Вы находитесь на странице: 1из 10

/(*,6/$&,Ï1&2162/,'$'$

5HDO 'HFUHWR /HJLVODWLYR  GH  GH RFWXEUH SRU HO TXH VH
DSUXHED HO WH[WR UHIXQGLGR GH OD /H\ GHO (VWDWXWR %ÒVLFR GHO
(PSOHDGR3ëEOLFR

0LQLVWHULRGH+DFLHQGD\$GPLQLVWUDFLRQHV3ëEOLFDV
œ%2(¬QëPGHGHRFWXEUHGH
5HIHUHQFLD%2($

¾1',&(


3UHÒPEXOR                                                                 

$UWÞFXORV                                                                  

$UWÞFXORëQLFR$SUREDFLäQGHOWH[WRUHIXQGLGRGHOD/H\GHO(VWDWXWR%ÒVLFRGHO(PSOHDGR3ëEOLFR    

'LVSRVLFLRQHVDGLFLRQDOHV                                                       

'LVSRVLFLäQDGLFLRQDOëQLFD5HPLVLRQHVQRUPDWLYDV                                  

'LVSRVLFLRQHVGHURJDWRULDV                                                      

'LVSRVLFLäQGHURJDWRULDëQLFD'HURJDFLäQQRUPDWLYD                                 

'LVSRVLFLRQHVILQDOHV                                                          

'LVSRVLFLäQILQDOëQLFD(QWUDGDHQYLJRU                                          

7(;725()81','2'(/$/(<'(/(67$7872%²6,&2'(/(03/($'23Ë%/,&2                 

7¾78/2,2EMHWR\ÒPELWRGHDSOLFDFLäQ                                                 

$UWÞFXOR2EMHWR                                                        

$UWÞFXOR²PELWRGHDSOLFDFLäQ                                               

$UWÞFXOR3HUVRQDOIXQFLRQDULRGHODV(QWLGDGHV/RFDOHV                               

$UWÞFXOR3HUVRQDOFRQOHJLVODFLäQHVSHFÞILFDSURSLD                                 

$UWÞFXOR3HUVRQDOGHOD6RFLHGDG(VWDWDO&RUUHRV\7HOÚJUDIRV                          

$UWÞFXOR/H\HVGH)XQFLäQ3ëEOLFD                                            

3ÒJLQD
%2/(7¾12),&,$/'(/(67$'2
/(*,6/$&,Ä1&2162/,'$'$

&$3Ë78/2,9
'HUHFKR D OD QHJRFLDFLyQ FROHFWLYD UHSUHVHQWDFLyQ \ SDUWLFLSDFLyQ
LQVWLWXFLRQDO'HUHFKRGHUHXQLyQ

$UWtFXOR3ULQFLSLRVJHQHUDOHV
 /RV HPSOHDGRV SëEOLFRV WLHQHQ GHUHFKR D OD QHJRFLDFLäQ FROHFWLYD UHSUHVHQWDFLäQ \
SDUWLFLSDFLäQLQVWLWXFLRQDOSDUDODGHWHUPLQDFLäQGHVXVFRQGLFLRQHVGHWUDEDMR
3RUQHJRFLDFLäQFROHFWLYDDORVHIHFWRVGHHVWDOH\VHHQWLHQGHHOGHUHFKRDQHJRFLDU
ODGHWHUPLQDFLäQGHFRQGLFLRQHVGHWUDEDMRGHORVHPSOHDGRVGHOD$GPLQLVWUDFLäQ3ëEOLFD
 3RU UHSUHVHQWDFLäQ D ORV HIHFWRV GH HVWD OH\ VH HQWLHQGH OD IDFXOWDG GH HOHJLU
UHSUHVHQWDQWHV \ FRQVWLWXLU äUJDQRV XQLWDULRV D WUDYÚV GH ORV FXDOHV VH LQVWUXPHQWH OD
LQWHUORFXFLäQHQWUHODV$GPLQLVWUDFLRQHV3ëEOLFDV\VXVHPSOHDGRV
 3RU SDUWLFLSDFLäQ LQVWLWXFLRQDO D ORV HIHFWRV GH HVWD OH\ VH HQWLHQGH HO GHUHFKR
D
SDUWLFLSDUDWUDYÚVGHODVRUJDQL]DFLRQHVVLQGLFDOHVHQORVäUJDQRVGHFRQWURO\VHJXLPLHQWR
GHODVHQWLGDGHVXRUJDQLVPRVTXHOHJDOPHQWHVHGHWHUPLQH
 (O HMHUFLFLR GH ORV GHUHFKRV HVWDEOHFLGRV HQ HVWH DUWÞFXOR VH JDUDQWL]D \ VH
OOHYD D
FDERDWUDYÚVGHORVäUJDQRV\VLVWHPDVHVSHFÞILFRVUHJXODGRVHQHOSUHVHQWHFDSÞWXORVLQ
SHUMXLFLR GH RWUDV IRUPDV GH FRODERUDFLäQ HQWUH ODV $GPLQLVWUDFLRQHV 3ëEOLFDV \ VXV
HPSOHDGRVSëEOLFRVRORVUHSUHVHQWDQWHVGHÚVWRV
/DVRUJDQL]DFLRQHVVLQGLFDOHVPÒVUHSUHVHQWDWLYDVHQHOÒPELWRGHOD)XQFLäQ3ëEOLFD
HVWÒQ OHJLWLPDGDV SDUD OD LQWHUSRVLFLäQ GH UHFXUVRV HQ YÞD DGPLQLVWUDWLYD \
MXULVGLFFLRQDO FRQWUDODVUHVROXFLRQHVGHORVäUJDQRVGHVHOHFFLäQ
 (O HMHUFLFLR GH ORV GHUHFKRV HVWDEOHFLGRV HQ HVWH FDSÞWXOR GHEHUÒ UHVSHWDU HQ
WRGR FDVRHOFRQWHQLGRGHOSUHVHQWH(VWDWXWR\ODVOH\HVGHGHVDUUROORSUHYLVWDVHQHOPLVPR
 /RV SURFHGLPLHQWRV SDUD GHWHUPLQDU FRQGLFLRQHV GH WUDEDMR HQ ODV
$GPLQLVWUDFLRQHV 3ëEOLFDV WHQGUÒQ HQ FXHQWD ODV SUHYLVLRQHV HVWDEOHFLGDV HQ ORV
FRQYHQLRV \ DFXHUGRV GH FDUÒFWHULQWHUQDFLRQDOUDWLILFDGRVSRU(VSDâD

$UWtFXOR1HJRFLDFLyQFROHFWLYDUHSUHVHQWDFLyQ\SDUWLFLSDFLyQGHOSHUVRQDOODERUDO
 /D QHJRFLDFLäQ FROHFWLYD UHSUHVHQWDFLäQ \ SDUWLFLSDFLäQ GH ORV HPSOHDGRV
SëEOLFRV
FRQFRQWUDWRODERUDOVHUHJLUÒSRUODOHJLVODFLäQODERUDOVLQSHUMXLFLRGHORVSUHFHSWRVGHHVWH
FDSÞWXORTXHH[SUHVDPHQWHOHVVRQGHDSOLFDFLäQ
3ÒJLQD
%2/(7¾12),&,$/'(/(67$'2
/(*,6/$&,Ä1&2162/,'$'$

 6H JDUDQWL]D HO FXPSOLPLHQWR GH ORV FRQYHQLRV FROHFWLYRV \ DFXHUGRV TXH DIHFWHQ DO
SHUVRQDO ODERUDO VDOYR FXDQGR H[FHSFLRQDOPHQWH \ SRU FDXVD JUDYH GH LQWHUÚV SëEOLFR
GHULYDGD GH XQD DOWHUDFLäQ VXVWDQFLDO GH ODV FLUFXQVWDQFLDV HFRQäPLFDV ORV äUJDQRV GH
JRELHUQR GH ODV $GPLQLVWUDFLRQHV 3ëEOLFDV VXVSHQGDQ R PRGLILTXHQ HO FXPSOLPLHQWR GH
FRQYHQLRV FROHFWLYRV R DFXHUGRV \D ILUPDGRV HQ OD PHGLGD HVWULFWDPHQWH QHFHVDULD SDUD
VDOYDJXDUGDUHOLQWHUÚVSëEOLFR
(QHVWHVXSXHVWRODV$GPLQLVWUDFLRQHV3ëEOLFDVGHEHUÒQLQIRUPDUDODVRUJDQL]DFLRQHV
VLQGLFDOHVGHODVFDXVDVGHODVXVSHQVLäQRPRGLILFDFLäQ
$ORVHIHFWRVGHORVSUHYLVWRHQHVWHDSDUWDGRVHHQWHQGHUÒHQWUHRWUDVTXHFRQFXUUH
FDXVD JUDYH GH LQWHUÚV SëEOLFR GHULYDGD GH OD DOWHUDFLäQ VXVWDQFLDO GH ODV FLUFXQVWDQFLDV
HFRQäPLFDV FXDQGR ODV $GPLQLVWUDFLRQHV 3ëEOLFDV GHEDQ DGRSWDU PHGLGDV R SODQHV GH
DMXVWH GH UHHTXLOLEULR GH ODV FXHQWDV SëEOLFDV R GH FDUÒFWHU HFRQäPLFR ILQDQFLHUR SDUD
DVHJXUDUODHVWDELOLGDGSUHVXSXHVWDULDRODFRUUHFFLäQGHOGÚILFLWSëEOLFR

