RESOLUCION ADMINISTRATIVA IS/No

5(62/8&,21$'0,1,675$7,9$,61R
/D3D]129
9,6726<&216,'(5$1'2
4XH OD 6XSHULQWHQGHQFLD GH 3HQVLRQHV 9DORUHV \ 6HJXURV WLHQH FRPR PLVLyQ UHJXODU \
ILVFDOL]DUHOGHVHPSHxRGHHVWRVPHUFDGRVFRQDWULEXFLRQHVSDUDHVWHHIHFWRFRQIHULGDVSRUOD
/H\GH3DUWLFLSDFLyQ\&UpGLWR3RSXODU
4XHOD/H\LQGLFDTXHHVIXQFLyQGHOD6XSHULQWHQGHQFLDGH3HQVLRQHV9DORUHV\6HJXURV
ILVFDOL]DU\FRQWURODUODVSHUVRQDVHQWLGDGHV\DFWLYLGDGHVUHODFLRQDGDVDOVHFWRUGHVHJXURVGH
OD5HS~EOLFD
4XHPHGLDQWH5HVROXFLyQ6XSUHPD1žGHOGHMXQLRGHVHGHVLJQDFRPR
6XSHULQWHQGHQWHGH3HQVLRQHV9DORUHV\6HJXURVDO'U3DEOR*RWWUHW9DOGpV
4XH HO &21),3 PHGLDQWH UHVROXFLyQ 6%&21),3 GH GH QRYLHPEUH GH DSUXHED HO 5HJODPHQWR GH 0iUJHQHV GH 6ROYHQFLD \ 3DWULPRQLR 7pFQLFR GH ODV (QWLGDGHV
$VHJXUDGRUDVFX\DPRGLILFDFLyQVROLFLWDGDSRUOD6XSHULQWHQGHQFLDGH3HQVLRQHV9DORUHV\
6HJXURVDOSiUUDIRWHUFHURLQFD\SiUUDIRWHUFHURLQFEDPERVGHO$UWžDSUREDGRVSRUORV
PLHPEURVGHO&21),3IXHUHPLWLGDDHVWD6XSHULQWHQGHQFLDHQIHFKDGHQRYLHPEUHGH
4XHHQFXPSOLPLHQWRGHOD/H\1žHQVXV$UWtFXORV\FRUUHVSRQGHGLFWDUOD
SUHVHQWHUHVROXFLyQ
3257$172
(/683(5,17(1'(17('(3(16,21(69$/25(6<6(*8526(1862'(/$6
)$&8/7$'(6&21)(5,'$6325/(<
5(68(/9(
$SUREDU HO VLJXLHQWH 5HJODPHQWR GH 0iUJHQHV GH 6ROYHQFLD \ 3DWULPRQLR 7pFQLFR GH ODV
(QWLGDGHV$VHJXUDGRUDVHQVXVFXDWURFDStWXORV\$UWtFXORVTXHIRUPDQSDUWHLQVHSDUDEOH
GHODSUHVHQWHUHVROXFLyQDSUREDGRSRUHO&21),3PHGLDQWH5HVROXFLyQ6%&21),3
5(*/$0(172'(0$5*(1'(62/9(1&,$<3$75,021,27e&1,&2
'(/$6(17,'$'(6$6(*85$'25$6
&$3,78/2,
$57Ë&8/2 2%-(72
$63(&726*(1(5$/(6
(OSUHVHQWHUHJODPHQWRULJHODGHWHUPLQDFLyQGHO0DUJHQGH6ROYHQFLDGHODVHQWLGDGHVGH
VHJXURV\UHDVHJXURVVXMHWDVDODILVFDOL]DFLyQGHOD6XSHULQWHQGHQFLDGH3HQVLRQHV9DORUHV\
6HJXURVHQDGHODQWH³6XSHULQWHQGHQFLD´DVtFRPRVXH[SUHVLyQHQWpUPLQRVGHO3DWULPRQLRTXH
