Consulta Pública, TARGET2: Principios y estructura

Anuncio
GHGLFLHPEUHGH
&2168/7$3Ó%/,&$
7$5*(735,1&,3,26<(6758&785$
,1752'8&&,Ð1
(OGHRFWXEUHGHHO&RQVHMRGH*RELHUQRGHO%&(DGRSWyXQDGHFLVLyQVREUHODHVWUDWHJLDD
ODUJR SOD]R GH 7$5*(7 6H UHFRQRFLy TXH DXQTXH 7$5*(7 KDEtD ORJUDGR FXPSOLU VXV SULQFLSDOHV
REMHWLYRVODKHWHURJHQHLGDGGHVXGLVHxRWpFQLFRTXHUHIOHMDEDODUHDOLGDGGHPHGLDGRVGHODGpFDGDGH
ORV QRYHQWD KDUtD TXH VXV XVXDULRV H[SHULPHQWDUDQ FRQ HO WLHPSR XQD VHULH GH SUREOHPDV TXH OHV
OOHYDUtDDHVSHUDUXQVHUYLFLRFDGDYH]PiVDUPRQL]DGR7DPELpQODHILFLHQFLDHQWpUPLQRVGHFRVWHIXH
FRQVLGHUDGD SUREOHPiWLFD $GHPiV VH FXHVWLRQy OD FDSDFLGDG GHO DFWXDO VLVWHPD 7$5*(7 SDUD KDFHU
IUHQWH D ORV UHWRV TXH SODQWHD HO IXWXUR HQ SDUWLFXODU OD DPSOLDFLyQ GH OD 8( 7$5*(7 WHQGUi TXH
VROYHQWDUHVWDVGHILFLHQFLDV
(OSUHVHQWHGRFXPHQWRGHVFULEHORVSULQFLSLRVHQTXHVHEDVDUi7$5*(7DVtFRPRVXHVWUXFWXUD(Q
ODVHFFLyQ VH H[SRQHQ VXFLQWDPHQWH ODV FDUDFWHUtVWLFDV JHQHUDOHV \ OD HVWUXFWXUD GH 7$5*(7 HQ OD
VHFFLyQ VH DERUGDQ FXHVWLRQHV UHODFLRQDGDV FRQ HO iPELWR ODV RSHUDFLRQHV ORV VHUYLFLRV \ ODV
LQWHUIDFHV GH 7$5*(7 HQ OD VHFFLyQ VH DQDOL]DQ DVXQWRV UHODWLYRV D OD HVWUXFWXUD GH JRELHUQR
ILQDQFLDFLyQ\ILMDFLyQGHSUHFLRV\HQODVHFFLyQVHGHWDOODQODVPHGLGDVTXHVHKDQGHDGRSWDUSDUDHO
HVWDEOHFLPLHQWRGH7$5*(7
&$5$&7(5Ì67,&$6*(1(5$/(6<(6758&785$'(7$5*(7
7$5*(7 VHUi XQ VLVWHPD GH SODWDIRUPDV P~OWLSOHV EDVDGR HQ ORV SULQFLSLRV GH L XQ VHUYLFLR EiVLFR
DPSOLR\DUPRQL]DGRRIUHFLGRSRUWRGDVODVSODWDIRUPDVLLXQDHVWUXFWXUD~QLFDGHSUHFLRVDSOLFDEOHD
HVHVHUYLFLREiVLFRGHVGHHOPRPHQWRHQTXH7$5*(7FRPLHQFHDRSHUDU\LLLHILFLHQFLDHQWpUPLQRV
GHFRVWHORTXHVXSRQHTXHHOSUHFLR~QLFRKDGHWHQHUFRPRUHIHUHQFLDHOVLVWHPDGHOLTXLGDFLyQEUXWD
HQWLHPSRUHDO6/%75PiVHILFLHQWHHVGHFLUHOVLVWHPDFRQHOFRVWHPiVEDMRSRURSHUDFLyQ\TXH
FXDQGR ILQDOLFH HO SHUtRGR GH FXDWUR DxRV SRVWHULRU DO LQLFLR GH ODV RSHUDFLRQHV GH 7$5*(7 ODV
VXEYHQFLRQHVVXSHULRUHVDODVFRQVLGHUDGDVDFHSWDEOHVFRPR©ELHQS~EOLFRªWHQGUiQREOLJDWRULDPHQWH
TXHGHVDSDUHFHU
(OVLVWHPDGHSODWDIRUPDVP~OWLSOHV7$5*(7HVWDUiFRPSXHVWR SRU SODWDIRUPDV LQGLYLGXDOHV FUHDGDV
HVSHFLDOPHQWH R FORQDGDV \ HQ ORV WUHV SULPHURV DxRV GH IXQFLRQDPLHQWR SRU XQD SODWDIRUPD
FRPSDUWLGDSRUDTXHOORVEDQFRVFHQWUDOHVTXH²GHVGHHOLQLFLRRDORODUJRGHHVRVWUHVDxRV²GHFLGDQ
UHQXQFLDUDVXVSODWDIRUPDVLQGLYLGXDOHV7UDVHVWHSHUtRGRLQLFLDOFXDOTXLHUEDQFRFHQWUDOSRGUiRSWDU
HQWUH PDQWHQHU VX SODWDIRUPD LQGLYLGXDO HQWUDU D IRUPDU SDUWH GH OD SODWDIRUPD FRPSDUWLGD \D
H[LVWHQWHRFUHDURWUDSODWDIRUPDFRPSDUWLGDFRQFXDOTXLHURWUREDQFRFHQWUDOTXHGHVHHKDFHUOR
/D~QLFDSODWDIRUPDFRPSDUWLGDGLVSRQLEOHGHVGHHOLQLFLRGH7$5*(7IRUPDUiSDUWHLQWHJUDQWHGHOD
HVWUXFWXUDGHHVWHVLVWHPD\QRHQWUDUiHQIXQFLRQDPLHQWRKDVWDTXHORVEDQFRVFHQWUDOHVLQWHUHVDGRV
HQSULQFLSLRHQXQLUVHDHOODORKD\DQGHFLGLGRILQDOPHQWH(VWDSODWDIRUPDSRGUtDGHVDUUROODUVHDSDUWLU
GH FHUR R EDVDUVH HQ XQD GH ODV \D H[LVWHQWHV &RQGLFLRQDGD D XQ DQiOLVLV WpFQLFR SRVWHULRU SRGUtD
IXQGDPHQWDUVH HQ HO GHQRPLQDGR PRGHOR DFWLYRDFWLYR HQ HO TXH HO SHUVRQDO \ ODV WDUHDV FODYH VH
UHSDUWHQHQGLVWLQWRVSDtVHV
(OGLVHxRGHODSODWDIRUPDFRPSDUWLGDGHEHUiSHUPLWLUTXHFDGD%&1TXHVHLQWHJUHHQHOODPDQWHQJD
ODVUHODFLRQHVYLQFXODGDVDODVRSHUDFLRQHVTXHUHDOLFHFRQ©VXVªHQWLGDGHVGHFUpGLWRLQFOXLGDVDTXHOODV
GHULYDGDV GH OD SROtWLFD PRQHWDULD \ GH OD IXQFLyQ GH SUHVWDPLVWD GH ~OWLPD LQVWDQFLD &RPR RFXUUH
DFWXDOPHQWH HO %&( QR PDQWHQGUi FXHQWDV GH HQWLGDGHV GH FUpGLWR VHD FXDO VHD OD SODWDIRUPD TXH
GHFLGDXWLOL]DU
7RGDV ODV SODWDIRUPDV TXH IRUPHQ SDUWH GH 7$5*(7 GHEHUiQ VHJXLU ORV PLVPRV SULQFLSLRV UHFWRUHV
