((&,-$ &,-$ 'HUHFKR\7HFQRORJtD 'HUHFKR\7HFQRORJtD
(&,-$±)LUPDOtGHULQGHSHQGLHQWHGHOPHUFDGRHVSDxRO
3ULYDFLGDG\5HODFLRQHV ODERUDOHV(VFHQDULRV\ RSFLRQHV %HOpQ9L\HOOD0ROLQD EYL\HOOD#HFLMDFRP
((&,-$ &,-$ 'HUHFKR\7HFQRORJtD 'HUHFKR\7HFQRORJtD
(&,-$±)LUPDOtGHULQGHSHQGLHQWHGHOPHUFDGRHVSDxRO
(&,-$HVXQEXIHWHGHDERJDGRVIXQGDGRHQFRPRILUPDHVSHFLDOL]DGDHQWHFQRORJtDPHGLRV
Ɣ
\WHOHFRPXQLFDFLRQHVTXHVLJXLHQGRODVQHFHVLGDGHVGHVXVFOLHQWHVVHKDFRQYHUWLGRHQXQRGHORV PHMRUHVGHVSDFKRVPXOWLGLVFLSOLQDUHVHLQGHSHQGLHQWHVGHOPHUFDGRHVSDxRO(QODDFWXDOLGDG(&,-$HVWi LQFOXLGDHQWUHHOWRSGHILUPDVLQGHSHQGLHQWHVHQHOPHUFDGRHVSDxROVHJ~QHOUDQNLQJGHORVPHMRUHV EXIHWHVGHDERJDGRVGH(VSDxDSXEOLFDGRSRU([SDQVLyQ (&,-$HVODILUPDHVSDxRODGHUHIHUHQFLDHQGHUHFKRGHWHFQRORJtDPHGLRVWHOHFRPXQLFDFLRQHV
Ɣ
707 /RVPiVSUHVWLJLRVRVUDQNLQJVLQWHUQDFLRQDOHV&KDPEHUV\/HJDOFRQILUPDQHO SRVLFLRQDPLHQWRGH(&,-$FRPRILUPDOtGHUHQODViUHDVGH707&RUSRUDWH0 $/LWLJLRV\3URSLHGDG ,QWHOHFWXDO (&,-$HVXQDILUPDFRPSXHVWDSRUPiVGHFLHQDERJDGRVTXHFXHQWDQFRQXQDH[SHULHQFLD
Ɣ
H[FHSFLRQDOHQVXViUHDVGHHVSHFLDOL]DFLyQ\XQDDPSOLDYLVLyQLQWHUQDFLRQDO(OUHVXOWDGRHVXQDILUPD TXHSUHVWDDVHVRUDPLHQWRMXUtGLFRLQWHJUDODPiVGHODPLWDGGHODVFRPSDxtDVGHO,%(;HQ(VSDxDDVt FRPRDVXVILOLDOHVHQHOH[WUDQMHUR(&,-$FXEUHWRGRHOPHUFDGRHVSDxROGHVGHVXVHPEOHPiWLFDVRILFLQDV GH0DGULG\%DUFHORQD
(&,-$±)LUPDOtGHULQGHSHQGLHQWHGHOPHUFDGRHVSDxRO
([SDQVLyQVLW~DD(&,-$HQWUHHO7RSGHODV)LUPDVHVSDxRODV\FRPROD)LUPDGHPD\RU
Ɣ
LPSRUWDQFLDTXHRSHUDHQHOPHUFDGRHVSDxROHQWpUPLQRVGHIDFWXUDFLyQ\WDPDxR 'HVGHOD~OWLPDGpFDGDHOOLGHUD]JRGH(&,-$KDVLGRUHFRQRFLGRDxRWUDVDxRSRUORVPiVSUHVWLJLRVRV
Ɣ
GLUHFWRULRVGHUHIHUHQFLDHQHOPHUFDGROHJDOWDQWRHQ(VSDxDFRPRHQHOH[WUDQMHUR (O7RSGHORVEXIHWHVGH (VSDxD
*DUULJXHV
&XDWUHFDVDV
8UtD0HQpQGH]
*RPH]$FHER 3RPER
5RFD-XQ\HQW
&UHPDGHV &DOYR6RWHOR
(&,-$
$XUHQ$ERJDGRV
(&,-$HVWiVLWXDGDHQOD%DQGDHQ707SRU
Ɣ
