Anda di halaman 1dari 21

8QLGDG&HQWUDOGH3URFHVR

 4XpHVHO+DUGZDUH"

(OKDUGZDUHGHXQD FRPSXWDGRUD HVODWRWDOLGDGItVLFDFRQIRUPDGDSRUWRGRVORVFRPSRQHQWHVGHVX


HTXLSDPLHQWR FLUFXLWRV HOHFWUyQLFRV PLFURFLUFXLWRV FRQWHQLGRV HQ FKLSV  SODTXHWDV TXH ORV
VRSRUWDQFDEOHVRFDPLQRVFRQGXFWRUHV EXVHV TXHORVLQWHUFRQHFWDQPHFDQLVPRVGLVFRVPRWRUHV
FLQWDVJDELQHWHVSDQWDOODVWHFODVHWF

 %ORTXHVIXQFLRQDOHVGHOKDUGZDUH

(QHOSURFHVDPLHQWRGHGDWRVUHDOL]DGRHQFXDOTXLHUFRPSXWDGRUDVHUHDOL]DQORVVLJXLHQWHVSURFHVRV
(175$'$

0(025,=$&,21

352&(6$0,(172

6$/,'$

&DGD XQR GH HVWRV SURFHVRV ORV UHDOL]DQ ORV EORTXHV IXQFLRQDOHV SHULIpULFRV GH HQWUDGD PHPRULD
XQLGDGFHQWUDOGHSURFHVRSHULIpULFRVGHVDOLGD/RVEORTXHVVHFRPXQLFDQHOpFWULFDPHQWHHQWUHVtD
WUDYpVGHFDPLQRVIRUPDGRVSRUXQFRQMXQWRGHFDEOHVROtQHDVFRQGXFWRUDVTXHFRQVWLWX\HQXQEXV
(175$'$

0(025,=$&,1

8QLGDGGH
GLVFR

8QLGDGGH
GLVTXHWH

0yGHP

6FDQQHU

7HFODGR

&'520

3HULIpULFRVGH
HQWUDGD

,QVWUXFFLRQHV

EXV

6$/,'$

EXV

,QVWUXFFLRQHV
3RUFLyQ
FHQWUDO
,QVWUXFFLRQHV
'DWRV

'DWRV

0RXVH

352&(6$0,(172

5HJLVWURV

5,

,QVWU

$;

'DWRV

5HVXOWDGRV

0HPRULD
SULQFLSDO

8QLGDG
GH
FRQWURO

8$/
8QLGDGFHQWUDOGH
SURFHVR 8&3
5HVXOWDGRV

EXV

0RQLWRU
FRQ
SDQWDOOD

8QLGDGGH
GLVFR

8QLGDGGH
GLVTXHWH

,PSUHVRUD

3DUODQWH

0yGHP

3ORWWHU
3HULIpULFRVGH
VDOLGD

(QHOJUiILFRVHPXHVWUDFRPRVHUHODFLRQDQORVEORTXHVIXQFLRQDOHVDORVILQHVGLGiFWLFRV
DSDUHFHQUHSHWLGRVGLVSRVLWLYRV TXHSXHGHQDFWXDUWDQWRSDUDODHQWUDGDFRPRSDUDODVDOLGDGHGDWRV
HM8QLGDGHVGHGLVFR\GLVTXHWH (QOtQHDVPX\JHQHUDOHVHQODILJXUDPRVWUDGDVHVXSRQHTXHXQ
GLVFRGHODXQLGDGGHGLVFRUtJLGRSURYHHXQSURJUDPDFX\DVLQVWUXFFLRQHVSDVDUiQDWUDYpVGHEXVHVD
ODPHPRULDVLHQGRTXHORVGDWRVOOHJDUiQWDPELpQDWUDYpVGHEXVHV DODPHPRULDSURYHQLHQWHVGHO
WHFODGR/XHJRGLFKDVLQVWUXFFLRQHVVRQHMHFXWDGDVXQDSRUYH]SDUDORFXDOSULPHURFDGDXQDSRUXQ
3iJ

EXVOOHJDDOUHJLVWURGHLQVWUXFFLyQ 5, GHOD8&3GRQGHSHUPDQHFHPLHQWUDVVHHMHFXWDSDUDTXH
OD8QLGDGGH&RQWUROLQWHUSUHWHTXHRSHUDFLyQRUGHQD

$FRQWLQXDFLyQDWUDYpVGHOPLVPREXVHOGDWRDRSHUDUSRUGLFKDLQVWUXFFLyQOOHJDGHVGHOD
PHPRULD D XQ UHJLVWUR DFXPXODGRU $;  GHO SURFHVDGRU DQWHV GH VHU RSHUDGR FRQIRUPH D OD
RSHUDFLyQRUGHQDGD HQOD$/8DILQGHREWHQHUXQUHVXOWDGR(VWHSXHGHVXVWLWXLUHQHOUHJLVWUR$;DO
GDWR\DRSHUDGR\OXHJRSDVDUDODPHPRULDQXHYDPHQWHD WUDYpVGHOEXVFLWDGR VLXQDLQVWUXFFLyQ
DVt OR RUGHQD 8QD YH] TXH HO UHVXOWDGR HVWp HQ OD PHPRULD OD LQVWUXFFLyQ VLJXLHQWH SRGUtD VHU
YLVXDOL]DUORHQODSDQWDOODJXDUGDUORHQXQGLVNHWWHHWF
/D8QLGDGGH&RQWURO 8& HVXQFLUFXLWRHVSHFLDOL]DGRFX\DIXQFLyQHVREWHQHUGHODPHPRULDODV
LQVWUXFFLRQHV GHO SURJUDPD \ HMHFXWDUODV (VWDV DFFLRQHV IRUPDQ SDUWH GH XQD VHFXHQFLD VLHPSUH
UHSHWLWLYD
x

2EWHQHUGHODPHPRULDODSUy[LPDLQVWUXFFLyQTXHFRUUHVSRQGHHMHFXWDU

2UGHQDUDOFLUFXLWRGHOD8$/TXHUHDOLFHFRQGLFKRVGDWRVODRSHUDFLyQLQGLFDGDRDORVFDQDOHV
FRUUHVSRQGLHQWHVVLODLQVWUXFFLyQHVGHHQWUDGDRVDOLGDGHGDWRV

x
x

/RFDOL]DUORVGDWRVDRSHUDUHQODPHPRULDHQXQ$;XRWURUHJLVWURVHJ~QVHLQGLTXH
*XDUGDUHOUHVXOWDGRHQXQUHJLVWURDFXPXODGRURHQODPHPRULDSULQFLSDO

3RUORWDQWR

/D8&WLHQHDVXFDUJRHOVHFXHQFLDPLHQWR GHODVDFFLRQHVQHFHVDULDVTXHGHEHQUHDOL]DUORVFLUFXLWRV
LQYROXFUDGRVHQODHMHFXFLyQGHFDGDLQVWUXFFLyQVHJ~QHOFyGLJRGHODPLVPDUHVSHWDQGRHORUGHQGH
HMHFXFLyQGHODVLQVWUXFFLRQHVHVWDEOHFLGR HQHOSURJUDPD

/D 8& RUGHQDUi PHGLDQWH VHxDOHV HOpFWULFDV WUDQVPLWLGDV SRU FDEOHV ODV RSHUDFLRQHV DULWPpWLFDV R
OyJLFDV TXHGHEHUHDOL]DUOD8QLGDG$ULWPpWLFD/yJLFD 8$/ 
/D8$/ VLUYHSDUDUHDOL]DUODVRSHUDFLRQHVDULWPpWLFDVROyJLFDVTXHOHRUGHQH OD8&VLHQGRDX[LOLDGD
SRUUHJLVWURVDFXPXODGRUHVSDUDJXDUGDUWUDQVLWRULDPHQWHGDWRV\UHVXOWDGRV
0LHQWUDV TXH OD 8& HV OD HQFDUJDGD GH RUGHQDU RSHUDFLRQHV GH OHFWXUDHVFULWXUD GH UHJLVWURV \ GH
PHPRULD DVt FRPR GH ODV RSHUDFLRQHV TXH GHEH UHDOL]DU OD 8$/ pVWD HV SDVLYD QR HPLWH QLQJXQD
RUGHQ/D8$/QRHMHFXWDLQVWUXFFLRQHVVyORUHDOL]DODRSHUDFLyQDULWPpWLFDROyJLFDTXHOHRUGHQDOD
8&
6HGHQRPLQD8QLGDG&HQWUDOGH3URFHVR 8&3y&38HQLQJOpV DOFRQMXQWRIRUPDGRSRU
x

/D8QLGDGGH&RQWURO

/RVUHJLVWURV FRPRHO5,$;\RWURV XVDGRVGXUDQWHODHMHFXFLyQGHFDGDLQVWUXFFLyQ

/D8QLGDG$ULWPpWLFD/yJLFD

/D8&3HVHOEORTXHGRQGHVHOOHYDDFDERODHMHFXFLyQGHODVLQVWUXFFLRQHV

/D8&3GHXQDPLFURFRPSXWDGRUDFRPRORHVXQD3& HVWiFRQWHQLGDHQHOFKLSPLFURSURFHVDGRU
FHQWUDO SRUHMHPSORHO3HQWLXP3RZHU3& 3HQWLXP,9$0'$WKORQHWF
/RVWpUPLQRV8&3PLFURSURFHVDGRU\SURFHVDGRUVXHOHQVHUVLQyQLPRV

/DHWDSDGHPHPRUL]DFLyQHQHOSURFHVRGHGDWRVODUHDOL]DODPHPRULDSULQFLSDOFHQWUDORLQWHUQD
$OPDFHQDGDWRVLQVWUXFFLRQHV\ORVUHVXOWDGRVGHOSURFHVRUHDOL]DGRHQFLUFXLWRVHOHFWUyQLFRV

(Q OD PRWKHUERDUG DGHPiV GHO PLFURSURFHVDGRU HVWiQ ODV SODTXHWDV FRUUHVSRQGLHQWHV D OD PHPRULD
SULQFLSDO/DH[LJHQFLDGHXQDPHPRULDLQWHUQDHOHFWUyQLFDSDUDLQVWUXFFLRQHV\GDWRVDSURFHVDUWLHQHTXHYHU
FRQ OD QHFHVLGDG GH DFFHGHU D HOOD UiSLGDPHQWH HQ HO LQWHULRU GH OD FRPSXWDGRUD &RPR OD 8&3 RSHUD D
YHORFLGDGHVHOHFWUyQLFDV QDQRVHJXQGRV GHEHSRGHUOHHURHVFULELUGLFKDPHPRULDDXQDYHORFLGDGFRPSDWLEOH
FRQODVX\D6LODPHPRULDHVWXYLHUDHQGLVFRGHSHQGHUtDGHORVWLHPSRVGHDFFHVRVGHpVWH PLOLVHJXQGRV FRQOR
FXDOVHGHVDSURYHFKDUtDODUDSLGH]GHOSURFHVDPLHQWRHOHFWUyQLFRGHOD8&3

3iJ

/D PHPRULD SULQFLSDO 03  DOPDFHQD ODV LQVWUXFFLRQHV GH SURJUDPDV TXH SUy[LPDPHQWH VHUiQ
HMHFXWDVHQOD8&3\ORVGDWRVTXHHOODVRUGHQDQSURFHVDU RSHUDU DVtFRPRUHVXOWDGRVLQWHUPHGLRV\
ILQDOHVGHODVRSHUDFLRQHVUHDOL]DGDVHQOD8&3

(VGHFLUORVGDWRVTXHVHSURFHVDQ\HOSURJUDPDTXHVHHMHFXWDSDUDGLFKRSURFHVRGHEHQHVWDUHQOD
PHPRULDSULQFLSDO &DGDSURJUDPDFRPSDUWHOD03FRQVXVGDWRVSHURODVLQVWUXFFLRQHVHVWiQHQXQD
]RQD \ ORV GDWRV HQ RWUD (VWD LQIRUPDFLyQ TXHGD DOPDFHQDGD WHPSRUDOPHQWH PLHQWUDVVHRSHUDFRQ
HOOD SXGLHQGR OXHJR VHU UHHPSOD]DGD SRU LQVWUXFFLRQHV GH RWUR SURJUDPD  \ VXV GDWRV
FRUUHVSRQGLHQWHV/RVSURJUDPDVTXHVHDOPDFHQDQHQIRUPDSHUPDQHQWHHQODPHPRULDVRQORVGHO
VLVWHPDRSHUDWLYRFX\DHMHFXFLyQVHDOWHUQDQFRQORVSURJUDPDVGHOXVXDULR
(QXQDRSHUDFLyQGHHQWUDGDOD03HVHOGHVWLQR GHLQVWUXFFLRQHV\GDWRVSURYHQLHQWHVGHOH[WHULRU
TXHLQJUHVDQDWUDYpVGHXQLGDGHVGHGLVFRGLVTXHWHVWHFODGRPRXVHPyGHP\RWURV 

(QXQDRSHUDFLyQGHVDOLGDOD03HVHORULJHQ GHUHVXOWDGRVTXHGHEHQVDOLUDOH[WHULRU DWUDYpVGHO


PRQLWRULPSUHVRUDXQLGDGHVGHGLVFRRGLVTXHWHVPyGHP\RWURV 
7tSLFDPHQWH ORV SURJUDPDV OOHJDQ D 03 SDUD VHU HMHFXWDGRV SURYHQLHQWHV GH DUFKLYRV HQ GLVFR R
GLVTXHWHV /RV GDWRV D SURFHVDU SXHGHQ OOHJDU D 03 SURYHQLHQWHV GHO H[WHULRU GHVGH FXDOTXLHU
SHULIpULFR

