Nom Ceneval Todas

GUIA CENEVAL

NORMAS OFICIALES MEXICANAS

NDICE NOM 006 Tuberculosis . . . . . . . . . . . . . . . . . . . . . . . . . . . . PAG 1

NOM 010 VIH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PAG 18

NOM 014 CACU y Mama . . . . . . . . . . . . . . . . . . . . . . . . . . PAG 40

NOM 014 solo CACU (ms nuevo) . . . . . . . . . . . . . . . . . . . PAG 52

NOM 017 Vigilancia Epidemiolgica. . . . . . . . . . . . . . . . . . PAG 70

NOM 030 Hipertensin Arterial . . . . . . . . . . . . . . . . . . . . . . PAG 99

NOM 031 Atencin del Nio . . . . . . . . . . . . . . . . . . . . . . . . PAG 128

NOM 037 Dislipidemias . . . . . . . . . . . . . . . . . . . . . . . . . . . PAG 187

NOM 168 Expediente Clnico . . . . . . . . . . . . . . . . . . . . . . . PAG 214

NOM 174 Obesidad . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PAG 228

NOM 190 Violencia Familiar . . . . . . . . . . . . . . . . . . . . . . . PAG 237

NOM 007 Embarazo, Puerperio y RN . . . . . . . . . . . . . . . . PAG 253

NOM 015 Diabetes y Modificacin . . . . . . . . . . . . . . .PAG 273 MOD p. 290

NOM 127 Potabilizacin del Agua y Modificacin . . PAG 323 MOD p. 330

PAG. 1

"#$%&'$( )'**%+,- ./01/2 23/4/05 6($7'8 9: ;' 8'@(/(&%"Y Z,9 /( "% B(T @(/(&%" /( K&,-(/1$1()5, !/$1)1+5&%51Q,Y J,9 U&%--1S) DL2 HJ %[%&5%/, !\ U&%--1S) ?2 HJJ

U&%--1S) ?2 HJZ U&%--1S) ???2 HJ]2 HJI T HZE /( "% B(T ^()(&%" /( ;%"*/Y J_ U&%--1S) ??2 ZE U&%--1,)(+ ??? T D?2 ZH2 ZJ T

Z] U&%--1S) ?L /( "% B(T @(/(&%" +,X&( 7(5&,",'1%&1, =U1-1%" /( "% @(/(&%-1S) (" K&,T(-5,

/( 0,&$%2 % (U(-5, /( 3*( /()5&, /( ",+ +1'*1()5(+ +(+()5% /1%&1, =U1-1%" /( "% @(/(&%-1S) "%+ &(+[*(+5%+ % ",+ -,$()5%&1,+

&(-1X1/,+ [,& (" $()-1,)%/, A,$15P2 () ",+ 5P&$1),+ /(" %&5.) "% $,/1U1-%-1S) /( (+5% 0,&$% =U1-1%" 7(81-%)%2 [%&51-1[%&,) "%+ +1'*1()5(+ /([()/()-1%+2 1)+515*-1,)(+ T

,&'%)1+$,+4

;.AC.N!C?! >. ;!B6>

A()5&, 0%-1,)%" /( L1'1"%)-1% .[1/($1,"S'1-% T A,)5&," /( .)U(&$(/%/(+

>1&(--1S) ^()(&%" !/c*)5% /( .[1/($1,",'1%')S+51-, T C(U(&()-1% .[1/($1,"S'1-,+

>1&(--1S) ^()(&%" /( K&,$,-1S) /( "% ;%"*/

>1&(--1S) ^()(&%" /( A,,&/1)%-1S) T >(+%&&,"", /( ",+ d,+[15%"(+ @(/(&%"(+ /( C(U(&()-1%

>1&(--1S) ^()(&%" /( A%"1/%/ T ./*-%-1S) () ;%"*/

>1&(--1S) ^()(&%" /( ?)U,&$%-1S) () ;%"*/

>1&(--1S) ^()(&%" /( .Q%"*%-1S) /(" >(+($[(e,

A()5&, 0%-1,)%" [%&% "% ;%"*/ /( "% ?)U%)-1% T "% !/,"(+-()-1%

A()5&, 0%-1,)%" [%&% "% K&(Q()-1S) T (" A,)5&," /(" L?df;?>!

A()5&, >(&$%5,"S'1-, g>&9 B%/1+"%, /( "% K%+-*%h

d=;K?N!B ^.0.C!B >. 7.D?A=

PAG. 1

6($7'8 9: ;' 8'. ;.^6C?>!> M ;.CL?A?=; ;=A?!B.; >. B=; NC!O!j!>=C.; >.B .;N!>=

A=7?;?=0 0!A?=0!B K!C! .B >.;!CC=BB= >. B=; K6.OB=; ?0>?^.0!;

K.NC=B.=; 7.D?A!0=;

^(&()-1% /( ;(&Q1-1,+ 7P/1-,+

;?;N.7! 0!A?=0!B K!C! .B >.;!CC=BB= ?0N.^C!B >. B! @!7?B?!

60?L.C;?>!> 0!A?=0!B !6N=0=7! >. 7.D?A=

@%-*"5%/ /( 7(/1-1)%

?0;N?N6N= K=B?N.A0?A= 0!A?=0!B

.+-*("% ;*[(&1,& /( 7(/1-1)%

!;=A?!A?=0 7.D?A!0! >. K.>?!NC?!2 !9A9

!;=A?!A?=0 7.D?A!0! >. [email protected]=B=^?! M 7?AC=O?=B=^?! AB?0?A!2 !9A9

!;=A?!A?=0 0!A?=0!B >. d=;K?N!B.; KC?L!>=;

=C^!0?i!A?=0 K!0!7.C?A!0! >. B! ;!B6>f=C^!0?i!A?=0 760>?!B >. B! ;!B6>2

C.KC.;.0N!A?=0 .0 7.D?A=

60?=0 ?0N.C0!A?=0!B A=0NC! B! N6O.CA6B=;?; M [email protected].>!>.; C.;K?C!N=C?!;

A=7?N. 0!A?=0!B >. B6Ad! A=0NC! B! N6O.CA6B=;?; M [email protected].>!>.; >.B !K!C!N=

C.;K?C!N=C?=

'6)'#"

!" ?)5&,/*--1S)

#" =Xc(51Q, T -%$[, /( %["1-%-1S)

$" C(U(&()-1%+

&" >(U1)1-1,)(+

'" !X&(Q1%5*&%+

(" A"%+1U1-%-1S)2 &('1+5&, T ),51U1-%-1S)

)" .+[(-1U1-%-1,)(+

PAG. 2

"#$%&'$( )'**%+,- ./01/2 23/4/05 6($7'8 9: ;' 8'

6($7'8 9: ;' 8'5/J KC/=/=@ 2: L=0>=4100:C5C/:.45=F % ",+ -,$15P+ /( "%+ ()51/%/(+ U(/(&%51Q%+ ()-%&'%/,+ /( %5()/(&

"% 5*X(&-*",+1+ $*"51U%&$%-,&&(+1+5()5(2 1)5('&%/,+ -,) (8[(&5,+ -"1.=0 MN5./1>O/541 A:C?50=/1051PF % 5,/% [(&+,)% 3*( 51()( 5,+ -,)

(8[(-5,&%-1S) , b($,[51+1+2 +1) 1$[,&5%& (" 51($[, /( (Q,"*-1S)2 () ",+ -*%"(+ /(X() /( %',5%&+( ",+ &(-*&+,+ /(

/1%')S+51-, [&(Q1, % 1)1-1%& (" 5&%5%$1()5,9 .) )1e%+ T )1e,+2 5,+ -,) , +1) (8[(-5,&%-1S)2 /*&%)5( /,+ , $V+

+($%)%+9

&"#& I=C1 2: /38:043@1C5C 2:C4=0/=21F 5,/, -%+, [&,X%X"( /( 5*X(&-*",+1+ () 3*1() +( -,$[&*(X( [,&

"%X,&%5,&1, ,5&% (51,",' () *)% [(&+,)% [&(Q1%$()5( KK> )('%51Q,9

&"$# I3@/5;1F % "% 5P-)1-% /( "%X,&%5,&1, 3*( [(&$15( (" %1+"%$1()5, /( -,",)1%+ /( ,1 #3.(/"3*&+$+ () $(/1,

+S"1/, , "

"#$%&'$( )'**%+,- ./01/2 23/4/05 6($7'8 9: ;' 8'3.141>?:/:.45=F %" (+5%/, ),&$%" /(" +1+5($% 1)$*),"S'1-,2 3*( +( 5&%/*-( () &(+,"Q(&

%/(-*%/%$()5( ",+ ()-*()5&,+ -,) "%+ 1)U(--1,)(+9

&"&& -.>3.141>?01>5C1F ! "% -,)/1-1S) %),&$%" () "% 3*( (" +1+5($% 1)$*),"S'1-, [&(+()5% *)% /(U1-1()-1%

-*%"15%51Q% /( +* U*)-1S)9

&"&' S3@/5/0=/=21F %" ()U(&$, 3*( b% 1)1-1%/, T +,+5()1/, /,+ , $V+ 5&%5%$1()5,+ %)515*X(&-*",+,+2 [,& ", $(),+

/*&%)5( *) $(+ , $V+9

&"&( T=0/545?=456. C145=@F %" [&,-(+, 3*( [(&$15( 1)Q,"*-&%& % "% [,X"%-1S)2 % "%+ %*5,&1/%/(+ ",-%"(+2 % "%+

1)+515*-1,)(+ [WX"1-%+ T % ",+ +(-5,&(+ +,-1%" T [&1Q%/, () "% ["%)(%-1S)2 [&,'&%$%-1S)2 (c(-*-1S) T (Q%"*%-1S) /( ",+

[&,'&%$%+ T %--1,)(+ /( +%"*/2 -,) (" [&,[S+15, /( ",'&%& *) $%T,& 1$[%-5, T U,&5%"(-(& (" ;1+5($% 0%-1,)%" /(

;%"*/9

&"&) T01>1456. 2: @= C=@32F %" [&,-(+, 3*( [(&$15( U,&5%"(-(& ",+ -,),-1$1()5,+2 %[515*/(+ T %-515*/(+ /( "%+

[(&+,)%+ [%&% [%&51-1[%& -,&&(+[,)+%X"($()5( () (" -*1/%/, /( +* +%"*/ T [%&% ,[5%& [,& (+51",+ /( Q1/% +%"*/%X"(+2

U%-1"15%)/, (" ",'&, T -,)+(&Q%-1S) /( *) %/(-*%/, (+5%/, /( +%"*/ 1)/1Q1/*%"2 U%$1"1%& T -,"(-51Q%2 $(/1%)5(

%-51Q1/%/(+ /( [%&51-1[%-1S) +,-1%"2 -,$*)1-%-1S) (/*-%51Q% T (/*-%-1S) [%&% "% +%"*/9

&"&* T03:8= 2: C3C4:?/585@52=2 =./5>540185=.=F % "% 5P-)1-% /( "%X,&%5,&1, 3*( [(&$15( /(5(-5%& +1 ("

-&(-1$1()5, /(" X%-1", 5*X(&-*",+, (+ 1)b1X1/, [,& *) UV&$%-,9

&"&+ W35>51?01B5@=U5CF % "% %/$1)1+5&%-1S) /( 1+,)1%-1/%2 % -,)5%-5,+ 3*( ", &(3*1(&%)2 -,) ,Xc(5, /( [&(Q()1& "%

1)U(--1S) [&1$%&1% , "% %[%&1-1S) /( ()U(&$(/%/ 5*X(&-*",+%9

&"&, A:=4/10 =@ TTDF % "% [(&+,)% 3*( % "%+ ]G b,&%+ /( %["1-%& (" KK> [&(+()5% 1)/*&%-1S) 1)5&%/P&$1-% /( HE

$$ , $V+2 () (" +151, /( "% %["1-%-1S) /( G 6N /( KK>:CNGJ9 .) $(),&(+ /( -1)-, %e,+ -,) , +1) OA^2 &(-1P)

)%-1/,+2 )1e%+ T )1e,+ /(+)*5&1/,+ T [(&+,)%+ 1)$*),/([&1$1/%+2 +( -,)+1/(&% &(%-5,& % 3*1() [&(+()5( 1)/*&%-1S)

/( ` $$ , $V+9

&"'! A:4=Q2=F % "% [&(+()-1% /( +1'),+ , +5:./1 :C/=.2=05X=21F %" (+3*($% /( 5&%5%$1()5, 3*( +( 1)+515*T( % *) ()U(&$, -,) U&%-%+, % *)

(+3*($% /( &(5&%5%$1()5, [&1$%&1, , -,) 5*X(&-*",+1+ $*"51U%&$%-,&&(+1+5()5(2 T (+ %Q%"%/, [,& (" A,$15P .+5%5%" /(

@%&$%-,&&(+1+5()-1% -,&&(+[,)/1()5(9

PAG. 5

UserHighlight

UserHighlight

UserHighlight

UserHighlight

UserHighlight

UserHighlight

UserHighlight

UserHighlight

UserHighlight

UserHighlight

UserHighlight

UserHighlight

UserHighlight

UserHighlight

UserHighlight

UserHighlight

UserHighlight

UserHighlight

6($7'8 9: ;' 8'5:./1 5.25;523=@5X=21F %" (+3*($% /( 5&%5%$1()5, 3*( +( 1)+515*T( % *) ()U(&$, -,) NO7@C

$*"515&%5%/, , -,) U&%-%+, % *) (+3*($% /( &(5&%5%$1()5, (+5%)/%&1R%/,2 U*)/%$()5%/, () (" &(+*"5%/, /(" (+5*/1, /(

+*+-([51X1"1/%/ %)51$1-&,X1%)%9 A,$[&()/( "% %/$1)1+5&%-1S) /( *) 5&%5%$1()5, -,) UV&$%-,+ /( +('*)/% "5:./1 :C/054/=>:./: C3?:0;5C=21F %" 3*( %/$1)1+5&% (" [(&+,)%" /( +%"*/ , [(&+,)%" -,$*)15%&1,

-%[%-15%/, [,& [(&+,)%" /( +%"*/2 3*1() /(X( -,)U1&$%& "% 1)'(+5% T /('"*-1S) /(" UV&$%-, [%&% '%&%)51R%& ("

-*$["1$1()5, /(" 5&%5%$1()5,9

&"', R0=/=>5:./1 ?05>=051 =410/=21F %" 5&%5%$1()5, 3*( +( 1)+515*T( % 5,/,+ ",+ -%+,+ )*(Q,+9 A,$[&()/( "%

%/$1)1+5&%-1S) /( 1+,)1%-1/% kd\2 &1U%$[1-1)% kC\2 [1&%R1)%$1/% k i\ T (5%$X*5," k.\9

&"(! R38:043@1C5CF % "% ()U(&$(/%/ 1)U(--1,+%2 '()(&%"$()5( -&S)1-%2 -%*+%/% [,& (" -,$["(c, ,-"&.)"#(/$3'

#3.(/"3*&+$+ 7,1 #3.(/"3*&+$+4 ,1.&5$+4 ,1 '$"/$4 ,1 )6/$")%3' - ,1 ")%(##$$84 3*( +( 5&%)+$15( /(" ()U(&$, %" +*c(5,

+%), [,& 1)b%"%-1S) /( $%5(&1%" 1)U(-5%)5(2 1)'(+51S) /( "(-b( -,)5%$1)%/% [,& /1-b, -,$["(c,2 -,)5%-5, -,)

[(&+,)%+ ()U(&$%+ X%-1"

"#$%&'$( )'**%+,- ./01/2 23/4/05 6($7'8 9: ;' 8':; >(&1Q%/, K&,5(1-, K*&1U1-%/, (+5V)/%&

K5b K&,51,)%$1/%

C C1U%$[1-1)%

; .+5&([5,$1-1)%

;?>! ;

6($7'8 9: ;' 8'(+%&&,""%& %--1,)(+ 3*( [&,$*(Q%) %-515*/(+ T %[515*/(+ 3*( $(c,&() "% +%"*/ 1)/1Q1/*%"2 U%$1"1%& T

-,"(-51Q% 5()/1()5(+ % [&(Q()1& "% 5*X(&-*",+1+ () "% [,X"%-1S)9

)"#"#"#"$ K&,$,Q(& (" /(+%&&,"", /( bVX15,+ )*5&1-1,)%"(+ +%"*/%X"(+ () 5,/%+ "%+ (/%/(+ T (5%[%+ /( "% Q1/%2 /(

%-*(&/, -,) "%+ [,+1X1"1/%/(+ T -%&%-5(&

"#$%&'$( )'**%+,- ./01/2 23/4/05 6($7'8 9: ;' 8'(X( %+('*&%&+( "% 5,$% T (" ()Q

6($7'8 9: ;' 8' +( /(X( ""(Q%& % -%X, /( %-*(&/, -,) "%+ +1'*1()5(+ 1)/1-%-1,)(+4

)"$"#"*"# .+5*/1, /( -,)5%-5,+2

)"$"#"*"$ ![,T, %" /1%')S+51-, /1U(&()-1%" /( 5*X(&-*",+1+2 T

)"$"#"*"& .+5*/1,+ ([1/($1,"S'1-,+9

)"$"#"*"# >,+1+2 %/$1)1+5&%-1S) ( 1)5(&[&(5%-1S)9

)"$"#"*"#"# 6) /P-1$, /( $" (3*1Q%"( % G 6N /( KK> CN: GJ , ` 6N /( KK>:;2 [,& Q2 +( &(3*1(&( [&(-1+%& (" /1%')S+51-, T /(

%-*(&/, -,) (" &(+*"5%/, /(-1/1& +1 +( %/$1)1+5&% 3*1$1,[&,U1"%81+ , 5&%5%$1()5,9

)"& N&%5%$1()5, /( "% 5*X(&-*",+1+4

)"&"# ." 5&%5%$1()5, +( [&(+-&1X( [,& (" [(&+,)%" /( +%"*/2 +( %/$1)1+5&% () -*%"3*1(& ",-%"1R%-1S) /( "%

()U(&$(/%/9 ;( /1+51)'*( () [&1$%&1, %-,&5%/,2 &(5&%5%$1()5, [&1$%&1,2 &(5&%5%$1()5, (+5%)/%&1R%/, T &(5&%5%$1()5,

1)/1Q1/*%"1R%/,2 ",+ /,+ W"51$,+ /(X() +(& [&(+-&15,+ [,& (" [(&+,)%" /( +%"*/ (8[(&5, () U%&$%-,&&(+1+5()-1%2

%*5,&1R%/, [,& (" ^&*[, 0%-1,)%" !+(+,& () N*X(&-*",+1+ @%&$%-,&&(+1+5()5(9 N,/,+ ",+ 5&%5%$1()5,+ /(X() +(&

(+5&1-5%$()5( +*[(&Q1+%/,+ [,& [(&+,)%" /( +%"*/ , [(&+,)%" -,$*)15%&1, -%[%-15%/,9

;( b%) /(U1)1/, "%+ [%*5%+ [%&% (" 5&%5%$1()5, T &(5&%5%$1()5, /( "% 5*X(&-*",+1+ () 7P81-,2 -,$, +(

(+3*($%51R% () "% U1'*&% H /( (+5% 0,&$%9

L5H30= #

r .8-([5, U,&$%+ '&%Q(+4 $()

"#$%&'$( )'**%+,- ./01/2 23/4/05 6($7'8 9: ;' 8'(&$%5,+1+

.5%$X*5," k.\

k/\

A,$[&1$1/, ZEE $' GEsJE H`:G` H GEE $' È G ZEE $' !"5(&%-1S) /( "%

Q1+1S)

M=P J Q(-(+ [,& +($%)%2 +('W) "% 5%X"% /( &(U(&()-1%9

M8P .)U(&$,+ -,) $(),+ /( È n' /( [(+, T $%T,&(+ /( È %e,+2 $15%/ /( "% /,+1+9

M4P 0, *51"1R%& /*&%)5( (" ($X%&%R,9

M2P .) )1e,+ $(),&(+ /( _ %e,+2 /(X( +(& *+%/, -,) [&(-%*-1S)2 ,-%+1,)%"$()5( +( [*(/( %+,-1%& % )(*&151+ S[51-%9

)"&"&"# .) )1e,+ $(),&(+ /( _ %e,+ +( /(X() %/$1)1+5&%& -*%5&, UV&$%-,+ () [&(+()5%-1S) +([%&%/% /( %-*(&/,

