Issuu on Google+

9,(51(6  '( 2&78%5('(

&,5&8/$*5$7,63$5$686&5,3725(6'(/',$5,2/$5(38%/,&$

$681726/(*$/(6 &%*$504+6%*$*"-&4/05"3*"-&43&."5&4"7*404%&-&:  "$6&3%04%0$53*/"4+63*4136%&/$*"-&:&43&40-6$*0/&4"%.*/*453"5*7"4&.1-&04  $-"4*'*$"%04

 1& 4 04

&%*$*»/&41&$*"-

/05*'*$"$*0/&4




9,(51(6'(2&78%5( '(

"46/504-&("-&4/05*'*$"$*0/&4("3"/5*;"/%&3&$)04

"%.*/*453"$*»/"(*-*;".*--0/&4%&130$&404

'HVFRQJHVWLyQGHODMXVWLFLD XQYLUDMHDODVQRWLÀFDFLRQHV 0$5Ë$*/$'<6(6&2%$5$ /=$7(

53"#"+0

#PHPUÈ

/RVSURSyVLWRVGHGHVFRQJHVWLyQMXGL FLDOTXHVHWUD]yHO*RELHUQR1DFLRQDO \ TXH HQ SDUWH MXVWL¿FD OD GHFLVLyQ GH GHFUHWDUHO(VWDGRGH&RQPRFLyQ,QWH ULRUKDQLPSDFWDGRGHPDQHUDHVSHFLDO HQODV~OWLPDVVHPDQDVHOGHVDUUROORGH ODVQRWL¿FDFLRQHV <QRHVSHUDPHQRV\DTXHODVJDUDQWtDV DO GHELGR SURFHVR SDUD TXLHQHV KDFHQ SDUWH GH XQD DFWXDFLyQ MXGLFLDO QR VH SRGUtDQ GDU VLQ XQ DGHFXDGR PDQHMR GH ODV QRWL¿FDFLRQHV \D TXH HVWH HV HO PHGLR TXH XWLOL]D HO MXH] SDUD SRQHU HQFRQRFLPLHQWRDODVSDUWHVVREUHVXV DFWXDFLRQHV 6HJ~QFiOFXORVGHO&RQVHMR6XSHULRU GHOD-XGLFDWXUDHQ&RORPELDVHUHDOL]DQ PiV GH  PLOORQHV GH QRWL¿FDFLRQHV DQXDOHV WDUHD TXH LPSOLFD XQ FRVWR FHUFDQRDORVPLOPLOORQHVGHSHVRV GHORVFXDOHVHOSRUFLHQWRORVDSRUWDQ ODVSDUWHVDFWLYDVHQHOSURFHVR\HOSRU FLHQWRUHVWDQWHORFXEUHODUDPDMXGLFLDOD WUDYpVGHOSDJRGHORVFLWDGRUHVTXHKDFHQ SDUWHGHORVGHVSDFKRVMXGLFLDOHV (O*RELHUQRFRQVFLHQWHGHODVIDOHQFLDV TXHWLHQHODMXVWLFLDSRUHODOWRQ~PHUR GHSURFHVRVUHSUHVDGRV±ORFXDOVHKL]R PiVHYLGHQWHVFRQHOUHFLHQWHSDURMXGL FLDOIDFXOWyDOD6DOD$GPLQLVWUDWLYDGHO &RQVHMR6XSHULRUGHOD-XGLFDWXUDSRU PHGLRGHOGHFUHWRGHOGHRFWXEUH GHSDUDTXHWRPDUiODVPHGLGDV QHFHVDULDVSDUDDJLOL]DUHOWUiPLWHGHODV QRWL¿FDFLRQHVSHUVRQDOHVTXHVHGHEDQ VXUWLUHQFXDOTXLHUWLSRGHSURFHVRLQ FOXLGDVODVDFFLRQHVGHWXWHOD 7HQLHQGRHQFXHQWDODUHFLHQWHGHWHU

&OFMDBTPEFMBDBQJUBMEFMQBÓTNBOFKBSMBT OPUJmDBDJPOFTSFRVJFSFEFNVDIPUSBCBKP ZBRVFFOVOEÓBTFHFOFSBODPNVOJ DBDJPOFT QBSBVOUPUBMEFFOVONFT oDPOUBOEPDPOEÓBTIÈCJMFTDÈMDVMPRVF OPJODMVZFMPTQSPDFTPTEFMÈSFBQFOBMZMPT USJCVOBMFT4JTFDVFOUBOMPTQSPDFTPTFOMPT 5SJCVOBMFT KV[HBEPTEFMÈSFBQFOBMZQSPNJT DVBEFUPEB$PMPNCJBFMOÞNFSPBQSPYJNBEP MMFHBBOPUJmDBDJPOFTEJBSJBTBEJDJP OBMFT QBSBVOUPUBMEFFOVONFTFO UPEPFMUFSSJUPSJPOBDJPOBM

%146'5 #

4FHÞODÈMDVMPTEFM$POTFKP4VQFSJPSEFMB+VEJDBUVSB FO$PMPNCJBTFSFBMJ[BONÈTEFNJMMPOFT EFOPUJmDBDJPOFTBOVBMFT

PLQDFLyQODQRWL¿FDFLyQSHUVRQDOSRGUi SUDFWLFDUVHYiOLGDPHQWHDWUDYpVGHOD HQWLGDG FRQWUDWDGD SRU OD 'LUHFFLyQ (MHFXWLYD 1DFLRQDO R ODV 'LUHFFLRQHV 6HFFLRQDOHVGH$GPLQLVWUDFLyQMXGLFLDO VLQTXHVHDQHFHVDULDODLQWHUYHQFLyQGH XQHPSOHDGRRVHUYLGRUMXGLFLDO $O UHVSHFWR HO SUHVLGHQWH GH OD 6DOD

$GPLQLVWUDWLYDGHO&RQVHMR6XSHULRUGH OD -XGLFDWXUD *HVDHO $QWRQLR *LUDOGR &DVWDxR H[SOLFy TXH HQ HO GHFUHWR VH HVWDEOHFH TXH HO 'LUHFWRU (MHFXWLYR GH $GPLQLVWUDFLyQ-XGLFLDO\ORV'LUHFWRUHV 6HFFLRQDOHVGHOD5DPD-XGLFLDOSRGUiQ GHDFXHUGRDOSURFHGLPLHQWRHVWDEOHFLGR HQ HO DUWtFXOR  GHO 'HFUHWR  GH

FRQWUDWDUHPSUHVDVGHPHQVDMHUtD SDUDTXHUHDOLFHQQRWL¿FDFLRQHVSHUVR QDOHV\ODVGLOLJHQFLDVUHODFLRQDGDVFRQ ODVPLVPDV *LUDOGR H[SOLFy TXH HQ ORV SURFHVRV FRQWUDFWXDOHVTXHVHUHDOLFHQHQGHVDUUR OORGHORSUHYLVWRDQWHWRGRVHJDUDQWL]DUi ODWUDQVSDUHQFLDGHODVHOHFFLyQGHORV FRQWUDWLVWDV 6HJ~Q OR HVWDEOHFLGR HQ QLQJ~QFDVRODVHPSUHVDVFRQWUDWDGDV SDUDSUDFWLFDUQRWL¿FDFLRQHVSHUVRQDOHV SRGUiQ DVXPLU IXQFLRQHV MXGLFLDOHV DO HIHFWXDUODVPLVPDV 6HJ~QORH[SXHVWRSRU*LUDOGRWHQLHQ GRHQFXHQWDTXHHOFHVHGHDFWLYLGDGHV MXGLFLDOHVTXHGXUyGtDVVHGHMDURQ GHSUDFWLFDUQRWL¿FDFLRQHVVH KDFHQHFHVDULRDGRSWDUQXHYDVPHGLGDV GHGHVFRQJHVWLyQTXHVHHQIRFDUiQPiV DGDUOHSDUWLFLSDFLyQDODHPSUHVDSULYD GD\DTXHQRPEUDUFLWDGRUHVUHVXOWDUtD PX\FRVWRVR 'H DFXHUGR FRQ LQIRUPDFLyQ SURSRU FLRQDGD SRU OD 'LUHFFLyQ 6HFFLRQDO GH


"46/504-&("-&4

/05*'*$"$*0/&4 ("3"/5*;"/%&3&$)04

9,(51(6'(2&78%5( '(



1]ab]SabW[OR]\]bWTWQOQW]\Sa )UYZUVGXGRGYVGXZKYVXUIKYGRKY +YZOSGJUTUZOLOIGIOUTKYGT[GRKY )UYZUOTJO\OJ[GR'I[KXJUJK )UYZU'T[GR )UYZUVGXGRGXGSGP[JOIOGR )OZGJUXKY )UYZUOTJO\OJ[GRSKYOTIR[_KMGYZUYJKVKXYUTGR_IUTZXOH[IOUTKYJKT|SOTG  _ M V _  )UYZU'T[GR :UZGRIUYZUYTUZOLOIGIO|TSORRUTKY