$UWtFXOR1HJRFLDFLyQFROHFWLYD
 /D QHJRFLDFLäQ FROHFWLYD GH FRQGLFLRQHV GH WUDEDMR GH ORV IXQFLRQDULRV SëEOLFRV TXH
HVWDUÒVXMHWDDORVSULQFLSLRVGHOHJDOLGDGFREHUWXUDSUHVXSXHVWDULDREOLJDWRULHGDGEXHQDIH
QHJRFLDO SXEOLFLGDG \ WUDQVSDUHQFLD VH HIHFWXDUÒ PHGLDQWH HO HMHUFLFLR GH OD FDSDFLGDG
UHSUHVHQWDWLYDUHFRQRFLGDDODVRUJDQL]DFLRQHVVLQGLFDOHVHQORVDUWÞFXORVF \GH
OD/H\2UJÒQLFDGHGHDJRVWRGH/LEHUWDG6LQGLFDO\ORSUHYLVWRHQHVWHFDSÞWXOR
$HVWHHIHFWRVHFRQVWLWXLUÒQ0HVDVGH1HJRFLDFLäQHQODVTXHHVWDUÒQOHJLWLPDGRVSDUD
HVWDU SUHVHQWHV SRU XQD SDUWH ORV UHSUHVHQWDQWHV GH OD $GPLQLVWUDFLäQ 3ëEOLFD
FRUUHVSRQGLHQWH \ SRU RWUD ODV RUJDQL]DFLRQHV VLQGLFDOHV PÒV UHSUHVHQWDWLYDV D QLYHO
HVWDWDO ODV RUJDQL]DFLRQHV VLQGLFDOHV PÒV UHSUHVHQWDWLYDV GH FRPXQLGDG DXWäQRPD DVÞ
FRPR ORV VLQGLFDWRV TXH KD\DQ REWHQLGR HO  SRU  R PÒV GH ORV UHSUHVHQWDQWHV HQ ODV
HOHFFLRQHVSDUD'HOHJDGRV\-XQWDVGH3HUVRQDOHQODVXQLGDGHVHOHFWRUDOHVFRPSUHQGLGDV
HQHOÒPELWRHVSHFÞILFRGHVXFRQVWLWXFLäQ
 /DV $GPLQLVWUDFLRQHV 3ëEOLFDV SRGUÒQ HQFDUJDU HO GHVDUUROOR GH ODV DFWLYLGDGHV GH
QHJRFLDFLäQFROHFWLYDDäUJDQRVFUHDGRVSRUHOODVGHQDWXUDOH]DHVWULFWDPHQWHWÚFQLFDTXH
RVWHQWDUÒQ VX UHSUHVHQWDFLäQ HQ OD QHJRFLDFLäQ FROHFWLYD SUHYLDV ODV LQVWUXFFLRQHV SROÞWLFDV
FRUUHVSRQGLHQWHV\VLQSHUMXLFLRGHODUDWLILFDFLäQGHORVDFXHUGRVDOFDQ]DGRVSRUORVäUJDQRV
GHJRELHUQRRDGPLQLVWUDWLYRVFRQFRPSHWHQFLDSDUDHOOR

$UWtFXOR0HVDVGH1HJRFLDFLyQ
 $ ORV HIHFWRV GH OD QHJRFLDFLäQ FROHFWLYD GH ORV IXQFLRQDULRV SëEOLFRV VH FRQVWLWXLUÒ
XQD0HVD*HQHUDOGH1HJRFLDFLäQHQHOÒPELWRGHOD$GPLQLVWUDFLäQ*HQHUDOGHO(VWDGRDVÞ
FRPRHQFDGDXQDGHODV&RPXQLGDGHV$XWäQRPDVFLXGDGHVGH&HXWD\0HOLOOD\(QWLGDGHV
/RFDOHV
6HUHFRQRFHODOHJLWLPDFLäQQHJRFLDOGHODVDVRFLDFLRQHVGH PXQLFLSLRVDVÞFRPROD
GH ODV (QWLGDGHV /RFDOHV GH ÒPELWR VXSUDPXQLFLSDO $ WDOHV HIHFWRV ORV PXQLFLSLRV SRGUÒQ
DGKHULUVHFRQFDUÒFWHUSUHYLRRGHPDQHUDVXFHVLYDDODQHJRFLDFLäQFROHFWLYDTXHVHOOHYHD
FDERHQHOÒPELWRFRUUHVSRQGLHQWH
$VLPLVPR XQD $GPLQLVWUDFLäQ R (QWLGDG 3ëEOLFD SRGUÒ DGKHULUVH D ORV DFXHUGRV
DOFDQ]DGRVGHQWURGHOWHUULWRULRGHFDGDFRPXQLGDGDXWäQRPDRDORVDFXHUGRVDOFDQ]DGRV
HQXQÒPELWRVXSUDPXQLFLSDO
 6RQ FRPSHWHQFLDV SURSLDV GH ODV 0HVDV *HQHUDOHV OD QHJRFLDFLäQ GH ODV PDWHULDV
UHODFLRQDGDVFRQFRQGLFLRQHVGHWUDEDMRFRPXQHVDORVIXQFLRQDULRVGHVXÒPELWR
 'HSHQGLHQGR GH ODV 0HVDV *HQHUDOHV GH 1HJRFLDFLäQ \ SRU DFXHUGR GH ODV PLVPDV
SRGUÒQFRQVWLWXLUVH0HVDV6HFWRULDOHVHQDWHQFLäQDODVFRQGLFLRQHVHVSHFÞILFDVGHWUDEDMR
GHODVRUJDQL]DFLRQHVDGPLQLVWUDWLYDVDIHFWDGDVRDODVSHFXOLDULGDGHVGHVHFWRUHVFRQFUHWRV
GHIXQFLRQDULRVSëEOLFRV\DVXQëPHUR
 /D FRPSHWHQFLD GH ODV 0HVDV 6HFWRULDOHV VH H[WHQGHUÒ D ORV WHPDV FRPXQHV D ORV
IXQFLRQDULRVGHOVHFWRUTXHQRKD\DQVLGRREMHWRGHGHFLVLäQSRUSDUWHGHOD0HVD*HQHUDO
UHVSHFWLYDRDORVTXHÚVWDH[SOÞFLWDPHQWHOHVUHHQYÞHRGHOHJXH
 (O SURFHVR GH QHJRFLDFLäQ VH DEULUÒ HQ FDGD 0HVD HQ OD IHFKD TXH GH FRPëQ
DFXHUGRILMHQOD$GPLQLVWUDFLäQFRUUHVSRQGLHQWH\ODPD\RUÞDGHODUHSUHVHQWDFLäQVLQGLFDO$
IDOWDGHDFXHUGRHOSURFHVRVHLQLFLDUÒHQHOSOD]RPÒ[LPRGHXQPHVGHVGHTXHODPD\RUÞD

3ÒJLQD
%2/(7¾12),&,$/'(/(67$'2
/(*,6/$&,Ä1&2162/,'$'$

GHXQDGHODVSDUWHVOHJLWLPDGDVORSURPXHYDVDOYRTXHH[LVWDQFDXVDVOHJDOHVRSDFWDGDV
TXHORLPSLGDQ
 $PEDV SDUWHV HVWDUÒQ REOLJDGDV D QHJRFLDU EDMR HO SULQFLSLR GH OD EXHQD IH \
SURSRUFLRQDUVHPXWXDPHQWHODLQIRUPDFLäQTXHSUHFLVHQUHODWLYDDODQHJRFLDFLäQ

