La Sala Primera del Tribunal Constitucional, compuesta por don
Anuncio
/D 6DOD 3ULPHUD GHO 7ULEXQDO &RQVWLWXFLRQDO FRPSXHVWD SRU GRQ $OYDUR 5RGUtJXH] %HUHLMR
3UHVLGHQWHGRQ9LFHQWH*LPHQR6HQGUDGRQ3HGUR&UX]9LOODOyQGRQ(QULTXH5XL]9DGLOORGRQ
0DQXHO -LPpQH] GH 3DUJD \ &DEUHUD \ GRQ 3DEOR *DUFtD 0DQ]DQR 0DJLVWUDGRV KD SURQXQFLDGR
(1120%5('(/5(<ODVLJXLHQWH
6(17(1&,$ (Q HO UHFXUVR GH DPSDUR Q~P LQWHUSXHVWR SRU GRQ -RVp 0LJXHO )XUULHO %ULHYD EDMR OD
UHSUHVHQWDFLyQSURFHVDOGHOD3URFXUDGRUDGHORV7ULEXQDOHVGRxD$QD&DVWLOOR'tD]\DVLVWLGRSRU
OD /HWUDGD GRxD 0DUtD 9LFWRULD -LPHQD 0RQOHyQ FRQWUD HO $XWR GH OD 6HFFLyQ 3ULPHUD GH OD
$XGLHQFLD 3URYLQFLDO GH 6HYLOOD GH GH PD\R GH GH LQDGPLVLyQ GHO UHFXUVR GH V~SOLFD HQ
DVXQWR GH VDQFLyQ GLVFLSOLQDULD D LQWHUQR GH XQ FHQWUR SHQLWHQFLDULR +DQ FRPSDUHFLGR HO
0LQLVWHULR )LVFDO \ HO $ERJDGR GHO (VWDGR +D VLGR 3RQHQWH HO 0DJLVWUDGR GRQ 3DEOR *DUFtD
0DQ]DQRTXLHQH[SUHVDHOSDUHFHUGHOD6DOD
,$QWHFHGHQWHV
0HGLDQWH HVFULWR SUHVHQWDGR HQ HO FHQWUR SHQLWHQFLDULR GH 6HYLOOD ,, HO GH MXQLR GH \
UHJLVWUDGR HQ HVWH 7ULEXQDO HO GH MXQLR GH GRQ -RVp 0LJXHO )XUULHO %ULHYD PDQLIHVWy VX
LQWHQFLyQ GH LQWHUSRQHU UHFXUVR GH DPSDUR FRQWUD HO $XWR GH OD 6HFFLyQ 3ULPHUD GHOD$XGLHQFLD
3URYLQFLDOGH6HYLOODGHGHPD\RGHGHLQDGPLVLyQGHOUHFXUVRGHV~SOLFDHQHOH[SHGLHQWH
SHQLWHQFLDULR GH UHFXUVR Q~P $ VROLFLWDQGR DO WLHPSR TXH VH UHFDEDUD GH OD $XGLHQFLD
3URYLQFLDO \ GHO -X]JDGR GH 9LJLODQFLD 3HQLWHQFLDULD GH 6HYLOOD OD GRFXPHQWDFLyQ TXH KDEtD GH
DFRPSDxDUDODGHPDQGDGHDPSDUR
3RU SURYLGHQFLD GH GH MXQLR GH OD 6HFFLyQ 3ULPHUD GH HVWH 7ULEXQDO DFRUGy WHQHU SRU
UHFLELGRHOHVFULWR\GHFRQIRUPLGDGFRQORGLVSXHVWRHQHODUW/27&UHTXHULUDWHQWDPHQWHDO
-X]JDGRGH9LJLODQFLD3HQLWHQFLDULDGH6HYLOOD\DOD$XGLHQFLD3URYLQFLDOGHGLFKDFDSLWDOSDUDTXH
UHPLWLHUDQWHVWLPRQLRUHVSHFWLYDPHQWHGHOH[SHGLHQWHSHQLWHQFLDULRQ~P$\GHOUROOR
GH 6DOD GLPDQDQWH GHO PLVPR \ DVLPLVPR OLEUDU ORV GHVSDFKRV QHFHVDULRV SDUD OD GHVLJQDFLyQ GH
3URFXUDGRU \ /HWUDGR GHO WXUQR GH RILFLR SDUD OD UHSUHVHQWDFLyQ \ GHIHQVD GHO UHFXUUHQWH HQ HO
SUHVHQWHUHFXUVRGHDPSDUR
3RUSURYLGHQFLDGHGHVHSWLHPEUHGHOD6HFFLyQ3ULPHUDDFRUGyWHQHUSRUUHFLELGRVORV
WHVWLPRQLRV GH ODV DFWXDFLRQHV \ SRU KHFKDV ODV GHVLJQDFLRQHV UHTXHULGDV \ FRQFHGHUXQSOD]RGH
YHLQWHGtDVSDUDTXHVHIRUPDOL]DUDODGHPDQGDGHDPSDUR
0HGLDQWH HVFULWR SUHVHQWDGR HQ HO -X]JDGR GH *XDUGLD HO GH RFWXEUH GH \UHJLVWUDGRHQ
HVWH7ULEXQDOHOGHRFWXEUHGHOD3URFXUDGRUDGHORV7ULEXQDOHVGRxD$QD&DVWLOOR'tD]
HQ QRPEUH \ UHSUHVHQWDFLyQ GH GRQ-RVp0LJXHO)XUULHO%ULHYDIRUPDOL]yODGHPDQGDGHDPSDUR
FRQWUDHO$XWRGHOD6HFFLyQ3ULPHUDGHOD$XGLHQFLD3URYLQFLDOGH6HYLOODGHGHPD\RGH
/DGHPDQGDVHEDVDHQODVVLJXLHQWHVDOHJDFLRQHVGHKHFKR
D (O GH QRYLHPEUH GH VHQRWLILFyDOKR\UHFXUUHQWHHQDPSDURDODVD]yQLQWHUQRHQFRQGLFLyQGHSUHVRSUHYHQWLYRHQHO
FHQWUR SHQLWHQFLDULR 6HYLOOD ,, HO SOLHJR GH FDUJRV GHO H[SHGLHQWH GLVFLSOLQDULR Q~P DELHUWRFRQWUDpOHQHOFLWDGRFHQWURSHQLWHQFLDULRHQHOTXHVHOHLPSXWDEDODFRPLVLyQGHXQDIDOWD
JUDYH FRQVLVWHQWH HQ KDEHU SDVDGR HO UHFXHQWR GHVQXGR \ VH OH FRQFHGtD SOD]R SDUD SUHVHQWDU ODV
FRUUHVSRQGLHQWHVDOHJDFLRQHV
E (O GH QRYLHPEUH GH HO KR\ UHFXUUHQWH IRUPXOy VX
HVFULWR GH DOHJDFLRQHV HQ HO TXH QHJDED HO UHODWR GH KHFKRV FRQWHQLGR HQ HO SOLHJR GH FDUJRV \
SURSRQtD OD SUiFWLFD GH SUXHED HQFDPLQDGD D DFUHGLWDU ORV H[WUHPRV TXH UHODWDED HQ HO HVFULWR
$VLPLVPR HQ ODFRPSDUHQFLDFHOHEUDGDSDUDRtUOHHQHOUHIHULGRH[SHGLHQWHUHLWHUyVXSHWLFLyQGH
SUiFWLFDGHSUXHED\VROLFLWyDVLVWHQFLDOHWUDGD
F (O GH QRYLHPEUH GH VLQ KDEHUVH
SUDFWLFDGR QLQJXQD GH ODV SUXHEDV VROLFLWDGDV SRU HO UHFXUUHQWH VH OH QRWLILFy HO $FXHUGR GH OD
-XQWD GH 5pJLPHQ \ $GPLQLVWUDFLyQ GHO FHQWUR HQ HO PHQFLRQDGR H[SHGLHQWH SRU HO TXH VH OH
FRQVLGHUDED DXWRU GH XQD IDOWD JUDYH \ VH OH LPSRQtD XQD VDQFLyQ GH GRV ILQHV GH VHPDQD GH
DLVODPLHQWRHQFHOGDHQORVWpUPLQRVTXHFRQVWDQHQHOFLWDGRDFXHUGR G
&RQWUD
GLFKR
$FXHUGRHOKR\GHPDQGDQWHGHDPSDURLQWHUSXVRUHFXUVRGHDO]DGDDQWHHO-X]JDGRGH9LJLODQFLD
3HQLWHQFLDULDGH6HYLOODVROLFLWDQGRVXGHFODUDFLyQGHQXOLGDGSRUKDEHUVLGRDGRSWDGRVLQWHQHUHQ
FXHQWD VXV DOHJDFLRQHV \ VLQ SUDFWLFDU QLQJXQD GH ODV SUXHEDV SURSXHVWDV SRU pO \ SRU KDEHU
FDUHFLGRGHDVLVWHQFLDOHWUDGDDSHVDUGHVXVROLFLWXGH[SUHVDHQHVWHVHQWLGR
(O
FLWDGR
UHFXUVR IXH GHVHVWLPDGR SRU $XWR GHO -X]JDGR GH 9LJLODQFLD 3HQLWHQFLDULD GH GH GLFLHPEUH GH
FX\R IXQGDPHQWR MXUtGLFR ~QLFR FRUUHVSRQGLHQWH D XQ GRFXPHQWR LPSUHVR VH OLPLWDED D
EDVDU OD GHVHVWLPDFLyQ © GDGD OD HQWLGDG GH ORV KHFKRV LPSXWDGRV DO LQWHUQR UHFXUUHQWH TXH QR
KDQ VLGR GHVYLUWXDGRV GXUDQWH OD WUDPLWDFLyQ GHO UHFXUVRª VLQ QLQJ~Q WLSR GH UHIHUHQFLD
SDUWLFXODUDODVDOHJDFLRQHVGHOUHFXUUHQWH
H &RQWUD GLFKR $XWR HO GHPDQGDQWH GH DPSDUR
LQWHUSXVR UHFXUVR GH UHIRUPD \ VXEVLGLDULR GH DSHODFLyQ GHQXQFLDQGR OD YXOQHUDFLyQ GH ORV DUWV
&( SRU IDOWD GH PRWLYDFLyQ GHO $XWR \ &( SRU LQGHIHQVLyQ GHELGD D OD IDOWD GH
DVLVWHQFLDOHWUDGD\GHSUiFWLFDGHODSUXHEDVROLFLWDGD
(O UHFXUVR GH UHIRUPD IXH GHVHVWLPDGR
SRU$XWRGHO-X]JDGRGH9LJLODQFLD3HQLWHQFLDULDGHGHHQHURGHFRQVLVWHQWHDOLJXDOTXH
HO DQWHULRU HQ XQD UHVROXFLyQ SUHYLDPHQWH LPSUHVD FX\R~QLFRIXQGDPHQWRMXUtGLFRDGXFtDFRPR
FDXVD GH OD GHVHVWLPDFLyQ TXH © SRU SDUWH GHO LQWHUQR QR VH KD DUWLFXODGR SUXHED DOJXQD TXH
PRWLYHODPRGLILFDFLyQGHODUHVROXFLyQUHFXUULGDª
I &RQWUD GLFKR $XWR HO UHFXUUHQWH HQ
DPSDUR LQWHUSXVR UHFXUVR GH TXHMD DQWH OD 6HFFLyQ 3ULPHUD GH OD $XGLHQFLD 3URYLQFLDO GH 6HYLOOD
HQ HO TXH YROYtD D GHQXQFLDU OD YXOQHUDFLyQ GH ORV GHUHFKRV FRQVWLWXFLRQDOHV D OD WXWHOD MXGLFLDO
HIHFWLYD\DXQDUHVROXFLyQPRWLYDGD
'LFKRUHFXUVRIXHLJXDOPHQWHGHVHVWLPDGRSRU$XWRGHOD
6HFFLyQ 3ULPHUD GH OD $XGLHQFLD 3URYLQFLDO GH 6HYLOOD GH GH DEULO GH SRU HQWHQGHU TXH
FRQWUD OD UHVROXFLyQ GLFWDGD SRU HO -X]JDGR GH 9LJLODQFLD 3HQLWHQFLDULD QR FDEtD UHFXUVR DOJXQR
J )LQDOPHQWH FRQWUD HVWH ~OWLPR $XWR LQWHUSXVR UHFXUVR GH V~SOLFD TXH IXH GH QXHYR