-,) "%+ /,+1+ 1)/1-%/%+ () "% 5%X"% H kQP%+( "% 5%X"%\2 +1) (8-(/(& "% /,+1U1-%-1S) /(" %/*"5,9

)"&"&"$ ." 5&%5%$1()5, [&1$%&1, %-,&5%/,2 /( "% 5*X(&-*",+1+2 1)-"*T( ",+ +1'*1()5(+ UV&$%-,+4 ?+,)1%-1/% kd\2

C1U%$[1-1)% kC\2 K1&%R1)%$1/% ki\ T .5%$X*5," k.\2 +( 1)+515*T( % 5,/, -%+, )*(Q, 3*( )*)-% b% &(-1X1/, 5&%5%$1()5,9

)"&"&"& ." (+3*($% /( 5&%5%$1()5, [&1$%&1, %-,&5%/, +( /(X( %/$1)1+5&%& %[&,81$%/%$()5( /*&%)5( G`

+($%)%+2 b%+5% -,$["(5%& HE` /,+1+2 /1Q1/1/, () /,+ (5%[%+4 U%+( 1)5()+1Q%2 FE /,+1+ k/1%&1, /( "*)(+ % +VX%/, -,)

dCi.\Y T U%+( /( +,+5P)2 Z` /,+1+ k1)5(&$15()5(2 J Q(-(+ % "% +($%)%2 -,) dC\2 +('W) +( 1)/1-% () "% 5%X"% G /( (+5%

0,&$%9

REGZE $"[ R0=/=>5:./1 ?05>=051 =410/=21

@%+( ?)5()+1Q%4 >1%&1,2 /( "*)(+ % +VX%/,2 b%+5% -,$["(5%& FE /,+1+9 !/$1)1+5&%-1S) () *)% 5,$%

@V&$%-,+

C1U%$[1-1)% kC\

?+,)1%-1/% kd\

K1&%R1)%$1/% ki\

.5%$X*5," k.\

>,+1+

FEE $'

JEE $'

H ÈE $' % G EEE $'

H GEE $'

@%+( /( +,+5P)4 ?)5(&$15()5(2 J Q(-(+ [,& +($%)%2 "*)(+2 $1P&-,"(+ T Q1(&)(+2 b%+5% -,$["(5%&Z` /,+1+

!/$1)1+5&%-1S) () *)% 5,$%

@V&$%-,+

?+,)1%-1/% kd\

C1U%$[1-1)% kC\

>,+1+

_EE $'

FEE $'

.) [(&+,)%+ 3*( [(+() $(),+ /( È n' "%+ /,+1+ +(&V) [,& n1",'&%$, /( [(+, () /,+1+ $V81$% T -,) UV&$%-,+ ()

[&(+()5%-1S) +([%&%/%2 -,$, +( 1)/1-% () "% 5%X"% H kQP%+( "% 5%X"%\9

)"&"&"' .) 5,/,+ ",+ [%-1()5(+ -,) 5*X(&-*",+1+ /(" +1+5($% )(&Q1,+, -()5&%"2 $1"1%& k/1+($1)%/%\2 * S+(%2 ("

5&%5%$1()5, /(X( +(& %/$1)1+5&%/, /*&%)5( *) %e, %[&,81$%/%$()5(2 /1Q1/1/, () /,+ (5%[%+4 U%+( 1)5()+1Q%2 G

$(+(+ k/1%&1, /( "*)(+ % +VX%/, -,) dCi.\Y T U%+( /( +,+5P)2 HE $(+(+ k1)5(&$15()5(2 J Q(-(+ % "% +($%)%2 -,)

dC\9

)"&"&"( ." 5&%5%$1()5, [&1$%&1, %-,&5%/, /(X( +(& (+5&1-5%$()5( +*[(&Q1+%/,2 %c*+5V)/,+( % "%+ (+[(-1U1-%-1,)(+

+1'*1()5(+4

)"&"&"("# !["1-%& (" U,&$%5, /( &1(+', /( %X%)/,), % 5,/, [%-1()5( /1%'),+51-%/, -,) 5*X(&-*",+1+9

)"&"&"("$ 7%)5()(& (" 5&%5%$1()5, [&1$%&1, -,) "% -,$X1)%-1S) U1c% /( dCi.2 , dCi T dC9

PAG. 11

UserHighlight

UserHighlight

UserHighlight

UserHighlight

UserHighlight

UserHighlight

UserHighlight

UserHighlight

UserHighlight

UserHighlight

UserHighlight

UserHighlight

UserHighlight

6($7'8 9: ;' 8',+1+\

FEE $'

JEE $'

H ÈE $' % G EEE $'

H GEE $'

H ' ?7

@%+( ?)5(&$(/1%4 >1%&1,2 /( "*)(+ % +VX%/, b%+5% -,$["(5%& JE /,+1+

!/$1)1+5&%-1S) () *)% /,+1+

@V&$%-,+

C1U%$[1-1)% kC\

?+,)1%-1/% kd\

K1&%R1)%$1/% ki\

.5%$X*5," k.\

FEE $'

JEE $'

H ÈE $' % G EEE $'

H GEE $'

@%+( /( +,+5P)4 ?)5(&$15()5(2 J Q(-(+ [,& +($%)%2 "*)(+2 $1P&-,"(+ T Q1(&)(+2 b%+5% -,$["(5%&_E /,+1+9 !/$1)1+5&%-1S) () *)% 5,$%

@V&$%-,+

?+,)1%-1/% kd\

C1U%$[1-1)% kC\

.5%$X*5," k.\

;([%&%/,+ k>,+1+\

_EE $'

FEE $'

H GEE $'

.) [(&+,)%+ 3*( [(+() $(),+ /( È n' "%+ /,+1+ +(&V) [,& n1",'&%$, /( [(+, () /,+1+ $V81$% T -,) UV&$%-,+ ()

[&(+()5%-1S) +([%&%/%2 -,$, +( 1)/1-% () "% 5%X"% H kQP%+( "% 5%X"%\9

)"&"'"$ N,/,+ ",+ ()U(&$,+ 3*( U&%-%+%&,)2 %X%)/,)%&,) , &(-%T(&,) % *) &(5&%5%$1()5, [&1$%&1,2 /(X(&V) +(&

(Q%"*%/,+ [,& (" '&*[, /( (8[(&5,+ () 5*X(&-*",+1+ U%&$%-,&&(+1+5()5( () ",+ (+5%/,+ kA,$15P+ .+5%5%"(+\2 3*1()(+

/(U1)1&V) (" $%)(c,2 +('*1$1()5, /( -%+,+ T (+5%X"(-(&V) "%+ %--1,)(+ /( [&(Q()-1S) T -,)5&,"9

)"&"( A,)5&," /(" 5&%5%$1()5, [&1$%&1,

)"&"("# A,)5&," -"

"#$%&'$( )'**%+,- ./01/2 23/4/05 6($7'8 9: ;' 8'(X(&V &(%"1R%&+( % 5,/,+ ",+ -,)5%-5,+ 1)$(/1%5%$()5( /(+[*P+ /( -,),-(&+( (" -%+, /( 5*X(&-*",+1+2 T

+( &([(51&V2 /( [&(+()5%&+( +! 3*( [&(+()5() 5,+ -,) U"($% +( "(+ /(X(&V [&%-51-%& X%-1",+-,[1%+ ()

(8[(-5,&%-1S)2 () +(&1( /( 5&(+2 T -*"51Q, [%&% XW+3*(/% 1)5()-1,)%/% /( 5*X(&-*",+1+2 T% 3*( (+5,+ [%-1()5(+ +(

-,)+1/(&%) /( %"5, &1(+', [%&% /(+%&&,""%& "% ()U(&$(/%/ +('W) (" )*$(&%" J9JH9

*"& N,/,+ ",+ [%-1()5(+ L?d [,+151Q,+ /(X() +(& +,$(51/,+ % *)% [&*(X% /( KK> T (Q%"*%/,+ /( %-*(&/, %"

&(+*"5%/, /( "% $1+$%9

*"' ! 5,/,+ ",+ [%-1()5(+ KK> [,+151Q,+ +( "(+ /(X( 1)Q(+51'%& "% [&(+()-1% /( 5*X(&-*",+1+ %-51Q%9 .) %*+()-1%

/( +Zt $(),& /( GEE -P"*"%+f$$J2

",+ [%-1()5(+ /(X() (Q%"*%&+( /( %-*(&/, % "% +1)5,$%5,",' [,+151Q,2 [(&, +1) (Q1/()-1% /( ()U(&$(/%/ %-51Q%2 /(X() /(

&(-1X1& [&,U1"%81+ -,) ?+,)1%-1/% /( %-*(&/, %" )*$(&%" F9H9J9

*"* N&%5%$1()5,

*"*"# N,/,+ ",+ [%-1()5(+ L?d [,+151Q,+ () 3*1() +( /($*(+5&( 5*X(&-*",+1+ [*"$,)%& %-51Q% /(X() &(-1X1&

5&%5%$1()5, [&1$%&1, /( %-*(&/, %" )*$(&%" F9J9

*"*"$ .) 5,/,+ ",+ [%-1()5(+ -,) L?d [,+151Q, T 5*X(&-*",+1+2 %U(--1S) %" ;1+5($% 0(&Q1,+, A()5&%" ;0A ,

()U(&$(/%/ %Q%)R%/% k"1)U,-15,+ A>Zt $(),&(+ /( HEE -P"*"%+f $$J\ (" 5&%5%$1()5, +(&V /( %-*(&/, -,) "% '*=4100:C5C/:./:

B% $(c,& U,&$% /( [&(Q()1& "% U%&$%-,&&(+1+5()-1% () 5*X(&-*",+1+ (+ % 5&%QP+ /( "% /(5(--1S) ,[,&5*)% T

-*&%-1S) /( 5,/,+ ",+ -%+,+ )*(Q,+2 -,) (+3*($%+ [&1$%&1,+ (+5&1-5%$()5( +*[(&Q1+%/,+9

+"# >1%')S+51-,

+"#"#" ;( /(X( +,+[(-b%& U%&$%-,&&(+1+5()-1% () 5,/, [%-1()5( -,) 5*X(&-*",+1+ 3*( -*&+( -,) &(-%

6($7'8 9: ;' 8'=41C =./5/38:043@1C5C C:H3.2= @Q.:=

LO0>=41 D1C5B54=456. :. =23@/1C KB:4/1C =2;:0C1C `5H5@=.45= E4451.:C

!$1n%-1)%k!n\

o%)%$1-1)%ko)\

A%[&(,$1-1)%

kA[\

H`:GE $'fn'f/,+1+$V81$% H 'fGZ b&+9

H`:GE $'fn'f/,+1+ $V81$%

H'fGZ b&+9

GE $'fn'f/,+1+ $V81$%

H'fGZ b&+9

!'()5(+

X%-5(&1-1/%+ [%&%,&'%)1+$,+ (85&%-("*"%&(+

C(%--1,)(+ %/Q(&+%+ /( 5,/,+",+ %$1),'"*-S+1/,+4

0(-&,+1+ 5*X*"%& ( 1)+*U1-1()-1%&()%" -&S)1-%9

." &1(+', /( )(U&,5,81-1/%/%*$()5% -,) "% %/$1)1+5&%-1S)-,)-,$15%)5( /( A1-",+[,&1)%!2 L%)-,$1-1)%2 !)U,5(&1-1)% OT &%/1,-,)5&%+5(+9

d1[,%-*+1% T +,&/(&%1&&(Q(&+1X"(9

C%&% Q(R2 X",3*(,)(*&,$*+-*"%& &(Q(&+1X"(9

C(%"1R%&/(5(&$1)%-1S) /(*&(% T -&(%51)1)% ()+%)'&( -%/% JE/(5(&$1)%-1S) /(*&(%9

?)1-1%& 5&%5%$1()5, %)51V-1/, -,)X",3*(%/,&(+ dG , +*-&%"U%5,9 .) -%+,)(-(+%&1, X%c%& /,+1+ /(" UV&$%-,2 +1) [,)(&() &1(+', "% [%*5% 5(&%[P*51-%9

6 1"1R%& %)%"'P+1-,+2 1)1-1%& 5&%5%$1()5, -,)!?0.; T &(b%X1"15%-1S)2 X%c%& /,+1+ /("UV&$%-,2 +1) [,)(& () &1(+', "% [%*5%5(&%[P* 1-%9

.+5,+ +(5(-5%&,[,&5*)%$()5(+

"#$%&'$( )'**%+,- ./01/2 23/4/05 6($7'8 9: ;' 8'5:./1 :C/=.2=05X=21 41. BO0>=41C 2: C:H3.2= @Q.:=

L=C: 5./:.C5;= ,! 21C5C

S:254=>:./1C D1C5C^2Q= D30=456. :. >:C:C T0:C:./=456.

A%[&(,$1-1)% H ' J @-,9 !$[9 H '

K&,51,)%$1/% ]È $' J N%X9 GÈ $'

=U",8%-1)% _EE $' J N%X9 ZEE $'

K1&%R1)%$1/% H ÈE $' J N%X9 ÈE $'

L=C: 2: >=./:.5>5:./1 '(! 21C5C

S:254=>:./1C D1C5C^2Q= D30=456. :. >:C:C T0:C:./=456.

K&,51,)%$1/% ]È $' H` N%X9 GÈ $'

=U",8%-1)% _EE $' H` N%X9 ZEE $'

K1&%R1)%$1/% H ÈE $' H` N%X9 ÈE $'

.) [(&+,)%+ 3*( [(+() $(),+ /( È n' "%+ /,+1+ +(&V) [,& n1",'&%$, /( [(+,

+"'"# .) -%+, /( ), &(*)1& 5,/,+ ",+ UV&$%-,+ 3*( -,$[,)() (" (+3*($% %)5(&1,&2 1)1-1( (" +1'*1()5( (+3*($%4

A1[&,U",8%-1)%2 K&,51,)%$1/%2 K1&%R1)%$1/% T o%)%$1-1)%2 (" 5&%5%$1()5, /(X( %/$1)1+5&%&+( [,& ", $(),+ /*&%)5(

H_ $(+(+2 -,$, +( $*(+5&% () "% 5%X"% F kQP%+( "% 5%X"%\9 B,+ UV&$%-,+ 3*( -,$[,)() %$X,+ (+3*($%+ )*)-%

/(X() $(R-"%&+( )1 +*+515*1&+(9

REGZE )"[ A:/0=/=>5:./1 :C/=.2=05X=21 =@/:0.=/5;1 41. BO0>=41C 2: C:H3.2= @Q.:=

L=C: 5./:.C5;= ,! 21C5C

S:254=>:./1C D1C5C ?10 2Q= D30=456. :. >:C:C T0:C:./=456.

o%)%$1-1)% H ' J @-,9 !$[9 H '

K&,51,)%$1/% ]È $' J N%X9 GÈ $'

A1[&,U",8%-1)% H ' J N%X9 GÈ $'

K1&%R1)%$1/% H ÈE $' J N%X9 ÈE $'

L=C: 2: >=./:.5>5:./1 '(! 21C5C

S:254=>:./1C D1C5C ?10 2Q= D30=456. :. >:C:C T0:C:./=456.

K&,51,)%$1/% ]È $' H` N%X9 GÈ $'

A1[&,U",8%-1)% H ' H` N%X9 GÈ $'

K1&%R1)%$1/% H ÈE $' H` N%X9 ÈE $'

.) [(&+,)%+ 3*( [(+() $(),+ /( È n' "%+ /,+1+ +(&V) [,& n1",'&%$, /( [(+,9

+"( ." C(5&%5%$1()5, 1)/1Q1/*%"1R%/, +( /(X( 1)/1-%& % *) ()U(&$, -,) NO7@C $*"515&%5%/, , -,) U&%-%+, % *)

(+3*($% /( &(5&%5%$1()5, (+5%)/%&1R%/,2 U*)/%$()5%/, () (" &(+*"5%/, /(" (+5*/1, /( +*+-([51X1"1/%/

%)51$1-&,X1%)%2 -,$[&()/( "% %/$1)1+5&%-1S) /( *) 5&%5%$1()5, -,) UV&$%-,+ /( +('*)/% "

6($7'8 9: ;' 8'1+(%+( A,)5&,"9 >([%&5$()5 ,U d(%"5b %)/ d*$%) ;(&Q1-(+9 NX A%&( ^*1/(2 d1'b"1'b5+ U&,$ -%&(

A*&&1-*"*$ ,) N*X(&-*",+1+ J&/ (/9 !5"%)5%2 HIIZ9

,"$ A()5(&+ U,& >1+(%+( A,)5&,"9 HIIJ C(Q1+(/ A"%++1U1-%51,) ;T+5($ U,& d?L ?)U(-51,) %)/ .8[%)/(/ ;*&Q(1""%)-(

A%+( >(U1)151,) U,& !?>; %$,)' !/,"(+-()5+ %)/ !/*"5+9 77vC HIIGYZH4 k0=9CCH]\9

,"& A,)+(c, 0%-1,)%" /( L%-*)%-1S)9 L%-*)%-1S)9 7%)*%" /( K&,-(/1$1()5,+ NP-)1-,+ /( L%-*)%-1S)9

!-5*%"1R%-1S) GEEG9

,"' A*%/&, XV+1-, [%&% (" [&1$(& )1Q(" T -%5V",', /( UV&$%-,+ HIIF9 H` /( ),Q1($X&( /( HIIF9

,"( @%&'% L92 N*X(&-*",+1+9 ./9 7(/15(&&V)(,9 ;%)51%', /( Ab1"(2 HIIG9

,") ^%"/S+ N%)3*1+ d2 A%T"% j9!92 N*X(&-*",+1+ ?)U%)51"9 ;(&Q1-1, /( .[1/($1,",'! () -,)+*"5% (85(&)% T b,+[15%"(+9

A*%&5% (/1-1S)2 GEEE9

,"+ d%"+(&T K2 K1-n(&1)' 792 N*X(&-*",+1+ () g.)U(&$(/%/(+ ?)U(--1,+%+ () K(/1%5&4 N*X(&-*",+1+ ^*1/( U,& B,w ?)-,$( A,*)5&1(+9 Z5b ./92 O&*+("%+2 HIIF9

,"#$ o%&%$ O(-b%&% j2 7*-b1)1n j9 N*X(&-*",+1+ () (" )1e,9 O," 7(/9 ?)U92 7P81-,2 HII`Y JG4 `J]:Z]9

,"#& 7%)*%" /( [&,-(/1$1()5,+ /( "%X,&%5,&1,2 ?0>C.f;!^!C2 )W$(&, H_2 N*X(&-*",+1+9 HIIF9

,"#' 7%)*%" /( K&,-(/1$1()5,+9 K&,'&%$% 0%-1,)%" /( K&(Q()-1S) T A,)5&," /( "% N*X(&-*",+1+9 ;(-&(5%&

"#$%&'$( )'**%+,- ./01/2 23/4/05 6($7'8 9: ;' 8'1+(%+(+9 GEEGY 0,QY _kHH\4HJG]:JJ9

,"$) ;1U*()5(+:=+,&)1, j2 O,X%/1""%s/(":L%""( 72 o%5,:7%(/% 72 ^%&-

02',),&$&,21 D OD 1RUPD 2FLDO 0H[LFDQD 120

ZZZVDOXGJREP[XQLGDGHVFGLQRPPVVDKWPO

02',),&$&,21 D OD 1RUPD 2ILFLDO 0H[LFDQD 12066$ 3DUD ODSUHYHQFLyQ \ FRQWURO GH OD LQIHFFLyQ SRU 9LUXV GH OD ,QPXQRGHILFLHQFLD+XPDQD

$O PDUJHQ XQ VHOOR FRQ HO (VFXGR 1DFLRQDO TXH GLFH (VWDGRV 8QLGRV 0H[LFDQRV 6HFUHWDUtD GH 6DOXG

02',),&$&,21 $ /$ 1250$ 2),&,$/ 0(;,&$1$ 12066$ 3$5$ /$ 35(9(1&,21 < &21752/'( /$ ,1)(&&,21 325 9,586 '( /$ ,10812'(),&,(1&,$ +80$1$

52%(572 7$3,$ &21



6(&5(7$5,$ '( ('8&$&,21 38%/,&$'LUHFFLyQ *HQHUDO GH 0DWHULDOHV \ 0pWRGRV (GXFDWLYRV

6(&5(7$5,$ '( 0$5,1$

6(&5(7$5,$ '( /$ '()(16$ 1$&,21$/'LUHFFLyQ *HQHUDO GH 6DQLGDG

,167,7872 '( 6(*85,'$' < 6(59,&,26 62&,$/(6 '( /26 75$%$-$'25(6 '(/ (67$'2

,167,7872 0(;,&$12 '(/ 6(*852 62&,$/

3(752/(26 0(;,&$126/.

