normas de reparto de los juzgados de primera

Anuncio
'(&$1$72
'(/26-8=*$'26'(&$5$9$&$'(/$&58=
NORMAS DE REPARTO DE LOS JUZGADOS DE PRIMERA
INSTANCIA E INSTRUCCIÓN NUMERO 1,2 Y 3 DEL PARTIDO
JUDICIAL DE CARAVACA DE LA CRUZ.
ORDEN CIVIL
,,3/(,7266HUHSDUWLUiQSRUWXUQRFRUUHODWLYRVHJ~QODIHFKD\KRUDGHVX
SUHVHQWDFLyQHVWDEOHFLpQGRVHXQWXUQRLQGHSHQGLHQWHSDUDFDGDXQRGHORVWLSRVGH
SURFHGLPLHQWRVVLJXLHQWHV
-8,&,2625',1$5,26DUW/(&\GHQWURGHHOORV
&RPSUHQGLGRVHQHODUWDSWDGRVž\ž
&RPSUHQGLGRVHQHODUWDSWDGRVž\žž\ž
&RPSUHQGLGRVHQHODUWDSWDGRVž\ž
5HFODPDFLRQHVGHFDQWLGDG\RWUDVPDWHULDV -8,&,269(5%$/(6$57/(&
&RPSUHQGLGRVHQHODUWDSWDGRž\ž
&RPSUHQGLGRVHQHODUWDSWDGRžž\ž
&RPSUHQGLGRVHQHODUWDSWDGRžž\ž
&RPSUHQGLGRVHQHODUWDSWDGRžž
2WUDVPDWHULDV
-8,&,26(63(&,$/(63URYLVWRVHQHOOLEUR,9GHOD/H\GH(QMXLFLDPLHQWR
&LYLO\GHQWURGHHOORV
'HPDQGDVTXHYHUVHQVREUHODFDSDFLGDGGHODVSHUVRQDV\ORVGHGHFODUDFLyQ
GHSURGLJDOLGDG
/DVGHPDQGDVVREUHUHLQWHJUDFLyQGHODFDSDFLGDG\PRGLILFDFLyQGHODOFDQFHGHOD
LQFDSDFLWDFLyQVHUiQFRPSHWHQFLDGHOyUJDQRTXHKXELHUHFRQRFLGRGHOSURFHGLPLHQWR
GHLQFDSDFLWDFLyQ
'HPDQGDVVREUHILOLDFLyQSDWHUQLGDG\PDWHUQLGDG
'HPDQGDVVREUHQXOLGDGGHPDWULPRQLRVHSDUDFLyQ\GLYRUFLRFRQWHQFLRVR
1R REVWDQWH ODV GHPDQGDV GH VHSDUDFLyQ \ GLYRUFLR FRQWHQFLRVR VH UHSDUWLUiQ
HQWUH ORV -X]JDGRV \ D H[FHSFLyQ GH DTXHOODV GHULYDGDV GH GLOLJHQFLDV SUHYLDV
GLOLJHQFLDVXUJHQWHVR-XLFLRGH)DOWDVGH9LROHQFLDGH*HQHURGHODVTXHFRQRFHUiHO
-X]JDGRQXPHURVLHQHOPRPHQWRGHSUHVHQWDFLyQGHODGHPDQGDODVDFWXDFLRQHV
7ULEXQDO6XSHULRUGH-XVWLFLDGHOD5HJLyQGH0XUFLD
SHQDOHV HVWpQ DUFKLYDGDV R FRQFOXLGDV SRU UHVROXFLyQ MXGLFLDO TXH GHFODUH OD
LQH[LVWHQFLDGHXQDDFWRGHYLROHQFLDGHJpQHURVHUHSDUWLUiHQWUHORV-X]JDGRV1ž
\
/DV GHPDQGDV GH QXOLGDG GHO PDWULPRQLR VHSDUDFLyQ R GLYRUFLR GH QXOLGDG GHO
PDWULPRQLRVHSDUDFLyQRGLYRUFLRVXEVLJXLHQWHVDODVPHGLGDVSURYLVLRQDOHVSUHYLDVD
GHPDQGDDVtFRPRODGHPDQGDGHGLYRUFLRFXDQGRVHIXQGDPHQWHHQXQDVHSDUDFLyQ
DQWHULRU\ODOLTXLGDFLyQGHOUpJLPHQHFRQyPLFRPDWULPRQLDOFRUUHVSRQGHUiDOMX]JDGR
TXHKD\VXVWDQFLDGRHOSURFHGLPLHQWRDTXHVHUHILHUHQFRUULHQGRWXUQR
'HPDQGDVGHVHSDUDFLyQGHPXWXRDFXHUGR
'HPDQGDVGHGLYRUFLRGHPXWXRDFXHUGR
0HGLGDV3URYLVLRQDOHV3UHYLDVDODGHPDQGDGHQXOLGDGVHSDUDFLyQRGLYRUFLR
(ILFDFLD FLYLO GH UHVROXFLRQHV GH ORV WULEXQDOHV HFOHVLiVWLFRV R GH GHFLVLRQHV
SRQWLILFLDVVREUHPDWULPRQLRUDWR\QRFRQVXPDGR±DUW
'HPDQGDV TXH YHUVHQ VREUH JXDUGLD \ FXVWRGLD GH KLMRV PHQRUHV R VREUH
JXDUGLD \ FXVWRGLD GH KLMRV PHQRUHV R VREUH DOLPHQWR UHFODPDGRV SRU XQ SURJHQLWRU
FRQWUDHORWURHQQRPEUHGHORVKLMRVPHQRUHVDUW
2SRVLFLyQ D ODV UHVROXFLRQHV DGPLQLVWUDWLYDV HQ PDWHULD GH SURWHFFLyQ GH
PHQRUHV±DUW/(&
,QWHUQDPLHQWR QR YROXQWDULR SRU UD]yQ GH WUDVWRUQR SVtTXLFR ±DUW OD
UDWLILFDFLyQ GH LQWHUQDPLHQWR QR YROXQWDULRV FRUUHVSRQGHUi VLHPSUH DO -XH] GH
*XDUGLD (Q FDVR GH SUHVHQWDFLyQ HO OXQHV IXHUD GH ODV KRUDV GH DXGLHQFLD
FRUUHVSRQGLHUDDO-XH]GH*XDUGLDHQWUDQWHDOGtDVLJXLHQWH'HOSURFHGLPLHQWRTXHVH
RULJLQH D SDUWLU GH HVD UDWLILFDFLyQ FRQRFHUi HO -XH] GH JXDUGLD GH OD IHFKD GH ORV
KHFKRV
$TXHOODVTXHVHDQSUHVHQWDGDVGHQWURGHODVKRUDVGHDXGLHQFLDHVWRHVKDVWDODV
KRUDVVHUiQUHPLWLGDVDO-X]JDGR'HFDQRSDUDVXUHSDUWR'HDTXHOODVVROLFLWDGDV
GHLQWHUQDPLHQWRGHXUJHQFLDSUHVHQWDGDVIXHUDGHODVKRUDVGHDXGLHQFLDRHQGtDV
LQKiELOHVFRQRFHUiHO-X]JDGRGHJXDUGLD
'HPDQGDVTXHSUHWHQGDQODGLYLVLyQGHKHUHQFLD
,QWHUYHQFLyQGHODFDXGDOKHUHGLWDULD±DUWVWV/(&
3URFHGLPLHQWRV0RQLWRULRV
3URFHGLPLHQWRV&DPELDULRV
0(','$6&$87(/$5(6
/DV PHGLGDV FDXWHODUHV SUHYLVWDV D OD GHPDQGD VH UHSDUWLUiQ SRU LJXDO HQWUH ORV
WUHV-X]JDGRV/DGHPDQGDVXEVLJXLHQWHDXQDPHGLGDFDXWHODUSUHYLDFRUUHVSRQGHUi
DO-X]JDGRTXHKD\DFRQRFLGRGHHVWD±XOWLPDFRUULHQGRHOFRUUHVSRQGLHQWHWXUQRGH
SOHLWRVVHJ~QHODUW
/DV PHGLGDV FDXWHODUHV VROLFLWDGDV FRQ OD GHPDQGD R FRQ SRVWHULRULGDG VHUiQ
FRPSHWHQFLDGHOyUJDQRTXHHVWHFRQRFLHQGRGHHVWD~OWLPD
$&&,21(6(-(&87,9$6 6H UHSDUWLUiQ SRU LJXDO HQWUH ORVWUHV -X]JDGRV ODV GHPDQGDV HMHFXWLYDV IXQGDGDV
HQDOJ~QGHORVWtWXORVSUHYLVWRVHQHODUWSiUUDIRžDSDUWDGRVžžžž\
ž\GHPiVGRFXPHQWRVTXHOOHYHQDSDUHMDGDHMHFXFLyQ
/RV DXWRV GH FXDQWtD Pi[LPD FRQRFHUi HO -X]JDGR TXH KD\D FRQRFLGR GH ODV
SUHYLDVGLOLJHQFLDVSHQDOHV/DVDFFLRQHV HMHFXWLYDVIXQGDGDVHQWtWXORDUWž
ž \ ž FRUUHVSRQGHUi DO -X]JDGR TXH KD\D FRQRFLGR GHO SURFHGLPLHQWR GH TXH VHD
FDXVD
(-(&8&,2162%5(%,(1(6+,327(&$'2623,*125$'26
7ULEXQDO6XSHULRUGH-XVWLFLDGHOD5HJLyQGH0XUFLD
6HUHSDUWLUiQSRULJXDOHQWUHORVWUHV-X]JDGRV
-867,&,$*5$78,7$
/DVVROLFLWXGHVHLPSXJQDFLRQHVGHUHVROXFLRQHV RGHQHJDFLyQGH-XVWLFLD*UDWXLWDVH
UHSDUWLUiQSRULJXDOHQWUHORV-X]JDGRV
/DV6ROLFLWXGHVHLPSXJQDFLRQHVGH-XVWLFLD*UDWXLWDTXHVHIRUPXOHQFRQUHODFLyQ
DXQSURFHGLPLHQWRTXH\DVHHQFXHQWUDHQWUDPLWHVHWXUQDUDQDO-X]JDGRTXHHVWH
FRQRFLHQGRGHOPLVPRFRUULHQGRWXUQR
(;+25726 &,9,/(6 < '(0$6 $&78$&,21(6 '( $8;,/,2
-85,6',&&,21$/
6HWXUQDUDQSRULJXDOHQWUHORVWUHV-X]JDGRV\WHQLHQGRHQFXHQWDVXFRQWHQLGRR
GLOLJHQFLD FX\D SUiFWLFD VH LQWHUHVD VDOYR DTXpOORV TXH VH UHILHUDQ D WHVWLPRQLRV R
GLOLJHQFLDV GH FRWHMR TXH VH WXUQDUDQ GLUHFWDPHQWH DO -X]JDGR DO TXH VH GLULMDQ
FRQVWDQGRHQHOOLEURGHUHSDUWR/RVGHVSDFKRV\SURFHGHQWHVGHORV-X]JDGRVGHORV
6RFLDO\&RQWHQFLRVR$GPLQLVWUDWLYRWHQGUiQODFRQVLGHUDFLyQDHIHFWRVGHUHSDUWRGH
H[KRUWRVFLYLOHV
5(*,6752&,9,/
6HJXLUiQ VLHQGR GH FRPSHWHQFLD H[FOXVLYD GHO -X]JDGR GH 3ULPHUD ,QVWDQFLD H
,QVWUXFFLyQ QXPHUR GRV WRGDV ODV DFWXDFLRQHV SURSLHGDG GH OD IXQFLyQ UHJLVWUDO VLQ
SHUMXLFLRGHDTXHOODVRWUDTXHSRUVHUGHFDUiFWHUXUJHQWHHLQDSOD]DEOH\VHVXVFLWHQ
IXHUDGHOKRUDULRRUGLQDULRGHO-X]JDGRVHDWULEX\DQDO-X]JDGRHQVHUYLFLRGH*XDUGLD
FRQIRUPHDODUWtFXORGHO5HJODPHQWR
(;(1&,21(6&,9,/(6
/DVGHPDQGDVGHVHSDUDFLyQ\GLYRUFLRFRQWHQFLRVRVHUHSDUWLUiQHQWUHORV-X]JDGRV
\ D H[FHSFLyQ GH DTXHOODV GHULYDGDV GH GLOLJHQFLDV SUHYLDV GLOLJHQFLDV XUJHQWHV R
-XLFLRGH)DOWDVGH9LROHQFLDGH*HQHURGHODVTXHFRQRFHUiHO-X]JDGRQXPHURVL
HQ HO PRPHQWR GH SUHVHQWDFLyQ GH OD GHPDQGD ODV DFWXDFLRQHV SHQDOHV HVWpQ
DUFKLYDGDVRFRQFOXLGDVSRUUHVROXFLyQMXGLFLDOTXHGHFODUHODLQH[LVWHQFLDGHXQDDFWR
GHYLROHQFLDGHJpQHURVHUHSDUWLUiHQWUHORV-X]JDGRV1ž\
,,,*58326'(5(3$572
ORDEN PENAL
/RVDWHVWDGRV\GHQXQFLDVHQORVTXHFRQVWDQODIHFKDGHODLQIUDFFLyQSHQDO
FRUUHVSRQGHUiDO-X]JDGRTXHHVWXYLHUHGH*XDUGLDHQGLFKDIHFKD
7ULEXQDO6XSHULRUGH-XVWLFLDGHOD5HJLyQGH0XUFLD
/RVDWHVWDGRV\GHQXQFLDVHQORVTXHQRFRQVWHODIHFKDGHODSHUSHWUDFLyQGH
OD LQIUDFFLyQ SHQDO VL VH SXHGDQ SUHFLVDU FRQ SRVWHULRULGDG VH WXUQDUDQ SRU LJXDO
HQWUHORVWUHV-X]JDGRV$VXYH]SRUODFRPSOHMLGDGGHORVPLVPRVVHHVWDEOHFHGHQWUR
HVWH DSDUWDGR VLQ IHFKDGHWHUPLQDGD WUHV VXEDSDUWDGRV D UHSDUWLU GH IRUPD VXFHVLYD
HQWUHORVWUHV-X]JDGRV
$EXVRV6H[XDOHV
3RUQRJUDItD,QIDQWLO
'HOLWRV GH (VWDIDV IDOVLILFDFLRQHV GHOLWRV FRQWUD OD SURSLHGDG LQWHOHFWXDO H
LQGXVWULDOEODQTXHRGHFDSLWDOHV\GHOLWRVVRFLHWDULRV
/RV GHOLWRV FRQWLQXDGRV RFRQH[RV VH WXUQDUDQ DO -X]JDGR TXH HVWXYLHUD GH
*XDUGLDHQODIHFKDGHSHUSHWUDFLyQGHODSULPHUDLQIUDFFLyQSHQDO
6H HVWDEOHFHQ WUHV WXUQRV HVSHFtILFRV SDUD TXHUHOODV DSHODFLRQHV GH ODV
VHQWHQFLDV GLFWDGDV SRU ORV -X]JDGRV GH 3D]\ GLOLJHQFLDV LQIRUPDWLYDV GHO 0LQLVWHULR
)LVFDO SURFHGLpQGRVH D VX UHSDUWR SRU LJXDO HQWUH ORV WUHV -X]JDGRV
LQGHSHQGLHQWHPHQWHGHODIHFKDGHODFRPLVLyQGHORVKHFKRV
/RV LPSDJRV GH SHQVLRQHV VH UHSDUWLUiQ HQWUH ORV -X]JDGRV QXPHUR \ HVWDQGRH[HQWRGHOFRQRFLPLHQWRGHWDOHVFDXVDVHO-X]JDGRQXPHUR
'HOLWRV/HYHV
6H UHSDUWLUiQ FRQIRUPH D ODV UHJODV DQWHULRUHV GH ORV DSDUWDGRV DQWHULRUHV \ GHOUHSDUWRSHQDO
/RVH[KRUWRV3HQDOHV
6H WXUQDUiQ SRU LJXDO HQWUH ORV -X]JDGRV 1ž \ Qž WHQLHQGR HQ FXHQWD VX
FRQWHQLGR R GLOLJHQFLDV FX\D SUiFWLFD VH LQWHUHVD VDOYR DTXpOORV TXH VH UHILHUDQ D
WHVWLPRQLRV GH FRWHMR TXH VH WXUQDUiQ GLUHFWDPHQWH DO -X]JDGR DO TXH VH GLULMDQ
FRQVWDQGRHQHOOLEURGHUHSDUWR
/DVFRPSDUHFHQFLDVDSXGDFWDVDUW/(&5TXHGHEDQHIHFWXDUVHORV
LPSXWDGRV VH SUDFWLFDUDQ DQWH HO yUJDQR TXH HVWH FRQRFLHQGR GHO SURFHGLPLHQWR
SHQDO HQ TXH VH DFRUGy VLQ SHUMXLFLR GH ODV TXHVH SUDFWLTXHQ DQWH HO -X]JDGR GH
*XDUGLDIXHUDGHODVKRUDVGHDXGLHQFLD/RVDSXGDFWDVGHRWURV-X]JDGRVIXHUDGH
HVWHSDUWLGR-XGLFLDOVHSUDFWLFDUDQDQWHHO-X]JDGRGHJXDUGLD
9LROHQFLDGH*pQHUR
6HJXLUiQ VLHQGR GH FRPSHWHQFLD H[FOXVLYD GHO -X]JDGR GH 3ULPHUD ,QVWDQFLD H
,QVWUXFFLyQ QXPHUR XQR WRGDV ODV DFWXDFLRQHV SURSLDV GHULYDGDV GH OD /H\ 2UJiQLFD
GHGHGLFLHPEUHGH0HGLGDVGH3URWHFFLyQ,QWHJUDOFRQWUDOD9LROHQFLDGH
*pQHURVLQSHUMXLFLRGHDTXHOODVRWUDVTXHSRUVHUGHFDUiFWHUXUJHQWHHLQDSOD]DEOH\
VHVXVFLWHQIXHUDGHOKRUDULRRUGLQDULRGHO-X]JDGRVHDWULEX\DQDO-X]JDGRGHVHUYLFLR
GH*XDUGLD
7ULEXQDO6XSHULRUGH-XVWLFLDGHOD5HJLyQGH0XUFLD
,(;(1&,21(63(1$/(6
([KRUWRV 3HQDOHV 6H WXUQDUiQ SRU LJXDO HQWUH ORV -X]JDGRV 1ž \ Qž WHQLHQGR HQ FXHQWD VX FRQWHQLGR R GLOLJHQFLDV FX\D SUiFWLFD VH LQWHUHVD VDOYR
DTXpOORV TXH VH UHILHUDQ D WHVWLPRQLRV GH FRWHMR TXH VH WXUQDUiQ GLUHFWDPHQWH DO
-X]JDGRDOTXHVHGLULMDQFRQVWDQGRHQHOOLEURGHUHSDUWR
/RVLPSDJRVGHSHQVLRQHVVHUHSDUWLUiQHQWUHORV-X]JDGRVQ~PHUR\HVWDQGR
H[HQWRGHOFRQRFLPLHQWRGHWDOHVFDXVDVHO-X]JDGRQXPHUR
,,'(/26-8=*$'26'(*8$5',$
ž'HO6HUYLFLRGH*XDUGLD
(Q WRGR FDVR HO VHUYLFLR GH JXDUGLD VH LQLFLDUD D ODV KRUDV GHO PDUWHV \ VH
SUHVWDUiGHIRUPDLQWHUUXPSLGDGXUDQWHGtDVFHVDQGRDODVKRUDVGHOPDUWHV
VLJXLHQWH /RV VLHWH SULPHUR VH DWHQGHUi OD JXDUGLD RUGLQDULD PLHQWUDV TXH HO RFWDYR
GtD VH GHGLFDUi DO HQMXLFLDPLHQWR LQPHGLDWR GH GHOLWRV OHYHV \ D OD UHDOL]DFLyQ GH ODV
DXGLHQFLDVSUHYLVWDVHQORVDUWV\/(&5,0
&RPRUHJODJHQHUDOHO-X]JDGRGHJXDUGLDFRQRFHUiGHWRGRVORVGHOLWRV\GHOLWRV
OHYHVDFDHFLGRVGXUDQWHVXSHULRGRGHJXDUGLD
7DPELpQ VHUi FRPSHWHQFLD GHO -X]JDGR GH *XDUGLD GH OD WUDPLWDFLyQ GH ORD
SURFHGLPLHQWRV SUHYLVWRV HQ HO 7LWXOR ,,, GHO OLEUR ,9 GH OD /H\ GH (QMXLFLDPLHQWR
&ULPLQDOFXDOTXLHUDTXHVHDODIHFKDGHFRPLVLyQGHORVKHFKRVVLHPSUHTXHVHKD\D
SUHVHQWDGR DWHVWDGR SROLFLDO GHQWUR GHO FRUUHVSRQGLHQWH SHULRGR GH JXDUGLD \ QR VH
KXELHUDQ LQFRDGR \D GLOLJHQFLDV SHQDOHV SRU ORV PLVPRV KHFKRV HQ RWUR -X]JDGR GH
HVWDORFDOLGDGFRQODVH[FHSFLRQHVTXHHQUHODFLyQDODVFRPSHWHQFLDVSURSLHGDGGHO
-X]JDGR GH ,QVWUXFFLyQ QXPHUR FRPR MX]JDGR GH 9LROHQFLD VREUH OD PXMHU VH
UHFRJHQ HQ HO SXQWR QXPHUR GH HVWDV QRUPDV (Q HO FDVR GH WUDQVIRUPDFLyQ GH OD
'8' HQ GLOLJHQFLDV SUHYLDVGHOLWR OHYH VHJXLUi FRQRFLHQGR HO -X]JDGR TXH VH
HQFRQWUDEDHQIXQFLRQHVGH*XDUGLDTXHUHFLELyHODWHVWDGR3ROLFLDO
6HUi WDPELpQ FRPSHWHQFLD GHO -X]JDGR GH *XDUGLD HO (QMXLFLDPLHQWR GH DTXHOORV
MXLFLRV LQPHGLDWRV GHO DUW GH OD OH\ ( &ULPLQDO FX\D FHOHEUDFLyQ KD\D VLGR
VHxDODGD GXUDQWH HO SHUtRGR GH JXDUGLD R SDUD HO RFWDYR GtD GH OD PLVPD FRQ
LQGHSHQGHQFLDGHODIHFKDGHFRPLVLyQGHORVKHFKRV3DUDHOFDVRGHTXHHO-XLFLRQR
SXGLHUDFHOHEUDUVHSDUDODIHFKDHQTXHYHQLDVHxDODQGRVHPDQWLHQHODFRPSHWHQFLD
GHO-X]JDGRTXHKXELHUDUHFLELGRHODWHVWDGR
ž $8725,=$&,21 '( (175$'$ < 5(*,6752 (1 '20,&,/,26
3$57,&8/$5(6(,17(59(1&,21'(/$6&2081,&$&,21(67(/()21,&$6
/D H[SHGLFLyQ GH ORV PDQGDPLHQWRV GH HQWUDGD \ UHJLVWUR HQ GRPLFLOLRV
SDUWLFXODUHV GH DXWRUL]DURQ GH OD LQWHUYHQFLyQ \ REVHUYDFLyQ GH ODV FRPXQLFDFLRQHV
WHOHIyQLFDV\GHODVDSHUWXUDV\UHJLVWURGHSDTXHWHVSRVWDOHVTXHVHVROLFLWHQHQHO
iPELWRGHODVGLOLJHQFLDVSHQDOHVTXH\DVHVLJDQDQWHDOJXQRGHORV-X]JDGRVGHHVWD
ORFDOLGDGHVWH~OWLPRVHUiHOFRPSHWHQWHSDUDODFRQFHVLyQGHQHJDFLyQGHODVPLVPDV
(O -X]JDGR GH *XDUGLD DXWRUL]DUDGHQHJDUi ODV HQWUDGDV \ UHJLVWURV HQ GRPLFLOLRV
SDUWLFXODUHV \ FXDOHVTXLHUD RWUDV PHGLGDV FDXWHODUHV OLPLWDWLYDV GH GHUHFKRV
IXQGDPHQWDOHV TXH VHQD VROLFLWDGDV GHVSXpV GH ODV KRUDV GH OD DXGLHQFLD R HQ GtDV
7ULEXQDO6XSHULRUGH-XVWLFLDGHOD5HJLyQGH0XUFLD
KiELOHV FXDQGR SRU FDUiFWHU GH XUJHQFLD QR SXHGD VHU GLIHULGD OD DXWRUL]DFLyQ
VROLFLWDGDRHODVXQWRQRHVWXYLHUHUHSDUWLGR(QHOFDVRGHTXHHODVXQWRQRHVWXYLHVH
UHSDUWLGRHO-X]JDGRGH*XDUGLDHQHOPRPHQWRGHORVKHFKRVVDOYRTXHVHWUDWHGH
XQDFDXVDVHJXLGDSRUDOJXQRGHORVGHOLWRVGHODSDUWDGRGHODVQRUPDVGHUHSDUWR
GHDVXQWRVSHQDOHVTXHVHDVLJQDUDQSRUUHSDUWRGHDFXHUGRFRQORGLVSXHVWRHQHVD
QRUPD
ž275$6&203(7(1&,$6'(/-8=*$'2'(*8$5',$
7DPELpQFRQRFHUiHO-X]JDGRGH*XDUGLDGHODVVLJXLHQWHVFXHVWLRQHV
'HODVSULPHUDVGLOLJHQFLDVDSUiFWLFDVFRQIRUPHDODUWGH/(&5,0FXDQGRODV
PLPDVKD\DQGHDSRUWDVHHQUHODFLyQDGLOLJHQFLDVSHQDOHVTXH\DVHHVWpQWUDPLWDGR
DQWHRWUR-X]JDGRGHHVWHXRWUR3DUWLGR
5HVROYHUVREUHODVLWXDFLyQGHODVSHUVRQDVGHWHQLGDVTXHVHDQSUHVHQWDGDVDQWH
HO -X]JDGR GH *XDUGLD FRQ LQGHSHQGHQFLD GH TXH H[LVWDQ R QR GLOLJHQFLDV SHQDOHV
DELHUWDV HQ RWUR -X]JDGR GH HVWD ORFDOLGDG 3DUD HO FDVR GH TXH H[LVWDQ HVWH X RWUR
SDUWLGR HO -X]JDGR GH *XDUGLD VH OLPLWDUD D UHVROYHU VREUH OD VLWXDFLyQ SHUVRQDO GHO
GHWHQLGR \ D OD SUiFWLFD GH DTXHOODV GLOLJHQFLDV TXH VHDQ PiV XUJHQWHV FRQ HQWUH
SRVWHULRUDO-X]JDGRTXHFRUUHVSRQGD
'H ORV SURFHGLPLHQWRV GH ³KDEHDV &RUSXV´ \ HQ VX FDVR GH ODV GLOLJHQFLDV
GHULYDGDVGHODOHJLVODFLyQVREUHGHUHFKRV\GHEHUHVGHORVH[WUDQMHURV
'H FXDQWDV RWUDV DFWXDFLRQHV OH VHDQ DWULEXLGDV SRU DSOLFDFLyQ GHO $UW GHO
5HJODPHQWRGHORVDVSHFWRVDFFHVRULRVGHODVDFWXDFLRQHVMXGLFLDOHV
&XDGURGHUHYLVLRQHV
)HFKD
0RGLILFDFLRQHV
$SUREDFLyQ LQLFLDO
WH[WRFRQVROLGDGR
GHO
7ULEXQDO6XSHULRUGH-XVWLFLDGHOD5HJLyQGH0XUFLD
'(&$1$72'(/26-8=*$'26'(&$57$*(1$
1250$6'(5(3$572'(/26-8=*$'26'(,16758&&,Ð1
,'(/6(59,&,2'(*8$5',$(1*(1(5$/
/DV JXDUGLDV GH ORV MX]JDGRV GH LQVWUXFFLyQ GH &DUWDJHQD VHUiQ VHPDQDOHV FRQ XQ
RFWDYR GtD SDUD HO HQMXLFLDPLHQWR GH ORV GHOLWRV OHYHV LQPHGLDWRV \ VHJ~Q DFXHUGR GH
IHFKDGHQRYLHPEUHGHHOFDPELRGHWXUQRHQHO6HUYLFLRGH*XDUGLDVHPDQDO
WLHQH OXJDU D ODV R KRUDV GHO -XHYHV GH FDGD VHPDQD VLHQGR DVt TXH HO GHQRPLQDGR
³RFWDYRGtD´SDUDHOHQMXLFLDPLHQWRGHORVGHOLWRVOHYHVLQPHGLDWRVWLHQHOXJDUHOMXHYHV
VXEVLJXLHQWHDOFDPELRGHWXUQR
1R REVWDQWH KDVWD ODV KRUDV GHO -XHYHV HO -X]JDGR VDOLHQWH VHJXLUi SUHVWDQGR ODV
WDUHDVSURSLDVGHGLFKRVHUYLFLR
6RQ DFWXDFLRQHV GHO -X]JDGR GH *XDUGLD DGHPiV GH WRGDV DTXHOODV TXH H[LMDQ OD
LQWHUYHQFLyQXUJHQWHGHXQMXH]
/DUHFHSFLyQGHWRGRVORVDWHVWDGRVFRQGHWHQLGR\ODSUiFWLFDGHGLOLJHQFLDVGH
FRPSUREDFLyQKDVWDTXHUHVXHOYDVREUHVXVLWXDFLyQSHUVRQDOVDOYRTXHVHWUDWHGH
UHFODPDFLRQHVGHXQ-X]JDGRGH&DUWDJHQDTXHVROLFLWHQTXHVHSUHVHQWHDQWHpO
/D FRQFHVLyQ GH SUyUURJDV GH GHWHQFLyQ R DXWRUL]DFLRQHV GH LQWHUQDPLHQWR HQ
H[SHGLHQWHVGHH[WUDQMHUtD
/DWUDPLWDFLyQGHORVSURFHGLPLHQWRVGHKDEHDVFRUSXV
/DFRQFHVLyQGHPDQGDPLHQWRVGHHQWUDGD\UHJLVWURHLQWHUYHQFLRQHVWHOHIyQLFDV
/DUHFHSFLyQGHGHQXQFLDV
/DUHFHSFLyQGHHVFULWRVGLULJLGRVDMX]JDGRVGHORUGHQSHQDOIXHUDGHOKRUDULRGH
OD2ILFLQDGH3UHVHQWDFLyQGHHVFULWRV
/DWUDPLWDFLyQGHH[KRUWRV\GHPiVGHVSDFKRVUHODWLYRVDODVLWXDFLyQSHUVRQDO
GHSUHVRVRGHWHQLGRVDXQTXHHQORVPLVPRVVHVROLFLWHQWDPELpQRWUDVGLOLJHQFLDV
/D WUDPLWDFLyQ GH H[KRUWRV SHQDOHV HQ ORV TXH LQWHUHVH OD SUiFWLFD GH XQD
HQWUDGD\UHJLVWUR
&XDOTXLHU RWUD VLPLODU TXH SRU VX XUJHQFLD QR SHUPLWD HVSHUDU D DWULEXLUVH DO
-X]JDGRTXHILQDOPHQWHYDDVHUHOFRPSHWHQWH
/DV DXWRUL]DFLRQHV SDUD LQJUHVRV HQ HVWDEOHFLPLHQWRV HVSHFLDOHV GH SUHVXQWRV
LQFDSDFHV R PHQRUHV R ODV UDWLILFDFLRQHV GH ORV XUJHQWHV FRUUHVSRQGHUDQ
'(&$1$72'(/26-8=*$'26'(&$57$*(1$
GLUHFWDPHQWHVLQQHFHVLGDGGHUHSDUWRHVSHFLDODO-X]JDGRGHJXDUGLDHQODIHFKDHQ
TXHVHVROLFLWHQ
,,1250$6*(1(5$/(6'(5(3$572
&XDQGR FRQVWH OD IHFKD GH FRPLVLyQ GH ORV KHFKRV FRQRFHUi GHO DVXQWR HO MX]JDGR TXH
HVWXYLHUDGHJXDUGLDHQGLFKDIHFKD
6HHQWHQGHUiTXHFRQVWDODIHFKDFXDQGRD~QGHVFRQRFLpQGRVHHOGtDFRQFUHWR
ORV KHFKRV GHEDQ HQWHQGHUVH VXFHGLGRV HQ XQ SHULRGR GH WLHPSR TXH DEDUTXH OD
PLVPDJXDUGLDGHOPLVPRMX]JDGR
(Q HO VXSXHVWR GH TXH HQ XQD PLVPD GHQXQFLD TXHUHOOD R DWHVWDGR VH UHODWHQ
KHFKRVGLIHUHQFLDGRVDOJXQRGHORVFXDOHVDOPHQRVFRQIHFKDFRQFUHWDVHUHPLWLUi
DOTXHHVWXYLHUDGHJXDUGLDFXDQGRVXFHGLyHOSULPHUDVXQWRFRQIHFKDVLQSHUMXLFLR
GHTXHVLpVWHHVWLPDTXHQLVHWUDWDGHGHOLWRVFRQH[RVQLHOFRQRFLPLHQWRGHDOJXQR
R WRGRV ORV RWURV OH FRUUHVSRQGH FRQ DUUHJOR D ODV QRUPDV GH UHSDUWR GHGX]FD
WHVWLPRQLR SRU FDGD XQR GH HVWRV KHFKRV \ OR UHPLWD DO -X]JDGR 'HFDQR SDUD TXH
GLVWULEX\DHVRVWHVWLPRQLRVFRQDUUHJORDODVQRUPDVGHUHSDUWR
1R REVWDQWH HQ HOFDVR GH DWHVWDGR HQWUHJDGRHQ HO MX]JDGR GH *XDUGLD VL HO
MXH]HVWLPDTXHHOFRQRFLPLHQWRGHDOJXQRGHORVKHFKRVOHFRUUHVSRQGHFRQDUUHJOR
D ODV QRUPDV GH UHSDUWR SRGUi GHGXFLU WHVWLPRQLRV GH ORV GHPiV \ UHPLWLUORV D ORV
-X]JDGRVFRUUHVSRQGLHQWHVRDO-X]JDGR'HFDQRSDUDTXHGLVWULEX\DHVRVWHVWLPRQLRV
FRQDUUHJORDODVQRUPDVGHUHSDUWR
$ ORV HIHFWRV GH UHSDUWR ORV KHFKRV VXFHGLGRV KDVWD ODV KRUDV GHO GtD GH
FDPELRGHJXDUGLDTXHFRQIRUPHDODVQRUPDVGHHVWHKD\DQH[LJLGRXQDDFWXDFLyQ
MXGLFLDOOHYDQWDPLHQWRGHFDGiYHUGLOLJHQFLDGHHQWUDGD\UHJLVWURGHO-XH]VDOLHQWH
VHHQWHQGHUiQVXFHGLGRVGXUDQWHOD*XDUGLDGHpVWH
&XDQGRQRSXHGDGHWHUPLQDUVHFRQH[DFWLWXGODIHFKDGHORVKHFKRV\HOFDVRQRHVWXYLHUD
LQFOXLGRHQRWUDUHJODHO'HFDQDWRUHSDUWLUiHODVXQWRSRUWXUQRHQWUHORV-X]JDGRV
([LVWLUiXQWXPRGHUHSDUWRSDUDODVTXHUHOODV\RWURSDUDORVGHPiVDVXQWRV(QHOFDVR
GH ODV TXHUHOODV DXQTXH SRU FRQRFHUVH OD IHFKD GHO KHFKR R SUHVHQWDUVH HQ XQ DVXQWR \D
LQFRDGRHQXQMX]JDGRHOFRQRFLPLHQWRGHXQDTXHUHOODQRGHEDGHWHUPLQDUVHSRUWXUQRGH
UHSDUWR VH UHPLWLUi DO 'HFDQDWR SDUD TXH OD DQRWH HQ HO /LEUR GH UHSDUWR D ILQ GH TXH OH
FXEUDXQWXUQRDO-X]JDGRDOTXHFRUUHVSRQGD
1R REVWDQWH VL HO DVXQWR HQ TXH QR SXGLHUD GHWHUPLQDUVH FRQ H[DFWLWXG OD IHFKD GH ORV
KHFKRVVHLQLFLDSRUODVROLFLWXGSROLFLDOGHXQDDFWXDFLyQMXGLFLDOGHODVTXHFRUUHVSRQGHQDO
-X]JDGR GH *XDUGLD OHYDQWDPLHQWR GH FDGiYHU HQWUDGD \ UHJLVWUR LQWHUYHQFLyQ GH
FRPXQLFDFLRQHV VX FRQRFLPLHQWR FRUUHVSRQGHUi D GLFKR MX]JDGR VDOYR TXH H[LVWLHUDQ
DFWXDFLRQHV SROLFLDOHV GRFXPHQWDGDV DQWHULRUHV GHFODUDFLRQHV H LQWHUYHQFLyQ GH VXVWDQFLDV
'(&$1$72'(/26-8=*$'26'(&$57$*(1$
HVWXSHIDFLHQWHVRHIHFWRVHQFX\RFDVRHODVXQWRFRUUHVSRQGHUiDO-X]JDGRTXHHVWXYLHUD
GH*XDUGLDHQODIHFKDGHODPiVDQWLJXDGHHVDVDFWXDFLRQHVSROLFLDOHVGRFXPHQWDGDV
$WULEXLGRHOFRQRFLPLHQWRGHXQDFDXVDDXQ-X]JDGRFRQIRUPHDODVQRUPDVGHUHSDUWR
FRQWLQXDUi FRQRFLHQGR GHO PLVPR DXQTXH SRVWHULRUPHQWH VH OOHJXH D GHWHUPLQDUOD OD IHFKD
GHORVKHFKRVRXQDIHFKDGLVWLQWDGHODLQLFLDOPHQWHGHWHUPLQDGDVDOYRHQORVVXSXHVWRVHQ
TXHVHWUDWHGHHUURUPDQLILHVWRXRFXOWDFLyQHQODGHQXQFLDDWHVWDGRRTXHUHOOD
3DUDODGHWHUPLQDFLyQGHODIHFKDGHOKHFKRDHIHFWRVGHOUHSDUWRVHWHQGUiQHQFXHQWD
ODVVLJXLHQWHVQRUPDV
/DVDSURSLDFLRQHVLQGHELGDVGHYHKtFXORVGHDOTXLOHUVHHQWHQGHUiQVXFHGLGDVHQ
ODIHFKDHQTXHVHWHQtDSUHYLVWDODGHYROXFLyQ
/DVVXSXHVWDVHVWDIDVSRULPSDJRGHIDFWXUDVGHKRWHOVHHQWHQGHUiQFRPHWLGDV
HQODIHFKDHQTXHHOGHQXQFLDGRVHKRVSHGyHQHOHVWDEOHFLPLHQWR
/RV DEDQGRQRV GH KRJDU VH FRQVLGHUDUiQ VLQ IHFKD \ VH UHSDUWLUiQ SRU WXUQR
,PSDJRSHQVLRQHV
/DVGLOLJHQFLDVTXHVHLQFRHQHQYLUWXGGHWHVWLPRQLRGHXQDVXQWRFLYLORSHQDO
SRU KHFKRV VXFHGLGRV HQ HO PLVPR FXUVR GHO SURFHVR GHVREHGLHQFLDV IDOVRV
WHVWLPRQLRV LQMXULDV R FDOXPQLDV TXHEUDQWDPLHQWRV GH FRQGHQD FRUUHVSRQGHUiQ DO
-X]JDGRGH*XDUGLDHQODIHFKDGHOKHFKRRHQVXGHIHFWRSRUUHSDUWR
(Q ODV GHVREHGLHQFLDV VH DWHQGHUi D OD IHFKD GHO ~OWLPR UHTXHULPLHQWR
GHVDWHQGLGR
(QORVIDOVRVWHVWLPRQLRVSHQDOHVFRQGHFODUDFLyQHQODLQVWUXFFLyQ\HQHOMXLFLR
RUDODpVWD~OWLPD
(QORVTXHEUDQWDPLHQWRGHFRQGHQDVHDSOLFDUiODQRUPDGHUHSDUWRJHQHUDO\
VHHQWHQGHUiODIHFKDHQTXHTXHEUDQWDODFRQGHQD
,,,1250$6'(5(3$572'($68172648((175(1325(/6(59,&,2'(
*8$5',$
7RGR SURFHGLPLHQWR TXH VH LQFRH D FRQVHFXHQFLD GH DWHVWDGR FRQIHFFLRQDGR SRU OD 3ROLFtD
-XGLFLDO SDUD VX WUDPLWDFLyQ FRPR 'LOLJHQFLDV 8UJHQWHV HQ HO -X]JDGR GH *XDUGLD
FRUUHVSRQGHUi D pVWH FRQ LQGHSHQGHQFLD GH TXH GLFKR -X]JDGR LQFRH 'LOLJHQFLDV 3UHYLDV
-XLFLR5iSLGRR-XLFLRGH)DOWDVRDFDEHWUDQVIRUPDQGRODV'LOLJHQFLDV8UJHQWHVHQ3UHYLDV
6HLQFOX\HHOFDVRGHDWHVWDGRDPSOLDWRULRGHRWURDQWHULRUHQYLDGRDRWUR-X]JDGRGHHVWH
3DUWLGR VLHPSUH TXH HVH RWUR -X]JDGR QR KD\D SUDFWLFDGR GLOLJHQFLDV GH LQYHVWLJDFLyQ 6H
H[FHSW~DQORVVXSXHVWRVGHDWHVWDGRVFRQYDULRVLPSOLFDGRVLGHQWLILFDGRV\TXHQRKDQVLGR
GHWHQLGRVRFLWDGRVHQHOPLVPRDWHVWDGR
'(&$1$72'(/26-8=*$'26'(&$57$*(1$
,95(*/$6(63(&,$/(6-8,&,26,10(',$726'(/,726/(9(6<-8,&,265È3,'26
/RVMXLFLRVGHIDOWDVVHUHJLUiQSRUODVQRUPDVGHUHSDUWRJHQHUDOHVVDOYRORVTXHVHVHxDOHQ
SDUDVXFHOHEUDFLyQHQOD*XDUGLDƒGtDRDQWHV
(OUHVWRGHORVSURFHGLPLHQWRVTXHVHLQFRHQGLUHFWDPHQWHFRPRMXLFLRGHIDOWDVRTXH
SRU WUDWDUVH GH LQVXOWRV VLQ TXHUHOOD R SRU OD FXDQWtD DOHJDGD VHDQ LQGLVFXWLEOHPHQWH
IDOWDVDXQTXHVHKD\DLQFRDGRRWURSURFHGLPLHQWRFRUUHVSRQGHUiQDO-X]JDGRTXHHVWp
GH*XDUGLDHQHOPRPHQWRGHODUHFHSFLyQGHODGHQXQFLDRDWHVWDGR
9'(/-8=*$'2(;&/86,92'(9,2/(1&,$62%5(/$08-(5
3DUDHOFRQRFLPLHQWRGHORVSURFHVRVSRUGHOLWRRIDOWDFRQWUDDOJXQDGHODVSHUVRQDVD
ODV TXH VH UHILHUH HO DUWtFXOR GHO &yGLJR 3HQDO HO -X]JDGR GH *XDUGLD VHUi HO
FRPSHWHQWH SDUDODWUDPLWDFLyQ GHORVSURFHGLPLHQWRVGHO7tWXOR,,,GHO/LEUR,9GHOD
/H\ GH (QMXLFLDPLHQWR &ULPLQDO \ SDUD OD FHOHEUDFLyQ GH ORV MXLFLRV GH IDOWDV GH ORV
DUWtFXORV\DGHODPLVPD/H\
(Q DTXHOORV FDVRV HQ ORV TXH QR VHD SRVLEOH OD DSOLFDFLyQ GHO DQWHULRU FULWHULR HO
-X]JDGR GH ,QVWUXFFLyQ TXH SRU KHFKRV SXQLEOHV GLULJLGRV FRQWUD DOJXQD GH ODV
SHUVRQDVDODVTXHVHUHILHUHHODUWtFXORGHO&yGLJR3HQDOKD\DLQFRDGRXQ6XPDULR
2UGLQDULR SRU GHOLWR XQ MXLFLR GH IDOWDV R ELHQ 'LOLJHQFLDV 3UHYLDV GH 3URFHGLPLHQWR
$EUHYLDGRDODPSDURGHODUWtFXORRGHODUWtFXORƒGHODPLVPD/H\FRQRFHUi
GHOUHVWRGHSURFHVRVSHQDOHVSRUGHOLWRRSRUIDOWDTXHVHLQFRHQSRVWHULRUPHQWHSRU
KHFKRVLPSXWDEOHVDOPLVPRDXWRUFRQWUDORVLQWHJUDQWHVGHOPLVPRQ~FOHRIDPLOLDU\
HOOR DXQTXH HQ DTXHO SULPHU SURFHVR VH KD\D GLFWDGR DXWR GH DUFKLYR GH
VREUHVHLPLHQWRRGHDSHUWXUDGHMXLFLRRUDORKXELHUHUHFDtGRVHQWHQFLDFRQGHQDWRULDR
DEVROXWRULD 6H HQWHQGHUi FRPR SULPHU KHFKR LPSXWDEOH DO PLVPR DXWRU HO TXH KD\D
RFXUULGRFRQSRVWHULRULGDGDGHMXOLRGH
9,%8(1$635È&7,&$63$5$&8(5326<)8(5=$6'(6(*85,'$''(/(67$'2
/RVDWHVWDGRVVHHQWUHJDUiQGLUHFWDPHQWHHQHO-X]JDGRGH*XDUGLDFRQRVLQGHWHQLGRSRU
SRVLEOHGHOLWRRIDOWD
6H SURFXUDUi QR HQWUHJDUORV FRQ SRVWHULRULGDG D ODV GH OD PDxDQD VDOYR HQ VXSXHVWRV