GHVHVWLPDGR SRU $XWR GH OD 6HFFLyQ3ULPHUDGHOD$XGLHQFLD3URYLQFLDOGH6HYLOODGHGHPD\R
GH DUJXPHQWiQGRVH TXH GH DFXHUGR FRQ OD 'LVSRVLFLyQ DGLFLRQDO TXLQWD GH OD /23- QR
FDEtDUHFXUVRDOJXQRFRQWUDODUHVROXFLyQGLFWDGDSRUHO-X]JDGRGH9LJLODQFLD3HQLWHQFLDULD
/DUHSUHVHQWDFLyQSURFHVDOGHOUHFXUUHQWHGHQXQFLDHQODGHPDQGDGRVWLSRVGHYXOQHUDFLRQHVGH
GHUHFKRV IXQGDPHQWDOHV D $OHJD HQ SULPHU OXJDU TXH ORV $XWRV GH OD $XGLHQFLD 3URYLQFLDO GH
6HYLOOD GH LQDGPLVLyQ GH ORV UHFXUVRV GH TXHMD \ SRVWHULRU GH V~SOLFD FRQWUD ODV UHVROXFLRQHV GHO
-X]JDGR GH 9LJLODQFLD 3HQLWHQFLDULD KDQ YXOQHUDGR HO GHUHFKR D OD WXWHOD MXGLFLDO HIHFWLYD GHO
UHFXUUHQWH FDXViQGROH LQGHIHQVLyQ DUW & ( \D TXH SHVH D OD IDOWD GH FODULGDG HQ VX
UHGDFFLyQ OD LQWHUSUHWDFLyQ FRUUHFWD D VX MXLFLR GH OD 'LVSRVLFLyQ DGLFLRQDO TXLQWD /23-
SRQLHQGR HQ UHODFLyQ WRGRV VXV DSDUWDGRV HV OD VLJXLHQWH WRGRV ORV $XWRV GH ORV -X]JDGRV GH
9LJLODQFLD 3HQLWHQFLDULD VRQ UHFXUULEOHV HQ UHIRUPD DSDUWDGRODVUHVROXFLRQHVGHORV-X]JDGRV
GH 9LJLODQFLD 3HQLWHQFLDULD HQ PDWHULDV GLVWLQWDV D OD HMHFXFLyQ GH SHQDV VRQ UHFXUULEOHV HQ
DSHODFLyQ R TXHMD DQWH ODV $XGLHQFLDV 3URYLQFLDOHV DSDUWDGR \SURFHGHHOUHFXUVRGHTXHMDHQ
FDVRGHTXHVHGHQLHJXHODDGPLVLyQGHOGHDSHODFLyQDSDUWDGR3RUHOORHVWLPDTXHHOFDXFH
OHJDOVHJXLGRSRUHOUHFXUUHQWHHQHOSUHVHQWHFDVRIXHHOFRUUHFWRSRUFXDQWRLQWHUSXVRHQSULPHU
OXJDU HO UHFXUVR GH UHIRUPD DQXQFLDQGR VXEVLGLDULDPHQWH HO GH DSHODFLyQ \ DO QR DFFHGHU HO
-X]JDGR GH 9LJLODQFLD 3HQLWHQFLDULD D OD WUDPLWDFLyQ GH HVWH ~OWLPR LQGLFDQGR HQ HO $XWR
UHVROXWRULR GHO GH UHIRUPD TXH QR FDEtD UHFXUVR DOJXQR LQWHUSXVR FRUUHFWDPHQWH HO GH TXHMD E
$GXFHHQVHJXQGROXJDUTXHORV$XWRVGHO-X]JDGRGH9LJLODQFLD3HQLWHQFLDULDGHVHVWLPDWRULRVGH
ORV UHFXUVRV GH DO]DGD \ SRVWHULRU GH UHIRUPD FRQWUD OD VDQFLyQ LPSXHVWD SRU HO FHQWUR
SHQLWHQFLDULRKDQYXOQHUDGRHOGHUHFKRGHOUHFXUUHQWHDREWHQHUXQDUHVROXFLyQMXGLFLDOPRWLYDGD
GHULYDGR GH ORV DUWV \ &( \D TXH HV HYLGHQWH D VX MXLFLR TXH WDOHV $XWRV GLFWDGRV
PHGLDQWHXQPRGHORSUHYLDPHQWHLPSUHVRHQHOTXHQRVHKDFHQLQJXQDPHQFLyQDODVDOHJDFLRQHV
GHOPLVPRFDUHFHQGHORVUHTXLVLWRVPtQLPRVSDUDSRGHUVHFRQVLGHUDUGHELGDPHQWHPRWLYDGRVOR
TXHIXHGHQXQFLDGRHQORVUHFXUVRVLQWHUSXHVWRVSRUHOUHFXUUHQWHDQWHOD$XGLHQFLD3URYLQFLDOGH
6HYLOOD(Q FRQVHFXHQFLD HQ OD GHPDQGD VH VROLFLWD TXH VH WHQJD SRU IRUPDOL]DGD OD GHPDQGD
FRQWUDODVH[SUHVDGDVUHVROXFLRQHVGHOD$XGLHQFLD3URYLQFLDOGH6HYLOOD\GHO-X]JDGRGH9LJLODQFLD
3HQLWHQFLDULD\WUDVORVWUiPLWHVSHUWLQHQWHVVHGLFWH6HQWHQFLDSRUODTXHVHRWRUJXHHODPSDUR\VH
DQXOHHO$XWRGHOD$XGLHQFLD3URYLQFLDOGH6HYLOODGHGHPD\RGH
0HGLDQWHSURYLGHQFLDGHGHQRYLHPEUHGHOD6HFFLyQ3ULPHUDGHHVWH7ULEXQDODFRUGy
GHFRQIRUPLGDGFRQORGLVSXHVWRHQHODUW/27&FRQFHGHUXQSOD]RFRP~QGHGLH]GtDVDO
0LQLVWHULR )LVFDO \ DO VROLFLWDQWH GHO DPSDUR SDUD IRUPXODU DOHJDFLRQHV VREUH OD SRVLEOH H[LVWHQFLD
GHO PRWLYR GH LQDGPLVLyQ FRQVLVWHQWH HQ FDUHFHU OD GHPDQGD PDQLILHVWDPHQWH GH FRQWHQLGR TXH
MXVWLILTXHXQDGHFLVLyQVREUHHOIRQGRGHODVXQWRSRUSDUWHGHHVWH7ULEXQDO>DUWF/27&@
(Q VX HVFULWR HYDFXDGR HQ GLFKR WUiPLWH OD UHSUHVHQWDFLyQ SURFHVDO GHO UHFXUUHQWH UHLWHUy VX
VROLFLWXGGHDGPLVLyQGHODGHPDQGDDOHJDQGRDKRUDODYXOQHUDFLyQGHOGHUHFKRDODWXWHODMXGLFLDO
HIHFWLYDVLQLQGHIHQVLyQGHOUHFXUUHQWHDUW&(SRUKDEHUOHVLGRQHJDGDODSUiFWLFDGHWRGDV
ODV SUXHEDV VROLFLWDGDV WDQWR HQ HO H[SHGLHQWH VDQFLRQDGRU FRPR HQ ORV SRVWHULRUHV UHFXUVRV
LQWHUSXHVWRV \ OD YXOQHUDFLyQ GHO DUW &( SRU OD IDOWD GH PRWLYDFLyQ HVSHFtILFD GH ODV
UHVROXFLRQHVGHO-X]JDGRGH9LJLODQFLD3HQLWHQFLDULD
3RU VX SDUWH HO 0LQLVWHULR )LVFDO HQ VX
HVFULWR GH DOHJDFLRQHV SHGtD OD LQDGPLVLyQ GHO UHFXUVR GH DPSDUR SRU HO PRWLYR VXJHULGR HQ
QXHVWUD SURYLGHQFLD DO HQWHQGHU FDUHQWHV GH IXQGDPHQWR ORV GRV WLSRV GH YXOQHUDFLRQHV GHO DUW
&(LQYRFDGRVHQODGHPDQGD
3RU SURYLGHQFLD GH GH GLFLHPEUH GH OD 6HFFLyQ 3ULPHUD DFRUGy DGPLWLU D WUiPLWH OD
GHPDQGD GH DPSDUR \ D WHQRU GH OR GLVSXHVWR HQ HO DUW /27& GDU YLVWD GH ODV DFWXDFLRQHV
FX\R WHVWLPRQLR REUDED \D HQ SRGHU GHO 7ULEXQDO SRU XQ SOD]R FRP~Q GH YHLQWH GtDV DO
0LQLVWHULR )LVFDO DO VROLFLWDQWH GHO DPSDUR \ DO $ERJDGR GHO (VWDGR HVWH ~OWLPR VL OH LQWHUHVDED
SDUDSUHVHQWDUODVDOHJDFLRQHVTXHDVXGHUHFKRFRQYLQLHUD
3RU SURYLGHQFLD GH GH HQHUR GH OD 6HFFLyQ3ULPHUDDFRUGyDLQVWDQFLDVGHO0LQLVWHULR
)LVFDO \ GH FRQIRUPLGDG FRQ OR SUHYLVWR HQ HO DUW /27& UHTXHULU DWHQWDPHQWH DO-X]JDGRGH
9LJLODQFLD 3HQLWHQFLDULD \ D OD $XGLHQFLD 3URYLQFLDO GH 6HYLOOD OD UHPLVLyQ GH ODV DFWXDFLRQHV
RULJLQDOHV FRUUHVSRQGLHQWHV UHVSHFWLYDPHQWH DO H[SHGLHQWH Q~P $ \ DO UROOR GH 6DOD
Q~PDODYLVWDGHODGHILFLHQWHFDOLGDGGHDOJXQDVGHODVIRWRFRSLDVLQLFLDOPHQWHUHPLWLGDV
5HFLELGDV ODV DFWXDFLRQHV RULJLQDOHV LQWHUHVDGDV SRU SURYLGHQFLD GH GH PDU]R GH OD
6HFFLyQ 3ULPHUD DFRUGy D WHQRU GH OR GLVSXHVWR HQ HO DUW /27& GDUYLVWDGHODVPLVPDVSRU
XQ SOD]R FRP~Q GH YHLQWH GtDV DO 0LQLVWHULR )LVFDO DO $ERJDGR GHO (VWDGR \ DO VROLFLWDQWH GHO
DPSDURSDUDSUHVHQWDUODVDOHJDFLRQHVTXHDVXGHUHFKRFRQYLQLHUDRDPSOLDUODV\DSUHVHQWDGDV (O$ERJDGRGHO(VWDGRUHJLVWUyVXHVFULWRGHDOHJDFLRQHVHOGHIHEUHURGHVXSOLFDQGR
ODGHQHJDFLyQGHODPSDURVROLFLWDGR
D ([DPLQD HQ SULPHU WpUPLQR OD OHVLyQ GHO GHUHFKR D OD
WXWHOD MXGLFLDO HIHFWLYD TXH VH LPSXWD D ORV $XWRV GH OD $XGLHQFLD 3URYLQFLDO SRU KDEHU
GHVHVWLPDGR HO UHFXUVR GH TXHMD H LQDGPLWLGR HO UHFXUVR GH V~SOLFD SURPRYLGRV DPERV SRU HO
UHFXUUHQWH\DTXHVXHVWLPDFLyQGHWHUPLQDUtDODUHWURDFFLyQGHODVDFWXDFLRQHVSDUDTXHOD6DODVH
SURQXQFLDVHVREUHHOIRQGRGHORVUHFXUVRVLQWHUSXHVWRVSRUHOLQWHUQR $
HVWH
UHVSHFWR
HO
$ERJDGR GHO (VWDGR HVWLPD TXH QRFDEHDQXGDUDGLFKRV$XWRVQLQJXQDOHVLyQFRQVWLWXFLRQDO\D
TXHHVWH7ULEXQDOWLHQHGHFODUDGRTXHOD&RQVWLWXFLyQQRJDUDQWL]DODSUHYLVLyQOHJDOGHXQUHFXUVR
HQPDWHULDVFRPRODTXHDTXtVHVXVFLWDVLQRTXHHVGHFLVLyQGHOOHJLVODGRUHVWDEOHFHUORRQR\OD
$XGLHQFLD 3URYLQFLDO GH 6HYLOOD VH OLPLWy D DSOLFDU GH PDQHUD UD]RQDGD OD 'LVSRVLFLyQ DGLFLRQDO
