Você está na página 1de 1078

BUNAL CONS

TRI
TI

AL
ON
CI

NAL PLURIN
CIO
A
TU

TRIBUNAL CONSTITUCIONAL PLURINACIONAL


ACADEMIA PLURINACIONAL DE ESTUDIOS CONSTITUCIONALES

Sistematizacin
de la Jurisprudencia
Constitucional Plurinacional
2012 - 2015

TOMO I

Publicacin:
Tribunal Constitucional Plurinacional
Editor:
Presidencia
Revisin Tcnica:
Letrados Presidencia
Equipo de Profesionales Consultores:
Dra. Mara Elena Attard Bellido
Dra. Mnica Gabriela Sauna Zankis
Dra. Soraya Faride Santiago Salame
Dra. Mara Elena Negrn Pino
Dra. Mirtha Janeth Loayza Viera
Dra. Patricia Serrudo Santelices
Dr. Gustavo Medinacelli Rojas
Ing. Jorge Ral Escobar Pacheco
Derechos Reservados por Ley
Tribunal Constitucional Plurinacional
Oficina Central Sucre
Direccin: Av. del Maestro N 300
Telfono piloto:
(591-4) 6440455
Fax:
(591-4) 6421871
Impresin:
Imprenta Tupac Katari
Sucre - Bolivia

Dr. Zenn Hugo Bacarreza Morales


Presidente del
Tribunal Constitucional Plurinacional

SALA PRIMERA ESPECIALIZADA


Magistrado Macario Lahor Cortez Chavez
Magistrado Efren Choque Capuma

SALA SEGUNDA
Magistrada Mirtha Camacho Quiroga
Magistrado Juan Oswaldo Valencia Alvarado

SALA TERCERA
Magistrado Ruddy Jos Flores Monterrey
Magistrada Neldy Virginia Andrade Martnez

SESIN DE SALA PLENA


DEL TRIBUNAL CONSTITUCIONAL PLURINACIONAL

MAGISTRADOS DEL
TRIBUNAL CONSTITUCIONAL PLURINACIONAL

Biblioteca de Derecho Constitucional y Procesal Constitucional


del Tribunal Constitucional Plurinacional

Saln Auditorio del Tribunal Constitucional Plurinacional

dW^:d


7DEODGHFRQWHQLGR
3UHVHQWDFLyQ
*8$3$5$/(&725(6
 ,QWHUSUHWDFLyQ GH OD &RQVWLWXFLyQ \ GH ODV QRUPDV GHO EORTXH GH
FRQVWLWXFLRQDOLGDG
'HUHFKR&RPXQLWDULR
&RQIOLFWRVODERUDOHVHQRUJDQLVPRVFRPXQLWDULRV8QLYHUVLGDG
$QGLQD6LPyQ%ROtYDU
6&3 /  /RV FRQIOLFWRV ODERUDOHV HQ RUJDQLVPRV
FRPXQLWDULRV FRPR HV OD  8QLYHUVLGDG $QGLQD 6LPyQ %ROtYDU
8$6%  GHEHQ VHU UHVXHOWRV SRU HO 7ULEXQDO GH -XVWLFLD GH OD
&RPXQLGDG $QGLQD TXH HV HO yUJDQR MXULVGLFFLRQDO VXSUDQDFLRQDO
HQFDUJDGRGHODUHVROXFLyQGHFRQIOLFWRVDVtFRPRODLQWHUSUHWDFLyQ
GHO'HUHFKR&RPXQLWDULRGHOD&RPXQLGDG$QGLQDGH1DFLRQHV\QR
DVtSRUODMXVWLFLDFRQVWLWXFLRQDODWUDYpVGHODDFFLyQGHDPSDURSRU
FXDQWR GLFKDV UHODFLRQHV ODERUDOHV HVWiQ GHQWUR GHO iPELWR GHO
'HUHFKR &RPXQLWDULR SRU OR PLVPR OD MXVWLFLD FRQVWLWXFLRQDO QR
WLHQH DWULEXFLRQHV GH LQWHUSUHWDFLyQ GH XQ RUGHQDPLHQWR MXUtGLFR
VXSUDQDFLRQDO DO TXH QXHVWUR SDtV VH KD VRPHWLGR YROXQWDULDPHQWH
FRPRPLHPEURIXQGDGRU
'HUHFKR&RQVWLWXFLRQDO
%DVHV)XQGDPHQWDOHVGHO(VWDGR3ULQFLSLRVYDORUHV\ILQHVGHO
(VWDGR
6&3/DVQRUPDVFRQVWLWXFLRQDOHVSULQFLSLRVHQWUHHOODV
ORV SULQFLSLRV pWLFRPRUDOHV GH OD VRFLHGDG SOXUDO WLHQHQ FDUiFWHU
QRUPDWLYR \ SRU WDQWR LPSRQHQ D WRGRV \ FRQ PD\RU UD]yQ D ORV
MXHFHV GH OD SOXUDOLGDG GH MXULVGLFFLRQHV OD REOLJDFLyQ GH
REVHUYDUORVGHVDUUROODUORV\DSOLFDUORVHQVXODERUGHFLVRULD
 3ULQFLSLR GH LJXDOGDG PDWHULDO5HYHUVLyQ GH OD WLHUUD FRPR
PHGLGDSDUDHOLPLQDUODVUHODFLRQHVVHUYLGXPEUDOHV
6&3(O(VWDGRHVWiREOLJDGRDDGRSWDUPHGLGDVSDUD
HOLPLQDU HO HVFODYLVPR WRGD IRUPD GH UHODFLyQ VHUYLGXPEUDO R HO
WUDEDMRIRU]DGRVLHQGRXQDGHHOODVODUHYHUVLyQGHODWLHUUDHQODTXH
H[LVWDQ HVWH WLSR GH UHODFLRQHV SRU LQFXPSOLPLHQWR GH OD IXQFLyQ
HFRQyPLFRVRFLDOGHODWLHUUD
9DORUHVTXHVXVWHQWDQHO(VWDGR$PDTXLOOD
6&3/DVDXWRULGDGHVMXGLFLDOHVHQYLUWXGDOSULQFLSLR
pWLFRPRUDOGHODPDTKLOOD QRVHDVIORMR WLHQHQHOGHEHUSURFHVDOGH
W


dW^:d


GLULJLU \ UHVROYHU VLQ GLODFLRQHV LQGHELGDV ODV  VROLFLWXGHV GH
FHVDFLyQDGHWHQFLRQHVSUHYHQWLYDV
UJDQR/HJLVODWLYR&RPSHWHQFLDV
6&3   $ WUDYpV GH OD /H\ *HQHUDO GHO 3UHVXSXHVWR GHO
(VWDGR QR HV SRVLEOH UHJXODU DVSHFWRV TXH QR FRUUHVSRQGDQ D OD
DFWLYLGDGILQDQFLHUDGHOVHFWRUS~EOLFRSRUTXHVHYLRODHOSULQFLSLR
GHXQLGDGGHPDWHULD
 UJDQR /HJLVODWLYR*DUDQWtD GH QR DSOLFDFLyQ GH GHWHQFLyQ
SUHYHQWLYD
6&3/RV$VDPEOHtVWDV'HSDUWDPHQWDOHVQRJR]DQGHOD
JDUDQWtDFRQVWLWXFLRQDOGHSURKLELFLyQGHGHWHQFLyQSUHYHQWLYDTXH
HVWi SUHYLVWD SDUD ORV PLHPEURV GH OD $VDPEOHD /HJLVODWLYD
3OXULQDFLRQDO

&RPSHWHQFLDV
GHO
7ULEXQDO
&RQVWLWXFLRQDO
3OXULQDFLRQDO&RQIOLFWRV GH FRPSHWHQFLD HQWUH OD MXULVGLFFLyQ
RUGLQDULD\ODMXULVGLFFLyQDJUDULDVXVFLWDGRVDQWHVGHOGHHQHURGH

6&3   (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO QR HV
FRPSHWHQWH SDUD FRQRFHU ORV FRQIOLFWRV GH FRPSHWHQFLD VXVFLWDGRV
HQWUHODMXULVGLFFLyQRUGLQDULD\ODRWURUDMXULVGLFFLyQDJUDULDTXHVH
LQLFLDURQHQHOSHULRGRGHWUDQVLFLyQLQWHURUJiQLFRDWULEXFLyQTXHOH
FRUUHVSRQGHDO7ULEXQDO6XSUHPRGH-XVWLFLD

&RPSHWHQFLDV
GHO
UJDQR
(OHFWRUDO
3OXULQDFLRQDO,QWHUYHQFLyQ D WUDYpV GHO 6HUYLFLR ,QWHUFXOWXUDO GH
)RUWDOHFLPLHQWR 'HPRFUiWLFR 6,)'(  HQ HO SURFHVR GH FRQVXOWD
SUHYLD
6&3/DLQWHUYHQFLyQGHOUJDQR(OHFWRUDO3OXULQDFLRQDO
D WUDYpV GHO 6HUYLFLR ,QWHUFXOWXUDO GH )RUWDOHFLPLHQWR 'HPRFUiWLFR
6,)'( HVHQFDOLGDGGHREVHUYDGRU\YHHGRUGHTXHODFRQVXOWD
SUHYLDVHGHVDUUROOHHQHOPDUFRGHODEXHQDIHVLQTXHODHPLVLyQGH
XQ LQIRUPH VREUH ORV UHVXOWDGRV FRQVWLWX\D XQD LQWURPLVLyQ TXH
GHVYLUW~H HO SURFHVR VLQR TXH HV D WUDYpV GH XQD LQVWLWXFLyQ
HVSHFLDOL]DGDTXHHO(VWDGRJDUDQWL]DODFRQVXOWD\VXHMHFXFLyQHQ
HOPDUFRGHOSURFHVR\SURFHGLPLHQWRVFRQFHUWDGRV
 $WULEXFLRQHV GHO 'HIHQVRU GHO 3XHEOR3DUWLFLSDFLyQ HQ
LQYHVWLJDFLRQHV\SURFHVRVSHQDOHV
6&3   /D SDUWLFLSDFLyQ GHO 'HIHQVRU GHO 3XHEOR HQ OD
&RPLVLyQ ,QWHULQVWLWXFLRQDO GH VHJXLPLHQWR GH LQYHVWLJDFLRQHV \
SURFHVRV SHQDOHV UHIHULGRV D FDXVDV YLQFXODGDV FRQ GHOLWRV TXH
DWHQWHQFRQWUDODVHJXULGDGFLXGDGDQDSUHYLVWDHQHO'6GH
GH 1RYLHPEUH GH  HV FRQVWLWXFLRQDO SRU FXDQWR GLFKD
W


dW^:d

DWULEXFLyQHVWiGHDFXHUGRFRQODVDWULEXFLRQHVSUHYLVWDVHQHODUW
\GHOD&3(TXHHVWDEOHFHQHOHMHUFLFLRGHXQUROLQYHVWLJDWLYR
\ GH GHQXQFLD UHVSHFWR D OD OHVLyQ GH GHUHFKRV LQGLYLGXDOHV \
FROHFWLYRV\DGHPiVORTXHEXVFDSURWHJHUODQRUPDLPSXJQDGDFRQ
ODFUHDFLyQGHGLFKD&RPLVLyQHVHOGHUHFKRDODVHJXULGDGSHUVRQDO
SUHYLVWDHQHODUW,GHOD&3(SRUORTXHDOLQWHJUDQWHHO'HIHQVRU
GHO3XHEORQRKDFHRWUDFRVDTXHGDUXQHIHFWLYRFXPSOLPLHQWRDODV
DWULEXFLRQHVVHxDODGDVSRUODQRUPDVXSUHPD\VXOH\HVSHFLDO
 3URFXUDGRUtD *HQHUDO GHO (VWDGR3URFXUDGRU QR SXHGH VHU
VXMHWRDSURFHVDPLHQWRSHQDOSRUODLQWHUSRVLFLyQGHXQDDFFLyQGH
GHIHQVDSODQWHDGDHQUHVJXDUGRGHORVLQWHUHVHVGHO(VWDGR
6&3   /D LQWHUSRVLFLyQ GH XQD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDOSRUSDUWHGHO3URFXUDGRU*HQHUDOGHO(VWDGRPi[LPD
DXWRULGDGGHGLFKDHQWLGDGTXHHMHUFHVXUHSUHVHQWDFLyQMXUtGLFDQR
SXHGHGHPRGRDOJXQRRULJLQDUXQDLQYHVWLJDFLyQSHQDOHQVXFRQWUD

5HYRFDWRULDGHPDQGDWR'HDXWRULGDGHVLQGtJHQDVHOHJLGDV
VHJ~QQRUPDV\SURFHGLPLHQWRVSURSLRV
6&3(QHOiPELWRGHODGHPRFUDFLDFRPXQLWDULDFXDQGR
ODVDXWRULGDGHVKXELHUHQVLGRHOHFWDVGHVLJQDGDVRQRPLQDGDVSRU
QRUPDV\SURFHGLPLHQWRVSURSLRVGHODVQDFLRQHV\SXHEORVLQGtJHQD
RULJLQDULRFDPSHVLQRVODUHYRFDWRULDGHPDQGDWRRDOHMDPLHQWRGH
VXVIXQFLRQHVGHEHHIHFWLYL]DUVHPHGLDQWHVXVSURSLDVLQVWDQFLDVGH
GHFLVLyQ\SURFHGLPLHQWRV
(VWUXFWXUD\RUJDQL]DFLyQ7HUULWRULDOGHO(VWDGR&OiXVXODGH
VXSOHWRULHGDG
6&3'HEHDSOLFDUVHVXSOHWRULDPHQWHODQRUPDGHOQLYHO
FHQWUDO GHO (VWDGR HQ ORV VLJXLHQWHV VXSXHVWRV   &XDQGR ODV
HQWLGDGHV WHUULWRULDOHV DXWyQRPDV D~Q QR KXELHUHQ OHJLVODGR
HIHFWLYDPHQWHFXHVWLRQHVUHIHUHQWHVDVXVFRPSHWHQFLDVVLWXDFLyQHQ
OD FXDO VH DSOLFDUi OD OHJLVODFLyQ QDFLRQDO SUHFRQVWLWXFLRQDO GH
PDQHUDVXSOHWRULD\ 6HDSOLFDUiGHPDQHUDVXSOHWRULDODQRUPD
SRVWFRQVWLWXFLRQDO~QLFDPHQWHHQHOFDVRHVSHFtILFRGHODOHJLVODFLyQ
SDUD ORV JRELHUQRV ORFDOHV GHELHQGR SRU WDQWR UHJLU OD /H\ GH
*RELHUQRV/RFDOHVDVHUHPLWLGDSRUHOQLYHOFHQWUDO
 (VWUXFWXUD \ RUJDQL]DFLyQ WHUULWRULDO GHO (VWDGR(O GLVHxR
DXWRQyPLFR
6&3   /RV OtPLWHV GH XQLGDGHV WHUULWRULDOHV QR SXHGHQ
HVWDEOHFHUVHGHIRUPDYHUWLFDOVLQRDWUDYpVGHODSDUWLFLSDFLyQGH
ORV FLXGDGDQRV FRPXQDULRV SXHEORV LQGtJHQDV \ SREODGRUHV TXH
KDELWDQ HVRV WHUULWRULRV SRU OR TXH OH HVWi YHGDGR D OD $VDPEOHD
W


dW^:d


/HJLVODWLYD 3OXULQDFLRQDO UHVROYHU XQLODWHUDOPHQWH HVWH WLSR GH
FRQIOLFWRVDWUDYpVGHODHPLVLyQGH/H\
6XSUHPDFtD&RQVWLWXFLRQDOMHUDUTXtDQRUPDWLYD\UHIRUPDGH
OD&RQVWLWXFLyQ3ULQFLSLRGHMHUDUTXtDQRUPDWLYD
6&31RVHOHVLRQDHOSULQFLSLRGHMHUDUTXtDQRUPDWLYD
FXDQGRODQRUPDHVHPLWLGDHQHMHUFLFLRGHODSRWHVWDGUHJODPHQWDULD
HQFRPHQGDGDDOUJDQR(MHFXWLYR
 3ULQFLSLR GH 6XSUHPDFtD &RQVWLWXFLRQDO R 3ULQFLSLR GH
FRQVWLWXFLRQDOLGDG1RUPDV FRQVWLWXFLRQDOHV SULQFLSLRV IXQGDPHQWR
GHORUGHQFRQVWLWXFLRQDO
6&3/DVQRUPDVFRQVWLWXFLRQDOHVSULQFLSLRVHQWUHHOODV
ORV SULQFLSLRV pWLFRPRUDOHV GH OD VRFLHGDG SOXUDO WLHQHQ FDUiFWHU
QRUPDWLYR \ SRU WDQWR LPSRQHQ D WRGRV \ FRQ PD\RU UD]yQ D ORV
MXHFHV GH OD SOXUDOLGDG GH MXULVGLFFLRQHV OD REOLJDFLyQ GH
REVHUYDUORVGHVDUUROODUORV\DSOLFDUORVHQVXODERUGHFLVRULD
3ULQFLSLRGHMHUDUTXtDQRUPDWLYD(VLQFRQVWLWXFLRQDOHODUW
GHO5HJODPHQWRGH,QVHUFLyQGH%HQHILFLDULRVGHOD&DMD1DFLRQDOGH
6DOXGSRUVHUFRQWUDULRDOSULQFLSLRGHMHUDUTXtDQRUPDWLYD
6&3(QUHVJXDUGRDOSULQFLSLRGHMHUDUTXtDQRUPDWLYD
FRQVDJUDGRHQOD&RQVWLWXFLyQXQUHJODPHQWRQRSXHGHH[FHGHUHO
FRQWHQLGRPDWHULDOGHXQDOH\
 6HUYLGRUDV \ 6HUYLGRUHV S~EOLFRV SURYLVRULRV1R JR]DQ GH
HVWDELOLGDGODERUDO
6&3/DVVHUYLGRUDV\VHUYLGRUHVMXGLFLDOHVGHVLJQDGRV
GHDFXHUGRDODUWGHOD/H\GH2UJDQL]DFLyQ-XGLFLDODEURJDGD
DOKDEHUVLGRQRPEUDGRVGHPDQHUDGLUHFWDSRUOD6DOD3OHQDGHOD
HQWRQFHV&RUWH6XSUHPDGH-XVWLFLDVRQGHOLEUHGHVLJQDFLyQ\SRU
WDQWRGHOLEUHUHPRFLyQ
(OSOLHJRGHFDUJRHMHFXWRULDGRSUHYLVWRHQOD&3(GHEHHVWDU
SODVPDGR HQ XQD GHFLVLRQ MXULVGLFFLRQDO FRQ FDOLGDG GH FRVD
MX]JDGD6X H[LVWHQFLD LPSLGH HO DFFHVR D OD IXQFLyQ S~EOLFD R VH
FRQVWLWX\H HQ XQFD FDXVDO VREUHYLQLHQWH SDUD HO HMHUFLFLR GH GLFKR
IXQFLyQ
6&3   $ SDUWLU GH XQD LQWHUSUHWDFLyQ VLVWHPiWLFD \
WHOHROyJLFDHOSOLHJRGHFDUJRHMHFXWRULDGRSODVPDGRHQXQDGHFLVLyQ
MXULVGLFFLRQDO SXHGH VHU LQYRFDGR DO PRPHQWR GH OD SRVWXODFLyQ \
FDOLILFDFLyQ GH PpULWRV SDUD HO DFFHVR D OD IXQFLyQ S~EOLFD\ HQ HO
HMHUFLFLR PLVPR GH GLFKD IXQFLyQ SXHV HQ HVWH ~OWLPR VXSXHVWR VH
SURGXFH XQD FDXVDO  VREUHYLQLHQWH TXH LPSLGH HO HMHUFLFLR GH OD
IXQFLyQS~EOLFDTXHWHQGUiTXHVHUGHWHUPLQDGDHQHOPDUFRGHXQ
GHELGRSURFHVRDGPLQLVWUDWLYR
W


dW^:d

 1DWXUDOH]D MXUtGLFD GH ODV QRUPDV FRQVWLWXFLRQDOHV'LUHFWD


DSOLFDFLyQGHODSDUWHGRJPiWLFDGHOD&RQVWLWXFLyQ
6&3/RVGHUHFKRVDOXVRJRFH\GLVIUXWHIRUPDQSDUWH
GHO FRQWHQLGR HVHQFLDO GHO GHUHFKR GH SURSLHGDG HO FXDO  HV GH
DSOLFDFLyQ GLUHFWD SRU WDQWR OD QHJDWLYD GH GHVDSRGHUDPLHQWR
UHDOL]DGDSRUDXWRULGDGHVMXGLFLDOHVHQHMHFXFLyQGHIDOORVDIHFWDHO
SULQFLSLRGHUD]RQDELOLGDGHLPSOLFDODDIHFWDFLyQGHODJDUDQWtDGH
SURKLELFLyQGHOLPLWDFLyQDUELWUDULDGHOGHUHFKRGHSURSLHGDG
%LHQHV\5HFXUVRVGHO(VWDGR6XGLVSRVLFLyQ
6&3/RVDFWRVGHGLVSRVLFLyQGHORVELHQHVGHO(VWDGR
VRODPHQWH SRGUiQ VHU GLVSXHVWRV SRU OD $VDPEOHD /HJLVODWLYD
3OXULQDFLRQDO DQWHV 3RGHU /HJLVODWLYR PHGLDQWH OH\ IRUPDO XQ
FULWHULR HQ FRQWUDULR GHVFRQRFHUtD ORV SULQFLSLRV IXQGDPHQWDOHV GH
VHSDUDFLyQGHIXQFLRQHV\GHVREHUDQtDSRSXODU
'HUHFKRMXULVSUXGHQFLDO
 'HUHFKR MXULVSUXGHQFLDO5HTXLVLWRV SDUD OD LQYRFDFLyQ \
DSOLFDFLyQGHOSUHFHGHQWH
6&3/DDSOLFDFLyQGHOSUHFHGHQWHFRQVWLWXFLRQDOGHEH
FRQVLGHUDU L  OD DQDORJtD HQ ORV VXSXHVWRV IiFWLFRV \ OD FLWD GHO
SUHFHGHQWHFRQLGHQWLILFDFLyQH[SUHVDGHOSUHFHGHQWHHQYLJRU\LL 
ODSURKLELFLyQGHDSOLFDURELWHUGLFWXP FXHVWLRQHVDFFHVRULDV FRPR
VL IXHUDQ SUHFHGHQWHV OD FLWD LQFRPSOHWD GHO SUHFHGHQWH \ HO XVR
LQFRUUHFWRGHODDSOLFDFLyQGHMXULVSUXGHQFLDHQHOWLHPSR
 'HUHFKR MXULVSUXGHQFLDO9DOLGH] GH OD MXULVSUXGHQFLD
FRQVWLWXFLRQDODQWHULRUDODYLJHQFLDGHOD&RQVWLWXFLyQDFWXDO
6&3   (V SRVLEOH OD DSOLFDFLyQ GH MXULVSUXGHQFLD
FRQVWLWXFLRQDO HPLWLGD HQ YLJHQFLD GH OD &RQVWLWXFLyQ DEURJDGD
VLHPSUHTXHQRVHFRQWUDSRQJDDOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR
YLJHQWH
9DORUQRUPDWLYRGHODMXULVSUXGHQFLDFRQVWLWXFLRQDO&DUiFWHU
YLQFXODQWH
6&3(QYLUWXGDOFDUiFWHUYLQFXODQWH\REOLJDWRULRGHODV
UHVROXFLRQHV FRQVWLWXFLRQDOHV  ORV IXQGDPHQWRV GH XQD VHQWHQFLD
FRQVWLWXFLRQDOGHEHQVHUREVHUYDGRVSRUODVDXWRULGDGHVMXGLFLDOHV\
DGPLQLVWUDWLYDV HQ OD DSOLFDFLyQ GH ORV DUWtFXORV TXH FRQWHQJDQ HO
PLVPR SUREOHPD MXUtGLFR TXH \D IXH REMHWR GH MXLFLR GH
FRQVWLWXFLRQDOLGDGSRUHVWH7ULEXQDO
 7pFQLFD GH LGHQWLILFDFLyQ GHO SUHFHQGHQWH FRQVWLWXFLRQDO HQ
YLJRU(VWiQGDUPiVDOWRGHSURWHFFLyQ
6&3   (O SUHFHGHQWH FRQVWLWXFLRQDO HQ YLJRU R YLJHQWH
UHVXOWD DTXpO TXH DFRMD HO HVWiQGDU PiV DOWR GH SURWHFFLyQ GHO
W


dW^:d


GHUHFKR IXQGDPHQWDO R JDUDQWtD FRQVWLWXFLRQDO LQYRFDGR HVWR HV
DTXpOOD GHFLVLyQ TXH KXELHUD UHVXHOWR XQ SUREOHPD MXUtGLFR GH
PDQHUDPiVSURJUHVLYDDWUDYpVGHXQDLQWHUSUHWDFLyQTXHWLHQGHD
HIHFWLYL]DU \ PDWHULDOL]DU GH PHMRU PDQHUD ORV GHUHFKRV
IXQGDPHQWDOHV \ JDUDQWtDV FRQVWLWXFLRQDOHV SUHYLVWDV HQ OD
&RQVWLWXFLyQ \ HQ ORV 7UDWDGRV ,QWHUQDFLRQDOHV GH 'HUHFKRV
+XPDQRVTXHIRUPDQSDUWHGHOEORTXHGHFRQVWLWXFLRQDOLGDGSRUOR
TXHODLQYRFDFLyQ\DSOLFDFLyQGHXQSUHFHGHQWHGHEHVHUHVFRJLGR
GHVSXpVHOH[DPHQRDQiOLVLVLQWHJUDOGHODOtQHDMXULVSUXGHQFLDO\D
QR VRODPHQWH ILMiQGRVH HO FULWHULR WHPSRUDO GHO PLVPR HVWR HV HO
~OWLPR HQ WpUPLQRV GH IHFKD GH HPLVLyQ SRU HO 7ULEXQDO
&RQVWLWXFLRQDOTXHKXELHUHFDPELDGRPRGXODGRRUHFRQGXFLGRXQ
GHWHUPLQDGR HQWHQGLPLHQWR MXULVSUXGHQFLDO VLQR VREUH WRGR DTXpO
TXHVHDH[SRQHQWHGHOHVWiQGDUPiVDOWRGHSURWHFFLyQGHOGHUHFKR

-XULVSUXGHQFLDHQHOWLHPSR3URVSHFWLYD
6&3   (Q FDVRV GH PXWDFLRQHV R PRGXODFLRQHV D OD
MXULVSUXGHQFLD FRQVWLWXFLRQDO HO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO D SDUWLU GH ORV HIHFWRV TXH SXHGHQ JHQHUDU GLFKRV
SUHFHGHQWHVSRGUiGHWHUPLQDUVXDSOLFDFLyQYLQFXODQWHVyORDFDVRV
IXWXURV
 UJDQRV MXULVGLFFLRQDOHV GH FLHUUH7ULEXQDO $JURDPELHQWDO
GHEHVXMHWDUVHDVXVSURSLRVSUHFHGHQWHV
6&3(O7ULEXQDO$JURDPELHQWDODQWHV7ULEXQDO$JUDULR
1DFLRQDO HQ REVHUYDQFLDGHOSULQFLSLR GH LJXDOGDGSURFHVDO GHEH
VXMHWDUVHDVXVSURSLRVSUHFHGHQWHV
'HUHFKR3URFHVDO&RQVWLWXFLRQDO
 3ULQFLSLRV SURFHVDOHV GH OD MXVWLFLD FRQVWLWXFLRQDO
SOXUDO&RQVHUYDFLRQGHODQRUPD
6&3   /DV QRUPDV TXH HVWDEOHFHQ HO SURFHVR \
SURFHGLPLHQWR GH OD FRQVXOWD SUHYLD  VHUiQ FRQVWLWXFLRQDOPHQWH
YiOLGDV  HQ HO PDUFR GH XQD LQWHUSUHWDFLyQ FRQIRUPH D OD
&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR\HOEORTXHGHFRQVWLWXFLRQDOLGDGHQ
WDQWRVHDFRQFHUWDGRHQREVHUYDQFLDGHODUHODFLyQKRUL]RQWDOHQWUH
HO(VWDGR\ORVSXHEORVLQGtJHQDVGHO7,31,6
6&3/DQRUPDTXHHVWDEOHFHODLQWHUYHQFLyQGHOyUJDQR
HMHFXWLYRHQHOSURFHVR\SURFHGLPLHQWRGHODFRQVXOWDSUHYLDVHUi
FRQVWLWXFLRQDOPHQWH YiOLGD  HQ HO PDUFR GH XQD LQWHUSUHWDFLyQ
FRQIRUPH D OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR \ HO EORTXH GH
FRQVWLWXFLRQDOLGDG HQ WDQWR VHD FRQFHUWDGR HQ REVHUYDQFLD GH OD
UHODFLyQ KRUL]RQWDO HQWUH HO (VWDGR \ ORV SXHEORV LQGtJHQDV GHO
7,31,6
W


dW^:d

 3ULQFLSLRV SURFHVDOHV GH OD MXVWLFLD FRQVWLWXFLRQDO


SOXUDO-XVWLFLDPDWHULDO
6&33URFHGHODUHFRQGXFFLyQSURFHVDOGHODDFFLyQGH
FXPSOLPLHQWRDODDFFLyQSRSXODUHQXQDLQWHUSUHWDFLyQIDYRUDEOHD
ORV GHUHFKRV FROHFWLYRV GH ODV 1DFLRQHV \ 3XHEORV ,QGtJHQDV
2ULJLQDULR&DPSHVLQRVFXDQGRVHHYLGHQFLHHUURUHQODYtDSURFHVDO
HOHJLGDVHFXPSODQORVUHTXLVLWRVLQH[FXVDEOHVGHODDFFLyQSRSXODU
QRVHPRGLILTXHQHOSHWLWRULRQLORVKHFKRVTXHVXVWHQWDQODGHPDQGD
VHSUHVHUYHHOGHUHFKRDODGHIHQVDGHODSDUWHGHPDQGDGD\H[LVWD
ULHVJR GH LUUHSDUDELOLGDG GH ORV GHUHFKRV R LQWHUHVHV FROHFWLYRV R
GLIXVRVVLHPSUHDIDYRU\QXQFDHQSHUMXLFLRGHODSDUWHDFFLRQDQWH

 &ULWHULRV HVSHFtILFRV GH LQWHUSUHWDFLyQ GH ORV GHUHFKRV
KXPDQRV$SOLFDFLyQGLUHFWDGHGHUHFKRV
6&3/RVGHUHFKRVDOXVRJRFH\GLVIUXWHIRUPDQSDUWH
GHO FRQWHQLGR HVHQFLDO GHO GHUHFKR GH SURSLHGDG HO FXDO  HV GH
DSOLFDFLyQ GLUHFWD SRU WDQWR OD QHJDWLYD GH GHVDSRGHUDPLHQWR
UHDOL]DGDSRUDXWRULGDGHVMXGLFLDOHVHQHMHFXFLyQGHIDOORVDIHFWDHO
SULQFLSLRGHUD]RQDELOLGDGHLPSOLFDODDIHFWDFLyQGHODJDUDQWtDGH
SURKLELFLyQGHOLPLWDFLyQDUELWUDULDGHOGHUHFKRGHSURSLHGDG
 &ULWHULRV HVSHFtILFRV GH LQWHUSUHWDFLyQ GH ORV GHUHFKRV
KXPDQRV,QWHUDFFLyQGHORV0pWRGRVGH,QWHUSUHWDFLyQ
6&33DUDODLQWHUSUHWDFLyQGHOD&RQVWLWXFLyQ3ROtWLFD
GHO (VWDGR GHEH H[LVWLU XQ GLiORJR H LQWHUDFFLyQ GH ORV GLVWLQWRV
PpWRGRV GH LQWHUSUHWDFLyQ FRQVWLWXFLRQDO SDUD SRGHU OOHJDU D OD
YHUGDGHUDILQDOLGDGGHODLQWHUSUHWDFLyQFXDOHVODYLJHQFLDGHORV
ILQHV SULQFLSLRV \ YDORUHV TXH VH HQFXHQWUDQ HQ HO EORTXH GH
FRQVWLWXFLRQDOLGDG
 &ULWHULRV HVSHFtILFRV GH LQWHUSUHWDFLyQ GH ORV GHUHFKRV
KXPDQRV ,QWHUSUHWDFLyQ FRQIRUPH D ORV WUDWDGRV VREUH GHUHFKRV
KXPDQRV
6&3   'H DFXHUGR D ODV QRUPDV GHO EORTXH GH
FRQVWLWXFLRQDOLGDGODMXULVSUXGHQFLDGHOD&RUWHLQWHUDPHULFDQDGH
'HUHFKRV +XPDQRV \ HO SULQFLSLR GH UHFRQVWLWXFLyQ WHUULWRULDO
SRVWXODGRSRUHOPRGHORFRQVWLWXFLRQDOYLJHQWHHOGHUHFKRDOKiELWDW
GH ODV 1DFLRQHV \ 3XHEORV ,QGtJHQDV HV LQWHUGHSHQGLHQWH D ORV
GHUHFKRVFROHFWLYRVDODWHUULWRULDOLGDGXVR\DSURYHFKDPLHQWRGHORV
UHFXUVRV QDWXUDOHV HQ VXWHUULWRULR FRPSUHQGLHQGR HVWH GHUHFKR HO
HVSDFLRDQFHVWUDOGRQGHGHVDUUROODQVXVHVSHFtILFDVIRUPDVGHYLGD
VX RUJDQL]DFLyQ VRFLDO \ SROtWLFD VXV LQVWLWXFLRQHV SURSLDV VX
FXOWXUD HVSLULWXDOLGDG \ VX FXOWXUD HQ FRQH[LyQ FRQ HO
PXOWLYHUVR

EDMR IRUPDV GLYHUVDV GH H[SUHVLyQ TXH GHEHQ VHU UHVSHWDGDV \
SUHVHUYDGDVSDUDODSHUYLYHQFLD\FRQWLQXLGDGGHHVWRVSXHEORV 
W


dW^:d


 &ULWHULRV HVSHFtILFRV GH LQWHUSUHWDFLyQ GH ORV GHUHFKRV
KXPDQRV,QWHUSUHWDFLyQIDYRUDEOH
6&3(OSOD]RGHFDGXFLGDGGHORVVHLVPHVHVGHODDFFLyQ
GH DPSDUR FRQVWLWXFLRQDO VH FRPSXWD DO GtD VLJXLHQWH GH OD
QRWLILFDFLyQFRQODUHVROXFLyQLPSXJQDGDFXDQGRGLFKDQRWLILFDFLyQ
IXH SUDFWLFDGD D ~OWLPD KRUD GHO GtD HQ YLUWXG D ORV SULQFLSLRV GH
SUHYDOHQFLDGHOGHUHFKRPDWHULDOVREUHODVIRUPDOLGDGHVLQGXELR
SURKRPLQHIDYRUDELOLGDG\SURDFWLRQH
6&3   /D JDUDQWtD GH LQDPRYLOLGDG  ODERUDO GH ORV
SURJHQLWRUHV KDVWD HO SULPHU DxR GHO KLMR HQ XQD LQWHUSUHWDFLyQ D
SDUWLU GHO SULQFLSLR GH IDYRUDELOLGDG DOFDQ]D D ORV VHUYLGRUHV
S~EOLFRVGHOLEUHQRPEUDPLHQWRTXLHQHVVLELHQ\DQRJR]DQGHOD
FRQILDQ]D GH OD DXWRULGDG TXH ORV HOLJLy GHEHQ SHUPDQHFHU HQ OD
LQVWLWXFLyQ HQ RWUR FDUJR FRQ VLPLODU R LGpQWLFR VXHOGR \
UHFRQRFLPLHQWRSOHQRGHVXVGHUHFKRVDODVHJXULGDGVRFLDO
6&3&XDQGRODVGHQXQFLDVVREUHYXOQHUDFLyQDGHUHFKRV
IXQGDPHQWDOHVHQFRQWH[WRVLQWUDFXOWXUDOHVYHUVHQVREUHGHUHFKRVGH
PXMHUHV R   QLxDV QLxRV DGROHVFHQWHV GHEHUi UHDOL]DUVH XQD
SRQGHUDFLyQ UHIRU]DGD GH GHUHFKRV D OD OX] GH SDUDGLJPD GH
IDYRUDELOLGDGHQYLUWXGGHOFXDOODVLQWHUSUHWDFLRQHVGHEHUiQVHUOR
PiV IDYRUDEOHV SURJUHVLYDV \ H[WHQVLYDV SDUD JUXSRV GH DWHQFLyQ
SULRULWDULD
6&3/DSUHVHQWDFLyQGHXQDQXHYDVROLFLWXGGHFHVDFLyQ
GHODGHWHQFLyQSUHYHQWLYDQRLPSLGHDODMXULVGLFFLyQFRQVWLWXFLRQDO
FRQRFHUSUHVXQWDVYXOQHUDFLRQHVDGHUHFKRVIXQGDPHQWDOHVHQTXH
SRGUtDKDEHULQFXUULGRODDXWRULGDGMXGLFLDOTXHHPLWLyODSULPHUD
5HVROXFLyQ TXH UHFKD]y WDO EHQHILFLR  HQ YLUWXG DO SULQFLSLR GH
IDYRUDELOLGDGDODFFHVRDODMXVWLFLDRSURDFWLRQH
6&3   $ SDUWLU GH XQD LQWHUSUHWDFLyQ IDYRUDEOH D ORV
VHFWRUHVGHDWHQFLyQSULRULWDULDFRPRVRQORVPHQRUHVEHQHILFLDULRV
GH DVLVWHQFLD IDPLOLDU QR H[LVWH DSUHPLR LQGHELGR VL HO REOLJDGR
SURYRFDVXSURSLDLQGHIHQVLyQDOQRFXPSOLUFRQODFDUJDSURFHVDOGH
LQIRUPDUDODDXWRULGDGMXULVGLFFLRQDOVXFDPELRGHGRPLFLOLR
6&3   /DV VROLFLWXGHV GH VXVSHQVLyQ FRQGLFLRQDO GH OD
SHQDHQFDXVDVLQLFLDGDVGHOFRQHO&yGLJRGH3URFHGLPLHQWR3HQDO
DEURJDGRHQDSOLFDFLyQGHOSULQFLSLRGHIDYRUDELOLGDGGHEHUiQVHU
UHVXHOWDVGHDFXHUGRDORHVWDEOHFLGRSRUHO&yGLJRGH3URFHGLPLHQWR
3HQDO YLJHQWH TXH GLVFLSOLQD HO SURFHGLPLHQWR SDUD HVWD ILJXUD
MXUtGLFD
6&3   /DV VROLFLWXGHV GH VXVSHQVLyQ FRQGLFLRQDO GH OD
SHQDHQFDXVDVLQLFLDGDVGHOFRQHO&yGLJRGH3URFHGLPLHQWR3HQDO
DEURJDGRHQDSOLFDFLyQGHOSULQFLSLRGHIDYRUDELOLGDGGHEHUiQVHU
UHVXHOWDVGHDFXHUGRDORHVWDEOHFLGRSRUHO&yGLJRGH3URFHGLPLHQWR
W


dW^:d

3HQDO YLJHQWH TXH GLVFLSOLQD HO SURFHGLPLHQWR SDUD HVWD ILJXUD


MXUtGLFD
$ORVSXHEORVLQGtJHQDV)OH[LELOL]DFLyQSURFHVDO
6&3   7DQWR ORV SUHVXSXHVWRV GH OHJLWLPDFLyQ DFWLYD
OHJLWLPDFLyQSDVLYDFRPRFXDOTXLHURWURUHTXLVLWRGHIRUPDTXHVHD
H[LJLGR SDUD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HQ HO FDVR GH
SHWLFLRQHV YLQFXODGDV D QDFLRQHV \ SXHEORV LQGtJHQD RULJLQDULR
FDPSHVLQRV GHEHQ VHU DQDOL]DGDV HQ HO PDUFR GH XQD Pi[LPD
IOH[LELOL]DFLyQSURFHVDOSDUDDVHJXUDUDVt\HQHOPDUFRGHOUHVSHWR
D VXV QRUPDV \ SURFHGLPLHQWRV XQ YHUGDGHUR \ UHDO DFFHVR D OD
MXVWLFLDDGLFKDVFROHFWLYLGDGHV
 &ULWHULRV HVSHFtILFRV GHLQWHUSUHWDFLyQ \ DUJXPHQWDFLyQ GHO
PRGHOR
GH
(VWDGR
3OXULQDFLRQDO
,QWHUFXOWXUDO
\
&RPXQLWDULR,QWHUSUHWDFLyQLQWHUFXOWXUDORSOXUDO
6&3   (O SDUDGLJPD GHO YLYLU ELHQ FRPR SDXWD
LQWHUFXOWXUDOGHLQWHUSUHWDFLyQGHGHUHFKRVHQHOPDUFRGHXQGLiORJR
LQWHUFXOWXUDO FRQWLHQH ORV VLJXLHQWHV DVSHFWRV L  (O DQiOLVLV GH
FRPSDWLELOLGDG GHO DFWR R GHFLVLyQ FXHVWLRQDGR FRQ ODV QRUPDV \
SURFHGLPLHQWRVSURSLRVGHFDGDQDFLyQ\SXHEORLQGtJHQDRULJLQDULR
FDPSHVLQR DVSHFWR TXH REOLJD WDQWR D ORV MXHFHV R WULEXQDOHV GH
JDUDQWtDVFRPRDO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDODUHVROYHU
OD SUREOHPiWLFD GH DFXHUGR D PpWRGRV \ SURFHGLPLHQWRV
FRQVWLWXFLRQDOHV LQWHUFXOWXUDOHV FRPR VHU ORV SHULWDMHV
DQWURSROyJLFRFXOWXUDOHVRHOGHVDUUROORGHGLiORJRVHQODVSURSLDV
FRPXQLGDGHVSDUDTXHHQFDVRGHYHULILFDUVHXQDLQFRPSDWLELOLGDG
GHGLFKDVQRUPDV\SURFHGLPLHQWRVVHPDWHULDOLFHHOYDORUGHOYLYLU
ELHQHOFXDOHVHOFRQWHQLGRHVHQFLDOGHORVGHUHFKRVLQGLYLGXDOHVR
FROHFWLYRV HQ FRQWH[WRV LQWUD H LQWHUFXOWXUDOHV \ LL  (O DQiOLVLV GH
FRPSDWLELOLGDGGHODFWRRGHFLVLyQFXHVWLRQDGRFRQORVSULQFLSLRVGH
FRPSOHPHQWDULHGDG HTXLOLEULR GXDOLGDG DUPRQtD \ RWURV GH OD
FRVPRYLVLyQ SURSLD GH ORV SXHEORV \ QDFLRQHV LQGtJHQD RULJLQDULR
FDPSHVLQD
6&3   (O SDUDGLJPD GHO YLYLU ELHQ HV XQD SDXWD GH
LQWHUSUHWDFLyQLQWHUFXOWXUDOGHGHUHFKRVIXQGDPHQWDOHVDSDUWLUGHOD
FXDOORVYDORUHVSOXUDOHVVXSUHPRVLUUDGLDQGHFRQWHQLGRORVDFWRV\
GHFLVLRQHVTXHHPDQDQGHODMXVWLFLDLQGtJHQDRULJLQDULDFDPSHVLQD
SDUDHYLWDU GHFLVLRQHV GHVSURSRUFLRQDGDV \ DUELWUDULDV SRUOR TXH
ODV GHFLVLRQHV HQ FRQWH[WRV LQWUDFXOWXUDOHV GHEHQ VHU DQDOL]DGDV
GHVGHORVVLJXLHQWHVHOHPHQWRVD $UPRQtDD[LRPiWLFDDVHJXUDTXH
ODV GHFLVLRQHV FRPXQDULDV HVWpQ DFRUGHV FRQ ORV YDORUHV SOXUDOHV
VXSUHPRV E  'HFLVLyQ DFRUGH FRQ OD FRVPRYLVLyQ SURSLD F 
5LWXDOLVPRVDUPyQLFRVFRQSURFHGLPLHQWRVQRUPDVWUDGLFLRQDOPHQWH
XWLOL]DGRV GH DFXHUGR D OD FRVPRYLVLyQ SURSLD GH FDGD QDFLyQ \
SXHEOR LQGtJHQD RULJLQDULR FDPSHVLQR \ G  3URSRUFLRQDOLGDG \
W


dW^:d


QHFHVLGDGHVWULFWDDVSHFWRHQYLUWXGGHOFXDOVHGHEHUiSRQGHUDUOD
QDWXUDOH]D \ JUDYHGDG GH ORV KHFKRV SODVPDGRV HQ OD GHFLVLyQ HQ
UHODFLyQFRQODPDJQLWXGGHODVDQFLyQLPSXHVWD
&RQWUROGHFRQYHQFLRQDOLGDGVHJ~QODGRFWULQDGHOEORTXHGH
FRQVWLWXFLRQDOLGDG &RQWURO GH FRQYHQFLRQDOLGDG HQ UHODFLyQ D
HVWiQGDUHVLQWHUQDFLRQDOHVVREUHGHUHFKRVGHSXHEORVLQGtJHQDV
6&3   'H DFXHUGR D ODV QRUPDV GHO EORTXH GH
FRQVWLWXFLRQDOLGDGODMXULVSUXGHQFLDGHOD&RUWHLQWHUDPHULFDQDGH
'HUHFKRV +XPDQRV \ HO SULQFLSLR GH UHFRQVWLWXFLyQ WHUULWRULDO
SRVWXODGRSRUHOPRGHORFRQVWLWXFLRQDOYLJHQWHHOGHUHFKRDOKiELWDW
GH ODV 1DFLRQHV \ 3XHEORV ,QGtJHQDV HV LQWHUGHSHQGLHQWH D ORV
GHUHFKRVFROHFWLYRVDODWHUULWRULDOLGDGXVR\DSURYHFKDPLHQWRGHORV
UHFXUVRV QDWXUDOHV HQ VXWHUULWRULR FRPSUHQGLHQGR HVWH GHUHFKR HO
HVSDFLRDQFHVWUDOGRQGHGHVDUUROODQVXVHVSHFtILFDVIRUPDVGHYLGD
VX RUJDQL]DFLyQ VRFLDO \ SROtWLFD VXV LQVWLWXFLRQHV SURSLDV VX
FXOWXUD HVSLULWXDOLGDG \ VX FXOWXUD HQ FRQH[LyQ FRQ HO
PXOWLYHUVR

EDMR IRUPDV GLYHUVDV GH H[SUHVLyQ TXH GHEHQ VHU UHVSHWDGDV \
SUHVHUYDGDVSDUDODSHUYLYHQFLD\FRQWLQXLGDGGHHVWRVSXHEORV 
 &RQWURO QRUPDWLYR GH FRQVWLWXFLRQDOLGDG%ORTXH GH
FRQVWLWXFLRQDOLGDG FRPR SDUiPHWUR SDUD HO FRQWURO GH
FRQVWLWXFLRQDOLGDG
6&3   /DV QRUPDV TXH HVWDEOHFHQ HO SURFHVR \
SURFHGLPLHQWR GH OD FRQVXOWD SUHYLD  VHUiQ FRQVWLWXFLRQDOPHQWH
YiOLGDV  HQ HO PDUFR GH XQD LQWHUSUHWDFLyQ FRQIRUPH D OD
&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR\HOEORTXHGHFRQVWLWXFLRQDOLGDGHQ
WDQWRVHDFRQFHUWDGRHQREVHUYDQFLDGHODUHODFLyQKRUL]RQWDOHQWUH
HO(VWDGR\ORVSXHEORVLQGtJHQDVGHO7,31,6

)RUPDV
GH
FRQWURO
QRUPDWLYR
GH
FRQVWLWXFLRQDOLGDG,QFRQVWLWXFLRQDOLGDGHQODIRUPD
6&3/DOLPLWDFLyQDGHUHFKRVIXQGDPHQWDOHVFRPRHVHO
GHUHFKRDODDVRFLDFLyQHQHOHMHUFLFLRSURIHVLRQDOGHORVDERJDGRV
GHEH VHU D WUDYpV GH OH\ IRUPDO HQ REVHUYDQFLD GHO SULQFLSLR GH
UHVHUYDGHOH\
6&3/RVDFWRVGHGLVSRVLFLyQGHORVELHQHVGHO(VWDGR
VRODPHQWH SRGUiQ VHU GLVSXHVWRV SRU OD $VDPEOHD /HJLVODWLYD
3OXULQDFLRQDO DQWHV 3RGHU /HJLVODWLYR PHGLDQWH OH\ IRUPDO XQ
FULWHULR HQ FRQWUDULR GHVFRQRFHUtD ORV SULQFLSLRV IXQGDPHQWDOHV GH
VHSDUDFLyQGHIXQFLRQHV\GHVREHUDQtDSRSXODU
6&3   $ WUDYpV GH OD /H\ *HQHUDO GHO 3UHVXSXHVWR GHO
(VWDGR QR HV SRVLEOH UHJXODU DVSHFWRV TXH QR FRUUHVSRQGDQ D OD
DFWLYLGDGILQDQFLHUDGHOVHFWRUS~EOLFRSRUTXHVHYLRODHOSULQFLSLR
GHXQLGDGGHPDWHULD
W


dW^:d


)RUPDV
GH
FRQWURO
QRUPDWLYR
GH
FRQVWLWXFLRQDOLGDG,QFRQVWLWXFLRQDOLGDGVREUHYLQLHQWH
6&3   (Q ORV VXSXHVWRV GH LQFRQVWLWXFLRQDOLGDG
VREUHYLQLHQWHHOWHVWGHFRQVWLWXFLRQDOLGDGGHEHVHUHIHFWXDGRGHVGH\
FRQIRUPH DO QXHYR RUGHQ FRQVWLWXFLRQDO \ QR DO TXH VH HQFRQWUDED
YLJHQWH DO PRPHQWR GH OD HPLVLyQ GH OD QRUPD LPSXJQDGD GH
LQFRQVWLWXFLRQDO
 7LSRORJtD GH ODV 6HQWHQFLDV &RQVWLWXFLRQDOHV HQ HO FRQWURO
QRUPDWLYRGHFRQVWLWXFLRQDOLGDG6HQWHQFLDVLQWHUSUHWDWLYDVRDWtSLFDV

6&3   /DV QRUPDV TXH HVWDEOHFHQ HO SURFHVR \
SURFHGLPLHQWR GH OD FRQVXOWD SUHYLD  VHUiQ FRQVWLWXFLRQDOPHQWH
YiOLGDV  HQ HO PDUFR GH XQD LQWHUSUHWDFLyQ FRQIRUPH D OD
&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR\HOEORTXHGHFRQVWLWXFLRQDOLGDGHQ
WDQWRVHDFRQFHUWDGRHQREVHUYDQFLDGHODUHODFLyQKRUL]RQWDOHQWUH
HO(VWDGR\ORVSXHEORVLQGtJHQDVGHO7,31,6
6&3   $QWH HO YDFtR QRUPDWLYR SRU OD LQH[LVWHQFLD GH
PHGLRV GH LPSXJQDFLyQ GH OD GHWHUPLQDFLyQ TXH UHVXHOYH OD
UHLQFRUSRUDFLyQGHOWUDEDMDGRUVHGLVSRQHODDSOLFDFLyQGHODVYtDV
UHFXUVLYDVSUHYLVWDVSRUORVDUWVDGHOD/H\GHSURFHGLPLHQWR
DGPLQLVWUDWLYR KDVWD TXH HO UJDQR /HJLVODWLYR GLFWH ODV QRUPDV
HVSHFtILFDV TXH UHTXLHUH OD SRWHVWDG DGPLQLVWUDWLYD GH UHVROYHU
FRQIOLFWRVODERUDOHV
 6HQWHQFLDV LQWHUSUHWDWLYDV R DWtSLFDV'LPHQVLRQDPLHQWR GH
QRUPDVGHFODUDGDVLQFRQVWLWXFLRQDOHVHQODIRUPD
6&3   $ HIHFWRV TXH OD GHFODUDWRULD GH
LQFRQVWLWXFLRQDOLGDG SRU OD IRUPD GH XQD GHWHUPLQDGD QRUPD
MXUtGLFD QR UHVWULQMD GHUHFKRV HV SRVLEOH GLVSRQHU OD VXEVLVWHQFLD
WHPSRUDO GHODV QRUPDV VRPHWLGDV D FRQWURO GH FRQVWLWXFLRQDOLGDG

 &RQVXOWDV VREUH OD FRQVWLWXFLRQDOLGDG GH SUHJXQWDV SDUD
UHIHUHQGR&ULWHULRV GHO WHVW GH FRQVWLWXFLRQDOLGDG GH ODV SUHJXQWDV
SDUDUHIHUHQGR
6&3   (O WHVW GH FRQVWLWXFLRQDOLGDG GH SUHJXQWDV SDUD
UHIHUHQGRVHUHDOL]DDSDUWLUGHORVFULWHULRVGHFODULGDGSHUWLQHQFLD
FRPSHWHQFLD \ SHUPLVLELOLGDG SXGLHQGR VHU FRPSOHPHQWDGRV R
GHVDUUROODGRVGHDFXHUGRDODQDWXUDOH]D\FDUDFWHUtVWLFDVGHFDGD
FDVRHQSDUWLFXODU
 &RQWURO QRUPDWLYR SRVWHULRU R FRUUHFWLYR GH
FRQVWLWXFLRQDOLGDG1RUPDVREMHWRGHFRQWURO
6&3   3DUD TXH XQD QRUPD FRQWHQLGDHQ XQD *XtD VHD
VXMHWD D FRQWURO GH FRQVWLWXFLRQDOLGDG QRUPDWLYR GHSHQGHUi VL HO
W


dW^:d


REMHWRGHODQRUPDMXUtGLFDWLHQHDSOLFDFLyQJHQHUDORDOFRQWUDULR
WLHQHXQDOFDQFHLQWHUQRVLPLODUDXQDGLUHFWLYDRLQVWUXFFLyQFDVR
HQ HO FXDO QR IRUPD SDUWH GH ODV QRUPDV VXMHWDV DO FRQWURO GH
FRQVWLWXFLRQDOLGDGQRUPDWLYR
6&33DUDGHWHUPLQDUVLXQ$FXHUGRHPLWLGRSRUOD6DOD
3OHQDGHO7ULEXQDO6XSUHPRGH-XVWLFLDSXHGHVHUVRPHWLGRDFRQWURO
GH FRQVWLWXFLRQDOLGDG QRUPDWLYR GHEHUi GHWHUPLQDUVH HQ HO FDVR
FRQFUHWR GHO $FXHUGR VL HV XQD UHVROXFLyQ HQ WRUQR D XQ FDVR
SDUWLFXODURWLHQHXQDOFDQFHJHQHUDO
 &RQWURO QRUPDWLYR SRVWHULRU R FRUUHFWLYR GH
FRQVWLWXFLRQDOLGDG5HVROXFLRQHV\QRUPDVH[FOXLGDVGHOFRQWURO
6&3,PSURFHGHQFLDGHODDFFLyQGHLQFRQVWLWXFLRQDOLGDG
DEVWUDFWDSRUTXHHOFRQWUROQRUPDWLYRGHFRQVWLWXFLRQDOLGDGQRSXHGH
HIHFWXDUVHUHVSHFWRDOH\HVFX\RVHIHFWRVMXUtGLFRVHVWiQVXSHGLWDGRV
DODFRQGLFLyQGHXQDQRUPDSRVWHULRU
6&3,PSURFHGHQFLDGHODDFFLyQGHLQFRQVWLWXFLRQDOLGDG
DEVWUDFWD UHVSHFWR DQRUPDV TXH QR VHHQFXHQWUHQYLJHQWHV R FX\R
FRQWHQLGRKXELHUHVLGRPRGLILFDGR
6&3   1R SURFHGH OD DFFLyQ GH LQFRQVWLWXFLRQDOLGDG
DEVWUDFWD R FRQFUHWD FXDQGR OD QRUPD VRPHWLGD D FRQWURO GH
FRQVWLWXFLRQDOLGDGQRWHQJDFDUiFWHUQRUPDWLYRHVGHFLUQRFXPSOD
FRQORVUHTXLVLWRVGHDEVWUDFFLyQ\JHQHUDOLGDG
6&3   3DUD TXH XQD QRUPD FRQWHQLGDHQ XQD *XtD VHD
VXMHWD D FRQWURO GH FRQVWLWXFLRQDOLGDG QRUPDWLYR GHSHQGHUi VL HO
REMHWRGHODQRUPDMXUtGLFDWLHQHDSOLFDFLyQJHQHUDORDOFRQWUDULR
WLHQHXQDOFDQFHLQWHUQRVLPLODUDXQDGLUHFWLYDRLQVWUXFFLyQFDVR
HQ HO FXDO QR IRUPD SDUWH GH ODV QRUPDV VXMHWDV DO FRQWURO GH
FRQVWLWXFLRQDOLGDGQRUPDWLYR
6&3   /DV QRUPDV LQIUD FRQVWLWXFLRQDOHV FRPR VRQ OD
QRUPDOHJDORUGLQDULDRUHJODPHQWDULDQRFRQVWLWX\HQSDUiPHWURGH
MXLFLR GH FRQVWLWXFLRQDOLGDG SRU FXDQWR HVH iPELWR FRUUHVSRQGH D
FRQWUROGHOHJDOLGDG
7LSRVGHVHQWHQFLDV&RQHIHFWRGLIHULGR
6&3   (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HQ HO
HMHUFLFLRGHOFRQWUROQRUPDWLYRGHFRQVWLWXFLRQDOLGDGSXHGHGLIHULU
HQHOWLHPSRORVHIHFWRVGHODQRUPDGHFODUDGDLQFRQVWLWXFLRQDO 
7LSRVGHVHQWHQFLDV([KRUWDWLYDV
6&3/DQRUPDTXHHVWDEOHFHODLQWHUYHQFLyQGHOyUJDQR
HMHFXWLYRHQHOSURFHVR\SURFHGLPLHQWRGHODFRQVXOWDSUHYLDVHUi
FRQVWLWXFLRQDOPHQWH YiOLGD  HQ HO PDUFR GH XQD LQWHUSUHWDFLyQ
FRQIRUPH D OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR \ HO EORTXH GH
W


dW^:d

FRQVWLWXFLRQDOLGDG HQ WDQWR VHD FRQFHUWDGR HQ REVHUYDQFLD GH OD


UHODFLyQ KRUL]RQWDO HQWUH HO (VWDGR \ ORV SXHEORV LQGtJHQDV GHO
7,31,6
6&3/DFLWDGHOSUHFHGHQWHFRQWUDGLFWRULRHQHOUHFXUVR
GHFDVDFLyQUHTXLHUHTXHODVSDUWHVSURFHVDOHVWHQJDQDFFHVRDOD
MXULVSUXGHQFLD HPLWLGD SRU ORV 7ULEXQDOHV 'HSDUWDPHQWDOHV GH
-XVWLFLD \ HO PLVPR 7ULEXQDO 6XSUHPR GH -XVWLFLD D REMHWR GH TXH
SXHGDQHIHFWXDUHOFRQWUDVWHTXHFRQVLGHUHQSHUWLQHQWHHQFDVRVFRQ
VXSXHVWRVIiFWLFRVDQiORJRVDORVVX\RVSRUORTXHH[KRUWDDOD6DOD
3OHQDGHO7ULEXQDO6XSUHPRGH-XVWLFLDSUHYHDORVPHFDQLVPRVSDUD
SRVLELOLWDU OD GLIXVLyQ \ DFFHVR D ORV SUHFHGHQWHV HPLWLGRV SRU ODV
6DODV3HQDOHVGHORV7ULEXQDOHV'HSDUWDPHQWDOHVGH-XVWLFLD
7LSRVGHVHQWHQFLDV,QWHUSUHWDWLYDVRFRQGLFLRQDRGDV
6&3/DQRUPDTXHHVWDEOHFHODLQWHUYHQFLyQGHOyUJDQR
HMHFXWLYRHQHOSURFHVR\SURFHGLPLHQWRGHODFRQVXOWDSUHYLDVHUi
FRQVWLWXFLRQDOPHQWH YiOLGD  HQ HO PDUFR GH XQD LQWHUSUHWDFLyQ
FRQIRUPH D OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR \ HO EORTXH GH
FRQVWLWXFLRQDOLGDG HQ WDQWR VHD FRQFHUWDGR HQ REVHUYDQFLD GH OD
UHODFLyQ KRUL]RQWDO HQWUH HO (VWDGR \ ORV SXHEORV LQGtJHQDV GHO
7,31,6
6&3   /RV yUJDQRV DGPLQLVWUDWLYRV ODERUDOHV VRQ
FRPSHWHQWHV SDUD GHWHUPLQDU HO LQFXPSOLPLHQWR GH FRQWUDWRV \
FRQYHQLRVODERUHVFX\DGHFLVLyQHVUHYLVDEOHSRUODLQVWDQFLDMXGLFLDO
DFWLYDGD SRU HO WUDEDMDGRU R HO HPSOHDGRU FRPSHWHQFLD TXH QR
DOFDQ]DDOFRQRFLPLHQWRGHGHOLWRV
 $OFDQFH GH ODV VHQWHQFLDV SURQXQFLDGDV HQ HO FRQWURO
QRUPDWLYRGHFRQVWLWXFLRQDOLGDG(IHFWRKDFLDHOIXWXUR
6&3/DGHFODUDWRULDGHYLJHQFLDWHPSRUDOGHQRUPDVSRU
HO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHQHOHMHUFLFLRGHOFRQWURO
QRUPDWLYRGHFRQVWLWXFLRQDOLGDG\HQHOPDUFRGHXQDLQWHUSUHWDFLyQ
SUHYLVRUDQRRWRUJDYLJHQFLDDGLFKDVQRUPDVHQHOSHULRGRHQHOTXH
HVWXYLHURQDEURJDGDV
 $OFDQFH GH ODV VHQWHQFLDV SURQXQFLDGDV HQ HO FRQWURO
QRUPDWLYRGHFRQVWLWXFLRQDOLGDG(IHFWRUHWURVSHFWLYR
6&3   /DV 6HQWHQFLDV &RQVWLWXFLRQDOHV TXH GHFODUHQ OD
LQFRQVWLWXFLRQDOLGDG GH XQD GLVSRVLFLyQ OHJDO WLHQH HIHFWR
GHURJDWRULR VREUH OD PLVPD \ DOFDQ]D D WRGRV ORV SURFHVRV TXH VH
HQFXHQWUDQHQWUiPLWH\DORVDFWRVTXHQRWHQJDQFDUiFWHUGHILQLWLYR
\D VHD SRUTXH QR VH KXELHUHQ DJRWDGR ORV PHGLRV GH LPSXJQDFLyQ
H[LVWHQWHVRSRUTXHIUHQWHDODOHVLyQGHGHUHFKRVIXQGDPHQWDOHV\
JDUDQWtDV FRQVWLWXFLRQDOHV VH SUHVHQWDURQODV DFFLRQHV GH GHIHQVD

W


dW^:d


$FFLyQGHLQFRQVWLWXFLRQDOLGDGFRQFUHWD&RQGLFLRQHVSDUDOD
SURFHGHQFLD
6&3   3DUD OD SURFHGHQFLD GH OD DFFLyQ GH
LQFRQVWLWXFLRQDOLGDGFRQFUHWDHVQHFHVDULRTXHH[LVWDXQSURFHVRR
SURFHGLPLHQWRMXGLFLDORDGPLQLVWUDWLYR
6&3/DDFFLyQGHLQFRQVWLWXFLRQDOLGDGFRQFUHWDSURFHGH
QR VyOR FXDQGR OD QRUPD VHUi DSOLFDGD HQ OD UHVROXFLyQ ILQDO GHO
SURFHVRVLQRWDPELpQSDUDUHVROYHULQFLGHQWHVRH[FHSFLRQHV
 $FFLyQ GH LQFRQVWLWXFLRQDOLGDG FRQFUHWD2SRUWXQLGDG GH OD
IRUPXODFLyQGHODDFFLyQ
6&3'HXQDLQWHUSUHWDFLyQVLVWHPiWLFD\WHOHROyJLFDGH
ODQDWXUDOH]D\REMHWRGHODDFFLyQGHLQFRQVWLWXFLRQDOLGDGFRQFUHWD
HVSRVLEOHIRUPXODUHVWDDFFLyQHQHMHFXFLyQGHVHQWHQFLD
6&3/DDFFLyQFRQFUHWDGHLQFRQVWLWXFLRQDOLGDGSXHGH
LQWHUSRQHUVHHQHMHFXFLyQGHVHQWHQFLDVREUHQRUPDVDSOLFDEOHVHQ
HVWD HWDSD FXDQGR OD GHFLVLyQ GHO MX]JDGRU GHSHQGD GH VX
FRQVWLWXFLRQDOLGDGPiVD~QVLQRFRQFXUUHSURKLELFLyQDOJXQDSDUD
TXHSXHGDLQWHUSRQHUVHHQHVWDIDVH
 $FFLyQ GH LQFRQVWLWXFLRQDOLGDG FRQFUHWD3URFHGLPLHQWR
SUHYLR\UHVROXFLyQGHODDXWRULGDGMXGLFLDORDGPLQLVWUDWLYD
6&3(OUHFKD]RGHODVROLFLWXGGHSURPRYHUODDFFLyQGH
LQFRQVWLWXFLRQDOLGDG
DQWHV
UHFXUVR
LQFLGHQWDO
GH
LQFRQVWLWXFLRQDOLGDG QR VXVSHQGH HO SURFHVR MXGLFLDO R
DGPLQLVWUDWLYRQLLPSLGHODGLFWDFLyQGHODUHVROXFLyQRVHQWHQFLD
GDGRTXHODGHFODUDWRULDGHLQFRQVWLWXFLRQDOLGDGGLPHQVLRQDQGRVXV
HIHFWRVSXHGHLQFOXVLYHGHMDUVLQHIHFWRODVHQWHQFLDRUHVROXFLyQ\D
GLFWDGD
 &RQGLFLRQHV SDUD OD SURFHGHQFLD1RUPD DSOLFDEOH HQ OD
UHVROXFLyQ ILQDO GHO SURFHVR R HQ OD UHVROXFLyQ GH H[FHSFLRQHV R
LQFLGHQWHV
6&3/DDFFLyQGHLQFRQVWLWXFLRQDOLGDGFRQFUHWDSURFHGH
QR VyOR FXDQGR OD QRUPD VHUi DSOLFDGD HQ OD UHVROXFLyQ ILQDO GHO
SURFHVRVLQRWDPELpQSDUDUHVROYHULQFLGHQWHVRH[FHSFLRQHV
  5HFXUVR &RQWUD 7ULEXWRV ,PSXHVWRV 7DVDV 3DWHQWHV
'HUHFKRVR&RQWULEXFLRQHVHVSHFLDOHV1RUPDVH[FOXLGDVGHOFRQWURO

6&3/DVQRUPDVREMHWRGHFRQWUROHQHO5HFXUVRFRQWUD
7ULEXWRV ,PSXHVWRV 7DVDV 3DWHQWHV 'HUHFKRV R &RQWULEXFLRQHV
HVSHFLDOHV VRQ DTXHOODV TXH FUHDQ PRGLILFDQ R VXSULPHQ WULEXWRV
TXHGDQGRIXHUDGHOFRQWURODTXHOODVRWUDVQRUPDVTXHQRHVWDEOHFHQ
W


dW^:d

XQKHFKRJHQHUDGRUWDPSRFRXQDEDVHLPSRQLEOHWDVDDOtFXRWDR
ODLQGLFDFLyQGHOVXMHWRSDVLYR
 &RQVXOWD GH DXWRULGDGHV LQGtJHQD RULJLQDULD FDPSHVLQDV
VREUH OD DSOLFDFLyQ GH VXV QRUPDV MXUtGLFDV D XQ FDVR
FRQFUHWR/HJLWLPDFLyQDFWLYD
6&3   (Q OD FRQVXOWD GH DXWRULGDGHV LQGtJHQDV WLHQH
OHJLWLPDFLyQ DFWLYD OD DXWRULGDG TXH UHSUHVHQWD D XQ GHWHUPLQDGR
SXHEOR R QDFLyQ LQGtJHQDRULJLQDULR FDPSHVLQR HOHFWR FRQIRUPH D
VXVQRUPDV\SURFHGLPLHQWRVSURSLRVTXHFRQR]FDHOFDVRFRQFUHWR
GRQGH VH SUHWHQGD DSOLFDU XQD QRUPD MXUtGLFD DFRUGH D VX
FRVPRYLVLyQ
 6XSXHVWRV GH SURFHGHQFLD GHO UHFXUVR GLUHFWR GH
QXOLGDG$FWRV DVXPLGRV QR YLQFXODGRV DO HMHUFLFLR GH XQD IXQFLyQ
SRWHVWDGRMXULVGLFFLyQUHFRQRFLGDSRUOD&RQVWLWXFLyQ3ROtWLFDGHO
(VWDGR
6&36yORHVSRVLEOHODREVHUYDFLyQGHODFRPSHWHQFLDGH
XQD DXWRULGDG DGPLQLVWUDWLYD D WUDYpV GH XQ UHFXUVR GLUHFWR GH
QXOLGDGFXDQGRODPLVPDHVWpYLQFXODGDDOHMHUFLFLRGHXQDIXQFLyQ
SRWHVWDGRMXULVGLFFLyQQRUHFRQRFLGDSRUOD&RQVWLWXFLyQ3ROtWLFDGHO
(VWDGR
 &DXVDOHV GH LPSURFHGHQFLD HQ HO UHFXUVR GLUHFWR GH
QXOLGDG&XDQGRVHHYLGHQFLDLQFXPSOLPLHQWRGHUHTXLVLWRVOXHJRGH
ODDGPLVLELOLGDG
6&3   6L ELHQ OD DWULEXFLyQ GHUHYLVDU ORV UHTXLVLWRV GH
DGPLVLELOLGDGGHORVUHFXUVRVGLUHFWRVGHQXOLGDGLQWHUSXHVWRVDQWHHO
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO OD RVWHQWD HQ SULPHUD
LQVWDQFLDOD&RPLVLyQGH$GPLVLyQHQFDVRGHGHWHFWDUVHODIDOWDGH
UHTXLVLWRVHQORVUHFXUVRVFRQSRVWHULRULGDGDVXDGPLVLyQVHGHEHQ
GHFODUDULPSURFHGHQWHVLQLQJUHVDUDOIRQGR
 &DXVDOHV GH LPSURFHGHQFLD HQ HO UHFXUVR GLUHFWR GH
QXOLGDG3RUFDUHFHUGHREMHWRSURFHVDO
6&3   &DUHFH GH REMHWR SURFHVDO HO UHFXUVR GLUHFWR GH
QXOLGDGFXDQGRODUHVROXFLyQRDFWRFX\DQXOLGDGVHSUHWHQGH\DQR
WLHQHYLJHQFLDSRUKDEHUVLGRGHMDGRVLQHIHFWRRGHVDSDUHFLGRSRU
YROXQWDGGHODDXWRULGDGUHFXUULGDRSRURWUDFRPSHWHQWHKDVWDDQWHV
GHODQRWLILFDFLyQFRQHOUHFXUVRDODDXWRULGDGUHFXUULGD
 &DXVDOHV GH LPSURFHGHQFLD HQ HO UHFXUVR GLUHFWR GH
QXOLGDG3RU KDEHUVH VRPHWLGR D OD FRPSHWHQFLD \ DFWXDFLyQ GH OD
DXWRULGDGGHPDQGDGD
6&3   3URFHGH HO UHFXUVR GLUHFWR GH QXOLGDG VLHPSUH \
FXDQGR HO UHFXUUHQWH QR UHFRQR]FD GH IRUPD H[SUHVD R WiFLWD OD
W


dW^:d


FRPSHWHQFLD GH OD DXWRULGDG S~EOLFD FX\D FRPSHWHQFLD FXHVWLRQD

 /HJLWLPDFLyQ DFWLYD HQ HO UHFXUVR GH QXOLGDG3URFXUDGXUtD
*HQHUDOGHO(VWDGR
6&3   /D 3URFXUDGXUtD *HQHUDO GHO (VWDGR WLHQH
OHJLWLPDFLyQ DFWLYD SDUDLQWHUSRQHU UHFXUVRV RUGLQDULRV \DFFLRQHV
HQGHIHQVDGHORVLQWHUHVHVGHO(VWDGR
&RQIOLFWRGHFRPSHWHQFLDVHQWUHHOQLYHOFHQWUDOGHO(VWDGR\
ODV HQWLGDGHV WHUULWRULDOHV DXWyQRPDV \ HQWUH pVWDV,PSURFHGHQFLD
SDUDHMHUFHUHOFRQWUROGHOHJDOLGDG
6&3   (O &RQIOLFWR GH &RPSHWHQFLDV \ VROXFLyQ GH
&RQWURYHUVLDVUHVXHOYHFRQIOLFWRVTXHVHVXVFLWDQHQWUHORVyUJDQRV
GHO JRELHUQR FHQWUDO GHO (VWDGR \ ORV yUJDQRV GHO JRELHUQR GH ODV
(QWLGDGHV 7HUULWRULDOHV $XWyQRPDV R HQWUH ORV yUJDQRV GH HVWDV
~OWLPDVQRVLHQGRSRVLEOHTXHDWUDYpVGHHVWHSURFHVRVHSUHWHQGD
UHDOL]DUXQFRQWUROGHOHJDOLGDG
 &RQIOLFWR GH FRPSHWHQFLDV HQWUH OD MXULVGLFFLyQ LQGtJHQD
RULJLQDULD
FDPSHVLQD
MXULVGLFFLyQ
RUGLQDULD
\
DJURDPELHQWDOPELWRVGHYLJHQFLDFRPSHWHQFLDOGHODMXULVGLFFLyQ
LQGtJHQDRULJLQDULDFDPSHVLQD
6&3(QORVVXSXHVWRVHQORVTXHORVVXMHWRVLQWHUYLQLHQWHV
HQ GHWHUPLQDGRV KHFKRV VHDQ PLHPEURV GH ORV SXHEORV LQGtJHQD
RULJLQDULRFDPSHVLQRVORVSDUiPHWURVSDUDDVXPLUFRPSHWHQFLDQR
VRQ ORV TXH ULJHQ D OD MXULVGLFFLyQ RUGLQDULD VLQR ORV iPELWRV GH
YLJHQFLDSHUVRQDOPDWHULDO\WHUULWRULDOGHFRQIRUPLGDGDORSUHYLVWR
SRUOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR
6&3&XDQGRQRH[LVWHFRQFXUUHQFLDGHORViPELWRVGH
YLJHQFLDSHUVRQDOPDWHULDO\WHUULWRULDOHQHOSULPHUFDVRGHELGRD
TXH OD TXHUHOODQWH SRU VX FRQGLFLyQ GH PDHVWUD QR VH HQFXHQWUD
YLYLHQGRYROXQWDULDPHQWHHQODFRPXQLGDGLQGtJHQDHVFRPSHWHQWH
ODMXULVGLFFLyQRUGLQDULDSDUDODVXVWDQFLDFLyQGHSURFHVRVSHQDOHV
SRUGHOLWRVFRQWUDHOKRQRU
6&3(QORVVXSXHVWRVHQORVTXHORVVXMHWRVLQWHUYLQLHQWHV
HQ GHWHUPLQDGRV KHFKRV VHDQ PLHPEURV GH ORV SXHEORV LQGtJHQD
RULJLQDULRFDPSHVLQRVORVSDUiPHWURVSDUDDVXPLUFRPSHWHQFLDQR
VRQ ORV TXH ULJHQ D OD MXULVGLFFLyQ RUGLQDULD VLQR ORV iPELWRV GH
YLJHQFLDSHUVRQDOPDWHULDO\WHUULWRULDOGHFRQIRUPLGDGDORSUHYLVWR
SRUOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR
6&3(QFRQIOLFWRVMXULVGLFFLRQDOHVGHFRPSHWHQFLDVHUi
FRPSHWHQWHODMXULVGLFFLyQLQGtJHQDRULJLQDULDFDPSHVLQDFXDQGRVH
FXPSODFRQORVVLJXLHQWHVFULWHULRV(QFXDQWRDOiPELWRSHUVRQDOGH
YLJHQFLD HQ UHODFLyQ D SHUVRQDV TXH QR VRQ PLHPEURV GH OD
W


dW^:d

FRPXQLGDGFXDQGRHOKHFKRTXHJHQHUDHOFRQIOLFWRKD\DRFXUULGR
HQHOWHUULWRULRGHODMXULVGLFFLyQLQGtJHQDRULJLQDULRFDPSHVLQDRVH
WUDWH GH SHUVRQDV TXH FXHQWDQ FRQ WHUUHQRV HQ OD FRPXQLGDG
DVLPLVPR VH FXPSOH HO iPELWR GH YLJHQFLD PDWHULDO FXDQGR ORV
KHFKRVVHDQWHPDVTXHHQHOPDUFRGHOHMHUFLFLRGHOGHUHFKRDVXV
VLVWHPDV MXUtGLFRV SURSLRVVHDQGHFRQRFLPLHQWR GH ODV 1DFLRQHV\
SXHEORV LQGtJHQD RULJLQDULR FDPSHVLQRV Pi[LPH FXDQGR OD
DSOLFDFLyQGHVXVQRUPDV\SURFHGLPLHQWRVKD\DQVLGRFRQVXOWDGDVDO
7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO\FXDQGRORVDFWRVRKHFKRV
TXH JHQHUHQ FRQIOLFWR VXUWDQ HIHFWRV R DWLQMDQ D ODV 1DFLRQHV \
3XHEORVLQGtJHQDRULJLQDULRFDPSHVLQRV
 &RQIOLFWR GH FRPSHWHQFLDV HQWUH OD MXULVGLFFLyQ LQGtJHQD
RULJLQDULD
FDPSHVLQD
MXULVGLFFLyQ
RUGLQDULD
\
DJURDPELHQWDO6HQWHQFLD\HIHFWRV
6&3/DVGLYHUJHQFLDVTXHSXHGDQJHQHUDUVHDOLQWHULRU
GH1DFLRQHV\3XHEORV,QGtJHQDRULJLQDULRFDPSHVLQRVRHQWUHHOORV
GHEHQVHUUHVXHOWDVHQHOPDUFRGHGLiORJRVLQWHUFXOWXUDOHVDFX\R
HIHFWR HO &RQWURO 3OXUDO GH &RQVWLWXFLRQDOLGDG SXHGH HQ FDVRV
FRQFUHWRVRUGHQDUGLFKRVGLiORJRV
6&3   (Q FRQIOLFWRV MXULVGLFFLRQDOHV GH FRPSHWHQFLD HO
7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOSDUDUHVWDEOHFHUHOHTXLOLEULR
\ DUPRQtD SRGUi RUGHQDU VH UHDOLFH R UHWRPH GLiORJRV HQWUH OD
FRPXQLGDG \ PLHPEURV TXH QR IRUPDQ SDUWH GH HOOD SHUR TXH VH
HQFXHQWUDQVRPHWLGRVDVXMXULVGLFFLyQ
6&3   (Q FRQIOLFWRV MXULVGLFFLRQDOHV GH FRPSHWHQFLD HO
7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOSXHGHRUGHQDUODHPLVLyQGH
LQIRUPHVVREUHHOJUDGRGHFXPSOLPLHQWRDVXVGHFLVLRQHVHLQFOXVR
SXHGHRUGHQDUYLVLWDVDODVFRPXQLGDGHVSDUDHVWHHIHFWR
6&3   (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HQ HO
SHULRGRGHWUDQVLFLyQLQWHURUJiQLFRQRHVFRPSHWHQWHSDUDUHVROYHU
ORVFRQIOLFWRVGHFRPSHWHQFLDGHELHQGRGHFODUDUVXLPSURFHGHQFLD\
UHPLWLUDQWHFHGHQWHVGHODFDXVDDODDXWRULGDGDO7ULEXQDO6XSUHPR
GH-XVWLFLD
 (QWUH OD MXULVGLFFLyQ LQGtJHQD RULJLQDULD FDPSHVLQD \ OD
MXULVGLFFLyQ RUGLQDULDPELWRV GH YLJHQFLD FRPSHWHQFLDO GH OD
MXULVGLFFLyQLQGtJHQDRULJLQDULDFDPSHVLQD
6&3(QORVVXSXHVWRVHQORVTXHORVVXMHWRVLQWHUYLQLHQWHV
HQ GHWHUPLQDGRV KHFKRV VHDQ PLHPEURV GH ORV SXHEORV LQGtJHQD
RULJLQDULRFDPSHVLQRVORVSDUiPHWURVSDUDDVXPLUFRPSHWHQFLDQR
VRQ ORV TXH ULJHQ D OD MXULVGLFFLyQ RUGLQDULD VLQR ORV iPELWRV GH
YLJHQFLDSHUVRQDOPDWHULDO\WHUULWRULDOGHFRQIRUPLGDGDORSUHYLVWR
SRUOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR
W


dW^:d


&RQIOLFWRGHFRPSHWHQFLDVHQWUHODMXULVGLFFLyQRUGLQDULD\OD
DJURDPELHQWDO&RQIOLFWRV GH FRPSHWHQFLD HQWUH OD MXULVGLFFLyQ
RUGLQDULD\ODMXULVGLFFLyQDJUDULDVXVFLWDGRVDQWHVGHOGHHQHURGH

6&3   (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO QR HV
FRPSHWHQWH SDUD FRQRFHU ORV FRQIOLFWRV GH FRPSHWHQFLD VXVFLWDGRV
HQWUHODMXULVGLFFLyQRUGLQDULD\ODRWURUDMXULVGLFFLyQDJUDULDTXHVH
LQLFLDURQHQHOSHULRGRGHWUDQVLFLyQLQWHURUJiQLFRDWULEXFLyQTXHOH
FRUUHVSRQGHDO7ULEXQDO6XSUHPRGH-XVWLFLD
 1RUPDV FRPXQHV GH SURFHGLPLHQWR HQ ODV DFFLRQHV GH
LQFRQVWLWXFLRQDOLGDG  FRQIOLFWRV GH FRPSHWHQFLD FRQVXOWDV \
UHFXUVRV$XWRFRUUHFFLyQSURFHVDO
6&3   /DV 0DJLVWUDGDV \ ORV 0DJLVWUDGRV GHO 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO DVt FRPR ODV -XH]DV ORV -XHFHV \
7ULEXQDOHV GH JDUDQWtDV HVWiQ KDELOLWDGRV SDUD SURFHGHU D OD
DXWRFRUUHFFLyQ GH ORV DFWRV SURSLRV GH OD MXVWLFLD FRQVWLWXFLRQDO
FXDQGR YHULILTXHQ OD FRPSUREDFLyQ GH GHIHFWRV RVWHQVLEOHV \
WUDVFHQGHQWDOHVTXHLPSOLTXHQYLRODFLyQDOGHELGRSURFHVR
 1RUPDV FRPXQHV GH SURFHGLPLHQWR HQ ODV DFFLRQHV GH
LQFRQVWLWXFLRQDOLGDG  FRQIOLFWRV GH FRPSHWHQFLD FRQVXOWDV \
UHFXUVRV&RUUHVSRQGH D ORV yUJDQRV S~EOLFRV SUREDU OD
UD]RQDELOLGDG \ SURSRUFLRQDOLGDG GH OD QRUPD FXHVWLRQDGD FRPR
LQFRQVWLWXFLRQDO
6&3   (Q FRQWURO QRUPDWLYR GH FRQVWLWXFLRQDOLGDG
FRUUHVSRQGHDODVLQVWDQFLDVHVWDWDOHVDFUHGLWDUGHPDQHUDREMHWLYD
ODUD]RQDELOLGDG\SURSRUFLRQDOLGDGGHXQDPHGLGDQRUPDWLYD
 1RUPDV FRPXQHV GH SURFHGLPLHQWR HQ ODV DFFLRQHV GH
LQFRQVWLWXFLRQDOLGDG  FRQIOLFWRV GH FRPSHWHQFLD FRQVXOWDV \
UHFXUVRV,QWHUYHQFLyQGHDPLFXVFXUDH
6&36HDGPLWHODSDUWLFLSDFLyQGHODPLFXVFXUDHHQODV
DFFLRQHVGHFRQWUROQRUPDWLYRGHFRQVWLWXFLRQDOLGDGSDUDJDUDQWL]DU
XQD LQWHUSUHWDFLyQ SOXUDOLVWD VLHPSUH \ FXDQGR QR OOHJXH D
FRQILJXUDUVHFRPRXQDGHPDQGDQXHYDGHLQFRQVWLWXFLRQDOLGDG 
 1RUPDV FRPXQHV GH SURFHGLPLHQWR HQ DFFLRQHV GH
GHIHQVD$GHODQWRGHVRUWHR
6&3   (V LPSURFHGHQWH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDOFXDQGRSUHYLDPHQWHVHDFWLYDRWUDDFFLyQWXWHODUFRQ
LGHQWLGDG GH REMHWR VXMHWR \ FDXVD FX\D UHVROXFLyQ VH HQFXHQWUD
SHQGLHQWHGHGHFLVLyQDQWHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO
\ODGLODFLyQRGHPRUDFRPRFRQVHFXHQFLDGHORUGHQGHOVRUWHRQRHV
XQ HOHPHQWR TXH MXVWLILTXH HO DQiOLVLV GH OD SUREOHPiWLFD HQ XQD
VHJXQGD DFFLyQ WXWHODU \D TXH ODV SDUWHV SURFHVDOHV GH PDQHUD
W


dW^:d

PRWLYDGDHQYH]GHDFWLYDUXQDQXHYDDFFLyQWXWHODUSXHGHQSHGLU
DQWHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDODWUDYpVGHOD&RPLVLyQ
GH$GPLVLyQHODGHODQWRGHVRUWHRDGHPiVODVPHGLGDVFDXWHODUHV
VRQXQDILJXUDGHVWLQDGDDHYLWDUODFRQVXPDFLyQGHXQDDPHQD]DGH
UHVWULFFLyQRVXSUHVLyQGHGHUHFKRVRJDUDQWtDVSRUFXDQWRIUHQWHD
VX UHFRQRFLPLHQWR H[SUHVR QR VH MXVWLILFD OD SUHVHQWDFLyQ GH RWUD
DFFLyQWXWHODUSDUDHVWHILQ
 1RUPDV FRPXQHV GH SURFHGLPLHQWR HQ DFFLRQHV GH
GHIHQVD&RPSHWHQFLDGHMXH]DVMXHFHV\WULEXQDOHVGHJDUDQWtDV
6&3   /D DFFLyQ  GH DPSDUR FRQVWLWXFLRQDO GHEH
LQWHUSRQHUVHDQWHHOMXH]GHOOXJDUGRQGHFRPHWLyODSUHVXQWDOHVLyQ
D GHUHFKRV \ JDUDQWtDV HQ FDVR GH QR DGYHUWLUVH HVWD VLWXDFLyQ HV
SRVLEOHTXHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDODQXOHREUDGRV
VDOYRORVFDVRVHQORVTXHQRVHFDXVyLQGHIHQVLyQDORVGHPDQGDGRV

 1RUPDV FRPXQHV GH SURFHGLPLHQWR HQ DFFLRQHV GH
GHIHQVD&RQWHQLGRGHOD5HVROXFLyQ
6&3 /  (Q YLUWXG DO SULQFLSLR GH JUDWXLGDG GH OD
DGPLQLVWUDFLyQGHMXVWLFLD\ODQDWXUDOH]DMXUtGLFDGHODVDFFLRQHVGH
GHIHQVD VyOR SURFHGH OD LPSRVLFLyQ GH FRVWDV FXDQGR VH HYLGHQFLH
TXHODRHODFFLRQDQWHDFWXyGRORVDPHQWHFRQWHPHULGDGDEXVDQGR
GHVXGHUHFKRGHVROLFLWDUODWXWHOD
 1RUPDV FRPXQHV GH SURFHGLPLHQWR HQ DFFLRQHV GH
GHIHQVD'HEHUGHIOH[LELOL]DFLyQGHUHTXLVLWRVGHIRUPDHQHWDSDGH
UHYLVLyQHQUHVJXDUGRGHODMXVWLFLDPDWHULDO
6&3(QORVVXSXHVWRVGHLQFXPSOLPLHQWRGHUHTXLVLWRVGH
IRUPDGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOQRREVHUYDGRVHQIDVH
GH DGPLVLELOLGDGSRUODV R ORVMXHFHV R WULEXQDOHV GH JDUDQWtDV HQ
UHVJXDUGR GH ORV GHUHFKRV D OD MXVWLFLD PDWHULDO \ DO DFFHVR D OD
MXVWLFLDGLFKRVUHTXLVLWRVGHEHQIOH[LELOL]DUVHHQHWDSDGHUHYLVLyQ
GH HVWD DFFLyQ GH GHIHQVD DQWH HO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO
 1RUPDV FRPXQHV GH SURFHGLPLHQWR HQ DFFLRQHV GH
GHIHQVD'HVDUUROORGHODDXGLHQFLDS~EOLFD
6&3   /D DXGLHQFLD GH DPSDUR FRQVWLWXFLRQDO GHEH VHU
VHxDODGD VLHPSUH \ FXDQGR VH KXELHUHQ FXPSOLGR ORV UHTXLVLWRV GH
DGPLVLELOLGDGGHODDFFLyQ
 1RUPDV FRPXQHV GH SURFHGLPLHQWR HQ DFFLRQHV GH
GHIHQVD'HVLVWLPLHQWRRUHWLURGHGHPDQGDHQFRQWUROWXWHODU
6&3   /D &RPLVLyQ GH $GPLVLyQ GHO 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO HV OD HQFDUJDGD GH UHVROYHU ODV
VROLFLWXGHV GH GHVLVWLPLHQWR VDOYR TXH HO H[SHGLHQWH VH HQFXHQWUH
W


dW^:d


VRUWHDGR R QR KXELHUH HPLWLGR HO $XWR FRUUHVSRQGLHQWH FDVR HQ HO
FXDO H[FHSFLRQDOPHQWH GHEH VHU UHVXHOWR SRU  OD 6DOD
FRUUHVSRQGLHQWH
 1RUPDV FRPXQHV GH SURFHGLPLHQWR HQ DFFLRQHV GH
GHIHQVD,QWHUYHQFLyQGHOD3URFXUDGXUtD*HQHUDO
6&3   /D 3URFXUDGXUtD *HQHUDO GHO (VWDGR GHEH VHU
FLWDGDHQODVDFFLRQHVWXWHODUHVHQORVFDVRVHQTXHKXELHUHHMHUFLGR
OD UHSUHVHQWDFLyQ GLUHFWD GHO (VWDGR FDVR FRQWUDULR QR VHUi
QHFHVDULDVXFLWDFLyQSXHVHVODSURSLDHQWLGDGS~EOLFDODTXHHMHUFH
ODUHSUHVHQWDFLyQVLQSHUMXLFLRTXHFRQUHODFLyQDHVWDHQWLGDGOD
3URFXUDGXUtDHMHU]DVXVUROHVGHVXSHUYLVLyQ
6&3   /D 3URFXUDGXUtD *HQHUDO GHO (VWDGR QR WLHQH
FDOLGDGGHWHUFHURLQWHUHVDGRHQODVDFFLRQHVGHGHIHQVDFXDQGRQR
HVSDUWHSURFHVDOGLUHFWDHQODFDXVDTXHGLRRULJHQDODDFWLYDFLyQ
GHOFRQWUROWXWHODUGHFRQVWLWXFLRQDOLGDG
6&3   /D LQWHUSRVLFLyQ GH XQD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDOSRUSDUWHGHO3URFXUDGRU*HQHUDOGHO(VWDGRPi[LPD
DXWRULGDGGHGLFKDHQWLGDGTXHHMHUFHVXUHSUHVHQWDFLyQMXUtGLFDQR
SXHGHGHPRGRDOJXQRRULJLQDUXQDLQYHVWLJDFLyQSHQDOHQVXFRQWUD

 1RUPDV FRPXQHV GH SURFHGLPLHQWR HQ DFFLRQHV GH
GHIHQVD,QWHUYHQFLyQGHO0LQLVWHULR3~EOLFR
6&3(O0LQLVWHULR3~EOLFRQRWLHQHFDOLGDGGHWHUFHUR
LQWHUHVDGR HQ ODV DFFLRQHV GH GHIHQVD SRU FXDQWR LQWHUYLHQH HQ
UHSUHVHQWDFLyQGHORVLQWHUHVHVJHQHUDOHVGHODVRFLHGDG
 1RUPDV FRPXQHV GH SURFHGLPLHQWR HQ DFFLRQHV GH
GHIHQVD0HGLGDVFDXWHODUHV
6&3   (V LPSURFHGHQWH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDOFXDQGRSUHYLDPHQWHVHDFWLYDRWUDDFFLyQWXWHODUFRQ
LGHQWLGDG GH REMHWR VXMHWR \ FDXVD FX\D UHVROXFLyQ VH HQFXHQWUD
SHQGLHQWHGHGHFLVLyQDQWHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO
\ODGLODFLyQRGHPRUDFRPRFRQVHFXHQFLDGHORUGHQGHOVRUWHRQRHV
XQ HOHPHQWR TXH MXVWLILTXH HO DQiOLVLV GH OD SUREOHPiWLFD HQ XQD
VHJXQGD DFFLyQ WXWHODU \D TXH ODV SDUWHV SURFHVDOHV GH PDQHUD
PRWLYDGDHQYH]GHDFWLYDUXQDQXHYDDFFLyQWXWHODUSXHGHQSHGLU
DQWHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDODWUDYpVGHOD&RPLVLyQ
GH$GPLVLyQHODGHODQWRGHVRUWHRDGHPiVODVPHGLGDVFDXWHODUHV
VRQXQDILJXUDGHVWLQDGDDHYLWDUODFRQVXPDFLyQGHXQDDPHQD]DGH
UHVWULFFLyQRVXSUHVLyQGHGHUHFKRVRJDUDQWtDVSRUFXDQWRIUHQWHD
VX UHFRQRFLPLHQWR H[SUHVR QR VH MXVWLILFD OD SUHVHQWDFLyQ GH RWUD
DFFLyQWXWHODUSDUDHVWHILQ
W


dW^:d

 1RUPDV FRPXQHV GH SURFHGLPLHQWR HQ DFFLRQHV GH


GHIHQVD2SRUWXQLGDG SURFHVDO SDUD YHULILFDFLyQ GH UHTXLVLWRV GH
DGPLVLELOLGDG
6&3(OPRPHQWRSURFHVDOSDUDTXHHOMXH]RWULEXQDOGH
JDUDQWtDVYHULILTXHHOFXPSOLPLHQWRGHWRGRVORVUHTXLVLWRVWDQWRGH
IRUPDFRPRGHFRQWHQLGRGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOHV
DQWHVGHVXODDGPLVLyQVLQHPEDUJRVLHO7ULEXQDO&RQVWLWXFLRQDO
3OXULQDFLRQDOHQHWDSDGHUHYLVLyQDGYLHUWHTXHODWUDPLWDFLyQQR
IXH FRUUHFWD HQ DSOLFDFLyQ GHO SULQFLSLR GH HFRQRPtD SURFHVDO QR
DQXODUiREUDGRVVLQRSDVDUiDHPLWLUODUHVROXFLyQSHUWLQHQWH
 1RUPDV FRPXQHV GH SURFHGLPLHQWR HQ DFFLRQHV GH
GHIHQVD2UGHQGHFRQGXFFLyQGHODSHUVRQDGHWHQLGD\SUHVHQFLDGH
ODDXWRULGDGMXULVGLFFLRQDOHQORVOXJDUHVGHGHWHQFLyQ
6&3(OMXH]RWULEXQDOGHJDUDQWtDVGHEHRUGHQDUTXHHO
GHWHQLGRVHDFRQGXFLGRDODDXGLHQFLDGHODDFFLyQGHOLEHUWDG\HQ
ORV VXSXHVWRV GH H[LVWHQFLD GH SHOLJUR UHVLVWHQFLD X RWUD
FLUFXQVWDQFLD TXH D FULWHULR GHO MXH] UHVXOWH LPSRUWDQWH GHEHUi
DFXGLU LQPHGLDWDPHQWH DO OXJDU GH GHWHQFLyQ H LQVWDODU DXGLHQFLD

6&3   /RV MXHFHV \ WULEXQDOHV GH JDUDQWtDV WLHQHQ OD
REOLJDFLyQGHDVHJXUDUTXHORVSULYDGRVGHOLEHUWDGVHDQFRQGXFLGRV
DQWHVXSUHVHQFLDSDUDDVHJXUDUHOFXPSOLPLHQWRGHOGHUHFKRDVHU
RtGR HQ HVWH VHQWLGR D WLHPSR GH VHxDODU GtD \ KRUD GH DXGLHQFLD
S~EOLFDGHEHQGLVSRQHUTXHODSHUVRQDDFFLRQDQWHVHDFRQGXFLGDD
VXSUHVHQFLDFRQGLFKDRUGHQVHSUDFWLFDUiODFLWDFLyQSHUVRQDORSRU
FpGXOD D OD DXWRULGDG R D OD SHUVRQD GHQXQFLDGD RUGHQ TXH VHUi
REHGHFLGD VLQ REVHUYDFLyQ QL H[FXVD WDQWR SRU OD DXWRULGDG R OD
SHUVRQD GHQXQFLDGD FRPR SRU ORV HQFDUJDGRV GH ODV FiUFHOHV R
OXJDUHV GH GHWHQFLyQ VLQ TXH pVWRV XQD YH] FLWDGRV SXHGDQ
GHVREHGHFHU GLFKR HQWHQGLPLHQWR HV DSOLFDEOH SDUD OD DFFLyQ GH
DPSDUR FRQVWLWXFLRQDO VLHPSUH \ FXDQGR ORV DFFLRQDQWHV VH
HQFXHQWUHQ SULYDGRV GH VX OLEHUWDG \ VX SUHVHQFLD GHSHQGD GH OD
GLOLJHQFLDGHODVDXWRULGDGHVTXHVHHQFXHQWUHQFRQRFLHQGRODFDXVD
DVtFRPRGHOUHVSRQVDEOHGHOOXJDUGRQGHJXDUGDGHWHQFLyQ
 1RUPDV FRPXQHV GH SURFHGLPLHQWR HQ DFFLRQHV GH
GHIHQVD3ODQWHDPLHQWRGHORVSUREOHPDVMXUtGLFRVDUHVROYHU
6&3(OMXH]RWULEXQDOGHJDUDQWtDVDWLHPSRGHIRUPXODU
HOSUREOHPDMXUtGLFRTXHYDDUHVROYHUGHEHWRPDUHQFXHQWDORVDFWRV
X RPLVLRQHV LOHJDOHV GHQXQFLDGDV YLQFXODGDV FRQ ORV GHUHFKRV R
JDUDQWtDVVXSXHVWDPHQWHYXOQHUDGDV\FRQHODPSDURVROLFLWDGRHV
GHFLUODSHWLFLyQ

W


dW^:d


 1RUPDV FRPXQHV GH SURFHGLPLHQWR HQ DFFLRQHV GH
GHIHQVD3URFHGLPLHQWR DQWH OD MXH]D MXH] R WULEXQDO GH JDUDQWtDV

6&3/DV\ORV-XHFHVR7ULEXQDOHVGH*DUDQWtDVQRGHEHQ
LQFXUULUHQGLODFLRQHVSURFHVDOHVLUUD]RQDEOHVHQODQRWLILFDFLyQDOD
SDUWH DFFLRQDQWH FRQ OD DGPLVLyQ GH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO
 1RUPDV FRPXQHV GH SURFHGLPLHQWR HQ DFFLRQHV GH
GHIHQVD3URFHVRSHQDOFRQWUDMXHFHVRWULEXQDOHVGHJDUDQWtDV
6&3(VLQDGPLVLEOHTXHGHQWURGHXQDDFFLyQWXWHODUVH
FXHVWLRQHXQDGHFLVLyQGHOMXH]RWULEXQDOGHJDUDQWtDVFRQHOVLPSOH
DUJXPHQWRGHTXHQRHVODFRUUHFWD\SRUHQGHQRHVFRPSDUWLGDSRU
XQDGHODVSDUWHV
 1RUPDV FRPXQHV GH SURFHGLPLHQWR HQ DFFLRQHV GH
GHIHQVD3URGXFFLyQ GH SUXHED SRU HO 7ULEXQDO GH JDUDQWtDV \
UHPLVLyQDO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO
6&3(QODDFFLyQGHOLEHUWDGORVMXHFHV\WULEXQDOHVGH
JDUDQWtDV GHEHQ DFWXDU FRQ GLOLJHQFLD SDUD SURFXUDU PD\RUHV
HOHPHQWRVGHSUXHEDGHODFWRXRPLVLyQLOHJDOHVGHQXQFLDGRV\GHEHQ
UHPLWLUORVDO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO
 1RUPDV FRPXQHV GH SURFHGLPLHQWR HQ DFFLRQHV GH
GHIHQVD5HFRQGXFFLyQSURFHVDOGHDFFLRQHV
6&33URFHGHODUHFRQGXFFLyQSURFHVDOGHODDFFLyQGH
FXPSOLPLHQWRDODDFFLyQSRSXODUHQXQDLQWHUSUHWDFLyQIDYRUDEOHD
ORV GHUHFKRV FROHFWLYRV GH ODV 1DFLRQHV \ 3XHEORV ,QGtJHQDV
2ULJLQDULR&DPSHVLQRVFXDQGRVHHYLGHQFLHHUURUHQODYtDSURFHVDO
HOHJLGDVHFXPSODQORVUHTXLVLWRVLQH[FXVDEOHVGHODDFFLyQSRSXODU
QRVHPRGLILTXHQHOSHWLWRULRQLORVKHFKRVTXHVXVWHQWDQODGHPDQGD
VHSUHVHUYHHOGHUHFKRDODGHIHQVDGHODSDUWHGHPDQGDGD\H[LVWD
ULHVJR GH LUUHSDUDELOLGDG GH ORV GHUHFKRV R LQWHUHVHV FROHFWLYRV R
GLIXVRVVLHPSUHDIDYRU\QXQFDHQSHUMXLFLRGHODSDUWHDFFLRQDQWH

6&3   'H DFXHUGR D FLUFXQVWDQFLDV FRQFUHWDV \ HQ
DSOLFDFLyQGHOPpWRGRGHSRQGHUDFLyQSDUDFDGDFDVRODDFWLYDFLyQ
GHOFRQWUROWXWHODUGHFRQVWLWXFLRQDOLGDGDWUDYpVGHFXDOTXLHUDGHODV
DFFLRQHV GH GHIHQVD HQ PpULWR D OD QDWXUDOH]D GH GHUHFKRV D VHU
WXWHODGRV SRGUi VHU UHFRQGXFLGD SURFHVDOPHQWH SRU HO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDODODDFFLyQLGyQHDSDUDHOUHVJXDUGRGH
ORV GHUHFKRV GHQXQFLDGRV FRPR YXOQHUDGRV ODERU TXH WLHQH OD
ILQDOLGDG GH FRQVROLGDU XQD YHUGDGHUD PDWHULDOL]DFLyQ GHO RUGHQ
FRQVWLWXFLRQDOLPSHUDQWHUHVJXDUGDUHOSULQFLSLRGHMXVWLFLDPDWHULDO
\DVHJXUDUXQUHDODFFHVRDODMXVWLFLDFRQVWLWXFLRQDOSUHVHUYDQGR
W


dW^:d

DVtODYLJHQFLDGHYDORUHVSOXUDOHVVXSUHPRVFRPRVHUHO
YLYLUELHQ

HQ HO PDUFR GH ORV OLQHDPLHQWRV SURSLRV GHO SOXUDOLVPR OD
LQWHUFXOWXUDOLGDG\ODGHVFRORQL]DFLyQ
 1RUPDV FRPXQHV GH SURFHGLPLHQWR HQ DFFLRQHV GH
GHIHQVD5HTXLVLWRVGHODVDFFLRQHVGHGHIHQVDGHDFXHUGRDO&yGLJR
3URFHVDO&RQVWLWXFLRQDO
6&3/RVUHTXLVLWRVGHIRUPDGHODVDFFLRQHVGHGHIHQVD
VRQ VXEVDQDEOHV \ GHEHUiQ VHU YHULILFDGRV SRU ODV \ ORV MXHFHV \
WULEXQDOHVGHJDUDQWtDVHQIDVHGHDGPLVLELOLGDG\QRHQRWUDIDVH
SRU VX SDUWH ODV FDXVDOHV GH LPSURFHGHQFLD WDPELpQ GHEHQ VHU
YHULILFDGDV HQ IDVH GH DGPLVLELOLGDG \ HQ FDVR GH DGYHUWLUVH OD
H[LVWHQFLD GH DOJXQD GH HOODV VH HPLWLUi XQ DXWR PRWLYDGR GH
LPSURFHGHQFLDTXHSRGUiVHULPSXJQDGRSRUODSDUWHDFFLRQDQWH\
VHUi UHVXHOWR SRU OD &RPLVLyQ GH $GPLVLyQ GHO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDO
6&3   )OH[LELOL]DFLyQ GH ORV UHTXLVLWRV HQ OD IDVH GH
DGPLVLELOLGDG FXDQGR H[LVWD XQD GXGD UD]RQDEOH VREUH XQD OHVLyQ
PDQLILHVWD\
JURVHUD
DGHUHFKRVIXQGDPHQWDOHVHQHOPDUFRGHORV
SRVWXODGRV GHO (VWDGR &RQVWLWXFLRQDO GH 'HUHFKR SDUD TXH HQ XQ
DQiOLVLVGHIRQGRSXHGDSUHYDOHFHUODMXVWLFLDPDWHULDOGHDFXHUGRDO
SULQFLSLRSURDFWLRQH
6&3/RVMXHFHV\WULEXQDOHVGHJDUDQWtDVGHEHQUHPLWLU
DO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HQ IRWRFRSLD VLPSOH HO
SURFHVR R SDUWHV GHO SURFHVR SULQFLSDO FXDQGR HO DFFLRQDQWH OR
VROLFLWHGHPDQHUDH[SUHVDTXLHQFRUUHUiFRQORVJDVWRVGHIRWRFRSLD

6&3(QDFFLRQHVGHDPSDURFRQVWLWXFLRQDOODVSDUWHV
SURFHVDOHVSXHGHQSUHVHQWDUSUXHEDDQWHHO7ULEXQDO&RQVWLWXFLRQDO
3OXULQDFLRQDO HQ ORV VLJXLHQWHV FDVRV   &XDQGR SRU UD]RQHV
MXVWLILFDGDV OD SUXHED QR SXGR VHU SUHVHQWDGD RSRUWXQDPHQWH DQWH
MXH]DV MXHFHV R WULEXQDOHV GH JDUDQWtD   &XDQGR VH WHQJD QXHYD
SUXHED\ (QHOFDVRGHYtDVGHKHFKRFXDQGRODSUXHEDGHPXHVWUH
TXH ODV OHVLRQHV GHQXQFLDGDV DGHPiV GH SHUVLVWLU FRQWLQ~DQ
VXVFLWiQGRVHDWUDYpVGHRWUDVDFFLRQHVGHVLPLODUQDWXUDOH]D
6&3/DSUHVHQWDFLyQGHSUXHEDHQIRWRFRSLDVVLPSOHVHQ
DFFLRQHV GH DPSDUR HV SOHQDPHQWH YiOLGD VL OD PLVPD QR IXH
FRQWURYHUWLGD SRU OD SDUWH DFFLRQDGD SRU OR TXH HO 7ULEXQDO GH
JDUDQWtDVVyORSRGUtDIXQGDUODGHQHJDWRULDGHDPSDURSRUQRKDEHU
VLGR SUHVHQWDGD OD SUXHED HQ IRWRFRSLD OHJDOL]DGD FXDQGR OD RWUD
SDUWHH[SUHVDPHQWHODGHVFRQR]FD
 1RUPDV FRPXQHV GH SURFHGLPLHQWR HQ DFFLRQHV GH
GHIHQVD5HTXLVLWRV SUHYLVWRV HQ OD /H\ GHO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDOSDUDODDFFLyQGHDPSDUR
W


dW^:d


6&3/DRPLVLyQHQODSUHFLVLyQGHOQH[RGHFDXVDOLGDG
HQWUH ORV KHFKRV HO GHUHFKR YXOQHUDGR \ OD SHWLFLyQ DO VHU XQ
UHTXLVLWR GH FRQWHQLGR GH OD DFFLyQ GH DPSDUR LPSOLFD VX
GHQHJDWRULD
6&3(QYLUWXGGHOSULQFLSLRGHIDYRUDELOLGDG\DFFHVRD
OD MXVWLFLD HV SRVLEOH RWRUJDU WXWHOD UHVSHFWR GH GHUHFKRV QR
LQYRFDGRVSRUODSDUWHDFFLRQDQWHFXDQGRpVWRVIXHUHQFRQH[RVDO
DFWRRKHFKRYXOQHUDWRULR
 1RUPDV FRPXQHV GH SURFHGLPLHQWR HQ DFFLRQHV GH
GHIHQVD6HQWHQFLD\HIHFWRVGHODUHVROXFLyQ
6&3/RVIDOORVGHORVMXHFHVRWULEXQDOHVGHJDUDQWtDV
VRQGHFXPSOLPLHQWRLQPHGLDWR\PLHQWUDVHO7ULEXQDO&RQVWLWXFLRQDO
3OXULQDFLRQDO VH SURQXQFLH ORV DFWRV MXULVGLFFLRQDOHV QR VH
VXVSHQGHQ
6&3([KRUWDFLyQDODVDXWRULGDGHVMXULVGLFFLRQDOHVSDUD
TXHpVWDVFXPSODQFRQVXUROGHJDUDQWHVSULPDULRVGHORVGHUHFKRV
IXQGDPHQWDOHV PiV D~Q VL HYHQWXDOPHQWH HVWXYLHUDQ HQ ULHVJR OD
YLGDGHXQDPXMHUHPEDUD]DGD\GHOQDVFLWXUXV
6&3   3RGUi HQ FDVRV FRQFUHWRV RUGHQDUVH D ORV
7ULEXQDOHVGH*DUDQWtDV\8QLGDGHVGH&RRUGLQDFLyQ'HSDUWDPHQWDO
OD VXSHUYLVLyQ \ VHJXLPLHQWR VREUH HO FXPSOLPLHQWR GH GHFLVLRQHV
FRQVWLWXFLRQDOHV $VLPLVPR VH SRGUi RUGHQDU D LQVWLWXFLRQHV
HQWLGDGHV S~EOLFDV R SULYDGDV UHDOL]DU LQIRUPHV SHULyGLFRV GH
VHJXLPLHQWR\VXSHUYLVLyQ
6&3   ([KRUWDFLyQ D OD &RPLVLyQ GH $GPLVLyQ GHO
7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOSDUDTXHFXPSODODVQRUPDV
TXH UHJXODQ OD WUDPLWDFLyQ GH ODV DFFLRQHV \ UHFXUVRV
FRQVWLWXFLRQDOHVHQIRUPDLQPHGLDWD\RSRUWXQD
6&3   ([KRUWDFLyQ DO UJDQR (MHFXWLYR SDUD TXH
GHVDUUROOHORVPHFDQLVPRVLQVWLWXFLRQDOHVGHVWLQDGRVDLPSOHPHQWDU
OD REWHQFLyQ D IXWXUR GH HVSHFLDOL]DFLRQHV SDUD SURIHVLRQDOHV
EROLYLDQRVHQHQUHVJXDUGRGHORVGHUHFKRVDODHGXFDFLyQ\DOOLEUH
HMHUFLFLRSURIHVLRQDO
)RUPDGHODVFLWDFLRQHV$FFLyQGHOLEHUWDG
6&3/DIDOWDGHFLWDFLyQDORVGHPDQGDGRVHQXQDDFFLyQ
GHOLEHUWDGFRQIRUPHFRQORHVWDEOHFLGRHQOD&RQVWLWXFLyQ3ROtWLFD
GHO(VWDGRODOH\\ODMXULVSUXGHQFLDYXOQHUDHOGHUHFKRDODGHIHQVD
FDVRHQHOTXHFRUUHVSRQGHDO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO
DQXODUREUDGRVKDVWDGLVSRQHUVHODOHJDOFLWDFLyQ
,QDGPLVLyQGHODVDFFLRQHVGHGHIHQVDHQFDVRGHH[LVWLUFRVD
MX]JDGDFRQVWLWXFLRQDO([FHSFLyQSRUUHOHYDQFLDFRQVWLWXFLRQDO
W


dW^:d

6&3/DH[FHSFLRQDOUHOHYDQFLDFRQVWLWXFLRQDOGHOFDVR
FRQFUHWRSHUPLWHREYLDUODFDXVDOGHLPSURFHGHQFLDSRULGHQWLGDGGH
VXMHWRREMHWR\FDXVD\TXHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO
VH SURQXQFLH VREUH HO GDxR MXUtGLFR SRU OHVLyQ LUUHPHGLDEOH DO
GHUHFKRDODOLEHUWDG
&RPSDUHFHQFLDGHWHUFHURVHQODDFFLyQGHDPSDUR$FFLyQGH
FXPSOLPLHQWR
6&3 6  (Q OD DFFLyQ GH FXPSOLPLHQWR HV SRVLEOH OD
FLWDFLyQDWHUFHURVLQWHUHVDGRVDHIHFWRVGHDVHJXUDUVXGHUHFKRDVHU
RtGRV
$FFLyQGHDPSDURFRQVWLWXFLRQDO2UJDQL]DFLRQHVVRFLDOHV\
FLXGDGDQDV SDUWLFLSDQ FRPR FRQWURO VRFLDO \ QR FRPR WHUFHURV
LQWHUHVDGRV
6&3/DVRUJDQL]DFLRQHVVRFLDOHV\FLXGDGDQDVTXHQR
VHDQ DIHFWDGDV GLUHFWDPHQWH HQ VXV GHUHFKRV QR LQWHUYLHQHQ FRPR
WHUFHURVLQWHUHVDGRVHQODDFFLyQGHDPSDURFRQVWLWXFLRQDOHPSHUR
WLHQHQHOGHUHFKRDGHSDUWLFLSDUHQHMHUFLFLRGHOFRQWUROVRFLDOVLQ
TXH SXHGD VHU UHVWULQJLGD R VXSULPLGD VX SDUWLFLSDFLyQ OR TXH QR
VLJQLILFD TXH SXHGDQ LQPLVFXLUVH R HQWRUSHFHU OD DFWLYLGDG
MXULVGLFFLRQDOTXHGHVDUUROODODMXVWLFLDFRQVWLWXFLRQDO
$FFLyQGHDPSDURFRQVWLWXFLRQDO3RVLELOLGDGGHSUHVFLQGLUGH
WHUFHURVLQWHUHVDGRV
6&3   (V SRVLEOH SUHVFLQGLU GH OD LQWHUYHQFLyQ GH ORV
WHUFHURVFRQLQWHUpVOHJtWLPRHQODDFFLyQGHDPSDURFRQVWLWXFLRQDO
FXDQGR VX SDUWLFLSDFLyQ R SUHVHQWDFLyQ GH SUXHEDV QR LQFLGD HQ
GHVYLUWXDU HO DFWR OHVLYR GHQXQFLDGR H[WUHPR TXH WLHQH TXH VHU
YDORUDGRSRUHO-XH]R7ULEXQDOGH*DUDQWtDV
$FFLyQGHDPSDURFRQVWLWXFLRQDO6XWUDWDPLHQWRDQWHVGHOD
YLJHQFLDGHO&yGLJRSURFHVDOFRQVWLWXFLRQDO
6&3   (Q ORV VXSXHVWRV GH IDOWD GH QRWLILFDFLyQ D ORV
WHUFHURVLQWHUHVDGRVHVSRVLEOHSUHVFLQGLUGHODQXOLGDGGHREUDGRV
HQ DSOLFDFLyQ GHO SULQFLSLR GH FHOHULGDG \ GH HFRQRPtD SURFHVDO
VLHPSUH \ FXDQGR ORV HIHFWRV GH OD UHVROXFLyQ GH DPSDUR
FRQVWLWXFLRQDOQRDIHFWHVXVLWXDFLyQMXUtGLFD
6&3/DIDOWDGHFLWDFLyQGHWHUFHURVLQWHUHVDGRVGHQWUR
GH SURFHVRV GH WXWHOD FRQVWLWXFLRQDO DEUH OD SRVLELOLGDG GH TXH HQ
HWDSDGHUHYLVLyQHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOGHFODUHOD
QXOLGDGGHREUDGRVVLQLQJUHVDUDOIRQGRGHODFDXVD
 &RPSHWHQFLD GH MXH]DV MXHFHV \ WULEXQDOHV GH JDUDQWtDV HQ
DFFLRQHV GH OLEHUWDG5HJODV GH FRPSHWHQFLD SDUD OD DFFLyQ GH
OLEHUWDG
W


dW^:d


6&3(Q&DSLWDOHVGH'HSDUWDPHQWRODV\ORVMXHFHVHQ
PDWHULDSHQDOWLHQHQFRPSHWHQFLDH[FOXVLYDSDUDHOFRQRFLPLHQWR\
VXVWDQFLDFLyQ GH OD DFFLyQ GH OLEHUWDG QR DVt RWUDV DXWRULGDGHV
MXULVGLFFLRQDOHVGHPDWHULDVGLIHUHQWHVQLVLTXLHUDHQVXSOHQFLDOHJDO

6&3/RVMXHFHVGHLQVWUXFFLyQGHWXUQRHQORSHQDOGH
ODVFDSLWDOHVWLHQHQFRPSHWHQFLDSDUDFRQRFHU\WUDPLWDUODVDFFLRQHV
GHOLEHUWDGTXHGHEDQFHOHEUDUVHORVGtDVViEDGRGRPLQJRRIHULDGR

6&3/RVMXHFHVGHLQVWUXFFLyQGHWXUQRHQORSHQDOGH
ODVFDSLWDOHVWLHQHQFRPSHWHQFLDSDUDFRQRFHU\WUDPLWDUODVDFFLRQHV
GHOLEHUWDGTXHGHEDQFHOHEUDUVHORVGtDVViEDGRGRPLQJRRIHULDGR

6&3/DVDFFLRQHVGHOLEHUWDGFX\DDXGLHQFLDGHEHVHU
GHVDUUROODGD ORV GtDV ViEDGRV GRPLQJRV R IHULDGRV GHEHQ VHU
UHVXHOWDV SRU OD DXWRULGDG TXH FRQRFH \ DGPLWH OD DFFLyQ VLQ
UHPLWLUODDORVMXHFHVLQVWUXFWRUHVGHWXUQR\ODVDFFLRQHVGHOLEHUWDG
LQWHUSXHVWDV GLUHFWDPHQWH DQWH HVWRV MXHFHV ORV GtDV ViEDGRV
GRPLQJRV\IHULDGRVGHEHQFRQFOXLUHOWUiPLWHLQFOXVLYHHQXQGtD
KiELO
6&3/DVDFFLRQHVGHOLEHUWDGFX\DDXGLHQFLDGHEHVHU
GHVDUUROODGD ORV GtDV ViEDGRV GRPLQJRV R IHULDGRV GHEHQ VHU
UHVXHOWDV SRU OD DXWRULGDG TXH FRQRFH \ DGPLWH OD DFFLyQ VLQ
UHPLWLUODDORVMXHFHVLQVWUXFWRUHVGHWXUQR\ODVDFFLRQHVGHOLEHUWDG
LQWHUSXHVWDV GLUHFWDPHQWH DQWH HVWRV MXHFHV ORV GtDV ViEDGRV
GRPLQJRV\IHULDGRVGHEHQFRQFOXLUHOWUiPLWHLQFOXVLYHHQXQGtD
KiELO
5HTXLVLWRVGHODVDFFLRQHVGHGHIHQVDGHDFXHUGRDO&yGLJR
3URFHVDO &RQVWLWXFLRQDO)OH[LELOL]DFLyQ HQ DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO
6&3/RVUHTXLVLWRVH[LJLGRVSDUDODDFUHGLWDFLyQGHODV
SHUVRQDV MXUtGLFDV FRPR HO SRGHU HQ HO TXH FRQVWH HO DFWD GH
FRQVWLWXFLyQGHODVRFLHGDGODQyPLQDGHVRFLRVVXLQVFULSFLyQHQHO
5HJLVWUR GH &RPHUFLR VXSHUVRQHUtD MXUtGLFD \UHJODPHQWRV QR VH
DSOLFDQ D ODV DVRFLDFLRQHV GH KHFKR SRU FXDQWR SDUD DFWLYDU OD
MXVWLFLDFRQVWLWXFLRQDO~QLFDPHQWHGHEHQDFUHGLWDUVXFRQGLFLyQGH
VRFLRV DGMXQWDQGR ORV DFXHUGRV H[LVWHQWHV DVt FRPR DFUHGLWDU OD
FDOLGDGGHVXVUHSUHVHQWDQWHV
6&3/(VSRVLEOHRWRUJDUODWXWHODTXHEULQGDODDFFLyQ
GHDPSDURFRQVWLWXFLRQDOSRUYXOQHUDFLyQGHRWURVGHUHFKRVTXHQR
IXHURQ GHQXQFLDGRV GHGXFLGRV GHO FRQWHQLGR GH OD DFFLyQ GHO
LQIRUPH GH OD SDUWH GHPDQGDGD R HQ VX FDVR GH OD SDUWLFLSDFLyQ
W


dW^:d

UHDOL]DGDGHDPEDVSDUWHVHQODDXGLHQFLDFHOHEUDGDSRUHO7ULEXQDO
GHJDUDQWtDV
6&3   7DQWR ORV SUHVXSXHVWRV GH OHJLWLPDFLyQ DFWLYD
OHJLWLPDFLyQSDVLYDFRPRFXDOTXLHURWURUHTXLVLWRGHIRUPDTXHVHD
H[LJLGR SDUD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HQ HO FDVR GH
SHWLFLRQHV YLQFXODGDV D QDFLRQHV \ SXHEORV LQGtJHQD RULJLQDULR
FDPSHVLQRV GHEHQ VHU DQDOL]DGDV HQ HO PDUFR GH XQD Pi[LPD
IOH[LELOL]DFLyQSURFHVDOSDUDDVHJXUDUDVt\HQHOPDUFRGHOUHVSHWR
D VXV QRUPDV \ SURFHGLPLHQWRV XQ YHUGDGHUR \ UHDO DFFHVR D OD
MXVWLFLDDGLFKDVFROHFWLYLGDGHV
6&3(QORVVXSXHVWRVGHLQFXPSOLPLHQWRGHUHTXLVLWRVGH
IRUPDGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOQRREVHUYDGRVHQIDVH
GH DGPLVLELOLGDGSRUODV R ORVMXHFHV R WULEXQDOHV GH JDUDQWtDV HQ
UHVJXDUGR GH ORV GHUHFKRV D OD MXVWLFLD PDWHULDO \ DO DFFHVR D OD
MXVWLFLDGLFKRVUHTXLVLWRVGHEHQIOH[LELOL]DUVHHQHWDSDGHUHYLVLyQ
GH HVWD DFFLyQ GH GHIHQVD DQWH HO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO
6HQWHQFLD\HIHFWRVGHODUHVROXFLyQ'LPHQVLyQGHORVHIHFWRV
HQFRQWUROWXWHODU
6&31RVHFXPSOHFRQHOSUHVXSXHVWRSURFHVDOSDUDTXH
SURFHGDODDFFLyQGHDPSDURFRQVWLWXFLRQDOSRUPHGLGDVGHKHFKR
DQWHVXSXHVWRDYDVDOODPLHQWRFXDOHVTXHHOGHUHFKRDODSURSLHGDG
QR HVWp FXHVWLRQDGR FXDQGR XQ SURFHVR GH VDQHDPLHQWR QR HVWi
FRQFOXLGRSRUORPLVPRODSURSLHGDGSULYDGDHVWiFXHVWLRQDGDHQ
VXVOLQGHURVUHVSHFWRGHODSURSLHGDGGHOD&RPXQLGDG&DPSHVLQD
VLQHPEDUJRDQWHODH[LVWHQFLDGHDFWDVGHFRQIRUPLGDGGHOLQGHURV
VXVFULWDHQWUHHOSDUWLFXODU\OD&RPXQLGDGFRUUHVSRQGHDO,QVWLWXWR
1DFLRQDOGH5HIRUPD$JUDULD ,15$ UHDOL]DUHOVHJXLPLHQWRGHOD
HVWULFWD REVHUYDQFLD \ FXPSOLPLHQWR GH WDOHV DFWDV D HIHFWRV GH
FXDOHVTXLHUDGHODVSDUWHVLQFXUUDHQPHGLGDVGHKHFKRHVWRFRQOD
ILQDOLGDGGHSDFLILFDUORVFRQIOLFWRVVXVFLWDGRVHQODORFDOLGDG
'HVLVWLPLHQWRRUHWLURGHGHPDQGDHQFRQWUROWXWHODU0XOWDHQ
DFFLyQGHDPSDURFRQVWLWXFLRQDO
6&3/DPXOWDTXHVHLPSRQHDQWHHOGHVLVWLPLHQWRGHOD
DFFLyQGHDPSDURFRQVWLWXFLRQDOQRGHEHVHUDXWRPiWLFDVLQRTXHVH
GHEHQ SRQGHUDU \ YDORUDU ORV DQWHFHGHQWHV SDUD GHWHUPLQDU VL
DPHULWDVXLPSRVLFLyQTXHLQFOXVLYHSXHGHVHUGLVSXHVWDFRQWUDORV
MXHFHV\WULEXQDOHVGHJDUDQWtDVSRUKDEHUDFWXDGRQHJOLJHQWHPHQWH
DOQRREVHUYDUORVUHTXLVLWRVGHODPSDURFRQVWLWXFLRQDO
 'HVLVWLPLHQWR R UHWLUR GH GHPDQGD HQ FRQWURO
WXWHODU5HTXLVLWRVHQODDFFLyQGHDPSDURFRQVWLWXFLRQDO

W


dW^:d


6&33DUDODDFHSWDFLyQGHOGHVLVWLPLHQWRGHQWURGHOD
DFFLyQ GH DPSDUR FRQVWLWXFLRQDO VH UHTXLHUH GHO FXPSOLPLHQWR GH
GHWHUPLQDGRV UHTXLVLWRV FRPR OD SUHVHQWDFLyQ HVFULWD OD
PDQLIHVWDFLyQ GH OD YROXQWDG  H LQH[LVWHQFLD GH UD]RQHV GH RUGHQ
S~EOLFRRGHUHOHYDQFLDQDFLRQDOSDUDGHQHJDUODVROLFLWXG
 $FFLyQ GH OLEHUWDG/HJLWLPDFLyQ SDVLYD HQ OD DFFLyQ GH
OLEHUWDG
6&3([LVWHIDOWDGHOHJLWLPDFLyQSDVLYDFXDQGRQRKD\
FRLQFLGHQFLDHQWUHODDXWRULGDGTXHSUHVXQWDPHQWHYXOQHUyHORORV
GHUHFKRVGHQXQFLDGRVFRPRDIHFWDGRV\ODSHUVRQDRSHUVRQDVFRQWUD
TXLHQRTXLHQHVVHGLULJHODDFFLyQGHOLEHUWDG
 2EMHWR QDWXUDOH]D MXUtGLFD \ SULQFLSLRV GH OD DFFLyQ GH
OLEHUWDG,QIRUPDOLVPR
6&3   /RV FULWHULRV GH RSWLPL]DFLyQ HVWDEOHFLGRV HQ OD
6&3  SDUDOD SUHVHQWDFLyQ RUDOGH OD DFFLyQ GHOLEHUWDG
GHEHQVHUVHJXLGRVHQODPHGLGDGHORSRVLEOH\GHSHQGLHQGRGHODV
GLIHUHQWHVUHDOLGDGHVGHFDGDGHSDUWDPHQWR
 2EMHWR QDWXUDOH]D MXUtGLFD \ SULQFLSLRV GH OD DFFLyQ GH
OLEHUWDG1RHVWiVXMHWRDOSOD]RGHFDGXFLGDG
6&3(OSOD]RGHFDGXFLGDGQRHVDSOLFDEOHHQODDFFLyQ
GHOLEHUWDGSXGLHQGRSUHVHQWDUVHHQFXDOTXLHUPRPHQWRHQTXHOD
SHUVRQD FRQVLGHUH HVWDU LQGHELGDPHQWH R LOHJDOPHQWH SHUVHJXLGD
GHWHQLGDSURFHVDGDRFRQVLGHUHTXHVXYLGDRLQWHJULGDGItVLFDHVWH
HQSHOLJUR
 ,QIRUPDOLVPR'HEHU GHO DFFLRQDQWH GH SUHFLVDU ORV KHFKRV
IiFWLFRVGHQXQFLDGRV
6&3(ODFFLRQDQWHWLHQHHOGHEHUGHVHxDODUHQODDFFLyQ
GHOLEHUWDGODUHODFLyQGHORVKHFKRVRORVDQWHFHGHQWHVIiFWLFRVTXH
FRQOOHYDURQDODYXOQHUDFLyQGHORVGHUHFKRVDOHJDGRVDREMHWRGH
JDUDQWL]DU HO GHUHFKR D OD GHIHQVD GH OD DXWRULGDG R SHUVRQD
GHPDQGDGD
 &ODVLILFDFLyQ MXULVSUXGHQFLDO GH OD DFFLyQ GH
OLEHUWDG7UDVODWLYDRGHSURQWRGHVSDFKR
6&3(VSRVLEOHDQDOL]DUDWUDYpVGHODDFFLyQOLEHUWDG
ODV GHQXQFLDV GH GLODFLyQ HQ OD WUDPLWDFLyQ GH OD H[FHSFLyQ GH
H[WLQFLyQGHODDFFLyQSHQDO
PELWRGHSURWHFFLyQGHODDFFLyQGHOLEHUWDG'HUHFKRDOD
HVSLULWXDOLGDGOLEHUWDGGHFXOWR
6&3/DUHWHQFLyQGHOFXHUSRGHODSHUVRQDIDOOHFLGDSRU
VHUYLGRUHVS~EOLFRVRSDUWLFXODUHVFRQVWLWX\HXQDOHVLyQDOGHUHFKRD
W


dW^:d

ODGLJQLGDGGHVGHVXGLPHQVLyQSOXUDOSRUFXDQWRVHORXWLOL]DFRPR
XQ LQVWUXPHQWR SDUD ORJUDU HO FXPSOLPLHQWR GH REOLJDFLRQHV
DIHFWDQGR DGHPiV ORV GHUHFKRV D OD OLEHUWDG GH HVSLULWXDOLGDG
UHOLJLyQ\FXOWRDOSULYDUDORVIDPLOLDUHVGHODSRVLELOLGDGGHUHDOL]DU
ORVDFWRVULWRV\FRVWXPEUHVTXHVXHVSLULWXDOLGDGUHOLJLyQ\FXOWR
PDQGDQ
PELWRGHSURWHFFLyQGHODDFFLyQGHOLEHUWDG'HUHFKRDOD
OLEHUWDGGHORFRPRFLyQ
6&3   /D DFFLyQ GH OLEHUWDG WUDVODWLYD R GH SURQWR
GHVSDFKR SURFHGH DQWH WUiPLWHV MXGLFLDOHV R DGPLQLVWUDWLYRV HQ ORV
TXHH[LVWHGHPRUDRGLODFLyQHQODGHILQLFLyQGHODVLWXDFLyQMXUtGLFD
GH XQD SHUVRQD TXH VH HQFXHQWUD HQ OLEHUWDG SRQH HQ SHOLJUR R
DPHQD]DVXGHUHFKRDODOLEHUWDGItVLFDRSHUVRQDO
PELWRGHSURWHFFLyQGHODDFFLyQGHOLEHUWDG'HUHFKRDOD
VDOXG
6&30HGLDQWHODDFFLyQGHOLEHUWDGHVSRVLEOHWXWHODUHO
GHUHFKRDODVDOXGGHSULYDGRVGHOLEHUWDGFXDQGRVHHQFXHQWUDHQ
GLUHFWDFRQH[LyQFRQODLQWHJULGDGSHUVRQDO\HOGHUHFKRDODYLGD