&KDPEHUV(XURSH\/HJDO
&06 $OELxDQD 6XiUH] GH/H]R
)XHQWH ([SDQVLyQ±0HMRUHV)LUPDVHQ 5DPyQ\&DMDO (VSDxD5DQNLQJ
(&,-$±1XHVWURV&OLHQWHV
ËQGLFH *HVWLyQGHORV5HFXUVRV+XPDQRV &RQWUROHV(PSUHVDULDOHV 'HEHUHVGHORVWUDEDMDGRUHVTXHDFFHGHQDGDWRV SHUVRQDOHVVHFUHWR\VHJXULGDG /D3UHYHQFLyQGH5LHVJRV/DERUDOHV35/ 5HODFLRQHVFRQORV6LQGLFDWRV
*HVWLyQGHORV5HFXUVRV+XPDQRV 'HEHUGH,QIRUPDFLyQDUW/23' /RV UHVSRQVDEOHV GH ORV WUDWDPLHQWRV GHEHUiQ LQIRUPDU D ORV DIHFWDGRV GHO WUDWDPLHQWR GH VXV GDWRV SHUVRQDOHV WDQWR VL H[LVWH FRQVHQWLPLHQWR FRPR VL HO WUDWDPLHQWRHVWiKDELOLWDGRSRUFDXVDVGHODUW/23' Ɣ
,QIRUPDFLyQHQORVSURFHVRVGHVHOHFFLyQ LPSUHVRVGHPRGHORVSDUD
FDQGLGDWRVFXDQGRVHHQWUHJDHO&9WDPELpQHQFRQYRFDWRULDVS~EOLFDV Ɣ
,QIRUPDFLyQ HQ OD FRQWUDWDFLyQ
Ɣ
,QIRUPDFLyQDUHSUHVHQWDQWHVVLQGLFDOHV WUDWDPLHQWRVTXHUHSHUFXWHQD
HQ HO FRQWUDWR GH WUDEDMR SDUD ORV WUDWDPLHQWRVUHODFLRQDGRVGLUHFWDPHQWHFRQODSUHVWDFLyQODERUDO
WRGRVORVWUDEDMDGRUHVFRQRFLPLHQWRJHQHUDOGHODVDFWXDFLRQHVGHFRQWURO
*HVWLyQGHORV5HFXUVRV+XPDQRV 'DWRVHVSHFLDOPHQWHSURWHJLGRVDUW /23' ,GHRORJtD UHOLJLyQ FUHHQFLDV DILOLDFLyQ VLQGLFDO FRQVHQWLPLHQWR H[SUHVR \ SRUHVFULWR Ɣ
2ULJHQUDFLDOVDOXGYLGDVH[XDOFXDQGRORGLVSRQJDXQDOH\RVHFRQVLHQWD H[SUHVDPHQWH Ɣ
5HTXLVLWRV
Ɣ
,QIRUPDU\GHWDOODUODILQDOLGDGGHWHUPLQDGDH[SOLFLWD\OHJtWLPD
Ɣ
3ULQFLSLRGH3URSRUFLRQDOLGDG
Ɣ
0HGLGDV GH VHJXULGDG GH QLYHO DOWR SRVLELOLGDG GH VHJUHJDFLyQ GH PHGLGDV HQ VLVWHPDVGHWUDWDPLHQWR
Ɣ
*HVWLyQGHORV5HFXUVRV+XPDQRV 6HJXURVGH9LGD\3ODQHVGH3HQVLRQHV /HJLWLPDFLyQ GHO HPSUHVDULR SDUD OD FRQWUDWDFLyQ SRU FRQVHQWLPLHQWRGHOWUDEDMDGRUySRUODH[LVWHQFLDGHUHODFLyQODERUDO Ɣ7LSRVGHWUDWDPLHQWRV (O HPSUHVDULR SUHYLD LQIRUPDFLyQ D ORV WUDEDMDGRUHV FHGH ORV GDWRV GHO WUDEDMDGRUDODDVHJXUDGRUDSDUDTXHpVWDVHSRQJDHQFRQWDFWRFRQHOWUDEDMDGRU (OHPSUHVDULRSRQHDGLVSRVLFLyQGHOWUDEDMDGRUODVROLFLWXGGHDGKHVLyQDOVHJXUR GHYLGDFROHFWLYRSDUDOXHJRGDUOHWUDVODGRGHODLQIRUPDFLyQIDFLOLWDGDDODDVHJXUDGRUD Ɣ
,QIRUPDU D ORV WUDEDMDGRUHV (Q HO FRQWUDWR GH WUDEDMR y FRQ LQIRUPDFLyQ
HVSHFtILFD Ɣ
'DWRV GH IDPLOLDUHV R EHQHILFLDULRV GDWRV QHFHVDULRV ~QLFDPHQWH HQ
UHODFLyQFRQHOFRQWUDWR
5HFRPHQGDFLyQ 3UHYLD LQIRUPDFLyQ D ORV WUDEDMDGRUHV FHGHU D OD DVHJXUDGRUDVyORORVGDWRVGHORVDVHJXUDGRVREHQHILFLDULRV
*HVWLyQGHORV5HFXUVRV+XPDQRV *HVWLyQGH1yPLQDV (PSUHVD'HFLGHVREUHODILQDOLGDG\XVRGHODLQIRUPDFLyQ 5HVSRQVDEOHGHO)LFKHUR ([WHUQDOL]DFLyQ*HVWRUtD(QFDUJDGRGHOWUDWDPLHQWR (PSUHVD *HVWRUtD $UWtFXOR/23'
(OHQFDUJRVHUHJXODUiPHGLDQWHXQFRQWUDWRTXHGHEHUiFRQVWDUSRUHVFULWR Ɣ1RVHUiYiOLGDXQDPHUDUHSHWLFLyQGHODUW/23' Ɣ1HFHVLGDGHVHVSHFtILFDVGHVHJXULGDG Ɣ3RVLELOLGDGHVGHVXEFRQWUDWDFLyQDUW5/23' Ɣ(QHOSURSLRFRQWUDWRFRQHOHQFDUJDGR Ɣ/DDXWRUL]DFLyQVREUHYHQLGDGHOUHVSRQVDEOHDSHWLFLyQGHOHQFDUJDGR Ɣ(QFDUJRGHWDUHDVHVSHFtILFDVDOHQFDUJDGR Ɣ(O HQFDUJDGR SRGUi FRQVHUYDU EORTXHDGRV ORV GDWRV FXDQGR H[LVWD XQD REOLJDFLyQ OHJDOGHHOOR Ɣ
*HVWLyQGHORV5HFXUVRV+XPDQRV :KLVWOHEORZLQJ 6LVWHPDVLQWHUQRVGHGHQXQFLD%X]RQHVRQOLQHSDUDHPSOHDGRV
Ɣ
'HQXQFLDQWHV \ SRWHQFLDOHV GHQXQFLDGRV GHEHQ VHU LQIRUPDGRV SUHYLDPHQWHGHODH[LVWHQFLDGHHVWRVVLVWHPDV (QFHVLRQHVGHGDWRVDRWUDHPSUHVDVGHO*UXSRGHEHUiLQIRUPDUVHD ODVSDUWHV 6yOR HV GHQXQFLDEOH KHFKRV TXH WHQJDQ HIHFWLYD LPSOLFDFLyQ HQWUH HPSUHVD\GHQXQFLDGR 1RVHSXHGHQKDFHUGHQXQFLDVDQyQLPDV &RQVHUYDFLyQGHORVGDWRVVyORHOWLHPSRQHFHVDULR *DUDQWtDV GH ORV GHUHFKRV $5&2 DO GHQXQFLDGR VLQ LGHQWLGDG GHO GHQXQFLDQWH 1RWLILFDFLyQGHOILFKHURDOD$(3'
&RQWUROHV(PSUHVDULDOHV7,&
(VWDWXWRGHORV7UDEDMDGRUHVDUW Ɣ/HJLWLPDFLyQ SDUD HO FRQWURO QR UHTXLHUH FRQVHQWLPLHQWR DUW /23'³H[LVWHQFLDGHUHODFLyQODERUDO´ Ɣ3URSRUFLRQDOLGDG Ɣ)LQDOLGDG ³9HULILFDU HO FXPSOLPLHQWR SRU HO WUDEDMDGRU GH VXV REOLJDFLRQHV\GHEHUHVODERUDOHV´DUW(7 Ɣ,QIRUPDFLyQDORVWUDEDMDGRUHVGHORVFRQWUROHV Ɣ,QIRUPDFLyQGHODVSROtWLFDVGHVHJXULGDGWDQWRDWUDEDMDGRUHVFRPR DVXVUHSUHVHQWDQWHV Ɣ/DLQIRUPDFLyQSUHYLD\VXSUXHEDHVHVHQFLDO Ɣ
&RQWUROHV(PSUHVDULDOHV $EVHQWLVPR/DERUDO &RQWUROHVGHIDOWDVGHDVLVWHQFLDSRUUHFRQRFLPLHQWRPpGLFR Ɣ1HJDWLYDGHOWUDEDMDGRU VXVSHQVLyQGHORVGHUHFKRVHFRQyPLFRV Ɣ$37212$372 Ɣ)LFKHURFRQODILQDOLGDGGHFRQWUROHVGHDEVHQWLVPRGHVSURSRUFLRQDGR Ɣ&RQWUROGHODEVHQWLVPRPHGLDQWHXQSUHVWDGRUGHVHUYLFLRV Ɣ,QIRUPDFLyQDOWUDEDMDGRUDUW/23' Ɣ&RQVHQWLPLHQWRH[SUHVRGHOWUDEDMDGRUSDUDLQFRUSRUDUVXVGDWRVGHVDOXG DXQDKLVWRULDFOtQLFD Ɣ
5HFRPHQGDFLRQHV Ɣ6HSXHGHFRQMXJDUYHULILFDUHOHVWDGRGHODVDOXGGHOWUDEDMDGRU\FRQWURODU HODEVHQWLVPRODERUDO Ɣ&RQVHQWLPLHQWRH[SUHVRGHOWUDEDMDGRU Ɣ3UHVWDGRU H[WHUQR FXPSOLPLHQWR GHO GHEHU GH LQIRUPDFLyQ SULQFLSLR GH ILQDOLGDG\JDUDQWtDGHOFRQVHQWLPLHQWRHQFDGDWUDWDPLHQWR Ɣ(OSUHVWDGRUGHEHUiFXPSOLUWRGDVODVSUHYLVLRQHVGHODUW/23'
Ɣ
'HEHUHVGHORVWUDEDMDGRUHVTXH DFFHGHQDGDWRVSHUVRQDOHVVHFUHWR\ VHJXULGDG /23''HEHUGH6HJXULGDGDUW \'HEHUGH6HFUHWRDUW Ɣ(O VHFUHWR \ OD FRQILGHQFLDOLGDG DVHJXUDQ TXH ORV GDWRV SHUVRQDOHV VyOR VHDQ FRQRFLGRV SRU HO LQWHUHVDGR \ SRU ORV XVXDULRV FRQ SHUILO DXWRUL]DGR Ɣ/DVHJXULGDGJDUDQWL]DODFRQILGHQFLDOLGDG\ODGLVSRQLELOLGDG Ɣ3DUDVXFXPSOLPLHQWR3ROtWLFDVGHJHVWLyQGHSHUVRQDOTXHFRQVLVWDQ HQ Ɣ
'LVHxDUODVIXQFLRQHV\UHVSRQVDELOLGDGHVGHODSODQWLOODGHSHUVRQDO Ɣ)RUPDU DGHFXDGDPHQWH D ORV WUDEDMDGRUHV WHQLHQGR HQ FXHQWD VX GLVWLQWR JUDGR GH UHVSRQVDELOLGDG \ JDUDQWL]DQGR TXH FRQR]FDQ VXV GHEHUHV GH VHJXULGDG\VHFUHWR Ɣ$GYHUWLUDDTXHOORVWUDEDMDGRUHVTXHSXHGDQSRQHUHQSHOLJURHOVHFUHWRR ODVHJXULGDGGHORVPLVPRV Ɣ
/D3UHYHQFLyQGH5LHVJRV/DERUDOHV 35/ 3DUDHYLWDUULHVJRVGHULYDGRVGHOWUDEDMRHVQHFHVDULRWUDWDUGDWRVSHUVRQDOHV GHORVWUDEDMDGRUHV (O WUDWDPLHQWR GH ORV GDWRV HQ PDWHULD GH 35/ VH HQFXHQWUD OHJLWLPDGR SRU OD H[LVWHQFLD GH XQD UHODFLyQ FRQWUDFWXDO FX\R FXPSOLPLHQWR GHVDUUROOR \ FRQWURO OR KDFH QHFHVDULRDUW/23' (QHOiPELWRGHODYLJLODQFLDGHODVDOXGHOWUDWDPLHQWRSXHGHVHU D9ROXQWDULRVHUHTXLHUHFRQVHQWLPLHQWR E2EOLJDWRULR
(QDPERVFDVRVFXPSOLPLHQWRGHOGHEHUGHLQIRUPDFLyQGHOSULQFLSLRGHFDOLGDG\ GHOSULQFLSLRGHSURSRUFLRQDOLGDG
/D3UHYHQFLyQGH5LHVJRV/DERUDOHV 35/ 6HUYLFLRSURSLRGHODHPSUHVDpVWDVHUiUHVSRQVDEOHGHOILFKHUR 'LVWLQWRV SHUILOHV \ IDFXOWDGHV GH DFFHVR D GDWRV GH VDOXG 6HUiQ SOHQRV SDUD HO SHUVRQDOVDQLWDULR\OLPLWDGtVLPRVSDUDODJHUHQFLD /DV HPSUHVDV TXH SUHVWDQ VHUYLFLRV GH SUHYHQFLyQ DMHQRV VRQ UHVSRQVDEOHV GHO WUDWDPLHQWR 'DGRTXHHOVHUYLFLRGHSUHYHQFLyQHVLQWHUGLVFLSOLQDUORVVLVWHPDVGHLQIRUPDFLyQ TXHVHXVHQGHEHUiQWHQHUHOFXHQWD (OQLYHOGHVHJXULGDG$OWRFXDQGRKD\DGDWRVGHVDOXG 3HUILOHVGHDFFHVR\IXQFLRQHVGHORVXVXDULRV
Ɣ Ɣ
/DKLVWRULDFOtQLFDGHOWUDEDMDGRUGHEHUHJLUVHSRUOD/23'\SRUOD/H\(O DFFHVRDODPLVPDWLHQHOtPLWHV
/D3UHYHQFLyQGH5LHVJRV/DERUDOHV 35/
(V SRVLEOH TXH HO HPSUHVDULR DFFHGD D LQIRUPDFLyQ SHUVRQDO GHO WUDEDMDGRU QHFHVDULDSDUDHOFXPSOLPLHQWRGHVXVREOLJDFLRQHVTXHH[FHGDQGHODSWRQRDSWR 6HKDQDGPLWLGRODVFHVLRQHVGHGDWRVVREUHODDSWLWXGGHOWUDEDMDGRUHQHOFDVRGH TXH OD PXWXD FRQWUDWDGD SDUD OD 35/ \D GLVSXVLHVH FRQ DQWHULRULGDG GH LQIRUPDFLRQHV TXHIXHVHQUHOHYDQWHVSDUDHOGHVHPSHxRGHOSXHVWRGHWUDEDMRHQXQDQXHYDHPSUHVD 'HOHJDGRVGHSUHYHQFLyQFHVLRQDULRVGHORVGDWRV
5HODFLRQHVFRQORV6LQGLFDWRV Ɣ
7$%/21(6'($181&,26
/D /H\ 2UJiQLFD GH /LEHUWDG 6LQGLFDO UHFRQRFH HO GHUHFKR D GLVSRQHU GH XQ WDEOyQGHDQXQFLRVTXHSHUPLWDIDFLOLWDULQIRUPDFLyQVLQGLFDODORVWUDEDMDGRUHV Ɣ&XDQGRHVWRVGRFXPHQWRVFRQWLHQHQGDWRVSHUVRQDOHVODSXEOLFDFLyQGHpVWRV FRQVWLWX\H XQ WUDWDPLHQWR TXH SXHGH FRPSRUWDU HO DFFHVR D GDWRV SRU WHUFHURV FDUHQWHVGHOHJLWLPDFLyQ Ɣ3UHYDOHQFLD GHO 'HUHFKR D OD OLEHUWDG VLQGLFDO YV 'HUHFKR D OD SURWHFFLyQ GH GDWRV Ɣ
&RQVLGHUDFLRQHV Ɣ5HVSRQVDEOHGHOWUDWDPLHQWRGHORVGDWRV Ɣ'HWHUPLQDUHOHVSDFLRItVLFRYLUWXDOFRQFUHWRGHOWDEOyQ Ɣ/RVWDEORQHVVLQGLFDOHVRQOLQHVLHPSUHHQOD,QWUDQHWGHODHPSUHVDQXQFD HQ,QWHUQHW
Ɣ
5HODFLRQHVFRQORV6LQGLFDWRV Ɣ
$&&(62$'$726&20,7e'((035(6$
$UW(VWDWXWRGHORV7UDEDMDGRUHV
Ɣ
6yORVHFHGHUiQORVGDWRVHVWULFWDPHQWHQHFHVDULRVSDUDFXPSOLUFRQHO(7 &XDQGRODLQIRUPDFLyQSXHGDSUHVHQWDUVHGHPRGRHVWDGtVWLFRRDQRQLPL]DGR Ɣ(QHODFFHVRDODFRSLDEiVLFDQRVHHVWiKDELOLWDQGRSDUDODFHVLyQGHWRGRVORVGDWRVGHO WUDEDMDGRU Ɣ
/RV GHVWLQDWDULRV GH OD LQIRUPDFLyQ VHUiQ ORV SUHYLVWRV SRU OD QRUPD TXH KDELOLWHQSDUDODFHVLyQ &XDQGR DFFHGH D OD LQIRUPDFLyQ HO FRPLWp GH HPSUHVD R OD SHUVRQD TXH UHSUHVHQWD D ORV WUDEDMDGRUHV HO GHEHU GH VHFUHWR VH H[WLHQGH D ODV UHODFLRQHV TXH pVWH PDQWLHQH FRQ VX VLQGLFDWR Ɣ
2EOLJDFLyQGHJXDUGDUVHFUHWRDUW(7
5HODFLRQHVFRQORV6LQGLFDWRV Ɣ
&(6,21(6'('$726$/266,1',&$726 3DJRGHODFXRWDVLQGLFDO
Ɣ
&REURGHODFXRWDVLQGLFDOHQHOSDJRGHODQyPLQD Ɣ&RQVHQWLPLHQWRLPSUHVRVRPRGHORVGHVROLFLWXG Ɣ)LQDOLGDGFREURGHFXRWD\WUDQVIHUHQFLDDODRUJDQL]DFLyQVLQGLFDO Ɣ1LYHOGHVHJXULGDGEiVLFRDUWD 5/23' Ɣ
(QYtRGHLQIRUPDFLyQVLQGLFDOSRUHPDLO
Ɣ
(O 7& KD VHxDODGR TXH HV XQ GHUHFKR GH ORV VLQGLFDWRV DPSDUDGR SRU HO GHUHFKR IXQGDPHQWDOGHOLEHUWDGVLQGLFDO Ɣ&RQGLFLRQHV Ɣ
4XHODHPSUHVDGLVSRQJDGHOVHUYLFLRGHHPDLO 4XHORVHQYtRVVHUHDOLFHQGHPRGRSURSRUFLRQDO\QRSHUMXGLTXHHOQRUPDOIXQFLRQDPLHQWRGHODRUJDQL]DFLyQ
Ɣ Ɣ
5HODFLRQHVFRQORV6LQGLFDWRV '(5(&+2$/$/,%(57$'6,1',&$/6,1&(6,Ï1'('$726 $6,1',&$726 Ɣ
/LVWDVGHGLVWULEXFLyQ Ɣ,QIRUPDFLyQ GHO DUW /23' HQ ORV SLHV GH ORV FRUUHRV \ DXWRPDWL]DU OD FDQFHODFLyQ\ODRSRVLFLyQDORVWUDWDPLHQWRVPHGLDQWHODVEDMDVHQODVOLVWDV DSHWLFLyQGHOXVXDULR Ɣ/DFRPXQLFDFLyQGHGDWRVVHOLPLWDUiDORVHVWULFWDPHQWHQHFHVDULRV\FRQ ODILQDOLGDGSDUDODTXHIXHURQFHGLGRV Ɣ(OVLQGLFDWRGHEHVDWLVIDFHUHOGFKRGHRSRVLFLyQGHORVHPSOHDGRVVDOYR HQSHUtRGRGHHOHFFLRQHVVLQGLFDOHVPRPHQWRHQTXHSUHYDOHFHHOGHUHFKRD ODOLEHUWDGVLQGLFDO Ɣ(OHFFLRQHV VLQGLFDOHV OHJLWLPD ODV FHVLRQHV GH ORV GDWRV FHQVDOHV QHFHVDULRVSDUDTXHHOVLQGLFDWRUHPLWDLQIRUPDFLyQHOHFWRUDO\SDUWLFLSDUHQHO SURFHVRHOHFWRUDO Ɣ
5HODFLRQHVFRQORV6LQGLFDWRV Ɣ
&(6,Ï1'(/26'$726'(/7&
1RUPDV ODERUDOHV \ FRQYHQLRV FROHFWLYRV KDELOLWDQ OD HQWUHJD GH HVWRV GRFXPHQWRV HQ GRV VXSXHVWRV L SDUD HO FRQWURO VLQGLFDO GH OD DFWXDFLyQ GH OD HPSUHVD LL SDUD JDUDQWL]DU HO FXPSOLPLHQWR GH ORV GHEHUHV HPSUHVDULDOHV HQ FDVRVGHVXEFRQWUDWDFLyQ Ɣ
(QWUHJDGHO7&DO&RPLWpGH(PSUHVD Ɣ(QHOPDUFRGHO(7GHQWURGHODVIXQFLRQHVGHVDUUROODGDVSRUORVyUJDQRV GHUHSUHVHQWDFLyQGHOSHUVRQDO Ɣ3RGUiQDFFHGHUDORV7&\DORV7& Ɣ1RSRGUiQDFFHGHUDODVQyPLQDVGHORVWUDEDMDGRUHV Ɣ(OFRQYHQLRFROHFWLYRSRGUiDPSOLDUHOiPELWRGHODFHVLyQ Ɣ(O7&QXQFDSRGUiSXEOLFDUVHHQXQWDEOyQGHODHPSUHVDVDOYRTXHOR HVWDEOH]FD XQD /H\ R KD\D FRQVHQWLPLHQWR H[SUHVR GH FDGD WUDEDMDGRU SDUD FRPXQLFDUORV Ɣ
5HODFLRQHVFRQORV6LQGLFDWRV &HVLyQ GH QyPLQDV \ 7& GH ORV WUDEDMDGRUHV GH VXEFRQWUDWDV D ODV HPSUHVDVFRQWUDWLVWDV Ɣ(O PRPHQWR SUHYLR D OD FRQWUDWDFLyQ R VXEFRQWUDWDFLyQ &RQWUDWLVWDV FRUULHQWHGHOSDJRGHODVFXRWDVGHOD66RFLDOFHUWLILFDFLyQQHJDWLYDSRU GHVFXELHUWRV Ɣ(Q PRPHQWRV SRVWHULRUHV 3RU OD UHVSRQVDELOLGDG VROLGDULD GH ODV REOLJDFLRQHV GH QDWXUDOH]D VDODULDO \ ODV FRQWUDtGDV FRQ OD 66RFLDO H[LVWLUtDXQDOHJLWLPDFLyQEDVDGDHQXQLQWHUpVOHJtWLPRDUW5/23' Ɣ
(Q WRGR FDVR HO DFFHVR SRU SDUWH GHO FRQWUDWLVWD GHEHUtD OLPLWDUVH D ORV GDWRV UHODFLRQDGRV FRQ ORV WUDEDMDGRUHV VXEFRQWUDWDGRV \ QR D FXDOHVTXLHUDWUDEDMDGRUHVGHODHPSUHVDVXEFRQWUDWDGD
£0XFKDVJUDFLDV SRUVX $WHQFLyQ )ROORZXV
((&,-$ &,-$ 'HUHFKR\7HFQRORJtD 'HUHFKR\7HFQRORJtD
(&,-$±)LUPDOtGHULQGHSHQGLHQWHGHOPHUFDGRHVSDxRO
3ULYDFLGDG\5HODFLRQHV ODERUDOHV(VFHQDULRV\ RSFLRQHV 3DUDPiVLQIRUPDFLyQ 7 7 ZZZHFLMDFRP
%HOpQ9L\HOOD0ROLQD EYL\HOOD#HFLMDFRP