Manual Justificación.

!"#$%&'
()$*+$,-./01+$*+$2)%(
!"#$%%%#$&$'()#$*+,-.
!"#$%&
'(!)(*% +"% ,)-./0/1(1/2!% +"% 3(-.$-% +"4/5(+$-% +"% *(% 4"(*/6(1/2!% +"% (11/$!"-% +"% 0$47(1/2!% 84$0"-/$!(*
+/4/3/+(-%(%.4(9(,(+$4"-%+"-$1)8(+$-%:;<=>:;<?
@(8A.)*$ B
C/-8$-/1/$!"-%3"!"4(*"<D> E9,".$%F%G79/.$%+"%(8*/1(1/2!
!"#$%&'#"(&"&)'&"*+&,#"&)"-&./!*-"&!"0#+'&+1(#2"&!"*!0*+0&"3"!*"%/)'1410*015+"(&"!#)".*)'#)")/$6&+01#+*$!&)
(&-16*(*)" (&" !*" -&*!17*015+" (&" *001#+&)" 4#-8*'16*)" (1-1.1(*)" 9-1#-1'*-1*8&+'&" *" '-*$*%*(#-*)" 3" '-*$*%*(#-&)
(&)&89!&*(#)"9*-*"&!"9&-1#(#":;<=>:;<?@
http://www.caib.es/eboibfront/pdf/es/2013/149/843311
:D> H(-.$-%-)95"!1/$!(9*"<@ A&"0#+)1(&-*+".*)'#)")/$6&+01#+*$!&)"(&-16*(#)"(&"!*"-&*!17*015+"(&"*001#+&)"4#-8*'16*)B
*@ C#)"0#)'&)"(&"!*"*0'161(*("4#-8*'16*"D/&")&".&+&-&+"0#+"!*"189*-'1015+"(&"!#)"85(/!#)"4#-8*'16#)"3"(&
!*" 4#-8*015+" 0#89!&8&+'*-1*2" 9-&61)'#)" &+" &!" E&*!" (&0-&'#" =FGH:;;I2" (&" :=" (&" 8*-7#2" 9#-" &!" 0/*!" )&
-&./!*"&!")/$)1)'&8*"(&"4#-8*015+"9-#4&)1#+*!"9*-* &! &89!&#2"3"&+"&!"*+&,#":"(&!"J-(&+"KLAHI<MH:;;M2
(&" I" (&" 8*-7#2" 9#-" !*" 0/*!" )&" (&)*--#!!*" &)'&" E&*!" (&0-&'#2" &+" 8*'&-1*" (&" 4#-8*015+" (&" #4&-'*" 3" )&
&)'*$!&0&+"!*)"$*)&)"-&./!*(#-*)"9*-*"!*"0#+0&)15+"(&")/$6&+01#+&)"9N$!10*)"(&)'1+*(*)"*")/"41+*+01*015+@
$@ C#)"0#)'&)"(&"!*"*0'161(*("(&!"'/'#-"(&!"85(/!#"(&"4#-8*015+"9-O0'10*"&+"0&+'-#)"(&"'-*$*%#"(&)1.+*(#)
9#-" &!" 0&+'-#" (&" 4#-8*015+2" &+" *D/&!!*)" &)9&01*!1(*(&)" 4#-8*'16*)" &+" !*)" D/&" )&" P*3*" 9-#.-*8*(#" &!
8&+01#+*(#"85(/!#@
:@ A5!#" )&" 0#+)1(&-*+" .*)'#)" )/$6&+01#+*$!&)" !#)" 0#)'&)" -&*!&)2" &4&0'16*8&+'&" -&*!17*(#)2" 9*.*(#)" 3
%/)'1410*(#)" 8&(1*+'&" 4*0'/-*)" #" (#0/8&+'#)" 0#+'*$!&)" (&" 6*!#-" 9-#$*'#-1#" &D/16*!&+'&2" D/&" +#" )/9&-&+" &!
6*!#-" (&" 8&-0*(#" 3" -&)9#+(*+" *" !*" +*'/-*!&7*" (&" !*" *0'161(*(" )/$6&+01#+*(*@" +" +1+.N+ 0*)#" &!" 0#)'&" (&
*(D/1)1015+"(&"!#)"$1&+&)"#")&-6101#)")/$6&+01#+*$!&)"9/&(&")&-")/9&-1#-"*!"6*!#-"+#-8*!"(&"8&-0*(#@
=D> H(-.$-%!$%-)95"!1/$!(9*"<@ A&" 0#+)1(&-*+" .*)'#)" +#" )/$6&+01#+*$!&)" !#)" D/&" +#" ./*-(&+" -&!*015+" 0#+" !*" *0'161(*(" #$%&'#" (&" !*
)/$6&+015+2"3"*(&8O)B
*@ C#)"'-1$/'#)"D/&"+#")&*+"-&*!8&+'&"3"(&41+1'16*8&+'&")#9#-'*(#)"9#-"&!"$&+&4101*-1#2"&+'&+(1&+(#"0#8#
'*!&)"!#)"D/&"9/&(*+"-&9&-0/'1-)&2"-&0/9&-*-)&"#"0#89&+)*-)&"9#-"0/*!D/1&-"8&(1#@
$@ C#)" .*)'#)" (&-16*(#)" (&" 9-Q)'*8#)" #" 0-Q(1'#)2" *)R 0#8#" !*)" (&" *9&-'/-*" 3" 8*+'&+181&+'#" (&" 0/&+'*)
0#--1&+'&)@
0@ C#)"1+'&-&)&)2"!#)"-&0*-.#)"3"!*)")*+01#+&)"*(81+1)'-*'16*)"3"9&+*!&)@
(@ C#)".*)'#)"(&"9-#0&(181&+'#)"%/(101*!&)@
&@ C#)"1+'&-&)&)"(&/(#-&)"(&"!*)"0/&+'*)"$*+0*-1*)@
4@ C*"*(D/1)1015+"(&"8#$1!1*-1#2"&D/19#)2"6&PR0/!#)2"1+4-*&)'-/0'/-*)2"$1&+&)"1+8/&$!&)"3"'&--&+#)@
.@ C#)"*0-&(1'*(#)"0#+"(#0/8&+'#)"D/&"+#"-&4!&%&+"(&"8*+&-*"0!*-*"&!"0#+0&9'#"(&!".*)'#"3"!*"0*+'1(*(@
P@ C#)")#9#-'*(#)"&+"(#0/8&+'#)"%/)'1410*'16#)"D/&"+#")#+"0#+4#-8&)"0#+"!*"+#-8*'16*"!&.*!"61.&+'&@
1@ C#)".*)'#)"&+"!*)"0/*!&)"4*!'*"&!"%/)'1410*+'&"(&"9*.#"0#--&)9#+(1&+'&@
?D> I"4A$+$%-)95"!1/$!(9*"
S#8#" +#-8*" .&+&-*!2" 9/&(&+" )&-" 189/'*(#)" 3" *(81'1(#)" 0#8#" .*)'#)" )/$6&+01#+*$!&)" !#)" -&*!17*(#)
&4&0'16*8&+'&" &+" &!" 9&-1#(#" (&" 189*-'1015+" (&" !*" &)9&01*!1(*(" 4#-8*'16*@" A&" 9/&(&+" *(81'1-" 0#8#" .*)'#)
)/$6&+01#+*$!&)"!#)"0#)'&)"&+"D/Q"9/(1&-*"1+0/--1-"&!"$&+&4101*-1#"&+"!*)"'*-&*)"(&"9-&9*-*015+"9*-*"189*-'1!*" &)9&01*!1(*(" 4#-8*'16*" 3" 9*-*" 0&--*-!*2" 0#89-&+(1(#)" &+" &!" 9&-1#(#" (&" /+" 8&) *+'&-1#-" *!" 1+101#" (&" !*
81)8*" 3" /+" 8&)" 9#)'&-1#-" *" )/" 41+*!17*015+@" T#" &)" (&" *9!10*015+" &!" !R81'&" '&89#-*!" *+'&-1#-" *" !#)" .*)'#)
(&-16*(#)" (&" !*" 0#+)'1'/015+" (&" .*-*+'R*)" 3" (&" !*" -&*!17*015+" (&!" 1+4#-8&" (&" */(1'#-R*2" 0/*+(#" )&*+
)/$6&+01#+*$!&)2" !#)" 0/*!&)" 9#(-O+" P*0&-)&" &+" 0/*!D/1&-" 8#8&+'#" *+'&-1#-" *" !*" 41+*!17*015+" (&!" 9!*7#" (&
%/)'1410*015+@
JD> '$+(*/+(+%+"%,)-./0/1(1/2!
/0012334564#"764#!89999:#;#2$'<$.=-&,->+$&$% ?2$@@*.&,@++
!"#$%&'
()$*+$,-./01+$*+$2)%(
!"#$%%%#$&$'()#$*+,-*
<@ !"$&+&4101*-1#"'1&+&"D/&"%/)'1410*-"&!"0/89!181&+'#"9#-"&!"0/*!")&"0#+0&(15"!*"41+*+01*015+"(&"!*)"*001#+&)
4#-8*'16*)"3"!*"*9!10*015+"(&"!#)"4#+(#)"9&-01$1(#)"8&(1*+'&"!*"-&+(1015+"(&"!*"0/&+'*"%/)'1410*'16*"(&!".*)'#
3"0#+"&!"1+4#-8&"(&"*/(1'#-@
:@ !"*!0*+0&"3"0#+'&+1(#"(&!"1+4#-8&"(&"*/(1'#-R*")&-O"41%*(#"9#-"&!"AJUV"3"!*"J-(&+" WLH<?=?H:;;I2"(&"<I
(&"8*3#2"9#-"!*"0/*!")&"*9-/&$*"!*"+#-8*"(&"*0'/*015+"(&"!#)"*/(1'#-&)"(&"0/&+'*)"&+"!*"-&*!17*015+"(&"!#)
'-*$*%#)"(&"-&61)15+"(&"0/&+'*)"%/)'1410*'16*)"(&")/$6&+01#+&)@" +"'#(#"0*)#2"'1&+&"D/&"9-&6&-"&!"*+O!1)1)"(&
!#)" 0#)'&)" )/$6&+01#+*$!&)" 3" !#)" 0-1'&-1#)" (&" 189/'*015+" &)'*$!&01(#)" &+" &!" *+&,#" :" (&!" J-(&+
KLAHI<MH:;;I2" (&" I" (&" 8*-7#@" L)R2" !#)" .*)'#)" (&0!*-*(#)" )#+" &!&.1$!&)" 3" '1&+&+" &!" *9#3#" (&" 4*0'/-*)" #
(#0/8&+'#)" 0#+'*$!&)" (&" 6*!#-" 9-#$*'#-1#" &D/16*!&+'&2" &)'O+" &4&0'16*8&+'&" 9*.*(*)" (&+'-#" (&!" 9&-1#(#
)/$6&+01#+*$!&"3"D/&(*"0#+)'*+01*"(&"!*"8*'&-1*!17*015+"(&!"9*.#"*"'-*6Q)"(&"!*"*0-&(1'*015+"0#--&)9#+(1&+'&
&+"!#)"'Q-81+#)"9-&61)'#)"&+"&)'&"*+&,#
KD> I*(6$%+"%,)-./0/1(1/2!