PELWRGHSURWHFFLyQGHODDFFLyQGHOLEHUWDG'HUHFKRDOD
YLGD
6&3/DDFFLyQGHOLEHUWDGWXWHODHOGHUHFKRDODYLGD
VLHPSUH\FXDQGRpVWHGHUHFKRHVWpYLQFXODGRFRQODOLEHUWDGItVLFDR
GHORFRPRFLyQ
6&3(QYLUWXGDODQDWXUDOH]DGHOGHUHFKRDODYLGDTXH
QR UHTXLHUH GH IRUPDOLVPRV SDUD VX SURWHFFLyQ HO iPELWR GH
SURWHFFLyQGHODDFFLyQGHOLEHUWDGVHH[WLHQGHDHVHGHUHFKRD~QQR
VH HQFXHQWUH YLQFXODGR GLUHFWDPHQWH FRQ HO GHUHFKR D OD OLEHUWDG
ItVLFD
6&3(QYLUWXGDOYDORUIXQGDPHQWDOGHODYLGDKXPDQD\
HO SULQFLSLR GH QR IRUPDOLVPR HO GHUHFKR D OD YLGD VH WXWHOD
LQGLVWLQWDPHQWH D WUDYpV GH OD DFFLyQ GH OLEHUWDG R GH DPSDUR
FRQVWLWXFLRQDO
 PELWR GH SURWHFFLyQ GH OD DFFLyQ GH OLEHUWDG'HUHFKRV
FRQH[RV
6&3   (Q OD DFFLyQ GH OLEHUWDG HQ YLUWXG D OD
FDUDFWHUtVWLFD GH LQWHUGHSHQGHQFLD GH ORV GHUHFKRV HV SRVLEOH
HIHFWXDUHODQiOLVLVGHRWURVGHUHFKRVFXDQGRWHQJDQFRQH[LWXGFRQ
ORVTXHVHHQFXHQWUDQEDMRVXiPELWRGHSURWHFFLyQ
/HJLWLPDFLyQDFWLYD)DPLOLDUHVGHODSHUVRQDIDOOHFLGD
W


dW^:d


6&36HH[WLHQGHHOiPELWRGHSURWHFFLyQGHODDFFLyQGH
OLEHUWDGHQHOPDUFRGHODFRQFHSFLyQSOXUDOGHODGLJQLGDG\ODYLGD
D ORV VXSXHVWRV HQ ORV FXDOHV VH XWLOLFH HO FXHUSR GH XQD SHUVRQD
IDOOHFLGD FRPR XQ PHGLR SDUD ORJUDU OD VDWLVIDFFLyQ GH ILQHV
HFRQyPLFRV X RWURVLQWHUHVHV HQ FX\RFDVR DGTXLHUHQ OHJLWLPDFLyQ
DFWLYDORVIDPLOLDUHV
 /HJLWLPDFLyQ SDVLYD HQ OD DFFLyQ GH OLEHUWDG3HUVRQDO
VXEDOWHUQRGHORVMX]JDGRV\7ULEXQDOHVGH-XVWLFLD
6&3/RVIXQFLRQDULRVMXGLFLDOHVGHDSR\RMXULVGLFFLRQDO
QRWLHQHQOHJLWLPDFLyQSDVLYDSDUDVHUGHPDQGDGRVHQXQDDFFLyQGH
GHIHQVDSRUFXDQWRQRVRQORVTXHDVXPHQGHWHUPLQDFLRQHVGHRUGHQ
MXULVGLFFLRQDO GHQWUR GH ORV SURFHVRV VDOYR TXH LQFXUULHUDQ HQ
H[FHVRV FRQWUDULDQGR R DOWHUDQGR GHWHUPLQDFLRQHV GH OD DXWRULGDG
MXGLFLDO
 /HJLWLPDFLyQ SDVLYD HQ OD DFFLyQ GH OLEHUWDG3HUVRQDO
VXEDOWHUQRGHO0LQLVWHULR3~EOLFR
6&3)DOWDGHOHJLWLPDFLyQSDVLYDGHOSHUVRQDOGHDSR\R
GHO 0LQLVWHULR 3~EOLFR HQ PpULWR D TXH QR HPLWHQ QLQJXQD
GHWHUPLQDFLyQRUHVROXFLyQGHQWURGHODVLQYHVWLJDFLRQHVVLQRTXHVX
DFWLYLGDG VH OLPLWD D SUHVWDU DSR\R D ORV )LVFDOHV GH 0DWHULD
'HSDUWDPHQWDOHV\)LVFDOtD*HQHUDO
/HJLWLPDFLyQSDVLYDHQODDFFLyQGHOLEHUWDG6HH[WLHQGHDOD
DXWRULGDGTXHVHHQFXHQWUHHQHOHMHUFLFLRGHOFDUJR
6&36HH[WLHQGHODOHJLWLPDFLyQSDVLYDDODDXWRULGDG
TXH VH HQFXHQWUH HQ HO HMHUFLFLR GHO FDUJR \ TXH HMHFXWy HO DFWR
FRQVLGHUDGRLOHJDO
([FHSFLRQHVDODIDOWDGHOHJLWLPDFLyQSDVLYDHQODDFFLyQGH
OLEHUWDG$XWRULGDGHV GH OD PLVPD LQVWLWXFLyQ LJXDO MHUDUTXtD H
LGpQWLFDVDWULEXFLRQHV
6&3&XDQGRODDFFLyQGHOLEHUWDGVHGLULJHSRUHUURU
FRQWUDXQDDXWRULGDGMXGLFLDOGLIHUHQWHDODTXHFDXVyODOHVLyQSHUR
GHODPLVPDLQVWLWXFLyQUDQJRMHUDUTXtDHLGpQWLFDVDWULEXFLRQHVHQ
YLUWXG GHO SULQFLSLR GH LQIRUPDOLVPR VH DSOLFD OD H[FHSFLyQ D OD
OHJLWLPDFLyQSDVLYD
([FHSFLRQHVDODIDOWDGHOHJLWLPDFLyQSDVLYDHQODDFFLyQGH
OLEHUWDG&HQWURVKRVSLWDODULRV
6&3   (Q ODV DFFLRQHV GH OLEHUWDG SODQWHDGDV FRQWUD
FHQWURVKRVSLWDODULRVODOHJLWLPDFLyQSDVLYDODRVWHQWDHO'LUHFWRUGH
GLFKDVHQWLGDGHVHQVXFRQGLFLyQGHPi[LPDDXWRULGDGDXQFXDQGR
pVWHQRKXELHVHVLGRHOGLUHFWRUHVSRQVDEOHGHODLQGHELGDUHVWULFFLyQ
DODOLEHUWDGItVLFDRSHUVRQDO
W


dW^:d

([FHSFLRQHVDODIDOWDGHOHJLWLPDFLyQSDVLYDHQODDFFLyQGH
OLEHUWDG([WHQVLyQGHODQiOLVLVGHDFWRVGHRWUDDXWRULGDGDSDUWLUGHO
SULQFLSLRGHLQIRUPDOLVPR
6&3   /D MXVWLFLD FRQVWLWXFLRQDO HQ ODV DFFLRQHV GH
OLEHUWDG WLHQH IDFXOWDG SDUD SURQXQFLDUVH GH RILFLR VREUH RWUDV
OHVLRQHV DO GHUHFKR D OD OLEHUWDG ItVLFD TXH QR KXELHUHQ VLGR
GHQXQFLDGDV HQ OD DFFLyQ \ H[WHQGHU VX DQiOLVLV D ORV DFWRV GH
DXWRULGDGHVRSHUVRQDVQRGHPDQGDGDV
6XEUHJODVSURFHVDOHVSDUDGHQHJDUODWXWHODGHODDFFLyQGH
OLEHUWDG,PSRVLELOLGDG GH SURQXQFLDPLHQWR HQ HO IRQGR FXDQGR OD
DFFLyQGHOLEHUWDGVHVXVWHQWDHQXQSURFHVRMXGLFLDOLQH[LVWHQWH
6&31RFRUUHVSRQGHHODQiOLVLVGHIRQGRGHODVDFFLRQHV
GH OLEHUWDG HPHUJHQWHV GH SURFHVRV MXGLFLDOHV FXDQGR ODV
DXWRULGDGHVGHPDQGDGDVDFUHGLWDQTXHGLFKRVSURFHVRVQRH[LVWHQ

6XEUHJODVSURFHVDOHVSDUDGHQHJDUODWXWHODGHODDFFLyQGH
OLEHUWDG&XDQGRVHFXHVWLRQDYDORUDFLyQGHODSUXHED
6&3   /D DFFLyQ GH OLEHUWDG QR HV OD YtD LGyQHD SDUD
UHDOL]DUYDORUDFLyQSUREDWRULDSRUVHUHVWDIDFXOWDGSULYDWLYDGHODV
DXWRULGDGHV MXULVGLFFLRQDOHV VDOYR FDVRV HQ ORV FXDOHV H[LVWD
DSDUWDPLHQWRGHORVFiQRQHVGHUD]RQDELOLGDGRHTXLGDGRIUHQWHD
FRQGXFWDVRPLVLYDVTXHOHVLRQHQGHUHFKRVIXQGDPHQWDOHV
6XEUHJODVSURFHVDOHVSDUDGHQHJDUODWXWHODGHODDFFLyQGH
OLEHUWDG&XDQGRVHLPSXJQDRVHVROLFLWDUHYLVDUORUHVXHOWRHQRWUD
DFFLyQGHGHIHQVD
6&31RFRUUHVSRQGHDFXGLUDODMXVWLFLDFRQVWLWXFLRQDO
DWUDYpVGHXQDDFFLyQGHGHIHQVDLPSXJQDQGRRVROLFLWDQGRTXHVH
UHYLVHODUHVROXFLyQSURQXQFLDGDHQRWUDDFFLyQWXWHODU
6XEUHJODVSURFHVDOHVSDUDGHQHJDUODWXWHODGHODDFFLyQGH
OLEHUWDG&XDQGRVHVROLFLWDHOFXPSOLPLHQWRGHODUHVROXFLyQGHRWUD
DFFLyQGHGHIHQVD
6&3   /D DFFLyQ GH OLEHUWDG QR HV OD YtD LGyQHD SDUD
UHVROYHU GHQXQFLDV UHIHUHQWHV DO LQFXPSOLPLHQWR GH GHFLVLRQHV
HPDQDGDVGHDFFLRQHVWXWHODUHVLQWHUSXHVWDVFRQDQWHULRULGDG
6&3(VLQYLDEOHXQDGHPDQGDGHWXWHODFRQVWLWXFLRQDO
FRQHOREMHWRGHDVHJXUDU\H[LJLUHOFXPSOLPLHQWRGHORUHVXHOWRHQ
RWUD VHQWHQFLD FRQVWLWXFLRQDO DQWHULRU GHELGR D TXH ODV VHQWHQFLDV
FRQVWLWXFLRQDOHVVRQGHHIHFWRREOLJDWRULR\YLQFXODQWH
6XEUHJODVSURFHVDOHVSDUDGHQHJDUODWXWHODGHODDFFLyQGH
OLEHUWDG,QGHIHQVLyQYROXQWDULDHQPDWHULDIDPLOLDU
W


dW^:d


6&3   $ SDUWLU GH XQD LQWHUSUHWDFLyQ IDYRUDEOH D ORV
VHFWRUHVGHDWHQFLyQSULRULWDULDFRPRVRQORVPHQRUHVEHQHILFLDULRV
GH DVLVWHQFLD IDPLOLDU QR H[LVWH DSUHPLR LQGHELGR VL HO REOLJDGR
SURYRFDVXSURSLDLQGHIHQVLyQDOQRFXPSOLUFRQODFDUJDSURFHVDOGH
LQIRUPDUDODDXWRULGDGMXULVGLFFLRQDOVXFDPELRGHGRPLFLOLR
6XEUHJODVSURFHVDOHVSDUDGHQHJDUODWXWHODGHODDFFLyQGH
OLEHUWDG,QWHUSUHWDFLyQ GH OD OHJDOLGDG RUGLQDULD HQ DFFLyQ GH
OLEHUWDG
6&3/DLQWHUSUHWDFLyQGHODOHJDOLGDGRUGLQDULDHVXQD
DWULEXFLyQH[FOXVLYDGHODVDXWRULGDGHVMXULVGLFFLRQDOHV\HOFRQWURO
WXWHODUGHFRQVWLWXFLRQDOLGDGDWUDYpVGHODDFFLyQGHOLEHUWDGSRGUi
UHDOL]DUOD HQ FDVR GH DGYHUWLU LQWHUSUHWDFLRQHV   DUELWUDULDV
LQFRQJUXHQWHV DEVXUGDV LOyJLFDV R FXDQGR H[LVWD HUURU HYLGHQWH

6&3(QODDFFLyQGHOLEHUWDGQRHVH[LJLEOHDODFFLRQDQWH
OD FDUJD DUJXPHQWDWLYD FXDQGR VROLFLWD OD UHYLVLyQ GH OD
LQWHUSUHWDFLyQGHODOHJDOLGDGRUGLQDULD
6&3(QODDFFLyQGHOLEHUWDGQRHVH[LJLEOHDODFFLRQDQWH
OD FDUJD DUJXPHQWDWLYD FXDQGR VROLFLWD OD UHYLVLyQ GH OD
LQWHUSUHWDFLyQGHODOHJDOLGDGRUGLQDULD
6XEUHJODVSURFHVDOHVSDUDGHQHJDUODWXWHODGHODDFFLyQGH
OLEHUWDG3RUIDOWDGHSUXHEDV
6&3(QVXSXHVWRVGHIDOWDGHSUXHEDVGHEHGHQHJDUVHOD
WXWHOD TXH EULQGD OD DFFLyQ GH OLEHUWDG HQ YLUWXG DO SULQFLSLR GH
FHUWLGXPEUHMXUtGLFD
6XEUHJODVSURFHVDOHVSDUDGHQHJDUODWXWHODGHODDFFLyQGH
OLEHUWDG3RULGHQWLGDGGHREMHWRVXMHWR\FDXVD
6&3/DDFWLYDFLyQGHXQDDQWHULRUDFFLyQWXWHODUFRQ
LGHQWLGDGGHREMHWRVXMHWR\FDXVD\FRQFDOLGDGGHFRVDMX]JDGDHV
XQDFDXVDOSDUDODGHQHJDWRULDGHODDFFLyQGHOLEHUWDGVDOYRTXHHO
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO QR KXELHVH LQJUHVDGR DO
DQiOLVLVGHIRQGRGHODSUREOHPiWLFD
6XEUHJODVSURFHVDOHVSDUDGHQHJDUODWXWHODGHODDFFLyQGH
OLEHUWDG3RUTXH ORV DFWRV LOHJDOHV GHEHQ VHU DQDOL]DGRV GHQWUR GHO
SURFHVR
6&3   /D WLSLILFDFLyQ GH GHOLWRV VRQ UROHV DVLJQDGRV DO
0LQLVWHULR3~EOLFR\DOD-XULVGLFFLyQ2UGLQDULD\VXGHILQLFLyQQR
FRUUHVSRQGHDODMXULVGLFFLyQFRQVWLWXFLRQDO
6&3'HQHJDWRULDGHODDFFLyQGHOLEHUWDGGHELGRDTXH
ODLGHQWLGDGGHOLPSXWDGRGHEHVHUGLOXFLGDGDHQODMXVWLFLDRUGLQDULD
\QRPHGLDQWHXQDDFFLyQFRQVWLWXFLRQDO
W


dW^:d

6XEUHJODVSURFHVDOHVSDUDGHQHJDUODWXWHODGHODDFFLyQGH
OLEHUWDG3URFHVDPLHQWRLQGHELGR
6&3/DVDIHFWDFLRQHVDODVUHJODVGHOGHELGRSURFHVR
SRUSURFHVDPLHQWRVLQGHELGRVGHEHUiQVHUUHSDUDGDVDWUDYpVGHOD
DFFLyQ GH OLEHUWDG FXDQGR H[LVWD GLUHFWD FDXVDOLGDG HQWUH HO DFWR
GHQXQFLDGR FRPR OHVLYR \ OD OLEHUWDG \ FXDQGR VH KD\DQ DJRWDGR
WRGRV ORV PHFDQLVPRV LQWUDSURFHVDOHV GH GHIHQVD VDOYR DEVROXWR
HVWDGRGHLQGHIHQVLyQ
 6XEVLGLDULHGDG H[FHSFLRQDO HQ OD DFFLyQ GH
OLEHUWDG$FWLYDFLyQSDUDOHODGHGRVMXULVGLFFLRQHV
6&36XEVLGLDULHGDGH[FHSFLRQDOGHODDFFLyQGHOLEHUWDG
FXDQGR VH DFWLYD SDUDOHODPHQWH OD MXULVGLFFLyQ RUGLQDULD \ OD
FRQVWLWXFLRQDO
 6XEVLGLDULHGDG H[FHSFLRQDO HQ OD DFFLyQ GH
OLEHUWDG$FWLYLGDGSURFHVDOGHIHFWXRVD
6&3   &XDQGR HO LQFLGHQWH SRU DFWLYLGDG SURFHVDO
GHIHFWXRVDQRKD\DVLGRREMHWRGHDSHODFLyQLQFLGHQWDOVHGHQHJDUi
ODDFFLyQGHOLEHUWDGHQDSOLFDFLyQGHOSULQFLSLRGHVXEVLGLDULHGDG
H[FHSFLRQDO
6&3   /D VXSXHVWD DSUHKHQVLyQ LOHJDO OD IDOWD GH
QRWLILFDFLyQFRQODVDFWXDFLRQHVGHOWUiPLWHGHVREUHVHLPLHQWR\VX
UHYLVLyQGHEHQVHULPSXJQDGDVDQWHODRHOMXH]FDXWHODUHLQFOXVLYH
DWUDYpVGHXQLQFLGHQWHGHDFWLYLGDGSURFHVDOGHIHFWXRVDGXUDQWHOD
DXGLHQFLD FRQFOXVLYD DO VHU pVWD  HO ~OWLPR ILOWUR MXUtGLFR SDUD HO
FRQWURO MXGLFLDO GH OD DFXVDFLyQ \ HO VDQHDPLHQWR SURFHVDO GH ODV
DFWXDFLRQHVGHODVIDVHVGHODHWDSDSUHSDUDWRULD
 6XEVLGLDULHGDG H[FHSFLRQDO HQ OD DFFLyQ GH
OLEHUWDG5HVROXFLRQHVVREUHPHGLGDVFDXWHODUHV
6&3(OOXJDUGHFXPSOLPLHQWRGHODGHWHQFLyQSUHYHQWLYD
IRUPD SDUWH GHO FRQWHQLGR GH OD UHVROXFLyQ TXH LPSRQH OD PHGLGD
FDXWHODU HQ FX\R FDVR FRUUHVSRQGH VX LPSXJQDFLyQ D WUDYpV GHO
UHFXUVRGHDSHODFLyQLQFLGHQWDO
 6XEVLGLDULHGDG H[FHSFLRQDO HQ OD DFFLyQ GH
OLEHUWDG6XSXHVWDVDSUHKHQVLRQHVLOHJDOHV
6&3$QWHVGHDFWLYDUODDFFLyQGHOLEHUWDGODVGHQXQFLDV
GHDSUHKHQVLRQHVLOHJDOHVGHEHQVHUUHDOL]DGDVDQWHODDXWRULGDGTXH
HMHUFH HO FRQWURO MXULVGLFFLRQDO GH OD FDXVD \D TXH HQ FDVR GH
XWLOL]DUVH HVWH PHFDQLVPR GH PDQHUD GLUHFWD HQ DSOLFDFLyQ GHO
SULQFLSLR GH VXEVLGLDULHGDG H[FHSFLRQDO VH GHQHJDUi OD WXWHOD VLQ
LQJUHVDUDODQiOLVLVGHIRQGRGHODSUREOHPiWLFD

W


dW^:d


6&3 /  &XDQGR VH IRUPXOHQ H[FHSFLRQHV GH
LQFRPSHWHQFLD HQ UD]yQ D OD PDWHULD OD DXWRULGDG TXH HMHU]D HO
FRQWUROMXULVGLFFLRQDOHQHOSURFHVRSHQDOPDQWLHQHVXFRPSHWHQFLD
KDVWDTXHQRH[LVWDXQDGHFLVLyQILUPHTXHGHFODUHVXLQFRPSHWHQFLD
UD]yQ SRU OD FXDO FXDOTXLHU GHQXQFLD UHIHUHQWH D DSUHKHQVLRQHV
LOHJDOHVGHEHVHUUHDOL]DGDDQWHGLFKDDXWRULGDG
 6XSXHVWRV GH SUHVHQWDFLyQ GLUHFWD GH OD DFFLyQ GH
OLEHUWDG$GROHVFHQWHVLPSXWDEOHV DDxRV 
6&37UDWiQGRVHGHPHQRUHVLPSXWDEOHVFRPSUHQGLGRV
HQWUHORV\DxRVQRHVDSOLFDEOHODVXEVLGLDULHGDGH[FHSFLRQDO
GHODDFFLyQGHOLEHUWDGHQYLUWXGDODSUHHPLQHQFLD\ODSULRULGDG
TXH HO (VWDGR GHEH RWRUJDU D ORV PLVPRV HQ HO DFFHVR D OD
DGPLQLVWUDFLyQGHMXVWLFLD
 6XSXHVWRV GH SUHVHQWDFLyQ GLUHFWD GH OD DFFLyQ GH
OLEHUWDG&XDQGR H[LVWDQ LUUHJXODULGDGHV HQ HO PDQGDPLHQWR GH
DSUHKHQVLyQTXHLPSLGDQLGHQWLILFDUDODDXWRULGDGMXGLFLDO
6&33UHVHQWDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGHQORV
FDVRVHQTXHHOMXH]RWULEXQDOGHJDUDQWtDVFRQVWDQWHFRQFHUWH]DTXH
ODSHUVRQDDSUHKHQGLGDQRHVDTXHOODHQFRQWUDGHODFXDOVHOLEUy
PDQGDPLHQWR GH DSUHKHQVLyQ R TXH SRU GLIHUHQWHV LUUHJXODULGDGHV
SURFHGLPHQWDOHV QR HV LGHQWLILFDEOH HO yUJDQR GH FRQWURO
MXULVGLFFLRQDO FRPSHWHQWH \ OD PLVPD VH HQFXHQWUD D SXQWR GH VHU
WUDVODGDGDHTXLYRFDGDPHQWHDRWURGHSDUWDPHQWRSUHVXPLpQGRVHTXH
VHOHSURGXFLUiQGLYHUVRVSHUMXLFLRV
 6XSXHVWRV GH SUHVHQWDFLyQ GLUHFWD GH OD DFFLyQ GH
OLEHUWDG&XDQGR QR H[LVWDQ PHFDQLVPRV GH SURWHFFLyQ HIHFWLYRV H
LGyQHRV
6&3   (O UHFXUVR GH UHSRVLFLyQ  QR HV XQ  PHFDQLVPR
LQWUDSURFHVDODVHUDFWLYDGRHQIRUPDSUHYLDDODSUHVHQWDFLyQGHOD
DFFLyQ GH OLEHUWDG SRU QR UHXQLU OD FDUDFWHUtVWLFDV GH UDSLGH]
LGRQHLGDG\HILFDFLD
 6XSXHVWRV GH SUHVHQWDFLyQ GLUHFWD GH OD DFFLyQ GH
OLEHUWDG&XDQGRQRH[LVWHGHQXQFLDQLLQYHVWLJDFLyQDELHUWD
6&33UHVHQWDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGHQORV
FDVRVHQTXHVHUHVWULQMDHOGHUHFKRDODOLEHUWDGItVLFDDOPDUJHQGH
ORVFDVRV\IRUPDVHVWDEOHFLGDVSRUOH\\TXHGLFKDUHVWULFFLyQQRHVWp
YLQFXODGDDXQGHOLWRRQRVHKXELHUHGDGRDYLVRGHODLQYHVWLJDFLyQ

 6XSXHVWRV GH SUHVHQWDFLyQ GLUHFWD GH OD DFFLyQ GH
OLEHUWDG,QGHELGDSULYDFLyQGHOLEHUWDGHQFHQWURVKRVSLWDODULRV

W


dW^:d

6&3   &XDQGR H[LVWH LQGHELGD SULYDFLyQ GH OD OLEHUWDG


SHUVRQDO GH SDFLHQWHV HQ FHQWURV KRVSLWDODULRV SRU QR SDJDU OD
DWHQFLyQ \ KRQRUDULRV PpGLFRV GHEH SUHVHQWDUVH GLUHFWDPHQWH OD
DFFLyQGHOLEHUWDGVLQQHFHVLGDGGHDFXGLUSUHYLDPHQWHDODXQLGDG
FRUUHVSRQGLHQWHSDUDFRQFLOLDUGHXGDV
 6XSXHVWRV GH SUHVHQWDFLyQ GLUHFWD GH OD DFFLyQ GH
OLEHUWDG1LxRV QLxDV R DGROHVFHQWHV YLQFXODU FRQ HQIRTXH QLxRV
QLxDV\DGROHVFHQWHV 
6&3   (Q OD DFFLyQ GH OLEHUWDG QR HV DSOLFDEOH OD
VXEVLGLDULHGDG H[FHSFLRQDO WUDWiQGRVH GH QLxDV QLxRV \
DGROHVFHQWHV
 6XSXHVWRV GH SUHVHQWDFLyQ GLUHFWD GH OD DFFLyQ GH
OLEHUWDG5HVROXFLRQHVGHMXHFHVRMXH]DVGHSURYLQFLD
6&3   (Q SURYLQFLDV QR HV H[LJLEOH OD VXEVLGLDULHGDG
H[FHSFLRQDOGHODDFFLyQGHOLEHUWDGFXDQGRORVPHFDQLVPRVLQWUD
SURFHVDOHVGHLPSXJQDFLyQQRVHDQRSRUWXQRVQLHILFDFHVHQUD]yQD
GLVWDQFLD\WLHPSR
 6XSXHVWRV GH SUHVHQWDFLyQ GLUHFWD GH OD DFFLyQ GH
OLEHUWDG5HVROXFLRQHVSURQXQFLDGDVHQHOFRQWUROGHOHJDOLGDGGHOD
DSUHKHQVLyQ
6&3   3URFHGH OD SUHVHQWDFLyQ GLUHFWD GH OD DFFLyQ GH
OLEHUWDGFRQWUDODVUHVROXFLRQHVSURQXQFLDGDVSRUHOMXH]FDXWHODUHQ
HMHUFLFLRGHOFRQWUROGHOHJDOLGDGGHODDSUHKHQVLyQ
 6XSXHVWRV GH SUHVHQWDFLyQ GLUHFWD GH OD DFFLyQ GH
OLEHUWDG9tDVGHKHFKRGHSDUWLFXODUHV
6&3   3URFHGH OD SUHVHQWDFLyQ GLUHFWD GH OD DFFLyQ GH
OLEHUWDG \ GH ODV GHPiV DFFLRQHV GH GHIHQVD SRU YtDV GH KHFKR GH
SDUWLFXODUHV
6&3   3URFHGH OD SUHVHQWDFLyQ GLUHFWD GH OD DFFLyQ GH
OLEHUWDGSRUYtDVGHKHFKRGHSDUWLFXODUHVFXDQGRODYXOQHUDFLyQR
DPHQD]DGHUHVWULFFLyQDORVGHUHFKRVWXWHODGRVSRUHVDDFFLyQVHD
PDQLILHVWDVDOYRWUDWiQGRVHGHJUXSRVGHSULRULWDULDDWHQFLyQTXHVH
HQFXHQWUDQHQVLWXDFLyQGHYXOQHUDELOLGDG
3RUIDOWDGHSUXHEDV3UHVXQFLyQGHYHUDFLGDGGHORVDFWRV
GHQXQFLDGRVGHLOHJDOHV
6&3(QODDFFLyQGHOLEHUWDGVHSUHVXPHODYHUDFLGDG
GHORVKHFKRVGHQXQFLDGRVFXDQGRODVDXWRULGDGHVGHPDQGDGDVQR
DVLVWHQDODDXGLHQFLDQLSUHVHQWDQVXLQIRUPHGHOH\RFXDQGRQR
REVWDQWHDVLVWLUDODDXGLHQFLDQRQLHJDQORVKHFKRVDOHJDGRV
 3RUTXH ORV DFWRV LOHJDOHV GHEHQ VHU DQDOL]DGRV GHQWUR GHO
SURFHVR,GHQWLGDGGHODSHUVRQDDSUHPLDGDHQPDWHULDIDPLOLDU
W


dW^:d


6&3'HQHJDWRULDGHODDFFLyQGHOLEHUWDGGHELGRDTXH
OD LGHQWLGDG GH OD SHUVRQD DSUHPLDGD GHEH VHU GLOXFLGDGD HQ OD
MXVWLFLDRUGLQDULD\QRPHGLDQWHXQDDFFLyQFRQVWLWXFLRQDO
&DXVDOHVGHSURFHGHQFLDGHODDFFLyQGHOLEHUWDG'HPRUD
HQODGHWHUPLQDFLyQGHODVLWXDFLyQMXUtGLFDGHOLPSXWDGRYLQFXODGD
DODOLEHUWDGItVLFD
6&33URFHGHODDFFLyQGHOLEHUWDGFXDQGRH[LVWHGHPRUD
DWULEXLEOH DO *REHUQDGRU GH XQ &HQWUR 3HQLWHQFLDULR  HQ KDFHU
HIHFWLYRXQPDQGDPLHQWRGHOLEHUWDG
6&3/DDFFLyQGHOLEHUWDGGHSURQWRGHVSDFKRSURFHGH
FXDQGR HO MXH] FDXWHODU GHQWUR GHO WUiPLWH GH OD FHVDFLyQ GH OD
GHWHQFLyQSUHYHQWLYDVXVSHQGHODDXGLHQFLDGHPHGLGDVFDXWHODUHV
FRQ HOMXVWLILFDWLYR GHIDOWD GH QRWLILFDFLyQ DODVSDUWHV SURFHVDOHV

6&3   (Q YLUWXG DO SULQFLSLR GH JUDWXLGDG OD IDOWD GH
SURYLVLyQGHUHFDXGRVGHOH\QRSXHGHFRQVWLWXLUVHHQXQLPSHGLPHQWR
SDUD TXH OD DXWRULGDG MXULVGLFFLRQDO GLVSRQJD OD SURVHFXFLyQ GHO
SURFHVR FRQ PD\RU UD]yQ FXDQGR VH HQFXHQWUD GH SRU PHGLR HO
GHUHFKR D OD OLEHUWDG GHELHQGR HQ FRQVHFXHQFLD HQ HVWRV FDVRV
H[LJLUVHHOFXPSOLPLHQWRGHGLFKDVFDUJDVFRPRUHLQWHJURHVGHFLU
H[LJLU VX UHJXODUL]DFLyQ HQ WLHPSR SRVWHULRU D OD UHPLVLyQ GHO
H[SHGLHQWH SXHV GH OR FRQWUDULR VH SURYRFD GLODFLyQ SURFHVDO
DWULEXLEOHDODSURSLDDXWRULGDGMXULVGLFFLRQDO
 &DXVDOHV GH SURFHGHQFLD GH OD DFFLyQ GH OLEHUWDG
3HUVHFXFLyQLOHJDO
6&31RFRQVWLWX\HSHUVHFXFLyQLOHJDOFXDQGRVHGHMyVLQ
HIHFWRHOPDQGDPLHQWRGHDSUHKHQVLyQOLEUDGRHQFRQWUDGHOLPSXWDGR
GHFODUDGRUHEHOGH
&DXVDOHVGHSURFHGHQFLDGHODDFFLyQGHOLEHUWDG3URFHGH
ODDFFLyQD~QFXDQGRFHVDHODFWR
6&3(QXQDLQWHUSUHWDFLyQH[WHQVLYDGHODUWGHOD
&RQVWLWXFLyQSURFHGHODDFFLyQGHOLEHUWDGGHQRPLQDGDLQQRYDWLYDD
SHVDUGHKDEHUFHVDGRHODFWROHVLYRDOGHUHFKRDODOLEHUWDG\SDUD
WRGRVVXVPRGDOLGDGHVFRPRODSHUVHFXFLyQLQGHELGDODFXDODOLJXDO
TXHODGHWHQFLyQSXHGHKDEHUFHVDGR
 &DXVDOHV GH SURFHGHQFLD GH OD DFFLyQ GH OLEHUWDG
3URFHVDPLHQWRLQGHELGR YLQFXODUFRQiPELWRGHSURWHFFLyQ 
6&3   3DUD OD WXWHOD SRU SURFHVDPLHQWR LQGHELGR HQ
PHGLGDVFDXWHODUHVDWUDYpVGHODDFFLyQGHOLEHUWDGQRHVH[LJLEOH
DFUHGLWDUHODEVROXWRHVWDGRGHLQGHIHQVLyQ
W


dW^:d

6&3   /D OHVLyQ DO GHELGR SURFHVR HQ PDWHULD SHQDO HV
WXWHODEOH SRU OD DFFLyQ GH OLEHUWDG D~Q QR H[LVWD XQD YLQFXODFLyQ
GLUHFWDFRQHOGHUHFKRDODOLEHUWDGItVLFDRSHUVRQDOVLHQGRVXILFLHQWH
ODH[LVWHQFLDGHXQDUHODFLyQLQGLUHFWDFRQGLFKRGHUHFKR
 3URFHVDPLHQWR LQGHELGR YLQFXODU FRQ iPELWR GH
SURWHFFLyQ 'HFODUDFLyQVLQSUHVHQFLDGHDERJDGRGHIHQVRU
6&3   /D GHFODUDFLyQ GHO LPSXWDGR TXH FRQWHQJD XQD
FRQIHVLyQGHOGHOLWRREWHQLGDVLQSUHVHQFLDGHVXDERJDGRGHIHQVRU
YLROHQWDVXVGHUHFKRVDODGHIHQVDWpFQLFD\DQRGHFODUDUFRQWUDVt
PLVPRSRUORTXHSURFHGHODDFFLyQGHOLEHUWDGSRUSURFHVDPLHQWR
LQGHELGRSXHVVHHVWiIUHQWHDXQVXSXHVWRGHLQGHIHQVLyQDEVROXWD

 3URFHVDPLHQWR LQGHELGR YLQFXODU FRQ iPELWR GH
SURWHFFLyQ 7UDWiQGRVH GH PHGLGDV FDXWHODUHV GHQWUR GH SURFHVRV
SHQDOHV VyOR VH H[LJH OD YLQFXODFLyQ GLUHFWD GHO DFWR LOHJDO FRQ HO
GHUHFKRDODOLEHUWDGItVLFD
6&3   (Q PHGLGDV FDXWHODUHV \ SRU SURFHVDPLHQWR
LQGHELGRVHDFWLYDODDFFLyQGHOLEHUWDGSDUDHOUHVJXDUGRDOGHELGR
SURFHVRVLQODH[LJHQFLDGHODEVROXWRHVWDGRGHLQGHIHQVLyQ
$FFLyQGHDPSDURFRQVWLWXFLRQDO/HJLWLPDFLyQSDVLYDHQOD
DFFLyQGHDPSDUR
6&3(VSRVLEOHLQJUHVDUDODQiOLVLVGHIRQGRFXDQGRD
SHVDUGHQRKDEHUVHGLULJLGRODDFFLyQGHDPSDURFRQWUDWRGRVORV
PLHPEURV TXH SURYRFDURQHO DFWR LOHJDO GHQXQFLDGR XQR R PiV GH
HOORVIXHFLWDGR\DVXPLyGHIHQVD
6&3   /D DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SXHGH VHU
SUHVHQWDGDGHPDQHUDDOWHUQDWLYDFRQWUDODVSHUVRQDVTXHGHVGHVX
FDUJRRIXQFLRQHVHQLQVWLWXFLRQHVRHQWLGDGHVSULYDGDVFRPHWLHURQ
HODFWRLOHJDORFRQWUDODVSHUVRQDVTXHDFWXDOPHQWHRVWHQWDQGLFKRV
FDUJRVRIXQFLRQHVR~QLFDPHQWHFRQWUDHOHOFDUJRRODIXQFLyQHQ
FX\RHMHUFLFLRVHFRPHWLHURQORVDFWRVVXSXHVWDPHQWHLOHJDOHV
 2EMHWR QDWXUDOH]D MXUtGLFD \ SULQFLSLRV GH OD DFFLyQ GH
DPSDUR7XWHODREMHWLYDGHGHUHFKRVIXQGDPHQWDOHV
6&3   8QD GHODV ILQDOLGDGHV GHODV DFFLRQHV WXWHODUHV
DGHPiVGHSUHFDXWHODU\UHVWDEOHFHUORVGHUHFKRVVXEMHWLYRVGHODV
SDUWHV HV UHVJXDUGDU HO FDUiFWHU REMHWLYR GH ORV GHUHFKRV
IXQGDPHQWDOHV JHQHUDQGR XQD DFWLWXG UHVSHWXRVD QR VyOR FRQ
UHODFLyQ D OD SHUVRQD TXH SUHVHQWy OD DFFLyQ GH GHIHQVD VLQR GH
PDQHUDJHQHUDOUHVSHFWRGHWRGDVODVSHUVRQDVTXHVHHQFXHQWUHQHQ
VLPLODUVLWXDFLyQ

W


dW^:d


/HJLWLPDFLyQDFWLYDHQODDFFLyQGHDPSDUR$ERJDGRVSDUD
HOFREURGHVXVKRQRUDULRV
6&3/RVDERJDGRVWLHQHQODOHJLWLPDFLyQDFWLYDSDUD
SODQWHDU GLUHFWDPHQWH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO
VROLFLWDQGR HO SDJR GH VXV KRQRUDULRV SURIHVLRQDOHV D~Q VLQ
FRQVWLWXLUSDUWHHQHOSURFHVR
/HJLWLPDFLyQDFWLYDHQODDFFLyQGHDPSDUR(QFDVRGHFR
GHPDQGDQWHVRFRGHPDQGDGRVHQSURFHVRMXGLFLDO
6&3/&XDQGRHQXQSURFHVRFLYLORUGLQDULRVHDFW~D
FRQMXQWDPHQWH FRPR SDUWH GHPDQGDGD R GHPDQGDQWH WLHQH
OHJLWLPDFLyQ DFWLYD SDUD SUHVHQWDU OD DFFLyQ GH DPSDUR XQ VROR
GHPDQGDGR SRUTXHHQODFDXVD RUGLQDULDDFWXyHQLQWHUpVSURSLR
FXPSOLpQGRVHHQHVWHFDVRFRQHOSUHVXSXHVWRHVWDEOHFLGRHQHODUW
GHO&yGLJR3URFHVDO&RQVWLWXFLRQDO
 /HJLWLPDFLyQ DFWLYD HQ OD DFFLyQ GH DPSDUR3HUVRQD
MXUtGLFD
6&3/RVUHTXLVLWRVH[LJLGRVSDUDODDFUHGLWDFLyQGHODV
SHUVRQDV MXUtGLFDV FRPR HO SRGHU HQ HO TXH FRQVWH HO DFWD GH
FRQVWLWXFLyQGHODVRFLHGDGODQyPLQDGHVRFLRVVXLQVFULSFLyQHQHO
5HJLVWUR GH &RPHUFLR VXSHUVRQHUtD MXUtGLFD \UHJODPHQWRV QR VH
DSOLFDQ D ODV DVRFLDFLRQHV GH KHFKR SRU FXDQWR SDUD DFWLYDU OD
MXVWLFLDFRQVWLWXFLRQDO~QLFDPHQWHGHEHQDFUHGLWDUVXFRQGLFLyQGH
VRFLRV DGMXQWDQGR ORV DFXHUGRV H[LVWHQWHV DVt FRPR DFUHGLWDU OD
FDOLGDGGHVXVUHSUHVHQWDQWHV
6&3   /DV LQVWLWXFLRQHV S~EOLFDV WLHQHQ OHJLWLPDFLyQ
DFWLYD SDUD LQWHUSRQHU OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO FXDQGR
DFW~DQFRPRWLWXODUHVGHGHUHFKRVIXQGDPHQWDOHVGHVSURYLVWRVGHVX
SRGHU GH LPSHULXP HQ LJXDOGDG GH FRQGLFLRQHV FRQ RWURV VXMHWRV

/HJLWLPDFLyQDFWLYDHQODDFFLyQGHDPSDUR6XEVDQDFLyQHQ
FDVRGHDGXOWRVPD\RUHV
6&3&XDQGRVHFXHVWLRQHODOHJLWLPDFLyQDFWLYDGHORV
DGXOWRV PD\RUHV FRUUHVSRQGH DQXODU REUDGRV SDUD GDU OD
RSRUWXQLGDGGHVXEVDQDUODDFFLyQGHDPSDURFRQVWLWXFLRQDO
/HJLWLPDFLyQDFWLYDHQODDFFLyQGHDPSDUR7RGDSHUVRQD
QDWXUDOWLWXODUGHOGHUHFKR
6&3&DUHFHGHOHJLWLPDFLyQDFWLYDTXLHQQRDFUHGLWDOD
WLWXODULGDGGHOGHUHFKRSURSLHWDULRTXHUHFODPDDWUDYpVGHODDFFLyQ
GHDPSDURFRQVWLWXFLRQDO
6&3/$OVHUORVGHUHFKRV\JDUDQWtDVWXWHODGDVSRUOD
DFFLyQ GH DPSDUR FRQVWLWXFLRQDO GH FDUiFWHU VXEMHWLYR \
W


dW^:d

SHUVRQDOtVLPRXQDYH]IDOOHFLGDODSHUVRQDVHH[WLQJXHVXWLWXODULGDG
\GHVDSDUHFHHOREMHWRPLVPRGHODDFFLyQVDOYRORVGHUHFKRVDOD
GLJQLGDG\ODLPDJHQDORVTXHVHOHDVLJQDHILFDFLDSRVWPRUWHPHQ
FX\RFDVRORVIDPLOLDUHVWLHQHQOHJLWLPDFLyQSDUDDFXGLUDODPSDUR
HQSURFXUDGHOUHFRQRFLPLHQWRGHOGHUHFKRYLRODGR
 /HJLWLPDFLyQ SDVLYD HQ OD DFFLyQ GH DPSDUR$FWR R
UHVROXFLyQUHYLVDGDSRUXQWULEXQDOVXSHULRU
6&3([LVWHIDOWDGHOHJLWLPDFLyQSDVLYDHQODDFFLyQGH
DPSDUR FRQVWLWXFLRQDO FXDQGR QR VH GLULJH OD DFFLyQ FRQWUD OD
DXWRULGDGDGPLQLVWUDWLYDRMXGLFLDOTXHFRPHWLyHODFWRRSURQXQFLy
OD UHVROXFLyQ FRQVLGHUDGD LOHJDO \ FRQWUD ODV DXWRULGDGHV TXH
UHYLVDURQPRGLILFDURQRFRQILUPDURQHODFWRRUHVROXFLyQ
/HJLWLPDFLyQSDVLYDHQODDFFLyQGHDPSDUR$XWRULGDGHVR
VHUYLGRUHVS~EOLFRVTXHFRPHWLHURQHODFWRLOHJDO
6&3   2VWHQWDQ OHJLWLPDFLyQ SDVLYD HQ OD DFFLyQ GH
DPSDUR FRQVWLWXFLRQDO DTXHOODV DXWRULGDGHV R VHUYLGRUHV S~EOLFRV
TXHFRPHWLHURQXQDFWRLOHJDO
 /HJLWLPDFLyQ SDVLYD HQ OD DFFLyQ GH DPSDUR&DPELR GH
FDOLGDGGHGHPDQGDGRDWHUFHURLQWHUHVDGR
6&3([LVWHIDOWDGHOHJLWLPDFLyQSDVLYDHQDFFLRQHVGH
DPSDUR FRQVWLWXFLRQDO FXDQGR OD SDUWH DFFLRQDQWH VLQ
DUJXPHQWDFLyQHQXQPHPRULDOSRVWHULRUDOGHODGHPDQGDPRGLILFD
ODFDOLGDGGHSDUWHGHPDQGDGDDWHUFHURLQWHUHVDGRVXSXHVWRHQHO
FXDOHQFXDQWRDODVSHUVRQDVTXHVHFDPELDVXVLWXDFLyQSURFHVDO
ODWXWHODVHUiGHQHJDGD
 /HJLWLPDFLyQ SDVLYD HQ OD DFFLyQ GH DPSDUR-XHFHV GH
,QVWUXFFLyQHQOR3HQDOHQODHWDSDSUHSDUDWRULD
6&3(QODHWDSDSUHSDUDWRULDHO-XH]GH,QVWUXFFLyQHQ
OR3HQDORVWHQWDOHJLWLPDFLyQSDVLYDSRUFXDQWRWLHQHODIDFXOWDGGH
FRQWURODU OD LQYHVWLJDFLyQ HIHFWXDGD SRU SDUWH GHO yUJDQR GH
SHUVHFXFLyQSHQDODVHJXUDQGRTXHHOPLVPRVHUHDOLFHHQHOPDUFR
GHO UHVSHWR GH OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR 7UDWDGRV \
&RQYHQLRVLQWHUQDFLRQDOHVDVtFRPRHOWULEXQDOGHDSHODFLyQWLHQH
HO GHEHU GH YHULILFDU ORV DFWRV GH OD DXWRULGDG GH UDQJR LQIHULRU
FXDQGRQRUHSDUyORVDFWRVLOHJDOHVXRPLVLRQHVLQGHELGDVHQODVTXH
KXELHUDLQFXUULGRHO0LQLVWHULR3~EOLFR
 /HJLWLPDFLyQ SDVLYD HQ OD DFFLyQ GH DPSDUR6XFHVLyQ R
FDPELRGHDXWRULGDGHV
6&3   /D DFFLyQ GH DPSDUR FRQVWLWXFLRQDO GHEH VHU
SUHVHQWDGDFRQWUDODDXWRULGDGTXHRVWHQWDEDHOFDUJRGHVGHHOFXDO

W


dW^:d


FRPHWLyHODFWRLOHJDO\ODVQXHYDVDXWRULGDGHVTXHSXHGDQVXEVDQDU
RHQPHQGDUHOVXSXHVWRDFWRLOHJDO
6&3   /D DFFLyQ GH DPSDUR FRQVWLWXFLRQDO GHEH VHU
SUHVHQWDGDFRQWUDODDXWRULGDGTXHRVWHQWDEDHOFDUJRGHVGHHOFXDO
FRPHWLyHODFWRLOHJDO\ODVQXHYDVDXWRULGDGHVTXHSXHGDQVXEVDQDU
RHQPHQGDUHOVXSXHVWRDFWRLOHJDO
6&3(QDFFLRQHVGHDPSDURFRQVWLWXFLRQDOODGHPDQGD
SRGUiVHUSUHVHQWDGDFRQWUDODDXWRULGDGTXHFRPHWLyHODFWRLOHJDO
D~Q\DQRRVWHQWHHOFDUJRRODIXQFLyQHQODTXHVHHQFRQWUDED\HQ
JHQHUDOHVSRVLEOHGHPDQGDUFRQWUDHOFDUJRRODIXQFLyQS~EOLFDHQ
FX\RHMHUFLFLRVHFRPHWLyHOVXSXHVWRDFWRLOHJDO
6&3   (Q ODV DFFLRQHV GH GHIHQVD SDUD FXPSOLU FRQ HO
SUHVXSXHVWR GH OD OHJLWLPDFLyQ SDVLYD HV VXILFLHQWH LGHQWLILFDU HO
FDUJR R OD IXQFLyQ S~EOLFD HQ FX\R HMHUFLFLR VH FRPHWLHURQ ORV
VXSXHVWRVDFWRVXRPLVLRQHVLOHJDOHV
6&3   /D DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SXHGH VHU
SUHVHQWDGD GH PDQHUD DOWHUQDWLYD FRQWUD OD H[ DXWRULGDG TXH
FRPHWLyHODFWRLOHJDOFRQWUDODQXHYDDXWRULGDGRFRQWUDHOFDUJRR
OD IXQFLyQ S~EOLFD HQ FX\R HMHUFLFLR VH FRPHWLHURQ ORV DFWRV
VXSXHVWDPHQWHLOHJDOHV
 ([FHSFLRQHV D OD OHJLWLPDFLyQ SDVLYD HQ OD DFFLyQ GH
DPSDUR)OH[LELOL]DFLyQ GH ODV UHJODV GH OD OHJLWLPDFLyQ SDVLYD
UHVSHFWRDLQVWDQFLDVGHGLUHFFLyQYDFDQWHVHQHQWLGDGHVS~EOLFDVR
SULYDGDV
6&3&XDQGRODVLQVWDQFLDVGHGLUHFFLyQHQODVHQWLGDGHV
S~EOLFDV R SULYDGDV TXHGDQ YDFDQWHV VH GLULJH OD DFFLyQ
GLUHFWDPHQWHFRQWUDODHQWLGDGTXHKXELHUHYXOQHUDGRGHUHFKRVVLQ
LGHQWLILFDUDXWRULGDGHVRSHUVRQHURVIOH[LELOL]iQGRVHSRUH[FHSFLyQ
VyOR HQ HVWH VXSXHVWR ODV UHJODV H[LJLGDV SDUD DFUHGLWDU OD
OHJLWLPDFLyQSDVLYD
 ([FHSFLRQHV D OD OHJLWLPDFLyQ SDVLYD HQ OD DFFLyQ GH
DPSDUR9tDVRPHGLGDVGHKHFKR
6&3   7UDWiQGRVH GH YtDV GH KHFKR GH PDQHUD
H[FHSFLRQDO HV SRVLEOH OD DFWLYDFLyQ GH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO VLQ LGHQWLILFDU D OD SDUWH GHPDQGDGD FXDQGR VHD
LPSRVLEOH VX GHWHUPLQDFLyQ FRQ OD DFODUDFLyQ TXH ODV SHUVRQDV
DIHFWDGDVFRQORVHIHFWRVGHXQDHYHQWXDOFRQFHVLyQGHWXWHODWLHQHQ
OD IDFXOWDG GH SUHVHQWDU SUXHED HQ FXDOTXLHU HWDSD GHO SURFHVR
FRQVWLWXFLRQDO \D VHD GHVSXpV GH OD DXGLHQFLD S~EOLFD R LQFOXVLYH
DQWHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO
 &DXVDOHV GH LPSURFHGHQFLDHQ OD DFFLyQ GH DPSDUR$FWRV
FRQVHQWLGRVOLEUH\H[SUHVDPHQWH
W


dW^:d

6&3   6RQ ORV KHFKRV \ OD DFWLWXG GH OD SHUVRQD
VXSXHVWDPHQWH DJUDYLDGD ORV TXH FRQGXFHQ D GHWHUPLQDU VL KXER
DFWRFRQVHQWLGRGHPRGRTXHQRVLHPSUHSRGUiH[LJLUVHXQDFWRHQ
HOTXHHOWLWXODUPDQLILHVWHWH[WXDOPHQWH\SRUHVFULWRTXHDFHSWDOLEUH
\H[SUHVDPHQWHHODFWRLOHJDOXRPLVLyQLQGHELGDVLQRTXHHOORSRGUi
GHGXFLUVH GHO DFFLRQDU TXH HO WLWXODU KXELHUD WHQLGR D SDUWLU GH OD
VXSXHVWDOHVLyQGHQXQFLDGD
6&3(QPDWHULDODERUDOORVDFWRVFRQVHQWLGRVOLEUH\
H[SUHVDPHQWHQRRSHUDQFRPRFDXVDOGHLPSURFHGHQFLDHQODDFFLyQ
GHDPSDURFRQVWLWXFLRQDOHQYLUWXGDOFDUiFWHULUUHQXQFLDEOHGHORV
GHUHFKRVODERUDOHV
6&33DUDTXHH[LVWDXQDFWRFRQVHQWLGRGHEHH[LVWLUXQD
YROXQWDG H[SUHVD R PDQLILHVWD TXH VH SUHVHQWD FXDQGR GHQWUR GH
SURFHVRVMXGLFLDOHVRDGPLQLVWUDWLYRVQRVHLQWHUSRQHQGHQWURGHORV
WpUPLQRV OHJDOHV ORV PHGLRV GH LPSXJQDFLyQ H[LVWHQWHV SDUD OD
UHVWLWXFLyQGHORVGHUHFKRVRJDUDQWtDVSUHVXQWDPHQWHOHVLRQDGRVHO
DFFLRQDQWHVHFRQIRUPDFRQHODFWRRORDGPLWLGRSRUPDQLIHVWDFLRQHV
FRQFUHWDVGHVXYROXQWDG\GHMDWUDQVFXUULUHOSOD]RGHVHLVPHVHVVLQ
KDEHU UHFODPDGR OD UHVWLWXFLyQ GH VXV GHUHFKRV HQ OD MXVWLFLD
FRQVWLWXFLRQDO
&DXVDOHVGHLPSURFHGHQFLDHQODDFFLyQGHDPSDUR&XDQGR
ORV GHUHFKRV R JDUDQWtDV FRUUHVSRQGDQ VHU WXWHODGRV SRU ODV RWUDV
DFFLRQHVGHGHIHQVD
6&3   /D DFFLyQ GH DPSDUR FRQVWLWXFLRQDO QR SURFHGH
FXDQGR ORV GHUHFKRV IXQGDPHQWDOHV R JDUDQWtDV FRQVWLWXFLRQDOHV
FRUUHVSRQGDQVHUWXWHODGRVSRUODVRWUDVDFFLRQHVGHGHIHQVD
&DXVDOHVGHLPSURFHGHQFLDHQODDFFLyQGHDPSDUR)DOWDGH
OHJLWLPDFLyQDFWLYD
6&3//DOHJLWLPDFLyQDFWLYDHQODDFFLyQGHDPSDUR
FRQVWLWXFLRQDOUHTXLHUHTXHHODFFLRQDQWHGHPXHVWUHODFRQFXUUHQFLD
GHXQDJUDYLRSHUVRQDO\GLUHFWRDVXVGHUHFKRVIXQGDPHQWDOHV
 &DXVDOHV GH LPSURFHGHQFLD HQ OD DFFLyQ GH
DPSDUR,GHQWLGDG GH REMHWR VXMHWR \ FDXVD &RVD -X]JDGD
&RQVWLWXFLRQDO 
6&3   1R H[LVWH FRVD MX]JDGD FRQVWLWXFLRQDO FXDQGR VH
KXELHVH GHQHJDGR OD WXWHOD SRU DVSHFWRV IRUPDOHV VLQ LQJUHVDU DO
DQiOLVLVGHIRQGR
6&3&XDQGRH[LVWHLGHQWLGDGGH L 3DUWHVSURFHVDOHV
UHIHULGDVDODOHJLWLPDFLyQDFWLYD\OHJLWLPDFLyQSDVLYDTXHSXHGH
VHU SDUFLDO R WRWDO \ LL  3UREOHPD MXUtGLFR HQ HO TXH VH IXQGD OD
GHPDQGD FRQ RWUD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO DQWHULRUPHQWH
LQWHUSXHVWD \ UHVXHOWD RSHUD OD FRVD  MX]JDGD FRQVWLWXFLRQDO DO
W


dW^:d


FRQFXUULULGHQWLGDGGHREMHWRVXMHWR\FDXVDUHVXOWDQGRVHUHVWDOD
UD]yQGHRUGHQSURFHVDOSDUDGHQHJDUODWXWHODPLHQWUDVTXHODUD]yQ
GHRUGHQpWLFRPRUDOTXHMXVWLILFDODLPSRVLFLyQGHPXOWDDODRHO
DFFLRQDQWH FXDQGR VX DFFLyQ HV GHQHJDGD SRU OD H[LVWHQFLD GH
LGHQWLGDG GH REMHWR VXMHWR \ FDXVD HV HO DPD OOXOOD QR PLHQWDV 
GHELGRDTXHHODFFLRQDQWH OHJLWLPDGRDFWLYR DVDELHQGDVGHTXHOD
MXVWLFLDFRQVWLWXFLRQDOUHVROYLyVXSUREOHPDMXUtGLFRLQVLVWHFRQRWUD
GHPDQGD SUHWHQGLHQGRVRUSUHQGHU DHVWHyUJDQRMXULVGLFFLRQDOOR
TXHVHGHQRPLQDWHPHULGDG
 &DXVDOHV GH LPSURFHGHQFLD HQ OD DFFLyQ GH DPSDUR3RU
KDEHUFHVDGRORVHIHFWRVGHODFWRUHFODPDGR
6&3   &XDQGR VH GHQXQFLD XQ DFWR LOHJDO X RPLVLyQ
LQGHELGD \ pVWRV FHVDQ FRQ DQWHULRULGDG D OD FHOHEUDFLyQ GH OD
DXGLHQFLDGHOUHFXUVRVHGHEHGHQHJDUODWXWHODSRUODFHVDFLyQGHOD
FDXVD TXH OR PRWLYy SXHV LPSOLFD OD GHVDSDULFLyQ GHO REMHWR GHO
UHFXUVR
 &DXVDOHV GH LPSURFHGHQFLD HQ OD DFFLyQ GH
DPSDUR3UHVHQWDFLyQIXHUDGHOSOD]RGHVHLVPHVHV
6&3   /D DFFLyQ GH DPSDUR FRQVWLWXFLRQDO GHEH VHU
SUHVHQWDGD HQ HO SOD]R GH VHLV PHVHV FRPSXWDEOHV D SDUWLU GH OD
FRPLVLyQGHODYXOQHUDFLyQDOHJDGDRGHQRWLILFDGDOD~OWLPDGHFLVLyQ
DGPLQLVWUDWLYDRMXGLFLDO
6&36XVSHQVLyQGHOSOD]RGHFDGXFLGDGGHVHLVPHVHV
SDUD OD SUHVHQWDFLyQ GH OD DFFLyQ GHDPSDURFRQVWLWXFLRQDO HQ ORV
FDVRVHQORVTXHVHLQWHUSXVRFRQDQWHULRULGDGDFFLyQFRQVWLWXFLRQDO
UHLQLFLiQGRVH HO FyPSXWR FXDQGR VH QRWLILFD OD 5HVROXFLyQ R
6HQWHQFLD&RQVWLWXFLRQDOTXHQRLQJUHVyDOIRQGR
6&3   /D SUHVHQWDFLyQ GH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO HQ OD FDVD GHO VHFUHWDULR DFWXDULR R QRWDULR GH IH
S~EOLFDVyORHVDGPLVLEOHHQVLWXDFLRQHVGHXUJHQFLDSRUHOLQPLQHQWH
YHQFLPLHQWR GHO SOD]R SHUHQWRULR \ DQWH XQD VLWXDFLyQ GH IXHU]D
PD\RU TXHLPSLGDHO QRUPDO GHVDUUROOR GH DFWLYLGDGHV GHO UJDQR
-XGLFLDO
 &DXVDOHV GH LPSURFHGHQFLD HQ OD DFFLyQ GH
DPSDUR6XEVLGLDULHGDG
6&3   /DV UHVROXFLRQHV X RUGHQDQ]DV PXQLFLSDOHV VRQ
LPSXJQDEOHV D WUDYpV GHO UHFXUVR GH UHFRQVLGHUDFLyQ FX\R
SURQXQFLDPLHQWRGHEHHIHFWXDUVHHQYHLQWHGtDVEDMRFRQPLQDWRULD
GHDSOLFDUVLOHQFLRDGPLQLVWUDWLYRQHJDWLYR
6&3   (Q ORV SURFHVRV DGPLQLVWUDWLYRV VDQFLRQDGRUHV
DGXDQHURV FXDQGR HO DGPLQLVWUDGR QR LPSXJQD D WUDYpV GH ORV
UHFXUVRVGHDO]DGD\MHUiUTXLFRODGLOLJHQFLDGHQRWLILFDFLyQGHODV
W


dW^:d

UHVROXFLRQHVGHFDUiFWHUGHILQLWLYRQRSURFHGHODLQWHUSRVLFLyQGHOD
DFFLyQGHDPSDURFRQVWLWXFLRQDO
6&3&XDQGRVHGHQXQFLDOHVLyQDORVHOHPHQWRVGHOD
JDUDQWtD GHO GHELGR SURFHVR HQ ORV SURFHVRV GH HMHFXFLyQ QR HV
H[LJLEOHHODJRWDPLHQWRGHOSURFHVRRUGLQDULRSRVWHULRUWRGDYH]TXH
HQpVWHQRVHSRGUiDQDOL]DUGLFKDOHVLyQHQWDQWRTXHVLODGHQXQFLD
QR HVWi YLQFXODGD D YXOQHUDFLyQ GH GHUHFKRV \ JDUDQWtDV
FRQVWLWXFLRQDOHV VLQR D DVSHFWRV TXH UHTXLHUHQ DPSOLR GHEDWH
GHEHUiIRUPXODUVHHOFRUUHVSRQGLHQWHSURFHVRRUGLQDULR
6&36XSXHVWRVGHVXEVLGLDULHGDGGHODDFFLyQGHDPSDUR
FRQVWLWXFLRQDO FRQVWUXLGRV MXULVSUXGHQFLDOPHQWH D SDUWLU GH VX
FRQILJXUDFLyQSURFHVDO
6&36XSXHVWRVGHVXEVLGLDULHGDGGHODDFFLyQGHDPSDUR
FRQVWLWXFLRQDO FRQVWUXLGRV MXULVSUXGHQFLDOPHQWH D SDUWLU GH VX
FRQILJXUDFLyQSURFHVDO
6&3   /DV UHVROXFLRQHV MXGLFLDOHV SURQXQFLDGDV HQ
HMHFXFLyQ GH VHQWHQFLD GHEHQ VHU LPSXJQDGDV HQ IRUPD GLUHFWD D
WUDYpVGHOUHFXUVRGHDSHODFLyQ
6&3/DIDOWDGHQRWLILFDFLyQFRQODTXHUHOODVLQRGHMD
HQLQGHIHQVLyQDOLPSXWDGRVHFRQVWLWX\HHQXQGHIHFWRUHODWLYRTXH
GHEHVHULPSXJQDGR\FRUUHJLGRRSRUWXQDPHQWH
6&3   (O PHMRU GHUHFKR SURSLHWDULR GH OD SHTXHxD
SURSLHGDGDJUDULDGHEHVHULPSXJQDGRHQODYtDRUGLQDULD\QRD
WUDYpVGHXQLQFLGHQWHGHRSRVLFLyQDOGHVDSRGHUDPLHQWR
6&3/DVXEVLGLDULHGDGGHODPSDURFRQVWLWXFLRQDOGHEH
VHU HQWHQGLGD QR VROR FRPR HO VLPSOH DJRWDPLHQWR GH WRGDV ODV
LQVWDQFLDVGHQWURGHOSURFHVRRYtDOHJDOVHDDGPLQLVWUDWLYDRMXGLFLDO
GRQGHVHDFXVDODYXOQHUDFLyQDGHUHFKRVVLQRLPSOLFDODH[LJHQFLD
GHLQYRFDFLyQGHODFWROHVLYR\GHUHFKRUHFODPDGRHQVHGHMXGLFLDOR
DGPLQLVWUDWLYDHVGHFLUHOUHFODPRHIHFWLYRGHORVDFWRVOHVLYRVSDUD
TXHODVDXWRULGDGHVFRQR]FDQORVDJUDYLRV\WHQJDQODRSRUWXQLGDG
GHUHSDUDUORV
6&3/DVXEVLGLDULHGDGGHODPSDURFRQVWLWXFLRQDOGHEH
VHUHQWHQGLGDFRPRHODJRWDPLHQWRGHWRGDVODVLQVWDQFLDVGHQWURGHO
SURFHVRRYtDOHJDOVHDDGPLQLVWUDWLYDRMXGLFLDOGRQGHVHDFXVDOD
YXOQHUDFLyQ GDGR TXH GRQGH VH GHEHQ UHSDUDU ORV GHUHFKRV
IXQGDPHQWDOHVOHVLRQDGRVHVHQHOPLVPRSURFHVRRHQODLQVWDQFLD
GRQGHKDQVLGRFRQFXOFDGRV\FXDQGRHVWRQRRFXUUHTXHGDDELHUWD
ODSURWHFFLyQTXHEULQGDHOHVWDDFFLyQGHGHIHQVD
6&3   /RV LQFLGHQWHV VREUH OD FDOLGDG GH ELHQHV
LQFDXWDGRVGHQWURGHSURFHVRVSHQDOHVGHEHQVHUSUHVHQWDGRVKDVWD
DQWHVGHSURQXQFLDUVHOD6HQWHQFLD
W


dW^:d


 6XEVLGLDULHGDG3RU DFWLYDFLyQ SDUDOHOD GH PHFDQLVPRV GH
GHIHQVD
6&3   (V LPSURFHGHQWH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDOFXDQGRSUHYLDPHQWHVHDFWLYDRWUDDFFLyQWXWHODUFRQ
LGHQWLGDG GH REMHWR VXMHWR \ FDXVD FX\D UHVROXFLyQ VH HQFXHQWUD
SHQGLHQWHGHGHFLVLyQDQWHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO
\ODGLODFLyQRGHPRUDFRPRFRQVHFXHQFLDGHORUGHQGHOVRUWHRQRHV
XQ HOHPHQWR TXH MXVWLILTXH HO DQiOLVLV GH OD SUREOHPiWLFD HQ XQD
VHJXQGD DFFLyQ WXWHODU \D TXH ODV SDUWHV SURFHVDOHV GH PDQHUD
PRWLYDGDHQYH]GHDFWLYDUXQDQXHYDDFFLyQWXWHODUSXHGHQSHGLU
DQWHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDODWUDYpVGHOD&RPLVLyQ
GH$GPLVLyQHODGHODQWRGHVRUWHRDGHPiVODVPHGLGDVFDXWHODUHV
VRQXQDILJXUDGHVWLQDGDDHYLWDUODFRQVXPDFLyQGHXQDDPHQD]DGH
UHVWULFFLyQRVXSUHVLyQGHGHUHFKRVRJDUDQWtDVSRUFXDQWRIUHQWHD
VX UHFRQRFLPLHQWR H[SUHVR QR VH MXVWLILFD OD SUHVHQWDFLyQ GH RWUD
DFFLyQWXWHODUSDUDHVWHILQ
([FHSFLRQHVDOSULQFLSLRGHVXEVLGLDULHGDGGHODDFFLyQGH
DPSDUR&XDQGR QR H[LVWH SURFHGLPLHQWR SUHYLVWR HQ QRUPDWLYD D
DSOLFDUVH
6&3   6L ELHQ FRQWUD ODV UHVROXFLRQHV DGPLQLVWUDWLYDV
PXQLFLSDOHVHODGPLQLVWUDGRSXHGHDFXGLUDODLPSXJQDFLyQMXGLFLDO
SRU OD YtD GHO SURFHVR FRQWHQFLRVR DGPLQLVWUDWLYR VLQ HPEDUJR
RSHUDODH[FHSFLyQDOFDUiFWHUVXEVLGLDULRGHODDFFLyQGHDPSDUR
FRQVWLWXFLRQDODOH[LVWLUYDFtRQRUPDWLYRUHVSHFWRDODUHJXODFLyQGHO
SURFHVRFRQWHQFLRVRDGPLQLVWUDWLYR
6&31RVHDSOLFDHOSULQFLSLRGHVXEVLGLDULHGDGHQOD
DFFLyQ GH DPSDUR FRQVWLWXFLRQDO FXDQGR QR H[LVWH SURFHGLPLHQWR
SUHYLVWRHQODQRUPDWLYDDDSOLFDUVHQLVHHVWDEOHFHTXpDXWRULGDGHV
GHEHQ FRQRFHU \ UHVROYHU HO FDVR WDQWR HQ SULPHUD \ VHJXQGD
LQVWDQFLD
([FHSFLRQHVDOSULQFLSLRGHVXEVLGLDULHGDGGHODDFFLyQGH
DPSDUR(Q FDVRV GH DPHQD]DV GH YLROHQFLD ItVLFDHQ FRQWUD GHODV
PXMHUHV
6&3/DWXWHODTXHEULQGDHODPSDURFRQVWLWXFLRQDOGHEH
VHULQPHGLDWDSUHVFLQGLHQGRGHIRUPDOLVPRVHQFDVRVHQTXHH[LVWDQ
DPHQD]DVSRUYLROHQFLDItVLFDGHJpQHUR
([FHSFLRQHVDOSULQFLSLRGHVXEVLGLDULHGDGGHODDFFLyQGH
DPSDUR(QSURFHVRVHMHFXWLYRV\FRDFWLYRVQRHVH[LJLEOHDJRWDUHO
SURFHVR RUGLQDULR FXDQGR VH GHQXQFLH OHVLRQHV DO GHELGR SURFHVR

6&3&XDQGRVHGHQXQFLDOHVLyQDORVHOHPHQWRVGHOD
JDUDQWtD GHO GHELGR SURFHVR HQ ORV SURFHVRV GH HMHFXFLyQ QR HV
W


dW^:d

H[LJLEOHHODJRWDPLHQWRGHOSURFHVRRUGLQDULRSRVWHULRUWRGDYH]TXH
HQpVWHQRVHSRGUiDQDOL]DUGLFKDOHVLyQHQWDQWRTXHVLODGHQXQFLD
QR HVWi YLQFXODGD D YXOQHUDFLyQ GH GHUHFKRV \ JDUDQWtDV
FRQVWLWXFLRQDOHV VLQR D DVSHFWRV TXH UHTXLHUHQ DPSOLR GHEDWH
GHEHUiIRUPXODUVHHOFRUUHVSRQGLHQWHSURFHVRRUGLQDULR
([FHSFLRQHVDOSULQFLSLRGHVXEVLGLDULHGDGGHODDFFLyQGH
DPSDUR*UXSRVGHSULRULWDULDDWHQFLyQ
6&3   1R VH DSOLFD HO SULQFLSLR GH VXEVLGLDULHGDG
H[FHSFLRQDOGHODDFFLyQGHDPSDURFRQVWLWXFLRQDODODVPXMHUHVHQ
JHVWDFLyQ\PDGUHVGHQLxRV\QLxDVPHQRUHVDXQDxRDREMHWRGH
RWRUJDUXQDSURWHFFLyQLQPHGLDWD
6&3   1R VH DSOLFD HO SULQFLSLR GH VXEVLGLDULHGDG
H[FHSFLRQDOGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOHQORVFDVRVGH
DGXOWRVPD\RUHV
([FHSFLRQHVDOSULQFLSLRGHVXEVLGLDULHGDGGHODDFFLyQGH
DPSDUR0HGLRGHGHIHQVDLQHILFD]
6&3/DDFFLyQGHDPSDURFRQVWLWXFLRQDOHQHOSURFHVR
DGPLQLVWUDWLYRVDQFLRQDGRUDGXDQHURSURFHGHD~QFXDQGRQRVHKD\D
LQWHUSXHVWR LQFLGHQWH GH QXOLGDG GH QRWLILFDFLRQHV HQ VHGH
DGPLQLVWUDWLYDSXHVpVWHQRFRQVWLWX\HXQDYtDLGyQHDTXHGHEDVHU
DJRWDGD DQWHV GH OD LQWHUSRVLFLyQ GH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO
6&3/&XDQGRODV-HIDWXUDVGH7UDEDMRQREULQGHQXQD
UHVSXHVWDSURQWD\RSRUWXQDSDUDHOUHVJXDUGRGHORVGHUHFKRVDODR
HOWUDEDMDGRUVHIOH[LELOL]DUiHOSULQFLSLRGHVXEVLGLDULHGDGDSOLFDEOH
D OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO \ SRU WDQWR SURFHGHUi  GH
PDQHUDGLUHFWDODDFFLyQGHDPSDURFRQVWLWXFLRQDO
6&3/DIRUPXODFLyQGHVROLFLWXGGHFRPSOHPHQWDFLyQ
HQPLHQGD\DFODUDFLyQQRVHFRQVWLWX\HHQXQUHFXUVRTXHGHEDVHU
DJRWDGR DQWHV GH OD LQWHUSRVLFLyQ GH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO
6&3   (V DSOLFDEOH OD IOH[LELOL]DFLyQ DO SULQFLSLR GH
VXEVLGLDULHGDGSDUDODWXWHODGHGHUHFKRVYXOQHUDGRVSRURPLVLyQGH
SDJRGHVDODULRV
([FHSFLRQHVDOSULQFLSLRGHVXEVLGLDULHGDGGHODDFFLyQGH
DPSDUR1RHVH[LJLEOHHOUHFXUVRGHFRPSXOVDFXDQGRODDSHODFLyQR
FDVDFLyQIXHURQFRQFHGLGRV
6&3   (O UHFXUVR GH FRPSXOVD VH IRUPXOD FRQWUD OD
QHJDWLYD D FRQFHGHU ORV UHFXUVRV GH DSHODFLyQ R FDVDFLyQ
LPSXJQDQGRVXLQGHELGDLQDGPLVLyQQRDVtFXDQGRGLFKRVUHFXUVRV

W


dW^:d


KDQ VLGR DGPLWLGRV \ HV HO WULEXQDO GH DSHODFLyQ HO TXH DQXOD VX
FRQFHVLyQ
([FHSFLRQHVDOSULQFLSLRGHVXEVLGLDULHGDGGHODDFFLyQGH
DPSDUR3RUGDxRLQPLQHQWHHLUUHSDUDEOHDOGHUHFKRDODJXD
6&3   1R VH DSOLFD HO SULQFLSLR GH VXEVLGLDULHGDG
H[FHSFLRQDO GH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO FXDQGR H[LVWH
GDxRLQPLQHQWHRLUUHSDUDEOHDOGHUHFKRDODJXD
([FHSFLRQHVDOSULQFLSLRGHVXEVLGLDULHGDGGHODDFFLyQGH
DPSDUR5HVROXFLRQHV ILVFDOHV FXDQGR VH LPSXJQH OD LQGHELGD
LQWHUSUHWDFLyQ GH OD OHJDOLGDG RUGLQDULD OD HUUyQHD YDORUDFLyQ
SUREDWRULDRODRPLVLyQYDORUDWLYD
6&3   /D DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SURFHGH
GLUHFWDPHQWH SDUD LPSXJQDU OD LQGHELGD LQWHUSUHWDFLyQ GH OD
OHJDOLGDG RUGLQDULD OD HUUyQHD YDORUDFLyQ SUREDWRULD OD RPLVLyQ
YDORUDWLYD R OD IDOWD GH IXQGDPHQWDFLyQ HQ ODV UHVROXFLRQHV
SURQXQFLDGDVSRUORV)LVFDOHVQRVLHQGRQHFHVDULRHQFRQVHFXHQFLD
LPSXJQDUODV DQWH HO MXH] FDXWHODU DXWRULGDG TXH VyOR HMHUFH HO
FRQWUROMXULVGLFFLRQDOVREUHDVSHFWRVGHSURFHGLPLHQWR
([FHSFLRQHVDOSULQFLSLRGHVXEVLGLDULHGDGGHODDFFLyQGH
DPSDUR5HVSHFWRDVDODULRVRVXHOGRVGHYHQJDGRV
6&31RHVDSOLFDEOHHOSULQFLSLRGHVXEVLGLDULHGDGGHOD
DFFLyQGHDPSDURFRQVWLWXFLRQDOUHVSHFWRDORVVDODULRVRVXHOGRV
GHYHQJDGRV GDGR TXH SRU VX HVWUHFKD YLQFXODFLyQ FRQ OD
VXEVLVWHQFLD\ODYLGDPLVPDGHODSHUVRQD\VXIDPLOLDQRSRGUtD
H[LJLUVH HO DJRWDPLHQWR GH RWURV PHGLRV R UHFXUVRV TXH SRGUtDQ
UHVXOWDU LQHILFDFHV SRU HO WLHPSR TXH FRQOOHYDUtD VX WUDPLWDFLyQ

([FHSFLRQHVDOSULQFLSLRGHVXEVLGLDULHGDGGHODDFFLyQGH
DPSDUR9tDVRPHGLGDVGHKHFKR
6&3   3URFHGH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO GH
PDQHUD GLUHFWD SDUD FDVRV HQ ORV FXDOHV  VH YXOQHUHQ GHUHFKRV
PHGLDQWH YtDVR PHGLGDV GH KHFKR SRUHMHUFHUVHMXVWLFLD SRU PDQR
SURSLD SUHVFLQGLHQGR GH ORV PHFDQLVPRV MXULVGLFFLRQDOHV
UHFRQRFLGRVHQODQRUPDWLYD
6&3   1R VH DSOLFD HO SULQFLSLR GH VXEVLGLDULHGDG
H[FHSFLRQDOGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOHQORVFDVRVGH
YXOQHUDFLyQGHGHUHFKRVPHGLDQWHYtDVRPHGLGDVGHKHFKR
6&3   &XDQGR VH SURGX]FD XQD DPHQD]D DIHFWDFLyQ R
UHVWULFFLyQDOGHUHFKRDODJXDSRUPHGLGDVRYtDVGHKHFKRVyORVH
UHTXLHUH TXH HO DIHFWDGR DFUHGLWH REMHWLYDPHQWH HO DFWR OHVLYR D
SURGXFLUVH R TXH IXHUH FRQVXPDGR VDOYR ORV FDVRV GH PDQLILHVWD
W


dW^:d

DIHFWDFLyQVLWXDFLyQHQODFXDOQRHVH[LJLEOHODFDUJDSUREDWRULDD
FDUJRGHODFFLRQDQWH
9tDVRPHGLGDVGHKHFKR$YDVDOODPLHQWRGHSURSLHGDG
6&3   3URFHGH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO GH
PDQHUD GLUHFWD SDUD FDVRV HQ ORV FXDOHV  VH YXOQHUHQ GHUHFKRV
PHGLDQWH YtDVR PHGLGDV GH KHFKR SRUHMHUFHUVHMXVWLFLD SRU PDQR
SURSLD SUHVFLQGLHQGR GH ORV PHFDQLVPRV MXULVGLFFLRQDOHV
UHFRQRFLGRVHQODQRUPDWLYD
6&31RVHFXPSOHFRQHOSUHVXSXHVWRSURFHVDOSDUDTXH
SURFHGDODDFFLyQGHDPSDURFRQVWLWXFLRQDOSRUPHGLGDVGHKHFKR
DQWHVXSXHVWRDYDVDOODPLHQWRFXDOHVTXHHOGHUHFKRDODSURSLHGDG
QR HVWp FXHVWLRQDGR FXDQGR XQ SURFHVR GH VDQHDPLHQWR QR HVWi
FRQFOXLGRSRUORPLVPRODSURSLHGDGSULYDGDHVWiFXHVWLRQDGDHQ
VXVOLQGHURVUHVSHFWRGHODSURSLHGDGGHOD&RPXQLGDG&DPSHVLQD
VLQHPEDUJRDQWHODH[LVWHQFLDGHDFWDVGHFRQIRUPLGDGGHOLQGHURV
VXVFULWDHQWUHHOSDUWLFXODU\OD&RPXQLGDGFRUUHVSRQGHDO,QVWLWXWR
1DFLRQDOGH5HIRUPD$JUDULD ,15$ UHDOL]DUHOVHJXLPLHQWRGHOD
HVWULFWD REVHUYDQFLD \ FXPSOLPLHQWR GH WDOHV DFWDV D HIHFWRV GH
FXDOHVTXLHUDGHODVSDUWHVLQFXUUDHQPHGLGDVGHKHFKRHVWRFRQOD
ILQDOLGDGGHSDFLILFDUORVFRQIOLFWRVVXVFLWDGRVHQODORFDOLGDG
 9tDV R PHGLGDV GH KHFKR(O DFFLRQDQWH GHEH FXPSOLU ORV
SUHVXSXHVWRV FRQVLVWHQWHV HQ DFUHGLWDU GH PDQHUD REMHWLYD OD
H[LVWHQFLD GH DFWRV R PHGLGDV GH KHFKR DVt FRPR VX WLWXODULGDG R
GRPLQLDOLGDGFRQHOUHJLVWURGHSURSLHGDG
6&3/DDFFLyQGHDPSDURFRQVWLWXFLRQDOSURFHGHFRQWUD
YtDVGHKHFKRYLQFXODGDVDODYDVDOODPLHQWRFXDQGRHODFFLRQDQWH
FXPSOH ORV SUHVXSXHVWRV  FRQVLVWHQWHV HQ DFUHGLWDU GH PDQHUD
REMHWLYD OD H[LVWHQFLD GH DFWRV R PHGLGDV DVXPLGDV VLQ FDXVD
MXUtGLFD DVt FRPR VXWLWXODULGDG R GRPLQLDOLGDGFRQ HO UHJLVWUR GH
SURSLHGDGVREUHHOELHQHQUHODFLyQDOFXDOVHHMHUFLyYtDVGHKHFKR

*UXSRVGHSULRULWDULDDWHQFLyQ3URJHQLWRUDV\SURJHQLWRUHV
FRQKLMDVRKLMRVPHQRUHVGHXQDxR
6&3   1R VH DSOLFD HO SULQFLSLR GH VXEVLGLDULHGDG
H[FHSFLRQDOGHODDFFLyQGHDPSDURFRQVWLWXFLRQDODODVPXMHUHVHQ
JHVWDFLyQ\PDGUHVGHQLxRV\QLxDVPHQRUHVDXQDxRDREMHWRGH
RWRUJDUXQDSURWHFFLyQLQPHGLDWD



W


dW^:d

W


dW^:d

3UHVHQWDFLyQ

/D 5HIRUPD &RQVWLWXFLRQDO GH  VLJQLILFy XQ FDPELR GH SDUDGLJPD
FRQVWLWXFLRQDO \ JHQHUy GHVGH OD SHUVSHFWLYD GHO FRQVWLWXFLRQDOLVPR
ODWLQRDPHULFDQRXQPRGHORFRQVWLWXFLRQDOFULVROGHODSOXULQDFLRQDOLGDGHO
SOXUDOLVPRODLQWHUFXOWXUDOLGDG\ODGHVFRORQL]DFLyQ

(QHIHFWRPXFKRVIXHURQORVFDPELRV\DYDQFHVSURJUHVLVWDVGHOQXHYR
PRGHOR FRQVWLWXFLRQDO HQWUH HOORV GHVGH OD SHUVSHFWLYD GHO (VWDGR
&RQVWLWXFLRQDO3OXULQDFLRQDOGH'HUHFKRODYLJHQFLDGHXQVLVWHPDSOXUDO
GH IXHQWHV MXUtGLFDV TXH VLJQLILFy XQD UHGHILQLFLyQ SURIXQGD GHO VLVWHPD
MXUtGLFR\GHORVPpWRGRVGHOGHUHFKRSRUWDQWRODMXULVSUXGHQFLDFRPR
IXHQWHGLUHFWDGHGHUHFKRPHUHFHXQDPLUDGDSURIXQGDHLQHOXGLEOHSDUD
SRGHUHYLGHQFLDUODPDWHULDOL]DFLyQGHXQPRGHORGH(VWDGRTXHDSDUWLUGH
OD QREOH YLVLyQ GHO FRQVWLWX\HQWH IXH FDSD] GH WUD]DU VX GHVWLQR
FRQVWLWXFLRQDO D WUDYpV GH XQ SDUDGLJPD SURSLR FX\D LPSURQWD VH YHUi
UHIOHMDGD HQ OD MXULVSUXGHQFLD GHO Pi[LPR JDUDQWH GHO EORTXH GH
FRQVWLWXFLRQDOLGDG\GHORVGHUHFKRVIXQGDPHQWDOHV

'HDFXHUGRDORDQRWDGRHVHYLGHQWHTXHDOVHUHO7ULEXQDO&RQVWLWXFLRQDO
3OXULQDFLRQDO OD SLHGUD DQJXODU GH HVWH SDUDGLJPD FRQVWLWXFLRQDO
LQHTXtYRFDPHQWH GHEHQ VHU UHVFDWDGDV VXV OtQHDV GH SHQVDPLHQWR
MXULVSUXGHQFLDOYLQFXODQWH\ORVFULWHULRVGHDUJXPHQWDFLyQMXUtGLFDSOXUDO
TXHVLQGXGDFRQVWLWX\HQHOFULVROGHOPRGHORFRQVWLWXFLRQDOEROLYLDQRSRU
ORTXHXQWUDEDMRDFDGpPLFRFRPRHOTXHVHH[SRQHGHMDUiXQDLPSURQWD
HQ OD KLVWRULD GHO FRQVWLWXFLRQDOLVPR EROLYLDQR \ VHUYLUi GH IXHQWH GH
FRQRFLPLHQWR HVHQFLDO SDUD ODV \ ORV EROLYLDQRV \ WRGRV DTXHOORV TXH
TXLHUDQ SRQHU OD PLUDGD HQ OD WHRUtD FRQVWLWXFLRQDO GHVDUUROODGD HQ HO
(VWDGR3OXULQDFLRQDOGH%ROLYLD


W


dW^:d


$VtFRQFHUWH]DSXHGHDILUPDUVHTXHHOWLHPSR\ODKLVWRULDFRUURERUDUiQ
ORV LQPHQVRV IUXWRV TXH JHQHUD OD DSXHVWD SRU OD DFDGHPLD SRU OR TXH
LQHTXtYRFDPHQWHHODSRUWHGHHVWHWUDEDMRVHUiDSUHFLDGRSRUODVSUHVHQWHV
\IXWXUDVJHQHUDFLRQHV


6XFUHHQHURGH



'U=HQyQ+XJR%DFDUUH]D0RUDOHV
3UHVLGHQWHGHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO
GH%ROLYLD


W


dW^:d

*8$3$5$/(&725(6
(OWUDEDMRGHVDUUROODGRFRQWLHQHVHQWHQFLDVFRQVWLWXFLRQDOHVSURQXQFLDGDV
SRUHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOFRQVLGHUDGDVUHOHYDQWHV(Q
HVWHFRQWH[WRSDUDLGHQWLILFDUODVVHQWHQFLDVFRQVWLWXFLRQDOHVUHOHYDQWHVVH
FRQVLGHUyORVVLJXLHQWHVFULWHULRV
'HVGHXQSXQWRGHYLVWDGHODWLSRORJtDGHODVVHQWHQFLDVFRQVWLWXFLRQDOHV
HVWDV SXHGHQ VHU IXQGDQWHV PRGXODGRUDV PXWDGRUDV UHFRQGXFWRUDV  R
SULPHUDVFRQILUPDGRUDV/DVSULPHUDVSODVPDQXQSULPHUHQWHQGLPLHQWR
MXULVSUXGHQFLDOTXHJHQHUDQSUHFHGHQWHVYLQFXODQWHVTXHVRQIXHQWHGLUHFWD
GHGHUHFKR\GHEHUiQVHUDSOLFDGRVDFDVRVIXWXURVFRQLGHQWLGDGIiFWLFD
/DVPRGXODGRUDVVRQDTXHOODVTXHDJUHJDQRGHVDUUROODQGHPDQHUDPiV
H[WHQVLYDHQWHQGLPLHQWRVMXULVSUXGHQFLDOHVYLQFXODQWHV3RUVXSDUWHODV
PXWDGRUDV VRQ DTXHOODV TXH FDPELDQ SUHFHGHQWHV ODV UHFRQGXFWRUDV
LPSOLFDQXQFDPELRGHOtQHDDXQDQWHULRUHQWHQGLPLHQWRMXULVSUXGHQFLDO
)LQDOPHQWH ODV SULPHUDV FRQILUPDGRUDV VRQ DTXHOODV TXH D SDUWLU GH OD
YLJHQFLDGHO7ULEXQDO&RQVWLWXFLRQDOSOXULQDFLRQDODVXPHQHQWHQGLPLHQWRV
TXH\DIXHURQGHVDUUROODGRVSRUHO7ULEXQDO&RQVWLWXFLRQDOGHORVGLH]DxRV
\SRUHO7ULEXQDO&RQVWLWXFLRQDOGHWUDQVLFLyQ
(QHOPDUFRGHORVHxDODGRODVVHQWHQFLDVLGHQWLILFDGDVFRPRUHOHYDQWHV
IXHURQ VLVWHPDWL]DGDV D SDUWLU GH ILFKDV MXULVSUXGHQFLDOHV ODV FXDOHV
FRQWLHQHQORVLJXLHQWHD /DPi[LPDTXHHVXQUHVXPHQGHOSUHFHGHQWH
YLQFXODQWH E  OD VtQWHVLV GHO FDVR FRQFUHWR TXH SODVPD ORV SUREOHPDV
MXUtGLFRVTXHSODQWHDHOFDVRFRQFUHWRF (OH[WUDFWRGHOSUHFHGHQWHTXHHV
XQD FRSLD WH[WXDO GHO SUHFHGHQWH YLQFXODQWH FRQVLJQDGR HQ OD VHQWHQFLD
FRQVWLWXFLRQDO G  (O H[WUDFWR GH OD UDWLR GHFLGHQGL TXH FRQWLHQH OD
DSOLFDFLyQGHOSUHFHGHQWHDOFDVRFRQFUHWRH /DFRQWH[WXDOL]DFLyQGHOtQHD
HQODFXDOVHFRQVLJQDODKLVWRULDGHODOtQHDHQXQDQiOLVLVGLQiPLFRTXH
FRQWHPSODODHYROXFLyQGHODOtQHDGHSHQVDPLHQWRMXULVGLFFLRQDOGHVGHHO
7ULEXQDO&RQVWLWXFLRQDOGHORVGLH]DxRVKDVWDHOPHVGHMXQLRGHI 
/DVtQWHVLVGHODUDWLRGHFLGHQGLTXHHVXQUHVXPHQGHODDSOLFDFLyQGHO
SUHFHGHQWHHQHOFDVRFRQFUHWR\J (OHVWiQGDUPiVDOWRTXHOXHJRGHO
DQiOLVLV GLQiPLFR GH OtQHD MXULVSUXGHQFLDO LGHQWLILFD OD VHQWHQFLD PiV
IDYRUDEOH\SURJUHVLYDTXHJHQHUDHOSUHFHGHQWH
'H DFXHUGR D OR DQRWDGR HV LPSRUWDQWH HVWDEOHFHU WDPELpQ TXH ODV
VHQWHQFLDVUHOHYDQWHVIXHURQLGHQWLILFDGDVDSDUWLUGHDTXHOODVHPHUJHQWHV
GH FRQWURO QRUPDWLYR GH FRQVWLWXFLRQDOLGDG FRQWURO FRPSHWHQFLDO GH
FRQVWLWXFLRQDOLGDG\FRQWUROWXWHODUGHFRQVWLWXFLRQDOLGDG\HOSHULRGRGH
DQiOLVLV FRPSUHQGH DTXHOODV VHQWHQFLDV HPLWLGDV SRU HO 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO GHVGH HQHUR GH  KDVWD MXQLR GH 
GHELHQGRFRQVLGHUDUVHTXHFDGDOtQHDMXULVSUXGHQFLDOPHUHFLyXQDQiOLVLV
GLQiPLFR D SDUWLU GH OD MXULVSUXGHQFLD WDQWR GHO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO GH ORV GLH] DxRV FRPR GHO 7ULEXQDO &RQVWLWXFLRQDO GH
WUDQVLFLyQ
)LQDOPHQWH GHEH DFODUDVH TXH ORV HVWDWXWRV DXWRQyPLFRV R FDUJDV
RUJiQLFDV VRPHWLGRV D FRQWURO SUHYLR GH FRQVWLWXFLRQDOLGDG QR VH
HQFXHQWUDQGHQWURGHOREMHWRGHOSUHVHQWHWUDEDMRGHVLVWHPDWL]DFLyQ
W


dW^:d



 ,QWHUSUHWDFLyQ GH OD &RQVWLWXFLyQ \ GH ODV QRUPDV GHO EORTXH GH
FRQVWLWXFLRQDOLGDG
'HUHFKR&RPXQLWDULR

&RQIOLFWRV
ODERUDOHV
HQ
RUJDQLVPRV
FRPXQLWDULRV8QLYHUVLGDG$QGLQD6LPyQ%ROtYDU
1~PHURGHUHVROXFLyQ6&3/

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3 /  /RV FRQIOLFWRV ODERUDOHV HQ RUJDQLVPRV
FRPXQLWDULRVFRPRHVOD8QLYHUVLGDG$QGLQD6LPyQ%ROtYDU 8$6% 
GHEHQ VHU UHVXHOWRV SRU HO 7ULEXQDO GH -XVWLFLD GH OD &RPXQLGDG
$QGLQDTXHHVHOyUJDQRMXULVGLFFLRQDOVXSUDQDFLRQDOHQFDUJDGRGH
OD UHVROXFLyQ GH FRQIOLFWRV DVt FRPR OD LQWHUSUHWDFLyQ GHO 'HUHFKR
&RPXQLWDULRGHOD&RPXQLGDG$QGLQDGH1DFLRQHV\QRDVtSRUOD
MXVWLFLD FRQVWLWXFLRQDO D WUDYpV GH OD DFFLyQ GH DPSDUR SRU FXDQWR
GLFKDV UHODFLRQHV ODERUDOHV HVWiQ GHQWUR GHO iPELWR GHO 'HUHFKR
&RPXQLWDULR SRU OR PLVPR OD MXVWLFLD FRQVWLWXFLRQDO QR WLHQH
DWULEXFLRQHV GH LQWHUSUHWDFLyQ GH XQ RUGHQDPLHQWR MXUtGLFR
VXSUDQDFLRQDO DO TXH QXHVWUR SDtV VH KD VRPHWLGR YROXQWDULDPHQWH
FRPRPLHPEURIXQGDGRU

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HO DFFLRQDQWH GHQXQFLy OD
DPHQD]DGHYXOQHUDFLyQGHVXVGHUHFKRVDOGHELGRSURFHVRDODGHIHQVD
DO
GHUHFKRFRPXQLWDULR
\HOSULQFLSLRGHVHJXULGDGMXUtGLFDVHxDODQGR
TXH PHGLDQWH QRWD GH SUHQVD GH  GH DJRVWR GH  WRPy
FRQRFLPLHQWRTXHIXHUHPRYLGRGHVXSXHVWRGH5HFWRUGHODVHGHFHQWUDO
GH OD 8QLYHUVLGDG $QGLQD 6LPyQ %ROtYDU 8$6%  HOLJLpQGRVH D XQD
DXWRULGDG VXVWLWXWD SHVH D HVWDU YLJHQWH D~Q VX SHULRGR GH IXQFLRQHV
6HxDOyTXHORVKHFKRVTXHFRQWULEX\HURQDVXUHPRFLyQIXHTXHD 1R
VHHIHFWXyXQDDGHFXDGDFLWDFLyQDODUHXQLyQH[WUDRUGLQDULDGHO&RQVHMR
6XSHULRU GH OD 8$6% SDUD HO  GH DJRVWR GH  HQ OD FLXGDG GH
%RJRWiSRUTXHVHUHPLWLyGLFKDFRPXQLFDFLyQDVXRILFLQDHOGHO
PLVPRPHV\DxRIXHUDGHKRUDULRKiELO\FXDQGRpOVHHQFRQWUDEDHQOD
W


dW^:d

FLXGDG GH /LPD \ E  (O UHSUHVHQWDQWH EROLYLDQR DQWH HO &RQVHMR
6XSHULRUGHOD8$6%FRGHPDQGDGRUHDOL]yDFWXDFLRQHVLOHJDOHVTXH
HQVXFULWHULRQRFRUUHVSRQGtDQDVXVDWULEXFLRQHVUHVSHFWRDOPDQHMR
DGPLQLVWUDWLYR GH OD UHIHULGD 8QLYHUVLGDG SRU OR TXH DFXGH D OD YtD
FRQVWLWXFLRQDODOQRH[LVWLUXQDYtDLQPHGLDWDGHLPSXJQDFLyQSUHYLVWD
SRUHO(VWDWXWRGHOD8$6%3RUORTXHVROLFLWyVHOHFRQFHGDODDFFLyQ
GHDPSDURFRQVWLWXFLRQDO\VHGLVSRQJDL 4XHORVGHPDQGDGRVUHVSHWHQ
VXVGHUHFKRV\JDUDQWtDVDQWHVGHHPLWLUFXDOTXLHU5HVROXFLyQSRUODTXH
SUHWHQGDQ FHVDUOR GH VXV IXQFLRQHV \ LL  6H UHPLWDQ DQWHFHGHQWHV DO
0LQLVWHULR 3~EOLFR SDUD TXH ORV GHPDQGDGRV VHDQ SURFHVDGRV SRU OD
FRPLVLyQ GHO GHOLWR GH UHVROXFLRQHV FRQWUDULDV D OD &RQVWLWXFLyQ \ ODV
OH\HVDVtFRPRDOSURFHVRSHQDOTXHKDEtDLQLFLDGRDQWHULRUPHQWHFRQWUD
YDULRV SHUVRQHURV GH OD 8$6% (Q XQ RWURVt GH VX GHPDQGD HO
DFFLRQDQWH VROLFLWy PHGLGD FDXWHODU SDUD TXH ORV GHPDQGDGRV VH
DEVWHQJDQ GH HMHFXWDU VX UHPRFLyQ FRPR 5HFWRU GH OD UHIHULGD
8QLYHUVLGDG (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO FRQILUPy OD
UHVROXFLyQUHYLVDGD\GHQHJyODWXWHODVROLFLWDGDSRULPSURFHGHQFLDGH
OD FDXVD HQ YLVWD GH TXH OD SUREOHPiWLFD SODQWHDGD HQ OD GHPDQGD
FRUUHVSRQGH VHU FRQRFLGD SRU OD LQVWDQFLD MXULVGLFFLRQDO GH OD
&RPXQLGDG $QGLQD \ GHO 6LVWHPD $QGLQR GH ,QWHJUDFLyQ \ QR D HVWH
7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOSRUODVHVSHFLDOHVFDUDFWHUtVWLFDV
GHO KHFKR \ OD SROtWLFD GH (VWDGR UHVSHFWR D OD LQWHJUDFLyQ
ODWLQRDPHULFDQD

([WUDFWRGHODUDWLRGHFLGHQGL\H[WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,/D SUREOHPiWLFD TXH HO DFFLRQDQWH SUHVHQWD HV XQ
FXHVWLRQDPLHQWR D VX UHPRFLyQ FRPR 5HFWRU GH OD VHGH FHQWUDO GH OD
8$6%SHURHORULJHQGHHVWDUHODFLyQODERUDOVHGLRGHQWURGHOiPELWR
GHO'HUHFKR&RPXQLWDULRFUHDGRHVSHFLDOPHQWHSDUDGHVDUUROODU\ORJUDU
ODVDFWLYLGDGHV\ORVILQHVGHOD&RPXQLGDG$QGLQDTXHWLHQHXQyUJDQR
MXULVGLFFLRQDOVXSUDQDFLRQDOHQFDUJDGRGHODUHVROXFLyQGHFRQIOLFWRVDVt
FRPRGHODLQWHUSUHWDFLyQGHOGHUHFKRFRPXQLWDULRHVDVtTXHHVWDHVXQD
WHPiWLFDSURSLDHLQWHUQDGHOiPELWRVXSUDQDFLRQDOFLWDGRTXHGHEHVHU
UHVXHOWDSRUHO7ULEXQDOGH-XVWLFLDGHOD&RPXQLGDG$QGLQD\QRDVtSRU
XQ VROR PLHPEUR GH GLFKR HQWH LQWHUQDFLRQDO SXHV WDOHV WDUHDV VRQ
FRPSHWHQFLD H[FOXVLYD GHDTXHO7ULEXQDO GH-XVWLFLD GH DFXHUGRD VX
QDWXUDOH]D REMHWR \ DWULEXFLRQHV FRQIRUPH VH FLWy HQ HO )XQGDPHQWR
-XUtGLFR,,,GHODSUHVHQWH6HQWHQFLD&RQVWLWXFLRQDO3OXULQDFLRQDOSRU
HOFRQWUDULRODVDWULEXFLRQHVTXHOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRKD
GHILQLGRSDUDHVWH7ULEXQDOSUHYLVWDVHQVXDUW\DUWGHOD/H\
GHO 7ULEXQDO &RQVWLWXFLRQDO SOXULQDFLRQDO /7&3  QR FRQWHPSODQ ODV
WDUHDV GH LQWHUSUHWDFLyQ GH XQ RUGHQDPLHQWR MXUtGLFR VXSUDQDFLRQDO DO
TXH QXHVWUR SDtV VH KD VRPHWLGR YROXQWDULDPHQWH FRPR PLHPEUR
IXQGDGRU3RUHVWHPRWLYRODSUHVHQWHFDXVDHVLPSURFHGHQWHSRUTXHHQ
QLQJ~Q PRPHQWR HO DFFLRQDQWH WRPy DFFLyQ OHJDO GHQWUR GHO 'HUHFKR
W


dW^:d


&RPXQLWDULRFRQWUDOD5HVROXFLyQGHO&RQVHMR6XSHULRU,,,GH
GHDJRVWRTXHDKRUDLPSXJQDVLQRTXHDFXGLyGLUHFWDPHQWHDHVWH
7ULEXQDOHQODPLVPDIHFKDTXHDFXVyDGRSWDUFRQRFLPLHQWRGHOKHFKR
TXHFRQVLGHUDOHVLYRDVXVLQWHUHVHV\GHUHFKRV

6LELHQXQDGHODVIXQFLRQHVSULQFLSDOHVGHHVWH7ULEXQDO&RQVWLWXFLRQDO
3OXULQDFLRQDOHVHOSUHFDXWHODUHOUHVSHWR\ODYLJHQFLDGHORVGHUHFKRV\
ODVJDUDQWtDVFRQVWLWXFLRQDOHVHOSUHVHQWHFDVRVHHQFXHQWUDH[HQWRGH
ODMXULVGLFFLyQQDFLRQDOSRUFXDQWRVRQDFWRVTXHVHKDQUHDOL]DGRGHQWUR
GHOiPELWRGHMXULVGLFFLyQGHO'HUHFKR&RPXQLWDULRGHOD&RPXQLGDG
$QGLQDHQRWUDVSDODEUDVHQXQSDtVH[WUDQMHURGHQWURGHXQDLQVWLWXFLyQ
GHIRUPDFLyQDFDGpPLFDFRPXQLWDULD\HQWUHVXSURSLRSHUVRQDOLQWHUQR
LQVWLWXFLyQTXHDGHPiVIRUPDSDUWHGHO6LVWHPD$QGLQRGH,QWHJUDFLyQ
\TXHUDWLILFDQGRODFRQFOXVLyQDODTXHDUULEyOD6HFUHWDUtD7pFQLFDGH
HVWH7ULEXQDO &RQFOXVLyQ,,GHOSUHVHQWHIDOOR FXHQWDFRQXQyUJDQR
MXULVGLFFLRQDOSURSLRGHUHVROXFLyQGHFRQIOLFWRVODERUDOHV

5HVSHFWRDHVWHWHPDGLFKRLQIRUPHKDFHHVSHFLDOUHIHUHQFLDDODUW
GHO 7UDWDGR GH FUHDFLyQ GHO 7ULEXQDO GH -XVWLFLD GH OD &RPXQLGDG
$QGLQD TXH UHILHUH HVD LQVWDQFLD HV FRPSHWHQWH SDUD
FRQRFHU ODV
FRQWURYHUVLDVODERUDOHVTXHVHVXVFLWHQHQORVyUJDQRVHLQVWLWXFLRQHVGHO
6LVWHPD $QGLQR GH ,QWHJUDFLyQ
 3RU RWUR ODGR FRQIRUPH HO FLWDGR
LQIRUPHHQFXDQWRDOD8$6%VHGHFHQWUDOVX(VWDWXWR2UJiQLFRHQHO
DUW 9, VHxDOD TXH VX HVWUXFWXUD RUJDQL]DWLYD FRQWHPSOD DO &RQVHMR
6XSHULRUFRPRHOPi[LPRRUJDQLVPRGHGLUHFFLyQFX\DVDWULEXFLRQHV
VHKDOODQHVWDEOHFLGDVHQHODUW9,,GHOPLVPRRUGHQDPLHQWR\VLHQGR
HVWDXQDQRUPDTXHFRQIRUPDHO'HUHFKR&RPXQLWDULRGHOD&RPXQLGDG
$QGLQDFRUUHVSRQGHUiDOUHIHULGR7ULEXQDOGH-XVWLFLDHOFRQRFLPLHQWR
GH OD FDXVD TXH DKRUD VH DWLHQGH UHVXOWDQGR TXH OD MXULVGLFFLyQ
FRQVWLWXFLRQDOHQHOSUHVHQWHFDVRGHEHYHODUSRUODDSOLFDELOLGDGGHORV
WUDWDGRV \ FRQYHQLRV LQWHUQDFLRQDOHV UHPLWLpQGRQRV ILQDOPHQWH D OD
FRQFOXVLyQFLWDGDHQHOSiUUDIRDQWHULRU

(VDVtTXHHO(VWDGR3OXULQDFLRQDOGH%ROLYLDFRPRSDUWHGHVXSROtWLFD
H[WHULRUWLHQHFRPRREOLJDFLyQODSURPRFLyQGHODLQWHJUDFLyQFRQORV
GHPiV (VWDGRV QDFLRQHV \ SXHEORV GHO PXQGR \ HVSHFLDOPHQWH OD
LQWHJUDFLyQ ODWLQRDPHULFDQD DUW  GH OD &3(  SDUD OR FXDO GHEH
UHVSHWDUODVMXULVGLFFLRQHV\ORVDOFDQFHVGHORVFRQYHQLRV\WUDWDGRVD
ORVTXHVHKDDGVFULWR3RUORTXHODSUHVHQWHFDXVDQRFRUUHVSRQGHVHU
DWHQGLGDSRUODMXULVGLFFLyQFRQVWLWXFLRQDOQDFLRQDO

(QFXDQWRDORVDUJXPHQWRVUHDOL]DGRVVREUHODLQPXQLGDGGHOD8$6%
FRPR VH HYLGHQFLD GHO )XQGDPHQWR -XUtGLFR ,,, GH OD SUHVHQWH
6HQWHQFLD&RQVWLWXFLRQDO3OXULQDFLRQDOODLQPXQLGDGWLHQHRWURVILQHV\
FDUDFWHUtVWLFDV TXH QR OD H[FOX\HQ GH SRGHU VHU FRQVWLWXLGD HQ
FRQWUDSDUWHGHXQSURFHVRFRQVWLWXFLRQDOFRPRVHGLRHOFDVRHQOD6&3
W


dW^:d

 GH  GH MXQLR VLQR GHO iPELWR MXGLFLDO R MXULVGLFFLyQ
RUGLQDULDOtPLWHTXHHVWDEOHFHHOSURSLR
$FXHUGRGH&DUWDJHQD
\TXH
GHEHVHUUHVSHWDGRHQVXDOFDQFHHVGHFLUVyORUHVSHFWRDODMXULVGLFFLyQ
RUGLQDULD 3RU OR TXH HVWRV DUJXPHQWRV VRQ LUUHOHYDQWHV D OD FDXVD
GHPDQGDGD\VLELHQVHGHFLGLyTXHHVWH7ULEXQDOQRWLHQHFRPSHWHQFLD
SDUD HO SUHVHQWH FDVR IXH HQ EDVH D ORV IXQGDPHQWRV SUHYLDPHQWH
H[SXHVWRV

6tQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SRU LPSURFHGHQWH SRU
FXDQWRVXSXHVWDGHVWLWXFLyQLOHJDOGH5HFWRUGHOD8QLYHUVLGDG$QGLQD
6LPyQ %ROtYDU QR SXHGH VHU UHVXHOWR SRU OD MXVWLFLD FRQVWLWXFLRQDO
EROLYLDQDDWUDYpVGHHVWDDFFLyQGHGHIHQVDHQUD]yQDTXHODVQRUPDV
SUHYLVWDV HQ ORV DUWV  GH OD &3(  \  GH OD /H\ GHO 7ULEXQDO
&RQVWLWXFLRQDO SOXULQDFLRQDO /7&3  QR FRQWHPSODQ DWULEXFLRQHV GH
LQWHUSUHWDFLyQGHXQRUGHQDPLHQWRMXUtGLFRVXSUDQDFLRQDODOTXHQXHVWUR
SDtV VH KD VRPHWLGR YROXQWDULDPHQWH FRPR PLHPEUR IXQGDGRU SRU OR
TXHHOyUJDQRTXHWLHQHFRPSHWHQFLDHQHVWHFDVRHVHO7ULEXQDOGH
-XVWLFLD GH OD &RPXQLGDG $QGLQD TXH  HV HO yUJDQR MXULVGLFFLRQDO
VXSUDQDFLRQDOGHOD&RPXQLGDG$QGLQDHQFDUJDGRGHODUHVROXFLyQGH
FRQIOLFWRV ODERUDOHV DVt FRPR GH OD LQWHUSUHWDFLyQ GHO 'HUHFKR
&RPXQLWDULR

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

3UHFHGHQWHIXQGDGRU6&3/

'HUHFKR&RQVWLWXFLRQDO
 %DVHV )XQGDPHQWDOHV GHO (VWDGR3ULQFLSLRV YDORUHV \
ILQHVGHO(VWDGR

1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO


W


dW^:d


6&3/DVQRUPDVFRQVWLWXFLRQDOHVSULQFLSLRVHQWUHHOODV
ORV SULQFLSLRV pWLFRPRUDOHV GH OD VRFLHGDG SOXUDO WLHQHQ FDUiFWHU
QRUPDWLYR \ SRU WDQWR LPSRQHQ D WRGRV \ FRQ PD\RU UD]yQ D ORV
MXHFHVGHODSOXUDOLGDGGHMXULVGLFFLRQHVODREOLJDFLyQGHREVHUYDUORV
GHVDUUROODUORV\DSOLFDUORVHQVXODERUGHFLVRULD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH OLEHUWDG HO DFFLRQDQWH GHQXQFLy TXH HQ HYLGHQWH
GLODFLyQ\QHJOLJHQFLDHQODFRQVLGHUDFLyQGHVXVROLFLWXGGHFHVDFLyQD
VX GHWHQFLyQ SUHYHQWLYD DGHPiV GH VXVSHQGHU DXGLHQFLDV
LQMXVWLILFDGDPHQWH HQWHQGLHQGR TXH VX VROLFLWXG VH FRQVLGHUDUtD D OD
FRQFOXVLyQ GHO MXLFLR RUDO \ QR REVWDQWH TXH LQWHUSXVR UHFXUVR GH
UHSRVLFLyQFRQWUDHVWD~OWLPDGHWHUPLQDFLyQVROLFLWDQGRTXHGHQWURGH
ODVYHLQWLFXDWURKRUDVVHFRQYRTXHDXQDQXHYDDXGLHQFLDODPLVPDIXH
PDQWHQLGD PHGLDQWH UHVROXFLyQ MXGLFLDO H[SUHVD FRQVLGHUDQGR
OHVLRQDGRVVXVGHUHFKRVDOGHELGRSURFHVR\DODOLEHUWDGSLGLHQGRHQ
GHILQLWLYDVHILMHGHIRUPDLQPHGLDWDKRUD\GtDGHDXGLHQFLD(O7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDODSUREyODFRQFHVLyQGHODWXWHOD\RUGHQy
VHFRQVLGHUHHQIRUPDLQPHGLDWDODVROLFLWXG

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
  H[LVWH XQLIRUPH MXULVSUXGHQFLD FRQVWLWXFLRQDO TXH HQ IRUPD UHLWHUDGD \ SURIXVD KD
PDQLIHVWDGR TXH ODV GHFLVLRQHV MXGLFLDOHV YLQFXODGDV D OD OLEHUWDG SHUVRQDO GHEHQ VHU WUDPLWDV
UHVXHOWDV\HIHFWLYL]DGDVFRQODPD\RUFHOHULGDG(QUD]yQDHOORVHDGYLHUWHVREUHHVWHSXQWROD
LQREVHUYDQFLD GH ODV VLJXLHQWHV QRUPDV FRQVWLWXFLRQDOHV SULQFLSLRV HO GHUHFKR IXQGDPHQWDO D OD
OLEHUWDG SHUVRQDO FRQVDJUDGR HQ ORV DUWV , GH OD &3( HO DUW  GHO 3DFWR ,QWHUQDFLRQDO GH
'HUHFKRV&LYLOHV\3ROLWLFRV\HODUWGHOD&RQYHQFLRQ$PHULFDQDVREUH'HUHFKRV+XPDQRV
ODGLJQLGDGGHODSHUVRQDHOSULQFLSLRpWLFRPRUDOGHODVRFLHGDGSOXUDO
DPDTKLOOD
SUHYLVWRHQHO
DUW,GHOD&3(\ORVSULQFLSLRVSURFHVDOHVGHFHOHULGDG\UHVSHWRDORVGHUHFKRVFRQVDJUDGRVHQ
HODUW,\,GHOD&3(

 ODSULPHUDVXVSHQVLyQIXHGHELGRDTXHODMXH]DGHPDQGDGDRPLWLHQGRVXGHEHUQRFRQWUROy
TXH OD RUGHQ GH VDOLGD GLULJLGD DO &HQWUR 3HQLWHQFLDULR SDUD HVD IHFKD IXHUD GLOLJHQFLDGD
RSRUWXQDPHQWHGHELGRDTXHUHFLpQVHQRWLILFyDGLFKRSHQDOHOGHGLFLHPEUHGHHVGHFLU
XQ GtD GHVSXpV GHO GtD SURJUDPDGR SDUD OD UHDOL]DFLyQ GH OD DXGLHQFLD H[WUHPR TXH WDPELpQ
HYLGHQFLDODLQREVHUYDQFLDGHODVQRUPDVFRQVWLWXFLRQDOHVSULQFLSLRVVHxDODGRVHQHOSXQWRDQWHULRU
DORVTXHVHDxDGHHOSULQFLSLRpWLFRPRUDOGHODVRFLHGDGSOXUDO
DPDOOXOD
SUHYLVWRHQHODUW,
GHOD&3(


'H OR DVHYHUDGR SRU OD -XH]D GHPDQGDGD HQ VX LQIRUPH UHVXPLGR HQ HO DSDUWDGR  GH OD
SUHVHQWHFRQWUDVWDGRFRQODVSUXHEDVDUULPDGDVDHVWHH[SHGLHQWHGHDFFLyQGHOLEHUWDGVHWLHQH
TXHHQWpUPLQRVJHQHUDOHVGLFKDDXWRULGDGMXVWLILFDODGHPRUDHQILMDUDXGLHQFLDGHFHVDFLyQDOD
GHWHQFLyQSUHYHQWLYDHQ

 
/DH[LVWHQFLDGHFDUJDSURFHVDOWUDGXFLGDHQDXGLHQFLDVILMDGDVSDUDODVXVWDQFLDFLyQGHO
MXLFLR RUDO (VWH H[WUHPR QR IXH MXVWLILFDGR QL GHPRVWUDGR HQ VX PRPHQWR DO DFFLRQDQWH HQ HO
SURFHVRSHQDOQLDKRUDHQODSUHVHQWHDFFLyQGHOLEHUWDGORTXHGHMDGHGXFLUFODUDPHQWHTXHVyOR
HV XQD H[FXVD 'H RWUR ODGR DVt KXELHUD RFXUULGR WDO VLWXDFLyQ H[LVWH XQLIRUPH MXULVSUXGHQFLD
FRQVWLWXFLRQDO TXH HQ IRUPD UHLWHUDGD \ SURIXVD KD PDQLIHVWDGR TXH ODV GHFLVLRQHV MXGLFLDOHV
YLQFXODGDV D OD OLEHUWDG SHUVRQDO GHEHQ VHU WUDPLWDV UHVXHOWDV \ HIHFWLYL]DGDV FRQ OD PD\RU
FHOHULGDG(QUD]yQDHOORVHDGYLHUWHVREUHHVWHSXQWRODLQREVHUYDQFLDGHODVVLJXLHQWHVQRUPDV

W


dW^:d
FRQVWLWXFLRQDOHVSULQFLSLRVHOGHUHFKRIXQGDPHQWDODODOLEHUWDGSHUVRQDOFRQVDJUDGRHQORVDUWV
,GHOD&3(HODUWGHO3DFWR,QWHUQDFLRQDOGH'HUHFKRV&LYLOHV\3ROLWLFRV\HODUWGHOD
&RQYHQFLRQ $PHULFDQD VREUH 'HUHFKRV +XPDQRV OD GLJQLGDG GH OD SHUVRQD HO SULQFLSLR pWLFR
PRUDOGHODVRFLHGDGSOXUDO
DPDTKLOOD
SUHYLVWRHQHODUW,GHOD&3(\ORVSULQFLSLRVSURFHVDOHV
GHFHOHULGDG\UHVSHWRDORVGHUHFKRVFRQVDJUDGRVHQHODUW,\,GHOD&3(

 
4XHODVVXVSHQVLRQHVIXHURQDWULEXLEOHVDODKRUDDFFLRQDQWHFRQVWLWX\HQGRXQDEXUODD
OD DGPLQLVWUDFLyQ GH MXVWLFLD (VWD VLWXDFLyQ FDUHFH GH YHUDFLGDG FRQIRUPH VH HYLGHQFLy GH ODV
SUXHEDVDUULPDGDVDHVWHH[SHGLHQWH &RQFOXVLyQ,, TXHGHPXHVWUDQTXHODSULPHUDVXVSHQVLyQ
IXHGHELGRDTXHODMXH]DGHPDQGDGDRPLWLHQGRVXGHEHUQRFRQWUROyTXHODRUGHQGHVDOLGDGLULJLGD
DO&HQWUR3HQLWHQFLDULRSDUDHVDIHFKDIXHUDGLOLJHQFLDGDRSRUWXQDPHQWHGHELGRDTXHUHFLpQVH
QRWLILFyDGLFKRSHQDOHOGHGLFLHPEUHGHHVGHFLUXQGtDGHVSXpVGHOGtDSURJUDPDGRSDUD
OD UHDOL]DFLyQ GH OD DXGLHQFLD H[WUHPR TXH WDPELpQ HYLGHQFLD OD LQREVHUYDQFLD GH ODV QRUPDV
FRQVWLWXFLRQDOHVSULQFLSLRVVHxDODGRVHQHOSXQWRDQWHULRUDORVTXHVHDxDGHHOSULQFLSLRpWLFR
PRUDOGHODVRFLHGDGSOXUDO
DPDOOXOD
SUHYLVWRHQHODUW,GHOD&3(


6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH OD DFFLyQ GH OLEHUWDG SRU GHPRUD LQMXVWLILFDGD HQ OD
FRQVLGHUDFLyQGHODVROLFLWXGGHFHVDFLyQGHODGHWHQFLyQSUHYHQWLYDOD
DXWRULGDGMXGLFLDOVXVSHQGLyHQUHLWHUDGDVRSRUWXQLGDGHVODVROLFLWXG\
FRQGLFLRQyVXFRQVLGHUDFLyQDODFHOHEUDFLyQSUHYLDGHMXLFLRRUDO

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/D 6&3  FRQ UHODFLyQ D ORV SULQFLSLRV pWLFRPRUDOHV
FRQVWLWXFLRQDOL]DGRVWLHQHFRPRDQWHFHGHQWHDOD6&3HQOD
TXH VH HVWDEOHFLy TXHORVPLVPRV
FRQVWLWX\HQ GLUHFWULFHV GH REOLJDGD
REVHUYDQFLDSRUORVVHUYLGRUHVGHMXVWLFLDFXDQGRUHVXHOYDQGHUHFKRV\
JDUDQWtDVFRQVWLWXFLRQDOHVHVWiQHQHOGHEHULPSHUDWLYRGHLPSXOVDUVHU
GLUHFWRU \ SURPRWRU GHO SURFHVR YHODQGR VX GHVDUUROOR VLHQGR
UHVSRQVDEOHV GH FXDOTXLHU GHPRUD SRU VX LQDFWLYLGDG LPSXOVDQGR OD
QXHYDMXVWLFLDHQHOQXHYR(VWDGR3OXULQDFLRQDO


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

 3ULQFLSLR GH LJXDOGDG PDWHULDO5HYHUVLyQ GH OD WLHUUD
FRPRPHGLGDSDUDHOLPLQDUODVUHODFLRQHVVHUYLGXPEUDOHV
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

W


dW^:d


6&3   (O (VWDGR HVWi REOLJDGR D DGRSWDU PHGLGDV SDUD
HOLPLQDU HO HVFODYLVPR WRGD IRUPD GH UHODFLyQ VHUYLGXPEUDO R HO
WUDEDMRIRU]DGRVLHQGRXQDGHHOODVODUHYHUVLyQGHODWLHUUDHQODTXH
H[LVWDQ HVWH WLSR GH UHODFLRQHV SRU LQFXPSOLPLHQWR GH OD IXQFLyQ
HFRQyPLFRVRFLDOGHODWLHUUD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHLQFRQVWLWXFLRQDOLGDGFRQFUHWDSURPRYLGDSRUOD6DOD
3ULPHUDGHO7ULEXQDO$JUDULR1DFLRQDODKRUD7ULEXQDO$JURDPELHQWDO
D LQVWDQFLD GH &OLYHU 9LOODOED $JXLUUH HQ UHSUHVHQWDFLyQ OHJDO GH
)HGHULFR 5H\QDJD &XED GHPDQGDQGR OD LQFRQVWLWXFLRQDOLGDG GHO DUW
GHO'HFUHWR6XSUHPR '6 GHGHDJRVWRGH\GHORV
SDUiJUDIRV ,9 9, LQF I  \ ,; GH OD *XtD SDUD OD 9HULILFDFLyQ \
9DORUDFLyQGHOD)XQFLyQ(FRQyPLFD6RFLDO&XDQGR([LVWHQ,QGLFLRVR
'HQXQFLDVGHOD([LVWHQFLDGHODV5HODFLRQHV6HUYLGXPEUDOHV7UDEDMR
)RU]RVR\)RUPDV$QiORJDVDSUREDGDSRUOD5HVROXFLyQ%LPLQLVWHULDO
 GH  GH QRYLHPEUH VH GHPDQGy GLFKD QRUPD SRU VHU
SUHVXQWDPHQWHFRQWUDULRVDORVDUWV,,,,,
,  \  GH OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR &3(  (O
7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOGHFODUyODFRQVWLWXFLRQDOLGDGGH
ODVQRUPDVLPSXJQDGDV

([WUDFWRGHODUDWLRGHFLGHQGL\GHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,(QHVHPDUFRFRQFHSWXDO\GHORUHIHULGRFRQDQWHULRULGDGVH
WLHQHTXHDOVHUODSURSLD&RQVWLWXFLyQODTXHGHWHUPLQDODUHYHUVLyQSRU
LQFXPSOLPLHQWR GH OD IXQFLyQ HFRQyPLFD VRFLDO FXDQGR H[LVWHQ
UHODFLRQHV VHUYLGXPEUDOHV HO DFFLRQDQWH SODQWHDUtD XQD DQWLQRPLD
FRQVWLWXFLRQDO HV GHFLU XQ FRQWURO GH FRQVWLWXFLRQDOLGDG GH OD SURSLD
&RQVWLWXFLyQDOUHVSHFWRWDPELpQHQXQDLQWHUSUHWDFLyQLQWHJUDGRUD\
ILQDOLVWD GH OD &RQVWLWXFLyQ VH WLHQH TXH HO UpJLPHQ DJUDULR QR HV
DVLPLODEOH DO UpJLPHQ ODERUDO FRP~Q SXHV HQWUH XQR \ RWUR H[LVWHQ
SDUWLFXODULGDGHV LQVRVOD\DEOHV D  /RV WUDEDMDGRUHV DJUDULRV VH
HQFXHQWUDQ PHQRV SURWHJLGRV SRU DXWRULGDGHV DGPLQLVWUDWLYDV \
MXGLFLDOHVSDUDGHQXQFLDULQFXPSOLPLHQWRGHQRUPDVODERUDOHVE /RV
WUDEDMDGRUHVDJUDULRVVHHQFXHQWUDQHQPD\RUVLWXDFLyQGHGHSHQGHQFLD
GHVXVHPSOHDGRUHVSRUODGLILFXOWDGGHSURYLVLyQGHHQVHUHVDOLPHQWRV
\VHUYLFLRVF /DVLWXDFLyQVRFLDOHQHOiUHDDJURSHFXDULDSULQFLSDOPHQWH
HQ HO &KDFR HQ HO TXH VH KDQ LGHQWLILFDGR UHODFLRQHV VHUYLGXPEUDOHV
UHTXLHUH GH PHGLGDV FRQFUHWDV SDUD OD HUUDGLFDFLyQ GH IRUPDV
FRQWHPSRUiQHDVGHHVFODYL]DFLyQ\G (QHOiUHDUXUDOH[LVWHXQYtQFXOR
LQHVFLQGLEOHHQWUHODWLHUUD\HOWUDEDMDGRUVLWXDFLyQTXHQRVHSUHVHQWD
QHFHVDULDPHQWHHQHOiUHDXUEDQD$ODOX]GHHVDVGLIHUHQFLDVVHWLHQH
TXHHOUpJLPHQGHOWUDEDMRDJURSHFXDULR\HOUpJLPHQGHWUDEDMRXUEDQR
W


dW^:d

VRQPX\GLVWLQWRVSRUHQGHQRVRQUHJtPHQHVHTXLSDUDEOHVHQHOTXHORV
HPSOHDGRUHVGHXQR\RWURSXHGDQVHUDQDOL]DGRVGHODPLVPDPDQHUD
HQHVHPDUFRQRVHHYLGHQFLDXQDGLVFULPLQDFLyQLUUD]RQDEOHRDUELWUDULD
SRUSDUWHGHO&RQVWLWX\HQWHQLGHODQRUPDUHJODPHQWDULDDOGLVSRQHU
TXHHQWLHUUDVGRQGHH[LVWHQUHODFLRQHVVHUYLGXPEUDOHVVHGLVSRQGUiOD
UHYHUVLyQSRULQFXPSOLPLHQWRGHODIXQFLyQHFRQyPLFRVRFLDOORTXHQR
LPSOLFDTXHHQRWUDVUHODFLRQHVODERUDOHVHO(VWDGRQRHVWpREOLJDGRD
DGRSWDU PHGLGDV SDUD HOLPLQDU HO HVFODYLVPR WRGD IRUPD GH UHODFLyQ
VHUYLGXPEUDO R HO WUDEDMR IRU]DGR DVSHFWR TXH DKRUD QR FRUUHVSRQGH
DQDOL]DU

6LQWHVLVGHODUDWLRGHFLGHQGL

'HFODUD OD FRQVWLWXFLRQDOLGDG  GHO  DUW    GHO '6  \ GH ORV
SDUiJUDIRV9,LQFI \,;GHOD*XtDSDUDOD9HULILFDFLyQ\9DORUDFLyQ
GHOD)XQFLyQ(FRQyPLFD6RFLDO&XDQGR([LVWHQ,QGLFLRVR'HQXQFLDV
GHOD([LVWHQFLDGHODV5HODFLRQHV6HUYLGXPEUDOHV7UDEDMR)RU]RVR\
)RUPDV$QiORJDVDSUREDGDSRUOD5HVROXFLyQ%LPLQLVWHULDO
GH  GH QRYLHPEUH SRU FXDQWR GHVSXpV GH GH UHDOL]DU HO WHVW GH
LJXDOGDG VH FRQFOX\y TXH HO UpJLPHQ GHO WUDEDMR DJURSHFXDULR \ HO
UpJLPHQGHWUDEDMRXUEDQRQRVRQUHJtPHQHVHTXLSDUDEOHVHQHOTXHORV
HPSOHDGRUHVGHXQR\RWURSXHGDQVHUDQDOL]DGRVGHODPLVPDPDQHUD
HQHVHPDUFRQRVHHYLGHQFLDXQDGLVFULPLQDFLyQLUUD]RQDEOHRDUELWUDULD
SRUSDUWHGHO&RQVWLWX\HQWHQLGHODQRUPDUHJODPHQWDULD GHODUW
GHO '6   DO HVWDEOHFHU TXH HQ WLHUUDV GRQGH H[LVWHQ UHODFLRQHV
VHUYLGXPEUDOHV VH GLVSRQGUi OD UHYHUVLyQ SRU LQFXPSOLPLHQWR GH OD
IXQFLyQ HFRQyPLFR VRFLDO OR TXH QR LPSOLFD TXH HQ RWUDV UHODFLRQHV
ODERUDOHVHO(VWDGRQRHVWpREOLJDGRDDGRSWDUPHGLGDVSDUDHOLPLQDUHO
HVFODYLVPRWRGDIRUPDGHUHODFLyQVHUYLGXPEUDORHOWUDEDMRIRU]DGR

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

3UHFHGHQWHIXQGDQWH6&3

9RWR'LVLGHQWH

9RWRGLVLGHQWHGHOD0DJLVWUDGD'UD/LJLD0yQLFD9HOiVTXH]&DVWDxRV


9DORUHVTXHVXVWHQWDQHO(VWDGR$PDTXLOOD
1~PHURGHUHVROXFLyQ6&3

)LFKD

W


dW^:d


7LSR-XULVSUXGHQFLD

-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   /DV DXWRULGDGHV MXGLFLDOHV HQ YLUWXG DO SULQFLSLR
pWLFRPRUDOGHODPDTKLOOD QRVHDVIORMR WLHQHQHOGHEHUSURFHVDOGH
GLULJLU\UHVROYHUVLQGLODFLRQHVLQGHELGDVODVVROLFLWXGHVGHFHVDFLyQ
DGHWHQFLRQHVSUHYHQWLYDV

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH OLEHUWDG HO DFFLRQDQWH GHQXQFLy TXH HO MXH]
GHPDQGDGRVLQPRWLYDFLyQGLVSXVRVXGHWHQFLyQSUHYHQWLYD\TXHKDVWD
OD IHFKD GH SUHVHQWDFLyQ GH OD SUHVHQWH DFFLyQ ORV PHPRULDOHV GH
VROLFLWXGGHFHVDFLyQDODGHWHQFLyQSUHYHQWLYDQRIXHURQUHVSRQGLGRV
SURYRFDQGRVXGHWHQFLyQPiVDOOiGHORSUHYLVWRSRUOH\UD]yQSRUOD
FXDOGHQXQFLyODDIHFWDFLyQDOGHUHFKRDODOLEHUWDG\DOGHELGRSURFHVR
VLQ FRQVLJQDU SHWLFLyQ FRQFUHWD HQ HO PHPRULDO (O 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDODSUREyODGHFLVLyQGHO-XH]GH*DUDQWtDV\
FRQFHGLy OD WXWHOD VROLFLWDGD VHxDODQGR TXH HO MXH] GHPDQGDGR QR
DWHQGLy HQ WLHPSR UD]RQDEOH OD VROLFLWXG GH FHVDFLyQ D OD GHWHQFLyQ
SUHYHQWLYDDIHFWDQGRHOGHUHFKRDODOLEHUWDG\HOSULQFLSLRDPDTKLOOD
QRVHDVIORMR 

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
HQDSOLFDFLyQGHOSULQFLSLRGHDPDTKLOOD QRVHDVIORMR HO
-XH] GHPDQGDGR GHELy DWHQGHU GH PDQHUD GLOLJHQWH OD VROLFLWXG GH
FHVDFLyQDODGHWHQFLyQSUHYHQWLYDGHOUHSUHVHQWDGRGHODDFFLRQDQWHQR
SXGLHQGR MXVWLILFDU VX GHVFXLGR FRQ VLWXDFLRQHV TXH VRQ GH VX HQWHUD
UHVSRQVDELOLGDG


6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGHODDFFLyQGHOLEHUWDGSRUTXHODDXWRULGDGGHPDQGDGDQRDWHQGLy
HQWLHPSRUD]RQDEOHODVROLFLWXGGHFHVDFLyQDODGHWHQFLyQSUHYHQWLYD
UHDOL]DGDSRUHODFFLRQDQWHDIHFWDQGRVXGHUHFKRDODFHOHULGDGSURFHVDO
YLQFXODGRFRQODOLEHUWDG\HOSULQFLSLRGHODPDTKLOOD QRVHDVIORMR 

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/DOtQHDMXULVSUXGHQFLDOGHODDFFLyQGHOLEHUWDGWUDVODWLYDRGHSURQWRGHVSDFKRSXHGHVHUOHtGDD
SDUWLUGH ODV VLJXLHQWHV VHQWHQFLDVKLWR TXHKDQ LGR DPSOLDQGR ORV VXSXHVWRV HQ ORV TXH SURFHGH

