68%',5(&&,1 *(1(5$/ ,163(&&,1 75$163257(6 0,1,67(5,2 '( )20(172  ,16(5&,1 '( ',6&26 ',$*5$0$ 8 +2-$ '( 5(*,6752 <

$127$&,21(6

&5,7(5,26 '( $&78$&,1 (1 7,(0326 '( &21'8&&,1 < '(6&$162

0$18$/(6

 (O DUWtFXOR  GHO 5HJODPHQWR &(( Q  GLFH HQWUH RWUDV FRVDV TXH ORV

FRQGXFWRUHV XWLOL]DUiQ KRMDV GH UHJLVWUR R WDUMHWDV GH FRQGXFWRU WRGRV ORV GtDV TXH FRQGX]FDQ D SDUWLU GHO PRPHQWR HQ TXH WRPHQ D VX FDUJR HO YHKtFXOR \ DGHPiV TXH FXDQGR FRPR FRQVHFXHQFLD GH VX DOHMDPLHQWR GHO YHKtFXOR ORV

FRQGXFWRUHV QR SXHGDQ XWLOL]DU HO DSDUDWR LQVWDODGR HQ HO PLVPR ORV EORTXHV GH WLHPSRV GH GLVSRQLELOLGDG GHVFDQVR \ RWURV WUDEDMRV GHEHUiQ FRQVLJQDUORV SRVWHULRUPHQWH 6L HO YHKtFXOR HVWD SURYLVWR GH XQ WDFyJUDIR DQDOyJLFR VH 6L HO YHKtFXOR HVWD SURYLVWR GH XQ WDFyJUDIR GLJLWDO VH

DQRWDUiQ HQ OD KRMD GH UHJLVWUR D PDQR DXWRPiWLFDPHQWH R SRU RWUR PHGLR OHJLEOH \ LQWURGXFLUiQ HQ OD WDUMHWD GH FRQGXFWRU XVDQGR OD IXQFLyQ GH HQWUDGD PDQXDO VLQ HQVXFLDU OD KRMD

(VWDV DQRWDFLRQHV VHUiQ REOLJDWRULDV VL HO DOHMDPLHQWR GHO YHKtFXOR VH SURGXFH GXUDQWH HO SHUtRGR GH WUDEDMR GLDULR GHO FRQGXFWRU (VWR HV GXUDQWH HO SHUtRGR FRQGXFWRU HQ HO YHKtFXOR FRQ HO VHOHFWRU GH DFWLYLGDG PDUFDQGR OD WDUHD TXH HVWpQ GH WUDEDMR GLDULR ORV FRQGXFWRUHV GHEHQ GHMDU VX GLVFR GLDJUDPD R VX WDUMHWD GH UHDOL]DQGR 6LQ HPEDUJR H[LVWHQ RFDVLRQHV GXUDQWH OD MRUQDGD GH WUDEDMR HQ ODV TXH YHKtFXOR WLHQH TXH XVDUOR RWUR FRQGXFWRU

ORV FRQGXFWRUHV WHQGUiQ TXH UHWLUDU HO GLVFR GLDJUDPD R VX WDUMHWD SRU HMHPSOR VL HO DQRWDFLRQHV R ODV HQWUDGDV PDQXDOHV SDUD UHJLVWUDU WRGDV VXV DFWLYLGDGHV GXUDQWH VX

3RU OR WDQWR VHUiQ QHFHVDULDV ODV

MRUQDGD GH WUDEDMR TXH QR SXHGHQ DQRWDUVH GLUHFWDPHQWH HQ OD KRMD GH UHJLVWUR R HQ OD WDUMHWD GHO FRQGXFWRU GDGR TXH pVWDV QR VH HQFRQWUDEDQ HQ HO WDFyJUDIR FXDQGR VH UHDOL]DURQ GLFKDV DFWLYLGDGHV PDQXDOPHQWH WRGDV ODV DFWLYLGDGHV GH RWURV WUDEDMRV GLVSRQLELOLGDG \ SDXVDV R (VWR VLJQLILFDUi TXH WLHQHQ TXH UHJLVWUDUVH

SHTXHxRV GHVFDQVRV TXH IRUPHQ SDUWH GH XQR IUDFFLRQDGR TXH VH KD\DQ SURGXFLGR FRQ HO GLVFR R OD WDUMHWD GHO FRQGXFWRU IXHUD GHO DSDUDWR GH FRQWURO GHQWUR GH VX MRUQDGD GH WUDEDMR SHUR QR VHUi QHFHVDULR TXH UHJLVWUHQ ORV GHVFDQVRV TXH VHPDQDOHV

GHOLPLWDQ GLFKRV SHUtRGRV GH WUDEDMR GLDULRV \D VHDQ GHVFDQVRV GLDULRV R

(Q FRQVHFXHQFLD QR VH SXHGH H[LJLU D ORV FRQGXFWRUHV TXH GHPXHVWUHQ HQ GLDJUDPD R DQRWDFLRQHV HQ OD WDUMHWD GH FRQGXFWRU GHO WDFyJUDIR GLJLWDO 

FDUUHWHUD TXH KDQ UHDOL]DGR HO GHVFDQVR GLDULR R VHPDQDO D WUDYpV GH GLVFRV

DSOLFDFLyQ GHO 5HJODPHQWR &( Q  6H GLVWLQJXHQ WUHV VXSXHVWRV

-XVWLILFDFLyQ FXDQGR VH KD FRQGXFLGR XQ YHKtFXOR H[FOXLGR GHO iPELWR GH

 (O FRQGXFWRU XWLOL]D KDELWXDOPHQWH XQ YHKtFXOR H[FOXLGR GHO iPELWR GH WLHQH REOLJDFLyQ GH MXVWLILFDU VXV DFWLYLGDGHV 

DSOLFDFLyQ GHO 5HJODPHQWR &( Q  (Q HVWH FDVR HO FRQGXFWRU QR (O FRQGXFWRU HQ XQD PLVPD MRUQDGD HIHFW~D FRQGXFFLRQHV HQ XQ

YHKtFXOR QR VXMHWR DO 5HJODPHQWR &( Q  \ HQ XQ YHKtFXOR TXH Vt HVWi LQFOXLGR HQ VX iPELWR GH DSOLFDFLyQ (Q HVWH VXSXHVWR HO FRQGXFWRU GHEHUi UHJLVWUDU FRPR RWUR WUDEDMR HO YHKtFXOR XWLOL]DGR SDUD RSHUDFLRQHV FRPHUFLDOHV TXH QR HQWUHQ GHQWUR GHO GHVFDQVR GLDULR R VHPDQDO 3RU HMHPSOR XQ FRQGXFWRU TXH DO SULQFLSLR GH VX SHUtRGR HQ TXH FRQGX]FD XQ

iPELWR GH DSOLFDFLyQ GHO UHIHULGR 5HJODPHQWR GHVGH VX ~OWLPR SHUtRGR GH MRUQDGD UHDOL]D XQ WUDQVSRUWH HVFRODU R GH SURGXFWRUHV GH PHQRV GH  NLOyPHWURV \ D FRQWLQXDFLyQ XQD H[FXUVLyQ FXDQGR LQLFLH OD H[FXUVLyQ GHEHUi DQRWDU HQ HO GLVFR GLDJUDPD R HQ OD WLHPSR HQ TXH KD HVWDGR FRQGXFLHQGR HO YHKtFXOR GHGLFDGR D WUDQVSRUWH HVFRODU R GH SURGXFWRUHV HQ HVWH FDVR HO FRQGXFWRU

