




























































Prepara tus exámenes y mejora tus resultados gracias a la gran cantidad de recursos disponibles en Docsity
Gana puntos ayudando a otros estudiantes o consíguelos activando un Plan Premium
Prepara tus exámenes
Prepara tus exámenes y mejora tus resultados gracias a la gran cantidad de recursos disponibles en Docsity
Prepara tus exámenes con los documentos que comparten otros estudiantes como tú en Docsity
Encuentra los documentos específicos para los exámenes de tu universidad
Estudia con lecciones y exámenes resueltos basados en los programas académicos de las mejores universidades
Responde a preguntas de exámenes reales y pon a prueba tu preparación
Consigue puntos base para descargar
Gana puntos ayudando a otros estudiantes o consíguelos activando un Plan Premium
Comunidad
Pide ayuda a la comunidad y resuelve tus dudas de estudio
Ebooks gratuitos
Descarga nuestras guías gratuitas sobre técnicas de estudio, métodos para controlar la ansiedad y consejos para la tesis preparadas por los tutores de Docsity
Asignatura: ., Profesor: Pilar Montés, Carrera: Dret, Universidad: UV
Tipo: Apuntes
1 / 68
Esta página no es visible en la vista previa
¡No te pierdas las partes importantes!





























































%2(¬QëPGHGHQRYLHPEUHGH 5HIHUHQFLD%2($
(VWH UHDO GHFUHWR OHJLVODWLYR FXPSOH FRQ OD SUHYLVLäQ UHFRJLGD HQ OD GLVSRVLFLäQ ILQDO TXLQWD GH OD /H\ GH GH GLFLHPEUH GH PHMRUD GH OD SURWHFFLäQ GH ORV FRQVXPLGRUHV\XVXDULRVTXHKDELOLWDDORELHUQRSDUDTXHHQHOSOD]RPHVHVSURFHGD DUHIXQGLUHQXQëQLFRWH[WROD/H\GHGHMXOLRHQHUDOSDUDOD'HIHQVDGHORV &RQVXPLGRUHV \ 8VXDULRV \ ODV QRUPDV GH WUDQVSRVLFLäQ GH ODV GLUHFWLYDV FRPXQLWDULDV GLFWDGDV HQ PDWHULD GH SURWHFFLäQ GH ORV FRQVXPLGRUHV \ XVXDULRV TXH LQFLGHQ HQ ORV DVSHFWRV UHJXODGRV HQ HOOD UHJXODUL]DQGR DFODUDQGR \ DUPRQL]DQGR ORV WH[WRV OHJDOHV TXH WHQJDQTXHVHUUHIXQGLGRV 3DUDODLGHQWLILFDFLäQGHODVQRUPDVREMHWRGHUHIXQGLFLäQVHKDFRQVLGHUDGRHOOLVWDGRGHO DQH[R GH OD 'LUHFWLYD &( GHO 3DUODPHQWR (XURSHR \ GHO &RQVHMR GH GH PD\R GH UHODWLYD D ODV DFFLRQHV GH FHVDFLäQ HQ PDWHULD GH SURWHFFLäQ GH ORV LQWHUHVHV GH ORV FRQVXPLGRUHV \ XVXDULRV TXH LGHQWLILFD ODV GLVSRVLFLRQHV FRPXQLWDULDV GLFWDGDV HQ PDWHULD GH SURWHFFLäQ GH ORV FRQVXPLGRUHV \ XVXDULRV \ HQ FRQVHFXHQFLD ODV QRUPDV GH WUDQVSRVLFLäQUHVSHFWRGHODVFXDOHVGHEHH[DPLQDUVHODSURFHGHQFLDGHVXLQFRUSRUDFLäQDO WH[WRUHIXQGLGR $QDOL]DGR HO DQH[R GH OD FLWDGD GLUHFWLYD VH LQWHJUDQ HQ HO WH[WR UHIXQGLGR GH OD /H\ HQHUDOSDUDOD'HIHQVDGHORV&RQVXPLGRUHV\8VXDULRV\RWUDVOH\HVFRPSOHPHQWDULDVODV QRUPDV GH WUDQVSRVLFLäQ GH ODV GLUHFWLYDV FRPXQLWDULDV TXH GLFWDGDV HQ PDWHULD GH SURWHFFLäQGHORVFRQVXPLGRUHV\XVXDULRVLQFLGHQHQORVDVSHFWRVFRQWUDFWXDOHVUHJXODGRV HQOD/H\GHGHMXOLRHQHUDOSDUDOD'HIHQVDGHORV&RQVXPLGRUHV\8VXDULRV \TXHHVWDEOHFHQHOUÚJLPHQMXUÞGLFRGHGHWHUPLQDGDVPRGDOLGDGHVGHFRQWUDWDFLäQFRQORV FRQVXPLGRUHV D VDEHU ORV FRQWUDWRV FHOHEUDGRV D GLVWDQFLD \ ORV FHOHEUDGRV IXHUD GH HVWDEOHFLPLHQWRFRPHUFLDO /D UHJXODFLäQ VREUH JDUDQWÞDV HQ OD YHQWD GH ELHQHV GH FRQVXPR FRQVWLWX\H WUDQVSRVLFLäQGHGLUHFWLYDFRPXQLWDULDTXHLQFLGHHQHOÒPELWRGHODJDUDQWÞDUHJXODGRSRUOD /H\*HQHUDOSDUDOD'HIHQVDGHORV&RQVXPLGRUHV\8VXDULRVSURFHGLÚQGRVHLJXDOPHQWHD VXUHIXQGLFLäQ $VLPLVPR VH LQFRUSRUD D OD UHIXQGLFLäQ OD UHJXODFLäQ VREUH YLDMHV FRPELQDGRV SRU WUDWDUVHGHXQDQRUPDGHWUDQVSRVLFLäQGHGLUHFWLYDFRPXQLWDULDTXHVHLQWHJUDHQHODFHUYR FRPXQLWDULRGHSURWHFFLäQGHORVFRQVXPLGRUHV\HVWDEOHFHXQUÚJLPHQMXUÞGLFRHVSHFÞILFRHQ
3ÒJLQD
OD FRQWUDWDFLäQ FRQ FRQVXPLGRUHV QR DIHFWDGR SRU ODV QRUPDV HVWDWDOHV VHFWRULDOHV VREUH WXULVPR $GHPÒV VH LQFRUSRUD DO WH[WR UHIXQGLGR OD UHJXODFLäQ VREUH OD UHVSRQVDELOLGDG FLYLO SRU GDâRVFDXVDGRVSRUSURGXFWRVGHIHFWXRVRVQRUPDGHWUDQVSRVLFLäQGHGLUHFWLYDFRPXQLWDULD TXH LQFLGH HQ DVSHFWRV HVHQFLDOHV UHJXODGRV HQ OD /H\ *HQHUDO GH 'HIHQVD GH ORV &RQVXPLGRUHV \ 8VXDULRV \ TXH FRPR GH PDQHUD XQÒQLPH UHFRQRFH OD GRFWULQD \ MXULVSUXGHQFLD UHTXLHUH DFODUDU \ DUPRQL]DU VXV UHVSHFWLYDV UHJXODFLRQHV DO REMHWR GH DVHJXUDUXQDDGHFXDGDLQWHJUDFLäQHQWUHHOODVVXSHUDQGRDSDUHQWHVDQWLQRPLDV 2WUDV QRUPDV GH WUDQVSRVLFLäQ GH ODVGLUHFWLYDVFRPXQLWDULDVFLWDGDVHQHODQH[RGHOD 'LUHFWLYD &( VLQ HPEDUJR LQVWUXPHQWDQ UHJÞPHQHV MXUÞGLFRV PX\ GLYHUVRV TXH UHJXODQ ÒPELWRV VHFWRULDOHV HVSHFÞILFRV DOHMDGRV GHO QëFOHR EÒVLFR GH OD SURWHFFLäQ GH ORV FRQVXPLGRUHV\XVXDULRV 7DOHVHOFDVRGHODVOH\HVTXHUHJXODQORVVHUYLFLRVGHODVRFLHGDGGHODLQIRUPDFLäQ\HO FRPHUFLR HOHFWUäQLFR ODV QRUPDV VREUH UDGLRGLIXVLäQ WHOHYLVLYD \ OD /H\ GH GH MXOLRGHJDUDQWÞDV\XVRUDFLRQDOGHORVPHGLFDPHQWRV\SURGXFWRVVDQLWDULRV /D /H\ GH GH PDU]R GH FUÚGLWR DO FRQVXPR DëQ FXDQGR FRQWLHQH XQD UHJXODFLäQHVSHFÞILFDGHORVFRQWUDWRVFRQFRQVXPLGRUHVQRVHLQFRUSRUDDODUHIXQGLFLäQHQ FRQVLGHUDFLäQ D VX LQFLGHQFLD HVSHFÞILFD WDPELÚQ HQ HO ÒPELWR ILQDQFLHUR 7DOHV FLUFXQVWDQFLDV GHWHUPLQDQ TXH ODV SUHVFULSFLRQHV GH OD /H\ GH FUÚGLWR DO FRQVXPR VH FRPSOHWHQ QR VäOR FRQ ODV UHJODV JHQHUDOHV FRQWHQLGDV HQ OD /H\ GH GH MXOLR *HQHUDOSDUDOD'HIHQVDGHORV&RQVXPLGRUHV\8VXDULRVVLQRWDPELÚQFRQDTXÚOODVSURSLDV UHJXODGRUDVGHORVVHUYLFLRVILQDQFLHURVHQSDUWLFXODUODVUHIHULGDVDODVREOLJDFLRQHVGHODV HQWLGDGHVGHFUÚGLWRHQUHODFLäQFRQODLQIRUPDFLäQDORVFOLHQWHVSXEOLFLGDG\WUDQVSDUHQFLD GH ODV RSHUDFLRQHV 3RU HOOR VH FRQVLGHUD TXH VH LQWHJUD GH PDQHUD PÒV DUPäQLFD OD UHJXODFLäQVREUHFUÚGLWRDOFRQVXPRHQHVWHJUXSRGHGLVSRVLFLRQHVILQDQFLHUDV&RDG\XYD HVWDGHFLVLäQODLQFRUSRUDFLäQDORUGHQDPLHQWRMXUÞGLFRLQWHUQRPHGLDQWH/H\GH GH MXOLR VREUH FRPHUFLDOL]DFLäQ D GLVWDQFLD GH VHUYLFLRV ILQDQFLHURV GHVWLQDGRV D ORV FRQVXPLGRUHVGHOD'LUHFWLYD&(GHO3DUODPHQWR(XURSHR\GHO&RQVHMRGHGH VHSWLHPEUH GH UHODWLYD D OD FRPHUFLDOL]DFLäQ D GLVWDQFLD GH VHUYLFLRV ILQDQFLHURV GHVWLQDGRV D ORV FRQVXPLGRUHV \ SRU OD TXH VH PRGLILFDQ OD 'LUHFWLYD &(( GHO &RQVHMR\ODV'LUHFWLYDV&(\&( (O SHFXOLDU UÚJLPHQ GH FRQVWLWXFLäQ GH ORV GHUHFKRV GH DSURYHFKDPLHQWR SRU