Reemplazada por una versiyn mis reciente

5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
81,Ï1,17(51$&,21$/'(7(/(&2081,&$&,21(6
8,77
,
6(&725'(1250$/,=$&,Ï1
'(/$67(/(&2081,&$&,21(6
'(/$8,7
5('',*,7$/'(6(59,&,26,17(*5$'26
(6758&785$*(1(5$/
&$5$&7(5Ë67,&$6)81&,21$/(6'(/
02'2'(75$16)(5(1&,$$6Ë1&521$
'(/$5('',*,7$/'(6(59,&,26
,17(*5$'26'(%$1'$$1&+$
5HFRPHQGDFLyQ8,77 ,
5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
$QWHULRUPHQWH©5HFRPHQGDFLyQGHO&&,77ª
5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
35()$&,2
(O8,776HFWRUGH1RUPDOL]DFLyQGHODV7HOHFRPXQLFDFLRQHVHVXQyUJDQRSHUPDQHQWHGHOD8QLyQ,QWHUQDFLRQDOGH
7HOHFRPXQLFDFLRQHV 8,7 (VWH yUJDQR HVWXGLD ORV DVSHFWRV WpFQLFRV GH H[SORWDFLyQ \ WDULIDULRV \ SXEOLFD 5HFRPHQ
GDFLRQHVVREUHORVPLVPRVFRQPLUDVDODQRUPDOL]DFLyQGHODVWHOHFRPXQLFDFLRQHVHQHOSODQRPXQGLDO
/D &RQIHUHQFLD 0XQGLDO GH 1RUPDOL]DFLyQ GH ODV 7HOHFRPXQLFDFLRQHV &017 TXH VH FHOHEUD FDGD FXDWUR DxRV
HVWDEOHFHORVWHPDVTXHKDQGHHVWXGLDUODV&RPLVLRQHVGH(VWXGLRGHO8,77TXHDVXYH]SURGXFHQ5HFRPHQGDFLRQHV
VREUHGLFKRVWHPDV
/D DSUREDFLyQ GH 5HFRPHQGDFLRQHV SRU ORV 0LHPEURV GHO 8,77 HV HO REMHWR GHO SURFHGLPLHQWR HVWDEOHFLGR HQ OD
5HVROXFLyQ1ƒGHOD&017+HOVLQNLDOGHPDU]RGH
/D5HFRPHQGDFLyQ8,77,KDVLGRUHYLVDGDSRUOD&RPLVLyQGH(VWXGLRGHO8,77\IXHDSUREDGD
SRUHOSURFHGLPLHQWRGHOD5HVROXFLyQ1ƒGHOD&017HOGHQRYLHPEUHGH
BBBBBBBBBBBBBBBBBBB
127$
(Q HVWD 5HFRPHQGDFLyQ OD H[SUHVLyQ ©$GPLQLVWUDFLyQª VH XWLOL]D SDUD GHVLJQDU HQ IRUPD DEUHYLDGD WDQWR XQD
DGPLQLVWUDFLyQGHWHOHFRPXQLFDFLRQHVFRPRXQDHPSUHVDGHH[SORWDFLyQUHFRQRFLGDGHWHOHFRPXQLFDFLRQHV
8,7
(VSURSLHGDG1LQJXQDSDUWHGHHVWDSXEOLFDFLyQSXHGHUHSURGXFLUVHRXWLOL]DUVHGHQLQJXQDIRUPDRSRUQLQJ~QPHGLR
VHDpVWHHOHFWUyQLFRRPHFiQLFRGHIRWRFRSLDRGHPLFURILOPVLQSUHYLDDXWRUL]DFLyQHVFULWDSRUSDUWHGHOD8,7
5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
Ë1',&(
3iJLQD
,QWURGXFFLyQ
3ULQFLSLRVEiVLFRVGHO$70 &DSD$70 &RQH[LRQHV$70 &DUDFWHUtVWLFDVGHVHUYLFLR
,QWHUDFFLRQHVFRQHOSODQRGHJHVWLyQ
)XQFLRQHVGHODFDSD$70 $QH[R$±/LVWDSRURUGHQDOIDEpWLFRGHODVDEUHYLDWXUDVFRQWHQLGDVHQHVWD5HFRPHQGDFLyQ
5HFRPHQGDFLyQ,5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
L
5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5(680(1
(VWD 5HFRPHQGDFLyQ GHILQH ODV IXQFLRQHV GH OD FDSD GHO PRGR GH WUDQVIHUHQFLD DVtQFURQR $70 /D FDSD $70 HV
FRP~QDWRGRVORVVHUYLFLRVLQFOX\HQGRVHxDOL]DFLyQ\2$0
LL
5HFRPHQGDFLyQ,5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HFRPHQGDFLyQ,
5HFRPHQGDFLyQ,5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
&$5$&7(5Ë67,&$6)81&,21$/(6'(/02'2'(75$16)(5(1&,$
$6Ë1&5212'(/$5('',*,7$/'(6(59,&,26,17(*5$'26
'(%$1'$$1&+$
*LQHEUDUHYLVDGDHQ+HOVLQNL\HQ*LQHEUD
,QWURGXFFLyQ
/D SUHVHQWH 5HFRPHQGDFLyQ WUDWD HVSHFtILFDPHQWH ODV IXQFLRQHV GH OD FDSD GHO PRGR GH WUDQVIHUHQFLD DVtQFURQR
$70DV\QFKURQRXVWUDQVIHUPRGH(VWDFDSDHVFRP~QDWRGRVORVVHUYLFLRVLQFOX\HQGRVHxDOL]DFLyQRSHUDFLRQHV\
PDQWHQLPLHQWR
3ULQFLSLRVEiVLFRVGHO$70
(O PRGR GH WUDQVIHUHQFLD DVtQFURQR $70 DV\QFKURQRXV WUDQVIHU PRGH HV OD VROXFLyQ HQ FXDQWR DO PRGR GH
WUDQVIHUHQFLD SDUD UHDOL]DU XQD 5'6,%$ ,QIOX\H HQ OD QRUPDOL]DFLyQ GH ODV MHUDUTXtDV GLJLWDOHV ODV HVWUXFWXUDV GH
PXOWLSOH[LyQODFRQPXWDFLyQ\ODVLQWHUIDFHVSDUDVHxDOHVGHEDQGDDQFKD
(O $70 VH XWLOL]D HQ HVWD 5HFRPHQGDFLyQ FRPR XQ PRGR GH WUDQVIHUHQFLD GH SDTXHWHV HVSHFtILFR FRQ WpFQLFDV GH
PXOWLSOH[LyQ WHPSRUDO DVtQFURQD (O IOXMR GH LQIRUPDFLyQ PXOWLSOH[DGD VH RUJDQL]D HQ EORTXHV GH WDPDxR ILMR
GHQRPLQDGRV FpOXODV 8QD FpOXOD FRQVWD GH XQ FDPSR GH LQIRUPDFLyQ \ XQ HQFDEH]DPLHQWR /D IXQFLyQ SULPDULD GHO
HQFDEH]DPLHQWRHVLGHQWLILFDUODVFpOXODVTXHSHUWHQHFHQDXQPLVPRFDQDOYLUWXDOGHOP~OWLSOH[WHPSRUDODVtQFURQR/D
FDSDFLGDGGHWUDQVIHUHQFLDVHDVLJQDSRUQHJRFLDFLyQHQEDVHDODVQHFHVLGDGHVGHODIXHQWH\ODFDSDFLGDGGLVSRQLEOH
/DFDSD$70SUHVHUYDODLQWHJULGDGGHODVHFXHQFLDGHFpOXODVHQXQDFRQH[LyQGHFDQDOYLUWXDO
(O$70HVXQDWpFQLFDFRQFRQH[LyQ6HDVLJQDQLGHQWLILFDGRUHVGHFRQH[LyQDFDGDHQODFHGHXQDFRQH[LyQFXDQGRVH
