$3/,&$&,21(6'(/$65$',$&,21(6,21,=$17(6

   
        
1. ,QWURGXFFLyQ

0XFKRVSLHQVDQTXHODFRQWULEXFLyQPiVJUDQGHGHODHQHUJtDQXFOHDUHQHVWRV
PRPHQWRV HV OD GH SURSRUFLRQDUQRV SRWHQFLD R HQHUJtD XWLOL]DEOH D WUDYpV GH
UHDFWRUHVQXFOHDUHVVLQHPEDUJRVLDQDOL]DPRVGHWDOODGDPHQWHQRWDUHPRVTXH
ODV UDGLDFLRQHV LRQL]DQWHV RIUHFHQ DO KRPEUH XQ FDXGDO H[WUDRUGLQDULR GH
DSOLFDFLRQHV HQ OD PHGLFLQD OD LQGXVWULD \ OD DJULFXOWXUD HQWUH RWURV 'H HVWD
IRUPD HO XVR GH ODV UDGLDFLRQHV LRQL]DQWHV FRQ ILQHV SDFtILFRV SUHVHQWD
KRUL]RQWHVLOLPLWDGRV


2. $SOLFDFLRQHVHQOD0HGLFLQD

(Q HO FDPSR GH OD PHGLFLQD OD DSOLFDFLyQ GH ODV UDGLDFLRQHV LRQL]DQWHV VRQ
P~OWLSOHVFRPRVHGHWDOODDFRQWLQXDFLyQ


 (TXLSRV*HQHUDGRUHVGH5DGLDFLRQHV,RQL]DQWHV

6RQPX\XWLOL]DGRVORV(TXLSRVGH5D\RV;SDUDODREWHQFLyQGHUDGLRJUDItDVGH
GLYHUVDV SDUWHV GH QXHVWUR RUJDQLVPR WDQWR GH RUGHQ 0pGLFR 'HQWDO \ GH XVR
9HWHULQDULR














$SOLFDFLRQHVGHODV5DGLDFLRQHV,RQL]DQWHV


 ([LVWHQ ODV 7pFQLFDV GH )OXRURVFRStDV R 5DGLRVFRStDV GRQGH QR VH ORJUD XQD
LPDJHQ UDGLRJUiILFD HQ XQD SODFD ItOPLFD VLQR
TXH VH PLUD OD SDUWH GH LQWHUpV D WUDYpV GH XQD
SDQWDOOD IOXRURVFySLFD GH IRUPD FRQYHQFLRQDO R
FRQ HO XVR GH XQ LQWHQVLILFDGRU GH LPDJHQ \
PRQLWRUORTXHUHGXFHHOWLHPSRGHH[SRVLFLyQ











6RQ XWLOL]DGRV WDPELpQ (TXLSRV GH 5D\RV ;
3RUWiWLOHV GH XVR HQ SDEHOORQHV TXLU~UJLFRV \
XQLGDGHVGHWUDWDPLHQWRVLQWHQVLYRV 



/RV UD\RV ; VRQ XQD RSFLyQ SDUD ORV WUDWDPLHQWRV GH FiQFHUHV H[LVWLHQGR
(TXLSRV SDUD 7HUDSLDV VXSHUILFLDOHV LQWHUPHGLDV \ SURIXQGDV 6LQ HPEDUJR VX
XVR HV OLPLWDGR \D TXH HV PiV XWLOL]DGR HO WUDWDPLHQWR FRQ (TXLSRV GH
&REDOWRWHUDSLD

3RU ~OWLPR OD WHFQRORJtD PpGLFD KD LQWURGXFLGR HO 6FDQQHU TXH HV XQ VLVWHPD
FRPSXWDUL]DGR PX\ XWLOL]DGR TXH SURSRUFLRQD XQD YLVLyQ WULGLPHQVLRQDO \D TXH
KD GDGR H[FHOHQWHV UHVXOWDGRV HQ OD XELFDFLyQ GH WXPRUHV PDOLJQRV -XQWR D
pVWRH[LVWHQWDPELpQORV$FHOHUDGRUHVGH3DUWtFXODV
      
)XHQWHV5DGLDFWLYDV

(Q OD PHGLFLQD ODV )XHQWHV 5DGLDFWLYDV VRQ DSOLFDGDV HQ OD UHDOL]DFLyQ GH XQD
JUDQYDULHGDGGHH[iPHQHVXWLOL]iQGRVHFRPRDJHQWHVGHGLDJQyVWLFRWHUDSLDH
LQYHVWLJDFLRQHV

