<>@
LQIRUPD©¥R W«FQLFR FRPHUFLDO
"0&$+ - /( " % +& ) [ /"!27 ,0 , 01Á 2),0 ! *,!") ÅÃ, !" 0Ð)&!,0 "* > PRQWDJHQV VLPSOHV &RP R GHVHQYROYLPHQWR GH FRPSXWDGRUHV PDLV SRWHQWHV RV PRGHORV WRUQDUDP VH PDLV FRPSOH[RV H GHVHQYROYH UDP VH FRQFHLWRV DGLFLRQDLV SDUD LQWHUOLJDU WRGRV RV SDU¤PHWURV FRPR DV UHVWUL©·HV H DV UHOD©·HV ̴SDL ͤOKR̵ TXH EDVLFDPHQWH GHVFUH YHP D UHOD©¥R HQWUH WRGRV RV SDU¤PHWURV GD IHUUDPHQWD RUJDQL]DGRV HP IRUPD GH £UYRUH 1R HQWDQWR LVWR VLJQLͤFDYD TXH SDUD DOWHUDU XP SDU¤PHWUR HVSHF¯ͤFR VHULD QHFHVV£ULR YROWDU D WUD©DU RV SDVVRV UHWURFHGHQGR DW« ¢ GHͤQL©¥R GHVVH SDU¤PHWUR HVSHF¯ͤFR $ PR GHOD©¥R SDUDP«WULFD WDPE«P H[LJH D FULD©¥R GH GHSHQG¬QFLDV GHQWUR GR ͤFKHLUR H HYHQWX DOPHQWH R GHVHQYROYLPHQWR GH IHUUDPHQWDV GH JHVW¥R GH GDGRV SDUD SHUPLWLU R WUDEDOKR GH GLIHUHQWHV HTXLSDV GH GHVHQKR HP VLPXO W¤QHR 'DYLG 3LNH $SSOLFDWLRQV (QJLQHHU QD 56 &RP SRQHQWV DERUGD D WHP£WLFD GR GHVHQKR ' H[SORUDQGR DOJXPDV GDV GLIHUHQ©DV E£VLFDV HQWUH D PRGHOD©¥R SDUDP«WULFD H D PRGH OD©¥R GLUHWD H H[SOLFD FRPR R 'HVLJQ6SDUN 0HFKDQLFDO ̰ D QRYD IHUUDPHQWD JUDWXLWD GH PRGHOD©¥R ' YDL JDUDQWLU D FULDWLYLGDGH H RIHUHFHU QRYDV SRVVLELOLGDGHV DRV HQJHQKHL URV GHVGH D IDVH GR FRQFHLWR GR SURGXWR DW« ¢ VXD SURGX©¥R 2 GHVHQKR DVVLVWLGR SRU FRPSXWDGRU &$' ̰ &RPSXWHU $LGHG 'HVLJQ VXUJLX SHOD SULPHLUD YH] QD G«FDGD GH FRP R REMHWLYR GH DSRLDU DV LQG¼VWULDV GR VHWRU DXWRPµYHO DHURHVSDFLDO H GH GHIHVD 1R ͤQDO GRV DQRV &$' HUD M£ DSUHVHQWDGR DRV HVWXGDQWHV GH HQJHQKDULD FRPR R FDPLQKR D VHJXLU ID]HQ GR FRP TXH RV P«WRGRV PDQXDLV GH GHVHQKR WUDGLFLRQDO IRVVHP JUDGXDOPHQWH FDLQGR QR HVTXHFLPHQWR 'XUDQWH D G«FDGD GH FRP R DSDUHFLPHQWR GD WHFQRORJLD GH SURFHVVD GRUHV GH ELW H D LQWURGX©¥R GD WHFQRORJLD GH GLVSOD\ D FRUHV HVWH SURFHVVR GHX XP VDO WR HQRUPH *UDQGH SDUWH GD PRWLYD©¥R LQLFLDO SDUD GHVHQYROYHU HVWHV VLVWHPDV FHQWURX VH QR DXPHQWR SRWHQFLDO GD SURGXWLYLGDGH RX QD FDSDFLGDGH GRV QRYRV VLVWHPDV SDUD GHͤQLU VXSHUI¯FLHV FRPSOH[DV H VµOLGDV 2V SULPHL URV WUDEDOKRV QR VHWRU DXWRPµYHO UHYHODUDP VH IXQGDPHQWDLV QR SURJUHVVR DOFDQ©DGR $ 5HQDXOW SRU H[HPSOR SRGH VHU FRQVLGHUDGD UHVSRQV£YHO SRU LQLFLDU R SURFHVVR TXH OHYRX DR DSDUHFLPHQWR GR VRIWZDUH &$7,$ ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
