HFXFLy;LULYHOOD9DOqQFLD G7HUPLQLG¶H[HFXFLyRWHUPLQLGHOOLXUDPHQWPHVRVPHVRV 7UDPLWDFLySURFHGLPHQWLIRUPDGHO¶DGMXGLFDFLy D7UDPLWDFLyRUGLQjULD E3URFHGLPHQWREHUW F)RUPDFRQFXUV 3UHVVXSRVWEDVHGHOLFLWDFLy,PSRUWWRWDO ¶HXURV,9$LQFOzV *DUDQWLDSURYLVLRQDO ¶HXURV 2EWHQFLyGHGRFXPHQWDFLyLLQIRUPDFLy D(QWLWDW9HXUHSXQWD E'RPLFLOL&$OYDURGH%D]iQHQWOR F/RFDOLWDWLFRGLSRVWDO9DOqQFLD G7HOqIRQ H7HOHID[ I'DWDOtPLWG¶REWHQFLyGHGRFXPHQWVLLQIRUPDFLy)LQVHOGLD MXQ\GH 5HTXLVLWVHVSHFtILFVGHOFRQWUDFWLVWD D&ODVVLILFDFLyHQHOVHXFDVJUXSVVXEJUXSVLFDWHJRULD2' (Q GHIHFWH GH O¶HVPHQWDGD FODVVLILFDFLy HOV HPSUHVDULV HVWUDQ JHUV FRPXQLWDULV DFUHGLWDUDQ OD VHXD VROYqQFLD HFRQzPLFD ILQDQFHUD LWqFQLFDSHOVPLWMDQVTXHSUHYHXHQHOVDUWLFOHVLGHOD/OHLGH &RQWUDFWHV GH OHV $GPLQLVWUDFLRQV 3~EOLTXHV DL[t FRP OD VHXD LQV FULSFLy DOV 5HJLVWUHV TXH V¶LQGLTXHQ HQ O¶$QQH[ , GHO 5HJODPHQW GH O¶HVPHQWDGD /OHL SRGHQW SUHVHQWDU DL[t PDWHL[ OHV FHUWLILFDFLRQV TXH V¶LQGLTXHQHQHOPDWHL[$QQH[,DPEHOVHIHFWHVSUHYLVWRVHQO¶DUWLFOH GHO¶HVPHQWDGD/OHLGH&RQWUDFWHV 3UHVHQWDFLyGHOHVRIHUWHVRGHOHVVROÂOLFLWXGVGHSDUWLFLSDFLy D'DWDOtPLWGHSUHVHQWDFLyILQVHOGLDGHMXOLROGHDOHV FDWRU]HKRUHV E 'RFXPHQWDFLy D SUHVHQWDU /D TXH HQ FRQWLQJXW L IRUPD HVWD EOHL[HQHOSOHFGHFOjXVXOHVDGPLQLVWUDWLYHVSDUWLFXODUVFOjXVXODL O¶$QQH[GH%DVHVFRUUHVSRQHQWDSDUWDW F/ORFGHSUHVHQWDFLy (QWLWDW9HXUHSXQWD 'RPLFLOL9HXUHSXQWE /RFDOLWDWLFRGLSRVWDO9HXUHSXQWF G7HUPLQLGXUDQWHOTXDOHOOLFLWDGRUHVWDUiREOLJDWDPDQWLQGUHOD VHXDRIHUWDFRQFXUVPHVRVSURUURJDEOHVGHVGHO¶REHUWXUDGHOHV RIHUWHV H$GPLVVLyGHYDULDQWVFRQFXUV1R 2EHUWXUDGHOHVRIHUWHV D(QWLWDWYHXUHSXQWD E'RPLFLOLYHXUHSXQWE F/RFDOLWDWYHXUHSXQWF G'DWDGLDGHMXOLROGH H+RUDKRUHV '¶DOWUHVLQIRUPDFLRQV 20333 (QWLGDG3~EOLFDGH6DQHDPLHQWRGH$JXDV 5HVLGXDOHVGHOD&RPXQLGDG9DOHQFLDQD /LFLWDFLyQGHOH[SHGLHQWH*96HUYLFLRGHIXQ FLRQDPLHQWR \ PDQWHQLPLHQWR GHO VLVWHPD GH VDQHDPLHQ WR \ GHSXUDFLyQ GH DJXDV UHVLGXDOHV GH 4XDUW%HQjJHU 9DOHQFLD>@ (QWLGDGDGMXGLFDGRUD D 2UJDQLVPR*HQHUDOLWDW9DOHQFLDQD(QWLGDG3~EOLFDGH 6DQHD PLHQWRGH$JXDV5HVLGXDOHVGHOD&RPXQLGDG9DOHQFLDQD E'HSHQGHQFLDTXHWUDPLWDHOH[SHGLHQWH'HSDUWDPHQWRGHFRQ WUDWDFLyQ F1~PHURGHH[SHGLHQWH*9 2EMHWRGHOFRQWUDWR D'HVFULSFLyQGHOREMHWR6HUYLFLRGHIXQFLRQDPLHQWR\PDQWHQL PLHQWR GHO VLVWHPD GH VDQHDPLHQWR \ GHSXUDFLyQ GH DJXDV UHVLGXDOHV GH4XDUW%HQjJHU9DOHQFLD F/XJDUGHHMHFXFLyQ;LULYHOOD9DOHQFLD G3OD]RGHHMHFXFLyQRIHFKDOtPLWHGHHQWUHJDPHVHVPHVHV 7UDPLWDFLyQSURFHGLPLHQWR\IRUPDGHDGMXGLFDFLyQ D7UDPLWDFLyQRUGLQDULD E3URFHGLPLHQWRDELHUWR F)RUPDFRQFXUVR 3UHVXSXHVWREDVHGHOLFLWDFLyQ,PSRUWHWRWDO ¶HXURV,9$LQFOXLGR *DUDQWtDSURYLVLRQDO ¶HXURV 2EWHQFLyQGHGRFXPHQWDFLyQHLQIRUPDFLyQ D(QWLGDG9HUSXQWRD E'RPLFLOLR&ÈOYDURGH%D]iQQ~P(QWOR F/RFDOLGDG\FyGLJRSRVWDO9DOHQFLD G7HOpIRQR H7HOHID[ I)HFKDOtPLWHGHREWHQFLyQGHGRFXPHQWRVHLQIRUPDFLyQKDVWD HOGtDGHMXQLRGH 5HTXLVLWRVHVSHFtILFRVGHOFRQWUDWLVWD D&ODVLILFDFLyQHQVXFDVRJUXSRVVXEJUXSRV\FDWHJRUtD2 ' (Q GHIHFWR GH OD DQWHULRU FODVLILFDFLyQ ORV HPSUHVDULRV H[WUDQMH URVFRPXQLWDULRVDFUHGLWDUiQVXVROYHQFLDHFRQyPLFDILQDQFLHUD\WpF QLFD SRU ORV PHGLRV SUHYLVWRV HQ ORV DUWtFXORV \ GH OD /H\ GH &RQWUDWRV GH ODV$GPLQLVWUDFLRQHV 3~EOLFDV DVt FRPR VX LQVFULSFLyQ HQORV5HJLVWURVTXHVHLQGLFDQHQHO$QH[R,GHO5HJODPHQWR*HQHUDO GHGLFKD/H\SXGLHQGRSUHVHQWDUDVLPLVPRODVFHUWLILFDFLRQHVTXHVH LQGLFDQHQHOPLVPR$QH[R,FRQORVHIHFWRVSUHYLVWRVHQHODUWtFXOR GHODFLWDGD/H\GH&RQWUDWRV 3UHVHQWDFLyQGHODVRIHUWDVRGHODVVROLFLWXGHVGHSDUWLFLSDFLyQ D)HFKDOtPLWHGHSUHVHQWDFLyQKDVWDHOGtDGH-XOLRGHD ODVFDWRUFHKRUDV E 'RFXPHQWDFLyQ D SUHVHQWDU OD TXH HQ FRQWHQLGR \ IRUPD VH HVWDEOHFHHQHOSOLHJRGHFOiXVXODVDGPLQLVWUDWLYDVSDUWLFXODUHVFOiX VXOD\$QH[RGH%DVHVFRUUHVSRQGLHQWHDSDUWDGR F/XJDUGHSUHVHQWDFLyQ (QWLGDGYHUSXQWRD 'RPLFLOLRYHUSXQWRE /RFDOLGDG\FyGLJRSRVWDOYHUSXQWRF G3OD]RGXUDQWHHOFXDOHOOLFLWDGRUHVWDUiREOLJDGRDPDQWHQHUVX RIHUWDFRQFXUVRPHVHVSURUURJDEOHVGHVGHODDSHUWXUDGHODVRIHU WDV H$GPLVLyQGHYDULDQWHVFRQFXUVRQR $SHUWXUDGHODVRIHUWDV D(QWLGDGYHUSXQWRD E'RPLFLOLRYHUSXQWRE F/RFDOLGDGYHUSXQWRF G)HFKDGtDGHMXOLRGH H+RUDKRUDV 2WUDVLQIRUPDFLRQHV Núm. 5516 / 21.05.2007 20334 5HIHUqQFLD&395HIHUqQFLD&3$ 'HVSHVHVG¶DQXQFLV 6HUDQDFjUUHFGHO¶DGMXGLFDWDUL 'DWDGHUHPLVVLyGHO¶DQXQFLDO'LDUL2ILFLDOGHOD8QLy(XUR SHDHQHOVHXFDVGHPDLJGH (Q HO VHX FDV SRUWDO LQIRUPjWLF R SjJLQD ZHE RQ ILJXUHQ OHV LQIRUPDFLRQV UHODWLYHV D OD FRQYRFDWzULD R RQ SXJXHQ REWHQLUVH HO SOHFVHSVDUFRSJYDHV 5HIHUHQFLD&395HIHUHQFLD&3$ *DVWRVGHDQXQFLRV 6HUiQSRUFXHQWDGHODGMXGLFDWDULR )HFKDGHHQYtRGHODQXQFLRDO'LDULR2ILFLDOGHOD8QLyQ(XUR SHDHQVXFDVRGHPD\RGH (QVXFDVRSRUWDOLQIRUPiWLFRRSiJLQDZHEGRQGHILJXUDQODV LQIRUPDFLRQHV UHODWLYDV D OD FRQYRFDWRULD R GRQGH SXHGHQ REWHQHUVH ORVSOLHJRVHSVDUFRSJYDHV 9DOqQFLDGHPDLJGH±(OJHUHQWHQIXQFLRQVSHU'HOHJD FLy5HVROXFLyGH'2*9-RVp-XDQ0RUHQL OOD0DUWtQH] 9DOHQFLDGHPD\RGH±(OJHUHQWHHQIXQFLRQHVSRU'HOH JDFLyQ 5HVROXFLyQ '2*9 GH -RVH -XDQ 0RUHQLOOD0DUWtQH] Núm. 5516 / 21.05.2007 ,QVWLWXW9DOHQFLjGHOD-RYHQWXW 20335 ,QVWLWXW9DOHQFLjGHOD-RYHQWXW /LFLWDFLy GH O¶H[SHGLHQW &10<3$57$3 5HGDFFLy L H[HFXFLyGHOVSURMHFWHVG¶DQLPDFLyGHOSURJUDPDGHWHPSV OOLXUHMXYHQLO&DPSVGH7UHEDOO>@ /LFLWDFLyQGHOH[SHGLHQWH&10<3$57$35HGDFFLyQ \ HMHFXFLyQ GH ORV SUR\HFWRV GH DQLPDFLyQ GHO SURJUDPD GHWLHPSROLEUHMXYHQLO&DPSVGH7UHEDOO>@ (QWLWDWDGMXGLFDGRUD D2UJDQLVPH,QVWLWXW9DOHQFLjGHOD-RYHQWXW E 'HSHQGqQFLD TXH WUDPLWD O¶H[SHGLHQW 6HUYHL GH 3DUWLFLSDFLy $FWLYLWDWVL3URGXFWHV F1~PHURGHO¶H[SHGLHQW&10<3$57$3 2EMHFWHGHOFRQWUDFWH D 'HVFULSFLy GH O¶REMHFWH 5HGDFFLy L H[HFXFLy GHOV SURMHFWHV G¶DQLPDFLy GHO SURJUDPD GH WHPSV OOLXUH MXYHQLO ³&DPSV GH 7UHEDOO µ´ E'LYLVLySHUORWVLQ~PHUR F/ORFVGHH[HFXFLy&DPSVGHWUHEDOOUHOODFLRQDWVHQHOVSOHFVGH 3UHVFULSFLRQV7qFQLTXHV F7HUPLQL G¶H[HFXFLy'HV GH OD VLJQDWXUD GHO FRQWUDFWHILQVHO 7UDPLWDFLySURFHGLPHQWLIRUPDG¶DGMXGLFDFLy D7UDPLWDFLyQ2UGLQjULD E3URFHGLPHQW2EHUW F)RUPD&RQFXUVR3~EOLF 3UHVVXSRVWEDVHGHOLFLWDFLy ,PSRUWWRWDO(XURV *DUDQWLHV 3URYLVLRQDOQRV¶H[LJHL[ 2EWHQFLyGHGRFXPHQWDFLyLLQIRUPDFLy D(QWLWDW,QVWLWXW9DOHQFLjGHOD-RYHQWXW E'RPLFLOL&+RVSLWDO F/RFDOLWDWLFRGLSRVWDO9DOqQFLD G7HO H)D[ I3jJLQDZHEZZZLYDMHV J 'DWD OtPLW G¶REWHQFLy GH GRFXPHQWV L LQIRUPDFLy )LQV D O¶~O WLPGLDGHSUHVHQWDFLyGHOHVRIHUWHVGHGLOOXQVDGLYHQGUHVGHD KRUHV 5HTXLVLWVHVSHFtILFVGHOFRQWUDFWLVWD $FUHGLWDFLyGHODVROYqQFLDHFRQzPLFDLILQDQFHUDLWqFQLFDRSUR IHVVLRQDOGHFRQIRUPLWDWDPEODFOjXVXOD+GHOTXDGUHGHFDUDFWHUtVWL TXHVGHOSOHFGHFOjXVXOHVDGPLQLVWUDWLYHVSDUWLFXODUV 3UHVHQWDFLyGHOHVRIHUWHVRGHOHVVROOLFLWXGVGHSDUWLFLSDFLy D'DWDOtPLWGHSUHVHQWDFLyHOSHULRGHSHUDODSUHVHQWDFLyGHSUR SRVLFLRQVVHUiGHGLHVQDWXUDOVDFRQWDUGHVGHO¶HQGHPjDODSXEOL FDFLyQG¶DTXHVWDQXQFLHQHO'2&9 E'RFXPHQWDFLyDSUHVHQWDU(VSUHVHQWDUiQHQGRVVREUHVVHSD UDWV$L%HOVGRFXPHQWVVHJHQWV 6REUH³$´'RFXPHQWDFLyDGPLQLVWUDWLYD 6REUH³%´'RFXPHQWDFLyHFRQzPLFRWpFQLFDFRQWLQGUiODSURSR VLFLyHFRQzPLFDVHJRQVHOPRGHOGHO¶$QH[,9GHO3OHFGH&OjXVXOHV $GPLQLVWUDWLYHV3DUWLFXODUV 'HODIRUPDGHWHUPLQDGDHQHO3OHFGH&OjXVXOHV$GPLQLVWUDWLYHV 3DUWLFXODUV F/ORFGHSUHVHQWDFLy (QWLWDW 5HJLVWUH *HQHUDO GH O¶¶,QVWLWXW 9DOHQFLj GH OD -RYHQWXW GHGLOOXQVDGLMRXVGHDKRUDVLGHDKRUHV(OVGLYHQGUHVGH DKRUHV 'RPLFLOL&+RVSLWDO /RFDOLWDWL&yGL3RVWDO9DOqQFLD 2 HQ TXDOVHYRO DOWUH OORF GH SUHVHQWDFLy SUHYLVW HQ O¶DUW GH OD /OHLGHGHQRYHPEUHGH5qJLP-XUtGLFGHOHV$GPLQLVWUD FLRQV3~EOLTXHVLGHO3URFHGLPHQW$GPLQLVWUDWLX&RP~ G7HUPLQLGXUDQWHOTXDOHOOLFLWDGRUHVWDUiREOLJDWDPDQWLQGUHOD VHXDRIHUWD7UHVPHVRVGHVGHOGLDGHO¶DFWHS~EOLFG¶REHUWXUDG¶RIHU WHVHFRQyPLTXHV H$GPLVLyGHYDULDQWV1 2EHUWXUDGHOHVRIHUWHV D(QWLWDW,QVWLWXW9DOHQFLjGHOD-RYHQWXW (QWLGDGDGMXGLFDGRUD D2UJDQLVPR,QVWLWXW9DOHQFLjGHOD-RYHQWXW E 'HSHQGHQFLD TXH WUDPLWD HO H[SHGLHQWH 6HUYLFLR GH 3DUWLFLSD FLyQ$FWLYLGDGHV\3URGXFWRV F1~PHURGHH[SHGLHQWH&10<3$57$3 2EMHWRGHOFRQWUDWR D'HVFULSFLyQGHOREMHWR5HGDFFLyQ\HMHFXFLyQGHORVSUR\HFWRV GHDQLPDFLyQGHOSURJUDPDGHWLHPSROLEUHMXYHQLO³&DPSVGH7UHEDOO µ´ E'LYLVLyQSRUORWHV\Q~PHUR F /XJDUHV GH HMHFXFLyQ &DPSRV GH WUDEDMR UHODFLRQDGRV HQ ORV SOLHJRVGH3UHVFULSFLRQHV7pFQLFDV F 3OD]R GH HMHFXFLyQ 'HVGH OD ILUPD GHO FRQWUDWR KDVWD HO 7UDPLWDFLyQSURFHGLPLHQWR\IRUPDGHDGMXGLFDFLyQ D7UDPLWDFLyQRUGLQDULD E3URFHGLPLHQWRDELHUWR F)RUPDFRQFXUVRS~EOLFR 3UHVXSXHVWREDVHGHOLFLWDFLyQ ,PSRUWHWRWDOHXURV *DUDQWLDV 3URYLVLRQDOQRVHH[LJH 2EWHQFLyQGHGRFXPHQWDFLyQHLQIRUPDFLyQ D(QWLGDG,QVWLWXW9DOHQFLjGHOD-RYHQWXW E'RPLFLOLR&+RVSLWDO F/RFDOLGDG\FyGLJRSRVWDO9DOHQFLD G7HO H)D[ I3iJLQDZHEZZZLYDMHV J)HFKDOtPLWHGHREWHQFLyQGHGRFXPHQWRVHLQIRUPDFLyQ+DVWD HO~OWLPRGtDGHSUHVHQWDFLyQGHRIHUWDVGHOXQHVDYLHUQHVGHD KRUDV 5HTXLVLWRVHVSHFtILFRVGHOFRQWUDWLVWD $FUHGLWDFLyQ GH OD VROYHQFLD HFRQyPLFD \ ILQDQFLHUD \ WpFQLFD R SURIHVLRQDOGHFRQIRUPLGDGFRQOD&ODXVXOD+GHOFXDGURGHFDUDFWH UtVWLFDVGHOSOLHJRGHFOiXVXODVDGPLQLVWUDWLYDVSDUWLFXODUHV 