$UWtFXOR&RQVWLWXFLyQ\FRPSRVLFLyQGHODV0HVDVGH1HJRFLDFLyQ
/DV0HVDVDTXHVHUHILHUHQORVDUWÞFXORV\GLVSRVLFLäQDGLFLRQDOGXRGÚFLPD
GHHVWH(VWDWXWRTXHGDUÒQYÒOLGDPHQWHFRQVWLWXLGDVFXDQGRDGHPÒVGHODUHSUHVHQWDFLäQGH
OD $GPLQLVWUDFLäQ FRUUHVSRQGLHQWH \ VLQ SHUMXLFLR GHO GHUHFKR GH WRGDV ODV RUJDQL]DFLRQHV
VLQGLFDOHV OHJLWLPDGDV D SDUWLFLSDU HQ HOODV HQ SURSRUFLäQ D VX UHSUHVHQWDWLYLGDG WDOHV
RUJDQL]DFLRQHVVLQGLFDOHVUHSUHVHQWHQFRPRPÞQLPRODPD\RUÞDDEVROXWDGHORVPLHPEURV
GHORVäUJDQRVXQLWDULRVGHUHSUHVHQWDFLäQHQHOÒPELWRGHTXHVHWUDWH
 /DV YDULDFLRQHV HQ OD UHSUHVHQWDWLYLGDG VLQGLFDO D HIHFWRV GH PRGLILFDFLäQ HQ OD
FRPSRVLFLäQ GH ODV 0HVDV GH 1HJRFLDFLäQ VHUÒQ DFUHGLWDGDV SRU ODV RUJDQL]DFLRQHV
VLQGLFDOHV LQWHUHVDGDV PHGLDQWH HO FRUUHVSRQGLHQWH FHUWLILFDGR GH OD 2ILFLQD 3ëEOLFD GH
5HJLVWURFRPSHWHQWHFDGDGRVDâRVDSDUWLUGHODIHFKDLQLFLDOGHFRQVWLWXFLäQGHODVFLWDGDV
0HVDV
 /D GHVLJQDFLäQ GH ORV FRPSRQHQWHV GH ODV 0HVDV FRUUHVSRQGHUÒ D ODV SDUWHV
QHJRFLDGRUDV TXH SRGUÒQ FRQWDU FRQ OD DVLVWHQFLD HQ ODV GHOLEHUDFLRQHV GH DVHVRUHV TXH
LQWHUYHQGUÒQFRQYR]SHURVLQYRWR
 (Q ODV QRUPDV GH GHVDUUROOR GHO SUHVHQWH (VWDWXWR VH HVWDEOHFHUÒ OD FRPSRVLFLäQ
QXPÚULFDGHODV0HVDVFRUUHVSRQGLHQWHVDVXVÒPELWRVVLQTXHQLQJXQDGHODVSDUWHVSXHGD
VXSHUDUHOQëPHURGHTXLQFHPLHPEURV

$UWtFXOR0HVDV*HQHUDOHVGH1HJRFLDFLyQ
6HFRQVWLWX\HXQD0HVD*HQHUDOGH1HJRFLDFLäQGHODV$GPLQLVWUDFLRQHV3ëEOLFDV/D
UHSUHVHQWDFLäQ GH ÚVWDV VHUÒ XQLWDULD HVWDUÒ SUHVLGLGD SRU OD $GPLQLVWUDFLäQ *HQHUDO GHO
(VWDGR \ FRQWDUÒ FRQ UHSUHVHQWDQWHV GH ODV &RPXQLGDGHV $XWäQRPDV GH ODV FLXGDGHV GH
&HXWD \ 0HOLOOD \ GH OD )HGHUDFLäQ (VSDâROD GH 0XQLFLSLRV \ 3URYLQFLDV HQ IXQFLäQ GH ODV
PDWHULDVDQHJRFLDU
/DUHSUHVHQWDFLäQGHODVRUJDQL]DFLRQHVVLQGLFDOHVOHJLWLPDGDVSDUDHVWDUSUHVHQWHVGH
DFXHUGRFRQORGLVSXHVWRHQORVDUWÞFXORV\GHOD/H\2UJÒQLFDGHGHDJRVWR
GH/LEHUWDG6LQGLFDOVHGLVWULEXLUÒHQIXQFLäQGHORVUHVXOWDGRVREWHQLGRVHQODVHOHFFLRQHVD
ORV äUJDQRV GH UHSUHVHQWDFLäQ GHO SHUVRQDO 'HOHJDGRV GH 3HUVRQDO -XQWDV GH 3HUVRQDO \
&RPLWÚVGH(PSUHVDHQHOFRQMXQWRGHODV$GPLQLVWUDFLRQHV3ëEOLFDV
6HUÒQPDWHULDVREMHWRGHQHJRFLDFLäQHQHVWD0HVDODVUHODFLRQDGDVHQHODUWÞFXOR
GH HVWH (VWDWXWR TXH UHVXOWHQ VXVFHSWLEOHV GH UHJXODFLäQ HVWDWDO FRQ FDUÒFWHU GH QRUPD
EÒVLFDVLQSHUMXLFLRGHORVDFXHUGRVDTXHSXHGDQOOHJDUODVFRPXQLGDGHVDXWäQRPDVHQVX
FRUUHVSRQGLHQWHÒPELWRWHUULWRULDOHQYLUWXGGHVXVFRPSHWHQFLDVH[FOXVLYDV\FRPSDUWLGDVHQ
PDWHULDGH)XQFLäQ3ëEOLFD
6HUÒ HVSHFÞILFDPHQWH REMHWR GH QHJRFLDFLäQ HQ HO ÒPELWR GH OD 0HVD *HQHUDO GH
1HJRFLDFLäQ GH ODV $GPLQLVWUDFLRQHV 3ëEOLFDV HO LQFUHPHQWR JOREDO GH ODV UHWULEXFLRQHV GHO
SHUVRQDODOVHUYLFLRGHODV$GPLQLVWUDFLRQHV3ëEOLFDVTXHFRUUHVSRQGDLQFOXLUHQHO3UR\HFWR
GH/H\GH3UHVXSXHVWRV*HQHUDOHVGHO(VWDGRGHFDGDDâR
3DUDODQHJRFLDFLäQGHWRGDVDTXHOODVPDWHULDV\FRQGLFLRQHVGHWUDEDMRFRPXQHVDO
SHUVRQDOIXQFLRQDULRHVWDWXWDULR\ODERUDOGHFDGD$GPLQLVWUDFLäQ3ëEOLFDVHFRQVWLWXLUÒHQ
OD $GPLQLVWUDFLäQ *HQHUDO GHO (VWDGR HQ FDGD XQD GH ODV FRPXQLGDGHV DXWäQRPDV
FLXGDGHVGH&HXWD\0HOLOOD\HQWLGDGHVORFDOHVXQD0HVD*HQHUDOGH1HJRFLDFLäQ
6RQ GH DSOLFDFLäQ D HVWDV 0HVDV *HQHUDOHV ORV FULWHULRV HVWDEOHFLGRV HQ HO DSDUWDGR
DQWHULRU VREUH UHSUHVHQWDFLäQ GH ODV RUJDQL]DFLRQHV VLQGLFDOHV HQ OD 0HVD *HQHUDO GH
1HJRFLDFLäQGHODV$GPLQLVWUDFLRQHV3ëEOLFDVWRPDQGRHQFRQVLGHUDFLäQHQFDGDFDVRORV
UHVXOWDGRV REWHQLGRV HQ ODV HOHFFLRQHV D ORV äUJDQRV GH UHSUHVHQWDFLäQ GHO SHUVRQDO
IXQFLRQDULR\ODERUDOGHOFRUUHVSRQGLHQWHÒPELWRGHUHSUHVHQWDFLäQ
$GHPÒV WDPELÚQ HVWDUÒQ SUHVHQWHV HQ HVWDV 0HVDV *HQHUDOHV ODV RUJDQL]DFLRQHV
VLQGLFDOHV TXH IRUPHQ SDUWH GH OD 0HVD *HQHUDO GH 1HJRFLDFLäQ GH ODV $GPLQLVWUDFLRQHV
3ëEOLFDV VLHPSUH TXH KXELHUDQ REWHQLGR HO  SRU  GH ORV UHSUHVHQWDQWHV D SHUVRQDO
IXQFLRQDULRRSHUVRQDOODERUDOHQHOÒPELWRFRUUHVSRQGLHQWHDOD0HVDGHTXHVHWUDWH

