6(: (XURGULYH 3RUWXJDO 7HO )D[ LQIRVHZ#VHZ HXURGULYH SW ZZZ VHZ HXURGULYH SW
,1)250$á2 7®&1,&2 &20(5&,$/
),&+$ 35é7,&$ &8,'$'26 1$ ,167$/$á2 ( &2/2&$á2 (0 )81&,21$0(172 '( &2162/$6 '( 23(5$á2 '23 $V &RQVRODV GH 2SHUD¸¶R GD V¹ULH '23 V¶R XQLGDGHV SDUD D RSHUD¸¶R H R GLDJQÂVWLFR GH VLVWHPDV LQGXVWULDLV
³ WHUUD ¹ SRVV½YHO OLJDU XPD H[WUHPLGDGH GD EOLQGDJHP ³ WHUUD DWUDY¹V GH XP FRQGHQVDGRU GH VXSUHVV¶R Q) 9 1R FDVR GH FDER GH EOLQGDJHP GXSOD OLJDU ³ WHUUD D EOLQGDJHP H[WHUQD QR ODGR GR FRQWURODGRU H D EOLQGDJHP LQWHUQD QD RXWUD H[WUHPLGDGH
GH VD½GD OLPLWDGD , Ò $ f 2 FHUWLILFDGR 8/ Q¶R ¹ Y²OLGR SDUD D RSHUD¸¶R HP UHGHV GH DOLPHQWD¸¶R TXH Q¶R WHQKDP R SRQWR HVWUHOD OLJDGR ² WHUUD UHGHV ,7
/LJD¸¶R GDV 8QLGDGHV '23 $ '23 $ '23 $ '23 % '23 % f 2EVHUYDU D SRODULGDGH FRUUHFWD GXUDQWH D OLJD¸¶R 5LVFR GH GHWHULRUD¸¶R GD XQLGDGH HP FDVR GH WURFD GD SRODULGDGH f *DUDQWLU TXH D FRQVROD GH RSHUD¸¶R H R FRQ WURODGRU W»P D PHVPD OLJD¸¶R HO¹FWULFD ³ WHUUD YDORU GH WHQV¶R GH UHIHU»QFLD &DVR FRQWU²ULR K² ULVFR GH LUUHJXODULGDGHV QD FRPXQLFD¸¶R
,QVWDOD¸¶R f ,QVWDODU RV FDERV GH SRW»QFLD H RV FDERV GH FRPDQGR HP VHSDUDGR f 8WLOL]DU DSHQDV FDERV GH VLQDO EOLQGDGRV f &RQHFWDU D EOLQGDJHP GR PRGR PDLV FXUWR SRV V½YHO H JDUDQWLU TXH D FRQH[¶R ³ WHUUD ¹ IHLWD QXPD JUDQGH VXSHUI½FLH GH FRQWDFWR HP DPERV RV ODGRV 3DUD HYLWDU XP FLUFXLWR GH UHWRUQR
,QVWDOD¸¶R FRQIRUPH 8/ f 3DUD XPD LQVWDOD¸¶R FRQIRUPH 8/ GHYHP VHU REVHUYDGDV DV VHJXLQWHV LQVWUX¸ÆHV 8WLOL]DU VRPHQWH FDERV GH FREUH SDUD D VHJXLQWH IDL[D GH WHPSHUDWXUD GH Ë& D Ë& f 8WLOL]DU FRPR IRQWH GH WHQV¶R H[WHUQD GH 9 && VRPHQWH XQLGDGHV DSURYDGDV H FRP WHQV¶R GH VD½GD OLPLWDGD 9P²[ 9 && H FRUUHQWH
6,67(0$6 '(6&(175$/,=$'26 &20 ,3 &8,'$'26 '( ,167$/$á2 $ 6(: GLVSRQLELOL]D RV HTXLSDPHQWRV 029,027Ì 029, 6:,7&+Ì H 'LVWULEXLGRUHV GH &DPSR = H = FRP ìQGLFH GH 3URWHF¸¶R ,3 &RQWXGR GXUDQWH D LQVWDOD¸¶R ¹ QHFHVV²ULR WHU DOJXQV FXLGDGRV HVSHFLDLV 2V SDUDIXVRV HP D¸R LQR[LG²YHO GHYHP VHU FRUUHFWDPHQWH DSHUWDGRV $V WDPSDV GH SURWHF¸¶R GR V /HG V GH GLDJQÂVWLFR GHYHP SHUPDQHFHU QR VHX ORFDO GH RULJHP $ WDPSD GH SURWHF¸¶R GR SRWHQFLÂPHWUR GHYH SHUPDQHFHU QR VHX ORFDO GH RULJHP VHQGR UHPRYLGD DSHQDV R WHPSR VXIL
$V FDL[DV GH WHUPLQDLV TXDQGR IRUQHFLGDV SDUD DV SRVL¸ÆHV o RX o W»P DSHQDV
FLHQWH VHPSUH TXH R DMXVWH GD YHORFLGDGH
HQWUDGD GH FDERV QR ODGR ; ILFDQGR DV HQWUDGDV GH FDERV YROWDGDV SDUD EDL[R
VHMD QHFHVV²ULR
$V FDL[DV GH WHUPLQDLV TXDQGR IRUQHFLGDV SDUD DV SRVL¸ÆHV o RX o SRGHP
(P FDVR GH LQVWDOD¸¶R GD FDL[D GH WHUPL
WHU HQWUDGD GH FDERV QRV ODGRV ; RX 1HVWHV FDVRV WHP GH VHU DSOLFDGR XP
QDLV QD SRVL¸¶R GH o RX o GHYH VHU DSOLFDGR XP EXM¶R GH FRPSHQVD¸¶R GH
> @
UREËWLFD
EXM¶R GH FRPSHQVD¸¶R GH SUHVV¶R $ LQVWDOD¸¶R GRV FDERV GH DOLPHQWD¸¶R H RX FRPDQGR GHYH UHVSHLWDU RV
SUHVV¶R QXPD GDV HQWUDGDV GH FDERV
VHJXLQWHV SRQWRV
$V HQWUDGDV GH FDERV Q¶R XWLOL]DGDV
f 2V FDERV W»P GH IRUPDU XPD FXUYDWXUD FRPR PRVWUDP DV ILJXUDV (VWD FXU
GHYHP VHU WDSDGDV FRP EXMÆHV HP D¸R
YDWXUD LPSHGH TXH D KXPLGDGH HVFRUUD SHOR FDER H HQWUH GLUHFWDPHQWH QD
LQR[LG²YHO FRP UHWHQWRU LQWHULRU
FDL[D GH WHUPLQDLV
f 6Â GHYHP VHU XWLOL]DGRV EXFLQV PHW²OLFRV FRP UHWHQWRU