Procedimiento de Calificación de Solicitudes de Caso Fortuito o
Anuncio
63,-/HJLVODFLyQGH&DUiFWHU*HQHUDO
$SUXHEDQ³3URFHGLPLHQWRGH&DOLILFDFLyQGH6ROLFLWXGHVGH&DVR)RUWXLWRR)XHU]D0D\RU´
5(62/8&,21'(&216(-2',5(&7,9225*$1,602683(59,625'(/$,19(56,21(1(1(5*,$
<0,1(5,$26,1(5*0,11 26 &'
/LPDGHDEULOGH
9,672
(O0HPRUDQGR1*)+/'3'GHOD*HUHQFLDGH)LVFDOL]DFLyQGH+LGURFDUEXURV/tTXLGRV
&216,'(5$1'2
4XH GH DFXHUGR D OR HVWDEOHFLGR HQ HO OLWHUDO F GHO DUWtFXOR GH OD /H\ 1 /H\ 0DUFR GH ORV
2UJDQLVPRV 5HJXODGRUHV GH OD ,QYHUVLyQ 3ULYDGD HQ ORV 6HUYLFLRV 3~EOLFRV OD IXQFLyQ QRUPDWLYD GH ORV
2UJDQLVPRV5HJXODGRUHVHQWUHHOORV26,1(5*0,1FRPSUHQGHODIDFXOWDGH[FOXVLYDGHGLFWDUHQWUHRWURVHQ
HO iPELWR \ PDWHULD GH VX FRPSHWHQFLD ORV UHJODPHQWRV GH ORV SURFHGLPLHQWRV D VX FDUJR \ RWUDV QRUPDV GH
FDUiFWHUJHQHUDO
4XH VHJ~Q OR GLVSXHVWR SRU HO DUWtFXOR GH OD /H\ 1 /H\ &RPSOHPHQWDULD GH )RUWDOHFLPLHQWR
,QVWLWXFLRQDOGH26,1(5*0,1HO&RQVHMR'LUHFWLYRHVWiIDFXOWDGRSDUDDSUREDUSURFHGLPLHQWRVDGPLQLVWUDWLYRV
HVSHFLDOHVTXHQRUPHQORVSURFHGLPLHQWRVDGPLQLVWUDWLYRVYLQFXODGRVHQWUHRWURVDOD)XQFLyQ6XSHUYLVRUD
4XH VHJ~Q OR GLVSXHVWR SRU HO DUWtFXOR GHO 5HJODPHQWR *HQHUDO GH 26,1(5*0,1 DSUREDGR PHGLDQWH
'HFUHWR6XSUHPR13&0ODIXQFLyQQRUPDWLYDGHFDUiFWHUJHQHUDOHVHMHUFLGDGHPDQHUDH[FOXVLYD
SRUHO&RQVHMR'LUHFWLYRGH26,1(5*0,1DWUDYpVGHUHVROXFLRQHV
4XH HO DUWtFXOR GHO 5HJODPHQWR SDUD OD &RPHUFLDOL]DFLyQ GH &RPEXVWLEOHV /tTXLGRV \ 2WURV 3URGXFWRV
'HULYDGRV GH ORV +LGURFDUEXURV DSUREDGR PHGLDQWH 'HFUHWR 6XSUHPR 1 (0 HVWDEOHFH TXH
26,1(5*0,1 FDOLILFDUi OD LPSRVLELOLGDG GH DEDVWHFLPLHQWR DO 'LVWULEXLGRU 0D\RULVWD SRU FDVR IRUWXLWR R IXHU]D
PD\RUSDUDSRGHUH[LPLUORGHOFXPSOLPLHQWRGHODREOLJDFLyQGHPDQWHQHUH[LVWHQFLDPHGLDPHQVXDOPtQLPDHQ
HOPHVGHODRFXUUHQFLD
4XH GH FRQIRUPLGDG FRQ HO 3ULQFLSLR GH 3UHGLFWLELOLGDG HVWDEOHFLGR HQ HO QXPHUDO GH OD /H\ GHO
3URFHGLPLHQWR $GPLQLVWUDWLYR *HQHUDO /H\ 1 OD DXWRULGDG DGPLQLVWUDWLYD GHEHUi EULQGDU D ORV
DGPLQLVWUDGRVRVXVUHSUHVHQWDQWHVLQIRUPDFLyQYHUD]FRPSOHWD\FRQILDEOHVREUHFDGDWUiPLWHGHPRGRWDOTXH
D VX LQLFLR HO DGPLQLVWUDGR SXHGD WHQHU FRQFLHQFLD EDVWDQWH FHUWHUD GH FXiO VHUi HO UHVXOWDGR ILQDO TXH VH
REWHQGUi
4XHHQWDOVHQWLGRVLHQGR26,1(5*0,1HORUJDQLVPRHQFDUJDGRGHDGPLQLVWUDUHOWUiPLWHSDUDVROLFLWDUOD
FDOLILFDFLyQ GH FDVR IRUWXLWR R IXHU]D PD\RU SRU SDUWH GH GLVWULEXLGRUHV PD\RULVWDV HV QHFHVDULR DSUREDU HO
3URFHGLPLHQWR$GPLQLVWUDWLYRTXHUHJXOHORVUHTXLVLWRVSOD]RVFRQGLFLRQHV\PHGLRVDWUDYpVGHORVFXDOHVORV
DGPLQLVWUDGRV UHPLWLUiQ D HVWH 2UJDQLVPR 6XSHUYLVRU OD LQIRUPDFLyQ UHIHULGD HQ HO DUWtFXOR GHO 5HJODPHQWR
SDUDOD&RPHUFLDOL]DFLyQGH&RPEXVWLEOHV/tTXLGRV\2WURV3URGXFWRV'HULYDGRVGHORV+LGURFDUEXURVDSUREDGR
PHGLDQWH 'HFUHWR 6XSUHPR 1 (0KDFLHQGR PiV SUHGHFLEOH HO SURQXQFLDPLHQWR TXH 26,1(5*0,1
HPLWDSDUDWDOHIHFWR
4XH SDUD XQD DGHFXDGD DSOLFDFLyQ GH HVWH 3URFHGLPLHQWR $GPLQLVWUDWLYR VH KD FRQVLGHUDGR SHUWLQHQWH
IDFXOWDU D OD *HUHQFLD GH )LVFDOL]DFLyQ GH +LGURFDUEXURV /tTXLGRV GH 26,1(5*0,1 D GLFWDU ODV GLVSRVLFLRQHV
WpFQLFRRSHUDWLYDV\PHGLGDVFRPSOHPHQWDULDVTXHVHUHTXLHUDQSDUDODDSOLFDFLyQXRSWLPL]DFLyQGHOWUiPLWHGH
FDOLILFDFLyQGHFDVRIRUWXLWRRIXHU]DPD\RUSDUDGLVWULEXLGRUHVPD\RULVWDV
4XH HQ FXPSOLPLHQWR GH OR GLVSXHVWR HQ HO DUWtFXOR GHO 'HFUHWR 6XSUHPR 1 -86 HQ
FRQFRUGDQFLDFRQORHVWDEOHFLGRHQORVDUWtFXORV\GHO5HJODPHQWR*HQHUDOGH26,1(5*0,1DSUREDGRSRU
'HFUHWR 6XSUHPR 1 3&0 HO GH PDU]R GHO PHGLDQWH 5HVROXFLyQ GH &RQVHMR 'LUHFWLYR 1
26&' HO 26,1(5*0,1 SUHSXEOLFy HO SUR\HFWR GH 5HVROXFLyQ TXH DSUXHED HO 3URFHGLPLHQWR
$GPLQLVWUDWLYRGH&DOLILFDFLyQGH6ROLFLWXGHVGH&DVR)RUWXLWRR)XHU]D0D\RU
4XHGHDFXHUGRDORGLVSXHVWRHQHODUWtFXORGHO5HJODPHQWRGHOD/H\1DSUREDGRSRU'HFUHWR
6XSUHPR13&0ODVHQWLGDGHVGHOD$GPLQLVWUDFLyQ3~EOLFDVHHQFXHQWUDQREOLJDGDVDSXEOLFDUHQHO
3RUWDOGHO(VWDGR3HUXDQR\HQVXV3RUWDOHV,QVWLWXFLRQDOHVHQWUHRWUDVODVGLVSRVLFLRQHVOHJDOHVTXHDSUXHEHQ
GLUHFWLYDVOLQHDPLHQWRVRUHJODPHQWRVWpFQLFRVVREUHSURFHGLPLHQWRVDGPLQLVWUDWLYRVFRQWHQLGRVHQHO783$GH
ODHQWLGDGRUHODFLRQDGRVFRQODDSOLFDFLyQGHVDQFLRQHVDGPLQLVWUDWLYDV
4XH GH RWUR ODGR HO DUWtFXOR GHO 'HFUHWR 6XSUHPR 1 -86 HVWDEOHFH TXH HQ HO FDVR GH OD
SXEOLFDFLyQ GH QRUPDV OHJDOHV TXH WHQJDQ DQH[RV VH SXEOLFDUi HQ HO 'LDULR 2ILFLDO (O 3HUXDQR VRODPHQWH OD
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'6XPLOODVW\OH'IRQWIDPLO\$$ULDO&VDQVVHULI%IRQWZHLJKW«
63,-/HJLVODFLyQGH&DUiFWHU*HQHUDO
FRUUHVSRQGLHQWH QRUPD DSUREDWRULD GLVSRQLpQGRVH HQ OD PLVPD TXH HO $QH[R VH SXEOLFDUi PHGLDQWH HO 3RUWDO
(OHFWUyQLFRGHODHQWLGDGHPLVRUDHQODPLVPDIHFKDGHODSXEOLFDFLyQRILFLDO
'H FRQIRUPLGDG FRQ OR HVWDEOHFLGR HQ HO OLWHUDO F GHO DUWtFXOR GH OD /H\ 1 /H\ 0DUFR GH ORV
2UJDQLVPRV 5HJXODGRUHV GH OD ,QYHUVLyQ 3ULYDGD HQ ORV 6HUYLFLRV 3~EOLFRV \ HQ ORV DUWtFXORV \ GHO
5HJODPHQWR*HQHUDOGH26,1(5*0,1DSUREDGRSRU'HFUHWR6XSUHPR13&0
&RQODRSLQLyQIDYRUDEOHGHOD*HUHQFLDGH)LVFDOL]DFLyQGH+LGURFDUEXURV/tTXLGRVGHOD*HUHQFLD/HJDO\
GHOD*HUHQFLD*HQHUDO
6(5(68(/9(
$UWtFXOR$SUREDUHO³3URFHGLPLHQWRGH&DOLILFDFLyQGH6ROLFLWXGHVGH&DVR)RUWXLWRR)XHU]D0D\RU´HO
PLVPRTXHFRPR$QH[R,IRUPDSDUWHLQWHJUDQWHGHODSUHVHQWHUHVROXFLyQ
$UWtFXOR(VWDEOHFHUTXHORGLVSXHVWRHQODSUHVHQWHUHVROXFLyQVHUiDSOLFDEOHSDUDWRGDVODVVROLFLWXGHVGH
FDOLILFDFLyQGHFDVRIRUWXLWRRIXHU]DPD\RUSUHVHQWDGDVSRUORV'LVWULEXLGRUHV0D\RULVWDVTXHVHHQFXHQWUHQHQ
WUiPLWHDOPRPHQWRGHODYLJHQFLDGHODSUHVHQWHUHVROXFLyQ
$UWtFXOR$XWRUL]DUDOD*HUHQFLDGH)LVFDOL]DFLyQGH+LGURFDUEXURV/tTXLGRVGH26,1(5*0,1DGLFWDUODV
GLVSRVLFLRQHV WpFQLFRRSHUDWLYDV \ PHGLGDV FRPSOHPHQWDULDV TXH VH UHTXLHUDQ SDUD OD DSOLFDFLyQ GHO
SURFHGLPLHQWRLQGLFDGRHQHODUWtFXORGHODSUHVHQWHUHVROXFLyQ
$UWtFXOR$XWRUL]DUODSXEOLFDFLyQGHODSUHVHQWHUHVROXFLyQHQHO'LDULR2ILFLDO(O3HUXDQR(O$QH[R,DO
TXH VH UHILHUH HO DUWtFXOR DVt FRPR OD ([SRVLFLyQ GH 0RWLYRV TXH HQ $QH[R ,, IRUPDQ SDUWH LQWHJUDQWH GH OD
SUHVHQWH UHVROXFLyQ VHUiQ SXEOLFDGRV HQ HO SRUWDO HOHFWUyQLFR GH 26,1(5*0,1 ZZZRVLQHUJPLQJRESH \ HQ
HO3RUWDOGHO(VWDGR3HUXDQRZZZSHUXJRESH
-(6867$0$<23$&+(&2
3UHVLGHQWHGHO&RQVHMR'LUHFWLYR
26,1(5*0,1
127$(VWRV$QH[RVQRKDQVLGRSXEOLFDGRVHQHO'LDULR2ILFLDO(O3HUXDQRVHGHVFDUJDURQGHODSiJLQD
ZHEGHO2UJDQLVPR6XSHUYLVRUGHOD,QYHUVLyQHQ(QHUJtD\0LQHUtDFRQIHFKDGHPD\RGH
$1(;2,
352&(',0,(172'(&$/,),&$&,Ï1'(&$62)2578,722)8(5=$0$<25
7Ë78/2,
&$3Ë78/2Ò1,&2
',6326,&,21(6*(1(5$/(6
$UWtFXOR2EMHWLYR
(O SUHVHQWH SURFHGLPLHQWR WLHQH FRPR ILQDOLGDG HVWDEOHFHU ODV SDXWDV TXH HO 'LVWULEXLGRU 0D\RULVWD GHEHUi
VHJXLUSDUDODFDOLILFDFLyQGHODLPSRVLELOLGDGGHVXDEDVWHFLPLHQWRFRPRFDVRIRUWXLWRRIXHU]DPD\RUDILQGH