H[FHSFLRQDOHV TXH VH MXVWLILFDUiQ HQ HO PLVPR DWHVWDGR HQ HO VHQWLGR GH TXH ORV OXQHV VH
DPSOtH HVH KRUDULR UHVSHFWR D DWHVWDGRV FRQ GHWHQLGRV KDVWD ODV KRUDV VLQ SHUMXLFLR GH
DGHODQWDUORVGDWRVQHFHVDULRVSDUDUHJLVWUR
&XDGURGHUHYLVLRQHV
'(&$1$72'(/26-8=*$'26'(&$57$*(1$
)HFKD
0RGLILFDFLRQHV
GHIHEUHURGH
'(&$1$72'(/26-8=*$'26'(&$57$*(1$
1250$6'(5(3$572'(/26-8=*$'26'(,16758&&,Ð1
,'(/6(59,&,2'(*8$5',$(1*(1(5$/
/DV JXDUGLDV GH ORV MX]JDGRV GH LQVWUXFFLyQ GH &DUWDJHQD VHUiQ VHPDQDOHV FRQ XQ
RFWDYR GtD SDUD HO HQMXLFLDPLHQWR GH ORV GHOLWRV OHYHV LQPHGLDWRV \ VHJ~Q DFXHUGR GH
IHFKDGHQRYLHPEUHGHHOFDPELRGHWXUQRHQHO6HUYLFLRGH*XDUGLDVHPDQDO
WLHQH OXJDU D ODV R KRUDV GHO -XHYHV GH FDGD VHPDQD VLHQGR DVt TXH HO GHQRPLQDGR
³RFWDYRGtD´SDUDHOHQMXLFLDPLHQWRGHORVGHOLWRVOHYHVLQPHGLDWRVWLHQHOXJDUHOMXHYHV
VXEVLJXLHQWHDOFDPELRGHWXUQR
1R REVWDQWH KDVWD ODV KRUDV GHO -XHYHV HO -X]JDGR VDOLHQWH VHJXLUi SUHVWDQGR ODV
WDUHDVSURSLDVGHGLFKRVHUYLFLR
6RQ DFWXDFLRQHV GHO -X]JDGR GH *XDUGLD DGHPiV GH WRGDV DTXHOODV TXH H[LMDQ OD
LQWHUYHQFLyQXUJHQWHGHXQMXH]
/DUHFHSFLyQGHWRGRVORVDWHVWDGRVFRQGHWHQLGR\ODSUiFWLFDGHGLOLJHQFLDVGH
FRPSUREDFLyQKDVWDTXHUHVXHOYDVREUHVXVLWXDFLyQSHUVRQDOVDOYRTXHVHWUDWHGH
UHFODPDFLRQHVGHXQ-X]JDGRGH&DUWDJHQDTXHVROLFLWHQTXHVHSUHVHQWHDQWHpO
/D FRQFHVLyQ GH SUyUURJDV GH GHWHQFLyQ R DXWRUL]DFLRQHV GH LQWHUQDPLHQWR HQ
H[SHGLHQWHVGHH[WUDQMHUtD
/DWUDPLWDFLyQGHORVSURFHGLPLHQWRVGHKDEHDVFRUSXV
/DFRQFHVLyQGHPDQGDPLHQWRVGHHQWUDGD\UHJLVWURHLQWHUYHQFLRQHVWHOHIyQLFDV
/DUHFHSFLyQGHGHQXQFLDV
/DUHFHSFLyQGHHVFULWRVGLULJLGRVDMX]JDGRVGHORUGHQSHQDOIXHUDGHOKRUDULRGH
OD2ILFLQDGH3UHVHQWDFLyQGHHVFULWRV
/DWUDPLWDFLyQGHH[KRUWRV\GHPiVGHVSDFKRVUHODWLYRVDODVLWXDFLyQSHUVRQDO
GHSUHVRVRGHWHQLGRVDXQTXHHQORVPLVPRVVHVROLFLWHQWDPELpQRWUDVGLOLJHQFLDV
/D WUDPLWDFLyQ GH H[KRUWRV SHQDOHV HQ ORV TXH LQWHUHVH OD SUiFWLFD GH XQD
HQWUDGD\UHJLVWUR
&XDOTXLHU RWUD VLPLODU TXH SRU VX XUJHQFLD QR SHUPLWD HVSHUDU D DWULEXLUVH DO
-X]JDGRTXHILQDOPHQWHYDDVHUHOFRPSHWHQWH
/DV DXWRUL]DFLRQHV SDUD LQJUHVRV HQ HVWDEOHFLPLHQWRV HVSHFLDOHV GH SUHVXQWRV
LQFDSDFHV R PHQRUHV R ODV UDWLILFDFLRQHV GH ORV XUJHQWHV FRUUHVSRQGHUDQ
'(&$1$72'(/26-8=*$'26'(&$57$*(1$
GLUHFWDPHQWHVLQQHFHVLGDGGHUHSDUWRHVSHFLDODO-X]JDGRGHJXDUGLDHQODIHFKDHQ
TXHVHVROLFLWHQ
,,1250$6*(1(5$/(6'(5(3$572
&XDQGR FRQVWH OD IHFKD GH FRPLVLyQ GH ORV KHFKRV FRQRFHUi GHO DVXQWR HO MX]JDGR TXH
HVWXYLHUDGHJXDUGLDHQGLFKDIHFKD
6HHQWHQGHUiTXHFRQVWDODIHFKDFXDQGRD~QGHVFRQRFLpQGRVHHOGtDFRQFUHWR
ORV KHFKRV GHEDQ HQWHQGHUVH VXFHGLGRV HQ XQ SHULRGR GH WLHPSR TXH DEDUTXH OD
PLVPDJXDUGLDGHOPLVPRMX]JDGR
(Q HO VXSXHVWR GH TXH HQ XQD PLVPD GHQXQFLD TXHUHOOD R DWHVWDGR VH UHODWHQ
KHFKRVGLIHUHQFLDGRVDOJXQRGHORVFXDOHVDOPHQRVFRQIHFKDFRQFUHWDVHUHPLWLUi
DOTXHHVWXYLHUDGHJXDUGLDFXDQGRVXFHGLyHOSULPHUDVXQWRFRQIHFKDVLQSHUMXLFLR
GHTXHVLpVWHHVWLPDTXHQLVHWUDWDGHGHOLWRVFRQH[RVQLHOFRQRFLPLHQWRGHDOJXQR
R WRGRV ORV RWURV OH FRUUHVSRQGH FRQ DUUHJOR D ODV QRUPDV GH UHSDUWR GHGX]FD
WHVWLPRQLR SRU FDGD XQR GH HVWRV KHFKRV \ OR UHPLWD DO -X]JDGR 'HFDQR SDUD TXH
GLVWULEX\DHVRVWHVWLPRQLRVFRQDUUHJORDODVQRUPDVGHUHSDUWR
1R REVWDQWH HQ HOFDVR GH DWHVWDGR HQWUHJDGRHQ HO MX]JDGR GH *XDUGLD VL HO
MXH]HVWLPDTXHHOFRQRFLPLHQWRGHDOJXQRGHORVKHFKRVOHFRUUHVSRQGHFRQDUUHJOR
D ODV QRUPDV GH UHSDUWR SRGUi GHGXFLU WHVWLPRQLRV GH ORV GHPiV \ UHPLWLUORV D ORV
-X]JDGRVFRUUHVSRQGLHQWHVRDO-X]JDGR'HFDQRSDUDTXHGLVWULEX\DHVRVWHVWLPRQLRV
FRQDUUHJORDODVQRUPDVGHUHSDUWR
$ ORV HIHFWRV GH UHSDUWR ORV KHFKRV VXFHGLGRV KDVWD ODV KRUDV GHO GtD GH
FDPELRGHJXDUGLDTXHFRQIRUPHDODVQRUPDVGHHVWHKD\DQH[LJLGRXQDDFWXDFLyQ
MXGLFLDOOHYDQWDPLHQWRGHFDGiYHUGLOLJHQFLDGHHQWUDGD\UHJLVWURGHO-XH]VDOLHQWH
VHHQWHQGHUiQVXFHGLGRVGXUDQWHOD*XDUGLDGHpVWH
&XDQGRQRSXHGDGHWHUPLQDUVHFRQH[DFWLWXGODIHFKDGHORVKHFKRV\HOFDVRQRHVWXYLHUD
LQFOXLGRHQRWUDUHJODHO'HFDQDWRUHSDUWLUiHODVXQWRSRUWXUQRHQWUHORV-X]JDGRV
([LVWLUiXQWXPRGHUHSDUWRSDUDODVTXHUHOODV\RWURSDUDORVGHPiVDVXQWRV(QHOFDVR
GH ODV TXHUHOODV DXQTXH SRU FRQRFHUVH OD IHFKD GHO KHFKR R SUHVHQWDUVH HQ XQ DVXQWR \D
LQFRDGRHQXQMX]JDGRHOFRQRFLPLHQWRGHXQDTXHUHOODQRGHEDGHWHUPLQDUVHSRUWXUQRGH
UHSDUWR VH UHPLWLUi DO 'HFDQDWR SDUD TXH OD DQRWH HQ HO /LEUR GH UHSDUWR D ILQ GH TXH OH
FXEUDXQWXUQRDO-X]JDGRDOTXHFRUUHVSRQGD
1R REVWDQWH VL HO DVXQWR HQ TXH QR SXGLHUD GHWHUPLQDUVH FRQ H[DFWLWXG OD IHFKD GH ORV
KHFKRVVHLQLFLDSRUODVROLFLWXGSROLFLDOGHXQDDFWXDFLyQMXGLFLDOGHODVTXHFRUUHVSRQGHQDO
-X]JDGR GH *XDUGLD OHYDQWDPLHQWR GH FDGiYHU HQWUDGD \ UHJLVWUR LQWHUYHQFLyQ GH
FRPXQLFDFLRQHV VX FRQRFLPLHQWR FRUUHVSRQGHUi D GLFKR MX]JDGR VDOYR TXH H[LVWLHUDQ
DFWXDFLRQHV SROLFLDOHV GRFXPHQWDGDV DQWHULRUHV GHFODUDFLRQHV H LQWHUYHQFLyQ GH VXVWDQFLDV
'(&$1$72'(/26-8=*$'26'(&$57$*(1$
HVWXSHIDFLHQWHVRHIHFWRVHQFX\RFDVRHODVXQWRFRUUHVSRQGHUiDO-X]JDGRTXHHVWXYLHUD
GH*XDUGLDHQODIHFKDGHODPiVDQWLJXDGHHVDVDFWXDFLRQHVSROLFLDOHVGRFXPHQWDGDV
$WULEXLGRHOFRQRFLPLHQWRGHXQDFDXVDDXQ-X]JDGRFRQIRUPHDODVQRUPDVGHUHSDUWR
FRQWLQXDUi FRQRFLHQGR GHO PLVPR DXQTXH SRVWHULRUPHQWH VH OOHJXH D GHWHUPLQDUOD OD IHFKD
GHORVKHFKRVRXQDIHFKDGLVWLQWDGHODLQLFLDOPHQWHGHWHUPLQDGDVDOYRHQORVVXSXHVWRVHQ
TXHVHWUDWHGHHUURUPDQLILHVWRXRFXOWDFLyQHQODGHQXQFLDDWHVWDGRRTXHUHOOD
3DUDODGHWHUPLQDFLyQGHODIHFKDGHOKHFKRDHIHFWRVGHOUHSDUWRVHWHQGUiQHQFXHQWD
ODVVLJXLHQWHVQRUPDV
/DVDSURSLDFLRQHVLQGHELGDVGHYHKtFXORVGHDOTXLOHUVHHQWHQGHUiQVXFHGLGDVHQ
ODIHFKDHQTXHVHWHQtDSUHYLVWDODGHYROXFLyQ
/DVVXSXHVWDVHVWDIDVSRULPSDJRGHIDFWXUDVGHKRWHOVHHQWHQGHUiQFRPHWLGDV
HQODIHFKDHQTXHHOGHQXQFLDGRVHKRVSHGyHQHOHVWDEOHFLPLHQWR
/RV DEDQGRQRV GH KRJDU VH FRQVLGHUDUiQ VLQ IHFKD \ VH UHSDUWLUiQ SRU WXUQR
,PSDJRSHQVLRQHV
/DVGLOLJHQFLDVTXHVHLQFRHQHQYLUWXGGHWHVWLPRQLRGHXQDVXQWRFLYLORSHQDO
SRU KHFKRV VXFHGLGRV HQ HO PLVPR FXUVR GHO SURFHVR GHVREHGLHQFLDV IDOVRV
WHVWLPRQLRV LQMXULDV R FDOXPQLDV TXHEUDQWDPLHQWRV GH FRQGHQD FRUUHVSRQGHUiQ DO
-X]JDGRGH*XDUGLDHQODIHFKDGHOKHFKRRHQVXGHIHFWRSRUUHSDUWR
(Q ODV GHVREHGLHQFLDV VH DWHQGHUi D OD IHFKD GHO ~OWLPR UHTXHULPLHQWR
GHVDWHQGLGR
(QORVIDOVRVWHVWLPRQLRVSHQDOHVFRQGHFODUDFLyQHQODLQVWUXFFLyQ\HQHOMXLFLR
RUDODpVWD~OWLPD
(QORVTXHEUDQWDPLHQWRGHFRQGHQDVHDSOLFDUiODQRUPDGHUHSDUWRJHQHUDO\
VHHQWHQGHUiODIHFKDHQTXHTXHEUDQWDODFRQGHQD
,,,1250$6'(5(3$572'($68172648((175(1325(/6(59,&,2'(
*8$5',$
7RGR SURFHGLPLHQWR TXH VH LQFRH D FRQVHFXHQFLD GH DWHVWDGR FRQIHFFLRQDGR SRU OD 3ROLFtD
-XGLFLDO SDUD VX WUDPLWDFLyQ FRPR 'LOLJHQFLDV 8UJHQWHV HQ HO -X]JDGR GH *XDUGLD
FRUUHVSRQGHUi D pVWH FRQ LQGHSHQGHQFLD GH TXH GLFKR -X]JDGR LQFRH 'LOLJHQFLDV 3UHYLDV
-XLFLR5iSLGRR-XLFLRGH)DOWDVRDFDEHWUDQVIRUPDQGRODV'LOLJHQFLDV8UJHQWHVHQ3UHYLDV
6HLQFOX\HHOFDVRGHDWHVWDGRDPSOLDWRULRGHRWURDQWHULRUHQYLDGRDRWUR-X]JDGRGHHVWH
3DUWLGR VLHPSUH TXH HVH RWUR -X]JDGR QR KD\D SUDFWLFDGR GLOLJHQFLDV GH LQYHVWLJDFLyQ 6H
H[FHSW~DQORVVXSXHVWRVGHDWHVWDGRVFRQYDULRVLPSOLFDGRVLGHQWLILFDGRV\TXHQRKDQVLGR
GHWHQLGRVRFLWDGRVHQHOPLVPRDWHVWDGR
'(&$1$72'(/26-8=*$'26'(&$57$*(1$
,95(*/$6(63(&,$/(6-8,&,26,10(',$726'(/,726/(9(6<-8,&,265È3,'26
/RVMXLFLRVGHIDOWDVVHUHJLUiQSRUODVQRUPDVGHUHSDUWRJHQHUDOHVVDOYRORVTXHVHVHxDOHQ
SDUDVXFHOHEUDFLyQHQOD*XDUGLDƒGtDRDQWHV
(OUHVWRGHORVSURFHGLPLHQWRVTXHVHLQFRHQGLUHFWDPHQWHFRPRMXLFLRGHIDOWDVRTXH
SRU WUDWDUVH GH LQVXOWRV VLQ TXHUHOOD R SRU OD FXDQWtD DOHJDGD VHDQ LQGLVFXWLEOHPHQWH
IDOWDVDXQTXHVHKD\DLQFRDGRRWURSURFHGLPLHQWRFRUUHVSRQGHUiQDO-X]JDGRTXHHVWp
GH*XDUGLDHQHOPRPHQWRGHODUHFHSFLyQGHODGHQXQFLDRDWHVWDGR
9'(/-8=*$'2(;&/86,92'(9,2/(1&,$62%5(/$08-(5
3DUDHOFRQRFLPLHQWRGHORVSURFHVRVSRUGHOLWRRIDOWDFRQWUDDOJXQDGHODVSHUVRQDVD
ODV TXH VH UHILHUH HO DUWtFXOR GHO &yGLJR 3HQDO HO -X]JDGR GH *XDUGLD VHUi HO
FRPSHWHQWH SDUDODWUDPLWDFLyQ GHORVSURFHGLPLHQWRVGHO7tWXOR,,,GHO/LEUR,9GHOD
/H\ GH (QMXLFLDPLHQWR &ULPLQDO \ SDUD OD FHOHEUDFLyQ GH ORV MXLFLRV GH IDOWDV GH ORV
DUWtFXORV\DGHODPLVPD/H\
(Q DTXHOORV FDVRV HQ ORV TXH QR VHD SRVLEOH OD DSOLFDFLyQ GHO DQWHULRU FULWHULR HO
-X]JDGR GH ,QVWUXFFLyQ TXH SRU KHFKRV SXQLEOHV GLULJLGRV FRQWUD DOJXQD GH ODV
SHUVRQDVDODVTXHVHUHILHUHHODUWtFXORGHO&yGLJR3HQDOKD\DLQFRDGRXQ6XPDULR
2UGLQDULR SRU GHOLWR XQ MXLFLR GH IDOWDV R ELHQ 'LOLJHQFLDV 3UHYLDV GH 3URFHGLPLHQWR
$EUHYLDGRDODPSDURGHODUWtFXORRGHODUWtFXORƒGHODPLVPD/H\FRQRFHUi
GHOUHVWRGHSURFHVRVSHQDOHVSRUGHOLWRRSRUIDOWDTXHVHLQFRHQSRVWHULRUPHQWHSRU
KHFKRVLPSXWDEOHVDOPLVPRDXWRUFRQWUDORVLQWHJUDQWHVGHOPLVPRQ~FOHRIDPLOLDU\
HOOR DXQTXH HQ DTXHO SULPHU SURFHVR VH KD\D GLFWDGR DXWR GH DUFKLYR GH
VREUHVHLPLHQWRRGHDSHUWXUDGHMXLFLRRUDORKXELHUHUHFDtGRVHQWHQFLDFRQGHQDWRULDR
DEVROXWRULD 6H HQWHQGHUi FRPR SULPHU KHFKR LPSXWDEOH DO PLVPR DXWRU HO TXH KD\D
RFXUULGRFRQSRVWHULRULGDGDGHMXOLRGH
9,%8(1$635È&7,&$63$5$&8(5326<)8(5=$6'(6(*85,'$''(/(67$'2
/RVDWHVWDGRVVHHQWUHJDUiQGLUHFWDPHQWHHQHO-X]JDGRGH*XDUGLDFRQRVLQGHWHQLGRSRU
SRVLEOHGHOLWRRIDOWD
6H SURFXUDUi QR HQWUHJDUORV FRQ SRVWHULRULGDG D ODV GH OD PDxDQD VDOYR HQ VXSXHVWRV
H[FHSFLRQDOHV TXH VH MXVWLILFDUiQ HQ HO PLVPR DWHVWDGR HQ HO VHQWLGR GH TXH ORV OXQHV VH
DPSOtH HVH KRUDULR UHVSHFWR D DWHVWDGRV FRQ GHWHQLGRV KDVWD ODV KRUDV VLQ SHUMXLFLR GH
DGHODQWDUORVGDWRVQHFHVDULRVSDUDUHJLVWUR
&XDGURGHUHYLVLRQHV
'(&$1$72'(/26-8=*$'26'(&$57$*(1$
)HFKD
0RGLILFDFLRQHV
GHIHEUHURGH
'(&$1$72'(/26-8=*$'26'(&$57$*(1$
1250$6'(5(3$572'(/26-8=*$'26'(/23(1$/
,1250$6*(1(5$/(6'(5(3$572
$SOLFDFLyQGHXQFULWHULRQXPpULFRSXUDPHQWHDOHDWRULRHVWDEOHFLGRHQHO5HJLVWUR*HQHUDO
TXHHO'HFDQDWRWXUQDUiFRUUHODWLYDPHQWHpVWDVHUiODQRUPDJHQHUDOTXHVHFRPSOHPHQWD
FRQODVVLJXLHQWHV
8QWXPRHVSHFtILFRSDUDFDXVDVFRQSUHVRVSRUORVPLVPRVFULWHULRVGHODSDUWDGRDQWHULRU
\
8QWXUQRHVSHFtILFRSDUDFDXVDVGHHVSHFLDOFRPSOHMLGDGHQWHQGLHQGRSRUWDOHVDTXHOODV
TXH SUHVHQWHQ FLQFR R PiV DFXVDGRV R FLQFR R PiV WRPRV HQ OD WUDPLWDFLyQ D UHJLUVH SRU
LGpQWLFRVFULWHULRV
/RV MX]JDGRV GH ,QVWUXFFLyQ GH &DUWDJHQD \ 6DQ -DYLHU \ GH 9LROHQFLD VREUH OD PXMHU
UHPLWLUiQ ODV HMHFXWRULDV FRUUHVSRQGLHQWHV D ORV MXLFLRV UiSLGRV FRQ FRQIRUPLGDG DO MX]JDGR
GHORSHQDODTXHFRUUHVSRQGDHQGLFKDVHPDQDODFHOHEUDFLyQGH-XLFLRV5iSLGRV
,,*58326'(5(3$572
(VWDEOHFHU ORV VLJXLHQWHV FRQFHSWRV SDUD HO UHSDUWR GH DVXQWRV HQWUH ORV -X]JDGRV GH OR
3HQDO
3URFHGLPLHQWRVDEUHYLDGRVQRUPDOHV
3URFHGLPLHQWR$EUHYLDGRFRQ3UHVR
3URFHGLPLHQWR$EUHYLDGRFRQRPiVWRPRVRRPiVDFXVDGRV
([KRUWRVQDFLRQDOHV
([KRUWRVQDFLRQDOHVGLULJLGRVDXQ-X]JDGRFRQFUHWR
([KRUWRV8QLyQ(XURSHD
([KRUWRV8QLyQ(XURSHDGLULJLGRVDXQ-X]JDGRFRQFUHWR
([KRUWRVLQWHUQDFLRQDOHV
([KRUWRVLQWHUQDFLRQDOHVGLULJLGRVDXQ-X]JDGRFRQFUHWR
(MHFXFLRQHVGHGHFRPLVR
'(&$1$72'(/26-8=*$'26'(&$57$*(1$
(MHFXFLRQHVSHFXQLDULDVGHOD8QLyQ(XURSHD
-XUDGH&XHQWDVFRQWXUQRHVSHFtILFRDO-X]JDGRGHO3URFHGLPLHQWR3ULQFLSDO
5HFXUVRV GH DSHODFLyQ GHO -X]JDGR GH 9LJLODQFLD 3HQLWHQFLDULD FRQ WXUQR HVSHFtILFR DO
MX]JDGRVHQWHQFLDGRU
,,,(;&(3&,Ï15(3$5723$5$(/3(1$/
6HJ~QUHVROXFLyQGHOFRQFXUVRGH0DJLVWUDGRVDSUREDGRSRUOD&RPLVLyQ3HUPDQHQWH
GHO&RQVHMR*HQHUDOGHO3RGHU-XGLFLDOGHIHFKDKDVLGRDGMXGLFDWDULRGHO-X]JDGR
GH9LROHQFLDVREUHOD0XMHUGH&DUWDJHQDHO0DJLVWUDGR'$OEHUWR%ODQFR%DUEHUiTXLHQVH
KD\DXQLGRHQUHODFLyQDQiORJDDOPDWULPRQLRFRQOD0DJLVWUDGD'xD7HUHVDÈOYDUH]0HGLQD
(OORVXSRQHLQFRPSDWLELOLGDGSDUDFRQRFHUGHODVFDXVDVLQVWUXLGDVSRUHOUHIHULGR0DJLVWUDGR
SRUOD0DJLVWUDGDGHO-X]JDGRGHOR3HQDOQž
&RQEDVHHQGLFKDFLUFXQVWDQFLDVHDFXHUGDTXHPLHQWUDVSHUVLVWDODPLVPD
ƒ([LPLUGHUHSDUWRDO-X]JDGRGHOR3HQDOQžGH&DUWDJHQDGHORVDVXQWRVSURFHGHQWHV
GHO-X]JDGRGH9LROHQFLDVREUHOD0XMHUGH&DUWDJHQDFRQHQWUDGDFRQIHFKDSRVWHULRUDO
GHMXQLRGHIHFKDSUHYLVLEOHGHWRPDGHSRVHVLyQGHOQXHYR0DJLVWUDGR
ƒ(O-X]JDGRGHOR3HQDOQžGH&DUWDJHQDQRHVWDUiH[HQWRGHUHSDUWRGHORVDVXQWRV
TXHUHPLWDHO-X]JDGRGH9LROHQFLDVREUHOD0XMHUGH&DUWDJHQDSDUDVXHMHFXFLyQSRUHO
-X]JDGRGHOR3HQDOSRUHQWHQGHUTXHODFDXVDGHDEVWHQFLyQQRDEDUFDORVDVXQWRVHQORV
TXHVHKD\DGLFWDGRUHVROXFLyQILUPHSHQGLHQWHH[FOXVLYDPHQWHGHVXHMHFXFLyQ
ƒ6HFRPSHQVDUiWDOH[HQFLyQGHUHSDUWRPHGLDQWHODDVXQFLyQSRUSDUWHGHO-X]JDGRGH
OR 3HQDO Qž HQ H[FOXVLYD GH ORV DVXQWRV UHPLWLGRV SRU HO -X]JDGR GH ,QVWUXFFLyQ Qž GH
6DQ-DYLHUHQPDWHULDGHYLROHQFLDVREUHODPXMHU
ž$OILQDOL]DUFDGDDxRQDWXUDOVHGHWHUPLQDUiTXHFDXVDVKDQFRQRFLGRFDGD-X]JDGRHQ
PDWHULDGHYLROHQFLDVREUHODPXMHUVHJ~QHOUHIHULGRUHSDUWRILMiQGRVHODVFRPSHQVDFLRQHV
D ODV TXH KXELHUD OXJDU PHGLDQWH OD DVLJQDFLyQ GH XQ Q~PHUR GH SURFHGLPLHQWRV
FRQVHFXWLYRV SRU Q~PHUR DO -X]JDGR R -X]JDGRV TXH SRU PHQRU Q~PHUR GH DVXQWRV
DVLJQDGRVGHEDFRPSHQVDUDOTXHPD\RUQ~PHURGHDVXQWRVOHKDQVLGRDVLJQDGRV
ƒ (VWH DFXHUGR VHUi SXHVWR HQ FRQRFLPLHQWR GHO -X]JDGR GH 9LROHQFLD GH OD 0XMHU GH
&DUWDJHQDSDUDTXHORWHQJDHVSHFLDOPHQWHHQFXHQWDDODKRUDGHOVHxDODPLHQWRGH-XLFLRV
5iSLGRVHQHO-X]JDGRGHOR3HQDOGHELHQGRDUELWUDUORQHFHVDULRSDUDTXHGLFKRVMXLFLRVQR
VHDQDVLJQDGRVDO-X]JDGRGHOR3HQDOQžVLQRDOVLJXLHQWH-X]JDGRTXHSRUDJHQGDGHED
FRQRFHUGHGLFKDFODVHGHSURFHGLPLHQWRV
'(&$1$72'(/26-8=*$'26'(&$57$*(1$
&XDGURGHUHYLVLRQHV
)HFKD
0RGLILFDFLRQHV
GHIHEUHURGH
'(&$1$72'(/26-8=*$'26'(&$57$*(1$
1250$6'(5(3$572'(/26-8=*$'26'(/262&,$/
,1250$6*(1(5$/(6'(5(3$572
'HQWURGHFDGDPDWHULDFDGDDSDUWDGR$%&GDOXJDUDXQWXUQRGHUHSDUWR
&XDQGR XQD GHPDQGD VHD GHYXHOWD SRU HO -X]JDGR DO TXH LQLFLDOPHQWH VH UHSDUWLy SRU
FRQVLGHUDUTXHODFODVHGHUHSDUWRLQLFLDOHVLQFRUUHFWDVHUiQXHYDPHQWHUHPLWLGDDOPLVPR
-X]JDGRVHJ~QODFODVHTXHpVWHLQGLTXHFRQVXPLHQGRWXUQRHQODFODVHTXHFRUUHVSRQGD
&XDQGR FRQVWH HQ OD GHPDQGD R GH FXDOTXLHU RWUR PRGR TXH OD PLVPD \D KDEtD VLGR
DQWHULRUPHQWH SUHVHQWDGD \ GHVLVWLGD VHUi WXUQDGD DO -X]JDGR DO TXH IXH WXUQDGD HQ VX
PRPHQWRFRQVXPLHQGRWXUQRHQODFODVHTXHFRUUHVSRQGD
/DV GHPDQGDV SRU GHVSLGR X RWUDV FDXVDV GH H[WLQFLyQ GH OD UHODFLyQ ODERUDO TXH VH
SUHVHQWHQ HO PLVPR GtD FRQWUD OD PLVPD HPSUHVD VH WXUQDUiQ DO PLVPR MX]JDGR
FRQVXPLHQGRWXUQRHQODFODVHFRUUHVSRQGLHQWH
,,*58326'(5(3$572
5HFODPDFLRQHVGHFDQWLGDG
$ 5HFODPDFLyQGHFDQWLGDGHQJHQHUDOFXDQGRHOQ~PHURGHGHPDQGDQWHVVHDLQIHULRU
D LQFOXLGDV LQGHPQL]DFLyQ GH GDxRV \ SHUMXLFLRV FXDQGR QR VH GHULYHQ GH
DFFLGHQWHGHWUDEDMR
% 5HFODPDFLyQGHFDQWLGDGHQJHQHUDOFXDQGRHOQ~PHURGHGHPDQGDQWHVVHDLJXDOR
VXSHULRUDOHLQIHULRUD
& 5HFODPDFLyQGHFDQWLGDGHQJHQHUDOFXDQGRHOQ~PHURGHGHPDQGDQWHVVHDLJXDOR
VXSHULRUD
' ,QGHPQL]DFLyQ GH GDxRV \ SHUMXLFLRV GHULYDGRV GH DFFLGHQWH GH WUDEDMR R
HQIHUPHGDGSURIHVLRQDO
1RWD /DV GHPDQGDV GHULYDGDV GHO PLVPR DFFLGHQWH VH UHSDUWLUiQ DO -X]JDGR TXH
FRQRFLHUD R KXELHUH FRQRFLGR GHO SULPHU SURFHVR VLHPSUH TXH FRQVWH GLFKD
FLUFXQVWDQFLD R VH SRQJD GH PDQLILHVWR HQ OD GHPDQGD FRQVXPLHQGR WXUQR SRU OD
FODVHTXHFRUUHVSRQGD
( 5HFODPDFLyQDO(VWDGRGHVDODULRVGHWUDPLWDFLyQSRUDVLJQDFLyQGLUHFWDDO-X]JDGR
TXHFRQRFLyGHOGHVSLGRFRQVXPLHQGRWXUQRSRUHOFRQFHSWRGHFDQWLGDG
'HUHFKRVGHUHFKRVFDQWLGDG
'HVSLGRGLVFLSOLQDULR
'(&$1$72'(/26-8=*$'26'(&$57$*(1$
1RWD &XDQGR VH WUDPLWH XQD GHPDQGD SRU GHVSLGR FRQ DFXPXODFLyQ GH UHFODPDFLyQ GH
FDQWLGDGHVDGHXGDGDVGHHVSHFLDOFRPSOHMLGDGFXDQGRHO-X]JDGRGHFLGDODWUDPLWDFLyQGH
HVWD ~OWLPD DFFLyQ SRU VHSDUDGR VH UHPLWLUi HO WHVWLPRQLR DO 'HFDQDWR SDUD TXH DVLJQH
Q~PHURGHSURFHGLPLHQWR\ORUHPLWDDOPLVPR-X]JDGRFRQVXPLHQGRWXUQRSRUHOFRQFHSWR
GHFDQWLGDGSRUDQWHFHGHQWHV
6DQFLRQHV
([WLQFLyQGHOFRQWUDWRSRUFDXVDVREMHWLYDV$UWtFXORGHO(7
([WLQFLyQGHOFRQWUDWRSRUYROXQWDGGHOWUDEDMDGRU$UWGHO(7
6XVSHQVLyQGHFRQWUDWR\UHGXFFLyQGHMRUQDGD
1RWD&XDQGRODGHFLVLyQLPSXJQDGDDIHFWHDXQDSOXUDOLGDGGHGHVWLQDWDULRVODVGHPDQGDV
RUHFXUVRVXOWHULRUHVVHUHSDUWLUiQDO-X]JDGRTXHHVWXYLHUDFRQRFLHQGRRKXELHUDFRQRFLGR
GHO SULPHUR GH ORV SURFHVRV VLHPSUH TXH FRQVWH GLFKD FLUFXQVWDQFLD R VH SRQJD GH
PDQLILHVWRHQODGHPDQGDFRQVXPLHQGRWXUQR
9DFDFLRQHV
0DWHULD (OHFWRUDO ,PSXJQDFLyQ GH ODXGRV LPSXJQDFLyQ GH UHVROXFLyQ DGPLQLVWUDWLYD
TXHGHQLHJXHHOUHJLVWUR\GHODFHUWLILFDFLyQGHODUHSUHVHQWDWLYLGDGVLQGLFDO
&ODVLILFDFLyQSURIHVLRQDO
0RGLILFDFLyQVXVWDQFLDOGHFRQGLFLRQHVGHWUDEDMR\PRYLOLGDGJHRJUiILFD
'HUHFKRV GH FRQFLOLDFLyQ GH OD YLGD SHUVRQDO IDPLOLDU \ ODERUDO UHFRQRFLGRV
OHJDORFRQYHQFLRQDOPHQWH
6HJXULGDG6RFLDO
$ ,PSXJQDFLyQGHDOWDPpGLFD
% 'HWHUPLQDFLyQGHFRQWLQJHQFLDDFFLGHQWHGHWUDEDMRHQIHUPHGDGSURIHVLRQDO
& 5HFDUJRGHSUHVWDFLRQHVSRUIDOWDGHPHGLGDVGHVHJXULGDGHKLJLHQH
' ,QYDOLGH]LQFDSDFLGDGSHUPDQHQWH
( ,QFDSDFLGDGWHPSRUDO
) 5HLQWHJURGHSUHVWDFLRQHVVROLFLWDGDVSRU,166RPXWXDFRODERUDGRUD
* 5HLQWHJURGHJDVWRVPpGLFRV
+ 'HVHPSOHR
, 2WUDV SUHVWDFLRQHV GH 6HJXULGDG 6RFLDO MXELODFLyQ YLXGHGDG RUIDQGDG SHQVLyQ
629,JUDGRGHPLQXVYDOtD\UHYLVLyQGHDFWRVGHFODUDWLYRVGHGHUHFKRV
5HFODPDFLRQHVFRQWUDHO)2*$6$HQPDWHULDGHSUHVWDFLRQHVTXHOHVRQSURSLDV
'(&$1$72'(/26-8=*$'26'(&$57$*(1$
3URFHGLPLHQWRGHRILFLR
,PSXJQDFLyQ GH DFWRV DGPLQLVWUDWLYRV HQ PDWHULD ODERUDO \ GH VHJXULGDG
VRFLDOH[FOXLGRVORVSUHVWDFLRQDOHV
$ ,QIUDFFLRQHV\VDQFLRQHVGHORUGHQVRFLDO
% ,PSXJQDFLyQ GH UHVROXFLyQ GH OD $XWRULGDG /DERUDO VREUH SDUDOL]DFLyQ GH WUDEDMRV
SRUULHVJRJUDYHHLQPLQHQWHSDUDODVDOXG
1RWD&XDQGRHODFWRDGPLQLVWUDWLYRLPSXJQDGRDIHFWHDXQDSOXUDOLGDGGHGHVWLQDWDULRVODV
GHPDQGDV R UHFXUVRV XOWHULRUHV VH UHSDUWLUiQ DO -X]JDGR TXH HVWXYLHUD FRQRFLHQGR R
KXELHUDFRQRFLGRGHOSULPHURGHORVSURFHVRVVLHPSUHTXHFRQVWHGLFKDFLUFXQVWDQFLDRVH
SRQJDGHPDQLILHVWRHQODGHPDQGDFRQVXPLHQGRWXPR
&RQIOLFWRV&ROHFWLYRV
,PSXJQDFLyQ GH FRQYHQLRV FROHFWLYRV LPSXJQDFLyQ GH UHVROXFLyQ DGPLQLVWUDWLYD
TXHGHQLHJDHOGHSyVLWRGHHVWDWXWRVGHORVVLQGLFDWRV\GHODVDVRFLDFLRQHVHPSUHVDULDOHV
LPSXJQDFLyQGHORVHVWDWXWRVGHORVVLQGLFDWRV\GHODVDVRFLDFLRQHVHPSUHVDULDOHV
7XWHODGHGHUHFKRVIXQGDPHQWDOHV\OLEHUWDGHVS~EOLFDV
$XGLHQFLDDOGHPDQGDGRUHEHOGH
1RWD3RUDVLJQDFLyQGLUHFWDDO-X]JDGRTXHFRQRFLyGHOOLWLJLR
(MHFXFLRQHVGHDFWDVGHFRQFLOLDFLyQDQWHHO60$&\GHODXGRVDUELWUDOHV
3URFHVRVPRQLWRULRV
1RWDODVRSRVLFLRQHVDODVGHPDQGDVGHSURFHVRPRQLWRULRVHUHSDUWLUiQSRUDQWHFHGHQWHV
DO-X]JDGRTXHKD\DWUDPLWDGRHOPLVPRFRQVXPLHQGRWXUQRHQODFODVHFRUUHVSRQGLHQWH
0HGLGDVFDXWHODUHVFXDQGRQRH[LVWDSURFHGLPLHQWR\VROLFLWXGHVGHDXWRUL]DFLyQGH
HQWUDGD D GRPLFLOLR FHQWUR GH WUDEDMR VROLFLWDGD SRU OD ,QVSHFFLyQ GH 7UDEDMR R OD
$GPLQLVWUDFLyQ/DERUDO
2WURVFRQFHSWRV
$ $FWRVSUHSDUDWRULRV\GLOLJHQFLDVSUHOLPLQDUHV
% 3UiFWLFDDQWLFLSDGDGHSUXHEDFXDQGRQRH[LVWDSURFHGLPLHQWR
1RWD3RUDQWHFHGHQWHVVHUHSDUWLUiODGHPDQGDUHODFLRQDGDFRQpVWD
& &RQIOLFWRV GH FRPSHWHQFLD \ RWUDV FXHVWLRQHV UHODWLYDV D OD MXULVGLFFLyQ \
FRPSHWHQFLD
' ,PSXJQDFLyQDVLVWHQFLDMXUtGLFDJUDWXLWD
( ([KRUWRV
) 5HFODPDFLyQKRQRUDULRV
'(&$1$72'(/26-8=*$'26'(&$57$*(1$
/DVSUHVHQWHVQRUPDVGHUHSDUWRHQWUDUiQHQYLJRUDOGtDVLJXLHQWHDDTXpOHQHOTXHSRUHO
-X]JDGR 'HFDQR VH QRWLILTXH OD DSUREDFLyQ GH ODV PLVPDV SRU OD 6DOD GH *RELHUQR GHO
7ULEXQDO6XSHULRUGH-XVWLFLDGHOD5HJLyQGH0XUFLD
&XDGURGHUHYLVLRQHV
)HFKD
0RGLILFDFLRQHV
GHIHEUHURGH
'(&$1$72'(/26-8=*$'26'(/25&$
1250$6'(5(3$572'(/26-8=*$'26'(35,0(5$
,167$1&,$(,16758&&,Ð1
25'(1&,9,/
,1250$6'(5(3$572*(1$5$/(1(/25'(1&,9,/
7RGRVORVDVXQWRVVHUiQUHJLVWUDGRV\UHSDUWLGRVSRUHO6&3*GH/RUFDSRUULJXURVRRUGHQ
GH HQWUDGD \ GH IRUPD DOHDWRULD FRQ DUUHJOR D ODV FDWHJRUtDV TXH VH HVWDEOH]FDQ D
FRQWLQXDFLyQDH[FHSFLyQGHGRV~QLFRVVXSXHVWRV
'DGRTXHHQYLUWXGGH$FXHUGRGHGH-XQLRGHGHO3OHQRGHO&RQVHMR*HQHUDO
GHO 3RGHU -XGLFLDO VH DWULEX\y DO -X]JDGR GH OD ,QVWDQFLD H ,QVWUXFFLyQ Qƒ GH /RUFD HO
FRQRFLPLHQWRFRQFDUiFWHUH[FOXVLYRGHODPDWHULDUHODWLYDDODYLROHQFLDVREUHODPXMHUSRU
$FXHUGRGHOD6DODGH*RELHUQRGHO7ULEXQDO6XSHULRUGH-XVWLFLDGHOD5HJLyQGH0XUFLDGH
IHFKDTXHDSUREyORDFRUGDGRSRUOD-XQWDGH-XHFHVGHHVWHSDUWLGRHO
HO PLVPR TXHGy H[HQWR HQ HO RUGHQ FLYLO GHO FRQRFLPLHQWR GH SURFHGLPLHQWRV
RUGLQDULRVSURFHGLPLHQWRVGHIDPLOLDQRFRQWHPSODGRVHQORVVXSXHVWRVGHGHO$UWƒGH
OD/23-\SURFHGLPLHQWRVGHHMHFXFLyQGHGHXGDVJDUDQWL]DGDVSRUSUHQGDRKLSRWHFD
6RQ SURFHGLPLHQWRV GH DVLJQDFLyQ GLUHFWD DO -X]JDGR TXH FRQR]FD GHO SURFHGLPLHQWR
DQWHFHGHQWHORVGHGLYRUFLRH[LVWLHQGRVHSDUDFLyQDQWHULRUORVGHPRGLILFDFLyQGHPHGLGDV
ORVGHOLTXLGDFLyQGHVRFLHGDGGHJDQDQFLDOHVORVGHFXHQWDVGH$ERJDGR\3URFXUDGRUORV
RUGLQDULRVTXHGHULYDQGHODRSRVLFLyQGHXQPRQLWRULRORV-XLFLRVYHUEDOHVTXHGLPDQDQGH
OD RSRVLFLyQ D XQ PRQLWRULR OD HMHFXFLyQ GH WLWXOR MXGLFLDO \ ILQDOPHQWH ODV WHUFHUtDV GH
GRPLQLR\PHMRUGHUHFKR
*58326'(5(3$572&,9,/
&RQDUUHJORDORHVWDEOHFLGRDQWHULRUPHQWHVHFODVLILFDQDHIHFWRVGHUHSDUWRSRUHO6&3*ORV
VLJXLHQWHVDVXQWRVFLYLOHV
&-8,&,26'(&/$5$7,92625',1$5,261RLQFOX\H7HUFHUtDV6HUiQREMHWRGH5HSDUWR
2UGLQDULRFRQODH[HQFLyQGHO-X]JDGRQž
& -8,&,26 9(5%$/(6 62%5( 5(&83(5$&,Ï1 '( 326(6,Ï1 '( ),1&$ 5Ò67,&$ <
85%$1$ 325 )$/7$ '( 3$*2 2 325 (;3,5$&,Ï1 '(/ 3/$=2 ),-$'2
&2175$&78$/0(17( < 62%5( 5(&83(5$&,Ï1 '( 326(6,Ï1 '( ),1&$ 5Ò67,&$ 2
85%$1$32535(&$5,22EMHWRGHUHSDUWRRUGLQDULR
&-8,&,269(5%$/(662%5(5(&/$0$&,21'(&$17,'$'5HSDUWRRUGLQDULR
&5(672'(-8,&,269(5%$/(65HSDUWRRUGLQDULR
&352&(626021,725,265HSDUWRRUGLQDULR
&-8,&,26&$0%,$5O265HSDUWRRUGLQDULR
'(&$1$72'(/26-8=*$'26'(/25&$
& 352&(',0,(1726 '( )$0,/,$ &217(1&,2626 6,1 $17(&('(17(6 ,1&/8<(
18/,'$' 6(3$5$&,21 ',925&,2 02',),&$&,21 '( 0(','$6 *8$5'$ < &8672',$
2 $/,0(1726 '(+,-26 0(125(6 12 0$75,021,$/(6 $6,&2020(','$6 35(9,$6
12 &2035(1','26 (1 (/ $0%,72 '(6&5,72325(/ 7(5/23- 5HSDUWRRUGLQDULR
VLQH[HQFLyQGHO-X]JDGRQƒSRUFDGDFDVRGHIDPLOLDTXHFRQR]FDHO-X]JDGRPL[WRQž
SRUGHULYDUGHDVXQWRGH9LROHQFLDGH*pQHURFRUUHUiWXUQRUHVSHFWRGHOUHSDUWRGHDVXQWRV
GHQXHYDHQWUDGDGHIDPLOLD
&2 352&(',0,(1726 '( )$0,/,$ &216(168$'26 6,1 $17(&('(17(6 ,1&/8<(
18/,'$'6(3$5$&,21',925&,202',),&$&,21'(0(','$6*8$5'$<&8672',$2
$/,0(1726'(+,-260(125(6120$75,021,$/(612&2035(1','26(1(/$0%,72
'(6&5,72 325 (/ 7(5 /23- 5HSDUWR RUGLQDULR VLQ H[HQFLyQ GHO -X]JDGR Qƒ SRU
FDGDFDVRGHIDPLOLDTXHFRQR]FDHO-X]JDGRPL[WRQƒSRUGHULYDUGHDVXQWRGH9LROHQFLD
GH*pQHURFRUUHUiWXUQRUHVSHFWRGHOUHSDUWRGHDVXQWRVGHQXHYDHQWUDGDGHIDPLOLD
& 352&(',0,(1726 '( )$0,/,$ &21 $17(&('(17(6 (1 81 -8=*$'2 ,1&/8<(