QHFHVLWDQ \ VH OLEHUDQ FXDQGR \D QR VH QHFHVLWDQ (Q JHQHUDO OD LQIRUPDFLyQ GH VHxDOL]DFLyQ \ GH XVXDULR VRQ
WUDQVSRUWDGDVSRUFRQH[LRQHVGHFDSD$70GLIHUHQWHV
(O $70 RIUHFH XQD FDSDFLGDG GH WUDQVIHUHQFLD IOH[LEOH FRP~Q D WRGRV ORV VHUYLFLRV LQFOXLGRV ORV VHUYLFLRV VLQ
FRQH[LyQ6HSURSRUFLRQDQIXQFLRQDOLGDGHVVXSOHPHQWDULDVHQODSDUWHVXSHULRUGHODFDSD$70>SRUHMHPSORHQODFDSD
GHDGDSWDFLyQ$70$$/$70DGDSWDWLRQOD\HU@SDUDDFRPRGDUGLYHUVRVVHUYLFLRV/DIURQWHUDHQWUHODFDSD$70\
OD $// FRUUHVSRQGH D OD IURQWHUD HQWUH IXQFLRQHV VRSRUWDGDV SRU HO FRQWHQLGR GHO HQFDEH]DPLHQWR GH OD FpOXOD \ ODV
IXQFLRQHVVRSRUWDGDVSRUODLQIRUPDFLyQHVSHFtILFDGHODFDSDGHDGDSWDFLyQ$///DLQIRUPDFLyQHVSHFtILFDDOD$$/
HVWiFRQWHQLGDHQHOFDPSRGHLQIRUPDFLyQGHODFpOXOD$70
(O FDPSR GH LQIRUPDFLyQ VH WUDQVSRUWD WUDQVSDUHQWHPHQWH SRU OD FDSD $70 QR VH UHDOL]D QLQJ~Q SURFHVDPLHQWR SRU
HMHPSORFRQWUROGHHUURUHVGHOFDPSRGHLQIRUPDFLyQHQODFDSD$70
(OHQFDEH]DPLHQWR\HOFDPSRGHLQIRUPDFLyQFRQVWDFDGDXQRGHXQQ~PHURHQWHURILMRGHRFWHWRV&XDQGRVHDSOLFDOD
WpFQLFD$70HOWDPDxRGHOHQFDEH]DPLHQWRRFWHWRV\HOWDPDxRGHOFDPSRGHLQIRUPDFLyQRFWHWRVHVLJXDOHQ
WRGRVORVSXQWRVGHUHIHUHQFLDLQFOXLGDODLQWHUID]XVXDULRUHG81,XVHUQHWZRUNLQWHUIDFH\ODLQWHUID]GHQRGRGHUHG
11,QHWZRUNQRGHLQWHUIDFH
_______________
(QHOFDVRGHXQDFRQH[LyQGHFDQDOYLUWXDOPXOWLSXQWRDSXQWRVHSUHVHUYDODLQWHJULGDGGHODVHFXHQFLDGHFpOXODVSDUDFpOXODV
SURFHGHQWHVGHFDGDXQRGHORVSXQWRVGHH[WUHPRGH9&&GHO9&&
5HFRPHQGDFLyQ,5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
&DSD$70
&RQH[LRQHV$70
'HILQLFLyQGHFRQH[LyQ
8QD FRQH[LyQ $70 FRQVLVWH HQ OD FRQFDWHQDFLyQ GH HQODFHV GH FDSD $70 SDUD SURSRUFLRQDU XQD FDSDFLGDG GH
WUDQVIHUHQFLDGHH[WUHPRDH[WUHPRDSXQWRVGHDFFHVR
,GHQWLILFDGRUHVGHFRQH[LyQ
,GHQWLILFDGRUHVGHWUD\HFWRYLUWXDO93,YLUWXDOSDWKLGHQWLILHUVHLGHQWLILFDGRUHVGHFDQDOYLUWXDO9&,
YLUWXDOFKDQQHOLGHQWLILHUV
(QXQDLQWHUID]GDGDHQXQVHQWLGRGDGRORVGLIHUHQWHVHQODFHVGHWUD\HFWRYLUWXDO93YLUWXDOSDWKPXOWLSOH[DGRVHQOD
FDSD$70GHQWURGHODPLVPDFRQH[LyQGHFDSDItVLFDVRQ LGHQWLILFDGRV SRU HO LGHQWLILFDGRU GH WUD\HFWR YLUWXDO 93,
YLUWXDOSDWKLGHQWLILHU/RVGLIHUHQWHVHQODFHVGHFDQDOYLUWXDO9&YLUWXDOFKDQQHOGHXQDFRQH[LyQGHWUD\HFWRYLUWXDO
93&YLUWXDO SDWK FRQQHFWLRQ VRQ LGHQWLILFDGRV SRU HO LGHQWLILFDGRU GH FDQDO YLUWXDO 9&, YLUWXDO FKDQQHO LGHQWLILHU
FRPRVHLQGLFDHQOD)LJXUD
9&,DD
&RQH[LyQGHFDSDItVLFD
93,[[
[
9&,EE
93,\\
7G
127$±9&,D\9&,EUHSUHVHQWDQGRVGHORVYDORUHVSRVLEOHVGHO9&,GHQWUR
D
E
GHOHQODFHGH93GHYDORU93,,JXDOPHQWH93,[\93,\VRQGRVGHORVSRVLEOHV
\
[
[
YDORUHVGHO93,GHQWURGHODFRQH[LyQGHFDSDItVLFD
),*85$,
,GHQWLILFDGRUHVGHFRQH[LyQGHFDSD$70
),*85(,>'@ &0
5HODFLyQHQWUHORVLGHQWLILFDGRUHVGHWUD\HFWRYLUWXDO\GHFDQDOYLUWXDO
'RVFDQDOHVYLUWXDOHVGLIHUHQWHVTXHSHUWHQHFHQDGRVWUD\HFWRVYLUWXDOHVGLIHUHQWHVHQXQDLQWHUID]GDGDSXHGHQWHQHUHO
PLVPR LGHQWLILFDGRU GH FDQDO YLUWXDO 9&, 3RU WDQWR XQ FDQDO YLUWXDO HVWi VyOR FRPSOHWDPHQWH LGHQWLILFDGR HQ XQD
LQWHUID]SRUDPERVYDORUHVGH93,\GH9&,
8Q YDORU HVSHFtILFR GHO 9&, QR WLHQH VLJQLILFDGR GH H[WUHPR D H[WUHPR VL OD FRQH[LyQ GH FDQDO YLUWXDO 9&& YLUWXDO
FKDQQHOFRQQHFWLRQHVFRQPXWDGD/RV93,SXHGHQFDPELDUVHFXDQGRORVHQODFHVGHWUD\HFWRYLUWXDOHVWiQWHUPLQDGRV
SRUHMHPSORWUDQVFRQHFWRUHVFRQFHQWUDGRUHV\FRQPXWDGRUHV/RV9&,VyORSXHGHQPRGLILFDUVHFXDQGRORVHQODFHVGH
FDQDOYLUWXDOHVWiQWHUPLQDGRV(QFRQVHFXHQFLDORVYDORUHVGH9&,HVWiQSURWHJLGRVGHQWURGHXQDFRQH[LyQGHWUD\HFWR
YLUWXDO93&
1~PHURGHFRQH[LRQHVDFWLYDVHQODLQWHUID]XVXDULRUHG81,
(Q OD LQWHUID] XVXDULRUHG 81, XVHUQHWZRUN LQWHUIDFH VH GLVSRQH GH ELWV HQ HO FDPSR 93,9&, SDUD OD
LGHQWLILFDFLyQGHODFRQH[LyQ(OQ~PHURUHDOGHELWVGHHQFDPLQDPLHQWRHQORVFDPSRVGH9&,\93,VHQHJRFLDHQWUHHO
XVXDULR\ODUHGSRUHMHPSORHQEDVHDXQDVXVFULSFLyQ(VWHQ~PHURVHGHWHUPLQDHQIXQFLyQGHOUHTXLVLWRPtQLPRGHO
XVXDULRRGHODUHG/DVUHJODVSDUDGHWHUPLQDUODSRVLFLyQGHORVELWVGHHQFDPLQDPLHQWRXWLOL]DGRVGHQWURGHOFDPSRGH
9&,93,ILJXUDQHQ,
127$±(OQ~PHURGHELWVGHHQFDPLQDPLHQWRGHOFDPSR9&,XWLOL]DGRVHQXQ93GHXVXDULRDXVXDULRVHQHJRFLDHQWUH