&RPR DJHQWHV GH GLDJQyVWLFR VRQ XVDGRV ORV UDGLRIiUPDFRV R GURJDV
UDGLDFWLYDVHQ0HGLFLQD1XFOHDUHQHVWXGLRVGHWLURLGHVULxyQFRUD]yQFHUHEUR
SXOPyQ \ FLUFXODFLyQ VDQJXtQHD  HQWUH RWURV  (Q HO  FDVR GH  OD  WLURLGHV  VH
DSOLFD ,RGR   , SDUD GHWHUPLQDU \ ORFDOL]DU FLHUWRV WUDQVWRUQRV GH HVWD
JOiQGXOD

$SOLFDFLRQHVGHODV5DGLDFLRQHV,RQL]DQWHV


 

(Q HO FXDGUR VLJXLHQWH VH PXHVWUDQ SDUD GLVWLQWRV WLSRV GH H[iPHQHV ORV
UDGLRLVyWRSRVXWLOL]DGRV     

)XHQWH 0RGRGH
([DPHQ )RUPD4XtPLFD
5DGLDFWLYD $GPLQLVWUDFLyQ
$EVRUFLyQGH
+ $FLGR)yOLFR 2UDO
$FLGR)yOLFR
&LUFXODFLyQ ,RGRKLSXUDWRGH 6XEFXWiQHR
,
3HULIpULFD 6RGLR ,QWUDPXVFXODU
6HUR$OE~PLQD
,QWUDOXPEDU R
&LVWHUQRJUDItD , +XPDQD
,QWUDVSLQDO
<RGDGD
'HWHUPLQDFLyQ 1D &ORUXUR ,QWUDYHQRVD
WRWDOGH6RGLR 1D &ORUXUR 2UDO
(VFLQWRJUDItDGH
7FP 3HUWHFQDWR ,QWUDYHQRVD
OD3DUyWLFD
(VFLQWRJUDItD
6H 0HWLRQLQD ,QWUDYHQRVD
3DUHDWLURLGH
(VFLQWRJUDItDGH
$X &RORLGH 6XEFXWiQHR
/LQID
0HGLGDVGHO2MR 3 )RVIDWR ,QWUDYHQRVR
0HWDEROLVPRGHO
&D &ORUXUR 2UDO
&DOFLR
&HOGDGH
6XSHUYLYHQFLD
&U &RQWHRGH ,QWUDYHQRVD
(ULWURFLWDULD
(ULWURFLWRV
3ROLYLGRQD
9DFLDGR , 6HUR$OE~PLQD 2UDO
(VWRPDFDO , +XPDQD 2UDO
<RGDGD

7DPELpQ VRQ XWLOL]DGDV ODV 7pFQLFDV GH 5DGLR ,QPXQRDQiOLVLV \ SURFHGLPLHQWRV
DQH[RV SDUD OD PHGLFLyQ GH KRUPRQDV HQ]LPDV YLUXV FLHUWDV SURWHtQDV GHO
VXHUR DOJXQRV IiUPDFRV \ RWUDV VXVWDQFLDV (VWRV DQiOLVLV VRQ UHDOL]DGRV HQ
JRWDV GH VXHUR VDQJXtQHR GHO SDFLHQWH D ORV TXH VH DSOLFDQ GHWHUPLQDGRV
UDGLRLVyWRSRV

(Q 5DGLRWHUDSLD VH XVDQ ODV UDGLDFLRQHV LRQL]DQWHV SDUD GHVWUXLU WHMLGRV
$SOLFDFLRQHVGHODV5DGLDFLRQHV,RQL]DQWHV


 DIHFWDGRV SRU FiQFHU X RWUDV
HQIHUPHGDGHV /DV FpOXODV FDQFHURVDV
VH SXHGHQ GHVWUXLU LQVHUWDQGRDJXMDVGH
XQPDWHULDOUDGLDFWLYR 5DHQOD]RQD
DIHFWDGD R ELHQ LUUDGLDQGR FRQ
&REDOWR&R HVWR~OWLPRFRQRFLGR
FRPR&REDOWRWHUDSLD














(Q OD WDEOD VLJXLHQWH VH LQGLFDQ HMHPSORV GH SURFHGLPLHQWRV WHUDSpXWLFRV GH
7HUDSLD1XFOHDU

(QIHUPHGDG 7HUDSLD1XFOHDU

/HXFHPLD 3
&iQFHUGH7LURLGHV ,
0HWiVWDVLV 2VHDV GHO &DUFLQRPD GH
3
0DPD\GH3UyVWDWD
&RORLGHV
$UWURSDWtDV,QIODPDWRULDV
5DGLDFWLYRV
/LQIRVDUFRPD 3
$VFLWLV0DOLJQD $X
'HUUDPH3OHXUDO0DOLJQR $X
+LSHUWLURLGLVPR ,,