SRGHUH[LPLUORGHOFXPSOLPLHQWRGHODREOLJDFLyQGHPDQWHQHUH[LVWHQFLDPHGLDPHQVXDOPtQLPD
$UWtFXORÈPELWRGH$SOLFDFLyQ
(O SUHVHQWH SURFHGLPLHQWR HV GH DSOLFDFLyQ SDUD HO WUiPLWH GH VROLFLWXGHV GH FDOLILFDFLyQ GH FDVR IRUWXLWR R
IXHU]DPD\RUTXHSUHVHQWHQORV'LVWULEXLGRUHV0D\RULVWDVDQLYHOQDFLRQDO
$UWtFXOR'HILQLFLRQHV
3DUDHIHFWRGHDSOLFDFLyQGHOSUHVHQWHSURFHGLPLHQWRVHGHEHQWHQHUHQFXHQWDODVVLJXLHQWHVGHILQLFLRQHV
ÈUHD(V OD FLXGDG R H[WHQVLyQ JHRJUiILFD TXH VH WRPD HQ FXHQWD SDUD HIHFWRV GH OD DFXPXODFLyQ GH
H[LVWHQFLDV GH FRQIRUPLGDG FRQ HO DUWtFXOR GHO 5HJODPHQWR SDUD OD &RPHUFLDOL]DFLyQ GH &RPEXVWLEOHV
/tTXLGRV\2WURV3URGXFWRV'HULYDGRVGHORV+LGURFDUEXURVDSUREDGRSRU'HFUHWR6XSUHPR1(0HQ
FRQFRUGDQFLDFRQORHVWDEOHFLGRHQHO$QH[R$GHOD5HVROXFLyQGH&RQVHMR'LUHFWLYR126&'TXH
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'6XPLOODVW\OH'IRQWIDPLO\$$ULDO&VDQVVHULI%IRQWZHLJKW«
63,-/HJLVODFLyQGH&DUiFWHU*HQHUDO
DSUXHED HO 3URFHGLPLHQWR GH 6XSHUYLVLyQ GHO &XPSOLPLHQWR GH OD ([LVWHQFLD 0HGLD 0HQVXDO 0tQLPD \ GH OD
([LVWHQFLD0tQLPDGH&RPEXVWLEOHV/tTXLGRV
'LVWULEXLGRUHV0D\RULVWDV3HUVRQD MXUtGLFD TXH DGTXLHUH HQ HO SDtV R LPSRUWD JUDQGHV YRO~PHQHV GH
FRPEXVWLEOHV OtTXLGRV \ RWURV SURGXFWRV GHULYDGRV GH ORV KLGURFDUEXURV FRQ HO ILQ GH FRPHUFLDOL]DUORV D
FRQVXPLGRUHV GLUHFWRV FRQVXPLGRUHV GLUHFWRV FRQ LQVWDODFLRQHV PyYLOHV FRPHUFLDOL]DGRU GH FRPEXVWLEOHV GH
DYLDFLyQ FRPHUFLDOL]DGRU GH FRPEXVWLEOHV SDUD HPEDUFDFLRQHV RWURV GLVWULEXLGRUHV PD\RULVWDV GLVWULEXLGRUHV
PLQRULVWDV\HVWDEOHFLPLHQWRVGHYHQWDDOS~EOLFRGHFRPEXVWLEOHV$VLPLVPRSRGUiH[SRUWDUORVFRPEXVWLEOHV
OtTXLGRV\RWURVSURGXFWRVGHULYDGRVGHORVKLGURFDUEXURV
&DVR)RUWXLWRR)XHU]D0D\RU(VHOKHFKRH[WHUQRSURGXFLGRSRUHIHFWRVQDWXUDOHVRSRUODPDQRGHO
KRPEUHGHFDUiFWHUH[WUDRUGLQDULRLQLPSXWDEOHLPSUHYLVLEOHHLUUHVLVWLEOHTXHLPSLGHDODGPLQLVWUDGRFXPSOLUFRQ
ODREOLJDFLyQGHPDQWHQHUH[LVWHQFLDVREOLJDWRULDV
([LVWHQFLDPHGLDPHQVXDOPtQLPDDOPDFHQDPLHQWRSURSLRRFRQWUDWDGRGHFRPEXVWLEOHHTXLYDOHQWHD
TXLQFHGtDVFDOHQGDULRGHGHVSDFKRSURPHGLRGHORV~OWLPRVVHLVPHVHVFDOHQGDULRDQWHULRUHVDOPHVGH
FiOFXORGHODVH[LVWHQFLDVUHJXODGRGHFRQIRUPLGDGFRQORHVWDEOHFLGRHQHODUWtFXORGHO5HJODPHQWRSDUDOD
&RPHUFLDOL]DFLyQ GH &RPEXVWLEOHV /tTXLGRV \ 2WURV 3URGXFWRV 'HULYDGRV GH ORV +LGURFDUEXURV DSUREDGR SRU
'HFUHWR 6XSUHPR 1 (0 \ HQ HO 3URFHGLPLHQWR GH 6XSHUYLVLyQ GHO &XPSOLPLHQWR GH OD ([LVWHQFLD
0HGLD 0HQVXDO 0tQLPD \ GH OD ([LVWHQFLD 0tQLPD GH &RPEXVWLEOHV /tTXLGRV FRQWHQLGR HQ HO $QH[R $ GH OD
5HVROXFLyQGH&RQVHMR'LUHFWLYR126&'
(YHQWR(ORODVRFXUUHQFLDVGHFDVRIRUWXLWRRGHIXHU]DPD\RUGXUDQWHHOPHVHQHYDOXDFLyQ
$UWtFXORÏUJDQR&RPSHWHQWH
/D$XWRULGDGTXHUHVXHOYHHOWUiPLWHGHOSUHVHQWHSURFHGLPLHQWRHVOD*HUHQFLDGH)LVFDOL]DFLyQGH+LGURFDUEXURV/tTXLGRV
$UWtFXORPRGLILFDGRSRUHO$UWtFXORGHOD5HVROXFLyQ126&'SXEOLFDGDHODEULO
FX\RWH[WRHVHOVLJXLHQWH
³$UWtFXORÏUJDQR&RPSHWHQWH
/D $XWRULGDG TXH UHVXHOYH HO WUiPLWH GH ODV VROLFLWXGHV GH FDOLILFDFLyQ GH FDVR IRUWXLWR R IXHU]D PD\RU
FRQIRUPH DO SUHVHQWH SURFHGLPLHQWR HV OD 8QLGDG GH 3URGXFFLyQ 3URFHVRV \ 'LVWULEXFLyQ GH OD *HUHQFLD GH
)LVFDOL]DFLyQGH+LGURFDUEXURV/tTXLGRV´
7Ë78/2,,
&$3Ë78/2Ò1,&2
62%5((/352&(',0,(172'(62/,&,78'
$UWtFXOR&RPXQLFDFLyQSUHYLD
(O 'LVWULEXLGRU 0D\RULVWD GHEH FRPXQLFDU D 26,1(5*0,1 OD RFXUUHQFLD GHO HYHQWR HQ HO SOD]R GH VHWHQWD \ GRV KRUDV GH RFXUULGR
SDUD OR FXDO GHEHUi HQYLDU XQ FRUUHR HOHFWUyQLFR DFDVRIRUWXLWR#RVLQHUJJRESH R SUHVHQWDU OD FRPXQLFDFLyQ SRU PHVD GH SDUWHV VLJXLHQGR
SDUDHOORORHVWDEOHFLGRHQHODUWtFXORGHOD/H\GH3URFHGLPLHQWR$GPLQLVWUDWLYR127$63,-/H\1 $UWtFXORPRGLILFDGRSRUHO$UWtFXORGHOD5HVROXFLyQ126&'SXEOLFDGDHODEULO
FX\RWH[WRHVHOVLJXLHQWH
³$UWtFXOR&RPXQLFDFLyQSUHYLD
(O'LVWULEXLGRU0D\RULVWDGHEHFRPXQLFDUD26,1(5*0,1GHODRFXUUHQFLDGHOHYHQWRHQHOSOD]RGHVHWHQWD
\ GRV KRUDV GH LQLFLDGR GLFKR HYHQWR SDUD OR FXDO GHEHUi HQYLDU XQ FRUUHR HOHFWUyQLFR D
FDVRIRUWXLWR#RVLQHUJJRESHRSUHVHQWDUODFRPXQLFDFLyQSRUPHVDGHSDUWHVVLJXLHQGRSDUDHOORORHVWDEOHFLGR
HQHODUWtFXORGHOD/H\GHO3URFHGLPLHQWR$GPLQLVWUDWLYR*HQHUDO/H\1
(QDTXHOHYHQWRFX\DGXUDFLyQFRQWLQXDGDHLQLQWHUUXPSLGDLQYROXFUHPiVGHXQPHVVHUiVXILFLHQWHUHSRUWDU
HOLQLFLRGHGLFKRHYHQWRSDUDSRGHUVROLFLWDUODFDOLILFDFLyQGHFDVRIRUWXLWRRIXHU]DPD\RUSRUHOPHVVLJXLHQWH
DOGHOLQLFLR´
$UWtFXOR3UHVHQWDFLyQGHODVROLFLWXG
/RV 'LVWULEXLGRUHV 0D\RULVWDV LQWHUHVDGRV HQ VROLFLWDU OD FDOLILFDFLyQ GH FDVR IRUWXLWR R IXHU]D PD\RU GHEHQ SUHVHQWDU VX VROLFLWXG
IXQGDPHQWDGD HQ 0HVD GH 3DUWHV GLULJLGD D OD *HUHQFLD GH )LVFDOL]DFLyQ GH +LGURFDUEXURV OtTXLGRV GH 26,1(5*0,1 DFUHGLWDQGR HO
FXPSOLPLHQWRGHORVHxDODGRHQHODUWtFXORGHOSUHVHQWHSURFHGLPLHQWR
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'6XPLOODVW\OH'IRQWIDPLO\$$ULDO&VDQVVHULI%IRQWZHLJKW«
63,-/HJLVODFLyQGH&DUiFWHU*HQHUDO
(OSOD]RSDUDSUHVHQWDUODVROLFLWXGGHFDOLILFDFLyQGHFDVRIRUWXLWR\IXHU]DPD\RUHVGHWUHLQWDGtDVFDOHQGDULRFRPSXWDGRVDSDUWLUGHO
SULPHUGtDKiELOGHOPHVVLJXLHQWHGHRFXUULGRHOHYHQWR
/DVROLFLWXGIXQGDPHQWDGDGHEHUiVHUSUHVHQWDGDSRUHYHQWR\SRUiUHD $UWtFXORPRGLILFDGRSRUHO$UWtFXORGHOD5HVROXFLyQ126&'SXEOLFDGDHODEULO
FX\RWH[WRHVHOVLJXLHQWH
³$UWtFXOR3UHVHQWDFLyQGHODVROLFLWXG
/RV'LVWULEXLGRUHV0D\RULVWDVLQWHUHVDGRVHQVROLFLWDUODFDOLILFDFLyQGHFDVRIRUWXLWRRIXHU]DPD\RUGHEHQ
SUHVHQWDU VX VROLFLWXG IXQGDPHQWDGD HQ 0HVD GH 3DUWHV GLULJLGD D OD 8QLGDG GH 3URGXFFLyQ 3URFHVRV \
'LVWULEXFLyQ GH OD *HUHQFLD GH )LVFDOL]DFLyQ GH +LGURFDUEXURV /tTXLGRV GH 26,1(5*0,1 DFUHGLWDQGR HO
FXPSOLPLHQWRGHORVHxDODGRHQHODUWtFXORGHOSUHVHQWHSURFHGLPLHQWR
(O SOD]R SDUD SUHVHQWDU OD VROLFLWXG GH FDOLILFDFLyQ GH FDVR IRUWXLWR \ IXHU]D PD\RU HV GH WUHLQWD GtDV
FDOHQGDULRFRPSXWDGRVDSDUWLUGHOSULPHUGtDKiELOGHOPHVVLJXLHQWHGHRFXUULGRHOHYHQWR
(Q ORV FDVRV HQ ORV TXH HO HYHQWR FRQWLQ~H LQLQWHUUXPSLGDPHQWH KDVWD DOFDQ]DU HO PHV VLJXLHQWH HO
DGPLQLVWUDGR GHEHUi SUHVHQWDU XQD VROLFLWXG SRU FDGD PHV FRPSURPHWLGR HQ HO HYHQWR (Q WDO VXSXHVWR VH
GHEHUiKDFHUUHIHUHQFLDHQODVHJXQGDVROLFLWXGDOUHSRUWHTXHVHKLFLHUDGHOLQLFLRGHODRFXUUHQFLDGHOHYHQWR
/DVROLFLWXGIXQGDPHQWDGDGHEHUiVHUSUHVHQWDGDSRUHYHQWR\SRUiUHD´
$UWtFXOR5HTXLVLWRVSDUDODVROLFLWXG
/DVROLFLWXGGHFDOLILFDFLyQGHFDVRIRUWXLWRRIXHU]DPD\RUGHEHVHUSUHVHQWDGDGHDFXHUGRDORVHxDODGRHQ
HODUWtFXORSUHFHGHQWHDGMXQWDQGRORVVLJXLHQWHVUHTXLVLWRV
5HTXLVLWRV*HQHUDOHV
&RSLDVLPSOHOHJLEOHGHOGRFXPHQWRGHLGHQWLGDGGHOUHSUHVHQWDQWHOHJDO
&RSLDVLPSOHOHJLEOHGHOFHUWLILFDGRGHYLJHQFLDGHSRGHUHVGHOUHSUHVHQWDQWHOHJDOFRQXQDDQWLJHGDGQR
PD\RUDVHLVPHVHVGHVGHVXHPLVLyQTXHDFUHGLWHTXHpVWHFXHQWDFRQODVIDFXOWDGHVGHUHSUHVHQWDFLyQ
5HTXLVLWRV(VSHFtILFRV
3UHFLVDUHO1GHLQJUHVRDPHVDGHSDUWHVRHQVXFDVRLQGLFDUODIHFKD\KRUDHQODFXDOVHHQYLyHOFRUUHRHOHFWUyQLFRDWUDYpVGHO