3ORKYJKVKYUY    3ORKYJKVKYUY    

6eU^dU*3_^cUZ_Ce`UbY_bTU\Q:eTYSQdebQ

&XDQGR 6/"/05*'*$"$*»/4&%&#& &/53&("3&/.6/*$*1*0%*45*/50 "-%&-"4&%&%&-+6;("%0&5²3.*/01"3"$0.1"3&$&3&4 %*&;%¶"4

'XUDQWH &-$&4&%&"$5*7*%"%&4 +6%*$*"-&426&%63» %¶"44&%&+"30/%& 13"$5*$"3 "$$*0/&4

@Sac[S\SabW[OR]\]bWTWQOQW]\Sa /:+3

G(UMUZl







H8KYZUJKRVGwY







I:XOH[TGRKYP[`MGJUYlXKGVKTGR_P[`MGJUYVXUSOYI[UY







:UZGR







6eU^dU*3_^cUZ_Ce`UbY_bTU\Q:eTYSQdebQ

%146'5 #

4FHÞOFMQSFTJEFOUFEFMB4BMB"ENJOJTUSBUJWBEFM$POTFKP4VQFSJPSEFMB+VEJDBUVSB (FTBFM (JSBMEP$BTUB×P FOMPTQSPDFTPTDPOUSBDUVBMFTTFHBSBOUJ[BSÈMBUSBOTQBSFODJBEFMBTFMFDDJØO EFMPTDPOUSBUJTUBT

1«/&-%&$0/530-

%FCFSFT

/PSNBUJWJEBE

-BTFNQSFTBTEFNFOTBKFSÓBFODBSHBEBT EFMBTOPUJmDBDJPOFTUJFOFODPNPEFCFS FMDFSUJmDBSFMSFDJCPEFMDJUBUPSJPEJSJHJ EPBMEFNBOEBEPZEFHBSBOUJ[BSRVF TFFOUFSØEJSFDUBNFOUFPFOTVEFGFDUP SFQPSUBSFMOPNCSFEFMBQFSTPOBBMB RVFTFMFFOUSFHØMBDPNVOJDBDJØO4JFM EFNBOEBEPOPDPNQBSFDFEFOUSPEFM UÏSNJOPTF×BMBEPFOFMDJUBUPSJP VOBWF[ BDSFEJUBEPMPBOUFSJPS FMKV[HBEPQSPDFEF BOPUJmDBSMPQPSBWJTPKVEJDJBMRVFEFCF DVNQMJSMPTNJTNPTSFRVJTJUPTEFMDJUBUPSJP FTEFDJSFOWÓPQPSNFOTBKFSÓBEFMBDPQJB EFMBEFNBOEB EFMBVUPBENJTPSJPEFM QSPDFTPZEFMBWJTPKVEJDJBMBMTJUJPEPOEF TFJOEJDBRVFSFDJCJØMBOPUJmDBDJØO

&M"SUÓDVMPEFM$ØEJHPEF1SPDFEJ NJFOUP$JWJM NPEJmDBEPQPSFMBSUÓDVMP EFMB-FZEF FTUBCMFDFRVF iMBQBSUFJOUFSFTBEBTPMJDJUBSÈBMTFDSFUBSJP RVFTFFGFDUVÏMBOPUJmDBDJØOZFTUÏTJO OFDFTJEBEEFBVUPRVFMPPSEFOF SFNJUJSÈ FOVOQMB[PNÈYJNPEFDJODPEÓBTVOB DPNVOJDBDJØOBRVJFOEFCFTFSOPUJmDB EP BTVSFQSFTFOUBOUFPBQPEFSBEPQPS NFEJPEFTFSWJDJPQPTUBMBVUPSJ[BEPQPSFM .JOJTUFSJPEF$PNVOJDBDJPOFT&MQSPQØ TJUPFTJOGPSNBSMBFYJTUFODJBEFMQSPDFTP TVOBUVSBMF[BZMBGFDIBEFMBQSPWJEFODJB QSFWJOJÏOEPMPQBSBRVFDPNQBSF[DBBM +V[HBEPEFOUSPEFMPTDJODPEÓBTTJHVJFO UFTBMBGFDIBEFTVFOUSFHB

$GPLQLVWUDFLyQ-XGLFLDOGH%RJRWi&XQ GLQDPDUFDHOFRVWRSURPHGLRGHOVHUYLFLR GHQRWL¿FDFLRQHVSRUSDUWHGHODVHPSUH VDVSULYDGDVDVFLHQGHDSUR[LPDGDPHQWH DSHVRVSRUQRWL¿FDFLyQORFXDO

LPSOLFDTXHHOXVRGHVHUYLFLRVSDUWLFX ODUHVFRDG\XYDUtDQFRQODGHVFRQJHVWLyQ HQQRWL¿FDFLRQHVDXQPHQRUFRVWRTXHHO TXHFRUUHVSRQGHUtDDODDPSOLDFLyQGHODV SODQWDVGHSHUVRQDO FLWDGRUHV

4SKXUJK :UZGR :UZGR 0[`MGJUY TUZOLOIGIOUTKY TUZOLOIGIOUTKY JOGXOGY SKY




9,(51(6'(2&78%5( '(

"46/504-&("-&4/05*'*$"$*0/&4("3"/5*;"/%&3&$)04 "/«-*4*4-&9#"4&

,PSDFWRGHODUHIRUPDDO &yGLJRGH3URFHGLPLHQWR&LYLO $ 1$0$5Ã&#x2039;$ %(/75$17255(6 #PHPUÃ&#x2C6;

/DQRWLILFDFLyQFRPRGLOLJHQFLDMX GLFLDO TXH PDWHULDOL]D ORV SULQFLSLRV GHODSXEOLFLGDG\GHOGHELGRSURFHVR HVWi UHJXODGD SULQFLSDOPHQWH SRU HO &yGLJR GH 3URFHGLPLHQWR &LYLO HQ VXV DUWtFXORV    \  PRGLILFDGR SRU OD /H\  GH  /D UHIRUPD PHQFLRQDGD LQWURGXMR LPSRUWDQWHV PRGLILFDFLRQHV (Q OR UHODFLRQDGR FRQ OD QRWLILFDFLyQ HO FDPELR OHJLVODWLYR QR VROR GLQDPL]y HOUpJLPHQGHQRWLILFDFLRQHVVLQRTXH ORPRGHUQL]yHVWDEOHFLHQGRTXHVHUtD ODSDUWHLQWHUHVDGDTXLHQDVXPLUtDODV FDUJDV GH VX UHDOL]DFLyQ /D UHIRUPD LQWURGXMRRWUDVPRGLILFDFLRQHVFRPROD HOLPLQDFLyQGHORVHGLFWRVGHODUWtFXOR ODQRWLILFDFLyQSRUFRPLVLRQDGR\ HVWDEOHFLyTXHODVQRWLILFDFLRQHVSHU VRQDOHVLQGLUHFWDVVHVXUWLUtDQFRQOD HQWUHJDGHODYLVRHQWUHRWURV 3DUDHQWHQGHUHOLPSDFWRGHODUHIRUPD HVQHFHVDULRSDUWLUGHODFRQVLGHUDFLyQGH TXHODGLOLJHQFLDGHODQRWL¿FDFLyQEXVFD JDUDQWL]DUHOGHUHFKRDODGHIHQVDGHORV FLXGDGDQRV SXHV SUHWHQGH HO FRQRFL PLHQWRHIHFWLYRGHORVDFWRV\DVHDQDXWRV DGPLVRULRVRPDQGDPLHQWRVGHSDJRFULV WDOL]DQGRFRQVXUHDOL]DFLyQHOGHUHFKRDOD GHIHQVDSXHVSHUPLWHYLQFXODUDODSDUWH FRQWUD TXLHQ VH IRUPXOD GHWHUPLQDGR GHUHFKRDOWUiPLWHMXGLFLDO (VLPSRUWDQWHFRQVLGHUDUDGHPiVTXH HO VLVWHPD D DQWHULRU D OD UHIRUPD \D QR FXPSOtD FRQ ORV SULQFLSLRV FRQVWLWXFLR QDOHV PHQFLRQDGRV HQ UD]yQ D YDULDV FRQVLGHUDFLRQHVIRUPDOLVPRVH[WUHPRV SURFHGLPLHQWRV HQJRUURVRV \ SUiFWLFDV LPSURSLDVDGLFLRQDQGRDWRGRHVWRODFRP SOHMDVLWXDFLyQGHODFRQJHVWLyQMXGLFLDO &RPR UHVSXHVWD D HVWD VLWXDFLyQ HO *RELHUQR 1DFLRQDO SUHVHQWy XQ 3UR\HFWR GH /H\ TXH HQ VX WUiPLWH OHJLVODWLYR FRQWy FRQ OD FRODERUDFLyQ GH MXHFHV \ PDJLVWUDGRV GH OD UDPD MXGLFLDOGHVHFWRUHVLQWHUHVDGRVHQHO WHPD H LQFOXVR FRQWy FRQ HO HVWXGLR GHO,QVWLWXWR&RORPELDQRGH'HUHFKR 3URFHVDO/DVQRUPDVDSUREDGDVWUDV ODGDURQODVFDUJDVGHODQRWLILFDFLyQDO LQWHUHVDGRSXHVTXHGDURQHQPDQRV GHOVHFUHWDULRGHOMX]JDGRDFWXDFLRQHV VHQFLOODV\EiVLFDVTXHHYLWDQGHFLHUWR PRGRHOGHVJDVWHGHODDGPLQLVWUDFLyQ

