=C
IRUPD©¥R
")"1/,1" +& Á0& &+01 ) Å "0 ")Ç1/& 0 !" &5 1"+0Ã, [ @: -RV« 9 & 0DWLDV /LFHQFLDGR HP (QJHQKDULD (OHWURW«FQLFD ,67
3URIHVVRU GR (QVLQR 6HFXQG£ULR 7«FQLFR $XWRU GH /LYURV 7«FQLFR 'LG£WLFRV GH (OHWULFLGDGH H (OHWUµQLFD
.2 )&! !" ! &+01 ) ÅÃ, ")Ç1/& &*-)"*"+1 ! +, &+1"/&,/ ! % &1 ÅÃ, ,2 ), ) !" 1/ )%, Ç8 0"* !Ó3&! 8 &*-,/1 +1"8 * 0 0" +Ã, #,/ -,& ! -,/ 2* ,* 0&01"* !" 1"// 8 -,!" 1,/+ /90" &+"#& &"+1" " *"0*, -"/&$,0 : , 1"51, .2" 0" 0"$2"8 -/"0"+1 *,0 3Á/&,0 1&-,0 !" ")Ç1/,!,0 !" 1"// " /"0-"1&3,0 Á) 2),0 ! /"0&01È+ & !" 1"// : ,/! *,0 &+! ,0 !&#"/"+1"0 -"/&$,0 -/,3, !,0 -") ")"1/& &! !"8 - / ,0 .2 &0 1"*,0 !" "01 / 0"*-/" 1"+1,0:
[ ·) 2), ! /"0&01¿+ & !" 1"// 2 F£OFXOR GD UHVLVW¬QFLD GR HO«WURGR GH WHUUD « GLIHUHQWH FRQVRDQWH R WLSR GH HO«WURGR RX R VLVWHPD GH HO«WURGRV XWLOL]DGR 'DGD D GLYHUVL GDGH GH VROX©·HV YDPRV SRU LVVR DSUHVHQWDU DTXL DV IµUPXODV SDUD R F£OFXOR GD UHVLVW¬QFLD GH WHUUD SDUD DSHQDV DOJXPDV GDV VROX©·HV XWLOL]DGDV GH DFRUGR FRP DV 5HJUDV 7«FQLFDV GH ,QVWDOD©·HV (O«WULFDV GH %DL[D 7HQV¥R (O«WURGR FRQVWLWX¯GR SRU XP FRQGXWRU HQWHUUDGR KRUL]RQWDOPHQ WH QR VROR $ UHVLVW¬QFLD GR HO«WURGR GH WHUUD « QHVWH FDVR FDOFXODGD SHOD H[SUHVV¥R
g =
ƛ
HP TXH 5 « D UHVLVW¬QFLD GR HO«WURGR GH WHUUD H[SUHVVD HP RKPV ƛ « D UHVLVWLYLGDGH GR WHUUHQR H[SUHVVD HP RKPV ϰ PHWURV / « R FRPSULPHQWR GD YDOD RFXSDGD SHOR FRQGXWRU H[SUHVVR HP PHWURV &KDPD VH D DWHQ©¥R SDUD R IDFWR GH TXH D FRORFD©¥R GR FRQGXWRU QXP WUD©DGR VLQXRVR QD YDOD Q¥R PHOKRUD GH IRUPD VHQV¯YHO D UHVLV W¬QFLD GR HO«WURGR GH WHUUD (O«WURGRV FRQVWLWX¯GRV SRU FKDSDV ͤQDV HQWHUUDGDV 1D SU£WLFD XWLOL]DP VH FKDSDV UHWDQJXODUHV GH P [ P HQWHUUDGDV SRU IRUPD TXH R ERUGR VXSHULRU ͤTXH D XPD SURIXQGLGDGH GH FHUFD GH P $ HVSHVVXUD GHVVDV FKDSDV Q¥R GHYH VHU LQIHULRU D PP VH GH FREUH RX D PP VH GH D©R JDOYDQL]DGR ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