/RVGLVSRVLWLYRVTXHVHHQFDUJDQGHHQWUDUGHVGHHOH[WHULRUGDWRVHLQVWUXFFLRQHVKDFLDHOFRPSXWDGRU
R GDU VDOLGD GH UHVXOWDGRV GHO FRPSXWDGRU DO H[WHULRU VH GHQRPLQDQ SHULIpULFRV R XQLGDGHV GH
HQWUDGDVDOLGD 6XIXQFLyQSULQFLSDOHVFRQYHUWLU GDWRVH[WHUQRVHQLQWHUQRVHQODVRSHUDFLRQHVGH
HQWUDGDRDODLQYHUVDHQODVRSHUDFLRQHVGHVDOLGD'HHVWRVEORTXHVIXQFLRQDOHVWUDWDUHPRVHQORV
SUy[LPRVWHPDV
8Q SHULIpULFR QR VH FRQHFWD GLUHFWDPHQWH DO SURFHVDGRU FHQWUDO VLQR SRU PHGLR GH XQD
,QWHUID]FLUFXLWDOLQGLFDGDFRQODOHWUD, HQHOJUiILFRLQLFLDOTXHHQXQD3&HQJHQHUDOHVWiFRQWHQLGD
HQXQDSODTXHWDTXHVHLQVHUWDHQXQ]yFDORDSURSLDGRGHODSODFDPDGUH
/D8&QRJRELHUQDGLUHFWDPHQWHDORVSHULIpULFRVPHGLDQWHOtQHDVTXHOOHJDQDHOORVVLQRTXHOD8&3
HMHFXWD XQ VXESURJUDPD SUHSDUDGR SDUD FDGD SHULIpULFR GULYHUV R FRQWURODGRUHV  PHUFHG DO FXDO
GHVGHOD8&3OOHJDDODLQWHUID]GHOSHULIpULFRFDGDFRPDQGRTXHRUGHQDDODHOHFWUyQLFDGHpVWHTXp
GHEHKDFHU
'LVWLQWRVFLUFXLWRVGHXQFRPSXWDGRUVHFRPXQLFDQHQWUHVtPHGLDQWHXQFRQMXQWRGHOtQHDV
FDEOHV FRQGXFWRUHV TXH ORV LQWHUFRQHFWDQ HOpFWULFDPHQWH ORV FXDOHV FRQILJXUDQ XQD HVWUXFWXUD GH
FRQH[LyQ(VWDVFRPXQLFDFLRQHVVHGHQRPLQDQEXV
8QEXVGHXQDFRPSXWDGRUDHVXQDHVWUXFWXUDGHLQWHUFRQH[LyQSDUDODFRPXQLFDFLyQVHOHFWLYDGHHQWUH
GRVyPiVPyGXORVDILQGHWUDQVPLWLULQIRUPDFLyQHQWUHHOORV
(QJHQHUDOHQXQEXVHQFRQWUDPRVOtQHDVSDUDODWUDQVPLVLyQGHGDWRVGLUHFFLRQHV\VHxDOHV
GH FRQWURO GHQRPLQDGRV UHVSHFWLYDPHQWH EXV GH GDWRV EXV GH GLUHFFLRQHV \ EXV GH FRQWURO 6H
GHVFULEHQPiVDGHODQWHODVFDUDFWHUtVWLFDVGHORVGRVSULPHURV

 5HVXPHQGHOIXQFLRQDPLHQWREiVLFRGHXQDFRPSXWDGRUD

 /RVGDWRV\ODVLQVWUXFFLRQHVGHOSURJUDPDGHEHQOOHJDUD03 GHVGHSHULIpULFRV&DGDLQVWUXFFLyQ
HVWiFRGLILFDGDPHGLDQWHXQDFRPELQDFLyQGHXQRV\FHURVHVWDFRGLILFDFLyQFRQVWDGHGRVSDUWHV
XQD HV HO FyGLJR GH LQVWUXFFLyQ TXH LQGLFD TXH KDUi OD FRPSXWDGRUD OD RWUD SDUWH FRQWLHQH ODV
GLUHFFLRQHVGHPHPRULD GRQGHVHKDOODQHO RORVGDWRVTXHVHRSHUDUiQHQHVWDLQVWUXFFLyQ
 /D8& ORFDOL]DHQ03 ODLQVWUXFFLyQTXHGHEHVHUHMHFXWDGDSDUDTXHVXFyGLJROOHJXHDOD8&3
GRQGHOD8& GHWHUPLQDUiTXpRUGHQDHVHFyGLJR
 /D LQVWUXFFLyQ HV LQWHUSUHWDGD R GHFRGLILFDGD SRU OD 8& OXHJR GH OR FXiO OD 8& RUGHQD
HQFDPLQDUORVGDWRVKDFLDOD8$/LQGLFDQGRODRSHUDFLyQTXHGHEHUHDOL]DURDORVSHULIpULFRVVLOD
LQVWUXFFLyQHVGHHQWUDGDVDOLGD/DLQVWUXFFLyQFRGLILFDGDSHUPLWHORFDOL]DUORVGDWRVTXHRSHUDUi
ODRSHUDFLyQFRQFUHWDDUHDOL]DUVHGRQGHVHJXDUGDUiHOUHVXOWDGR\GRQGHVHORFDOL]DODSUy[LPD
LQVWUXFFLyQHQ03/D8& FXPSOLPHQWDWRGRORHVSHFLILFDGRHQODLQVWUXFFLyQ
 6HYXHOYHDOSDVR

3iJ

 &20326,&,21%6,&$'(81$&20387$'25$
$VLPSOHYLVWDORTXHYHPRVGHXQDFRPSXWDGRUDVRQWUHVJUDQGHVSDUWHVWHFODGRPRQLWRU\XQLGDG
FHQWUDO R JDELQHWH 7DQWR HO WHFODGR FRPR HO PRQLWRU IRUPDQ SDUWH GH ORV HOHPHQWRV DX[LOLDUHV R
SHULIpULFRV GH OD FRPSXWDGRUD VLHQGR OD XQLGDG FHQWUDO OD SDUWH SULQFLSDO GH OD FRPSXWDGRUD (Q
IXQFLyQ GH VX WDPDxR \ XELFDFLyQ WHQHPRV WUHV FRQILJXUDFLRQHV GLIHUHQWHV GH FRPSXWDGRUDV WRUUH
PLQLWRUUH\VREUHPHVD

/DHOHFFLyQGHO WLSRGHJDELQHWH GHSHQGHUiGHOQ~PHUR\WLSRGHFRPSRQHQWHVTXHVHGHVHHQLQFOXLU\


GH OD FDQWLGDG GH HVSDFLR GLVSRQLEOH SDUD VX XELFDFLyQ ,QGHSHQGLHQWHPHQWH GH VX IRUPDWR VL
GHVPRQWDPRVODFDUFD]DGHODXQLGDGFHQWUDOREVHUYDUHPRVORVVLJXLHQWHVHOHPHQWRV

3ODFD EDVH &RQWLHQH OD FLUFXLWHUtD EiVLFD GHO RUGHQDGRU PLFURSURFHVDGRU PHPRULD UDQXUDV GH
H[SDQVLyQ FRQWURODGRUHV GH GLVSRVLWLYRV HWF 'HELGR D OD FDQWLGDG GH HOHPHQWRV LPSRUWDQWHV TXH
FRQWLHQH\DODFRPSOHMLGDGGHODPD\RUtDGHHOORVVHH[SOLFDUiFRQPiVGHWDOOHHQXQSXQWRSRVWHULRU
'LVSRVLWLYRVLQWHUQRV )XQGDPHQWDOPHQWHVRQGHGRVWLSRV
D 'LVSRVLWLYRVGHDOPDFHQDPLHQWRPDVLYRGHGDWRV GLVFRGXURGLVTXHWHUD&'520HWF 
E 7DUMHWDVDX[LOLDUHV WDUMHWDGHYtGHRWDUMHWDGHVRQLGRHWF 

)XHQWHGHDOLPHQWDFLyQ 6XPLQLVWUDODFRUULHQWHHOpFWULFDDGHFXDGDDORVFRPSRQHQWHVLQWHUQRVGH OD


FRPSXWDGRUD SODFDEDVH\GLVSRVLWLYRVLQWHUQRV 7LHQHXQWDPDxRFRQVLGHUDEOH\VXHOHLUDORMDGDHQ
ODSDUWHWUDVHUDGHODFDMD$GHPiVQHFHVLWDGHXQRRYDULRVYHQWLODGRUHVSDUDGLVLSDUHOFDORUJHQHUDGR
(VRVYHQWLODGRUHVVRQORVTXHJHQHUDQHOUXLGRFDUDFWHUtVWLFRGHORVRUGHQDGRUHVDFWXDOHV
)XHQWHGH
DOLPHQWDFLyQ

*UDEDGRUD&'
/HFWRUD&'
3ODFDPDGUH
'LVTXHWHUD
'LVFRGXUR

3iJ

(/(0(1726'(/$3/$&$%$6(

&RPR\DVHKDGLFKRODSODFDEDVHRSODFDPDGUHHVFHQWURQHXUiOJLFRGH ODFRPSXWDGRUD (QHOODVH


LQFOX\HHOPLFURSURFHVDGRUTXHHVHOQ~FOHRGHOVLVWHPD\HOHQFDUJDGRGHUHDOL]DUODPD\RUtDGHODV
RSHUDFLRQHVLPSRUWDQWHV$GHPiVGHOPLFURSURFHVDGRUVH LQFOX\HQORVHOHPHQWRVQHFHVDULRVSDUDTXH
pVWHSXHGDUHDOL]DUVXWUDEDMR(QWUHORVPiVLPSRUWDQWHVWHQHPRVORVVLJXLHQWHV

=yFDORVGHPHPRULDSULQFLSDO 5$0
5DQXUDVGHH[SDQVLyQRDPSOLDFLyQ
/tQHDVREXVHV GHFRPXQLFDFLyQ
&LUFXLWRVFRQWURODGRUHV GHGLVSRVLWLYRV
&KLSVHW RFRQMXQWRGHFKLSVSDUDHOFRQWURO\ VLQFURQL]DFLyQGHODVFRPXQLFDFLRQHVHQWUHORV
FRPSRQHQWHVGHODSODFD
%DWHUtD RSLOD
-XPSHUV RSXHQWHVGHFRQILJXUDFLyQ
520%,26RFRQMXQWREiVLFRGHLQVWUXFFLRQHVGHHQWUDGDVDOLGD

+D\GLIHUHQWHVWLSRVGHSODFDVEDVHSHURDFWXDOPHQWHWRGDVLQFOX\HQORVHOHPHQWRVPHQFLRQDGRV/D
GLVWULEXFLyQ H[DFWD GH ORV HOHPHQWRV GHSHQGH GHO PRGHOR FRQFUHWR GH SODFD EDVH \ GHO WLSR GH
FRPSRQHQWHV TXH VRSRUWH 3RU HMHPSOR HQ DOJXQDV HO SURFHVDGRU YD DORMDGR HQ XQ ]yFDOR DODUJDGR
SXHVWR TXH HO PRGHOR HOHJLGR HV XQ 3HQWLXP ,, TXH WLHQH IRUPD GH FDUWXFKR \ VH LQVHUWD GH PDQHUD
SHUSHQGLFXODU6LQHPEDUJRRWUDVSODFDVEDVHQRVRSRUWDQHVWHPRGHOR\WLHQHQXQ]yFDORFXDGUDGRHQ
ODTXHVHDORMDQRWURWLSRGHPLFURSURFHVDGRUHV

(VTXHPDGHFRPSRQHQWHVEiVLFRVGHXQDSODFDPDGUH

)RWRJUDItDGHXQDSODFDPDGUH
3iJ

 (/0,&52352&(6$'252&38

(V HO FHUHEUR GH OD FRPSXWDGRUD JRELHUQD VX IXQFLRQDPLHQWR \ HV HO HQFDUJDGR GH HMHFXWDU ORV
SURJUDPDV \ SURFHVDU ORV GDWRV LQWURGXFLGRV SRU HO XVXDULR $ HVWH FRPSRQHQWH WDPELpQ VH OH
GHQRPLQD&38 &HQWUDO3URFHVVLQJ8QLW R8QLGDG&HQWUDOGH3URFHVR

0LFURSURFHVDGRU3HQWLXP,,,
 (OHPHQWRVSULQFLSDOHVGHOPLFURSURFHVDGRU
+D\PXFKRVWLSRVGHUQLFURSURFHVDGRUHVSHURXQD&38WtSLFDFRQVWDHQWUHRWURVGHORVHOHPHQWRVTXH
VHDSUHFLDQHQODILJXUDVLJXLHQWHGRQGHHOJHQHUDGRUGHSXOVRVGHUHORMVXHOHDORMDUVHHQHOFKLSVHW
H[WHUQRGHODSODFDEDVH
*HQHUDGRUGHSXOVRV
GHUHORM 0K]
&RSURFHVDGRUPDWHPiWLFR

&DFKp
GH
1LYHO


8&

8QLGDGGH
&RQWURO

5HJLVWURV

5,

'HFRGLIL
FDGRU

$/8

6HFXHQ
FLDGRU

&DFKpGHQLYHO

50
'DWRVHLQVWUXFFLRQHV

'0

0(025,$35,1&,3$/

'LUHFFLRQHV

 /RVUHJLVWURV

3iJ

6L ORV GDWRV TXH PDQHMD HO PLFURSURFHVDGRU VH WRPDVHQ GLUHFWDPHQWH GH ORV EDQFRV GH OD PHPRULD
SULQFLSDO HO UHQGLPLHQWR REWHQLGR VHULD PX\ GHILFLHQWH GDGD OD VHSDUDFLyQ HQWUH DPERV 3DUD
VROXFLRQDUHVWROD&38FRQWLHQHXQSHTXHxRJUXSRGHFHOGDVGHGDWRVOODPDGDVUHJLVWURVTXHDOVHU
LQWHUQDV SHUPLWHQXQDFFHVRPX\UiSLGR7RGDODLQIRUPDFLyQTXHPDQLSXODOD&38VHFRORFDHQHVWRV
UHJLVWURV DQWHV GH HMHFXWDU ODV LQVWUXFFLRQHV SRU OR TXH WLHQH TXH H[LVWLU XQD DFWXDOL]DFLyQ FRQWLQXD
HQWUHODPHPRULDSULQFLSDO\HVWDVFHOGLOODV

(O Q~PHUR WLSR \ XVR GH ORV UHJLVWURV DVt FRPR ODV OHWUDV R VLJODV TXH ORVUHSUHVHQWDQYDUtDGHXQ
SURFHVDGRU D RWUR SHUR DOJXQRVVHHQFXHQWUDQSUiFWLFDPHQWHHQWRGRV SRUHMHPSORHODFXPXODGRU 
/RVWLSRVGHUHJLVWURVPiVFRPXQHVVRQ
R
R
R
R
R
R