TXHVHFRPXQLFyD26,1(5*0,1ODRFXUUHQFLDGHOHYHQWRFRQIRUPHVHUHILHUHHQHODUWtFXOR
1XPHUDOPRGLILFDGRSRUHO$UWtFXORGHOD5HVROXFLyQ126&'SXEOLFDGDHODEULO
FX\RWH[WRHVHOVLJXLHQWH
3UHFLVDUHOQ~PHURGHLQJUHVRDPHVDGHSDUWHVRHQVXFDVRLQGLFDUODIHFKD\KRUDHQODFXDOVHHQYLy
HO FRUUHR HOHFWUyQLFR D WUDYpV GHO FXDO VH FRPXQLFy D 26,1(5*0,1 HO LQLFLR GH OD RFXUUHQFLD GHO HYHQWR
FRQIRUPHVHUHILHUHHQHODUWtFXOR
&RSLD VLPSOH OHJLEOH GH OD FRPXQLFDFLyQ SRU SDUWH GH OD DXWRULGDG FRPSHWHQWH GHO LQLFLR GHO HYHQWR
VHxDODQGRIHFKD\KRUD
&RSLD VLPSOH OHJLEOH GH OD FRPXQLFDFLyQ GH OD DXWRULGDG FRPSHWHQWH UHVSHFWR DO WpUPLQR GHO HYHQWR
VHxDODQGRIHFKD\KRUD
/D DXWRULGDG FRPSHWHQWH D OD TXH VH UHILHUHQ ORV QXPHUDOHV \ SRGUi VHU HQWUH RWURV OD $XWRULGDG
3RUWXDULD1DFLRQDO$31ROD'LUHFFLyQGH&DSLWDQtDV\*XDUGDFRVWDV',&$3,VHJ~QFRUUHVSRQGDHQFDVRGH
&LHUUH GH 3XHUWR HO *RELHUQR 5HJLRQDO R /RFDO HQ FDVR GH FRQPRFLyQ FLYLO HO 0LQLVWHULR GH 7UDQVSRUWHV \
&RPXQLFDFLRQHV HQ FDVR GH LQWHUUXSFLyQ GH FDUUHWHUDV \ 'HIHQVD &LYLO HQ FDVR GH GHVDVWUHV QDWXUDOHV
([FHSFLRQDOPHQWH HQ ORV FDVRV HQ ORV TXH OD DXWRULGDG FRPSHWHQWH QR KD\D HPLWLGR WDO FRPXQLFDFLyQ SRGUi
SUHVHQWDUVH XQD GHFODUDFLyQ MXUDGD DFRPSDxDGD GH GRFXPHQWDFLyQ SUREDWRULD TXH SHUPLWD GHWHUPLQDU
IHKDFLHQWHPHQWHODIHFKD\KRUDGHLQLFLR\WpUPLQRGHOHYHQWR
&URQRJUDPD \ YRO~PHQHV GH DEDVWHFLPLHQWR SURJUDPDGR HQ HO PHV GH OD RFXUUHQFLD GHO HYHQWR
WUDQVSRUWHPDUtWLPRRWUDQVSRUWHWHUUHVWUHVHJ~QFRUUHVSRQGD
&URQRJUDPD\YRO~PHQHVGHDEDVWHFLPLHQWRUHDOHVVHxDODQGRODVGHVYLDFLRQHVSURGXFLGDVHQIXQFLyQDO
FURQRJUDPD\YRO~PHQHVGH$EDVWHFLPLHQWRSURJUDPDGRUHIHULGRHQHOQXPHUDO
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'6XPLOODVW\OH'IRQWIDPLO\$$ULDO&VDQVVHULI%IRQWZHLJKW«
63,-/HJLVODFLyQGH&DUiFWHU*HQHUDO
'RFXPHQWRTXHFRQWHQJDODLQIRUPDFLyQTXHDFUHGLWHHOSRVLFLRQDPLHQWRUHDOGHOEXTXHWDQTXHRPHGLR
GHWUDQVSRUWHWHUUHVWUHDOLQLFLRGHOHYHQWRHOPLVPRTXHSXHGHSURYHQLUGHOVLVWHPDGH3RVLFLRQDPLHQWR*OREDO
*36VLHPSUHTXHOHVHDDSOLFDEOHXRWUDIXHQWHVHJ~QFRUUHVSRQGD
&XDGUR PHQVXDO GH ORV YRO~PHQHV GH H[LVWHQFLDV QHWDV GLDULDV UHDOHV \ SURJUDPDGDV TXH PXHVWUH HO
LPSDFWRGHOHYHQWRHQHOPDQWHQLPLHQWRGHODVH[LVWHQFLDVREOLJDWRULDV
,QIRUPH HODERUDGR SRU OD HPSUHVD VROLFLWDQWH TXH FRQWHQJD HO VXVWHQWR WpFQLFR GH OD LPSRVLELOLGDG GH
DEDVWHFLPLHQWR SRU RFXUUHQFLD GHO HYHQWR \ HO LPSDFWR GHO HYHQWR HQ HO PDQWHQLPLHQWR GH ODV H[LVWHQFLDV
REOLJDWRULDV
3DUDHOFDVRGHDOPDFHQDPLHQWRSURSLRHQOD3ODQWDGH$OPDFHQDPLHQWRGHEHUiSUHVHQWDUHO&XDGURGH
'LVWULEXFLyQGH7DQTXHV\3URGXFWRVDOLQLFLRGHOHYHQWR
3DUDHOFDVRGHDOPDFHQDPLHQWRFRQWUDWDGRGHEHUiSUHVHQWDUFRSLDVLPSOHGHOFRQWUDWRGHUHFHSFLyQ
DOPDFHQDPLHQWR\GHVSDFKRGHODSODQWDGHDEDVWHFLPLHQWRDIHFWDGDSRUHOHYHQWR
&XDGUR GH YDFtRV GLVSRQLEOHV HQ OD FDSDFLGDG GH DOPDFHQDPLHQWR SURSLD R FRQWUDWDGD DO LQLFLR GHO
HYHQWR
3ODQ ORJtVWLFR GH UHDEDVWHFLPLHQWR GH FRPEXVWLEOHV SURJUDPDGR \ HMHFXWDGR LQFOX\HQGR ODV DFFLRQHV
DGRSWDGDV SDUD PLWLJDU HO LPSDFWR HQ HO PDQWHQLPLHQWR GH OD H[LVWHQFLD REOLJDWRULD FRPR FRQVHFXHQFLD GH OD
RFXUUHQFLDGHOHYHQWR
3DUD HO FDVR GH VXPLQLVWUR YtD PDUtWLPD SUHVHQWDU HO 5HSRUWH 3UHOLPLQDU \ HO 5HSRUWH 'HILQLWLYR GH
HVWDGtDGHODVHPEDUFDFLyQHVDIHFWDGDVSRUHOHYHQWR
3DUDHOFDVRGHLQFUHPHQWRLPSUHYLVLEOHRGHFDUiFWHUH[WUDRUGLQDULRGHOYROXPHQGHYHQWDVVHGHEHUi
SUHVHQWDU XQ ,QIRUPH HODERUDGR SRU OD HPSUHVD VROLFLWDQWH TXH FRQWHQJD HO VXVWHQWR WpFQLFR FRPHUFLDO
GRFXPHQWDGRTXHLQFOX\DHVWDGtVWLFDVGHO~OWLPRWULPHVWUHGHOLQFUHPHQWRGHGLFKRYROXPHQ
$TXHOODGRFXPHQWDFLyQDGLFLRQDOTXHDFULWHULRGH26,1(5*0,1VHDVROLFLWDGDDODGPLQLVWUDGRSDUD
HYDOXDUODFDOLILFDFLyQGHODVROLFLWXG
7Ë78/2,,
62%5(/$&$/,),&$&,Ï1'(/$62/,&,78'
&$3Ë78/2Ò1,&2
$UWtFXOR'HODUHYLVLyQGHODVVROLFLWXGHV\ODIRUPXODFLyQGHREVHUYDFLRQHV
(OSHUVRQDOGHPHVDGHSDUWHVUHYLVDODSUHVHQWDFLyQGHORVUHTXLVLWRVH[LJLGRVHQORVDUWtFXORV\VLLGHQWLILFDODIDOWDGHDOJXQRGH
HOORVTXHQRSXHGDVHUVDOYDGDGHRILFLRFRPXQLFDUiDODGPLQLVWUDGRODVREVHUYDFLRQHVLQYLWiQGRORDVXEVDQDUODVGHQWURGHOSOD]RGHGRV
GtDVKiELOHVEDMRDSHUFLELPLHQWRGHWHQHUSRUQRSUHVHQWDGDODVROLFLWXG $UWtFXORPRGLILFDGRSRUHO$UWtFXORGHOD5HVROXFLyQ126&'SXEOLFDGDHODEULO
FX\RWH[WRHVHOVLJXLHQWH
³$UWtFXOR'HODDGPLVLyQDWUiPLWHGHVROLFLWXGHV
(O SHUVRQDO GH PHVD GH SDUWHV RULHQWD DO DGPLQLVWUDGR HQ OD SUHVHQWDFLyQ GH ORV GRFXPHQWRV \ UHFLEH OD
VROLFLWXG\VXVDQH[RV(QQLQJ~QFDVRSXHGHFDOLILFDURQHJDUODUHFHSFLyQGHODGRFXPHQWDFLyQ
/D8QLGDGGH3URGXFFLyQ3URFHVRV\'LVWULEXFLyQGHOD*HUHQFLDGH)LVFDOL]DFLyQGH+LGURFDUEXURV/tTXLGRV
GH26,1(5*0,1H[DPLQDODSUHVHQWDFLyQGHORVUHTXLVLWRVFRQIRUPHDORVHxDODGRHQORVDUWtFXORV\VL
QR VH GHWHFWDQ REVHUYDFLRQHV VH DGPLWH D WUiPLWH OD VROLFLWXG FRPXQLFDQGR HOOR DO DGPLQLVWUDGR PHGLDQWH XQ
RILFLR/DDGPLVLyQDWUiPLWHGHODVROLFLWXGQRLPSOLFDODGHFODUDFLyQGHSURFHGHQFLDGHODPLVPD
6LODGRFXPHQWDFLyQSUHVHQWDGDQRVHDMXVWDDORUHTXHULGRHQORVDUWtFXORV\VHHQYLDUiXQRILFLRDO
DGPLQLVWUDGR D ILQ TXH UHDOLFH OD VXEVDQDFLyQ FRUUHVSRQGLHQWH GHQWUR GHO SOD]R LPSURUURJDEOH GH GRV GtDV
KiELOHVFDVRFRQWUDULRVHWHQGUiSRUQRSUHVHQWDGDODVROLFLWXG
7UDQVFXUULGRHOSOD]RVLQTXHRFXUUDODVXEVDQDFLyQODHQWLGDGFRQVLGHUDUiFRPRQRSUHVHQWDGDODVROLFLWXG\
ODGHYXHOYHFRQWRGRVVXVDQH[RVFXDQGRHOLQWHUHVDGRVHDSHUVRQHDUHFODPDUORV
/RGLVSXHVWRHQHOSUHVHQWHDUWtFXORQROLPLWDODSRVLELOLGDGGHLQJUHVDUQXHYDPHQWHODVROLFLWXGVLHPSUHTXH
pVWDFXPSODORUHTXHULGRHQORVDUWtFXORV\´
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'6XPLOODVW\OH'IRQWIDPLO\$$ULDO&VDQVVHULI%IRQWZHLJKW«
63,-/HJLVODFLyQGH&DUiFWHU*HQHUDO
$UWtFXOR3URFHGHQFLD\HIHFWRVGHODVROLFLWXG
6yOR VH GHFODUD SURFHGHQWH OD VROLFLWXG FXDQGR GH OD HYDOXDFLyQ FRPSOHWD \ FRQMXQWD GH ORV UHTXLVLWRV
SUHVHQWDGRV DVt FRPR GHO DQiOLVLV GH OD LQIRUPDFLyQ FRQ OD TXH 26,1(5*0,1 FXHQWD HQ VXV DUFKLYRV VH
FXPSOHFRQORVVLJXLHQWHVVXSXHVWRV
6HJHQHUHFHUWH]DTXHIXHHOHYHQWRHOTXHLPSLGLyDODGPLQLVWUDGRFXPSOLUFRQVXVREOLJDFLRQHV\
6H GHVYLUWXp HO KLSRWpWLFR TXH UHILHUH TXH VL QR VH KXELHUD SURGXFLGR HO HYHQWR LJXDOPHQWH HO
DGPLQLVWUDGRQRKXELHUDSRGLGRFXPSOLUFRQVXREOLJDFLyQGHPDQWHQHUODVH[LVWHQFLDV
/D SURFHGHQFLD GH OD VROLFLWXG GH FDOLILFDFLyQ GH FDVR IRUWXLWR R IXHU]D PD\RU WLHQH SRU HIHFWR H[LPLU DO
GLVWULEXLGRU PD\RULVWD GHO FXPSOLPLHQWR GH OD REOLJDFLyQ GH PDQWHQHU H[LVWHQFLD PHGLD PHQVXDO PtQLPD HQ HO
PHVGHODRFXUUHQFLD
$UWtFXOR&DXVDOHVGHLPSURFHGHQFLDGHODVROLFLWXG
6RQFDXVDOHVGHLPSURFHGHQFLDODVVLJXLHQWHV
(OLQFXPSOLPLHQWRGHODFRPXQLFDFLyQGHOHYHQWRGHQWURGHODVVHWHQWD\GRVKRUDVGHRFXUULGRVORVKHFKRVGHDFXHUGRDOR