ORVXVXDULRVGHO93
5HFRPHQGDFLyQ,5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
1~PHURGHFRQH[LRQHVDFWLYDVHQODLQWHUID]GHQRGRGHUHG11,
(Q OD LQWHUID] GH PRGR GH UHG 11, QHWZRUNPRGH LQWHUIDFH VH GLVSRQH GH ELWV HQ HO FDPSR93,9&, SDUD OD
LGHQWLILFDFLyQGHODFRQH[LyQ(OQ~PHURUHDOGHELWVGHHQFDPLQDPLHQWRHQORVFDPSRV93,\9&,SDUDHQFDPLQDPLHQWR
DWUDYpVGHODLQWHUID]VHHVWDEOHFHHQODLQVWDODFLyQ(VWHQ~PHURVHGHWHUPLQDHQIXQFLyQGHOUHTXLVLWRGHFDGDHQWLGDG
/DVUHJODVSDUDGHWHUPLQDUODSRVLFLyQGHORVELWVGHHQFDPLQDPLHQWRXWLOL]DGRVGHQWURGHOFDPSRGH93,9&,ILJXUDQ
HQ,
$VSHFWRVGHODVFRQH[LRQHVGHFDQDOYLUWXDO9&&
&DUDFWHUtVWLFDVJHQHUDOHVGHODV9&&
(Q OD 5HFRPHQGDFLyQ , VH GHILQH OD FRQH[LyQ GH FDQDO YLUWXDO 9&& YLUWXDO FKDQQHO FRQQHFWLRQ (Q HVWD
VXEFOiXVXODVHGDQH[SOLFDFLRQHVDGLFLRQDOHVSDUDIDFLOLWDUODFRPSUHQVLyQGHORVVLJXLHQWHVDVSHFWRV
D
&DOLGDG GH VHUYLFLR ± $ XQ XVXDULR GH XQD 9&& VH OH SURSRUFLRQD XQD FDOLGDG GH VHUYLFLR TXH YLHQH
HVSHFLILFDGDSRUSDUiPHWURVWDOHVFRPRODWDVDGHSpUGLGDGHFpOXOD\ODYDULDFLyQGHOUHWDUGRGHFpOXOD
E
9&& FRQPXWDGDV \ VHPL SHUPDQHQWHV ± /DV 9&& VH SXHGHQ SURSRUFLRQDU GH PDQHUD FRQPXWDGD R
VHPLSHUPDQHQWH
F
,QWHJULGDGGHODVHFXHQFLDGHFpOXODV±/DLQWHJULGDGGHODVHFXHQFLDGHFpOXODVVHSUHVHUYDGHQWURGHOD
9&&
127$ ± (O TXH HVWR VH DSOLTXH R QR D WRGDV ODV FpOXODV 50 TXHGD SDUD XOWHULRU HVWXGLR YpDVH OD
5HFRPHQGDFLyQ,
G
1HJRFLDFLyQGHORVSDUiPHWURVGHWUiILFR\VXSHUYLVLyQGHODXWLOL]DFLyQ±&XDQGRXQXVXDULRVROLFLWDDOD
UHGHOHVWDEOHFLPLHQWRGHXQD9&&ORVSDUiPHWURVGHWUiILFRVHQHJRFLDQHQWUHHOXVXDULR\ODUHGSDUD
FDGD9&&\GXUDQWHHOHVWDEOHFLPLHQWRGHOD9&&SXGLHQGRVHUSRVWHULRUPHQWHUHQHJRFLDGRV/DVFpOXODV
GHHQWUDGDGHOXVXDULRDODUHGSXHGHQVHUVXSHUYLVDGDVSDUDDVHJXUDUTXHQRVHYLRODQORVSDUiPHWURVGH
WUiILFR TXH VH KDQ QHJRFLDGR (Q OD 5HFRPHQGDFLyQ, VH HVSHFLILFDQ ORV FRQWUDWRV GH WUiILFR \ OD
FRQIRUPLGDGFRQORVFRQWUDWRVGHWUiILFR
(QXQDLQWHUID]GH5'6,%$SRUHMHPSOR81,R11,KD\GRVVHQWLGRVGHWUDQVPLVLyQ&XDQGRVHDVLJQDXQYDORUGH
FDPSR GH HQFDPLQDPLHQWR HV GHFLU 93, PiV 9&, SDUD XQ HQODFH GH 9& HQ XQD LQWHUID] 81, R 11, VH DVLJQD HO
PLVPRYDORUSDUDDPERVVHQWLGRVGHODWUDQVPLVLyQ(OYDORUGHOFDPSRGHHQFDPLQDPLHQWRXWLOL]DGRHQXQVHQWLGRVyOR
KDGHXWLOL]DUVHHQHOVHQWLGRRSXHVWRSDUDLGHQWLILFDUHOHQODFHGH9&TXHLQWHUYLHQHHQODPLVPDFRPXQLFDFLyQ'HEH
REVHUYDUVHTXH
±
ODDQFKXUDGHEDQGDHQDPERVVHQWLGRVSXHGHVHUODPLVPDFRPXQLFDFLyQVLPpWULFDR
±
ODDQFKXUDGHEDQGDHQDPERVVHQWLGRVSXHGHVHUGLIHUHQWHFRPXQLFDFLyQDVLPpWULFDR
±
ODDQFKXUDGHEDQGDGHOVHQWLGRRSXHVWRSXHGHVHULJXDODFHURFRPXQLFDFLyQXQLGLUHFFLRQDOVLQQLQJXQD
LQIRUPDFLyQHQVHQWLGRLQYHUVRR
±
OD DQFKXUD GH EDQGD GHO VHQWLGR RSXHVWR SRGUtD VHU OR EDVWDQWH JUDQGH FRPR SDUD OOHYDU LQIRUPDFLyQ GH
JHVWLyQGHFDSD$70FRPXQLFDFLyQXQLGLUHFFLRQDOFRQLQIRUPDFLyQGHJHVWLyQHQVHQWLGRLQYHUVR
'HQWUR GH XQD 93& GH XVXDULR D XVXDULR OD UHG SDVD HO FDPSR9&, WUDQVSDUHQWHPHQWH FRQ OD H[FHSFLyQ GH DOJXQRV
YDORUHVGH9&,QRUPDOL]DGRVYpDVHOD5HFRPHQGDFLyQ,/DDVLJQDFLyQGHFDPSRGHHQFDPLQDPLHQWRHVWiEDMRHO
FRQWURO GH XVXDULR SRU HMHPSOR SURFHGLPLHQWRV GH VHxDOL]DFLyQ GH XVXDULR D XVXDULR SURFHGLPLHQWRV GH JHVWLyQ GH
XVXDULRDXVXDULRHWF
(VWDEOHFLPLHQWR\OLEHUDFLyQGHXQD9&&
(VWDEOHFLPLHQWR\OLEHUDFLyQHQOD81,
/DV9&&SXHGHQHVWDEOHFHUVH\OLEHUDUVHDSOLFDQGRXQRRYDULRVGHORVFXDWURPpWRGRVVLJXLHQWHV
D
VLQSURFHGLPLHQWRVGHVHxDOL]DFLyQSRUHMHPSORPHGLDQWHVXVFULSFLyQ>FRQH[LRQHVVHPLSHUPDQHQWHV@
E
FRQ SURFHGLPLHQWRV GH PHWDVHxDOL]DFLyQ YpDVH OD 5HFRPHQGDFLyQ , SRU HMHPSOR XWLOL]DQGR XQD
9&&GHPHWDVHxDOL]DFLyQSDUDHVWDEOHFHUROLEHUDUXQD9&&XWLOL]DGDSDUDVHxDOL]DFLyQ
F
FRQ SURFHGLPLHQWRV GH VHxDOL]DFLyQ GH XVXDULR D UHG SRU HMHPSOR XWLOL]DQGR XQD 9&& GH VHxDOL]DFLyQ
SDUDHVWDEOHFHUROLEHUDUXQD9&&XWLOL]DGDSDUDFRPXQLFDFLRQHVGHH[WUHPRDH[WUHPR
G
FRQ SURFHGLPLHQWRV GH VHxDOL]DFLyQ GH XVXDULR D XVXDULR SRU HMHPSOR XWLOL]DQGR XQD 9&& GH
VHxDOL]DFLyQSDUDHVWDEOHFHUROLEHUDUXQD9&&HQXQD93&SUHHVWDEOHFLGDHQWUHGRV81,
5HFRPHQGDFLyQ,5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
