Anda di halaman 1dari 7

%LEOLRWHFDGHO&RQJUHVR1DFLRQDOGH&KLOH

8QLGDGGH$SR\RDO3URFHVR/HJLVODWLYR

&21&(3726'(/265(&85626
<$&&,21(6&216$*5$'$6(1
/$&2167,78&,Ï132/Ë7,&$
'(/$5(3Ò%/,&$'(

9$/3$5$Ë62
RFWXEUHGH
'RFXPHQWRV8$352/%&1$f2,,,1ž

&RS\ULJKW‹%LEOLRWHFDGHO&RQJUHVR1DFLRQDOGH&KLOH
7RGRVORV'HUHFKRV5HVHUYDGRV
%LEOLRWHFDGHO&RQJUHVR1DFLRQDOGH&KLOH
8QLGDGGH$SR\RDO3URFHVR/HJLVODWLYR

7$%/$'(&217(1,'2

, ,1752'8&&,Ï1 

,, '(),1,&,21(6<&21&(3726 

&RS\ULJKW‹%LEOLRWHFDGHO&RQJUHVR1DFLRQDOGH&KLOH
7RGRVORV'HUHFKRV5HVHUYDGRV
%LEOLRWHFDGHO&RQJUHVR1DFLRQDOGH&KLOH
8QLGDGGH$SR\RDO3URFHVR/HJLVODWLYR

, ,1752'8&&,Ï1

/D&RQVWLWXFLyQ3ROtWLFDGHOD5HS~EOLFDGHDGHPiVGHVHU
OD Pi[LPD QRUPD GHO RUGHQDPLHQWR MXUtGLFR \ HV HQ VL PLVPD XQD QRUPD
MXUtGLFD TXH HVWDEOHFH UHFXUVRV SURFHVDOHV R DFFLRQHV MXGLFLDOHV  GH GLYHUVD
tQGROHSRUHMHPSORHOUHFXUVRGHDPSDURUHFXUVRGHSURWHFFLyQUHFXUVRGH
UHFODPDFLyQ HQ PDWHULD GH QDFLRQDOLGDG HWF (O REMHWLYR GH HVWDV
LQVWLWXFLRQHVHVODSURWHFFLyQGHORVGHUHFKRVS~EOLFRVVXEMHWLYRV

(VWRV UHFXUVRV R DFFLRQHV VH HQFXHQWUDQ FRQVDJUDGRV HQ


GLYHUVRV DUWtFXORV GH OD &DUWD )XQGDPHQWDO HQWUH RWURV HO DUWtFXOR  HO
DUWtFXORHODUWtFXORHODUWtFXORHWF

/D GRFWULQD QDFLRQDO KD HIHFWXDGR XQD GLVWLQFLyQ HQWUH OR TXH
HVXQUHFXUVRGHVGHHOSXQWRGHYLVWDSURFHVDO\ORTXHHVXQDDFFLyQ

=XxLJD \ 3HUUDPRQW VHxDODQ TXH HO UHFXUVR HV ³XQ PHGLR


SURFHVDOGHLPSXJQDFLyQTXHODOH\IUDQTXHDDODVSDUWHVDREMHWRGHLQVWDU
SRUODLQYDOLGDFLyQPRGLILFDFLyQRFRUUHFFLyQGHXQDGHWHUPLQDGDUHVROXFLyQ
MXGLFLDOGLFWDGDHQXQSURFHVRMXGLFLDO\TXHHOUHFXUUHQWHHVWLPDSHUMXGLFLDO
SDUDVXVGHUHFKRV´

/RV PLVPRV DXWRUHV VRVWLHQH TXH OD DFFLyQ FRQVWLWXFLRQDO HV


³XQGHUHFKRVXEMHWLYRFX\RHMHUFLFLRUHFRQRFLGRSRU ODSURSLD&RQVWLWXFLyQ
WLHQH OD YLUWXG GH SRQHU HQ PRYLPLHQWR HO DSDUDWR MXULVGLFFLRQDO GHO (VWDGR
FRQHOREMHWRGHREWHQHUODSURWHFFLyQRFDXWHODGHXQGHUHFKRSURWHJLGRSRU
HORUGHQDPLHQWRFRQVWLWXFLRQDO´