3UHVHQWDFLyQGHRIHUWDVRGHODVVROLFLWXGHVGHSDUWLFLSDFLyQ D)HFKDOtPLWHGHSUHVHQWDFLyQ(OSHULRGRSDUDODSUHVHQWDFLyQGH SURSRVLFLRQHVVHUiGHGLDVQDWXUDOHVDFRQWDUGHVGHHOGtDVLJXLHQWH DODSXEOLFDFLyQGHHVWHDQXQFLRHQHO'2&9 E'RFXPHQWDFLyQDSUHVHQWDUVHSUHVHQWDUiQHQGRVVREUHVVHSD UDGRV$\%ORVGRFXPHQWRVVLJXLHQWHV 6REUH³$´'RFXPHQWDFLyQDGPLQLVWUDWLYD 6REUH ³%´ 'RFXPHQWDFLyQ HFRQyPLFR WpFQLFD FRQWHQGUi OD SURSRVLFLyQHFRQyPLFDVHJ~QHOPRGHORGHO$QH[R,9GHOSOLHJRGH &ODXVXODV$GPLQLVWUDWLYDV3DUWLFXODUHV 7RGRHOORHQODIRUPDGHWHUPLQDGDHQHOSOLHJRGHFOiXVXODVDGPL QLVWUDWLYDVSDUWLFXODUHV F/XJDUGHSUHVHQWDFLyQ (QWLGDG5HJLVWUR*HQHUDOGHO,QVWLWXWR9DOHQFLDQRGHOD-XYHQ WXGGHOXQHVDMXHYHVGHDKRUDV\GHDKRUDV/RVYLHUQHV GHDKRUDV 'RPLFLOLR&+RVSLWDO /RFDOLGDG\&yGLJR3RVWDO9DOHQFLD 2HQFXDOTXLHURWUROXJDUGHSUHVHQWDFLyQSUHYLVWRHQHODUWGH OD/H\GHGHQRYLHPEUHGH5pJLPHQ-XUtGLFRGHODV$GPL QLVWUDFLRQHV3~EOLFDV\GHO3URFHGLPLHQWR$GPLQLVWUDWLYR&RP~Q G3OD]RGXUDQWHHOFXDOHOOLFLWDGRUHVWDUiREOLJDGRDPDQWHQHUVX RIHUWD7UHVPHVHVGHVGHHOGLDGHODFWRS~EOLFRGHDSHUWXUDGHRIHUWDV HFRQyPLFDV H$GPLVLyQGHYDULDQWHV1 $SHUWXUDGHRIHUWDV D(QWLGDG,QVWLWXW9DOHQFLjGHOD-RYHQWXW Núm. 5516 / 21.05.2007 20336 H+RUDKRUHV 2WUDVLQIRUPDFLRQHV 'HVSHVHVGHOVDQXQFLV /HV GHVSHVHV GH SXEOLFDFLy G¶DTXHVW DQXQFL TXH V¶HVWLPD HQ XQ SUHXPj[LPGHHXURVDQLUjDFjUUHFGHO¶DGMXGLFDWDUL 'DWDGHO¶HQYtDPHQWGHO¶DQXQFLDO'LDUL2ILFLDOGHOHV&RPX QLWDWV(XURSHHV E'RPLFLOLR&+RVSLWDO F/RFDOLGDG9DOHQFLD G)HFKD(OXQGpFLPRGtDQDWXUDOVLJXLHQWHDO~OWLPRGtDGHOSOD]R GHSUHVHQWDFLyQGHRIHUWDV 6L WDO IHFKD FRLQFLGLHVH HQ ViEDGR R IHVWLYR OD DSHUWXUD S~EOLFD UHIHULGDWHQGUiOXJDUHOSULPHUGtDKiELOVLJXLHQWHHQHOPLVPROXJDU\ KRUDLQGLFDGRV H+RUDKRUDV 2WUDVLQIRUPDFLRQHV *DVWRVGHDQXQFLRV /RVJDVWRVGHSXEOLFDFLyQGHOSUHVHQWHDQXQFLRTXHVHHVWLPDQHQ XQSUHFLRPi[LPRGHHXURVVHUiQSRUFXHQWDGHODGMXGLFDWDULR )HFKDGHHQYtRGHODQXQFLRDO'LDULR2ILFLDOGHODV&RPXQLGD GHV(XURSHDV 9DOqQFLD G¶DEULO GH ± (O FDS GH O¶ ¬UHD GH O¶,9$- -RVp 0DQXHO&KLULYHOOD0DUWt 9DOHQFLD GH DEULO GH ± (O MHIH GHO ÈUHD GHO ,9$- -RVp 0DQXHO&KLULYHOOD0DUWt E'RPLFLOL&+RVSLWDO F/RFDOLWDW9DOqQFLD G'DWD/¶RQ]pGLDQDWXUDOVHJHQWDO¶~OWLPGLDGHOWHUPLQLGHSUH VHQWDFLyGHOHVRIHUWHV 6LWDOGDWDFRLQFLGLUDHQGLVDEWHRIHVWLXO¶REHUWXUDS~EOLFDUHIHULGD WLQGULDOORFHOSULPHUGLDKjELOVHJHQWHQHOPDWHL[OORFLKRUDLQGLFDWV Núm. 5516 / 21.05.2007 ,QVWLWXW9DOHQFLjG¶+DELWDWJH6$ /LFLWDFLy GH O¶H[SHGLHQW &7&0 ([HFXFLy GH OHV REUHVG¶HGLILFDFLyGHYLYHQGHVSURWHJLGHVDSDUFDPHQWV LORFDOVFRPHUFLDOVHQODSDUFHOÂOD0GHOVHFWRU8QLYHU VLWDWGH*DQGLD9DOqQFLD>@ (QWLWDWDGMXGLFDGRUD D2UJDQLVPH,QVWLWXW9DOHQFLjG¶+DELWDWJH6$ E'HSHQGqQFLDTXHWUDPLWDO¶H[SHGLHQW'LUHFFLyGH&RQWUDFWDFLy F1~PHURG¶H[SHGLHQW&7&0 2EMHFWHGHOFRQWUDFWH D 'HVFULSFLy GH O¶REMHFWH ([HFXFLy GH OHV REUHV G¶HGLILFDFLy GH YLYHQGHVSURWHJLGHVDSDUFDPHQWVLORFDOVFRPHUFLDOVHQODSDUFHOOD 0GHOVHFWRU8QLYHUVLWDWGH*DQGLD9DOqQFLD E'LYLVLySHUORWVLQXPHUH1RKLKDORWV F/ORFG¶H[HFXFLy*DQGLD9DOqQFLD G 7HUPLQL G¶H[HFXFLy PHVRV FRPSWDWV GHV GH OD GDWD GH OD ILUPDGHO¶DFWDGHUHSODQWHMDPHQW 7UDPLWDFLySURFHGLPHQWLIRUPDG¶DGMXGLFDFLy D7UDPLWDFLyRUGLQjULD E3URFHGLPHQWREHUW F)RUPDFRQFXUV 3UHVVXSRVW EDVH GH OLFLWDFLy ,PSRUW WRWDO HXURV ,9$H[FOzV *DUDQWLHV 3URYLVLRQDO1RV¶H[LJL[ 'HILQLWLYD GH O¶LPSRUW G¶DGMXGLFDFLy DPE OD GLVWULEXFLy VHJHQWHOSHUPLWMjG¶DYDOEDQFDULRDVVHJXUDQoDGHFDXFLyLHO UHVWDQWHVGHWUDXUjHQPHWjOOLFGHFDGDXQDGHOHVFHUWLILFDFLRQV 2EWHQFLyGHGRFXPHQWDFLyLLQIRUPDFLy D(QWLWDW,QVWLWXW9DOHQFLjG¶+DELWDWJH6$ E'RPLFLOLFDUUHU(Q%RXQ~P F/RFDOLWDWLFRGLSRVWDO9DOqQFLD G7HOqIRQ H7HOHID[ I 'DWD OLPLWH G¶REWHQFLy GH GRFXPHQWV L LQIRUPDFLy )LQV D OHV KRUHVGHO¶XOWLPHGLDGHOWHUPLQLGHSUHVHQWDFLyGHVROOLFLWXGV 5HTXLVLWVHVSHFtILFVGHOFRQWUDFWLVWD D&ODVVLILFDFLy*UXS&WRWVHOVVXEJUXSV&DWHJRULD) E6ROYqQFLDHFRQzPLFDLILQDQFHUDLVROYqQFLDWqFQLFDLSURIHVVL RQDO(OVOLFLWDGRUVQRHVSDQ\ROVKDXUDQG¶DFUHGLWDUODVHXDVROYqQFLD HFRQzPLFDILQDQFHUDLWqFQLFDG¶DFRUGDPEHOVFULWHULVHVWDEOLWVHQHOV DUWLFOHVDSDUWDWLDSDUWDWGHO7H[W5HIyVGHOD/OHLGH &RQWUDFWHVGHOHV$GPLQLVWUDFLRQV3XEOLTXHVDSURYDWSHU5HLDO'HFUHW /HJLVODWLXGHGHMXQ\ 3UHVHQWDFLyG¶RIHUWHV D'DWDOLPLWHGHSUHVHQWDFLy)LQVDOHVKRUHVGHOGLDGH MXQ\GH E'RFXPHQWDFLyDSUHVHQWDU 6REUHQ~PGRFXPHQWDFLyDGPLQLVWUDWLYDHQODIRUPDTXHGHWHU PLQDO¶DSDUWDW%GHOSOHFGHFRQGLFLRQVJHQHUDOV 6REUHQ~PRIHUWDFRQWUDFWXDOHQODIRUPDTXHGHWHUPLQDO¶DSDU WDW%GHOSOHFGHFRQGLFLRQVJHQHUDOVLO¶DSDUWDWpGHOSOHFGH &RQGLFLRQV3DUWLFXODUV F/ORFGHSUHVHQWDFLy (QWLWDW5HJLVWUH*HQHUDOGHO¶,QVWLWXW9DOHQFLjG¶+DELWDWJH6$ 'RPLFLOLFDUUHUHQ%RXQ~P /RFDOLWDWLFRGLSRVWDO9DOqQFLD G 7HUPLQL GXUDQW HO TXDO HO OLFLWDGRU HVWDUj REOLJDW D PDQWLQGUH OD VHXD RIHUWD WUHV PHVRV FRPSWDWV GHV GHO GLD GH O¶DFWH G¶REHUWXUD G¶RIHUWHVFRQWUDFWXDOV H$GPLVVLyGHYDULDQWV1RV¶DGPHWHQ 2EHUWXUDGHOHVRIHUWHV D(QWLWDW,QVWLWXW9DOHQFLjG¶+DELWDWJH6$ E'RPLFLOLFDUUHU(Q%RXQ~P F/RFDOLWDW9DOqQFLD 20337 ,QVWLWXW9DOHQFLDQRGHOD9LYLHQGD6$ /LFLWDFLyQ GHO H[SHGLHQWH &7&0 (MHFXFLyQ GH ODV REUDV GH HGLILFDFLyQ GH YLYLHQGDV SURWHJLGDV DSDUFD PLHQWRV\ORFDOHVFRPHUFLDOHVHQODSDUFHOD0GHOVHF WRU8QLYHUVLGDGGH*DQGLD9DOHQFLD>@ (QWLGDGDGMXGLFDGRUD D2UJDQLVPR,QVWLWXWR9DOHQFLDQRGH9LYLHQGD6$ E'HSHQGHQFLDTXHWUDPLWDHOH[SHGLHQWH'LUHFFLyQGH&RQWUDWD FLyQ F1~PHURGHH[SHGLHQWH&7&0 2EMHWRGHOFRQWUDWR D 'HVFULSFLyQ GHO REMHWR (MHFXFLyQ GH ODV REUDV GH HGLILFDFLyQ GHYLYLHQGDVSURWHJLGDVDSDUFDPLHQWRV\ORFDOHVFRPHUFLDOHVHQOD SDUFHOD0GHOVHFWRU8QLYHUVLGDGGH*DQGLD9DOHQFLD E'LYLVLyQSRUORWHV\QXPHUR1RH[LVWHQORWHV F/XJDUGHHMHFXFLyQ*DQGLD9DOHQFLD G 3OD]R GH HMHFXFLyQ PHVHV FRQWDGRV GHVGH OD IHFKD GH OD ILUPDGHODFWDGHUHSODQWHR 7UDPLWDFLyQSURFHGLPLHQWR\IRUPDGHDGMXGLFDFLyQ D7UDPLWDFLyQRUGLQDULD E3URFHGLPLHQWRDELHUWR F)RUPDFRQFXUVR 3UHVXSXHVWREDVHGHOLFLWDFLyQ,PSRUWHWRWDOHXURV ,9$H[FOXLGR *DUDQWtDV 3URYLVLRQDO1RVHH[LJH 'HILQLWLYD GHO LPSRUWH GH DGMXGLFDFLyQ FRQ OD GLVWULEXFLyQ VLJXLHQWHHOPHGLDQWHDYDOEDQFDULRRVHJXURGHFDXFLyQ\HOUHV WDQWHVHGHWUDHUiHQPHWiOLFRGHFDGDXQDGHODVFHUWLILFDFLRQHV 2EWHQFLyQGHGRFXPHQWDFLyQHLQIRUPDFLyQ D(QWLGDG,QVWLWXWR9DOHQFLDQRGH9LYLHQGD6$ E'RPLFLOLRFDOOH(Q%RXQ F/RFDOLGDG\FyGLJRSRVWDO9DOHQFLD G7HOpIRQR H7HOHID[ I)HFKDOLPLWHGHREWHQFLyQGHGRFXPHQWRVHLQIRUPDFLyQ+DVWD ODVKRUDVGHOXOWLPRGtDGHOSOD]RGHSUHVHQWDFLyQGHVROLFLWXGHV 5HTXLVLWRVHVSHFtILFRVGHOFRQWUDWLVWD D&ODVLILFDFLyQ*UXSR&WRGRVORVVXEJUXSRV&DWHJRUtD) E6ROYHQFLDHFRQyPLFD\ILQDQFLHUD\VROYHQFLDWpFQLFD\SURIHVL RQDO/RVOLFLWDGRUHVQRHVSDxROHVGHEHUiQDFUHGLWDUVXVROYHQFLDHFR QyPLFD ILQDQFLHUD \ WpFQLFD FRQIRUPH D ORV FULWHULRV HVWDEOHFLGRV HQ ORVDUWtFXORVDSDUWDGR\DSDUWDGRGHO7H[WR5HIXQGL GRGHOD/H\GH&RQWUDWRVGHODV$GPLQLVWUDFLRQHV3XEOLFDVDSUREDGR SRU5HDO'HFUHWR/HJLVODWLYRGHGHMXQLR 3UHVHQWDFLyQGHRIHUWDV D)HFKDOLPLWHGHSUHVHQWDFLyQ+DVWDODVKRUDVGHOGtD GHMXQLRGH E'RFXPHQWDFLyQDSUHVHQWDU 6REUHQGRFXPHQWDFLyQDGPLQLVWUDWLYDHQODIRUPDTXHGHWHU PLQDHODSDUWDGR%GHOSOLHJRGHFRQGLFLRQHVJHQHUDOHV 6REUHQRIHUWDFRQWUDFWXDOHQODIRUPDTXHGHWHUPLQDHODSDU WDGR%GHOSOLHJRGHFRQGLFLRQHVJHQHUDOHV\HODSDUWDGRGHO SOLHJRGH&RQGLFLRQHV3DUWLFXODUHV F/XJDUGHSUHVHQWDFLyQ (QWLGDG5HJLVWUR*HQHUDOGHO,QVWLWXWR9DOHQFLDQRGH9LYLHQGD 6$ 'RPLFLOLRFDOOHHQ%RXQ /RFDOLGDG\FyGLJRSRVWDO9DOHQFLD G3OD]RGXUDQWHHOFXDOHOOLFLWDGRUHVWDUiREOLJDGRDPDQWHQHUVX RIHUWDWUHVPHVHVFRQWDGRVGHVGHHOGtDGHODFWRGHDSHUWXUDGHRIHUWDV FRQWUDFWXDOHV H$GPLVLyQGHYDULDQWHV1RVHDGPLWHQ $SHUWXUDGHODVRIHUWDV D(QWLGDG,QVWLWXWR9DOHQFLDQRGH9LYLHQGD6$ E'RPLFLOLRFDOOH(Q%RXQ F/RFDOLGDG9DOHQFLD Núm. 5516 / 21.05.2007 G'DWD/¶DFWHSXEOLTXHV¶HIHFWXDUDHOGLDGHMXQ\GH H+RUDDOHVKRUHV $OWUHVLQIRUPDFLRQV1RSURFHGL[ *DVWRVDQXQFLV(OVJDVWRVRFDVLRQDWVSHUODLQVHUFLyGHOVDQXQ FLVGHODSUHVHQWOLFLWDFLyVHUDQSHUFRPSWHGHOVOLFLWDGRUVTXHUHVXOWHQ DGMXGLFDWDULV 'DWDG¶HQYLDPHQWGHO¶DQXQFLDO'LDUL2ILFLDOGHOD8QLy(XUR SHDG¶DEULOGH 3RUWDOLQIRUPjWLFRSDJLQDZHERQSRGHQREWLQGUH¶VHOVSOHFV ZZZLYYVDHV 9DOHQFLDG¶DEULOGH±(OJHUHQW)HOLSH(VSLQRVD%RODxRV 20338 G)HFKD(ODFWRSXEOLFRVHHIHFWXDUDHOGtDGHMXQLRGH H+RUDDODVKRUDV 2WUDVLQIRUPDFLRQHV1RSURFHGH *DVWRV DQXQFLRV /RV JDVWRV RFDVLRQDGRV SRU OD LQVHUFLyQ GH ORVDQXQFLRVGHODSUHVHQWHOLFLWDFLyQVHUiQSRUFXHQWDGHORVOLFLWDGR UHVTXHUHVXOWHQDGMXGLFDWDULRV )HFKDGHHQYtRGHODQXQFLRDO'LDULR2ILFLDOGHOD8QLyQ(XUR SHDGHDEULOGH 3RUWDO LQIRUPiWLFR R SDJLQD ZHE GRQGH SXHGHQ REWHQHUVH ORV SOLHJRVZZZLYYVDHV 9DOHQFLD GH DEULO GH ± (O JHUHQWH )HOLSH (VSLQRVD %RODxRV Núm. 5516 / 21.05.2007 ,QVWLWXW9DOHQFLjG¶+DELWDWJH6$ 20339 ,QVWLWXW9DOHQFLDQRGHOD9LYLHQGD6$ /LFLWDFLy GH O¶H[SHGLHQW Q~PHUR &7&0 ([HFXFLy GHOHVREUHVG¶HGLILFDFLyGHYLYHQGHVSURWHJLGHVORFDOV L DSDUFDPHQWV HQ OHV SDUFHO¢OHV L GH %HQLVDXGHW $ODFDQW>@ /LFLWDFLyQ GHO H[SHGLHQWH Q~PHUR &7&0 (MHFX FLyQ GH ODV REUDV GH HGLILFDFLyQ GH YLYLHQGDV SURWH JLGDVORFDOHV\DSDUFDPLHQWRVHQODVSDUFHODV\GH %HQLVDXGHW$OLFDQWH>@ 2EMHFWH ([HFXFLy GH OHV REUHV G¶HGLILFDFLy