<@ !"$&+&4101*-1#"'1&+&"D/&"9-&)&+'*-"*+'&"&!"AJUV"!*"%/)'1410*015+"(&"!*"-&*!17*015+"(&"!*"*0015+"4#-8*'16*"3
(&" !#)" .*)'#)" -&*!17*(#)" 9*-*" 0*(*" /+*" &+" &!" 9!*7#" 8O,18#" (&" '-&)" 8&)&)" (&)(&" !*" 41+*!17*015+" (&" !*
&)9&01*!1(*("4#-8*'16*@
:@ S/*+(#" &!" AJUV" *9-&01&" !*" &,1)'&+01*" (&" (&4&0'#)" )/$)*+*$!&)" &+" !*" %/)'1410*015+" 9-&)&+'*(*" 9#-" &!
$&+&4101*-1#2"!#)"'1&+& D/&"9#+&-"&+"0#+#0181&+'#"3"0#+0&(&-"/+"9!*7#"(&"(1&7"(R*)"9*-*"0#--&.1-!#)@
=@ K-*+)0/--1(#" &!" 9!*7#" &)'*$!&01(#" (&" %/)'1410*015+" )1+" D/&" )&" P*3*" 9-&)&+'*(#2" &!" AJUV" -&D/&-1-O" *!
$&+&4101*-1#"9*-*"D/&"&+"&!"9!*7#"189-#--#.*$!&"(&"<G"(R*)"!#"P*.*@"C*"4*!'*"(&"9-&)&+'*015+"(&"%/)'1410*015+
&+" &!" 9!*7#" &)'*$!&01(#" 0#89#-'*" !*" 9Q-(1(*" (&!" (&-&0P#2" !*" &,1.&+01*" (&!" -&1+'&.-#2" )1" 9-#0&(&2" 3" #'-*)
-&)9#+)*$1!1(*(&)" &)'*$!&01(*)" &+" !*" C&3" .&+&-*!" (&" )/$6&+01#+&)@" X-&)&+'*-" !*" %/)'1410*015+" &+" &!" 9!*7#
*(101#+*!"&)'*$!&01(#"&+"&)'&"*9*-'*(#"+#"&,18&"&!"$&+&4101*-1#"(&"!*)")*+01#+&)"D/&2"(&"*0/&-(#"0#+"!*"!&32
!&"0#--&)9#+(*+@
http://www.caib.es/eboibfront/pdf/es/2013/149/843311
@(8A.)*$%%BB
C/-8$-/1/$!"-%1$7)!"-%(%*$-%+/0"4"!."-%1$!1"8.$-%+"%3(-.$&D> H(-.$-%(%+"1*(4(4
<@ C#)"$&+&4101*-1#)"(&"!*)")/$6&+01#+&)"'1&+&+"D/&"(&0!*-*-"!*"'#'*!1(*("(&"!#)".*)'#)".&+&-*(#)"9#-"&)'*)@
:@ T#" )&" *(81'1-O+" (&)9/Q)" (&" P*$&-" 9-&)&+'*(#" !*" !1D/1(*015+" %/)'1410*+'&)" (&" .*)'#)" +#" 1+0!/1(#)
1+101*!8&+'&"&+"&)'*@
LD> M)-./0/1(1/2!%+"%*$-%3(-.$<@ C#)".*)'#)")&"'1&+&+"D/&"*0-&(1'*- 8&(1*+'&"4*0'/-*)"3"#'-#)"(#0/8&+'#)"(&"6*!#-"9-#$*'#-1#"&D/16*!&+'&
&+" &!" '-O410#" %/-R(10#" 8&-0*+'1!" #" 0#+" &410*01*" *(81+1)'-*'16*" &+" !#)" 'Q-81+#)" &)'*$!&01(#)
-&.!*8&+'*-1*8&+'&2" 3" )&" '1&+&+" D/&" 0#--&)9#+(&-" 0#+" !#)" .*)'#)" &4&0'16*8&+'&" P&0P#)" 3 9*.*(*)@" A1 !*
4*0'/-*")&"189/'*"R+'&.-*8&+'&"*"/+*"*0015+"4#-8*'16*2")&"'1&+&"D/&"0#+)1.+*-"&!"1(&+'1410*(#-"(&"!*"*0015+
4#-8*'16*"*"!*"0/*!")&"-&41&-&@"A1")&"189/'*-*"9*-01*!8&+'&2")&"'1&+&"D/&"(&'*!!*-"&+"/+"&)0-1'#"*(%/+'#"0/O!&)
)#+"!#)"&!&8&+'#)"D/&")&"189/'*+2"*)R"0#8#"!#)"9-&01#)"-&)9&0'16#)@"L)R"81)8#2")&"'1&+&"D/&".*-*+'17*-"!*
0#+(1015+"(&".*)'#"0#41+*+01*(#"9#-"&!"AJUV"*"'-*6Q)"(&!"8&0*+1)8#"(&"&)'*891!!*(#"(&"%/)'1410*+'&)@"K#(#)
!#)" &)0-1'#)" D/&" *0#89*Y&+" !*" !1D/1(*015+" '1&+&+" D/&" &)'*-" 41-8*(#)" 3" )&!!*(#)" 9#-" &!" $&+&4101*-1#" (&" !*
)/$6&+015+@
:@ C*)"4*0'/-*)"'1&+&+"D/&"0#+'&+&-"/+*"(&)0-19015+"0#89!&'*"3"(&'*!!*(*"(&"!*"#9&-*015+"-&*!17*(*2"3")&"'1&+&
D/&" *%/)'*-" *" !#)" -&D/1)1'#)" (&!" E&*!" (&0-&'#" <Z<FH:;<:2" (&" =;" (&" +#61&8$-&2" 9#-" &!" 0/*!" )&" -&./!*+ !*)
#$!1.*01#+&)"(&"4*0'/-*015+@" +"!#)"0*)#)"&+"D/&"&!"0#+0&9'#"(&"!*"4*0'/-*"+#")&* */'#"&,9!10*'16#2")&"'1&+&
D/&"*0#89*Y*-"(&"/+*"0#91*"0#89/!)*(*"(&"!#)"*!$*-*+&)"(&"&+'-&.*@
=@ T#" )&" *(81'1-O+" *D/&!!#)" (#0/8&+'#)" D/&" )&" 9-&)&+'&+" 0#8#" %/)'1410*+'&) (&" .*)'#)" D/&" 0#+'&+.*+
'*0P*(/-*)" #" 8#(1410*01#+&)@" S/*!D/1&-" *0!*-*015+" D/&" )&" (&$*" &4&0'/*-" )#$-&" (10P#)" (#0/8&+'#)" (&$&-O
-&*!17*-)&" &+" /+" &)0-1'#" *(%/+'#" *" !#)" 81)8#)" (&$1(*8&+'&" 41-8*(#2" )&" '1&+&" D/&" *9#-'*-" &+" /+" &)0-1'#
*(%/+'#@
ND> M)-./0/1(1/2! +"%*$-%8(3$<@ X*-*"*0&9'*-"!#)".*)'#)"0#8#"%/)'1410*(*)"&)"+&0&)*-1#"D/&")&"1(&+'141D/&"0!*-*8&+'&"!*"0#--&)9#+(&+01*
&+'-&"&!"%/)'1410*+'&"(&".*)'#"3"&!"%/)'1410*+'&"(&"9*.#"0#--&)9#+(1&+'&@"A1"&!"%/)'1410*+'&"(&"9*.#"1+0!/3&"&!