(OGHQRPLQDGRUHJLVWURGHPHPRULD 50 HQHOTXHVHGHSRVLWDQORVGDWRVDOHHU RHVFULELUHQOD


PHPRULDSULQFLSDO
(OUHJLVWURGHGLUHFFLyQGHPHPRULD '0 TXHDOPDFHQDODSRVLFLyQ GHPHPRULDTXHVHTXLHUH
OHHU RHVFULELU
(ODFXPXODGRU $; TXHDOPDFHQDORVUHVXOWDGRVGHODVRSHUDFLRQHVUHDOL]DGDV
/RVUHJLVWURVGHXVRJHQHUDO %;&;'; 
(O SXQWHURGHLQVWUXFFLRQHV ,3 TXHVLUYHSDUDLQGLFDUOHDOD8& TXpRSHUDFLyQHVODVLJXLHQWHD
UHDOL]DU
(OUHJLVWURFRQORVLQGLFDGRUHVGHHVWDGRGHODPiTXLQDWDPELpQGHQRPLQDGRVEDQGHUDVRIODJV
DFDUUHRGHVERUGDPLHQWRHWF

(O WDPDxR GH ORV UHJLVWURV PDUFDUi HO Q~PHUR GH ELWV FRQ HO TXH SXHGH WUDEDMDU LQWHUQDPHQWH HO
PLFURSURFHVDGRUHQFDGDFLFORGHUHORM3UHFLVDPHQWHHVHQ~PHURHVHOTXHGHWHUPLQDODORQJLWXGGH
SDODEUD GHO PLFUR XQD &38 VH GHQRPLQD GH  ELWV VL PDQHMD UHJLVWURV WDPELpQ GHQRPLQDGRV
SDODEUDVFX\DORQJLWXGHVGHELWV(YLGHQWHPHQWHFXDQWRPD\RUQ~PHURGHELWVVHPDQHMHQPD\RU
VHUiHOUHQGLPLHQWRREWHQLGRSRUHOPLFURSURFHVDGRU3RUHMHPSORXQD&38TXHPDQHMDUHJLVWURVGH
ELWVWHQGUiXQUHQGLPLHQWRPX\LQIHULRUDRWUDTXHPDQHMHUHJLVWURVGHELWV
 /DVPHPRULDVFDFKpGHQLYHO\
1R VRQ UHDOPHQWH QHFHVDULDV SDUD OD HMHFXFLyQ GH ORV SURJUDPDV DXQTXH VL LQIOX\HQ PXFKR HQ HO
UHQGLPLHQWR JHQHUDO HV GHFLU HQ OD YHORFLGDG /D UDOHQWL]DFLyQ VH GHEH D TXH ORV GDWRV SDVDQ
FRQWLQXDPHQWHHQWUHODPHPRULDSULQFLSDO\OD&38GDGRTXHOD&38WLHQHPX\SRFDFDSDFLGDGGH
DOPDFHQDPLHQWR

6H KD GHPRVWUDGR GH IRUPD HVWDGtVWLFD TXH VL JXDUGDPRV HQ XQD SHTXHxD PHPRULD GHQWUR GHO
PLFURSURFHVDGRU GRQGH ORV DFFHVRV VRQ PX\ UiSLGRV ORV GDWRV H LQVWUXFFLRQHV TXH VH SUHYp VHUiQ
XWLOL]DGRVDFRQWLQXDFLyQGLVPLQXLUiGUiVWLFDPHQWHHOQ~PHURGHDFFHVRVDODPHPRULDSULQFLSDO3RU
HMHPSORODLQVWUXFFLyQHVWiFRPSXHVWDSRULQVWUXFFLRQHVEiVLFDVTXHVRQODVTXHHMHFXWDOD
&38ODSULPHUDHV\ODVHJXQGDUHVWDUOHDOUHVXOWDGRDQWHULRU3XHVELHQDXQTXHOD&38HQOD
LQVWUXFFLyQVyORPDQHMDUDODLQVWUXFFLyQGHVXPD\ORVGDWRV\DOGLVSRQHUGHPHPRULDFDFKp
FDUJDUi OD LQVWUXFFLyQ FRPSOHWD HQ GLFKD PHPRULD GH IRUPD TXH FXDQGR SDVH D HMHFXWDU OD UHVWD QR
WHQJDTXHYLDMDUDODPHPRULDSULQFLSDO(VWRKDUiTXHORVSURJUDPDVVHHMHFXWHQPiVUiSLGDPHQWH
(VD SHTXHxD PHPRULD LQWHUQD HV OD GHQRPLQDGD PHPRULD FDFKp GH QLYHO /DGHQLYHOWLHQHXQ
REMHWLYRVLPLODUHVPXFKRPiVJUDQGHTXHODGHQLYHO\DXQTXHORVDFFHVRVDHOODVHDQPiVOHQWRV
TXHODGHQLYHOWDPELpQVRQPXFKRPiVUiSLGRVTXHORVDFFHVRVDODPHPRULDSULQFLSDO 1RHQWRGRV
ORV FDVRV OD PHPRULD FDFKp GH QLYHO  VH HQFXHQWUD GHQWUR GHO PLFURSURFHVDGRU (Q RFDVLRQHV HVWi
LQVWDODGDHQODSODFDEDVHHQXQFKLSH[WHUQR\PX\FHUFDQRDOD&38
5HVXPLHQGRODVPHPRULDVFDFKpDFHOHUDQODDGTXLVLFLyQGHGDWRVHQODPD\RUtDGHORVFDVRV&XDQGR
OD&38QHFHVLWDFDUJDUXQGDWRKDFHORVLJXLHQWH
 /REXVFDHQODPHPRULDFDFKpGHQLYHO

3iJ

 6LDOOtQRVHHQFXHQWUDOREXVFDHQODPHPRULDFDFKpGHQLYHO
 6LHQHVWDWDPSRFRHVWiORVDFDUiGHODPHPRULDSULQFLSDO
$XQTXH HVWH HVTXHPD UHVXOWH PX\ FRPSOLFDGR DGHPiV UHTXLHUH PHFDQLVPRV HVSHFLDOL]DGRV SDUD
GHFLGLUTXpGDWRVVHFDUJDQ\GHVFDUJDQGHODVPHPRULDVFDFKp HVPX\HIHFWLYR
 /DXQLGDGGHFRQWURO 8&

&RQWUROD \ VLQFURQL]D HO IXQFLRQDPLHQWR GH ORV FRPSRQHQWHV LQWHUQRV GHO PLFURSURFHVDGRU \ OD
FRPXQLFDFLyQ FRQ GHWHUPLQDGRV FRPSRQHQWHV GHO H[WHULRU FRUQR OD PHPRULD SULQFLSDO 3DUD HO
VLQFURQLVPRHQYtDVHxDOHVGHFRQWURODHVWRVFRPSRQHQWHV\UHFLEHVHxDOHVGHHVWDGRSDUDFRQRFHUODV
HWDSDVRVLWXDFLRQHVGHIXQFLRQDPLHQWRGHORVPLVPRV3RUHMHPSORFXDQGROD&38QHFHVLWDXQGDWR
TXHHVWiHQODPHPRULDSULQFLSDOOHHQYtDXQDVHxDOGHFRQWUROTXHHVSHFLILFDODRUGHQ /HHU'DWR
(QVXLQWHULRUPDQWLHQHHOUHJLVWURGHLQVWUXFFLyQ R5, YHUILJXUDGHFRPSRQHQWHVGHOPLFUR TXH
FRQWLHQHODRSHUDFLyQDFWXDOGHOSURJUDPD'LFKD LQVWUXFFLyQVHHMHFXWDUiXWLOL]DQGRHOGHFRGLILFDGRU
\HOVHFXHQFLDGRU
 /DXQLGDGDULWPpWLFROyJLFD $/8

(V OD SDUWH GH OD &38 TXH QR HVWi GHGLFDGD DO FRQWURO (IHFW~DRSHUDFLRQHVDULWPpWLFDVHOHPHQWDOHV
VXPDV \ UHVWDV  \ RSHUDFLRQHV OyJLFDV FRPSDUDFLRQHV URWDFLRQHV ELQDULDV HWF  /RV GDWRV TXH
PDQHMDQ SRU HMHPSOR ORV RSHUDQGRV GH XQD VXPD VH PHWHQ HQ ORV UHJLVWURV GHMDQGR ORV UHVXOWDGRV
WDPELpQHQDOJ~QUHJLVWUR$GHPiVFRUQRFRQVHFXHQFLDGHXQDRSHUDFLyQVHSXHGHPRGLILFDUDOJXQR
GHORVLQGLFDGRUHVRIODJV DFDUUHRGHVERUGDPLHQWRHWF 

/DVRSHUDFLRQHVTXHUHDOL]DVRQVHQFLOODV3RUHMHPSORODVDULWPpWLFDVVHOLPLWDQDVXPDVGHQ~PHURV
HQWHURVODVUHVWDVVHKDFHQVXPDQGRQ~PHURVQHJDWLYRV\RWUDVRSHUDFLRQHVPiVFRPSOLFDGDVFRPROD
PXOWLSOLFDFLyQRGLYLVLyQVHKDFHQHMHFXWDQGRVXFHVLYDVVXPDV\UHVWDV3DUDUHVROYHUHVWHSUREOHPD
HQODPD\RUtDGHSURFHVDGRUHVDFWXDOHVVHLQFOX\HLQWHUQDPHQWHXQFRSURFHVDGRUPDWHPiWLFRTXHHV
FDSD]GHUHDOL]DUFRPSOLFDGRVFiOFXORVFRQQ~PHURVHQFRPDIORWDQWH
 (OFRSURFHVDGRUPDWHPiWLFR

&RQ HVWH FRPSRQHQWH RFXUUH OR PLVPR TXH FRQ ODV PHPRULDV FDFKp QR HV QHFHVDULR SHUR VL PX\
UHFRPHQGDEOH\DTXHDFHOHUDPXFKRODHMHFXFLyQGHORVSURJUDPDVIXQGDPHQWDOPHQWHDTXHOORVTXH
UHDOL]DQFiOFXORVFRPSOHMRVFRPRODVDSOLFDFLRQHVEDVDGDVHQJUiILFRV
6L HQ ORV SULPHURV PRGHORV GH RUGHQDGRUHV QR VH LQFOXtD HQ SUiFWLFDPHQWH WRGRV ORV
PLFURSURFHVDGRUHVDFWXDOHVVHPRQWDHVWHHOHPHQWRORQRUPDOHVTXHVHDORMHGHQWURGHODPLVPD&38
DXQTXHHQDOJXQRVFDVRVVHPRQWDGHIRUPDH[WHUQDHQXQFKLSDSDUWHGHODSODFDEDVH
 &,&/2'((-(&8&,1'(81$,16758&&,21(1/$&38

3DUD TXH HO PLFURSURFHVDGRU FRQVLJD IXQFLRQDU FRUUHFWDPHQWH GHEHQ GH VLQFURQL]DUVH WRGRV ORV
HOHPHQWRVFLWDGRVHQHOSXQWRDQWHULRU3RUHMHPSOR\GHIRUPDPX\JHQHUDOORVSDVRVTXHWHQGUtDQ
TXHGDUVHSDUDHMHFXWDUXQDLQVWUXFFLyQGHVXPDFRPRVHUtDQORVVLJXLHQWHV
 &DUJD(QSULPHUOXJDUGHEHFRORFDUVHODLQVWUXFFLyQDHMHFXWDUHQHO5, UHJLVWURGHLQVWUXFFLyQ 
GHOD8& XQLGDGGHFRQWURO 3DUDUHDOL]DUHVWDFDUJDVHORFDOL]DUiODLQVWUXFFLyQHQ
D ODPHPRULDFDFKpGHQLYHOVLQRHVWiDTXtVHEXVFDUiHQ
E ODPHPRULDFDFKpGHQLYHO\VLWDPSRFRHVWiDTXtVHHQFRQWUDUiHQ
F ODPHPRULDSULQFLSDO
 (MHFXFLyQ8QDYH]FDUJDGDODLQVWUXFFLyQHQHO5,HVLQWHUSUHWDGDSRUHOGHFRGLILFDGRUGHOD8&
TXHREWHQGUiODVHULHGHSDVRVTXHKD\TXHGDU'LFKRVSDVRVVHUiQFRUUHFWDPHQWHDFWLYDGRVSRU
3iJ

HOVHFXHQFLDGRUVLHPSUHDOULWPRPDUFDGRSRUHOJHQHUDGRUGHSXOVRVGHOUHORM(QFDGDSDVROD
8&HQYtDODVVHxDOHVGHFRQWURODGHFXDGDVDORVFRPSRQHQWHVLQYROXFUDGRV(QQXHVWURHMHPSOR

D 6HHQYtDQVHxDOHVGHFRQWUROSDUDOHHUORVRSHUDQGRV HOQ~PHUR\HOQ~PHUR \FDUJDUORV


HQORVUHJLVWURVLQWHUQRV/RVGDWRVWDPELpQSXHGHQHVWDUORFDOL]DGRVHQODPHPRULDFDFKpGH
SULPHURVHJXQGRQLYHO RHQODPHPRULDSULQFLSDO
E &XDQGRWRGRVORVGDWRVHVWiQ\DFDUJDGRVHQORVUHJLVWURVVHHQYtDRWUDVHxDOGHFRQWURODOD
$/8 XQLGDGDULWPpWLFROyJLFD SDUDTXHUHDOLFHODRSHUDFLyQGHVXPDGHMDQGRHOUHVXOWDGRHQ
RWURUHJLVWURLQWHUQR
 7,326'(0,&52352&(6$'25(6

7RGRPLFURSURFHVDGRUHQWLHQGHXQGHWHUPLQDGRFRQMXQWRGHLQVWUXFFLRQHVTXHVRQHVSHFtILFDVGHFDGD
PRGHOR$JUDQGHVUDVJRVVHSXHGHKDFHUXQDFODVLILFDFLyQJHQHUDOGHORVSURFHVDGRUHVDWHQGLHQGRDO
WLSRGHLQVWUXFFLRQHVTXHPDQHMDQ