WXUQR GH ELHQHVLQPXHEOHVGHXVRWXUÞVWLFR\HOHVWDEOHFLPLHQWRGHQRUPDVWULEXWDULDVHVSHFÞILFDVHQOD /H\GHGHGLFLHPEUHTXHWUDQVSXVRDORUGHQDPLHQWRMXUÞGLFRLQWHUQROD'LUHFWLYD &(GHO3DUODPHQWR(XURSHR\GHO&RQVHMRGHGHRFWXEUHGHGHVDFRQVHMD DVLPLVPR VX LQFOXVLäQ HQ HO WH[WR UHIXQGLGR GH OD /H\ *HQHUDO SDUD OD 'HIHQVD GH ORV &RQVXPLGRUHV \ 8VXDULRV \ RWUDV OH\HV FRPSOHPHQWDULDV GDGD VX LQGXGDEOH LQFLGHQFLD WDPELÚQ HQ ORV ÒPELWRV UHJLVWUDO \ ILVFDO DMHQRV DO QëFOHR EÒVLFR GH SURWHFFLäQ GH ORV FRQVXPLGRUHV 7DPSRFR HV REMHWR GH UHIXQGLFLäQ OD /H\ GH GH QRYLHPEUH HQHUDO GH 3XEOLFLGDG \D TXH VX ÒPELWR VXEMHWLYR GH DSOLFDFLäQ LQFOX\H WDPELÚQ ODV UHODFLRQHV HQWUH HPSUHVDULRV\VXFRQWHQLGRHVWÒSHQGLHQWHGHUHYLVLäQFRPRFRQVHFXHQFLDGHODDSUREDFLäQ GHOD'LUHFWLYD&(GHO3DUODPHQWR(XURSHR\GHO&RQVHMRGHGHPD\RGH UHODWLYD D ODV SUÒFWLFDV FRPHUFLDOHV GHVOHDOHV GH ODV HPSUHVDV FRQ ORV FRQVXPLGRUHV HQ HO PHUFDGRLQWHULRUTXHGHEHVHULQFRUSRUDGDDQXHVWURRUGHQDPLHQWRMXUÞGLFR 3RUëOWLPRODVQRUPDVUHJODPHQWDULDVTXHWUDQVSRQHQGLUHFWLYDVGLFWDGDVHQPDWHULDGH SURWHFFLäQ D ORV FRQVXPLGRUHV \ XVXDULRV WDOHV FRPR ODV UHODWLYDV D LQGLFDFLäQ GH SUHFLRV HWLTXHWDGRSUHVHQWDFLäQ\SXEOLFLGDGGHSURGXFWRVDOLPHQWLFLRVHWFÚWHUDQRVHLQFRUSRUDQDO WH[WRUHIXQGLGRGHOD/H\HQHUDOSDUDOD'HIHQVDGHORV&RQVXPLGRUHV\8VXDULRV\RWUDV OH\HV FRPSOHPHQWDULDV WRGD YH] TXH FRPR KD GHFODUDGR HO &RQVHMR GH (VWDGR OD GHOHJDFLäQ OHJLVODWLYD QR DXWRUL]D D LQFRUSRUDU DO WH[WR UHIXQGLGR GLVSRVLFLRQHV UHJODPHQWDULDV QL SDUD GHJUDGDU HO UDQJR GH ODV GLVSRVLFLRQHV OHJDOHV H[FOX\ÚQGRODV GH OD UHIXQGLFLäQ (Q FRQVHFXHQFLD HO FXPSOLPLHQWR GHO PDQGDWR FRQWHQLGR HQ OD GLVSRVLFLäQ ILQDO TXLQWD GH OD /H\ GH GH GLFLHPEUH GH PHMRUD GH OD SURWHFFLäQ GH ORV FRQVXPLGRUHV \ XVXDULRV H[LJH LQFRUSRUDU DO WH[WR UHIXQGLGR GH OD /H\ *HQHUDO SDUD OD 'HIHQVD GH ORV &RQVXPLGRUHV \ 8VXDULRV \ RWUDV OH\HV FRPSOHPHQWDULDV OD /H\ GH GH MXOLR *HQHUDO SDUD OD 'HIHQVD GH ORV &RQVXPLGRUHV \ 8VXDULRV OD /H\ GH GH
3ÒJLQD
(O WÞWXOR 9 ëOWLPR GHO OLEUR DUWLFXOD HO DFFHVR D OD MXVWLFLD GH ORV FRQVXPLGRUHV \ HQ SDUWLFXODU LQFRUSRUD OD UHJXODFLäQ GH ODV DFFLRQHV GH FHVDFLäQ IUHQWH D ODV FRQGXFWDV FRQWUDULDVDODUHJXODFLäQFRQWHQLGDHQHOWH[WRUHIXQGLGRGHOD/H\HQHUDOSDUDOD'HIHQVD GH ORV &RQVXPLGRUHV \ 8VXDULRV \ RWUDV OH\HV FRPSOHPHQWDULDV \ HO 6LVWHPD $UELWUDO GH &RQVXPR (Q OD UHJXODFLäQ GHO 6LVWHPD $UELWUDO GHO &RQVXPR FRQWHQLGD HQ HO FDSÞWXOR ,, GH HVWH WÞWXOR9VHLQFRUSRUDQODVLPSRUWDQWHVPRGLILFDFLRQHVLQWURGXFLGDVSRUOD/H\GHPHMRUDGHOD SURWHFFLäQGHORVFRQVXPLGRUHV\XVXDULRVHQHOUÚJLPHQMXUÞGLFRGHHVWHHILFD]PHFDQLVPR GHUHVROXFLäQH[WUDMXGLFLDOGHFRQIOLFWRV &RQIRUPH D OD UHJXODFLäQ DGRSWDGD ORV SDFWRV GH VXPLVLäQ DO DUELWUDMH VH FRQGXFHQ DO PRPHQWR HQ HO TXH HO FRQVXPLGRU SXHGH HYDOXDU FRUUHFWDPHQWH HO DOFDQFH GH OD GHFLVLäQ TXH HQ OD PD\RU SDUWH GH ORV FDVRV VH YH REOLJDGR D DGRSWDU \ TXH HV DTXÚO HQ HO TXH VXUJHODFRQWURYHUVLD6HHOHYDFRQHOORODSURWHFFLäQGHOXVXDULRDQWHIäUPXODVDUELWUDOHVQR VLHPSUHOÞFLWDV\VHJDUDQWL]DODQRUHQXQFLDSUHYLDDORVGHUHFKRVUHFRQRFLGRVOHJDOPHQWH (VWD UHJOD VH FRPSOHWD FRQ OD GHWHUPLQDFLäQ GH OD QXOLGDG GH ORV SDFWRV VXVFULWRV FRQWUDYLQLÚQGRODHQDSOLFDFLäQGHODVSUHYLVLRQHVGHODSURSLD/H\HQHUDOSDUDOD'HIHQVD GHORV&RQVXPLGRUHV\8VXDULRVVREUHODLUUHQXQFLDELOLGDGGHORVGHUHFKRVUHFRQRFLGRVSRU OD OH\ DO FRQVXPLGRU /D WLSLILFDFLäQ GH VX YXOQHUDFLäQ FRPR LQIUDFFLäQ GH FRQVXPR VH GHGXFH FODUDPHQWH GH OD OHWUD N GHO DUWÞFXOR HQ HO TXH VH FDOLILFD FRPR WDO HO LQFXPSOLPLHQWR GH ORV UHTXLVLWRV REOLJDFLRQHV R SURKLELFLRQHV HVWDEOHFLGDV HQ HVWD /H\ \ GLVSRVLFLRQHVTXHODGHVDUUROOHQ 6H LQFRUSRUD DO DUWLFXODGR DVLPLVPR ODV SUHFLVLRQHV LQWURGXFLGDV SRU OD UHLWHUDGD /H\ GHGHGLFLHPEUHVREUHODGHWHUPLQDFLäQUHJODPHQWDULDGHORVVXSXHVWRVHQTXH SRGUÒLQWHUSRQHUVHUHFODPDFLäQDQWHOD-XQWD$UELWUDO1DFLRQDOIUHQWHDODVUHVROXFLRQHVGH ODVMXQWDVDUELWUDOHVWHUULWRULDOHVVREUHDGPLVLäQHLQDGPLVLäQGHVROLFLWXGHVGHDUELWUDMH\HO HVWDEOHFLPLHQWRDVLPLVPRHQODQRUPDUHJODPHQWDULDGHORVVXSXHVWRVHQTXHDFWXDUÒXQ ÒUELWURëQLFRHQODDGPLQLVWUDFLäQGHODUELWUDMHGHFRQVXPR (OOLEURVHJXQGRTXHUHJXODUHODFLRQHVMXUÞGLFDVSULYDGDVVHHVWUXFWXUDHQFLQFRWÞWXORV (O WÞWXOR , HQ HO TXH VH FRQWLHQHQ ODV GLVSRVLFLRQHV JHQHUDOHV GH ORV FRQWUDWRV FRQ ORV FRQVXPLGRUHV VLJXLHQGR HO UÚJLPHQ FRQWHQLGR HQ OD /H\ GH GH MXOLR *HQHUDO SDUD OD 'HIHQVD GH ORV &RQVXPLGRUHV \ 8VXDULRV \ HVWDEOHFLHQGR FRQIRUPH D ODV SUHYLVLRQHV GH ODV QRUPDV TXH VH LQFRUSRUDQ DO WH[WR UHIXQGLGR GH OD /H\ *HQHUDO SDUD OD 'HIHQVDGHORV&RQVXPLGRUHV\8VXDULRV\RWUDVOH\HVFRPSOHPHQWDULDVHOUÚJLPHQFRPëQ GHOGHUHFKRGHGHVLVWLPLHQWRHQDTXHOORVFRQWUDWRVHQORVTXHVHSUHYÚWDOGHUHFKR 6H LQFRUSRUDQ HQ HVWH WÞWXOR ODV GLVSRVLFLRQHV LQWURGXFLGDV SRU OD /H\ GH PHMRUD GH OD SURWHFFLäQGHORVFRQVXPLGRUHVHQPDWHULDGHFRQWUDWRVFRQORVFRQVXPLGRUHV (VWD OH\ SDUD HYLWDU OD LPSRVLFLäQ D ORV FRQVXPLGRUHV GH REVWÒFXORV RQHURVRV R GHVSURSRUFLRQDGRV SDUD HO HMHUFLFLR GH ORV GHUHFKRV UHFRQRFLGRV HQ HO FRQWUDWR \ HQ FRKHUHQFLD FRQ OR SUHYLVWR HQ OD 'LUHFWLYD &(( GHO 3DUODPHQWR (XURSHR \ GHO &RQVHMR GH GH PD\R GH VREUH SUÒFWLFDV FRPHUFLDOHV GHVOHDOHV TXH SURKÞEH ORV REVWÒFXORVQRFRQWUDFWXDOHVSDUDHOHMHUFLFLRGHWDOHVGHUHFKRV\HQWDOVHQWLGRGHEHUÒVHU WUDQVSXHVWD D QXHVWUR RUGHQDPLHQWR MXUÞGLFR SURKÞEH ODV FOÒXVXODV FRQWUDFWXDOHV TXH HVWDEOH]FDQHVWDVOLPLWDFLRQHV\HQSDUWLFXODUODLPSRVLFLäQGHSOD]RVGHGXUDFLäQH[FHVLYD R ODV OLPLWDFLRQHV TXH H[FOX\DQ X REVWDFXOLFHQ HO GHUHFKR GHO FRQVXPLGRU D SRQHU ILQ DO FRQWUDWR (QORVFRQWUDWRVGHSUHVWDFLäQGHVHUYLFLRVRVXPLQLVWURGHELHQHVGHWUDFWRVXFHVLYRR FRQWLQXDGR VH KDQ REVHUYDGR SUÒFWLFDV REVWUXFFLRQLVWDV DO GHUHFKR GHO FRQVXPLGRU D SRQHUOHVILQ3DUDHYLWDUODVVHLQWURGXFHQUHIRUPDVSDUDTXHTXHGHFODUDPHQWHHVWDEOHFLGR WDQWR HQ OD IDVH SUHYLD GH LQIRUPDFLäQ FRPR HQ OD HIHFWLYD IRUPDOL]DFLäQ FRQWUDFWXDO HO SURFHGLPLHQWRPHGLDQWHHOFXDOHOFRQVXPLGRUSXHGHHMHUFLWDUHVWHGHUHFKR\VHDVHJXUDTXH SXHGDHMHUFLWDUORHQODPLVPDIRUPDHQTXHFRQWUDWäVLQVDQFLRQHVRFDUJDV (VWDV UHJODV VH FRPSOHWDQ FRQ GRV SUHYLVLRQHV 'H XQ ODGR OD LQWHJUDFLäQ GHO FRQWUDWR FRQIRUPHDODEXHQDIHREMHWLYDVHJëQODVUHJODVGHLQWHUSUHWDFLäQHLQWHJUDFLäQGHO&äGLJR &LYLO \ ODV H[LJHQFLDV GH OD OHDO FRPSHWHQFLD 6H UHIXHU]D DVÞ OD SRVLFLäQ FRQWUDFWXDO GHO FRQVXPLGRU\VHHVWDEOHFHFRQFODULGDGHQODQRUPDODLQWHUSUHWDFLäQTXHGHODUWÞFXOR GHO&äGLJR&LYLOPDQWHQÞDQODGRFWULQD\MXULVSUXGHQFLDPÒVDYDQ]DGD