FRPRSRUHMHPSORODILMDFLyQGHSUHFLRVODUHFXSHUDFLyQGHFRVWHVHODFFHVRORVVHUYLFLRVEiVLFRVHWF
É0%,7223(5$&,21(66(59,&,26(,17(5&21(;,21(6'(7$5*(7
ÉPELWR
(OiPELWRGH7$5*(7KDFHUHIHUHQFLDDODGLIHUHQFLDHQWUH7$5*(7\RWURVVLVWHPDVGHSDJR$HVWH
UHVSHFWRODFDUDFWHUtVWLFDGLVWLQWLYDGHXQ©6/%75ªHV©ODWUDQVIHUHQFLDGHGLQHURGHOEDQFRFHQWUDOGH
XQ WLWXODU D RWUR FRQ ILUPH]D LQWUDGtD \ GH IRUPD FRQWLQXDGDª (IHFWLYDPHQWH GHELGR D ODV PD\RUHV
VLPLOLWXGHV HQWUH ORV 6/%75 WUDGLFLRQDOHV \ ORV VLVWHPDV KtEULGRV HO FRQFHSWR FODYH SDUD GHILQLU OD
UHVSRQVDELOLGDG GLUHFWD GHO (XURVLVWHPD HQ OR TXH VROtDQ GHQRPLQDUVH ©6/%75ª \D QR HV
QHFHVDULDPHQWH OD IRUPD GH OLTXLGDFLyQ ©EUXWDª VLQR OD ©ILUPH]D LQWUDGtD GH ORV SDJRV HIHFWXDGD GH
IRUPDFRQWLQXDGDªHQFRQWUDSRVLFLyQFRQODILUPH]DGHILQGHGtDGHORVVLVWHPDVQHWRV3RUORWDQWRHO
(XURVLVWHPD WLHQH IXQGDPHQWDOPHQWH HO PLVPR LQWHUpV \ OD PLVPD UHVSRQVDELOLGDG HQ WRGRV ORV
VLVWHPDVTXHOLTXLGDQSDJRVLQGLYLGXDOHVWUDQVIURWHUL]RVRQDFLRQDOHVHQGLQHURGHOEDQFRFHQWUDO\FRQ
(OIDFWRUFRQVLGHUDGRFRPRELHQS~EOLFRTXHVHUiHVWDEOHFLGRSRUHO&RQVHMRGH*RELHUQRGHO%&(WHQGUiGHELGDPHQWH
HQ FXHQWD ODV H[WHUQDOLGDGHV SRVLWLYDV JHQHUDGDV SRU 7$5*(7 \ HQWUH RWUDV ODV GHULYDGDV GH OD UHGXFFLyQ GHO ULHVJR
VLVWpPLFR
/DVSODWDIRUPDVTXHQRFXPSODQHVWDH[LJHQFLDGHHILFLHQFLDGHFRVWHVWHQGUiQTXHGHMDUGHIXQFLRQDU
6LHPSUHTXHVHFXPSODFRQODREOLJDFLyQGHUHFXSHUDFLyQGHFRVWHVGHILQLGDDQWHULRUPHQWH
ILUPH]D LQWUDGtD \ GH IRUPD FRQWLQXDGD LQGHSHQGLHQWHPHQWH GHO KHFKR GH TXH HVWpQ LQWHJUDGRV
WpFQLFDPHQWHHQ7$5*(7HMHPSORVVRQHO57*6SOXVGH$OHPDQLD\HO316GH)UDQFLDUHVSHFWLYDPHQWH
1DWXUDOPHQWH OD LQWHJUDFLyQ GH WDOHV VLVWHPDV HQ 7$5*(7 GHEHUtD VHU VLHPSUH SRVLEOH H LQFOXVR
IRPHQWDUVH
/D2ULHQWDFLyQVREUH7$5*(7VHPRGLILFDUiWDQSURQWRFRPRVHDSRVLEOHSDUDTXHLQFOX\DHVWHQXHYR
iPELWR /RV VLVWHPDV WpFQLFDPHQWH LQWHJUDGRV HQ 7$5*(7 WHQGUiQ TXH FXPSOLU SOHQDPHQWH FRQ OD
2ULHQWDFLyQ HQ VX YHUVLyQ PRGLILFDGD 3RU VX SDUWH ORV VLVWHPDV QR LQWHJUDGRV SRVLEOHPHQWH VyOR
WHQJDQTXHFXPSOLUFRQXQDSDUWHGHOD2ULHQWDFLyQ
2SHUDFLRQHV
&RPR RFXUUH FRQ HO DFWXDO VLVWHPD 7$5*(7 7$5*(7 VL ELHQ VH XWLOL]DUi SDUD HIHFWXDU SDJRV GH
tQGROHPX\GLYHUVDGHEHVXRULJHQDODQHFHVLGDGGHOLTXLGDUHQGLQHURGHOEDQFRFHQWUDOSDJRVGHDOWR
YDORU HQ HXURV FRQ LPSRUWDQFLD SDUD HO ULHVJR VLVWpPLFR /yJLFDPHQWH 7$5*(7 VHJXLUi VLHQGR
FRPSDWLEOHFRQODH[LVWHQFLDGHRWURVVLVWHPDVTXHSURFHVHQSDJRVHQHXURV6LQHPEDUJR7$5*(7
HVWDUiGLVSRQLEOH©VLQPtQLPRVªORTXHTXLHUHGHFLUTXHQLHO(XURVLVWHPDQLORV%&1LPSRQGUiQOtPLWHV
GHMXUHRGHIDFWRDFXDOTXLHUSDJRTXHORVXVXDULRVGHVHHQSURFHVDUHQWLHPSRUHDOHQGLQHURGHOEDQFR
FHQWUDOHOGHQRPLQDGRHQIRTXHDPSOLR/RVSDJRVVHUiQGHWUHVWLSRVLSDJRVTXHKDQGHFDQDOL]DUVH
REOLJDWRULDPHQWHDWUDYpVGH7$5*(7FRPR VXFHGH DKRUD GH FRQIRUPLGDG FRQ OD DFWXDO 2ULHQWDFLyQ
VREUH7$5*(7HVGHFLUSDJRVUHODFLRQDGRVFRQODVRSHUDFLRQHVGHSROtWLFDPRQHWDULD\ODOLTXLGDFLyQ
GH ORV VLVWHPDV DX[LOLDUHV GH JUDQGHV SDJRV LL SDJRV TXH HO (XURVLVWHPD FRQVLGHUD GHVHDEOH TXH VH
SURFHVHQ SRU PHGLR GH 7$5*(7 \ LLL RWURV SDJRV TXH ORV XVXDULRV RSWHQ SRU FDQDOL]DU D WUDYpV GH
7$5*(7
6HUYLFLRV
&XDQGR7$5*(7LQLFLyVXVRSHUDFLRQHVVHFRQVLGHUyTXHVXIXQFLRQDOLGDGWUDQVIURQWHUL]DFRQVWLWXtDHO
HOHPHQWREiVLFRFRP~QGHWRGRVORV6/%75TXHSDUWLFLSDEDQHQ7$5*(7RTXHHVWDEDQFRQHFWDGRVD
pO (Q HVH PRPHQWR OD JDPD GH VHUYLFLRV SUHVWDGRV SRU ORV GLVWLQWRV 6/%75 D VXV SDUWLFLSDQWHV HUD
PD\RUTXHHQODDFWXDOLGDG(Q7$5*(7HOiPELWRGHOVHUYLFLREiVLFRFRP~QVHUiLQFOXVRPiVDPSOLR
(OQLYHOGHVHUYLFLRVGH7$5*(7HVWDUiPXFKRPiVDUPRQL]DGRTXHHQHOVLVWHPDDFWXDOHLQFOXLUiXQ
DPSOLRVHUYLFLREiVLFRTXHSUHVWDUiQWRGRVORVFRPSRQHQWHVGH7$5*(7DXQTXHORVSURFHGLPLHQWRV