%146'5 #

i&M(PCJFSOP/BDJPOBMQSFTFOUÃ&#x2DC;VO1SPZFDUPEF-FZ RVFFOTVUSÃ&#x2C6;NJUFMFHJTMBUJWPDPOUÃ&#x2DC;DPOMB DPMBCPSBDJÃ&#x2DC;OEFKVFDFTZNBHJTUSBEPTEFMBSBNBKVEJDJBMw"OB.BSÃ&#x201C;B#FMUSÃ&#x2C6;O5PSSFT

GHMXVWLFLD(OMXH]YHODSRUODOHJDOLGDG GHODVDFWXDFLRQHVTXHVHUHDOLFHQFRQ PLUDVDFXPSOLUFRQHOILQGHOSURFH GLPLHQWRQRWLILFDWRULR /DUHIRUPDDGLFLRQDOPHQWHVHDMXVWy D ODV GLVSRVLFLRQHV FRQVWLWXFLRQDOHV \ MXULVSUXGHQFLDOHVEXVFDQGRHQSULPHUD LQVWDQFLDODQRWL¿FDFLyQSHUVRQDOGHPD QHUDTXHVyORHQHOFDVRGHTXHpVWDQRVH SXHGDVXUWLUVHDFXGDDPHFDQLVPRVGH QRWL¿FDFLyQSHUVRQDOLQGLUHFWRVFRPROD QRWL¿FDFLyQSRUDYLVRRSRUHGLFWR

(QSULPHUD */45"/$*"-"/05*'*$"$*»/%&#& 4&31&340/"-:4»-0&/&-$"40 %&26&²45"/04&16&%"4635*3 4&)"3«103"7*400103&%*$50

(OSURFHGLPLHQWRHVWDEOHFLGRHQODUH IRUPDHVHOVLJXLHQWH(OVHFUHWDULRRHQ VXGHIHFWRHOLQWHUHVDGRGHEHUHPLWLUXQD FRPXQLFDFLyQDTXLHQGHEHVHUQRWL¿FDGR HQODTXHOHGHEHLQIRUPDUVREUHODH[LVWHQ FLDGHOSURFHVRVXQDWXUDOH]D\ODIHFKDGH

ODSURYLGHQFLD7DPELpQVHOHLQGLFDTXH GHEH FRPSDUHFHU DO MX]JDGR D UHFLELU OD QRWL¿FDFLyQSHUVRQDOGHODXWR (QFDVRGHTXHHOFLWDGRQRFRPSDUH]FD GHEHGiUVHOHDSOLFDFLyQDODUWtFXORGHO &GH3&HVGHFLUHQYLiQGRVHOHXQDYLVR HODERUDGRSRUHO6HFUHWDULRHQHOFXDOVH DGMXQWDFRSLDLQIRUPDOGHODSURYLGHQFLD REMHWRGHODQRWL¿FDFLyQ\VLVHWUDWDGHDXWR DGPLVRULRRPDQGDPLHQWRGHSDJRFRSLD LQIRUPDOGHODGHPDQGDVLQORVDQH[RV $O¿QDOL]DUHOGtDVLJXLHQWHGHODHQWUHJD GHO DYLVR \ ORV GRFXPHQWRV DGMXQWRV VH HQWHQGHUiVXUWLGDODQRWL¿FDFLyQSHUVRQDO SRUDYLVR (QFDVRGHTXHORTXHVHQRWL¿FDVHDHO DXWRDGPLVRULRGHODGHPDQGDRHOPDQGD PLHQWRGHSDJRHOGHPDQGDGRFXHQWDFRQ WUHVGtDVSDUDUHWLUDUODVFRSLDVYHQFLGRV ORV FXDOHV HPSLH]D D FRUUHU HO WpUPLQR GH WUDVODGR R WpUPLQR SDUD SURSRQHU H[FHSFLRQHV 3RUHOFRQWUDULRVLHOGHPDQGDGRHIHFWL YDPHQWHFRQFXUUHDOMX]JDGRVHUHDOL]DOD QRWL¿FDFLyQGHODSURYLGHQFLDVHOHGHEHQ HQWUHJDUVLHOORSURFHGLHUH\VHGHEHGHMDU FRQVWDQFLDGHORVXFHGLGR 3DUDDTXHOORVFDVRVHQTXHVHGHYXHOYD OD FRPXQLFDFLyQ FLWDQGR D OD SHUVRQD

FRQODFRQVLGHUDFLyQGHTXHHOGHPDQ GDGR QR UHVLGH R QR WUDEDMD HQ GLFKR OXJDURTXHODGLUHFFLyQHVLQH[LVWHQWHVH SURFHGHGHDFXHUGRFRQORGHWHUPLQDGR HQHOHPSOD]DPLHQWRFRQVDJUDGRHQHO DUWtFXORGHO&3& /DQRWL¿FDFLyQSDUDDTXHOORVFDVRVHQ ORVTXHHOFLWDGRQRVHHQFXHQWUDHQHO PLVPRPXQLFLSLRVH HVWDEOHFLyXQWpU PLQRGHGLH]  RGHWUHLQWD  GtDV SDUD TXH HO UHTXHULGR KDJD SUHVHQFLD HQ HO MX]JDGR \ VH QRWL¿TXH 3DUD ODV SHUVRQDVMXUtGLFDVVHUDWL¿FyODREOLJD FLyQOHJDOGHUHJLVWUDUGLUHFFLRQHVSDUD QRWL¿FDFLRQHVMXGLFLDOHV\ODH[WLHQGHD GLUHFFLRQHVHOHFWUyQLFDV (QORUHODFLRQDGRFRQODQRWL¿FDFLyQSRU FRQGXFWDFRQFOX\HQWHVHPDQWXYLHURQORV VXSXHVWRVHQTXHVHFRQVLGHUDEDUHDOL]DGD HVWH WLSR GH QRWL¿FDFLyQ FRQVLGHUDQGR DGHPiVTXHVHKDVXUWLGRFXDQGRHODSR GHUDGRGHOGHPDQGDGRUDGLFDHOSRGHU FRQVLGHUiQGRVHTXHVHHQWLHQGHVXUWLGD ODQRWL¿FDFLyQSRUFRQGXFWDFRQFOX\HQWH GHWRGDVODVSURYLGHQFLDVGLFWDGDVHQHO GHVDUUROOR GHO SURFHVR LQFOX\HQGR ORV PDQGDPLHQWRGHSDJR (VWHSURFHGLPLHQWRTXHFRPRVHYLR LQWURGXMR XQDV DFWLYLGDGHV DGLFLRQDOHV SDUDORVLQWHUHVDGRVHQHOSURFHVRFLYLO VXIULyHQORV~OWLPRVGtDVXQDUHIRUPD DGLFLRQDO HO 'HFUHWR  GHO  GH RFWXEUHGHH[SHGLGRHQYLJHQFLD GHOD&RQPRFLyQ,QWHULRUVHJ~QODFXDO FRQ HO ¿Q GH DJLOL]DU HO WUiPLWH GH ODV QRWL¿FDFLRQHVSHUVRQDOHVpVWDVSRGUiQ GXUDQWHHOWpUPLQRGHODFRQPRFLyQLQ WHULRUSUDFWLFDUVHYiOLGDPHQWHDWUDYpV GHHQWLGDGHVFRQWUDWDGDVSRUODV'LUHF FLRQHV (MHFXWLYDV QDFLRQDO R VHFFLRQDO VLQODSUHVHQFLDQHFHVDULDGHXQVHUYLGRU MXGLFLDO\SRUODVHPSUHVDVGHPHQVDMHUtD YiOLGDPHQWHFRQVWLWXLGDV 3DUDWHUPLQDUHVWHUHFXHQWRYDOHODSHQD GHVWDFDUVLJQL¿FDWLYDPHQWHHOLPSDFWRTXH ODUHIRUPDGHOD/H\LQWURGXMRDOSUR FHVRFLYLOHQHOWHPDGHODVQRWL¿FDFLRQHV SXHVQRVyORLQWURGXMRHVSHFLDOYLWDOLGDG DHVWDGLOLJHQFLDVLQRTXHHQEXHQDSDU WH FRQWULEX\y D GLVPLQXLU XQD VHULH GH PHFDQLVPRVIRUPDOHVJHQHUDGRUHVGHOD LQGHVHDEOHFRQJHVWLyQMXGLFLDO $ERJDGDGHOD8QLYHUVLGDGGHORV $QGHVHVSHFLDOLVWDHQ'HUHFKR$G PLQLVWUDWLYRGHOD8QLYHUVLGDGGHO 5RVDULR&RQVXOWRUDSULYDGD(PDLO DQDEHOWUDQW#KRWPDLOFRP


