Issuu

FOLPDWL]D©¥R

)&* 1&7 ÅÃ, / !& +1" -,/ - &+Ç&0 *"1Á)& ,0 020-"+0,0 +, 1"1, $OIUHGR &RVWD 3HUHLUD *(7 ̰ *HVW¥R GH (QHUJLD 7«UPLFD /GD ZZZ JHW SW

<: © 2V VLVWHPDV GH DTXHFLPHQWR H DUUHIHFLPHQ WR UDGLDQWH V¥R HQHUJHWLFDPHQWH PDLV Hͤ FLHQWHV GR TXH RV VLVWHPDV WUDGLFLRQDLV SRU FRQYHF©¥R (P DPELHQWHV RQGH D YHORFLGDGH GR DU « EDL[D FRPR DFRQWHFH QRV HVSD©RV VL WXDGRV QR LQWHULRU GRV HGLI¯FLRV R DTXHFLPHQ WR H R DUUHIHFLPHQWR UDGLDQWH W¬P D YDQWDJHP GH LPSRU TXH D PDLRU SDUWH GD WUDQVIHU¬QFLD GH FDORU GDV VXSHUI¯FLHV YHVWLGDV GH XP FRU SR KXPDQR VHMDP IHLWDV VRE D IRUPD GH XPD LQWHUD©¥R UDGLDQWH FRP DV VXSHUI¯FLHV TXH R URGHLDP 1D PDLRULD GRV FDVRV DV FDUJDV W«UPLFDV GH DTXHFLPHQWR H GH DUUHIHFLPHQWR GH XP HGLI¯FLR V¥R RULJLQDGDV DWUDY«V GD VXD HQYROYHQWH H[WHULRU H HVWUXWXUD FXMDV VXSHUI¯ FLHV H[SRVWDV GLUHWDPHQWH ¢V FRQGL©·HV H[ WHULRUHV DWLQJHP WHPSHUDWXUDV H[WUHPDV 2 DTXHFLPHQWR H R DUUHIHFLPHQWR UDGLDQ WH FRQVHJXHP PDQWHU XP HTXLO¯EULR W«UPLFR QR LQWHULRU GR HGLI¯FLR DWUDY«V GH XPD LQWH UD©¥R UDGLDWLYD FRP D VXSHUI¯FLH LQWHULRU GDV SDUHGHV H[WHULRUHV REULJDQGR DV D PDQWHU XPD WHPSHUDWXUD FRQVWDQWH PDLV SUµ[LPD GD WHPSHUDWXUD LQWHULRU GH FRQIRUWR GHVHMDGD 2 IDFWR GD UDGLD©¥R VHU DUPD]HQDGD QDV SDUWHV PDLV PDVVLYDV GD HVWUXWXUD GR HGLI¯FLR DV TXDLV DSUHVHQWDP PDLRU LQ«UFLD W«UPLFD ID] FRP TXH HVWDV VXSHUI¯FLHV DSUHVHQWHP XP ERP IDWRU GH DPRUWHFLPHQWR H SURYRTXHP XP GHVIDVDPHQWR HQWUH RV SLFRV GH FDUJD W«UPLFD H[WHULRUHV H LQWHULRUHV (VWDV VXSHUI¯ FLHV W¬P XPD JUDQGH FDSDFLGDGH GH DUPD]H QDPHQWR W«UPLFR FRQVHJXLQGR GHVWH PRGR PDQWHU FRQVWDQWH D 705 GR HVSD©R DSHVDU GDV YDULD©·HV GDV FRQGL©·HV W«UPLFDV H[WH ULRUHV 2V IOX[RV GH FDORU TXH LQFLGHP GLUHWD PHQWH VREUH DV VXSHUI¯FLHV UDGLDQWHV SRGHP VHU DEVRUYLGRV GLUHWDPHQWH SHODV VXSHUI¯FLHV UDGLDQWHV DXPHQWDQGR DSHQDV R FDXGDO GH £JXD GH FLUFXOD©¥R TXH QHODV FLUFXOD VHP DO WHUDU FRQWXGR D VXD WHPSHUDWXUD VXSHUͤFLDO H VHP KDYHU QHFHVVLGDGH GH DOWHUDU R FDXGDO RX D WHPSHUDWXUD GR DU GH UHQRYD©¥R GR HVSD©R $WHQGHQGR DR JUDQGH FDORU P£VVLFR H PDV VD YRO¼PLFD GD £JXD R FDORU « WUDQVIHULGR GH RX SDUD R LQWHULRU GR HGLI¯FLR GHVSHQGHQGR DSHQDV FHUFD GH D GD HQHUJLD HO«WULFD TXH VHULD QHFHVV£ULD JDVWDU SDUD ID]HU R PHVPR WUDQV SRUWH GH FDORU SRU DU GHYLGR ¢V HQHUJLDV SD UDVLWDV SDUD DOLPHQWDU YHQWLODGRUHV H ERPEDV ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD

KLGU£XOLFDV 2 DUUHIHFLPHQWR UDGLDQWH VHJXH RV PHVPRV SULQF¯SLRV TXH R DTXHFLPHQWR UDGLDQ WH $ WUDQVIHU¬QFLD GH FDORU TXH VH SURPRYH HQ WUH R HVSD©R D DUUHIHFHU H RV SDLQ«LV UDGLDQWHV GHULYD GH XP GLIHUHQFLDO GH WHPSHUDWXUD 1R HQWDQWR DR FRQWU£ULR GR DTXHFLPHQWR UDGLDQWH R WHWR UHIULJHUDGR DEVRUYH HQHUJLD W«UPLFD UD GLDGD SHORV RFXSDQWHV H SHORV REMHWRV RX DSD UHOKRV TXH VH HQFRQWUDP QD VXD YL]LQKDQ©D $ PDLRU GLIHUHQ©D HQWUH WHWRV UHIULJHUDGRV H R DUUHIHFLPHQWR SRU VLVWHPDV WUDGLFLRQDLV SRU FRQYHF©¥R VLVWHPDV ̸WXGR ̰ DU̹ HVW£ QR PHFDQLVPR GH WUDQVSRUWH GH FDORU 2V VLVWH PDV WUDGLFLRQDLV ̸WXGR ̰ DU̹ XWLOL]DP DSHQDV D FRQYHF©¥R HQTXDQWR RV WHWRV UHIULJHUDGRV XWLOL]DP XPD FRPELQD©¥R HQWUH D UDGLD©¥R H D FRQYHF©¥R 1R FDVR GRV WHWRV UHIULJHUDGRV D TXDQWLGDGH GH WUDQVIHU¬QFLD GH FDORU SRU UD GLD©¥R « GD RUGHP GRV ͤFDQGR DSHQDV D UHVWDQWH D VHU WUDQVIHULGD SRU FRQYHF©¥R &RP R VLVWHPD GH WHWRV UHIULJHUDGRV D WUDQVIHU¬QFLD GH FDORU SRU UDGLD©¥R « SURPR YLGD SHOD HPLVV¥R GH RQGDV HOHWURPDJQ«WLFDV TXH SDUWHP GRV RFXSDQWHV H GRV DSDUHOKRV RX REMHWRV PDLV TXHQWHV SDUD R WHWR UHIULJHUDGR 3RU RXWUR ODGR D FRQYHF©¥R DUUHIHFH HP SUL PHLUR OXJDU R DU GR HVSD©R GHYLGR DR FRQWDFWR FRP R WHWR UHIULJHUDGR FULDQGR FRUUHQWHV GH FRQYHF©¥R QR VHX LQWHULRU TXH SURPRYHP D WUDQVIHU¬QFLD GH FDORU GDV IRQWHV SURGXWRUDV SDUD R WHWR UHIULJHUDGR TXH DV DEVRUYH 2 FDVR GH SDYLPHQWRV UHIULJHUDGRV FROR FDGRV HP £WULRV RX RXWURV HVSD©RV TXH UHFH EHP LQVROD©¥R GLUHWD QR FK¥R V¥R XP ERP H[HPSOR SDUD LPSHGLU TXH D FDUJD W«UPLFD HQWUH QR LQWHULRU GR HGLI¯FLR FRPR « R FDVR GR $HURSRUWR GH %DQJNRN QR LQWHULRU GR TXDO IR UDP LQVWDODGRV SDYLPHQWRV UHIULJHUDGRV SDUD UHPRYHU D FDUJD W«UPLFD SURYHQLHQWH GD LQVR OD©¥R DWUDY«V GRV Y¥RV HQYLGUD©DGRV 8P RXWUR H[HPSOR GH XP HGLI¯FLR Q¥R (X URSHXV TXH M£ XWLOL]D R DUUHIHFLPHQWR SRU WHWRV UHIULJHUDGRV « R HGLI¯FLR GH HVFULWµULRV ̸*UHHQ RQ WKH *UDQG & HP 2QW£ULR 8 6 $ ̹