D &,6& &RPSOH[ ,QVWUXFWLRQ 6HW &RPSXWHU  2UGHQDGRU FRQ XQ FRQMXQWR GH LQVWUXFFLRQHV
FRPSOHMR &DGD SURFHVDGRU FRQWLHQH XQ JUDQ Q~PHUR GH LQVWUXFFLRQHV TXH UHDOL]DQ
RSHUDFLRQHVFRPSOHWDV3RUHVWHPRWLYRHOGHFRGLILFDGRU\HOVHFXHQFLDGRUWLHQHQXQFDUiFWHU
FRPSOHMRPDQLSXODQPXOWLWXGGHLQVWUXFFLRQHVDOJXQDVFRQPXFKDVHWDSDVGLIHUHQWHV
E 5,6& 5HGXFHG ,QVWUXFWLRQ 6HW &RPSXWHU  2UGHQDGRU FRQ XQ FRQMXQWR UHGXFLGR GH
LQVWUXFFLRQHVTXHDGHPiVVRQGHFDUiFWHUEiVLFR&XDQGRQHFHVLWDUHDOL]DUWDUHDVFRPSOHMDV
ODV HMHFXWD PHGLDQWH XQ FRQMXQWR GH RSHUDFLRQHV EiVLFDV &RPR HO GHFRGLILFDGRU \ HO
VHFXHQFLDGRU VH VLPSOLILFDQ \ HQ UHDOLGDG ODV LQVWUXFFLRQHV FRPSOHMDV VH XWLOL]DQPX\SRFR
HVWHWLSRGHSURFHVDGRUHVPiVUiSLGR\PiVSRWHQWHTXHHO&,6&

(Q HO JUXSR GH SURFHVDGRUHV &,6& HVWiQ WRGRV DTXHOORV GH FDUiFWHU JHQHUDO IXQGDPHQWDOPHQWH ORV
GHGLFDGRV DO XVR GRPpVWLFR 3&V \ 0DFLQWRVK  TXHGDQGR ORV PiV DYDQ]DGRV \ HVSHFLDOL]DGRV
HVWDFLRQHVGHWUDEDMRVHUYLGRUHV\PDLQIUDPHV SDUDHOJUXSRGHRUGHQDGRUHV5,6&
 0LFURSURFHVDGRUHVGH3&

&HQWUiQGRQRV~QLFDPHQWHHQHOHQWRUQRGH3&VSDUWLPRVGHOSULPHUPLFURSURFHVDGRUHO,QWHO
LQLFLRGHODIDPLOLD VHGHQRPLQD[ \VHPXHVWUDDFRQWLQXDFLyQVXHYROXFLyQ DJUDQGHVUDVJRV
0RGHOR&38
)HFKDGH
%XVGH'DWRV 5DQJRGHYHORFLGDGHV /RQJLWXG
&RSURF
DSDULFLyQ
SDODEUD
0DWHP
 ;7


D0K]
ELWV
12
 $7





6;





';
';
6;

'; ';
3HQWLXP

3HQWLXP3UR

3HQWLXP00;

3HQWLXP,,

3HQWLXP,,&HOHURQ
3HQWLXP,,;HRQ












D0K]

ELWV

12

D0K]

ELWV

12



D0K]



D0K]



D0K]



D0K]



D0K]



D0K]






D0K]

D0K]
D0K]
D0K]

ELWV
ELWV

12
6,

ELWV

12

ELWV

6,

ELWV
ELWV

ELWV
ELWV
ELWV
ELWV

6,
6,
6,
6,
6,
6,

3iJ

3HQWLXP,,,

3HQWLXP,9







0K]D*+]

*+]D*+]

ELWV
ELWV

6,
6,

$GHPiVGH,QWHOHPSUHVDSLRQHUDHQODIDEULFDFLyQGHPLFURSURFHVDGRUHVSDUD3&
KD\RWURVIDEULFDQWHV IXQGDPHQWDOPHQWH$0'\&\UL[ TXHKDQVDFDGRDOPHUFDGR
PLFURSURFHVDGRUHVFRPSDWLEOHVTXHHQGHWHUPLQDGDVFLUFXQVWDQFLDVSXHGHQREWHQHULJXDOHV R
PD\RUHVUHQGLPLHQWRVTXHORVHTXLYDOHQWHV,QWHO/RVPRGHORVPiVPRGHUQRVWLHQHQXQGLVHxRTXH
SUHWHQGHHPXODUDODVDUTXLWHFWXUDV5,6&PiVSRWHQWHVDXQTXHSRUPRWLYRVGHFRPSDWLELOLGDGFRQORV
PLFURSURFHVDGRUHVPiVDQWLJXRVVHSXHGHGHFLUTXHWLHQHXQ HVTXHPDPL[WR&,6&5,6&

(QHOHQWRUQRGHRUGHQDGRUHV0DFLQWRVK 0DF ORV SURFHVDGRUHVVRQIDEULFDGRVSRU0RWRUROD \HQOD


DFWXDOLGDG VXV PRGHORV GH DOWDV SUHVWDFLRQHV VRQ ORV 3RZHU3& TXH REWLHQHQ XQ PD\RU UHQGLPLHQWR
WLHQHQXQDDUTXLWHFWXUD5,6&PiVDYDQ]DGD DLJXDOGDGGHYHORFLGDGGHUHORMTXHORVRUGHQDGRUHV
3& (Q OD DFWXDOLGDG VX PD\RU SUHFLR \ VREUH WRGR VX IDOWD GH FRPSDWLELOLGDG ORV UHOHJDQ D XQ
VHJXQGRSODQRGHQWURGHOPHUFDGR
$XQTXHHOFRQRFLPLHQWRGHORH[SUHVDGRUHVSHFWRDORVPLFURSURFHVDGRUHVQRVLQGX]FDDSHQVDUTXH
pVWD HV OD SDUWH TXH PiV LQIOX\H HQ OD YHORFLGDG GH XQ RUGHQDGRU KD\ TXH WHQHU SUHVHQWH TXH HO
UHQGLPLHQWRILQDOGHXQRUGHQDGRUQRVyORGHSHQGHGHOPRGHOR\YHORFLGDGGHOPLFURSURFHVDGRU
(OHPHQWRVFRPRHOWLSRGHSODFDHOFKLSVHWHPSOHDGRHOWLSRGHPHPRULDHWFSXHGHQOOHJDUDVHUPiV
LPSRUWDQWHVTXHOD&38
 (/(0(1726$8;,/,$5(6'(/$&38(/&+,36(7
'HVSXpVGHOPLFURSURFHVDGRUHVWDHVXQDGHODVSDUWHVTXHPiVSXHGHLQIOXLUHQHOUHQGLPLHQWRJHQHUDO
GHXQDFRPSXWDGRUD (VWRHVGHELGRDTXHVXIXQFLyQHVODGHFRQWURODUHOWUiILFRGHLQIRUPDFLyQ
TXHH[LVWHHQWUHORVGLVWLQWRVHOHPHQWRVGHODSODFDEDVHLQFOXLGRVODVLQWHUIDFHVFRQHOH[WHULRU EXVGH
SHULIpULFRVSXHUWRVSDUDOHOR\VHULHHWF \SRUWDQWRGHWHUPLQDODYHORFLGDGTXHSXHGHDOFDQ]DUVH'H
QDGD VHUYLUtD WHQHU XQ SURFHVDGRU PX\ UiSLGR \ PXFKD FDQWLGDG GH PHPRULD SULQFLSDO VL OD
FRPXQLFDFLyQHQWUHORVGLVWLQWRVFRPSRQHQWHVQRHVEXHQD
'HORVHOHPHQWRVTXHVXHOHQLQWHJUDUVHHQHOFRQMXQWRGHFKLSV GHVWDFDPRVORVVLJXLHQWHV
(OUHORMRJHQHUDGRUGHSXOVRV
(OFRQWURODGRUGHLQWHUUXSFLRQHVSURJUDPDEOH 3,&
(OFRQWURODGRUGHGLVFRV QRUPDOPHQWHGHOWLSR,'((,'(
(OFRQWURODGRUGHPHPRULDSULQFLSDO
(OFRQWURODGRUGHODFFHVRGLUHFWRDPHPRULD '0$
,QWHUIDFHVFRQORVEXVHVGHH[SDQVLyQ 3&,,6$$*3HWF
(OFRQWURODGRUSDUDHOWHFODGR\HOUDWyQ
 (OUHORMRJHQHUDGRUGHSXOVRV
$XQTXHHVXQHOHPHQWRH[WHUQRVXIXQFLyQHVPX\LPSRUWDQWHSXHVWRTXHPDUFDHOULWPRFRQHOTXH
VH HMHFXWDQ WRGDV ODV RSHUDFLRQHV GH PLFURSURFHVDGRU FRQ HO REMHWLYR GH VLQFURQL]DU VX
IXQFLRQDPLHQWR 'H KHFKR FXDQGR VH GLFH TXH OD YHORFLGDG GH XQ RUGHQDGRU HV GH ; 0K]
0HJDKHUFLRVRPLOORQHVGHFLFORVSRUVHJXQGR HVWDPRVKDFLHQGRUHIHUHQFLDDODYHORFLGDGPDUFDGD
SRUHVWH UHORM6LQHPEDUJRODYHORFLGDGSRUVLVRODQRHVXQFODURLQGLFDGRUGHODVSUHVWDFLRQHVGHXQ
RUGHQDGRUSRUHMHPSORXQ3HQWLXP00;D0K]HQDOJXQDVFLUFXQVWDQFLDVVHUiPDVUiSLGRTXH
HQ3HQWLXP D0K] GDGRTXHPXFKDVRSHUDFLRQHVODVHMHFXWDHQPHQRVFLFORVGHUHORM
/RVPLFURSURFHVDGRUHVGHOHQWRUQR3&WLHQHQXQMXHJRGHLQVWUXFFLRQHVGLIHUHQWHDORVGHOHQWRUQR0$&SRU
HVRQRVRQFRPSDWLEOHVHQWUHVt


3iJ

(VWH FLUFXLWR DSDUWH GH PDUFDU HO ULWPR LQWHUQR GH OD &38 WDPELpQ VHUYLUi SDUD VLQFURQL]DU HO
IXQFLRQDPLHQWRGHOPLFURSURFHVDGRUFRQRWURVFRPSRQHQWHVGHODSODFDEDVH
 &RQWURODGRUGHLQWHUUXSFLRQHV

(QHOIXQFLRQDPLHQWRGHOD&38VRQGHJUDQLPSRUWDQFLDODVLQWHUUXSFLRQHVKDUGZDUHTXHVRQVHxDOHV
GH HVWDGR TXH FRPXQLFDQ DO PLFURSURFHVDGRU TXH GHEH DEDQGRQDU WHPSRUDOPHQWH OD RSHUDFLyQ TXH
HVWiHIHFWXDQGRHQHVHPRPHQWRSDUDHMHFXWDURWUD SRUHMHPSOROHHUHOFyGLJRGHXQDWHFOD SXOVDGD 
XQDYH]HMHFXWDGDODRSHUDFLyQDVRFLDGDDODLQWHUUXSFLyQVHFRQWLQ~DHOWUDEDMRHQHOSXQWRHQTXHVH
GHMy
7HFODGR
,54

&RQWURODGRUGH'LVFR
'XUR ,54

3,&
7DUMHWDGHUHG
,54

&38

&RQWURODGRUGHVRQLGR
,54

3HWLFLRQHVGHLQWHUUXSFLyQKDUGZDUHJHQHUDGDVGHVGHYDULRV

(O WUDEDMR GH HVWH FLUFXLWR FRQWURODGRU GHQRPLQDGR 3,& y &RQWURODGRU GH LQWHUUXSFLRQHV
3URJUDPDEOH FRQVLVWH HQ UHFLELU VHxDOHV GH SHWLFLyQ GH LQWHUUXSFLyQ ,54  GHVGH ORV GLVSRVLWLYRV
WHFODGRWDUMHWDGHVRQLGRSXHUWRSDUDOHORSXHUWRVHULHHWF HLQIRUPDUGHHOORDOD&38SDUDTXHVHDQ
DWHQGLGRV YHUILJXUD 
3RUWDQWRFDGDGLVSRVLWLYRTXHQHFHVLWHXWLOL]DUOD&38 XVDUiXQ Q~PHURGH,54TXHORLGHQWLILTXH
SRUHMHPSORHQORVRUGHQDGRUHV3&ORV,54PiVLPSRUWDQWHVVRQORVVLJXLHQWHV
1~PHUR,54


7HPSRUL]DGRU

3XHUWRVHULH&20









8WLOL]DFLyQ

7HFODGR

3XHUWRVHULH&20

3XHUWRSDUDOHOR/37

&RQWURODGRUGH ODXQLGDGGHGLVTXHWHV
3XHUWRSDUDOHOR/37

&RQWURODGRUGHGLVFRGXUR

/RVQ~PHURVGH,54SXHGHQVHUDVLJQDGRVPDQXDOPHQWHDRWURVGLVSRVLWLYRVTXHQRHVWpQHQODOLVWD
3RUHMHPSORVLLQVWDORXQDWDUMHWDGHVRQLGRHQHORUGHQDGRUWHQJRTXHDVRFLDUOHXQQ~PHURGH,54
TXHQRHVWpVLHQGRXWLOL]DGRSRURWURSHULIpULFRFRUQRHO/37QRVXHOHXWLOL]DUVHSXHGRDVLJQDUOHHO
Q~PHUR
 $FFHVRGLUHFWRDPHPRULD '0$

6L WRGRV ORV GDWRV TXH HQWUDQ R VDOHQ GH OD PHPRULD WXYLHVHQ TXH KDFHUOR D WUDYpV GH OD &38 HO
SURFHVDGRUWDUGDUtDPiV WLHPSRHQDWHQGHUDORVSHULIpULFRVTXHHQHMHFXWDUORVSURJUDPDV3DUDHYLWDU
3iJ