GHEHQ PDQWHQHU FRPR UHVSDOGR GH VROYHQFLD DQWH GHVYLDFLRQHV GH VLQLHVWUDOLGDG GH VXV
RSHUDFLRQHVFRQWUDFWXDOHV
$57Ë&8/2'(),1,&,21(6
6HGHILQHQORVVLJXLHQWHVWpUPLQRVFRQFDUiFWHUHQXQFLDWLYR\QRUHVWULFWLYR
&RDVHJXUR&REHUWXUDFRQFXUUHQWHGHGRVRPDVHQWLGDGHVDVHJXUDGRUDVHQODFREHUWXUDGHXQ
PLVPRULHVJRGHPDQHUDPDQFRPXQDGD
5HDVHJXUR 'LVWULEXFLyQGHORVULHVJRVHQWUHHQWLGDGHVDVHJXUDGRUDV\HQWUHHVWDV\HQWLGDGHV
UHDVHJXUDGRUDV
6HJXUR'LUHFWR 6RQORVVHJXURVTXHVHFRQVWLWX\HQPHGLDQWHODHPLVLyQGHXQDSyOL]DSRU
SDUWHGHODHQWLGDGDVHJXUDGRUDRHQFRSDUWLFLSDFLyQFRQXQDRPiVHQWLGDGHVDVHJXUDGRUDV
$57Ë&8/23$75,021,2
/DVHPSUHVDVGHVHJXURV\UHDVHJXURVGHEHUiQPDQWHQHUXQ3DWULPRQLRLJXDORPD\RUDODVXPD
GHORVPiUJHQHVGHVROYHQFLDGHFDGDPRGDOLGDGGHVHJXURHVWDEOHFLGDHQHODUWtFXORGHOD
SUHVHQWH5HVROXFLyQ6HHQWLHQGHSRUSDWULPRQLRDO3DWULPRQLR7pFQLFRHVWDEOHFLGRGHDFXHUGR
DO&DStWXOR,,,GHODSUHVHQWH5HVROXFLyQ
(OYDORUPtQLPRTXHSXHGHDOFDQ]DUHO0DUJHQGH6ROYHQFLDVHUiLJXDODO&DSLWDO0tQLPR
HVWDEOHFLGRHQHO$UWGHOD/H\1RGHGHMXQLRGHHQDGHODQWH³/H\GH
6HJXURV´
$57Ë&8/2 (9$/8$&,Ï1
/D,QWHQGHQFLDGH6HJXURVGHOD6XSHULQWHQGHQFLDGH3HQVLRQHV9DORUHV\6HJXURVHYDOXDUi
WULPHVWUDOPHQWHHOFXPSOLPLHQWRGHO3DWULPRQLR7pFQLFRQHFHVDULRHQODVHQWLGDGHVGHVHJXURV
\UHDVHJXURV$WDOHIHFWRODVHQWLGDGHVTXHSUHVHQWHQXQ3DWULPRQLR7pFQLFRLQVXILFLHQWH
GHEHUiQUHVWLWXLUODGHILFLHQFLDHQXQSOD]RLPSURUURJDEOHGHQRYHQWDGtDVFDOHQGDULR
FRQWDQGRGHVGHODIHFKDHQTXHVHSURGXMRODFDUHQFLD
&$3,78/2,,
'(7(50,1$&,Ï1'(/0$5*(1'(62/9(1&,$
$57Ë&8/2$),1,'$'(175(02'$/,'$'(6'(6(*852
3DUDODGHWHUPLQDFLyQGHO0DUJHQGH6ROYHQFLDGHODVFRPSDxtDVGHVHJXURV\UHDVHJXURVODV
PRGDOLGDGHVGHVHJXURVHFODVLILFDUiQSRUODVLJXLHQWHDILQLGDGGHYLJHQFLDGHOULHVJR
D5LHVJRV'H&RUWR3OD]R&RPSXHVWRSRUODVPRGDOLGDGHVGH