TXLQWD /23-VHJ~QODFXDO\DFRQWUDULRVHQVXQRFDEHUHFXUVRGHDSHODFLyQFRQWUDDTXHOODV
UHVROXFLRQHVGLFWDGDVSRUHO-XH]GH9LJLODQFLD3HQLWHQFLDULDTXHVHDQUHVROXWRULDVGHXQUHFXUVRGH
DSHODFLyQ SRU DO]DGD FRQWUD UHVROXFLyQ DGPLQLVWUDWLYD HQ PDWHULD GH UpJLPHQ SHQLWHQFLDULR
FRPRVLQGXGDHVODPDWHULDGLVFLSOLQDULD$7&
E (Q VHJXQGR OXJDU DQDOL]D OD
GHQXQFLDGHIDOWDGHPRWLYDFLyQGLULJLGDFRQWUDORV$XWRVGHO-X]JDGRGH9LJLODQFLD3HQLWHQFLDULD
GHVHVWLPDWRULRHORULJLQDULRGHOUHFXUVRLQWHUSXHVWRFRQWUDODVDQFLyQ\HOVHJXQGRGHOUHFXUVRGH
UHIRUPD
(O $ERJDGR GHO (VWDGRHQWLHQGHHQSULPHUOXJDUTXHHOUHFXUVRGHDPSDURGHEH
FRQVLGHUDUVHH[WHPSRUiQHRHQFXDQWRGLULJLGRFRQWUDWDOHV$XWRV\DTXHORVUHFXUVRVLQWHUSXHVWRV
D FRQWLQXDFLyQ SRU HO UHFXUUHQWH GH DSHODFLyQ TXHMD \ V~SOLFD HUDQ PDQLILHVWDPHQWH
LPSURFHGHQWHV$ERUGDQRREVWDQWHDFRQWLQXDFLyQHOIRQGRGHODVXQWR6HxDODDHVWHUHVSHFWR
TXHODDOHJDFLyQGHLQGHIHQVLyQUHLWHUDGDPHQWHDUWLFXODGDHQODYtDMXGLFLDOSUHYLDQRVHUHSURGXFH
HQ OD GHPDQGD GH DPSDUR SHUR TXH DGHPiV FDUHFH GH WRGR IXQGDPHQWR 3RU XQ ODGR QL ODV
DOHJDFLRQHVQLODSUXHEDSURSXHVWDSRUHOLQWHUQRHQHOSOLHJRGHGHVFDUJRVVXSRQtDQQHJDFLyQGHO
KHFKRLPSXWDGRHQHOSOLHJRGHFDUJRV\SRURWURODGRDOLQWHUSRQHUHOUHFXUVRGHDO]DGDFRQWUD
HO $FXHUGR VDQFLRQDGRU HO LQWHUQR QR VROLFLWy OD SUiFWLFDGHQLQJ~QPHGLRGHSUXHED(QWLHQGH
SRUHOORTXHVyORDODDFWLWXGSDVLYDGHOUHFXUUHQWHWUDVUHFLELUHOSOLHJRGHFDUJRVGHEHLPSXWDUVH
OD IDOWD GH XQD HYHQWXDO DFWLYLGDG SUREDWRULD GH GHVFDUJR 6REUH HVWH PDUFR HO $ERJDGR GHO
(VWDGR FRQVLGHUD VXILFLHQWH OD IXQGDPHQWDFLyQ RIUHFLGD SRU ORV $XWRV GHO -XH] GH 9LJLODQFLD
3HQLWHQFLDULD $ VX MXLFLR HV FLHUWR FRPR VH GLFH HQ HO $XWR GH GH GLFLHPEUH GH TXHORV
KHFKRV LPSXWDGRV DO LQWHUQR QR IXHURQ ©GHVYLUWXDGRV GXUDQWH OD WUDPLWDFLyQ GHO UHFXUVRª \ TXH
FRQ HO UHFXUVR GH UHIRUPD ©QR VH KD DUWLFXODGR SUXHED DOJXQDª FRPR DFHUWDGDPHQWH UD]RQD HO
$XWR GH GH HQHUR GH (Q VXPD OD DUJXPHQWDFLyQ H[SOLFLWDGD HQ WDOHV $XWRV DXQTXH
FRQFLVD VDWLVIDFH OD H[LJHQFLD FRQVWLWXFLRQDO GH PRWLYDFLyQ GH ODV UHVROXFLRQHV MXGLFLDOHV
WUDVODGDQGR DO LQWHUQR ORV PRWLYRV TXH FRQGXMHURQ D OD GHVHVWLPDFLyQ GH ORV UHFXUVRV
LQWHUSXHVWRV
0HGLDQWH HVFULWR UHJLVWUDGR HO GH DEULO GH HO $ERJDGR GHO (VWDGR VH
UHLWHUyGHQWURGHOSOD]RFRQFHGLGRSRUODSURYLGHQFLDGHGHPDU]RGHHQODVDOHJDFLRQHV
IRUPXODGDVSRUHVFULWRUHJLVWUDGRHOGHHQHURGHVLQDPSOLDUODVQLFRUUHJLUODV
(O 0LQLVWHULR )LVFDO UHJLVWUyVXHVFULWRGHDOHJDFLRQHVHOGHDEULOGH(QGLFKRHVFULWR
LQWHUHVDGHHVWH7ULEXQDOTXHGLFWH6HQWHQFLDSRUODTXHDVHRWRUJXHHODPSDUREVHDQXOHQORV
$XWRVGHO-X]JDGRGH9LJLODQFLD3HQLWHQFLDULDGH6HYLOODGHGHGLFLHPEUHGH\GHHQHUR
GH \ ODV DFWXDFLRQHV SURFHVDOHV XOWHULRUHV \ F VH RUGHQH TXH SRU HO -X]JDGR GH 9LJLODQFLD
3HQLWHQFLDULD GH 6HYLOOD VH GLFWH XQD UHVROXFLyQ HQ WRUQR D OD VDQFLyQ LPSXHVWD DO UHFXUUHQWH GH
DFXHUGR FRQ ORV SRVWXODGRV H[LJLGRV SRU HO DUW &( 7RGR HOOR D SDUWLU GH ODV VLJXLHQWHV
FRQVLGHUDFLRQHV
(O0LQLVWHULR)LVFDOKDFHXQUHFRUGDWRULRLQLFLDOGHVXVDOHJDFLRQHVHVFULWDV
SUHVHQWDGDV HQ HO WUiPLWH GHO DUW /27& HQ ODV TXH SHGtD OD LQDGPLVLyQ GH OD GHPDQGD GH
DPSDUR LQGLFDQGR TXH DKRUD D OD YLVWD GH ODV DFWXDFLRQHV SXHGH OOHJDU D XQD YLVLyQ IiFWLFD \
MXUtGLFD PiV H[DFWD GH ODV GRV WHPiWLFDVHQWRQFHVH[DPLQDGDVD3RUORTXHUHVSHFWDDODSULPHUD
GH ODV YXOQHUDFLRQHV GHO DUW &( GHQXQFLDGDV OD GHO GHUHFKR DO UHFXUVR PDQWLHQH OD
FRQFOXVLyQ HQWRQFHV DOFDQ]DGD 6HxDOD D HVWH UHVSHFWR TXH GH DFXHUGR FRQ OD GRFWULQD GH HVWH
7ULEXQDOHOGHUHFKRDODWXWHODMXGLFLDOHIHFWLYDQRWLHQHXQFDUiFWHULQFRQGLFLRQDGRTXHREOLJXHD
LQYHQWDUUHFXUVRVQRSUHYLVWRVHQODOH\\VLQTXHTXHSDHOGHUHFKRDXQDGREOHLQVWDQFLDTXHVyOR
YLHQHH[LJLGRHQPDWHULDSHQDO $VtSXHVHQWLHQGHTXHODLQDGPLVLyQGHOUHFXUVRGHDSHODFLyQDQWH
OD $XGLHQFLD 3URYLQFLDO FRQWUD OD GHFLVLyQ GHO -XH] GH 9LJLODQFLD 3HQLWHQFLDULD QR KD VXSXHVWR
OHVLyQ GHO GHUHFKR DO UHFXUVR DO YHQLU DVHQWDGD HQ XQD VyOLGD DUJXPHQWDFLyQ EDVDGD HQ OD
'LVSRVLFLyQDGLFLRQDOTXLQWD/23-H[HQWDGHDUELWUDULHGDG'HOPLVPRPRGRWDPSRFRODKD
VXSXHVWR OD LQDGPLVLyQ GHO UHFXUVR GH V~SOLFD WRGD YH] TXH XQD VROXFLyQ FRQWUDULD OOHYDUtD D XQD
VHULHHQFDGHQDGDGHUHFXUVRVFXDQGRODFXHVWLyQKDVLGR]DQMDGDGHPRGRGHILQLWLYR
E
(Q
FDPELRSRUORTXHUHVSHFWDDODVHJXQGDGHODVYXOQHUDFLRQHVGHQXQFLDGDVGHODUW&(ODGHO
GHUHFKRDODPRWLYDFLyQGHODVUHVROXFLRQHVMXGLFLDOHVHQUHODFLyQFRQODVGHO-X]JDGRGH9LJLODQFLD
3HQLWHQFLDULD TXH FRQILUPDURQ OD VDQFLyQ HO 0LQLVWHULR )LVFDO FRQVLGHUD QHFHVDULR UHFWLILFDU VX
LPSUHVLyQ LQLFLDO XQD YH] H[DPLQDGDV ODV DFWXDFLRQHV RULJLQDOHV \ HVWXGLDGR FRQ GHWHQLPLHQWR HO
FXHUSRGHODDUJXPHQWDFLyQ
6HxDOD D HVWH UHVSHFWR TXH HO UHFXUUHQWH VROLFLWy GHVGH TXH
IRUPXOy DOHJDFLRQHV HQ HO SOLHJR GH GHVFDUJRV HO DVHVRUDPLHQWR WpFQLFR GH XQ /HWUDGR \ OD
SUiFWLFD GH SUXHEDV SHWLFLyQ TXH UDWLILFy HQ VX FRPSDUHFHQFLD DQWH OD -XQWD GH 5pJLPHQ GH OD
SULVLyQ QR REVWDQWH OR FXDO HO DFXHUGR VDQFLRQDGRU QR GD H[SOLFDFLyQ DOJXQD D OD QR SUiFWLFD GH
SUXHEDV QL D OD IDOWD GH DVHVRUDPLHQWR WpFQLFR FXDQGR HO DUW GHO 5HJODPHQWR 3HQLWHQFLDULR
H[LJH $FXHUGR PRWLYDGR &RQ SRVWHULRULGDG \ DO LQWHUSRQHU HO UHFXUVR HQ YtD MXGLFLDO HO
UHFXUUHQWH YXHOYH D LQVLVWLU HQ ODV VROLFLWXGHV GHVDWHQGLGDV (V HQ HVWH SXQWR HQ GRQGH HO-X]JDGR
GH 9LJLODQFLD 3HQLWHQFLDULD SRGUtD KDEHU FRUUHJLGR ODV GHILFLHQFLDV DFDHFLGDV HQ OD LQVWUXFFLyQ \
GHFLVLyQ GHO H[SHGLHQWH VDQFLRQDGRU ELHQ DFFHGLHQGR R ELHQ GHQHJDQGR ODV SUHWHQVLRQHV SHUR
VLHPSUH FRQWHVWiQGRODV HQ ORV WpUPLQRV SODQWHDGRV GDGD OD FRUUHODFLyQ FRQVWLWXFLRQDO HQWUH
PRWLYDFLyQ\FRQJUXHQFLD
3HUR QR OR KL]R \ HO UD]RQDPLHQWR LQFRUSRUDGR DO ~QLFR
IXQGDPHQWR MXUtGLFR GHO $XWR GH GH GLFLHPEUH GH VH GHVYLQFXOD WRWDOPHQWH GH OD
VLQJXODULGDGGHOFDVRTXHGDQGRHQHOIRUPDOLVPRGHOLPSUHVRTXHQRVHFRUUHVSRQGHHQDEVROXWR
QL FRQ OD WHPiWLFD SODQWHDGD GH GHQHJDFLyQ GH SUXHEDV \ DVHVRUDPLHQWR SRU /HWUDGR QL FRQ XQ
FULWHULROyJLFR\HQWHQGLEOHGHUHVROXFLyQGHODOLWLV\DTXHODIUDVH©GDGDODHQWLGDGGHORVKHFKRV