WDUMHWD GH FRQGXFWRU GH WDFyJUDIR FRPR RWURV WUDEDMRV HO SHUtRGR GH

 (O FRQGXFWRU FRQGXFH GXUDQWH YDULDV MRUQDGDV XQ YHKtFXOR QR VXMHWR DO 5HJODPHQWR &( Q  \ HQ MRUQDGD SRVWHULRU XWLOL]D XQ YHKtFXOR TXH Vt HVWi LQFOXLGR HQ VX iPELWR GH DSOLFDFLyQ (Q HVWH VXSXHVWR HO FRQGXFWRU GHEHUi MXVWLILFDU ODV MRUQDGDV HQ ODV TXH KD HIHFWXDGR FRQGXFFLRQHV HQ XQ UHOOHQDQGR HO FHUWLILFDGR GH DFWLYLGDGHV QRUPDOL]DGR TXH SDUD HVWH YHKtFXOR H[FOXLGR GHO iPELWR GH DSOLFDFLyQ GHO 5HJODPHQWR &( Q  VXSXHVWR VH UHFRJH HQ OD 'HFLVLyQ GH OD &RPLVLyQ GH  GH DEULO GH  DGRSWDGD HQ EDVH DO DSDUWDGR  GHO DUWtFXOR  GH OD 'LUHFWLYD &( PDUWHV PLpUFROHV \ MXHYHV HIHFW~D VHUYLFLRV UHJXODUHV GH PHQRV GH  NLOyPHWURV \ HO YLHUQHV KDFH XQ VHUYLFLR GLVFUHFLRQDO HQ HVWH VXSXHVWR HO GHO 3DUODPHQWR (XURSHR \ GHO &RQVHMR 3RU HMHPSOR XQ FRQGXFWRU TXH OXQHV

GHEHUi OOHYDU XQ FHUWLILFDGR GH DFWLYLGDGHV GH FRQGXFWRU HQ HO TXH

YLHUQHV FXDQGR HVWp UHDOL]DQGR HO VHUYLFLR GLVFUHFLRQDO HO FRQGXFWRU

MXVWLILTXH GHELGDPHQWH TXH GXUDQWH HO OXQHV PDUWHV PLpUFROHV \ MXHYHV KD HVWDGR HIHFWXDQGR FRQGXFFLRQHV HQ XQ YHKtFXOR H[FOXLGR GHO iPELWR GH DSOLFDFLyQ GHO 5HJODPHQWR &( Q 

(VWDV MXVWLILFDFLRQHV HVWiQ UHIHULGDV VLHPSUH D OD VHPDQD HQ FXUVR \ D ORV  GtDV DQWHULRUHV HQ TXH VH HIHFW~H HO FRQWURO HQ FDUUHWHUD  D SDUWLU GHO  GH DQWHULRUHV  HQHUR GH  HVWRV SHUtRGRV DEDUFDUiQ HO GtD HQ FXUVR \ ORV  GtDV

VHPDQD HQ FXUVR \ D ORV  GtDV DQWHULRUHV HQ TXH VH HIHFW~H HO FRQWURO HQ FDUUHWHUD FHUWLILFDGR GH DFWLYLGDGHV QRUPDOL]DGR TXH SDUD HVWH VXSXHVWR VH UHFRJH HQ OD 'HFLVLyQ GH OD &RPLVLyQ GH  GH DEULO GH  DGRSWDGD HQ EDVH DO DSDUWDGR  GHO DUWtFXOR  GH OD 'LUHFWLYD &( GHO 3DUODPHQWR (XURSHR \ GHO &RQVHMR  D SDUWLU GHO  GH HQHUR GH  HVWRV SHUtRGRV DEDUFDUiQ HO GtD HQ FXUVR \ ORV  GtDV DQWHULRUHV HO FRQGXFWRU GHEHUi SUHVHQWDU GHELGDPHQWH FXPSOLPHQWDGR HO

VLWXDFLyQ GH EDMD SRU HQIHUPHGDG R GH YDFDFLRQHV GXUDQWH HO SHUtRGR UHIHULGR D OD

-XVWLILFDFLyQ GH EDMDV SRU HQIHUPHGDG R YDFDFLRQHV

3DUD MXVWLILFDU XQD

(1 &$55(7(5$

 '2&80(17$&,1 48( '(%( $3257$56( 325 (/ &21'8&725 (1 81 &21752/

&XDQGR HQ FDUUHWHUD VH HIHFW~H XQ FRQWURO HQ XQ YHKtFXOR GRWDGR FRQ DSDUDWR GH FRQWURO HO DJHQWH DFWXDQWH SRGUi VROLFLWDU DO FRQGXFWRU

D 6L HO FRQWURO VH HIHFW~D HQ XQ YHKtFXOR TXH OOHYD LQVWDODGR XQ WDFyJUDIR DQDOyJLFR HO FRQGXFWRU SUHVHQWDUi FXDQGR VH OR VROLFLWHQ ORV DJHQWHV \ VLHPSUH UHIHULGR D OD VHPDQD HQ FXUVR \ D ORV  GtDV DQWHULRUHV  ORV GLVFRV GLDJUDPD XWLOL]DGRV SRU HO FRQGXFWRU HQ HVH SHUtRGR OD WDUMHWD GH FRQGXFWRU VL SRVHH XQD VROR VL OD GXUDQWH HO SHUtRGR UHIHULGR \

KXELHUD XWLOL]DGR

ORV UHJLVWURV PDQXDOHV H LPSUHVLRQHV HQ HO VXSXHVWR HQ HO TXH VH KXELHVH YLVWR REOLJDGR D HIHFWXDUORV HQ GLFKR SHUtRGR GH WLHPSR

6L HO FRQGXFWRU SUHVHQWDUD OD WDUMHWD GH FRQGXFWRU SDUD MXVWLILFDU GHWHUPLQDGDV

MRUQDGDV GH WUDEDMR HQ ODV FXDOHV PDQLILHVWD KDEHU HVWDGR XWLOL]DQGR XQ YHKtFXOR

LPSUHVLRQHV REWHQLGDV GHO SURSLR DSDUDWR VDOYR TXH VH KXELHUD YLVWR REOLJDGR D UHDOL]DUODV SRU DOJ~Q PRWLYR GH ORV LQGLFDGRV HQ HO 5HJODPHQWR &(( Q 