7HPD

,QWURGXFFLyQDOD,QIRUPiWLFD

HVWRVHXWLOL]DXQFLUFXLWRGHQRPLQDGR'0$ 'LUHFW0HPRU\$FFHVVR$FFHVR'LUHFWRD0HPRULD 
TXHIDFLOLWDHOWUDVODGRGHGDWRVDPHPRULDVLQQHFHVLGDGGHSDVDUSRUHOSURFHVDGRUSULQFLSDO
(VWHFRQWURODGRUSURSRUFLRQDXQDVHULHGHFDQDOHVSDUDFRPXQLFDUGLUHFWDPHQWHODPHPRULDFRQRWURV
GLVSRVLWLYRVFRPRSRUHMHPSORHOFRQWURODGRUGHOGLVFRGXURRXQDWDUMHWDGHVRQLGR/RVGLVSRVLWLYRV
TXHTXLHUDQOHHURHVFULELUGDWRVHQPHPRULDVyORWLHQHQTXHGDUOHDO'0$ODGLUHFFLyQGHFRPLHQ]R\
HOWDPDxRGHORVGDWRVDWUDQVPLWLU\HO'0$WUDQVIHULUiDXWRPiWLFDPHQWHODLQIRUPDFLyQVLQTXHWHQJD
TXHLQWHUYHQLUHOPLFURSURFHVDGRU

&38

'LVFR

&38

'LVFR

'
0
$

0HPRULD
3ULQFLSDO
D &RPXQLFDFLyQ'LVFR0HPRULD
SULQFLSDOXWLOL]DQGROD&38

0HPRULD
3ULQFLSDO

E &RPXQLFDFLyQ'LVFR0HPRULDSULQFLSDO
XWLOL]DQGRXQFDQDO'0$

(VTXHPDEiVLFRGHFRPXQLFDFLyQVLQ\FRQ'0$

 0(025,$35,1&,3$/2'(/6,67(0$0(025,$6'(7,325$0

&RPR\DVHKDYLVWRHQODSODFDEDVHVHFRORFDODPHPRULDSULQFLSDO WDPELpQGHQRPLQDGDPHPRULD
LQWHUQD R PHPRULD GHO VLVWHPD  TXH DOPDFHQD OD LQIRUPDFLyQ LQVWUXFFLRQHV \ GDWRV  TXH PDQHMD
FRQVWDQWHPHQWH OD &38 3RU WDQWR VH FRQVLGHUD XQD SDUWH LPSUHVFLQGLEOH SDUD HO FRUUHFWR
IXQFLRQDPLHQWR GHO RUGHQDGRU GH DKt VX LPSRUWDQFLD WRGRV ORV SURJUDPDV \ GDWRV DQWHV GH VHU
XWLOL]DGRVSRUHOPLFURSURFHVDGRUGHEHQVHUDOPDFHQDGRVHQHVWDPHPRULD
1RGHEHFRQIXQGLUVHODPHPRULDSULQFLSDOTXHHVGHWLSRLQWHUQR\HVWiFRORFDGDHQODSODFDEDVHFRQ
ODPHPRULDGHDOPDFHQDPLHQWRPDVLYR GLVFRVGXURVGLVTXHWHV&'520 TXHWLHQHQXQFDUiFWHU
H[WHUQRHVGHFLUTXHQR HVWiQLQFOXLGDVHQODSODFDEDVH\VXHOHQDORMDUVHHQDOJ~QWLSRGHSHULIpULFR
SRUHMHPSOR HOGLVTXHWHHQODGLVTXHWHUD\HO&'520HQHOOHFWRUOiVHUGH&'5207LHQHQJUDQ
UHODFLyQSXHVWRTXHWRGRVORVSURJUDPDV\GDWRVVRQDOPDFHQDGRVHQORVGLVFRV\ SDVDQGHVSXpVDOD
PHPRULDGRQGHVHUiQPDQLSXODGRVDGHFXDGDPHQWHSRUOD&38WDOFRPRVHYHHQODVLJXLHQWHILJXUD

'LVFR

'DWRVH
LQVWUXFFLRQHV

'DWRVH
LQVWUXFFLRQHV

&38

0HPRULD
3ULQFLSDO

(VTXHPDGHFDUJDGHXQSURJUDPDDSDUWLUGHVXXELFDFLyQHQGLVFR

 &DUDFWHUtVWLFDVGHODPHPRULDSULQFLSDORFHQWUDO

/DPHPRULDSULQFLSDOHVGHWLSR5$0 5DQGRP$FFHVV0HPRU\ 0HPRULDGH$FFHVR$OHDWRULR \


VXVFDUDFWHUtVWLFDVSULQFLSDOHVVRQODVVLJXLHQWHV

3iJ

x
x

/D PHPRULD SULQFLSDO DOPDFHQD ELWV XQRV \ FHURV  HQ FHOGDV LQGHSHQGLHQWHV HQWUH Vt TXH
FRQWLHQHQXQE\WH  ELWV GHLQIRUPDFLyQ

&DGDFHOGDVHORFDOL]DHQHOFRQMXQWRPHGLDQWHXQQ~PHURELQDULRLGHQWLILFDWRULRTXHFRQVWLWX\H
VX GLUHFFLyQ y LQGLFDFLyQ GH VX SRVLFLyQ HQHVHFRQMXQWR(VWHQ~PHURQRVHSXHGHDOWHUDU
SXHVHVWiHVWDEOHFLGRFLUFXLWDOPHQWH

3RUORWDQWRFRQUHODFLyQDFDGDFHOGDVHWLHQHGRVQ~PHURVELQDULRV
x
x

8QQ~PHURILMRODGLUHFFLyQTXHSUHVHQWDGRHQORVFLUFXLWRVGHODPHPRULDSHUPLWHDFFHGHUDXQD
FHOGD\
8QQ~PHURGHRFKRELWVTXHHVHOFRQWHQLGR LQIRUPDWLYRGHHVDFHOGDRVHDODFRPELQDFLyQGH
XQRV\FHURVDOPDFHQDGDHQHOOD(VWHQ~PHURSXHGHFDPELDUVHVLODPHPRULDHVDOWHUDEOH

*HQHUDOPHQWH VH UHSUHVHQWDQ ODV FHOGDV GH OD PHPRULD FRPR XQ FRQMXQWR GH FDVLOOHURV YHUWLFDOHV
VLHQGR VXV GLUHFFLRQHV Q~PHURV ELQDULRV FRQVHFXWLYRV 3DUD QR YLVXDOL]DU ODUJDV FDGHQDV GH XQRV \
FHURVHVWRVQ~PHURVVHHVFULEHQHQVXHTXLYDOHQWHKH[DGHFLPDO

(MHPSORHQODILJXUDVLJXLHQWHVHGHVWDFDODGLUHFFLyQ +HQODFXDOHVWi
DOPDFHQDGRHOE\WH +
+ 

+ 

+ 
+ 
+ 

$+ 
%+ 











































3XHGH D\XGDU D HQWHQGHU PHMRU HO FRQFHSWR GH E\WH DOPDFHQDGR VL VH SLHQVD TXH HQ FDGD
FDVLOOHUR H[LVWHQ OODYHV GHO WLSR VLQR FRPR ODV FRPXQHV GH SDUHG SDUD HQFHQGHUODOX]FDGDXQD
SDUD UHWHQHU XQ XQR HVWDUi HQ OD SRVLFLyQ GH SUHQGLGR VL  R SDUD UHSUHVHQWDU HO FHUR HVWDUi HQ
DSDJDGR QR (QWRQFHVSDUDXQDFHOGDGDGDFRPRODTXHFRQWLHQH ODFRPELQDFLyQGH
XQRV \ FHURV TXH HVWiQ IRUPDQGR ODV RFKR OODYHV HV OD LQIRUPDFLyQ FRQWHQLGD HQ GLFKD FHOGD /D
LQIRUPDFLyQTXHDOPDFHQDFDGDJUXSRGHOODYHVSXHGHUHIHULUVHDLQVWUXFFLRQHVRGDWRV

 3DODEUDGHPHPRULD ZRUG


(QFDGDGLUHFFLyQGHPHPRULD FHOGD VyORVHSXHGHQOHHURHVFULELUELWVSRUYH]VLQSRVLELOLGDG
GHRSHUDUPHQRUFDQWLGDGGHELWV
&XDQGR ORV GDWRV H LQVWUXFFLRQHV RFXSHQ PiV GH XQ E\WHVHDOPDFHQDQIUDJPHQWDGRVHQYDULRV
E\WHVORVFXDOHVGHEHQHVWDUFRQWHQLGRVHQFHOGDVFRQVHFXWLYDVGHPHPRULD

(QXQDRSHUDFLyQGHOHFWXUDRHVFULWXUDGH03VHSXHGHDFFHGHUDYDULDVFHOGDVFRQVHFXWLYDV(O
Q~PHURPi[LPRGHpVWDVFRQVWLWX\HXQDSDODEUD ZRUG GHPHPRULD'LFKRQ~PHURSXHGHVHU
  ~E\WHVGHSHQGLHQGRGHODFDQWLGDGGHOtQHDVGHGDWRVTXHVDOHQGHOSURFHVDGRUKDFLDOD
PHPRULD

 /HHU\JUDEDUGDWRVHQODPHPRULD
3DUDDFFHGHUDORVGDWRVGHODPHPRULDRJUDEDUGDWRVHQHOODVODVGRV~QLFDVRSHUDFLRQHVTXHSXHGH
UHDOL]DUOD8&3FRQHOODpVWDGHEHGLUHFFLRQDUOD03

3iJ

/D DFFLyQ GH GLUHFFLRQDU R GLUHFFLRQDPLHQWR FRQVLVWH HQ FRORFDU HQ ODV OtQHDV GH
GLUHFFLRQHVGHOEXVTXHOOHJDQDOD03ODGLUHFFLyQGHODFHOGDDODTXHVHTXLHUHDFFHGHUSDUDOHHUODR
HVFULELUOD

(M 3DUD OHHU HO FRQWHQLGR GH OD FHOGD + GHO JUiILFR DQWHULRU OD 8&3 FRORFD HO YDORU GH HVWD
GLUHFFLyQ HQELQDULR HQHOEXVGHGLUHFFLRQHV\XQDFRSLDGHOFRQWHQLGRGHpVWD  MXQWRFRQ
ODGLUHFFLyQVHFRORFDHQHOEXVGHGDWRVDGLVSRVLFLyQGHOD8&3
/DVPLVPDVFHOGDVTXHIXHURQOHtGDVSXHGHQVHUHVFULWDVFRQRWURFRQWHQLGRGLVWLQWR(VGHFLUTXHODV
OODYHV FDPELDQ GH HVWDGR SDUD UHSUHVHQWDU HO QXHYR YDORU 'H HVWR VH GHGXFH TXH XQD HVFULWXUD HV
GHVWUXFWLYD HQ HO VHQWLGR HQ TXH VH SLHUGH GHVDSDUHFH HO FRQWHQLGR DQWHULRU SXHV ODV OODYHV TXH
FDPELDQGHHVWDGRQRSXHGHQYROYHUDOTXHWHQtDQDQWHVGHODHVFULWXUD
7LHPSR GH DFFHVR HV HO TXH WUDQVFXUUH HQWUH TXH VH GLUHFFLRQD XQD FHOGD GH PHPRULD KDVWD TXH
DSDUHFH HQ HO EXV GH GDWRV HO FRQWHQLGR GH OD FHOGD GLUHFFLRQDGD (VWH WLHPSR VH PLGH HQ
QDQRVHJXQGRV HVWD XQLGDG GH WLHPSR VLJQLILFD XQD PLO PLOORQpVLPD GH VHJXQGR /RV SURFHVDGRUHV
LQWHUQDPHQWHUHDOL]DQRSHUDFLRQHVHQFRQWDGRVQDQRVHJXQGRV
(ODFFHVRDODPHPRULDHVGHWLSR5DQGRP DOD]DU HVWRTXLHUHGHFLUTXHFXDOTXLHUSRVLFLyQSXHGH
HQFRQWUDUVHHQLJXDOWLHPSR SDUDVHUOHtGDRHVFULWD VLQE~VTXHGDDOJXQD
 7LSRVGH0HPRULD3ULQFLSDO5$0&DFKp \520
/DPHPRULDSULQFLSDOVHGLYLGHHQGRVWLSRVEiVLFRV

5$0 5DQGRP$FHVV0HPRU\

520 5HDG2QO\$FHVV0HPRU\

 0HPRULD5$0
/D PHPRULD5$0VHOODPDGHDFFHVRDOHDWRULRSRUTXHHOXVXDULR\VXVSURJUDPDVSXHGHQDFFHGHUD
HOOD D FXDOTXLHUSRVLFLyQ DFFHVRGLUHFWR SDUDOHHURHVFULELU/D5$0HVVLQyQLPRGHPHPRULDGH
OHFWXUDHVFULWXUD

/D5$0HQXQWLSRGHPHPRULDYROiWLO /DVPHPRULDVYROiWLOHVSRUVXVFDUDFWHUtVWLFDVItVLFDVSLHUGHQ
ODLQIRUPDFLyQDOPDFHQDGDFXDQGRVHFRUWDHOVXPLQLVWURGHFRUULHQWHHOpFWULFDVHDSRUDSDJDGRGHO
HTXLSRRSRUDFFLGHQWH
6XIXQFLyQSULQFLSDOHVODGHFRQWHQHULQIRUPDFLyQSDUDTXHODXVHHOSURFHVDGRU/DPHPRULDSRUVtHV
KDUGZDUH \D TXH VRQ FLUFXLWRV ItVLFRV SHUR OR TXH FRQWLHQH HV VRIWZDUH (O VRIWZDUH TXH FRQWLHQH
SXHGHVHUGHGRVWLSRV
 (OFyGLJRELQDULRGHOSURJUDPDRSURJUDPDVHQHMHFXFLyQ
 /RVGDWRVTXHHOSURJUDPDQHFHVLWDFRGLILFDGRVHQ ELQDULR