=: £ 2 SURFHGLPHQWR SU£WLFR SDUD R GLPHQVLRQDPHQ WR GH XP VLVWHPD GH DUUHIHFLPHQWR UDGLDQWH SRU

SDLQ«LV PHW£OLFRV VXVSHQVRV QR WHWR R TXDO VH SRGH HQFRQWUDU GHVFULWR QR &DS¯WXOR GD (GL©¥R GH GR 0DQXDO GD $6+5$( « R VHJXLQWH

<: 00, 'HWHUPLQDU DV FDUJDV W«UPLFDV KRU£ULDV VHQ V¯YHLV H ODWHQWHV GH FDGD HVSD©R GR HGLI¯FLR

=: 00, 'HWHUPLQDU D WHPSHUDWXUD P«GLD GD £JXD QH FHVV£ULD SDUD SURPRYHU R DUUHIHFLPHQWR $ WHPSHUDWXUD P«GLD GD £JXD GH DUUHIHFLPHQ WR « GHWHUPLQDGD VRPDQGR SHOR PHQRV | & DFLPD GD WHPSHUDWXUD GH SRQWR GH RUYDOKR GR HVSD©R FRQVLGHUDGR H FRQVLGHUDU XPD GLIH UHQ©D HQWUH D WHPSHUDWXUD GD £JXD GH DOLPHQ WD©¥R H D GH UHWRUQR HQWUH H | & 2SWHPRV QHVWH H[HPSOR SRU XP ů7 | &

>: 00, &DOFXODU R FDXGDO P¯QLPR GH DU H[WHULRU GH UHQRYD©¥R SDUD FDGD HVSD©R 2 FDXGDO GH DU H[WHULRU P¯QLPR SDUD FDGD HVSD©R « UHWLUDGR GDV 1RUPDV HP YLJRU

?: 00, &DOFXODU D FDUJD W«UPLFD ODWHQWH GR DU H[WH ULRU GH UHQRYD©¥R 3DUD R FDXGDO P¯QLPR GH DU H[WHULRU GH UHQRYD©¥R GHͤQLGR QR | 3DVVR D FDUJD W«UPLFD ODWHQWH FDOFXOD VH DWUDY«V GD H[SUHVV¥R y T/ 9 ƛ T9 ;L ̰ ;D

VHQGR T/ FDUJD W«UPLFD ODWHQWH GR DU H[WHULRU GH UHQRYD©¥R : y 9 FDXGDO GH DU H[WHULRU GH UHQRYD©¥R P V ƛ PDVVD YRO¼PLFD GR DU NJ P T9 FDORU ODWHQWH GH YDSRUL]D©¥R GD £JXD ¢ WHPSHUDWXUD GR DU - NJ ;L KXPLGDGH DEVROXWD GR DU GR HVSD©R JU GH £JXD SRU NJ GH DU VHFR ;D KXPLGDGH DEVROXWD GR DU H[WHULRU GH LQ VXIOD©¥R JU GH £JXD SRU NJ GH DU VHFR 2 UHVXOWDGR REWLGR SRU HVWD H[SUHVV¥R GHYH VHU FRPSDUDGR FRP D FDUJD ODWHQWH GR HV SD©R FDOFXODGD QR | 3DVVR 6H DFRQWHFHU TXH D KXPLGDGH GR DU LQVXIODGR IRU LQIHULRU ¢ UHTXHULGD GHYHP VHU DMXVWDGRV TXHU R FDXGDO GH DU LQVXIODGR TXHU D VXD KXPLGDGH DEVROXWD DOWHUDQGR D WHPSHUDWXUD LQWHULRU GR SURMHWR