 $SOLFDFLRQHVHQOD,QGXVWULD
     
(TXLSRV*HQHUDGRUHVGH5D\RV;
$SOLFDFLRQHVGHODV5DGLDFLRQHV,RQL]DQWHV



/RVXVRVTXHVHHQPDUFDQHQHO$UHD,QGXVWULDOVRQORVVLJXLHQWHV

(TXLSRVGH'LIUDFFLyQGH5D\RV;

(TXLSRV SDUD 5DGLRJUDItDV \ )OXRURVFRStD ,QGXVWULDO \ TXH VRQ XVDGRV HQ
WpFQLFDVGHHQVD\RVQRGHVWUXFWLYRV


)XHQWHV1XFOHDUHV5DGLDFWLYDV

$XQTXHTXL]iVSRGDPRVFRQVLGHUDUORV5HDFWRUHVGH3RWHQFLD\GH,QYHVWLJDFLyQ
FRPR ODV FRQWULEXFLRQHV PD\RUHV HQ OD ,QGXVWULD HV QHFHVDULR PHQFLRQDU
WDPELpQ OD H[WUDRUGLQDULD D\XGD TXH XQ JUDQ Q~PHUR GH )XHQWHV 5DGLDFWLYDV
SURSRUFLRQDQ












(Q PXFKDV IRUPDV ORV LVyWRSRV UDGLDFWLYRV FRQWULEX\HQ D REWHQHU PHMRUHV
SURGXFWRV HQ IRUPD PiV UiSLGD \ D PiV EDMR FRVWR 8QD GH ODV DSOLFDFLRQHV
SULQFLSDOHVHVHQHOFRQWUROGHODSURGXFFLyQ

(QWUH ORV (TXLSRV GLVHxDGRV XWLOL]DQGR )XHQWHV 5DGLDFWLYDV VH GHVWDFDQ ORV
VLJXLHQWHV

$SOLFDFLRQHVGHODV5DGLDFLRQHV,RQL]DQWHV


 (QVD\RVUDGLRJUiILFRVXWLOL]DQGR&REDOWR
0HGLGRUHVGHGHQVLGDG\KXPHGDG$PHULFLR%HULOLR
0HGLUQLYHOHVGHOtTXLGRV&REDOWR
,QGLFDUDOWXUDGHOtTXLGRV&REDOWR
/DPHGLFLyQGHODILUPH]DGHFLJDUULOORVVRQUDGLRLVyWRSRV
0HGLGRUHVGHHVSHVRUGHGLIHUHQWHVPHWDOHVSOiVWLFRVWH[WLOHVJRPDHWF














0HGLUHOFRQWHQLGRGHDJXDHQODQLHYH&REDOWR
'HWHFFLyQGHVXSHUILFLHVGHVHSDUDFLyQHQIOXMRVDWUDYpVGHFDxHUtDV
'HQVLWyPHWURV
0HGLFLyQGHHVSHVRUHV
3UREDUHOGHVJDVWHGHODFHUDSDUDSLVRV
(VWXGLRVGHIULFFLyQ\OXEULFDFLyQ+LHUUR
'HWHUPLQDUHOJUDGRGHPH]FOD
'HWHUPLQDFLyQGHOFDXGDOXVDQGRWUD]DGRUUDGLDFWLYR
'HWHUPLQDFLyQGHFDSDVHQSURVSHFFLyQGHSHWUyOHR
,GHQWLILFDUSHWUyOHRTXHIOX\HSRUWXEHUtDV
(VWHULOL]DUHQIUtR&REDOWR


7UD]DGRUHV5DGLDFWLYRV
 
(O XVR GH UDGLRLVyWRSRV FRPR 7UD]DGRUHV FRQVLVWH HQ LQFRUSRUDU D XQ SURFHVR
XQDSHTXHxDFDQWLGDGGHXQDVXVWDQFLDUDGLDFWLYD\VHJXLUVXGHVSOD]DPLHQWRHQ
HOPLVPR(VWHPpWRGRHVDSOLFDGRHQHVWXGLRVGHIOXMRYHORFLGDGHQWXEHUtDV\
WUDQVSRUWH GH PDWHULDOHV HQ HVWXGLRV GH PH]FODGR GH IOXLGRV\ HQ GHWHFFLyQ GH
IOXMRVHQWXEHUtDVHQWHUUDGDVTXHWUDQVSRUWDQOtTXLGRVRJDVHV