/0012334564#"764#!89999:#;#2$'<$.=-&,->+$&$% ?2$@@*.&,@++
!"#$%&'
()$*+$,-./01+$*+$2)%(
http://www.caib.es/eboibfront/pdf/es/2013/149/843311
!"#$%%%#$&$'()#$*+,-=
9*.#" (&" 6*-1*)" 4*0'/-*) 3" +#" )&" P*+" &)9&01410*(#" &+" &!" 0#+0&9'#" (&!" %/)'1410*+'&"$*+0*-1#2" &)'&" %/)'1410*+'&
'1&+&"D/&"1-"*0#89*Y*(#"(&!"'#'*!"(&"!*)"4*0'/-*)"D/&"&)'Q+"*4&0'*(*)@
:@ +"+1+.N+"0*)#"+#")&"(*+"9#-"6O!1(#)"!#)"%/)'1410*+'&)"(&"9*.#"0#--&.1(#)"8*+/*!8&+'&@
=@ !" $&+&4101*-1#" (&" !*)"*001#+&)"4#-8*'16*)" '1&+&" D/&"%/)'1410*-"!#)" 9*.#)" (&" !#)" .*)'#)" (&0!*-*(#)2" 3" !#)
'1&+&"D/&"%/)'1410*-")&.N+"!*"4#-8*"(&"9*.#B
*[" +"&!"0*)#"(&"9*.#"9#-"'-*+)4&-&+01*"#"1+.-&)#"&+"0/&+'*2")&"'1&+&+"D/&"%/)'1410*-"8&(1*+'&"!*"#-(&+"(&
'-*+)4&-&+01*"#"(&"1+.-&)#"&+"0/&+'*2"&+"&!"0/*!"&)'Q+"1(&+'1410*(#)"!#)"#-(&+*+'&)"3"!#)"$&+&4101*-1#)"(&"!*
#9&-*015+2 *)R"0#8#"&!"(#0/8&+'#"%/)'1410*'16#"(&!".*)'#"D/&")&")*!(*2"3"'1&+&"D/&"&)'*-"0#+)1.+*(#"&!")&!!#
(&"0#89&+)*015+"(&"!*"&+'1(*(
41+*+01&-* #"!*"6*!1(*015+"8&0O+10*"0#--&)9#+(1&+'&\"&+"&!")/9/&)'#"(&
D/&"+#"0#+)'&2")&"'1&+&"D/&"*0#89*Y*-"/+*"0&-'1410*015+"#"/+"&,'-*0'# (&"
!*"
&+'1(*("
41+*+01&-*
*0-&(1'*'16#"(&!"0*-.#@
$[ +"&!"0*)#"(&"'-*+)4&-&+01*"'&!&8O'10*2")&"'1&+&"D/&"%/)'1410*-"0#+"&!"&,'-*0'#"(&"!*"&+'1(*("41+*+01&-*"&+
&!"0/*!"*9*-&70*"-&4!&%*(*"!*"#9&-*015+@" !"&,'-*0'#"(&"!*"&+'1(*("41+*+01&-*"'1&+&"D/&"0#+'&+&-"!*"1(&+'1(*(
(&!"'1'/!*-"(&"!*"0/&+'*"D/&"'1&+&"D/&")&-"&!"$&+&4101*-1#"(&"!*
)/$6&+015+2" !*" +/8&-*015+" 0#89!&'*" (&!
0/&+'# 0#+" :;" (R.1'#)2" !*" 4&0P*" (&!" 9*.#2" &!" 0#+0&9'#" D/&" '1&+&" D/&" 1(&+'1410*-" 0!*-*8&+'&" )/
0#--&)9#+(&+01*" 0#+" &!" (#0/8&+'#" %/)'1410*'16#" (&!" .*)'#" 3" &!" 189#-'&" (&!" 9*.#@" +" '#(#)" !#)
&,'-*0'#)2"(&$&"0#+)'*-"!*"41-8*"3"&!")&!!#"(&"!*
&+'1(*("41+*+01&-*2"3"'1&+&+"6*!1(&7"!#)"#$'&+1(#)"9#-"6R*
'&!&8O'10*@
0[ +"&!"0*)#"(&"9*.#"&+"&4&0'16#2")&"'1&+&"D/&"%/)'1410*-"8&(1*+'&"/+"-&01$#"&+"&!"0/*!"&)'Q"1(&+'1410*(#"&!
9-#6&&(#-2" &!" 189#-'&" D/&" )&" -&01$&2" &!" +N8&-#2" &!" 0#+0&9'#" 3" !*" 4&0P*" (&" &81)15+" (&!" (#0/8&+'#
%/)'1410*'16#"(&!".*)'#"D/&")&")*!(*2"!*"4&0P*"(&!"9*.#2"!*"41-8*"D/&"1+(1D/&"+#8$-&2"*9&!!1(#)"3"TU]"(&"!*
9&-)#+*"D/&"41-8*2"*)R"0#8#"&!")&!!#2")1"9-#0&(&@" +"&!")/9/&)'#"D/&"&!"9*.#")&"*0-&(1'&"8&(1*+'&"-&01$#
0#+)1.+*(#"&+"&!"(#0/8&+'#"%/)'1410*'16#"(&! .*)'#2"&)'&"'1&+&"D/&"0#+'&+&-"!#)"81)8#)"-&D/1)1'#)"D/&"&+"&!
9O--*4#"*+'&-1#-@
+"!#)"(#)"9-&)/+'#)"(&"9*.#"&+"&4&0'16#"3"*"&4&0'#)"(&"0#89-#$*-"!*")*!1(*"8*'&-1*!"(&"!#)"4#+(#)2")&"'1&+&
D/&"*0#89*Y*-"!*"0#91*"(&!"*)1&+'#"0#+'*$!&"(&!"9*.#"&4&0'/*(#"# !*"0&-'1410*015+"0#+'*$!&"41-8*(*"9#-"&!
-&9-&)&+'*+'&"!&.*!"(&"!*"&+'1(*(@
A5!#")&"*(81'&"&!"9*.#"&+"&4&0'16#"P*)'*"/+"189#-'&"(&"Z;"&/-#)@
([ S/*+(#"!#)"9*.#)")&"P*3*+"P&0P#"0#+"/+"0P&D/&2"&)'&"'1&+&"D/&")&-"+#81+*'16#@" !"9*.#")&"'1&+&"D/&
%/)'1410*-"8&(1*+'&"/+*"4#'#0#91*"(&!"0P&D/&"#"(&!"-&01$#"&+"&!"0/*!")&"'1&+&"D/&"P*0&-"0#+)'*-"D/&"!#"P*
-&01$1(#@" !"0P&D/&"'1&+&"D/&"1+(10*-"&!"+N8&-#"3"!*"4&0P*"(&"&81)15+2"&!"9-#6&&(#-2"&!"189#-'&2"&!"+N8&-#2
&!"0#+0&9'#"3"!*"4&0P*"(&"&81)15+"(&!"(#0/8&+'#"%/)'1410*'16# (&!".*)'#"D/&")&")*!(*2"4&0P*"(&!"9*.#2"41-8*
0#+"+#8$-&2"*9&!!1(#)"3"TU]"(&"!*"9&-)#+*"D/&"41-8*2"*)R"0#8#"&!")&!!#2 )1"9-#0&(&@" +"!#)"(#)")/9/&)'#)")&
'1&+&"D/&"*9#-'*-"0&-'1410*015+"#"&,'-*0'#"(&"!*"&+'1(*("41+*+01&-*"*0-&(1'*'16#"(&!"0*-.#"&+ 0/&+'*@
&[ +"&!"0*)#"(&"9*.#"8&(1*+'&"9*.*-Q2"!#)"(#0/8&+'#)"%/)'1410*'16#)"0#+)1)'1-O+"&+"!*"0#91*"(&!"9*.*-Q"3
(&!" &,'-*0'#" (&" !*" &+'1(*(" 41+*+01&-*" (&! 0*-.#" &+" 0/&+'*" 0#--&)9#+(1&+'&" *" !*" #9&-*015+" %/)'1410*(*@" C*
4&0P*" (&" 6&+0181&+'#" (&!" 9*.*-Q" '1&+& D/&" )&-" *+'&-1#-" *" !*" 4&0P*" 9*-*" 9-&)&+'*-" !*" %/)'1410*015+
0#--&)9#+(1&+'&"3")&"'1&+&"D/&"P*$&-"9*.*(#"&4&0'16*8&+'&@
4[ +" &!" 0*)#" (&" 9*.#" 8&(1*+'&" (#8101!1*015+" &+" 0/&+'*2" )&" '1&+&" D/&" %/)'1410*-" 0#+" !*" (&/(*" 9#(#8101!1*015+"#"&!"&,'-*0'#"(&"!*"&+'1(*( 41+*+01&-* *0-&(1'*'16#"(&!"0*-.#@"K*8$1Q+")&"9/&(&"%/)'1410*-"0#+
/+*"0&-'1410*015+"&,9&(1(*"9#-"!*"&+'1(*("41+*+01&-*"&+"!*"0/*!")&"1(&+'141D/&"&! (#0/8&+'#"%/)'1410*'16#"(&!
.*)'#"D/&")&")*!(*@
.[ C*"%/)'1410*015+"(&"!#)"9*.#)"(&"+581+*)"3"4*0'/-*)"&)"9-&)&+'*(*"9#-"&! 189#-'&"!RD/1(#"(&"&)'*)"32")1"!#)
%/)'1410*+'&)" (&" 9*.#" )&" P*0&+" 9#-" !*" '#'*!1(*(" (&" '-*$*%*(#-&)2" &)" +&0&)*-1#" 9-&)&+'*-" &!" (&).!#)&" 9#'-*$*%*(#-@
C#)"189#-'&)"(&"!*)"-&'&+01#+&)"D/&"41./-&+"&+"!*)"+581+*)"3"4*0'/-*)")&"'1&+&+"D/&"*0-&(1'*-"8&(1*+'&"!*
*9#-'*015+"(&"!#)"(#0/8&+'#)"(&"1+.-&)#"*"W*01&+(*"(&"!*)"-&'&+01#+&)"9-*0'10*(*)"&+"0#+0&9'#"(&"UEX]@
P[ +"&!"0*)#"(&!"9*.#"(&"!#)")&./-#)")#01*!&)")&"'1&+&+"D/&"9-&)&+'*-"!#)"(#0/8&+'#)"KS<"3"KS:"&+"!#)
0/*!&)" *9*-&70*" 0#+)1.+*(#" &! )&!!#" (&" 0#89&+)*015+" #" 9*.#" &+" &4&0'16#" (&" !*" &+'1(*(" 41+*+01&-*
0#--&)9#+(1&+'&@
<;D> @$!.(9/*/+(+
!"$&+&4101*-1#"'1&+&"D/&"1(&+'1410*-2"&+"0/&+'*")&9*-*(*"3"(&$1(*8&+'&"0#(1410*(#2"!#)"1+.-&)#)"3"!#)".*)'#)
(&-16*(#)"(&"!*"-&*!17*015+"(&"!*"*0'161(*( 4#-8*'16*")/$6&+01#+*(*2"(&).!#)*(*)"9#-"*0015+"4#-8*'16*@
/0012334564#"764#!89999:#;#2$'<$.=-&,->+$&$% ?2$@@*.&,@++
!"#$%&'
()$*+$,-./01+$*+$2)%(
!"#$%%%#$&$'()#$*+,-A
<<D> O)91$!.4(.(1/2!