H[LJLGR SRU HO DUWtFXOR GHO 5HJODPHQWR SDUD OD &RPHUFLDOL]DFLyQ GH &RPEXVWLEOHV /tTXLGRV \ 2WURV 3URGXFWRV 'HULYDGRV GH ORV
+LGURFDUEXURVDSUREDGRPHGLDQWH'HFUHWR6XSUHPR1(0
1XPHUDOPRGLILFDGRSRUHO$UWtFXORGHOD5HVROXFLyQ126&'SXEOLFDGDHODEULO
FX\RWH[WRHVHOVLJXLHQWH
(O LQFXPSOLPLHQWR GH OD FRPXQLFDFLyQ GH OD RFXUUHQFLD GHO HYHQWR GH DFXHUGR D OR HVWDEOHFLGR HQ HO
SUHVHQWHSURFHGLPLHQWR
3UHVHQWDU OD VROLFLWXG GH FDOLILFDFLyQ GH FDVR IRUWXLWR R IXHU]D PD\RU IXHUD GHO SOD]R HVWDEOHFLGR HQ HO
DUWtFXORGHOSUHVHQWHSURFHGLPLHQWR
1R FXPSOLU FRQ SUHVHQWDU ORV UHTXLVLWRV FRPSOHWRV \ FRQIRUPHV H[LJLGRV HQ HO DUWtFXOR GHO SUHVHQWH
3URFHGLPLHQWR R OD LQIRUPDFLyQ FRQWHQLGD HQ ORV PLVPRV QR UHVXOWH VXILFLHQWH SDUD MXVWLILFDU TXH HO HYHQWR
LPSLGLyDODGPLQLVWUDGRFXPSOLUFRQODREOLJDFLyQGHPDQWHQHUH[LVWHQFLDPHGLDPHQVXDOPtQLPD
1RSURSRUFLRQDUD26,1(5*0,1ODLQIRUPDFLyQFRPSOHPHQWDULDTXHHVWDHQWLGDGUHTXLHUDSDUDHYDOXDU
ODVROLFLWXGGHFDOLILFDFLyQGHFDVRIRUWXLWRRIXHU]DPD\RU
3URSRUFLRQDU LQIRUPDFLyQ IDOVD LQFRQVLVWHQWH HUUDGD R GLIHUHQWH D OD SUHVHQWDGD HQ RWURV WUiPLWHV
UHDOL]DGRVDQWH26,1(5*0,1
(OYHQFLPLHQWRGHOSHUtRGRSDUDODVXEVDQDFLyQGHODVREVHUYDFLRQHVGHELGDPHQWHRILFLDGDVGHWHFWDGDV
OXHJRGHKDEHUVLGRDGPLWLGDODVROLFLWXG
/D IDOWD GH GLVSRQLELOLGDG HQ OD FDSDFLGDG GH DOPDFHQDPLHQWR VDOYR HO VXSXHVWR FRQWHPSODGR HQ HO
QXPHUDO
/DFDOLILFDFLyQGHELGDPHQWHMXVWLILFDGD\PRWLYDGDHQGHUHFKRTXHDFULWHULRGH26,1(5*0,1DPHULWH
ODLPSURFHGHQFLDGHODVROLFLWXG
$UWtFXOR3OD]RVSDUDUHVROYHU
/DVVROLFLWXGHVVHUiQDWHQGLGDVHQXQSOD]RPi[LPRGHWUHLQWDGtDVKiELOHVFRQWDGRVDSDUWLUGHODIHFKD
GH VX DGPLVLyQ 'LFKR SOD]R VH VXVSHQGH HQ FDVR VH IRUPXOHQ REVHUYDFLRQHV UHDQXGiQGRVH XQD YH] TXH HO
DGPLQLVWUDGRFXPSODFRQVXEVDQDUODVRHOSOD]RRWRUJDGRSDUDHOORKD\DYHQFLGR
6L OD 8QLGDG D FDUJR GH DWHQGHU OD VROLFLWXG DGYLHUWH TXH OD GRFXPHQWDFLyQ SUHVHQWDGD HV HUUyQHD
LQFRPSOHWD R LQH[DFWD GHEHUi HPSOD]DU DO DGPLQLVWUDGR D ILQ TXH UHDOLFH OD VXEVDQDFLyQ FRUUHVSRQGLHQWH GHQWUR
GHXQSOD]RPi[LPRGHGtDVGtDVKiELOHVLPSURUURJDEOHV
$UWtFXOR6LOHQFLR$GPLQLVWUDWLYR3RVLWLYR
6L WUDQVFXUULGR HO SOD]R Pi[LPR HVWDEOHFLGR GH WUHLQWD GtDV KiELOHV SDUD OD DWHQFLyQ GH OD VROLFLWXG HO
ÏUJDQRFRPSHWHQWHQRKDHPLWLGRSURQXQFLDPLHQWRDOJXQRODVROLFLWXGVHFRQVLGHUDDXWRPiWLFDPHQWHDSUREDGD
SXGLHQGRHODGPLQLVWUDGRKDFHUXVRHIHFWLYRGHVXGHUHFKR(OSOD]RVHFRPSXWDGHDFXHUGRDORHVWDEOHFLGRHQ
HODUWtFXORGHOSUHVHQWHSURFHGLPLHQWR
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'6XPLOODVW\OH'IRQWIDPLO\$$ULDO&VDQVVHULI%IRQWZHLJKW«
63,-/HJLVODFLyQGH&DUiFWHU*HQHUDO
$UWtFXOR0HGLRVLPSXJQDWLYRV
&RQWUDODUHVROXFLyQTXHGHFODUDLPSURFHGHQWHODVROLFLWXGGHFDOLILFDFLyQGHFDVRIRUWXLWRRIXHU]DPD\RUSDUD'LVWULEXLGRUHV0D\RULVWDV
FDEHODLQWHUSRVLFLyQGHPHGLRVLPSXJQDWRULRVHQODYtDDGPLQLVWUDWLYD
$UWtFXORPRGLILFDGRSRUHO$UWtFXORGHOD5HVROXFLyQ126&'SXEOLFDGDHODEULO
FX\RWH[WRHVHOVLJXLHQWH
³$UWtFXOR0HGLRVLPSXJQDWLYRV
&RQWUDODUHVROXFLyQTXHGHFODUDLPSURFHGHQWHODVROLFLWXGGHFDOLILFDFLyQGHFDVRIRUWXLWRRIXHU]DPD\RUSDUD
'LVWULEXLGRUHV0D\RULVWDVFDEHODLQWHUSRVLFLyQGHPHGLRVLPSXJQDWRULRVHQODYtDDGPLQLVWUDWLYD
(OyUJDQRFRPSHWHQWHSDUDUHVROYHUHOUHFXUVRGHDSHODFLyQHQVHJXQGD\~OWLPDLQVWDQFLDDGPLQLVWUDWLYDVHUi
OD*HUHQFLDGH)LVFDOL]DFLyQGH+LGURFDUEXURV/tTXLGRVGH26,1(5*0,1´
$1(;2,,
(;326,&,Ï1'(027,926
(O DUWtFXOR GHO 5HJODPHQWR SDUD OD &RPHUFLDOL]DFLyQ GH &RPEXVWLEOHV /tTXLGRV \ 2WURV 3URGXFWRV
'HULYDGRV GH ORV +LGURFDUEXURV DSUREDGR PHGLDQWH 'HFUHWR 6XSUHPR 1 (0 HVWDEOHFH TXH
26,1(5*0,1 FDOLILFDUi OD LPSRVLELOLGDG GH DEDVWHFLPLHQWR DO 'LVWULEXLGRU 0D\RULVWD SRU FDVR IRUWXLWR R IXHU]D
PD\RUSDUDSRGHUH[LPLUORGHOFXPSOLPLHQWRGHODREOLJDFLyQGHPDQWHQHUH[LVWHQFLDPHGLDPHQVXDOPtQLPDHQ
HOPHVGHODRFXUUHQFLD
'HFRQIRUPLGDGFRQHO3ULQFLSLRGH3UHGLFWLELOLGDGHVWDEOHFLGRHQHOQXPHUDOGHOD/H\GHO3URFHGLPLHQWR
$GPLQLVWUDWLYR *HQHUDO /H\ 1 OD DXWRULGDG DGPLQLVWUDWLYD GHEHUi EULQGDU D ORV DGPLQLVWUDGRV R VXV
UHSUHVHQWDQWHV LQIRUPDFLyQ YHUD] FRPSOHWD \ FRQILDEOH VREUH FDGD WUiPLWH GH PRGR WDO TXH D VX LQLFLR HO
DGPLQLVWUDGRSXHGDWHQHUFRQFLHQFLDEDVWDQWHFHUWHUDGHFXiOVHUiHOUHVXOWDGRILQDOTXHVHREWHQGUi
(Q WDO VHQWLGR VLHQGR 26,1(5*0,1 HO RUJDQLVPR HQFDUJDGR GH DGPLQLVWUDU HO WUiPLWH SDUD VROLFLWDU OD
FDOLILFDFLyQ GH FDVR IRUWXLWR R IXHU]D PD\RU SRU SDUWH GH GLVWULEXLGRUHV PD\RULVWDV HV QHFHVDULR DSUREDU HO
3URFHGLPLHQWR$GPLQLVWUDWLYRTXHUHJXOHORVUHTXLVLWRVSOD]RVFRQGLFLRQHV\PHGLRVDWUDYpVGHORVFXDOHVORV
DGPLQLVWUDGRV UHPLWLUi127$ 63,- D HVWH 2UJDQLVPR 6XSHUYLVRU OD LQIRUPDFLyQ UHIHULGD HQ HO DUWtFXOR GHO
5HJODPHQWR SDUD OD &RPHUFLDOL]DFLyQ GH &RPEXVWLEOHV /tTXLGRV \ 2WURV 3URGXFWRV 'HULYDGRV GH ORV
+LGURFDUEXURV DSUREDGR PHGLDQWH 'HFUHWR 6XSUHPR 1 (0KDFLHQGR PiV SUHGHFLEOH HO
SURQXQFLDPLHQWRTXH26,1(5*0,1HPLWDSDUDWDOHIHFWR
$VLPLVPRSDUDXQDDGHFXDGDDSOLFDFLyQGHHVWH3URFHGLPLHQWR$GPLQLVWUDWLYRVHKDFRQVLGHUDGRSHUWLQHQWH
IDFXOWDU D OD *HUHQFLD GH )LVFDOL]DFLyQ GH +LGURFDUEXURV /tTXLGRV GH 26,1(5*0,1 D GLFWDU ODV GLVSRVLFLRQHV
WpFQLFRRSHUDWLYDV\PHGLGDVFRPSOHPHQWDULDVTXHVHUHTXLHUDQSDUDODDSOLFDFLyQXRSWLPL]DFLyQGHOWUiPLWHGH
FDOLILFDFLyQGHFDVRIRUWXLWRRIXHU]DPD\RUSDUDGLVWULEXLGRUHVPD\RULVWDV
'HORVFRPHQWDULRVRVXJHUHQFLDV
$ FRQWLQXDFLyQ VH H[SRQHQ ORV FRPHQWDULRV \ VXJHUHQFLDV SUHVHQWDGRV VHJXLGRV GH VX FRUUHVSRQGLHQWH
DQiOLVLV
'( /$6 2%6(59$&,21(6 < 68*(5(1&,$6 $&(37$'$6 (1 /$ 5(62/8&,Ï1 0$7(5,$ '(
$352%$&,Ï1
,2EVHUYDFLRQHV\5HFRPHQGDFLRQHVSUHVHQWDGDVSRUODHPSUHVD5(362/6$
2EVHUYDFLyQ1
6REUHHOQXPHUDO5HVSHFWRDODGHILQLFLyQGH(YHQWR/DGHILQLFLyQGHEHVHxDODUTXHHV³(ODFWRRKHFKR
FRQVLGHUDGRFRPR&DVR)RUWXLWRR)XHU]D0D\RUTXHDIHFWDXQDRPiViUHDV´(OFDVRIRUWXLWRTXHVHGpHQXQ
iUHDHVSHFtILFDSRGUtDWHQHUHIHFWRVP~OWLSOHVSXHVQRQHFHVDULDPHQWHDIHFWDVyORHQHOPHVGHRFXUUHQFLD\R
VyOR DO iUHD GH RFXUUHQFLD GHO HYHQWR SXHGH DIHFWDU D YDULDV iUHDV \ D PiV PHVHV VHJ~Q VHD OD JUDYHGDG GHO
FDVR IRUWXLWR $VLPLVPR VH GHEHUtDQ LQFOXLU ORV HYHQWRV RFXUULGRV HQ HO WHUPLQDO GH FDUJD \ TXH LPSLGDQ HO
QRUPDODEDVWHFLPLHQWRHQWHUPLQDOHVEDMRODPLVPDREVHUYDFLyQGHOSiUUDIRDQWHULRU
&RPHQWDULR
6HKDUHGHILQLGRHOWpUPLQR³HYHQWR´FRQVLGHUDQGRTXHSXHGHQSUHVHQWDUVHYDULDVRFXUUHQFLDVGXUDQWHHOPHV
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'6XPLOODVW\OH'IRQWIDPLO\$$ULDO&VDQVVHULI%IRQWZHLJKW«
63,-/HJLVODFLyQGH&DUiFWHU*HQHUDO
GHHYDOXDFLyQTXHLPSDFWHQHOPDQWHQLPLHQWRGHODVH[LVWHQFLDVREOLJDWRULDVGHODVLJXLHQWHPDQHUD
³(YHQWR(ORODVRFXUUHQFLDVGHFDVRIRUWXLWRRGHIXHU]DPD\RUGXUDQWHHOPHVHQHYDOXDFLyQ´
$VLPLVPRFRQYLHQHDILUPDUTXHVLHOFDVRIRUWXLWRSURGXFHHIHFWRVP~OWLSOHVHOGLVWULEXLGRUPD\RULVWDGHEHUi
SUHVHQWDULQGLYLGXDO\HVSHFtILFDPHQWHVXVROLFLWXGSDUDFDGDiUHDDIHFWDGDGHDFXHUGRFRQODGHILQLFLyQ