(OYDORUDVLJQDGRDXQD9&,HQOD81,FXDQGRVHXWLOL]DQORVPpWRGRVLQGLFDGRVDQWHULRUPHQWHSRGUiVHUDVLJQDGRSRU
D
ODUHG
E
HOXVXDULR
F
QHJRFLDFLyQHQWUHHOXVXDULR\ODUHG
G
QRUPDOL]DFLyQ
(OYDORUHVSHFtILFRDVLJQDGRDXQD9&,HQXQ81,HVHQJHQHUDOLQGHSHQGLHQWHGHOVHUYLFLRSURSRUFLRQDGRSRUGLFKR
9&3DUDODLQWHUFDPELDELOLGDGHLQLFLDFLyQGHWHUPLQDOHVHVFRQYHQLHQWHXWLOL]DUHOPLVPRYDORUSDUDFLHUWDVIXQFLRQHV
HQWRGDVODV81,3RUHMHPSORVHXWLOL]DUiHQWRGDVODV81,HOPLVPRYDORUGH9&,SDUDHO9&GHPHWDVHxDOL]DFLyQFRQ
HOILQGHVLPSOLILFDUODLQLFLDFLyQGHOHTXLSRWHUPLQDO
(VWDEOHFLPLHQWR\OLEHUDFLyQHQODLQWHUID]GHQRGRGHUHG11,
/RV HOHPHQWRV GH UHG $70 SRU HMHPSOR FRQPXWDGRUHV WUDQVFRQHFWRUHV \ FRQFHQWUDGRUHV $70 SURFHVDQ HO
HQFDEH]DPLHQWRGHODFpOXOD$70\SXHGHQSURSRUFLRQDUWUDGXFFLyQGH9&,\RGH93,'HHVWHPRGRVLHPSUHTXHVH
HVWDEOHFHROLEHUDXQD9&&DWUDYpVGHODUHG$70SXHGHVHUQHFHVDULRHVWDEOHFHUROLEHUDUHQODFHVGH9&HQXQRRPiV
11, 6H HVWDEOHFHQ R OLEHUDQ HQODFHV GH 9& HQWUH HOHPHQWRV GH UHG $70 XWLOL]DQGR SURFHGLPLHQWRV GH VHxDOL]DFLyQ
LQWHUUHGHVHLQWUDUUHGHVSXHGHQXWLOL]DUVHWDPELpQRWURVPpWRGRV
9&,SUHDVLJQDGRV
/RV&XDGURV,,\,FRQWLHQHQLQIRUPDFLyQUHODWLYDDODXWLOL]DFLyQGHORVVLJXLHQWHVYDORUHVGH9&,HQ
FRPELQDFLyQFRQYDORUHVGH93,
/RVYDORUHVGH9&,SUHDVLJQDGRVVHXWLOL]DQSDUD
D
LGHQWLILFDFLyQGHFpOXODVQRDVLJQDGDVHLGHQWLILFDFLyQGHFpOXODVGHFDSDItVLFD
127$±3DUDODLGHQWLILFDFLyQGHFpOXODVQRDVLJQDGDV\GHFpOXODVUHVHUYDGDVSDUDVXXWLOL]DFLyQSRUODFDSD
ItVLFDVHUHVHUYDXQYDORUSUHDVLJQDGRGHODFRPELQDFLyQ93,9&,(VWDFRPELQDFLyQQRSXHGHXWLOL]DUVHSDUDQLQJ~Q
RWURILQ
E
LGHQWLILFDFLyQGH9&GHPHWDVHxDOL]DFLyQ
F
LGHQWLILFDFLyQGH9&GHVHxDOL]DFLyQGHGLIXVLyQJHQHUDO
G
LGHQWLILFDFLyQGH9&GHVHxDOL]DFLyQSXQWRDSXQWRYpDVHOD5HFRPHQGDFLyQ,
H
IOXMRV)GH2$0
I
TXHGDQHQHVWXGLRRWUDVXWLOL]DFLRQHV
9&GHVHxDOL]DFLyQ
9pDVHOD5HFRPHQGDFLyQ,
9&GHRSHUDFLRQHV\PDQWHQLPLHQWR
9pDVHOD5HFRPHQGDFLyQ,
$VSHFWRVGHODVFRQH[LRQHVGHWUD\HFWRYLUWXDO93&
&DUDFWHUtVWLFDVJHQHUDOHVGHODV93&
(Q OD 5HFRPHQGDFLyQ, VH GHILQH OD 93& (Q HVWD VXEFOiXVXOD VH GDQ H[SOLFDFLRQHV DGLFLRQDOHV SDUD IDFLOLWDU OD
FRPSUHQVLyQGHORVVLJXLHQWHVDVSHFWRV
D
&DOLGDG GH VHUYLFLR ± $ XQ XVXDULR GH XQD 93& VH OH SURSRUFLRQD XQD FDOLGDG GH VHUYLFLR TXH YLHQH
HVSHFLILFDGDSRUSDUiPHWURVWDOHVFRPRODWDVDGHSpUGLGDGHFpOXOD\ODYDULDFLyQGHOUHWDUGRGHFpOXOD
E
93& FRQPXWDGDV \ VHPL SHUPDQHQWHV ± /DV 93& VH SXHGHQ SURSRUFLRQDU GH PDQHUD FRQPXWDGD R
VHPLSHUPDQHQWH
F
,QWHJULGDG GH OD VHFXHQFLD GH FpOXODV ± /D LQWHJULGDG GH OD VHFXHQFLD GH FpOXODV VH SUHVHUYD GHQWUR GH
OD93&
127$ ± (O TXH HVWR VH DSOLTXH R QR D WRGDV ODV FpOXODV 50 TXHGD SDUD XOWHULRU HVWXGLR YpDVH OD
5HFRPHQGDFLyQ,
5HFRPHQGDFLyQ,5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
G
1HJRFLDFLyQGHORVSDUiPHWURVGHWUiILFR\VXSHUYLVLyQGHODXWLOL]DFLyQ±/RVSDUiPHWURVGHWUiILFRVH
QHJRFLDQHQWUHXQXVXDULR\ODUHGSDUDFDGD93&\GXUDQWHHOHVWDEOHFLPLHQWRGHOD93&SXGLHQGRVHU
SRVWHULRUPHQWHUHQHJRFLDGRV/DVFpOXODVGHHQWUDGDGHOXVXDULRDODUHGVHVXSHUYLVDQSDUDDVHJXUDUTXH
QRVHYLRODQORVSDUiPHWURVGHWUiILFRTXHVHKDQQHJRFLDGR(QOD5HFRPHQGDFLyQ,VHHVSHFLILFDQ
ORVFRQWUDWRVGHWUiILFR\ODFRQIRUPLGDGFRQORVFRQWUDWRVGHWUiILFR
H
5HVWULFFLRQHVGHO9&,GHQWURGHXQD93&±'HQWURGHXQD93&HVWiUHVWULQJLGDODXWLOL]DFLyQGHDOJXQRV
YDORUHV GH 9&, YpDVH HO &XDGUR , \ , 0iV DEDMR VH GD XQD FDWHJRUL]DFLyQ GH WDOHV
YDORUHVGH9&,EDVDGDHQVLODVFpOXODVTXHWLHQHQHVRVYDORUHVGH9&,VRQVXSHUYLVDGDVRQRPHGLDQWH
ORVSURFHGLPLHQWRV2$0GH93GHILQLGRVHQOD5HFRPHQGDFLyQ,(VWHPpWRGRGHFDWHJRUL]DFLyQGH
ORV YDORUHV GH 9&, HV QHFHVDULR SDUD DVHJXUDU XQ IXQFLRQDPLHQWR DSURSLDGR GH ORV PHFDQLVPRV GH
VXSHUYLVLyQ GH OD FDOLGDG GH IXQFLRQDPLHQWR 30 SHUIRUPDQFH PRQLWRULQJ GHILQLGRV HQ OD
5HFRPHQGDFLyQ, 3XHVWR TXH GLFKRV PHFDQLVPRV FRPSDUDQ HO Q~PHUR GH ©FpOXODV GH XVXDULR GH
30ªWUDQVPLWLGDVGHVGHODIXHQWHFRQHOQ~PHURGH©FpOXODVGHXVXDULRGH30ªUHFLELGDVHQHOVXPLGHUR
GHO 93 KD\ TXH DVHJXUDU TXH ODV FpOXODV FODVLILFDGDV FRPR ©FpOXODV GH XVXDULR GH 30ª QXQFD VRQ
LQVHUWDGDVH[WUDtGDVRPRGLILFDGDVHQWUHORVSXQWRVGHH[WUHPRGHOD93&