3ÒJLQD
%2/(7¾12),&,$/'(/(67$'2
/(*,6/$&,Ä1&2162/,'$'$

$UWtFXOR0DWHULDVREMHWRGHQHJRFLDFLyQ
 6HUÒQ REMHWR GH QHJRFLDFLäQ HQ VX ÒPELWR UHVSHFWLYR \ HQ UHODFLäQ FRQ ODV
FRPSHWHQFLDVGHFDGD$GPLQLVWUDFLäQ3ëEOLFD\FRQHODOFDQFHTXHOHJDOPHQWHSURFHGDHQ
FDGDFDVRODVPDWHULDVVLJXLHQWHV
D  /D DSOLFDFLäQ GHO LQFUHPHQWR GH ODV UHWULEXFLRQHV GHO SHUVRQDO DO VHUYLFLR GH ODV
$GPLQLVWUDFLRQHV 3ëEOLFDV TXH VH HVWDEOH]FD HQ OD /H\ GH 3UHVXSXHVWRV *HQHUDOHV GHO
(VWDGR\GHODVFRPXQLGDGHVDXWäQRPDV
E  /D GHWHUPLQDFLäQ \ DSOLFDFLäQ GH ODV UHWULEXFLRQHV FRPSOHPHQWDULDV GH ORV
IXQFLRQDULRV
F /DVQRUPDVTXHILMHQORVFULWHULRVJHQHUDOHVHQPDWHULDGHDFFHVRFDUUHUDSURYLVLäQ
VLVWHPDVGHFODVLILFDFLäQGHSXHVWRVGHWUDEDMR\SODQHVHLQVWUXPHQWRVGHSODQLILFDFLäQGH
UHFXUVRVKXPDQRV
G /DVQRUPDVTXHILMHQORVFULWHULRV\PHFDQLVPRVJHQHUDOHVHQPDWHULDGHHYDOXDFLäQ
GHOGHVHPSHâR
H /RVSODQHVGH3UHYLVLäQ6RFLDO&RPSOHPHQWDULD
I /RVFULWHULRVJHQHUDOHVGHORVSODQHV\IRQGRVSDUDODIRUPDFLäQ\ODSURPRFLäQLQWHUQD
J /RVFULWHULRVJHQHUDOHVSDUDODGHWHUPLQDFLäQGHSUHVWDFLRQHVVRFLDOHV\SHQVLRQHVGH
FODVHVSDVLYDV
K /DVSURSXHVWDVVREUHGHUHFKRVVLQGLFDOHV\GHSDUWLFLSDFLäQ
L /RVFULWHULRVJHQHUDOHVGHDFFLäQVRFLDO
M /DVTXHDVÞVHHVWDEOH]FDQHQODQRUPDWLYDGHSUHYHQFLäQGHULHVJRVODERUDOHV
N /DVTXHDIHFWHQDODVFRQGLFLRQHVGHWUDEDMR\DODVUHWULEXFLRQHVGHORVIXQFLRQDULRV
FX\DUHJXODFLäQH[LMDQRUPDFRQUDQJRGHOH\
O /RVFULWHULRVJHQHUDOHVVREUHRIHUWDVGHHPSOHRSëEOLFR
P  /DV UHIHULGDV D FDOHQGDULR ODERUDO KRUDULRV MRUQDGDV YDFDFLRQHV SHUPLVRV
PRYLOLGDG IXQFLRQDO \ JHRJUÒILFD DVÞ FRPR ORV FULWHULRV JHQHUDOHV VREUH OD SODQLILFDFLäQ
HVWUDWÚJLFD GH ORV UHFXUVRV KXPDQRV HQ DTXHOORV DVSHFWRV TXH DIHFWHQ D FRQGLFLRQHV GH
WUDEDMRGHORVHPSOHDGRVSëEOLFRV
4XHGDQH[FOXLGDVGHODREOLJDWRULHGDGGHODQHJRFLDFLäQODVPDWHULDVVLJXLHQWHV
D  /DV GHFLVLRQHV GH ODV $GPLQLVWUDFLRQHV 3ëEOLFDV TXH DIHFWHQ D VXV SRWHVWDGHV GH
RUJDQL]DFLäQ
&XDQGR ODV FRQVHFXHQFLDV GH ODV GHFLVLRQHV GH ODV $GPLQLVWUDFLRQHV 3ëEOLFDV TXH
DIHFWHQDVXVSRWHVWDGHVGHRUJDQL]DFLäQWHQJDQUHSHUFXVLäQVREUHFRQGLFLRQHVGHWUDEDMR
GHORVIXQFLRQDULRVSëEOLFRVFRQWHPSODGDVHQHODSDUWDGRDQWHULRUSURFHGHUÒODQHJRFLDFLäQ
GHGLFKDVFRQGLFLRQHVFRQODVRUJDQL]DFLRQHVVLQGLFDOHVDTXHVHUHILHUHHVWH(VWDWXWR
E /DUHJXODFLäQGHOHMHUFLFLRGHORVGHUHFKRVGHORVFLXGDGDQRV\GHORVXVXDULRVGHORV
VHUYLFLRV SëEOLFRV DVÞ FRPR HO SURFHGLPLHQWR GH IRUPDFLäQ GH ORV DFWRV \ GLVSRVLFLRQHV
DGPLQLVWUDWLYDV
F /DGHWHUPLQDFLäQGHFRQGLFLRQHVGHWUDEDMRGHOSHUVRQDOGLUHFWLYR
G /RVSRGHUHVGHGLUHFFLäQ\FRQWUROSURSLRVGHODUHODFLäQMHUÒUTXLFD
H  /D UHJXODFLäQ \ GHWHUPLQDFLäQ FRQFUHWD HQ FDGD FDVR GH ORV VLVWHPDV FULWHULRV
äUJDQRV\SURFHGLPLHQWRVGHDFFHVRDOHPSOHRSëEOLFR\ODSURPRFLäQSURIHVLRQDO

$UWtFXOR3DFWRV\$FXHUGRV
(QHOVHQRGHODV0HVDVGH1HJRFLDFLäQFRUUHVSRQGLHQWHVORVUHSUHVHQWDQWHVGHODV
$GPLQLVWUDFLRQHV3ëEOLFDVSRGUÒQFRQFHUWDU3DFWRV\$FXHUGRVFRQODUHSUHVHQWDFLäQGHODV
RUJDQL]DFLRQHVVLQGLFDOHVOHJLWLPDGDVDWDOHVHIHFWRVSDUDODGHWHUPLQDFLäQGHFRQGLFLRQHV
GHWUDEDMRGHORVIXQFLRQDULRVGHGLFKDV$GPLQLVWUDFLRQHV
 /RV 3DFWRV VH FHOHEUDUÒQ VREUH PDWHULDV TXH VH FRUUHVSRQGDQ HVWULFWDPHQWH FRQ HO
ÒPELWRFRPSHWHQFLDOGHOäUJDQRDGPLQLVWUDWLYRTXHORVXVFULED\VHDSOLFDUÒQGLUHFWDPHQWHDO
SHUVRQDOGHOÒPELWRFRUUHVSRQGLHQWH
/RV$FXHUGRVYHUVDUÒQVREUHPDWHULDVFRPSHWHQFLDGHORVäUJDQRVGHJRELHUQRGHODV
$GPLQLVWUDFLRQHV3ëEOLFDV3DUDVXYDOLGH]\HILFDFLDVHUÒQHFHVDULDVXDSUREDFLäQH[SUHVD
\IRUPDOSRUHVWRVäUJDQRV&XDQGRWDOHV$FXHUGRVKD\DQVLGRUDWLILFDGRV\DIHFWHQDWHPDV
TXH SXHGHQ VHU GHFLGLGRV GH IRUPD GHILQLWLYD SRU ORV äUJDQRV GH JRELHUQR HO FRQWHQLGR GH