WpFQLFRV SXHGDQ VHU GLVWLQWRV &RQ WRGR \ EDViQGRVH HQ LQIRUPDFLyQ SURFHGHQWH GH ORV XVXDULRV ORV
EDQFRVFHQWUDOHV\DJHVWLRQHQXQDSODWDIRUPDLQGLYLGXDORODSODWDIRUPDFRPSDUWLGDGLVSRQLEOHGHVGHHO
LQLFLRGH7$5*(7RFXDOTXLHURWUDSODWDIRUPDFRPSDUWLGDTXHSXHGDH[LVWLUHQHOIXWXURWHQGUiQOD
SRVLELOLGDGGHSURSRUFLRQDUVHUYLFLRVDGLFLRQDOHVDGHPiVGHOVHUYLFLREiVLFR
(Q 7$5*(7 VH HVWDEOHFHUiQ SURFHGLPLHQWRV FODURV FRQ UHVSHFWR D OD SUHVWDFLyQ GH VHUYLFLRV
DGLFLRQDOHVTXHVyORVHSRQGUiQHQIXQFLRQDPLHQWRWUDVKDEHUFRQVXOWDGRFRQORVXVXDULRV'HQWURGHO
6(%&KDEUiWUDQVSDUHQFLDHQORTXHVHUHILHUHDORVVHUYLFLRVSUHVWDGRVSRUORVGLVWLQWRVFRPSRQHQWHV
GH7$5*(7ORTXHJDUDQWL]DUiTXHORVVHUYLFLRVLQWURGXFLGRVHQSULPHUOXJDUVRORSRUXQDSODWDIRUPD
SXHGDQ IRUPDU SDUWH GHO VHUYLFLR EiVLFR GH 7$5*(7 HQ HO FDVR GH TXH ORV XVXDULRV GH RWUDV
SODWDIRUPDVFRQVLGHUHQTXHGLFKRVVHUYLFLRVWDPELpQUHVXOWDQGHXWLOLGDGSDUDHOORV
/RVVHUYLFLRV\ODVIXQFLRQHVGH7$5*(7 GHEHUtDQ FRQWHPSODUVH GHVGH OD SHUVSHFWLYD GHO XVXDULR OR
TXH TXLHUH GHFLU TXH HV HO VHUYLFLR RIUHFLGR OR TXH FXHQWD QR OD IRUPD GH SURYHHUOR (O QLYHO GH
VHUYLFLRVGH7$5*(7VHGHILQLUiHQHVWUHFKDFRRSHUDFLyQFRQORVXVXDULRVGH7$5*(7
&RUUHVSRQGHDO&RQVHMRGH*RELHUQRGHO%&(ODHODERUDFLyQGHODOLVWDGHVHUYLFLRVEiVLFRVDVtFRPR
VXUHYLVLyQSHULyGLFD(VWDUHVSRQVDELOLGDGODHMHUFHUiWUDWDQGRGHIRPHQWDUODLQQRYDFLyQ(QFRQFUHWR
SRGUtD RSWDUVH SRU LQFOXLU HQ OD OLVWD GH VHUYLFLRV EiVLFRV RWURV VHUYLFLRV DGLFLRQDOHV QRYHGRVRV TXH
KD\DQGHPRVWUDGRVHUHILFLHQWHVHQDOJXQDSODWDIRUPD\TXHSXHGDQVHUGHLQWHUpVSDUDHOFRQMXQWRGHOD
FRPXQLGDGGHXVXDULRVGH7$5*(7
,QWHUID]FRQORVXVXDULRV\VLVWHPDVDX[LOLDUHV
'H DFXHUGR FRQ OR VROLFLWDGR SRU ORV XVXDULRV 7$5*(7 WDPELpQ SURVHJXLUi FRQ OD DUPRQL]DFLyQ GH
ORV VHUYLFLRV UHODWLYRV D L OD LQWHUID] HQWUH HO 6/%75 \ VXV XVXDULRV \ LL OD OLTXLGDFLyQ GH ORV VLVWHPDV
DX[LOLDUHV
(QFXDQWRDODLQWHUID]7$5*(7LQLFLyVXVRSHUDFLRQHVHQHQHURGHFRPRXQVLVWHPDHQHOTXHORV
EDQFRVFHQWUDOHVPDQWHQtDQGLVWLQWDVLQWHUFRQH[LRQHVFRQORVSDUWLFLSDQWHVHQVXV6/%75ELHQDWUDYpV
GH 6:,)7 R PHGLDQWH XQ SURYHHGRU ORFDO GH WHOHFRPXQLFDFLRQHV 'HVGH HQWRQFHV FDVL WRGRV ORV
EDQFRVFHQWUDOHVKDQRSWDGRSRU6:,)7RORXWLOL]DUiQHQHOIXWXURSUy[LPRHQUHVSXHVWDDODIXHUWH
GHPDQGD GH ORV SDUWLFLSDQWHV HQ HO PHUFDGR /RV HVWiQGDUHV 6:,)7 SDUD ORV PHQVDMHV GH SDJRV KDQ
SDVDGRDVHUORVKDELWXDOHVHQODVRSHUDFLRQHVGHSDJRSHUPLWLHQGRDOPLVPRWLHPSRFLHUWDIOH[LELOLGDG
HQ VX HPSOHR 'DGR TXH GXUDQWH WRGR HO GHEDWH VREUH OD HYROXFLyQ D ODUJR SOD]R GH 7$5*(7 HQ HO
(XURVLVWHPD VH FRPSDUWtD OD RSLQLyQ GH TXH VHUtD FRQYHQLHQWH HVWDEOHFHU XQD ~QLFD LQWHUID] HV PX\
SUREDEOH TXH 7$5*(7 \ VX LQWHUID] FRQ ORV XVXDULRV VH EDVH HQ HO HPSOHR DUPRQL]DGR GH ORV
HVWiQGDUHVGHPHQVDMHVGH6:,)7
(QFXDQWRDORVVLVWHPDVDX[LOLDUHVKD\TXHWHQHUHQFXHQWDTXHHQHOPRPHQWRHQTXHVHDGRSWDURQODV
VROXFLRQHVUHVSHFWLYDVODOLTXLGDFLyQGHORVVLVWHPDVDX[LOLDUHVHUDXQDFXHVWLyQSXUDPHQWHORFDOSDUDORV
EDQFRVFHQWUDOHV(QFDGDOXJDUVHHQFRQWUDURQVROXFLRQHVGLIHUHQWHVTXHHQVXFRQWH[WRQDFLRQDOKDQ
UHVXOWDGR VHU HQ JHQHUDO HILFLHQWHV 6LQ HPEDUJR HVWR QR VLJQLILFD TXH OD OLTXLGDFLyQ GH ORV VLVWHPDV
DX[LOLDUHV QR KXELHUD SRGLGR UHDOL]DUVH GH IRUPD GLVWLQWD VL ODV QRUPDV GH OLTXLGDFLyQ VH KXELHUDQ
FRRUGLQDGR D QLYHO HXURSHR 'HVGH OD SHUVSHFWLYD DFWXDO ORV PpWRGRV GH OLTXLGDFLyQ GH ORV VLVWHPDV
DX[LOLDUHVVRQSXHVVROXFLRQHVKHUHGDGDVGH©ORTXHVHKDFtDªHQHOSDVDGRHQXQFRQWH[WRQDFLRQDO
PiVTXHODFREHUWXUDGHODVDFWXDOHVQHFHVLGDGHVGHODVHQWLGDGHVGHFUpGLWRGHOD]RQDGHOHXUR
(Q7$5*(7ODVSODWDIRUPDVLQGLYLGXDOHVSRGUtDQPDQWHQHUVXVDFWXDOHVPRGHORVGHOLTXLGDFLyQHQHO
FDVR GH ORV VLVWHPDV DX[LOLDUHV SHUR SRU OR TXH UHVSHFWD D OD SODWDIRUPD FRPSDUWLGD VH SODQWHD OD