18/,'$'6(3$5$&,21',925&,202',),&$&,21'(0(','$6*8$5'$<&8672',$
2 $/,0(1726 '( +,-26 0(125(6 12 0$75,021,$/(6 12 &2035(1','26 (1 (/
$0%,72'(6&5,72325(/7(5/23-5HSDUWRRUGLQDULRVLQH[HQFLyQGHO-X]JDGR
QžLQFOXVRDXQTXHHOSURFHGLPLHQWRDQWHFHGHQWHVHHQFRQWUDUDDUFKLYDGRSRUFXDOTXLHU
FDXVD
& 352&(',0,(1726 '( )$0,/,$ &217(03/$'26 (1 (/ $57,&8/2 7(5 '( /$
/23-5HSDUWRDO-X]JDGRQƒ
1RWD3DUDODDSOLFDFLyQGHODVQRUPDVGHUHSDUWR&&&\&VHGHEHQWRPDUHQ
FRQVLGHUDFLyQORVVLJXLHQWHVFULWHULRVGHLQWHUSUHWDFLyQ
/DVVROLFLWXGHVGHPHGLGDVIRUPXODGDVDODPSDURGHORSUHYLVWRHQHODUWtFXOR
/(& LQFOXVR FXDQGR KD\DQ VLGR ILQDOL]DGDV SRU FXDOTXLHU PRWLYR FDXVDUiQ
DQWHFHGHQWHDORVHIHFWRVGHOUHSDUWRGHXOWHULRUHVSURFHGLPLHQWRVDOPLVPR-X]JDGR
/D GHPDQGD IRUPXODGD SRU XQR GH ORV FyQ\XJHV R SURJHQLWRUHV FDXVDUi
LJXDOPHQWH DQWHFHGHQWH D ORV HIHFWRV GHO UHSDUWR DO PLVPR -X]JDGR GH OD TXH
SRVWHULRUPHQWHSXGLHUDIRUPXODUHORWURFyQ\XJHRSURJHQLWRU
& 02',),&$&,Ï1 '( 0(','$6 UHSDUWR DO MX]JDGR TXH FRQRFLy GHO SURFHGLPLHQWR
SULQFLSDOVLQH[HQFLyQGHO-X]JDGRQž
& 352&(',0,(1726 '( ),/,$&,213$7(51,'$' \ 0$7(51,'$' 352&(',0,(1726
62%5( 5(/$&,21(6 3$7(512 ),/,$/(6 62%5( /$ 1(&(6,'$' '( 6(17,0,(172 (1 /$
$'23&,21 352&(',0,(1726 '( $&2*,0,(172 2 /26 48( 7(1*$1 325 2%-(72 /$
2326,&,21 $ /$6 5(62/8&,21(6 $'0,1,675$7,9$6 (1 0$7(5,$ '( 3527(&&,21 '(
0(125(66LHPSUHTXHQRVHWUDWHGHO$UWDGHOD/23-5HSDUWRRUGLQDULRVLQ
H[HQFLyQGHO-X]JDGRQžSRUFDGDFDVRGHIDPLOLDTXHFRQR]FDHO-X]JDGRPL[WRQžSRU
GHULYDUGHDVXQWRGH9LROHQFLDGH*pQHURFRUUHUiWXUQRUHVSHFWRGHOUHSDUWRGHDVXQWRVGH
QXHYDHQWUDGDGHIDPLOLD
& ',/,*(1&,$6 35(/,0,1$5(6 < 0(','$6 &$87(/$5(6 6,1 (;,67(1&,$ '(
352&(',0,(172 5HSDUWR RUGLQDULR FDXVDQGR DQWHFHGHQWH D ORV HIHFWRV GHO UHSDUWR DO
'(&$1$72'(/26-8=*$'26'(/25&$
PLVPR -X]JDGR GH XOWHULRUHV SURFHGLPLHQWRV TXHGDQGR H[HQWR HO -X]JDGR Qž GHO
FRQRFLPLHQWRGHPHGLGDVFDXWHODUHVSUHYLDVDGHPDQGDVGHMXLFLRRUGLQDULR
&&8(17$'($%2*$'2<352&85$'256HUiQUHSDUWLGRVDO-X]JDGRTXHFRQRFLyGHO
SOHLWR
&(-(&8&,21 '( 7,78/2 12 -8',&,$/ LQFOX\HQGR HO ODXGR R UHVROXFLRQHV DUELWUDOHV
5HSDUWRRUGLQDULR
&(-(&8&,21'('(8'$6*$5$17,=$'$632535(1'$2+,327(&$5HSDUWRRUGLQDULR
VLQH[HQFLyQGHO-X]JDGRQž
& (-(&8&,21'( 7,78/2 -8',&,$/ LQFOX\HQGR DXWRV GH FXDQWtD Pi[LPD 6HUiQ
UHSDUWLGRVDO-X]JDGRTXHGLFWyODUHVROXFLyQ
& 7(5&(5,$6 '( '20,1,2 < 0(-25 '(5(&+2 5HSDUWR DO -X]JDGR TXH FRQRFH GHO
SURFHGLPLHQWRGHHMHFXFLyQ
&352&(',0,(172662%5(/$&$3$&,'$''(/$63(5621$65HSDUWRRUGLQDULR
& ,17(51$0,(1726 36,48,$75,&26 ,192/817$5,26 12 85*(17(6 5HSDUWR
RUGLQDULR
& 352&(',0,(1726 3$5$ (/ 5(&212&,0,(172 '( /$ (),&$&,$ &,9,/ '( 5(62/8&,21(6
'( 75,%81$/(6 (&/(6,$67,&26 \ 352&(',0,(1726 5(/$7,926 $ /$ /(< '( $5%,75$-(
5HSDUWRRUGLQDULR
&352&(',0,(1726'(/$',9,6,21-8',&,$/'(/$+(5(1&,$5HSDUWRRUGLQDULR
& 352&(',0,(1726 3$5$ /$ /,48,'$&,21 '(/ 5(*,0(1 (&2120,&2 0$75,021,$/
5HSDUWRDO-X]JDGRTXHFRQRFLyGHOSURFHGLPLHQWRGHIDPLOLDVLQH[HQFLyQGHO-X]JDGRQƒ
&$&726'(&21&,/,$&,215HSDUWRRUGLQDULR
&352&(',0,(1726'(-85,6',&&,2192/817$5,$5HSDUWRRUGLQDULR
&(-(&8&,21'(6(17(1&,$6'(75,%81$/(6(;75$1-(5265HSDUWRRUGLQDULR
& (;+2572 &,9,/(6 < &20,6,21(6 52*$725,$6 48( 5(48,(5$1 35(6(1&,$ -8',&,$/
5HSDUWRRUGLQDULR
& 352&(',0,(1726'(/ $57 '( /$ /(< '( $6,67(1&,$ -85,',&$ *5$78,7$ (1 (/
6838(672 '( 48( (/ 352&(',0,(1726 12 +$<$ 6,'2 ,1,&,$'2 5HSDUWR RUGLQDULR < SDUD HO
FDVRGHTXHHOSURFHGLPLHQWRHVWHLQLFLDGRVHWXUQDUiDO-X]JDGRTXHFRQRFHGHOPLVPR
& &8$/48,(5 2752 $68172 12 &2035(1','2 (1 /26 180(526 $17(5,25(6 5HSDUWR
RUGLQDULR
& 352&(',0,(1726 25',1$5,26 '(5,9$'26 '( 81 021,725,2 $17(5,25 5HSDUWR DO
-X]JDGRFRQRFHGRUGHOPRQLWRULRDH[HQFLyQGHO-X]JDGRQƒ
& (;+25726 &,9,/(6 &8<$ ',/,*(1&,$ ,17(5(6$'$ &255(6321'$ $ 81 -8=*$'2
'(7(50,1$'25HSDUWRDO-X]JDGRTXHFRQRFHGHOSURFHGLPLHQWR
&352&(',0,(1726&21$17(&('(17(6(181-8=*$'25HSDUWRDO-X]JDGRTXHFRQRFHGHO
'(&$1$72'(/26-8=*$'26'(/25&$
DVXQWR
&5(&85626'($3(/$&,21'(/26-8=*$'26'(3$=5HSDUWRRUGLQDULR
& 352&(',0,(1726 '( (-(&8&,21 3529,6,21$/ 5HSDUWR DO -X]JDGR TXH FRQRFLy GHO
SURFHGLPLHQWRSULQFLSDO
& 352&(',0,(1726 '( -8,&,2 9(5%$/ '(5,9$'26 '( 81 021,725,2 $17(5,25
5HSDUWRDO-X]JDGRFRQRFHGRUGHO-XLFLR0RQLWRULR
& 352&(','0,(1726 '( (-(&8&,21 '( 7,78/2 -8',&,$/ '( 27526 -8=*$'26
5HSDUWRRUGLQDULR
&(;(48$7855HSDUWRRUGLQDULR
25'(13(1$/
&RPR SXQWR GH SDUWLGD GHEH UHFRUGDUVH TXH GDGR TXH SRU $FXHUGR GH GH MXQLR GH
GHO 3OHQR GHO &RQVHMR *HQHUDO GHO 3RGHU -XGLFLDO VH DWULEX\y DO -X]JDGR GH D
,QVWDQFLD H ,QVWUXFFLyQ Qƒ GH /RUFD HO FRQRFLPLHQWR FRQ FDUiFWHU H[FOXVLYD TXH QR
H[FOX\HQWHGHORVVXSXHVWRVFRQWHPSODGRVHQORVDUWtFXORVWHU/23-\/(&5,0
HO H[SUHVDGR -X]JDGR VH HQFXHQWUD H[HQWR HQ HO RUGHQ SHQDO GHO UHSDUWR GH DVXQWRV TXH
VHDQFRQVHFXHQFLDGHDFFLGHQWHVGHFLUFXODFLyQ\TXHUHOODV\HOORHQYLUWXGGH$FXHUGRGH
OD6DODGH*RELHUQRGHO7ULEXQDO6XSHULRUGH-XVWLFLDGHOD5HJLyQGH0XUFLDGH
TXHDSUREyORDFRUGDGRSRUOD-XQWDGH-XHFHVGHHVWHSDUWLGRHO
&RQVHFXHQWHPHQWHVHHVWDEOHFHQODVVLJXLHQWHVQRUPDV
'(/-8=*$'2'(*8$5',$
6X GXUDFLyQ VHUi VHPDQDO \ FRPSUHQGHUi GHVGH ODV KRUDV GHO PDUWHV KDVWD OD PLVPD
KRUDGHOPDUWHVVLJXLHQWH
6RQVXVIXQFLRQHV
/D UHFHSFLyQ VHOODGR \ IHFKDGR GH WRGRV ORV DWHVWDGRV GHQXQFLDV R HVFULWRV TXH VH
SUHVHQWHQHQGLFKR-X]JDGRGXUDQWHVXSHULRGRGHJXDUGLDDVtFRPRHOUHJLVWURLQIRUPiWLFR
FRPSOHWR HQ HO VLVWHPD GH JHVWLyQ SURFHVDO GH ORV PLVPRV FRQVLJQDQGR WRGRV ORV GDWRV
H[LVWHQWHVVREUHLQWHUYLQLHQWHVSURIHVLRQDOHVHWF3DUDXQLILFDUHOUHJLVWURVHXWLOL]DUDSDUDOD
LGHQWLILFDFLyQGHORVLQWHUYLQLHQWHVQRVHXWLOL]DUDQSXQWRVFRPDVRJXLRQHV
13$5$(/1,)
;180(52'(,'(17,),&$&,21'((;75$1-(526
73$5$(/3$6$3257(
=3$5$)8(5=$6<&8(5326'(6(*85,'$''(/(67$'2
/DWRPDGHGHFODUDFLyQGHORVGHWHQLGRVGXUDQWHHOWXUQRGHJXDUGLD\ODUHJXODUL]DFLyQGH
VXVLWXDFLyQSHUVRQDO
/D LQVWUXFFLyQ GH ODV 'LOLJHQFLDV 8UJHQWHV FRQ \ VLQ GHWHQLGR KDVWD HO GLFWDGR GH
'(&$1$72'(/26-8=*$'26'(/25&$
6HQWHQFLDR$XWRGHVREUHVHLPLHQWRRELHQKDVWDHOVHxDODPLHQWRGHMXLFLRDQWHHO-X]JDGR
GHOR3HQDO(QVXFDVRGHH[LVWLUGLOLJHQFLDVDQWHFHGHQWHVHQRWUR-X]JDGRVHOHUHFODPDUDQ
SDUDVXDFXPXODFLyQRELHQVHUHPLWLUiFRPXQLFDFLyQDOPLVPRDORVHIHFWRVRSRUWXQRV(Q
FDVRGHSRVWHULRUWUDQVIRUPDFLyQHQ'LOLJHQFLDV3UHYLDVVHUHPLWLUiQDO-X]JDGRFRPSHWHQWH
VHJ~QODVQRUPDVGHUHSDUWR
/D UHVROXFLyQ GH ODV VROLFLWXGHV GH ,QWHUQDPLHQWR GH H[WUDQMHURV FRQIRUPH D OD /2
/DH[SHGLFLyQGHOLFHQFLDVGHLQKXPDFLyQRLQFLQHUDFLyQIXHUDGHODVKRUDVGHDWHQFLyQDO
S~EOLFR GHO 5HJLVWUR &LYLO GH /RUFD ÈJXLODV \ 3XHUWR /XPEUHUDV XWLOL]DQGR DO HIHFWR HO
LPSUHVRSURSRUFLRQDGRSRUHOPLVPR
5HVROYHU ODV VROLFLWXGHV GH ,QWHUQDPLHQWRV 3VLTXLiWULFRV LQYROXQWDULRV XUJHQWHV TXH VH
HIHFW~HQ GH FRQIRUPLGDG FRQ OR SUHYLVWR HQ HO 3URWRFROR GH FRRUGLQDFLyQ GH DFWXDFLRQHV
SDUDORVWUDVODGRVHLQJUHVRVGHSHUVRQDVTXHSDGHFHQHQIHUPHGDGPHQWDOGHOD6HFUHWDULD
$XWRQyPLFD GH $WHQFLyQ DO &LXGDGDQR 2UGHQDFLyQ 6DQLWDULD \ 'URJRGHSHQGHQFLD GH OD
&RQVHMHUtD GH 6DQLGDG GH OD &RPXQLGDG $XWyQRPD GH OD 5HJLyQ GH 0XUFLD \ HO 6HUYLFLR
0XUFLDQRGH6DOXGTXHVHDGMXQWDFRPRDQH[R\VHUHFHSFLRQHQGXUDQWHHOSHULRGRGH
SUHVWDFLyQGHOVHUYLFLRGHJXDUGLDFRQLQGHSHQGHQFLDGHODIHFKDHQTXHHIHFWLYDPHQWHVH
SURGXMHUDHOLQJUHVR
&HOHEUDUORV-XLFLRV,QPHGLDWRVGH)DOWDVVHxDODGRVGXUDQWHHOSHULRGRGHJXDUGLDVHJ~Q
ODVQRUPDVGHUHSDUWRYLJHQWHVHQFDVRGHWUDQVIRUPDFLyQSRVWHULRUHQ'LOLJHQFLDV3UHYLDVR
VXVSHQVLyQGHODYLVWDSRUFXDOTXLHUPRWLYR
5HDOL]DUODVGLOLJHQFLDVGHULYDGDVGHODFRPXQLFDFLyQGHOIDOOHFLPLHQWRGHXQDSHUVRQD
5HFLELU\UHVROYHUODVVROLFLWXGHVGHDXWRUL]DFLyQMXGLFLDOGHHQWUDGD\UHJLVWURGRPLFLOLDULR
HQWUHJD R FLUFXODFLyQ YLJLODGD LQWHUYHQFLyQ WHOHIyQLFD GH FRUUHVSRQGHQFLD R GH DSDUDWRV
HOHFWUyQLFRVRLQIRUPiWLFRV\SURWHFFLRQHVGHWHVWLJRVIRUPXODGDVUHVSHFWRGHKHFKRVVREUH
ORV TXH QR FRQR]FD FRQ DQWHULRULGDG RWUR -X]JDGR R ELHQ VL H[LVWLHQGR XQD FDXVD
SUHFHGHQWHODVROLFLWXGVHIRUPXODGHVSXpVGHODVKRUDVGHFXDOTXLHUGtDODERUDEOHR
HQ ViEDGR R IHVWLYR VLQ SHUMXLFLR GH ODV FRPXQLFDFLRQHV TXH HQ HVWH FDVR SXHGDQ
HVWDEOHFHUVHHQWUHHO-XH]GH*XDUGLD\HO-XH]LQVWUXFWRUGHODFDXVDDILQGHTXHpVWHVLOR
HVWLPDRSRUWXQRSXHGDDXWRUL]DU\SUDFWLFDUODGLOLJHQFLDGLUHFWDPHQWH
(Q WDOHV VXSXHVWRV GHVSXpV UHVROYHU OD VROLFLWXG \ SUDFWLFDU HQ VX FDVR ODV SULPHUDV
GLOLJHQFLDV HQFDPLQDGDV D OD GHWHUPLQDFLyQ GHO KHFKR GHOLFWLYR DVHJXUDPLHQWR GH ELHQHV
REMHWRV\SHUVRQDVLQWHUYLQLHQWHVHO-X]JDGRGH*XDUGLDGHQRH[LVWLUFDXVDSUHFHGHQWHODV
UHPLWLUi DO 6&3* SDUDVX UHSDUWR FRQIRUPHSURFHGD VHJ~Q OD QRUPD DSOLFDEOH RELHQ DO
-X]JDGRTXHLQVWUX\DODFDXVDSUHFHGHQWH
$HVWRVHIHFWRVVHFRQVLGHUDUiTXHH[LVWHXQDFDXVDSUHFHGHQWHFXDQGRFRQXQDDQWHODFLyQ
GH DO PHQRV FXDUHQWD \ RFKR KRUDV HO FXHUSR SROLFLDO VROLFLWDQWH KXELHUD SUHVHQWDGR HQ HO
-X]JDGR FRPSHWHQWH SDUD HO FRQRFLPLHQWR GH OD FDXVD HO DWHVWDGR RULJLQDO D~Q FXDQGR HO
PLVPR DO WLHPSR GH UHFHSFLRQDUVH OD VROLFLWXG GH LQWHUYHQFLyQ QR HVWXYLHUD UHJLVWUDGR R
ELHQKXELHUDVLGRDUFKLYDGRSRUDTXHO
'(&$1$72'(/26-8=*$'26'(/25&$
/RV PDQGDPLHQWRV GH HQWUDGD \ UHJLVWUR VROLFLWDGRV SRU ODV )XHU]DV \ &XHUSRV GH
6HJXULGDG GHO (VWDGR VHJXLUiQ VLHQGR FRPSHWHQFLD GHO -X]JDGR TXH OR HVWi GH JXDUGLD
TXLHQQHFHVDULDPHQWHLQVWUXLUiODVSULPHUDVGLOLJHQFLDVHQFDPLQDGDVDODGHWHUPLQDFLyQGHO
KHFKR GHOLFWLYR DVHJXUDPLHQWR GH ELHQHV REMHWRV \ SHUVRQDV LQWHUYLQLHQWHV H
LQPHGLDWDPHQWHODVUHPLWLUiDO6&3*SDUDVXUHSDUWRFRQIRUPHSURFHGDVHJ~QODQRUPD
DSOLFDEOH
5HFLELU \ UHVROYHU ODV VROLFLWXGHV GH LQWHUYHQFLyQ WHOHIyQLFD GH FRUUHVSRQGHQFLD R GH
DSDUDWRV HOHFWUyQLFRV R LQIRUPiWLFRV IRUPXODGDV UHVSHFWR GH KHFKRV VREUH ORV TXH QR
FRQR]FD FRQ DQWHULRULGDG RWUR -X]JDGR R ELHQ VL H[LVWLHQGR XQD FDXVD SUHFHGHQWH OD
VROLFLWXGGHLQWHUYHQFLyQVHIRUPXODGHVSXpVGHODVKRUDVGHFXDOTXLHUGtDODERUDEOHR
HQViEDGRRIHVWLYR
$HVWRVHIHFWRVVHFRQVLGHUDUiTXHH[LVWHFDXVDSUHFHGHQWHFXDQGRFRQXQDDQWHODFLyQGH
DO PHQRV FXDUHQWD \ RFKR KRUDV HO FXHUSR SROLFLDO VROLFLWDQWH KXELHUD SUHVHQWDGR HQ HO
-X]JDGR FRPSHWHQWH SDUD HO FRQRFLPLHQWR GH OD FDXVD HO DWHVWDGR RULJLQDO D~Q FXDQGR HO
PLVPR DO WLHPSR GH GHFHSFLRQDUVH OD VROLFLWXG GH LQWHUYHQFLyQ QR HVWXYLHUD UHJLVWUDGR R
ELHQKXELHUDVLGRDUFKLYDGRSRUDTXpO
5HFHSFLyQGHGHQXQFLDVYHUEDOHV
5HVROXFLyQ GH ODV VROLFLWXGHV GH RUGHQHV GH SURWHFFLyQ TXH VH IRUPXOHQ IXHUD GH ODV
KRUDV GH DXGLHQFLD GHO -X]JDGR GH 9LROHQFLD VREUH OD 0XMHU DVt FRPR UHVROYHU VREUH OD
VLWXDFLyQ SHUVRQDO GH ORV GHWHQLGRV D ORV TXH VH LPSXWH XQ GHOLWR SUHYLVWR HQ HO $UW OHWUD D GH OD / ( &50 \ TXH LJXDOPHQWH IXHUDQ SUHVHQWDGRV IXHUD GH ODV KRUDV GH
DXGLHQFLDGHOH[SUHVDGRyUJDQR
3UDFWLFDU ODV GLOLJHQFLDV UHODWLYDV D UHTXLVLWRULDGRV SRU -X]JDGRV GH RWURV SDUWLGRV
MXGLFLDOHVRELHQSRUyUJDQRVGHHVWHSDUWLGRTXHIXHUDQSUHVHQWDGRVIXHUDGHKRUDKiELOR
HQViEDGRRIHVWLYR
5HFHSFLyQGHODVSHWLFLRQHVGHDX[LOLRMXGLFLDOGHFDUiFWHUXUJHQWHDVtFRPRGHODVTXH
FRQWHQJDQGLOLJHQFLDVDSUDFWLFDUUHVSHFWRGHODVLWXDFLyQSHUVRQDOGHSUHVRVRGHWHQLGRV
3URFHGLPLHQWR+DEHDV&RUSXV\DFWXDFLRQHVTXHGHULYHQGHOPLVPR
$XWRUL]DFLRQHVUHODWLYDVDODVROLFLWXGGHH[WUDFFLyQGHyUJDQRVSDUDWUDQVSODQWH
/DUHDOL]DFLyQGHSUXHEDDQWLFLSDGDHQORVFDVRVHQORVTXHSURFHGDFRQIRUPHDODUWtFXOR
ƒ/(&5,0
5HVROYHU OD VROLFLWXG VREUH PHGLGDV FDXWHODUHV GH QDWXUDOH]D SHQDO FX\D SHWLFLyQ VH
IRUPXOHDQWHHOPLVPR
5HVROYHUWRGRVDTXHOORVDVXQWRVTXHODVOH\HVVHDWULEX\DQSRUVXFDUiFWHUXUJHQWHDO
-X]JDGRGH*XDUGLD\TXHVHDQFRPSHWHQFLDGHRWURVyUJDQRVMXULVGLFFLRQDOHV
'(&$1$72'(/26-8=*$'26'(/25&$
5HFHSFLyQ GH ODV SUHVHQWDFLRQHV SHULyGLFDV DSXG DFWD HVWDEOHFLGDV SRU yUJDQRV
MXGLFLDOHVGHRWURV3DUWLGRV-XGLFLDOHVDVtFRPRGHODVHVWDEOHFLGDVSRUORVGHpVWHTXHVH
SURGX]FDQIXHUDGHODVKRUDVGHDXGLHQFLDGHO-X]JDGRTXHODLPSXVRRHQViEDGRRIHVWLYR
*58326'(5(3$5723(1$/
$7(67$'26'(181&,$662%5(+(&+262&855,'26(1)(&+$'(7(50,1$'$GH
FX\RUHSDUWRQRHVWpH[HQWRHO-X]JDGRGHOD,QVWDQFLDH,QVWUXFFLyQ1ƒQLHVWpQLQFOXLGRV
HQODVFDWHJRUtDVREMHWRGHUHSDUWRHVSHFtILFRVHUiQUHSDUWLGDVDO-X]JDGRGH*XDUGLDHQWDO
IHFKDFRQODVVLJXLHQWHVSUHFLVLRQHV
6L HO KHFKR RFXUUH HO GtD GH FDPELR GH JXDUGLD \ QR FRQVWD OD KRUD GH FRPLVLyQ VHUi
FRPSHWHQWHHO-X]JDGRHQWUDQWH
(Q FDVR GH YDULRV KHFKRV VHUi FRPSHWHQWH HO -X]JDGR GH JXDUGLD HQ OD IHFKD FLHUWD PiV
DQWLJXD
(Q FDVR GH IDOOHFLPLHQWR MXGLFLDOL]DGR XQD YH] UHDOL]DGDV ODV GLOLJHQFLDV TXH LQFXPEHQ DO
-X]JDGRGH*XDUGLDVLODIHFKDGHODPXHUWHHVWiGHWHUPLQDGDVHUi-X]JDGRFRPSHWHQWHHO
TXHSUHVWDUDHOVHUYLFLRGHJXDUGLDHQODIHFKDGHODPXHUWHFRQOD~QLFDH[FHSFLyQGHTXH
HOIDOOHFLPLHQWRQRIXHUDLQPHGLDWRDOKHFKRTXHORJHQHUDVLQRTXHVHSURGXFHYDULRVGtDV
GHVSXpVHQFX\RFDVRHODVXQWRVHUiFRPSHWHQFLDGHO-X]JDGRGH*XDUGLDHQODVIHFKDGHO
KHFKRJHQHUDGRUGHOSURFHVRFDXVDOTXHDERFRDOIDOOHFLPLHQWR'(6$3$5(&($3$57$'2E
6HDSOLFDUiODSUHVHQWHQRUPDGHUHSDUWRHQORVVXSXHVWRVGHLQFDXWDFLyQGHHVWXSHIDFLHQWHV
GHIRUPDFDVXDORVLQLQYHVWLJDFLyQSROLFLDOSUHYLD
$7(67$'26'(181&,$6 5(/$7,926 $ +(&+26 2&855,'26 (1 )(&+$
,1'(7(50,1$'$GHFX\RUHSDUWRQRHVWpH[HQWRHO-X]JDGRGH,QVWDQFLDH,QVWUXFFLyQQž
QLHVWpQLQFOXLGRVHQODVFDWHJRUtDVREMHWRGHUHSDUWRHVSHFLILFRVHUiQREMHWRGHUHSDUWRSRU
WXUQRDOHDWRULR
6H DSOLFDUD OD SUHVHQWH QRUPD GH UHSDUWR HQ ORV FDVRV GH LQFDXWDFLyQ GH HVWXSHIDFLHQWHV
UHVXOWDQWHGHXQDLQYHVWLJDFLyQSROLFLDOSUHYLD
6(5$1 6,(035( 2%-(72 '( 5(3$572(63(&,),&2 FRQ LQGHSHQGHQFLD GH VX IHFKD
/26 $7(67$'26'(181&,$6',/,*(1&,$6 ,1)250$7,9$6 5(/$7,9$6 $ /26
6,*8,(17(6'(/,726
$'HOLWRVFRQWUDOD+DFLHQGD3~EOLFD\FRQWUDOD6HJXULGDG6RFLDO$
%'HOLWRVUHODWLYRVDOD2UGHQDFLyQGHO7HUULWRULR\OD3URWHFFLyQGHO3DWULPRQLR+LVWyULFR\
GHO0HGLR$PELHQWH%
&'HOLWRVFRQWUDOD$GPLQLVWUDFLyQ3~EOLFDLQFOXLGRVHQHO7LWXOR;,;OLEURGHO&yGLJR
3HQDO&
'(&$1$72'(/26-8=*$'26'(/25&$
/26$7(67$'26'(181&,$662%5('(/,726'(,03$*2'(3(16,21FXDQGRHQ
FXDOTXLHUD GH ORV -X]JDGRV VH WUDPLWH XQ SURFHGLPLHQWR VREUH ORV PLVPRV KHFKRV HQ XQ
HVWDGR DQWHULRU DO GLFWDGR GHO $XWR GH &RQWLQXDFLyQ GHO 3URFHGLPLHQWR $EUHYLDGR VH OH
WXUQDUiDGLFKR-X]JDGRHQDSOLFDFLyQGHODSUHVHQWHQRUPDGHUHSDUWR\VLSRUHOFRQWUDULR
QR KXELHUD QLQJ~Q SURFHGLPLHQWR HQ WUiPLWH VH UHSDUWLUi FRQ OD FODYH HVWR HV FRQ
FDUiFWHUDOHDWRULRDFUHGLWiQGRVHVHJQSURFHGDTXHHODVXQWRHVWiYLYR
/$6&$86$6&2135(62VHUiQREMHWRGHUHSDUWRGLUHFWRDO-X]JDGRGH*XDUGLDHQOD
IHFKD GH FRPLVLyQ GHO KHFKR \ GH UHVXOWDU OD PLVPD LQFLHUWD VH UHSDUWLUi SRU WXUQR
HVSHFtILFR\DOHDWRULR
/$648(5(//$6VHUHSDUWLUiSRUWXUQRDOHDWRULRFRQLQGHSHQGHQFLDGHODIHFKDGHO
KHFKR\FRQH[HQFLyQWRWDOGHO-X]JDGRGHOD,QVWDQFLDH,QVWUXFFLyQ1ƒ
/26 $7(67$'26 3$57(6 0(',&26 \ '(181&,$6 62%5( /(6,21(6 325
,0358'(1&,$ (1 $&&,'(17( '( 75$),&2 12 ,1&/8<( '(/,726 &2175$ /$
6(*85,'$' 9,$/ 2&855,'26 (1 )(&+$ (1 48( (67( '( *8$5',$ (/ -8=*$'2 '(
,16758&&,Ï1 1ƒ < GH ORV TXH HVWi H[HQWR VH UHSDUWLUiQ SRU WXUQR DOHDWRULR HQWUH HO
UHVWR GH -X]JDGRV GH LJXDO FODVH VDOYR TXH \D VH KD\D UHJLVWUDGR XQ SDUWH GH OHVLRQHV R
GHQXQFLD SRU ORV PLVPRV KHFKRV HQ FX\R FDVR VH SURFHGHUi D OD DVLJQDFLyQ GLUHFWD DO
PLVPR-X]JDGR
/26 352&(',0,(1726 '(5,9$'26 '( /$ $8725,=$&,21 '( ,17(59(&,21(6
7(/()21,&$6 '( &255(6321'(1&,$ 2 '( $3$5$726 (/(&7521,&26 2
,1)250$7,&26 DXWRUL]DGDV SRU HO -X]JDGR GH *XDUGLD FXDQGR QR H[LVWH FDXVD SUHYLD QL
IHFKDGHWHUPLQDGDLJXDOPHQWHVHUHSDUWLUiQDOHDWRULDPHQWH
62/,&,78'(6'(&223(5$&,21-8',&,$/,17(51$&,21$/<(;+257263(1$/(6
VHUiQ REMHWR GH UHSDUWR SRU WXUQR DOHDWRULR VDOYR ORV TXH GHULYHQ GH SURFHGLPLHQWRV
FRPSUHQGLGRV HQ HO DUWLFXOR WHU /23- HQ FX\R FDVR VH SURFHGHUi D OD DVLJQDFLyQ
GLUHFWDDO-X]JDGRGH,QVWUXFFLyQQž
/26 7(67,021,26 '( 3$57,&8/$5(6 VHUiQ REMHWR GH UHSDUWR DOHDWRULR TXHGDQGR
VLHPSUHH[FOXLGRGHOPLVPRHO-X]JDGRTXHDFRUGyGHGXFLUOR
$7(67$'26'(181&,$6 62%5( +(&+26 &217(03/$'26 (1 /26 $57,&8/26 7(5 /23- \ /(&5,0 &21 ,1'(3(1'(1&,$ '( 68 )(&+$ VHUiQ GH DWULEXFLyQ
GLUHFWDDO-X]JDGRGH,QVWUXFFLyQQƒGH/RUFDGH9LROHQFLDVREUHODPXMHU
$3(/$&,21(6'(/26-8=*$'26'(3$=6HUHSDUWLUiQSRUWXUQRDOHDWRULR
,1+,%,&,21(65(&,%,'$6'(27526-8=*$'26
)8(5$'(/3$57,'2-8',&,$/<48(&2167($17(&('(17((181-8=*$'2VHWXUQDUD
SRUDVLJQDFLyQGLUHFWDDO-X]JDGRTXHFRQR]FDGHOD&DXVD
&8(17$6'($%2*$'2352&85$'25(,038*1$&,21(6'(5(62/8&,2,1(6'(
-867,&,$*5$78,7$VHUHSDUWLUiQDO-X]JDGRTXHFRQRFLyGHOSURFHGLPLHQWRSULQFLSDO
'(&$1$72'(/26-8=*$'26'(/25&$
62/,&,78'(6'(',/,*(1&,$6',5,*,'$6$81-8=*$'2&21&5(72VHUHSDUWLUiQ
SRUDVLJQDFLyQGLUHFWDDO-X]JDGRTXHGHEDSUDFWLFDUODGLOLJHQFLD
-8=*$'2'(*8$5',$DVLJQDFLyQGLUHFWD
%8(1$635È&7,&$6(1(/5(*,6752<5(3$572'($681726
3DUDODFRUUHFWDDSOLFDFLyQGHODVH[SUHVDGDVQRUPDVGHUHSDUWROD-XQWD6HFWRULDOGH-XHFHV
GH 3ULPHUD ,QVWDQFLD H ,QVWUXFFLyQ HVWLPD RSRUWXQR HVWDEOHFHU HO VLJXLHQWH FDWiORJR GH
EXHQDVSUiFWLFDVTXHHQORVXFHVLYRGHEHQREVHUYDUVHHQHOUHSDUWRGHDVXQWRV
3DUD OD WUDPLWDFLyQ
LQIRUPiWLFD GHO UHJLVWUR \ UHSDUWR HO 6 & 3 * XWLOL]DUi ODV FODYHV
LQIRUPiWLFDV TXH HQ HO RUGHQ FLYLO \ SHQDO VH JHQHUHQ FRQ OD PLVPD QXPHUDFLyQ TXH OD
QRUPDGHUHSDUWRHQFXHVWLyQ
7DQWR HO -X]JDGR GH *XDUGLD FRPR HO 63* VHOODUDQ \ IHFKDUDQ HO PLVPR GtD GH VX
SUHVHQWDFLyQ ORV DWHVWDGRV GHQXQFLDV FRPSDUHFHQFLDV \ GRFXPHQWRV TXH UHFHSFLRQHQ HQ
VXVGHSHQGHQFLDV
6H REVHUYDUD XQD HVSHFLDO GLOLJHQFLDV HQ HO WUDWDPLHQWR GH ODV &$86$6 &21 35(62 2
6(&5(7$6 GHELHQGR SURFHGHU HO 6&*3 DO UHSDUWR R HQYtR XUJHQWH GH XQDV \ RWUDV DVt
FRPR VX UHPLVLyQ DO -X]JDGRGHVWLQDWDULR GHQWUR GH ODV YHLQWLFXDWUR KRUDV VLJXLHQWHV D VX
UHSDUWR SUDFWLFD pVWD XOWLPD TXH WDPELpQ GHEHUi REVHUYDU HO -X]JDGR GH *XDUGLD HQ ORV
FDVRVGHLQKLELFLyQ
(QHOFDVRGHGLOLJHQFLDVDPSOLDWRULDVVHGHEHUiXQLUDOH[SHGLHQWHDOWLHPSRGHUHPLWLUOR
DO -X]JDGR FRUUHVSRQGLHQWH HO UHSRUWH LQIRUPiWLFR R GRFXPHQWR GRQGH REUHQ ORV GDWRV
VREUH ODV GLOLJHQFLDV RULJLQDOHV \ VH UHJLVWUDUD FRPR VL GH XQ HVFULWR VH WUDWDUD GHELHQGR
REVHUYDUVHDVLPLVPRGLFKDSUiFWLFDHQHOFDVRGHUHSDUWRGHXQDWHVWDGRRGHQXQFLDSRU
GHOLWRGHLPSDJRGHSHQVLyQHQORVFDVRVTXHFRQWHPSODODQRUPDGHUHSDUWRSHQDO
&XDQGRXQ-X]JDGRUHFKDFHHOUHSDUWRTXHOHKD\DVLGRHIHFWXDGRORGHYROYHUiDO6&3*
SUHFHGLGR GHO PRGHOR QRUPDOL]DGR GH GHYROXFLyQ TXH VH DFRPSDxD FRPR $QH[R FRQ
LQGLFDFLyQ H[SUHVD HQ HO PLVPR GH OD FDXVD GHO UHFKD]R \ GH OD QRUPD TXH VH HVWLPD
DSOLFDEOH 3URFHGHUi LJXDOPHQWH D OD GHYROXFLyQ LQIRUPiWLFD \ SRVWHULRU SUHVHQWDFLyQ GHO
DWHVWDGR TXH UHFKD]D SDUD VX FRUUHFWR UHSDUWR \ HQYLy SRU HO 6&3* DO -X]JDGR TXH
FRUUHVSRQGD
(Q HO FDVR GH WHVWLPRQLR GH SDUWLFXODUHV HIHFWXDGRV HQ HO -X]JDGR GH *XDUGLD SRU
GLOLJHQFLDVFRQGHWHQLGRV\RLPSXWDGRVSDUDVXSRVWHULRUUHPLVLyQDGLYHUVRV-X]JDGRVSRU
VHUDPSOLDWRULRVGHOTXHH[LVWDHQFDGDXQRVHUHPLWLUiHORULJLQDODO-X]JDGRTXHFRQR]FD
GH OD FDXVD PiV DQWLJXD \ ORV VXFHVLYRV WHVWLPRQLRV VHUiQ HIHFWXDGRV SRU HO -X]JDGR GH
*XDUGLDFRPSHWHQWHDFRPSDxDQGRDO-X]JDGRDOTXHVHUHPLWLUiQHOVRSRUWHLQIRUPiWLFRR
GRFXPHQWRVGRQGHREUHQORVGDWRVVREUHODVGLOLJHQFLDVRULJLQDOHV
'(&$1$72'(/26-8=*$'26'(/25&$
%8(1$635È&7,&$6'(/26-8=*$'26'(/23(1$/<'(,167$1&,$(
,16758&&,Ï1
6LHO-X]JDGRGH,QVWUXFFLyQHVWiUHDOL]DQGRODJXDUGLDXQOXQHVRXQPDUWHVGHEHVHxDODU
HO MXLFLR 2UDO -XLFLR 5iSLGR SDUD OD VLJXLHQWH VHPDQD QDWXUDO LQPHGLDWD HQ HO GtD TXH HO
-X]JDGRGHOR3HQDOGHJXDUGLDGH-XLFLRV5iSLGRVWHQJDKDELOLWDGRDOHIHFWR6LHO-X]JDGR
GH,QVWUXFFLyQHVWiUHDOL]DQGRODJXDUGLDGHPLpUFROHVDGRPLQJRGHEHVHxDODUHOMXLFLRRUDO
-XLFLR 5iSLGR SDUD OD VLJXLHQWH VHPDQD QDWXUDO LQPHGLDWD HQ HO GtD TXH HO -X]JDGR GH OR
3HQDO GH JXDUGLD GH -XLFLRV 5iSLGRV WDQJD KDELOLWDGR DO UHVSHFWR /RV SURFHGLPLHQWRV GH
-XLFLRV 5iSLGRV VH UHPLWLUiQ FRQ XUJHQFLD GLUHFWDPHQWH DO -X]JDGR GH OR 3HQDO TXH GHED
FRQRFHUGHOHQMXLFLDPLHQWRSDUDHYLWDUVXVSHQVLRQHVGHMXLFLRV
/DV'LOLJHQFLDV8UJHQWHVFRQVHQWHQFLDGHFRQIRUPLGDG\TXHGHEDQSDVDUDHMHFXWRULDVH
UHPLWLUiQ SRU ORV -X]JDGRV GH ,QVWUXFFLyQ DO 6&3* D ILQ GH TXH VH KDJD VX SHUWLQHQWH
5HJLVWUR\5HSDUWR
/RV3URFHGLPLHQWRV$EUHYLDGRVHOHYDGRVDO3HQDOSDUDVXHQMXLFLDPLHQWRVHUHPLWLUiQSRU
ORV-X]JDGRVGH,QVWUXFFLyQDO6&3*SDUDVX5HJLVWUR5HSDUWR\(QYtR
&RQODILQDOLGDGGHIDFLOLWDUODVHMHFXFLRQHVGH3HQDOTXHHVWiQVREUHFDUJDGRVVHVROLFLWD
GH ORV -X]JDGRV GH ,QVWUXFFLyQ OD VLJXLHQWH FRODERUDFLyQ FXDQGR UHFDLJD VHQWHQFLD GH
FRQIRUPLGDGHQODV'LOLJHQFLDV8UJHQWHV
D5HFDtGDVHQWHQFLDGHFRQIRUPLGDGFRQSHQDGHSULVLyQLQIHULRUDGRVDxRVORV-X]JDGRV
GH,QVWUXFFLyQHODUWž&3HQDOH[LJHTXHVHDGRSWHFRQXUJHQFLDGHEHUiQSURQXQFLDUVH
VREUHODUHVSRQVDELOLGDGFLYLO3DUDHOORORV)LVFDOHVGHEHUiQHQOD*XDUGLDLQIRUPDUVREUHWDO
H[WUHPR 6L WLHQH TXH DERQDU OD UHVSRQVDELOLGDG FLYLO VH SXHGH FRQFHGHU OD VXVSHQVLyQ
FRQGLFLRQDGDDTXHDERQHODUHVSRQVDELOLGDGFLYLOHQXQSOD]REUHYHGHGLH]RTXLQFHGtDV
GHIRUPDTXHHO-X]JDGRGHOR3HQDOFRPSUREDUiVLHQGLFKRSOD]RVHKDHIHFWXDGRHOSDJR\
FDVRFRQWUDULRUHYRFDUiODVXVSHQVLyQFRQFHGLGD
E'HEHUHTXHULUVHSRUHO-X]JDGRGH,QVWUXFFLyQDOSHQDGRSDUDTXHHQWUHJXHHOFDUQHWGH
FRQGXFLU \ SDUD TXH VH DEVWHQJD GH FRQGXFLU VH OH KD LPSXHVWR SHQD GH SULYDFLyQ GHO
GHUHFKR D FRQGXFLU 3RVWHULRUPHQWH HO 3HQDO SUDFWLFDUi OD OLTXLGDFLyQ GH FRQGHQD VH KD
HQWUHJDGRHOFDUQHWTXHVHUHPLWLUiMXQWRDODHMHFXWRULD
F 'HEHU UHTXHULU HO -X]JDGR GH ,QVWUXFFLyQ DO SHQDGR SDUD TXH HIHFW~H HO SDJR GH ODV
PXOLWDV LPSXHVWDV VL ELHQ SDUD IDFLOLWDUOH HO Q~PHUR GH FXHQWD GRQGH DIHFWDU HO LQJUHVR
GHEHUiQFLWDUORDQWHHO-X]JDGRGHOR3HQDOTXHYD\DDFRQRFHUGHOD(MHFXWRULD(QHOFDVR
GHO 3HQDO Q~PHUR XQRHO MXHYHV GH OD VHJXQGD VHPDQD QDWXUDO SRVWHULRU D DTXHOOD HQ TXH
HIHFW~HQ HO UHTXHULPLHQWR \ HQ HO FDVR GHO 3HQDO Q~PHUR GRV HO PLpUFROHV GH OD VHJXQGD
VHPDQDSRVWHULRUDDTXHOODHQTXHHIHFW~HQHOUHTXHULPLHQWR
&XDQGR D XQ -X]JDGR GH /R 3HQDO OH VHD WXUQDGR XQ SURFHGLPLHQWR \ WHQJDQ TXH
GHYROYHUORDO-X]JDGRGHRULJHQSDUDFRPSOHWDUGLOLJHQFLDVFXDQGRVHUHPLWDQXHYDPHQWHVH
OOHYDUiDO-X]JDGRGH/R3HQDOTXHORGHYROYLyVLQSDVDUSRU6&3*SDUDUHSDUWR
'(&$1$72'(/26-8=*$'26'(/25&$
/RVH[KRUWRVFX\DGLOLJHQFLDLQWHUHVDGDVHDGHFODUDFLyQSRUPHGLRGHYLGHRFRQIHUHQFLDVH
UHJLVWUDUDQ\UHDOL]DUDQHQHO6&3*
&XDGURGHUHYLVLRQHV
)HFKD
0RGLILFDFLRQHV
GHIHEUHURGH