GH YLYHQGHV SUR WHJLGHVORFDOVLDSDUFDPHQWVHQOHVSDUFHOÂOHVLGH%HQLVDXGHW $ODFDQW([SREUHV5(([S&RQWUDFWDFLy&7&0 2EMHWR(MHFXFLyQGHODVREUDVGHHGLILFDFLyQGHYLYLHQGDVSUR WHJLGDVORFDOHV\DSDUFDPLHQWRVHQODVSDUFHODV\GH%HQLVDX GHW $OLFDQWH ([S REUDV 5( ([S &RQWUDWDFLyQ &7&0 3UHVXSXHVWRGHOLFLWDFLyQHXURV,9$H[FOXLGR 3OD]RGHHMHFXFLyQ(OSOD]RSDUDODHMHFXFLyQGHODVREUDVVHUiGH PHVHV &ODVLILFDFLyQUHTXHULGD*UXSR&WRGRVORVVXEJUXSRVFDWHJRUtDI 3OD]RGHSUHVHQWDFLyQGHSURSRVLFLRQHVGtDVQDWXUDOHVDFRQ WDU GHVGH HO GtD VLJXLHQWH D OD SXEOLFDFLyQ GHO SUHVHQWH DQXQFLR HQ HO 'LDULR2ILFLDOGHOD&RPXQLGDG9DOHQFLDQDILQDOL]DQGRHOSOD]RDODV KGHO~OWLPRGtDGHOFRPSXWRRDODVKGHOGtDVLJXLHQWH KiELOFXDQGRHO~OWLPRGtDGHSOD]RFRLQFLGDFRQViEDGRGRPLQJRR GtDIHVWLYRHQODORFDOLGDGGRQGHVHXELTXHHOOXJDUGHSUHVHQWDFLyQGH VROLFLWXGHV /XJDU GH SUHVHQWDFLyQ SHUVRQDOPHQWH HQ HO UHJLVWUR GHO ,QVWLWXWR 9DOHQFLDQR GH 9LYLHQGD 6$ VLWR HQ 9DOHQFLD FDOOH (Q %RX Q~P \GHQWURGHOVLJXLHQWHKRUDULRGHKRUDVDKRUDVHQGtDV ODERUDEOHV 1R VH DGPLWH OD SUHVHQWDFLyQ GH RIHUWDV HQ GLVWLQWR OXJDU DOLQGLFDGRDQWHULRUPHQWH/DVRIHUWDVTXHVHDQSUHVHQWDGDVHQGLVWLQ WROXJDURHQGLVWLQWDIRUPDDODLQGLFDGDHQHOSOLHJRGH&RQGLFLRQHV 3DUWLFXODUHVSRGUiQVHUH[FOXLGDVGHODOLFLWDFLyQ 'RFXPHQWRVGHLQWHUpVSDUDORVOLFLWDGRUHVHOH[DPHQGHORVH[SH GLHQWHVSRGUiUHDOL]DUVHHQ9DOHQFLDFDOOH(Q%RXQ~PORVGtDVGH RILFLQDGHDKRDWUDYpVGHODSiJLQDZHEGHO,996$ ZZZLYYVDHV &RQVXOWDV MXUtGLFRDGPLQLVWUDWLYDV WHOpIRQR \FRQVXOWDVWpFQLFDVWHOpIRQR (OLPSRUWHGHHVWHDQXQFLRVHUiSRUFXHQWDGHODVHPSUHVDVDGMX GLFDWDULDV 3UHVVXSRVWGHOLFLWDFLyHXURV,9$H[FOzV 7HUPLQLG¶H[HFXFLy(OWHUPLQLSHUDO¶H[HFXFLyGHOHVREUHVVHUj GHPHVRV &ODVVLILFDFLyUHTXHULGD*UXS&WRWVHOVVXEJUXSVFDWHJRULDI 7HUPLQLGHSUHVHQWDFLyGHSURSRVLFLRQVGLHVQDWXUDOVDFRPS WDUGHO¶HQGHPjDODSXEOLFDFLyGHOSUHVHQWDQXQFLHQHO'LDUL2ILFLDO GHOD&RPXQLWDW9DOHQFLDQDILQDOLW]DQWHOWHUPLQLDOHVKGHO¶~O WLPGLDGHOFRPSXWHRDOHVKGHO¶HQGHPjKjELOTXDQO¶~OWLP GLD GH WHUPLQL FRLQFLGLVFD DPE GLVVDEWH GLXPHQJH R GLD IHVWLX HQ OD ORFDOLWDWRQV¶XELTXHHOOORFGHSUHVHQWDFLyGHVROÂOLFLWXGV /ORFGHSUHVHQWDFLySHUVRQDOPHQWHQHOUHJLVWUHGHO¶,QVWLWXW9DOHQ FLjG¶+DELWDWJH6$ VLWLD9DOqQFLDFDUUHU(Q %RX Q~P L GLQV GHOVHJHQWKRUDULGHKRUHVDKRUHVHQGLHVODERUDEOHV1R V¶DGPHWODSUHVHQWDFLyG¶RIHUWHVHQGLVWLQWOORFDO¶LQGLFDWDQWHULRUPHQW /HVRIHUWHVTXHVLJXHQSUHVHQWDGHVHQGLVWLQWOORFRHQGLVWLQWDIRUPDD OD LQGLFDGD HQ HO SOHF GH &RQGLFLRQV 3DUWLFXODUV SRGUDQ VHU H[FORVHV GHODOLFLWDFLy 'RFXPHQWV G¶LQWHUpV SHU DOV OLFLWDGRUV O¶H[DPHQ GHOV H[SHGLHQWV SRGUjUHDOLW]DUVHD9DOqQFLDFDUUHU(Q%RXQ~PHOVGLHVG¶RILFLQD GHDKRDWUDYpVGHODSjJLQDZHEGHO,996$ZZZ LYYVDHV &RQVXOWHV MXULGLFRDGPLQLVWUDWLYHV WHOqIRQ L FRQVXOWHVWqFQLTXHVWHOqIRQ /¶LPSRUWG¶HVWHDQXQFLVHUjSHUFRPSWHGHOHVHPSUHVHVDGMXGLFD WjULHV 9DOqQFLDG¶DEULOGH±(OJHUHQW)HOLSH(VSLQRVD%RODxRV 9DOHQFLD GH DEULO GH ± (O JHUHQWH )HOLSH (VSLQRVD %RODxRV Núm. 5516 / 21.05.2007 ,QVWLWXW9DOHQFLjG¶+DELWDWJH6$ /LFLWDFLy GH O¶H[SHGLHQW Q~PHUR &7&0 ([HFXFLy GHOHVREUHVG¶HGLILFDFLyGHYLYHQGHVSURWHJLGHVJDUDW JH L ORFDOV HQ OD SDUFHO¢OD GH %HQLVDXGHW $ODFDQW >@ 20340 ,QVWLWXWR9DOHQFLDQRGHOD9LYLHQGD6$ /LFLWDFLyQGHOH[SHGLHQWHQ~PHUR&7&0(MHFXFLyQ GH ODV REUDV GH HGLILFDFLyQ GH YLYLHQGDV SURWHJLGDV JDUDMH\ORFDOHVHQODSDUFHODGH%HQLVDXGHW$OLFDQ WH>@ /ORFGHSUHVHQWDFLySHUVRQDOPHQWHQHOUHJLVWUHGHO¶,QVWLWXW9DOHQ FLjG¶+DELWDWJH6$ VLWLD9DOqQFLDFDUUHU(Q %RX Q~P L GLQV GHOVHJHQWKRUDULGHKRUHVDKRUHVHQGLHVODERUDEOHV1R V¶DGPHWODSUHVHQWDFLyG¶RIHUWHVHQGLVWLQWOORFDO¶LQGLFDWDQWHULRUPHQW /HVRIHUWHVTXHVLJXHQSUHVHQWDGHVHQGLVWLQWOORFRHQGLVWLQWDIRUPDD OD LQGLFDGD HQ HO SOHF GH &RQGLFLRQV 3DUWLFXODUV SRGUDQ VHU H[FORVHV GHODOLFLWDFLy 'RFXPHQWV G¶LQWHUpV SHU DOV OLFLWDGRUV O¶H[DPHQ GHOV H[SHGLHQWV SRGUjUHDOLW]DUVHD9DOqQFLDFDUUHU(Q%RXQ~PHOVGLHVG¶RILFLQD GHDKRDWUDYpVGHODSjJLQDZHEGHO,996$ZZZ LYYVDHV &RQVXOWHV MXULGLFRDGPLQLVWUDWLYHV WHOqIRQ L FRQVXOWHVWqFQLTXHVWHOqIRQ /¶LPSRUWG¶HVWHDQXQFLVHUjSHUFRPSWHGHOHVHPSUHVHVDGMXGLFD WjULHV 2EMHWR(MHFXFLyQGHODVREUDVGHHGLILFDFLyQGHYLYLHQGDVSUR WHJLGDV JDUDMH \ ORFDOHV HQ OD SDUFHOD GH %HQLVDXGHW $OLFDQWH ([SREUDV5(([S&RQWUDWDFLyQ&7&0 3UHVXSXHVWRGHOLFLWDFLyQHXURV,9$H[FOXLGR 3OD]RGHHMHFXFLyQ(OSOD]RSDUDODHMHFXFLyQGHODVREUDVVHUiGH PHVHV &ODVLILFDFLyQUHTXHULGD*UXSR&WRGRVORVVXEJUXSRVFDWHJRUtDI 3OD]RGHSUHVHQWDFLyQGHSURSRVLFLRQHVGtDVQDWXUDOHVDFRQ WDU GHVGH HO GtD VLJXLHQWH D OD SXEOLFDFLyQ GHO SUHVHQWH DQXQFLR HQ HO 'LDULR2ILFLDOGHOD&RPXQLGDG9DOHQFLDQDILQDOL]DQGRHOSOD]RDODV KGHO~OWLPRGtDGHOFRPSXWRRDODVKGHOGtDVLJXLHQWH KiELOFXDQGRHO~OWLPRGtDGHSOD]RFRLQFLGDFRQViEDGRGRPLQJRR GtDIHVWLYRHQODORFDOLGDGGRQGHVHXELTXHHOOXJDUGHSUHVHQWDFLyQGH VROLFLWXGHV /XJDU GH SUHVHQWDFLyQ SHUVRQDOPHQWH HQ HO UHJLVWUR GHO ,QVWLWXWR 9DOHQFLDQR GH 9LYLHQGD 6$ VLWR HQ 9DOHQFLD FDOOH (Q %RX Q~P \GHQWURGHOVLJXLHQWHKRUDULRGHKRUDVDKRUDVHQGtDV ODERUDEOHV 1R VH DGPLWH OD SUHVHQWDFLyQ GH RIHUWDV HQ GLVWLQWR OXJDU DOLQGLFDGRDQWHULRUPHQWH/DVRIHUWDVTXHVHDQSUHVHQWDGDVHQGLVWLQ WROXJDURHQGLVWLQWDIRUPDDODLQGLFDGDHQHOSOLHJRGH&RQGLFLRQHV 3DUWLFXODUHVSRGUiQVHUH[FOXLGDVGHODOLFLWDFLyQ 'RFXPHQWRVGHLQWHUpVSDUDORVOLFLWDGRUHVHOH[DPHQGHORVH[SH GLHQWHVSRGUiUHDOL]DUVHHQ9DOHQFLDFDOOH(Q%RXQ~PORVGtDVGH RILFLQDGHDKRDWUDYpVGHODSiJLQDZHEGHO,996$ ZZZLYYVDHV &RQVXOWDV MXUtGLFRDGPLQLVWUDWLYDV WHOpIRQR \FRQVXOWDVWpFQLFDVWHOpIRQR (OLPSRUWHGHHVWHDQXQFLRVHUiSRUFXHQWDGHODVHPSUHVDVDGMX GLFDWDULDV 9DOqQFLD G¶DEULO GHO ± (O JHUHQW )HOLSH (VSLQRVD %RODxRV 9DOHQFLD GH DEULO GH ± (O JHUHQWH )HOLSH (VSLQRVD %ROD xRV 2EMHFWH([HFXFLyGHOHVREUHVG¶HGLILFDFLyGHYLYHQGHVSURWH JLGHVJDUDWJHLORFDOVHQODSDUFHOÂODGH%HQLVDXGHW$ODFDQW([S REUHV5(([S&RQWUDFWDFLy&7&0 3UHVVXSRVWGHOLFLWDFLyHXURV,9$H[FOzV 7HUPLQLG¶H[HFXFLy(OWHUPLQLSHUDO¶H[HFXFLyGHOHVREUHVVHUj GHPHVRV &ODVVLILFDFLyUHTXHULGD*UXS&WRWVHOVVXEJUXSVFDWHJRULDI 7HUPLQLGHSUHVHQWDFLyGHSURSRVLFLRQVGLHVQDWXUDOVDFRPS WDUGHO¶HQGHPjDODSXEOLFDFLyGHOSUHVHQWDQXQFLHQHO'LDUL2ILFLDO GHOD&RPXQLWDW9DOHQFLDQDILQDOLW]DQWHOWHUPLQLDOHVKGHO¶~O WLPGLDGHOFRPSXWHRDOHVKGHO¶HQGHPjKjELOTXDQO¶~OWLP GLD GH WHUPLQL FRLQFLGLVFD DPE GLVVDEWH GLXPHQJH R GLD IHVWLX HQ OD ORFDOLWDWRQV¶XELTXHHOOORFGHSUHVHQWDFLyGHVROÂOLFLWXGV Núm. 5516 / 21.05.2007 9DOHQFLDQDG¶$SURILWDPHQW (QHUJqWLFGH5HVLGXV9$(56$ /LFLWDFLyGHO¶H[SHGLHQWQ~PHUR&RQVWUXFFLyGH GHSzVLWVGHIRUPLJyDUPDWHQODVpTXLD>@ 20341 9DOHQFLDQDG¶$SURILWDPHQW (QHUJqWLFGH5HVLGXV9$(56$ /LFLWDFLyQ GHO H[SHGLHQWH Q~PHUR &RQVWUXF FLyQ GH GHSyVLWRV GH KRUPLJyQ DUPDGR HQ OD DFHTXLD >@ (QWLWDWDGMXGLFDGRUD D 2UJDQLVPH 9DHUVD 9DOHQFLDQD G¶$SURILWDPHQW (QHUJqWLF GH 5HVLGXV6$ E'HSHQGqQFLDTXHWUDPLWDO¶H[SHGLHQW'HSDUWDPHQWGH'HVHQYR OXSDPHQWG¶,QIUDHVWUXFWXUHV$JUjULHVL6HUYLFLV,$6 F1~PHURG¶H[SHGLHQW 2EMHFWHGHOFRQWUDFWH D 'HVFULSFLy GH O¶REMHFWH &RQVWUXFFLy GH GHSzVLWV GH IRUPLJy DUPDWGHSODQWDUHFWDQJXODU E/ORFG¶H[HFXFLyGHOVWUHEDOOVHQODVpTXLD³3RUWHVGH0~UFLD´ HQHO70G¶2ULKXHOD$ODFDQW F7HUPLQLGHGXUDFLyPHVRV 7UDPLWDFLySURFHGLPHQWLIRUPDG¶DGMXGLFDFLy D7UDPLWDFLy2UGLQjULD E3URFHGLPHQW2EHUW F)RUPDFRQFXUV 3UHVVXSRVW%DVHGHOLFLWDFLy ,PSRUW WRWDO HXURV GRV PLOLRQV QRXFHQWV TXDUDQWD PLOWUHVFHQWVQRUDQWDVLVHXURVDPETXDUDQWDWUHVFqQWLPV,9$LQFOzV *DUDQWLD 3URYLVLRQDO HXURV TXDQWLWDW HTXLYDOHQW DO GHOSUHVVXSRVWEDVHGHOLFLWDFLy 2EWHQFLyGHGRFXPHQWDFLyLLQIRUPDFLy 2EWHQFLyGHGRFXPHQWDFLy DHQWLWDW'LD]RWHF6$ E'RPLFLOL&FRPWH$OWHDQ~PGDYDOO F/RFDOLWDWL&RGL3RVWDO9DOqQFLD G7HOqIRQ H7HOHID[ 2EWHQFLyG¶LQIRUPDFLy DHQWLWDW9DHUVD E'RPLFLOL)UDQFLVFR&XEHOOVQ~P F/RFDOLWDWL&RGL3RVWDO9DOqQFLD G7HOqIRQ H7HOHID[ 5HTXLVLWVHVSHFtILFVGHOFRQWUDFWLVWD &ODVVLILFDFLyHPSUHVDULDO*UXS%VXEJUXSFDWHJRULDH 6ROYqQFLDHFRQzPLFDLILQDQFHUDLVROYqQFLDWqFQLFDLSURIHVVLR QDO9HXUHSOHFV 3UHVHQWDFLyG¶RIHUWHV 'DWDOtPLWGHSUHVHQWDFLyItVLFDG¶RIHUWHVGLHVQDWXUDOVDFRPS WDUGHOVHJHQWHQODVHXDSXEOLFDFLyHQHO'LDUL2ILFLDOGHOD&RPX QLWDW9DOHQFLDQD6LHVWHIRUDGLVVDEWHRIHVWLXHOWHUPLQLILQDOLW]DUjHO SULPHUGLDKjELOVHJHQW E'RFXPHQWDFLyDSUHVHQWDU/DUHTXHULGDHQHOSOHFGH&OjXVXOHV $GPLQLVWUDWLYHV F/ORFGHSUHVHQWDFLy (QWLWDW9$(56$HQHOVHXUHJLVWUHG¶HQWUDGD 'RPLFLOLFDUUHU)UDQFLVFR&XEHOOVQ~PHUR /RFDOLWDWLFRGLSRVWDO9DOqQFLD 7HUPLQL GXUDQW HO TXDO HO OLFLWDGRU HVWDUj REOLJDW D PDQWLQGUH OD VHXDRIHUWDFRQFXUVPHVRVGHVGHO¶REHUWXUDGHOHVSURSRVLFLRQV /¶KRUDULGHUHJLVWUHG¶HQWUDGDGH9$(56$SHUDODUHFHSFLyGHOHV RIHUWHVpVHOFRPSUpVHQWUHOHVKLOHVKGHGLOOXQVDGLYHQ GUHVGLHVODERUDEOHV 2EHUWXUDG¶RIHUWHV (QWLWDW9$(56$ 'RPLFLOL)UDQFLVFR&XEHOOVQ~PHUR /RFDOLWDW9DOqQFLD 'DWD HO WHUFHU GLD VHJHQW D O¶~OWLP GH SUHVHQWDFLy G¶RIHUWHV HQ 9DHUVD6LHVWHIRUDGLVVDEWHRIHVWLXO¶DFWHVHFHOHEUDUjHOSULPHUGLD KjELOVHJHQW (QWLGDGDGMXGLFDGRUD D2UJDQLVPR9DHUVD9DOHQFLDQDGH$SURYHFKDPLHQWR(QHUJpWLFR GH5HVLGXRV6$ E'HSHQGHQFLDTXHWUDPLWDHOH[SHGLHQWH'HSDUWDPHQWRGH'HV DUUROORGH,QIUDHVWUXFWXUDV$JUDULDV\6HUYLFLRV,$6 F1~PHURGHH[SHGLHQWH 