FXHVWLyQGHVLKDEUiTXHPDQWHQHUWRGDVHVDVVROXFLRQHVKHUHGDGDV/DVGLVWLQWDVVROXFLRQHVHQPDWHULD
GHOLTXLGDFLyQFXHQWDQFRQHOHPHQWRVFRPXQHVSXGLHQGRGLYLGLUVHHQGRVPRGHORVJHQHUDOHV
−
(O©PRGHORLQWHUFRQHFWDGRªHQHOTXHODOLTXLGDFLyQHQGLQHURGHOEDQFRFHQWUDOGHODVSRVLFLRQHV
GHORVSDUWLFLSDQWHVHQHOVLVWHPDDX[LOLDUVHSURGXFHHQHO6/%75
−
(O©PRGHORLQWHJUDGRªSDUDODOLTXLGDFLyQGHRSHUDFLRQHVFRQYDORUHVHQGLQHURGHOEDQFRFHQWUDO
HQHOTXHODOLTXLGDFLyQDOFRQWDGRVHSURGXFHHQHOSURSLRVLVWHPDDX[LOLDU
/DSODWDIRUPDFRPSDUWLGDGLVSRQLEOHGHVGHHOLQLFLRGHO7$5*(7DVtFRPRFXDOTXLHURWUDSODWDIRUPD
FRPSDUWLGDTXHSXHGDH[LVWLUHQHOIXWXURSRGUtDRIUHFHUHVWDVVROXFLRQHVDUPRQL]DGDVHQPDWHULDGH
OLTXLGDFLyQVLQUHGXFLUVXHVWDELOLGDG\UHQGLPLHQWR
1RREVWDQWHVHSRGUtDFRQVLGHUDUWDPELpQTXHGXUDQWHXQDIDVHGHWUDQVLFLyQORVVLVWHPDVDX[LOLDUHV
QR OLTXLGDUDQ HQ OD SODWDIRUPD FRPSDUWLGD VLQR HQ ODV KDELWXDOHV FXHQWDV GH OLTXLGDFLyQ GH ORV
SDUWLFLSDQWHVHQVXEDQFRFHQWUDOGHRULJHQ'HHVHPRGRHVWRVVLVWHPDVSRGUtDQPDQWHQHUVXPRGHOR
GH OLTXLGDFLyQ SRU XQ WLHPSR \ ©FRQHFWDUVHª D OD SODWDIRUPD FRPSDUWLGD FXDQGR OR FRQVLGHUDVHQ
FRQYHQLHQWH &RQ WRGR HV SUREDEOH TXH 7$5*(7 VH FRQYLHUWD HQ FDWDOL]DGRU GH XQD PD\RU
DUPRQL]DFLyQ GH ORV GLVWLQWRV PpWRGRV GH OLTXLGDFLyQ 'H KHFKR ORV SDUWLFLSDQWHV HQ ORV VLVWHPDV GH
SDJR HVWiQ SUHVLRQDQGR SDUD TXH VH SURGX]FD WDO DUPRQL]DFLyQ FRQ HO ILQ GH DXPHQWDU OD HILFLHQFLD \
DKRUUDUFRVWHV
$HVWHUHVSHFWRKDEUtDTXHWHQHUHQFXHQWDHQWRGRPRPHQWRTXHODVSHFXOLDULGDGHVQDFLRQDOHVQRVRQ
HQPXFKRVFDVRV©VHUYLFLRVFUHDGRVD OD PHGLGDª HQ HO VHQWLGR GH TXH HVWH VHUYLFLR HV QHFHVDULR GH
HVWDPDQHUDFRQFUHWD\QRGHRWUD&RQIUHFXHQFLDVRQVLPSOHPHQWHVROXFLRQHVQDFLRQDOHVSURFHGHQWHV
GHOSDVDGRTXHUHVSRQGHQDODVQHFHVLGDGHVGHOPHUFDGRGHOLTXLGDUGHPDQHUDHILFLHQWH\VHJXUDVXV
RSHUDFLRQHV SHUR TXH DFWXDOPHQWH SRGUtDQ UHVROYHUVH SHUIHFWDPHQWH GH PRGR GLVWLQWR 'HVGH XQ
SXQWR GH YLVWD WpFQLFR OD SODWDIRUPD FRPSDUWLGD GLVSRQLEOH GHVGH HO LQLFLR GH 7$5*(7 DVt FRPR
FXDOTXLHURWUDSODWDIRUPDTXHSXHGDH[LVWLUHQHOIXWXURHVWDUiFDSDFLWDGDSDUDSUHVWDUWDQWRGLIHUHQWHV
VHUYLFLRVHVSHFtILFRVSDUDXQSDtVFRPRVROXFLRQHVJHQHUDOHVGHOLTXLGDFLyQSDUDVLVWHPDVDX[LOLDUHV(V
VyOR XQD FXHVWLyQ GH FRVWHV GH DGDSWDFLyQ \ GH VX UHSDUWR HQWUH OD SODWDIRUPD FRPSDUWLGD \ ORV
VLVWHPDVDX[LOLDUHV(QFXDOTXLHUFDVRXQPD\RUJUDGRGHDUPRQL]DFLyQDKRUUDUtDFRVWHVDODUJRSOD]R
VLHQGRpVWHHOPRWLYRSRUHOFXDOORVSDUWLFLSDQWHVHQORVVLVWHPDVGHSDJRVHPXHVWUDQIDYRUDEOHVDHVWH
SURFHVR /D GLV\XQWLYD HQWUH HO FRVWH GH WUDQVLFLyQ \ OD DUPRQL]DFLyQ LQGLFD TXH HO SURFHVR UHTXHULUi
EDVWDQWH WLHPSR $ FRUWR SOD]R HVWH REMHWLYR SRGUtD ORJUDVH PHGLDQWH HO HPSOHR GH VROXFLRQHV
SUDJPiWLFDV
(OPRGHORLQWHUFRQHFWDGRVHEDVDELHQHQXQSURFHGLPLHQWRGHWUDQVIHUHQFLDRHQXQSURFHGLPLHQWRGHDGHXGRGLUHFWR(Q
HOSULPHUFDVROD OLTXLGDFLyQ GHO VLVWHPD DX[LOLDU VH HIHFW~D D WUDYpV GH XQ SURFHGLPLHQWR GH WUDQVIHUHQFLD HQ HO TXH ORV
SDUWLFLSDQWHVFRQXQDSRVLFLyQFRUWDHQHOVLVWHPDDX[LOLDUGHSRVLWDQIRQGRVHQXQDFXHQWDGHOLTXLGDFLyQGHOVLVWHPDDX[LOLDU
HQODSODWDIRUPDFRPSDUWLGD7DQSURQWRFRPRVHUHFLEHQHVWRVIRQGRVVHSDJDDORVSDUWLFLSDQWHVFRQXQDSRVLFLyQODUJD
(XURXWLOL]DSRUHMHPSORHVWHWLSRGHPRGHOR(QHOVHJXQGRFDVRHOVLVWHPDDX[LOLDUJHQHUDDGHXGRVGLUHFWRVUHFLELHQGR
ORVIRQGRVGHVXVGHXGRUHVDWUDYpVGHODSODWDIRUPDFRPSDUWLGD
eVWD HV OD PDQHUD HQ OD TXH VH OLTXLGDQ HQ GLQHUR GHO EDQFR FHQWUDO ODV RSHUDFLRQHV FRQ YDORUHV HQ HO VLVWHPD GH
FRPSHQVDFLyQ\OLTXLGDFLyQGHYDORUHV5*9GH)UDQFLD
(6758&785$'(*2%,(512),1$1&,$&,Ð1<),-$&,Ð1'(35(&,26
/DHVWUXFWXUDGHJRELHUQRGH7$5*(7HVWDUiGLYLGLGDHQWUHVQLYHOHV&RPRVXFHGHHQODDFWXDOLGDG