2EVHUYDFLyQ1
6REUHHO$UWtFXOR3UHFLVDUTXHHOFRUUHRHOHFWUyQLFRGHFRQWDFWRHVFDVRIRUWXLWR#RVLQHUJJRESH
&RPHQWDULR
6HDFHSWDODSURSXHVWDGHPRGLILFDFLyQMXVWLILFDGDHQXQHUURUPDWHULDOGHUHGDFFLyQ
2EVHUYDFLyQ1
5HVSHFWRDOQXPHUDO6HGHEHFRQVLGHUDUTXHHQORVOXJDUHVHQORVFXDOHVOD$XWRULGDG3RUWXDULD1DFLRQDO
$31 QR WHQJD RILFLQDV FRPR HO FDVR GHO 7HUPLQDO GH (WHQ TXLHQ GHEHUtD HPLWLU ORV UHSRUWHV GHEHUi VHU OD
'LUHFFLyQ GH &DSLWDQtDV \ *XDUGDFRVWDV ',&$3, FRUUHVSRQGLHQWH DO iUHD GH UHIHUHQFLD $VLPLVPR VH GHEH
WHQHU HQ FXHQWD TXH SDUD HO FDVR GH DEDVWHFLPLHQWR WHUUHVWUH ODV QRWLFLDV SRU FLHUUH GH FDUUHWHUDV QR VRQ
VLHPSUH LQIRUPDGDV RILFLDOPHQWH SRU OD DXWRULGDG FRPSHWHQWH (Q WDO VHQWLGR HO 3UR\HFWR GHEH SUHYHU DPEDV
VLWXDFLRQHV D ILQ GH QR SHUMXGLFDU HO GHUHFKR TXH OH FRUUHVSRQGH D OD HPSUHVD SDUD VXVWHQWDU HO FDVR IRUWXLWR \
IXHU]DPD\RU
&RPHQWDULR
6H DFHSWD OD SURSXHVWD GH OD HPSUHVD 6H LQFRUSRUDUi HQ HO QXPHUDO D OD 'LUHFFLyQ GH &DSLWDQtDV \
*XDUGDFRVWDV ',&$3, FRPR $XWRULGDG &RPSHWHQWH DVt FRPR HO UHTXLVLWR H[FHSFLRQDO GH XQD GHFODUDFLyQ
MXUDGD SDUD ORV FDVRV HQ ORV TXH QR VH KD\D HPLWLGR FRPXQLFDFLyQ RILFLDO GHO HYHQWR UHGHILQLpQGRVH GLFKR
QXPHUDOGHODVLJXLHQWHPDQHUD
³ &RSLD VLPSOH OHJLEOH GH OD FRPXQLFDFLyQ GH OD DXWRULGDG FRPSHWHQWH UHVSHFWR DO WpUPLQR GHO HYHQWR
VHxDODQGRIHFKD\KRUD´
/D DXWRULGDG FRPSHWHQWH D OD TXH VH UHILHUHQ ORV QXPHUDOHV \ SRGUi VHU HQWUH RWURV OD $XWRULGDG
3RUWXDULD1DFLRQDO$31ROD'LUHFFLyQGH&DSLWDQtDV\*XDUGDFRVWDV',&$3,VHJ~QFRUUHVSRQGDHQFDVRGH
&LHUUH GH 3XHUWR HO *RELHUQR 5HJLRQDO R /RFDO HQ FDVR GH FRQPRFLyQ FLYLO HO 0LQLVWHULR GH 7UDQVSRUWHV \
&RPXQLFDFLRQHVHQFDVRGHLQWHUUXSFLyQGHFDUUHWHUDV\'HIHQVD&LYLOHQFDVRGHGHVDVWUHVQDWXUDOHV
([FHSFLRQDOPHQWH HQ ORV FDVRV HQ ORV TXH OD DXWRULGDG FRPSHWHQWH QR KD\D HPLWLGR WDO FRPXQLFDFLyQ
SRGUi SUHVHQWDUVH XQD GHFODUDFLyQ MXUDGD DFRPSDxDGD GH GRFXPHQWDFLyQ SUREDWRULD TXH SHUPLWD GHWHUPLQDU
IHKDFLHQWHPHQWHODIHFKD\KRUDGHLQLFLR\WpUPLQRGHOHYHQWR´
2EVHUYDFLyQ1
6REUH HO $UWtFXOR 6H HVWi WUDVODGDQGR OD UHVSRQVDELOLGDG GH FDOLILFDU HO H[SHGLHQWH DGPLQLVWUDWLYR D XQ
SHUVRQDOQRFRPSHWHQWHSDUDWDOILQ4XLHQGHEDFDOLILFDUHOH[SHGLHQWHDVtFRPRODLGRQHLGDGGHORVUHTXLVLWRV
SUHVHQWDGRV GHEH VHU OD SURSLD *HUHQFLD GH )LVFDOL]DFLyQ GH +LGURFDUEXURV /tTXLGRV GHO 26,1(5*0,1 \ QR
PHVDGHSDUWHV8QDPDODFDOLILFDFLyQGHODUHYLVLyQGHOH[SHGLHQWHSXHGHFDXVDUXQSHUMXLFLRDODHPSUHVD
&RPHQWDULR
6REUHHOSDUWLFXODUHODUWtFXORVyORKDFHUHIHUHQFLDDODUHFHSFLyQGRFXPHQWDO\DXQDHYDOXDFLyQIRUPDOGH
ODV VROLFLWXGHV HQ PHVD GH SDUWHV OR TXH VXSRQH TXH GLFKR SHUVRQDO VyOR YHULILTXH OD SUHVHQWDFLyQ GH OD
GRFXPHQWDFLyQUHTXHULGDFRPRREOLJDWRULDHQORVDUWtFXORV\FRQIRUPHDORHVWDEOHFLGRHQHODUWtFXORGH
OD/H\GH3URFHGLPLHQWR$GPLQLVWUDWLYR*HQHUDO/H\1/DFDOLILFDFLyQGHIRQGRVREUHODSURFHGHQFLDR
QRGHODVROLFLWXGTXHLPSOLFDXQDQiOLVLVPRWLYDGR\VXVWHQWDGRHQGHUHFKROHFRUUHVSRQGHDOSHUVRQDOFDOLILFDGR
SURSLRGHOD*HUHQFLDGH)LVFDOL]DFLyQGHKLGURFDUEXURV1RREVWDQWHVHDFRJHSDUFLDOPHQWHHOFRPHQWDULRSRU
ORTXHSDUDPD\RUSUHFLVLyQVHUHIRUPXODUiODUHGDFFLyQGHODUWtFXORGHOVLJXLHQWHPRGR
³$UWtFXOR'HODUHYLVLyQGHODVVROLFLWXGHV\ODIRUPXODFLyQGHREVHUYDFLRQHV
(O SHUVRQDO GH PHVD GH SDUWHV UHYLVD OD SUHVHQWDFLyQ GH ORV UHTXLVLWRV H[LJLGRV HQ ORV DUWtFXORV \ VL
LGHQWLILFD OD IDOWD GH DOJXQR GH HOORV TXH QR SXHGDQ VHU VDOYDGDV GH RILFLR FRPXQLFDUi DO DGPLQLVWUDGR ODV
REVHUYDFLRQHVLQYLWiQGRORDVXEVDQDUODVGHQWURGHOSOD]RGHGRVGtDVKiELOHVEDMRDSHUFLELPLHQWRGHWHQHUSRU
QRSUHVHQWDGDODVROLFLWXG´
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'6XPLOODVW\OH'IRQWIDPLO\$$ULDO&VDQVVHULI%IRQWZHLJKW«
63,-/HJLVODFLyQGH&DUiFWHU*HQHUDO
2EVHUYDFLyQ1
6REUH ORV QXPHUDOHV \ $PERV VXSXHVWRV QR JXDUGDQ UHODFLyQ FRQ HO 3ULQFLSLR GH 3UHGLFWLELOLGDG
SXHVSRUXQDSDUWHVHGHMDDFULWHULRGHODDXWRULGDGODLQIRUPDFLyQTXHpVWDFRQVLGHUHQHFHVDULDDGHPiVGHODV
TXH \D KD HVWDEOHFLGR TXH VRQ OD ~QLFD LQIRUPDFLyQ D SUHVHQWDU ,QFOXVR VH VHxDOD TXH GLFKD LQIRUPDFLyQ
DGLFLRQDOGHEHSUHVHQWDUVHHQODIRUPDTXHWDPELpQODHVWDEOH]FDFXDQGRGLFKDIRUPDSXHGHWHQHUXQFDUiFWHU
VXEMHWLYR'HRWURODGRVHGHEHSUHFLVDUTXH³VLWXDFLRQHV´SXHGHQDPHULWDUODSURFHGHQFLDGHODVROLFLWXG
&RPHQWDULR
6HDFRJHSDUFLDOPHQWHHOFRPHQWDULRGHODHPSUHVDYDULiQGRVHSDUDXQDPD\RUSUHFLVLyQODUHGDFFLyQGH
ORVQXPHUDOHV\GHODUWtFXORGHODVLJXLHQWHPDQHUD
³1RSURSRUFLRQDUD26,1(5*0,1ODLQIRUPDFLyQFRPSOHPHQWDULDTXHHVWDHQWLGDGUHTXLHUDSDUDHYDOXDU
ODVROLFLWXGGHFDOLILFDFLyQGHFDVRIRUWXLWRRIXHU]DPD\RU
/DFDOLILFDFLyQGHELGDPHQWHMXVWLILFDGD\PRWLYDGDHQGHUHFKRTXHDFULWHULRGH26,1(5*0,1DPHULWH
ODLPSURFHGHQFLDGHODVROLFLWXG´
$VLPLVPR UHVSHFWR DO QXPHUDO FRQYLHQH PHQFLRQDU TXH VH DPHULWD OD LPSURFHGHQFLD GH OD VROLFLWXG
VLHPSUH TXH VH WHQJDQ UD]RQHV REMHWLYDV GHELGDPHQWH MXVWLILFDGDV \ HQFDMDGDV HQ HO GHELGR SURFHGLPLHQWR
DGPLQLVWUDWLYR\DORVSULQFLSLRVDGPLQLVWUDWLYRVDSOLFDGRVGHQWURGHODVIDFXOWDGHV\FRPSHWHQFLDVDWULEXLGDVD
HVWH2UJDQLVPR6XSHUYLVRU
,,2EVHUYDFLRQHV\5HFRPHQGDFLRQHVSUHVHQWDGDVSRU3HWUyOHRVGHO3HU~3(7523(5Ò6$
2EVHUYDFLyQ15HVSHFWRDOQXPHUDOGHODUWtFXORODHPSUHVDSURSRQHFDPELDUODUHGDFFLyQGHOD
VLJXLHQWHPDQHUD
³ ([LVWHQFLD PHGLD PHQVXDO DOPDFHQDPLHQWR SURSLR R FRQWUDWDGR GH FRPEXVWLEOH HTXLYDOHQWH
DTXLQFHGtDVFDOHQGDULRVGHGHVSDFKRSURPHGLRGHORV~OWLPRVVHLVPHVHVFDOHQGDULRDQWHULRUHVDOPHV
GHFiOFXORGHODVH[LVWHQFLDVUHJXODGRGHFRQIRUPLGDGFRQORHVWDEOHFLGRHQHODUWtFXORGHO5HJODPHQWRSDUD
OD&RPHUFLDOL]DFLyQGH&RPEXVWLEOHV/tTXLGRV\2WURV3URGXFWRV'HULYDGRVGHORV+LGURFDUEXURVDSUREDGRSRU
'HFUHWR 6XSUHPR 1 (0 \ HQ HO 3URFHGLPLHQWR GH 6XSHUYLVLyQ GH &XPSOLPLHQWR GH OD ([LVWHQFLD
0HGLD 0HQVXDO 0tQLPD \ GH OD ([LVWHQFLD 0tQLPD GH &RPEXVWLEOHV /tTXLGRV FRQWHQLGR HQ HO $QH[R $ GH OD
5HVROXFLyQGH&RQVHMR'LUHFWLYR126&'´
&RPHQWDULR
6H DFHSWDQ ODV REVHUYDFLRQHV GH OD HPSUHVD DO UHIHULGR DUWtFXOR MXVWLILFDGDV HQ HUURUHV PDWHULDOHV HQ OD
UHGDFFLyQGHODUWtFXOR
2EVHUYDFLyQ16REUHODGHWHUPLQDFLyQGHOSOD]RSDUDSUHVHQWDUODVROLFLWXG$UWtFXORGHO3UR\HFWROD
HPSUHVDDOHJDTXHODUHGDFFLyQUHIHULGDDOSOD]RGH³WUHLQWDGtDVFDOHQGDULRV127$63,-FRPSXWDGRVDSDUWLU
GHOPHVVLJXLHQWHGHRFXUULGRHOHYHQWR´SXHGHVHULQWHUSUHWDGDFRPR
D(OSOD]RVHLQLFLDDSDUWLUGHOSULPHUGtDGHOPHVVLJXLHQWHGHRFXUULGRHOHYHQWR
E(OSOD]RVHLQLFLDFXPSOLGRXQPHVGHODIHFKDHQTXHVHSURGXMRHOHYHQWR
&RPHQWDULRV
6REUH OR DUJXPHQWDGR SRU OD HPSUHVD FDEH SUHFLVDU TXH HO SOD]R SDUD SUHVHQWDU OD VROLFLWXG HV D SDUWLU GHO
SULPHUGtDKiELOGHOPHVVLJXLHQWHGHRFXUULGRHOHYHQWR
2EVHUYDFLyQ1
5HVSHFWRDOQXPHUDOGHODUWtFXORODHPSUHVDSURSRQHFDPELDUODUHGDFFLyQGHODVLJXLHQWHPDQHUD