W


dW^:d
GLFKDDFFLyQ$SDUWLUGHODFODVLILFDFLyQGHOHQWRQFHVKiEHDVFRUSXVTXHIXHUDGHVDUUROODGDSRU
OD 6& 5 OD 6&  KL]R UHIHUHQFLD DO KiEHDV FRUSXV WUDVODWLYR R GH SURQWR
GHVSDFKRVHxDODQGRTXHDWUDYpVGHOPLVPR
ORTXHVHEXVFDHVDFHOHUDUORVWUiPLWHVMXGLFLDOHVR
DGPLQLVWUDWLYRV FXDQGR H[LVWHQ GLODFLRQHV LQGHELGDV SDUD UHVROYHU OD VLWXDFLyQ MXUtGLFD GH OD
SHUVRQDTXHVHHQFXHQWUDSULYDGDGHOLEHUWDG
/D6&5HVWDEOHFLyYDULRVVXSXHVWRV
GHSURFHGHQFLDTXHVHHQFXHQWUDQGHQWURGHOiPELWRGHSURWHFFLyQODDFFLyQGHOLEHUWDGWUDVODWLYDR
GHSURQWRGHVSDFKR
D (QOXJDUGHILMDUGLUHFWDPHQWHODIHFKD\KRUDGHODDXGLHQFLD\QRWLILFDUD
ODVSDUWHVVHGLVSRQJDQWUDVODGRVSUHYLRVHLQQHFHVDULRVQRSUHYLVWRVSRUOH\E 6HILMHODDXGLHQFLD
HQXQDIHFKDDOHMDGDPiVDOOiGHORUD]RQDEOHRSUXGHQFLDO3OD]RTXHSXHGHVHUHQXQOtPLWHGHWUHV
RFLQFRGtDVPi[LPRGHSHQGLHQGRGHODSDUWLFXODULGDGGHFDGDFDVRFXDQGRSRUHMHPSORH[LVWDQ
YDULDVSDUWHVLPSXWDGDVRYtFWLPDVP~OWLSOHVTXHWHQJDQTXHVHUQRWLILFDGDVRSRUODGLVWDQFLDGRQGH
VHGHEDHIHFWXDUXQGHWHUPLQDGRDFWRSUHYLR\HVHQFLDOFRPRVXFHGHFRQDOJXQDVQRWLILFDFLRQHV
R TXH HO MX]JDGR HVWpGH WXUQR HWF&RQ OD H[FHSFLyQ~QLFD \ H[FOXVLYDHQ ORV FDVRVTXH H[LVWD
FRPSOHMLGDGSRU OD QDWXUDOH]D SURSLD \ OD UHOHYDQFLD GHO SURFHVR FRPR ORV GHUHFKRV HLQWHUHVHV
FRPSURPHWLGRV\UHODFLRQDGRVDODSHWLFLyQVLWXDFLyQTXHGHEHUiVHUMXVWLILFDGD3iJLQDGHSRU
ODDXWRULGDGMXGLFLDOFRPSHWHQWHDPRPHQWRGHVHxDODUODIHFKDGHDXGLHQFLDWHQLHQGRHQFXHQWDOD
UD]RQDELOLGDGF 6HVXVSHQGHODDXGLHQFLDGHFRQVLGHUDFLyQSRUFDXVDVRPRWLYRVTXHQRMXVWLILFDQ
OD VXVSHQVLyQ QL VRQ FDXVDOHV GH QXOLGDG 6&3   7DO HO FDVR GH OD LQDVLVWHQFLD GHO
UHSUHVHQWDQWHGHO0LQLVWHULR3~EOLFRRGHODYtFWLPD\RTXHUHOODQWHVLHVTXHKDQVLGRQRWLILFDGDV
OHJDOPHQWH\QRFRPSDUHFHQDODDXGLHQFLD(QHOFDVRGHO0LQLVWHULR3~EOLFRDOHVWDUUHJLGRSRUHO
SULQFLSLRGHXQLGDGWLHQHORVPHGLRVSDUDDVLVWLUDWUDYpVGHRWURILVFDO\HQFXDQWRDOTXHUHOODQWH
DOVHUFRDG\XYDQWH\HVWDUQRWLILFDGRVXSDUWLFLSDFLyQHVSRWHVWDWLYDHQGLFKRDFWR\SRUHQGHVX
LQDVLVWHQFLDQRYLQFXODDODDXWRULGDGMXULVGLFFLRQDODOHVWDUFXPSOLGDODIRUPDOLGDG1RREVWDQWH
HQ FDVR GH TXH OD VXVSHQVLyQ VH GHED D OD IDOWD GH QRWLILFDFLyQ R D OD LQDVLVWHQFLD GHO SURSLR
LPSXWDGRQRH[LVWHGLODFLyQLQGHELGDQLDIHFWDFLyQDGHUHFKRDOJXQRHQFX\RFDVRGHEHUiILMDUVH
QXHYD IHFKD GH DXGLHQFLD FRQIRUPH D ODV GLUHFWULFHV H[SXHVWDV
  /D 6&  IXH
FRPSOHPHQWDGDFRQOD6&5GHGHDEULOTXHVRVWXYRTXHWDPELpQVHFRQVLGHUDDFWR
GLODWRULRHQHOWUiPLWHGHODFHVDFLyQGHODGHWHQFLyQSUHYHQWLYDFXDQGR
G ,QWHUSXHVWRHOUHFXUVR
GHDSHODFLyQFRQWUDODUHVROXFLyQTXHUHFKD]DODVROLFLWXGGHFHVDFLyQGHGHWHQFLyQSUHYHQWLYDORV
DQWHFHGHQWHVGHODDSHODFLyQQRVRQUHPLWLGRVSRUHOMXH]DTXRGHQWURGHOSOD]ROHJDOGHYHLQWLFXDWUR
KRUDV HVWDEOHFLGR SRU HO DUW  GHO &33 DQWH HO WULEXQDO GH DSHODFLyQ R VH LPSULPD XQ
SURFHGLPLHQWRRH[LJHQFLDVDOPDUJHQGHODOH\
G /D6&3GHGHDEULOPRGXOyOD
VHJXQGD VXEUHJOD VHxDODGD HQ OD 6&5 DO HVWDEOHFHU TXH OD FHVDFLyQGH ODGHWHQFLyQ
SUHYHQWLYDGHEHVHUILMDGDHQHOSOD]RPi[LPRGHWUHVGtDV\TXHWRGDVROLFLWXGGHFHVDFLyQGHEH
VHU SURYLGHQFLDGD GHQWUR GH ODV YHLQWLFXDWUR KRUDV GH VX SUHVHQWDFLyQ H  %DMR HVWD OtQHD GH
UD]RQDPLHQWR VH SURQXQFLDURQ OD 6&3  TXH LQWURGXMR HO SULQFLSLR pWLFRPRUDO D ODV
FRQVWUXFFLRQHV MXULVSUXGHQFLDOHV TXH HO FRQWURO GH FRQVWLWXFLRQDOLGDG UHDOL]y HQ FXDQWR D OD
FHOHULGDGSURFHVDOSRUFX\DUD]yQHVPRGXODGRUDHVWDEOHFLHQGRTXHODVDXWRULGDGHVMXGLFLDOHVHQ
YLUWXGDOSULQFLSLRpWLFRPRUDOGHODPDTKLOOD QRVHDVIORMR WLHQHQHOGHEHUSURFHVDOGHGLULJLU\
UHVROYHU VLQGLODFLRQHV LQGHELGDV ODV  VROLFLWXGHV GH FHVDFLyQ DGHWHQFLRQHV SUHYHQWLYD OD 6&3
 FRQVWLWXLGD HQ XQD VHQWHQFLD VLVWHPDWL]DGRUD UHFRJLy ORV  VXSXHVWRV GH GLODFLRQHV
LQMXVWLILFDGDV HQ HO WUDWDPLHQWR GH VROLFLWXGHV YLQFXODGDV FRQ OD OLEHUWDG OD 6&3 
HQWHQGLyTXHODDFFLyQGHOLEHUWDGGHSURQWRGHVSDFKRSURFHGHFXDQGRHOMXH]FDXWHODUGHQWURGHO
WUiPLWHGHODFHVDFLyQGHODGHWHQFLyQSUHYHQWLYDVXVSHQGHODDXGLHQFLDGHPHGLGDVFDXWHODUHVFRQ
HOMXVWLILFDWLYRGHIDOWDGHQRWLILFDFLyQDODVSDUWHVSURFHVDOHV'HPDQHUDHVSHFtILFDFRQUHODFLyQ
DOUHFXUVRGHDSHODFLyQLQFLGHQWDOOD6&3VHxDOyTXH
FXDQGRHOUHFXUVRGHDSHODFLyQ
LQFLGHQWDOKXELHUHVLGRSODQWHDGRRUDOPHQWHHQDXGLHQFLDRSRUHVFULWRFRQRVLQFRQWHVWDFLyQGH
ODVSDUWHVTXHLQWHUYLQLHUHQHQHOSURFHVRGHEHUiVHUFRQFHGLGRHQHODFWRVLIXHUHHQDXGLHQFLD\
UHPLWLGR LQH[FXVDEOHPHQWH HQ HO SOD]R LPSURUURJDEOH GH YHLQWLFXDWUR KRUDV \ HO WULEXQDO GH
DSHODFLyQ GHEHQ UHVROYHU HQ VHWHQWD \ GRV KRUDV OR FRQWUDULR VLJQLILFDUtD GLODFLyQ LQGHELGD TXH
YXOQHUDHOGHUHFKRDODOLEHUWDG\HQVXFDVRDODYLGDHQHOHQWHQGLGRTXHODYDULDFLyQGHODVLWXDFLyQ
MXUtGLFD GHO LPSXWDGR GHSHQGH GH OD SRQGHUDFLyQ TXH HIHFWXp HO WULEXQDO GH DSHODFLyQ GH ORV
IXQGDPHQWRVGHODPHGLGDFDXWHODUSDUDGLVSRQHUVXUHYRFDWRULDRFRQILUPDFLyQ
3RUVXSDUWH
ODV66&&33\HQWHQGLHURQTXHH[FHSFLRQDOPHQWHHVSRVLEOHSURORQJDUHO
SOD]RGHUHPLVLyQGHOUHFXUVRGHDSHODFLyQ\VXVDQWHFHGHQWHVKDVWDXQSOD]RDGLFLRQDOGHWUHVGtDV
FXDQGRH[LVWDXQDMXVWLILFDFLyQUD]RQDEOH\IXQGDGDVREUHODVUHFDUJDGDVODERUHVGHODDXWRULGDG
MXGLFLDOVXSOHQFLDVRSOXUDOLGDGGHLPSXWDGRV$VtOD6&3VHxDOy
FRQIRUPHDODUW
GHO &33 XQD YH] LQWHUSXHVWR ODV DFWXDFLRQHV SHUWLQHQWHV GHEHQ VHU UHPLWLGDVDQWH HO DKRUD
7ULEXQDO GHSDUWDPHQWDO GH -XVWLFLD HQ HO WpUPLQR GH YHLQWLFXDWUR KRUDV GHELHQGR HO WULEXQDO GH
DO]DGD UHVROYHU HO UHFXUVR VLQ PiV WUiPLWH \ HQ DXGLHQFLD GHQWUR GH ORV WUHV GtDV VLJXLHQWHV GH
UHFLELGDVODVDFWXDFLRQHVVDOYRMXVWLILFDFLyQUD]RQDEOH\IXQGDGDFRPRVHUODVUHFDUJDGDVODERUHV
VXSOHQFLDV SOXUDOLGDG GH LPSXWDGRV HWF FDVRV HQ ORV TXH OD MXULVSUXGHQFLD RWRUJy XQ SOD]R
DGLFLRQDOTXHQRSXHGHH[FHGHUGHWUHVGtDVSDVDGRHOFXDOHOWUiPLWHVHFRQYLHUWHHQGLODWRULR\

W


dW^:d


YXOQHUDHOGHUHFKRDODOLEHUWDGGHODJUDYLDGR
'HDFXHUGRDODVVHQWHQFLDVVHxDODGDVODUHJODHV
TXH OD UHPLVLyQ GHO UHFXUVR GH DSHODFLyQ \ GH ORV DQWHFHGHQWHV VHD HIHFWXDGD HQ HO SOD]R GH
YHLQWLFXDWUR KRUDV SUHYLVWR HQ HO DUW  GHO &33 \ VyOR H[FHSFLRQDOPHQWH \ HQ VLWXDFLRQHV
GHELGDPHQWHDFUHGLWDGDVSRUHOMX]JDGRUHVSRVLEOHIOH[LELOL]DUGLFKRSOD]RDWUHVGtDVSDVDGRHO
FXDOODRPLVLyQGHOMX]JDGRUVHFRQVWLWX\HHQXQDFWRGLODWRULRTXHSXHGHVHUGHQXQFLDGRDWUDYpV
GHODDFFLyQGHOLEHUWDGWUDVODWLYDRGHSURQWRGHVSDFKR/D6&3VHxDOyTXHXQDYH]
IRUPXODGRHOUHFXUVRGHDSHODFLyQGHPDQHUDHVFULWDHOPLVPRGHEHVHUSURYLGHQFLDGRHQHOSOD]R
GHYHLQWLFXDWURKRUDVSRUODDXWRULGDGMXGLFLDOGHFRQIRUPLGDGDODUWGHO&33SURYLGHQFLDD
SDUWLUGHODFXDOVHFRPSXWDQODVYHLQWLFXDWURKRUDVSUHYLVWDVHQHODUWGHO&33(QFXDQWRD
ORV UHFDXGRV GH /H\ OD MXULVSUXGHQFLD FRQWHQLGD HQ OD 6&3  KDFLHQGR pQIDVLV HQ HO
SULQFLSLRGHJUDWXLGDGGHODMXVWLFLDVHxDOyTXHODH[LJHQFLDGHSURYLVLyQGHUHFDXGRVGHOH\QRVH
FRQVWLWX\HHQXQPRWLYRMXVWLILFDGRSDUDGHPRUDUODUHPLVLyQGHORVDQWHFHGHQWHVGHOUHFXUVRGH
DSHODFLyQ\SRUHQGHHVLOHJDOHOFyPSXWRGHODVKRUDVSUHYLVWDVHQHODUWGHO&33DSDUWLU
TXHHOUHFXUUHQWHRWRUJDORVUHFDXGRVGHOH\&RQUHODFLyQDOWUDVODGRGHOUHFXUVRGHDSHODFLyQD
ODRWUDSDUWHOD6&KDHVWDEOHFLGRTXHODQRUPDQRHVWDEOHFHTXHSUHYLRDVXUHPLVLyQDO
VXSHULRUMHUiUTXLFRHOUHFXUVRGHEDVHUFRUULGRHQWUDVODGRDODVSDUWHVSRUHQFRQWUDUVHGHSRUPHGLR
HO ELHQ MXUtGLFR GH OD OLEHUWD HQWHQGLPLHQWR UHLWHUDGR HQ ODV 66&&  \ 
&RQIRUPHDHOORQRFRUUHVSRQGHHVSHUDUTXHODRWUDSDUWHFRQWHVWHHOUHFXUVRSDUDUHFLpQUHPLWLUHO
UHFXUVRGHDSHODFLyQSUHYLVWRHQHODUWGHO&33/DV66&&5\5\
5UHLWHUDGDVSRUODV66&&333\KDQHVWDEOHFLGRTXHHOGHFUHWRGH
UHPLVLyQ\ODSRVWHULRUDXGLHQFLDGHDSHODFLyQGHEHQVHUQRWLILFDGDVHQODIRUPDSUHYLVWDHQORV
DUWV\GHO&33DOVHxDODUTXH
  HO&yGLJRSURFHVDOSHQDOHVWDEOHFHWD[DWLYDPHQWHTXp
SURYLGHQFLDVRUHVROXFLRQHVGHEHQVHUQRWLILFDGDVHQIRUPDSHUVRQDOHQWUHODVTXHQRVHHQFXHQWUDQ
ODSURYLGHQFLDTXHRUGHQDODUHPLVLyQGHODDSHODFLyQDQWHHO7ULEXQDOVXSHULRUQLODSURYLGHQFLD
SURQXQFLDGDSRUHO7ULEXQDOGHDSHODFLyQTXHDGPLWHHOUHFXUVR\VHxDODGtD\KRUDGHDXGLHQFLD
SDUDFRQVLGHUDUODDSHODFLyQGHODUHVROXFLyQGHLPSRVLFLyQGHPHGLGDVFDXWHODUHVFROLJLpQGRVHSRU
ORWDQWRTXHODQRWLILFDFLyQTXHVHSUDFWLTXHFRQHVWDVSURYLGHQFLDVGHEHQREVHUYDUODSUHYLVLyQGH
ORV DUWV  \  GHO &33 
 (VWDV VXEUHJODV YLQFXODGDV DO UHFXUVR GH DSHODFLyQ IXHURQ
VLVWHPDWL]DGDV HQ OD 6&3  FRQIRUPH D ORV VLJXLHQWH
L  ,QWHUSXHVWR HO UHFXUVR GH
DSHODFLyQ FRQWUD ODV UHVROXFLRQHV TXH UHVXHOYHQ PHGLGDV FDXWHODUHV ODV DFWXDFLRQHV SHUWLQHQWHV
GHEHQVHUUHPLWLGDVHQHOSOD]RGHYHLQWLFXDWURKRUDVSUHYLVWRHQHODUWGHO&33SOD]RTXHSRU
UHJOD JHQHUDO GHEH VHU FXPSOLGR SRU ODV DXWRULGDGHV MXGLFLDOHV LL  1R REVWDQWH OR VHxDODGR
SUHFHGHQWHPHQWHHVSRVLEOHTXHHOSOD]RGHUHPLVLyQGHORVDQWHFHGHQWHVGHOUHFXUVRGHDSHODFLyQ
GHPDQHUDH[FHSFLRQDO\HQVLWXDFLRQHVHQTXHH[LVWDXQDMXVWLILFDFLyQUD]RQDEOH\IXQGDGDVREUH
ODVUHFDUJDGDVODERUHVGHODDXWRULGDGMXULVGLFFLRQDOSRUODVVXSOHQFLDVRODSOXUDOLGDGGHLPSXWDGRV
HVSRVLEOHIOH[LELOL]DUGLFKRSOD]RDWUHVGtDVSDVDGRHOFXDOODRPLVLyQGHOMX]JDGRUVHFRQVWLWX\H
HQXQDFWRLLL &XDQGRHOUHFXUVRGHDSHODFLyQSUHYLVWRHQHODUWGHO&33VHDIRUPXODGRGH
PDQHUDHVFULWDGHEHVHUSURYLGHQFLDGRSRUODDXWRULGDGMXGLFLDOHQHOSOD]RPi[LPRGHYHLQWLFXDWUR
KRUDV GH FRQIRUPLGDG DO DUW 3iJLQD  GH   GHO &33 SURYLGHQFLD D SDUWLU GH OD FXDO VH
FRPSXWDQODVYHLQWLFXDWURKRUDVSUHYLVWDVSDUDODUHPLVLyQGHODVDFWXDFLRQHVSHUWLQHQWHVDQWHHO
WULEXQDO GH DSHODFLyQ LY  &XDQGR HO UHFXUVR GH DSHODFLyQ VHD IRUPXODGR GH PDQHUD RUDO
FRUUHVSRQGHTXHODDXWRULGDGMXGLFLDOGHFUHWHVXUHPLVLyQHQDXGLHQFLDSDUDTXHDSDUWLUGHGLFKD
SURYLGHQFLDVHFRPSXWHHOSOD]RGHYHLQWLFXDWURKRUDVSUHYLVWRHQHODUWGHO&33DFODUiQGRVH
TXHODIXQGDPHQWDFLyQMXUtGLFD\H[SUHVLyQGHDJUDYLRVGHEHVHUHIHFWLYL]DGDHQODDXGLHQFLDGH
DSHODFLyQY 1RFRUUHVSRQGHFRQGLFLRQDUODUHPLVLyQGHDQWHFHGHQWHVGHOUHFXUVRGHDSHODFLyQDO
WULEXQDOVXSHULRUFRQHOFXPSOLPLHQWRGHODSURYLVLyQGHUHFDXGRVGHOH\GLVSXHVWDSRUODDXWRULGDG
MXGLFLDO\PHQRVSXHGHFRPSXWDUVHHOSOD]RGHYHLQWLFXDWURKRUDVSUHYLVWRHQHODUWGHO&33
DSDUWLUTXHHOUHFXUUHQWHRWRUJDGLFKRVUHFDXGRVHQYLUWXGDORVSULQFLSLRVGHJUDWXLGDGSURDFWLRQH
\ORVGHUHFKRVGHLPSXJQDFLyQ\DFFHVRDODMXVWLFLDYL 1RFRUUHVSRQGHTXHHOGHFUHWRGHUHPLVLyQ
GHDQWHFHGHQWHVDOWULEXQDOGHDSHODFLyQVHDQRWLILFDGRSHUVRQDOPHQWH\HQFRQVHFXHQFLDGHEHUi
QRWLILFDUVHHQXQDGHODVIRUPDVSUHYLVWDVHQORVDUWV\GHO&33HQHOSOD]RSUHYLVWRHQHO
DUWGHOFLWDGR&yGLJR~QLFDPHQWHSDUDHIHFWRVGHFRQRFLPLHQWRGHODVSDUWHVVLQTXHDSDUWLU
GHGLFKDQRWLILFDFLyQVHFRPSXWHHOSOD]RGHYHLQWLFXDWURKRUDVSUHYLVWRSRUHODUWGHO&33
SXHVVHUHLWHUDHOFyPSXWRGHHVHSOD]RVHLQLFLDGHVGHHOGHFUHWRGHUHPLVLyQGLFWDGRSRUHOMXH]
\ HQ HVH VHQWLGR QR VH GHEH FRQGLFLRQDU OD UHPLVLyQ GHO UHFXUVR GH DSHODFLyQ D XQD HYHQWXDO
FRQWHVWDFLyQ GH OD RWUD SDUWH &RQVHFXHQWHPHQWH OD  UHDILUPD HO HQWHQGLPLHQWR
MXULVSUXGHQFLDO H[SUHVDGR HQ OD  VREUH IOH[LELOL]DFLyQ GHO SOD]R GH UHPLVLyQ GH
DQWHFHGHQWHVGHOUHFXUVRGHDSHODFLyQGHQWURGHOSOD]RGHYHLQWLFXDWURKRUDVFXDQGRH[LVWDQFDXVDV
MXVWLILFDEOHV


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

W


dW^:d

$  3UHFHGHQWHFRQWHQLGRHQOD6&5
&XDUWRFRQVLGHUDQGR

4XHHOSULQFLSLRGHFHOHULGDGSURFHVDOFRQVDJUDGRSRUHODUW;GH
OD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRLPSRQHDTXLHQDGPLQLVWUDMXVWLFLD
HOGHEHUMXUtGLFRGHGHVSDFKDU
ORV DVXQWRV VRPHWLGRV D VX FRQRFLPLHQWR VLQ GLODFLRQHV LQGHELGDV
H[LJHQFLDTXHVHKDFHPiVDSUHPLDQWHDDTXHOORVFDVRVYLQFXODGRVDOD
OLEHUWDGSHUVRQDO

%  (OSUHFHGHQWHLPSOtFLWRTXHJHQHUDOD6&3HVWDEOHFH

)-,,,

/DVDXWRULGDGHVMXULVGLFFLRQDOHVHQYLUWXGDOSULQFLSLRpWLFRPRUDOGHO
DPDTKLOOD QRVHDVIORMR WLHQHQHOGHEHUSURFHVDOGHGLULJLU\UHVROYHU
VLQGLODFLRQHVLQGHELGDVVROLFLWXGHVGHGHWHQFLRQHVSUHYHQWLYDV

,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

(OHVWiQGDUPiVDOWRVHHQFXHQWUDHQOD6&3TXHHVWDEOHFHHO
SOD]R Pi[LPR SDUD ILMDU ODV VROLFLWXGHV GH FHVDFLyQ GH OD GHWHQFLyQ
SUHYHQWLYD

UJDQR/HJLVODWLYR&RPSHWHQFLDV
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   $ WUDYpV GH OD /H\ *HQHUDO GHO 3UHVXSXHVWR GHO
(VWDGR QR HV SRVLEOH UHJXODU DVSHFWRV TXH QR FRUUHVSRQGDQ D OD
DFWLYLGDGILQDQFLHUDGHOVHFWRUS~EOLFRSRUTXHVHYLRODHOSULQFLSLRGH
XQLGDGGHPDWHULD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

W


dW^:d


(QHVWDDFFLyQGHLQFRQVWLWXFLRQDODEVWUDFWDHODFFLRQDQWH'LSXWDGRGH
OD$VDPEOHD/HJLVODWLYD3OXULQDFLRQDOFXHVWLRQDODFRQVWLWXFLRQDOLGDG
GHOD'LVSRVLFLyQ$GLFLRQDO6pSWLPDGHOD/H\GHGHGLFLHPEUH
GHDGXFLHQGRTXHYXOQHUDORVDUWV,,\
 GH OD &3( SRU FXDQWR SHVH D WUDWDUVH GH XQD /H\ VREUH ILQDQ]DV
S~EOLFDV LQWURGXMR UHJXODFLRQHV DMHQDV FRQ OD H[SUHVD SUHWHQVLyQ GH
PRGLILFDUHOGHUHFKRFRQVWLWXFLRQDODODFRQVXOWDSUHYLD\REOLJDWRULDGH
ORVSXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRVHQUHODFLyQDODDIHFWDFLyQ
GHVXWHUULWRULR\GHODSREODFLyQHQJHQHUDOFXDQGRHOPHGLRDPELHQWH
VH YHD DIHFWDGR SRU XQ HPSUHQGLPLHQWR (O 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO GHFODUy OD LQFRQVWLWXFLRQDOLGDG GH OD 'LVSRVLFLyQ
$GLFLRQDO6pSWLPDGHOD/H\GHGHGLFLHPEUHGH/H\GHO
3UHVXSXHVWR*HQHUDOGHO(VWDGRSDUDODJHVWLyQILVFDOHQODSDUWH
GH VX SDUiJUDIR , TXH VHxDOD
QR VH DGPLWLUi OD GLVFXVLyQ GH RWURV
WHPDVTXHQRVHDQGHFRPSHWHQFLDGHOD$XWRULGDG&RPSHWHQWH\RWURV
QRUHODFLRQDGRVDODLPSOHPHQWDFLyQGHODDFWLYLGDGKLGURFDUEXUtIHUD\
GH RWURV VHFWRUHV
 \ OD LQFRQVWLWXFLRQDOLGDG GH OD 'LVSRVLFLyQ
$GLFLRQDO6pSWLPDGHODVHxDODGD/H\HQODSDUWHGHVXSDUiJUDIR,,TXH
VHxDOD
6LQRVHOOHJDUDDODVXVFULSFLyQGHO&RQYHQLRGH9DOLGDFLyQ
GH DFXHUGR SRU ODV UD]RQHV DQWHV PHQFLRQDGDV VH FRQWLQXDUi FRQ HO
SURFHGLPLHQWRSDUDODHODERUDFLyQ\DSUREDFLyQGHO((,$FRQIRUPHDOD
QRUPDWLYDYLJHQWH


([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,HQHO)XQGDPHQWR-XUtGLFR,,,GHODSUHVHQWHVHQWHQFLD
VHHVWDEOHFLyTXHOD/H\*HQHUDOGHO3UHVXSXHVWRGHO(VWDGRWLHQHXQD
QDWXUDOH]DSURSLDFXDOHVGHUHJXODUODDFWLYLGDGILQDQFLHUDGHOVHFWRU
S~EOLFRHVWDWDOH[FOXVLYDPHQWH\QRRWURVDVSHFWRVTXHQRFRUUHVSRQGDQ
DODPDWHULD

(Q HVH PLVPR VHQWLGRWDPELpQ VH SURQXQFLy OD 6HQWHQFLD GH OD &RUWH
&RQVWLWXFLRQDO &RORPELDQD & GH  GH HQHUR GHVDUUROODGD
WDPELpQHQHOPLVPRIXQGDPHQWRMXUtGLFRTXHHVWDEOHFLyTXHXQDOH\
JHQHUDOGHSUHVXSXHVWRHQYLUWXGDOSULQFLSLRGHXQLGDGGHPDWHULDGHEH
FLUFXQVFULELUVHDVXREMHWR\QRUHEDVDUHOILQTXHFRQHOODVVHSHUVLJXH

(QHOFDVRSUHVHQWHOD/H\GH3UHVXSXHVWR*HQHUDOGHO(VWDGRSDUD
OD*HVWLyQHQVXGLVSRVLFLyQDGLFLRQDO6pSWLPDUHJXODHOSURFHVR
GH FRQVXOWD HQ PDWHULD KLGURFDUEXUtIHUD PDWHULD TXH HV GLVWLQWD D VX
QDWXUDOH]DGHGRQGHVHDGYLHUWHTXHDOKDEHUUHJXODGRPDWHULDGLVWLQWDD
VXREMHWRYXOQHUDWDPELpQHOSULQFLSLRGHXQLGDGGHPDWHULDTXHULJH
SDUDGLFKDOH\HQFRQVHFXHQFLDDOQRVHUPDWHULDSURSLDGHXQDOH\GHO
3UHVXSXHVWR OD FRQVXOWD HQ PDWHULD KLGURFDEXUtIHUD UHJXODGD HQ OD
'LVSRVLFLyQ $GLFLRQDO 6pSWLPD HO SURFHVR GH FRQVXOWD HQ PDWHULD
W


dW^:d

KLGURFDUEXUtIHUD FRUUHVSRQGH H[SXOVDUOR GH OD OH\ *HQHUDO GHO


3UHVXSXHVWRGHODJHVWLyQ
6LQWHVLVGHODUDWLRGHFLGHQGL

,QFRQVWLWXFLRQDOLGDG GH OD 'LVSRVLFLyQ $GLFLRQDO 6pSWLPD GH OD /H\
*HQHUDOGHO3UHVXSXHVWRGHO(VWDGRSRUTXHDOWHQHUpVWDXQDQDWXUDOH]D
SURSLD FXDO HV GH UHJXODU OD DFWLYLGDG ILQDQFLHUD GHO VHFWRU S~EOLFR
HVWDWDO H[FOXVLYDPHQWH QR SXHGH DEDUFDU RWURV DVSHFWRV TXH QR
FRUUHVSRQGHQ D OD PDWHULD FRPR HO SURFHVR GH FRQVXOWD SUHYLD HQ
PDWHULDKLGURFDUEXUtIHUD
([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,/D/H\*HQHUDOGHO3UHVXSXHVWRGHO(VWDGRWLHQHXQDQDWXUDOH]D
SURSLD GH UHJXODU OD DFWLYLGDG ILQDQFLHUD GHO VHFWRU S~EOLFR HVWDWDO
H[FOXVLYDPHQWH\QRRWURVDVSHFWRVTXHQRFRUUHVSRQGDQDODPDWHULD\
TXHODPLVPDULJHSDUDODJHVWLyQGHVLJQDGDQRSXGLHQGRH[WHQGHUVHD
RWUDVJHVWLRQHV(QHOFDVRSUHVHQWHOD/H\GH3UHVXSXHVWR*HQHUDO
GHO(VWDGRSDUDOD*HVWLyQHQVXGLVSRVLFLyQDGLFLRQDO6pSWLPD
UHJXODHOSURFHVRGHFRQVXOWDHQPDWHULDKLGURFDUEXUtIHUDPDWHULDTXH
HVGLVWLQWDDVXQDWXUDOH]DGHGRQGHVHDGYLHUWHTXHDOKDEHUUHJXODGR
PDWHULDGLVWLQWDDVXREMHWRYXOQHUDWDPELpQHOSULQFLSLRGHXQLGDGGH
PDWHULDTXHULJHSDUDGLFKDOH\HQFRQVHFXHQFLDDOQRVHUPDWHULDSURSLD
GH XQD OH\ GHO 3UHVXSXHVWR OD FRQVXOWD HQ PDWHULD KLGURFDEXUtIHUD
UHJXODGDHQOD'LVSRVLFLyQ$GLFLRQDO6pSWLPDHOSURFHVRGHFRQVXOWDHQ
PDWHULDKLGURFDUEXUtIHUDFRUUHVSRQGHH[SXOVDUORGHODOH\*HQHUDOGHO
3UHVXSXHVWRGHODJHVWLyQ

 UJDQR /HJLVODWLYR*DUDQWtD GH QR DSOLFDFLyQ GH
GHWHQFLyQSUHYHQWLYD
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO


W


dW^:d


6&3/RV$VDPEOHtVWDV'HSDUWDPHQWDOHVQRJR]DQGHOD
JDUDQWtD FRQVWLWXFLRQDO GH SURKLELFLyQ GH GHWHQFLyQ SUHYHQWLYD TXH
HVWi SUHYLVWD SDUD ORV PLHPEURV GH OD $VDPEOHD /HJLVODWLYD
3OXULQDFLRQDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QXQDDFFLyQGHOLEHUWDGHODFFLRQDQWHGHQXQFLyTXHODVDXWRULGDGHV
MXGLFLDOHV\SROLFLDOGHPDQGDGDVOHVLRQDURQVXVGHUHFKRVDODOLEHUWDG
ItVLFD\DOGHELGRSURFHVRSRUFXDQWRVHSURFHGLyDVXGHWHQFLyQFRQXQ
PDQGDPLHQWR GH GHWHQFLyQ SUHYHQWLYD GH IHFKD SDVDGD HPLWLGR SRU
DXWRULGDGHV LQFRPSHWHQWHV VLQ FRQVLGHUDU TXH HMHUFH HO FDUJR GH
$VDPEOHtVWD'HSDUWDPHQWDO\TXHQRVHSRGUtDDSOLFDUODUHIHULGDPHGLGD
FDXWHODUGHFDUiFWHUSHUVRQDO(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO
HQ UHYLVLyQ GHQHJy OD WXWHOD VROLFLWDGD FRQ HO DUJXPHQWR TXH ORV
PDQGDPLHQWRV GH GHWHQFLyQ QR WLHQHQ XQD IHFKD GH H[SLUDFLyQ TXH
IXHURQHPLWLGRVFXDQGRODVDXWRULGDGHVMXGLFLDOHVVHHQFRQWUDEDQDFDUJR
GHOFRQRFLPLHQWRGHODFDXVDTXHODYXOQHUDFLyQGHVXGHUHFKRDOGHELGR
SURFHVR\DIXHDQDOL]DGDSRUHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHQ
OD6&5\TXHFRPR$VDPEOHtVWD'HSDUWDPHQWDOQRJR]DGH
ODJDUDQWtDFRQVWLWXFLRQDOFRQWHQLGDHQHODUWGHOD&3(TXHHVWi
SUHYLVWDSDUDORVPLHPEURVGHOD$VDPEOHD/HJLVODWLYD3OXULQDFLRQDO

([WUDFWRGHODUDWLRGHFLGHQGL\GHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,)LQDOPHQWHUHVSHFWRDORDOHJDGRSRUHODFFLRQDQWHGHTXHDO
HMHUFHU HO FDUJR GH $VDPEOHtVWD 'HSDUWDPHQWDO QR FRUUHVSRQGH
DSOLFDUVHODPHGLGDFDXWHODUGHFDUiFWHUSHUVRQDOFRQWUDVXSHUVRQDGH
DFXHUGRDORSUHYLVWRSRUODQRUPDGHODUWGHOD&3(FDEHVHxDODU
TXHHVHDUJXPHQWRQRHVDWHQGLEOHHQHOFDVRSUHVHQWHHVWRHQUD]yQD
TXHODJDUDQWtDFRQVWLWXFLRQDOSUHYLVWDSRUGLFKDQRUPDHVWiUHIHULGDD
ORV PLHPEURV GH OD
$VDPEOHD /HJLVODWLYD 3OXULQDFLRQDO
 \ HO
DFFLRQDQWHWLHQHODFDOLGDGGHDVDPEOHtVWDGHSDUWDPHQWDOQRH[LVWLHQGR
QLQJXQDQRUPDFRQVWLWXFLRQDOROHJDOTXHUHVSDOGHVXSUHWHQVLyQ

6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJDODDFFLyQGHOLEHUWDGSRUTXHHODFFLRQDQWHFRPR$VDPEOHtVWD
'HSDUWDPHQWDOQRJR]DGHODJDUDQWtDFRQVWLWXFLRQDOFRQWHQLGDHQHODUW
 GH OD &3( TXH HVWi SUHYLVWD SDUD ORV PLHPEURV GH OD $VDPEOHD
/HJLVODWLYD3OXULQDFLRQDO


W


dW^:d

 &RPSHWHQFLDV GHO 7ULEXQDO &RQVWLWXFLRQDO


3OXULQDFLRQDO&RQIOLFWRVGHFRPSHWHQFLDHQWUHODMXULVGLFFLyQRUGLQDULD
\ODMXULVGLFFLyQDJUDULDVXVFLWDGRVDQWHVGHOGHHQHURGH
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO QR HV
FRPSHWHQWH SDUD FRQRFHU ORV FRQIOLFWRV GH FRPSHWHQFLD VXVFLWDGRV
HQWUHODMXULVGLFFLyQRUGLQDULD\ODRWURUDMXULVGLFFLyQDJUDULDTXHVH
LQLFLDURQHQHOSHULRGRGHWUDQVLFLyQLQWHURUJiQLFRDWULEXFLyQTXHOH
FRUUHVSRQGHDO7ULEXQDO6XSUHPRGH-XVWLFLD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(VWH FRQIOLFWR GH FRPSHWHQFLDV HQWUH OD MXULVGLFFLyQ RUGLQDULD \ OD
MXULVGLFFLyQDJUDULDVHVXVFLWyDUDt]GHODVUHVROXFLRQHVGHLQKLELWRULDGH
FRPSHWHQFLD UHDOL]DGDV SRU OD -XH]D GH 3DUWLGR \ 6HQWHQFLD \ HO -XH]
$JUDULRDPERVGH&DUDQDYLTXHIXHURQUHPLWLGDVSDUDVXGHILQLFLyQD
OD HQWRQFHV &RUWH 6XSUHPD GH -XVWLFLD DKRUD 7ULEXQDO 6XSUHPR GH
-XVWLFLDLQVWDQFLDMXULVGLFFLRQDOTXHPHGLDQWH$XWR6XSUHPR
UHPLWLy DO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO SDUD TXH OR GLULPD
FRQWURYHUVLDTXHYHUVDVREUHHOFRQRFLPLHQWR\SURFHVDPLHQWRGHKHFKRV
UHIHUHQWHVDODTXHUHOOD\DFXVDFLyQSDUWLFXODUGHGHVSRMR\SHUWXUEDFLyQ
GH SRVHVLyQ GH IXQGRV U~VWLFRV (O 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO GHFODUy OD LPSURFHGHQFLD GH OD DFWLYDFLyQ GHO FRQWURO
SOXUDO FRPSHWHQFLDO GH FRQVWLWXFLRQDOLGDG SRU KDEHUVH LQLFLDGR HO
FRQIOLFWR QHJDWLYR GH FRPSHWHQFLDV DQWHV GH OD /H\ GH  GH HQHUR GH
 \ RUGHQy OD UHPLVLyQ GH DQWHFHGHQWHV DO 7ULEXQDO 6XSUHPR GH
-XVWLFLDSDUDTXHUHVXHOYDHOFRQIOLFWR

([WUDFWRGHODUDWLRGHFLGHQGL

)M,,D 'HDFXHUGRDODIXQGDPHQWDFLyQUHDOL]DGDVHHVWDEOHFLyTXH
HO FRQIOLFWR MXULVGLFFLRQDO QHJDWLYR RSHUD FXDQGR PHGLDQWH OD
XWLOL]DFLyQGHPHFDQLVPRVLQWUDSURFHVDOHVSDUDHOFXHVWLRQDPLHQWRGH
ODFRPSHWHQFLDGRVRPiVDXWRULGDGHVMXULVGLFFLRQDOHVVHLQKLEHQGHO
FRQRFLPLHQWRGHODFDXVDSRUFRQVLGHUDUVHLQFRPSHWHQWHV(QODHVSHFLH
GH OD FRPSXOVD GH DQWHFHGHQWHV VH HYLGHQFLD TXH WDQWR OD -XH]D GH
W


dW^:d


3DUWLGR \ 6HQWHQFLD GH &DUDQDYL \ HO -XH] $JUDULR WDPELpQ GH HVWD
ORFDOLGDGOXHJRGHUHFXUUHQWHVUHHQYLRVGHDQWHFHGHQWHVSURFHVDOHVVH
GHFODUDQDPERVLQFRPSHWHQWHVSDUDFRQRFHUODSUREOHPiWLFDSODQWHDGD
UHIHUHQWH D DWULEXFLyQ GH KHFKRV GHOLFWLYRV UHIHUHQWHV D GHVSRMR \
SHUWXUEDFLyQGHSRVHVLyQGHIXQGRVU~VWLFRVSRUFXDQWRHODQiOLVLVGHOD
WHPiWLFDGHEHYHUVDUVREUHHOFRQIOLFWRQHJDWLYRGHFRPSHWHQFLDV

E  'HVGH XQ SXQWR GH YLVWD SURFHVDO HO LQLFLR GHO FRQIOLFWR GH
FRPSHWHQFLDVQHJDWLYRHVWiGDGRSRUHOPRPHQWRHQHOFXDOODDXWRULGDG
MXULVGLFFLRQDODODFXDOSRUGHFOLQDWRULDVHOHUHHQYtDHOFRQRFLPLHQWR
GHXQDFDXVDQRVHDOODQHDOFRQRFLPLHQWRGHODPLVPD(QODHVSHFLH\
GHODFRPSXOVDGHDQWHFHGHQWHVVHWLHQHTXHHQYLUWXGDODGHFOLQDWRULD
GHOD-XH]DGH3DUWLGR\6HQWHQFLDGH&DUDQDYLOXHJRGHODUHPLVLyQGH
DQWHFHGHQWHV DQWH HO -XH] $JUDULR GH HVWD ORFDOLGDG HVWD DXWRULGDG
PHGLDQWH5HVROXFLyQGHGHDEULOFXUVDQWHDIV\YWDVH
GHFODUD LQFRPSHWHQWH SDUD HO FRQRFLPLHQWR GH SURFHVRV SHQDOHV
RUGHQDQGR OD UHPLVLyQ GH DQWHFHGHQWHV DQWH OD -XH]D GH 3DUWLGR \
6HQWHQFLD GH &DUDQDYL DQWHFHGHQWHV TXH IXHURQ UHFHSFLRQDGRV SRU HO
-X]JDGRGH3DUWLGR\6HQWHQFLDGH&DUDQDYLHOGHPD\RGH

3RUORVHxDODGR\DXQTXHHQHOSUHVHQWHFDVRH[LVWDQUHFXUUHQWHVUHHQYLRV
GHDQWHFHGHQWHVSURFHVDOHVHQWUHDPEDVDXWRULGDGHVTXHVHFRQVLGHUDQ
LQFRPSHWHQWHV SDUD FRQRFHU \ UHVROYHU OD FDXVD HQ FXHVWLyQ GHEH
FRQVLGHUDUVHTXHGHVGHXQDySWLFDSURFHVDO\GHDFXHUGRDO)XQGDPHQWR
-XUtGLFR,,GHOSUHVHQWHIDOORHQODHVSHFLHHOGHPD\RGHVH
LQLFLDODFRQWURYHUVLDMXULVGLFFLRQDOFRPSHWHQFLDOHVGHFLUDQWHVGHOGH
HQHURGHIHFKDGHSRVHVLyQGHODVDXWRULGDGHVMXGLFLDOHVHOHFWDV
SRUYRWRSRSXODU

F /D SDUWH RUJiQLFD GH OD &RQVWLWXFLyQ D GLIHUHQFLD GH VX SDUWH
GRJPiWLFD WDO FRPR VH H[SOLFy HQ HO )XQGDPHQWR -XUtGLFR ,, GH OD
SUHVHQWH 6HQWHQFLD &RQVWLWXFLRQDO 3OXULQDFLRQDO QR HV GLUHFWDPHQWH
DSOLFDEOHVLQRTXHSDUDVXPDWHULDOL]DFLyQVHQHFHVLWDQOH\HVRUJiQLFDV
GH GHVDUUROOR (Q HO FDVR GH %ROLYLD WDO FRPR VH GHVDUUROOR HQ HO
)XQGDPHQWR-XUtGLFR,,GHODSUHVHQWHGHFLVLyQFRQVWLWXFLRQDOH[LVWH
XQD 2UJDQL]DFLyQ-XGLFLDOSUHH[LVWHQWH DO PRPHQWR GH OD UHIXQGDFLyQ
GHO (VWDGR 3OXULQDFLRQDO GH %ROLYLD SRU FXDQWR KDVWD DQWHV GHO  GH
HQHUR GH  SHUVLVWH HQ HVWH SHULRGR LQWHURUJiQLFR OD HVWUXFWXUD \
DWULEXFLRQHVGHOD&RUWH6XSUHPDGH-XVWLFLDFRPRPi[LPRWULEXQDOGH
OD MXULVGLFFLyQ RUGLQDULD SRU WDQWR OD MXULVGLFFLyQ RUGLQDULD \
DJURDPELHQWDO\ODGHPiVHVWUXFWXUDGHOUJDQR-XGLFLDOGLVFLSOLQDGDHQ
ODSDUWHRUJiQLFDGHOD&RQVWLWXFLyQGHVHHQFXHQWUDQVXMHWRVDXQD
DSOLFDFLyQFRQGLFLRQDGDHVGHFLUDXQDLPSOHPHQWDFLyQSOHQDDSDUWLU
GH OD SRVHVLyQ GH ODV 0DJLVWUDGDV \ 0DJLVWUDGRV HOHFWRV SRU VXIUDJLR
SRSXODUHVGHFLUDSDUWLUGHOGHHQHURGH3DUDFDXVDVDQWHULRUHV
W


dW^:d

VHUi DSOLFDEOH HO


EORTXH GH OHJDOLGDG
 LPSHUDQWH SDUD OD WUDQVLFLyQ
LQWHURUJiQLFDGHVFULWRHQHO)XQGDPHQWR-XUtGLFR,,GHOSUHVHQWHIDOOR

3RUORVHxDODGRHQODHVSHFLDDOKDEHUVHLQLFLDGRHOFRQIOLFWRQHJDWLYR
GHFRPSHWHQFLDVHOGHPD\RGHVHFRQFOX\HTXHODGHILQLFLyQ
GHO FRQIOLFWR GH FRPSHWHQFLDV VXVFLWDGR QR HVWi HQFRPHQGDGD DO
7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO

G (QODHVSHFLHVHWLHQHTXHSRU$XWR6XSUHPRVXVFULWRSRU
-RUJH 9RQ %RUULHV 0pQGH] 5yPXOR &DOOH 0DPDQL 3DVWRU 6HJXQGR
0DPDQL 9LOOFD )LGHO 0DUFRV 7RUGR\D 5LYDV $QWRQLR &DPSHUR
6HJRYLD\5LWD6XVDQD1DYD'XUiQOD6DOD3OHQDGHO7ULEXQDO6XSUHPR
GH-XVWLFLDDOHJDQGRVHUDSOLFDEOHGLUHFWDPHQWHOD&RQVWLWXFLyQGH
GHFOLQDFRPSHWHQFLDSDUDFRQRFHU\UHVROYHUHODVXQWRGLVSRQLHQGRVX
UHPLVLyQDO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOVLHQGRUHFHSFLRQDGRV
ORVDQWHFHGHQWHVGHODFDXVDSRUHVWDLQVWDQFLDHOGHPD\RGH
HQHVWHFRQWH[WRHQHO)XQGDPHQWR-XUtGLFR,,GHOSUHVHQWHIDOORVH
HVWDEOHFLyTXHVLHOLQLFLRGHOFRQIOLFWRGHFRPSHWHQFLDVQHJDWLYRHQWUH
ODMXULVGLFFLyQRUGLQDULD\ODMXGLFDWXUDDJUDULDGDWDGHXQDIHFKDDQWHULRU
DO  GH HQHUR GH  D~Q FXDQGR OD FDXVD KD\D LQJUHVDGR SDUD VX
DQiOLVLVDO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOGHVSXpVGHHVWDIHFKD
HOFRQWUROFRPSHWHQFLDOSOXUDOGHFRQVWLWXFLRQDOLGDGQRHVFRPSHWHQWH
SDUD GLULPLU ODV FRQWURYHUVLDV HQ HO PDUFR GHO DUW  GH OD &3(
VLWXDFLyQTXHVHYHULILFDHQODSUHVHQWHSUREOHPiWLFD

6LQWHVLVGHODUDWLRGHFLGHQGL

6H GHFODUD OD LPSURFHGHQFLD GHO FRQWURO SOXUDO FRPSHWHQFLDO GH
FRQVWLWXFLRQDOLGDGSDUDUHVROYHUHOFRQIOLFWRGHFRPSHQWHQFLDVHQWUHOD
MXULVGLFFLyQ RUGLQDULD \ OD DJUDULD SRU KDEHUVH LQLFLDGR DQWH GHO  GH
HQHURGH

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

(VWD6HQWHQFLDHQVX)-,,GLVSRQH(QEDVHDHVWDDWULEXFLyQGHEH
HVWDEOHFHUVHTXHORVFRQIOLFWRVGHFRPSHWHQFLDVXVFLWDGRVDSDUWLUGHO
GH HQHUR GH  HQWUH OD MXULVGLFFLyQ RUGLQDULD \ OD MXULVGLFFLyQ
DJURDPELHQWDO VHUiQ FRQRFLGRV \ UHVXHOWRV SRU HO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOHPSHURWRGDYH]TXHSDUDHOSHULRGRGH
WUDQVLFLyQ LQWHURUJiQLFR VXE\DFH OD RUJDQL]DFLyQ MXULVGLFFLRQDO
SUHH[LVWHQWH D OD UHIXQGDFLyQ GHO (VWDGR 3OXULQDFLRQDO GH %ROLYLD
FRQVLGHUDQGRTXHODMXULVGLFFLyQDJURDPELHQWDOHQWUyHQSOHQDYLJHQFLD
DSDUWLUGHODIHFKDGHSRVHVLyQGHVXVDXWRULGDGHVHOHFWDVHO7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOQRHVFRPSHWHQWHSDUDFRQRFHUFRQIOLFWRV
GH FRPSHWHQFLD VXVFLWDGRV HQWUH OD MXULVGLFFLyQ RUGLQDULD \ OD RWURUD
MXULVGLFFLyQ DJUDULD \D TXH SDUD HVWRV VXSXHVWRV GHEH DSOLFDUVH HO
W


dW^:d


EORTXHGHOHJDOLGDGVXE\DFHQWHHQHOSHULRGRGHWUDQVLFLyQ


(QHOPDUFRGHORVHxDODGRGHEHHVWDEOHFHUVHDGHPiVTXHSDUDWRGRVORV
FRQIOLFWRV GH FRPSHWHQFLD VXVFLWDGRV HQ YLJHQFLD GHO SHULRGR GH
WUDQVLFLyQLQWHURUJiQLFRHVGHFLUDQWHVGHODLPSOHPHQWDFLyQSOHQDGHO
UJDQR-XGLFLDO\GHOFRQWUROSOXUDOGHFRQVWLWXFLRQDOLGDGODQRUPDWLYD
DSOLFDEOHVHUiDTXHOODFRQWHPSODGDHQHO
%ORTXHGHOHJDOLGDG
YLJHQWH
SDUDHVWHSHULRGRVLHQGRSDUWHGHOPLVPRWDOFRPRVHVHxDOyOD/H\
GHO 7ULEXQDO &RQVWLWXFLRQDO QRUPD TXH QR HQFRPLHQGD DO FRQWURO
FRPSHWHQFLDO GH FRQVWLWXFLRQDOLGDG VX HMHUFLFLR SDUD FRQIOLFWRV GH
FRPSHWHQFLD HQWUH OD MXULVGLFFLyQ RUGLQDULD \ OD $JUDULD SRU OR TXH
GLFKRVFRQIOLFWRVDVXVFLWDUVHHQHVWRVFDVRVQRSXHGHQVHUVRPHWLGRVD
FRQWURO FRPSHWHQFLDO GH FRQVWLWXFLRQDOLGDG DQWH HO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDO


&RPSHWHQFLDV
GHO
UJDQR
(OHFWRUDO
3OXULQDFLRQDO,QWHUYHQFLyQ D WUDYpV GHO 6HUYLFLR ,QWHUFXOWXUDO GH
)RUWDOHFLPLHQWR'HPRFUiWLFR 6,)'( HQHOSURFHVRGHFRQVXOWDSUHYLD
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3/DLQWHUYHQFLyQGHOUJDQR(OHFWRUDO3OXULQDFLRQDO
D WUDYpV GHO 6HUYLFLR ,QWHUFXOWXUDO GH )RUWDOHFLPLHQWR 'HPRFUiWLFR
6,)'(  HV HQ FDOLGDG GH REVHUYDGRU \  YHHGRU GH TXH OD FRQVXOWD
SUHYLDVHGHVDUUROOHHQHOPDUFRGHODEXHQDIHVLQTXHODHPLVLyQGH
XQ LQIRUPH VREUH ORV UHVXOWDGRV FRQVWLWX\D XQD LQWURPLVLyQ TXH
GHVYLUW~H HO SURFHVR VLQR TXH HV D WUDYpV GH XQD LQVWLWXFLyQ
HVSHFLDOL]DGDTXHHO(VWDGRJDUDQWL]DODFRQVXOWD\VXHMHFXFLyQHQHO
PDUFRGHOSURFHVR\SURFHGLPLHQWRVFRQFHUWDGRV

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q OD DFFLyQ GH LQFRQVWLWXFLRQDOLGDG SUHVHQWDGD SRU 'LSXWDGRV GH OD
$VDPEOHD/HJLVODWLYD3OXULQDFLRQDOVHGHPDQGyODLQFRQVWLWXFLRQDOLGDG
GHORVDUWVLQFD \GHOD/H\GHGHIHEUHURGH
SRUVHUSUHVXQWDPHQWHFRQWUDULRVDORVDUWV,9,,
W


dW^:d

\,,,SDUiJUDIR,,GHOD&3(\GHOD&RQYHQFLyQ
GH9LHQDVREUHHO'HUHFKRGHORV7UDWDGRVGHGHPD\RGHGHO
&RQYHQLRGHOD2UJDQL]DFLyQ,QWHUQDFLRQDOGHO7UDEDMR 2,7 \
\GHOD'HFODUDFLyQGHODV1DFLRQHV8QLGDVVREUHORV'HUHFKRVGHORV
3XHEORV,QGtJHQDVFRQORVVLJXLHQWHVDUJXPHQWRVD(ODUWGHOD/H\
YLROyGHPDQHUDIODJUDQWHHODUW,,GHOD&3(GHELGRDTXH
ODFRQVXOWDQRWLHQHHOFDUiFWHUGHSUHYLDHQPpULWRDTXHSUHFLVDPHQWH
KXERDFWRVOHJLVODWLYRV\DGPLQLVWUDWLYRVTXHDIHFWDURQHO7,31,6DQWHV
GHUHDOL]DUVHODFRQVXOWDREMHWRGHODPHQFLRQDGD/H\E/RVDUWV
D \GHOD/H\YXOQHUDQHOGHUHFKRGHORVSXHEORVLQGtJHQDVDVHU
FRQVXOWDGRVPHGLDQWHVXVSURFHGLPLHQWRV\DWUDYpVGHVXVLQVWLWXFLRQHV
SRUTXH XQLODWHUDOPHQWH HVWDEOHFHQ HO SURFHVR \ SURFHGLPLHQWR GH OD
FRQVXOWD F (O DUW  GH OD /H\  WDPELpQ OHVLRQD HO GHUHFKR D ORV
SXHEORV LQGtJHQDV D VHU FRQVXOWDGRV D WUDYpV GH VXV SURFHGLPLHQWRV H
LQVWLWXFLRQHV DO HVWDEOHFHU OD SDUWLFLSDFLyQ GHO yUJDQR HMHFXWLYR HQ HO
SURFHVRGHFRQVXOWDG(ODUWGHOD/H\OHVLRQDHOGHUHFKRTXH
WLHQHQORVSXHEORVLQGtJHQDVDTXHODFRQVXOWDVHOOHYHDGHODQWHDWUDYpV
GH VXV SURSLDV LQVWLWXFLRQHV SRUTXH SUHYp LQWHUYHQFLyQ GHO UJDQR
(OHFWRUDO3OXULQDFLRQDOH(OSOD]RSUHYLVWRHQHODUWGHOD/H\
GHEHVHUGHILQLGRDSDUWLUGHODSURSLDLQVWLWXFLRQDOLGDGLQGtJHQDGHVXV
QRUPDV VXV XVRV \ FRVWXPEUHV VXV IRUPDV GH RUJDQL]DFLyQ \ VXV
DXWRULGDGHVQDWXUDOHV(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOGHFODUy
/DFRQVWLWXFLRQDOLGDGGHODUWHQFXDQWRDOREMHWRGHFRQVXOWD\GHO
DUWDPERVGHOD/H\/DFRQVWLWXFLRQDOLGDGGHODUWHQFXDQWR
D OD IUDVH
\ HVWDEOHFHU HO FRQWHQLGR GH HVWH SURFHVR \ VXV
SURFHGLPLHQWRV
 \ GH ORV DUWV   LQF D   \  GH OD /H\ 
FRQGLFLRQDGD D VX FRQFHUWDFLyQ  ,PSURFHGHQWH OD DFFLyQ GH
LQFRQVWLWXFLRQDOLGDG DEVWUDFWD  IRUPXODGD UHVSHFWR DO DUW  GH OD /H\
  $Vt PLVPR OD 6&3  D ,QVWy D ORV SXHEORV LQGtJHQD
RULJLQDULRFDPSHVLQRVKDELWDQWHVGHO7,31,6DTXHHQHMHUFLFLRGHVXV
GHUHFKRV\FRQHOREMHWRGHPDWHULDOL]DUORVPLVPRVFRDG\XYHQFRQVX
SDUWLFLSDFLyQDHQWDEODUXQGLiORJRFRQHO(VWDGRDREMHWRGHDVXPLUORV
DFXHUGRVQHFHVDULRVSDUDHIHFWLYL]DUODFRQVXOWDSURSLFLDQGRSDUDHOORDO
LQWHULRUGHVXVFRPXQLGDGHVXQSURFHVRGHFRQFHUWDFLyQHQHOTXHVH
HVWDEOH]FDQ VXV SULRULGDGHV UHVSHFWR DO SURFHVR HQ Vt GH FRQVXOWD ODV
FXDOHVVHYHUiQUHIOHMDGDVDOPRPHQWRGHGHVDUUROODUVHHOGLiORJRHQWUH
SDUWHV E ([KRUWy D OD $VDPEOHD /HJLVODWLYD 3OXULQDFLRQDO D VHU
FRDG\XYDQWHHQODIDFLOLWDFLyQGHODFRQFHUWDFLyQ\HQODFRQILJXUDFLyQ
SRVWHULRU GH ORV DFXHUGRV DVXPLGRV F 'HWHUPLQy TXH HO UJDQR
(MHFXWLYRSURSLFLH\IDFLOLWHHOGLiORJRQHFHVDULRFRQGLFKRVSXHEORVG
'LVSXVRTXHDQWHHOLQFXPSOLPLHQWRGHORVWpUPLQRVGHVDUUROODGRVHQOD
6HQWHQFLD UHIHULGRV DO SURFHVR GH FRQVXOWD VH WHQGUiQ H[SHGLWDV ODV
DFFLRQHVWXWHODUHVSDUDDFWLYDUODMXVWLFLDFRQVWLWXFLRQDOHQGHIHQVDGH
ORV GHUHFKRV IXQGDPHQWDOHV FROHFWLYRV LQKHUHQWHV D ORV SXHEORV
LQGtJHQDV

W


dW^:d


([WUDFWRGHODUDWLRGHFLGHQGL

)- ,,,
HO DUW  GH OD /H\ HQ HVWXGLR SUHYp XQ PHFDQLVPR GH
REVHUYDFLyQ DFRPSDxDPLHQWR H LQIRUPH GHO SURFHVR GH FRQVXOWD D
WUDYpVGHXQDRILFLQDHVSHFLDOL]DGDGHOUJDQR(OHFWRUDO3OXULQDFLRQDO
PHFDQLVPR TXH QR VH HYLGHQFLD LQWHUILHUD GH PDQHUD DOJXQD HQ OD
FRQFHUWDFLyQSDUDHOSURFHVRGHFRQVXOWDDOFRQWUDULRODLQWHUYHQFLyQGHO
6,)'( HV HVWULFWDPHQWHHQ FDOLGDG GH REVHUYDGRU \ HQ FLHUWD PHGLGD
YHHGRUGHTXHODFRQVXOWDVHGHVDUUROOHHQHOPDUFRGHODEXHQDIHVLQ
TXHWDPSRFRODHPLVLyQGHXQLQIRUPHVREUHORVUHVXOWDGRVFRQVWLWX\D
XQDLQWURPLVLyQTXHGHVYLUW~HHOSURFHVRVLQRTXHHVDWUDYpV GHXQD
LQVWLWXFLyQ HVSHFLDOL]DGD TXH HO (VWDGR JDUDQWL]D OD FRQVXOWD \ VX
HMHFXFLyQ HQ HO PDUFR GHO SURFHVR \ SURFHGLPLHQWRV FRQFHUWDGRV HQ
FRQVHFXHQFLDHODUWGHOD/H\HVFRQVWLWXFLRQDO


6LQWHVLVGHODUDWLRGHFLGHQGL

'HFODUD OD FRQVWLWXFLRQDOLGDG GH OD LQWHUYHQFLyQ GHO UJDQR (OHFWRUDO
3OXULQDFLRQDO D WUDYpV GHO 6HUYLFLR ,QWHUFXOWXUDO GH )RUWDOHFLPLHQWR
'HPRFUiWLFR 6,)'( HQHOSURFHVRGHFRQVXOWDSUHYLD DUWGHOD/H\
 HQFDOLGDGGHREVHUYDGRU\YHHGRUGHTXHODFRQVXOWDVHUHDOLFHHQ
HOPDUFRGHODEXHQDIH

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

3UHFHGHQWHIXQGDQWH6&3

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,
ODLQWHUYHQFLyQGHO6,)'(HVHVWULFWDPHQWHHQFDOLGDGGH
REVHUYDGRU\HQFLHUWDPHGLGDYHHGRUGHTXHODFRQVXOWDVHGHVDUUROOHHQ
HOPDUFRGHODEXHQDIHVLQTXHWDPSRFRODHPLVLyQGHXQLQIRUPHVREUH
ORVUHVXOWDGRVFRQVWLWX\DXQDLQWURPLVLyQTXHGHVYLUW~HHOSURFHVRVLQR
TXHHVDWUDYpVGHXQDLQVWLWXFLyQHVSHFLDOL]DGDTXHHO(VWDGRJDUDQWL]D
OD FRQVXOWD \ VX HMHFXFLyQ HQ HO PDUFR GHO SURFHVR \ SURFHGLPLHQWRV
FRQFHUWDGRV


9RWR'LVLGHQWH

/D6&WLHQHHOYRWRGLVLGHQWHGHO7DWD*XDOEHUWR&XVLTXLHQ
VRVWLHQHTXHHVWiGHDFXHUGRFRQODFRQVWLWXFLRQDOLGDGGHODUWGHOD
/H\  FRQ OD DFODUDFLyQ TXH HO HQFDUJDGR GHOOHYDU D FDERWRGR HO
SURFHVRGHFRQVXOWDVHDHOUJDQR(OHFWRUDO3OXULQDFLRQDO

W


dW^:d

 $WULEXFLRQHV GHO 'HIHQVRU GHO 3XHEOR3DUWLFLSDFLyQ HQ


LQYHVWLJDFLRQHV\SURFHVRVSHQDOHV
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   /D SDUWLFLSDFLyQ GHO 'HIHQVRU GHO 3XHEOR HQ OD
&RPLVLyQ ,QWHULQVWLWXFLRQDO GH VHJXLPLHQWR GH LQYHVWLJDFLRQHV \
SURFHVRVSHQDOHVUHIHULGRVDFDXVDVYLQFXODGDVFRQGHOLWRVTXHDWHQWHQ
FRQWUD OD VHJXULGDG FLXGDGDQD SUHYLVWD HQ HO '6   GH  GH
1RYLHPEUH GH  HV FRQVWLWXFLRQDO SRU FXDQWR GLFKD DWULEXFLyQ
HVWiGHDFXHUGRFRQODVDWULEXFLRQHVSUHYLVWDVHQHODUW\GH
OD&3(TXHHVWDEOHFHQHOHMHUFLFLRGHXQUROLQYHVWLJDWLYR\GHGHQXQFLD
UHVSHFWRDODOHVLyQGHGHUHFKRVLQGLYLGXDOHV\FROHFWLYRV\DGHPiVOR
TXH EXVFD SURWHJHU OD QRUPD LPSXJQDGD FRQ OD FUHDFLyQ GH GLFKD
&RPLVLyQHVHOGHUHFKRDODVHJXULGDGSHUVRQDOSUHYLVWDHQHODUW,
GHOD&3(SRUORTXHDOLQWHJUDQWHHO'HIHQVRUGHO3XHEORQRKDFH
RWUD FRVD TXH GDU XQ HIHFWLYR FXPSOLPLHQWR D ODV DWULEXFLRQHV
VHxDODGDVSRUODQRUPDVXSUHPD\VXOH\HVSHFLDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWHUHFXUVRGLUHFWRRDEVWUDFWRGHLQFRQVWLWXFLRQDOLGDG DKRUDDFFLyQ
GH LQFRQVWLWXFLRQDOLGDG FRQFUHWD  LQWHUSXHVWR SRU 5LHOPD /RUHWD
0HQFtDV 5LYDGHQHLUD 'HIHQVRUD GHO 3XHEOR HQ VXSOHQFLD OHJDO VH
GHPDQGyODLQFRQVWLWXFLRQDOLGDGGHO'HFUHWR6XSUHPR '6 GH
GH QRYLHPEUH GH  HQ VX DUW , LQF F  HQ VX FLWD
'HIHQVRU GHO
3XHEOR
SRUVHUSUHVXQWDPHQWHFRQWUDULRDORVDUWV,,,
 \  GH OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR DO GHVQDWXUDOL]DU \
WUDQVJUHGLU OD DXWRQRPtD IXQFLRQDO GH OD 'HIHQVRUtD GHO 3XHEOR GHO
&RQVHMRGHOD0DJLVWUDWXUD\GHOUJDQR-XGLFLDODGHPiVGHTXHEUDQWDU
ORV SULQFLSLRV GH VXSUHPDFtD FRQVWLWXFLRQDO MHUDUTXtD QRUPDWLYD \
UHVHUYD OHJDO (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO GHFODUy OD
FRQVWLWXFLRQDOLGDGGHODUW,LQFF GHO'6GHGHQRYLHPEUHGH
HQODFLWD'HIHQVRUGHO3XHEOR

([WUDFWRGHODUDWLRGHFLGHQGL\GHOSUHFHGHQWHFRQVWLWXFLRQDO

W


dW^:d


)-,,,  QRVHDGYLHUWHFRQWUDGLFFLyQHQWUHODQRUPDLPSXJQDGD\
ORVSUHFHSWRVFRQVWLWXFLRQDOHVFLWDGRVFRPROHVLRQDGRVQLUHVSHFWRDORV
YDORUHVSULQFLSLRVGHUHFKRVIXQGDPHQWDOHV\JDUDQWtDVFRQVWLWXFLRQDOHV
\QRUPDVRUJiQLFDVGHOD&3(

  $WULEXFLRQHVTXHGHDFXHUGRDODUW\GHOD&3(JORVDGR
GHPXHVWUDQQRRWUDFRVDTXHHOHMHUFLFLRGHXQUROLQYHVWLJDWLYRUHVSHFWR
DODOHVLyQGHGHUHFKRVLQGLYLGXDOHV\FROHFWLYRV

7RPDQGRHQFXHQWDODVDWULEXFLRQHVTXHWLHQHHO'HIHQVRUGHO3XHEOR
HQVX/H\HVSHFLDOQRFDEHGXGDTXHDVXPHUROHVLQYHVWLJDWLYRV\GH
GHQXQFLDUHVSHFWRDLQIUDFFLRQHVGHGHUHFKRVLQGLYLGXDOHV\FROHFWLYRV
LQYHVWLJDFLRQHVTXHSXHGHQVHUGHRILFLRRDLQVWDQFLDGHSDUWHSRUPHGLR
GH DOJXQD TXHMD SRU OR TXH HO KHFKR GH VHU SDUWH LQWHJUDQWH GH XQD
FRPLVLyQLQWHULQVWLWXFLRQDOTXHYHOHSRUODVHJXULGDGFLXGDGDQDQRKDFH
RWUDFRVDTXHGDUXQHIHFWLYRFXPSOLPLHQWRDODVDWULEXFLRQHVVHxDODGDV
SRUODQRUPDVXSUHPD\VXOH\HVSHFLDOSXHVDODVXPLUVXVDWULEXFLRQHV
FRQVWLWXFLRQDOHVTXHWLHQHODLQVWLWXFLyQGHO'HIHQVRUGHO3XHEORDKRUD
DFFLRQDQWHQRSRGUtDFRQVLGHUDUVHLQFRQVWLWXFLRQDOVXSUHVHQFLDFRPR
PLHPEUR GH OD &RPLVLyQ ,QWHULQVWLWXFLRQDO GH 6HJXLPLHQWR GH
LQYHVWLJDFLRQHV \ SURFHVRV SHQDOHV UHIHULGRV D FDXVDV YLQFXODGDV FRQ
GHOLWRVTXHDWHQWHQFRQWUDODVHJXULGDGFLXGDGDQDWRGDYH]TXHODQRUPD
LPSXJQDGDQRFUHDQLQJXQDRWUDDWULEXFLyQRIXQFLyQSDUDHO'HIHQVRU
GHO3XHEORWRGDYH]TXHHVWDV\DVHHQFXHQWUDQGHVDUUROODGDVWDQWRHQOD
&3(FRPRHQVXSURSLDQRUPDHVSHFLDO
(Q HVH VHQWLGR WHQLHQGR HQ FXHQWD OD SULQFLSDO IXQFLyQ GH GLFKD
FRPLVLyQFRQWHQLGDHQHODUW,,HV
0RQLWRUHDUODVLQYHVWLJDFLRQHV\
SURFHVRV SHQDOHV UHIHULGRV D OD FRPLVLyQ GH GHOLWRV YLQFXODGRV FRQ
6HJXULGDG&LXGDGDQDGHVGHHOPRPHQWRHQTXHHOGHWHQLGRVHDSXHVWR
D GLVSRVLFLyQ GH OD DXWRULGDG FRPSHWHQWH
 3RU OR TXH DVXPLHQGR ODV
DWULEXFLRQHVFRQWHQLGDVHQVXOH\HVSHFLDO GHO'HIHQVRUGHO3XHEOR HQ
HO DUW  \  \ DUW  OD ILQDOLGDG GH OD QRUPD LPSXJQDGD
PDQWLHQH DEVROXWD UD]yQ \ UHODFLyQ FRQ ODV DWULEXFLRQHV WDQWR
FRQVWLWXFLRQDOHVFRPRGHODOH\HVSHFLDO
3RUWDOPRWLYRVLHO'6GHGH1RYLHPEUHGH\SRUHQGHGH
OD&RPLVLyQ,QWHULQVWLWXFLRQDOHVHODSR\RFRRUGLQDGRGHDFFLRQHVFRQ
OD3ROLFtD%ROLYLDQDHQODSUHYHQFLyQGHODGHOLQFXHQFLD\SUHVHUYDFLyQ
GHODVHJXULGDGFLXGDGDQDHQODFLXGDGGH6DQWD&UX]GHOD6LHUUDGHO
GHSDUWDPHQWR GH 6DQWD &UX] HQ WRGR FDVR UHVXOWD LPSUHVFLQGLEOH OD
SDUWLFLSDFLyQ GHO 'HIHQVRU GHO 3XHEOR HQ OD PHQFLRQDGD &RPLVLyQ
,QWHULQVWLWXFLRQDOWRGDYH]TXHODVHJXULGDGGHDFXHUGRDODUWGHOD
&3(HVSDUWHGHORVILQHV\IXQFLRQHVGHO(VWDGRTXHLQLFLDOPHQWHGHEHQ
VHU HIHFWLYL]DGDV SDUD HO EXHQ GHVDUUROOR GH ORV GHUHFKRV
FRQVWLWXFLRQDOHVDKRUDHQORTXHUHVSHFWDHVSHFtILFDPHQWHDO'HIHQVRU
GHO 3XHEOR HV HO DUW , GH OD &3( TXH QRUPD FRPR XQ GHUHFKR
IXQGDPHQWDO D OD VHJXULGDG SHUVRQDO TXH D FULWHULR GH HVWH 7ULEXQDO
W


dW^:d

EXVFD SURWHJHU OD QRUPD LPSXJQDGD FUHDQGR XQD &RPLVLyQ


,QWHULQVWLWXFLRQDOTXHWLHQHFRPRREMHWRDSRUWDUDOPHMRUFXPSOLPLHQWR
GHODVHJXULGDGFLXGDGDQDHVGHFLUDOHIHFWLYRGHVHPSHxRGHOGHUHFKRD
ODVHJXULGDGSHUVRQDO
(QHVHHQWHQGLGRSRGHPRVPDQLIHVWDUTXHODVHJXULGDGFLXGDGDQDIRUPD
SDUWHGHORV'HUHFKRV&ROHFWLYRVTXH
WLHQHQXQSXQWRGHFRQWDFWRWDQ
IXHUWH R HVWUHFKR FRPR ORV 'HUHFKRV )XQGDPHQWDOHV OR WLHQHQ FRQ HO
(VWDGR 6RFLDO GH 'HUHFKR
 HQWUH RWURV DUJXPHQWRV SRUTXH ORV
)XQGDPHQWDOHVWLHQGHQDOLQGLYLGXDOLVPR\ORV&ROHFWLYRV
UHSUHVHQWDQ
OD FRQFLHQFLD VRFLDO GHO LQGLYLGXR FRPR SDUWH GH XQ FRQJORPHUDGR
VRFLDO


6LQWHVLVGHODUDWLRGHFLGHQGL

'HFODUDUDODFRQVWLWXFLRQDOLGDGGHODUW,LQFF GHO'6GHGH
QRYLHPEUH GH  HQ OD FLWD 'HIHQVRU GHO 3XHEOR SRU FXDQWR OD
SDUWLFLSDFLyQGHO'HIHQVRUGHO3XHEORHQOD&RPLVLyQ,QWHULQVWLWXFLRQDO
GHVHJXLPLHQWRGHLQYHVWLJDFLRQHV\SURFHVRVSHQDOHVUHIHULGRVDFDXVDV
YLQFXODGDV FRQ GHOLWRV TXH DWHQWHQ FRQWUD OD VHJXULGDG FLXGDGDQD
SUHYLVWDHQHO'6GHGH1RYLHPEUHGHHVFRQVWLWXFLRQDO
SRU FXDQWR GLFKD DWULEXFLyQ HVWi GH DFXHUGR FRQ ODV DWULEXFLRQHV
SUHYLVWDVHQHODUW\GHOD&3(TXHHVWDEOHFHQHOHMHUFLFLRGHXQ
URO LQYHVWLJDWLYR \ GH GHQXQFLD UHVSHFWR D OD OHVLyQ GH GHUHFKRV
LQGLYLGXDOHV \ FROHFWLYRV \ DGHPiV OR TXH EXVFD SURWHJHU OD QRUPD
LPSXJQDGD FRQ OD FUHDFLyQ GH GLFKD &RPLVLyQ HV HO GHUHFKR D OD
VHJXULGDG SHUVRQDO SUHYLVWD HQ HO DUW , GH OD &3( SRU OR TXH DO
LQWHJUDQWHHO'HIHQVRUGHO3XHEORQRKDFHRWUDFRVDTXHGDUXQHIHFWLYR
FXPSOLPLHQWRDODVDWULEXFLRQHVVHxDODGDVSRUODQRUPDVXSUHPD\VX
OH\HVSHFLDO

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

3UHFHGHQWHIXQGDQWH6&3

9RWR'LVLGHQWH

9RWRGLVLGHQWHGHODV0DJLVWUDGDV1HOG\9LUJLQLD$QGUDGH0DUWtQH]
/LJLD0yQLFD9HOiVTXH]&DVWDxRV\6RUDLGD5RVDULR&KiQH]&KLUH



3URFXUDGRUtD*HQHUDOGHO(VWDGR3URFXUDGRUQRSXHGH
VHUVXMHWRDSURFHVDPLHQWRSHQDOSRUODLQWHUSRVLFLyQGHXQDDFFLyQGH
GHIHQVDSODQWHDGDHQUHVJXDUGRGHORVLQWHUHVHVGHO(VWDGR
1~PHURGHUHVROXFLyQ6&3

W


dW^:d


)LFKD

7LSR-XULVSUXGHQFLD

-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   /D LQWHUSRVLFLyQ GH XQD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDOSRUSDUWHGHO3URFXUDGRU*HQHUDOGHO(VWDGRPi[LPD
DXWRULGDGGHGLFKDHQWLGDGTXHHMHUFHVXUHSUHVHQWDFLyQMXUtGLFDQR
SXHGHGHPRGRDOJXQRRULJLQDUXQDLQYHVWLJDFLyQSHQDOHQVXFRQWUD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

/RV UHSUHVHQWDQWHV GHO DFFLRQDQWH GHQXQFLDQ OD YXOQHUDFLyQ GH ORV
GHUHFKRVGHVXGHIHQGLGRDOHMHUFLFLRGHODIXQFLyQS~EOLFD\DOGHELGR
SURFHVRVXVWDQWLYRGHODFFLRQDQWHGHELGRDTXHSURGXFWRGHXQSURFHVR
HMHFXWLYR HQ HO TXH VH GHFODUy SUREDGD OD GHPDQGD RUGHQDQGR DO
*RELHUQR $XWyQRPR 0XQLFLSDO GH &HUFDGR GHO GHSDUWDPHQWR GH
&RFKDEDPED HO SDJR GH UHVDUFLPLHQWR GH GDxRV \ SHUMXLFLRV HO
UHSUHVHQWDQWHGHOD3URFXUDGXUtD*HQHUDOGHO(VWDGRHQHMHUFLFLRGHVXV
DWULEXFLRQHV \ IXQFLRQHV FRQVLJQDGDV HQ OD 1RUPD 6XSUHPD IRUPXOy
DFFLyQ GH DPSDUR FRQVWLWXFLRQDO FRQWUD ODV DXWRULGDGHV MXGLFLDOHV TXH
UHVROYLHURQHVDFDXVDLPSXJQDQGRODQRDSOLFDFLyQGHODUWGHO&3&
SLGLHQGRODQXOLGDGGHREUDGRVORTXHIXHFRQFHGLGRSRUHOHQWRQFHV
7ULEXQDO GH JDUDQWtDV $JUHJDQ TXH DTXHOOR PRWLYy D TXH HO

GHPDQGDQWH
 GHO SURFHVR HMHFXWLYR LQLFLH TXHUHOOD HQ VX FRQWUD
DWULEX\pQGROH OD SUHVXQWD FRPLVLyQ GH ORV GHOLWRV GH XVR LQGHELGR GH
LQIOXHQFLDV XVR GH LQVWUXPHQWR IDOVLILFDGR \ H[WRUFLyQ \ RWURV
GHVHVWLPDGDLQLFLDOPHQWHSRUOD)LVFDODQDOLVWDTXLHQHVWDEOHFLyTXHORV
KHFKRV IiFWLFRV QRVH DGHFXDEDQ D ORVWLSRVSHQDOHVGHQXQFLDGRV 6LQ
HPEDUJR GH HOOR HO )LVFDO 'HSDUWDPHQWDO GHPDQGDGR GLFWy OD
5HVROXFLyQ  UHYRFDQGR GLFKD GHFLVLyQ GHFUHWDQGR OD
SURVHFXFLyQGHODLQYHVWLJDFLyQDHIHFWRVGHFRQFOXLUFRQPD\RUFHUWH]D
VLFRQFHUQtDODDSOLFDFLyQGHORVDUWVRGHO&33VLQFRQVLGHUDU
TXH OD DFFLyQ GH GHIHQVD HQ DTXHO WLHPSR LQWHUSXHVWD SRU VX
UHSUHVHQWDGR HPHUJLy GHOD IXQFLyQRWRUJDGD FRQVWLWXFLRQDOPHQWHGH
GHIHQVDGHORVLQWHUHVHVGHO(VWDGRQRSXGLHQGRSRUHOORSUHWHQGHUVH
LQYHVWLJDURVDQFLRQDUHVDJHVWLyQ

([WUDFWRGHODUDWLRGHFLGHQGL

(Q HVH PDUFR GHO GHWDOOH HIHFWXDGR HQ ODV &RQFOXVLRQHV GHO SUHVHQWH
IDOOR VH WLHQH TXH GHQWUR GH OD TXHUHOOD LQWHUSXHVWD SRU -RVp 0DUFR
W


dW^:d

*RQ]DOHV=HQWHQRFRQWUDHO3URFXUDGRU*HQHUDOGHO(VWDGRHO'LUHFWRU
'HSDUWDPHQWDOGH&RFKDEDPEDGHHVDLQVWLWXFLyQ\ORVPLHPEURVGHOD
6DOD &LYLO 3ULPHUD GHO 7ULEXQDO 'HSDUWDPHQWDO GH -XVWLFLD GH HVH
GHSDUWDPHQWR DWULEX\pQGROHV OD SUHVXQWD FRPLVLyQ GH ORV GHOLWRV GH
FRUUXSFLyQ XVR LQGHELGR GH LQIOXHQFLDV LQFXPSOLPLHQWR GH GHEHUHV
IDOVHGDGPDWHULDOLGHROyJLFD\H[WRUVLyQGHULYDGRVGHODLQWHUSRVLFLyQ
FRQRFLPLHQWR \ UHVROXFLyQ UHVSHFWLYDPHQWH GH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDOTXHIRUPXOyOD3URFXUDGXUtD*HQHUDOGHO(VWDGRDILQGH
ORJUDU OD QXOLGDG GH REUDGRV GHO SURFHVR HMHFXWLYR VHJXLGR SRU HO
TXHUHOODQWH FRQWUD HO *RELHUQR $XWyQRPR 0XQLFLSDO GH &HUFDGR GHO
GHSDUWDPHQWRGH&RFKDEDPEDSRUHOLQFXPSOLPLHQWRGHODUWGHO
&3& OD )LVFDO DQDOLVWD GLFWy OD 5HVROXFLyQ GH  GH MXQLR GH 
VXVWHQWDQGRVXGHFLVLyQHQHODUW,,GHOD/203HYLGHQFLDQGRTXH
QR H[LVWtD DGHFXDFLyQ WtSLFD GH ORV GHOLWRV DWULEXLGRV FRQ ORV KHFKRV
GHQXQFLDGRV KDFLHQGR pQIDVLV HQ HO WUDQVFXUVR GH VX IDOOR HQ TXH HO
SODQWHDPLHQWR GH OD DFFLyQ WXWHODU TXH KDEtD RULJLQDGR OD TXHUHOOD
HPHUJtD GH ODV IXQFLRQHV \ DWULEXFLRQHV HVSHFtILFDV RWRUJDGDV SRU OD
&RQVWLWXFLyQ 3ROtWLFD GHO (VWDGRDO 3URFXUDGRU *HQHUDO GHO (VWDGR HO
TXH KDEtD FLUFXQVFULWR VX DFWXDFLyQ D FXPSOLU VXV REOLJDFLRQHV
FRQVWLWXFLRQDOHVHQGHIHQVDGHORVLQWHUHVHVGHO(VWDGR

1R REVWDQWH GH DTXHOOR LPSXJQDGD HVD 5HVROXFLyQ HO )LVFDO
'HSDUWDPHQWDO GH &RFKDEDPED SURQXQFLy OD 5HVROXFLyQ 
FXHVWLRQDGDGHLOHJDOPHGLDQWHODSUHVHQWHDFFLyQGHGHIHQVDDOHJDQGR
VHU YLRODWRULD GH ORV GHUHFKRV DO HMHUFLFLR GH OD IXQFLyQ S~EOLFD \ DO
GHELGR SURFHVR VXVWDQWLYR GHO 3URFXUDGRU *HQHUDO GHO (VWDGR VLHQGR
TXHGHWHUPLQyODSURVHFXFLyQGHODVLQYHVWLJDFLRQHVVLQFRQVLGHUDUTXH
OD)LVFDODQDOLVWDKDEtDGHWHUPLQDGRFRUUHFWDPHQWHTXHODLQWHUSRVLFLyQ
GHXQDDFFLyQGHGHIHQVDSRUSDUWHGHGLFKDDXWRULGDGQRVHHQPDUFDED
D OD DGHFXDFLyQ WtSLFD GH ORV GHOLWRV TXH VH OH DWULEXtDQ $ FX\D
FRQVHFXHQFLD VH SURVLJXLy FRQ ODV LQYHVWLJDFLRQHV FRQIRUPH D ODV
&RQFOXVLRQHV ,, D ,, GH OD SUHVHQWH 6HQWHQFLD &RQVWLWXFLRQDO
3OXULQDFLRQDO

(Q HVH RUGHQ HVWH 7ULEXQDO DGYLHUWH TXH HIHFWLYDPHQWH HO )LVFDO
'HSDUWDPHQWDO GH &RFKDEDPED DFWXy LQFRUUHFWDPHQWH DO UHYRFDU OD
GHFLVLyQ GH GHVHVWLPDU OD TXHUHOOD LQWHUSXHVWD FRQWUD HO 3URFXUDGRU
*HQHUDO GHO (VWDGR \
RWURV
 GHWHUPLQDGD LQLFLDOPHQWH SRU OD )LVFDO
DQDOLVWD WRGD YH] TXH QR FRQVLGHUy ORV DUJXPHQWRV JORVDGRV HQ HO
)XQGDPHQWR-XUtGLFR,,,GHOSUHVHQWHIDOORHQVHQWLGRTXHODDFWXDFLyQ
GHOKR\DFFLRQDQWHHQVXFRQGLFLyQGHPi[LPRUHSUHVHQWDQWHMXUtGLFR
GH OD HQWLGDG GH GHIHQVD GH ORV LQWHUHVHV GHO (VWDGR 3URFXUDGXUtD
*HQHUDO VH FLxy D REVHUYDU ODV GLVSRVLFLRQHV FRQVWLWXFLRQDOHV
HVWDEOHFLGDVDILQGHFXPSOLUFRQODILQDOLGDGGHODPLVPD5HVWULQJLHQGR
DVt ORV GHUHFKRV LQYRFDGRV HQ OD GHPDQGD WXWHODU RUGHQDQGR OD
SURVHFXFLyQGHXQDLQYHVWLJDFLyQTXHDWRGDVOXFHVQRHUDYLDEOHFRQODV
W


dW^:d


FRQVHFXHQFLDV LQGHVHDEOHV SRVWHULRUHV WRGD YH] TXH FRQIRUPH VH
SUHFLVy DQWHULRUPHQWH OD SUHVHQWDFLyQ GH XQD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDOSRUSDUWHGHO3URFXUDGRU*HQHUDOGHO(VWDGRQRSXHGHVHU
FXHVWLRQDGD D WUDYpV GH OD YtD SHQDO EDMR QLQJ~Q PRWLYR VLHQGR TXH
GLFKD IDFXOWDG HPHUJH GHO OHJtWLPR HMHUFLFLR GH VX PDQGDWR
FRQVWLWXFLRQDOHQGHIHQVDGHORVLQWHUHVHVGHO(VWDGR

6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH HO DPSDUR FRQVWLWXFLRQDO HQ PpULWR D TXH HO )LVFDO
'HSDUWDPHQWDO GH &RFKDEDPED DFWXy LQFRUUHFWDPHQWH DO UHYRFDU OD
GHFLVLyQ GH GHVHVWLPDU OD TXHUHOOD LQWHUSXHVWD FRQWUD HO 3URFXUDGRU
*HQHUDO GHO (VWDGR \
RWURV
 GHWHUPLQDGD LQLFLDOPHQWH SRU OD )LVFDO
DQDOLVWD QR FRQVLGHUy TXH OD DFWXDFLyQ GHO KR\ DFFLRQDQWH HQ VX
FRQGLFLyQGHPi[LPRUHSUHVHQWDQWHMXUtGLFRGHODHQWLGDGGHGHIHQVDGH
ORVLQWHUHVHVGHO(VWDGR3URFXUDGXUtD*HQHUDOVHFLxyDREVHUYDUODV
GLVSRVLFLRQHV FRQVWLWXFLRQDOHV HVWDEOHFLGDV D ILQ GH FXPSOLU FRQ OD
ILQDOLGDGGHODPLVPD5HVWULQJLHQGRDVtORVGHUHFKRVLQYRFDGRVHQOD
GHPDQGDWXWHODURUGHQDQGRODSURVHFXFLyQGHXQDLQYHVWLJDFLyQTXHD
WRGDVOXFHVQRHUDYLDEOHFRQODVFRQVHFXHQFLDVLQGHVHDEOHVSRVWHULRUHV
WRGDYH]TXHFRQIRUPHVHSUHFLVyDQWHULRUPHQWHODSUHVHQWDFLyQGHXQD
DFFLyQGHDPSDURFRQVWLWXFLRQDOSRUSDUWHGHO3URFXUDGRU*HQHUDOGHO
(VWDGRQRSXHGHVHUFXHVWLRQDGDDWUDYpVGHODYtDSHQDOEDMRQLQJ~Q
PRWLYRVLHQGRTXHGLFKDIDFXOWDGHPHUJHGHOOHJtWLPRHMHUFLFLRGHVX
PDQGDWRFRQVWLWXFLRQDOHQGHIHQVDGHORVLQWHUHVHVGHO(VWDGR

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

)XQGDGRUD

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

,PSXJQDQGR HO DFFLRQDQWH OD 5HVROXFLyQ  HPLWLGD SRU HO
)LVFDO 'HSDUWDPHQWDO GH &RFKDEDPED DFXVDQGR TXH GLFKR IDOOR QR
FRQVLGHUyTXHHOSURFHVRSHQDOTXHVHLQLFLyHQVXFRQWUD\ODGHRWURV
GHULYDED GH XQD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO TXH LQWHUSXVR HQ
GHIHQVD GH ORV LQWHUHVHV GHO (VWDGR FRQFUHWDPHQWH GHO *RELHUQR
$XWyQRPR0XQLFLSDOGHFHUFDGRGHOGHSDUWDPHQWRGH&RFKDEDPEDHQ
FXPSOLPLHQWR GH OD REOLJDFLyQ TXH OH HV LPSXHVWD HQ OD /H\
)XQGDPHQWDOFRPSHOHUHIHULUVHDODVIXQFLRQHV\DWULEXFLRQHVGHGLFKD
DXWRULGDG SXQWXDOL]DGRV FRQ OD GHELGD SUHFLVLyQ PHGLDQWH OD 6&3
 GH  GH MXQLR GHFLVLyQ FRQVWLWXFLRQDO TXH H[SUHVy
OD
UHIRUPDFRQVWLWXFLRQDOGHHVWUXFWXUyXQQXHYRPRGHORGH(VWDGR
HOFXDOHQVXLQJHQLHUtDUHVSRQGHDODVEDVHV\SRVWXODGRVD[LRPiWLFRV
SODVPDGRVHQODSDUWHGRJPiWLFDGHOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR
W


dW^:d

SRUHVWDUD]yQODSDUWHRUJiQLFDTXHUHIOHMDODRUJDQL]DFLyQGHOSRGHU
S~EOLFRUHVSRQGHGHPDQHUDGLUHFWDDHVWDVGLUHFWULFHVGRJPiWLFDVHQ
HVHRUGHQGHDFXHUGRDOSUHiPEXORGHOD/H\)XQGDPHQWDO\HQDUPRQtD
FRQHODUWGHVXWH[WRHOYLYLUELHQQRFRQVWLWX\HVRODPHQWHXQYDORU
VXSUHPRGHO(VWDGR3OXULQDFLRQDOGH%ROLYLDVLQRXQILQHVHQFLDOFX\D
FRQVROLGDFLyQ GHEH VHU PDWHULDOL]DGD SRU XQD HILFD] RUJDQL]DFLyQ GHO
SRGHUS~EOLFRSODVPDGDHQODSDUWHRUJiQLFDGHOD&RQVWLWXFLyQ3ROtWLFD
GHO(VWDGR
3RU OR H[SXHVWR SUHFLVDPHQWH HO FXPSOLPLHQWR GH HVWH SRVWXODGR HV
GHFLUHOYLYLUELHQ\DGHPiVODFRQVROLGDFLyQGHORVILQHVHVHQFLDOHVGHO
(VWDGR3OXULQDFLRQDOGH%ROLYLDSODVPDGRVHQHODUWGHOD&3(DOD
OX]GHXQDSDXWDWHOHROyJLFDGHLQWHUSUHWDFLyQRULJLQDURQTXHODIXQFLyQ
FRQVWLWX\HQWHGLVHxHXQDHVWUXFWXUDHVSHFtILFDGHGHIHQVDGHORVLQWHUHVHV
GHO(VWDGRHQFRPHQGDQGRHVWHURODOD3URFXUDGXUtD*HQHUDOGHO(VWDGR
(Q HIHFWR SRU HO WHQRU GHO DUW  GH OD &3( VH LQVWLWX\H TXH OD
3URFXUDGXUtD *HQHUDO GHO (VWDGR HV OD LQVWLWXFLyQ GH UHSUHVHQWDFLyQ
MXUtGLFD S~EOLFD FX\DV DWULEXFLRQHV VRQ ODV GH SURPRYHU GHIHQGHU \
SUHFDXWHODUORVLQWHUHVHVGHO(VWDGRVLHQGRHVWRVUROHVHOREMHWRRUJiQLFR
GHHVWDHQWLGDGHQHVHFRQWH[WR\HQXQDLQWHUSUHWDFLyQVLVWpPLFDGHEH
HVWDEOHFHUVHTXHORVPHGLRVSDUDFRQVHJXLUHVWHREMHWRIXQFLRQDOHVWiQ
GDGRVSRUODVIXQFLRQHVSURSLDVGHHVWHyUJDQRGLVFLSOLQDGDVHQHODUW
GHOD&3(ODVFXDOHVVLJXLHQGRXQDWD[RQRPtDDFRUGH\DUPRQL]DEOH
FRQ HO REMHWR RUJiQLFR GH OD HQWLGDG SRGUtDQ FDWDORJDUVH HQ GRV
HVHQFLDOHV D  (O HMHUFLFLR GH OD UHSUHVHQWDFLyQ GHO (VWDGR FX\D JUDQ
PDQLIHVWDFLyQ VH SODVPD HQ HO URO GH SDUWH SURFHVDO DWULEXLGD D OD
3URFXUDGXUtD *HQHUDO GHO (VWDGR \ E  (O HMHUFLFLR GH UROHV GH
VXSHUYLVLyQ

 

(Q XQD LQWHUSUHWDFLyQ WHOHROyJLFD GHEH VHxDODUVH TXH OD ILQDOLGDG GHO
GLVHxRGHOD3URFXUDGXUtD*HQHUDOGHO(VWDGRHQDUPRQtDFRQODVSDXWDV
D[LRPiWLFDV\ORVILQHVHVHQFLDOHVGHO(VWDGR3OXULQDFLRQDOGH%ROLYLD\
GHDFXHUGRDORVFULWHULRVDQWHVSUHFLVDGRVHVDVHJXUDUODGHIHQVDGHORV
LQWHUHVHVGHO(VWDGRDWUDYpVGHXQDHILFD]UHSUHVHQWDFLyQSRUWDQWRHV
LPSHUDQWH SUHFLVDU TXH D OD OX] GH WHRUtD GHO 'HUHFKR \ SRU PDQGDWR
FRQVWLWXFLRQDOGHDFXHUGRDOREMHWRRUJiQLFRGHOD3URFXUDGXUtD*HQHUDO
GHO (VWDGR HQ HO FDPSR GH OD UHSUHVHQWDFLyQ SURFHVDO OD IXQFLyQ
FRQVWLWX\HQWH DVLJQy XQD UHSUHVHQWDFLyQ SURFHVDO D OD 3URFXUDGXUtD
*HQHUDO GHO (VWDGR yUJDQR S~EOLFR TXH WLHQH OD DSWLWXG OHJDO SDUD HO
HMHUFLFLRGHGLFKDUHSUHVHQWDFLyQGHIRUPDGLUHFWDVXSXHVWRIiFWLFRHQ
YLUWXGGHOFXDOHVWDHQWLGDGDOWHQHUFRPRPLVLyQHVHQFLDOODGHIHQVDGH
ORV LQWHUHVHV GHO (VWDGR HVWi OHJLWLPDGD DFWLYDPHQWH SDUD VHU SDUWH
SURFHVDO HQ FDXVDV R FRQWURYHUVLDV GH tQGROH MXULVGLFFLRQDO R
DGPLQLVWUDWLYR\HQHOiPELWRLQWHUQRRLQWHUQDFLRQDO  

W


dW^:d


$KRUDELHQHVWDUHSUHVHQWDFLyQSURFHVDOGLUHFWDDWULEXLGDSRUODIXQFLyQ
FRQVWLWX\HQWH D OD 3URFXUDGXUtD *HQHUDO GHO (VWDGR QR VRODPHQWH
FRPSUHQGHDFDXVDVMXULVGLFFLRQDOHVRDGPLQLVWUDWLYDVVLQRWDPELpQD
DFFLRQHVGHGHIHQVDTXHGHEDQVHUDFWLYDGDVSDUDHOHMHUFLFLRGHOFRQWURO
GHFRQVWLWXFLRQDOLGDGHQUHODFLyQDGHFLVLRQHVMXULVGLFFLRQDOHVRDFWRV
DGPLQLVWUDWLYRV HPHUJHQWHV GH FDXVDV HQ ODV FXDOHV VH HMHUFLy OD
UHSUHVHQWDFLyQGLUHFWDGHO(VWDGRSRVWXODGRDFRUGHFRQHOWHQRUOLWHUDO
GHOD~OWLPDSDUWHGHODUWGHOD&3(
 ODVQHJULOODVQRVSHUWHQHFHQ 

'HO DQiOLVLV MXULVSUXGHQFLDO FLWDGR GHULYDGR GH ODV GLVSRVLFLRQHV
FRQVWLWXFLRQDOHVUHODWLYDVDODVIXQFLRQHV\DWULEXFLRQHVRWRUJDGDVSRUOD
1RUPD 6XSUHPD DO 3URFXUDGRU *HQHUDO GHO (VWDGR VH DGYLHUWH
FODUDPHQWHTXHpVWHDVXPHODUHSUHVHQWDFLyQMXUtGLFDGHOD3URFXUDGXUtD
*HQHUDOGHO(VWDGRHQWLGDGHVWDWDOTXHWLHQHODILQDOLGDGGHSURPRYHU
GHIHQGHU\SUHFDXWHODUORVLQWHUHVHVGHO(VWDGR DUWVGHOD&3(
GHOD/H\GHODHQWLGDGDFFLRQDQWH WHQLHQGRODVIXQFLRQHVSUHFLVDPHQWH
FRPR Pi[LPR UHSUHVHQWDQWH GH GHIHQVD MXGLFLDO \ H[WUDMXGLFLDO GH
DTXHOORVLQWHUHVHVDVXPLHQGRVXUHSUHVHQWDFLyQMXUtGLFDDHIHFWRVGHOR
FXDOVHOHRWRUJDODIDFXOWDGGHLQWHUYHQLUFRPRVXMHWRSURFHVDOGHSOHQR
GHUHFKRHQWRGDVODVDFFLRQHVMXGLFLDOHV\DGPLQLVWUDWLYDVHQHOPDUFR
GH OD 1RUPD 6XSUHPD \ OD OH\ DGHPiV GH OD SRWHVWDG GH IRUPXODU
UHFXUVRVRUGLQDULRV\DFFLRQHVHQGHIHQVDGHORVPLVPRV DUWV\
GHOD&3(\GHOD/H\3URFXUDGXUtD*HQHUDOGHO(VWDGR /3*( 

3RUORH[SXHVWRGHEHFRQFOXLUVHTXHODLQWHUSRVLFLyQGHXQDDFFLyQGH
DPSDUR FRQVWLWXFLRQDO SRU SDUWH GHO 3URFXUDGRU *HQHUDO GHO (VWDGR
Pi[LPDDXWRULGDGGHGLFKDHQWLGDGTXHHMHUFHVXUHSUHVHQWDFLyQMXUtGLFD
QRSXHGHGHPRGRDOJXQRRULJLQDUXQDLQYHVWLJDFLyQSHQDOHQVXFRQWUD
WRPDQGRHQFXHQWDTXHHVOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRODTXHOH
RWRUJDHVDVIDFXOWDGHV\IXQFLRQHVSDUDKDFHUHIHFWLYDODILQDOLGDGSDUD
ODTXHVHKDOODLQVWLWXLGDODHQWLGDGDOXGLGDGHGHIHQVD\SUHFDXWHODGH
ORVLQWHUHVHVGHO(VWDGRHPHUJLHQGRHQFRQVHFXHQFLDODDWULEXFLyQGH
IRUPXODU DFFLRQHV GH GHIHQVD GHO OHJtWLPR HMHUFLFLR GHO PDQGDWR
FRQVWLWXFLRQDO FRQWHQLGR HQ ODV QRUPDV DOXGLGDV HQ HO SiUUDIR
SUHFHGHQWH/RFRQWUDULRHVGHFLUDEULUODSRVLELOLGDGGHDEULUXQDFDXVD
SHQDOFRQWUDGLFKDDXWRULGDGSRUODVFLUFXQVWDQFLDVDQRWDGDVSURYRFD
XQSHUMXLFLR\SHUWXUEDFLyQLQGHELGDHQHOHMHUFLFLRGHODIXQFLyQS~EOLFD
TXHOHDVLJQDOD1RUPD6XSUHPDHQOHVLyQGHHVHGHUHFKR

 5HYRFDWRULD GH PDQGDWR'H DXWRULGDGHV LQGtJHQDV
HOHJLGDVVHJ~QQRUPDV\SURFHGLPLHQWRVSURSLRV
1~PHURGHUHVROXFLyQ6&3

)LFKD

W


dW^:d

7LSR-XULVSUXGHQFLD

-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3(QHOiPELWRGHODGHPRFUDFLDFRPXQLWDULDFXDQGR
ODV DXWRULGDGHV KXELHUHQ VLGR HOHFWDV GHVLJQDGDV R QRPLQDGDV SRU
QRUPDV\SURFHGLPLHQWRVSURSLRVGHODVQDFLRQHV\SXHEORVLQGtJHQD
RULJLQDULRFDPSHVLQRVODUHYRFDWRULDGHPDQGDWRRDOHMDPLHQWRGHVXV
IXQFLRQHV GHEH HIHFWLYL]DUVH PHGLDQWH VXV SURSLDV LQVWDQFLDV GH
GHFLVLyQ\SURFHGLPLHQWRV

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HO DFFLRQDQWH GHQXQFLy OD
OHVLyQGHVXVGHUHFKRVGHSHWLFLyQDOWUDEDMR\DOHMHUFLFLRGHODIXQFLyQ
S~EOLFD DVt FRPR D QR VHU REOLJDGR D KDFHU OR TXH OD &RQVWLWXFLyQ
3ROtWLFDGHO(VWDGR\ODVOH\HVQRPDQGHQSRUFXDQWRIXHREOLJDGREDMR
SUHVLyQ\DPHQD]DVDILUPDUXQDFDUWDGHUHQXQFLDDOFDUJRGH&RQFHMDO
7LWXODUTXHYHQtDHMHUFLHQGR\QRREVWDQWHODVUHLWHUDGDVVROLFLWXGHVSDUD
TXH VH GHMH VLQ HIHFWR OD UHQXQFLD IRU]DGD HO &RQFHMR GHO *RELHUQR
$XWyQRPR 0XQLFLSDO ,QGtJHQD GH &KXTXLKXWD UHFKD]y GLFKD
SUHWHQVLyQ HQ FRQVHFXHQFLD VROLFLWy VX UHVWLWXFLyQ DO FDUJR GH
3UHVLGHQWHGHO&RQFHMR0XQLFLSDO,QGtJHQDGH&KXTXLKXWD\VHGHFODUH
ODQXOLGDGGHODFDUWDGHUHQXQFLDPiVSDJRGHGDxRV\SHUMXLFLRVFRVWDV
\ UHPLVLyQ GH DQWHFHGHQWHV DO 0LQLVWHULR 3~EOLFR (O 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO UHYRFy OD UHVROXFLyQ GHO WULEXQDO GH
JDUDQWtDV\GHQHJyODWXWHODDOFRQVLGHUDUTXHODUHQXQFLDGHODFFLRQDQWH
UHVSRQGLy D ORV DFXHUGRV DVXPLGRV HQ HO HMHUFLFLR GH OD GHPRFUDFLD
FRPXQLWDULDTXHIXHODTXHILQDOPHQWHKL]RSRVLEOHVXHOHFFLyQFRPR
DXWRULGDG QR SXGLHQGR DPSDUDUVH HQ ODV QRUPDV SURYHQLHQWHV GHO
VLVWHPDRUGLQDULR

([WUDFWRGHODUDWLRGHFLGHQGL

)M ,,, 'H DFXHUGR D ORV DQWHFHGHQWHV UHODWDGRV VH HYLGHQFLD TXH
HIHFWLYDPHQWHHODFWXDODFFLRQDQWHIXHHOHJLGRGHDFXHUGRDODVQRUPDV
\ SURFHGLPLHQWRV GH ODGHPRFUDFLD FRPXQLWDULD \ DVt ORUHFRQRFLy HO
PLVPRDOVHxDODUTXHIXHHOHJLGRSRUHO&DELOGR.X\NXTXHIRUPDSDUWH
GHO D\OOX -XFXPDQL  (Q HVH PDUFR H[LVWLy XQ FRQYHQLR LQLFLDO FRQ
UHODFLyQDODGXUDFLyQGHVXPDQGDWR~QLFDPHQWHSRUGRVDxRV\PHGLR
FRQ OD ILQDOLGDG TXH HO UHVWR GH VX PDQGDWR IXHUD FXPSOLGR SRU OD
FRQFHMDOD VXSOHQWH $VLPLVPR FRQVWD TXH OD Pi[LPD LQVWDQFLD GH OD
GHPRFUDFLD FRPXQLWDULD FRPR HV HO &DELOGR GHO D\OOX -XFXPDQL VH
W


dW^:d


UHXQLy HQ YDULDV RSRUWXQLGDGHV VROLFLWDQGR HO FXPSOLPLHQWR GH ORV
FRPSURPLVRV DVXPLGRV SRU SDUWH GHO DFFLRQDQWH TXLHQ DGHPiV
PDQLIHVWyGHYLYDYR]TXHUHVSHWDUtDODGHFLVLyQGHOD\OOX\TXHFRQYHUVy
FRQODVXSOHQWHSDUDTXHDOLVWDUDVXGRFXPHQWDFLyQ
&RQIRUPH D HOOR HV HYLGHQWH HQWRQFHV TXH HO DFFLRQDQWH DVXPLy XQ
FRPSURPLVRHQHOPDUFRGHODGHPRFUDFLDFRPXQLWDULDTXHWLHQHSOHQD
YDOLGH]FRQVWLWXFLRQDOFRQIRUPHVHFRQFOX\yHQHO)XQGDPHQWR-XUtGLFR
,,,GHODSUHVHQWH6HQWHQFLD&RQVWLWXFLRQDO3OXULQDFLRQDO\SRUHQGH
VXUHQXQFLDGHQLQJXQDPDQHUDSXHGHVHUFRQVLGHUDGDFRPRXQDFWRTXH
DWHQWH FRQWUD VXV GHUHFKRV \ JDUDQWtDV FRQVWLWXFLRQDOHV SXHV HQ HO
PDUFRGHORVDFXHUGRVDVXPLGRVHQODPi[LPDLQVWDQFLDGHGHFLVLyQTXH
HV HO FDELOGR \ ODVDXWRULGDGHVRULJLQDULD GHO D\OOX-XFXPDQL VDEtD OD
IRUPD\HOWLHPSRSRUHOTXHHOHJLGR\HQHVHiPELWRFRUUHVSRQGtDTXH
FXPSOLHUD FRQ ORV FRPSURPLVRV DVXPLGRV FRPR VH VHxDOy HQ HO
)XQGDPHQWR-XUtGLFR,,,GHHVWHIDOOR
%DMR HVH UD]RQDPLHQWR EDMR QLQJXQD FLUFXQVWDQFLD VRQ DSOLFDEOHV ORV
UHTXLVLWRVH[LJLGRVSRUODMXULVSUXGHQFLDFRQVWLWXFLRQDOSDUDODUHQXQFLD
GH ODV DXWRULGDGHV HOHFWDV SXHV ORV PLVPRV SDUWHQ GH OD GHPRFUDFLD
UHSUHVHQWDWLYD\QRDVtGHODGHPRFUDFLDFRPXQLWDULDODFXDOFRQIRUPH
VHWLHQHVHxDODGRVHHMHUFHVREUHODEDVHGHVXVQRUPDV\SURFHGLPLHQWRV
SURSLRVHQHOPDUFRGHORVDFXHUGRVTXHGHEHQVHUUHVSHWDGRVSRUVXV
PLHPEURVVDOYRTXHFRQIRUPHVHWLHQHVHxDODGRHQORVIXQGDPHQWRV
SUHFHGHQWHVEDMRXQDLQWHUSUHWDFLyQLQWHUFXOWXUDOVHFRQVWDWHODOHVLyQD
GHUHFKRVRJDUDQWtDVFRQVWLWXFLRQDOHV
(QHVHRUGHQVHFRQFOX\HTXHHQHOFDVRDQDOL]DGRHODFFLRQDQWHSRU
XQDSDUWHDVXPLyFRPSURPLVRVFRQHOD\OOX-XFXPDQLHQORVGLIHUHQWHV
FDELOGRV \ VX UHQXQFLD IXH IUXWR GHO HMHUFLFLR GH OD GHPRFUDFLD
FRPXQLWDULDQRVLHQGRHYLGHQWHSRUWDQWRTXHODPLVPDKXELHUDVLGR
IUXWR GH OD YLROHQFLD R GH PHGLGDV GH KHFKR VLQR TXH FRQIRUPH VH
GHPRVWUyIXHVROLFLWDGDDWUDYpVGHODVIRUPDV\SURFHGLPLHQWRVGHOD\OOX
-XFXPDQLSXHVFRPRVHKDVHxDODGRHQHO)XQGDPHQWR-XUtGLFR,,,GH
ODSUHVHQWH6HQWHQFLD&RQVWLWXFLRQDO3OXULQDFLRQDOODUHYRFDWRULDRHO
DOHMDPLHQWR GH VXV IXQFLRQHV GH XQD DXWRULGDG WDPELpQ SXHGH HVWDU
SUHVHQWH HQ HO iPELWR GH OD GHPRFUDFLD FRPXQLWDULD FXDQGR ODV
DXWRULGDGHVKXELHUHQVLGRHOHFWDVGHVLJQDGDVRQRPLQDGDVSRUQRUPDV
\SURFHGLPLHQWRVSURSLRVGHODVQDFLRQHV\SXHEORVLQGtJHQDRULJLQDULR
FDPSHVLQRVEDMRHOUHTXLVLWRVTXHHOSHGLGRGHUHYRFDWRULDRFXDOTXLHU
RWUDPRGDOLGDGVHHIHFWLYLFHPHGLDQWHVXVSURSLDVLQVWDQFLDVGHGHFLVLyQ
\ SURFHGLPLHQWRV UHVSHWDQGR ORV GHUHFKRV FRQVWLWXFLRQDOHV \ ODV
JDUDQWtDVHVWDEOHFLGDVHQOD/H\)XQGDPHQWDO

'HEHDFODUDUVHTXHVLELHQHODFFLRQDQWHGHQXQFLDTXHVXUHQXQFLDIXH
REOLJDGD \ TXH H[LVWLy SUHVLyQ \ YLROHQFLD VLQ HPEDUJR GLFKD
LQIRUPDFLyQGHEHVHUFRQWUDVWDGDFRQWRGRVORVDQWHFHGHQWHVDORVTXH
VHKDKHFKRUHIHUHQFLDYLQFXODGRVDODH[LVWHQFLDGHORVFRPSURPLVRV
SUHYLRVFRQODFRPXQLGDG\DORVUHLWHUDGRV&DELOGRVHQORVTXHVHWRFy
W


dW^:d

HO WHPD GH OD UHQXQFLD \ HO DFFLRQDQWH YROXQWDULDPHQWH GHFLGLy


SUHVHQWDUOD  3RU RWUD SDUWH GHEH VHxDODUVH TXH ORV VXSXHVWRV DFWRV
YLROHQWRVKDQVLGRQHJDGRVSRUODVDXWRULGDGHVRULJLQDULDVOD)HGHUDFLyQ
GH -XQWDV 9HFLQDOHV GHO 0XQLFLSLR GH &KXTXLKXWD H[ DXWRULGDGHV
RULJLQDULDV\ODSUHVLGHQWDGHDPDVGHFDVDGHO0XQLFLSLRGH&KXTXLKXWD

(QVtQWHVLVVLELHQFRPRDILUPDQORVGHPDQGDGRVODFLXGDGDQtDORV
JUXSRV GH EDVH HMHUFLHURQ SUHVLyQ HQ OD VHVLyQ GRQGH UHQXQFLy HO
$OFDOGH HPSHUR HVWH 7ULEXQDO VH UHLWHUD FRQFOX\H TXH OD UHQXQFLD
FRPR WDO UHVSRQGLy D ORV DFXHUGRV DVXPLGRV SRU HO DFFLRQDQWH HQ HO
HMHUFLFLRGHODGHPRFUDFLDFRPXQLWDULDTXHIXHODTXHILQDOPHQWHKL]R
SRVLEOHVXHOHFFLyQFRPRDXWRULGDGQRSXGLHQGRDPSDUDUVHDKRUDHQ
ODV QRUPDV SURYHQLHQWHV GHO VLVWHPD RUGLQDULR HQ HVH VHQWLGR QR KD
H[LVWLGR OHVLyQ D ORV GHUHFKRV DO WUDEDMR \ DO HMHUFLFLR GH OD IXQFLyQ
S~EOLFD GHQXQFLDGRV HQ OD SUHVHQWH DFFLyQ SXHV DPERV GHUHFKRV D
SDUWLU GH ORV SULQFLSLRV \ YDORUHV GH QXHVWUD &RQVWLWXFLyQ 3ROtWLFD GHO
(VWDGR GHEHQ VHU LQWHUSUHWDGRV LQWHUFXOWXUDOPHQWH GHVGH HO FRQWH[WR
FXOWXUDO GRQGH VXSXHVWDPHQWH VH SURGXFH OD OHVLyQ \ HQ HO FDVR
DQDOL]DGR HV HYLGHQWH TXH GLFKRV GHUHFKRV WLHQHQ RULJHQ HQ OD
GHPRFUDFLDFRPXQLWDULDHMHUFLGDHQHOD\OOX-XFXPDQLTXHGHWHUPLQy
ORV PHFDQLVPRV GH HOHFFLyQ \ HO WLHPSR GH GXUDFLyQGHO PDQGDWR GHO
DFFLRQDQWH\SRUORPLVPRQRKDH[LVWLGROHVLyQDVXVGHUHFKRVDSDUWLU
GH ODV QRUPDV \ SURFHGLPLHQWRV GH GLFKR SXHEOR LQGtJHQD RULJLQDULR
FDPSHVLQR

6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJDODDFFLyQGHDPSDURFRQVWLWXFLRQDOSRUQRKDEHUVHOHVLRQDGRORV
GHUHFKRV DO WUDEDMR \ HMHUFLFLR GH OD IXQFLyQ S~EOLFD GHELGR D TXH HO
DFFLRQDQWHDVXPLyFRPSURPLVRVFRQHOD\OOX-XFXPDQLHQORVGLIHUHQWHV
FDELOGRV \ VX UHQXQFLD IXH IUXWR GHO HMHUFLFLR GH OD GHPRFUDFLD
FRPXQLWDULDQRVLHQGRHYLGHQWHTXHKXELHUDVLGRIUXWRGHODYLROHQFLD
RGHPHGLGDVGHKHFKRVLQRTXHHQHOPDUFRGHORVDFXHUGRVDVXPLGRV
HQODPi[LPDLQVWDQFLDGHGHFLVLyQTXHHVHOFDELOGR\ODVDXWRULGDGHV
RULJLQDULDGHOD\OOX-XFXPDQLVDEtDODIRUPD\HOWLHPSRSRUHOTXHIXH
HOHJLGRQRSXGLHQGRDPSDUDUVHDKRUDHQODVQRUPDVSURYHQLHQWHVGHO
VLVWHPDRUGLQDULR

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDOVHSURQXQFLyVREUHHOGHUHFKRDHMHUFHUIXQFLRQHVS~EOLFDV
HQORVFDVRVGHVXVSHQVLyQGHVWLWXFLyQ\UHYRFDWRULDGHPDQGDWRGHDOFDOGH\FRQFHMDOHV
PXQLFLSDOHVFRQIRUPHDORVVLJXLHQWHVSUHFHGHQWHVFRQVWLWXFLRQDOHV,QLFLDOPHQWHHO
7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHQOD6&3HVWDEOHFLyTXHORVFDVRVGH
UHQXQFLDGHDOFDOGHVWLWXODUHVHQORVTXHQRFRUUHVSRQGDODHOHFFLyQSRUYRWRSRSXODU
ORV&RQFHMRV0XQLFLSDOHVWLHQHQODDWULEXFLyQGHHOHJLUDXQDQXHYDDXWRULGDGTXHGDQGR
HQHVWHFDVRVLQHIHFWRORVLQWHULQDWRVDQWHULRUPHQWHGHVLJQDGRV3RVWHULRUPHQWHOD

W


dW^:d


6&3  HQWHQGLy TXH OD VXVSHQVLyQ WHPSRUDO R GHILQLWLYD GH DOFDOGHV \
FRQFHMDOHVVyORSXHGHGDUVHHQORVFDVRVSUHYLVWRVSRUOH\\SUHYLRFXPSOLPLHQWRGHO
SURFHGLPLHQWR HVWDEOHFLGR HQ HOOD /D SULPHUD 5HVROXFLyQ TXH GHVDUUROOy HVWH
HQWHQGLPLHQWR IXH OD 6& 5 TXH VHxDOy HQ HO FDVR FRQFUHWR TXH QR VH
SUHVHQWDURQHQFXDQWRDOUHFXUUHQWHQLQJXQDGHODVFRQGLFLRQHVTXHSXHGDQGDUOXJDU
D VX VXVSHQVLyQ WHPSRUDO R GHILQLWLYD GH VXV IXQFLRQHV GH &RQFHMDO 0XQLFLSDO
DxDGLHQGRTXHORVUHFXUULGRVKDQYXOQHUDGRORSUHYLVWRSRUORVDUWV\GHHVWD
/H\FRQUHIHUHQFLDDODVDQFLyQLPSXHVWD\DOSURFHVRSUHYLRGHVXVSHQVLyQFRQFXOFDQGR
DVtODJDUDQWtDGHOGHELGRSURFHVRTXHGHDFXHUGRDOD-XULVSUXGHQFLD&RQVWLWXFLRQDOHV
SOHQDPHQWH DSOLFDEOH D ORV VXPDULRV LQIRUPDWLYRV \ D RWUR WLSR GH SURFHVRV
DGPLQLVWUDWLYRV HQ FRQVHFXHQFLD ORV UHFXUULGRV KDQ GHVFRQRFLGR ORV GHUHFKRV GHO
UHFXUUHQWHDOOLEUHDFFHVRDODIXQFLyQS~EOLFD\DOWUDEDMRFRQVDJUDGRVHQORVDUWV
  \ G  GH OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR  $ VX YH] OD 6&3 
GHWHUPLQyTXHODVXVSHQVLyQRGHVWLWXFLyQGH$OFDOGHV\&RQFHMDOHV0XQLFLSDOHVGHEtD
VHJXLU HO SURFHGLPLHQWR SUHYLVWR HQ OD OH\  /H\ 0DUFR GH $XWRQRPtDV \
'HVFHQWUDOL]DFLyQ  QR HVWDQGR UHFRQRFLGR HO HMHUFLFLR GH OD YLROHQFLD QL HO VXSXHVWR
FXPSOLPLHQWRGHUHVROXFLRQHVQLGHWHUPLQDFLRQHVGHODFRPXQLGDGVLQHPEDUJRFDEH
SUHFLVDUTXHVLELHQOD6&3VLJXLyODMXULVSUXGHQFLDFRQVWLWXFLRQDOFRQWHQLGD
HQ ODV  66&& 5 5 TXH HVWDEOHFLHURQ TXH GHEH GDUVH
FXPSOLPLHQWRDOSURFHGLPLHQWROHJDOSDUDODVXVSHQVLyQRGHVWLWXFLyQGHFRQFHMDOHVR
DOFDOGHVHPSHURGHEHPHQFLRQDUVHTXHDSDUWLUGHORVSULQFLSLRV\FDUDFWHUtVWLFDVGH
QXHVWURPRGHORGH(VWDGRHQHVSHFLDOODGHPRFUDFLDFRPXQLWDULDOD6&3
FRQVLGHUDGDFRPRPRGXODGRUDHQWHQGLyTXHHQHOiPELWRGHODGHPRFUDFLDFRPXQLWDULD
FXDQGR ODV DXWRULGDGHV KXELHUHQ VLGR HOHFWDV GHVLJQDGDV R QRPLQDGDV SRU QRUPDV \
SURFHGLPLHQWRV SURSLRV GH ODV QDFLRQHV \ SXHEORV LQGtJHQD RULJLQDULR FDPSHVLQRV OD
UHYRFDWRULDGHPDQGDWRRDOHMDPLHQWRGHVXVIXQFLRQHVGHEHHIHFWLYL]DUVHPHGLDQWHVXV
SURSLDVLQVWDQFLDVGHGHFLVLyQ\SURFHGLPLHQWRVDVLPLVPRSUHFLVyTXHORVDFXHUGRV
\ FRQVHQVRV DOFDQ]DGRV FRPR HMHUFLFLR GH OD GHPRFUDFLD FRPXQLWDULD GHEHQ VHU
UHVSHWDGRVSXHVHVHVWDGHPRFUDFLDODTXHGDIXQGDPHQWRVXVWHQWR\OHJLWLPLGDGDOD
UHSUHVHQWDFLyQSROtWLFD
IRUPDO
TXHILQDOPHQWHHMHUFHQORVHOHJLGRV(QHVHiPELWRQR
UHVXOWD FRKHUHQWH TXH DTXHOODV DXWRULGDGHV TXH IXHURQ HOHJLGDV D WUDYpV GH OD OyJLFD
FRPXQLWDULD OXHJR SUHWHQGDQ DPSDUDUVH HQ OD OyJLFD \ HO VLVWHPD RFFLGHQWDO
GHVFRQRFLHQGRORVSURSLRVYDORUHV\SULQFLSLRVGHODFRPXQLGDGDVtFRPRVXVQRUPDV
SURFHGLPLHQWRVHLQVWLWXFLRQHVORVDFXHUGRV\FRPSURPLVRVDVXPLGRVFRQDQWHULRULGDG
DFODUiQGRVH HPSHUR FRQIRUPH VH KD VHxDODGR HQ HO )XQGDPHQWR -XUtGLFR ,,, GHO
SUHVHQWHIDOORTXHHQFDVRGHOHVLRQDUVHGHUHFKRV\JDUDQWtDVFRQVWLWXFLRQDOHVHVSRVLEOH
TXHHODIHFWDGRSUHVHQWHODVDFFLRQHVGHGHIHQVDSUHYLVWDVHQOD&RQVWLWXFLyQ3ROtWLFD
GHO (VWDGR DQWH OD MXVWLFLD FRQVWLWXFLRQDO TXH HQ HO PDUFR GHO FRQVWLWXFLRQDOLVPR
SOXULQDFLRQDO FRPXQLWDULR \ GHVFRORQL]DGRU GHEHUi HIHFWXDU XQD LQWHUSUHWDFLyQ
LQWHUFXOWXUDO GH ORV GHUHFKRV \ JDUDQWtDV %DMR ODV FRQVLGHUDFLRQHV HIHFWXDGDV
SUHFHGHQWHPHQWHHVHYLGHQWHTXHORVDFXHUGRVDVXPLGRVDOLQWHULRUGHODVFRPXQLGDGHV
GHEHQVHUUHVSHWDGRVSRUVXVPLHPEURV\ODVDXWRULGDGHVHOHJLGDV\VLQRVHUHVSHWDQHV
OyJLFRTXHDWUDYpVGHVXVSURFHGLPLHQWRVHLQVWLWXFLRQHVVHVROLFLWHDGLFKDDXWRULGDG
TXH FXPSOD FRQ ORV FRPSURPLVRV DVXPLGRV DFODUiQGRVH HPSHUR TXH EDMR QLQJXQD
FLUFXQVWDQFLD VH SXHGH KDFHU XVR GH OD YLROHQFLD R HMHUFHU YtDV GH KHFKR IXHUD GH OD
LQVWLWXFLRQDOLGDGSURSLDGHODVQDFLRQHV\SXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRV
(QHVWHVHQWLGROD6&3TXHHVWDEOHFLyTXHODVUHQXQFLDVGHPXMHUHVDFDUJRV
S~EOLFRVGHHOHFFLyQSRUYRWRSRSXODUGHEHQVHUSUHVHQWDGDVGHPDQHUDSHUVRQDODQWHHO
UJDQR (OHFWRUDO 3OXULQDFLRQDO DVt FRPR OD 6&3  TXH HQWHQGLy TXH HV
DUELWUDULD H LOHJDO FRQGLFLRQDU OD UHVWLWXFLyQ DO FDUJR GH DOFDOGHV PXQLFLSDOHV D OD
FRQIRUPLGDG GH OD VRFLHGDG FLYLO RUJDQL]DGD GHEHQ VHU FRPSUHQGLGDV HQ
FRUUHVSRQGHQFLD FRQ HO HQIRTXH SOXUDO \ ORV SULQFLSLRV UHFWRUHV GH OD GHPRFUDFLD
FRPXQLWDULDHVWDEOHFLGRVSRUOD6&3


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO
W


dW^:d


)M,,,
ODHOHFFLyQPHGLDQWHODGHPRFUDFLDFRPXQLWDULDHVFRQRFLGD
DFHSWDGD\HMHUFLGDSOHQDPHQWHSRUODVFRPXQLGDGHVGHHOORVHFRQFOX\H
TXH OD SHUVRQD TXH LQJUHVD D OD UHSUHVHQWDFLyQ SROtWLFD PHGLDQWH OD
GHPRFUDFLDFRPXQLWDULDGHEHUHVSHWDUODVUHJODVGHGLFKDGHPRFUDFLD
FRPRVHUORVDFXHUGRVHOPX\XHWFpWHUD

 
'HDKtTXHHVWD6DODFRQVLGHUHTXHORVDFXHUGRV\FRQVHQVRVDOFDQ]DGRV
FRPRHMHUFLFLRGHODGHPRFUDFLDFRPXQLWDULDGHEHQVHUUHVSHWDGRVSXHV
HV HVWD GHPRFUDFLDOD TXHGD IXQGDPHQWR VXVWHQWR \ OHJLWLPLGDG DOD
UHSUHVHQWDFLyQSROtWLFD
IRUPDO
TXHILQDOPHQWHHMHUFHQORVHOHJLGRV(Q
HVH iPELWR QR UHVXOWD FRKHUHQWH TXH DTXHOODV DXWRULGDGHV TXH IXHURQ
HOHJLGDVDWUDYpVGHODOyJLFDFRPXQLWDULDOXHJRSUHWHQGDQDPSDUDUVHHQ
ODOyJLFD\HOVLVWHPDRFFLGHQWDOGHVFRQRFLHQGRORVSURSLRVYDORUHV\
SULQFLSLRV GH OD FRPXQLGDG DVt FRPR VXV QRUPDV SURFHGLPLHQWRV H
LQVWLWXFLRQHVORVDFXHUGRV\FRPSURPLVRVDVXPLGRVFRQDQWHULRULGDG
DFODUiQGRVH HPSHUR FRQIRUPH VH KD VHxDODGR HQ HO )XQGDPHQWR
-XUtGLFR,,,GHOSUHVHQWHIDOORTXHHQFDVRGHOHVLRQDUVHGHUHFKRV\
JDUDQWtDV FRQVWLWXFLRQDOHV HV SRVLEOH TXH HO DIHFWDGR SUHVHQWH ODV
DFFLRQHVGHGHIHQVDSUHYLVWDVHQOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRDQWH
OD MXVWLFLD FRQVWLWXFLRQDO TXH HQ HO PDUFR GHO FRQVWLWXFLRQDOLVPR
SOXULQDFLRQDO FRPXQLWDULR \ GHVFRORQL]DGRU GHEHUi HIHFWXDU XQD
LQWHUSUHWDFLyQLQWHUFXOWXUDOGHORVGHUHFKRV\JDUDQWtDV

%DMRODVFRQVLGHUDFLRQHVHIHFWXDGDVSUHFHGHQWHPHQWHHVHYLGHQWHTXH
ORV DFXHUGRV DVXPLGRV DO LQWHULRU GH ODV FRPXQLGDGHV GHEHQ VHU
UHVSHWDGRV SRU VXV PLHPEURV \ ODV DXWRULGDGHV HOHJLGDV \ VL QR VH
UHVSHWDQHVOyJLFRTXHDWUDYpVGHVXVSURFHGLPLHQWRVHLQVWLWXFLRQHVVH
VROLFLWHDGLFKDDXWRULGDGTXHFXPSODFRQORVFRPSURPLVRVDVXPLGRV
DFODUiQGRVHHPSHURTXHEDMRQLQJXQDFLUFXQVWDQFLDVHSXHGHKDFHUXVR
GH OD YLROHQFLD R HMHUFHU YtDV GH KHFKR IXHUD GH OD LQVWLWXFLRQDOLGDG
SURSLDGHODVQDFLRQHV\SXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRV

,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

/D VHQWHQFLD TXH FRQWLHQHHO HVWiQGDU PiV DOWR HVOD6&3 
SRUTXH HVWDEOHFLy TXH HQ HO iPELWR GH OD GHPRFUDFLD FRPXQLWDULD
FXDQGRODVDXWRULGDGHVKXELHUHQVLGRHOHFWDVGHVLJQDGDVRQRPLQDGDV
SRUQRUPDV\SURFHGLPLHQWRVSURSLRVGHODVQDFLRQHV\SXHEORVLQGtJHQD
RULJLQDULRFDPSHVLQRVODUHYRFDWRULDGHPDQGDWRRDOHMDPLHQWRGHVXV
IXQFLRQHVGHEHHIHFWLYL]DUVHPHGLDQWHVXVSURSLDVLQVWDQFLDVGHGHFLVLyQ
\SURFHGLPLHQWRV

W


dW^:d


 (VWUXFWXUD \ RUJDQL]DFLyQ 7HUULWRULDO GHO
(VWDGR&OiXVXODGHVXSOHWRULHGDG
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3'HEHDSOLFDUVHVXSOHWRULDPHQWHODQRUPDGHOQLYHO
FHQWUDOGHO(VWDGRHQORVVLJXLHQWHVVXSXHVWRV &XDQGRODVHQWLGDGHV
WHUULWRULDOHV DXWyQRPDV D~Q QR KXELHUHQ OHJLVODGR HIHFWLYDPHQWH
FXHVWLRQHV UHIHUHQWHV D VXV FRPSHWHQFLDV VLWXDFLyQ HQ OD FXDO VH
DSOLFDUi OD OHJLVODFLyQ QDFLRQDO SUHFRQVWLWXFLRQDO GH PDQHUD
VXSOHWRULD \   6H DSOLFDUi GH PDQHUD VXSOHWRULD OD QRUPD
SRVWFRQVWLWXFLRQDO~QLFDPHQWHHQHOFDVRHVSHFtILFRGHODOHJLVODFLyQ
SDUD ORV JRELHUQRV ORFDOHV GHELHQGR SRU WDQWR UHJLU OD /H\ GH
*RELHUQRV/RFDOHVDVHUHPLWLGDSRUHOQLYHOFHQWUDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH LQFRQVWLWXFLRQDOLGDG DEVWUDFWD VH GHPDQGy OD
LQFRQVWLWXFLRQDOLGDGGHORVDUWV