ORV yUJDQRV UHFWRUHV GHO %&( FRQVWLWXLUiQ OD DXWRULGDG Pi[LPD GHO VLVWHPD 7$5*(7 \ VHUiQ ORV
UHVSRQVDEOHV ~OWLPRV HQ ORV DVXQWRV UHODFLRQDGRV FRQ ODV RSHUDFLRQHV QDFLRQDOHV \ WUDQVIURQWHUL]DV GH
7$5*(7 SULPHU QLYHO 'HQWUR GHO PDUFR JHQHUDO GHILQLGR SRU HO %&( ORV EDQFRV FHQWUDOHV TXH
PDQWHQJDQ VXV SODWDIRUPDV LQGLYLGXDOHV R TXH FRPSDUWDQ XQD FRQ RWURV EDQFRV FHQWUDOHV VHUiQ
UHVSRQVDEOHVVXEVLGLDULRVGHWRGRVORVWHPDVUHODFLRQDGRVFRQ7$5*(7TXHTXHGHQDVXGLVFUHFLyQ(Q
SDUWLFXODUHOVHJXQGRQLYHOGHODHVWUXFWXUDGHJRELHUQRGHOVLVWHPDHVWDUiFDUJRGHORVEDQFRVFHQWUDOHV
UHVSHFWLYRVHQHOFDVRGHODVSODWDIRUPDVLQGLYLGXDOHV\GHORVEDQFRVFHQWUDOHVSDUWLFLSDQWHVHQHOFDVR
GH OD SODWDIRUPD R SODWDIRUPDV FRPSDUWLGDV (O RSHUDGRU WpFQLFR GH OD SODWDIRUPD R SODWDIRUPDV
FRPSDUWLGDV\GHFDGDSODWDIRUPDLQGLYLGXDOFRQVWLWXLUiHOWHUFHUQLYHOGHODHVWUXFWXUDGHJRELHUQR
(QHOSURFHVRGHWRPDGHGHFLVLRQHVHQORVGLVWLQWRVQLYHOHVGHODHVWUXFWXUDGHJRELHUQRUHVXOWDFUXFLDO
OD HVWUHFKD SDUWLFLSDFLyQ GH ORV XVXDULRV GHO VLVWHPD SULQFLSDOPHQWH HQWLGDGHV GH FUpGLWR \ VLVWHPDV
DX[LOLDUHV
(O%&(IDFLOLWDUiFXDOTXLHUIXQFLyQGHFRRUGLQDFLyQTXHVHDQHFHVDULRUHDOL]DUHQ7$5*(7DOLJXDOTXH
HQODDFWXDOLGDG
(Q FXDQWR D OD ILQDQFLDFLyQ GH ORV GLVWLQWRV FRPSRQHQWHV GH 7$5*(7 ODV SODWDIRUPDV LQGLYLGXDOHV
HVWDUiQ ILQDQFLDGDV SRU ORV EDQFRV FHQWUDOHV TXH ODV PDQWHQJDQ /D SODWDIRUPD FRPSDUWLGD HVWDUi
ILQDQFLDGDSRUORVEDQFRVFHQWUDOHVTXHSDUWLFLSHQHQHOOD
(OSULPHUQLYHOGHODHVWUXFWXUDGHJRELHUQR
(OSDSHOGHO%&(VHUiHQODPD\RUPHGLGDSRVLEOHHOPLVPRHQWRGRVORVFRPSRQHQWHVGH7$5*(7H
LQFOXLUi OD WRPD GH GHFLVLRQHV VREUH ORV DVXQWRV PHQFLRQDGRV DQWHULRUPHQWH HV GHFLU ORV VHUYLFLRV
EiVLFRVODPHWRGRORJtDFRP~QVREUHORVFRVWHV\HOSUHFLR~QLFR(O©SULPHUQLYHOªGHODHVWUXFWXUDGH
JRELHUQRGHEHUtDWUDWDUGHORJUDUHQWUHRWURVREMHWLYRVHOWUDWRHTXLWDWLYRGHWRGRVORVFRPSRQHQWHV
GH7$5*(7(QHOFDVRSDUWLFXODUGHOD~QLFDSODWDIRUPDFRPSDUWLGDHO©SULPHUQLYHOªGHODHVWUXFWXUD
GHJRELHUQRVyORGHEHUtDSDUWLFLSDUHQDTXHOODVFXHVWLRQHVHVSHFtILFDVGHULYDGDVGHVXFDUiFWHUH[FOXVLYR
FRPRSODWDIRUPDFRPSDUWLGDDOLQLFLRGH7$5*(7(O%&(YHODUiSRUTXHHVWDSODWDIRUPD~QLFDSXHGD
GHVHPSHxDUVXSDSHOSUHYLVWRGHSODWDIRUPDSDUDHOFRQMXQWRGHO(XURVLVWHPDHQODTXHFXDOTXLHUEDQFR
FHQWUDOSRGUiSDUWLFLSDUHQXQDHWDSDSRVWHULRUFRQORVPLVPRVGHUHFKRV\REOLJDFLRQHVTXHORVEDQFRV
TXHHQWUDURQDIRUPDUSDUWHGHHOODGHVGHHOLQLFLR
(OVHJXQGRQLYHOGHODHVWUXFWXUDGHJRELHUQR
(O VHJXQGR QLYHO GH OD HVWUXFWXUD GH JRELHUQR HVWi FRQVWLWXLGR HQ FDGD SODWDIRUPD SRU HO %&1 R ORV
%&1 TXH SDUWLFLSHQ HQ HOOD 'H FRQIRUPLGDG FRQ ODV RULHQWDFLRQHV JHQHUDOHV GH 7$5*(7 HQ VX
FRQMXQWR \ HQ HO PDUFR HVSHFtILFR GHILQLGR SRU HO %&( SDUD OD SODWDIRUPD FRPSDUWLGD FRPR OD ~QLFD
H[LVWHQWHDOLQLFLRGH7$5*(7ORVEDQFRVFHQWUDOHVTXHODFRPSDUWDQGLVSRQGUiQGHODPLVPDOLEHUWDG
SDUD JHVWLRQDUOD TXH OD TXH WHQGUiQ ORV EDQFRV FHQWUDOHV TXH PDQWHQJDQ SODWDIRUPDV LQGLYLGXDOHV SDUD
DGPLQLVWUDUVXVVLVWHPDV
/DV GHFLVLRQHV TXH VH DGRSWDUiQ HQ HVWH QLYHO GH OD HVWUXFWXUD GH JRELHUQR VH UHILHUHQ D FXHVWLRQHV
HVWUXFWXUDOHVWDOHVFRPRHOGLVHxR\HOGHVDUUROORLQLFLDOHVGHODSODWDIRUPD\HQHOFDVRGHODSODWDIRUPD
FRPSDUWLGD D VL pVWD VH FUHDUi D SDUWLU GH FHUR R VH EDVDUi HQ XQD SODWDIRUPD \D H[LVWHQWH 7DPELpQ
FRUUHVSRQGH D HVWH QLYHO OD GHFLVLyQ UHODWLYD D OD XELFDFLyQ GH OD SODWDIRUPD FRPSDUWLGD TXH VLQ
HPEDUJR VyOR VH DGRSWDUi SUHYLD FRQVXOWD FRQ HO SULPHU QLYHO GH OD HVWUXFWXUD GH JRELHUQR )DFWRUHV
WDOHV FRPR ORV FRVWHV OD FRPSHWHQFLD WpFQLFD GHO RSHUDGRU \ OD VHJXULGDG GHEHUiQ GHWHUPLQDU HVWD
GHFLVLyQ&RQVLGHUDFLRQHVUHODWLYDVDODVHJXULGDGSRGUtDQOOHYDUDTXHODVVHGHVSULQFLSDO\VHFXQGDULDGH
ODSODWDIRUPDFRPSDUWLGDVHVLWXDUDQHQGLVWLQWRVSDtVHV