"46/504-&("-&4

/05*'*$"$*0/&4 ("3"/5*;"/%&3&$)04

9,(51(6'(2&78%5( '(



3&'03.""-$1$ )"$&«(*-&-130$&%*.*&/50

/DVUHJODVDGPLQLVWUDWLYDV $ 1'5($0$1&(5$

#PHPUÈ

/DQRWL¿FDFLyQFRPRHODFWRPHGLDQWH HO FXDO XQD DXWRULGDG MXGLFLDO R DGPL QLVWUDWLYDXWLOL]DIRUPDOLGDGHVOHJDOHV\ HQWHUDDODVSDUWHVHQXQSURFHVRMXGLFLDO RSURFHGLPLHQWRDGPLQLVWUDWLYRVREUHHO FRQWHQLGRGHXQDGHFLVLyQDGRSWDGDGHQ WURGHODUHVSHFWLYDDFWXDFLyQWLHQHQVXV WHQWRHQHODUWtFXORGHOD&RQVWLWXFLyQ HOFXDOFRQVDJUDHOGHUHFKRIXQGDPHQWDO DOGHELGRSURFHVRFRPRHQWRGDFODVHGH DFWXDFLRQHVMXGLFLDOHV\DGPLQLVWUDWLYDV GHUHFKRTXHFRPSUHQGHODJDUDQWtDGHO GHUHFKRGHGHIHQVD\FRQWUDGLFFLyQ 6HJ~QOD¿UPDGHDERJDGRV%ULJDUG\ &DVWURODQRWL¿FDFLyQRSHUDFRPRHOH PHQWRHVHQFLDOGHOGHELGRSURFHVRHQ WDQWRFXDQGRVHSUDFWLFDHQGHELGDIRUPD \ SHUPLWH TXH ODV SHUVRQDV D TXLHQHV LQWHUHVDODGHFLVLyQDGRSWDGDHQXQDDF WXDFLyQSXHGDQFRQRFHUOD\DVtHPSOHDU ORVPHGLRVOHJDOHVSDUDFRQWURYHUWLUODHQ SURFXUDGHVXVLQWHUHVHVRHMHFXWDUORV DFWRVLPSXHVWRVDVXFDUJRGHQWURGHO WpUPLQRTXHGH¿QDODGHFLVLyQ

#0(05«$0/$&/53"%&-04+6;("%04 1BSBFMQSFTJEFOUFEFMB4BMB"ENJOJTUSBUJWBEFM$POTFKP4VQFSJPSEFMB+VEJDBUVSB (FTBFM (JSBMEP$BTUB×P TFEFTUBDBFMIFDIPEFRVF#PHPUÈDPODFOUSBBQSPYJNBEBNFOUFQPSDJFOUP EFMPTJOHSFTPTEFVOB×PGSFOUFBMSFTUPEFMQBÓTZFOUBMTFOUJEPFMJOEJDBEPSEFOPUJmDBDJPOFT QPSEFTQBDIPFTSFQSFTFOUBUJWPFOFMNBSHFOTVQFSJPSQBSBUPEPFMQBÓT&OMBDPNQPTJDJØO EFMBPGFSUBKVEJDJBMFO#PHPUÈ BOJWFMEF+V[HBEPT QBSBPDUVCSFEF TFEFTUBDBFOUSF DJWJMFTNVOJDJQBMFT DJWJMFTEFMDJSDVJUP EFGBNJMJB MBCPSBMFTZBENJOJTUSBUJWPT VOUPUBMEF NJFOUSBTRVFFOFMSFTUPEFMQBÓT TFSFHJTUSBVOUPUBMEFKV[HBEPT TJOJODMVJSMPTQFOBMFT QSPNJTDVPTOJUSJCVOBMFT

/DV QRWLILFDFLRQHV WDPELpQ WLHQHQ VRSRUWHOHJDOHQORVSULQFLSLRVJHQHUDOHV GHO GHUHFKR SURFHVDO \ DGPLQLVWUDWLYR UHFRJLGRVHQORVDUWtFXORVƒGHO&yGLJR GH3URFHGLPLHQWR&LYLO\ƒGHO&yGLJR &RQWHQFLRVR $GPLQLVWUDWLYR HQ SDU WLFXODU ORV SULQFLSLRV GH SXEOLFLGDG \ FRQWUDGLFFLyQ &RQ OD UHIRUPD DO &yGLJR GH 3URFH GLPLHQWR&LYLOPHGLDQWHOD/H\GH VHKDKHFKRPiViJLOHOSURFHGL PLHQWRGHODVQRWL¿FDFLRQHVSRUYDULRV PHFDQLVPRV 3ULPHUR FRQ OD PRGLILFDFLyQ GHO

&-²9*50%&-"4"6%*&/$*"4%&1&/%&%&26&-"41"35&4"4*45"/

5HVSDOGRD ODGHVFRQJHVWLyQ GHODMXVWLFLD -$,0((15,48(*5$1$'26

#PHPUÈ

0RGHUQL]DU HO SURFHVR GH QRWLIL FDFLyQ SXHGH VHUYLU DO SURSyVLWR GH GHVFRQJHVWLyQGHODDGPLQLVWUDFLyQGH MXVWLFLDTXHVHWUD]ySDUD6LHQGR XQRGHVXVHMHVGHODDGPLQLVWUDFLyQOD H[WHQVLyQ GH OD RUDOLGDG D ORV GHPiV SURFHGLPLHQWRV HQ &RORPELD FDEH FRPHQWDUTXHHQXQVLVWHPDDFXVDWRULR FRPR HO TXH DFWXDOPHQWH  VH RVWHQWD \ TXH EXVFD HO IRUWDOHFLPLHQWR GH ODV JDUDQWtDVSURFHVDOHVVHGHEHQGDUFDP ELRVSDUDORJUDUXQHVFHQDULRLGyQHRGH WUDQVSDUHQFLD (QHVWHVHQWLGRH[LVWHODRSRUWXQLGDG GHGHVIRUPDOL]DUFLHUWRWLSRGHDFWXDFLR QHVSXHVHOHMHGHMDGHVHUHOH[SHGLHQWH \ SDVD D VHU OD DXGLHQFLD 3RU HOOR HQ PDWHULDGHQRWL¿FDFLRQHVQREDVWDFRQ TXH H[LVWD FRQVWDQFLD GHO HQYtR GH XQ WHOHJUDPDHQHOH[SHGLHQWHHOREMHWLYRHV TXHHIHFWLYDPHQWHODSHUVRQDFLWDGDYD\D