³ &XDGUR PHQVXDO GH ORV YRO~PHQHV GH H[LVWHQFLDV QHWDV GLDULDV UHDOHV \ SURJUDPDGDV TXH PXHVWUH HO
LPSDFWRGHOHYHQWRHQHOPDQWHQLPLHQWRGHODVH[LVWHQFLDVREOLJDWRULDV´
&RPHQWDULR
3DUDPD\RUSUHFLVLyQVHDFHSWDODUHGDFFLyQSURSXHVWDSRUODHPSUHVDFRQIRUPHDOVLJXLHQWHGHWDOOH
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'6XPLOODVW\OH'IRQWIDPLO\$$ULDO&VDQVVHULI%IRQWZHLJKW«
63,-/HJLVODFLyQGH&DUiFWHU*HQHUDO
³ &XDGUR PHQVXDO GH ORV YRO~PHQHV GH H[LVWHQFLDV QHWDV GLDULDV UHDOHV \ SURJUDPDGDV TXH PXHVWUH HO
LPSDFWRGHOHYHQWRHQHOPDQWHQLPLHQWRGHODVH[LVWHQFLDVREOLJDWRULDV´
2EVHUYDFLyQ1
6REUH ORV $OFDQFHV GHO 3UR\HFWR HVSHFtILFDPHQWH OR UHIHULGR DO ³+HFKR GHWHUPLQDQWH GH XQ WHUFHUR´ OD
HPSUHVD 3(7523(58 PHQFLRQD TXH VLQ SHUMXLFLR TXH HO DUWtFXOR GHO 5HJODPHQWR SDUD OD &RPHUFLDOL]DFLyQ
GH&RPEXVWLEOHV/tTXLGRV\2WURV3URGXFWRV'HULYDGRVGHORV+LGURFDUEXURVDSUREDGRSRU'HFUHWR6XSUHPR1
(0 UHFRJH OD ILJXUD GH FDVR IRUWXLWR R IXHU]D PD\RU SDUD H[LPLU GH UHVSRQVDELOLGDG DGPLQLVWUDWLYD HQ
ORVVXSXHVWRVGHLQFXPSOLPLHQWRGHODREOLJDFLyQGHPDQWHQHUH[LVWHQFLDVPtQLPDVVHDGYLHUWHTXHHOQXPHUDO
GHO SUR\HFWR DQDOL]DGR WDPELpQ UHFRJH FRPR H[LPHQWH HO KHFKR GHWHUPLQDQWH GH XQ WHUFHUR QHJDWLYD GHO
RSHUDGRU GH OD SODQWD GH DEDVWHFLPLHQWR GH EULQGDU PD\RU FDSDFLGDG GH DOPDFHQDPLHQWR FLUFXQVWDQFLD TXH
GHEHUtDDSOLFDUVHDQiORJDPHQWHDWRGRVORVVXSXHVWRVHQTXHORVGLYHUVRVDJHQWHVLQYROXFUDGRVHQHOSURFHVR
GHDOPDFHQDPLHQWRRWUDQVSRUWHGHFRPEXVWLEOHVDGRSWHQSRVLFLRQHVTXHLPSRVLELOLWHQDOGLVWULEXLGRUPD\RULVWDD
FXPSOLUFRQODH[LJHQFLDFRQWHPSODGDHQHOGLVSRVLWLYROHJDODQWHVFLWDGR
&RPHQWDULR
6REUH HO SDUWLFXODU FDEH PHQFLRQDU TXH VH DFHSWD SDUFLDOPHQWH HO FRPHQWDULR UHGHILQLpQGRVH OD UHGDFFLyQ
GHOQXPHUDOGHODVLJXLHQWHPDQHUD
³3DUDHOFDVRGHLQFUHPHQWRLPSUHYLVLEOHRGHFDUiFWHUH[WUDRUGLQDULRGHOYROXPHQGHYHQWDVVHGHEHUi
SUHVHQWDU XQ ,QIRUPH HODERUDGR SRU OD HPSUHVD VROLFLWDQWH TXH FRQWHQJD HO VXVWHQWR WpFQLFR FRPHUFLDO
GRFXPHQWDGRGHOLQFUHPHQWRGHGLFKRYROXPHQ´
2EVHUYDFLyQ1
6REUH HO DUWtFXOR GHO SUR\HFWR OD HPSUHVD SURSRQH TXH GH FRQIRUPLGDG FRQ HO DUWtFXOR GH OD /H\
3URFHGLPLHQWR $GPLQLVWUDWLYR *HQHUDO127$ 63,- /H\ 1 HQ ORV FDVRV HQ ORV TXH HO HYHQWR FDOLILFDGR
FRPRFDVRIRUWXLWRRIXHU]DPD\RUSUHVHQWHODFDOLGDGGHKHFKRS~EOLFRRQRWRULRQRVHH[LMDODFRPXQLFDFLyQSRU
SDUWHGHODDXWRULGDGFRPSHWHQWH
$VLPLVPRFRQVLGHUDTXHHQODV]RQDVHQODVTXHQRHVWiSUHVHQWHOD$XWRULGDG3RUWXDULD1DFLRQDO$31VH
LQFOX\D DOWHUQDWLYDPHQWH D OD 'LUHFFLyQ *HQHUDO GH &DSLWDQtDV \ *XDUGDFRVWDV GHO 3HU~ ',&$3, FRPR
DXWRULGDGFRPSHWHQWHSDUDSURQXQFLDUVHVREUHHOFLHUUHGHSXHUWRV
&RPHQWDULR
6REUHHOSDUWLFXODUFDEHPHQFLRQDUTXHVHDFHSWDHOFRPHQWDULRUHGHILQLpQGRVHODUHGDFFLyQGHOQXPHUDO
GHODVLJXLHQWHPDQHUD
³ &RSLD VLPSOH OHJLEOH GH OD &RPXQLFDFLyQ GH OD DXWRULGDG FRPSHWHQWH UHVSHFWR DO WpUPLQR GHO HYHQWR
VHxDODQGRIHFKD\KRUD
/D DXWRULGDG FRPSHWHQWH D OR TXH VH UHILHUHQ ORV QXPHUDOHV \ SRGUi VHU HQWUH RWURV OD $XWRULGDG
3RUWXDULD1DFLRQDO$31ROD'LUHFFLyQGH&DSLWDQtDV\*XDUGDFRVWDV'O&$3,VHJ~QFRUUHVSRQGDHQFDVRGH
&LHUUH GH 3XHUWR HO *RELHUQR 5HJLRQDO R /RFDO HQ FDVR GH FRQPRFLyQ FLYLO HO 0LQLVWHULR GH 7UDQVSRUWHV \
&RPXQLFDFLRQHV HQ FDVR GH LQWHUUXSFLyQ GH FDUUHWHUDV \ 'HIHQVD &LYLO HQ FDVR GH GHVDVWUHV QDWXUDOHV
([FHSFLRQDOPHQWH HQ ORV FDVRV HQ ORV TXH OD DXWRULGDG FRPSHWHQWH QR KD\D HPLWLGR WDO FRPXQLFDFLyQ SRGUi
SUHVHQWDUVH XQD GHFODUDFLyQ MXUDGD DFRPSDxDGD GH GRFXPHQWDFLyQ SUREDWRULD TXH SHUPLWDQ GHWHUPLQDU
IHKDFLHQWHPHQWHODIHFKD\KRUDGHLQLFLR\WpUPLQRGHOHYHQWR´
2EVHUYDFLyQ1
6REUH ORV127$ 63,-FDXVDOHV GH LPSURFHGHQFLD GH OD VROLFLWXG UHFRJLGDV HQ HO DUWtFXOR GHO SUR\HFWR
VHxDOD TXH OD FDXVDO GH LPSURFHGHQFLD FRQWHQLGD HQ HO QXPHUDO HO127$ 63,-SUR\HFWR \D HVWi VLHQGR
FRQVLGHUDGRHQHODUWtFXORGHOSUR\HFWRFRQVLGHUiQGRVHQRFRPRLPSURFHGHQFLDVLQRFRPRGHQHJDWRULDGHOD
VROLFLWXG
,JXDOPHQWH VREUH HO PLVPR QXPHUDO SURSRQH TXH HQ ORV FDVRV HQ ORV TXH ORV PHGLRV SUREDWRULRV QR
UHVXOWHQVXILFLHQWHVSDUDMXVWLILFDUHOHYHQWRVHGHFODUHODGHQHJDWRULD
)LQDOPHQWHVREUHODFDXVDOGHLPSURFHGHQFLDFRQWHQLGDHQHOQXPHUDODOHJDTXHHVWDHVPiVELHQXQD
FDXVDO GH LQDGPLVLELOLGDG GHMDQGR D VDOYR OD SRVLELOLGDG TXH HO DGPLQLVWUDGR SUHVHQWH QXHYDPHQWH VX VROLFLWXG
FXPSOLHQGRORVUHTXLVLWRVH[LJLGRV
&RPHQWDULRV
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'6XPLOODVW\OH'IRQWIDPLO\$$ULDO&VDQVVHULI%IRQWZHLJKW«
63,-/HJLVODFLyQGH&DUiFWHU*HQHUDO
6REUHHOSDUWLFXODUVHKDPRGLILFDGRODUHGDFFLyQGHOQXPHUDOGHODVLJXLHQWHPDQHUD
³1RFXPSOLUFRQSUHVHQWDUORVUHTXLVLWRVFRPSOHWRV\FRQIRUPHVH[LJLGRVHQHODUWtFXORGHOSUHVHQWH
3URFHGLPLHQWR R OD LQIRUPDFLyQ FRQWHQLGD HQ ORV PLVPRV QR UHVXOWH VXILFLHQWH SDUD MXVWLILFDU TXH HO HYHQWR
LPSLGLyDODGPLQLVWUDGRFXPSOLUFRQODREOLJDFLyQGHPDQWHQHUH[LVWHQFLDPHGLDPHQVXDOPtQLPD´
)LQDOPHQWH VREUH OD SURSXHVWD GH OD HPSUHVD VHxDODGD HQ ORV SiUUDIRV VHJXQGR \ WHUFHUR VH FRQVLGHUD
PDQWHQHUODFDXVDOHQWDQWRTXHHVXQDFDXVDOGHLPSURFHGHQFLDGHELGRDTXH³(OYHQFLPLHQWRGHOSHUtRGR
SDUD OD VXEVDQDFLyQ GH ODV REVHUYDFLRQHV GHELGDPHQWH RILFLDGDV´ VH UHILHUH D DTXHOODV REVHUYDFLRQHV
SRVWHULRUHVDODDGPLVLyQGHODVROLFLWXG
(QFRQVHFXHQFLDVHPRGLILFDODUHGDFFLyQGHOQXPHUDOGHODVLJXLHQWHPDQHUD
³ (O YHQFLPLHQWR GHO SHUtRGR SDUD OR VXEVDQDFLyQ GH ODV REVHUYDFLRQHV GHELGDPHQWH RILFLDGDV
GHWHFWDGDVOXHJRGHKDEHUVLGRDGPLWLGDODVROLFLWXG´
'( /$6 2%6(59$&,21(6 < 68*(5(1&,$6 '(1(*$'$6 (1 /$ 5(62/8&,Ï1 0$7(5,$ '(
$352%$&,Ï1
,2EVHUYDFLRQHV\5HFRPHQGDFLRQHVSUHVHQWDGDVSRUODHPSUHVD5(362/6$
2EVHUYDFLyQ1
5HVSHFWR DO QXPHUDO VREUH OD GHILQLFLyQ GH ÈUHD(O iUHD SRU HYHQWR TXH GHEH FRQVLGHUDUVH SDUD OD
FDOLILFDFLyQGHFDVRIRUWXLWRRIXHU]DPD\RUQRVyORHVHOiUHDHVSHFLILFDVLQRWDPELpQODVRWUDViUHDVDIHFWDGDV
GH DFXHUGR DO FURQRJUDPD GH DEDVWHFLPLHQWR SURJUDPDGR TXH WLHQHQ ORV EXTXHV TXH WUDQVSRUWDQ ORV
FRPEXVWLEOHVFRQVLGHUDQGRODVOLPLWDFLRQHV\HOQLYHOGHH[LVWHQFLDVGHFDGD7HUPLQDO
&RPHQWDULR
6REUH HO SDUWLFXODU FRQYLHQH SUHFLVDU TXH OD GHILQLFLyQ GH ³iUHD´ VHxDODGD HQ HO SURFHGLPLHQWR HV SDUD
HIHFWRVGHODDFXPXODFLyQGHH[LVWHQFLDVHQWDOVHQWLGRQRVHKDOLPLWDGRODFDOLILFDFLyQGHVROLFLWXGHVSDUDOHODV
HQFDVRTXHODDIHFWDFLyQGHOHYHQWRHQHOPDQWHQLPLHQWRGHODVH[LVWHQFLDVREOLJDWRULDVVHDHQPiVGHXQDGH
ODV iUHDV (O GLVWULEXLGRU PD\RULVWD GHEHUi SUHVHQWDU LQGLYLGXDO \ HVSHFtILFDPHQWH VX VROLFLWXG SDUD FDGD iUHD
DIHFWDGDGHDFXHUGRFRQODGHILQLFLyQSRUWDQWRVHGHQLHJDODVXJHUHQFLDSUHVHQWDGDSRUODHPSUHVD
2EVHUYDFLyQ1
6REUH HO QXPHUDO &DVR )RUWXLWR R )XHU]D 0D\RU'HEH FRQVLGHUDUVH OD GHILQLFLyQ GHO FDVR IRUWXLWR WDO
FRPRHVWiGHILQLGRHQHO&yGLJR&LYLORHQWRGRFDVRDJUHJDUDOWH[WRGHOSUR\HFWRHQODSDUWHILQDO³GHPDQHUD
SDUFLDOWDUGtDRGHIHFWXRVD´
&RPHQWDULR