6(&5(7$5,$ '( 6$/8' '(/ ',675,72 )('(5$/

&216(-2 1$&,21$/ '( 32%/$&,21

$0,*26 &2175$ (/ 6,'$ $&

,167,7872 0(;,&$12 '( ,19(67,*$&,21 (1 )$0,/,$ < 32%/$&,21 $&

*5832 (&2/2*,$ $&

&(1752 '( 25,(17$&,21 3$5$ $'2/(6&(17(6 $&

6$/8' ,17(*5$/ 3$5$ /$ 08-(5 $&

&2/(&7,92 62/

)81'$&,21 0(;,&$1$ 3$5$ /$ /8&+$ &2175$ (/ 6,'$ $&

$62&,$&,21 0(;,&$1$ '( ('8&$&,21 6(;8$/ $&

$62&,$&,21 0(;,&$1$ '( +263,7$/(6 $&

,1',&(

,QWURGXFFLyQ

2EMHWLYR \ FDPSR GH DSOLFDFLyQ

5HIHUHQFLDV

'HILQLFLRQHV \ DEUHYLDWXUDV

*HQHUDOLGDGHV

0HGLGDV GH SUHYHQFLyQ

0HGLGDV GH FRQWURO

,QYHVWLJDFLyQ

&RQFRUGDQFLD FRQ QRUPDV LQWHUQDFLRQDOHV \ PH[LFDQDV

%LEOLRJUDItD

2EVHUYDQFLDPAG. 19



9LJHQFLD

,QWURGXFFLyQ

&RPR UHVXOWDGR GH ORV DYDQFHV FLHQWtILFRV GXUDQWH ORV ~OWLPRV DxRV HQ WRUQR D OD LQIHFFLyQ SRU HO 9LUXV GH OD,QPXQRGHILFLHQFLD +XPDQD \ DO 6tQGURPH GH ,QPXQRGHILFLHQFLD $GTXLULGD VXV UHSHUFXVLRQHV VRFLDOHV \ VXVDOWHUQDWLYDV DFWXDOHV HQ FXDQWR D ORV SURGXFWRV SDUD GLDJQyVWLFR \ WUDWDPLHQWR VXUJH OD QHFHVLGDG GH UHRULHQWDU \IRUWDOHFHU DFFLRQHV HVSHFtILFDV SDUD VX SUHYHQFLyQ \ FRQWURO DVt FRPR DGHFXDU ORV PDUFRV QRUPDWLYRV TXH UHJXODQHO TXHKDFHU LQVWLWXFLRQDO D ILQ GH TXH UHVSRQGDQ D ODV H[LJHQFLDV GH OD pSRFD DFWXDO

3RU VX LPSRUWDQFLD SDUD OD VDOXG GH OD SREODFLyQ SRU VX H[WHQVD FREHUWXUD GH XVR \ SRU OD WUDVFHQGHQFLD TXH UHYLVWHOD SUHYHQFLyQ \ HO FRQWURO PDWHULD GH HVWD 1RUPD VH KD EXVFDGR PHGLDQWH HVWD 0RGLILFDFLyQ D OD 1RUPD 2ILFLDO0H[LFDQD SDUD OD 3UHYHQFLyQ \ &RQWURO GH OD ,QIHFFLyQ SRU 9LUXV GH ,QPXQRGHILFLHQFLD +XPDQD UHXQLU ORV SXQWRV GHYLVWD SURSXHVWDV \ UHVXOWDGRV GH LQYHVWLJDFLRQHV TXH GLYHUVDV GHSHQGHQFLDV JXEHUQDPHQWDOHV RUJDQLVPRV QRJXEHUQDPHQWDOHV \ SULYDGRV KDQ UHDOL]DGR DO UHVSHFWR HQ GLYHUVRV iPELWRV

'H PDQHUD HVSHFtILFD HVWD 0RGLILFDFLyQ DFWXDOL]D GHILQLFLRQHV \ OD HVSHFLILFDFLyQ GH WpUPLQRV GLVSRVLFLRQHVJHQHUDOHV PHGLGDV GH SUHYHQFLyQ \ FRQWURO DVLPLVPR SURSRUFLRQD XQD ELEOLRJUDItD EiVLFD

2EMHWLYR \ FDPSR GH DSOLFDFLyQ

(VWD 1RUPD 2ILFLDO 0H[LFDQD WLHQH SRU REMHWR DFWXDOL]DU \ XQLIRUPDU ORV SULQFLSLRV \ FULWHULRV GH RSHUDFLyQ GH ORVFRPSRQHQWHV GHO 6LVWHPD 1DFLRQDO GH 6DOXG UHVSHFWR D ODV DFWLYLGDGHV UHODFLRQDGDV FRQ OD SUHYHQFLyQ \ HO FRQWUROGH OD LQIHFFLyQ SRU HO 9LUXV GH OD ,QPXQRGHILFLHQFLD +XPDQD

(VWD 1RUPD 2ILFLDO 0H[LFDQD HV GH REVHUYDQFLD REOLJDWRULD HQ WRGR HO WHUULWRULR QDFLRQDO \ SDUD WRGR HO SHUVRQDOTXH ODERUH HQ XQLGDGHV GH VHUYLFLRV GH VDOXG GH ORV VHFWRUHV S~EOLFR VRFLDO \ SULYDGR GHO 6LVWHPD 1DFLRQDO GH6DOXG

5HIHUHQFLDV

3DUD OD DSOLFDFLyQ FRUUHFWD GH HVWD 1RUPD 2ILFLDO 0H[LFDQD GHEHQ FRQVXOWDUVH ODV VLJXLHQWHV

12066$ SDUD OD GLVSRVLFLyQ GH VDQJUH KXPDQD \ VXV FRPSRQHQWHV FRQ ILQHV WHUDSpXWLFRV

120(&2/ TXH HVWDEOHFH ORV UHTXLVLWRV SDUD OD VHSDUDFLyQ HQYDVDGR DOPDFHQDPLHQWR UHFROHFFLyQWUDQVSRUWH WUDWDPLHQWR \ GLVSRVLFLyQ ILQDO GH ORV UHVLGXRV SHOLJURVRV ELROyJLFRLQIHFFLRVRV TXH VH JHQHUDQ HQHVWDEOHFLPLHQWRV TXH SUHVWHQ DWHQFLyQ PpGLFD

12066$ SDUD OD SUHYHQFLyQ \ FRQWURO GH OD WXEHUFXORVLV HQ OD DWHQFLyQ SULPDULD D OD VDOXG

12066$ SDUD HO FRQWURO HOLPLQDFLyQ \ HUUDGLFDFLyQ GH ODV HQIHUPHGDGHV HYLWDEOHV SRU YDFXQDFLyQ

12066$ GH ORV VHUYLFLRV GH SODQLILFDFLyQ IDPLOLDU

12066$ TXH HVWDEOHFH ODV HVSHFLILFDFLRQHV VDQLWDULDV GH ORV FRQGRQHV GH KXOH OiWH[

12066$ 3DUD OD YLJLODQFLD HSLGHPLROyJLFD

12066$ 'HO H[SHGLHQWH FOtQLFR

'HILQLFLRQHV \ DEUHYLDWXUDV

3DUD HIHFWRV GH HVWD 1RUPD 2ILFLDO 0H[LFDQD VH HQWLHQGH SRU

&DVR tQGLFH D OD SHUVRQD LQIHFWDGD SRU HO YLUXV GH OD LQPXQRGHILFLHQFLD KXPDQD 9,+ R TXH WLHQH GLDJQyVWLFRGH 6tQGURPH GH ,QPXQRGHILFLHQFLD $GTXLULGD 6,'$ D SDUWLU GH OD FXDO VH LQIHFWDQ RWUDV SHUVRQDV

&RPSOHMR UHODFLRQDGR FRQ HO 6,'$ DO FXDGUR FOtQLFR FDUDFWHUL]DGR SRU SpUGLGD GH SHVR GLDUUHD RPAG. 20



OLQIDGHQRSDWtD JHQHUDOL]DGD SHUVLVWHQWH TXH HV VXJHVWLYR SHUR QR GLDJQyVWLFR GH 6,'$

&RQGLFLRQHV GH ULHVJR D ODV DFWLYLGDGHV R VLWXDFLRQHV HQ ODV TXH H[LVWH SRVLELOLGDG GH TXH VH LQWHUFDPELHQR FRPSDUWDQ IOXLGRV SRWHQFLDOPHQWH LQIHFWDQWHV

'LVSRQHQWH GH VDQJUH R DOJXQR GH VXV FRPSRQHQWHV DO VXMHWR TXH VXPLQLVWUD VDQJUH R DOJXQR GH VXVFRPSRQHQWHV REWHQLGRV PHGLDQWH SURFHGLPLHQWRV GH H[WUDFFLyQ VLPSOH R DIpUHVLV

/tTXLGRV GH ULHVJR D OD VDQJUH VHPHQ VHFUHFLRQHV YDJLQDOHV OtTXLGR FHIDORUUDTXtGHR OtTXLGRSUHH\DFXODWRULR OtTXLGR DPQLyWLFR OtTXLGR SHULFiUGLFR OtTXLGR SHULWRQHDO OtTXLGR SOHXUDO OtTXLGR VLQRYLDO \ OHFKHPDWHUQD

3DFLHQWH D OD SHUVRQD LQIHFWDGD DVLQWRPiWLFD \R HQIHUPD GH 6,'$

3UiFWLFD VH[XDO SURWHJLGD DTXpOOD HQ OD FXDO H[LVWH SHQHWUDFLyQ SHUR VH XWLOL]D FRUUHFWDPHQWH XQD EDUUHUDPHFiQLFD FRPR HO FRQGyQ GH OiWH[ PDVFXOLQR R GH SROLXUHWDQR IHPHQLQR SDUD HYLWDU HO LQWHUFDPELR GHVHFUHFLRQHV VH[XDOHV R GH VDQJUH

3UiFWLFD VH[XDO VHJXUD DTXpOOD HQ OD FXDO QR H[LVWHQ SHQHWUDFLyQ QL WUDVSDVR GH VHFUHFLRQHV VH[XDOHVVHPHQ OtTXLGR SUHH\DFXODWRULR \ VHFUHFLyQ YDJLQDO R GH VDQJUH

3UiFWLFDV VH[XDOHV GH ULHVJR D ODV DFWLYLGDGHV HQ ODV TXH H[LVWH SHQHWUDFLyQ SHQHDQR SHQHYDJLQD SHQHERFD ERFDJHQLWDOHV H[WHUQRV VLQ HO XVR FRUUHFWR GH XQD EDUUHUD PHFiQLFD FRPR HO FRQGyQ GH OiWH[ PDVFXOLQR RGH SROLXUHWDQR IHPHQLQR SDUD HYLWDU HO LQWHUFDPELR GH VHFUHFLRQHV VH[XDOHV R GH VDQJUH

3UHFDXFLRQHV HVWiQGDU D ODV WpFQLFDV SDUD HO PDQHMR GH SDFLHQWHV SRU SDUWH GHO SHUVRQDO GH VDOXG TXH VHIXQGDPHQWDQ HQ HO FRQFHSWR GH TXH WRGRV GHEHQ VHU FRQVLGHUDGRV FRPR SRWHQFLDOPHQWH LQIHFWDQWHV SRU HO 9,+ XRWURV DJHQWHV LQIHFFLRVRV WUDQVPLWLGRV SRU VDQJUH \ IOXLGRV FRUSRUDOHV

3UXHEDV GH WDPL]DMH D ODV GH ODERUDWRULR SDUD OD GHWHFFLyQ GH DQWLFXHUSRV DQWL9,+ HQ SODVPD R VXHURVDQJXtQHR ,QFOX\HQ PHWRGRORJtDV FRPR HO (/,6$ HQVD\R LQPXQRHQ]LPiWLFR OLJDGR D HQ]LPDV \ DJOXWLQDFLyQ

3UXHEDV HVSHFtILFDV D ODV GH ODERUDWRULR TXH GHWHUPLQDQ OD SUHVHQFLD GHO YLUXV R DOJ~Q FRPSRQHQWH GHOPLVPR

3UXHEDV VXSOHPHQWDULDV D ODV GH ODERUDWRULR TXH FRQILUPDQ SUHVHQFLD GH DQWLFXHUSRV DQWL9,+ HQ VXHURVDQJXtQHR ,QFOX\HQ PHWRGRORJtD FRPR OD LQPXQRHOHFWURWUDQVIHUHQFLD :HVWHUQ EORW LQPXQRIOXRUHVFHQFLDUDGLRLQPXQRSUHFLSLWDFLyQ 5,3$

6tPERORV \ DEUHYLDWXUDV (O VLJQLILFDGR GH ORV VtPERORV \ ODV DEUHYLDWXUDV XWLOL]DGRV HQ HVWD 1RUPD 2ILFLDO0H[LFDQD HV HO VLJXLHQWH

$'1 $FLGR GHVR[LUULERQXFOHLFR

$51 $FLGR ULERQXFOHLFR

%&* %DFLOR &DOPHWWH *XHULQ

&'& &HQWURV SDUD HO &RQWURO GH (QIHUPHGDGHV &HQWHUV IRU 'LVHDVH &RQWURO DQG 3UHYHQWLRQ

&' /LQIRFLWRV 7 FRRSHUDGRUHV

&21$6,'$ &RQVHMR 1DFLRQDO SDUD OD 3UHYHQFLyQ \ &RQWURO GHO 6,'$

&56 &RPSOHMR UHODFLRQDGR FRQ HO 6,'$

'37 9DFXQD FRQWUD GLIWHULD WRVIHULQD \ WpWDQRV

(/,6$ (QVD\R LQPXQRHQ]LPiWLFR OLJDGR D HQ]LPDV (Q]\PHOLQNHG LPPXQRVRUEHQW DVVD\PAG. 21



,J$ ,QPXQRJOREXOLQD $

206 2UJDQL]DFLyQ 0XQGLDO GH OD 6DOXG

236 2UJDQL]DFLyQ 3DQDPHULFDQD GH OD 6DOXG

33' 'HULYDGR SURWHtQLFR SXULILFDGR

3&5 5HDFFLyQ HQ FDGHQD GH OD SROLPHUDVD

5,3$ 5DGLRLQPXQRSUHFLSLWDFLyQ

6$, 6LQH DOWHU LQGLFDWLR VLQ RWUD LQGLFDFLyQ QR HVSHFLILFDGR R QR FDOLILFDGR

6,'$ 6tQGURPH GH ,QPXQRGHILFLHQFLD $GTXLULGD

9,+ 9LUXV GH OD ,QPXQRGHILFLHQFLD +XPDQD LQFOX\H DO 9,+ \ DO 9,+

9+6 9LUXV GHO +HUSHV VLPSOH[

92 9tD RUDO

:E :HVWHUQ EORW

FP FHQWtPHWURV

J *UDPRV

JGO *UDPRV SRU GHFLOLWUR

NJ .LORJUDPRV

PJ 0LOLJUDPRV

PJNJ 0LOLJUDPRV SRU NLORJUDPR

PP 0LOtPHWURV F~ELFRV

*HQHUDOLGDGHV

/D LQIHFFLyQ SRU 9LUXV GH OD ,QPXQRGHILFLHQFLD +XPDQD 9,+ HV FDXVDGD SRU ORV UHWURYLUXV 9,+ \ 9,+ \ VHWUDQVPLWH GH OD PDQHUD VLJXLHQWH

3RU FRQWDFWR VH[XDO QR SURWHJLGR FRQ SHUVRQDV LQIHFWDGDV SRU HO 9,+

3RU WUDQVIXVLyQ GH VDQJUH FRQWDPLQDGD \ VXV FRPSRQHQWHV

3RU HO XVR GH DJXMDV \ RWURV LQVWUXPHQWRV SXQ]RFRUWDQWHV FRQWDPLQDGRV

'H XQD PDGUH LQIHFWDGD D VX KLMR GXUDQWH HO SHULRGR SHULQDWDO SRU YtD WUDQVSODFHQWDULD SRU VDQJUH RVHFUHFLRQHV HQ HO FDQDO GHO SDUWR R D WUDYpV GH OD OHFKH PDWHUQD \

3RU WUDVSODQWH GH yUJDQRV \ WHMLGRV FRQWDPLQDGRV

/D SREODFLyQ HQ ULHVJR GH DGTXLULU OD LQIHFFLyQ SRU 9,+ HV OD VLJXLHQWH

$TXpOORVDV TXH UHDOL]DQ SUiFWLFDV VH[XDOHV GH ULHVJR

+RPEUHV \ PXMHUHV TXH WLHQHQ YLGD VH[XDO DFWLYD \ TXH LQGHSHQGLHQWHPHQWH GH VX SUHIHUHQFLD VH[XDOPAG. 22



UHDOL]DQ SUiFWLFDV VH[XDOHV VLQ SURWHFFLyQ

+RPEUHV \ PXMHUHV TXH SDGHFHQ DOJXQD HQIHUPHGDG GH WUDQVPLVLyQ VH[XDO

&RPSDxHURV VH[XDOHV GH

3HUVRQDV FRQ 9,+6,'$

3HUVRQDV TXH D VX YH] WLHQHQ YDULRV FRPSDxHURV VH[XDOHV

7UDQVIXQGLGRV HQWUH D

8VXDULRV GH GURJDV LQWUDYHQRVDV

+HPRItOLFRV

8VXDULRVDV GH GURJDV TXH XWLOL]DQ OD YtD LQWUDYHQRVD \ FRPSDUWHQ DJXMDV R MHULQJDV FRQWDPLQDGDV

$TXpOORVDV H[SXHVWRVDV D FRQGLFLRQHV GH ULHVJR GLYHUVDV GH OD DFWLYLGDG VH[XDO

+HPRItOLFRV \ WUDQVIXQGLGRV HQWUH ORV DxRV \

3HUVRQDV WUDQVIXQGLGDV GHVSXpV GH FRQ VDQJUH R KHPRGHULYDGRV TXH QR KD\DQ VLGR VRPHWLGRV D ODSUXHED GH GHWHFFLyQ GHO 9,+

+LMRVDV QDFLGRVDV GH PXMHUHV \D LQIHFWDGDV FRQ 9,+6,'$

3HUVRQDO GH VDOXG R SHUVRQDV TXH DWLHQGHQ D SDFLHQWHV TXH SUHVHQWDQ FRUWDGXUDV SXQFLRQHV DFFLGHQWDOHVFRQ DJXMDV FRQWDPLQDGDV VDOSLFDGXUD GH VDQJUH R VHFUHFLRQHV

3HUVRQDV TXH WHQJDQ SXQFLyQ FRQ DJXMDV SRWHQFLDOPHQWH FRQWDPLQDGDV SRU VDQJUH FRPR VRQ ODV XVDGDV HQDFXSXQWXUD \ WDWXDMHV

'H DFXHUGR FRQ OD 'pFLPD 5HYLVLyQ GH OD &ODVLILFDFLyQ ,QWHUQDFLRQDO GH (QIHUPHGDGHV OD LQIHFFLyQ SRU 9,+SUHVHQWD ODV FLQFR YDULHGDGHV FOtQLFDV VLJXLHQWHV

(QIHUPHGDG SRU 9LUXV GH OD ,QPXQRGHILFLHQFLD +XPDQD 9,+ UHVXOWDQWH HQ HQIHUPHGDGHV LQIHFFLRVDV \SDUDVLWDULDV % H[FOX\H VtQGURPH GH LQIHFFLyQ SULPDULD DJXGD GHELGR D 9,+ %

