CC
LQIRUPD©¥R W«FQLFR FRPHUFLDO
*,+&1,/ !" &0,) *"+1, ,+&1,/&7 ÅÃ, ,+1Ë+2 !,0 0&01"* 0 !"0!" 0 &+01 ) Å "0 #,1,3,)1 & 0 À0 &+!201/& &0:
"&,0 !" -/,1"À¹, 'H WRGRV RV WLSRV GH SURWH©¥R GHVFULWRV QD QRUPD DSHQDV RV VLVWHPDV GH GLVWULEXL©¥R ,7 SRGHP JDUDQWLU XPD PDLRU FRQWLQXLGDGH GH VHUYL©R 1R FDVR GH XPD SULPHLUD IDOKD ¢ WHU UD GH IDFWR QHVWHV VLVWHPDV R GLVMXQWRU Q¥R LQWHUY«P XPD YH] TXH D FRUUHQWH GH GHIHLWR « OLPLWDGD SHOD HOHYDGD LPSHG¤QFLD GH LVROD PHQWR 2V VLVWHPDV GH GLVWULEXL©¥R ,7 V¥R XWLOL]D GRV TXDQGR D FRQWLQXLGDGH GH VHUYL©R « XP UHTXLVLWR IXQGDPHQWDO SDUD HYLWDU RV ULVFRV TXH SRGHULDP OHYDU D XPD LQWHUUXS©¥R GR IRU QHFLPHQWR GH HQHUJLD
,+1&+2&! !" !" 0"/3&À, +2* ), ) %,0-&1 ) / 1DV VDODV GH FLUXUJLD H HP WRGRV RV ORFDLV P«GLFRV GH JUXSR R IRUQHFLPHQWR GH HQHU JLD « XPD FRQGL©¥R HVVHQFLDO SDUD DOLPHQWDU RV DSDUHOKRV H GLVSRVLWLYRV P«GLFRV GRV TXDLV HVW£ GHSHQGHQWH D YLGD GRV GRHQWHV 1HVWH FRQWH[WR « REULJDWµULR D LQVWDOD©¥R GH XP VLVWHPD GH ,7 0 SDUD JDUDQWLU D FRQWLQXL GDGH GH VHUYL©R GXUDQWH DV DWLYLGDGHV P« GLFDV PHVPR TXDQGR RFRUUH XPD SULPHLUD IDOKD ¢ WHUUD 2 VLVWHPD ,7 0 « XP VLVWHPD GH GLVWULEXL©¥R HO«WULFD ,7 HP TXH D OHWUD 0 VH UHIHUH ¢ DSOLFD©¥R HVSHF¯ͤFD SDUD R VHWRU P«GLFR (VWH VLVWHPD « SUHVFULWR SHOD 1RUPD ,(& +' TXH HVWDEHOHFH DV FD UDWHU¯VWLFDV TXH GHYHP WHU RV HTXLSDPHQWRV GH GLVWULEXL©¥R HO«WULFD HP UHOD©¥R DRV VHXV SURSµVLWRV SDUWLFXODUHV VHF©¥R H TXH RV ORFDLV P«GLFRV GHYHP UHVSHLWDU 2 VLV ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
WHPD ,7 0 « DOLPHQWDGR SRU XP WUDQVIRUPD GRU GH LVRODPHQWR HVSHF¯ͤFR SDUD XP XVR P«GLFR TXH FRQWD FRP XP DSDUHOKR GH FRQ WUROR GH LVRODPHQWR SHUPDQHQWH FRQIRUPH R H[LJLGR SHOD 1RUPD ,(& 2 SULQF¯SLR GH IXQFLRQDPHQWR GR ,7 + « EDVHDGR QR IDFWR GH TXH R FLUFXLWR DOLPHQ WDGR SHOR VHFXQG£ULR GR WUDQVIRUPDGRU GH LVRODPHQWR HVW£ VHSDUDGR JDOYDQLFDPHQWH GH PRGR TXH QR FDVR GH XPD SULPHLUD IDOKD ¢ WHUUD GHYLGR D XP GHIHLWR GH LVRODPHQWR HP DOJXP HTXLSDPHQWR D &RUUHQWH &RQW¯QXD D IOXLU DWUDY«V GRV FRQGXWRUHV GH IDVH 3HOR TXH WRGRV RV DSDUHOKRV P«GLFRV HO«WULFRV FRQWL QXDU¥R D IXQFLRQDU 2 VLVWHPD ,7 0 Q¥R « REULJDWµULR PDV « UHFRPHQGDGR HP ORFDLV GR JUXSR H JUXSR HQTXDQWR TXH QRV ORFDLV GR JUXSR « REULJDWµULR RX VHMD QR DPELHQWH RQGH R SDFLHQWH VH HQFRQWUD SDUD DV WRPDGDV GH FRUUHQWH H ͤFKDV H SDUD RV DSDUHOKRV GH P¥R ͤ[RV $ SULPHLUD IDOKD ¢ WHUUD