GRWDGR GH WDFyJUDIR GLJLWDO HQ QLQJ~Q FDVR HVWDUi REOLJDGR D SUHVHQWDU WDPELpQ

E 6L HO FRQWURO VH HIHFW~D HQ XQ YHKtFXOR TXH OOHYD LQVWDODGR XQ WDFyJUDIR GLJLWDO HO FRQGXFWRU SUHVHQWDUi FXDQGR VH OR VROLFLWHQ ORV DJHQWHV \ VLHPSUH UHIHULGR D OD VHPDQD HQ FXUVR \ D ORV  GtDV DQWHULRUHV  OD WDUMHWD GH FRQGXFWRU

ORV GLVFRV GLDJUDPD VRODPHQWH HQ HO VXSXHVWR HQ HO TXH KXELHVH FRQGXFLGR XQ YHKtFXOR FRQ WDFyJUDIR DQDOyJLFR HQ HVH SHUtRGR \ HIHFWXDUORV HQ GLFKR ODSVR GH WLHPSR

ORV UHJLVWURV PDQXDOHV H LPSUHVLRQHV VL VH KXELHVH YLVWR REOLJDGR D

(Q HO VXSXHVWR GH TXH ORV YHKtFXORV HVWXYLHUDQ PDWULFXODGRV HQ SDtVHV ILUPDQWHV GHO

$(75 DVt FRPR HQ 6XL]D OHV VHUiQ H[LJLEOHV ~QLFDPHQWH ORV GDWRV UHIHULGRV D OD VHPDQD HQ FXUVR \ DO ~OWLPR GtD GH OD VHPDQD DQWHULRU HQ OD TXH FRQGXMR  D SDUWLU DQWHULRUHV GHO  GH HQHUR GH  HVWRV SHUtRGRV DEDUFDUiQ HO GtD HQ FXUVR \ ORV  GtDV

 7,(0326 '( &21'8&&,1 < '(6&$162  &RQGXFFLyQ GLDULD (O WLHPSR DFXPXODGR WRWDO GH FRQGXFFLyQ HQWUH HO ILQDO GH XQ SHUtRGR GH GHVFDQVR GHVFDQVR GLDULR \ XQ SHUtRGR GH GHVFDQVR VHPDQDO

GLDULR \ HO SULQFLSLR GHO VLJXLHQWH SHUtRGR GH GHVFDQVR GLDULR R HQWUH XQ SHUtRGR GH

8Q SHULRGR GH FRQGXFFLyQ GLDULR FRPLHQ]D FRQ HO LQLFLR GH OD FRQGXFFLyQ LQPHGLDWDPHQWH SRVWHULRU D XQ GHVFDQVR GLDULR R VHPDQDO \ WHUPLQD FXDQGR VH SURGX]FD DOJXQD GH ODV VLJXLHQWHV FLUFXQVWDQFLDV -

&XDQGR VH SURGX]FD XQ GHVFDQVR FRQWLQXDGR GH DO PHQRV  KRUDV VLQ TXH KD\DQ WUDQVFXUULGR  KRUDV GHVGH HO FRPLHQ]R GHO SHULRGR

                        ' ' ' ' ' ' ' ' ' & ' ' & & & ' & & & & & ' '  ' ' ' ' ' ' & & & & & ' & & & ' ' ' ' ' ' & &

6L WUDQVFXUULGDV  KRUDV QR HQFRQWUDPRV XQ GHVFDQVR PtQLPR GH  KRUDV WHUPLQDUi HO SHUtRGR HQ OD SULPHUD SDXVD GH DO PHQRV  KRUD GHVSXpV GH VREUHSDVDGDV ODV  KRUDV

                        ' ' ' ' ' ' ' ' ' & ' ' ' & & ' & & & & & ' '  ' & & & ' ' ' & & & & ' & ' & ' ' ' ' ' ' & & 3DUD FDOFXODU ODV LQIUDFFLRQHV VHUi GH DSOLFDFLyQ HQ FDGD FDVR HO EDUHPR FRUUHVSRQGLHQWH FDOFXODQGR ORV H[FHVRV GH FRQGXFFLyQ VREUH  R VREUH  KRUDV GLDULDV SXGLHQGR DOFDQ]DU  KRUDV GRV YHFHV SRU VHPDQD GHSHQGLHQGR GH OD FRQGXFFLyQ TXH OH FRUUHVSRQGD R KD\D HOHJLGR HIHFWXDU  KRUDV

(Q WRGR FDVR VLHPSUH VH EXVFDUi OD RSFLyQ PiV IDYRUDEOH SDUD HO FRQGXFWRU TXH FRQVLVWLUi HQ HIHFWXDU HO FiOFXOR VREUH  KRUDV UHVSHFWR GHO SHUtRGR GH FRQGXFFLyQ PiV DPSOLR

 &RQGXFFLyQ VHPDQDO (O WLHPSR DFXPXODGR WRWDO GH FRQGXFFLyQ GXUDQWH XQD VHPDQD 6H FRQWDELOL]DUi GHVGH ODV  KRUDV GH XQ OXQHV KDVWD ODV  KRUDV GHO GRPLQJR \

VH FRPSXWDUiQ ORV H[FHVRV VREUH  KRUDV GH FRQGXFFLyQ Pi[LPDV &   / &   0 &  &  '   9 &  &  &  &   0 &  &  &   9 &   6 '  & &  

'

'

/ 0

'   ;

'   -

& 

&   6

&   '

 &RQGXFFLyQ ELVHPDQDO 6H FRQWDELOL]DUiQ GHVGH ODV  KRUDV GH XQ OXQHV KDVWD ODV  KRUDV GHO GRPLQJR

WUDQVFXUULGDV GRV VHPDQDV 6H FRPSXWDUiQ ORV H[FHVRV VREUH  KRUDV GH FRQGXFFLyQ Pi[LPDV

6H GHEHQ DQDOL]DU WRGRV ORV SHULRGRV SRVLEOHV HQWUH FDGD GRV VHPDQDV FRQVHFXWLYDV (VWR HV SULPHUD FRQ VHJXQGD VHJXQGD FRQ WHUFHUD HWF

& & & & & &       / 0 ; - 9 6

' & & & & & &        ' / 0 ; - 9 6

' & & & & & ' '         ' / 0 ; 9 6 '

(Q HO VXSXHVWR GH TXH OD FRQGXFFLyQ GH XQD VHPDQD LQFLGD HQ OD IRUPDFLyQ GH GRV LQIUDFFLRQHV VH GHQXQFLDUi ~QLFDPHQWH OD PiV JUDYH   KRUDV    KRUDV   KRUDV    KRUDV  KRUDV  KRUDV