% (QIHUPHGDG SRU 9,+ UHVXOWDQWH HQ LQIHFFLyQ SRU PLFREDFWHULDV

(QIHUPHGDG GHELGD D 9,+ UHVXOWDQWH HQ WXEHUFXORVLV

% (QIHUPHGDG SRU 9,+ UHVXOWDQWH HQ RWUDV LQIHFFLRQHV EDFWHULDQDV

% (QIHUPHGDG SRU 9,+ UHVXOWDQWH HQ HQIHUPHGDG SRU FLWRPHJDORYLUXV

% (QIHUPHGDG SRU 9,+ UHVXOWDQWH HQ RWUDV LQIHFFLRQHV YLUDOHV

% (QIHUPHGDG SRU 9,+ UHVXOWDQWH HQ FDQGLGLDVLV

% (QIHUPHGDG SRU 9,+ UHVXOWDQWH HQ RWUDV PLFRVLV

% (QIHUPHGDG SRU 9,+ UHVXOWDQWH HQ QHXPRQtD SRU 3QHXPRF\VWLVFDULQLL

% (QIHUPHGDG SRU 9,+ UHVXOWDQWH HQ LQIHFFLRQHV P~OWLSOHV

% (QIHUPHGDG SRU 9,+ UHVXOWDQWH HQ RWUDV HQIHUPHGDGHV LQIHFFLRVDV RPAG. 23



SDUDVLWDULDV

% (QIHUPHGDG SRU 9,+ UHVXOWDQWH HQ HQIHUPHGDG LQIHFFLRVD RSDUDVLWDULD QR HVSHFLILFDGD

(QIHUPHGDG GHELGD D 9,+ UHVXOWDQWH HQ LQIHFFLyQ 6$,

% (QIHUPHGDG SRU 9LUXV GH OD ,QPXQRGHILFLHQFLD +XPDQD 9,+UHVXOWDQWH HQ WXPRUHV PDOLJQRV

% (QIHUPHGDG SRU 9,+ UHVXOWDQWH HQ VDUFRPD GH .DSRVL

% (QIHUPHGDG SRU 9,+ UHVXOWDQWH HQ OLQIRPD GH %XUNLWW

% (QIHUPHGDG SRU 9,+ UHVXOWDQWH HQ RWURV WLSRV GH OLQIRPD QR+RGJNLQ

% (QIHUPHGDG SRU 9,+ UHVXOWDQWH HQ RWURV WXPRUHV PDOLJQRV GHO WHMLGROLQIRLGH KHPDWRSR\pWLFR \ WHMLGRV UHODFLRQDGRV

% (QIHUPHGDG SRU 9,+ UHVXOWDQWH HQ WXPRUHV PDOLJQRV P~OWLSOHV

% (QIHUPHGDG SRU 9,+ UHVXOWDQWH HQ RWURV WXPRUHV PDOLJQRV

% (QIHUPHGDG SRU 9,+ UHVXOWDQWH HQ WXPRUHV PDOLJQRV QRHVSHFLILFDGRV

% (QIHUPHGDG SRU HO 9LUXV GH OD ,QPXQRGHILFLHQFLD KXPDQD 9,+ UHVXOWDQWH HQ RWUDV HQIHUPHGDGHVHVSHFLILFDGDV

% (QIHUPHGDG SRU 9,+ UHVXOWDQWH HQ HQFHIDORSDWtD

'HPHQFLD GHELGD D 9,+

% (QIHUPHGDG SRU 9,+ UHVXOWDQWH HQ QHXPRQLWLV OLQIRLGH LQWHUVWLFLDO

% (QIHUPHGDG SRU 9,+ UHVXOWDQWH HQ VtQGURPH FDTXpFWLFR

(QIHUPHGDGHV GHELGDV D 9,+ FRQ LQVXILFLHQFLD GH OD PDGXUDFLyQ

(QIHUPHGDG FRQVXQWLYD

% (QIHUPHGDG SRU 9,+ UHVXOWDQWH HQ HQIHUPHGDGHV P~OWLSOHVFODVLILFDGDV HQ RWUD SDUWH

1RWD 3DUD HO XVR GH HVWD FDWHJRUtD GHEH KDFHUVH UHIHUHQFLD D ODV LQVWUXFFLRQHV SDUD OD FRGLILFDFLyQ GH PRUELOLGDG \PRUWDOLGDG FRQWHQLGDV HQ HO 9ROXPHQ GH OD &ODVLILFDFLyQ (VWDGtVWLFD ,QWHUQDFLRQDO GH (QIHUPHGDGHV \ 3UREOHPDV5HODFLRQDGRV FRQ OD 6DOXG 'pFLPD 5HYLVLyQ

% (QIHUPHGDG SRU 9LUXV GH OD ,QPXQRGHILFLHQFLD +XPDQD >9,+@ UHVXOWDQWH HQ RWUDV DIHFFLRQHV

% 6tQGURPH GH LQIHFFLyQ DJXGD GHELGR D 9,+

% (QIHUPHGDG SRU 9,+ UHVXOWDQWH HQ OLQIDGHQRSDWtD JHQHUDOL]DGDSHUVLVWHQWH

% (QIHUPHGDG SRU 9,+ UHVXOWDQWH HQ DQRUPDOLGDGHV LQPXQROyJLFDV \KHPDWROyJLFDV QR FODVLILFDGDV HQ RWUD SDUWH

PAG. 24



% (QIHUPHGDG SRU 9,+ UHVXOWDQWH HQ RWUDV DIHFFLRQHV HVSHFLILFDGDV

% (QIHUPHGDG SRU 9LUXV GH OD ,QPXQRGHILFLHQFLD +XPDQD >9,+@ VLQ RWUD HVSHFLILFDFLyQ

&RPSOHMR UHODFLRQDGR D 6,'$ &56 6$,

6tQGURPH GH ,QPXQRGHILFLHQFLD $GTXLULGD 6,'$ 6$,

&RQ EDVH HQ ORV HVWXGLRV GH ODERUDWRULR UHDOL]DGRV GHEH FRQVLGHUDUVH TXH OD SHUVRQD VH HQFXHQWUD LQIHFWDGD RQR SRU HO 9,+ FRQIRUPH D ORV FULWHULRV VLJXLHQWHV

6H GHEH FRQVLGHUDU FRPR SHUVRQD LQIHFWDGD SRU HO 9,+ R VHURSRVLWLYD DTXHOOD TXH SUHVHQWH GRV UHVXOWDGRV GHSUXHEDV GH WDPL]DMH GH DQWLFXHUSRV SRVLWLYRV \ SUXHED VXSOHPHQWDULD SRVLWLYD LQFOX\HQGR SDFLHQWHV DVLQWRPiWLFRVTXH QLHJXHQ IDFWRUHV GH ULHVJR

1R GHEH FRQVLGHUDUVH FRPR LQIHFWDGD D OD SHUVRQD VL

6yOR XQD GH ODV SUXHEDV GH WDPL]DMH UHDOL]DGDV UHVXOWy SRVLWLYD R

7LHQH GRV UHVXOWDGRV GH SUXHEDV GH WDPL]DMH SRVLWLYDV SHUR ODV SUXHEDV VXSOHPHQWDULDV VRQ QHJDWLYDV

(Q HO FDVR GH SUHVHQWDU GRV UHVXOWDGRV GH SUXHEDV GH WDPL]DMH SRVLWLYRV SHUR OD SUXHED VXSOHPHQWDULD HVLQGHWHUPLQDGD GHEH FRQVLGHUDUVH FRPR SRVLEOHPHQWH LQIHFWDGR \ DVt VH GHEH LQIRUPDU UHFRPHQGiQGRVH UHSHWLUGLDJQyVWLFR GH ODERUDWRULR SUXHEDV GH WDPL]DMH \ VXSOHPHQWDULD WUHV PHVHV GHVSXpV 6L SHUVLVWH HO :HVWHUQ EORWLQGHWHUPLQDGR \ OD SHUVRQD VH PDQWLHQH DVLQWRPiWLFD D ORV PHVHV VH FRQVLGHUDUi FRPR 12 LQIHFWDGD

(Q ORV FDVRV GH QLxRV PHQRUHV GH PHVHV QR VH FRQVLGHUDUiQ LQIHFWDGRV SRU HO 9,+ VyOR SRU SUHVHQWDU ODVSUXHEDV GH (/,6$ \ :HVWHUQ EORW SRVLWLYDV \D TXH HVWH UHVXOWDGR SXHGH VHU DWULEXLEOH D OD SUHVHQFLD GH DQWLFXHUSRVPDWHUQRV (Q HVWRV FDVRV KDEUi GH FRQWDUVH FRQ UHVXOWDGRV SRVLWLYRV GHO FXOWLYR YLUDO DQWtJHQR YLUDO R UHDFFLyQ HQFDGHQD GH OD SROLPHUDVD 3&5

6H GHWHUPLQDUi TXH XQD SHUVRQD DGXOWD R DGROHVFHQWH HV FDVR GH 6,'$ FXDQGR

6LQ HYLGHQFLD SRU ODERUDWRULR GH LQIHFFLyQ SRU 9,+ SRUTXH OD SUXHED QR VH UHDOL]y R ORV UHVXOWDGRV VRQLQGHWHUPLQDGRV \ HQ DXVHQFLD GH RWUD FDXVD GH LQPXQRVXSUHVLyQ R LQPXQRGHILFLHQF LD ORV VLJXLHQWHV GLDJQyVWLFRVFRPSUREDGRV SRU PLFURVFRStD R FXOWLYR VRQ FULWHULRV SDUD HVWDEOHFHU HO GLDJQyVWLFR GH FDVR GH 6,'$

1HXPRQtD SRU 3QHXPRF\VWLV FDULQLL

&DQGLGLDVLV HVRIiJLFD WUDTXHDO EURQTXLDO R SXOPRQDU

,QIHFFLyQ GLVHPLQDGD SRU 0 NDQVDVLL R FRPSOHMR 0 DYLXPLQWUDFHOXODUH HQ XQ VLWLR GLVWLQWR R HQ DVRFLDFLyQD SXOPyQ SLHO R QyGXOR OLQIiWLFR KLOLDU R FHUYLFDO

,QIHFFLyQ SRU +HUSHV VLPSOH[ FDXVDQWH GH ~OFHUD PXFRFXWiQHD GH PiV GH XQ PHV GH GXUDFLyQ R EURQTXLWLVHVRIDJLWLV R QHXPRQLWLV TXH DIHFWH D SHUVRQDV PD\RUHV GH XQ PHV GH HGDG

,QIHFFLyQ SRU FLWRPHJDORYLUXV GH XQ yUJDQR LQWHUQR TXH QR VHDQ KtJDGR ED]R R JDQJOLRV OLQIiWLFRV HQSDFLHQWHV FRQ PiV GH XQ PHV GH HGDG

7R[RSODVPRVLV FHUHEUDO HQ SDFLHQWHV PD\RUHV GH XQ PHV GH HGDG

&ULSWRVSRULGLDVLV FRQ GLDUUHD FRQ PiV GH XQ PHV GH GXUDFLyQ

(VWURQJLORLGRVLV H[WUDLQWHVWLQDO

/HXFRHQFHIDORSDWtD PXOWLIRFDO SURJUHVLYD

6DUFRPD GH .DSRVL HQ SDFLHQWHV PHQRUHV GH DxRVPAG. 25



/LQIRPD SULPDULR FHUHEUDO HQ SDFLHQWHV PHQRUHV GH DxRV

+LSHUSODVLD SXOPRQDU OLQIRLGH R QHXPRQLWLV LQWHUVWLFLDO OLQIRLGH HQ PHQRUHV GH DxRV

&ULSWRFRFRVLV H[WUDSXOPRQDU

6L ODV SUXHEDV GH ODERUDWRULR SDUD 9,+ VRQ SRVLWLYDV \ VH SUHVHQWDQ

8QR R PiV GH ORV VLJXLHQWHV GLDJQyVWLFRV FRPSUREDGRV SRU PLFURVFRStD R FXOWLYR

6DUFRPD GH .DSRVL D FXDOTXLHU HGDG

/LQIRPD SULPDULR FHUHEUDO D FXDOTXLHU HGDG

/LQIRPD QR +RGJNLQ GH FpOXODV % R IHQRWLSR LQPXQROyJLFR QR GHWHUPLQDGR \ GH FXDOTXLHUD GH ORV VLJXLHQWHVWLSRV OLQIRFLWRV SHTXHxRV QR KHQGLGRV WLSR %XUNLWW R QR %XUNLWW R VDUFRPD LQPXQREOiVWLFR OLQIRPD GH FpOXODVJUDQGHV OLQIRPD KLVWLRFtWLFR GLIXVR OLQIRPD LQGLIHUHQFLDGR VDUFRPD GH FpOXODV UHWLFXODUHV R OLQIRPD GH DOWR JUDGR GHPDOLJQLGDG

&RPSOHMR GHPHQFLDO R HQFHIDORSDWtD SRU 9,+

6tQGURPH GH GHVJDVWH

7XEHUFXORVLV SXOPRQDU \ H[WUDSXOPRQDU

'LVHPLQDFLyQ H[WUDSXOPRQDU SRU 0 DYLXP R 0 NDQVDVLL

,QIHFFLyQ H[WUDSXOPRQDU R GLVHPLQDGD SRU PLFREDFWHULDV GH RWUDV HVSHFLHV TXH QR VHDQ OHSUD

+LVWRSODVPRVLV H[WUDSXOPRQDU R GLVHPLQDGD

,VRVSRULGLDVLV FRQ GLDUUHD FRQ PiV GH XQ PHV GH GXUDFLyQ

&RFFLGLRLGRPLFRVLV GLVHPLQDGD

6HSWLFHPLD SRU VDOPRQHOD QR WLIRtGLFD UHFXUUHQWH

'RV R PiV LQIHFFLRQHV EDFWHULDQDV HQ ORV GRV DxRV DQWHULRUHV HQ PHQRUHV GH DxRV TXH QR WHQJDQSUHGLVSRVLFLyQ VHSWLFHPLD QHXPRQtD DUWULWLV PHQLQJLWLV R DEVFHVR YLVFHUDO R FDYLWDULR H[FOX\HQGR RWLWLV PHGLD RDEVFHVRV VXSHUILFLDOHV GH SLHO R PXFRVDV FDXVDGDV SRU /HJLRQHOOD +DHPRSKLOXV (VWUHSWRFRFRV LQFOX\HQGR 6SQHXPRQLDH R DOJXQD RWUD EDFWHULD SLyJHQD

(SLVRGLRV UHFXUUHQWHV GH QHXPRQtD EDFWHULDQD

&iQFHU FHUYLFRXWHULQR LQYDVLYR

8QR R PiV GH ORV VLJXLHQWHV GLDJQyVWLFRV UHDOL]DGRV GH PDQHUD SUHVXQWLYD QR FRPSUREDGRV SRUPLFURVFRStD R FXOWLYR

1HXPRQtD SRU 3 FDULQLL

7R[RSODVPRVLV FHUHEUDO HQ PD\RUHV GH XQ PHV GH HGDG

,QIHFFLyQ H[WUDSXOPRQDU R GLVHPLQDGD SRU PLFREDFWHULDV EDFLORV iFLGRDOFRKRO UHVLVWHQWHV GH HVSHFLHLQGHWHUPLQDGD

5HWLQLWLV SRU &LWRPHJDORYLUXV FRQ SpUGLGD GH OD YLVLyQ

&DQGLGLDVLV HVRIiJLFDPAG. 26



6DUFRPD GH .DSRVL

+LSHUSODVLD SXOPRQDU OLQIRLGH R QHXPRQLWLV LQWHUVWLFLDO OLQIRLGH HQ PHQRUHV GH DxRV

(SLVRGLRV UHFXUUHQWHV GH QHXPRQtD FRQ R VLQ GLDJQyVWLFR EDFWHULROyJLFR

/RV QLxRV LQIHFWDGRV SRU HO 9,+ PHQRUHV GH DxRV VRQ FODVLILFDGRV GHQWUR GH FDWHJRUtDV PXWXDPHQWHH[FOX\HQWHV GH DFXHUGR FRQ WUHV SDUiPHWURV D HVWDGR GH OD LQIHFFLyQ E HVWDGR FOtQLFR \ F HVWDGR LQPXQROyJLFR8QD YH] FODVLILFDGR HO QLxR LQIHFWDGR QR SXHGH VHU UHFODVLILFDGR GHQWUR GH XQD FDWHJRUtD PHQRV VHYHUD DXQ FXDQGRPHMRUH VX HVWDGR FOtQLFR R LQPXQROyJLFR

(O HVWDGR GH OD LQIHFFLyQ SRU 9,+ HQ QLxRV VH FODVLILFD FRPR VLJXH

,QIHFWDGR SRU 9,+

1LxRV PHQRUHV GH PHVHV 9,+ SRVLWLYRV R KLMRV GH PDGUH LQIHFWDGD TXH WLHQHQ UHVXOWDGRV SRVLWLYRV HQGRV GHWHUPLQDFLRQHV VHSDUDGDV H[FOX\HQGR FRUGyQ XPELOLFDO GH XQD R PiV GH ODV VLJXLHQWHV SUXHEDV FXOWLYR YLUDO3&5 R DQWtJHQR S R TXH FXPSOHQ FRQ ORV FULWHULRV FOtQLFRV GH 6,'$

1LxRV PD\RUHV GH PHVHV KLMRV GH PDGUHV LQIHFWDGDV SRU HO 9,+ LQIHFWDGRV SRU VDQJUH R SURGXFWRVVDQJXtQHRV X RWURV PHFDQLVPRV FRQRFLGRV GH WUDQVPLVLyQ FRQ SUXHEDV GH (/,6$ \ :E SRVLWLYDV R TXH FXPSODQFRQ ORV FULWHULRV FOtQLFRV SDUD HO GLDJQyVWLFR GH 6,'$

([SRVLFLyQ SHULQDWDO

1LxR TXH QR UH~QH ORV FULWHULRV PHQFLRQDGRV SUHYLDPHQWH \ HV VHURSRVLWLYR DO 9,+ SRU (/,6$ \ :E PHQRUGH PHVHV DO UHDOL]DUVH ODV SUXHEDV R HQ TXLHQ VH GHVFRQRFH HO HVWDGR GH DQWLFXHUSRV SHUR HV KLMR GH PDGUHLQIHFWDGD SRU HO 9,+

6HURUHYHUWLGRU

1LxR TXH QDFH GH PDGUH LQIHFWDGD SRU HO 9,+ \ HQ TXLHQ VH KD GRFXPHQWDGR SUXHEDV GH DQWLFXHUSR FRQWUD9,+ QHJDWLYDV GRV R PiV SUXHEDV GH (/,6$ QHJDWLYDV UHDOL]DGDV HQWUH ORV \ PHVHV GH HGDG TXH QR WLHQHFULWHULRV FOtQLFRV TXH GHILQDQ 6,'$ \ QR WLHQHQ HYLGHQFLD GH LQPXQRGHILFLHQFLD SRU ODERUDWRULR

/RV QLxRV LQIHFWDGRV FRQ 9,+ PHQRUHV GH DxRV R FRQ H[SRVLFLyQ SHULQDWDO VH FODVLILFDQ HQ FDWHJRUtDVFOtQLFDV EDVDGDV HQ VLJQRV VtQWRPDV R GLDJQyVWLFRV UHODFLRQDGRV FRQ HO 9,+ (VWD FODVLILFDFLyQ HV GH XWLOLGDG SDUDHVWDEOHFHU HO SURQyVWLFR \ VH XVD FRPR XQ SDUiPHWUR SDUD GHWHUPLQDU HO WUDWDPLHQWR DQWLUUHWURYLUDO D XWLOL]DU /DVFDWHJRUtDV VRQ

&DWHJRUtD ( FRPSUHQGH D ORV QLxRV KDVWD PHVHV GH HGDG TXH QR SXHGHQ VHU FODVLILFDGRV FRPRLQIHFWDGRV SHUR SUHVHQWDQ DQWLFXHUSRV FRQWUD 9,+

&DWHJRUtD 1 DVLQWRPiWLFRV QLxRV VLQ VLJQRV R VtQWRPDV TXH VH FRQVLGHUHQ VHFXQGDULRV D LQIHFFLyQ SRU 9,+R TXH SUHVHQWHQ ~QLFDPHQWH XQD GH ODV VLJXLHQWHV FRQGLFLRQHV HQXQFLDGDV HQ OD FDWHJRUtD $

&DWHJRUtD $ VLQWRPDWRORJtD OHYH QLxRV FRQ GRV R PiV GH ODV FRQGLFLRQHV HQOLVWDGDV D FRQWLQXDFLyQ SHURVLQ DOJXQD GH ODV OLVWDGDV HQ ODV FDWHJRUtDV % \ &

/LQIDGHQRSDWtDV ! FP HQ PiV GH VLWLRV VL VRQ ELODWHUDOHV HTXLYDOH D XQ VLWLR

+HSDWRPHJDOLD

(VSOHQRPHJDOLD

'HUPDWLWLV

3DURWLGLWLV

PAG. 27



,QIHFFLyQ UHVSLUDWRULD VXSHULRU SHUVLVWHQWH R UHFXUUHQWH

6LQXVLWLV X RWUD RWLWLV PHGLD

&DWHJRUtD % VLQWRPDWRORJtD PRGHUDGD QLxRV TXH FXUVDQ FRQ VLQWRPDWRORJtD GLIHUHQWH D ODV FDWHJRUtDV $ \& SHUR DWULEXLEOH D OD LQIHFFLyQ SRU 9,+