6HJXURV*HQHUDOHV
6HJXURVGH)LDQ]DV
6HJXURVGH3HUVRQDVGHFRUWRSOD]R\
6HJXUR2EOLJDWRULRGH$FFLGHQWHVGH7UiQVLWR
&XDOTXLHURWUDPRGDOLGDGGHVHJXURTXHVHULMDSRUFRQWUDWRVGHVHJXURVDQXDOHV
R UHQRYDEOHV DQXDOPHQWH \ FX\DEDVH WHPSRUDO GH SUHYLVLyQ SDUD ORV ULHVJRV
DVXPLGRVHVWpGHWHUPLQDGDSRUODFRQVWLWXFLyQGH5HVHUYDVSDUD5LHVJRVHQ&XUVR
E5LHVJRV'H/DUJR3OD]R&RPSXHVWRSRUODVPRGDOLGDGHVGH
6HJXURVGH9LGDDODUJRSOD]RHQFXDOTXLHUDGHVXVIRUPDVRSODQHV
6HJXURVSRU5LHVJRVSURIHVLRQDOHV5LHVJRV&RPXQHV\5HQWD9LWDOLFLD
&XDOTXLHURWUDPRGDOLGDGGHVHJXURGHULHVJRDODUJRSOD]R\FX\DSULQFLSDOEDVH
GHSUHYLVLyQSDUDORVULHVJRVDVXPLGRVHVWpGHWHUPLQDGDSRUODFRQVWLWXFLyQGH
5HVHUYDV0DWHPiWLFDV
$57Ë&8/2 '(7(50,1$&,Ï1'(/0$5*(1'(62/9(1&,$'(5,(6*26
'(&25723/$=2
(O0DUJHQGH6ROYHQFLDGHULHVJRVGHFRUWRSOD]RVHUiLJXDODOYDORUPD\RUTXHUHVXOWHHQWUH
HO FiOFXOR %DVH 3ULPDV \ HO FiOFXOR HIHFWXDGR VREUH %DVH 6LQLHVWURV H[SXHVWRV D
FRQWLQXDFLyQ
D&iOFXOR%DVH3ULPDV
D
(O0RQWR%DVH3ULPDV0%SHVHOFHURFRPDYHLQWLVLHWHGHODVXPDGH
OD3URGXFFLyQ'LUHFWD1HWDGH$QXODFLRQHVGHORV~OWLPRVGRFHPHVHVLQFOXLGR
&RDVHJXUR 3' PiV OD 3URGXFFLyQ $FHSWDGD HQ 5HDVHJXUR 1DFLRQDO \
([WUDQMHURGHORV~OWLPRVGRFHPHVHV3$(VGHFLU
0%S ¦ 3'L ¦ 3$L
L L GRQGHL PHV
D
(O)DFWRUGH5HWHQFLyQ)5HVHOYDORUPD\RUHQWUHFHURFRPDFLQFR\HO
FRFLHQWHGHORV6LQLHVWURV,QFXUULGRV1HWRVGH5HDVHJXUR65\ORV6LQLHVWURV
7RWDOHV67DPERVGHORV~OWLPRVPHVHV(VGHFLU
)5
'RQGH
65
D
0D[^¦ 65L ¦ 67L`
L L 6LQLHVWURVGHULHVJRVUHWHQLGRVGHORV~OWLPRVGRFHPHVHV
67 6LQLHVWURV'LUHFWRVLQFOX\HQGRORVGHFRDVHJXURDFHSWDGRPiV6LQLHVWURV
$FHSWDGRVSRU5HDVHJXUR1DFLRQDO\([WUDQMHURGHORV~OWLPRVGRFHPHVHV
(O0DUJHQGH6ROYHQFLD%DVH3ULPDV06SVHUiLJXDODOSURGXFWRGHO0%S\
HO)5(VGHFLU
06S 0%S)5
E&iOFXOR%DVH6LQLHVWURV
E
/D 6LQLHVWUDOLGDG %iVLFD 3URPHGLR 6%3 HV HO SURPHGLR VLPSOH GH ORV