$GHPiV GH HVWDV GHFLVLRQHV HVWUXFWXUDOHV TXH KDQ GH DGRSWDUVH HQ OD IDVH GH LPSODQWDFLyQ GH
7$5*(7HQHVWHQLYHOGHODHVWUXFWXUDGHJRELHUQRKDEUiTXHWRPDUWDPELpQGHFLVLRQHVFR\XQWXUDOHV
XQD YH] TXH HO VLVWHPD HQWUH HQ IXQFLRQDPLHQWR (MHPSORV GH HOOR VRQ OD HOHFFLyQ \ HO GHVDUUROOR GH
QXHYRV VHUYLFLRV DGLFLRQDOHV VROLFLWDGRV SRU ORV XVXDULRV GH OD SODWDIRUPD WDQWR QDFLRQDOHV FRPR GHO
FRQMXQWRGHODSODWDIRUPDODILMDFLyQGHSUHFLRVGHWDOHVVHUYLFLRVODFRQWUDWDFLyQGHSHUVRQDOSDUDORV
yUJDQRV GH JHVWLyQ GH HVWH QLYHO GH OD HVWUXFWXUD GH JRELHUQR \ HO VHJXLPLHQWR GHO GHVDUUROOR GH OD
DFWLYLGDGDODUJRSOD]R/DUHVSRQVDELOLGDGGHPDQWHQHUUHODFLRQHVGHULYDGDVGHODVRSHUDFLRQHVFRQORV
XVXDULRV SDUD GLVSRQHU GH XQD EXHQD LQIRUPDFLyQ VREUH ORV PHUFDGRV ILQDQFLHURV \ SRGHU DFWXDU
DGHFXDGDPHQWH HQ VLWXDFLRQHV GH HPHUJHQFLD DGPLWLU SDUWLFLSDQWHV HQ HO VLVWHPD FRQWURODU ODV
RSHUDFLRQHV GLDULDV \ ODV SRVLFLRQHV GH OLTXLGH] LQWUDGtD GH ORV FOLHQWHV ©SURSLRVµ GH ORV EDQFRV
FHQWUDOHVJDUDQWL]DUODIOXLGH]GHORVSDJRV\VROYHQWDUORVSUREOHPDVHQFRODERUDFLyQFRQODVHQWLGDGHV
GHFUpGLWR\ORVVLVWHPDVDX[LOLDUHVHWFVHJXLUiUHFD\HQGRHQORVEDQFRVFHQWUDOHVLQFOXVRHQHOFDVR
GHODSODWDIRUPDFRPSDUWLGD
(QFXDQWRDODILQDQFLDFLyQVHUiSUHFLVRGHVDUUROODUXQVLVWHPDSDUDJDUDQWL]DUTXHORVEDQFRVFHQWUDOHV
TXHVHLQWHJUHQHQODSODWDIRUPDFRPSDUWLGDHQXQDHWDSDSRVWHULRUFRQWULEX\DQFRQXQDSDUWLFLSDFLyQ
DGHFXDGDDORVFRVWHVLQLFLDOHVGHGHVDUUROORHLPSODQWDFLyQGHODSODWDIRUPD
(OWHUFHUQLYHOGHODHVWUXFWXUDGHJRELHUQR
/DV SODWDIRUPDV LQGLYLGXDOHV SRGUtDQ VHU JHVWLRQDGDV SRU HO %&1 FRUUHVSRQGLHQWH R SRU XQD HQWLGDG
H[WHUQD (O RSHUDGRU R ORV RSHUDGRUHV WpFQLFRV GH OD SODWDIRUPD FRPSDUWLGD SRGUtDQ VHU GH IRUPD
URWDWRULD XQ %&1 HO %&( R YDULRV EDQFRV FHQWUDOHV D OD YH] 2WUD SRVLELOLGDG SRGUtD VHU FRQWUDWDU D
XQD HQWLGDG LQGHSHQGLHQWH \D IXHUD SULYDGD R SURSLHGDG GH ORV EDQFRV FHQWUDOHV TXH LQWHJUDUDQ OD
SODWDIRUPD SDUD TXH VH RFXSDVH GH VX IXQFLRQDPLHQWR &RPR HQ HO IXQFLRQDPLHQWR GH OD SODWDIRUPD
SXHGHSDUWLFLSDUPiVGHXQEDQFRFHQWUDOVXGHVDUUROORQRWLHQHSRUTXpOOHYDUORDFDERQHFHVDULDPHQWH
XQD ~QLFD HQWLGDG /DV GHFLVLRQHV TXH DGRSWDUiQ OD HQWLGDG R HQWLGDGHV D ODV TXH VH HQFRPLHQGH OD
SURYLVLyQ WpFQLFD GH FDGD SODWDIRUPD LQGLYLGXDO R FRPSDUWLGD VH UHIHULUiQ DO IXQFLRQDPLHQWR WpFQLFR
GLDULR GHO VLVWHPD VREUH OD EDVH GH ORV DFXHUGRV DOFDQ]DGRV FRQ HO EDQFR R ORV EDQFRV FHQWUDOHV
SHUWLQHQWHVDFHUFDGHOQLYHOGHVHUYLFLRV
(OSDSHOGHORVXVXDULRV
3DUD YHODU SRU TXH FDGD SODWDIRUPD IXQFLRQH \ VH PDQWHQJD FRPR XQ FRPSRQHQWH HILFLHQWH GH
7$5*(7TXHVDWLVIDJDODVQHFHVLGDGHVGHVXV XVXDULRV VH HVWDEOHFHUi FRPR SDUWH LQWHJUDQWH GH ORV
SURFHVRVGHWRPDGHGHFLVLRQHVXQSURFHGLPLHQWRGHFRQVXOWDHQHOTXHSDUWLFLSDUiQORVXVXDULRV/D
SDUWLFLSDFLyQGHpVWRVHQODVGHFLVLRQHVVHJDUDQWL]DUiGHGRVPDQHUDV(QSULPHUOXJDUVHOHVFRQVXOWDUi
VREUHWRGRVDTXHOORVDVXQWRVTXHVHSODQWHHQHQORVGLVWLQWRVQLYHOHVGHODHVWUXFWXUDGHJRELHUQR\TXH
OHV DIHFWHQ FRPR SRU HMHPSOR HO QLYHO GH VHUYLFLRV (Q VHJXQGR OXJDU SRGUiQ SRU LQLFLDWLYD SURSLD
H[SUHVDUVXRSLQLyQ\SUHVHQWDUSURSXHVWDVUHODWLYDVDWRGDVODVFXHVWLRQHVTXHFRQVLGHUHQLPSRUWDQWHV
+DEUi TXH GHWHUPLQDU ORV SURFHGLPLHQWRV SDUD TXH OD SDUWLFLSDFLyQ GH ORV XVXDULRV HQ HO SURFHVR GH
FRQVXOWDVHDDPSOLD\VXILFLHQWH3RUXQODGRVHWHQGUiHQFXHQWDGHELGDPHQWHODSDUWLFLSDFLyQGHFDGD
XVXDULR HQ ORV LPSRUWHV \ Q~PHUR GH ODV RSHUDFLRQHV GH SDJR WRWDOHV $O PLVPR WLHPSR WDPELpQ
GHEHUiQUHIOHMDUVHGHPDQHUDDSURSLDGDODVSRVLEOHVQHFHVLGDGHVHVSHFtILFDVGHODVHQWLGDGHVGHFUpGLWR
GHPHQRUWDPDxR
/DHVWUHFKDSDUWLFLSDFLyQGHORVXVXDULRVQRLQYDOLGDHOKHFKRGHTXHODVGHFLVLRQHVILQDOHVVHDGRSWDUiQ
