descargar

7Ë78/2,,,
'HORVJDVWRVGHSHUVRQDO
&$3Ë78/2,
'HORVJDVWRVGHOSHUVRQDODOVHUYLFLRGHOVHFWRUS~EOLFR
$UWtFXOR %DVHV \ FRRUGLQDFLyQ GH OD SODQLILFDFLyQ JHQHUDO GH OD DFWLYLGDG
HFRQyPLFDHQPDWHULDGHJDVWRVGHSHUVRQDODOVHUYLFLRGHOVHFWRUS~EOLFR
8QR $ HIHFWRV GH OR HVWDEOHFLGR HQ HO SUHVHQWH FDStWXOR FRQVWLWX\HQ HO
VHFWRUS~EOLFR
D /D $GPLQLVWUDFLyQ *HQHUDO GHO (VWDGR VXV 2UJDQLVPRV DXWyQRPRV \
$JHQFLDVHVWDWDOHV\ODV8QLYHUVLGDGHVGHVXFRPSHWHQFLD
E/DV$GPLQLVWUDFLRQHVGHODV&RPXQLGDGHV$XWyQRPDVORV2UJDQLVPRV
GHHOODVGHSHQGLHQWHV\ODV8QLYHUVLGDGHVGHVXFRPSHWHQFLD
F/DV&RUSRUDFLRQHVORFDOHV\2UJDQLVPRVGHHOODVGHSHQGLHQWHV
G/DV(QWLGDGHV*HVWRUDV\6HUYLFLRV&RPXQHVGHOD6HJXULGDG6RFLDO
H/RVÏUJDQRVFRQVWLWXFLRQDOHVGHO(VWDGRVLQSHUMXLFLRGHORHVWDEOHFLGR
HQHODUWtFXORGHOD&RQVWLWXFLyQ
I /DV VRFLHGDGHV PHUFDQWLOHV S~EOLFDV HQWHQGLHQGR SRU WDOHV DTXpOODV HQ
ODVTXHODSDUWLFLSDFLyQGLUHFWDRLQGLUHFWDHQVXFDSLWDOVRFLDOGHODV$GPLQLVWUDFLRQHV
\HQWLGDGHVHQXPHUDGDVHQHVWHDUWtFXORVHDVXSHULRUDOSRUFLHQWR
J /DV HQWLGDGHV S~EOLFDV HPSUHVDULDOHV \ HO UHVWR GH ORV RUJDQLVPRV
S~EOLFRV\HQWHVGHOVHFWRUS~EOLFRHVWDWDODXWRQyPLFR\ORFDO
63
K /DV IXQGDFLRQHV GHO VHFWRU S~EOLFR \ ORV FRQVRUFLRV SDUWLFLSDGRV
PD\RULWDULDPHQWH SRU ODV $GPLQLVWUDFLRQHV \ 2UJDQLVPRV TXH LQWHJUDQ HO VHFWRU
S~EOLFR
L(O%DQFRGH(VSDxDHQORVWpUPLQRVHVWDEOHFLGRVHQOD/H\GH
GHMXQLRGH$XWRQRPtDGHO%DQFRGH(VSDxD
'RV (Q HO DxR ODV UHWULEXFLRQHV GHO SHUVRQDO DO VHUYLFLR GHO VHFWRU
S~EOLFR QR SRGUiQ H[SHULPHQWDU QLQJ~Q LQFUHPHQWR UHVSHFWR D ODV YLJHQWHV D GH
GLFLHPEUH GH HQ WpUPLQRV GH KRPRJHQHLGDG SDUD ORV GRV SHUtRGRV GH OD
FRPSDUDFLyQ WDQWR SRU OR TXH UHVSHFWD D HIHFWLYRV GH SHUVRQDO FRPR D OD DQWLJHGDG
GHOPLVPR
7UHV 'XUDQWH HO HMHUFLFLR ODV $GPLQLVWUDFLRQHV HQWLGDGHV \
VRFLHGDGHV D TXH VH UHILHUH HO DSDUWDGR 8QR GH HVWH DUWtFXOR QR SRGUiQ UHDOL]DU
DSRUWDFLRQHV D SODQHV GH SHQVLRQHV GH HPSOHR R FRQWUDWRV GH VHJXUR FROHFWLYRV TXH
LQFOX\DQODFREHUWXUDGHODFRQWLQJHQFLDGHMXELODFLyQ
1R REVWDQWH OR GLVSXHVWR HQ HO SiUUDIR DQWHULRU \ VLHPSUH TXH QR VH
SURGX]FD LQFUHPHQWR GH OD PDVD VDODULDO GH OD DGPLQLVWUDFLyQ GH UHIHUHQFLD HQ ORV
WpUPLQRV TXH HVWDEOHFH OD SUHVHQWH /H\ ODV FLWDGDV $GPLQLVWUDFLRQHV HQWLGDGHV \
VRFLHGDGHVSRGUiQUHDOL]DUFRQWUDWRVGHVHJXURFROHFWLYRTXHLQFOX\DQODFREHUWXUDGH