3DUD JDUDQWLU XP PHOKRU FRQWDFWR GDV GXDV IDFHV FRP R VROR DV FKDSDV PDFL©DV Q¥R SHUIXUDGDV GHYHP VHU HQWHUUDGDV YHUWLFDOPHQWH $ UHVLVW¬QFLD GH XP HO«WURGR GH WHUUD FRQVWLWX¯GR SRU XPD FKDSD HQWHUUDGD YHUWLFDOPHQWH QR VROR SRGH VHU FDOFXODGD DSUR[LPDGDPHQ WH SRU PHLR GD H[SUHVV¥R VHJXLQWH
g ;8C
ƛ
HP TXH 5 « D UHVLVW¬QFLD GR HO«WURGR GH WHUUD H[SUHVVD HP RKPV ƛ « D UHVLVWLYLGDGH GR WHUUHQR H[SUHVVD HP RKPV [ PHWURV / « R SHU¯PHWUR GD FKDSD H[SUHVVR HP PHWURV (O«WURGRV YHUWLFDLV H[FHWR FKDSDV
&RP H[FH©¥R GRV HO«WURGRV HP FKDSD RV HO«WURGRV YHUWLFDLV SRGHP VHU ̽ YDUHWDV GH FREUH RX GH D©R FRP XP GL¤PHWUR P¯QLPR GH PP QR FDVR GH YDUHWDV HP D©R HVWDV GHYHP VHU FREHUWDV FRP XPD FDPDGD SURWHWRUD DGHUHQWH GH FREUH GH HVSHVVXUD DGHTXDGD RX VHUHP JDOYDQL]DGDV ̽ WXERV GH D©R JDOYDQL]DGR FRP XP GL¤PHWUR H[WHULRU Q¥R LQIHULRU D PP ̽ SHUͤV GH D©R PDFLR JDOYDQL]DGR FRP PP GH ODGR $ UHVLVW¬QFLD GH XP HO«WURGR GH WHUUD FRQVWLWX¯GR SRU HOHPHQWRV YDUH WDV WXERV RX SHUͤV PHW£OLFRV HQWHUUDGRV YHUWLFDOPHQWH QR VROR SRGH VHU FDOFXODGD DSUR[LPDGDPHQWH SRU PHLR GD H[SUHVV¥R VHJXLQWH
g
ƛ
HP TXH 5 « D UHVLVW¬QFLD GR HO«WURGR GH WHUUD H[SUHVVD HP RKPV ƛ « D UHVLVWLYLGDGH GR WHUUHQR H[SUHVVD HP RKPV [ PHWURV / « R FRPSULPHQWR GR HOHPHQWR H[SUHVVR HP PHWURV SRVV¯YHO GLPLQXLU R YDORU GD UHVLVW¬QFLD GR HO«WURGR GH WHUUD GLVSRQGR GH GLYHUVRV HOHPHQWRV YHUWLFDLV OLJDGRV HP SDUDOHOR H DIDVWDGRV GH XPD GLVW¤QFLD Q¥R LQIHULRU DR VHX FRPSULPHQWR QR FDVR GH HOHPHQWRV RX GH XPD GLVW¤QFLD DLQGD PDLRU QR FDVR GH PDLV GR TXH HOHPHQWRV 2XWUDV IRUPDV GH GLPLQXLU R YDORU GD UHVLVW¬QFLD GR HO«WURGR FRQVLV WHP HP DXPHQWDU R FRPSULPHQWR / GR HO«WURGR DXPHQWDU D VXSHUI¯FLH GDV FKDSDV RX GDV ͤWDV HP FRQWDFWR FRP R VROR DXPHQWDU D SURIXQGL GDGH GR HO«WURGR DXPHQWDU D FRQGXWLELOLGDGH HO«WULFD GR VROR RX GLPL QXLU D UHVLVWLYLGDGH HO«WULFD PHOKRUDQGR R FRP WHUUDV PDLV FRQGXWRUDV 4XDQGR KRXYHU ULVFRV GH JHOR RX GH VHFDJHP GR WHUUHQR R FRPSULPHQWR GDV YDUHWDV GHYH VHU DXPHQWDGR 1R FDVR GH YDUH WDV GH JUDQGH FRPSULPHQWR FRPR R VROR « UDUDPHQWH KRPRJ«QHR