LPSXWDGRVDOLQWHUQRUHFXUUHQWHTXHQRKDQVLGRGHVYLUWXDGRVGXUDQWHODWUDPLWDFLyQGHOUHFXUVRª
QR SXHGH FRQGXFLU D OD FRQFOXVLyQ GH FRQILUPDFLyQ GH OD VDQFLyQ SRU OD OHYHGDG GH ORV KHFKRV
LPSXWDGRV\SRUTXHVXQRGHVYLUWXDFLyQREHGHFHDODSURSLDLQDFWLYLGDGGHOFHQWURSHQLWHQFLDULR
\SRVWHULRUPHQWHGHO-X]JDGRTXHQRSHUPLWHODFRQWUDSUXHEDQLH[SOLFDODFDXVDGHODGHQHJDFLyQ
$GHPiV HQ HO $XWR VH LQGLFD GH PRGR WH[WXDO TXH HO 0LQLVWHULR )LVFDO KDEtD LQIRUPDGR HQ HO
VHQWLGR GH ©PRVWUDUVH FRQIRUPH FRQ OD VDQFLyQ LPSXHVWDª FXDQGR OR FLHUWR HV TXH VH KDEtD
DGKHULGR GH PRGR SDUFLDO DO UHFXUVR GHO LQWHUQR VROLFLWDQGR TXH VH DSOLFDUD WDQ VyOR XQD VDQFLyQ
GHDPRQHVWDFLyQSRUHQWHQGHUTXHQRH[LVWtDGHVREHGLHQFLD\DODYLVWDGHODHVFDVDWUDVFHQGHQFLD
UHJLPHQWDOGHODFRQGXFWDGHOVDQFLRQDGR
'HLJXDOPDQHUDHO$XWRGHGHHQHURGH
SRU HO TXH VH GHVHVWLPD HO UHFXUVR GH UHIRUPD YXHOYH D LQFXUULU HQ ORV PLVPRV YLFLRV GH
LQPRWLYDFLyQDOUHPLWLUVHDODQWHULRUHLQFLGLUXQDYH]PiVHQTXHHOLQWHUQRQRKDEtDDUWLFXODGR
SUXHED DOJXQD (Q HVWH ~OWLPR H[WUHPR VXSRQH DGHPiV XQD VXEYHUVLyQ GHO FRQFHSWR GH
SUHVXQFLyQ GH LQRFHQFLD DO H[LJLU VX SUXHED \ QR OD GH FXOSDELOLGDG FRQIRUPH D OD QDWXUDOH]D GHO
'HUHFKRVDQFLRQDGRU 3RU~OWLPRWDPSRFRVHKDFHPHQFLyQDOJXQDHQORV$XWRVGHO-X]JDGRDOD
SHWLFLyQ GH $ERJDGR GHIHQVRU OR TXH WLHQH XQD WUDVFHQGHQFLD VXILFLHQWH SDUD GDU OXJDU D XQD
FRQWHVWDFLyQ H[SUHVD D OD YLVWD GH OD FRQVWLWXFLRQDOL]DFLyQ GHO GHUHFKR GH GHIHQVD 3RU WRGR OR
H[SXHVWR HO 0LQLVWHULR )LVFDO VROLFLWD HO RWRUJDPLHQWR GHO DPSDUR FRQ UHWURDFFLyQ GH HIHFWRV DO
PRPHQWR DQWHULRU D OD SULPHUD UHVROXFLyQ GHO -X]JDGR GH 9LJLODQFLD 3HQLWHQFLDULD SXHV HV DKt
GRQGHUDGLFDHOSXQWRLQLFLDOGHODOHVLyQGHOGHUHFKRIXQGDPHQWDO
3RU SURYLGHQFLD GH GH RFWXEUH GH VH VHxDOy SDUD OD GHOLEHUDFLyQ \ YRWDFLyQ GH OD
SUHVHQWH6HQWHQFLDHOGtDVLJXLHQWH
,,)XQGDPHQWRVMXUtGLFRV
3URFHGHHQSULPHUWpUPLQRGHOLPLWDUHOREMHWRGHOSUHVHQWHDPSDUR(OUHFXUVRWUDHFDXVDGHOD
VDQFLyQ GLVFLSOLQDULD GH GRV ILQHV GH VHPDQD GH DLVODPLHQWR HQ FHOGD LPSXHVWD SRU $FXHUGR GH OD
-XQWD GH 5pJLPHQ \ $GPLQLVWUDFLyQ GHO FHQWUR SHQLWHQFLDULR 6HYLOOD ,, DO KR\ UHFXUUHQWH HQ
DPSDURDODVD]yQLQWHUQRHQGLFKRFHQWURHQFRQGLFLyQGHSUHVRSUHYHQWLYRSRUODFRPLVLyQGH
XQD IDOWD JUDYH GH GHVREHGLHQFLD WLSLILFDGD HQ HO DUW E GHO 5HJODPHQWR 3HQLWHQFLDULR
DSUREDGRSRU5HDO'HFUHWRGHGHPD\RHQDGHODQWH53FRPRFRQVHFXHQFLDGH
KDEHUSDVDGRXQUHFXHQWRGHVQXGR
$XQTXH HQ OD GHPDQGD VH LPSXJQDQ ~QLFDPHQWH ODV
UHVROXFLRQHV DGRSWDGDV SRU HO -X]JDGR GH 9LJLODQFLD 3HQLWHQFLDULD \ OD $XGLHQFLD 3URYLQFLDO GH
6HYLOODHQORVVXFHVLYRVUHFXUVRVLQWHQWDGRVVLQp[LWRSRUHOUHFXUUHQWHSDUDREWHQHUODDQXODFLyQ
GHODVDQFLyQLPSXHVWDDORVTXHVHDFKDFDQGLYHUVDVYXOQHUDFLRQHVGHOGHUHFKRDODWXWHODMXGLFLDO
HIHFWLYDDUW&(ORFLHUWRHVTXHLQWHJUDQGRGLFKDGHPDQGDFRQHOHVFULWRLQLFLDOGHOLQWHUQR
UHVXOWD FODUDPHQWH TXH HVWDPRV HQ SUHVHQFLD GH XQ DPSDUR PL[WR GLULJLGR WDPELpQ FRQWUD OD
VDQFLyQPLVPDSRUYXOQHUDFLyQGHVXVGHUHFKRVGHGHIHQVDHQHOSURFHGLPLHQWRGLVFLSOLQDULRDUW
&( FRPR KDEtD GHQXQFLDGR HQ OD YtD MXGLFLDO $Vt SXHV HO DPSDUR VH GLULJH GH PRGR
LQPHGLDWR FRQWUD XQD VHULH GH UHVROXFLRQHV MXGLFLDOHV /RV $XWRV GH OD $XGLHQFLD 3URYLQFLDO GH
LQDGPLVLyQ GH ODDSHODFLyQGHVHVWLPDFLyQGHODTXHMD\SRVWHULRULQDGPLVLyQGHODV~SOLFD\ORV
GHO -X]JDGR GH 9LJLODQFLD 3HQLWHQFLDULD FRQILUPDWRULR HO SULPHUR HQ DO]DGD GH OD VDQFLyQ \
GHVHVWLPDWRULRHOVHJXQGRGHOUHFXUVRGHUHIRUPD$DTXHOORVVHOHVLPSXWDODYXOQHUDFLyQGHODUW
&(HQVXYHUWLHQWHGHOGHUHFKRDORVUHFXUVRVOHJDOPHQWHHVWDEOHFLGRV\DpVWRVEDMRODYHVWH
GHDXVHQFLDGHPRWLYDFLyQVHOHVUHSURFKDHQULJRUXQDLQFRQJUXHQFLDRPLVLYD0DVFRPRKHPRV
GLFKR HO DPSDUR VH SUR\HFWD WDPELpQ IUHQWH D OD 5HVROXFLyQ VDQFLRQDGRUD GH OD $GPLQLVWUDFLyQ
SHQLWHQFLDULDHQFXDQWRTXHHQHOSURFHGLPLHQWRGLVFLSOLQDULRQRIXHURQUHVSHWDGRVHQODWHVLVGHO
UHFXUUHQWH VXV GHUHFKRV D OD DVLVWHQFLD OHWUDGD \ D OD XWLOL]DFLyQ GH ORV PHGLRV GH SUXHED
SHUWLQHQWHVUHFRQRFLGRVHQHODUW&(\WDOHVYXOQHUDFLRQHVQRIXHURQUHSDUDGDVSRUHO-XH]
GH9LJLODQFLD3HQLWHQFLDULD
&RPR VXJLHUH HO $ERJDGR GHO (VWDGR SURFHGH DQDOL]DU HQ SULPHU WpUPLQR OD YXOQHUDFLyQ GHO
GHUHFKR D OD WXWHOD MXGLFLDO HIHFWLYD FRPR GHUHFKR D ORV UHFXUVRV OHJDOPHQWH HVWDEOHFLGRV TXH VH
LPSXWD D ODV UHVROXFLRQHV GH OD $XGLHQFLD 3URYLQFLDO SDUD OR FXDO FRQYLHQH UHFRUGDU OD VLJXLHQWH
VHFXHQFLD GH KHFKRV D FRQWUD HO $XWR GHO -X]JDGR GH 9LJLODQFLD 3HQLWHQFLDULD TXH GHVHVWLPy OD
DO]DGD FRQWUD HO $FXHUGR VDQFLRQDGRU HO LQWHUQR LQWHUSXVR UHFXUVR GH UHIRUPD \ VXEVLGLDULR GH
DSHODFLyQ E HO -X]JDGR GHVHVWLPy HO GH UHIRUPD LQGLFDQGR HQ VX $XWR TXH ©FRQWUD HVWD
UHVROXFLyQQRFDEHUHFXUVRDOJXQRªORTXHHTXLYDOtDDXQDGHQHJDFLyQGHODDGPLVLyQGHOUHFXUVR
GHDSHODFLyQIUHQWHDODFXDOHOLQWHUQRLQWHUSXVRUHFXUVRGHTXHMDTXHIXHGHVHVWLPDGRSRU$XWR
GH OD $XGLHQFLD 3URYLQFLDO \ F FRQWUD HVWH ~OWLPR LQWHUSXVR ILQDOPHQWH UHFXUVR GH V~SOLFD TXH
IXHLQDGPLWLGRSRUXQQXHYR$XWRGHOD$XGLHQFLD3URYLQFLDO
(O
GHPDQGDQWH
GH
DPSDUR
HQWLHQGH TXH HVWD VHULH GH UHVROXFLRQHV MXGLFLDOHV TXH LPSLGLHURQ OD UHYLVLyQ HQ VHJXQGD LQVWDQFLD
SRUOD$XGLHQFLD3URYLQFLDOGHODGHFLVLyQDGRSWDGDSRUHO-X]JDGRGH9LJLODQFLD3HQLWHQFLDULDKDQ
VXSXHVWR XQD YXOQHUDFLyQ GH VX GHUHFKR D ORV UHFXUVRV OHJDOPHQWH HVWDEOHFLGRV SRU KDEHU
LQWHUSUHWDGR \ DSOLFDGR LQFRUUHFWDPHQWH HO UpJLPHQ GH UHFXUVRV HVWDEOHFLGR HQ OD PDWHULD SRU OD
'LVSRVLFLyQ DGLFLRQDO TXLQWD GH OD /23- 6LQ HPEDUJR HVWD TXHMD FDUHFH GH IXQGDPHQWR $ HVWH
UHVSHFWRFRQYLHQHVHxDODUTXHGHDFXHUGRFRQXQDUHLWHUDGDGRFWULQDGHHVWH7ULEXQDOHOGHUHFKR
IXQGDPHQWDODODWXWHODMXGLFLDOHIHFWLYDQRJDUDQWL]DHQSULQFLSLRHOGHUHFKRDXQDGREOHLQVWDQFLD
MXGLFLDO VDOYR HQHOiPELWRSHQDO667&\HQWUHRWUDV
DOTXHQRSHUWHQHFHQODVVDQFLRQHVGLVFLSOLQDULDVDORVLQWHUQRVGHORVFHQWURVSHQLWHQFLDULRVTXHVH
LQVFULEHQ HQ HO iPELWR GH ODV VDQFLRQHV DGPLQLVWUDWLYDV 667& \ HQWUHRWUDV$VtSXHVVLHPSUHTXHQRVHLQIULQMDHOGHUHFKRDXQSURFHVRFRQWRGDVODVJDUDQWtDVHO