$FWXDOPHQWH ORV FKLSV GH PHPRULD 5$0 TXH FRQVWLWX\HQ OD 03 VRQ GHO WLSR '5$0 'LQDPLF
5$0  /D SDODEUD GLQiPLFD LGHQWLILFD XQD WHFQRORJtD TXH HQ FDGD FHOGD GH PHPRULD DOPDFHQD XQ
E\WH HQ RFKR PLFURVFySLFRV FDSDFLWRUHV &DGD FDSDFLWRU JXDUGD XQ XQR VL HVWD FDUJDGR
HOpFWULFDPHQWH \ XQ FHUR VL QR OR HVWi (Q HO LQWHULRU GHO FKLS SHUPDQHQWHPHQWH GHEHQ KDFHUVH
FLUFXODUFRUULHQWHVSDUDUHSRQHUODFDUJDGHORVFDSDFLWRUHV DFFLyQGHUHIUHVFR GHGRQGHSURYLHQHOD
GHQRPLQDFLyQGHGLQiPLFD
 0HPRULDFDFKp
(VIUHFXHQWHHQORVSURFHVDGRUHVLQFRUSRUDUXQWLSRGHPHPRULDPXFKRPiVUiSLGDTXHODSULQFLSDO \
PiV FDUD  TXH VH GHQRPLQD PHPRULD FDFKp GHO LQJOpV FDVK  (VWD PHPRULD HV GH WLSR HVWiWLFR
65$0 \VHFRORFDHQWUHGRVGLVSRVLWLYRVXQR PiVUiSLGR\RWURPiVOHQWRGHIRUPDTXHHOUiSLGR
3iJ

DFFHGHVyORDODFDFKpTXHDOVHUPiVUiSLGDTXHHOGLVSRVLWLYROHQWRWDUGDUiPHQRVHQVHUYLUOH\SRUOR
WDQWRHOGLVSRVLWLYRUiSLGRWDUGDUiPHQRVWLHPSR
+D\TXHGLVWLQJXLUHQWUHGRVWLSRVGHFDFKpODGHSULPHUQLYHO\ODGHVHJXQGRQLYHO/DGHSULPHU
QLYHOHVODTXHVHHQFXHQWUDLQWHJUDGDGHQWURGHOFKLSGHOPLFURSURFHVDGRU/DGHVHJXQGRQLYHOHVWi
IXHUD GHO FKLS 1RUPDOPHQWH FXDQGR VH GLFH TXH XQSURFHVDGRUWLHQHWDQWRV.E\WHGHFDFKpVHHVWi
UHILULHQGRDODGHVHJXQGRQLYHO\DTXHODGHSULPHUQLYHOHVILMD\PiVSHTXHxD
2WUR OXJDU PX\ XVDGR SDUD LQFRUSRUDU PHPRULD FDFKp HV HQ ORV DFFHVRV D GLVSRVLWLYRV GH
DOPDFHQDPLHQWRVHFXQGDULR PHPRULDPDVLYD FRPRORVGLVFRVUtJLGRV$VtVHDFHOHUDQORV DFFHVRVDO
GLVFRTXHVXHOHQVHUPX\OHQWRV(VWHWLSRGHPHPRULDVXHOHLULQFRUSRUDGDHQODWDUMHWDFRQWURODGRUD
GHORVGLVSRVLWLYRVGHDOPDFHQDPLHQWRHQFXHVWLyQ

 0HPRULD520
/DPHPRULD520HVXQDPHPRULDHOHFWUyQLFDWDPELpQGHDFFHVR5DQGRPFX\DHVFULWXUDGHPDQGD
PXFKRPiVWLHPSRTXHVXOHFWXUDSHURTXHWLHQHODYHQWDMDGHVHUQRYROiWLORVHDTXHDOPDFHQDOD
LQIRUPDFLyQHQIRUPDSHUPDQHQWH1RQHFHVLWDHQHUJtDHOpFWULFDSDUDPDQWHQHUORVGDWRV

'HQWURGHHVWHWLSRGHPHPRULDVWLHQHXQFDUiFWHUPX\LPSRUWDQWHHOFKLSGHODSODFDEDVHGHQRPLQDGR
%,26 R520%,26 %DVLF,QSXW2SXWSXWV\VWHP 6LVWHPD%iVLFRGH(QWUDGD6DOLGD DXQTXHKR\
GtD VXHOHQ VHU GHO WLSR )ODVK5$0 SRU OR TXH VH GHQRPLQDQ )ODVK%,26 &RQWLHQH OD LQIRUPDFLyQ
QHFHVDULDSDUDUHDOL]DUGHWHUPLQDGDVWDUHDVUXWLQDULDVGHEDMRQLYHO

D $UUDQFDU HO RUGHQDGRU GH IRUPD DGHFXDGD 3DUD KDFHU HVWR VLHPSUH VH XWLOL]D XQ SHTXHxR
SURJUDPDGHDUUDQTXHTXHVHSDVDGHOD520DODPHPRULDSULQFLSDO 5$0 \GHVGHDTXtVH
HMHFXWD (VWH SURJUDPD SULPHUR FKHTXHD ORV FRPSRQHQWHVLQVWDODGRV\DFRQWLQXDFLyQOHHHO
VHFWRUGHOGLVFRGXURRGLVTXHWHSDUD DSDUWLUGHHVWHPRPHQWROHHUHOVLVWHPDRSHUDWLYR
LQVWDODGR :LQGRZV8QL[HWF 

E (MHFXWDUHOSURJUDPDGHFRQILJXUDFLyQGHODSODFDEDVH\VXVFRPSRQHQWHVSULQFLSDOHV(VWH
SURJUDPD VH GHQRPLQD 6(783 \ HV DFFHGLGR PHGLDQWH DOJ~Q PHFDQLVPR HVSHFLDO
QRUPDOPHQWH SXOVDQGR OD WHFOD 6835! GHVSXpV GHO FKHTXHR GH DUUDQTXH /RV SDUiPHWURV
WtSLFRVTXHSXHGHQFRQILJXUDUVHGHVGHHVWHSURJUDPDVRQ

7LSR\Q~PHURGHGLVTXHWHUDVLQVWDODGR 
7LSR\Q~PHURGHGLVFRVGXURV\&'520LQVWDODGRV
&DQWLGDGGHPHPRULD5$0LQVWDODGDHQSODFD
&ODYHGHVHJXULGDGGHDFFHVRDOVLVWHPD

(OFRQWHQLGRGHHVWRVSDUiPHWURVVHJXDUGDHQXQDPHPRULDGHWLSR&026 EiVLFDPHQWHHV
XQD5$0GHEDMRFRQVXPR DOLPHQWDGDSRUODEDWHUtDGHODSODFDEDVH&RPRHVWDPHPRULD
SXHGH SHUGHUVH SRU HMHPSOR VL IDOOD OD EDWHUtD  \ FRPR PHGLGD GH VHJXULGDG HV DGHFXDGR
WHQHU HVFULWR HQ XQ SDSHO HVWD LQIRUPDFLyQ GH FRQILJXUDFLyQ IXQGDPHQWDO SDUD HO QRUPDO
IXQFLRQDPLHQWRGHORUGHQDGR

F &yGLJR GH ODV ,QWHUUXSFLRQHV %,26 TXH VRQ QHFHVDULDV SDUD UHDOL]DU OD HQWUDGD \ VDOLGD GH
GDWRVPiVEiVLFDOHHUGDWRVGHOWHFODGRYLVXDOL]DUFDUDFWHUHVHQODSDQWDOODHWF&RPRDOJXQDV
GHHVWDVRSHUDFLRQHVVRQPX\XWLOL]DGDV SRUHMHPSORODVLQWHUUXSFLRQHVVREUHPDQLSXODFLyQ
GHO WHFODGR  \ ORV DFFHVRV VRQ UHODWLYDPHQWH OHQWRV VH VXHOH FRSLDU HO FRQWHQLGR GH ODV
LQWHUUXSFLRQHV%,26HQODPHPRULDSULQFLSDOGHORUGHQDGRU GHWLSR5$0 TXHHVPXFKRPiV
UiSLGD(VWDWpFQLFDVHGHQRPLQD VKDGRZLQJ \ODPHPRULD5$0UHVHUYDGDSDUDFRQWHQHUODV
UXWLQDV%,26VHFRQRFHFRPRPHPRULDVKDGRZ

6LODFRPSXWDGRUDGLVSRQHGHXQFKLSGHWLSR)ODVK%,26WHQHPRVODYHQWDMDGHSRGHUDFWXDOL]DUVX
FRQWHQLGRFRQODVPRGLILFDFLRQHVTXHYD\DVDFDQGRHOIDEULFDQWHGHOFKLSGHIRUPDTXHPHMRUDPRV\
3iJ

DPSOLDPRVODVSRVLELOLGDGHVGHORUGHQDGRU7RGRHOORFRQXQSURFHVRWDQVHQFLOORFRPRODHMHFXFLyQ
GHXQSURJUDUQDFRQWHQLGRHQXQGLVTXHWHR&'520
 7LSRVGHFKLSVGHPHPRULD
/RV FKLSV GH PHPRULD VH SUHVHQWDQ HQ GLIHUHQWHV WLSRV \VHFRPELQDQGHPDQHUDGLIHUHQWHVHJ~QHO
WDPDxR \ HO DOFDQFH GH OD PHPRULD GH WUDEDMR (V SRVLEOH UHDOL]DU XQD DPSOLDFLyQ GH PHPRULD
DJUHJDQGRPiVFKLSVHQORV]yFDORVSUHYLVWRVSDUDDORMDUORV
/RV GLIHUHQWHV FKLSV TXH VH XWLOL]DQ SDUD OD PHPRULD GH WUDEDMR GH ODV 3& SXHGHQ VHU GH GLIHUHQWHV
WLSRVTXHDVXYH]VHYDQDFODVLILFDUVHJ~QVXFDSDFLGDGYHORFLGDGWHFQRORJtD\FRVWR
'LVWLQWRVFKLSVGHPHPRULD

'5$0 'LQDPLF5DQGRP$FFHV0HPRU\ PHPRULDGLQiPLFDGHDFFHVRDOHDWRULR

'5$0('2 (QKDQFHG'DWD2XWSXW  7UDQVIHUHQFLDGHGDWRVPHMRUDGD

'5$0)30 )DVW3DJH0RGH  0RGRGHSDJLQDFLyQYHOR]


6'5$0 6\QFKURQRXV'5$0 '5$0VLQFUyQLFD
'LUHFW5'5$0 5DPEXV'5$0 5$05DPEXV

65$0 6WDWLF5DQGRP$FFHVV0HPRU\ 5$0HVWiWLFD

$VXYH]HVWRVFKLSVSXHGHQSUHVHQWDUVHLQGLYLGXDOPHQWHRDJUXSDGRVHQIRUPDGH

6,00 6LQJOH ,Q/LQH 0HPRU\ 0RGXOH 0yGXORV 6LPSOHV GH PHPRULD HQ /tQHD  HQ VXV
SUHVHQWDFLRQHV GH  \  SLQHV UHSUHVHQWDQGR XQ DQFKR GH GDWRV GH  \  ELWV
UHVSHFWLYDPHQWH 
',00 'XDO ,Q/LQH 0HPRU\ 0RGXOH 0yGXORV GH 0HPRULD 'XDO HQ /tQHD  HQ VX
SUHVHQWDFLyQGHSLQHVUHSUHVHQWDQGRXQDQFKRGHGDWRVGHELWV 
/D~OWLPDDJUXSDFLyQMXQWRFRQORVFKLSV6'5$0HVODPiVXWLOL]DGDHQODDFWXDOLGDG
 275267e50,1265(/$&,21$'26&21/$0(025,$

0HPRULDYLUWXDO &RPRODPHPRULDGHOVLVWHPD 5$0 GHORUGHQDGRUWLHQHXQDFDSDFLGDGUHGXFLGD


DOJXQRVVLVWHPDVRSHUDWLYRV SRUHMHPSOR:LQGRZV FXDQGRQHFHVLWDQXWLOL]DUPiVPHPRULDLQWHUQDGH
ODTXHHVWiGLVSRQLEOHXWLOL]DQXQDSDUWHGHOGLVFRGXUR PHPRULDH[WHUQD SDUDDOPDFHQDU\PDQHMDUOD
LQIRUPDFLyQTXHQRFDEHHQGLFKDPHPRULDLQWHUQD(VWDWpFQLFDGHEHUtDXWLOL]DUVHVyORHQRSHUDFLRQHV
WHPSRUDOHV SXHVWR TXH OD XWLOL]DFLyQ GH PHPRULD YLUWXDO GLVFR GXUR  UDOHQWL]D PXFKtVLPR HO
IXQFLRQDPLHQWRGHORVSURJUDPDVHODFFHVRDODPHPRULDH[WHUQDHVPXFKRPiVOHQWRTXHHODFFHVRD
PHPRULD5$0
 %86(6&21(;,21'(/$&38&21/26(/(0(1726'(/$3/$&$%$6(

7DO \ FRPR VH KD YLVWR HQ OD SODFD EDVH VH LQFOX\HQ HQWUH RWURV HOHPHQWRV HO PLFURSURFHVDGRU OD
PHPRULDSULQFLSDO\ORVFLUFXLWRVTXHIRUPDQHOFKLSVHW3DUDFRQHFWDUWRGRVHOORVVHXWLOL]DQORVEXVHV
&LUFXLWR

&LUFXLWR %

(VTXHPDGHFRPXQLFDFLyQEiVLFDHQWUHFLUFXLWRVPHGLDQWHEXV

6HGHQRPLQDEXV DXQFRQMXQWRGHOtQHDVGHFRPXQLFDFLyQ FRORFDGDVHQSDUDOHORFX\RREMHWLYRHVHO


WUDQVPLWLUODLQIRUPDFLyQHQWUHFRPSRQHQWHVGHIRUPDVLPXOWiQHD3RUFDGDOtQHDYLDMDHOFRQWHQLGRGH
XQELW XQFHURRXQXQR \HQFDGDFLHORGHUHORMVHWUDQVPLWHQVLPXOWiQHDPHQWH\DOPLVPRWLHPSR
WRGRVORVELWVGHWRGDVODVOtQHDV
3iJ

6HJ~QHOWLSRGHLQIRUPDFLyQTXHWUDQVSRUWDQORVEXVHVVHFODVLILFDQHQORVVLJXLHQWHVWLSRV
x
x
x

(OEXVGHGDWRVFRPRVXQRPEUHLQGLFDWUDQVPLWHLQIRUPDFLyQHQWUHOD&38\ODPHPRULDR
ORVSHULIpULFRV
(O EXV GH GLUHFFLRQHV VLUYH SDUD TXH OD &38 LQGLTXH HQ TXp SRVLFLRQHV GH PHPRULD VH
HVFULELUiQ R VH OHHUiQ ORV GDWRV R ELHQ D TXp SHULIpULFR LUiQ ORV GDWRV R GH TXp SHULIpULFR
SURFHGHUiQ/DVGLUHFFLRQHVVHUiQVLHPSUHHQYLDGDVGHVGH OD&38\UHFLELGDVSRUFXDOTXLHU
RWURHOHPHQWR
(O EXV GH FRQWURO HV XWLOL]DGR SRU OD &38 SDUD HVSHFLILFDU D ORV FLUFXLWRV \ SHULIpULFRV TXp
RSHUDFLyQKDQGHHIHFWXDU$OLJXDOTXHODVGLUHFFLRQHVODVVHxDOHVGHFRQWUROVHPDQGDQGHVGH
OD&38DFXDOTXLHU RWURHOHPHQWR
 &21(;,21'(/$3/$&$%$6(&21/263(5,)e5,&26