3ÒJLQD
%2/(7¾12),&,$/'(/(67$'2
/(*,6/$&,Ä1&2162/,'$'$

ORVPLVPRVVHUÒGLUHFWDPHQWHDSOLFDEOHDOSHUVRQDOLQFOXLGRHQVXÒPELWRGHDSOLFDFLäQVLQ
SHUMXLFLRGHTXHDHIHFWRVIRUPDOHVVHUHTXLHUDODPRGLILFDFLäQRGHURJDFLäQHQVXFDVRGH
ODQRUPDWLYDUHJODPHQWDULDFRUUHVSRQGLHQWH
6L ORV $FXHUGRV UDWLILFDGRV WUDWDQ VREUH PDWHULDV VRPHWLGDV D UHVHUYD GH OH\ TXH HQ
FRQVHFXHQFLDVäORSXHGHQVHUGHWHUPLQDGDVGHILQLWLYDPHQWHSRUODV&RUWHV*HQHUDOHVRODV
DVDPEOHDV OHJLVODWLYDV GH ODV FRPXQLGDGHV DXWäQRPDV VX FRQWHQLGR FDUHFHUÒ GH HILFDFLD
GLUHFWD1RREVWDQWHHQHVWHVXSXHVWRHOäUJDQRGHJRELHUQRUHVSHFWLYRTXHWHQJDLQLFLDWLYD
OHJLVODWLYD SURFHGHUÒ D OD HODERUDFLäQ DSUREDFLäQ \ UHPLVLäQ D ODV &RUWHV *HQHUDOHV R
DVDPEOHDVOHJLVODWLYDVGHODVFRPXQLGDGHVDXWäQRPDVGHOFRUUHVSRQGLHQWHSUR\HFWRGHOH\
FRQIRUPHDOFRQWHQLGRGHO$FXHUGR\HQHOSOD]RTXHVHKXELHUDDFRUGDGR
&XDQGRH[LVWDIDOWDGHUDWLILFDFLäQGHXQ$FXHUGRRHQVXFDVRXQDQHJDWLYDH[SUHVDD
LQFRUSRUDU OR DFRUGDGR HQ HO SUR\HFWR GH OH\ FRUUHVSRQGLHQWH VH GHEHUÒ LQLFLDU OD
UHQHJRFLDFLäQGHODVPDWHULDVWUDWDGDVHQHOSOD]RGHXQPHVVLDVÞORVROLFLWDUDDOPHQRVOD
PD\RUÞDGHXQDGHODVSDUWHV
 /RV 3DFWRV \ $FXHUGRV GHEHUÒQ GHWHUPLQDU ODV SDUWHV TXH ORV FRQFLHUWDQ HO ÒPELWR
SHUVRQDOIXQFLRQDOWHUULWRULDO\WHPSRUDODVÞFRPRODIRUPDSOD]RGHSUHDYLVR\FRQGLFLRQHV
GHGHQXQFLDGHORVPLVPRV
6HHVWDEOHFHUÒQ&RPLVLRQHV3DULWDULDVGHVHJXLPLHQWRGHORV3DFWRV\$FXHUGRVFRQ
ODFRPSRVLFLäQ\IXQFLRQHVTXHODVSDUWHVGHWHUPLQHQ
/RV3DFWRVFHOHEUDGRV\ORV$FXHUGRVXQDYH]UDWLILFDGRVGHEHUÒQVHUUHPLWLGRVDOD
2ILFLQD 3ëEOLFD TXH FDGD $GPLQLVWUDFLäQ FRPSHWHQWH GHWHUPLQH \ OD $XWRULGDG UHVSHFWLYD
RUGHQDUÒ VX SXEOLFDFLäQ HQ HO %ROHWÞQ 2ILFLDO TXH FRUUHVSRQGD HQ IXQFLäQ GHO ÒPELWR
WHUULWRULDO
 (Q HO VXSXHVWR GH TXH QR VH SURGX]FD DFXHUGR HQ OD QHJRFLDFLäQ R HQ OD
UHQHJRFLDFLäQ SUHYLVWD HQ HO ëOWLPR SÒUUDIR GHO DSDUWDGR  GHO SUHVHQWH DUWÞFXOR \ XQD YH]
DJRWDGRV HQ VX FDVR ORV SURFHGLPLHQWRV GH VROXFLäQ H[WUDMXGLFLDO GH FRQIOLFWRV
FRUUHVSRQGHUÒ D ORV äUJDQRV GH JRELHUQR GH ODV $GPLQLVWUDFLRQHV 3ëEOLFDV HVWDEOHFHU ODV
FRQGLFLRQHV GH WUDEDMR GH ORV IXQFLRQDULRV FRQ ODV H[FHSFLRQHV FRQWHPSODGDV HQ ORV
DSDUWDGRV\GHOSUHVHQWHDUWÞFXOR
 /RV 3DFWRV \ $FXHUGRV TXH GH FRQIRUPLGDG FRQ OR HVWDEOHFLGR HQ HO DUWÞFXOR 
FRQWHQJDQ PDWHULDV \ FRQGLFLRQHV JHQHUDOHV GH WUDEDMR FRPXQHV DO SHUVRQDO IXQFLRQDULR \
ODERUDOWHQGUÒQODFRQVLGHUDFLäQ\HIHFWRVSUHYLVWRVHQHVWHDUWÞFXORSDUDORVIXQFLRQDULRV\
HQHODUWÞFXORGHO(VWDWXWRGHORV7UDEDMDGRUHVSDUDHOSHUVRQDOODERUDO
/RV3DFWRV\$FXHUGRVHQVXVUHVSHFWLYRVÒPELWRV\HQUHODFLäQFRQODVFRPSHWHQFLDV
GHFDGD$GPLQLVWUDFLäQ3ëEOLFDSRGUÒQHVWDEOHFHUODHVWUXFWXUDGHODQHJRFLDFLäQFROHFWLYD
DVÞ FRPR ILMDU ODV UHJODV TXH KDQ GH UHVROYHU ORV FRQIOLFWRV GH FRQFXUUHQFLD HQWUH ODV
QHJRFLDFLRQHV GH GLVWLQWR ÒPELWR \ ORV FULWHULRV GH SULPDFÞD \ FRPSOHPHQWDULHGDG HQWUH ODV
GLIHUHQWHVXQLGDGHVQHJRFLDGRUDV
 6H JDUDQWL]D HO FXPSOLPLHQWR GH ORV 3DFWRV \ $FXHUGRV VDOYR FXDQGR
H[FHSFLRQDOPHQWH\SRUFDXVDJUDYHGHLQWHUÚVSëEOLFRGHULYDGDGHXQDDOWHUDFLäQVXVWDQFLDO
GHODVFLUFXQVWDQFLDVHFRQäPLFDVORVäUJDQRVGHJRELHUQRGHODV$GPLQLVWUDFLRQHV3ëEOLFDV
VXVSHQGDQ R PRGLILTXHQ HO FXPSOLPLHQWR GH 3DFWRV \ $FXHUGRV \D ILUPDGRV HQ OD PHGLGD
HVWULFWDPHQWHQHFHVDULDSDUDVDOYDJXDUGDUHOLQWHUÚVSëEOLFR
(QHVWHVXSXHVWRODV$GPLQLVWUDFLRQHV3ëEOLFDVGHEHUÒQLQIRUPDUDODVRUJDQL]DFLRQHV
VLQGLFDOHVGHODVFDXVDVGHODVXVSHQVLäQRPRGLILFDFLäQ
$ORVHIHFWRVGHORVSUHYLVWRHQHVWHDSDUWDGRVHHQWHQGHUÒHQWUHRWUDVTXHFRQFXUUH
FDXVD JUDYH GH LQWHUÚV SëEOLFR GHULYDGD GH OD DOWHUDFLäQ VXVWDQFLDO GH ODV FLUFXQVWDQFLDV
HFRQäPLFDV FXDQGR ODV $GPLQLVWUDFLRQHV 3ëEOLFDV GHEDQ DGRSWDU PHGLGDV R SODQHV GH
DMXVWH GH UHHTXLOLEULR GH ODV FXHQWDV SëEOLFDV R GH FDUÒFWHU HFRQäPLFR ILQDQFLHUR SDUD
DVHJXUDUODHVWDELOLGDGSUHVXSXHVWDULDRODFRUUHFFLäQGHOGÚILFLWSëEOLFR
6DOYRDFXHUGRHQFRQWUDULRORV3DFWRV\$FXHUGRVVHSURUURJDUÒQGHDâRHQDâRVL
QRPHGLDUDGHQXQFLDH[SUHVDGHXQDGHODVSDUWHV
/DYLJHQFLDGHOFRQWHQLGRGHORV3DFWRV\$FXHUGRVXQDYH]FRQFOXLGDVXGXUDFLäQ
VHSURGXFLUÒHQORVWÚUPLQRVTXHORVPLVPRVKXELHUHQHVWDEOHFLGR
/RV3DFWRV\$FXHUGRVTXHVXFHGDQDRWURVDQWHULRUHVORVGHURJDQHQVXLQWHJULGDG
VDOYRORVDVSHFWRVTXHH[SUHVDPHQWHVHDFXHUGHPDQWHQHU

3ÒJLQD
%2/(7¾12),&,$/'(/(67$'2
/(*,6/$&,Ä1&2162/,'$'$

$UWtFXORÏUJDQRVGHUHSUHVHQWDFLyQ
/RVäUJDQRVHVSHFÞILFRVGHUHSUHVHQWDFLäQGHORVIXQFLRQDULRVVRQORV'HOHJDGRVGH
3HUVRQDO\ODV-XQWDVGH3HUVRQDO
(QODVXQLGDGHVHOHFWRUDOHVGRQGHHOQëPHURGHIXQFLRQDULRVVHDLJXDORVXSHULRUD
H LQIHULRU D  VX UHSUHVHQWDFLäQ FRUUHVSRQGHUÒ D ORV 'HOHJDGRV GH 3HUVRQDO +DVWD 
IXQFLRQDULRV VH HOHJLUÒ XQ 'HOHJDGR \ GH  D  VH HOHJLUÒQ WUHV TXH HMHUFHUÒQ VX
UHSUHVHQWDFLäQFRQMXQWD\PDQFRPXQDGDPHQWH
 /DV -XQWDV GH 3HUVRQDO VH FRQVWLWXLUÒQ HQ XQLGDGHV HOHFWRUDOHV TXH FXHQWHQ FRQ XQ
FHQVRPÞQLPRGHIXQFLRQDULRV
 (O HVWDEOHFLPLHQWR GH ODV XQLGDGHV HOHFWRUDOHV VH UHJXODUÒ SRU HO (VWDGR \ SRU FDGD
&RPXQLGDG $XWäQRPD GHQWUR GHO ÒPELWR GH VXV FRPSHWHQFLDV OHJLVODWLYDV 3UHYLR DFXHUGR
FRQ ODV 2UJDQL]DFLRQHV 6LQGLFDOHV OHJLWLPDGDV HQ ORV DUWÞFXORV  \  GH OD /H\ 2UJÒQLFD
 GH  GH DJRVWR GH /LEHUWDG 6LQGLFDO ORV äUJDQRV GH JRELHUQR GH ODV
$GPLQLVWUDFLRQHV 3ëEOLFDV SRGUÒQ PRGLILFDU R HVWDEOHFHU XQLGDGHV HOHFWRUDOHV HQ UD]äQ GHO
QëPHUR\SHFXOLDULGDGHVGHVXVFROHFWLYRVDGHFXDQGRODFRQILJXUDFLäQGHODVPLVPDVDODV
HVWUXFWXUDVDGPLQLVWUDWLYDVRDORVÒPELWRVGHQHJRFLDFLäQFRQVWLWXLGRVRTXHVHFRQVWLWX\DQ
&DGD-XQWDGH3HUVRQDOVHFRPSRQHGHXQQëPHURGHUHSUHVHQWDQWHVHQIXQFLäQGHO
QëPHURGHIXQFLRQDULRVGHOD8QLGDGHOHFWRUDOFRUUHVSRQGLHQWHGHDFXHUGRFRQODVLJXLHQWH
HVFDODHQFRKHUHQFLDFRQORHVWDEOHFLGRHQHO(VWDWXWRGHORV7UDEDMDGRUHV
'HDIXQFLRQDULRV
'HDIXQFLRQDULRV
'HDIXQFLRQDULRV
'HDIXQFLRQDULRV
'HDIXQFLRQDULRV
'HHQDGHODQWHGRVSRUFDGDRIUDFFLäQFRQHOPÒ[LPRGH
/DV-XQWDVGH3HUVRQDOHOHJLUÒQGHHQWUHVXVPLHPEURVXQ3UHVLGHQWH\XQ6HFUHWDULR
\HODERUDUÒQVXSURSLRUHJODPHQWRGHSURFHGLPLHQWRTXHQRSRGUÒFRQWUDYHQLUORGLVSXHVWR
HQ HO SUHVHQWH (VWDWXWR \ OHJLVODFLäQ GH GHVDUUROOR UHPLWLHQGR FRSLD GHO PLVPR \ GH VXV
PRGLILFDFLRQHV DO äUJDQR X äUJDQRV FRPSHWHQWHV HQ PDWHULD GH SHUVRQDO TXH FDGD
$GPLQLVWUDFLäQ GHWHUPLQH (O UHJODPHQWR \ VXV PRGLILFDFLRQHV GHEHUÒQ VHU DSUREDGRV SRU
ORVYRWRVIDYRUDEOHVGHDOPHQRVGRVWHUFLRVGHVXVPLHPEURV