GHYH FRQWXGR VHU HOLPLQDGD GH LPHGLDWR XPD YH] TXH XPD VHJXQGD IDOKD ¢ WHUUD LULD SURYRFDU R GLVSDUR GRV DSDUHOKRV GH SURWH©¥R GLVMXQWRUHV PDJ QHWRW«UPLFRV FDXVDQGR XPD LQWHUUXS©¥R QR IRUQHFLPHQWR GH HQHUJLD $ QRUPD FRQVLGHUD REULJDWµULD D LQVWDOD ©¥R GH XP PRQLWRU GH LVRODPHQWR SDUD VLQD OL]DU R DSDUHFLPHQWR GD SULPHLUD IDOKD ¢ WHUUD GH PRGR D LQWHUYLU SURQWDPHQWH DQWHV TXH RXWUD IDOKD LQWHUURPSD R QHFHVV£ULR IXQFLR QDPHQWR FRQW¯QXR GR HTXLSDPHQWR
,+1&+2&! !" !, 0"/3&À, "* ), &0 &+!201/& &0 0HVPR HP ORFDLV LQGXVWULDLV H FRPHUFLDLV D FRQWLQXLGDGH GH VHUYL©R « XP UHTXLVLWR IXQGD PHQWDO RQGH D LQWHUUXS©¥R GR IRUQHFLPHQWR GH HQHUJLD SRGH FDXVDU HQRUPHV GDQRV QD SURGX©¥R RX FDGD YH] TXH Q¥R VHMD SRVV¯ YHO VXVSHQGHU R VHUYL©R SDUD D UHDOL]D©¥R GH
PDQXWHQ©·HV RX UHSDUD©·HV TXDQGR FRQ IURQWDGR FRP D IDOKD QD LQVWDOD©¥R (VWH « R FDVR GDV LQVWDOD©·HV TXH SURFHVVDP JUDQGHV TXDQWLGDGHV GH GDGRV GDWDFHQWHUV GH WHOH FRPXQLFD©·HV RX LQVWDOD©·HV IRWRYROWDLFDV 7DPE«P QHVWHV FDVRV GHYHU VH LD RSWDU SRU XPD LQVWDOD©¥R HO«WULFD ,7 FRP QHXWUR LVRODGR FRQWURODGR SRU XP PRQLWRU GH LVRODPHQWR ,6/ DSURSULDGR 'HYLGR ¢ H[SHUL¬QFLD DGTXLULGD SHOD $%% QR FDPSR GDV DSOLFD©·HV PDLV H[LJHQWHV FRPR DV KRVSLWDODUHV D $%% GHVHQYROYHX D QRYD JDPD GH PRQLWRUHV GH LVRODPHQWR ,6/ GHVWLQDGRV ¢V LQVWDOD©·HV HO«WULFDV ,7 TXH HVWHMDP HP FRQIRUPLGDGH FRP D DWXDO 1RU PD ,(& +' WDPE«P SDUD XVR HP LQV WDOD©·HV IRWRYROWDLFDV LQVWDOD©·HV LQGXVWULDLV H ORFDLV FRPHUFLDLV 6¥R DSDUHOKRV TXH SHUPLWHP D GHWH©¥R LPHGLDWD GD SHUGD GH LVRODPHQWR TXDQGR « QHFHVV£ULR JDUDQWLU R IRUQHFLPHQWR FRQW¯QXR GH HQHUJLD PHVPR QD SUHVHQ©D GH XPD SUL PHLUD IDOKD ¢ WHUUD $ JDPD ,6/ RIHUHFH WU¬V IDP¯OLDV GH DSD UHOKRV ̽ 8P PRQLWRU GH LVRODPHQWR SDUD &RUUHQWH &RQW¯QXD ̽ 3DUD &RUUHQWH $OWHUQDGD ,6/ & ̽ 3DUD UHGHV VHP WHQV¥R ,6/ 027 2 SULPHLUR FRQVLVWH HP TXDWUR PRGHORV SDUD FRQWUROR GH OLQKDV GH D 9 && 2 VHJXQ GR « DGHTXDGR SDUD OLQKDV GH D 9 &$ HQTXDQWR R PRGHOR ,6/ 027 « DSOLFDGR SDUD R FRQWUROR GH OLQKDV GH 9 &$ && 7RGRV RV PRGHORV GD JDPD FRQWDP FRP XP VLV WHPD GH VLQDOL]D©¥R E£VLFR SDUD R VHX FRU UHWR IXQFLRQDPHQWR H DOHUWD VH R OLPLWH GH UHVLVW¬QFLD GH LVRODPHQWR P¯QLPR GHͤQLGR « XOWUDSDVVDGR FRQWDFWR GH VD¯GD 75,3 $O«P GLVVR RV DSDUHOKRV GLVS·HP GH XP OLPLDU GH SU« DODUPH $/$50 FRP XP FRQWDFWR FRPXWDGR H IXQ©·HV GH 7HVWH H 5HVWDEHOH FLPHQWR SURJUDP£YHLV UHPRWDPHQWH 7RGDV