\GHOD/H\
0DUFR GH $XWRQRPtDV \ 'HVFHQWUDOL]DFLyQ /0$'  SRU VHU
VXSXHVWDPHQWHFRQWUDULRVDORVDUWV,
,QXPHUDOHV\,QXPHUDO
\,,QXPHUDOHV,,,,\
GH OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR (O 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDOGHFODUyODFRQVWLWXFLRQDOLGDGGHODUWGHOD/H\0DUFR
GH $XWRQRPtDV \ 'HVFHQWUDOL]DFLyQ GH DFXHUGR DO VLJXLHQWH DOFDQFH
LQWHUSUHWDWLYR/DFOiXVXODGHVXSOHWRULHGDGHVDUPyQLFDFRQHOGLVHxR
FRQVWLWXFLRQDOVLQHPEDUJRQRSXHGHHQWHQGHUVHTXHODVXSOHWRULHGDG
GHODQRUPDHVXQDFOiXVXODXQLYHUVDODWULEXLGDDIDYRUGHOQLYHOFHQWUDO
VLQR PiV ELHQ FRPSUHQGH ORV VLJXLHQWHV DOFDQFHV   &XDQGR ODV
HQWLGDGHV WHUULWRULDOHV DXWyQRPDV D~Q QR KXELHUHQ OHJLVODGR
HIHFWLYDPHQWH FXHVWLRQHV UHIHUHQWHV D VXV FRPSHWHQFLDV VH DSOLFDUi OD
OHJLVODFLyQ QDFLRQDO SUHFRQVWLWXFLRQDO GH PDQHUD VXSOHWRULD \   6H
DSOLFDUiGHPDQHUDVXSOHWRULDODQRUPDSRVWFRQVWLWXFLRQDO~QLFDPHQWH
HQ HO FDVR HVSHFtILFR GH OD OHJLVODFLyQ SDUD ORV JRELHUQRV ORFDOHV
W


dW^:d

GHELHQGRSRUWDQWRUHJLUOD/H\GH*RELHUQRV/RFDOHVDVHUHPLWLGDSRU
HOQLYHOFHQWUDO

([WUDFWRGHODUDWLRGHFLGHQGL

,,6REUHHODUWGHOD/0$'
$UWtFXOR (-(5&,&,2
'(
/$
$872120$ 
,
/DDXWRQRPtDVHHMHUFHDWUDYpVGH


/DOLEUHHOHFFLyQGHVXVDXWRULGDGHVSRUODVFLXGDGDQDV\ORVFLXGDGDQRV

/DSRWHVWDGGHFUHDUUHFDXGDU\RDGPLQLVWUDUWULEXWRVHLQYHUWLUVXVUHFXUVRV
GHDFXHUGRDOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR\ODOH\

/D IDFXOWDG OHJLVODWLYD GHWHUPLQDQGR DVt ODV SROtWLFDV \ HVWUDWHJLDV GH VX
JRELHUQRDXWyQRPR

/D SODQLILFDFLyQ SURJUDPDFLyQ \ HMHFXFLyQ GH VX JHVWLyQ SROtWLFD
DGPLQLVWUDWLYDWpFQLFDHFRQyPLFDILQDQFLHUDFXOWXUDO\VRFLDO

(OUHVSHWRDODDXWRQRPtDGHODVRWUDVHQWLGDGHVWHUULWRULDOHVHQLJXDOGDGGH
FRQGLFLRQHV

(OFRQRFLPLHQWR\UHVROXFLyQGHFRQWURYHUVLDVUHODFLRQDGDVFRQHOHMHUFLFLRGH
VXVSRWHVWDGHVQRUPDWLYDVHMHFXWLYDVDGPLQLVWUDWLYDV\WpFQLFDVPHGLDQWHORVUHFXUVRV
DGPLQLVWUDWLYRVSUHYLVWRVHQODSUHVHQWH/H\\ODVQRUPDVDSOLFDEOHV

/DJHVWLyQS~EOLFDLQWHUFXOWXUDODELHUWDWDQWRDODVGLIHUHQWHVFXOWXUDVGHODV
QDFLRQHV\SXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRVFRPRDODVSHUVRQDV\FROHFWLYLGDGHV
TXHQRFRPSDUWHQODLGHQWLGDGLQGtJHQD

(QHOFDVRGHODDXWRQRPtDLQGtJHQDRULJLQDULDFDPSHVLQDHOHMHUFLFLRGHOD
SRWHVWDGMXULVGLFFLRQDOLQGtJHQDHQHOPDUFRGHOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR\ODV
OH\HVTXHODUHJXOHQ
,,
(Q HO FDVR GH OD DXWRQRPtD UHJLRQDO HO HMHUFLFLR GH VXV FRPSHWHQFLDV HVWi
VXMHWRDODOHJLVODFLyQGHODVHQWLGDGHVWHUULWRULDOHVTXHVHODVWUDQVILHUDQRGHOHJXHQ


/RVDKRUDDFFLRQDQWHVDOHJDQTXHHODUW,QXPHUDOOLPLWD \UHGXFHODVIDFXOWDGHV
DXWRQyPLFDVFRQVDJUDGDVHQHODUWGHOD&3(DVyORODIDFXOWDGOHJLVODWLYDSRUHOOR
VHORGHPDQGDGHLQFRQVWLWXFLRQDOSRUTXHVXSXHVWDPHQWHYLRODORVDUWV\
GHOD1RUPD6XSUHPDTXHRWRUJDDODVHQWLGDGHVDXWRQyPLFDVIDFXOWDGHVGHOHJLVODU
ILVFDOL]DUUHJODPHQWDU\HMHFXWDUODVFRPSHWHQFLDVH[FOXVLYDVGHILQLGDVHQORVDUWV,
,\,GHOWH[WRFRQVWLWXFLRQDO

3RU RWUD SDUWH UHILHUHQ TXH RPLWH OD UHIHUHQFLD D ODV FRPSHWHQFLDV FRQFXUUHQWHV \
FRPSDUWLGDVDVLPLVPRDJUHJDQTXHHVWHDUWtFXORHVFRQWUDGLFWRULRFRQHODUWQ~P 
GHODSURSLD/0$'

(Q SULPHU WpUPLQR HV FRQYHQLHQWH SDUWLU GH OR TXH HVWDEOHFH HO DUW  GH OD &3(
UHVSHFWRDODDXWRQRPtDQRUPDFRQVWLWXFLRQDOTXHHVWDEOHFH
/DDXWRQRPtDLPSOLFDOD
HOHFFLyQ GLUHFWD GH VXV DXWRULGDGHV SRU ODV FLXGDGDQDV \ ORV FLXGDGDQRV OD
DGPLQLVWUDFLyQGHVXVUHFXUVRVHFRQyPLFRV\HOHMHUFLFLRGHODVIDFXOWDGHVOHJLVODWLYD
UHJODPHQWDULDILVFDOL]DGRUD\HMHFXWLYDSRUVXVyUJDQRVGHOJRELHUQRDXWyQRPRHQHO
iPELWRGHVXMXULVGLFFLyQ\FRPSHWHQFLDV\DWULEXFLRQHV


3RUVXSDUWHHODUW,,QXPHUDOGHOD/0$'GHILQHDODDXWRQRPtDGHODVLJXLHQWH
PDQHUD
(VODFXDOLGDGJXEHUQDWLYDTXHDGTXLHUHXQDHQWLGDGWHUULWRULDOGHDFXHUGRDODV
FRQGLFLRQHV \ SURFHGLPLHQWR HVWDEOHFLGRV HQ OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR \ OD
SUHVHQWHOH\TXHLPSOLFDODLJXDOGDGMHUiUTXLFDRGHUDQJRFRQVWLWXFLRQDOHQWUHHQWLGDGHV
WHUULWRULDOHVDXWyQRPDVODHOHFFLyQGLUHFWDGHVXVDXWRULGDGHVSRUODVFLXGDGDQDV\ORV
FLXGDGDQRVODDGPLQLVWUDFLyQGHVXVUHFXUVRVHFRQyPLFRV\HOHMHUFLFLRGHIDFXOWDGHV
OHJLVODWLYD UHJODPHQWDULD ILVFDOL]DGRUD \ HMHFXWLYD SRU VXV yUJDQRV GH JRELHUQR

W


dW^:d


DXWyQRPRHQHOiPELWRGHVXMXULVGLFFLyQWHUULWRULDO\GHODVFRPSHWHQFLDV\DWULEXFLRQHV
HVWDEOHFLGDVSRUOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR\OD/H\/DDXWRQRPtDUHJLRQDOQR
JR]DGHODIDFXOWDGOHJLVODWLYD


6LELHQHODUW,QXPHUDOGHOD/0$'UHILHUHTXHODDXWRQRPtDVHHMHUFHDWUDYpVGH
OD IDFXOWDG OHJLVODWLYD GHWHUPLQDQGR DVt ODV SROtWLFDV HVWUDWpJLFDV GH ORV JRELHUQRV
DXWyQRPRVVHGHEHGHMDUHVWDEOHFLGRTXHGLFKRDUWtFXORFRQWLHQHGRVSDUiJUDIRVRFKR
LQFLVRVTXHJXDUGDQHVWUHFKDUHODFLyQHQWUHVtQRSXGLHQGRUHDOL]DUVHODREVHUYDFLyQFRQ
UHODFLyQ D XQ LQFLVR VLQ FRQVLGHUDU TXH HO DUWtFXOR HQ DQiOLVLV FRQIRUPD XQ WRGR TXH
JXDUGDHVWUHFKDUHODFLyQ

7DPELpQ FDEH UHIHULU TXH HO DUWtFXOR GHPDQGDGR GH LQFRQVWLWXFLRQDO VL ELHQ KDFH
UHIHUHQFLD~QLFDPHQWHDODIDFXOWDGOHJLVODWLYDODVGHPiVIDFXOWDGHVH[WUDxDGDVSRUORV
DFFLRQDQWHVFRPRVHUODGHOLEHUDWLYDILVFDOL]DGRUDHMHFXWLYDLQFOX\HQGRODOHJLVODWLYD
VHHQFXHQWUDQGHVDUUROODGDVFRQSUHFLVLyQGHVGHHODUWDOGHOD/0'$FRQIRUPH
ORHVWDEOHFLGRHQORVDUWV\GHOD&3(SRUORH[SXHVWRQRVHHVWDEOHFHXQD
UHGXFFLyQGHODVIDFXOWDGHVVHxDODGDVHQHODUWGHOD&3(FRPRVHUHOHMHUFLFLRGH
ODV IDFXOWDGHV UHJODPHQWDULD ILVFDOL]DGRUD \ HMHFXWLYD WRGD YH] TXH HOODV HVWiQ
FRQVLJQDGDVHQODVFRPSHWHQFLDVGHODVHQWLGDGHVWHUULWRULDOHVDXWyQRPDVHVWDEOHFLGDV
HQORVDUWVDOGHOD1RUPD6XSUHPD

/D/H\0DUFRGH$XWRQRPtDV\'HVFHQWUDOL]DFLyQJDUDQWL]DHOHMHUFLFLRGHODDXWRQRPtD
D WUDYpV GH OD OLEUH HOHFFLyQ GLUHFWD GH VXV DXWRULGDGHV SRU ODV FLXGDGDQDV \ ORV
FLXGDGDQRVFRQIRUPHDODQRUPDFRQVWLWXFLRQDOFLWDGDSRUORTXHHODUWtFXORHQDQiOLVLV
QRHVLQFRQVWLWXFLRQDO


6LQWHVLVGHODUDWLRGHFLGHQGL

'HFODUDODFRQVWLWXFLRQDOLGDGGHODUWGHOD/H\0DUFRGH$XWRQRPtDV
\'HVFHQWUDOL]DFLyQGHDFXHUGRDOGHOVLJXLHQWHDOFDQFHLQWHUSUHWDWLYR
/DFOiXVXODGHVXSOHWRULHGDGHVDUPyQLFDFRQHOGLVHxRFRQVWLWXFLRQDO
VLQHPEDUJRQRSXHGHHQWHQGHUVHTXHODVXSOHWRULHGDGGHODQRUPDHV
XQDFOiXVXODXQLYHUVDODWULEXLGDDIDYRUGHOQLYHOFHQWUDOVLQRPiVELHQ
FRPSUHQGHORVVLJXLHQWHVDOFDQFHV &XDQGRODVHQWLGDGHVWHUULWRULDOHV
DXWyQRPDV D~Q QR KXELHUHQ OHJLVODGR HIHFWLYDPHQWH FXHVWLRQHV
UHIHUHQWHV D VXV FRPSHWHQFLDV VH DSOLFDUi OD OHJLVODFLyQ QDFLRQDO SUH
FRQVWLWXFLRQDO GH PDQHUD VXSOHWRULD \   6H DSOLFDUi GH PDQHUD
VXSOHWRULDODQRUPDSRVWFRQVWLWXFLRQDO~QLFDPHQWHHQHOFDVRHVSHFtILFR
GHODOHJLVODFLyQSDUDORVJRELHUQRVORFDOHVGHELHQGRSRUWDQWRUHJLUOD
/H\GH*RELHUQRV/RFDOHVDVHUHPLWLGDSRUHOQLYHOFHQWUDO

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

,,6REUHHODUWGHOD/0$'

 

/RV DKRUD DFFLRQDQWHV DOHJDQ TXH HO DUW , QXPHUDO  OLPLWD \ UHGXFH ODV
IDFXOWDGHVDXWRQyPLFDVFRQVDJUDGDVHQHODUWGHOD&3(DVyORODIDFXOWDG
OHJLVODWLYDSRUHOORVHORGHPDQGDGHLQFRQVWLWXFLRQDOSRUTXHVXSXHVWDPHQWH
YLROD ORV DUWV    \  GH OD 1RUPD 6XSUHPD TXH RWRUJD D ODV

W


dW^:d
HQWLGDGHVDXWRQyPLFDVIDFXOWDGHVGHOHJLVODUILVFDOL]DUUHJODPHQWDU\HMHFXWDU
ODVFRPSHWHQFLDVH[FOXVLYDVGHILQLGDVHQORVDUWV,,\,GHOWH[WR
FRQVWLWXFLRQDO

3RURWUDSDUWHUHILHUHQTXHRPLWHODUHIHUHQFLDDODVFRPSHWHQFLDVFRQFXUUHQWHV
\FRPSDUWLGDVDVLPLVPRDJUHJDQTXHHVWHDUWtFXORHVFRQWUDGLFWRULRFRQHODUW
Q~P GHODSURSLD/0$'

(QSULPHUWpUPLQRHVFRQYHQLHQWHSDUWLUGHORTXHHVWDEOHFHHODUWGHOD
&3( UHVSHFWR D OD DXWRQRPtD QRUPD FRQVWLWXFLRQDO TXH HVWDEOHFH
/D
DXWRQRPtDLPSOLFDODHOHFFLyQGLUHFWDGHVXVDXWRULGDGHVSRUODVFLXGDGDQDV\
ORVFLXGDGDQRVODDGPLQLVWUDFLyQGHVXVUHFXUVRVHFRQyPLFRV\HOHMHUFLFLRGH
ODV IDFXOWDGHV OHJLVODWLYD UHJODPHQWDULD ILVFDOL]DGRUD \ HMHFXWLYD SRU VXV
yUJDQRVGHOJRELHUQRDXWyQRPRHQHOiPELWRGHVXMXULVGLFFLyQ\FRPSHWHQFLDV
\DWULEXFLRQHV

3RUVXSDUWHHODUW,,QXPHUDOGHOD/0$'GHILQHDODDXWRQRPtDGHOD
VLJXLHQWH PDQHUD
(V OD FXDOLGDG JXEHUQDWLYD TXH DGTXLHUH XQD HQWLGDG
WHUULWRULDO GH DFXHUGR D ODV FRQGLFLRQHV \ SURFHGLPLHQWR HVWDEOHFLGRV HQ OD
&RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR \ OD SUHVHQWH OH\ TXH LPSOLFD OD LJXDOGDG
MHUiUTXLFDRGHUDQJRFRQVWLWXFLRQDOHQWUHHQWLGDGHVWHUULWRULDOHVDXWyQRPDVOD
HOHFFLyQ GLUHFWD GH VXV DXWRULGDGHV SRU ODV FLXGDGDQDV \ ORV FLXGDGDQRV OD
DGPLQLVWUDFLyQ GH VXV UHFXUVRV HFRQyPLFRV \ HO HMHUFLFLR GH IDFXOWDGHV
OHJLVODWLYDUHJODPHQWDULDILVFDOL]DGRUD\HMHFXWLYDSRUVXVyUJDQRVGHJRELHUQR
DXWyQRPRHQHOiPELWRGHVXMXULVGLFFLyQWHUULWRULDO\GHODVFRPSHWHQFLDV\
DWULEXFLRQHVHVWDEOHFLGDVSRUOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR\OD/H\/D
DXWRQRPtDUHJLRQDOQRJR]DGHODIDFXOWDGOHJLVODWLYD


6LELHQHODUW,QXPHUDOGHOD/0$'UHILHUHTXHODDXWRQRPtDVHHMHUFHD
WUDYpVGHODIDFXOWDGOHJLVODWLYDGHWHUPLQDQGRDVtODVSROtWLFDVHVWUDWpJLFDVGH
ORVJRELHUQRVDXWyQRPRVVHGHEHGHMDUHVWDEOHFLGRTXHGLFKRDUWtFXORFRQWLHQH
GRVSDUiJUDIRVRFKRLQFLVRVTXHJXDUGDQHVWUHFKDUHODFLyQHQWUHVtQRSXGLHQGR
UHDOL]DUVHODREVHUYDFLyQFRQUHODFLyQDXQLQFLVRVLQFRQVLGHUDUTXHHODUWtFXOR
HQDQiOLVLVFRQIRUPDXQWRGRTXHJXDUGDHVWUHFKDUHODFLyQ

7DPELpQ FDEH UHIHULU TXH HO DUWtFXOR GHPDQGDGR GH LQFRQVWLWXFLRQDO VL ELHQ
KDFH UHIHUHQFLD ~QLFDPHQWH D OD IDFXOWDG OHJLVODWLYD ODV GHPiV IDFXOWDGHV
H[WUDxDGDVSRUORVDFFLRQDQWHVFRPRVHUODGHOLEHUDWLYDILVFDOL]DGRUDHMHFXWLYD
LQFOX\HQGRODOHJLVODWLYDVHHQFXHQWUDQGHVDUUROODGDVFRQSUHFLVLyQGHVGHHODUW
DOGHOD/0'$FRQIRUPHORHVWDEOHFLGRHQORVDUWV\GHOD
&3(SRUORH[SXHVWRQRVHHVWDEOHFHXQDUHGXFFLyQGHODVIDFXOWDGHVVHxDODGDV
HQHODUWGHOD&3(FRPRVHUHOHMHUFLFLRGHODVIDFXOWDGHVUHJODPHQWDULD
ILVFDOL]DGRUD \ HMHFXWLYD WRGD YH] TXH HOODV HVWiQ FRQVLJQDGDV HQ ODV
FRPSHWHQFLDVGHODVHQWLGDGHVWHUULWRULDOHVDXWyQRPDVHVWDEOHFLGDVHQORVDUWV
DOGHOD1RUPD6XSUHPD

/D/H\0DUFRGH$XWRQRPtDV\'HVFHQWUDOL]DFLyQJDUDQWL]DHOHMHUFLFLRGHOD
DXWRQRPtD D WUDYpV GH OD OLEUH HOHFFLyQ GLUHFWD GH VXV DXWRULGDGHV SRU ODV
FLXGDGDQDV\ORVFLXGDGDQRVFRQIRUPHDODQRUPDFRQVWLWXFLRQDOFLWDGDSRUOR
TXHHODUWtFXORHQDQiOLVLVQRHVLQFRQVWLWXFLRQDO


W


dW^:d


 (VWUXFWXUD \ RUJDQL]DFLyQ WHUULWRULDO GHO (VWDGR(O
GLVHxRDXWRQyPLFR
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   /RV OtPLWHV GH XQLGDGHV WHUULWRULDOHV QR SXHGHQ
HVWDEOHFHUVHGHIRUPDYHUWLFDOVLQRDWUDYpVGHODSDUWLFLSDFLyQGHORV
FLXGDGDQRVFRPXQDULRVSXHEORVLQGtJHQDV\SREODGRUHVTXHKDELWDQ
HVRVWHUULWRULRVSRUORTXHOHHVWiYHGDGRDOD$VDPEOHD/HJLVODWLYD
3OXULQDFLRQDOUHVROYHUXQLODWHUDOPHQWHHVWHWLSRGHFRQIOLFWRVDWUDYpV
GHODHPLVLyQGH/H\

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHLQFRQVWLWXFLRQDOLGDGDEVWUDFWDOD$VDPEOHD/HJLVODWLYD
VDQFLRQyOD/H\GHGHGLFLHPEUHGHTXHUHVXHOYH\DSUXHED
OD GHOLPLWDFLyQ WHUULWRULDO HQWUH HO PXQLFLSLR GH +XDUL GH OD SURYLQFLD
6HEDVWLiQ3DJDGRUGHOGHSDUWDPHQWRGH2UXURFRQVXFDSLWDO6DQWLDJR
GH+XDULFRQWUDYLQLHQGRVHJ~QODDXWRULGDGDFFLRQDQWHORVDUWV\
,,,,, \ GHOD&3((O7ULEXQDO&RQVWLWXFLRQDO
3OXULQDFLRQDO UHVROYLy GHFODUDU LQFRQVWLWXFLRQDO OD QRUPD LPSXJQDGD
EDMR HO DUJXPHQWR GH TXH OD &RQVWLWXFLyQ HVWDEOHFH TXH HVWH WLSR GH
FRQIOLFWRVWHUULWRULDOHVGHEHVHUUHVXHOWRSRUODYtDGHODFRQFLOLDFLyQ\
WRPDQGRHQFRQVLGHUDFLyQFULWHULRVKLVWyULFRV\FXOWXUDOHV

([WUDFWRGHODUDWLRGHFLGHQGL\GHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,, $KRUD ELHQ OD /H\  DO HVWDEOHFHU OtPLWHV GH XQLGDGHV
WHUULWRULDOHVGHIRUPDYHUWLFDOVLQODSDUWLFLSDFLyQGHORVFRPXQDULRV\
SREODGRUHV TXH KDELWDQ HVRV WHUULWRULRV HVWDEOHFLGRV GHVGH pSRFDV
DQFHVWUDOHV KD YXOQHUDGR HO DUW ,, \ ,,, GH OD &3( DVt FRPR OD
GLVSRVLFLyQFRQWHQLGDHQHODUWGHOD/H\)XQGDPHQWDOGDGRTXHOD
/H\LPSXJQDGDGHVFRQRFHTXHSDUDHORUGHQDPLHQWRWHUULWRULDODODOX]
GH OD DFWXDO &RQVWLWXFLyQ OD GHFLVLyQ GH FUHDFLyQ \ PRGLILFDFLyQ GH
XQLGDGHVWHUULWRULDOHV\DQRHVDKRUDSRWHVWDGH[FOXVLYDGHOVREHUDQR
SXHVWR TXH KR\ HQ GtD VRQ ORV FLXGDGDQRV ORV SXHEORV \ QDFLRQHV
RULJLQDULRFDPSHVLQDVTXLHQHVGHEHQGHFLGLUHQEDVHDOFRQVHQVRFXiO
VHUiVXRUJDQL]DFLyQWHUULWRULDO
W


dW^:d



 6XSUHPDFtD &RQVWLWXFLRQDO MHUDUTXtD QRUPDWLYD \
UHIRUPDGHOD&RQVWLWXFLyQ3ULQFLSLRGHMHUDUTXtDQRUPDWLYD
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   1R VH OHVLRQD HO SULQFLSLR GH MHUDUTXtD QRUPDWLYD
FXDQGRODQRUPDHVHPLWLGDHQHMHUFLFLRGHODSRWHVWDGUHJODPHQWDULD
HQFRPHQGDGDDOUJDQR(MHFXWLYR

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH LQFRQVWLWXFLRQDOLGDG DEVWUDFWD DFWLYDGD SRU XQ
'LSXWDGR GH OD $VDPEOHD /HJLVODWLYD 3OXULQDFLRQDO VH GHPDQGy OD
LQFRQVWLWXFLRQDOLGDG GH ORV DUWV  \   PiV ODV 'LVSRVLFLRQHV
'HURJDWRULDV\$EURJDWRULDVGHO'HFUHWR6XSUHPR '6 GHGH
DEULOGHSRUODVVLJXLHQWHVUD]RQHVL 3RUTXHYXOQHUDODJDUDQWtD
GHSURKLELFLyQGHDSOLFDFLyQUHWURDFWLYDGHODQRUPD\DTXHODVQRUPDV
FXHVWLRQDGDV VRQ DSOLFDEOHV D SURFHVRV HQ ORV TXH D~Q QR  H[LVWD
KRPRORJDFLyQ GH DFXHUGR WUDQVDFFLRQDO HQ OD MXQWD GH DFUHHGRUHV
GHELHQGR VHU DSOLFDGR D VROLFLWXGHV GH UHHVWUXFWXUDFLyQ HPSUHVDULDO
HIHFWXDGDVDSDUWLUGHODHPLVLyQGHO'HFUHWR6XSUHPRLPSXJQDGRLL 
SRUTXHDWUDYpVGHODSRWHVWDGUHJODPHQWDULDVHFDPELDHOHVStULWXGHOD
/H\\DTXHVHDQXODQODVIDFLOLGDGHVHVWDEOHFLGDVSRUHO(VWDGRSDUD
FRQVHUYDUHOFDSLWDOHPSUHVDULDO\ODVIXHQWHVGHWUDEDMRDOPRGLILFDUGHO
DOORVPRQWRVGHODVTXLWDVDFDSLWDOHQLQWHUHVHV\DFFHVRULRV
FRUUHVSRQGLHQWHVDODVDFUHHQFLDVS~EOLFDVDVSHFWRTXHLPSOLFDUtDTXH
HOSRUFHQWDMHGHFRQFHVLyQVHDLQYHUWLGRHQJDVWRVRSHUDWLYRVGHMDQGR
VLQUD]yQDORVSURFHVRVGHUHHVWUXFWXUDFLyQGHHPSUHVDVLLL SRUTXHOD
QRUPDLPSXJQDGDHVFRQWUDULDDOSULQFLSLRGHLJXDOGDGSRUVHUDSOLFDEOH
~QLFDPHQWH D SURFHVRV HQ ORV TXH QR VH KRPRORJy HO DFXHUGR
WUDQVDFFLRQDO\QRDVtHQORVFDVRVTXHH[LVWDKRPRORJDFLyQFUHiQGRVH
GLIHUHQFLDVHQWUHHPSUHVDULRVDGHPiVGHFRORFDUDO(VWDGRHQVLWXDFLyQ
SULYLOHJLDGDHQUHODFLyQDOUHVWRGHDFUHHGRUHVLY SRUTXHVHDIHFWDOD
VHJXULGDGMXUtGLFD\DTXHHQPpULWRDVXSXHVWDVGHELOLGDGHVHQHOSURFHVR
W


dW^:d


GHUHHVWUXFWXUDFLyQGHHPSUHVDVVHPRGLILFDODUHJODPHQWDFLyQDQWHULRU
LPSRQLHQGR XQD QXHYD SDUD VDOYDU GHILFLHQFLDV GHO SURSLR yUJDQR
VXSHUYLVRU GH ORV SURFHVRV GH UHHVWUXFWXUDFLyQ (O 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOUHVXHOYHGHFODUDUODFRQVWLWXFLRQDOLGDGGH
ORVDUWV\PiVODV'LVSRVLFLRQHV'HURJDWRULDV\$EURJDWRULDVGHO
'HFUHWR6XSUHPR '6 GHGHDEULOGH

([WUDFWRGHODUDWLRGHFLGHQGL

)- ,,,
&RQIRUPH OR VHxDODGR HQ HO )XQGDPHQWR -XUtGLFR ,,, GH OD SUHVHQWH
6HQWHQFLD &RQVWLWXFLRQDO 3OXULQDFLRQDO HO UJDQR (MHFXWLYR HQWUH RWUDV WLHQH OD
SRWHVWDG GH SURPXOJDU OH\HV \ GLFWDU GHFUHWRV VXSUHPRV UHVSHFWR D HVWRV ~OWLPRV
HVWDEOHFHQ GLVSRVLFLRQHV OHJDOHV HVSHFtILFDV FRQ HO SURSyVLWR GH UHJODPHQWDU QRUPDV
JHQHUDOHV FRQVWLWXLGDVHQOH\HVVLQDOWHUDU \ PHQRVVXSULPLUGHUHFKRV\REOLJDFLRQHV
VHxDODGDVSRUHOODV

(V SXHV HQ HO HMHUFLFLR GH HVD SRWHVWDG TXH VH SURPXOJy HO 'HFUHWR 6XSUHPR DKRUD
LPSXJQDGR HO PLVPR TXH FRPR VH UHILULy HQ HO )XQGDPHQWR -XUtGLFR SUHFHGHQWH
PRGLILFyHO'6TXHGHLJXDOPDQHUDUHJODPHQWDEDOD/H\GH5HHVWUXFWXUDFLyQ
9ROXQWDULD
$KRUD ELHQ GH DFXHUGR D OD MXULVSUXGHQFLD \ GRFWULQD DVXPLGD SRU HVWD MXULVGLFFLyQ
FRQVWLWXFLRQDOVHKDHVWDEOHFLGRTXHHOSULQFLSLRGHMHUDUTXtDQRUPDWLYDVHYHYXOQHUDGR
HQVXFRQWHQLGRFXDQGRGHPDQHUDH[SUHVDVHSUHWHQGHODDSOLFDFLyQGHXQDOH\XRWUD
QRUPD GH LQIHULRU MHUDUTXtD FRQ SUHIHUHQFLD D OD &RQVWLWXFLyQ DVt FRPR FXDQGR XQD
QRUPDLQIHULRUHVDSOLFDGDHQGHWULPHQWRGHXQDGHUDQJRVXSHULRUSUHVXSXHVWRVTXHHQ
HOFDVRHQFXHVWLyQQRKDQVXFHGLGRSRUORTXHHO'HFUHWR6XSUHPRDKRUDLPSXJQDGR
QR FRQWUDGLFH QL LQIULQJH GH PDQHUD DOJXQD HO SULQFLSLR GH MHUDUTXtD QRUPDWLYD SRU
FXDQWRGHQLQJXQDPDQHUDHVWDQRUPDHVWiVLHQGRDSOLFDGDFRQSUHHPLQHQFLDDOD/H\
GH 5HHVWUXFWXUDFLyQ 9ROXQWDULD VLQR VLPSOHPHQWH OD HVWi UHJODPHQWDQGR FRQIRUPH
GLVSRQH OD PLVPD /H\ HQ VX DUW  DVt QR HVWi FUHDQGR QL PRGLILFDQGR QLQJXQD
GLVSRVLFLyQTXHFRQWUDYHQJDHOHVStULWXGHOD/H\PiVD~QVLHQODUHIHULGD/H\QR
VHHVWDEOHFHQDGDVREUHHOSRUFHQWDMHGHODVTXLWDVDFDSLWDOHQORVLQWHUHVHV\DFFHVRULRV
FRUUHVSRQGLHQWHV D ODV DFUHHQFLDV S~EOLFDV HQ ORV SURFHVRV GH UHHVWUXFWXUDFLyQ GH
HPSUHVDV3RURWURODGRHVSUHFLVRHVWDEOHFHUTXHXQDGLVSRVLFLyQOHJDOVyORSXHGHVHU
PRGLILFDGDPHGLDQWHRWUDGLVSRVLFLyQOHJDOGHLJXDORVXSHULRUMHUDUTXtDSRUORTXHHQ
QLQJ~QFDVRXQDGLVSRVLFLyQOHJDOLQIHULRUSRGUiPRGLILFDUDRWUDGHMHUDUTXtDVXSHULRU
FULWHULRDVXPLGRSRUOD6&

(QFRQVHFXHQFLDORVDUWV\\DVtFRPRODVGLVSRVLFLRQHVDEURJDWRULDV\GHURJDWRULDV
GHO'6LPSXJQDGRGHLQFRQVWLWXFLRQDOQRFRQWUDGLFHQGHQLQJXQDPDQHUDHODUW
,,GHOD1RUPD6XSUHPD



6LQWHVLVGHODUDWLRGHFLGHQGL

6RQFRQVWLWXFLRQDOHVORVDUWV\PiVODV'LVSRVLFLRQHV'HURJDWRULDV
\$EURJDWRULDVGHO'HFUHWR6XSUHPR '6 GHGHDEULOGH
SRUTXH OD QRUPD FXHVWLRQDGD IXH HPLWLGD HQ HMHUFLFLR GH OD SRWHVWDG
UHJODPHQWDULD HQFRPHQGDGD DO UJDQR (MHFXWLYR \ QR FUHD QLQJXQD
GLVSRVLFLyQTXHFRQWUDYHQJDOD/H\PiVD~QFXDQGRGLFKDOH\QR
GLVFLSOLQDHOSRUFHQWDMHGHODVTXLWDVDFDSLWDOHQLQWHUHVHV\DFFHVRULRV
W


dW^:d

FRUUHVSRQGLHQWHV D ODV HQWLGDGHV S~EOLFDV HQ SURFHVRV GH


UHHVWUXFWXUDFLyQGHHPSUHVDV

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,
3ULQFLSLRGHMHUDUTXtDQRUPDWLYD


/D 6&3  DOXGLGD DQWHULRUPHQWH UHILULpQGRVH DO SULQFLSLR GH MHUDUTXtD
QRUPDWLYDHVWDEOHFLyODVLJXLHQWHMXULVSUXGHQFLDFRQVWLWXFLRQDO
(ODUW,,GHOD&3(
VLW~DDOD1RUPD)XQGDPHQWDOHQODF~VSLGHGHODHVWUXFWXUDQRUPDWLYDORTXHLPSOLFD
HOUHFRQRFLPLHQWRGHVXMHUDUTXtDIUHQWHDFXDOTXLHURWUDGLVSRVLFLyQOHJDOHLQFOXVRHO
EORTXHGHFRQVWLWXFLRQDOLGDGDH[FHSFLyQFODURHVWiHQPDWHULDGH'HUHFKRV+XPDQRV
FX\DLQWHUSUHWDFLyQHVGLVWLQWD(QHVHVHQWLGRHOWH[WRFRQVWLWXFLRQDOVHHQFXHQWUDHQOD
F~VSLGHGHODHVWUXFWXUDMXUtGLFDGHO(VWDGRFRQVWLWX\pQGRVHHQHOVXVWHQWRRIXQGDPHQWR
GHODVGHPiVGLVSRVLFLRQHVOHJDOHVGHGRQGHQDFHQORVQLYHOHVMHUiUTXLFRVHQIXQFLyQDO
yUJDQRTXHHPLWHODQRUPDVXLPSRUWDQFLD\HOVHQWLGRIXQFLRQDOGHODPLVPD

&RQUHODFLyQDORVDOFDQFHVGHOFLWDGRSULQFLSLROD6&GHGHMXOLRLQGLFy
VLJQLILFDTXHXQDGLVSRVLFLyQOHJDOVyORSXHGHVHUPRGLILFDGDRFDPELDGDPHGLDQWH
RWUDGLVSRVLFLyQOHJDOGHLJXDORVXSHULRUMHUDUTXtDHQQLQJ~QFDVRXQDGLVSRVLFLyQOHJDO
LQIHULRUSXHGHPRGLILFDUDRWUDGHMHUDUTXtDVXSHULRUDVtSRUHMHPSORXQD/H\QRSXHGH
VHU PRGLILFDGD PHGLDQWH'HFUHWR6XSUHPR\pVWHQRSXHGHVHUPRGLILFDGRPHGLDQWH
XQD5HVROXFLyQ3UHFLVDPHQWHHQHOUHVJXDUGRGHOSULQFLSLRIXQGDPHQWDOGHODMHUDUTXtD
QRUPDWLYDDVtFRPRGHODVHJXULGDGMXUtGLFDODQRUPD  GLVSRQHTXHHVSRWHVWDGGHO
3RGHU/HJLVODWLYRHOGLFWDUOH\HVDEURJDUODVGHURJDUODVPRGLILFDUODVHLQWHUSUHWDUODV

'HGRQGHVHFRQFOX\HTXHORVSULQFLSLRV\YDORUHVFRQWHQLGRVHQOD&RQVWLWXFLyQ3ROtWLFD
GHO(VWDGRFRQVWLWX\HQODEDVHSDUDODHPLVLyQGHWRGDGLVSRVLFLyQOHJDOTXHHPDQHGHO
UJDQR /HJLVODWLYR X RWUR HQ HO iPELWR GH VXV FRPSHWHQFLDV HQWLGDGHV WHUULWRULDOHV
DXWyQRPDV\ORVDFWRVGHORVyUJDQRVGHO(VWDGR/HJLVODWLYR(MHFXWLYR\-XGLFLDOQR
SXHGHQ DEVWUDHUVH GHO FRQWURO GH FRQVWLWXFLRQDOLGDG SRU HQFRQWUDUVH VRPHWLGRV D OD
&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR
 ODVQHJULOODVIXHURQDxDGLGDV 

6REUHHOPLVPRWHPDODMXULVSUXGHQFLDFRQVWLWXFLRQDOKDHQIDWL]DGRTXH
FRQVLVWHHQ
TXHODHVWUXFWXUDMXUtGLFDGHXQ(VWDGRVHEDVDHQFULWHULRVGHQLYHOHVMHUiUTXLFRVTXHVH
HVWDEOHFHQHQIXQFLyQGHVXVyUJDQRVHPLVRUHVVXLPSRUWDQFLD\HOVHQWLGRIXQFLRQDO
6LJQLILFDTXHVHFRQVWLWX\HXQDSLUiPLGHMXUtGLFDHQODTXHHOSULPHUOXJDURODFLPD
RFXSDOD&RQVWLWXFLyQFRPRSULQFLSLR\IXQGDPHQWRGHODVGHPiVQRUPDVMXUtGLFDV
 6&
GHGHPDU]R  ODVQHJULOODVVRQQXHVWUDV 

3RU RWUR ODGR OD 6&  GH  GH DEULO HVWDEOHFLy TXH ORV SULQFLSLRV GH
VXSUHPDFtDFRQVWLWXFLRQDO\MHUDUTXtDQRUPDWLYDVRQYXOQHUDGRVHQVXFRQWHQLGRFXDQGR
VH
SUHWHQGH HQ IRUPD H[SUHVD VXSODQWDU GLFKRV SULQFLSLRV GH XQD GH ODV VLJXLHQWHV
IRUPDV L  GLVSRQHU OD DSOLFDFLyQ GH XQD OH\ X RWUD QRUPD GH LQIHULRU MHUDUTXtD FRQ
SUHIHUHQFLD D OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR \ LL  TXH XQD QRUPD LQIHULRU VHD
DSOLFDGD HQ GHWULPHQWR GH XQD GH UDQJR VXSHULRU DVt TXH XQ GHFUHWR GHWHUPLQH VX
DSOLFDFLyQFRQSUHGLOHFFLyQDXQDOH\\VXFHVLYDPHQWH
 ODVQHJULOODVQRVFRUUHVSRQGHQ



9RWR'LVLGHQWH

/D0DJLVWUDGD/LJLD9HOiVTXH]HQYRWRGLVLGHQWHIRUPXODGRFRQVLGHUD
TXHH[LVWHXQDFRQWUDGLFFLyQHQWUHODVQRUPDVGHODUWGHO'6
FRQ ODV QRUPDV GHO DUW  GH OD /H\ GH 5HHVWUXFWXUDFLyQ 9ROXQWDULD
W


dW^:d


DVSHFWRTXHOHVLRQDHOSULQFLSLRGHMHUDUTXtDQRUPDWLYDFRQVDJUDGRHQHO
DUWGHOD&3(



3ULQFLSLRGH6XSUHPDFtD&RQVWLWXFLRQDOR3ULQFLSLRGH
FRQVWLWXFLRQDOLGDG1RUPDVFRQVWLWXFLRQDOHVSULQFLSLRVIXQGDPHQWRGHO
RUGHQFRQVWLWXFLRQDO
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3/DVQRUPDVFRQVWLWXFLRQDOHVSULQFLSLRVHQWUHHOODV
ORV SULQFLSLRV pWLFRPRUDOHV GH OD VRFLHGDG SOXUDO WLHQHQ FDUiFWHU
QRUPDWLYR \ SRU WDQWR LPSRQHQ D WRGRV \ FRQ PD\RU UD]yQ D ORV
MXHFHVGHODSOXUDOLGDGGHMXULVGLFFLRQHVODREOLJDFLyQGHREVHUYDUORV
GHVDUUROODUORV\DSOLFDUORVHQVXODERUGHFLVRULD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH OLEHUWDG HO DFFLRQDQWH GHQXQFLy TXH HQ HYLGHQWH
GLODFLyQ\QHJOLJHQFLDHQODFRQVLGHUDFLyQGHVXVROLFLWXGGHFHVDFLyQD
VX GHWHQFLyQ SUHYHQWLYD DGHPiV GH VXVSHQGHU DXGLHQFLDV
LQMXVWLILFDGDPHQWH HQWHQGLHQGR TXH VX VROLFLWXG VH FRQVLGHUDUtD D OD
FRQFOXVLyQ GHO MXLFLR RUDO \ QR REVWDQWH TXH LQWHUSXVR UHFXUVR GH
UHSRVLFLyQFRQWUDHVWD~OWLPDGHWHUPLQDFLyQVROLFLWDQGRTXHGHQWURGH
ODVYHLQWLFXDWURKRUDVVHFRQYRTXHDXQDQXHYDDXGLHQFLDODPLVPDIXH
PDQWHQLGD PHGLDQWH UHVROXFLyQ MXGLFLDO H[SUHVD FRQVLGHUDQGR
OHVLRQDGRVVXVGHUHFKRVDOGHELGRSURFHVR\DODOLEHUWDGSLGLHQGRHQ
GHILQLWLYDVHILMHGHIRUPDLQPHGLDWDKRUD\GtDGHDXGLHQFLD(O7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDODSUREyODFRQFHVLyQGHODWXWHOD\RUGHQy
VHFRQVLGHUHHQIRUPDLQPHGLDWDODVROLFLWXG

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
 H[LVWHXQLIRUPHMXULVSUXGHQFLDFRQVWLWXFLRQDOTXHHQIRUPD
UHLWHUDGD \ SURIXVD KD PDQLIHVWDGR TXH ODV GHFLVLRQHV MXGLFLDOHV
YLQFXODGDV D OD OLEHUWDGD SHUVRQDO GHEHQ VHU WUDPLWDV UHVXHOWDV \
HIHFWLYL]DGDVFRQODPD\RUFHOHULGDG(QUD]yQDHOORVHDGYLHUWHVREUH
W


dW^:d

HVWH SXQWR OD LQREVHUYDQFLD GH ODV VLJXLHQWHV QRUPDV FRQVWLWXFLRQDOHV


SULQFLSLRVHOGHUHFKRIXQGDPHQWDODODOLEHUWDGSHUVRQDOFRQVDJUDGRHQ
ORVDUWV,GHOD&3(HODUWGHO3DFWR,QWHUQDFLRQDOGH'HUHFKRV
&LYLOHV \ 3ROLWLFRV \ HO DUW  GH OD &RQYHQFLRQ $PHULFDQD VREUH
'HUHFKRV+XPDQRVODGLJQLGDGGHODSHUVRQDHOSULQFLSLRpWLFRPRUDO
GHODVRFLHGDGSOXUDO
DPDTKLOOD
SUHYLVWRHQHODUW,GHOD&3(\ORV
SULQFLSLRVSURFHVDOHVGHFHOHULGDG\UHVSHWRDORVGHUHFKRVFRQVDJUDGRV
HQHODUW,\,GHOD&3(

  OD SULPHUD VXVSHQVLyQ IXH GHELGR D TXH OD MXH]D GHPDQGDGD
RPLWLHQGRVXGHEHUQRFRQWUROyTXHODRUGHQGHVDOLGDGLULJLGDDO&HQWUR
3HQLWHQFLDULRSDUDHVDIHFKDIXHUDGLOLJHQFLDGDRSRUWXQDPHQWHGHELGR
DTXHUHFLpQVHQRWLILFyDGLFKRSHQDOHOGHGLFLHPEUHGHHV
GHFLU XQ GtD GHVSXpV GHO GtD SURJUDPDGR SDUD OD UHDOL]DFLyQ GH OD
DXGLHQFLD H[WUHPR TXH WDPELpQ HYLGHQFLD OD LQREVHUYDQFLD GH ODV
QRUPDVFRQVWLWXFLRQDOHVSULQFLSLRVVHxDODGRVHQHOSXQWRDQWHULRUDORV
TXHVHDxDGHHOSULQFLSLRpWLFRPRUDOGHODVRFLHGDGSOXUDO
DPDOOXOD

SUHYLVWRHQHODUW,GHOD&3(


'HORDVHYHUDGRSRUOD-XH]DGHPDQGDGDHQVXLQIRUPHUHVXPLGRHQHO
DSDUWDGRGHODSUHVHQWHFRQWUDVWDGRFRQODVSUXHEDVDUULPDGDVD
HVWH H[SHGLHQWH GH DFFLyQ GH OLEHUWDG VH WLHQH TXH HQ WpUPLQRV
JHQHUDOHV GLFKD DXWRULGDG MXVWLILFD OD GHPRUD HQ ILMDU DXGLHQFLD GH
FHVDFLyQDODGHWHQFLyQSUHYHQWLYDHQ

 
/DH[LVWHQFLDGHFDUJDSURFHVDOWUDGXFLGDHQDXGLHQFLDVILMDGDV
SDUDODVXVWDQFLDFLyQGHOMXLFLRRUDO(VWHH[WUHPRQRIXHMXVWLILFDGRQL
GHPRVWUDGRHQVXPRPHQWRDODFFLRQDQWHHQHOSURFHVRSHQDOQLDKRUD
HQODSUHVHQWHDFFLyQGHOLEHUWDGORTXHGHMDGHGXFLUFODUDPHQWHTXHVyOR
HV XQD H[FXVD 'H RWUR ODGR DVt KXELHUD RFXUULGRWDOVLWXDFLyQH[LVWH
XQLIRUPHMXULVSUXGHQFLDFRQVWLWXFLRQDOTXHHQIRUPDUHLWHUDGD\SURIXVD
KD PDQLIHVWDGR TXH ODV GHFLVLRQHV MXGLFLDOHV YLQFXODGDV D OD OLEHUWDG
SHUVRQDO GHEHQ VHU WUDPLWDV UHVXHOWDV \ HIHFWLYL]DGDV FRQ OD PD\RU
FHOHULGDG(QUD]yQDHOORVHDGYLHUWHVREUHHVWHSXQWRODLQREVHUYDQFLD
GH ODV VLJXLHQWHV QRUPDV FRQVWLWXFLRQDOHV SULQFLSLRV HO GHUHFKR
IXQGDPHQWDO D OD OLEHUWDG SHUVRQDO FRQVDJUDGR HQ ORV DUWV , GH OD
&3(HODUWGHO3DFWR,QWHUQDFLRQDOGH'HUHFKRV&LYLOHV\3ROLWLFRV
\HODUWGHOD&RQYHQFLRQ$PHULFDQDVREUH'HUHFKRV+XPDQRVOD
GLJQLGDGGHODSHUVRQDHOSULQFLSLRpWLFRPRUDOGHODVRFLHGDGSOXUDO

DPDTKLOOD
SUHYLVWRHQHODUW,GHOD&3(\ORVSULQFLSLRVSURFHVDOHV
GHFHOHULGDG\UHVSHWRDORVGHUHFKRVFRQVDJUDGRVHQHODUW,\,
GHOD&3(

 
4XH ODV VXVSHQVLRQHV IXHURQ DWULEXLEOHV DO DKRUD DFFLRQDQWH
FRQVWLWX\HQGRXQDEXUODDODDGPLQLVWUDFLyQGHMXVWLFLD(VWDVLWXDFLyQ
FDUHFHGHYHUDFLGDGFRQIRUPHVHHYLGHQFLyGHODVSUXHEDVDUULPDGDVD
W


dW^:d


HVWH H[SHGLHQWH &RQFOXVLyQ ,,  TXH GHPXHVWUDQ TXH OD SULPHUD
VXVSHQVLyQIXHGHELGRDTXHODMXH]DGHPDQGDGDRPLWLHQGRVXGHEHU
QRFRQWUROyTXHODRUGHQGHVDOLGDGLULJLGDDO&HQWUR3HQLWHQFLDULRSDUD
HVD IHFKD IXHUD GLOLJHQFLDGD RSRUWXQDPHQWH GHELGR D TXH UHFLpQ VH
QRWLILFy D GLFKR SHQDO HO  GH GLFLHPEUH GH  HV GHFLU XQ GtD
GHVSXpVGHOGtDSURJUDPDGRSDUDODUHDOL]DFLyQGHODDXGLHQFLDH[WUHPR
TXHWDPELpQHYLGHQFLDODLQREVHUYDQFLDGHODVQRUPDVFRQVWLWXFLRQDOHV
SULQFLSLRVVHxDODGRVHQHOSXQWRDQWHULRUDORVTXHVHDxDGHHOSULQFLSLR
pWLFRPRUDOGHODVRFLHGDGSOXUDO
DPDOOXOD
SUHYLVWRHQHODUW,GHOD
&3(

6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH OD DFFLyQ GH OLEHUWDG SRU GHPRUD LQMXVWLILFDGD HQ OD
FRQVLGHUDFLyQGHODVROLFLWXGGHFHVDFLyQGHODGHWHQFLyQSUHYHQWLYDOD
DXWRULGDGMXGLFLDOVXVSHQGLyHQUHLWHUDGDVRSRUWXQLGDGHVODVROLFLWXG\
FRQGLFLRQyVXFRQVLGHUDFLyQDODFHOHEUDFLyQSUHYLDGHMXLFLRRUDO

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/D 6&3  FRQ UHODFLyQ D ORV SULQFLSLRV pWLFRPRUDOHV
FRQVWLWXFLRQDOL]DGRVWLHQHFRPRDQWHFHGHQWHDOD6&3HQOD
TXH VH HVWDEOHFLy TXHORVPLVPRV
FRQVWLWX\HQ GLUHFWULFHV GH REOLJDGD
REVHUYDQFLDSRUORVVHUYLGRUHVGHMXVWLFLDFXDQGRUHVXHOYDQGHUHFKRV\
JDUDQWtDVFRQVWLWXFLRQDOHVHVWiQHQHOGHEHULPSHUDWLYRGHLPSXOVDUVHU
GLUHFWRU \ SURPRWRU GHO SURFHVR YHODQGR VX GHVDUUROOR VLHQGR
UHVSRQVDEOHV GH FXDOTXLHU GHPRUD SRU VX LQDFWLYLGDG LPSXOVDQGR OD
QXHYDMXVWLFLDHQHOQXHYR(VWDGR3OXULQDFLRQDO


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

(VWD6HQWHQFLDHQVX)-,,,HVWDEOHFLy
 ODVQRUPDVFRQVWLWXFLRQDOHVSULQFLSLRV
HVWDEOHFLGDVHQHOWH[WRFRQVWLWXFLRQDOWLHQHQYDOLGH]QRUPDWLYDSUHODFLyQMHUiUTXLFD\
VRQREOLJDWRULDVUHVSHFWRDODVQRUPDVFRQVWLWXFLRQDOHVUHJODV \FRQPD\RUUD]yQFRQ
UHODFLyQ D ODV QRUPDV OHJDOHVUHJODV FRQWHQLGDV HQ ODV OH\HV HQ VHQWLGR JHQHUDO
VXVWDQWLYDV R SURFHVDOHV  SRU HO VyOR KHFKR GH HVWDU LQVFULWDV HQ OD &RQVWLWXFLyQ XQD
&RQVWLWXFLyQLGHDGDGHQWURGHOPRGHORGH(VWDGR&RQVWLWXFLRQDOFRQWRGRORTXHHOOR
LPSOLFD
 
(VWRVPDQGDWRVMXUtGLFRVVRQSDUDWRGRHOSRGHUS~EOLFR\SDUDODFRQYLYHQFLDVRFLDOGH
ORVFLXGDGDQRV$ORVOHJLVODGRUHV GHOQLYHOFHQWUDO$VDPEOHD/HJLVODWLYD3OXULQDFLRQDO
ODV HQWLGDGHV WHUULWRULDOHV DXWyQRPDV  \ D ODV QDFLRQHV \ SXHEORV LQGtJHQD RULJLQDULR
FDPSHVLQRV  DO PRPHQWR GH UHDOL]DU GHVDUUROOR OHJLVODWLYR R HQ OD LQWHUSUHWDFLyQ \
DSOLFDFLyQ GHO 'HUHFKR ,QGtJHQD
HQ VHQWLGR GH TXH HQ HO SURFHVR GH FUHDFLyQ GH ODV
QRUPDVQRLJQRUHORVSULQFLSLRVWRGDYH]TXHDOVHUHVWRVODEDVHHQODTXHVHLQVSLUDHO
PRGHORGHVRFLHGDGTXHOD&RQVWLWXFLyQSURSXJQDGHEHH[LVWLUFRKHUHQFLD\DUPRQtD
HQWUHODOH\DFUHDUVH \ORVSULQFLSLRVGHOD&RQVWLWXFLyQ
$OUJDQR(MHFXWLYRHQHO
HMHUFLFLR GH VX SRWHVWDG UHJODPHQWDULD HPLVLyQ GH GHFUHWRV VXSUHPRV UHVROXFLRQHV
VXSUHPDV HWF  D ODV DXWRULGDGHV MXGLFLDOHV R DGPLQLVWUDWLYDV HQ OD LQWHUSUHWDFLyQ \

W


dW^:d
DSOLFDFLyQ GH OD &RQVWLWXFLyQ \ OD /H\ \ SULQFLSDOPHQWH DO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDOFRPRGHIHQVRU\JDUDQWHGHOD&RQVWLWXFLyQD[LROyJLFD\QRUPDWLYDHQVX
ODERUGHFLVRULDFRWLGLDQD

(QODODERUKHUPHQpXWLFDGHORVMXHFHVTXHELHQSXHGHDSOLFDUVHHQWRGRVORVSRGHUHV
S~EOLFRV HO 3URIHVRU :LOOPDQ 'XUiQ 5LEHUD FLWDQGR ODV 66&& 5 \
5 SURSRQH XQ FRQWURO GH FRQVWLWXFLRQDOLGDG HQ VXV iPELWRV GH FRQWURO
QRUPDWLYRFRPSHWHQFLDO\GHSURWHFFLyQGHGHUHFKRVIXQGDPHQWDOHV TXHHPSLHFHFRQ
ODFRQWUDVWDFLyQGHORVSULQFLSLRVUHVSHFWRGHODVUHJODV6HxDODTXH
DODKRUDGHKDFHU
HOFRQWUROGHFRQVWLWXFLRQDOLGDGQRVyORVHGHEHFRQWUDVWDUODQRUPDLPSXJQDGDFRQHO
WH[WRGHODVQRUPDVFRQVWLWXFLRQDOHVVXSXHVWDPHQWHLQIULQJLGDVVLQRTXHWDOMXLFLRGH
FRQVWLWXFLRQDOLGDGGHEHGHH[WHQGHUVHDORVSULQFLSLRV\SRUTXpQRHPSH]DUHOFRQWUDVWH
FRQHOORV
(QHOFRQVWLWXFLRQDOLVPRSOXULQDFLRQDOHLQWHUFXOWXUDOEDMRODLGHDGH
(VWDGR
FRQVWLWXFLRQDO GH 'HUHFKR SOXULQDFLRQDO H LQWHUFXOWXUDO WUDVSDVDGR SRU OD 8QLGDG GH
(VWDGR
HVHSDUDGLJPDGHEHVHUDFRJLGR

)LQDOPHQWH ODV QRUPDV FRQVWLWXFLRQDOHVSULQFLSLRV WLHQHQ XQ HIHFWR GH LUUDGLDFLyQ \
WUDQVYHUVDOLGDG HQ HO UHVWR GH ODV QRUPDV FRQVWLWXFLRQDOHV \ WRGR HO RUGHQDPLHQWR
MXUtGLFR (Q HIHFWR OD EDVH SULQFLSLVWD IXQGDPHQWDOPHQWH FRQWHQLGD HQ OD SDUWH
GRJPiWLFDGHOD&RQVWLWXFLyQ SULQFLSLRVYDORUHVGHUHFKRV\JDUDQWtDV JXtDQODDFFLyQ
GHORVyUJDQRVGHOSRGHUS~EOLFR\GHODSURSLDFRQYLYHQFLDVRFLDORORTXHHVORPLVPR
OD RUJDQL]DFLyQ GHO SRGHU SDUWH RUJiQLFD  TXH GHEH GHVDUUROODUVH VREUH OD EDVH GH OD
SDUWHGRJPiWLFD

)- ,,,
/RV SULQFLSLRV pWLFRPRUDOHV DQWHV GH VHU LQFRUSRUDGRV D OD &RQVWLWXFLyQ
WHQtDQ YDORU ~QLFDPHQWH SDUD HO 'HUHFKR ,QGtJHQD HV GHFLU HUDQ HVWLPDGRV FRPR
YDOLRVRV SRU OD FXOWXUD \ HO 'HUHFKR GH ODV QDFLRQHV \ SXHEORV LQGtJHQD RULJLQDULR
FDPSHVLQRV 'HVSXpV GH HIHFWXDGD VX LQFRUSRUDFLyQ HQ HO WH[WR FRQVWLWXFLRQDO WLHQHQ
YDORUGHGHUHFKRHVGHFLUVHFRQYLHUWHQHQQRUPDV\SRUWDQWRFRPSDUWHQODHILFDFLD
MXUtGLFDGHODSURSLD&RQVWLWXFLyQHVGHFLUWLHQHQFDUiFWHUQRUPDWLYRORTXHLPSOLFD
TXHQRVRQPHUDVGHFODUDFLRQHVUHWyULFDVSRUORPLVPRLPSRQHQDWRGRVHVWRHVDO
SRGHUS~EOLFR\ORVSDUWLFXODUHVHQODFRQYLYHQFLDVRFLDOFRQPD\RUUD]yQDWRGRVORV
MXHFHVGHODSOXUDOLGDGGHMXULVGLFFLRQHVODREOLJDFLyQGHREVHUYDUORVGHVDUUROODUORV\
DSOLFDUORVHQVXODERUGHFLVRULDFRWLGLDQD





3ULQFLSLRGHMHUDUTXtDQRUPDWLYD(VLQFRQVWLWXFLRQDOHO
DUWGHO5HJODPHQWRGH,QVHUFLyQGH%HQHILFLDULRVGHOD&DMD1DFLRQDO
GH6DOXGSRUVHUFRQWUDULRDOSULQFLSLRGHMHUDUTXtDQRUPDWLYD
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO


W


dW^:d


6&3   (Q UHVJXDUGR DO SULQFLSLR GH MHUDUTXtD QRUPDWLYD
FRQVDJUDGR HQ OD &RQVWLWXFLyQ XQ UHJODPHQWR QR SXHGH H[FHGHU HO
FRQWHQLGRPDWHULDOGHXQDOH\

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHLQFRQVWLWXFLRQDOLGDGDEVWUDFWDHO'HIHQVRUGHO3XHEOR
GHPDQGy OD LQFRQVWLWXFLRQDOLGDG GH ORV DUWV ORV DUWV  LQF E  GHO
&yGLJR GH 6HJXULGDG 6RFLDO &66  \  LQF E  GH VX 5HJODPHQWR
DSUREDGRSRU'HFUHWR6XSUHPR '6 GHGHVHSWLHPEUHGH
HQODIUDVH
OHJtWLPRVORVQDWXUDOHVUHFRQRFLGRV\ORVDGRSWLYRV
ORV
QXPHUDOHVLQFVH HQODIUDVH
TXHYLYDDH[SHQVDVGHODVHJXUDGR
\
I  HQ OD IUDVH
OD PDGUH YLXGD GLYRUFLDGD R VROWHUD   TXH YLYD D
H[SHQVDV GHO DVHJXUDGR
  LQF E  HQ OD IUDVH
QR VHU DERJDGR SRUTXH
FXHQWDQFRQVHJXURGHDERJDGR '61
\GHO5HJODPHQWR
GH,QVHUFLyQGH%HQHILFLDULRVDSUREDGRSRUOD&DMD1DFLRQDOGH6DOXG
&16  PHGLDQWH 5HVROXFLyQ GH 'LUHFWRULR  GH  GH DJRVWR
,,\,,,,\,,,,,,,,,\,,\,,GHOD
&RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR &3(   \   \  GH OD
&RQYHQFLyQ $PHULFDQD VREUH 'HUHFKRV +XPDQRV   \  GHO
3URWRFROR $GLFLRQDO D OD &RQYHQFLyQ $PHULFDQD VREUH 'HUHFKRV
+XPDQRVHQPDWHULDGH'HUHFKRV(FRQyPLFRV6RFLDOHV\&XOWXUDOHV 
\GHO3DFWR,QWHUQDFLRQDOGH'HUHFKRV&LYLOHV\3ROtWLFRV 3,'&3 
\GHOD&RQYHQFLyQVREUHORV'HUHFKRVGHO1LxR\GHOD
&RQYHQFLyQVREUHOD(OLPLQDFLyQGHWRGDVODVIRUPDVGH'LVFULPLQDFLyQ
FRQWUD OD 0XMHU (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO UHVROYLy OR
VLJXLHQWH   /D LPSURFHGHQFLD GH OD DFFLyQ GH LQFRQVWLWXFLRQDOLGDG
DEVWUDFWDDFWLYDGDFRQWUDHODUWEGHO&yGLJRGH6HJXULGDG6RFLDO\
HODUWEGHO5HJODPHQWRDO&yGLJRGH6HJXULGDG6RFLDODSUREDGRSRU
'HFUHWR 6XSUHPR  HQ OD IUDVH
OHJtWLPRV ORV QDWXUDOHV
UHFRQRFLGRV
SRUKDEHUVLGRGHURJDGRVGHIRUPDWiFLWDSRUORVDUWV
\GHO&yGLJRGH)DPLOLD /DLQFRQVWLWXFLRQDOLGDGGHODUWEGHO
'HFUHWR6XSUHPRTXHUHJODPHQWDHO&yGLJRGH6HJXULGDG6RFLDO
HQODIUDVH
ORVDGRSWLYRV
SRUTXHHQDSOLFDFLyQGHOWHVWGHLJXDOGDG
FUHDQXQDGLVFULPLQDFLyQHQUD]yQDODFRQGLFLyQGHKLMDRKLMRDGRSWDGR
SRU WDQWR HVWDV GLVSRVLFLRQHV DO YLVLELOL]DU GRV WLSRV R FDWHJRUtDV GH
KLMRVORVDGRSWLYRV\ORVTXHQRORVRQ\DOGDUXQWUDWRGLIHUHQFLDGR
LPSRQLHQGRUHVWULFFLRQHVRFRQGLFLRQDPLHQWRVSRUODFRQGLFLyQGHKLMRV
DGRSWDGRVFRPRVHUODSUHVHQWDFLyQGHVHQWHQFLDFRQFDOLGDGGHFRVD
MX]JDGDTXHDFUHGLWHHVWDFRQGLFLyQYXOQHUDQHOSULQFLSLRGHLJXDOGDG
JHQHUDQGRSRUFRQVLJXLHQWHVXLQFRPSDWLELOLGDGFRQORVDUWV,,,,,
,,,,\,,GHOD&3( /DLQFRQVWLWXFLRQDOLGDGGHOQXPHUDO
VLHWHGHO5HJODPHQWRGH,QVHUFLyQGH%HQHILFLDULRVGHOD&DMD1DFLRQDO
GH6DOXGSRUEULQGDUXQWUDWRGLIHUHQFLDGRHQWUHKLMRVPDWULPRQLDOHV\
H[WUDPDWULPRQLDOHVUHJXODFLyQFRQWUDULDDOSULQFLSLRGHLJXDOGDG\DTXH
W


dW^:d

QR SXHGH H[LVWLU GLVFULPLQDFLyQ IXQGDGD HQ HO YLQFXOR MXUtGLFR GH ORV
SDGUHV TXH DGHPiV JHQHUH XQD FDUJD PD\RU SDUD KLMRV

H[WUDPDWULPRQLDOHV
FRPRHVODSUHVHQWDFLyQGHGRFXPHQWRVDGLFLRQDOHV
TXHDFUHGLWHQVXVLWXDFLyQGLIHUHQFLDGHWUDWRSURKLELGDSRUHODUW,,,
GHOD&3(TXHWRUQDLQFRQVWLWXFLRQDOODGLVSRVLFLyQVRPHWLGDDFRQWURO
QRUPDWLYRGHFRQVWLWXFLRQDOLGDG /DLQFRQVWLWXFLRQDOLGDGGHOQXPHUDO
 LQF H  GHO 5HJODPHQWR GH ,QVHUFLyQ GH %HQHILFLDULRV GH OD &DMD
1DFLRQDOGH6DOXGHQODIUDVH
YLXGDGLYRUFLDGDRVROWHUD
SRUJHQHUDU
XQWUDWRGLIHUHQFLDGRHQUD]yQDVH[RDOH[LJLUDODVPXMHUHVPDGUHVGH
ORVKLMRVEHQHILFLDULRVGHOVHJXURSUHVWDGRSRUOD&DMD1DFLRQDOGH6DOXG
XQ UHTXLVLWR DGLFLRQDO DO GH ORV SDGUHV FRQVLVWHQWH HQ DFUHGLWDU VX
VLWXDFLyQ GH PXMHU YLXGD GLYRUFLDGD R VROWHUD VLQ FRQVLGHUDU TXH OD
UHDOLGDGIiFWLFDGHORVSDGUHV\PDGUHVHQUHODFLyQDOKLMRHVVLPLODUSRU
ORTXHQRSXHGHUHDOL]DUVHGLIHUHQFLDVQRUPDWLYDVGHWUDWRTXHLPSOLTXHQ
GLVFULPLQDFLRQHV HQ UD]yQ D VH[R SDUD HO DFFHVR D SUHVWDFLRQHV D OD
VHJXULGDGVRFLDO\TXHDGHPiVJHQHUHQFDUJDVDGLFLRQDOHVDODPXMHU
UHJXODFLyQTXHSRUWDQWRHVFRQWUDULDDORVDUWV,,\,GHOD&3( 
/D LQFRQVWLWXFLRQDOLGDG GHO DUW E  GHO 5HJODPHQWR GH ,QVHUFLyQ GH
%HQHILFLDULRV GH OD &DMD 1DFLRQDO GH 6DOXG SRUTXH DO UHJXODU ORV
UHTXLVLWRV GH DFFHVR GHO HVSRVR GH OD WUDEDMDGRUD DVHJXUDGD D OD
FRQGLFLyQ GH EHQHILFLDULR LQWURGXFH UHTXLVLWRV QR SUHYLVWRV SDUD OD
PXMHUEHQHILFLDULDGHOHVSRVRDVHJXUDGRFRPRHOQRWHQHUODSURIHVLyQ
GHDERJDGRORTXHLPSOLFDXQDGLVFULPLQDFLyQFRQWUDULDDODUW,,GH
OD&RQVWLWXFLyQ\ /DLQFRQVWLWXFLRQDOLGDGGHODUWGHO5HJODPHQWR
GH,QVHUFLyQGH%HQHILFLDULRVDSUREDGRSRUOD&DMD1DFLRQDOGH6DOXG
\D TXH OD H[LJHQFLD GH
DEVROXWD GHSHQGHQFLD
 SDUD HO DFFHVR D ODV
SUHVWDFLRQHVGHVHJXULGDGVRFLDOH[FHGHHOFRQWHQLGRPDWHULDOGHODUW
FGHO&yGLJRGH6HJXULGDG6RFLDODVSHFWRFRQWUDULRDOSULQFLSLRGH
MHUDUTXtDQRUPDWLYDFRQVDJUDGRHQHODUW,,GHOD&RQVWLWXFLyQ

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,, )LQDOPHQWH FRUUHVSRQGH DQDOL]DU ORV DUJXPHQWRV SUHVHQWDGRV FRQWUD ODV
QRUPDVGHODUWGHO5HJODPHQWRGH,QVHUFLyQGH%HQHILFLDULRVGHOD&16TXHGLVSRQHQ
ORVLJXLHQWH


'HORVGHUHFKRVGHORVSDGUHV
&RQIRUPHORHVWDEOHFLGRHQORV$UWV\GHO&yGLJRGH6HJXULGDG6RFLDO\
GHVX5HJODPHQWRSDUDODLQVHUFLyQGHSDGUHVVHGHEHQWRPDUHQFXHQWDORVVLJXLHQWHV
DVSHFWRV

(OUHFRQRFLPLHQWRGHOGHUHFKRSDUDVHUEHQHILFLDULRSDGUH\PDGUHLQYROXFUDXQDFWR
GHHQRUPHWUDVFHQGHQFLDSRUORTXHVLJQLILFDHORWRUJDPLHQWRGHSUHVWDFLRQHVPpGLFDV
TXLU~UJLFDVIDUPDFpXWLFDVHQIRUPDLOLPLWDGDHLQGHILQLGD

/DFRQGLFLyQRUHTXLVLWRPiVLPSRUWDQWHSDUDVXDGPLVLyQHVODGHSHQGHQFLDDEVROXWD\
SHUPDQHQWH GH ORV SDGUHV HQ UHODFLyQ DO KLMR DVHJXUDGR HQ ORV DVSHFWRV HFRQyPLFR
VRFLDO IDPLOLDU \ GH YLYLHQGD DVSHFWRV TXH VHUiQ HVWDEOHFLGRV D WUDYpV GH XQD
LQYHVWLJDFLyQGH7UDEDMR6RFLDO\HYDOXDGDSRUOD&RPLVLyQ1DFLRQDOGH,QVHUFLyQGH

W


dW^:d


%HQHILFLDULRV

7DPELpQGHEHQUHXQLUORVVLJXLHQWHVUHTXLVLWRVDGLFLRQDOHV

7HQHUGHSHQGHQFLDDEVROXWDGHODVHJXUDGR7LWXODU
9LYLUHQHOKRJDUGHODVHJXUDGR
9LYLUDH[SHQVDVGHODVHJXUDGR
/D YLXGH] HVWDGR GH PDGUH VROWHUD \ HO GLYRUFLR VRQ VLWXDFLRQHV TXH IDYRUHFHQ HO
GHUHFKRGHODLQVFULSFLyQGHODVPDGUHV
/DPDGUHFDVDGDSXHGHVHULQVFULWDFXDQGRVHSUHVHQWHQODVVLJXLHQWHVFRQGLFLRQHV

D 
1RWHQHULQJUHVRVHOHVSRVRQLHOODSRUFDXVDGHYHMH]HQIHUPHGDGRLQYDOLGH]

E 
&HUWLILFDGR GH QDFLPLHQWR H[SHGLGR SRU OD 2ILFLDOtD GHO 5HJLVWUR&LYLO R GH
EDXWL]RSDUDORVQDFLGRVDQWHVGH

F 
&HUWLILFDGRGHPDWULPRQLRH[WHQGLGRSRUOD2ILFLDOtDGH5HJLVWUR&LYLO

G 
&HUWLILFDGRGHGHIXQFLyQHQFDVRGHIDOOHFLPLHQWRGHOHVSRVR

H 
7HVWLPRQLRGHOD6HQWHQFLD(MHFXWRULDGDGHGLYRUFLRFXDQGRH[LVWHGLYRUFLR

I 
,QIRUPH6RFLDOHODERUDGRSRU7UDEDMR6RFLDO

J 
&HUWLILFDGRGHQRWHQHUSURSLHGDGDOJXQDUHJLVWUDGDHQ'HUHFKRV5HDOHV


/DVQRUPDVGHPDQGDGDVFRQWLHQHQSUHYLVLRQHVGHGHVDUUROORGHODVQRUPDVGHODUWF 
GHO&66UHIHULGDVDODFRQGLFLyQGHEHQHILFLDULRGHODVSUHVWDFLRQHVGHOVHJXURVRFLDOD
FRUWR SOD]R GHO KLMR R KLMD DVHJXUDGRV QRUPD TXH KDELHQGR VLGR GHPDQGDGD GH
LQFRQVWLWXFLRQDOLGDG PHGLDQWH OD 6&  GH  GH MXOLR TXHGy UHGDFWDGD GH OD
VLJXLHQWHPDQHUD


DUW  6RQEHQHILFLDULRVORVVLJXLHQWHVIDPLOLDUHVDFDUJRGHOWUDEDMDGRU



 

F  (O SDGUH \ OD PDGUH VLHPSUH TXH QR GLVSRQJDQ GH UHQWDV SHUVRQDOHV SDUD VX
VXEVLVWHQFLD

(QFRQVHFXHQFLDVHJ~QODSURSLDQRUPDGHPDQGDGDH[LVWHXQDDGVFULSFLyQGHVXWH[WR
D ORV SUHFHSWRV GHO &yGLJR GH 6HJXULGDG 6RFLDO GHVDUUROODQGR ORV PLVPRV SDUD VX
DSOLFDFLyQ

(QHVHRUGHQGHLGHDVVHWLHQHTXHODLQWHQFLyQGHORVSUHFHSWRVUHJODPHQWDULRVDTXt
DQDOL]DGRVHVHOGHGHVDUUROODUHOUHTXLVLWRLPSXHVWRSRUHO&yGLJRGH6HJXULGDG6RFLDO
SDUDTXHHOSDGUH\ODPDGUHGHODVHJXUDGRVHDQEHQHILFLDULRVVyORHQFDVRGHQRWHQHU
UHQWDVSHUVRQDOHVGHVFULELHQGRODVVLWXDFLRQHVFRQFUHWDVTXHVHGHEHQGHPRVWUDUSDUD
DFFHGHU D VHU SDGUH R PDGUH EHQHILFLDULRV VHxDODQGR TXH HO UHTXLVLWR SULQFLSDO HV OD

GHSHQGHQFLDDEVROXWD
FRQFHSWRTXHHVGLVWLQWRDOSUHYLVWRSRUHODUWLQFF GHO&66
TXHHVWLSXODFRPRFRQGLFLyQTXHHOSDGUHQRWHQJD
UHQWDVSHUVRQDOHV


$KRUD ELHQ H[LVWH GLIHUHQFLD HQWUH OD DXVHQFLD GH
UHQWDV SHUVRQDOHV
 SUHYLVWR FRPR
UHTXLVLWRSRUHO&yGLJRGH6HJXULGDG6RFLDOHOFRQFHSWRGHUHQWDVHJ~QHOGLFFLRQDULR
MXUtGLFRGHXVRSRUHVWH7ULEXQDOFRQVLVWHHQHOLQJUHVRUHJXODUTXHSURGXFHXQWUDEDMR
XQDSURSLHGDGXRWURGHUHFKRHQHVHRUGHQODQRUPDGHODUWLQFF GHO&66GLVSRQH
TXHSDUDVHUEHQHILFLDULRHOSDGUHRODPDGUHQRGHEHQWHQHULQJUHVRVUHJXODUHVLGHD

W


dW^:d
RSXHVWDDODGH
GHSHQGHQFLDDEVROXWD
ODTXHVHUHODFLRQDFRQODLQH[LVWHQFLDSOHQDGH
FRQGLFLRQHVPtQLPDVGHVREUHYLYHQFLDSRUSDUWHGHOSDGUHRODPDGUHVLQRHVDOODGRGHO
KLMR

$KRUDELHQODVLWXDFLyQGHDEVROXWDGHSHQGHQFLDH[LJLGDSRUHO5HJODPHQWRDQDOL]DGR
QLHJDODSRVLELOLGDGGHLQJUHVRVQRUHJXODUHVRHVSRUiGLFRVDORVTXHORVSDGUHVSXGLHUDQ
DFFHGHUSURGXFWRGHVXHVIXHU]RSHUVRQDO\DTXHORDEVROXWRQRDFHSWDUHODWLYL]DFLRQHV
OR TXH DOHMD D~Q PiV OD QRUPD GHPDQGDGD GH VX FRQFRUGDQFLD FRQ HO &yGLJR GH
6HJXULGDG6RFLDO\ODQRUPDTXHSUHWHQGHUHJODPHQWDU

(Q HVH RUGHQ GH LGHDV HO GHIHQVRU GHO 3XHEOR KD GHPDQGDGR OD LQFRKHUHQFLD GH ODV
QRUPDVGHODUWGHO5HJODPHQWRGH,QVHUFLyQGH%HQHILFLDULRVGHOD&16FRQODVGHO
DUW  LQFF  GHO &66 TXH UHVXOWDUtD FRQWUDULD DO SULQFLSLR GH MHUDUTXtD QRUPDWLYD
SUHYLVWRSRUODVQRUPDVGHODUW,,GHOD&3(ORTXHKDTXHGDGRGHPRVWUDGRSXHVWR
TXHORVFRQFHSWRVH[LJLGRVSDUDTXHORVSDGUHVDFFHGDQDODFXDOLGDGGHEHQHILFLDULRVGH
VXVKLMRVSRUODQRUPDUHJODPHQWDULDGHPDQGDGDVRQGLIHUHQWHVDORVGLVSXHVWRVSRUHO
&yGLJRGH6HJXULGDG6RFLDOFRPRKDVLGRH[SXHVWR

/DFRQWUDGLFFLyQHQWUHXQDQRUPDUHJODPHQWDULDFRQOD/H\TXHSUHWHQGHUHJODPHQWDU
HVXQDWtSLFDYXOQHUDFLyQDOSULQFLSLRGHMHUDUTXtDQRUPDWLYDFRQVDJUDGRSRUODVQRUPDV
GHODUW,,GHOD&3(TXHGLVSRQH


/D&RQVWLWXFLyQHVODQRUPDVXSUHPDGHORUGHQDPLHQWRMXUtGLFREROLYLDQR\ JR]DGH
SULPDFtDIUHQWHDFXDOTXLHURWUDGLVSRVLFLyQQRUPDWLYD(OEORTXHGHFRQVWLWXFLRQDOLGDG
HVWi LQWHJUDGR SRU ORV 7UDWDGRV \ &RQYHQLRV LQWHUQDFLRQDOHV HQ PDWHULD GH 'HUHFKRV
+XPDQRV\ODVQRUPDVGH'HUHFKR&RPXQLWDULRUDWLILFDGRVSRUHOSDtV/DDSOLFDFLyQ
GHODVQRUPDVMXUtGLFDVVHUHJLUiSRUODVLJXLHQWHMHUDUTXtDGHDFXHUGRDODVFRPSHWHQFLDV
GHODVHQWLGDGHVWHUULWRULDOHV


&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR

/RVWUDWDGRVLQWHUQDFLRQDOHV

/DVOH\HVQDFLRQDOHVORVHVWDWXWRVDXWRQyPLFRVODVFDUWDVRUJiQLFDV\HOUHVWR
GHOHJLVODFLyQGHSDUWDPHQWDOPXQLFLSDOHLQGtJHQD

/RV GHFUHWRV UHJODPHQWRV \ GHPiV UHVROXFLRQHV HPDQDGDV GH ORV yUJDQRV
HMHFXWLYRVFRUUHVSRQGLHQWHV


5HVSHFWRGHODQRUPDSUHFHGHQWHHVWDMXULVGLFFLyQFRQVWLWXFLRQDOHQOD6&3
GHGHMXOLRKDHVWDEOHFLGRORVLJXLHQWH


(QORTXHKDFHDOSULQFLSLRGHMHUDUTXtDQRUPDWLYDHOH[WLQWR7ULEXQDO&RQVWLWXFLRQDO
HQOD6&GHGHIHEUHURKDH[SOLFDGRVXFRQWHQLGRGHVDUUROODQGROXHJR
XQD SUHFLVD GRFWULQD GH VX DSOLFDFLyQ SDUD GLVFLSOLQDU OD SRWHVWDG UHJODPHQWDULD GHO
UJDQR(MHFXWLYRGLFWDPLQDQGRORVLJXLHQWH

CHOSULQFLSLRGHODMHUDUTXtDHOFXDOFRQVLVWHHQTXHODHVWUXFWXUDMXUtGLFDGHXQ(VWDGR
VHEDVDHQFULWHULRVGHQLYHOHVMHUiUTXLFRVTXHVHHVWDEOHFHQHQIXQFLyQGHVXVyUJDQRV
HPLVRUHVVXLPSRUWDQFLD\HOVHQWLGRIXQFLRQDOGHPDQHUDTXHXQDQRUPDVLWXDGDHQXQ
UDQJRLQIHULRUQRSXHGHRSRQHUVHDRWUDGHVXSHULRUUDQJR(VHSULQFLSLRIXQGDPHQWDO
HVWiFRQVDJUDGRSRUHODUWGHOD&RQVWLWXFLyQ

4XHHQHOPDUFRGHOUHIHULGRSULQFLSLRIXQGDPHQWDOFRQFRUGDQWHFRQORVSULQFLSLRVGH
ODVREHUDQtDSRSXODU\ODVXSUHPDFtDFRQVWLWXFLRQDOHO&RQVWLWX\HQWHKDGLVWULEXLGRODV
FRPSHWHQFLDV SDUD OD HODERUDFLyQ \ HPLVLyQ GH ODV GLVSRVLFLRQHV OHJDOHV KDELHQGR
DVLJQDGR DO UJDQR /HJLVODWLYR FRPR H[SUHVLyQ GH OD YROXQWDG SRSXODU OD SRWHVWDG
SULYDWLYD GH GLFWDU OH\HV DEURJDUODV GHURJDUODV PRGLILFDUODV H LQWHUSUHWDUODV DVt
GLVSRQHH[SUHVDPHQWHHODUWGHOD&RQVWLWXFLyQHQFDPELRDOUJDQR(MHFXWLYROH

W


dW^:d


KDDVLJQDGRODSRWHVWDGGHHMHFXWDU\KDFHUFXPSOLUODVOH\HVH[SLGLHQGRORVGHFUHWRV\
yUGHQHVFRQYHQLHQWHVVLQGHILQLUSULYDWLYDPHQWHORVGHUHFKRVDOWHUDUORVGHILQLGRVSRU
/H\QLFRQWUDULDUVXVGLVSRVLFLRQHVDVtGLVSRQHHODUWGHOD/H\)XQGDPHQWDO
&RQIRUPHDORUHIHULGRVHHVWDEOHFHTXHH[LVWHXQDFODUDGLIHUHQFLDQRVyORIRUPDOVLQR
PDWHULDOHQWUHOD/H\\HO'HFUHWR6XSUHPRSXHVHQFXDQWRDOFRQWHQLGRVHUHILHUHOD
SULPHUDHVWDEOHFHHOFRQMXQWRGHQRUPDVJHQHUDOHV\REOLJDWRULDVDFX\RFXPSOLPLHQWR
XQRHVWiFRPSHOLGRSRUODIXHU]DHQFDPELRHOVHJXQGRHVWDEOHFHGLVSRVLFLRQHVOHJDOHV
HVSHFtILFDVTXHGHVDUUROODQHVGHFLUUHJODPHQWDQODVQRUPDVJHQHUDOHVSUHYLVWDVSRUOD
/H\VLQGHVFRQRFHUVXSULPLUQLPRGLILFDUORVGHUHFKRV\REOLJDFLRQHVHVWDEOHFLGRVSRU
pVWDGHRWURODGRHQFXDQWRVHUHILHUHDOOXJDUTXHRFXSDQHQODMHUDUTXtDQRUPDWLYDOD
/H\FRPRH[SUHVLyQGHODYROXQWDGSRSXODUVHHQFXHQWUDHQXQQLYHOVXSHULRUDO'HFUHWR
6XSUHPR SRU OR TXH pVWH GHEH VXERUGLQDUVH D DTXHOOD &ULWHULR UHLWHUDGR HQ OD 6&
GHGHMXOLR 

/XHJR OD 6&  GH  GH MXOLR FRPSOHPHQWy HO GHVDUUROOR GH OD VLJXLHQWH
PDQHUD

(O SULQFLSLR GH VXSUHPDFtD GH OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR VXSRQH OD
FRQFXUUHQFLD GHO SULQFLSLRGH MHUDUTXtD QRUPDWLYD SXHV OD VXSUHPDFtD FRQVWLWXFLRQDO
VXSRQH JUDGDFLyQ MHUiUTXLFD GHO RUGHQ MXUtGLFR GHULYDGR TXH VH HVFDORQD HQ SODQRV
GHVFHQGHQWHV /RV PiV DOWRV VXERUGLQDQ D ORV LQIHULRUHV \ WRGR HO FRQMXQWR VH GHEH
VXERUGLQDUDOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR &RPSOHPHQWDFLyQUHLWHUDGDHQOD6&
GHGHVHSWLHPEUHGH 

$KRUDELHQODVQRUPDVGHODUWGHOD&3(DWLHPSRGHUHFHSFLRQDUHOSULQFLSLRGH
MHUDUTXtDQRUPDWLYDORSUR\HFWDFRQFUHWL]DQGRVXiPELWRGHDSOLFDFLyQDOSUHFLVDUHO
RUGHQ GH SUHODFLyQ R VXERUGLQDFLyQ HQ HO TXH VH HQFXHQWUDQ FDGD XQD GH ODV QRUPDV
MXUtGLFDV DVt OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR HV OD SULPHUD \ PiV LPSRUWDQWH
GHELHQGR VXERUGLQDUVH D HOOD FDGD XQD GH ODV GHPiV OXHJR VH XELFDQ ORV 7UDWDGRV
,QWHUQDFLRQDOHVLQPHGLDWDPHQWHSRUGHEDMRODVOH\HVQDFLRQDOHVHVWDWXWRVDXWRQyPLFRV
FDUWDV RUJiQLFDV \ HO UHVWR GH OD OHJLVODFLyQ GHSDUWDPHQWDO PXQLFLSDO H LQGtJHQD
ILQDOPHQWH SRUGHEDMR VH HQFXHQWUDQ ORV GHFUHWRV UHJODPHQWRV \ GHPiV UHVROXFLRQHV
HPDQDGDVGHORVyUJDQRVHMHFXWLYRVGHOJRELHUQRFHQWUDO\GHODVHQWLGDGHVWHUULWRULDOHV
DXWyQRPDV
$TXtFRQYLHQHUHVDOWDUTXHODYROXQWDGGHOFRQVWLWX\HQWHDOFRQVDJUDUHOSULQFLSLRGH
MHUDUTXtDQRUPDWLYD\SUHFLVDUHORUGHQHQHOTXHFDGDQRUPDGHEHVHUDSOLFDGDHVHO
UHVSHWRDOVLVWHPDGHPRFUiWLFRSDUWLFLSDWLYRUHSUHVHQWDWLYR\FRPXQLWDULR DUWGHOD
&3(  EDMR FX\D pJLGD HO yUJDQR OHJLVODWLYR HV HO ~QLFR IDFXOWDGR SDUD HPLWLU OH\HV
QDFLRQDOHVLQWHUSUHWDUODVGHURJDUODVDEURJDUODV\PRGLILFDUODV DUWV\,GH
OD &3(  SRU OR TXH ODV OH\HV DVXPHQ VX FXDOLGDG GH SUHHPLQHQFLD SRU VREUH RWURV
LQVWUXPHQWRV QRUPDWLYRV GH VX IXHQWH HPLVRUD HO UJDQR /HJLVODWLYR FX\D
FDUDFWHUtVWLFDHVHQFLDOHVODGHUHSUHVHQWDUDODSREODFLyQ\ODVRFLHGDGDVtFRPRWRGRV
ORVLQWHUHVHVTXHHQHOODSUROLIHUDQ

(Q FRQVRQDQFLD FRQ HO VLVWHPD UHSUHVHQWDWLYR OD H[LVWHQFLD GH XQ yUJDQR OHJLVODWLYR
VXSRQHODSDUWLFLSDFLyQGHWRGRVORVFLXGDGDQRVHQODWRPDGHGHFLVLRQHV\DTXHHODUW
GHOD&3(GLVSRQHTXHHQWUHORVGHUHFKRVSROtWLFRVVHSURFODPDHOGHSDUWLFLSDFLyQ
HQHOHMHUFLFLRGHOSRGHUSROtWLFRGHIRUPDGLUHFWDRSRUPHGLRGHUHSUHVHQWDQWHV\HVWRV
~OWLPRV VH DJORPHUDQ HQ HO UJDQR /HJLVODWLYR GH HVWH VLORJLVPR HPHUJH HO
FRQYHQFLPLHQWR TXH ODV OH\HV HPLWLGDV SRU HVWH UJDQR WLHQHQ OD FXDOLGDG GH
FRUUHVSRQGHUDODYROXQWDGSRSXODU\SRUHOORWLHQHQFRPRVXVWHQWRHOHTXLOLEULRVRFLDO

'HRWURODGRORVGHFUHWRV\RWURVLQVWUXPHQWRVHPDQDGRVGHOUJDQR(MHFXWLYRFDUHFHQ
GHODFXDOLGDGHVHQFLDOGHODOH\\DTXHQRJHUPLQDQHQHOyUJDQRUHSUHVHQWDWLYRGHOD
YROXQWDGSRSXODUSRUHOORQRUHSUHVHQWDQODYROXQWDGJHQHUDOQLWLHQHQODOHJLWLPLGDG
VRFLDO TXH RWRUJDQ HO QHFHVDULR GHEDWH OHJLVODWLYR SRU HVD FDUHQFLD OD 1RUPD

W


dW^:d
LQVWLWX\HQWHGHO(VWDGR3OXULQDFLRQDOGHGLVFULPLQDFRQSUHFLVLyQORVLQVWUXPHQWRV
HPDQDGRV GHO (MHFXWLYR SRVWHUJiQGRORV D VX QDWXUDOH]D MXUtGLFD LQWUtQVHFD DVt ORV
GHFUHWRVWLHQHSRUREMHWRUHJODPHQWDUODVOH\HV\WDOFRPROD6&GHGH
IHEUHURKDVHxDODGRH[LVWHXQDFODUDGLIHUHQFLDQRVyORIRUPDOVLQRPDWHULDOHQWUHOD
/H\\HO'HFUHWR6XSUHPRSXHVHQFXDQWRDOFRQWHQLGRVHUHILHUHODSULPHUDHVWDEOHFH
HOFRQMXQWRGHQRUPDVJHQHUDOHV\REOLJDWRULDVDFX\RFXPSOLPLHQWRXQRHVWiFRPSHOLGR
SRU OD IXHU]D HQ FDPELR HO VHJXQGR HVWDEOHFH GLVSRVLFLRQHV OHJDOHV HVSHFtILFDV TXH
GHVDUUROODQ HV GHFLU UHJODPHQWDQ ODV QRUPDV JHQHUDOHV SUHYLVWDV SRU OD /H\ VLQ
GHVFRQRFHUVXSULPLUQLPRGLILFDUORVGHUHFKRV\REOLJDFLRQHVHVWDEOHFLGRVSRUpVWD

&RQIRUPHDORH[SXHVWRXQGHFUHWRWLHQHSRUREMHWRSULPDULRUHJODPHQWDUODVOH\HVPiV
QR SXHGH FUHDU GHVFRQRFHU VXSULPLU QL PRGLILFDU ORV GHUHFKRV \ REOLJDFLRQHV
HVWDEOHFLGDVHQHOODV

$TXtFRQYLHQHH[SOLFDUTXHVLELHQOD&RQVWLWXFLyQGHDWLHPSRGHSUHVHUYDUDO
GHFUHWRFRPRHOLQVWUXPHQWRMXUtGLFRHPDQDGRGHOUJDQR(MHFXWLYR\DQRH[SOLFDVXV
OtPLWHVWDO\FRPRORKDFtDOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRGHHQHODUW
QRUPDTXHGLVSRQtDGHIRUPDH[SUHVDTXHHOGHFUHWRQRGHILQtDGHUHFKRVQLSRGtDDOWHUDU
ORVGHILQLGRVSRUOH\HOORQRVXSRQHXQDQRYHGRVDFRPSUHQVLyQGHOGHFUHWRSRUQXHVWUR
VLVWHPDFRQVWLWXFLRQDOSXHVWRTXHQRVHOHKDRWRUJDGRIDFXOWDGHVH[FHSFLRQDOHVFRPR
RFXUUHHQRWURVSDtVHVHQORVTXHHOGHFUHWRGHIRUPDH[WUDRUGLQDULDDVXPHFXDOLGDGGH
OH\HQFLHUWDVFLUFXQVWDQFLDVGHELGDPHQWHWDVDGDV

&RQIRUPHDORH[SXHVWRHVWH7ULEXQDOH[WUD\HQGRODYROXQWDGFRQVWLWX\HQWHUHVSHFWR
GHO DUW GH OD &3( DUULEDDO FRQYHQFLPLHQWR GH TXH OD LQWHUSUHWDFLyQ OLWHUDO GH
GLFKDQRUPDHVHOVLJQLILFDGRGHOGHFUHWRFRQIRUPHDQXHVWUDWUDGLFLyQMXUtGLFDTXHOR
KDFRPSUHQGLGRFRPRXQLQVWUXPHQWRGHOUJDQR(MHFXWLYRVXVFULWRSRUHO3UHVLGHQWH
FRQ HO UHIUHQGR GHXQ PLQLVWURJHQHUDOPHQWH HO GHO UDPR DTXHHO GHFUHWR VH UHILHUH
UHTXLVLWR VLQ HO FXDO FDUHFH GH YDOLGH] HPLWLGR GHQWUR GHO iPELWR GH ODV IDFXOWDGHV
UHJODPHQWDULDVTXHLQFXPEHQDOUJDQR(MHFXWLYRSDUDHOFXPSOLPLHQWRGHODVOH\HV\
VLQ TXH HQ PRGR DOJXQR SXHGDQ PRGLILFDU HO FRQWHQLGR GH pVWDV VRQ HO PHGLR GH
GHVDUUROODUODIXQFLyQDGPLQLVWUDWLYDTXHOHFRPSHWH
 ODVQHJULOODVVRQQXHVWUDV 

/D MXULVSUXGHQFLD JORVDGD HV GHWHUPLQDQWH SDUD H[SRQHU TXH HO iPELWR PDWHULDO GH
DFFLyQ R FRPSHWHQFLDO GH ORV UHJODPHQWRV VH OLPLWD DO GHVDUUROOR GH ORV PDQGDWRV
OHJDOHVQRSXGLHQGRPRGLILFDUVXFRQWHQLGRUD]yQSRUODTXHODQRUPDDKRUDGHPDQGDGD
GH LQFRQVWLWXFLRQDO DO PRGLILFDU HO FRQWHQLGR GHO DUW  LQFE  GHO &66 UHVXOWD
LQFRQVWLWXFLRQDOSRUWUDQVJUHVLyQGHOSULQFLSLRGHMHUDUTXtDQRUPDWLYDSUHYLVWRSRUHODUW
,,GHOD&3(


6LQWHVLVGHODUDWLRGHFLGHQGL

(V LQFRQVWLWXFLRQDO HO DUW  GHO 5HJODPHQWR GH ,QVHUFLyQ GH
%HQHILFLDULRV DSUREDGR SRU OD &DMD 1DFLRQDO GH 6DOXG \D TXH OD
H[LJHQFLDGH
DEVROXWDGHSHQGHQFLD
SDUDHODFFHVRDODVSUHVWDFLRQHVGH
VHJXULGDGVRFLDOH[FHGHHOFRQWHQLGRPDWHULDOGHODUWFGHO&yGLJR
GH 6HJXULGDG 6RFLDO DVSHFWR FRQWUDULR DO SULQFLSLR GH MHUDUTXtD
QRUPDWLYDFRQVDJUDGRHQHODUW,,GHOD&RQVWLWXFLyQ

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

(OSUHFHGHQWHFRQWHQLGRHQOD6&3HVWDEOHFH


W


dW^:d


)-,,,)LQDOPHQWHFRUUHVSRQGHDQDOL]DUORVDUJXPHQWRVSUHVHQWDGRVFRQWUD
ODVQRUPDVGHODUWGHO5HJODPHQWRGH,QVHUFLyQGH%HQHILFLDULRVGHOD&16
TXHGLVSRQHQORVLJXLHQWH


'HORVGHUHFKRVGHORVSDGUHV
&RQIRUPHORHVWDEOHFLGRHQORV$UWV\GHO&yGLJRGH6HJXULGDG6RFLDO
\GHVX5HJODPHQWRSDUDODLQVHUFLyQGHSDGUHVVHGHEHQWRPDUHQFXHQWD
ORVVLJXLHQWHVDVSHFWRV

(OUHFRQRFLPLHQWRGHOGHUHFKRSDUDVHUEHQHILFLDULRSDGUH\PDGUHLQYROXFUD
XQ DFWR GH HQRUPH WUDVFHQGHQFLD SRU OR TXH VLJQLILFD HO RWRUJDPLHQWR GH
SUHVWDFLRQHV PpGLFDV TXLU~UJLFDV IDUPDFpXWLFDV HQ IRUPD LOLPLWDGD H
LQGHILQLGD

/DFRQGLFLyQRUHTXLVLWRPiVLPSRUWDQWHSDUDVXDGPLVLyQHVODGHSHQGHQFLD
DEVROXWD \ SHUPDQHQWH GH ORV SDGUHV HQ UHODFLyQ DO KLMR DVHJXUDGR HQ ORV
DVSHFWRV HFRQyPLFR VRFLDO IDPLOLDU \ GH YLYLHQGD DVSHFWRV TXH VHUiQ
HVWDEOHFLGRVDWUDYpVGHXQDLQYHVWLJDFLyQGH7UDEDMR6RFLDO\HYDOXDGDSRUOD
&RPLVLyQ1DFLRQDOGH,QVHUFLyQGH%HQHILFLDULRV

7DPELpQGHEHQUHXQLUORVVLJXLHQWHVUHTXLVLWRVDGLFLRQDOHV

7HQHUGHSHQGHQFLDDEVROXWDGHODVHJXUDGR7LWXODU
9LYLUHQHOKRJDUGHODVHJXUDGR
9LYLUDH[SHQVDVGHODVHJXUDGR
/DYLXGH]HVWDGRGHPDGUHVROWHUD\HOGLYRUFLRVRQVLWXDFLRQHVTXHIDYRUHFHQ
HOGHUHFKRGHODLQVFULSFLyQGHODVPDGUHV
/D PDGUH FDVDGD SXHGH VHU LQVFULWD FXDQGR VH SUHVHQWHQ ODV VLJXLHQWHV
FRQGLFLRQHV

D 
1RWHQHULQJUHVRVHOHVSRVRQLHOODSRUFDXVDGHYHMH]HQIHUPHGDGR
LQYDOLGH]

E 
&HUWLILFDGRGHQDFLPLHQWRH[SHGLGRSRUOD2ILFLDOtDGHO5HJLVWUR&LYLO
RGHEDXWL]RSDUDORVQDFLGRVDQWHVGH

F 
&HUWLILFDGRGHPDWULPRQLRH[WHQGLGRSRUOD2ILFLDOtDGH5HJLVWUR&LYLO

G 
&HUWLILFDGRGHGHIXQFLyQHQFDVRGHIDOOHFLPLHQWRGHOHVSRVR

H 
7HVWLPRQLR GH OD 6HQWHQFLD (MHFXWRULDGD GH GLYRUFLR FXDQGR H[LVWH
GLYRUFLR

I 
,QIRUPH6RFLDOHODERUDGRSRU7UDEDMR6RFLDO

J 
&HUWLILFDGR GH QR WHQHU SURSLHGDG DOJXQD UHJLVWUDGD HQ 'HUHFKRV
5HDOHV


/DVQRUPDVGHPDQGDGDVFRQWLHQHQSUHYLVLRQHVGHGHVDUUROORGHODVQRUPDVGHO
DUWF GHO&66UHIHULGDVDODFRQGLFLyQGHEHQHILFLDULRGHODVSUHVWDFLRQHV

W


dW^:d
GHOVHJXURVRFLDODFRUWRSOD]RGHOKLMRRKLMDDVHJXUDGRVQRUPDTXHKDELHQGR
VLGRGHPDQGDGDGHLQFRQVWLWXFLRQDOLGDGPHGLDQWHOD6&GHGHMXOLR
TXHGyUHGDFWDGDGHODVLJXLHQWHPDQHUD


DUW  6RQEHQHILFLDULRVORVVLJXLHQWHVIDPLOLDUHVDFDUJRGHOWUDEDMDGRU



 

F (OSDGUH\ODPDGUHVLHPSUHTXHQRGLVSRQJDQGHUHQWDVSHUVRQDOHVSDUDVX
VXEVLVWHQFLD

(QFRQVHFXHQFLDVHJ~QODSURSLDQRUPDGHPDQGDGDH[LVWHXQDDGVFULSFLyQGH
VX WH[WR D ORV SUHFHSWRV GHO &yGLJR GH 6HJXULGDG 6RFLDO GHVDUUROODQGR ORV
PLVPRVSDUDVXDSOLFDFLyQ

(QHVHRUGHQGHLGHDVVHWLHQHTXHODLQWHQFLyQGHORVSUHFHSWRVUHJODPHQWDULRV
DTXt DQDOL]DGRV HV HO GH GHVDUUROODU HO UHTXLVLWR LPSXHVWR SRU HO &yGLJR GH
6HJXULGDG6RFLDOSDUDTXHHOSDGUH\ODPDGUHGHODVHJXUDGRVHDQEHQHILFLDULRV
VyOR HQ FDVR GH QR WHQHU UHQWDV SHUVRQDOHV GHVFULELHQGR ODV VLWXDFLRQHV
FRQFUHWDV TXH VH GHEHQ GHPRVWUDU SDUD DFFHGHU D VHU SDGUH R PDGUH
EHQHILFLDULRVVHxDODQGRTXHHOUHTXLVLWRSULQFLSDOHVOD
GHSHQGHQFLDDEVROXWD

FRQFHSWRTXHHVGLVWLQWRDOSUHYLVWRSRUHODUWLQFF GHO&66TXHHVWLSXOD
FRPRFRQGLFLyQTXHHOSDGUHQRWHQJD
UHQWDVSHUVRQDOHV


$KRUDELHQH[LVWHGLIHUHQFLDHQWUHODDXVHQFLDGH
UHQWDVSHUVRQDOHV
SUHYLVWR
FRPRUHTXLVLWRSRUHO&yGLJRGH6HJXULGDG6RFLDOHOFRQFHSWRGHUHQWDVHJ~Q
HOGLFFLRQDULRMXUtGLFRGHXVRSRUHVWH7ULEXQDOFRQVLVWHHQHOLQJUHVRUHJXODU
TXHSURGXFHXQWUDEDMRXQDSURSLHGDGXRWURGHUHFKRHQHVHRUGHQODQRUPD
GHODUWLQFF GHO&66GLVSRQHTXHSDUDVHUEHQHILFLDULRHOSDGUHRODPDGUH
QRGHEHQWHQHULQJUHVRVUHJXODUHVLGHDRSXHVWDDODGH
GHSHQGHQFLDDEVROXWD

OD TXH VH UHODFLRQD FRQ OD LQH[LVWHQFLD SOHQD GH FRQGLFLRQHV PtQLPDV GH
VREUHYLYHQFLDSRUSDUWHGHOSDGUHRODPDGUHVLQRHVDOODGRGHOKLMR

$KRUD ELHQ OD VLWXDFLyQ GH DEVROXWD GHSHQGHQFLD H[LJLGD SRU HO 5HJODPHQWR
DQDOL]DGRQLHJDODSRVLELOLGDGGHLQJUHVRVQRUHJXODUHVRHVSRUiGLFRVDORVTXH
ORV SDGUHV SXGLHUDQ DFFHGHU SURGXFWR GH VX HVIXHU]R SHUVRQDO \D TXH OR
DEVROXWRQRDFHSWDUHODWLYL]DFLRQHVORTXHDOHMDD~QPiVODQRUPDGHPDQGDGD
GHVXFRQFRUGDQFLDFRQHO&yGLJRGH6HJXULGDG6RFLDO\ODQRUPDTXHSUHWHQGH
UHJODPHQWDU

(QHVHRUGHQGHLGHDVHOGHIHQVRUGHO3XHEORKDGHPDQGDGRODLQFRKHUHQFLDGH
ODVQRUPDVGHODUWGHO5HJODPHQWRGH,QVHUFLyQGH%HQHILFLDULRVGHOD&16
FRQ ODV GHO DUW  LQFF  GHO &66 TXH UHVXOWDUtD FRQWUDULD DO SULQFLSLR GH
MHUDUTXtDQRUPDWLYDSUHYLVWRSRUODVQRUPDVGHODUW,,GHOD&3(ORTXHKD
TXHGDGR GHPRVWUDGR SXHVWR TXH ORV FRQFHSWRV H[LJLGRV SDUD TXH ORV SDGUHV
DFFHGDQDODFXDOLGDGGHEHQHILFLDULRVGHVXVKLMRVSRUODQRUPDUHJODPHQWDULD
GHPDQGDGDVRQGLIHUHQWHVDORVGLVSXHVWRVSRUHO&yGLJRGH6HJXULGDG6RFLDO
FRPRKDVLGRH[SXHVWR

/D FRQWUDGLFFLyQ HQWUH XQD QRUPD UHJODPHQWDULD FRQ OD /H\ TXH SUHWHQGH
UHJODPHQWDU HV XQD WtSLFD YXOQHUDFLyQ DO SULQFLSLR GH MHUDUTXtD QRUPDWLYD

W


dW^:d


FRQVDJUDGRSRUODVQRUPDVGHODUW,,GHOD&3(TXHGLVSRQH


/D &RQVWLWXFLyQ HV OD QRUPD VXSUHPD GHO RUGHQDPLHQWR MXUtGLFR EROLYLDQR \
JR]DGHSULPDFtDIUHQWHDFXDOTXLHURWUDGLVSRVLFLyQQRUPDWLYD(OEORTXHGH
FRQVWLWXFLRQDOLGDGHVWiLQWHJUDGRSRUORV7UDWDGRV\&RQYHQLRVLQWHUQDFLRQDOHV
HQ PDWHULD GH 'HUHFKRV +XPDQRV \ ODV QRUPDV GH 'HUHFKR &RPXQLWDULR
UDWLILFDGRVSRUHOSDtV/DDSOLFDFLyQGHODVQRUPDVMXUtGLFDV VHUHJLUiSRUOD
VLJXLHQWHMHUDUTXtDGHDFXHUGRDODVFRPSHWHQFLDVGHODVHQWLGDGHVWHUULWRULDOHV


&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR


/RVWUDWDGRVLQWHUQDFLRQDOHV


/DVOH\HVQDFLRQDOHVORVHVWDWXWRVDXWRQyPLFRVODVFDUWDVRUJiQLFDV\
HOUHVWRGHOHJLVODFLyQGHSDUWDPHQWDOPXQLFLSDOHLQGtJHQD


/RV GHFUHWRV UHJODPHQWRV \ GHPiV UHVROXFLRQHV HPDQDGDV GH ORV
yUJDQRVHMHFXWLYRVFRUUHVSRQGLHQWHV


5HVSHFWR GH OD QRUPD SUHFHGHQWH HVWD MXULVGLFFLyQ FRQVWLWXFLRQDO HQ OD 6&3
GHGHMXOLRKDHVWDEOHFLGRORVLJXLHQWH


(Q OR TXH KDFH DO SULQFLSLR GH MHUDUTXtD QRUPDWLYD HO H[WLQWR 7ULEXQDO
&RQVWLWXFLRQDOHQOD6&GHGHIHEUHURKDH[SOLFDGRVXFRQWHQLGR
GHVDUUROODQGR OXHJR XQD SUHFLVD GRFWULQD GH VX DSOLFDFLyQ SDUD GLVFLSOLQDU OD
SRWHVWDGUHJODPHQWDULDGHOUJDQR(MHFXWLYRGLFWDPLQDQGRORVLJXLHQWH

CHOSULQFLSLRGHODMHUDUTXtDHOFXDOFRQVLVWHHQTXHODHVWUXFWXUDMXUtGLFDGH
XQ (VWDGR VH EDVD HQ FULWHULRV GH QLYHOHV MHUiUTXLFRV TXH VH HVWDEOHFHQ HQ
IXQFLyQ GH VXV yUJDQRV HPLVRUHV VX LPSRUWDQFLD \ HO VHQWLGR IXQFLRQDO GH
PDQHUDTXHXQDQRUPDVLWXDGDHQXQUDQJRLQIHULRUQRSXHGHRSRQHUVHDRWUDGH
VXSHULRUUDQJR(VHSULQFLSLRIXQGDPHQWDOHVWiFRQVDJUDGRSRUHODUWGHOD
&RQVWLWXFLyQ

4XH HQ HO PDUFR GHO UHIHULGR SULQFLSLR IXQGDPHQWDO FRQFRUGDQWH FRQ ORV
SULQFLSLRV GH OD VREHUDQtD SRSXODU \ OD VXSUHPDFtD FRQVWLWXFLRQDO HO
&RQVWLWX\HQWHKDGLVWULEXLGRODVFRPSHWHQFLDVSDUDODHODERUDFLyQ\HPLVLyQGH
ODV GLVSRVLFLRQHV OHJDOHV KDELHQGR DVLJQDGR DO UJDQR /HJLVODWLYR FRPR
H[SUHVLyQ GH OD YROXQWDG SRSXODU OD SRWHVWDG SULYDWLYD GH GLFWDU OH\HV
DEURJDUODVGHURJDUODVPRGLILFDUODVHLQWHUSUHWDUODVDVtGLVSRQHH[SUHVDPHQWH
HODUWGHOD&RQVWLWXFLyQHQFDPELRDOUJDQR(MHFXWLYROHKDDVLJQDGR
OD SRWHVWDG GH HMHFXWDU \ KDFHU FXPSOLU ODV OH\HV H[SLGLHQGR ORV GHFUHWRV \
yUGHQHV FRQYHQLHQWHV VLQ GHILQLU SULYDWLYDPHQWH ORV GHUHFKRV DOWHUDU ORV
GHILQLGRVSRU/H\QLFRQWUDULDUVXVGLVSRVLFLRQHVDVtGLVSRQHHODUWGH
OD/H\)XQGDPHQWDO&RQIRUPHDORUHIHULGRVHHVWDEOHFHTXHH[LVWHXQDFODUD
GLIHUHQFLDQRVyORIRUPDOVLQRPDWHULDOHQWUHOD/H\ \HO'HFUHWR6XSUHPR
SXHV HQ FXDQWR DO FRQWHQLGR VH UHILHUH OD SULPHUD HVWDEOHFH HO FRQMXQWR GH
QRUPDVJHQHUDOHV\REOLJDWRULDVDFX\RFXPSOLPLHQWRXQRHVWiFRPSHOLGRSRU
ODIXHU]DHQFDPELRHOVHJXQGRHVWDEOHFHGLVSRVLFLRQHVOHJDOHVHVSHFtILFDVTXH
GHVDUUROODQHVGHFLUUHJODPHQWDQODVQRUPDVJHQHUDOHVSUHYLVWDVSRUOD/H\VLQ

W


dW^:d
GHVFRQRFHUVXSULPLUQLPRGLILFDUORVGHUHFKRV\REOLJDFLRQHVHVWDEOHFLGRVSRU
pVWD GH RWUR ODGR HQ FXDQWR VH UHILHUH DO OXJDU TXH RFXSDQ HQ OD MHUDUTXtD
QRUPDWLYDOD/H\FRPRH[SUHVLyQGHODYROXQWDGSRSXODUVHHQFXHQWUDHQXQ
QLYHOVXSHULRUDO'HFUHWR6XSUHPRSRUORTXHpVWHGHEHVXERUGLQDUVHDDTXHOOD
&ULWHULRUHLWHUDGRHQOD6&GHGHMXOLR 

/XHJR OD 6&  GH  GH MXOLR FRPSOHPHQWy HO GHVDUUROOR GH OD
VLJXLHQWHPDQHUD

(OSULQFLSLRGHVXSUHPDFtDGHOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRVXSRQHOD
FRQFXUUHQFLD GHO SULQFLSLR GH MHUDUTXtD QRUPDWLYD SXHV OD VXSUHPDFtD
FRQVWLWXFLRQDOVXSRQHJUDGDFLyQMHUiUTXLFDGHORUGHQMXUtGLFRGHULYDGRTXHVH
HVFDORQDHQSODQRVGHVFHQGHQWHV/RVPiVDOWRVVXERUGLQDQDORVLQIHULRUHV\
WRGR HO FRQMXQWR VH GHEH VXERUGLQDU D OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR
&RPSOHPHQWDFLyQUHLWHUDGDHQOD6&GHGHVHSWLHPEUHGH 

$KRUD ELHQ ODV QRUPDV GHO DUW  GH OD &3( D WLHPSR GH UHFHSFLRQDU HO
SULQFLSLR GH MHUDUTXtD QRUPDWLYD OR SUR\HFWD FRQFUHWL]DQGR VX iPELWR GH
DSOLFDFLyQ DO SUHFLVDU HO RUGHQ GH SUHODFLyQ R VXERUGLQDFLyQ HQ HO TXH VH
HQFXHQWUDQFDGDXQDGHODVQRUPDVMXUtGLFDVDVtOD&RQVWLWXFLyQ3ROtWLFDGHO
(VWDGRHVODSULPHUD\PiVLPSRUWDQWHGHELHQGRVXERUGLQDUVHDHOODFDGDXQD
GH ODV GHPiV OXHJR VH XELFDQ ORV 7UDWDGRV ,QWHUQDFLRQDOHV LQPHGLDWDPHQWH
SRU GHEDMR ODV OH\HV QDFLRQDOHV HVWDWXWRV DXWRQyPLFRV FDUWDV RUJiQLFDV \ HO
UHVWR GH OD OHJLVODFLyQ GHSDUWDPHQWDO PXQLFLSDO H LQGtJHQD ILQDOPHQWH SRU
GHEDMRVHHQFXHQWUDQORVGHFUHWRVUHJODPHQWRV\GHPiVUHVROXFLRQHVHPDQDGDV
GHORVyUJDQRVHMHFXWLYRVGHOJRELHUQRFHQWUDO\GHODVHQWLGDGHVWHUULWRULDOHV
DXWyQRPDV

$TXt FRQYLHQH UHVDOWDU TXH OD YROXQWDG GHO FRQVWLWX\HQWH DO FRQVDJUDU HO
SULQFLSLRGHMHUDUTXtDQRUPDWLYD\SUHFLVDUHORUGHQHQHOTXHFDGDQRUPDGHEH
VHUDSOLFDGDHVHOUHVSHWRDOVLVWHPDGHPRFUiWLFRSDUWLFLSDWLYRUHSUHVHQWDWLYR
\FRPXQLWDULR DUWGHOD&3( EDMRFX\DpJLGDHOyUJDQROHJLVODWLYRHVHO
~QLFR IDFXOWDGR SDUD HPLWLU OH\HV QDFLRQDOHV LQWHUSUHWDUODV GHURJDUODV
DEURJDUODV\PRGLILFDUODV DUWV\,GHOD&3( SRUORTXHODVOH\HV
DVXPHQVXFXDOLGDGGHSUHHPLQHQFLDSRUVREUHRWURVLQVWUXPHQWRVQRUPDWLYRV
GHVXIXHQWHHPLVRUDHOUJDQR/HJLVODWLYRFX\DFDUDFWHUtVWLFDHVHQFLDOHVOD
GHUHSUHVHQWDUDODSREODFLyQ\ODVRFLHGDGDVtFRPRWRGRVORVLQWHUHVHVTXHHQ
HOODSUROLIHUDQ

(Q FRQVRQDQFLD FRQ HO VLVWHPD UHSUHVHQWDWLYR OD H[LVWHQFLD GH XQ yUJDQR
OHJLVODWLYR VXSRQH OD SDUWLFLSDFLyQ GH WRGRV ORV FLXGDGDQRV HQ OD WRPD GH
GHFLVLRQHV\DTXHHODUWGHOD&3(GLVSRQHTXHHQWUHORVGHUHFKRVSROtWLFRV
VH SURFODPD HO GH SDUWLFLSDFLyQ HQ HO HMHUFLFLR GHO SRGHU SROtWLFR GH IRUPD
GLUHFWDRSRUPHGLRGHUHSUHVHQWDQWHV\HVWRV~OWLPRVVHDJORPHUDQHQHOUJDQR
/HJLVODWLYRGHHVWHVLORJLVPRHPHUJHHOFRQYHQFLPLHQWRTXHODVOH\HVHPLWLGDV
SRUHVWHUJDQRWLHQHQODFXDOLGDGGHFRUUHVSRQGHUDODYROXQWDGSRSXODU\SRU
HOORWLHQHQFRPRVXVWHQWRHOHTXLOLEULRVRFLDO

'HRWURODGRORVGHFUHWRV\RWURVLQVWUXPHQWRVHPDQDGRVGHOUJDQR(MHFXWLYR
FDUHFHQ GH OD FXDOLGDG HVHQFLDO GH OD OH\ \D TXH QR JHUPLQDQ HQ HO yUJDQR
UHSUHVHQWDWLYR GH OD YROXQWDG SRSXODU SRU HOOR QR UHSUHVHQWDQ OD YROXQWDG

W


dW^:d


JHQHUDO QL WLHQHQ OD OHJLWLPLGDG VRFLDO TXH RWRUJDQ HO QHFHVDULR GHEDWH
OHJLVODWLYRSRUHVDFDUHQFLDOD1RUPDLQVWLWX\HQWHGHO(VWDGR3OXULQDFLRQDOGH
 GLVFULPLQD FRQ SUHFLVLyQ ORV LQVWUXPHQWRV HPDQDGRV GHO (MHFXWLYR
SRVWHUJiQGRORVDVXQDWXUDOH]DMXUtGLFDLQWUtQVHFDDVtORVGHFUHWRVWLHQHSRU
REMHWRUHJODPHQWDUODVOH\HV\WDOFRPROD6&GHGHIHEUHURKD
VHxDODGRH[LVWHXQDFODUDGLIHUHQFLDQRVyORIRUPDOVLQRPDWHULDOHQWUHOD
/H\\HO'HFUHWR6XSUHPRSXHVHQFXDQWRDOFRQWHQLGRVHUHILHUHODSULPHUD
HVWDEOHFHHOFRQMXQWRGHQRUPDVJHQHUDOHV\REOLJDWRULDVDFX\RFXPSOLPLHQWR
XQRHVWiFRPSHOLGRSRUODIXHU]DHQFDPELRHOVHJXQGRHVWDEOHFHGLVSRVLFLRQHV
OHJDOHVHVSHFtILFDVTXHGHVDUUROODQHVGHFLUUHJODPHQWDQODVQRUPDVJHQHUDOHV
SUHYLVWDV SRU OD /H\ VLQ GHVFRQRFHU VXSULPLU QL PRGLILFDU ORV GHUHFKRV \
REOLJDFLRQHVHVWDEOHFLGRVSRUpVWD

&RQIRUPHDORH[SXHVWRXQGHFUHWRWLHQHSRUREMHWRSULPDULRUHJODPHQWDUODV
OH\HV PiV QR SXHGH FUHDUGHVFRQRFHU VXSULPLU QL PRGLILFDU ORV GHUHFKRV \
REOLJDFLRQHVHVWDEOHFLGDVHQHOODV

$TXt FRQYLHQH H[SOLFDU TXH VL ELHQ OD &RQVWLWXFLyQ GH  D WLHPSR GH
SUHVHUYDU DO GHFUHWR FRPR HO LQVWUXPHQWR MXUtGLFR HPDQDGR GHO UJDQR
(MHFXWLYR\DQRH[SOLFDVXVOtPLWHVWDO\FRPRORKDFtDOD&RQVWLWXFLyQ3ROtWLFD
GHO(VWDGRGHHQHODUWQRUPDTXHGLVSRQtDGHIRUPDH[SUHVDTXH
HO GHFUHWR QR GHILQtD GHUHFKRV QL SRGtD DOWHUDU ORV GHILQLGRV SRU OH\ HOOR QR
VXSRQH XQD QRYHGRVD FRPSUHQVLyQ GHO GHFUHWR SRU QXHVWUR VLVWHPD
FRQVWLWXFLRQDOSXHVWRTXHQRVHOHKDRWRUJDGRIDFXOWDGHVH[FHSFLRQDOHVFRPR
RFXUUH HQ RWURV SDtVHV HQ ORV TXH HO GHFUHWR GH IRUPD H[WUDRUGLQDULD DVXPH
FXDOLGDGGHOH\HQFLHUWDVFLUFXQVWDQFLDVGHELGDPHQWHWDVDGDV

&RQIRUPHDORH[SXHVWRHVWH7ULEXQDOH[WUD\HQGROD YROXQWDGFRQVWLWX\HQWH
UHVSHFWR GHO DUW  GH OD &3( DUULED DO FRQYHQFLPLHQWR GH TXH OD
LQWHUSUHWDFLyQOLWHUDOGHGLFKDQRUPDHVHOVLJQLILFDGRGHOGHFUHWRFRQIRUPHD
QXHVWUD WUDGLFLyQ MXUtGLFD TXH OR KD FRPSUHQGLGR FRPR XQ LQVWUXPHQWR GHO
UJDQR (MHFXWLYR VXVFULWR SRU HO 3UHVLGHQWH FRQ HO UHIUHQGR GH XQ PLQLVWUR
JHQHUDOPHQWHHOGHOUDPRDTXHHOGHFUHWRVHUHILHUHUHTXLVLWRVLQHOFXDOFDUHFH
GH YDOLGH] HPLWLGR GHQWUR GHO iPELWR GH ODV IDFXOWDGHV UHJODPHQWDULDV TXH
LQFXPEHQDOUJDQR(MHFXWLYRSDUDHOFXPSOLPLHQWRGHODVOH\HV\VLQTXHHQ
PRGR DOJXQR SXHGDQ PRGLILFDU HO FRQWHQLGR GH pVWDV VRQ HO PHGLR GH
GHVDUUROODU OD IXQFLyQ DGPLQLVWUDWLYD TXH OH FRPSHWH
 ODV QHJULOODV VRQ
QXHVWUDV 

/DMXULVSUXGHQFLDJORVDGDHVGHWHUPLQDQWHSDUDH[SRQHUTXHHOiPELWRPDWHULDO
GH DFFLyQ R FRPSHWHQFLDO GH ORV UHJODPHQWRV VH OLPLWD DO GHVDUUROOR GH ORV
PDQGDWRV OHJDOHV QR SXGLHQGR PRGLILFDU VX FRQWHQLGR UD]yQ SRU OD TXH OD
QRUPDDKRUDGHPDQGDGDGHLQFRQVWLWXFLRQDODOPRGLILFDUHOFRQWHQLGRGHODUW
 LQFE  GHO &66 UHVXOWD LQFRQVWLWXFLRQDO SRU WUDQVJUHVLyQ GHO SULQFLSLR GH
MHUDUTXtDQRUPDWLYDSUHYLVWRSRUHODUW,,GHOD&3(


9RWR'LVLGHQWH

9RWR'LVLGHQWH0DJLVWUDGD0LUWKD&DPDFKR

W


dW^:d

/D 0DJLVWUDGD 'LVLGHQWH HQ FXDQWR D OD GHPDQGD GH


LQFRQVWLWXFLRQDOLGDGGHOQXPHUDOLQFV(\IQXPHUDOEPXPHUDOHV
  \  GHO 5HJODPHQWR GH ,QVHUFLyQ GH %HQHILFLDULRV GH OD &DMD
1DFLRQDOGH6DOXGVHxDOD
$ODQDOL]DUODVFDUDFWHUtVWLFDVGHODVQRUPDV
LPSXJQDGDVWHQHPRVTXHODVPLVPDVGDQIRUPDDOSURFHVRGHOWUiPLWH
FX\R REMHWR HV HO GH SRGHU DFFHGHU D ORV VHUYLFLRV TXH SUHVWD OD &DMD
1DFLRQDOGH6DOXGSDUDORVIDPLOLDUHVGHODVHJXUDGRVLQORVFXDOHVVH
HVWDUtD FUHDQGR YDFtRV QRUPDWLYRV \ MXUtGLFRV TXH FRQOOHYDUtD D XQD
LQVHJXULGDG MXUtGLFD \D TXH ORV UHTXLVLWRV HQXQFLDGRV GHQWUR GH OD
QRUPDVLPSXJQDGDVIRUPDQSDUWHGHXQDFXOWXUDMXUtGLFDTXHWLHQHSRU
REMHWR\ILQDOLGDGHOHYLWDUHOFDRVGHQWURGHOVLVWHPDGHVHJXULGDGVRFLDO
UHJODQGRVREUHORVUHTXLVLWRVPtQLPRV\H[LJLEOHVSDUDTXHVHGHPXHVWUH
ODILOLDFLyQSRUSDUWHGHORVTXHSXHGHQVHUEHQHILFLDULRVGHODVHJXUDGR
SRUORTXHQRVHHVWiGHPDQGDQGRXQDQRUPDHQSDUWLFXODUVLQRTXHVH
HVWi DWDFDQGR D WRGR XQ VLVWHPD VRFLDO TXH WLHQH SRU ILQDOLGDG OD GH
SUHFDXWHODU OD VDOXG GH VXV DVHJXUDGRV \ ORV GH VXV OHJtWLPRV
EHQHILFLDULRVTXLHQHVWLHQHQTXHGHPRVWUDUHOYtQFXORGHSDUHQWHVFRTXH
WLHQHQ FRQ HO DVHJXUDGR SRU OR TXH HO HIHFWR QRFLYR DO GHFODUDU OD
LQFRQVWLWXFLRQDOLGDGGHXQDGHHVWDQRUPDVGHJHQHUDUtDHQLQVHJXULGDG
MXUtGLFD \ VH HVWDUtD FHUFHQDQGR HO FRQWHQLGR GHO SURFHGLPLHQWR GH
DILOLDFLyQSRUORTXHODVXVFULWDPDJLVWUDGDFRQVLGHUDTXHODVIRUPDVGH
DILOLDFLyQ GH XQLyQ FRQ\XJDO VH HQFXHQWUDQ UHJLVWUDGDV HQ HO &yGLJR
)DPLOLDUDVtFRPRHQODVQRUPDVGHO5HJLVWUR&LYLOPLVPDVTXHWLHQHQ
TXHSHUPDQHFHULQPXWDEOHVHQUHVJXDUGRGHODVHJXULGDGIDPLOLDU
 VLF 

$VLPLVPRUHVSHFWRDODGHQXQFLDGHLQFRQVWLWXFLRQDOLGDGGHODUWE
GHO &yGLJR GH 6HJXULGDG 6RFLDO \ GH VX 5HJODPHQWR HQ HO DUW  %
VHxDOD
'HQWUR GH HVWH SXQWR WHQHPRV TXH ORV LQFLVRV DKRUD
FXHVWLRQDGRVGHORVDUWVGHO&66\GHODUWGHVXUHJODPHQWRQR
VHHQFXHQWUDQYLJHQWHVHQPpULWRDTXHORVPLVPRVIXHURQGHURJDGRV
SRUHO&yGLJRGHIDPLOLDGHGHDJRVWRGHFX\RWH[WRHQVXDUW
 HVWDEOHFH TXH VH GHURJDQ WRGDV ODV GLVSRVLFLRQHV UHIHUHQWHV D OD
IDPLOLD DVt FRPR WRGDVODV GHPiV OH\HVHVSHFLDOHV VREUHOD PDWHULD \
WRGRV ODV TXH VHD FRQWUDULDV R LQFRPSDWLEOH FRQ HO FRQ HO SUHFLWDGR
&yGLJRGH)DPLOLDSRUORTXHHQODSUiFWLFDH[LVWHXQDIDOWDGHREMHWR
VREUH HO FXDO HMHUFHU HO FRQWURO QRUPDWLYR GHQWUR GHO SUHVHQWH FDVR
UHVSHFWR D ORV LQFLVRV SUHFLWDGRV SRU OR TXH OD DFFLyQ GH
LQFRQVWLWXFLRQDOLGDGSUHVHQWDGDUHVXOWDVHULPSURFHGHQWH
 VLF 

9RWR'LVLGHQWH0DJLVWUDGR(IUHQ&KRTXH

(VWH0DJLVWUDGRVHxDODTXHODLPSURFHGHQFLDUHVXOWDUtDUHVSHFWRGHWRGD
ODIUDVHFXHVWLRQDGDGHORVGHORVDUWVLQFE GHO&66\LQFE GHO
5HJODPHQWRGHO&yGLJRGH6HJXULGDG6RFLDODSUREDGRSRU'6

$VLPLVPR VHxDOD TXH ODV RWUDV QRUPDV GH GHVDUUROOR TXH VRQ
W


dW^:d


DGPLQLVWUDWLYDV LQWHUQDV GHELHURQ VHU REMHWR HQ VX FDVR GH DFFLRQHV
DGPLQLVWUDWLYDVKDVWDORFRQWHQFLRVRDGPLQLVWUDWLYRHLQFOXVRDFFLyQGH
DPSDUR FRQVWLWXFLRQDO VXEVLGLDULDPHQWH VL VH HQWLHQGH OHVLRQDQ
GHUHFKRVIXQGDPHQWDOHVRJDUDQWtDVFRQVWLWXFLRQDOHVHQFRQVHFXHQFLD
FRQFOX\H VHxDODQGR TXH OD 6DOD 3OHQD GHO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO GHELy GHFODUDU LPSURFHGHQWH OD DFFLyQ FRQ LJXDO
UD]RQDPLHQWR VREUH OD GHURJDWRULD WiFLWD GH ODV QRUPDV OHJDOHV \ GH
GHVDUUROOR SRU HO (MHFXWLYR LPSXJQDGDV H LPSURFHGHQWH OD DFFLyQ
SODQWHDGD FRQWUD QRUPDV TXH FRUUHVSRQGtD VHU H[DPLQDGDV HQ OD YtD
DGPLQLVWUDWLYD \ HQ FDVR PHGLDQWH OD YtD GHO DPSDUR FRQVWLWXFLRQDO
VXEVLGLDULDPHQWH



6HUYLGRUDV\6HUYLGRUHVS~EOLFRVSURYLVRULRV1RJR]DQ
GHHVWDELOLGDGODERUDO
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3/DVVHUYLGRUDV\VHUYLGRUHVMXGLFLDOHVGHVLJQDGRVGH
DFXHUGR DO DUW  GH OD /H\ GH 2UJDQL]DFLyQ -XGLFLDO DEURJDGD DO
KDEHU VLGR QRPEUDGRV GH PDQHUD GLUHFWD SRU OD 6DOD 3OHQD GH OD
HQWRQFHV&RUWH6XSUHPDGH-XVWLFLDVRQGHOLEUHGHVLJQDFLyQ\SRU
WDQWRGHOLEUHUHPRFLyQ