OHJLVODGRU SXHGH SUHYHU HQ HVWH FDPSR XQD VROD LQVWDQFLD GH UHYLVLyQ MXGLFLDO VLQ DWHQWDU SRU HOOR
FRQWUD HO GHUHFKR D OD WXWHOD MXGLFLDO HIHFWLYD 1R REVWDQWH WDPELpQ HV GRFWULQD GH HVWH 7ULEXQDO
TXHXQDYH]HVWDEOHFLGDSRUHOOHJLVODGRUODGREOHLQVWDQFLDHQXQiPELWRGHWHUPLQDGRHOGHUHFKR
DOUHFXUVRVHLQWHJUDGHQWURGHOGHUHFKRDODWXWHODMXGLFLDOHIHFWLYDFRQVXFRQWHQLGRQRUPDOSURSLR
FRQVLVWHQWH HQ REWHQHU XQD GHFLVLyQ VREUH HO IRQGR GHO DVXQWR 667& \ HQWUH RWUDV 3HUR D HVWH UHVSHFWR WDPELpQ KHPRV DGYHUWLGR GH
PDQHUDUHLWHUDGDTXHODLQWHUSUHWDFLyQ\DSOLFDFLyQDOFDVRFRQFUHWRGHORVVXSXHVWRVOHJDOHVHQTXH
SURFHGH OD LQWHUSRVLFLyQ GH ORV UHFXUVRV \ GH ORV UHTXLVLWRV GH DGPLVLELOLGDG GH ORV PLVPRV
FRQVWLWX\H HQ SULQFLSLR XQD FXHVWLyQ GH OHJDOLGDG RUGLQDULD VLQ UHOHYDQFLD FRQVWLWXFLRQDO 667&
\ HQWUH RWUDV 3RU HVR DQWH OD DOHJDFLyQ GH
XQD YXOQHUDFLyQ GHO GHUHFKR D ORV UHFXUVRV OHJDOPHQWH HVWDEOHFLGRV IXHUD GHO iPELWR SHQDO HVWH
7ULEXQDO VH KD GH OLPLWDU D UHSDUDU DTXHOODV GHQHJDFLRQHV GH XWLOL]DFLyQ GH XQ UHFXUVR TXH VHDQ
LQPRWLYDGDV R EDVDGDVHQXQHUURUSDWHQWHRTXHUHVXOWHQGHXQDLQWHUSUHWDFLyQPDQLILHVWDPHQWH
DUELWUDULD GH ODV QRUPDV TXH UHJXODQ ORV VXSXHVWRV \ UHTXLVLWRV GH DFFHVR DO PLVPR SHUR VLQ
FRUUHJLUFXDOTXLHURWUDLQWHUSUHWDFLyQTXHGHWDOHVVXSXHVWRV\UHTXLVLWRVKD\DQKHFKRORV-XHFHV\
7ULEXQDOHVTXHFRQRFLHURQGHOFDVR667&\
HQWUHRWUDV
(O UpJLPHQ GH UHFXUVRV FRQWUD ODV UHVROXFLRQHV GH ORV -XHFHV GH 9LJLODQFLD
3HQLWHQFLDULD HVWi UHJXODGR SRU OD 'LVSRVLFLyQ DGLFLRQDO TXLQWD /23- TXH FRPR UHFRQRFH
XQiQLPHPHQWHODGRFWULQD\WDPELpQHVWH7ULEXQDOKDVHxDODGRHQDOJXQDRFDVLyQ67&
SODQWHD DOJXQRV SUREOHPDV LQWHUSUHWDWLYRV SDUWLFXODUPHQWH HQ UHODFLyQ FRQ ORV VXSXHVWRV HQ TXH
SURFHGH OD LQWHUSRVLFLyQ FRQWUD ODV PLVPDV GH ORV UHFXUVRV GH DSHODFLyQ \ GH TXHMD6LQHPEDUJR
WDOHV SUREOHPDV QR VH GDQ HQ LJXDO PHGLGD HQ HO VXSXHVWR TXH DTXt QRV RFXSD GH ODV VDQFLRQHV
GLVFLSOLQDULDVFX\RHQFDMHGHQWURGHODPDWHULDGH©UpJLPHQSHQLWHQFLDULRªSDUHFHPiVFODUR$7&
HLQGLUHFWDPHQWH67&\DOTXHSRUWDQWRUHVXOWDUtDDSOLFDEOHHOUpJLPHQGH
UHFXUVRV SUHYLVWR HQ HO DSDUWDGR GH GLFKD 'LVSRVLFLyQ FRQIRUPH DO FXDO TXHGD H[FOXLGR HO
UHFXUVR GH DSHODFLyQ FRQWUD ODV UHVROXFLRQHVGLFWDGDVSRUHO-XH]GH9LJLODQFLD3HQLWHQFLDULDTXH
VHDQ D VX YH] UHVROXWRULDV GH XQ UHFXUVR GH DSHODFLyQ SRU DO]DGD FRQWUD XQD UHVROXFLyQ
DGPLQLVWUDWLYDFRPRHVDTXtHOFDVR
$Vt SXHV UHVXOWD FODUR TXH HO -X]JDGR GH 9LJLODQFLD
3HQLWHQFLDULDQRYXOQHUyHOGHUHFKRDODWXWHODMXGLFLDOHIHFWLYDGHOUHFXUUHQWHDOLQGLFDUHQHO$XWR
SRUHOTXHGHVHVWLPDEDHOUHFXUVRGHUHIRUPDTXH©FRQWUDHVWDUHVROXFLyQQRFDEHUHFXUVRDOJXQRª
TXHWDPSRFRORLQIULQJLyHO$XWRGHOD$XGLHQFLD3URYLQFLDOGHVHVWLPDWRULRGHOUHFXUVRGHTXHMD\D
TXH UD]RQy GLFKD GHVHVWLPDFLyQ HQ OD LQWHUSUHWDFLyQ GHO DSDUWDGR GH OD 'LVSRVLFLyQ DGLFLRQDO
TXLQWD /23- TXH DFDEDPRV GH UHVHxDU TXH HQ QLQJ~Q FDVR FRQVWLWX\H XQD LQWHUSUHWDFLyQ
PDQLILHVWDPHQWHDUELWUDULDGHODQRUPDWLYDDSOLFDEOH\SRU~OWLPRTXHWDPSRFRIXHYXOQHUDGRSRU
HO$XWRGHOD$XGLHQFLD3URYLQFLDOGHLQDGPLVLyQGHOUHFXUVRGHV~SOLFDHOFXDODSDUWHGHUHDILUPDU
OD LQWHUSUHWDFLyQ LQGLFDGD DSHOy DO SULQFLSLR GH VHJXULGDG MXUtGLFD TXH ©H[LJH TXH DOJXQD YH] VH
KD\D GH WHQHU SRU GHILQLWLYDPHQWH UHVXHOWD XQD FXHVWLyQ VLQ TXH SXHGD HVWDU VXMHWD D XQD VHULH
DELHUWD LQWHUPLQDEOH H LQGHILQLGD GH UHFXUVRVª (Q UHODFLyQ FRQ HVWH ~OWLPR H[WUHPR FDEH LQGLFDU
TXH HVWH 7ULEXQDO KD FRQILUPDGR UHLWHUDGDPHQWH OD UD]RQDELOLGDG GH OD OtQHD MXULVSUXGHQFLDO
FRQVWDQWHGHORV7ULEXQDOHVRUGLQDULRVHQODLQWHUSUHWDFLyQGHODUW/(&ULPGHDSOLFDFLyQHQ
OD PDWHULD FRQIRUPH DO DSDUWDGR GH OD GLVSRVLFLyQ DGLFLRQDO TXLQWD /23-TXH FRQVLGHUD
LUUHFXUULEOHVHQV~SOLFDORV$XWRVTXHUHVXHOYHQDVXYH]RWURVUHFXUVRVHQVHJXQGDLQVWDQFLDFRPR
HV DTXt HO FDVR SXHV GH OR FRQWUDULR OD SRVLELOLGDG GH UHFXUULU VHUtD LOLPLWDGD 667& \HQWUHRWUDV(QFRQVHFXHQFLDODLQDGPLVLyQGHXQDVHJXQGDLQVWDQFLDDQWHOD
$XGLHQFLD3URYLQFLDOSDUDODUHYLVLyQMXGLFLDOGHODVDQFLyQGLVFLSOLQDULDLPSXHVWDDOUHFXUUHQWHQR
KDVXSXHVWRHQHOFDVRSUHVHQWHXQDYXOQHUDFLyQGHVXGHUHFKRDODWXWHODMXGLFLDOHIHFWLYD
3DVDQGRDODVLJXLHQWHFXHVWLyQHOUHFXUUHQWHFRQVLGHUDTXHORV$XWRVGHO-X]JDGRGH9LJLODQFLD
3HQLWHQFLDULD GHVHVWLPDWRULRV GHO UHFXUVR GH DO]DGD FRQWUD OD VDQFLyQ LPSXHVWD SRU HO FHQWUR
SHQLWHQFLDULR \ GHO SRVWHULRU UHFXUVR GH UHIRUPD KDQ YXOQHUDGR VX GHUHFKR D OD WXWHOD MXGLFLDO
HIHFWLYDFRPRGHUHFKRDREWHQHUXQDUHVROXFLyQMXGLFLDOPRWLYDGDDUW&(SRUKDEHUVLGR
GLFWDGRV PHGLDQWH XQ PRGHOR SUHYLDPHQWH LPSUHVR HQ HO TXH QR VH KDFH QLQJXQD PHQFLyQ D ODV
DOHJDFLRQHV SDUWLFXODUHV GHO UHFXUUHQWH SODQWHDGDV DQWH HO -X]JDGR $QWHV GH WUDWDU HVWD FXHVWLyQ
GHEHPRVGHVSHMDUHOREVWiFXORSURFHVDOTXHHO$ERJDGRGHO(VWDGRRSRQHDVXHQMXLFLDPLHQWRDO
HQWHQGHUTXHHQUHODFLyQFRQHOODHOUHFXUVRGHDPSDURVHUtDH[WHPSRUiQHRDUW/27&GDGR
HOFDUiFWHUPDQLILHVWDPHQWHLPSURFHGHQWH\SRUWDQWRLQVXVFHSWLEOHGHUHWUDVDUHOFRPLHQ]RGHO
FyPSXWRGHOSOD]RGHYHLQWHGtDVGHORVUHFXUVRVGHTXHMD\V~SOLFDLQWHUSXHVWRVDQWHVGHDFXGLUDO
DPSDUR (IHFWLYDPHQWHODLQWHUSUHWDFLyQGHOD'LVSRVLFLyQDGLFLRQDOTXLQWD/23-TXHH[FOX\H
OD DSHODFLyQ HQ FDVRV FRPR HO SUHVHQWH FRQVWLWX\H XQD LQWHUSUHWDFLyQ UD]RQDEOH GH GLFKD
GLVSRVLFLyQ\SUREDEOHPHQWHODPiVFRUUHFWDSHURHOORQRVLJQLILFDTXHHVWpH[HQWDGHWRGDGXGD
SRUORFXDOQRFDEHFDOLILFDUFRPRPDQLILHVWDPHQWHLPSURFHGHQWHVDORVHIHFWRVGHLQDGPLVLyQGHO
UHFXUVR GH DPSDUR ORV UHFXUVRV LQWHUSXHVWRV SRU HO UHFXUUHQWH LQWHQWDQGR TXH VH LPSXVLHUD RWUD
LQWHUSUHWDFLyQ HQ DQiORJR VHQWLGR 667& \ HQWUH RWUDV $Vt
SXHV QR KD\ H[WHPSRUDQHLGDG GHO SUHVHQWH UHFXUVR GDGR TXH QRFDEHWRPDUFRPRGLHVDTXRHO
GH OD QRWLILFDFLyQ GH ODGHVHVWLPDFLyQGHOUHFXUVRGHUHIRUPDWHVLVGHO$ERJDGRGHO(VWDGRGDGR
TXH ORV VXEVLJXLHQWHV UHFXUVRV GH DSHODFLyQTXHMD\V~SOLFDQRVHPXHVWUDQFRPRPDQLILHVWDPHQWH
LPSURFHGHQWHV QL FDEH FRQVLGHUDU TXH HO UHFXUUHQWH KD\D SUHWHQGLGR XQD SURORQJDFLyQ GHO SOD]R
SDUDUHFXUULUHQDPSDURFRQLQWHQFLRQHVGLODWRULDVSRUWRGDV667&\