(VWHULOL]DFLyQHQ)UtR

$SOLFDFLRQHVGHODV5DGLDFLRQHV,RQL]DQWHV


 (O XVR GH IXHQWHV LQWHQVDV GH UDGLDFLyQ &REDOWR   KD SHUPLWLGR GHVDUUROODU
XQD WHFQRORJtD GH FRQVHUYDFLyQ GH DOLPHQWRV /D DSOLFDFLyQ GH UDGLDFLRQHV
LQWHQVDV UHWDUGD OD PDGXUDFLyQ GH IUXWDV \ HQ JHQHUDO HOLPLQD ORV
PLFURRUJDQLVPRV SDWyJHQRV FDXVDQWHV GHO GHWHULRUR GH ORV SURGXFWRV
DOLPHQWLFLRV (Q &KLOH VRQ DSOLFDGRV HVWDV WpFQLFDV &HQWUR GH (VWXGLRV /R
$JXLUUH&&+(1SDUDLQKLELUODEURWDFLyQHQEXOERV\WXEpUFXORVWDOHVFRPROD
FHEROODSDSDV\DMRV

$SOLFDFLRQHVGHODV5DGLDFLRQHV,RQL]DQWHV


 
3RU RWUR ODGR ODV IXHQWHV LQWHQVDV VRQ XWLOL]DGDV SDUD HVWHULOL]DU DUWtFXORV
PpGLFRV WDOHV FRPR YHQGDMHV TXLU~UJLFRV VXWXUDV MHULQJDV HWF /DV YHQWDMDV
TXH RIUHFH OD LUUDGLDFLyQ FRQ &REDOWR   FRQ UHVSHFWR D ORV PpWRGRV
WUDGLFLRQDOHVVRQ

/RV DUWtFXORV D HVWHULOL]DU SXHGHQ HPSDTXHWDUVH HQ HQYDVHV KHUPpWLFRV
LPSHQHWUDEOHV D ORV PLFURRUJDQLVPRV /D LUUDGLDFLyQ *DPPD SHQHWUD D
WUDYpVGHOHQYDVH\DOFDQ]DDWRGDVODVSDUWHVGHOREMHWR3RUFRQVLJXLHQWH
SXHGHQ PDQWHQHUVH DOPDFHQDGRV HQ HVWDGR GH HVWHULOLGDG SRU XQ WLHPSR
SUiFWLFDPHQWHLQGHILQLGRFRQWDOGHTXHHOHQYDVHQRVHURPSD

/DV UDGLDFLRQHV QR SURYRFDQ QLQJ~Q DXPHQWR VLJQLILFDWLYR GH OD
WHPSHUDWXUD 3RU VHU XQ SURFHVR IUtR HV SRVLEOH HVWHULOL]DU PDWHULDOHV
WHUPRVHQVLEOHV SRU HMHPSOR ORV SOiVWLFRV (V GHVGH OXHJR HO PHMRU \ D
PHQXGR HO ~QLFR PpWRGR SDUD HVWHULOL]DU SUHSDUDGRV GH RULJHQ ELROyJLFR


/DUDGLRHVWHULOL]DFLyQVHSUHVWDDXQSURFHVRFRQWLQXR\DXWRPiWLFR

/D UDGLRHVWHULOL]DFLyQ HV JHQHUDOPHQWH PXFKR PiV EDUDWD TXH OD
HVWHULOL]DFLyQFRQYDSRUDDOWDVWHPSHUDWXUDV

3RU OR DQWHULRU VH GHGXFH TXH OD UDGLRHVWHULOL]DFLyQ GH SURGXFWRV PpGLFRV \
IDUPDFpXWLFRV KD EHQHILFLDGR \D PLOORQHV GH SDFLHQWHV GH KRVSLWDOHV \
FRQWLQXDUiSURSRUFLRQDQGRWDOHVEHQHILFLRVHQHOIXWXUR


4. $SOLFDFLRQHVHQOD$JULFXOWXUD
     
6LQ GXGD DOJXQD OD DJULFXOWXUD PRGHUQD VH KD EHQHILFLDGR QRWDEOHPHQWH FRQ HO
DYDQFHGHODVFLHQFLDVHQHOFDPSRGHODHQHUJtDQXFOHDU(OXVRDGHFXDGRGHODV
UDGLDFLRQHVDVtFRPRGHORVPDWHULDOHVUDGLDFWLYRVHQSHTXHxDVFDQWLGDGHVDODV
TXH VH KDQ OODPDGR 7UD]DGRUHV KD SURYLVWR DO LQYHVWLJDGRU GH OD HUD DFWXDO GH
KHUUDPLHQWDV SRGHURVDV SDUD GHVFLIUDU SUREOHPDV GH LQWHUpV TXH OD ,QGXVWULD
$JUtFRODQHFHVLWDUHVROYHU