>;
HOHWURWHFQLD E£VLFD (P ]RQDV IDEULV RQGH K£ PXLWDV P£TXLQDV HP PRYLPHQWR GH UR WD©¥R D SUREDELOLGDGH GH VH IRUPDUHP Y£ULRV SRQWRV FRP HOHWULFLGDGH HVW£WLFD « HOHYDGD 3RGH LQFOXVLYDPHQWH DFRQWHFHU VDOWDUHP ID¯VFDV HQWUH GXDV PDVVDV SUµ[LPDV HP TXH XPD GHODV RX DV GXDV WHQKD DFXPXODGR HOHWULFLGDGH HVW£WLFD FRP IDFLOLGDGH
$
% )$ 6&$6 ),*85$ '(6&$5*$ $7026) 5,&$
),*85$ $ 0$66$ $ $&808/28 (/(75,&,'$'( (67 7,&$ 25,*,1$1'2 )$ 6&$6 $5&26 (/ 75,&26 (175( $ ( % 48( (67$9$ 35 ;,02
(VWDV ID¯VFDV SRGHP SRU VXD YH] SURYRFDU LQF¬QGLRV RX H[SORV·HV VH H[LVWLUHP SUµ[LPR PDW«ULDV LQIODP£YHLV RX H[SORVLYDV 8PD GDV IRUPDV GH PLQLPL]DU HVWDV VLWXD©·HV FRQVLVWH HP OLJDU WRGDV DV PDVVDV PHW£OLFDV ¢ WHUUD RX OLJ£ ODV HQWUH VL DWUDY«V GH XP FRQGXWRU FRPXP HP OLJD©¥R HTXLSRWHQFLDO WDO FRPR YLPRV DQWHULRU PHQWH LVWR « ͤFDP DR PHVPR SRWHQFLDO HO«WULFR SHOR TXH Q¥R RULJL QDP FRUUHQWH HO«WULFD HQWUH VL 2V DFLGHQWHV SURYRFDGRV SHOD HOHWULFLGDGH DWPRVI«ULFD SRGHP VHU GHYDVWDGRUHV 2V UDLRV V¥R D FDXVD GH PXLWRV DFLGHQWHV QDV VLWX D©·HV PDLV GLYHUVDV
,*, 0" -/,!27"* ,0 /")Â*- $,0 " ,0 / &,0i 2 DU DR VHU DTXHFLGR SHOR FDORU VRODU WRUQD VH PDLV OHYH H VREH QD DW PRVIHUD DUUDVWDQGR PRO«FXODV GH £JXD 4XDQGR FKRYH PDVVDV GH DU IULR DV JRWDV GH £JXD GD FKXYD HP PRYLPHQWR GHVFHQGHQWH FKRFDP FRP DV PRO«FXODV GH £JXD HP PRYLPHQWR DVFHQGHQWH PDVVDV GH DU TXHQWH SHUGHQGR HOHWU·HV TXH V¥R OHYDGRV SDUD FLPD FDUUHJDQGR DV QXYHQV FRP FDUJDV HO«WULFDV QHJDWLYDV 4XDQGR D FDUJD HO«WULFD GD QXYHP H SRUWDQWR R VHX SRWHQFLDO HO« WULFR DWLQJH XP YDORU FRQVLGHU£YHO SRGH DWLQJLU YDORUHV VXSHULRUHV D XP PLOK¥R GH YROWV RV HOHWU·HV VDOWDP SDUD RXWUDV QXYHQV ̰ RULJL QDQGR R UHO¤PSDJR ̰ RX G£ VH XPD GHVFDUJD