<@ !"$&+&4101*-1#"'1&+&"D/&"&%&0/'*-"(1-&0'*8&+'&"!*)"*001#+&)"4#-8*'16*)"0/*+(#"&)'&")&*"/+"0&+'-#"#"/+*
&+'1(*("(&"4#-8*015+2")1+"D/&"9/&(*")/$0#+'-*'*-!*)"0#+"'&-0&-#)@
:@ T#")&"0#+)1(&-*")/$0#+'-*'*015+"!*"0#+'-*'*015+"(&"!#)".*)'#)"&+"D/&"'1&+&"D/&"1+0/--1-"&!"$&+&4101*-1#"9*-*
-&*!17*-" !*" *0'161(*(" )/$6&+01#+*(*@" C*" 0#+'-*'*015+" (&" 9&-)#+*!" (#0&+'&" 9#-" 9*-'&" (&!" $&+&4101*-1#" 9*-*
189*-'1-"!*"4#-8*015+")/$6&+01#+*(*"+# )&"0#+)1(&-*")/$0#+'-*'*015+@
<:D> @4/."4/$-%+"%/78).(1/2!%+"%3(-.$-%/!+/4"1.$-%$%(-$1/(+$^&"0#+4#-81(*("0#+"&!"*-'R0/!#"=<@F"(&"!*"C&3"=MH:;;=2"(&"<I"(&"+#61&8$-&2"_&+&-*!"(&"A/$6&+01#+&)2"!#)
0#)'&)" *)#01*(#)" )&" '&+(-O+" D/&" 189/'*-" 9#-" &!" $&+&4101*-1# *" !*" *0'161(*(" )/$6&+01#+*(*" &+" !*" 9*-'&" D/&
-*7#+*$!&8&+'&" 0#--&)9#+(*2" (&" *0/&-(#" 0#+" !#)" 9-1+0191#)" 3" +#-8*)" (&" 0#+'*$1!1(*(" .&+&-*!8&+'&
*(81'1(#)"32"&+"'#(#"0*)#2"&+"!*"8&(1(*"&+"D/&"&)'#)"0#)'&)"0#--&)9#+(*+"*!"9&-1#(#"&+"D/&"&4&0'16*8&+'&")&
-&*!10&"!*"*0'161(*(@
@(8A.)*$%BBB
C/-8$-/1/$!"-%8(4(%(%*(%1$44"1.(%,)-./0/1(1/2!%+"%*$-%1$-."-%+/4"1.$-%+"%*(%(1./5/+(+%0$47(./5(
http://www.caib.es/eboibfront/pdf/es/2013/149/843311
<=D> @*(-/0/1(1/2!%+"%1$-."-%+/4"1.$<@ A#+"0#)'&)"(1-&0'#)"(&"!*"*0'161(*("4#-8*'16*B
*@ C*)"-&'-1$/01#+&)"(&"!#)"4#-8*(#-&)@
$@ C#)" .*)'#)" (&" *8#-'17*015+" (&" &D/19#)" (1(O0'10#)" 3" 9!*'*4#-8*)" '&0+#!5.10*)2" *)R" 0#8#" (&" */!*)2
'*!!&-&)"3"(&8O)")/9&-4101&)"/'1!17*(*)"&+"&!"(&)*--#!!#"(&"!*"*0015+"4#-8*'16*@
0@ C#)".*)'#)"(&"*!D/1!&-"3"*--&+(*81&+'#"41+*+01&-#@
(@ C#)".*)'#)"(&"8&(1#) 3"8*'&-1*!&)"(1(O0'10#)@
&@ !")&./-#"(&"*001(&+'&)"(&"!#)"*!/8+#)@
4@ C#)".*)'#)"(&"9/$!101(*("9*-*"!*"#-.*+17*015+"3"(14/)15+"(&"!*)"*001#+&)"4#-8*'16*)@
<?D> P".4/9)1/$!"-%+"%*$-%0$47(+$4"<@ A&" 1+0!/3&+" 0#8#" .*)'#)" (&" &)'&" *9*-'*(#" !*)" -&'-1$/01#+&)" (&" !#)" 4#-8*(#-&)" 3" 0#89-&+(1&+(#" !#)
)/&!(#)"/"P#+#-*-1#)"(&!"9&-)#+*!"(#0&+'&2"0#+'-*'*(#"41%#"#"&6&+'/*!2"3H#"(&!")&-6101#"&,'&-+#"(#0&+'&2"*)R
0#8#"!#)".*)'#)"(&"A&./-1(*("A#01*!"*"0*-.#"(&!"0&+'-#"#"&+'1(*("(&"4#-8*015+"0/*+(#"P*3*"0#+'-*'*(#"!#)
4#-8*(#-&)"9#-"0/&+'*"&,'&-+*@" )'#)"0#)'&)"1+0!/3&+"!*"9-&9*-*015+2"!*"189*-'1015+"3"!*"&6*!/*015+"-&*!17*(*
9#-"!#)"4#-8*(#-&)@
L)R"81)8#2")&"9#(-O+"1+0!/1-"!#)"0#)'&)"(&"(&)9!*7*81&+'#2"*!#%*81&+'#" 3" 8*+/'&+015+"(&"!#)" 4#-8*(#-&)
)1&89-&"D/&")&"%/)'141D/&"!*"-&*!1(*("(&!"(&)9!*7*81&+'#"3"P*3*+")1(#"*/'#-17*(#)"9-&61*8&+'&"9#-"&!"AJUV@
T#")&"*0&9'*-O+"0#8#")/$6&+01#+*$!&)"!*)"0/*+'R*)"D/&"&,0&(*+"!#)"!R81'&)"&)'*$!&01(#)"&+"&!"E&*!"(&0-&'#
?=FH:;;I2"(&"=;"8*-7#2"9#-"&!"0/*!")&"*9-/&$*"&!"E&.!*8&+'#"(&!"UEX]@
:@ L(&8O)2")&"9/&(&+"1+0!/1-"!*)"-&'-1$/01#+&)"(&!"'/'#-"(&"!*"*0015+"4#-8*'16*2"189/'O+(#)&")/"0#)'&")&.N+
!*)" -&.!*)" (&)0-1'*)" &+" &!" *9*-'*(#" Z" (&!" 9-&)&+'&" *-'R0/!#@" +" 0#+0&9'#" (&" '/'#-R*)" )&" 9#(-O+" 189/'*-" /+
8O,18#"(&":"P#-*)")&8*+*!&)@
=@ A&" 9/&(&+" 189/'*-" !#)" .*)'#)" 9#-" !*" 9*-'1019*015+" )18/!'O+&*" (&" (#)" #" 8O)" 4#-8*(#-&)" &+" &!" 81)8#
P#-*-1#"3"9*-*"!*"81)8*"*0015+"4#-8*'16*"9*-*".-/9#)"(&"*!/8+#)"9&-'&+&01&+'&)"*"0#!&0'16#)"6/!+&-*$!&)"#
$1&+" 0/*+(#2" 9#-" -*7#+&)" 9&(*.5.10*)2" )&" 0#+)1(&-&" +&0&)*-1#" 9*-*" /+" 8&%#-" *9-#6&0P*81&+'#" (&" !#)
*!/8+#)@
?@ A5!#")&-O+")/$6&+01#+*$!&)"!#)".*)'#)"-&!*'16#)"*"!*)"9&-)#+*)"1+0!/1(*)"&+"&!"9-#.-*8*"4#-8*'16#"(&"!*
*0015+"4#-8*'16*"32")1"9-#0&(&2"!*)"8#(1410*01#+&)"9#)'&-1#-&)@
G@ !"9-&01#"(&"!*"P#-*"(&!"4#-8*(#- +#"9#(-O")/9&-*-"&+ I 6&0&)"&!"6*!#-"(&!"85(/!#"&0#+5810#"41%*(#"&+"!#)
*+&,#)"(&"9-#.-*8*015+"(&"!*"0#+6#0*'#-1*@" +"0*)#"(&")#$-&9*)*-"!*"9-#9#-015+"8&+01#+*(*2"!*"(14&-&+01*
+#")&-O")/$6&+01#+*$!&@
Z@ A&.N+" &!" 9&-)#+*!" (#0&+'&" D/&" 189*-'&" !*" 4#-8*015+" )/$6&+01#+*(*2" P*3" D/&" (1)'1+./1-" !#)" )/9/&)'#)
)1./1&+'&)B
*[ +"&!"0*)#"(&"9&-)#+*!"0#+'-*'*(#"9#-"0/&+'*"*%&+*"&,0!/)16*8&+'&"9*-*"189*-'1-"!*"*0015+"4#-8*'16*2
)&"'1&+&"D/&"9-&)&+'*-"/+*"4#'#0#91*"(&!"0#+'-*'#2"(&!"0/*!")&"(&-16&"0!*-*8&+'&"&!"#$%&'#2"!*)"4#'#0#91*)
0#89/!)*(*)" (&" !*)" +581+*)" (&!" 9&-1#(#" 189/'*(#" 3" !#)" KS<" 3" KS:" 0#--&)9#+(1&+'&)2" *)R" 0#8#" !*
/0012334564#"764#!89999:#;#2$'<$.=-&,->+$&$% ?2$@@*.&,@++
!"#$%&'
()$*+$,-./01+$*+$2)%(
!"#$%%%#$&$'()#$*+,->
(&0!*-*015+"-&)9#+)*$!&"&+"!*"0/*!"'1&+&+"D/&"0#+)'*-"&!"+N8&-#"(&"P#-*)"189*-'1(*)"9#-"&!"(#0&+'&"3")/
0#)'&@" !"0#)'&"P#-*"189/'*$!&"*"0*(*"*0015+ )&"'1&+&"D/&"P*0&-"8&(1*+'&"!*"45-8/!*")1./1&+'&B
B78$4."%94).$%-(*(4/(*%Q%84$44(.(%8(3(-%"#.4(-%Q
1)$.(%O"3)4/+(+%O$1/(*%"784"-(
RS7D T$4(- /78(4./+(+"0#+)&0/&+01*2"+#")&"'1&+&+"D/&"0#89/'*-"!*)"9&-0&901#+&)"+#")*!*-1*!&) &,0!/1(*)"(&"0#'17*015+"&+"&!