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOVHGHQXQFLyODYXOQHUDFLyQGH
ORVGHUHFKRVDOWUDEDMRDODGHIHQVDDODVHJXULGDGMXUtGLFDDODSHWLFLyQ
\DODJDUDQWtDGHXQGHELGRSURFHVROHJDOSRUKDEHUVLGRHODFFLRQDQWH
GHVSHGLGR SRU OD 6DOD 3OHQD GH OD &RUWH 6XSUHPD GH -XVWLFLD FRPR
FRQVHFXHQFLDGHOFLHUUHGHOD6DOD&LYLO3ULPHUDHQODFXDOGHVHPSHxy
VXV IXQFLRQHV HQ HVWH FRQWH[WR VHxDOy TXH VX GHVWLWXFLyQ HV LOHJDO
SRUTXHQRIXHDVXPLGDSRUHOQ~PHURGH0LQLVWURVTXHVHUHTXLHUHSDUD
WHQHU TXyUXP HQ 6DOD 3OHQD DVSHFWR TXH IXH UHFODPDGR D WUDYpV GH
UHFXUVR GH UHYRFDWRULD HO FXDO QR IXH UHVXHOWR KDVWD OD IHFKD GH
SUHVHQWDFLyQ GH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO (Q EDVH D HVWRV
KHFKRVSLGLyVHFRQFHGDODWXWHODVHGHMHVLQHIHFWRHOPHPRUDQGRGH
W


dW^:d

GHVWLWXFLyQ\VHRUGHQHVXLQPHGLDWDUHVWLWXFLyQPiVHOSDJRGHGDxRV\
SHUMXLFLRV (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO DSUREy OD
UHVROXFLyQ GHO 7ULEXQDO GH *DUDQWtDV FRQFHGLy OD WXWHOD HQ FXDQWR DO
GHUHFKRSHWLFLyQ\GHQHJyODWXWHODUHVSHFWRDORVGHUHFKRVDOWUDEDMRDO
GHELGRSURFHVR\DODGHIHQVDSRUODVVLJXLHQWHVUD]RQHVD 3RUTXHHO
DFFLRQDQWHHVXQVHUYLGRUMXGLFLDOGHOLEUHQRPEUDPLHQWR\SRUWDQWRGH
OLEUH UHPRFLyQ E  SRUTXH QR VH FXHVWLRQy HO LQIRUPH GH OD DXWRULGDG
GHPDQGDGD HQ DXGLHQFLD GH DPSDUR FRQVWLWXFLRQDO VHxDODQGR
WH[WXDOPHQWH OR VLJXLHQWH
FRQVHFXHQWHPHQWH HO DFFLRQDQWH DO QR
FXHVWLRQDUHOVHxDODGRLQIRUPHDQWHHO7ULEXQDOGHJDUDQWtDVDVXPLyOD
FRPSHWHQFLDGHUHIHULGDVDXWRULGDGHVFRPRYiOLGDUD]yQSRUODTXHHVWH
7ULEXQDO GHQLHJD OD WXWHOD UHVSHFWR D OD IDOWD GH FRPSHWHQFLD GH ODV
DXWRULGDGHV FRGHPDQGDGDV DO PRPHQWR GH HPLWLU ODV UHVSHFWLYDV
5HVROXFLRQHVGH6DOD3OHQDTXHGLVSXVLHURQVXGHVWLWXFLyQ
 VLF 

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,


$OUHVSHFWRVHKDGHVDUUROODGRHQHO)XQGDPHQWR-XUtGLFR,,,ODQRUPDWLYDDSOLFDEOH
DO FDVR HQ FRQVHFXHQFLD GH OD SUXHED H[LVWHQWH VH HYLGHQFLD TXH HO DFFLRQDQWH IXH
IXQFLRQDULRGHOLEUHQRPEUDPLHQWRTXHGHDFXHUGRDODUWGHOD&3(HVWHWLSRGH
IXQFLRQDULRVDKRUDVHUYLGRUHVS~EOLFRVQRIRUPDQSDUWHGHODFDUUHUDDGPLQLVWUDWLYD
YDOHGHFLUQRVHSXHGHDSOLFDUHQHVWHFDVRFRPRHUUDGDPHQWHFRPSXOVyHO7ULEXQDOGH
JDUDQWtDVOD/H\GHO3URFHGLPLHQWR$GPLQLVWUDWLYRHQHOVHQWLGRGHDJRWDUSUHYLDPHQWH
ODV YtDV SDUD UHFXUULU D OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO YDOLGDQGR HO SULQFLSLR GH
VXEVLGLDULHGDG SRU RWUR ODGR HO DUW  GH OD /2- YLJHQWH DO PRPHQWR GH OD
VXSXHVWDOHVLyQGHGHUHFKRVGHODFFLRQDQWHHVWDEOHFHTXHORVIXQFLRQDULRVGHSHQGLHQWHV
VHUiQHOHJLGRVRUHPRYLGRVVLKXELHUDFDXVDHQ6DOD3OHQDORTXHFLHUWDPHQWHRFXUULy
HQHOSUHVHQWHFDVRGRQGHHODFFLRQDQWHSRUGHFLVLyQGH6DOD3OHQDIXHUHPRYLGRGHOD
6DOD 3HQDO 6HJXQGD D OD 6DOD &LYLO OXHJR D 6DOD 3OHQD \ ILQDOPHQWH D OD 6DOD &LYLO
3ULPHUD TXH HV GRQGH IXQJtD FXDQGR OR GHVWLWX\HURQ DVLPLVPR ORV DUWV  \ 
FRUUHVSRQGLHQWHVDO5HJODPHQWRSDUDIXQFLRQDULRVGHDSR\RMXULVGLFFLRQDODSUREDGRSRU
HOSOHQDULRGHOHQWRQFHV&RQVHMRGHOD-XGLFDWXUDSRU$FXHUGRVHxDODTXHORV
IXQFLRQDULRVGHDSR\RMXULVGLFFLRQDOGHEHQVHUHYDOXDGRVSRUHOHQWRQFHV&RQVHMRGHOD
-XGLFDWXUDORTXHWDPSRFRHVHYLGHQWH\DTXHHODFFLRQDQWHQRDGMXQWyQLQJ~QWLSRGH
FHUWLILFDFLyQ R SUXHED LGyQHD TXH GHPXHVWUH VX HYDOXDFLyQ \ UHVXOWDGRV GH VX
GHVHPSHxR QR FRQVWLWX\HQGR GH QLQJXQD IRUPD GRFXPHQWDFLyQ YiOLGD ODV
FHUWLILFDFLRQHVTXHGDQDFRQRFHUVXEXHQGHVHPSHxRUHVSRQVDELOLGDG\HILFLHQFLDSRU
FXDQWRODVPLVPDVQRIXHURQDFRUGHDOPDQXDOUHVSHFWLYRHVWDEOHFLGRSRUHOSUHFHGLGR
5HJODPHQWR

3RURWURODGRHO5HJODPHQWRGH$GPLQLVWUDFLyQ\&RQWUROGH3HUVRQDOGHO3RGHU-XGLFLDO
DSUREDGR SRU $FXHUGR  HQ VX DUW  VHxDOD TXH WRGD SHUVRQD SDUD LQJUHVDU D
WUDEDMDU HQ HO 3RGHU -XGLFLDO HQ FDOLGDG GH IXQFLRQDULR GHEHUi KDEHU FXPSOLGR
VDWLVIDFWRULDPHQWH ORV SURFHVRV GH VHOHFFLyQ FRQWHPSODGRV HQ ODV GLVSRVLFLRQHV
QRUPDWLYDV FRUUHVSRQGLHQWHV OR TXH QR RFXUULy HQ HO FDVR HQ DQiOLVLV \D TXH TXHGD
GHPRVWUDGRTXHHODFFLRQDQWHLQJUHVyDODHQWRQFHV&RUWH6XSUHPDGH-XVWLFLDHQYLUWXG
D XQ OLEUH QRPEUDPLHQWR GLVSXHVWR SRU 6DOD 3OHQD OR TXH LQHOXGLEOHPHQWH KDFH
GHWHUPLQDU D HVWH 7ULEXQDO TXH SRU ODV UD]RQHV IXQGDPHQWDGDV \ OD GRFXPHQWDFLyQ
DGMXQWDGDHODFFLRQDQWHSHUWHQHFHDOWLSRGHIXQFLRQDULRGHOLEUHQRPEUDPLHQWRDKRUD
VHUYLGRUS~EOLFRTXHDOWHQHUHVDFDOLGDGWDPSRFRSXHGHDQDOL]DUVHODVFDXVDVGHUHWLUR
SRU FXDQWR SDUD HVWDEOHFHU XQ DQiOLVLV GH HVD QDWXUDOH]D WHQGUtD TXH WUDWDUVH GH XQ

W


dW^:d


VHUYLGRUS~EOLFRGHFDUUHUDORTXHQRFRUUHVSRQGHHQHOSUHVHQWHFDVRHQHVHVHQWLGRQR
VHFRQFHGHODWXWHODGHOGHUHFKRDOWUDEDMRDOD
JDUDQWtDGHXQGHELGRSURFHVROHJDO
D
ODGHIHQVDLQYRFDGRVFRPROHVLRQDGRVMXVWDPHQWHHQSUHYLVLyQGHODQRUPDWLYDSUHYLVWD
SRUHODQWHULRU3RGHU-XGLFLDOSDUDHOLQJUHVR\HYDOXDFLyQSHUPDQHQWHDIXQFLRQDULRV
GHSHQGLHQWHV GH HVH yUJDQR DVt FRPR HO $FXHUGR  GH 6DOD 3OHQD GH OD
LQVWLWXFLyQ\DUHIHULGDTXHUDWLILFyODQRUPDWLYDGHVDUUROODGDHQHO)XQGDPHQWR-XUtGLFR
,,,DOGHFODUDUTXHHOSHUVRQDOGHDSR\RMXULVGLFFLRQDO\DGPLQLVWUDWLYRQRJR]DGHOD
SURWHFFLyQ\ORVGHUHFKRVUHFRQRFLGRVHQHO5HJODPHQWRDSUREDGRSRU$FXHUGR
SRUQRKDEHUVHFXPSOLGRQLQJ~QSURFHGLPLHQWRGHVHOHFFLyQ



6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJDODDFFLyQGHDPSDURFRQVWLWXFLRQDOSRUTXHHODFFLRQDQWHHVXQ
VHUYLGRUMXGLFLDOGHOLEUHQRPEUDPLHQWR\SRUWDQWRGHOLEUHUHPRFLyQ

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/D 6&3  VLJXH OD OtQHD GH OD 6& 5 OD FXDO
HVWDEOHFLy TXH /DV VHUYLGRUDV \ VHUYLGRUHV MXGLFLDOHV GHVLJQDGRV GH
DFXHUGRDODUWGHOD/H\GH2UJDQL]DFLyQ-XGLFLDODEURJDGDDOKDEHU
VLGRQRPEUDGRVGHVLJQDGRVGHPDQHUDGLUHFWDSRUOD6DOD3OHQDGHOD
HQWRQFHV&RUWH6XSUHPDGH-XVWLFLDVRQGHOLEUHGHVLJQDFLyQ\SRUWDQWR
GHOLEUHUHPRFLyQ(VWHHQWHQGLPLHQWRIXHDVXPLGRWDPELpQSRUOD6&3
5HQWUHRWUDV'HDFXHUGRDORDQRWDGRVHHVWDEOHFHTXHOD
6&3HVODSULPHUDFRQILUPDGRUDGHOtQHD

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

6&5

3UHFHGHQWH,PSOtFLWR

)-,,,


(Q DXWRV HO DFFLRQDQWH IXH GHVLJQDGR $VHVRU GH 3UHVLGHQFLD \ $ERJDGR
$VLVWHQWHGH6DOD3OHQDGHOD&RUWH6XSUHPDGH-XVWLFLDPHGLDQWHPHPRUDQGR
FRQHOtWHPGHODSODQLOODSUHVXSXHVWDULDGHVLJQDFLyQTXHVHUHDOL]y
GHPDQHUDGLUHFWDSRUOD6DOD3OHQDGHOD&RUWH6XSUHPDGH-XVWLFLDGHDFXHUGR
DODUWGHOD/2-DEUJSRUORTXHGHVGHHOPRPHQWRGHVXGHVLJQDFLyQHQHVD
IRUPD HO DFFLRQDQWH VH FRQVWLWX\y HQ IXQFLRQDULR GH OLEUH QRPEUDPLHQWR D
HIHFWRVGHHMHUFHUIXQFLRQHVGHFRQILDQ]DGHO3UHVLGHQWHGHOD&RUWH6XSUHPDD
SHGLGR H[SUHVR GH pVWH OR TXH TXHGD FRUURERUDGR SRU HO KHFKR GH TXH HO
DFFLRQDQWH MDPiV VH VRPHWLy D QLQJ~Q SURFHVR GH VHOHFFLyQ FRQYRFDWRULD
S~EOLFD R H[DPHQ GH FRPSHWHQFLD SDUD DVXPLU ODV IXQFLRQHV GH $ERJDGR
$VLVWHQWHR$VHVRUGH3UHVLGHQFLDSRUORTXHDOKDEHUVLGRGHVLJQDGRGHPDQHUD
GLUHFWD QR LQYLVWH OD FDOLGDG GH IXQFLRQDULR GH FDUUHUD VLQR GH OLEUH
QRPEUDPLHQWRHQFRQVHFXHQFLDVLOD6DOD3OHQDOHGHVLJQyGHPDQHUDGLUHFWD
WDPELpQ SXHGH SUHVFLQGLU GH VXV VHUYLFLRV HQ OD PLVPD IRUPD SRU OR TXH OD
GHVWLWXFLyQGHODFFLRQDQWHGHVXFDUJRQRIXHLOHJDO

W


dW^:d

(Q FXDQWR DO DUJXPHQWR GHO DFFLRQDQWH GH TXH GHEHQ FRQFXUULU VLHWH YRWRV
FRQIRUPHV GH ORV 0LQLVWURV SDUD OD GHVLJQDFLyQ R GHVWLWXFLyQ GH VXV
IXQFLRQDULRV FDEH LQGLFDU TXH GLFKRV YRWRV VRQ QHFHVDULRV SDUD HPLWLU
UHVROXFLRQHV GH 6DOD 3OHQD HQ DVXQWRV UHODFLRQDGRV FRQ VXV DWULEXFLRQHV
SUHYLVWDVSRUHODUWGHOD/2-DEUJH[LJHQFLDGHYRWRVTXHQDGDWLHQHTXH
YHU FRQ GHVLJQDFLRQHV GH VX SHUVRQDO VLHQGR VXILFLHQWH SDUD HOOR OD VLPSOH
PD\RUtDFRPRRFXUULyHQHOFDVRGHDXWRVGRQGHHODFFLRQDQWHIXHGHVWLWXLGR
SRU XQD 6DOD 3OHQD FRQIRUPDGD SRU VHLV PLQLVWURV GH ORV FXDOHV FLQFR
HVWXYLHURQGHDFXHUGRHQVXGHVWLWXFLyQVHJ~QDFWDGH6DOD3OHQDGHGHPD\R
GH

3RUORSUHFHGHQWHPHQWHVHxDODGRVHFRQFOX\HTXHQRH[LVWHYXOQHUDFLyQDORV
GHUHFKRV IXQGDPHQWDOHV LQYRFDGRV SRU HO DFFLRQDQWH FRUUHVSRQGLHQGR HQ VX
PpULWRGHQHJDUODWXWHODVROLFLWDGD





(OSOLHJRGHFDUJRHMHFXWRULDGRSUHYLVWRHQOD&3(GHEH
HVWDU SODVPDGR HQ XQD GHFLVLRQ MXULVGLFFLRQDO FRQ FDOLGDG GH FRVD
MX]JDGD6X H[LVWHQFLD LPSLGH HO DFFHVR D OD IXQFLyQ S~EOLFD R VH
FRQVWLWX\H HQ XQFD FDXVDO VREUHYLQLHQWH SDUD HO HMHUFLFLR GH GLFKR
IXQFLyQ
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   $ SDUWLU GH XQD LQWHUSUHWDFLyQ VLVWHPiWLFD \
WHOHROyJLFDHOSOLHJRGHFDUJRHMHFXWRULDGRSODVPDGRHQXQDGHFLVLyQ
MXULVGLFFLRQDO SXHGH VHU LQYRFDGR DO PRPHQWR GH OD SRVWXODFLyQ \
FDOLILFDFLyQ GH PpULWRV SDUD HO DFFHVR D OD IXQFLyQ S~EOLFD \ HQ HO
HMHUFLFLR PLVPR GH GLFKD IXQFLyQ SXHV HQ HVWH ~OWLPR VXSXHVWR VH
SURGXFH XQD FDXVDO  VREUHYLQLHQWH TXH LPSLGH HO HMHUFLFLR GH OD
IXQFLyQS~EOLFDTXHWHQGUiTXHVHUGHWHUPLQDGDHQHOPDUFRGHXQ
GHELGRSURFHVRDGPLQLVWUDWLYR

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOHODFFLRQDQWHGHQXQFLyTXHODV
DXWRULGDGHV XQLYHUVLWDULDV GHPDQGDGDV OHVLRQDURQ VXV GHUHFKRV DO
W


dW^:d


DFFHVR D OD IXQFLyQ S~EOLFD DO GHELGR SURFHVR D OD SUHVXQFLyQ GH
LQRFHQFLDDODLJXDOGDG\DODPRWLYDFLyQSRUFXDQWRIXHLQKDELOLWDGR
DO FDUJR XQLYHUVLWDULR VLQ TXH H[LVWD HQ VX FRQWUD SOLHJR GH FDUJR
HMHFXWRULDGRTXHHVWDEOH]FDGHXGDDOJXQDFRQHO(VWDGRGHVFRQRFLHQGR
HODUWGHOD&3(TXHHVWDEOHFHTXHQRSXHGHQDFFHGHUDOGHVHPSHxR
GH IXQFLRQHV S~EOLFDV ODV SHUVRQDV TXH WHQJDQ SOLHJRV GH FDUJRV
HMHFXWRULDGRV DxDGH TXH HO RILFLR SRU HO TXH VH KDFH FRQRFHU ORV
UHVXOWDGRVGHODFDOLILFDFLyQUHDOL]DGD\SRUHQGHGHVXLQKDELOLWDFLyQ
FDUHFH GH IXQGDPHQWDFLyQ \ PRWLYDFLyQ  (O 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO &RQVWLWXFLRQDO HIHFWXDQGR XQD LQWHUSUHWDFLyQ GHO DUW
GHOD&3(DSUREyODUHVROXFLyQTXHGHQHJyODWXWHOD

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,(QODHVSHFLHODSDUWHDFFLRQDQWHSLGHVHEULQGHWXWHODFRQVWLWXFLRQDO
SDUD HO UHVJXDUGR GH ORV GHUHFKRV DO DFFHVR D OD IXQFLyQ S~EOLFD DO GHELGR
SURFHVR D OD SUHVXQFLyQ GH LQRFHQFLD D OD LJXDOGDG D OD PRWLYDFLyQ
UHFRQRFLGRVSRUORVDUWV\GHOD&3(DVtFRPRSRUORVDUWV\
GHO3,'&3\GHOD'8'+GHQXQFLDQGRFRPROHVLYRVDVXVGHUHFKRVODLOHJDO
GHFLVLyQ GH LQKDELOLWDFLyQ DO FDUJR GH -HIH GH 8QLGDG GH $GPLQLVWUDFLyQ
$FDGpPLFDGHOD)DFXOWDGGH&LHQFLDV(FRQyPLFDV\)LQDQFLHUDVGHOD8$-06
DVXPLGD WDQWR SRU ORV PLHPEURV GH OD &RPLVLyQ &DOLILFDGRUD FRPR SRU ORV
LQWHJUDQWHV GH OD &RPLVLyQ ,QVWLWXFLRQDO GH $SHODFLRQHV GH OD FLWDGD HQWLGDG
DFDGpPLFDTXLHQHVKXELHUDQLPSHGLGRHODFFHVRDODFLWDGDIXQFLyQS~EOLFDDO
DKRUD DFFLRQDQWH VLQ H[LVWLU FRQWUD pVWH SOLHJR GH FDUJR HMHFXWRULDGR TXH
HVWDEOH]FDGHXGDDOJXQDFRQHO(VWDGR

(Q PpULWR D HVWD GHQXQFLD \ GH OD FRPSXOVD GH DQWHFHGHQWHV VH GLVSRQH OR
VLJXLHQWH

 
(QSULQFLSLRGHEHHVWDEOHFHUVHTXHHODKRUDDFFLRQDQWHLPSXJQyODV
GHFLVLRQHV GH LQKDELOLWDFLyQ TXH FRQVWLWX\HQ OD FDXVD HV GHFLU ORV DFWRV
GHQXQFLDGRVFRPROHVLYRVHQODDFFLyQGHDPSDURFRQVWLWXFLRQDODJRWDQGRSRU
WDQWR WRGRV ORV PHFDQLVPRV LQWHUQRV SDUD HO FXHVWLRQDPLHQWR GH ORV DFWRV
GHQXQFLDGRVFRPRDWHQWDWRULRVDVXVGHUHFKRVHQHVHPDUFRFDEHSUHFLVDUTXH
HO 5HJODPHQWR GH $GPLQLVWUDFLyQ 'RFHQWH HQ EDVH DO FXDO VH LQLFLy OD
FRQYRFDWRULDDOSXHVWRSRVWXODGRSRUHODFFLRQDQWHHQVXDUWLQGLFD
/RV
SRVWXODQWHVTXHQRHVWXYLHUHQFRQIRUPHVFRQHOLQIRUPHGHOD&DOLILFDFLyQGH
0pULWRVGHQWURGHOSOD]RGHGtDVKiELOHVGHODSXEOLFDFLyQSRGUiQSUHVHQWDU
SRU HVFULWR HQ HO IRUPXODULR UHVSHFWLYR VX DSHODFLyQ DQWH HO 'HFDQR GH OD
)DFXOWDG(OUHFODPRGHOSRVWXODQWHGHEHUiHVSHFLILFDUHO ORV SXQWRVREVHUYDGR
V FRQODGHELGDIXQGDPHQWDFLyQ(O'HFDQRSDVDUiHOUHFODPRGHOSRVWXODQWH
D 9LFHUUHFWRUDGR SDUD VX UHYLVLyQ SRU SDUWH GH OD &RPLVLyQ ,QVWLWXFLRQDO GH
$SHODFLRQHV /D GHWHUPLQDFLyQ TXH HPDQH GH HVWD &RPLVLyQ TXH WLHQHQ
FDUiFWHULQDSHODEOHVHUiSXEOLFDGDHQXQSOD]RQRPD\RUDORVGRVGtDVKiELOHV
SRVWHULRUHVDOHVWDEOHFLGRSDUDODVDSHODFLRQHVSRU&DOLILFDFLyQGH0pULWRV/D
FXDOGHEHUiSURQXQFLDUVHGHQWURGHORVGRVGtDVKiELOHVGH IHQHFLGRHOSOD]R
SDUD UHDOL]DU HO UHFODPR
 3RU WDQWR HQ PpULWR D HVWD QRUPDWLYD \ D ORV
DQWHFHGHQWHV GH OD FDXVD VH FROLJH TXH HO DKRUD DFFLRQDQWH DJRWy OD YtD

W


dW^:d
DGPLQLVWUDWLYD VLHQGR SRVLEOH HO DQiOLVLV GH OD SUREOHPiWLFD D WUDYpV GH OD
SUHVHQWHDFFLyQGHDPSDURFRQVWLWXFLRQDO

 
(QODHVSHFLHHQPpULWRDODFRPSXOVDGHDQWHFHGHQWHVVHWLHQHTXHDO
DKRUDDFFLRQDQWHSRURILFLR81,9)&(<)'(&2)GHGH
IHEUHURVHOHFRPXQLFyVXLQKDELOLWDFLyQDOFDUJRSRVWXODGRGHDFXHUGRDORV
UHVXOWDGRVGHODFDOLILFDFLyQGHO6REUH
$
 IV DKRUDELHQHQYLUWXGDOD
GRFXPHQWDFLyQ FRPSOHPHQWDULD VROLFLWDGD SRU HVWH yUJDQR FRQWUDORU GH
FRQVWLWXFLRQDOLGDGVHHVWDEOHFHTXHSRU5HVROXFLyQGHGHPD\RGHHO
-XH]$GPLQLVWUDWLYR&RDFWLYR)LVFDO\7ULEXWDULRGHOGHSDUWDPHQWRGH7DULMD
HVWDEOHFH JLUDU HQ FRQWUD HO DKRUD DFFLRQDQWH ORV SOLHJRV GH FDUJR 
SRVWHULRUPHQWHSRU$XWR6XSUHPRGHGH
QRYLHPEUHGHVHGHFODUDLPSURFHGHQWHHOUHFXUVRGHFDVDFLyQSUHVHQWDGR
SRUHO*RELHUQR0XQLFLSDOGHFLVLyQTXHIXHQRWLILFDGDDODVSDUWHVSURFHVDOHV
HOGHQRYLHPEUHGHSRUORTXHDSDUWLUGHHVWDIHFKDORVSOLHJRVGH
FDUJRDQWHVPHQFLRQDGRVHQFRQWUDGHODKRUDDFFLRQDQWHDGTXLULHURQHMHFXWRULD

 
$KRUDELHQHQHO)XQGDPHQWR-XUtGLFR,,,GHODSUHVHQWH6HQWHQFLD
VH HVWDEOHFLHURQ GRV VXSXHVWRV IiFWLFRV DSOLFDEOHV D OD LQWHUSUHWDFLyQ GHO DUW
 GH OD &3( HQ HVH FRQWH[WR OD SULPHUD VXEUHJOD GLVFLSOLQDGD HQ HO
)XQGDPHQWR -XUtGLFR ,,, VH GLVSRQH OR VLJXLHQWH 6L HQ HO PRPHQWR GH
SRVWXODFLyQ\FDOLILFDFLyQGHPpULWRVSDUDHODFFHVRDXQDIXQFLyQS~EOLFDHO
DVSLUDQWHFXHQWDFRQXQSOLHJRGHFDUJRHMHFXWRULDGRGHDFXHUGRDODUW
GHOD&3(H[LVWHXQDLPSRVLELOLGDGUHJODGDSRUODSURSLD&RQVWLWXFLyQSDUDHO
DFFHVRDXQDGHWHUPLQDGD IXQFLyQS~EOLFDSRUWDQWRODLQKDELOLWDFLyQGHORV
SRVWXODQWHVHQPpULWRDHVWHVXSXHVWRIiFWLFRQRYXOQHUDHOGHUHFKRIXQGDPHQWDO
DO DFFHVR D OD IXQFLyQ S~EOLFD SRU VHU pVWD XQD SURKLELFLyQ HPHUJHQWH GH OD
IXQFLyQ FRQVWLWX\HQWH HQ HVH FRQWH[WR HQ PpULWR D OD GRFXPHQWDFLyQ
FRPSOHPHQWDULDFXUVDQWHHQDQWHFHGHQWHV\GHVFULWDVXSUDVHHVWDEOHFHTXHHQ
OD HVSHFLH HQ HO PRPHQWR GH OD QRWLILFDFLyQ FRQ OD LQKDELOLWDFLyQ GHO DKRUD
DFFLRQDQWHH[LVWtDQHQVXFRQWUDSOLHJRVGHFDUJRHMHFXWRULDGRVSHQGLHQWHVGH
FXPSOLPLHQWR VLHQGR SRU WDQWR DSOLFDEOHV ORV HOHPHQWRV GLVFLSOLQDGRV HQ HO
SULPHU VXSXHVWR IiFWLFR GHVFULWR HQ HO )XQGDPHQWR -XUtGLFR ,,, GH OD
6HQWHQFLDSRUWDQWRHQODHVSHFLHODVGHFLVLRQHVFXHVWLRQDGDVPHGLDQWHHVWH
PHFDQLVPRWXWHODUQRVRQOHVLYDVDORVGHUHFKRVIXQGDPHQWDOHVGHQXQFLDGRV
FRPRYXOQHUDGRVPi[LPHFXDQGRHOSURSLRDFFLRQDQWHSRUGRFXPHQWRSULYDGR
GHUHFRQRFLPLHQWRGHGHXGD\FRPSURPLVRGHSDJRGHGHDEULOGH
UHFRQRFH DQWH HO -XH] GH OD FDXVD OD H[LVWHQFLD GH GHXGD FRQ HO *RELHUQR
0XQLFLSDOGH7DULMDHPHUJHQWHGHSOLHJRVGHFDUJRHMHFXWRULDGRV
 
7DPSRFRODVGHFLVLRQHVDGPLQLVWUDWLYDVFXHVWLRQDGDVSRUODSUHVHQWH
DFFLyQ WXWHODU YXOQHUDQ HO GHUHFKR GH PRWLYDFLyQ FRPR HOHPHQWR GHO GHELGR
SURFHVRVLHQGRTXHpVWDVHQFXHQWUDQVXVWHQWRHQHOLQIRUPHOHJDOGH
GHGLFLHPEUHVXVFULWRSRU*LRYDQD&DPDFKR0RQ]yQ$VHVRUD/HJDOGHOD
8$-06GHFLVLRQHVGHQDWXUDOH]DDGPLQLVWUDWLYDTXHVHUHPLWHQDOFRQWHQLGR
GHOPLVPR

(Q HIHFWR PHGLDQWH HO FLWDGR LQIRUPH OHJDO WH[WXDOPHQWH VH HVWDEOHFH
HO
&HUWLILFDGR GH ,QIRUPDFLyQ VREUH 6ROYHQFLD FRQ HO )LVFR H[SHGLGR SRU OD
*HUHQFLD 'HSDUWDPHQWDO GH OD &RQWUDORUtD *HQHUDO GHO (VWDGR HQ IHFKD  GH
QRYLHPEUHGHDFUHGLWDTXHHO/LF-DLPH5HQp8UTXLROD&DUGR]RSUHVHQWD
GRFH   FDUJRV HPHUJHQWHV GH SURFHVRV FRDFWLYRV ILVFDOHV FLYLO \

W


dW^:d


DGPLQLVWUDWLYRLQWHUSXHVWRVSRUHO*RELHUQR0XQLFLSDOGH7DULMD6(7$5\OD
&*(ORVPLVPRVTXHVHHQFXHQWUDQHQGLIHUHQWHVHVWDGRV
 VLF (QEDVHDHVWRV
DQWHFHGHQWHVHOLQIRUPHFRQFOX\HHQORVLJXLHQWH
VHSXHGHHYLGHQFLDUTXHHO
/LF -DLPH 5HQp &DUGR]R QR KD FXPSOLGR FRQ HO QXPHUDO   SXQWR ,,, GH OD
&RQYRFDWRULDD&RQFXUVRGH0pULWRVSDUD-HIHV,QWHULQRVGH81$'$6SDUDOD
JHVWLyQHVWDEOHFLGDFRPRUHTXLVLWRLQGLVSHQVDEOHSDUDODSRVWXODFLyQDO
UHIHULGRFDUJR
 IV 

$KRUDELHQFRQVLGHUDQGRTXHORVDFWRVFXHVWLRQDGRVLQYRFDQHOLQIRUPHOHJDO
DQWHVFLWDGR\VHUHPLWHQHQVXFRQWHQLGRDpVWHVHFRQVLGHUDTXHGLFKRLQIRUPH
IRUPDSDUWHGHORVDFWRVDGPLQLVWUDWLYRVTXHGHFLGHQODLQKDELOLWDFLyQGHODKRUD
DFFLRQDQWH\SODVPDQSRUWDQWRODPRWLYDFLyQUHTXHULGDSDUDTXHVHWHQJDSRU
FXPSOLGRHVWHSUHVXSXHVWRTXHFRQVWLWX\HXQHOHPHQWRFRQVWLWXWLYRGHODVUHJODV
GHXQGHELGRSURFHVR


6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJDODDFFLyQGHDPSDURFRQVWLWXFLRQDOSRUFXDQWRHODFFLRQDQWHIXH
LQKDELOLWDGRSDUDHMHUFHUXQFDUJRXQLYHUVLWDULRGHELGRDTXHH[LVWtDQHQ
VXFRQWUDSOLHJRVGHFDUJRHMHFXWRULDGRVSHQGLHQWHVGHFXPSOLPLHQWRQR
H[LVWLHQGROHVLRQDOGHUHFKRGHDFFHVRDODIXQFLyQS~EOLFD

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,(OGHUHFKRDODFFHVRDODIXQFLyQS~EOLFDHVXQGHUHFKRIXQGDPHQWDO
LQVHUWRHQHOEORTXHGHFRQVWLWXFLRQDOLGDGEROLYLDQRHQHVHRUGHQ\HQHOPDUFR
GH XQD UD]RQDEOH LQWHUSUHWDFLyQ GH ORV SUHVXSXHVWRV SURSLRV GHO FRQWHQLGR
HVHQFLDOGHOGHUHFKRDODFFHVRDODIXQFLyQS~EOLFDDODOX]GHXQDLQWHUSUHWDFLyQ
VLVWpPLFD \ DUPyQLFD FRQ HO SRVWXODGR SODVPDGR HQ HO DUW  GH OD &3(
FRPRUHVXOWDGRGHXQDODERUKHUPHQpXWLFDVXVWHQWDGDHQFULWHULRVVLVWpPLFRV\
WHOHROyJLFRVGHEHQFRQVLGHUDUVHGRVDVSHFWRVHVHQFLDOHV
D 
6L HQ HO PRPHQWR GH SRVWXODFLyQ \ FDOLILFDFLyQ GH PpULWRV SDUD HO
DFFHVR D XQD IXQFLyQ S~EOLFD HO DVSLUDQWH FXHQWD FRQ XQ SOLHJR GH FDUJR
HMHFXWRULDGR GH DFXHUGR DO DUW  GH OD &3( H[LVWH XQD LPSRVLELOLGDG
UHJODGD SRU OD SURSLD /H\ )XQGDPHQWDO SDUD HO DFFHVR D XQD GHWHUPLQDGD
IXQFLyQS~EOLFDSRUWDQWRODLQKDELOLWDFLyQGHORVSRVWXODQWHVHQPpULWRDHVWH
VXSXHVWR IiFWLFR QR YXOQHUD HO GHUHFKR IXQGDPHQWDO DO DFFHVR D OD IXQFLyQ
S~EOLFDSRUVHUHVWDXQDSURKLELFLyQHPHUJHQWHGHODIXQFLyQFRQVWLWX\HQWH
E (QUHVJXDUGRGHORVGHUHFKRVDXQGHELGRSURFHVR\DODJDUDQWtDGHO(VWDGR
GH,QRFHQFLDVHWLHQHTXHVLHQHOPRPHQWRGHDFFHGHUDXQDIXQFLyQS~EOLFD
HODVSLUDQWHQRFXHQWDFRQXQSOLHJRGHFDUJRHMHFXWRULDGRQRSRGUiOLPLWDUVH
RLPSHGLUVHVXDFFHVRDODIXQFLyQS~EOLFDSRUHVWDFDXVDOHPSHURXQDYH]HQ
HMHUFLFLRGHODPLVPD\HQFDVRGHH[LVWLUSOLHJRGHFDUJRHMHFXWRULDGRFRQWUD
HVWHVHUYLGRUS~EOLFRQRWLILFDGRDHVWHHQIHFKDSRVWHULRUDODHWDSDGHDFFHVRD
ODIXQFLyQS~EOLFDVHSURGXFHXQDFDXVDOVREUHYLQLHQWHTXHLPSLGHHOHMHUFLFLR
GHGLFKDIXQFLyQSRUORTXHDWUDYpVGHOHMHUFLFLRGHODSRWHVWDGVDQFLRQDWRULD
 SRGUi HQ HO PDUFR GH XQ GHELGR SURFHVR DGPLQLVWUDWLYR GHWHUPLQDUVH OD
LPSRVLELOLGDGGHHMHUFLFLRGHXQDIXQFLyQS~EOLFDSRUODFDXVDOHVWDEOHFLGDHQ
HODUWGHOD&3(

W


dW^:d
(QPpULWRDODVGRVVXEUHJODVDQWHVVHxDODGDVHQXQDLQWHUSUHWDFLyQVLVWHPiWLFD
\WHOHROyJLFDGHORVDOFDQFHVGHODUWGHOD1RUPD6XSUHPDVHWLHQHTXH
OD SURKLELFLyQ HVWDEOHFLGD SRU HVWH SUHFHSWR FRQVWLWXFLRQDO QR HV VRODPHQWH
DSOLFDEOHDODFFHVRDODIXQFLyQS~EOLFDVLQRWDPELpQDOHMHUFLFLRGHODPLVPD
SUHYLDYHULILFDFLyQGHODH[LVWHQFLDGHSOLHJRGHFDUJRHMHFXWRULDGRPHGLDQWHXQ
GHELGR SURFHVR DGPLQLVWUDWLYR VLHPSUH \ FXDQGR HVWH SOLHJR GH FDUJR HVWH
SHQGLHQWHGHFXPSOLPLHQWR





1DWXUDOH]D
MXUtGLFD
GH
ODV
QRUPDV
FRQVWLWXFLRQDOHV'LUHFWD DSOLFDFLyQ GH OD SDUWH GRJPiWLFD GH OD
&RQVWLWXFLyQ
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3/RVGHUHFKRVDOXVRJRFH\GLVIUXWHIRUPDQSDUWH
GHO FRQWHQLGR HVHQFLDO GHO GHUHFKR GH SURSLHGDG HO FXDO  HV GH
DSOLFDFLyQ GLUHFWD SRU WDQWR OD QHJDWLYD GH GHVDSRGHUDPLHQWR
UHDOL]DGDSRUDXWRULGDGHVMXGLFLDOHVHQHMHFXFLyQGHIDOORVDIHFWDHO
SULQFLSLR GH UD]RQDELOLGDG HLPSOLFDODDIHFWDFLyQ GH OD JDUDQWtD GH
SURKLELFLyQGHOLPLWDFLyQDUELWUDULDGHOGHUHFKRGHSURSLHGDG

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOVHGHQXQFLyODYXOQHUDFLyQGH
ORV GHUHFKRV DO GHELGR SURFHVR \ D OD HILFDFLD MXUtGLFD GH ORV IDOORV
HMHFXWRULDGRVSRUTXHORVYRFDOHVGHOD6DOD&LYLO6HJXQGDGHPDQGDGRV
\HOMXH]6HJXQGRGH3DUWLGRHQOR&LYLO\&RPHUFLDOGH&KXTXLVDFDD
WUDYpV GH ODV UHVROXFLRQHV LPSXJQDGDV GHVHVWLPDURQ HO SHGLGR GH
GHVDSRGHUDPLHQWR GHO ELHQ LQPXHEOH HQ UHODFLyQ DO FXDO VH WHQtD XQD
VHQWHQFLD FRQ FDOLGDG GH FRVD MX]JDGD SRUTXH GH DFXHUGR D ODV
DXWRULGDGHVGHPDQGDGDV HO DERJDGR HQ VX PHPRULDO GH GHPDQGD QR
SLGLyVXGHVDSRGHUDPLHQWR\SRUWDQWRDXQTXHH[LVWDXQDVHQWHQFLDTXH
GHFODUHHOGHUHFKRSURSLHWDULRVREUHHOLQPXHEOHTXHHVWXYRHQOLWLJLR
QR SXHGH RUGHQDUVH VX GHVDSRGHUDPLHQWR \D TXH ODV DXWRULGDGHV
MXULVGLFFLRQDOHVQRSXHGHQIDOODUXOWUDSHWLWD(QEDVHDHVWRVKHFKRVOD
DFFLRQDQWHSLGLyVHFRQFHGDODWXWHOD\VHGHMHVLQHIHFWRODVUHVROXFLRQHV
LPSXJQDGDV SDUD TXH HO MXH] GH LQVWDQFLD GLFWH XQD QXHYD UHVROXFLyQ
W


dW^:d


RUGHQDQGRHOGHVDSRGHUDPLHQWRGHOLQPXHEOHHQOLWLJLR(O7ULEXQDOGH
*DUDQWtDVGHQHJyODWXWHOD\HO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHQ
UHYLVLyQUHYRFyGLFKDGHFLVLyQ\ODFRQFHGLyHQEDVHDORVVLJXLHQWHV
IXQGDPHQWRV /RVGHUHFKRVDOXVRJRFH\GLVIUXWHIRUPDQSDUWHGHO
FRQWHQLGRHVHQFLDOGHOGHUHFKRGHSURSLHGDGHOFXDOGHDFXHUGRDODUW
 GH OD &3( HV GH DSOLFDFLyQ GLUHFWD SRU WDQWR OD QHJDWLYD GH
GHVDSRGHUDPLHQWRUHDOL]DGDSRUODVDXWRULGDGHVGHPDQGDGDVLQFXUUHHQ
OD SURKLELFLyQ GH OLPLWDFLyQ DUELWUDULD GHO GHUHFKR D OD SURSLHGDG
DVSHFWRFRQWUDULRDOSULQFLSLRGHUD]RQDELOLGDG\DOFRQWHQLGRHVHQFLDO
GHHVWHGHUHFKR\ /DILJXUDMXUtGLFDGHOGHVDSRGHUDPLHQWRDXQTXH
QR KD\D VLGR SHGLGD H[SUHVDPHQWH HQ GHPDQGDV TXH FRQFOX\DQ FRQ
VHQWHQFLDVTXHUHFRQR]FDQXQGHUHFKRSURSLHWDULRGHXQELHQTXHHVWHHQ
SRGHUGHWHUFHURVHVXQPHFDQLVPRTXHDVHJXUDODDSOLFDFLyQGLUHFWD\
HILFD] GH HVWH GHUHFKR \ VX XWLOL]DFLyQ QR LPSOLFD DOWHUDFLyQ GH ORV
HIHFWRVGHODFRVDMX]JDGDVLQRSRUHOFRQWUDULRDVHJXUDODHIHFWLYLGDG
GH IDOORV MXGLFLDOHV \ UHVSRQGH D OD PDWHULDOL]DFLyQ GHO SULQFLSLR GH
UD]RQDELOLGDGTXHUHVJXDUGDODLJXDOGDG\ODMXVWLFLD

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,


(QHVWHHVWDGRGHFRVDV\HQHOPDUFRGHOGHVDUUROORDUJXPHQWDWLYRSUHFHGHQWHPHQWH
UHDOL]DGRHVSHUWLQHQWHVHxDODUTXHHQODHVSHFLHODSDUWHDFFLRQDQWHLQLFLyXQSURFHVR
RUGLQDULR GH PHMRU GHUHFKR SURSLHWDULR HQ PpULWR GHO FXDO SRU 5HVROXFLyQ 
SURQXQFLDGDSRUHO-XH]6HJXQGRGH3DUWLGRHQOR&LYLO\&RPHUFLDOVHGHFODUySUREDGD
ODGHPDQGDSRUORTXHHQFXDQWRDHVWHDVSHFWRVHFROLJHTXHODVHQWHQFLDHPLWLGDHVGH
QDWXUDOH]DGHFODUDWLYDGHOGHUHFKRGHSURSLHGDGGHODSDUWHDFFLRQDQWH

(Q HVH FRQWH[WR VH WLHQH TXH OD SDUWH DKRUD DFFLRQDQWH HQ PpULWR D OD VHQWHQFLD
GHFODUDWLYDGHXQGHUHFKRSURSLHWDULRDVXIDYRUHOGHVHSWLHPEUHGHVROLFLWyDO
MXH]GHLQVWDQFLDDKRUDGHPDQGDGRHOGHVDSRGHUDPLHQWRGHOELHQFX\DWLWXODULGDGIXH
GHFODUDGDDVXIDYRUDVtORHYLGHQFLDODGRFXPHQWDOFXUVDQWHGHIVDGHREUDGRV
VLQHPEDUJRSRU$XWRODDXWRULGDGGHSULPHUDLQVWDQFLDDKRUDGHPDQGDGDGHQHJyHO
GHVDSRGHUDPLHQWRVROLFLWDGRDOHJDQGRTXHHVWHDVSHFWRQRIXHRUGHQDGRQLGLVSXHVWRSRU
OD VHQWHQFLD HVWLPDWRULD GH PHMRU GHUHFKR SURSLHWDULR IV  YWD  (Q EDVH D HVWRV
DQWHFHGHQWHVVHWLHQHTXHDSHVDUGHOUHFXUVRGHDSHODFLyQLQWHUSXHVWRSRUODSDUWHDKRUD
DFFLRQDQWH ORV9RFDOHV GH OD 6DOD &LYLO 6HJXQGD SRU $XWRGH 9LVWD 6&,,
FRQILUPDQHQVXWRWDOLGDGODGHFLVLyQGHSULPHUDLQVWDQFLD IVYWD (QHVWHFRQWH[WR
\VREUHODEDVHGHHVWRVDVSHFWRVVHHVWDEOHFHORVLJXLHQWH

L 
'H DFXHUGR D OR VHxDODGR HQ HO )XQGDPHQWR -XUtGLFR ,,, GH OD SUHVHQWH
6HQWHQFLDHOGHUHFKRGHSURSLHGDGHQVXQ~FOHRGXURHVWiFRPSXHVWRSRUWUHVHOHPHQWRV
HVHQFLDOHVHOGHUHFKRGHXVRJRFH\GLVIUXWHGHUHFKRTXHDVXYH]HQFXHQWUDVXVWHQWR
D[LROyJLFRHQORVYDORUHVOLEHUWDGLJXDOGDG\MXVWLFLDSRUFXDQWRHVWRVDVSHFWRVHQHO
HMHUFLFLRGHORVUROHVMXULVGLFFLRQDOHVGHEHQVHUDVHJXUDGRVHQVXHILFDFLDPi[LPDSRU
ODVDXWRULGDGHVMXGLFLDOHVVLQHPEDUJRHQHOFDVRFRQFUHWRODVDXWRULGDGHVGHPDQGDGDV
DWUDYpVWDQWRGHO$XWRFRPRGHO$XWRGH9LVWD6&,,DOUHFKD]DUOD
VROLFLWXGGHGHVDSRGHUDPLHQWR\DOFRQILUPDUHVWDGHFLVLyQGHVFRQRFLHURQGHPDQHUD
IODJUDQWH HO SULQFLSLR GH DSOLFDFLyQ GLUHFWD \ HILFD] GHO GHUHFKR IXQGDPHQWDO GH
SURSLHGDG HYLWDQGR OD FRQVDJUDFLyQ SOHQD GHO FRQWHQLGR HVHQFLDO GHO GHUHFKR GH

W


dW^:d
SURSLHGDGHQVXVWUHVHOHPHQWRVXVRJRFH\GLVIUXWH

LL 
$VLPLVPRHQHO)XQGDPHQWR-XUtGLFR,,,VHLQGLFyTXHORVHOHPHQWRVGHO
FRQWHQLGR HVHQFLDO GHOGHUHFKR IXQGDPHQWDO GH SURSLHGDG JHQHUDQ GRV SURKLELFLRQHV
HVSHFtILFDVD /DSURKLELFLyQGHSULYDFLyQDUELWUDULDGHSURSLHGDG\E /DSURKLELFLyQ
GHOLPLWDFLyQDUELWUDULDGHSURSLHGDG(QEDVHDHVWRVDVSHFWRVHQODHVSHFLHVHWLHQH
TXH OD QHJDWLYD SRU SDUWH GH ODV DXWRULGDGHV MXULVGLFFLRQDOHV GH RUGHQDU HO
GHVDSRGHUDPLHQWRGHOELHQLQPXHEOHGHFODUDGRMXGLFLDOPHQWHGHSURSLHGDGGHODSDUWH
DFFLRQDQWHLPSOLFDXQDIODJUDQWHYXOQHUDFLyQDODVHJXQGDSURKLELFLyQUHIHULGDHVGHFLU
FRQVWLWX\H XQD OLPLWDFLyQ DUELWUDULD GH SURSLHGDG DVSHFWR DEVROXWDPHQWH FRQWUDULR DO
SULQFLSLR GH UD]RQDELOLGDG \ PDQLILHVWDPHQWH YXOQHUDWRULR DO FRQWHQLGR HVHQFLDO GHO
GHUHFKR GH SURSLHGDG \ SRU HQGH D ORV SRVWXODGRV GHO (VWDGR &RQVWLWXFLRQDO GH
'HUHFKR



6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SRUTXH ODV DXWRULGDGHV
MXULVGLFFLRQDOHVGHPDQGDGDVHQHMHFXFLyQGHIDOORVOXHJRGHFRQFOXLGR
XQSURFHVRRUGLQDULRGHPHMRUGHUHFKRSURSLHWDULR\DSHVDUGHH[LVWLU
XQD VHQWHQFLD GHFODUDWLYD GH GHUHFKR SURSLHWDULR FRQ FDOLGDG GH FRVD
MX]JDGDYXOQHUDUyQHOGHUHFKRDODSURSLHGDGVLQFRQVLGHUDUTXHHVWH
GHUHFKRGHDFXHUGRDODUWGHOD&3(HVGHDSOLFDFLyQGLUHFWDSRU
WDQWR OD QHJDWLYD GH GHVDSRGHUDPLHQWR UHDOL]DGD SRU DXWRULGDGHV
MXGLFLDOHV GHPDQGDGDV LPSOLFy XQD YXOQHUDFLyQ D OD JDUDQWtD GH
SURKLELFLyQGHOLPLWDFLyQDUELWUDULDGHOGHUHFKRGHSURSLHGDGVLHQGRSRU
WDQWRGLFKDVGHFLVLRQHVFRQWUDULDVDOSULQFLSLRGHUD]RQDELOLGDG

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

,,,
(O FRQWHQLGR HVHQFLDO GHO GHUHFKR GH SURSLHGDG D OD OX] GHO

SULQFLSLR GH UD]RQDELOLGDG FRPR HVWiQGDU D[LRPiWLFR SDUD VX DSOLFDFLyQ
GLUHFWD

/DWHRUtDFRQVWLWXFLRQDOKDGHVDUUROODGRODWpFQLFDGHOFRQWHQLGRHVHQFLDOGHORVGHUHFKRV
IXQGDPHQWDOHVDSDUWLUGHODFXDOODDSOLFDFLyQGLUHFWDGHORVPLVPRVGHEHDVHJXUDUHO
UHVSHWR\HILFDFLDSOHQDGHORVHOHPHQWRVFRQVWLWXWLYRVGHHVHFRQWHQLGRHVHQFLDORQ~FOHR
GXURGHGHUHFKRVSDUDFXPSOLUDVtFRQORVHVWiQGDUHVD[LRPiWLFRVUHFWRUHVGHOSULQFLSLR
GHUD]RQDELOLGDG

(QHOPDUFRGHORVHxDODGRFRUUHVSRQGHSUHFLVDUTXHHOGHUHFKRDODSURSLHGDGHVXQ
GHUHFKRIXQGDPHQWDOH[SUHVDPHQWHUHFRQRFLGRSRUHOEORTXHGHFRQVWLWXFLRQDOLGDGDVt
HODUW,GHOD&3(LQGLFDTXH
7RGDSHUVRQDWLHQHGHUHFKR DODSURSLHGDGSULYDGD
LQGLYLGXDORFROHFWLYDVLHPSUHTXHHVWDFXPSODXQDIXQFLyQVRFLDO
DVLPLVPRHODUW
GH OD 'HFODUDFLyQ 8QLYHUVDO GH'HUHFKRV +XPDQRV '8'+  HQ VXSULPHU SDUiJUDIR
LQGLFD
7RGDSHUVRQDWLHQHGHUHFKRDODSURSLHGDGLQGLYLGXDORFROHFWLYD
GHODPLVPD
IRUPD HO VHJXQGR SDUiJUDIR GH HVWD GLVSRVLFLyQ SXQWXDOL]D
QDGLH VHUi SULYDGR
DUELWUDULDPHQWH GH VX SURSLHGDG
 WDPELpQ OD &RQYHQFLyQ $PHULFDQD GH 'HUHFKRV
+XPDQRVHQVXDUWFRQVDJUDHOGHUHFKRDODSURSLHGDGSULYDGDGLVSRQLHQGRHQVX
SULPHUSDUiJUDIRORVLJXLHQWH
7RGDSHUVRQDWLHQHGHUHFKRDOXVR\JRFHGHVXVELHQHV

$GHPiVHOVHJXQGRQXPHUDOGHHVWDGLVSRVLFLyQGLVSRQHTXH
1LQJXQDSHUVRQDSXHGH
VHUSULYDGDGHVXVELHQHVH[FHSWRPHGLDQWHHOSDJRGHLQGHPQL]DFLyQMXVWD
$SDUWLU
GHHVWDVGLVSRVLFLRQHVTXHIRUPDQSDUWHGHOEORTXHGHFRQVWLWXFLRQDOLGDGEROLYLDQRGH
DFXHUGRDODUW,GHOD&3(SDUDHIHFWRVGHXQDFRKHUHQWHDUJXPHQWDFLyQMXUtGLFD

W


dW^:d


GHEHQPHQFLRQDUVHORVHOHPHQWRVFRQVWLWXWLYRVGHOFRQWHQLGRHVHQFLDOGHOGHUHFKRGH
SURSLHGDG HQ HVH VHQWLGR HVWH GHUHFKR IXQGDPHQWDO FX\D JpQHVLV VH HQFXHQWUD QR
VRODPHQWHHQHOWH[WRFRQVWLWXFLRQDOVLQRWDPELpQHQHOEORTXHGHFRQYHQFLRQDOLGDGHQ
VX Q~FOHR GXUR VH LGHQWLILFDQ WUHV HOHPHQWRV HVHQFLDOHV L  (O GHUHFKR GH XVR LL  (O
GHUHFKRGHJRFH\LLL (OGHUHFKRGHGLVIUXWH$VLPLVPRHVWRVWUHVHOHPHQWRVWLHQHQXQ
VXVWHQWR D[LROyJLFR TXH UHIXHU]D GLFKR FRQWHQLGR HVHQFLDO EDVDGR HQ ORV YDORUHV
OLEHUWDGLJXDOGDGVROLGDULGDG\MXVWLFLD3RUVXSDUWHHVLPSHUDQWHDGHPiVSUHFLVDUTXH
HVWHQ~FOHRHVHQFLDOGHOGHUHFKRIXQGDPHQWDOGHSURSLHGDGJHQHUDDVXYH]REOLJDFLRQHV
QHJDWLYDVWDQWRSDUDHO(VWDGRFRPRSDUDSDUWLFXODUHVTXHVHWUDGXFHQHQODVVLJXLHQWHV
D  3URKLELFLyQ GH SULYDFLyQ DUELWUDULD GH SURSLHGDG \ E  3URKLELFLyQ GH OLPLWDFLyQ
DUELWUDULDGHSURSLHGDG

$SDUWLUGHORVDVSHFWRVSUHFHGHQWHPHQWHFRQWHPSODGRVGHEHLQGLFDUVHTXHHOSULQFLSLR
GH UD]RQDELOLGDG HO FXDO WDO FRPR VH GLMR HVWi FRQIRUPDGR SRU ORV YDORUHV R SDXWDV
D[LRPiWLFDVUHIHUHQWHVDODOLEHUWDGLJXDOGDGMXVWLFLD\YLYLUELHQFRQVWLWX\HHOHVWiQGDU
D[LRPiWLFR SDUD OD GLUHFWD MXVWLFLDELOLGDG GHO GHUHFKR GH SURSLHGDG HQ HVH RUGHQ VH
HVWDEOHFH TXH ODV GHFLVLRQHV MXULVGLFFLRQDOHV TXH LQFXUUDQ HQ SULYDFLyQ R OLPLWDFLyQ
DUELWUDULDGHODSURSLHGDGLPSOLFDQXQDGLUHFWDDIHFWDFLyQDOSULQFLSLRGHUD]RQDELOLGDG
\ FRPR FRQVHFXHQFLD GLUHFWD DIHFWDQ WDPELpQ HO FRQWHQLGR HVHQFLDO GHO GHUHFKR GH
SURSLHGDGHQVXVWUHVHOHPHQWRVHVHQFLDOHVXVRJRFH\GLVIUXWH

,,,
/D MXVWLFLDELOLGDG GHO GHUHFKR GH SURSLHGDG D OD OX] GHO SULQFLSLR GH

UD]RQDELOLGDG /RV DOFDQFHV GH ODV VHQWHQFLDV HVWLPDWRULDV HQ SURFHVRV
UHIHUHQWHVDPHMRUGHUHFKRSURSLHWDULR

(QWRGR(VWDGR&RQVWLWXFLRQDOGH'HUHFKRORVGHUHFKRVIXQGDPHQWDOHVGHEHQWHQHUXQD
JDUDQWtDMXULVGLFFLRQDOSDUDVXWXWHOD \GLUHFWDMXVWLFLDELOLGDGHQHVHRUGHQHO(VWDGR
3OXULQDFLRQDOGH%ROLYLDVXVWHQWDVXHVWUXFWXUDRUJiQLFDHQHOSULQFLSLRGHVHSDUDFLyQ
RUJiQLFDDSDUWLUGHOFXDOHOSRGHUS~EOLFRVHHMHUFHDWUDYpVGHORVyUJDQRVHMHFXWLYR
OHJLVODWLYRMXGLFLDO\HOHFWRUDO(QHVHFRQWH[WRHOyUJDQRMXGLFLDOPHUFHGDOSULQFLSLR
GH XQLGDG MXULVGLFFLRQDO HV HO PHFDQLVPR RUJiQLFR GHVWLQDGR D OD DGPLQLVWUDFLyQ GH
MXVWLFLDDWUDYpVGHVXVMXULVGLFFLRQHVODMXULVGLFFLyQRUGLQDULDODMXULVGLFFLyQLQGtJHQD
RULJLQDULD \ FDPSHVLQD \ OD MXULVGLFFLyQ DJURDPELHQWDO DVt FRPR ODV MXULVGLFFLRQHV
HVSHFLDOL]DGDV

(QUHVJXDUGRGHXQDFRKHUHQWHWpFQLFDGHDUJXPHQWDFLyQMXUtGLFDHVSHUWLQHQWHLQGLFDU
TXHHOyUJDQRMXGLFLDOHQHOPDUFRGHODMXVWLFLDRUGLQDULDHVODLQVWDQFLDMXULVGLFFLRQDO
DODFXDOSRUYROXQWDGFRQVWLWX\HQWHVHOHHQFRPLHQGDHOFRQRFLPLHQWRGHFRQWURYHUVLDV
YLQFXODGDVDGHUHFKRVSURSLHWDULRVDVtODWHOHRORJtDGHORVSURFHVRVRUGLQDULRVFRQRFLGRV
WDPELpQ SRU OD WHRUtD SURFHVDO JHQHUDO FRPR SURFHVRV GH FRQRFLPLHQWR GLVFLSOLQDQ
UHJODVGHRUGHQSURFHVDOGHVWLQDGDVDJDUDQWL]DUODGLUHFWDMXVWLFLDELOLGDGGHOFRQWHQLGR
HVHQFLDOGHOGHUHFKRIXQGDPHQWDOGHSURSLHGDGFRQVDJUDQGRSRUWDQWRDWUDYpVGHHVWH
PHFDQLVPRLQVWLWXFLRQDOHOSULQFLSLRGHDSOLFDFLyQGLUHFWD\HIHFWLYDGHORVGHUHFKRV
IXQGDPHQWDOHV $Vt ODV DFFLRQHV GH PHMRU GHUHFKR SURSLHWDULR HQWUH RWUDV VH
FRQILJXUDQ FRPR YHUGDGHUDV JDUDQWtDV MXULVGLFFLRQDOHV GHVWLQDGDV D DFWLYDU HO DSDUDWR
RUJiQLFRMXULVGLFFLRQDO LPSHUDQWH \ ORJUDU SRU HQGH OD HPLVLyQ GH XQD GHFLVLyQ
MXULVGLFFLRQDOGHILQLWLYD\GHFDUiFWHUGHFODUDWRULRTXHHQFDVRGHVHUHVWLPDWRULDDORV
GHUHFKRVGHSURSLHGDGLQYRFDGRVSRUHOMXVWLFLDEOHDVHJXUHODHILFD]\UHDODSOLFDFLyQ
GHOFRQWHQLGRHVHQFLDOGHHVWHGHUHFKRIXQGDPHQWDO

5HVSHFWRDODVLGHDVH[SXHVWDVVHGHEHLQGLFDUTXHHOSULQFLSLRGHUD]RQDELOLGDGGHEH
LUUDGLDU GH PDQHUD GLUHFWD HO FRQWHQLGR GH VHQWHQFLDV MXGLFLDOHV SDUD HYLWDU DVt
VXSUHVLRQHV\OLPLWDFLRQHVDUELWUDULDVDOGHUHFKRIXQGDPHQWDOGHSURSLHGDGSRUORTXH
ODHILFDFLDGHORVIDOORVHVWiFRQGLFLRQDGDDXQDDSOLFDFLyQGLUHFWD\UHDOGHOFRQWHQLGR
HVHQFLDO GHO GHUHFKR GH SURSLHGDG FRQ VXV WUHV FRPSRQHQWHV HVHQFLDOHV XVR JRFH \
GLVIUXWH

W


dW^:d

$KRUDELHQDODOX]GHORVSULQFLSLRVGHUD]RQDELOLGDG\DSOLFDFLyQGLUHFWD\HIHFWLYDGHO
FRQWHQLGR HVHQFLDO GHO GHUHFKR GH SURSLHGDG GHEH VHxDODUVH TXH LQWHUSUHWDQGR ORV
SUHVXSXHVWRVSURFHVDOHVVXVWDQFLDOHVGHORUGHQDGMHWLYRFLYLOLPSHUDQWHEDMRXQFULWHULR
KHUPHQpXWLFRGHQRPLQDGR
GH\FRQIRUPHDOD&RQVWLWXFLyQ
VHWLHQHTXHHVWHDVHJXUD
HOFXPSOLPLHQWRGHHVWHHVWiQGDUD[LRPiWLFRFRPRHVHOSULQFLSLRGHUD]RQDELOLGDGSRU
WDO UD]yQ FRQVLGHUDQGR TXH HO SURFHVR GH PHMRU GHUHFKR SURSLHWDULR GHVWLQDGR D OD
FRQVHFXFLyQGHXQDGHFODUDFLyQMXGLFLDOYLQFXODGDDOGHUHFKRSURSLHWDULRJHQHUDFRPR
HIHFWRV GH XQD GHFLVLyQ HVWLPDWRULD WDQWR SDUD ORV MXHFHV FRPR SDUWLFXODUHV ODV
SURKLELFLRQHV QHJDWLYDV SURSLDV GH OD HILFDFLD GHO FRQWHQLGR HVHQFLDO GHO GHUHFKR
SURSLHWDULRHVGHFLUODSURKLELFLyQGHOLPLWDFLyQRVXSUHVLyQDUELWUDULDGHHVWHGHUHFKR

3UHFLVDPHQWH HQ DUPRQtD FRQ HO SRVWXODGR DQWHV LQGLFDGR HO DUW  GH OD /H\ GH
$EUHYLDFLyQ3URFHVDO&LYLO\$VLVWHQFLD)DPLOLDU /$3&$) GLVSRVLFLyQTXHPRGLILFD
HODUWGHO&3&HQORUHIHUHQWHDODIRUPDGHHMHFXWDUODVVHQWHQFLDVHQFXDQWRD
REOLJDFLRQHVGHGDUHQVXWHQRUOLWHUDOPHQFLRQDHQVXVHJXQGRSDUiJUDIRORVLJXLHQWH

7UDWiQGRVHGHREOLJDFLRQHVGHGDUDOJXQDFRVDTXHVHKDOOHHQHOSDWULPRQLRGHOGHXGRU
VHOLEUDUiPDQGDPLHQWRSDUDGHVDSRGHUDUGHHOODDOREOLJDGR\HQWUHJDUODDODFWRUFRQHO
DX[LOLRHQVXFDVRGHODIXHU]DS~EOLFD


(QHIHFWRHOWHQRUOLWHUDOGHODFLWDGDGLVSRVLFLyQVHHQFXHQWUDHQDUPRQtDFRQHODUW
GH OD &3( \ GHPiV GLVSRVLFLRQHV GHO EORTXH GH FRQVWLWXFLRQDOLGDG TXH FRQVDJUDQ HO
GHUHFKR GH SURSLHGDG SRU WDQWR OD IDFXOWDG GH ODV DXWRULGDGHV MXULVGLFFLRQDOHV GH
RUGHQDU HO GHVDSRGHUDPLHQWR HQ HMHFXFLyQ GH IDOORV SDUD HO FDVR GH SURFHVRV HQ ORV
FXDOHVH[LVWDXQDVHQWHQFLDHVWLPDWRULDTXHGHFODUHHOGHUHFKRSURSLHWDULRHQUHODFLyQD
OD SDUWH DFWRUD UHVSRQGH DO SULQFLSLR GH DSOLFDFLyQ GLUHFWD \ HIHFWLYD GHO FRQWHQLGR
HVHQFLDOGHOGHUHFKRGHSURSLHGDGHVGHFLUDODDSOLFDFLyQHIHFWLYD\UHDOGHVXVWUHV
HOHPHQWRVHOXVRJRFH\GLVSRVLFLyQSRUWDQWRODRPLVLyQGHHMHUFLFLRGHHVWDDWULEXFLyQ
IUHQWH D XQ SHGLGR H[SUHVR GH SDUWH LPSOLFD XQD OLPLWDFLyQ DUELWUDULD DO GHUHFKR GH
SURSLHGDGDVSHFWRTXHHQHVHQFLDDIHFWDGHPDQHUDGLUHFWDDOSULQFLSLRGHUD]RQDELOLGDG
GHODVGHFLVLRQHVMXULVGLFFLRQDOHV

(QHORUGHQGHLGHDVH[SXHVWRHVSHUWLQHQWHVHxDODUTXHHQORVSURFHVRVGHFRQRFLPLHQWR
YLQFXODGRV FRQ GHUHFKRV SDUWLFXODUHV FRPR SRGUtD VHU DTXHOORV UHIHULGRV D PHMRU
GHUHFKRSURSLHWDULRULJHHOSULQFLSLRGLVSRVLWLYRHQYLUWXGGHOFXDOODVSDUWHVSURFHVDOHV
LQLFLDQ \ FRQGXFHQ VXV SUHWHQVLRQHV HQ HO PDUFR GHO SULQFLSLR GH DXWRQRPtD GH OD
YROXQWDGVLHQGRHVWHSRVWXODGRHOOtPLWHREMHWLYRSDUDODDFWXDFLyQGHOMXH]TXLHQQR
SXHGHDSDUWDUVHGHGLFKDVGLUHFWULFHVHVWDEOHFLGDVHQHOGHFXUVRGHODFDXVDSRUODVSDUWHV
SURFHVDOHVHQHVHRUGHQHQXQFRQWH[WRGHPROLEHUDOHQHOFXDOVHJHQHUDHOGHVDUUROOR
WHyULFR GH HVWH SULQFLSLR SRU ODV FDUDFWHUtVWLFDV GHO PRGHOR GH (VWDGR H[SUHVDPHQWH
H[SOLFDGDVHQHO)XQGDPHQWR-XUtGLFR,,,GHODSUHVHQWH5HVROXFLyQGLFKRSULQFLSLR
WLHQHXQDFRQQRWDFLyQGLIHUHQWHDODYDOLGH]GHHVWHSRVWXODGRHQHOPDUFRGHO(VWDGR
&RQVWLWXFLRQDO GH 'HUHFKR HQ HO FXDO OD HILFDFLD GH ORV GHUHFKRV IXQGDPHQWDOHV
FRQVWLWX\HHOOtPLWH\PHGLGDGHYDOLGH]GHOSULQFLSLRGLVSRVLWLYRSRUORTXHORVMXHFHV
DO VHU DXWpQWLFRV JDUDQWHV GH ORV GHUHFKRV IXQGDPHQWDOHV GHEHQ DVHJXUDU OD Pi[LPD
HILFDFLDGHORVGHUHFKRVIXQGDPHQWDOHVFRQWHQLGRVHQXQDVHQWHQFLDGHFODUDWLYD

(Q HVWULFWD FRKHUHQFLD D OD DILUPDFLyQ UHDOL]DGD FDEH VHxDODU TXH HQ ODV VHQWHQFLDV
GHFODUDWLYDVGHGHUHFKRVSURSLHWDULRVODHILFDFLDGHOFRQWHQLGRHVHQFLDOGHHVWHGHUHFKR
HVGHFLUHOXVRJRFH\GLVIUXWHGHOELHQHQUHODFLyQGHOFXDOVHGHFODUDMXGLFLDOPHQWHOD
WLWXODULGDG GHEH VHU UHVJXDUGDGD \ JDUDQWL]DGD SRU OD DXWRULGDG MXULVGLFFLRQDO
HQWHQGLHQGRTXHHODUWGHO&3&LQWHUSUHWiQGRORDUPRQLRVDPHQWHFRQODWXWHODTXH
VH GD DO GHUHFKR GH SURSLHGDG HQ HO EORTXH GH FRQVWLWXFLRQDOLGDG HVWDEOHFH TXH
/D
VHQWHQFLD  FRQWHQGUiGHFLVLRQHVH[SUHVDVSRVLWLYDV\SUHFLVDVUHFDHUiVREUHODVFRVDV
OLWLJLRVDV HQ OD PDQHUD HQ TXH KXELHUHQ VLGR GHPDQGDGDV   HQ HVH RUGHQ
GHILQLWLYDPHQWHDOVHUGHPDQGDGRHOPHMRUGHUHFKRSURSLHWDULR\HQFDVRGHHVWLPDUVH

W


dW^:d


GLFKD SUHWHQVLyQ HO GHVDSRGHUDPLHQWR GHO ELHQ HQ OLWLJLR DXQTXH QR KXELHVH VLGR
H[SUHVDPHQWHSHGLGRHQODGHPDQGDHVXQDVSHFWRTXHDVHJXUDODDSOLFDFLyQHILFD]GHO
FRQWHQLGR HVHQFLDO GHO GHUHFKR IXQGDPHQWDO GH SURSLHGDG SRU OR TXH VXV DOFDQFHV
LQHTXtYRFDPHQWHUHFDHQVREUHODFRVDOLWLJLRVDFXPSOLHQGRDVtFRQHOPDQGDWRGHODUW
GHO&3&UD]yQSRUODFXDOHOHMHUFLFLRGHHVWDIDFXOWDGGHQLQJXQDPDQHUDLPSOLFD
DOWHUDFLyQ GH ORV HIHFWRV GH OD FRVD MX]JDGD GH GHFLVLRQHV MXULVGLFFLRQDOHV SRU HO
FRQWUDULR DVHJXUD OD HIHFWLYLGDG GH IDOORV MXGLFLDOHV FRPR SUHVXSXHVWR HVHQFLDO GH OD
MXVWLFLDELOLGDG GHOGHUHFKR IXQGDPHQWDO GHSURSLHGDG HQXQ (VWDGR &RQVWLWXFLRQDO GH
'HUHFKR

,,,
(OFRQWUROGHFRQVWLWXFLRQDOLGDGDODOX]GHOSULQFLSLRGHUD]RQDELOLGDGIUHQWH
DXQDLQHILFD]MXVWLFLDELOLGDGGHOGHUHFKRGHSURSLHGDG

/DHILFDFLDPi[LPDGHGHUHFKRVIXQGDPHQWDOHVFRPRSUHVXSXHVWRHVHQFLDOGHO(VWDGR
&RQVWLWXFLRQDO GH 'HUHFKR \ SRU HQGH GHO (VWDGR 3OXULQDFLRQDO GH %ROLYLD REOLJD DO
~OWLPR \ Pi[LPR FRQWUDORU GH FRQVWLWXFLRQDOLGDG FRPR HV HO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDODPDWHULDOL]DUHOIHQyPHQRGHLUUDGLDFLyQGHHVWD&RQVWLWXFLyQD[LRPiWLFD
\ GRJPiWLFRJDUDQWtVWD HQ WRGRVORV DFWRVGH OD YLGD VRFLDO LQFOXLGDV ODV UHVROXFLRQHV
MXGLFLDOHVSRUWDQWRHOHMHUFLFLRGHOFRQWUROGHFRQVWLWXFLRQDOLGDGSRGUiHIHFWXDUVHDOD
OX] GHO SULQFLSLR GH UD]RQDELOLGDG FRPR PHFDQLVPRV HIHFWLYR \ RSRUWXQR SDUD OD
YLJHQFLDGHGHUHFKRVIXQGDPHQWDOHVSRUHVWDUD]yQHORUGHQVXSUHPRFRQWHPSODHQHO
iPELWRGHFRQWUROWXWHODUGHGHUHFKRVIXQGDPHQWDOHVODVDFFLRQHVGHGHIHQVDODVFXDOHV
FRQVWLWX\HQJDUDQWtDVDGMHWLYDVHILFDFHV\RSRUWXQDVSDUDODGHIHQVDGHORVGHUHFKRVGH
ODVSHUVRQDV

(QHOPDUFRGHORVHxDODGREDMRHOSDUiPHWURGHOSULQFLSLRGHUD]RQDELOLGDGODDFFLyQ
GH DPSDUR FRQVWLWXFLRQDO HVWi FRQILJXUDGD FRPR XQ YHUGDGHUR PHFDQLVPR LGyQHR
RSRUWXQR\HILFD]SDUDODWXWHODGHGHUHFKRVIXQGDPHQWDOHVFXDQGRVXSURWHFFLyQQRVH
HQFXHQWUHGHQWURGHO iPELWR GH DSOLFDFLyQ GH RWURV PHFDQLVPRV GH GHIHQVD R FXDQGR
SXHGD VHU WXWHODGD SRU RWURV PHFDQLVPRV LGyQHRV GH GHIHQVD D ORV GHUHFKRV
IXQGDPHQWDOHV

'HDFXHUGRDOSRVWXODGRSUHFHGHQWHPHQWHFLWDGRGHEHSUHFLVDUVHDGHPiVTXHHO(VWDGR
3OXULQDFLRQDOGH%ROLYLDHQVXGLVHxR\SRVWXODGRVUHVSRQGHDODLQJHQLHUtDSURSLDGHO
VLVWHPD LQWHUDPHULFDQR GH SURWHFFLyQ GH GHUHFKRV KXPDQRV FX\D FRQVWUXFFLyQ
GRJPiWLFD H LQVWLWXFLRQDO IXH UHDOL]DGD HQ HO PDUFR GH ORV DOFDQFHV \ SUHFHSWRV
FRQWHQLGRVHQOD&RQYHQFLyQ$PHULFDQDVREUH'HUHFKRV+XPDQRVHQHVHRUGHQHVWH
LQVWUXPHQWRVXSUDQDFLRQDOLQVHUWRHQHOEORTXHGHFRQVWLWXFLRQDOLGDGEROLYLDQRHQVX
DUW  LQGLFD TXH
7RGD SHUVRQD WLHQH GHUHFKR D XQ UHFXUVR VHQFLOOR \ UiSLGR R D
FXDOTXLHURWURUHFXUVRHIHFWLYRDQWHORVMXHFHVRWULEXQDOHVFRPSHWHQWHVTXHODDPSDUH
FRQWUDDFWRVTXHYLROHQVXVGHUHFKRVIXQGDPHQWDOHVUHFRQRFLGRVSRUOD&RQVWLWXFLyQOD
OH\RODSUHVHQWH&RQYHQFLyQ


$ SDUWLU GH HVWH PDQGDWR VH HVWDEOHFH TXH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO
GLVFLSOLQDGD GH PDQHUD HVSHFtILFD HQ ORV DUWV  \  GH OD &3( HQ VX GLVHxR
FRQVWLWXFLRQDO UHVSRQGH GH PDQHUD GLUHFWD DO PDQGDWR GHO DUW  GH OD &RQYHQFLyQ
$PpULFD'HUHFKRV+XPDQRVVLHQGRTXHVXFRQWHQLGRHVHQFLDOHVWiHVWUXFWXUDGRVREUH
ODEDVHGHORVSULQFLSLRVGHVXPDWRULHGDGHLQPHGLDQWH]DSDUWLUGHORVFXDOHVVHFRQVDJUD
OD YLJHQFLD HQ HVWH QXHYR PRGHOR GH (VWDGR GH XQ PHFDQLVPR GH WXWHOD SURQWR \
RSRUWXQR SDUD HO UHVJXDUGR GH GHUHFKRV IXQGDPHQWDOHV IUHQWH D DFWRV X RPLVLRQHV
OHVLYRV D HVWRV SURYRFDGDV SRU VHUYLGRUHV S~EOLFRV LQFOXLGRV DXWRULGDGHV
MXULVGLFFLRQDOHV FXDQGR HQ VHGH GH OD MXVWLFLD RUGLQDULD D SHVDU GH DJRWDUVH ORV
PHFDQLVPRV LQWHUQRV SDUD HO FXHVWLRQDPLHQWR GH GLFKDV GHFLVLRQHV ODV OHVLRQHV D
GHUHFKRVIXQGDPHQWDOHVQRKXELHUDQVLGRUHSDUDGDV


W


dW^:d

%LHQHV\5HFXUVRVGHO(VWDGR6XGLVSRVLFLyQ
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   /RV DFWRV GH GLVSRVLFLyQ GH ORV ELHQHV GHO (VWDGR
VRODPHQWH SRGUiQ VHU GLVSXHVWRV SRU OD $VDPEOHD /HJLVODWLYD
3OXULQDFLRQDO DQWHV 3RGHU /HJLVODWLYR PHGLDQWH OH\ IRUPDO XQ
FULWHULR HQ FRQWUDULR GHVFRQRFHUtD ORV SULQFLSLRV IXQGDPHQWDOHV GH
VHSDUDFLyQGHIXQFLRQHV\GHVREHUDQtDSRSXODU

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QXQDDFFLyQGHLQFRQVWLWXFLRQDOLGDGFRQFUHWDSURPRYLGDDLQVWDQFLD
GHSDUWHSRUOD6DOD&LYLO7HUFHUDGHO7ULEXQDO'HSDUWDPHQWDOGH-XVWLFLD
GH /D 3D] GHQWUR GHO SURFHVR FLYLO VHJXLGR SRU HO &OXE 'HSRUWLYR
)HUURYLDULR FRQWUD HO *RELHUQR $XWyQRPR 0XQLFLSDO GH /D 3D]
GHPDQGDQGR OD LQFRQVWLWXFLRQDOLGDG GH ORV DUWV  \  GHO 'HFUHWR
6XSUHPR '6   GH  GH PD\R GH  SRU VHU SUHVXQWDPHQWH
FRQWUDULRVDORVDUWV\,,GHOD&RQVWLWXFLyQ3ROtWLFD
GHO(VWDGRDGXFLHQGRTXHPHGLDQWHHOFLWDGR'6VHWUDQVILULyD
IDYRU GHO PHQFLRQDGR &OXE XQ WHUUHQR GH   P XELFDGR HQ HO
ERVTXHFLOOR GH
3XUD 3XUD
 iUHD VREUH OD FXDO HO *RELHUQR $XWyQRPR
0XQLFLSDOGH/D3D]WDPELpQWLHQHUHJLVWUDGRVXGHUHFKRSURSLHWDULRHQ
EDVHDO'6GHGHRFWXEUHGHDVtFRPRHQOD/H\GH
GHPD\RGH5HILULyTXHHO'6IXHHPLWLGRGXUDQWHXQ
JRELHUQR GH IDFWR VLQ FXPSOLU ORV SURFHGLPLHQWRV HVWDEOHFLGRV SRU OD
&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRSXHVODWUDQVIHUHQFLDDWtWXORJUDWXLWR
QR SRGtD VHU DXWRUL]DGD SRU HO 3RGHU (MHFXWLYR WRGD YH] TXH HO DUW
,GHODDFWXDO1RUPD6XSUHPDSUHYpHQWUHODVDWULEXFLRQHVGHOD
$VDPEOHD/HJLVODWLYD3OXULQDFLRQDODSUREDUODHQDMHQDFLyQGHELHQHVGH
GRPLQLR S~EOLFR GHO (VWDGR SUHYLVLyQ TXH LJXDOPHQWH HVWDED
FRQWHPSODGD HQ HO DUW  GH OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR
DEURJDGD SRU OR TXH HO 'HFUHWR 6XSUHPR HV LQFRQVWLWXFLRQDO SRU VX
RULJHQ(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOSUHYLDPHQWHHVWDEOHFLy
TXH HO WHVW GH FRQVWLWXFLRQDOLGDG GHEH UHDOL]DUVH FRQ OD &RQVWLWXFLyQ
DFWXDO \ GHFODUy LQFRQVWLWXFLRQDO SRU OD IRUPD ORV DUWV  \  GHO '6
W


dW^:d


 GH  GH PD\R GH  FRQ HO DUJXPHQWR GH TXH GLFKD QRUPD
UHVXOWD LQFRQVWLWXFLRQDO HQ VX RULJHQ SRUTXH HQ VX HODERUDFLyQ \
DSUREDFLyQQRVHKDQUHVSHWDGRORVSURFHGLPLHQWRVSUHYLVWRVSRUHOWH[WR
FRQVWLWXFLRQDO\WDPELpQSRUTXHKDVLGRHODERUDGD\DSUREDGDHQXQD
LQVWDQFLDRSRUDXWRULGDGQRHVWDEOHFLGDSRUODQRUPDVXSUHPDSDUDWDO
ILQ

([WUDFWRGHODUDWLRGHFLGHQGL

)- ,,, ,,, (O DUW  GHO 'HFUHWR 6XSUHPR LPSXJQDGR DXWRUL]D D (1)( OD
WUDQVIHUHQFLDDWtWXORJUDWXLWRDO&OXE'HSRUWLYR)HUURYLDULRGH/D3D]ODVXSHUILFLHGH
PGHWHUUHQRXELFDGRHQHONPGHODOtQHDIpUUHD/D3D](O$OWR$VXYH]HO
DUW  SUHYp TXH ORV WHUUHQRV DGMXGLFDGRV WHQGUiQ HO GHVWLQR H[FOXVLYR SDUD OD
FRQVWUXFFLyQGHXQFRPSOHMRGHSRUWLYRHVWDEOHFLHQGRODSURKLELFLyQGHXQXVRGLVWLQWR
EDMRSHQDGHUHYHUVLyQDO(VWDGR


$MXLFLRGHODFFLRQDQWHHO'6DWHQWDFRQWUDHOSULQFLSLRGHLQGHSHQGHQFLD
GHSRGHUHVSUHYLVWRHQHODUWGHOD&3($QWHORUHIHULGRFDEHVHxDODUTXHHO(VWDGR
RUJDQL]D \ HVWUXFWXUD VX SRGHU S~EOLFR D WUDYpV GH FXDWUR yUJDQRV HO /HJLVODWLYR
FRPSXHVWR SRU OD $VDPEOHD /HJLVODWLYD 3OXULQDFLRQDO LQWHJUDGD D VX YH] SRU GRV
&iPDUDV OD GH 'LSXWDGRV \ GH 6HQDGRUHV \ HV OD ~QLFD FRQ IDFXOWDG GH DSUREDU \
VDQFLRQDU OH\HV TXH ULJHQ HQ WRGR HO WHUULWRULR EROLYLDQR HV GHFLU TXH WLHQH SRWHVWDG
OHJLVODWLYD GH FRQWURO \ ILVFDOL]DFLyQ HO (MHFXWLYR FRPSXHVWR SRU HO 3UHVLGHQWH GHO
(VWDGR HO 9LFHSUHVLGHQWH \ ORV 0LQLVWURV GH (VWDGR yUJDQR TXH WLHQH OD SRWHVWDG
UHJODPHQWDULD DGPLQLVWUDWLYD \ HMHFXWLYD HO -XGLFLDO FRQ IDFXOWDG MXULVGLFFLRQDO \ HO
(OHFWRUDO3OXULQDFLRQDO UHVSRQVDEOH GHRUJDQL]DU DGPLQLVWUDU \ HMHFXWDU ORV SURFHVRV
HOHFWRUDOHV\SURFODPDUVXVUHVXOWDGRV/DRUJDQL]DFLyQGHO(VWDGRHVWiIXQGDPHQWDGD
HQODLQGHSHQGHQFLDVHSDUDFLyQFRRUGLQDFLyQ\FRRSHUDFLyQGHHVWRVyUJDQRV


(VWDVIXQFLRQHVQRSXHGHQVHUUHXQLGDVHQXQVyORyUJDQRQLVRQGHOHJDEOHVHQWUHVtSRU
HOOR HV FRQYHQLHQWH VHxDODU TXHHO SULQFLSLR IXQGDPHQWDO GH VHSDUDFLyQ GH IXQFLRQHV
GHQRPLQDGRWDPELpQFRPRHOSULQFLSLRGHGLYLVLyQGHSRGHUHVLPSOLFDODGLVWULEXFLyQ
GH FRPSHWHQFLDV \ SRWHVWDGHV HQWUH ORV yUJDQRV SDUD HO HMHUFLFLR GHO SRGHU S~EOLFR
FRQVWLWX\pQGRVHHVDGLVWULEXFLyQHQXQDOLPLWDQWHSDUDFDGDyUJDQRTXHVRODPHQWHSRGUi
HMHUFHUODVSRWHVWDGHVTXHVRQSDUWHGHVXFRPSHWHQFLD





3RUVXSDUWHHODUWGHOD&3(VHxDODTXHODVREHUDQtDGHOSXHEOREROLYLDQRVHHMHUFH
GH IRUPD GLUHFWD \ GHOHJDGD 'H HOOD HPDQDQ SRU GHOHJDFLyQ ODV IXQFLRQHV \
DWULEXFLRQHV GH ORV yUJDQRV GHO SRGHU S~EOLFR HV LQDOLHQDEOH H LPSUHVFULSWLEOH $O
UHVSHFWR OD 6&  GH  GH PDU]R UHILULpQGRVH DO DUW  GH OD &3(DEUJ TXH
FRQWHQtD VLPLODU SUHFHSWR VHxDOy
FRQVLJQD WUHV QRUPDV GRV SULQFLSLVWDV \ XQD
RUJiQLFD


'H XQ ODGR OD QRUPD D WUDYpV GH OD FXDO HO &RQVWLWX\HQWH KD FRQVDJUDGR HO SULQFLSLR
IXQGDPHQWDOGHODVREHUDQtDSRSXODUFRQRFLGRWDPELpQFRPRHOSULQFLSLRGHPRFUiWLFR
TXHWLHQHFRPRVLJQLILFDGRODSHUWHQHQFLDGHOSRGHUDOSXHEORHVGHFLUTXHHOSXHEORHV
HORULJHQGHWRGRSRGHUORTXHLPSOLFDHOUHFRQRFLPLHQWRDDTXpOGHOGHUHFKRGHFUHDUR

W


dW^:d
FRQILJXUDUVXSURSLRRUGHQSROtWLFRIXQGDPHQWDOVX&RQVWLWXFLyQDVtFRPRHOGHUHFKR
GHPRGLILFDUOD(QFRQVHFXHQFLDHOSRGHUGHO(VWDGRHPDQDGHOSXHEORHOTXHHQXQ
VLVWHPD GHPRFUiWLFR UHSUHVHQWDWLYR GHOHJD VX HMHUFLFLR D VXV PDQGDWDULRV \
UHSUHVHQWDQWHV PHGLDQWH HOHFFLRQHV OLEUHV SOXUDOLVWDV LJXDOLWDULDV \ DPSOLDPHQWH
LQIRUPDGDV


 


)LQDOPHQWHLQFOX\HXQDQRUPDTXHSURFODPDHOSULQFLSLRGHODVHSDUDFLyQGHIXQFLRQHV
FRQRFLGDWDPELpQHQODGRFWULQDFOiVLFDGHO'HUHFKR&RQVWLWXFLRQDOFRPRHOSULQFLSLR
GHOD
GLYLVLyQGHSRGHUHV
LPSOLFDODGLVWULEXFLyQGHFRPSHWHQFLDV\SRWHVWDGHVHQWUH
GLYHUVRVyUJDQRVHVWDWDOHVSDUDHOHMHUFLFLRGHOSRGHUGHPDQHUDTXHHVDGLVWULEXFLyQVH
FRQVWLWX\DHQXQDOLPLWDFLyQSDUDFDGDyUJDQRGHSRGHUHOTXHVyORSRGUiHMHUFHUODV
SRWHVWDGHVTXHIRUPDQSDUWHGHVXFRPSHWHQFLD
 ODVQHJULOODVQRVFRUUHVSRQGHQ 



(O(VWDGR6RFLDO\'HPRFUiWLFRGH'HUHFKRLQFRUSRUDDODQRFLyQGH(VWDGRGH'HUHFKR
\(VWDGR6RFLDOGH'HUHFKRORVSULQFLSLRVGHSDUWLFLSDFLyQGHWRGRVHQODFRQVWUXFFLyQ
GHORVSRGHUHVS~EOLFRVHQODVGHFLVLRQHVTXHORVDIHFWDQHOSOXUDOLVPRpWQLFR\FXOWXUDO
\HQJHQHUDOODVREHUDQtDGHOSXHEOR(QHO(VWDGR6RFLDO\'HPRFUiWLFRGH'HUHFKR
HOSXHEORHMHUFHODWLWXODULGDGGHOSRGHUS~EOLFRHOLJLHQGRDVXVUHSUHVHQWDQWHVPHGLDQWH
VX FRQFXUUHQFLD D ODV XUQDV FRQWURODQGR OD ODERU TXH HOORV UHDOL]DQ H LQWHUYLQLHQGR
GLUHFWDPHQWHHQODWRPDGHGHFLVLRQHVVLHPSUHTXHQRVHGHVFRQR]FDQORVGHUHFKRVGH
ODVPLQRUtDVQLORVGHUHFKRVIXQGDPHQWDOHVGHORVVHUHVKXPDQRVSRUHVHPRWLYROR
DGHFXDGRHVKDEODUGHXQ(VWDGR6RFLDO\'HPRFUiWLFRGH'HUHFKRTXHHVHOLGHDOPiV
DYDQ]DGR SDUD ORJUDU XQD FRQYLYHQFLD SDFtILFD \ DUPyQLFD HQ GHPRFUDFLD
 QHJULOODV
DxDGLGDV  6&GHGHRFWXEUH 


(QHVHVHQWLGRHODUW,GHOD&3(HVWDEOHFHGHPDQHUDWD[DWLYDODVDWULEXFLRQHVGH
OD$VDPEOHD/HJLVODWLYD3OXULQDFLRQDOHQWUHODVTXHVHHQFXHQWUDHQHOSXQWRODGH
DSUREDUODHQDMHQDFLyQGHORVELHQHVGHGRPLQLRS~EOLFRGHO(VWDGR


'HORSUHFHGHQWHPHQWHGHVFULWRVHHVWDEOHFHTXHXQDQRUPDUHVXOWDLQFRQVWLWXFLRQDOHQ
VXRULJHQFXDQGRHQVXHODERUDFLyQ\DSUREDFLyQQRVHKDQUHVSHWDGRORVSURFHGLPLHQWRV
SUHYLVWRVSRUHOWH[WRFRQVWLWXFLRQDODVtFRPRFXDQGRKDVLGRHODERUDGD\DSUREDGDHQ
XQDLQVWDQFLDRSRUDXWRULGDGQRHVWDEOHFLGDSRUODQRUPDVXSUHPDSDUDWDOILQ


(Q HO FDVR GH H[DPHQ D WUDYpV GHO DUW  GHO 'HFUHWR 6XSUHPR DKRUD LPSXJQDGR HO
UJDQR(MHFXWLYRHQDMHQyDIDYRUGHXQSDUWLFXODUXQDVXSHUILFLHGHWHUUHQRGHSURSLHGDG
GHO(VWDGR%ROLYLDQRGXUDQWHHO*RELHUQRGHIDFWRGH'DYLG3DGLOOD$UDQFLELDYLRODQGR
HOSULQFLSLRIXQGDPHQWDOGHGLYLVLyQGHSRGHUHVSRUFXDQWRHOHQWRQFHV3RGHU(MHFXWLYR
DUURJiQGRVHXQDSRWHVWDGQRDVLJQDGDSRUOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRLQYDGLy
FRPSHWHQFLDV GHO UJDQR /HJLVODWLYR FXDQGR GH DFXHUGR DO SULQFLSLR VHxDODGR ODV
IXQFLRQHVSUHYLVWDVSDUDFDGDXQRGHORVyUJDQRVGHOSRGHUS~EOLFRQRSXHGHQUHXQLUVH
HQXQRVRORQLVRQGHOHJDEOHV\VRODPHQWHSRGUiQHMHUFHUODVSRWHVWDGHVTXHVRQGHVX
FRPSHWHQFLD5HVXOWDFODURHQWRQFHVTXHHO3RGHU(MHFXWLYRDODXWRUL]DUODWUDQVIHUHQFLD
DWtWXORJUDWXLWRGHXQELHQLQPXHEOHGHGRPLQLRS~EOLFRLQYDGLyDWULEXFLRQHVTXHHVWiQ
UHVHUYDGDV DO UJDQR /HJLVODWLYR \ QR UHVSHWy HO SULQFLSLRGH VHSDUDFLyQ GH SRGHUHV
SULQFLSLR FRQVLGHUDGR FRPR YDORU LQIRUPDGRU GHQWUR GHO RUGHQDPLHQWR MXUtGLFR \
DSOLFDEOHHQFXDOTXLHUWLHPSR\DTXHVLELHQFRQIRUPHDORHVWDEOHFLGRHQHO)XQGDPHQWR
-XUtGLFR,,,HOWHVWGHFRQVWLWXFLRQDOLGDGGHEHHIHFWXDUVHFRQOD&RQVWLWXFLyQYLJHQWH

W


dW^:d


GLFKRSULQFLSLRVHHQFRQWUDEDSUHYLVWRDPRPHQWRGHODHPLVLyQGHO'HFUHWR6XSUHPR
LPSXJQDGR


$VLPLVPR VH KD GHVFRQRFLGR HO SULQFLSLR IXQGDPHQWDO GH OD VREHUDQtD SRSXODU
UHFRQRFLGRFRPRODSHUWHQHQFLDGHOSRGHUDOSXHEORSULQFLSLRTXHVHHQFXHQWUDSUHYLVWR
HQ HO DUW  GH OD &3( \ TXH VHxDOD HO RULJHQ GH OD GHOHJDFLyQ GH ODV IXQFLRQHV \
DWULEXFLRQHVDORVyUJDQRVGHOSRGHUS~EOLFRTXHHVLQDOLHQDEOHHLPSUHVFULSWLEOH





&RQVHFXHQWHPHQWHHODUWGHO'6DOHIHFWXDUXQDFWRGHGLVSRVLFLyQVREUHXQ
ELHQGHO(VWDGRFXDQGROD~QLFDIDFXOWDGDSDUDHOORGHFRQIRUPLGDGDODUW,GH
OD&3(HVOD$VDPEOHD/HJLVODWLYD3OXULQDFLRQDODQWHV3RGHU/HJLVODWLYRGHVFRQRFH
ORV SULQFLSLRV IXQGDPHQWDOHV GH VHSDUDFLyQ GH IXQFLRQHV \ GH VREHUDQtD SRSXODU
FRQVLJXLHQWHPHQWHGLFKDQRUPDHQVXRULJHQHVLQFRPSDWLEOHFRQODVQRUPDVSUHYLVWDV
SRUORVDUWV\,GHOD&3(SRUORWDQWRLQFRQVWLWXFLRQDO


6LQWHVLVGHODUDWLRGHFLGHQGL

'HFODUDODLQFRQVWLWXFLRQDOLGDGSRUODIRUPDGHORVDUWV\GHO'6
 GH  GH PD\R GH  SXHV OD PLVPD DO HIHFWXDU XQ DFWR GH
GLVSRVLFLyQVREUHXQELHQGHO(VWDGRFXDQGROD~QLFDIDFXOWDGDSDUDHOOR
GHFRQIRUPLGDGDODUW,GHOD&3(HVOD$VDPEOHD/HJLVODWLYD
3OXULQDFLRQDO DQWHV 3RGHU /HJLVODWLYR GHVFRQRFH ORV SULQFLSLRV
IXQGDPHQWDOHV GH VHSDUDFLyQ GH IXQFLRQHV \ GH VREHUDQtD SRSXODU
FRQVLJXLHQWHPHQWHGLFKDQRUPDHQVXRULJHQHVLQFRPSDWLEOHFRQODV
QRUPDVSUHYLVWDVSRUORVDUWV\,GHOD&3(SRUORWDQWR
LQFRQVWLWXFLRQDO

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

)XQGDQWH

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

/D6&3HQVX)-,,,
HO3RGHU(MHFXWLYRDODXWRUL]DUOD
WUDQVIHUHQFLDDWtWXORJUDWXLWRGHXQELHQLQPXHEOHGHGRPLQLRS~EOLFR
LQYDGLy DWULEXFLRQHV TXH HVWiQ UHVHUYDGDV DO UJDQR /HJLVODWLYR \ QR
UHVSHWy HO SULQFLSLR GH VHSDUDFLyQ GH SRGHUHV  $VLPLVPR VH KD
GHVFRQRFLGR HO SULQFLSLR IXQGDPHQWDO GH OD VREHUDQtD SRSXODU
UHFRQRFLGRFRPR OD SHUWHQHQFLD GHO SRGHU DO SXHEORSULQFLSLR TXH VH
HQFXHQWUDSUHYLVWRHQHODUWGHOD&3(\TXHVHxDODHORULJHQGHOD
GHOHJDFLyQ GH ODV IXQFLRQHV \ DWULEXFLRQHV D ORV yUJDQRV GHO SRGHU
S~EOLFRTXHHVLQDOLHQDEOHHLPSUHVFULSWLEOH




W


dW^:d

'HUHFKRMXULVSUXGHQFLDO
'HUHFKRMXULVSUXGHQFLDO5HTXLVLWRVSDUDODLQYRFDFLyQ\
DSOLFDFLyQGHOSUHFHGHQWH
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   /D DSOLFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO GHEH
FRQVLGHUDU L  OD DQDORJtD HQ ORV VXSXHVWRV IiFWLFRV \ OD FLWD GHO
SUHFHGHQWHFRQLGHQWLILFDFLyQH[SUHVDGHOSUHFHGHQWHHQYLJRU\LL OD
SURKLELFLyQGHDSOLFDURELWHUGLFWXP FXHVWLRQHVDFFHVRULDV FRPRVL
IXHUDQ SUHFHGHQWHV OD FLWD LQFRPSOHWD GHO SUHFHGHQWH \ HO XVR
LQFRUUHFWRGHODDSOLFDFLyQGHMXULVSUXGHQFLDHQHOWLHPSR

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOHODFFLRQDQWHHQVXFRQGLFLyQ
GH SHUVRQD FRQ FDSDFLGDGHV GLIHUHQWHV DOHJD OD YXOQHUDFLyQ GH VXV
GHUHFKRV DO GHELGR SURFHVR D OD GHIHQVD D OD GREOH LQVWDQFLD D XQD
UHVROXFLyQPRWLYDGDGHODVGHFLVLRQHVGHLQVWDQFLDDODFFHVRDODMXVWLFLD
DOWUDEDMRDXQDUHPXQHUDFLyQMXVWDDODVHJXULGDGVRFLDODODVDOXG\D
ODYLGDSRUFXDQWRGHQWURGHOSURFHVRGLVFLSOLQDULRLQWHUQRVHJXLGRHQ
VXFRQWUDHO-XH]6XPDULDQWHGHO*RELHUQR0XQLFLSDO$XWyQRPR6XFUH
UHVROYLyGHFODUDUVXGHVWLWXFLyQGHOFDUJRHQDSOLFDFLyQGHODUWLQF
G  GHO 5HJODPHQWR ,QWHUQR GH 0XQLFLSDOLGDGHV GH 6XFUH FRQWUD FX\D
5HVROXFLyQLQWHUSXVRUHFXUVRGHUHYRFDWRULDTXHIXHUHFKD]DGRFRQHO
DUJXPHQWRGHKDEHUVHLQWHUSXHVWRIXHUDGHSOD]RFRPSXWDQGRHOWpUPLQR
GHDFXHUGRDODMXULVSUXGHQFLDFRQWHQLGDHQOD6&5GHGH
DEULOGHQWURGHXQFDVRHPHUJHQWHGHXQSURFHVRFLYLO\QRDVtFRQIRUPH
HODUW,,GHOD/3$\ODV66&&5\5DGHPiV
GH QR WHQHU HQ FXHQWD VX FRQGLFLyQ GH SHUVRQD FRQ FDSDFLGDGHV
GLIHUHQWHV(QEDVHDHVWRVKHFKRVSLGLyVHOHFRQFHGDODDFFLyQ\VH
GLVSRQJDODQXOLGDGGHREUDGRVKDVWDODHPLVLyQGHXQDQXHYDUHVROXFLyQ
GHOUHFXUVRGHUHYRFDWRULDSDUDTXHVHUHVXHOYDGHPDQHUDPRWLYDGDORV
PRWLYRV \ DJUDYLRV GHQXQFLDGRV FRQ H[SUHVD UHVWLWXFLyQ D VX IXHQWH
ODERUDO \ FRQ UHSRVLFLyQ GH VX VDODULR (O 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDODSUREyODUHVROXFLyQGHO7ULEXQDOGH*DUDQWtDV\FRQFHGLy
OD WXWHOD VROLFLWDGD HQ FXDQWR D OD YXOQHUDFLyQ GHO GHELGR SURFHVR DO
W


dW^:d


GHUHFKRDODGREOHLQVWDQFLDRGHUHFXUULUDQWHXQWULEXQDOVXSHULRU\HO
GHUHFKR D OD GHIHQVD UHIRU]DGD HQ OD IDVH LPSXJQDWLYD TXH WLHQH HO
DFFLRQDQWH HQ VX FDOLGDG GH SHUVRQD FRQ FDSDFLGDGHV GLIHUHQWHV \ HQ
FXDQWRDOGHUHFKRDODVHJXULGDGVRFLDODFRUWRSOD]R\QRDVtHQFXDQWR
DVXVGHUHFKRVDODVDOXGRYLGD$GHPiVDQXOyREUDGRVKDVWDHOUHFKD]R
GHOUHFXUVRGHUHYRFDWRULD/D6HQWHQFLD&RQVWLWXFLRQDO3OXULQDFLRQDO
HVWDEOHFLyTXHODGHVWLWXFLyQGHOFDUJRQRIXHFRQVHFXHQFLDGHXQGHELGR
SURFHVR UHIRU]DGD TXH UHVSRQGD D VX FRQGLFLyQ GH SHUVRQD FRQ
FDSDFLGDGHV GLIHUHQWHV \D TXH SDUD HO UHFXUVR GH UHYRFDWRULD
LQWHUSXHVWRVHUHDOL]yXQFyPSXWRGHSOD]RVLQFRUUHFWRHQEDVHDXQD
VHQWHQFLDFRQVWLWXFLRQDOTXHQRHUDDSOLFDEOHQLSHUWLQHQWHSDUDPDWHULD
DGPLQLVWUDWLYD

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,

 

E
$HOORVHVXPDTXHODOHVLyQDORVGHUHFKRVGHODFFLRQDQWHWDPELpQGHYLHQHGHODHUUyQHD
DSOLFDFLyQ GH OD 6& 5 GH  GH DEULO TXH VXVWHQWy OD 5HVROXFLyQ  GH  GH
VHSWLHPEUHTXHUHFKD]yHOUHFXUVRGHUHYRFDWRULDSRUORVLJXLHQWH

/D6&5GHGHDEULOIXHGLFWDGDHQXQFDVRHPHUJHQWHGHXQSURFHVRFLYLOLQWHUGLFWR
GHUHFREUDUODSRVHVLyQHQHOTXHHO7ULEXQDO&RQVWLWXFLRQDOGHQHJyODWXWHODLQWHUSXHVWDSRUFXDQWR
FRQVWDWyTXHODDFFLRQDQWHIXHQRWLILFDGDFRQHODXWRGHFRQFHVLyQGHOUHFXUVRGHDO]DGDFRQWUDOD
VHQWHQFLDUHFXUULGDHQDSHODFLyQHOGHRFWXEUHGHVLQHPEDUJRpVWDGHMyORVUHFDXGRVGH
OH\ SDUD OD HODERUDFLyQ GHO WHVWLPRQLR \ UHPLVLyQ GHO H[SHGLHQWH HO  GH RFWXEUH GH 
FRQFOX\HQGRTXHGLFKDSURYLVLyQIXHH[WHPSRUiQHD\IXHUDGHORVGRVGtDVVHxDODGRVSRUHODUW
GHO&3&HQFRQVHFXHQFLDVHGLRDSOLFDFLyQDORSUHYLVWRSRUHODUWGHO\DUHIHULGR&yGLJR
GHFODUiQGRVHODHMHFXWRULDGHOD6HQWHQFLDUHFXUULGDGHDO]DGD

'HGRQGHUHVXOWDFRQIRUPHVHGHVDUUROOyHQHO)XQGDPHQWR-XUtGLFR,,,ODDXWRULGDGVXPDULDQWH
DOPRPHQWRGHUHFKD]DUHOUHFXUVRGHUHYRFDWRULDVXVWHQWDQGRVXGHFLVLyQHQOD6&5
GHGHDEULOQRUHDOL]yXQDQiOLVLVWpFQLFRGHODMXULVSUXGHQFLDFRQVWLWXFLRQDOSRUFXDQWRDSOLFy
HQIRUPDQHJOLJHQWH\GHVFXLGDGDGLFKDVHQWHQFLDFRQVWLWXFLRQDOVLQFXPSOLUODVUHJODVEiVLFDVSDUD
ODVFLWDVGHXQSUHFHGHQWHFRQVWLWXFLRQDOGHELGRDTXHKL]RFLWDGHXQSUHFHGHQWHVLQTXHWHQJD
DQDORJtD HQ ORV VXSXHVWRV IiFWLFRV GHELGR D TXH FRPR VH H[SOLFy IXH HPLWLGR HQ SURFHVR FLYLO
DGHPiVGHUHDOL]DUXQDFLWDLQFRPSOHWDGHOSUHFHGHQWHFRQVWLWXFLRQDOVLWXDFLyQTXHVHGHFDQWyHQ
ODHMHFXWRULDGHOD5HVROXFLyQ$GPLQLVWUDWLYDVDQFLRQDWRULDGHODFFLRQDQWH\VXGHVSLGR

 
'HWRGRORVHxDODGRVHGHVSUHQGHORVVLJXLHQWHVUD]RQDPLHQWRV

D
4XH HQ HO SURFHVR GLVFLSOLQDULR VXVWDQFLDGR FRQWUD HO DFFLRQDQWH VH VXSULPLy OD
SRVLELOLGDGGHTXHOD5HVROXFLyQ$GPLQLVWUDWLYDVDQFLRQDWRULDTXHUHVROYLyDSOLFDUOHOD
VDQFLyQGHGHVWLWXFLyQGHOFDUJR\WRGDVODVGHPiVLQFLGHQFLDVGLVSXHVWDV &RQFOXVLyQ,, SXHGD
VHUUHYLVDGDSRUXQWULEXQDOGLVWLQWR\GHVXSHULRUMHUDUTXtDRUJiQLFD &RQYHQFLyQ,QWHUDPHULFDQD
GH 'HUHFKRV +XPDQRV FDVR +HUUHUD 8OORD 9V &RVWD 5LFD 6HQWHQFLD GH  GH MXOLR GH 
([FHSFLRQHV3UHOLPLQDUHV)RQGR5HSDUDFLRQHV\&RVWDV GHELGRDOUHFKD]RLQGHELGRGHOUHFXUVR
GHUHYRFDWRULDSRUHUUyQHDDSOLFDFLyQGHODQRUPDWLYDDSOLFDEOH DUWVLQFG GHO'6\
,,GHO'6 \GHOSUHFHGHQWHFRQVWLWXFLRQDOFRQWHQLGRHQOD6&5UHIHULGRDO
FyPSXWRGHORVSOD]RVHQXQSURFHVRFLYLO

E
4XH HO DFFLRQDQWH HQ ORV KHFKRV IXH SURFHVDGR \ VDQFLRQDGR GLVFLSOLQDULDPHQWH HQ
~QLFD LQVWDQFLD SUHFLVDPHQWH SRU OD VXSUHVLyQ GH OD SRVLELOLGDG GH LPSXJQDU OD GHFLVLyQ
VDQFLRQDWRULD  FXHVWLRQDGD GH DGYHUVD SRU XQ WULEXQDO GLVWLQWR \ GH VXSHULRU MHUDUTXtD RUJiQLFD
GHELGR D TXH FRPR HIHFWR GHO UHFKD]R LQGHELGR GHO UHFXUVR GH UHYRFDWRULD VH HMHFXWRULy OD

W


dW^:d
UHVROXFLyQ VDQFLRQDWRULD \ VH GLVSXVR VX GHVSLGR 6LQ WHQHU HQ FXHQWD TXH HO DFFLRQDQWH WHQtD
GHUHFKRDXQGHELGRSURFHVRUHIRU]DGRSRUVXFRQGLFLyQGHYXOQHUDELOLGDGORTXHQRRFXUULyGHELGR
DTXH VH OHQHJy D UHFXUULU DQWHXQWULEXQDO VXSHULRU HQ HO iPELWR GLVFLSOLQDULR VDQFLRQDGRU \ HO
GHUHFKRDODGHIHQVDHQODIDVHLPSXJQDWLYD

F
$KRUD ELHQ FRPR HIHFWR GH OD VXSUHVLyQ GH ORV GHUHFKRV IXQGDPHQWDOHV VHxDODGRV
WDPELpQ IXHURQ VXSULPLGRV HO GHUHFKR IXQGDPHQWDO D OD VHJXULGDG VRFLDO GHO DFFLRQDQWH HQ VX
FRQGLFLyQGHSHUVRQDFRQFDSDFLGDGHVGLIHUHQWHVGDGRTXHVLELHQHOGHELGRSURFHVR\VXVGHUHFKRV
FRQVWLWXWLYRVVRQGHUHFKRVGHSURWHFFLyQDXWyQRPDHPSHURWDPELpQWLHQHFDUiFWHULQVWUXPHQWDO
HQ WDQWR SHUPLWHQ HO GLVIUXWH GH RWURV GHUHFKRV VXVWDQWLYRV HV GHFLU HO GHELGR SURFHVR HV XQD
JDUDQWtDSDUDHOUHVSHWRGHORVPLVPRV

(QHIHFWRODVLWXDFLyQUHIHULGDUHSHUFXWLyHQHOJRFHGHGHUHFKRIXQGDPHQWDODODVHJXULGDGVRFLDO
DFRUWRSOD]RGHODFFLRQDQWH DUWGHOD&3( SRUFXDQWRSRU5HVROXFLyQGHGHIHEUHURGH
 OD DXWRULGDG VXPDULDQWH GHFODUy HMHFXWRULDGD OD 5HVROXFLyQ $GPLQLVWUDWLYD VDQFLRQDGRUD
GHGHDJRVWRTXHUHVROYLyDSOLFDUODVDQFLyQGHGHVWLWXFLyQGHOFDUJRGHODFFLRQDQWH
(VWRVLJQLILFDTXHODVDQFLyQGLVFLSOLQDULDSULYyDODFFLRQDQWHVHJXLUJR]DQGRGHVHJXULGDGVRFLDO
DFRUWRSOD]R6LQHPEDUJRGHORVHxDODGRQRIXHGHPRVWUDGRSRUHODFFLRQDQWHGHTXpPDQHUDVH
KXELHUDOHVLRQDGRRSXHVWRHQSHOLJURVXVGHUHFKRVDODVDOXGRODYLGD



6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOSRUTXHODGHVWLWXFLyQGHO
DFFLRQDQWH QR IXH FRQVHFXHQFLD GH XQ GHELGR SURFHVR UHIRU]DGR TXH
UHVSRQGDDVXFRQGLFLyQGHSHUVRQDFRQFDSDFLGDGHVGLIHUHQWHV\DTXH
SDUD HO UHFXUVR GH UHYRFDWRULD LQWHUSXHVWR VH UHDOL]y XQ FyPSXWR GH
SOD]RV LQFRUUHFWR HQ EDVH D XQD VHQWHQFLD FRQVWLWXFLRQDO TXH QR HUD
DSOLFDEOHQLSHUWLQHQWHSDUDPDWHULDDGPLQLVWUDWLYD

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O 7ULEXQDO &RQVWLWXFLRQDO DO PRPHQWR GH UHVROYHU ORV SUREOHPDV MXUtGLFRV
VRPHWLGRVDVXFRQRFLPLHQWRHQHOHMHUFLFLRGHOFRQWUROGHFRQVWLWXFLRQDOLGDG
HQVXVGLIHUHQWHViPELWRVKDGHVDUUROODGRFULWHULRVMXULVSUXGHQFLDOHVVREUHOD
DSOLFDFLyQ H LQYRFDFLyQ GH OD MXULVSUXGHQFLD FRQVWLWXFLRQDO HQ ORV VLJXLHQWHV
SUHFHGHQWHV
6REUHHOYDORUGHODMXULVSUXGHQFLDFRQVWLWXFLRQDO
D /DMXULVSUXGHQFLDFRQVWLWXFLRQDOWLHQHYDORUGHIXHQWHGLUHFWDGHO'HUHFKR
GHDKtTXHVHUHFRQRFHVXFDUiFWHUYLQFXODQWHSDUDORVyUJDQRVGHOSRGHUS~EOLFR
\SDUWLFXODUHV 6&56&5\6&3 
E  (O UHVSHWR \ DSOLFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO HVWi YLQFXODGR DO
UHVSHWRGHOGHUHFKRDODLJXDOGDGHQODDSOLFDFLyQGHODOH\ DUWV,,\,,,GH
OD &3(  \ OD JDUDQWtD GH VHJXULGDG MXUtGLFD DUW , GH OD &3(  6&
56&5\6&3 
F /DLPSRUWDQFLDGHOSUHFHGHQWHYLQFXODQWHVHVXVWHQWDHQODFRKHUHQFLD\
XQLGDGTXHRWRUJDDOVLVWHPDMXUtGLFR 6&5\6&5 
G (OUHVSHWRDORVSUHFHGHQWHVFRQVWLWXFLRQDOHVQRLPSOLFDTXHHO7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO SHWULILTXH VX MXULVSUXGHQFLD LPSLGLHQGR HO
UHSODQWHDPLHQWR GH SUREOHPDV MXUtGLFRV DSDUHQWHPHQWH \D UHVXHOWRV SRU HO
FRQWUDULRSXHGHFDPELDUODPXWDUODVLHPSUHTXHVHDFRQPRWLYDFLyQVXILFLHQWH
6& 5  (Q HVH RUGHQ OD 6&3  PRGXODQGR HVWH
HQWHQGLPLHQWR HVWDEOHFLy DOJXQRV FULWHULRV SDUD FDPELDU OD MXULVSUXGHQFLD
FRQVWLWXFLRQDO VHxDODQGR TXH
(Q OD PHGLGD TXH ORV SUHFHGHQWHV VHDQ PiV

W


dW^:d


DFRUGHV FRQ ORV SULQFLSLRV YDORUHV GHUHFKRV IXQGDPHQWDOHV JDUDQWtDV
FRQVWLWXFLRQDOHV GH OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR \ GHO EORTXH GH
FRQVWLWXFLRQDOLGDGHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOSUHIHULUiVXILMH]D
$FRQWUDULRVHQVXpVWH7ULEXQDODSHUWXUDUiVXFDSDFLGDGGHFDPELRFXDQGRQR
HVWpDFRUGHDHOORV

$QiOLVLVGHODMXULVSUXGHQFLDSDUDVXLQYRFDFLyQ\DSOLFDFLyQ
$QiOLVLV HVWiWLFR GH XQD VHQWHQFLD FRQVWLWXFLRQDO (O SUHFHGHQWH
FRQVWLWXFLRQDOODUDWLRGHFLGHQGLHORELWHUGLFWXP\HOGHFLVXP 
D 'LIHUHQFLDHQWUHODSDUWHYLQFXODQWH\ORVHIHFWRVGHODSDUWHUHVROXWLYDR
GHFLVXP
/D6&5VHxDOyTXH
6LELHQWRGRIDOORTXHHPLWHHVWH7ULEXQDO
HQUHFXUVRVGHDPSDURFRQVWLWXFLRQDO\KiEHDVFRUSXVWLHQHHIHFWRVLQWHUSDUWHV
VyOR DIHFWD D ODV SDUWHV  ORVIXQGDPHQWRV GHWHUPLQDQWHV GHO IDOOR R UDWLRQHV
GHFLGHQGL VRQ YLQFXODQWHV \ SRU WDQWR GH REOLJDWRULD DSOLFDFLyQ SDUD ORV
3RGHUHVGHO(VWDGROHJLVODGRUHVDXWRULGDGHVWULEXQDOHV\MXHFHV HQWRGRVVXV
QLYHOHV MHUiUTXLFRV  DVt OR GHWHUPLQD HO DUW  GH OD /H\ GHO 7ULEXQDO
&RQVWLWXFLRQDO

/D6&3DSDUWLUGHOFRQWHQLGRQRUPDWLYRSUHYLVWRHQHODUW,
GHO&3&RHVWDEOHFLyTXH
/RVHIHFWRVGHODSDUWHUHVROXWLYDVRQGRV 
LQWHU
SDUWHV
 TXH LPSOLFD OD REOLJDWRULHGDG SDUD ODV SDUWHV LQWHUYLQLHQWHV HV GHFLU
VRORDIHFWDDHOODVFRPRRFXUUHHQODVVHQWHQFLDVGHDFFLRQHVGHGHIHQVD DFFLyQ
GH OLEHUWDG DFFLyQ GH DPSDUR FRQVWLWXFLRQDO DFFLyQ GH SURWHFFLyQ D OD
SULYDFLGDGDFFLyQSRSXODU\ DFFLyQGHFXPSOLPLHQWR GHFODUDFLRQHV \DXWRV
GHO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO \  
HUJD RPQHV
 TXH LPSOLFD OD
REOLJDWRULHGDGSDUDWRGRVHVGHFLUWLHQHHIHFWRJHQHUDOFRPRRFXUUHHQHOFDVR
GHODVDFFLRQHVGHLQFRQVWLWXFLRQDOLGDG\HOUHFXUVRFRQWUDWULEXWRV

E 'LVWLQFLyQHQWUHSUHFHGHQWHFRQVWLWXFLRQDO\ODUDWLRGHFLGHQGL
/D6&3DSDUWLUGHOFRQWHQLGRQRUPDWLYRSUHYLVWRHQHODUW,,
GHOGHO&3&RVHxDOyTXH
 TXHHVYLQFXODQWHHOSUHFHGHQWHFRQVWLWXFLRQDO
FRQWHQLGRHQODUDWLRGHFLGHQGL(VGHFLUHQODUDWLRGHFLGHQGLVHHQFXHQWUDHO
SUHFHGHQWHFRQVWLWXFLRQDO(OSUHFHGHQWHFRQVWLWXFLRQDOHVYLQFXODQWHVLHPSUH
TXHH[LVWDXQVXSXHVWRIiFWLFRDQiORJR $&(&$\6&5 
 
/RV SUHFHGHQWHV FRQVWLWXFLRQDOHV HVWiQ VyOR HQ ODV VHQWHQFLDV UHOHYDQWHV 6H
LGHQWLILFDQ D ODV VHQWHQFLDV UHOHYDQWHV SRUTXH VRQ VHQWHQFLDV IXQGDGRUDV
PRGXODGRUDV TXH UHFRQGXFHQ R FDPELDQ XQD OtQHD MXULVSUXGHQFLDO
H[SUHVDPHQWHRWiFLWDPHQWH(QHOSUHFHGHQWHFRQVWLWXFLRQDOVHFRQVLJQDQ
ODV
VXEUHJODV GH 'HUHFKR

QRUPDV DGVFULWDV
 R
FRQFUHWD QRUPD GH OD VHQWHQFLD

UHVXOWDQWHVGHODLQWHUSUHWDFLyQLQWHUUHODFLyQRLQWHJUDFLyQGHODVQRUPDVGHOD
&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRRGHODVGLVSRVLFLRQHVOHJDOHV(VWDVWLHQHQPiV
MHUDUTXtD \ IXHU]D MXUtGLFD TXH ODV SURSLDV OH\HV SRUTXH HO 7ULEXQDO
&RQVWLWXFLRQDOHVHO~OWLPRDSOLFDGRUGHO'HUHFKR

$QiOLVLV GLQiPLFR GH OD MXULVSUXGHQFLD FRQVWLWXFLRQDO /DV OtQHDV
MXULVSUXGHQFLDOHV 
/D 6&3  HVWDEOHFLy TXH
1R HV VXILFLHQWH OD LGHQWLILFDFLyQ GHO
SUHFHGHQWHFRQVWLWXFLRQDODWUDYpVGHODQiOLVLVHVWiWLFRGHODMXULVSUXGHQFLDVH
GHEHDQDOL]DUODMXULVSUXGHQFLDFRQVWLWXFLRQDOWDPELpQDWUDYpVGH XQHVWXGLR
GLQiPLFRHVGHFLUVHGHEHDSUHFLDUGHPDQHUDVLVWHPiWLFDHOGHVDUUROORGHOD
MXULVSUXGHQFLD SDUD XELFDU HO SUHFHGHQWH FRQVWLWXFLRQDO HQ YLJRU HQ OD OtQHD
MXULVSUXGHQFLDO /DV OtQHDV MXULVSUXGHQFLDOHV VRQ OD WpFQLFD SDUD KDFHU HO

W


dW^:d
DQiOLVLV GLQiPLFR GH OD MXULVSUXGHQFLD FRQVWLWXFLRQDO 6RQ ODV UHVSXHVWDV R
VROXFLRQHVTXHODMXULVSUXGHQFLDKDGDGRDGHWHUPLQDGRSUREOHPDMXUtGLFRHVWi
FRQIRUPDGDSRUXQFRQMXQWRGHVHQWHQFLDVTXHDERUGDURQGHWHUPLQDGDWHPiWLFD
/DMXULVSUXGHQFLDFRQVWLWXFLRQDODOVHUHQHVHQFLDHYROXWLYDVHYDPRGXODQGR
\D VHD H[WHQGLHQGR R HQ VX FDVR UHVWULQJLHQGR VXV DOFDQFHV GH DKt TXH HV
SUHFLVRKDFHUXQUHFRUULGRHQWUHODVVHQWHQFLDVEiVLFDVRFUHDGRUDVGHOtQHDV
VHQWHQFLDVPRGXODGRUDVGHOtQHDVVHQWHQFLDVFRQILUPDGRUDVRUHLWHUDGRUDVGH
OtQHDVHQWHQFLDVPXWDGRUDVRFDPELDGRUDVGHOtQHD\VHQWHQFLDVUHFRQGXFWRUDV
GH OtQHD SRUTXH VyOR FRQ HVWH DQiOLVLV GLQiPLFR GH ODV VHQWHQFLDV TXH
FRQIRUPDQODOtQHDMXULVSUXGHQFLDOVHLGHQWLILFDHOSUHFHQGHQWHFRQVWLWXFLRQDO
HQYLJRU

/D 6&3 $/ FRPSOHPHQWDGD SRU OD  6&3 6 HQ XQ
QXHYRSDUDGLJPDGHODLQYRFDFLyQ\DSOLFDFLyQGHOSUHFHGHQWHFRQVWLWXFLRQDO
GHVSXpVGHODQiOLVLVGHXQDOtQHDMXULVSUXGHQFLDOHVWDEOHFLyTXHHOSUHFHGHQWH
FRQVWLWXFLRQDOHQYLJRURYLJHQWHUHVXOWDDTXpOTXHDFRMDHOHVWiQGDUPiVDOWR
GHSURWHFFLyQGHOGHUHFKRIXQGDPHQWDORJDUDQWtDFRQVWLWXFLRQDOLQYRFDGRHVWR
HVDTXpOODGHFLVLyQTXHKXELHUDUHVXHOWRXQSUREOHPDMXUtGLFRGHPDQHUDPiV
SURJUHVLYDDWUDYpVGHXQDLQWHUSUHWDFLyQTXHWLHQGHDHIHFWLYL]DU\PDWHULDOL]DU
GH PHMRU PDQHUD ORV GHUHFKRV IXQGDPHQWDOHV \ JDUDQWtDV FRQVWLWXFLRQDOHV
SUHYLVWDV HQ OD &RQVWLWXFLyQ \ HQ ORV 7UDWDGRV ,QWHUQDFLRQDOHV GH 'HUHFKRV
+XPDQRV TXH IRUPDQ SDUWH GHO EORTXH GH FRQVWLWXFLRQDOLGDG SRU OR TXH  OD
LQYRFDFLyQ\DSOLFDFLyQGHXQSUHFHGHQWHGHEHVHUHVFRJLGRGHVSXpVHOH[DPHQ
R DQiOLVLV LQWHJUDO GH OD OtQHD MXULVSUXGHQFLDO \D QR VRODPHQWH ILMiQGRVH HO
FULWHULRWHPSRUDOGHOPLVPRHVWRHVHO~OWLPRHQWpUPLQRVGHIHFKDGHHPLVLyQ
SRUHO7ULEXQDO&RQVWLWXFLRQDOTXHKXELHUHFDPELDGRPRGXODGRRUHFRQGXFLGR
XQGHWHUPLQDGRHQWHQGLPLHQWRMXULVSUXGHQFLDOVLQRVREUHWRGRDTXpOTXHVHD
H[SRQHQWHGHOHVWiQGDUPiVDOWRGHSURWHFFLyQGHOGHUHFKR
/D6&3TXHVHFRQVWLWX\HHQXQDQWHFHGHQWHGHODMXULVSUXGHQFLD
VREUH HO HVWiQGDU PiV DOWR 6&3 $/  \D KDEtD VHxDODGR TXH ORV
MXHFHV GH OD MXULVGLFFLyQ RUGLQDULD HVWiQ YLQFXODGRV GH PDQHUD YHUWLFDO  DO
SUHFHGHQWH MXGLFLDO HPLWLGR SRU HO 7ULEXQDO 6XSUHPR GH -XVWLFLD GHO PLVPR
PRGR ODV 6DODV HVWiQ YLQFXODGRV GH PDQHUD KRUL]RQWDO D ORV SUHFHGHQWHV
MXGLFLDOHVHPLWLGRVSRUOD6DODVGHODPLVPDPDWHULDHPSHURSXHGHQDSDUWDUVH
GH PDQHUD IXQGDPHQWDGD VLJXLHQGR HQWUH RWUDV UHJODV OD H[SUHVLyQ GH
DUJXPHQWRVTXHUHVSHWHQHOHPHQWRVEiVLFRVGHODUDFLRQDOLGDG\UD]RQDELOLGDG
SDUD VHSDUDUVH GHO SUHFHGHQWH MXGLFLDO TXH VH FRQVLGHUHQ GH PD\RU SHVR
DUJXPHQWDWLYR GHVGH \ FRQIRUPH D OD &RQVWLWXFLyQ \ DO EORTXH GH
FRQVWLWXFLRQDOLGDG D OD MXULVSUXGHQFLD GHO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO R OD &RUWH ,QWHUDPHULFDQD GH 'HUHFKRV +XPDQRV TXH KXELHUHQ
SURQXQFLDGRMXULVSUXGHQFLDPiVSURJUHVLYDDORVGHUHFKRVIXQGDPHQWDOHV

/D 6&3  HVWDEOHFLy UHJODV SDUD OD  DSOLFDFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDOVHxDODQGRTXHGHEHFRQVLGHUDUVHL ODDQDORJtDHQORVVXSXHVWRV
IiFWLFRV\ODFLWDGHOSUHFHGHQWHFRQLGHQWLILFDFLyQH[SUHVDGHOSUHFHGHQWHHQ
YLJRU\LL ODSURKLELFLyQGHDSOLFDURELWHUGLFWXP FXHVWLRQHVDFFHVRULDV FRPR
VLIXHUDQSUHFHGHQWHVODFLWDLQFRPSOHWDGHOSUHFHGHQWH\HOXVRLQFRUUHFWRGH
ODDSOLFDFLyQGHMXULVSUXGHQFLDHQHOWLHPSR6LQHPEDUJRHVWDVUHJODVWLHQHQ
TXH WHQHU HQ FXHQWD HQ SULPHU OXJDU OD LGHQWLILFDFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO TXH FRQWLHQH HO HVWiQGDU PiV DOWR GH SURWHFFLyQ FRQIRUPH OR
HQWHQGLyOD6&
/DMXULVSUXGHQFLDFRQVWLWXFLRQDOHQHOWLHPSR
D -XULVSUXGHQFLDFRQVWLWXFLRQDOUHWURVSHFWLYD

W


dW^:d


/D 6&3  UHFRJLHQGR SUHFHGHQWHV FRQVWLWXFLRQDOHV GHO 7ULEXQDO
&RQVWLWXFLRQDO GH ORV GLH] DxRV VHxDOy
8Q SUHFHGHQWH FRQVWLWXFLRQDO DO
FRQVWLWXLUVHHQXQPHGLRSRUHOFXDOOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRGHVSOD]D
VXHILFDFLDJHQHUDOWLHQHYDOLGH]SOHQDHQHOWLHPSR\SRUHQGHQRHVWiUHJLGR
SRUHOSULQFLSLRGHLUUHWURDFWLYLGDGORTXHVLJQLILFDTXHSXHGHVHUDSOLFDGRD
KHFKRVSDVDGRVHQIRUPDUHWURVSHFWLYDVLQLPSRUWDUTXHORVKHFKRVDORVTXH
KD GH DSOLFDUVH HO HQWHQGLPLHQWR MXULVSUXGHQFLDO KXELHUHQ DFDHFLGR FRQ
DQWHULRULGDGDOSUHFHGHQWHFRQVWLWXFLRQDO
6LQHPEDUJRGHHOORODDSOLFDFLyQUHVWURVSHFWLYDWLHQHOtPLWHVHVWRVVRQ /D
FRVDMX]JDGDHQODPHGLGDHQTXHORVQXHYRVHQWHQGLPLHQWRVMXULVSUXGHQFLDOHV
QR SXHGHQ DIHFWDU ORV DVXQWRV \D UHVXHOWRV \ TXH VH HQFXHQWUDQ ILUPHV R
LQLPSXJQDEOHVHVWRHVTXHWHQJDODFDOLGDGGHFRVDMX]JDGDIRUPDO\PDWHULDO
SRUORPLVPRVyORSXHGHDSOLFDUVHUHWURVSHFWLYDPHQWHDSURFHVRVHQFXUVR\
  /D MXULVSUXGHQFLD TXH SHUMXGLFD DO LPSXWDGR HQ PDWHULD GH GHUHFKR SHQDO
VXVWDQWLYR OR TXH LPSOLFD TXH HQ HVWH ~OWLPR FDVR QR VH SXHGHQ DSOLFDU HQ
IRUPD UHWURVSHFWLYD ORV HQWHQGLPLHQWRV MXULVSUXGHQFLDOHV TXH DIHFWHQ R
GHVPHMRUHQODVHVIHUDVGHOLEHUWDGGHOLPSXWDGRRFRQGHQDGR 6&5
GH  GH RFWXEUH  6& 5 GH  GH QRYLHPEUH VREUH HO WHPD GHO
JDUDQWH KLSRWHFDULR VH DSOLFy OD 6& 5 FXDQGR HO SURFHVR KDEtD
DGTXLULGRODFDOLGDGGHFRVDMX]JDGD 
6HSXHGHDSOLFDUUHWURVSHFWLYDPHQWHXQSUHFHGHQWHFRQVWLWXFLRQDODSURFHVRVHQ
FXUVR~QLFDPHQWHFXDQGRQRSHUMXGLTXHRUHVWULQMDGHUHFKRVFRQVROLGDGRVSRU
XQ DQWHULRU HQWHQGLPLHQWR MXULVSUXGHQFLDO 6& 5 GH  GH MXQLR
PXMHUHPEDUD]DGDFRQEHFDWUDEDMR 
$KRUDELHQDGLFKRVOtPLWHVVHDxDGHODSURKLELFLyQGHDSOLFDUUHWURDFWLYDPHQWH
XQ SUHFHGHQWH TXH SRGUtD UHVWULQJLU HO GHUHFKR GH DFFHVR D OD MXVWLFLD
FRQVWLWXFLRQDO \D VHD SRUTXH FRQ GLFKD MXULVSUXGHQFLD VH LPSRQHQ R VH
HQGXUHFHQORVUHTXLVLWRVSDUDODSUHVHQWDFLyQGHODVDFFLRQHVFRQVWLWXFLRQDOHV
R VH JHQHUDQ QXHYDV FDXVDOHV GH LPSURFHGHQFLD R HQ VX FDVR HO QXHYR
SUHFHGHQWH SHVH D HIHFWXDU XQD LQWHUSUHWDFLyQ IDYRUDEOH GHO GHUHFKR SRU
HMHPSOR GHUHFKR D UHFXUULU SRGUtD GDU OXJDU D TXH HQ VX DSOLFDFLyQ UHVXOWH
GHVIDYRUDEOHSDUDHODFFHVRDODMXVWLFLDFRQVWLWXFLRQDOFRQIRUPHSUHFLVyHOYRWR
GLVLGHQWHDOD6&5GHGHQRYLHPEUH
E -XULVSUXGHQFLDFRQVWLWXFLRQDOSURVSHFWLYD(ORYHUUXOLQJSURVSHFWLYR
(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDODSDUWLUGHOD6&3GH
GHPDU]RHQXQDDFFLyQGHOLEHUWDGDSOLFyHORYHUUXOLQJSURVSHFWLYRHVGHFLUD
IXWXURHQXQFDVRHQHOTXHLQWHUSUHWyODVUHJODVGHFRPSHWHQFLDPDWHULDOSDUD
FRQRFHUDFFLRQHVGHOLEHUWDG(VWDVHQWHQFLDVHxDOyTXHHQFDVRVGHPXWDFLRQHV
RPRGXODFLRQHVDODMXULVSUXGHQFLDFRQVWLWXFLRQDOHO7ULEXQDO&RQVWLWXFLRQDO
3OXULQDFLRQDODSDUWLUGHORVHIHFWRVTXHSXHGHQJHQHUDUGLFKRVSUHFHGHQWHV
SRGUiGHWHUPLQDUVXDSOLFDFLyQYLQFXODQWHVyORDFDVRVIXWXURV
 9DOLGH] GH OD MXULVSUXGHQFLD FRQVWLWXFLRQDO DQWHULRU D OD YLJHQFLD GH OD
&RQVWLWXFLyQDFWXDO
/D6&3TXHVHFRQVWLWX\HHQXQDSULPHUDVHQWHQFLDFRQILUPDGRUD
VHxDOyTXHHVSRVLEOHODDSOLFDFLyQGHMXULVSUXGHQFLDFRQVWLWXFLRQDOHPLWLGDHQ
YLJHQFLD GH OD &RQVWLWXFLyQ DEURJDGD VLHPSUH TXH QR VH FRQWUDSRQJD D OD
&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRYLJHQWH
(O7ULEXQDO&RQVWLWXFLRQDOHQOD6&5HVWDEOHFLyTXH
HVSRVLEOHOD
DSOLFDFLyQ GH OD MXULVSUXGHQFLD FRQVWLWXFLRQDO HPLWLGD HQ YLJHQFLD GH OD
&RQVWLWXFLyQDEURJDGDVLHPSUHTXHQRVHFRQWUDSRQJDDOD&RQVWLWXFLyQ3ROtWLFD