FOLPDWL]D©¥R 3DUD GHWHUPLQDU R Q¼PHUR QHFHVV£ULR GH SDLQ«LV DWLYRV GHYHPRV DSOLFDU D VHJXLQWH HTXD©¥R VHQGR HVWH R Q¼PHUR GH SDLQ«LV QHFHVV£ULR SDUD YHQFHU D FDUJD W«UPLFD GH DU UHIHFLPHQWR GR HVFULWµULR

&*"+0&,+ *"+1, !,0 &/ 2&1,0 %&!/Á2)& ,0

WHPSHUDWXUD GD £JXD GH DOLPHQWD©¥R GHYH VHU FDOFXODGD SDUD VHU D PDLV SUµ[LPD SRVV¯YHO GD WHPSHUDWXUD GH SRQWR GH RUYDOKR GR ORFDO &RQVHTXHQWHPHQWH D SRW¬QFLD W«UPLFD GH XP VLV WHPD GH SDLQ«LV UDGLDQWHV HVW£ QDWXUDOPHQWH OLPLWDGD SHOD WHPSHUDWXUD P¯QLPD DGPLVV¯YHO GD £JXD GH DOLPHQWD©¥R HP UHOD©¥R ¢ WHPSHUDWXUD GH SRQWR GH RUYDOKR GR DU GR ORFDO

".2È+ & !, ,+1/,), $ )LJXUD VHJXLQWH LOXVWUD D VHTX¬QFLD GH XP VLVWHPD GH FRQWUROR DGHTXDGR D XP VLVWHPD GH DUUHIHFLPHQWR SRU SDLQ«LV UDGLDQWHV PHW£OLFRV

8PD YH] TXH WHPRV SDLQ«LV GHYHPRV DJR UD FDOFXODU R FDXGDO GH £JXD QHFHVV£ULR H D SHUGD GH FDUJD GR FLUFXLWR KLGU£XOLFR 2 FDXGDO VHU£ LJXDO ¢ UD]¥R HQWUH D SRW¬Q FLD H R 'W FRQVLGHUDGR HQWUH D DOLPHQWD©¥R H R UHWRUQR GH £JXD UHIULJHUDGD

(648(0$ '2 &21752/2 '( 7(03(5$785$ $WXDGRU GR GDPSHU GH DU H[WHULRU

$ SDUWLU GR FDW£ORJR GR IDEULFDQWH SRGHPRV FDOFXODU D SHUGD GH FDUJD GR FLUFXLWR 3DUD SDLQ«LV FDGD XP GRV TXDLV FRP P F D GH SHUGD GH FDUJD REWHU¯DPRV P F D GH SHUGD GH FDUJD R TXH VHULD XP YDORU GHPDVLDGDPHQWH HOHYDGR 3DUD HYLWDU HVWH LQFRQYHQLHQWH GHYHPRV FDOFXODU D SHUGD GH FDUJD SDUD GRLV FRQMXQ WRV FDGD XP GRV TXDLV FRP SDLQ«LV H FRP PHWDGH GR FDXGDO LVWR « P V $ QRYD SHUGD GH FDUJD REWLGD D SDUWLU GR FDW£ORJR GR IDEULFDQWH SDVVD D VHU LJXDO D DSUR[LPDGD PHQWH P F D P F D GH SHUGD GH FDUJD HP FDGD FLUFXLWR

