<?>
FRQVXOWµULR W«FQLFR
,+02)1Ð/&, 1Ç +& , ] ,+02)1È/&, ½ +& ,^ 3&0 "0 ) /" "/ .2"01 "0 0, /" "$/ 0 Ç +& 08
" +"/$& 0 "+,3Á3"&0 .2" +,0 0Ã, ,), ! 0 3& "* &): "* &) ,+02)1,/&,1" +& ,O&520:-1 "01Á 1 * Ç* !&0-,+Ë3") +, 4" 0&1"8 444:&520:-18 ,+!" $2 /! *,0 -") 0 3,00 0 .2"01 "0: "01 "!&ÅÃ, -2 )& *,0 0 .2"01 "0 .2" +,0 ,), / * "+1/" * /Å, " * &, !" =;<@: FRP R SDWURF¯QLR GH ,;86 )RUPD©¥R H &RQVXOWDGRULD /GD
3 7HQKR XPD G¼YLGD UHODWLYDPHQWH DRV ID WRUHV GH SRW¬QFLD QXPD LQVWDOD©¥R 2 IDWRU GH SRW¬QFLD WRWDO GH XPD LQVWDOD©¥R « FDOFXODGR FRPR D P«GLD GRV IDWRUHV GH SRW¬QFLD GH FDGD FDUJD GD LQVWDOD©¥R" 5 2 IDWRU GH SRW¬QFLD « R ̸SHUFHQWXDO̹ GH SR W¬QFLD DWLYD IDFH ¢ SRW¬QFLD DSDUHQWH DEVRU YLGD SRU XPD LQVWDOD©¥R 1HVWH FRQWH[WR HP FDGD SRQWR GH XPD LQVWDOD©¥R SRGHUHPRV WHU XP IDWRU GH SRW¬QFLD GLIHUHQWH IDFH ¢V SRW¬Q FLDV HP WU¤QVLWR QHVVH SRQWR GD LQVWDOD©¥R 1R SRQWR GH DOLPHQWD©¥R JHUDO GD LQVWDOD©¥R WHUHPRV REYLDPHQWH R IDWRU GH SRW¬QFLD JOR EDO GD LQVWDOD©¥R TXH UHIOHWH RV SHUFHQWXDLV JOREDLV GDV SRW¬QFLDV DWLYD H UHDWLYD TXH FRPS·HP D SRW¬QFLD DSDUHQWH
3 (VWRX D SURFHGHU DR GLPHQVLRQDPHQ WR GH XPD LQVWDOD©¥R SDUD DOLPHQWDU XPD %ULWDGHLUD SULP£ULR H VHFXQG£ULR $ PLQKD G¼YLGD « D VHJXLQWH WHQGR HP FRQWD TXH HVWD LQVWDOD©¥R « FRPSRVWD SRU PRWRUHV H VDEHQGR TXH D ,bVHUYL©R ,bUHJLPH SHUPD QHQWH , DUUDQTXH GHYR FDOFXODU RV PHXV FDERV HP IXQ©¥R GD FRUUHQWH GH VHUYL©R RX HP IXQ©¥R GD FRUUHQWH HP UHJLPH SHUPD QHQWH" 2 FDER DJXHQWD R LPSDFWR GD FRU UHQWH GH DUUDQTXH" 5 'HYH GLPHQVLRQDU SDUD D FRUUHQWH GH VHUYL ©R WDO FRPR D GHͤQLX 2 FDER DJXHQWDU£ D FRU UHQWH GH DUUDQTXH SRUTXH HVWD « XPD FRUUHQWH WUDQVLWµULD GH YDORU HOHYDGR PDV GH FXUWD GXUD ©¥R Q¥R XOWUDSDVVDQGR HP FLUFXQVW¤QFLDV QRU PDLV R OLPLWH W«UPLFR GD FDQDOL]D©¥R HO«WULFD
3 ( QR FDVR GR DUUDQTXH VHU IHLWR SHOR VLV WHPD HVWUHOD WUL¤QJXOR D FRUUHQWH D FRQVLGHUDU VHU£ PHQRU GR TXH D GHͤQLGD DQWHULRUPHQWH ,VHUYL©R ,UHJLPH SHUPDQHQWH ,$UUDQTXH " 5 1HVVH FDVR D FRUUHQWH GH DUUDQTXH GHYH U£ VHU D FRUUHQWH DEVRUYLGD QR DUUDQTXH HP HVWUHOD PHQRU GR TXH QR FDVR HP WUL¤QJXOR