/D GHILQLFLyQ GH FDVR IRUWXLWR HQ HO SUHVHQWH SURFHGLPLHQWR HV DSOLFDEOH D ODV VROLFLWXGHV GH FDOLILFDFLyQ GH
FDVR IRUWXLWR R IXHU]D PD\RU SUHVHQWDGDV H[FOXVLYDPHQWH DQWH 26,1(5*0,1 HQ WDO VHQWLGR OD GHILQLFLyQ
FRQWHQLGD HQ HO &yGLJR &LYLO QR UHVXOWD DSOLFDEOH HQ WRGD VX H[WHQVLyQ D OD PDWHULD DGPLQLVWUDWLYD DTXt
GHVDUUROODGD
5HVSHFWR D TXH VH DJUHJXH HQ OD GHILQLFLyQ HO VLJXLHQWH WH[WR ³GH PDQHUD SDUFLDO WDUGtD R GHIHFWXRVD´ HO
LQFRUSRUDUWDOHVWpUPLQRVQRFDPELDODLGHDSULQFLSDOGH³FXPSOLUFRQODREOLJDFLyQGHPDQWHQHUH[LVWHQFLDV´SRU
WDQWRVHGHQLHJDODVXJHUHQFLDSUHVHQWDGDSRUODHPSUHVD
2EVHUYDFLyQ1
5HVSHFWRDOQXPHUDO/DGRFXPHQWDFLyQSXHGHWDPELpQVHUSUHVHQWDGDSRUXQDSRGHUDGRGHODHPSUHVD
VROLFLWDQWH
&RPHQWDULR
(QHIHFWRHOWUiPLWHGHSUHVHQWDFLyQSXHGHVHUUHDOL]DGDSRUXQDSRGHUDGRGHODHPSUHVDVLQHPEDUJRHOOR
QR H[FOX\H HO UHTXLVLWR GH SUHVHQWDU OD FRSLD VLPSOH OHJLEOH GHO GRFXPHQWR GH LGHQWLGDG GHO UHSUHVHQWDQWH OHJDO
WRGD YH] TXH HVWH UHTXLVLWR HV VROLFLWDGR SDUD DFUHGLWDU OD OHJLWLPLGDG SDUD REUDU GHO UHSUHVHQWDQWH OHJDO HQ WDO
VHQWLGRVHGHQLHJDODVXJHUHQFLDSUHVHQWDGDSRUODHPSUHVD
2EVHUYDFLyQ1
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'6XPLOODVW\OH'IRQWIDPLO\$$ULDO&VDQVVHULI%IRQWZHLJKW«
63,-/HJLVODFLyQGH&DUiFWHU*HQHUDO
5HVSHFWRDOQXPHUDO(OFURQRJUDPD\YRO~PHQHVGHDEDVWHFLPLHQWRVHSURJUDPDWULPHVWUDOPHQWHSRUOR
TXHHOFURQRJUDPDDSUHVHQWDUVHUtDHOSUHSDUDGRWUHVPHVHVDQWHVGHODRFXUUHQFLDGHOHYHQWR
&RPHQWDULR
(OUHTXLVLWRLQGLFDGRHQHOQXPHUDOUHIHULGRDOFURQRJUDPD\YRO~PHQHVGHDEDVWHFLPLHQWRVHH[LJHSDUD
DO127$63,-PHVGHODRFXUUHQFLDGHOHYHQWRLQGHSHQGLHQWHPHQWHGHODDQWLFLSDFLyQFRQODTXHFDGD'LVWULEXLGRU
0D\RULVWDORKD\DSUHSDUDGRSRUWDQWRVHGHQLHJDODVXJHUHQFLDSUHVHQWDGDSRUODHPSUHVD
2EVHUYDFLyQ1
6REUHHOQXPHUDO6H GHEH FRQVLGHUDU HO DOFDQFH GHO ³,QIRUPH 7pFQLFR´ +DVWD GRQGH HQWHQGHPRV VH
UHILHUH D ODV UD]RQHV TXH GDGR HO FDVR IRUWXLWR KDQ KHFKR TXH QR VH SXHGD DEDVWHFHU D ORV WHUPLQDOHV PDO
WLHPSREUDYH]DGHOPDUKXHOJDVSDURVFLHUUHGHFDUUHWHUDVHWF
&RPHQWDULR
(O LQIRUPH DO TXH KDFH UHIHUHQFLD HO QXPHUDO WDO FRPR VH LQGLFD HQ OD UHVROXFLyQ GHEH GHPRVWUDU
IHKDFLHQWHPHQWH FRQ XQ DQiOLVLV GH QLYHO WpFQLFR HO LPSDFWR QHJDWLYR HQ HO PDQWHQLPLHQWR GH ODV H[LVWHQFLDV
REOLJDWRULDV \ QR FLUFXQVFULELUVH DO UHODWR GHO HYHQWR HQ Vt (VWH FRPHQWDULR QR DIHFWD HO VHQWLGR GHO
3URFHGLPLHQWRSRUWDQWRVHGHQLHJDODVXJHUHQFLDSUHVHQWDGDSRUODHPSUHVD
2EVHUYDFLyQ1
5HVSHFWR DO QXPHUDO 6H GHEH FRQVLGHUDU HO DOFDQFH GH ³VXVWHQWR FRPHUFLDO GRFXPHQWDGR´ VH GHEH
FRQVLGHUDUTXHGLFKRVXVWHQWRSRGUtDLPSOLFDUTXHODHPSUHVDGHEDUHPLWLUWRGRVVXVFRQWUDWRVGHVXPLQLVWURFRQ
VXFOLHQWHPXFKRVGHORVFXDOHVWLHQHQFDUiFWHUFRQILGHQFLDO
&RPHQWDULR
(O UHTXLVLWR UHIHULGR HQ HO QXPHUDO TXH VROLFLWD OD SUHVHQWDFLyQ GH XQ VXVWHQWR GRFXPHQWDGR
FRPHUFLDOLPSOLFD TXH OD HPSUHVD GHPXHVWUH TXH VH LQFUHPHQWDURQ ODV YHQWDV GH PRGR LPSUHYLVLEOH \R GH
FDUiFWHU H[WUDRUGLQDULR HVWR HV TXH HO VXVWHQWR FRPHUFLDO QR LPSOLFD ODV YHQWDV IXWXUDV SXHVWR TXH VL HV
HVSHUDGR \D QR HV LPSUHYLVLEOH 6REUH HO FDUiFWHU GH FRQILGHQFLDOLGDG DUJXPHQWDGR SRU OD HPSUHVD GH
SUHVHQWDUVH HO VXSXHVWR DOXGLGR HVWH GHEH VHU HYDOXDGR HQ IXQFLyQ DO FDVR HQ SDUWLFXODU UHVSHWDQGR ORV
SULQFLSLRVGHGHELGRSURFHGLPLHQWRDGPLQLVWUDWLYR
2EVHUYDFLyQ1
6REUH HO QXPHUDO 8QR GH ORV SULQFLSDOHV VXVWHQWRV GHO 3UR\HFWR HV HO 3ULQFLSLR GH 3UHGLFWLELOLGDG
HVWDEOHFLGR HQ HO QXPHUDO GH OD /H\ 1 SRU WDQWR QR FRUUHVSRQGH GHMDU OLEUHPHQWH DOJ~Q UHTXLVLWR
DGLFLRQDO TXH HQ VX PRPHQWR OD DXWRULGDG SXHGD FRQVLGHUDU QHFHVDULR SDUD TXH HO DGPLQLVWUDGR SUHVHQWH OD
LQIRUPDFLyQUHTXHULGDHQHVWHSURFHGLPLHQWR6HVXJLHUHODHOLPLQDFLyQGHHVWHQXPHUDO
&RPHQWDULR
(QUHODFLyQDOUHTXLVLWRVHxDODGRHQHOQXPHUDOHOLQFOXLUORHQODOLVWDGHUHTXLVLWRVSDUDODFDOLILFDFLyQGH
FDVR IRUWXLWR R IXHU]D PD\RU REHGHFH D OD FDVXtVWLFD P~OWLSOH GH FDVRV IRUWXLWRV R IXHU]D PD\RU TXH SXHGH
JHQHUDUXQDVROLFLWXGGHFDOLILFDFLyQSRUHODGPLQLVWUDGR\SRUORWDQWRGHEHVHUFRQVLGHUDGDPiVELHQFRPRXQ
EHQHILFLR SDUD HO DGPLQLVWUDGR HQ WDQWR TXH DEUH OD SRVLELOLGDG GH HYDOXDU DOJXQD GRFXPHQWDFLyQ DGLFLRQDO TXH
pVWHSUHVHQWH\TXHGHPXHVWUH\MXVWLILTXHIDYRUDEOHPHQWHODFDOLILFDFLyQSRUSDUWHGH26,1(5*0,1SRUWDQWR
VHGHQLHJDODVXJHUHQFLDSUHVHQWDGDSRUODHPSUHVD
2EVHUYDFLyQ1
1XPHUDO$GLFLRQDO3URSXHVWRHQHO$UWtFXOR6HSRGUtDSUHVHQWDUFRPRLQIRUPDFLyQDGLFLRQDOORVFDODGRVGH
FDGDWHUPLQDOFRPRUHIHUHQFLDSDUDKDFHUPHQFLyQGHODVOLPLWDFLRQHVWpFQLFDVTXHWHQHPRVHQODVGHVFDUJDV
&RPHQWDULR
/DVOLPLWDFLRQHVWpFQLFDVILQDQFLHUDVHWFDOXGLGDVSRUODHPSUHVDQRFRQVWLWX\HQSRUVXQDWXUDOH]DXQFDVR
GH IXHU]D PD\RU HQ WDQWR TXH QR DOFDQ]DQ ODV FDUDFWHUtVWLFDV GH KHFKR H[WHUQR LQLPSXWDEOH GH FDUiFWHU
H[WUDRUGLQDULRLPSUHYLVLEOHHLUUHVLVWLEOHSRUWDQWRVHGHQLHJDODVXJHUHQFLDSUHVHQWDGDSRUODHPSUHVD
2EVHUYDFLyQ1
(V LPSRUWDQWH TXH HO SUR\HFWR HYDO~H ORV FDVRV HQ ORV FXDOHV ORV GLVWULEXLGRUHV PD\RULVWDV VH HQFXHQWUDQ
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'6XPLOODVW\OH'IRQWIDPLO\$$ULDO&VDQVVHULI%IRQWZHLJKW«
63,-/HJLVODFLyQGH&DUiFWHU*HQHUDO
LPSHGLGRV GH FXPSOLU FRQ VXV LQYHQWDULRV SRU OD IDOWD GH FDSDFLGDG GH DOPDFHQDPLHQWR TXH RWRUJD OD HPSUHVD
TXHRSHUDORVWHUPLQDOHVSXHVGLFKDFDXVDGHEHUtDVHUFRQVLGHUDGDFRPRIXHU]DPD\RU3RUWDQWRHOSUR\HFWR
GHEHUtD GH FRQWHPSODU HVWH VXSXHVWR R HYDOXDU PHGLGDV DOWHUQDWLYDV SDUD PLWLJDU HVWH LPSDFWR \ ORV
GLVWULEXLGRUHV PD\RULVWDV QR VH YHDQ SHUMXGLFDGRV FXDQGR QR VH OHV RWRUJXH OD FDSDFLGDG GH DOPDFHQDPLHQWR
VROLFLWDGD
&RPHQWDULR
/DV OLPLWDFLRQHV HQ ODV IDFLOLGDGHV GH DOPDFHQDPLHQWR DOXGLGDV SRU OD HPSUHVD QR FRQVWLWX\HQ SRU VX
QDWXUDOH]DXQFDVRGHIXHU]DPD\RUHQWDQWRTXHQRDOFDQ]DQODVFDUDFWHUtVWLFDVGHKHFKRH[WHUQRLQLPSXWDEOH
GH FDUiFWHU H[WUDRUGLQDULR LPSUHYLVLEOH H LUUHVLVWLEOH SRU WDQWR VH GHQLHJD OD VXJHUHQFLD SUHVHQWDGD SRU OD
HPSUHVD
,,2EVHUYDFLRQHV\5HFRPHQGDFLRQHVSUHVHQWDGDVSRU3HWUyOHRVGHO3HU~3(7523(5Ò6$
2EVHUYDFLyQ1
6REUHHO$UWtFXORGHOSURFHGLPLHQWRODHPSUHVDSURSRQHFDPELDUODUHGDFFLyQGHODVLJXLHQWHPDQHUD
³$UWtFXOR2EMHWLYR
(O SUHVHQWH SURFHGLPLHQWR WLHQH FRPR ILQDOLGDG HVWDEOHFHU ODV SDXWDV D VHJXLU SDUD TXH
26,1(5*0,1GHWHUPLQHTXHODLPSRVLELOLGDGGHDEDVWHFLPLHQWRDOGLVWULEXLGRUPD\RULVWDIXHFRQVHFXHQFLDGHXQ
KHFKRTXHFDOLILFDFRPRFDVRIRUWXLWRRIXHU]DPD\RUTXHORH[LPDGHUHVSRQVDELOLGDGSRUHOLQFXPSOLPLHQWRGH
ODREOLJDFLyQGHPDQWHQHUH[LVWHQFLDPHGLDPHQVXDOPtQLPD´
&RPHQWDULRV
6REUH OD UHGDFFLyQ SURSXHVWD SRU OD HPSUHVD FDEH PHQFLRQDU TXH OD GHWHUPLQDFLyQ GH OD LPSRVLELOLGDG GH
DEDVWHFLPLHQWRFRUUHVSRQGHDODDGPLQLVWUDGDHVWRHVTXHFRUUHVSRQGHDODHPSUHVDHODERUDUHOLQIRUPHWpFQLFR