 =8f,*$ 8 )UDQFLVFR \ 3(55$0217 6 $OIRQVR ³$FFLRQHV &RQVWLWXFLRQDOHV´ (GLWRULDO /H[LV1H[LV 6DQWLDJR 
3iJ

&RS\ULJKW‹%LEOLRWHFDGHO&RQJUHVR1DFLRQDOGH&KLOH
7RGRVORV'HUHFKRV5HVHUYDGRV
2

%LEOLRWHFDGHO&RQJUHVR1DFLRQDOGH&KLOH
8QLGDGGH$SR\RDO3URFHVR/HJLVODWLYR

(Q RWURV WpUPLQRV OD GLIHUHQFLD IXQGDPHQWDO HQWUH UHFXUVR


SURFHVDO\DFFLyQHQHVWHFDVRHVTXHHOSULPHURVHGDHQHOPDUFRGHXQ
MXLFLR GRQGH VH UHFODPD DQWH HO PLVPR MXH] R DQWH VX VXSHULRU GH XQD
DFWXDFLyQ MXGLFLDO HQ FDPELR OD DFFLyQ VH SXHGH LQWHUSRQHU GLUHFWDPHQWH
DQWHODDXWRULGDGMXGLFLDORDGPLQLVWUDWLYDVLQQHFHVLGDGGHOMXLFLR$VtSRU
HMHPSORHO 5HFXUVR GH ,QDSOLFDELOLGDG HV UHFXUVR FXDQGR VH HMHUFH DQWH OD
&RUWH6XSUHPDHQXQMXLFLRSDUDTXHVHGHMHGHDSOLFDUXQDQRUPDOHJDOHQ
FXDOTXLHU JHVWLyQ TXH VH VLJD DQWH RWUR 7ULEXQDO R ELHQ FXDQGR OD SDUWH OR
VROLFLWDHQXQDVXQWRTXHHVWDFRQRFLHQGRHVHPi[LPRWULEXQDO

(QODSUHVHQWHPLQXWDVHSUHVHQWDQ ODVSULQFLSDOHVGHILQLFLRQHV
\ FRQFHSWRV GH DOJXQRV UHFXUVRV \ DFFLRQHV GH OD &RQVWLWXFLyQ 3ROtWLFD GH



=8f,*$\3(55$02172S&LW3iJ

&RS\ULJKW‹%LEOLRWHFDGHO&RQJUHVR1DFLRQDOGH&KLOH
7RGRVORV'HUHFKRV5HVHUYDGRV
3

%LEOLRWHFDGHO&RQJUHVR1DFLRQDOGH&KLOH
8QLGDGGH$SR\RDO3URFHVR/HJLVODWLYR

,, '(),1,&,21(6<&21&(3726

$OJXQR UHFXUVRV R DFFLRQHV FRQVWLWXFLRQDOHV SXHGHQ VHU


GHILQLGRVRFRQFHSWXDOL]DGRVGHODVLJXLHQWHPDQHUD

 5(&8562 '( $03$52 (V XQD DFFLyQ GH OD &DUWD )XQGDPHQWDO TXH
FXDOTXLHUSHUVRQDRHODIHFWDGRSXHGHQLQWHUSRQHUDQWHODV&RUWHVGH
$SHODFLyQSDUDSURWHJHUODOLEHUWDGSHUVRQDOOHVLRQDGD\ODVHJXULGDG
LQGLYLGXDO SURSLD R GH XQ WHUFHUR FRQWUD WRGR DWHQWDGR SULYDFLyQ
OLPLWDFLyQRDPHQD]DLOHJDOVHDGHODDXWRULGDGRGHXQSDUWLFXODU

 5(&8562'(3527(&&,21(VXQDDFFLyQFRQVWLWXFLRQDOTXHSHUPLWH
DODSHUVRQDTXHFRPRFRQVHFXHQFLDGHDFWRVXRPLVLRQHVDUELWUDULRV
RLOHJDOHVVXIUDXQDSULYDFLyQSHUWXUEDFLyQRDPHQD]DHQHOOHJtWLPR
HMHUFLFLR GH FLHUWRV GHUHFKRV \ JDUDQWtDV FRQVWLWXFLRQDOHV RFXUULU D
XQD&RUWHGH$SHODFLRQHVFRQHOREMHWRGHLPSHWUDUODDGRSFLyQGHODV
SURYLGHQFLDV QHFHVDULDV SDUD UHVWDEOHFHU HO LPSHULR GHO GHUHFKR \
DVHJXUDU VX SURWHFFLyQ VLQ SHUMXLFLR GH ORV GHPiV GHUHFKRV TXH
SXHGDKDFHUYDOHUDQWHODDXWRULGDGRORV7ULEXQDOHVGH-XVWLFLD

 5(&8562 '( 5(&/$0$&,21 325 (;3523,$&,21 (V OD DFFLyQ


FRQVDJUDGD HQ OD &DUWD )XQGDPHQWDO TXH WLHQH HO H[SURSLDGR SDUD
UHFODPDU GH OD ³LOHJDOLGDG´ GHO DFWR H[SURSLDWRULR DQWH ORV WULEXQDOHV
RUGLQDULRVSLGLHQGRTXHVHGHMHVLQHIHFWRSRUVHUHVWDLPSURFHGHQWH
HQ UD]yQ GH OD LQH[SURSLDELOLGDG DXQ WHPSRUDO GHO ELHQ DIHFWDGR R
IXQGDGRHQODIDOWDGHOH\TXHODDXWRULFHRHQODQRFRQFXUUHQFLDGHOD
FDXVDOHJDOLQYRFDGDHQHODFWR