2EMHWRGHOFRQWUDWR D'HVFULSFLyQGHOREMHWR&RQVWUXFFLyQGHGHSyVLWRVGHKRUPL JyQDUPDGRGHSODQWDUHFWDQJXODU E /XJDU GH HMHFXFLyQ GH ORV WUDEDMRV HQ OD DFHTXLD ³3XHUWDV GH 0XUFLD´HQHO70GH2ULKXHOD$OLFDQWH F3OD]RGHGXUDFLyQPHVHV 7UDPLWDFLyQSURFHGLPLHQWR\IRUPDGHDGMXGLFDFLyQ D7UDPLWDFLyQ2UGLQDULD E3URFHGLPLHQWR$ELHUWR F)RUPDFRQFXUVR 3UHVXSXHVWR%DVHGHOLFLWDFLyQ ,PSRUWH WRWDO HXURV GRV PLOORQHV QRYHFLHQWRV FXD UHQWD PLO WUHVFLHQWRV QRYHQWD \ VHLV HXURV FRQ FXDUHQWD \ WUHV FpQWL PRV,9$LQFOXLGR *DUDQWtD 3URYLVLRQDO HXURV FDQWLGDG HTXLYDOHQWH DO GHOSUHVXSXHVWREDVHGHOLFLWDFLyQ 2EWHQFLyQGHGRFXPHQWDFLyQHLQIRUPDFLyQ 2EWHQFLyQGHGRFXPHQWDFLyQ D(QWLGDG'LD]RWHF6$ E'RPLFLOLR&&RQGH$OWHDQ~PEDMR F/RFDOLGDG\&yGLJR3RVWDO9DOHQFLD G7HOpIRQR H7HOHID[ 2EWHQFLyQGHLQIRUPDFLyQ D(QWLGDG9DHUVD E'RPLFLOLR)UDQFLVFR&XEHOOVQ~P F/RFDOLGDG\&yGLJR3RVWDO9DOHQFLD± G7HOpIRQR H7HOHID[ 5HTXLVLWRVHVSHFtILFRVGHOFRQWUDWLVWD ±&ODVLILFDFLyQHPSUHVDULDO*UXSR%VXEJUXSRFDWHJRUtDH ±6ROYHQFLDHFRQyPLFD\ILQDQFLHUD\VROYHQFLDWpFQLFD\SURIHVL RQDO9HUSOLHJRV 3UHVHQWDFLyQGHRIHUWDV )HFKD OtPLWH GH SUHVHQWDFLyQ ItVLFD GH RIHUWDV GtDV QDWXUD OHVDFRQWDUGHVGHHOVLJXLHQWHHQVXSXEOLFDFLyQHQHO'LDULR2ILFLDO GH OD &RPXQLGDG 9DOHQFLDQD 6L pVWH IXHUD ViEDGR R IHVWLYR HO SOD]R ILQDOL]DUiHOSULPHUGtDKiELOVLJXLHQWH E'RFXPHQWDFLyQDSUHVHQWDU/DUHTXHULGDHQHOSOLHJRGH&OiX VXODV$GPLQLVWUDWLYDV F/XJDUGHSUHVHQWDFLyQ (QWLGDG9$(56$HQVXUHJLVWURGHHQWUDGD 'RPLFLOLR&DOOH)UDQFLVFR&XEHOOVQ~PHUR /RFDOLGDG\FyGLJRSRVWDO9DOHQFLD 3OD]R GXUDQWH HO FXDO HO OLFLWDGRU HVWDUi REOLJDGR D PDQWHQHU VX RIHUWDFRQFXUVRPHVHVGHVGHODDSHUWXUDGHODVSURSRVLFLRQHV (OKRUDULRGHUHJLVWURGHHQWUDGDGH9$(56$SDUDODUHFHSFLyQGH ODVRIHUWDVHVHOFRPSUHQGLGRHQWUHODVK\ODVKGHOXQHVD YLHUQHVGtDVODERUDEOHV $SHUWXUDGHRIHUWDV (QWLGDG9$(56$ 'RPLFLOLR)UDQFLVFR&XEHOOVQ~PHUR /RFDOLGDG9DOHQFLD )HFKDHOWHUFHUGtDVLJXLHQWHDO~OWLPRGHSUHVHQWDFLyQGHRIHUWDV HQ9DHUVD6LpVWHIXHUDViEDGRRIHVWLYRHODFWRVHFHOHEUDUiHOSULPHU GtDKiELOVLJXLHQWH Núm. 5516 / 21.05.2007 20342 +RUD *DVWRVG¶DQXQFLVHOVJDVWRVGHSXEOLFDFLyGHOSUHVHQWFRQFXUV VHUDQDFjUUHFGHO¶DGMXGLFDWDUL +RUD *DVWRVGHDQXQFLRVORVJDVWRVGHSXEOLFDFLyQGHOSUHVHQWHFRQ FXUVRVHUiQDFDUJRGHODGMXGLFDWDULR 9DOqQFLDGHPDLJGH±(OGLUHFWRUJHQHUDOGH9DHUVD-XDQ 0LJXHO%HOOYHU5LEHV 9DOHQFLDGHPD\RGH±(OGLUHFWRUJHQHUDOGH9DHUVD-XDQ 0LJXHO%HOOYHU5LEHV Núm. 5516 / 21.05.2007 $MXQWDPHQWGH0LVODWD /LFLWDFLy Q~PHUR 6( &RQVXOWRULD L DVVLVWqQFLD HQ PDWqULDGHJHVWLyGHSHUVRQDOLGHVHJXUHWDWVRFLDOLILVFDO >@ $SURYDGD PLWMDQoDQW 'HFUHW GH O¶$OFDOGLD GH GDWD G¶DEULO GH ODLQLFLDFLyGHO¶H[SHGLHQWGHFRQWUDFWDFLyGHFRQVXOWRULDLDVVLV WqQFLD HQ PDWqULD GH JHVWLy GH SHUVRQDO L GH VHJXUHWDW VRFLDO L ILVFDO V¶H[SRVDDOS~EOLFGXUDQWKXLWGLHVFRPSWDGRUVGHVGHOGLDVHJHQWD ODSXEOLFDFLyDO¶HIHFWHG¶DWHQGUHUHFODPDFLRQV 6LPXOWjQLDPHQWLVHQVHSHUMXtG¶DMRUQDUTXDQUHVXOWHQHFHVVDULHO SURFHGLPHQW G¶DGMXGLFDFLy HQ HO FDV TXH HV IRUPXODUHQ UHFODPDFLRQV FRQWUD HO SOHF V¶DQXQFLD D WUDYpV GHO SUHVHQW FRQFXUV O¶REHUWXUD GHO SURFHGLPHQWG¶DGMXGLFDFLyHQODIRUPDTXHDFRQWLQXDFLyV¶H[SUHVVD (QWLWDWDGMXGLFDGRUD $MXQWDPHQWGH0LVODWD3ODoDGHOD&RQVWLWXFLyQ~PHUR 0LVODWD7HOqIRQ)D[6HUYLFLGH&RQWUDF WDFLy 1~PHURG¶H[SHGLHQW6( 2EMHFWHGHOFRQWUDFWH &RQVXOWRULD L DVVLVWqQFLD HQ PDWHULDO GH JHVWLy GH SHUVRQDO L GH VHJXUHWDWVRFLDOLILVFDO 7HUPLQL G¶H[HFXFLy GHO FRQWUDFWH GRV DQ\V SURUURJDEOH SHU XQV DOWUHVGRV 7UDPLWDFLySURFHGLPHQWLIRUPDG¶DGMXGLFDFLy 7UDPLWDFLyRUGLQjULD 3URFHGLPHQWREHUW )RUPDG¶DGMXGLFDFLyVXEKDVWD 3UHVVXSRVWEDVHGHOLFLWDFLyHXURV *DUDQWLDSURYLVLRQDOHXURV 2EWHQFLyGHGRFXPHQWDFLyLG¶LQIRUPDFLy $MXQWDPHQWGH0LVODWD3ODoDGHOD&RQVWLWXFLyQ~PHUR 6HUYLFLGH&RQWUDFWDFLy7HOqIRQ)D[ 5HTXLVLWVHVSHFtILFVGHOFRQWUDFWLVWD &OjXVXODQRYHQDDUWLFOHF 3UHVHQWDFLyG¶RIHUWHV (OWHUPLQLGHSUHVHQWDFLyGHSURSRVLFLRQVV¶LQLFLDUjDPEODSXEOL FDFLyGHO¶DQXQFLGHFRQFXUVHQHO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQ FLDQDLFRQFORXUjDOVGLHVQDWXUDOVVHJHQWVDOVGHODGLWDSXEOLFDFLy D O¶KDYHUVH GHFODUDW OD WUDPLWDFLy XUJHQW GH O¶H[SHGLHQW HQ KRUHV GH D6LO¶~OWLPGLDpVGLVVDEWHRIHVWLXHOWHUPLQLDFDEDUjHO VHJHQWKjELOSRVWHULRU 'RFXPHQWDFLyTXHLQWHJUDUjOHVRIHUWHVODTXHILJXUDHQHOSOHFGH FRQGLFLRQV /ORF GH SUHVHQWDFLy$MXQWDPHQW GH 0LVODWD 6HUYLFL GH &RQWUDF WDFLy 7HUPLQL GXUDQW HO TXDO HO OLFLWDGRU HVWDUj REOLJDW D PDQWLQGUH OD VHXDRIHUWDWUHVPHVRV 2EHUWXUDGHOHVRIHUWHV /¶DFWHG¶REHUWXUDGHSOLTXHVWLQGUjOORFDOHVKRUHVGHOGLPH FUHVVHJHQWDOGHILQDOLW]DFLyGHOWHUPLQLGHSUHVHQWDFLyG¶RIHUWHV(Q HOFDVTXHHVWHGLDIyUDLQKjELOHVWUDVOODGDUjDOGLDVHJHQWKjELODOD PDWHL[DKRUD *DVWRVG¶DQXQFLV 'HFRPSWHGHO¶DGMXGLFDWDUL 0LVODWDG¶DEULOGH/¶DOFDOGH0DQXHO&RUUHGHUD6DQFKLV 20343 $\XQWDPLHQWRGH0LVODWD /LFLWDFLyQ Q~PHUR 6( &RQVXOWRUtD \ DVLVWHQFLD HQ PDWHULDGHJHVWLyQGHSHUVRQDO\GHVHJXULGDGVRFLDO\ILV FDO>@ $SUREDGD PHGLDQWH 'HFUHWR GH OD $OFDOGtD GH IHFKD GH DEULO GH OD LQLFLDFLyQ GHO H[SHGLHQWH GH FRQWUDWDFLyQ GH FRQVXOWRUtD \DVLVWHQFLDHQPDWHULDGHJHVWLyQGHSHUVRQDO\GHVHJXULGDGVRFLDO\ ILVFDOVHH[SRQHDOS~EOLFRGXUDQWHRFKRGtDVFRQWDGRVGHVGHHOVLJXL HQWHDODSUHVHQWHSXEOLFDFLyQDORVHIHFWRVGHDWHQGHUUHFODPDFLRQHV 6LPXOWiQHDPHQWH\VLQSHUMXLFLRGHDSOD]DUFXDQGRUHVXOWHQHFHVD ULRHOSURFHGLPLHQWRGHDGMXGLFDFLyQHQHOVXSXHVWRGHTXHVHIRUPX ODUHQUHFODPDFLRQHVFRQWUDHOSOLHJRVHDQXQFLDDWUDYpVGHOSUHVHQWH FRQFXUVR OD DSHUWXUD GHO SURFHGLPLHQWR GH DGMXGLFDFLyQ HQ OD IRUPD TXHVHJXLGDPHQWHVHH[SUHVD (QWLGDGDGMXGLFDGRUD $\XQWDPLHQWR GH 0LVODWD 3OD]D GH OD &RQVWLWXFLyQ Q~PHUR 0LVODWD7HOpIRQR)D[6HUYLFLRGH &RQWUDWDFLyQ 1~PHURGHH[SHGLHQWH6( 2EMHWRGHOFRQWUDWR &RQVXOWRUtD \ DVLVWHQFLD HQ PDWHULDO GH JHVWLyQ GH SHUVRQDO \ GH VHJXULGDGVRFLDO\ILVFDO 3OD]R GH HMHFXFLyQ GHO FRQWUDWR GRV DxRV SURUURJDEOH SRU RWURV GRV 7UDPLWDFLyQSURFHGLPLHQWR\IRUPDGHDGMXGLFDFLyQ 7UDPLWDFLyQRUGLQDULD 3URFHGLPLHQWRDELHUWR )RUPDGHDGMXGLFDFLyQVXEDVWD 3UHVXSXHVWREDVHGHOLFLWDFLyQHXURV *DUDQWtDSURYLVLRQDOHXURV 2EWHQFLyQGHGRFXPHQWDFLyQHLQIRUPDFLyQ $\XQWDPLHQWR GH 0LVODWD 3OD]D GH OD &RQVWLWXFLyQ Q~PHUR 6HUYLFLRGH&RQWUDWDFLyQ7HOpIRQR)D[ 5HTXLVLWRVHVSHFtILFRVGHOFRQWUDWLVWD &OiXVXODQRYHQDDUWtFXORF 3UHVHQWDFLyQGHRIHUWDV (OSOD]RGHSUHVHQWDFLyQGHSURSRVLFLRQHVVHLQLFLDUiFRQODSXEOL FDFLyQ GHO DQXQFLR GH FRQFXUVR HQ HO 'LDUL 2ILFLDO GH OD &RPXQLWDW 9DOHQFLDQD\FRQFOXLUiDORVGtDVQDWXUDOHVVLJXLHQWHVDORVGHGLFKD SXEOLFDFLyQDOKDEHUVHGHFODUDGRODWUDPLWDFLyQXUJHQWHGHOH[SHGLHQWH HQKRUDVGHD6LHO~OWLPRGtDHVViEDGRRIHVWLYRHOSOD]R DFDEDUiHOVLJXLHQWHKiELOSRVWHULRU 'RFXPHQWDFLyQTXHLQWHJUDUiODVRIHUWDVODTXHILJXUDHQHOSOLHJR GHFRQGLFLRQHV /XJDUGHSUHVHQWDFLyQ$\XQWDPLHQWRGH0LVODWD6HUYLFLRGH&RQ WUDWDFLyQ 3OD]R GXUDQWH HO FXDO HO OLFLWDGRU HVWDUi REOLJDGR D PDQWHQHU VX RIHUWDWUHVPHVHV $SHUWXUDGHODVRIHUWDV (O DFWR GH DSHUWXUD GH SOLFDV WHQGUi OXJDU D ODV KRUDV GHO PLpUFROHV VLJXLHQWH DO GH WHUPLQDFLyQ GHO SOD]R GH SUHVHQWDFLyQ GH RIHUWDV(QHOFDVRGHTXHGLFKRGtDIXHUDLQKiELOVHWUDVODGDUiDOGtD VLJXLHQWHKiELODODPLVPDKRUD *DVWRVGHDQXQFLRV 'HFXHQWDGHODGMXGLFDWDULR 0LVODWDGHDEULOGH(ODOFDOGH0DQXHO&RUUHGHUD6DQFKLV Núm. 5516 / 21.05.2007 $MXQWDPHQWGH0LVODWD 20344 $\XQWDPLHQWRGH0LVODWD /LFLWDFLyQ~PHUR6(3UHVWDFLyGHOVHUYHLGHFRQVHU JHULDPDQWHQLPHQWLQHWHMDGHODSLVFLQDPXQLFLSDOG¶HVWLX GH0LVODWD>@ /LFLWDFLyQ Q~PHUR 6( 3UHVWDFLyQ GHO VHUYLFLR GH FRQVHUMHUtDPDQWHQLPLHQWR\OLPSLH]DGHODSLVFLQDPXQL FLSDOGHYHUDQRGH0LVODWD>@ $SURYDGD PLWMDQoDQW 'HFUHW GH O¶$OFDOGLD GH GDWD G¶DEULO GH ODFRQWUDFWDFLyGHODSUHVWDFLyGHOVHUYLFLGHFRQVHUJHULDPDQWH QLPHQWLQHWHMDGHODSLVFLQDPXQLFLSDOG¶HVWLXGH0LVODWDV¶H[SRVDDO S~EOLFGXUDQWKXLWGLHVFRPSWDGRUVGHVGHOVHJHQWDODSUHVHQWSXEOL FDFLyDHIHFWHVG¶DWHQGUHUHFODPDFLRQV 6LPXOWjQLDPHQW L VHQVH SHUMXt G¶DMRUQDU TXDQ UHVXOWH QHFHVVDUL HO SURFHGLPHQW G¶DGMXGLFDFLy HQ FDV TXH HV IRUPXODUHQ UHFODPDFLRQV FRQWUDHOSOHFV¶DQXQFLDDWUDYpVG¶HVWHHGLFWHO¶REHUWXUDGHOSURFHGL PHQWG¶DGMXGLFDFLyHQODIRUPDTXHWRWVHJXLWV¶KLLQGLFD 3UHVHQWDFLyG¶RIHUWHV (OWHUPLQLGHSUHVHQWDFLyGHSURSRVLFLRQVV¶LQLFLDUjDPEODSXEOL FDFLy GH O¶DQXQFL GHO FRQFXUV HQ HO 'LDUL 2ILFLDO GH OD &RPXQLWDW 9DOHQFLDQD L FRQFORXUj DOV GLHV QDWXUDOV VHJHQWV DOV GH OD GLWD SXEOLFDFLyHQKRUHVGHD6LO¶~OWLPGLDpVGLVVDEWHRIHV WLXHOWHUPLQLDFDEDUjHOVHJHQWKjELOSRVWHULRU 'RFXPHQWDFLyTXHLQWHJUDUjOHVRIHUWHVODTXHILJXUDHQHOSOHFGH FRQGLFLRQV /ORFGHSUHVHQWDFLy$MXQWDPHQWGH0LVODWD6HUYLFLGH&RQWUDFWD FLyL3DWULPRQL 7HUPLQL GXUDQW HO TXDO HO OLFLWDGRU HVWDUj REOLJDW D PDQWLQGUH OD VHXDRIHUWDWUHVPHVRV 2EHUWXUDGHOHVRIHUWHV /¶DFWHG¶REHUWXUDGHSOLTXHVWLQGUjOORFDOHVKRUHVGHOGLPH FUHV VHJHQW DO G¶DFDEDPHQW GHO WHUPLQL GH SUHVHQWDFLy G¶RIHUWHV (Q FDV TXH HVWH GLD IyUD LQKjELO HV WUDVOODGDUj DO GLD KjELO VHJHQW D OD PDWHL[DKRUD 'HVSHVHVG¶DQXQFLV 'HFRPSWHGHO¶DGMXGLFDWDUL $SUREDGDPHGLDQWH'HFUHWRGHOD$OFDOGtDGHIHFKDGHDEULOGH ODFRQWUDWDFLyQGHODSUHVWDFLyQGHOVHUYLFLRGHFRQVHUMHUtDPDQ WHQLPLHQWR\OLPSLH]DGHODSLVFLQDPXQLFLSDOGHYHUDQRGH0LVODWDVH H[SRQHDOS~EOLFRGXUDQWHRFKRGtDVFRQWDGRVGHVGHHOVLJXLHQWHDOD SUHVHQWHSXEOLFDFLyQDORVHIHFWRVGHDWHQGHUUHFODPDFLRQHV 6LPXOWiQHDPHQWH\VLQSHUMXLFLRGHDSOD]DUFXDQGRUHVXOWHQHFHVD ULRHOSURFHGLPLHQWRGHDGMXGLFDFLyQHQHOVXSXHVWRGHTXHVHIRUPX ODUHQUHFODPDFLRQHVFRQWUDHOSOLHJRVHDQXQFLDDWUDYpVGHOSUHVHQWH FRQFXUVR OD DSHUWXUD GHO SURFHGLPLHQWR GH DGMXGLFDFLyQ HQ OD IRUPD TXHVHJXLGDPHQWHVHH[SUHVD (QWLGDGDGMXGLFDGRUD $\XQWDPLHQWR GH 0LVODWD 3OD]D GH OD &RQVWLWXFLyQ Q~PHUR 0LVODWD 7HOpIRQR)D[6HUYLFLRGH&RQWUDWD FLyQ\3DWULPRQLR 1~PHURGHH[SHGLHQWH6( 2EMHWRGHOFRQWUDWR 3UHVWDFLyQ GHO VHUYLFLR GH FRQVHUMHUtD PDQWHQLPLHQWR \ OLPSLH]D GHODSLVFLQDPXQLFLSDOGHYHUDQRGH0LVODWD 3OD]RGHHMHFXFLyQGHOFRQWUDWRGHOGHMXQLRDOGHVHSWLHPEUH GHSURUURJDEOHSRURWURSHUtRGRGHOGHMXQLRDOGHVHSWLHP EUHGH 7UDPLWDFLyQSURFHGLPLHQWR\IRUPDGHDGMXGLFDFLyQ 7UDPLWDFLyQRUGLQDULD 3URFHGLPLHQWRDELHUWR )RUPDGHDGMXGLFDFLyQFRQFXUVR 3UHVXSXHVWREDVHGHOLFLWDFLyQHXURV *DUDQWtDSURYLVLRQDOHXURV 2EWHQFLyQGHGRFXPHQWDFLyQHLQIRUPDFLyQ $\XQWDPLHQWR GH 0LVODWD 3OD]D GH OD &RQVWLWXFLyQ Q~PHUR 6HUYLFLR GH &RQWUDWDFLyQ \ 3DWULPRQLR 7HOpIRQR )D[ 5HTXLVLWRVHVSHFtILFRVGHOFRQWUDWLVWD &OiXVXOD $UWtFXOR F GHO SOLHJR GH FRQGLFLRQHV DGPLQLVWUDWL YDV 3UHVHQWDFLyQGHRIHUWDV (OSOD]RGHSUHVHQWDFLyQGHSURSRVLFLRQHVVHLQLFLDUiFRQODSXEOL FDFLyQ GHO DQXQFLR GH FRQFXUVR HQ HO 'LDUL 2ILFLDO GH OD &RPXQLWDW 9DOHQFLDQD \ FRQFOXLUi D ORV GtDV QDWXUDOHV VLJXLHQWHV D ORV GH GLFKDSXEOLFDFLyQHQKRUDVGHD6LHO~OWLPRGtDHVViED GRRIHVWLYRHOSOD]RDFDEDUiHOVLJXLHQWHKiELOSRVWHULRU 'RFXPHQWDFLyQTXHLQWHJUDUiODVRIHUWDVODTXHILJXUDHQHOSOLHJR GHFRQGLFLRQHV /XJDUGHSUHVHQWDFLyQ$\XQWDPLHQWRGH0LVODWD6HUYLFLRGH&RQ WUDWDFLyQ\3DWULPRQLR 3OD]R GXUDQWH HO FXDO HO OLFLWDGRU HVWDUi REOLJDGR D PDQWHQHU VX RIHUWDWUHVPHVHV $SHUWXUDGHODVRIHUWDV (O DFWR GH DSHUWXUD GH SOLFDV WHQGUi OXJDU D ODV KRUDV GHO PLpUFROHV VLJXLHQWH DO GH WHUPLQDFLyQ GHO SOD]R GH SUHVHQWDFLyQ GH RIHUWDV(QHOFDVRGHTXHGLFKRGtDIXHUDLQKiELOVHWUDVODGDUiDOGtD VLJXLHQWHKiELODODPLVPDKRUD *DVWRVGHDQXQFLRV 'HFXHQWDGHODGMXGLFDWDULR 0LVODWDGHIHEUHUGH±/¶DOFDOGH0DQXHO&RUUHGHUD6DQF KLV 0LVODWD GH IHEUHUR GH ± (O DOFDOGH 0DQXHO &RUUHGHUD 6DQFKLV (QWLWDWDGMXGLFDGRUD $MXQWDPHQWGH0LVODWD3ODoDGHOD&RQVWLWXFLyQ~PHUR 0LVODWD 7HOqIRQ)D[6HUYLFLGH&RQWUDFWDFLy L3DWULPRQL 1~PHURG¶H[SHGLHQW6( 2EMHFWHGHOFRQWUDFWH 3UHVWDFLy GHO VHUYLFL GH FRQVHUJHULD PDQWHQLPHQW L QHWHMD GH OD SLVFLQDPXQLFLSDOG¶HVWLXGH0LVODWD 7HUPLQLG¶H[HFXFLyGHOFRQWUDFWHGHOGHMXQ\DOGHVHWHPEUH GHSURUURJDEOHSHUXQDOWUHSHUtRGHGHOGHMXQ\DOGHVHWHP EUHGH 7UDPLWDFLySURFHGLPHQWLIRUPDG¶DGMXGLFDFLy 7UDPLWDFLyRUGLQjULD 3URFHGLPHQWREHUW )RUPDG¶DGMXGLFDFLyFRQFXUV 3UHVVXSRVWEDVHGHOLFLWDFLyHXURV *DUDQWLDSURYLVLRQDOHXURV 2EWHQFLyGHGRFXPHQWDFLyLLQIRUPDFLy $MXQWDPHQWGH0LVODWD3ODoDGHOD&RQVWLWXFLyQ~PHUR 6HUYLFLGH &RQWUDFWDFLyL 3DWULPRQL7HOqIRQ )D[ 5HTXLVLWVHVSHFtILFVGHOFRQWUDFWLVWD &OjXVXOD$UWLFOHFGHOSOHFGHFRQGLFLRQVDGPLQLVWUDWLYHV Núm. 5516 / 21.05.2007 8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLD 20345 8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLD /LFLWDFLy GH O¶H[SHGLHQW 0<,&20$96 $GTXLVLFLy G¶XQHTXLSLQPXQRWHxLGRUDXWRPjWLF>@ /LFLWDFLyQ GHO H[SHGLHQWH 0<,&20$96 $GTXLVL FLyQGHXQHTXLSRLQPXQRWHxLGRUDXWRPiWLFR>@ (QWLWDWDGMXGLFDGRUD D2UJDQLVPH8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLD E'HSHQGqQFLDTXHWUDPLWDO¶H[SHGLHQW6HUYHLGH&RQWUDFWDFLy F1~PHURG¶H[SHGLHQW0<,&20$96 2EMHFWHGHOFRQWUDFWH D 'HVFULSFLy GH O¶REMHFWH$GTXLVLFLy G¶XQ HTXLS LQPXQRWHxLGRU DXWRPjWLF E'LYLVLySHUORWVLQRPEUHV 1RPEUH/RW 'HVFULSFLy$GTXLVLFLyG¶XQHTXLSLQPXQRWHxLGRUDXWRPjWLF 3UHVVXSRVW%DVH/LFLWDFLy¼ F/ORFG¶H[HFXFLy /RW8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLD,QVWLWXW8QLYHUVLWDULSHU DODFRQVHUYDFLyLPLOORUDGHO¶DJURGLYHUVLGDGYDOHQFLDQD&DPSXVGH 9HUD9DOqQFLD G7HUPLQLG¶H[HFXFLyPHVRV 7UDPLWDFLySURFHGLPHQWLIRUPDG¶DGMXGLFDFLy D7UDPLWDFLyRUGLQjULD E3URFHGLPHQWREHUW F)RUPDFRQFXUVS~EOLF 3UHVVXSRVWEDVHGHOLFLWDFLy ,PSRUWWRWDO¼ *DUDQWLHV 3URYLVLRQDO1RV¶H[LJHL[ 2EWHQFLyGHGRFXPHQWVLG¶LQIRUPDFLy D(QWLWDW'LD]RWHFKRUDULKDKLGHKDKGHGLOOXQVD GLYHQGUHV E$GUHoD&RPWHG¶DOWHD F/RFDOLWDWL&RGL3RVWDO9DOqQFLD G7HO H)D[ I'DWDOtPLWSHUDREWHQLUGRFXPHQWVLLQIRUPDFLy)LQVDO¶~OWLP GLDGHSUHVHQWDFLyG¶RIHUWHV 5HTXLVLWVHVSHFtILFVGHOFRQWUDFWLVWD D$FUHGLWDFLy GH OD VROYqQFLD HFRQzPLFD L ILQDQFHUD L WqFQLFD R SURIHVVLRQDOGHFRQIRUPLWDWDPEHOTXDGUHGHFDUDFWHUtVWLTXHVGHOSOHF GH&OjXVXOHV$GPLQLVWUDWLYHV3DUWLFXODUV 3UHVHQWDFLyGHOHVRIHUWHVRGHOHVVROÂOLFLWXGVGHSDUWLFLSDFLy D'DWDOtPLWGHSUHVHQWDFLy(OSHUtRGHSHUDODSUHVHQWDFLyGHSUR SRVLFLRQV VHUj GH GLHV QDWXUDOV FRPSWDGRUV GHV GH O¶HQGHPj GH OD SXEOLFDFLyHQHO'LDUL2ILFLDO*HQHUDOLWDW9DOHQFLDQDG¶DTXHVWDQXQFL (QWLGDGDGMXGLFDGRUD D2UJDQLVPR8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLD E'HSHQGHQFLDTXHWUDPLWDHOH[SHGLHQWH6HUYLFLRGH&RQWUDWDFLyQ F1~PHURGHH[SHGLHQWH0<,&20$96 2EMHWRGHOFRQWUDWR D'HVFULSFLyQGHOREMHWR$GTXLVLFLyQGHXQHTXLSRLQPXQRWHxL GRUDXWRPiWLFR E'LYLVLyQSRUORWHV\Q~PHUR 1~P/RWH 'HVFULSFLyQ$GTXLVLFLyQGHXQHTXLSRLQPXQRWHxLGRUDXWRPiWLFR 3UHVXSXHVWR%DVH/LFLWDFLyQ¼ F/XJDUGHHMHFXFLyQ /RWH 8QLYHUVLGDG 3ROLWpFQLFD GH 9DOHQFLD ,QVWLWXWR 8QLYHUVL WDULR SDUD OD FRQVHUYDFLyQ \ PHMRUD GH OD DJURGLYHUVLGDG YDOHQFLDQD &DPSXVGH9HUD9DOHQFLD G3OD]RGHHMHFXFLyQPHVHV 7UDPLWDFLyQSURFHGLPLHQWR\IRUPDGHDGMXGLFDFLyQ D7UDPLWDFLyQRUGLQDULD E3URFHGLPLHQWRDELHUWR F)RUPDFRQFXUVRS~EOLFR 3UHVXSXHVWREDVHGHOLFLWDFLyQ ,PSRUWHWRWDO¼ *DUDQWtDV 3URYLVLRQDO1RVHH[LJH 2EWHQFLyQGHGRFXPHQWDFLyQHLQIRUPDFLyQ D(QWLGDG'LD]RWHFKRUDULRKDK\GHKDKGHOXQHV DYLHUQHV E'RPLFLOLR&RQGH$OWHD F/RFDOLGDG\FyGLJRSRVWDO9DOHQFLD G7HO H)D[ I)HFKDOtPLWHGHREWHQFLyQGHGRFXPHQWRVHLQIRUPDFLyQ+DVWD HO~OWLPRGtDGHSUHVHQWDFLyQGHRIHUWDV 5HTXLVLWRVHVSHFtILFRVGHOFRQWUDWLVWD D$FUHGLWDFLyQGHODVROYHQFLDHFRQyPLFD\ILQDQFLHUD\WpFQLFDR SURIHVLRQDOGHFRQIRUPLGDGFRQHO&XDGURGH&DUDFWHUtVWLFDVGHOSOLH JRGHFOiXVXODVDGPLQLVWUDWLYDVSDUWLFXODUHV 3UHVHQWDFLyQGHODVRIHUWDVRGHODVVROLFLWXGHVGHSDUWLFLSDFLyQ D)HFKDOtPLWHGHSUHVHQWDFLyQ(OSHULRGRSDUDODSUHVHQWDFLyQGH SURSRVLFLRQHVVHUiGHGtDVQDWXUDOHVDFRQWDUGHVGHHOGtDVLJXLHQWH D OD SXEOLFDFLyQ GH HVWH DQXQFLR HQ HO 'LDUL 2ILFLDO GH OD &RPXQLWDW 9DOHQFLDQD 6L HO ~OWLPR GtD GH SOD]R FRLQFLGLHUD HQ ViEDGR R GtD LQKiELO VH HQWHQGHUiTXHHVWHSOD]RH[SLUDHOLQPHGLDWRGtDKiELOSRVWHULRU E'RFXPHQWDFLyQDSUHVHQWDUVHSUHVHQWDUiQHQWUHVVREUHVVHSD UDGRV$%\&ORVGRFXPHQWRVVLJXLHQWHV 6REUHµ$¶2IHUWD 6REUHµ%¶&DSDFLGDGSDUDFRQWUDWDU 6REUHµ&¶'RFXPHQWDFLyQWpFQLFD 7RGRHOORHQODIRUPDGHWHUPLQDGDHQHOSOLHJRGHFOiXVXODVDGPL QLVWUDWLYDVSDUWLFXODUHV F /DV JHVWLRQHV UHODWLYDV D OD FDSDFLGDG SDUD FRQWUDWDU GH ODV HPSUHVDVTXHHVWpQLQWHUHVDGDVHQSDUWLFLSDUHQODFRQWUDWDFLyQVHUHD OL]DUiQHQODVXQLGDGHVFRUUHVSRQGLHQWHVGHOD8QLYHUVLGDG3ROLWpFQLFD GH9DOHQFLDKDVWDODVKRUDVDQWHULRUHVDODILQDOL]DFLyQGHOSOD]RGH SUHVHQWDFLyQGHSURSRVLFLRQHV G/XJDUGHSUHVHQWDFLyQ (QWLGDG 5HJLVWUR *HQHUDO GH OD 8QLYHUVLGDG 3ROLWpFQLFD GH 9DOHQFLD 'RPLFLOLR&DPLQRGH9HUDVQ /RFDOLGDG\&yGLJR3RVWDO9DOHQFLD 2HQFXDOTXLHURWUROXJDUGHSUHVHQWDFLyQSUHYLVWRHQHODUWGH OD/H\GHGHQRYLHPEUHGH5pJLPHQ-XUtGLFRGHODV$GPL QLVWUDFLRQHV3~EOLFDV\GHO3URFHGLPLHQWR$GPLQLVWUDWLYR&RP~Q 6LO¶~OWLPGLDGHWHUPLQLFRLQFLGLUDHQGLVVDEWHRGLDLQKjELOV¶HQ WHQGUjTXHHVWHWHUPLQLH[SLUDO¶LPPHGLDWGLDKjELOSRVWHULRU E 'RFXPHQWDFLy TXH FDO SUHVHQWDU HV SUHVHQWDUDQ HQ WUHV VREUHV VHSDUDWV$%L&HOVGRFXPHQWVVHJHQWV 6REUHµ$¶2IHUWD 6REUHµ%¶&DSDFLWDWSHUDFRQWUDFWDU 6REUHµ&¶'RFXPHQWDFLyWqFQLFD 7RWDL[zHQODIRUPDGHWHUPLQDGDHQHOSOHFGHFOjXVXOHVDGPLQLV WUDWLYHVSDUWLFXODUV F /HV JHVWLRQV UHIHUHQWV D OD FDSDFLWDW SHU D FRQWUDFWDU GH OHV HPSUHVHVLQWHUHVVDGHVHQSDUWLFLSDUKLDODFRQWUDFWDFLyHVIDUDQDOHV XQLWDWVFRUUHVSRQHQWVGH8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLDILQVDOHV KRUHVDQWHULRUVDODILGHOWHUPLQLGHSUHVHQWDFLyGHSURSRVLFLRQV G/ORFGHSUHVHQWDFLy U± (QWLWDW 5HJLVWUH *HQHUDO GH OD 8QLYHUVLWDW 3ROLWqFQLFD GH 9DOqQFLD Q±$GUHoD&DPtGH9HUDVQ U±/RFDOLWDWL&RGL3RVWDO9DOqQFLD 2 HQ TXDOVHYRO DOWUH OORF GH SUHVHQWDFLy G¶DFRUG DPE O¶DUWLFOH GHOD/OHLGHGHQRYHPEUHGH5qJLP-XUtGLFGHOHV$GPL QLVWUDFLRQV3~EOLTXHVLGHO3URFHGLPHQW$GPLQLVWUDWLX&RP~ Núm. 5516 / 21.05.2007 H 7HUPLQL GXUDQW HO TXDO OD SHUVRQD OLFLWDGRUD HVWDUj REOLJDGD D PDQWHQLUODVHXDRIHUWD7UHVPHVRV I$GPLVVLyGHYDULDQWV1R $EHUWXUDG¶RIHUWHV D (QWLWDW 8QLYHUVLWDW 3ROLWqFQLFD GH9DOqQFLD 6DOD GH 5HXQLRQHV 3ODQWD(GLILFLR5HFWRUDGR E$GUHoD&DPtGH9HUDVQ F/RFDOLWDW9DOqQFLD G'DWD$FDEDGDODTXDOLILFDFLyGHOVGRFXPHQWVLQFORVRVDOVREUH % OD PHVD GH FRQWUDFWDFLy DFRUGDUj OD GDWD G¶REHUWXUD GH SOLTXHV OD TXDOV¶H[SRVDUjDOWDXOHUG¶DQXQFLVLHVFRPXQLFDUjSHUID[DOVOLFLWD GRUV H+RUD $OWUHVLQIRUPDFLRQV 