 ,QWHUUXSFLyQ D OD FRQGXFFLyQ 7UDV XQ SHUtRGR GH FRQGXFFLyQ GH FXDWUR KRUDV \ PHGLD HO FRQGXFWRU KDUi XQD SDXVD LQLQWHUUXPSLGD GH DO PHQRV  PLQXWRV D PHQRV TXH WRPH XQ SHUtRGR GH GHVFDQVR

'HVFDQVR  KRUDV

 KRUDV 3HUtRGR FRPSXWDGR

&RQGXFFLyQ

3DXV D 

&RQGXFFL yQ  KRUDV

3RGUi VXVWLWXLUVH GLFKD SDXVD SRU XQD GH DO PHQRV  PLQXWRV VHJXLGD GH RWUD GH DO PHQRV  PLQXWRV LQWHUFDODGDV HQ HO SHUtRGR GH FRQGXFFLyQ 'HVFDQVR  KRUDV &RQGXFFLyQ  KRUDV 3DXVD &RQGXFFLyQ   KRUDV 3HUtRGR FRPSXWDGR 3DXVD 

&RQGXFFLyQ  KRUDV

(O SHULRGR GH FRQGXFFLyQ LQLQWHUUXPSLGD WHUPLQD FXDQGR VH SURGXFH XQD LQWHUUXSFLyQ FRQWLQXD GH  PLQXWRV R XQD IUDFFLRQDGD WRPDQGR XQD SDXVD GH DO PHQRV  PLQXWRV VHJXLGD GH RWUD GH DO PHQRV  PLQXWRV LQGHSHQGLHQWHPHQWH GH OD FRQGXFFLyQ HIHFWXDGD /D LQWHUUXSFLyQ IUDFFLRQDGD VH WRPDUi VLHPSUH HQ HVWH RUGHQ   1R VH FRPSXWDUiQ ODV IUDFFLRQHV LQIHULRUHV D  PLQXWRV

~QLFDPHQWH KD\ TXH FRQWDELOL]DU HO WLHPSR GH FRQGXFFLyQ  'HVFDQVR GLDULR &DGD  KRUDV GHEH WRPDUVH XQ GHVFDQVR GLDULR

3DUD GHWHUPLQDU OD LQIUDFFLyQ GHQWUR GHO SHULRGR GH FRQGXFFLyQ LQLQWHUUXPSLGD

FRPLHQ]D FRQ FXDOTXLHU DFWLYLGDG GLVWLQWD GH GHVFDQVR LQPHGLDWDPHQWH SRVWHULRU D VLJXLHQWHV FLUFXQVWDQFLDV

(O FyPSXWR GH ODV  KRUDV

XQ GHVFDQVR GLDULR R VHPDQDO \ WHUPLQD FXDQGR VH SURGX]FD DOJXQD GH ODV

$O HQFRQWUDU XQ GHVFDQVR QRUPDO o

 GHVGH HO LQLFLR GHO SHULRGR

&RQWLQXDGR 'H DO PHQRV  KRUDV DQWHV GH TXH KD\DQ WUDQVFXUULGR (O VLJXLHQWH SHULRGR GH  KRUDV

HPSH]DUi DO ILQDOL]DU HVH GHVFDQVR

& ' & & & & ' ' ' ' ' ' ' '  ' ' ' ' ' & & & ' &  ' ' ' & & ' ' ' & & & & ' ' ' ' ' & & & & ' ' '                         o GH HOORV XQ GHVFDQVR FRQWLQXDGR GH  KRUDV FRPR PtQLPR \ HO )UDFFLRQDGR (VWR HV GHEHUiQ HQFRQWUDUVH GRV SHUtRGRV HO SULPHUR

VHJXQGR RWUR GHVFDQVR GH DO PHQRV  KRUDV LQLQWHUUXPSLGDV DQWHV GH TXH KD\DQ WUDVFXUULGR ODV  KRUDV (O RUGHQ VLHPSUH KD GH VHU  GHVFDQVR GH  KRUDV (O VLJXLHQWH SHULRGR GH  KRUDV HPSH]DUi DO ILQDOL]DU HVH

 ' ' ' ' ' & & & ' ' ' & & & & & & & ' ' ' ' ' '  ' ' ' & & ' ' ' & & & & ' ' ' ' ' & & & & ' ' '                         $O HQFRQWUDU XQ GHVFDQVR UHGXFLGR o 6L QR VH KD HQFRQWUDGR XQ GHVFDQVR QRUPDO GH  KRUDV R XQR IUDFFLRQDGR FXDQGR VH SURGX]FD XQ GHVFDQVR FRQWLQXDGR GH DO PHQRV  KRUDV DQWHV GH TXH WUDQVFXUUDQ  GHVGH HO FRPLHQ]R GHO SHULRGR

 ' ' ' ' ' & & & ' & & & & ' & & & ' ' ' ' ' ' '  ' ' & & & ' ' ' & & & & ' ' ' ' ' & & & & ' ' '                        

6L QR VH SURGXFH QLQJXQD GH ODV VLWXDFLRQHV DQWHULRUHV HO SHULRGR ILQDOL]D WUDQVFXUULGDV  KRUDV

D 6L HVWi UHDOL]DQGR FXDOTXLHU DFWLYLGDG TXH QR VHD GHVFDQVR FRPLHQ]D HQ HVH PLVPR LQVWDQWH

FXDQGR VH FXPSODQ ODV  KRUDV HO VLJXLHQWH SHULRGR GH  KRUDV

 ' ' ' ' ' & & & ' & ' & & & & & & ' ' ' & ' ' '  ' ' & & & & & ' & & & & ' ' ' ' ' & & & & ' ' '                         E 6L HVWi GHVFDQVDQGR FXDQGR VH FXPSOHQ ODV  KRUDV HO VLJXLHQWH SHULRGR FRPHQ]DUi DO ILQDOL]DU HVH GHVFDQVR SLHUGH SRU WDQWR HO GHVFDQVR UHDOL]DGR D SDUWLU GH ODV  KRUDV

' & & ' & ' & ' ' ' & ' ' '  ' ' ' ' ' & & ' ' &  & ' & ' ' ' ' ' ' ' ' & & ' ' ' ' & & & & ' ' '                         /DV IDOWDV GH GHVFDQVR VH VDQFLRQDUiQ FXDQGR VH SURGX]FDQ DOJXQD GH ODV VLJXLHQWHV FLUFXQVWDQFLDV

GHVFDQVRV UHGXFLGRV PiV GH  \ PHQRV GH  KRUDV

&XDQGR HQWUH GRV SHUtRGRV GH GHVFDQVR VHPDQDOHV UHDOLFH PiV GH WUHV

(Q WRGR FDVR VLHPSUH TXH VH GHVFDQVH PHQRV GH  KRUDV LQLQWHUUXPSLGDV

/DV PLQRUDFLRQHV GHO GHVFDQVR VH FDOFXODUiQ HQ IXQFLyQ GH DTXHO TXH HQ FDGD PRPHQWR OH FRUUHVSRQGD R GHVFDQVR UHGXFLGR  KRUDV