&RS\ULJKW‹%LEOLRWHFDGHO&RQJUHVR1DFLRQDOGH&KLOH
7RGRVORV'HUHFKRV5HVHUYDGRV
4

%LEOLRWHFDGHO&RQJUHVR1DFLRQDOGH&KLOH
8QLGDGGH$SR\RDO3URFHVR/HJLVODWLYR

 5(&8562'(5(&/$0$&,213253(5','$'(/$1$&,21$/,'$'(V
XQDDFFLyQFRQVDJUDGDHQOD&DUWD)XQGDPHQWDOTXHWLHQHODSHUVRQD
DIHFWDGDSDUDUHFODPDUSRUVLRSRUFXDOTXLHUDHQVXQRPEUHGHXQ
DFWRDGPLQLVWUDWLYRTXHOHKDSULYDGRGHVXQDFLRQDOLGDGFKLOHQDRVH
OD KD GHVFRQRFLGR \ TXH VH GLULJH DQWH OD &RUWH 6XSUHPD SDUD TXH
pVWDHMHU]DVXPLVLyQWXWHODU

 $&&,21 ,1'(01,=$725,$ 325 (5525 -8',&,$/  (V XQD DFFLyQ


GHFODUDWLYD FRQVDJUDGD HQ OD &DUWD )XQGDPHQWDO TXH WLHQHQ ODV
SHUVRQDV TXH KDQ VLGR SURFHVDGDV R FRQGHQDGDV HQ FXDOTXLHU
LQVWDQFLD \ UHVSHFWR GH ODV FXDOHV VH KD GLFWDGR VREUHVHLPLHQWR
GHILQLWLYR R VHQWHQFLD DEVROXWRULD TXH VH GHEH LQWHUSRQHU DQWH OD
&RUWH6XSUHPDSDUDTXHpVWDGHFODUHTXHODUHVROXFLyQMXGLFLDOTXHORV
SURFHVyRFRQGHQyHUDLQMXVWLILFDGDPHQWHHUUyQHDRDUELWUDULD

 5(&8562 '( $03$52 (&2120,&2 (V XQD DFFLyQ GH GHQXQFLD


SRSXODU \ GHFODUDWLYD TXH LQVWDXUD XQ SURFHVR FRQWHQFLRVR
DGPLQLVWUDWLYR DQWH XQD &RUWH GH $SHODFLRQHV FX\R VX REMHWR HV
DPSDUDUHOGHUHFKRGHODUWtFXOR1žGHOD&RQVWLWXFLyQ

 '(5(&+2'(5(&7,),&$&,213250(',2'(,1)250$&,2162&,$/
(VXQDDFFLyQTXHWLHQHWRGDSHUVRQDRIHQGLGDRLQMXVWDPHQWHDOXGLGD
SRU DOJ~Q PHGLR GH FRPXQLFDFLyQ VRFLDO SRU DOJXQD LQIRUPDFLyQ
GHVDUUROODGDHQpODGHPDQGDUTXHVXGHFODUDFLyQRUHFWLILFDFLyQVHD
JUDWXLWDPHQWH GLIXQGLGD HQ IRUPD DQiORJD SRU GLFKR PHGLR GH
FRPXQLFDFLyQVRFLDOHQODVFRQGLFLRQHVTXHGHWHUPLQDODOH\SXGLHQGR
DFFLRQDUMXGLFLDOPHQWHSDUDHOORFRQHOREMHWRGHSUHYHQLURHYLWDUXQ
SHUMXLFLR TXH XQD LQIRUPDFLyQ FRQVLGHUDUD LQH[DFWD DJUDYLDQWH X
RIHQVLYD SXHGD LUURJDUOH HQ VX KRQUD YLGD SULYDGD \ RWUR GHUHFKR R
LQWHUpVOHJtWLPR

&RS\ULJKW‹%LEOLRWHFDGHO&RQJUHVR1DFLRQDOGH&KLOH
7RGRVORV'HUHFKRV5HVHUYDGRV
5

%LEOLRWHFDGHO&RQJUHVR1DFLRQDOGH&KLOH
8QLGDGGH$SR\RDO3URFHVR/HJLVODWLYR

 5(&8562 '( ,1$3/,&$%,/,'$' (V XQ UHFXUVR R XQD DFFLyQ TXH


SUHWHQGH HO FRQWURO FRQVWLWXFLRQDO SRVWHULRU D FDUJR GH OD &RUWH
6XSUHPD TXH OH SHUPLWH GHFODUDU GH RILFLR R D SHWLFLyQ GH SDUWH OD
LQDSOLFDELOLGDG D FDGD FDVR HQ SDUWLFXODU GH WRGR SUHFHSWR OHJDO
FRQWUDULR D OD &RQVWLWXFLyQ HQ ODV PDWHULDV GH TXH FRQR]FD R HQ
UHFXUVR LQWHUSXHVWR HQ FXDOTXLHU JHVWLyQ TXH VH VLJD DQWH RWUR
7ULEXQDO

&RS\ULJKW‹%LEOLRWHFDGHO&RQJUHVR1DFLRQDOGH&KLOH
7RGRVORV'HUHFKRV5HVHUYDGRV

Anda mungkin juga menyukai