DODDXGLHQFLDSXHVGHODDVLVWHQFLDGH WRGDVODVSDUWHVHLQWHUYLQLHQWHVGHSHQGH HOp[LWRGHODDXGLHQFLD3DUDORDQWHULRU GHEHUiQXWLOL]DUVHPHGLRVFRPRODVOOD PDGDVWHOHIyQLFDVFRUUHRVHOHFWUyQLFRV RFXDOTXLHUDTXHVHDH¿FLHQWHRLGyQHR SDUDORJUDUHVWHREMHWLYR (VWHUHWRKDFHSDUWHGHWRGRHODFFLRQDU QHFHVDULRSDUDORJUDUXQDPRGHUQL]DFLyQ GHODDGPLQLVWUDFLyQGHMXVWLFLDGHVDUURO ODUHVWUDWHJLDVGHJHVWLyQH¿FLHQWHVSDUD FRQFHQWUDUDQXHVWURVMXHFHV\¿VFDOHVHQ OR TXH VRQ VXV IXQFLRQHV MXGLFLDOHV \ D H[SHUWRVGHODDGPLQLVWUDFLyQHQWRGROR TXHVHUH¿HUHDHVWHFDPSR3RGUtDGHFLUVH TXHODDXGLHQFLDHVXQQXHYRSDUDGLJPD TXHH[LJHXQDIRUPDGHRUJDQL]DU\DG PLQLVWUDUHOWUDEDMRWRWDOPHQWHGLVWLQWR DOSDUDGLJPDGHOH[SHGLHQWHSDUDORJUDU VHUH¿FLHQWH 3UHVLGHQWHGHOD$VRFLDFLyQGH 'RFHQWHVGH'HUHFKR3HQDO

DUWtFXOR  GHO &3& VH LPSXVR D OD SDUWH LQWHUHVDGD HQ TXH VH HIHFW~H OD QRWL¿FDFLyQSHUVRQDOHOGHEHUSURFHVDO GH VROLFLWDU DO VHFUHWDULR GHO MX]JDGR OD UHDOL]DFLyQ GH OD QRWL¿FDFLyQ SDUD ORFXDOpVWHVLQQHFHVLGDGGHDXWRTXH VHORRUGHQHGHEHUiUHPLWLUPHGLDQWH VHUYLFLRSRVWDODXWRUL]DGRSRUHO0LQLV WHULRGH&RPXQLFDFLRQHV\GHQWURGHORV  GtDV VLJXLHQWHV XQD FRPXQLFDFLyQ GLULJLGDDODSHUVRQDDQRWL¿FDUHQOD FXDO OH LQIRUPDUi VREUH OD H[LVWHQFLD GHOSURFHVRVXQDWXUDOH]D\ODIHFKDGH ODSURYLGHQFLDTXHVHOHYDDQRWL¿FDU

SUHYLQLpQGRORGHFRPSDUHFHUDOMX]JDGR D UHFLELU OD QRWL¿FDFLyQ GHQWUR GH ORV FLQFRGtDVVLJXLHQWHVDODHQWUHJDGHOD FRPXQLFDFLyQ HQ HO OXJDU GH GHVWLQR 7UDWiQGRVHGHFRPXQLFDFLRQHVTXHGH EHQHQWUHJDUVHHQPXQLFLSLRVGLVWLQWRV DODVHGHGHOMX]JDGRHOWpUPLQRSDUD OD FRPSDUHFHQFLD HV GH GLH] GtDV \ VL HOGHVWLQRGHODFRPXQLFDFLyQHVHQHO H[WHULRUVHH[WLHQGHDGtDV &RQ HVWD PRGL¿FDFLyQ VH GHURJy OD QRWL¿FDFLyQSRUFRPLVLRQDGRSUHYLVWDHQ HODQWHULRUDUWtFXORGHO&3&LPSUL PLHQGRDJLOLGDGDOHOLPLQDUODQHFHVLGDG GHGHVSDFKRVFRPLVRULRV\H[KRUWRVGH SDUDHIHFWRVGHHQWHUDUDOGHVWLQDWDULR GHO GHEHU GH FRPSDUHFHU DO MX]JDGR D QRWL¿FDUVHSHUVRQDOPHQWH 6HJ~QHOVRFLRGHOD¿UPD-XDQ3DEOR &DGHQD \ HO DVRFLDGR 1HOVRQ 8UUHJR SUHYLHQGRVLWXDFLRQHVHQTXHHOVHFUH WDULR QR HQYtH D OD SDUWH D QRWL¿FDU OD FRPXQLFDFLyQ OD SDUWH LQWHUHVDGD HQ TXHVHHIHFW~HODQRWL¿FDFLyQTXHGDHQ OLEHUWDGGHHQYLDUODGLUHFWDPHQWH




9,(51(6'(2&78%5( '(

"46/504-&("-&4/05*'*$"$*0/&4("3"/5*;"/%&3&$)04 &-"#0("%0&4&-&/$"3("%0%&$0/0$&3&-'"--0

&RQRFLPLHQWRGHVHQWHQFLDV GHEHKDFHUVHFRQDSRGHUDGR 3$2/$Ã&#x2C6;9,/$68Ã&#x2C6;5(=

#PHPUÃ&#x2C6;

/DVQRWLILFDFLRQHVGHODVVHQWHQFLDV TXHVHOOHYHQDFDERGHQWURGHSURFH VRV MXGLFLDOHV GHEHQ UHDOL]DUVH DQWH HO DSRGHUDGR MXGLFLDO GH OD SHUVRQD TXH VH HQFXHQWUH LQYROXFUDGD HQ HO OLWLJLR$VtORKDQGHILQLGRYDULRVSUR QXQFLDPLHQWRVGHODVDOWDVFRUWHVHQ HVSHFLDOGHO&RQVHMRGH(VWDGRFX\D 6HFFLyQ 4XLQWD HVWDEOHFLy TXH HV D SDUWLUGHOPRPHQWRGHODQRWLILFDFLyQ GHODGHFLVLyQTXHHPSLH]DDFRUUHUHO WpUPLQRSDUDSUHVHQWDUORVUHFXUVRVD TXHKD\DOXJDU (QXQIDOORUHFLHQWHHVDFRUSRUDFLyQ UHYRFy XQD SURYLGHQFLD GHO 7ULEXQDO $GPLQLVWUDWLYR GH $UDXFD TXH SRU PHGLR GH XQ DXWR SURIHULGR HO  GH DEULO GH HVWH DxR QR FRQFHGLy SRU H[ WHPSRUiQHRHOUHFXUVRGHDSHODFLyQTXH LQWHUSXVRHODSRGHUDGRGHOGHPDQGDQWH GHOSURFHVR (OHUURUHQHOTXHLQFXUULyHO7ULEXQDO IXHWRPDUFRPRIHFKDGHUHIHUHQFLDODGH QRWL¿FDFLyQDOGHPDQGDQWHFRQHODUJX PHQWRGHTXHQRHUDQHFHVDULRQRWL¿FDU DORVDSRGHUDGRVGHODVSDUWHVSRUTXH HODUWtFXORGHO&yGLJRFRQWHQFLRVR $GPLQLVWUDWLYR VyOR LPSRQH HO GHEHU GHQRWL¿FDUODVHQWHQFLDDODVSDUWHV\ DO0LQLVWHULR3~EOLFR %DMRHVWHSDQRUDPDFDOL¿FyGHLQQH FHVDULR¿MDUHGLFWRGHELGRDTXHpVWHVyOR HVREOLJDWRULRDQWHODLPSRVLELOLGDGGH QRWL¿FDUSHUVRQDOPHQWH /DWHVLVGHOMXH]FROHJLDGRIXHGHV YLUWXDGD SRU HO &RQVHMR GH (VWDGR WUDV KDFHU XQ DQiOLVLV GHO DUWtFXOR  GHO &yGLJR &LYLO OOHJDQGR D OD FRQFOXVLyQ TXH GLFKD QRUPD GHWHU PLQDTXHHOFRQWUDWRGHPDQGDWRGD DODSRGHUDGRGHXQDSHUVRQDIDFXOWDG SDUDUHSUHVHQWDUODMXGLFLDOPHQWHSRU OR TXH GHEH VHU FRQVLGHUDGR FRPSH WHQWH SDUD DFWXDU HQ XQ SURFHVR HQ WDO FDOLGDG SDUD WRGRV ORV HIHFWRV \ HQ QLQJ~Q FDVR SRGUtD RPLWLUVH OD QRWLILFDFLyQSHUVRQDORSRUHGLFWRGHO IDOORSURIHULGR /DGHFLVLyQGHODDOWDFRUSRUDFLyQVH GLRFRQPRWLYRGHXQDFRQWURYHUVLDTXH VXUJLySRUODHOHFFLyQGHXQGLSXWDGRHQ HO'HSDUWDPHQWRGH$UDXFD %HQMD P t Q 6 R F DG D J X L & HU PHxR GHPDQGy DQWH OD MXULVGLFFLyQ $G PLQLVWUDWLYD OD QXOLGDG GHO DFWR TXH GHFODUyODHOHFFLyQGH(GJDU)HUQDQGR *X]PiQ 5REOHV FRPR GLSXWDGR GH GLFKRGHSDUWDPHQWRSDUDHOSHUtRGR 

$.11/$'4)