KD\D HOHJLGR HIHFWXDU GHVFDQVR RUGLQDULR  KRUDV

(Q WRGR FDVR VLHPSUH VH EXVFDUi OD RSFLyQ PiV IDYRUDEOH SDUD HO FRQGXFWRU TXH FRQVLVWLUi HQ HIHFWXDU HO FiOFXOR VREUH  KRUDV UHVSHFWR DO SHUtRGR GH GHVFDQVR PiV UHGXFLGR

6L VH WUDWDUD GH XQD FRQGXFFLyQ HQ HTXLSR VLWXDFLyQ HQ OD TXH GXUDQWH FXDOTXLHU SHUtRGR GH FRQGXFFLyQ HQWUH FXDOHVTXLHUD GRV SHUtRGRV FRQVHFXWLYRV GH GHVFDQVR

GLDULR R HQWUH XQ SHUtRGR GH GHVFDQVR GLDULR \ XQ SHUtRGR GH GHVFDQVR VHPDQDO KD\D DO PHQRV GRV FRQGXFWRUHV HQ HO YHKtFXOR TXH SDUWLFLSHQ HQ OD FRQGXFFLyQ 'XUDQWH OD SULPHUD KRUD GH FRQGXFFLyQ HQ HTXLSR OD SUHVHQFLD GH RWUR FRQGXFWRU R

FRQGXFWRUHV HV RSWDWLYD SHUR GXUDQWH HO SHUtRGR UHVWDQWH HV REOLJDWRULD KDEUi TXH HQFRQWUDU SHUtRGRV GH GHVFDQVR FRQWLQXDGR GH  KRUDV HQ FDGD SHUtRGR GH  KRUDV   +   ' '  & 6 FRQGXFWRUHV ' '  & 6 ' '  & 6 (Q HVWH VXSXHVWR VHUi GH DSOLFDFLyQ HO EDUHPR FRUUHVSRQGLHQWH D GRV ' '  6 & ' '  6 & ' '  6 & ' '  ' ' ' '  ' ' ' '  ' ' & 6  ' ' 6 &  ' ' ' '  ' ' ' '  ' ' & 6  ' ' & 6  ' ' & 6  6 & 6 &  6 & 6 &  6 & 6 &  ' ' ' '  & 6

& 6  & 6

& 6  & 6

' '  & 6

6 &  ' '

 'HVFDQVR VHPDQDO 'HVSXpV GH XQ Pi[LPR GH  MRUQDGDV GH  KRUDV GHEHUi FRPHQ]DUVH XQ GHVFDQVR VHPDQDO (O FyPSXWR GH HVWDV VHLV MRUQDGDV FRPLHQ]D FRQ FXDOTXLHU DFWLYLGDG TXH FXDQGR VH SURGX]FD DOJXQD GH ODV VLJXLHQWHV FLUFXQVWDQFLDV QR VHD GHVFDQVR LQPHGLDWDPHQWH SRVWHULRU D XQ GHVFDQVR VHPDQDO
\

WHUPLQDUi

D 4XH HQFXHQWUH HO FRPLHQ]R GH XQ GHVFDQVR GH  KRUDV (Q HVWH FDVR HO SHULRGR WHUPLQDUi FXDQGR ILQDOLFH HO GHVFDQVR \ HO VLJXLHQWH SHULRGR FRPHQ]DUi HQ HVH PLVPR LQVWDQWH '     /   0   ;     9   6 '   ' '   /



  ;

  -

  9

  6

  '

'   /

  0

E 4XH QR HQFXHQWUH HO FRPLHQ]R GH XQ GHVFDQVR GH DO PHQRV  KRUDV (Q PiV GH  KRUDV 3XHGHQ RFXUULU GRV FDVRV

HVWH FDVR QRV WHQHPRV TXH UHWURWUDHU SDUD EXVFDU VL KD\ DOJ~Q GHVFDQVR GH

E 4XH OR HQFXHQWUH (Q HVWH FDVR HO SHULRGR WHUPLQDUi DO ILQDO GH LQVWDQWH

HVWH GHVFDQVR \ HO VLJXLHQWH SHULRGR FRPHQ]DUi HQ HVH PLVPR

' ' ' '                 / 0 ; 9 6 ' / 0 ; 9 6 ' /

E 4XH QR OR HQFXHQWUH

WUDQVFXUULGDV ODV  KRUDV  MRUQDGDV GHVGH HO FRPLHQ]R GHO SHULRGR \ HO VLJXLHQWH SHULRGR FRPHQ]DUi HQ HVH PLVPR LQVWDQWH

(Q HVWH FDVR HO SHULRGR WHUPLQDUi

(Q HO WUDQVFXUVR GH GRV VHPDQDV FRQVHFXWLYDV HO FRQGXFWRU WHQGUi TXH WRPDU DO PHQRV -

' ' ' '                / 0 ; 9 6 ' / 0 ; 9 6 '

GRV SHUtRGRV GH GHVFDQVR VHPDQDO QRUPDO  KRUDV PtQLPR R UHGXFLGR GH DO PHQRV  KRUDV

XQ SHUtRGR GH GHVFDQVR VHPDQDO QRUPDO \ XQ SHUtRGR GH GHVFDQVR VHPDQDO

3DUD HVWDEOHFHU ORV SHUtRGRV GH  GtDV GRV VHPDQDV FRQVHFXWLYDV XWLOL]DUHPRV HO

GHVFDQVR OR WHUPLQD DO ILQDOL]DU RWUR OXQHVPDUWHV HO VLJXLHQWH SHUtRGR FRPHQ]DUi HO PDUWHVPLpUFROHV

FRQFHSWR GH VHPDQD IOH[LEOH (VWR HV VL FRPHQ]DPRV XQ OXQHV SHUR HO VHJXQGR

/DV LQIUDFFLRQHV GH PLQRUDFLyQ GHO GHVFDQVR VHPDQDO VH SURGXFLUiQ FXDQGR FRQFXUUD WUDV XQ SHUtRGR GH  MRUQDGDV GH  KRUDV FXDOTXLHUD GH ODV VLJXLHQWHV FLUFXQVWDQFLDV D

(Q WRGR FDVR VLHPSUH TXH GHVFDQVH PHQRV GH  KRUDV

GHSHQGLHQGR GH TXH VH FXPSODQ FXDOTXLHUD GH ODV VLJXLHQWHV FLUFXQVWDQFLDV L 4XH HQ HO WUDQVFXUVR GH GRV

&XDQGR GHVFDQVH HQWUH  \  KRUDV GHVFDQVR UHGXFLGR VHPDQDV KXELHVH

FRQVHFXWLYDV FRQWDQGR GHVGH HVH GHVFDQVR H[LVWD GHVFDQVDGR PHQRV GH  KRUDV HV GHFLU TXH VH SURGX]FDQ GRV GHVFDQVRV VHPDQDOHV UHGXFLGRV FRQVHFXWLYRV XQ SHULRGR DQWHULRU HQ TXH