3URFHGH SXHV HQWUDU HQ HO IRQGR GH OD FXHVWLyQ SODQWHDGD UHODWLYD D OD VXILFLHQFLD R QR GH OD
PRWLYDFLyQ GH ORV $XWRV LPSXJQDGRV GHO -X]JDGR GH 9LJLODQFLD 3HQLWHQFLDULD GH 6HYLOOD SDUD OR
FXDO KDEUi TXH FRPHQ]DU UHFRUGDQGR OD GRFWULQD FRQVWLWXFLRQDO DSOLFDEOH 6HJ~Q GRFWULQD
FRQVWDQWHGHHVWH7ULEXQDOSRUWRGDVODUHFLHQWH67&ODPRWLYDFLyQGHODVUHVROXFLRQHV
MXGLFLDOHV FRQVWLWX\H HQ HIHFWR XQD H[LJHQFLD FRQVWLWXFLRQDO TXH GLULJLGD HQ ~OWLPR WpUPLQR D
H[FOXLU OD DUELWUDULHGDG VH LQWHJUD GHQWUR GHO FRQWHQLGR FRQVWLWXFLRQDOPHQWH SURWHJLGR GHO
GHUHFKRDODWXWHODMXGLFLDOHIHFWLYDUHFRQRFLGRHQHODUW&(1RREVWDQWHHQUHODFLyQFRQOR
TXHGHEDHQWHQGHUVHSRUPRWLYDFLyQVXILFLHQWHWDPELpQDGYHUWLPRVHQODFLWDGD67&TXH
OD H[LJHQFLD GH PRWLYDFLyQ ©QR DXWRUL]D D H[LJLU XQ UD]RQDPLHQWR MXGLFLDO H[KDXVWLYR \
SRUPHQRUL]DGRGHWRGRVORVDVSHFWRV\SHUVSHFWLYDVTXHODVSDUWHVSXHGDQWHQHUGHODFXHVWLyQTXH
VHGHFLGHVLQRTXHGHEHQFRQVLGHUDUVHVXILFLHQWHPHQWHPRWLYDGDVDTXHOODVUHVROXFLRQHVMXGLFLDOHV
TXH YHQJDQ DSR\DGDV HQ UD]RQHV TXH SHUPLWDQ FRQRFHU FXiOHV KDQ VLGR ORV FULWHULRV MXUtGLFRV
HVHQFLDOHV IXQGDPHQWDGRUHV GH OD GHFLVLyQ 67& HV GHFLU OD UDWLR GHFLGHQFL TXH KD
GHWHUPLQDGR DTXpOOD 667& \ SRUTXH OD PRWLYDFLyQ QR HVWi
QHFHVDULDPHQWHUHxLGDFRQHOODFRQLVPR67&ª0iVFRQFUHWDPHQWHHQUHODFLyQFRQHO
XVR HQ ODV UHVROXFLRQHV MXGLFLDOHV GH PRGHORV LPSUHVRV R IRUPXODULRV HVWHUHRWLSDGRV
UHLWHUDGDPHQWH KHPRV VHxDODGR TXH VXXWLOL]DFLyQDXQTXHGHVDFRQVHMDEOHSRUVHUSRWHQFLDOPHQWH
FRQWUDULD DO GHUHFKR D OD WXWHOD MXGLFLDO HIHFWLYD QR LPSOLFD QHFHVDULDPHQWH XQD IDOWD R
LQVXILFLHQFLD GH OD PRWLYDFLyQ 667& \ \ $7& SXHV
©SHWLFLRQHV LGpQWLFDV SXHGHQ UHFLELU UHVSXHVWDV LGpQWLFDV VLQ TXH OD UHLWHUDFLyQ HQ OD
IXQGDPHQWDFLyQ VXSRQJD DXVHQFLD GH pVWDª $7& ©+DEUiGHDQDOL]DUVHVLHPSUHHOFDVR
FRQFUHWR SDUD YHU VL OD UHVSXHVWD JHQpULFD HV FRQJUXHQWH FRQ ODV FXHVWLRQHV SODQWHDGDV HQ HO
UHFXUVR \ VL H[SUHVD HO FULWHULR GHO -X]JDGRU VREUH ODV FDXVDV GH LPSXJQDFLyQ TXH VH DOHJDURQª
$7& &RPR VH GHGXFH GH OD GRFWULQD TXH DFDEDPRV GH H[SRQHU OD XWLOL]DFLyQ GH
IRUPXODULRV R PRGHORV LPSUHVRV SDUD IXQGDPHQWDU ODV UHVROXFLRQHV MXGLFLDOHVSXHGHVXSRQHUXQD
YXOQHUDFLyQGHOGHUHFKRDODWXWHODMXGLFLDOHIHFWLYDDUW&(PiVTXHSRULQVXILFLHQFLDGHOD
PRWLYDFLyQ SRU LQFRQJUXHQFLD RPLVLYD HVWR HV SRU GHMDU VLQ UHVSXHVWD DOJXQD GH ODV FXHVWLRQHV
SODQWHDGDV SRU HO UHFXUUHQWH DXQTXH DPEDV YXOQHUDFLRQHV GHO DUW &( HVWpQ tQWLPDPHQWH
UHODFLRQDGDV FRPR VH VXEUD\D SRU WRGDV HQ OD 67& (V SUHFLVDPHQWH GHVGH HVWD
SHUVSHFWLYDGHODSRVLEOHFRQFXUUHQFLDGHXQDLQFRQJUXHQFLDRPLVLYDOHVLYDGHOGHUHFKRDODWXWHOD
MXGLFLDO FRPR KHPRV H[DPLQDGR HQ RWUDV RFDVLRQHV GHQXQFLDV DQiORJDV D OD DFWXDO 667&
\ &RQYLHQH SXHV WDPELpQ UHFRUGDU FRPR KDFtDPRV HQ HVWDV
6HQWHQFLDV TXH ©ODV KLSyWHVLV GH LQFRQJUXHQFLD RPLVLYD QR VRQ VXVFHSWLEOHV GH XQD VROXFLyQ
XQtYRFDVLQRTXHKDQGHSRQGHUDUVHODVFLUFXQVWDQFLDVFRQFXUUHQWHVHQFDGDFDVRSDUDGHWHUPLQDU
VL HO VLOHQFLR GH OD UHVROXFLyQ MXGLFLDO D ODV SUHWHQVLRQHV GH ODV SDUWHV SXHGH R QR UD]RQDEOHPHQWH
LQWHUSUHWDUVHFRPRXQDGHVHVWLPDFLyQWiFLWDGHODVPLVPDVTXHVDWLVIDJDODVH[LJHQFLDVGHOGHUHFKR
DODWXWHODMXGLFLDOHIHFWLYD667&\HQWUHRWUDVª
7RGD OD GRFWULQD DQWHULRUPHQWH H[SXHVWD QRV FRQGXFH SXHV GLUHFWDPHQWH D H[DPLQDU FRQ
GHWHQLPLHQWRODVFLUFXQVWDQFLDVGHOFDVR\HQSDUWLFXODUFXiOHVIXHURQODVSUHWHQVLRQHVGHGXFLGDV
SRUHOKR\UHFXUUHQWHHQDPSDURDQWHHO-X]JDGRGH9LJLODQFLD3HQLWHQFLDULDSDUDSRGHUMX]JDUVLOD
PRWLYDFLyQHVWHUHRWLSDGDFRQWHQLGDHQORV$XWRVLPSXJQDGRVGLRRQRXQDUHVSXHVWDVXILFLHQWH\
FRQJUXHQWHFRQODVPLVPDVUHVSHWXRVDGHOGHUHFKRDODWXWHODMXGLFLDOHIHFWLYD
'HO H[DPHQ GH
ODVDFWXDFLRQHVUHVXOWDODVLJXLHQWHVXFHVLyQGHKHFKRVUHOHYDQWHVDKRUD D(QHOSOLHJRGHFDUJRV
VHLPSXWDEDQDOLQWHUQRORVVLJXLHQWHVKHFKRVDFDHFLGRVHOGHQRYLHPEUHGHSRVLEOHPHQWH
FRQVWLWXWLYRV GH XQD IDOWD JUDYH GH GHVREHGLHQFLD WLSLILFDGD HQ HO DUW E 53 ©4XH D OD KRUD
GHO UHFXHQWR 8VWHG VH HQFRQWUDED FRPSOHWDPHQWH GHVQXGR D OD YH] TXH QR KDFtD QDGD SRU
WDSDUVH $O SUHJXQWDUOH HO IXQFLRQDULR SRU VX DFWLWXG 8VWHG OH FRQWHVWy TXH OH JXVWDED HVWDU
GHVQXGR +DFHU FRQVWDU TXH HVWH KHFKR VH UHSLWH IUHFXHQWHPHQWHª (Q VX SOLHJR GH GHVFDUJRV HO
LQWHUQR QHJy TXH HVWD YHUVLyQ GH ORV KHFKRV VH DMXVWDUD D OD UHDOLGDG VROLFLWy ©VHU HVFXFKDGR HQ
-XQWD DVLVWLGR GH /HWUDGRª \ SURSXVR OD SUiFWLFD GH ODV VLJXLHQWHV SUXHEDV © ,QIRUPH UHODWLYR D
PL DFWLWXG \ VLWXDFLyQ HQ LGpQWLFR DFWR FRQ ORV GHPiV IXQFLRQDULRV TXH SUHVWDQ VXV VHUYLFLRV HQ
HVWH PyGXOR \ ,QIRUPH UHODWLYR D VL HVWD FLUFXQVWDQFLD SHUR SRU GLYHUVRV PRWLYRV VH KD
SURGXFLGRFRQRWURFRPSDxHURTXHWDPELpQORGHQXQFLyª(QHODFWDGHVXFRPSDUHFHQFLDDQWHOD
-XQWDGH5pJLPHQ\$GPLQLVWUDFLyQGHOFHQWURFRQVWDQODVVLJXLHQWHVPDQLIHVWDFLRQHVGHOLQWHUQR
©4XHPHUDWLILFRHQHOHVFULWR\TXHQRVHKDUHDOL]DGRQLQJXQDGHODVSUXHEDVTXHKHVROLFLWDGRª
E(O$FXHUGRVDQFLRQDGRUGHOD-XQWDGH5pJLPHQ\$GPLQLVWUDFLyQGHOFHQWURSDUWLHQGRGHORV
KHFKRVLPSXWDGRVHQHOSOLHJRGHFDUJRVLPSXVRDOLQWHUQRXQDVDQFLyQGHGRVILQHVGHVHPDQDGH
DLVODPLHQWRHQFHOGDSUHYLVWDHQHODUWE53FRPRDXWRUGHODIDOWDJUDYHWLSLILFDGDHQHODUW
E536LQHPEDUJRHQFRQWUDGHORGLVSXHVWRHQHODUW\F53QRFRQVWDHQODV
DFWXDFLRQHV OD H[LVWHQFLD GH XQ $FXHUGR PRWLYDGR GHO UHFKD]R GH OD SUiFWLFD GH ODV SUXHEDV
SURSXHVWDV QL VH UHFRJHQ HQ HO $FXHUGR VDQFLRQDGRU ODV PRWLYDFLRQHV GH GLFKR UHFKD]R SXHV
DSDUHFH HQ EODQFR HO HVSDFLR GHO LPSUHVR GHVWLQDGR D HVWRV HIHFWRV 7H[WXDOPHQWH VH GLFH HQ HO
$FXHUGR VDQFLRQDGRU TXH ©OD SUiFWLFD GH SUXHEDV VROLFLWDGDV SRU HO LQWHUQR \ FRQVLVWHQWHV HQ
RtGR\DOHJHVFULWRIXHURQGHVHVWLPDGDVHQVXPRPHQWRSRUFRQVLGHUDUODVHQEODQFRªF
(QVXUHFXUVRGHDO]DGDDQWHHO-X]JDGRGH9LJLODQFLD3HQLWHQFLDULDHOLQWHUQRVROLFLWyODDQXODFLyQ
GHO $FXHUGR VDQFLRQDGRU SRU YXOQHUDFLyQ GH VXV GHUHFKRV GH GHIHQVD HQ HO SURFHGLPLHQWR
GLVFLSOLQDULR DUW &( KDFLHQGR UHIHUHQFLD H[SUHVD D TXH WDQWR HQ HO SOLHJR GH GHVFDUJRV
FRPR HQ VX FRPSDUHFHQFLD DQWH OD -XQWD KDEtD VROLFLWDGR HO DVHVRUDPLHQWR GH /HWUDGR \ OD