1RSURFHGHL[ 'HVSHVHVG¶DQXQFLV /¶LPSRUWG¶DTXHVWDQXQFLDQLUjDFjUUHFGHOVDGMXGLFDWDULV 'DWDG¶HQYLDPHQWGHO¶DQXQFLDO'LDUL2ILFLDOGHOD8QLy(XUR SHD 1RSURFHGHL[ 9DOHQFLDGHPDLJGH(OUHFWRU-XDQ-XOLi,JXDO 20346 H3OD]RGXUDQWHHOFXDOHOOLFLWDGRUHVWDUiREOLJDGRDPDQWHQHUVX RIHUWD7UHVPHVHV I$GPLVLyQGHYDULDQWHV1R $SHUWXUDGHRIHUWDV D(QWLGDG8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLD6DODGH5HXQLRQHV 3ODQWD(GLILFLR5HFWRUDGR E'RPLFLOLR&DPLQRGH9HUDVQ F/RFDOLGDG9DOHQFLD G )HFKD )LQDOL]DGD OD FDOLILFDFLyQ GH ORV GRFXPHQWRV LQFOXLGRV HQHOVREUH%ODPHVDGHFRQWUDWDFLyQDFRUGDUiODIHFKDGHDSHUWXUDGH SOLFDVTXHVHH[SRQGUiHQHOWDEOyQGHDQXQFLRV\VHFRPXQLFDUiSRU ID[DORVOLFLWDQWHV H+RUD 2WUDVLQIRUPDFLRQHV 1RSURFHGH *DVWRVGHDQXQFLRV /RV JDVWRV GH SXEOLFDFLyQ GHO SUHVHQWH DQXQFLR VHUiQ SRU FXHQWD GHODGMXGLFDWDULR )HFKDGHHQYtRGHODQXQFLRDO'LDULR2ILFLDOGHOD8QLyQ(XURSHD 1RSURFHGH 9DOHQFLDGHPD\RGH(OUHFWRU-XDQ-XOLi,JXDO Núm. 5516 / 21.05.2007 8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLD 20347 8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLD /LFLWDFLy GH O¶H[SHGLHQW 0<,&20$96 $GTXLVLFLy G¶XQDQDOLW]DGRUGHIUDJPHQWVOLFRU>@ /LFLWDFLyQ GHO H[SHGLHQWH 0<,&20$96 $GTXLVL FLyQGHXQDQDOL]DGRUGHIUDJPHQWRVOLFRU>@ (QWLWDWDGMXGLFDGRUD D2UJDQLVPH8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLD E'HSHQGqQFLDTXHWUDPLWDO¶H[SHGLHQW6HUYHLGH&RQWUDFWDFLy F1~PHURG¶H[SHGLHQW0<,&20$96 2EMHFWHGHOFRQWUDFWH D 'HVFULSFLy GH O¶REMHFWH$GTXLVLFLy G¶XQ DQDOLW]DGRU GH IUDJ PHQWVOLFRU E'LYLVLySHUORWVLQRPEUHV 1RPEUH/RW 'HVFULSFLy$GTXLVLFLyG¶XQDQDOLW]DGRUGHIUDJPHQWVOLFRU 3UHVVXSRVW%DVH/LFLWDFLy¼ F/ORFG¶H[HFXFLy /RW8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLD,QVWLWXW8QLYHUVLWDULSHU D OD FRQVHUYDFLy L PLOORUD GH O¶DJURGLYHUVLWDW YDOHQFLDQD &3, (GLILFL (&DPSXVGH9HUD9DOqQFLD G7HUPLQLG¶H[HFXFLyPHVRV 7UDPLWDFLySURFHGLPHQWLIRUPDG¶DGMXGLFDFLy D7UDPLWDFLyRUGLQjULD E3URFHGLPHQWREHUW F)RUPDFRQFXUVS~EOLF 3UHVVXSRVWEDVHGHOLFLWDFLy ,PSRUWWRWDO¼ *DUDQWLHV 3URYLVLRQDO1RV¶H[LJHL[ 2EWHQFLyGHGRFXPHQWVLG¶LQIRUPDFLy D(QWLWDW'LD]RWHFKRUDULKDKLGHKDKGHGLOOXQVD GLYHQGUHV E$GUHoD&RPWHG¶DOWHD F/RFDOLWDWL&RGL3RVWDO9DOqQFLD G7HO H)D[ I'DWDOtPLWSHUDREWHQLUGRFXPHQWVLLQIRUPDFLy)LQVDO¶~OWLP GLDGHSUHVHQWDFLyG¶RIHUWHV 5HTXLVLWVHVSHFtILFVGHOFRQWUDFWLVWD D$FUHGLWDFLy GH OD VROYqQFLD HFRQzPLFD L ILQDQFHUD L WqFQLFD R SURIHVVLRQDOGHFRQIRUPLWDWDPEHOTXDGUHGHFDUDFWHUtVWLTXHVGHOSOHF GH&OjXVXOHV$GPLQLVWUDWLYHV3DUWLFXODUV 3UHVHQWDFLyGHOHVRIHUWHVRGHOHVVROÂOLFLWXGVGHSDUWLFLSDFLy D'DWDOtPLWGHSUHVHQWDFLy(OSHUtRGHSHUDODSUHVHQWDFLyGHSUR SRVLFLRQV VHUj GH GLHV QDWXUDOV FRPSWDGRUV GHV GH O¶HQGHPj GH OD SXEOLFDFLyHQHO'LDUL2ILFLDO*HQHUDOLWDW9DOHQFLDQDG¶DTXHVWDQXQFL (QWLGDGDGMXGLFDGRUD D2UJDQLVPR8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLD E'HSHQGHQFLDTXHWUDPLWDHOH[SHGLHQWH6HUYLFLRGH&RQWUDWDFLyQ F1~PHURGHH[SHGLHQWH0<,&20$96 2EMHWRGHOFRQWUDWR D 'HVFULSFLyQ GHO REMHWR$GTXLVLFLyQ GH XQ DQDOL]DGRU GH IUDJ PHQWRVOLFRU E'LYLVLyQSRUORWHV\Q~PHUR 1~P/RWH 'HVFULSFLyQ$GTXLVLFLyQGHXQDQDOL]DGRUGHIUDJPHQWRVOLFRU 3UHVXSXHVWR%DVH/LFLWDFLyQ¼ F/XJDUGHHMHFXFLyQ /RWH8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLD,QVWLWXWR8QLYHUVLWD ULRSDUDODFRQVHUYDFLyQ\PHMRUDGHODDJURGLYHUVLGDGYDOHQFLDQD&3, (GLILFLR(&DPSXVGH9HUD9DOHQFLD G3OD]RGHHMHFXFLyQPHVHV 7UDPLWDFLyQSURFHGLPLHQWR\IRUPDGHDGMXGLFDFLyQ D7UDPLWDFLyQRUGLQDULD E3URFHGLPLHQWRDELHUWR F)RUPDFRQFXUVRS~EOLFR 3UHVXSXHVWREDVHGHOLFLWDFLyQ ,PSRUWHWRWDO¼ *DUDQWtDV 3URYLVLRQDO1RVHH[LJH 2EWHQFLyQGHGRFXPHQWDFLyQHLQIRUPDFLyQ D(QWLGDG'LD]RWHFKRUDULRKDK\GHKDKGHOXQHV DYLHUQHV E'RPLFLOLR&RQGH$OWHD F/RFDOLGDG\FyGLJRSRVWDO9DOHQFLD G7HO H)D[ I)HFKDOtPLWHGHREWHQFLyQGHGRFXPHQWRVHLQIRUPDFLyQ+DVWD HO~OWLPRGtDGHSUHVHQWDFLyQGHRIHUWDV 5HTXLVLWRVHVSHFtILFRVGHOFRQWUDWLVWD D$FUHGLWDFLyQGHODVROYHQFLDHFRQyPLFD\ILQDQFLHUD\WpFQLFDR SURIHVLRQDOGHFRQIRUPLGDGFRQHO&XDGURGH&DUDFWHUtVWLFDVGHOSOLH JRGHFOiXVXODVDGPLQLVWUDWLYDVSDUWLFXODUHV 3UHVHQWDFLyQGHODVRIHUWDVRGHODVVROLFLWXGHVGHSDUWLFLSDFLyQ D)HFKDOtPLWHGHSUHVHQWDFLyQ(OSHULRGRSDUDODSUHVHQWDFLyQGH SURSRVLFLRQHVVHUiGHGtDVQDWXUDOHVDFRQWDUGHVGHHOGtDVLJXLHQWH D OD SXEOLFDFLyQ GH HVWH DQXQFLR HQ HO 'LDUL 2ILFLDO GH OD &RPXQLWDW 9DOHQFLDQD 6L HO ~OWLPR GtD GH SOD]R FRLQFLGLHUD HQ ViEDGR R GtD LQKiELO VH HQWHQGHUiTXHHVWHSOD]RH[SLUDHOLQPHGLDWRGtDKiELOSRVWHULRU E'RFXPHQWDFLyQDSUHVHQWDUVHSUHVHQWDUiQHQWUHVVREUHVVHSD UDGRV$%\&ORVGRFXPHQWRVVLJXLHQWHV 6REUHµ$¶2IHUWD 6REUHµ%¶&DSDFLGDGSDUDFRQWUDWDU 6REUHµ&¶'RFXPHQWDFLyQWpFQLFD 7RGRHOORHQODIRUPDGHWHUPLQDGDHQHOSOLHJRGHFOiXVXODVDGPL QLVWUDWLYDVSDUWLFXODUHV F /DV JHVWLRQHV UHODWLYDV D OD FDSDFLGDG SDUD FRQWUDWDU GH ODV HPSUHVDV TXH HVWpQ LQWHUHVDGDV HQ SDUWLFLSDU HQ OD FRQWUDWDFLyQ VH UHDOL]DUiQ HQ ODV XQLGDGHV FRUUHVSRQGLHQWHV GH OD 8QLYHUVLGDG 3ROL WpFQLFDGH9DOHQFLDKDVWDODVKRUDVDQWHULRUHVDODILQDOL]DFLyQGHO SOD]RGHSUHVHQWDFLyQGHSURSRVLFLRQHV G/XJDUGHSUHVHQWDFLyQ (QWLGDG 5HJLVWUR *HQHUDO GH OD 8QLYHUVLGDG 3ROLWpFQLFD GH 9DOHQFLD 'RPLFLOLR&DPLQRGH9HUDVQ /RFDOLGDG\&yGLJR3RVWDO9DOHQFLD 2HQFXDOTXLHURWUROXJDUGHSUHVHQWDFLyQSUHYLVWRHQHODUWGH OD/H\GHGHQRYLHPEUHGH5pJLPHQ-XUtGLFRGHODV$GPL QLVWUDFLRQHV3~EOLFDV\GHO3URFHGLPLHQWR$GPLQLVWUDWLYR&RP~Q 6LO¶~OWLPGLDGHWHUPLQLFRLQFLGLUDHQGLVVDEWHRGLDLQKjELOV¶HQ WHQGUjTXHHVWHWHUPLQLH[SLUDO¶LPPHGLDWGLDKjELOSRVWHULRU E 'RFXPHQWDFLy TXH FDO SUHVHQWDU HV SUHVHQWDUDQ HQ WUHV VREUHV VHSDUDWV$%L&HOVGRFXPHQWVVHJHQWV 6REUHµ$¶2IHUWD 6REUHµ%¶&DSDFLWDWSHUDFRQWUDFWDU 6REUHµ&¶'RFXPHQWDFLyWqFQLFD 7RWDL[zHQODIRUPDGHWHUPLQDGDHQHOSOHFGHFOjXVXOHVDGPLQLV WUDWLYHVSDUWLFXODUV F /HV JHVWLRQV UHIHUHQWV D OD FDSDFLWDW SHU D FRQWUDFWDU GH OHV HPSUHVHVLQWHUHVVDGHVHQSDUWLFLSDUKLDODFRQWUDFWDFLyHVIDUDQDOHV XQLWDWVFRUUHVSRQHQWVGH8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLDILQVDOHV KRUHVDQWHULRUVDODILGHOWHUPLQLGHSUHVHQWDFLyGHSURSRVLFLRQV G/ORFGHSUHVHQWDFLy U± (QWLWDW 5HJLVWUH *HQHUDO GH OD 8QLYHUVLWDW 3ROLWqFQLFD GH 9DOqQFLD Q±$GUHoD&DPtGH9HUDVQ U±/RFDOLWDWL&RGL3RVWDO9DOqQFLD 2 HQ TXDOVHYRO DOWUH OORF GH SUHVHQWDFLy G¶DFRUG DPE O¶DUWLFOH GHOD/OHLGHGHQRYHPEUHGH5qJLP-XUtGLFGHOHV$GPL QLVWUDFLRQV3~EOLTXHVLGHO3URFHGLPHQW$GPLQLVWUDWLX&RP~ Núm. 5516 / 21.05.2007 H 7HUPLQL GXUDQW HO TXDO OD SHUVRQD OLFLWDGRUD HVWDUj REOLJDGD D PDQWHQLUODVHXDRIHUWD7UHVPHVRV I$GPLVVLyGHYDULDQWV1R $EHUWXUDG¶RIHUWHV D(QWLWDW8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLD6DODGH5HXQLRQV 3ODQWD(GLILFL5HFWRUDW E$GUHoD&DPtGH9HUDVQ F/RFDOLWDW9DOqQFLD G'DWD$FDEDGDODTXDOLILFDFLyGHOVGRFXPHQWVLQFORVRVDOVREUH % OD PHVD GH FRQWUDFWDFLy DFRUGDUj OD GDWD G¶REHUWXUD GH SOLTXHV OD TXDOV¶H[SRVDUjDOWDXOHUG¶DQXQFLVLHVFRPXQLFDUjSHUID[DOVOLFLWD GRUV H+RUD $OWUHVLQIRUPDFLRQV 1RSURFHGHL[ 'HVSHVHVG¶DQXQFLV /¶LPSRUWG¶DTXHVWDQXQFLDQLUjDFjUUHFGHOVDGMXGLFDWDULV 'DWDG¶HQYLDPHQWGHO¶DQXQFLDO'LDUL2ILFLDOGHOD8QLy(XUR SHD 1RSURFHGHL[ 9DOHQFLDG¶DEULOGH(OUHFWRU-XDQ-XOLi,JXDO 20348 H3OD]RGXUDQWHHOFXDOHOOLFLWDGRUHVWDUiREOLJDGRDPDQWHQHUVX RIHUWD7UHVPHVHV I$GPLVLyQGHYDULDQWHV1R $SHUWXUDGHRIHUWDV D(QWLGDG8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLD6DODGH5HXQLRQHV 3ODQWD(GLILFLR5HFWRUDGR E'RPLFLOLR&DPLQRGH9HUDVQ F/RFDOLGDG9DOHQFLD G )HFKD )LQDOL]DGD OD FDOLILFDFLyQ GH ORV GRFXPHQWRV LQFOXLGRV HQHOVREUH%ODPHVDGHFRQWUDWDFLyQDFRUGDUiODIHFKDGHDSHUWXUDGH SOLFDVTXHVHH[SRQGUiHQHOWDEOyQGHDQXQFLRV\VHFRPXQLFDUiSRU ID[DORVOLFLWDQWHV H+RUD 2WUDVLQIRUPDFLRQHV 1RSURFHGH *DVWRVGHDQXQFLRV /RV JDVWRV GH SXEOLFDFLyQ GHO SUHVHQWH DQXQFLR VHUiQ SRU FXHQWD GHODGMXGLFDWDULR )HFKDGHHQYtRGHODQXQFLRDO'LDULR2ILFLDOGHOD8QLyQ(XURSHD 1RSURFHGH 9DOHQFLDGHDEULOGH(OUHFWRU-XDQ-XOLi,JXDO Núm. 5516 / 21.05.2007 8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLD /LFLWDFLy Q~PHUR 0<6 6XEPLQLVWUDPHQW L LQVWDOÂODFLyGHVHUYLGRUVGHILW[HUV>@ (QWLWDWDGMXGLFDGRUD D2UJDQLVPH8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLD E'HSHQGqQFLDTXHWUDPLWDO¶H[SHGLHQW6HUYLFLGH&RQWUDFWDFLy F1~PHURG¶H[SHGLHQW0<6 2EMHFWHGHOFRQWUDFWH D'HVFULSFLyGHO¶REMHFWHVXEPLQLVWUDPHQWLLQVWDOÂODFLyGHVHUYL GRUVGHILW[HUV E'LYLVLySHUORWVLQ~PHUR 1~PORW 'HVFULSFLyVXEPLQLVWUDPHQWLLQVWDOÂODFLyGHVHUYLGRUVGHILW[HUV 3UHVVXSRVWEDVHOLFLWDFLy¼ F/ORFG¶H[HFXFLy /RW 8QLYHUVLWDW 3ROLWqFQLFD GH 9DOqQFLD (VFROD 7qFQLFD 6XSH ULRU G¶,QIRUPjWLFD $SOLFDGD /DERUDWRUL G¶$UTXLWHFWXUHV 3DUDOÂOHOHV &DPSXVGH9HUD9DOqQFLD G7HUPLQLG¶H[HFXFLyVHWPDQHVSHUDO¶HQWUHJDGHOVXEPLQLVWUD PHQWLVHWPDQHVSHUDODLQVWDOÂODFLyGHO¶HTXLSDPHQW 7UDPLWDFLySURFHGLPHQWLIRUPDG¶DGMXGLFDFLy D7UDPLWDFLyRUGLQjULD E3URFHGLPHQWREHUW F)RUPDFRQFXUVS~EOLF 3UHVVXSRVWEDVHGHOLFLWDFLy ,PSRUWWRWDO¼ *DUDQWLHV 3URYLVLRQDOQRV¶H[LJL[ 2EWHQFLyGHGRFXPHQWDFLyLLQIRUPDFLy DHQWLWDW'LD]RWHFKRUDULDKRUHVLGHD KRUHVGHGLOOXQVDGLYHQGUHV