LL 4XH GHVFDQVDQGR  KRUDV \ QR HQFRQWUiQGRQRV

HQ HO FDVR DQWHULRU OD PLQRUDFLyQ GHO GHVFDQVR QR SXHGD FRPSHQVDUVH HQ DOJXQD GH ODV WUHV VHPDQDV VLJXLHQWHV

 3UHODFLyQ GH ODV LQIUDFFLRQHV 6L HQ XQ PLVPR SHUtRGR VH HQFXHQWUDQ H[FHVRV GH FRQGXFFLyQ GLDULRV VHPDQDOHV \ ELVHPDQDOHV VH VDQFLRQDUi HO PiV *5$9( \ HQ HO FDVR HQ TXH DPERV VHDQ GH OD PLVPD QDWXUDOH]D VH VDQFLRQDUiQ ORV GLDULRV

6L HQ XQ PLVPR SHUtRGR FRH[LVWLHUDQ XQD PLQRUDFLyQ GH GHVFDQVR GLDULR \ XQ WHQHU DPEDV OD PLVPD JUDYHGDG VH VDQFLRQDUi HO H[FHVR GH FRQGXFFLyQ

H[FHVR GH FRQGXFFLyQ GLDULR VH VDQFLRQDUi HO PiV *5$9( \ HQ FDVR GH 6L HQ XQ PLVPR SHUtRGR FRH[LVWLHUDQ XQD PLQRUDFLyQ GH GHVFDQVR VHPDQDO \ XQ H[FHVR GH FRQGXFFLyQ VHPDQDO VH VDQFLRQDUi HO PiV *5$9( \ HQ FDVR

GH WHQHU DPEDV OD PLVPD JUDYHGDG VH VDQFLRQDUi HO H[FHVR GH FRQGXFFLyQ

6L HQ XQ PLVPR SHUtRGR FRH[LVWLHUDQ XQD FRQGXFFLyQ LQLQWHUUXPSLGD \ XQ H[FHVR GH FRQGXFFLyQ GLDULR VH VDQFLRQDUi HO H[FHVR GH FRQGXFFLyQ VDOYR H[FHVR GH FRQGXFFLyQ GLDULR TXH IXHUD PX\ JUDYH OD LQLQWHUUXPSLGD \ QR WXYLHUD WDO FRQVLGHUDFLyQ HO 6L HQ XQ PLVPR SHUtRGR FRH[LVWLHUDQ XQD FRQGXFFLyQ LQLQWHUUXPSLGD \ XQD PLQRUDFLyQ GH GHVFDQVR VH VDQFLRQDUiQ ODV GRV LQIUDFFLRQHV

3UHYLDPHQWH D OD XWLOL]DFLyQ GH HVWRV FULWHULRV VH ORFDOL]DUiQ ODV LQIUDFFLRQHV PiV JUDYHV SDUD D FRQWLQXDFLyQ DSOLFDUORV SHUR FRQ FDUiFWHU H[FOX\HQWH  ,QPRYLOL]DFLRQHV &XDQGR VHDQ GHWHFWDGRV HQ FDUUHWHUD H[FHVRV GH FRQGXFFLyQ FRQVLGHUDGRV FRPR VX GHVWLQR VHD VXSHULRU D  NLOyPHWURV R H[FHVRV GH FRQGXFFLyQ R PLQRUDFLRQHV GH

/(9(6 VLHPSUH TXH OD GLVWDQFLD TXH WRGDYtD GHED UHFRUUHU HO YHKtFXOR SDUD DOFDQ]DU GHVFDQVR TXH VHDQ FRQVLGHUDGDV FRPR IDOWDV *5$9(6 R 08< *5$9(6 VH SURFHGHUi

QR VH OOHYDUiQ D HIHFWR FXDQGR VH GHWHFWHQ LQIUDFFLRQHV FRPHWLGDV HQ MRUQDGDV DQWHULRUHV DO PRPHQWR HQ TXH VH HIHFW~D HO FRQWURO

FRQ FDUiFWHU SUHFHSWLYR D OD LQPRYLOL]DFLyQ GHO YHKtFXOR (VWDV LQPRYLOL]DFLRQHV

OD LQPRYLOL]DFLyQ GHO YHKtFXOR HQWUH RWURV HQ ORV VLJXLHQWHV FDVRV -

3RU HMHPSOR VL QRV HQFRQWUDPRV HIHFWXDQGR XQ FRQWURO XQ MXHYHV 6, SURFHGHUHPRV D

&XDQGR GHWHFWDPRV TXH GHVGH HO PDUWHV KDVWD HO PRPHQWR GHO FRQWURO &XDQGR GHWHFWHPRV TXH HQ HO SHUtRGR GH FRQGXFFLyQ GLDULR DFWXDO TXH DIHFWD DO MXHYHV H[LVWH XQ H[FHVR VREUH ORV WLHPSRV Pi[LPRV GH SHUPLWLGRV FRQGXFFLyQ MXHYHV QR VH KD UHDOL]DGR HO GHVFDQVR GLDULR UHJODPHQWDULR

12 SURFHGHUHPRV D OD LQPRYLOL]DFLyQ GHO YHKtFXOR HQWUH RWURV HQ ORV VLJXLHQWHV FDVRV -

&XDQGR GHWHFWHPRV TXH H[LVWH XQD LQIUDFFLyQ SRU IDOWD GH GHVFDQVR HO UHDOL]DGR PDUWHV HO GHVFDQVR UHJODPHQWDULR QLFDPHQWH VH IRUPXODUi

PDUWHV DQWHULRU VL ELHQ DO GtD VLJXLHQWH HO PLpUFROHV HO FRQGXFWRU VL KD FRUUHVSRQGLHQWH EROHWtQ GH GHQXQFLD HQ UHODFLyQ D OD IDOWD GH GHVFDQVR GHO HO

&XDQGR GHWHFWHPRV TXH HO SHUtRGR GH FRQGXFFLyQ GLDULR FRUUHVSRQGLHQWH DO QLFDPHQWH VH IRUPXODUi HO FRUUHVSRQGLHQWH EROHWtQ GH GHQXQFLD HQ UHODFLyQ FRQ HO H[FHVR GH FRQGXFFLyQ GHO GtD FRUUHVSRQGLHQWH

OXQHV R PDUWHV DQWHULRU VH KD SURGXFLGR XQ H[FHVR GH FRQGXFFLyQ

/D LQPRYLOL]DFLyQ VH PDQWHQGUi KDVWD TXH KD\DQ GHVDSDUHFLGR ODV FDXVDV TXH OD PRWLYDURQ HVWR HV SRU IDOWD GH GHVFDQVR R H[FHVR GH FRQGXFFLyQ GLDULD XQ PtQLPR KDVWD FRPSOHWDU ORV  PLQXWRV HQ OD IRUPD UHJODPHQWDULD  /,0,7$'25 '( 9(/2&,'$' $ HIHFWRV GH YHULILFDU HO FRUUHFWR IXQFLRQDPLHQWR GHO VLVWHPD GH OLPLWDFLyQ GH DQDOyJLFR R GLJLWDO VH VHJXLUi HO VLJXLHQWH SURFHGLPLHQWR 7DFyJUDIR DQDOyJLFR GH  KRUDV \ SRU XQD IDOWD HQ OD FRQGXFFLyQ LQLQWHUUXPSLGD HO WLHPSR VXILFLHQWH