,+1/,), ! ,+!"+0 ÅÃ, $ FRQGHQVD©¥R VREUH D VXSHUI¯FLH GRV SDLQ«LV UDGLDQWHV PHW£OLFRV SDUD DUUHIHFLPHQWR Q¥R FRQVWLWXL XP SUREOHPD GHVGH TXH KDMD XP FRQWUROR DGHTXDGR $ FRQGHQVD©¥R GR YDSRU GH £JXD FRQWLGR QR DU GR HVSD©R D DUUHIHFHU VREUH D VXSHUI¯FLH GRV SDLQ«LV UHIULJHUDGRV G£ VH TXDQGR D WHPSHUDWXUD VXSHUͤFLDO GHV WHV HVW£ SUµ[LPD H DEDL[R GD WHPSHUDWXUD GH SRQWR GH RUYDOKR GR DU GR ORFDO 3DUD SUHYHQLU D IRUPD©¥R GH FRQGHQVD©¥R GHYH H[LVWLU XP VLVWHPD GH FRQWUROR FRPR VH LQGLFD QD )L JXUD VHJXLQWH HP TXH XP VHQVRU PRQLWRUL]D SHUPDQHQWHPHQWH D WHPSHUDWXUD GH SRQWR GH RUYDOKR GR ORFDO GDQGR VLQDO D XP FRQWURODGRU TXH SURPRYH D PRGXOD©¥R GD WHPSHUDWXUD GD £JXD GH DOLPHQWD©¥R DRV SDLQ«LV UDGLDQWHV HP FRQIRUPLGDGH FRP D UHIHULGD WHPSHUDWX UD GH SRQWR GH RUYDOKR GR HVSD©R D DUUHIHFHU 'HVWD IRUPD VH KRXYHU XP ULVFR GH VH IRUPDU FRQGHQVD©¥R VREUH D VXSHUI¯FLH GRV SDLQ«LV D WHPSHUDWXUD GD £JXD GH DOLPHQWD©¥R « DX PHQWDGD RX « FRUWDGR R FDXGDO GH £JXD GH DOLPHQWD©¥R DRV SDLQ«LV 'HYHPRV FRQWXGR WHU HP DWHQ©¥R TXH TXDQWR PDLV EDL[D IRU D WHPSHUDWXUD VXSHU ͤFLDO GRV SDLQ«LV UDGLDQWHV PDLRU « D VXD SRW¬QFLD GH DUUHIHFLPHQWR GH PRGR TXH D ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD

$TXHF HOHWU +

& 7

6HQVRU GR WDEXOHLUR GH FRQGHQVDGRV VHFXQG£ULR /LPLWH LQI

6 TXDOLG GR DU

6HQVRU GH H[DXVW¥R

&KLOOHU &

$WXDGRU GR GDPSHU 0 GH H[DXVW¥R

) 3

%RPED

%RPED GH £JXD UHIULJHUDGD GD 87$1 9£OY GH YLDV GD 87$1

y FDXGDO 9 P V 3RW¬QFLD GH DUUHIHFLPHQWR VHQV¯YHO :