3ÒJLQD
'HRWURODGRHVWDEOHFLHQGRODQHFHVLGDGGHTXHODLQIRUPDFLäQSUHFRQWUDFWXDOREOLJDWRULD VH IDFLOLWH DO FRQVXPLGRU GH IRUPD JUDWXLWD VLQ FRVWHV DGLFLRQDOHV (VWD SUHYLVLäQ WLHQH SRU REMHWR HYLWDU SUÒFWLFDV OHVLYDV FRQIRUPH D ODV FXDOHV HO FXPSOLPLHQWR GH ODV REOLJDFLRQHV OHJDOHVGHORVHPSUHVDULRVQRVäORVXSRQHQFRVWHVDGLFLRQDOHVDORVFRQVXPLGRUHVVLQRXQD UHWULEXFLäQDGLFLRQDODORSHUDGRUPHGLDQWHODXWLOL]DFLäQGHODVQXHYDVWHFQRORJÞDV1XHYDV WHFQRORJÞDV TXH SRU RWUD SDUWH SHUPLWHQ OD SUHVWDFLäQ JUDWXLWD GH OD LQIRUPDFLäQ PÞQLPD H[LJLEOHFRQIRUPH\DHVWÒSUHYLVWRHQDOJXQRVÒPELWRVGHODDFWLYLGDGHFRQäPLFD (O WÞWXOR ,, HVWDEOHFH HO UÚJLPHQ MXUÞGLFR HQ PDWHULD GH FOÒXVXODV FRQWUDFWXDOHV QR QHJRFLDGDVLQGLYLGXDOPHQWH\FOÒXVXODVDEXVLYDVFRQIRUPHDODVSUHYLVLRQHVFRQWHQLGDVHQ OD/H\GHGHMXOLRHQHUDOSDUDOD'HIHQVDGHORV&RQVXPLGRUHV\8VXDULRV (V HQ HVWH WÞWXOR HQ HO TXH TXHGDQ LQFRUSRUDGDV ODV PRGLILFDFLRQHV LQWURGXFLGDV SRU OD /H\ GH PHMRUD HQ PDWHULD GH FOÒXVXODV \ SUÒFWLFDV DEXVLYDV 7DO HV HO FDVR GHO IRUWDOHFLPLHQWRGHODSURWHFFLäQGHOFRQVXPLGRUDGTXLUHQWHGHYLYLHQGDFXDQGRVHSUHFLVDHO FDUÒFWHUDEXVLYRGHODVFOÒXVXODVTXHOHWUDVODGHQJDVWRVTXHFRUUHVSRQGHQDOSURIHVLRQDO FRPR ORV LPSXHVWRV HQ ORV TXH HO VXMHWR SDVLYR HV HO YHQGHGRU R ORV JDVWRV GH ODV FRQH[LRQHV D ORV VXPLQLVWURV JHQHUDOHV GH OD YLYLHQGD FRQ HO ILQ GH HYLWDU FOÒXVXODV QR QHJRFLDGDVTXHWUDVODGDQGLFKRVJDVWRVDOFRQVXPLGRU 6H LQFRUSRUDQ DVLPLVPR ODV SUHYLVLRQHV WHQGHQWHV D GDU PD\RU FODULGDG HQ ODV PRGDOLGDGHV GH FÒOFXOR GHO SUHFLR GH ORV FRQWUDWRV HYLWDQGR OD IDFWXUDFLäQ GH VHUYLFLRV QR SUHVWDGRVHIHFWLYDPHQWH (Q PDWHULD FRQWUDFWXDO DVLPLVPR VH FODULILFD OD HTXLSDUDFLäQ HQWUH ODV HVWLSXODFLRQHV FRQWUDFWXDOHV QR QHJRFLDGDV \ ODV SUÒFWLFDV QR FRQVHQWLGDV H[SUHVDPHQWH FRQ LGÚQWLFRV HIHFWRVSDUDORVXVXDULRV\HQHOÒPELWRVDQFLRQDGRU /RV WÞWXORV ,,, \ ,9 VH GHVWLQDQ UHVSHFWLYDPHQWH D UHJXODU ORV FRQWUDWRV FRQ FRQVXPLGRUHVFHOHEUDGRVDGLVWDQFLD\IXHUDGHORVHVWDEOHFLPLHQWRVPHUFDQWLOHV 6HLQFRUSRUDQDVÞDOWH[WRUHIXQGLGRODVGLVSRVLFLRQHVGHVWLQDGDVDUHJXODUODVUHODFLRQHV MXUÞGLFDVFRQORVFRQVXPLGRUHVHQORVFRQWUDWRVDGLVWDQFLDGHELHQHV\VHUYLFLRVFRQWHQLGDV HQOD/H\GHGHHQHURGH2UGHQDFLäQGHO&RPHUFLR0LQRULVWDPRGLILFDGDSRUOD /H\GHGHGLFLHPEUHGHUHIRUPDGHOD/H\GH2UGHQDFLäQGHO&RPHUFLR 0LQRULVWDSDUDODWUDQVSRVLFLäQDORUGHQDPLHQWRMXUÞGLFRHVSDâROGHOD'LUHFWLYD&(HQ PDWHULD GH FRQWUDWRV D GLVWDQFLD \ SDUD OD DGDSWDFLäQ GH OD /H\ D GLYHUVDV GLUHFWLYDV FRPXQLWDULDV &RPR FRQVHFXHQFLD GH HVWD UHIXQGLFLäQ OD UHJXODFLäQ VREUH FRQWUDWRV D GLVWDQFLD FRQWHQLGD HQ OD /H\ GH GH HQHUR TXHGD YLJHQWH SDUD OD UHJXODFLäQ GH ODV UHODFLRQHVHPSUHVDULDOHV ,JXDOPHQWHVHLQFRUSRUDDOWH[WRUHIXQGLGRODUHJXODFLäQFRQWHQLGDHQOD/H\GH GHQRYLHPEUHVREUHFRQWUDWRVFHOHEUDGRVIXHUDGHORVHVWDEOHFLPLHQWRVPHUFDQWLOHV (OWÞWXOR9ëOWLPRGHOOLEURVHJXQGRUHJXODHOUÚJLPHQGHJDUDQWÞDV\VHUYLFLRVSRVYHQWD LQWHJUDQGR DUPäQLFDPHQWH HO UÚJLPHQ GH JDUDQWÞDV SUHYLVWR HQ OD /H\ HQHUDO SDUD OD 'HIHQVDGHORV&RQVXPLGRUHV\8VXDULRV\ODUHJXODFLäQFRQWHQLGDHQOD/H\GH GHMXOLRGHDUDQWÞDVHQOD9HQWDGH%LHQHVGH&RQVXPR (O OLEUR WHUFHUR DUPRQL]D HO UÚJLPHQ GH UHVSRQVDELOLGDG FLYLO SRU GDâRV FDXVDGRV SRU SURGXFWRVGHIHFWXRVRVSUHYLVWRHQOD/H\GHGHMXOLR\ODVGLVSRVLFLRQHVVREUH UHVSRQVDELOLGDGFRQWHQLGDVHQHOFDSÞWXOR9,,,GHOD/H\GHGHMXOLRHQHUDOSDUD OD'HIHQVDGHORV&RQVXPLGRUHV\8VXDULRV (VWH OLEUR VH GLYLGH HQ WUHV WÞWXORV (O WÞWXOR , HQ HO TXH VH FRQWLHQHQ ODV GLVSRVLFLRQHV FRPXQHV HQ PDWHULD GH UHVSRQVDELOLGDG SRU GDâRV FDXVDGRV SRU ELHQHV \ VHUYLFLRV GHIHFWXRVRV HO WÞWXOR ,, HQ HO TXH VH UHJXOD OD UHVSRQVDELOLGDG FLYLO FDXVDGD SRU SURGXFWRV GHIHFWXRVRV\HOWÞWXOR,,,HQHOTXHVHUHJXODODUHVSRQVDELOLGDGFDXVDGDSRUHOUHVWRGHORV ELHQHV\VHUYLFLRV (Q HO OLEUR FXDUWR SRU ëOWLPR VH LQFRUSRUD OD UHJXODFLäQ HVSHFÞILFD VREUH YLDMHV FRPELQDGRV(VWHOLEURGHGLYLGHHQGRVWÞWXORVHOSULPHURVREUHGLVSRVLFLRQHVJHQHUDOHV\HO VHJXQGRVREUHUHVROXFLäQGHOFRQWUDWR\UHVSRQVDELOLGDGHV /DVWUHVGLVSRVLFLRQHVWUDQVLWRULDVGHOWH[WRUHIXQGLGRGHOD/H\*HQHUDOSDUDOD'HIHQVD GHORV&RQVXPLGRUHV\8VXDULRV\RWUDVOH\HVFRPSOHPHQWDULDVJDUDQWL]DQTXHQRVHDOWHUH HOUÚJLPHQWUDQVLWRULRUHVSHFWRGHODJDUDQWÞDFRPHUFLDOPDQWLHQHQHOUÚJLPHQWUDQVLWRULRHQ ORVELHQHVTXHKDQGHVHUFRQVLGHUDGRVFRPRELHQHVGHQDWXUDOH]DGXUDGHUD\GHWHUPLQDQOD
3ÒJLQD
(O WH[WR UHIXQGLGR QR SUHMX]JD FXÒOHV VHDQ ODV $GPLQLVWUDFLRQHV SëEOLFDV FRPSHWHQWHV HQ UHODFLäQ FRQ ODV PDWHULDV FRQWHQLGDV HQ ÚO FRQVFLHQWH GH TXH OD SURWHFFLäQ GH ORV FRQVXPLGRUHVHVXQDPDWHULDSOXULGLVFLSOLQDUHQODTXHFRQFXUUHQGLYHUVDV$GPLQLVWUDFLRQHV /DV$GPLQLVWUDFLRQHVSëEOLFDVFRPSHWHQWHVVHUÒQHQFDGDFDVRODVTXHWHQJDQDWULEXLGDWDO FRPSHWHQFLDSRUUD]äQGHODPDWHULDFRQSOHQRUHVSHWRDODDXWRQRPÞDRUJDQL]DWLYDGHODV GLVWLQWDV $GPLQLVWUDFLRQHV LQYROXFUDGDV HQ SDUWLFXODU HQ ODV PDWHULDV UHODFLRQDGDV FRQ OD VDOXG\HOWXULVPR , (Q OD WUDPLWDFLäQ GHO WH[WR UHIXQGLGR GH OD /H\ HQHUDO SDUD OD 'HIHQVD GH ORV &RQVXPLGRUHV\8VXDULRV\RWUDVOH\HVFRPSOHPHQWDULDVVHKDGDGRDXGLHQFLDDO&RQVHMR GH&RQVXPLGRUHV\8VXDULRV\DODVRUJDQL]DFLRQHVHPSUHVDULDOHVPÒVUHSUHVHQWDWLYDV\VH KD FRQWDGR FRQ HO SDUHFHU GH ODV FRPXQLGDGHV DXWäQRPDV GH OD )HGHUDFLäQ (VSDâROD GH 0XQLFLSLRV\3URYLQFLDV\GHO&RQVHMR(FRQäPLFR\6RFLDO (Q VX YLUWXG D SURSXHVWD GH ORV 0LQLVWURV GH 6DQLGDG \ &RQVXPR \ GH -XVWLFLD GH DFXHUGR FRQ HO &RQVHMR GH (VWDGR \ SUHYLD GHOLEHUDFLäQ GHO &RQVHMR GH 0LQLVWURV HQ VX UHXQLäQGHOGÞDGHQRYLHPEUHGH ',63212 $UWtFXOR ~QLFR $SUREDFLyQ GHO WH[WR UHIXQGLGR GH OD /H\ HQHUDO SDUD OD 'HIHQVD GH ORV &RQVXPLGRUHV\8VXDULRV\RWUDVOH\HVFRPSOHPHQWDULDV 6HDSUXHEDHOWH[WRUHIXQGLGRGHOD/H\HQHUDOSDUDOD'HIHQVDGHORV&RQVXPLGRUHV\ 8VXDULRV\RWUDVOH\HVFRPSOHPHQWDULDVDOTXHVHLQFRUSRUDORGLVSXHVWRHQOD/H\ GH GH MXOLR *HQHUDO SDUD OD 'HIHQVD GH ORV &RQVXPLGRUHV \ 8VXDULRV \ OD UHJXODFLäQ VREUH FRQWUDWRV FRQ ORV FRQVXPLGRUHV R XVXDULRV FHOHEUDGRV IXHUD GH ORV HVWDEOHFLPLHQWRV PHUFDQWLOHV \ D GLVWDQFLD ODV GLVSRVLFLRQHV VREUH JDUDQWÞDV HQ OD YHQWD GH ELHQHV GH FRQVXPR OD UHJXODFLäQ VREUH UHVSRQVDELOLGDG FLYLO SRU ORV GDâRV FDXVDGRV SRU SURGXFWRV GHIHFWXRVRV\ODUHJXODFLäQVREUHYLDMHVFRPELQDGRV 'LVSRVLFLyQGHURJDWRULD~QLFD'HURJDFLyQQRUPDWLYD 6HGHURJDQODVVLJXLHQWHVGLVSRVLFLRQHV /RV DUWÞFXORV \ OHWUDV Q \ â \ OD GLVSRVLFLäQ DGLFLRQDO SULPHUD GH OD /H\ GHGHHQHURGH2UGHQDFLäQGHO&RPHUFLR0LQRULVWD,JXDOPHQWHVHGHURJDQHQOD GLVSRVLFLäQ ILQDO ëQLFD GH OD /H\ GHGHHQHURODVPHQFLRQHVTXHVHUHDOL]DQDO DUWÞFXOR\ODGLVSRVLFLäQDGLFLRQDOSULPHUDHQVXSÒUUDIRSULPHURHÞQWHJUDPHQWHVXëOWLPR SÒUUDIR /D /H\ GH GH MXOLR HQHUDO SDUD OD 'HIHQVD GH ORV &RQVXPLGRUHV \ 8VXDULRV /H\ GH GH QRYLHPEUH VREUH FRQWUDWRV FHOHEUDGRV IXHUD GH ORV HVWDEOHFLPLHQWRVPHUFDQWLOHV /H\ GH GH MXOLR GH UHVSRQVDELOLGDG FLYLO SRU ORV GDâRV FDXVDGRV SRU SURGXFWRVGHIHFWXRVRV /H\GHGHMXOLRUHJXODGRUDGHORVYLDMHVFRPELQDGRV /H\GHGHMXOLRGHDUDQWÞDVHQOD9HQWDGH%LHQHVGH&RQVXPR 'LVSRVLFLyQILQDOSULPHUD7tWXORFRPSHWHQFLDO (OFDSÞWXOR,GHOWÞWXOR,GHOOLEURSULPHURHQHOTXHVHGHILQHVXÒPELWRGHDSOLFDFLäQ\ HO DUWÞFXOR WLHQHQ FDUÒFWHU EÒVLFR HQ UHODFLäQ FRQ ORV SUHFHSWRV GHO DSDUWDGR GH HVWD GLVSRVLFLäQ\VHGLFWDQHQHOXVRGHFRPSHWHQFLDVH[FOXVLYDVGHO(VWDGRHQUHODFLäQFRQODV GLVSRVLFLRQHVGHODSDUWDGR /RVDUWÞFXORV\\ORVFDSÞWXORV,,,\9GHOWÞWXOR,GHOOLEUR SULPHUR \ HO WÞWXOR ,9 GHO OLEUR SULPHUR WLHQHQ FDUÒFWHU EÒVLFR DO GLFWDUVH DO DPSDUR GH ODV FRPSHWHQFLDV TXH FRUUHVSRQGHQ DO (VWDGR HQ HO DUWÞFXOR \ GH OD &RQVWLWXFLäQ(VSDâROD
3ÒJLQD
H[FOXVLYDVTXHFRUUHVSRQGHQDO(VWDGRHQPDWHULDGHOHJLVODFLäQPHUFDQWLOSURFHVDO\FLYLO FRQIRUPHDODUWÞFXOR\GHOD&RQVWLWXFLäQHVSDâROD (O UHVWR GH ORV SUHFHSWRV GHO WÞWXOR ,, GHO OLEUR SULPHUR VHUÒQ GH DSOLFDFLäQ D ODV DVRFLDFLRQHVGHFRQVXPLGRUHV\XVXDULRVGHFRPSHWHQFLDHVWDWDO 'LVSRVLFLyQILQDOVHJXQGD(QWUDGDHQYLJRU (OSUHVHQWHUHDOGHFUHWROHJLVODWLYR\HOWH[WRUHIXQGLGRTXHDSUXHEDHQWUDUÒQHQYLJRUHO GÞDVLJXLHQWHDOGHVXSXEOLFDFLäQHQHO%ROHWÞQ2ILFLDOGHO(VWDGR¬ 'DGRHQ0DGULGHOGHQRYLHPEUHGH -8$1&$5/265 /D9LFHSUHVLGHQWD3ULPHUDGHORELHUQR\0LQLVWUDGHOD3UHVLGHQFLD 0$5¾$7(5(6$)(51²1'(='(/$9($6$1= 7(;72 5()81','2 '( /$ /(< *(1(5$/ 3$5$ /$ '()(16$ '( /26 &21680,'25(6<868$5,26<275$6/(<(6&203/(0(17$5,$ /,%5235,0( 'LVSRVLFLRQHVJHQHUDOHV 7Ë78/2, ÈPELWRGHDSOLFDFLyQ\GHUHFKRVEiVLFRVGHORVFRQVXPLGRUHV\XVXDULRV &$3Ë78/2, ÈPELWRGHDSOLFDFLyQ $UWtFXOR3ULQFLSLRVJHQHUDOHV (QGHVDUUROORGHODUWÞFXOR\GHOD&RQVWLWXFLäQTXHGHDFXHUGRFRQHODUWÞFXOR GHODPLVPDWLHQHHOFDUÒFWHUGHSULQFLSLRLQIRUPDGRUGHORUGHQDPLHQWRMXUÞGLFRHVWDQRUPD WLHQHSRUREMHWRHVWDEOHFHUHOUÚJLPHQMXUÞGLFRGHSURWHFFLäQGHORVFRQVXPLGRUHV\XVXDULRV HQHOÒPELWRGHODVFRPSHWHQFLDVGHO(VWDGR (Q WRGR FDVR OD GHIHQVD GH ORV FRQVXPLGRUHV \ XVXDULRV VH KDUÒ HQ HO PDUFR GHO VLVWHPDHFRQäPLFRGLVHâDGRHQORVDUWÞFXORV\GHOD&RQVWLWXFLäQ\FRQVXMHFLäQDOR HVWDEOHFLGRHQHODUWÞFXOR $UWtFXORÈPELWRGHDSOLFDFLyQ (VWÒ QRUPD VHUÒ GH DSOLFDFLäQ D ODV UHODFLRQHV HQWUH FRQVXPLGRUHV R XVXDULRV \ HPSUHVDULRV $UWtFXOR&RQFHSWRJHQHUDOGHFRQVXPLGRU\GHXVXDULR $ HIHFWRV GH HVWD QRUPD \ VLQ SHUMXLFLR GH OR GLVSXHVWR H[SUHVDPHQWH HQ VXV OLEURV WHUFHUR \ FXDUWR VRQ FRQVXPLGRUHV R XVXDULRV ODV SHUVRQDV IÞVLFDV TXH DFWëHQ FRQ XQ SURSäVLWRDMHQRDVXDFWLYLGDGFRPHUFLDOHPSUHVDULDORILFLRRSURIHVLäQ 6RQ WDPELÚQ FRQVXPLGRUHV D HIHFWRV GH HVWD QRUPD ODV SHUVRQDV MXUÞGLFDV \ ODV HQWLGDGHVVLQSHUVRQDOLGDGMXUÞGLFDTXHDFWëHQVLQÒQLPRGHOXFURHQXQÒPELWRDMHQRDXQD DFWLYLGDGFRPHUFLDORHPSUHVDULDO
3ÒJLQD
3URWHFFLyQGHODVDOXG\VHJXULGDG $UWtFXOR'HEHUJHQHUDOGHVHJXULGDG /RVELHQHVRVHUYLFLRVSXHVWRVHQHOPHUFDGRGHEHQVHUVHJXURV 6HFRQVLGHUDQVHJXURVORVELHQHVRVHUYLFLRVTXHHQFRQGLFLRQHVGHXVRQRUPDOHVR UD]RQDEOHPHQWHSUHYLVLEOHVLQFOXLGDVXGXUDFLäQQRSUHVHQWHQULHVJRDOJXQRSDUDODVDOXGR VHJXULGDG GH ODV SHUVRQDV R ëQLFDPHQWH ORV ULHVJRV PÞQLPRV FRPSDWLEOHV FRQ HO XVR GHO ELHQ R VHUYLFLR \ FRQVLGHUDGRV DGPLVLEOHV GHQWUR GH XQ QLYHO HOHYDGR GH SURWHFFLäQ GH OD VDOXG\VHJXULGDGGHODVSHUVRQDV $UWtFXOR ,QIRUPDFLyQ D ORV FRQVXPLGRUHV \ XVXDULRV VREUH ORV ULHVJRV GH ORV ELHQHV R VHUYLFLRV /RV HPSUHVDULRV SRQGUÒQ HQ FRQRFLPLHQWR SUHYLR GHO FRQVXPLGRU \ XVXDULR SRU PHGLRVDSURSLDGRVORVULHVJRVVXVFHSWLEOHVGHSURYHQLUGHXQDXWLOL]DFLäQSUHYLVLEOHGHORV ELHQHV \ VHUYLFLRV KDELGD FXHQWD GH VX QDWXUDOH]D FDUDFWHUÞVWLFDV GXUDFLäQ \ GH ODV SHUVRQDV D ODV TXH YDQ GHVWLQDGRV FRQIRUPH D OR SUHYLVWR HQ HO DUWÞFXOR \ QRUPDV UHJODPHQWDULDVTXHUHVXOWHQGHDSOLFDFLäQ /RVSURGXFWRVTXÞPLFRV\WRGRVORVDUWÞFXORVTXHHQVXFRPSRVLFLäQOOHYHQVXVWDQFLDV FODVLILFDGDVFRPRSHOLJURVDVGHEHUÒQLUHQYDVDGRVFRQODVGHELGDVJDUDQWÞDVGHVHJXULGDG\ OOHYDUGHIRUPDYLVLEOHODVRSRUWXQDVLQGLFDFLRQHVTXHDGYLHUWDQHOULHVJRGHVXPDQLSXODFLäQ $UWtFXOR2WUDVREOLJDFLRQHVHVSHFtILFDVSDUDODSURWHFFLyQGHODVDOXG\VHJXULGDGGHORV FRQVXPLGRUHV\XVXDULRV &XDOTXLHUHPSUHVDULRTXHLQWHUYHQJDHQODSXHVWDDGLVSRVLFLäQGHELHQHV\VHUYLFLRVD ORVFRQVXPLGRUHV\XVXDULRVHVWDUÒREOLJDGRGHQWURGHORVOÞPLWHVGHVXDFWLYLGDGUHVSHFWLYD DUHVSHWDUODVVLJXLHQWHVUHJODV D /D SURKLELFLäQ GH WHQHU R DOPDFHQDU SURGXFWRV UHJODPHQWDULDPHQWH QR SHUPLWLGRV R SURKLELGRVHQORVORFDOHVRLQVWDODFLRQHVGHSURGXFFLäQWUDQVIRUPDFLäQDOPDFHQDPLHQWRR WUDQVSRUWHGHDOLPHQWRVREHELGDV E (OPDQWHQLPLHQWRGHOQHFHVDULRFRQWUROGHIRUPDTXHSXHGDFRPSUREDUVHFRQUDSLGH] \HILFDFLDHORULJHQGLVWULEXFLäQGHVWLQR\XWLOL]DFLäQGHORVELHQHVSRWHQFLDOPHQWHLQVHJXURV ORV TXH FRQWHQJDQ VXVWDQFLDV FODVLILFDGDV FRPR SHOLJURVDV R ORV VXMHWRV D REOLJDFLRQHV GH WUD]DELOLGDG F /D SURKLELFLäQ GH YHQWD D GRPLFLOLR GH EHELGDV \ DOLPHQWRV VLQ SHUMXLFLR GHO UHSDUWR GLVWULEXFLäQRVXPLQLVWURGHORVDGTXLULGRVRHQFDUJDGRVSRUORVFRQVXPLGRUHV\XVXDULRVHQ HVWDEOHFLPLHQWRV FRPHUFLDOHV DXWRUL]DGRV SDUD YHQWD DO SëEOLFR \ GHO UÚJLPHQ GH DXWRUL]DFLäQGHYHQWDVGLUHFWDVDGRPLFLOLRTXHYHQJDQVLHQGRWUDGLFLRQDOPHQWHSUDFWLFDGDV HQGHWHUPLQDGDV]RQDVGHOWHUULWRULRQDFLRQDO G (OFXPSOLPLHQWRGHODQRUPDWLYDTXHHVWDEOH]FDQODVHQWLGDGHVORFDOHVRHQVXFDVR ODV FRPXQLGDGHV DXWäQRPDV VREUH ORV FDVRV