3 $ FRUUHQWH QXP FRQGXWRU HP $OPD GH FREUH « LJXDO SDUD D PHVPD VHF©¥R QR FDVR GRV FRQGXWRUHV VH HQFRQWUDUHP HP IRUPD GH ͤR XPD FDPDGD GH LVRODPHQWR RX VH HQFRQ WUDUHP HP FDER FDPDGDV GH LVRODPHQWR " 5HͤUR D PHGLU SRU H[HPSOR DV FDVRV GH ͤR + 9 8 PP H ;9 PP " ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
5 1¥R DV FRUUHQWHV DGPLVV¯YHLV V¥R GLIH UHQWHV Q¥R Vµ HP IXQ©¥R GD DOPD FRQGXWR UD FRPR GR PDWHULDO GD LVROD©¥R H GR PRGR GH LQVWDOD©¥R GRV FRQGXWRUHV RX FDERV (P UHJUD GRV FRQGXWRUHV TXH UHIHUHP RV TXH V¥R LVRODGRV D SROLHWLOHQR UHWLFXODGR ; HV W¥R SUHYLVWRV IXQFLRQDUHP D WHPSHUDWXUDV P£[LPDV SHUPDQHQWHV GH IXQFLRQDPHQWR GH | & HQTXDQWR RV LVRODGRV D 39& 9 DSH QDV IXQFLRQDP D | & $VVLP DV FRUUHQWHV DGPLVV¯YHLV GH FRQGXWRUHV RX FDERV LVRODGRV D SROLHWLOHQR UHWLFXODGR ; V¥R VXSHULRUHV ¢ GH LG¬QWLFRV FRQGXWRUHV LVRODGRV D 3ROLFORUHWR GH 9LQLOR VH LQVWDODGRV QRV PHVPRV PRGRV
3 1XP 3RVWR GH 7UDQVIRUPD©¥R D WHUUD GH SURWH©¥R FRVWXPD VHU H[HFXWDGD HP FDER GH FREUH Q¼ HQTXDQWR D WHUUD GH VHUYL©R HP FDER LVRODGR ;9 PP $ UD]¥R SHOD TXDO D WHU UD GH VHUYL©R « IHLWD HP FDER LVRODGR SUHQGH VH FRP R IDFWR GH VH WHU TXH PDQWHU D GLVW¤QFLD GH PHWURV HQWUH DV WHUUDV" 'LJR LVWR SRLV VH D WHUUD GH VHUYL©R IRVVH IHLWD HP FDER GH FREUH Q¼ D GLVW¤QFLD VHULD FRQIRUPH R LQGLFDGR QR DQH[R GH ̸:̹ $ PLQKD SHUJXQWD SUHQGH VH FRP R IDFWR GH FRP D WHUUD GH VHUYL©R R FDER LVRODGR ID]HU PHQRV £UHD GH FRQWDFWR FRP D WHUUD ORJR WHP XP YDORU GH UHVLVW¬QFLD PHQRV EDL[R 5 $ WHUUD GH SURWH©¥R GHYH VHU HP FDER LVR ODGR SDUD Q¥R GLVSHUVDU SRWHQFLDO ¢ VXSHUI¯FLH GD WHUUD HYLWDQGR DVVLP D WHQV¥R GH SDVVR DTXDQGR GD GHVFDUJD GH FRUUHQWHV ¢ WHUUD 6H R FDER IRVVH Q¼ TXDQGR RFRUUH XPD GHVFDU JD SRU H[HPSOR HP FDVR GH GHIHLWR ¢ WHUUD RX D XPD PDVVD WHU¯DPRV D WHQG¬QFLD SDUD GLV SHUVDU SRWHQFLDO ¢ VXSHUI¯FLH H SRGHU¯DPRV WHU QD VXSHUI¯FLH WHQV·HV GH SDVVR HYHQWXDOPHQWH SHULJRVDV H DW« IDWDLV b (VVH IHQµPHQR « PDLV UDUR QD WHUUD GH VHUYL©R SRU«P FRQWUDULDPHQ WH DR TXH DͤUPD R FDER GH OLJD©¥R ¢ WHUUD GH VHUYL©R WDPE«P GHYHU£ VHU LVRODGR DW« GH SURIXQGLGDGH XVDQGR VH SRU H[HPSOR R FDER ;9 GH PP bGH LVROD©¥R D]XO FODUD H EDLQKD H[WHULRU SUHWD QD WHUUD GH SURWH©¥R « R ;9 RX 99 GH PP YHUGH DPDUHOD FRP EDLQKD H[WHULRU SUHWD 1R FDVR GRV 37̵V D«UHRV XVD VH R FDER Q¼ GH PP QDV GHVFLGDV GRV GHVFDUUHJDGRUHV GH VREUHWHQV·HV K£ TXHP OKHV FKDPH S£UD UDLRV PDV HVVH FDER GHYH VHU HQWXEDGR DW« P GH DOWXUD H DW« P GH SURIXQGLGDGH QRUPDOPHQWH XVDP VH P QR WRWDO 5HODWLYDPHQWH ¢ VXSHUI¯FLH GH FRQWDFWR