‡
&pOXODVFRQYDORUHVGH9&,TXHQRVRQVXSHUYLVDGRV
&LQFRYDORUHVGH9&,GHQWURGHHVWDFDWHJRUtDVRQSDUDXVRLQWHUQRGHODFDSD$70\VHXWLOL]DQSDUD
ODVVLJXLHQWHVIXQFLRQHVLQGLFDFLyQGHFpOXODQRDVLJQDGDIOXMRV)GH2$0GHH[WUHPRDH[WUHPR\
GHVHJPHQWRJHVWLyQGHUHFXUVRVGH93\RWUDSDUDXQDIXQFLyQIXWXUDUHVHUYDGD
2WURVRFKRYDORUHVGH9&,HVWiQUHVHUYDGRVSDUDQRUPDOL]DFLyQIXWXUD6LDQWHVGHODQRUPDOL]DFLyQ
GHOXVRIXWXURGHORVYDORUHVGH9&,UHVHUYDGRVXQDFpOXODWXYLHUDXQ9&,FRQFRUGDQWHFRQXQRGH
ORV YDORUHV UHVHUYDGRV GLFKD FpOXOD GHEHUtD VHU WUDQVSRUWDGD WUDQVSDUHQWHPHQWH HQWUH ORV SXQWRV GH
H[WUHPRGHOD93&
‡
&pOXODVFRQYDORUHVGH9&,TXHVRQVXSHUYLVDGRV
'LHFLQXHYHYDORUHVGH9&,GHQWURGHHVWDFDWHJRUtDKDQVLGRUHVHUYDGRVSDUDIXQFLRQHVQRUPDOL]DGDV
HVSHFtILFDVSRUHMHPSORVHxDOL]DFLyQSXQWRDSXQWR7RGDVODVFpOXODVFRQYDORUHVGH9&,GHHVWD
FDWHJRUtDVRQWUDQVSRUWDGDVWUDQVSDUHQWHPHQWHHQWUHORVSXQWRVGHH[WUHPRGHOD93&
(QXQDLQWHUID]GH5'6,%$SRUHMHPSOR81,R11,KD\GRVVHQWLGRVGHWUDQVPLVLyQ&XDQGRVHDVLJQDXQYDORUGH
FDPSRGHHQFDPLQDPLHQWR93,SDUDXQHQODFHGH93HQXQDLQWHUID]SRUHMHPSOR81,R11,VHDVLJQDHOPLVPR
YDORUSDUDDPERVVHQWLGRVGHODWUDQVPLVLyQ(OYDORUGHOFDPSRGHHQFDPLQDPLHQWRXWLOL]DGRHQXQVHQWLGRVyORKDGH
XWLOL]DUVH HQ HO VHQWLGR RSXHVWR SDUD LGHQWLILFDU HO HQODFH GH 93 TXH LQWHUYLHQH HQ OD PLVPD FRPXQLFDFLyQ 'HEH
REVHUYDUVHTXH
±
ODDQFKXUDGHEDQGDHQDPERVVHQWLGRVSXHGHVHUODPLVPDFRPXQLFDFLyQVLPpWULFDR
±
ODDQFKXUDGHEDQGDHQDPERVVHQWLGRVSXHGHVHUGLIHUHQWHFRPXQLFDFLyQDVLPpWULFDR
±
ODDQFKXUDGHEDQGDGHOVHQWLGRRSXHVWRSXHGHVHULJXDODFHURFRPXQLFDFLyQXQLGLUHFFLRQDOVLQQLQJXQD
LQIRUPDFLyQHQVHQWLGRLQYHUVRR
±
OD DQFKXUD GH EDQGD GHO VHQWLGR RSXHVWR SRGUtD VHU OR EDVWDQWH JUDQGH FRPR SDUD OOHYDU LQIRUPDFLyQ GH
JHVWLyQGHFDSD$70FRPXQLFDFLyQXQLGLUHFFLRQDOFRQLQIRUPDFLyQGHJHVWLyQHQVHQWLGRLQYHUVR
(VWDEOHFLPLHQWR\OLEHUDFLyQGHXQD93&
8QD 93& SXHGH HVWDEOHFHUVH R OLEHUDUVH HQWUH SXQWRV GH H[WUHPR GH 93& SRU XQR GH ORV PpWRGRV TXH VH LQGLFDQ D
FRQWLQXDFLyQ\TXHUHTXLHUHQXQHVWXGLRXOWHULRU
D
(VWDEOHFLPLHQWR R OLEHUDFLyQ VLQ XWLOL]DU SURFHGLPLHQWRV GH VHxDOL]DFLyQ ± (Q HVWH FDVR OD93& HV
HVWDEOHFLGDROLEHUDGDSRUVXVFULSFLyQ
E
(VWDEOHFLPLHQWRROLEHUDFLyQSRUGHPDQGD
±
HVWDEOHFLPLHQWR R OLEHUDFLyQ GH OD 93& FRQWURODGR SRU HO FOLHQWH SXGLHQGR HO XVXDULR UHDOL]DU OD
FRQILJXUDFLyQ GHO WUD\HFWR YLUWXDO PHGLDQWH OD LQYRFDFLyQ GH SURFHGLPLHQWRV GH VHxDOL]DFLyQ R GH
JHVWLyQGHUHG
±
HVWDEOHFLPLHQWR R OLEHUDFLyQ GH OD 93& FRQWURODGD SRU OD UHG TXH SXHGH UHDOL]DUVH PHGLDQWH
SURFHGLPLHQWRVGHVHxDOL]DFLyQGHUHG
5HFRPHQGDFLyQ,5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
93,SUHDVLJQDGRV
/RV&XDGURV,,\,FRQWLHQHQLQIRUPDFLyQUHODWLYDDODXWLOL]DFLyQGHYDORUHVGH93,HQFRPELQDFLyQ
FRQYDORUHVGH9&,
9DORUHVGHHQFDEH]DPLHQWRVGHFpOXODVSUHDVLJQDGRV
/DV FpOXODV UHVHUYDGDV SDUD OD XWLOL]DFLyQ SRU OD FDSD ItVLFD WLHQHQ YDORUHV SUHDVLJQDGRV SDUD WRGR HO HQFDEH]DPLHQWR
GLFKRVYDORUHVQRKDQGHVHUXWLOL]DGRVSRUODFDSD$70
&DUDFWHUtVWLFDVGHVHUYLFLR
6HUYLFLRVSUHYLVWRVGHODFDSDItVLFD
3DUDXOWHULRUHVWXGLR
6HUYLFLRVSURSRUFLRQDGRVDODFDSDVXSHULRU
3DUDXOWHULRUHVWXGLR
,QWHUDFFLRQHVFRQHOSODQRGHJHVWLyQ
/DJHVWLyQGHODFDSD$70IRUPDSDUWHGHOSODQRGHJHVWLyQ\VyORUHDOL]DIXQFLRQHVGHJHVWLyQHVSHFtILFDVGHODFDSD
$70WDOHVFRPRPHWDVHxDOL]DFLyQ2$0GHFDSD$70\JHVWLyQGHUHFXUVRVGH$70(VWDVIXQFLRQHVVRSRUWDUiQHO
SODQRGHJHVWLyQSDUDUHDOL]DUIXQFLRQHVGHJHVWLyQUHODFLRQDGDVFRQXQVLVWHPDHQVXFRQMXQWR\IDFLOLWDUODFRRUGLQDFLyQ
HQWUHWRGRVORVSODQRV
/DLQIRUPDFLyQGHJHVWLyQGHFDSD$70VHWUDQVSRUWDVHJ~QORVGRVPpWRGRVVLJXLHQWHV
±
(Q HO SULPHUR GH HOORV VH XWLOL]D XQ WLSR GH FDELGD ~WLO TXH LQGLTXH LQIRUPDFLyQ GH XVXDULR \ OD
LQIRUPDFLyQ GH JHVWLyQ GH FDSD$70 VH VLW~D HQ OD FDELGD ~WLO GH OD FpOXOD 6H HVWDEOHFH XQD FRQH[LyQ
ELGLUHFFLRQDOFRQHO~QLFRILQGHSURSRUFLRQDUHVWDLQIRUPDFLyQGHJHVWLyQGHFDSD
±
(Q HO VHJXQGR VH XWLOL]D XQ WLSR GH FDELGD ~WLO TXH LQGLTXH LQIRUPDFLyQ GH JHVWLyQ GH FDSD \ OD
LQIRUPDFLyQ GH JHVWLyQ GH FDSD$70 VH VLW~D HQ OD FDELGD ~WLO GH OD FpOXOD 6H WUDQVSRUWD XWLOL]DQGR HO