E'RPLFLOLFRPWH$OWHD F/RFDOLWDWLFRGLSRVWDO9DOqQFLD G7HO H)D[ I'DWDOtPLWG¶REWHQFLyGHGRFXPHQWVLLQIRUPDFLyILQVDO¶~OWLP GLDGHSUHVHQWDFLyG¶RIHUWHV 5HTXLVLWVHVSHFtILFVGHOFRQWUDFWLVWD D$FUHGLWDFLy GH OD VROYqQFLD HFRQzPLFD L ILQDQFHUD L WqFQLFD R SURIHVVLRQDOGHFRQIRUPLWDWDPEHOTXDGURGHFDUDFWHUtVWLTXHVGHOSOHF GHFOjXVXOHVDGPLQLVWUDWLYHVSDUWLFXODUV 3UHVHQWDFLyGHOHVRIHUWHVRGHOHVVROÂOLFLWXGVGHSDUWLFLSDFLy D'DWDOtPLWGHSUHVHQWDFLyHOSHUtRGHSHUDODSUHVHQWDFLyGHSUR SRVLFLRQVVHUjGHGLHVQDWXUDOVDFRPSWDUGHO¶HQGHPjDODSXEOLFD FLyG¶HVWHDQXQFLHQHO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQD 6LO¶~OWLPGLDGHWHUPLQLFRLQFLGLUDHQGLVVDEWHRGLDLQKjELOV¶HQ WHQGUjTXHHVWHWHUPLQLH[SLUDO¶LPPHGLDWGLDKjELOSRVWHULRU E 'RFXPHQWDFLy D SUHVHQWDU HV SUHVHQWDUDQ HQ WUHV VREUHV VHSD UDWV$%L&HOVGRFXPHQWVVHJHQWV 6REUH$RIHUWD 6REUH%FDSDFLWDWSHUDFRQWUDFWDU 6REUH&GRFXPHQWDFLyWqFQLFD 7RWDL[zHQODIRUPDGHWHUPLQDGDHQHOSOHFGHFOjXVXOHVDGPLQLV WUDWLYHVSDUWLFXODUV F /HV JHVWLRQV UHODWLYHV D OD FDSDFLWDW SHU D FRQWUDFWDU GH OHV HPSUHVHVTXHHVWLJXHQLQWHUHVVDGHVDSDUWLFLSDUHQODFRQWUDFWDFLyHV UHDOLW]DUDQ HQ OHV XQLWDWV FRUUHVSRQHQWV GH OD 8QLYHUVLWDW 3ROLWqFQLFD GH9DOqQFLDILQVDOHVKRUHVDQWHULRUVDODILQDOLW]DFLyGHOWHUPLQLGH SUHVHQWDFLyGHSURSRVLFLRQV G/ORFGHSUHVHQWDFLy UHQWLWDW5HJLVWUH*HQHUDOGHOD8QLYHUVLWDW3ROLWqFQLFDGH9DOqQ FLD Q'RPLFLOL&DPtGH9HUDVQ /RFDOLWDWLFRGLSRVWDO9DOqQFLD 20349 8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLD /LFLWDFLyQQ~PHUR0<66XPLQLVWURHLQVWDOD FLyQGHVHUYLGRUHVGHILFKHURV>@ (QWLGDGDGMXGLFDGRUD D2UJDQLVPR8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLD E 'HSHQGHQFLD TXH WUDPLWD HO H[SHGLHQWH 6HUYLFLR GH &RQWUDWD FLyQ F1~PHURGHH[SHGLHQWH0<6 2EMHWRGHOFRQWUDWR D 'HVFULSFLyQ GHO REMHWR VXPLQLVWUR H LQVWDODFLyQ GH VHUYLGRUHV GHILFKHURV E'LYLVLyQSRUORWHV\Q~PHUR 1~PORWH 'HVFULSFLyQVXPLQLVWURHLQVWDODFLyQGHVHUYLGRUHVGHILFKHURV 3UHVXSXHVWR%DVH/LFLWDFLyQ¼ F/XJDUGHHMHFXFLyQ /RWH 8QLYHUVLGDG 3ROLWpFQLFD GH 9DOHQFLD (VFXHOD 7pFQLFD 6XSHULRUGH,QIRUPiWLFD$SOLFDGD/DERUDWRULRGH$UTXLWHFWXUDV3DUD OHODV&DPSXVGH9HUD9DOHQFLD G3OD]RGHHMHFXFLyQVHPDQDVSDUDODHQWUHJDGHOVXPLQLVWUR\ VHPDQDVSDUDODLQVWDODFLyQGHOHTXLSDPLHQWR 7UDPLWDFLyQSURFHGLPLHQWR\IRUPDGHDGMXGLFDFLyQ D7UDPLWDFLyQRUGLQDULD E3URFHGLPLHQWRDELHUWR F)RUPDFRQFXUVRS~EOLFR 3UHVXSXHVWREDVHGHOLFLWDFLyQ ,PSRUWHWRWDO¼ *DUDQWtDV 3URYLVLRQDOQRVHH[LJH 2EWHQFLyQGHGRFXPHQWDFLyQHLQIRUPDFLyQ D (QWLGDG 'LD]RWHF KRUDULR D KRUDV \ GH D KRUDVGHOXQHVDYLHUQHV E'RPLFLOLR&RQGH$OWHD F/RFDOLGDG\FyGLJRSRVWDO9DOHQFLD G7HO H)D[ I)HFKDOtPLWHGHREWHQFLyQGHGRFXPHQWRVHLQIRUPDFLyQKDVWD HO~OWLPRGtDGHSUHVHQWDFLyQGHRIHUWDV 5HTXLVLWRVHVSHFtILFRVGHOFRQWUDWLVWD D$FUHGLWDFLyQGHODVROYHQFLDHFRQyPLFD\ILQDQFLHUD\WpFQLFDR SURIHVLRQDOGHFRQIRUPLGDGFRQHOFXDGURGHFDUDFWHUtVWLFDVGHOSOLHJR GHFOiXVXODVDGPLQLVWUDWLYDVSDUWLFXODUHV 3UHVHQWDFLyQGHODVRIHUWDVRGHODVVROLFLWXGHVGHSDUWLFLSDFLyQ D)HFKDOtPLWHGHSUHVHQWDFLyQHOSHULRGRSDUDODSUHVHQWDFLyQGH SURSRVLFLRQHVVHUiGHGtDVQDWXUDOHVDFRQWDUGHVGHHOGtDVLJXLHQWH D OD SXEOLFDFLyQ GH HVWH DQXQFLR HQ HO 'LDUL 2ILFLDO GH OD &RPXQLWDW 9DOHQFLDQD 6L HO ~OWLPR GtD GH SOD]R FRLQFLGLHUD HQ ViEDGR R GtD LQKiELO VH HQWHQGHUiTXHHVWHSOD]RH[SLUDHOLQPHGLDWRGtDKiELOSRVWHULRU E'RFXPHQWDFLyQDSUHVHQWDUVHSUHVHQWDUiQHQWUHVVREUHVVHSD UDGRV$%\&ORVGRFXPHQWRVVLJXLHQWHV 6REUH$RIHUWD 6REUH%FDSDFLGDGSDUDFRQWUDWDU 6REUH&GRFXPHQWDFLyQWpFQLFD 7RGRHOORHQODIRUPDGHWHUPLQDGDHQHOSOLHJRGHFOiXVXODVDGPL QLVWUDWLYDVSDUWLFXODUHV F /DV JHVWLRQHV UHODWLYDV D OD FDSDFLGDG SDUD FRQWUDWDU GH ODV HPSUHVDV TXH HVWpQ LQWHUHVDGDV HQ SDUWLFLSDU HQ OD FRQWUDWDFLyQ VH UHDOL]DUiQ HQ ODV XQLGDGHV FRUUHVSRQGLHQWHV GH OD 8QLYHUVLGDG 3ROL WpFQLFDGH9DOHQFLDKDVWDODVKRUDVDQWHULRUHVDODILQDOL]DFLyQGHO SOD]RGHSUHVHQWDFLyQGHSURSRVLFLRQHV G/XJDUGHSUHVHQWDFLyQ (QWLGDG 5HJLVWUR *HQHUDO GH OD 8QLYHUVLGDG 3ROLWpFQLFD GH 9DOHQFLD 'RPLFLOLR&DPLQRGH9HUDVQ /RFDOLGDG\FyGLJRSRVWDO9DOHQFLD Núm. 5516 / 21.05.2007 2 HQ TXDOVHYRO DOWUH OORF GH SUHVHQWDFLy SUHYLVW HQ O¶DUW GH OD /OHLGHGHQRYHPEUHGH5qJLP-XUtGLFGHOHV$GPLQLVWUD FLRQV3~EOLTXHVLGHO3URFHGLPHQW$GPLQLVWUDWLX&RP~ H7HUPLQLGXUDQWHOTXDOHOOLFLWDGRUHVWDUjREOLJDWDPDQWLQGUHOD VHXDRIHUWDWUHVPHVRV I$GPLVVLyGHYDULDQWVQR 2EHUWXUDG¶RIHUWHV D(QWLWDW8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLD6DODGH5HXQLRQV 3ODQWD(GLILFL5HFWRUDW E'RPLFLOL&DPtGH9HUDVQ F/RFDOLWDW9DOqQFLD G 'DWD ILQDOLW]DGD OD TXDOLILFDFLy GHOV GRFXPHQWV LQFORVRV HQ HO VREUH % OD PHVD GH FRQWUDFWDFLy DFRUGDUj OD GDWD G¶REHUWXUD GH SOL TXHVTXHV¶H[SRVDUjHQHOWDXOHUG¶DQXQFLVLHVFRPXQLFDUjSHUID[DOV OLFLWDGRUV H+RUD $OWUHVLQIRUPDFLRQV 1RSHUWRFD 'HVSHVHVG¶DQXQFLV /HVGHVSHVHVGHSXEOLFDFLyGHOSUHVHQWDQXQFLVHUDQSHUFRPSWHGH O¶DGMXGLFDWDUL 'DWDG¶HQYLDPHQWGHO¶DQXQFLDO'LDUL2ILFLDOGHOD8QLy(XUR SHD 1RSHUWRFD 9DOqQFLDG¶DEULOGH±(OUHFWRU-XDQ-XOLi,JXDO 20350 2 HQ FXDOTXLHU RWUR OXJDU GH SUHVHQWDFLyQ SUHYLVWR HQ HO DUW GH OD /H\ GH GH QRYLHPEUH GH 5pJLPHQ -XUtGLFR GH ODV $GPLQLVWUDFLRQHV 3~EOLFDV \ GHO 3URFHGLPLHQWR $GPLQLVWUDWLYR &RP~Q H3OD]RGXUDQWHHOFXDOHOOLFLWDGRUHVWDUiREOLJDGRDPDQWHQHUVX RIHUWDWUHVPHVHV I$GPLVLyQGHYDULDQWHVQR $SHUWXUDGHRIHUWDV D(QWLGDG8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLD6DODGH5HXQLR QHV3ODQWD(GLILFLR5HFWRUDGR E'RPLFLOLR&DPLQRGH9HUDVQ F/RFDOLGDG9DOHQFLD G)HFKDILQDOL]DGDODFDOLILFDFLyQGHORVGRFXPHQWRVLQFOXLGRVHQ HO VREUH % OD PHVD GH FRQWUDWDFLyQ DFRUGDUi OD IHFKD GH DSHUWXUD GH SOLFDVTXHVHH[SRQGUiHQHOWDEOyQGHDQXQFLRV\VHFRPXQLFDUiSRU ID[DORVOLFLWDQWHV H+RUD 2WUDVLQIRUPDFLRQHV 1RSURFHGH *DVWRVGHDQXQFLRV /RV JDVWRV GH SXEOLFDFLyQ GHO SUHVHQWH DQXQFLR VHUiQ SRU FXHQWD GHODGMXGLFDWDULR )HFKDGHHQYtRGHODQXQFLRDO'LDULR2ILFLDOGHOD8QLyQ(XUR SHD 1RSURFHGH 9DOHQFLDGHDEULOGH±(OUHFWRU-XDQ-XOLi,JXDO Núm. 5516 / 21.05.2007 8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLD /LFLWDFLy GH O¶H[SHGLHQW 0<,&20$96 $GTXLVLFLy G¶XQOLRILOL]DGRU>@ (QWLWDWDGMXGLFDGRUD D2UJDQLVPH8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLD E'HSHQGqQFLDTXHWUDPLWDO¶H[SHGLHQW6HUYHLGH&RQWUDFWDFLy F1~PHURG¶H[SHGLHQW0<,&20$96 2EMHFWHGHOFRQWUDFWH D'HVFULSFLyGHO¶REMHFWH$GTXLVLFLyG¶XQOLRILOL]DGRU E'LYLVLySHUORWVLQRPEUHV 1RPEUH/RW 'HVFULSFLy$GTXLVLFLyG¶XQOLRILOL]DGRU 3UHVVXSRVW%DVH/LFLWDFLy¼ F/ORFG¶H[HFXFLy /RW 8QLYHUVLWDW 3ROLWqFQLFD GH 9DOqQFLD &DPSXV GH 9HUD 9DOqQFLD G7HUPLQLG¶H[HFXFLyPHV 7UDPLWDFLySURFHGLPHQWLIRUPDG¶DGMXGLFDFLy D7UDPLWDFLyRUGLQjULD E3URFHGLPHQWREHUW F)RUPDFRQFXUVS~EOLF 3UHVVXSRVWEDVHGHOLFLWDFLy ,PSRUWWRWDO¼ *DUDQWLHV 3URYLVLRQDO1RV¶H[LJHL[ 2EWHQFLyGHGRFXPHQWVLG¶LQIRUPDFLy D(QWLWDW'LD]RWHFKRUDULKDKLGHKDKGHGLOOXQVD GLYHQGUHV E$GUHoD&RPWHG¶DOWHD F/RFDOLWDWL&RGL3RVWDO9DOqQFLD G7HO H)D[ I'DWDOtPLWSHUDREWHQLUGRFXPHQWVLLQIRUPDFLy)LQVDO¶~OWLP GLDGHSUHVHQWDFLyG¶RIHUWHV 5HTXLVLWVHVSHFtILFVGHOFRQWUDFWLVWD D$FUHGLWDFLy GH OD VROYqQFLD HFRQzPLFD L ILQDQFHUD L WqFQLFD R SURIHVVLRQDOGHFRQIRUPLWDWDPEHOTXDGUHGHFDUDFWHUtVWLTXHVGHOSOHF GH&OjXVXOHV$GPLQLVWUDWLYHV3DUWLFXODUV 3UHVHQWDFLyGHOHVRIHUWHVRGHOHVVROÂOLFLWXGVGHSDUWLFLSDFLy D'DWDOtPLWGHSUHVHQWDFLy(OSHUtRGHSHUDODSUHVHQWDFLyGHSUR SRVLFLRQV VHUj GH GLHV QDWXUDOV FRPSWDGRUV GHV GH O¶HQGHPj GH OD SXEOLFDFLyHQHO'LDUL2ILFLDO*HQHUDOLWDW9DOHQFLDQDG¶DTXHVWDQXQFL 6LO¶~OWLPGLDGHWHUPLQLFRLQFLGLUDHQGLVVDEWHRGLDLQKjELOV¶HQ WHQGUjTXHHVWHWHUPLQLH[SLUDO¶LPPHGLDWGLDKjELOSRVWHULRU E 'RFXPHQWDFLy TXH FDO SUHVHQWDU HV SUHVHQWDUDQ HQ WUHV VREUHV VHSDUDWV$%L&HOVGRFXPHQWVVHJHQWV 6REUHµ$¶2IHUWD 6REUHµ%¶&DSDFLWDWSHUDFRQWUDFWDU 6REUHµ&¶'RFXPHQWDFLyWqFQLFD 7RWDL[zHQODIRUPDGHWHUPLQDGDHQHOSOHFGHFOjXVXOHVDGPLQLV WUDWLYHVSDUWLFXODUV F /HV JHVWLRQV UHIHUHQWV D OD FDSDFLWDW SHU D FRQWUDFWDU GH OHV HPSUHVHVLQWHUHVVDGHVHQSDUWLFLSDUKLDODFRQWUDFWDFLyHVIDUDQDOHV XQLWDWVFRUUHVSRQHQWVGH8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLDILQVDOHV KRUHVDQWHULRUVDODILGHOWHUPLQLGHSUHVHQWDFLyGHSURSRVLFLRQV G/ORFGHSUHVHQWDFLy U(QWLWDW5HJLVWUH*HQHUDOGHOD8QLYHUVLWDW3ROLWqFQLFDGH9DOqQ FLD Q$GUHoD&DPtGH9HUDVQ U/RFDOLWDWL&RGL3RVWDO9DOqQFLD 2 HQ TXDOVHYRO DOWUH OORF GH SUHVHQWDFLy G¶DFRUG DPE O¶DUWLFOH GHOD/OHLGHGHQRYHPEUHGH5qJLP-XUtGLFGHOHV$GPL QLVWUDFLRQV3~EOLTXHVLGHO3URFHGLPHQW$GPLQLVWUDWLX&RP~ 20351 8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLD /LFLWDFLyQ GHO H[SHGLHQWH 0<,&20$96 $GTXLVL FLyQGHXQOLRILOL]DGRU>@ (QWLGDGDGMXGLFDGRUD D2UJDQLVPR8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLD E 'HSHQGHQFLD TXH WUDPLWD HO H[SHGLHQWH 6HUYLFLR GH &RQWUDWD FLyQ F1~PHURGHH[SHGLHQWH0<,&20$96 2EMHWRGHOFRQWUDWR D'HVFULSFLyQGHOREMHWR$GTXLVLFLyQGHXQOLRILOL]DGRU E'LYLVLyQSRUORWHV\Q~PHUR 1~P/RWH 'HVFULSFLyQ$GTXLVLFLyQGHXQOLRILOL]DGRU 3UHVXSXHVWR%DVH/LFLWDFLyQ¼ F/XJDUGHHMHFXFLyQ /RWH 8QLYHUVLGDG 3ROLWpFQLFD GH 