2 PHUFDGR GRV VRIWZDUHV DYDQ©DGRV FD SD]HV GH FULDU PRGHORV SDUD GHVHQKRV H SUR GXWRV HP ' VXUJLX SRU YROWD GH H KLV WRULFDPHQWH DV IHUUDPHQWDV ' &$' TXH W¬P GRPLQDGR R PHUFDGR V¥R DV SDUDP«WULFDV 1RV SULPHLURV WHPSRV Q¥R HUD HYLGHQWH TXH HVWD PHWRGRORJLD IRVVH SUHYDOHFHU 1R HQWDQ WR R VHX VXFHVVR GHYHX VH HP JUDQGH SDUWH ¢V OLPLWDGDV FDSDFLGDGHV GH SURFHVVDPHQWR GRV FRPSXWDGRUHV GD «SRFD 'HYLGR ¢ DXV¬QFLD GH FRPSXWDGRUHV GH DOWR UHQGLPHQWR D PRGHOD©¥R SDUDP«WULFD JDQKRX YDQWDJHP UHODWLYDPHQWH ¢V PHWRGR ORJLDV DOWHUQDWLYDV FRPR D PRGHOD©¥R GLUHWD WUDWDQGR VH GH XP WUXTXH LQWHOLJHQWH SDUD WRUQDU YL£YHO D PRGHOD©¥R VµOLGD QR KDUGZDUH GRV DQRV $ PRGHOD©¥R SDUDP«WULFD GLYLGH R GHVHQKR QXPD V«ULH GH SDVVRV LQGLYLGXDLV RX SDU¤PHWURV TXH DWXDYDP FRPR LQVWUX ©·HV SDUD FULDU R IRUPDWR GD SH©D H SHUPLWLDP DR KDUGZDUH WUDEDOKDU FRP PRGHORV TXDVH HP ̴WHPSR UHDO̵ RX SHOR PHQRV DSUR[LPDU VH GHVVD DERUGDJHP (VWH SURFHVVR IXQFLRQRX EDVWDQWH EHP SDUD RV GHVHQKRV FRQVWLWX¯GRV SRU SH©DV H
01· 2),0 $SHVDU GR VRIWZDUH ' VHU PXLWR SRWHQWH WHP DOJXPDV EDUUHLUDV LPSRUWDQWHV DVVRFLDGDV FRPR R IDFWR GH VHU JHUDOPHQWH GLVSHQGLRVR H GH DSHQDV SRGHU VHU XWLOL]DGR SRU HVSHFLD OLVWDV &$' (VWLPD VH TXH FHUFD GH PL OK·HV GH HQJHQKHLURV HP WRGR R PXQGR LQ FOXLQGR HQJHQKHLURV HOHWUµQLFRV H PHF¤QLFRV SRGHULDP XVXIUXLU GDV YDQWDJHQV GR GHVHQKR HP ' 1R HQWDQWR RV SULQFLSDLV IRUQHFHGR UHV GH VRIWZDUH &$' DSHQDV UHJLVWDP XP PL OK¥R GH OLFHQ©DV ' &$' DWLYDV 0XLWRV GRV SRWHQFLDLV XWLOL]DGRUHV GR GHVHQKR ' DLQGD Q¥R HQWUDUDP QHVWH QRYR PXQGR PXLWR SUR YDYHOPHQWH SRU XPD TXHVW¥R GH FXVWRV Q¥R Vµ HP WHUPRV GR SUH©R GDV IHUUDPHQWDV PDV WDPE«P GR WHPSR H[LJLGR SDUD DV FRQKHFHU H GRPLQDU (VWHV IDWRUHV WRUQDUDP VH QRV PDLRUHV REVW£FXORV ¢ HQWUDGD GH XWLOL]DGRUHV TXH SURFXUDP FROKHU RV EHQHI¯FLRV GD FDSDFL GDGH GH GHVHQKDU HP ' $V IHUUDPHQWDV PDLV UHFHQWHV GRV IRUQH FHGRUHV O¯GHUHV GH &$' DSUHVHQWDP XP SUH©R DSUR[LPDGR HQWUH ͍ H ͍ SRU OLFHQ ©D H QRUPDOPHQWH DSUHVHQWDP DLQGD WD[DV GH PDQXWHQ©¥R DQXDO HOHYDGDV &RPR M£ UHIH ULGR DQWHULRUPHQWH R VHJXQGR REVW£FXOR GHUL YD GD ORQJD FXUYD GH DSUHQGL]DJHP DVVRFLD GD ¢ PRGHOD©¥R WUDGLFLRQDO HP ' $SUHQGHU D GRPLQDU IHUUDPHQWDV ' &$' DYDQ©DGDV SRGHULD H[LJLU HQWUH H PHVHV )UHTXHQWH PHQWH LVWR ID] FRP TXH RV GHVHQKRV &$' VH H[WHUQDOL]HP D HPSUHVDV HVSHFLDOL]DGDV HP