PLVPRYDORUGH93,9&,TXHOD9&&GHOSODQRGHXVXDULRFRQWURO
)XQFLRQHVGHODFDSD$70
0XOWLSOH[LyQ\FRQPXWDFLyQGHFpOXODV
&XDQGRKD\DPiVGHXQDFRQH[LyQGH$70ODFDSD$70HVUHVSRQVDEOHGHODIXQFLyQGHPXOWLSOH[LyQ
/D HQWLGDG GH HQFDPLQDPLHQWR $70 EiVLFD SDUD VHUYLFLRV FRQPXWDGRV HV HO FDQDO YLUWXDO 9& (V PDQLSXODGR HQ
PXOWLSOH[RUHVGHPXOWLSOH[RUHV \ FRQPXWDGRUHV GH FDQDO YLUWXDO /RV FDQDOHV YLUWXDOHV VH DJUXSDQ HQ FRQH[LRQHV GH
WUD\HFWRVYLUWXDOHV93&TXHVHHQFDPLQDQFRPRWDOHVDWUDYpVGHPXOWLSOH[RUHVGHPXOWLSOH[RUHVGHWUD\HFWRYLUWXDO\
FRQPXWDGRUHVWUDQVFRQHFWRUHVGHWUD\HFWRYLUWXDOYpDVHOD)LJXUD
&DQDOYLUWXDO
&RQH[LyQGH
WUD\HFWRYLUWXDO
9&
93
9&
9&
&DQDOYLUWXDO
93
93
93
&RQH[LyQGH
WUD\HFWRYLUWXDO
&RQPXWDGRU
WUDQVFRQHFWRU
GH$70GH93
&RQPXWDGRUGH
$70GH9&93
7G
),*85$,
7LSRVGHFRQH[LRQHVGHFDSD$70
),*85$,>'@ &0
5HFRPHQGDFLyQ,5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
&DOLGDGGHVHUYLFLR426TXDOLW\RIVHUYLFHSURSRUFLRQDGDSRUODFDSD$70
&DOLGDGGHVHUYLFLR426UHODFLRQDGDFRQODFRQH[LyQGHFDQDOYLUWXDO9&&
$XQXVXDULRGHXQD9&&VHOHSURSRUFLRQDXQDFODVHGHFDOLGDGGHVHUYLFLR426TXDOLW\RIVHUYLFHVHOHFFLRQDGDHQWUH
ODVFODVHVGH426VRSRUWDGDVSRUODUHG4XHGDQHQHVWXGLRODVFODVHVGH426HVSHFtILFDV\ODFDOLGDGSURSRUFLRQDGDSRU
FDGD XQD GH HOODV /DV FODVHV GH 426 VROLFLWDGDV VH LQGLFDQ D ODV UHGHV HQ HO HVWDEOHFLPLHQWR GH OD
FRPXQLFDFLyQFRQH[LyQ/DFODVHGH426DVRFLDGDFRQXQDGHWHUPLQDGDFRQH[LyQGHQWURGHXQDOODPDGDQRFDPELDUi
GXUDQWH OD H[LVWHQFLD GH OD FRQH[LyQ /D UHQHJRFLDFLyQ GH OD FODVH GH 426 SXHGH UHTXHULU HO HVWDEOHFLPLHQWR GH XQD
QXHYDFRQH[LyQ
&DOLGDGGHVHUYLFLR426UHODFLRQDGDFRQODVFRQH[LRQHVGHWUD\HFWRYLUWXDO93&
$XQXVXDULRGHXQD93&VHOHSURSRUFLRQDXQDFODVHGH426VHOHFFLRQDGDHQWUHODVFODVHVGH426VRSRUWDGDVSRUOD
UHG4XHGDQHQHVWXGLRODVFODVHVGH426HVSHFtILFDV\ODFDOLGDGSURSRUFLRQDGDSRUFDGDFODVHGH426/DVFODVHVGH
426VROLFLWDGDVVHLQGLFDQDODVUHGHVHQHOHVWDEOHFLPLHQWRGHODFRPXQLFDFLyQFRQH[LyQ/DVFODVHVGH426DVRFLDGDV
FRQXQD93&QRFDPELDUiQGXUDQWHODH[LVWHQFLDGHOD93&
'HEHVHxDODUVHTXHXQD93&WUDQVSRUWDUiHQODFHVGHFDQDOYLUWXDOFRQGLYHUVDVFODVHVGH426/D426GHOD93&KDGH
VDWLVIDFHUOD426PiVH[LJHQWHGHORVHQODFHVGHFDQDOYLUWXDOWUDQVSRUWDGRV
&DOLGDGGHVHUYLFLR426UHODFLRQDGDFRQODSULRULGDGGHSpUGLGDGHFpOXODV&/3FHOOORVVSULRULW\
*HQHUDOLGDGHV
(VSRVLEOHTXHDOJXQRVVHUYLFLRVUHTXLHUDQXQDGHWHUPLQDGD426SDUDXQDSDUWHGHOIOXMRGHFpOXODV\XQD426LQIHULRU
SDUD HO UHVWR (Q OD 5HFRPHQGDFLyQ , VH GHVFULEH OD XWLOL]DFLyQ H[DFWD GHO ELW&/3 \ ORV PHFDQLVPRV GH UHG SDUD
FRPSUREDUFRQH[LRQHV\SURSRUFLRQDUGLIHUHQWHVQLYHOHVGHFDOLGDGGHIXQFLRQDPLHQWRGHODUHG/DUHGSXHGHGHVFDUWDU
FpOXODVGHPDQHUDVHOHFWLYDKDFLHQGRXVRGHOELW&/3
6L HO XVXDULR R HO SURYHHGRU GHO VHUYLFLR SRU HMHPSOR SURYHHGRU GH YtGHR FRQ FRGLILFDFLyQ HVWUDWLILFDGD SXHGH
VHOHFFLRQDU TXp FpOXODV VRQ PiV VHQVLEOHV D OD SpUGLGD HVWR SXHGH EHQHILFLDU D DOJXQRV VHUYLFLRV GH YHORFLGDG ELQDULD
YDULDEOH9%5YDULDEOHELWUDWH
,QGLFDGRUHVGHSULRULGDGGHSpUGLGDGHFpOXOD&/3
8QELWGHOHQFDEH]DPLHQWRGHODFpOXODVHXWLOL]DSDUDODLQGLFDFLyQH[SOtFLWDGHODSULRULGDGGHSpUGLGDGHFpOXOD(VWHELW
SXHGHVHUSXHVWRDXQYDORUSRUHOXVXDULRRHOSURYHHGRUGHOVHUYLFLRFRQHOILQGHLQGLFDUODVFpOXODVGHPHQRUSULRULGDG
/DVFpOXODVFRQHOELW&/3SXHVWRDXQYDORUSXHGHQGHVFDUWDUVHVHJ~QODVFRQGLFLRQHVGHODUHG/DVFpOXODVFRQHOELW
&/3QRSXHVWRDXQYDORUWLHQHQPD\RUSULRULGDG
/D UHG FRPSUREDUi OD FRQH[LyQ VHJ~Q ORV PHFDQLVPRV GHVFULWRV HQ OD 5HFRPHQGDFLyQ, FRQ HO ILQ GH SURWHJHU OD
426GHRWURVXVXDULRV
/D YHORFLGDG GH ODV FpOXODV GH PD\RU SULRULGDG VH GHWHUPLQDUi HQ HO HVWDEOHFLPLHQWR GH OD FRPXQLFDFLyQ \ SRGUi VHU
SRVWHULRUPHQWH UHQHJRFLDGD /DV FpOXODV TXH OOHJXHQ D OD UHG FRQ PD\RU YHORFLGDG HVWDUiQ VXMHWDV DO FRQWURO GH ORV
SDUiPHWURVGHXWLOL]DFLyQGHODUHG/DVFpOXODVTXHOOHJXHQDODUHGFRQSDUiPHWURVVXSHULRUHVDORVFRQYHQLGRVSDUDOD
FRPXQLFDFLyQWDPELpQHVWDUiQVXMHWDVDOFRQWUROGHORVSDUiPHWURVGHXWLOL]DFLyQQRUPDO
127$±(OPHFDQLVPRGHSULRULGDGGHSpUGLGDGHFpOXODVQRVHXWLOL]DUiQRUPDOPHQWHSDUDVHUYLFLRVGHYHORFLGDGELQDULD