SUiFWLFD GH XQD VHULH GH SUXHEDV ©VLQ TXH VH DFFHGLHUD D HOOR QR DUJXPHQWiQGRVHPH PRWLYR
DOJXQRª
(O UHFXUVR IXH GHVHVWLPDGR SRU $XWR GHO -X]JDGR FRQ OD VLJXLHQWH PRWLYDFLyQ
LPSUHVD ©9LVWR HO LQIRUPH GHO 0LQLVWHULR )LVFDO \ GDGD OD HQWLGDG GH ORV KHFKRV LPSXWDGRV DO
LQWHUQR UHFXUUHQWH TXH QR KDQ VLGR GHVYLUWXDGRV GXUDQWH OD WUDPLWDFLyQ GHO UHFXUVR SURFHGH OD
GHVHVWLPDFLyQ GHO PLVPR FRQILUPiQGRVH OD VDQFLyQ LPSXHVWD SRU OD -XQWD GH 5pJLPHQ \
$GPLQLVWUDFLyQ DQWHULRUPHQWH UHVHxDGDª &DEH GHVWDFDU DVLPLVPR FRPR SRQH GH UHOLHYH HO
0LQLVWHULR)LVFDOHQVXVDOHJDFLRQHVODVLJXLHQWHGLVFRUGDQFLDGHOPRGHORGH$XWRHPSOHDGRFRQOR
UHDOPHQWH DFDHFLGR (Q VX VHJXQGR DQWHFHGHQWH HO $XWR LQGLFD WH[WXDOPHQWH ©(QYLDGR DO
0LQLVWHULR )LVFDO pVWH LQIRUPy HQ HO VHQWLGR GH PRVWUDUVH FRQIRUPH FRQ OD VDQFLyQ LPSXHVWD
VROLFLWDQGR OD FRQILUPDFLyQ GHO $FXHUGR VDQFLRQDGRUª 6LQ HPEDUJR FRPR UHVXOWD GH ODV
DFWXDFLRQHV HO )LVFDO KDEtD VROLFLWDGR OD HVWLPDFLyQ SDUFLDO GHO UHFXUVR \ OD LPSRVLFLyQ GH XQD
VDQFLyQ GH DPRQHVWDFLyQ SRUFRQVLGHUDUTXHORVKHFKRVVyORHUDQFRQVWLWXWLYRVGHXQDIDOWDOHYH
GHODUWI53YLVWDODHVFDVDWUDVFHQGHQFLDUHJLPHQWDOHQODFRQGXFWDGHOVDQFLRQDGRG(Q
VXHVFULWRGHLQWHUSRVLFLyQGHOUHFXUVRGHUHIRUPD\VXEVLGLDULRGHDSHODFLyQFRQWUDGLFKR$XWRHO
LQWHUQR YROYLy D UHSURGXFLU VXV DOHJDFLRQHV GH LQGHIHQVLyQ H[SUHVDGDV HQ HO UHFXUVR GH DO]DGD
DGXFLHQGR DGHPiV OD YXOQHUDFLyQ SRU HO $XWR UHVROXWRULR GHO UHFXUVR GHDO]DGDGHODUW&(
©DO FDUHFHU GH UD]RQDELOLGDG DOJXQD DFHUFD GH ODV PRWLYDFLRQHV TXH KDQ FRQGXFLGR D VX
GHVHVWLPDFLyQ \ UHVSRQGHU D XQ PHGLR HVWHUHRWLSDGR FRPR OR SUXHED HO KHFKR GH VyOR WHQHU
DxDGLGR D PiTXLQD ODV IHFKDV \ HO Q~PHUR GH H[SHGLHQWHª (O -X]JDGR GHVHVWLPy WDPELpQ HVWH
UHFXUVR GH UHIRUPD FRQ OD VLJXLHQWH IXQGDPHQWDFLyQ MXUtGLFD LPSUHVD ©9LVWR HO LQIRUPH GHO
0LQLVWHULR )LVFDO \ WHQLHQGR HQ FXHQWD TXH SRU SDUWH GHO LQWHUQR UHFXUUHQWH QR VH KD DUWLFXODGR
SUXHEDDOJXQDTXHPRWLYHODPRGLILFDFLyQGHODUHVROXFLyQUHFXUULGDSURFHGHODFRQILUPDFLyQGHOD
PLVPDHQWRGRVVXVH[WUHPRVHQEDVHDODVPLVPDVFRQVLGHUDFLRQHVTXHHQHOODVHH[SUHVDEDQª $ OD YLVWD GH HVWRV KHFKRV \ WHQLHQGR HQ FXHQWD OD GRFWULQD DQWHULRUPHQWH H[SXHVWD UHVXOWD
HYLGHQWH OD YXOQHUDFLyQ SRU ORV $XWRV LPSXJQDGRV GHO GHUHFKR D OD WXWHOD MXGLFLDO HIHFWLYD GHO
UHFXUUHQWHSRULQFRQJUXHQFLDRPLVLYD(QORVUHFXUVRVGHDO]DGD\SRVWHULRUGHUHIRUPDHOLQWHUQR
QR VH OLPLWDED D PRVWUDU VX GLVFUHSDQFLD FRQ OD YDORUDFLyQ GH ORV KHFKRV GHWHUPLQDQWHV GH VX
VDQFLyQ VXSXHVWR HQ HO FXDO HO PRGHOR GH IXQGDPHQWDFLyQ XWLOL]DGR SRU HO -X]JDGR SRGUtD
HYHQWXDOPHQWH FRQVLGHUDUVH VXILFLHQWH \ UHVSHWXRVR FRQ ODV H[LJHQFLDV GHO DUW &( $7&
VLQR TXH DOHJDED SULQFLSDOPHQWH OD YXOQHUDFLyQ GH VXV GHUHFKRV GH GHIHQVD HQ HO
SURFHGLPLHQWRGLVFLSOLQDULR\ORKDFtDDGHPiVGHPDQHUDPX\FRQFUHWDUHILULHQGRWDOYXOQHUDFLyQ
DO KHFKR GH QR KDEHU REWHQLGR UHVSXHVWD D VX VROLFLWXG GH SUiFWLFD GH GHWHUPLQDGDV SUXHEDV GH
GHVFDUJR \ GH DVLVWHQFLD OHWUDGD (VWD \ QR RWUD HUD OD DXWpQWLFD FDXVD GH SHGLU GH VX UHFXUVR HV
GHFLU HO IXQGDPHQWR GH VX SUHWHQVLyQ GH DQXODFLyQ GHO $FXHUGR VDQFLRQDGRU VREUH OD FXDO VLQ
HPEDUJRORV$XWRVGHO-X]JDGRJXDUGDURQHOPiVDEVROXWRVLOHQFLR
/D LQDGHFXDFLyQ DO FDVR
GHO PRGHOR GH UHVROXFLyQ HPSOHDGR SRU HO -X]JDGR VH KDFH PiV SDWHQWH WRGDYtD VL VH WLHQH HQ
FXHQWDODFLUFXQVWDQFLDUHODWLYDDOVHQWLGRGHOLQIRUPHGHO)LVFDOHQODWUDPLWDFLyQGHOUHFXUVRIUHQWH
DODVDQFLyQ
$GHPiV OD LQFRQJUXHQFLD QR TXHGD HQHUYDGD SRU HO GDWR DGXFLGR SRU HO$ERJDGR
GHO(VWDGRGHTXHHOLQWHUQRUHFXUUHQWHQRDUWLFXODVHIRUPDOPHQWHSUXHEDHQODDO]DGDSXHVDOR
TXH GHQXQFLDED HUD OD IDOWD GH XQD GHQHJDFLyQ PRWLYDGD GH VX SUiFWLFD HQ HO SURFHGLPLHQWR
GLVFLSOLQDULR OR TXH GHELy FRQGXFLU DO -XH] D XQ SURQXQFLDPLHQWR H[SUHVR VREUH OD SHUWLQHQFLD \
FRQVLJXLHQWHDGPLVLyQRQRGHODVSUXHEDV\EHQULJRUHODUWE53QRFRQILJXUDXQDFDUJD
SDUD HO LQWHUQRFX\RLQFXPSOLPLHQWRSXHGDDFDUUHDUODFRQVHFXHQFLDGHH[FOXLUGHOiPELWRGHOD
DO]DGD OD GHQXQFLD GH YXOQHUDFLyQ GH GHUHFKRV IXQGDPHQWDOHV FRPR ORV DOHJDGRV SRU HO
UHFXUUHQWH
)LQDOPHQWH QR HVWi GH PiV DxDGLU FRPR KHPRV VHxDODGR HQ RWUDV RFDVLRQHV
DQiORJDV667&\HQWUHRWUDVTXHORV-X]JDGRV
GH 9LJLODQFLD 3HQLWHQFLDULD WLHQHQ HQFRPHQGDGD XQD UHOHYDQWH IXQFLyQ D OD KRUD GH JDUDQWL]DU ORV
GHUHFKRVIXQGDPHQWDOHVGHORVLQWHUQRVHQHOHMHUFLFLRGHODSRWHVWDGVDQFLRQDGRUDSRUSDUWHGHOD
$GPLQLVWUDFLyQSHQLWHQFLDULDSRUORTXHUHVXOWDHVSHFLDOPHQWHGHVDFRQVHMDEOHHQHVWHFDVRHOXVR
GH PRGHORV LPSUHVRV TXH QR GHQ UHVSXHVWD DGHFXDGD D ODV GHQXQFLDV GH YXOQHUDFLyQ GH WDOHV
GHUHFKRVTXHOHVIRUPXOHQORVLQWHUQRV 8QD YH] FRQVWDWDGD OD YXOQHUDFLyQ GHO DUW &( SRU ORV $XWRV GHO -X]JDGR GH 9LJLODQFLD
3HQLWHQFLDULD FDEUtD HQ SULQFLSLR GHWHQHU DTXt QXHVWUR H[DPHQ GHO FDVR \D TXH QR VH QRV SLGH
H[SUHVDPHQWH RWUD FRVD HQ OD GHPDQGD \HQFRQVHFXHQFLDRUGHQDUODUHWURDFFLyQGHDFWXDFLRQHV
SDUD TXH HO -X]JDGR YROYLHUD D UHVROYHUOR GDQGR XQD UHVSXHVWD FRPSOHWD \ FRQJUXHQWH FRQ HO
FRQWHQLGRGHOUHFXUVRGHDO]DGD
6LQ HPEDUJR RWUD VHULH GH FRQVLGHUDFLRQHV DXWRUL]DQ D
HQWHQGHUFRPRVHxDOiEDPRVHQHOIXQGDPHQWRMXUtGLFRTXHHODPSDURVHKDSODQWHDGRFRQXQ
FDUiFWHUPL[WR\DFRQVHMDQSDVDUDHQMXLFLDUWDPELpQODUHJXODULGDGGHOSURFHGLPLHQWRVDQFLRQDGRU
(QHIHFWRDOUHVROYHUXQUHFXUVRGHDPSDURHVWH7ULEXQDOQRVHHQFXHQWUDHVWULFWDPHQWHYLQFXODGR
SRU ODV FRQFUHWDV SHWLFLRQHV IRUPXODGDV HQ OD GHPDQGD VLQR HVHQFLDOPHQWH SRU ORV KHFKRV \
DUJXPHQWRVH[SXHVWRVHQHOODTXHVRQORVTXHFRQVWLWX\HQODDXWpQWLFDFDXVDSHWHQGLGHOUHFXUVR
SDUDORFXDODGHPiVSDUHFHSRVLEOH\HQRFDVLRQHVLQFOXVRRSRUWXQRLQWHJUDUODGHPDQGDFRQHO
HVFULWR LQLFLDO GHO LQWHUQR GRQGH VH GHQXQFLDEDQ FLHUWDV LUUHJXODULGDGHV 3RU OR GHPiV HVWH
7ULEXQDO GLVSRQH \D GH ORV HOHPHQWRV GH MXLFLR QHFHVDULRV SDUD SURQXQFLDUVH VREUH OD SRVLEOH
YXOQHUDFLyQ GHO GHUHFKR GH GHIHQVD HQ HO SURFHGLPLHQWR VDQFLRQDGRU SRU OR TXH OD SURSLD
HIHFWLYLGDG GH OD WXWHOD MXGLFLDO DUW &( DFRQVHMD QR GHPRUDU PiV OD VROXFLyQ GHO FDVR