HQORVGLVWLQWRVQLYHOHVGHODHVWUXFWXUDGHJRELHUQR$VtQRKDEUiFDELGDSDUDHODXWRPDWLVPRVHJ~QHO
FXDO HO UHVXOWDGR GH XQD FRQVXOWD D ORV XVXDULRV GHWHUPLQDUtD OD GHFLVLyQ ILQDO D DGRSWDU (Q DOJXQRV
FDVRV TXH FDEH SUHVXPLU SRFR IUHFXHQWHV SRGUtD VHU QHFHVDULR RWRUJDU PD\RU LPSRUWDQFLD D
FRQVLGHUDFLRQHV GH SROtWLFD S~EOLFD FRPR OD UHGXFFLyQ GHO ULHVJR VLVWpPLFR /D IRUPD HQ TXH VH
RUJDQL]DUi HO GLiORJR FRQ ORV XVXDULRV GH OD SODWDIRUPD FRPSDUWLGD DVt FRPR HO SDSHO GH ORV GLVWLQWRV
EDQFRVFHQWUDOHVTXHHQWUHQDIRUPDUSDUWHGHHOODVHGHFLGLUiHQPiVGHWDOOHHQHOVHJXQGRQLYHOGHOD
HVWUXFWXUDGHJRELHUQR
)LMDFLyQGHSUHFLRV
(Q HO FDVR GH ORV VHUYLFLRV TXH IRUPDQ SDUWH GHO VHUYLFLR EiVLFR GH 7$5*(7 HO %&( HVWDEOHFHUi XQD
~QLFD HVWUXFWXUD GH SUHFLRV SDUD HO FRQMXQWR GH 7$5*(7 LQVSLUDGD HQ HO SULQFLSLR ©PLVPR VHUYLFLR
PLVPR SUHFLRª OR TXH QR LPSOLFD QHFHVDULDPHQWH XQ SUHFLR ~QLFR 3RU HMHPSOR GHQWUR GH HVWD
HVWUXFWXUD ORV SUHFLRV SRGUiQ JUDGXDUVH VHJ~Q HO Q~PHUR GH SDJRV UHDOL]DGRV SRU XQ SDUWLFLSDQWH R
VHJ~Q HO PRPHQWR HQ TXH VH HIHFW~HQ &DGD EDQFR FHQWUDO SRU VHSDUDGR \ GH IRUPD LQGHSHQGLHQWH
SRGUiVHJXLUILMDQGRHOSUHFLRGHORVVHUYLFLRVDGLFLRQDOHV
(O©PLVPRSUHFLRªVHEDVDUiHQXQ6/%75GHUHIHUHQFLDGHILQLGRFRPRDTXpOHQHOTXHHOFRVWHPHGLR
SRU RSHUDFLyQ QDFLRQDO \ WUDQVIURQWHUL]D VHD PiV EDMR \ WHQGUi TXH SHUPLWLU TXH HO VLVWHPD GH
UHIHUHQFLD UHFXSHUH WRGRV ORV FRVWHV WHQLHQGR HQ FXHQWD VLQ HPEDUJR HO IDFWRU FRQVLGHUDGR FRPR
©ELHQS~EOLFRª(VWHIDFWRUVHUiHOPLVPRSDUDWRGRVORVFRPSRQHQWHVGH7$5*(7
/DHVWUXFWXUDGHSUHFLRV~QLFDVHLPSODQWDUiGHVGHHOLQLFLRGH7$5*(7
(O6/%75GHUHIHUHQFLDQRVHUiUHTXHULGRDLQFUHPHQWDUVXSUHFLRSDUDTXH7$5*(7HQVXFRQMXQWR
SXHGDUHFXSHUDUHQPD\RUPHGLGDORVFRVWHV
(O&RQVHMRGH*RELHUQRGHFLGLUiHQVXPRPHQWRVLUHVXOWDUHFRPHQGDEOHODWUDQVLFLyQJUDGXDODXQSUHFLR~QLFR
0(','$6 48( 6( +$1 '( $'237$5 3$5$ (/ (67$%/(&,0,(172 '(
7$5*(7
7$5*(7FRPHQ]DUiDRSHUDUFXDQGR
L
HQWUHHQYLJRUOD2ULHQWDFLyQVREUH7$5*(7
LL
WRGRV ORV FRPSRQHQWHV GH 7$5*(7 SURSRUFLRQHQ ORV VHUYLFLRV EiVLFRV HVWLSXODGRV HQ OD
2ULHQWDFLyQ
LLL
ORVVHUYLFLRVVHRIUH]FDQDXQSUHFLR~QLFR\
LY
ODSODWDIRUPDFRPSDUWLGDHVWpRSHUDWLYD
/DGHFLVLyQGHO&RQVHMRGH*RELHUQRDGRSWDGDHQRFWXEUHGHOVHFHQWUyHQORVSULQFLSLRVEiVLFRV
GH7$5*(7GHMDQGRGLYHUVRVDVSHFWRVSDUDFRQVLGHUDFLRQHVIXWXUDV
/RVVLJXLHQWHVSUHSDUDWLYRVGH7$5*(7SXHGHQGLYLGLUVHHQWUHVIDVHVLODIDVHSUHYLDDOSUR\HFWRLL
ODIDVHGHOSUR\HFWR\LLLODIDVHGHSUXHED\FRPSUREDFLyQ
/DIDVHSUHYLDDOSUR\HFWRLQFOX\HORVVLJXLHQWHVSDVRV
−
/DV RSLQLRQHV GH WRGRV ORV XVXDULRV GH 7$5*(7 VREUH OD PHMRU PDQHUD GH SRQHU HQ SUiFWLFD HO
HQIRTXHHOHJLGRSDUD7$5*(7DVtFRPRVREUHVXQLYHOGHVHUYLFLRVTXHVHREWHQGUiQPHGLDQWH
HVWD FRQVXOWD S~EOLFD (OOR SHUPLWLUi LGHQWLILFDU ODV QHFHVLGDGHV GH ORV XVXDULRV GH 7$5*(7
SULQFLSDOPHQWH HQWLGDGHV GH FUpGLWR VLVWHPDV DX[LOLDUHV TXH OLTXLGDQ HQ 7$5*(7 \ EDQFRV
FHQWUDOHV
−
/RV %&1 TXH GHVHHQ IRUPDU SDUWH GH OD ~QLFD SODWDIRUPD FRPSDUWLGD GLVSRQLEOH DO LQLFLR GH
7$5*(7HQWDEODUiQXQGHEDWHFRRUGLQDGRSRUHO%&(HQHOTXHSRGUiLQWHUYHQLUFXDOTXLHU%&1
LQWHUHVDGRHQSDUWLFLSDUHQHVDLQLFLDWLYD+DEUiGHDOFDQ]DUVHXQDFXHUGRVREUHORVGHWDOOHVUHODWLYRV
DO JRELHUQR \ OD ILQDQFLDFLyQ GH OD SODWDIRUPD FRPSDUWLGD DVt FRPR VREUH VX XELFDFLyQ \ HO
SURYHHGRURORVSURYHHGRUHVGHOVHUYLFLRWpFQLFR
−
/D2ULHQWDFLyQVREUH7$5*(7VHPRGLILFDUiSDUDTXHUHIOHMHODVGHFLVLRQHVTXHKD\DDGRSWDGRHO
&RQVHMRGH*RELHUQRGHO%&(FRQUHVSHFWRD7$5*(7
−
(Q IXQFLyQ GH ODV QHFHVLGDGHV GH ORV XVXDULRV VH HVWDEOHFHUi XQD OLVWD GH VHUYLFLRV EiVLFRV GH
7$5*(7 WRPDQGR FRPR SXQWR GH SDUWLGD HO PD\RU JUDGR GH VLPLOLWXGHV REMHWLYDV HQWUH ORV