(MHPSORV GH HVWD FDWHJRUtD

$QHPLD JGO QHXWURSHQLD PP R WURPERFLWRSHQLD PP TXH SHUVLVWH SRU PiV GH GtDV

0HQLQJLWLV QHXPRQtD VHSWLFHPLD EDFWHULDQD XQ VROR HSLVRGLR

&DQGLGLDVLV RURIDUtQJHD TXH SHUVLVWH SRU PiV GH GRV PHVHV HQ QLxRV PD\RUHV GH PHVHV GH HGDG

&DUGLRPLRSDWtD

,QIHFFLyQ SRU FLWRPHJDORYLUXV TXH VH LQLFLD DQWHV GH XQ PHV GH HGDG FRQ GLDUUHD UHFXUUHQWH R FUyQLFD

+HSDWLWLV

(VWRPDWLWLV SRU YLUXV +HUSHV VLPSOH[ 9+6 UHFXUUHQWH PiV GH GRV HSLVRGLRV HQ XQ DxR

%URQTXLWLV QHXPRQLWLV R HVRIDJLWLV SRU 9+6 FRQ LQLFLR DQWHV GHO PHV GH HGDG

+HUSHV ]RVWHU TXH LQFOX\D DO PHQRV GRV HSLVRGLRV GLIHUHQWHV R PiV GH XQ GHUPDWRPD

/HLRPLRVDUFRPD

1HXPRQLWLV LQWHUVWLFLDO OLQIRLGHD R FRPSOHMR GH KLSHUSODVLD OLQIRLGHD SXOPRQDU

1HIURSDWtD

1RFDUGLRVLV

)LHEUH SHUVLVWHQWH PiV GH XQ PHV

7R[RSODVPRVLV FRQ LQLFLR DQWHV GH XQ PHV GH HGDG

9DULFHOD GLVHPLQDGD

&DWHJRUtD & VLQWRPDWRORJtD JUDYH LQIHFFLyQ EDFWHULDQD JUDYH P~OWLSOH R UHFXUUHQWH DO PHQRV GRVLQIHFFLRQHV FRQILUPDGDV FRQ FXOWLYR HQ XQ SHULRGR GH GRV DxRV GH ORV VLJXLHQWHV WLSRV

6HSWLFHPLD QHXPRQtD PHQLQJLWLV LQIHFFLyQ HQ KXHVR R DUWLFXODFLRQHV DEVFHVR GH XQ yUJDQR LQWHUQR RFDYLGDG GHO FXHUSR H[FOX\HQGR RWLWLV PHGLD SLHO VXSHUILFLDO DEVFHVRV GH PXFRVDV R LQIHFFLRQHV UHODFLRQDGDV DFDWpWHUHV

&DQGLGLDVLV HVRIiJLFD R SXOPRQDU EURQTXLR WUiTXHD SXOPRQHV

&RFFLGLRLGRPLFRVLV GLVHPLQDGD HQ RWUR VLWLR GLIHUHQWH DO GH ORV SXOPRQHV FHUYLFDO R JDQJOLRV OLQIiWLFRVKLOLDUHV

&ULSWRFRFRVLV H[WUDSXOPRQDU

&ULSWRVSRULGLDVLV R LVRVSRULGLDVLV FRQ GLDUUHD TXH SHUVLVWD SRU PiV GH XQ PHV

(QIHUPHGDG SRU FLWRPHJDORYLUXV FRQ LQLFLR GH VtQWRPDV D HGDG PD\RU GH XQ PHV HQ XQ VLWLR GLIHUHQWH DPAG. 28



ED]R KtJDGR R JDQJOLRV OLQIiWLFRV

(QFHIDORSDWtD

,QIHFFLyQ SRU 9+6 TXH FDXVH XQD ~OFHUD PXFRFXWiQHD TXH SHUVLVWD SRU PiV GH XQ PHV EURQTXLWLVQHXPRQLWLV R HVRIDJLWLV GH FXDOTXLHU GXUDFLyQ TXH DIHFWH D QLxRV PD\RUHV GH XQ PHV GH HGDG

+LVWRSODVPRVLV GLVHPLQDGD R H[WUDSXOPRQDU

6DUFRPD GH .DSRVL

/LQIRPD SULPDULR HQ FHUHEUR

/LQIRPD GH %XUNLWW LQPXQREOiVWLFR R OLQIRPD GH FpOXODV JUDQGHV GH FpOXODV E R GH IHQRWLSR LQPXQROyJLFRGHVFRQRFLGR

/HXFRHQFHIDORSDWtD PXOWLIRFDO SURJUHVLYD

0\FREDFWHULXP WXEHUFXORVLV GLVHPLQDGR R H[WUDSXOPRQDU PLFREDFWHULDV GH RWUDV HVSHFLHV R QRLGHQWLILFDGDV GLVHPLQDGDV FRPSOHMR 0\FREDFWHULXP DYLXP R 0\FREDFWHULXP NDQVDVLL GLVHPLQDGR

1HXPRQtD SRU 3QHXPRF\VWLV FDULQLL

6HSWLFHPLD SRU VDOPRQHOD QR W\SKL UHFXUUHQWH

7R[RSODVPRVLV FHUHEUDO FRQ LQLFLR GHVSXpV GH XQ PHV GH HGDG

6tQGURPH GH GHVJDVWH HQ DXVHQFLD GH XQD HQIHUPHGDG FRQFXUUHQWH TXH VHD GLIHUHQWH D OD LQIHFFLyQ SRU9,+

0HGLGDV GH SUHYHQFLyQ

/D SUHYHQFLyQ GH OD LQIHFFLyQ SRU 9,+ GHEH UHDOL]DUVH HQWUH WRGD OD SREODFLyQ WRPDQGR HQ FRQVLGHUDFLyQ ORVPHGLRV GH WUDQVPLVLyQ GH OD LQIHFFLyQ TXH HVWDEOHFH HVWD 1RUPD DGHPiV GH OOHYDU D FDER DFFLRQHV HVSHFtILFDVGLULJLGDV DO SHUVRQDO GH VDOXG SREODFLRQHV HQ ULHVJR \ FRQWH[WRV GH YXOQHUDELOLGDG SDUD DGTXLULU OD LQIHFFLyQ

/D SUHYHQFLyQ GH OD LQIHFFLyQ SRU 9,+ VH GHEH OOHYDU D FDER SRU ORV yUJDQRV FRPSHWHQWHV D WUDYpV GH ODHGXFDFLyQ SDUD OD VDOXG OD SURPRFLyQ GH OD VDOXG \ OD SDUWLFLSDFLyQ VRFLDO RULHQWDQGR VXV DFWLYLGDGHV D IRUPDUFRQFLHQFLD \ DXWRUUHVSRQVDELOLGDG HQWUH LQGLYLGXRV IDPLOLDV \ JUXSRV VRFLDOHV FRQ HO SURSyVLWR GH TXH FRODERUHQDFWLYDPHQWH HQ HO FXLGDGR GH OD VDOXG \ HQ HO FRQWURO GH OD LQIHFFLyQ

'H PDQHUD HVSHFtILFD OD SUHYHQFLyQ VH GHEH OOHYDU D FDER PHGLDQWH OD FDSDFLWDFLyQ \ HO DSR\R GH ORVHVWDEOHFLPLHQWRV TXH SUHVWDQ VHUYLFLRV GH VDOXG GLULJLpQGROD DO SHUVRQDO GH VDOXG \ D ORV JUXSRV YXOQHUDEOHV FRQPD\RU SUREDELOLGDG GH DGTXLULU OD LQIHFFLyQ

(Q PDWHULD GH SURPRFLyQ SDUD OD VDOXG ODV DFFLRQHV GHEHQ HVWDU RULHQWDGDV D

,QIRUPDU D OD SREODFLyQ VREUH OD PDJQLWXG \ WUDVFHQGHQFLD GH OD LQIHFFLyQ SRU 9,+ FRPR SUREOHPD GH VDOXGS~EOLFD

2ULHQWDU D OD SREODFLyQ VREUH PHGLGDV SUHYHQWLYDV \ FRQGXFWDV UHVSRQVDEOHV SDUD UHGXFLU HO ULHVJR GH FRQWUDHUHO 9LUXV GH OD ,QPXQRGHILFLHQFLD +XPDQD

,QVWUXLU D OD SREODFLyQ DFHUFD GH ODV PHGLGDV SHUVRQDOHV SDUD SUHYHQLU HVWD LQIHFFLyQ FRQ pQIDVLV HQ ORVJUXSRV YXOQHUDEOHV HVSHFLDOPHQWH ORV DGROHVFHQWHV

$OHQWDU OD GHPDQGD RSRUWXQD GH DWHQFLyQ PpGLFD HQWUH SHUVRQDV LQIHFWDGDV FRQ HO 9,+ R TXH WHQJDQ 6,'$

'DU D FRQRFHU D OD SREODFLyQ ORV PHFDQLVPRV GH WUDQVPLVLyQ IRUPDV GH SUHYHQFLyQ H LQVWLWXFLRQHV GHPAG. 29



LQIRUPDFLyQ \ DWHQFLyQ UHODFLRQDGDV FRQ OD LQIHFFLyQ SRU 9,+

,QIRUPDU D OD SREODFLyQ DFHUFD GH OD LPSRUWDQFLD GH RWUDV HQIHUPHGDGHV GH WUDQVPLVLyQ VH[XDO VtILOLVJRQRUUHD FODPLGLDVLV KHUSHV JHQLWDO YDJLQRVLV EDFWHULDQD HWF FRPR IDFWRUHV IDFLOLWDGRUHV SDUD DGTXLULU ODLQIHFFLyQ SRU 9,+

3URPRYHU OD E~VTXHGD GH OD DWHQFLyQ PpGLFD SDUD GLDJQyVWLFR WUDWDPLHQWR VHJXLPLHQWR \ DWHQFLyQ GHFRQWDFWRV SDUD RWUDV HQIHUPHGDGHV GH WUDQVPLVLyQ VH[XDO

(Q PDWHULD GH SDUWLFLSDFLyQ VRFLDO

6HQVLELOL]DU D OD SREODFLyQ SDUD TXH SHUPLWD HO GHVDUUROOR GH DFFLRQHV SUHYHQWLYDV \ GH FRQWURO

,QYLWDU DO SHUVRQDO GH VDOXG PDHVWURV SDGUHV GH IDPLOLD RUJDQL]DFLRQHV FOXEHV JUXSRV GHSRUWLYRV \ RWURVJUXSRV GH OD FRPXQLGDG D TXH FRODERUHQ HQ DFWLYLGDGHV HGXFDWLYDV \ GH SURPRFLyQ

3URPRYHU OD LQWHUYHQFLyQ DFWLYD GH ODV RUJDQL]DFLRQHV GH OD FRPXQLGDG HQ DFWLYLGDGHV UHODFLRQDGDV FRQ HOFRQWURO GH OD LQIHFFLyQ SRU 9,+ R 6,'$

3URPRYHU OD LQWHJUDFLyQ \ SDUWLFLSDFLyQ DFWLYD GH OD VRFLHGDG SDUD OD UHDOL]DFLyQ GH DFFLRQHV FRQFUHWDV GHHGXFDFLyQ \ GHWHFFLyQ

&RQVROLGDU OD SDUWLFLSDFLyQ DFWLYD GH ORV GLYHUVRV JUXSRV VRFLDOHV HQ OD SODQHDFLyQ HMHFXFLyQ \ HYDOXDFLyQ GHODV DFWLYLGDGHV SUHYHQWLYDV

(Q PDWHULD GH HGXFDFLyQ ODV DFFLRQHV IXQGDPHQWDOHV SDUD OD SUHYHQFLyQ GH OD LQIHFFLyQ HQWUH OD SREODFLyQHVWDUiQ HQFDPLQDGDV D

'HVDUUROODU PRGHORV HGXFDWLYRV TXH UHVSRQGDQ D ORV LQWHUHVHV GH ORV GLVWLQWRV JUXSRV GH OD SREODFLyQ SRU ORTXH GHEHQ HVWDU RULHQWDGRV D OD DGRSFLyQ GH FRQGXFWDV SUHYHQWLYDV SDUD GLVPLQXLU HO ULHVJR GH FRQWUDHU HO 9,+

,QVWUXLU D WRGDV ODV SHUVRQDV TXH GHVHPSHxHQ ODERU GRFHQWH HQ HO VHQWLGR GH TXH HO WHPD GHO 9,+ \ 6,'$ VHDDERUGDGR FRQ REMHWLYLGDG \ HQ IXQFLyQ GH ORV UHVXOWDGRV GHO SURJUHVR FLHQWtILFR

&RODERUDU HQ OD FDSDFLWDFLyQ GHO SHUVRQDO GH VDOXG FRQ REMHWR GH ORJUDU XQD PRGLILFDFLyQ HQ VX FRQGXFWD DHIHFWR GH REWHQHU XQD GHWHFFLyQ RSRUWXQD \ OD DWHQFLyQ DGHFXDGD

,QVWUXLU DO SHUVRQDO GH VDOXG FRQ HO ILQ GH UHGXFLU HO ULHVJR GH WUDQVPLVLyQ GHO 9,+ TXH RFXUUH SRU HO PDQHMR GHLQVWUXPHQWDO SURFHGLPLHQWRV \ SURGXFWRV XWLOL]DGRV HQ iUHDV PpGLFDV \ RGRQWROyJLFDV

&DSDFLWDU D ORV SUHVWDGRUHV GH VHUYLFLRV TXH XWLOL]DQ LQVWUXPHQWRV SXQ]RFRUWDQWHV HQ VX PDQHMR DGHFXDGRGDQGR SUHIHUHQFLD DO XVR GH PDWHULDO GHVHFKDEOH \ FXDQGR HVWR QR VHD SRVLEOH SDUD TXH GLFKRV LQVWUXPHQWRV VHDQHVWHULOL]DGRV \ GHVLQIHFWDGRV HQ ORV WpUPLQRV TXH HVWDEOHFH HO DSDUWDGR GH OD SUHVHQWH 1RUPD

3URPRYHU HO XVR FRQVLVWHQWH \ FRUUHFWR GH ORV FRQGRQHV GH OiWH[ PDVFXOLQR \R SROLXUHWDQR IHPHQLQR HQSUiFWLFDV VH[XDOHV GH FDUiFWHU FRLWDO

5HFRPHQGDU D OD SREODFLyQ FRQ SUiFWLFDV GH ULHVJR TXH HYLWH OD GRQDFLyQ GH VDQJUH OHFKH PDWHUQD WHMLGRV \FpOXODV JHUPLQDOHV

(O SHUVRQDO GH VDOXG GHEH UHFRPHQGDU D OD SREODFLyQ LQIHFWDGD FRQ HO 9,+6,'$

5HDOL]DU SUiFWLFDV VH[XDOHV VHJXUDV \ SURWHJLGDV XVDU FRQGyQ GH OiWH[ R GH SROLXUHWDQR

1R GRQDU VDQJUH VHPHQ QL yUJDQRV SDUD WUDVSODQWH

1R FRPSDUWLU REMHWRV SRWHQFLDOPHQWH FRQWDPLQDGRV FRQ VDQJUH DJXMDV MHULQJDV FHSLOORV GH GLHQWHV QDYDMDV\ HQ JHQHUDO REMHWRV SXQ]RFRUWDQWHV GH XVR SHUVRQDO

PAG. 30



9DORUDU OD FRQYHQLHQFLD GH HYLWDU HO HPEDUD]R

/DV PDGUHV LQIHFWDGDV SRU 9,+6,'$ QR GHEHQ DPDPDQWDU D VX KLMR VL FXHQWDQ FRQ OD SRVLELOLGDG GH GLVSRQHUGH VXVWLWXWRV GH OD OHFKH PDWHUQD

(YLWDU HO FRQWDFWR FRQ SDGHFLPLHQWRV FRQWDJLRVRV

(YLWDU HO FRQWDFWR R OD FRQYLYHQFLD FRQ DQLPDOHV

1R DXWRPHGLFDUVH

6ROLFLWDU DWHQFLyQ PpGLFD SHULyGLFD DXQ HQ DXVHQFLD GH V LQWRPDWRORJtD

)RPHQWDU OD VDOXG D WUDYpV GH XQD GLHWD DGHFXDGD UHSRVR HMHUFLFLR \ DSR\R SVLFROyJLFR

(YLWDU HO XVR GH GURJDV DOFRKRO \ WDEDFR

&RQRFHU ORV VHUYLFLRV \ DOWHUQDWLYDV JXEHUQDPHQWDOHV \ QR JXEHUQDPHQWDOHV GLVSRQLEOHV HQ VX ORFDOLGDG TXHRIUHFHQ DSR\R D SHUVRQDV FRQ 9,+6,'$ R D VXV IDPLOLDUHV

/DV PHGLGDV IXQGDPHQWDOHV TXH GHEHQ FXPSOLUVH SDUD OD SUHYHQFLyQ GH OD LQIHFFLyQ SRU 9,+ HQ ORVHVWDEOHFLPLHQWRV GH VDOXG \ HQWUH HO SHUVRQDO GH VDOXG \ VXV IDPLOLDUHV TXH WHQJDQ FRQWDFWR FRQ VDQJUH \ VXVFRPSRQHQWHV yUJDQRV WHMLGRV FpOXODV JHUPLQDOHV \ FDGiYHUHV KXPDQRV DVt FRPR FRQ ORV VXMHWRV LQIHFWDGRV VRQODV VLJXLHQWHV

,QIRUPDU VREUH OD PDJQLWXG \ WUDVFHQGHQFLD GHO SUREOHPD GH VDOXG TXH FRQVWLWX\H OD LQIHFFLyQ SRU 9,+ ORVPHFDQLVPRV GH WUDQVPLVLyQ \ ODV PHGLGDV SUHYHQWLYDV

,GHQWLILFDU HO HTXLSR PDWHULDO \ URSD SUREDEOHPHQWH FRQWDPLQDGRV SDUD VHU GHVLQIHFWDGRV HVWHULOL]DGRV RGHVWUXLGRV VHJ~Q VHD HO FDVR WDO FRPR OR HVWDEOHFH OD 120(&2/

0DQHMDU VLHPSUH ORV WHMLGRV H[FUHWDV \ OtTXLGRV FRUSRUDOHV FRPR SRWHQFLDOPHQWH LQIHFWDGRV \ GDUOHV GHVWLQRILQDO SRU LQFLQHUDFLyQ R LQDFWLYDFLyQ YLUDO PHGLDQWH HVWHULOL]DFLyQ FRQ DXWRFODYH R XWLOL]DQGR VROXFLRQHV GH KLSRFORULWRGH VRGLR GH DO /RV FDGiYHUHV GHEHQ FRQVLGHUDUVH FRPR SRWHQFLDOPHQWH LQIHFWDGRV \ GHEHQ VHJXLUVH ODVSUHFDXFLRQHV HVWiQGDU VX LQFLQHUDFLyQ QR GHEH VHU REOLJDWRULD

2EVHUYDU ODV 3UHFDXFLRQHV (VWiQGDU HQ WRGRV ORV SDFLHQWHV ODV TXH FRQVLVWHQ HQ

/DYDUVH VLHPSUH ODV PDQRV DQWHV \ GHVSXpV GH WHQHU FRQWDFWR FRQ FXDOTXLHU SDFLHQWH

8VDU JXDQWHV VLHPSUH TXH H[LVWD OD SRVLELOLGDG GH FRQWDFWR FRQ OtTXLGRV GH ULHVJR

8VDU EDWD GHODQWDOHV R URSD LPSHUPHDEOH FXDQGR H[LVWD OD SRVLELOLGDG GH FRQWDPLQDUVH OD URSD FRQ OtTXLGRVGH ULHVJR

8VDU PiVFDUD R OHQWHV VLHPSUH TXH H[LVWD OD SRVLELOLGDG GH VDOSLFDGXUDV

'HVHFKDU ODV DJXMDV \ RWURV LQVWUXPHQWRV FRUWDQWHV HQ UHFLSLHQWHV UtJLGRV QR SHUIRUDEOHV TXH FRQWHQJDQDOJ~Q GHVLQIHFWDQWH DGHFXDGR R TXH SRVWHULRUPHQWH VHDQ WUDWDGRV FRQ GHVLQIHFWDQWH