ůW P V

6HQVRU GH £JXD UHIULJHUDGD GH DOLPHQWD©¥R

)ORZ VZLWFK GH £JXD UHIULJHUDGD

9£OYXOD GH YLDV GR SDLQHO UDGLDQWH %RPED GH £JXD UHIULJHUDGD SDUD RV SDLQ«LV UDGLDQWHV 3

6HQVRU GH £JXD UHIULJHUDGD 9£OYXOD GH FRQWUROR GH ]RQD 3DUD RV SDLQ«LV UDGLDQWHV

3DUD RV SDLQ«LV UDGLDQWHV 3DLQHO UDG

7(72 3DLQHO GH FRQWUROR GH WHPSHUDWXUD

3DLQHO UDGLDQWH 0

,QWHUUXS DUUDQTXH 87$1 H 9(

6HQVRU UHPRWR GH WHPSHUDWXUD DPELHQWH

$ %

6HQVRU GH KXPLGDGH

6HQVRU GH SRQWR GH RUYDOKR

3$9,0(172

J K ¯ J K $ 87$1 H R 9( W¬P XP KRU£ULR GH IXQFLRQDPHQWR SU« SURJUDPDGR $ 87$1 GHELWD XP YROXPH GH DU FRQVWDQWH VHPSUH ¢ PHVPD WHPSHUDWXUD H D Y£OYXOD GH WU¬V YLDV SDUD DTXHFLPHQWR DUUHIHFLPHQWR « FRQWURODGD SHOD WHPSHUDWXUD GR DU GH H[WUD©¥R $ ERPED KLGU£XOLFD GH £JXD UHIULJHUDGD SDUD D 87$1 SRGH VHU OLJDGD RX GHVOLJDGD SRU XP VLQDO GH FKDPDGD SDUD DUUHIHFLPHQWR RX SRU XP KRU£ULR SU« SURJUDPDGR 2 OLPLWH LQIHULRU ̸VWDUW̹ DEUH D Y£OYXOD GH £JXD UHIULJHUDGD H OLJD D ERPED KLGU£XOLFD TXDQGR D WHPSHUDWXUD QD EDWHULD IRU LQIHULRU D | & 2V GXPSHUV GD 87$1 H GR 9( DEUHP TXDQGR HVWDV XQLGDGHV HQWUDP HP IXQFLRQDPHQWR H IHFKDP TXDQGR IRUHP GHVOLJDGDV 2 IORZ VZLWFK GH FRQGHQVDGRV GHVOLJD D 87$1 TXDQGR DSDUHFH £JXD QR VHJXQGR WDEXOHLUR GH FRQGHQVDGRV

%&))"/ 2 VLVWHPD GH FRQWUROR GR SUµSULR FKLOOHU DVVHJXUD D WHPSHUDWXUD GD £JXD GH DOLPHQWD©¥R 3RU TXHVW·HV GH VHJXUDQ©D « LQVWDODGR HP REUD XP IORZ VZLWFK LQWHUUXSWRU GH FDXGDO QR FLUFXLWR GH DOLPHQWD©¥R GD £JXD GR FKLOOHU 2 FKLOOHU DUUDQFD SRU XP VLQDO GDGR SHOR VLVWHPD GH FRQWUROR GRV SDLQ«LV UDGLDQWHV QD EDVH GH XP KRU£ULR SU« SURJUDPDGR RX GH XP VLQDO GH FKDPDGD SURYHQLHQWH GD 87$1 RX GRV SDL Q«LV UDGLDQWHV $ ERPED KLGU£XOLFD GR FKLOOHU « OLJDGD VHPSUH TXH HVWH HQWUD HP IXQFLRQDPHQWR

&+Ç&0 / !& +1"0 2V VHQVRUHV GR HVSD©R D DUUHIHFHU PRQLWRUL]DP D WHPSHUDWXUD GR DU DPELHQWH DEULQGR DV Y£O YXODV GH GXDV YLDV GH FDGD ]RQD VHPSUH TXH OKHV « GDGR XP VLQDO GH FKDPDGD 2 VHQVRU GH WHPSHUDWXUD GH SRQWR GH RUYDOKR PRQLWRUL]D FRQWLQXDPHQWH D WHPSHUDWXUD GH SRQWR GH RUYDOKR GR HVSD©R D DUUHIHFHU H D Y£OYXOD PRGXODQWH GH WU¬V YLDV GRV SDLQ«LV UDGLDQWHV ID] D PRGXOD©¥R GD WHPSHUDWXUD GD £JXD UHIULJHUDGD GH DOLPHQWD©¥R GRV SDLQ«LV HP IXQ©¥R GR VLQDO GDGR SHOR VHQVRU GH WHPSHUDWXUD GH SRQWR GH RUYDOKR $ WHPSHUDWXUD GH DOLPHQWD©¥R GH £JXD UHIULJHUDGD DRV SDLQ«LV UDGLDQWHV « PDQWLGD VHPSUH HQWUH D | & DFLPD GD WHPSHUDWXUD GH SRQWR GH RUYDOKR GR HVSD©R D DUUHIHFHU $ ERPED KLGU£XOLFD GH DOLPHQWD©¥R GRV SDLQ«LV UDGLDQWHV « OLJDGD VHPSUH TXH UHFHEH XP VLQDO GH FKDPDGD SDUD DUUHIHFLPHQWR D SDUWLU GRV SUµSULRV SDLQ«LV UDGLDQWHV