W


dW^:d
GHO (VWDGR
 HQWHQGLPLHQWR UHLWHUDGR HQ ODV 66&& 5 5
HQWUHRWUDV
 (IHFWR YLQFXODQWH GH OD GHFODUDWRULD GH LQFRQVWLWXFLRQDOLGDG LPSLGH
DSOLFDFLyQGHQRUPDVFRQVLPLODUVHQWLGRQRUPDWLYR
/D6&3TXHVHFRQVWLWX\HHQXQDSULPHUDVHQWHQFLDFRQILUPDGRUD
VHxDOy TXH HQ YLUWXG DO FDUiFWHU YLQFXODQWH \ REOLJDWRULR GH ODV UHVROXFLRQHV
FRQVWLWXFLRQDOHV ORV IXQGDPHQWRV GH XQD VHQWHQFLD FRQVWLWXFLRQDO GHEHQ VHU
REVHUYDGRVSRUODVDXWRULGDGHVMXGLFLDOHV\DGPLQLVWUDWLYDVHQODDSOLFDFLyQGH
ORVDUWtFXORVTXHFRQWHQJDQHOPLVPRSUREOHPDMXUtGLFRTXH\DIXHREMHWRGH
MXLFLRGHFRQVWLWXFLRQDOLGDGSRUHVWH7ULEXQDO
6REUHODSURKLELFLyQGHDSOLFDFLyQGHQRUPDVFRQVLPLODUVHQWLGRQRUPDWLYRGH
ODVTXHIXHURQVRPHWLGDVDFRQWUROGHFRQVWLWXFLRQDOLGDGQRUPDWLYR\GHFODUDGDV
LQFRQVWLWXFLRQDOHVHO7ULEXQDO&RQVWLWXFLRQDOGHODpSRFDGHORVGLH]DxRVD
WUDYpVGHOD6&HVWDEOHFLyTXH
HQYLUWXGDOFDUiFWHUYLQFXODQWH\
REOLJDWRULR GH ODV UHVROXFLRQHV FRQVWLWXFLRQDOHV ORV IXQGDPHQWRV GH HVD
6HQWHQFLD&RQVWLWXFLRQDOGHEHQVHUREVHUYDGRVSRUODVDXWRULGDGHVMXGLFLDOHV\
DGPLQLVWUDWLYDV HQ OD DSOLFDFLyQ GH ORV DUWtFXORV TXH FRQWHQJDQ HO PLVPR
SUREOHPD MXUtGLFR TXH \D IXH REMHWR GH MXLFLR GH FRQVWLWXFLRQDOLGDG SRU HVWH
7ULEXQDOORFRQWUDULRVLJQLILFDUtDDSOLFDUQRUPDVTXHKDQTXHGDGRH[SXOVDGDV
GHO RUGHQDPLHQWR MXUtGLFR GHO SDtV KDFLHQGR LUUHOHYDQWHV ODV IXQFLRQHV GH
FRQWURO GH FRQVWLWXFLRQDOLGDG GH HVWH 7ULEXQDO \ GH GHIHQVD GH ORV GHUHFKRV
IXQGDPHQWDOHV \ JDUDQWtDV FRQVWLWXFLRQDOHV (Q HVWH FRQWH[WR OD UHIHULGD
VHQWHQFLDFRQFHGLyODWXWHODSUHVHQWDGDHQXQDDFFLyQGHOLEHUWDGGHWHUPLQDQGR
ODLOHJDOLGDGGHODGHFLVLyQGHODDXWRULGDGGHPDQGDGDTXHIXQGyVXUHVROXFLyQ
GHH[SXOVLyQGHH[WUDQMHURDPSDUDGDHQXQDQRUPDFRQVLPLODUVHQWLGRDODTXH
IXHGHFODUDGDLQFRQVWLWXFLRQDOLGDGPHGLDQWH6&HVWDEOHFLHQGRTXH

VL OD IDFXOWDG GH H[SXOVLyQ PRWLYDGD SRU OD LQWHUYHQFLyQ GH H[WUDQMHURV HQ
SROtWLFDLQWHUQDKDVLGRGHFODUDGDLQFRQVWLWXFLRQDO\SRUWDQWRHQORVKHFKRV
UHVXOWDLQH[LVWHQWHODFDXVDOGHH[SXOVLyQFRQWHQLGDHQHODUWLQFL GHO'6
DOPDUJHQGHVHUXQDUHLWHUDFLyQGHOVXSXHVWRFRQWHQLGRHQHODUWLQF
K QRSRGUtDVHUDSOLFDGDHQYLUWXGDOFDUiFWHUYLQFXODQWH\REOLJDWRULRGHODV
UHVROXFLRQHV GHO 7ULEXQDO &RQVWLWXFLRQDO
 (Q HIHFWR OD 6&3 
GHWHUPLQyTXHODGHFODUDFLyQGHDEDQGRQR\SRVWHULRUHQWUHJDJUDWXLWDHQIDYRU
GHO 0LQLVWHULR GH OD 3UHVLGHQFLD FRQOOHYD HQ Vt OD H[WLQFLyQ GHO ELHQ GH
SURSLHGDGGHOLPSRUWDGRURVXSURSLHWDULRHQIDYRUGHO(VWDGREROLYLDQRFX\R
FRQWHQLGRQRUPDWLYRHVVLPLODUDOSUR\HFWRGHOH\GHH[WLQFLyQGHGRPLQLRGH
ELHQHV D IDYRU GHO (VWDGR TXH IXH GHFODUDGR LQFRQVWLWXFLRQDO DO GHFODUDU HO
DEDQGRQRGHPHUFDQFtDV
OHJDOPHQWHLPSRUWDGDV
DOSDtV\VLQPD\RUHVWUiPLWHV
DGMXGLFDUODV HQ IDYRU GHO 0LQLVWHULR GH OD 3UHVLGHQFLD VLQ LQWHUYHQFLyQ GH
DXWRULGDGMXULVGLFFLRQDO
6REUHODMXULVSUXGHQFLDGHORVUJDQRVMXULVGLFFLRQDOHVGHFLHUUH
D  )XQFLyQ REOLJDWRULD GH XQLIRUPDU OD MXULVSUXGHQFLD SRU ORV Pi[LPRV
WULEXQDOHV GH MXVWLFLD GHQWUR GH FDGD XQD GH VXV MXULVGLFFLRQHV )XQGDPHQWR
FRQVWLWXFLRQDO
/D6&3HVWDEOHFLyTXHHO7ULEXQDO$JURDPELHQWDODQWHV7ULEXQDO
$JUDULR 1DFLRQDO HQ REVHUYDQFLD GHO SULQFLSLR GH LJXDOGDG SURFHVDO GHEH
VXMHWDUVHDVXVSURSLRVSUHFHGHQWHV
/D 6&3  KD HVWDEOHFLGR OD IXQFLyQ REOLJDWRULD GH XQLIRUPDU OD
MXULVSUXGHQFLDSRUORVPi[LPRVWULEXQDOHVGHMXVWLFLDGHQWURGHFDGDXQDGHVXV
MXULVGLFFLRQHVVHVXVWHQWDHQHOUHVSHWRDODLJXDOGDGHQODDSOLFDFLyQGHODOH\
\ODGHIHQVDGHOSULQFLSLRGHVHJXULGDGMXUtGLFD

W


dW^:d


/D6&3HVWDEOHFLyTXHORVMXHFHVGHODMXULVGLFFLyQRUGLQDULDHVWiQ
YLQFXODGRV GH PDQHUD YHUWLFDO D ORV SUHFHGHQWHV MXGLFLDOHV HPLWLGRV SRU HO
7ULEXQDO 6XSUHPR GH -XVWLFLD GHO PLVPR PRGR HQWUH 6DODV GH HVWH yUJDQR
MXULVGLFFLRQDO H[LVWH YLQFXODFLyQ KRUL]RQWDO  D FX\R HIHFWR HO 7ULEXQDO
6XSUHPRGHMXVWLFLDWLHQHODREOLJDFLyQGHXQLIRUPDUVXMXULVSUXGHQFLDHPSHUR
HQ DPERV VXSXHVWRV SXHGHQ DSDUWDUVH GH PDQHUD IXQGDPHQWDGD GH ORV
SUHFHGHQWHVMXGLFLDOHVVLJXLHQGRODVVLJXLHQWHVUHJODVL &RQVLGHUDFLyQFLWD
H[SUHVD GHO FRQWHQLGR LQWHUSUHWDWLYR DVXPLGR SRU HO 7ULEXQDO 6XSUHPR GH
-XVWLFLDLL (OHQWHQGLPLHQWRRVXEUHJODDVXPLGRVHQORVFDVRVDQWHULRUHVQRHV
DSOLFDEOH DO VXSXHVWR EDMR HVWXGLR R FDVR FRQFUHWR TXH VH DQDOL]D \ LLL 
([SUHVLyQGHDUJXPHQWRVTXHUHVSHWHQHOHPHQWRVEiVLFRVGHODUDFLRQDOLGDG\
UD]RQDELOLGDG  SDUD VHSDUDUVH GHO SUHFHGHQWH MXGLFLDO TXH VH FRQVLGHUHQ GH
PD\RUSHVRDUJXPHQWDWLYRGHVGH\FRQIRUPHDOD&RQVWLWXFLyQ\DOEORTXHGH
FRQVWLWXFLRQDOLGDG D OD MXULVSUXGHQFLD GHO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO R OD &RUWH ,QWHUDPHULFDQD GH 'HUHFKRV +XPDQRV TXH KXELHUHQ
SURQXQFLDGRMXULVSUXGHQFLDPiVSURJUHVLYDDORVGHUHFKRVIXQGDPHQWDOHV


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

3UHFHGHQWH

,,, 5HJODVEiVLFDVSDUDODDSOLFDFLyQRLQYRFDFLyQGHOSUHFHGHQWH
FRQVWLWXFLRQDO

'HODQiOLVLVHVWiWLFR\GLQiPLFRGHODMXULVSUXGHQFLDFRQVWLWXFLRQDOHV
SRVLEOH FRQFOXLU TXH OD DSOLFDFLyQ R LQYRFDFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDOWLHQHUHJODVEiVLFDVTXHGHEHVHJXLUHOMXVWLFLDEOHDWLHPSR
GHLQYRFDUXQSUHFHGHQWHFRPRHOMXH]RFXDOHVTXLHUDXWRULGDGS~EOLFD
RSDUWLFXODUDWLHPSRGHDSOLFDUORFRPRVRQ

D 
/R TXH VH GHEH KDFHU D WLHPSR GH DSOLFDU R LQYRFDU XQ
SUHFHGHQWHFRQVWLWXFLRQDOORTXHODGRFWULQDOODPDFLWDVWpFQLFDVRGH
EXHQDDSOLFDFLyQRXVRGHORVSUHFHGHQWHV


&LWDGHOSUHFHGHQWHTXHWHQJDDQDORJtDHQORVVXSXHVWRVIiFWLFRV
6&5\6&5 


&LWD GHO SUHFHGHQWH LGHQWLILFDQGR SUHYLDPHQWH HO SUHFHGHQWH
FRQVWLWXFLRQDO HQ YLJRU 3DUD HOOR GHEH FRPSDUDUVH HO SUHFHGHQWH
FRQVWLWXFLRQDODDSOLFDUVHFRQODOtQHDMXULVSUXGHQFLDO

E 
/R TXH 12 VH GHEH KDFHU D WLHPSR GH DSOLFDU R LQYRFDU XQ
SUHFHGHQWHFRQVWLWXFLRQDOORTXHODGRFWULQDOODPDFLWDVDQWLWpFQLFDVR
GHPDODDSOLFDFLyQRXVRGHORVSUHFHGHQWHV


&LWDGHXQSUHFHGHQWHFRQVWLWXFLRQDOVLQTXHH[LVWDDQDORJtDHQ
ORVVXSXHVWRVIiFWLFRV
W


dW^:d



&LWD GHO RELWHU GLFWXP FXHVWLRQHV LQFLGHQWDOHV UHIHUHQFLDV
GRFWULQDOHV FLWDV GH GHUHFKR FRPSDUDGR PHQFLyQ D GLVSRVLFLRQHV
MXUtGLFDVDSOLFDEOHVDODVXQWRSHURQRGHFLVLYDVGHODUHVROXFLyQ FRPR
VLIXHUDHOSUHFHGHQWH


&LWDGHIXQGDPHQWRVMXUtGLFRVFRQFOXVLYRVRUHODFLRQDOHV


&LWDGHOD6HQWHQFLD&RQVWLWXFLRQDOFRQILUPDGRUDUHLWHUDGRUDGH
OtQHD VLQ KDFHU PHQFLyQ D OD 6HQWHQFLD &RQVWLWXFLRQDO IXQGDGRUD
PRGXODGRUDRUHFRQGXFWRUDGHOtQHD


&LWD LQFRPSOHWD GHO SUHFHGHQWH \ VROR GH OD SDUWH TXH QRV
IDYRUHFHSDUDHOFDVR


&LWD GHO SUHFHGHQWH TXH QR HVWi HQ YLJRU VLQ KDEHU UHDOL]DGR
SUHYLDPHQWHDQiOLVLVGHODOtQHDMXULVSUXGHQFLDO


(O XVR LQFRUUHFWR GH OD DSOLFDFLyQ GH OD MXULVSUXGHQFLD HQ HO
WLHPSR



 'HUHFKR MXULVSUXGHQFLDO9DOLGH] GH OD MXULVSUXGHQFLD
FRQVWLWXFLRQDODQWHULRUDODYLJHQFLDGHOD&RQVWLWXFLyQDFWXDO
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   (V SRVLEOH OD DSOLFDFLyQ GH MXULVSUXGHQFLD
FRQVWLWXFLRQDO HPLWLGD HQ YLJHQFLD GH OD &RQVWLWXFLyQ DEURJDGD
VLHPSUHTXHQRVHFRQWUDSRQJDDOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR
YLJHQWH

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHOLEHUWDGODVDFFLRQDQWHVGHQXQFLDURQTXHIXQFLRQDULRV
SROLFLDOHV DOODQDURQ VX GRPLFLOLR \ VLQ MXVWLILFDWLYR QL RUGHQ MXGLFLDO
DOJXQD ODV FRQGXMHURQ D GHSHQGHQFLDV GH OD 3ROLFtD GRQGH VH
W


dW^:d


HQFRQWUDURQ GHWHQLGDV SRU PiV GH RFKR KRUDV VLQ FRQRFLPLHQWR GH OD
DXWRULGDGMXULVGLFFLRQDORILVFDOTXHVHHQFXHQWUDDFDUJRGHVXFDVRSRU
OR TXH GHQXQFLDURQ OD YXOQHUDFLyQ D VXV GHUHFKR D OD OLEHUWDG D OD
VHJXULGDGMXUtGLFDDODGHIHQVD\DOGHELGRSURFHVRSLGLHQGRHQPpULWR
D HVWDV GHQXQFLDV VH FRQFHGD OD WXWHOD \ VH H[WLHQGD D VX IDYRU
PDQGDPLHQWR GH OLEHUWDG FRQ UHVSRQVDELOLGDG FLYLO (O 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO FRQILUPy OD GHFLVLyQ GHO 7ULEXQDO GH
*DUDQWtDV\GHQHJyODWXWHODSRUTXHGHDFXHUGRDORVGDWRVGHOSURFHVR
ODVDFFLRQDQWHVDFWLYDURQPHFDQLVPRVSDUDOHORV\DTXHHOPLVPRGtDGH
ODDFWLYDFLyQGHODDFFLyQGHOLEHUWDGVROLFLWDURQDO)LVFDOGH0DWHULDGH
OD9LOOD3ULPHURGH0D\RODFHVDFLyQGHVXDUUHVWR$GHPiVHQFXDQWR
DODGHQXQFLDGHDSUHKHQVLyQHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO
HQDSOLFDFLyQGHODVXEVLGLDULHGDGH[FHSFLRQDOGHODDFFLyQGHOLEHUWDG
GHQHJy OD WXWHOD SRU QR KDEHUVH DFXGLGR SUHYLDPHQWH DQWH HO -XH]
&DXWHODUGH7XUQR$VLPLVPRHVWDEOHFLyTXHHVSRVLEOHODDSOLFDFLyQGH
MXULVSUXGHQFLD FRQVWLWXFLRQDO HPLWLGD HQ YLJHQFLD GH OD &RQVWLWXFLyQ
DEURJDGDVLHPSUHTXHQRVHFRQWUDSRQJDDOD&RQVWLWXFLyQ3ROtWLFDGHO
(VWDGRYLJHQWH

([WUDFWRGHODUDWLRGHFLGHQGL

5DWLRGHFLGHQGL

(QORV)-V,,,\,,,TXHVHUHILHUHQDODVGHQXQFLDVUHDOL]DGDVLPSOtFLWDPHQWH
VHDSOLFDHOUD]RQDPLHQWRGHO)-,,,,,TXHVHxDOD

(VRSRUWXQR\SUXGHQWHVHxDODUTXHVLELHQQRVHQFRQWUDPRVEDMRXQQXHYR
VLVWHPD FRQVWLWXFLRQDO \ XQ QXHYR yUJDQR GH FRQWURO GH FRQVWLWXFLRQDOLGDG
FRPR HV HVWH 7ULEXQDO HOOR QR LPSLGH OD DSOLFDFLyQ GH MXULVSUXGHQFLD
FRQVWLWXFLRQDO DQWHULRU FODUR HVWi VLHPSUH \ FXDQGR QR FRQWUDGLJD \ QR VHD
LQFRPSDWLEOHFRQHOHVStULWXSOXULQDFLRQDOORVSULQFLSLRV\YDORUHVGHOD1RUPD
6XSUHPD MXULVSUXGHQFLD TXH LUD PXWDQGR VHJ~Q VH YD\D GHVDUUROODQGR \
FRQVROLGDQGRHOQXHYRVLVWHPDGHMXVWLFLDSOXULQDFLRQDOTXHVHLPSOHPHQWDUiD
SDUWLUGHODQXHYD/H\)XQGDPHQWDOTXHHVODSULQFLSDOLQVWDQFLDOHJLWLPDGRUD
GHOPRGHORGH(VWDGRGH'HUHFKR3OXULQDFLRQDO

(Q HVWH VHQWLGR OD WUDVFHQGHQFLD IXQGDFLRQDO PRUDO MXUtGLFD SROtWLFD
LQVWLWXFLRQDOGHGHUHFKRV\GHOVLVWHPDGHMXVWLFLDGHEHUiFRQVWLWXLUFRPRSXQWR
GHSDUWLGDGHODQXHYDGRFWULQD\MXULVSUXGHQFLDFRQVWLWXFLRQDOTXHGpVROLGH]
DO QXHYR DPELHQWH FRQVWLWXFLRQDO PLVPD TXH VHUi QHFHVDULDPHQWH GH IRUPD
SURJUHVLYD \ VHJ~Q ODV FRQWURYHUVLDV MXUtGLFDV \ SROtWLFDV TXH OOHJXHQ D HVWH
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO DFODUDQGR QXHYDPHQWH TXH OD
MXULVSUXGHQFLD GHO DQWHULRU 7ULEXQDO VHUi DSOLFDEOH ~QLFDPHQWH FXDQGR VHD
FRPSDWLEOH\FRKHUHQWHFRQOD&RQVWLWXFLyQ


6LQWHVLVGHODUDWLRGHFLGHQGL

W


dW^:d

6H HVWDEOHFH OD SRVLELOLGDG GH DSOLFDU OD MXULVSUXGHQFLD FRQVWLWXFLRQDO


DQWHULRUDODYLJHQFLDGHOD&RQVWLWXFLyQGHVLHPSUH\FXDQGRQR
VHDFRQWUDULDDpVWD

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDOHQOD6&5HVWDEOHFLyTXH
HVSRVLEOHOD
DSOLFDFLyQ GH OD MXULVSUXGHQFLD FRQVWLWXFLRQDO HPLWLGD HQ YLJHQFLD GH OD
&RQVWLWXFLyQDEURJDGDVLHPSUHTXHQRVHFRQWUDSRQJDDOD&RQVWLWXFLyQ3ROtWLFD
GHO (VWDGR
 HQWHQGLPLHQWR UHLWHUDGR HQ ODV 66&& 5 5
HQWUHRWUDV

/D 6&  KDFLHQGR UHIHUHQFLD DO  QXHYR yUJDQR GH FRQWURO GH
FRQVWLWXFLRQDOLGDGVHxDOy
VLELHQQRVHQFRQWUDPRVEDMRXQQXHYRVLVWHPD
FRQVWLWXFLRQDO\XQQXHYRyUJDQRGHFRQWUROGHFRQVWLWXFLRQDOLGDGFRPRHVHVWH
7ULEXQDOHOORQRLPSLGHODDSOLFDFLyQGHMXULVSUXGHQFLDFRQVWLWXFLRQDODQWHULRU
MXULVSUXGHQFLDTXHLUDPXWDQGRVHJ~QVHYD\DGHVDUUROODQGR\FRQVROLGDQGRHO
QXHYRVLVWHPDGHMXVWLFLDSOXULQDFLRQDOTXHVHLPSOHPHQWDUiDSDUWLUGHODQXHYD
/H\ )XQGDPHQWDO TXH HV OD SULQFLSDO LQVWDQFLD OHJLWLPDGRUD GHO PRGHOR GH
(VWDGR GH 'HUHFKR 3OXULQDFLRQDO (V LPSRUWDQWH VHxDODU WDPELpQ TXH OD
6HQWHQFLDDKRUDDQDOL]DGDHQVXDQiOLVLVDJUHJyORVLJXLHQWH
ODWUDVFHQGHQFLD
IXQGDFLRQDOPRUDOMXUtGLFDSROtWLFDLQVWLWXFLRQDOGHGHUHFKRV\GHOVLVWHPDGH
MXVWLFLD GHEHUi FRQVWLWXLU FRPR SXQWR GH SDUWLGD GH OD QXHYD GRFWULQD \
MXULVSUXGHQFLDFRQVWLWXFLRQDOTXHGpVROLGH]DOQXHYRDPELHQWHFRQVWLWXFLRQDO
PLVPDTXHVHUiQHFHVDULDPHQWHGHIRUPDSURJUHVLYD\VHJ~QODVFRQWURYHUVLDV
MXUtGLFDV\SROtWLFDVTXHOOHJXHQDHVWH7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO
DFODUDQGR QXHYDPHQWH TXH OD MXULVSUXGHQFLD GHO DQWHULRU 7ULEXQDO VHUi
DSOLFDEOH~QLFDPHQWHFXDQGRVHDFRPSDWLEOH\FRKHUHQWHFRQOD&RQVWLWXFLyQ


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

(OSUHFHGHQWHSODVPDGRHQOD6&5HVWDEOHFH

)- ,,, 
&RQIRUPH D GLFKD QRUPD HV SRVLEOH OD DSOLFDFLyQ GH
MXULVSUXGHQFLD FRQVWLWXFLRQDO HPLWLGD HQ YLJHQFLD GH OD &RQVWLWXFLyQ
DEURJDGDVLHPSUHTXHQRVHFRQWUDSRQJDDOD&RQVWLWXFLyQ3ROtWLFDGHO
(VWDG HQWHQGLpQGRVH TXH OD QRUPD KDFH UHIHUHQFLD D OD &RQVWLWXFLyQ
3ROtWLFD YLJHQWH SXHV GH OR FRQWUDULR OD MXULVSUXGHQFLD QR SRGUtD
FRQWUDSRQHUVHDOD&RQVWLWXFLyQGHODFXDOHPDQy


,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

1RH[LVWHYDULDFLyQGHOSUHFHGHQWH\DTXHHVWDOtQHDWDOFRPRVHUHODWy
HQODFRQWH[WXDOL]DFLRQWXYRXQHQWHQGLPLHQWRXQLIRUPH



W


dW^:d



9DORU
QRUPDWLYR
GH
OD
MXULVSUXGHQFLD
FRQVWLWXFLRQDO&DUiFWHUYLQFXODQWH
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3(QYLUWXGDOFDUiFWHUYLQFXODQWH\REOLJDWRULRGHODV
UHVROXFLRQHV FRQVWLWXFLRQDOHV  ORV IXQGDPHQWRV GH XQD VHQWHQFLD
FRQVWLWXFLRQDOGHEHQVHUREVHUYDGRVSRUODVDXWRULGDGHVMXGLFLDOHV\
DGPLQLVWUDWLYDV HQ OD DSOLFDFLyQ GH ORV DUWtFXORV TXH FRQWHQJDQ HO
PLVPR SUREOHPD MXUtGLFR TXH \D IXH REMHWR GH MXLFLR GH
FRQVWLWXFLRQDOLGDGSRUHVWH7ULEXQDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOHODFFLRQDQWHHQUHSUHVHQWDFLyQ
GHODHPSUHVDGH6HJXURV\5HDVHJXURV&UHGLQIRUP,QWHUQDWLRQDO6$
GHQXQFLyODYXOQHUDFLyQGHVXGHUHFKRDOGHELGRSURFHVR\ORVSULQFLSLRV
GH OHJDOLGDG \ GH VHJXULGDG MXUtGLFD DOHJDQGR TXH OD DXWRULGDG
GHPDQGDGDHQUHSUHVHQWDFLyQGHOD$GPLQLVWUDFLyQ$GXDQHUDRPLWLy
HQIRUPDLOHJDOHOFXPSOLPLHQWRGHODQRWLILFDFLyQDODHPSUHVDDKRUD
DFFLRQDQWHSUHYLRDODGHFODUDWRULDGHDEDQGRQRWiFLWRRGHKHFKRGHOD
PHUFDQFtD D IDYRU GHO (VWDGR DSOLFDQGR UHWURDFWLYDPHQWH OD /H\ GHO
3UHVXSXHVWR*HQHUDOGHO(VWDGRGHODJHVWLyQGHGHVHSWLHPEUH
QRUPD TXH QR VH HQFRQWUDED HQ YLJHQFLD FXDQGR VH SURGXMR HO KHFKR
JHQHUDGRUGHODSUHVHQWHFDXVD(QFRQVHFXHQFLDVROLFLWyVHGLVSRQJD
D /DQXOLGDGGHOD5HVROXFLyQDGPLQLVWUDWLYDTXHGHFODUyHODEDQGRQR
GHPHUFDQFtD\E (OFHVHGHODRPLVLyQHQHOTXHLQFXUULyODFLWDGD
DXWRULGDGDOQRKDEHUFXPSOLGRORGLVSXHVWRHODUWGHOD/*$(O
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO FRQILUPy OD UHVROXFLyQ GHO
WULEXQDOGHJDUDQWtDVTXHFRQFHGLyODWXWHODSRUOHVLyQDORVGHUHFKRVD
OD GHIHQVD GHELGR SURFHVR \ SURSLHGDG DO KDEHUVH RPLWLGR OD
QRWLILFDFLyQ SHUVRQDO FRQ OD UHVROXFLyQ DGPLQLVWUDWLYD TXH GHFODUy HO
DEDQGRQR GH PHUFDGHUtD LQREVHUYDQGR TXH HQ FDVR GH QRUPDV
FRQWUDGLFWRULDV GHEH DSOLFDUVH OD QRUPD PiV IDYRUDEOH DVt FRPR SRU
KDEHU DSOLFDGR UHWURDFWLYDPHQWH OD /H\  HQ OD 5HVROXFLyQ
$GPLQLVWUDWLYDLPSXJQDGD\SRUKDEHUDSOLFDGRXQDQRUPDFRQVLPLODU
VHQWLGRDODGHOSUR\HFWRGHOH\GHH[WLQFLyQGHGRPLQLRGHELHQHVTXH
W


dW^:d

VRPHWLGR D FRQWURO GH FRQVWLWXFLRQDOLGDG QRUPDWLYR IXH GHFODUDGR


LQFRQVWLWXFLRQDO

([WUDFWRGHODUDWLRGHFLGHQGL

)M,,,
6HGHEHSUHFLVDUTXHVLELHQODSUHVHQWHDFFLyQGHDPSDURFRQVWLWXFLRQDOQR
WLHQHODIDFXOWDGGHGHFODUDUODLQFRQVWLWXFLRQDOLGDGGHOH\HVRQRUPDVHPSHURHQYLUWXG
GHOFRQWUROGHFRQVWLWXFLRQDOLGDGGLULJLGRDSUHFDXWHODUGHUHFKRVIXQGDPHQWDOHVQRVH
SXHGH VRVOD\DU TXH OD SUHVHQWH DFFLyQ HPHUJH GH OD DSOLFDFLyQ GH OD /H\ *HQHUDO GH
$GXDQDV TXH IXH PRGLILFDGD SRU OD /H\ GHO 3UHVXSXHVWR *HQHUDO GHO (VWDGR JHVWLyQ
VLHQGRTXHGLFKDVPRGLILFDFLRQHVPDQWLHQHQFLHUWDVLPLOLWXGFRQHOSUR\HFWRGH
/H\GH([WLQFLyQGH'RPLQLRGH%LHQHVD)DYRUGHO(VWDGRTXHIXHHOHYDGRHQFRQVXOWD
DQWH HVWH 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO TXLHQ D WUDYpV GH OD 'HFODUDFLyQ
&RQVWLWXFLRQDO '&   GH  GH DEULO GHFODUy OD LQFRQVWLWXFLRQDOLGDG GH
PXFKRVGHORVDUWtFXORVGHODPLVPD

(Q WDO VHQWLGR VH GHEH VHxDODU TXH OD GHFODUDFLyQ GH DEDQGRQR \ SRVWHULRU HQWUHJD
JUDWXLWDHQIDYRUGHO0LQLVWHULRGHOD3UHVLGHQFLDFRQOOHYDHQVtODH[WLQFLyQGHOELHQGH
SURSLHGDGGHOLPSRUWDGRURVXSURSLHWDULRHQIDYRUGHO(VWDGREROLYLDQRVLHQGRDVtTXH
VXQDWXUDOH]DHVH[FOXVLYDPHQWHDGPLQLVWUDWLYD\DTXHQRH[LVWHRQRVHFRQWHPSODOD
SRVLELOLGDGGHTXHSXHGDQLQWHUYHQLUMXHFHVLPSDUFLDOHVHQGLFKRSURFHVRVLHQGRTXHOD
'&  DO UHVSHFWR VHxDOy
FDEH VHxDODU TXH GH DFXHUGR DO QXHYR RUGHQ
FRQVWLWXFLRQDO HO DUW , GH OD &3( HVWDEOHFH TXH WRGD SHUVRQD VHUi SURWHJLGD
RSRUWXQD\HIHFWLYDPHQWHSRUORVMXHFHV\WULEXQDOHVHQHOHMHUFLFLRGHVXVGHUHFKRVH
LQWHUHVHVOHJtWLPRV$VLPLVPRHODUW,GHODPLVPDQRUPDVXSUDOHJDOSUHVFULEHTXH
WRGD SHUVRQD WLHQH GHUHFKR D VHU RtGD SRU XQD DXWRULGDG MXULVGLFFLRQDO FRPSHWHQWH
LQGHSHQGLHQWH H LPSDUFLDO SUHYLVLyQ FRQVWLWXFLRQDO GH OD FXDO VH FROLJH TXH WRGR
FXHVWLRQDPLHQWR FRQWURYHUVLD UHVWULFFLyQ SULYDFLyQ GH GHUHFKRV R DIHFWDFLyQ GH
LQWHUHVHV OHJtWLPRV GH ODV SHUVRQDV GHEH VHU FRQRFLGR \ UHVXHOWR SRU XQD DXWRULGDG
MXGLFLDOHQHOPDUFRGHWRGDVODVJDUDQWtDVLQKHUHQWHVDOGHELGRSURFHVR
 GLFKDQRUPDWLHQHSUHVXSXHVWRVVLPLODUHVDOSUR\HFWRGHOH\GHH[WLQFLyQGHGRPLQLR
GHELHQHVDIDYRUGHO(VWDGRQRUPDTXHIXHSXHVWDHQFRQRFLPLHQWRGHHVWH7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO SDUD VX FRQWURO SUHYLR GH FRQVWLWXFLRQDOLGDG \ IXH
GHFODUDGD LQFRQVWLWXFLRQDO HQ PXFKRV GH VXV DUWtFXORV HQWUH RWURV DVSHFWRV SRU
HYLGHQFLDUVHXQDDIHFWDFLyQGHODSURSLHGDGSULYDGDHQIDYRUGHO(VWDGRFX\RSURFHVR
HVQHWDPHQWHDGPLQLVWUDWLYRDVSHFWRTXHYXOQHUDED\VHFRQIURQWDEDFRQHOGHUHFKRDO
GHELGRSURFHVR\DODGHIHQVDGHELHQGRVHxDODUVHTXHOD/H\GHO3UHVXSXHVWR*HQHUDO
GHO (VWDGR TXH PRGLILFD OD /H\ *HQHUDO GH $GXDQDV WLHQH XQD QDWXUDOH]D
DGPLQLVWUDWLYD OD PLVPD TXH DIHFWD GLUHFWDPHQWH OD SURSLHGDG SULYDGD DO GHFODUDU HO
DEDQGRQRGHPHUFDQFtDV
OHJDOPHQWHLPSRUWDGDV
DOSDtV\VLQPD\RUHVWUiPLWHVDGMXGLFD
GLFKDV PHUFDQFtDV HQ IDYRU GHO 0LQLVWHULR GH OD 3UHVLGHQFLD VLQ LQWHUYHQFLyQ GH
DXWRULGDGMXULVGLFFLRQDO(QFRQVHFXHQFLDVHHYLGHQFLDTXHDGHPiVGHODYXOQHUDFLyQDO
GHUHFKRDODGHIHQVDDOGHELGRSURFHVRDODQRDSOLFDFLyQUHWURDFWLYDGHODQRUPDHQWUH
RWURVHQHOSUHVHQWHVHKDYXOQHUDGRHOGHUHFKRDODSURSLHGDG\DODQRFRQILVFDWRULHGDG
VDOYRGHFODUDFLyQGHXWLOLGDGS~EOLFD\SDJRGHXQMXVWLSUHFLR


6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOSRUOHVLyQDOGHUHFKRDOD
SURSLHGDG DO KDEHU DSOLFDGR XQD QRUPD FRQ VLPLODU VHQWLGR D OD GHO
3UR\HFWRGHOH\GHH[WLQFLyQGHGRPLQLRGHELHQHVHOTXHVRPHWLGRD
FRQWUROGHFRQVWLWXFLRQDOLGDGQRUPDWLYRIXHGHFODUDGRLQFRQVWLWXFLRQDO

W


dW^:d


&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDODOPRPHQWRGHUHVROYHUORVSUREOHPDVMXUtGLFRVVRPHWLGRVD
VX FRQRFLPLHQWR HQ HO HMHUFLFLR GHO FRQWURO GH FRQVWLWXFLRQDOLGDG HQ VXV GLIHUHQWHV
iPELWRVKDGHVDUUROODGRFULWHULRVMXULVSUXGHQFLDOHVVREUHODDSOLFDFLyQHLQYRFDFLyQGH
ODMXULVSUXGHQFLDFRQVWLWXFLRQDOHQORVVLJXLHQWHVSUHFHGHQWHV
6REUHHOYDORUGHODMXULVSUXGHQFLDFRQVWLWXFLRQDO
D /DMXULVSUXGHQFLDFRQVWLWXFLRQDOWLHQHYDORUGHIXHQWHGLUHFWDGHO'HUHFKRGHDKt
TXHVHUHFRQRFHVXFDUiFWHUYLQFXODQWHSDUDORVyUJDQRVGHOSRGHUS~EOLFR\SDUWLFXODUHV
6&56&5\6&3 
E (OUHVSHWR\DSOLFDFLyQGHOSUHFHGHQWHFRQVWLWXFLRQDOHVWiYLQFXODGRDOUHVSHWRGHO
GHUHFKRDODLJXDOGDGHQODDSOLFDFLyQGHODOH\ DUWV,,\,,,GHOD&3( \ODJDUDQWtD
GHVHJXULGDGMXUtGLFD DUW,GHOD&3(  6&56&5\6&3
 
F /DLPSRUWDQFLDGHOSUHFHGHQWHYLQFXODQWHVHVXVWHQWDHQODFRKHUHQFLD\XQLGDGTXH
RWRUJDDOVLVWHPDMXUtGLFR 6&5\6&5 
G  (O UHVSHWR D ORV SUHFHGHQWHV FRQVWLWXFLRQDOHV QR LPSOLFD TXH HO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOSHWULILTXHVXMXULVSUXGHQFLDLPSLGLHQGRHOUHSODQWHDPLHQWR
GHSUREOHPDVMXUtGLFRVDSDUHQWHPHQWH\DUHVXHOWRVSRUHOFRQWUDULRSXHGHFDPELDUOD
PXWDUODVLHPSUHTXHVHDFRQPRWLYDFLyQVXILFLHQWH 6&5 (QHVHRUGHQOD
6&3  PRGXODQGR HVWH HQWHQGLPLHQWR HVWDEOHFLy DOJXQRV FULWHULRV SDUD
FDPELDU OD MXULVSUXGHQFLD FRQVWLWXFLRQDO VHxDODQGR TXH
(Q OD PHGLGD TXH ORV
SUHFHGHQWHV VHDQ PiV DFRUGHV FRQ ORV SULQFLSLRV YDORUHV GHUHFKRV IXQGDPHQWDOHV
JDUDQWtDV FRQVWLWXFLRQDOHV GH OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR \ GHO EORTXH GH
FRQVWLWXFLRQDOLGDG HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO SUHIHULUi VX ILMH]D $
FRQWUDULRVHQVXpVWH7ULEXQDODSHUWXUDUiVXFDSDFLGDGGHFDPELRFXDQGRQRHVWpDFRUGH
DHOORV

$QiOLVLVGHODMXULVSUXGHQFLDSDUDVXLQYRFDFLyQ\DSOLFDFLyQ
$QiOLVLV HVWiWLFR GH XQD VHQWHQFLD FRQVWLWXFLRQDO (O SUHFHGHQWH FRQVWLWXFLRQDO OD
UDWLRGHFLGHQGLHORELWHUGLFWXP\HOGHFLVXP 
D 'LIHUHQFLDHQWUHODSDUWHYLQFXODQWH\ORVHIHFWRVGHODSDUWHUHVROXWLYDRGHFLVXP
/D 6& 5 VHxDOy TXH
6L ELHQ WRGR IDOOR TXH HPLWH HVWH 7ULEXQDO HQ
UHFXUVRVGHDPSDURFRQVWLWXFLRQDO\KiEHDVFRUSXVWLHQHHIHFWRVLQWHUSDUWHV VyORDIHFWD
D ODV SDUWHV  ORV IXQGDPHQWRV GHWHUPLQDQWHV GHO IDOOR R UDWLRQHV GHFLGHQGL VRQ
YLQFXODQWHV \ SRU WDQWR GH REOLJDWRULD DSOLFDFLyQ SDUD ORV 3RGHUHV GHO (VWDGR
OHJLVODGRUHVDXWRULGDGHVWULEXQDOHV\MXHFHV HQWRGRVVXVQLYHOHVMHUiUTXLFRV DVtOR
GHWHUPLQDHODUWGHOD/H\GHO7ULEXQDO&RQVWLWXFLRQDO

/D6&3DSDUWLUGHOFRQWHQLGRQRUPDWLYRSUHYLVWRHQHODUW,GHO&3&R
HVWDEOHFLyTXH
/RVHIHFWRVGHODSDUWHUHVROXWLYDVRQGRV 
LQWHUSDUWHV
TXHLPSOLFD
ODREOLJDWRULHGDGSDUDODVSDUWHVLQWHUYLQLHQWHVHVGHFLUVRORDIHFWDDHOODVFRPRRFXUUH
HQ ODV  VHQWHQFLDV GH DFFLRQHV GH GHIHQVD DFFLyQ GH OLEHUWDG DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO DFFLyQ GH SURWHFFLyQ D OD SULYDFLGDG DFFLyQ SRSXODU \ DFFLyQ GH
FXPSOLPLHQWR GHFODUDFLRQHV\DXWRVGHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO\ 

HUJD RPQHV
 TXH LPSOLFD OD REOLJDWRULHGDG SDUD WRGRV HV GHFLU WLHQH HIHFWR JHQHUDO
FRPR RFXUUH HQ HO FDVR GH ODV DFFLRQHV GH LQFRQVWLWXFLRQDOLGDG \ HO UHFXUVR FRQWUD
WULEXWRV

E 'LVWLQFLyQHQWUHSUHFHGHQWHFRQVWLWXFLRQDO\ODUDWLRGHFLGHQGL
/D6&3DSDUWLUGHOFRQWHQLGRQRUPDWLYRSUHYLVWRHQHODUW,,GHOGHO
&3&RVHxDOyTXH
 TXHHVYLQFXODQWHHOSUHFHGHQWHFRQVWLWXFLRQDOFRQWHQLGRHQOD
UDWLRGHFLGHQGL(VGHFLUHQODUDWLRGHFLGHQGLVHHQFXHQWUDHOSUHFHGHQWHFRQVWLWXFLRQDO
(O SUHFHGHQWH FRQVWLWXFLRQDO HV YLQFXODQWH VLHPSUH TXH H[LVWD XQ VXSXHVWR IiFWLFR
DQiORJR $&(&$\6&5 
 
/RVSUHFHGHQWHVFRQVWLWXFLRQDOHVHVWiQVyORHQODVVHQWHQFLDVUHOHYDQWHV6HLGHQWLILFDQ
D ODV VHQWHQFLDV UHOHYDQWHV SRUTXH VRQ VHQWHQFLDV IXQGDGRUDV PRGXODGRUDV TXH

W


dW^:d
UHFRQGXFHQ R FDPELDQ XQD OtQHD MXULVSUXGHQFLDO H[SUHVDPHQWH R WiFLWDPHQWH (Q HO
SUHFHGHQWHFRQVWLWXFLRQDOVHFRQVLJQDQ
ODVVXEUHJODVGH'HUHFKR

QRUPDVDGVFULWDV
R

FRQFUHWD QRUPD GH OD VHQWHQFLD


 UHVXOWDQWHV GH OD LQWHUSUHWDFLyQ LQWHUUHODFLyQ R
LQWHJUDFLyQGHODVQRUPDVGHOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRRGHODVGLVSRVLFLRQHV
OHJDOHV (VWDV WLHQHQ PiV MHUDUTXtD \ IXHU]D MXUtGLFD TXH ODV SURSLDV OH\HV SRUTXH HO
7ULEXQDO&RQVWLWXFLRQDOHVHO~OWLPRDSOLFDGRUGHO'HUHFKR

$QiOLVLVGLQiPLFRGHODMXULVSUXGHQFLDFRQVWLWXFLRQDO /DVOtQHDVMXULVSUXGHQFLDOHV 
/D6&3HVWDEOHFLyTXH
1RHVVXILFLHQWHODLGHQWLILFDFLyQGHOSUHFHGHQWH
FRQVWLWXFLRQDO D WUDYpV GHO DQiOLVLV HVWiWLFR GH OD MXULVSUXGHQFLD VH GHEH DQDOL]DU OD
MXULVSUXGHQFLDFRQVWLWXFLRQDOWDPELpQDWUDYpVGHXQHVWXGLRGLQiPLFRHVGHFLUVHGHEH
DSUHFLDU GH PDQHUD VLVWHPiWLFD HO GHVDUUROOR GH OD MXULVSUXGHQFLD SDUD XELFDU HO
SUHFHGHQWH FRQVWLWXFLRQDO HQ YLJRU HQ OD OtQHD MXULVSUXGHQFLDO /DV OtQHDV
MXULVSUXGHQFLDOHV VRQ OD WpFQLFD SDUD KDFHU HO DQiOLVLV GLQiPLFR GH OD MXULVSUXGHQFLD
FRQVWLWXFLRQDO 6RQ ODV UHVSXHVWDV R VROXFLRQHV TXH OD MXULVSUXGHQFLD KD GDGR D
GHWHUPLQDGR SUREOHPD MXUtGLFR HVWi FRQIRUPDGD SRU XQ FRQMXQWR GH VHQWHQFLDV TXH
DERUGDURQGHWHUPLQDGDWHPiWLFD
/DMXULVSUXGHQFLDFRQVWLWXFLRQDODOVHUHQHVHQFLDHYROXWLYDVHYDPRGXODQGR\DVHD
H[WHQGLHQGRRHQVXFDVRUHVWULQJLHQGRVXVDOFDQFHVGHDKtTXHHVSUHFLVRKDFHUXQ
UHFRUULGRHQWUHODVVHQWHQFLDVEiVLFDVRFUHDGRUDVGHOtQHDVVHQWHQFLDVPRGXODGRUDVGH
OtQHDV VHQWHQFLDV FRQILUPDGRUDV R UHLWHUDGRUDV GH OtQHD VHQWHQFLDV PXWDGRUDV R
FDPELDGRUDVGHOtQHD\VHQWHQFLDVUHFRQGXFWRUDVGHOtQHDSRUTXHVyORFRQHVWHDQiOLVLV
GLQiPLFR GH ODV VHQWHQFLDV TXH FRQIRUPDQ OD OtQHD MXULVSUXGHQFLDO VH LGHQWLILFD HO
SUHFHQGHQWHFRQVWLWXFLRQDOHQYLJRU

/D 6&3 $/ FRPSOHPHQWDGD SRU OD  6&3 6 HQ XQ QXHYR
SDUDGLJPD GH OD LQYRFDFLyQ \ DSOLFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO GHVSXpV GHO
DQiOLVLVGHXQDOtQHDMXULVSUXGHQFLDOHVWDEOHFLyTXHHOSUHFHGHQWHFRQVWLWXFLRQDOHQYLJRU
R YLJHQWH UHVXOWD DTXpO TXH DFRMD HO HVWiQGDU PiV DOWR GH SURWHFFLyQ GHO GHUHFKR
IXQGDPHQWDORJDUDQWtDFRQVWLWXFLRQDOLQYRFDGRHVWRHVDTXpOODGHFLVLyQTXHKXELHUD
UHVXHOWRXQSUREOHPDMXUtGLFRGHPDQHUDPiVSURJUHVLYDDWUDYpVGHXQDLQWHUSUHWDFLyQ
TXHWLHQGHDHIHFWLYL]DU\PDWHULDOL]DUGHPHMRUPDQHUDORVGHUHFKRVIXQGDPHQWDOHV\
JDUDQWtDVFRQVWLWXFLRQDOHVSUHYLVWDVHQOD&RQVWLWXFLyQ\HQORV7UDWDGRV,QWHUQDFLRQDOHV
GH'HUHFKRV+XPDQRVTXHIRUPDQSDUWHGHOEORTXHGHFRQVWLWXFLRQDOLGDGSRUORTXHOD
LQYRFDFLyQ\DSOLFDFLyQGHXQSUHFHGHQWHGHEHVHUHVFRJLGRGHVSXpVHOH[DPHQRDQiOLVLV
LQWHJUDOGHODOtQHDMXULVSUXGHQFLDO\DQRVRODPHQWHILMiQGRVHHOFULWHULRWHPSRUDOGHO
PLVPRHVWRHVHO~OWLPRHQWpUPLQRVGHIHFKDGHHPLVLyQSRUHO7ULEXQDO&RQVWLWXFLRQDO
TXH KXELHUH FDPELDGR PRGXODGR R UHFRQGXFLGR XQ GHWHUPLQDGR HQWHQGLPLHQWR
MXULVSUXGHQFLDO VLQR VREUH WRGR DTXpO TXH VHD H[SRQHQWH GHO HVWiQGDU PiV DOWR GH
SURWHFFLyQGHOGHUHFKR
/D6&3TXHVHFRQVWLWX\HHQXQDQWHFHGHQWHGHODMXULVSUXGHQFLDVREUHHO
HVWiQGDU PiV DOWR 6&3 $/  \D KDEtD VHxDODGR TXH ORV MXHFHV GH OD
MXULVGLFFLyQRUGLQDULDHVWiQYLQFXODGRVGHPDQHUDYHUWLFDODOSUHFHGHQWHMXGLFLDOHPLWLGR
SRU HO 7ULEXQDO 6XSUHPR GH -XVWLFLD GHO PLVPR PRGR ODV6DODV HVWiQ YLQFXODGRVGH
PDQHUDKRUL]RQWDODORVSUHFHGHQWHVMXGLFLDOHVHPLWLGRVSRUOD6DODVGHODPLVPDPDWHULD
HPSHUR SXHGHQ DSDUWDUVH GH PDQHUD IXQGDPHQWDGD VLJXLHQGR HQWUH RWUDV UHJODV OD
H[SUHVLyQ GH DUJXPHQWRV TXH UHVSHWHQ HOHPHQWRV EiVLFRV GH OD UDFLRQDOLGDG \
UD]RQDELOLGDGSDUDVHSDUDUVHGHOSUHFHGHQWHMXGLFLDOTXHVHFRQVLGHUHQGHPD\RUSHVR
DUJXPHQWDWLYRGHVGH\FRQIRUPHDOD&RQVWLWXFLyQ\DOEORTXHGHFRQVWLWXFLRQDOLGDGD
ODMXULVSUXGHQFLDGHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOROD&RUWH,QWHUDPHULFDQDGH
'HUHFKRV +XPDQRV TXH KXELHUHQ SURQXQFLDGR MXULVSUXGHQFLD PiV SURJUHVLYD D ORV
GHUHFKRVIXQGDPHQWDOHV

/D6&3HVWDEOHFLyUHJODVSDUDODDSOLFDFLyQGHOSUHFHGHQWHFRQVWLWXFLRQDO
VHxDODQGRTXHGHEHFRQVLGHUDUVHL ODDQDORJtDHQORVVXSXHVWRVIiFWLFRV\ODFLWDGHO
SUHFHGHQWHFRQLGHQWLILFDFLyQH[SUHVDGHOSUHFHGHQWHHQYLJRU\LL ODSURKLELFLyQGH
DSOLFDU RELWHU GLFWXP FXHVWLRQHV DFFHVRULDV  FRPR VL IXHUDQ SUHFHGHQWHV OD FLWD
LQFRPSOHWDGHOSUHFHGHQWH\HOXVRLQFRUUHFWRGHODDSOLFDFLyQGHMXULVSUXGHQFLDHQHO
WLHPSR 6LQ HPEDUJR HVWDV UHJODV WLHQHQ TXH WHQHU HQ FXHQWD HQ SULPHU OXJDU OD

W


dW^:d


LGHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWLHQH HO HVWiQGDU PiV DOWR GH
SURWHFFLyQFRQIRUPHORHQWHQGLyOD6&
/DMXULVSUXGHQFLDFRQVWLWXFLRQDOHQHOWLHPSR
D -XULVSUXGHQFLDFRQVWLWXFLRQDOUHWURVSHFWLYD
/D 6&3  UHFRJLHQGR SUHFHGHQWHV FRQVWLWXFLRQDOHV GHO 7ULEXQDO
&RQVWLWXFLRQDOGHORVGLH]DxRVVHxDOy
8QSUHFHGHQWHFRQVWLWXFLRQDODOFRQVWLWXLUVHHQ
XQPHGLRSRUHOFXDOOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRGHVSOD]DVXHILFDFLDJHQHUDO
WLHQH YDOLGH] SOHQD HQ HO WLHPSR \ SRU HQGH QR HVWi UHJLGR SRU HO SULQFLSLR GH
LUUHWURDFWLYLGDG OR TXH VLJQLILFD TXH SXHGH VHU DSOLFDGR D KHFKRV SDVDGRV HQ IRUPD
UHWURVSHFWLYD VLQ LPSRUWDUTXH ORV KHFKRV D ORV TXH KDGH DSOLFDUVH HO HQWHQGLPLHQWR
MXULVSUXGHQFLDOKXELHUHQDFDHFLGRFRQDQWHULRULGDGDOSUHFHGHQWHFRQVWLWXFLRQDO
6LQ HPEDUJR GH HOOR OD DSOLFDFLyQ UHVWURVSHFWLYD WLHQH OtPLWHV HVWRV VRQ   /D FRVD
MX]JDGDHQODPHGLGDHQTXHORVQXHYRVHQWHQGLPLHQWRVMXULVSUXGHQFLDOHVQRSXHGHQ
DIHFWDUORVDVXQWRV\DUHVXHOWRV\TXHVHHQFXHQWUDQILUPHVRLQLPSXJQDEOHVHVWRHVTXH
WHQJDODFDOLGDGGHFRVDMX]JDGDIRUPDO\PDWHULDOSRUORPLVPRVyORSXHGHDSOLFDUVH
UHWURVSHFWLYDPHQWH D SURFHVRV HQ FXUVR \   /D MXULVSUXGHQFLD TXH SHUMXGLFD DO
LPSXWDGR HQ PDWHULD GH GHUHFKRSHQDO VXVWDQWLYR ORTXH LPSOLFDTXH HQ HVWH ~OWLPR
FDVRQRVHSXHGHQDSOLFDUHQIRUPDUHWURVSHFWLYDORVHQWHQGLPLHQWRVMXULVSUXGHQFLDOHV
TXH DIHFWHQ R GHVPHMRUHQ ODV HVIHUDV GH OLEHUWDG GHO LPSXWDGR R FRQGHQDGR 6&
5GHGHRFWXEUH  6&5GHGHQRYLHPEUHVREUHHOWHPDGHO
JDUDQWHKLSRWHFDULRVHDSOLFyOD6&5FXDQGRHOSURFHVRKDEtDDGTXLULGROD
FDOLGDGGHFRVDMX]JDGD 
6HSXHGHDSOLFDUUHWURVSHFWLYDPHQWHXQSUHFHGHQWHFRQVWLWXFLRQDODSURFHVRVHQFXUVR
~QLFDPHQWH FXDQGR QR SHUMXGLTXH R UHVWULQMD GHUHFKRV FRQVROLGDGRV SRU XQ DQWHULRU
HQWHQGLPLHQWRMXULVSUXGHQFLDO 6&5GHGHMXQLRPXMHUHPEDUD]DGDFRQ
EHFDWUDEDMR 
$KRUD ELHQ D GLFKRV OtPLWHV VH DxDGH OD SURKLELFLyQ GH DSOLFDU UHWURDFWLYDPHQWH XQ
SUHFHGHQWHTXHSRGUtDUHVWULQJLUHOGHUHFKRGHDFFHVRDODMXVWLFLDFRQVWLWXFLRQDO\DVHD
SRUTXH FRQ GLFKD MXULVSUXGHQFLD VH LPSRQHQ R VH HQGXUHFHQ ORV UHTXLVLWRV SDUD OD
SUHVHQWDFLyQ GH ODV DFFLRQHV FRQVWLWXFLRQDOHV R VH JHQHUDQ QXHYDV FDXVDOHV GH
LPSURFHGHQFLD R HQ VX FDVR HOQXHYR SUHFHGHQWHSHVH D HIHFWXDU XQD LQWHUSUHWDFLyQ
IDYRUDEOH GHO GHUHFKR SRU HMHPSOR GHUHFKR D UHFXUULU SRGUtD GDU OXJDU D TXH HQ VX
DSOLFDFLyQ UHVXOWH GHVIDYRUDEOH SDUD HO DFFHVR D OD MXVWLFLD FRQVWLWXFLRQDO FRQIRUPH
SUHFLVyHOYRWRGLVLGHQWHDOD6&5GHGHQRYLHPEUH
E -XULVSUXGHQFLDFRQVWLWXFLRQDOSURVSHFWLYD(ORYHUUXOLQJSURVSHFWLYR
(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDODSDUWLUGHOD6&3GHGHPDU]R
HQXQDDFFLyQGHOLEHUWDGDSOLFyHORYHUUXOLQJSURVSHFWLYRHVGHFLUDIXWXURHQXQFDVR
HQHOTXHLQWHUSUHWyODVUHJODVGHFRPSHWHQFLDPDWHULDOSDUDFRQRFHUDFFLRQHVGHOLEHUWDG
(VWDVHQWHQFLDVHxDOyTXHHQFDVRVGHPXWDFLRQHVRPRGXODFLRQHVDODMXULVSUXGHQFLD
FRQVWLWXFLRQDO HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO D SDUWLU GH ORV HIHFWRV TXH
SXHGHQ JHQHUDU GLFKRV SUHFHGHQWHV SRGUi GHWHUPLQDU VX DSOLFDFLyQ YLQFXODQWH VyOR D
FDVRVIXWXURV
9DOLGH]GHODMXULVSUXGHQFLDFRQVWLWXFLRQDODQWHULRUDODYLJHQFLDGHOD&RQVWLWXFLyQ
DFWXDO
/D6&3TXHVHFRQVWLWX\HHQXQDSULPHUDVHQWHQFLDFRQILUPDGRUDVHxDOy
TXHHVSRVLEOHODDSOLFDFLyQGHMXULVSUXGHQFLDFRQVWLWXFLRQDOHPLWLGDHQYLJHQFLDGHOD
&RQVWLWXFLyQ DEURJDGD VLHPSUH TXH QR VH FRQWUDSRQJD D OD &RQVWLWXFLyQ 3ROtWLFD GHO
(VWDGRYLJHQWH
(O 7ULEXQDO &RQVWLWXFLRQDO HQ OD 6& 5 HVWDEOHFLy TXH
HV SRVLEOH OD
DSOLFDFLyQ GH OD MXULVSUXGHQFLD FRQVWLWXFLRQDO HPLWLGD HQ YLJHQFLD GH OD &RQVWLWXFLyQ
DEURJDGD VLHPSUH TXH QR VH FRQWUDSRQJD D OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR

HQWHQGLPLHQWRUHLWHUDGRHQODV66&&55HQWUHRWUDV
 (IHFWR YLQFXODQWH GH OD GHFODUDWRULD GH LQFRQVWLWXFLRQDOLGDG LPSLGH DSOLFDFLyQ GH
QRUPDVFRQVLPLODUVHQWLGRQRUPDWLYR
/D6&3TXHVHFRQVWLWX\HHQXQDSULPHUD VHQWHQFLDFRQILUPDGRUDVHxDOy
TXHHQYLUWXGDOFDUiFWHUYLQFXODQWH\REOLJDWRULRGHODVUHVROXFLRQHVFRQVWLWXFLRQDOHV

W


dW^:d
ORV IXQGDPHQWRV GH XQD VHQWHQFLD FRQVWLWXFLRQDO GHEHQ VHU REVHUYDGRV SRU ODV
DXWRULGDGHVMXGLFLDOHV\DGPLQLVWUDWLYDVHQODDSOLFDFLyQGHORVDUWtFXORVTXHFRQWHQJDQ
HOPLVPRSUREOHPDMXUtGLFRTXH\DIXHREMHWRGHMXLFLRGHFRQVWLWXFLRQDOLGDGSRUHVWH
7ULEXQDO
6REUHODSURKLELFLyQGHDSOLFDFLyQGHQRUPDVFRQVLPLODUVHQWLGRQRUPDWLYRGHODVTXH
IXHURQ VRPHWLGDV D FRQWURO GH FRQVWLWXFLRQDOLGDG QRUPDWLYR \ GHFODUDGDV
LQFRQVWLWXFLRQDOHVHO7ULEXQDO&RQVWLWXFLRQDOGHODpSRFDGHORVGLH]DxRVDWUDYpVGH
OD6&HVWDEOHFLyTXH
HQYLUWXGDOFDUiFWHUYLQFXODQWH\REOLJDWRULRGHODV
UHVROXFLRQHVFRQVWLWXFLRQDOHVORVIXQGDPHQWRVGHHVD6HQWHQFLD&RQVWLWXFLRQDOGHEHQ
VHUREVHUYDGRVSRUODVDXWRULGDGHVMXGLFLDOHV\DGPLQLVWUDWLYDVHQODDSOLFDFLyQGHORV
DUWtFXORV TXH FRQWHQJDQ HO PLVPR SUREOHPD MXUtGLFR TXH \D IXH REMHWR GH MXLFLR GH
FRQVWLWXFLRQDOLGDGSRUHVWH7ULEXQDOORFRQWUDULRVLJQLILFDUtDDSOLFDUQRUPDVTXHKDQ
TXHGDGR H[SXOVDGDV GHO RUGHQDPLHQWR MXUtGLFR GHO SDtV KDFLHQGR LUUHOHYDQWHV ODV
IXQFLRQHVGHFRQWUROGHFRQVWLWXFLRQDOLGDGGHHVWH7ULEXQDO\GHGHIHQVDGHORVGHUHFKRV
IXQGDPHQWDOHV \ JDUDQWtDV FRQVWLWXFLRQDOHV (Q HVWH FRQWH[WR OD UHIHULGD VHQWHQFLD
FRQFHGLyODWXWHODSUHVHQWDGDHQXQDDFFLyQGHOLEHUWDGGHWHUPLQDQGRODLOHJDOLGDGGHOD
GHFLVLyQGHODDXWRULGDGGHPDQGDGDTXHIXQGyVXUHVROXFLyQGHH[SXOVLyQGHH[WUDQMHUR
DPSDUDGDHQXQDQRUPDFRQVLPLODUVHQWLGRDODTXHIXHGHFODUDGDLQFRQVWLWXFLRQDOLGDG
PHGLDQWH6&HVWDEOHFLHQGRTXH
VLODIDFXOWDGGHH[SXOVLyQPRWLYDGDSRU
ODLQWHUYHQFLyQGHH[WUDQMHURVHQSROtWLFDLQWHUQDKDVLGRGHFODUDGDLQFRQVWLWXFLRQDO\
SRUWDQWRHQORVKHFKRVUHVXOWDLQH[LVWHQWHODFDXVDOGHH[SXOVLyQFRQWHQLGDHQHODUW
LQFL GHO'6DOPDUJHQGHVHUXQDUHLWHUDFLyQGHOVXSXHVWRFRQWHQLGRHQHO
DUWLQFK QRSRGUtDVHUDSOLFDGDHQYLUWXGDOFDUiFWHUYLQFXODQWH\REOLJDWRULRGHODV
UHVROXFLRQHVGHO7ULEXQDO&RQVWLWXFLRQDO
(QHIHFWROD6&3GHWHUPLQyTXH
OD GHFODUDFLyQ GH DEDQGRQR \ SRVWHULRU HQWUHJD JUDWXLWD HQ IDYRU GHO 0LQLVWHULRGH OD
3UHVLGHQFLD FRQOOHYD HQ Vt OD H[WLQFLyQ GHO ELHQ GH SURSLHGDG GHO LPSRUWDGRU R VX
SURSLHWDULR HQ IDYRU GHO (VWDGR EROLYLDQR FX\R FRQWHQLGR QRUPDWLYR HV VLPLODU DO
SUR\HFWRGHOH\GHH[WLQFLyQGHGRPLQLRGHELHQHVDIDYRUGHO(VWDGRTXHIXHGHFODUDGR
LQFRQVWLWXFLRQDODOGHFODUDUHODEDQGRQRGHPHUFDQFtDV
OHJDOPHQWHLPSRUWDGDV
DOSDtV
\ VLQ PD\RUHV WUiPLWHV DGMXGLFDUODV HQ IDYRU GHO 0LQLVWHULR GH OD 3UHVLGHQFLD VLQ
LQWHUYHQFLyQGHDXWRULGDGMXULVGLFFLRQDO
6REUHODMXULVSUXGHQFLDGHORVUJDQRVMXULVGLFFLRQDOHVGHFLHUUH
D )XQFLyQREOLJDWRULDGHXQLIRUPDUODMXULVSUXGHQFLDSRUORVPi[LPRVWULEXQDOHVGH
MXVWLFLDGHQWURGHFDGDXQDGHVXVMXULVGLFFLRQHV)XQGDPHQWRFRQVWLWXFLRQDO
/D6&3HVWDEOHFLyTXHHO7ULEXQDO$JURDPELHQWDODQWHV7ULEXQDO$JUDULR
1DFLRQDOHQREVHUYDQFLDGHOSULQFLSLRGHLJXDOGDGSURFHVDOGHEHVXMHWDUVHDVXVSURSLRV
SUHFHGHQWHV
/D6&3KDHVWDEOHFLGRODIXQFLyQREOLJDWRULDGHXQLIRUPDUODMXULVSUXGHQFLD
SRU ORV Pi[LPRV WULEXQDOHV GH MXVWLFLD GHQWUR GH FDGD XQD GH VXV MXULVGLFFLRQHV VH
VXVWHQWDHQHOUHVSHWRDODLJXDOGDGHQODDSOLFDFLyQGHODOH\\ODGHIHQVDGHOSULQFLSLR
GHVHJXULGDGMXUtGLFD
/D 6&3  HVWDEOHFLy TXH ORV MXHFHV GH OD MXULVGLFFLyQ RUGLQDULD HVWiQ
YLQFXODGRV GH PDQHUD YHUWLFDO D ORV SUHFHGHQWHV MXGLFLDOHV HPLWLGRV SRU HO 7ULEXQDO
6XSUHPRGH-XVWLFLDGHOPLVPRPRGRHQWUH6DODVGHHVWHyUJDQRMXULVGLFFLRQDOH[LVWH
YLQFXODFLyQ KRUL]RQWDO  D FX\R HIHFWR HO 7ULEXQDO 6XSUHPR GH MXVWLFLD WLHQH OD
REOLJDFLyQ GH XQLIRUPDU VX MXULVSUXGHQFLD HPSHUR HQ DPERV VXSXHVWRV SXHGHQ
DSDUWDUVH GH PDQHUD IXQGDPHQWDGD GH ORV SUHFHGHQWHV MXGLFLDOHV VLJXLHQGR ODV
VLJXLHQWHV UHJODV L  &RQVLGHUDFLyQ FLWD H[SUHVD GHO FRQWHQLGR LQWHUSUHWDWLYR DVXPLGR
SRUHO7ULEXQDO6XSUHPRGH-XVWLFLDLL (OHQWHQGLPLHQWRRVXEUHJODDVXPLGRVHQORV
FDVRVDQWHULRUHVQRHVDSOLFDEOHDOVXSXHVWREDMRHVWXGLRRFDVRFRQFUHWRTXHVHDQDOL]D
\ LLL  ([SUHVLyQ GH DUJXPHQWRV TXH UHVSHWHQ HOHPHQWRV EiVLFRV GH OD UDFLRQDOLGDG \
UD]RQDELOLGDGSDUDVHSDUDUVHGHOSUHFHGHQWHMXGLFLDOTXHVHFRQVLGHUHQGHPD\RUSHVR
DUJXPHQWDWLYRGHVGH\FRQIRUPHDOD&RQVWLWXFLyQ\DOEORTXHGHFRQVWLWXFLRQDOLGDGD
ODMXULVSUXGHQFLDGHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOROD&RUWH,QWHUDPHULFDQDGH
'HUHFKRV +XPDQRV TXH KXELHUHQ SURQXQFLDGR MXULVSUXGHQFLD PiV SURJUHVLYD D ORV
GHUHFKRVIXQGDPHQWDOHV

W


dW^:d




([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

/D6&5HQVX)M,,,GLVSRQH(VDFDXVDOGHH[SXOVLyQQR
VyOR HVWi FRQWHQLGD HQ HO DUW  LQF K  GHO '6  H[SUHVDPHQWH
GHFODUDGDLQFRQVWLWXFLRQDOVLQRWDPELpQHQRWURVDUWtFXORVFRPRHODUW
 LQF L  GH HVH PLVPR 'HFUHWR 6XSUHPR TXH HQFLHUUD HO PLVPR
SUREOHPDMXUtGLFRTXHIXHDQDOL]DGRHQOD6&\TXHFRPR
VHYLROHVLRQDSULQFLSLRVGHUHFKRV\JDUDQWtDVFRQVWLWXFLRQDOHV


3RU OR WDQWR HQ YLUWXG DO FDUiFWHU YLQFXODQWH \ REOLJDWRULR GH ODV
UHVROXFLRQHV FRQVWLWXFLRQDOHV  ORV IXQGDPHQWRV GH HVD 6HQWHQFLD
&RQVWLWXFLRQDO GHEHQ VHU REVHUYDGRV SRU ODV DXWRULGDGHV MXGLFLDOHV \
DGPLQLVWUDWLYDVHQODDSOLFDFLyQGHORVDUWtFXORVTXHFRQWHQJDQHOPLVPR
SUREOHPDMXUtGLFRTXH\DIXHREMHWRGHMXLFLRGHFRQVWLWXFLRQDOLGDGSRU
HVWH7ULEXQDOORFRQWUDULRVLJQLILFDUtDDSOLFDUQRUPDVTXHKDQTXHGDGR
H[SXOVDGDVGHORUGHQDPLHQWRMXUtGLFRGHOSDtVKDFLHQGRLUUHOHYDQWHVODV
IXQFLRQHVGHFRQWUROGHFRQVWLWXFLRQDOLGDGGHHVWH7ULEXQDO\GHGHIHQVD
GHORVGHUHFKRVIXQGDPHQWDOHV\JDUDQWtDVFRQVWLWXFLRQDOHV



7pFQLFDGHLGHQWLILFDFLyQGHOSUHFHQGHQWHFRQVWLWXFLRQDO
HQYLJRU(VWiQGDUPiVDOWRGHSURWHFFLyQ
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO


W


dW^:d

6&3   (O SUHFHGHQWH FRQVWLWXFLRQDO HQ YLJRU R YLJHQWH


UHVXOWDDTXpOTXHDFRMDHOHVWiQGDUPiVDOWRGHSURWHFFLyQGHOGHUHFKR
IXQGDPHQWDO R JDUDQWtD FRQVWLWXFLRQDO LQYRFDGR HVWR HV DTXpOOD
GHFLVLyQ TXH KXELHUD UHVXHOWR XQ SUREOHPD MXUtGLFRGHPDQHUDPiV
SURJUHVLYD D WUDYpV GH XQD LQWHUSUHWDFLyQ TXH WLHQGH D HIHFWLYL]DU \
PDWHULDOL]DUGHPHMRUPDQHUDORVGHUHFKRVIXQGDPHQWDOHV\JDUDQWtDV
FRQVWLWXFLRQDOHV SUHYLVWDV HQ OD &RQVWLWXFLyQ \ HQ ORV 7UDWDGRV
,QWHUQDFLRQDOHVGH'HUHFKRV+XPDQRVTXHIRUPDQSDUWHGHOEORTXH
GH FRQVWLWXFLRQDOLGDG SRU OR TXH  OD LQYRFDFLyQ \ DSOLFDFLyQ GH XQ
SUHFHGHQWHGHEHVHUHVFRJLGRGHVSXpVHOH[DPHQRDQiOLVLVLQWHJUDOGH
ODOtQHDMXULVSUXGHQFLDO\DQRVRODPHQWHILMiQGRVHHOFULWHULRWHPSRUDO
GHOPLVPRHVWRHVHO~OWLPRHQWpUPLQRVGHIHFKDGHHPLVLyQSRUHO
7ULEXQDO &RQVWLWXFLRQDO TXH KXELHUH FDPELDGR PRGXODGR R
UHFRQGXFLGR XQ GHWHUPLQDGR HQWHQGLPLHQWR MXULVSUXGHQFLDO VLQR
VREUH WRGR DTXpO TXH VHD H[SRQHQWH GHO HVWiQGDU PiV DOWR GH
SURWHFFLyQGHOGHUHFKR

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH OLEHUWDG HO DFFLRQDQWH UHILHUH TXH KDELHQGR
GHQXQFLDGRDQWHOD-XH]D3ULPHUDGH3DUWLGRGHOD1LxH]\$GROHVFHQFLD
TXH HO )LVFDO GH 0DWHULD KDEtD LQFXPSOLGR ORV SOD]RV SURFHVDOHV SDUD
SRQHUDVXFRQRFLPLHQWRODVLWXDFLyQMXUtGLFDGHODPHQRUGHHGDG$$
pVWHFRQYDOLGyODRPLVLyQUHDOL]DGDSRUODDXWRULGDGILVFDOOHVLRQDQGRHO
GHUHFKR D OD OLEHUWDG SRU OR TXH VROLFLWy VH GHFODUH
SURFHGHQWH OD
SUHVHQWH DFFLyQ
 HQ DWHQFLyQ D OD PLQRULGDG GH $$ (O 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOUHYRFyODUHVROXFLyQUHYLVDGD\FRQFHGLy
OD WXWHOD VROLFLWDGD GLVSRQLHQGR TXH OD DXWRULGDG MXGLFLDO TXH
DFWXDOPHQWHWHQJDODFRPSHWHQFLDSUHYLDYHULILFDFLyQGHODKRUDGHOD
DSUHKHQVLyQHPLWDQXHYDUHVROXFLyQHIHFWXDQGRXQFRQWUROMXULVGLFFLRQDO
LGyQHR\FRPSOHWR$VLPLVPRTXHSRU6HFUHWDUtD*HQHUDOVHSURFHGDD
UHPLWLU FRSLDV GH OD SUHVHQWH 6HQWHQFLD &RQVWLWXFLRQDO D WRGRV ORV
7ULEXQDOHV'HSDUWDPHQWDOHVGH-XVWLFLDDHIHFWRGHTXHVHFRPXQLTXHD
WRGRV ORV MXHFHV \ WULEXQDOHV GH JDUDQWtDV SDUD TXH VH DSOLTXH HQ ODV
DFFLRQHVTXHVRQGHVXFRQRFLPLHQWRHOHVWiQGDUPiVDOWRDILQGHWXWHODU
GHUHFKRVIXQGDPHQWDOHV

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
'HODLGHQWLILFDFLyQGHOHVWiQGDUPiVDOWRHQHOHMHUFLFLRGHO
FRQWUROMXULVGLFFLRQDOGHODOHJDOLGDGGHODDSUHKHQVLyQ
 
(OFRQWHQLGRGHOD6&5VHHVWDEOHFHTXHHOGHEHUGHOMXH]
FDXWHODU GH SURQXQFLDUVH VREUH OD OHJDOLGDG R LOHJDOLGDG GH OD
DSUHKHQVLyQHVGHRILFLRSXHVEiVLFDPHQWHRWURHQWHQGLPLHQWRLPSOLFDUtD
W


dW^:d


DVLJQDU XQ URO SDVLYR DO MXH] FDXWHODU UHVSHFWR GH VXV DWULEXFLRQHV
GHWHUPLQDGDV SRU ORV DUWV  LQF    \  GHO &33 OR TXH HV
FRPSDWLEOHFRQHOGHUHFKRTXHWLHQHHOLPSXWDGRDUHFXUULUDQWHHOMXH]
FDXWHODUDILQGHTXHpVWHGHFLGDVLQGHPRUDVREUHODOHJDOLGDGGHVX
DUUHVWRRGHWHQFLyQXRWUDIRUPDGHUHVWULFFLyQGHODOLEHUWDGSHUVRQDOSRU
SDUWH GH ODV DXWRULGDGHV SROLFLDOHV R ILVFDOHV FRQWHQLGR HQ OD 6&
5 GH  GH PDU]R HQWHQGLPLHQWRV MXULVSUXGHQFLDOHV GH ORV
FXDOHVSXHGHH[WUDHUVHHOSUHFHGHQWHFRQVWLWXFLRQDOFRQHOHVWiQGDUPiV
DOWRGHSURWHFFLyQHVGHFLUTXHLQGHSHQGLHQWHPHQWHDOFRQWUROGHRILFLR
GHODOHJDOLGDGGHODDSUHKHQVLyQTXHGHEHHIHFWXDUHOMXH]FDXWHODUHO
LPSXWDGRWLHQHODIDFXOWDG\REOLJDFLyQGHDFXGLUDOMXH]GHLQVWUXFFLyQ
HQORSHQDOGHQXQFLDQGRODVLUUHJXODULGDGHVLQDGYHUWLGDVSRUODDXWRULGDG
MXGLFLDOHQVXDSUHKHQVLyQ


6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGHODDFFLyQGHOLEHUWDG\GLVSRQHTXHODDXWRULGDGMXGLFLDOTXH
DFWXDOPHQWHWHQJDODFRPSHWHQFLDSUHYLDYHULILFDFLyQGHODKRUDGHOD
DSUHKHQVLyQ HPLWD QXHYD UHVROXFLyQ HIHFWXDQGR XQ FRQWURO
MXULVGLFFLRQDO LGyQHR \ FRPSOHWR \ TXH ORV WULEXQDOHV GH JDUDQWtDV
DSOLTXHQ HQ ODV DFFLRQHV GH GHIHQVD TXH VRQ GH VX FRQRFLPLHQWR HO
HVWiQGDUPiVDOWRDILQGHWXWHODUGHUHFKRVIXQGDPHQWDOHV

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDODOPRPHQWRGHUHVROYHUORVSUREOHPDVMXUtGLFRVVRPHWLGRVD
VX FRQRFLPLHQWR HQ HO HMHUFLFLR GHO FRQWURO GH FRQVWLWXFLRQDOLGDG HQ VXV GLIHUHQWHV
iPELWRVKDGHVDUUROODGRFULWHULRVMXULVSUXGHQFLDOHVVREUHODDSOLFDFLyQHLQYRFDFLyQGH
ODMXULVSUXGHQFLDFRQVWLWXFLRQDOHQORVVLJXLHQWHVSUHFHGHQWHV
6REUHHOYDORUGHODMXULVSUXGHQFLDFRQVWLWXFLRQDO
D /DMXULVSUXGHQFLDFRQVWLWXFLRQDOWLHQHYDORUGHIXHQWHGLUHFWDGHO'HUHFKRGHDKt
TXHVHUHFRQRFHVXFDUiFWHUYLQFXODQWHSDUDORVyUJDQRVGHOSRGHUS~EOLFR\SDUWLFXODUHV
6&56&5\6&3 
E (OUHVSHWR\DSOLFDFLyQGHOSUHFHGHQWHFRQVWLWXFLRQDOHVWiYLQFXODGRDOUHVSHWRGHO
GHUHFKRDODLJXDOGDGHQODDSOLFDFLyQGHODOH\ DUWV,,\,,,GHOD&3( \ODJDUDQWtD
GHVHJXULGDGMXUtGLFD DUW,GHOD&3(  6&56&5\6&3
 
F /DLPSRUWDQFLDGHOSUHFHGHQWHYLQFXODQWHVHVXVWHQWDHQODFRKHUHQFLD\XQLGDGTXH
RWRUJDDOVLVWHPDMXUtGLFR 6&5\6&5 
G  (O UHVSHWR D ORV SUHFHGHQWHV FRQVWLWXFLRQDOHV QR LPSOLFD TXH HO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOSHWULILTXHVXMXULVSUXGHQFLDLPSLGLHQGRHOUHSODQWHDPLHQWR
GHSUREOHPDVMXUtGLFRVDSDUHQWHPHQWH\DUHVXHOWRVSRUHOFRQWUDULRSXHGHFDPELDUOD
PXWDUODVLHPSUHTXHVHDFRQPRWLYDFLyQVXILFLHQWH 6&5 (QHVHRUGHQOD
6&3  PRGXODQGR HVWH HQWHQGLPLHQWR HVWDEOHFLy DOJXQRV FULWHULRV SDUD
FDPELDU OD MXULVSUXGHQFLD FRQVWLWXFLRQDO VHxDODQGR TXH
(Q OD PHGLGD TXH ORV
SUHFHGHQWHV VHDQ PiV DFRUGHV FRQ ORV SULQFLSLRV YDORUHV GHUHFKRV IXQGDPHQWDOHV
JDUDQWtDV FRQVWLWXFLRQDOHV GH OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR \ GHO EORTXH GH
FRQVWLWXFLRQDOLGDG HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO SUHIHULUi VX ILMH]D $
FRQWUDULRVHQVXpVWH7ULEXQDODSHUWXUDUiVXFDSDFLGDGGHFDPELRFXDQGRQRHVWpDFRUGH
DHOORV


W


dW^:d
$QiOLVLVGHODMXULVSUXGHQFLDSDUDVXLQYRFDFLyQ\DSOLFDFLyQ
$QiOLVLV HVWiWLFR GH XQD VHQWHQFLD FRQVWLWXFLRQDO (O SUHFHGHQWH FRQVWLWXFLRQDO OD
UDWLRGHFLGHQGLHORELWHUGLFWXP\HOGHFLVXP 
D 'LIHUHQFLDHQWUHODSDUWHYLQFXODQWH\ORVHIHFWRVGHODSDUWHUHVROXWLYDRGHFLVXP
/D 6& 5 VHxDOy TXH
6L ELHQ WRGR IDOOR TXH HPLWH HVWH 7ULEXQDO HQ
UHFXUVRVGHDPSDURFRQVWLWXFLRQDO\KiEHDVFRUSXVWLHQHHIHFWRVLQWHUSDUWHV VyORDIHFWD
D ODV SDUWHV  ORV IXQGDPHQWRV GHWHUPLQDQWHV GHO IDOOR R UDWLRQHV GHFLGHQGL VRQ
YLQFXODQWHV \ SRU WDQWR GH REOLJDWRULD DSOLFDFLyQ SDUD ORV 3RGHUHV GHO (VWDGR
OHJLVODGRUHVDXWRULGDGHVWULEXQDOHV\MXHFHV HQWRGRVVXVQLYHOHVMHUiUTXLFRV DVtOR
GHWHUPLQDHODUWGHOD/H\GHO7ULEXQDO&RQVWLWXFLRQDO

/D6&3DSDUWLUGHOFRQWHQLGRQRUPDWLYRSUHYLVWRHQHODUW,GHO&3&R
HVWDEOHFLyTXH
/RVHIHFWRVGHODSDUWHUHVROXWLYDVRQGRV 
LQWHUSDUWHV
TXHLPSOLFD
ODREOLJDWRULHGDGSDUDODVSDUWHVLQWHUYLQLHQWHVHVGHFLUVRORDIHFWDDHOODVFRPRRFXUUH
HQ ODV  VHQWHQFLDV GH DFFLRQHV GH GHIHQVD DFFLyQ GH OLEHUWDG DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO DFFLyQ GH SURWHFFLyQ D OD SULYDFLGDG DFFLyQ SRSXODU \ DFFLyQ GH
FXPSOLPLHQWR GHFODUDFLRQHV\DXWRVGHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO\ 

HUJD RPQHV
 TXH LPSOLFD OD REOLJDWRULHGDG SDUD WRGRV HV GHFLU WLHQH HIHFWR JHQHUDO
FRPR RFXUUH HQ HO FDVR GH ODV DFFLRQHV GH LQFRQVWLWXFLRQDOLGDG \ HO UHFXUVR FRQWUD
WULEXWRV

E 'LVWLQFLyQHQWUHSUHFHGHQWHFRQVWLWXFLRQDO\ODUDWLRGHFLGHQGL
/D6&3DSDUWLUGHOFRQWHQLGRQRUPDWLYRSUHYLVWRHQHODUW,,GHOGHO
&3&RVHxDOyTXH
 TXHHVYLQFXODQWHHOSUHFHGHQWHFRQVWLWXFLRQDOFRQWHQLGRHQOD
UDWLRGHFLGHQGL(VGHFLUHQODUDWLRGHFLGHQGLVHHQFXHQWUDHOSUHFHGHQWHFRQVWLWXFLRQDO
(O SUHFHGHQWH FRQVWLWXFLRQDO HV YLQFXODQWH VLHPSUH TXH H[LVWD XQ VXSXHVWR IiFWLFR
DQiORJR $&(&$\6&5 
 
/RVSUHFHGHQWHVFRQVWLWXFLRQDOHVHVWiQVyORHQODVVHQWHQFLDVUHOHYDQWHV6HLGHQWLILFDQ
D ODV VHQWHQFLDV UHOHYDQWHV SRUTXH VRQ VHQWHQFLDV IXQGDGRUDV PRGXODGRUDV TXH
UHFRQGXFHQ R FDPELDQ XQD OtQHD MXULVSUXGHQFLDO H[SUHVDPHQWH R WiFLWDPHQWH (Q HO
SUHFHGHQWHFRQVWLWXFLRQDOVHFRQVLJQDQ
ODVVXEUHJODVGH'HUHFKR

QRUPDVDGVFULWDV
R

FRQFUHWD QRUPD GH OD VHQWHQFLD


 UHVXOWDQWHV GH OD LQWHUSUHWDFLyQ LQWHUUHODFLyQ R
LQWHJUDFLyQGHODVQRUPDVGHOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRRGHODVGLVSRVLFLRQHV
OHJDOHV (VWDV WLHQHQ PiV MHUDUTXtD \ IXHU]D MXUtGLFD TXH ODV SURSLDV OH\HV SRUTXH HO
7ULEXQDO&RQVWLWXFLRQDOHVHO~OWLPRDSOLFDGRUGHO'HUHFKR

$QiOLVLVGLQiPLFRGHODMXULVSUXGHQFLDFRQVWLWXFLRQDO /DVOtQHDVMXULVSUXGHQFLDOHV 
/D6&3HVWDEOHFLyTXH
1RHVVXILFLHQWHODLGHQWLILFDFLyQGHOSUHFHGHQWH
FRQVWLWXFLRQDO D WUDYpV GHO DQiOLVLV HVWiWLFR GH OD MXULVSUXGHQFLD VH GHEH DQDOL]DU OD
MXULVSUXGHQFLDFRQVWLWXFLRQDOWDPELpQDWUDYpVGHXQHVWXGLRGLQiPLFRHVGHFLUVHGHEH
DSUHFLDU GH PDQHUD VLVWHPiWLFD HO GHVDUUROOR GH OD MXULVSUXGHQFLD SDUD XELFDU HO
SUHFHGHQWH FRQVWLWXFLRQDO HQ YLJRU HQ OD OtQHD MXULVSUXGHQFLDO /DV OtQHDV
MXULVSUXGHQFLDOHV VRQ OD WpFQLFD SDUD KDFHU HO DQiOLVLV GLQiPLFR GH OD MXULVSUXGHQFLD
FRQVWLWXFLRQDO 6RQ ODV UHVSXHVWDV R VROXFLRQHV TXH OD MXULVSUXGHQFLD KD GDGR D
GHWHUPLQDGR SUREOHPD MXUtGLFR HVWi FRQIRUPDGD SRU XQ FRQMXQWR GH VHQWHQFLDV TXH
DERUGDURQGHWHUPLQDGDWHPiWLFD
/DMXULVSUXGHQFLDFRQVWLWXFLRQDODOVHUHQHVHQFLDHYROXWLYDVHYDPRGXODQGR\DVHD
H[WHQGLHQGRRHQVXFDVRUHVWULQJLHQGRVXVDOFDQFHVGHDKtTXHHVSUHFLVRKDFHUXQ
UHFRUULGRHQWUHODVVHQWHQFLDVEiVLFDVRFUHDGRUDVGHOtQHDVVHQWHQFLDVPRGXODGRUDVGH
OtQHDV VHQWHQFLDV FRQILUPDGRUDV R UHLWHUDGRUDV GH OtQHD VHQWHQFLDV PXWDGRUDV R
FDPELDGRUDVGHOtQHD\VHQWHQFLDVUHFRQGXFWRUDVGHOtQHDSRUTXHVyORFRQHVWHDQiOLVLV
GLQiPLFR GH ODV VHQWHQFLDV TXH FRQIRUPDQ OD OtQHD MXULVSUXGHQFLDO VH LGHQWLILFD HO
SUHFHQGHQWHFRQVWLWXFLRQDOHQYLJRU

/D 6&3 $/ FRPSOHPHQWDGD SRU OD  6&3 6 HQ XQ QXHYR
SDUDGLJPD GH OD LQYRFDFLyQ \ DSOLFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO GHVSXpV GHO
DQiOLVLVGHXQDOtQHDMXULVSUXGHQFLDOHVWDEOHFLyTXHHOSUHFHGHQWHFRQVWLWXFLRQDOHQYLJRU
R YLJHQWH UHVXOWD DTXpO TXH DFRMD HO HVWiQGDU PiV DOWR GH SURWHFFLyQ GHO GHUHFKR
IXQGDPHQWDORJDUDQWtDFRQVWLWXFLRQDOLQYRFDGRHVWRHVDTXpOODGHFLVLyQTXHKXELHUD

W


dW^:d


UHVXHOWRXQSUREOHPDMXUtGLFRGHPDQHUDPiVSURJUHVLYDDWUDYpVGHXQDLQWHUSUHWDFLyQ
TXHWLHQGHDHIHFWLYL]DU\PDWHULDOL]DUGHPHMRUPDQHUDORVGHUHFKRVIXQGDPHQWDOHV\
JDUDQWtDVFRQVWLWXFLRQDOHVSUHYLVWDVHQOD&RQVWLWXFLyQ\HQORV7UDWDGRV,QWHUQDFLRQDOHV
GH'HUHFKRV+XPDQRVTXHIRUPDQSDUWHGHOEORTXHGHFRQVWLWXFLRQDOLGDGSRUORTXHOD
LQYRFDFLyQ\DSOLFDFLyQGHXQSUHFHGHQWHGHEHVHUHVFRJLGRGHVSXpVHOH[DPHQRDQiOLVLV
LQWHJUDOGHODOtQHDMXULVSUXGHQFLDO\DQRVRODPHQWHILMiQGRVHHOFULWHULRWHPSRUDOGHO
PLVPRHVWRHVHO~OWLPRHQWpUPLQRVGHIHFKDGHHPLVLyQSRUHO7ULEXQDO&RQVWLWXFLRQDO
TXH KXELHUH FDPELDGR PRGXODGR R UHFRQGXFLGR XQ GHWHUPLQDGR HQWHQGLPLHQWR
MXULVSUXGHQFLDO VLQR VREUH WRGR DTXpO TXH VHD H[SRQHQWH GHO HVWiQGDU PiV DOWR GH
SURWHFFLyQGHOGHUHFKR
/D6&3TXHVHFRQVWLWX\HHQXQDQWHFHGHQWHGHODMXULVSUXGHQFLDVREUHHO
HVWiQGDU PiV DOWR 6&3 $/  \D KDEtD VHxDODGR TXH ORV MXHFHV GH OD
MXULVGLFFLyQRUGLQDULDHVWiQYLQFXODGRVGHPDQHUDYHUWLFDODOSUHFHGHQWHMXGLFLDOHPLWLGR
SRU HO 7ULEXQDO 6XSUHPR GH -XVWLFLD GHO PLVPR PRGR ODV6DODV HVWiQ YLQFXODGRVGH
PDQHUDKRUL]RQWDODORVSUHFHGHQWHVMXGLFLDOHVHPLWLGRVSRUOD6DODVGHODPLVPDPDWHULD
HPSHUR SXHGHQ DSDUWDUVH GH PDQHUD IXQGDPHQWDGD VLJXLHQGR HQWUH RWUDV UHJODV OD
H[SUHVLyQ GH DUJXPHQWRV TXH UHVSHWHQ HOHPHQWRV EiVLFRV GH OD UDFLRQDOLGDG \
UD]RQDELOLGDGSDUDVHSDUDUVHGHOSUHFHGHQWHMXGLFLDOTXHVHFRQVLGHUHQGHPD\RUSHVR
DUJXPHQWDWLYRGHVGH\FRQIRUPHDOD&RQVWLWXFLyQ\DOEORTXHGHFRQVWLWXFLRQDOLGDGD
ODMXULVSUXGHQFLDGHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOROD&RUWH,QWHUDPHULFDQDGH
'HUHFKRV +XPDQRV TXH KXELHUHQ SURQXQFLDGR MXULVSUXGHQFLD PiV SURJUHVLYD D ORV
GHUHFKRVIXQGDPHQWDOHV

/D6&3HVWDEOHFLyUHJODVSDUDODDSOLFDFLyQGHOSUHFHGHQWHFRQVWLWXFLRQDO
VHxDODQGRTXHGHEHFRQVLGHUDUVHL ODDQDORJtDHQORVVXSXHVWRVIiFWLFRV\ODFLWDGHO
SUHFHGHQWHFRQLGHQWLILFDFLyQH[SUHVDGHOSUHFHGHQWHHQYLJRU\LL ODSURKLELFLyQGH
DSOLFDU RELWHU GLFWXP FXHVWLRQHV DFFHVRULDV  FRPR VL IXHUDQ SUHFHGHQWHV OD FLWD
LQFRPSOHWDGHOSUHFHGHQWH\HOXVRLQFRUUHFWRGHODDSOLFDFLyQGHMXULVSUXGHQFLDHQHO
WLHPSR 6LQ HPEDUJR HVWDV UHJODV WLHQHQ TXH WHQHU HQ FXHQWD HQ SULPHU OXJDU OD
LGHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWLHQH HO HVWiQGDU PiV DOWR GH
SURWHFFLyQFRQIRUPHORHQWHQGLyOD6&
/DMXULVSUXGHQFLDFRQVWLWXFLRQDOHQHOWLHPSR
D -XULVSUXGHQFLDFRQVWLWXFLRQDOUHWURVSHFWLYD
/D 6&3  UHFRJLHQGR SUHFHGHQWHV FRQVWLWXFLRQDOHV GHO 7ULEXQDO
&RQVWLWXFLRQDOGHORVGLH]DxRVVHxDOy
8QSUHFHGHQWHFRQVWLWXFLRQDODOFRQVWLWXLUVHHQ
XQPHGLRSRUHOFXDOOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRGHVSOD]DVXHILFDFLDJHQHUDO
WLHQH YDOLGH] SOHQD HQ HO WLHPSR \ SRU HQGH QR HVWi UHJLGR SRU HO SULQFLSLR GH
LUUHWURDFWLYLGDG OR TXH VLJQLILFD TXH SXHGH VHU DSOLFDGR D KHFKRV SDVDGRV HQ IRUPD
UHWURVSHFWLYD VLQ LPSRUWDUTXH ORV KHFKRV D ORV TXH KDGH DSOLFDUVH HO HQWHQGLPLHQWR
MXULVSUXGHQFLDOKXELHUHQDFDHFLGRFRQDQWHULRULGDGDOSUHFHGHQWHFRQVWLWXFLRQDO
6LQ HPEDUJR GH HOOR OD DSOLFDFLyQ UHVWURVSHFWLYD WLHQH OtPLWHV HVWRV VRQ   /D FRVD
MX]JDGDHQODPHGLGDHQTXHORVQXHYRVHQWHQGLPLHQWRVMXULVSUXGHQFLDOHVQRSXHGHQ
DIHFWDUORVDVXQWRV\DUHVXHOWRV\TXHVHHQFXHQWUDQILUPHVRLQLPSXJQDEOHVHVWRHVTXH
WHQJDODFDOLGDGGHFRVDMX]JDGDIRUPDO\PDWHULDOSRUORPLVPRVyORSXHGHDSOLFDUVH
UHWURVSHFWLYDPHQWH D SURFHVRV HQ FXUVR \   /D MXULVSUXGHQFLD TXH SHUMXGLFD DO
LPSXWDGR HQ PDWHULD GH GHUHFKRSHQDO VXVWDQWLYR ORTXH LPSOLFDTXH HQ HVWH ~OWLPR
FDVRQRVHSXHGHQDSOLFDUHQIRUPDUHWURVSHFWLYDORVHQWHQGLPLHQWRVMXULVSUXGHQFLDOHV
TXH DIHFWHQ R GHVPHMRUHQ ODV HVIHUDV GH OLEHUWDG GHO LPSXWDGR R FRQGHQDGR 6&
5GHGHRFWXEUH  6&5GHGHQRYLHPEUHVREUHHOWHPDGHO
JDUDQWHKLSRWHFDULRVHDSOLFyOD6&5FXDQGRHOSURFHVRKDEtDDGTXLULGROD
FDOLGDGGHFRVDMX]JDGD 
6HSXHGHDSOLFDUUHWURVSHFWLYDPHQWHXQSUHFHGHQWHFRQVWLWXFLRQDODSURFHVRVHQFXUVR
~QLFDPHQWH FXDQGR QR SHUMXGLTXH R UHVWULQMD GHUHFKRV FRQVROLGDGRV SRU XQ DQWHULRU
HQWHQGLPLHQWRMXULVSUXGHQFLDO 6&5GHGHMXQLRPXMHUHPEDUD]DGDFRQ
EHFDWUDEDMR 
$KRUD ELHQ D GLFKRV OtPLWHV VH DxDGH OD SURKLELFLyQ GH DSOLFDU UHWURDFWLYDPHQWH XQ
SUHFHGHQWHTXHSRGUtDUHVWULQJLUHOGHUHFKRGHDFFHVRDODMXVWLFLDFRQVWLWXFLRQDO\DVHD

W


dW^:d
SRUTXH FRQ GLFKD MXULVSUXGHQFLD VH LPSRQHQ R VH HQGXUHFHQ ORV UHTXLVLWRV SDUD OD
SUHVHQWDFLyQ GH ODV DFFLRQHV FRQVWLWXFLRQDOHV R VH JHQHUDQ QXHYDV FDXVDOHV GH
LPSURFHGHQFLD R HQ VX FDVR HOQXHYR SUHFHGHQWHSHVH D HIHFWXDU XQD LQWHUSUHWDFLyQ
IDYRUDEOH GHO GHUHFKR SRU HMHPSOR GHUHFKR D UHFXUULU SRGUtD GDU OXJDU D TXH HQ VX
DSOLFDFLyQ UHVXOWH GHVIDYRUDEOH SDUD HO DFFHVR D OD MXVWLFLD FRQVWLWXFLRQDO FRQIRUPH
SUHFLVyHOYRWRGLVLGHQWHDOD6&5GHGHQRYLHPEUH
E -XULVSUXGHQFLDFRQVWLWXFLRQDOSURVSHFWLYD(ORYHUUXOLQJSURVSHFWLYR
(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDODSDUWLUGHOD6&3GHGHPDU]R
HQXQDDFFLyQGHOLEHUWDGDSOLFyHORYHUUXOLQJSURVSHFWLYRHVGHFLUDIXWXURHQXQFDVR
HQHOTXHLQWHUSUHWyODVUHJODVGHFRPSHWHQFLDPDWHULDOSDUDFRQRFHUDFFLRQHVGHOLEHUWDG
(VWDVHQWHQFLDVHxDOyTXHHQFDVRVGHPXWDFLRQHVRPRGXODFLRQHVDODMXULVSUXGHQFLD
FRQVWLWXFLRQDO HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO D SDUWLU GH ORV HIHFWRV TXH
SXHGHQ JHQHUDU GLFKRV SUHFHGHQWHV SRGUi GHWHUPLQDU VX DSOLFDFLyQ YLQFXODQWH VyOR D
FDVRVIXWXURV
9DOLGH]GHODMXULVSUXGHQFLDFRQVWLWXFLRQDODQWHULRUDODYLJHQFLDGHOD&RQVWLWXFLyQ
DFWXDO
/D6&3TXHVHFRQVWLWX\HHQXQDSULPHUDVHQWHQFLDFRQILUPDGRUDVHxDOy
TXHHVSRVLEOHODDSOLFDFLyQGHMXULVSUXGHQFLDFRQVWLWXFLRQDOHPLWLGDHQYLJHQFLDGHOD
&RQVWLWXFLyQ DEURJDGD VLHPSUH TXH QR VH FRQWUDSRQJD D OD &RQVWLWXFLyQ 3ROtWLFD GHO
(VWDGRYLJHQWH
(O 7ULEXQDO &RQVWLWXFLRQDO HQ OD 6& 5 HVWDEOHFLy TXH
HV SRVLEOH OD
DSOLFDFLyQ GH OD MXULVSUXGHQFLD FRQVWLWXFLRQDO HPLWLGD HQ YLJHQFLD GH OD &RQVWLWXFLyQ
DEURJDGD VLHPSUH TXH QR VH FRQWUDSRQJD D OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR

HQWHQGLPLHQWRUHLWHUDGRHQODV66&&55HQWUHRWUDV
 (IHFWR YLQFXODQWH GH OD GHFODUDWRULD GH LQFRQVWLWXFLRQDOLGDG LPSLGH DSOLFDFLyQ GH
QRUPDVFRQVLPLODUVHQWLGRQRUPDWLYR
/D6&3TXHVHFRQVWLWX\HHQXQDSULPHUD VHQWHQFLDFRQILUPDGRUDVHxDOy
TXHHQYLUWXGDOFDUiFWHUYLQFXODQWH\REOLJDWRULRGHODVUHVROXFLRQHVFRQVWLWXFLRQDOHV
ORV IXQGDPHQWRV GH XQD VHQWHQFLD FRQVWLWXFLRQDO GHEHQ VHU REVHUYDGRV SRU ODV
DXWRULGDGHVMXGLFLDOHV\DGPLQLVWUDWLYDVHQODDSOLFDFLyQGHORVDUWtFXORVTXHFRQWHQJDQ
HOPLVPRSUREOHPDMXUtGLFRTXH\DIXHREMHWRGHMXLFLRGHFRQVWLWXFLRQDOLGDGSRUHVWH
7ULEXQDO
6REUHODSURKLELFLyQGHDSOLFDFLyQGHQRUPDVFRQVLPLODUVHQWLGRQRUPDWLYRGHODVTXH
IXHURQ VRPHWLGDV D FRQWURO GH FRQVWLWXFLRQDOLGDG QRUPDWLYR \ GHFODUDGDV
LQFRQVWLWXFLRQDOHVHO7ULEXQDO&RQVWLWXFLRQDOGHODpSRFDGHORVGLH]DxRVDWUDYpVGH
OD6&HVWDEOHFLyTXH
HQYLUWXGDOFDUiFWHUYLQFXODQWH\REOLJDWRULRGHODV
UHVROXFLRQHVFRQVWLWXFLRQDOHVORVIXQGDPHQWRVGHHVD6HQWHQFLD&RQVWLWXFLRQDOGHEHQ
VHUREVHUYDGRVSRUODVDXWRULGDGHVMXGLFLDOHV\DGPLQLVWUDWLYDVHQODDSOLFDFLyQGHORV
DUWtFXORV TXH FRQWHQJDQ HO PLVPR SUREOHPD MXUtGLFR TXH \D IXH REMHWR GH MXLFLR GH
FRQVWLWXFLRQDOLGDGSRUHVWH7ULEXQDOORFRQWUDULRVLJQLILFDUtDDSOLFDUQRUPDVTXHKDQ
TXHGDGR H[SXOVDGDV GHO RUGHQDPLHQWR MXUtGLFR GHO SDtV KDFLHQGR LUUHOHYDQWHV ODV
IXQFLRQHVGHFRQWUROGHFRQVWLWXFLRQDOLGDGGHHVWH7ULEXQDO\GHGHIHQVDGHORVGHUHFKRV
IXQGDPHQWDOHV \ JDUDQWtDV FRQVWLWXFLRQDOHV (Q HVWH FRQWH[WR OD UHIHULGD VHQWHQFLD
FRQFHGLyODWXWHODSUHVHQWDGDHQXQDDFFLyQGHOLEHUWDGGHWHUPLQDQGRODLOHJDOLGDGGHOD
GHFLVLyQGHODDXWRULGDGGHPDQGDGDTXHIXQGyVXUHVROXFLyQGHH[SXOVLyQGHH[WUDQMHUR
DPSDUDGDHQXQDQRUPDFRQVLPLODUVHQWLGRDODTXHIXHGHFODUDGDLQFRQVWLWXFLRQDOLGDG
PHGLDQWH6&HVWDEOHFLHQGRTXH
VLODIDFXOWDGGHH[SXOVLyQPRWLYDGDSRU
ODLQWHUYHQFLyQGHH[WUDQMHURVHQSROtWLFDLQWHUQDKDVLGRGHFODUDGDLQFRQVWLWXFLRQDO\
SRUWDQWRHQORVKHFKRVUHVXOWDLQH[LVWHQWHODFDXVDOGHH[SXOVLyQFRQWHQLGDHQHODUW
LQFL GHO'6DOPDUJHQGHVHUXQDUHLWHUDFLyQGHOVXSXHVWRFRQWHQLGRHQHO
DUWLQFK QRSRGUtDVHUDSOLFDGDHQYLUWXGDOFDUiFWHUYLQFXODQWH\REOLJDWRULRGHODV
UHVROXFLRQHVGHO7ULEXQDO&RQVWLWXFLRQDO
(QHIHFWROD6&3GHWHUPLQyTXH
OD GHFODUDFLyQ GH DEDQGRQR \ SRVWHULRU HQWUHJD JUDWXLWD HQ IDYRU GHO 0LQLVWHULRGH OD
3UHVLGHQFLD FRQOOHYD HQ Vt OD H[WLQFLyQ GHO ELHQ GH SURSLHGDG GHO LPSRUWDGRU R VX
SURSLHWDULR HQ IDYRU GHO (VWDGR EROLYLDQR FX\R FRQWHQLGR QRUPDWLYR HV VLPLODU DO
SUR\HFWRGHOH\GHH[WLQFLyQGHGRPLQLRGHELHQHVDIDYRUGHO(VWDGRTXHIXHGHFODUDGR

W


dW^:d


LQFRQVWLWXFLRQDODOGHFODUDUHODEDQGRQRGHPHUFDQFtDV
OHJDOPHQWHLPSRUWDGDV
DOSDtV
\ VLQ PD\RUHV WUiPLWHV DGMXGLFDUODV HQ IDYRU GHO 0LQLVWHULR GH OD 3UHVLGHQFLD VLQ
LQWHUYHQFLyQGHDXWRULGDGMXULVGLFFLRQDO
6REUHODMXULVSUXGHQFLDGHORVUJDQRVMXULVGLFFLRQDOHVGHFLHUUH
D )XQFLyQREOLJDWRULDGHXQLIRUPDUODMXULVSUXGHQFLDSRUORVPi[LPRVWULEXQDOHVGH
MXVWLFLDGHQWURGHFDGDXQDGHVXVMXULVGLFFLRQHV)XQGDPHQWRFRQVWLWXFLRQDO
/D6&3HVWDEOHFLyTXHHO7ULEXQDO$JURDPELHQWDODQWHV7ULEXQDO$JUDULR
1DFLRQDOHQREVHUYDQFLDGHOSULQFLSLRGHLJXDOGDGSURFHVDOGHEHVXMHWDUVHDVXVSURSLRV
SUHFHGHQWHV
/D6&3KDHVWDEOHFLGRODIXQFLyQREOLJDWRULDGHXQLIRUPDUODMXULVSUXGHQFLD
SRU ORV Pi[LPRV WULEXQDOHV GH MXVWLFLD GHQWUR GH FDGD XQD GH VXV MXULVGLFFLRQHV VH
VXVWHQWDHQHOUHVSHWRDODLJXDOGDGHQODDSOLFDFLyQGHODOH\\ODGHIHQVDGHOSULQFLSLR
GHVHJXULGDGMXUtGLFD
/D 6&3  HVWDEOHFLy TXH ORV MXHFHV GH OD MXULVGLFFLyQ RUGLQDULD HVWiQ
YLQFXODGRV GH PDQHUD YHUWLFDO D ORV SUHFHGHQWHV MXGLFLDOHV HPLWLGRV SRU HO 7ULEXQDO
6XSUHPRGH-XVWLFLDGHOPLVPRPRGRHQWUH6DODVGHHVWHyUJDQRMXULVGLFFLRQDOH[LVWH
YLQFXODFLyQ KRUL]RQWDO  D FX\R HIHFWR HO 7ULEXQDO 6XSUHPR GH MXVWLFLD WLHQH OD
REOLJDFLyQ GH XQLIRUPDU VX MXULVSUXGHQFLD HPSHUR HQ DPERV VXSXHVWRV SXHGHQ
DSDUWDUVH GH PDQHUD IXQGDPHQWDGD GH ORV SUHFHGHQWHV MXGLFLDOHV VLJXLHQGR ODV
VLJXLHQWHV UHJODV L  &RQVLGHUDFLyQ FLWD H[SUHVD GHO FRQWHQLGR LQWHUSUHWDWLYR DVXPLGR
SRUHO7ULEXQDO6XSUHPRGH-XVWLFLDLL (OHQWHQGLPLHQWRRVXEUHJODDVXPLGRVHQORV
FDVRVDQWHULRUHVQRHVDSOLFDEOHDOVXSXHVWREDMRHVWXGLRRFDVRFRQFUHWRTXHVHDQDOL]D
\ LLL  ([SUHVLyQ GH DUJXPHQWRV TXH UHVSHWHQ HOHPHQWRV EiVLFRV GH OD UDFLRQDOLGDG \
UD]RQDELOLGDGSDUDVHSDUDUVHGHOSUHFHGHQWHMXGLFLDOTXHVHFRQVLGHUHQGHPD\RUSHVR
DUJXPHQWDWLYRGHVGH\FRQIRUPHDOD&RQVWLWXFLyQ\DOEORTXHGHFRQVWLWXFLRQDOLGDGD
ODMXULVSUXGHQFLDGHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOROD&RUWH,QWHUDPHULFDQDGH
'HUHFKRV +XPDQRV TXH KXELHUHQ SURQXQFLDGR MXULVSUXGHQFLD PiV SURJUHVLYD D ORV
GHUHFKRVIXQGDPHQWDOHV


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)M,,,
$SOLFDFLyQ GHO HVWiQGDU PiV DOWR GH OD MXULVSUXGHQFLD
FRQVWLWXFLRQDO
1RVUHIHULPRVFRQODH[SUHVLyQHVWiQGDUPiVDOWRGHODMXULVSUXGHQFLD
FRQVWLWXFLRQDOSDUDUHVDOWDUDTXpOODRDTXpOODVGHFLVLRQHVGHO7ULEXQDO
&RQVWLWXFLRQDOTXHKXELHUDQUHVXHOWRXQSUREOHPDMXUtGLFRUHFXUUHQWH\
XQLIRUPHSHURGHPDQHUDSURJUHVLYDDWUDYpVGHXQDLQWHUSUHWDFLyQTXH
WLHQGH D HIHFWLYL]DU \ PDWHULDOL]DU GH PHMRU PDQHUD ORV GHUHFKRV
IXQGDPHQWDOHV\JDUDQWtDVFRQVWLWXFLRQDOHVSUHYLVWDVHQOD&RQVWLWXFLyQ
\ HQ ORV 7UDWDGRV ,QWHUQDFLRQDOHV GH 'HUHFKRV +XPDQRV TXH IRUPDQ
SDUWHGHOEORTXHGHFRQVWLWXFLRQDOLGDG(OPpWRGRGHLGHQWLILFDFLyQGHO
HVWiQGDUPiVDOWRHQODMXULVSUXGHQFLDFRQVWLWXFLRQDOHVDWUDYpVGHXQ
H[DPHQRDQiOLVLVLQWHJUDOGHODOtQHDMXULVSUXGHQFLDOGHWDOIRUPDTXH
HOSUHFHGHQWHFRQVWLWXFLRQDOHQYLJRUVHFRQVWLWXLUiHQDTXpOTXHUHVXOWH
GHGLFKDFRPSDUDFLyQ




-XULVSUXGHQFLDHQHOWLHPSR3URVSHFWLYD
1~PHURGHUHVROXFLyQ6&3

W


dW^:d

)LFKD

7LSR-XULVSUXGHQFLD

-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   (Q FDVRV GH PXWDFLRQHV R PRGXODFLRQHV D OD
MXULVSUXGHQFLD FRQVWLWXFLRQDO HO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO D SDUWLU GH ORV HIHFWRV TXH SXHGHQ JHQHUDU GLFKRV
SUHFHGHQWHVSRGUiGHWHUPLQDUVXDSOLFDFLyQYLQFXODQWHVyORDFDVRV
IXWXURV

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH OLEHUWDG OD DFFLRQDQWH GHQXQFLy TXH VH GLVSXVR VX
GHWHQFLyQ SUHYHQWLYD HQ EDVH D XQD SUXHED LOtFLWD DVSHFWR TXH IXH
GHQXQFLDGRDWUDYpVGHOUHFXUVRGHDSHODFLyQHOFXDOIXHUHVXHOWRSRUODV
DXWRULGDGHV DKRUD GHPDQGDGDV FRQILUPDQGR OD GHFLVLyQ GHO MXH]
FDXWHODULQWHUSRQLHQGRSRVWHULRUPHQWHH[FHSFLyQGHIDOWDGHDFFLyQTXH
IXH UHFKD]DGD VROLFLWDQGR DGHPiV FHVDFLyQ D OD GHWHQFLyQ SUHYHQWLYD
KDELHQGRVLGRILMDGDODDXGLHQFLDSDUDHOGHHVHPHV\DxR(QEDVHD
HVWRV DQWHFHGHQWHV DOHJy OD YXOQHUDFLyQ GH VXV GHUHFKRV DO GHELGR
SURFHVR\DODOLEHUWDG\SLGLyVHFRQFHGDODDFFLyQ\VHDQXOHWRGRHO
SURFHVR KDVWD HO YLFLR PiV DQWLJXR (O 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDOFRQILUPyODGHFLVLyQGHO7ULEXQDOGH*DUDQWtDV\GHQHJy
ODWXWHODVLQLQJUHVDUDODQiOLVLVGHIRQGRSRUODVVLJXLHQWHVUD]RQHVD 
SRUTXH
EDMR QLQJ~Q MXVWLILFDWLYR OD MXULVGLFFLyQ FRQVWLWXFLRQDO  SXHGH
LQWHUIHULUHQHOFULWHULRTXHSXHGDQHPLWLUORVMXHFHVSDUDGHWHUPLQDUOD
FXOSDELOLGDGRQRGHXQLPSXWDGRQLHQODGHWHUPLQDFLyQGHODH[LVWHQFLD
RQRGHOGHOLWRTXHVHLQYHVWLJySRUTXHHVWDVDWULEXFLRQHVFRUUHVSRQGHQ
H[FOXVLYDPHQWHDODMXULVGLFFLyQRUGLQDULD
E /DVROLFLWXGGHFHVDFLyQD
OD GHWHQFLyQ SUHYHQWLYD UHDOL]DGD SRU OD DFFLRQDQWH DQWH HO MXH] TXH
HMHUFH HO FRQWUROMXULVGLFFLRQDO GH OD FDXVD VH HQFXHQWUD SHQGLHQWH GH
UHVROXFLyQ $GHPiV VH DQDOL]y SUHYLDPHQWH OD FRPSHWHQFLD GH ORV
MXHFHV\WULEXQDOHVSDUDFRQRFHU\UHVROYHUODVDFFLRQHVGHOLEHUWDG\HQ
XQHQWHQGLPLHQWRSUHYLVRUDSHVDUGHQRFXPSOLUVHFRQHOSUHVXSXHVWR
GHODFRPSHWHQFLDLQJUHVyDODQiOLVLVGHOSUREOHPDMXUtGLFRSODQWHDGR
'H OD PLVPD IRUPD HVWDEOHFLy OD YLQFXODWRULHGDG GHO SUHFHGHQWH
JHQHUDGRDFDVRVIXWXURV

([WUDFWRGHODUDWLRGHFLGHQGL

W


dW^:d


)- ,,,
UHVXOWD DSOLFDEOH D OD SUHVHQWH PRGXODFLyQ OD HILFDFLD
SURVSHFWLYDGHODMXULVSUXGHQFLDRFRQRFLGDWDPELpQFRPRSURVSHFWLYH
RYHUUXOLQJ UHIHULGD DO FDPELR GH XQ SUHFHGHQWH YLQFXODQWH R OD
VXVWLWXFLyQ SRU RWUR TXH D SDUWLU GH OD LQWURGXFFLyQ GH XQ QXHYR
UD]RQDPLHQWRDGTXLHUHFDUiFWHUYLQFXODQWHHQFDVRVSRVWHULRUHVGLFKR
GH RWUR PRGR HO FDPELR R UHHPSOD]R GHO SUHFHGHQWH YLQFXODQWH HV
DSOLFDEOHHQORVXFHVLYR\FRQIRUPHDORVFULWHULRVDVXPLGRVHQHOQXHYR
IDOOR(QHVHVHQWLGRODSUHVHQWH6HQWHQFLD&RQVWLWXFLRQDODSDUWLUGHVX
SXEOLFDFLyQ WHQGUi FDUiFWHU YLQFXODQWH SRU PDQGDWR GHO DUW  GH OD
QRUPDIXQGDPHQWDO\GHODUWGHOD/7&3SRUFXDQWRUHVXOWDDSOLFDEOH
DWRGRVORVFDVRVSRVWHULRUHV

&RQVHFXHQWHPHQWH\HQREVHUYDQFLDGHOSULQFLSLRGHVHJXULGDGMXUtGLFD
ODDSOLFDFLyQGHODPRGXODFLyQTXHVHUHDOL]DDOD6&5GH
GHPD\RVyORVHUiGHDSOLFDFLyQDDTXHOODVDFFLRQHVTXHVHLQLFLHQFRQ
SRVWHULRULGDG D OD IHFKD GH SXEOLFDFLyQ GH OD SUHVHQWH 6HQWHQFLD
&RQVWLWXFLRQDO$WRGDVODVGHPiVDFFLRQHVLQLFLDGDVDQWHULRUPHQWHOH
VHUiQDSOLFDEOHVORVSUHFHSWRVGHVDUUROODGRVHQODFLWDGD6&
5

6LQWHVLVGHODUDWLRGHFLGHQGL

(VWDEOHFHODYLQFXODWRULHGDGGHOSUHFHGHQWHJHQHUDGRDFDVRVIXWXURVHQ
DSOLFDFLyQGHODWpFQLFDGHORYHUUXOOLQJRDSOLFDFLyQSURVSHFWLYDGHOD
MXULVSUXGHQFLD

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDODOPRPHQWRGHUHVROYHUORVSUREOHPDVMXUtGLFRVVRPHWLGRVD
VX FRQRFLPLHQWR HQ HO HMHUFLFLR GHO FRQWURO GH FRQVWLWXFLRQDOLGDG HQ VXV GLIHUHQWHV
iPELWRVKDGHVDUUROODGRFULWHULRVMXULVSUXGHQFLDOHVVREUHODDSOLFDFLyQHLQYRFDFLyQGH
ODMXULVSUXGHQFLDFRQVWLWXFLRQDOHQORVVLJXLHQWHVSUHFHGHQWHV
6REUHHOYDORUGHODMXULVSUXGHQFLDFRQVWLWXFLRQDO
D /DMXULVSUXGHQFLDFRQVWLWXFLRQDOWLHQHYDORUGHIXHQWHGLUHFWDGHO'HUHFKRGHDKt
TXHVHUHFRQRFHVXFDUiFWHUYLQFXODQWHSDUDORVyUJDQRVGHOSRGHUS~EOLFR\SDUWLFXODUHV
6&56&5\6&3 
E (OUHVSHWR\DSOLFDFLyQGHOSUHFHGHQWHFRQVWLWXFLRQDOHVWiYLQFXODGRDOUHVSHWRGHO
GHUHFKRDODLJXDOGDGHQODDSOLFDFLyQGHODOH\ DUWV,,\,,,GHOD&3( \ODJDUDQWtD
GHVHJXULGDGMXUtGLFD DUW,GHOD&3(  6&56&5\6&3
 
F /DLPSRUWDQFLDGHOSUHFHGHQWHYLQFXODQWHVHVXVWHQWDHQODFRKHUHQFLD\XQLGDGTXH
RWRUJDDOVLVWHPDMXUtGLFR 6&5\6&5 
G  (O UHVSHWR D ORV SUHFHGHQWHV FRQVWLWXFLRQDOHV QR LPSOLFD TXH HO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOSHWULILTXHVXMXULVSUXGHQFLDLPSLGLHQGRHOUHSODQWHDPLHQWR
GHSUREOHPDVMXUtGLFRVDSDUHQWHPHQWH\DUHVXHOWRVSRUHOFRQWUDULRSXHGHFDPELDUOD
PXWDUODVLHPSUHTXHVHDFRQPRWLYDFLyQVXILFLHQWH 6&5 (QHVHRUGHQOD
6&3  PRGXODQGR HVWH HQWHQGLPLHQWR HVWDEOHFLy DOJXQRV FULWHULRV SDUD
FDPELDU OD MXULVSUXGHQFLD FRQVWLWXFLRQDO VHxDODQGR TXH
(Q OD PHGLGD TXH ORV
SUHFHGHQWHV VHDQ PiV DFRUGHV FRQ ORV SULQFLSLRV YDORUHV GHUHFKRV IXQGDPHQWDOHV
JDUDQWtDV FRQVWLWXFLRQDOHV GH OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR \ GHO EORTXH GH
FRQVWLWXFLRQDOLGDG HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO SUHIHULUi VX ILMH]D $

W


dW^:d
FRQWUDULRVHQVXpVWH7ULEXQDODSHUWXUDUiVXFDSDFLGDGGHFDPELRFXDQGRQRHVWpDFRUGH
DHOORV

$QiOLVLVGHODMXULVSUXGHQFLDSDUDVXLQYRFDFLyQ\DSOLFDFLyQ
$QiOLVLV HVWiWLFR GH XQD VHQWHQFLD FRQVWLWXFLRQDO (O SUHFHGHQWH FRQVWLWXFLRQDO OD
UDWLRGHFLGHQGLHORELWHUGLFWXP\HOGHFLVXP 
D 'LIHUHQFLDHQWUHODSDUWHYLQFXODQWH\ORVHIHFWRVGHODSDUWHUHVROXWLYDRGHFLVXP
/D 6& 5 VHxDOy TXH
6L ELHQ WRGR IDOOR TXH HPLWH HVWH 7ULEXQDO HQ
UHFXUVRVGHDPSDURFRQVWLWXFLRQDO\KiEHDVFRUSXVWLHQHHIHFWRVLQWHUSDUWHV VyORDIHFWD
D ODV SDUWHV  ORV IXQGDPHQWRV GHWHUPLQDQWHV GHO IDOOR R UDWLRQHV GHFLGHQGL VRQ
YLQFXODQWHV \ SRU WDQWR GH REOLJDWRULD DSOLFDFLyQ SDUD ORV 3RGHUHV GHO (VWDGR
OHJLVODGRUHVDXWRULGDGHVWULEXQDOHV\MXHFHV HQWRGRVVXVQLYHOHVMHUiUTXLFRV DVtOR
GHWHUPLQDHODUWGHOD/H\GHO7ULEXQDO&RQVWLWXFLRQDO

/D6&3DSDUWLUGHOFRQWHQLGRQRUPDWLYRSUHYLVWRHQHODUW,GHO&3&R
HVWDEOHFLyTXH
/RVHIHFWRVGHODSDUWHUHVROXWLYDVRQGRV 
LQWHUSDUWHV
TXHLPSOLFD
ODREOLJDWRULHGDGSDUDODVSDUWHVLQWHUYLQLHQWHVHVGHFLUVRORDIHFWDDHOODVFRPRRFXUUH
HQ ODV  VHQWHQFLDV GH DFFLRQHV GH GHIHQVD DFFLyQ GH OLEHUWDG DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO DFFLyQ GH SURWHFFLyQ D OD SULYDFLGDG DFFLyQ SRSXODU \ DFFLyQ GH
FXPSOLPLHQWR GHFODUDFLRQHV\DXWRVGHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO\ 

HUJD RPQHV
 TXH LPSOLFD OD REOLJDWRULHGDG SDUD WRGRV HV GHFLU WLHQH HIHFWR JHQHUDO
FRPR RFXUUH HQ HO FDVR GH ODV DFFLRQHV GH LQFRQVWLWXFLRQDOLGDG \ HO UHFXUVR FRQWUD
WULEXWRV

E 'LVWLQFLyQHQWUHSUHFHGHQWHFRQVWLWXFLRQDO\ODUDWLRGHFLGHQGL
/D6&3DSDUWLUGHOFRQWHQLGRQRUPDWLYRSUHYLVWRHQHODUW,,GHOGHO
&3&RVHxDOyTXH
 TXHHVYLQFXODQWHHOSUHFHGHQWHFRQVWLWXFLRQDOFRQWHQLGRHQOD
UDWLRGHFLGHQGL(VGHFLUHQODUDWLRGHFLGHQGLVHHQFXHQWUDHOSUHFHGHQWHFRQVWLWXFLRQDO
(O SUHFHGHQWH FRQVWLWXFLRQDO HV YLQFXODQWH VLHPSUH TXH H[LVWD XQ VXSXHVWR IiFWLFR
DQiORJR $&(&$\6&5 
 
/RVSUHFHGHQWHVFRQVWLWXFLRQDOHVHVWiQVyORHQODVVHQWHQFLDVUHOHYDQWHV6HLGHQWLILFDQ
D ODV VHQWHQFLDV UHOHYDQWHV SRUTXH VRQ VHQWHQFLDV IXQGDGRUDV PRGXODGRUDV TXH
UHFRQGXFHQ R FDPELDQ XQD OtQHD MXULVSUXGHQFLDO H[SUHVDPHQWH R WiFLWDPHQWH (Q HO
SUHFHGHQWHFRQVWLWXFLRQDOVHFRQVLJQDQ
ODVVXEUHJODVGH'HUHFKR

QRUPDVDGVFULWDV
R

FRQFUHWD QRUPD GH OD VHQWHQFLD


 UHVXOWDQWHV GH OD LQWHUSUHWDFLyQ LQWHUUHODFLyQ R
LQWHJUDFLyQGHODVQRUPDVGHOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRRGHODVGLVSRVLFLRQHV
OHJDOHV (VWDV WLHQHQ PiV MHUDUTXtD \ IXHU]D MXUtGLFD TXH ODV SURSLDV OH\HV SRUTXH HO
7ULEXQDO&RQVWLWXFLRQDOHVHO~OWLPRDSOLFDGRUGHO'HUHFKR

$QiOLVLVGLQiPLFRGHODMXULVSUXGHQFLDFRQVWLWXFLRQDO /DVOtQHDVMXULVSUXGHQFLDOHV 
/D6&3HVWDEOHFLyTXH
1RHVVXILFLHQWHODLGHQWLILFDFLyQGHOSUHFHGHQWH
FRQVWLWXFLRQDO D WUDYpV GHO DQiOLVLV HVWiWLFR GH OD MXULVSUXGHQFLD VH GHEH DQDOL]DU OD
MXULVSUXGHQFLDFRQVWLWXFLRQDOWDPELpQDWUDYpVGHXQHVWXGLRGLQiPLFRHVGHFLUVHGHEH
DSUHFLDU GH PDQHUD VLVWHPiWLFD HO GHVDUUROOR GH OD MXULVSUXGHQFLD SDUD XELFDU HO
SUHFHGHQWH FRQVWLWXFLRQDO HQ YLJRU HQ OD OtQHD MXULVSUXGHQFLDO /DV OtQHDV
MXULVSUXGHQFLDOHV VRQ OD WpFQLFD SDUD KDFHU HO DQiOLVLV GLQiPLFR GH OD MXULVSUXGHQFLD
FRQVWLWXFLRQDO 6RQ ODV UHVSXHVWDV R VROXFLRQHV TXH OD MXULVSUXGHQFLD KD GDGR D
GHWHUPLQDGR SUREOHPD MXUtGLFR HVWi FRQIRUPDGD SRU XQ FRQMXQWR GH VHQWHQFLDV TXH
DERUGDURQGHWHUPLQDGDWHPiWLFD
/DMXULVSUXGHQFLDFRQVWLWXFLRQDODOVHUHQHVHQFLDHYROXWLYDVHYDPRGXODQGR\DVHD
H[WHQGLHQGRRHQVXFDVRUHVWULQJLHQGRVXVDOFDQFHVGHDKtTXHHVSUHFLVRKDFHUXQ
UHFRUULGRHQWUHODVVHQWHQFLDVEiVLFDVRFUHDGRUDVGHOtQHDVVHQWHQFLDVPRGXODGRUDVGH
OtQHDV VHQWHQFLDV FRQILUPDGRUDV R UHLWHUDGRUDV GH OtQHD VHQWHQFLDV PXWDGRUDV R
FDPELDGRUDVGHOtQHD\VHQWHQFLDVUHFRQGXFWRUDVGHOtQHDSRUTXHVyORFRQHVWHDQiOLVLV
GLQiPLFR GH ODV VHQWHQFLDV TXH FRQIRUPDQ OD OtQHD MXULVSUXGHQFLDO VH LGHQWLILFD HO
SUHFHQGHQWHFRQVWLWXFLRQDOHQYLJRU

/D 6&3 $/ FRPSOHPHQWDGD SRU OD  6&3 6 HQ XQ QXHYR
SDUDGLJPD GH OD LQYRFDFLyQ \ DSOLFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO GHVSXpV GHO
DQiOLVLVGHXQDOtQHDMXULVSUXGHQFLDOHVWDEOHFLyTXHHOSUHFHGHQWHFRQVWLWXFLRQDOHQYLJRU

W


dW^:d


R YLJHQWH UHVXOWD DTXpO TXH DFRMD HO HVWiQGDU PiV DOWR GH SURWHFFLyQ GHO GHUHFKR
IXQGDPHQWDORJDUDQWtDFRQVWLWXFLRQDOLQYRFDGRHVWRHVDTXpOODGHFLVLyQTXHKXELHUD
UHVXHOWRXQSUREOHPDMXUtGLFRGHPDQHUDPiVSURJUHVLYDDWUDYpVGHXQDLQWHUSUHWDFLyQ
TXHWLHQGHDHIHFWLYL]DU\PDWHULDOL]DUGHPHMRUPDQHUDORVGHUHFKRVIXQGDPHQWDOHV\
JDUDQWtDVFRQVWLWXFLRQDOHVSUHYLVWDVHQOD&RQVWLWXFLyQ\HQORV7UDWDGRV,QWHUQDFLRQDOHV
GH'HUHFKRV+XPDQRVTXHIRUPDQSDUWHGHOEORTXHGHFRQVWLWXFLRQDOLGDGSRUORTXHOD
LQYRFDFLyQ\DSOLFDFLyQGHXQSUHFHGHQWHGHEHVHUHVFRJLGRGHVSXpVHOH[DPHQRDQiOLVLV
LQWHJUDOGHODOtQHDMXULVSUXGHQFLDO\DQRVRODPHQWHILMiQGRVHHOFULWHULRWHPSRUDOGHO
PLVPRHVWRHVHO~OWLPRHQWpUPLQRVGHIHFKDGHHPLVLyQSRUHO7ULEXQDO&RQVWLWXFLRQDO
TXH KXELHUH FDPELDGR PRGXODGR R UHFRQGXFLGR XQ GHWHUPLQDGR HQWHQGLPLHQWR
MXULVSUXGHQFLDO VLQR VREUH WRGR DTXpO TXH VHD H[SRQHQWH GHO HVWiQGDU PiV DOWR GH
SURWHFFLyQGHOGHUHFKR
/D6&3TXHVHFRQVWLWX\HHQXQDQWHFHGHQWHGHODMXULVSUXGHQFLDVREUHHO
HVWiQGDU PiV DOWR 6&3 $/  \D KDEtD VHxDODGR TXH ORV MXHFHV GH OD
MXULVGLFFLyQRUGLQDULDHVWiQYLQFXODGRVGHPDQHUDYHUWLFDODOSUHFHGHQWHMXGLFLDOHPLWLGR
SRU HO 7ULEXQDO 6XSUHPR GH -XVWLFLD GHO PLVPR PRGR ODV6DODV HVWiQ YLQFXODGRVGH
PDQHUDKRUL]RQWDODORVSUHFHGHQWHVMXGLFLDOHVHPLWLGRVSRUOD6DODVGHODPLVPDPDWHULD
HPSHUR SXHGHQ DSDUWDUVH GH PDQHUD IXQGDPHQWDGD VLJXLHQGR HQWUH RWUDV UHJODV OD
H[SUHVLyQ GH DUJXPHQWRV TXH UHVSHWHQ HOHPHQWRV EiVLFRV GH OD UDFLRQDOLGDG \
UD]RQDELOLGDGSDUDVHSDUDUVHGHOSUHFHGHQWHMXGLFLDOTXHVHFRQVLGHUHQGHPD\RUSHVR
DUJXPHQWDWLYRGHVGH\FRQIRUPHDOD&RQVWLWXFLyQ\DOEORTXHGHFRQVWLWXFLRQDOLGDGD
ODMXULVSUXGHQFLDGHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOROD&RUWH,QWHUDPHULFDQDGH
'HUHFKRV +XPDQRV TXH KXELHUHQ SURQXQFLDGR MXULVSUXGHQFLD PiV SURJUHVLYD D ORV
GHUHFKRVIXQGDPHQWDOHV