/OHJDGRVDHVWHSXQWRFRQYLHQHHPSH]DUUHFRUGDQGRFXiOHVIXHURQODVOHVLRQHVGHVXVGHUHFKRVGH
GHIHQVD GHQXQFLDGDV SRU HO LQWHUQR HQ YtD MXGLFLDO $OHJDED HQ SULPHU OXJDU OD YXOQHUDFLyQ GHO
GHUHFKR D XWLOL]DU ORV PHGLRV GH SUXHED SHUWLQHQWHV SDUD OD SURSLD GHIHQVD DUW &( SRU OD
GHQHJDFLyQ LQPRWLYDGD GH ODV SUXHEDV GH GHVFDUJR SURSXHVWDV \ HQ VHJXQGR OXJDU OD GHO
GHUHFKRDODDVLVWHQFLDOHWUDGDDUW&(GHELGRWDPELpQDODIDOWDGHUHVSXHVWDDVXVROLFLWXG
H[SUHVD HQ HVWH VHQWLGR HQ HO SURFHGLPLHQWR GLVFLSOLQDULR $ WtWXOR SUHYLR \ DQWHV GH DQDOL]DU
GLFKDVYXOQHUDFLRQHVKD\TXHUHFRUGDUTXHGHVGHOD67&HVWH7ULEXQDOYLHQHGHFODUDQGR
UHLWHUDGDPHQWHTXHODVJDUDQWtDVSURFHVDOHVHVWDEOHFLGDVHQHODUW&(VRQDSOLFDEOHVQRVyOR
HQ HO SURFHVR SHQDO VLQR WDPELpQ HQ ORV SURFHGLPLHQWRV DGPLQLVWUDWLYRV VDQFLRQDGRUHV FRQ ODV
PDWL]DFLRQHV TXH UHVXOWDQ GH VX SURSLD QDWXUDOH]D \ TXH ©WUDWiQGRVH GH VDQFLRQHV GLVFLSOLQDULDV
LPSXHVWDV D LQWHUQRV SHQLWHQFLDULRV HVWH FRQMXQWR GH JDUDQWtDV VH DSOLFD FRQ HVSHFLDO YLJRU DO
FRQVLGHUDU TXH OD VDQFLyQ VXSRQH XQD JUDYH UHVWULFFLyQ D OD \D UHVWULQJLGD OLEHUWDG LQKHUHQWH DO
FXPSOLPLHQWR GH OD SHQDª 667& \ HQWUHRWUDV3RURWURODGRODGRFWULQDFRQVWLWXFLRQDOKDSUHFLVDGRHODOFDQFHGHHVWDUHJODJHQHUDO
FRQFUHWDQGRHQORTXHDIHFWDDOFDVRSUHVHQWHODDSOLFDELOLGDGDWDOHVSURFHGLPLHQWRVGLVFLSOLQDULRV
GHOGHUHFKRDODGHIHQVD\DODDFWLYLGDGSUREDWRULD667&
HQWUHRWUDV
'HODOHFWXUDGHOHVFULWRGHOLQWHUQRFDEHGHGXFLUTXHHOYHUGDGHURQ~FOHRGHVXVTXHMDVUHVLGHHQ
ODYXOQHUDFLyQGHOGHUHFKRDODXWLOL]DFLyQGHORVPHGLRVGHSUXHEDSHUWLQHQWHVSRUORTXHSDUHFH
RSRUWXQR FRPHQ]DU SRU HO H[DPHQ GH OD PLVPD 6HJ~Q GRFWULQD UHLWHUDGD GH HVWH 7ULEXQDO WDO
GHUHFKR HV ©LQVHSDUDEOHª GHO GHUHFKR PLVPR GH GHIHQVD \ H[LJH TXHODVSUXHEDVSHUWLQHQWHVVHDQ
DGPLWLGDV \ SUDFWLFDGDV VLQ GHVFRQRFLPLHQWRV QL REVWiFXORV SRU WRGDV 667& \SRUORTXHUHVXOWDUiYXOQHUDGR©HQDTXHOORVVXSXHVWRVHQTXHHOUHFKD]RGH
ODSUXHEDSURSXHVWDFDUH]FDGHWRGDMXVWLILFDFLyQRODPRWLYDFLyQTXHVHRIUH]FDSXHGDWLOGDUVHGH
PDQLILHVWDPHQWH DUELWUDULD R LUUD]RQDEOHª 667& \
HQWUHRWUDV
$KRUD ELHQ SDUD TXH SRU GHQHJDFLyQ LQPRWLYDGD R FRQ PRWLYDFLyQ
LUUD]RQDEOH R DUELWUDULD UHVXOWH XQD YXOQHUDFLyQ GH GLFKR GHUHFKR HV SUHFLVR TXH HQ OD SUXHED
SURSXHVWD FRQFXUUDQ XQD VHULH GH UHTXLVLWRV UHTXLVLWRV SDUD OD SURFHGHQFLD GH VX DGPLVLyQ TXH
FDEH UHVXPLU FRPR VLJXH D SURSXHVWD HQ WLHPSR \ IRUPD 3RU WUDWDUVH GH XQ GHUHFKR GH
FRQILJXUDFLyQOHJDO©VXHMHUFLFLRKDGHDFRPRGDUVHDODVH[LJHQFLDV\FRQGLFLRQDQWHVLPSXHVWRVSRU
ODQRUPDWLYDSURFHVDOGHWDOPRGRTXHHVFRQGLWLRVLQHTXDQRQSDUDDSUHFLDUVXSUHWHQGLGDOHVLyQ
TXH OD SUXHED VH KD\D VROLFLWDGR HQ OD IRUPD \ PRPHQWR OHJDOPHQWH HVWDEOHFLGRVª 667&
\ HQWUH RWUDV E UHOHYDQFLD R YLUWXDOLGDG
H[FXOSDWRULD GH ORV KHFKRV TXH VH SUHWHQGtDQ SUREDU SXHVWR TXH OD LQGHIHQVLyQ TXH SURVFULEH OD
&RQVWLWXFLyQ KD GH VHU PDWHULDO \ TXH ©KDEUi GH VHU DOHJDGD \ IXQGDPHQWDGD SRU HO UHFXUUHQWH R
UHVXOWDU GH ORV KHFKRV \ SHWLFLRQHV GH OD GHPDQGDª SRU WRGDV 667& \ \
ILQDOPHQWH F LGRQHLGDG REMHWLYD GHO PHGLR SUREDWRULR SURSXHVWR SDUD OD DFUHGLWDFLyQ GH WDOHV
KHFKRV UHOHYDQWHV 3XHV ELHQ FRPR VH GHVSUHQGH GHO H[DPHQ GH ODV DFWXDFLRQHV WRGRV HVWRV
UHTXLVLWRV FRQFXUULHURQ HQ HO FDVR TXH DKRUD VH H[DPLQD ODV SUXHEDV IXHURQ VROLFLWDGDV HQ HO
PRPHQWR SURFHGLPHQWDO DGHFXDGR HQ HO SOLHJR GH GHVFDUJRV OXHJR UHLWHUDGDVHQODFRPSDUHQFLD
RUDO DQWH OD -XQWD GH 5pJLPHQ \ $GPLQLVWUDFLyQ GHO FHQWUR SHQLWHQFLDULR DVLPLVPR QR FDEH
GHVFDUWDUVXUHOHYDQFLD\YLUWXDOLGDGH[FXOSDWRULDSXHVWRTXHFRQHOODVVHDVSLUDEDDGHVWUXLUVLQR
HOKHFKRPLVPRGHKDEHUSDVDGRHOUHFXHQWRGHVQXGRVtODVGHPiVFLUFXQVWDQFLDVTXHORURGHDURQ
\ TXH WDPELpQ OH IXHURQ LPSXWDGDV DO LQWHUQR HQ HO SOLHJR GH FDUJRV \ ILQDOPHQWH WDPSRFR ORV
PHGLRV SUREDWRULRV SURSXHVWRV LQIRUPH GH RWURV IXQFLRQDULRV H LQWHUQRV SXHGHQ VHU UHSXWDGRV
FRPR REMHWLYDPHQWH LQLGyQHRV 3RU WRGR HOOR KD\ TXH FRQFOXLU TXH OD GHQHJDFLyQ LPSOtFLWD \
SRU WDQWR LQPRWLYDGD GH ODV PLVPDV \D TXH HO WH[WR GHO LPSUHVR GHO $FXHUGR VDQFLRQDGRU
UHVHUYDGRDHVWRVHIHFWRVDSDUHFHHQEODQFRYXOQHUyHOGHUHFKRGHOLQWHUQRDXWLOL]DUORVPHGLRVGH
SUXHED SHUWLQHQWHV DUW &( SURYRFDQGR FRQ HOOR OD LQGHIHQVLyQ SURVFULWD SRU QXHVWUD
&RQVWLWXFLyQ 3DUD VXEUD\DU OD SRVLEOH UHOHYDQFLD GH ODV SUXHEDV SURSXHVWDV QR HVWi GH PiV
UHFRUGDUTXHHO)LVFDOHQHOLQIRUPHHPLWLGRHQHOUHFXUVRGHDO]DGDSURSRQtDODVXVWLWXFLyQGHOD
VDQFLyQ LPSXHVWD SRU XQD VLPSOH DPRQHVWDFLyQ DO FRQVLGHUDU TXH ORV KHFKRV QR UHYHVWtDQ ORV
FDUDFWHUHVGHXQDIDOWDJUDYHGHGHVREHGLHQFLDGHODUWE53SRUODLQH[LVWHQFLDGHRUGHQ\VX
HVFDVDWUDVFHQGHQFLDUHJLPHQWDOVLQRGHXQDVLPSOHIDOWDOHYHGHODUWI53 8QD YH] GHWHUPLQDGD OD QXOLGDG GHO $FXHUGR VDQFLRQDGRU SRU YXOQHUDFLyQ GHO GHUHFKR D OD
XWLOL]DFLyQ GH ORV PHGLRV GH SUXHED SHUWLQHQWHV QR UHVXOWD QHFHVDULR H[DPLQDU HO HYHQWXDO
TXHEUDQWDPLHQWRGHOGHUHFKRDODDVLVWHQFLDOHWUDGD
(Q FRQVHFXHQFLD SURFHGH GHFODUDU OD
YXOQHUDFLyQ SRU OD $GPLQLVWUDFLyQ SHQLWHQFLDULD GHO GHUHFKR D XWLOL]DU ORV PHGLRV GH SUXHED
SHUWLQHQWHV DUW&(TXHFRQFXUUHFRQOD\DGHFODUDGDYXOQHUDFLyQGHODUW&(SRUHO
-X]JDGRGH9LJLODQFLD3HQLWHQFLDULDSRULQFRQJUXHQFLDRPLVLYD
)$//2
(Q DWHQFLyQ D WRGR OR H[SXHVWR HO 7ULEXQDO &RQVWLWXFLRQDO 325 /$ $8725,'$' 48( /(
&21),(5( /$ &2167,78&,21 '( /$ 1$&,21 (63$f2/$ +D GHFLGLGR HVWLPDU HO
SUHVHQWHUHFXUVRGHDPSDURLQWHUSXHVWRSRUGRQ-RVp0LJXHO)XUULHO%ULHYD\HQFRQVHFXHQFLD 5HFRQRFHU DO UHFXUUHQWH HQDPSDURHOGHUHFKRDXWLOL]DUORVPHGLRVGHSUXHEDSHUWLQHQWHVSDUD
VX SURSLD GHIHQVD DUW &( DVt FRPR D REWHQHU XQD UHVSXHVWD MXGLFLDO FRQJUXHQWH FRQ VXV
SUHWHQVLRQHVDUW&(
$QXODU HO $FXHUGR VDQFLRQDGRU GH OD -XQWD GH 5pJLPHQ \ $GPLQLVWUDFLyQ GHO FHQWUR
SHQLWHQFLDULR6HYLOOD,,GHGHQRYLHPEUHGHDVtFRPRORV$XWRVGHO-X]JDGRGH9LJLODQFLD
3HQLWHQFLDULDGH6HYLOODGHGHGLFLHPEUHGH\GHHQHURGH
3XEOtTXHVHHVWD6HQWHQFLDHQHO©%ROHWtQ2ILFLDOGHO(VWDGRª
'DGDHQ0DGULGDYHLQWLQXHYHGHRFWXEUHGHPLOQRYHFLHQWRVQRYHQWD\VHLV