6LQLHVWURV 7RWDOHV 67 REVHUYDGRV HQ ORV ~OWLPRV WUHV SHUtRGRV
FRUUHVSRQGLHQWHVDWUHLQWD\VHLVPHVHVYDOHGHFLUODVXPDGHORV6LQLHVWURV
7RWDOHV GHO SHUtRGR HQ HYDOXDFLyQ 67W ORV 6LQLHVWURV 7RWDOHV GHO SHUtRGR
DQWHULRU67W\ORV6LQLHVWURV7RWDOHVGHKDFHGRVSHUtRGRV67WGLYLGLGR
HQWUHWUHV(VGHFLU
6%3 ^67W67W67W`
'RQGH
67W 6LQLHVWURV 7RWDOHV GHO SHUtRGR HQ HYDOXDFLyQ FRUUHVSRQGLHQWH D ORV
~OWLPRVGRFHPHVHV
67W 6LQLHVWURV7RWDOHVGHOSHUtRGRDQWHULRUFRUUHVSRQGLHQWHVDVLQLHVWURVGHO
SHUtRGRFRPSUHQGLGRHQWUHORV~OWLPRVGRFH\YHLQWLFXDWURPHVHV
67W 6LQLHVWURV7RWDOHVGHKDFHGRVSHUtRGRVFRUUHVSRQGLHQWHVDORVVLQLHVWURV
GHOSHUtRGRFRPSUHQGLGRHQWUHORV~OWLPRVYHLQWLFXDWUR\WUHLQWD\VHLV
PHVHV
(QODVHQWLGDGHVFX\DH[LVWHQFLDVHDPHQRUDWUHVDxRVHOGHQRPLQDGRUVHUi
LJXDODXQRGRVRWUHVVHJ~QVHDHOFDVRDODxRHQWHURLQPHGLDWR
VXSHULRU TXH FRUUHVSRQGD (O QXPHUDGRU SDUD HVWRV FDVRV VH FRPSOHWDUi
EDViQGRVHHQSUR\HFFLRQHVTXHWRPHHQFRQVLGHUDFLyQSDUDORVPHVHVIDOWDQWHV
ODVLQLHVWUDOLGDGSURPHGLRGHORV~OWLPRVGRFHPHVHVRGHORVPHVHVGH
H[LVWHQFLDFXDQGRODHQWLGDGWHQJDPHQRVGHXQDxRGHH[LVWHQFLD
E
(O 0RQWR %iVLFR HQ EDVH VLQLHVWURV 0%V UHVXOWD GH PXOWLSOLFDU OD
6LQLHVWUDOLGDG%iVLFD3URPHGLR6%3SRUHO)DFWRUGH&iOFXOR%DVH6LQLHVWURV
GHFHURFRPDFXDUHQWD\VLHWH(VGHFLU
0%V 6%3
E
(O0DUJHQGH6ROYHQFLD%DVH6LQLHVWURV06VUHVXOWDGHPXOWLSOLFDUHO0RQWR
%iVLFRHQ%DVH6LQLHVWURV0%VSRUHO)5(VGHFLU
06V 0%V)5
$57Ë&8/2'(7(50,1$&,Ï1'(/0$5*(1'(62/9(1&,$'(5,(6*26
'(/$5*23/$=2
(O0DUJHQGH6ROYHQFLDGHULHVJRVGHODUJRSOD]RVHUiFDOFXODGRFRPRODVXPDGHO0DUJHQGH
6ROYHQFLD EDVDGRHQ ODV5HVHUYDV 0DWHPiWLFDV PiV HO 0DUJHQ GH 6ROYHQFLD EDVDGR HQ HO
&DSLWDOHQ5LHVJRGHILQLGRVDFRQWLQXDFLyQ
D0DUJHQGH6ROYHQFLDEDVDGRHQ5HVHUYDV0DWHPiWLFDV06U
(VHOSURGXFWRGHODV5HVHUYDV0DWHPiWLFDV7RWDOHV507SRUHO)DFWRUGH&iOFXOR