/D6&3HVWDEOHFLyUHJODVSDUDODDSOLFDFLyQGHOSUHFHGHQWHFRQVWLWXFLRQDO
VHxDODQGRTXHGHEHFRQVLGHUDUVHL ODDQDORJtDHQORVVXSXHVWRVIiFWLFRV\ODFLWDGHO
SUHFHGHQWHFRQLGHQWLILFDFLyQH[SUHVDGHOSUHFHGHQWHHQYLJRU\LL ODSURKLELFLyQGH
DSOLFDU RELWHU GLFWXP FXHVWLRQHV DFFHVRULDV  FRPR VL IXHUDQ SUHFHGHQWHV OD FLWD
LQFRPSOHWDGHOSUHFHGHQWH\HOXVRLQFRUUHFWRGHODDSOLFDFLyQGHMXULVSUXGHQFLDHQHO
WLHPSR 6LQ HPEDUJR HVWDV UHJODV WLHQHQ TXH WHQHU HQ FXHQWD HQ SULPHU OXJDU OD
LGHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWLHQH HO HVWiQGDU PiV DOWR GH
SURWHFFLyQFRQIRUPHORHQWHQGLyOD6&
/DMXULVSUXGHQFLDFRQVWLWXFLRQDOHQHOWLHPSR
D -XULVSUXGHQFLDFRQVWLWXFLRQDOUHWURVSHFWLYD
/D 6&3  UHFRJLHQGR SUHFHGHQWHV FRQVWLWXFLRQDOHV GHO 7ULEXQDO
&RQVWLWXFLRQDOGHORVGLH]DxRVVHxDOy
8QSUHFHGHQWHFRQVWLWXFLRQDODOFRQVWLWXLUVHHQ
XQPHGLRSRUHOFXDOOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRGHVSOD]DVXHILFDFLDJHQHUDO
WLHQH YDOLGH] SOHQD HQ HO WLHPSR \ SRU HQGH QR HVWi UHJLGR SRU HO SULQFLSLR GH
LUUHWURDFWLYLGDG OR TXH VLJQLILFD TXH SXHGH VHU DSOLFDGR D KHFKRV SDVDGRV HQ IRUPD
UHWURVSHFWLYD VLQ LPSRUWDUTXH ORV KHFKRV D ORV TXH KDGH DSOLFDUVH HO HQWHQGLPLHQWR
MXULVSUXGHQFLDOKXELHUHQDFDHFLGRFRQDQWHULRULGDGDOSUHFHGHQWHFRQVWLWXFLRQDO
6LQ HPEDUJR GH HOOR OD DSOLFDFLyQ UHVWURVSHFWLYD WLHQH OtPLWHV HVWRV VRQ   /D FRVD
MX]JDGDHQODPHGLGDHQTXHORVQXHYRVHQWHQGLPLHQWRVMXULVSUXGHQFLDOHVQRSXHGHQ
DIHFWDUORVDVXQWRV\DUHVXHOWRV\TXHVHHQFXHQWUDQILUPHVRLQLPSXJQDEOHVHVWRHVTXH
WHQJDODFDOLGDGGHFRVDMX]JDGDIRUPDO\PDWHULDOSRUORPLVPRVyORSXHGHDSOLFDUVH
UHWURVSHFWLYDPHQWH D SURFHVRV HQ FXUVR \   /D MXULVSUXGHQFLD TXH SHUMXGLFD DO
LPSXWDGR HQ PDWHULD GH GHUHFKRSHQDO VXVWDQWLYR ORTXH LPSOLFDTXH HQ HVWH ~OWLPR
FDVRQRVHSXHGHQDSOLFDUHQIRUPDUHWURVSHFWLYDORVHQWHQGLPLHQWRVMXULVSUXGHQFLDOHV
TXH DIHFWHQ R GHVPHMRUHQ ODV HVIHUDV GH OLEHUWDG GHO LPSXWDGR R FRQGHQDGR 6&
5GHGHRFWXEUH  6&5GHGHQRYLHPEUHVREUHHOWHPDGHO
JDUDQWHKLSRWHFDULRVHDSOLFyOD6&5FXDQGRHOSURFHVRKDEtDDGTXLULGROD
FDOLGDGGHFRVDMX]JDGD 
6HSXHGHDSOLFDUUHWURVSHFWLYDPHQWHXQSUHFHGHQWHFRQVWLWXFLRQDODSURFHVRVHQFXUVR
~QLFDPHQWH FXDQGR QR SHUMXGLTXH R UHVWULQMD GHUHFKRV FRQVROLGDGRV SRU XQ DQWHULRU
HQWHQGLPLHQWRMXULVSUXGHQFLDO 6&5GHGHMXQLRPXMHUHPEDUD]DGDFRQ
EHFDWUDEDMR 

W


dW^:d
$KRUD ELHQ D GLFKRV OtPLWHV VH DxDGH OD SURKLELFLyQ GH DSOLFDU UHWURDFWLYDPHQWH XQ
SUHFHGHQWHTXHSRGUtDUHVWULQJLUHOGHUHFKRGHDFFHVRDODMXVWLFLDFRQVWLWXFLRQDO\DVHD
SRUTXH FRQ GLFKD MXULVSUXGHQFLD VH LPSRQHQ R VH HQGXUHFHQ ORV UHTXLVLWRV SDUD OD
SUHVHQWDFLyQ GH ODV DFFLRQHV FRQVWLWXFLRQDOHV R VH JHQHUDQ QXHYDV FDXVDOHV GH
LPSURFHGHQFLD R HQ VX FDVR HOQXHYR SUHFHGHQWHSHVH D HIHFWXDU XQD LQWHUSUHWDFLyQ
IDYRUDEOH GHO GHUHFKR SRU HMHPSOR GHUHFKR D UHFXUULU SRGUtD GDU OXJDU D TXH HQ VX
DSOLFDFLyQ UHVXOWH GHVIDYRUDEOH SDUD HO DFFHVR D OD MXVWLFLD FRQVWLWXFLRQDO FRQIRUPH
SUHFLVyHOYRWRGLVLGHQWHDOD6&5GHGHQRYLHPEUH
E -XULVSUXGHQFLDFRQVWLWXFLRQDOSURVSHFWLYD(ORYHUUXOLQJSURVSHFWLYR
(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDODSDUWLUGHOD6&3GHGHPDU]R
HQXQDDFFLyQGHOLEHUWDGDSOLFyHORYHUUXOLQJSURVSHFWLYRHVGHFLUDIXWXURHQXQFDVR
HQHOTXHLQWHUSUHWyODVUHJODVGHFRPSHWHQFLDPDWHULDOSDUDFRQRFHUDFFLRQHVGHOLEHUWDG
(VWDVHQWHQFLDVHxDOyTXHHQFDVRVGHPXWDFLRQHVRPRGXODFLRQHVDODMXULVSUXGHQFLD
FRQVWLWXFLRQDO HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO D SDUWLU GH ORV HIHFWRV TXH
SXHGHQ JHQHUDU GLFKRV SUHFHGHQWHV SRGUi GHWHUPLQDU VX DSOLFDFLyQ YLQFXODQWH VyOR D
FDVRVIXWXURV
9DOLGH]GHODMXULVSUXGHQFLDFRQVWLWXFLRQDODQWHULRUDODYLJHQFLDGHOD&RQVWLWXFLyQ
DFWXDO
/D6&3TXHVHFRQVWLWX\HHQXQDSULPHUDVHQWHQFLDFRQILUPDGRUDVHxDOy
TXHHVSRVLEOHODDSOLFDFLyQGHMXULVSUXGHQFLDFRQVWLWXFLRQDOHPLWLGDHQYLJHQFLDGHOD
&RQVWLWXFLyQ DEURJDGD VLHPSUH TXH QR VH FRQWUDSRQJD D OD &RQVWLWXFLyQ 3ROtWLFD GHO
(VWDGRYLJHQWH
(O 7ULEXQDO &RQVWLWXFLRQDO HQ OD 6& 5 HVWDEOHFLy TXH
HV SRVLEOH OD
DSOLFDFLyQ GH OD MXULVSUXGHQFLD FRQVWLWXFLRQDO HPLWLGD HQ YLJHQFLD GH OD &RQVWLWXFLyQ
DEURJDGD VLHPSUH TXH QR VH FRQWUDSRQJD D OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR

HQWHQGLPLHQWRUHLWHUDGRHQODV66&&55HQWUHRWUDV
 (IHFWR YLQFXODQWH GH OD GHFODUDWRULD GH LQFRQVWLWXFLRQDOLGDG LPSLGH DSOLFDFLyQ GH
QRUPDVFRQVLPLODUVHQWLGRQRUPDWLYR
/D6&3TXHVHFRQVWLWX\HHQXQDSULPHUD VHQWHQFLDFRQILUPDGRUDVHxDOy
TXHHQYLUWXGDOFDUiFWHUYLQFXODQWH\REOLJDWRULRGHODVUHVROXFLRQHVFRQVWLWXFLRQDOHV
ORV IXQGDPHQWRV GH XQD VHQWHQFLD FRQVWLWXFLRQDO GHEHQ VHU REVHUYDGRV SRU ODV
DXWRULGDGHVMXGLFLDOHV\DGPLQLVWUDWLYDVHQODDSOLFDFLyQGHORVDUWtFXORVTXHFRQWHQJDQ
HOPLVPRSUREOHPDMXUtGLFRTXH\DIXHREMHWRGHMXLFLRGHFRQVWLWXFLRQDOLGDGSRUHVWH
7ULEXQDO
6REUHODSURKLELFLyQGHDSOLFDFLyQGHQRUPDVFRQVLPLODUVHQWLGRQRUPDWLYRGHODVTXH
IXHURQ VRPHWLGDV D FRQWURO GH FRQVWLWXFLRQDOLGDG QRUPDWLYR \ GHFODUDGDV
LQFRQVWLWXFLRQDOHVHO7ULEXQDO&RQVWLWXFLRQDOGHODpSRFDGHORVGLH]DxRVDWUDYpVGH
OD6&HVWDEOHFLyTXH
HQYLUWXGDOFDUiFWHUYLQFXODQWH\REOLJDWRULRGHODV
UHVROXFLRQHVFRQVWLWXFLRQDOHVORVIXQGDPHQWRVGHHVD6HQWHQFLD&RQVWLWXFLRQDOGHEHQ
VHUREVHUYDGRVSRUODVDXWRULGDGHVMXGLFLDOHV\DGPLQLVWUDWLYDVHQODDSOLFDFLyQGHORV
DUWtFXORV TXH FRQWHQJDQ HO PLVPR SUREOHPD MXUtGLFR TXH \D IXH REMHWR GH MXLFLR GH
FRQVWLWXFLRQDOLGDGSRUHVWH7ULEXQDOORFRQWUDULRVLJQLILFDUtDDSOLFDUQRUPDVTXHKDQ
TXHGDGR H[SXOVDGDV GHO RUGHQDPLHQWR MXUtGLFR GHO SDtV KDFLHQGR LUUHOHYDQWHV ODV
IXQFLRQHVGHFRQWUROGHFRQVWLWXFLRQDOLGDGGHHVWH7ULEXQDO\GHGHIHQVDGHORVGHUHFKRV
IXQGDPHQWDOHV \ JDUDQWtDV FRQVWLWXFLRQDOHV (Q HVWH FRQWH[WR OD UHIHULGD VHQWHQFLD
FRQFHGLyODWXWHODSUHVHQWDGDHQXQDDFFLyQGHOLEHUWDGGHWHUPLQDQGRODLOHJDOLGDGGHOD
GHFLVLyQGHODDXWRULGDGGHPDQGDGDTXHIXQGyVXUHVROXFLyQGHH[SXOVLyQGHH[WUDQMHUR
DPSDUDGDHQXQDQRUPDFRQVLPLODUVHQWLGRDODTXHIXHGHFODUDGDLQFRQVWLWXFLRQDOLGDG
PHGLDQWH6&HVWDEOHFLHQGRTXH
VLODIDFXOWDGGHH[SXOVLyQPRWLYDGDSRU
ODLQWHUYHQFLyQGHH[WUDQMHURVHQSROtWLFDLQWHUQDKDVLGRGHFODUDGDLQFRQVWLWXFLRQDO\
SRUWDQWRHQORVKHFKRVUHVXOWDLQH[LVWHQWHODFDXVDOGHH[SXOVLyQFRQWHQLGDHQHODUW
LQFL GHO'6DOPDUJHQGHVHUXQDUHLWHUDFLyQGHOVXSXHVWRFRQWHQLGRHQHO
DUWLQFK QRSRGUtDVHUDSOLFDGDHQYLUWXGDOFDUiFWHUYLQFXODQWH\REOLJDWRULRGHODV
UHVROXFLRQHVGHO7ULEXQDO&RQVWLWXFLRQDO
(QHIHFWROD6&3GHWHUPLQyTXH
OD GHFODUDFLyQ GH DEDQGRQR \ SRVWHULRU HQWUHJD JUDWXLWD HQ IDYRU GHO 0LQLVWHULRGH OD
3UHVLGHQFLD FRQOOHYD HQ Vt OD H[WLQFLyQ GHO ELHQ GH SURSLHGDG GHO LPSRUWDGRU R VX

W


dW^:d


SURSLHWDULR HQ IDYRU GHO (VWDGR EROLYLDQR FX\R FRQWHQLGR QRUPDWLYR HV VLPLODU DO
SUR\HFWRGHOH\GHH[WLQFLyQGHGRPLQLRGHELHQHVDIDYRUGHO(VWDGRTXHIXHGHFODUDGR
LQFRQVWLWXFLRQDODOGHFODUDUHODEDQGRQRGHPHUFDQFtDV
OHJDOPHQWHLPSRUWDGDV
DOSDtV
\ VLQ PD\RUHV WUiPLWHV DGMXGLFDUODV HQ IDYRU GHO 0LQLVWHULR GH OD 3UHVLGHQFLD VLQ
LQWHUYHQFLyQGHDXWRULGDGMXULVGLFFLRQDO
6REUHODMXULVSUXGHQFLDGHORVUJDQRVMXULVGLFFLRQDOHVGHFLHUUH
D )XQFLyQREOLJDWRULDGHXQLIRUPDUODMXULVSUXGHQFLDSRUORVPi[LPRVWULEXQDOHVGH
MXVWLFLDGHQWURGHFDGDXQDGHVXVMXULVGLFFLRQHV)XQGDPHQWRFRQVWLWXFLRQDO
/D6&3HVWDEOHFLyTXHHO7ULEXQDO$JURDPELHQWDODQWHV7ULEXQDO$JUDULR
1DFLRQDOHQREVHUYDQFLDGHOSULQFLSLRGHLJXDOGDGSURFHVDOGHEHVXMHWDUVHDVXVSURSLRV
SUHFHGHQWHV
/D6&3KDHVWDEOHFLGRODIXQFLyQREOLJDWRULDGHXQLIRUPDUODMXULVSUXGHQFLD
SRU ORV Pi[LPRV WULEXQDOHV GH MXVWLFLD GHQWUR GH FDGD XQD GH VXV MXULVGLFFLRQHV VH
VXVWHQWDHQHOUHVSHWRDODLJXDOGDGHQODDSOLFDFLyQGHODOH\\ODGHIHQVDGHOSULQFLSLR
GHVHJXULGDGMXUtGLFD
/D 6&3  HVWDEOHFLy TXH ORV MXHFHV GH OD MXULVGLFFLyQ RUGLQDULD HVWiQ
YLQFXODGRV GH PDQHUD YHUWLFDO D ORV SUHFHGHQWHV MXGLFLDOHV HPLWLGRV SRU HO 7ULEXQDO
6XSUHPRGH-XVWLFLDGHOPLVPRPRGRHQWUH6DODVGHHVWHyUJDQRMXULVGLFFLRQDOH[LVWH
YLQFXODFLyQ KRUL]RQWDO  D FX\R HIHFWR HO 7ULEXQDO 6XSUHPR GH MXVWLFLD WLHQH OD
REOLJDFLyQ GH XQLIRUPDU VX MXULVSUXGHQFLD HPSHUR HQ DPERV VXSXHVWRV SXHGHQ
DSDUWDUVH GH PDQHUD IXQGDPHQWDGD GH ORV SUHFHGHQWHV MXGLFLDOHV VLJXLHQGR ODV
VLJXLHQWHV UHJODV L  &RQVLGHUDFLyQ FLWD H[SUHVD GHO FRQWHQLGR LQWHUSUHWDWLYR DVXPLGR
SRUHO7ULEXQDO6XSUHPRGH-XVWLFLDLL (OHQWHQGLPLHQWRRVXEUHJODDVXPLGRVHQORV
FDVRVDQWHULRUHVQRHVDSOLFDEOHDOVXSXHVWREDMRHVWXGLRRFDVRFRQFUHWRTXHVHDQDOL]D
\ LLL  ([SUHVLyQ GH DUJXPHQWRV TXH UHVSHWHQ HOHPHQWRV EiVLFRV GH OD UDFLRQDOLGDG \
UD]RQDELOLGDGSDUDVHSDUDUVHGHOSUHFHGHQWHMXGLFLDOTXHVHFRQVLGHUHQGHPD\RUSHVR
DUJXPHQWDWLYRGHVGH\FRQIRUPHDOD&RQVWLWXFLyQ\DOEORTXHGHFRQVWLWXFLRQDOLGDGD
ODMXULVSUXGHQFLDGHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOROD&RUWH,QWHUDPHULFDQDGH
'HUHFKRV +XPDQRV TXH KXELHUHQ SURQXQFLDGR MXULVSUXGHQFLD PiV SURJUHVLYD D ORV
GHUHFKRVIXQGDPHQWDOHV


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

(VWDVHQWHQFLDHQVX)-,,,GLVSRQH

/DDSOLFDFLyQSURVSHFWLYDGHODMXULVSUXGHQFLD
%DMR HVH FRQWH[WR UHVXOWD DSOLFDEOH D OD SUHVHQWH PRGXODFLyQ OD
HILFDFLD SURVSHFWLYD GH OD MXULVSUXGHQFLD R FRQRFLGD WDPELpQ FRPR
SURVSHFWLYHRYHUUXOLQJUHIHULGDDOFDPELRGHXQSUHFHGHQWHYLQFXODQWH
R OD VXVWLWXFLyQ SRU RWUR TXH D SDUWLU GH OD LQWURGXFFLyQ GH XQ QXHYR
UD]RQDPLHQWRDGTXLHUHFDUiFWHUYLQFXODQWHHQFDVRVSRVWHULRUHVGLFKR
GH RWUR PRGR HO FDPELR R UHHPSOD]R GHO SUHFHGHQWH YLQFXODQWH HV
DSOLFDEOHHQORVXFHVLYR\FRQIRUPHDORVFULWHULRVDVXPLGRVHQHOQXHYR
IDOOR

,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

(OHVWiQGDUPiVDOWRHVWDFRQWHQLGRHQOD6&3



W


dW^:d

 UJDQRV MXULVGLFFLRQDOHV GH FLHUUH7ULEXQDO


$JURDPELHQWDOGHEHVXMHWDUVHDVXVSURSLRVSUHFHGHQWHV
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3(O7ULEXQDO$JURDPELHQWDODQWHV7ULEXQDO$JUDULR
1DFLRQDO HQ REVHUYDQFLD GHO SULQFLSLR GH LJXDOGDG SURFHVDO GHEH
VXMHWDUVHDVXVSURSLRVSUHFHGHQWHV

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HO DFFLRQDQWH SRU VX
UHSUHVHQWDGDGHQXQFLyFRPRYXOQHUDGRVVXVGHUHFKRVDOGHELGRSURFHVR
DODGHIHQVDDODOHJDOLGDGHLPSDUFLDOLGDGSRUFXDQWRODVDXWRULGDGHV
GHPDQGDGDVHPLWLHURQOD5HVROXFLyQ$JUDULD1DFLRQDOHQOD
FXDO QR YDORUDURQ FRUUHFWDPHQWH OD LQH[LVWHQFLD GH UHVROXFLyQ
LQVWUXFWRULD PHGLDQWH OD FXDO VH GD LQLFLR DO SURFHGLPLHQWR GH
UHJXODUL]DFLyQGHOGHUHFKRGHSURSLHGDGDJUDULDSRUORTXHSHWLFLRQyVH
FRQFHGDODWXWHOD\VHGLVSRQJDDQXODUOD5HVROXFLyQ$JUDULD1DFLRQDO
LPSXJQDGD (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO FRQILUPy OD
UHVROXFLyQUHYLVDGD\FRQFHGLyODWXWHODVROLFLWDGDHYLGHQFLDQGRTXHOD
5HVROXFLyQ $JUDULD 1DFLRQDO LPSXJQDGD VH DSDUWy  GH XQ SUHFHGHQWH
DQWHULRU OHVLRQDQGR HO GHUHFKR D OD LJXDOGDG SURFHVDO  HQ OD TXH VH
GHQXQFLy OD LQH[LVWHQFLD GH UHVROXFLyQ LQVWUXFWRULD \ HQ HVH FDVR VH
GHWHUPLQyDQXODUHOWUiPLWHGHVDQHDPLHQWRSRUFRQVWLWXLUXQYLFLRGH
QXOLGDGLQVXEVDQDEOH

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,OD5HVROXFLyQ$JUDULD1DFLRQDOFXHVWLRQDGDTXHGLRRULJHQD
ODSUHVHQWHDFFLyQGHDPSDURFRQVWLWXFLRQDOpVWDQRFRQWLHQHDUJXPHQWR
DOJXQR HQ FXDQWR DO SRU TXp HO 7$1 VH DSDUWD GH XQ DQWHULRU
HQWHQGLPLHQWRSODVPDGRHQHOIDOORRULJLQDGRHQXQDGHPDQGD
GH QXOLGDG HQ OD FXDO VH GHQXQFLy OD LQH[LVWHQFLD GH UHVROXFLyQ
LQVWUXFWRULD\FX\RIDOORGHWHUPLQyDQXODUHOWUiPLWHGHVDQHDPLHQWRSRU
FRQVWLWXLU OR UHFODPDGR XQ YLFLR GH QXOLGDG LQVXEVDQDEOH $FWXDFLyQ
GLIHUHQWH \ VLQ IXQGDPHQWR GH ODV DXWRULGDGHV GHPDQGDGDV DVSHFWR
W


dW^:d


UHFODPDGR HQ VX PRPHQWR YXOQHUDQGR GH HVWD PDQHUD ORV GHUHFKRV
LQYRFDGRVSRUODUHSUHVHQWDGDGHODFFLRQDQWH

6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO  HYLGHQFLDQGR TXH OD
5HVROXFLyQ $JUDULD 1DFLRQDO LPSXJQDGD VH DSDUWy  GH XQ SUHFHGHQWH
DQWHULRU OHVLRQDQGR HO GHUHFKR D OD LJXDOGDG SURFHVDO  HQ OD TXH VH
GHQXQFLy OD LQH[LVWHQFLD GH UHVROXFLyQ LQVWUXFWRULD \ HQ HVH FDVR VH
GHWHUPLQyDQXODUHOWUiPLWHGHVDQHDPLHQWRSRUFRQVWLWXLUXQYLFLRGH
QXOLGDGLQVXEVDQDEOH

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDODOPRPHQWRGHUHVROYHUORVSUREOHPDVMXUtGLFRVVRPHWLGRVD
VX FRQRFLPLHQWR HQ HO HMHUFLFLR GHO FRQWURO GH FRQVWLWXFLRQDOLGDG HQ VXV GLIHUHQWHV
iPELWRVKDGHVDUUROODGRFULWHULRVMXULVSUXGHQFLDOHVVREUHODDSOLFDFLyQHLQYRFDFLyQGH
ODMXULVSUXGHQFLDFRQVWLWXFLRQDOHQORVVLJXLHQWHVSUHFHGHQWHV
6REUHHOYDORUGHODMXULVSUXGHQFLDFRQVWLWXFLRQDO
D /DMXULVSUXGHQFLDFRQVWLWXFLRQDOWLHQHYDORUGHIXHQWHGLUHFWDGHO'HUHFKRGHDKt
TXHVHUHFRQRFHVXFDUiFWHUYLQFXODQWHSDUDORVyUJDQRVGHOSRGHUS~EOLFR\SDUWLFXODUHV
6&56&5\6&3 
E (OUHVSHWR\DSOLFDFLyQGHOSUHFHGHQWHFRQVWLWXFLRQDOHVWiYLQFXODGRDOUHVSHWRGHO
GHUHFKRDODLJXDOGDGHQODDSOLFDFLyQGHODOH\ DUWV,,\,,,GHOD&3( \ODJDUDQWtD
GHVHJXULGDGMXUtGLFD DUW,GHOD&3(  6&56&5\6&3
 
F /DLPSRUWDQFLDGHOSUHFHGHQWHYLQFXODQWHVHVXVWHQWDHQODFRKHUHQFLD\XQLGDGTXH
RWRUJDDOVLVWHPDMXUtGLFR 6&5\6&5 
G  (O UHVSHWR D ORV SUHFHGHQWHV FRQVWLWXFLRQDOHV QR LPSOLFD TXH HO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOSHWULILTXHVXMXULVSUXGHQFLDLPSLGLHQGRHOUHSODQWHDPLHQWR
GHSUREOHPDVMXUtGLFRVDSDUHQWHPHQWH\DUHVXHOWRVSRUHOFRQWUDULRSXHGHFDPELDUOD
PXWDUODVLHPSUHTXHVHDFRQPRWLYDFLyQVXILFLHQWH 6&5 (QHVHRUGHQOD
6&3  PRGXODQGR HVWH HQWHQGLPLHQWR HVWDEOHFLy DOJXQRV FULWHULRV SDUD
FDPELDU OD MXULVSUXGHQFLD FRQVWLWXFLRQDO VHxDODQGR TXH
(Q OD PHGLGD TXH ORV
SUHFHGHQWHV VHDQ PiV DFRUGHV FRQ ORV SULQFLSLRV YDORUHV GHUHFKRV IXQGDPHQWDOHV
JDUDQWtDV FRQVWLWXFLRQDOHV GH OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR \ GHO EORTXH GH
FRQVWLWXFLRQDOLGDG HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO SUHIHULUi VX ILMH]D $
FRQWUDULRVHQVXpVWH7ULEXQDODSHUWXUDUiVXFDSDFLGDGGHFDPELRFXDQGRQRHVWpDFRUGH
DHOORV

$QiOLVLVGHODMXULVSUXGHQFLDSDUDVXLQYRFDFLyQ\DSOLFDFLyQ
$QiOLVLV HVWiWLFR GH XQD VHQWHQFLD FRQVWLWXFLRQDO (O SUHFHGHQWH FRQVWLWXFLRQDO OD
UDWLRGHFLGHQGLHORELWHUGLFWXP\HOGHFLVXP 
D 'LIHUHQFLDHQWUHODSDUWHYLQFXODQWH\ORVHIHFWRVGHODSDUWHUHVROXWLYDRGHFLVXP
/D 6& 5 VHxDOy TXH
6L ELHQ WRGR IDOOR TXH HPLWH HVWH 7ULEXQDO HQ
UHFXUVRVGHDPSDURFRQVWLWXFLRQDO\KiEHDVFRUSXVWLHQHHIHFWRVLQWHUSDUWHV VyORDIHFWD
D ODV SDUWHV  ORV IXQGDPHQWRV GHWHUPLQDQWHV GHO IDOOR R UDWLRQHV GHFLGHQGL VRQ
YLQFXODQWHV \ SRU WDQWR GH REOLJDWRULD DSOLFDFLyQ SDUD ORV 3RGHUHV GHO (VWDGR
OHJLVODGRUHVDXWRULGDGHVWULEXQDOHV\MXHFHV HQWRGRVVXVQLYHOHVMHUiUTXLFRV DVtOR
GHWHUPLQDHODUWGHOD/H\GHO7ULEXQDO&RQVWLWXFLRQDO

/D6&3DSDUWLUGHOFRQWHQLGRQRUPDWLYRSUHYLVWRHQHODUW,GHO&3&R
HVWDEOHFLyTXH
/RVHIHFWRVGHODSDUWHUHVROXWLYDVRQGRV 
LQWHUSDUWHV
TXHLPSOLFD
ODREOLJDWRULHGDGSDUDODVSDUWHVLQWHUYLQLHQWHVHVGHFLUVRORDIHFWDDHOODVFRPRRFXUUH
HQ ODV  VHQWHQFLDV GH DFFLRQHV GH GHIHQVD DFFLyQ GH OLEHUWDG DFFLyQ GH DPSDUR

W


dW^:d
FRQVWLWXFLRQDO DFFLyQ GH SURWHFFLyQ D OD SULYDFLGDG DFFLyQ SRSXODU \ DFFLyQ GH
FXPSOLPLHQWR GHFODUDFLRQHV\DXWRVGHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO\ 

HUJD RPQHV
 TXH LPSOLFD OD REOLJDWRULHGDG SDUD WRGRV HV GHFLU WLHQH HIHFWR JHQHUDO
FRPR RFXUUH HQ HO FDVR GH ODV DFFLRQHV GH LQFRQVWLWXFLRQDOLGDG \ HO UHFXUVR FRQWUD
WULEXWRV

E 'LVWLQFLyQHQWUHSUHFHGHQWHFRQVWLWXFLRQDO\ODUDWLRGHFLGHQGL
/D6&3DSDUWLUGHOFRQWHQLGRQRUPDWLYRSUHYLVWRHQHODUW,,GHOGHO
&3&RVHxDOyTXH
 TXHHVYLQFXODQWHHOSUHFHGHQWHFRQVWLWXFLRQDOFRQWHQLGRHQOD
UDWLRGHFLGHQGL(VGHFLUHQODUDWLRGHFLGHQGLVHHQFXHQWUDHOSUHFHGHQWHFRQVWLWXFLRQDO
(O SUHFHGHQWH FRQVWLWXFLRQDO HV YLQFXODQWH VLHPSUH TXH H[LVWD XQ VXSXHVWR IiFWLFR
DQiORJR $&(&$\6&5 
 
/RVSUHFHGHQWHVFRQVWLWXFLRQDOHVHVWiQVyORHQODVVHQWHQFLDVUHOHYDQWHV6HLGHQWLILFDQ
D ODV VHQWHQFLDV UHOHYDQWHV SRUTXH VRQ VHQWHQFLDV IXQGDGRUDV PRGXODGRUDV TXH
UHFRQGXFHQ R FDPELDQ XQD OtQHD MXULVSUXGHQFLDO H[SUHVDPHQWH R WiFLWDPHQWH (Q HO
SUHFHGHQWHFRQVWLWXFLRQDOVHFRQVLJQDQ
ODVVXEUHJODVGH'HUHFKR

QRUPDVDGVFULWDV
R

FRQFUHWD QRUPD GH OD VHQWHQFLD


 UHVXOWDQWHV GH OD LQWHUSUHWDFLyQ LQWHUUHODFLyQ R
LQWHJUDFLyQGHODVQRUPDVGHOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRRGHODVGLVSRVLFLRQHV
OHJDOHV (VWDV WLHQHQ PiV MHUDUTXtD \ IXHU]D MXUtGLFD TXH ODV SURSLDV OH\HV SRUTXH HO
7ULEXQDO&RQVWLWXFLRQDOHVHO~OWLPRDSOLFDGRUGHO'HUHFKR

$QiOLVLVGLQiPLFRGHODMXULVSUXGHQFLDFRQVWLWXFLRQDO /DVOtQHDVMXULVSUXGHQFLDOHV 
/D6&3HVWDEOHFLyTXH
1RHVVXILFLHQWHODLGHQWLILFDFLyQGHOSUHFHGHQWH
FRQVWLWXFLRQDO D WUDYpV GHO DQiOLVLV HVWiWLFR GH OD MXULVSUXGHQFLD VH GHEH DQDOL]DU OD
MXULVSUXGHQFLDFRQVWLWXFLRQDOWDPELpQDWUDYpVGHXQHVWXGLRGLQiPLFRHVGHFLUVHGHEH
DSUHFLDU GH PDQHUD VLVWHPiWLFD HO GHVDUUROOR GH OD MXULVSUXGHQFLD SDUD XELFDU HO
SUHFHGHQWH FRQVWLWXFLRQDO HQ YLJRU HQ OD OtQHD MXULVSUXGHQFLDO /DV OtQHDV
MXULVSUXGHQFLDOHV VRQ OD WpFQLFD SDUD KDFHU HO DQiOLVLV GLQiPLFR GH OD MXULVSUXGHQFLD
FRQVWLWXFLRQDO 6RQ ODV UHVSXHVWDV R VROXFLRQHV TXH OD MXULVSUXGHQFLD KD GDGR D
GHWHUPLQDGR SUREOHPD MXUtGLFR HVWi FRQIRUPDGD SRU XQ FRQMXQWR GH VHQWHQFLDV TXH
DERUGDURQGHWHUPLQDGDWHPiWLFD
/DMXULVSUXGHQFLDFRQVWLWXFLRQDODOVHUHQHVHQFLDHYROXWLYDVHYDPRGXODQGR\DVHD
H[WHQGLHQGRRHQVXFDVRUHVWULQJLHQGRVXVDOFDQFHVGHDKtTXHHVSUHFLVRKDFHUXQ
UHFRUULGRHQWUHODVVHQWHQFLDVEiVLFDVRFUHDGRUDVGHOtQHDVVHQWHQFLDVPRGXODGRUDVGH
OtQHDV VHQWHQFLDV FRQILUPDGRUDV R UHLWHUDGRUDV GH OtQHD VHQWHQFLDV PXWDGRUDV R
FDPELDGRUDVGHOtQHD\VHQWHQFLDVUHFRQGXFWRUDVGHOtQHDSRUTXHVyORFRQHVWHDQiOLVLV
GLQiPLFR GH ODV VHQWHQFLDV TXH FRQIRUPDQ OD OtQHD MXULVSUXGHQFLDO VH LGHQWLILFD HO
SUHFHQGHQWHFRQVWLWXFLRQDOHQYLJRU

/D 6&3 $/ FRPSOHPHQWDGD SRU OD  6&3 6 HQ XQ QXHYR
SDUDGLJPD GH OD LQYRFDFLyQ \ DSOLFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO GHVSXpV GHO
DQiOLVLVGHXQDOtQHDMXULVSUXGHQFLDOHVWDEOHFLyTXHHOSUHFHGHQWHFRQVWLWXFLRQDOHQYLJRU
R YLJHQWH UHVXOWD DTXpO TXH DFRMD HO HVWiQGDU PiV DOWR GH SURWHFFLyQ GHO GHUHFKR
IXQGDPHQWDORJDUDQWtDFRQVWLWXFLRQDOLQYRFDGRHVWRHVDTXpOODGHFLVLyQTXHKXELHUD
UHVXHOWRXQSUREOHPDMXUtGLFRGHPDQHUDPiVSURJUHVLYDDWUDYpVGHXQDLQWHUSUHWDFLyQ
TXHWLHQGHDHIHFWLYL]DU\PDWHULDOL]DUGHPHMRUPDQHUDORVGHUHFKRVIXQGDPHQWDOHV\
JDUDQWtDVFRQVWLWXFLRQDOHVSUHYLVWDVHQOD&RQVWLWXFLyQ\HQORV7UDWDGRV,QWHUQDFLRQDOHV
GH'HUHFKRV+XPDQRVTXHIRUPDQSDUWHGHOEORTXHGHFRQVWLWXFLRQDOLGDGSRUORTXHOD
LQYRFDFLyQ\DSOLFDFLyQGHXQSUHFHGHQWHGHEHVHUHVFRJLGRGHVSXpVHOH[DPHQRDQiOLVLV
LQWHJUDOGHODOtQHDMXULVSUXGHQFLDO\DQRVRODPHQWHILMiQGRVHHOFULWHULRWHPSRUDOGHO
PLVPRHVWRHVHO~OWLPRHQWpUPLQRVGHIHFKDGHHPLVLyQSRUHO7ULEXQDO&RQVWLWXFLRQDO
TXH KXELHUH FDPELDGR PRGXODGR R UHFRQGXFLGR XQ GHWHUPLQDGR HQWHQGLPLHQWR
MXULVSUXGHQFLDO VLQR VREUH WRGR DTXpO TXH VHD H[SRQHQWH GHO HVWiQGDU PiV DOWR GH
SURWHFFLyQGHOGHUHFKR
/D6&3TXHVHFRQVWLWX\HHQXQDQWHFHGHQWHGHODMXULVSUXGHQFLDVREUHHO
HVWiQGDU PiV DOWR 6&3 $/  \D KDEtD VHxDODGR TXH ORV MXHFHV GH OD
MXULVGLFFLyQRUGLQDULDHVWiQYLQFXODGRVGHPDQHUDYHUWLFDODOSUHFHGHQWHMXGLFLDOHPLWLGR
SRU HO 7ULEXQDO 6XSUHPR GH -XVWLFLD GHO PLVPR PRGR ODV6DODV HVWiQ YLQFXODGRVGH

W


dW^:d


PDQHUDKRUL]RQWDODORVSUHFHGHQWHVMXGLFLDOHVHPLWLGRVSRUOD6DODVGHODPLVPDPDWHULD
HPSHUR SXHGHQ DSDUWDUVH GH PDQHUD IXQGDPHQWDGD VLJXLHQGR HQWUH RWUDV UHJODV OD
H[SUHVLyQ GH DUJXPHQWRV TXH UHVSHWHQ HOHPHQWRV EiVLFRV GH OD UDFLRQDOLGDG \
UD]RQDELOLGDGSDUDVHSDUDUVHGHOSUHFHGHQWHMXGLFLDOTXHVHFRQVLGHUHQGHPD\RUSHVR
DUJXPHQWDWLYRGHVGH\FRQIRUPHDOD&RQVWLWXFLyQ\DOEORTXHGHFRQVWLWXFLRQDOLGDGD
ODMXULVSUXGHQFLDGHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOROD&RUWH,QWHUDPHULFDQDGH
'HUHFKRV +XPDQRV TXH KXELHUHQ SURQXQFLDGR MXULVSUXGHQFLD PiV SURJUHVLYD D ORV
GHUHFKRVIXQGDPHQWDOHV

/D6&3HVWDEOHFLyUHJODVSDUDODDSOLFDFLyQGHOSUHFHGHQWHFRQVWLWXFLRQDO
VHxDODQGRTXHGHEHFRQVLGHUDUVHL ODDQDORJtDHQORVVXSXHVWRVIiFWLFRV\ODFLWDGHO
SUHFHGHQWHFRQLGHQWLILFDFLyQH[SUHVDGHOSUHFHGHQWHHQYLJRU\LL ODSURKLELFLyQGH
DSOLFDU RELWHU GLFWXP FXHVWLRQHV DFFHVRULDV  FRPR VL IXHUDQ SUHFHGHQWHV OD FLWD
LQFRPSOHWDGHOSUHFHGHQWH\HOXVRLQFRUUHFWRGHODDSOLFDFLyQGHMXULVSUXGHQFLDHQHO
WLHPSR 6LQ HPEDUJR HVWDV UHJODV WLHQHQ TXH WHQHU HQ FXHQWD HQ SULPHU OXJDU OD
LGHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWLHQH HO HVWiQGDU PiV DOWR GH
SURWHFFLyQFRQIRUPHORHQWHQGLyOD6&
/DMXULVSUXGHQFLDFRQVWLWXFLRQDOHQHOWLHPSR
D -XULVSUXGHQFLDFRQVWLWXFLRQDOUHWURVSHFWLYD
/D 6&3  UHFRJLHQGR SUHFHGHQWHV FRQVWLWXFLRQDOHV GHO 7ULEXQDO
&RQVWLWXFLRQDOGHORVGLH]DxRVVHxDOy
8QSUHFHGHQWHFRQVWLWXFLRQDODOFRQVWLWXLUVHHQ
XQPHGLRSRUHOFXDOOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRGHVSOD]DVXHILFDFLDJHQHUDO
WLHQH YDOLGH] SOHQD HQ HO WLHPSR \ SRU HQGH QR HVWi UHJLGR SRU HO SULQFLSLR GH
LUUHWURDFWLYLGDG OR TXH VLJQLILFD TXH SXHGH VHU DSOLFDGR D KHFKRV SDVDGRV HQ IRUPD
UHWURVSHFWLYD VLQ LPSRUWDUTXH ORV KHFKRV D ORV TXH KDGH DSOLFDUVH HO HQWHQGLPLHQWR
MXULVSUXGHQFLDOKXELHUHQDFDHFLGRFRQDQWHULRULGDGDOSUHFHGHQWHFRQVWLWXFLRQDO
6LQ HPEDUJR GH HOOR OD DSOLFDFLyQ UHVWURVSHFWLYD WLHQH OtPLWHV HVWRV VRQ   /D FRVD
MX]JDGDHQODPHGLGDHQTXHORVQXHYRVHQWHQGLPLHQWRVMXULVSUXGHQFLDOHVQRSXHGHQ
DIHFWDUORVDVXQWRV\DUHVXHOWRV\TXHVHHQFXHQWUDQILUPHVRLQLPSXJQDEOHVHVWRHVTXH
WHQJDODFDOLGDGGHFRVDMX]JDGDIRUPDO\PDWHULDOSRUORPLVPRVyORSXHGHDSOLFDUVH
UHWURVSHFWLYDPHQWH D SURFHVRV HQ FXUVR \   /D MXULVSUXGHQFLD TXH SHUMXGLFD DO
LPSXWDGR HQ PDWHULD GH GHUHFKRSHQDO VXVWDQWLYR ORTXH LPSOLFDTXH HQ HVWH ~OWLPR
FDVRQRVHSXHGHQDSOLFDUHQIRUPDUHWURVSHFWLYDORVHQWHQGLPLHQWRVMXULVSUXGHQFLDOHV
TXH DIHFWHQ R GHVPHMRUHQ ODV HVIHUDV GH OLEHUWDG GHO LPSXWDGR R FRQGHQDGR 6&
5GHGHRFWXEUH  6&5GHGHQRYLHPEUHVREUHHOWHPDGHO
JDUDQWHKLSRWHFDULRVHDSOLFyOD6&5FXDQGRHOSURFHVRKDEtDDGTXLULGROD
FDOLGDGGHFRVDMX]JDGD 
6HSXHGHDSOLFDUUHWURVSHFWLYDPHQWHXQSUHFHGHQWHFRQVWLWXFLRQDODSURFHVRVHQFXUVR
~QLFDPHQWH FXDQGR QR SHUMXGLTXH R UHVWULQMD GHUHFKRV FRQVROLGDGRV SRU XQ DQWHULRU
HQWHQGLPLHQWRMXULVSUXGHQFLDO 6&5GHGHMXQLRPXMHUHPEDUD]DGDFRQ
EHFDWUDEDMR 
$KRUD ELHQ D GLFKRV OtPLWHV VH DxDGH OD SURKLELFLyQ GH DSOLFDU UHWURDFWLYDPHQWH XQ
SUHFHGHQWHTXHSRGUtDUHVWULQJLUHOGHUHFKRGHDFFHVRDODMXVWLFLDFRQVWLWXFLRQDO\DVHD
SRUTXH FRQ GLFKD MXULVSUXGHQFLD VH LPSRQHQ R VH HQGXUHFHQ ORV UHTXLVLWRV SDUD OD
SUHVHQWDFLyQ GH ODV DFFLRQHV FRQVWLWXFLRQDOHV R VH JHQHUDQ QXHYDV FDXVDOHV GH
LPSURFHGHQFLD R HQ VX FDVR HOQXHYR SUHFHGHQWHSHVH D HIHFWXDU XQD LQWHUSUHWDFLyQ
IDYRUDEOH GHO GHUHFKR SRU HMHPSOR GHUHFKR D UHFXUULU SRGUtD GDU OXJDU D TXH HQ VX
DSOLFDFLyQ UHVXOWH GHVIDYRUDEOH SDUD HO DFFHVR D OD MXVWLFLD FRQVWLWXFLRQDO FRQIRUPH
SUHFLVyHOYRWRGLVLGHQWHDOD6&5GHGHQRYLHPEUH
E -XULVSUXGHQFLDFRQVWLWXFLRQDOSURVSHFWLYD(ORYHUUXOLQJSURVSHFWLYR
(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDODSDUWLUGHOD6&3GHGHPDU]R
HQXQDDFFLyQGHOLEHUWDGDSOLFyHORYHUUXOLQJSURVSHFWLYRHVGHFLUDIXWXURHQXQFDVR
HQHOTXHLQWHUSUHWyODVUHJODVGHFRPSHWHQFLDPDWHULDOSDUDFRQRFHUDFFLRQHVGHOLEHUWDG
(VWDVHQWHQFLDVHxDOyTXHHQFDVRVGHPXWDFLRQHVRPRGXODFLRQHVDODMXULVSUXGHQFLD
FRQVWLWXFLRQDO HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO D SDUWLU GH ORV HIHFWRV TXH
SXHGHQ JHQHUDU GLFKRV SUHFHGHQWHV SRGUi GHWHUPLQDU VX DSOLFDFLyQ YLQFXODQWH VyOR D
FDVRVIXWXURV

W


dW^:d
9DOLGH]GHODMXULVSUXGHQFLDFRQVWLWXFLRQDODQWHULRUDODYLJHQFLDGHOD&RQVWLWXFLyQ
DFWXDO
/D6&3TXHVHFRQVWLWX\HHQXQDSULPHUDVHQWHQFLDFRQILUPDGRUDVHxDOy
TXHHVSRVLEOHODDSOLFDFLyQGHMXULVSUXGHQFLDFRQVWLWXFLRQDOHPLWLGDHQYLJHQFLDGHOD
&RQVWLWXFLyQ DEURJDGD VLHPSUH TXH QR VH FRQWUDSRQJD D OD &RQVWLWXFLyQ 3ROtWLFD GHO
(VWDGRYLJHQWH
(O 7ULEXQDO &RQVWLWXFLRQDO HQ OD 6& 5 HVWDEOHFLy TXH
HV SRVLEOH OD
DSOLFDFLyQ GH OD MXULVSUXGHQFLD FRQVWLWXFLRQDO HPLWLGD HQ YLJHQFLD GH OD &RQVWLWXFLyQ
DEURJDGD VLHPSUH TXH QR VH FRQWUDSRQJD D OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR

HQWHQGLPLHQWRUHLWHUDGRHQODV66&&55HQWUHRWUDV
 (IHFWR YLQFXODQWH GH OD GHFODUDWRULD GH LQFRQVWLWXFLRQDOLGDG LPSLGH DSOLFDFLyQ GH
QRUPDVFRQVLPLODUVHQWLGRQRUPDWLYR
/D6&3TXHVHFRQVWLWX\HHQXQDSULPHUD VHQWHQFLDFRQILUPDGRUDVHxDOy
TXHHQYLUWXGDOFDUiFWHUYLQFXODQWH\REOLJDWRULRGHODVUHVROXFLRQHVFRQVWLWXFLRQDOHV
ORV IXQGDPHQWRV GH XQD VHQWHQFLD FRQVWLWXFLRQDO GHEHQ VHU REVHUYDGRV SRU ODV
DXWRULGDGHVMXGLFLDOHV\DGPLQLVWUDWLYDVHQODDSOLFDFLyQGHORVDUWtFXORVTXHFRQWHQJDQ
HOPLVPRSUREOHPDMXUtGLFRTXH\DIXHREMHWRGHMXLFLRGHFRQVWLWXFLRQDOLGDGSRUHVWH
7ULEXQDO
6REUHODSURKLELFLyQGHDSOLFDFLyQGHQRUPDVFRQVLPLODUVHQWLGRQRUPDWLYRGHODVTXH
IXHURQ VRPHWLGDV D FRQWURO GH FRQVWLWXFLRQDOLGDG QRUPDWLYR \ GHFODUDGDV
LQFRQVWLWXFLRQDOHVHO7ULEXQDO&RQVWLWXFLRQDOGHODpSRFDGHORVGLH]DxRVDWUDYpVGH
OD6&HVWDEOHFLyTXH
HQYLUWXGDOFDUiFWHUYLQFXODQWH\REOLJDWRULRGHODV
UHVROXFLRQHVFRQVWLWXFLRQDOHVORVIXQGDPHQWRVGHHVD6HQWHQFLD&RQVWLWXFLRQDOGHEHQ
VHUREVHUYDGRVSRUODVDXWRULGDGHVMXGLFLDOHV\DGPLQLVWUDWLYDVHQODDSOLFDFLyQGHORV
DUWtFXORV TXH FRQWHQJDQ HO PLVPR SUREOHPD MXUtGLFR TXH \D IXH REMHWR GH MXLFLR GH
FRQVWLWXFLRQDOLGDGSRUHVWH7ULEXQDOORFRQWUDULRVLJQLILFDUtDDSOLFDUQRUPDVTXHKDQ
TXHGDGR H[SXOVDGDV GHO RUGHQDPLHQWR MXUtGLFR GHO SDtV KDFLHQGR LUUHOHYDQWHV ODV
IXQFLRQHVGHFRQWUROGHFRQVWLWXFLRQDOLGDGGHHVWH7ULEXQDO\GHGHIHQVDGHORVGHUHFKRV
IXQGDPHQWDOHV \ JDUDQWtDV FRQVWLWXFLRQDOHV (Q HVWH FRQWH[WR OD UHIHULGD VHQWHQFLD
FRQFHGLyODWXWHODSUHVHQWDGDHQXQDDFFLyQGHOLEHUWDGGHWHUPLQDQGRODLOHJDOLGDGGHOD
GHFLVLyQGHODDXWRULGDGGHPDQGDGDTXHIXQGyVXUHVROXFLyQGHH[SXOVLyQGHH[WUDQMHUR
DPSDUDGDHQXQDQRUPDFRQVLPLODUVHQWLGRDODTXHIXHGHFODUDGDLQFRQVWLWXFLRQDOLGDG
PHGLDQWH6&HVWDEOHFLHQGRTXH
VLODIDFXOWDGGHH[SXOVLyQPRWLYDGDSRU
ODLQWHUYHQFLyQGHH[WUDQMHURVHQSROtWLFDLQWHUQDKDVLGRGHFODUDGDLQFRQVWLWXFLRQDO\
SRUWDQWRHQORVKHFKRVUHVXOWDLQH[LVWHQWHODFDXVDOGHH[SXOVLyQFRQWHQLGDHQHODUW
LQFL GHO'6DOPDUJHQGHVHUXQDUHLWHUDFLyQGHOVXSXHVWRFRQWHQLGRHQHO
DUWLQFK QRSRGUtDVHUDSOLFDGDHQYLUWXGDOFDUiFWHUYLQFXODQWH\REOLJDWRULRGHODV
UHVROXFLRQHVGHO7ULEXQDO&RQVWLWXFLRQDO
(QHIHFWROD6&3GHWHUPLQyTXH
OD GHFODUDFLyQ GH DEDQGRQR \ SRVWHULRU HQWUHJD JUDWXLWD HQ IDYRU GHO 0LQLVWHULRGH OD
3UHVLGHQFLD FRQOOHYD HQ Vt OD H[WLQFLyQ GHO ELHQ GH SURSLHGDG GHO LPSRUWDGRU R VX
SURSLHWDULR HQ IDYRU GHO (VWDGR EROLYLDQR FX\R FRQWHQLGR QRUPDWLYR HV VLPLODU DO
SUR\HFWRGHOH\GHH[WLQFLyQGHGRPLQLRGHELHQHVDIDYRUGHO(VWDGRTXHIXHGHFODUDGR
LQFRQVWLWXFLRQDODOGHFODUDUHODEDQGRQRGHPHUFDQFtDV
OHJDOPHQWHLPSRUWDGDV
DOSDtV
\ VLQ PD\RUHV WUiPLWHV DGMXGLFDUODV HQ IDYRU GHO 0LQLVWHULR GH OD 3UHVLGHQFLD VLQ
LQWHUYHQFLyQGHDXWRULGDGMXULVGLFFLRQDO
6REUHODMXULVSUXGHQFLDGHORVUJDQRVMXULVGLFFLRQDOHVGHFLHUUH
D )XQFLyQREOLJDWRULDGHXQLIRUPDUODMXULVSUXGHQFLDSRUORVPi[LPRVWULEXQDOHVGH
MXVWLFLDGHQWURGHFDGDXQDGHVXVMXULVGLFFLRQHV)XQGDPHQWRFRQVWLWXFLRQDO
/D6&3HVWDEOHFLyTXHHO7ULEXQDO$JURDPELHQWDODQWHV7ULEXQDO$JUDULR
1DFLRQDOHQREVHUYDQFLDGHOSULQFLSLRGHLJXDOGDGSURFHVDOGHEHVXMHWDUVHDVXVSURSLRV
SUHFHGHQWHV
/D6&3KDHVWDEOHFLGRODIXQFLyQREOLJDWRULDGHXQLIRUPDUODMXULVSUXGHQFLD
SRU ORV Pi[LPRV WULEXQDOHV GH MXVWLFLD GHQWUR GH FDGD XQD GH VXV MXULVGLFFLRQHV VH
VXVWHQWDHQHOUHVSHWRDODLJXDOGDGHQODDSOLFDFLyQGHODOH\\ODGHIHQVDGHOSULQFLSLR
GHVHJXULGDGMXUtGLFD
/D 6&3  HVWDEOHFLy TXH ORV MXHFHV GH OD MXULVGLFFLyQ RUGLQDULD HVWiQ

W


dW^:d


YLQFXODGRV GH PDQHUD YHUWLFDO D ORV SUHFHGHQWHV MXGLFLDOHV HPLWLGRV SRU HO 7ULEXQDO
6XSUHPRGH-XVWLFLDGHOPLVPRPRGRHQWUH6DODVGHHVWHyUJDQRMXULVGLFFLRQDOH[LVWH
YLQFXODFLyQ KRUL]RQWDO  D FX\R HIHFWR HO 7ULEXQDO 6XSUHPR GH MXVWLFLD WLHQH OD
REOLJDFLyQ GH XQLIRUPDU VX MXULVSUXGHQFLD HPSHUR HQ DPERV VXSXHVWRV SXHGHQ
DSDUWDUVH GH PDQHUD IXQGDPHQWDGD GH ORV SUHFHGHQWHV MXGLFLDOHV VLJXLHQGR ODV
VLJXLHQWHV UHJODV L  &RQVLGHUDFLyQ FLWD H[SUHVD GHO FRQWHQLGR LQWHUSUHWDWLYR DVXPLGR
SRUHO7ULEXQDO6XSUHPRGH-XVWLFLDLL (OHQWHQGLPLHQWRRVXEUHJODDVXPLGRVHQORV
FDVRVDQWHULRUHVQRHVDSOLFDEOHDOVXSXHVWREDMRHVWXGLRRFDVRFRQFUHWRTXHVHDQDOL]D
\ LLL  ([SUHVLyQ GH DUJXPHQWRV TXH UHVSHWHQ HOHPHQWRV EiVLFRV GH OD UDFLRQDOLGDG \
UD]RQDELOLGDGSDUDVHSDUDUVHGHOSUHFHGHQWHMXGLFLDOTXHVHFRQVLGHUHQGHPD\RUSHVR
DUJXPHQWDWLYRGHVGH\FRQIRUPHDOD&RQVWLWXFLyQ\DOEORTXHGHFRQVWLWXFLRQDOLGDGD
ODMXULVSUXGHQFLDGHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOROD&RUWH,QWHUDPHULFDQDGH
'HUHFKRV +XPDQRV TXH KXELHUHQ SURQXQFLDGR MXULVSUXGHQFLD PiV SURJUHVLYD D ORV
GHUHFKRVIXQGDPHQWDOHV


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

3UHFHGHQWHLPSOtFLWR

)-,,,OD5HVROXFLyQ$JUDULD1DFLRQDOFXHVWLRQDGDTXHGLRRULJHQD
ODSUHVHQWHDFFLyQGHDPSDURFRQVWLWXFLRQDOpVWDQRFRQWLHQHDUJXPHQWR
DOJXQR HQ FXDQWR DO SRU TXp HO 7$1 VH DSDUWD GH XQ DQWHULRU
HQWHQGLPLHQWRSODVPDGRHQHOIDOORRULJLQDGRHQXQDGHPDQGD
GH QXOLGDG HQ OD FXDO VH GHQXQFLy OD LQH[LVWHQFLD GH UHVROXFLyQ
LQVWUXFWRULD\FX\RIDOORGHWHUPLQyDQXODUHOWUiPLWHGHVDQHDPLHQWRSRU
FRQVWLWXLU OR UHFODPDGR XQ YLFLR GH QXOLGDG LQVXEVDQDEOH $FWXDFLyQ
GLIHUHQWH \ VLQ IXQGDPHQWR GH ODV DXWRULGDGHV GHPDQGDGDV DVSHFWR
UHFODPDGR HQ VX PRPHQWR YXOQHUDQGR GH HVWD PDQHUD ORV GHUHFKRV
LQYRFDGRVSRUODUHSUHVHQWDGDGHODFFLRQDQWH



'HUHFKR3URFHVDO&RQVWLWXFLRQDO
 3ULQFLSLRV SURFHVDOHV GH OD MXVWLFLD FRQVWLWXFLRQDO
SOXUDO&RQVHUYDFLRQGHODQRUPD
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO


W


dW^:d

6&3   /DV QRUPDV TXH HVWDEOHFHQ HO SURFHVR \


SURFHGLPLHQWR GH OD FRQVXOWD SUHYLD  VHUiQ FRQVWLWXFLRQDOPHQWH
YiOLGDVHQHOPDUFRGHXQDLQWHUSUHWDFLyQFRQIRUPHDOD&RQVWLWXFLyQ
3ROtWLFD GHO (VWDGR \ HO EORTXH GH FRQVWLWXFLRQDOLGDG HQ WDQWR VHD
FRQFHUWDGRHQREVHUYDQFLDGHODUHODFLyQKRUL]RQWDOHQWUHHO(VWDGR\
ORVSXHEORVLQGtJHQDVGHO7,31,6

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVDWDDFFLyQGHLQFRQVWLWXFLRQDOLGDGSUHVHQWDGDSRU'LSXWDGRVGHOD
$VDPEOHD/HJLVODWLYD3OXULQDFLRQDOVHGHPDQGyODLQFRQVWLWXFLRQDOLGDG
GHORVDUWVLQFD \GHOD/H\GHGHIHEUHURGH
SRUVHUSUHVXQWDPHQWHFRQWUDULRVDORVDUWV,9,,
\,,,SDUiJUDIR,,GHOD&3(\GHOD&RQYHQFLyQ
GH9LHQDVREUHHO'HUHFKRGHORV7UDWDGRVGHGHPD\RGHGHO
&RQYHQLRGHOD2UJDQL]DFLyQ,QWHUQDFLRQDOGHO7UDEDMR 2,7 \
\GHOD'HFODUDFLyQGHODV1DFLRQHV8QLGDVVREUHORV'HUHFKRVGHORV
3XHEORV,QGtJHQDVFRQORVVLJXLHQWHVDUJXPHQWRVD(ODUWGHOD/H\
YLROyGHPDQHUDIODJUDQWHHODUW,,GHOD&3(GHELGRDTXH
ODFRQVXOWDQRWLHQHHOFDUiFWHUGHSUHYLDHQPpULWRDTXHSUHFLVDPHQWH
KXERDFWRVOHJLVODWLYRV\DGPLQLVWUDWLYRVTXHDIHFWDURQHO7,31,6DQWHV
GHUHDOL]DUVHODFRQVXOWDREMHWRGHODPHQFLRQDGD/H\E/RVDUWV
D \GHOD/H\YXOQHUDQHOGHUHFKRGHORVSXHEORVLQGtJHQDVDVHU
FRQVXOWDGRVPHGLDQWHVXVSURFHGLPLHQWRV\DWUDYpVGHVXVLQVWLWXFLRQHV
SRUTXH XQLODWHUDOPHQWH HVWDEOHFHQ HO SURFHVR \ SURFHGLPLHQWR GH OD
FRQVXOWD F (O DUW  GH OD /H\  WDPELpQ OHVLRQD HO GHUHFKR D ORV
SXHEORV LQGtJHQDV D VHU FRQVXOWDGRV D WUDYpV GH VXV SURFHGLPLHQWRV H
LQVWLWXFLRQHV DO HVWDEOHFHU OD SDUWLFLSDFLyQ GHO yUJDQR HMHFXWLYR HQ HO
SURFHVRGHFRQVXOWDG(ODUWGHOD/H\OHVLRQDHOGHUHFKRTXH
WLHQHQORVSXHEORVLQGtJHQDVDTXHODFRQVXOWDVHOOHYHDGHODQWHDWUDYpV
GH VXV SURSLDV LQVWLWXFLRQHV SRUTXH SUHYp LQWHUYHQFLyQ GHO UJDQR
(OHFWRUDO3OXULQDFLRQDOH(OSOD]RSUHYLVWRHQHODUWGHOD/H\
GHEHVHUGHILQLGRDSDUWLUGHODSURSLDLQVWLWXFLRQDOLGDGLQGtJHQDGHVXV
QRUPDV VXV XVRV \ FRVWXPEUHV VXV IRUPDV GH RUJDQL]DFLyQ \ VXV
DXWRULGDGHVQDWXUDOHV(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOGHFODUy
/DFRQVWLWXFLRQDOLGDGGHODUWHQFXDQWRDOREMHWRGHFRQVXOWD\GHO
DUWDPERVGHOD/H\/DFRQVWLWXFLRQDOLGDGGHODUWHQFXDQWR
D OD IUDVH
\ HVWDEOHFHU HO FRQWHQLGR GH HVWH SURFHVR \ VXV
SURFHGLPLHQWRV
 \ GH ORV DUWV   LQF D   \  GH OD /H\ 
FRQGLFLRQDGD D VX FRQFHUWDFLyQ  ,PSURFHGHQWH OD DFFLyQ GH
LQFRQVWLWXFLRQDOLGDG DEVWUDFWD  IRUPXODGD UHVSHFWR DO DUW  GH OD /H\
  $Vt PLVPR OD 6&3  D ,QVWy D ORV SXHEORV LQGtJHQD
RULJLQDULRFDPSHVLQRVKDELWDQWHVGHO7,31,6DTXHHQHMHUFLFLRGHVXV
GHUHFKRV\FRQHOREMHWRGHPDWHULDOL]DUORVPLVPRVFRDG\XYHQFRQVX
SDUWLFLSDFLyQDHQWDEODUXQGLiORJRFRQHO(VWDGRDREMHWRGHDVXPLUORV
W


dW^:d


DFXHUGRVQHFHVDULRVSDUDHIHFWLYL]DUODFRQVXOWDSURSLFLDQGRSDUDHOORDO
LQWHULRUGHVXVFRPXQLGDGHVXQSURFHVRGHFRQFHUWDFLyQHQHOTXHVH
HVWDEOH]FDQ VXV SULRULGDGHV UHVSHFWR DO SURFHVR HQ Vt GH FRQVXOWD ODV
FXDOHVVHYHUiQUHIOHMDGDVDOPRPHQWRGHGHVDUUROODUVHHOGLiORJRHQWUH
SDUWHV E ([KRUWy D OD $VDPEOHD /HJLVODWLYD 3OXULQDFLRQDO D VHU
FRDG\XYDQWHHQODIDFLOLWDFLyQGHODFRQFHUWDFLyQ\HQODFRQILJXUDFLyQ
SRVWHULRU GH ORV DFXHUGRV DVXPLGRV F 'HWHUPLQy TXH HO UJDQR
(MHFXWLYRSURSLFLH\IDFLOLWHHOGLiORJRQHFHVDULRFRQGLFKRVSXHEORVG
'LVSXVRTXHDQWHHOLQFXPSOLPLHQWRGHORVWpUPLQRVGHVDUUROODGRVHQOD
6HQWHQFLD UHIHULGRV DO SURFHVR GH FRQVXOWD VH WHQGUiQ H[SHGLWDV ODV
DFFLRQHVWXWHODUHVSDUDDFWLYDUODMXVWLFLDFRQVWLWXFLRQDOHQGHIHQVDGH
ORV GHUHFKRV IXQGDPHQWDOHV FROHFWLYRV LQKHUHQWHV D ORV SXHEORV
LQGtJHQDV

([WUDFWRGHODUDWLRGHFLGHQGL

)- ,,,
5HVSHFWR DO FRQWHQLGR GH ORV DUWtFXORV FLWDGRV VXSUD HV QHFHVDULR HIHFWXDU XQD
LQWHUSUHWDFLyQ GHVGH \ FRQIRUPH D OD &RQVWLWXFLyQ (Q HVH RUGHQ HO DUW ,, GH OD &3(
GHWHUPLQDTXHODFRQVXOWDVHUHDOL]DUiFRQSURFHGLPLHQWRVDSURSLDGRVDWUDYpVGHODVLQVWLWXFLRQHV
GHORVSXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRVFRQVXOWDTXHGHEHUHDOL]DUVHGHEXHQDIH\GHIRUPD
FRQFHUWDGDHQHOPLVPRVHQWLGRHODUWLQFD GHO&RQYHQLRGHOD2,7GHWHUPLQDTXHORV
JRELHUQRVGHEHUiQFRQVXOWDUDORVSXHEORVLQWHUHVDGRVPHGLDQWHSURFHGLPLHQWRVDSURSLDGRV\HQ
SDUWLFXODUDWUDYpVGHVXVLQVWLWXFLRQHVUHSUHVHQWDWLYDVFDGDYH]TXHSUHYHDQPHGLGDVOHJLVODWLYDV
RDGPLQLVWUDWLYDVVXVFHSWLEOHVGHDIHFWDUOHVGLUHFWDPHQWH

&RQIRUPHDHOORHVHYLGHQWHHLQQHJDEOHTXHODFRQVXOWDFRQFHELGDFRPRXQDIRUPDGHUHODFLyQ
HQWUHHO(VWDGR\ORVSXHEORVLQGtJHQDVUHVSRQGHDOUHVSHWR\UHFRQRFLPLHQWRGHH[LVWHQFLDGHXQD
VRFLHGDG SOXUDO DKRUD ELHQ HO HMHUFLFLR GH OD FRQVXOWD FRPR GHUHFKR GH ORV SXHEORV LQGtJHQDV
FRQOOHYDDTXHVXUHDOL]DFLyQVHHIHFW~HHQHOPDUFRGHOFRQVHQVR\GHORVSURFHGLPLHQWRVTXHHOR
ORV PLVPRV SXHEORV FRQVXOWDGRV GHWHUPLQHQ HQ EDVH VLHPSUH D VX FRVPRYLVLyQ FRVWXPEUHV \
IRUPDGHYLGDHOORFRQOOHYDDVXYH]TXHODFRQVXOWDFRQVWLWX\DXQDFRQVWUXFFLyQGHDFXHUGRVHQ
ORV TXH VL ELHQ HO (VWDGR LQWHUYLHQH HPSHUR GHEH KDFHUOR UHVSHWDQGR \ UHFRJLHQGR ORV
SURFHGLPLHQWRVHVWDEOHFLGRVSRUORVSXHEORVDWUDYpVGHVXVLQVWLWXFLRQHVUHSUHVHQWDWLYDVDFWXDFLyQ
TXHDGHPiVWDQWRHVWDWDOFRPRLQGtJHQDRULJLQDULRFDPSHVLQDGHEHHIHFWXDUVHHQHOPDUFRGHOD
EXHQDIH

$O UHVSHFWR HVSUHFLVR VRVWHQHU TXHOD UHODFLyQ GHO (VWDGRFRQ ODVFRPXQLGDGHVLQGtJHQDV GHEH
GDUVHHQXQSODQRGHLJXDOGDGHVGHFLUTXHODUHODFLyQGHEHVHUKRUL]RQWDOHQWUHLJXDOHVQRYHUWLFDO
HQ OD TXH XQDSDUWH RUGHQH \ GLVSRQJD XQLODWHUDOPHQWH TXp VH YD D FRQVXOWDU DTXLpQHV VH YD D
FRQVXOWDU\FyPRVHYDDUHDOL]DUODFRQVXOWDGHQWURGHHVWHRUGHQGHLGHDVWHQHPRVTXHODSUHPLVD
FHQWUDOTXHHVODFRQFHUWDFLyQHVGHFLUXQSURFHVRGHDFXHUGRVTXHSHUPLWDQYLDELOL]DUODFRQVXOWD
HQHOSODQRGHOUHVSHWRPXWXR\GHOUHVSHWRSRUSDUWHGHO(VWDGRDODVLQVWLWXFLRQHVLQGtJHQDVTXH
GHEHQSDUWLFLSDUDFWLYDPHQWHHQHOSURFHVRSUHYLRGHODFRQVXOWDFRPRHQVXLPSOHPHQWDFLyQGHEH
UHFDOFDUVH HQWRQFHV TXH HO SURFHVR VXV HOHPHQWRV ORV SURFHGLPLHQWRV SOD]RV \ FURQRJUDPD
HVWDEOHFLGRV HQ ORV DUWV  HQ VX VHJXQGD SDUWH   LQFD  \  GH OD /H\  VRQ \ GHEHQ VHU
FRQFHUWDGRVFRQODVQDFLRQHVLQGtJHQDVHQHOSODQRGHODLJXDOGDGHQODTXHQRSUHYDOH]FDQLXQR
QLRWURHVGHFLUTXHGHEHSULPDUODKRUL]RQWDOLGDGGHDFWXDFLRQHVFRPRGHGHUHFKRV\REOLJDFLRQHV
SDUDDPEDVSDUWHVLQWHUYLQLHQWHVHQODFRQVXOWD HQWLpQGDVH(VWDGR\SXHEORVLQGtJHQDRULJLQDULR
FDPSHVLQRV D VHU FRQVXOWDGRV  XQD LQWHUSUHWDFLyQ H LPSOHPHQWDFLyQ GLIHUHQWH JHQHUDUtD XQD
YXOQHUDFLyQGHORVGHUHFKRVGHORVSXHEORVLQGtJHQDVRHQVXFDVRODLQYLDELOLGDGGHODFRQVXOWDDO
QRH[LVWLUFRQGLFLRQHVSDUDTXHHO(VWDGRHMHU]DVXUROFRQVWLWXFLRQDOPHQWHSUHYLVWR

'HO UD]RQDPLHQWR SUHFHGHQWH VH FRQFOX\H TXH ODV QRUPDV REMHWR GHO SUHVHQWH WHVW GH
FRQVWLWXFLRQDOLGDG WLHQHQ TXH VHU LQWHUSUHWDGDV GHVGH \ FRQIRUPH D OD &RQVWLWXFLyQ 3ROtWLFD GHO
(VWDGR\ODVQRUPDVGH&RQYHQLRV,QWHUQDFLRQDOHVHQPDWHULDGHGHUHFKRVKXPDQRVSRUORTXHVH
GHEHWRPDUHQFXHQWDTXHODLPSOHPHQWDFLyQGHODVQRUPDVHQDQiOLVLVHQHOSUHVHQWHDFiSLWHYLHQHQ
FRQGLFLRQDGDVDODQHFHVDULDSDUWLFLSDFLyQ\FRQFHUWDFLyQSUHYLD\FRQMXQWDHQWUHHO(VWDGR\ORV

W


dW^:d
SXHEORV LQGtJHQDV RULJLQDULRV HQ OD GHWHUPLQDFLyQGHO SURFHVR HQ Vt QR FRUUHVSRQGLHQGR TXH OD
GHFLVLyQ VHD WRPDGD XQLODWHUDOPHQWH SRU SDUWH GHO (VWDGR DVt FRPR WDPSRFR TXH ORV SXHEORV
LQGtJHQDVSUHWHQGDQDVXPLUODFRQVXOWDVLQSDUWLFLSDFLyQDOJXQDGHO(VWDGRSRUORWDQWRORVDUWV
HQVXVHJXQGDSDUWHLQFD \VRQFRQVWLWXFLRQDOHVVLHPSUH\FXDQGRVXLPSOHPHQWDFLyQVHD
GHDFXHUGRDOPDUFRMXUtGLFRFRQVWLWXFLRQDO\VHGHVDUUROOHHQEDVHDORVSULQFLSLRVGHLJXDOGDGGH
EXHQDIHFRQFHUWDFLyQWUDQVSDUHQFLD\IOH[LELOLGDGTXHGHEHSULPDUHQODUHODFLyQKRUL]RQWDOHQWUH
HO(VWDGR\ODVQDFLRQHV\SXHEORVLQGtJHQDVRULJLQDULRVFDPSHVLQRV

(Q HVWH SXQWR GHO DQiOLVLV HV LPSRUWDQWH UHFDOFDU HO WUDVFHQGHQWDO URO TXH HMHUFH OD $VDPEOHD
/HJLVODWLYD3OXULQDFLRQDOWRGDYH]TXHVHFRQVWLWX\HHQODYR]GHOSXHEORDOHVWDULQWHJUDGDSRUVXV
UHSUHVHQWDQWHV GHPRFUiWLFDPHQWH HOHJLGRV OR TXH LPSOLFD TXH WRGRV ORV EROLYLDQRV HVWiQ
UHSUHVHQWDGRVSRUORV$VDPEOHLVWDVQDFLRQDOHVORTXHLQFOX\HODUHSUHVHQWDFLyQHVSHFLDOGHSXHEORV
LQGtJHQDRULJLQDULRFDPSHVLQRVDWUDYpVGHVXV$VDPEOHtVWDVHOHJLGRVSRUHOORVPLVPRV$KRUDELHQ
FRPRVHHVWDEOHFLySUHFHGHQWHPHQWHOD/H\GHFRQVXOWDHVWiFRQGLFLRQDGDDODFRQFHUWDFLyQ
FRQ ORV SXHEORV LQGtJHQD RULJLQDULR FDPSHVLQRV OR TXH D VX YH] FRQOOHYD D TXH OD $VDPEOHD
/HJLVODWLYD 3OXULQDFLRQDO FXPSOD VX URO \ VH FRQYLHUWD QR VyOR HQ OD LQVWDQFLD TXH SODVPH ORV
DFXHUGRVDVXPLGRVVLQRHQFRDG\XYDQWHHQHOGLiORJRHQWUH(VWDGR\SXHEORVLQGtJHQDRULJLQDULR
FDPSHVLQRVYLDELOL]iQGRVHGHHVDIRUPDODFRQFHUWDFLyQ
(VHQHVHRUGHQODFRQVXOWDQRWLHQHyELFHDOJXQRSDUDUHDOL]DUVHVLHPSUH\FXDQGRVHFXPSODQ
FRQODVFRQGLFLRQHVGHSDUWLFLSDFLyQSOHQDGHORVSXHEORVLQGtJHQDVHQODHODERUDFLyQGHORVWHPDV
D FRQVXOWDUVH \D TXH OD FRQFHUWDFLyQ SDUWLFLSDFLyQ HQ LJXDOGDG GH FRQGLFLRQHV HV HO HOHPHQWR
WUDVFHQGHQWDOGHQWURGHODUHDOL]DFLyQGHODFRQVXOWDSRUORTXHODHODERUDFLyQGHOSURWRFRORUHVSHFWR
DHVWRVWHPDVGHILQLUiQODSDUWLFLSDFLyQGHODVQDFLRQHV\SXHEORVLQGtJHQDVRULJLQDULRV\DTXH
pVWRVQRSXHGHQTXHGDUUHOHJDGRVHQODHODERUDFLyQGHORVWHPDVDUHVROYHUVHGHQWURGHOSURFHVRGH
ODFRQVXOWDDOVHUHVWHXQGHUHFKRIXQGDPHQWDOLQKHUHQWHSUHFLVDPHQWHDHOORVVXIRUPDGHYLGD\
VXWHUULWRULR

'HQWUR GH HVH PDUFR HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO GHWHUPLQD XQD FRQVWLWXFLRQDOLGDG
FRQGLFLRQDGDUHVSHFWRDORVDUWVHQVXVHJXQGDSDUWHLQFD \GHOD/H\HVGHFLUOD
FRQVXOWDHVFRQVWLWXFLRQDO\HVWiFRQGLFLRQDGDDTXHVHDFRQFHUWDGDHQREVHUYDQFLDGHODUHODFLyQ
KRUL]RQWDO HQWUH HO (VWDGR \ ORV SXHEORV LQGtJHQDVGHO 7,31,6 (IHFWLYL]DGDGH HVD IRUPD WDOHV
DUWtFXORV VRQ FRQVWLWXFLRQDOHV H[KRUWDQGR D ORV UJDQRV /HJLVODWLYR \ (MHFXWLYR D HODERUDU XQ
SURWRFRORHQIRUPDFRQMXQWD\DFRUGDGDFRQORVSXHEORVLQGtJHQDVFRQSOHQDSDUWLFLSDFLyQGHVXV
LQVWLWXFLRQHV



6LQWHVLVGHODUDWLRGHFLGHQGL

&RQVWLWXFLRQDOLGDG FRQGLFLRQDGD GH ODV QRUPDV TXH HVWDEOHFHQ HO
SURFHVR\SURFHGLPLHQWRGHODFRQVXOWDSUHYLD VHJXQGDSDUWHGHODUW
DUWV   LQF D  \  GH OD /H\   HQ WDQWR VHD FRQFHUWDGD HQ
REVHUYDQFLD GH OD UHODFLyQ KRUL]RQWDO HQWUH HO (VWDGR \ ORV SXHEORV
LQGtJHQDVGHO7,31,6

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

3UHFHGHQWHIXQGDQWH6&3

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,
OD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRKDFHKLQFDSLpHQTXHOD
FRQVXOWDDGHPiVGHVHUSUHYLDREOLJDWRULDOLEUHHLQIRUPDGD\GHEXHQD
IH GHED VHU FRQFHUWDGD SXHV SUHFLVDPHQWH ORV SURFHGLPLHQWRV ORV
VXMHWRVTXHLQWHUYHQGUiQ\HOFRQWHQLGRPLVPRGHODFRQVXOWDGHEHQVHU
SDFWDGRVFRQFDUiFWHUSUHYLRHQWUHHO(VWDGR\ORVSXHEORVLQGtJHQDV


W


dW^:d


9RWR'LVLGHQWH

9RWR GLVLGHQWH  /D 6&  WLHQH HO YRWR GLVLGHQWH GHO 'U
*XDOEHUWR&XVLTXLHQVRVWLHQHTXHGHELyGHFODUDUVHLQFRQVWLWXFLRQDOOD
IUDVH
\HVWDEOHFHUHOFRQWHQLGRGHHVWHSURFHVR\VXVSURFHGLPLHQWR
GHO
DUWGHOD/H\GHELGRDTXHQRVHREVHUYDURQORVSURFHGLPLHQWRV
\SULQFLSLRVTXHKDFHQDODFRQVXOWDSUHYLDHODUWGHOD/H\GHELy
KDEHUVLGRGHFODUDGRFRQVWLWXFLRQDO
VLHQGRTXHODFRQVXOWDDORVSXHEORV
RULJLQDULRV GHEH VHU FRQVHQVXDGR FXPSOLHQGR VXV SURSLRV
SURFHGLPLHQWRVTXHWDPELpQGHEHVXUJLUGHXQFRQVHQVR
HODUWGHELy
VHU GHFODUDGR LQFRQVWLWXFLRQDO SRU FXDQWR HVWDEOHFH OD ILQDOLGDG GH OD
FRQVXOWDTXHHVWiVLHQGRGHILQLGDXQLODWHUDO\GLUHFWDPHQWHSRUHO(VWDGR
VLQQLQJXQDSDUWLFLSDFLyQ\PHQRVFRQFHUWDFLyQHQWUHpVWH\ORVSXHEORV
LQGtJHQDV DIHFWDGRV HO DUW  WDPELpQ GHELy VHU GHFODUDGR
LQFRQVWLWXFLRQDO SRUTXH OD GHILQLFLyQ GH ODV HWDSDV GHO SURFHVR GH
FRQVXOWDGHELyVHUIUXWRGHODFRQFHUWDFLyQFRQORVSXHEORVLQGtJHQDV





)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3/DQRUPDTXHHVWDEOHFHODLQWHUYHQFLyQGHOyUJDQR
HMHFXWLYR HQ HO SURFHVR\ SURFHGLPLHQWR GH OD FRQVXOWD SUHYLD  VHUi
FRQVWLWXFLRQDOPHQWH YiOLGD  HQ HO PDUFR GH XQD LQWHUSUHWDFLyQ
FRQIRUPH D OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR \ HO EORTXH GH
FRQVWLWXFLRQDOLGDG HQ WDQWR VHD FRQFHUWDGR HQ REVHUYDQFLD GH OD
UHODFLyQ KRUL]RQWDO HQWUH HO (VWDGR \ ORV SXHEORV LQGtJHQDV GHO
7,31,6

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHLQFRQVWLWXFLRQDOLGDGSUHVHQWDGDSRU'LSXWDGRVGHOD
$VDPEOHD/HJLVODWLYD3OXULQDFLRQDOVHGHPDQGyODLQFRQVWLWXFLRQDOLGDG
GHORVDUWVLQFD \GHOD/H\GHGHIHEUHURGH
SRUVHUSUHVXQWDPHQWHFRQWUDULRVDORVDUWV,9,,
\,,,SDUiJUDIR,,GHOD&3(\GHOD&RQYHQFLyQ
GH9LHQDVREUHHO'HUHFKRGHORV7UDWDGRVGHGHPD\RGHGHO
&RQYHQLRGHOD2UJDQL]DFLyQ,QWHUQDFLRQDOGHO7UDEDMR 2,7 \
W


dW^:d

\GHOD'HFODUDFLyQGHODV1DFLRQHV8QLGDVVREUHORV'HUHFKRVGHORV
3XHEORV,QGtJHQDVFRQORVVLJXLHQWHVDUJXPHQWRVD(ODUWGHOD/H\
YLROyGHPDQHUDIODJUDQWHHODUW,,GHOD&3(GHELGRDTXH
ODFRQVXOWDQRWLHQHHOFDUiFWHUGHSUHYLDHQPpULWRDTXHSUHFLVDPHQWH
KXERDFWRVOHJLVODWLYRV\DGPLQLVWUDWLYRVTXHDIHFWDURQHO7,31,6DQWHV
GHUHDOL]DUVHODFRQVXOWDREMHWRGHODPHQFLRQDGD/H\E/RVDUWV
D \GHOD/H\YXOQHUDQHOGHUHFKRGHORVSXHEORVLQGtJHQDVDVHU
FRQVXOWDGRVPHGLDQWHVXVSURFHGLPLHQWRV\DWUDYpVGHVXVLQVWLWXFLRQHV
SRUTXH XQLODWHUDOPHQWH HVWDEOHFHQ HO SURFHVR \ SURFHGLPLHQWR GH OD
FRQVXOWD F (O DUW  GH OD /H\  WDPELpQ OHVLRQD HO GHUHFKR D ORV
SXHEORV LQGtJHQDV D VHU FRQVXOWDGRV D WUDYpV GH VXV SURFHGLPLHQWRV H
LQVWLWXFLRQHV DO HVWDEOHFHU OD SDUWLFLSDFLyQ GHO yUJDQR HMHFXWLYR HQ HO
SURFHVRGHFRQVXOWDG(ODUWGHOD/H\OHVLRQDHOGHUHFKRTXH
WLHQHQORVSXHEORVLQGtJHQDVDTXHODFRQVXOWDVHOOHYHDGHODQWHDWUDYpV
GH VXV SURSLDV LQVWLWXFLRQHV SRUTXH SUHYp LQWHUYHQFLyQ GHO UJDQR
(OHFWRUDO3OXULQDFLRQDOH(OSOD]RSUHYLVWRHQHODUWGHOD/H\
GHEHVHUGHILQLGRDSDUWLUGHODSURSLDLQVWLWXFLRQDOLGDGLQGtJHQDGHVXV
QRUPDV VXV XVRV \ FRVWXPEUHV VXV IRUPDV GH RUJDQL]DFLyQ \ VXV
DXWRULGDGHVQDWXUDOHV(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOGHFODUy
/DFRQVWLWXFLRQDOLGDGGHODUWHQFXDQWRDOREMHWRGHFRQVXOWD\GHO
DUWDPERVGHOD/H\/DFRQVWLWXFLRQDOLGDGGHODUWHQFXDQWR
D OD IUDVH
\ HVWDEOHFHU HO FRQWHQLGR GH HVWH SURFHVR \ VXV
SURFHGLPLHQWRV
 \ GH ORV DUWV   LQF D   \  GH OD /H\ 
FRQGLFLRQDGD D VX FRQFHUWDFLyQ  ,PSURFHGHQWH OD DFFLyQ GH
LQFRQVWLWXFLRQDOLGDG DEVWUDFWD  IRUPXODGD UHVSHFWR DO DUW  GH OD /H\
  $Vt PLVPR OD 6&3  D ,QVWy D ORV SXHEORV LQGtJHQD
RULJLQDULRFDPSHVLQRVKDELWDQWHVGHO7,31,6DTXHHQHMHUFLFLRGHVXV
GHUHFKRV\FRQHOREMHWRGHPDWHULDOL]DUORVPLVPRVFRDG\XYHQFRQVX
SDUWLFLSDFLyQDHQWDEODUXQGLiORJRFRQHO(VWDGRDREMHWRGHDVXPLUORV
DFXHUGRVQHFHVDULRVSDUDHIHFWLYL]DUODFRQVXOWDSURSLFLDQGRSDUDHOORDO
LQWHULRUGHVXVFRPXQLGDGHVXQSURFHVRGHFRQFHUWDFLyQHQHOTXHVH
HVWDEOH]FDQ VXV SULRULGDGHV UHVSHFWR DO SURFHVR HQ Vt GH FRQVXOWD ODV
FXDOHVVHYHUiQUHIOHMDGDVDOPRPHQWRGHGHVDUUROODUVHHOGLiORJRHQWUH
SDUWHV E ([KRUWy D OD $VDPEOHD /HJLVODWLYD 3OXULQDFLRQDO D VHU
FRDG\XYDQWHHQODIDFLOLWDFLyQGHODFRQFHUWDFLyQ\HQODFRQILJXUDFLyQ
SRVWHULRU GH ORV DFXHUGRV DVXPLGRV F 'HWHUPLQy TXH HO UJDQR
(MHFXWLYRSURSLFLH\IDFLOLWHHOGLiORJRQHFHVDULRFRQGLFKRVSXHEORVG
'LVSXVRTXHDQWHHOLQFXPSOLPLHQWRGHORVWpUPLQRVGHVDUUROODGRVHQOD
6HQWHQFLD UHIHULGRV DO SURFHVR GH FRQVXOWD VH WHQGUiQ H[SHGLWDV ODV
DFFLRQHVWXWHODUHVSDUDDFWLYDUODMXVWLFLDFRQVWLWXFLRQDOHQGHIHQVDGH
ORV GHUHFKRV IXQGDPHQWDOHV FROHFWLYRV LQKHUHQWHV D ORV SXHEORV
LQGtJHQDV

([WUDFWRGHODUDWLRGHFLGHQGL

W


dW^:d


)-,,,
(VHYLGHQWHFRPRVHVRVWXYRSUHFHGHQWHPHQWHTXHODUHODFLyQGHO(VWDGR
FRQODVFRPXQLGDGHVLQGtJHQDVGHEHGDUVHHQXQSODQRGHLJXDOGDGHVGHFLUTXHpVWD
GHEH VHUKRUL]RQWDO HQWUH LJXDOHV QR YHUWLFDO HQ ODTXH XQDSDUWH RUGHQH \ GLVSRQJD
XQLODWHUDOPHQWHTXpVHYDDFRQVXOWDUDTXLHQHVVHYDDFRQVXOWDU\FyPRVHYDDUHDOL]DU
ODFRQVXOWDGHQWURGHHVWHRUGHQGHLGHDVODSUHPLVDFHQWUDOHVODFRQFHUWDFLyQHVGHFLU
XQSURFHVRSUHYLRGHDFXHUGRVTXHSHUPLWDQYLDELOL]DUODFRQVXOWDHQHOSODQRGHOUHVSHWR
PXWXR \ GHO UHVSHWR SRU SDUWH GHO (VWDGR D ODV LQVWLWXFLRQHV LQGtJHQDV TXH GHEHQ
SDUWLFLSDUDFWLYDPHQWHHQHOSURFHVRSUHYLRGHODFRQVXOWDFRPRHQVXLPSOHPHQWDFLyQ
VLQHPEDUJRHVODSURSLDQRUPDWLYDFRQVWLWXFLRQDO\ORV&RQYHQLRV,QWHUQDFLRQDOHVTXH
GHWHUPLQDQODSDUWLFLSDFLyQGHO(VWDGRVLQFX\RFRQFXUVRVHUtDLQYLDEOHHLUUHDOL]DEOHOD
FRQVXOWD

(Q HIHFWR HO DUW  ,,  GH OD &3( JDUDQWL]D HO GHUHFKR D OD FRQVXOWD SUHYLD
REOLJDWRULDUHDOL]DGDSRUHO(VWDGRGHEXHQDIH\FRQFHUWDGDSRUVXSDUWHODVQRUPDV
SUHYLVWDV SRU HO DUW  GHO &RQYHQLR  GH OD 2,7 HVWDEOHFHQ TXH ORV JRELHUQRV
GHEHUiQFRQVXOWDUDORVSXHEORVLQWHUHVDGRVPHGLDQWHSURFHGLPLHQWRVDSURSLDGRV\HQ
SDUWLFXODUDWUDYpVGHVXVLQVWLWXFLRQHVUHSUHVHQWDWLYDVFDGDYH]TXHVHSUHYHDQPHGLGDV
OHJLVODWLYDVRDGPLQLVWUDWLYDVVXVFHSWLEOHVGHDIHFWDUOHVGLUHFWDPHQWHHOORLPSOLFDTXH
HVIDFXOWDGSULYDWLYDGHO*RELHUQRHOFRQYRFDUDFRQVXOWDSUHYLDORTXHDVXYH]FRQOOHYD
D TXH HV REOLJDFLyQ GHO PLVPR (VWDGR SURSLFLDU OD PLVPD \ SUHYHU ORV PHFDQLVPRV
DGHFXDGRVSDUDVXPDWHULDOL]DFLyQORTXHGHQLQJXQDPDQHUDLPSOLFDTXHYD\DDDVXPLU
GHFLVLRQHVXQLODWHUDOHVVLQRTXHFRQIRUPH\DVHH[SOLFyGHEHH[LVWLUFRQFHUWDFLyQHQ
HOSODQRGHLJXDOGDG\HQUHVSHWR\UHVJXDUGRWDQWRGHODVLQVWLWXFLRQHVUHSUHVHQWDWLYDV
FRPRGHORVSURFHGLPLHQWRVGHORORVSXHEORVDVHUFRQVXOWDGRVHPSHURHVDILJXUDQR
SXHGH HIHFWLYL]DUVH VL HO (VWDGR QR DVXPH GHWHUPLQDGDV DFWXDFLRQHV TXH VH UHLWHUD
SURSLFLHQ OD FRQVXOWD TXLHQHV HQ HO PDUFR GH OD FRQFHUWDFLyQ OOHYDUiQ DGHODQWH OD
FRQVXOWD JDUDQWL]DUiQ ORV UHFXUVRV VXILFLHQWHV SDUD VX HMHFXFLyQ \ FRDG\XYDUiQ HQ OD
WDUHDGHLQIRUPDFLyQVREUHHOSURFHVR

(QHVHPDUFRHODUWGHOD/H\UHFRJHHVDUHVSRQVDELOLGDGGHO(VWDGRGHSURSLFLDU
\VHUFRDG\XYDQWHGHEXHQDIHHQODFRQVXOWDTXHYD\DDUHDOL]DUVHHQFXPSOLPLHQWR
SUHFLVDPHQWHGHOPDQGDWRTXHOHGDOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRGHORFXDOVH
FRQFOX\H TXH HO DUW  GH OD /H\  HV FRQVWLWXFLRQDO FRQGLFLRQDGR GHELHQGR VHU
FRQFHUWDGRFRQODVLQVWLWXFLRQHVUHSUHVHQWDWLYDVGHORVSXHEORVLQGtJHQDV



6LQWHVLVGHODUDWLRGHFLGHQGL

'HFODUDODFRQVWLWXFLRQDOLGDGFRQGLFLRQDGDGHODUWHQFXDQWRDODIUDVH

\HVWDEOHFHUHOFRQWHQLGRGHHVWHSURFHVR\VXVSURFHGLPLHQWRV
\GH
ORVDUWVLQFD \GHOD/H\FRQGLFLRQDGDDVXFRQFHUWDFLyQ
SRUFXDQWRODQRUPDTXHHVWDEOHFHODLQWHUYHQFLyQGHOyUJDQRHMHFXWLYR
HQ HO SURFHVR \ SURFHGLPLHQWR GH OD FRQVXOWD SUHYLD  VHUi
FRQVWLWXFLRQDOPHQWHYiOLGDHQHOPDUFRGHXQDLQWHUSUHWDFLyQFRQIRUPH
DOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR\HOEORTXHGHFRQVWLWXFLRQDOLGDG
HQWDQWRVHDFRQFHUWDGRHQREVHUYDQFLDGHODUHODFLyQKRUL]RQWDOHQWUH
HO(VWDGR\ORVSXHEORVLQGtJHQDVGHO7,31,6

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

3UHFHGHQWHIXQGDQWH6&3

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO
W


dW^:d


)-,,,
OD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRKDFHKLQFDSLpHQTXHOD
FRQVXOWDDGHPiVGHVHUSUHYLDREOLJDWRULDOLEUHHLQIRUPDGD\GHEXHQD
IH GHED VHU FRQFHUWDGD SXHV SUHFLVDPHQWH ORV SURFHGLPLHQWRV ORV
VXMHWRVTXHLQWHUYHQGUiQ\HOFRQWHQLGRPLVPRGHODFRQVXOWDGHEHQVHU
SDFWDGRVFRQFDUiFWHUSUHYLRHQWUHHO(VWDGR\ORVSXHEORVLQGtJHQDV


9RWR'LVLGHQWH

9RWR GLVLGHQWH  /D 6&  WLHQH HO YRWR GLVLGHQWH GHO 'U
*XDOEHUWR&XVLTXLHQVRVWLHQHTXHGHELyGHFODUDUVHLQFRQVWLWXFLRQDOHO
SULPHUSiUUDIRGHODUWSRUTXHTXLHQGHELyOOHYDUDFDERHOSURFHVRGH
FRQVXOWD HV HO UJDQR (OHFWRUDO 3OXULQDFLRQDO \D TXH HO UJDQR
(MHFXWLYR QR SXHGH FRQVWLWXLUVH HQ -XH] \ 3DUWH HPSHUR GHELHURQ
GHFODUDUVHFRQVWLWXFLRQDOHVORVSDUiJUDIRV,,,,,\,9GHOD/H\VLQ
QLQJXQDFRQGLFLyQSRUTXHSUHYpQHOPDUFRJHQHUDOVREUHODIRUPDHQOD
TXHVHOOHYDUiDFDERODFRQVXOWD



 3ULQFLSLRV SURFHVDOHV GH OD MXVWLFLD FRQVWLWXFLRQDO
SOXUDO-XVWLFLDPDWHULDO
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   3URFHGH OD UHFRQGXFFLyQ SURFHVDO GH OD DFFLyQ GH
FXPSOLPLHQWRDODDFFLyQSRSXODUHQXQDLQWHUSUHWDFLyQIDYRUDEOHD
ORV GHUHFKRV FROHFWLYRV GH ODV 1DFLRQHV \ 3XHEORV ,QGtJHQDV
2ULJLQDULR&DPSHVLQRVFXDQGRVHHYLGHQFLHHUURUHQODYtDSURFHVDO
HOHJLGDVHFXPSODQORVUHTXLVLWRVLQH[FXVDEOHVGHODDFFLyQSRSXODU
QRVHPRGLILTXHQHOSHWLWRULRQLORVKHFKRVTXHVXVWHQWDQODGHPDQGD
VH SUHVHUYH HO GHUHFKR D OD GHIHQVD GH OD SDUWH GHPDQGDGD \ H[LVWD
ULHVJR GH LUUHSDUDELOLGDG GH ORV GHUHFKRV R LQWHUHVHV FROHFWLYRV R
GLIXVRVVLHPSUHDIDYRU\QXQFDHQSHUMXLFLRGHODSDUWHDFFLRQDQWH

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

W


dW^:d


(QHVWDDFFLyQGHFXPSOLPLHQWROD&HQWUDO,QGtJHQD3XHEORV2ULJLQDULRV
GHOD$PD]RQtDGH3DQGR &,32$3 HQUHSUHVHQWDFLyQGHODFRPXQLGDG
LQGtJHQD
7DNDQDOD6HOYD
GHQXQFLyTXHQRFRQRFLyQLIXHQRWLILFDGDFRQ
QLQJ~Q SURFHVR LQLFLDGR SRU HO ,15$ \ OD $%7 FRQWUD OD FLWDGD
FRPXQLGDGLQGtJHQDDIHFWiQGRVHSRUWDQWRVXVGHUHFKRV '(5(&+26 
DODFRQVXOWDDOGHELGRSURFHVR\DODGHIHQVDSLGLHQGRHQFRQVHFXHQFLD
VH DQXOHQ WRGRV ORV SURFHVRV DGPLQLVWUDWLYRV HQ FRQWUD GHO SXHEOR
LQGtJHQD UHIHULGR VH FLWH D VXV LQVWLWXFLRQHV UHSUHVHQWDWLYDV \ D OD
&,32$3 VH SURFHGD D OD UHSDUDFLyQ GH GDxRV SRU GHVWUXFFLyQ GH
YLYLHQGDV \ FKDFRV \ VH OHV DVHJXUH VXV GHUHFKRV (O 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOHQYLUWXGDXQDUHFRQGXFFLyQSURFHVDOGHO
SURFHVR GH DFFLyQ GH FXPSOLPLHQWR D OD WUDPLWDFLyQ GH XQD DFFLyQ
SRSXODU UHYRFy OD GHFLVLyQ GHO 7ULEXQDO GH *DUDQWtDV \ FRQFHGLy HQ
SDUWHODWXWHOD~QLFDPHQWHFRQUHODFLyQDORVGHUHFKRVDODGHIHQVD\DO
GHELGRSURFHVRGHODFRPXQLGDG
7DNDQDGHOD6HOYD
DXWRLGHQWLILFDGD
FRPRLQGtJHQDGLVSRQLHQGRODQXOLGDGGHODVUHVROXFLRQHVLPSXJQDGDV
H[KRUWDQGR DGHPiV D ODV LQVWDQFLDV DFFLRQDGDV DGHFXDU VXV
SURFHGLPLHQWRV D ORV SULQFLSLRV GH SOXUDOLVPR HQ FDVRV YLQFXODGRV D
GHUHFKRV H LQWHUHVHV FROHFWLYRV GH QDFLRQHV \ SXHEORV LQGtJHQD
RULJLQDULRFDPSHVLQRV 13,2&V 

([WUDFWRGHODUDWLRGHFLGHQGL

),,,
&RQVLGHUDQGRODQDWXUDOH]DMXUtGLFDGHODQRUPDGHQXQFLDGDFRPRLQFXPSOLGDDVtFRPR
GHOFRQWH[WRTXHDFRPSDxyGLFKDRPLVLyQTXHHQHOFDVRREMHWRGHOSUHVHQWHDQiOLVLVVHSURGXMR
GHQWURGHXQSURFHGLPLHQWRDGPLQLVWUDWLYRDVSHFWRFRQWHPSODGRGHQWURGHODVH[FOXVLRQHVSRUODV
FXDOHVQRVHDFWLYDODDFFLyQGHFXPSOLPLHQWRQRREVWDQWHTXHHQWRGRFDVRpVWHFRQVWLWXLUtDHO
PRWLYRSRUHOFXDOHO7ULEXQDOGHJDUDQWtDVGHELyKDEHUGHQHJDGRORVROLFLWDGRSRUHODFFLRQDQWH
\QRDVtFXHVWLRQDQGRVXSHUVRQHUtDWRPDQGRHQFXHQWDTXHWDPELpQVHGHQXQFLDXQDDIHFWDFLyQ
GLUHFWD GH GHUHFKRV FROHFWLYRV GH OD FRPXQLGDG LQGtJHQD
7DNDQD /D 6HOYD
 HQWRQFHV UHVXOWD
SULPRUGLDOHVWDEOHFHUTXHQRREVWDQWHTXHODSUHVHQWHGHPDQGDQRFXPSOHFRQORVUHTXLVLWRVGH
DGPLVLELOLGDG\FRQWHQLGRGHODDFFLyQGHFXPSOLPLHQWRVLORKDFHFRQUHODFLyQDODWUDPLWDFLyQGH
XQDDFFLyQSRSXODUFRPRVHYHUiPiVDGHODQWHSRUORFXDOKDFLHQGRSUHYDOHFHUODMXVWLFLDPDWHULDO
SRUHQFLPDGHODVIRUPDOLGDGHVHVWDEOHFLGDV\DODPSDURGHORVSULQFLSLRVGHWXWHODMXGLFLDOHIHFWLYD
\SURDFWLRQHVHUHFRQGX]FDODWUDPLWDFLyQGHODSUHVHQWHFDXVDDXQSURFHVRGHDFFLyQSRSXODUSDUD
TXHpVWHVHDUHVXHOWRHQHOIRQGR

'HHVWDPDQHUDDWHQGLHQGRODVVXEUHJODVLQVWLWXLGDVHQHO)XQGDPHQWR-XUtGLFR,,,GHOSUHVHQWH
IDOORVHWLHQHTXH

(ODFFLRQDQWHHTXLYRFyODYtDSURFHVDOLQYRFDGDDGYLUWLpQGRVHODYROXQWDGLPSOtFLWDGHQHFHVLGDG
GHUHVJXDUGRHIHFWLYRGHORVGHUHFKRVDOGHELGRSURFHVRDODGHIHQVD\DODFRQVXOWDSRUFXDQWRODV
QRUPDVGHQXQFLDGDVFRPRLQFXPSOLGDVVHKDOODQYLQFXODGDVH[SUHVDPHQWHDOUHVJXDUGRGHHVWRV
GHUHFKRV

'HELGRDODQDWXUDOH]DGHORVGHUHFKRVIXQGDPHQWDOHVGHQXQFLDGRVFRPRYXOQHUDGRVDHPHUJHQFLD
GH ODV RPLVLRQHV GH ODV DXWRULGDGHV GHPDQGDGDV \ WUDWiQGRVH GH XQD FRPXQLGDG LQGtJHQD OD
SUHVXQWDPHQWH DIHFWDGDSRU GLFKDV RPLVLRQHV VH FRQILJXUDQ ORV UHTXLVLWRV GH SURFHGHQFLDGH OD
DFFLyQSRSXODUPLVPDTXHUHJLGDSRUHOSULQFLSLRGHLQIRUPDOLVPRSURFHGHVLQODFRQFXUUHQFLDGH
PD\RUHV H[LJHQFLDV (Q HVWH VHQWLGR WDPELpQ VH KD SUHYLVWR \ JDUDQWL]DGR OD QRWLILFDFLyQ \
SDUWLFLSDFLyQGHOWHUFHURLQWHUHVDGRHQODWUDPLWDFLyQGHOSUHVHQWHSURFHVRFRQVWLWXFLRQDO

&RQUHODFLyQDODSDUWHGHPDQGDGDQRVHKDSURYRFDGRLQGHIHQVLyQHQODPLVPDWRGDYH]TXHGHVGH
HO SULPHU DFWR GHO SURFHVR VH JDUDQWL]y VX GHUHFKR D OD GHIHQVD KDELpQGRVHOH FLWDGR HQ IRUPD

W


dW^:d
SHUVRQDO DVHJXUiQGRVHOH HO FRQRFLPLHQWR PDWHULDO GH OD GHPDQGD HQ YLUWXG D OR FXDO WXYR
RSRUWXQLGDGGHSUHVHQWDURSRUWXQDPHQWHVXVLQIRUPHVDVtFRPRGHKDFHUVHSUHVHQWHHQDXGLHQFLD
FRQWUDSRQLpQGRVHDODVSUHWHQVLRQHVGHODFFLRQDQWH

(QWRQFHV VLHPSUH DO DPSDUR GHO SULQFLSLR SUR DFWLRQH DVt FRPR HO GH SUHYDOHQFLD GHO GHUHFKR
VXVWDQFLDOVREUHHOGHUHFKRDGMHWLYRVHMXVWLILFDODQHFHVLGDGGHUHFRQGXFFLyQGHOSUHVHQWHSURFHVR
DODWUDPLWDFLyQGHXQDDFFLyQSRSXODUWRGDYH]TXHORVGHUHFKRVGHQXQFLDGRVFRPRYXOQHUDGRVVH
HQFXHQWUDQHQXQLQPLQHQWHULHVJRGHVXIULUGDxRLUUHSDUDEOH\DTXHDWUDYpVGHODV5HVROXFLRQHV
HPLWLGDVWDQWRSRUOD$%73DQGRDVtFRPRSRUHO,15$3DQGRREMHWRGHODGHPDQGDVHKXELHUD
YXOQHUDGR HO GHUHFKR D OD GHIHQVD DO GHELGR SURFHVR \ D OD FRQVXOWD GH OD FRPXQLGDG LQGtJHQD

7DNDQD/D6HOYD
SRUFXDQWRVHGLVSXVRHOGHVDORMRGHORVKDELWDQWHVGHGLFKDFRPXQLGDGVLQTXH
ORVPLVPRVWHQJDQXQFRQRFLPLHQWRFDEDOGHGLFKDV5HVROXFLRQHVORTXHGHVHUHYLGHQWHLPSRUWD
XQDDIHFWDFLyQJUDYHGHVXVGHUHFKRVIXQGDPHQWDOHV



6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH OD DFFLyQ SRSXODU HQ SDUWH D OD &HQWUDO ,QGtJHQD 3XHEORV
2ULJLQDULRVGHOD$PD]RQtDGH3DQGR &,32$3 HQUHSUHVHQWDFLyQGHOD
FRPXQLGDGLQGtJHQD
7DNDQDOD6HOYD
HPSHURSUHYLDPHQWHUHDOL]DXQD
UHFRQGXFFLyQ SURFHVDO GHO SURFHVR GH DFFLyQ GH FXPSOLPLHQWR DO
SURFHVRFRQVWLWXFLRQDOGHODDFFLyQSRSXODU

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDOUHFRQRFLyHOLQVWLWXWRGHODUHFRQGXFFLyQSURFHVDO
GHDFFLRQHVHQOD6&5FX\RHQWHQGLPLHQWRVHOLPLWyDOSHULRGRGH
WUDQVLFLyQ\DODDFFLyQGHFXPSOLPLHQWRSRUVXQRYHGRVDLQFRUSRUDFLyQDOD
&RQVWLWXFLyQ3ROtWLFDFRQVWLWX\pQGRVHHQHOSULPHUDQWHFHGHQWHMXULVSUXGHQFLDO
3RVWHULRUPHQWHOD6&3UHFRQGXMRGHPDQHUDH[FHSFLRQDOXQUHFXUVR
GLUHFWRGHQXOLGDGDXQDDFFLyQGHDPSDURFRQVWLWXFLRQDODSDUWLUGHOSULQFLSLR
SURDFWLRQHVLQHVWDEOHFHUVXEUHJODVDSOLFDEOHVDOFDVRFRQFUHWR3RUVXSDUWH
OD  SRU SULPHUD YH] UHFRQGXFH XQD DFFLyQ GH FXPSOLPLHQWR D XQD
DFFLyQSRSXODUSDUDSXHEORVLQGtJHQDVVHxDODQGRUHTXLVLWRVH[SUHVRVSDUDHO
HIHFWR5HFRQGXFFLyQTXHSRVWHULRUPHQWHVHDSOLFyHQOD6HQWHQFLD
TXH UHFRQGXMR XQD DFFLyQ GH OLEHUWDG D XQD DFFLyQ GH DPSDUR YHULILFDQGR
SUHYLDPHQWH HO FXPSOLPLHQWR GH ORV UHTXLVLWRV GH HVWD ~OWLPD DFFLyQ \ GH OD
LQH[LVWHQFLD GH ODV FDXVDOHV GH LPSURFHGHQFLDV (Q LJXDO VHQWLGR  OD 6&3
H[WHQGLyGHPDQHUDH[SUHVDODSRVLELOLGDGGHHIHFWXDUODUHFRQGXFFLyQ
SURFHVDO HQ WRGDV ODV DFFLRQHV GH GHIHQVD HVWDEOHFLHQGR DOJXQRV UHTXLVLWRV
)LQDOPHQWH OD 6&3  HVWDEOHFH TXH OD UHFRQGXFFLyQ SURFHVDO VH
FRQVWLWX\H HQ XQ GHEHU WUDWiQGRVH GH QDFLRQHV \ SXHEORV LQGtJHQD RULJLQDULR
FDPSHVLQRV D SDUWLU GH ODV FDUDFWHUtVWLFDV GH QXHVWUR (VWDGR DGHPiV GH
HVWDEOHFHUODDSOLFDFLyQGHODUHFRQGXFFLyQSURFHVDOSDUDWRGDVODVDFFLRQHVGH
GHIHQVD


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

),,,
FXDQGRVHDGYLHUWDTXHGHORVDQWHFHGHQWHVGHODGHPDQGDGH
DFFLyQGHFXPSOLPLHQWRLQYRFDGDVHSXHGHQH[WUDHUORVUHTXLVLWRVGH
FRQWHQLGR SDUD OD WUDPLWDFLyQ GH XQD DFFLyQ SRSXODU D HIHFWRV GH OD
UHFRQGXFFLyQGHOSURFHVRGHEHUiWHQHUVHSUHVHQWHODFRQFXUUHQFLDGHODV
W


dW^:d


VLJXLHQWHVUHJODV

D 6HHYLGHQFLHHUURUHQODYtDSURFHVDOHOHJLGDORFXDOJXDUGDUHODFLyQ
FRQ HO URO HVHQFLDO GHO MXH] FRQVWLWXFLRQDO TXH DGYLHUWH XQD YROXQWDG
LPSOtFLWD GHO DFFLRQDQWH DXQTXH OD PLVPD QR KD\D VLGR SODQWHDGD
FRUUHFWDPHQWHHQODGHPDQGD

E  6H FXPSODQ ORV UHTXLVLWRV LQH[FXVDEOHV GH OD GHPDQGD GH DFFLyQ
SRSXODUHQHVHVHQWLGRSULQFLSDOPHQWHVHLGHQWLILTXHQDWUDYpVGHORV
KHFKRV GHQXQFLDGRV GHUHFKRV R LQWHUHVHV FROHFWLYRV R GLIXVRV \ XQ
VXMHWRGHGHUHFKRFROHFWLYR

F 1RVHPRGLILTXHQHOSHWLWRULRQLORVKHFKRVTXHVXVWHQWDQODGHPDQGD
SRUFXDQWRVXSRQGUtDTXHHOMX]JDGRUVXVWLWX\DDODFFLRQDQWHDOWHUDQGR
VXQDWXUDOH]DLPSDUFLDO
G 6HSUHVHUYHHOGHUHFKRDODGHIHQVDGHODSDUWHGHPDQGDGDHVGHFLU
TXH OD PLVPD KD\D WHQLGR OD RSRUWXQLGDG GH FRQWUDSRQHUVH D OD
SUHWHQVLyQ GH OD SDUWH GHPDQGDQWH HMHUFLHQGR GH PRGR VXVWDQFLDO VX
GHUHFKR GH GHIHQVD SXHVWR TXH HQ QLQJ~Q FDVR VH SXHGH KDELOLWDU OD
WXWHOD GH XQ GHUHFKR IXQGDPHQWDO GHMDQGR GHVSURWHJLGR D RWUR GH OD
PLVPDFODVH

H  ([LVWD ULHVJR GH LUUHSDUDELOLGDG GHO R ORV GHUHFKRV R LQWHUHVHV
FROHFWLYRVRGLIXVRVHVGHFLUODUHFRQGXFFLyQVyORVHUiSRVLEOHVLH[LVWH
XQDQHFHVLGDGDSUHPLDQWHGHHYLWDUODRFXUUHQFLDGHXQGDxRLUUHSDUDEOH
HQ ORV GHUHFKRV IXQGDPHQWDOHV LQYROXFUDGRV DVSHFWR TXH JXDUGD
UHODFLyQFRQHOSULQFLSLRGHHFRQRPtDSURFHVDO\WXWHODMXGLFLDOHIHFWLYD

(V SUHFLVR HVWDEOHFHU TXH OD UHFRQGXFFLyQ GH OD WUDPLWDFLyQ GH XQD
DFFLyQGHFXPSOLPLHQWRDXQDDFFLyQSRSXODUGHEHUiSURGXFLUVHVLHPSUH
DIDYRU\QXQFDHQSHUMXLFLRGHODSDUWHDFFLRQDQWH


)-,,,(QHOFDVRGHODUHFRQGXFFLyQGHODDFFLyQGHFXPSOLPLHQWRD
ODWUDPLWDFLyQGHXQDDFFLyQSRSXODUEDMRHOSULQFLSLRGHLQIRUPDOLVPR
TXH ULJH D HVWD ~OWLPD OD OHVLyQ GH GHUHFKRV R LQWHUHVHV FROHFWLYRV R
GLIXVRV GHQXQFLDGD D WUDYpV GHO LQFXPSOLPLHQWR GH QRUPDV
FRQVWLWXFLRQDOHV R OHJDOHV GHEHUi WRPDUVH HQ FXHQWD D ORV ILQHV GH OD
UHVROXFLyQGHIRQGRDHIHFWXDUVHFRPRHPHUJHQFLDGHODUHFRQGXFFLyQ
GLVSXHVWD


,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

/D 6&3  FRQWLHQH HO  SUHFHGHQWH MXULVSUXGHQFLDO  FRQ HO
HVWiQGDUPiVDOWRGHSURWHFFLyQHQIDYRUGHODFFHVRDODMXVWLFLDGHODV
1DFLRQHV\3XHEORV,QGtJHQDV2ULJLQDULR&DPSHVLQRV
W


dW^:d




 &ULWHULRV HVSHFtILFRV GH LQWHUSUHWDFLyQ GH ORV GHUHFKRV


KXPDQRV$SOLFDFLyQGLUHFWDGHGHUHFKRV
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3/RVGHUHFKRVDOXVRJRFH\GLVIUXWHIRUPDQSDUWH
GHO FRQWHQLGR HVHQFLDO GHO GHUHFKR GH SURSLHGDG HO FXDO  HV GH
DSOLFDFLyQ GLUHFWD SRU WDQWR OD QHJDWLYD GH GHVDSRGHUDPLHQWR
UHDOL]DGDSRUDXWRULGDGHVMXGLFLDOHVHQHMHFXFLyQGHIDOORVDIHFWDHO
SULQFLSLR GH UD]RQDELOLGDG HLPSOLFDODDIHFWDFLyQ GH OD JDUDQWtD GH
SURKLELFLyQGHOLPLWDFLyQDUELWUDULDGHOGHUHFKRGHSURSLHGDG

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOVHGHQXQFLyODYXOQHUDFLyQGH
ORV GHUHFKRV DO GHELGR SURFHVR \ D OD HILFDFLD MXUtGLFD GH ORV IDOORV
HMHFXWRULDGRVSRUTXHORVYRFDOHVGHOD6DOD&LYLO6HJXQGDGHPDQGDGRV
\HOMXH]6HJXQGRGH3DUWLGRHQOR&LYLO\&RPHUFLDOGH&KXTXLVDFDD
WUDYpV GH ODV UHVROXFLRQHV LPSXJQDGDV GHVHVWLPDURQ HO SHGLGR GH
GHVDSRGHUDPLHQWR GHO ELHQ LQPXHEOH HQ UHODFLyQ DO FXDO VH WHQtD XQD
VHQWHQFLD FRQ FDOLGDG GH FRVD MX]JDGD SRUTXH GH DFXHUGR D ODV
DXWRULGDGHVGHPDQGDGDV HO DERJDGR HQ VX PHPRULDO GH GHPDQGD QR
SLGLyVXGHVDSRGHUDPLHQWR\SRUWDQWRDXQTXHH[LVWDXQDVHQWHQFLDTXH
GHFODUHHOGHUHFKRSURSLHWDULRVREUHHOLQPXHEOHTXHHVWXYRHQOLWLJLR
QR SXHGH RUGHQDUVH VX GHVDSRGHUDPLHQWR \D TXH ODV DXWRULGDGHV
MXULVGLFFLRQDOHVQRSXHGHQIDOODUXOWUDSHWLWD(QEDVHDHVWRVKHFKRVOD
DFFLRQDQWHSLGLyVHFRQFHGDODWXWHOD\VHGHMHVLQHIHFWRODVUHVROXFLRQHV
LPSXJQDGDV SDUD TXH HO MXH] GH LQVWDQFLD GLFWH XQD QXHYD UHVROXFLyQ
RUGHQDQGRHOGHVDSRGHUDPLHQWRGHOLQPXHEOHHQOLWLJLR(O7ULEXQDOGH
*DUDQWtDVGHQHJyODWXWHOD\HO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHQ
UHYLVLyQUHYRFyGLFKDGHFLVLyQ\ODFRQFHGLyHQEDVHDORVVLJXLHQWHV
IXQGDPHQWRV /RVGHUHFKRVDOXVRJRFH\GLVIUXWHIRUPDQSDUWHGHO
FRQWHQLGRHVHQFLDOGHOGHUHFKRGHSURSLHGDGHOFXDOGHDFXHUGRDODUW
 GH OD &3( HV GH DSOLFDFLyQ GLUHFWD SRU WDQWR OD QHJDWLYD GH
GHVDSRGHUDPLHQWRUHDOL]DGDSRUODVDXWRULGDGHVGHPDQGDGDVLQFXUUHHQ
W


dW^:d


OD SURKLELFLyQ GH OLPLWDFLyQ DUELWUDULD GHO GHUHFKR D OD SURSLHGDG
DVSHFWRFRQWUDULRDOSULQFLSLRGHUD]RQDELOLGDG\DOFRQWHQLGRHVHQFLDO
GHHVWHGHUHFKR\ /DILJXUDMXUtGLFDGHOGHVDSRGHUDPLHQWRDXQTXH
QR KD\D VLGR SHGLGD H[SUHVDPHQWH HQ GHPDQGDV TXH FRQFOX\DQ FRQ
VHQWHQFLDVTXHUHFRQR]FDQXQGHUHFKRSURSLHWDULRGHXQELHQTXHHVWHHQ
SRGHUGHWHUFHURVHVXQPHFDQLVPRTXHDVHJXUDODDSOLFDFLyQGLUHFWD\
HILFD] GH HVWH GHUHFKR \ VX XWLOL]DFLyQ QR LPSOLFD DOWHUDFLyQ GH ORV
HIHFWRVGHODFRVDMX]JDGDVLQRSRUHOFRQWUDULRDVHJXUDODHIHFWLYLGDG
GH IDOORV MXGLFLDOHV \ UHVSRQGH D OD PDWHULDOL]DFLyQ GHO SULQFLSLR GH
UD]RQDELOLGDGTXHUHVJXDUGDODLJXDOGDG\ODMXVWLFLD

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,


(QHVWHHVWDGRGHFRVDV\HQHOPDUFRGHOGHVDUUROORDUJXPHQWDWLYRSUHFHGHQWHPHQWH
UHDOL]DGRHVSHUWLQHQWHVHxDODUTXHHQODHVSHFLHODSDUWHDFFLRQDQWHLQLFLyXQSURFHVR
RUGLQDULR GH PHMRU GHUHFKR SURSLHWDULR HQ PpULWR GHO FXDO SRU 5HVROXFLyQ 
SURQXQFLDGDSRUHO-XH]6HJXQGRGH3DUWLGRHQOR&LYLO\&RPHUFLDOVHGHFODUySUREDGD
ODGHPDQGDSRUORTXHHQFXDQWRDHVWHDVSHFWRVHFROLJHTXHODVHQWHQFLDHPLWLGDHVGH
QDWXUDOH]DGHFODUDWLYDGHOGHUHFKRGHSURSLHGDGGHODSDUWHDFFLRQDQWH

(Q HVH FRQWH[WR VH WLHQH TXH OD SDUWH DKRUD DFFLRQDQWH HQ PpULWR D OD VHQWHQFLD
GHFODUDWLYDGHXQGHUHFKRSURSLHWDULRDVXIDYRUHOGHVHSWLHPEUHGHVROLFLWyDO
MXH]GHLQVWDQFLDDKRUDGHPDQGDGRHOGHVDSRGHUDPLHQWRGHOELHQFX\DWLWXODULGDGIXH
GHFODUDGDDVXIDYRUDVtORHYLGHQFLDODGRFXPHQWDOFXUVDQWHGHIVDGHREUDGRV
VLQHPEDUJRSRU$XWRODDXWRULGDGGHSULPHUDLQVWDQFLDDKRUDGHPDQGDGDGHQHJyHO
GHVDSRGHUDPLHQWRVROLFLWDGRDOHJDQGRTXHHVWHDVSHFWRQRIXHRUGHQDGRQLGLVSXHVWRSRU
OD VHQWHQFLD HVWLPDWRULD GH PHMRU GHUHFKR SURSLHWDULR IV  YWD  (Q EDVH D HVWRV
DQWHFHGHQWHVVHWLHQHTXHDSHVDUGHOUHFXUVRGHDSHODFLyQLQWHUSXHVWRSRUODSDUWHDKRUD
DFFLRQDQWH ORV9RFDOHV GH OD 6DOD &LYLO 6HJXQGD SRU $XWRGH 9LVWD 6&,,
FRQILUPDQHQVXWRWDOLGDGODGHFLVLyQGHSULPHUDLQVWDQFLD IVYWD (QHVWHFRQWH[WR
\VREUHODEDVHGHHVWRVDVSHFWRVVHHVWDEOHFHORVLJXLHQWH

L 
'H DFXHUGR D OR VHxDODGR HQ HO )XQGDPHQWR -XUtGLFR ,,, GH OD SUHVHQWH
6HQWHQFLDHOGHUHFKRGHSURSLHGDGHQVXQ~FOHRGXURHVWiFRPSXHVWRSRUWUHVHOHPHQWRV
HVHQFLDOHVHOGHUHFKRGHXVRJRFH\GLVIUXWHGHUHFKRTXHDVXYH]HQFXHQWUDVXVWHQWR
D[LROyJLFRHQORVYDORUHVOLEHUWDGLJXDOGDG\MXVWLFLDSRUFXDQWRHVWRVDVSHFWRVHQHO
HMHUFLFLRGHORVUROHVMXULVGLFFLRQDOHVGHEHQVHUDVHJXUDGRVHQVXHILFDFLDPi[LPDSRU
ODVDXWRULGDGHVMXGLFLDOHVVLQHPEDUJRHQHOFDVRFRQFUHWRODVDXWRULGDGHVGHPDQGDGDV
DWUDYpVWDQWRGHO$XWRFRPRGHO$XWRGH9LVWD6&,,DOUHFKD]DUOD
VROLFLWXGGHGHVDSRGHUDPLHQWR\DOFRQILUPDUHVWDGHFLVLyQGHVFRQRFLHURQGHPDQHUD
IODJUDQWH HO SULQFLSLR GH DSOLFDFLyQ GLUHFWD \ HILFD] GHO GHUHFKR IXQGDPHQWDO GH
SURSLHGDG HYLWDQGR OD FRQVDJUDFLyQ SOHQD GHO FRQWHQLGR HVHQFLDO GHO GHUHFKR GH
SURSLHGDGHQVXVWUHVHOHPHQWRVXVRJRFH\GLVIUXWH

LL 
$VLPLVPRHQHO)XQGDPHQWR-XUtGLFR,,,VHLQGLFyTXHORVHOHPHQWRVGHO
FRQWHQLGR HVHQFLDO GHOGHUHFKR IXQGDPHQWDO GH SURSLHGDG JHQHUDQ GRV SURKLELFLRQHV
HVSHFtILFDVD /DSURKLELFLyQGHSULYDFLyQDUELWUDULDGHSURSLHGDG\E /DSURKLELFLyQ
GHOLPLWDFLyQDUELWUDULDGHSURSLHGDG(QEDVHDHVWRVDVSHFWRVHQODHVSHFLHVHWLHQH
TXH OD QHJDWLYD SRU SDUWH GH ODV DXWRULGDGHV MXULVGLFFLRQDOHV GH RUGHQDU HO
GHVDSRGHUDPLHQWRGHOELHQLQPXHEOHGHFODUDGRMXGLFLDOPHQWHGHSURSLHGDGGHODSDUWH
DFFLRQDQWHLPSOLFDXQDIODJUDQWHYXOQHUDFLyQDODVHJXQGDSURKLELFLyQUHIHULGDHVGHFLU

W


dW^:d
FRQVWLWX\H XQD OLPLWDFLyQ DUELWUDULD GH SURSLHGDG DVSHFWR DEVROXWDPHQWH FRQWUDULR DO
SULQFLSLR GH UD]RQDELOLGDG \ PDQLILHVWDPHQWH YXOQHUDWRULR DO FRQWHQLGR HVHQFLDO GHO
GHUHFKR GH SURSLHGDG \ SRU HQGH D ORV SRVWXODGRV GHO (VWDGR &RQVWLWXFLRQDO GH
'HUHFKR



6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SRUTXH ODV DXWRULGDGHV
MXULVGLFFLRQDOHVGHPDQGDGDVHQHMHFXFLyQGHIDOORVOXHJRGHFRQFOXLGR
XQSURFHVRRUGLQDULRGHPHMRUGHUHFKRSURSLHWDULR\DSHVDUGHH[LVWLU
XQD VHQWHQFLD GHFODUDWLYD GH GHUHFKR SURSLHWDULR FRQ FDOLGDG GH FRVD
MX]JDGDYXOQHUDUyQHOGHUHFKRDODSURSLHGDGVLQFRQVLGHUDUTXHHVWH
GHUHFKRGHDFXHUGRDODUWGHOD&3(HVGHDSOLFDFLyQGLUHFWDSRU
WDQWR OD QHJDWLYD GH GHVDSRGHUDPLHQWR UHDOL]DGD SRU DXWRULGDGHV
MXGLFLDOHV GHPDQGDGDV LPSOLFy XQD YXOQHUDFLyQ D OD JDUDQWtD GH
SURKLELFLyQGHOLPLWDFLyQDUELWUDULDGHOGHUHFKRGHSURSLHGDGVLHQGRSRU
WDQWRGLFKDVGHFLVLRQHVFRQWUDULDVDOSULQFLSLRGHUD]RQDELOLGDG

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

,,,
(OFRQWHQLGRHVHQFLDOGHOGHUHFKRGHSURSLHGDGDODOX]GHO
SULQFLSLR
GH
UD]RQDELOLGDGFRPRHVWiQGDUD[LRPiWLFRSDUDVXDSOLFDFLyQGLUHFWD

/D WHRUtD FRQVWLWXFLRQDO KD GHVDUUROODGR OD WpFQLFD GHO FRQWHQLGR HVHQFLDO GH ORV GHUHFKRV
IXQGDPHQWDOHVDSDUWLUGHODFXDOODDSOLFDFLyQGLUHFWDGHORVPLVPRVGHEHDVHJXUDUHOUHVSHWR\
HILFDFLDSOHQDGHORVHOHPHQWRVFRQVWLWXWLYRVGHHVHFRQWHQLGRHVHQFLDORQ~FOHRGXURGHGHUHFKRV
SDUDFXPSOLUDVtFRQORVHVWiQGDUHVD[LRPiWLFRVUHFWRUHVGHOSULQFLSLRGHUD]RQDELOLGDG

(Q HO PDUFR GH OR VHxDODGR FRUUHVSRQGH SUHFLVDU TXH HO GHUHFKR D OD SURSLHGDG HV XQ GHUHFKR
IXQGDPHQWDOH[SUHVDPHQWHUHFRQRFLGRSRUHOEORTXHGHFRQVWLWXFLRQDOLGDGDVtHODUW,GHOD
&3(LQGLFDTXH
7RGDSHUVRQDWLHQHGHUHFKRDODSURSLHGDGSULYDGDLQGLYLGXDORFROHFWLYDVLHPSUH
TXHHVWDFXPSODXQDIXQFLyQVRFLDO
DVLPLVPRHODUWGHOD'HFODUDFLyQ8QLYHUVDOGH'HUHFKRV
+XPDQRV '8'+  HQ VX SULPHU SDUiJUDIR LQGLFD
7RGD SHUVRQD WLHQH GHUHFKR D OD SURSLHGDG
LQGLYLGXDORFROHFWLYD
GHODPLVPDIRUPDHOVHJXQGRSDUiJUDIRGHHVWDGLVSRVLFLyQSXQWXDOL]D

QDGLH VHUi SULYDGR DUELWUDULDPHQWH GH VX SURSLHGDG


 WDPELpQ OD &RQYHQFLyQ $PHULFDQD GH
'HUHFKRV+XPDQRVHQVXDUWFRQVDJUDHOGHUHFKRDODSURSLHGDGSULYDGDGLVSRQLHQGRHQVX
SULPHUSDUiJUDIRORVLJXLHQWH
7RGDSHUVRQDWLHQHGHUHFKRDOXVR\JRFHGHVXVELHQHV
$GHPiV
HOVHJXQGRQXPHUDOGHHVWDGLVSRVLFLyQGLVSRQHTXH
1LQJXQDSHUVRQDSXHGHVHUSULYDGDGHVXV
ELHQHV H[FHSWR PHGLDQWH HO SDJRGH LQGHPQL]DFLyQ MXVWD
 $ SDUWLUGH HVWDVGLVSRVLFLRQHV TXH
IRUPDQSDUWHGHOEORTXHGHFRQVWLWXFLRQDOLGDGEROLYLDQRGHDFXHUGRDODUW,GHOD&3(SDUD
HIHFWRVGHXQDFRKHUHQWHDUJXPHQWDFLyQMXUtGLFDGHEHQPHQFLRQDUVHORVHOHPHQWRVFRQVWLWXWLYRV
GHOFRQWHQLGRHVHQFLDOGHOGHUHFKRGHSURSLHGDGHQHVHVHQWLGRHVWHGHUHFKRIXQGDPHQWDOFX\D
JpQHVLV VH HQFXHQWUD QR VRODPHQWH HQ HO WH[WR FRQVWLWXFLRQDO VLQR WDPELpQ HQ HO EORTXH GH
FRQYHQFLRQDOLGDGHQVXQ~FOHRGXURVHLGHQWLILFDQWUHVHOHPHQWRVHVHQFLDOHVL (OGHUHFKRGHXVR
LL  (O GHUHFKR GH JRFH \ LLL  (O GHUHFKR GH GLVIUXWH $VLPLVPR HVWRV WUHV HOHPHQWRV WLHQHQXQ
VXVWHQWRD[LROyJLFRTXHUHIXHU]DGLFKRFRQWHQLGRHVHQFLDOEDVDGRHQORVYDORUHVOLEHUWDGLJXDOGDG
VROLGDULGDG \ MXVWLFLD 3RU VX SDUWH HV LPSHUDQWH DGHPiV SUHFLVDU TXH HVWH Q~FOHR HVHQFLDO GHO
GHUHFKR IXQGDPHQWDO GHSURSLHGDG JHQHUD D VX YH] REOLJDFLRQHVQHJDWLYDV WDQWRSDUD HO (VWDGR
FRPRSDUDSDUWLFXODUHVTXHVHWUDGXFHQHQODVVLJXLHQWHVD 3URKLELFLyQGHSULYDFLyQDUELWUDULDGH
SURSLHGDG\E 3URKLELFLyQGHOLPLWDFLyQDUELWUDULDGHSURSLHGDG