'(&$1$72'(/26-8=*$'26'(/25&$
1250$6'(5(3$572'(/26-8=*$'26'(/23(1$/
'(/26-8=*$'26'(35,0(5$,167$1&,$(,16758&&,Ï1
/RV -X]JDGRV GH OD ,QVWDQFLD H ,QVWUXFFLyQ GH /RUFD \ 7RWDQD UHPLWLUiQ DO 6&3* ORV
3URFHGLPLHQWRV $EUHYLDGRV FX\R (QMXLFLDPLHQWR \ )DOOR FRUUHVSRQGH D ORV -X]JDGRV GH /R
3HQDOGH/RUFD
/DV'LOLJHQFLDV8UJHQWHVFRQVHQWHQFLDGHFRQIRUPLGDG\TXHGHEDQSDVDUD(MHFXWRULD
VHUHPLWLUiQSRUORV-X]JDGRVGHOD,QVWDQFLDH,QVWUXFFLyQDO6&3*SDUDVXUHSDUWR
/RV -XLFLRV 5iSLGRV FX\R (QMXLFLDPLHQWR FRUUHVSRQGD D ORV -X]JDGRV GH OR 3HQDO VH
UHPLWLUiQGLUHFWDPHQWHDO-X]JDGR$FXHUGRGHODVQRUPDVGHUHSDUWRGH
/RV -X]JDGRV GH OD ,QVWDQFLD H ,QVWUXFFLyQ GH /RUFD FXLGDUiQ FXDQGR UHPLWDQ ORV
SURFHGLPLHQWRV DO 6&3* SDUD VX HOHYDFLyQ DO -X]JDGR GH /R 3HQDO GH VX GHYROXFLyQ
WHOHPiWLFDDILQGHSRGHUVHUUHJLVWUDGRVHLQWLQHUDGRVDORVUHVSHFWLYRV-X]JDGRVGHOR3HQDO
TXHSRUWXUQRFRUUHVSRQGD
'(/6(59,&,2&20Ò1352&(6$/&/$9(6'(5(3$572
(O 6HUYLFLR &RP~Q 3URFHVDO *HQHUDO VHOODUDQ SRU RUGHQ GH HQWUDGD WRGRV ORV
SURFHGLPLHQWRVUHFLELGRVGHORV-X]JDGRVGHOD,QVWDQFLDH,QVWUXFFLyQGH/RUFD\7RWDQD\
SURFHGHUiDVXUHJLVWUR\UHSDUWRHQWUHORV-X]JDGRVGHOR3HQDOGH/RUFD0DQWHQLHQGRHO
PLVPRFULWHULRTXHHODFRUGDGRHQ-XQWDGH-XHFHVGHIHFKD\FRQODVVLJXLHQWHV
FODYHVGHUHSDUWR
3(-(-(&8725,$
3((-(&8725,$&8<2&21'(1$'2+$<$6,'22%-(72'(,1*5(62(135,6,21
3((-(&8725,$6(10$7(5,$'(9,2/(1&,$'20(67,&$
3((-(&8&,21(6'(6(17(1&,$6'(/$8(
32-8,&,265$3,'26
3352&(',0,(1726$%5(9,$'26
3352&(',0,(1726$%5(9,$'26&2135(62
3 352&(',0,(1726 $%5(9,$'26 '(/,726 '( $3523,$&,21 ,1'(%,'$ (67$)$ <
$/=$0,(1726'(%,(1(6
3 352&(',0,(1726 $%5(9,$'26 '(/,726 '( +20,&,',2 ,0358'(17( < &2175$
'(&$1$72'(/26-8=*$'26'(/25&$
/26'(5(&+26'(/2675$%$-$'25(6
3&8(17$ '( $%2*$'2 2 352&85$'25 352&(',0,(1726 '( ,038*1$&,21 '(
5(62/8&,21'(-867,&,$*5$78,7$
3(9(;+25726&219,'(2&21)(5(1&,$
3(;(;+25726
(O 6&3* VHOODUi \ UHJLVWUDUi WRGRV ORV HVFULWRV SUHVHQWDGRV SDUD ORV -X]JDGRV GH /R
3HQDOORVFXDOHVVHUiQUHJLVWUDGRV\HQYLDGRVDVXUHVSHFWLYR-X]JDGR&XDQGRORV-X]JDGRV
GH/R3HQDOUHFLEDQHVFULWRVRH[KRUWRVYtDID[HQVX-X]JDGRVHUiUHPLWLGRVDO6&3*SDUD
VXUHJLVWUR\UHSDUWR
-8=*$'26'(/23(1$/
/RV -X]JDGRV GH /R 3HQDO 5HJLVWUDUDQ ORV -XLFLRV 5iSLGRV TXH SRU HVWDU GH JXDUGLD OH
VHDQ UHPLWLGRV SRU ORV -X]JDGRV GH OD ,QVWDQFLD H ,QVWUXFFLyQ GH /RUFD \ 7RWDQD FRQ OD
PLVPDFODYHGHUHSDUWR
/RV -X]JDGRV GH /R 3HQDO UHJLVWUDUDQ ODV (MHFXWRULDV SURSLDV GH VXV -XLFLRV FRQ ODV
PLVPDVFODYHVGHUHSDUWR
%8(1$635È&7,&$6(1(/5(*,67525(3$572<(19Ë2'($681726
(O6&3*FXLGDUiWRGRVORVGtDVGHHIHFWXDUHO5HJLVWUR5HSDUWR\(QYtRGHWRGRVORV
SURFHGLPLHQWRVTXHKD\DQWHQLGRHQWUDGDHQHOPLVPR
5HVSHFWR GH ODV FDXVDV FRQ 3UHVR VH SURFHGHUi D VX 5HJLVWUR 5HSDUWR \ (QYtR HQ HO
PLVPRGtDGHVXUHFHSFLyQ
&XDQGR XQ -X]JDGR GH OR 3HQDO UHFKDFH HO UHSDUWR TXH OH KD\D VLGR HIHFWXDGR SRU HO
6&3* OR GHYROYHUi D pVWH SUHFHGLGR GHO PRGHOR QRUPDOL]DGR GH GHYROXFLyQ TXH VH
DFRPSDxDFRPR$QH[RFRQLQGLFDFLyQH[SUHVDHQHOPLVPRGHODFDXVDGHOUHFKD]R\GHOD
QRUPDTXHHVWLPDDSOLFDEOH
(Q UHODFLyQ DO 5HJLVWUR SRU HO 6&3* UHVSHFWR GH ORV 3URFHGLPLHQWRGH ORV -X]JDGRVGH
/RUFDFRPRHOVLVWHPDSURFHGHDOYROFDGRGHGDWRVHOUHJLVWURVHUiHOTXHHIHFW~HHO-X]JDGR
GH OD ,QVWDQFLD H ,QVWUXFFLyQ GHO TXH GLPDQD 6L ELHQ FXDQGR HQ SURFHGLPLHQWR VH DSUHFLH
FXDOTXLHU GHILFLHQFLD HQ HO UHJLVWUR VH GHYROYHUi DO -X]JDGR GH OD 3ULPHUD ,QVWDQFLD H
,QVWUXFFLyQ SDUD VX FRUUHFWR UHJLVWUR \ SRVWHULRU UHPLVLyQ (Q FXDQWR D ORV 3URFHGLPLHQWRV
SURFHGHQWHVGHORV-X]JDGRVGHOD,QVWDQFLDH ,QVWUXFFLyQGH7RWDQDHO 6&3*SURFHGHUiDO
5HJLVWURFRPSOHWRGHOSURFHGLPLHQWRFRQODVVLJXLHQWHVSDUWLFXODULGDGHV
(Q ORV 3URFHGLPLHQWRV $EUHYLDGRV VH UHJLVWUDUi HO GHOLWR TXH FRQVWH HQ HO HVFULWR GH
DFXVDFLyQGHO0LQLVWHULR)LVFDO
'(&$1$72'(/26-8=*$'26'(/25&$
(QODV(MHFXWRULDVHOGHOLWRVHUHJLVWUDUiHOTXHFRQVWHHQHOIDOORGHODVHQWHQFLD
5HVSHFWRGHOUHJLVWURGHOQWHUYLQLHQWHVVHHVWDEOHFH
&±(035(6$6
13(5621$6),6,&$6
63$6$3257(
;(;75$1-(526
5HVSHFWR GH ORV ([KRUWRV GH 9LGHRFRQIHUHQFLD VH WXUQDUiQ WHQLHQGR HQ FXHQWD ORV
VLJXLHQWHVSDUiPHWURV
$TXHOORV GHVSDFKRV FX\D SUXHED YHQJD VHxDODGD ORV GtDV 0DUWHV \ -XHYHV VH WXUQDUiQ DO
-X]JDGR GH /R 3HQDO Qž \ ORV TXH YHQJDQ VHxDODGRV SDUD ORV GtDV /XQHV \ 0LpUFROHV VH
WXUQDUiQDO-X]JDGRGH/R3HQDOQž
/RV TXH YHQJDQ VHxDODGRV SDUD HO 9LHUQHV VH WXUQDUiQ DO -X]JDGR TXH PHQRV FDUJD GH
H[KRUWRV OOHYH HQ HVH PRPHQWR FRQ REMHWR GH EXVFDU OD Pi[LPD SDULGDG HQ HO UHSDUWR GH
HVWRVGHVSDFKRV
7RGRV ORV H[KRUWRV FX\D GLOLJHQFLD LQWHUHVDGD VHD 'HFODUDFLyQ SRU 9LGHRFRQIHUHQFLD VH
UHJLVWUDUDQ\UHDOL]DUDQHQHO6&3*
%8(1$635È&7,&$6(15(/$&,Ï1&21/26-8=*$'26'(,16758&&,Ï1
6L HO -X]JDGR GH ,QVWUXFFLyQ HVWi UHDOL]DQGR OD JXDUGLD XQ OXQHV R XQ PDUWHV GHEH
VHxDODUHOMXLFLRRUDO-XLFLR5iSLGRSDUDODVLJXLHQWHVHPDQDQDWXUDOLQPHGLDWDHQHOGtDTXH
HO-X]JDGRGHOR3HQDOGHJXDUGLDGH-XLFLRV5iSLGRVWHQJDKDELOLWDGRDOHIHFWR6LHO-X]JDGR
GH,QVWUXFFLyQHVWiUHDOL]DQGRODJXDUGLDGHPLpUFROHVDGRPLQJRGHEHVHxDODUHOMXLFLRRUDO
-XLFLR 5iSLGR SDUD OD VLJXLHQWH VHPDQD QDWXUDO LQPHGLDWD HQ HO GtD TXH HO -X]JDGR GH OR
3HQDO GH JXDUGLD GH -XLFLRV 5iSLGRV WDQJD KDELOLWDGR DO UHVSHFWR /RV SURFHGLPLHQWRV GH
-XLFLRV 5iSLGRV VH UHPLWLUiQ FRQ XUJHQFLD GLUHFWDPHQWH DO -X]JDGR GH OR 3HQDO TXH GHED
FRQRFHUGHOHQMXLFLDPLHQWRSDUDHYLWDUVXVSHQVLRQHVGHMXLFLRV
/DV'LOLJHQFLDV8UJHQWHVFRQVHQWHQFLDGHFRQIRUPLGDG\TXHGHEDQSDVDUDHMHFXWRULD
VH UHPLWLUiQ SRU ORV -X]JDGRV GH ,QVWUXFFLyQ DO 6&3* D ILQ GH TXH VH KDJD VX SHUWLQHQWH
5HJLVWUR\5HSDUWR
/RV 3URFHGLPLHQWRV $EUHYLDGRV HOHYDGRV DO 3HQDO SDUD VX HQMXLFLDPLHQWR VH UHPLWLUiQ
SRUORV-X]JDGRVGH,QVWUXFFLyQDO6&3*SDUDVX5HJLVWUR5HSDUWR\(QYtR
&RQODILQDOLGDGGHIDFLOLWDUODVHMHFXFLRQHVGH3HQDOTXHHVWiQVREUHFDUJDGRVVHVROLFLWD
GH ORV -X]JDGRV GH ,QVWUXFFLyQ OD VLJXLHQWH FRODERUDFLyQ FXDQGR UHFDLJD VHQWHQFLD GH
FRQIRUPLGDGHQODV'LOLJHQFLDV8UJHQWHV
'(&$1$72'(/26-8=*$'26'(/25&$
D5HFDtGDVHQWHQFLDGHFRQIRUPLGDGFRQSHQDGHSULVLyQLQIHULRUDGRVDxRVORV-X]JDGRV
GH,QVWUXFFLyQHODUWž&3HQDOH[LJHTXHVHDGRSWHFRQXUJHQFLDGHEHUiQSURQXQFLDUVH
VREUHODUHVSRQVDELOLGDGFLYLO3DUDHOORORV)LVFDOHVGHEHUiQHQOD*XDUGLDLQIRUPDUVREUHWDO
H[WUHPR 6L WLHQH TXH DERQDU OD UHVSRQVDELOLGDG FLYLO VH SXHGH FRQFHGHU OD VXVSHQVLyQ
FRQGLFLRQDGDDTXHDERQHODUHVSRQVDELOLGDGFLYLOHQXQSOD]REUHYHGHGLH]RTXLQFHGtDV
GHIRUPDTXHHO-X]JDGRGHOR3HQDOFRPSUREDUiVLHQGLFKRSOD]RVHKDHIHFWXDGRHOSDJR\
FDVRFRQWUDULRUHYRFDUiODVXVSHQVLyQFRQFHGLGD
E'HEHUHTXHULUVHSRUHO-X]JDGRGH,QVWUXFFLyQDOSHQDGRSDUDTXHHQWUHJXHHOFDUQHWGH
FRQGXFLU \ SDUD TXH VH DEVWHQJD GH FRQGXFLU VH OH KD LPSXHVWR SHQD GH SULYDFLyQ GHO
GHUHFKR D FRQGXFLU 3RVWHULRUPHQWH HO 3HQDO SUDFWLFDUi OD OLTXLGDFLyQ GH FRQGHQD VH KD
HQWUHJDGRHOFDUQHWTXHVHUHPLWLUiMXQWRDODHMHFXWRULD
F 'HEHU UHTXHULU HO -X]JDGR GH ,QVWUXFFLyQ DO SHQDGR SDUD TXH HIHFW~H HO SDJR GH ODV
PXOLWDV LPSXHVWDV VL ELHQ SDUD IDFLOLWDUOH HO Q~PHUR GH FXHQWD GRQGH DIHFWDU HO LQJUHVR
GHEHUiQFLWDUORDQWHHO-X]JDGRGHOR3HQDOTXHYD\DDFRQRFHUGHOD(MHFXWRULD(QHOFDVR
GHO 3HQDO Q~PHUR XQRHO MXHYHV GH OD VHJXQGD VHPDQD QDWXUDO SRVWHULRU D DTXHOOD HQ TXH
HIHFW~HQ HO UHTXHULPLHQWR \ HQ HO FDVR GHO 3HQDO Q~PHUR GRV HO PLpUFROHV GH OD VHJXQGD
VHPDQDSRVWHULRUDDTXHOODHQTXHHIHFW~HQHOUHTXHULPLHQWR
&XDQGR D XQ -X]JDGR GH /R 3HQDO OH VHD WXUQDGR XQ SURFHGLPLHQWR \ WHQJDQ TXH
GHYROYHUORDO-X]JDGRGHRULJHQSDUDFRPSOHWDUGLOLJHQFLDVFXDQGRVHUHPLWDQXHYDPHQWHVH
OOHYDUiDO-X]JDGGH/R3HQDOTXHORGHYROYLyVLQSDVDUSRU6&3*SDUDUHSDUWR
&XDGURGHUHYLVLRQHV
)HFKD
0RGLILFDFLRQHV
GHHQHURGH
GHIHEUHURGH
'(&$1$72'(/26-8=*$'26'(02/,1$'(6(*85$
1250$6'(5(3$572'(/26-8=*$'26'(35,0(5$
,167$1&,$(,16758&&,Ð1
(QFXPSOLPLHQWRGHORGLVSXHVWRHQHO$UWGHOD/H\2UJiQLFDGHO3RGHU-XGLFLDOOD
-XQWDGH-XHFHVGHHVWH3DUWLGRSURSXVR\DSUREDGDVTXHORIXHURQSRUHO7ULEXQDO6XSHULRU
GH-XVWLFLDGH0XUFLDODVVLJXLHQWHV1RUPDVGH5HSDUWR
'(&$1$721250$6*(1(5$/(6'(5(3$572
3ULPHUR/RVDVXQWRVTXHKD\DQGHUHSDUWLUVHVHSUHVHQWDUiQFRQORVGRFXPHQWRVTXH
VHDFRPSDxHQHQHO'HFDQDWRHQKRUDVGHDXGLHQFLDS~EOLFD
6HJXQGR/DRILFLQDGHO5HJLVWUR*HQHUDOGH5HSDUWRGLVSRQGUiGHXQVHOORHQHOFXDOVH
KDUiPHQFLyQGHOGtDODKRUD\HOQ~PHURGHRUGHQTXHFRUUHVSRQGDDODVXQWRSUHVHQWDGR
'LFKR VHOOR VH HVWDPSDUi HQ OD SDUWH VXSHULRU GHO SULPHU IROLR GHO DVXQWR SUHVHQWDGR HQ HO
PLVPRDFWRGHODSUHVHQWDFLyQ6HKDUiFRQVWDUDGHPiVHOQRPEUH\GDWRVFRPSOHPHQWDULRV
GHODSHUVRQDTXHORSUHVHQWD(OQRPEUHGHO$ERJDGRGHEHFRQVWDUGHIRUPDOHJLEOH
7HUFHUR 'LFKR Q~PHUR GH RUGHQ GH SUHVHQWDFLyQ VHUi HO TXH FRQVWH FRQ FDUiFWHU
GHILQLWLYR H LQDOWHUDEOH HQ HO 5HJLVWUR ,QIRUPiWLFR HO FXDO HVWDUi EDMR OD FXVWRGLD GHO 6U
6HFUHWDULRGHO-X]JDGR'HFDQR
&XDUWR (O UHSDUWR HQWUH ORV -X]JDGRV GHEHUi KDFHUVH WRGRV ORV GtDV KiELOHV VHD FXDO
VHDHOQ~PHURGHDVXQWRVSUHVHQWDGRV
4XLQWR(O'HFDQDWRFXLGDUiGHTXHDQWHVGHILQDOL]DUODMRUQDGDGHWUDEDMRORVDVXQWRV
WXUQDGRV VH HQWUHJXHQ DO /HWUDGR GH OD $GPLQLVWUDFLyQ GH -XVWLFLD GH FDGD XQR GH ORV
-X]JDGRV
6H[WR/DDVLJQDFLyQGHDVXQWRVDFDGD-X]JDGRVHKDUiFRQIRUPHDOUHSDUWRDOHDWRULR
GHOSURJUDPDLQIRUPiWLFR0LQHUYD
6pSWLPR (O -X]JDGR 'HFDQR VH RFXSDUi GH OD SUHVHQWDFLyQ GH HVFULWRV HQ VX FDVR
GHPDQGDV \ H[KRUWRV /RV HVFULWRV FLYLOHV R SHQDOHV VH SUHVHQWDUiQ HQ HO 5HJLVWUR GHO
'HFDQDWRGHHVWRV-X]JDGRVSHUVRQDOPHQWHRHQODIRUPDSUHYLVWDHQHO$UWtFXORGHOD
/H\GH(QMXLFLDPLHQWR&LYLORDWUDYpVGHODSODWDIRUPD/(;1(7FXPSOLHQGRWDPELpQHQHVWH
FDVRFRQODSUHVHQWDFLyQSHUVRQDOHQGLFKR5HJLVWURHQHOSOD]RLPSURUURJDEOHGHORVWUHV
GtDV VLJXLHQWHV HQ DWHQFLyQ D OR GLVSXHVWR HQ HO SiUUDIR VHJXQGR GHO Qž GHO FLWDGR
DUWtFXOR
2FWDYR /RV DSRGHUDPLHQWRV $SXG$FWD VH OOHYDUiQ D FDER DQWH HO 6HFUHWDULR GHO
-X]JDGRTXHKD\DGHFRQRFHUGHODVXQWRRHQ HO'HFDQDWRVLQRVHKDSUHVHQWDGRQLQJ~Q
HVFULWR
'(&$1$72'(/26-8=*$'26'(02/,1$'(6(*85$
25'(1&,9,/
*58326'(5(3$57225'(1&,9,/
7RGRVORVDVXQWRVSUHVHQWDGRVVHUiQREMHWRGHUHSDUWRVHJ~QODVLJXLHQWHFODVLILFDFLyQ
-8,&,2 25',1$5,2 6H KDUi XQ UHSDUWR SRU OD FXDQWtD \ RWUR SRU FDGD XQR GH ORV
SURFHGLPLHQWRVUHFRJLGRVGHQWURGHO-XLFLR2UGLQDULRSRUUD]yQGHODPDWHULDUHFRJLGDVHQHO
$UWGHOD/(&
-8,&,2 9(5%$/ 6H KDUi XQ UHSDUWR SRU OD FXDQWtD \ RWUR SRU FDGD XQR GH ORV
SURFHGLPLHQWRV UHFRJLGRV GHQWUR GHO -XLFLR 9HUEDO SRU UD]yQ GH OD PDWHULD UHFRJLGRV HQ HO
$UWGHOD/(&
-8,&,29(5%$/'(75È),&2
-8,&,2021,725,2
-8,&,2&$0%,$5,2
(MHFXFLRQHVGHUHVROXFLRQHVTXHQRGHULYHQGHSURFHGLPLHQWRV\DDELHUWRVHQFDGD-X]JDGR
'LOLJHQFLDV3UHOLPLQDUHVGHO$UWGHOD/(&
0HGLGDV &DXWHODUHV 6L KD\ SURFHGLPLHQWR DELHUWR FRUUHVSRQGHUiQ DO -X]JDGR TXH OOHYH HO
PLVPRFRUULHQGRWXUQRGHOWLSRGHSURFHGLPLHQWRGHTXHVHWUDWHVLQRKD\SURFHGLPLHQWR
DELHUWRLUiQDUHSDUWR
-XUDGH&XHQWDVVHWXUQDUiQDO-X]JDGRTXHFRQR]FDGHOSOHLWRGHTXHGLPDQHQ
&RQFLOLDFLyQ
-XLFLRV8QLYHUVDOHVFDGDXQRVHUHSDUWLUiVHJ~QVXQDWXUDOH]D
$ELQWHVWDWRV
6XVSHQVLyQGH3DJRV
4XLHEUDV
4XLWDV\HVSHUD
&RQFXUVRGHDFUHHGRUHV
(MHFXFLyQVREUHELHQHVKLSRWHFDGRVRSLJQRUDGRV
'(&$1$72'(/26-8=*$'26'(02/,1$'(6(*85$
-85,6',&&,2192/817$5,$6HUHSDUWLUiQFDGDXQRVHJ~QVXQDWXUDOH]DSDUDORTXHQR
KD\DVLGRGHURJDGRSRUOD/(&
'HFODUDFLyQGHDXVHQFLD
,QIRUPDFLRQHVSHUSHW~DPHPRULD
(OHYDFLyQDHVFULWXUDGHOWHVWDPHQWRKHFKRGHSDODEUD
([SHGLHQWHGHGRPLQLR
([SHGLHQWHVGHGHVOLQGH\DPRMRQDPLHQWR
$GRSFLyQ
7XWHOD
'HIHQVRU-XGLFLDO
6XEDVWDVMXGLFLDOHV
$UELWUDMH
&XHVWLRQHVGHFRPSHWHQFLDHQWUH-X]JDGRVGH3D]
&DSDFLGDG
)LOLDFLyQSDWHUQLGDG\PDWHUQLGDG
0DWULPRQLRV\0HQRUHV
6HSDUDFLyQPXWXRDFXHUGR
'LYRUFLRPXWXRDFXHUGR
6HSDUDFLyQ&RQWHQFLRVD
'LYRUFLR&RQWHQFLRVR
/RVSURFHGLPLHQWRVGH6HSDUDFLyQ0DWULPRQLDO\'LYRUFLRVHUHSDUWLUiQDO-X]JDGRTXHKD\D
FRQRFLGR GH ODV 0HGLGDV 3URYLVLRQDOHV 3UHYLDV D OD LQWHUSRVLFLyQ GH GLFKDV GHPDQGDV (O
PLVPRFULWHULRVHVHJXLUiUHVSHFWRGHORV'LYRUFLRVTXHVHUHPLWLUiQDO-X]JDGRTXHWUDPLWy
OD6HSDUDFLyQ,JXDOPHQWHHVWHVHUiHOFULWHULRHQHOFDVRGHODV0HGLGDV3DWHUQRILOLDOHVHQ
ODVSDUHMDVGHKHFKR(VWDVQRUPDVUHJLUiQLQFOXVRSDUDORVSURFHGLPLHQWRVTXHVHSUHVHQWHQ
\UHVSHFWRDORVTXHH[LVWDQXQDV0HGLGDVSUHYLDVR6HSDUDFLyQDQWHULRUUHSDUWLGDDQWHVGHO
;,,DXQ-X]JDGRFRQFUHWR
(QWRGRFDVRFRUUHUiQWXUQRGHUHSDUWRGHOWLSRGHSURFHGLPLHQWRGHTXHVHWUDWH
'(&$1$72'(/26-8=*$'26'(02/,1$'(6(*85$
/DV RSRVLFLRQHV -XLFLRV 9HUEDOHV X 2UGLQDULRV D MXLFLRV 0RQLWRULRV SUHVHQWDGRV HQ XQ
-X]JDGRFRUUHUiQWXUQRHQHOWLSRGHSURFHGLPLHQWRGHTXHVHWUDWHFRQRFLHQGRGHHOODVHO
-X]JDGRTXHYHQJDKDFLpQGRORGHO0RQLWRULR
/DV GHPDQGDV SUHVHQWDGDV GHVSXpV GH VROLFLWDGD GHPDQGD GH 0HGLGDV &DXWHODUHV 3UHYLDV
VHUHPLWLUiQDO-X]JDGRTXHFRQRFLyGHGLFKDV0HGLGDV&DXWHODUHVFRUULHQGRWXUQRGHOWLSR
GHSURFHGLPLHQWRGHTXHVHWUDWH
/DV GHPDQGDV GH -XLFLR 2UGLQDULR R YHUEDO TXH SRU LPSHUDWLYR GH OD /H\ GH (QMXLFLDPLHQWR
&LYLO/H\&RQFXUVDO\&yGLJRGH&RPHUFLRVHUHPLWDQDO-X]JDGRTXHFRQRFHGHOD4XLHEUDR
SURFHGLPLHQWRFRQFXUVDOFRUUHVSRQGLHQWHFRUUHUiQWXUQRGHOWLSRGHMXLFLRGHTXHVHWUDWH
0RGLILFDFLyQGH0HGLGDVODVWUDPLWDUiHOPLVPR-X]JDGRTXHFRQRFLyGHO([SHGLHQWHHQTXH
VHDFRUGDURQ
/LTXLGDFLyQ GHO 5pJLPHQ (FRQyPLFR 0DWULPRQLDO &RQIRUPH DO $UW GH OD /(& ORV
WUDPLWDUiQ TXLHQHV FRQR]FDQ R KD\DQ FRQRFLGR GHO SURFHGLPLHQWR GH QXOLGDG VHSDUDFLyQ R
GLYRUFLRR'HFLVLRQHV3RQWLILFLDVVREUHPDWULPRQLRUDWRRQRFRQVXPDGR
2SRVLFLyQ D ODV UHVROXFLRQHV DFRUGDGDV HQ PDWHULDV GH SURWHFFLyQ GH PHQRUHV \ GHO
SURFHGLPLHQWRSDUDGHWHUPLQDUODQHFHVLGDGGHDVHQWLPLHQWRHQODDGRSFLyQ
3URFHGLPLHQWRSDUDODGLYLVLyQGH+HUHQFLD
([HTXiWXU
([SHGLHQWHGH&RQVLJQDFLyQ
([KRUWRV
(PEDUJRV\UHPRFLRQHV
3RVHVLRQHV\ODQ]DPLHQWRV
$FWRVGHFRPXQLFDFLyQ
3UXHEDV
(63(&,$/,'$'(6(15(3$572&,9,/
0RGLILFDFLyQGH0HGLGDV/DVWUDPLWDUiHO-X]JDGRTXHKD\DFRQRFLGRGHO([SHGLHQWHHQTXH
VHDFRUGDURQ
-XUDGH&XHQWDV\7HUFHUtDV&RQRFHUiGHODVPLVPDVHO-X]JDGRTXHWUDPLWHHO([SHGLHQWH
GHTXHGLPDQHQ
,QWHUQDPLHQWRVQRXUJHQWHV,UiQDUHSDUWRVXVWDQFLiQGRVHVHJ~QHO$UWGHOD/(&
'(&$1$72'(/26-8=*$'26'(02/,1$'(6(*85$
(;(1&,21(6'(5(3$572&,9,/
-X]JDGRGH,QVWDQFLDH,QVWUXFFLyQ([HQWRGHWRGRVORV-XLFLRV2UGLQDULRVWRGDV
ODV (7- GLPDQDQWHV GH DXWRV GH FXDQWtD Pi[LPD GH DVXQWRV GH 7UiILFR \ WRGRV ORV -XLFLRV
9HUEDOHVGH7UiILFR
-X]JDGRGH,QVWDQFLDH,QVWUXFFLyQ([HQWR GH ODV GHPDQGDV SUHVHQWDGDV SRU OD
(QWLGDG%DQFR0DUH1RVWUXP6$
25'(13(1$/
1250$6'(5(3$572(1(/25'(13(1$/
5HJOD3ULPHUD1RUPDJHQHUDO
/DUHJODJHQHUDOTXHGHWHUPLQDUiHO-X]JDGRFRPSHWHQWHSDUDFRQRFHUGHDVXQWRVSHQDOHV
VHUiODIHFKDFRQFUHWDGHRFXUUHQFLDGHORVKHFKRVDVtFDGD-X]JDGRVHUiFRPSHWHQWHSDUD
FRQRFHUGHWRGRVORVKHFKRVFX\DIHFKDGHFRPLVLyQHVWpFRPSUHQGLGDHQODVHPDQDHQTXH
HVWXYLHUHGHJXDUGLD
5HJOD6HJXQGD1RUPDVXEVLGLDULD
6LQRHVSRVLEOHGHWHUPLQDUODIHFKDGHFRPLVLyQVHSURFHGHUiDOUHSDUWR
/D UHFHSFLyQ GH GHQXQFLD SRU HVFULWR \ GH DWHVWDGRV FRUUHVSRQGHUi DO 2ILFLDO DGVFULWR DO
'HFDQDWRHOFXDOFXLGDUiGHUHPLWLUODVDO-X]JDGRFRPSHWHQWHVLFRQVWDUHIHFKDGHFRPLVLyQ
GHORVKHFKRV(QFDVRFRQWUDULRDGRSWDUiODVPHGLGDVFRQGXFHQWHVDOUHSDUWR
/DV GHQXQFLDV GH PDORV WUDWRV SRU 9LROHQFLD &RQWUD OD 0XMHU \ OD VROLFLWXG GH
2UGHQGH3URWHFFLyQVHIRUPXODUiQ\SUHVHQWDUiQHQ'HFDQDWRGHORV-X]JDGRV
TXHODVUHPLWLUiDVXYH]DO-X]JDGRGH9LROHQFLDGH*pQHURGHHVWDFLXGDG
5HJOD 7HUFHUD 6L WUDV OD SUiFWLFD GH ODV SULPHUDV GLOLJHQFLDV VH GHVFXEULHUD OD IHFKD
FRQFUHWDGHRFXUUHQFLDGHHVWRVKHFKRVLQLFLDOPHQWHVLQIHFKDGHWHUPLQDGDGHFRPLVLyQHO
-X]JDGR TXH HVWXYLHUD FRQRFLHQGR GH ORV PLVPRV VH UHPLWLUi DO TXH FRUUHVSRQGD (Q WRGR
FDVR GHEHUiQ HYLWDUVH VXFHVLYDV LQKLELFLRQHV GH XQRV D RWURV -X]JDGRV DVt FRPR TXH ODV
PLVPDV VH SURGX]FDQ FXDQGR VH KD\DQ SUDFWLFDGR PXOWLWXG GH GLOLJHQFLDV GH LQYHVWLJDFLyQ
HQ FX\R FDVR HO -X]JDGR TXH ODV KD\D SUDFWLFDGR VHUi HO FRPSHWHQWH SDUD WHUPLQDU OD
LQVWUXFFLyQDXQTXHORVKHFKRVQRKXELHUDQRFXUULGRILQDOPHQWHHQVX*XDUGLD
5HJOD&XDUWD-X]JDGRGH*XDUGLD
/DV JXDUGLDVGH ORV-X]JDGRV GH ,QVWUXFFLyQ GH0ROLQDGH 6HJXUD 0XUFLD OR VHUiQ GH
PDUWHVDOXQHVSURGXFLpQGRVHHOFDPELRDODVKRUDVGHOPDUWHVVLHQGRHOPDUWHV
VLJXLHQWHHOGtDSDUDHOHQMXLFLDPLHQWRLQPHGLDWRGHORVDVXQWRVSUHYLVWRVHQOD/H\
'(&$1$72'(/26-8=*$'26'(02/,1$'(6(*85$
FRQIRUPH DO 5HJODPHQWR GHO &RQVHMR *HQHUDO GHO 3RGHU -XGLFLDO (O SULPHU GtD GH
HQWUDGD GH JXDUGLD FRQ HO QXHYR VLVWHPD VHUi HO GH $EULO GH SRU HO -X]JDGR
Q~PHUR7UHV
/DV &DXVDV TXH VH WUDPLWHQ SRU HO SURFHGLPLHQWR GH XUJHQFLD SUHYLVWR HQ OD FLWDGD /H\
VHUiQFRPSHWHQFLDGHO-XH]GHJXDUGLDTXHORHVWpHQHOPRPHQWRHQTXHWHQJD
HQWUDGD HQ GLFKR -X]JDGR GH JXDUGLD GLUHFWDPHQWH /D FRQYHUVLyQ HQ 'LOLJHQFLDV 3UHYLDV
VXPDULR -XUDGR R -XLFLR GH )DOWDV GH WUDPLWDFLyQ RUGLQDULD GH ODV PHQFLRQDGDV &DXVDV QR
LPSOLFDUi OD UHPLVLyQ DO -X]JDGR TXH SRU OD IHFKD OH FRUUHVSRQGHUtD FRQRFHU GHO KHFKR
FRQWLQXDQGR HQ OD WUDPLWDFLyQ HO -X]JDGR TXH HVWXYLHUD GH *XDUGLD HQ HO PRPHQWR GH
SUHVHQWDU HO PHQFLRQDGR DWHVWDGR /RV DWHVWDGRV SROLFLDOHV SDUD LQLFLDU SURFHGLPLHQWRV GH
XUJHQFLDGHEHUiQSUHVHQWDUVHDQWHVGHODVKRUDVGHODPDxDQDGHOGtDHQFXHVWLyQ
/D FRQYHUVLyQ GH XQ SURFHGLPLHQWR LQFRDGR LQLFLDOPHQWH FRPR -8,&,2 ,10(',$72 '(
)$/7$6)$,HQ',/,*(1&,$635(9,$6GHWHUPLQDUiTXHVHUiFRPSHWHQWHSDUDFRQRFHUGH
pVWDV ~OWLPDV HO -X]JDGR TXH OR VHD SRU OD IHFKD GH FRPLVLyQ GHO SUHVXQWR GHOLWR UHJOD
SULPHUDQRUPDJHQHUDO
6RQDFWXDFLRQHVSURSLDVGHO-X]JDGRGH*XDUGLDDGHPiVGHWRGDVDTXHOODVTXHH[LMDQOD
LQWHUYHQFLyQ XUJHQWH GH XQ -XH] OD UHFHSFLyQ GH WRGRV ORV DWHVWDGRV FRQ GHWHQLGR OD
OHJDOL]DFLyQ GH OD VLWXDFLyQ SHUVRQDO GH ORV UHTXLVLWRULDGRV TXH VRQ SXHVWRV D GLVSRVLFLyQ
MXGLFLDOODWUDPLWDFLyQGHSURFHGLPLHQWRGH³+DEHDV&RUSXV´ODUHFHSFLyQGHVROLFLWXGHVGH
PDQGDPLHQWRV GH (QWUDGD \ 5HJLVWUR H ,QWHUYHQFLyQ GH FRPXQLFDFLRQHV VX FRQFHVLyQ R
GHQHJDFLyQWUDVORFXDOHQFDVRGHQRFRUUHVSRQGHUHOFRQRFLPLHQWRGHODFDXVDDO-X]JDGR
GH*XDUGLDVHJ~QODVQRUPDVGHUHSDUWRODHQYLDUiDO'HFDQDWRODFRQFHVLyQGHSUyUURJDV
GHGHWHQFLyQSDUDH[SXOVLyQGHH[WUDQMHURVODDGPLVLyQGHODVGHQXQFLDVTXHKD\DQSRGLGR
SUHVHQWDUVHDQWHORV&XHUSRVGH6HJXULGDGFRPSHWHQWHV\WRGDVDTXHOODVRWUDVDFWXDFLRQHV
VLPLODUHVTXHSRUVXXUJHQFLDQRSXHGDQHVSHUDUDWULEXLUVHDO-X]JDGRTXHILQDOPHQWHYD\DD
VHU HO FRPSHWHQWH $FODUDQGR TXH VHUi FRPSHWHQFLD GHO -X]JDGR GH *XDUGLD OD
UHVROXFLyQ GH VROLFLWXGHV GH HQWUDGDV \ UHJLVWURV LQWHUYHQFLyQ WHOHIyQLFD \
VLPLODUHVTXHDIHFWHQDGHUHFKRVIXQGDPHQWDOHV\HOORDXQTXHODVROLFLWXGYHQJD
UHODFLRQDGDFRQXQSURFHGLPLHQWRSHQDO\DLQFRDGR\VLQSHUMXLFLRGHODSXHVWDHQ
FRQRFLPLHQWRTXHHO-XH]GHJXDUGLDSXHGDKDFHUDO-XH]TXHFRQRFHGHODVXQWR
5HJOD4XLQWD'HOLWRVFRQH[RV
3DUDODGHWHUPLQDFLyQGHODFRPSHWHQFLDHQORVGHOLWRVFRQH[RVVHDWHQGHUiDODVUHJODV
GHOD/H\GH(QMXLFLDPLHQWR&ULPLQDO
1RREVWDQWHFXDQGRDO-XH]GH*XDUGLDVHOHSUHVHQWHXQGHWHQLGRHQFDUWDGRHQYDULRV
GHOLWRV TXH HQ SULQFLSLR SXHGDQ WHQHU OD FRQVLGHUDFLyQ OHJDO GH FRQH[RV VL DTXHO IXHUD D
TXHGDU SUHVR OR KDUi H[FOXVLYDPHQWH D GLVSRVLFLyQ GH XQ VROR -X]JDGR TXH VHUi
SUHFLVDPHQWH DTXHO TXH HO -XH] GH *XDUGLD FRQVLGHUH TXH YD D VHU HO FRPSHWHQWH SDUD
FRQRFHUGHWRGRVORVGHOLWRVFRQH[RVTXHVHOHLPSXWHQDOUHIHULGRGHWHQLGR
'(&$1$72'(/26-8=*$'26'(02/,1$'(6(*85$
(QWRGRFDVR\DODPD\RUEUHYHGDGSRVLEOHHO-XH]GH*XDUGLDFRQYRFDUiXQDUHXQLyQ
HQWUH ORV -XHFHV DIHFWDGRV SDUD GHWHUPLQDU OD SRVLEOH FRQFHVLyQ \ HO -X]JDGR TXH
ILQDOPHQWH VHUi HO FRPSHWHQWH SDUD FRQRFHU GH WRGRV ORV KHFKRV \ TXH VH HQFDUJDUi
WDPELpQGHOHJDOL]DUODVLWXDFLyQSHUVRQDOGHOGHWHQLGR
5HJOD6H[WD'HOLWRVYDULRV
'HOLWRVGHDEDQGRQRGHIDPLOLDHQFDVRVGHVHSDUDFLyQ\GLYRUFLRVHFRQVLGHUDUiQFRPR
GHOLWRV VLQ IHFKD DSOLFiQGROHV ODV GLVSRVLFLRQHV GH OD 5HJOD 6HJXQGD VDOYR FXDQGR VH
FRQRFLHUDODIHFKDH[DFWDGHOPLVPRVHDWHQGHUiDODQRUPDJHQHUDO
/DV LQWHUYHQFLRQHV WHOHIyQLFDV \ HQWUDGDV \ UHJLVWUR VH VROLFLWDUiQ GHO -X]JDGR GH
*XDUGLD HO TXH WUDV VX FRQFHVLyQ R GHQHJDFLyQ \ HQ FDVR GH QR FRUUHVSRQGHU HO
FRQRFLPLHQWR GH OD FDXVD D GLFKR -X]JDGR VHJ~Q HVWDV QRUPDV GH UHSDUWR OD HQYLDUi DO
'HFDQDWR
*58326'(5(3$572(1(/25'(13(1$/
48(5(//$6VHUHSDUWLUiQSRURUGHQGHHQWUDGDVXFHVLYDPHQWHXQDSDUDFDGD-X]JDGR
$7(67$'26<'(181&,$6VHWXUQDUiQHQDWHQFLyQDODIHFKDGHOKHFKRTXHORVPRWLYD\
GHQRFRQVWDUODPLVPDVHSURFHGHUiDOUHSDUWR
,1'(7(50,1$'$6GHRWURV-X]JDGRVHQODVTXHQRFRQVWDODIHFKDGHOKHFKRGHOLFWLYR\
DEDUTXHIHFKDVGHDPEDVJXDUGLDVVHOOHYDUiQDUHSDUWR
48(%5$17$0,(172 '( &21'(1$ VH HVWDUi D OD IHFKD GHO SULPHU LQFXPSOLPLHQWR GH
GLFKDFRQGHQDSDUDVXDWULEXFLyQDO-X]JDGRGHJXDUGLDFRUUHVSRQGLHQWH
'(/,726 &217,18$'26 VH HVWDUi D OD IHFKD GH FRPLVLyQ GHO SULPHU KHFKR GHOLFWLYR
VLHPSUH TXH FRQVWH HQ GLOLJHQFLDV SROLFLDOHV 6L HVWH SULPHU KHFKR IXHUH GH IHFKD
LQGHWHUPLQDGD HO DVXQWR VH VRPHWHUi D UHSDUWR HQWUH ORV -X]JDGRV GH ,QVWUXFFLyQ GH HVWH
SDUWLGR
(;+25726VHUHSDUWLUiQDWHQGLHQGRDORLQWHUHVDGR
D $FWRVGHFRPXQLFDFLyQ
E (PEDUJRV
F 5HFLELUGHFODUDFLyQ
G 2WURVUHFRQRFLPLHQWRIRUHQVHWHVWLPRQLRVHWF
',/,*(1&,$6 $03/,$725,$6 FRQRFHUi GH HOODV HO -X]JDGR D TXH FRUUHVSRQGDQ ODV
GLOLJHQFLDVSULQFLSDOHV
'(&$1$72'(/26-8=*$'26'(02/,1$'(6(*85$
62/,&,78'(6 '( (175$'$ < 5(*,6752 ( ,17(59(1&,21(6 7(/()21,&$6 VH
VROLFLWDUiQ GHO -X]JDGR GH *XDUGLD 6L FRPR FRQVHFXHQFLD GH ODV PLVPDV VH DYHULJXDUH XQ
GHOLWR VLQ IHFKD FRQFUHWD GH FRPLVLyQ VH SURFHGHUi DO UHSDUWR HQWUH WRGRV ORV -X]JDGRV GH
,QVWUXFFLyQ \ D WDO HIHFWR VH HVWDEOHFHUi XQ WXUQR HVSHFtILFR GH UHSDUWR SDUD HVWH WLSR GH
DVXQWRVHQHOTXHVHLQFOXLUiQORVDWHVWDGRVVLQIHFKDGHWHUPLQDGDTXHKD\DQGDGROXJDUD
VROLFLWXGHV GH ODV GLOLJHQFLDV DQWHULRUHV X RWUDV VLPLODUHV TXH SXHGDQ DIHFWDU D GHUHFKRV
IXQGDPHQWDOHVWDOHVFRPRVROLFLWXGGHDSHUWXUDGHFRUUHVSRQGHQFLDREVHUYDFLyQWHOHIyQLFD
HWF/DV,QWHUYHQFLRQHV7HOHIyQLFDVUHIHULGDVDFDXVDDELHUWDGHEHUiQVROLFLWDUVHDOMX]JDGR
TXHFRQRFHGHODFDXVDHQOXJDUGHDO-XH]GH*XDUGLD
/267(67,021,26TXHVHDQGHGXFLGRVSRUORV-X]JDGRVGHHVWD&LXGDGLUiQDUHSDUWR
HQWUH ORV GHPiV VLQ TXH SXHGD FRUUHVSRQGHU VX FRQRFLPLHQWR DO -X]JDGR TXH SUDFWLFy OD
GHGXFFLyQGHORVPLVPRV
0$/2675$726
D(QORVVXSXHVWRVGH0DORV7UDWRVTXHQRVXSRQJDQYLROHQFLDFRQWUDODPXMHUHQTXHVH
GHQXQFLH XQ KHFKR FRQFUHWR FRQ IHFKD GHWHUPLQDGD DILUPDQGR HQ OD GHQXQFLD TXH VH
SURGXMHURQ DPHQD]DV LQVXOWRV DJUHVLRQHV R KHFKRV DQWHULRUHV QR GHQXQFLDGRV VH