PRGDOLGDGHV \ FRQGLFLRQHV HQ TXH SRGUÒ HIHFWXDUVHODYHQWDDPEXODQWHGHEHELGDV\DOLPHQWRV H /D SURKLELFLäQ GH VXPLQLVWUR GH ELHQHV TXH FDUH]FDQ GH ODV PDUFDV GH VHJXULGDG REOLJDWRULDRGHORVGDWRVPÞQLPRVTXHSHUPLWDQLGHQWLILFDUDOUHVSRQVDEOHGHOELHQ I /D REOLJDFLäQ GH UHWLUDU VXVSHQGHU R UHFXSHUDU GH ORV FRQVXPLGRUHV \ XVXDULRV PHGLDQWH SURFHGLPLHQWRV HILFDFHV FXDOTXLHU ELHQ R VHUYLFLR TXH QR VH DMXVWH D ODV FRQGLFLRQHV \ UHTXLVLWRV H[LJLGRV R TXH SRU FXDOTXLHU RWUD FDXVD VXSRQJD XQ ULHVJR SUHYLVLEOHSDUDODVDOXGRVHJXULGDGGHODVSHUVRQDV J /DSURKLELFLäQGHLPSRUWDUSURGXFWRVTXHQRFXPSODQORHVWDEOHFLGRHQHVWDQRUPD\ GLVSRVLFLRQHVTXHODGHVDUUROOHQ K /DVH[LJHQFLDVGHFRQWUROGHORVSURGXFWRVPDQXIDFWXUDGRVVXVFHSWLEOHVGHDIHFWDUD OD VHJXULGDG IÞVLFD GH ODV SHUVRQDV SUHVWDQGR D HVWH UHVSHFWR OD GHELGD DWHQFLäQ D ORV VHUYLFLRVGHUHSDUDFLäQ\PDQWHQLPLHQWR L /DSURKLELFLäQGHXWLOL]DULQJUHGLHQWHVPDWHULDOHV\GHPÒVHOHPHQWRVVXVFHSWLEOHVGH JHQHUDU ULHVJRV SDUD OD VDOXG \ VHJXULGDG GH ODV SHUVRQDV (Q SDUWLFXODU OD SURKLELFLäQ GH XWLOL]DUWDOHVPDWHULDOHVRHOHPHQWRVHQODFRQVWUXFFLäQGHYLYLHQGDV\ORFDOHVGHXVRSëEOLFR
3ÒJLQD
$UWtFXOR5HJODPHQWRVGHELHQHV\VHUYLFLRV /RVUHJODPHQWRVUHJXODGRUHVGHORVGLIHUHQWHVELHQHV\VHUYLFLRVGHWHUPLQDUÒQHQOD PHGLGDTXHVHDSUHFLVRSDUDDVHJXUDUODVDOXG\VHJXULGDGGHORVFRQVXPLGRUHV\XVXDULRV D /RVFRQFHSWRVGHILQLFLRQHVQDWXUDOH]DFDUDFWHUÞVWLFDV\FODVLILFDFLRQHV E /DVFRQGLFLRQHV\UHTXLVLWRVGHODVLQVWDODFLRQHV\GHOSHUVRQDOFXDOLILFDGRTXHGHED DWHQGHUODV F /RV SURFHGLPLHQWRV R WUDWDPLHQWRV XVXDOHV GH IDEULFDFLäQ GLVWULEXFLäQ \ FRPHUFLDOL]DFLäQSHUPLWLGRVSURKLELGRVRVXMHWRVDDXWRUL]DFLäQSUHYLD G /DVUHJODVHVSHFÞILFDVVREUHHWLTXHWDGRSUHVHQWDFLäQ\SXEOLFLGDG H /RVUHTXLVLWRVHVHQFLDOHVGHVHJXULGDGLQFOXLGRVORVUHODWLYRVDFRPSRVLFLäQ\FDOLGDG I /RVPÚWRGRVRILFLDOHVGHDQÒOLVLVWRPDGHPXHVWUDVFRQWUROGHFDOLGDGHLQVSHFFLäQ J /DVJDUDQWÞDVUHVSRQVDELOLGDGHVLQIUDFFLRQHV\VDQFLRQHV K (OUÚJLPHQGHDXWRUL]DFLäQUHJLVWUR\UHYLVLäQ 3DUD DVHJXUDU OD SURWHFFLäQ GH OD VDOXG \ VHJXULGDG GH ORV FRQVXPLGRUHV \ XVXDULRV ODV $GPLQLVWUDFLRQHV SëEOLFDV FRPSHWHQWHV SRGUÒQ HVWDEOHFHU UHJODPHQWDULDPHQWH PHGLGDV SURSRUFLRQDGDV HQ FXDOTXLHUD GH ODV IDVHV GH SURGXFFLäQ \ FRPHUFLDOL]DFLäQ GH ELHQHV \ VHUYLFLRVHQSDUWLFXODUHQORUHODWLYRDVXFRQWUROYLJLODQFLDHLQVSHFFLäQ $UWtFXOR$FWXDFLRQHVDGPLQLVWUDWLYDV $QWHVLWXDFLRQHVGHULHVJRSDUDODVDOXG\VHJXULGDGGHORVFRQVXPLGRUHV\XVXDULRV ODV $GPLQLVWUDFLRQHV SëEOLFDV FRPSHWHQWHV SRGUÒQ DGRSWDU ODV PHGLGDV TXH UHVXOWHQ QHFHVDULDV\SURSRUFLRQDGDVSDUDODGHVDSDULFLäQGHOULHVJRLQFOXLGDODLQWHUYHQFLäQGLUHFWD VREUHODVFRVDV\ODFRPSXOVLäQGLUHFWDVREUHODVSHUVRQDV(QHVWRVVXSXHVWRVWRGRVORV JDVWRVTXHVHJHQHUHQVHUÒQDFDUJRGHTXLHQFRQVXFRQGXFWDORVKXELHUDRULJLQDGRFRQ LQGHSHQGHQFLDGHODVVDQFLRQHVTXHHQVXFDVRSXHGDQLPSRQHUVH/DH[DFFLäQGHWDOHV JDVWRV\VDQFLRQHVSRGUÒOOHYDUVHDFDERSRUHOSURFHGLPLHQWRDGPLQLVWUDWLYRGHDSUHPLR /DV$GPLQLVWUDFLRQHVSëEOLFDVDWHQGLHQGRDODQDWXUDOH]D\JUDYHGDGGHORVULHVJRV GHWHFWDGRV SRGUÒQ LQIRUPDU D ORV FRQVXPLGRUHV \ XVXDULRV DIHFWDGRV SRU ORV PHGLRV PÒV DSURSLDGRV HQ FDGD FDVR VREUH ORV ULHVJRV R LUUHJXODULGDGHV H[LVWHQWHV HO ELHQ R VHUYLFLR DIHFWDGR\HQVXFDVRODVPHGLGDVDGRSWDGDVDVÞFRPRGHODVSUHFDXFLRQHVSURFHGHQWHV WDQWRSDUDSURWHJHUVHGHOULHVJRFRPRSDUDFRQVHJXLUVXFRODERUDFLäQHQODHOLPLQDFLäQGH VXVFDXVDV /RV UHVSRQVDEOHV GH OD FRRUGLQDFLäQ GH ORV VLVWHPDV HVWDWDOHV GH LQWHUFDPELR GH LQIRUPDFLäQLQWHJUDGRVHQORVVLVWHPDVHXURSHRVGHDOHUWDVWUDVODGDUÒQODVFRPXQLFDFLRQHV TXHUHFLEDQDODVDXWRULGDGHVDGXDQHUDVFXDQGRFRQIRUPHDODLQIRUPDFLäQIDFLOLWDGDHQODV FRPXQLFDFLRQHVORVSURGXFWRVRVHUYLFLRVDOHUWDGRVSURFHGDQGHWHUFHURVSDÞVHV $UWtFXOR0HGLGDVH[WUDRUGLQDULDVDQWHVLWXDFLRQHVGHXUJHQFLD\QHFHVLGDG &RQ FDUÒFWHU H[FHSFLRQDO DQWH VLWXDFLRQHV GH H[WUHPD JUDYHGDG TXH GHWHUPLQHQ XQD DJUHVLäQ LQGLVFULPLQDGD D OD VDOXG \ VHJXULGDG GH ORV FRQVXPLGRUHV \ XVXDULRV HQ PÒV GH XQDFRPXQLGDGDXWäQRPDHO*RELHUQRSRGUÒFRQVWLWXLUGXUDQWHHOWLHPSRLPSUHVFLQGLEOHSDUD KDFHU FHVDU OD VLWXDFLäQ XQ äUJDQR HQ HO TXH VH LQWHJUDUDQ \ SDUWLFLSDUDQ DFWLYDPHQWH ODV FRPXQLGDGHV DXWäQRPDV DIHFWDGDV TXH DVXPLUÒ ODV IDFXOWDGHV DGPLQLVWUDWLYDV TXH VH OH HQFRPLHQGHQ SDUD JDUDQWL]DU OD VDOXG \ VHJXULGDG GH ODV SHUVRQDV VXV LQWHUHVHV HFRQäPLFRV \ VRFLDOHV OD UHSDUDFLäQ GH ORV GDâRV VXIULGRV OD H[LJHQFLD GH UHVSRQVDELOLGDGHV\ODSXEOLFDFLäQGHORVUHVXOWDGRV &$3Ë78/2, 'HUHFKRDODLQIRUPDFLyQIRUPDFLyQ\HGXFDFLyQ $UWtFXOR,QIRUPDFLyQIRUPDFLyQ\HGXFDFLyQGHORVFRQVXPLGRUHV\XVXDULRV /RV SRGHUHV SëEOLFRV HQ HO ÒPELWR GH VXV UHVSHFWLYDV FRPSHWHQFLDV IRPHQWDUÒQ OD IRUPDFLäQ\HGXFDFLäQGHORVFRQVXPLGRUHV\XVXDULRVDVHJXUDUÒQTXHHVWRVGLVSRQJDQGH OD LQIRUPDFLäQ SUHFLVD SDUD HO HILFD] HMHUFLFLR GH VXV GHUHFKRV \ YHODUÒQ SDUD TXH VH OHV
3ÒJLQD
/RGLVSXHVWRHQHODSDUWDGRDQWHULRUQRREVWDODDSOLFDFLäQGH D /DV QRUPDV TXH UHJXOHQ ODV SUÒFWLFDV FRPHUFLDOHV TXH SXHGDQ DIHFWDU D OD VDOXG \ VHJXULGDGGHORVFRQVXPLGRUHV\XVXDULRVLQFOXLGDVODVUHODWLYDVDODVHJXULGDGGHELHQHV\ VHUYLFLRV E /DV QRUPDV VREUH FHUWLILFDFLäQ \ JUDGR GH SXUH]D GH ORV REMHWRV IDEULFDGRV FRQ PHWDOHVSUHFLRVRV /DV QRUPDV SUHYLVWDV HQ HVWD OH\ HQ PDWHULD GH SUÒFWLFDV FRPHUFLDOHV \ ODV TXH UHJXODQ ODV SUÒFWLFDV FRPHUFLDOHV HQ PDWHULD GH PHGLFDPHQWRV HWLTXHWDGR SUHVHQWDFLäQ \ SXEOLFLGDG GH ORV SURGXFWRV LQGLFDFLäQ GH SUHFLRV DSURYHFKDPLHQWR SRU WXUQR GH ELHQHV LQPXHEOHV FUÚGLWR DO FRQVXPR FRPHUFLDOL]DFLäQ D GLVWDQFLD GH VHUYLFLRV ILQDQFLHURV GHVWLQDGRV D ORV FRQVXPLGRUHV \ XVXDULRV FRPHUFLR HOHFWUäQLFR LQYHUVLäQ FROHFWLYD HQ YDORUHVPRELOLDULRVQRUPDVGHFRQGXFWDHQPDWHULDGHVHUYLFLRVGHLQYHUVLäQRIHUWDSëEOLFD R DGPLVLäQ GH FRWL]DFLäQ GH YDORUHV \ VHJXURV LQFOXLGD OD PHGLDFLäQ \ FXDOHVTXLHUD RWUDV QRUPDVTXHUHJXOHQDVSHFWRVFRQFUHWRVGHODVSUÒFWLFDVFRPHUFLDOHVGHVOHDOHVSUHYLVWRVHQ QRUPDV FRPXQLWDULDV SUHYDOHFHUÒQ HQ FDVR GH FRQIOLFWR VREUH OD OHJLVODFLäQ GH FDUÒFWHU JHQHUDODSOLFDEOHDODVSUÒFWLFDVFRPHUFLDOHVGHVOHDOHV (O LQFXPSOLPLHQWR GH ODV GLVSRVLFLRQHV D TXH KDFH UHIHUHQFLD HVWH DSDUWDGR VHUÒ FRQVLGHUDGRHQWRGRFDVRSUÒFWLFDGHVOHDOSRUHQJDâRVDHQLJXDOHVWÚUPLQRVDORGLVSXHVWR