$VBOEPFMBQPEFSBEPEFVOBEFMBTQBSUFTEFVOQSPDFTPBTVNFMBSFQSFTFOUBDJÃ&#x2DC;OKVEJDJBM RVFEBGBDVMUBEPQBSBBDUVBSEFOUSPEFMNJTNPZQPS FTUBSB[Ã&#x2DC;OOPFTQPTJCMFFYDMVJSMPEFMBTOPUJmDBDJPOFTEFMPTGBMMPT

(O DFFLRQDQWH VROLFLWy D OD MXVWLFLD ODFDQFHODFLyQGHODFUHGHQFLDORWRU JDGD DO GHPDQGDGR HQ FDOLGDG GH GLSXWDGR 6LQHPEDUJRHO7ULEXQDOTXHFRQRFLy HODVXQWRVHGHFODUyLQKLELGRSDUDGH FLGLU GH IRQGR \ FRQ HVWD GHOLEHUDFLyQ GLRDYLVRGHORUHVXHOWR~QLFDPHQWHDO GHPDQGDQWH (VWDVLWXDFLyQOOHYyDODSRGHUDGRGHO GHPDQGDQWH D LQWHUSRQHU UHFXUVR GH DSHODFLyQ FRQWUD HVD GHFLVLyQ FRQ HO ¿QGHTXHIXHUDUHYRFDGD\VHDFFHGLH UDDODVSUHWHQVLRQHVIRUPXODGDVSHUR QXHYDPHQWHODMXVWLFLDOHGLRODHVSDOGD SXHV HO UHFXUVR QR IXH FRQFHGLGR SRU XQD VXSXHVWD H[WHPSRUDQHLGDG HQ OD SUHVHQWDFLyQGHOPLVPR )LQDOPHQWH OD 6HFFLyQ 4XLQWD GHO &RQVHMRGH(VWDGRIXHODHQFDUJDGDGH GDUOHVROXFLyQDODFRQWURYHUVLDVREUH ODSURFHGHQFLDGHOUHFXUVRGHDSHODFLyQ HQHOMXLFLRHOHFWRUDOVXVFLWDGREDMROD SRQHQFLDGH)LOHPyQ-LPpQH]2FKRD /D6DODFRQVLGHUyTXHHODYLVRTXH VHGLRDOUHFODPDQWHVREUHODDFWXDFLyQ

(OHUURU &/&-26&*/$633*»&-53*#6/"'6&50."3$0.0'&$)"%& 3&'&3&/$*"-"%&/05*'*$"$*»/ "-%&."/%"/5&

GHO SURFHVR %HQMDPtQ 6RFDGDJXL &HUPHxR QRSRGtDWHQHUVHFRPRXQD YHUGDGHUD QRWLILFDFLyQ SHUVRQDO D OD SDUWHGHPDQGDQWHWRGDYH]TXHpVWH RWRUJyXQSRGHUSDUDVHUUHSUHVHQWDGR HQHOOLWLJLR\HQHVWHRUGHQGHLGHDVHUD QHFHVDULR TXH HO DERJDGR FRQRFLHUD WDPELpQODVDFWXDFLRQHVMXGLFLDOHVTXH VH OOHYDEDQ D FDER GHQWUR GHO SOHLWR MXUtGLFR (UURUGHVFRQRFLPLHQWRGHGHUHFKRV (O GHPDQGDQWH GH HVWH FDVR DFXGLy D ORV HVWUDGRV GHO &RQVHMR GH (VWDGR FRQHO¿QGHREWHQHUUHVSXHVWDSRVLWL YDVREUHODSRVLELOLGDGTXHWHQtDHQOD SURFHGHQFLD GHO UHFXUVR GH DSHODFLyQ HQFXHVWLyQ

&RPRVXVWHQWRGHODTXHMDDUJXPHQ Wy TXH HO 7ULEXQDO KDEtD YXOQHUDGR VX GHUHFKR GH FRQWUDGLFFLyQ \ GHIHQVD DO RPLWLU OD QRWL¿FDFLyQ SRU HGLFWR GH OD VHQWHQFLD\QHJDUHOUHFXUVRGHDSHODFLyQ HOFXDOIXHLQYRFDGRHQODRSRUWXQLGDG FRQVDJUDGDHQODOH\ (OHUURUFRPHWLGRSRUHOMXH]FROHJLDGR HQSULPHUDLQVWDQFLDKDFHTXHHODSDUWR MXGLFLDO GHO (VWDGR VHD LQH¿FD] HQ ODV DFWXDFLRQHVSURFHVDOHVSHVHDTXHHVXQ GHEHUHVWDWDOKDFHUFXPSOLUORVSUHFHSWRV TXH SHUPLWDQ D OD MXVWLFLD SUHVWDU XQ VHUYLFLRSOHQR\H¿FD]DORVFLXGDGDQRV TXHDFXGDQDHOOD (QHVWHVHQWLGRODDXVHQFLDGHQRWL ¿FDFLyQGHODSURYLGHQFLDDODSRGHUDGR GHVFRQRFHORVSULQFLSLRVFRQVWLWXFLRQD OHVODVUHJODVGHOPDQGDWRFRQVDJUDGDV HQORVDUWtFXORV\GHO&yGLJR &LYLO \ OR PDQLIHVWDGR SRU OD GRFWULQD LQWHUQDFLRQDO ³HO R¿FLR GHO DERJDGR HV LPSUHVFLQGLEOH SDUD HO FXPSOLPLHQWR GHOGHELGRSURFHVRHODFFHVRGHWRGRV D OD GHIHQVD \ DO FRQRFLPLHQWR GH VXV GHUHFKRV´


"46/504-&("-&4

/05*'*$"$*0/&4 ("3"/5*;"/%&3&$)04

&RPXQLFDFLyQIDFXOWDG GHOMXH]QRGHODVSDUWHV #PHPUÈ

$ HVWD FRQFOXVLyQ OOHJR HO &RQVHMR GH (VWDGR OXHJR GH GHWHUPLQDU TXH OD FRPXQLFDFLyQ HQYLDGD SRU XQD GH ODV SDUWHVLQYROXFUDGDVHQXQDFRQWURYHUVLD FRQHO¿QGHFLWDUDODRWUDDXQDDXGLHQ FLDQRFXPSOLyOD¿QDOLGDGTXHWLHQHOD QRWL¿FDFLyQ FX\R SURSyVLWR SULQFLSDO HVEULQGDUXQFRQRFLPLHQWRLQWHJURGH ODV SURYLGHQFLDV GLFWDGDV SRU ORV IXQ FLRQDULRVMXGLFLDOHVSDUDTXHODVSDUWHV SXHGDQ KDFHU XVR GH VXV GHUHFKRV GH FRQWUDGLFFLyQ\GHIHQVD $O UHVSHFWR MXULVSUXGHQFLD GH OD &RUWH &RQVWLWXFLRQDO KD VRVWHQLGR TXHODQRWLILFDFLyQHVXQLQVWUXPHQWR SULPRUGLDOTXHPDWHULDOL]DHOSULQFLSLR GHSXEOLFLGDGGHODIXQFLyQMXULVGLFFLR QDO HO FXDO VH HQFXHQWUD FRQVDJUDGR HQHODUWtFXORGHOD&RQVWLWXFLyQ 3ROtWLFD (OHIHFWRGHHVWHDFWRHVDVHJXUDUOD SRVLELOLGDGTXHWLHQHQVXVGHVWLQDWDULRV SDUD FXPSOLU ODV GHFLVLRQHV TXH VH OHV FRPXQLFDQ R GH LPSXJQDUODV HQ FDVR TXHKD\DGLVFRUGLDFRQHOODVGDQGROD VHJXULGDGDORVSDUWLFLSDQWHVGHORVOLWL JLRVGHTXHVXVGHUHFKRVVRQSURWHJLGRV \UHVSHWDGRVSRUHO(VWDGR\GHHVWDPD QHUDVHGDJDUDQWtDDXQRGHORVSLODUHV IXQGDPHQWDOHVGHODUDPDMXGLFLDOFXDO HV HO GHELGR SURFHVR HOHYDGR DO RUGHQ FRQVWLWXFLRQDO

>

$YLVR 103.&%*0%&'"9&47«-*%0 4*&.13&26&4&"3&"-*;"%0 103&-+6&;26&130'*&3&-" 4&/5&/$*"