TXHUHFRMDWRGRVORVKHFKRVGRFXPHQWDGRVTXHDFUHGLWHQTXHDPHULWDODH[FHSFLyQ26,1(5*0,1QRGHWHUPLQD
OD LPSRVLELOLGDG GHO DEDVWHFLPLHQWR VLQR PiV ELHQ OH FRUUHVSRQGH OD FDOLILFDFLyQ GH OD GRFXPHQWDFLyQ
SUHVHQWDGD SRU OD DGPLQLVWUDGD DQDOL]DQGR VL HO VXSXHVWR HQFDMD GHQWUR GHO PDUFR GHO GHELGR SURFHGLPLHQWR
DGPLQLVWUDWLYR
2EVHUYDFLyQ1
6REUH HO DUWtFXOR GHO SUR\HFWR UHIHULGR D OD GHILQLFLyQ GH FDVR IRUWXLWR R IXHU]D PD\RU OD HPSUHVD
3(7523(58DUJXPHQWDTXHGHEHFRQVLGHUDUVHTXHHOHYHQWRTXHFDOLILTXHFRPRFDVRIRUWXLWRRIXHU]DPD\RU
SURGXFLGRHQGHWHUPLQDGDiUHDSXHGHSUHVHQWDUHIHFWRVGHDOFDQFHQDFLRQDOHQGLVWLQWRVSHULRGRVWRGDYH]TXH
ODVRSHUDFLRQHVGHDEDVWHFLPLHQWRGHFRPEXVWLEOHDSODQWDVWLHQHXQDQDWXUDOH]DVHFXHQFLDO\FRQFDWHQDGD(Q
WDOVHQWLGRGHEHWHQHUVHHQFXHQWDTXHXQHYHQWRSXHGHQRSUHVHQWDUHIHFWRVHQHOiUHDRSHULRGRLQPHGLDWRV
SHURVLSXHGHDIHFWDURWUDViUHDVGHLQIOXHQFLDDQLYHOQDFLRQDO\HQSHULRGRVSRVWHULRUHV
&RPHQWDULRV
'H DFXHUGR FRQ OD GLVSRVLFLyQ FRQWHQLGD HQ HO DUWtFXOR GHO 5HJODPHQWR SDUD OD &RPHUFLDOL]DFLyQ GH
&RPEXVWLEOHV /tTXLGRV \ 2WURV 3URGXFWRV 'HULYDGRV GH ORV KLGURFDUEXURV DSUREDGR SRU 'HFUHWR 6XSUHPR 1
(0ODFDOLILFDFLyQGHFDVRIRUWXLWRRIXHU]DPD\RUFRPRFDXVDOGHODLPSRVLELOLGDGGHODEDVWHFLPLHQWR
DO GLVWULEXLGRU PD\RULVWD OR H[LPLUi GH OD REOLJDFLyQ GH PDQWHQHU H[LVWHQFLD PHQVXDO PtQLPD HQ HO PHV GH OD
RFXUUHQFLD
$VLPLVPRVREUHORVHIHFWRVGHDOFDQFHQDFLRQDOHQGLVWLQWRVSHULRGRVTXHSXHGHSURGXFLUHOFDVRIRUWXLWR\
IXHU]DPD\RUFRQYLHQHSUHFLVDUTXHGHDFXHUGRDORUHIHULGRHQODGHILQLFLyQGH³HYHQWR´VHxDODGRHQHOQXPHUDO
GHO SUHVHQWH SURFHGLPLHQWR \ FRQIRUPH D OR UHIHULGR HQ OD EDVH OHJDO FLWDGD HQ HO SiUUDIR SUHFHGHQWH OD
SUHVHQWDFLyQ GH OD VROLFLWXG VH UHDOL]D SRU iUHD \ SRU HO SHULRGR PHQVXDO SRU OR TXH GH DFRQWHFHU XQD R PiV
RFXUUHQFLDVHQXQPLVPRPHV\HQXQPLVPDiUHDVyORVHSUHVHQWDUiXQD~QLFDVROLFLWXG
,JXDOPHQWHHQFDVRTXHODDIHFWDFLyQGHOHYHQWRHQHOPDQWHQLPLHQWRGHODVH[LVWHQFLDVREOLJDWRULDVVHDHQ
PiV GH XQD GH ODV iUHDV HO GLVWULEXLGRU PD\RULVWD GHEHUi SUHVHQWDU LQGLYLGXDO \ HVSHFtILFDPHQWH VX VROLFLWXG
SDUDFDGDiUHDDIHFWDGDGHDFXHUGRFRQODGHILQLFLyQ
2EVHUYDFLyQ1
6REUHODGHWHUPLQDFLyQGHOSOD]RSDUDSUHVHQWDUODVROLFLWXG$UWtFXORGHO3UR\HFWRUHILHUHTXHHQWDQWRTXH
HOHYHQWRSXHGHVHUXQDVXFHVLyQGHDFWRV\KHFKRVFX\RVHIHFWRVSHUPDQHFHQOXHJRGHSURGXFLGRHOHYHQWR
GHEHFRQVLGHUDUVHTXHHOSOD]RVHUtDFRPSXWDEOHGHVGHHOGtDTXHWHUPLQyHOHYHQWRRVXVHIHFWRV3RUORTXH
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'6XPLOODVW\OH'IRQWIDPLO\$$ULDO&VDQVVHULI%IRQWZHLJKW«
63,-/HJLVODFLyQGH&DUiFWHU*HQHUDO
VXJLHUH TXH OD SUHVHQWDFLyQ GH OD VROLFLWXG VHD VyOR SRU HYHQWR \ TXH HQ HVWD VH GHWDOOH ODV iUHDV HQ ODV TXH
UHFD\yHOLQFXPSOLPLHQWR
)LQDOPHQWH VXJLHUH DGRSWDU OR HVWDEOHFLGR HQ HO DUWtFXOR GH OD /H\ GH 3URFHGLPLHQWR $GPLQLVWUDWLYR
*HQHUDO/H\1HQFDVRHOSOD]RSDUDODSUHVHQWDFLyQGHODVROLFLWXGFXOPLQHHQGtDKiELO
&RPHQWDULRV
$VLPLVPRVREUHORVHIHFWRVGHDOFDQFHQDFLRQDOHQGLVWLQWRVSHULRGRVTXHSXHGHSURGXFLUHOFDVRIRUWXLWR\
IXHU]DPD\RUFRQYLHQHSUHFLVDUTXHGHDFXHUGRDORUHIHULGRHQHOFRQFHSWRGH³HYHQWR´VHxDODGRHQHOQXPHUDO
GHO SUHVHQWH SURFHGLPLHQWR \ FRQIRUPH D OR UHIHULGR HQ OD EDVH OHJDO FLWDGD HQ HO SiUUDIR SUHFHGHQWH OD
SUHVHQWDFLyQ GH OD VROLFLWXG VH UHDOL]D SRU iUHD \ SRU HO SHULRGR PHQVXDO HVWR GH DFRQWHFHU XQD R PiV
RFXUUHQFLDVHQXQPLVPRPHV\HQXQPLVPDiUHDVyORVHSUHVHQWDUiXQD~QLFDVROLFLWXG$VLPLVPRHQFDVR
TXH OD DIHFWDFLyQ GHO HYHQWR HQ HO PDQWHQLPLHQWR GH ODV H[LVWHQFLDV REOLJDWRULDV VHD HQ PiV GH XQD GH ODV
iUHDV (O GLVWULEXLGRU PD\RULVWD GHEHUi SUHVHQWDU LQGLYLGXDO \ HVSHFtILFDPHQWH VX VROLFLWXG SDUD FDGD iUHD
DIHFWDGDGHDFXHUGRFRQODGHILQLFLyQ
)LQDOPHQWHHOSOD]RDOTXHKDFHUHIHUHQFLDHODUWtFXORHVGHWUHLQWDGtDVFDOHQGDULRV127$ 63,-\GH
DFXHUGR D OR VHxDODGR HQ HO DUWtFXOR GH OD /H\ GHO 3URFHGLPLHQWR $GPLQLVWUDWLYR *HQHUDO ORV SOD]RV \
WpUPLQRVVRQ HQWHQGLGRV FRPR Pi[LPRV \ REOLJDQ SRU LJXDO D OD DGPLQLVWUDFLyQ \ DORV DGPLQLVWUDGRV VLQ
QHFHVLGDGGHDSUHPLRHQDTXHOORTXHUHVSHFWLYDPHQWHOHVFRQFLHUQHORTXHLPSOLFDTXHWDQWROD$GPLQLVWUDFLyQ
FRPRHODGPLQLVWUDGRGHEHUiQWRPDUODVSUHYLVLRQHVQHFHVDULDVSDUDVXILHOFXPSOLPLHQWR
2EVHUYDFLyQ16REUHHODUWtFXORGHOSUR\HFWRODHPSUHVDUHILHUHORVLJXLHQWH
D6REUHODVIDFXOWDGHVGHUHSUHVHQWDFLyQHOSUR\HFWRRPLWHODPHQFLyQGHODSRGHUDGRDVLPLVPRUHILHUHTXH
GHEHUi UHDOL]DUVH OD DGHFXDFLyQ GH OD UHGDFFLyQ D HIHFWRV GH SUHFLVDU TXH TXLHQHV RVWHQWDQ IDFXOWDGHV GH
UHSUHVHQWDFLyQHVSHFLDOSXHGDQSUHVHQWDUODVROLFLWXGGD127$63,-FDOLILFDFLyQGHFDVRIRUWXLWRRIXHU]DPD\RU
E6REUHHOFXDGURPHQVXDOGHYRO~PHQHVGHH[LVWHQFLDVQHWDVGLDULDVUHDOHV\SURJUDPDGDVUHILHUHTXHHVWH
GRFXPHQWR QR SRGUtD VHU DGMXQWDGR (Q HIHFWR UHILHUH TXH HO SURFHGLPLHQWR FRQVLGHUH OD SUHVHQWDFLyQ GH
GRFXPHQWRVTXHDFUHGLWHQODSURJUDPDFLyQGHODUHSRVLFLyQGHH[LVWHQFLDVVHPDQDOELVHPDQDOXRWURVWRGDYH]
TXHHQODPD\RUtDGHORVFDVRVODUHSRVLFLyQQRVHUHDOL]DDWUDYpVGHXQDSURJUDPDFLyQPHQVXDO
F 5HFRPLHQGD TXH SDUD DFUHGLWDU OD FDSDFLGDG GH DOPDFHQDPLHQWR FRQWUDWDGD VH UHTXLHUD HQ OXJDU GH ORV
FRQWUDWRV UHFHSFLyQ DOPDFHQDPLHQWR \ GHVSDFKR DQH[DU OD GRFXPHQWDFLyQ TXH JUDILTXH HVWD LQIRUPDFLyQ
GXUDQWHHOSHULRGRTXHVHSURGXMRHOHYHQWR
&RPHQWDULRV
6REUHORDUJXPHQWDGRSRUODHPSUHVDHQVXVREVHUYDFLRQHVFDEHPHQFLRQDUORVLJXLHQWH
D(OWUiPLWHGHSUHVHQWDFLyQSXHGHVHUUHDOL]DGD127$63,-SRUXQDSRGHUDGRGHODHPSUHVDHOORQRH[FOX\H
HOUHTXLVLWRGHSUHVHQWDUODFRSLDVLPSOHOHJLEOHGHOGRFXPHQWRGHLGHQWLGDGGHOUHSUHVHQWDQWHOHJDOWRGDYH]TXH
HVWH UHTXLVLWR HV VROLFLWDGR SDUD DFUHGLWDU OD OHJLWLPLGDG SDUD REUDU GHO UHSUHVHQWDQWH OHJDO /DV IDFXOWDGHV
JHQHUDOHV \ HVSHFLDOHV VRQ H[LJLGDV GH FRQIRUPLGDG FRQ ORV DUWtFXORV \ GH OD /H\ GHO 3URFHGLPLHQWR
$GPLQLVWUDWLYR*HQHUDO/H\1
E &RQVLGHUDPRV TXH OD UHSRVLFLyQ GH LQYHQWDULRV GHEH REHGHFHU D XQ SODQ ORJtVWLFR SURJUDPDGR HQ
FRQVHFXHQFLD UHTXHULPRV HVWRV SODQHV SDUD FRQWUDVWDUORV FRQ OD UHDOLGDG (Q UHODFLyQ D OD REVHUYDFLyQ
IRUPXODGD FDEH PHQFLRQDU TXH HO UHTXLVLWR LQGLFDGR HQ HO QXPHUDO UHIHULGR DO FURQRJUDPD \ YRO~PHQHV GH
DEDVWHFLPLHQWR VH H[LJH SDUD DO PHV GH OD RFXUUHQFLD GHO HYHQWR GH FRQIRUPLGDG FRQ HO DUWtFXOR GHO
5HJODPHQWR SDUD OD &RPHUFLDOL]DFLyQ GH &RPEXVWLEOHV /tTXLGRV \ 2WURV 3URGXFWRV 'HULYDGRV GH ORV
+LGURFDUEXURV DSUREDGR PHGLDQWH 'HFUHWR 6XSUHPR 1 (0 LQGHSHQGLHQWHPHQWH GH OD DQWLFLSDFLyQ
FRQODTXHVHKD\DSUHSDUDGR
F&RQYLHQHSUHVHQWDUD26,1(5*0,1HOFRQWUDWRGHUHFHSFLyQDOPDFHQDPLHQWR\GHVSDFKRDILQTXHHVWH
2UJDQLVPRVXSHUYLVRUHYDO~H\FRQWUDVWHIHKDFLHQWHPHQWHODLQIRUPDFLyQDKtFRQWHQLGD3RUWDQWRVHGHQLHJDOD
VXJHUHQFLDSUHVHQWDGDSRUODHPSUHVD
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'6XPLOODVW\OH'IRQWIDPLO\$$ULDO&VDQVVHULI%IRQWZHLJKW«