HO«WULFD SDUD D WHUUD ̰ ̰ RULJLQDQGR R UDLR $ GHVFDUJD SDUD D WHUUD SRGH ID]HU VH SRU XP Vµ UDPR JH UDOPHQWH « HP ]LJXH]DJXH RX SRU Y£ULRV UDPRV 2 UDLR WHQGH D SHUFRUUHU R FDPLQKR GH PHQRU UHVLVW¬QFLD HO«WULFD RIHUHFLGR SHODV VXFHVVLYDV FDPDGDV GH DU H SHOR VROR *HUDOPHQWH FDL HP ]RQDV DOWDV HP REMHWRV SRQWLDJXGRV HP FHUWDV £UYRUHV Q¥R WRGDV HP ]RQDV FRP FXUVRV GH £JXD HQWUH RXWURV ORFDLV $R FRORFDU XP S£UD UDLRV SRQWLDJXGR QXP GDGR ORFDO D VXD IXQ©¥R « D GH DWUDLU R UDLR SDUD VL FRQGX]LQGR R SDUD D WHUUD HYLWDQGR TXH GDQLILTXH RV SU«GLRV H LQVWDOD©·HV ¢ VXD YROWD 9HMDPRV DJRUD DOJXPDV FXULRVLGDGHV VREUH RV HIHLWRV GD HOHWULFLGDGH $ PHVPD LQWHQVLGDGH Q¥R WHP RV PHVPRV HIHLWRV HP WRGD D JHQ WH $ SDUWLU GH FHUFD GH P$ D FRUUHQWH SRGH PDWDU QR HQWDQ WR LQWHQVLGDGHV VXSHULRUHV D $ RX $ SURYRFDP TXHLPDGXUDV JUDYHV PDV JHUDOPHQWH Q¥R FKHJDP D PDWDU SRU HVVD UD]¥R TXH DV HOHWURFXVV·HV HP $OWD 7HQV¥R HP PXLWRV FDVRV Q¥R FKH JDP D PDWDU $V FDGHLDV QRUWH DPHULFDQDV TXH HOHWURFXWDYDP QDV FDGHLUDV HO«WULFDV RV FRQGHQDGRV ¢ PRUWH FRP WHQV·HV GD ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
RUGHP GRV 9 WLYHUDP TXH VXEVWLWXLU SRU YDORUHV GD RUGHP GRV 9 HP YLUWXGH GH PXLWRV FRQGHQDGRV Q¥R FKHJDUHP D PRUUHU 1¥R K£ FRQVHQVR VREUH TXDO « PDLV SHULJRVD D &RUUHQWH $OWHUQDGD H D &RUUHQWH &RQW¯QXD $V IUHTX¬QFLDV PDLV SHULJRVDV VLWXDP VH HQWUH +] H +] PHGLGD TXH D IUHTX¬QFLD YDL DXPHQWDQGR YDL WRUQDQGR VH FDGD YH] PHQRV SHULJRVD $ N+] D FRUUHQWH Q¥R « SHULJRVD SDUD RV YDORUHV TXH D WRUQDP SHULJRVD D +] 0HVPR TXDQGR R WUDMHWR GD FRUUHQWH SHOR FRUSR KXPDQR Q¥R SDV VD SHOR FRUD©¥R D SHVVRD SRGH PRUUHU QD PHVPD YLVWR TXH WRGR R FRUSR « DWLQJLGR GLUHWDPHQWH RX LQGLUHWDPHQWH 2V DFLGHQWHV V¥R PDLV JUDYHV TXDQGR VH DJDUUD R FRQGXWRU FRP D P¥R IHFKDGD HP YH] GDV SRQWDV GRV GHGRV $ GXUD©¥R GR FRQWDFWR HO«WULFR WDPE«P « LPSRUWDQWH TXDQWR PDLV WHPSR GXUDU