8QUHFXUVRGHUHSRVLFLyQLQWHUSXHVWR SRUODV¿UPDV%RWHUR$JXLODU\&RQLF 6$FRQWUDHO7ULEXQDOGH$UELWUDPHQWR ±&iPDUDGH&RPHUFLRGH%RJRWiIXH ODFDXVDTXHOOHYRDOD6HFFLyQ6HJXQGD GHO&RQVHMRGH(VWDGRDD¿UPDUTXHOD FRPSHWHQFLD SDUD UHDOL]DU ODV QRWL¿ FDFLRQHVUHVLGHHQFDEH]DGHOMXH]TXH SUR¿HUHODVHQWHQFLD\HQWDOVHQWLGRQR HVSRVLEOHGHWHUPLQDUTXHODREOLJDFLyQ GH FRPXQLFDU D ODV SDUWHV ODV DFWXD FLRQHVDFDHFLGDVHQHOSURFHVRTXHGD FXPSOLGDFXDQGRXQDGHHOODVHQYtDDO RWURLQWHUYLQLHQWHXQID[DYLVDQGRVREUH ODDFWXDFLyQ (O REMHWR GHO UHFXUVR HUD REWHQHU HO YLVWR EXHQR GHO MXH] HQ FXDQWR D XQD

&TUFSFDVSTPFTVOPEFMPTNFEJPTEFJNQVH OBDJØORVFUJFOFVOBQFSTPOBQBSBTPMJDJUBS BMKVF[RVFIBEJDUBEPVOBQSPWJEFODJBRVF MBDPOTJEFSFZQPSMPUBOUPRVFMBNJTNBTFB NPEJmDBEBPSFWPDBEB-BOPSNBHFOFSBM RVFSFHVMBFTUFNFDBOJTNPEFEFGFOTB FTUÈ DPOTBHSBEPFOFMBSUÓDVMPEFM$ØEJHP EF1SPDFEJNJFOUP$JWJM FMDVBMFTUJQVMBRVF FMSFDVSTPEFCFSÈQSFTFOUBSTFQPSFTDSJUPF JOEJDBOEPMBTSB[POFTRVFMPTVTUFOUFO-B PQPSUVOJEBEQBSBJOUFSQPOFSMPFTEFOUSPEF MPTUSFTEÓBTTJHVJFOUFTBMBOPUJmDBDJØOEFM BVUP TBMWPRVFÏTUFIBZBTJEPEJDUBEPFOVOB BVEJFODJBPEJMJHFODJB DBTPFOFMDVBMTFSÈ JOWPDBEPWFSCBMNFOUFJONFEJBUBNFOUFFM BVUPTFIBZBQSPOVODJBEP &TJNQPSUBOUFUFOFSFODVFOUBRVFFMBVUP RVFEFDJEFMBSFQPTJDJØOOPFTTVTDFQUJCMFEF OJOHÞOSFDVSTP BNFOPTRVFDPOUFOHBQVO UPTRVFOPGVFSPOEFDJEJEPTBOUFSJPSNFOUF

#4%*+81

&M KVF[ FT FM ÞOJDP GBDVMUBEP QBSB SFBMJ[BS OPmUJDBDJPOFT QPS TJTUFNBT EF UFMFDPNVOJDBDJPOFT DPNPFMGBY

FRPXQLFDFLyQ YtD ID[ HQYLDGD SRU HO 7ULEXQDO GH $UELWUDPHQWR DO ,QVWLWXWR 1DFLRQDOGH9tDV ,QYLDV  /D VROLFLWXG HVWXYR HQFDPLQDGD D FRQVHJXLU OD GHFODUDFLyQ GH TXH HVD QRWLILFDFLyQ KDEtD FXPSOLGR FRQ VX ¿QDOLGDG SULPRUGLDO GH GDU D FRQRFHU XQDVHQWHQFLDGHWXWHOD &DEH GHVWDFDU TXH D HVWH PHGLR VH DFXGLySDUDUHYRFDUXQDXWRSURIHULGR HQ MXQLR GH HVWH DxR TXH GHQHJy HO LQFLGHQWH GH QXOLGDG SURSXHVWR HQ HO SURFHVRTXHVHDGHODQWDEDHQWUHGLFKDV SDUWHV ³&RQHOSURSyVLWRGHFXPSOLUODREOLJD FLyQOHJDOGHQRWL¿FDUODVSURYLGHQFLDVHO 7ULEXQDOGH$UELWUDPHQWRFRQVLGHUyTXH HOPHGLRPiVH¿FD]SDUDTXHVHFRQRFLH UDHOIDOORHUDODFRPXQLFDFLyQYtDID[ SXHVWRTXHHUDXQPHGLRYiOLGR\OHJDO TXHLQIRUPyDO,QYLDVODFLWDFLyQDXQD DXGLHQFLDSDUDOD¿MDFLyQGHKRQRUDULRV IUHQWH DO DVXQWR SDUD HO FXDO VH KDEtD FRQYRFDGR HO 7ULEXQDO´ PDQLIHVWDURQ ODVHPSUHVDVUHFODPDQWHVDOVXVWHQWDU HOUHFXUVR $JUHJDURQTXHIXHWDQH¿FD]HOPH GLRGHFRQRFLPLHQWRGHODGHFLVLyQTXH HODSRGHUDGRGHODHQWLGDGDVLVWLyDOD DXGLHQFLD \ FRPR FRQVHFXHQFLD VH GLR FXPSOLPLHQWR DO SURSyVLWR TXH EXVFD ODQRWL¿FDFLyQ 3HVH D HVWDV UD]RQHV OD SRQHQFLD GH $OIRQVR 9DUJDV 5LQFyQ FRQVHMHUR GHODPHQFLRQDGD6HFFLyQQRDYDOyHO PHGLRGHQRWL¿FDFLyQHPSOHDGRSRUTXH TXLHQODUHDOL]yQRWHQLDIDFXOWDGSDUD KDFHUOR



3&104*$*»/

&45&"$50("3"/5*;"13*/$*1*0%&$0/53"%*$$*»/

3$2/$È9,/$68È5(=

9,(51(6'(2&78%5( '(

(OREMHWR %&-3&$6340&3"0#5&/&3&7*450#6&/0%&-+6&;&/$6"/50 "6/"$0.6/*$"$*»/7¶"'"9 &/7*"%"103&-53*#6/"-%& "3#*53".&/50"-*/45*5650 /"$*0/"-%&7¶"4ʤ*/7¶"4ʥ