HQ HO DUWÞFXOR GH OD /H\ GH GH HQHUR GH &RPSHWHQFLD 'HVOHDO HQ UHODFLäQ FRQODVSUÒFWLFDVHQJDâRVDVUHJXODGDVHQORVDUWÞFXORVDGHGLFKDOH\ (Q UHODFLäQ FRQ ODV SUÒFWLFDV FRPHUFLDOHV UHODWLYDV D VHUYLFLRV ILQDQFLHURV \ ELHQHV LQPXHEOHV SRGUÒQ HVWDEOHFHUVH QRUPDV OHJDOHV R UHJODPHQWDULDV TXH RIUH]FDQ XQD PD\RU SURWHFFLäQDOFRQVXPLGRURXVXDULR $UWtFXOR,QIRUPDFLyQQHFHVDULDHQODRIHUWDFRPHUFLDOGHELHQHV\VHUYLFLRV /DV SUÒFWLFDV FRPHUFLDOHV TXH GH XQ PRGR DGHFXDGR DO PHGLR GH FRPXQLFDFLäQ XWLOL]DGR LQFOX\DQ LQIRUPDFLäQ VREUH ODV FDUDFWHUÞVWLFDV GHO ELHQ R VHUYLFLR \ VX SUHFLR SRVLELOLWDQGRTXHHOFRQVXPLGRURXVXDULRWRPHXQDGHFLVLäQVREUHODFRQWUDWDFLäQGHEHUÒQ FRQWHQHUVLQRVHGHVSUHQGH\DFODUDPHQWHGHOFRQWH[WRDOPHQRVODVLJXLHQWHLQIRUPDFLäQ D 1RPEUH UD]äQ VRFLDO \ GRPLFLOLR FRPSOHWR GHO HPSUHVDULR UHVSRQVDEOH GH OD RIHUWD FRPHUFLDO\HQVXFDVRQRPEUHUD]äQVRFLDO\GLUHFFLäQFRPSOHWDGHOHPSUHVDULRSRUFX\D FXHQWDDFWëD E /DV FDUDFWHUÞVWLFDV HVHQFLDOHV GHO ELHQ R VHUYLFLR GH XQD IRUPD DGHFXDGD D VX QDWXUDOH]D\DOPHGLRGHFRPXQLFDFLäQXWLOL]DGR F (OSUHFLRILQDOFRPSOHWRLQFOXLGRVORVLPSXHVWRVGHVJORVDQGRHQVXFDVRHOLPSRUWH GHORVLQFUHPHQWRVRGHVFXHQWRVTXHVHDQGHDSOLFDFLäQDODRIHUWD\ORVJDVWRVDGLFLRQDOHV TXHVHUHSHUFXWDQDOFRQVXPLGRURXVXDULR (Q HO UHVWR GH ORV FDVRV HQ TXH GHELGR D OD QDWXUDOH]D GHO ELHQ R VHUYLFLR QR SXHGD ILMDUVH FRQ H[DFWLWXG HO SUHFLR HQ OD RIHUWD FRPHUFLDO GHEHUÒ LQIRUPDUVH VREUH OD EDVH GH FÒOFXOR TXH SHUPLWD DO FRQVXPLGRU R XVXDULR FRPSUREDU HO SUHFLR ,JXDOPHQWH FXDQGR ORV JDVWRVDGLFLRQDOHVTXHVHUHSHUFXWDQDOFRQVXPLGRURXVXDULRQRSXHGDQVHUFDOFXODGRVGH DQWHPDQR SRU UD]RQHV REMHWLYDV GHEH LQIRUPDUVH GHO KHFKR GH TXH H[LVWHQ GLFKRV JDVWRV DGLFLRQDOHV\VLVHFRQRFHVXLPSRUWHHVWLPDGR G /RVSURFHGLPLHQWRVGHSDJRSOD]RVGHHQWUHJD\HMHFXFLäQGHOFRQWUDWR\HOVLVWHPD GH WUDWDPLHQWR GH ODV UHFODPDFLRQHV FXDQGR VH DSDUWHQ GH ODV H[LJHQFLDV GH OD GLOLJHQFLD SURIHVLRQDO HQWHQGLHQGR SRU WDO OD GHILQLGD HQ HO DUWÞFXOR GH OD /H\ GH &RPSHWHQFLD 'HVOHDO H (QVXFDVRH[LVWHQFLDGHOGHUHFKRGHGHVLVWLPLHQWR (O LQFXPSOLPLHQWR GH OR GLVSXHVWR HQ HO DSDUWDGR DQWHULRU VHUÒ FRQVLGHUDGR SUÒFWLFD GHVOHDOSRUHQJDâRVDHQLJXDOHVWÚUPLQRVDORVTXHHVWDEOHFHHODUWÞFXORGHOD/H\ GHGHHQHURGH&RPSHWHQFLD'HVOHDO $UWtFXOR5pJLPHQGHFRPSUREDFLyQ\VHUYLFLRVGHDWHQFLyQDOFOLHQWH (O UÚJLPHQ GH FRPSUREDFLäQ UHFODPDFLäQ JDUDQWÞD \ SRVLELOLGDG GH UHQXQFLD R GHYROXFLäQTXHVHHVWDEOH]FDHQORVFRQWUDWRVGHEHUÒSHUPLWLUTXHHOFRQVXPLGRU\XVXDULR
3ÒJLQD
HIHFWLYDV ODV JDUDQWÞDV GH FDOLGDG R QLYHO GH SUHVWDFLäQ RIUHFLGRV \ REWHQHU OD GHYROXFLäQ HTXLWDWLYD GHO SUHFLR GH PHUFDGR GHO ELHQ R VHUYLFLR WRWDO R SDUFLDOPHQWH HQ FDVR GH LQFXPSOLPLHQWRRFXPSOLPLHQWRGHIHFWXRVR /D GHYROXFLäQ GHO SUHFLR GHO SURGXFWR KDEUÒ GH VHU WRWDO HQ HO FDVR GH IDOWD GH FRQIRUPLGDGGHOSURGXFWRFRQHOFRQWUDWRHQORVWÚUPLQRVSUHYLVWRVHQHOWÞWXOR9GHOOLEUR,, /DVRILFLQDV\VHUYLFLRVGHLQIRUPDFLäQ\DWHQFLäQDOFOLHQWHTXHODVHPSUHVDVSRQJDQ DGLVSRVLFLäQGHOFRQVXPLGRU\XVXDULRGHEHUÒQDVHJXUDUTXHÚVWHWHQJDFRQVWDQFLDGHVXV TXHMDV\UHFODPDFLRQHVPHGLDQWHODHQWUHJDGHXQDFODYHLGHQWLILFDWLYD\XQMXVWLILFDQWHSRU HVFULWRHQSDSHORHQFXDOTXLHURWURVRSRUWHGXUDGHUR6LWDOHVVHUYLFLRVXWLOL]DQODDWHQFLäQ WHOHIäQLFD R HOHFWUäQLFD SDUD OOHYDU D FDER VXV IXQFLRQHV GHEHUÒQ JDUDQWL]DU XQD DWHQFLäQ SHUVRQDO GLUHFWD PÒV DOOÒ GH OD SRVLELOLGDG GH XWLOL]DU FRPSOHPHQWDULDPHQWH RWURV PHGLRV WÚFQLFRVDVXDOFDQFH /DV RILFLQDV \ VHUYLFLRV GH LQIRUPDFLäQ \ DWHQFLäQ DO FOLHQWH VHUÒQ GLVHâDGRV XWLOL]DQGR PHGLRV\VRSRUWHVTXHVLJDQORVSULQFLSLRVGHDFFHVLELOLGDGXQLYHUVDO\HQVXFDVRPHGLRV DOWHUQDWLYRVSDUDJDUDQWL]DUHODFFHVRDORVPLVPRVDSHUVRQDVFRQGLVFDSDFLGDGRSHUVRQDV GHHGDGDYDQ]DGD 6H GHEHUÒQ LGHQWLILFDU FODUDPHQWH ORV VHUYLFLRV GH DWHQFLäQ DO FOLHQWH HQ UHODFLäQ D ODV RWUDVDFWLYLGDGHVGHODHPSUHVDSURKLELÚQGRVHH[SUHVDPHQWHODXWLOL]DFLäQGHHVWHVHUYLFLR SDUDODXWLOL]DFLäQ\GLIXVLäQGHDFWLYLGDGHVGHFRPXQLFDFLäQFRPHUFLDOGHWRGRWLSR (QFDVRGHTXHHOHPSUHVDULRSRQJDDGLVSRVLFLäQGHORVFRQVXPLGRUHV\XVXDULRVXQD OÞQHDWHOHIäQLFDDHIHFWRVGHFRPXQLFDUVHFRQÚOHQUHODFLäQFRQHOFRQWUDWRFHOHEUDGRHOXVR GH WDO OÞQHD QR SRGUÒ VXSRQHU SDUD HO FRQVXPLGRU \ XVXDULR XQ FRVWH VXSHULRU D OD WDULID EÒVLFDVLQSHUMXLFLRGHOGHUHFKRGHORVSURYHHGRUHVGHVHUYLFLRVGHWHOHFRPXQLFDFLRQHVGH FREUDUSRUHVWHWLSRGHOODPDGDV$WDOHIHFWRVHHQWLHQGHSRUWDULIDEÒVLFDHOFRVWHRUGLQDULR GHODOODPDGDGHTXHVHWUDWHVLHPSUHTXHQRLQFRUSRUHXQLPSRUWHDGLFLRQDOHQEHQHILFLRGHO HPSUHVDULR (Q WRGR FDVR \ FRQ SOHQR UHVSHWR D OR GLVSXHVWR HQ ORV DSDUWDGRV SUHFHGHQWHV ORV HPSUHVDULRV SRQGUÒQ D GLVSRVLFLäQ GH ORV FRQVXPLGRUHV \ XVXDULRV LQIRUPDFLäQ VREUH OD GLUHFFLäQSRVWDOQëPHURGHWHOÚIRQR\QëPHURGHID[RGLUHFFLäQGHFRUUHRHOHFWUäQLFRHQOD TXH HO FRQVXPLGRU \ XVXDULR FXDOTXLHUD TXH VHD VX OXJDU GH UHVLGHQFLD SXHGD LQWHUSRQHU VXVTXHMDV\UHFODPDFLRQHVRVROLFLWDULQIRUPDFLäQVREUHORVELHQHVRVHUYLFLRVRIHUWDGRVR FRQWUDWDGRV /RV HPSUHVDULRV FRPXQLFDUÒQ VX GLUHFFLäQ OHJDO VL HVWD QR FRLQFLGH FRQ VX GLUHFFLäQKDELWXDOSDUDODFRUUHVSRQGHQFLD /RV HPSUHVDULRV GHEHUÒQ GDU UHVSXHVWD D ODV UHFODPDFLRQHV UHFLELGDV HQ HO SOD]R PÒV EUHYH SRVLEOH \ HQ WRGR FDVR HQ HO SOD]R PÒ[LPR GH XQ PHV GHVGH OD SUHVHQWDFLäQ GH OD UHFODPDFLäQ (Q FDVR GH TXH HQ GLFKR SOD]R ÚVWD QR KXELHUD VLGR UHVXHOWD VDWLVIDFWRULDPHQWH ORV HPSUHVDULRV DGKHULGRV D XQ VLVWHPD H[WUDMXGLFLDO GH UHVROXFLäQ GH FRQIOLFWRV IDFLOLWDUÒQ DO FRQVXPLGRU \ XVXDULR HO DFFHVR DO PLVPR FXDQGR ÚVWH UHëQD ORV UHTXLVLWRV SUHYLVWRV HQ OD 5HFRPHQGDFLäQ &( GH OD &RPLVLäQ GH GH PDU]R UHODWLYDDORVSULQFLSLRVDSOLFDEOHVDORVäUJDQRVUHVSRQVDEOHVGHODVROXFLäQH[WUDMXGLFLDOGH ORVOLWLJLRVHQPDWHULDGHFRQVXPR\HQOD5HFRPHQGDFLäQ&(GHOD&RPLVLäQGH GH DEULO GH UHODWLYD D ORV SULQFLSLRV DSOLFDEOHV D ORV äUJDQRV H[WUDMXGLFLDOHV GH UHVROXFLäQ FRQVHQVXDO GH OLWLJLRV HQ PDWHULD GH FRQVXPR R QRUPDWLYD TXH UHVXOWH GH DSOLFDFLäQ\FRPRWDOHVKD\DQVLGRQRWLILFDGRVDODUHGFRPXQLWDULDGHäUJDQRVQDFLRQDOHV GHODVROXFLäQH[WUDMXGLFLDOGHOLWLJLRVHQPDWHULDGHFRQVXPR /RVHPSUHVDULRVDTXHVHUHILHUHHODSDUWDGRDQWHULRU\DTXHOORVTXHHVWÚQDGKHULGRVD FäGLJRV GH FRQGXFWD LQFOXLGRV ORV HODERUDGRV D HVFDOD FRPXQLWDULD R VHDQ PLHPEURV GH DVRFLDFLRQHV X RUJDQLVPRV SURIHVLRQDOHV TXH RIUH]FDQ VLVWHPDV H[WUDMXGLFLDOHV GH UHVROXFLäQGHFRQIOLFWRVTXHUHëQDQORVUHTXLVLWRVSUHYLVWRVHQHODSDUWDGRDQWHULRULQGLFDUÒQ HQ ODV RIHUWDV FRPHUFLDOHV TXH SUHVHQWHQ GH IRUPD GHWDOODGD VXV VHUYLFLRV HO VLVWHPD H[WUDMXGLFLDOGHUHVROXFLäQGHFRQIOLFWRVTXHRIUHFHQDORVFRQVXPLGRUHV\XVXDULRVHOPRGR GH REWHQHU LQIRUPDFLäQ VREUH VXV FDUDFWHUÞVWLFDV \ OD IRUPD GH DFFHGHU D GLFKR VLVWHPD H[WUDMXGLFLDO