GHUHVHUYDVPDWHPiWLFDVGHFHURFRPDFHURFXDWURPXOWLSOLFDGRDVXYH]SRUHO
)5P(VGHFLU
06U 507)5P
5HVHUYD0DWHPiWLFD7RWDO507HVODVXPDGHODVUHVHUYDVPDWHPiWLFDVSURYHQLHQWHV
GHVHJXURVGLUHFWRVPiVDTXpOODVSRUULHVJRVDFHSWDGRVHQUHDVHJXUR
(O )DFWRU GH 5HWHQFLyQ 0DWHPiWLFR )5P HV YDORU PD\RU HQWUH FHUR FRPD
RFKHQWLFLQFR\HOFRFLHQWHGHODV5HVHUYDV0DWHPiWLFDV5HWHQLGDV\OD5HVHUYD
0DWHPiWLFD7RWDO
5HVHUYD 0DWHPiWLFD 5HWHQLGD 505 HV OD 507 PHQRV OD UHVHUYD PDWHPiWLFD
FRUUHVSRQGLHQWHDODSDUWHFHGLGDDOUHDVHJXUR
(VGHFLU
)5P 0D[^505507`
E0DUJHQGH6ROYHQFLDEDVDGRHQHO&DSLWDOHQ5LHVJR06F
(VHOSURGXFWRGHO&DSLWDOHQ5LHVJR7RWDO&57SRUHO)DFWRUGH&iOFXORGHFDSLWDO
HQULHVJRGHFHURFRPDFHURFHURWUHVPXOWLSOLFDGRDVXYH]SRUHO)5GHFDSLWDO
HQULHVJR)5F(VGHFLU
06F &57)5F
&DSLWDOHQ5LHVJR7RWDO&57HVODVXPDGHORVYDORUHVDVHJXUDGRVSURYHQLHQWHVGH
6HJXURV'LUHFWRVPiVDTXpOORVSRUULHVJRVDFHSWDGRVHQUHDVHJXURPHQRVOD507
(O)DFWRUGH5HWHQFLyQGHFDSLWDOHQULHVJR)5FHVHOYDORUPD\RUHQWUHFHURFRPD
FLQFR\HOFRFLHQWHGHO&DSLWDOHQ5LHVJR5HWHQLGR&55\HO&DSLWDOHQ5LHVJR
7RWDO&57
(O&DSLWDOHQ5LHVJR5HWHQLGR&55HVHOFDSLWDOHQULHVJRWRWDOPHQRVHOFDSLWDOHQ
ULHVJRFRUUHVSRQGLHQWHDODSDUWHFHGLGDDOUHDVHJXUR
(VGHFLU
)5F 0D[^&55&57`
&$3,78/2,,,
'(7(50,1$&,Ï1'(/3$75,021,27e&1,&2
$57Ë&8/2 3$75,021,27e&1,&2
(O3DWULPRQLR7pFQLFRTXHGHEHUiQPDQWHQHUODVHQWLGDGHVGHVHJXURV\UHDVHJXURVUHVXOWDGH
XQDSRQGHUDFLyQHVSHFLDOGHODVFXHQWDVLQWHJUDQWHVGHOSDWULPRQLRFRQWDEOHHQIXQFLyQDO
JUDGRGHGLVSRQLELOLGDGGHUHFXUVRV(QHVWHVHQWLGRHO3DWULPRQLR7pFQLFRHVWDUiFRQIRUPDGR
SRUGRVFRPSRQHQWHV
D (O3DWULPRQLR7pFQLFR3ULPDULR\
E (O3DWULPRQLR7pFQLFR6HFXQGDULR
$57Ë&8/2 3$75,021,27e&1,&235,0$5,2
(O3DWULPRQLR7pFQLFR3ULPDULRHVWDUiFRPSXHVWRSRU
&DSLWDO3DJDGR)RQGR6RFLDOPLHQWUDVVHHIHFW~HODDGHFXDFLyQGH&RRSHUDWLYDVR