EQ.18&+"_&+&-*!"(&"!*"A&./-1(*("A#01*!2"*"&,0&9015+"(&"!*)"1+(&8+17*01#+&)"(&-16*(*)"(&"!*"&,'1+015+
(&!"0#+'-*'#2"(&"*0/&-(#"0#+"&!"D/&"&)'*$!&0&"&!"*-'R0/!#"?F@<@0"(&!" )'*'/'#"(&"!#)"K-*$*%*(#-&)@
L)R"81)8#2"'*8$1Q+")#+"189/'*$!&)"!#)"0#89!&8&+'#)"#$!1.*'#-1#)"&)'*$!&01(#)"9#-"0#+6&+1#@
$[ +"&!"0*)#"(&"9&-)#+*!"0#+'-*'*(#"9#-"0/&+'*"*%&+*2"3"D/&"9-&)'*")/)")&-6101#)"&+"!*"&+'1(*("$&+&4101*-1*
(&"4#-8*"P*$1'/*!2")&"'1&+&+"D/&"9-&)&+'*-"4#'#0#91*)"0#89/!)*(*)"(&"!*)"+581+*)"(&! 9&-1#(#"189/'*(#"3
!#)" KS<" 3" KS:" 0#--&)9#+(1&+'&)2" *)R" 0#8#" !*" (&0!*-*015+" -&)9#+)*$!&" &+" !*" 0/*!" )&" P*.*" 0#+)'*-" !*
189/'*015+"-&*!17*(*2"9*-*"0*(*"/+#"(&"!#)"8&)&)2"3"9#-"0*(*"/+#"(&"!#)"'-*$*%*(#-&)2"(&"*0/&-(#"0#+"&!
8Q'#(#"(&"0O!0/!#")1./1&+'&B
http://www.caib.es/eboibfront/pdf/es/2013/149/843311
B78$4."%94).$%!27/!(%Q%84$44(.(%8(3(-%"#.4(Q%1)$.(%O"3)4/+(+%O$1/(*%"784"-(
RS7D T$4(-%7"!-)(*"-%-"3S!%1$!5"!/$
U%RS7D T$4(-%7"!-)(*"/78).(+(-%(%*(%(11/2!
+" &!" )/9/&)'#" (&" D/&" &!" 0#+'-*'#" D/&" )&" '1&+&" D/&" 189/'*-" 4/&-*" (&" %#-+*(*" 9*-01*!2" &!" (161)#-" )&-O" &!
+N8&-#"(&"P#-*)"-&*!8&+'&"0#'17*(*)"*"!*"A&./-1(*("A#01*!@
+"&!"189#-'&"$-/'#"(&"!*"+581+*"+#")&"'1&+&+"D/&"0#89/'*-"!*)"9&-0&901#+&)"+#")*!*-1*!&)"&,0!/1(*)"(&
0#'17*015+" &+" &!" EQ.18&+" _&+&-*!" (&" !*" A&./-1(*(" A#01*!2" *" &,0&9015+" (&" !#)" 9!/)&)" #$!1.*'#-1#)
&)'*$!&01(#)"9#-"0#+6&+1#@
C*"-&8/+&-*015+"8&+)/*!"P*$1'/*!8&+'&"9&-01$1(*"9#-"&!"'-*$*%*(#-2"+#"9/&(&")&-"1+0-&8&+'*(*"(/-*+'&
&!"9&-1#(#"(&"&%&0/015+"(&"!*"*0015+2")*!6#"D/&"/+*"+#-8*"#"8#(1410*015+"(&!"0#+6&+1#"0#!&0'16#"*)R"!#
&)'*$!&70*@
0[ A&-6101#"&,'&-+#"(#0&+'&B"A&"&+'1&+(&"9#-")&-6101#"&,'&-+#"(#0&+'&"!*"0#+'-*'*015+"&,0!/)16*8&+'&"0#+
4#-8*(#-&)"9-#4&)1#+*!&)"'-*$*%*(#-&)"9#-"0/&+'*"9-#91*@
!")&-6101#")&"%/)'1410*-O"8&(1*+'&"4#'#0#91*"0#89/!)*(*"(&"!*)"4*0'/-*)"3 &!"0#--&)9#+(1&+'&"%/)'1410*+'&
(&" 9*.#@" +" '#(#" 0*)#2" &+" !*" 4*0'/-*" )&" '1&+&" D/&" (&)0-1$1-" !*" (&+#81+*015+" (&" !*" *0015+" 4#-8*'16*2
+N8&-#" (&" &,9&(1&+'&2" !*" *0'161(*(" -&*!17*(*2" &!" +N8&-#" (&" P#-*)" 189*-'1(*)2" &!" 0#)'&" 9#-" P#-*" 3" &!
189#-'&"'#'*!2"*)R"0#8#"!*"-&'&+015+"&4&0'/*(*"&+"0#+0&9'#"(&"UEX]@
!"189#-'&"'#'*!"(&")&-6101#"&,'&-+#"(#0&+'&"+#"9#(-O")/9&-*-"&!"M;`"(&"!#) 0#)'&)"(1-&0'#)"(&"!*"*0015+
4#-8*'16*"189/'*(#)"&+"&)'&"0#+0&9'#"(&"0#)'&")/$6&+01#+*$!&@
([ S/*+(#" &!" $&+&4101*-1#"(&" !*" )/$6&+015+" )&*" 9&-)#+*" %/-R(10*" 3" /+ )#01#" )1+" -&!*015+" !*$#-*!" 189/'&
0#)'&)"0#8#"4#-8*(#-2"'&+(-O"D/&
*'&+&-)&"*!"D/&")&"(1)9#+&"9*-*"&!"9&-)#+*!"0#+'-*'*(#"9#-"0/&+'*
9-#91*2" (*(#" D/&" !*" 9&-)#+*" 4R)10*" *0'N*" 0#8#" 9-#4&)1#+*!" 4-&+'&" *" !*" )#01&(*(@" L(&8O)" '&+(-O" D/&
9-&)&+'*-"-&01$#"(&"0#'17*015+"(&!"EQ.18&+" )9&01*!"(&"L/'5+#8#)"3"8#(&!#";=Z"a(&0!*-*015+"0&+)*!"(&
*!'*2"8#(1410*015+"3"$*%*"&+"&!"0&+)#"(&"&89-&)*-1#)2"9-#4&)1#+*!&)"3"-&'&+&(#-&)[@
&[ S/*+(#"&!"$&+&4101*-1#"(&"!*")/$6&+015+")&*"9&-)#+*"%/-R(10*" 3"/+")#01#"0#+"-&!*015+"!*$#-*! 189/'&
0#)'&)"0#8#"4#-8*(#-2"'&+(-O"D/&"*'&+&-)&"*!"D/&")&"(1)9#+&"9*-*"&!"9&-)#+*!"0#+'-*'*(#"9#-"0/&+'*"*%&+*2
0#+"!*"&,0&9015+")1"9-#0&(&"(&"!*"*41!1*015+"*"!*"A&./-1(*("A#01*!"&+"&!"EQ.18&+"(&"L/'5+#8#)"&+"6&7"(&
&+&"!"EQ.18&+"_&+&-*!@
4[ +" &!" )/9/&)'#" (&" D/&" &!" $&+&4101*-1#" (&" !*" )/$6&+015+" )&*" /+*" 9&-)#+*" 4R)10*" #" /+*" &+'1(*(" )1+
9&-)#+*!1(*(" %/-R(10*" &+" -Q.18&+" (&" *'-1$/015+" (& -&+'*)" D/&" 189/'*" 0#)'&)" (&" (#0&+01*" *" !*" *0015+
4#-8*'16*@" !" 0#)'&" )&" %/)'1410*-O" 8&(1*+'&" 8&8#-1*" (&" !*" *0'161(*(" -&*!17*(*2" -&01$#)" (&" 0#'17*015+" *!
EQ.18&+" )9&01*!"(&"K-*$*%*(#-&)"L/'5+#8#)"3"(&0!*-*015+"%/-*(*"(&!"'1'/!*-"(&!"0&+'-#"(#+(&"41./-&"&!
+N8&-#"(&"P#-*)"189*-'1(*)2"0#)'&"9#-"P#-*"3"&!"189#-'&"*"9&-01$1-@
I@ L"'#(#)"!#)"&4&0'#)2"0/*!D/1&-"9&-)#+*"D/&"9-&)'& )/)")&-6101#)"*"0/*!D/1&-"*0015+"4#-8*'16*")5!#"9/&(&
8*+'&+&-")18/!'O+&*8&+'&"/+*"N+10*"-&!*015+"-&)9&0'#"(&"!*"&+'1(*("$&+&4101*-1*2"$1&+"(&"0*-O0'&-"!*$#-*!"#
$1&+"(&"0*-O0'&-"8&-0*+'1!@
M@ C*" )/8*" (&" !#)" 0#)'&)" (1-&0'#)" 189/'*$!&)" &+" 0#+0&9'#" (&" -&'-1$/01#+&)" (&" !#)" 4#-8*(#-&)" 1+'&-+#)" 3
&,'&-+#)"9-&61)'#)"&+"&)'&"*9*-'*(#"'1&+&"D/&"-&9-&)&+'*-"/+"0#)'&"8R+18#"(&!"?;"`"(&"!#)"0#)'&)"'#'*!&)"(&"!*
/0012334564#"764#!89999:#;#2$'<$.=-&,->+$&$% ?2$@@*.&,@++
!"#$%&'
()$*+$,-./01+$*+$2)%(
!"#$%%%#$&$'()#$*+,--
)/$6&+015+" D/&" )&" '1&+&" D/&" !1D/1(*-@" +" 0*)#" (&" +#" 0#+)&./1-" &)'&" 9#-0&+'*%&2" !*" (14&-&+01*" +#" 9#(-O
189/'*-)&"0#8#".*)'#)"(1-&0'#)2".*)'#)"*)#01*(#)"/"#'-#)"0#)'&)@
<JD> H(-.$-%+"%(7$4./6(1/2!%+"%"V)/8$-%$%8*(.(0$47(-W%()*(-W%.(**"4"-W%/!-.(*(1/$!"-%F%+"7G-%-)8"40/1/")./*/6(+(-%"!%"*%+"-(44$**$%+"%*(%(1./5/+(+%0$47(./5(
<@ A&" 1+0!/3&+" &+" &)'&" *9*-'*(#" !#)" .*)'#)" (&" *8#-'17*015+" (&" &D/19#)" #" 9!*'*4#-8*)" 3" P&--*81&+'*)2" *)R
http://www.caib.es/eboibfront/pdf/es/2013/149/843311
1+0!/3&+" !#)" .*)'#)" (&" *8#-'17*015+" (&" */!*)2" '*!!&-&)2" 1+)'*!*01#+&)" 3" (&8O)" )/9&-4101&)" /'1!17*(*)" &+" &!