LQIRUPD©¥R W«FQLFR FRPHUFLDO FRV « D ELEOLRWHFD GH PRGHORV GH SURGXWRV RX FRPSRQHQWHV $SUR[LPDGDPHQWH K£ WU¬V DQRV D 56 H D $OOLHG RIHUHFHUDP DRV HQJH QKHLURV D Q¯YHO JOREDO R DFHVVR D XPD H[WHQVD ELEOLRWHFD GH PRGHORV ' H ' FRP GRZQORDG FRPSOHWDPHQWH JUDWXLWR FRPR SDUWH GH XPD LQLFLDWLYD FRP 'HVLJQ6SDUN FULDQGR XPD FR PXQLGDGH GH HQJHQKHLURV SDUD SDUWLOKDU SUR MHWRV GH FµGLJR DEHUWR H LGHLDV $ ELEOLRWHFD GH FRPSRQHQWHV 0RGHO6RXU FH FRQW«P PDLV GH PRGHORV HVTXH P£WLFRV 3&% GH VHPLFRQGXWRUHV FRPSRQHQ WHV SDVVLYRV H HOHWURPHF¤QLFRV GRV SULQFLSDLV IDEULFDQWHV (P WHUPRV GH ' 0RGHO6RXUFH RIHUHFH PDLV GH PRGHORV ' GH PDLV GH IDEULFDQWHV GH HOHWUµQLFD HOHWURPHF¤ QLFD PHF¤QLFD SQHXP£WLFD H DXWRPD©¥R H FRQWUROR 2V PRGHORV ' &$' WDPE«P HVW¥R GLVSRQ¯YHLV HP Y£ULRV IRUPDWRV GH DUTXLYR SUµSULRV GRV SULQFLSDLV IRUQHFHGRUHV &$' 2V SULQFLSDLV IDEULFDQWHV UHSUHVHQWDGRV QD VHF ©¥R ' GD ELEOLRWHFD LQFOXHP 0ROH[ 0 7( &RQQHFWLYLW\ +DUWLQJ H )&, QR PHUFDGR JHUDO GH HOHWUµQLFD H D 6LHPHQV 6FKQHLGHU H 60& QD DXWRPD©¥R H FRQWUROR $O«P GLVVR D 56 WDPE«P FRODERUD FRP D HPSUHVD GH FRQWH¼GRV ' O¯GHU PXQGLDO 7UD FH3DUWV SDUD SURSRUFLRQDU R DFHVVR D PLOK·HV GH PRGHORV D SDUWLU GR SRUWDO RQOLQH 7UDFH 3DUWV2QOLQH QHW QR IRUPDWR GH 'HVLJQ6SDUN 0HFKDQLFDO
"02*, $ GLVSRQLELOLGDGH GDV IHUUDPHQWDV GH GHVH QKR ' EDVHDGDV QD PRGHOD©¥R GLUHWD FRPR 'HVLJQ6SDUN 0HFKDQLFDO H 6SDFH&ODLP (QJL QHHU VLJQLͤFD TXH D PRGHOD©¥R VµOLGD HP ' HVW£ DJRUD GLVSRQ¯YHO SDUD XP XQLYHUVR PXLWR PDLRU GH XWLOL]DGRUHV H Q¥R DSHQDV SDUD RV HVSHFLDOLVWDV HP &$' (VWH WLSR GH IHUUD PHQWDV SHUPLWLU£ XPD PDLRU FULDWLYLGDGH H HQWUHJD U£SLGD GH FRQFHLWRV H GHVHQKRV FRP SODQRV GHWDOKDGRV H GLPHQVLRQDGRV SDUD D VXD SURGX©¥R $O«P GLVVR 'HVLJQ6SDUN 0H FKDQLFDO MXQWDPHQWH FRP 'HVLJQ6SDUN 3&% H D ELEOLRWHFD 0RGHO6RXUFH GH PRGHORV GH FRPSRQHQWHV HP ' H ' SHUPLWLU£ TXH RV
HQJHQKHLURV DSRVWHP HP SURMHWRV GH SRQWD FRP IHUUDPHQWDV GH Q¯YHO SURͤVVLRQDO GLVSR Q¯YHLV JUDWXLWDPHQWH 'HVLJQ6SDUN 0HFKDQLFDO HVW£ GLVSRQ¯YHO SDUD GRZQORDG JUDWXLWR QRV ZHEVLWHV GD 56 $OOLHG H 'HVLJQ6SDUN $MXGD VREUH HVWD IHU UDPHQWD HVW£ WDPE«P GLVSRQ¯YHO DWUDY«V GD FRPXQLGDGH 'HVLJQ6SDUN HP ZZZ GHVLJQV SDUN FRP D TXDO SRVVXL DLQGD UHFXUVRV SDUD 'HVLJQ6SDUN 3&% H SDUD D ELEOLRWHFD 0RGHO 6RXUFH 56 &RPSRQHQWV 7HO y )D[ PDUNHWLQJ VSDLQ#UV FRPSRQHQWV FRP y UVSRUWXJDO FRP
38%
<>C