3ÒJLQD
$UWtFXOR3pUGLGDGHODFRQGLFLyQGHDVRFLDFLyQGHFRQVXPLGRUHV\XVXDULRV /DV DVRFLDFLRQHV GH FRQVXPLGRUHV \ XVXDULRV TXH LQFXUUDQ HQ DOJXQD GH ODV SURKLELFLRQHVSUHYLVWDVSRUODOHJLVODFLäQTXHOHVUHVXOWHGHDSOLFDFLäQSHUGHUÒQHQWRGRFDVR \SRUXQSHUÞRGRQRLQIHULRUDORVFLQFRDâRVVLJXLHQWHVGHVGHTXHGHMDURQGHFRQFXUULUWDOHV FLUFXQVWDQFLDVVXFRQGLFLäQGHDVRFLDFLäQGHFRQVXPLGRUHV\XVXDULRV &$3Ë78/2,, ,QGHSHQGHQFLD \ WUDQVSDUHQFLD GH ODV DVRFLDFLRQHV GH FRQVXPLGRUHV \ XVXDULRV $UWtFXOR5HTXLVLWRVGHLQGHSHQGHQFLD (Q FXPSOLPLHQWR GHO GHEHU GH LQGHSHQGHQFLD HQ SDUWLFXODU ODV DVRFLDFLRQHV GH FRQVXPLGRUHVQRSRGUÒQ D ,QFOXLUFRPRDVRFLDGRVDSHUVRQDVMXUÞGLFDVFRQÒQLPRGHOXFUR E 3HUFLELUD\XGDVHFRQäPLFDVRILQDQFLHUDVGHODVHPSUHVDVRJUXSRGHHPSUHVDVTXH VXPLQLVWUDQELHQHVRVHUYLFLRVDORVFRQVXPLGRUHVRXVXDULRV 1RWHQGUÒQODFRQVLGHUDFLäQGHD\XGDVHFRQäPLFDVODVDSRUWDFLRQHVTXHVHUHDOLFHQHQ ODV FRQGLFLRQHV GH WUDQVSDUHQFLD HVWDEOHFLGDV HQ HVWD QRUPD \ QRUPDV UHJODPHQWDULDV QR PHUPHQODLQGHSHQGHQFLDGHODDVRFLDFLäQ\WHQJDQVXRULJHQHQORVFRQYHQLRVRDFXHUGRV GHFRODERUDFLäQUHJXODGRVHQHVWHFDSÞWXOR F 5HDOL]DUFRPXQLFDFLRQHVFRPHUFLDOHVGHELHQHV\VHUYLFLRV $ HVWRV HIHFWRV VH HQWLHQGH SRU FRPXQLFDFLäQ FRPHUFLDO WRGR DFWR FRQGXFWD R PDQLIHVWDFLäQ LQFOXLGD OD SXEOLFLGDG QR PHUDPHQWH LQIRUPDWLYD TXH VH UHODFLRQH GLUHFWDPHQWHFRQODSURPRFLäQRYHQWDGHELHQHV\VHUYLFLRV G $XWRUL]DUHOXVRGHVXGHQRPLQDFLäQLPDJHQRFXDOTXLHURWURVLJQRUHSUHVHQWDWLYRHQ OD SXEOLFLGDG FRPHUFLDO UHDOL]DGD SRU ORV RSHUDGRUHV GHO PHUFDGR R QR UHDOL]DU ODV DFWXDFLRQHV WHQGHQWHV D LPSHGLU GLFKD XWLOL]DFLäQ D SDUWLU GHO PRPHQWR HQ TXH VH WHQJD FRQRFLPLHQWRGHHVWDFRQGXFWD $HVWRVHIHFWRVQRVHFRQVLGHUDUÒQRSHUDGRUHVGHPHUFDGRODVVRFLHGDGHVPHUFDQWLOHV HQODVTXHSDUWLFLSHQODVDVRFLDFLRQHVGHFRQVXPLGRUHVHQORVWÚUPLQRVFRQWHPSODGRVHQHO DUWÞFXORVLJXLHQWH H 'HGLFDUVHDDFWLYLGDGHVGLVWLQWDVGHODGHIHQVDGHORVLQWHUHVHVGHORVFRQVXPLGRUHVR XVXDULRVVDOYRORSUHYLVWRHQHODUWÞFXORSÒUUDIRVHJXQGR I ,QFXPSOLUODVREOLJDFLRQHVGHWUDQVSDUHQFLDSUHYLVWDVHQORVDUWÞFXORVDDPERV LQFOXVLYH J $FWXDU OD RUJDQL]DFLäQ R VXV UHSUHVHQWDQWHV OHJDOHV FRQ PDQLILHVWD WHPHULGDG MXGLFLDOPHQWHDSUHFLDGD K ,QFXPSOLU FXDOTXLHU RWUD REOLJDFLäQ LPSXHVWD D ODV DVRFLDFLRQHV GH FRQVXPLGRUHV \ XVXDULRVOHJDORUHJODPHQWDULDPHQWH $UWtFXOR3DUWLFLSDFLyQHQVRFLHGDGHVPHUFDQWLOHV /DV DVRFLDFLRQHV GH FRQVXPLGRUHV SRGUÒQ SDUWLFLSDU HQ VRFLHGDGHV PHUFDQWLOHV VLHPSUHTXHÚVWDVUHëQDQORVVLJXLHQWHVUHTXLVLWRV D 7HQJDQ FRPR REMHWR VRFLDO H[FOXVLYR HO GHVDUUROOR GH DFWLYLGDGHV LQVWUXPHQWDOHV FRQFUHWDPHQWHGHOLPLWDGDVTXHVLUYDQDORVILQHVGHLQIRUPDFLäQIRUPDFLäQ\GHIHQVDGHORV FRQVXPLGRUHV\XVXDULRV E 6X FDSLWDO VRFLDO FRUUHVSRQGD ÞQWHJUDPHQWH D DVRFLDFLRQHV GH FRQVXPLGRUHV TXH UHëQDQ ORV UHTXLVLWRV H[LJLGRV SRU OD OHJLVODFLäQ TXH OHV UHVXOWH GH DSOLFDFLäQ \ FX\RV EHQHILFLRV VäOR VH UHSDUWDQ HQWUH ODV DVRFLDFLRQHV GH FRQVXPLGRUHV TXH SDUWLFLSHQ HQ HO FDSLWDOVRFLDO (VWDVVRFLHGDGHVPHUFDQWLOHVHVWÒQVRPHWLGDVDODVSURKLELFLRQHVSUHYLVWDVHQHODUWÞFXOR DQWHULRU\DODREOLJDFLäQGHGHSRVLWDUVXVFXHQWDVTXHHQWRGRFDVRGHEHUÒQDMXVWDUVHDOD QRUPDWLYD TXH OHV UHVXOWH GH DSOLFDFLäQ VHJëQ VX QDWXUDOH]D HQ HO ,QVWLWXWR 1DFLRQDO GHO &RQVXPRGHFRQIRUPLGDGFRQORGLVSXHVWRHQHODUWÞFXOR
3ÒJLQD
ORVWÚUPLQRVSUHYLVWRVHQHOODSXGLHQGRGHULYDUHQVXFDVRHQODSÚUGLGDGHODFRQGLFLäQGH DVRFLDFLäQGHFRQVXPLGRUHV $UWtFXOR'HILQLFLyQGHOPDUFRGHFRODERUDFLyQFRQORVRSHUDGRUHVGHOPHUFDGR (VWDWXWDULDPHQWH R SRU DFXHUGR DGRSWDGR HQ DVDPEOHD JHQHUDO ODV DVRFLDFLRQHV GH FRQVXPLGRUHV\XVXDULRVGHILQLUÒQFRQSOHQRUHVSHWRDORHVWDEOHFLGRHQHVWDQRUPDFXÒOHV HOPDUFROHJÞWLPRGHVXFRODERUDFLäQFRQORVRSHUDGRUHVGHOPHUFDGRGHFXDOTXLHUVHFWRUGH DFWLYLGDGHQGHIHQVDGHORVGHUHFKRVGHORVFRQVXPLGRUHV\ODOHDOFRPSHWHQFLDDVÞFRPR ORVVXSXHVWRVHQTXHSRGUÒQFHOHEUDUVHFRQYHQLRVRDFXHUGRVGHFRODERUDFLäQFRQÚVWRVVX DOFDQFH\PRGRGHLQVWUXPHQWDUORV /RVHVWDWXWRVRDFXHUGRVGHDVDPEOHDJHQHUDOHQORVTXHVHHVWDEOH]FDHVWHPDUFR GH FRODERUDFLäQ FRQ ORV RSHUDGRUHV GHO PHUFDGR GH ODV DVRFLDFLRQHV GH ÒPELWR VXSUDDXWRQäPLFRVHGHSRVLWDUÒQHQHO,QVWLWXWR1DFLRQDOGHO&RQVXPR\HQOD6HFUHWDUÞDGHO &RQVHMRGH&RQVXPLGRUHV\8VXDULRV $UWtFXOR&RQYHQLRVRDFXHUGRVGHFRODERUDFLyQ /RV FRQYHQLRV R DFXHUGRV GH FRODERUDFLäQ GH GXUDFLäQ WHPSRUDO R LQGHILQLGD GH ODV DVRFLDFLRQHV GH FRQVXPLGRUHV \ XVXDULRV FRQ HPSUHVDV DJUXSDFLRQHV R DVRFLDFLRQHV GH HPSUHVDV IXQGDFLRQHV R FXDOTXLHU RUJDQL]DFLäQ VLQ ÒQLPR GH OXFUR GHEHUÒQ FXPSOLU ORV VLJXLHQWHVUHTXLVLWRV D 7HQHUFRPRILQDOLGDGH[FOXVLYDHOGHVDUUROORGHSUR\HFWRVHVSHFÞILFRVGHLQIRUPDFLäQ IRUPDFLäQ\GHIHQVDGHORVFRQVXPLGRUHV\XVXDULRVPHMRUDQGRVXSRVLFLäQHQHOPHUFDGR E 5HVSHWDUORVSULQFLSLRVGHLQGHSHQGHQFLD\WUDQVSDUHQFLD F &RQVLVWLU HQ OD UHDOL]DFLäQ GH DFWXDFLRQHV WUDEDMRV HVWXGLRV R SXEOLFDFLRQHV GH LQWHUÚVJHQHUDOSDUDORVFRQVXPLGRUHV\XVXDULRV G 6HUGHSRVLWDGRVDVÞFRPRVXVPRGLILFDFLRQHVSUäUURJDVRGHQXQFLDVHQHO,QVWLWXWR 1DFLRQDOGHO&RQVXPR\HQOD6HFUHWDUÞDGHO&RQVHMRGH&RQVXPLGRUHV\8VXDULRV $UWtFXOR'HSyVLWRGHODVFXHQWDVDQXDOHV /DVFXHQWDVDQXDOHVGHODVDVRFLDFLRQHVGHFRQVXPLGRUHV\XVXDULRVVHGHSRVLWDUÒQHQ HO,QVWLWXWR1DFLRQDOGHO&RQVXPRHQHOSOD]RGHXQPHVGHVGHHOGÞDVLJXLHQWHDODIHFKDGH VXDSUREDFLäQSRUORVäUJDQRVHVWDWXWDULRVFRUUHVSRQGLHQWHV 7DOHVFXHQWDVDQXDOHVLQWHJUDGDVSRUHOEDODQFHODFXHQWDGHUHVXOWDGRV\ODPHPRULD GHEHUÒQ IRUPXODUVH GH FRQIRUPLGDG FRQ ODV QRUPDV GH DGDSWDFLäQ GHO 3ODQ *HQHUDO GH &RQWDELOLGDGDODVHQWLGDGHVVLQILQHVOXFUDWLYRVDSUREDGDVSRUHODUWÞFXORGHO5HDO'HFUHWR GHGHDEULO $UWtFXOR3XEOLFLGDGGHODLQIRUPDFLyQGHSRVLWDGDSRUODVDVRFLDFLRQHVGHFRQVXPLGRUHV \XVXDULRV /DLQIRUPDFLäQGHSRVLWDGDSRUODVDVRFLDFLRQHVGHFRQVXPLGRUHV\XVXDULRVDTXHVH UHILHUHQORVDUWÞFXORVSUHFHGHQWHVVHUÒSëEOLFD 5HJODPHQWDULDPHQWH SRGUÒQ HVWDEOHFHUVH ORV SOD]RV FRQGLFLRQHV \ UHTXLVLWRV DGLFLRQDOHVGHODVREOLJDFLRQHVGHGHSäVLWR\DFFHVRUHJXODGDVHQHVWHFDSÞWXOR &$3Ë78/2,,, 5HJLVWUR(VWDWDOGH$VRFLDFLRQHVGH&RQVXPLGRUHV\8VXDULRV $UWtFXOR5HJLVWUR(VWDWDOGH$VRFLDFLRQHVGH&RQVXPLGRUHV\8VXDULRV /DVDVRFLDFLRQHVGHFRQVXPLGRUHV\XVXDULRVGHÒPELWRHVWDWDO\WRGDVDTXÚOODVTXH QR GHVDUUROOHQ SULQFLSDOPHQWH VXV IXQFLRQHV HQ HO ÒPELWR GH XQD FRPXQLGDG DXWäQRPD GHEHUÒQILJXUDULQVFULWDVHQHO5HJLVWUR(VWDWDOGH$VRFLDFLRQHVGH&RQVXPLGRUHV\8VXDULRV TXHVHJHVWLRQDHQHO,QVWLWXWR1DFLRQDOGHO&RQVXPR