HQWHQGHUiQFRPRKHFKRVLQIHFKDFRQFUHWD\VHUHPLWLUiQDUHSDUWR
E(QHOVXSXHVWRGHTXHVHGHQXQFLHQGRVRPiVKHFKRVFRQFUHWRVGHPDORVWUDWRVTXHQR
VXSRQJDQ 9LROHQFLD FRQWUD OD 0XMHU FRQ IHFKDV FRQFUHWDV GHWHUPLQDGDV HQ JXDUGLD GH
GLYHUVRV -X]JDGRV VH SURFHGHUi DO UHSDUWR GHO DVXQWR DO -X]JDGR TXH OH FRUUHVSRQGHUtD
FRQRFHUGHOSULPHUKHFKRFRQIHFKDGHWHUPLQDGD
/$6 ',/,*(1&,$6 ,1)250$7,9$6 GHO 0LQLVWHULR )LVFDO VH UHSDUWLUiQ SRU RUGHQ GH
HQWUDGD VXFHVLYDPHQWH XQD SDUD FDGD -X]JDGR FRQ LQGHSHQGHQFLD GH OD IHFKD HQ TXH VH
SURGX]FDHOKHFKRRKHFKRVTXHKDQGDGROXJDUDODVPLVPDVLQLFLiQGRVHSRUVRUWHR
/DV GHQXQFLDV SRU ,PSDJR GH 3HQVLRQHV $OLPHQWLFLDV VHUiQ REMHWR GH XQ UHSDUWR
LQGHSHQGLHQWHXQDVXFHVLYDPHQWHDFDGD-X]JDGRLQLFLiQGRVHSRUVRUWHR
(;(1&,21(6'(5(3$572'(/-8=*$'2&21&203(7(1&,$6(1960
(O -X]JDGR GH  ,QVWDQFLD H ,QVWUXFFLyQ 1ž &XDWUR < 'H 9LROHQFLD 6REUH /D 0XMHU HVWi
H[HQWR GH WRGDV ODV VROLFLWXGHV GH &RRSHUDFLyQ -XGLFLDO ([KRUWRV GH WRGDV ODV 4XHUHOODV
&ULPLQDOHV\GHWRGDVODV'LOLJHQFLDVGHULYDGDVGH$FFLGHQWHVGH7UiILFR
&XDGURGHUHYLVLRQHV
)HFKD
GHIHEUHURGH
0RGLILFDFLRQHV
'(&$1$72'(/26-8=*$'26'(02/,1$'(6(*85$
'(&$1$72'(/26-8=*$'26'(6$1-$9,(5
1250$6'(5(3$572'(/26-8=*$'26'(35,0(5$
,167$1&,$(,16758&&,Ð1
25'(1&,9,/
1250$6'(5(3$572(1(/25'(1&,9,/
/RVDVXQWRVFLYLOHVTXHGHEDQVHUREMHWRGHUHSDUWRLQFOXLGRVORVSURFHVRVGHFRRSHUDFLyQ
MXGLFLDO VH DGMXGLFDUiQ SRU HO -X]JDGR 'HFDQR FRQIRUPH D WXUQR DOHDWRULR RUGLQDULR
GLIHUHQFLiQGRVHORVPLVPRVHQODVFODVHVGHSURFHGLPLHQWRVTXHFRQVWDQHQHODQH[RGH
HVWDVQRUPDV
(QHOUHSDUWRGHORVDVXQWRVTXHHQWUHQHQ'HFDQDWRVHWHQGUiHQFXHQWDTXHHO-X]JDGRQž
GHHVWH3DUWLGR-XGLFLDOWLHQHUHFRQRFLGDXQDH[HQFLyQGHO
&XDQGRVHWUDWHGHMXLFLRRUGLQDULRGLPDQDQWHGHPRQLWRULRVHUHSDUWLUiQDO-X]JDGRTXH
FRQRFLy GHO PHQFLRQDGR SURFHVR HVSHFLDO HO FXDO TXHGDUi H[HQWR HQ HO VLJXLHQWH WXUQR GH
UHSDUWRFXDQGRORTXHGHEDDGMXGLFiUVHOHVHDXQQXHYRMXLFLRRUGLQDULR
/DVGHPDQGDVGHVHSDUDFLyQ\GLYRUFLRVHWXUQDUiQDO-X]JDGRTXHKD\DFRQRFLGRGHODV
PHGLGDV SURYLVLRQDOHV SUHYLDV ODV GHPDQGDV GH GLYRUFLR VH WXUQDUiQ DO MX]JDGR TXH KD\D
FRQRFLGRGHOSURFHVRGHVHSDUDFLyQ
(Q FDVR GH TXH KD\D DQWHFHGHQWHV GH XQ SURFHVR SHQDO HQ PDWHULD GH YLROHQFLD VREUH OD
PXMHUWRGRVORVSURFHVRVPDWULPRQLDOHVRGHJXDUGD\FXVWRGLDWXUQDUiQDO-X]JDGRQ~PHUR
FRQFRPSHWHQFLDH[FOXVLYDHQPDWHULDGHYLROHQFLDVREUHODPXMHU6HUiQHFHVDULRTXHHQ
ODGHPDQGDVHMXVWLILTXHODH[LVWHQFLDGHHVRVDQWHFHGHQWHVFRQFUHWDGRVHQODH[LVWHQFLDGH
XQD UHVROXFLyQ MXGLFLDO GH IRQGR R HQ OD DGRSFLyQ GH XQD PHGLGD FDXWHODU VLQ TXH VHD
VXILFLHQWHODPHUDUHIHUHQFLDDODH[LVWHQFLDGHHVRVDQWHFHGHQWHV
/RV SURFHVRV GH PRGLILFDFLyQ GH PHGLGDV WXUQDUiQ DO -X]JDGR TXH KD\D FRQRFLGR GH OD
VHSDUDFLyQRHOGLYRUFLR\ODOLTXLGDFLyQGHOUpJLPHQHFRQyPLFRPDWULPRQLDOFRUUHVSRQGHUi
DO-X]JDGRTXHKD\DFRQRFLGRGHOSURFHVRGHOTXHGLPDQH
/DV HMHFXFLRQHV GH WtWXORV MXGLFLDOHV FRUUHVSRQGHUiQ DO -X]JDGR TXH KD\D FRQRFLGR GHO
SURFHGLPLHQWRSULQFLSDO
/D&XHQWD-XUDGDGH$ERJDGRV\3URFXUDGRUHVVHWXUQDUiDO-X]JDGRTXHKD\DFRQRFLGRGHO
SURFHGLPLHQWRHQHOTXHLQWHUYLQLHURQGLFKRVSURIHVLRQDOHV
/DV7HUFHUtDVGHGRPLQLR\GHPHMRUGHUHFKRVHUHSDUWLUiQSRUHO-X]JDGR'HFDQRDO-X]JDGR
TXHFRQR]FDGHODHMHFXFLyQ
'(&$1$72'(/26-8=*$'26'(6$1-$9,(5
(QPDWHULDGHFRRSHUDFLyQMXGLFLDOVHGLIHUHQFLDUiHQWUHH[KRUWRVQDFLRQDOHV\H[WUDQMHURV
(QH[KRUWRVQDFLRQDOHVVHKDUiQWUHVFDWHJRUtDVGHUHSDUWR$FWRVGHFRPXQLFDFLyQDFWRVGH
HMHFXFLyQ\SUiFWLFDGHSUXHEDV
/RVDVXQWRV\DUHSDUWLGRVDFXDOTXLHUDGHORV-X]JDGRVVLVRQGHVLVWLGRV\SRVWHULRUPHQWH
VHLQWHUSRQHQXHYDGHPDQGDVHUHSDUWLUiQDOPLVPR-X]JDGRDOTXHRULJLQDULDPHQWHIXHURQ
UHSDUWLGRVODSUHVHQWHQRUPDTXHGDHQVXVSHQVRKDVWDODLQIRUPDWL]DFLyQGHO'HFDQDWRGH
HVWH3DUWLGRTXHSHUPLWDOOHYDUDFDERWDOHVSUHYLVLRQHV
25'(13(1$/
1250$6'(5(3$572(1(/25'(13(1$/
(OVHUYLFLRGH*XDUGLDGHORV-X]JDGRVGH6DQ-DYLHUVHSUHVWDUiFRQSHULRGLFLGDGVHPDQDO
DOWHUQiQGRVH VXFHVLYDPHQWH FDGD XQR GH ORV -X]JDGRV GHO SDUWLGR -XGLFLDO 'DUi FRPLHQ]R
ORVPDUWHVDODVKRUDVGHODPDxDQDPRPHQWRDSDUWLUGHOFXDOHO-X]JDGRHQWUDQWHVHUi
FRPSHWHQWHSDUDHOFRQRFLPLHQWRGHWRGRVORVDVXQWRVSHQDOHVTXHVHSURGX]FDQ
&RUUHVSRQGHQDO-X]JDGRGH*XDUGLDODVVLJXLHQWHVIXQFLRQHV
D/DUHDOL]DFLyQGHSUXHEDDQWLFLSDGDHQORVFDVRVHQORVTXHSURFHGDFRQIRUPHDODUWtFXOR
žGHOD/H\GH(QMXLFLDPLHQWR&ULPLQDO
E 5HFLELU \ UHVROYHU ODV VROLFLWXGHV GH DXWRUL]DFLyQ MXGLFLDO SDUD OD HQWUDGD \ UHJLVWUR
GRPLFLOLDULR LQWHUYHQFLyQ WHOHIyQLFD R GH FRUUHVSRQGHQFLD HQWUHJD R FLUFXODFLyQ YLJLODGD \
DSHUWXUDGHFRPXQLFDFLRQHVSRVWDOHVDUWtFXORELVGHOD/H\GH(QMXLFLDPLHQWR&ULPLQDO\
SURWHFFLyQ GH WHVWLJRV TXH VH IRUPXOHQ UHVSHFWR GH KHFKRV VREUH ORV TXH QR FRQR]FD FRQ
DQWHULRULGDG RWUR -X]JDGR HO VLPSOH VHOOR GH HQWUDGD VXSRQH FRQRFLPLHQWR SUHYLR R VL OD
VROLFLWXGHQHVWH~OWLPRFDVRVHKDFHGHVSXpVGHODVKRUDVGHFXDOTXLHUGtDODERUDEOH
RHQViEDGRRIHVWLYR(QHVWH~OWLPRFDVRFXDOTXLHUDTXHVHDODUHVROXFLyQ\ODSUiFWLFDGH
ODGLOLJHQFLDHQVXFDVRVHUHPLWLUiDO-X]JDGRTXHHVWpFRQRFLHQGRORVKHFKRV(QFDVRGH
TXH QLQJ~Q -X]JDGR HVWXYLHUD FRQRFLHQGR GH ORV KHFKRV ODV DFWXDFLRQHV VH UHPLWLUiQ D
'HFDQDWRSDUDVXUHSDUWRHQDWHQFLyQDODVQRUPDVGHUHSDUWR\DHVWDEOHFLGDV
F /DV GLOLJHQFLDV GH LQVSHFFLyQ RFXODU OHYDQWDPLHQWR GH FDGiYHU \ ODV TXH VH GHULYHQ GHO
IDOOHFLPLHQWRGHXQDSHUVRQD\ODVXUJHQWHVGHULYDGDVGHDJUHVLRQHVVH[XDOHV
G$XWRUL]DFLRQHVUHODWLYDVDODVROLFLWXGGHH[WUDFFLyQGHyUJDQRVSDUDWUDVSODQWH
H3URFHGLPLHQWRGH+DEHDV&RUSXV\ODVDFWXDFLRQHVTXHVHGHULYHQGHOPLVPR
I5HVROYHUODVROLFLWXGVREUHDGRSFLyQRQRGHPHGLGDVFDXWHODUHVGHQDWXUDOH]DSHQDOFX\D
SHWLFLyQVHIRUPXOHDQWHHO-X]JDGRGH*XDUGLD
'(&$1$72'(/26-8=*$'26'(6$1-$9,(5
J 5HVROYHU WRGRV DTXHOORV DVXQWRV TXH ODV OH\HV DWULEX\DQ SRU VX FDUiFWHU XUJHQWH DO
-X]JDGRGH*XDUGLD\TXHVHDQFRPSHWHQFLDGHRWURVyUGHQHVMXULVGLFFLRQDOHV
K $XWRUL]DFLRQHV R GHQHJDFLRQHV GH LQWHUQDPLHQWR GH H[WUDQMHURV FRQIRUPH D OD /H\
2UJiQLFD
L 5HFHSFLyQ GH GHQXQFLDV YHUEDOHV VLQ SHUMXLFLR GHO GHVWLQR TXH SURFHGD GDUOHV GH
DFXHUGRDHVWDVQRUPDVGHUHSDUWR
M 5HFHSFLyQ GH ODV SUHVHQWDFLRQHV SHULyGLFDV DSXGDFWD IXHUD GHO KRUDULR GH DXGLHQFLD GHO
-X]JDGRTXHFRQR]FDGHODFDXVDFRQUHPLVLyQGLUHFWDGHODVPLVPDVDGLFKR-X]JDGR
N 5HDOL]DFLyQ GH GLOLJHQFLDV HQ UHODFLyQ D UHTXLVLWRULDGRV SUHVHQWDGRV DQWH HO -X]JDGR GH
*XDUGLDHQKRUDRIHFKDHQODTXHQRVHDSRVLEOHFRQWDFWDUFRQHO-X]JDGRUHFODPDQWHSDUD
FRPSUREDUODVDFWXDFLRQHVTXHGHVHDTXHVHHMHFXWHQ6HWHQGUiHQFXHQWDORVLJXLHQWH
6HOHGHMDUiFLWDGRRVHSURUURJDUiODGHWHQFLyQGHOUHTXLVLWRULDGRDQWHOHPLVPR-X]JDGR
HVGHFLUDQWHHOTXHHVWDEDGH*XDUGLDDVXSUHVHQWDFLyQSROLFLDOSDUDXQGtDHQHOFXDO\D
HO-X]JDGRUHFODPDQWHSXHGDGHWHUPLQDUODVDFWXDFLRQHVTXHVHGHVHDTXHVHHIHFW~HQ
6LHVUHFODPDGRSRUXQyUJDQRMXULVGLFFLRQDOFRQVHGHHQ6DQ-DYLHUVHOHGHMDUiFLWDGRVL
QRVHSURUURJDODGHWHQFLyQRDGLVSRVLFLyQVLVtVHSURUURJDHVDGHWHQFLyQSDUDHOSUy[LPR
GtDKiELODQWHHVHyUJDQRMXULVGLFFLRQDOGH6DQ-DYLHUDILQGHTXHHOPLVPRSXHGDSURFHGHU
FRPRFRUUHVSRQGDFRQHVHUHTXLVLWRULDGR
O 5HVROYHU VREUH ODV SHWLFLRQHV XUJHQWHV UHFLELGDV SRU $X[LOLR -XGLFLDO VHD pVWH QDFLRQDO R
LQWHUQDFLRQDO
'H ODV GLOLJHQFLDV XUJHQWHV LQFRDGDV SRU HO -X]JDGR GH *XDUGLD VHJXLUi FRQRFLHQGR HO
PLVPR FRQ LQGHSHQGHQFLD GHO PRPHQWR HQ TXH VH SURGXMHUDQ ORV KHFKRV /DV GLOLJHQFLDV
SUHYLDVLQFRDGDVGXUDQWHHOVHUYLFLRGH*XDUGLDRODVGLOLJHQFLDVXUJHQWHVWUDQVIRUPDGDVHQ
GLOLJHQFLDV SUHYLDV SRGUiQ UHPLWLUVH DO -X]JDGR TXH FRUUHVSRQGD SRU IHFKD GH KHFKRV R DO
-X]JDGR'HFDQRVLHVWDQRH[LVWLHUHVLHPSUHTXHQRKXELHUHVLGRSRVLEOHLQFRDUGLOLJHQFLDV
XUJHQWHV FRQ OD H[FHSFLyQ GH ORV GHOLWRV \ FDXVDV SHQDOHV SDUD ODV TXH VH
HVWDEOHFHXQWXUQRHVSHFLDOGHFRQIRUPLGDGFRQODUHJOD
&XDQGRHO-X]JDGRGH*XDUGLDLQFRHGLOLJHQFLDVXUJHQWHVSRUGHOLWRGHYLROHQFLDVREUHOD
PXMHUSRUVHUViEDGRRGtDIHVWLYRFLWDUiDODVSDUWHVSDUDODFHOHEUDFLyQGHOMXLFLRUiSLGR
DQWH HO -X]JDGR GH 9LROHQFLD VREUH OD 0XMHU HO VLJXLHQWH GtD KiELO HQ HO LJXDOPHQWH VH
DFRUGDUiVREUHODVRUGHQHVGHSURWHFFLyQ
&DGD -X]JDGR FRQRFHUi GH ORV DWHVWDGRV GHQXQFLDV \ RWURV HVFULWRV TXH FRQOOHYHQ OD
LQFRDFLyQ GH GLOLJHQFLDV FXDQGR HO KHFKR VH KXELHUH SURGXFLGR HQ HO PRPHQWR GH
HQFRQWUDUVHGH*XDUGLDHOFRUUHVSRQGLHQWHyUJDQRMXULVGLFFLRQDO&XDQGRQRFRQVWDVHIHFKD
GHKHFKRVRpVWDIXHUDLQGHWHUPLQDGDHO-X]JDGRDOTXHVHKDUHPLWLGRHOFRUUHVSRQGLHQWH
DWHVWDGR R GHQXQFLD VH LQKLELUi D IDYRU GHO -X]JDGR 'HFDQR TXH OR UHSDUWLUi VHJ~Q WXUQR
'(&$1$72'(/26-8=*$'26'(6$1-$9,(5
DOHDWRULR FRQ OD H[FHSFLyQ GH ORV GHOLWRV \ FDXVDV SHQDOHV SDUD ODV TXH VH
HVWDEOHFHXQWXUQRHVSHFLDOGHFRQIRUPLGDGFRQODUHJOD
(Q ORV FDVRV GH GHOLWR FRQWLQXDGR R GHOLWRV FRQH[RV OD FRPSHWHQFLD VH DWULEXLUi DO
-X]JDGR TXH HVWXYLHUH GH *XDUGLD FXDQGR VH KD\D SURGXFLGR OD SULPHUD PDQLIHVWDFLyQ
GHOLFWLYDFRQLQGHSHQGHQFLDGHTXHQRKXELHUHLQFRDGRGLOLJHQFLDDOJXQD
$O -X]JDGR GH 9LROHQFLD GH *pQHUR GH HVWH 3DUWLGR -XGLFLDO OH DIHFWDQ ODV VLJXLHQWHV
H[HQFLRQHV
(VWDIDDSURSLDFLRQHVLQGHELGDV\GHOLWRVFRQWUDORVGHUHFKRVGHORVWUDEDMDGRUHV
)DOWDVFRPHWLGDVSRULPSUXGHQFLD
(Q DTXHOORV VXSXHVWRV HQ TXH FRQIRUPH D OD IHFKD GH KHFKRV OH FRUUHVSRQGLHUD FRQRFHU DO
-X]JDGRGH9LROHQFLD6REUHOD0XMHUVHUHSDUWLUiHOFRQRFLPLHQWRGHODVXQWRSRUHO'HFDQDWR
FRQIRUPHWXUQRDOHDWRULR
/DV HVWDIDV VH FRQVLGHUDUiQ FRPHWLGDV HQ HO PRPHQWR HQ TXH VH SURGX]FD HO
GHVSOD]DPLHQWR SDWULPRQLDO \ ODV DSURSLDFLRQHV LQGHELGDV HQ HO PRPHQWR HQ TXH GHED VHU
GHYXHOWRORTXHVHHQWUHJyHQGHSRVLWyFRPLVLyQRDGPLQLVWUDFLyQ
/RVH[KRUWRVSHQDOHVVHUHSDUWLUiQHQWUHORVVHLV-X]JDGRVKDFLpQGRVHFXDWURFDWHJRUtDV
GH UHSDUWR $FWRV GH FRPXQLFDFLyQ 'HFODUDFLyQ FRPR LPSXWDGR GHFODUDFLyQ FRPR
SHUMXGLFDGR\UHFRQRFLPLHQWRSRUHOPpGLFRIRUHQVH
/DV DSHODFLRQHV GH ODV VHQWHQFLDV GLFWDGDV SRU ORV -X]JDGRV GH 3D] VH UHSDUWLUiQ
LJXDOPHQWHSRUWXUQRRUGLQDULR
&RPR QRUPD JHQHUDO ODV GHGXFFLRQHV GH WHVWLPRQLR VH UHPLWLUiQ DO -X]JDGR TXH VH
HQFXHQWUHGH*XDUGLDFXDQGRVHSURGXMRHOKHFKRGHOLFWLYRRVLODIHFKDIXHUDGHVFRQRFLGDR
LQGHWHUPLQDGDD'HFDQDWRSDUDUHSDUWR&RPRH[FHSFLyQDODUHJODDQWHULRUODVGHGXFFLRQHV
SRUGHOLWRGHIDOVRWHVWLPRQLRDFXVDFLyQRGHQXQFLDIDOVD\GHVREHGLHQFLDDODDXWRULGDGVH
UHPLWLUiQ D 'HFDQDWR SDUD UHSDUWR GHELHQGR H[FOXLUVH DO -X]JDGR TXH KDFH OD GHGXFFLyQ
SDUDJDUDQWL]DUODRSRUWXQDLPSDUFLDOLGDG
/DVFDXVDVSHQDOHVFRQSUHVRUHPLWLGDVD'HFDQDWRVHUHSDUWLUiQFRQDUUHJORD
ODVQRUPDVJHQHUDOHVGHUHSDUWR
6HHVWDEOHFHXQWXUQRHVSHFLDOGHUHSDUWRSDUDORVVLJXLHQWHVGHOLWRV\FDXVDV
SHQDOHV
&DXVDVSHQDOHVLQLFLDGDVPHGLDQWHTXHUHOODFULPLQDO(QHOFDVRGHTXHODTXHUHOODVH
UHILHUD D GHOLWRV TXH WHQJDQ VHxDODGR XQ WXUQR HVSHFLDO GH UHSDUWR SUHYDOHFHUi HO FULWHULR
FRUUHVSRQGLHQWHDOWLSRGHGHOLWR
'(&$1$72'(/26-8=*$'26'(6$1-$9,(5
'HOLWRV FRQWUD OD $GPLQLVWUDFLyQ 3~EOLFD SUHYLVWRV HQ HO 7tWXOR ;,; GHO /LEUR ,, GHO
&yGLJR3HQDO
'HOLWRVUHODWLYRVDODRUGHQDFLyQGHOWHUULWRULR\ODSURWHFFLyQGHOSDWULPRQLRKLVWyULFR\
GHOPHGLRDPELHQWHSUHYLVWRVHQHO7tWXOR;9,GHO/LEUR,,GHO&yGLJR3HQDO
'HOLWRVFRQWUDODVDOXGS~EOLFDSUHYLVWRVHQORVDUWVD&3
'HOLWRVFRQWUDODVUHODFLRQHVIDPLOLDUHVSUHYLVWRVHQHODUW&3FRQFUHWDPHQWHHQ
VXPRGDOLGDGGHLPSDJRGHSUHVWDFLyQHFRQyPLFD
(OWXUQRHVSHFLDOFRQVLVWLUiHQHOUHSDUWRVXFHVLYR\HQRUGHQFUHFLHQWHHQWUHORVMX]JDGRVGH
HVWHSDUWLGRMXGLFLDOGHODVFDXVDVSHQDOHVDQWHVHQXPHUDGDVUHVSHWDQGRHORUGHQVHJXLGR
HQODDFWXDOLGDGUHVSHFWRDODVFDXVDVSHQDOHVFRQSUHVRFDXVDVLQLFLDGDVPHGLDQWHTXHUHOOD
DVtFRPRUHVSHFWRDORVGHOLWRVSUHYLVWRVHQHOQž\(QUHODFLyQDORVGHOLWRVTXHFRQVWDQ
HQORVQž\HOUHSDUWRVXFHVLYRVHFRPHQ]DUiSRUHOMX]JDGRTXHFRUUHVSRQGDSRUVRUWHR
DUHDOL]DUHQGHFDQDWR
(OWXUQRHVSHFLDOSRUORVGHOLWRVSUHYLVWRVHQORVQž\SUHYDOHFHUi\VHDWHQGHUiDO
PLVPR DXQTXH OD FDXVD VH LQLFLH PHGLDQWH TXHUHOOD R DXQTXH H[LVWD HQ OD PLVPD XQ
LPSXWDGR HQVLWXDFLyQ GH SULVLyQ SURYLVLRQDO (Q FDVR GH FRQFXUUHQFLD HQWUH DOJXQRV GHORV
GHOLWRVHQXPHUDGRVHOUHSDUWRVHKDUiRWRUJDQGRSUHIHUHQFLDVHJ~QHORUGHQHVWDEOHFLGR
5HVSHFWRDOUHSDUWRVXFHVLYRGHODVFDXVDVSHQDOHVSRUGHOLWRVSUHYLVWRVHQHODUW&3VH
FRPHQ]DUi SRU HO MX]JDGR TXH FRUUHVSRQGD SRU VRUWHR D UHDOL]DU HQ GHFDQDWR FRPR VH
H[SUHVyDQWHULRUPHQWHVLELHQFRQODSDUWLFXODULGDGGHTXHODVGHQXQFLDVSRVWHULRUHVHQWUHOD
PLVPDGHQXQFLDQWH\HOPLVPRGHQXQFLDGRSRUHOFLWDGRGHOLWRVHUHSDUWLUiQDOTXHOHKD\D
FRUUHVSRQGLGRODSULPHUDGHQXQFLD
&XDGURGHUHYLVLRQHV
)HFKD
0RGLILFDFLRQHV
GHIHEUHURGH
,QFOX\HQ ODV PRGLILFDFLRQHV DFRUGDGDV HQ -XQWD GH-XHFHV GH GH DEULO GH GH
IHEUHURGHGHRFWXEUHGH\GHVHSWLHPEUHGH
'(&$1$72'(/26-8=*$'26'(727$1$
1250$6'(5(3$572'(/26-8=*$'26'(35,0(5$
,167$1&,$(,16758&&,Ð1
25'(1'(5(3$5723(1$/
1250$6'(5(3$57225'(13(1$/
5HJODGHWUDPLWDFLyQGHORVDVXQWRVFRQIHFKDFLHUWD
&DGD-X]JDGRDVXPLUiODWUDPLWDFLyQGHWRGRVORVDVXQWRVUHODWLYRVDKHFKRVGH
IHFKD FLHUWD FRPSUHQGLGD GHQWUR GH VX VHPDQD GH JXDUGLD /D HQWUDGD GH JXDUGLD VH
SURGXFHDODVGHOPDUWHV
(QFDVRGHTXHHO KHFKRKXELHUDVXFHGLGRHQWUHODPDGUXJDGDGHO GtDVDOLHQWH
GH JXDUGLD \ HO GtD HQWUDQWH GH JXDUGLD GHO -X]JDGR VLJXLHQWH HO VXSXHVWR VH FRQVLGHUDUi
FRPRGHIHFKDLQGHWHUPLQDGD
([FHSFLyQHQODWUDPLWDFLyQGHORVIDOOHFLPLHQWRV
3RUH[FHSFLyQORVIDOOHFLPLHQWRVVHWUDPLWDUiQtQWHJUDPHQWHSRUHO-X]JDGRHQHOTXH
VHKD\DUHFLELGRDYLVRGHOIDOOHFLPLHQWR\VHKD\DQLQFRDGRGLOLJHQFLDVSUHYLDVVDOYRTXHVH
WUDWH GH PXHUWHV SRU FDXVD YLROHQWD GRORVD R LPSUXGHQWH R DFFLGHQWHV ODERUDOHV TXH VH
UHSDUWLUiQDO-X]JDGRTXHHVWXYLHVHGHJXDUGLDHQODIHFKDGHOIDOOHFLPLHQWR1RREVWDQWHHQ
HO VXSXHVWR GH TXH HO -X]JDGR TXH KXELHUD UHFLELGR HO DYLVR QR KXELHUD SRGLGR LQFRDU
'LOLJHQFLDV 3UHYLDV VH LQFRDUi SRU HO -X]JDGR HQWUDQWH GH JXDUGLD TXH SRVWHULRUPHQWH VH
LQKLELUiDOFRPSHWHQWH
5HJODGHWUDPLWDFLyQGHORVDVXQWRVVLQIHFKDFLHUWD
/RV DVXQWRV GH IHFKD LQGHWHUPLQDGD VHUiQ WXUQDGRV D 'HFDQDWR SDUD TXH
SURFHGDDVXUHSDUWR
6H FRQVLGHUDQ HQ WRGR FDVR GHOLWRV VHDQ OHYHV R QR GH IHFKD
LQGHWHUPLQDGD SRU OR TXH VHUiQ UHPLWLGRV D 'HFDQDWR SDUD VX UHSDUWR SRU HO FyGLJR
FRUUHVSRQGLHQWHORVVLJXLHQWHV
'H ORV GHOLWRV FRQWUD ODV UHODFLRQHV IDPLOLDUHV DUWtFXORV D $SURSLDFLyQ LQGHELGD
DFWXDOPHQWH FRQ OD DGPLQLVWUDFLyQ GHVOHDO (VWDID 7UiILFR GH GURJDV $JUHVLRQHV \
$EXVRV VH[XDOHV $FRVR 6H[XDO \ ORV UHVWDQWHV GHOLWRV FRPSUHQGLGRV GHQWUR GHO 7tWXOR GH
'HOLWRVFRQWUDOD/LEHUWDG6H[XDO'HOLWRVFRQWUDHO0HGLR$PELHQWH%ODQTXHRGH&DSLWDOHV
5HJOD HVSHFLDO SDUD UHSDUWR GH ORV GHOLWRV FRQH[RV 7UDWiQGRVH GH GHOLWRV
FRQH[RVVHDSOLFDUiQODVVLJXLHQWHVUHJODV
'(&$1$72'(/26-8=*$'26'(727$1$
(QFDVRGHTXHH[LVWDQ'LOLJHQFLDV3UHYLDVDQWHULRUHVHQXQ-X]JDGRGH7RWDQDR
TXHKXELHUDQVLGR\DUHSDUWLGDVODVDFWXDFLRQHVSRU'HFDQDWRDHVH-X]JDGRDXQTXHWRGDYtD
QR VH KXELHUDQ LQFRDGR SRU FXDOTXLHUD GH ORVGHOLWRV ILQDOPHQWH FRQH[RV VHUi UHSDUWLGR DO
-X]JDGR TXH WXYR SULPHUD IHFKD GH HQWUDGD HQ VX -X]JDGR $ HVWH HIHFWR HQ FDVR GH
FRQIOLFWRVREUHTXLpQHPSH]yDFRQRFHUODIHFKDQRVHGHWHUPLQDSRUHO$XWRGH,QFRDFLyQ
VLQRSRUODIHFKDGHOVHOORGHUHSDUWRDO-X]JDGRFRUUHVSRQGLHQWH(VWDUHJODVHDSOLFDUiFRQ
LQGHSHQGHQFLDGHODJUDYHGDGGHORVGHOLWRVILQDOPHQWHFRQH[RV
6yORHQHOFDVRGHTXHQRH[LVWDQ'LOLJHQFLDV3UHYLDVHQXQ-X]JDGRGH7RWDQD
R HQ VX FDVR VL QR VH KXELHUDQ LQFRDGR WRGDYtD XQ UHSDUWR SUHYLR SRU FXDOTXLHUD GH ORV
KHFKRVFRQH[RVDFXDOTXLHUDGHORV-X]JDGRVVHUiFRPSHWHQWHSDUDFRQRFHUGHORVGHOLWRV
FRQH[RV HO GH IHFKD FLHUWD PiV DQWLJXD FRQ LQGHSHQGHQFLD GH OD JUDYHDG GH GHOLWR 1R
REVWDQWHFXDQGRVHHVWpHOVXSXHVWRGHKHFKRGHHVWHDSDUWDGRHVGHFLUTXHQRFRQFXUUD
HO FDVR GHO DQWHULRU VL DOJXQRGH ORV GHOLWRV FRQH[RV IXHUD GH IHFKD LQGHWHUPLQDGD HO
DVXQWRSRUGHOLWRVFRQH[RVVHUHSDUWLUiILQDOPHQWHFRPRGHIHFKDLQGHWHUPLQDGD
(Q HO FDVR GH TXH DOJXQR GH ORV GHOLWRV FRQH[RV HVWp H[HQWR HO -X]JDGR GH
9LROHQFLD GH *pQHUR HO WXUQR GH UHSDUWR VHUi VLHPSUH HO GH H[HQFLyQ GHO -X]JDGR GH
9LROHQFLDGH*pQHUR 5HJODGHDVXQWRVFRPHWLGRVHQRWURSDUWLGRMXGLFLDO3XHGHQGDUVHGRVFDVRV
4XHWRGDVODVPDQLIHVWDFLRQHVGHODDFWLYLGDGFULPLQDOKD\DQWHQLGROXJDUIXHUDGHOSDUWLGR
MXGLFLDO HQ FX\R FDVR VH DFRUGDUi VX LQKLELFLyQ FRQ LQGHSHQGHQFLD GH OD IHFKD GH VX
FRPLVLyQ
4XHDOJXQDVGHODVPDQLIHVWDFLyQHVGHODDFWLYLGDGFULPLQDOKD\DQWHQLGROXJDUGHQWUR
GHOSDUWLGRMXGLFLDOHQFX\RFDVRHODVXQWRVHUHSDUWLUiVHJ~QODVQRUPDVJHQHUDOHV
5HJOD UHODWLYD D OD GHGXFFLyQ GH WHVWLPRQLRV SRU OD SUHVXQWD FRPLVLyQ GH XQ
GHOLWR GH IDOVR WHVWLPRQLR DFXVDFLyQ R GHQXQFLD IDOVD R GHVREHGLHQFLD D OD
$XWRULGDG-XGLFLDO(O-X]JDGRGH,QVWUXFFLyQTXHDFXHUGHODGHGXFFLyQGHWHVWLPRQLRSRU
XQ SUHVXQWR GHOLWR GH IDOVR WHVWLPRQLR DFXVDFLyQ R GHQXQFLD IDOVD R GHVREHGLHQFLD D OD
$XWRULGDG -XGLFLDO HQ HVWH FDVR FXDQGR HO yUJDQR SUHVXQWDPHQWH GHVREHGHFLGR VHD HO
WHVWLPRQLDGRUHVWDUiH[SUHVDPHQWHH[FOXLGRGHODLQVWUXFFLyQGHGLFKRGHOLWRGHELHQGRGH
SDVDUODVDFWXDFLRQHVD'HFDQDWRSDUDVX5HSDUWRDFXDOTXLHUDGHORVUHVWDQWHV-X]JDGRVGH
HVWH3DUWLGR
5(*/$6(63(&,$/(6'(/26-8,&,26325'(/,726/(9(6,10(',$726
5HJODUHODWLYDDORV'HOLWRV/HYHV,QPHGLDWRVSUHVHQWDGRVODPLVPDPDxDQDGH
YLVWDV(O-X]JDGRVDOLHQWHGHJXDUGLDWUDPLWDUiORVMXLFLRVLQPHGLDWRVGHGHOLWRVOHYHVTXHOD
*XDUGLD &LYLO R OD 3ROLFtD /RFDO KD\DQ VHxDODGR OD PDxDQD GHO PDUWHV DXQTXH HO DWHVWDGR
FRUUHVSRQGLHQWHVHSUHVHQWHODPLVPDPDxDQDGHMXLFLRV
'(&$1$72'(/26-8=*$'26'(727$1$
5HJOD UHODWLYD D OD FRQVHUYDFLyQ GH ORV DVXQWRV VHxDODGRV FRPR 'HOLWRV OHYHV
LQPHGLDWRV(O -X]JDGR TXH HVWp GH JXDUGLD DVXPLUi OD FRPSHWHQFLD SDUD OD LQVWUXFFLyQ R
GHFLVLyQGHORVKHFKRVTXHOD*XDUGLD&LYLOROD3ROLFtD/RFDOKD\DQVHxDODGRFRPRMXLFLRGH
GHOLWR OHYH LQPHGLDWR DXQTXH QR VH SXGLHUD FHOHEUDU OD YLVWD SRU HO PRWLYR TXH VHD R VH
WUDQVIRUPH HO SURFHGLPLHQWR HQ GLOLJHQFLDV SUHYLDV FRQ LQGHSHQGHQFLD GH OD IHFKD GH
RFXUUHQFLDGHORVKHFKRV(QVXFDVRGLFKR-X]JDGRUHTXHULUiGHLQKLELFLyQDO-X]JDGRHQHO
TXHVHHQFXHQWUHQODVGLOLJHQFLDVSROLFLDOHVRULJLQDOHV
5(*/$6'(5(3$5723$5$$68172648((175(1325(/6(59,&,2'(*8$5',$
5HJOD UHODWLYD D ODFRQVHUYDFLyQGH ORV DVXQWRVVHxDODGRVFRPR-XLFLR UiSLGR
/RV DVXQWRV VHxDODGRV SRU OD *XDUGLD &LYLO R 3ROLFtD /RFDO FRPR MXLFLRV UiSLGRV VHUiQ
WUDPLWDGRVKDVWDVXFRQFOXVLyQSRUHO-X]JDGRTXHHVWXYLHVHGHJXDUGLDHQHOPRPHQWRGH
VX SUHVHQWDFLyQ DXQTXH SRVWHULRUPHQWH DFXHUGH VX WUDQVIRUPDFLyQ HQ GLOLJHQFLDV SUHYLDV
VXPDULR RUGLQDULR R MXLFLR GH IDOWDV \ FRQ LQGHSHQGHQFLD GH OD IHFKD GH ORV KHFKRV 1R
REVWDQWHORGLVSXHVWRORVDVXQWRVTXHDSHVDUGHVHUVHxDODGRVSRUOD*XDUGLD&LYLOR3ROLFtD
-XGLFLDO FRPR -XLFLR 5iSLGR VH HQWHQGLHUDQ ILQDOPHQWH SRU HO ,QVWUXFWRU GH *XDUGLD TXH
GHEDQ GH VHU GLUHFWDPHQWH UHJLVWUDGDV FRPR 'LOLJHQFLDV 3UHYLDV VHUiQ UHSDUWLGRV D TXLHQ
FRUUHVSRQGD
5HJODUHODWLYDDORVDVXQWRVGHHVSHFLDOFRPSOHMLGDGFRQGHWHQLGRVSUHVHQWDGRV
GXUDQWH OD JXDUGLD QR VHxDODGRV FRPR MXLFLR UiSLGR 6H HVWDUi UHVSHFWR GH ORV
PLVPRVDODVQRUPDVJHQHUDOHV
5HJOD HQ DXWRUL]DFLRQHV GH HQWUDGD \ UHJLVWUR GRPLFLOLDULR LQWHUYHQFLyQ
WHOHIyQLFD GH FRUUHVSRQGHQFLD R GH DSDUDWRV R VLVWHPDV LQIRUPiWLFRV R
HOHFWUyQLFRVHQWUHJDRFLUFXODFLyQYLJLODGD\SURWHFFLyQGHWHVWLJRV
6L H[LVWLHVH XQ SURFHGLPLHQWR SHQDO DELHUWR SUHYLDPHQWH DQWH XQ -X]JDGR FXDOTXLHUD
TXH VHD HO HVWDGR SURFHVDO HQ TXH VH HQFXHQWUH pVWH VHUi HO FRPSHWHQWH SDUD HO
FRQRFLPLHQWRGHWDOHVVROLFLWXGHVVLHPSUHTXHVHSUHVHQWHQHQWUHODV\ODVKRUDV
)XHUDGHHVHKRUDULRVHSUHVHQWDUiQDQWHHO-X]JDGRGHJXDUGLDTXHXQDYH]DFRUGDGROR
FRUUHVSRQGLHQWHUHPLWLUiODVGLOLJHQFLDVTXHLQFRHDGLFKR-X]JDGR
6L QR KXELHVH GLOLJHQFLDV SHQDOHV LQLFLDGDV OD VROLFLWXG VH SUHVHQWDUi HQ HO -X]JDGR GH
*XDUGLD TXH DFRUGDUi OR SHUWLQHQWH \ D FRQWLQXDFLyQ UHPLWLUi ODV GLOLJHQFLDV TXH LQFRH DO
'HFDQDWRSDUDVXUHSDUWRSRUHOWXUQRHVSHFLDOFRQLQGHSHQGHQFLDGHODIHFKDGHFRPLVLyQ
(Q ORV VXSXHVWRV GH LQWHUYHQFLRQHV WHOHIyQLFDV HO SURFHGLPLHQWR LQFRDGR VH HQYLDUi D
'HFDQDWRVLQHVSHUDUDOUHVXOWDGRGHDTXHOODLQWHUYHQFLyQ
5HJODSDUDDFWXDFLRQHVDPSOLDWRULDVGHFDXVDVDELHUWDVHQRWURV-X]JDGRV6H
UHPLWLUiQ D GLFKRV -X]JDGRV GHVGH HO TXH HQ FDGD PRPHQWR VH HQFXHQWUH GH JXDUGLD
GHVSXpVGHUHVROYHUVREUHODVLWXDFLyQSHUVRQDORPHGLGDVXUJHQWHVGHSURWHFFLyQ
5(3$572'($68172648((175(1325'(&$1$72
'(&$1$72'(/26-8=*$'26'(727$1$
5HJOD VREUH WXUQRV HVSHFLDOHV (Q HO 'HFDQDWR H[LVWHQ XQ WXUQR JHQHUDO SDUD
DVXQWRVGHIHFKDLQGHWHUPLQDGD\GRVWXUQRVHVSHFLDOHV
7XUQRVHVSHFLDOHVGHUHSDUWRVXFHVLYRSRURUGHQGHHQWUDGDSDUDWRGRVORV-X]JDGRV
6RQORVVLJXLHQWHV
$XWRUL]DFLRQHV GH HQWUDGD \ UHJLVWUR GRPLFLOLDULR LQWHUYHQFLyQ WHOHIyQLFD GH
FRUUHVSRQGHQFLDRGHDSDUDWRVRVLVWHPDVLQIRUPiWLFRVRHOHFWUyQLFRVHQWUHJDRFLUFXODFLyQ
YLJLODGD\SURWHFFLyQGHWHVWLJRV
$SHODFLRQHVGHODV6HQWHQFLDVGLFWDGDVHQMXLFLRVGHIDOWDVSRUORV-X]JDGRVGH3D]
'LOLJHQFLDVLQIRUPDWLYDVGHGHOLWRVGHORVTXHQRHVWiH[HQWRHO-X]JDGRGH,QVWUXFFLyQWUHV
7XUQRVHVSHFLDOHVGHUHSDUWRVXFHVLYRSRURUGHQGHHQWUDGDSDUDORV-X]JDGRV\
H[HQFLyQGHO
+DEUiXQ~QLFRWXUQRGHH[HQFLyQFRQLQGHSHQGHQFLDGHODFDXVDGHOLWRRTXHUHOODGHOD
H[HQFLyQGHO-X]JDGRGH9LROHQFLDGH*pQHUR
5(*,6752'($681726<02'(/26'(5(3$572<'(5(&+$=2
&DGD yUJDQR MXGLFLDO UHDOL]DUi HO UHJLVWUR GH ORV DVXQWRV SRU PHGLR GH $XWR TXH
HQWUHQHQVX-X]JDGR\VHLQKLELUiPHGLDQWH$XWRDO-X]JDGRGH7RWDQDTXHFRUUHVSRQGDR
ELHQ ORV UHPLWLUi D 'HFDQDWR SDUD VX UHSDUWR GH FRQIRUPLGDG FRQ ODV UHJODV DQWHULRUPHQWH
HVWDEOHFLGDV
6H DFXHUGD OD XWLOL]DFLyQ GH XQ VHOOR GH QXPHUDFLyQ FRUUHODWLYD TXH VHUi HVWDPSDGR HQ HO
UHJLVWURGHDVXQWRVSHQDOHVFRQIRUPHDULJXURVRRUGHQGHIHFKD\KRUDGHHQWUDGD
&DGDyUJDQRMXGLFLDOFXPSOLPHQWDUi\FRQVHUYDUiHQXQOHJDMRXQDOLVWDGHORVDVXQWRV
UHSDUWLGRVD'HFDQDWRRDORVRWURV-X]JDGRV$WDOILQVHDSUXHEDHOPRGHORQRUPDOL]DGR
TXH ILJXUD HQ HO DQH[R ,,, 'LFKR PRGHOR GHEHUi VHU VHOODGR SRU HO yUJDQR UHFHSWRU FRQ
LQGLFDFLyQ GH OD IHFKD GH HQWUDGD /D SODQWLOOD GH GLFKR GRFXPHQWR FRQ HO QRPEUH /,67$
5(3$572GRWSXHGHGHVFDUJDUVHGHFRP~QHQVDPED'(&$1$72
78512'(5()8(5=2'(*8$5',$(1/266838(6726'(*5$1'(6&$7È6752)(6DUW
5HJODPHQWR GH GH VHSWLHPEUH GH DVSHFWRV DFFHVRULRV GH ODV DFWXDFLRQHV
MXGLFLDOHV
(QORVVXSXHVWRVGHJUDQGHVFDWiVWURIHVHOWXUQRGHUHIXHU]RGHO-X]JDGRTXHHVWp
GH JXDUGLD VHUi HO PLVPR TXH HO GH VXVWLWXFLyQ RUGLQDULD HQWUH -X]JDGRV HV GHFLU
FRUUHVSRQGHUiSUHVWDUHOUHIXHU]RHQSULPHUOXJDUDO-X]JDGRGHQ~PHURFDUGLQDOLQPHGLDWR
VXSHULRU\GHIRUPDVXEVLGLDULDDOGHQ~PHURFDUGLQDOLQPHGLDWRLQIHULRU
'(&$1$72'(/26-8=*$'26'(727$1$