YHORFLGDG \ VHJ~Q VH HIHFW~H HO FRQWURO VREUH XQ YHKtFXOR SURYLVWR GH WDFyJUDIR

&XDQGR OD SUXHED GH OD FRQVWDQWH . GH SURJUDPDFLyQ VHD VDWLVIDFWRULD \

6H XWLOL]DUiQ ORV HTXLSRV GH YHULILFDFLyQ +7&

HQ ORV GLVFRV GLDJUDPD VH DSUHFLHQ UDVWURV GH OLPLWDFLyQ DFRUGHV FRQ OD

YHORFLGDG Pi[LPD LQVWDQWiQHD SHUPLWLGD QR VHUi QHFHVDULR XWLOL]DU OD IXQFLyQ ) SXHVWR TXH TXHGD GHPRVWUDGR TXH HO OLPLWDGRU DFW~D YHORFLGDG Pi[LPD LQVWDQWiQHD SHUPLWLGD OR TXH VHUtD SUXHED VXILFLHQWH SDUD SURFHGHU D HIHFWXDU OD SHUWLQHQWH GHQXQFLD VH XWLOL]DUi OD IXQFLyQ GHO GLVFR GLDJUDPD FRUUHFWDPHQWH 6L ORV UDVWURV GH OLPLWDFLyQ HVWXYLHUDQ SRU HQFLPD GH OD

) HQ VX FDVR SDUD FRUURERUDU OR TXH \D HYLGHQFLDQ ORV SURSLRV UHJLVWURV 7DFyJUDIR GLJLWDO 6H UHDOL]DUi HO DQiOLVLV FRQ ODV 3'$V IDFLOLWDGDV SRU

HVWH &HQWUR 'LUHFWLYR \ VL VH FRQVWDWD TXH H[LVWH DO PHQRV XQ LQFLGHQWH

HQ HO TXH OD YHORFLGDG PHGLD HV VXSHULRU R LJXDO D  .PVK SDUD YHKtFXORV 1 \ 1 \ D  .PVK SDUD YHKtFXORV 0 \ 0 GXUDQWH DO PHQRV  PLQXWRV VH SURFHGHUi D VX GHQXQFLD \ VH H[WUDHUi HO SURSLR WDFyJUDIR JHQHUD SDUD VX LQFOXVLyQ HQ HO H[SHGLHQWH GRFXPHQWR LPSUHVR GH LQFLGHQWHV GH H[FHVR GH YHORFLGDG TXH HO VDQFLRQDGRU

 ,1029,/,=$&,1 325 0$1,38/$&,1 '( /26 $3$5$726 '( &21752/ (Q FXDOTXLHU FDVR FXDQGR VHD GHWHFWDGD HQ FDUUHWHUD OD PDQLSXODFLyQ GHO WDFyJUDIR R GHO OLPLWDGRU VH SURFHGHUi FRQ FDUiFWHU SUHFHSWLYR D OD LQPRYLOL]DFLyQ GHO YHKtFXOR

/D LQPRYLOL]DFLyQ VH PDQWHQGUi KDVWD TXH KD\DQ GHVDSDUHFLGR ODV FDXVDV TXH OD PRWLYDURQ HVWR HV KDVWD TXH KD\D VXEVDQDGR GLFKD PDQLSXODFLyQ 3DUD WHQHU FRQVWDQFLD GH HVWD VLWXDFLyQ GHEHUHPRV FRQWDU FRQ XQ LQIRUPH GH XQ WDOOHU RILFLDO HQ UHYLVDGR \ VH HQFXHQWUD HQ SHUIHFWR HVWDGR GH IXQFLRQDPLHQWR  &21752/(6 (1 81 7$&*5$)2 ',*,7$/  4XLHQ GHEH HIHFWXDU ORV FRQWUROHV 'DGD OD HVSHFLILFLGDG \ HO FDUiFWHU LQQRYDGRU GHO VLVWHPD \ D ILQ GH RIUHFHU ODV PD\RUHV JDUDQWtDV GH ILDELOLGDG D ORV DGPLQLVWUDGRV ORV FRQWUROHV VREUH HVWRV HTXLSRV VXILFLHQWH HQ HVWD GLVFLSOLQD VHUiQ HIHFWXDGRV H[FOXVLYDPHQWH SRU DJHQWHV TXH KD\DQ UHFLELGR IRUPDFLyQ HO TXH QRV FHUWLILTXHQ TXH HIHFWLYDPHQWH HO DSDUDWR GH FRQWURO HQ FXHVWLyQ KD VLGR

 7DUMHWD GH FRQWURO 6LHPSUH TXH VH SUDFWLTXH HO FRQWURO GH XQ WDFyJUDIR GLJLWDO GHEHUi LQWURGXFLUVH SUHYLDPHQWH OD WDUMHWD GH FRQWURO GH TXH GLVSRQH FDGD DJHQWH UHFRUGDU TXH HO XVR GH HVWD WDUMHWD SHUPLWH TXH HO WDFyJUDIR OD WDUMHWD GH FRQGXFWRU \ OD SURSLD WDUMHWD GH FRQWURO UHJLVWUHQ \ DOPDFHQHQ OD IHFKD \ KRUD GHO FRQWURO \ OD LGHQWLILFDFLyQ GHO DJHQWH &RQYLHQH

'HO PLVPR PRGR FXDQGR HO FRQWURO GH WLHPSRV GH FRQGXFFLyQ \ GHVFDQVR VH HIHFW~H

HQ XQ YHKtFXOR SURYLVWR GH WDFyJUDIR DQDOyJLFR HO DJHQWH TXH UHDOLFH HO FRQWURO KDUi FRQVWDU GtD \ KRUD GHO FRQWURO VX Q~PHUR GH LGHQWLILFDFLyQ \ ILUPD HQ HO UHYHUVR GHO GLVFR GLDJUDPD TXH VH KDOOH HQ HO WDFyJUDIR

6L HQ HO GHVDUUROOR GH OD LQWHUYHQFLyQ VH FRQVWDWD TXH HQ HO SHUtRGR REMHWR GH OD

LQVSHFFLyQ VHPDQD HQ FXUVR \ ORV  GtDV DQWHULRUHV  VH KD UHDOL]DGR XQ FRQWURO VDOYR FDXVD MXVWLILFDGD OD LQVSHFFLyQ GHEHUi HIHFWXDUVH WRPDQGR HQ FRQVLGHUDFLyQ ODV DFWLYLGDGHV R LQFLGHQWHV SURGXFLGRV D SDUWLU GHO PRPHQWR HQ HO TXH VH SUDFWLFy GLFKR FRQWURO  D SDUWLU GHO  GH HQHUR GH  HVWRV SHUtRGRV DEDUFDUiQ HO GtD HQ FXUVR \ ORV  GtDV DQWHULRUHV