DFWXDOHV 6/%75 PiV TXH ORV ©UHTXLVLWRV PtQLPRV FRPXQHVª SUHYLVWRV HQ OD DFWXDO 2ULHQWDFLyQ
VREUH7$5*(7
/DIDVHGHSUR\HFWRGH7$5*(7VHLQLFLDUiXQDYH]FRPSOHWDGDVODVWDUHDVDQWHULRUHV'XUDQWHHVWDIDVH
KDQ GH GHWHUPLQDUVH \ DFRUGDUVH ODV HVSHFLILFDFLRQHV RSHUDWLYDV \ WpFQLFDV DVt FRPR ODV QHFHVLGDGHV
GHWDOODGDV GH ORV XVXDULRV 3RVWHULRUPHQWH VH KDQ GH GHVDUUROODU R DFWXDOL]DU ORV SURJUDPDV
LQIRUPiWLFRV/RVEDQFRVFHQWUDOHVTXHPDQWHQJDQVXVSODWDIRUPDVLQGLYLGXDOHVWHQGUiQTXHDGDSWDUODVD
ODVHVSHFLILFDFLRQHVGHOVLVWHPD7$5*(7\DOPHFDQLVPRGH LQWHUFRQH[LyQ ²,QWHUOLQNLQJ HQ FDVR GH
TXHVHPRGLILTXH&RQFUHWDPHQWHHQODSODWDIRUPDFRPSDUWLGDHVWDIDVHGHEHUtDSRQHUVH HQ PDUFKD
HQ SULQFLSLR DO ILUPDUVH HO FRQWUDWR R FRQWUDWRV HQWUH HO SURYHHGRU R SURYHHGRUHV GH OD SODWDIRUPD
FRPSDUWLGD\ORVEDQFRVFHQWUDOHVTXHIRUPHQSDUWHGHHOODHLQFOX\HDOPHQRVWUHVVXESUR\HFWRV
−
3ULPHUR HO SURYHHGRU R SURYHHGRUHV GH OD SODWDIRUPD FRPSDUWLGD \ ORV EDQFRV FHQWUDOHV TXH OD
LQWHJUHQ WHQGUiQ TXH DGDSWDU VX VLVWHPD R VLVWHPDV D ODV HVSHFLILFDFLRQHV GH HVWD SODWDIRUPD
FRPSDUWLGD
−
6HJXQGR HQ FDVR GH SURGXFLUVH FDPELRV HQ HO PHFDQLVPR GH LQWHUFRQH[LyQ OD SODWDIRUPD
FRPSDUWLGDKDEUiGHLQWHUFRQHFWDUVHFRQORVRWURVFRPSRQHQWHVGH7$5*(7GHDFXHUGRFRQODV
QXHYDVHVSHFLILFDFLRQHV
−
7HUFHURORVVLVWHPDVDX[LOLDUHV\SRVLEOHPHQWHODVHQWLGDGHVGHFUpGLWRWHQGUiQTXHDMXVWDUVHDOD
LQWHUID]\DODIXQFLRQDOLGDGGHODSODWDIRUPDFRPSDUWLGD
$OWpUPLQRGHHVWDIDVHKDEUiTXHGHVLJQDUHO6/%75GHUHIHUHQFLDWHQLHQGRHQFXHQWDORVFRVWHVGHO
SURFHVDPLHQWR GH ORV SDJRV WDQWR QDFLRQDOHV FRPR WUDQVIURQWHUL]RV TXH VHUYLUi GH EDVH SDUD
HVWDEOHFHU XQD HVWUXFWXUD GH SUHFLRV ~QLFD SDUD WRGR 7$5*(7 OD FXDO WRPDUi DGHPiV HQ
FRQVLGHUDFLyQ OD H[LVWHQFLD GHO IDFWRU FRQVLGHUDGR FRPR ©ELHQ S~EOLFRª 6H HIHFWXDUi DVLPLVPR XQ
DQiOLVLVTXHH[DPLQDUiHOPRGRHQHOTXHODHVWUXFWXUDGHSUHFLRVSURSXHVWDDIHFWDUtDDORVREMHWLYRVGHO
VLVWHPDFRPRSXHGHQVHUHOSURFHVDPLHQWRGHOPD\RUQ~PHURSRVLEOHGHJUDQGHV SDJRV \ XQ DPSOLR
DFFHVRGLUHFWR
(QXQDWHUFHUDIDVHODVSUXHEDVLQWHQVLYDV\ODVFRPSUREDFLRQHVSUHYLDVDODSXHVWDHQPDUFKDFRQVWLWX\HQ
UHTXLVLWRVHVHQFLDOHVSDUDDVHJXUDUTXHHOLQLFLRGHODVRSHUDFLRQHVGH7$5*(7HQVXFRQMXQWRVHOOHYH
DFDERVLQFRQWUDWLHPSRV
'DGD OD PDJQLWXG GHO SUR\HFWR SXHVWD GH PDQLILHVWR SRU ODV PHGLGDV TXH KDQ GH DGRSWDUVH HQ
SUHSDUDFLyQGHOHVWDEOHFLPLHQWRGH7$5*(7QRFDEHHVSHUDUTXHHVWpHQSOHQRIXQFLRQDPLHQWRDQWHV
GHODVHJXQGDPLWDGGHHVWDGpFDGDORTXHSODQWHDXQDVHULHGHFXHVWLRQHVUHODWLYDVDOSHUtRGRGHWUDQVLFLyQ
(Q HO SHUtRGR SUHYLR DO LQLFLR GH 7$5*(7 VH SXHGHQ DGHODQWDU FLHUWDV PHGLGDV VLHPSUH TXH QR
HQWUHQHQFRQIOLFWRFRQODGHFLVLyQDGRSWDGDVREUH7$5*(73RUHMHPSORHOHVWDEOHFLPLHQWRGHOD
SODWDIRUPDFRPSDUWLGDQRKDGHHVSHUDUQHFHVDULDPHQWHDODLPSODQWDFLyQGHORVVHUYLFLRVEiVLFRV
SRU SDUWH GH WRGRV ORV FRPSRQHQWHV GH 7$5*(7 $VLPLVPR OD 2ULHQWDFLyQ VREUH 7$5*(7
GHEHUtDVHUPRGLILFDGDSDUDWHQHUHQFXHQWDHOQXHYRiPELWRYpDVHODVHFFLyQ
/D DPSOLDFLyQ GH OD 8( SUHFHGHUi DO LQLFLR GH 7$5*(7 \ D OD H[LVWHQFLD GH OD SODWDIRUPD
FRPSDUWLGD (O &RQVHMR GH *RELHUQR GHO %&( KD GHFLGLGR TXH ORV EDQFRV FHQWUDOHV GH ORV SDtVHV
FDQGLGDWRVDODDGKHVLyQWHQJDQORVPLVPRVGHUHFKRV\REOLJDFLRQHVFRQUHVSHFWR D OD FRQH[LyQ D
7$5*(7 TXH ORV %&1 GH OD 8( TXH DFWXDOPHQWH QR SHUWHQHFHQ D OD ]RQD GHO HXUR $ DTXHOORV
EDQFRV FHQWUDOHV GH ORV SDtVHV FDQGLGDWRV TXH QR GHVHHQ HVWDEOHFHU VXV SURSLDV SODWDIRUPDV HQ
HXURVVHOHVRIUHFHUiXQDVROXFLyQSURYLVLRQDOKDVWDTXHODSODWDIRUPDFRPSDUWLGDHVWpGLVSRQLEOH
(O6(%&SURQWRLGHQWLILFDUiVXSRQLHQGRTXHODVKD\DDTXHOODVPHMRUDVVROLFLWDGDVSRUORVXVXDULRV
GH7$5*(7SDUDHODFWXDOVLVWHPD7$5*(7TXHSXHGDQOOHYDUVHDFDERHQXQWLHPSROLPLWDGR\D
XQFRVWHUD]RQDEOH
Descargar