(;(1&,Ï1'(/-8=*$'2'(9,2/(1&,$62%5(/$08-(525'(13(1$/
(O -90 HVWDUi H[HQWR GH ORV SURFHVRV SRU GHOLWRV VRFLHWDULRV LQVROYHQFLDV SXQLEOHV
IDOVHGDGHV DFFLGHQWHV ODERUDOHV GHOLWRV FRQWUD ORV GHUHFKRV GH ORV WUDEDMDGRUHV GHOLWRV
FRQWUDOD+DFLHQGD3~EOLFD\OD6HJXULGDG6RFLDO\MXLFLRVGHIDOWDVSRUOHVLRQHVLPSUXGHQWHV
GHWUiILFR([HQFLyQFRPSOHWDGHTXHUHOODV\H[KRUWRVSHQDOHVVDOYRORVTXHVHDQUHPLWLGRV
GLUHFWDPHQWHDO-90
25'(1'(5(3$572&,9,/
1250$6'(5(3$572&,9,/
3URFHGLPLHQWRGHGLYRUFLRFXDQGRVHKDGHFODUDGRSUHYLDPHQWHODVHSDUDFLyQ
(O -X]JDGR TXH KD\D GHFODUDGR SUHYLDPHQWH OD VHSDUDFLyQ FRQRFHUi GH OD GHPDQGD GH
GLYRUFLRTXHVHSUHVHQWHFRQSRVWHULRULGDG
6L H[LVWHQ PHGLGDV FDXWHODUHV R GHILQLWLYDV DGRSWDGDV HQ XQ SURFHGLPLHQWR
SUHYLR
(O -X]JDGR TXH KD\D DFRUGDGR ODV PHGLGDV SURYLVLRQDOHV SUHYLDV D OD LQWHUSRVLFLyQ GH OD
GHPDQGDFRQRFHUiLJXDOPHQWHGHOFRUUHVSRQGLHQWHSURFHGLPLHQWRSULQFLSDO
(O -X]JDGR TXH KD\D DFRUGDGR ODV PHGLGDV SURYLVLRQDOHV SUHYLDV D OD GHPDQGD HQ ORV
SURFHVRV GH IDPLOLD FRQRFHUi LJXDOPHQWH GHO FRUUHVSRQGLHQWH SURFHGLPLHQWR SULQFLSDO
VHSDUDFLyQRGLYRUFLR
(O -X]JDGR TXH KD\D DFRUGDGR PHGLGDV GHILQLWLYDV HQ XQ SUHYLR SURFHGLPLHQWR MXGLFLDO GH
VHSDUDFLyQ GLYRUFLR R GH DGRSFLyQ GH PHGLGDV GHILQLWLYDV FRQRFHUi GH ORV SURFHGLPLHQWRV
TXHWHQJDQSRUREMHWRVXPRGLILFDFLyQ
/LTXLGDFLyQGHOUpJLPHQHFRQyPLFRPDWULPRQLDO
(O -X]JDGR TXH KD\D DFRUGDGR OD VHSDUDFLyQ R HO GLYRUFLR FRQRFHUi GH ORV SURFHGLPLHQWRV
SDUDODOLTXLGDFLyQGHOUpJLPHQHFRQyPLFRPDWULPRQLDO
2SRVLFLyQHQHOPRQLWRULR\HOFDPELDULR
6LVHVXVFLWDUHRSRVLFLyQHQHOPRQLWRULRFRQRFHUiGHOGHFODUDWLYRFRUUHVSRQGLHQWHHOPLVPR
-X]JDGR
6LVHVXVFLWDUHRSRVLFLyQHQHOFDPELDULRFRQRFHUiGHOGHFODUDWLYRFRUUHVSRQGLHQWHHOPLVPR
-X]JDGR
(MHFXFLyQ
'(&$1$72'(/26-8=*$'26'(727$1$
&RQRFHUiGHODHMHFXFLyQFRUUHVSRQGLHQWHHOPLVPR-X]JDGRHQHOTXHVHGLFWyODUHVROXFLyQ
DHMHFXWDUHQORVVXSXHVWRVGHORVQ~PHURVƒƒƒ\ƒGHODSDUWDGRVHJXQGRGHODUWtFXOR
&RQRFHUi GH OD HMHFXFLyQ SURYLVLRQDO HO -X]JDGR TXH KD\D GLFWDGR OD UHVROXFLyQ TXH VH
SUHWHQGHHMHFXWDU
,QWHUQDPLHQWR 1RPEUDPLHQWR UHQXQFLD R UHPRFLyQ GH WXWRU R FXUDGRU
0RGLILFDFLyQGHODVPHGLGDV\DDGRSWDGDVHQUHODFLyQFRQXQDSHUVRQDGHFODUDGD
LQFDSD]HQXQSURFHGLPLHQWRSUHYLR
&RQRFHUi GH FXDOTXLHUD GH ORV SURFHGLPLHQWRV DQWHULRUHV HO PLVPR yUJDQR MXGLFLDO TXH
GHFODUyODLQFDSDFLWDFLyQ
8WLOL]DFLyQ GH XQ 6HOOR GH QXPHUDFLyQ FRUUHODWLYD SDUD UHJLVWUR GH DVXQWRV
FLYLOHV
6H DFXHUGD FRQ IHFKD GH GLFLHPEUH GH OD XWLOL]DFLyQ GH XQ VHOOR GH QXPHUDFLyQ
FRUUHODWLYDTXHVHUiHVWDPSDGRHQHOUHJLVWURGHDVXQWRVFLYLOHVFRQIRUPHDULJXURVRRUGHQ
GHIHFKD\KRUDGHHQWUDGD
(;(1&,Ï1'(/-8=*$'2'(9,2/(1&,$62%5(/$08-(525'(1&,9,/
6H UHSDUWLUiQ DO -90 GH FDGD DVXQWRV FLYLOHV GH QDWXUDOH]D GHFODUDWLYD \ GH FDGD H[KRUWHV FLYLOHV HV GHFLU XQ /RV MXLFLRV PRQLWRULRV FDPELDUORV HMHFXFLRQHV GH
WLWXOHV QR MXGLFLDOHV H KLSRWHFDULDV VH UHSDUWLUiQ SRU LJXDO HQWUH WRGRV ORV -X]JDGRV FDGD-X]JDGR
&XDGURGHUHYLVLRQHV
)HFKD
0RGLILFDFLRQHV
GHIHEUHURGH
'(&$1$72'(/26-8=*$'26'(&,(=$
NORMAS DE REPARTO DE LOS JUZGADOS DE PRIMERA INSTANCIA
E INSTRUCCIÓN
I. JURISDICCIÓN CIVIL
(;(1&,Ï1-8=*$'21ž&21&203(7(1&,$(1960
(Q HO UHSDUWR GH ORV DVXQWRVFLYLOHV TXHHQWUHQ HQ 'HFDQDWR VH WHQGUi HQ FXHQWD
TXH HO -X]JDGRQƒ GH HVWH 3DUWLGR-XGLFLDOWLHQHUHFRQRFLGD XQDH[HQFLyQGHO
GH ORV SURFHVRV GHFODUDWLYRVFLYLOHV
5(3$57225',1$5,2
/RV DVXQWRV FLYLOHV TXH GHEDQ VHU REMHWR GH UHSDUWR LQFOXLGRV ORV SURFHVRV GH
FRRSHUDFLyQMXGLFLDOVHDGMXGLFDUiQ SRU HO -X]JDGR'HFDQRFRQIRUPHD ORV FyGLJRV\
ODV GLUHFWULFHV FRQWHQLGDV HQ HO $QH[R TXH VH DGMXQWD DO SUHVHQWH DFXHUGR FRQ ODV
VLJXLHQWHVHVSHFLDOLGDGHV
&XDQGRVHWUDWHGHMXLFLRRUGLQDULRGLPDQDQWHGHPRQLWRULRVHUHSDUWLUiDO-X]JDGRTXH
FRQRFLy GHO PHQFLRQDGR SURFHVR HVSHFLDO HO FXDO TXHGDUi H[HQWR HQ HO VLJXLHQWH WXUQR GH
UHSDUWR FXDQGR OR TXH GHED DGMXGLFiUVHOH VHD XQ QXHYR MXLFLR RUGLQDULR TXH QR WHQJD
DVLJQDGDRWUDFODYHHVSHFtILFD
/DVGHPDQGDVGHVHSDUDFLyQ\GLYRUFLRVHWXUQDUiQDO-X]JDGRTXHKD\DFRQRFLGRGHODV
PHGLGDV SURYLVLRQDOHV SUHYLDV ODV GHPDQGDV GH GLYRUFLR VH WXUQDUiQ DO MX]JDGR TXH KD\D
FRQRFLGRGHOSURFHVRGHVHSDUDFLyQ
/D PLVPD QRUPD VH DSOLFDUi SDUD HO VXSXHVWR GH SURFHGLPLHQWRV HQ ORV TXH VH HMHUFLWHQ
DFFLRQHV GH ILOLDFLyQ R GH LQFDSDFLWDFLyQ HQ ORV TXH \D H[LVWDQ XQDV PHGLGDV FDXWHODUHV
SUHYLDV
(QFDVRGHTXHH[LVWDXQSURFHGLPLHQWRSHQDOHQPDWHULDGHYLROHQFLDVREUHODPXMHUHQ
WUiPLWH WRGRV ORV SURFHVRV PDWULPRQLDOHV R GH JXDUGLD \ FXVWRGLD VH WXUQDUiQ DO -X]JDGR
Q~PHUR FRQ FRPSHWHQFLD H[FOXVLYD HQ PDWHULD GH YLROHQFLD VREUH OD PXMHU VLHPSUH \
FXDQGRVHDFUHGLWHHOFXPSOLPLHQWRGHORVUHTXLVLWRVHVWDEOHFLGRVHQHODUWtFXORELVGHOD
/(&
/RVSURFHVRV GH PRGLILFDFLyQ GH PHGLGDVWXUQDUiQ DO -X]JDGRTXH KD\D FRQRFLGR GH OD
VHSDUDFLyQRHOGLYRUFLR\ODOLTXLGDFLyQGHOUpJLPHQHFRQyPLFRPDWULPRQLDOFRUUHVSRQGHUi
DO-X]JDGRTXHKD\DFRQRFLGRGHOSURFHVRGHOTXHGLPDQH
/DV HMHFXFLRQHV GH WtWXORV MXGLFLDOHV FRUUHVSRQGHUiQ DO -X]JDGR TXH KD\D FRQRFLGR GHO
SURFHGLPLHQWRSULQFLSDODH[FHSFLyQGHODVRSRVLFLRQHVDODXWRGHFXDQWtDPi[LPDTXHVHUiQ
UHSDUWLGDVGHIRUPDDOHDWRULDHQWUHORVFXDWURMX]JDGRVGHO3DUWLGR-XGLFLDO
'(&$1$72'(/26-8=*$'26'(&,(=$
/D&XHQWD-XUDGDGH$ERJDGRV\3URFXUDGRUHVVHWXUQDUiDO-X]JDGRTXHKD\DFRQRFLGR
GHOSURFHGLPLHQWRHQHOTXHLQWHUYLQLHURQGLFKRVSURIHVLRQDOHV
/DV 7HUFHUtDV GH GRPLQLR \ GH PHMRU GHUHFKR VH UHSDUWLUiQ SRU HO -X]JDGR 'HFDQR DO
-X]JDGRTXHFRQR]FDGHODHMHFXFLyQ
(Q PDWHULD GH FRRSHUDFLyQ MXGLFLDO VH GLIHUHQFLDUi HQWUH H[KRUWRV QDFLRQDOHV \
H[WUDQMHURV
(QH[KRUWRVQDFLRQDOHVVHKDUiQWUHVFDWHJRUtDVGHUHSDUWR$FWRVGHFRPXQLFDFLyQDFWRVGH
HMHFXFLyQ\&RPLVLRQHVURJDWRULDV
/RV DVXQWRV \D UHSDUWLGRV D FXDOTXLHUD GH ORV -X]JDGRV VL VRQ GHVLVWLGRV \
SRVWHULRUPHQWH VH LQWHUSRQH QXHYD GHPDQGD VH UHSDUWLUiQ DO PLVPR -X]JDGR DO TXH
RULJLQDULDPHQWHIXHURQUHSDUWLGRV
/RV UHFXUVRV GH DSHODFLyQ FRQWUD ODV UHVROXFLRQHV GLFWDGDV SRU ORV -X]JDGRV GH 3D] \
UHFXVDFLRQHV GH -XHFHV GH 3D] VH UHSDUWLUiQ FDGD XQD GH HOODV SRU WXUQR DOHDWRULR
HVSHFtILFR
/RV DFWRV GH MXULVGLFFLyQ YROXQWDULD VH UHSDUWLUiQ GH IRUPD DOHDWRULD \ FRQIRUPH OD
FODVLILFDFLyQ FRQWHQLGD HQ HO $QH[R XQLGR D HVWDV QRUPDV VDOYR ORV UHODWLYRV D XQ
LQFDSDFLWDGR SRU XQ yUJDQR MXGLFLDO GH HVWH 3DUWLGR -XGLFLDO TXH VHUiQ WXUQDGRV DO -X]JDGR
TXHKD\DFRQRFLGRGHODLQFDSDFLGDG
/RV LQWHUQDPLHQWRV LQYROXQWDULRV QR XUJHQWHV VH UHSDUWLUiQ GH PDQHUD DOHDWRULD D
H[FHSFLyQ GH TXH OD SHUVRQD FX\R LQWHUQDPLHQWR VH VROLFLWD KD\D VLGR SUHYLDPHQWH
LQFDSDFLWDGD SRU XQ -X]JDGR GHO 3DUWLGR -XGLFLDO GH &LH]D HQ FX\R VXSXHVWR GLFKR yUJDQR
FRQRFHUiGHODVROLFLWXGGHLQWHUQDPLHQWR
$ HIHFWRV GH VX UHSDUWR VH HQWHQGHUi SRU LQWHUQDPLHQWR QR XUJHQWH DTXpO TXH VH VROLFLWH
FXDQGRODSHUVRQDDIHFWDGDWRGDYtDQRKD\DVLGRLQWHUQDGDRWUDQVFXUULGDVKRUDVGHVGH
TXHKD\DWHQLGROXJDUHOLQJUHVRGHODSHUVRQDDTXHVHUHILHUDODVROLFLWXG
,,-85,6',&&,Ï13(1$/
(;(1&,Ï1-8=*$'21ž&21&203(7(1&,$(1960
(Q PDWHULD SHQDO HO -X]JDGR Qƒ GH HVWH 3DUWLGR-XGLFLDO WLHQH UHFRQRFLGD XQD
H[HQFLyQGHO GHODV TXHUHOODV\ GHWRGRVORVMXLFLRV SRUGHOLWRVOHYHVGH DPHQD]DV
\ FRDFFLRQHV VLHPSUHTXHORVPLVPRV QR VHDQ FRQH[RV D RWURV GHOLWRV
(O -X]JDGR Qƒ DGHPiV WLHQH UHFRQRFLGD XQD H[HQFLyQ GHO HQ ORV H[KRUWRV
SHQDOHV
-8=*$'2'(*8$5',$
'(&$1$72'(/26-8=*$'26'(&,(=$
$
(O6HUYLFLRGH*XDUGLD
(O VHUYLFLR GH *XDUGLD GH ORV -X]JDGRV GH &LH]D VH SUHVWDUi FRQ SHULRGLFLGDG VHPDQDO
DOWHUQiQGRVH VXFHVLYDPHQWH FDGD XQR GH ORV -X]JDGRV GHO 3DUWLGR -XGLFLDO 'DUi FRPLHQ]R
ORV MXHYHV D ODV KRUDV GH OD PDxDQD \ FRPSUHQGHUi KDVWD OD PLVPD KRUD GHO MXHYHV
VLJXLHQWH
%
)XQFLRQHVGHO-X]JDGRGH*XDUGLD
&RUUHVSRQGHQDO-X]JDGRGH*XDUGLDODVVLJXLHQWHVIXQFLRQHV
/D UHFHSFLyQ UHJLVWUR \ UHSDUWR GH ORV DWHVWDGRV \ GHQXQFLDV TXH VH SUHVHQWHQ \D VHD
GLUHFWDPHQWH\DVHDSRULQKLELFLyQGHRWURMX]JDGRGXUDQWHHOWLHPSRGHJXDUGLD
5HFLELUGHFODUDFLyQDORVGHWHQLGRVSUHVHQWDGRVGXUDQWHHOWXUQRGHJXDUGLD\UHJXODUL]DU
VX VLWXDFLyQ SHUVRQDO D H[FHSFLyQ GH ORV FDVRV HQ TXH HO -X]JDGR GHO 3DUWLGR TXH WHQJD
LQFRDGRXQSURFHGLPLHQWRSHQDOSRUORVPLVPRVKHFKRVVROLFLWHTXHVHDSXHVWRGLUHFWDPHQWH
DVXGLVSRVLFLyQHOGHWHQLGR
(Q ORV FDVRV HQ TXH DO -XH] GH *XDUGLD VH OH SUHVHQWH XQ GHWHQLGR HQFDUWDGR HQ YDULRV
GHOLWRV TXH HQ SULQFLSLR SXHGDQ WHQHU OD FRQVLGHUDFLyQ OHJDO GH FRQH[RV VL DTXpO IXHUD D
TXHGDUSUHVRORKDUiH[FOXVLYDPHQWHDGLVSRVLFLyQGHXQVRORMX]JDGRTXHVHUiSUHFLVDPHQWH
DTXpOTXHHO-XH]GH*XDUGLDFRQVLGHUHTXHYDDVHUHOFRPSHWHQWHSDUDFRQRFHUGHWRGRV
ORVGHOLWRVFRQH[RVTXHVHOHLPSXWHQDOUHIHULGRGHWHQLGR
/D UHDOL]DFLyQ GH SUXHED DQWLFLSDGD HQ ORV FDVRV HQ TXH SURFHGD FRQIRUPH DO DUWtFXOR
žGHOD/H\GH(QMXLFLDPLHQWR&ULPLQDO
5HFLELU \ UHVROYHU ODV VROLFLWXGHV GH DXWRUL]DFLyQ MXGLFLDO SDUD OD HQWUDGD \ UHJLVWUR
GRPLFLOLDULR LQWHUYHQFLyQ WHOHIyQLFD R GH FRUUHVSRQGHQFLD HQWUHJD R FLUFXODFLyQ YLJLODGD \
DSHUWXUDGHFRPXQLFDFLRQHVSRVWDOHVDUWtFXORELVGHOD/H\GH(QMXLFLDPLHQWR&ULPLQDO\
SURWHFFLyQ GH WHVWLJRV TXH VH IRUPXOHQ UHVSHFWR GH KHFKRV VREUH ORV TXH QR FRQR]FD FRQ
DQWHULRULGDGRWUR-X]JDGRRD~QFXDQGRH[LVWDXQMX]JDGRTXHFRQR]FDSUHYLDPHQWHGHORV
PLVPRV OD VROLFLWXG VH KD\D SUHVHQWDGR GHVSXpV GH ODV KRUDV GH FXDOTXLHU GtD
ODERUDEOH R HQ ViEDGR R IHVWLYR (Q HO FDVR GH TXH RWUR -X]JDGR HVWp FRQRFLPLHQWR
SUHYLDPHQWHGHOKHFKRFXDOTXLHUDTXHVHDODUHVROXFLyQ\ODSUiFWLFDGHODGLOLJHQFLDHQVX
FDVRVHUHPLWLUiDGLFKR-X]JDGR(QFDVRGHTXHQLQJ~Q-X]JDGRHVWXYLHUDFRQRFLHQGRGH
ORV KHFKRV ODV DFWXDFLRQHV VH UHPLWLUiQ D 'HFDQDWR SDUD VX UHSDUWR HQ DWHQFLyQ D ODV
QRUPDVGHUHSDUWR\DHVWDEOHFLGDV
$ ORV HIHFWRV DQWHULRUHV VH HQWHQGHUi TXH VH WUDWD GH KHFKRV VREUH ORV TXH FRQRFH FRQ
DQWHULRULGDG RWUR -X]JDGR FXDQGR FRQ XQD DQWHODFLyQ GH DO PHQRV WUHV GtDV HO DWHVWDGR
RULJLQDO KD\D VLGR UHSDUWLGR D XQ MX]JDGR FRQFUHWR D~Q FXDQGR HO PLVPR DO WLHPSR GH
UHFLELUVHODVROLFLWXGGHLQWHUYHQFLyQQRHVWXYLHUDUHJLVWUDGRRELHQKXELHUDVLGRDUFKLYDGR
SRU GLFKR yUJDQR MXGLFLDO (O SOD]R GH WUHV GtDV VH FRPSXWDUi DWHQGLHQGR D OD IHFKD TXH
FRQVWHHQHOVHOORGHHQWUDGDGHGLFKRMX]JDGR
'(&$1$72'(/26-8=*$'26'(&,(=$
/DVGLOLJHQFLDVTXHUHTXLHUDQODLQWHUYHQFLyQGHO/HWUDGRGHOD$GPLQLVWUDFLyQGH-XVWLFLDVH
HMHFXWDUiQ SRU DTXpO TXH VH HQFXHQWUH GHVHPSHxDQGR IXQFLRQHV GH *XDUGLD VDOYR TXH
H[LVWD FDXVD DELHUWD HQ RWUR -X]JDGR \ OD GLOLJHQFLD WHQJD OXJDU HQ KRUDV GH DXGLHQFLD HV
GHFLU GH D KRUDV HQ FX\R FDVR VH HQFRPHQGDUi DO /HWUDGR GH OD $GPLQLVWUDFLyQ GH
-XVWLFLDGHO-X]JDGRTXHFRQR]FDGHODFDXVD
/DVGLOLJHQFLDVGHLQVSHFFLyQRFXODUOHYDQWDPLHQWRGHFDGiYHU\ODVTXHVHGHULYHQGHO
IDOOHFLPLHQWRGHXQDSHUVRQD\ODVXUJHQWHVGHULYDGDVGHDJUHVLRQHVVH[XDOHV
/DH[SHGLFLyQGHOLFHQFLDVGHLQKXPDFLyQRLQFLQHUDFLyQIXHUDGHODVKRUDVGHDWHQFLyQDO
S~EOLFR GHO 5HJLVWUR &LYLO GH &LH]D XWLOL]DQGR D WDO HIHFWR HO LPSUHVR QRUPDOL]DGR
SURSRUFLRQDGRSRUHOPLVPR
$XWRUL]DFLRQHVUHODWLYDVDODVROLFLWXGGHH[WUDFFLyQGHyUJDQRVSDUDWUDVSODQWH
3URFHGLPLHQWRGH+DEHDV&RUSXV\ODVDFWXDFLRQHVTXHVHGHULYHQGHOPLVPR
5HVROYHUODVROLFLWXGVREUHDGRSFLyQRQRGHPHGLGDVFDXWHODUHVGHQDWXUDOH]DSHQDOFX\D
SHWLFLyQ VH IRUPXOH DQWH HO -X]JDGR GH *XDUGLD HQ HO VHQR GH XQD LQVWUXFFLyQ SRU KHFKRV
FRQVWLWXWLYRVGHGHOLWR
5HVROYHU WRGRV DTXHOORV DVXQWRV TXH ODV OH\HV DWULEX\DQ SRU VX FDUiFWHU XUJHQWH DO
-X]JDGRGH*XDUGLD\TXHVHDQFRPSHWHQFLDGHRWURVyUGHQHVMXULVGLFFLRQDOHV
$XWRUL]DFLRQHV R GHQHJDFLRQHV GH LQWHUQDPLHQWR GH H[WUDQMHURV FRQIRUPH D OD /H\
2UJiQLFD
5HFHSFLyQ GH GHQXQFLDV YHUEDOHV VLQ SHUMXLFLR GHO GHVWLQR TXH SURFHGD GDUOHV GH
DFXHUGRDHVWDVQRUPDVGHUHSDUWR
5HFHSFLyQ GH ODV SUHVHQWDFLRQHV SHULyGLFDV DSXGDFWD HVWDEOHFLGDV SRU yUJDQRV
MXGLFLDOHV GH RWURV 3DUWLGRV -XGLFLDOHV DVt FRPR GH ODV HVWDEOHFLGDV SRU ORV -X]JDGRV GH
&LH]DVLHPSUHTXHVHSURGX]FDQIXHUDGHODVKRUDVGHDXGLHQFLDGHO-X]JDGRTXHODVLPSXVR
RHQViEDGRRIHVWLYR
3UDFWLFDU ODV GLOLJHQFLDV UHODWLYDV D UHTXLVLWRULDGRV SRU -X]JDGRV GH RWURV SDUWLGRV
MXGLFLDOHVRELHQSRUyUJDQRVGHHVWH3DUWLGRTXHIXHUDQSUHVHQWDGRVIXHUDGHODVKRUDVGH
DXGLHQFLDHQViEDGRVRIHVWLYRV
5HVROYHUVREUHODVSHWLFLRQHVXUJHQWHVUHFLELGDVSRU$X[LOLR-XGLFLDOVHDpVWHQDFLRQDOR
LQWHUQDFLRQDO
5HYROYHUODVVROLFLWXGHVGHUDWLILFDFLyQGHLQWHUQDPLHQWRGHPHQRUHVFXDQGRODGHWHQFLyQ
GHORVPLVPRVVHKD\DSURGXFLGRHQHO3DUWLGR-XGLFLDO
5HVROYHUORVLQWHUQDPLHQWRVLQYROXQWDULRVXUJHQWHV
$HVWRVHIHFWRVVHHQWHQGHUiSRULQWHUQDPLHQWRXUJHQWHDTXpOTXHVHVROLFLWHGHQWURGHODV
KRUDVVLJXLHQWHVDODVTXHHOLQWHUQDPLHQWRKD\DWHQLGROXJDU
'(&$1$72'(/26-8=*$'26'(&,(=$
1R REVWDQWH FXDQGR OD VROLFLWXG VH UHFLED D SDUWLU GH ODV KRUDV GHO VpSWLPR GtD GH
JXDUGLDVHUiFRPSHWHQWHSDUDFRQRFHUGHGLFKDVROLFLWXGHO-X]JDGRGH*XDUGLDHQWUDQWHDO
GtDVLJXLHQWH
(O-X]JDGRGH*XDUGLDFRQRFHUiGHODVGLOLJHQFLDVXUJHQWHVFRQRVLQGHWHQLGR\GHORV
GHOLWRVOHYHVGHHQMXLFLDPLHQWRLQPHGLDWRLQFRDGRVGXUDQWHOD*XDUGLDFRQLQGHSHQGHQFLDGHO
PRPHQWR HQ TXH VH SURGXMHUDQ ORV KHFKRV (Q FDVR GH H[LVWLU SURFHGLPLHQWR SHQDO SUHYLR
SRU ORV PLVPRV KHFKRVHQ RWUR -X]JDGR VH OH UHTXHULUi GH LQKLELFLyQ RELHQ VH OH UHPLWLUi
FRPXQLFDFLyQDORVHIHFWRVRSRUWXQRV
3RU HO FRQWUDULR ODV GLOLJHQFLDV SUHYLDV LQFRDGDV GXUDQWH HO VHUYLFLR GH *XDUGLD R ODV
GLOLJHQFLDVXUJHQWHVWUDQVIRUPDGDVHQGLOLJHQFLDVSUHYLDVVHUHPLWLUiQDO-X]JDGRFRPSHWHQWH
VHJ~Q ODV QRUPDV GH UHSDUWR VLHPSUH TXH QR KXELHUH VLGR SRVLEOH LQFRDU HO SURFHGLPLHQWR
FRPR GLOLJHQFLDV XUJHQWHV R FRQWLQXDU VX WUDPLWDFLyQ FRPR WDO /R PLVPR RFXUULUi SDUD HO
VXSXHVWR GH GHOLWRV OHYHV GH HQMXLFLDPLHQWR LQPHGLDWR TXH QR KD\DQ SRGLGR FHOHEUDUVH
GXUDQWHHOVHUYLFLRGHJXDUGLD
&XDQGRHO-X]JDGRTXHVHHQFXHQWUHHQHORFWDYRGtDGHVXJXDUGLDUHFHSFLRQHXQDWHVWDGR
SRUGHOLWROHYHGHHQMXLFLDPLHQWRLQPHGLDWRTXHFRQVLGHUHTXHGHEDVHUWUDPLWDGRFRPR'8'
ORUHPLWLUiDO-X]JDGRHQWUDQWHGHJXDUGLD
5HVROYHUODVVROLFLWXGHVGHyUGHQHVGHSURWHFFLyQTXHVHIRUPXOHQIXHUDGHODVKRUDVGH
DXGLHQFLD GHO -X]JDGR GH 9LROHQFLD VREUH OD 0XMHU GtDV ODERUDEOHV D SDUWLU GH ODV KRUDV ViEDGRV GRPLQJRV \ IHVWLYRV DVt FRPR UHVROYHU VREUH OD VLWXDFLyQ SHUVRQDO GH ORV
GHWHQLGRVDORVTXHVHLPSXWHXQGHOLWRSUHYLVWRHQHODUWtFXOROHWUDDGHOD/(&5,0\
TXH LJXDOPHQWH IXHUHQ SUHVHQWDGRV IXHUD GH ODV KRUDV GH DXGLHQFLD GHO H[SUHVDGR yUJDQR
(QVXFDVRDGHPiVHO-X]JDGRGH*XDUGLDFLWDUiDODVSDUWHVSDUDODFHOHEUDFLyQGHOMXLFLR
UiSLGRDQWHHO-X]JDGRGH9LROHQFLDVREUHOD0XMHUHOVLJXLHQWHGtDKiELO
5(3$57225',1$5,2
&
5HJODV(VSHFtILFDV
&DGD -X]JDGR FRQRFHUi GH ORV DWHVWDGRV GHQXQFLDV \ RWURV HVFULWRV TXH FRQOOHYHQ OD
LQFRDFLyQ GH GLOLJHQFLDV SRU KHFKRV TXH VH KXELHVHQ SURGXFLGR HQ HO PRPHQWR GH
HQFRQWUDUVHGH*XDUGLDHOFRUUHVSRQGLHQWHyUJDQRMXULVGLFFLRQDO
&XDQGRQRFRQVWDVHIHFKDGHKHFKRVRpVWDIXHUDLQGHWHUPLQDGDHO-X]JDGRDOTXHVH
KDUHPLWLGRHOFRUUHVSRQGLHQWHDWHVWDGRRGHQXQFLDVHLQKLELUiDIDYRUGHO-X]JDGR'HFDQR
TXHORUHSDUWLUiVHJ~QWXUQRDOHDWRULRFRQODH[FHSFLyQGHORVGHOLWRV\FDXVDVSHQDOHV
SDUDODVTXHVHHVWDEOHFHXQWXUQRHVSHFLDOGHFRQIRUPLGDGFRQODUHJODQž
(QORVFDVRVGHGHOLWRFRQWLQXDGRODFRPSHWHQFLDVHDWULEXLUiDO-X]JDGRTXHHVWXYLHUHGH
*XDUGLDFXDQGRVHKD\DSURGXFLGRODSULPHUDPDQLIHVWDFLyQGHOLFWLYDFRQLQGHSHQGHQFLDGH
TXHQRKXELHUHLQFRDGRGLOLJHQFLDDOJXQD6LHOSULPHUKHFKRIXHUDGHIHFKDLQGHWHUPLQDGDHO
DVXQWRVHVRPHWHUiDUHSDUWRHQWUHORV-X]JDGRVGHHVWH3DUWLGR
'(&$1$72'(/26-8=*$'26'(&,(=$
(QORVFDVRVGHGHOLWRVFRQH[RVODFRPSHWHQFLDVHDWULEXLUiFRQIRUPHDODUWtFXORGHOD
/(&5,0 &XDQGR VHD DSOLFDEOH OD UHJOD GHO DUWtFXOR ž GH GLFKR FXHUSR OHJDO VH
HQWHQGHUi TXH HO -X]JDGR TXH SULPHUR FRPHQ]DUH OD FDXVD HV DTXpO TXH FRQR]FD GHO
SURFHGLPLHQWR FRQ Q~PHUR GH UHJLVWUR JHQHUDO PiV DQWLJXR FRQ LQGHSHQGHQFLD GH TXH QR
KXELHUHLQFRDGRGLOLJHQFLDDOJXQD
&XDQGRGHXQDWHVWDGRVHGHVSUHQGDODSRVLEOHH[LVWHQFLDGHYDULRVKHFKRVGHOLFWLYRVGH
GLVWLQWD QDWXUDOH]D \ QR UHVXOWHQ DSOLFDEOH ODV QRUPDV SUHYLVWDV SDUD OD FRQWLQXLGDG R OD
FRQH[LGDGVHUiFRPSHWHQWHHO-X]JDGRTXHHVWXYLHUDGHJXDUGLDDOWLHPSRGHFRPHWHUVHHO
SULPHUKHFKRGHOLFWLYRVDOYRTXHpVWHIXHVHGHIHFKDLQGHWHUPLQDGDHQFX\RVHUHSDUWLUiSRU
IHFKDLQGHWHUPLQDGD
/RVGHOLWRVGHUHFHSWDFLyQVHUiQFRPSHWHQFLDGHOMX]JDGRTXHFRQR]FDGHOGHOLWRFRQWUD
HO SDWULPRQLR GHO TXH GHULYH OD UHFHSWDFLyQ VLHPSUH TXH QR VH KD\D GLFWDGR DXWR GH
SURFHGLPLHQWRDEUHYLDGRHQODFDXVDVHJXLGDSRUHOGHOLWRFRQWUDHOSDWULPRQLR\TXHpVWHQR
FRQVWLWX\DGHOLWROHYH
/DV GHGXFFLRQHV GH WHVWLPRQLR VH UHPLWLUiQ DO -X]JDGR TXH VH HQFXHQWUH GH *XDUGLD
FXDQGR VH SURGXMR HO KHFKR GHOLFWLYR R VL OD IHFKD IXHUD GHVFRQRFLGD R LQGHWHUPLQDGD D
'HFDQDWR SDUD UHSDUWR &RPR H[FHSFLyQ D OD UHJOD DQWHULRU ODV GHGXFFLRQHV SRU GHOLWR GH
IDOVR WHVWLPRQLR DFXVDFLyQ R GHQXQFLD IDOVD GHVREHGLHQFLD D OD DXWRULGDG R IDOVHGDG
GRFXPHQWDO HQ FDXVD MXGLFLDO VH UHPLWLUiQ D 'HFDQDWR SDUD UHSDUWR GHELHQGR H[FOXLUVH DO
-X]JDGRTXHKDFHODGHGXFFLyQSDUDJDUDQWL]DUODRSRUWXQDLPSDUFLDOLGDG
/RVH[KRUWRVSHQDOHVVHUHSDUWLUiQHQWUHORVFXDWUR-X]JDGRVKDFLpQGRVHWUHVFDWHJRUtDV
GHUHSDUWR(XURSHRV,QWHUQDFLRQDOHV\1DFLRQDOHV
/RVH[KRUWRVQDFLRQDOHVDVXYH]VHGLYLGLUiQHQFXDWURVXEFDWHJRUtDVTXHVHUHSDUWLUiQSRU
WXUQR VXFHVLYR HQWUH ORV FXDWUR -X]JDGRV $FWRV GH FRPXQLFDFLyQ 'HFODUDFLyQ FRPR
LPSXWDGR'HFODUDFLyQFRPRSHUMXGLFDGR\5HFRQRFLPLHQWRSRUHOPpGLFRIRUHQVH
/RV UHFXUVRV GH DSHODFLyQ FRQWUD ODV UHVROXFLRQHV GLFWDGDV SRU ORV -X]JDGRV GH 3D] \
UHFXVDFLRQHV GH -XHFHV GH 3D] VH UHSDUWLUiQ FDGD XQD GH HOODV SRU WXUQR DOHDWRULR
HVSHFtILFR
78512(63(&,$/'(5(3$572
6HHVWDEOHFHXQWXUQRHVSHFLDOGHUHSDUWRSDUDORVVLJXLHQWHVGHOLWRV\FDXVDVSHQDOHV
&DXVDV SHQDOHV LQLFLDGDV PHGLDQWHTXHUHOOD (Q HO FDVR GHTXH OD TXHUHOOD VH UHILHUD D
GHOLWRV TXH WHQJDQ VHxDODGR XQ WXUQR HVSHFLDO GH UHSDUWR SUHYDOHFHUi HO FULWHULR
FRUUHVSRQGLHQWHDOWLSRGHGHOLWR
&DXVDV SHQDOHV LQLFLDGDV PHGLDQWH GLOLJHQFLDV LQIRUPDWLYDV UHPLWLGDV SRU HO
0LQLVWHULR)LVFDOXRWUDVDXWRULGDGHVQRMXGLFLDOHV&XDQGRpVWDVVHUHILHUDQDGHOLWRV
TXHWHQJDQVHxDODGRXQWXUQRHVSHFLDOGHUHSDUWRSUHYDOHFHUiHOFULWHULRFRUUHVSRQGLHQWHDO
WLSRGHGHOLWR
'(&$1$72'(/26-8=*$'26'(&,(=$
'HOLWRV FRQWUD OD $GPLQLVWUDFLyQ GH 3~EOLFD SUHYLVWRV HQ HO 7tWXOR ;,; GHO /LEUR ,, GHO
&yGLJR3HQDO
ž 'HOLWRV UHODWLYRV D OD RUGHQDFLyQ GHO WHUULWRULR \ OD SURWHFFLyQ GHO SDWULPRQLR KLVWyULFR \
GHOPHGLRDPELHQWHSUHYLVWRVHQORV7tWXORV;9,GHO/LEUR,,GHO&yGLJR3HQDO
'HOLWRVFRQWUDODVDOXGS~EOLFDSUHYLVWRVHQORVDUWVD&3
'HOLWRVFRQWUDODVUHODFLRQHVIDPLOLDUHVSUHYLVWRVHQHODUW&3FRQFUHWDPHQWHHQVX
PRGDOLGDGGHLPSDJRGHSUHVWDFLyQHFRQyPLFD
(OWXUQRHVSHFLDOFRQWHQLGRHQHVWDUHJODGpFLPDFRQVLVWLUiHQHOUHSDUWRVXFHVLYR\HQRUGHQ
FUHFLHQWH HQWUH ORV MX]JDGRV GH HVWH SDUWLGR MXGLFLDO GH ODV FDXVDV SHQDOHV DQWHV
HQXPHUDGDV UHVSHWDQGR HO RUGHQ VHJXLGR HQ OD DFWXDOLGDG UHVSHFWR D ODV TXHUHOODV \
FRPHQ]DQGRHQFXDQWRDOUHVWRSRUHO-X]JDGRQžGHDFXHUGRFRQHOVRUWHRTXHDHVWRV
IXHUHDOL]DGR
(VWH PLVPR RUGHQ VH VHJXLUi FRQ UHVSHFWR D ODV FDXVDV SHQDOHV VHJXLGDV SRU GHOLWRV
SUHYLVWRVHQHODUWGHO&3VLELHQFRQODSDUWLFXODULGDGGHTXHODVGHQXQFLDVSRVWHULRUHV
HQWUHODPLVPDGHQXQFLDQWH\HOPLVPRGHQXQFLDGRSRUHOFLWDGRGHOLWRVHUHSDUWLUiQDOTXH
OH KD\D FRUUHVSRQGLGR OD SULPHUD GHQXQFLD D~Q FXDQGR VH KXELHUD DFRUGDGR HO
VREUHVHLPLHQWRGHODVDFWXDFLRQHV\VLHPSUHTXHQRVHKD\DGLFWDGRHODXWRGHDSHUWXUDGH
MXLFLRRUDO
(Q FDVR GH FRQFXUUHQFLD HQWUH DOJXQRV GH ORV GHOLWRV HQXPHUDGRV HO UHSDUWR VH KDUi
RWRUJDQGRSUHIHUHQFLDVHJ~QHORUGHQHVWDEOHFLGR
4XHGDQ GHURJDGDV WRGDV ODV QRUPDV DQWHULRUHV TXH VH UHILHUDQ DO UHSDUWR GH
DVXQWRVHQWUHORV-X]JDGRVGHHVWH3DUWLGR-XGLFLDO
&XDGURGHUHYLVLRQHV
)HFKD
0RGLILFDFLRQHV
GHQRYLHPEUHGH
'(&$1$72'(/26-8=*$'26'(08/$
1250$6'(5(3$572'(/26-8=*$'26'(35,0(5$
,167$1&,$(,16758&&,Ð1
,-85,6',&&,Ï13(1$/
(;(1&,21(6 48(5(//$6 $8;,/,2 -8',&,$/ 1$&,21$/ < $7(67$'26 <
'(181&,$6<&8$/(648,(5$27526$681726'(9,2/(1&,$'(*e1(52
(O-X]JDGRQƒFRQFRPSHWHQFLDH[FOXVLYDHQPDWHULDGHYLROHQFLDGHJpQHURWLHQHH[HQFLyQ
FRPSOHWDGHTXHUHOODV\H[KRUWRVSHQDOHVDH[FHSFLyQGHORVH[KRUWRVUHODWLYRVDODSUiFWLFD
GHGLOLJHQFLDVHQHO&HQWUR3HQLWHQFLDULR&DPSRVGHO5tRTXHVHUHSDUWLUiQSRUPLWDG
1250$6'(5(3$57225',1$5,2
(O-X]JDGRTXHHVWpGH*XDUGLDUHDOL]DUiHOUHSDUWRSHQDO/DHQWUDGDGHJXDUGLDVHSURGXFH
DODVGHOPLpUFROHV
+HFKRVGHIHFKDFLHUWD
&DGD-X]JDGRFRQRFHUiGHWRGRVORVDVXQWRVUHODWLYRVDKHFKRVGHIHFKDFLHUWDFRPSUHQGLGD
GHQWURGHVXVHPDQDGHJXDUGLD3DUDODGHWHUPLQDFLyQGHODIHFKDGHOKHFKRDHIHFWRVGH
UHSDUWRVHWHQGUiQHQFXHQWDODVVLJXLHQWHVQRUPDV
(Q HO FDVR GH TXH VH GHQXQFLHQ YDULRV KHFKRV FRQH[RV R HQ FRQFXUVR R KHFKRV TXH
SXHGDQFRQVWLWXLUXQGHOLWRFRQWLQXDGRVHHVWDUiDOKHFKRGHIHFKDFLHUWDPiVDQWLJXD
(QHOFDVRGHGHOLWRSHUPDQHQWHFX\DIHFKDUHVXOWHLQGHWHUPLQDGDVHUHSDUWLUiFRPRVL
IXHVHGHOLWRVLQIHFKDFLHUWD6LVHFRQRFHODIHFKDFRQFUHWDGHLQLFLRGHODDFWLYLGDGFULPLQDO
VHUHSDUWLUiDO-X]JDGRTXHHVWXYLHVHGHJXDUGLDHQGLFKDIHFKD
/RVLPSDJRVGHSHQVLRQHVVHFRQVLGHUDUiQVLHPSUHGHIHFKDLQGHWHUPLQDGD
(O GHOLWR GH DSURSLDFLyQ LQGHELGD VH FRQVLGHUDUi GH IHFKD LQGHWHUPLQDGD VDOYR TXH
FRQVWH GH IRUPD FLHUWD OD IHFKD GH DOJ~Q DFWR GH GLVSRVLFLyQ SDWULPRQLDO GH VHU YDULRV VH
HVWDUi DO SULPHUR R GH DOJ~Q RWUR DFWR URWXQGR \ WHUPLQDQWH GHO TXH UHVXOWH OD YROXQWDG
DSURSLDWRULD
(VWDIDV 6H FRQVLGHUDQ FRPHWLGDV HQ OD IHFKD HQ OD TXH KD\D WHQLGR OXJDU HO
GHVSOD]DPLHQWRSDWULPRQLDO
/RV SDUWHV UHPLWLGRV SRU HO 6HUYLFLR 0XUFLDQR GH 6DOXG DO -X]JDGR GH JXDUGLD VH
UHSDUWLUiQ VHJ~Q OD IHFKD GH OD DVLVWHQFLD SUHVWDGD R HQ VX GHIHFWR VHJ~Q OD IHFKD GH
HPLVLyQGHOGRFXPHQWR
'(&$1$72'(/26-8=*$'26'(08/$
/RV EROHWLQHV GH DQiOLVLV GH VXVWDQFLDV DSUHKHQGLGDV SRU ORV IXQFLRQDULRV GHO FHQWUR
SHQLWHQFLDULRGH&DPSRVGHO5tRVHUHSDUWLUiQVLQRFRQVWDODIHFKDGHDSUHKHQVLyQVHJ~Q
ODIHFKDGHVHOORGHHQWUDGD
1.8. Los fallecimientos se tramitarán íntegramente por el Juzgado en el que se haya recibido
aviso del fallecimiento antes de las 15:00 horas del martes saliente de guardia, salvo que se
trate de muerte por causa violenta de carácter doloso o imprudencia grave, o accidentes
laborales, que se repartirán al Juzgado que estuviese de guardia en la fecha del
fallecimiento.