%iVLFDPHQWHSRGHPRVGHFLUTXHXQSHULIpULFRHVFXDOTXLHUGLVSRVLWLYRKDUGZDUHDX[LOLDU QRLQFOXLGR
FRPRIXQGDPHQWDOHQODSODFDEDVH TXHVHFRPXQLFDFRQOD&38\TXHVLUYHSDUDFRQHFWDUODFRQHO
H[WHULRU3RUHMHPSORXQDLPSUHVRUDXQWHFODGRXQPRQLWRUXQUDWyQXQDXQLGDGGH'9'520XQ
GLVFR GXUR HWF 7RGRV HOORV VRQ GLVSRVLWLYRV KDUGZDUH TXH DPSOtDQ ODV SRVLEOHV XWLOLGDGHV GHO
RUGHQDGRU3RUHVRVHGLFHTXHDXQTXHQRVHDQHOHPHQWRVIXQGDPHQWDOHVHORUGHQDGRUQRVHUtD~WLOVL
QRGLVSXVLHUDGHSHULIpULFRVGHDKtODLPSRUWDQFLDTXHDGTXLHUHQGHQWURGHOVLVWHPDLQIRUPiWLFR
 ,QWHUIDFHVRFRQWURODGRUHVGHSHULIpULFRV

/RV SHULIpULFRV WLHQHQ GLIHUHQWHV FDUDFWHUtVWLFDV TXH OD &38 IXQGDPHQWDOPHQWH HQ FXDQWR DO
IRUPDWR GH OD LQIRUPDFLyQ TXH PDQHMDQ \ OD YHORFLGDG GH SURFHVDPLHQWR TXH HV PiV EDMD HQ ORV
SHULIpULFRVTXHHQOD&38SRUHMHPSORHOIRUPDWR\ODYHORFLGDGGHWUDQVPLVLyQGHORVGDWRVTXHVH
HQYtDQDXQDLPSUHVRUDRORVTXHVHUHFLEHQGHXQDGLVTXHWHUDRXQGLVFRGXUR3RUHVWHPRWLYRHQWUH
OD &38 \ HO SHULIpULFR HV QHFHVDULR FRORFDU XQ GLVSRVLWLYR TXH ORV FRQWUROH \ KDJD SRVLEOH OD
FRPXQLFDFLyQHQWUHGRVFRPSRQHQWHVRIDVHVWDQGLIHUHQWHV(VWHGLVSRVLWLYRVHOODPDFRQWURODGRUR
LQWHUID] KDUGZDUH HQ RFDVLRQHV WDPELpQ QRPEUDGR FRPR DGDSWDGRU KDUGZDUH  &DGD SHULIpULFR
QHFHVLWDWHQHUVXSURSLRLQWHUID]GDGRTXHFDGDXQRWLHQHGLIHUHQWHVFDUDFWHUtVWLFDV
$GHPiVGHHVWDSDUWHKDUGZDUHSDUDTXHODFRPXQLFDFLyQSHULIpULFR&38VHDHIHFWLYDWDPELpQ
HVQHFHVDULRXQSURJUDPDHVSHFLDOTXHVHGHQRPLQDFRQWURODGRUVRIWZDUHGULYHURPDQHMDGRU3RU
HVRGHEHUQRVVDEHUGLIHUHQFLDUFRQWURODGRUKDUGZDUHGHFRQWURODGRUVRIWZDUHSRUHMHPSORSDUDSRGHU
HQYLDUFRUUHFWDPHQWHODVLPiJHQHVDOPRQLWRUGHORUGHQDGRUVHXWLOL]DXQFRQWURODGRUJUiILFRTXHVXHOH
LQWHJUDUVH HQ XQD WDUMHWD TXH VH LQVHUWD HQ XQD UDQXUD GH H[SDQVLyQ (Q HVWH FDVR KDEODPRV GHO
FRQWURODGRUKDUGZDUH
3RURWUDSDUWHFXDQGRXWLOL]DPRVHOVLVWHPDRSHUDWLYRGHQXHVWURRUGHQDGRU SRUHMHPSOR:LQGRZV 
WDPELpQXWLOL]DPRVXQFRQWURODGRUVRIWZDUHGHYLGHRTXHGHEHUHPRVVHOHFFLRQDUGHIRUPDDGHFXDGD
FXDQGRLQVWDODPRVRFRQILJXUDPRVHOVLVWHPD

(VH FRQWURODGRU HV UHDOPHQWH XQ SURJUDPD TXH PDQLSXOD OD FLUFXLWHUtD GHO LQWHUID] R DGDSWDGRU
KDUGZDUH3RUHVRVLTXHUHPRVXWLOL]DUFRUUHFWDPHQWHXQSHULIpULFRFRPRXQPRQLWRURXQDLPSUHVRUD
GHEHUHPRVWHQHUDGHPiVGHOFRQWURODGRUKDUGZDUH WDUMHWDGHYtGHRSDUDHOPRQLWRURFRQWURODGRUGHO
SXHUWR SDUDOHOR SDUD OD LPSUHVRUD  HO FRQWURODGRU VRIWZDUH R GULYHU LQVWDODGR HQ QXHVWUR  VLVWHPD
RSHUDWLYR
 3XHUWRVGHHQWUDGDVDOLGD

3DUDTXHHOPLFURSURFHVDGRU\ORVFRPSRQHQWHVGHODSODFDSULQFLSDOSXHGDQORFDOL]DUIiFLOPHQWHFDGD
XQD GH ODV GLYHUVDV VDOLGDV R HQWUDGDV VH XWLOL]DQ ORV SXHUWRV GH (6 %iVLFDPHQWH XQ SXHUWR GH
HQWUDGDVDOLGDHVXQDGLUHFFLyQTXHXWLOL]DXQDQXPHUDFLyQGLIHUHQWHDODGHODVSRVLFLRQHVGHPHPRULD
3iJ

SULQFLSDO\TXHSHUPLWHDORUGHQDGRUFRPXQLFDUVHFRQGHWHUPLQDGRVSHULIpULFRVFRPRSXHGHQVHUHO
UDWyQRHOWHFODGR

'H WRGRV ORV SXHUWRV XWLOL]DGRV SRU HO RUGHQDGRU FDEH GHVWDFDU ORV SXHUWRV VHULH \ SXHUWRV
SDUDOHOR TXH WLHQHQ FDUDFWHUtVWLFDV QRUPDOL]DGDV \ VLUYHQ SDUD LQWHUFDPELDU LQIRUPDFLyQ FRQ
SHULIpULFRV H[WHUQRV /D GLIHUHQFLD HQWUH DPERV HV TXH HO SXHUWR SDUDOHOR XWLOL]D XQ MXHJR GH
FRQGXFWRUHV IUHFXHQWHPHQWH  PiV ORV FRQGXFWRUHV DX[LOLDUHV  GH PRGR TXH FDGD XQR GH HOORV
WUDQVPLWH VLPXOWiQHDPHQWH XQ ELW (Q FDPELRORVSXHUWRVVHULHWUDQVPLWHQORVELWVHFXHQFLDOPHQWH
XQRGHWUiVGHRWUR
$O HVWDU QRUPDOL]DGRV HVWRV SXHUWRV WLHQHQ XQRV FRQHFWRUHV HVWiQGDU TXH SHUPLWHQ DxDGLU DO
RUGHQDGRUGLIHUHQWHVWLSRVGHSHULIpULFRV(QORVRUGHQDGRUHVSHUVRQDOHVVHXWLOL]DQGHVGHKDFHPXFKR
WLHPSRORVFRQHFWRUHVGHWLSR56& GH\SLQHVSDUDHOSXHUWRVHULH\ORVFRQHFWRUHVGH WLSR
&HQWURQLFVSDUDHOSXHUWRSDUDOHOR3RUHMHPSORHQHOSXHUWRVHULHSRGHPRVFRQHFWDUXQUDWyQXQOiSL]
ySWLFRXQPyGHPH[WHUQR SDUDFRQH[LyQWHOHIyQLFD HWF\HQHOSXHUWRSDUDOHORXQDLPSUHVRUDXQ
OHFWRU GH &'a520 H[WHUQR XQ HVFiQHU HWF +D\ RWURV SXHUWRV QRUPDOL]DGR TXH XWLOL]DQ EXVHV
HVSHFtILFRV\FRQHFWRUHVHVSHFLDOHVSHURHVWiQPHQRVGLIXQGLGRV(QHVWHVHQWLGRGHVWDFDQORVSXHUWRV
86%
 7,326'(%86(6

&RUQR\DKHPRVYLVWRODFRPXQLFDFLyQHQWUHHOPLFURSURFHVDGRUODPHPRULDORVFRQWURODGRUHV
\ORVSHULIpULFRVVHUHDOL]DDWUDYpVGHEXVHV GDWRVGLUHFFLRQHV\FRQWURO FRQWURODGRVVLHPSUHSRUHO
FKLSVHWGHODSODFDEDVH'HDTXtVHSXHGHGHGXFLUTXHVLWHQHPRVXQD&38PX\UiSLGD\TXHUHPRV
DSURYHFKDU VXV FDUDFWHUtVWLFDV QHFHVLWDUHPRV XQ MXHJR GH FKLSV \ EXVHV FDSDFHV GH PDQWHQHU
FRPXQLFDFLRQHV GH DOWD YHORFLGDG 'H HOOR GHSHQGHUi HO UHQGLPLHQWR REWHQLGR HQ HO LQWHUFDPELR GH
LQIRUPDFLyQFRQORVSHULIpULFRVVREUHWRGRDTXHOORVGHDOWRUHQGLPLHQWR PRQLWRUGLVFRGXURHWF 

(OEXVTXHFRQHFWDGLUHFWDPHQWHOD&38FRQRWURVHOHPHQWRVRFLUFXLWRVVLWXDGRVHQODPLVPD
SODFD EDVH FRQWURODGRUHV PHPRULD HWF  VH GHQRPLQD EXV GH OD &38 (V XQ EXV PX\ FRUWR \
H[WUHPDGDPHQWHUiSLGR
/DFRQH[LyQGHSHULIpULFRVQRVHHIHFW~DGLUHFWDPHQWHDOEXVGHOD&38VLQRTXHVHKDFHDWUDYpV
GH RWUR EXV GH FDUDFWHUtVWLFDV PiV JHQHUDOHV TXH VH VXHOH GHQRPLQDU EXV GH H[SDQVLyQ (V HO EXV
XWLOL]DGR SDUD TXH OD &38 VH FRPXQLTXH FRQ ODV WDUMHWDV TXH QHFHVLWHPRV FRQHFWDU D OD SODFD EDVH
WDUMHWDGHYtGHRWDUMHWD GHVRQLGRWDUMHWDGHUHGHWF 
&LUFXLWRV SODFD
EDVH

0HPRULD3ULQFLSDO
5$0

0LFURSURFHVDGRU
&38 

%XVGHOD
%XVGHH[SDQVLyQ WLSR%

&KLSVHW

%XVGHH[SDQVLyQ WLSR$

5DQXUDVGHDPSOLDFLyQ
VORWV

%XVGHO6LVWHPDEXVHVGHH[SDQVLyQHLQWHUID]HQWUHEXVHV

(Q HVWH EXV VH LQWHJUDQ ORV FRQHFWRUHV GH H[SDQVLyQ FRP~QPHQWH GHQRPLQDGRV UDQXUDV GH
DPSOLDFLyQWDPELpQVORWVVREUHORVFXDOHVVHLQVHUWDQODVGLIHUHQWHVWDUMHWDVTXHVHQHFHVLWHQ(VWR
3iJ

SHUPLWHUHDOL]DUDPSOLDFLRQHVPRGXODUHVVLQPiVGLILFXOWDGHVTXHODGHSRQHUXQDWDUMHWDHQXQDUDQXUD
OLEUH 3RU WDQWR FXDQWDV PiV UDQXUDV OLEUHV WHQJD XQD SODFD EDVH PiV SRVLELOLGDGHV GH DPSOLDFLyQ
WHQGUHPRV

/RVRUGHQDGRUHVPiVVHQFLOORVVXHOHQWHQHUVyORXQEXVGHH[SDQVLyQSHURORQRUPDOHVTXHGLVSRQJD
GHGLVWLQWRVWLSRVSDUDSRGHULQVWDODUGLIHUHQWHVFODVHVGHWDUMHWDV(QHVWRVFDVRVVHQHFHVLWDQFLUFXLWRV
DGDSWDGRUHVRGHLQWHUID]HQWUHEXVHVSDUDDGHFXDUODVVHxDOHVWUDQVPLWLGDV HQODILJXUDDQWHULRU VH
SXHGHREVHUYDUXQSHTXHxRFLUFXLWRHQWUHHOEXVGHH[SDQVLyQGHWLSR$\HOGHWLSR% +D\TXHWHQHU
HQFXHQWDTXHHVRVFLUFXLWRVSXHGHQUDOHQWL]DUHOIXQFLRQDPLHQWRGHORVSHULIpULFRV
([LVWHQGHILQLFLRQHVGHEXVHVQRUPDOL]DGDVRHVWDQGDUL]DGDVTXHHVSHFLILFDQXQDVFDUDFWHUtVWLFDV
IXQGDPHQWDOHV TXH GHEHQ FXPSOLUVH SDUD FDWDORJDVH GHQWUR GH XQ FLHUWR WLSR SURWRFROR GH
WUDQVIHUHQFLDGHGDWRVDQFKXUDRQ~PHURGHOtQHDVGHOEXVYHORFLGDGHVHWF/RVEXVHVGHH[SDQVLyQ
WDPELpQGHQRPLQDGRVGHDPSOLDFLyQ PiVLPSRUWDQWHVVRQ,6$(,6$0&$3&,\$*3'HQWURGH
ORVEXVHVGHSHULIpULFRV FDEHGHVWDFDU6&6,86%\)LUH:LUH QRUPDWLYD,((( 
 %86(6'((;3$16,21R$03/,$&,21