1XQFD UHFRORFDU HO FDSXFKyQ GH OD DJXMD HQ FDVR HVWULFWDPHQWH QHFHVDULR DSR\DUVH HQ XQD VXSHUILFLHILUPH WRPDQGR HO FDSXFKyQ FRQ XQD SLQ]D ODUJD

'HVSXpV GH OLPSLDU PLQXFLRVDPHQWH HO LQVWUXPHQWDO HVWHULOL]DUOR R HQ VX GHIHFWR GHVLQIHFWDUOR /DGHVLQIHFFLyQ TXtPLFD QR GHEH DSOLFDUVH D ODV DJXMDV \ MHULQJDV HQ HO FDVR GH RWURV LQVWUXPHQWRV SXQ]DQWHV RFRUWDQWHV VyOR GHEH XWLOL]DUVH FRPR ~OWLPR UHFXUVR \ SDUD TXH SXHGD JDUDQWL]DUVH OD FRQFHQWUDFLyQ \ OD DFWLYLGDG GHOSURGXFWR HV LQGLVSHQVDEOH TXH VH OLPSLH PLQXFLRVDPHQWH HO LQVWUXPHQWDO DQWHV GH VXPHUJLUOR HQ HO GHVLQIHFWDQWHTXtPLFR

PAG. 31



/LPSLDU ODV VXSHUILFLHV SRWHQFLDOPHQWH FRQWDPLQDGDV FRQ KLSRFORULWR GH VRGLR DO FRQ DOFRKRO DO RFRQ DJXD R[LJHQDGD

/D LGHQWLILFDFLyQ VHSDUDFLyQ HQYDVDGR DOPDFHQDPLHQWR UHFROHFFLyQ WUDQVSRUWH WUDWDPLHQWR \ GLVSRVLFLyQILQDO GH ORV UHVLGXRV SHOLJURVRV ELROyJLFRLQIHFFLRVRV VH GHEH UHDOL]DU FRQIRUPH OR HVWDEOHFH OD 120(&2/

(Q FDVR GH SUREDEOH H[SRVLFLyQ DO 9,+ GHO SHUVRQDO GH VDOXG R GH TXLHQHV FXLGDQ D SHUVRQDV FRQ 9,+ R 6,'$DO WHQHU FRQWDFWR FRQ VDQJUH GH XQ SDFLHQWH PHGLDQWH SXQFLyQ SLTXHWH R SLQFKDGXUD FRUWDGXUD R VDOSLFDGXUD HQPXFRVDV R SLHO FRQ KHULGDV VH GHEHQ GH UHDOL]DU HQ IRUPD LQPHGLDWD ODV VLJXLHQWHV DFFLRQHV

6XVSHQGHU LQPHGLDWDPHQWH OD DFWLYLGDG

([SULPLU OD KHULGD SDUD TXH VDQJUH

/DYDU FRQ DEXQGDQWH DJXD \ MDEyQ

$FXGLU GH LQPHGLDWR DO VHUYLFLR KRVSLWDODULR PiV FHUFDQR R D OD DXWRULGDG GHO KRVSLWDO GRQGH HO DFFLGHQWHRFXUUD SDUD

&RQVWDWDU SRU HVFULWR HO LQFLGHQWH

7RPDU XQD PXHVWUD VDQJXtQHD EDVDO SDUD OD GHWHFFLyQ GH DQWLFXHUSRV FRQWUD HO 9,+ KHSDWLWLV % \ KHSDWLWLV&

(VWDEOHFHU ODV PHGLGDV QHFHVDULDV SDUD GHWHUPLQDU VL HO SDFLHQWH DFFLGHQWDGR VH HQFXHQWUD UHDOPHQWHLQIHFWDGR SRU HO 9,+

5HFRPHQGDU TXH VH HYLWHQ ODV UHODFLRQHV VH[XDOHV VLQ OD SURWHFFLyQ GH XQ FRQGyQ GH OiWH[ PDVFXOLQR RSROLXUHWDQR IHPHQLQR GXUDQWH ORV VLJXLHQWHV VHLV PHVHV (VWDV SUHFDXFLRQHV VH SRGUiQ VXVSHQGHU HQ FXDQWR VHGHWHUPLQH TXH QR KXER VHURFRQYHUVLyQ

(O WUDWDPLHQWR SURILOiFWLFR GHEH SURSRUFLRQDUVH GHQWUR GH ODV FXDWUR KRUDV SRVWHULRUHV D OD H[SRVLFLyQ (VWHW UDWDPLHQWR GHEH HVWDU GLVSRQLEOH ODV YHLQWLFXDWUR KRUDV HQ WRGDV ODV XQLGDGHV PpGLFDV (O HVTXHPD GH GURJDVDQWLUUHWURYLUDOHV GHEH VHU DFRUGH D ORV OLQHDPLHQWRV HVWDEOHFLGRV HQ OD *XtD SDUD OD DWHQFLyQ 0pGLFD GH 3DFLHQWHVFRQ ,QIHFFLyQ SRU 9,+6,'$ HQ &RQVXOWD ([WHUQD \ +RVSLWDOHV YLJHQWH HPLWLGD SRU OD 6HFUHWDUtD GH 6DOXG

7RPDU PXHVWUDV VDQJXtQHDV D ORV WUHV VHLV \ GRFH PHVHV GLDJQRVW LFiQGRVH FRPR FDVR GH LQIHFFLyQRFXSDFLRQDO DTXHO TXH GHPXHVWUH VHURFRQYHUVLyQ GXUDQWH GLFKR SHULRGR

3DUD OD SUHYHQFLyQ GH OD LQIHFFLyQ SRU 9,+ HQ DFWRV GH WUDVSODQWH WUDQVIXVLyQ R WpFQLFDV GH IHUWLOL]DFLyQ DVLVWLGDVH GHEHQ REVHUYDU ODV GLVSRVLFLRQHV TXH ILJXUDQ D FRQWLQXDFLyQ

([FOXLU FRPR GLVSRQHQWH GH yUJDQRV WHMLGRV \ VXV FRPSRQHQWHV DVt FRPR GH FpOXODV JHUPLQDOHV D ORVLQGLYLGXRV VLJXLHQWHV

$TXHOORV SHUWHQHFLHQWHV D OD SREODFLyQ HQ ULHVJR GH DGTXLULU OD LQIHFFLyQ SRU 9,+ D TXH VH UHILHUHQ ORVDSDUWDGRV \ GH HVWD 1RUPD

4XLHQHV UHVXOWHQ FRQ SRVLWLYLGDG HQ FXDOTXLHUD GH ODV SUXHEDV GH WDPL]DMH TXH DO HIHFWR VH SUDFWLTXHQ (QFDVR GH TXH OD REWHQFLyQ GH yUJDQRV \ WHMLGRV \D VH KXELHVH HIHFWXDGR VH OHV GHEH GDU GHVWLQR ILQDO GH DFXHUGR FRQOR HVWDEOHFLGR HQ OD 120(&2/

/DV GHPiV PHGLGDV TXH SURFHGDQ HQWUH ODV VHxDODGDV HQ ORV DSDUWDGRV \ GH HVWD 1RUPD

0HGLGDV GH FRQWURO

(O FRQWURO GHO SDFLHQWH FRQ 9,+ FRPSUHQGH ODV DFWLYLGDGHV VLJXLHQWHV

'HWHFFLyQ \ GLDJQyVWLFRPHWPH[ PAG. 32



$WHQFLyQ \ WUDWDPLHQWR

1RWLILFDFLyQ HVWXGLR HSLGHPLROyJLFR \ VHJXLPLHQWR GH FDVRV GH DFXHUGR FRQ OR HVWDEOHFLGR HQ ODVGLVSRVLFLRQHV DSOLFDEOHV SDUD OD 9LJLODQFLD (SLGHPLROyJLFD

,QYHVWLJDFLyQ \ VHJXLPLHQWR GH ORV FRQWDFWRV

/D GHWHFFLyQ \ HO GLDJQyVWLFR GHO SDFLHQWH FRQ LQIHFFLyQ SRU 9,+ VH OOHYDQ D FDER D WUDYpV GH ORV VLJXLHQWHVSURFHGLPLHQWRV

$QWHFHGHQWHV GH H[SRVLFLyQ SRU DOJXQR GH ORV PHFDQLVPRV HQXQFLDGRV HQ HO LQFLVR

6DWLVIDFHU ORV FULWHULRV GH LQIHFWDGR SRU 9,+ R FDVR GH 6,'$ HVWDEOHFLGRV HQ ORV DSDUWDGRV \ GHHVWD 1RUPD R SRU

(VWXGLRV GH ODERUDWRULR VHJ~Q OR HQXQFLDGR HQ HO LQFLVR

3UXHEDV GH WDPL]DMH SUHVHQFLD GH DQWLFXHUSRV FRQWUD HO 9,+ HQ HO VXHUR R SODVPD GHPRVWUDGD SRU DOJXQRGH ORV VLJXLHQWHV PpWRGRV

(QVD\R ,QPXQRHQ]LPiWLFR (/,6$

$JOXWLQDFLyQ SDVLYD

3UXHEDV VXSOHPHQWDULDV SUHVHQFLD GH DQWLFXHUSRV FRQWUD HO 9,+ HQ HO VXHUR R SODVPD GHPRVWUDGD SRUDOJXQD GH ODV SUXHEDV VLJXLHQWHV

,QPXQRHOHFWURWUDQVIHUHQFLD 3UXHED GH :HVWHUQ EORW

,QPXQRIOXRUHVFHQFLD R

5DGLRLQPXQRSUHFLSLWDFLyQ 5,3$ R

3UXHEDV HVSHFtILFDV GHWHUPLQDQ OD SUHVHQFLD GHO YLUXV R DOJ~Q FRPSRQHQWH GHO PLVPR FRPR VRQ

&XOWLYR GH YLUXV

'HWHUPLQDFLyQ GH DQWtJHQR YLUDO

5HDFFLyQ HQ FDGHQD GH OD SROLPHUDVD SDUD GHWHUPLQDU HO $51 YLUDO R $'1 SURYLUDO

7RGD GHWHFFLyQ GHO 9,+6,'$ VH ULJH SRU ORV FULWHULRV VLJXLHQWHV

6H GHEH FRQVLGHUDU FRPR FXDOTXLHU RWUR UHFXUVR DX[LOLDU SDUD HO GLDJQyVWLFR

1R VH GHEH XWLOL]DU SDUD ILQHV DMHQRV D ORV GH SURWHFFLyQ GH OD VDOXG GHO LQGLYLGXR HQ FXHVWLyQ D PHQRV TXHVHD HQ DFDWR D XQD RUGHQ MXGLFLDO

1R VH GHEH VROLFLWDU FRPR UHTXLVLWR SDUD HO DFFHVR D ELHQHV \ VHUYLFLRV FRQWUDHU PDWULPRQLR REWHQHU HPSOHRIRUPDU SDUWH GH LQVWLWXFLRQHV HGXFDWLYDV R SDUD UHFLELU DWHQFLyQ PpGLFD

1R GHEH VHU FRQVLGHUDGD FRPR FDXVDO SDUD OD UHVFLVLyQ GH XQ FRQWUDWR ODERUDO OD H[SXOVLyQ GH XQD HVFXHOD ODHYDFXDFLyQ GH XQD YLYLHQGD OD VDOLGD GHO SDtV R HO LQJUHVR DO PLVPR WDQWR GH QDFLRQDOHV FRPR GH H[WUDQMHURV (Q HOFDVR GH HVWRV ~OWLPRV QR GHEH VHU FDXVDO SDUD QHJDU UHVLGHQFLD QL SXHGH VHU XWLOL]DGD SDUD OD GHSRUWDFLyQ

6H GHEH UHJLU SRU ORV FULWHULRV GH FRQVHQWLPLHQWR LQIRUPDGR \ FRQILGHQFLDOLGDG HV GHFLU TXH TXLHQ VH VRPHWH DDQiOLVLV GHEH KDFHUOR FRQ FRQRFLPLHQWR VXILFLHQWH HQ IRUPD YROXQWDULD FRQ ILUPD GH DXWRUL]DFLyQ R HQ VX FDVRKXHOOD GDFWLODU \ VHJXUR GH TXH VH UHVSHWDUi VX GHUHFKR D OD SULYDFtD \ D OD FRQILGHQFLDOLGDG GHO H[SHGLHQWH

PAG. 33



1LQJXQD DXWRULGDG SXHGH H[LJLU SUXHEDV GH GHWHFFLyQ GH 9,+6,'$ D XQ LQGLYLGXR R ORV UHVXOWDGRV GH ODVPLVPDV VLQ TXH SUHVHQWH XQD RUGHQ MXGLFLDO

/D HQWUHJD GHO UHVXOWDGR DO SDFLHQWH GHEH VHU HQ IRUPD LQGLYLGXDO SRU SHUVRQDO FDSDFLWDGR R HQ VX GHIHFWR VHGHEH HQYLDU HQ VREUH FHUUDGR DO PpGLFR WUDWDQWH TXH VROLFLWy HO HVWXGLR 1R GHEHQ LQIRUPDUVH UHVXOWDGRV SRVLWLYRV RQHJDWLYRV HQ OLVWDGRV GH PDQHMR S~EOLFR QL FRPXQLFDU HO UHVXOWDGR D RWUDV SHUVRQDV VLQ OD DXWRUL]DFLyQ H[SUHVD GHOSDFLHQWH H[FHSWR FXDQGR VH WUDWH GH PHQRUHV GH HGDG R GH SDFLHQWHV FRQ LQFDSDFLGDG PHQWDO R OHJDO HQ FX\R FDVRVH GHEH LQIRUPDU D ORV SDGUHV R TXLHQHV GHVHPSHxHQ OD SDWULD SRWHVWDG R HO FDUJR GH WXWRU

/DV LQVWLWXFLRQHV GHO 6HFWRU 6DOXG GHEHQ RIUHFHU HO VHUYLFLR GH FRQVHMHUtD R DSR\R HPRFLRQDO D WRGD SHUVRQD DTXLHQ VH HQWUHJXH XQ UHVXOWDGR 9,+ SRVLWLYR FRQ REMHWR GH GLVPLQXLU HO LPSDFWR SVLFROyJLFR GH OD QRWLILFDFLyQ HQ HOLQGLYLGXR DIHFWDGR \ IDYRUHFHU VX DGDSWDFLyQ D OD QXHYD VLWXDFLyQ

3DUD HYLWDU GLVFULPLQDFLyQ \ PD\RUHV UHSHUFXVLRQHV VRFLDOHV HQ OD IDPLOLD HO DFWD GH GHIXQFLyQ TXH H[SLGD HO5HJLVWUR &LYLO GHEH WRPDU FRPR FDXVD GH PXHUWH OD TXH HQ HO FHUWLILFDGR GH GHIXQFLyQ H[SUHVDPHQWH VH VHxDOH FRPRFDXVD SULPDULD

(O 6,'$ HV XQD GH ODV HQIHUPHGDGHV VXMHWDV D YLJLODQFLD HSLGHPLROyJLFD \ HV REOLJDWRULD VX QRWLILFDFLyQLQPHGLDWD D OD DXWRULGDG VDQLWDULD PiV FHUFDQD XWLOL]DQGR ORV FULWHULRV VLJXLHQWHV

/D QRWLILFDFLyQ VH GHEH KDFHU SRU HO SHUVRQDO GH VDOXG HQ ORV IRUPDWRV DSUREDGRV \ UHIHULGRV HQ ODVGLVSRVLFLRQHV DSOLFDEOHV SDUD OD 9LJLODQFLD (SLGHPLROyJLFD HQ HO 6LVWHPD 1DFLRQDO GH 6DOXG DVLPLVPR VH XWLOL]DUiQHQ OD QRWLILFDFLyQ GHO LQIHFWDGR DVLQWRPiWLFR \ FDVR GH 6,'$ LQGHSHQGLHQWHPHQWH GH ORV XWLOL]DGRV SRU FDGDLQVWLWXFLyQ

(VWD UHVSRQVDELOLGDG FRPSHWH DO PpGLFR WUDWDQWH R DO SHUVRQDO GH VDOXG GLUHFWDPHQWH LQYROXFUDGR D ORVODERUDWRULRV VHDQ S~EOLFRV R SULYDGRV \ ORV EDQFRV GH VDQJUH TXLHQHV UHDOLFHQ OD SUXHED \ pVWD KD\D UHVXOWDGRSRVLWLYD

/D QRWLILFDFLyQ GH FDVRV GH 9,+6,'$ GHEH KDFHUVH GH PDQHUD FRQILGHQFLDO 6X REMHWLYR HV FRQWDU FRQ ODLQIRUPDFLyQ QHFHVDULD SDUD HVWDEOHFHU ODV PHGLGDV GH SUHYHQFLyQ \ FRQWURO GH HQIHUPHGDGHV WUDQVPLVLEOHV DVt FRPRSURWHJHU DO DIHFWDGR FRQWUD GDxRV D VX KRQRUDELOLGDG \ GLJQLGDG SRU OR TXH QR GHEH FRPXQLFDUVH D RWUDV SHUVRQDV RDXWRULGDGHV H[FHSWR ODV GLUHFWDPHQWH UHVSRQVDEOHV GH OD YLJLODQFLD HSLGHPLROyJLFD VLQ PHQRVFDER GH OD RUGHQMXGLFLDO OD FXDO GHEHUi DFDWDUVH HQ WRGR PRPHQWR

/D QRWLILFDFLyQ GHO FDVR GH 6,'$ R LQIHFWDGR SRU 9,+ VH GHEH KDFHU HQ VREUH FHUUDGR FRQ VHOOR GHFRQILGHQFLDO GLULJLGD DO WLWXODU GH OD XQLGDG GH YLJLODQFLD HSLGHPLROyJLFD GHO QLYHO WpFQLFRDGPLQLVWUDWLYR TXHFRUUHVSRQGD SDUD VX PDQHMR FRQILGHQFLDO \ EDMR VX HVWULFWD UHVSRQVDELOLGDG

3DUD I LQHV GH YLJLODQFLD HSLGHPLROyJLFD VH FRQVLGHUDQ FDVRV GH LQIHFFLyQ SRU 9,+ DTXHOORV VXMHWRV FRQLQIHFFLyQ FRQILUPDGD VHJ~Q HO LQFLVR GH HVWD 1RUPD

3DUD ILQHV GH YLJLODQFLD HSLGHPLROyJLFD VH FRQVLGHUDQ FDVRV GH 6,'$ D ORV VXMHWRV TXH FXPSODQ FRQ ORVFULWHULRV HVWDEOHFLGRV HQ ORV LQFLVRV \ GH HVWD 1RUPD

/D YLJLODQFLD HSLGHPLROyJLFD GHO 9,+6,'$ GHEH UHDOL]DUVH FRQVLGHUDQGR WDQWR ODV QHFHVLGDGHV GH SUHYHQFLyQ \SURWHFFLyQ GH OD VDOXG GH ODV HQIHUPHGDGHV WUDQVPLVLEOHV FRPR HO UHVSHWR D OD GLJQLGDG GH ORV DIHFWDGRV TXHFRPSUHQGH VX GHUHFKR D OD LJXDOGDG OD FRQILGHQFLDOLGDG SULYDFtD \ QR GLVFULPLQDFLyQ DFWLWXG TXH GHEH SURPRYHUVHHQWUH HO SHUVRQDO TXH ODERUD HQ ODV LQVWLWXFLRQHV GH VDOXG

(O VHJXLPLHQWR HSLGHPLROyJLFR GHO LQIHFWDGR SRU 9,+ R GHO FDVR GH 6,'$ GHEH UHDOL]DUVH SRU HO HSLGHPLyORJR GHOD XQLGDG GH YLJLODQFLD HSLGHPLROyJLFD GHO QLYHO WpFQLFRDGPLQLVWUDWLYR FRUUHVSRQGLHQWH HQ ORV IRUPDWRV GHQRWLILFDFLyQ GHO 6LVWHPD 1DFLRQDO GH 6DOXG (VWH VHJXLPLHQWR GHEH HIHFWXDUVH FDGD DxR SDUD ORV LQIHFWDGRV SRU 9,+\ FDGD VHLV PHVHV SDUD ORV FDVRV GH 6,'$