(&)*--#!!#"(&"!*"*0'161(*("4#-8*'16*@
:@ C#)".*)'#)"(&"*8#-'17*015+")&-O+")/$6&+01#+*$!&)"0/*+(#B
*@ W*3*+")1(#"/'1!17*(*)"&+"&!"(&)*--#!!#"(&"!*"*0015+"4#-8*'16*@
$@ +"!*"*(D/1)1015+"(&!"&!&8&+'#"*8#-'17*$!&"+#")&"P*3*"/'1!17*(#")/$6&+01#+&)"#"*3/(*)"9N$!10*)@
0@ C*"*8#-'17*015+"P*3*")1(#"0*!0/!*(*")1./1&+(#"!*)"+#-8*)"(&"0#+'*$1!1(*(".&+&-*!8&+'&"*0&9'*(*)@"L
'*!&)" &4&0'#)" )&-O" *(81)1$!&" !*" *9!10*015+" (&!" 8Q'#(#" (&" *8#-'17*015+" )&.N+" !*)" '*$!*)" #4101*!8&+'&
&)'*$!&01(*)"9#-"&!"E&.!*8&+'#"(&!"U89/&)'#"(&"A#01&(*(&)"61.&+'&@
(@ A&" 0#--&)9#+(*+" 0#+" $1&+&)" *8#-'17*$!&)" -&.1)'-*(#)" &+" !*" 0#+'*$1!1(*(" (&!" $&+&4101*-1#" (&" !*
)/$6&+015+@
&@ A&"-&41&-*+"&,0!/)16*8&+'&"*!"9&-R#(#")/$6&+01#+*$!&@
=@ C*"014-*"8O,18*"*"-&4!&%*-"&+"&)'&"*9*-'*(#"+# 9#(-O")/9&-*-"&!"<;`"(&"!#)"0#)'&)"'#'*!&)"9*-*"!*"*0'161(*(
4#-8*'16*@
<KD> H(-.$-%+"%(*V)/*"4%F%+"%(44"!+(7/"!.$%0/!(!1/"4$D
<@ +"&)'&"0#+0&9'#"&)'O+"0#89-&+(1(#)"!#)"0#)'&)"D/&"(&$*+"189/'*-)&"#"'&+.*+")/"#-1.&+"&+"!*"&%&0/015+
(&"!*"*0015+"4#-8*'16* *0'161(*("4#-8*'16*"9#-"*!D/1!&-&)2"!&*)1+."3"-&+'1+.2"'*+'#"(&"!#)"&D/19#)"0#8#"(&"!*)
*/!*)2"'*!!&-&)"3"#'-*)")/9&-4101&)"/'1!17*(*)@
:@ T#")&-O+")/$6&+01#+*$!&)"!#)"0#+0&9'#)"D/&")&.N+"!*"!&3"#"&!"0#+'-*'#"(&"*--&+(*81&+'#"+#"6*3*+"*"0*-.#
(&!" *--&+(*'*-1#@" L(&8O)2" )1" &!" $&+&4101*-1#" &)" 9-#91&'*-1#" (&" &!&8&+'#)" )181!*-&)" *" !#)" *--&+(*(#)2" 9*-*
9#(&-" 189/'*-" &)'#)" .*)'#)2" )&" '1&+&" D/&" %/)'1410*-" &+" 8&8#-1*" &0#+5810*" !*" +&0&)1(*(" (&" &)'&
*--&+(*81&+'#@
=@ A&-O+")/$6&+01#+*$!&)"!#)".*)'#)"0#--&)9#+(1&+'&) N+10*"3"&,0!/)16*8&+'&"*!"9&-1#(#"(&"189*-'1015+"(&"!*
*0015+"4#-8*'16*")/$6&+01#+*(*@
?@ +" &!" 0*)#" (&" *--&+(*81&+'#" 41+*+01&-#" a!&*)1+." 3H#" -&+'1+.[" )&-O" )/$6&+01#+*$!&" !*" 9*-'&" (&" !*" 0/#'*
8&+)/*!2"&,0!/1(#)"#'-#)"0#)'&)"!1.*(#)"*!"0#+'-*'#"(&"*--&+(*81&+'#"41+*+01&-#2"'*!&)"0#8#"&!"&%&-0101#"(&"!*
#9015+"(&"0#89-*2"&!"8*-.&+"(&!"*--&+(*(#-2"!#)")&./-#)"3"!#)"1+'&-&)&)"(&"!#)"0#)'&)"(&"-&41+*+01*015+@
+"&!")/9/&)'#"(&"D/&"&,1)'*"0#89-#81)#"&+"!*"&%&0/015+"(&"!*"#9015+"(&"0#89-*"#"$1&+"D/&"&!"0#+'-*'#"+#
&)9&0141D/&" )/" &,1)'&+01*2" &!" *--&+(*81&+'#" 41+*+01&-#" '*+'#" (&" $1&+&)" 8/&$!&)" 0#8#" 1+8/&$!&)2" )&-O
)/$6&+01#+*$!&" &+" !*" 9*-'&" 9-#9#-01#+*!" (&" !*" (#'*015+" *" !*" *8#-'17*015+2" 0#+4#-8&" *" !#" 9-&61)'#" 9*-*" !*
*8#-'17*015+"(&"'*!&)"$1&+&)"&+"&!"*-'R0/!#"<G"(&! 9-&)&+'&"*+&,#@
<&D> H(-.$-%+"%7"+/$-%F%7(."4/(*"-%+/+G1./1$-%F%9/"!"-%1$!-)7/9*"<@ A&"1+0!/3&+"&+"&)'&"*9*-'*(#"!#)".*)'#)"(&"'&,'#)"3"8*'&-1*!&)"(1(O0'10#)"(&"/+")#!#"/)#"9#-"&!"*!/8+#2"*)R
0#8#"!#)"8*'&-1*!&)"(&"'-*$*%#"4/+.1$!&)"/'1!17*(#)"(/-*+'&"&!"(&)*--#!!#"(&"!*)"*0'161(*(&)"(&"4#-8*015+@
:@ A&" %/)'1410*-O+" *!" '1&89#" (&" !*" !1D/1(*015+" (&" !*" *0015+" 4#-8*'16*" 0#+" !*" 9-&)&+'*015+" (&" !*" )1./1&+'&
(#0/8&+'*015+B
*@ ]#'#0#91*)"0#89/!)*(*)"(&"!*)"4*0'/-*)2"*"!*)" 0/*!&)")&"*0#89*Y*-O")/"0#--&)9#+(1&+'&"%/)'1410*+'&"(&
9*.#@"S/*+(#"&!"189#-'&"(&"/+*"4*0'/-*"+#")&*"189/'*$!&"R+'&.-*8&+'&"*"/+*"*0015+"4#-8*'16*2"'1&+&"D/&
*9#-'*-)&" &,9!10*015+" -*7#+*(*" (&'*!!*+(#" &!" 8*'&-1*!" 189/'*(#2" &!" +N8&-#" (&" /+1(*(&)" 189/'*(*)" 3" )/
0#)'&@
$@ E&01$#" (&'*!!*(#" 3" 41-8*(#" 9#-" !#)" *!/8+#)" (&!" 8*'&-1*!" D/&" !&)" P*3*" )1(#" &+'-&.*(#" (&" 4#-8*
1+(161(/*!17*(*@"T#")&"0#+)1(&-*")/$6&+01#+*$!&"&!".*)'#"0/*+(#"!#)"-&01$#)"+#"&)'Q+"41-8*(#)2"!#)"41-8&+
#'-*)"9&-)#+*)"D/&"+#"P*3*+"9*-'1019*(#"&+"!*"*0015+"4#-8*'16*"#"+#"1+(1D/&+"!#)"8*'&-1*!&)"-&01$1(#)@
=@ +"&!"0*)#"(&"8*'&-1*!&)"(&"'-*$*%#"4/+.1$!&)2"&!"AJUV"9#(-O"&,1.1-"D/&")&"*(%/+'&"8&8#-1*"%/)'1410*'16*2
(&'*!!*+(#"!*)"*0'161(*(&)"(&)*--#!!*(*)"3")/"-&!*015+"0#+"!#)"0#+)/8#)"189/'*(#)@
/0012334564#"764#!89999:#;#2$'<$.=-&,->+$&$% ?2$@@*.&,@++
!"#$%&'
()$*+$,-./01+$*+$2)%(
!"#$%%%#$&$'()#$*+@BB
<LD> H(-.$-%+"%-"3)4$%+"%(11/+"!."-%+" *$-%8(4./1/8(!."-D
<@ A&"1+0!/3&+"&+"&)'&"0#+0&9'#"!#)".*)'#)"(&")&./-#)"(&"*001(&+'&)"(&"!#)"*!/8+#)"9*-'1019*+'&)"&+"!*"*0015+
4#-8*'16*2" 0#89-&+(1&+(#" &!" 189#-'&" (&" !*)" 95!17*)" #" 9-18*)" 0#--&)9#+(1&+'&)" *" '#(#)" !#)" *!/8+#)
*)&./-*(#)2" 9#-" -1&).#)" (&" *001(&+'&)" D/&" 9/(1&-*+" 9-#(/01-)&" 0#8#" 0#+)&0/&+01*" (&" !*" *)1)'&+01*" *" !*)
*001#+&)"4#-8*'16*)"1+0!/1(*"!*"4*)&"(&"-&*!17*015+2")1"9-#0&(&2"(&"9-O0'10*)"9-#4&)1#+*!&)"+#"!*$#-*!&)"3"D/&
1+0!/3*+"!#)"(&"'-*3&0'#)"(&"1(*"3"-&'#-+#"*!"!/.*-"(&"189*-'1015+"(&"!*)"0!*)&)2"3"!181'O+(#)&"&)'-10'*8&+'&
&+")/"(/-*015+"*!"9&-1#(#"(&"0&!&$-*015+"(&"!*"*0015+"4#-8*'16*@
:@ C*"95!17*"(&")&./-#)"9#(-O")&-")/$)0-1'*"&)9&0R410*8&+'&"9*-*"0*(*"*0015+"4#-8*'16*"#"(&"4#-8*"0#!&0'16*
9*-*"6*-1*)"*001#+&)"4#-8*'16*)@" +"/+#"3"#'-#"0*)#2"!*"95!17*"1+(10*-O"0#+"&,*0'1'/("!*"4&0P*"(&"1+101#"3"(&
6&+0181&+'#2"&!"+N8&-#"1(&+'1410*(#-"(&"!*"*0015+"4#-8*'16*2"&!"+N8&-#"(&"*!/8+#)"9*-'1019*+'&)"*)&./-*(#)
3"!*)"0#$&-'/-*)"0#+'-*'*(*)@