FRQVWDQWH&%5FRQVWDQWELWUDWHHVGHFLUODVFpOXODVTXHSHUWHQHFHQDXQVHUYLFLRGH&%5QRWHQGUiQRUPDOPHQWHSXHVWRDXQYDORU
HOLQGLFDGRUGHSULRULGDGGHSpUGLGDGHFpOXOD&/3FHOOORVVSULRULW\
)XQFLRQHVGHOWLSRGHFDELGD~WLO
(OFDPSRGHWLSRGHFDELGD~WLOVHXWLOL]DSDUDSURSRUFLRQDUXQDLQGLFDFLyQGHVLODFDELGD~WLOGHODFpOXODHVGHFLUHO
FDPSRGHLQIRUPDFLyQFRQWLHQHLQIRUPDFLyQGHXVXDULRRLQIRUPDFLyQGHJHVWLyQ
5HFRPHQGDFLyQ,5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
/DVFRGLILFDFLRQHVGHOFDPSRGHWLSRGHFDELGD~WLOFRQLQIRUPDFLyQGHXVXDULR$70VHXWLOL]DQSDUDSURSRUFLRQDUGRV
LQGLFDFLRQHVDGLFLRQDOHV6RQODVVLJXLHQWHV
±
LQGLFDFLyQGHFRQJHVWLyQ
±
LQGLFDFLyQGHXVXDULRGHFDSD$70DXVXDULR$70
(QODVFpOXODVGHLQIRUPDFLyQGHOXVXDULRODFDELGD~WLOFRQVWDGHLQIRUPDFLyQGHXVXDULR(QODVFpOXODVGHLQIRUPDFLyQ
GHJHVWLyQODFDELGD~WLOQRIRUPDSDUWHGHODWUDQVIHUHQFLDGHLQIRUPDFLyQGHOXVXDULR
/DVFRGLILFDFLRQHVGHOFDPSRGHWLSRGHFDELGD~WLOFRQLQIRUPDFLyQGHJHVWLyQVHXWLOL]DQSDUDGLVWLQJXLUHQWUHWUHVWLSRV
GHFpOXODV6RQODVVLJXLHQWHV
±
FpOXODVDVRFLDGDVD)GH2$0GHH[WUHPRDH[WUHPR5HFRPHQGDFLyQ,
±
FpOXODVDVRFLDGDVD)GH2$0GHVHJPHQWR5HFRPHQGDFLyQ,
±
FpOXODVGHJHVWLyQGHUHFXUVRV5HFRPHQGDFLyQ,
&XDQGRHOFDPSRGHWLSRGHFDELGD~WLOQRLQGLTXHLQIRUPDFLyQGHXVXDULRVHHQFRQWUDUiPiVLQIRUPDFLyQVREUHHOWLSR
GHJHVWLyQGHFDSDHQHOFDPSRGHLQIRUPDFLyQGHODFpOXOD
&RQWUROGHIOXMRJHQpULFR*)&HQOD81,
(OPHFDQLVPRGHFRQWUROGHIOXMRJHQpULFR*)&JHQHULFIORZFRQWUROD\XGDDFRQWURODUHOIOXMRGHWUiILFRSURFHGHQWH
GH FRQH[LRQHV $70 FRQ GLYHUVDV FODVHV GH 426 HQ UHODFLyQ FRQ OD FDSD$70 0iV FRQFUHWDPHQWH HO
PHFDQLVPR*)&VHXWLOL]DSDUDFRQWURODUHOIOXMRGHWUiILFRFRQHOILQGHDOLYLDUODVFRQGLFLRQHVGHVREUHFDUJDDFRUWR
SOD]R TXH SXHGHQ SURGXFLUVH HQ ODV LQWHUIDFHV 6% 66% \ 7% R GH XQD PDQHUD FtFOLFD SDUD OLPLWDU OD FDSDFLGDG GH
WUDQVSRUWH$70 HIHFWLYD (O *)& VyOR HVWi GLVSRQLEOH HQ OD LQWHUID] XVXDULRUHG 7RGR FRQWURO GH IOXMR GH XVXDULR GH
H[WUHPRDXVXDULRGHH[WUHPRUHTXHULUiIDFLOLGDGHVGHUHGDGLFLRQDOHV
+D\GRVFRQMXQWRVGHSURFHGLPLHQWRVSDUDXWLOL]DFLyQHQHOFDPSR*)&SURFHGLPLHQWRVGH©WUDQVPLVLyQQRFRQWURODGDª
\ SURFHGLPLHQWRV GH ©WUDQVPLVLyQ FRQWURODGDª GHILQLGRV HQ , /RV SURFHGLPLHQWRV GH ©WUDQVPLVLyQ QR
FRQWURODGDªSXHGHQXWLOL]DUVHDWUDYpVGHODVLQWHUIDFHVGHORVSXQWRVGHUHIHUHQFLD6%\7%(VWRVSURFHGLPLHQWRVTXL]i
QRSXHGDQXWLOL]DUVHHQFRQILJXUDFLRQHVGHPHGLRFRPSDUWLGR/RVSURFHGLPLHQWRVGH©WUDQVPLVLyQFRQWURODGDªSXHGHQ
XWLOL]DUVHDWUDYpVGHODLQWHUID]66%YpDVHOD5HFRPHQGDFLyQ,\HQODLQWHUID]GHOSXQWRGHUHIHUHQFLD6%&XDQGR
H[LVWHXQHTXLSRWHUPLQDO7(WHUPLQDOHTXLSPHQWFRQHFWDGRGLUHFWDPHQWHDODLQWHUID]GHOSXQWRGHUHIHUHQFLD7%HO
7(SXHGHHIHFWXDUORVSURFHGLPLHQWRVGH©WUDQVPLVLyQFRQWURODGDª6LQHPEDUJRODUHGS~EOLFDSXHGHRSWDUSRUUHDOL]DU
VRODPHQWHHOFRQMXQWRGHSURFHGLPLHQWRVGH©WUDQVPLVLyQQRFRQWURODGDª
6HHVSHUDTXHHOFRQMXQWRGHSURFHGLPLHQWRVGH©WUDQVPLVLyQFRQWURODGDªWDQWRSDUDFRQILJXUDFLRQHVGHDFFHVRP~OWLSOH
FRPRSDUDFRQILJXUDFLRQHVGH7(%$7(GHEDQGDDQFKDSXQWRDSXQWRVHDMXVWHDORVLJXLHQWH
D
(OFRQWUROGHIOXMRHQOD81,HVVRSRUWDGRSRUHOHQFDEH]DPLHQWR $70 (O FDPSR *)& VH XWLOL]D SDUD
SURSRUFLRQDUHVWDIXQFLyQ
E
(OPHFDQLVPR*)&SXHGHD\XGDUDODUHGGHOFOLHQWHDSURSRUFLRQDUGLYHUVDV426GHQWURGHODPLVPD
F
(OPHFDQLVPR*)&QRGHEHUHDOL]DUHOFRQWUROGHIOXMRGHWUiILFRSURFHGHQWHGHODUHG(O*)&HQ6%\7%
VHXWLOL]DGHODPDQHUDVLJXLHQWH
L
*)&HQHOSXQWRGHUHIHUHQFLD6%
(O FDPSR *)& HVWi SUHVHQWH HQ OD LQWHUID] GHO SXQWR GH UHIHUHQFLD 6% \ HQ OD LQWHUID]66% (O
PHFDQLVPR *)& GHEH SURSRUFLRQDU HO FRQWURO GH IOXMR GH OD LQIRUPDFLyQ JHQHUDGD ORFDOPHQWH SRU
WHUPLQDOHVVLWXDGRVHQHOORFDOGHOFOLHQWH(VWHWUiILFRSXHGHWHQHUOXJDUGHVGH\KDFLDHOWHUPLQDOD
WUDYpV GH OD LQWHUID] GHO SXQWR GH UHIHUHQFLD 6% \ GH OD LQWHUID] 66% (O IXQFLRQDPLHQWR GHO
PHFDQLVPR *)& FRQ OD WHUPLQDFLyQ GH UHG GH WLSR GH EDQGD DQFKD 17%$ QHWZRUN
WHUPLQDWLRQ%$SDUDFRQWURODUHOWUiILFRHQODPLVPDGLULJLGRKDFLDHOWHUPLQDOUHTXLHUHXQHVWXGLR
XOWHULRU
LL
*)&HQHOSXQWRGHUHIHUHQFLD7%
(O FDPSR *)& HVWi SUHVHQWH HQ OD LQWHUID] GHO SXQWR GH UHIHUHQFLD 7% &XDQGR H[LVWH XQ7(
FRQHFWDGR GLUHFWDPHQWH D OD LQWHUID] GHO SXQWR GH UHIHUHQFLD 7% HO 7( SXHGH HIHFWXDU ORV