FRQWLQJHQFLDV GLVWLQWDV D OD GH MXELODFLyQ $VLPLVPR \ VLHPSUH TXH QR VH SURGX]FD
LQFUHPHQWRGHODPDVDVDODULDOGHGLFKD$GPLQLVWUDFLyQHQORVWpUPLQRVTXHHVWDEOHFH
OD SUHVHQWH /H\ SRGUiQ UHDOL]DU DSRUWDFLRQHV D SODQHV GH SHQVLRQHV GH HPSOHR R
FRQWUDWRV GH VHJXUR FROHFWLYR TXH LQFOX\DQ OD FREHUWXUD GH OD FRQWLQJHQFLD GH
MXELODFLyQVLHPSUHTXHORVFLWDGRVSODQHVRFRQWUDWRVGHVHJXURKXELHUDQVLGRVXVFULWRV
FRQDQWHULRULGDGDOGHGLFLHPEUHGH
&XDWUR/DPDVDVDODULDOGHOSHUVRQDOODERUDOTXHQRSRGUiLQFUHPHQWDUVH
HQHVWiLQWHJUDGDSRUHOFRQMXQWRGHODVUHWULEXFLRQHVVDODULDOHV\H[WUDVDODULDOHV\
ORV JDVWRV GH DFFLyQ VRFLDO GHYHQJDGRV SRU GLFKR SHUVRQDO HQ HQ WpUPLQRV GH
64
KRPRJHQHLGDG SDUD ORV GRV SHUtRGRV REMHWR GH FRPSDUDFLyQ WHQLHQGR HQ FXHQWD OR
GLVSXHVWRHQHODSDUWDGR'RVGHHVWHDUWtFXOR
6HH[FHSW~DQHQWRGRFDVR
D/DVSUHVWDFLRQHVHLQGHPQL]DFLRQHVGHOD6HJXULGDG6RFLDO
E /DV FRWL]DFLRQHV DO VLVWHPD GH OD 6HJXULGDG 6RFLDO D FDUJR GHO
HPSOHDGRU
F /DV LQGHPQL]DFLRQHV FRUUHVSRQGLHQWHV D WUDVODGRV VXVSHQVLRQHV R
GHVSLGRV
G /DV LQGHPQL]DFLRQHV R VXSOLGRV SRU JDVWRV TXH KXELHUD UHDOL]DGR HO
WUDEDMDGRU
&LQFR/RVIXQFLRQDULRVDORVTXHUHVXOWDGHDSOLFDFLyQHODUWtFXORGHO
(VWDWXWR%iVLFRGHO(PSOHDGR3~EOLFRHLQFOXLGRVHQHOiPELWRGHDSOLFDFLyQGHOD/H\
GH GH DJRVWR HQ ORV WpUPLQRV GH OD GLVSRVLFLyQ ILQDO FXDUWD GHO FLWDGR
(VWDWXWR %iVLFR R GH ODV /H\HV GH )XQFLyQ 3~EOLFD GLFWDGDV HQ GHVDUUROOR GH DTXpO
SHUFLELUiQ HQ FRQFHSWR GH VXHOGR \ WULHQLRV HQ ODV QyPLQDV RUGLQDULDV GH HQHUR D
GLFLHPEUH GH ODV FXDQWtDV UHIHULGDV D GRFH PHQVXDOLGDGHV TXH VH UHFRJHQ D
FRQWLQXDFLyQ
*583268%*5832/(<
$
$
%
&
&
(/H\\$JUXSDFLRQHV3URIHVLRQDOHV
/H\
68(/'2
(8526
75,(1,26
(8526
/RV IXQFLRQDULRV D TXH VH UHILHUH HO SXQWR DQWHULRU SHUFLELUiQ HQ FDGD
XQDGHODVSDJDVH[WUDRUGLQDULDVGHORVPHVHVGHMXQLR\GLFLHPEUHHQHODxRHQ
FRQFHSWRGHVXHOGR\WULHQLRVORVLPSRUWHVTXHVHUHFRJHQDFRQWLQXDFLyQ
65
.
/
&'(&
3( 4 . :,+
(". ( %
* (4 )%
( 3 :
*
0 % (
:) * (3:
)%//
4
! ) ) & 4 // (
) & +%(
4)//
0
( . +
( 318
% % ) * &
) 0 ) '3:
-
%(4 >)%//
* (
: ( +
( ". % ! "! $
/: & ( ( % / 3:
3( 4 . :>'. 999=5*
" 6 ! > 99&
) 0 . % =(
( 4 ) .
8
9!3:
// 319
2
"
4
0
>'5%
#01( (
&'()
!>'
. )
= (%
! ( ( ( ( 4 * . (
)%
- & & ( G ) % 1 ". (
# 4 0 % 323
+
. ) & .
*0
'
( =
! (
)
=
% 12+
". +
(
&
) % % 1 2 +
". %
1 2 +
". * 0( (%(
0*
.
*0
=(
/5E'<
,(
324