SLRU VHU£ R HIHLWR REYLDPHQWH &RP HIHLWR D SHOH YDL VH GHWHULRUDQGR SURJUHVVLYDPHQWH GLPLQXLQGR D VXD UHVLVW¬QFLD H DJUDYDQGR D VLWXD©¥R SRLV DXPHQWD D LQWHQVLGDGH VHPSUH SHULJRVR WRFDU QXPD Vµ OLQKD HO«WULFD HP &RUUHQWH $OWHU QDGD HP YLUWXGH GRV HIHLWRV FDSDFLWLYRV H[LVWHQWHV HQWUH D OLQKD H D WHUUD PDLV JUDYH R HIHLWR GD WHQV¥R TXDQGR D SHVVRD « DSDQKDGD GHV SUHYHQLGD HP YLUWXGH GD VXUSUHVD TXH FDXVD FRPR VH D SHVVRD VXFXPELVVH GH VXVWR $ UHVLVW¬QFLD HO«WULFD GR FRUSR KXPDQR DXPHQWD EDVWDQWH FHUFD GH TXDQGR D SHVVRD HVW£ D GRUPLU VLWXD©¥R HP TXH R VLVWHPD QHUYRVR HVW£ SRXFR DWLYR 'HQWUR GH FDVD RV ORFDLV PDLV SHULJRVRV V¥R VHPSUH DV :&V DV FR]LQKDV H DV FDYHV LVWR « RQGH KDMD £JXD RX KXPLGDGH $V FRUUHQWHV GH HOHYDGD IUHTX¬QFLD JHUDOPHQWH Q¥R V¥R SHULJRVDV SRUTXH GHYLGR DR HIHLWR SHOLFXODU Q¥R SDVVDP SHOR LQWHULRU GR FRU SR PDV VLP SHOD SHOH RQGH V¥R SRXFR SHULJRVDV 1RWD 2 HIHLWR SHOLFXODU FRQVLVWH QDV FRUUHQWHV GH HOHYDGD IUHTX¬QFLD ̴IXJLUHP̵ SDUD D SHULIHULD GR FRQGXWRU UHVSHWLYR Q¥R SDVVDQGR TXDOTXHU FRUUHQWH SHOD ]RQD FHQWUDO 9HMDPRV DOJXQV DFLGHQWHV FXULRVRV SURYRFDGRV SRU UDLRV ̽ +£ XQV DQRV HP 0DUY¥R XP UDLR HQWURX SHOR WHOKDGR GH XPD FDVD RQGH VH HQFRQWUDYDP WU¬V SHVVRDV SHUFRUUHX WRGRV RV FRPSDUWL PHQWRV UHYROYHX DV WLMROHLUDV GR U F H VDLX SHOD SRUWD GD UXD TXH HV WDYD DEHUWD 2V WU¬V KDELWDQWHV Q¥R VRIUHUDP ULJRURVDPHQWH QDGD FDVR SDUD GL]HU ̴( HVWD KHLQ "̵ ̽ +£ XQV DQRV DWU£V QR 5RVPDQLQKDO XP UDLR PDWRX GR]H FDEUDV ̽ (P 6DOYDWHUUD GH 0DJRV XP UDLR GHVWUXLX R WHOKDGR DV SRUWDV H MDQHODV GHVDSDUHFHUDP H DV GXDV SHVVRDV TXH VH HQFRQWUDYDP HP FDVD VRIUHUDP DSHQDV DOJXPDV TXHLPDGXUDV ̽ (P $OSLDU©D XP WUDEDOKDGRU UXUDO IRL DSDQKDGR SHOD FKXYD GXUDQWH R WUDMHWR SDUD FDVD H UHVROYHX DEULJDU VH GHEDL[R GH XPD £UYRUH $W« SDUHFLD TXH R UDLR HVWDYD ¢ HVSHUD TXH HOH VH DEULJDVVH GHEDL[R GD £UYRUH SRLV IXOPLQRX R GH VHJXLGD