/DVWpFQLFDVPRGHUQDVGHODUDGLDFWLYLGDGVHKDQDSOLFDGRDOHVWXGLRGHOWHUUHQR
GH ODV SODQWDV GH ORV PLFURELRV GH ORV DQLPDOHV GH JUDQMD HWF 1R SRGHPRV
GHFLU TXH HO DJULFXOWRU PRGHUQR ODV XVH GLUHFWDPHQWH SHUR PHGLDQWH
LQYHVWLJDFLRQHV HQ FHQWURV H[SHULPHQWDOHV VH DSURYHFKDQ ORV UHVXOWDGRV
REWHQLGRVSDUDORJUDUPHMRUHVFRVHFKDVQXWULFLyQHILFLHQWHGHOJDQDGRHWF

(OKHFKRGHTXHORVLVyWRSRVUDGLDFWLYRVQRSUHVHQWDQGLIHUHQFLDVTXtPLFDVFRQ
HOPLVPRiWRPRHVWDEOHKDIDFLOLWDGRTXHSXHGDQVHULQFRUSRUDGRVDODVSODQWDV
FRPR7UD]DGRUHV
$SOLFDFLRQHVGHODV5DGLDFLRQHV,RQL]DQWHV


 


(QUHVXPHQVHSXHGHQLQGLFDUODVVLJXLHQWHVDSOLFDFLRQHV

(VWXGLRVGHODDEVRUFLyQGHIHUWLOL]DQWHVSDUDODVSODQWDV

&UHDFLRQHVGHYDULHGDGHVGHSODQWDVGHJUDQUHQGLPLHQWR\DOWDUHVLVWHQFLDD
ORVLQVHFWRV

(OLPLQDFLyQGHSODJDVSRUODWpFQLFDGHOPDFKRHVWpULO


 2WUDV$SOLFDFLRQHV

$QiOLVLVSRUDFWLYDFLyQQHXWUyQLFD
        
(VWD FRQVLVWH HQ ERPEDUGHDU OD PXHVWUD FRQ SDUWtFXODV DWyPLFDV \ PHGLU OD
UDGLDFLyQ UHVXOWDQWH HPLWLGD SRU ORV HOHPHQWRV DFWLYDGRV (VWD HV XQD WpFQLFD
DOWDPHQWHVHQVLEOH\VHOHFWLYDTXHUHTXLHUHXQDFDQWLGDGPX\EDMDGHPXHVWUD\
FRQORFXDOHVSRVLEOHGHWHUPLQDUFXDQWLWDWLYDPHQWHHOHPHQWRVTXtPLFRVTXHVH
HQFXHQWUDQHQSHTXHxDVFDQWLGDGHVHQPXHVWUDVGHGLYHUVRVWLSRVWDOHVFRPR
SLH]DVDUTXHROyJLFDV\HQPDWHULDOHVIRUHQVHV\ELROyJLFRV

 ,VyWRSRV$PELHQWDOHV

/RV,VyWRSRV$PELHQWDOHVHVGHFLUDTXHOORVTXHVHHQFXHQWUDQHQODQDWXUDOH]D
SHUPLWHQ LPSOHPHQWDU WpFQLFDV PX\ HILFLHQWHV SDUD DERUGDU HVWXGLRV
KLGUROyJLFRVJHRTXtPLFRV\GHOPHGLRDPELHQWH/RVLVyWRSRVDPELHQWDOHVPiV
FRUULHQWHPHQWH XVDGRV VRQ HO 2[tJHQR   'HXWHULR 7ULWLR &DUERQR   \
&DUERQR(VWRVLVyWRSRVSXHGHQDSOLFDUVHHQHVWXGLRGHDJXDVVXEWHUUiQHDV
LGHQWLILFDQGR HO RULJHQ GH OD UHFDUJD \ UHQRYDELOLGDG GHO UHFXUVR DGHPiV
SHUPLWHQ PHGLU ODV YDULDFLRQHV FOLPiWLFDV SDVDGDV \ VX HYLGHQFLD HQ HO PHGLR
DPELHQWH

  





  
    

 !"
# $%






$SOLFDFLRQHVGHODV5DGLDFLRQHV,RQL]DQWHV