=@ +"0*)#"(&"0#+'-*'#)" !*"0#$&-'/-*"(&"!#)"0/*!&)"&,0&(*"*"!*"*0015+"4#-8*'16*"D/&")&"'-*'&2")&"%/)'1410*-O
(&$1(*8&+'&"!*"4#-8*"(&"(&'&-81+*015+"(&!"0#)'&"189/'*(#"&+"'Q-81+#)"(&"*!/8+#)"9*-'1019*+'&)@
?@ !" $&+&4101*-1#" (&" !*" )/$6&+015+" '&+(-O" !*" #$!1.*015+" (&" *9#-'*-" 0/*!D/1&-" 8#(1410*015+" (&" !*" 95!17*
1+101*!2"%/+'#"0#+"&)'*@
G@ !".*)'#")&"%/)'1410*-O"*!"'1&89#"(&"!*"!1D/1(*015+"(&"!*"*0015+"4#-8*'16*"0#+"!*"9-&)&+'*015+"(&"4#'#0#91*
0#89/!)*(*"(&"!*"95!17*"(&")&./-#")/$)0-1'*"&+"&!"0/*!"0#+)'&"(&$1(*8&+'&"1(&+'1410*(*"!*"9-18*")*'1)4&0P*2
*)R"0#8#")/"0#--&)9#+(1&+'&"%/)'1410*+'&"(&"9*.#@
http://www.caib.es/eboibfront/pdf/es/2013/149/843311
<ND> H(-.$-%+"%8)9*/1/+(+
<@ A&" 1+0!/3&+" &+" &)'&" *9*-'*(#" !#)" .*)'#)" (&" 9/$!101(*(" (&-16*(#)" (&" !*" (14/)15+" 3" 9-#8#015+" (&" !*)
*001#+&)"4#-8*'16*)@
:@ T#")&-O+")/$6&+01#+*$!&)"!#)".*)'#)"(&"9/$!101(*(2"(#0/8&+'*015+ &)0-1'*"#"*+/+01#)2"*)R"0#8#"0/*!D/1&'19#"(&"1+4#-8*015+"D/&"(&-16&"(&"!*"*0'161(*(")/$6&+01#+*(*"D/&"+#"-&)9&'&"!*)"9-&81)*)"&)'*$!&01(*)"&+"!*
0#+6#0*'#-1*2"#"$1&+2"+#"P*.*"0#+)'*-"0!*-*8&+'&"!*"9*-'1019*015+"(&!"AJUV"3"!#)"!#.#'19#)"#4101*!&)"(&!"-&)'#
(&"L(81+1)'-*01#+&)"9*-'1019*+'&)@
=@ !".*)'#"&+"9/$!101(*(")")&"%/)'1410*-O"8&(1*+'&"&!"0#+'-*'#2"!*"4*0'/-*"3")/"0#--&)9#+(1&+'&"%/)'1410*+'&"(&
9*.#2"*)R"0#8#"&!")#9#-'&"(#0/8&+'*!"(&"!*"-&*!17*015+"(&"!*"81)8*@
@(8A.)*$%BX
C/-8$-/1/$!"-%8(4(%(%*(%1$44"1.(%,)-./0/1(1/2!%+"%*$-%1$-."-%(-$1/(+$-%+"%*(%(11/2!%0$47(./5(
:;D> @$-."-%+"%8"4-$!(*%+"%(8$F$
<@ S#89-&+(&" !#)" 0#)'&)" (&-16*(#)" 9#-" !*" *(81+1)'-*015+" 3" (1-&0015+2" *)R" 0#8#" 9#-" !*)" *0'161(*(&)" (&
0##-(1+*015+2" )&./181&+'#" 3" 0#+'-#!" (&" !*" *0'161(*( (#0&+'&2" D/&" )&*+" &)'-10'*8&+'&" +&0&)*-1#)" 9*-*" !*
9-&9*-*015+2" .&)'15+" 3"&%&0/015+"(&"!*"*0015+"4#-8*'16*@" !"$&+&4101*-1#"(&$&-O" 0#+'*-"0#+"8&(1#)"9-#91#)
9*-*"!*"-&*!17*015+"(&"!*)"'*-&*)"-&!*01#+*(*)"*+'&-1#-8&+'&@
L)181)8#")&"1+0!/3&+"!#)".*)'#)"(&-16*(#)"(&"!*")&!&0015+"(&"*!/8+#)"3"(&"!*"9-&9*-*015+"3"&!*$#-*015+"(&
8*'&-1*!"(1(O0'10#@
:@ A#!*8&+'&" )&-O+" )/$6&+01#+*$!&)" !#)" 0#)'&)" 189/'*$!&)" (&" !*)" 9&-)#+*)" 0/3*" 9*-'1019*015+" P*3*" )1(#
0#8/+10*(*"9-&61*8&+'&"*!"AJUV"&+"&!"9-#.-*8*"4#-8*'16#@
=@ !"$&+&4101*-1#"'&+(-O"D/&"9-&)&+'*-"8&8#-1*"&,9!10*'16*"&+"!*"0/*!")&"-&!*01#+&+"!*)"'*-&*)"-&*!17*(*)2"&!
'1&89#"(&(10*(#"9#-"0*(*"9&-)#+*"*!"8&)"*"&)'*)"'*-&*)2"3"&!"0#)'&"(&"!*)"81)8*)@"L)R"81)8#"&)"&)'*$!&0&+
!*)")1./1&+'&)"!181'*01#+&)B
*@ !"+N8&-#"(&"P#-*)"8O,18#"*"189/'*-"&+"0#+0&9'#"(&"(1-&0015+"3"0##-(1+*015+"+#"9/&(&")/9&-*-"&!":G
`"(&"!*)"P#-*)"'#'*!&)"(&"!*"*0015+"4#-8*'16*@
$@ !"+N8&-#"(&"P#-*)"8O,18#"*"189/'*-"9*-*"!*)"'*-&*)"(&"*(81+1)'-*015+"+#"9/&(&")/9&-*-"&!"IG"`"(&"!*)
P#-*)"'#'*!&)"(&"!* *0015+"4#-8*'16*@
?@ C#)".*)'#)"9#-"&)'&"0#+0&9'#")&"9-&)&+'*-O+"(&).!#)*(#)"9#-"*0015+"4#-8*'16*"3")&"%/)'1410*-O+")&.N+"!#)
0-1'&-1#)"3"(1-&0'-10&)"(&41+1(#)"&+"&!"*-'R0/!#"<?@Z"(&"&)'&"*+&,#@
:<D> H(-.$-%0/!(!1/"4$<@ A&" 1+0!/3&+" &+" &)'&" *9*-'*(#" !#) .*)'#)" 41+*+01&-#)" (1-&0'*8&+'&" -&!*01#+*(#)" 0#+" !*" *0'161(*(
)/$6&+01#+*(*"3"D/&")&*+"1+(1)9&+)*$!&)"9*-*"!*"*(&0/*(*"9-&9*-*015+"#"&%&0/015+"(&"!*"81)8*@
/0012334564#"764#!89999:#;#2$'<$.=-&,->+$&$% ?2$@@*.&,@++
!"#$%&'
()$*+$,-./01+$*+$2)%(
!"#$%%%#$&$'()#$*+@B,
:@ A&" 1+0!/3&+" !*)" 0#81)1#+&)2" 1+'&-&)&)" 3" #'-#)" .*)'#)" D/&" )&" 9-#(/70*+" 9#-" !*" 0#+)'1'/015+" (&" .*-*+'R*
$*+0*-1*2"9*-*"!*"%/)'1410*015+"(&"!*"0/*!")&"'&+(-O"D/&"*9#-'*-"4#'#0#91*"0#89/!)*(*"(&"!#)"(#0/8&+'#)"(&
0#+)'1'/015+"(&"&)'*".*-*+'R*"3"(&"!#)".*)'#)"*)#01*(#)"*"!*"81)8*@
=@ T#")&-O+")/$6&+01#+*$!&)"!#)".*)'#)"(&"'-*+)*001#+&)"41+*+01&-*)2"!*)"0#81)1#+&)"3"9Q-(1(*)"(&"0*8$1#"3
!#)" .*)'#)" (&" *9&-'/-*" 3" 8*+'&+181&+'#" (&" 0/&+'*)" $*+0*-1*)@" T#" '&+(-O+" !*" 0#+)1(&-*015+" (&" .*)'#)
41+*+01&-#)"!#)".*)'#)"(&-16*(#)"(&"9-Q)'*8#)"3"0-Q(1'#)@
::D> E.4$-%3(-.$-%(-$1/(+$-D
<@ A&"1+0!/3&+"&+"&)'&"*9*-'*(#"!#)".*)'#)"(&"!/72"*./*2"0*!&4*0015+2"8&+)*%&-R*2"0#--&#2"!1891&7*"3"61.1!*+01*
*)#01*(#)"*"!*"&%&0/015+"(&"!*"*0015+"4#-8*'16*@
:@ )'#".*)'#)")&"%/)'1410*-O+"&+"&!"8#8&+'#"(&"!*"!1D/1(*015+2"9*-*"0*(*"0#+0&9'#2")&.N+"!#")&Y*!*(#"&+"!#)
*9*-'*(#)"M"3"<:"(&!"9-&)&+'&"*+&,#@
:=D> Y/7/."%+"%1$-."-%(-$1/(+$C*")/8*"(&"!#)"0#)'&)"*)#01*(#)"0#+'&89!*(#)"&+"&)'&"0*9R'/!#"+#"9#(-O")/9&-*-"&!"<G"`"(&"!#)"0#)'&)"(&"!*
*0015+"4#-8*'16*@
@(8A.)*$%X
C/-8$-/1/$!"-%8(4(%(%*(%1$44"1.(%,)-./0/1(1/2!%+"%*$-%$.4$-%1$-."-%-)95"!1/$!(9*"%+"%*(%(11/2!%0$47(./5(
http://www.caib.es/eboibfront/pdf/es/2013/149/843311
:?D> H(-.$-%+"*%/!0$47"%+"%()+/.$4A(
<@ A&"1+0!/3&+"&+"&)'&"*9*-'*(#"!#)"0#)'&)"(&-16*(#)"(&"!*"-&*!17*015+"(&!"1+4#-8&"(&!"*/(1'#-@
:@ C#)"0#)'&)"(&!"1+4#-8&"(&!"*/(1'#-"D/&(*-O+"!181'*(#)"*"/+"8O,18#"(&!"="`"(&"!*")/$6&+015+"0#+0&(1(*
9*-*"!*"&%&0/015+"(&"!*"*0'161(*("4#-8*'16*@
=@ !"0#)'&"(&"*/(1'#-R*")&"%/)'1410*-O"8&(1*+'&"4#'#0#91*"0#89/!)*(*"(&"!*"4*0'/-*"*"!*"0/*!")&"*0#89*Y*-O"&!