)RQGR0XWXDOHQODVDVRFLDFLRQHVPXWXDOHV
5HVHUYD/HJDO
5HLQYHUVLyQGH8WLOLGDGHV
3ULPDHQ&RORFDFLyQGH$FFLRQHV
$SRUWHVSDUDIXWXURVDXPHQWRVGH&DSLWDO
8WLOLGDGHVGHO3HUtRGRR*HVWLyQFRPSXWDEOHVHQHO3DWULPRQLR7pFQLFR3ULPDULR
'HODVFXHQWDVDQWHULRUHVVHGHGXFLUiORVLJXLHQWH
3pUGLGDV$FXPXODGDV
3pUGLGDVGHO3HUtRGRR*HVWLyQ
&DSLWDOFRPSURPHWLGRHQHOH[WHULRU
(OFRPSRQHQWHGHOFDSLWDOSDJDGRSURYHQLHQWHGH5HYDORUL]DFLRQHV7pFQLFDV
/D8WLOLGDGGHO3HUtRGRR*HVWLyQFRPSXWDEOHHQHO3DWULPRQLR7pFQLFR3ULPDULRVHUi
D 6LH[LVWHQSpUGLGDVDFXPXODGDVKDVWDHOPRQWRGHODVPLVPDV
E 6LQRH[LVWLHVHQSpUGLGDVDFXPXODGDVHQSRUFHQWDMHLJXDODODVXWLOLGDGHV
TXHKD\DQVLGRFDSLWDOL]DGDVRGHVWLQDGDVDLQFUHPHQWDUOD5HVHUYD/HJDO
VLQH[FHGHUHO\GHDFXHUGRDORDSUREDGRSRU$VDPEOHD2UGLQDULD
$57,&8/2 3$75,021,27(&1,&26(&81'$5,2
(O3DWULPRQLR7pFQLFR6HFXQGDULRHVWDUiFRPSXHVWRSRU
/DV5HVHUYDV(VWDWXWDULDV
/DV5HVHUYDV)DFXOWDWLYDV
(O$MXVWH*OREDOGHO3DWULPRQLR
/DV8WLOLGDGHVQRGLVWULEXLGDVGHHMHUFLFLRVDQWHULRUHV
/DV8WLOLGDGHVGHO3HUtRGRR*HVWLyQHQHOPRQWRQRFRPSXWDEOHDO3DWULPRQLR7pFQLFR
3ULPDULR
(O 3DWULPRQLR 7pFQLFR6HFXQGDULR SRGUi DOFDQ]DU FRPR Pi[LPR FRPSXWDEOH OD FXDQWtD
HTXLYDOHQWHDO3DWULPRQLR7pFQLFR3ULPDULR&XDOTXLHUH[FHGHQWHVREUHHVWHYDORUQRVHUi
WRPDGRHQFXHQWD
&$3,78/2,9
',6326,&,21(6),1$/(6<75$16,725,$6
$57Ë&8/20$5*(1'(62/9(1&,$'(/$6(17,'$'(6'(6(*8526<
5($6(*8526
(O0DUJHQGH6ROYHQFLDGHODVHQWLGDGHVGHVHJXURV\UHDVHJXURVFX\RiPELWRGHH[SORWDFLyQ
VHD ORV 6HJXURV *HQHUDOHV y ORV 6HJXURV GH )LDQ]DV VHUi LJXDO DO 0DUJHQ GH 6ROYHQFLD
FDOFXODGRSDUD5LHVJRVGH&RUWR3OD]R
(O0DUJHQGH6ROYHQFLDGHODVHQWLGDGHVGHVHJXURV\UHDVHJXURVFX\RiPELWRGHH[SORWDFLyQ
VHDQORV6HJXURVGH3HUVRQDVVHUiLJXDODODVXPDGHO0DUJHQGH6ROYHQFLDFDOFXODGRSDUD
5LHVJRVGH&RUWR3OD]RHQDTXHOORVUDPRVDXWRUL]DGRVSDUD6HJXURVGH3HUVRQDVGHDFXHUGR