9DOHQFLD &DPSXV GH 9HUD 9DOHQFLD G3OD]RGHHMHFXFLyQPHV 7UDPLWDFLyQSURFHGLPLHQWR\IRUPDGHDGMXGLFDFLyQ D7UDPLWDFLyQRUGLQDULD E3URFHGLPLHQWRDELHUWR F)RUPDFRQFXUVRS~EOLFR 3UHVXSXHVWREDVHGHOLFLWDFLyQ ,PSRUWHWRWDO¼ *DUDQWtDV 3URYLVLRQDO1RVHH[LJH 2EWHQFLyQGHGRFXPHQWDFLyQHLQIRUPDFLyQ D(QWLGDG'LD]RWHFKRUDULRKDK\GHKDKGHOXQHV DYLHUQHV E'RPLFLOLR&RQGH$OWHD F/RFDOLGDG\FyGLJRSRVWDO9DOHQFLD G7HO H)D[ I)HFKDOtPLWHGHREWHQFLyQGHGRFXPHQWRVHLQIRUPDFLyQ+DVWD HO~OWLPRGtDGHSUHVHQWDFLyQGHRIHUWDV 5HTXLVLWRVHVSHFtILFRVGHOFRQWUDWLVWD D$FUHGLWDFLyQGHODVROYHQFLDHFRQyPLFD\ILQDQFLHUD\WpFQLFDR SURIHVLRQDOGHFRQIRUPLGDGFRQHO&XDGURGH&DUDFWHUtVWLFDVGHOSOLH JRGHFOiXVXODVDGPLQLVWUDWLYDVSDUWLFXODUHV 3UHVHQWDFLyQGHODVRIHUWDVRGHODVVROLFLWXGHVGHSDUWLFLSDFLyQ D)HFKDOtPLWHGHSUHVHQWDFLyQ(OSHULRGRSDUDODSUHVHQWDFLyQGH SURSRVLFLRQHVVHUiGHGtDVQDWXUDOHVDFRQWDUGHVGHHOGtDVLJXLHQWH D OD SXEOLFDFLyQ GH HVWH DQXQFLR HQ HO 'LDUL 2ILFLDO GH OD &RPXQLWDW 9DOHQFLDQD 6L HO ~OWLPR GtD GH SOD]R FRLQFLGLHUD HQ ViEDGR R GtD LQKiELO VH HQWHQGHUiTXHHVWHSOD]RH[SLUDHOLQPHGLDWRGtDKiELOSRVWHULRU E'RFXPHQWDFLyQDSUHVHQWDUVHSUHVHQWDUiQHQWUHVVREUHVVHSD UDGRV$%\&ORVGRFXPHQWRVVLJXLHQWHV 6REUHµ$¶2IHUWD 6REUHµ%¶&DSDFLGDGSDUDFRQWUDWDU 6REUHµ&¶'RFXPHQWDFLyQWpFQLFD 7RGRHOORHQODIRUPDGHWHUPLQDGDHQHOSOLHJRGHFOiXVXODVDGPL QLVWUDWLYDVSDUWLFXODUHV F /DV JHVWLRQHV UHODWLYDV D OD FDSDFLGDG SDUD FRQWUDWDU GH ODV HPSUHVDV TXH HVWpQ LQWHUHVDGDV HQ SDUWLFLSDU HQ OD FRQWUDWDFLyQ VH UHDOL]DUiQ HQ ODV XQLGDGHV FRUUHVSRQGLHQWHV GH OD 8QLYHUVLGDG 3ROL WpFQLFDGH9DOHQFLDKDVWDODVKRUDVDQWHULRUHVDODILQDOL]DFLyQGHO SOD]RGHSUHVHQWDFLyQGHSURSRVLFLRQHV G/XJDUGHSUHVHQWDFLyQ (QWLGDG 5HJLVWUR *HQHUDO GH OD 8QLYHUVLGDG 3ROLWpFQLFD GH 9DOHQFLD 'RPLFLOLR&DPLQRGH9HUDVQ /RFDOLGDG\&yGLJR3RVWDO9DOHQFLD 2HQFXDOTXLHURWUROXJDUGHSUHVHQWDFLyQSUHYLVWRHQHODUWGH OD/H\GHGHQRYLHPEUHGH5pJLPHQ-XUtGLFRGHODV$GPL QLVWUDFLRQHV3~EOLFDV\GHO3URFHGLPLHQWR$GPLQLVWUDWLYR&RP~Q Núm. 5516 / 21.05.2007 H 7HUPLQL GXUDQW HO TXDO OD SHUVRQD OLFLWDGRUD HVWDUj REOLJDGD D PDQWHQLUODVHXDRIHUWD7UHVPHVRV I$GPLVVLyGHYDULDQWV1R $EHUWXUDG¶RIHUWHV D (QWLWDW 8QLYHUVLWDW 3ROLWqFQLFD GH9DOqQFLD 6DOD GH 5HXQLRQHV 3ODQWD(GLILFL5HFWRUDW E$GUHoD&DPtGH9HUDVQ F/RFDOLWDW9DOqQFLD G'DWD$FDEDGDODTXDOLILFDFLyGHOVGRFXPHQWVLQFORVRVDOVREUH % OD PHVD GH FRQWUDFWDFLy DFRUGDUj OD GDWD G¶REHUWXUD GH SOLTXHV OD TXDOV¶H[SRVDUjDOWDXOHUG¶DQXQFLVLHVFRPXQLFDUjSHUID[DOVOLFLWD GRUV H+RUD $OWUHVLQIRUPDFLRQV 1RSURFHGHL[ 'HVSHVHVG¶DQXQFLV /¶LPSRUWG¶DTXHVWDQXQFLDQLUjDFjUUHFGHOVDGMXGLFDWDULV 'DWDG¶HQYLDPHQWGHO¶DQXQFLDO'LDUL2ILFLDOGHOD8QLy(XUR SHD1RSURFHGHL[ 9DOHQFLDG¶DEULOGH±(OUHFWRU-XDQ-XOLi,JXDO 20352 H3OD]RGXUDQWHHOFXDOHOOLFLWDGRUHVWDUiREOLJDGRDPDQWHQHUVX RIHUWD7UHVPHVHV I$GPLVLyQGHYDULDQWHV1R $SHUWXUDGHRIHUWDV D(QWLGDG8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLD6DODGH5HXQLRQHV 3ODQWD(GLILFLR5HFWRUDGR E'RPLFLOLR&DPLQRGH9HUDVQ F/RFDOLGDG9DOHQFLD G )HFKD )LQDOL]DGD OD FDOLILFDFLyQ GH ORV GRFXPHQWRV LQFOXLGRV HQHOVREUH%ODPHVDGHFRQWUDWDFLyQDFRUGDUiODIHFKDGHDSHUWXUDGH SOLFDVTXHVHH[SRQGUiHQHOWDEOyQGHDQXQFLRV\VHFRPXQLFDUiSRU ID[DORVOLFLWDQWHV H+RUD 2WUDVLQIRUPDFLRQHV 1RSURFHGH *DVWRVGHDQXQFLRV /RV JDVWRV GH SXEOLFDFLyQ GHO SUHVHQWH DQXQFLR VHUiQ SRU FXHQWD GHODGMXGLFDWDULR )HFKDGHHQYtRGHODQXQFLRDO'LDULR2ILFLDOGHOD8QLyQ(XUR SHD1RSURFHGH 9DOHQFLDGHDEULOGH±(OUHFWRU-XDQ-XOLi,JXDO Núm. 5516 / 21.05.2007 8QLYHUVLWDW-DXPH, 20353 8QLYHUVLWDW-DXPH, /LFLWDFLy GH O¶H[SHGLHQW $6 6HUYHL GH PDQWHQLPHQW LFRQVHUYDFLyGHOHVSRUWHVDXWRPjWLTXHVGHOD8QLYHUVLWDW -DXPH,GH&DVWHOOy>@ /LFLWDFLyQ GHO H[SHGLHQWH $6 6HUYLFLR GH PDQWHQL PLHQWR \ FRQVHUYDFLyQ GH ODV SXHUWDV DXWRPiWLFDV GH OD 8QLYHUVLWDW-DXPH,GH&DVWHOOy>@ (QWLWDWDGMXGLFDWjULD D2UJDQLVPH8QLYHUVLWDW-DXPH, E'HSHQGqQFLDTXHWUDPLWDO¶H[SHGLHQW6HUYHLGH&RQWUDFWDFLyL $VVXPSWHV*HQHUDOV F1~PHURGHO¶H[SHGLHQW$6 2EMHFWHGHOFRQWUDFWH D'HVFULSFLyGHO¶REMHFWH0DQWHQLPHQWLFRQVHUYDFLyGHOHVSRU WHVDXWRPjWLTXHV E'LYLVLRQVSHUORWVLQRPEUH /RW~QLF F/ORFG¶H[HFXFLy8QLYHVLWDW-DXPH, G'XUDFLyGHOFRQWUDFWH(OWHUPLQLG¶H[HFXFLyGHOSUHVHQWFRQWUDF WHVHUjGHGRVDQ\VGHVGHO¶GHMXQ\GHRGHVGHHOGLDVHJHQW DODILUPDGHOFRQWUDFWHVLIyUDSRVWHULRU1RREVWDQWDL[zHOFRQWUDFWH VHUjSURUURJDWSHUPXWXDFRUGGHOHVSDUWVDPEDQWHODFLyDODILQDOLW]D FLyGHOPDWHL[VHQVHTXHODGXUDFLyGHOFRQWUDFWHLQFORVHVOHVSUzUUR JXHVSXJDH[FHGLUGHTXDWUHDQ\V 7UDPLWDFLySURFHGLPHQWLIRUPDG¶DGMXGLFDFLy D7UDPLWDFLyRUGLQjULD E3URFHGLPHQWREHUW F)RUPDFRQFXUV 3UHVVXSRVWEDVHGHOLFLWDFLy ,PSRUWWRWDOTXDUDQWDFLQFPLOHXURVHXURV *DUDQWLHV 3URYLVLRQDOQRV¶H[LJHL[ 2EWHQFLyGHGRFXPHQWDFLyLLQIRUPDFLy D(QWLWDW8QLYHUVLWDW-DXPH,GH&DVWHOOy E'RPLFLOL(GLILFL5HFWRUDW&DPSXVGHO5LX6HF F/RFDOLWDWLFRGLSRVWDO&DVWHOOyGHOD3ODQD G7HOqIRQ± H7HOHID[ I(PDLOFRQWUDFWDFLR#XMLHV (QWLGDGDGMXGLFDGRUD D2UJDQLVPR8QLYHUVLGDG-DXPH, E 'HSHQGHQFLD TXH WUDPLWD HO H[SHGLHQWH 6HUYLFLR GH &RQWUDWD FLyQ\$VXQWRV*HQHUDOHV F1~PHURGHH[SHGLHQWH$6 2EMHWRGHOFRQWUDWR D 'HVFULSFLyQ GHO REMHWR 0DQWHQLPLHQWR \ FRQVHUYDFLyQ GH ODV SXHUWDVDXWRPDWLFDV E'LYLVLyQSRUORWHV\Q~PHURV /RWH~QLFR F/XJDUGHHMHFXFLyQ8QLYHVLWDW-DXPH, G'XUDFLyQGHOFRQWUDWR(OSOD]RGHHMHFXFLyQGHOSUHVHQWHFRQ WUDWRVHUiGHGRVDxRVGHVGHHOGHMXQLRGHRGHVGHHOGtDVLJXL HQWHDODILUPDGHOFRQWUDWRVLIXHVHSRVWHULRU6LQSHUMXLFLRGHHOORHO FRQWUDWR VHUi SURUURJDEOH SRU PXWXR DFXHUGR GH ODV SDUWHV FRQ DQWH ODFLyQ D OD ILQDOL]DFLyQ GHO PLVPR VLQ TXH OD GXUDFLyQ GHO FRQWUDWR LQFOXLGDVODVSUyUURJDVSXHGDH[FHGHUGHFXDWURDxRV 7UDPLWDFLyQSURFHGLPLHQWR\IRUPDGHDGMXGLFDFLyQ D7UDPLWDFLyQRUGLQDULD E3URFHGLPLHQWRDELHUWR F)RUPDFRQFXUVR 3UHVXSXHVWREDVHGHOLFLWDFLyQ ,PSRUWHWRWDOFXDUHQWD\FLQFRPLOHXURVHXURV *DUDQWtDV 3URYLVLRQDOQRVHH[LJH 2EWHQFLyQGHGRFXPHQWDFLyQHLQIRUPDFLyQ D(QWLGDG8QLYHUVLGDG-DXPH,GH&DVWHOOyQ E'RPLFLOLR(GLILFLR5HFWRUDGR&DPSXVGHO5LX6HF F/RFDOLGDG\FyGLJRSRVWDO&DVWHOOyQGHOD3ODQD G7HOpIRQR± H7HOHID[ I(PDLOFRQWUDFWDFLR#XMLHV 5HTXLVLWVHVSHFtILFVGHOFRQWUDFWLVWD D$OWUHV UHTXLVLWV /D VROYqQFLD HFRQzPLFD L WqFQLFD V¶DFUHGLWDUj SHOVPLWMRVTXHILJXUHQDODFOjXVXOD\GHOSOHFGHFOjXVX OHVDGPLQLVWUDWLYHVSDUWLFXODUV 3UHVHQWDFLyGHOHVRIHUWHVRGHOHVVROÂOLFLWXGVGHSDUWLFLSDFLy D7HUPLQLGHSUHVHQWDFLyGLHVQDWXUDOVFRPSWDGRUVGHVGHO¶HQ GHPjGHODSXEOLFDFLyG¶DTXHVWDQXQFLHQHO'LDUL2ILFLDOGHOD&RPX QLWDW9DOHQFLDQD(QHOVXSzVLWTXHO¶~OWLPGLDGHOWHUPLQLFRLQFLGLVFD HQ GLVVDEWH R HQ GLD LQKjELO DTXHVW WHUPLQL ILQDOLW]DUj HO SULPHU GLD KjELOVHJHQW E'RFXPHQWDFLyTXHFDOSUHVHQWDU (Q HO VREUH $ OHV SURSRVLFLRQV HFRQzPLTXHV HQ OD IRUPD TXH GHWHUPLQD OD FOjXVXOD GHO SOHF GH FOjXVXOHV DGPLQLVWUDWLYHV SDUWL FXODUV (QHOVREUH%ODGRFXPHQWDFLyDGPLQLVWUDWLYDJHQHUDOHQODIRUPD TXHGHWHUPLQDODFOjXVXODGHOPDWHL[SOHF (QHOVREUH&ODGRFXPHQWDFLyWqFQLFDHQODIRUPDTXHGHWHUPLQD ODFOjXVXODGHOPDWHL[SOHF F/ORFGHSUHVHQWDFLy ±(QWLWDW8QLYHUVLWDW-DXPH,GH&DVWHOOy ± 'RPLFLOL 5HJLVWUH *HQHUDO (GLILFL 5HFWRUDW &DPSXV GHO 5LX 6HF ±/RFDOLWDWLFRGLSRVWDO&DVWHOOyGHOD3ODQD G7HUPLQLHQHOTXDOHOOLFLWDGRUHVWDUjREOLJDWDPDQWHQLUODVHXD RIHUWDFRQFXUVWUHVPHVRVFRPSWDGRUVGHVGHODGDWDG¶REHUWXUDGHOHV SURSRVLFLRQV H$GPLVVLy GH YDULDQWV FRQFXUV QR V¶DXWRULW]D OD SUHVHQWDFLy GH YDULDQWV 2EHUWXUDG¶RIHUWHV D(QWLWDW8QLYHUVLWDW-DXPH, 5HTXLVLWRVHVSHFLILFRVGHOFRQWUDWLVWD D2WURVUHTXLVLWRV/DVROYHQFLDHFRQyPLFD\WpFQLFDGHEHUiDFUH GLWDUVH SRU ORV PHGLRV TXH ILJXUDQ HQ OD FOiXVXOD \ GHO SOLHJRGHFOiXVXODVDGPLQLVWUDWLYDVSDUWLFXODUHV 3UHVHQWDFLyQGHODVRIHUWDVRGHODVVROLFLWXGHVGHSDUWLFLSDFLyQ D)HFKDOtPLWHGHSUHVHQWDFLyQGtDVQDWXUDOHVDFRQWDUGHVGHHO VLJXLHQWHDOGHODSXEOLFDFLyQGHHVWHDQXQFLRHQHO'LDUL2ILFLDOGHOD &RPXQLWDW9DOHQFLDQD(QHOVXSXHVWRGHTXHHO~OWLPRGtDGHOSOD]R FRLQFLGDHQViEDGRRHQGtDLQKiELOHOPLVPRILQDOL]DUiHOSULPHUGtD KiELOVLJXLHQWH E'RFXPHQWDFLyQDSUHVHQWDU (Q HO VREUH $ ODV SURSRVLFLRQHV HFRQyPLFDV HQ OD IRUPD TXH GHWHUPLQDODFOiXVXODGHOSOLHJRGHFOiXVXODVDGPLQLVWUDWLYDVSDU WLFXODUHV (Q HO VREUH % OD GRFXPHQWDFLyQ DGPLQLVWUDWLYD JHQHUDO HQ OD IRUPDTXHGHWHUPLQDODFOiXVXODGHOPLVPRSOLHJR (QHOVREUH&ODGRFXPHQWDFLyQWpFQLFDHQODIRUPDTXHGHWHUPLQD ODFOiXVXODGHOPLVPRSOLHJR F/XJDUGHSUHVHQWDFLyQ ±(QWLGDG8QLYHUVLGDG-DXPH,GH&DVWHOOyQ ± 'RPLFLOLR 5HJLVWUR *HQHUDO (GLILFLR 5HFWRUDGR &DPSXV GHO 5LX6HF ±/RFDOLGDG\FyGLJRSRVWDO&DVWHOOyQGHOD3ODQD G3OD]RGXUDQWHHOFXDOHOOLFLWDGRUHVWDUiREOLJDGRDPDQWHQHUVX RIHUWDFRQFXUVRWUHVPHVHVDFRQWDUGHVGHODDSHUWXUDGHODVSURSR VLFLRQHV H$GPLVLyQ GH YDULDQWHV FRQFXUVR QR VH DXWRUL]D OD SUHVHQWD FLyQGHYDULDQWHV $SHUWXUDGHRIHUWDV D(QWLGDG8QLYHUVLGDG-DXPH, KWWSZZZX

DOCV sencer - Diari Oficial de la Comunitat Valenciana

Documentos relacionados

Productos

Apoyo

DOCV sencer - Diari Oficial de la Comunitat Valenciana

Documentos relacionados

Añadir este documento a la recogida (s)

Añadir a este documento guardado

Sugiéranos cómo mejorar StudyLib