/D LQYHVWLJDFLyQ GH ODV IXHQWHV GH LQIHFFLyQ \ GH ORV FRQWDFWRV GHEH OOHYDUVH D FDER HQ ORV VXMHWRV LQIHFWDGRVSRU 9,+ FRPSUREDGRV \ HQ ORV FDVRV GH 6,'$ SUHYLR FRQVHQWLPLHQWR GH ORV SDFLHQWHV FRQVHUYDQGR ODFRQILGHQFLDOLGDG GH OD LQIRUPDFLyQ \ FRPSUHQGH ODV DFFLRQHV VLJXLHQWHV

(VWXGLDU ORV FRQWDFWRV VH[XDOHV GXUDQWH ORV FLQFR DxRV SUHYLRV D OD IHFKD SUREDEOH GH LQIHFFLyQPAG. 34



(VWXGLDU D TXLHQHV OH KD\DQ GRQDGR R D TXLHQHV HO SDFLHQWH KD\D GRQDGR VDQJUH yUJDQRV WHMLGRV \ FpOXODVJHUPLQDOHV GXUDQWH ORV FLQFR DxRV SUHYLRV D OD IHFKD SUREDEOH GH LQIHFFLyQ

,GHQWLILFDU D ODV SHUVRQDV FRQ TXLHQHV KD\D FRPSDUWLGR HO XVR GH DJXMDV \ MHULQJDV HQ FLQFR DxRV SUHYLRV DOD IHFKD SUREDEOH GH LQIHFFLyQ

(VWXGLDU D ORV KLMRV QDFLGRV GHVSXpV GH OD IHFKD SUREDEOH GH LQIHFFLyQ R D ORV PHQRUHV GH FLQFR DxRV GHHGDG

(Q PHQRUHV GH FLQFR DxRV GHEH GHVFDUWDUVH PHGLDQWH LQYHVWLJDFLyQ GHO HVWDGR VHUROyJLFR GH OD PDGUH ODWUDQVPLVLyQ SHULQDWDO GHO YLUXV

(Q WRGR FDVR GH WUDQVPLVLyQ WUDQVIXVLRQDO SRU WUDVSODQWH R WpFQLFD GH IHUWLOL]DFLyQ DVLVWLGD VH GHEH UHDOL]DUHVWXGLR HSLGHPLROyJLFR SDUD LGHQWLILFDU ORV IDFWRUHV GH ULHVJR \ YHULILFDU VL OD LQIHFF LyQ VH DGTXLULy SRU HVWDV YtDV (QFDVR DILUPDWLYR VH GHEH LGHQWLILFDU OD SURFHGHQFLD GH ODV XQLGDGHV WUDQVIXQGLGDV WHMLGRV SDUD WUDVSODQWH R FpOXODVJHUPLQDOHV SDUD OOHYDU D FDER ODV DFFLRQHV DSURSLDGDV GH YLJLODQFLD HSLGHPLROyJLFD

(Q ORV FDVRV FRQILUPDGRV GH GLVSRQHQWHV 9,+ SRVLWLYRV \ FDVRV GH 6,'$ VHFXQGDULRV D WUDQVIXVLyQ HOEDQFR GH VDQJUH OD XQLGDG PpGLFD ODERUDWRULR R SHUVRQDO GH VDOXG GHEHQ QRWLILFDU GH LQPHGLDWR D ORV HSLGHPLyORJRV\ UHVSRQVDEOHV GH SURJUDPDV HVWDWDOHVMXULVGLFFLRQDOHV GH 9,+6,'$ SDUD TXH VH LPSODQWHQ ODV PHGLGDV FRUUHFWLYDV\ SUHYHQWLYDV QHFHVDULDV HQ FRQFRUGDQFLD FRQ OR HVWDEOHFLGR HQ ODV QRUPDV \ PDQXDOHV YLJHQWHV VREUH HO WHPD (OGRQDGRU \ HO FDVR FRQILUPDGR VLHPSUH VH GHEHQ HQYLDU DO VHUYLFLR HVSHFLDOL]DGR GH DWHQFLyQ GH 9,+6,'$ PiVFHUFDQR

(Q OD YLJLODQFLD HSLGHPLROyJLFD \ HQ HO VHJXLPLHQWR GH FRQWDFWRV VH GHEHQ WRPDU HQ FXHQWD ORV FULWHULRVVLJXLHQWHV

&XDQGR HO SDFLHQWH VHD PD\RU GH HGDG VH REWHQGUi OD LQIRUPDFLyQ GLUHFWDPHQWH GH pO (Q HO FDVR GHPHQRUHV GH HGDG VH SXHGH REWHQHU OD LQIRUPDFLyQ GHO SDGUH OD PDGUH WXWRU R UHSUHVHQWDQWH OHJDO

&XDQGR VH YLVLWH HO GRPLFLOLR GH XQ SDFLHQWH SDUD GDU R VROLFLWDU LQIRUPDFLyQ QR VH GHEH PHQFLRQDU HOGLDJQyVWLFR GH 9,+6,'$ EDMR FLUFXQVWDQFLD DOJXQD D RWUD SHUVRQD TXH QR VHD DO SDFLHQWH

(Q FDVR GH TXH HO SDFLHQWH KD\D IDOOHFLGR VyOR VH GHEH VROLFLWDU LQIRUPDFLyQ DO PpGLFR WUDWDQWH \ D TXLHQHODERUy HO FHUWLILFDGR GH GHIXQFLyQ (O VHJXLPLHQWR VH GHEH KDFHU JDUDQWL]DQGR OD FRQILGHQFLDOLGDG GH OD LQIRUPDFLyQGHO GLDJQyVWLFR PHGLDQWH QRWLILFDFLyQ GHO PLVPR ~QLFDPHQWH D ORV IDPLOLDUHV GHO IDOOHFLGR HQ SULPHUR \ VHJXQGRJUDGRV

(O VHJXLPLHQWR GH FRQWDFWRV VyOR VH GHEH UHDOL]DU VL KD\ OLEUH FRQVHQWLPLHQWR GHO SDFLHQWH UHVSHWiQGRVH VXYROXQWDG GH QR SURSRUFLRQDU LQIRUPDFLyQ

3DUD HO VHJXLPLHQWR GH FRQWDFWRV HQ HO FDVR GHO 9,+6,'$ VH SXHGHQ DGRSWDU RWUDV PRGDOLGDGHV FRPR

$SR\DU DO SDFLHQWH SDUD TXH pO PLVPR LQIRUPH D VXV FRQWDFWRV

,QIRUPDU D ORV FRQWDFWRV FRQ HO FRQVHQWLPLHQWR GHO SDFLHQWH SHUR SUHVHUYDQGR VX LGHQWLGDG

(YLWDU HQ OR SRVLEOH OD YLVLWD GRPLFLOLDULD \D TXH SXHGH JHQHUDU JUDYHV FRQIOLFWRV DO DIHFWDGR \ D VXIDPLOLD VREUH WRGR HQ SREODFLRQHV SHTXHxDV

(O WUDWDPLHQWR GHO SDFLHQWH FRQ LQIHFFLyQ SRU 9,+6,'$ GHEH VHU UHDOL]DGR SRU PpGLFRV WLWXODGRV FDSDFLWDGRV \FRQ FpGXOD SURIHVLRQDO YLJHQWH

7RGDV ODV LQVWLWXFLRQHV \ HVWDEOHFLPLHQWRV GH VDOXG GHEHQ SUHVWDU DWHQFLyQ GH XUJHQFLD D SDFLHQWHV FRQ9,+6,'$ GH PDQHUD UHVSRQVDEOH GLJQD \ UHVSHWXRVD FXDQGR DVt OR UHTXLHUD OD FRQGLFLyQ FOtQLFD GHO SDFLHQWH \ ODLQVWLWXFLyQ R HVWDEOHFLPLHQWR FXHQWH FRQ ORV UHFXUVRV SDUD EULQGDUOD

7RGDV ODV LQVWLWXFLRQHV \ HVWDEOHFLPLHQWRV GH VDOXG GHEHQ UHIHULU D ORV SDFLHQWHV SDUD VX DWHQFLyQHVSHFLDOL]DGD FXDQGR DVt OR UHTXLHUD VX FRQGLFLyQ FOtQLFD \ OD LQVWLWXFLyQ R ORV HVWDEOHFLPLHQWRV QR FXHQWHQ FRQ ORVUHFXUVRV SDUD EULQGDUOD GH DFXHUGR D ORV QLYHOHV GH DWHQFLyQ GH ODV LQVWLWXFLRQHV FRUUHVSRQGLHQWHV PAG. 35



/DV LQVWLWXFLRQHV \ HVWDEOHFLPLHQWRV GH VDOXG GHEHQ EULQGDU FDSDFLWDFLyQ D VX SHUVRQDO GH PDQHUD FRQWLQXDD ILQ GH SURSRUFLRQDU DWHQFLyQ PpGLFD DGHFXDGD FRQIRUPH D ORV DYDQFHV FLHQWtILFRV \ WHFQROyJLFRV ORJUDGRV HQ HOFRQRFLPLHQWR GH HVWH SDGHFLPLHQWR

3DUD GHFLGLU HO LQLFLR GHO WUDWDPLHQWR DQWLUUHWURYLUDO HO HOHPHQWR PiV LPSRUWDQWH D FRQVLGHUDU HV HO HVWDGLRFOtQLFR HQ TXH VH HQFXHQWUH OD LQIHFFLyQ SRU 9,+ TXH SXHGH VHU PHGLGR D WUDYpV GH ORV OLQIRFLWRV &' OD SUHVHQFLDGH XQD FRQGLFLyQ GHILQLWRULD GH 6,'$ \ OD FDUJD YLUDO

(O HVTXHPD GH WUDWDPLHQWR GHEH JDUDQWL]DU HO UHWUDVR HQ OD SURJUHVLyQ GH OD HQIHUPHGDG OD LQKLELFLyQ GH ODUHSOLFDFLyQ YLUDO \ OLPLWDU OD DSDULFLyQ GH OD UHVLVWHQFLD FUX]DGD 'HEH HVWDU GH DFXHUGR FRQ ORV OLQHDPLHQWRVHVWDEOHFLGRV HQ OD *XtD SDUD OD $WHQFLyQ 0pGLFD GH 3DFLHQWHV FRQ ,QIHFFLyQ SRU 9,+6,'$ HQ &RQVXOWD ([WHUQD \+RVSLWDOHV YLJHQWH HPLWLGD SRU OD 6HFUHWDUtD GH 6DOXG

(O WUDWDPLHQWR FRQ DQWLUUHWURYLUDOHV GHEH KDFHUVH VLQ LQWHUUXSFLRQHV SDUD HYLWDU OD DSDULFLyQ GH UHVLVWHQFLDV \HO ULHVJR GH TXH HO WUDWDPLHQWR SLHUGD VX XWLOLGDG

6H GHEH LQLFLDU HO WUDWDPLHQWR SURILOiFWLFR GH ODV LQIHFFLRQHV RSRUWXQLVWDV HQ DTXHOORV SDFLHQWHV FRQ &'LJXDOHV R PHQRUHV GH

'DGR TXH H[LVWHQ HVWUDWHJLDV SDUD GLVPLQXLU OD SUREDELOLGDG GH WUDQVPLVLyQ GH OD LQIHFFLyQ SRU 9,+ GH XQDPXMHU HPEDUD]DGD SRVLWLYD D VX KLMR VH GHEH EULQGDU DVHVRUtD HQ WRGRV ORV FDVRV SDUD GRWDUOD GH WRGD ODLQIRUPDFLyQ UHODFLRQDGD FRQ HO ULHVJR GH WUDQVPLVLyQ \ ODV DOWHUQDWLYDV GH WUDWDPLHQWR

(O HVTXHPD GH WUDWDPLHQWR DQWLUUHWURYLUDO GH OD PXMHU HPEDUD]DGD FRQ LQIHFFLyQ SRU HO 9,+6,'$ GHEHFRQVLGHUDU WUHV DVSHFWRV IXQGDPHQWDOHV D PDQWHQHU OD VDOXG GH OD PDGUH E GLVPLQXLU HO ULHVJR GH WUDQVPLVLyQSHULQDWDO \ F GHEH HVWDU GH DFXHUGR FRQ ORV OLQHDPLHQWRV HVWDEOHFLGRV HQ OD *XtD SDUD OD $WHQFLyQ 0pGLFD GH3DFLHQWHV FRQ ,QIHFFLyQ SRU 9,+6,'$ HQ &RQVXOWD ([WHUQD \ +RVSLWDOHV YLJHQWH HPLWLGD SRU OD 6HFUHWDUtD GH6DOXG

'DGR TXH H[LVWH XQD HVWUHFKD UHODFLyQ HQWUH WXEHUFXORVLV \ 9,+ VH GHEHQ HVWDEOHFHU GLYHUVDV DFFLRQHVHQFDPLQDGDV D SUHYHQLUOD GLDJQRVWLFDUOD \ D SURSRUFLRQDU XQ WUDWDPLHQWR LQWHJUDO D ILQ GH GLVPLQXLU ODVFRPSOLFDFLRQHV VHFXQGDULDV D OD DVRFLDFLyQ GH HVWRV SDGHFLPLHQWRV

5HVSHFWR D OD SUHYHQFLyQ HVSHFtILFD GH OD WXEHUFXORVLV VH GHEHQ REVHUYDU ODV VLJXLHQWHV UHFRPHQGDFLRQHV

/D YDFXQD %&* HVWi FRQWUDLQGLFDGD HQ QLxRV \ DGXOWRV FRQ 6,'$ HQ DGXOWRV FRQ LQIHFFLyQ SRU 9,+ \ HQRWUDV LQPXQRGHILFLHQFLDV

3UHYLDPHQWH DO LQLFLR GH OD TXLPLRSURILOD[LV GHEH H[FOXLUVH HO GLDJQyVWLFR GH WXEHUFXORVLV DFWLYD \D VHDSXOPRQDU R H[WUDSXOPRQDU

/D TXLPLRSURILOD[LV SDUD WXEHUFXORVLV VH GHEH SURSRUFLRQDU D ODV SHUVRQDV LQIHFWDGDV FRQ 9,+ \ D ORVHQIHUPRV GH 6,'$ VLQ WXEHUFXORVLV DFWLYD FXDQGR PHQRV GXUDQWH XQ DxR VLQ QHFHVLGDG GH UHDOL]DU SUHYLDPHQWH XQDSUXHED GH 33' GH DFXHUGR FRQ ODV VLJXLHQWHV GLVSRVLFLRQHV

8VDU LVRQLDFLGD D GRVLV GH PJNJ GH SHVR VLQ TXH VH H[FHGD GH PJ SRU GtD

6H UHFRPLHQGD UHDOL]DU H[DPHQ GH WUDQVDPLQDVDV DPLQRWUDQVIHUDVDV GH PDQHUD SHULyGLFD \ SURFHGHUGH DFXHUGR FRQ ORV UHVXOWDGRV DQWHV GHO LQLFLR GH OD TXLPLRSURILOD[LV \ HQ IRUPD UHJXODU GXUDQWH VX DSOLFDFLyQ

(Q FDVR GH DSDULFLyQ GH SROLQHXULWLV R QHXURSDWtDV DGPLQLVWUDU YLWDPLQD % VLQ VXVSHQGHU ODTXLPLRSURILOD[LV

/D LVRQLDFLGD VH PDQHMDUi GH PDQHUD DXWRDGPLQLVWUDGD SURSRUFLRQDQGR GRWDFLyQ GHO PHGLFDPHQWR FDGDRFKR GtDV

/D UHFRPHQGDFLyQ SDUD SURSRUFLRQDU TXLPLRSURILOD[LV FRQ LVRQLDFLGD HV WHPSRUDO \ HV Wi VXMHWD D ORVUHVXOWDGRV GH HQVD\RV FOtQLFRV DFWXDOPHQWH HQ GHVDUUROOR TXH SHUPLWDQ LGHQWLILFDU D TXLHQHV EHQHILFLH HQ PD\RUPHGLGD GHELGR DO ULHVJR GH WR[LFLGDG \ DSDULFLyQ GH FHSDV PXOWLUUHVLVWHQWHV DVRFLDGDV D VX DGPLQLVWUDFLyQ

PAG. 36



5HVSHFWR DO GLDJQyVWLFR GH WXEHUFXORVLV GHEHQ UHDOL]DUVH ODV VLJXLHQWHV DFFLRQHV

%~VTXHGD GHO FDVR HQWUH SHUVRQDV TXH SUHVHQWDQ WRV \ H[SHFWRUDFLyQ

&RPSUREDFLyQ GHO FDVR GH WXEHUFXORVLV PHGLDQWH EDFLORVFRSLD R FXDQGR VH UHTXLHUD SRU FXOWLYR GH WHMLGRVIOXLGRV R VHFUHFLRQHV GH yUJDQRV GH SDFLHQWHV FRQ PDQLIHVWDFLRQHV FOtQLFDV UDGLROyJLFDV \ GDWRV HSLGHPLROyJLFRVFRPSDWLEOHV FRQ OD HQIHUPHGDG

3DUD HVWDEOHFHU XQ WUDWDPLHQWR DGHFXDGR GH OD WXEHUFXORVLV HQ ORV SDFLHQWHV FRQ LQIHFFLyQ SRU 9,+ GHEHQDSOLFDUVH ORV VLJXLHQWHV FULWHULRV

(O HQIHUPR FRQ WXEHUFXORVLV H LQIHFFLyQ FRQ 9,+ GHPRVWUDGD SRU FXDOHVTXLHUD GH ORV FULWHULRV HQXQFLDGRVHQ HO LQFLVR UHFLELUi WUDWDPLHQWR EDMR HVWULFWD VXSHUYLVLyQ GHO PpGLFR HVSHFLDOLVWD

/RV PHGLFDPHQWRV TXH VH XWLOL]DQ VRQ LVRQLDFLGD ULIDPSLFLQD SLUD]LQDPLGD HVWUHSWRPLFLQD \ HWDPEXWRO

(O HVTXHPD GH WUDWDPLHQWR VLHPSUH VHUi HO SULPDULR UHIRU]DGR VXSHUYLVDGR GXUDQWH VHPDQDV R KDVWDFRPSOHWDU GRVLV GLYLGLGR HQ GRV IDVHV IDVH LQWHQVLYD GRVLV \ IDVH GH VRVWpQ GRVLV FRQ XQD FRPELQDFLyQILMD R FRQ GURJDV SRU VHSDUDGR OR DQWHULRU GH DFXHUGR FRQ HO VLJXLHQWH HVTXHPD

7UDWDPLHQWR SULPDULR UHIRU]DGR VXSHUYLVDGR

)DVH ,QWHQVLYD GLDULD GH OXQHV D ViEDGR KDVWD FRPSOHWDU GRVLV $GPLQLVWUDFLyQ HQ XQD VROD WRPD

,VRQLDFLGD PJ PJ

5LIDPSLFLQD PJ PJ

3LUD]LQDPLGD PJ D PJ PJ

(WDPEXWRO

PJ WDEOHWDV MXQWDV

)DVH GH 6RVWpQ ,QWHUPLWHQWH WUHV YHFHV SRU VHPDQD OXQHV PLpUFROHV \ YLHUQHV KDVWD FRPSOHWDU GRVLV DGPLQLVWUDFLyQ HQ XQD VROD WRPD

0HGLFDPHQWRV VHSDUDGRV &RPELQDFLyQ ILMD FiSVXODV MXQWDV GLDULDV

,VRQLDFLGD PJ PJ

5LIDPSLFLQD PJ PJ

(WDPEXWRO

PJ GLDULRV WDEOHWDV GH PJ MXQWDV GLDULDV

(Q HQIHUPRV FRQ SHVR PHQRU D NJ \ HQ QLxRV GHEHUi DMXVWDUVH OD GRVLV GH DFXHUGR DO SHVR

(O HWDPEXWRO GHEH XWLOL]DUVH VyOR HQ QLxRV PD\RUHV GH DxRV 3XHGH VHU UHHPSOD]DGR SRU HVWUHSWRPLFLQD D GRVLVPAG. 37



GH J GLDULR GXUDQWH OD SULPHUD IDVH (Q SDFLHQWHV GH PiV GH DxRV R PHQRV GH NJ GH SHVR OD GRVLV TXH VHGHEH DGPLQLVWUDU HV GH J