$UWtFXOR)XQFLRQHV\OHJLWLPDFLyQGHORVyUJDQRVGHUHSUHVHQWDFLyQ
 /DV -XQWDV GH 3HUVRQDO \ ORV 'HOHJDGRV GH 3HUVRQDO HQ VX FDVR WHQGUÒQ ODV
VLJXLHQWHVIXQFLRQHVHQVXVUHVSHFWLYRVÒPELWRV
D 5HFLELULQIRUPDFLäQVREUHODSROÞWLFDGHSHUVRQDODVÞFRPRVREUHORVGDWRVUHIHUHQWHV
D OD HYROXFLäQ GH ODV UHWULEXFLRQHV HYROXFLäQ SUREDEOH GHO HPSOHR HQ HO ÒPELWR
FRUUHVSRQGLHQWH\SURJUDPDVGHPHMRUDGHOUHQGLPLHQWR
E  (PLWLU LQIRUPH D VROLFLWXG GH OD $GPLQLVWUDFLäQ 3ëEOLFD FRUUHVSRQGLHQWH VREUH HO
WUDVODGR WRWDO R SDUFLDO GH ODV LQVWDODFLRQHV H LPSODQWDFLäQ R UHYLVLäQ GH VXV VLVWHPDV GH
RUJDQL]DFLäQ\PÚWRGRVGHWUDEDMR
F 6HULQIRUPDGRVGHWRGDVODVVDQFLRQHVLPSXHVWDVSRUIDOWDVPX\JUDYHV
G 7HQHUFRQRFLPLHQWR\VHURÞGRVHQHOHVWDEOHFLPLHQWRGHODMRUQDGDODERUDO\KRUDULR
GHWUDEDMRDVÞFRPRHQHOUÚJLPHQGHYDFDFLRQHV\SHUPLVRV
H 9LJLODUHOFXPSOLPLHQWRGHODVQRUPDVYLJHQWHVHQPDWHULDGHFRQGLFLRQHVGHWUDEDMR
SUHYHQFLäQ GH ULHVJRV ODERUDOHV 6HJXULGDG 6RFLDO \ HPSOHR \ HMHUFHU HQ VX FDVR ODV
DFFLRQHVOHJDOHVRSRUWXQDVDQWHORVRUJDQLVPRVFRPSHWHQWHV
I &RODERUDUFRQOD$GPLQLVWUDFLäQFRUUHVSRQGLHQWHSDUDFRQVHJXLUHOHVWDEOHFLPLHQWRGH
FXDQWDVPHGLGDVSURFXUHQHOPDQWHQLPLHQWRHLQFUHPHQWRGHODSURGXFWLYLGDG
/DV-XQWDVGH3HUVRQDOFROHJLDGDPHQWHSRUGHFLVLäQPD\RULWDULDGHVXVPLHPEURV\
HQ VX FDVR ORV 'HOHJDGRV GH 3HUVRQDO PDQFRPXQDGDPHQWH HVWDUÒQ OHJLWLPDGRV SDUD
LQLFLDUFRPRLQWHUHVDGRVORVFRUUHVSRQGLHQWHVSURFHGLPLHQWRVDGPLQLVWUDWLYRV\HMHUFLWDUODV
DFFLRQHVHQYÞDDGPLQLVWUDWLYDRMXGLFLDOHQWRGRORUHODWLYRDOÒPELWRGHVXVIXQFLRQHV

3ÒJLQD
%2/(7¾12),&,$/'(/(67$'2
/(*,6/$&,Ä1&2162/,'$'$

$UWtFXOR*DUDQWtDVGHODIXQFLyQUHSUHVHQWDWLYDGHOSHUVRQDO
 /RV PLHPEURV GH ODV -XQWDV GH 3HUVRQDO \ ORV 'HOHJDGRV GH 3HUVRQDO HQ VX FDVR
FRPR UHSUHVHQWDQWHV OHJDOHV GH ORV IXQFLRQDULRV GLVSRQGUÒQ HQ HO HMHUFLFLR GH VX IXQFLäQ
UHSUHVHQWDWLYDGHODVVLJXLHQWHVJDUDQWÞDV\GHUHFKRV
D (ODFFHVR\OLEUHFLUFXODFLäQSRUODVGHSHQGHQFLDVGHVXXQLGDGHOHFWRUDOVLQTXHVH
HQWRUSH]FD HO QRUPDO IXQFLRQDPLHQWR GH ODV FRUUHVSRQGLHQWHV XQLGDGHV DGPLQLVWUDWLYDV
GHQWURGHORVKRUDULRVKDELWXDOHVGHWUDEDMR\FRQH[FHSFLäQGHODV]RQDVTXHVHUHVHUYHQ
GHFRQIRUPLGDGFRQORGLVSXHVWRHQODOHJLVODFLäQYLJHQWH
E /DGLVWULEXFLäQOLEUHGHODVSXEOLFDFLRQHVTXHVHUHILHUDQDFXHVWLRQHVSURIHVLRQDOHV\
VLQGLFDOHV
F  /D DXGLHQFLD HQ ORV H[SHGLHQWHV GLVFLSOLQDULRV D TXH SXGLHUDQ VHU VRPHWLGRV VXV
PLHPEURVGXUDQWHHOWLHPSRGHVXPDQGDWR\GXUDQWHHODâRLQPHGLDWDPHQWHSRVWHULRUVLQ
SHUMXLFLRGHODDXGLHQFLDDOLQWHUHVDGRUHJXODGDHQHOSURFHGLPLHQWRVDQFLRQDGRU
G 8QFUÚGLWRGHKRUDVPHQVXDOHVGHQWURGHODMRUQDGDGHWUDEDMR\UHWULEXLGDVFRPRGH
WUDEDMRHIHFWLYRGHDFXHUGRFRQODVLJXLHQWHHVFDOD
+DVWDIXQFLRQDULRV
'HDIXQFLRQDULRV
'HDIXQFLRQDULRV
'HDIXQFLRQDULRV
'HHQDGHODQWH
/RV PLHPEURV GH OD -XQWD GH 3HUVRQDO \ 'HOHJDGRV GH 3HUVRQDO GH OD PLVPD
FDQGLGDWXUD TXH DVÞ OR PDQLILHVWHQ SRGUÒQ SURFHGHU SUHYLD FRPXQLFDFLäQ DO äUJDQR TXH
RVWHQWH OD -HIDWXUD GH 3HUVRQDO DQWH OD TXH DTXÚOOD HMHU]D VX UHSUHVHQWDFLäQ D OD
DFXPXODFLäQGHORVFUÚGLWRVKRUDULRV
H  1R VHU WUDVODGDGRV QL VDQFLRQDGRV SRU FDXVDV UHODFLRQDGDV FRQ HO HMHUFLFLR GH VX
PDQGDWR UHSUHVHQWDWLYR QL GXUDQWH OD YLJHQFLD GHO PLVPR QL HQ HO DâR VLJXLHQWH D VX
H[WLQFLäQH[FHSWXDQGRODH[WLQFLäQTXHWHQJDOXJDUSRUUHYRFDFLäQRGLPLVLäQ
/RVPLHPEURVGHODV-XQWDVGH3HUVRQDO\ORV'HOHJDGRVGH3HUVRQDOQRSRGUÒQVHU
GLVFULPLQDGRV HQ VX IRUPDFLäQ QL HQ VX SURPRFLäQ HFRQäPLFD R SURIHVLRQDO SRU UD]äQ GHO
GHVHPSHâRGHVXUHSUHVHQWDFLäQ
&DGDXQRGHORVPLHPEURVGHOD-XQWDGH3HUVRQDO\ÚVWDFRPRäUJDQRFROHJLDGRDVÞ
FRPR ORV 'HOHJDGRV GH 3HUVRQDO HQ VX FDVR REVHUYDUÒQ VLJLOR SURIHVLRQDO HQ WRGR OR
UHIHUHQWHDORVDVXQWRVHQTXHOD$GPLQLVWUDFLäQVHâDOHH[SUHVDPHQWHHOFDUÒFWHUUHVHUYDGR
DëQGHVSXÚVGHH[SLUDUVXPDQGDWR(QWRGRFDVRQLQJëQGRFXPHQWRUHVHUYDGRHQWUHJDGR
SRUOD$GPLQLVWUDFLäQSRGUÒVHUXWLOL]DGRIXHUDGHOHVWULFWRÒPELWRGHOD$GPLQLVWUDFLäQSDUD
ILQHVGLVWLQWRVGHORVTXHPRWLYDURQVXHQWUHJD