0#--&)9#+(1&+'&"%/)'1410*+'&"(&"9*.#@
@(8A.)*$%XB
C/-8$-/1/$!"-% 8(4(% *(% 1$44"1.( ,)-./0/1(1/2!% +"% *$-% 1$-."-% +"% *(% (1./5/+(+% +"*% .).$4% +"*% 1"!.4$% +"
0$47(1/2!%8(4(%*(%4"(*/6(1/2!%+"*%72+)*$%+"%84G1./1(-%84$0"-/$!(*"-%!$%*(9$4(*"-%"!%1"!.4$-%+"%.4(9(,$
+"%0$47(1/2!%84G1./1(%"!%1"!.4$-%+"%.4(9(,$
4.A1)*$%:JD> '2+)*$%+"%0$47(1/2!%84G1./1(%"!%1"!.4$-%+"%.4(9(,$
<@ +" *D/&!!*)" *001#+&)" 4#-8*'16*)" &+" !*)" D/&" )&" P*3*" 9-#.-*8*(#" &!" 85(/!#" (&" 4#-8*015+" 9-O0'10*" &+
0&+'-#)"(&"'-*$*%#"3"0#+0&(1(*"!*"0#--&)9#+(1&+'&")/$6&+015+"9*-*"41+*+01*-"!*"*0'161(*("(&!"'/'#-2"!#)"0#)'&)
)/$6&+01#+*$!&)")&-O+"!#)"(&-16*(#)"(&"!*"*0'161(*("(&!"'/'#-"(&)1.+*(#"9#-"&!"0&+'-#"(&"4#-8*015+@
:@ A&"9#(-O+"1+0!/1-"0#8#".*)'#)"(&"&)'&"*9*-'*(#"!*)"-&'-1$/01#+&)"(&"!#)"'/'#-&)2"0#89-&+(1&+(#"!#)")/&!(#)
/"P#+#-*-1#)"(&!"'/'#-2"0#+'-*'*(#"41%#"#"&6&+'/*!2"3H#"(&!")&-6101#"&,'&-+#"3"!#)".*)'#)"(&"A&./-1(*("A#01*!"*
0*-.#"(&!"0&+'-#"#"&+'1(*("(&"4#-8*015+"0/*+(#"P*3*"0#+'-*'*(#"*"!#)"'/'#-&)"9#-"0/&+'*"*%&+*@
=@ A#!*8&+'&" )&-O+" )/$6&+01#+*$!&)" !#)" 0#)'&)" 189/'*$!&)" *" !#)" '/'#-&)" 0/3*" 9*-'1019*015+" P*3*" )1(#
0#8/+10*(*"9-&61*8&+'&"*!"AJUV"&+"&!"9-#.-*8*"4#-8*'16#@
?@ !"9-&01#"(&"!*"P#-*"(&!"'/'#-"+#"9#(-O")/9&-*-"&!"9-&01#"(&":"&/-#)"9#-"P#-*"3"*!/8+#@
G@ L"&4&0'#)"(&"(&'&-81+*-"&!"0#)'&"(&!"'/'#-"(&!"85(/!#"(&"9-O0'10*"&+"0&+'-#)"(&"'-*$*%#")&"'&+(-O"&+"0/&+'*
!#"&)'*$!&01(#"9*-*"!*)"-&'-1$/01#+&)"(&"!#)"4#-8*(#-&)"&+"&!"*-'R0/!#"<?@Z"(&"&)'&"L+&,#@
@(8A.)*$%XBB
Y/V)/+(1/2!
4.A1)*$%:KD> C"."47/!(1/2!%+"%*(%1)(!.A(%+"%*(%-)95"!1/2!
<@ C*" 0/*+'R*" 8O,18*" (&" !*" )/$6&+015+" *" !1D/1(*-" (&" !*" *0'161(*(" 4#-8*'16*" )&" (&'&-81+*-O 8&(1*+'&" &!
9-#(/0'#"(&!"+N8&-#"(&"P#-*)"-&*!8&+'&"189*-'1(*)"9#-"&!"'#'*!"(&"*!/8+#)")/$6&+01#+*$!&)"3"9#-"&!"189#-'&
(&!"85(/!#"&0#+5810#"41%*(#"&+"!*"-&)#!/015+"(&"0#+0&)15+"(&"!*")/$6&+015+@
:@ L"&4&0'#)"(&"(&'&-81+*-"&!"+N8&-#"(&"!#)"*!/8+#)")/$6&+01#+*$!&)")&"'&+(-O"&+"0/&+'*"!#"&)'*$!&01(#"&+
&!"*-'R0/!#"<:@="(&"!*"J-(&+"KLAHI<MH:;;M2"(&"I"(&"8*-7#@
/0012334564#"764#!89999:#;#2$'<$.=-&,->+$&$% ?2$@@*.&,@++
!"#$%&'
()$*+$,-./01+$*+$2)%(
!"#$%%%#$&$'()#$*+@B@
http://www.caib.es/eboibfront/pdf/es/2013/149/843311
+"!#)"0*)#)"&+"D/&")&"*/'#-10&"/+"*/8&+'#"(&!"+N8&-#"1+101*!"(&"*!/8+#)"*9-#$*(#)2")1+"D/&")/9#+.*"/+
(&'-18&+'#" &+" !*" 0*!1(*(" (&" !*" 189*-'1015+" (&" !* (#0&+01*2" +1" )/9#+.*" /+" */8&+'#" (&" !*" )/$6&+015+
0#+0&(1(*2")&"'1&+&"D/&"*9!10*-2"*"&4&0'#)"(&"!*"9&+*!17*015+"9#-"$*%*2"&!"+N8&-#"(&"*!/8+#)"*9-#$*(#)"&+"&!
9-#3&0'#"1+101*!"3"+#"&!"(&"*!/8+#)"D/&"P*3*+"1+101*(#"!*"*0015+"4#-8*'16*@
=@ C*"0/*+'R*"8O,18*"(&"!*")/$6&+015+"*"!1D/1(*-"(&"!*"*0'161(*("(&!"'/'#-"(&"4#-8*015+"9-O0'10*"&+"0&+'-#)
(&"'-*$*%#")&"(&'&-81+*-O"8&(1*+'&"&!"9-#(/0'#"(&"!*)"P#-*)"'#'*!&)"(&"9-O0'10*)"-&*!17*(*)"9#-"&!"189#-'&"(&!
85(/!#"&0#+5810#"41%*(#"&+"!*"-&)#!/015+"(&"0#+0&)15+"(&"!* )/$6&+015+@
?@ A&" *0&9'*-O+" (&)61*01#+&)"9-&)/9/&)'*-1*)" &+'-&" *001#+&)" 4#-8*'16*)" 0/*+(#" +#")/9&-&+" &!" :;" `" (&" !#)
9-&)/9/&)'#)"9-&)&+'*(#)"&+"!*")#!101'/(@"^10P*"(&)61*015+"(&$&")&-"(&$1(*8&+'&"8#'16*(*"&+"&!"8#8&+'#
(&"!*"!1D/1(*015+"3"+#"9#(-O"*4&0'*- *!"189#-'&"'#'*!"(&"!*")/$6&+015+"8O,18*"0#+0&(1(*"9#-"!*"'#'*!1(*("(&
!*"&)9&01*!1(*("4#-8*'16*@
)'*)"(&)61*01#+&)"+#")&"9&-81'1-O+"&+"&!"85(/!#"(&"4#-8*015+"9-O0'10*@
/0012334564#"764#!89999:#;#2$'<$.=-&,->+$&$% ?2$@@*.&,@++