(VWRVEXVHVSHUPLWHQFRPXQLFDUDORVHOHPHQWRVSULQFLSDOHVGHODSODFDEDVHFRQGHWHUPLQDGRV
SHULIpULFRVTXHVHLQVHUWDUiQHQODVUDQXUDVGHDPSOLDFLyQ(VWRUHTXLHUH TXHFDGDWLSRGHEXVWHQJDVX
SURSLRWLSRGHUDQXUDV


%XVHVORFDOHV3&,\$*3

6RQ EXVHV TXH FRPXQLFDQ D JUDQ YHORFLGDG OD &38 FRQ ODV UDQXUDV GH DPSOLDFLyQ OR FXDO PHMRUD
FRQVLGHUDEOHPHQWHHOQLYHOGHSUHVWDFLRQHV(VWDFDSDFLGDGHVDSURYHFKDGDPHMRUSRUORVSHULIpULFRV
TXH QHFHVLWHQ JUDQ YHORFLGDG FRPR SRU HMHPSOR ORV FRQWURODGRUHV JUiILFRV \ ORV FRQWURODGRUHV GH
GLVFRGXUR

3&, 3HULSKHUDO &RPSRQHQW ,QWHUFRQHFWHG  FRPSRQHQWH GH FRQH[LyQ SHULIpULFD  +D VLGR
GLVHxDGRSRU,QWHO\HVDFWXDOPHQWHHOWLSRHOHJLGRSRUODPD\RUtDGHIDEULFDQWHVGHSODFDV\
WDUMHWDVGHRUGHQDGRU6XVFDUDFWHUtVWLFDVPiVLPSRUWDQWHVVRQODVVLJXLHQWHV






(VXQEXVGHELWV GDWRV\GLUHFFLRQHV HQDOJXQDVYHUVLRQHVDYDQ]DGDVGH


TXHRSHUDDXQDYHORFLGDGGH0K] HQYHUVLRQHVDYDQ]DGDVD0K] &RQVLJXH
WUDQVIHUHQFLDV GH KDVWD  0E\WHVHJ HQ ODV YHUVLRQHV GH  ELW \ GH KDVWD 
0E\WHVHJHQYHUVLRQHVGHELWV
5HSDUWH GH IRUPD LQWHOLJHQWH OD FDSDFLGDG GHO EXV HV GHFLU TXH RWRUJD PiV
FDSDFLGDGDORVGLVSRVLWLYRVTXHPiVODQHFHVLWHQSRUHMHPSORDXQDWDUMHWDGHYtGHR
GHMDQGRXQDQFKRGHEDQGDSHTXHxRDORVGLVSRVLWLYRVPHQRVFUtWLFRVSRUHMHPSORD
XQDWDUMHWDGHVRQLGR
(VWiSUHSDUDGRSDUDVHULQVWDODGRHQPXOWLWXGGHSODWDIRUPDVQRVRORGH3&
,QFRUSRUD FDUDFWHUtVWLFDV 3XJ 3D\ GH DXWRFRQILJXUDFLyQ GH SHULIpULFRV WDPELpQ
WLHQHTXHHVWDUSUHSDUDGRHO%,26\HOVLVWHPDRSHUDWLYRSDUDTXHVHDHIHFWLYR 
7LHQHXQEDMRFRVWR

$*3 $FFHOHUDWHG*UDSKLFV3RUW (VXQEXVHVSHFLDOPHQWHGLVHxDGRSRU,QWHOSDUDFRQHFWDU


WDUMHWDV FRQWURODGRUDV GH YtGHR \ PHMRUDU HO UHQGLPLHQWR HQ ORV DFFHVRV D LPiJHQHV \
WH[WXUDVFDUJDGRVHQODPHPRULDSULQFLSDOGHORUGHQDGRU6XVFDUDFWHUtVWLFDVSULQFLSDOHVVRQ
 8WLOL]DFRPRHQHOFDVRGH3&,ELWVSHURODIUHFXHQFLDGHIXQFLRQDPLHQWRHVODPLVPD
TXHODGHOEXVGHODSODFDEDVH
 8WLOL]D FRQHFWRUHV HVSHFtILFRV GLIHUHQWHV D ORV 3&, \ DGHPiV QHFHVLWD GLVSRQHU GH XQ
FKLSVHWHVSHFLDO
3iJ




$OFDQ]DWUDQVIHUHQFLDVGHKDVWD0EVHJHQPRGRQRUPDO $GHPiVKD\TXHWHQHUHQ
FXHQWDTXHHOEXVQRWLHQHTXHUHSDUWLUVXFDSDFLGDGHQWUHYDULDVUDQXUDVSXHVVyORH[LVWH
XQD
3XHGH WUDEDMDU VLPXOWiQHDPHQWH FRQ OD PHPRULD SULQFLSDO \ HO SURFHVDGRU 6HXWLOL]DXQ
VLVWHPDTXHSXHGHJUDEDUSDUWHGHORVGDWRVJUiILFRVHQODPHPRULDSULQFLSDOHQYH]GHHQ
ODPHPRULDGHODWDUMHWDJUiILFD

 %86(6'(3(5,)(5,&26

%XVGHSHULIpULFRV6&6, 6PDOO&RPSXWHU6\VWHP,QWHUIDFH ,QWHUID]SDUDVLVWHPDVLQIRUPiWLFRV


SHTXHxRV
(VXQHVWiQGDUXQLYHUVDOSDUDFRQH[LyQGHWRGRWLSRGHSHULIpULFRV3DUDVXFRUUHFWRIXQFLRQDPLHQWRVH
QHFHVLWDXQDWDUMHWDRXQFLUFXLWRLQWHJUDGRHQODSODFDEDVHTXHKDJDGHFRQWURODGRU6&6, SHUPLWH
SURFHVDUXQDVHULHGHFRPDQGRV \GHLQWHUPHGLDULRFRQODSODFDGHORUGHQDGRUHQHOFDVRGHODWDUMHWD
GH H[SDQVLyQ GHEHUi VHU DGHFXDGD DO WLSR GH UDQXUDV ,6$ (,6$ 0&$ 3&, HWF  6XHOH XWLOL]DUVH
SDUDFRQHFWDUGLVSRVLWLYRVGHDOPDFHQDPLHQWRPDVLYR GLVFRVGXURV&'520\XQLGDGHVGHFLQWD 
DXQTXHHQUHDOLGDGHVWiSUHSDUDGRSDUDFRQHFWDUFXDOTXLHUWLSRGHGLVSRVLWLYRGH(6 HQWUDGDVDOLGD 
6XVFDUDFWHUtVWLFDVSULQFLSDOHVVRQODVVLJXLHQWHV

6HQFLOOH] DORODUJRGHODPLVPDOtQHDVHFRQHFWDQWRGRVORVGLVSRVLWLYRVTXHWLHQHQSDUDHO
XVXDULR XQ FDUiFWHU OyJLFR FDGD GLVSRVLWLYR WLHQH XQ Q~PHUR LGHQWLILFDWLYR TXH VLUYH SDUD
UHIHUHQFLDUOR\GLIHUHQFLDUORGHOUHVWR FXDQWRPiVEDMRHVHOQ~PHURPD\RUSULRULGDGWLHQH 

'LVSRVLWLYRV HVSHFLDOL]DGRV /RV SHULIpULFRV TXH VHFRQHFWHQDOEXVGHEHQHVWDUSUHSDUDGRV


SDUDFXPSOLUODVHVSHFLILFDFLRQHVGHHVWHHVWiQGDU VHOHVGHQRPLQDGLVSRVLWLYRVGHWLSR6&6, 
6XFRQH[LyQHVPX\VHQFLOOD\DTXHGLVSRQHQGHGRVFRQHFWRUHVQRUPDOL]DGRVXQRGHHQWUDGD
\RWURGHVDOLGDTXHVLUYHQGHHQODFHFRQHOEXV/D~QLFDSUHFDXFLyQTXHGHEHWHQHUVHHVWiHQ
ODREOLJDWRULHGDGGHSRQHUWHUPLQDGRUHV HQORVH[WUHPRVGHODOtQHD6&6,
$OWDVSUHVWDFLRQHV /DVWUDQVIHUHQFLDVGHLQIRUPDFLyQTXHSXHGHQDOFDQ]DUORVGLVSRVLWLYRV
FRQHFWDGRVHQHVWHWLSRGHEXVHVVRQVXSHULRUHVDODVDOFDQ]DGDVHQVLVWHPDVFRQYHQFLRQDOHV
SRUHMHPSOR,'( 
6HJXULGDG\ ILDELOLGDG /DVWUDQVIHUHQFLDVQRVyORVRQUiSLGDVDGHPiVVRQPiVVHJXUDV\
ILDEOHV3RUHVWHPRWLYRHVHOVLVWHPDHVFRJLGRHQODPD\RUtDGHVHUYLGRUHVSDUDUHGHVGHiUHD
ORFDORVHUYLGRUHVGHSiJLQDV:HE ,QWHUQHW 

$OWR FRVWR GH DGTXLVLFLyQ 1R VyOR HO FRQWURODGRU 6&6, HV PiV FDURTXHORVFRQWURODGRUHV
HVWiQGDU WDPELpQ ORV GLVSRVLWLYRV 6&6, WLHQHQ PD\RU FRVWR TXH VXV HTXLYDOHQWHV QR 6&6,
6HJXUDPHQWH SRU HVWD FDUDFWHUtVWLFD ORV RUGHQDGRUHV FRQ GLVSRVLWLYRV 6&6, VH UHVHUYDQ SDUD
HQWRUQRVSURIHVLRQDOHVGHMDQGRRWUDVRSFLRQHVPiVHFRQyPLFDVSDUDHOHQWRUQRGRPpVWLFR

86%
(O DFUyQLPR 86% VLJQLILFD 8QLYHUVDO 6HULDO %XV HV GHFLU %XV 6HULH 8QLYHUVDO 3UHWHQGH
PLQLPL]DUORVSUREOHPDVGHFDEOHDGRGHGLVSRVLWLYRV H[WHUQRV TXHH[LVWHQHQODDFWXDOLGDGHQYH]
GHWHQHUTXHHPSOHDUVHXQFDEOHH[FOXVLYRSDUDFDGDSHULIpULFRHOHVWiQGDU86%GHILQHXQEXVFRP~Q
FRQSRVLEOHVELIXUFDFLRQHVDOTXHVHFRQHFWDQWRGRVHOORV3DUDTXHHVWRVHDSRVLEOHWDQWRHORUGHQDGRU
FRPRORVSHULIpULFRVGHEHQHVWDUSUHSDUDGRV\FRQWHQHUVXILFLHQWHVFRQHFWRUHVGHWLSR86%
/DVSULQFLSDOHVFDUDFWHUtVWLFDVGHHVWHEXVGHSHULIpULFRVVRQODVVLJXLHQWHV
x

/RVSHULIpULFRVTXHVHSXHGHQFRQHFWDUDOEXV86%VRQGHWLSRH[WHUQR FRORFDGRVIXHUDGHOD
FDMDGHORUGHQDGRU \QRUHTXLHUHQDOWDVYHORFLGDGHVGHWUDQVIHUHQFLD6LPSOLILFDQGRSRGHUQRV
GHFLUTXHSXHGHQVHUWRGRVDTXHOORVTXHWDPELpQSRGUtDQFRQHFWDUVHDOSXHUWRVHULHRDOSXHUWR

3iJ

x
x
x

SDUDOHOR 3RU HMHPSOR HVFiQHUHV LPSUHVRUDV UDWRQHV WHFODGRV XQLGDGHV =,3 H[WHUQDV
PyGHPVH[WHUQRVFiPDUDVSDUDYLGHRFRQIHUHQFLDVDGDSWDGRUHV5'6,HWF
/D LQIRUPDFLyQ VH WUDQVPLWH HQ IRUPDWR VHULH FRQ XQD YHORFLGDG GH WUDQVIHUHQFLD TXH OOHJD
KDVWD  0E\WHVHJ FDSDFLGDG VXILFLHQWH SDUD ODV QHFHVLGDGHV GH ORV SHULIpULFRV TXH VH
FRQHFWDUiQDOEXV
3HUPLWHFRQH[LyQGLQiPLFDGHSHULIpULFRVHVGHFLUTXHVLQQHFHVLGDGGHDSDJDUHORUGHQDGRU
\ PLHQWUDV RWURV GLVSRVLWLYRV 86% HVWiQ IXQFLRQDQGR SXHGR SRQHU \ TXLWDU SHULIpULFRV /RV
~QLFRVHOHPHQWRVTXHQRGHEHPRVGHVFRQHFWDUPLHQWUDVHORUGHQDGRUHVWiHQFHQGLGRVRQORV
FRQFHQWUDGRUHV
3URSRUFLRQDXQDYHUGDGHUD\IXQFLRQDODXWRFRQILJXUDFLyQGHSHULIpULFRVLQFOXVRVLQQHFHVLGDG
GHDSDJDU\UHLQLFLDUHORUGHQDGRU(VWDFDUDFWHUtVWLFDVHGHQRPLQD+RW 3OXJ 3OD\\UHTXLHUH
SDUDTXHWRGRIXQFLRQHFRUUHFWDPHQWHTXHODSODFDEDVHHOSHULIpULFR\HOVLVWHPDRSHUDWLYR
XWLOL]DGR FRQWHPSOHQ GH IRUPD FRUUHFWD ODV HVSHFLILFDFLRQHV 86% (Q HVWD FRRUGLQDFLyQ HV
GRQGH UHVLGH HO PD\RU LQFRQYHQLHQWH GH 86% VL DOJXQR GH HVRV HOHPHQWRV QR VRSRUWD
FRUUHFWDPHQWHODVHVSHFLILFDFLRQHVHVSUREDEOHTXHWHQJDSUREOHPDVGHFRQH[LyQHLQFOXVRTXH
HOSHULIpULFRQROOHJXHDIXQFLRQDU

3iJ

Anda mungkin juga menyukai