(O HQIHUPR FRQ LQIHFFLyQ SRU 9,+ \ GLDJQyVWLFR GH WXEHUFXORVLV FRQ SHUVLVWHQFLD GH EDFLORVFRSLDV SRVLWLYDVKDVWD HO VH[WR PHV GH WUDWDPLHQWR UHJXODU R FRQ GRV VHULHV GH EDFLORVFRSLDV SRVLWLYDV GHVSXpV GH XQ SHULRGR GHQHJDWLYL]DFLyQ VH GHEH FRQILUPDU SRU FXOWLYR \ GURJRVHQVLELOLGDG 7RGRV ORV FDVRV GHEHQ VHU VLHPSUH UHIHULGRV DOHVSHFLDOLVWD SDUD UHWUDWDPLHQWR

&RQ UHODFLyQ D ODV LQPXQL]DFLRQHV TXH VH XWLOL]DQ HQ SDFLHQWHV FRQ 9,+6,'$ VH GHEHQ REVHUYDU ODVVLJXLHQWHV UHFRPHQGDFLRQHV

(Q SDFLHQWHV DGXOWRV DSOLFDU YDFXQD FRQWUD OD LQIOXHQ]D HQ IRUPD DQXDO \ YDFXQD FRQWUD QHXPRFRFR HQGRVLV ~QLFD FRQ UHYDFXQDFLyQ D ORV VLHWH DxRV QR GHEHQ DSOLFDUVH YDFXQD %&* YDFXQD DQWLWLIRtGLFD RUDO RFXDOTXLHUD RWUD YDFXQD GH YLUXV YLYRV

(O HVTXHPD GH YDFXQDFLyQ GH ORV QLxRV FRQ LQIHFFLyQ SRU 9,+6,'$ GHEH REVHUYDU ODV VLJXLHQWHVUHFRPHQGDFLRQHV

$VLQWRPiWLFD

'HEHQ UHFLELU WRGDV ODV YDFXQDV TXH XQ QLxR QRUPDO GH OD PLVPD HGDG FRPR VH VHxDOD HQ OD &DUWLOOD1DFLRQDO GH 9DFXQDFLyQ PRGLILFDGD GH DFXHUGR D OD *XtD SDUD OD $WHQFLyQ 0pGLFD GH 3DFLHQWHV FRQ ,QIHFFLyQ SRU9,+6,'$ HQ &RQVXOWD ([WHUQD \ +RVSLWDOHV YLJHQWH HPLWLGD SRU OD 6HFUHWDUtD GH 6DOXG

6H UHFRPLHQGD DSOLFDU OD YDFXQD FRQWUD YDULFHOD

(Q QLxRV VLQWRPiWLFRV \R FRQ LQPXQRVXSUHVLyQ JUDYH

1R GHEH DSOLFDUVH YDFXQD %&*

1R GHEH DSOLFDUVH OD YDFXQD WULSOH YLUDO VDUDPSLyQ SDURWLGLWLV \ UXEpROD R OD PRQRYDOHQWH FRQDQWLVDUDPSLyQ

6H GHEH DSOLFDU OD YDFXQD FRQWUD +DHPRSKLOXV LQIOXHQ]DH \ QHXPRFRFR

(Q QLxRV DVLQWRPiWLFRV R FRQ VLQWRPDWRORJtD OHYH VLQ HYLGHQFLD GH LQPXQRVXSUHVLyQ FRQ &' GHDFXHUGR D OD HGDG LJXDO R PD\RU D VH UHFRPLHQGD DSOLFDU OD YDFXQD FRQWUD YDULFHOD

(O SHUVRQDO GH VDOXG \ ODV LQVWLWXFLRQHV HQFDUJDGDV GH OD DWHQFLyQ GHO SDFLHQWH LQIHFWDGR FRQ 9,+ R TXH WLHQH6,'$ GHEHQ REVHUYDU ORV VLJXLHQWHV OLQHDPLHQWRV SDUD JDUDQWL]DU OD FRQILGHQFLDOLGDG GH OD LQIRUPDFLyQ

$WHQGHU ODV GLVSRVLFLRQHV UHVSHFWR DO FDUiFWHU OHJDO \ FRQILGHQFLDO GHO H[SHGLHQWH FOtQLFR

(VWDEOHFHU ODV PHGLGDV QHFHVDULDV SDUD DVHJXUDU TXH HO PDQHMR GH H[SHGLHQWHV FOtQLFRV \ WUiPLWHVDGPLQLVWUDWLYRV GH ORV SDFLHQWHV FRQ 9,+6,'$ JDUDQWLFHQ OD FRQILGHQFLDOLGDG GH pVWRV

7UDWDU DO SDFLHQWH FRQ 9,+6,'$ VLQ GLVFULPLQDFLyQ UHVSHFWR D RWURV HQIHUPRV HYLWDQGR GLIXQGLULQIRUPDFLRQHV VREUH VX FRQGLFLyQ GH LQIHFWDGR SRU HO 9,+ R HQIHUPR FRQ 6,'$ HQWUH TXLHQHV QR WLHQHQ UHODFLyQ FRQVX DWHQFLyQ PpGLFD

5HVSHWDU HO FDUiFWHU FRQILGHQFLDO GHO SDFLHQWH VHURSRVLWLYR R FRQ 6,'$ LQIRUPDQGR DFHUFD GH VX HVWDGR VyORD TXLHQ pVWH DXWRULFH

,QYHVWLJDFLyQ

(O &RQVHMR 1DFLRQDO SDUD OD 3UHYHQFLyQ \ &RQWURO GHO 6tQGURPH GH ,QPXQRGHILFLHQFLD $GTXLULGD GHEH HVWLPXODUHO GHVDUUROOR GH OD LQYHVWLJDFLyQ HQ WRGDV VXV DFWLYLGDGHV

3DUD OD YLJLODQFLD HSLGHPLROyJLFD GH OD LQIHFFLyQ SRU HO 9,+ VH UHTXLHUH OD UHDOL]DFLyQ GH LQYHVWLJDFLyQ EiVLFDFOtQLFD HSLGHPLROyJLFD \ RSHUDWLYD FRQ DWHQFLyQ SDUWLFXODU D ORV IDFWRUHV GH ULHVJR \ JUXSRV YXOQHUDEOHV D ODPAG. 38



LQIHFFLyQ SRU HO 9,+

/RV UHVXOWDGRV GH WDOHV LQYHVWLJDFLRQHV GHEHQ VHU GLVFXWLGRV HQ HO VHQR GHO &21$6,'$ FRQ REMHWR GH HYDOXDU \PHMRUDU ODV DFWLYLGDGHV GHO PLVPR

/RV HVWXGLRV H LQYHVWLJDFLRQHV VH HIHFWXDUiQ FRQ EDVH HQ ORV SULQFLSLRV FLHQWtILFRV \ GH DFXHUGR FRQ OD /H\*HQHUDO GH 6DOXG

&RQFRUGDQFLD FRQ QRUPDV LQWHUQDFLRQDOHV \ PH[LFDQDV

(VWD 1RUPD 2ILFLDO 0H[LFDQD HV HTXLYDOHQWH D ORV OLQHDPLHQWRV HPLWLGRV SRU HO 3URJUDPD 0XQGLDO GH 6,'$ GH ODV1DFLRQHV 8QLGDV 2186,'$ 2UJDQL]DFLyQ 0XQGLDO GH OD 6DOXG 206 &HQWURV GH &RQWURO GH (QIHUPHGDGHV GH ORV(VWDGRV 8QLGRV GH $PpULFD &'&V

%LEOLRJUDItD

&HQWHUV IRU 'LVHDVH &RQWURO 5HYLVLRQ RI WKH &'& 6XUYHLOODQFH &DVH GHILQLWLRQ IRU $FTXLUHG ,PPXQRGHILFLHQF\6\QGURPH 00:5 VXSSO 1R 6

'*( 0p[LFR ,QPXQL]DFLyQ HQ QLxRV H LQIHFFLyQ SRU 9,+ %ROHWtQ PHQVXDO GH 6,'$

$673+/' 6HFRQG &RQVHQVXV &RQIHUHQFH RQ +,9 WHVWLQJ 0DUFK $WODQWD *HRUJLD

2QRUDWR , HW DO &KLOGKRRG LPPXQL]DWLRQ YDFFLQHSUHYHQWDEOH GLVHDVHV DQG LQIHFWLRQ ZLWK KXPDQLPPXQRGHILFLHQF\ YLUXV 3HG ,QIHFW 'LV -

5HFRPPHQGDWLRQV RI WKH ,PPXQL]DWLRQ 3UDFWLFHV $GYLVRU\ &RPPLWWHH 00:5

:RUOG +HDOWK 2UJDQL]DWLRQ SDSHU RQ 3DUWQHU 1RWLILFDWLRQ IRU 3UHYHQWLQJ +,9 7UDQVPLVVLRQ *OREDO 3URJUDP RQ$,'6 -DQXDU\ *HQHYD 6ZLW]HUODQG

6HS~OYHGD $- \ FRO 6,'$ &LHQFLD \ VRFLHGDG HQ 0p[LFR 0p[LFR )&(

6,'$ 3HUILO GH XQD HSLGHPLD 3XEOLFDFLyQ FLHQWtILFD 1R :DVKLQJWRQ 236

&'& *XLGHOLQHV RQ WKH 0DQDJHPHQW RI 2FFXSDWLRQDO ([SRVXUHV WR +,9 00:5 00:5 55

:RUOG +HDOWK 2UJDQL]DWLRQ ([SDQGHG 3URJUDPPH RQ ,PPXQL]DWLRQ *OREDO $GYLVRU\ *URXS :HHNO\ (SLGHPLRO5HF

*XtD GH 0pWRGRV (ILFDFHV GH (VWHULOL]DFLyQ \ 'HVLQIHFFLyQ FRQWUD HO 9LUXV GH OD ,QPXQRGHILFLHQFLD +XPDQDGH OD 6HULH 206 6REUH HO 6,'$ 1R D (GLFLyQ *LQHEUD 206

3DWHUVHQ /5 :KLWH &5 HW DO 3UHPDULWDO 6FUHHQLQJ IRU WR +,9 W\SH LQ WKH 8QLWHG 6WDWHV $P - 3XEOLF +HDOWK

00:5 %&* YDFFLQDWLRQ DQG SHGLDWULF +,9 LQIHFWLRQ 00:5

$PHULFDQ %DU $VVRFLDWLRQ $,'6+,9 DQG &RQILGHQWLDOLW\ 0RGHO 3ROLF\ DQG 3URFHGXUHV :DVKLQJWRQ '& 86$0DUFK

&HQWHUV IRU 'LVHDVH &RQWURO 5HFRPPHQGDWLRQV IRU 3UHYHQWLQJ 7UDQVPLVVLRQ RI +XPDQ ,PPXQRGHILFLHQF\ 9LUXVDQG +HSDWLWLV % 9LUXV WR 3DWLHQWV GXULQJ ([SRVXUH 3URQH ,QYDVLYH 3URFHGXUHV 00:5 1R 55

&HQWHUV IRU 'LVHDVH &RQWURO 3HOYLF ,QIODPPDWRU\ 'LVHDVH JXLGHOLQHV IRU SUHYHQWLRQ DQG PDQDJHPHQW DQG3XULILHG 3URWHLQ 'HULYDWLYH 33'7XEHUFXOLQ $QHUJ\ DQG +,9 ,QIHFWLRQ *XLGHOLQHV IRU $QHUJ\ 7HVWLQJ DQG0DQDJHPHQW RI $QHUJLF 3HUVRQV DW 5LVN RI 7XEHUFXORVLV 00:5 1R 55

PAG. 39

12066$

ZZZVDOXGJREP[XQLGDGHVFGLQRPVVDKWPO

1250$ 2),&,$/ 0(;,&$1$ 12066$ 3$5$ /$ 35(9(1&,175$7$0,(172 < &21752/ '( &1&(5 '(/ &8(//2 '(/ 7(52 < '( /$0$0$ (1 /$ $7(1&,1 35,0$5,$

$O PDUJHQ XQ VHOOR FRQ HO (VFXGR 1DFLRQDO TXH GLFH (VWDGRV 8QLGRV 0H[LFDQRV 6HFUHWDUtD GH 6DOXG

-26( 52'5,*8(= '20,1*8(= 'LUHFWRU *HQHUDO GH 0HGLFLQD 3UHYHQWLYD SRU DFXHUGR GHO &RPLWp &RQVXOWLYR1DFLRQDO GH 1RUPDOL]DFLyQ GH 6HUYLFLRV GH 6DOXG FRQ IXQGDPHQWR HQ ORV DUWtFXORV GH OD /H\ 2UJiQLFD GH OD$GPLQLVWUDFLyQ 3~EOLFD )HGHUDO R IUDFFLyQ ;9 DSDUWDGR $ IUDFFLRQHV , \ ,,, \ GH OD /H\*HQHUDO GH 6DOXG ORV DUWtFXORV IUDFFLyQ ,, IUDFFLyQ ;, \ GH OD /H\ )HGHUDO VREUH 0HWURORJtD \1RUPDOL]DFLyQ \ HQ DUWtFXOR IUDFFLyQ ,, GHO 5HJODPHQWR ,QWHULRU GH OD 6HFUHWDUtD GH 6DOXG

,1',&(

,QWURGXFFLyQ 2EMHWLYR \ FDPSR GH DSOLFDFLyQ 5HIHUHQFLDV $EUHYLDWXUDV 7HUPLQRORJtD 'LVSRVLFLRQHV JHQHUDOHV 0HGLGDV GH SUHYHQFLyQ 3UHYHQFLyQ SULPDULD 3UHYHQFLyQ VHFXQGDULD &iQFHU GHO FXHOOR GHO ~WHUR &iQFHU PDPDULR 0HGLGDV GH FRQWURO &iQFHU GHO FXHOOR GHO ~WHUR ,GHQWLILFDFLyQ GH OD SDFLHQWH FRQ FiQFHU GHO FXHOOR GHO ~WHUR 5HVXOWDGR FLWROyJLFR 5HVXOWDGR FROSRVFySLFR 5HVXOWDGR KLVWRSDWROyJLFR 6HJXLPLHQWR \ FRQWURO GHO FiQFHU GHO FXHOOR GHO ~WHUR 6HJXLPLHQWR FRQWURO \ WUDWDPLHQWR GHO FiQFHU PDPDULR 1RWLILFDFLyQ GH OD SDFLHQWH FRQ VRVSHFKD GH FiQFHU PDPDULR 1LYHOHV GH DWHQFLyQ 2WURV HVWXGLRV 1RWLILFDFLyQ \ UHJLVWUR 3DUiPHWURV GH HYDOXDFLyQ 3UHVWDFLyQ GH VHUYLFLRV &DSDFLWDFLyQ 5HSRUWH GH HVWXGLR FLWROyJLFR /DERUDWRULR GH FLWRORJtD &OtQLFD GH GLVSODVLDV &RQWURO GH FDOLGDG $SpQGLFHV QRUPDWLYRV &LWRORJtD FRQ ,93+ &LWRORJtD FRQ 'LVSODVLDV 1,& \ &iQFHU ,Q 6LWX &LWRORJtD FRQ 'LDJQyVWLFR GH &DUFLQRPD LQYDVRU &LWRORJtD FRQ 'LVSODVLDV ,93+ 1,& R &iQFHU LQYDVRU &LWRORJtD FRQ 'LVSODVLDV R 3RVLWLYR D &iQFHU HQ PXMHUHV HPEDUD]DGDV &RQFRUGDQFLD FRQ JXtDV \ UHFRPHQGDFLRQHV LQWHUQDFLRQDOHV %LEOLRJUDItD 2EVHUYDQFLD GH OD 1RUPD

35()$&,2

8QLGDG DGPLQLVWUDWLYD UHVSRQVDEOH GH OD HODERUDFLyQ GHO 3UR\HFWR GH 1RUPD 2ILFLDO 0H[LFDQD SDUD OD 3UHYHQFLyQ7UDWDPLHQWR \ &RQWURO GHO &iQFHU GHO &XHOOR GHO 8WHUR \ 0DPDULR HQ OD $WHQFLyQ 3ULPDULD

PAG. 40

12066$


6XEVHFUHWDUtD GH 6HUYLFLRV GH 6DOXG

'LUHFFLyQ *HQHUDO GH 0HGLFLQD 3UHYHQWLYD

$ WUDYpV GH OD 6XEGLUHFFLyQ GH &iQFHU

(Q OD HODERUDFLyQ GH HVWD 1RUPD 2ILFLDO 0H[LFDQD SDUWLFLSDURQ ODV VLJXLHQWHV LQVWLWXFLRQHV

6(&5(7$5,$ '( 6$/8'

',5(&&,21 *(1(5$/ '( 0(',&,1$ 35(9(17,9$

',5(&&,21 *(1(5$/ '( 0$7(512 ,1)$17,/

',5(&&,21 *(1(5$/ '( 5(*8/$&,21 '( 6(59,&,26 '( 6$/8'

',5(&&,21 *(1(5$/ '( (67$',67,&$ ,1)250$7,&$ < (9$/8$&,21

',5(&&,21 *(1(5$/ '( (3,'(0,2/2*,$

',5(&&,21 *(1(5$/ '( )20(172 3$5$ /$ 6$/8'

',5(&&,21 *(1(5$/ '( 6(59,&,26 '( 6$/8' 38%/,&$ (1 (/ ')

+263,7$/ *(1(5$/ '( 0(;,&2

,167,7872 1$&,21$/ '( ',$*1267,&2 < 5()(5(1&,$ (3,'(0,2/2*,&26

,167,7872 1$&,21$/ '( &$1&(52/2*,$

,167,7872 1$&,21$/ '( 3(5,1$72/2*,$

6(&5(7$5,$ '( /$ '()(16$ 1$&,21$/

,167,7872 0(;,&$12 '(/ 6(*852 62&,$/

,167,7872 '( 6(*85,'$' < 6(59,&,26 62&,$/(6 '( /26 75$%$-$'25(6 '(/ (67$'2

6,67(0$ 1$&,21$/ 3$5$ (/ '(6$552//2 ,17(*5$/ '( /$ )$0,/,$

$&$'(0,$ 0(;,&$1$ '( &,58*,$

$62&,$&,21 0(;,&$1$ '( *,1(&2/2*,$ < 2%67(75,&,$

$62&,$&,21 0(;,&$1$ '( 3$72/2*,$

$62&,$&,21 0(;,&$1$ '( &,72/2*,$ (;)2/,$7,9$

)('(5$&,21 0(;,&$1$ '( $62&,$&,21(6 '( *,1(&2/2*,$ < 2%67(75,&,$

62&,('$' 0(;,&$1$ '( (678',26 21&2/2*,&26

$62&,$&,21 0(;,&$1$ '( /8&+$ &2175$ (/ &$1&(5

*5832 5(72

,QWURGXFFLyQ

/D SUHYHQFLyQ FRQWURO \ WUDWDPLHQWR GHO &iQFHU GHO &XHOOR GHO 8WHUR \ 0DPDULR FRQVWLWX\H XQD SULRULGDG HQ QXHVWURPAG. 41

12066$


SDtV (Q SDtVHV HQ GHVDUUROOR FRPR 0p[LFR ORV FDPELRV GH HVWLOR GH YLGD SURGXFLGRV HQ ORV ~OWLPRV DxRV KDQPRGLILFDGR ORV SDWURQHV GH HQIHUPDU \ PRULU GHWHUPLQDQGR XQ JUDQ UHWR SDUD ORV VHUYLFLRV GH VDOXG

3RU WDO UD]yQ ORV VLVWHPDV GH VDOXG GHEHUiQ UHVSRQGHU D HVWH FDPELR \ DGRSWDU QXHYDV HVWUDWHJLDV DQWH ORVSUREOHPDV GH VDOXG DFWXDOHV FRPR HO FiQFHU QR VyOR SDUD DWHQGHU OD FUHFLHQWH GHPDQGD GH ORV VHUYLFLRV SRUSDGHFLPLHQWRV QHRSOiVLFRV VLQR FDPELDU HO HQIRTXH HQ OD SUHVWDFLyQ GH ORV VHUYLFLRV D WUDYpV GHO IRUWDOHFLPLHQWR HQOD SUHYHQFLyQ GH HVWDV HQIHUPHGDGHV

(O 6LVWHPD 1DFLRQDO GH 6DOXG HQ 0p[LFR GHEH DGHFXDUVH DO LQFUHPHQWR TXH HO FiQFHU GHO FXHOOR GHO ~WHUR \ PDPDULRKDQ WHQLGR HQ ORV ~OWLPRV DxRV (VWRV FiQFHUHV RFXSDQ SDUD HO R \ R

Nom Ceneval Todas

Documents

Transcript of Nom Ceneval Todas