9,(51(6'(2&78%5( '(

"46/504-&("-&4/05*'*$"$*0/&4("3"/5*;"/%&3&$)04

-"4$0.1"º¶"426&3&"-*;"/&45""$5*7*%"%(6*"/"464&.1-&"%04&/&-130$&40

8QWUDEDMRTXHH[LJH H[SHULHQFLD\FDSDFLWDFLyQ -$9,(5+*21=È/(=

#PHPUÈ

+DVWDFXDUHQWDYLVLWDVDXQVRORFOLHQWH KDQWHQLGRTXHUHDOL]DUORVHPSOHDGRV GH ODV FRPSDxtDV TXH WUDPLWDQ ODV QRWL¿FDFLRQHVMXGLFLDOHVHQHOSDtVFRQ HO ¿Q GH UHDOL]DU FRQ p[LWR VX WDUHD \ HQWUHJDUFRQHIHFWLYLGDGHOFRUUHRDORV GHVWLQDWDULRV8QWUDEDMRTXHFXPSOHQ GXUDQWHORVVLHWHGtDVGHODVHPDQDODV KRUDV\TXHQRGDWLHPSRGHHVSHUD QLPDUJHQGHHUURU 'HOp[LWRGHVXODERUGHSHQGHHQJUDQ PHGLGD HO GHVDUUROOR \ OD HIHFWLYLGDG GHORVSURFHVRVTXHVHHVWpQOOHYDQGR SXHVWRTXHVHJ~QODOHJLVODFLyQYLJHQWH ODIDOWDSUREDGDGHXQDQRWL¿FDFLyQUH SHUFXWHHQODVSRVLELOLGDGHVGHGHIHQVD GHODVSHUVRQDV\SHUWXUEDHQHOFXUVR QRUPDO GH ORV SURFHGLPLHQWRV GDQGR OXJDUHQDOJXQRVFDVRVDODQXOLGDG\HQ RWURVDODLQH¿FDFLDRFDUHQFLDGHHIHFWRV MXUtGLFRVGHORVDFWRVTXHKDQGHELGRVHU PDWHULDGHODQRWL¿FDFLyQ /DV FRPSDxtDV TXH UHDOL]DQ HVWDV FODVHVGHWUDEDMRWLHQHQTXHFXPSOLUFRQ HO UHTXLVLWR GH HVWDU UHJLVWUDGDV HQ HO 0LQLVWHULRGH&RPXQLFDFLRQHVFRQXQD OLFHQFLDGHPHQVDMHUtD\FRQHOGHEHUGH JXLDU\GLFWDUFDSDFLWDFLRQHVSHUPDQHQ WHVDORVHPSOHDGRVTXHFRQWUDWHQSDUD UHDOL]DUGLFKDODERU\GHHVWDIRUPDSRGHU JDUDQWL]DUODHIHFWLYLGDGGHODVHQWUHJDV \HOFXUVRQRUPDOGHORVSURFHVRV 6HJ~QORH[SOLFDHOJHUHQWHJHQHUDOGH ,QYHVWLJDFLRQHV\&REUDQ]DV(OOLEHUWDGRU $QGUpV /LpYDQR HPSUHVD TXH VH GHV HPSHxDHQHVWHFDPSRODIXQFLyQGHVX FRPSDxtDHQHVWHWHPDHVSHFt¿FRVHHQIRFD HQ OD UHFROHFFLyQ GH GRFXPHQWRV HQ ODV GLIHUHQWHVR¿FLQDVGHDERJDGRVODUHDOL]D FLyQGHWUDPLWHVSDUDODREWHQFLyQGHORV GRFXPHQWRVHQORVMX]JDGRVHOSRVWHULRU HQYLyGHORVGRFXPHQWRVDORVGHPDQGDGRV \SRU~OWLPRODFHUWL¿FDFLyQGHOWUDPLWHD VXVFOLHQWHVEDQFRVRDERJDGRV 3RUWDOPRWLYRHVEiVLFRTXHODVSHUVR QDVTXHTXLHUDQLQJUHVDUDSUHVWDUHVWH VHUYLFLR FRQR]FDQ PX\ ELHQ OD FLXGDG GRQGH YDQ D WUDEDMDU \ TXH SRU VREUH WRGR SRVHDQ XQD H[FHOHQWH FDSDFLGDG GHDSUHQGL]DMHSDUDGHVHPSHxDUGHOD PHMRUIRUPDVXWUDEDMR ³(QQXHVWUDFRPSDxtDFRQVLGHUDPRV TXH QR WHQHPRV PHQVDMHURV VL QR TXH FRQWUDWDPRV\FDSDFLWDPRVQRWL¿FDGR UHVMXGLFLDOHV´H[SOLFDHOGLUHFWLYRGHOD FRPSDxtD\SRUWDOUD]yQOHVUHFRPLHQGD

%1.24'05#

&OOVFTUSBDPNQB×ÓBDPOTJEFSBNPTRVFOPUFOFNPTNFOTBKFSPTTJOPRVFDPOUSBUBNPTZDBQBDJUBNPTOPUJmDBEPSFTKVEJDJBMFT

%&'*/*$*»/ -BTOPUJmDBDJPOFTKVEJDJBMFTTFSFBMJ[BODPO FMmOEFSFRVFSJSBVOBQFSTPOBOBUVSBMP KVSÓEJDBQBSBRVFTFIBHBQSFTFOUFBOUFVO EFTQBDIPPFOUFKVEJDJBM&TUBOPUJmDBDJØO QVFEFTFSQFSTPOBM QPSBWJTPPQPSFNQMB[B NJFOUPTFHÞOFMPSEFOPFUBQBQSPDFTBMFO RVFTFFODVFOUSF4FEFCFUFOFSFODVFOUB RVFMBWBMJEF[EFFTUBTOPUJmDBDJPOFTFTUÈTV KFUBBMDVNQMJNJFOUPZWFSJmDBDJØOQPSQBSUF EFMEFTQBDIPPFOUFKVEJDJBMEFSFRVJTJUPT DPNPTFMMPEFDPUFKBEP BDUBEFOPWFEBEFT ZWFSJmDBDJØOEFQVCMJDBDJØO MPTDVBMFTTPO MMFOBEPTQPSOVFTUSBFNQSFTB

DVXVWUDEDMDGRUHVTXHWLHQHQTXHERUUDU VHGHOPDSDTXHVXWUDEDMRHVGHPHQVD MHUtD\SRUWDOPRWLYRGHEHQFRQRFHUGH SULPHUDPDQRODVUHVSRQVDELOLGDGHV\ GHEHUHVGHVXSURIHVLyQ (O QLYHO GH HVWXGLR UHTXHULGR SDUD OD YLQFXODFLyQ GH HVWRV WUDEDMDGRUHV HV VHU EDFKLOOHUVLQHPEDUJR³DORVWUDEDMDGRUHV YLQFXODGRVVHOHVPRWLYDSDUDTXHHVWXGLHQ XQDFDUUHUDTXHWHQJDTXHYHUFRQVXWUDEDMR \VHOHVGLFWDQFDSDFLWDFLRQHVSHULyGLFDV VREUH ORV PHFDQLVPRV SDUD UHDOL]DU ODV HQWUHJDV\ODVFDUDFWHUtVWLFDVTXHGHEHQ

>

'HOp[LWR

%&-"-"#03%&4&.1&º"%"103 -04/05*'*$"%03&4%&1&/%&&%&4"330--0:-"&'&$5*7*%"% %&-04130$&40426&4&&45²/ --&7"/%0"$"#0

WHQHU HQ FXHQWD DO PRPHQWR GH FXPSOLU VXWUDEDMR´ /DV FODVHV TXH DVXPHQ ORV WUDEDMD GRUHVVHFHQWUDQHQXQDSULPHUDIDVH HQODRULHQWDFLyQVREUHORVGRFXPHQWRV TXHHVWiQHQWUHJDQGRORVFXDOHVKDFHQ SDUWHIXQGDPHQWDOGHXQSURFHVRMXUt GLFR DGLFLRQDOPHQWH  OHV H[SOLFDQ HQ GHWDOOHVORVDUWtFXORV\GHO FDSLWXORGHQRWL¿FDFLRQHVGHO&yGLJRGH 3URFHGLPLHQWR&LYLOSDUDTXHFRQR]FDQ FRQEDVHVMXUtGLFDVODVLPSOLFDFLRQHVGH UHDOL]DUELHQRPDOVXWUDEDMR /RVFXUVRVVHUHDOL]DQPHQVXDOPHQWH \VHPDQDOPHQWHVHKDFHXQVHJXLPLHQWR SHUVRQDO GHO WUDEDMR UHDOL]DGR FRQ HO REMHWLYRGHVDFDUFRQFOXVLRQHVVREUHODV GLIHUHQWHVLQFRQYHQLHQWHVSUHVHQWDGRV\ ODVSRVLEOHVVROXFLRQHVDFDGDFDVR $GHPiV GH FRQRFHU ODV PDQLREUDV

TXHHVWiQHPSOHDQGRORVGHPDQGDGRV SDUD QR GHMDUVH QRWL¿FDU \D TXH HVWD HVWUDWHJLD XWLOL]DGD HQ PXFKRV FDVRV SDUDHYDGLUHOSURFHVRGHODUHFHSFLyQ GHOGRFXPHQWR\GHHVDIRUPDGHPDQGDU SRVWHULRUPHQWHXQDQXOLGDGGHOFDVR /DV HVWUDWHJLDV XWLOL]DGDV SDUD QR WLILFDU D ODV SHUVRQDV TXH SUHWHQGHQ HYDGLUODUHFHSFLyQGHORVGRFXPHQWRV YDQ GHVGH YLVLWDU D ODV SHUVRQDV HQ GLIHUHQWHVKRUDULRV\GLVWLQWRVGtDVGH OD VHPDQD ³QRVRWURV WUDEDMDPRV GH OXQHVDGRPLQJRQRWHQHPRVKRUDULR GHHQWUHJDVLWHQHPRVTXHHQWUHJDUXQD QRWLILFDPRVDODVFXDWURGHODPDxDQD OR KDFHPRV WUDEDMRV DEVROXWDPHQWH WRGRV ORV GtDV GHO DxR HQ FXDOTXLHU KRUDULR´ (QHOFDVRHVSHFt¿FRGHODFRPSDxtD ,QYHVWLJDFLRQHV \ &REUDQ]DV (O /LEHU WDGRUFDGDHPSOHDGRUHDOL]DHQWUH\ HQYtRGLDULRVORFXDOOHVSHUPLWHXQ WLHPSRPX\FRQVLGHUDEOHSDUDUHDOLFHQ ODVQRWL¿FDFLRQHVGHODPHMRUIRUPD³/D ¿ORVRItDTXHOHYHQGHPRVDQXHVWURVQR WL¿FDGRUHV\DORVGHPDQGDGRVDFOLHQWHV HVTXHVLXVWHGORJUDQRWL¿FDUDODSHUVRQD VXSURFHVROHYDDPDUFKDU´FRQFOX\HHO GRFWRU$QGUpV/LpYDQR


Asuntos Legales