$UWtFXOR'XUDFLyQGHODUHSUHVHQWDFLyQ
(OPDQGDWRGHORVPLHPEURVGHODV-XQWDVGH3HUVRQDO\GHORV'HOHJDGRVGH3HUVRQDO
HQ VX FDVR VHUÒ GH FXDWUR DâRV SXGLHQGR VHU UHHOHJLGRV (O PDQGDWR VH HQWHQGHUÒ
SURUURJDGR VL D VX WÚUPLQR QR VH KXELHVHQ SURPRYLGR QXHYDV HOHFFLRQHV VLQ TXH ORV
UHSUHVHQWDQWHV FRQ PDQGDWR SURUURJDGR VH FRQWDELOLFHQ D HIHFWRV GH GHWHUPLQDU OD
FDSDFLGDGUHSUHVHQWDWLYDGHORV6LQGLFDWRV

$UWtFXOR3URPRFLyQGHHOHFFLRQHVD'HOHJDGRV\-XQWDVGH3HUVRQDO
 3RGUÒQ SURPRYHU OD FHOHEUDFLäQ GH HOHFFLRQHV D 'HOHJDGRV \ -XQWDV GH 3HUVRQDO
FRQIRUPH D OR SUHYLVWR HQ HO SUHVHQWH (VWDWXWR \ HQ ORV DUWÞFXORV  \  GH OD /H\ 2UJÒQLFD
GHGHDJRVWRGH/LEHUWDG6LQGLFDO
D /RV6LQGLFDWRVPÒVUHSUHVHQWDWLYRVDQLYHOHVWDWDO
E /RVVLQGLFDWRVPÒVUHSUHVHQWDWLYRVDQLYHOGHFRPXQLGDGDXWäQRPDFXDQGRODXQLGDG
HOHFWRUDODIHFWDGDHVWÚXELFDGDHQVXÒPELWRJHRJUÒILFR

3ÒJLQD
%2/(7¾12),&,$/'(/(67$'2
/(*,6/$&,Ä1&2162/,'$'$

F /RVVLQGLFDWRVTXHVLQVHUPÒVUHSUHVHQWDWLYRVKD\DQFRQVHJXLGRDOPHQRVHOSRU
 GH ORV UHSUHVHQWDQWHV D ORV TXH VH UHILHUH HVWH (VWDWXWR HQ HO FRQMXQWR GH ODV
$GPLQLVWUDFLRQHV3ëEOLFDV
G /RVVLQGLFDWRVTXHKD\DQREWHQLGRDOPHQRVXQSRUFHQWDMHGHOSRUHQODXQLGDG
HOHFWRUDOHQODTXHVHSUHWHQGHSURPRYHUODVHOHFFLRQHV
H /RVIXQFLRQDULRVGHODXQLGDGHOHFWRUDOSRUDFXHUGRPD\RULWDULR
 /RV OHJLWLPDGRV SDUD SURPRYHU HOHFFLRQHV WHQGUÒQ D HVWH HIHFWR GHUHFKR D TXH OD
$GPLQLVWUDFLäQ3ëEOLFDFRUUHVSRQGLHQWHOHVVXPLQLVWUHHOFHQVRGHSHUVRQDOGHODVXQLGDGHV
HOHFWRUDOHVDIHFWDGDVGLVWULEXLGRSRURUJDQLVPRVRFHQWURVGHWUDEDMR

$UWtFXOR3URFHGLPLHQWRHOHFWRUDO
(O SURFHGLPLHQWR SDUD OD HOHFFLäQ GH ODV -XQWDV GH 3HUVRQDO \ SDUD OD HOHFFLäQ GH
'HOHJDGRV GH 3HUVRQDO VH GHWHUPLQDUÒ UHJODPHQWDULDPHQWH WHQLHQGR HQ FXHQWD ORV
VLJXLHQWHVFULWHULRVJHQHUDOHV
D /DHOHFFLäQVHUHDOL]DUÒPHGLDQWHVXIUDJLRSHUVRQDOGLUHFWROLEUH\VHFUHWRTXHSRGUÒ
HPLWLUVHSRUFRUUHRRSRURWURVPHGLRVWHOHPÒWLFRV
E  6HUÒQ HOHFWRUHV \ HOHJLEOHV ORV IXQFLRQDULRV TXH VH HQFXHQWUHQ HQ OD VLWXDFLäQ GH
VHUYLFLR DFWLYR 1R WHQGUÒQ OD FRQVLGHUDFLäQ GH HOHFWRUHV QL HOHJLEOHV ORV IXQFLRQDULRV TXH
RFXSHQSXHVWRVFX\RQRPEUDPLHQWRVHHIHFWëHDWUDYÚVGHUHDOGHFUHWRRSRUGHFUHWRGHORV
FRQVHMRVGHJRELHUQRGHODVFRPXQLGDGHVDXWäQRPDV\GHODVFLXGDGHVGH&HXWD\0HOLOOD
F 3RGUÒQSUHVHQWDUFDQGLGDWXUDVODVRUJDQL]DFLRQHVVLQGLFDOHVOHJDOPHQWHFRQVWLWXLGDVR
ODVFRDOLFLRQHVGHÚVWDV\ORVJUXSRVGHHOHFWRUHVGHXQDPLVPDXQLGDGHOHFWRUDOVLHPSUH
TXHHOQëPHURGHHOORVVHDHTXLYDOHQWHDOPHQRVDOWULSOHGHORVPLHPEURVDHOHJLU
G  /DV -XQWDV GH 3HUVRQDO VH HOHJLUÒQ PHGLDQWH OLVWDV FHUUDGDV D WUDYÚV GH XQ VLVWHPD
SURSRUFLRQDO FRUUHJLGR \ ORV 'HOHJDGRV GH 3HUVRQDO PHGLDQWH OLVWDV DELHUWDV \ VLVWHPD
PD\RULWDULR
H  /RV äUJDQRV HOHFWRUDOHV VHUÒQ ODV 0HVDV (OHFWRUDOHV TXH VH FRQVWLWX\DQ SDUD OD
GLUHFFLäQ\GHVDUUROORGHOSURFHGLPLHQWRHOHFWRUDO\ODVRILFLQDVSëEOLFDVSHUPDQHQWHVSDUDHO
FäPSXWR\FHUWLILFDFLäQGHUHVXOWDGRVUHJXODGDVHQODQRUPDWLYDODERUDO
I  /DV LPSXJQDFLRQHV VH WUDPLWDUÒQ FRQIRUPH D XQ SURFHGLPLHQWR DUELWUDO H[FHSWR ODV
UHFODPDFLRQHV FRQWUD ODV GHQHJDFLRQHV GH LQVFULSFLäQ GH DFWDV HOHFWRUDOHV TXH SRGUÒQ
SODQWHDUVHGLUHFWDPHQWHDQWHODMXULVGLFFLäQVRFLDO

$UWtFXOR6ROXFLyQH[WUDMXGLFLDOGHFRQIOLFWRVFROHFWLYRV
 &RQ LQGHSHQGHQFLD GH ODV DWULEXFLRQHV ILMDGDV SRU ODV SDUWHV D ODV FRPLVLRQHV
SDULWDULDV SUHYLVWDV HQ HO DUWÞFXOR  SDUD HO FRQRFLPLHQWR \ UHVROXFLäQ GH ORV FRQIOLFWRV
GHULYDGRV GH OD DSOLFDFLäQ H LQWHUSUHWDFLäQ GH ORV 3DFWRV \ $FXHUGRV ODV $GPLQLVWUDFLRQHV
3ëEOLFDV\ODVRUJDQL]DFLRQHVVLQGLFDOHVDTXHVHUHILHUHHOSUHVHQWHFDSÞWXORSRGUÒQDFRUGDU
OD FUHDFLäQ FRQILJXUDFLäQ \ GHVDUUROOR GH VLVWHPDV GH VROXFLäQ H[WUDMXGLFLDO GH FRQIOLFWRV
FROHFWLYRV
 /RV FRQIOLFWRV D TXH VH UHILHUH HO DSDUWDGR DQWHULRU SRGUÒQ VHU ORV GHULYDGRV GH OD
QHJRFLDFLäQ DSOLFDFLäQ H LQWHUSUHWDFLäQ GH ORV 3DFWRV \ $FXHUGRV VREUH ODV PDWHULDV
VHâDODGDVHQHODUWÞFXORH[FHSWRSDUDDTXHOODVHQTXHH[LVWDUHVHUYDGHOH\
/RVVLVWHPDVSRGUÒQHVWDULQWHJUDGRVSRUSURFHGLPLHQWRVGHPHGLDFLäQ\DUELWUDMH/D
PHGLDFLäQVHUÒREOLJDWRULDFXDQGRORVROLFLWHXQDGHODVSDUWHV\ODVSURSXHVWDVGHVROXFLäQ
TXHRIUH]FDQHOPHGLDGRURPHGLDGRUHVSRGUÒQVHUOLEUHPHQWHDFHSWDGDVRUHFKD]DGDVSRU
ODVPLVPDV
0HGLDQWH HO SURFHGLPLHQWR GH DUELWUDMH ODV SDUWHV SRGUÒQ DFRUGDU YROXQWDULDPHQWH
HQFRPHQGDU D XQ WHUFHUR OD UHVROXFLäQ GHO FRQIOLFWR SODQWHDGR FRPSURPHWLÚQGRVH GH
DQWHPDQRDDFHSWDUHOFRQWHQLGRGHODPLVPD
(ODFXHUGRORJUDGRDWUDYÚVGHODPHGLDFLäQRGHODUHVROXFLäQGHDUELWUDMHWHQGUÒOD
PLVPD HILFDFLD MXUÞGLFD \ WUDPLWDFLäQ GH ORV 3DFWRV \ $FXHUGRV UHJXODGRV HQ HO SUHVHQWH
(VWDWXWR VLHPSUH TXH TXLHQHV KXELHUDQ DGRSWDGR HO DFXHUGR R VXVFULWR HO FRPSURPLVR
DUELWUDOWXYLHVHQODOHJLWLPDFLäQTXHOHVSHUPLWDDFRUGDUHQHOÒPELWRGHOFRQIOLFWRXQ3DFWRR
$FXHUGRFRQIRUPHDORSUHYLVWRHQHVWH(VWDWXWR

3ÒJLQD
%2/(7¾12),&,$/'(/(67$'2
/(*,6/$&,Ä1&2162/,'$'$

(VWRV DFXHUGRV VHUÒQ VXVFHSWLEOHV GH LPSXJQDFLäQ (VSHFÞILFDPHQWH FDEUÒ UHFXUVR


FRQWUDODUHVROXFLäQDUELWUDOHQHOFDVRGHTXHQRVHKXELHVHQREVHUYDGRHQHOGHVDUUROORGH
OD DFWXDFLäQ DUELWUDO ORV UHTXLVLWRV \ IRUPDOLGDGHV HVWDEOHFLGRV DO HIHFWR R FXDQGR OD
UHVROXFLäQKXELHVHYHUVDGRVREUHSXQWRVQRVRPHWLGRVDVXGHFLVLäQRTXHÚVWDFRQWUDGLJD
ODOHJDOLGDGYLJHQWH
 /D XWLOL]DFLäQ GH HVWRV VLVWHPDV VH HIHFWXDUÒ FRQIRUPH D ORV SURFHGLPLHQWRV TXH
UHJODPHQWDULDPHQWH VH GHWHUPLQHQ SUHYLR DFXHUGR FRQ ODV RUJDQL]DFLRQHV VLQGLFDOHV
UHSUHVHQWDWLYDV

$UWtFXOR'HUHFKRGHUHXQLyQ
 (VWÒQ OHJLWLPDGRV SDUD FRQYRFDU XQD UHXQLäQ DGHPÒV GH ODV RUJDQL]DFLRQHV
VLQGLFDOHVGLUHFWDPHQWHRDWUDYÚVGHORV'HOHJDGRV6LQGLFDOHV
D /RV'HOHJDGRVGH3HUVRQDO
E /DV-XQWDVGH3HUVRQDO
F /RV&RPLWÚVGH(PSUHVD
G /RVHPSOHDGRVSëEOLFRVGHODV$GPLQLVWUDFLRQHVUHVSHFWLYDVHQQëPHURQRLQIHULRUDO
SRUGHOFROHFWLYRFRQYRFDGR
 /DV UHXQLRQHV HQ HO FHQWUR GH WUDEDMR VH DXWRUL]DUÒQ IXHUD GH ODV KRUDV GH WUDEDMR
VDOYR DFXHUGR HQWUH HO äUJDQR FRPSHWHQWH HQ PDWHULD GH SHUVRQDO \ TXLHQHV HVWÚQ
OHJLWLPDGRVSDUDFRQYRFDUODV
/D FHOHEUDFLäQ GH OD UHXQLäQ QR SHUMXGLFDUÒ OD SUHVWDFLäQ GH ORV VHUYLFLRV \ ORV
FRQYRFDQWHVGHODPLVPDVHUÒQUHVSRQVDEOHVGHVXQRUPDOGHVDUUROOR

&$3Ë78/29
'HUHFKRDODMRUQDGDGHWUDEDMRSHUPLVRV\YDFDFLRQHV

$UWtFXOR-RUQDGDGHWUDEDMRGHORVIXQFLRQDULRVS~EOLFRV
/DV $GPLQLVWUDFLRQHV 3ëEOLFDV HVWDEOHFHUÒQ OD MRUQDGD JHQHUDO \ ODV HVSHFLDOHV GH
WUDEDMRGHVXVIXQFLRQDULRVSëEOLFRV/DMRUQDGDGHWUDEDMRSRGUÒVHUDWLHPSRFRPSOHWRRD
WLHPSRSDUFLDO

$UWtFXOR3HUPLVRVGHORVIXQFLRQDULRVS~EOLFRV
/RVIXQFLRQDULRVSëEOLFRVWHQGUÒQORVVLJXLHQWHVSHUPLVRV
D 3RUIDOOHFLPLHQWRDFFLGHQWHRHQIHUPHGDGJUDYHGHXQIDPLOLDUGHQWURGHOSULPHUJUDGR
GHFRQVDQJXLQLGDGRDILQLGDGWUHVGÞDVKÒELOHVFXDQGRHOVXFHVRVHSURGX]FDHQODPLVPD
ORFDOLGDG\FLQFRGÞDVKÒELOHVFXDQGRVHDHQGLVWLQWDORFDOLGDG
&XDQGRVHWUDWHGHOIDOOHFLPLHQWRDFFLGHQWHRHQIHUPHGDGJUDYHGHXQIDPLOLDUGHQWURGHO
VHJXQGRJUDGRGHFRQVDQJXLQLGDGRDILQLGDGHOSHUPLVRVHUÒGHGRVGÞDVKÒELOHVFXDQGRVH
SURGX]FDHQODPLVPDORFDOLGDG\GHFXDWURGÞDVKÒELOHVFXDQGRVHDHQGLVWLQWDORFDOLGDG
E 3RUWUDVODGRGHGRPLFLOLRVLQFDPELRGHUHVLGHQFLDXQGÞD
F  3DUD UHDOL]DU IXQFLRQHV VLQGLFDOHV R GH UHSUHVHQWDFLäQ GHO SHUVRQDO HQ ORV WÚUPLQRV
TXHVHGHWHUPLQH
G 3DUDFRQFXUULUDH[ÒPHQHVILQDOHV\GHPÒVSUXHEDVGHILQLWLYDVGHDSWLWXGGXUDQWHORV
GÞDVGHVXFHOHEUDFLäQ
H 3RUHOWLHPSRLQGLVSHQVDEOHSDUDODUHDOL]DFLäQGHH[ÒPHQHVSUHQDWDOHV\WÚFQLFDVGH
SUHSDUDFLäQ DO SDUWR SRU ODV IXQFLRQDULDV HPEDUD]DGDV \ HQ ORV FDVRV GH DGRSFLäQ R
DFRJLPLHQWRRJXDUGDFRQILQHVGHDGRSFLäQSDUDODDVLVWHQFLDDODVSUHFHSWLYDVVHVLRQHV
GHLQIRUPDFLäQ\SUHSDUDFLäQ\SDUDODUHDOL]DFLäQGHORVSUHFHSWLYRVLQIRUPHVSVLFROäJLFRV\
VRFLDOHVSUHYLRVDODGHFODUDFLäQGHLGRQHLGDGTXHGHEDQUHDOL]DUVHGHQWURGHODMRUQDGDGH
WUDEDMR
I 3RUODFWDQFLDGHXQKLMRPHQRUGHGRFHPHVHVWHQGUÒGHUHFKRDXQDKRUDGHDXVHQFLD
GHO WUDEDMR TXH SRGUÒ GLYLGLU HQ GRV IUDFFLRQHV (VWH GHUHFKR SRGUÒ VXVWLWXLUVH SRU XQD
UHGXFFLäQGHODMRUQDGDQRUPDOHQPHGLDKRUDDOLQLFLR\DOILQDOGHODMRUQDGDRHQXQDKRUD

3ÒJLQD

Вам также может понравиться