3ÒJLQD
$UWtFXOR&RQVHMRGH&RQVXPLGRUHV\8VXDULRV &RPRäUJDQRQDFLRQDOGHFRQVXOWD\UHSUHVHQWDFLäQLQVWLWXFLRQDOGHORVFRQVXPLGRUHV \XVXDULRVDWUDYÚVGHVXVRUJDQL]DFLRQHVHO&RQVHMRGH&RQVXPLGRUHV\8VXDULRVLQWHJUDUÒ ODVDVRFLDFLRQHVGHFRQVXPLGRUHV\XVXDULRVGHÒPELWRVXSUDDXWRQäPLFRTXHDWHQGLHQGRD VXLPSODQWDFLäQWHUULWRULDOQëPHURGHVRFLRVWUD\HFWRULDHQHOÒPELWRGHODSURWHFFLäQGHORV FRQVXPLGRUHV \ XVXDULRV \ SURJUDPDV GH DFWLYLGDGHV D GHVDUUROODU VHDQ PÒV UHSUHVHQWDWLYDV 5HJODPHQWDULDPHQWH VH GHWHUPLQDUÒ OD FRPSRVLFLäQ \ IXQFLRQHV GHO &RQVHMR GH &RQVXPLGRUHV\8VXDULRV /D $GPLQLVWUDFLäQ IRPHQWDUÒ OD FRODERUDFLäQ HQWUH HO &RQVHMR GH &RQVXPLGRUHV \ 8VXDULRV \ ODV DVRFLDFLRQHV GH FRQVXPLGRUHV TXH OR LQWHJUDQ FRQ ODV RUJDQL]DFLRQHV GH HPSUHVDULRV (O &RQVHMR GH &RQVXPLGRUHV \ 8VXDULRV DUWLFXODUÒ PHFDQLVPRV GH FRRSHUDFLäQ FRQ ORV äUJDQRV GH FRQVXOWD \ UHSUHVHQWDFLäQ GH ORV FRQVXPLGRUHV FRQVWLWXLGRV SRU ODV FRPXQLGDGHV DXWäQRPDV $ WUDYÚV GH ORV PHFDQLVPRV KDELOLWDGRV SRU HO &RQVHMR GH &RQVXPLGRUHV\8VXDULRVÚVWH\ORVUHVSHFWLYRVäUJDQRVFRQVXOWLYRVSRGUÒQFRODERUDUHQOD HODERUDFLäQGHORVGLFWÒPHQHVTXHOHVVHDQVROLFLWDGRVHQWUÒPLWHGHDXGLHQFLD $UWtFXOR $XGLHQFLD HQ FRQVXOWD HQ HO SURFHVR GH HODERUDFLyQ GH ODV GLVSRVLFLRQHV GH FDUiFWHUJHQHUDO (O&RQVHMRGH&RQVXPLGRUHV\8VXDULRVVHUÒRÞGRHQFRQVXOWDHQHOSURFHGLPLHQWRGH HODERUDFLäQGHGLVSRVLFLRQHVGHFDUÒFWHUJHQHUDOGHÒPELWRHVWDWDOUHODWLYDVDPDWHULDVTXH DIHFWHQGLUHFWDPHQWHDORVFRQVXPLGRUHV\XVXDULRV 6HUÒSUHFHSWLYDVXDXGLHQFLDHQORVVLJXLHQWHVFDVRV D 5HJODPHQWRVGHDSOLFDFLäQGHHVWDQRUPD E 5HJODPHQWDFLRQHVVREUHELHQHVRVHUYLFLRVGHXVR\FRQVXPR F 2UGHQDFLäQGHOPHUFDGRLQWHULRU\GLVFLSOLQDGHOPHUFDGR G 3UHFLRV \ WDULIDV GH VHUYLFLRV HQ FXDQWR DIHFWHQ GLUHFWDPHQWH D ORV FRQVXPLGRUHV R XVXDULRV\VHHQFXHQWUHQOHJDOPHQWHVXMHWRVDFRQWUROGHODV$GPLQLVWUDFLRQHVSëEOLFDV H &RQGLFLRQHV JHQHUDOHV GH ORV FRQWUDWRV R PRGHORV GH FRQWUDWRV UHJXODGRV R DXWRUL]DGRV SRU ORV SRGHUHV SëEOLFRV HQ VHUYLFLRV GH LQWHUÚV JHQHUDO R SUHVWDGRV D ORV FRQVXPLGRUHVSRUHPSUHVDVSëEOLFDV I (QORVGHPÒVFDVRVHQTXHXQDOH\DVÞORHVWDEOH]FD /DV DVRFLDFLRQHV HPSUHVDULDOHV VHUÒQ RÞGDV HQ FRQVXOWD HQ HO SURFHGLPLHQWR GH HODERUDFLäQ GH ODV GLVSRVLFLRQHV GH FDUÒFWHU JHQHUDO UHODWLYDV D PDWHULDV TXH OHV DIHFWHQ GLUHFWDPHQWH 6HUÒSUHFHSWLYDVXDXGLHQFLDHQORVVXSXHVWRVFRQWHQLGRVHQORVDSDUWDGRVD E F \I GHODSDUWDGRDQWHULRU 6HHQWHQGHUÒFXPSOLGRGLFKRWUÒPLWHSUHFHSWLYRGHDXGLHQFLDFXDQGRODVDVRFLDFLRQHV FLWDGDV VH HQFXHQWUHQ UHSUHVHQWDGDV HQ ORV äUJDQRV FROHJLDGRV TXH SDUWLFLSHQ HQ OD HODERUDFLäQGHODGLVSRVLFLäQ(QORVGHPÒVFDVRVODQRWLILFDFLäQRFRPXQLFDFLäQVHGLULJLUÒ DODIHGHUDFLäQRDJUXSDFLäQHPSUHVDULDOFRUUHVSRQGLHQWH
3ÒJLQD
&RRSHUDFLyQLQVWLWXFLRQDO &$3Ë78/2, &RQIHUHQFLD6HFWRULDOGH&RQVXPR $UWtFXOR&RQIHUHQFLD6HFWRULDOGH&RQVXPR /D &RQIHUHQFLD 6HFWRULDO GH &RQVXPR SUHVLGLGD SRU HO 0LQLVWUR GH 6DQLGDG \ &RQVXPR H LQWHJUDGD SRU ÚVWH \ ORV FRQVHMHURV FRPSHWHQWHV HQ HVWD PDWHULD GH ODV FRPXQLGDGHVDXWäQRPDVHVHOPÒ[LPRäUJDQRGHFRRSHUDFLäQLQVWLWXFLRQDOGHO(VWDGRFRQ ODVFRPXQLGDGHVDXWäQRPDV 6LQSHUMXLFLRGHODSDUWLFLSDFLäQGHODDVRFLDFLäQGHÒPELWRHVWDWDOGHHQWLGDGHVORFDOHV FRQPD\RULPSODQWDFLäQHQOD&RQIHUHQFLD6HFWRULDOGH&RQVXPRFRQIRUPHDORSUHYLVWRHQ HODUWÞFXORGHOD/H\GHGHQRYLHPEUHHO0LQLVWHULRGH6DQLGDG\&RQVXPR LPSXOVDUÒ OD FRRSHUDFLäQ LQVWLWXFLRQDO FRQ ODV FRUSRUDFLRQHV ORFDOHV D WUDYÚV GH GLFKD DVRFLDFLäQHVWDEOHFLHQGRHQVXFDVRäUJDQRVSHUPDQHQWHVGHFRRSHUDFLäQLQVWLWXFLRQDOGH FRQIRUPLGDGFRQORSUHYLVWRHQODUHJXODFLäQGHODVEDVHVGHUÚJLPHQORFDO $UWtFXOR)XQFLRQHVGHOD&RQIHUHQFLD6HFWRULDOGH&RQVXPR 6RQIXQFLRQHVGHOD&RQIHUHQFLD6HFWRULDOGH&RQVXPR D 6HUYLUGHFDXFHGHFRODERUDFLäQFRPXQLFDFLäQHLQIRUPDFLäQHQWUHODVFRPXQLGDGHV DXWäQRPDV\OD$GPLQLVWUDFLäQ*HQHUDOGHO(VWDGRHQPDWHULDGHFRQVXPR E $SUREDU ORV FULWHULRV FRPXQHV GH DFWXDFLäQ\FRRUGLQDFLäQDVÞFRPRODVSURSXHVWDV HQUHODFLäQFRQODSROÞWLFDGHOVHFWRU F $SUREDUORVSODQHVSUR\HFWRV\SURJUDPDVFRQMXQWRV G +DFHU HIHFWLYD OD SDUWLFLSDFLäQ GH ODV FRPXQLGDGHV DXWäQRPDV HQ ORV DVXQWRV FRPXQLWDULRVHXURSHRVHQODPDWHULD H )DFLOLWDU OD LQIRUPDFLäQ UHFÞSURFD HQ PDWHULD GH FRQVXPR GLVHâDU HVWDGÞVWLFDV FRPXQHV \ SRQHU D GLVSRVLFLäQ GH ORV FLXGDGDQRV ORV GDWRV GH ODV HVWDGÞVWLFDV HVWDWDOHV REWHQLGDVSRUHOOD I &RRSHUDUHLPSXOVDUODVFDPSDâDVQDFLRQDOHVGHLQVSHFFLäQ\FRQWURO J 3URPRYHU OD SURPXOJDFLäQ GH OD QRUPDWLYD RSRUWXQD HQ PDWHULD GH FRQVXPR R VX UHIRUPDHLQIRUPDUHQVXFDVRODVGLVSRVLFLRQHVUHJODPHQWDULDVVREUHODPDWHULD K (VWDEOHFHU FULWHULRV GH DFWXDFLäQ FXDQGR UHVXOWHQ FRPSHWHQWHV YDULDV FRPXQLGDGHV DXWäQRPDV L 3URJUDPDUHOHPSOHRUDFLRQDOGHPHGLRVPDWHULDOHVGHSRVLEOHXWLOL]DFLäQFRPëQ M $UWLFXODU XQ VLVWHPD GH IRUPDFLäQ \ SHUIHFFLRQDPLHQWR GHO SHUVRQDO FRQ WDUHDV HVSHFÞILFDVHQHOÒPELWRGHFRQVXPR N &XDQWDVRWUDVIXQFLRQHVOHDWULEX\DODOHJLVODFLäQYLJHQWH &$3Ë78/2,, &RRSHUDFLyQLQVWLWXFLRQDOHQPDWHULDGHIRUPDFLyQ\FRQWUROGHODFDOLGDG $UWtFXOR&RRSHUDFLyQHQPDWHULDGHIRUPDFLyQ (Q OD &RQIHUHQFLD 6HFWRULDO GH &RQVXPR \ VXV äUJDQRV GH FRRSHUDFLäQ LQVWLWXFLRQDO SRGUÒQ DFRUGDUVH PHGLGDV WHQGHQWHV D IRPHQWDU OD IRUPDFLäQ \ HGXFDFLäQ HQ PDWHULD GH FRQVXPRGH D /RVHGXFDGRUHV E (O SHUVRQDO DO VHUYLFLR GH ODV $GPLQLVWUDFLRQHV SëEOLFDV FRPSHWHQWHV HQ PDWHULD GH FRQVXPR HVSHFLDOPHQWH GH TXLHQHV GHVDUUROOHQ IXQFLRQHV GH RUGHQDFLäQ LQVSHFFLäQ FRQWUROGHFDOLGDGHLQIRUPDFLäQ F (OSHUVRQDOTXHSUHVWDVHUYLFLRVHQODVDVRFLDFLRQHVGHFRQVXPLGRUHV\XVXDULRV\HQ ODVRUJDQL]DFLRQHVHPSUHVDULDOHV
3ÒJLQD