 $86(1&,$ '( 7$5-(7$ '( &21'8&725 (Q ORV FDVRV GH GHWHULRUR R PDO IXQFLRQDPLHQWR GH OD WDUMHWD GH FRQGXFWRU R HQ FDVR GH TXH QR REUH HQ SRGHU GH pVWH HO FRQGXFWRU GHEHUi SUHVHQWDU D ORV DJHQWHV GH FRQWURO ODV LPSUHVLRQHV UHDOL]DGDV DO LQLFLR \ DO ILQDO GH FDGD YLDMH HQ ODV TXH GHEHUiQ GHWDOODU ODV LQGLFDFLRQHV UHODWLYDV D ORV EORTXHV GH WLHPSR UHJLVWUDGRV SRU HO DSDUDWR GH FRQWURO KDFLHQGR FRQVWDU HQ GLFKRV GRFXPHQWRV QRPEUH \ DSHOOLGRV \ GH XQD GREOH WULSXODFLyQ HVWD GRFXPHQWDFLyQ VHUi H[LJLEOH D FDGD XQR GH ORV FRQGXFWRUHV

Q~PHUR GH SHUPLVR GH FRQGXFLU R Q~PHUR GH WDUMHWD DGHPiV GH VX ILUPD (Q HO FDVR

6L HQ ORV VXSXHVWRV VHxDODGRV HQ ORV TXH HO FRQGXFWRU WLHQH REOLJDFLyQ GH HIHFWXDU LPSUHVLRQHV SDUD UHVHxDU VXV DFWLYLGDGHV QR HIHFWXDUD ODV PLVPDV R QR HVWXYLHUD HQ GH GLVFRV GLDJUDPD R GH WDUMHWD GLVSRVLFLyQ GH SUHVHQWDUODV VH DFWXDUi GH LJXDO IRUPD TXH VL VH WUDWDUD GH XQD IDOWD



,035(6,1

9(5,),&$&,1 '( /26 7,(0326 '( &21'8&&,1 < '(6&$162 < 3$3(/ '(

(O DQiOLVLV GH ORV WDFyJUDIRV GLJLWDOHV R WDUMHWDV GH FRQGXFWRU VH HIHFWXDUi DXWRPiWLFDPHQWH SRU OD 3'$ IDFLOLWDGD D ORV (VSHFLDOLVWDV GH 7UDQVSRUWH GH OD $JUXSDFLyQ GH 7UiILFR SRU OD 'LUHFFLyQ *HQHUDO GH ORV 7UDQVSRUWHV SRU &DUUHWHUD GHO

0LQLVWHULR GH )RPHQWR SRU OR TXH HO $JHQWH DFWXDQWH ~QLFDPHQWH WHQGUi TXH VHOHFFLRQDU OD LQIUDFFLyQ R LQIUDFFLRQHV TXH FRQVLGHUH SHUWLQHQWH GHQXQFLDU HQ FDGD PRPHQWR DWHQGLHQGR D ODV FLUFXQVWDQFLDV LQKHUHQWHV DO FRQWURO

8QD YH] VH KD VHOHFFLRQDGR OD LQIUDFFLyQLQIUDFFLRQHV VH RUGHQDUi DO FRQGXFWRU TXH LPSULPD ORV GRFXPHQWRV HQ ORV TXH VH FRQVWDWH OD PLVPD ORV FXDOHV VH XQLUiQ DO SDSHO VHUtD GHQXQFLDEOH HO KHFKR FRQIRUPH GHWHUPLQDQ ORV DUWtFXORV  \  GH OD /277 \ HO 5277 UHVSHFWLYDPHQWH EROHWtQ GH GHQXQFLD FRPR SUXHED GRFXPHQWDO 6yOR VL HQ HVWH FDVR VH TXHGDUD VLQ

 0$1,38/$&,1 '(/ 7$&*5$)2 ',*,7$/ 6L D SHVDU GH OR VHxDODGR HQ HO DSDUWDGR DQWHULRU VH GHWHFWDUD SRU FXDOTXLHU PHGLR XQD PDQLSXODFLyQ HQ XQ WDFyJUDIR GLJLWDO VH DFWXDUi FRQIRUPH YLHQH KDFLpQGRVH KDVWD HO PRPHQWR WUDVODGDQGR HO YHKtFXOR DO WDOOHU DXWRUL]DGR PiV FHUFDQR DO SXQWR YHULILFDU OD PDQLSXODFLyQ \ GHFUHWDU OD LQPRYLOL]DFLyQ KDVWD TXH VH VXEVDQHQ ODV FDXVDV TXH OD PRWLYDURQ \ VH UHPLWLUi FRSLD GHO EROHWtQ GH GHQXQFLD \ GHO LQIRUPH

HQ HO TXH VH HVWp UHDOL]DQGR HO FRQWURO DFRPSDxiQGRVH SRU ORV DJHQWHV SDUD

DQH[R VL OR KXELHUD D HVWD 'LUHFFLyQ *HQHUDO DFRPSDxiQGRVH HQ VX FDVR GH WRGRV

ORV GRFXPHQWRV LPSUHVRV FRQWHQLGRV HQ HO DSpQGLFH  GHO $QH[R ,E GHO 5HJODPHQWR &(( Q  GHO GtD GH OD LQWHUYHQFLyQ DO REMHWR GH DGRSWDU PHGLGDV HMHPSODUL]DQWHV FRQWUD ODV HPSUHVDV LQIUDFWRUDV DVt FRPR PDQWHQHU LQIRUPDGD D OD &RPLVLyQ (XURSHD  WDO \ FRPR SUHVFULEH HO 5HJODPHQWR &( Q   5(7,5$'$ '( 7$5-(7$ '( &21'8&725 &XDQGR HQ OD UHDOL]DFLyQ GH XQ FRQWURO VH FRQVWDWH XQD WDUMHWD GH WDFyJUDIR IDOVLILFDGD TXH VH KD\D REWHQLGR FRQ GHFODUDFLRQHV IDOVDV R GRFXPHQWRV IDOVLILFDGRV R TXH HVWp VLHQGR XWLOL]DGD SRU XQ FRQGXFWRU TXH QR HV HO WLWXODU VH

GHQXQFLDUi HO KHFKR \ VH UHWLUDUi OD WDUMHWD OD FXDO VH DGMXQWDUi DO EROHWtQ GH GHQXQFLD SDUD VX UHPLVLyQ D OD RILFLQD SURYLQFLDO GH WUDQVSRUWHV