DORGHILQLGRHQHO$UWGHOSUHVHQWHUHJODPHQWR\HO0DUJHQGH6ROYHQFLDFDOFXODGRSDUD
5LHVJRVGH/DUJR3OD]R
$57Ë&8/2 )21'2'(*$5$17Ë$
/DV HQWLGDGHV GH VHJXURV \ UHDVHJXURV VXMHWDV D OD ILVFDOL]DFLyQ GH HVWD 6XSHULQWHQGHQFLD
PDQWHQGUiQXQ)RQGRGH*DUDQWtDHTXLYDOHQWHDOGHO0DUJHQGH6ROYHQFLDGHDFXHUGR
DORSUHYLVWRHQHO$UWtFXORGHOD/H\GH6HJXURVGHOD5HS~EOLFDGH%ROLYLD1RGH
IHFKDGHMXQLRGHHQODVFRQGLFLRQHVTXHGLFWHVX5HJODPHQWR
$57Ë&8/235(6(17$&,Ï1'((67$'26),1$1&,(526
/DVHQWLGDGHVGHVHJXURV\UHDVHJXURVSUHVHQWDUiQPHQVXDOPHQWHVXV(VWDGRV)LQDQFLHURV
FRQVROLGDGRVGHDFXHUGRDODVHVSHFLILFDFLRQHVFRPXQLFDGDVPHGLDQWHLQVWUXFWLYRHVSHFtILFR
GHOD6XSHULQWHQGHQFLD
$57Ë&8/2 $'(&8$&,Ï1'(/$63(5621$6<(17,'$'(668-(7$6$
5(*8/$&,Ï1
/DHYDOXDFLyQGHO0DUJHQGH6ROYHQFLD\3DWULPRQLR7pFQLFRDODTXHVHUHILHUHHO$UWGHO
SUHVHQWHUHJODPHQWRVHKDUiHIHFWLYDDSDUWLUGHOSOD]RGHXQDxRHVWDEOHFLGRHQHODUWtFXOR
GHOD/H\GH6HJXURV/DYHULILFDFLyQGHOFXPSOLPLHQWRGHODVGLVSRVLFLRQHVHVWDEOHFLGDVHQOD
SUHVHQWHQRUPDVHUHDOL]DUDDSDUWLUGHOURGHHQHURGHGHELHQGRSUHVHQWDUORVHVWDGRV
GHFLHUUHGHODJHVWLyQGHVDJUHJDGRVGHDFXHUGRDORHVWDEOHFLGRHQODSUHVHQWHQRUPD
&RPR UHVXOWDGR GHO 1XHYR 3ODQ 8QLFR GH &XHQWDV ODV HQWLGDGHV \ SHUVRQDV VXMHWDV D
UHJXODFLyQGHEHUiQDGHFXDUVXVFXHQWDVHQXQSOD]RTXHGHWHUPLQHOD6XSHULQWHQGHQFLD
$57Ë&8/2 '(7(50,1$&,Ï1'(/3$75,021,27e&1,&2
$OLQLFLRGHODYLJHQFLDGHHVWHUHJODPHQWRSDUDHIHFWRVGHODGHWHUPLQDFLyQGHO3DWULPRQLR
7pFQLFR3ULPDULRVHWRPDUiHQFXHQWDSRU~QLFDYH]ORVVDOGRVFRQWDEOHVDOGHGLFLHPEUH
GH GH OD FXHQWD &DSLWDO3DJDGR R)RQGR 6RFLDO\ GH OD FXHQWD 5HVHUYD SRU 5HYDOXR
7pFQLFR VLHPSUH \ FXDQGR OD 6XSHULQWHQGHQFLD QR SUHVHQWH REVHUYDFLRQHV D ORV (VWDGRV
)LQDQFLHURVDHVDIHFKD
5HJtVWUHVHFRPXQtTXHVH\DUFKtYHVH
&RPSOHPHQWDGDSRU5$