SURFHGLPLHQWRV GH ©WUDQVPLVLyQ FRQWURODGDª 6LQ HPEDUJR OD UHG S~EOLFD SXHGH RSWDU SRU UHDOL]DU
VRODPHQWHHOFRQMXQWRGHSURFHGLPLHQWRVGH©WUDQVPLVLyQQRFRQWURODGDª
5HFRPHQGDFLyQ,5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
G
(OPHFDQLVPR*)&UHVLGHHQODFDSD$70\HVLQGHSHQGLHQWHGHODFDSDItVLFD
H
(OPHFDQLVPR*)&VHDSOLFDHQODV81,\GHEHDGPLWLUODVFRQILJXUDFLRQHVGH,
I
(O PHFDQLVPR *)& KD GH SHUPLWLU TXH HO WHUPLQDO ORJUH XQD FDSDFLGDG R XQD DQFKXUD GH EDQGD
JDUDQWL]DGD DWULEXLGD SRU OD UHG SDUD OODPDGDV GH &%5 \ 9%5 (Q HO FDVR GH VHUYLFLRV GH9%5 HO
PHFDQLVPR*)&KDGHSRGHUGLVWULEXLUFRQHTXLGDG\HILFDFLDODFDSDFLGDGVXSHULRUDODJDUDQWL]DGDHQWUH
WRGDVODVFRQH[LRQHVDFWLYDV
J
(OPHFDQLVPR*)&QRGHEHREVWDFXOL]DUODLQWHUFDPELDELOLGDGGHORVWHUPLQDOHV
&RQWUROGHIOXMRJHQpULFR*)&HQOD81,SXQWRDSXQWR
(VWD VXEFOiXVXOD HV GH DSOLFDFLyQ HQ ODV 81, SXQWR D SXQWR HV GHFLU HQ ODV LQWHUIDFHV GH 6% \ 7% \ VH DSOLFD D ODV
VLJXLHQWHVFODVHVGHHTXLSR
±
HTXLSRQRFRQWURODGRSRUHMHPSORWHUPLQDO17/(;HQGRQGHVHSDVDSRUDOWRHO*)&
±
HTXLSR FRQWURODGR SRU HMHPSOR WHUPLQDOHV \ 17 HQ GRQGH ODV HPLVLRQHV GH FpOXODV GH FDSD$70
DVLJQDGDVVRQFRQWURODGDVSRUVHxDOHV*)&
±
HTXLSR FRQWURODGRU SRU HMHPSOR 17 /(; HQ GRQGH ODV VHxDOHV*)& VH XWLOL]DQ SDUD FRQWURODU OD
HPLVLyQGHFpOXODVGHFDSD$70DVLJQDGDVSURFHGHQWHVGHOHTXLSRFRQWURODGR
/DXWLOL]DFLyQGHVHxDOHV*)&HQWUHHTXLSRFRQWURODGRU\HTXLSRFRQWURODGRGDOXJDUDGRVFODVHVGHFRQH[LRQHV$70D
VDEHU
±
FRQH[LRQHV$70FRQWURODGDVHQGRQGHODHPLVLyQGHFpOXODVGHOWHUPLQDOKDFLDOD17RGHOD17KDFLD
ODUHGS~EOLFDVHFRQWURODPHGLDQWHVHxDOHV*)&6HDGPLWHQKDVWDGRVJUXSRVJUXSR$\JUXSR%GH
FRQH[LRQHV$70FRQWURODGDVFRQODDSOLFDFLyQSRUGHIHFWRGHXQJUXSRJUXSR$GHHVDVFRQH[LRQHV
±
FRQH[LRQHV$70QRFRQWURODGDVHQGRQGHODHPLVLyQGHFpOXODVGHOWHUPLQDOKDFLDOD17RGHOD17
KDFLDODUHGS~EOLFDQRVHFRQWURODPHGLDQWHVHxDOHV*)&VDOYRVLVRQVHxDOHV+$/7YpDVH,
(OHTXLSRQRFRQWURODGRSXHGHVHUFRQHFWDGRDODVLQWHUIDFHVGHORVSXQWRVGHUHIHUHQFLD6%\7%FRQLQGHSHQGHQFLDGH
VL HO HTXLSR FRQWURODGRU HVWi R QR SUHVHQWH HQ OD PLVPD LQWHUID] (Q HVWH FDVR QR VH DSOLFDQ ORV SURFHGLPLHQWRV *)&
FRQWURODGRV
1LQJ~QHTXLSRFRQWURODGRRQRFRQWURODGRHIHFWXDUiORVSURFHGLPLHQWRVFRQWURODGRVVLHVWiFRQHFWDGRDXQDLQWHUID]HQ
ODTXHQRH[LVWHHTXLSRFRQWURODGRU(OFRQMXQWRGHSURFHGLPLHQWRVFRQWURODGRVDSOLFDEOHVHQOD81,6%7%VHGHILQH
HQOD5HFRPHQGDFLyQ,
$ODSOLFDUVHODDOLPHQWDFLyQGHHQHUJtDHOpFWULFDHOWHUPLQDODUUDQFDUiHQHOPRGRQRFRQWURODGR\H[SORUDUiHOIOXMRGH
FpOXODVUHFLELGDVSDUDGHWHFWDUODSUHVHQFLDGHVHxDOHV*)&HVGHFLU+$/76(7B$R6(7B%FtFOLFDV$OUHFLELUVHxDOHV
*)&HOHTXLSRFRQWURODGRSRQGUiODEDQGHUD*)&B(1$%/(\FRQPXWDUiDOPRGR*)&FRQWURODGR
&RQWUROGHIOXMRJHQpULFR*)&HQOD81,PXOWLDFFHVR
/D SRVLEOH XWLOL]DFLyQ GHO PHFDQLVPR *)& HQ XQD 81, PXOWLDFFHVR SRU HMHPSOR HQ OD LQWHUID] 66% YpDVH OD
)LJXUD,UHTXLHUHXQHVWXGLRXOWHULRU
5HFRPHQGDFLyQ,5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
$QH[R$
/LVWDSRURUGHQDOIDEpWLFRGHODVDEUHYLDWXUDVFRQWHQLGDVHQHVWD5HFRPHQGDFLyQ
(VWHDQH[RHVSDUWHLQWHJUDQWHGHODSUHVHQWH5HFRPHQGDFLyQ
$ORVHIHFWRVGHHVWD5HFRPHQGDFLyQVHXWLOL]DQODVVLJXLHQWHVDEUHYLDWXUDV
$$/
&DSDGHDGDSWDFLyQ$70$70DGDSWDWLRQOD\HU
$70
0RGRGHWUDQVIHUHQFLDDVtQFURQRDV\QFKURQRXVWUDQVIHUPRGH
&%5
9HORFLGDGELQDULDFRQVWDQWHFRQVWDQWELWUDWH
&/3
3ULRULGDGGHSpUGLGDGHFpOXODFHOOORVVSULRULW\
*)&
&RQWUROGHIOXMRJHQpULFRJHQHULFIORZFRQWURO
11,
,QWHUID]GHQRGRGHUHGQHWZRUNQRGHLQWHUIDFH
2$0
2SHUDFLRQHV\PDQWHQLPLHQWRRSHUDWLRQVDQGPDLQWHQDQFH
426
&DOLGDGGHVHUYLFLRTXDOLW\RIVHUYLFH
50
*HVWLyQGHUHFXUVRVUHVRXUFHPDQDJHPHQW
81,
,QWHUID]XVXDULRUHGXVHUQHWZRUNLQWHUIDFH
9%5
9HORFLGDGELQDULDYDULDEOHYDULDEOHELWUDWH
9&
&DQDOYLUWXDOYLUWXDOFKDQQHO
9&&
&RQH[LyQGHFDQDOYLUWXDOYLUWXDOFKDQQHOFRQQHFWLRQ
9&,
,GHQWLILFDGRUGHFDQDOYLUWXDOYLUWXDOFKDQQHOLGHQWLILHU
93
7UD\HFWRYLUWXDOYLUWXDOSDWK
93&
&RQH[LyQGHWUD\HFWRYLUWXDOYLUWXDOSDWKFRQQHFWLRQ
93,
,GHQWLILFDGRUGHWUD\HFWRYLUWXDOYLUWXDOSDWKLGHQWLILHU
5HFRPHQGDFLyQ,5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH