Decreto Del Congreso 1748 (Ley de Servicio Civil)
-
Upload
frislyjuarez -
Category
Documents
-
view
11 -
download
0
description
Transcript of Decreto Del Congreso 1748 (Ley de Servicio Civil)
-
'(&5(72180(52
(/&21*5(62'(/$5(38%/,&$'(*8$7(0$/$
&216,'(5$1'2
4XHHVQHFHVDULRFRPSOHWDUODOHJLVODFLyQVRFLDOGH*XDWHPDODHVWDEOHFLHQGRDGHPiVGHO&yGLJRGH7UDEDMR\GHOD/H\2UJiQLFDGHO,QVWLWXWR*XDWHPDOWHFRGH6HJXULGDG6RFLDOXQD/H\GH6HUYLFLR&LYLOTXHSHUPLWDODUHDOL]DFLyQ\GHVDUUROORGHORVSULQFLSLRVFRQWHQLGRVHQORV$UWtFXORV\GHOD&RQVWLWXFLyQGHOD5HS~EOLFD\TXHUHJXOHODVUHODFLRQHVGHOD$GPLQLVWUDFLyQ3~EOLFDFRQVXVWUDEDMDGRUHV
&216,'(5$1'2
4XHHVXUJHQWHPHMRUDUOD$GPLQLVWUDFLyQ3~EOLFDHVWDEOHFLHQGRXQVLVWHPDWpFQLFRDUPyQLFRGLQiPLFR\HILFLHQWHGH OD$GPLQLVWUDFLyQGHOSHUVRQDODVXVHUYLFLRSDUDJDUDQWL]DUDOSDtVHOGHVHPSHxRHFRQyPLFR\HIHFWLYRGH ODODERULQVWLWXFLRQDOGHO*RELHUQRHQEHQHILFLRGHWRGRVORVVHFWRUHVQDFLRQDOHV
&216,'(5$1'2
4XHORVREMHWLYRV\SULQFLSLRVGHOD/H\GH6HUYLFLR&LYLOGHEHQVHUJDUDQWL]DUDOD1DFLyQODHILFLHQWHRSHUDFLyQGHORV VHUYLFLRV S~EOLFRV DILUPDU \ SURWHJHU OD GLJQLGDG GH ORV WUDEDMDGRUHV GHO (VWDGR UHPXQHUDU HO FRUUHFWRGHVHPSHxR GH FDGD FDUJR S~EOLFR HQ IRUPD MXVWD \ GHFRURVD HVWDEOHFHU TXH D LJXDO WUDEDMR GHVHPSHxDGR HQLJXDOGDGGHFRQGLFLRQHVHILFLHQFLD\DQWLJHGDGFRUUHVSRQGDLJXDOVDODULRHVWDELOL]DUHOGHVHPSHxRGHORVGLVWLQWRVSXHVWRVGHOD$GPLQLVWUDFLyQ3~EOLFDPHGLDQWHODHOLPLQDFLyQGHIDFWRUHVGHSUHIHUHQFLDSXUDPHQWHSHUVRQDOGHORVUHVSHFWLYRV QRPEUDPLHQWRV DVFHQVRV \ GHVSLGRV SURSLFLDU TXH OD $GPLQLVWUDFLyQ 3~EOLFD LQYLHUWD VXV UHFXUVRVHFRQyPLFRVHQIRUPDRUGHQDGD\FXLGDGRVDHQHOSDJRGHVHUYLFLRVSHUVRQDOHVPDQWHQLHQGRHVWRVJDVWRVGHQWURGHOPtQLPR FRPSDWLEOH FRQ ODV QHFHVLGDGHV GHO SDtV \ HQ HVSHFLDO UHFRQRFHU TXH OD UHODFLyQ GH WUDEDMR GH ORVHPSOHDGRVGHO(VWDGRFRQVWLWX\HXQDIXQFLyQS~EOLFDFX\RDFHUWDGRGHVHPSHxRHVIXHQWHGHGHEHUHV\GHGHUHFKRVHVSHFLDOHV
&216,'(5$1'2
4XH WRGR ORDQWHULRU HV IDFWLEOH VL VH FUHDXQD LQVWLWXFLyQHVSHFLDOL]DGDTXHDSOLTXH\DGPLQLVWUHHVWD LPSRUWDQWHUHIRUPDVRFLDO\GHVDUUROOHSURJUHVLYDPHQWHODVWpFQLFDVTXHVHUHTXLHUHQ
3257$172
(QXVRGHODVIDFXOWDGHVTXHOHFRQILHUHHOLQFLVRRGHO$UWtFXORGHOD&RQVWLWXFLyQ\FRQIXQGDPHQWRHQORV$UWtFXORV\,,WUDQVLWRULRGHODPLVPD
'(&5(7$
/DVLJXLHQWH
- /(
-
$57,&8/26HUYLGRUS~EOLFR
3DUDORVHIHFWRVGHHVWD OH\VHFRQVLGHUDVHUYLGRUS~EOLFR ODSHUVRQDLQGLYLGXDOTXHRFXSHXQSXHVWRHQ OD$GPLQLVWUDFLyQ3~EOLFDHQYLUWXGGHQRPEUDPLHQWR FRQWUDWRRFXDOTXLHURWURYtQFXOR OHJDOPHQWHHVWDEOHFLGRPHGLDQWHHOFXDOTXHGDREOLJDGDDSUHVWDUOHVXVVHUYLFLRVRDHMHFXWDUOHXQDREUDSHUVRQDOPHQWHDFDPELRGHXQVDODULREDMRODGHSHQGHQFLDFRQWLQXDGD\GLUHFFLyQLQPHGLDWDGHODSURSLD$GPLQLVWUDFLyQ3~EOLFD
$57,&8/2)XHQWHVVXSOHWRULDV
/RVFDVRVQRSUHYLVWRVHQHVWD OH\GHEHQVHU UHVXHOWRVGHDFXHUGRFRQ ORVSULQFLSLRV IXQGDPHQWDOHVGH ODPLVPDODVGRFWULQDVGHODDGPLQLVWUDFLyQGHSHUVRQDOHQHOVHUYLFLRS~EOLFRODHTXLGDGODVOH\HVFRPXQHV\ORVSULQFLSLRVJHQHUDOHVGHO'HUHFKR
$57,&8/2([HQFLyQGHLPSXHVWRV
&RQH[FHSFLyQGHOQRPEUDPLHQWRRFRQWUDWRUHVSHFWLYRTXHGDQH[HQWRVGHORVLPSXHVWRVGHSDSHOVHOODGR\WLPEUHVILVFDOHVWRGRVORVDFWRVMXUtGLFRV\WUiPLWHVGHFXDOTXLHUHVSHFLHTXHVHOOHYHQDFDERFRQPRWLYRGHODDSOLFDFLyQGHHVWDOH\
$57,&8/23UHIHUHQFLDDORVJXDWHPDOWHFRV
/RV VHUYLGRUHV S~EOLFRV FRPSUHQGLGRV HQ HVWD OH\ GHEHQ VHU FLXGDGDQRV JXDWHPDOWHFRV \ VyOR SXHGHHPSOHDUVHDH[WUDQMHURVFXDQGRQRH[LVWDQJXDWHPDOWHFRVTXHSXHGDQGHVHPSHxDUFRQHILFLHQFLDHOWUDEDMRGHTXH VH WUDWH SUHYLD UHVROXFLyQ GH OD 2ILFLQD 1DFLRQDO GH 6HUYLFLR &LYLO OD TXH UHFDEDUi OD LQIRUPDFLyQQHFHVDULD
7,78/2,,2UJDQL]DFLyQ
&$3,78/2,
2UJDQRV'LUHFWRUHV
$57,&8/2'LUHFFLyQVXSUHPD
(O3UHVLGHQWHGHOD5HS~EOLFDHVODPi[LPDDXWRULGDGGHO6HUYLFLR&LYLOTXHHVWDEOHFHHVWDOH\
$57,&8/22UJDQRVVXSHULRUHV
6HFUHDQORVVLJXLHQWHVyUJDQRVVXSHULRUHVHQFDUJDGRVGHODDSOLFDFLyQGHHVWDOH\
-XQWD1DFLRQDOGH6HUYLFLR&LYLO
2ILFLQD1DFLRQDOGH6HUYLFLR&LYLO
$57,&8/25HVSRQVDELOLGDGGHORVIXQFLRQDULRV
-
(VUHVSRQVDELOLGDGGHORV0LQLVWURVGH(VWDGR\GHORVIXQFLRQDULRVTXHGLULJHQODVGHSHQGHQFLDVLQFRUSRUDGDVDOUpJLPHQGH6HUYLFLR&LYLOFXPSOLU\KDFHUTXHVHFXPSODHVWDOH\HQVXVUHVSHFWLYDVGHSHQGHQFLDV
&$3,78/2,,
-XQWD1DFLRQDO'H6HUYLFLR&LYLO
$57,&8/2,QWHJUDFLyQ
/D-XQWD1DFLRQDOGH6HUYLFLR&LYLOVHLQWHJUDFRQWUHVPLHPEURVWLWXODUHV\GRVVXSOHQWHVGHVLJQDGRVSRUHO3UHVLGHQWHGHOD5HS~EOLFDSDUDXQSHULRGRGHWUHVDxRV6yORSXHGHQVHUUHPRYLGRVSRUODVFDXVDV\HQODIRUPDHVWDEOHFLGDVHQHVWDOH\
$57,&8/2$XVHQFLDV\YDFDQFLDV
3RULPSHGLPHQWRRDXVHQFLDWHPSRUDOGHXQPLHPEURWLWXODUGHOD-XQWDVHGHEHOODPDUDXQVXSOHQWH(QFDVRGHRFXUULU YDFDQWHSRU IDOWDDEVROXWDGHXQPLHPEUR WLWXODU R VXSOHQWH VHGHEHGHVLJQDU LQPHGLDWDPHQWHDOVXVWLWXWRSDUDTXHFRPSOHWHHOSHUtRGRGHVXDQWHFHVRU
$57,&8/22UJDQL]DFLyQ
(QVXSULPHUDUHXQLyQ OD MXQWDHOHJLUiDXQRGHVXVPLHPEURVSDUDDFWXDUFRPRSUHVLGHQWH\FHOHEUDUiVXVUHXQLRQHVHQODIRUPDTXHGHWHUPLQHHOUHJODPHQWRUHVSHFWLYR
$57,&8/2&DOLGDGHV
/RVPLHPEURVGHODMXQWDGHEHQVHUFLXGDGDQRVJXDWHPDOWHFRVGHORVFRPSUHQGLGRVHQHO$UWtFXORRGHOD&RQVWLWXFLyQ\PD\RUHVGHDxRVFXDQGRPHQRVXQRGHORVPLHPEURVWLWXODUHVGHEHVHUDERJDGRFROHJLDGR$GHPiVGHEHQWHQHUFRQRFLPLHQWRVGHDGPLQLVWUDFLyQGHSHUVRQDO\H[SHULHQFLDHQDGPLQLVWUDFLyQS~EOLFD
$57,&8/2,PSHGLPHQWRV
1RSXHGHQVHUPLHPEURVGHOD-XQWD1DFLRQDOGH6HUYLFLR&LYLO
/RVSDULHQWHVGHO3UHVLGHQWH\9LFHSUHVLGHQWHGHOD5HS~EOLFD\GHFXDOHVTXLHUDGHORV0LQLVWURVGH(VWDGRGHQWURGHOFXDUWRJUDGRGHFRQVDQJXLQLGDG\VHJXQGRGHDILQLGDG
/RVTXHKD\DQVLGRFRQGHQDGRVSRUGHOLWRTXHLPSOLTXHIDOWDGHSURELGDGFRPRKXUWRURERHVWDIDFRKHFKRSUHYDULFDWRIDOVHGDGPDOYHUVDFLyQGHFDXGDOHVS~EOLFRVRH[DFFLRQHVLOHJDOHVRKD\DQLQIULQJLGRODSUHVHQWHOH\\VXVUHJODPHQWRV
/RVTXHKDELHQGRVLGRFRQGHQDGRVHQ MXLFLRGHFXHQWDVSRU VHQWHQFLD ILUPHQRKXELHUHQVROYHQWDGRVXUHVSRQVDELOLGDG
/RV FRQWUDWLVWDV GH REUDV R HPSUHVDV TXH VH FRVWHHQ FRQ IRQGRV GHO (VWDGR GH VXV HQWLGDGHVGHVFHQWUDOL]DGDVDXWyQRPDVRVHPLDXWyQRPDVRGHOPXQLFLSLRVXVILDGRUHV\TXLHQHVWHQJDQUHFODPDFLRQHVSHQGLHQWHVSRUGLFKRVQHJRFLRV
4XLHQHV UHSUHVHQWHQRGHILHQGDQ LQWHUHVHVGHFRPSDxtDVRSHUVRQDV LQGLYLGXDOHVTXHH[SORWHQVHUYLFLRV
-
S~EOLFRV
/RVPLQLVWURVGHFXDOTXLHUUHOLJLyQRFXOWR
/RVTXHGHVHPSHxHQFDUJRVGHGLUHFFLyQHQFXDOTXLHUSDUWLGRSROtWLFR
$57,&8/21RPEUDPLHQWRGHVHUYLGRUHVS~EOLFRVSDUDOD-XQWD1DFLRQDOGH6HUYLFLR&LYLO
6LODSHUVRQDGHVLJQDGDSDUDVHUPLHPEURGHODMXQWDIXHUHVHUYLGRUS~EOLFRHQHO6HUYLFLRSRU2SRVLFLyQpVWDSRGUiUHJUHVDUDVXSXHVWRDOFRQFOXLUVXSHUtRGRHQ OD MXQWD(O UHJODPHQWRGHWHUPLQDUiHOSURFHGLPLHQWRDVHJXLUVHHQHVWHFDVR
$57,&8/2'LHWDV
/RVPLHPEURVWLWXODUHVRORVVXSOHQWHVTXHVXVWLWX\DQDXQWLWXODUGHYHQJDUiQGLHWDSRUVHVLyQFHOHEUDGDDODTXHDVLVWDQ1RVHUHFRQRFHUiPiVGHXQDGLHWDGLDULD\HOQ~PHURGHVHVLRQHVQRVHUiPD\RUGHFLQFRDODVHPDQD(OUHJODPHQWRHVWDEOHFHUiORUHODWLYRDODFXDQWtDGHODVGLHWDV
$57,&8/25HVROXFLRQHV
/DVGLVSRVLFLRQHVGHOD-XQWD1DFLRQDOGH6HUYLFLR&LYLOGHEHQVHUDGRSWDGDVSRUPD\RUtDGHVXVPLHPEURV\WLHQHQFDUiFWHUGHGHILQLWLYDVVDOYRHQORVFDVRVGHGHVWLWXFLyQTXHSXHGHQGLVFXWLUVHDQWHORV7ULEXQDOHVGH7UDEDMR\3UHYLVLyQ6RFLDO
$57,&8/2'HEHUHV\DWULEXFLRQHV
$GHPiVGHORVTXHVHOHDVLJQDUiQSRURWUDVGLVSRVLFLRQHVGHHVWDOH\VRQGHEHUHV\DWULEXFLRQHVGHOD-XQWD1DFLRQDOGH6HUYLFLR&LYLO
5HQGLUDO3UHVLGHQWHGHOD5HS~EOLFD\DO&RQJUHVRPHPRULDDQXDOGHVXVODERUHV\VXPLQLVWUDUORVLQIRUPHVDGLFLRQDOHVTXHVHOHUHTXLHUDQ
&RODERUDUHQODSURPRFLyQGHOPHMRUDPLHQWRGHO6LVWHPD1DFLRQDOGH6HUYLFLR&LYLO
$SUREDURLPSUREDUORVSUR\HFWRVGHUHJODPHQWRVTXHHODERUHHOGLUHFWRUDQWHVGHVHUVDQFLRQDGRVSRUHO3UHVLGHQWHGHOD5HS~EOLFD
$GRSWDUQRUPDVSDUDVXRUJDQL]DFLyQ\IXQFLRQDPLHQWRLQWHUQRODVTXHHQWUDUiQHQYLJRUXQDYH]DSUREDGDVSRUHO3UHVLGHQWHGHOD5HS~EOLFD
1RPEUDURUHPRYHUDVXVHFUHWDULR\GHPiVSHUVRQDODGPLQLVWUDWLYRFXDQGRIXHUHQHFHVDULR
,QYHVWLJDU \ UHVROYHU DGPLQLVWUDWLYDPHQWH HQDSHODFLyQ D VROLFLWXGGHO LQWHUHVDGR ODV UHFODPDFLRQHVTXHVXUMDQ VREUH OD DSOLFDFLyQ GH HVWD OH\ HQ ODV VLJXLHQWHV PDWHULDV UHFOXWDPLHQWR VHOHFFLyQ QRPEUDPLHQWRDVLJQDFLyQRUHDVLJQDFLyQGHSXHVWRVWUDVODGRVVXVSHQVLRQHVFHVDQWtDV\GHVWLWXFLRQHV
$57,&8/26HFUHWDULRGHOD-XQWD1DFLRQDOGH6HUYLFLR&LYLO
(OVHFUHWDULRGHEHVHUQRPEUDGRGHQWURGHO6HUYLFLRVLQ2SRVLFLyQHVUHVSRQVDEOHDQWHODMXQWD\DGHPiVGH
-
ODVLQKHUHQWHVDVXFDUJRGHEHWHQHUODVVLJXLHQWHVDWULEXFLRQHV
$VLVWLUDWRGDVODVUHXQLRQHVGHOD-XQWD
/OHYDUORVOLEURVGHDFWDVGRFXPHQWRV\DUFKLYRVGHOD-XQWD
3UDFWLFDUODVGLOLJHQFLDVTXHOD-XQWDRUGHQH\DTXHOODVRWUDVTXHVHDQQHFHVDULDVHQHOGHVHPSHxRGHVXFDUJR\TXHVHUHILHUDQDDVXQWRVTXHVRPHWDQDFRQVLGHUDFLyQGHOD-XQWD
6HUHOyUJDQRGHFRPXQLFDFLyQGHOD-XQWD
$FWXDUFRPRMHIHGHOSHUVRQDODGPLQLVWUDWLYRGHOD-XQWD
&XDOTXLHU RWUD IXQFLyQ TXH OH GHOHJXH R HQFRPLHQGH OD -XQWD 1DFLRQDO GH 6HUYLFLR &LYLO GHQWUR GH ODVIXQFLRQHVOHJDOHVGHpVWD
&$3,78/2,,,
2ILFLQD1DFLRQDO'HO6HUYLFLR&LYLO
$57,&8/2/D2ILFLQD1DFLRQDOGHO6HUYLFLR&LYLO
/D2ILFLQD1DFLRQDOGHO6HUYLFLR&LYLOHVHOyUJDQRHMHFXWLYRHQFDUJDGRGHODDSOLFDFLyQGHHVWDOH\'HEHHVWDULQWHJUDGDSRUXQGLUHFWRU \XQVXEGLUHFWRU \SRUHO GHPiVSHUVRQDO LQGLVSHQVDEOHSDUD VX IXQFLRQDPLHQWR \HMHFXWLYLGDGHQWRGRHOWHUULWRULRGHODUHS~EOLFD3XHGHDMXLFLRGHO3UHVLGHQWHGHOD5HS~EOLFDFUHDUVHRILFLQDVUHJLRQDOHVGHSHQGLHQWHVGHODRILFLQD
$57,&8/21RPEUDPLHQWRGHOGLUHFWRU\GHOVXEGLUHFWRU
(OGLUHFWRU\HOVXEGLUHFWRUGHEHQVHUQRPEUDGRVSRUHO3UHVLGHQWHGHOD5HS~EOLFD6yORSXHGHQVHUUHPRYLGRVSRUODVFDXVDV\SURFHGLPLHQWRVTXHHVWDEOHFHHVWDOH\HQORV$UWtFXORV\
$57,&8/25HTXLVLWRV
3DUD VHU QRPEUDGR GLUHFWRU R VXEGLUHFWRU GHO 6HUYLFLR &LYLO VH UHTXLHUH VHU SHUVRQD GH UHFRQRFLGDKRQRUDELOLGDG\DGHPiVOOHQDUORVVLJXLHQWHVUHTXLVLWRV
6HUJXDWHPDOWHFRGHORVFRPSUHQGLGRVHQHO$UWtFXORRGHOD&RQVWLWXFLyQGHOD5HS~EOLFDPD\RUGHDxRVGHHGDG\FLXGDGDQRHQHMHUFLFLRGHVXVGHUHFKRV
$FUHGLWDUFRQRFLPLHQWRVWpFQLFRVHQDGPLQLVWUDFLyQGHSHUVRQDORH[SHULHQFLDHQ$GPLQLVWUDFLyQ3~EOLFD
'HSUHIHUHQFLDSRVHHUWtWXORXQLYHUVLWDULR
$57,&8/2,PSHGLPHQWRV
1RSXHGHQVHUQRPEUDGRVGLUHFWRUR VXEGLUHFWRUGH OD2ILFLQD1DFLRQDO GH6HUYLFLR&LYLO ODVSHUVRQDVTXHWHQJDQORVLPSHGLPHQWRVHVWDEOHFLGRVHQHO$UWtFXORGHHVWDOH\
-
$57,&8/2'HEHUHV\DWULEXFLRQHVGHOGLUHFWRU
(O GLUHFWRU FRPR MHIH DGPLQLVWUDWLYR GH OD2ILFLQD1DFLRQDO GH6HUYLFLR&LYLO GLULJH WRGD DFWLYLGDG WpFQLFD \DGPLQLVWUDWLYDGHODPLVPD\VXSHUYLVDDWRGRVXSHUVRQDO7LHQHORVVLJXLHQWHVGHEHUHV\DWULEXFLRQHV
9HODU SRU OD FRUUHFWD DSOLFDFLyQ GH OD SUHVHQWH OH\ \ VXV UHJODPHQWRV RUJDQL]DQGR XQ VLVWHPD GHDGPLQLVWUDFLyQGHSHUVRQDODOVHUYLFLRGHODDGPLQLVWUDFLyQS~EOLFDGHDFXHUGRFRQORVSULQFLSLRVTXHVHxDODHVWDOH\
2UJDQL]DUOD2ILFLQD1DFLRQDOGH6HUYLFLR&LYLOQRPEUDU\UHPRYHUDOSHUVRQDOGHO6HUYLFLRSRU2SRVLFLyQGHODPLVPDGHDFXHUGRFRQHVWDOH\
5HFOXWDU VHOHFFLRQDU \ SURSRQHU D ORV FDQGLGDWRV HOHJLEOHV SDUD LQWHJUDU HO SHUVRQDO FRPSUHQGLGR HQ HO6HUYLFLRSRU2SRVLFLyQGHFRQIRUPLGDGFRQORVSUHFHSWRVGHHVWDOH\
(VWDEOHFHU\PDQWHQHUXQUHJLVWURGHWRGRVORVHPSOHDGRVFRPSUHQGLGRVHQHO6HUYLFLRSRU2SRVLFLyQ\HQHO6HUYLFLRVLQ2SRVLFLyQGHFRQIRUPLGDGFRQORVUHJODPHQWRVUHVSHFWLYRV
'HVDUUROODU SURJUDPDV GH PHMRUDPLHQWR WpFQLFR SDUD DVSLUDQWHV D LQJUHVDU DO 6HUYLFLR &LYLO \ GHDGLHVWUDPLHQWRSDUDORVVHUYLGRUHVS~EOLFRV
,QYHVWLJDU LQIRUPDU \ SURSRQHU VROXFLRQHV UHVSHFWR D OD DSOLFDFLyQ \ HIHFWRV GH OD SUHVHQWH OH\ \ VXVUHJODPHQWRVDO3UHVLGHQWHGHOD5HS~EOLFD\DOD-XQWD1DFLRQDOGH6HUYLFLR&LYLO
5HVROYHUFRQVXOWDUTXHVHOHIRUPXOHQHQUHODFLyQFRQODDGPLQLVWUDFLyQGHSHUVRQDO\ODDSOLFDFLyQGHHVWDOH\\VXVUHJODPHQWRV
,QYHVWLJDU ORV KHFKRV KDFHU FRPSDUHFHU WHVWLJRV WRPDU GHFODUDFLyQ MXUDGD \ VROLFLWDU OD SUHVHQWDFLyQ GHFXDOTXLHUSUXHEDSDUDORVHIHFWRVGHODDSOLFDFLyQGHHVWDOH\\VXVUHJODPHQWRV
$VLVWLUDODVUHXQLRQHVGHOD-XQWD1DFLRQDOGH6HUYLFLR&LYLOFXDQGRpVWDUHTXLHUDVXSUHVHQFLD\FXDQGRDVtHVWpHVWDEOHFLGRSRUHVWDOH\\VXVUHJODPHQWRV
5HQGLU DO 3UHVLGHQWH GH OD 5HS~EOLFD \ D OD -XQWD 1DFLRQDO GH 6HUYLFLR &LYLO LQIRUPH GH ODV ODERUHVUHDOL]DGDVGXUDQWHHODxR
/RVGHPiVGHEHUHV\DWULEXFLRQHVTXHOHLPSRQHQHVWDOH\\VXVUHJODPHQWRV
$57,&8/2'HEHUHV\DWULEXFLRQHVGHOVXEGLUHFWRU
(O VXEGLUHFWRU HV HO VXEMHIH DGPLQLVWUDWLYR GH OD 2ILFLQD 1DFLRQDO GH 6HUYLFLR &LYLO \ WLHQH ODV VLJXLHQWHVDWULEXFLRQHV\GHEHUHV
6XVWLWXLUDOGLUHFWRUHQFDVRVGHOLFHQFLDHQIHUPHGDG\DXVHQFLDWHPSRUDOSRUFXDOTXLHUFDXVD
'HVHPSHxDUODVIXQFLRQHVTXHOHVHDQVHxDODGDVSRUHOGLUHFWRU
$57,&8/25HJODPHQWRV
(OGLUHFWRUGHEHHODERUDUORVSUR\HFWRVGHUHJODPHQWRVTXHVHDQQHFHVDULRVSDUDODHMHFXFLyQGHHVWDOH\/RVVRPHWHUiDOD-XQWD1DFLRQDOGH6HUYLFLR&LYLOSDUDREWHQHUVXDSUREDFLyQ\SDUDTXHODPLVPDUHVXHOYDVLHOSUR\HFWRQRFRQWUDGLFH ODSUHVHQWH OH\8QDYH]DSUREDGRSRU OD-XQWD1DFLRQDOGH6HUYLFLR&LYLOHOGLUHFWRUVRPHWHUi HO SUR\HFWR DO 3UHVLGHQWH GH OD 5HS~EOLFD SDUD VX DSUREDFLyQ ILQDO \ SURPXOJDFLyQ ,JXDOSURFHGLPLHQWRVHGHEHUiVHJXLUSDUDHQPHQGDUORVUHJODPHQWRV
-
$57,&8/25HJODPHQWRVGHSHUVRQDOHQODVGHSHQGHQFLDV
7RGR UHJODPHQWRGHSHUVRQDO GHQWURGH FXDOTXLHU GHSHQGHQFLDGHO(VWDGRDIHFWDGRSRU HVWD OH\ GHEH VHUVRPHWLGR DO GLUHFWRU GH 6HUYLFLR &LYLO \ DSUREDGR SRU OD -XQWD 1DFLRQDO GH 6HUYLFLR &LYLO SDUD SRGHU VHULPSODQWDGR(VQXODLSVRMXUHWRGDQRUPDTXHQROOHQHHVWHUHTXLVLWR
$57,&8/2$XWRULGDGHVQRPLQDGRUDV
/RVQRPEUDPLHQWRVGHVHUYLGRUHVS~EOLFRVSDUD ORVSXHVWRVTXHFXEUHHVWD OH\FRUUHVSRQGHKDFHUORVD ODVVLJXLHQWHVDXWRULGDGHVQRPLQDGRUDV
$O 3UHVLGHQWH GH OD 5HS~EOLFD HO GH WRGRV ORV IXQFLRQDULRV \ VHUYLGRUHV S~EOLFRV VHxDODGRV SRU ODFRQVWLWXFLyQ \ ODV OH\HV \ HO GH WRGRV DTXHOORV FX\R QRPEUDPLHQWR QR VHD DVLJQDGR D RWUDV DXWRULGDGHVQRPLQDGRUDV
$ ORV 0LQLVWURV GH (VWDGR GH DFXHUGR FRQ OD &RQVWLWXFLyQ FRPSHWH HO GH ORV VHUYLGRUHV S~EOLFRV SDUDSXHVWRVHQVXVUHVSHFWLYDVGHSHQGHQFLDVTXHVHHQFXHQWUHQFRPSUHQGLGRVHQHO6HUYLFLRSRU2SRVLFLyQTXHHVWDEOHFHHVWDOH\\VXVUHJODPHQWRV
$IXQFLRQDULRV\RWURVVHUYLGRUHVS~EOLFRVORVTXHVHxDODOD&RQVWLWXFLyQ\ODV/H\HV
$57,&8/28WLOL]DFLyQGHVHUYLGRUHVS~EOLFRV
6HIDFXOWDDOGLUHFWRUSDUDXWLOL]DUODD\XGDGHIXQFLRQDULRV\VHUYLGRUHVS~EOLFRVFRQHOILQGHSUHSDUDUFHOHEUDU\ FDOLILFDU H[iPHQHV /D DXWRULGDG QRPLQDGRUD UHYHODUi GH VXV GHEHUHV D FXDOHVTXLHUD GH VXV HPSOHDGRVVHOHFFLRQDGRV SRU HO GLUHFWRU SRU HO WLHPSR TXH HVWXYLHUH VLUYLHQGR FRPR H[DPLQDGRU HVSHFLDO /RVIXQFLRQDULRV \ VHUYLGRUHV S~EOLFRV TXH DFW~HQ FRPR H[DPLQDGRUHV HVSHFLDOHV QR UHFLELUiQ UHWULEXFLyQDGLFLRQDOSRUVXVVHUYLFLRVFRPRWDOHVSHUROHVVHUiQUHHPEROVDGRVORVJDVWRVQHFHVDULRVHQTXHLQFXUULHUHQHQHOGHVHPSHxRGHVXVIXQFLRQHV
7,78/2,,,
&$3,78/281,&2
&ODVLILFDFLyQ'HO6HUYLFLR3~EOLFR
$57,&8/2&ODVLILFDFLyQ
3DUD ORV HIHFWRV GH OD DSOLFDFLyQ GH HVWD OH\ \ VXV UHJODPHQWRV ORV SXHVWRV HQ HO VHUYLFLR GHO (VWDGR VHFRPSUHQGHQHQORVWLSRVGHVHUYLFLRVVLJXLHQWHV
6HUYLFLR([HQWR
6HUYLFLRVLQ2SRVLFLyQ
6HUYLFLRSRU2SRVLFLyQ
$57,&8/26HUYLFLRH[HQWR
-
(OVHUYLFLRH[HQWRQRHVWiVXMHWRDODVGLVSRVLFLRQHVGHHVWDOH\\FRPSUHQGHORVSXHVWRVGH
)XQFLRQDULRVQRPEUDGRVSRUHO3UHVLGHQWHDSURSXHVWDGHO&RQVHMRGH(VWDGR
0LQLVWURV \ 9LFHPLQLVWURV GH (VWDGR VHFUHWDULRV VXEVHFUHWDULRV \ FRQVHMHURV GH OD 3UHVLGHQFLD GH OD5HS~EOLFDGLUHFWRUHVJHQHUDOHV\JREHUQDGRUHVGHSDUWDPHQWDOHV
)XQFLRQDULRV \ HPSOHDGRV HQ OD &DUUHUD 'LSORPiWLFD GH FRQIRUPLGDG FRQ OD /H\ 2UJiQLFD GHO 6HUYLFLR'LSORPiWLFRGH*XDWHPDOD
7HVRUHUR*HQHUDOGHOD1DFLyQ
(VFULEDQRGHO*RELHUQR
*HUHQWHGHOD/RWHUtD1DFLRQDO
)XQFLRQDULRVGHO&RQVHMRGH(VWDGR
5HJLVWUDGRUHVGHOD3URSLHGDG\SHUVRQDOFRUUHVSRQGLHQWH
,QVSHFWRU*HQHUDOGH7UDEDMR
)XQFLRQDULRVGHOD3UHVLGHQFLDGHOD5HS~EOLFDTXHGHSHQGDQGLUHFWDPHQWHGHO3UHVLGHQWH
0LHPEURVGHORVFXHUSRVGHVHJXULGDG
3HUVRQDV TXH VHDQ FRQWUDWDGDV SDUD SUHVWDU VHUYLFLRV LQWHULQRV RFDVLRQDOHV R SRU WLHPSR OLPLWDGR SRUFRQWUDWRHVSHFLDO
(PSOHDGRVGHOD6HFUHWDUtDGHOD3UHVLGHQFLDGHOD5HS~EOLFD
1RPiVGHGLH] IXQFLRQDULRVRVHUYLGRUHVS~EOLFRVHQFDGD0LQLVWHULRGH(VWDGR FX\DV IXQFLRQHVVHDQFODVLILFDGDVGHFRQILDQ]DSRUORVWLWXODUHVFRUUHVSRQGLHQWHV
3HUVRQDVTXHGHVHPSHxHQFDUJRVDGKRQRUHP
$57,&8/26HUYLFLRVLQ2SRVLFLyQ
(O6HUYLFLRVLQ2SRVLFLyQFRPSUHQGHORVSXHVWRVGH
$VHVRUHVWpFQLFRV
$VHVRUHV-XUtGLFRV
'LUHFWRUHVGH+RVSLWDOHV
/RVPLHPEURVGHHVWHVHUYLFLRHVWiQVXMHWRVDWRGDVODVGLVSRVLFLRQHVGHHVWDOH\PHQRVDDTXHOODVTXHVHUHILHUHQDQRPEUDPLHQWR\DGHVSLGR
$57,&8/26HUYLFLRSRU2SRVLFLyQ
(O6HUYLFLRSRU2SRVLFLyQLQFOX\HDORVSXHVWRVQRFRPSUHQGLGRVHQORVVHUYLFLRVH[HQWRV\VLQRSRVLFLyQ\TXH
-
DSDUH]FDQHVSHFtILFDPHQWHHQHOVLVWHPDGHFODVLILFDFLyQGHSXHVWRVGHO6HUYLFLRSRU2SRVLFLyQTXHHVWDEOHFHHVWDOH\
7,78/2,9
&$3,78/281,&2
&ODVLILFDFLyQ'H3XHVWRV
$57,&8/23ODQGH&ODVLILFDFLyQ
3DUD ORV HIHFWRV GH OD DSOLFDFLyQ GH HVWD OH\ OD 2ILFLQD 1DFLRQDO GH 6HUYLFLR &LYLO HODERUDUi XQ 3ODQ GH&ODVLILFDFLyQ GHWHUPLQDQGR ORV GHEHUHV \ UHVSRQVDELOLGDGHV GH WRGRV ORV SXHVWRV FRPSUHQGLGRV HQ ORV6HUYLFLRVSRU2SRVLFLyQ\VLQ2SRVLFLyQ\DJUXSDUiGLFKRVSXHVWRVHQFODVHV3DUDHVWHSURSyVLWRHOGLUHFWRUGHOD2ILFLQD1DFLRQDOGH6HUYLFLR&LYLOPDQWHQGUiDOGtD
8QDOLVWDGHODVFODVHVGHSXHVWRV\GHODVVHULHVRJUDGRVRFXSDFLRQDOHVTXHVHGHWHUPLQHQ
8QPDQXDOGHHVSHFLILFDFLRQHVGHFODVHVGHILQLHQGRORVGHEHUHVUHVSRQVDELOLGDGHV\UHTXLVLWRVPtQLPRVGHFDOLILFDFLyQGHFDGDFODVHGHSXHVWRV
8QPDQXDOTXHILMHODVQRUPDVSDUDODFODVLILFDFLyQGHSXHVWRV
$57,&8/22EMHWR\FRQWHQLGRGHODFODVLILFDFLyQ
&DGD XQD GH ODV FODVHV GHEH FRPSUHQGHU D WRGRV ORV SXHVWRV TXH UHTXLHUHQ HO GHVHPSHxR GH GHEHUHVVHPHMDQWHVHQFXDQWRDDXWRULGDG UHVSRQVDELOLGDGH tQGROHGHO WUDEDMRDHMHFXWDUGH WDOPDQHUDTXHVHDQQHFHVDULRVDQiORJRVUHTXLVLWRVGHLQVWUXFFLyQH[SHULHQFLDFDSDFLGDGFRQRFLPLHQWRVKDELOLGDGHVGHVWUH]DV\DSWLWXGHV SDUD GHVHPSHxDUORV FRQ HILFLHQFLD TXH ODV PLVPDV SUXHEDV GH DSWLWXG SXHGDQ XWLOL]DUVH DOVHOHFFLRQDUDORVFDQGLGDWRV\TXHODPLVPDHVFDODGHVDODULRVSXHGDDSOLFDUVHHQFLUFXQVWDQFLDVGHWUDEDMRGHVHPSHxDGRHQLJXDOGDGGHFRQGLFLRQHVHILFLHQFLD\DQWLJHGDG
&DGDFODVHGHEHVHUGHVLJQDGDFRQXQ WtWXORTXHGHVFULED ORVGHEHUHV UHTXHULGRV\GLFKR WtWXORGHEHUiVHUXVDGR HQ ORV H[SHGLHQWHV \ GRFXPHQWRV UHODFLRQDGRV FRQ QRPEUDPLHQWRV DGPLQLVWUDFLyQ GH SHUVRQDOSUHVXSXHVWR\FXHQWDV
1LQJXQDSHUVRQDSXHGHVHUQRPEUDGDHQXQSXHVWRHQHO6HUYLFLRSRU2SRVLFLyQ\HQHO6HUYLFLRVLQ2SRVLFLyQEDMRXQWtWXORTXHQRKD\DVLGRSUHYLDPHQWHDSUREDGRSRUOD2ILFLQD1DFLRQDOGH6HUYLFLR&LYLOHLQFRUSRUDGRDO3ODQGH&ODVLILFDFLyQ/DVFODVHVSXHGHQRUJDQL]DUVHHQJUXSRVRJUDGRVGHWHUPLQDGRVSRUODVGLIHUHQFLDVHQLPSRUWDQFLDGLILFXOWDGUHVSRQVDELOLGDG\YDORUGHOWUDEDMRGHTXHVHWUDWH
$57,&8/2$XWRULGDG\UHVSRQVDELOLGDGGHOGLUHFWRUGHOD2ILFLQD1DFLRQDOGH6HUYLFLR&LYLO
(OGLUHFWRU WLHQHDXWRULGDG\ UHVSRQVDELOLGDGSDUDKDFHUPRGLILFDFLRQHVHQHO3ODQGH&ODVLILFDFLyQ\ UHYLVDUSHULyGLFDPHQWHWRGRVORVSXHVWRVVXMHWRVDOSODQ(VWDVPRGLILFDFLRQHVUHJLUiQLQPHGLDWDPHQWHGHVSXpVGHVHUDSUREDGDVSRUHO3UHVLGHQWHGHOD5HS~EOLFD
$57,&8/2$VLJQDFLyQ\UHDVLJQDFLyQGHSXHVWRV
(O GLUHFWRU WLHQH DXWRULGDG SDUD DVLJQDU FXDOTXLHU SXHVWR D RWUD FODVH R\HQGR SUHYLDPHQWH D OD DXWRULGDG
-
QRPLQDGRUDTXHFRUUHVSRQGD
$QWHVGHHVWDEOHFHUXQQXHYRSXHVWRGHQWURGHO6HUYLFLRSRU2SRVLFLyQRGHLQWURGXFLUVHFDPELRVVXVWDQFLDOHVSHUPDQHQWHV HQ ORV GHEHUHV DXWRULGDG \ UHVSRQVDELOLGDGHV GH XQ SXHVWR OD DXWRULGDG QRPLQDGRUD GHEHQRWLILFDUORDOGLUHFWRUGHOD2ILFLQD1DFLRQDOGH6HUYLFLR&LYLOSDUDORVHIHFWRVGHTXHGLVSRQJDODDVLJQDFLyQRUHDVLJQDFLyQGHORVSXHVWRVDIHFWDGRVDODVFODVHVFRUUHVSRQGLHQWHVVLSURFHGLHUH
$57,&8/23URKLELFLRQHV
4XHGDSURKLELGR
1RPEUDURSURPRYHUDXQVHUYLFLRS~EOLFRVLQTXHH[LVWDSUHYLDPHQWHODUHVSHFWLYDFODVHHVFDODIRQDULD\VXFRUUHVSRQGLHQWHQLYHOPtQLPR\Pi[LPRGHUHPXQHUDFLyQRFXDQGRHOVHUYLGRUS~EOLFRQRHVWpLQVFULWRHQODVUHVSHFWLYDVOLVWDVGHHOHJLEOHV
$EROLUXQDFODVHHVFDODIRQDULDRXQSXHVWRVyORFRQHOREMHWRGHGHVSHGLUDXQVHUYLGRUS~EOLFRSURWHJLGRSRUHVWDOH\
3DVDUXQSXHVWRDXQDFODVHHVFDODIRQDULDPiVDOWDFRQHOILQGHDVFHQGHUDOVHUYLGRUS~EOLFRTXHORRFXSDVLQTXHpVWHVHVXMHWHDORVUHTXLVLWRVGHSURPRFLyQ
3DVDUXQSXHVWRDXQDFODVHHVFDODIRQDULDPiVEDMDVLQREVHUYDUORVSURFHGLPLHQWRVTXHLQGLFDHO$UWtFXOR
-
,QJUHVR$O6HUYLGRU3RU2SRVLFLyQ
$57,&8/2&RQGLFLRQHVGHLQJUHVR
3DUDLQJUHVDUDO6HUYLFLRSRU2SRVLFLyQVHUHTXLHUH
3RVHHUODDSWLWXGPRUDOLQWHOHFWXDO\ItVLFDSURSLDVSDUDHOGHVHPSHxRGHXQSXHVWR
6DWLVIDFHUORVUHTXLVLWRVPtQLPRVHVSHFLDOHVTXHHVWDEOH]FDHOPDQXDOGHHVSHFLILFDFLRQHVGHFODVHSDUDHOSXHVWRGHTXHVHWUDWH
'HPRVWUDU LGRQHLGDGVRPHWLpQGRVHD ODVSUXHEDVH[iPHQHVRFRQFXUVRVTXHHVWDEOH]FDHVWD OH\\VXVUHJODPHQWRV
6HUHVFRJLGR\QRPEUDGRSRUODDXWRULGDGQRPLQDGRUDGHODQyPLQDGHFDQGLGDWRVFHUWLILFDGDSRUOD2ILFLQD1DFLRQDOGH6HUYLFLR&LYLO
)LQDOL]DUVDWLVIDFWRULDPHQWHHOSHUtRGRGHSUXHED
/OHQDUORVGHPiVUHTXLVLWRVTXHHVWDEOH]FDQORVUHJODPHQWRVGHHVWDOH\
&$3,78/2,,([iPHQHV
$57,&8/2$XWRULGDG\VLVWHPDVGHH[iPHQHV
&RUUHVSRQGHDOD2ILFLQD1DFLRQDOGH6HUYLFLR&LYLOODRUJDQL]DFLyQFRQYRFDWRULDGLUHFFLyQ\HMHFXFLyQGHODVSUXHEDVGHLQJUHVR\DVFHQVRGHFRQIRUPLGDGFRQHVWDOH\\VXVUHJODPHQWRV
/DRILFLQDSXHGHDMXLFLRGHOGLUHFWRUGHODPLVPDUHTXHULUHODVHVRUDPLHQWRWpFQLFRGHODVGHSHQGHQFLDVHQGRQGH RFXUUDQ ODV YDFDQWHV R GH RWUDV LQVWLWXFLRQHV R SHUVRQDV SDUD OD SUHSDUDFLyQ \ DSOLFDFLyQ GH ODVSUXHEDVVLIXHUHQHFHVDULR
/DVSUXHEDVGHEHQVHUGHOLEUHRSRVLFLyQ\WLHQHQSRUREMHWRGHWHUPLQDUODFDSDFLGDGDSWLWXG\KDELOLGDGGHORVFDQGLGDWRVSDUDHOGHVHPSHxRGHORVGHEHUHVGHOSXHVWRGHTXHVHWUDWD3XHGHQVHURUDOHVHVFULWDVItVLFDVRXQDFRPELQDFLyQGHpVWDV
$57,&8/2([DPHQGHFUHGHQFLDOHV
3DUD ORVHIHFWRVGHHVWH FDStWXOR DGHPiVGH ORVH[iPHQHV \D LQGLFDGRVHQHO$UWtFXOR VHHVWDEOHFHHOH[DPHQGHFUHGHQFLDOHVHOTXHVHUiQRUPDGRSRUHOUHJODPHQWRUHVSHFWLYR
$57,&8/26ROLFLWXGGHDGPLVLyQ\FRQYRFDWRULD
/DDGPLVLyQDH[iPHQHVHVOLEUHSDUDWRGDVODVSHUVRQDVTXHOOHQHQORVUHTXLVLWRVH[LJLGRVSDUDHOSXHVWRGHTXH VH WUDWH 1R REVWDQWH HO GLUHFWRU GH OD 2ILFLQD 1DFLRQDO GH 6HUYLFLR &LYLO SXHGH UHFKD]DU HQ IRUPDUD]RQDGD FXDOTXLHU VROLFLWXG \ HOLPLQDU HO QRPEUH GHO UHJLVWUR R GHQHJDU OD FHUWLILFDFLyQ GHO QRPEUH GHFXDOTXLHUSHUVRQDVLFRQVLGHUDTXHQROOHQDORVUHTXLVLWRVH[LJLGRVVHxDODGRVSRUODOH\\VXVUHJODPHQWRV
/D FRQYRFDWRULD GHEH VHU KHFKD FRQ TXLQFH GtDV GH DQWLFLSDFLyQ SRU ORPHQRV D OD IHFKD VHxDODGD SRU OD
-
RILFLQDSDUDHOH[DPHQSRUORVPHGLRVTXHFRQVLGHUHPiVDSURSLDGRV(QWRGRFDVRHODYLVRVHGHEHSXEOLFDUHQHO'LDULR2ILFLDO\HQRWURGHORVGHPD\RUFLUFXODFLyQHQHOSDtV
/DFRQYRFDWRULDGHEH LQGLFDU ORVGHEHUHV \DWULEXFLRQHVGHO SXHVWR ORV UHTXLVLWRVGHVHDEOHVRH[LJLEOHV ODIRUPDGHKDFHUODVROLFLWXGGHDGPLVLyQ\ODIHFKDOXJDU\KRUDGHFHOHEUDFLyQGHOH[DPHQ
$57,&8/2&DQGLGDWRVHOHJLEOHV
3DUDVHUGHFODUDGRHOHJLEOHHOFDQGLGDWRGHEHREWHQHUXQDFDOLILFDFLyQPtQLPDGHSXQWRVHQODHVFDODDFRPRSURPHGLRHQODVGLVWLQWDVSUXHEDVDTXHVHVRPHWD
'HQWURGHORVFDQGLGDWRVGHFODUDGRVHOHJLEOHVGHEHQJR]DUGHSXQWRVGHSUHIHUHQFLDTXHVHGHEHQDQRWDUDOVHUFHUWLILFDGRVXQRPEUHTXLHQHVHQLJXDOGDGGHFLUFXQVWDQFLDVVHDQH[VHUYLGRUHVS~EOLFRVRWHQJDQPD\RUHVFDUJDVIDPLOLDUHVVHJ~QORHVWDEOHFHUiHOUHJODPHQWRUHVSHFWLYR
$57,&8/21RWLILFDFLyQGHUHVXOWDGRVGHH[iPHQHV
/DFDOLILFDFLyQGHORVH[iPHQHV\HOHVWDEOHFLPLHQWRGHORVUHJLVWURVUHVSHFWLYRVVHKDUiQGHQWURGHOWpUPLQRPi[LPRGHGtDVVLJXLHQWHVDVXILQDOL]DFLyQ&DGDXQRGHORVFDQGLGDWRVH[DPLQDGRVVHUiQRWLILFDGRGHODFDOLILFDFLyQREWHQLGDSRUpO\HQVXFDVRGHOOXJDUTXHOHFRUUHVSRQGDHQHOUHJLVWURUHVSHFWLYR
&XDOTXLHU SHUVRQD TXH KD\D SDUWLFLSDGR HQ XQ H[DPHQ SRGUi LQVSHFFLRQDU HO TXH OH FRUUHVSRQGD \ VXVFDOLILFDFLRQHVVHJ~QORGHWHUPLQHHOUHJODPHQWRUHVSHFWLYR'HQWURGHORVGtDVVLJXLHQWHVDODQRWLILFDFLyQGHORVUHVXOWDGRVGHVXH[DPHQSRGUiHOLQWHUHVDGRVROLFLWDUDOGLUHFWRUGHOD2ILFLQD1DFLRQDOGH6HUYLFLR&LYLOODUHFWLILFDFLyQGHFXDOTXLHUHUURUHQVXVFDOLILFDFLRQHVHOFXDOVLSURFHGLHUHVHUiFRUUHJLGR
/DVSHUVRQDVTXHVHFRQVLGHUHQSHUMXGLFDGDVSRUXQDGHFLVLyQGHOGLUHFWRUHQORTXHVHUHILHUHDODDGPLVLyQ\FDOLILFDFLyQGHSUXHEDVSRGUiQDSHODUDQWHOD-XQWD1DFLRQDOGH6HUYLFLR&LYLOGHQWURGHWUHVGtDVGHQRWLILFDGDODGHFLVLyQSDUDTXHVHUHYLVHODUHVROXFLyQ/DGHFLVLyQGHOD-XQWDVHUiGHILQLWLYD
$57,&8/2(VWDEOHFLPLHQWRGHUHJLVWURV
/D2ILFLQD1DFLRQDOGH6HUYLFLR&LYLORUJDQL]DUi\FRQVHUYDUiORVUHJLVWURVGHLQJUHVRGHDVFHQVR\ORVGHPiVTXHVHDQQHFHVDULRVSDUD ODDGPLQLVWUDFLyQGHO UpJLPHQGHVHUYLFLRFLYLOGHFRQIRUPLGDGFRQHO UHJODPHQWRUHVSHFWLYR
/RVQRPEUHVGHODVSHUVRQDVTXHDSUXHEHQORVH[iPHQHVVHUiQLQVFULWRVHQORVUHJLVWURVGHLQJUHVR\DVFHQVRHQHORUGHQGHODVFDOLILFDFLRQHVREWHQLGDV
(OSHULRGRGHYLJHQFLDGHORVUHJLVWURVVHUiGHWHUPLQDGRSRUHOGLUHFWRUGHOD2ILFLQD1DFLRQDOGHO6HUYLFLR&LYLOHQODIHFKDGHVXLPSODQWDFLyQ\VXYLJHQFLDQRVHUiPHQRUGHVHLVPHVHVQLPD\RUGHGRVDxRV
(OGLUHFWRUHVWDEOHFHUi\FRQVHUYDUiUHJLVWURVGHUHLQJUHVRTXHFRQWHQGUiQORVQRPEUHVGHODVSHUVRQDVTXHKXELHUHQVLGRHPSOHDGRVUHJXODUHV\TXHKD\DQVLGRVHSDUDGRVGHVXVSXHVWRVSRUFXDOTXLHUPRWLYRTXHQRIXHUHIDOWDGHFRQIRUPLGDGFRQHVWDOH\\VXVUHJODPHQWRV(OSHULRGRGHYLJHQFLDGHORVUHJLVWURVGHUHLQJUHVRVHUiHVWDEOHFLGRHQHOUHJODPHQWRUHVSHFWLYR\QRVHUiPD\RUGHWUHVDxRV
&$3,78/2,,,1RPEUDPLHQWRV
-
$57,&8/29DFDQWHV\FHUWLILFDFLyQGHHOHJLEOHV
3DUD OOHQDUFXDOTXLHU YDFDQWHTXHVHSURGX]FDHQHO6HUYLFLRSRU2SRVLFLyQ ODDXWRULGDGQRPLQDGRUDGHEHUHTXHULUDOD2ILFLQD1DFLRQDOGH6HUYLFLR&LYLOXQDQyPLQDGHWRGRVORVFDQGLGDWRVHOHJLEOHVHQODIRUPDTXHSUHVFULEDHOUHJODPHQWRUHVSHFWLYR
$57,&8/26HOHFFLyQGHFDQGLGDWRV
/D DXWRULGDG QRPLQDGRUD GHEH HVFRJHU DO QXHYR VHUYLGRU HQWUH OD QyPLQD GH FDQGLGDWRV HOHJLEOHV TXH OHSUHVHQWH HO GLUHFWRU GH OD2ILFLQD1DFLRQDO GH6HUYLFLR&LYLO GHQWUR GHO SHUtRGR VHxDODGR HQ HO UHJODPHQWRUHVSHFWLYR
'HQWUR GH ORV RFKR GtDV VLJXLHQWHV D OD IHFKD GH UHFLER GH OD QyPLQD VROLFLWDGD OD DXWRULGDG QRPLQDGRUDVHOHFFLRQDUiDOFDQGLGDWRFRPXQLFiQGRORDOGLUHFWRUGHOD2ILFLQD1DFLRQDOGH6HUYLFLR&LYLO\DOVHOHFFLRQDGR
$57,&8/2,QH[LVWHQFLDRLQVXILFLHQFLDGHFDQGLGDWRVHOHJLEOHV
6LHPSUHTXHODDXWRULGDGQRPLQDGRUDGHEDOOHQDUXQDYDFDQWH\OD2ILFLQD1DFLRQDOGH6HUYLFLR&LYLOQRSXHGDFHUWLILFDUXQDQyPLQDGHHOHJLEOHVSRULQH[LVWHQFLDRLQVXILFLHQFLDGHFDQGLGDWRVHQHOUHJLVWURGLFKDDXWRULGDGSXHGH FXEULU OD YDFDQWH HQ IRUPD SURYLVLRQDO SUHYLD DXWRUL]DFLyQ GH OD 2ILFLQD 1DFLRQDO GH 6HUYLFLR &LYLOVLHPSUH TXH OD SHUVRQD GHVLJQDGD OOHQH ORV UHTXLVLWRV PtQLPRV HVWDEOHFLGRV SDUD HO SXHVWR (VWH WLSR GHQRPEUDPLHQWRVWLHQHYLJHQFLDSRUXQWpUPLQRQRPD\RUGHVHLVPHVHVLPSURUURJDEOHVGHQWURGHORVFXDOHVODRILFLQDGHEHSURFHGHUDHVWDEOHFHUHOUHJLVWURUHVSHFWLYR
$57,&8/21RPEUDPLHQWRVSURYLVLRQDOHV\GHHPHUJHQFLD
&XDQGRSRUODVUD]RQHVSUHYLVWDVHQHODUWtFXORDQWHULRURSRUPRWLYRGHHPHUJHQFLDGHELGDPHQWHFRPSUREDGDIXHVHLPSRVLEOHOOHQDUODVYDFDQWHVFRQIRUPHORSUHVFULEHHVWDOH\ODDXWRULGDGQRPLQDGRUDSRGUiQRPEUDUDFXDOTXLHU SHUVRQD TXH UH~QD ORV UHTXLVLWRV FRUUHVSRQGLHQWHV D OD FODVH GH SXHVWR GH TXH VH WUDWH /RVQRPEUDPLHQWRVDVtKHFKRVGHEHQVHUFRPXQLFDGRVLQPHGLDWDPHQWHDOD2ILFLQD1DFLRQDOGH6HUYLFLR&LYLO\GXUDUiQKDVWDVHLVPHVHVDSDUWLUGHODIHFKDGHWRPDGHSRVHVLyQVLQTXHSXHGDQSURUURJDUVHQLUHQRYDUVH
$57,&8/21XOLGDGGHOQRPEUDPLHQWR\UHVSRQVDELOLGDG
(V QXOR FXDOTXLHU QRPEUDPLHQWR TXH VH KDJD HQ FRQWUDYHQFLyQ D HVWD OH\ \ VXV UHJODPHQWRV SHUR VL HOIXQFLRQDULRRHPSOHDGRKXELHUHGHVHPSHxDGRHOFDUJRVXVDFWXDFLRQHVTXHVHDMXVWHQDODOH\VRQYiOLGDV/DSHUVRQDDIHFWDGDSRUODQXOLGDGSXHGHGHGXFLUODVDFFLRQHVFLYLOHVFRUUHVSRQGLHQWHVFRQWUDORVUHVSRQVDEOHVVLQSHUMXLFLRGHODVUHVSRQVDELOLGDGHVSHQDOHVTXHUHVXOWDUHQ
1LQJ~Q IXQFLRQDULR SRGUiDXWRUL]DU R HIHFWXDU SDJRDOJXQRSRU VHUYLFLRVSHUVRQDOHVDQLQJXQDSHUVRQDGHO6HUYLFLRSRU2SRVLFLyQFX\RQRPEUDPLHQWRQRKD\DVLGRFHUWLILFDGRSRUOD2ILFLQD1DFLRQDOGH6HUYLFLR&LYLO
7RGDVXPDSDJDGDDXQDSHUVRQDSRUVHUYLFLRVSHUVRQDOHVHQFRQWUDGHODVGLVSRVLFLRQHVGHHVWDOH\\VXVUHJODPHQWRV SXHGH VHU UHFXSHUDGD GHO IXQFLRQDULR TXH DSUXHEH UHIUHQGH HO SDJR GH TXH VXVFULED HOFRPSUREDQWHFKHTXHQyPLQDVXRUGHQGHSDJRSRUODYtDHFRQyPLFRFRDFWLYD/DFDQWLGDGUHFXSHUDGDGHEHLQJUHVDUDOD7HVRUHUtD1DFLRQDO
&$3,78/2,9
3HUtRGRV'H3UXHEDV
-
$57,&8/27pUPLQRGHOSHUtRGRGHSUXHED
7RGDSHUVRQDQRPEUDGDHQXQSXHVWRGHQWURGHO6HUYLFLRSRU2SRVLFLyQPHGLDQWHLQVFULSFLyQGHVXQRPEUHHQXQUHJLVWURGHEHVRPHWHUVHDXQSHUtRGRGHSUXHEDSUiFWLFDHQHOGHVHPSHxRGHOSXHVWRGHTXHVHWUDWH(OSHUtRGRGHSUXHEDVHLQLFLDDSDUWLUGHODIHFKDGHWRPDGHSRVHVLyQ\GXUDVHLVPHVHVFRPRPi[LPRSDUDORVQXHYRVVHUYLGRUHV\WUHVPHVHVSDUDORVFDVRVGHDVFHQVR
4XHGDDVDOYRHOGHUHFKRGHOVHUYLGRUGHVHUUHVWLWXLGRDVXFDUJRVLIXHUHVHSDUDGRGHOQXHYRSXHVWRGXUDQWHODSUXHEDSRUUD]RQHVTXHQRFRQVWLWX\DQIDOWD
6LODSHUVRQDHVWXYLHUHGHVHPSHxDQGRHOFDUJRPHGLDQWHQRPEUDPLHQWRSURYLVLRQDOHOWLHPSRDVtVHUYLGRGHEHVHUWRPDGRHQFXHQWDSDUDHOFyPSXWRGHOSHUtRGRSUREDWRULRFRUUHVSRQGLHQWH
$OWHUPLQDUVDWLVIDFWRULDPHQWHHOSHUtRGRGHSUXHEDHOVHUYLGRUS~EOLFRGHEHVHUFRQVLGHUDGRHPSOHDGRUHJXODU
$57,&8/2)DFXOWDGGHODDXWRULGDGQRPLQDGRUD\GHOGLUHFWRUGHOD2ILFLQD1DFLRQDOGH6HUYLFLR&LYLO
(Q FXDOTXLHU WLHPSR GHQWUR GHO SHUtRGR SUREDWRULR \ FRQIRUPH HO UHJODPHQWR UHVSHFWLYR OD DXWRULGDGQRPLQDGRUDSXHGHVHSDUDUDXQHPSOHDGRVLHQRSLQLyQGHGLFKDDXWRULGDG\FRQEDVHHQORVLQIRUPHVGHOMHIHLQPHGLDWRGHOHPSOHDGRVHFRQVLGHUDTXHpVWHHVLQHSWR\QRFXPSOHVXVGHEHUHVVDWLVIDFWRULDPHQWHRTXHVXVKiELWRV\FRQGXFWDJHQHUDOQR MXVWLILFDQVXFRQWLQXDFLyQHQHOVHUYLFLR\GHEH LQIRUPDUDOGLUHFWRUGH OD2ILFLQD1DFLRQDOGH6HUYLFLR&LYLOGHQWURGHORVWUHVGtDVVLJXLHQWHVORVPRWLYRVTXHWHQJDSDUDKDFHUOR
1RPiV GH WUHV HPSOHDGRV SXHGHQ VHU VHSDUDGRV VXFHVLYDPHQWH GHOPLVPR SXHVWR GXUDQWH HO SHUtRGR GHWUDEDMRSUREDWRULRVLQODSUHYLDDXWRUL]DFLyQGHOGLUHFWRU
(OGLUHFWRUGHOD2ILFLQD1DFLRQDOGH6HUYLFLR&LYLOSRGUiRUGHQDUODUHPRFLyQGHFXDOTXLHUVHUYLGRUGXUDQWHHOSHUtRGRSUREDWRULRVLHPSUHTXHVHHVWDEOH]FDTXHVXQRPEUDPLHQWRIXHUHVXOWDGRGHHUURURIUDXGHHQFX\RFDVRHOLQWHUHVDGRGHEHUiVHURtGRSUHYLDPHQWHSDUDORFXDOVHOHFRQFHGHUiDXGLHQFLDGHWUHVGtDVDSDUWLUGHOUHTXHULPLHQWR
$57,&8/2(YDOXDFLyQGHOSHUtRGRGHSUXHED
/DDXWRULGDGQRPLQDGRUDLQIRUPDUiDOD2ILFLQD1DFLRQDOGH6HUYLFLR&LYLOHQODVIHFKDV\HQODIRUPDTXHHOUHJODPHQWRGHWHUPLQHVREUH ODFRQGXFWD UHQGLPLHQWR\GHPiV LQIRUPDFLyQ UHODFLRQDGDFRQHOHPSOHDGRHQSHUtRGRGHSUXHED
(Q WRGR FDVR \ SRU ORPHQRV GLH] GtDV DQWHV ILQDOL]DU HO SHUtRGR SUREDWRULR GH XQ HPSOHDGR OD DXWRULGDGQRPLQDGRUDQRWLILFDUiDOD2ILFLQD1DFLRQDOGH6HUYLFLR&LYLOHQODIRUPDTXHVHDHVWDEOHFLGRSRUHOUHJODPHQWRVXVDSUHFLDFLRQHVVREUHORVVHUYLFLRV\FRQGXFWDGHOHPSOHDGR\PDQLIHVWDUiODFRQYHQLHQFLDRLQFRQYHQLHQFLDGHTXHHOVHUYLGRUFRQWLQ~HHQHOSXHVWR&RSLDGHHVWDQRWLILFDFLyQVHUHPLWLUiDOHPSOHDGR
&$3,78/29$VFHQVRV
$57,&8/23URPRFLRQHV
6HFRQVLGHUDSURPRFLyQRDVFHQVRHODFWRSRUHOFXDOHOVHUYLGRUS~EOLFRSDVDDGHVHPSHxDUXQSXHVWRGHJUDGRRFODVHVXSHULRUFRQODDSUREDFLyQGHOD2ILFLQD1DFLRQDOGH6HUYLFLR&LYLO
/DSURPRFLyQDSXHVWRGHJUDGRVXSHULRUSXHGHVHUDFRUGDGDSRUODDXWRULGDGQRPLQDGRUDDVROLFLWXGGHOMHIHLQPHGLDWRUHVSHFWLYRSUHYLDQRWLILFDFLyQDOD2ILFLQD1DFLRQDOGH6HUYLFLR&LYLO\SURFHGDFXDQGRORVFDQGLGDWRV
-
OOHQDQORVUHTXLVLWRVILMDGRVSDUDHOSXHVWRDTXHDVFLHQGDQ
/DVSURPRFLRQHVDFODVHVVXSHULRUHVVHKDUiQPHGLDQWHVROLFLWXGGHOLQWHUHVDGR\FRQODDSUREDFLyQ\H[DPHQGHSUXHEDTXHSUDFWLFDUiOD2ILFLQD1DFLRQDOGH6HUYLFLR&LYLO\VHVXMHWDUiQDOWpUPLQRGHOSHUtRGRSUREDWRULRTXHVHHVWDEOHFHHQHO$UWtFXORGHHVWDOH\(VQXODWRGDSURPRFLyQTXHVHKDJDVLQOOHQDUODVIRUPDOLGDGHVHVWDEOHFLGDVHQODSUHVHQWHOH\\VXVUHJODPHQWRV
$57,&8/2$VFHQVRVWHPSRUDOHV
3URFHGHQORVDVFHQVRVWHPSRUDOHVHQORVFDVRVGHDXVHQFLDGHOWLWXODUFXDQGRHOVHUYLGRUDVFHQGLGROOHQHORVUHTXLVLWRVHVWDEOHFLGRVSDUDHOSXHVWR(QHVWRVFDVRVHOHPSOHDGRDVFHQGLGRGHYHQJDUi~QLFDPHQWHHOVDODULRFRUUHVSRQGLHQWHDOGHOWLWXODUDXVHQWH
/RV DVFHQVRV WHPSRUDOHV VyOR SURFHGHQ FXDQGR VH WUDWH GH DXVHQFLDV PD\RUHV GH VHVHQWD GtDV \ ODVQHFHVLGDGHVGHOVHUYLFLRORUHTXLHUDQ
&$3,78/29,
3HUPXWDV
-
$ QR VHU UHPRYLGRV GH VXV SXHVWRV D PHQRV TXH LQFXUUDQ HQ ODV FDXVDOHV GH GHVSLGR GHELGDPHQWHFRPSUREDGDVSUHYLVWDVHQHVWDOH\
$JR]DUGHXQSHUtRGRDQXDOGHYDFDFLRQHVUHPXQHUDGDVGHYHLQWHGtDVKiELOHVGHVSXpVGHFDGDDxRGHVHUYLFLRV FRQWLQXRV /DV YDFDFLRQHV QR VRQ DFXPXODEOHV GHEHQ JR]DUVH HQ SHUtRGRV FRQWLQXRV \ QR VRQFRPSHQVDEOHV HQ GLQHUR VDOYR TXH VH KXELHUH DGTXLULGR HO GHUHFKR \ QR VH KXELHUH GLVIUXWDGRDO FHVDU ODUHODFLyQGHWUDEDMRSRUFXDOTXLHUFDXVD
7UHLQWDGtDVDORVVHUYLGRUHVS~EOLFRVH[SXHVWRVDULHVJRVTXHFDXVHQHQIHUPHGDGHVSURIHVLRQDOHVORVTXHVHUiQHQXPHUDGRVSDUDHVHHIHFWRHQHOUHJODPHQWRUHVSHFWLYR
$OLFHQFLDVFRQRVLQJRFHGHVXHOGRSRUHQIHUPHGDGJUDYLGH]HVWXGLRVDGLHVWUDPLHQWR\RWUDVFDXVDVGHFRQIRUPLGDGFRQHOUHJODPHQWRUHVSHFWLYR
$HQWHUDUVHGHODVFDOLILFDFLRQHVSHULyGLFDVGHVXVVHUYLFLRV
$UHFLELUHQODSULPHUDTXLQFHQDGHOPHVGHGLFLHPEUHGHFDGDDxRXQDJXLQDOGRHQHIHFWLYRTXHVHOLTXLGDUiGHFRQIRUPLGDGFRQODOH\\ORVUHJODPHQWRVUHVSHFWLYRV
$UHFLELULQGHPQL]DFLyQSRUVXSUHVLyQGHOSXHVWRRGHVSHGLGRLQMXVWLILFDGRGLUHFWRRLQGLUHFWRHTXLYDOHQWHDXQPHVGHVDODULRSRUFDGDDxRGHVHUYLFLRVFRQWLQXRV\VL ORVVHUYLFLRVQRDOFDQ]DUHQDXQDxRD ODSDUWHSURSRUFLRQDO DO WLHPSR WUDEDMDGR 6X LPSRUWH VH GHEH FDOFXODU FRQIRUPH DO SURPHGLR GH ORV VXHOGRVGHYHQJDGRVGXUDQWH ORV ~OWLPRV VHLVPHVHV D SDUWLU GH OD IHFKDGH VXSUHVLyQ GHO SXHVWR(VWH GHUHFKRHQQLQJ~QFDVRH[FHGHUiGHFLQFRVXHOGRV
(OSDJRGH OD LQGHPQL]DFLyQVHKDUiHQPHQVXDOLGDGHVVXFHVLYDVDSDUWLUGH ODVXSUHVLyQGHOSXHVWRKDVWDFRPSOHWDUODFDQWLGDGTXHFRUUHVSRQGD(VHQWHQGLGRTXHVLHQUD]yQGHOGHUHFKRSUHIHUHQWHFRQWHPSODGRHQHO$UWtFXORGHHVWDOH\HOVHUYLGRUGHVSHGLGRUHLQJUHVDUHDOVHUYLFLRS~EOLFRFRQXQVDODULRLJXDORVXSHULRUDOTXHGHYHQJDEDHOSDJRGH OD LQGHPQL]DFLyQVHUiVXVSHQGLGRDSDUWLUGH OD IHFKDGH WRPDGHSRVHVLyQGHOQXHYRFDUJR6LHOVDODULR IXHUH LQIHULRUVHFRQWLQXDUiHOSDJRGH OD LQGHPQL]DFLyQSRUHO WpUPLQRQHFHVDULRSDUDFXEULUODGLIHUHQFLDHQHOQ~PHURGHPHVHVDOFXDOVHWLHQHGHUHFKRGHLQGHPQL]DFLyQ
4XHGDQH[FOXLGRVGHHVWHGHUHFKRORVVHUYLGRUHVS~EOLFRVTXHSXHGDQDFRJHUVHDODSHQVLyQRMXELODFLyQSHURGLVIUXWDUiQ GH OD H[SUHVDGD LQGHPQL]DFLyQ KDVWD TXH VH HPLWD HO DFXHUGR GH SHQVLyQ R MXELODFLyQFRUUHVSRQGLHQWH/DVHQWLGDGHVHQFDUJDGDVGHHVRV WUiPLWHVTXHGDQHQ ODREOLJDFLyQGH UHVROYHUORVHQXQWpUPLQRPi[LPRGHFXDWURPHVHV
$JR]DUGHOUpJLPHQGHMXELODFLRQHVSHQVLRQHV\PRQWHStRVGHFRQIRUPLGDGFRQODOH\UHVSHFWLYD
$ UHFLELU XQ VXEVLGLR IDPLOLDU FXDQGR ODV FRQGLFLRQHV ILVFDOHV OR SHUPLWDQ GH FRQIRUPLGDG FRQ OD OH\UHVSHFWLYD
$ODVFHQVRDSXHVWRGHPD\RUMHUDUTXtD\RVXHOGRPHGLDQWHODFRPSUREDFLyQGHHILFLHQFLD\PpULWRVGHFRQIRUPLGDGFRQODVQRUPDVGHHVWDOH\
$XQVDODULRMXVWRTXHOHSHUPLWDXQDH[LVWHQFLDGHFRURVDGHDFXHUGRDODVIXQFLRQHVTXHGHVHPSHxH\DORVPpULWRVGHVXDFWLYLGDGSHUVRQDO
'HUHFKRDGHVFDQVRIRU]RVRGHWUHLQWDGtDVDQWHVGHOSDUWR\GHFXDUHQWD\FLQFRGtDVGHVSXpVFRQJRFHGHVDODULR
$57,&8/2
/RVVHUYLGRUHVS~EOLFRVGHO6HUYLFLRVLQ2SRVLFLyQHVWDUiQFRPSUHQGLGRVHQHODUWtFXORDQWHULRUFRQH[FHSFLyQGHORVSUHYLVWRVHQORVLQFLVRV\DVtFRPRORUHODWLYRDQRPEUDPLHQWR\UHWLURGHOFDUJRRHPSOHR
-
$57,&8/2'HUHFKRGHDVRFLDFLyQ
/RV VHUYLGRUHV S~EOLFRV WLHQHQ HO GHUHFKR GH DVRFLDUVH OLEUHPHQWH SDUD ILQHV SURIHVLRQDOHV FRRSHUDWLYRVPXWXDOLVWDVVRFLDOHVRFXOWXUDOHV/DVDVRFLDFLRQHVIRUPDGDVSRUORVVHUYLGRUHVS~EOLFRVQRSXHGHQSDUWLFLSDUHQDFWLYLGDGHVSROtWLFDV4XHGDSURKLELGDODKXHOJDGHORVVHUYLGRUHVS~EOLFRV
$57,&8/22EOLJDFLRQHVGHORVVHUYLGRUHVS~EOLFRV
$GHPiVGHODVTXHGHWHUPLQHQODVOH\HV\UHJODPHQWRVVRQGHEHUHVGHORVVHUYLGRUHVS~EOLFRV
-XUDUDFDWDU\GHIHQGHUOD&RQVWLWXFLyQGHOD5HS~EOLFD
&XPSOLU\YHODUSRUTXHVHFXPSODODSUHVHQWHOH\\VXVUHJODPHQWRV
$FDWDUODVyUGHQHVHLQVWUXFFLRQHVTXHOHVLPSDUWDQVXVVXSHULRUHVMHUiUTXLFRVGHFRQIRUPLGDGFRQODOH\FXPSOLHQGR\GHVHPSHxDQGRFRQHILFLHQFLDODVREOLJDFLRQHVLQKHUHQWHVDVXVSXHVWRV\HQVXFDVRUHVSRQGHUGHDEXVRGHDXWRULGDG\GHODHMHFXFLyQGHODVyUGHQHVTXHSXHGDQLPSDUWLUVLQTXHTXHGHQH[HQWRVGHODUHVSRQVDELOLGDGTXHOHVFRUUHVSRQGHSRUODVDFFLRQHVGHVXVVXERUGLQDGRV
*XDUGDUGLVFUHFLyQDXQGHVSXpVGHKDEHUFHVDGRHQHOHMHUFLFLRGHVXVFDUJRVHQDTXHOORVDVXQWRVTXHSRUVXQDWXUDOH]DRHQYLUWXGGHOH\HVUHJODPHQWRVRLQVWUXFFLRQHVHVSHFLDOHVVHUHTXLHUDUHVHUYD
2EVHUYDU GLJQLGDG \ UHVSHWR HQ HO GHVHPSHxR GH VXV SXHVWRV KDFLD HO S~EOLFR ORV MHIHV FRPSDxHURV \VXEDOWHUQRVFXLGDUGHVXDSDULHQFLDSHUVRQDO\WUDPLWDUFRQSURQWLWXGHILFLHQFLDHLPSDUFLDOLGDGORVDVXQWRVGHVXFRPSHWHQFLD
(YLWDUGHQWUR\IXHUDGHOVHUYLFLRODFRPLVLyQGHDFWRVUHxLGRVFRQODOH\ODPRUDO\ODVEXHQDVFRVWXPEUHVTXHDIHFWHQHOSUHVWLJLRGHOD$GPLQLVWUDFLyQS~EOLFD
$VLVWLUFRQSXQWXDOLGDGDVXVODERUHV
$FWXDUFRQOHDOWDGHQHOGHVHPSHxRGHVXVIXQFLRQHV
$SRUWDUVXLQLFLDWLYDHLQWHUpVHQEHQHILFLRGHODGHSHQGHQFLDHQODTXHVLUYDQ\GHOD$GPLQLVWUDFLyQS~EOLFDHQJHQHUDO
$WHQGHUORVUHTXHULPLHQWRV\SUHVHQWDUORVGRFXPHQWRVHLQIRUPDFLRQHVTXHOD-XQWDROD2ILFLQD1DFLRQDOGH6HUYLFLR&LYLOOHVVROLFLWHSDUDORVHIHFWRVGHHVWDOH\
$57,&8/23URKLELFLRQHVJHQHUDOHV
$GHPiV GH ODV SUHYLVWDV HQ HVWD OH\ \ HQ RWUDV TXH VHDQ DSOLFDEOHV VRQ SURKLELFLRQHV JHQHUDOHV GH ORVVHUYLGRUHVS~EOLFRV
+DFHUGLVFULPLQDFLRQHVSRUPRWLYRGHRUGHQSROtWLFRVRFLDO UHOLJLRVR UDFLDORGHVH[RTXHSHUMXGLTXHQRIDYRUH]FDQDORVVHUYLGRUHVS~EOLFRVRDVSLUDQWHVDLQJUHVDUHQHO6HUYLFLR&LYLO
1LQJ~QIXQFLRQDULRQLHPSOHDGRGHEHXVDUVXDXWRULGDGRILFLDOSDUDREOLJDUDSHUPLWLUTXHVHREOLJXHDVXVVXEDOWHUQRVDGHGLFDUVHDDFWLYLGDGHVSROtWLFDVGHQWURR IXHUDGH VX IXQFLyQ FRPRVHUYLGRUHVS~EOLFRV QL DKDFHUFXDOTXLHUDRWUDDFWLYLGDGHQIDYRURHQFRQWUDGHSDUWLGRSROtWLFRDOJXQR
$57,&8/23URKLELFLRQHVHVSHFLDOHV
-
$ORVVHUYLGRUHVS~EOLFRVOHVHVWiHVSHFLDOPHQWHSURKLELGR
6ROLFLWDURUHFLELUGiGLYDVUHJDORVRUHFRPSHQVDVGHVXVVXEDOWHUQRVRGHORVSDUWLFXODUHV\VROLFLWDUGDURUHFLELUGiGLYDVGHVXVVXSHULRUHVRGH ORVSDUWLFXODUHV FRQHOREMHWRGHHMHFXWDUDEVWHQHUVHGHHMHFXWDURHMHFXWDUFRQPD\RUHVPHURRUHWDUGRFXDOTXLHUDFWRLQKHUHQWHRUHODFLRQDGRFRQVXVIXQFLRQHV
(MHFXWDU FXDOHVTXLHUD GH ORV DFWRV GHVFULWRV HQ HO LQFLVR DQWHULRU FRQ HO ILQ GH REWHQHU QRPEUDPLHQWRDXPHQWRGHVDODULRSURPRFLyQXRWUDYHQWDMDDQiORJD
6ROLFLWDURUHFRJHUGLUHFWDRLQGLUHFWDPHQWHFRQWULEXFLRQHVVXVFULSFLRQHVRFRWL]DFLRQHVGHRWURVVHUYLGRUHVS~EOLFRVVDOYRODVH[FHSFLRQHVPX\FDOLILFDGDVTXHHVWDEOH]FDQORVUHJODPHQWRV
(MHUFHUDFWLYLGDGHVRKDFHUSURSDJDQGDGHtQGROHSROtWLFDGXUDQWH\HQHOOXJDUGHWUDEDMR
7RPDU HQ FXHQWD OD ILOLDFLyQ SROtWLFD GH ORV FLXGDGDQRV SDUD DWHQGHU VXV JHVWLRQHV IDYRUHFLpQGRORV RGLVFULPLQiQGRORV
&RDUWDUGLUHFWDRLQGLUHFWDPHQWHODOLEHUWDGGHVXIUDJLR
1LQJXQDSHUVRQDSRGUi GHVHPSHxDUPiVGH XQ HPSOHR R FDUJR S~EOLFR UHPXQHUDGR FRQ H[FHSFLyQ GHTXLHQHVSUHVWHQVHUYLFLRVHQFHQWURVGRFHQWHVR LQVWLWXFLRQHVDVLVWHQFLDOHV\VLHPSUHTXH ORVKRUDULRVVHDQFRPSDWLEOHV
7,78/29,,
&$3,78/281,&2
-RUQDGDV
-
6yORPHGLDQWHOH\SRGUiQDXPHQWDUVHPRGLILFDUVHRVXSULPLUVHORVGtDVGHDVXHWR
7,78/29,,,
&$3,78/281,&25pJLPHQ'H6DODULRV
$57,&8/23ULQFLSLRVJHQHUDOHV
7RGR VHUYLFLR R WUDEDMR TXH QR GHED SUHVWDUVH JUDWXLWDPHQWH HQ YLUWXG GH OH\ R VHQWHQFLD GHEH VHUHTXLWDWLYDPHQWHUHPXQHUDGR
/RVVHUYLFLRVS~EOLFRVFRPSUHQGLGRVHQORV6HUYLFLRVSRU2SRVLFLyQ\VLQ2SRVLFLyQGHEHQVHUUHPXQHUDGRVFRQEDVHHQXQVLVWHPDTXHJDUDQWLFHHOSULQFLSLRGHLJXDOVDODULRSRULJXDOWUDEDMRSUHVWDGRHQLJXDOGDGGHFRQGLFLRQHVHILFLHQFLD\DQWLJHGDG
$57,&8/23ODQGHVDODULRV
(QFRQVXOWDFRQHO0LQLVWHULRGH+DFLHQGD\&UpGLWR3~EOLFR\FRQODVUHVSHFWLYDVDXWRULGDGHVQRPLQDGRUDVHOGLUHFWRUGHOD2ILFLQD1DFLRQDOGH6HUYLFLR&LYLOHODERUDUi\VRPHWHUiDODFRQVLGHUDFLyQGHO3UHVLGHQWHGHOD5HS~EOLFDXQSODQGHVDODULRVSDUDORVHPSOHDGRV\IXQFLRQDULRVFRPSUHQGLGRVHQORV6HUYLFLRVSRU2SRVLFLyQ\VLQ2SRVLFLyQSDUD ORFXDOHOGLUHFWRU IRUPXODUiXQDHVFDODSRUFDGDFODVHGHSXHVWRVTXHFRPSUHQGHUiUHPXQHUDFLRQHVPtQLPDV\Pi[LPDV\ODVLQWHUPHGLDVTXHVHHVWLPHDSURSLDGDV
3DUDHOFXPSOLPLHQWRGHHVWDGLVSRVLFLyQHOGLUHFWRUGHEHWRPDUHQFRQVLGHUDFLyQORVUHTXLVLWRVGHODVFODVHVGH SXHVWRV HVWDEOHFLGRV HQ HO 3ODQ GH&ODVLILFDFLyQ ORV QLYHOHV GH VDODULR SUHYDOHFLHQWHV HQ ODV HQWLGDGHVDXWyQRPDV VHPLDXWyQRPDV \ GHVFHQWUDOL]DGDV \ HQ ODV HPSUHVDV SDUWLFXODUHV ODV SRVLELOLGDGHV GH ODDGPLQLVWUDFLyQ\WRGDVODVGHPiVFRQGLFLRQHV\FLUFXQVWDQFLDVSHUWLQHQWHV
(OGLUHFWRUGHEHUHYLVDUHOSODQGHVDODULRVSRUORPHQRVFDGDFXDWURDxRVSDUDGHWHUPLQDUVLDPHULWDFXDOTXLHUWLSRGHPRGLILFDFLyQ
$57,&8/29LJHQFLDGHOSODQ
(O3UHVLGHQWHGHOD5HS~EOLFDSRUFRQGXFWRGHOPLQLVWHULRUHVSHFWLYRSUHVHQWDUiDO2UJDQLVPR/HJLVODWLYRODLQLFLDWLYDGH OH\FRUUHVSRQGLHQWH ODTXHXQDYH]DSUREDGD\SURPXOJDGDFRQVWLWXLUi OD OH\GHVDODULRVSDUDWRGDVODVFODVHVGHSXHVWRVHQORV6HUYLFLRVSRU2SRVLFLyQ\VLQ2SRVLFLyQ
/DVQRUPDVGHOSODQGHVDODULRVVHUiQDSOLFDGDVSRUODVDXWRULGDGHVILVFDOHVSDUDHOSDJRGHVDODULRVFRQWUROFRQWDEOH\SUHVXSXHVWDULR\ORVGHPiVHIHFWRVFRQVLJXLHQWHV
$57,&8/2(YDOXDFLyQ
7RGDDXWRULGDGQRPLQDGRUDEDMRVXUHVSRQVDELOLGDGGHDFXHUGRFRQHOUHJODPHQWRUHVSHFWLYR\SRUPHGLRGHFDGD XQR GH ORV MHIHV GH GHSHQGHQFLD GHEH HYDOXDU SRU ORPHQRV XQD YH] DO DxR D WRGRV ORV VHUYLGRUHVS~EOLFRVEDMRVXVXSHUYLVLyQ(VWDHYDOXDFLyQGHEHVHUYLUGHEDVHSDUDUHFRPHQGDUDVFHQVRVDGLHVWUDPLHQWRVHLQFUHPHQWRVGHVDODULRVGHDFXHUGRFRQODHVFDODFRUUHVSRQGLHQWH\FRQODVSRVLELOLGDGHVGHO(VWDGR
-
7,78/2,;
&$3,78/2,
5pJLPHQ'LVFLSOLQDULR
$57,&8/26DQFLRQHV
3DUDJDUDQWL]DUODEXHQDGLVFLSOLQDGHORVVHUYLGRUHVS~EOLFRVDVtFRPRSDUDVDQFLRQDUODVYLRODFLRQHVGHODVGLVSRVLFLRQHVSURKLELWLYDVGHHVWDOH\\GHPiVIDOWDVHQTXHVHLQFXUUDGXUDQWHHOVHUYLFLRVHHVWDEOHFHQFXDWURFODVHVGHVDQFLRQHV
$PRQHVWDFLyQYHUEDOTXHVHDSOLFDUiSRUIDOWDVOHYHVVHJ~QORGHWHUPLQHHOUHJODPHQWRGHHVWDOH\
$PRQHVWDFLyQHVFULWDTXHVHLPSRQGUiFXDQGRHOVHUYLGRUKD\DPHUHFLGRGXUDQWHXQPLVPRPHVFDOHQGDULRGRVRPiVDPRQHVWDFLRQHVYHUEDOHVRHQORVGHPiVFDVRVTXHHVWDEOH]FDHOUHJODPHQWRGHHVWDOH\
6XVSHQVLyQHQHO WUDEDMRVLQJRFHGHVXHOGRKDVWDSRUXQPi[LPRGH WUHLQWDGtDVHQXQDxRFDOHQGDULRFXDQGRODIDOWDFRPHWLGDVHDGHFLHUWDJUDYHGDGHQHVWHFDVRGHEHUiRtUVHSUHYLDPHQWHDOLQWHUHVDGR
/D VXVSHQVLyQ GHO WUDEDMR VLQ JRFH GH VXHOGR SURFHGHUi WDPELpQ HQ ORV FDVRV GH GHWHQFLyQ \ SULVLyQSURYLVLRQDOGXUDQWHWRGRHO WLHPSRTXHXQDXRWUDVHPDQWHQJDVLVHRUGHQDUHOD OLEHUWDGGHOGHWHQLGRRVHGLFWDUHVHQWHQFLDDEVROXWRULDHQHOFDVRGHSULVLyQSURYLVLRQDOVHUiHOVHUYLGRUUHLQWHJUDGRDVXFDUJRGHQWURGHXQWpUPLQRGHWUHLQWDGtDVDFRQWDUGHVGHDTXHOHQTXHKXELHUHVDOLGRGHODSULVLyQTXLHQORVXVWLWX\yWLHQHGHUHFKRDTXHVXQRPEUHVHDFRORFDGRHQHOSULPHUOXJDUGHODOLVWDGHHOHJLEOHVFRUUHVSRQGLHQWHDODFODVHGHSXHVWRTXHRFXSDED
$57,&8/2(IHFWRVGHODVDQFLyQ
/DLPSRVLFLyQGHODVFRUUHFFLRQHVGLVFLSOLQDULDVDTXHVHUHILHUHHODUWtFXORDQWHULRUQRWLHQHPiVFRQVHFXHQFLDTXHODVTXHGHGHULYDQGHVXDSOLFDFLyQ\SRUORWDQWRQRLPSOLFDSpUGLGDGHORVGHUHFKRVRWRUJDGRVSRUODSUHVHQWHOH\
/DVFRUUHFFLRQHVVHDQRWDUiQHQHOSURQWXDULR\VHDUFKLYDUiQORVGRFXPHQWRVHQHOH[SHGLHQWHSHUVRQDOGHOVHUYLGRU
&$3,78/2,,
5pJLPHQ'H'HVSLGR
$57,&8/2'HVSLGRMXVWLILFDGR
/RVVHUYLGRUHVS~EOLFRVGHO6HUYLFLRSRU2SRVLFLyQ\VLQ2SRVLFLyQVyORSXHGHQVHUGHVWLWXLGRVGHVXVSXHVWRVVLLQFXUUHQHQFDXVDOGHGHVSLGRGHELGDPHQWHFRPSUREDGD
6RQFDXVDVMXVWDVTXHIDFXOWDQDODDXWRULGDGQRPLQDGRUDSDUDUHPRYHUDORVVHUYLGRUHVS~EOLFRVGHO6HUYLFLRSRU2SRVLFLyQVLQUHVSRQVDELOLGDGGHVXSDUWH
&XDQGR HO VHUYLGRU VH FRQGX]FD GXUDQWH VXV ODERUHV HQ IRUPDDELHUWD LQPRUDO R DFXGD D OD LQMXULD D ODFDOXPQLDRDODVYtDVGHKHFKRFRQWUDVXMHIHRORVUHSUHVHQWDQWHVGHpVWHHQODGLUHFFLyQGHODVODERUHV
&XDQGRHOVHUYLGRUFRPHWDDOJXQRGHORVDFWRVHQXPHUDGRVHQHOLQFLVRDQWHULRUFRQWUDRWURVHUYLGRUS~EOLFR
-
VLHPSUHTXHFRPRFRQVHFXHQFLDGHHOOR VHDOWHUHJUDYHPHQWH ODGLVFLSOLQDR LQWHUUXPSDQ ODV ODERUHVGH ODGHSHQGHQFLD
&XDQGRHOVHUYLGRUIXHUDGHOOXJDUGRQGHVHHMHFXWDQODVODERUHV\HQKRUDVTXHQRVHDQGHWUDEDMRDFXGDDODLQMXULDDODFDOXPQLDRODYtDVGHKHFKRFRQWUDVXMHIHRFRQWUDORVUHSUHVHQWDQWHVGHpVWHHQODGLUHFFLyQGHODVODERUHVVLHPSUHTXHGLFKRVDFWRVQRKD\DQVLGRSURYRFDGRV\TXHFRPRFRQVHFXHQFLDGHHOORVVHKDJDLPSRVLEOHODFRQYLYHQFLD\DUPRQtDSDUDODUHDOL]DFLyQGHOWUDEDMR
&XDQGRHOVHUYLGRUFRPHWDDOJ~QGHOLWRRIDOWDFRQWUDODSURSLHGDGHQSHUMXLFLRGHO(VWDGRGHDOJXQRGHVXVFRPSDxHURV GH ODERUHV R HQ SHUMXLFLR GH WHUFHUR HQ HO OXJDU GH WUDEDMR DVLPLVPR FXDQGR FDXVHLQWHQFLRQDOPHQWHSRUGHVFXLGRRQHJOLJHQFLDGDxRPDWHULDOHQHOHTXLSRPiTXLQDVKHUUDPLHQWDVPDWHULDOHVSURGXFWRV\GHPiVREMHWRVUHODFLRQDGRVHQIRUPDLQPHGLDWDHLQGXGDEOHFRQHOWUDEDMR
&XDQGRHOVHUYLGRUIDOWHDODGHELGDGLVFUHFLyQVHJ~QODQDWXUDOH]DGHVXFDUJRDVtFRPRFXDQGRUHYHOHORVVHFUHWRVTXHFRQR]FDSRUUD]yQGHOSXHVWRTXHRFXSH
&XDQGR HO VHUYLGRU GHMH GH DVLVWLU DO WUDEDMR VLQ HO FRUUHVSRQGLHQWH SHUPLVR R VLQ FDXVD GHELGDPHQWHMXVWLILFDGD GXUDQWHGRVGtDV ODERUDOHV FRPSOHWRVRGXUDQWH FXDWURPHGLRVGtDV ODERUDOHVHQXQPLVPRPHVFDOHQGDULR
/DMXVWLILFDFLyQGHODLQDVLVWHQFLDGHEHKDFHUVHDOPRPHQWRGHUHDQXGDUVXVODERUHVVLQRORKXELHUDKHFKRDQWHV
&XDQGR HO VHUYLGRU VH QLHJXH GH PDQHUD PDQLILHVWD D DGRSWDU ODV PHGLGDV SUHYHQWLYDV R D VHJXLU ORVSURFHGLPLHQWRVLQGLFDGRVSDUDHYLWDUDFFLGHQWHVRHQIHUPHGDGHV
&XDQGRHOVHUYLGRUVHQLHJXHGHPDQHUDPDQLILHVWDDDFDWDU ODVQRUPDVR LQVWUXFFLRQHVTXHVXMHIHRVXUHSUHVHQWDQWH HQ OD GLUHFFLyQ GH ORV WUDEDMRV OH LQGLTXH FRQ FODULGDG SDUD REWHQHU OD PD\RU HILFLHQFLD \UHQGLPLHQWRHQODVODERUHV
&XDQGRHOVHUYLGRUYLROH ODVSURKLELFLRQHVDTXHHVWiVXMHWRR ODVTXHVHHVWDEOH]FDQHQ ORVPDQXDOHVRUHJODPHQWRVLQWHUQRVGHODGHSHQGHQFLDHQTXHSUHVWHVXVVHUYLFLRVVLHPSUHTXHVHOHDSHUFLEDXQDYH]SRUHVFULWR
1RVHUiQHFHVDULRHODSHUFLELPLHQWRHQORVFDVRVGHHPEULDJXH]FXDQGRFRPRFRQVHFXHQFLDGHHOODVHSRQJDHQSHOLJURODYLGDRODVHJXULGDGGHODVSHUVRQDVRORVELHQHVGHO(VWDGR
&XDQGRHOVHUYLGRULQFXUUDHQQHJOLJHQFLDPDODFRQGXFWDLQVXERUGLQDFLyQPDUFDGDLQGLVFLSOLQDHEULHGDGFRQVXHWXGLQDULDRWR[LFRPDQtDHQHOGHVHPSHxRGHVXVIXQFLRQHV
&XDQGR HO VHUYLGRU VXIUD OD SHQD GH DUUHVWRPD\RU R VH OH LPSRQJD SULVLyQ FRUUHFFLRQDO SRU VHQWHQFLDHMHFXWRULD
&XDQGR HO VHUYLGRU LQFXUUD HQ DFWRV TXH LPSOLTXHQ FXDOTXLHU RWUD LQIUDFFLyQ JUDYH GH HVWD OH\ \ VXVUHJODPHQWRVGHORVUHJODPHQWRVLQWHUQRVRPDQXDOHVGHODGHSHQGHQFLDHQTXHSUHVWHVXVVHUYLFLRV
(OUHJODPHQWRKDUiODFDOLILFDFLyQGHODVIDOWDV
$57,&8/23pUGLGDGHGHUHFKR
7RGRGHVSLGR MXVWLILFDGRVHKDUiVLQ UHVSRQVDELOLGDGSDUDHO(VWDGR\SDUD ODDXWRULGDGQRPLQDGRUD\KDFHSHUGHU DO VHUYLGRU S~EOLFR WRGRV ORV GHUHFKRV TXH OH FRQFHGHQ HVWD OH\ \ VXV UHJODPHQWRV H[FHSWR ORVDGTXLULGRVHQUHODFLyQFRQMXELODFLRQHVSHQVLRQHV\PRQWHStRV\ORVGHPiVTXHH[SUHVDPHQWHVHVHxDOHQ
(VHQWHQGLGRTXHVLHPSUHTXHHOGHVSLGRVHIXQGHHQXQKHFKRVDQFLRQDGRWDPELpQSRURWUDVOH\HVRUGLQDULDVTXHGD D VDOYR HO GHUHFKR GHO (VWDGR SDUD HQWDEODU ODV DFFLRQHV FRUUHVSRQGLHQWHV DQWH ORV WULEXQDOHVUHVSHFWLYRV
-
$57,&8/25HKDELOLWDFLyQ
7RGRVHUYLGRUS~EOLFRGHOVHUYLFLRSRU2SRVLFLyQTXHKXELHUHVLGRGHVSHGLGRSRUFXDOHVTXLHUDGHODVFDXVDOHVVHxDODGDV HQ HO $UWtFXOR SRGUi UHLQJUHVDU DO 6HUYLFLR &LYLO GHVSXpV GH KDEHU WUDQVFXUULGR WUHV DxRVFRQWDGRVGHVGH OD IHFKDGH ODFRPLVLyQGHODFWRTXHGLR OXJDUDOGHVSLGRVLHPSUHTXHGXUDQWH WDOSHUtRGRKXELHUHREVHUYDGREXHQDFRQGXFWD\VHVRPHWDDODVSUXHEDVGHVHOHFFLyQGHSHUVRQDOHVWDEOHFLGDVSRUHVWDOH\\VXVUHJODPHQWRV6HH[FHSW~DQTXLHQHVKXELHUHQVLGRFRQGHQDGRVSRUORVGHOLWRVGHWUDLFLyQYLRODFLyQGHVHFUHWRV LQILGHOLGDGHQ OD FXVWRGLDGHGRFXPHQWRV XVXUSDFLyQGH IXQFLRQHV H[DFFLRQHV LOHJDOHV FRKHFKRPDOYHUVDFLyQGHFDXGDOHVS~EOLFRV IUDXGH IDOVHGDG\ IDOVLILFDFLyQGHGRFXPHQWRVS~EOLFRVDVHVLQDWR\HQJHQHUDOWRGRVDTXHOORVGHOLWRVFRQWUDHOSDWULPRQLRGHO(VWDGR
$57,&8/23URFHGLPLHQWRGHGHVSLGR
3DUD HO GHVSLGR GH XQ VHUYLGRU S~EOLFR UHJXODU HQ HO 6HUYLFLR SRU 2SRVLFLyQ VH VHJXLUi HO VLJXLHQWHSURFHGLPLHQWR
/D DXWRULGDG QRPLQDGRUD WLHQH OD IDFXOWDG GH GHVSHGLU D FXDOTXLHU VHUYLGRU S~EOLFR HQ HO 6HUYLFLR SRU2SRVLFLyQ SUHYLD IRUPXODFLyQ GH FDUJRV \ DXGLHQFLD DO LQWHUHVDGR SDUD OR FXDO FRPXQLFDUi SRU HVFULWR VXGHFLVLyQDOVHUYLGRUDIHFWDGRH[SUHVDQGRODVFDXVDVOHJDOHV\ORVKHFKRVHQTXHVHIXQGDSDUDHOOR8QDFRSLDGH GLFKD FRPXQLFDFLyQ VHUi VRPHWLGD LQPHGLDWDPHQWH D OD 2ILFLQD 1DFLRQDO GH 6HUYLFLR &LYLO (O VHUYLGRUS~EOLFRHQWDOHVFDVRVFHVDUiGHLQPHGLDWRHQVXVIXQFLRQHVVLDVtORGHFLGHODDXWRULGDGQRPLQDGRUD&RQODDXWRUL]DFLyQGHOGLUHFWRUGHOD2ILFLQD1DFLRQDOGH6HUYLFLR&LYLOODDXWRULGDGQRPLQDGRUDSRGUiFXEULUHOSXHVWRGHOHPSOHDGRVXVSHQVRVLDVtFRQYLQLHUHDOVHUYLFLRFRQXQQRPEUDPLHQWRSURYLVLRQDOSRUHOWLHPSRQHFHVDULRSDUDUHVROYHUHQGHILQLWLYDODDSHODFLyQGHOVHUYLGRUS~EOLFRGHVWLWXLGR
(OGLUHFWRUGHOD2ILFLQD1DFLRQDOGH6HUYLFLR&LYLOKDUiGHOFRQRFLPLHQWRGHOVHUYLGRUDIHFWDGRODGHFLVLyQGHODDXWRULGDGQRPLQDGRUDFRQHOILQGHTXHGHQWURGHOSOD]RLPSURUURJDEOHGHWUHVGtDVKiELOHVFRQWDGRVDSDUWLUGH OD IHFKDHQTXHVH OHQRWLILTXHSXHGDDSHODUDQWH OD-XQWD1DFLRQDOGH6HUYLFLR&LYLOGHDFXHUGRFRQHO$UWtFXORGHHVWDOH\
&$3,78/2,,,
,PSXJQDFLyQ'H5HVROXFLRQHV
$57,&8/23URFHGLPLHQWR
/DV UHFODPDFLRQHVDTXH VH UHILHUHHO LQFLVRGHO$UWtFXOR GHHVWD OH\ \ ODV GHPiVHQHOOD FRQWHQLGDVGHEHUiQVXVWDQFLDUVHHQODIRUPDVLJXLHQWHHOLQWHUHVDGRGHEHUiLQWHUSRQHUSRUHVFULWRVXLPSXJQDFLyQDQWHHOGLUHFWRUGHOD2ILFLQD1DFLRQDOGH6HUYLFLR&LYLOGHQWURGHXQWpUPLQRGHWUHVGtDVDSDUWLUGHODQRWLILFDFLyQGHODUHVROXFLyQUHFXUULGD
3UHVHQWDGRHOHVFULWRDQWHULRUHOGLUHFWRUGDUiFXHQWDLQPHGLDWDPHQWHDOD-XQWD1DFLRQDOGH6HUYLFLR&LYLOODFXDOGHEHUiUHVROYHUHQXQWpUPLQRLPSURUURJDEOHGHWUHLQWDGtDVDSDUWLUGHODUHFHSFLyQGHODVDFWXDFLRQHV6LOD-XQWDQRKXELHUHSURIHULGRODUHVSHFWLYDUHVROXFLyQHQWDOWpUPLQR~QLFDPHQWHHQORVFDVRVGHGHVSLGRVHWHQGUiSRUDJRWDGDODYtDDGPLQLVWUDWLYD\SRUUHVXHOWDQHJDWLYDPHQWHODSHWLFLyQDHIHFWRGHTXHORVDSHODQWHVSXHGDQDFXGLUDQWHODV6DODVGH7UDEDMR\3UHYLVLyQ6RFLDODSODQWHDUVXDFFLyQ7DOHVWULEXQDOHVUHVROYHUiQFRQIRUPHDODVQRUPDVGHOSURFHGLPLHQWRRUGLQDULRGHWUDEDMRHQ~QLFDLQVWDQFLD
(QORVGHPiVFDVRVFRQWHPSODGRVHQHVWDOH\OD-XQWDGHEHUiUHVROYHUWRGRUHFODPRGHQWURGHOPLVPRWpUPLQRGHWUHLQWDGtDVSHURODVUHVROXFLRQHVGLFWDGDVWHQGUiQHOFDUiFWHUGHGHILQLWLYDVHLQDSHODEOHV
/D-XQWDGDUiDXGLHQFLDDOUHFXUUHQWHSRUXQWpUPLQRGHFXDUHQWD\RFKRKRUDVSDUDTXHH[SUHVHORVPRWLYRVGHVXLQFRQIRUPLGDG
-
/DMXQWDDOUHFLELUODVDFWXDFLRQHVSHGLUiLQPHGLDWDPHQWHDOGLUHFWRUGHOD2ILFLQD1DFLRQDOGH6HUYLFLR&LYLO\VLHPSUH TXH OR HVWLPDUH QHFHVDULR TXH VH DPSOtHQ ODV LQYHVWLJDFLRQHV VH UHFLEDQ QXHYDV SUXHEDV \ VHSUDFWLTXHQ WRGDVDTXHOODVGLOLJHQFLDVTXHVHFRQVLGHUHQ LQGLVSHQVDEOHVSDUD ORJUDUXQPHMRU MXLFLRHQHVWDIXQFLyQ OD -XQWD JR]D GH ODPiV DPSOLD IDFXOWDG SDUD OD FDOLILFDFLyQ \ DSUHFLDFLyQ GH ODV FLUFXQVWDQFLDV GHKHFKRTXHWHQJDQUHODFLyQFRQHOFDVRSRUUHVROYHU
/DVUHVROXFLRQHVGHGHVSLGRGHOD-XQWDGHEHUiQVHUUHFRSLODGDVHQODVHFUHWDUtDGHODPLVPD
$57,&8/2(IHFWRVGHODUHVROXFLyQ
&RQUHVSHFWRDOGHVSLGROD-XQWD1DFLRQDOGH6HUYLFLR&LYLOGHEHGHFLGLUVREUHODSURFHGHQFLDRLPSURFHGHQFLDGHOPLVPR(QHOSULPHUFDVRODDXWRULGDGQRPLQDGRUDGHEHHMHFXWDULQPHGLDWDPHQWHODUHVROXFLyQUHVSHFWLYDVLDQWHVQRKDRUGHQDGRODVXVSHQVLyQGHOVHUYLGRUS~EOLFR(QHOVHJXQGRFDVRODDXWRULGDGQRPLQDGRUDGHEHDFDWDUHQGHILQLWLYD\GHLQPHGLDWRORUHVXHOWR/DMXQWDQDFLRQDOGHVHUYLFLRFLYLOHVWiIDFXOWDGDGHDFXHUGRFRQORVKHFKRVHVWDEOHFLGRVSDUDRUGHQDUDODDXWRULGDGQRPLQDGRUDTXHVHDSOLTXHFXDOHVTXLHUDGHODVVDQFLRQHVSUHYLVWDVHQHVWDOH\\SDUDDXWRUL]DUODDGRSFLyQGHRWUDVPHGLGDVTXHUHGXQGHQHQHOPDQWHQLPLHQWRGHODGLVFLSOLQD \ HO RUGHQ HQ HO VHUYLFLR (Q QLQJ~Q FDVR WDOHV GHFLVLRQHV SRGUiQ VHU FRQWUDULDV D ORV GHUHFKRVHVWDEOHFLGRVHQHVWDOH\
(QHOFDVRGHTXHODVLQYHVWLJDFLRQHVKHFKDVSRUOD2ILFLQD1DFLRQDOGH6HUYLFLR&LYLORODGHFLVLyQGHOD-XQWD1DFLRQDO GH 6HUYLFLR &LYLO VHDQ IDYRUDEOHV SDUD HO VHUYLGRU S~EOLFR VXVSHQVR VH HQWHQGHUi UHVWLWXLGRGHELpQGRVH SDJDU HO VDODULR FRUUHVSRQGLHQWH DO SHUtRGR GH OD VXVSHQVLyQ (O UHJODPHQWR GH HVWD OH\SUHFHSWXDUiODVGHPiVIRUPDOLGDGHVDVHJXLUVHSDUDORVHIHFWRVGHORDQWHULRUPHQWHHVWDEOHFLGR
$57,&8/26XSUHVLyQGHSXHVWRV
/DV DXWRULGDGHV QRPLQDGRUDV TXHGDQ IDFXOWDGDV SDUD GLVSRQHU OD UHPRFLyQ GH VHUYLGRUHV S~EOLFRV HQ ORVFDVRVHQTXHFRQVLGHUHQQHFHVDULD ODVXSUHVLyQGHSXHVWRVSRU UHGXFFLyQ IRU]RVDGHVHUYLFLRVSRU IDOWDGHIRQGRV R UHGXFFLyQ GH SHUVRQDO SRU UHRUJDQL]DFLyQ SUHYLR GLFWDPHQ IDYRUDEOH GH OD 2ILFLQD 1DFLRQDO GH6HUYLFLR &LYLO (Q HVWH FDVR ORV VHUYLGRUHV S~EOLFRV WLHQHQ ORV GHUHFKRV D TXH VH UHILHUH HO QXPHUDO GHO$UWtFXOR
$57,&8/2/DUHLQVWDODFLyQ
/DUHLQVWDODFLyQGHXQVHUYLGRUS~EOLFRJHQHUDXQDUHODFLyQQXHYDGHWUDEDMRSHURGHMDDVDOYRORVGHUHFKRVDGTXLULGRVFRQDQWHULRULGDGTXHQRKXELHUHQVLGRFXELHUWRVFRQIRUPHHVWDOH\VHH[FHSW~DQORVTXHKXELHUHQVLGRUHWLUDGRVSRUODVFDXVDOHVGHO$UWtFXOR
$57,&8/2&HVDFLyQGHILQLWLYDGHIXQFLRQHV
/DFHVDFLyQGHILQLWLYDGHIXQFLRQHVGHORVVHUYLGRUHVS~EOLFRVHQHO6HUYLFLRSRU2SRVLFLyQVHSURGXFHHQORVVLJXLHQWHVFDVRV
3RUUHQXQFLDGHOVHUYLGRUS~EOLFR
3RUGHVWLWXFLyQRUHPRFLyQ
3RULQYDOLGH]FXDQGRIXHUHDEVROXWD
3RUMXELODFLyQGHFRQIRUPLGDGFRQODOH\GHODPDWHULD
-
7,78/2;
&$3,78/281,&2
'HO0DJLVWHULR1DFLRQDO
$57,&8/20DJLVWHULR1DFLRQDO
/DVUHODFLRQHVGHORVPLHPEURVGHO0DJLVWHULR1DFLRQDOFRQHO(VWDGRHQORVSXHVWRVFXELHUWRVSRUHO'HFUHWRQ~PHUR VH VHJXLUiQ ULJLHQGR H[FOXVLYDPHQWH SRU HO PHQFLRQDGR GHFUHWR TXH VH FRQVLGHUD XQD OH\FRPSOHPHQWDULDDOD/H\GH6HUYLFLR&LYLO\VRODPHQWHHQIRUPDVXSOHWRULDVHDSOLFDUiODSUHVHQWHOH\
7,78/2;,
&$3,78/281,&2
'LVSRVLFLRQHV&RPSOHPHQWDULDV
$57,&8/23URKLELFLRQHV
4XHGDSURKLELGR
7UDPLWDUVROLFLWXGHVGHHPSOHRHQIRUPDGLVWLQWDGHODVSUHYLVWDVHQHVWDOH\
6XJHULU R H[LJLU HQ DOJ~Q FXHVWLRQDULR R IRUPXODULR UHODWLYR DPDWHULDV GH SHUVRQDO LQIRUPDFLyQ VREUH ODDILOLDFLyQ X RSLQLyQ SROtWLFD VRFLDO R UHOLJLRVD GH XQ VROLFLWDQWH GH HPSOHR GH XQ FDQGLGDWR \D LQFOXLGR HQDOJXQD OLVWD R GHXQ VHUYLGRU S~EOLFR7RGD LQIRUPDFLyQ TXH VXSXHVWDPHQWH Gp DOJ~Q LQWHUHVDGR VREUH ORVH[WUHPRVDTXHVHUHILHUHHOSiUUDIRDQWHULRUGHEHVHULJQRUDGD
3HUPLWLULQLFLDURHMHUFHUSUHVLyQRGLVFULPLQDFLyQHQFRQWUDRHQIDYRUGHXQVROLFLWDQWHGHHPSOHRGHXQFDQGLGDWR\DLQFOXLGRHQDOJXQDOLVWDRGHXQVHUYLGRUS~EOLFRFRQEDVHHQVXUD]DFRORUVH[RDILOLDFLyQXRSLQLyQSROtWLFDVRFLDORUHOLJLRVD
4XHGD WDPELpQSURKLELGRD WRGDSHUVRQDRSRQHUVHD ODDSOLFDFLyQ LPSDUFLDOGH ODSUHVHQWH OH\RGHVXVUHJODPHQWRVHQFXDOTXLHUIRUPDTXHHVWRVHKDJD
$57,&8/27pUPLQRGHSUHVFULSFLyQ
7RGDVODVDFFLRQHVRGHUHFKRVSURYHQLHQWHVGHODSUHVHQWHOH\RGHVXVUHJODPHQWRVSUHVFULEHQHQHOWpUPLQRPi[LPRGHWUHVPHVHVFRQODVH[FHSFLRQHVRUHJXODFLRQHVTXHHVWDEOH]FDHOUHJODPHQWRHVSHFLDOTXHDOHIHFWRVHHPLWD
$57,&8/2,QWHUUXSFLyQGHODSUHVFULSFLyQ
/DSUHVFULSFLyQVyORVHLQWHUUXPSHSRUODSUHVHQWDFLyQGHODUHVSHFWLYDJHVWLyQHVFULWDDQWHOD-XQWD1DFLRQDOGH6HUYLFLR&LYLORDQWHTXLHQFRUUHVSRQGD
$57,&8/2)DOWDV
-
6RQIDOWDVWRGDVODVLQIUDFFLRQHVSRUDFFLyQXRPLVLyQTXHFRPHWDFXDOTXLHUSHUVRQDFRQWUDODVGLVSRVLFLRQHVGHODSUHVHQWHOH\RVXVUHJODPHQWRVVLHPSUHTXHHVWpQSHQDGDVFRQPXOWDFRQIRUPHDOJXQRGHORVVLJXLHQWHVLQFLVRV
&XDQGR VH YLROH DOJXQD GLVSRVLFLyQ SURKLELWLYD GHEH LPSRQHUVH PXOWD GH YHLQWH D FLHQ TXHW]DOHVVXVSHQVLyQRGHVWLWXFLyQHQFDVRVJUDYHVSUHYLDDXGLHQFLDGHOD-XQWD1DFLRQDOGH6HUYLFLR&LYLO
&XDQGRVHYLROHDOJXQDGLVSRVLFLyQSUHFHSWLYDGHEHLPSRQHUVHPXOWDGHGLH]DFLQFXHQWDTXHW]DOHVVLDMXLFLRGHORV7ULEXQDOHVGH7UDEDMR\3UHYLVLyQ6RFLDOODDFFLyQRODRPLVLyQWLHQHFDUiFWHUGHIDOWD
(VHQWHQGLGRTXHORV7ULEXQDOHVGH7UDEDMR\3UHYLVLyQ6RFLDOVRQORV~QLFRVFRPSHWHQWHVSDUDVDQFLRQDUODFRPLVLyQGHGLFKDVIDOWDV\TXHFXDQGRDOJXQDGHHOODVVHDFRPHWLGDSRUXQVHUYLGRUS~EOLFRFRPSUHQGLGRSRUOD SUHVHQWH OH\ SUHYLD DXGLHQFLD GH OD SDUWH DIHFWDGD VH DFRUGDUi VX GHVSLGR FXDQGR QR VH KD\D HPLWLGRVHQWHQFLD
3DUDORVHIHFWRVGHODVIDOWDV\GHVXVVDQFLRQHVSHQDOHVVHGHEHHVWDUDORGLVSXHVWRHQORV$UWtFXORV \ VLJXLHQWHV GHO &yGLJR GH 7UDEDMR SHUR OD WUDQVFULSFLyQ GH OD UHVSHFWLYD VHQWHQFLD GHEHUiKDFHUVHDOD2ILFLQD1DFLRQDOGH6HUYLFLR&LYLOSDUDORVHIHFWRVFRQVLJXLHQWHV
$57,&8/2&DPELRGHFODVLILFDFLyQ
/RVWUDEDMDGRUHVGHO(VWDGRTXHHVWDQGRHQVHUYLFLRDFWLYRSDVHQVLQSHUGHUVXUHODFLyQODERUDODIRUPDUSDUWHGHORVVHUYLFLRVH[HQWRVRVLQ2SRVLFLyQFRQVHUYDUiQORVGHUHFKRVDGTXLULGRVGHFRQIRUPLGDGFRQHVWDOH\\VXVUHJODPHQWRV
$57,&8/2'HOVHUYLFLRH[HQWR
/DVGLVSRVLFLRQHVGHORVQXPHUDOHV\GHO$UWtFXORGHHVWDOH\VHDSOLFDWDPELpQDORVTXHRFXSHQSXHVWRVHQHOVHUYLFLRH[HQWR
$57,&8/27UDEDMDGRUHVGHSODQLOODV
/RVWUDEDMDGRUHVTXHILJXUHQHQSODQLOODVHUHJLUiQSRUXQUHJODPHQWRHVSHFLDOTXHGHEHUiFRQWHQHUWRGRORUHODFLRQDGR FRQ VX VHOHFFLyQ GHUHFKRV VDODULRV MRUQDGDV GH WUDEDMR GLVFLSOLQD \ GHPiV GLVSRVLFLRQHVUHJXODUHV'LFKRUHJODPHQWRHVSHFLDOVHUiHODERUDGRSRUOD2ILFLQD1DFLRQDOGH6HUYLFLR&LYLO\DSUREDGRSRUOD-XQWD1DFLRQDOGHOPLVPR
$57,&8/2'HUHFKRV3RVW0RUWHP
(QFDVRGHPXHUWHGHOVHUYLGRUS~EOLFRODIDPLOLDWLHQHHOGHUHFKRDOSDJRGHORVIXQHUDOHVGHpVWH\VXVKLMRVPHQRUHVGHHGDGRFRQLPSHGLPHQWRItVLFRVXFyQ\XJH\ORVSDGUHVTXHGHSHQGtDQGHpODUHFLELUHQWRWDOXQDVXPDHTXLYDOHQWHDXQPHVGHVDODULRSRUFDGDDxRGHVHUYLFLRVFRQWLQXRVRGLVFRQWLQXRV(VWHGHUHFKRHQQLQJ~Q FDVR H[FHGHUi GH FLQFR PHVHV TXH VH SRGUi SDJDU SRU PHQVXDOLGDGHV GH FRQIRUPLGDG FRQ HOUHJODPHQWRUHVSHFWLYR
/DREOLJDFLyQGHO(VWDGRFHVDUiFXDQGRHO,QVWLWXWR*XDWHPDOWHFRGH6HJXULGDG6RFLDOFXEUDHVWDSUHVWDFLRQHVSRUPRQWRLJXDORVXSHULRURHQODSDUWHSURSRUFLRQDOVLIXHUHSDUFLDO
$57,&8/2'HORVPLHPEURVGHOHMpUFLWR
-
$ ORVPLHPEURVGHOHMpUFLWRGH*XDWHPDOD\D ODVSHUVRQDVTXHSHUFLEDQVXHOGRVRVDODULRVGHO UDPRGH OD'HIHQVD1DFLRQDOQROHVHVDSOLFDEOHODSUHVHQWHOH\
7,78/2;,,
&$3,78/281,&2
'LVSRVLFLRQHV7UDQVLWRULDV
$57,&8/2,6LWXDFLyQMXUtGLFDGHORVVHUYLGRUHVS~EOLFRVFRQSXHVWRVGHO6HUYLFLRSRU2SRVLFLyQ
$O HQWUDU HQ YLJHQFLD HVWD OH\ WRGR VHUYLGRU S~EOLFR TXH RFXSH XQ FDUJR FRPSUHQGLGR HQ HO 6HUYLFLR SRU2SRVLFLyQVHUiFRQVLGHUDGRHPSOHDGRUHJXODU\TXHGDUiVXMHWRDWRGRVORVGHEHUHV\GHUHFKRVTXHODPLVPDHVWDEOHFH VLHPSUH \ TXH HQ XQ WpUPLQR GH VHLV PHVHV D FRQWDU GH VX YLJHQFLD VH OOHQHQ ORV VLJXLHQWHVUHTXLVLWRV
+D\DVLGRQRPEUDGRGHDFXHUGRFRQOD/H\
(O SXHVWR TXH RFXSH HVWp GHELGDPHQWH LQFRUSRUDGR HQ HO 3ODQ GH &ODVLILFDFLyQ GH 3XHVWRV OHJDOPHQWHHVWDEOHFLGR
6XVXHOGRQRH[FHGDGHOPi[LPRHVWDEOHFLGRSDUDHOSXHVWRHQOD(VFDODGH6DODULRVHVWLSXODGD
/DDXWRULGDGQRPLQDGRUDRVXGHOHJDGRSDUDHVWHSURSyVLWRGHDFXHUGRFRQHVWD OH\\VXV UHJODPHQWRVFHUWLILTXHTXHOOHQDORVUHTXLVLWRVHVWDEOHFLGRVHQHO3ODQGH&ODVLILFDFLyQGH3XHVWRV
4XHODDXWRULGDGQRPLQDGRUDRVXGHOHJDGRSDUDHVWHSURSyVLWRGHDFXHUGRFRQHVWDOH\\VXVUHJODPHQWRVFHUWLILTXHTXHKDGHVHPSHxDGRVXSXHVWRSRUPiVGHVHLVPHVHVFRQVHFXWLYRVVLQIDOWDV\FRQHILFLHQFLD
/OHQDGRVHVWRVUHTXLVLWRVHOGLUHFWRUGHOD2ILFLQD1DFLRQDOGH6HUYLFLR&LYLOGHEHLQFRUSRUDUORHQHOUHJLVWURFRUUHVSRQGLHQWH
$57,&8/2,,9LJHQFLDGHO3ODQGH&ODVLILFDFLyQ\GHOD(VFDODGH6DODULRV
7DQWRHO3ODQGH&ODVLILFDFLyQGH3XHVWRVFRPROD(VFDODGH6DODULRVDTXHVHUHILHUHHODUWtFXORDQWHULRUGHEHQHVWDUHQYLJHQFLDGHQWURGHOWpUPLQRGHFXDWURPHVHVDFRQWDUGHODYLJHQFLDGHHVWDOH\
$57,&8/2,,,,QWHJUDFLyQGHOD3ULPHUD-XQWD
/D3ULPHUD-XQWD1DFLRQDOGH6HUYLFLR&LYLOGHEHTXHGDULQWHJUDGDGHQWURGHORVWUHLQWDGtDVSRVWHULRUHVDODYLJHQFLDGHHVWDOH\(QVXSULPHUDVHVLyQORVPLHPEURVGHOD-XQWDGHEHQSURFHGHUDHOHJLUDODSHUVRQDTXHIXQJLUiFRPRSUHVLGHQWHORVRWURVPLHPEURVVHQRPLQDUiQYRFDOHV
$57,&8/2,93ULPHUGLUHFWRU
(OSULPHUGLUHFWRUGHOD2ILFLQD1DFLRQDOGH6HUYLFLR&LYLOGHEHVHUQRPEUDGRSRUHO3UHVLGHQWHGHOD5HS~EOLFDGHQWURGHORVWUHLQWDGtDVSRVWHULRUHVDODYLJHQFLDGHHVWDOH\(ODFXHUGRGHEHVHUHPLWLGRSRUFRQGXFWRGHORVPLQLVWHULRVGH7UDEDMR\3UHYLVLyQ6RFLDO(FRQRPtD+DFLHQGD\&UpGLWR3~EOLFR
-
$57,&8/29&ODVHV3DVLYDV
'HQWURGHOSHUtRGRGHGRVDxRVFRQWDGRVGHVGHODIHFKDGHYLJHQFLDGHHVWDOH\OD2ILFLQD1DFLRQDOGH6HUYLFLR&LYLO GHEH SUHVHQWDU DO 2UJDQLVPR (MHFXWLYR ORV HVWXGLRV DFWXDULDOHV QHFHVDULRV FRQ EDVH SDUD UHVROYHUDGHFXDGDPHQWHHOSUREOHPDGHODV&ODVHV3DVLYDVORVFXDOHVGHEHQVXMHWDUVHHVWULFWDPHQWHDORTXHGLVSRQHHO$UWtFXORGHO'HFUHWRQ~PHURGHO&RQJUHVRGHOD5HS~EOLFD\IXQGDUVHHQORVHVWXGLRVWpFQLFRVTXHH[LVWHQVREUHODPDWHULD
/D2ILFLQDDO IRUPXODUGLFKRVHVWXGLRVDFWXDULDOHVSXHGHLQFOXLUHQHOORVSODQHVGHVHJXURVDGLFLRQDOHVTXHWHQJDQ HO GHELGR IXQGDPHQWR \ TXH YD\DQ HQ EHQHILFLR GH ORV VHUYLGRUHV S~EOLFRV SURWHJLGRV SRU HVWD OH\VLHPSUHTXHODVSHUVRQDVDILOLDGDVDORVPLVPRVFRQWULEX\DQDVXILQDQFLDPLHQWRFRQH[FHSFLyQGHTXLHQHVKXELHUHQGHVHPSHxDGRFDUJRVGHGLSXWDGRVSURSLHWDULRVORVTXHVHJXLUiQJR]DQGRGHORVEHQHILFLRVGHOD/H\GH-XELODFLRQHV3HQVLRQHV\0RQWHStRVWRPiQGRVHHQFXHQWDHOWLHPSRGHVHUYLFLR
$57,&8/29,2WURVVHUYLGRUHVGHO(VWDGR
'H FRQIRUPLGDG FRQ HO $UWtFXOR GH OD&RQVWLWXFLyQ ORV2UJDQLVPRV /HJLVODWLYR \ -XGLFLDO DVt FRPR ODVPXQLFLSDOLGDGHV \ GHPiV HQWLGDGHV DXWyQRPDV VHPLDXWyQRPDV \ GHVFHQWUDOL]DGDV TXH HQ VXV OH\HVHVSHFLDOHV WHQJDQ FRQWHPSODGDV ODV UHODFLRQHV GH WUDEDMR FRQ VXV VHUYLGRUHV FRQ LJXDOHV R PD\RUHVSUHVWDFLRQHV TXH ODV HVWDEOHFLGDV HQ HVWD /H\ GH 6HUYLFLR &LYLO VH FRQWLQXDUiQ ULJLHQGR SRU GLFKDV OH\HVH[FOX\pQGRVHGH ODVPLVPDVHO GHUHFKRGHKXHOJD/RVRUJDQLVPRVRHQWLGDGHVTXHQR ODV WHQJDQGHEHQIRUPXODUORVSUR\HFWRV\SRUHOFRQGXFWRUHVSHFWLYRHOHYDUORVDO&RQJUHVRGHOD5HS~EOLFDGHQWURGHOWpUPLQRGHXQDxRGHHPLWLGDHVWDOH\
(QWDQWRHQWUDQHQYLJRUHVWDVOH\HVORVVHUYLGRUHVTXHWUDEDMDQHQHVWRVRUJDQLVPRV\HQWLGDGHVVHUHJLUiQSRUODSUHVHQWH/H\GH6HUYLFLR&LYLOHQWRGRDTXHOORTXHOHVVHDDSOLFDEOH
$57,&8/29,,$SOLFDFLyQSURJUHVLYD
/RVSUHFHSWRVFRQWHQLGRVHQHVWDOH\VHFRQVLGHUDQPtQLPRVHQHOHVWDEOHFLPLHQWRGHXQ6LVWHPDGH6HUYLFLR&LYLO3RUORWDQWRHO&RQJUHVRGHOD5HS~EOLFDGHEHUHYLVDUODOH\DORVFXDWURDxRVGHVXYLJHQFLDRDQWHVSDUDLQFRUSRUDUSURJUHVLYDPHQWHRWURVHOHPHQWRVLQKHUHQWHVDOVHUYLFLRFLYLO
$57,&8/29,,,3UHVXSXHVWR
(O 2UJDQLVPR HMHFXWLYR ILMDUi SRU PHGLR GHO 0LQLVWHULR GH +DFLHQGD \ &UpGLWR 3~EOLFR HQ HO SUR\HFWR GH3UHVXSXHVWR*HQHUDOGH*DVWRVGHO(VWDGRODVSDUWLGDVTXHVHDQQHFHVDULDVSDUDORVJDVWRVTXHPRWLYHQODDSOLFDFLyQSURJUHVLYDGHODSUHVHQWHOH\VXVUHJODPHQWRV
$57,&8/2,;'HURJDFLyQ
$O HQWUDU HQ YLJRU OD SUHVHQWH OH\ TXHGDQ GHURJDGRV HO 'HFUHWR 3UHVLGHQFLDO Q~PHUR GH IHFKD GHIHEUHURGHHQWRGRORTXHVHRSRQJDDORTXHHVWDEOHFHHVWDOH\HO'HFUHWR/H\Q~PHURGHIHFKDGHVHSWLHPEUHGH\WRGDVDTXHOODVGLVSRVLFLRQHVOHJDOHVTXHVHRSRQJDQDHVWDOH\\VXVUHJODPHQWRV
$57,&8/2;9LJHQFLD
(OSUHVHQWHGHFUHWRHQWUDUiHQYLJRUHOGtDSULPHURGHHQHURGHPLOQRYHFLHQWRVVHVHQWD\QXHYH
-
3DVHDO2UJDQLVPR(MHFXWLYRSDUDVXSXEOLFDFLyQ\FXPSOLPLHQWR
'DGRHQHO3DODFLRGHO2UJDQLVPR/HJLVODWLYRHQODFLXGDGGH*XDWHPDODDORVGRVGtDVGHOPHVGHPD\RGHPLOQRYHFLHQWRVVHVHQWD\RFKR
-*5(*25,235(0%(7(7$35(6,'(17(
-25*($5,67,'(69,//$7252+(55(5$35,0(56(&5(7$5,2
*(50$1&$67$f('$