+HFKRVVLQIHFKDFLHUWD
/RVDVXQWRVVLQIHFKDFLHUWDVHUHSDUWLUiQGHIRUPDVXFHVLYDHQWUHDPERV-X]JDGRV
+HFKRVFRPHWLGRVHQRWURSDUWLGRMXGLFLDO3XHGHQGDUVHGRVFDVRV
4XH WRGDV ODV PDQLIHVWDFLRQHV GH OD DFWLYLGDG FULPLQDO KD\DQ WHQLGR OXJDU IXHUD GHO
SDUWLGR MXGLFLDO HQ FX\R FDVR HO yUJDQR MXGLFLDO DQWH HO TXH VH KD\D SUHVHQWDGR HO DVXQWR
DFRUGDUiVXLQKLELFLyQFRQLQGHSHQGHQFLDGHODIHFKDGHVXFRPLVLyQVLQSUHYLRUHSDUWR
4XH DOJXQDV GH ODV PDQLIHVWDFLyQHV GH OD DFWLYLGDG FULPLQDO KD\DQ WHQLGR OXJDU
GHQWURGHOSDUWLGRMXGLFLDOHQFX\RFDVRHODVXQWRVHUHSDUWLUiVHJ~QODVQRUPDVJHQHUDOHV
$FHSWDFLyQGHOUHSDUWR
(O yUJDQR MXGLFLDO TXH KD\D DFRUGDGR OD SUiFWLFD GH GLOLJHQFLDV FRQVHUYDUi HO FRQRFLPLHQWR
GHO DVXQWR D~Q HQ HO FDVR GH TXH GH GLFKDV GLOLJHQFLDV UHVXOWH FRQRFLGD OD IHFKD GH ORV
KHFKRV TXH HUD LQGHWHUPLQDGD DO KDFHU HO UHSDUWR R TXH ORV KHFKRV VH UHDOL]DURQ HQ IHFKD
GLVWLQWDGHODFRQVLGHUDGDLQLFLDOPHQWHSDUDHOUHSDUWR
&RPSHWHQFLDVREUHORVSURSLRVWHVWLPRQLRV
(O-X]JDGRGH,QVWUXFFLyQTXHDFXHUGHODGHGXFFLyQGHWHVWLPRQLRVDVXPLUiVXFRQRFLPLHQWR
-8,&,26'()$/7$6,10(',$726
-),SUHVHQWDGRVHOPLVPRGtDVDOLHQWHGHJXDUGLDPLpUFROHV(O-X]JDGRVDOLHQWH
GH JXDUGLD WUDPLWDUi ORV MXLFLRV LQPHGLDWRV GH IDOWDV TXH OD *XDUGLD &LYLO R OD 3ROLFtD /RFDO
KD\DQVHxDODGRODPDxDQDGHOPLpUFROHVDXQTXHHODWHVWDGRFRUUHVSRQGLHQWHVHSUHVHQWHOD
PLVPDPDxDQDGHMXLFLRV
&RQVHUYDFLyQGHORVDVXQWRVVHxDODGRVFRPR-),(O-X]JDGRTXHHVWpGHJXDUGLD
DVXPLUiODFRPSHWHQFLDSDUDODLQVWUXFFLyQRGHFLVLyQGHORVKHFKRVTXHOD*XDUGLD&LYLOROD
3ROLFtD/RFDOKD\DQVHxDODGRFRPRMXLFLRGHIDOWDVLQPHGLDWRDXQTXHQRVHSXGLHUDFHOHEUDU
OD YLVWDSRU HO PRWLYR TXH VHD R VH WUDQVIRUPH HO SURFHGLPLHQWR HQGLOLJHQFLDV SUHYLDV FRQ
LQGHSHQGHQFLDGHODIHFKDGHRFXUUHQFLDGHORVKHFKRV(QVXFDVRGLFKR-X]JDGRUHTXHULUi
GHLQKLELFLyQDO-X]JDGRHQHOTXHVHHQFXHQWUHQODVGLOLJHQFLDVSROLFLDOHVRULJLQDOHV
'(&$1$72'(/26-8=*$'26'(08/$
$68172648((175(1325(/6(59,&,2'(*8$5',$
&RQVHUYDFLyQHORVDVXQWRVLQFRDGRVFRPR-XLFLRUiSLGR8QDYH]TXHXQDWHVWDGR
SROLFLDOVHDLQFRDGRFRPRGLOLJHQFLDVXUJHQWHVSRUXQMX]JDGRVHUiHVWHHOTXHVHHQFDUJXH
GH WRGR HO FRQRFLPLHQWR GH OD FDXVD DXQTXH SRVWHULRUPHQWH VH WUDQVIRUPH HQ GLOLJHQFLDV
SUHYLDVDSURFHGLPLHQWRDEUHYLDGRVXPDULRMXUDGRRFXDOTXLHURWURWLSRGHSURFHVR
$VXQWRVGHHVSHFLDOFRPSOHMLGDGFRQGHWHQLGRVSUHVHQWDGRVGXUDQWHODJXDUGLD
QR VHxDODGRV FRPR MXLFLR UiSLGR 6H HVWDUi UHVSHFWR GH ORV PLVPRV D ODV QRUPDV
JHQHUDOHV HO -X]JDGR TXH HVWp GH JXDUGLD HQ HO PRPHQWR GH VX SUHVHQWDFLyQ DVXPLUi VX
WUDPLWDFLyQLQWHJUDVLVRQDVXQWRVGHIHFKDFLHUWDFRPSUHQGLGDHQVXSHULRGRGHJXDUGLD'H
VHUDVXQWRVGHIHFKDFLHUWDFRUUHVSRQGLHQWHDORWUR-X]JDGRHOTXHHVWpGH*XDUGLDDFRUGDUi
OD LQKLELFLyQ GHVSXpV GH DGRSWDU ODV GHFLVLRQHV SHUWLQHQWHV VREUH VLWXDFLyQ SHUVRQDO \
PHGLGDVXUJHQWHVGHSURWHFFLyQ
$XWRUL]DFLRQHVGHHQWUDGD\UHJLVWURGRPLFLOLDULRLQWHUYHQFLyQWHOHIyQLFDGH
FRUUHVSRQGHQFLDRGHDSDUDWRVRVLVWHPDVLQIRUPiWLFRVRHOHFWUyQLFRVHQWUHJDR
FLUFXODFLyQYLJLODGD\SURWHFFLyQGHWHVWLJRV
6LH[LVWLHVHXQSURFHGLPLHQWRSHQDODELHUWRSUHYLDPHQWHDQWHXQ-X]JDGRFXDOTXLHUD
TXH VHD HO HVWDGR SURFHVDO HQ TXH VH HQFXHQWUH pVWH VHUi HO FRPSHWHQWH SDUD HO
FRQRFLPLHQWRGHWDOHVVROLFLWXGHVVLHPSUHTXHVHSUHVHQWHQHQWUHODV\ODVKRUDV
)XHUDGHHVHKRUDULRVHSUHVHQWDUiQDQWHHO-X]JDGRGHJXDUGLDTXHXQDYH]DFRUGDGROR
FRUUHVSRQGLHQWHUHPLWLUiODVGLOLJHQFLDVTXHLQFRHDGLFKR-X]JDGR
6LQRKXELHVHGLOLJHQFLDVSHQDOHVLQLFLDGDVODVROLFLWXGVHSUHVHQWDUiHQHO-X]JDGRGH
*XDUGLDTXHDFRUGDUiORSHUWLQHQWH\DFRQWLQXDFLyQUHPLWLUiODVGLOLJHQFLDVTXHLQFRH DO
'HFDQDWRSDUDVXUHSDUWRSRUHOWXUQRHVSHFLDOFRQLQGHSHQGHQFLDGHODIHFKDGHFRPLVLyQ
(Q ORV VXSXHVWRV GH LQWHUYHQFLRQHV WHOHIyQLFDV HO SURFHGLPLHQWR LQFRDGR VH HQYLDUi D
'HFDQDWRVLQHVSHUDUDOUHVXOWDGRGHDTXHOODLQWHUYHQFLyQ
$FWXDFLRQHVDPSOLDWRULDVGHFDXVDVDELHUWDVHQRWURV-X]JDGRV6HUHPLWLUiQD
GLFKRV -X]JDGRV GHVGH HO TXH HQ FDGD PRPHQWR VH HQFXHQWUH GH JXDUGLD GHVSXpV GH
UHVROYHUVREUHODVLWXDFLyQSHUVRQDORPHGLGDVXUJHQWHVGHSURWHFFLyQ
78512(63(&,$/
7XUQR HVSHFLDO (Q HO 'HFDQDWR H[LVWHQ XQ WXUQR JHQHUDO SDUD DVXQWRV GH IHFKD
LQGHWHUPLQDGD\WUHVWXUQRVHVSHFLDOHVGHUHSDUWRVXFHVLYRSRURUGHQGHHQWUDGDSDUDORV
GRV-X]JDGRVVREUHODVVLJXLHQWHVPDWHULDV
$XWRUL]DFLRQHV GH HQWUDGD \ UHJLVWUR GRPLFLOLDULR LQWHUYHQFLyQ WHOHIyQLFD GH
FRUUHVSRQGHQFLD R GH DSDUDWRV VLVWHPDV LQIRUPiWLFRV R HOHFWUyQLFRV HQWUHJD R FLUFXODFLyQ
YLJLODGD\SURWHFFLyQGHWHVWLJRV
$SHODFLRQHVGHODV6HQWHQFLDVGLFWDGDVHQMXLFLRVGHIDOWDVSRUORV-X]JDGRVGH3D]
'(&$1$72'(/26-8=*$'26'(08/$
'LOLJHQFLDVLQIRUPDWLYDV
&203$5(&(1&,$6$38'$&7$
&RPSHWHQFLDHQUHODFLyQFRQORVDSXGDFWDLPSXHVWRVSRUHOSURSLR-X]JDGR
/DVFRPSDUHFHQFLDVDSXGDFWDVHUHDOL]DUiQDQWHHOyUJDQRMXGLFLDOTXHHVWpFRQRFLHQGRGHO
SURFHGLPLHQWR6LVHWUDWDGHSURFHGLPLHQWRVGHRWURV-X]JDGRVVHUiFRPSHWHQWHHO-X]JDGR
GH*XDUGLD
,,-85,6',&&,Ï1&,9,/
(;(1&,21(6
(O-X]JDGRQƒWLHQHFRPSOHWDGHH[KRUWRVFLYLOHVDH[FHSFLyQGHORVH[KRUWRVUHODWLYRVDOD
SUiFWLFD GH GLOLJHQFLDV HQ HO &HQWUR 3HQLWHQFLDULR &DPSRV GHO 5tR TXH VH UHSDUWLUiQ SRU
PLWDG\MXULVGLFFLyQYROXQWDULDFRPSOHWD
1250$6'(5(3$572
3URFHGLPLHQWRGHGLYRUFLRFXDQGRVHKDGHFODUDGRSUHYLDPHQWHODVHSDUDFLyQ
(O -X]JDGR TXH KD\D GHFODUDGR SUHYLDPHQWH OD VHSDUDFLyQ FRQRFHUi GH OD GHPDQGD GH
GLYRUFLRTXHVHSUHVHQWHFRQSRVWHULRULGDG
6L H[LVWHQ PHGLGDV FDXWHODUHV R GHILQLWLYDV DGRSWDGDV HQ XQ SURFHGLPLHQWR
SUHYLR
- (O -X]JDGR TXH KD\D DFRUGDGR PHGLGDV SURYLVLRQDOHV SUHYLDV D OD LQWHUSRVLFLyQ GH OD
GHPDQGD \D VHD HQ PDWHULD GH IDPLOLD \D VHD HQ PDWHULD GLVWLQWD FRQRFHUi GHO
SURFHGLPLHQWRSULQFLSDOSRVWHULRU
- (O-X]JDGRTXHKD\DDFRUGDGRPHGLGDVGHILQLWLYDVHQXQSUHYLRSURFHGLPLHQWRMXGLFLDOGH
VHSDUDFLyQ GLYRUFLR R GH DGRSFLyQ GH PHGLGDV GHILQLWLYDV FRQRFHUi GH ORV
SURFHGLPLHQWRVTXHWHQJDQSRUREMHWRVXPRGLILFDFLyQ
2SRVLFLyQHQHOPRQLWRULR\HOFDPELDULR
- 6L VH VXVFLWDUH RSRVLFLyQ HQ HO PRQLWRULR FRQRFHUi GHO GHFODUDWLYR FRUUHVSRQGLHQWH HO
PLVPR-X]JDGR
- 6L VH VXVFLWDUH RSRVLFLyQ HQ HO FDPELDUOR FRQRFHUi GHO GHFODUDWLYR FRUUHVSRQGLHQWH HO
PLVPR-X]JDGR
(MHFXFLyQ
'(&$1$72'(/26-8=*$'26'(08/$
&RQRFHUiGHODHMHFXFLyQFRUUHVSRQGLHQWHHOPLVPR-X]JDGRHQHOTXHVHGLFWyODUHVROXFLyQ
DHMHFXWDUHQORVVXSXHVWRVGHORVQ~PHURVƒƒƒ\ƒGHODSDUWDGRVHJXQGRGHODUWtFXOR
&RQRFHUi GH OD HMHFXFLyQ SURYLVLRQDO HO -X]JDGR TXH KD\D GLFWDGR OD UHVROXFLyQ TXH VH
SUHWHQGHHMHFXWDU
,QWHUQDPLHQWR\UHLQWHJUDFLyQGHODFDSDFLGDG0RGLILFDFLyQGHODVPHGLGDV\D
DGRSWDGDV HQ UHODFLyQ FRQ XQD SHUVRQD GHFODUDGD LQFDSD] HQ XQ SURFHGLPLHQWR
SUHYLR
&RQRFHUi GH FXDOTXLHUD GH ORV SURFHGLPLHQWRV DQWHULRUHV HO PLVPR yUJDQR MXGLFLDO TXH
GHFODUyODLQFDSDFLWDFLyQ
,PSXJQDFLyQGHUHVROXFLRQHVSRUODVTXHVHGHQLHJXHHOGHUHFKRGHDVLVWHQFLD
MXUtGLFDJUDWXLWDHQUHODFLyQDXQSURFHGLPLHQWR\DDELHUWR
&RUUHVSRQGHUiVXFRQRFLPLHQWRDOPLVPR-X]JDGRTXHHVWpFRQRFLHQGRGHOSURFHGLPLHQWRHQ
HOTXHVHKD\DIRUPXODGRODVROLFLWXG
'(0$1'$648(12&255(178512
7RGDVODVGHPDQGDVFRUUHQWXUQRH[FHSWRODVHMHFXFLRQHVGHWtWXORMXGLFLDOODVHMHFXFLRQHV
SURYLVLRQDOHV FXHQWD GH DERJDGR FXHQWD GH SURFXUDGRU MXULVGLFFLyQ YROXQWDULD \ PHGLGDV
FDXWHODUHVFRHWiQHDVRSRVWHULRUHVDODGHPDQGD
,,,&/$6,),&$&,Ï15(*,6752
/DVFODVHVGHUHJLVWURVHDGDSWDQDO$FXHUGRGHOD&RPLVLyQ3HUPDQHQWHVREUHGHILQLFLyQGH
FODVHV GH UHSDUWR KRPRJpQHDV \ XQLIRUPHV SDUD WRGRHOWHUULWRULR QDFLRQDO HVWDEOHFLGDV HQ
ODV WDEODV DGMXQWDV DVt FRPR ORV FULWHULRV GH UHSDUWR TXH VH ILMDQ HQ GLFKDV WDEODV FRPR
FULWHULRV LQWHUSUHWDWLYRV GH ODV QRUPDV GH UHSDUWR \D YLJHQWHV HQ HVWH SDUWLGR MXGLFLDO 6X
HQWUDGD HQ YLJRU WUDV OD DSUREDFLyQ SRU OD 6DOD GH *RELHUQR TXHGD GLIHULGD D OD
FRUUHVSRQGLHQWHLPSOHPHQWDFLyQLQIRUPiWLFD
4XHGDQ GHURJDGDV WRGDV ODV QRUPDV DQWHULRUHV TXH VH UHILHUDQ DO UHSDUWR GH
DVXQWRVHQWUHORV-X]JDGRVGHHVWH3DUWLGR-XGLFLDO
'(&$1$72'(/26-8=*$'26'(08/$
&XDGURGHUHYLVLRQHV
)HFKD
0RGLILFDFLRQHV
Modificación de las normas de registro para
adaptarlas al Acuerdo de la Comisión
Permanente sobre clases de reparto
homogéneas l
0RGLILFDFLyQGHO~OWLPRJXLyQGHO,GHODV
QRUPDVGHUHSDUWRRUGLQDULRHQUHODFLyQDORV
IDOOHFLPLHQWRV
'(&$1$72'(/26-8=*$'26'(-80,//$
1250$6'(5(3$572'(/26-8=*$'26'(35,0(5$
,167$1&,$(,16758&&,Ð1
,1250$6*(1(5$/(6
(OUHSDUWRGHDVXQWRVFLYLOHVVLQQLQJXQDH[FHSFLyQVHUiGHSDUDHO-X]JDGRQ~PHUR
\ XQ SDUD HO -X]JDGR HQ WRGRV ORV DVXQWRV LQFOX\pQGRVH SURFHGLPLHQWRV
RUGLQDULRV PRQLWRULRV FDPELDULRV DVXQWRV GH MXULVGLFFLyQ YROXQWDULD LQWHUQDPLHQWRV
HMHFXFLRQHV KLSRWHFDULDV HMHFXFLRQHV GH WLWXOR QR MXGLFLDO FRQFXUVRV GH SHUVRQDV ItVLFDV \
H[KRUWRV
(Q HO UHSDUWR SHQDO HO UHSDUWR VH KDUi GHO VLJXLHQWH PRGR ORV DVXQWRV GH HVSHFLDO
GHGLFDFLyQ TXH HQ HO SXQWR WHUFHUR VH HVSHFLILFDUiQ DVt FRPR ORV WUiILFRV FRPR \D VH
DFRUGDUHFRUUHVSRQGHUiQDO-X]JDGRQ~PHURFRQFDUiFWHUH[FOXVLYRSDUDFRPSHQVDUOD
FDUJDGHYLROHQFLDGHJpQHURTXHSHVDVREUHHO-X]JDGRQ~PHUR
(OUHVWRGHDVXQWRVSHQDOHVLQFOX\pQGRVHTXHUHOODVVDOYRTXHVHDQGHGHOLWRVGHHVSHFLDO
GHGLFDFLyQ HQ FX\R FDVR VH HVWDUi D OR GLVSXHVWR DQWHULRUPHQWH \ H[KRUWRV SHQDOHV
FRUUHVSRQGHUiQ D FDGD -X]JDGR DO 1R REVWDQWH WUDWiQGRVH GH H[KRUWRV XUJHQWHV VX
FRQRFLPLHQWRFRUUHVSRQGHUiDO-X]JDGRGHJXDUGLDFRUULHQGRHOUHVSHFWLYRWXUQR
,,1250$6'(5(3$572(1$681726&,9,/(6
$5(3$572*(1(5$/(1$681726&,9,/(6
/RV DVXQWRV VH UHSDUWLUiQ WHQLHQGR HQ FXHQWD HO GtD \ KRUD GH HQWUDGD \ OD FODVH GH
SURFHGLPLHQWR
/RVRUGLQDULRV\ORVYHUEDOHVVHUHSDUWLUiQWHQLHQGRHQFXHQWDORVGLVWLQWRVDSDUWDGRVGH
ORVDUWtFXORV\GHOD/H\GH(QMXLFLDPLHQWR&LYLO
/DV SURFHVRV HVSHFLDOHV SUHYLVWRV HQ HO /LEUR ,9 VH UHSDUWLUiQ WHQLHQGR HQ FXHQWD FDGD
FODVHGHSURFHGLPLHQWRGHPDQGDVVREUHFDSDFLGDGSURGLJDOLGDGGHPDQGDVVREUHILOLDFLyQ
SDWHUQLGDG \ PDWHUQLGDG GHPDQGDV VREUH QXOLGDG GHPDQGDV GH VHSDUDFLyQ FRQWHQFLRVD
GLYRUFLRV FRQWHQFLRVRV VHSDUDFLRQHV GH PXWXR DFXHUGR GLYRUFLRV GH PXWXR DFXHUGR
PHGLGDVSURYLVLRQDOHVSUHYLDVDODGHPDQGDGHQXOLGDGVHSDUDFLyQRGLYRUFLRHILFDFLDFLYLO
GHUHVROXFLRQHVGHORV7ULEXQDOHVHFOHVLiVWLFRVGHPDQGDVVREUHJXDUGLD\FXVWRGLDGHKLMRV
PHQRUHV R DOLPHQWRV RSRVLFLyQ D UHVROXFLRQHV DGPLQLVWUDWLYDV HQ PDWHULD GH
SURWHFFLyQ GH PHQRUHV GHPDQGDV VREUH GLYLVLyQ GH KHUHQFLDV LQWHUYHQFLyQ GHO FDXGDO
KHUHGLWDULRPRQLWRULR\FDPELDULRV
'(&$1$72'(/26-8=*$'26'(-80,//$
/DVGHPDQGDVGHQXOLGDGVHSDUDFLyQRGLYRUFLRGHULYDGDVGHSURFHGLPLHQWRVGHYLROHQFLD
GHJpQHURVHWXUQDQHQHO-X]JDGRGH9LROHQFLDFRUULHQGRQ~PHUR
'H OD PLVPD IRUPD VH UHSDUWLUiQ HQ DSDUWDGRV GLVWLQWRV ODV PHGLGDV FDXWHODUHV
HMHFXFLRQHVQRMXGLFLDOHVHMHFXFLRQHVVREUHELHQHVSLJQRUDGRVRKLSRWHFDGRV\HMHFXFLRQHV
GHWtWXORVH[WUDQMHURV\ODVVROLFLWXGHVGHDVLVWHQFLDMXUtGLFDJUDWXLWD\ODVLPSXJQDFLRQHVGH
ODVUHVROXFLRQHVTXHUHFRQR]FDQRGHQLHJXHQHVWHGHUHFKR
%(;&(3&,21(6
6HH[FHSW~DQGHORDQWHULRU\12HQWUDUiQDUHSDUWRORVVLJXLHQWHVDVXQWRV
/DV HMHFXFLRQHV GH WtWXORV MXGLFLDOHV TXH FRUUHVSRQGHUi DO -X]JDGR TXH KD\D FRQRFLGR HO
SURFHGLPLHQWR
/DV PHGLGDV FDXWHODUHV VROLFLWDGDV FRQ OD GHPDQGD R FRQ SRVWHULRULGDG TXH VHDQ
FRPSHWHQFLDGHOyUJDQRTXHHVWiFRQRFLHQGRODPLVPD
/D GHPDQGD VXEVLJXLHQWH D PHGLGD FDXWHODU SUHYLD D OD PLVPD TXH FRUUHVSRQGHUi DO
MX]JDGRTXHKD\DFRQRFLGRGHHVWD~OWLPDFRUULHQGRWXUQR
/DV GHPDQGDV GH QXOLGDG GH PDWULPRQLR VHSDUDFLyQ R GLYRUFLR VXEVLJXLHQWH D PHGLGDV
SURYLVLRQDOHVSUHYLDVDODGHPDQGDDVtFRPRODGHPDQGDGHGLYRUFLRFXDQGRVHIXQGDPHQWH
HQXQDVHSDUDFLyQDQWHULRU\ODOLTXLGDFLyQGHOUpJLPHQHFRQyPLFRPDWULPRQLDODVtFRPRORV
GLVWLQWRVSURFHVRVGHPRGLILFDFLyQGHPHGLGDVDFRUGDGDVHQDOJXQRVGHORVSURFHGLPLHQWRV
DQWHVHQXPHUDGRVFRUUHVSRQGHUiQDO-X]JDGRTXHKD\DVXVWDQFLDGRHOSURFHGLPLHQWRDTXH
VHUHILHUDQFRUULHQGRWXUQR
/DVVROLFLWXGHVGHDVLVWHQFLDMXUtGLFDJUDWXLWDSDUDSHUVRQDUVH\DFWXDUHQXQSURFHGLPLHQWR
\DLQLFLDGRDVtFRPRODLPSXJQDFLyQGHODVUHVROXFLRQHVSRUODTXHVHUHFRQR]FDRGHQLHJXH
HOGHUHFKRDODDVLVWHQFLDMXUtGLFDJUDWXLWDFRUUHVSRQGHUiQDO-X]JDGRTXHHVWpFRQRFLHQGR
GHOSURFHGLPLHQWRHQHOTXHVHKD\DIRUPXODGRODVROLFLWXGFRUULHQGRWXUQR
(O SURFHGLPLHQWR SDUD GHWHUPLQDU OD QHFHVLGDG GH DVHQWLPLHQWR GH ORV SDGUHV HQ OD
DGRSFLyQFRUUHVSRQGHUiDO-X]JDGRTXHHVWpFRQRFLHQGRGHOSURFHGLPLHQWRGHDGRSFLyQ
/DV GHPDQGDV VREUH UHLQWHJUDFLyQ GH OD FDSDFLGDG \ PRGLILFDFLyQ GHO DOFDQFH GH OD
LQFDSDFLWDFLyQ VHUiQ FRPSHWHQFLD GHO ÏUJDQR TXH KXELHUH FRQRFLGR GHO SURFHGLPLHQWR GH
LQFDSDFLWDFLyQ
,,,1250$6'(5(3$572(1$6817263(1$/(6
$5(3$572*(1(5$/(1$6817263(1$/(6
'(&$1$72'(/26-8=*$'26'(-80,//$
(O FDPELR GH JXDUGLD VH HIHFWXDUi D ODV QXHYH KRUDV GHO PLpUFROHV GH FDGD VHPDQD VL
ELHQ HO -X]JDGR TXH HQWUH GH JXDUGLD HO PLpUFROHV GHEHUi DWHQGHU D ORV GHWHQLGRV TXH VH
SURGX]FDQGHVGHODVFDWRUFHKRUDVGHOPDUWHVDQWHULRU1RREVWDQWHDHIHFWRVGHGHWHUPLQDU
OD FRPSHWHQFLD GH FDGD -X]JDGR VH HVWDUi DO GtD \ KRUD GH OD FRPLVLyQ GHO KHFKR 1R
REVWDQWH ORV LPSXWDGRV FLWDGRV SDUD -XLFLR 5iSLGR XQ PLpUFROHV VHUiQ DWHQGLGRV SRU HO
-X]JDGRVDOLHQWHGHJXDUGLDSDUDVXFHOHEUDFLyQLQPHGLDWDVLIXHUHSRVLEOHHLJXDOFULWHULRVH
VHJXLUi SDUD ORV -XLFLRV ,QPHGLDWRV SRU 'HOLWR /HYH $VLPLVPR VHUiQ FRPSHWHQFLD GHO
-X]JDGRGHJXDUGLDORVSURFHVRVDORVTXHVHUHILHUHHODUWtFXORGHO5HJODPHQWR,
GH DVSHFWRV DFFHVRULRV GH ODV DFWXDFLRQHV MXGLFLDOHV FRQ LQGHSHQGHQFLD GH OD IHFKD GH ORV
KHFKRVREMHWRGHORVPLVPRV
6RQ KRUDV GH DXGLHQFLD GH FDGD -X]JDGR GH KRUDV D KRUDV /D JXDUGLD
FRQWLQXDGHO-X]JDGRGH9LROHQFLDVREUHOD0XMHUVHUiKDVWDODVKRUDVKRUDHQODTXH
GHEHUi HVWDU SUHVHQWDGR HO DWHVWDGR \ HO GHWHQLGR 0iV DOOi GH WDO KRUD ODV DFWXDFLRQHV
VHUiQOOHYDGDVDFDERSRUHO-X]JDGRGH*XDUGLD
/RVDWHVWDGRV\GHQXQFLDVHQTXHFRQVWHODIHFKDGHODLQIUDFFLyQSHQDOFRUUHVSRQGHUiDO
-X]JDGR TXH HVWXYLHUH GH JXDUGLD HQ GLFKD IHFKD H[FHSWR OD PDWHULD GH YLROHQFLD VREUH OD
PXMHU \ ORV WUiILFRV DVt FRPR DVXQWRV GH HVSHFLDO GHGLFDFLyQ HQ ORV TXH VH HVWDUi D OR
DFRUGDGRDQWHULRUPHQWH&XDQGRXQKHFKRRFXUUDXQPLpUFROHVHQTXHXQRGHORV-X]JDGRV
HQWUDQWH\RWURVDOLHQWHGHJXDUGLD\QRFRQVWDODKRUDGHFRPLVLyQVHUiFRPSHWHQFLDGHO
-X]JDGRHQWUDQWHGHJXDUGLD
(QFXDQWRDODV',/,*(1&,$685*(17(6WUDPLWDGDVHQFXDOTXLHU-X]JDGRVLSURFHGLHUH
VX WUDQVIRUPDFLyQ D 'LOLJHQFLDV 3UHYLDV 6XPDULR 7ULEXQDO GHO -XUDGR R -XLFLR SRU 'HOLWR
/HYH HO FRQRFLPLHQWR GH OD FDXVD FRUUHVSRQGHUi DO -X]JDGR TXH WUDPLWDVH ODV 'LOLJHQFLDV
8UJHQWHVFRQLQGHSHQGHQFLDGHODIHFKDGHORVKHFKRV
/RV DWHVWDGRV \ GHQXQFLDV HQ TXH QR FRQVWH OD IHFKD QL VH SXHGD SUHFLVDU FRQ
SRVWHULRULGDG VH UHPLWLUiQ D GHFDQDWR SDUD VX UHSDUWR HQWUH DPERV -X]JDGRV 6H
FRQVLGHUDUiQ GH IHFKD LQGHWHUPLQDGD DTXpOORV TXH VH FRPHWDQ HQ XQ ODSVR WHPSRUDO TXH
VXSHUHQXQDVHPDQDGHJXDUGLD
/RV GHOLWRV FRQWLQXDGRV R FRQH[RV VH WXUQDUiQ DO -X]JDGR TXH HVWp FRQRFLHQGR DTXHOODV
DFWXDFLRQHV SHQDOHV DQWHULRUHV VLQ SHUMXLFLR GH ODV DFWXDFLRQHV XUJHQWHV TXH GHEDQ
SUDFWLFDUVHHVSHFLDOPHQWHHQHOVXSXHVWRGHFDXVDVFRQGHWHQLGRVRSUHVRVTXHVHVXVFLWHQ
IXHUD GH ODV KRUDV GH DXGLHQFLD 1R REVWDQWH VL QLQJXQR HVWXYLHUD FRQRFLHQGR GH HOORV VH
HVWDUiDORGLVSXHVWRHQHOSXQWRDQWHULRU
/RVUHTXLVLWRULDGRVGHFDGDXQRGHORV-X]JDGRVGH-XPLOODVHUiQDWHQGLGRVSRUHO-X]JDGR
FRUUHVSRQGLHQWHTXHOOHYHHOSURFHGLPLHQWRHQKRUDVGHDXGLHQFLDFRUUHVSRQGLHQGRIXHUDGH
HOODVDO-X]JDGRGH*XDUGLD
'(&$1$72'(/26-8=*$'26'(-80,//$
/RVUHTXLVLWRULDGRVGHORV-X]JDGRVGHIXHUDGHOSDUWLGRMXGLFLDOGH-XPLOODLQFOXLGRVORVGH
SURFHGLPLHQWRVGHYLROHQFLDVREUHODPXMHUVHUiQDWHQGLGRVSRUHO-X]JDGRGH*XDUGLD
/DV FRPSDUHFHQFLDV DSXGDFWD TXH GHEHQ HIHFWXDU ORV LPSXWDGRV VH SUDFWLFDUiQ DQWH HO
yUJDQR TXH HVWi FRQRFLHQGR HO SURFHGLPLHQWR 6L VH WUDWD GH SURFHGLPLHQWRV GH RWURV
-X]JDGRVVHUiQDQWHHO-X]JDGRGH*XDUGLD
/DV HQWUDGDV \ UHJLVWURV \ ODV LQWHUYHQFLRQHV WHOHIyQLFDV VHUiQ OOHYDGDV D FDER SRU HO
-X]JDGR GH *XDUGLD LQGHSHQGLHQWHPHQWH TXH HO SURFHGLPLHQWR SULQFLSDO VH OOHYH HQ HO
-X]JDGR TXH QR HVWi GH JXDUGLD 7DPELpQ VHUi FRPSHWHQFLD GHO -X]JDGR GH *XDUGLD ORV
LQWHUQDPLHQWRVHQFHQWURGHLQWHUQDPLHQWRVGHH[WUDQMHURVFRUUHVSRQGLHQGRODDXWRUL]DFLyQ
GHH[SXOVLyQDOTXHFRQR]FDGHOSURFHGLPLHQWRSULQFLSDO
/DLQVWUXFFLyQGHORVGHOLWRVGHULYDGRVGHSURFHGLPLHQWRVFLYLOHVGHIDPLOLDFRUUHVSRQGHUi
DO-X]JDGRTXHFRQRFLyGHOSURFHVRFLYLO
/RV WHVWLPRQLRV GHGXFLGRV SDU GHOLWR VH UHPLWLUiQ DO RWUR -X]JDGR GHMDQGR D VDOYR ODV
QRUPDVGHFRPSHWHQFLDREMHWLYD\GHUHSDUWRGHDVXQWRVGHHVSHFLDOGHGLFDFLyQ
%$681726'((63(&,$/'(',&$&,Ï1
6HUiQDVXQWRVGHHVSHFLDOGHGLFDFLyQ\SRUHQGHGHFRQRFLPLHQWRH[FOXVLYRGHO-X]JDGR
GH,QVWDQFLDH,QVWUXFFLyQGH-XPLOODSDUDFRPSHQVDUODFDUJDGH9LROHQFLDVREUHOD0XMHU
GHO Q~PHUR HQFDUJDGR WDPELpQ GHO 5HJLVWUR &LYLO ORV GHOLWRV JUDYHV \ PHQRV JUDYHV
UHFRJLGRVHQORVVLJXLHQWHV7tWXORV\&DStWXORVGHO&yGLJR3HQDOFRUULHQGRQ~PHUR
'HO 7tWXOR ;,,, ORV VLJXLHQWHV &DStWXORV 9, GHIUDXGDFLRQHV 9,, LQVROYHQFLDV
SXQLEOHV
9,,,
DOWHUDFLyQ
GH
SUHFLRV
HQ
FRQFXUVRV
\
VXEDVWDVS~EOLFDV;,SURSLHGDGLQGXVWULDOLQWHOHFWXDOPHUFDGR\FRQVXPLGRUHV
;,,,
VRFLHWDULRV
\
;,9
UHFHSWDFLyQ
\
EODQTXHR
GH
FDSLWDOHV
7tWXOR;,9FRQWUDODKDFLHQGDS~EOLFD\VHJXULGDGVRFLDO
7tWXOR;9\;9ELVFRQWUDGHUHFKRVGHORVWUDEDMDGRUHV\WUDEDMDGRUHVH[WUDQMHURV
7tWXOR;9,RUGHQDFLyQGHOWHUULWRULR\RWURV
7LWXOR;9,,FRQWUDODVHJXULGDGFROHFWLYD
'(&$1$72'(/26-8=*$'26'(-80,//$
(Q HO FDVR GH TXH HVWDV QRUPDV GH UHSDUWR VHDQ DSUREDGDV SRU HO 7ULEXQDO 6XSHULRU GH
-XVWLFLDGH0XUFLDODVPLVPDVHQWUDUiQHQYLJRUHOGtDGLFLHPEUHGH(QFDVRGHTXH
QRIXHUHQDSUREDGDVVHHQWHQGHUiQWiFLWDPHQWHUHQRYDGDVODVQRUPDVGHUHSDUWRYLJHQWHV
KDVWDHOPRPHQWR
6H DGMXQWD $QH[R FRQ ORV FyGLJRV TXH VH DVLJQDUiQ D ODV GLYHUVDV FDWHJRUtDV GH HVSHFLDO
UHOHYDQFLDHQFXDQWRDODVPDWHULDVREMHWRGHH[HQFLyQGHO-X]JDGRQž
(Q-XPLOODDGHRFWXEUHGH
'RQ(GXDUGR6HUUDQR7DOiQ 'RQ-DYLHU4XLQWDQD$UDQGD
&XDGURGHUHYLVLRQHV
&ĞĐŚĂ
DŽĚŝĨŝĐĂĐŝŽŶĞƐ
ƉƌŽďĂĐŝſŶ^ĂůĂ
ĚĞ'ŽďŝĞƌŶŽ
ŶƚƌĂĚĂĞŶǀŝŐŽƌ
ϮϬͬϭϬͬϮϬϭϱ
sĞƌƐŝſŶĐŽŶƐŽůŝĚĂĚĂ
ϬϭͬϭϮͬϮϬϭϱ
$FWXDOL]DGRDGHRFWXEUHGHÒOWLPDYHUVLyQGHODVFODVHVGHUHJLVWURDFWXDOL]DGDFRQODVPRGLILFDFLRQHV
GHULYDGDVGHO&yGLJRSHQDOGHODQXHYD/H\GH-XULVGLFFLyQ9ROXQWDULD\GHOD/H\2UJiQLFDGHO3RGHU-XGLFLDO
KWWSZZZSRGHUMXGLFLDOHVFJSMHV7HPDVH-XVWLFLD1RUPDVGH5HJLVWURGHDVXQWRV
'(&$1$72'(/26-8=*$'26'(<(&/$
1250$6'(5(3$572'(/26-8=*$'26'(35,0(5$
,167$1&,$(,16758&&,Ð1