D TXH LQWHUHVVD « D GR HO«WURGR GH WHUUD H Q¥R GR FDER GH OLJD©¥R $FRQWHFH SRU«P TXH RV HO«WURGRV GH WHUUD SRU YH]HV V¥R FRQVWLWX¯GRV SRU FDERV Q¼V HQWHUUDGRV PDV HVWHV GHYHU¥R VHPSUH HQFRQWUDU VH SHOR PHQRV D P GH SURIXQGLGDGH 0HVPR QHVWH FDVR R FDER GH OLJD©¥R DW« DR WHUPLQDO DPRY¯YHO GHYHU£ VHU LVRODGR FRP RV FDERV UHIHULGRV DWU£V b
3 (VWRX LQVFULWR QD '*(* FRPR 7«FQLFR SHOD ([HFX©¥R 1¯YHO ,, *RVWDULD GH VDEHU VH SRGHUHL DVVLQDU ͤFKDV HOHWURW«FQLFDV 1¥R HQ FRQWUR OHJLVOD©¥R TXH PH DMXGH QHVWD PDW«ULD 5 6H HVW£ LQVFULWR QD '*(* FRPR 7«FQLFR 5HVSRQV£YHO 3HOD ([HFX©¥R GH ,QVWDOD©·HV (O«WULFDV 1¯YHO ,, HVW£ KDELOLWDGR D H[HFX WDU SURMHWRV H WRPDU D UHVSRQVDELOLGDGH SHOD VXD H[HFX©¥R 3RGH REYLDPHQWH H[HFXWDU SHGLGRV GH IRUQHFLPHQWR GH HQHUJLD SUHHQ FKHQGR D ͤFKD HOHWURW«FQLFD TXH GHYHU£ GDU HQWUDGD QD ('3 $ OHJLVOD©¥R PDLV DWXDO « D /HL Q | TXH YHP UHJXODU D DWLYLGDGH GDV HQWLGDGHV LQVWDODGRUDV H UHVSRQV£YHLV SRU LQVWDOD©·HV HO«WULFDV VXEVWLWXLQGR R 'H FUHWR 5HJXODPHQWDU Q | TXH UHJXODYD R (VWDWXWR GR 7«FQLFR 5HVSRQV£YHO TXH D GH DJRVWR WHUPLQDU£ D VXD YLJ¬QFLD 'HYHU£ WDP E«P FRQVXOWDU R 'HFUHWR /HL Q |
3 8P GLVSDUDGRU HOHWUµQLFR /6, « XP GLV SDUDGRU 1 " 5 1¥R 2V GLVSDUDGRUHV GRV GLVMXQWRUHV SRGHP VHU 7«UPLFRV 0DJQ«WLFRV RX (OHWUµQL FRV 8OWLPDPHQWH W¬P VH GHVHQYROYLGR PDLV RV HOHWUµQLFRV TXH FRP UHFXUVR D VHQVRUHV GH WHQV¥R H FRUUHQWH XVDP SURFHVVDGRUHV GH VLQDO H VD¯GD SDUD GLVSDUR GR GLVMXQWRU HP IXQ©¥R GR VLQDO SURFHVVDGR 2 SURFHVVDGRU /6, WHP R VLJQLͤFDGR VHJXLQWH / ̰ 3URWH©¥R GH WHPSR SURORQJDGR ̰ SUR WH©¥R FRQWUD VREUHFDUJDV UHJXOD©¥R ,U H WU 6 ̰ 3URWH©¥R GH WHPSR EUHYH ̰ SURWH©¥R FRQWUD FXUWR FLUFXLWRV VHOHWLYRV UHJXOD©¥R ,VG H WVG D ,U $ D ,U $ H D V , ̰ 3URWH©¥R LQVWDQW¤QHD ̰ SURWH©¥R FRQ WUD FXUWR FLUFXLWRV LQVWDQW¤QHRV PV ,U P£[LPR ,Q $ H ,U P£[LPR ,Q $ $ GHVLJQD©¥R 1 « GDGD QRUPDOPHQWH D XP GRV SµORV SURWHJLGRV GR GLVMXQWRU