$ODPSDURGHORSUHYLVWRHQHODUWtFXORGHOD/H\2UJiQLFDGHO3RGHU-XGLFLDOSRUOD-XQWDGH
-XHFHV GH HVWH 3DUWLGR -XGLFLDO GH <HFOD HO GtD GH DEULO GH KDQ VLGR DSUREDGDV ODV
VLJXLHQWHVQRUPDVGHUHSDUWR
1250$6*(1(5$/(6
6HFRQVLGHUDQKRUDVGH$XGLHQFLD3~EOLFDDORVHIHFWRVGHODVSUHVHQWHVQRUPDVGHVGH
ODV2KRUDVKDVWDODVKRUDVGHOXQHVDYLHUQHVH[FHSWXDQGRIHVWLYRVQDFLRQDOHV
DXWRQyPLFRV\PXQLFLSDOHV
&XDQGR VH VXVFLWH FXHVWLyQ GH FRPSHWHQFLD HQWUH ORV -X]JDGRV GH <HFOD EDVDGD
H[FOXVLYDPHQWHHQODLQWHUSUHWDFLyQGHODVSUHVHQWHVQRUPDVGHUHSDUWRVHH[SRQGUiDO-XH]
'HFDQRTXLHQSUHYLDVROLFLWXGGHLQIRUPHDORV-X]JDGRVLPSOLFDGRVUHVROYHUVLQPiVWUiPLWH
FRQIRUPHDORSUHYLVWRHQHODUWtFXORGHOD/23-
25'(1&,9,/
1250$6'(5(3$572(1(/25'(1&,9,/
1RUPDSUHOLPLQDU
7RGR DVXQWR FLYLO TXH GHED WUDPLWDUVH DQWH ORV -X]JDGRV GH <HFOD VHUi SUHYLDPHQWH
UHSDUWLGRSRUODRILFLQDGHO'HFDQDWRFRQIRUPHDODVSUHVHQWHVQRUPDV
1R VH GDUi FXUVR SRU QLQJ~Q -X]JDGR VL QR FRQVWD SUHYLDPHQWH OD GLOLJHQFLD GH UHSDUWR
GLOLJHQFLD TXH SRGUi PDWHULDOL]DUVH PHGLDQWH HO GHO -X]JDGR 'HFDQR LQGLFDQGR HO
yUJDQR TXH GHEH FRQRFHU GHO DVXQWR &DGD DVXQWR WHQGUi XQ ~QLFR UHSDUWR D~Q FXDQGR
YDUtHHQVXWUDPLWDFLyQODFODVHHQTXHIXHURQUHJLVWUDGRVRVXUMDQLQFLGHQWHVUHVSHFWRGHORV
PLVPRV
3UHVHQWDFLyQGHDVXQWRV3OD]RVSDUDHOUHSDUWR
7RGD GHPDQGD R SHWLFLyQ IRUPXODGD DQWH ORV -X]JDGRV GH <HFOD VH SUHVHQWDUi MXQWR D VXV
GRFXPHQWRV \ FRSLDV TXH ORV DFRPSDxHQ HQ OD RILFLQD GH 'HFDQDWR WRGRV ORV GtDV KiELOHV
GHVGH ODV 2 KDVWD ODV KRUDV &DGD DVXQWRVHU VHOODGR FRQ LQGLFDFLyQGHOD IHFKD\
KRUDGHSUHVHQWDFLyQH[SUHVDQGRHOQ~PHURFRUUHVSRQGLHQWHVHJ~QRUGHQGHHQWUDGD
6LIXHUHSUHVHQWDGRDQWHDOJ~Q-X]JDGRXQDVXQWRTXHGHEDVHUSUHVHQWDGRDQWH'HFDQDWRVH
HQWHQGHUi SUHVHQWDGR D WRGRV ORV HIHFWRV HQ HO PRPHQWR HQ TXH HIHFWLYDPHQWH WDQJD VX
HQWUDGDHQODRILFLQDGH'HFDQDWR
/RV DVXQWRV VHU UHSDUWLGRV \ UHPLWLGRV DO -X]JDGR TXH FRUUHVSRQGD GHQWUR GH ORV GRV GtDV
VLJXLHQWHVDODSUHVHQWDFLyQGHOHVFULWRRVROLFLWXGGHLQFRDFLyQGHDFWXDFLRQHV
'(&$1$72'(/26-8=*$'26'(<(&/$
'HOUHJLVWUR&LYLO
0LHQWUDVQRHQWUHHQYLJRUOD/H\2UJiQLFDGHGHMXOLRFRPSOHPHQWDULDGHOD/H\
GHO 5HJLVWUR &LYLO SRU OD TXH VH PRGLILFD OD /23- HO -X]JDGR GH 3ULPHUD ,QVWDQFLD H
,QVWUXFFLyQQžGH<HFODDVXPLUiVXVIXQFLRQHVFX\RVDVXQWRVQRVHUiQREMHWRGHUHSDUWR
DOJXQRGHELHQGRSUHVHQWDUVHGLUHFWDPHQWHDQWHHOPLVPR
'HOUHSDUWRGHDVXQWRV
&XDQGRFRQIRUPHDODVSUHVHQWHVQRUPDVGHUHSDUWRXQ-X]JDGRGHEDFRQRFHUGHXQ
DVXQWR SRU DQWHFHGHQWHV VH UHSDUWLUi HO PLVPR DO UHIHULGR -X]JDGR VLQ FRUUHU WXUQR GH
UHSDUWR
6L XQD GHPDQGD R VROLFLWXG QR IXHUD DGPLWLGD D WUiPLWH SRU XQ -X]JDGR SRU IDOWDU ORV
UHTXLVLWRV R SUHVXSXHVWRV SURFHVDOHV R IRUPDOHV QHFHVDULRV VL VH YROYLHVH D SUHVHQWDU VH
WXUQDUiDO-X]JDGRTXHQRODDGPLWLyFRUULHQGRWXUQRGHUHSDUWR$WDOILQODVSDUWHVRVXV
UHSUHVHQWDQWHV GHEHUiQ DGYHUWLU DO -X]JDGR 'HFDQR GH VHU FRQRFLGD WDO FLUFXQVWDQFLD VLQ
SHUMXLFLRGHXOWHULRUHVYHULILFDFLRQHV
&XDQGRODVSDUWHVXQDYH]LQLFLDGRHOSURFHGLPLHQWRGHVLVWDQGHpOHQFDVRGHYROYHUD
SUHVHQWDUVH OH FRUUHVSRQGHUi FXEULHQGR WXUQR GH UHSDUWR DO -X]JDGR TXH GHFUHWy HO
GHVLVWLPLHQWR$WDOILQODVSDUWHVRVXVUHSUHVHQWDQWHVGHEHUiQDGYHUWLUDO-X]JDGR'HFDQR
GHVHUFRQRFLGDWDOFLUFXQVWDQFLDVLQSHUMXLFLRGHXOWHULRUHVYHULILFDFLRQHV
6L QR UHVXOWD GH DSOLFDFLyQ QLQJXQD GH ODV QRUPDV DQWHULRUHV HO DVXQWR GHEHUi VHU
FODVLILFDGR SDUD VX UHSDUWR VHJ~Q HO DQH[R ,, /D FODVH GH SURFHGLPLHQWR FRUUHVSRQGHUi DO
WLSR GH MXLFLR VROLFLWDGR SRU OD DFWRUD \ D IDOWDGH LQGLFDFLyQ H[SUHVD VREUH HO PLVPR VHUi
GHFLGLGRSRUHO-XH]'HFDQR
(OUHSDUWRVHUHDOL]DUiGHPDQHUDSUHIHUHQWHSRUPHGLRVLQIRUPiWLFRV\HQVXGHIHFWRGH
IRUPD PDQXDO SRU Q~PHURV LJXDOHV HQWUH ORV -X]JDGRV SRU RUGHQ DOHDWRULR \ FRQ XQD
GHVLJXDOGDGPi[LPDGHWUHVDVXQWRVHPSH]DQGRSRUHOMX]JDGRFRQQ~PHURPiVEDMR
4XHGDQ H[FOXLGRV GHO VLVWHPD GH UHSDUWR \ SRU WDQWR VH DVLJQDUiQ DO MX]JDGR TXH
FRQR]FDGHODVXQWRDQWHFHGHQWHORVVLJXLHQWHV
'HFODUDWLYRVWUDVRSRVLFLyQHQSURFHGLPLHQWRPRQLWRULR
/DVGHPDQGDVSUHVHQWDGDVHQHOSOD]RGHXQPHVGHVGHHOWUDVODGRGHOHVFULWRGHRSRVLFLyQ
DO UHTXHULPLHQWR GH SDJR HQ HO SURFHVR PRQLWRULR OH FRUUHVSRQGHUiQ GLUHFWDPHQWH DO
-X]JDGR TXH FRQRFLHVH GHO PRQLWRULR 7DPELpQ VHUi HO PLVPR -X]JDGR HO TXH GHED GH
FRQRFHUGHOGHFODUDWLYRFXDQGRODFXDQWtDGHODSUHWHQVLyQQRH[FHGDGHODSURSLDGHOMXLFLR
YHUEDO
,QWHUQDPLHQWRVLQYROXQWDULRVWXWHODV\RWUDVPHGLGDVGHSURWHFFLyQGHLQFDSDFHV
'(&$1$72'(/26-8=*$'26'(<(&/$
3URFHGLPLHQWRVGHO &DStWXOR ,, GHO 7tWXOR ,GHO /LEUR ,9 GH OD /(&YSURFHGLPLHQWRV GH
MXULVGLFFLyQ YROXQWDULD UHODWLYRV LQVWLWXFLRQHV GH JXDUGD GH SHUVRQDV LQFDSDFHV R FXDOTXLHU
RWURDVXQWRUHODWLYRDXQDSHUVRQDLQFDSD]RLQFDSDFLWDGDTXHUHTXLHUDLQWHUYHQFLyQMXGLFLDO
VHUiQDVLJQDGRVFRQIRUPHDODVSUHVHQWHVQRUPDVGHUHSDUWRGHIRUPDLQGLVWLQWD$SDUWLUGH
HVWH UHSDUWR ORV SRVWHULRUHV SURFHGLPLHQWRV VREUH OD PLVPD SHUVRQD VHUiQ DVLJQDGRV DO
-X]JDGR TXH KXELHUD FRQRFLGR GHO LQLFLDO $ WDO HIHFWR VH FRQVLGHUDUiQ WRGDV ODV
DXWRUL]DFLRQHV MXGLFLDOHV SUHYLVWDV HQ HO DUWtFXOR GHO &yGLJR &LYLO \ ORV H[SHGLHQWHV GH
UHPRFLyQ\QRPEUDPLHQWRGHWXWRU
$VXQWRVPDWULPRQLDOHVSDUHMDVGHKHFKR\SDWULDSRWHVWDG
/RVSURFHGLPLHQWRVUHJXODGRVHQHO&DStWXOR,9GHO7tWXOR,GHO/LEUR,9GHOD/(&YDVtFRPR
ORV SURFHVRV VREUH SULYDFLyQ R VXVSHQVLyQ GHO HMHUFLFLR GH OD SDWULD SRWHVWDG VREUH
GLYHUJHQFLDVHQVXHMHUFLFLRVHUHSDUWLUiQSRUDQWHFHGHQWHVDO-X]JDGRTXH\DFRQRFLHVHGH
RWURDVXQWRGHORVLQGLFDGRVUHODWLYRVDODPLVPDIDPLOLD
$VXQWRVUHODWLYRVDPHQRUHV\DGRSFLyQ
/RVSURFHGLPLHQWRVHQORVTXHVHSURPXHYDODJXDUGDDFRJLPLHQWRGHPHQRUHVDGRSFLyQ\
VROLFLWXGGHPHGLGDVGHSURWHFFLyQGHPHQRUHVDODPSDURGHODUWtFXORGHO&yGLJR&LYLOVH
DVLJQDUiQDOPLVPR-X]JDGRDOTXHVHOHUHSDUWLyHOSULPHURSUHVHQWDGRUHVSHFWRGHOPLVPR
PHQRULQFOXLGDVODVDXWRUL]DFLRQHVSDUDDFWRVGHGHWHUPLQDGRVVREUHELHQHVGHORVPHQRUHV
0HGLGDVSUHYLDVSUXHEDVDQWLFLSDGDV\VXDVHJXUDPLHQWRSUHYLRDODGHPDQGD
/DVGHPDQGDVTXHVREUHHOPLVPRREMHWRVHSUHVHQWHQFRUUHVSRQGHUiQDOMX]JDGRTXHKD\D
FRQRFLGRVREUHSHWLFLyQGHPHGLGDSUHYLDSUXHEDDQWLFLSDGDRDVHJXUDPLHQWRGHODPLVPD
,PSXJQDFLyQGHDFXHUGRVGHSHUVRQDVMXUtGLFDV\FRPXQLGDGHVGHSURSLHWDULRV
/DV GHPDQGDV R SHWLFLRQHV GH LPSXJQDFLyQ GH XQ PLVPR DFXHUGR R YDULRV DFXHUGRV
DGRSWDGRV HQ XQD PLVPD -XQWD R $VDPEOHD HQ PLVPD VHVLyQ GH yUJDQR FROHJLDGR R GH
DGPLQLVWUDFLyQ GH FXDOTXLHU SHUVRQD MXUtGLFD R PLVPD -XQWD GH 3URSLHWDULRV HQ UpJLPHQ GH
3URSLHGDG+RUL]RQWDOVHUHSDUWLUiQDO-X]JDGRDOTXHOHKXELHVHFRUUHVSRQGLGRODSULPHUD
&RQVLJQDFLRQHV
$TXHOODVFRQVLJQDFLRQHVTXHSUHVHQWHXQPLVPRGHXGRUUHVSHFWRGHOPLVPRDFUHHGRU\SRU
ODPLVPDUHODFLyQFRQWUDFWXDOOHFRUUHVSRQGHUiQDO-X]JDGRTXHFRQRFLyGHODSULPHUD
*58326'(5(3$572(1(/25'(1&,9,/
/RVDVXQWRVFLYLOHVVHFODVLILFDUiQSDUDORVHIHFWRVGHVXUHSDUWRHQORVVLJXLHQWHVJUXSRV
,352&(626'(&/$5$7,926
D2UGLQDULRV
'(&$1$72'(/26-8=*$'26'(<(&/$
-XLFLRV2UGLQDULRVTXHQRHVWpQHVSHFtILFDPHQWHFODVLILFDGRV
/RV TXH YHUVHQ VREUH FXDOTXLHU DVXQWR UHODWLYR D DUUHQGDPLHQWRV XUEDQRV R U~VWLFRV GH
ELHQHVLQPXHEOHVVDOYRTXHVHWUDWHGHGHVDKXFLRSRUIDOWDGHSDJRRSRUH[WLQFLyQGHOSOD]R
GHODUHODFLyQDUUHQGDWLFLD
/RVTXHHMHUFLWHQXQDDFFLyQGHUHWUDFWRGHFXDOTXLHUWLSR
$VXQWRVHQORVTXHVHHMHUFLWHQDFFLRQHVSRUODV-XQWDVGHSURSLHWDULRVRSRUpVWRVHQORV
WpUPLQRV HVWDEOHFLGRV HQ OD /H\ GH 3URSLHGDG +RUL]RQWDO VLHPSUH TXH QR YHUVHQ
H[FOXVLYDPHQWHVREUHUHFODPDFLRQHVGHFDQWLGDG
E9HUEDOHV
-XLFLRV9HUEDOHVTXHQRHVWpQHVSHFtILFDPHQWHFODVLILFDGRV
'HPDQGDVVREUHDUUHQGDPLHQWRVXUEDQRV\U~VWLFRVTXHWHQJDQSRUILQDOLGDGUHFXSHUDU
ODSRVHVLyQGHGLFKDILQFD6HLQFOX\HHQHOSUHVHQWHDSDUWDGRORVMXLFLRVSRUSUHFDULR
-XLFLRVVREUHWXWHODGHODSRVHVLyQUHWHQHURUHFREUDUVXVSHQVLyQRGHPROLFLyQGHREUD
\DGTXLVLFLyQGHODSRVHVLyQGHELHQHVKHUHGLWDULRV$VtFRPRODVGHPDQGDVSURPRYLGDVSRU
ORV WLWXODUHV GH GHUHFKRV UHDOHV LQVFULWRV HQ HO 5HJLVWUR GH OD 3URSLHGDG FRQWUD TXLHQHV VH
RSRQJDQ D HOORV R SHUWXUEHQ VX HMHUFLFLR VLQ GLVSRQHV GH WtWXOR LQVFULWR TXH OHJLWLPH OD
RSRVLFLyQRSHUWXUEDFLyQ
/DV GHPDQGDV VREUH LQFXPSOLPLHQWR SRU HO FRPSUDGRU GH ODV REOLJDFLRQHV GHULYDGDV GH
ORVFRQWUDWRVLQVFULWRVHQHO5HJLVWURGH9HQWDD3OD]RVGH%LHQHV0XHEOHVDUUHQGDPLHQWRV
ILQDQFLHURVRFRQWUDWRVGHYHQWDDSOD]RVFRQUHVHUYDGHGRPLQLR
-XLFLRV9HUEDOHVHQORVTXHODWUDPLWDFLyQGHOSURFHGLPLHQWRYHQJDGHWHUPLQDGDSRUOD
FXDQWtDGHODGHPDQGD
F3URFHGLPLHQWRVHVSHFLDOHV
/RVSURFHVRVVREUHODFDSDFLGDGGHODVSHUVRQDVVLHPSUHTXHQRGHEDQVHUUHSDUWLGRV
SRUDQWHFHGHQWHV6HLQFOX\HODSUHWHQVLyQGHLQWHUQDPLHQWRLQYROXQWDULR
/RVSURFHVRVVREUHILOLDFLyQSDWHUQLGDG\PDWHUQLGDG
'HORVSURFHVRVPDWULPRQLDOHV\GHPHQRUHVVLHPSUHTXHQRGHEDQVHUUHSDUWLGRVSRU
DQWHFHGHQWHV
'H OD VHSDUDFLyQ GLYRUFLR R PHGLGDV SDWHUQRILOLDOHV VROLFLWDGDV GH PXWXR DFXHUGR
VLHPSUHTXHQRGHEDQVHUUHSDUWLGRVSRUDQWHFHGHQWHV
2SRVLFLyQDODVUHVROXFLRQHVDGPLQLVWUDWLYDVHQPDWHULDGHSURWHFFLyQGHPHQRUHV\GHO
SURFHGLPLHQWRSDUDGHWHUPLQDUODQHFHVLGDGGHDVHQWLPLHQWRHQODDGRSFLyQVLHPSUHTXHQR
GHEDQVHUUHSDUWLGRVSRUDQWHFHGHQWHV
'(&$1$72'(/26-8=*$'26'(<(&/$
3URFHGLPLHQWRVGHGLYLVLyQMXGLFLDOGHSDWULPRQLRVVLHPSUHTXHQRGHEDQVHUUHSDUWLGRV
SRUDQWHFHGHQWHV
3URFHVRPRQLWRULR
3URFHVRFDPELDULR
,,352&(626(-(&87,926
(MHFXFLyQGHWtWXORVMXGLFLDOHV6HUHSDUWLUiDO-X]JDGRTXHKD\DFRQRFLGRGHODVXQWRHQ
SULPHUDLQVWDQFLDRTXHKRPRORJyRDSUREyODWUDQVDFFLyQRDFXHUGR
(MHFXFLyQGHWtWXORVQRMXGLFLDOHV
(MHFXFLyQKLSRWHFDULD
([HTXiWXU\HMHFXFLyQGHVHQWHQFLDVGH7ULEXQDOHVH[WUDQMHURV
,,,27526
$VXQWRV HQ TXH OD SUHWHQVLyQ VH EDVH HQ OD H[LJHQFLD GH UHVSRQVDELOLGDG GHULYDGD GHO
XVR\FLUFXODFLyQGHYHKtFXORVDPRWRU
/DV SUHWHQVLRQHV UHODWLYDV D OD UHVSRQVDELOLGDG GHULYDGD GHO DUWtFXOR GHO &yGLJR
&LYLO\GHOD/H\GH2UGHQDFLyQGHOD(GLILFDFLyQ
([SHGLHQWHVGHMXULVGLFFLyQYROXQWDULD
$FWRVGHFRQFLOLDFLyQ
/RV H[KRUWRV R FXDOTXLHU RWUD SHWLFLyQ GH FRRSHUDFLyQ R DX[LOLR MXGLFLDO GH QDWXUDOH]D
FLYLO
'LOLJHQFLDV SUHOLPLQDUHV HPEDUJRV SUHYHQWLYRV \ FXDOTXLHU RWUD PHGLGD SUHYLD D OD
GHPDQGDQRHVSHFtILFDPHQWHFODVLILFDGD
,PSXJQDFLyQ GH ODV UHVROXFLRQHV GH OD &RPLVLyQ 3URYLQFLDO GH $VLVWHQFLD -XUtGLFD
*UDWXLWDSUHYLDVDODH[LVWHQFLDGHXQSURFHGLPLHQWRMXGLFLDOHQWUiPLWH
)RUPDOL]DFLyQGHODUELWUDMH
2WURV DVXQWRV FRQWHQFLRVRV 6L VH SUHVHQWDVH XQ DVXQWR TXH QR SXHGD VHU LQFOXLGR HQ
QLQJXQDGHODVFODVHVHVWDEOHFLGDVHUiLQFOXLGR\REMHWRGHUHSDUWRGHQWURGHHVWHDSDUWDGR
(;(1&,Ï1&,9,/$/-8=*$'2&21&203(7(1&,$6(1960
([HQFLyQ HQ PDWHULD GH H[KRUWRV FLYLOHV FRQVLVWHQWH HQ DVXPLU HO -X]JDGR Qž FRQ
FRPSHWHQFLDVHQPDWHULDGH9LROHQFLDGH*pQHURGHFDGDH[KRUWRVFLYLOHV
'(&$1$72'(/26-8=*$'26'(<(&/$
([HQFLyQ HQ PDWHULD GH SURFHVRV GH VHSDUDFLyQ GLYRUFLR \ QXOLGDG PDWULPRQLDO DVt FRPR
PHGLGDV VREUH JXDUGD \ FXVWRGLD \ DOLPHQWRV D PHQRUHV HQ ORV TXH KD\D PHGLDGR XQD
GHQXQFLD GH PDORV WUDWRV VH WUDPLWDUiQ DQWH HO -X]JDGR Qž GH <HFOD \ VH FRPSHQVDUiQ
FRQ ORV SURFHVRV VHPHMDQWHV HQ ORV TXH QR VH GHQ HVWDV FLUFXQVWDQFLDV HQ DPERV FDVRV
VHJ~Q ORV WpUPLQRV DSUREDGRV UHFLHQWHPHQWH SRU 6DOD GH *RELHUQR GHO ([FPR 7ULEXQDO
6XSHULRUGH-XVWLFLDHQIHFKDGHGLFLHPEUHGH
25'(13(1$/
1250$6'(5(3$572(1(/25'(13(1$/
7RGRV ORV DVXQWRV SHQDOHV FXDOTXLHUD TXH VHD OD IRUPD HQ TXH VH PDQLILHVWH OD QRWLFLD
FULPLQLVVHUiQHQWUHJDGRVHQHO-X]JDGRGH*XDUGLD
(OFRQRFLPLHQWRGHORVSURFHGLPLHQWRVSHQDOHVFRUUHVSRQGHDO-X]JDGRTXHHVWXYLHVHGH
*XDUGLD HQ HO PRPHQWR GH FRPHWHUVH ORV KHFKRV VLQ SHUMXLFLR GH ODV H[HQFLRQHV \
H[FHSFLRQHVHVWDEOHFLGDVHQODVSUHVHQWHVQRUPDVGHUHSDUWR
&XDQGRHQHOPRPHQWRGHLQLFLDUVHHOSURFHGLPLHQWRQRHVWpGHWHUPLQDGDODIHFKDGHORV
KHFKRVORVDVXQWRVVHUiQDVLJQDGRVHQWUHORV-X]JDGRVGH,QVWUXFFLyQSRUWXUQRDOHDWRULR\
Q~PHURVLJXDOHVFRQXQDGHVLJXDOGDGPi[LPDGHWUHVDVXQWRVSUHIHUHQWHPHQWHSRUVLVWHPD
LQIRUPiWLFR\HQVXGHIHFWRGHIRUPDPDQXDO/DGHWHUPLQDFLyQSRVWHULRUGHODIHFKDGHORV
KHFKRV QR SURGXFLUi OD UHYLVLyQ GHO UHSDUWR VLQ SHUMXLFLR GH OD DFXPXODFLyQ GH
SURFHGLPLHQWRVHQORVWpUPLQRVGHOD/(&ULP
6H H[FHSW~D HO FDVR GH TXH ODV IHFKDV LQGHWHUPLQDGDV VH KDOOHQ GHQWUR GHO SHULRGR GH
JXDUGLDGHXQPLVPR-X]JDGRFRUUHVSRQGLHQGRDpVWHHODVXQWR
6LHQHODWHVWDGRRGHQXQFLDVHKDFHUHIHUHQFLDDGRVRPiVKHFKRVDFDHFLGRVHQIHFKDV
FRUUHVSRQGLHQWHV D SHULRGRV GH JXDUGLD GH PiV GH XQ -X]JDGR VHUi FRPSHWHQWH SDUD VX
FRQRFLPLHQWRVLHPSUHTXHSXHGDDSUHFLDUVHODFRQH[LGDGGHOLFWLYDHO-X]JDGRTXHHVWXYLHVH
GH JXDUGLD HQ OD IHFKD HQ TXH VH KD\D FRPHWLGR HO KHFKR GHOLFWLYR FDVWLJDGR FRQ SHQD GH
PD\RUJUDYHGDG(QFDVRGHUHVXOWDULPSRVLEOHVHUiREMHWRGHUHSDUWRVDOYRTXHWRGDVODV
IHFKDVFRUUHVSRQGDQDOWXUQRGHJXDUGLDGHXQPLVPR-X]JDGR
'HORVDWHVWDGRVDPSOLDWRULRVRDPSOLDFLyQGHGLOLJHQFLDVRGHQXQFLDVFRQRFHUiHO-X]JDGR
TXHFRQRFtDGHODVLQLFLDOHVVLQFXEULUWXUQRGHUHSDUWR
/RV SURFHGLPLHQWRV UHFLELGRV HQ YLUWXG GH LQKLELFLyQ DFRUGDGD SRU RWURV -X]JDGRV VH
UHSDUWLUiQFRQIRUPHDORVSXQWRV,\,,GHHVWHDSDUWDGR
&XDQGR HO DWHVWDGR GHQXQFLD SDUWH PpGLFR X RWUR PHGLR GH QRWLFLD FULPLQLV HVWDEOH]FD
FRPR OXJDU GH FRPLVLyQ GH ORV KHFKRV GHOLFWLYRV XQD SREODFLyQ GLVWLQWD GH OD TXH
FRUUHVSRQGH DO SDUWLGR MXGLFLDO GH <HFOD HO -X]JDGR GH *XDUGLD UHFHSWRU GH OD PLVPD
DFRUGDUi GH LQPHGLDWR VX LQKLELFLyQ DO -X]JDGR WHUULWRULDOPHQWH FRPSHWHQWH /R PLVPR
VXFHGHUiFXDQGRUHVXOWDFRPSHWHQWHSDUDODLQYHVWLJDFLyQGHODFDXVDOD)LVFDOtDGH0HQRUHV
'(&$1$72'(/26-8=*$'26'(<(&/$
/RV SDUWHV PpGLFRV VHUiQ UHSDUWLGRV DWHQGLHQGR D OD IHFKD GH OD DVLVWHQFLD PpGLFD
FRUUHVSRQGLHQGR DO -X]JDGR TXH HVWXYLHVH GH *XDUGLD FXDQGR OD PLVPD VH SURGXMR
FRQVHUYDQGRVXFRQRFLPLHQWRFRQLQGHSHQGHQFLDGHODIHFKDGHORVKHFKRVSRVWHULRUPHQWH
FRQRFLGD
&XDQGR GXUDQWH OD WUDPLWDFLyQ GH XQ SURFHGLPLHQWR WHQGUi OXJDU XQ KHFKR QXHYR TXH
LPSOLTXHODQHFHVLGDGGHGHGXFLUWHVWLPRQLRGHOPLVPRFRQRFHUiHORWUR-X]JDGRGLVWLQWRGHO
TXHFRQRFLyLQLFLDOPHQWH
/DV TXHUHOODV LQDGPLWLGDV D WUiPLWHV DWUDHQ OD FRPSHWHQFLD GH FXDOTXLHU RWUD TXHUHOOD R
GHQXQFLD SUHVHQWDGD GHVSXpV SRU ORV PLVPRV KHFKRV GHELHQGR VHOODUVH WRGD TXHUHOOD
SUHVHQWDGDSRUHO-X]JDGRDOTXHKD\DFRUUHVSRQGLGRDQWHVGHODGHYROXFLyQGHGRFXPHQWRV$
WDOILQODVSDUWHVRVXVUHSUHVHQWDQWHVGHEHUiQDGYHUWLUDO-X]JDGR'HFDQRGHVHUFRQRFLGDWDO
FLUFXQVWDQFLDVLQSHUMXLFLRGHXOWHULRUHVYHULILFDFLRQHV
(;(1&,21(6(10$7(5,$3(1$/'(/-8=*$'2'(9,2/(1&,$'(*e1(52
(QPDWHULDSHQDOHO-X]JDGRFRQFRPSHWHQFLDHQPDWHULDGH9LROHQFLDGH*pQHURGLVIUXWDUi
GH ODV VLJXLHQWHV H[HQFLRQHV YLJHQWHV GHVGH MXOLR GH \ FRQILUPDGDV SRU 6DOD GH
*RELHUQRGHO([FPR7ULEXQDO6XSHULRUGH-XVWLFLDHQIHFKDGHGLFLHPEUHGH
(Q UHODFLyQ D ORV H[KRUWRV SHQDOHV HO -X]JDGR Qž GH <HFOD FRQRFHUi GH GH FDGD GHVSHFKRVGHDX[LOLRMXGLFLDOTXHVHDQUHJLVWUDGRV
$VLPLVPR FRQRFHUi GH GH FDGD SURFHGLPLHQWRV LQFRDGRV FRPR GHOLWRV GH HVWDID
IDOVHGDGGRFXPHQWDO\GHOLWRVFRQWUDODVHJXULGDGGHORVWUDEDMDGRUHV
&RQRFHUiGHGHFDGDFDXVDVGHIDOWDVSRULPSUXGHQFLDFRPHWLGRVFRQYHKtFXORDPRWRUR
FLFORPRWRU
<HQFXDQWRDTXHUHOODVFRQRFHUiGHGHFDGDGHODVTXHVHDQUHJLVWUDGDV\UHSDUWLGDV
SRU WXUQR /DV UHVWDQWHV TXHUHOODV GH IHFKD GHWHUPLQDGD FRUUHVSRQGHUiQ DO -X]JDGR TXH
HVWXYLHVHHQIXQFLRQHVGHJXDUGLDHQODIHFKDGHORVKHFKRV
'(/6(59,&,2'(*8$5',$
(OVHUYLFLRGHJXDUGLDGHORV-X]JDGRVGH,QVWUXFFLyQGH<HFODVHUHDOL]DUiVLJXLHQGRHORUGHQ
FRUUHVSRQGLHQWH D VX QXPHUDFLyQ VXFHVLYD \ WHQGUiQ FDUiFWHU VHPDQDO FRPHQ]DQGR HO
OXQHVDODV\WHUPLQDQGRDODVGHOOXQHVVLJXLHQWH
(OOXQHVVDOLHQWHGHJXDUGLDRFWDYRGtDVHGHVWLQDUiDOHQMXLFLDPLHQWRLQPHGLDWRGHMXLFLRGH
IDOWDVSUHYLVWRHQHODUWtFXORGHOD/HFULPDODVFRPSDUHFHQFLDVGHODUWtFXORGHOD/H\
GH OD PLVPD QRUPD FXDQGR QR KD\D SRGLGR YHULILFDUVH GXUDQWH OD VHPDQD SUHFHGHQWH GH
JXDUGLD DVt FRPR D ODVGLOLJHQFLDV XUJHQWHV VLQ GHWHQLGR TXH KD\DQ VLGR VHxDODGDV SRU ODV
)XHU]DV\&XHUSRVGH6HJXULGDGGHO(VWDGR
(O -X]JDGR HQ IXQFLRQHV GH JXDUGLD VHUi FRPSHWHQWH SDUD FRQRFHU GH ORV -XLFLRV GH )DOWDV
LQPHGLDWRV\'LOLJHQFLDV8UJHQWHVVLQGHWHQLGRVTXHVHDQSUHVHQWDGRVGXUDQWHHOVHUYLFLRGH
'(&$1$72'(/26-8=*$'26'(<(&/$
JXDUGLDGHOPLVPRFRQLQGHSHQGHQFLDGHODIHFKDGHFRPLVLyQGHKHFKRV\GHODVYLFLVLWXGHV
R WUDQVIRUPDFLRQHV TXH SXHGD VXIULU HO SURFHGLPLHQWR VDOYR TXH H[LVWD DFXPXODFLyQ D
SURFHGLPLHQWRVGHORVTXHFRQR]FDRWUR-X]JDGR6HUiLJXDOPHQWHFRPSHWHQWHHO-X]JDGRGH
JXDUGLD SDUD FRQWLQXDU ODV GLOLJHQFLDV XUJHQWHV SUHVHQWDGDV GXUDQWH HO VHUYLFLR GH JXDUGLD
FRQ GHWHQLGR D~Q FXDQGR VHDQ LQVXILFLHQWHV ODV GLOLJHQFLDV \ GHEDQ FRQWLQXDU FRPR
GLOLJHQFLDVSUHYLDV
&RUUHVSRQGHUi DO -X]JDGR GH *XDUGLD HQ HO PRPHQWR GH OD HIHFWLYD SXHVWD D GLVSRVLFLyQ
MXGLFLDO GHO GHWHQLGR UHJXODUL]DU OD VLWXDFLyQ SHUVRQDO GHO PLVPR UHPLWLHQGR GHVSXpV OD
FDXVDDO-X]JDGRTXHGHEDFRQRFHUGHODPLVPDVHJ~QODVQRUPDVRUGLQDULDVGHUHSDUWR1R
REVWDQWHVHUiFRPSHWHQWHSDUDUHJXODUL]DUGLFKDVLWXDFLyQHO-X]JDGRTXHKXELHVHRUGHQDGR
GLFKD PHGLGD LQGHSHQGLHQWHPHQWH GH TXH VH KDOOH R QR HQ IXQFLRQHV GH JXDUGLD HQ HO
PRPHQWRGHODSXHVWDDGLVSRVLFLyQMXGLFLDORVLH[LVWHRWURSURFHGLPLHQWR\DLQLFLDGRHQRWUR
-X]JDGR GHO PLVPR SDUWLGR MXGLFLDO \ OD GHWHQFLyQ HV XQ DWHVWDGR DPSOLDWRULR GH ODV
GLOLJHQFLDVGHODVTXHHVWiFRQRFLHQGR\HOORVLHPSUHTXHODSXHVWDDGLVSRVLFLyQMXGLFLDOVH
SURGX]FDGXUDQWHODVKRUDVGHDXGLHQFLDVS~EOLFDGHO-X]JDGRFRPSHWHQWHTXHQRVHKDOOHGH
JXDUGLD
(O-X]JDGRGH*XDUGLDGHEHUiGHWHUPLQDUVLLQLFLDOPHQWHSURFHGHODUHDOL]DFLyQGHDOJXQDVGH
ODV GLOLJHQFLDV SUHYLVWDV HQ HO DUWtFXOR GHO 5HJODPHQWR LQFOX\HQGR DTXHOODV TXH
DIHFWDQDGHUHFKRVIXQGDPHQWDOHV\SURFHGLPLHQWRGHKDEHDVFRUSXV'HQRSURFHGHUHVWDV
R XQD YH] SUDFWLFDGDV FRQRFHUi GHO DVXQWR HO -X]JDGR FRPSHWHQWH VHJ~Q ODV SUHVHQWHV
QRUPDVGHUHSDUWR
&RQFDUiFWHUJHQHUDOFRUUHVSRQGHODH[SHGLFLyQGHPDQGDPLHQWRVGHHQWUDGD\UHJLVWUR\
GHDXWRUL]DFLRQHVGHLQWHUYHQFLRQHVWHOHIyQLFDV\DSHUWXUDV\UHJLVWURVGHSDTXHWHVSRVWDOHV
DO-X]JDGRTXH\DHVWXYLHVHFRQRFLHQGRGHODFDXVD\VLODVROLFLWXGDIHFWDUDDFDXVDGHODV
TXH FRQRFHQ YDULRV -X]JDGRV VHUi HO TXH WHQJD OD FDXVD PiV DQWLJXD HO TXH GHEHUi
UHVROYHUORSURFHGHQWH6LQRKXELHUHQLQJ~Q-X]JDGRFRQRFLHQGRGHODFDXVDHO-X]JDGRGH
*XDUGLD SRGUi QR REVWDQWH DXWRUL]DU HQWUDGDV \ UHJLVWURV H LQWHUYHQFLRQHV FXDQGR WHQJDQ
FDUiFWHUXUJHQWHHQSDUWLFXODUVLVRQFDXVDVFRQGHWHQLGR\HODVXQWRQRHVWiD~QUHSDUWLGR
RVLIXHUHSUHVHQWDGRIXHUDGHODVKRUDVGHDXGLHQFLDRUGLQDULDGHOPLVPR
&XDGURGHUHYLVLRQHV
)HFKD
0RGLILFDFLRQHV
GHPDU]RGH
Descargar