$ SDUWLU GH ORV DVSHFWRV SUHFHGHQWHPHQWH FRQWHPSODGRV GHEH LQGLFDUVH TXH HO SULQFLSLR GH
UD]RQDELOLGDG HO FXDO WDO FRPR VH GLMR HVWi FRQIRUPDGR SRU ORV YDORUHV R SDXWDV D[LRPiWLFDV
UHIHUHQWHV D OD OLEHUWDGLJXDOGDGMXVWLFLD \ YLYLUELHQ FRQVWLWX\H HO HVWiQGDU D[LRPiWLFRSDUD OD
GLUHFWD MXVWLFLDELOLGDG GHO GHUHFKR GH SURSLHGDG HQ HVH RUGHQ VH HVWDEOHFH TXH ODV GHFLVLRQHV
MXULVGLFFLRQDOHV TXH LQFXUUDQ HQ SULYDFLyQ R OLPLWDFLyQ DUELWUDULD GH OD SURSLHGDG LPSOLFDQ XQD
GLUHFWDDIHFWDFLyQDO SULQFLSLR GH UD]RQDELOLGDG \ FRPRFRQVHFXHQFLDGLUHFWD DIHFWDQWDPELpQ HO

W


dW^:d


FRQWHQLGRHVHQFLDOGHOGHUHFKRGHSURSLHGDGHQVXVWUHVHOHPHQWRVHVHQFLDOHVXVRJRFH\GLVIUXWH

,,,
/D MXVWLFLDELOLGDG GHO GHUHFKR GH SURSLHGDG D OD OX] GHO SULQFLSLR GH

UD]RQDELOLGDG/RVDOFDQFHVGHODVVHQWHQFLDVHVWLPDWRULDVHQSURFHVRVUHIHUHQWHVDPHMRU
GHUHFKRSURSLHWDULR

(QWRGR(VWDGR&RQVWLWXFLRQDOGH'HUHFKRORVGHUHFKRVIXQGDPHQWDOHVGHEHQWHQHUXQDJDUDQWtD
MXULVGLFFLRQDO SDUD VX WXWHOD \ GLUHFWD MXVWLFLDELOLGDG HQ HVH RUGHQ HO (VWDGR 3OXULQDFLRQDO GH
%ROLYLDVXVWHQWDVXHVWUXFWXUDRUJiQLFDHQHOSULQFLSLRGHVHSDUDFLyQRUJiQLFDDSDUWLUGHOFXDOHO
SRGHUS~EOLFRVHHMHUFHDWUDYpVGHORVyUJDQRVHMHFXWLYROHJLVODWLYRMXGLFLDO\HOHFWRUDO(QHVH
FRQWH[WRHOyUJDQRMXGLFLDOPHUFHGDOSULQFLSLRGHXQLGDGMXULVGLFFLRQDOHVHOPHFDQLVPRRUJiQLFR
GHVWLQDGRDODDGPLQLVWUDFLyQGHMXVWLFLDDWUDYpVGHVXVMXULVGLFFLRQHVODMXULVGLFFLyQRUGLQDULDOD
MXULVGLFFLyQ LQGtJHQD RULJLQDULD \ FDPSHVLQD \ OD MXULVGLFFLyQ DJURDPELHQWDO DVt FRPR ODV
MXULVGLFFLRQHVHVSHFLDOL]DGDV

(Q UHVJXDUGR GH XQD FRKHUHQWH WpFQLFD GH DUJXPHQWDFLyQ MXUtGLFD HV SHUWLQHQWH LQGLFDU TXH HO
yUJDQR MXGLFLDO HQ HO PDUFR GH OD MXVWLFLD RUGLQDULD HV OD LQVWDQFLD MXULVGLFFLRQDO D OD FXDO SRU
YROXQWDGFRQVWLWX\HQWHVHOHHQFRPLHQGDHOFRQRFLPLHQWRGHFRQWURYHUVLDVYLQFXODGDVDGHUHFKRV
SURSLHWDULRVDVtODWHOHRORJtDGHORVSURFHVRVRUGLQDULRVFRQRFLGRVWDPELpQSRUODWHRUtDSURFHVDO
JHQHUDO FRPR SURFHVRV GH FRQRFLPLHQWR GLVFLSOLQDQ UHJODV GH RUGHQ SURFHVDO GHVWLQDGDV D
JDUDQWL]DUODGLUHFWDMXVWLFLDELOLGDGGHOFRQWHQLGRHVHQFLDOGHOGHUHFKRIXQGDPHQWDOGHSURSLHGDG
FRQVDJUDQGRSRUWDQWRDWUDYpVGHHVWHPHFDQLVPRLQVWLWXFLRQDOHOSULQFLSLRGHDSOLFDFLyQGLUHFWD\
HIHFWLYDGHORVGHUHFKRVIXQGDPHQWDOHV$VtODVDFFLRQHVGHPHMRUGHUHFKRSURSLHWDULRHQWUHRWUDV
VHFRQILJXUDQFRPRYHUGDGHUDVJDUDQWtDVMXULVGLFFLRQDOHVGHVWLQDGDVDDFWLYDUHODSDUDWRRUJiQLFR
MXULVGLFFLRQDOLPSHUDQWH\ORJUDUSRUHQGHODHPLVLyQGHXQDGHFLVLyQMXULVGLFFLRQDOGHILQLWLYD\GH
FDUiFWHUGHFODUDWRULRTXHHQFDVRGHVHUHVWLPDWRULDDORVGHUHFKRVGHSURSLHGDGLQYRFDGRVSRUHO
MXVWLFLDEOHDVHJXUHODHILFD]\UHDODSOLFDFLyQGHOFRQWHQLGRHVHQFLDOGHHVWHGHUHFKRIXQGDPHQWDO

5HVSHFWRDODVLGHDVH[SXHVWDVVHGHEHLQGLFDUTXHHOSULQFLSLRGHUD]RQDELOLGDGGHEHLUUDGLDUGH
PDQHUD GLUHFWD HO FRQWHQLGR GH VHQWHQFLDV MXGLFLDOHV SDUD HYLWDU DVt VXSUHVLRQHV \ OLPLWDFLRQHV
DUELWUDULDV DO GHUHFKR IXQGDPHQWDO GH SURSLHGDG SRU OR TXH OD HILFDFLD GH ORV IDOORV HVWi
FRQGLFLRQDGDDXQDDSOLFDFLyQGLUHFWD\UHDOGHOFRQWHQLGRHVHQFLDOGHOGHUHFKRGHSURSLHGDGFRQ
VXVWUHVFRPSRQHQWHVHVHQFLDOHVXVRJRFH\GLVIUXWH

$KRUDELHQDODOX]GHORVSULQFLSLRVGHUD]RQDELOLGDG\DSOLFDFLyQGLUHFWD\HIHFWLYDGHOFRQWHQLGR
HVHQFLDOGHOGHUHFKRGHSURSLHGDGGHEHVHxDODUVHTXHLQWHUSUHWDQGRORVSUHVXSXHVWRVSURFHVDOHV
VXVWDQFLDOHV GHO RUGHQ DGMHWLYR FLYLO LPSHUDQWH EDMR XQ FULWHULR KHUPHQpXWLFR GHQRPLQDGR
GH \
FRQIRUPHDOD&RQVWLWXFLyQ
VHWLHQHTXHHVWHDVHJXUDHOFXPSOLPLHQWRGHHVWHHVWiQGDUD[LRPiWLFR
FRPRHVHOSULQFLSLRGHUD]RQDELOLGDGSRUWDOUD]yQFRQVLGHUDQGRTXHHOSURFHVRGHPHMRUGHUHFKR
SURSLHWDULRGHVWLQDGRDODFRQVHFXFLyQGHXQDGHFODUDFLyQMXGLFLDOYLQFXODGDDOGHUHFKRSURSLHWDULR
JHQHUD FRPR HIHFWRV GH XQD GHFLVLyQ HVWLPDWRULD WDQWR SDUD ORV MXHFHV FRPR SDUWLFXODUHV ODV
SURKLELFLRQHVQHJDWLYDVSURSLDVGHODHILFDFLDGHOFRQWHQLGRHVHQFLDOGHOGHUHFKRSURSLHWDULRHV
GHFLUODSURKLELFLyQGHOLPLWDFLyQRVXSUHVLyQDUELWUDULDGHHVWHGHUHFKR

3UHFLVDPHQWH HQ DUPRQtD FRQ HO SRVWXODGR DQWHV LQGLFDGR HO DUW  GH OD /H\ GH $EUHYLDFLyQ
3URFHVDO&LYLO\$VLVWHQFLD)DPLOLDU /$3&$) GLVSRVLFLyQTXHPRGLILFDHODUWGHO&3&HQ
ORUHIHUHQWHDODIRUPDGHHMHFXWDUODVVHQWHQFLDVHQFXDQWRDREOLJDFLRQHVGHGDUHQVXWHQRUOLWHUDO
PHQFLRQDHQVXVHJXQGRSDUiJUDIRORVLJXLHQWH
7UDWiQGRVHGHREOLJDFLRQHVGHGDUDOJXQDFRVDTXH
VHKDOOHHQHOSDWULPRQLRGHOGHXGRUVHOLEUDUiPDQGDPLHQWRSDUDGHVDSRGHUDUGHHOODDOREOLJDGR
\HQWUHJDUODDODFWRUFRQHODX[LOLRHQVXFDVRGHODIXHU]DS~EOLFD


(QHIHFWRHOWHQRUOLWHUDOGHODFLWDGDGLVSRVLFLyQVHHQFXHQWUDHQDUPRQtDFRQHODUWGHOD&3(
\GHPiVGLVSRVLFLRQHVGHOEORTXHGHFRQVWLWXFLRQDOLGDGTXHFRQVDJUDQHOGHUHFKRGHSURSLHGDGSRU
WDQWRODIDFXOWDGGHODVDXWRULGDGHVMXULVGLFFLRQDOHVGHRUGHQDUHOGHVDSRGHUDPLHQWRHQHMHFXFLyQ
GH IDOORV SDUD HO FDVRGH SURFHVRV HQ ORV FXDOHV H[LVWDXQDVHQWHQFLD HVWLPDWRULD TXHGHFODUH HO
GHUHFKR SURSLHWDULR HQ UHODFLyQ D OD SDUWH DFWRUD UHVSRQGH DO SULQFLSLR GH DSOLFDFLyQ GLUHFWD \
HIHFWLYDGHOFRQWHQLGRHVHQFLDOGHOGHUHFKRGHSURSLHGDGHVGHFLUDODDSOLFDFLyQHIHFWLYD\UHDOGH
VXVWUHVHOHPHQWRVHOXVRJRFH\GLVSRVLFLyQSRUWDQWRODRPLVLyQGHHMHUFLFLRGHHVWDDWULEXFLyQ
IUHQWH D XQ SHGLGR H[SUHVR GH SDUWH LPSOLFD XQD OLPLWDFLyQ DUELWUDULD DO GHUHFKR GH SURSLHGDG
DVSHFWR TXH HQ HVHQFLD DIHFWD GH PDQHUD GLUHFWD DO SULQFLSLR GH UD]RQDELOLGDG GH ODV GHFLVLRQHV
MXULVGLFFLRQDOHV

(QHORUGHQGHLGHDVH[SXHVWRHVSHUWLQHQWHVHxDODUTXHHQORVSURFHVRVGHFRQRFLPLHQWRYLQFXODGRV

W


dW^:d
FRQGHUHFKRVSDUWLFXODUHVFRPRSRGUtDVHUDTXHOORVUHIHULGRVDPHMRUGHUHFKRSURSLHWDULRULJHHO
SULQFLSLRGLVSRVLWLYRHQYLUWXGGHOFXDOODVSDUWHVSURFHVDOHVLQLFLDQ\FRQGXFHQVXVSUHWHQVLRQHV
HQHOPDUFRGHOSULQFLSLRGHDXWRQRPtDGHODYROXQWDGVLHQGRHVWHSRVWXODGRHOOtPLWHREMHWLYRSDUD
ODDFWXDFLyQGHOMXH]TXLHQQRSXHGHDSDUWDUVHGHGLFKDVGLUHFWULFHVHVWDEOHFLGDVHQHOGHFXUVRGH
ODFDXVDSRUODVSDUWHVSURFHVDOHVHQHVHRUGHQHQXQFRQWH[WRGHPROLEHUDOHQHOFXDOVHJHQHUDHO
GHVDUUROOR WHyULFR GH HVWH SULQFLSLR SRU ODV FDUDFWHUtVWLFDV GHO PRGHOR GH (VWDGR H[SUHVDPHQWH
H[SOLFDGDV HQ HO )XQGDPHQWR-XUtGLFR ,,, GH ODSUHVHQWH 5HVROXFLyQGLFKRSULQFLSLRWLHQHXQD
FRQQRWDFLyQ GLIHUHQWH D OD YDOLGH] GH HVWH SRVWXODGR HQ HO PDUFR GHO (VWDGR &RQVWLWXFLRQDO GH
'HUHFKR HQ HO FXDO OD HILFDFLDGH ORV GHUHFKRV IXQGDPHQWDOHV FRQVWLWX\H HO OtPLWH \ PHGLGDGH
YDOLGH]GHOSULQFLSLRGLVSRVLWLYRSRUORTXHORVMXHFHVDOVHUDXWpQWLFRVJDUDQWHVGHORVGHUHFKRV
IXQGDPHQWDOHVGHEHQDVHJXUDUODPi[LPDHILFDFLDGHORVGHUHFKRVIXQGDPHQWDOHVFRQWHQLGRVHQ
XQDVHQWHQFLDGHFODUDWLYD

(QHVWULFWDFRKHUHQFLDDODDILUPDFLyQUHDOL]DGDFDEHVHxDODUTXHHQODVVHQWHQFLDVGHFODUDWLYDVGH
GHUHFKRVSURSLHWDULRVODHILFDFLDGHOFRQWHQLGRHVHQFLDOGHHVWHGHUHFKRHVGHFLUHOXVRJRFH\
GLVIUXWHGHOELHQHQUHODFLyQGHOFXDOVHGHFODUDMXGLFLDOPHQWHODWLWXODULGDGGHEHVHUUHVJXDUGDGD
\JDUDQWL]DGDSRUODDXWRULGDGMXULVGLFFLRQDOHQWHQGLHQGRTXHHODUWGHO&3&LQWHUSUHWiQGROR
DUPRQLRVDPHQWHFRQODWXWHODTXHVHGDDOGHUHFKRGHSURSLHGDGHQHOEORTXHGHFRQVWLWXFLRQDOLGDG
HVWDEOHFHTXH
/DVHQWHQFLD  FRQWHQGUiGHFLVLRQHVH[SUHVDVSRVLWLYDV\SUHFLVDVUHFDHUiVREUH
ODV FRVDV OLWLJLRVDV HQ OD PDQHUD HQ TXH KXELHUHQ VLGR GHPDQGDGDV   HQ HVH RUGHQ
GHILQLWLYDPHQWH DO VHU GHPDQGDGR HO PHMRU GHUHFKR SURSLHWDULR \ HQ FDVR GH HVWLPDUVH GLFKD
SUHWHQVLyQHOGHVDSRGHUDPLHQWRGHOELHQHQOLWLJLRDXQTXHQRKXELHVHVLGRH[SUHVDPHQWHSHGLGR
HQODGHPDQGDHVXQDVSHFWRTXHDVHJXUDODDSOLFDFLyQHILFD]GHOFRQWHQLGRHVHQFLDOGHOGHUHFKR
IXQGDPHQWDOGHSURSLHGDGSRUORTXHVXVDOFDQFHVLQHTXtYRFDPHQWHUHFDHQVREUHODFRVDOLWLJLRVD
FXPSOLHQGRDVtFRQHOPDQGDWRGHODUWGHO&3&UD]yQSRUODFXDOHOHMHUFLFLRGHHVWDIDFXOWDG
GH QLQJXQD PDQHUD LPSOLFD DOWHUDFLyQ GH ORV HIHFWRV GH OD FRVD MX]JDGD GH GHFLVLRQHV
MXULVGLFFLRQDOHV SRU HO FRQWUDULR DVHJXUD OD HIHFWLYLGDG GH IDOORV MXGLFLDOHV FRPR SUHVXSXHVWR
HVHQFLDOGHODMXVWLFLDELOLGDGGHOGHUHFKRIXQGDPHQWDOGHSURSLHGDGHQXQ(VWDGR&RQVWLWXFLRQDOGH
'HUHFKR

,,,
(O FRQWURO GH FRQVWLWXFLRQDOLGDG D OD OX] GHO SULQFLSLR GH UD]RQDELOLGDG IUHQWH D XQD
LQHILFD]MXVWLFLDELOLGDGGHOGHUHFKRGHSURSLHGDG

/D HILFDFLD Pi[LPD GH GHUHFKRV IXQGDPHQWDOHV FRPR SUHVXSXHVWR HVHQFLDO GHO (VWDGR
&RQVWLWXFLRQDO GH 'HUHFKR \ SRU HQGH GHO (VWDGR 3OXULQDFLRQDO GH %ROLYLD REOLJD DO ~OWLPR \
Pi[LPR FRQWUDORU GH FRQVWLWXFLRQDOLGDG FRPR HV HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO D
PDWHULDOL]DUHOIHQyPHQRGHLUUDGLDFLyQGHHVWD&RQVWLWXFLyQD[LRPiWLFD\GRJPiWLFRJDUDQWtVWDHQ
WRGRV ORV DFWRV GH OD YLGD VRFLDO LQFOXLGDV ODV UHVROXFLRQHV MXGLFLDOHV SRU WDQWR HO HMHUFLFLR GHO
FRQWURO GH FRQVWLWXFLRQDOLGDG SRGUi HIHFWXDUVH D OD OX] GHO SULQFLSLR GH UD]RQDELOLGDG FRPR
PHFDQLVPRV HIHFWLYR \ RSRUWXQR SDUD OD YLJHQFLDGH GHUHFKRV IXQGDPHQWDOHV SRU HVWD UD]yQ HO
RUGHQVXSUHPRFRQWHPSODHQHOiPELWRGHFRQWUROWXWHODUGHGHUHFKRVIXQGDPHQWDOHVODVDFFLRQHV
GHGHIHQVDODVFXDOHVFRQVWLWX\HQJDUDQWtDVDGMHWLYDVHILFDFHV\RSRUWXQDVSDUDODGHIHQVDGHORV
GHUHFKRVGHODVSHUVRQDV

(QHOPDUFRGHORVHxDODGREDMRHOSDUiPHWURGHOSULQFLSLRGHUD]RQDELOLGDGODDFFLyQGHDPSDUR
FRQVWLWXFLRQDOHVWiFRQILJXUDGDFRPRXQYHUGDGHURPHFDQLVPRLGyQHRRSRUWXQR\HILFD]SDUDOD
WXWHOD GH GHUHFKRV IXQGDPHQWDOHV FXDQGR VX SURWHFFLyQ QR VH HQFXHQWUH GHQWUR GHO iPELWR GH
DSOLFDFLyQ GH RWURV PHFDQLVPRV GH GHIHQVD R FXDQGR SXHGD VHU WXWHODGD SRU RWURV PHFDQLVPRV
LGyQHRVGHGHIHQVDDORVGHUHFKRVIXQGDPHQWDOHV

'H DFXHUGR DO SRVWXODGR SUHFHGHQWHPHQWH FLWDGR GHEH SUHFLVDUVH DGHPiV TXH HO (VWDGR
3OXULQDFLRQDOGH%ROLYLDHQVXGLVHxR \SRVWXODGRVUHVSRQGHDODLQJHQLHUtDSURSLDGHOVLVWHPD
LQWHUDPHULFDQRGHSURWHFFLyQGHGHUHFKRVKXPDQRVFX\DFRQVWUXFFLyQGRJPiWLFDHLQVWLWXFLRQDO
IXHUHDOL]DGDHQHOPDUFRGHORVDOFDQFHV\SUHFHSWRVFRQWHQLGRVHQOD&RQYHQFLyQ$PHULFDQDVREUH
'HUHFKRV +XPDQRV HQ HVH RUGHQ HVWH LQVWUXPHQWR VXSUDQDFLRQDO LQVHUWR HQ HO EORTXH GH
FRQVWLWXFLRQDOLGDGEROLYLDQRHQVXDUWLQGLFDTXH
7RGDSHUVRQDWLHQHGHUHFKRDXQUHFXUVR
VHQFLOOR\UiSLGRRDFXDOTXLHURWURUHFXUVRHIHFWLYRDQWHORVMXHFHVRWULEXQDOHVFRPSHWHQWHVTXH
ODDPSDUHFRQWUDDFWRVTXHYLROHQVXVGHUHFKRVIXQGDPHQWDOHVUHFRQRFLGRVSRUOD&RQVWLWXFLyQOD
OH\RODSUHVHQWH&RQYHQFLyQ


$ SDUWLU GH HVWH PDQGDWR VH HVWDEOHFH TXH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO GLVFLSOLQDGD GH
PDQHUDHVSHFtILFDHQORVDUWV\GHOD&3(HQVXGLVHxRFRQVWLWXFLRQDOUHVSRQGHGHPDQHUD
GLUHFWD DO PDQGDWR GHO DUW  GH OD &RQYHQFLyQ $PpULFD 'HUHFKRV +XPDQRV VLHQGR TXH VX

W


dW^:d


FRQWHQLGRHVHQFLDOHVWiHVWUXFWXUDGRVREUHODEDVHGHORVSULQFLSLRVGHVXPDWRULHGDGHLQPHGLDQWH]
DSDUWLUGHORVFXDOHVVHFRQVDJUDODYLJHQFLDHQHVWHQXHYRPRGHORGH(VWDGRGHXQPHFDQLVPRGH
WXWHODSURQWR\RSRUWXQRSDUDHOUHVJXDUGRGHGHUHFKRVIXQGDPHQWDOHVIUHQWHDDFWRVXRPLVLRQHV
OHVLYRVDHVWRVSURYRFDGDVSRUVHUYLGRUHVS~EOLFRVLQFOXLGRVDXWRULGDGHVMXULVGLFFLRQDOHVFXDQGR
HQVHGHGHODMXVWLFLDRUGLQDULDDSHVDUGHDJRWDUVHORVPHFDQLVPRVLQWHUQRVSDUDHOFXHVWLRQDPLHQWR
GHGLFKDVGHFLVLRQHVODVOHVLRQHVDGHUHFKRVIXQGDPHQWDOHVQRKXELHUDQVLGRUHSDUDGDV




 &ULWHULRV HVSHFtILFRV GH LQWHUSUHWDFLyQ GH ORV GHUHFKRV


KXPDQRV,QWHUDFFLyQGHORV0pWRGRVGH,QWHUSUHWDFLyQ
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&33DUDODLQWHUSUHWDFLyQGHOD&RQVWLWXFLyQ3ROtWLFDGHO
(VWDGRGHEHH[LVWLUXQGLiORJRHLQWHUDFFLyQGHORVGLVWLQWRVPpWRGRV
GH LQWHUSUHWDFLyQ FRQVWLWXFLRQDO SDUD SRGHU OOHJDU D OD YHUGDGHUD
ILQDOLGDG GH OD LQWHUSUHWDFLyQ FXDO HV OD YLJHQFLD GH ORV ILQHV
SULQFLSLRV \ YDORUHV TXH VH HQFXHQWUDQ HQ HO EORTXH GH
FRQVWLWXFLRQDOLGDG

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHLQFRQVWLWXFLRQDOLGDGFRQFUHWDSURPRYLGDSRUOD6DOD
3ULPHUDGHO7ULEXQDO$JUDULR1DFLRQDODKRUD7ULEXQDO$JURDPELHQWDO
D LQVWDQFLD GH &OLYHU 9LOODOED $JXLUUH HQ UHSUHVHQWDFLyQ OHJDO GH
)HGHULFR 5H\QDJD &XED GHPDQGDQGR OD LQFRQVWLWXFLRQDOLGDG GHO DUW
GHO'HFUHWR6XSUHPR '6 GHGHDJRVWRGH\GHORV
SDUiJUDIRV ,9 9, LQF I  \ ,; GH OD *XtD SDUD OD 9HULILFDFLyQ \
9DORUDFLyQGHOD)XQFLyQ(FRQyPLFD6RFLDO&XDQGR([LVWHQ,QGLFLRVR
'HQXQFLDVGHOD([LVWHQFLDGHODV5HODFLRQHV6HUYLGXPEUDOHV7UDEDMR
)RU]RVR\)RUPDV$QiORJDVDSUREDGDSRUOD5HVROXFLyQ%LPLQLVWHULDO
 GH  GH QRYLHPEUH VH GHPDQGy GLFKD QRUPD SRU VHU
SUHVXQWDPHQWHFRQWUDULRVDORVDUWV,,,,,
,  \  GH OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR &3(  (O
7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOGHFODUyODFRQVWLWXFLRQDOLGDGGH
ODVQRUPDVLPSXJQDGDV

([WUDFWRGHODUDWLRGHFLGHQGL
W


dW^:d


)-,,,$KRUDELHQUHVSHFWRDODUW,,GHOD&3(FRQWLHQHXQPDQGDWRH[SUHVRQR
H[FOX\HQWHSDUDTXHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDODSHOHHQSULPHUDLQVWDQFLD
D OD YROXQWDG FRQVWLWX\HQWH DO WH[WR OLWHUDO \ SRVWHULRUPHQWH D RWURV PpWRGRV
LQWHUSUHWDWLYRV SXHVWR TXH VL ELHQ HO &RQVWLWX\HQWH KD GHWHUPLQDGR GRV PpWRGRV
H[SUHVRVGHLQWHUSUHWDFLyQHQGLFKDQRUPDFRQVWLWXFLRQDOQRKDGHWHUPLQDGRSURKLELFLyQ
DOJXQDDODXWLOL]DFLyQGHRWURVPpWRGRV

$Vt HO &RQVWLWX\HQWH HQ HO DUWtFXOR PHQFLRQDGR GHWHUPLQy TXH HO LQWpUSUHWH
FRQVWLWXFLRQDOEXVTXH HQSULPHUD LQVWDQFLD
OD YROXQWDG GHO &RQVWLWX\HQWH
 DILUPDFLyQ
TXHHQLQLFLRSDUHFHFRQFOXLUTXHHO&RQVWLWX\HQWHEXVFDODLQWHUSUHWDFLyQRULJLQDOLVWD
SHURDODYH]WDPELpQHVYHUGDGTXHHVDYROXQWDGGHEHHQPDUFDUVHHQXQDYDORUDFLyQ
ILQDOLVWDGHODSURSLD&RQVWLWXFLyQQRRWUDFRQVHFXHQFLDSXHGHWHQHUODLQFOXVLyQHQHO
WH[WRFRQVWLWXFLRQDOGHQRUPDVHVSHFtILFDVTXHSURFODPDQORVILQHVSULQFLSLRV\YDORUHV
DUWV\VVGHOD&3( 

3DUD OOHJDU D XQD ODERU KHUPHQpXWLFD FRLQFLGHQWH FRQ OD HVHQFLD \ HVStULWX GH OD
&RQVWLWXFLyQ QR UHVXOWD XQD IyUPXOD ~QLFDPHQWH DGHFXDGD OD HOHFFLyQ DLVODGD GH XQ
PpWRGR GH LQWHUSUHWDFLyQ FRQVWLWXFLRQDO HO HMHUFLFLR KHUPHQpXWLFR HQ OD SUiFWLFD
LQYROXFUDXQDODERUDUJXPHQWDWLYDPXFKRPiVHFOpFWLFDHQODFXDOH[LVWHXQGLiORJRH
LQWHUDFFLyQ GH ORV GLVWLQWRV PpWRGRV GH LQWHUSUHWDFLyQ FRQVWLWXFLRQDO SXHV SDUD
UHDOPHQWHGHVHQWUDxDUODYROXQWDGDKRUDGHOD&RQVWLWXFLyQHVLPSUHVFLQGLEOHKDFHUORHQ
XQDGLPHQVLyQOLQJtVWLFDFRPRUHFXUVRFRJQLWLYRHQFRQRFLPLHQWRGHODLQWHJUDOLGDG
GHOD&RQVWLWXFLyQ DGHPiVGHOEORTXHGHFRQVWLWXFLRQDOLGDG HVGHFLUHQDWHQFLyQDO
PHFDQLVPRGHODFRQFRUGDQFLDSUiFWLFDSDUDSRGHUOOHJDUDODYHUGDGHUDILQDOLGDGGHOD
LQWHUSUHWDFLyQFXDOHVODYLJHQFLDGHORVILQHVSULQFLSLRV\YDORUHVTXHVHHQFXHQWUDQHQ
HOEORTXHGHFRQVWLWXFLRQDOLGDG DUW,,GHOD&3( 


6LQWHVLVGHODUDWLRGHFLGHQGL

'HFODUD OD FRQVWLWXFLRQDOLGDG  GHO  DUW    GHO '6  \ GH ORV
SDUiJUDIRV9,LQFI \,;GHOD*XtDSDUDOD9HULILFDFLyQ\9DORUDFLyQ
GHOD)XQFLyQ(FRQyPLFD6RFLDO&XDQGR([LVWHQ,QGLFLRVR'HQXQFLDV
GHOD([LVWHQFLDGHODV5HODFLRQHV6HUYLGXPEUDOHV7UDEDMR)RU]RVR\
)RUPDV$QiORJDVDSUREDGDSRUOD5HVROXFLyQ%LPLQLVWHULDO
GHGHQRYLHPEUH

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

3UHFHGHQWHIXQGDQWH6&3

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,$KRUDELHQUHVSHFWRDODUW,,GHOD&3(FRQWLHQHXQPDQGDWRH[SUHVRQR
H[FOX\HQWHSDUDTXHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDODSHOHHQSULPHUDLQVWDQFLD
D OD YROXQWDG FRQVWLWX\HQWH DO WH[WR OLWHUDO \ SRVWHULRUPHQWH D RWURV PpWRGRV
LQWHUSUHWDWLYRV SXHVWR TXH VL ELHQ HO &RQVWLWX\HQWH KD GHWHUPLQDGR GRV PpWRGRV
H[SUHVRVGHLQWHUSUHWDFLyQHQGLFKDQRUPDFRQVWLWXFLRQDOQRKDGHWHUPLQDGRSURKLELFLyQ
DOJXQDDODXWLOL]DFLyQGHRWURVPpWRGRV

$Vt HO &RQVWLWX\HQWH HQ HO DUWtFXOR PHQFLRQDGR GHWHUPLQy TXH HO LQWpUSUHWH
FRQVWLWXFLRQDOEXVTXH HQSULPHUD LQVWDQFLD
OD YROXQWDG GHO &RQVWLWX\HQWH
 DILUPDFLyQ

W


dW^:d


TXHHQLQLFLRSDUHFHFRQFOXLUTXHHO&RQVWLWX\HQWHEXVFDODLQWHUSUHWDFLyQRULJLQDOLVWD
SHURDODYH]WDPELpQHVYHUGDGTXHHVDYROXQWDGGHEHHQPDUFDUVHHQXQDYDORUDFLyQ
ILQDOLVWDGHODSURSLD&RQVWLWXFLyQQRRWUDFRQVHFXHQFLDSXHGHWHQHUODLQFOXVLyQHQHO
WH[WRFRQVWLWXFLRQDOGHQRUPDVHVSHFtILFDVTXHSURFODPDQORVILQHVSULQFLSLRV\YDORUHV
DUWV\VVGHOD&3( 

3DUD OOHJDU D XQD ODERU KHUPHQpXWLFD FRLQFLGHQWH FRQ OD HVHQFLD \ HVStULWX GH OD
&RQVWLWXFLyQ QR UHVXOWD XQD IyUPXOD ~QLFDPHQWH DGHFXDGD OD HOHFFLyQ DLVODGD GH XQ
PpWRGR GH LQWHUSUHWDFLyQ FRQVWLWXFLRQDO HO HMHUFLFLR KHUPHQpXWLFR HQ OD SUiFWLFD
LQYROXFUDXQDODERUDUJXPHQWDWLYDPXFKRPiVHFOpFWLFDHQODFXDOH[LVWHXQGLiORJRH
LQWHUDFFLyQ GH ORV GLVWLQWRV PpWRGRV GH LQWHUSUHWDFLyQ FRQVWLWXFLRQDO SXHV SDUD
UHDOPHQWHGHVHQWUDxDUODYROXQWDGDKRUDGHOD&RQVWLWXFLyQHVLPSUHVFLQGLEOHKDFHUORHQ
XQDGLPHQVLyQOLQJtVWLFDFRPRUHFXUVRFRJQLWLYRHQFRQRFLPLHQWRGHODLQWHJUDOLGDG
GHOD&RQVWLWXFLyQ DGHPiVGHOEORTXHGHFRQVWLWXFLRQDOLGDG HVGHFLUHQDWHQFLyQDO
PHFDQLVPRGHODFRQFRUGDQFLDSUiFWLFDSDUDSRGHUOOHJDUDODYHUGDGHUDILQDOLGDGGHOD
LQWHUSUHWDFLyQFXDOHVODYLJHQFLDGHORVILQHVSULQFLSLRV\YDORUHVTXHVHHQFXHQWUDQHQ
HOEORTXHGHFRQVWLWXFLRQDOLGDG DUW,,GHOD&3( 




 &ULWHULRV HVSHFtILFRV GH LQWHUSUHWDFLyQ GH ORV GHUHFKRV


KXPDQRV ,QWHUSUHWDFLyQ FRQIRUPH D ORV WUDWDGRV VREUH GHUHFKRV
KXPDQRV
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   'H DFXHUGR D ODV QRUPDV GHO EORTXH GH
FRQVWLWXFLRQDOLGDG OD MXULVSUXGHQFLD GH OD &RUWH LQWHUDPHULFDQD GH
'HUHFKRV +XPDQRV \ HO SULQFLSLR GH UHFRQVWLWXFLyQ WHUULWRULDO
SRVWXODGRSRUHOPRGHORFRQVWLWXFLRQDOYLJHQWHHOGHUHFKRDOKiELWDW
GH ODV 1DFLRQHV \ 3XHEORV ,QGtJHQDV HV LQWHUGHSHQGLHQWH D ORV
GHUHFKRVFROHFWLYRVDODWHUULWRULDOLGDGXVR\DSURYHFKDPLHQWRGHORV
UHFXUVRV QDWXUDOHV HQ VX WHUULWRULR FRPSUHQGLHQGR HVWH GHUHFKR HO
HVSDFLRDQFHVWUDOGRQGHGHVDUUROODQVXVHVSHFtILFDVIRUPDVGHYLGDVX
RUJDQL]DFLyQ VRFLDO \ SROtWLFD VXV LQVWLWXFLRQHV SURSLDV VX FXOWXUD
HVSLULWXDOLGDG\VXFXOWXUDHQFRQH[LyQFRQHO
PXOWLYHUVR
EDMRIRUPDV
GLYHUVDVGHH[SUHVLyQTXHGHEHQVHUUHVSHWDGDV\SUHVHUYDGDVSDUDOD
SHUYLYHQFLD\FRQWLQXLGDGGHHVWRVSXHEORV

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

W


dW^:d

(QHVWDDFFLyQSRSXODUODFRPXQLGDGLQGtJHQD
7DNDQD(O7XUL0DQXSDUH
,,
DWUDYpVGHO3UHVLGHQWHGHOD&HQWUDO,QGtJHQDGH3XHEORV2ULJLQDULRV
GH OD $PD]RQtD GH 3DQGR &,32$3 GHQXQFLy OD YXOQHUDFLyQ GH ORV
GHUHFKRVFROHFWLYRVDOKiELWDWDOGRPLFLOLR\DOGHELGRSURFHVRSRUTXH
HOSDUWLFXODUGHPDQGDGRLUUXPSLyYLROHQWDPHQWHHQODVWLHUUDVILVFDOHV
TXH KDELWDQ TXHPy FDWRUFH FDVDV UHFLpQ FRQVWUXLGDV HMHUFLHQGR HQ
FRQWUDGHOSXHEORYLROHQFLDItVLFD\SVLFROyJLFDSRUORTXHVHVROLFLWyVH
FRQFHGD ODWXWHOD \ VH GLVSRQJD HO FHVH GH FXDOTXLHUDFWR GH DJUHVLyQ
ItVLFD \ SVLFROyJLFD FRQWUD OD FRPXQLGDG DFFLRQDQWH VH UHPLWDQ
DQWHFHGHQWHV DO 0LQLVWHULR 3~EOLFR \ VH SURFHGD DO SDJR GH GDxRV \
SHUMXLFLRV (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO FRQILUPy OD
UHVROXFLyQ GHO 7ULEXQDO GH *DUDQWtDV \ FRQFHGLy OD WXWHOD SHWLFLRQDGD
UDWLILFDQGR OR GLVSXHVWR HQ OD UHVROXFLyQ REMHWR GH UHYLVLyQ $GHPiV
GLVSXVRL 4XHODFRPXQLGDGLQGtJHQDDFFLRQDQWHUHWRUQHDVXWHUULWRULR
DQFHVWUDO FDWDORJDGR FRPR
WLHUUD ILVFDO QR GLVSRQLEOH
 LL  H[KRUWy DO
,15$ GH 3DQGR \ D OD $%7 D GHILQLU OD VLWXDFLyQ GHO WHUULWRULR HQ
FRQIOLFWR D SDUWLU GH OD LQWHUSUHWDFLyQ UHDOL]DGD HQ HO )- ,,, LLL 
([KRUWy DO ,15$ GH 3DQGR $%7 \ -XH] $JURDPELHQWDO GHO
'HSDUWDPHQWR GH 3DQGR D DSOLFDU ORV FULWHULRV GH LQWHUSUHWDFLyQ
GHVDUUROODGRVHQODVHQWHQFLDLY RUGHQyODGLIXVLyQGHODVHQWHQFLDDOD
$%7,15$\DODMXULVGLFFLyQDJURDPELHQWDODVtFRPRDORVGLIHUHQWHV
7ULEXQDOHV 'HSDUWDPHQWDOHV GH -XVWLFLD \ D ODV RUJDQL]DFLRQHV GH ORV
SXHEORVLQGtJHQDVY 'LVSXVRTXHOD&,32$3LQIRUPHDHVWH7ULEXQDO
DWUDYpVGHODXQLGDGGH&RRUGLQDFLyQ'HSDUWDPHQWDOHQHOSOD]RGHXQ
PHV VREUH HO UHWRUQR SDFtILFR DO WHUULWRULR LQGtJHQD /D FRQFHVLyQ GH
WXWHODVHEDVDHQORVLJXLHQWHYL 'LVSXVRTXHHO7ULEXQDOGH*DUDQWtDV
HIHFW~H HO VHJXLPLHQWR FRUUHVSRQGLHQWH DO FXPSOLPLHQWR GH HVWD
VHQWHQFLDH[LJLHQGRORVLQIRUPHVSHUWLQHQWHVDOD$%7H,15$VREUHHO
WHUFHUSXQWRGLVSXHVWRHQHVWHIDOOR\YLL 'LVSXVRTXHOD8QLGDGGH
&RRUGLQDFLyQ'HSDUWDPHQWDOGH3DQGRVXSHUYLVHHOFXPSOLPLHQWRGHOD
VHQWHQFLD /DV UD]RQHV GH OD GHFLVLyQ IXHURQ ODV VLJXLHQWHV   (O
GHPDQGDGR DO QR VHU WLWXODU GH XQD FRQFHVLyQ IRUHVWDO \ DO GHVDORMDU
PHGLDQWHYtDVGHKHFKRDODFRPXQLGDG
7DNDQD(O7XUL0DQXSDUH,,
GH
VXWHUULWRULRDQFHVWUDO\HQUHODFLyQDOFXDOHMHUFHVXVGHUHFKRVGHXVR\
DSURYHFKDPLHQWRGHORVUHFXUVRVQDWXUDOHVYXOQHUyVXGHUHFKRFROHFWLYR
DO KiELWDW LPSLGLHQGR SRU WDQWR TXH GLFKR SXHEOR HQ HO PDUFR GH OD
UHFRQVWLWXFLyQ WHUULWRULDO GHVDUUROOH VXV HVSHFtILFDV IRUPDV GH YLGD VX
RUJDQL]DFLyQVRFLDO\SROtWLFDVXFXOWXUD\VXHVSLULWXDOLGDG\DSURYHFKH
VXV UHFXUVRV QDWXUDOHV \   HO SDUWLFXODU GHPDQGDGR DO GHVDORMDU
YLROHQWDPHQWH D OD FRPXQLGDG
7DNDQD (O 7XUL 0DQXSDUH ,,
 GH VX
WHUULWRULR DQFHVWUDO \ HQ UHODFLyQ DO FXDO HMHUFH VXV GHUHFKRV GH XVR \
DSURYHFKDPLHQWRGHORVUHFXUVRVQDWXUDOHVYXOQHUyVXGHUHFKRFROHFWLYR
DO GHELGR SURFHVR HQ VX HOHPHQWR D OD GHIHQVD \D TXH QR SXGR
GHIHQGHUVH GH PDQHUD DGHFXDGD \ D WUDYpV GH VXV UHSUHVHQWDQWHV GH
DFXHUGRDVXVIRUPDVGHRUJDQL]DFLyQ

W


dW^:d


([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,


'HDFXHUGRDODVFRQFOXVLRQHVDODVTXHVHDUULEDURQHQORVSXQWRVSUHFHGHQWHVVHWLHQH
TXHHOGHPDQGDGRGHPDQHUDLOHJDODPSDUDGRHQVXSXHVWRVGHUHFKRVH[SHFWDWLFLRV\
XQD FRQFHVLyQ IRUHVWDO TXH IXH GHVLVWLGD GHVDORMy D OD FRPXQLGDG
7DNDQD (O 7XUL
0DQXSDUH,,
GHOWHUULWRULRHQHOTXHVHHQFRQWUDEDDVHQWDGDTXHFRPRVHWLHQHVHxDODGR
WLHQHFDUiFWHUDQFHVWUDO\VREUHHOFXDOHOSXHEORLQGtJHQD7DNDQDHMHUFHVXVGHUHFKRVGH
XVR\DSURYHFKDPLHQWRGHORVUHFXUVRVQDWXUDOHV

(QHVHiPELWRGHEHTXHGDUFODUDPHQWHHVWDEOHFLGRTXHHODVHQWDPLHQWRGHODFRPXQLGDG

7DNDQD 0DQXSDUH ,,
 GHVGH XQD LQWHUSUHWDFLyQ SOXUDO GHO WHUULWRULR FRQVLGHUDQGR OD
FRVPRYLVLyQ GHO SXHEOR LQGtJHQD 7DNDQD EDMR QLQJXQD FLUFXQVWDQFLD SXHGH VHU
FRQVLGHUDGR LOHJDO SXHV FRUUHVSRQGH D VX WHUULWRULR DQFHVWUDO \ HV FRKHUHQWH FRQ ORV
SURFHVR GH UHFRQVWLWXFLyQ GH VXV WHUULWRULRV DQFHVWUDOHV HO FXDO FRQIRUPH VH KD
H[SOLFDGRHVFRQFHELGRLQWHJUDOPHQWHFRPRHOHVSDFLRGHSURGXFFLyQ\UHSURGXFFLyQ
GH YLGD HQ HO TXH YLYLHURQ \ PXULHURQ VXV DEXHORV GRQGH HQFXHQWUDQ ORV UHFXUVRV
QHFHVDULRVSDUDODYLGD\GHVDUUROODQVXVLQVWLWXFLRQHVVRFLDOHVSROtWLFDV\HFRQyPLFDV
(OWHUULWRULRDVtFRQFHELGRLQWHJUDDORVHOHPHQWRVItVLFRV\HVSLULWXDOHVDODFRPXQLGDG
KXPDQD \ OD QDWXUDOH]D HQ XQD UHODFLyQ TXH EXVFD HO HTXLOLEULR VLHQGR ORV UHFXUVRV
QDWXUDOHVDSURYHFKDGRVSDUDODVREUHYLYHQFLDGHODFRPXQLGDG\HQHVSHFLDOODFDVWDxD
UHFROHFWDGDOHVSHUPLWHFXEULUODVQHFHVLGDGHVGHODIDPLOLDTXHHVDVXYH]SDUWHGHVX
YLYDGLJQDQHFHVDULDPHQWHYLQFXODGDDVXWHUULWRULR

(QWRQFHVHOGHPDQGDGRDOGHVDORMDUDODFRPXQLGDG
7DNDQD0DQXSDUH,,
HMHUFLHQGR
DGHPiV YLROHQFLD VREUHORV PLHPEURV GH GLFKD FRPXQLGDG HIHFWLYDPHQWH OHVLRQy VX
WHUULWRULRDQFHVWUDOHLPSLGLyTXHORVPLHPEURVGHODFRPXQLGDGFRQWLQXDUDQXVDQGR\
DSURYHFKDQGRORVUHFXUVRVQDWXUDOHVSURYHQLHQWHVGHOPLVPR

(Q HVH PDUFR \ WRGD YH] TXH DGHPiV GH ODV YtDV GH KHFKR GHO GHPDQGDGR H[LVWHQ
UHVROXFLRQHV TXH HPDQDURQ GHO -XH] $JURDPELHQWDO GHO GHSDUWDPHQWR GH 3DQGR HV
SUHFLVRDQDOL]DUVXDFWXDFLyQTXHSRUXQDSDUWHKRPRORJyHODFXHUGRGHQWURGHOSURFHVR
LQWHUGLFWRVHJXLGRSRUHODFWXDOGHPDQGDGRQHJDQGRODSDUWLFLSDFLyQGHOD&,32$3\
SRURWUDHPLWLyHOPDQGDPLHQWRGHODQ]DPLHQWRFRQWUDORVPLHPEURVGHODFRPXQLGDG

7DNDQD (O 7XUL 0DQXSDUH ,,


 SXHV VL ELHQ GLFKD DXWRULGDG MXGLFLDO QR KD VLGR
GHPDQGDGD HV LPSUHVFLQGLEOH KDFHU PHQFLyQ D VX DFWXDFLyQ FRQ OD ILQDOLGDG GH
GHVYLUWXDUXQDSUHWHQGLGDHMHFXFLyQGHXQDRUGHQMXGLFLDOGHODQ]DPLHQWR

$Vt FRQ UHODFLyQ DO DFXHUGR VXVFULWR HV HYLGHQWH TXH OD FLWDGD DXWRULGDG MXGLFLDO QR
FRQVLGHUy ORV GHUHFKRV GH ORV SXHEORV LQGtJHQDV DO KiELWDW DO WHUULWRULR \ DO XVR \
DSURYHFKDPLHQWRGHORVUHFXUVRVQDWXUDOHV\WDPSRFRWRPyHQFXHQWDODFRVPRYLVLyQ
GHOSXHEOR7DNDQDUHVSHFWRDVXWHUULWRULRDOKRPRORJDUXQGRFXPHQWRFRQWUDULRDVXV
GHUHFKRV\RUGHQDUHOGHVDORMRGHVXWHUULWRULRDQFHVWUDO

(IHFWLYDPHQWH D WUDYpV GHO DFXHUGR HO -XH] GH OD FDXVD DFWXy VLQ SUHFDXWHODU ORV
GHUHFKRVGHOSXHEORLQGtJHQD7DNDQDKRPRORJDQGRXQDUHQXQFLDDVXGHUHFKRDQFHVWUDO
DOWHUULWRULR\DORVUHFXUVRVQDWXUDOHVTXHOHVFRUUHVSRQGtDQHVWDEOHFLHQGRSOD]RVSDUD
HO GHVDORMR GHO WHUULWRULR EDMR DPHQD]DV GH XVDU OD IXHU]D S~EOLFD VREUH OD EDVH VH
UHLWHUDGHGHUHFKRVH[SHFWDWLFLRV\XQDFRQFHVLyQIRUHVWDOLQH[LVWHQWH$GHPiVHQHO
DFXHUGRVHLPSRQHQFRQGLFLRQHVDODDFWLYLGDGGHUHFROHFFLyQGHODFDVWDxDUHDOL]DGDSRU
HO SXHEOR 7DNDQD HVWDEOHFLHQGR XQ SUHFLR ~QLFR \ OD H[FOXVLYLGDG GH OD YHQWD GH OR
UHFROHFWDGRORTXHHYLGHQWHPHQWHUHVXOWDDWRGDVOXFHVGHVSURSRUFLRQDGR\OHVLYRDVXV
GHUHFKR DO XVR \ DSURYHFKDPLHQWR GH ORV UHFXUVRV QDWXUDOHV \ VX GHUHFKR D OD OLEUH
GHWHUPLQDFLyQ

W


dW^:d

(ODFXHUGRDQWHVDQRWDGRIXHFXHVWLRQDGRSRUODVDXWRULGDGHVLQGtJHQDVGHOD&,32$3
GHELGRDTXHHOODVQRWXYLHURQSDUWLFLSDURQVLQHPEDUJRODDXWRULGDGMXGLFLDOFRQXQ
FULWHULRIRUPDOLVWD\GHVFRQRFLHQGRODRUJDQL]DFLyQGHOSXHEORLQGtJHQD7DNDQD\VXV
QLYHOHVGHUHSUHVHQWDFLyQQHJyGLFKDSDUWLFLSDFLyQVHxDODQGRTXHOD&,32$3QRHUD
SDUWH HQ HO SURFHVR \ TXH HO DFXHUGR WHQtD FDOLGDG GH DXWRULGDG GH FRVD MX]JDGD QR
REVWDQWHODVYLRODFLRQHVDORVGHUHFKRVGHORVSXHEORVLQGtJHQDVDJUDYDQGRODVPLVPDV
DO GLVSRQHU FRPR VH WLHQH VHxDODGR HO GHVDORMR GH OD FRPXQLGDG
7DNDQD (O 7XUL
0DQXSDUH,,
GHVDORMRTXHVHHMHFXWyDGHPiVFRQYLROHQFLDKDFLDORVPLHPEURVGHOD
GLFKDFRPXQLGDG\TXHGHULYyFRPRVHxDODQORVWHVWLPRQLRVHQODGLVSHUVLyQGHODV
IDPLOLDVTXHQRFXHQWDQFRQXQKiELWDW\GRQGHYLYLUDIHFWDQGRDGHPiVRWURVGHUHFKRV
FROHFWLYRVHLQGLYLGXDOHVGHODFRPXQLGDG\VXVPLHPEURVFRPRHOGHUHFKRDODGLJQLGDG
\DODYLYLHQGD

(QGHILQLWLYDVHFRQFOX\HTXHODVDFFLRQHVUHDOL]DGDVSRUHOGHPDQGDGRTXHFRPRVHKD
FRQFOXLGR FRQVWLWX\HQ YtDV GH KHFKR WDPSRFR HQFXHQWUDQ DPSDUR HQ HO ODQ]DPLHQWR
GLVSXHVWRSRUHO-XH]$JURDPELHQWDOGHOGHSDUWDPHQWRGH3DQGRSXHVGLFKDGHFLVLyQ
FRQIRUPHVHKDDQDOL]DGRHVDEVROXWDPHQWHOHVLYDDORVGHUHFKRVGHOSXHEORLQGtJHQD
7DNDQD\SRUHQGHQRSXHGHVHUHOVXVWHQWRQLODOHJLWLPDFLyQGHDFFLRQHVTXHDGHPiV
GHFRQWLQXDUFRQODYXOQHUDFLyQGHGHUHFKRVODVDJUDYDDOHMHUFHUYLROHQFLDVREUHORV
PLHPEURVGHODFRPXQLGDGLQGtJHQDFRQIRUPHVHFRQVWDWDGHORVLQIRUPHVSUHVHQWDGRV
D HVWH 7ULEXQDO GRQGH VH LQIRUPD FRPR VH KD H[SOLFDGR TXH VH TXHPDURQ FDWRUFH
YLYLHQGDVLQIRUPDFLyQTXHDGHPiVVHFRQILUPDFRQODVIRWRJUDItDVTXHVHDGMXQWDQDO
H[SHGLHQWH\TXHGHPXHVWUDQORVDFWRVLOHJDOHVFRPHWLGRVSRUHOGHPDQGDGR

(QFRQFOXVLyQVHUHLWHUDTXHHODVHQWDPLHQWRGHODFRPXQLGDG7DNDQDGHVGHQLQJXQD
SHUVSHFWLYDSXHGHVHUFRQVLGHUDGRLOHJDOSXHVHOORLPSOLFDUtDGHVFRQRFHUHOSURFHVRGH
UHFRQVWLWXFLyQGHVXWHUULWRULRDQFHVWUDO\GHODSURYHFKDPLHQWRGHORVUHFXUVRVQDWXUDOHV
\ HQ HVH iPELWR HV HYLGHQWH TXH OD FRPXQLGDG WLHQH GHUHFKR D FRQWLQXDU FRQ VXV
DFWLYLGDGHVGHUHFROHFFLyQGHFDVWDxD



6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGHODDFFLyQSRSXODUSRUTXHHOGHPDQGDGRDOQRVHUWLWXODUGHXQD
FRQFHVLyQIRUHVWDO\DOGHVDORMDUPHGLDQWHYtDVGHKHFKRDODFRPXQLGDG

7DNDQD(O7XUL0DQXSDUH,,
GHVXWHUULWRULRDQFHVWUDO\HQUHODFLyQDO
FXDO HMHUFH VXV GHUHFKRV GH XVR \ DSURYHFKDPLHQWR GH ORV UHFXUVRV
QDWXUDOHVYXOQHUyVXGHUHFKRFROHFWLYRDOKiELWDWLPSLGLHQGRSRUWDQWR
TXHGLFKRSXHEORHQHOPDUFRGHODUHFRQVWLWXFLyQWHUULWRULDOGHVDUUROOH
VXV HVSHFtILFDV IRUPDV GH YLGD VX RUJDQL]DFLyQ VRFLDO \ SROtWLFD VX
FXOWXUD\VXHVSLULWXDOLGDG\DSURYHFKHVXVUHFXUVRVQDWXUDOHV

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,
(OGHUHFKRDOKiELWDW\ORVUHFXUVRVQDWXUDOHV

,,,(OGHUHFKRDOKiELWDWGHVGHODPLUDGDLQGtJHQD

(ODUW,GHOD&3(VHxDODTXHWRGDSHUVRQDWLHQHGHUHFKRDXQKiELWDW\YLYLHQGD
DGHFXDGDTXHGLJQLILTXHQODYLGDIDPLOLDU\FRPXQLWDULD(OKiELWDWKDFHUHIHUHQFLDDO
FRQMXQWR GH FRQGLFLRQHV DPELHQWDOHV \ PDWHULDOHV TXH SHUPLWHQ OD VDWLVIDFFLyQ GH
QHFHVLGDGHVYLWDOHV\ODVXSHUYLYHQFLDGHXQDHVSHFLH7UDWiQGRVHGHORVVHUHVKXPDQRV

W


dW^:d


ODGHILQLFLyQGHKiELWDWWLHQHTXHFRQVLGHUDUDGHPiVIDFWRUHVHFRQyPLFRVVRFLDOHV\
FXOWXUDOHVTXHIDFLOLWHQROLPLWHQHODFFHVRDORVELHQHV\VHUYLFLRVTXHXQDVRFLHGDG

$KRUDELHQHVWHGHUHFKRDOKiELWDWVHHQFXHQWUDHVWUHFKDPHQWHYLQFXODGRFRQHODUW
GH OD &3( TXH VH UHILHUH DO GHUHFKR GH ODV QDFLRQHV \ SXHEORV LQGtJHQD RULJLQDULR
FDPSHVLQRVDODOLEUHGHWHUPLQDFLyQ\WHUULWRULDOLGDGFRPSOHPHQWDGRSRUHOQXPHUDO
GHOPLVPRDUWtFXORTXHKDFHUHIHUHQFLDDOGHUHFKRDODWLWXODFLyQFROHFWLYDGHWLHUUDV\
WHUULWRULRVILQDOPHQWHHOQXPHUDOGHODUWGHOD&3(KDFHUHIHUHQFLDDOGHUHFKRGH
ODVQDFLRQHV\SXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRVD
YLYLUHQXQDPELHQWHVDQRFRQ
PDQHMR\DSURYHFKDPLHQWRDGHFXDGRGHORVHFRVLVWHPDV


'H GLFKDV GLVSRVLFLRQHV VH LQILHUH HO GHUHFKR GH ODV QDFLRQHV \ SXHEORV LQGtJHQD
RULJLQDULRFDPSHVLQRVDVXKiELWDWTXHHVFRQFHELGRQRVyORHQHOiPELWROLPLWDGRGHOD
WLHUUD VLQR WDPELpQ GHO WHUULWRULR HQWHQGLGR FRPR HO HVSDFLR DQFHVWUDO GRQGH VH
GHVDUUROODODFXOWXUDHVSLULWXDOLGDGKLVWRULD\IRUPDGHRUJDQL]DFLyQVRFLDO\SROtWLFDORV
SXHEORVLQGtJHQDVGRQGHHMHUFHQHOFRQWUROVREUHORVUHFXUVRVQDWXUDOHV\VHGHVSOLHJDQ
WRGDVVXVLQVWLWXFLRQHV

(VTXHOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRVHxDODODHVSHFLDOUHODFLyQGHODVQDFLRQHV\
SXHEORV LQGtJHQD RULJLQDULR FDPSHVLQRV FRQ OD WLHUUD \ HO WHUULWRULR DILUPDFLyQ TXH
DGHPiV\DVHHQFRQWUDEDHQHO&RQYHQLRGHOD2,7DOVHxDODUHQHODUWTXH
ORV
JRELHUQRV GHEHUiQ UHVSHWDU OD LPSRUWDQFLD HVSHFLDO TXH SDUD ODV FXOWXUDV \ YDORUHV
HVSLULWXDOHVGHORVSXHEORVLQWHUHVDGRVUHYLVWHVXUHODFLyQFRQODVWLHUUDVRWHUULWRULRVR
FRQDPERVVHJ~QORVFDVRVTXHRFXSDQRXWLOL]DQGHDOJXQDRWUDPDQHUD\HQSDUWLFXODU
ORVDVSHFWRVFROHFWLYRVGHHVDUHODFLyQ


(QHVHVHQWLGRHOPLVPRDUWtFXORGHO&RQYHQLRHQVXQXPHUDOGHPDQHUDH[SUHVD
VRVWLHQHTXHODXWLOL]DFLyQGHOWpUPLQRWLHUUDVGHEHLQFOXLUHOFRQFHSWRGHWHUULWRULRV
OR
TXHFXEUHODWRWDOLGDGGHOKiELWDWGHODVUHJLRQHVTXHORVSXHEORVLQWHUHVDGRVRFXSDQR
XWLOL]DQGHDOJXQDRWUDPDQHUD
 ODVQHJULOODVVRQDJUHJDGDV 

'DGDODLPSRUWDQFLDGHHVWDUHODFLyQ\GHODDQFHVWUDOLGDGGHOWHUULWRULRGHORVSXHEORV
LQGtJHQDVHODUWGHOFLWDGR&RQYHQLRVHxDODTXHORV(VWDGRVGHEHQUHFRQRFHU
D
ORV SXHEORV LQWHUHVDGRV HO GHUHFKR GH SURSLHGDG \ GH SRVHVLyQ VREUH ODV WLHUUDV TXH
WUDGLFLRQDOPHQWHRFXSDQ$GHPiVHQORVFDVRVDSURSLDGRVGHEHUiQWRPDUVHPHGLGDV
SDUDVDOYDJXDUGDUHOGHUHFKRGHORVSXHEORVLQWHUHVDGRVDXWLOL]DUWLHUUDVTXHQRHVWpQ
H[FOXVLYDPHQWHRFXSDGDVSRUHOORVSHURDODVTXHKD\DQWHQLGRWUDGLFLRQDOPHQWHDFFHVR
SDUDVXVDFWLYLGDGHVWUDGLFLRQDOHV\GHVXEVLVWHQFLD$HVWHUHVSHFWRGHEHUiSUHVWDUVH
SDUWLFXODUDWHQFLyQDODVLWXDFLyQGHORVSXHEORVQyPDGDV\GHORVDJULFXOWRUHVLWLQHUDQWHV

HOUHVDOWDGRIXHDxDGLGR 

(QHVHVHQWLGRHODUWGHO&RQYHQLRGHOD2,7HVWDEOHFHTXH
/RVJRELHUQRV
GHEHUiQ WRPDU ODV PHGLGDV TXH VHDQ QHFHVDULDV SDUD GHWHUPLQDU ODV WLHUUDV TXH ORV
SXHEORVLQWHUHVDGRVRFXSDQWUDGLFLRQDOPHQWH\JDUDQWL]DUODSURWHFFLyQHIHFWLYDGHVXV
GHUHFKRV GH SURSLHGDG \ SRVHVLyQ
 \ HO SDUiJUDIR  TXH
'HEHUiQ LQVWLWXLUVH
SURFHGLPLHQWRVDGHFXDGRVHQHOPDUFRGHOVLVWHPDMXUtGLFRQDFLRQDOSDUDVROXFLRQDUODV
UHLYLQGLFDFLRQHV GH WLHUUDV IRUPXODGDV SRU ORV SXHEORV LQWHUHVDGRV
 HO UHPDUFDGR HV
DJUHJDGR 

$KRUD ELHQ FRQIRUPH VH KD YLVWR HO WpUPLQR WHUULWRULR FRPSUHQGH D ORV UHFXUVRV
QDWXUDOHVH[LVWHQWHVHQpOSRUHOORHODUWGHO&RQYHQLRGHOD2,7HVWDEOHFHTXH
ORV GHUHFKRV GH ORV SXHEORV LQWHUHVDGRV D ORV UHFXUVRV QDWXUDOHV H[LVWHQWHV HQ VXV
WHUULWRULRV
GHEHUiQSURWHJHUVHHVSHFLDOPHQWH(VWRVGHUHFKRVFRPSUHQGHQHOGHUHFKRGH
HVRV SXHEORV D SDUWLFLSDU HQ OD XWLOL]DFLyQ DGPLQLVWUDFLyQ \ FRQVHUYDFLyQ GH GLFKRV
UHFXUVR



W


dW^:d
(VWDV QRUPDV IXHURQ FRQVLGHUDGDV SRU OD &RUWH ,QWHUDPHULFDQD HQ HO FDVR GH OD
FRPXQLGDG0D\DJQD 6XPR $ZDV7LQJQLFRQWUD1LFDUDJXD6HQWHQFLDGHGHDJRVWR
GH  \ SURQXQFLDGD HQ YLUWXG D TXH ORV LQWHJUDQWHV GH OD FRPXQLGDG 0D\DJQD
UHFODPDURQ OD WLWXODUL]DFLyQ GH VXV WLHUUDV WUDGLFLRQDOHV DO (VWDGR GH 1LFDUDJXD VLQ
REWHQHUUHVSXHVWDIDYRUDEOHVXUJLHQGRHOFRQIOLFWRDSDUWLUTXHHPSUHVDVWUDQVQDFLRQDOHV
LQJUHVDURQ D ODV WLHUUDV GH OD FRPXQLGDG SDUD OD H[SORWDFLyQ GH UHFXUVRV IRUHVWDOHV
PRWLYR SRU HO FXDO OD FRPXQLGDG KL]R VXV UHFODPRV HQ OD YtD MXGLFLDO VLQ UHVXOWDGRV
SRVLWLYRV

/D&RUWHFRQVLGHUyTXHODFRPXQLGDG$ZDV7LQJQLWLHQHGHUHFKRVFROHFWLYRVDVXVWLHUUDV
WUDGLFLRQDOHV UHFXUVRV \ PHGLR DPELHQWH \ TXH OD IDOWD GH UHFRQRFLPLHQWR JDUDQWtD
UHVSHWR H LPSOHPHQWDFLyQ HIHFWLYD GH HVH GHUHFKR HVWDED HQ FRQIOLFWR FRQ ODV
REOLJDFLRQHV HVWDWDOHV GHULYDGDV GH OD &RQYHQFLyQ $PHULFDQD VREUH  'HUHFKRV
+XPDQRV(QHVWD6HQWHQFLDOD&RUWHFRQFOX\yTXH
ORVPLHPEURVGHOD&RPXQLGDG
$ZDV7LQJQLWLHQHQGHUHFKRGHSURSLHGDGVREUHODVWLHUUDVTXHKDELWDQDFWXDOPHQWH
\
TXHHO(VWDGRGHEtDJDUDQWL]DUHOUHVSHWRSRUORVGHUHFKRVWHUULWRULDOHVTXHLQFOX\HOD
HPLVLyQ\HOUHJLVWURGHWtWXORVIRUPDOHV\ODGHPDUFDFLyQSDUDILMDU\KDFHUFRQRFHUORV
OtPLWHVGHOWHUULWRULR

3RU VX SDUWH OD PLVPD &RUWH HQ HO &DVR GHO 3XHEOR 6DUDPDND FRQWUD 6XULQDP
([FHSFLyQ3UHOLPLQDU)RQGR5HSDUDFLRQHV\&RVWDVVHQWHQFLDGHGHQRYLHPEUHGH
 HVWDEOHFLy TXH
/RV LQWHJUDQWHV GH ORV SXHEORV LQGtJHQDV \ WULEDOHV WLHQHQ HO
GHUHFKR GH VHU WLWXODUHV GH ORV UHFXUVRV QDWXUDOHV TXH KDQ XVDGR   \ RFXSDGR
WUDGLFLRQDOPHQWH GXUDQWH VLJORV   'H DOOt OD QHFHVLGDG GH SURWHJHU ODV WLHUUDV \ ORV
UHFXUVRVTXHKDQXVDGRWUDGLFLRQDOPHQWHSDUDSUHYHQLUVXH[WLQFLyQFRPRSXHEOR  HO
GHUHFKRDXVDU\JR]DUGHOWHUULWRULRFDUHFHUtDGHVHQWLGRHQHOFRQWH[WRGHORVPLHPEURV
GH ORV SXHEORV LQGtJHQDV \ WULEDOHV VL GLFKR GHUHFKR QR HVWXYLHUD FRQHFWDGR FRQ ORV
UHFXUVRVQDWXUDOHVTXHVHHQFXHQWUDQGHQWURGHOWHUULWRULR
 HOUHVDOWDGRHVQXHVWUR 

7DPELpQ GHEH PHQFLRQDUVH DO FDVR <DN\H $[D FRQWUD 3DUDJXD\ HQ HO TXH OD &RUWH
,QWHUDPHULFDQDGH'HUHFKRV+XPDQRVVRVWXYRTXHORVSXHEORVLQGtJHQDVTXHKXELHUHQ
SHUGLGRVXVWLHUUDVSRUFDXVDVDMHQDVDVXYROXQWDGQRKDQSHUGLGRFRPSOHWDPHQWHVXV
GHUHFKRVVREUHVXVWHUULWRULRVWUDGLFLRQDOHVPDQWHQLHQGRVXSUHWHQVLyQYiOLGDSXHV
/RV
(VWDGRV GHEHQ WHQHU HQ FXHQWD TXH ORV GHUHFKRV WHUULWRULDOHV LQGtJHQDV DEDUFDQ XQ
FRQFHSWR PiV DPSOLR \ GLIHUHQWH TXH HVWi UHODFLRQDGR FRQ HO GHUHFKR FROHFWLYR D OD
VXSHUYLYHQFLDFRPRSXHEORRUJDQL]DGRFRQHOFRQWUROGHVXKiELWDWFRPRXQDFRQGLFLyQ
QHFHVDULDSDUDODUHSURGXFFLyQGHVXFXOWXUDSDUDVXSURSLRGHVDUUROOR\SDUDOOHYDUD
FDERVXVSODQHVGHYLGD  $OGHVFRQRFHUVHHOGHUHFKRDQFHVWUDOGHORVPLHPEURVGHODV
FRPXQLGDGHV LQGtJHQDV VREUH VXV WHUULWRULRV VHSRGUtD HVWDU DIHFWDQGRRWURV GHUHFKRV
EiVLFRV FRPR HO GHUHFKR D OD LGHQWLGDG FXOWXUDO \ OD VXSHUYLYHQFLD PLVPD GH ODV
FRPXQLGDGHVLQGtJHQDV\VXVPLHPEURV


$Vt IUHQWH D XQ FRQIOLFWR HQWUH ORV GHUHFKRV GH ORV SXHEORV LQGtJHQDV \ OD SURSLHGDG
SULYDGD OD &RUWH VH LQFOLQD KDFLD HO UHFRQRFLPLHQWR GH SULRULGDG GHO GHUHFKR GH
SURSLHGDGFRPXQDOLQGtJHQDVLQSHUMXLFLRGHODLQGHPQL]DFLyQTXHSXHGDFRUUHVSRQGHU
DOSURSLHWDULRGHEXHQDIHDFODUDQGRVLQHPEDUJRTXH
(VWRQRVLJQLILFDTXHVLHPSUHTXH
HVWpQ HQ FRQIOLFWR ORV LQWHUHVHV WHUULWRULDOHV SDUWLFXODUHV R HVWDWDOHV \ ORV LQWHUHVHV
WHUULWRULDOHV GH ORV PLHPEURV GH ODV FRPXQLGDGHV LQGtJHQDV SUHYDOH]FDQ ORV ~OWLPRV
VREUHORVSULPHURV
SXHVORV(VWDGRSXHGHQYHUVHLPSRVLELOLWDGRVSRUUD]RQHVFRQFUHWDV
\MXVWLILFDGDVDGHYROYHUHOWHUULWRULRVXSXHVWRHQHOFXDOORVSXHEORVLQGtJHQDVWLHQHQ
GHUHFKRDOD
HOHFFLyQ\HQWUHJDGHWLHUUDVDOWHUQDWLYDHOSDJRGHXQDMXVWDLQGHPQL]DFLyQ
RDPERV
GHELHQGRORVSXHEORVSDUWLFLSDUHQODHOHFFLyQGHODVWLHUUDV


7DPELpQGHEHKDFHUVHPHQFLyQDOFDVR6DZKR\DPD[DFRQWUD3DUDJXD\HQHO
TXH OD &RUWH ,QWHUDPHULFDQD GH 'HUHFKRV +XPDQRV KL]R UHIHUHQFLD DO GHUHFKR D OD
UHLYLQGLFDFLyQGHORVSXHEORVLQGtJHQDVUHVSHFWRDVXVWHUULWRULRVDQFHVWUDOHVVHxDODQGR

W


dW^:d


TXH
ODEDVHHVSLULWXDO\PDWHULDOGHODLGHQWLGDGGHORVSXHEORVLQGtJHQDVVHVXVWHQWD
SULQFLSDOPHQWHHQVXUHODFLyQ~QLFDFRQVXVWLHUUDVWUDGLFLRQDOHV0LHQWUDVHVDUHODFLyQ
H[LVWDHOGHUHFKRDODUHLYLQGLFDFLyQSHUPDQHFHUiYLJHQWHFDVRFRQWUDULRVHH[WLQJXLUi

DFODUDQGRTXH
'LFKDUHODFLyQSXHGHH[SUHVDUVHGHGLVWLQWDVPDQHUDVVHJ~QHOSXHEOR
LQGtJHQDGHO TXH VH WUDWH \ ODV FLUFXQVWDQFLDV FRQFUHWDV HQ TXH VH HQFXHQWUH \ SXHGH
LQFOXLUHOXVRRSUHVHQFLDWUDGLFLRQDO\DVHDDWUDYpVGHOD]RVHVSLULWXDOHVRFHUHPRQLDOHV
DVHQWDPLHQWRVRFXOWLYRVHVSRUiGLFRVFD]DSHVFDRUHFROHFFLyQHVWDFLRQDORQyPDGD
XVR GH UHFXUVRV QDWXUDOHV OLJDGRV D VXV FRVWXPEUHV \ FXDOTXLHU RWUR HOHPHQWR
FDUDFWHUtVWLFRGHVXFXOWXUD
 ODVQHJULOODVIXHURQDxDGLGDV 

3RUVXSDUWHHODUWGHOD'HFODUDFLyQGHODV1DFLRQHV8QLGDVVREUHORV'HUHFKRVGH
ORV3XHEORV,QGtJHQDVGHPDQHUDH[SUHVDVHxDODTXH


 /RV SXHEORV LQGtJHQDV WLHQHQ GHUHFKR D ODV WLHUUDV WHUULWRULRV \ UHFXUVRV TXH
WUDGLFLRQDOPHQWHKDQSRVHtGRRFXSDGRRXWLOL]DGRRDGTXLULGR
 /RV SXHEORVLQGtJHQDV WLHQHQGHUHFKR D SRVHHU XWLOL]DU GHVDUUROODU \ FRQWURODU ODV
WLHUUDVWHUULWRULRV\UHFXUVRVTXHSRVHHQHQUD]yQGHODSURSLHGDGWUDGLFLRQDOXRWUDIRUPD
WUDGLFLRQDOGHRFXSDFLyQRXWLOL]DFLyQDVtFRPRDTXHOORVTXHKD\DQDGTXLULGRGHRWUD
IRUPD
 /RV (VWDGRV DVHJXUDUiQ HO UHFRQRFLPLHQWR \ SURWHFFLyQ MXUtGLFRV GH HVWDV WLHUUDV
WHUULWRULRV\UHFXUVRV'LFKRUHFRQRFLPLHQWRUHVSHWDUiGHELGDPHQWHODVFRVWXPEUHVODV
WUDGLFLRQHV\ORVVLVWHPDVGHWHQHQFLDGHODVWLHUUDVGHORVSXHEORVLQGtJHQDVGHTXHVH
WUDWH
 ODVQHJULOODVVRQDJUHJDGDV 

'HEH FRQVLGHUDUVH TXH ODV QDFLRQHV \ SXHEORV LQGtJHQD RULJLQDULR FDPSHVLQRV HQ OD
PD\RUtDGHORVFDVRVWRGDYtDKDELWDQHQVXWHUULWRULRRUHDOL]DQDFWLYLGDGHVHQpODXQTXH
QRWHQJDQXQDVHQWDPLHQWRSHUPDQHQWHHQHOWHUULWRULRTXHYLYLHURQVXVDQWHSDVDGRV\
DQFHVWURVVLHQGRSDUDHOORVODWLHUUDQRXQVLPSOHELHQRXQPHGLRGHSURGXFFLyQVLQR
SDUWHGHVXYLYHQFLDGHVXVHUGHVXH[LVWHQFLDFRQFHELGDFRPRXQDLQWHJUDOLGDGOD
FDVDHQODFXDOYLYLHURQVXVDQWHSDVDGRVHOWHUULWRULRTXHYLRHOFRPLHQ]RGHORVWLHPSRV
YLYLHQGRHQFRPXQLGDGFRQVXVKHUPDQRVSODQWDVDQLPDOHV\RWURVVHUHVDTXLHQHVVH
OHVOODPD
DFKDFKLODV

$ZLFKDV

:DTDV
HWF

(QWRQFHV HO KiELWDW GH ORV LQGtJHQDV FRPSUHQGH QR VyOR OD WLHUUD VLQR WDPELpQ HO
WHUULWRULRHVGHFLUDEDUFDHOHVSDFLRDQFHVWUDOGRQGHVHGHVDUUROODVXVHVSHFtILFDVIRUPDV
GHYLGDGRQGHVHGHVDUUROODVXFXOWXUDHVSLULWXDOLGDGVXRUJDQL]DFLyQVRFLDO\SROtWLFD
DVtFRPRVXVFRQRFLPLHQWRVHQUHODFLyQDORVUHFXUVRVQDWXUDOHV\VHGHVSOLHJDQWRGDV
VXVLQVWLWXFLRQHV

$VtWRGRHVHHVSDFLRJHRJUiILFRHVVXFDVDJUDQGHGRQGHWRGDVODVFRVDVSHUWHQHFHQD
WRGRV\DQDGLHHQSDUWLFXODUEDMRXQDFRPSUHQVLyQLQWHJUDOHQWRQFHVVXKiELWDWVRQVXV
UtRVFHUURVPRQWDxDVFDVFDGDVERVTXHVSODQWDViUEROHVHWFFDGDXQRHQVXHVSHFLH
HVWiQOOHQRVGHVLJQLILFDGRVSURIXQGRVVREUHODFRVPRYLVLyQGHHVWRVSXHEORVSDUDHOORV
HOKiELWDWHVHOVDQWXDULRSXHVDOOtHVWiVXPHGLFLQDVXVDOLPHQWRVORTXHGDYLGDORTXH
PDQWLHQH\DOLYLDHOHVStULWXHVHOSULQFLSLR\HOILQHVVXYLGDPLVPDHQFRQH[LyQFRQ
HO
PXOWLYHUVR
\D~QGHVSXpVGHODPXHUWHVXV
DMD\XV
HVWDUiQDOOtEDMRRWUDIRUPDGH
H[SUHVLyQSRUHOORGHEHQVHUSUHVHUYDGRV\UHVSHWDGRV

(OKiELWDWGHODVQDFLRQHV\SXHEORVLQGtJHQDVHVIXQGDPHQWDOSDUDVXSHUYLYHQFLD \
FRQWLQXLGDGSRUHOORHVTXHODVGLIHUHQWHVQRUPDVLQWHUQDFLRQDOHV\ODMXULVSUXGHQFLDGH
OD&RUWH,QWHUDPHULFDQDGH'HUHFKRV+XPDQRVUHFRQRFHQODLPSRUWDQFLDIXQGDPHQWDO
GHORVGHUHFKRVWHUULWRULDOHVLQGtJHQDV\ODQHFHVLGDGGHJDUDQWL]DUORV\HVWDEOHFHUORV
PHFDQLVPRVQHFHVDULRVSDUDVXPDWHULDOL]DFLyQSXHVGHQRKDFHUORVHDWHQWDFRQWUDOD
H[LVWHQFLDPLVPDGHHVWRVSXHEORV

/RV SXHEORV LQGtJHQDV WLHQHQ SUiFWLFDV \ FRQFHSFLRQHV SURSLDV GRQGH OD WLHUUD \ HO

W


dW^:d
WHUULWRULRVRQFRPSDUWLGRV\KHUHGDGRVGHJHQHUDFLyQHQJHQHUDFLyQFRQXQYDORUGHXVR
\QRGHFDPELRGLFKDVFRQFHSFLRQHVGHYLHQHQGHXQDFRQFHSFLyQTXHYDPiVDOOiGHO
VHQWLGR GH
SURSLHGDG
 R
DSURSLDFLyQ
 SRU FXDQWR OD FRVPRYLVLyQ GH ODV QDFLRQHV \
SXHEORVLQGtJHQDVHVWiYLQFXODGDDODQDWXUDOH]DTXHQRHVREMHWRGHDSURSLDFLyQVLQR
WDPELpQVXMHWRGHGHUHFKRV(VODFDVDJUDQGHGRQGHFDGDQDFLyQSXHEOR\FRPXQLGDG
LQGtJHQD WLHQH HO GHUHFKR GH XVDU JR]DU GLVIUXWDU \ DGPLQLVWUDU XQ ELHQ PDWHULDO R
LQPDWHULDO FX\D WLWXODULGDG SHUWHQHFH D WRGRV \ FDGD XQR GH VXV PLHPEURV \ TXH HV
IXQGDPHQWDOFRPRVHWLHQHVHxDODGRSDUDODH[LVWHQFLDPLVPDGHOSXHEORLQGtJHQD

&RQIRUPHDODVQRUPDVDQWHVUHIHULGDV\DODMXULVSUXGHQFLDGHOD&RUWH,QWHUDPHULFDQD
GH 'HUHFKRV +XPDQRV HV HYLGHQWH TXH ORV SXHEORV LQGtJHQDV WLHQHQ GHUHFKR D OD
WLWXODFLyQGHODVWLHUUDV\WHUULWRULRVTXHWUDGLFLRQDOPHQWHKDQRFXSDGRGHUHFKRTXHVH
H[WLHQGH D ORV UHFXUVRV QDWXUDOHV TXH VH HQFXHQWUDQ HQ ORV PLVPRV 3DUD OD
PDWHULDOL]DFLyQGHHVWHGHUHFKRWDQWRHO&RQYHQLRGHOD2,7FRPROD'HFODUDFLyQ
GHODV1DFLRQHV8QLGDVHVWDEOHFHTXHORV(VWDGRVGHEHQDGRSWDUODVPHGLGDVQHFHVDULDV
SDUDGHWHUPLQDUODVWLHUUDVGHORVSXHEORVLQGtJHQDVJDUDQWL]DQGRVXSURWHFFLyQDGHPiV
GHLQVWLWXLUVHSURFHGLPLHQWRVDGHFXDGRVSDUDVROXFLRQDUODVUHLYLQGLFDFLRQHVGHWLHUUDV
IRUPXODGDVSRUORVSXHEORVLQGtJHQDV

$KRUDELHQFRQIRUPHVHKDYLVWRORVSURFHVRGHUHFRQVWLWXFLyQGHODVWLHUUDV\WHUULWRULRV
SXHGHVHUVROLFLWDGDSRUORVSXHEORVLQGtJHQDVGHELHQGRORV(VWDGRVWRPDUHQFXHQWDQ
ODQDWXUDOH]DGHORVGHUHFKRVWHUULWRULDOHVLQGtJHQDVTXHWLHQHQXQFRQFHSWRPiVDPSOLR
\ GLIHUHQWH \ TXH VH UHODFLRQDQ FRQ HO GHUHFKR FROHFWLYR GH UHFRQVWLWXFLyQ GH VXV
WHUULWRULRV FRPR XQD FRQGLFLyQ QHFHVDULD SDUD OD UHSURGXFFLyQ GH VX FXOWXUD GH VXV
LQVWLWXFLRQHV\SODQGHYLGD3RUHOORODPLVPD&RUWHVHLQFOLQySRUODSUHYDOHQFLDGH
ORV LQWHUHVHV WHUULWRULDOHV LQGtJHQDV SRU VREUH ORV SDUWLFXODUHV HVWDWDOHV DFODUDQGR
HPSHURTXHHOORQRVLJQLILFDTXHHQWRGRVORVFDVRVVHGHHVWDSUHYDOHQFLDSXHVSXHGHQ
H[LVWLUUD]RQHVFRQFUHWDV\MXVWLILFDGDVTXHLPSLGDQGHYROYHUHOWHUULWRULRVXSXHVWRHQHO
FXDO ORV SXHEORV LQGtJHQDV WLHQHQ GHUHFKR D HOHJLU \ D TXH VH OHV HQWUHJXHQ WLHUUDV
DOWHUQDWLYDVHOSDJRGHXQDMXVWDLQGHPQL]DFLyQRDPERV

,,,'HUHFKRDODSURYHFKDPLHQWRGHORVUHFXUVRVQDWXUDOHV

&RPRVHKDVHxDODGRHQHODQWHULRU)XQGDPHQWR-XUtGLFRHOGHUHFKRDODSURYHFKDPLHQWR
GH ORV UHFXUVRV QDWXUDOHV VH HQFXHQWUD GHQWUR GHO DOFDQFH GHO GHUHFKR D OD WLHUUD \ DO
WHUULWRULR\HVWiLQVHUWRHQHOGHUHFKRDOKiELWDWFRQFHELGRGHPDQHUDLQWHJUDOFRPRHO
HVSDFLR DQFHVWUDO GRQGH VH GHVDUUROOD OD YLGD VRFLDO HFRQyPLFD FXOWXUDO MXUtGLFD \
HVSLULWXDO GH OD FRPXQLGDG \ GRQGH SUHFLVDPHQWH VH DSURYHFKDQ \ VH XVDQ
VRVWHQLEOHPHQWHORVUHFXUVRVQDWXUDOHV\DVtORUHFRQRFHHODUWGHO&RQYHQLRGH
OD 2,7  TXH GHWHUPLQD FRPR \D VH KD VHxDODGR TXH ORV SXHEORV LQGtJHQDV WLHQHQ
GHUHFKR D SDUWLFLSDU HQ OD XWLOL]DFLyQ DGPLQLVWUDFLyQ \ FRQVHUYDFLyQ GH ORV UHFXUVRV
QDWXUDOHV(QLJXDOVHQWLGRHODUWGHOD'HFODUDFLyQGHODV1DFLRQHV8QLGDVVREUH
ORV'HUHFKRVGHORV3XHEORV,QGtJHQDVTXHHVWDEOHFHHOGHEHUGHORV(VWDGRVGHDVHJXUDU
HOUHFRQRFLPLHQWR\SURWHFFLyQQRVyORGHODVWLHUUDV\WHUULWRULRVVLQRWDPELpQGHORV
UHFXUVRVQDWXUDOHV

(Q QXHVWUD &RQVWLWXFLyQ WDPELpQ VH UHFRQRFH HO DSURYHFKDPLHQWR H[FOXVLYR GH ORV
UHFXUVRVQDWXUDOHVHQHODUWQRUPDTXHHVWDEOHFHFRPRGHUHFKRGHODVQDFLRQHV\
SXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRV
$ODJHVWLyQWHUULWRULDOLQGtJHQDDXWyQRPD\
DOXVR\DSURYHFKDPLHQWRH[FOXVLYRGHORVUHFXUVRVQDWXUDOHVUHQRYDEOHVH[LVWHQWHVHQ
VX WHUULWRULR VLQ SHUMXLFLR GH ORV GHUHFKRV OHJtWLPDPHQWH DGTXLULGRV SRU WHUFHURV
 ODV
QHJULOODVVRQQXHVWUDV 

(QHVHVHQWLGRGHEHVHxDODUVHTXHHODSURYHFKDPLHQWRGHORVUHFXUVRVQDWXUDOHVHQHO
WHUULWRULR LQGtJHQD SRU SDUWH GHO (VWDGR R SDUWLFXODUHV TXH KXELHUHQ DGTXLULGR
OHJtWLPDPHQWHHVHGHUHFKRGHQWURGHOWHUULWRULRLQGtJHQDVHGHEHGHVDUUROODUVLQOHVLRQDU

W


dW^:d


ODLQWHJULGDGFXOWXUDOVRFLDO\HFRQyPLFDGHORVPLVPRVSUHYLDLQIRUPDFLyQ\FRQVXOWD
GH ODV FRPXQLGDGHV QDFLRQHV \ SXHEORV LQGtJHQD RULJLQDULR FDPSHVLQRV TXLHQHV GH
FRQIRUPLGDG DO DUW  GH OD &3( WLHQHQ GHUHFKR SUHIHUHQWH  VREUH HO XVR \
DSURYHFKDPLHQWRGHORVUHFXUVRVQDWXUDOHVUHQRYDEOHVH[LVWHQWHVHQVXWHUULWRULR




 &ULWHULRV HVSHFtILFRV GH LQWHUSUHWDFLyQ GH ORV GHUHFKRV


KXPDQRV,QWHUSUHWDFLyQIDYRUDEOH
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3(OSOD]RGHFDGXFLGDGGHORVVHLVPHVHVGHODDFFLyQ
GH DPSDUR FRQVWLWXFLRQDO VH FRPSXWD DO GtD VLJXLHQWH GH OD
QRWLILFDFLyQFRQODUHVROXFLyQLPSXJQDGDFXDQGRGLFKDQRWLILFDFLyQ
IXH SUDFWLFDGD D ~OWLPD KRUD GHO GtD HQ YLUWXG D ORV SULQFLSLRV GH
SUHYDOHQFLDGHOGHUHFKRPDWHULDOVREUHODVIRUPDOLGDGHVLQGXELRSUR
KRPLQHIDYRUDELOLGDG\SURDFWLRQH

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO OD DFFLRQDQWH DOHJy TXH ODV
DXWRULGDGHVGHPDQGDGDVOHVLRQDURQVXVGHUHFKRVDOGHELGRSURFHVR\D
ODGHIHQVDGDGRTXHUHYRFDURQOD5HVROXFLyQGHODTXRHPLWLGDGHQWUR
GHXQLQFLGHQWHGHQXOLGDGSRUYXOQHUDFLyQGHGHUHFKRVIXQGDPHQWDOHV
\JDUDQWtDVFRQVWLWXFLRQDOHVEDMRHOIXQGDPHQWRTXHQRFRUUHVSRQGtDOD
DGPLVLyQGHOLQFLGHQWHDOHQFRQWUDUVHHMHFXWRULDGDODVHQWHQFLD\SRU
WDQWRFRQFDOLGDGGHFRVDMX]JDGDVLHQGROD~QLFDYtDLGyQHDSDUDVX
LPSXJQDFLyQHOUHFXUVRGHUHYLVLyQH[WUDRUGLQDULDGHVHQWHQFLDSRUOR
TXHVROLFLWDVHFRQFHGDODWXWHOD\VHGHFODUHODQXOLGDGGHO$XWRGH9LVWD
LPSXJQDGD RUGHQDQGR D ODV DXWRULGDGHV GHPDQGDGDV TXH HPLWDQ XQR
QXHYR(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDODSUREyOD5HVROXFLyQ
UHYLVDGD\FRQFHGLyODWXWHODDQDOL]DQGRSUHYLDPHQWHHOFXPSOLPLHQWR
GHO SOD]R GH VHLV PHVHV SDUD OD SUHVHQWDFLyQ GH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO

([WUDFWRGHODUDWLRGHFLGHQGL

W


dW^:d
)-,,,
VHYHULILFDTXHODQRWLILFDFLyQHIHFWXDGDFRQOD5HVROXFLyQTXHDKRUDVH
LPSXJQDVHGLOLJHQFLyHQ6HFUHWDUtDHOGHVHSWLHPEUHGHDKRUDVHVGHFLU
HQ HO ~OWLPR PRPHQWR GHO GtD DVSHFWR TXH HQ GHILQLWLYD LPSRVLELOLWy D OD SULQFLSDO
DIHFWDGDGHQWURGHOSURFHVRRUGLQDULRGHQXOLGDGGHSDUWLGDGHQDFLPLHQWRVHJXLGRHQVX
FRQWUD\SUHVXQWRVLQWHUHVDGRVDWHQHUFRQRFLPLHQWRPDWHULDOGHODPLVPDGDGRTXHD
HVDKRUDQRHUDSRVLEOHLQJUHVDUDOD6DOD\SRUWDQWRDOFRQWHQLGRGHOIDOORKDELGDFXHQWD
TXH pVWH SXGR H[KLELUVH DO S~EOLFR UHFLpQ D SDUWLU GH OD SULPHUD KRUD KiELO GHO GtD
VLJXLHQWH HV GHFLU GHO  GH VHSWLHPEUH GHO PLVPR DxR VLHQGR TXH OD GLOLJHQFLD
SUDFWLFDGD D ~OWLPD KRUDGHOGtDDQWHULRUQR FXPSOLy FRQ VX ILQDOLGDG FRPR HUD ODGH
KDFHUFRQRFHUHODFWXDGRSURFHVDODORVVXMHWRVLQWHUYLQLHQWHVHQODFDXVDSULQFLSDOSRU
HQGH D OD GHPDQGDGD PiV D~Q WHQLHQGR HQ FXHQWD TXH OD 5HVROXFLyQ HPLWLGD HQ
DSHODFLyQDIHFWDEDWDQWRVXVLQWHUHVHVFRPRDORVGHVXKLMRPHQRUGHHGDG

(Q UHVXPHQ FXDQGR OD QRWLILFDFLyQ FRQ HO DFWXDGR MXGLFLDO R DGPLQLVWUDWLYR ILQDO VH
HIHFW~DD~OWLPDKRUDGHOGtDHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOFRQVLGHUDTXHHO
LQLFLRGHOSOD]RSDUDDFWLYDUODDFFLyQGHDPSDURFRQVWLWXFLRQDOGHEHVHUDVXPLGDGHVGH
HO SULPHU PRPHQWR GHO GtD VLJXLHQWH KiELO SXHV HO REMHWR GH OD PLVPD UHFLpQ VH
FRQVLGHUDUiFXPSOLGRHQHOLQVWDQWHFRQVHFXHQWHDVtHQHOFDVRGHGLOLJHQFLDVUHDOL]DGDV
DKRUDVVyORSDUDHIHFWRVGHHVWDMXULVGLFFLyQFRQVWLWXFLRQDO\FXDQGRVHWUDWHGH
GHIHQVDGHGHUHFKRVIXQGDPHQWDOHV\JDUDQWtDVFRQVWLWXFLRQDOHVODVPLVPDVVHWHQGUiQ
SRUFXPSOLGDVUHFLpQDKRUDVGDGRTXHQRUHVXOWDUD]RQDEOHVHQWDUXQDGLOLJHQFLD
HQXQPRPHQWRGHWHUPLQDGR\SUHWHQGHUTXHODPLVPDVHHMHFXWHDSDUWLUGHHVHPLVPR
LQVWDQWH SRUTXH PDWHULDOPHQWH ORV VXMHWRV SURFHVDOHV WRPDUiQ FRQRFLPLHQWR GHO
FRQWHQLGRGHOIDOORTXHVHSUHWHQGHKDFHUFRQRFHUHQHOPLQXWRSRVWHULRUDVXDFWXDGR
ORTXHUHGXQGDUtDHQXQDQRWLILFDFLyQHQKRUDULRLQKiELO\VLHQGRHOPRPHQWRKiELOPiV
SUy[LPR ODV  KRUDV GHO GtD VLJXLHQWH HV HVH LQVWDQWH TXH GHEH UD]RQDUVH FRPR
PDWHULDOPHQWHHMHFXWDGDODQRWLILFDFLyQ

(VWD MXULVGLFFLyQ FRQVWLWXFLRQDO HQ VX IXQFLyQ HVSHFtILFD GH SURWHJHU ORV GHUHFKRV
IXQGDPHQWDOHVGHODVSHUVRQDVVHHQFXHQWUDLPSUHJQDGDGHORVSULQFLSLRVLQIRUPDGRUHV
GH OD WHRUtD GH ORV GHUHFKRV IXQGDPHQWDOHV OR TXH LPSOLFD HQWUH RWURV DSOLFDU ORV
SULQFLSLRVGHSUHYDOHQFLDGHOGHUHFKRPDWHULDORVXVWDQWLYRVREUHODVIRUPDOLGDGHVDVt
FRPRORVGHLQGXELRSURKRPLQHIDYRUDELOLGDG\SURDFWLRQHHQYLUWXGGHORVFXDOHVHQ
FDVRVGHGXGDVUHVSHFWRDODDSOLFDFLyQGHXQDQRUPDUHVWULFWLYDGHODDFFLyQWXWHODUQR
VHODGHEHREYLDUGDQGRSUHHPLQHQFLDHQWRGRVORVFDVRVDOGHUHFKRVXVWDQWLYRHVGHFLU
DODDFFLyQ\DODYLJHQFLDGHORVGHUHFKRVIXQGDPHQWDOHVGHODVSHUVRQDV



6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGHODDFFLyQGHDPSDURFRQVWLWXFLRQDO\VRVWLHQHTXHODUHVROXFLyQ
LPSXJQDGD IXH QRWLILFDGD D +UV  GHO  GH VHWLHPEUH GH 
DVSHFWRTXHLPSLGLyTXHODDFFLRQDQWHFRQRFLHUDHVHGtDHOFRQWHQLGR
GHODUHVROXFLyQVLQRUHFLpQDOGtDVLJXLHQWHSRUORTXHHOLQLFLRGHOSOD]R
SDUD DFWLYDU OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO VH DVXPH GHVGH HO
SULPHUPRPHQWRGHOGtDVLJXLHQWHKiELO

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/DOtQHDMXULVSUXGHQFLDOGHODLQPHGLDWH]GHODDFFLyQGHDPSDURFRQVWLWXFLRQDOGHEHVHU
HQWHQGLGDHQHOVLJXLHQWHFRQWH[WR


/D LQPHGLDWH] FRPR UHTXLVLWR GH SURFHGHQFLD GHO UHFXUVR GH DPSDUR
FRQVWLWXFLRQDO(O7ULEXQDO&RQVWLWXFLRQDOHQOD6&5HVWDEOHFLyHQVXWHUFHU
FRQVLGHUDQGR TXH HO DPSDUR FRQVWLWXFLRQDO FRQWUD DFWRV LOHJDOHV \ ODV RPLVLRQHV

W


dW^:d


LQGHELGDVGHIXQFLRQDULRVRSDUWLFXODUHVTXHUHVWULQMDQVXSULPDQRDPHQDFHQUHVWULQJLU
R VXSULPLU GHUHFKRV \ JDUDQWtDV IXQGDPHQWDOHV GH OD SHUVRQD UHFRQRFLGRV SRU OD
&RQVWLWXFLyQ \ ODV /H\HV HV XQ UHFXUVR H[WUDRUGLQDULR LQVWLWXLGR SDUD RWRUJDU XQD
SURWHFFLyQ LQPHGLDWD UD]RQDPLHQWR HQ YLUWXG GHO FXDO HQ HO FDVR FRQFUHWR GHFODUy
LPSURFHGHQWH SRU KDEHU VLGR DFWLYDGR GHVSXpV GH PDV GH GRV DxRV GHVGH TXH HO
UHFXUUHQWHIXHGHVWLWXLGRGHOFDUJRGHGLUHFWRU\XQDxRGHVSXpVGHKDEHUVLGRGHVLJQDGR
SURIHVRUGHDXOD3RVWHULRUPHQWHOD6&35GHFODUyLPSURFHGHQWHHOUHFXUVR
GH DPSDUR FRQVWLWXFLRQDO SRUTXH OD UHFXUUHQWH DFWLYy HVWH PHFDQLVPR GH IRUPD
H[WHPSRUiQHD GHVSXpV GH PiV GH RFKR PHVHV GHO DFWR VXSXHVWDPHQWH LOHJDO
GHVQDWXUDOL]DQGR SRU WDQWR HO SULQFLSLR GH LQPHGLDWH] HVWH UHTXLVLWR HQWUH RWUDV
VHQWHQFLDVIXHDSOLFDGRSRUOD6&TXHHVODSULPHUDVHQWHQFLDFRQILUPDGRUD
GHOtQHD


)XQGDPHQWRGHOSULQFLSLRGHLQPHGLDWH]/D6&5HVWDEOHFLyTXH
SRUSULQFLSLRJHQHUDOGHOGHUHFKRQLQJ~QDFWRUSURFHVDOSXHGHSUHWHQGHUTXHHOyUJDQR
MXULVGLFFLRQDO HVWp D VX GLVSRVLFLyQ HQ IRUPD LQGHILQLGD VLQR TXH VyOR SRGUi HVWDUOR
GHQWURGHXQWLHPSRUD]RQDEOHSXHVWDPELpQHVLPSRUWDQWHVHxDODUTXH
VLHQHVWHWLHPSR
HODJUDYLDGRQRSUHVHQWDQLQJ~QUHFODPRLPSOLFDTXHQRWLHQHLQWHUpVDOJXQRHQTXHVXV
GHUHFKRV \ JDUDQWtDV OH VHDQ UHVWLWXLGRV
 VLPLODU FULWHULR IXH DVXPLGR SRU OD 6&
5VLPLODUFULWHULRIXHDVXPLGRSRVWHULRUPHQWHHQOD6&5


&yPSXWRGHOSOD]RGHFDGXFLGDG/D6&5VHxDOyTXHHOUHFXUVR
GHDPSDURFRQVWLWXFLRQDOGHEHVHUSUHVHQWDGRGHQWURGHORVVHLVPHVHVGHRFXUULGRHO
DFWRLOHJDOXRPLVLyQLQGHELGDRGHDJRWDGRVORPHGLRV\UHFXUVRVMXGLFLDOHVRUGLQDULRV
RDGPLQLVWUDWLYRVLGyQHRVSDUDKDFHUFHVDUHODFWR3RUVXSDUWHOD6&5HQ
HO)-,,,HVWDEOHFLyTXHHOUHFXUVRGHDPSDURFRQVWLWXFLRQDOGHEHVHUSODQWHDGRGHIRUPD
LQPHGLDWDRKDVWDORVVHLVPHVHFRPSXWDEOHVGHVGHHOFRQRFLPLHQWRGHODFWRLOHJDORX
RPLVLyQLQGHELGDVLHPSUHTXHQRKXELHUHRWURUHFXUVRLQPHGLDWRSDUDODSURWHFFLyQGHO
GHUHFKR R JDUDQWtD FRQVWLWXFLRQDO (Q HO PDUFR GH OD &RQVWLWXFLyQ YLJHQWH OD 6&
5HVWDEOHFLyTXHODDFFLyQGHDPSDURVHLQWHUSRQGUiHQHOSOD]RPi[LPRGH
VHLVPHVHVFRPSXWDEOHVDSDUWLUGHODFRPLVLyQGHODYXOQHUDFLyQDOHJDGDRGHQRWLILFDGD
OD ~OWLPD GHFLVLyQ DGPLQLVWUDWLYD R MXGLFLDO HQ HVWH FRQWH[WR OD 6& 5
HVWDEOHFLy TXH GHEH FRPSXWDUVH HO SOD]R GH FDGXFLGDG GHVGH HO ~OWLPR DFWR
DGPLQLVWUDWLYR

'HPDQHUDHVSHFtILFDOD6&5HVWDEOHFLyTXHHQFDVRGHVHQWHQFLDVMXGLFLDOHV
HOFyPSXWRGHVHLVPHVHVGHEHVHUUHDOL]DGRGHVGHHOPRPHQWRGHODHMHFXWRULDIRUPDO
SRUTXHGHORFRQWUDULRpVWDDGTXLHUHFRVDMX]JDGDPDWHULDO


)OH[LELOL]DFLyQ GHO SOD]R GH FDGXFLGDG (O Pi[LPR FRQWUDORU GH GHUHFKRV
IXQGDPHQWDOHVGHVDUUROOyVXSXHVWRVHQORVFXDOHVDODOX]GHOSULQFLSLRGHIDYRUDELOLGDG
y SURDFWLRQH HQWUH RWURV GHEtD IOH[LELOL]DUVH HO SOD]R GH FDGXFLGDG ORV FXDOHV VH
UHVXPHQHQORVVLJXLHQWHVSXQWRV


/D6&5HQHO)-,,,VHxDOyTXHVLELHQHO7ULEXQDO&RQVWLWXFLRQDO
HVWDEOHFLyXQSOD]RGHVHLVPHVHVSDUDODDFWLYDFLyQGHHVWHUHFXUVRQRHVPHQRVFLHUWR
TXHODVXEUHJODILMDGDSRUHO7ULEXQDOQRHVUtJLGDQLFHUUDGDSXHVSRGUiIOH[LELOL]DUVH
FXDQGR VH KXELHVH H[FHGLGR HQ DOJXQRVGtDV \ OD OHVLyQ GHO GHUHFKR IXQGDPHQWDO VHD
HYLGHQWH\GHWDOQDWXUDOH]DTXHHOyUJDQRHQFDUJDGRGHOFRQWUROGHFRQVWLWXFLRQDOLGDG
QRSXHGHQLGHEHSHUPLWLUVHFRQVXPH(QHOFDVRFRQFUHWRHQDSOLFDFLyQGHOSULQFLSLR
GHIDYRUDELOLGDGDOVHUKDEHUH[FHGLGRHOSOD]RGHFDGXFLGDGHQWUHFHGtDV\DOVHUOD
OHVLyQ DO GHUHFKR HYLGHQWH SRUTXH ORV UHFXUUHQWHV QR GLHURQ UHVSXHVWD PRWLYDGD D OD
SHWLFLyQ IRUPXODGD SRU OD UHFXUUHQWH VH FRQFHGLy OD WXWHOD SHGLGD (VWH FULWHULR IXH
VHJXLGRHQWUHRWUDVSRUODV66&&5\5HQWUHRWUDV


OD6&5HQHO)-,,, HO7ULEXQDO&RQVWLWXFLRQDOHVWDEOHFLyHQ

W


dW^:d
HOPDUFRGHOSULQFLSLRGHLQPHGLDWH]HOSOD]RGHVHLVPHVHVSDUDODLQWHUSRVLFLyQGHO
UHFXUVR GH DPSDUR FRQVWLWXFLRQDO VDOYR VLWXDFLRQHV HVSHFLDOHV TXH GHEHQ VHU
GHELGDPHQWHDFUHGLWDGDV(QEDVHDHVWHHQWHQGLPLHQWRHQHOFDVRFRQFUHWRHVWDEOHFLy
TXH HO SOD]R IXH LQWHUUXPSLGR FRQ OD LQWHUSRVLFLyQ GH XQ UHFXUVR GH DPSDUR
FRQVWLWXFLRQDOTXHFRQFOX\yFRQOD6&5



(O7ULEXQDO&RQVWLWXFLRQDOHQOD6&5HVWDEOHFLyTXHHOSOD]RGH
FDGXFLGDGGHEHIOH[LELOL]DUVHHQVXSXHVWRVGHGHPRUDDWULEXLEOHDODSDUWHGHPDQGDGD
DVtHQHO)-,,VHxDOyTXHHQHOFDVRFRQFUHWRODIDOWDGHUHVSXHVWDDOSHWLWRULRKDFH
TXHHOWpUPLQRGHORVVHLVPHVHVHVWDEOHFLGRSRUODMXULVSUXGHQFLDQRFRUUD\DTXHOD
QHJOLJHQFLDQRHVDWULEXLEOHDODSHUVRQDGHOUHFXUUHQWHVLQRDOUHFXUULGRTXHQRWRPyHQ
FXHQWDTXHSRUGHWHUPLQDFLyQGHODFLWDGDQRUPDIXQGDPHQWDOWRGDSHWLFLyQGHEHVHU
RSRUWXQDPHQWHDWHQGLGD


3RU VX SDUWH HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO D WUDYpV GH OD 6&3
 TXH VH FRQILJXUD FRPR XQD VHQWHQFLD PRGXODGRUD HQ DSOLFDFLyQ GH ORV
SULQFLSLRVGHSUHYDOHQFLDGHOGHUHFKRPDWHULDOHQUHODFLyQDIRUPDOLVPRVLQGXELRSUR
KyPLQH IDYRUDELOLGDG  \ SURDFWLRQH HQWUH RWURV HQ HO )- ,,, VHxDOD OR VLJXLHQWH

FXDQGRODQRWLILFDFLyQFRQHODFWXDGRMXGLFLDORDGPLQLVWUDWLYRILQDOVHHIHFW~DD~OWLPD
KRUDGHOGtDHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOFRQVLGHUDTXHHOLQLFLRGHOSOD]R
SDUD DFWLYDU OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO GHEH VHU DVXPLGR GHVGH HO SULPHU
PRPHQWR GHO GtD VLJXLHQWH KiELO SXHV HO REMHWR GH OD PLVPD UHFLpQ VH FRQVLGHUDUi
FXPSOLGRHQHOLQVWDQWHFRQVHFXHQWH
(QHVWHPDUFR\HQHOFDVRFRQFUHWRDOKDEHUVH
UHDOL]DGRODGLOLJHQFLDGHQRWLILFDFLyQFRQHODFWRFXHVWLRQDGRDODVSDUDHIHFWRV
GH OD MXULVGLFFLyQ FRQVWLWXFLRQDO \ HVSHFtILFDPHQWH GH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO VH FRPSXWy HO SOD]R GH ORV VHLV PHVHV D SDUWLU GHO GtD VLJXLHQWH GH
UHDOL]DGDHVWDQRWLILFDFLyQ


$VXYH]OD6&3HQHO)-,,,VHxDOyTXHHOWpUPLQRGHVHLVPHVHV
HVWDEOHFLGRSRUHODUW,,GHOD&RQVWLWXFLyQVHFRQVWLWX\HHQXQSDUiPHWURREMHWLYR
GHXQSOD]RFRQVLGHUDGRSRUHOOHJLVODGRUFRQVWLWX\HQWHFRPRUD]RQDEOHSDUDLQWHUSRQHU
ODGHPDQGDGHDPSDURFRQVWLWXFLRQDOSHURTXHHQDWHQFLyQDOYDORUMXVWLFLDHOGHUHFKR
GHDFFHVRDODMXVWLFLDHOSULQFLSLRGHLJXDOGDGTXHLPSHOHDRWRUJDUXQWUDWRGLIHUHQWHD
VLWXDFLRQHVGLVtPLOHVODLQWHUSUHWDFLyQSURKyPLQHGHOWH[WRFRQVWLWXFLRQDOGLFKRSOD]R
QRSXHGHVHUDXWRPiWLFDPHQWHDSOLFDEOHVLQRGHEHVHUORVXILFLHQWHPHQWHIOH[LEOHSDUD
FRQVLGHUDUODVSDUWLFXODULGDGHVGHFDGDFDVRFRQFUHWR


$GHPiV HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO D WUDYpV GH OD 6&3
 IOH[LELOL]D HO SOD]R GH FDGXFLGDG SDUD VXSXHVWRV GH YXOQHUDFLRQHV GHO
GHUHFKRGHMXELODFLyQTXHSHUVLVWHHQHOWLHPSRHQHVHFRQWH[WRHVWHHQWHQGLPLHQWRHQ
HO)-,,,HVWDEOHFLyTXHHQHVWRVVXSXHVWRVGHEHUiUHDOL]DUVHXQDQiOLVLVGHORVPRWLYRV
GH OD GHPRUD \ HQ FDGD FDVR GHEHUi HVWDEOHFHUVH OD H[LVWHQFLD GH GHVLQWHUpV GHVLGLD
QHJOLJHQFLDRLQGLIHUHQFLDGHORVDFWRUHVHQFXDQWRDOUHFODPRGHVXVGHUHFKRVyVLSRU
HOFRQWUDULRKXERXQUHFODPRFRQWLQXRGHORVGHUHFKRVFRQVLGHUDGRVFRPRYXOQHUDGRV
VLPLODUHVFULWHULRVIXHURQH[SUHVDGRVHQODV66&&5\6&3


(O $XWR &RQVWLWXFLRQDO 5&$6/ HQ HO )- ,, VHxDOy TXH OD
SUHVHQWDFLyQGHODDFFLyQGHDPSDURFRQVWLWXFLRQDODQWHVGHOYHQFLPLHQWRGHOSOD]RGH
VHLVPHVHVFRPSXWDEOHGHVGHHOFRQRFLPLHQWRUHDOGHODFWRXRPLVLyQGHQXQFLDGRFRPR
OHVLYR D GHUHFKRV IXQGDPHQWDOHV LQHTXtYRFDPHQWH FRQVWLWX\H XQ UHTXLVLWR D VHU
YHULILFDGR HQ OD HWDSD GH DGPLVLELOLGDG FX\R FXPSOLPLHQWR FRQVWLWX\H XQD FDXVDO
UHJODGDGHLPSURFHGHQFLD\GHEHVHUREVHUYDGRHQHVWDIDVHVDOYRHOVXSXHVWRHQHOFXDO
HQHVWDHWDSD\DVHDDQWHLQVWDQFLDVGHOMXH]RWULEXQDOGHJDUDQWtDVRHQFRQRFLPLHQWR
GHODFDXVDSRUOD&RPLVLyQGH$GPLVLyQHQIDVHGHDGPLVLELOLGDGVHJHQHUXQDGXGD
UD]RQDEOH VREUH XQD OHVLyQ PDILILHVWD JURVHUD D GHUHFKRV IXQGDPHQWHV TXH HQ XQD

W


dW^:d


DQiOLVLV GH IRQGR GH OD SUREOHPiWLFD SRGUtD LPSOLFDU OD DSOLFDFLyQ GHO SULQFLSLR GH
MXVWLFLD PDWHULDO D OD OX] GH OD SDXWD GH LQWHUSUHWDFLyQ GHQRPLQDGD SURDFWLRQH
HQWHQGLPLHQWR HQ YLUWXG GHO FXDO OD &RPLVLyQ GH $GPLVLyQ UHYRFy OD UHVROXFLyQ GH
UHFKD]R UHDOL]DGD SRU HO WULEXQDO GH JDUDQWtDV \ DGPLWLy OD DFFLyQ UD]yQ SRU OD FXDO
IOH[LELOL]DGRHOSOD]RGHFDGXFLGDGOD6&35LQJUHVDQGRDODQiOLVLVGHIRQGR
GHODSUREOHPiWLFDFRQFHGLyODWXWHOD
3RVWHULRUPHQWH OD 6&3  HQ HO )- ,,, DVXPLy HO HQWHQGLPLHQWR GHO $&
5&$6/ \ GHWHUPLQy SRU WDQWR OD XWLOL]DFLyQ GHO FULWHULR GH OD GXGD
UD]RQDEOHHQHWDSDGHDGPLVLELOLGDGSDUDDSOLFDUHOSULQFLSLRSURDFWLRQHHQWHQGLPLHQWR
DSOLFDEOH SDUD IOH[LELOL]DU OD FDXVDO GH LPSURFHGHQFLD UHJODGD UHIHUHQWH DO SOD]R GH
FDGXFLGDG


6XSXHVWRV GH YLRODFLRQHV FRQWLQXDV \ SHUPDQHQWHV D GHUHFKRV (O 7ULEXQDO
&RQVWLWXFLRQDOHQOD6&5HQHO)-,,,HVWDEOHFLyHQHOFDVRFRQFUHWRTXH
HO LQFXPSOLPLHQWR DO SULQFLSLR GH LQPHGLDWH] QR HUD FDXVDO SDUD GHFODUDU OD
LPSURFHGHQFLD GHO UHFXUVR \D TXH ORV DFWRV GHQXQFLDGRV FRPR OHVLYRV VH KDEUtDQ
SURORQJDGRLQGHILQLGDPHQWHLQFOXVRKDVWDODIHFKDGHSUHVHQWDFLyQGHODGHPDQGDGH
DPSDUR3RVWHULRUPHQWHOD6&3HQHO)-,,,VHxDOyTXHHQHOFDVRFRQFUHWR
VLELHQHODFFLRQDQWHVROLFLWyODFRQWLQXDFLyQGHOWUiPLWHGHDFFLyQGHDPSDURTXHTXHGy
SDUDOL]DGRSRU VXGHOLFDGR HVWDGR GH VDOXG \D TXH QR VH DSHUVRQy DQWH HO WULEXQDO GH
JDUDQWtDVHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOVHxDOyTXHHOWLHPSRWUDQVFXUULGRQR
FRQVWLWX\HyELFHSDUDODQRFRQFHVLyQGHODDFFLyQWRGDYH]TXHHODYDVDOODPLHQWR\OD
FRQVLJXLHQWHYXOQHUDFLyQGHORVGHUHFKRVIXQGDPHQWDOHVGHODFFLRQDQWHFRQWLQXDEDQD
PRPHQWRGHVROLFLWDUVHSURVLJDFRQODWUDPLWDFLyQGHODDFFLyQWXWHODU

$ VX YH] OD 6&3  HQ HO )- ,,, HQ XQD LQWHUSUHWDFLyQ DFRUGH FRQ ORV
SULQFLSLRV GH IDYRUDELOLGDG \ SURDFWLRQH GH PDQHUD WH[WXDO HVWDEOHFLy
ORV DFWRV
OHVLYRVDGHUHFKRVIXQGDPHQWDOHVSXHGHQJHQHUDUHQFRQWUDGHSHUVRQDVLQGLYLGXDOHVR
FROHFWLYDVXQDDIHFWDFLyQLQPHGLDWDRPHGLDWDHQHOWLHPSRHQHVHRUGHQHQHOSULPHU
VXSXHVWRHOSOD]RGHFDGXFLGDGGLVFLSOLQDGRHQHODUW,,GHOD&3(VHFRPSXWDUi
GHVGH OD QRWLILFDFLyQ FRQ OD FRPLVLyQ YXOQHUDWRULD DOHJDGD SRU HO FRQWUDULR HQ XQD
LQWHUSUHWDFLyQTXHIDYRUH]FDDO DFFHVRDODMXVWLFLDFRQVWLWXFLRQDO\GHDFXHUGRDXQD
SDXWD WHOHROyJLFD GH LQWHUSUHWDFLyQ TXH DVHJXUH XQD LQWHUSUHWDFLyQ VHJ~Q ORV ILQHV
HVWDEOHFLGRVHQORVSULQFLSLRVIXQGDPHQWDOHV\YDORUHVSOXUDOHVVXSUHPRVHQHO(VWDGR
3OXULQDFLRQDOGH%ROLYLDFRPRVHUODMXVWLFLDLJXDOGDG\HOYLYLUELHQFXDQGRORVDFWRV
OHVLYRVJHQHUHQXQDDIHFWDFLyQDGHUHFKRVIXQGDPHQWDOHVPHGLDWDHQHOWLHPSRHVGHFLU
FXDQGRDSDUWLUGHODFWRLQLFLDOOHVLYRDGHUHFKRVIXQGDPHQWDOHVGHPDQHUDFRQH[D \
FRPR FRQVHFXHQFLD GLUHFWD GHO SULPHU DFWR OHVLYR VH UHDOLFHQ DFWRV XOWHULRUHV
YXOQHUDWRULRVGHGHUHFKRVIXQGDPHQWDOHVHOSOD]RGHFDGXFLGDGSDUDDFWLYDUODDFFLyQ
GHDPSDURFRQVWLWXFLRQDOVHFRPSXWDUiGHDFXHUGRDORVSRVWXODGRVGHO~OWLPRVXSXHVWR
GLVFLSOLQDGR SRU HO DUW ,, GH OD &3( HV GHFLU GHVGH OD QRWLILFDFLyQ GH OD ~OWLPD
GHFLVLyQ MXULVGLFFLRQDO R DGPLQLVWUDWLYD
 (VWH HQWHQGLPLHQWR JHQpULFR SDUD YtDV GH
KHFKRIXHFRPSOHPHQWDGRGHODVLJXLHQWHPDQHUD
HQYtDVGHKHFKRSXHGHQH[LVWLU
DFWRVOHVLYRV TXH JHQHUHQ XQD DIHFWDFLyQ D GHUHFKRV PHGLDWD HQ HO WLHPSR HV GHFLU
FXDQGR D SDUWLU GHO DFWR LQLFLDO OHVLYR D GHUHFKRV IXQGDPHQWDOHV TXH HPHUMD GH XQD
PHGLGDGHKHFKRGHPDQHUDFRQH[D\FRPRFRQVHFXHQFLDGLUHFWDGHOSULPHUDFWROHVLYR
VH UHDOLFHQ DFWRV XOWHULRUHV YXOQHUDWRULRV GH GHUHFKRVIXQGDPHQWDOHV DO WHQHU GLUHFWD
UHODFLyQ ORV DFWRV FRQWLQXRVYXOQHUDWRULRV GH GHUHFKRV HPHUJHQWHV GH YtDV GH KHFKR
HODIHFWDGRSRGUiSHGLUWXWHODFRQVWLWXFLRQDOGHVGHHO~OWLPRDFWROHVLYRVXSXHVWRHQHO
FXDODOHVWDUORVDFWRVGHQXQFLDGRVHQHVWULFWDFRQH[LWXG\GLUHFWDPHQWHYLQFXODGRVFRQ
HO SULPHU DFWROHVLYR TXH VXUMD GH YtDV R PHGLGDV GH KHFKR XQD YH] YHULILFDGDVODV
OHVLRQHV D GHUHFKRV IXQGDPHQWDOHV HQ HO HMHUFLFLR GHOFRQWURO WXWHODU GH
FRQVWLWXFLRQDOLGDG GHEHUi WXWHODUVH ORVGHUHFKRV KDVWD HO SULPHU DFWR TXH RULJLQH OD
OHVLyQ


6XVSHQVLyQ GHO SOD]R GH FDGXFLGDG (O Pi[LPR FRQWUDORU GH GHUHFKRV


W


dW^:d
IXQGDPHQWDOHV HQ FXDQWR D OD VXVSHQVLyQ GHO SOD]R GH FDGXFLGDG HVWDEOHFLy ORV
VLJXLHQWHVVXSXHVWRV


/D 6& 5 HQ HO )- ,,, VHxDOy TXH HQ FDVRV HQ ORV FXDOHV VH
LQFXPSODUHTXLVLWRVGHDGPLVLELOLGDGGHOUHFXUVRGHDPSDURFRQVWLWXFLRQDOLQFOXVLYHHQ
JUDGR GH UHYLVLyQ DQWH HO 7ULEXQDO &RQVWLWXFLRQDO FRUUHVSRQGH OD GHFODUDWRULD GH
LPSURFHGHQFLD HQ HVWH FRQWH[WR HQ HO )- ,,, GH PDQHUD H[SUHVD HVWDEOHFLy TXH OD
UHVROXFLyQ FRQVWLWXFLRQDO TXH QR LQJUHVD DO DQiOLVLV GH IRQGR GH OD SUREOHPiWLFD QR
LPSLGHODLQWHUSRVLFLyQGHXQQXHYRUHFXUVRHQFX\RFDVRVHVXVSHQGHQORVSOD]RVSRU
WDQWRHOFyPSXWRGHORVVHLVPHVHVSDUDLQWHUSRQHUHOUHFXUVRGHDPSDURFRQVWLWXFLRQDO
VH LQLFLD GHVGH RFXUULGR HO DFWR LOHJDO YXOQHUDWRULR GH GHUHFKRV \ VL HVWH SHUPLWH
LPSXJQDFLyQVHLQLFLDHOFyPSXWRGHVGHOD~OWLPDDFWXDFLyQHIHFWXDGDHQUHSRQHUHO
GHUHFKR YXOQHUDGR HPSHUR HQ ORV FDVRV HQ TXH VH LQWHUSRQH XQ UHFXUVR GH DPSDUR
FRQVWLWXFLRQDOTXHFXOPLQyFRQXQDUHVROXFLyQFRQVWLWXFLRQDOTXHQRLQJUHVyDOIRQGR
HO SOD]R VH VXVSHQGH GXUDQWH HVH SHULRGR HV GHFLU TXH HO FyPSXWR VH FRUWD FRQ OD
LQWHUSRVLFLyQGHOUHFXUVRGHDPSDURFRQVWLWXFLRQDO\OXHJRVHUHLQLFLDRFRQWLQ~DGHVGH
ODQRWLILFDFLyQGHOD5HVROXFLyQR6HQWHQFLD&RQVWLWXFLRQDOTXHQRLQJUHVyDOIRQGR


(QFXDQWRDODVXVSHQVLyQGHOSOD]RGHFDGXFLGDGHQVROLFLWXGHVGHDFODUDFLyQ
FRPSOHPHQWDFLyQ \ HQPLHQGD OD 6&3 / D SDUWLU GH ORV SULQFLSLRV SUR
KRPLQH\GHSURJUHVLYLGDGHVWDEOHFLyODVXVSHQVLyQGHSOD]RVSDUDODIRUPXODFLyQGH
VROLFLWXGHVGHDFODUDFLyQFRPSOHPHQWDFLyQ\HQPLHQGDGHXQDUHVROXFLyQGHFDUiFWHU
GHILQLWLYR GHELHQGR FRPSXWDUVH HO SOD]R SDUD LQWHUSRQHU ORV UHFXUVRV RUGLQDULRV R
H[WUDRUGLQDULRVDSDUWLUGHODQRWLILFDFLyQFRQHO$XWRTXHUHVXHOYHGLFKDVROLFLWXGGH
H[SOLFDFLyQFRPSOHPHQWDFLyQRHQPLHQGD(VWDHVXQDVHQWHQFLDUHFRQGXFWRUDGHOtQHD
SRUTXH DVXPH HO FULWHULR HVWDEOHFLGR HQ OD 6& 5 OD FXDO HQ HO )- ,,,
HVWDEOHFLyTXHHOSOD]RGHVHLVPHVHVGHEHVHUFRPSXWDGRDSDUWLUGHOFRQRFLPLHQWRGHO
DFWRLOHJDOXRPLVLyQLQGHELGDRDJRWDPLHQWRGHORVPHGLRVDGPLQLVWUDWLYRVXRUGLQDULRV
SUHYLVWRVHQODOH\TXHGHEHQFRPSXWDUVHGHVGHODQRWLILFDFLyQFRQHO$XWRGH(QPLHQGD

(QHIHFWRHO7ULEXQDO&RQVWLWXFLRQDOWUDQVLWRULRDWUDYpVGHOD6&5PRGXOy
HO HQWHQGLPLHQWR MXULVSUXGHQFLDO SODVPDGR HQ OD 6& 5 \ HVWDEOHFLy ODV
VLJXLHQWHVUHJODV
(OFyPSXWRGHOSOD]RGHORVVHLVPHVHVSDUDODLQWHUSRVLFLyQGHODDFFLyQGHDPSDUR
HVGHVGHODQRWLILFDFLyQFRQODUHVROXFLyQRDXWRGHYLVWDTXHDJRWDODYtDGDGRTXHKD
VLGRHO~OWLPRDFWXDGRLGyQHR6LQFRQVLGHUDUORVUHFXUVRVLQFLGHQWHVXRWURVPHGLRVQR
SUHYLVWRVSRUOH\RSUHVHQWDGRVH[WHPSRUiQHDPHQWHD~QHQORVFDVRVGHHTXLYRFDFLyQ
RHUURUHQVXSUHVHQWDFLyQORVFXDOHVVHFRQVLGHUDQLQLGyQHRV
 6L HV TXH VH KXELHVH VROLFLWDGR HQPLHQGD DFODUDFLyQ R FRPSOHPHQWDFLyQ GH OD
UHVROXFLyQSULQFLSDORDXWRGHYLVWDTXHVHFRQVWLWX\HHQHOPHGLRLGyQHR\TXHDJRWDOD
YtD\QRKXELHVHQVLGRFRQVLGHUDGDVSRUH[WHPSRUDQHLGDGRHOPRWLYRTXHIXHUHDOQR
WHQHUWUDVFHQGHQFLDQLHIHFWRHQODUHVROXFLyQSULQFLSDOHOSOD]RGHORVVHLVPHVHVFRUUH
GHVGH OD QRWLILFDFLyQ FRQ OD UHVROXFLyQ SULQFLSDO R DXWR GH YLVWD VLQ FRQVLGHUDU OD
VROLFLWXGGHDFODUDFLyQFRPSOHPHQWDFLyQRHQPLHQGD
(QORVFDVRVHQTXHODVROLFLWXGKXELHVHVLGRFRQVLGHUDGDGDQGROXJDUDODHQPLHQGD
DFODUDFLyQ R FRPSOHPHQWDFLyQ OD PLVPD SDVD D IRUPDU SDUWH GHO FRQWHQLGR GH OD
UHVROXFLyQ SULQFLSDO FRQIRUPDQGR XQ WRGR HQ FRQVHFXHQFLD SRU ORV HIHFWRV R
WUDVFHQGHQFLDVyORHQHVWRVFDVRVHOSOD]RGHORVVHLVPHVHVFRUUHGHVGHODQRWLILFDFLyQ
FRQODUHVROXFLyQTXHGDOXJDUDODFRPSOHPHQWDFLyQHQPLHQGDRDFODUDFLyQ

(QEDVHDORVFULWHULRVDQWHVWUDQVFULWRVHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHQOD
6&3 / UHFRQGXMR HO HQWHQGLPLHQWR DVXPLGR SRU OD 6& 5
WRPDQGRHQFXHQWDORVSULQFLSLRVSURKRPLQH\GHSURJUHVLYLGDGHVWDEOHFLHQGRTXH
OD
VXVSHQVLyQGHSOD]RVHVWDEOHFLGRVHQHODUWGHO&3&HVDSOLFDEOHDWRGDVLWXDFLyQ
HQ OD TXH VH SUHVHQWH VROLFLWXG GH DFODUDFLyQ FRPSOHPHQWDFLyQ \ HQPLHQGD GH XQD
UHVROXFLyQGHFDUiFWHUGHILQLWLYDGHELHQGRFRPSXWDUVHHQPpULWRDHOORHOSOD]RSDUD

W


dW^:d


LQWHUSRQHU ORV UHFXUVRV RUGLQDULRV R H[WUDRUGLQDULRV D SDUWLU GH OD QRWLILFDFLyQ FRQ HO
$XWRGHH[SOLFDFLyQRFRPSOHPHQWDFLyQORTXHVHHQFXHQWUDGLUHFWDPHQWHUHODFLRQDGD
FRQORGLVSXHVWRSRUHOSURSLRDUWGHO&3&RHQUD]yQDTXHHODXWRDSURQXQFLDUVH
VREUHODVROLFLWXGGHDFODUDFLyQFRPSOHPHQWDFLyQRHQPLHQGDOOHJDDIRUPDUSDUWHGH
ODUHVROXFLyQILQDOGHODTXHVHSLGLyVXFRPSOHPHQWDFLyQ&LUFXQVWDQFLDSRUODFXDO\
FRQODILQDOLGDGGHXQLIRUPDUFULWHULRVWDQWRHQODMXULVGLFFLyQRUGLQDULD\FRQVWLWXFLRQDO
VHHVWDEOHFHTXHHOUD]RQDPLHQWRFRQVWLWXFLRQDOHVJULPLGRHQOD6&5GH
GH MXOLR \D QR HV DSOLFDEOH  FRPR SUHFHGHQWH YLQFXODQWH D FDVRV VLPLODUHV FRPR HO
SUHVHQWHDVtFRPRWDPSRFRDIXWXUDVDFFLRQHVGHDPSDURFRQVWLWXFLRQDOSUHVHQWDGRVHQ
WRUQRDKHFKRVIiFWLFRVVLPLODUHVDORVH[SXHVWRVGHELHQGRSRUHOORUHFRQGXFLUVHGLFKR
HQWHQGLPLHQWRFRQVWLWXFLRQDO\UHDVXPLUVHHOGHVDUUROODGRHQOD6&5GH
GHPD\RFRQODVLJXLHQWHVXEUHJODTXHODDFODUD/RVSOD]RVSDUDODLQWHUSRVLFLyQGHORV
UHFXUVRVRUGLQDULRV FRPRODDSHODFLyQ\FDVDFLyQHQWUHRWURV RODVDFFLRQHVGHGHIHQVD
FRPRODDFFLyQGHDPSDURFRQVWLWXFLRQDO VHFRPSXWDUiQGHDFXHUGRDORGLVSXHVWRSRU
HODUWGHO&3&\GHODUW,,GHO&3&RUHVSHFWLYDPHQWHHVGHFLUDSDUWLUGHOD
QRWLILFDFLyQ FRQ HO $XWR GH H[SOLFDFLyQ R FRPSOHPHQWDFLyQ TXH IXHVH VROLFLWDGR
VLHPSUH \ FXDQGR GLFKD VROLFLWXG VH OD KD\D SUHVHQWDGR GHQWUR GHO SOD]R SURFHVDO
HVWDEOHFLGRSRUHODUW GHO&3&RVHDGHQWURGHODVYHLQWLFXDWURKRUDVVLJXLHQWHV
\DTXHVLVHKXELHVHSUHVHQWDGRODVROLFLWXGGHDFODUDFLyQFRPSOHPHQWDFLyQ\HQPLHQGD
GHXQDUHVROXFLyQGHFDUiFWHUGHILQLWLYRGHPDQHUDPDQLILHVWDPHQWHH[WHPSRUiQHD\OD
PLVPD KD\D VLGR UHFKD]DGD SRU GLFKR PRWLYR QR SRGUi VHU DSOLFDEOH HO SUHVHQWH
UD]RQDPLHQWRSXHVWRTXHVHHQWHQGHUiTXHHVWDVROLFLWXGIXHUHDOL]DGDFRQODLQWHQVLyQ
GHGLODWDUHOSURFHVR\REWHQHUGHHVDPDQHUDXQSOD]RPD\RUSDUDSRGHULQWHUSRQHUORV
UHFXUVRV RUGLQDULRV R DFFLRQHV H[WUDRUGLQDULDV GH GHIHQVD GHELHQGR HQ FX\R FDVR
FRPSXWDUVH HO SOD]R GHVGH OD QRWLILFDFLyQ FRQ OD VHQWHQFLD R UHVROXFLyQ GH FDUiFWHU
GHILQLWLYR



(Q FXDQWR DO SOD]R GH LQPHGLDWH] HQ UHODFLyQ D OD XWLOL]DFLyQ GH PHGLRV
LQLGyQHRV GH GHIHQVD /D 6& 5 HVWDEOHFLy TXH HQ FDVRV HQ ORV FXDOHV VH
UHFODPDQORVDFWRVXRPLVLRQHVOHVLYDVDGHUHFKRVDQWHLQVWDQFLDVQRFRPSHWHQWHVRSRU
PHGLRVQRLGyQHRVpVWRVQRSXHGHQVXVSHQGHUQLLQWHUUXPSLUHOSOD]RGHVHLVPHVHVGH
FDGXFLGDG GHO UHFXUVR GH DPSDUR \D TXH DO QR VHU PHFDQLVPRV OHJDOHV QR SXHGHQ
JHQHUDUXQDFRQVHFXHQFLDMXUtGLFDKDELOLWDQWHSDUDLPSHGLUODSUHVFULSFLyQGHOGHUHFKRD
DFFHGHUDGLFKRUHFXUVRSRUORTXHVyORODVYtDVOHJDOHVHLGyQHDVLQWHUUXPSHQHOSOD]R
GH VHLV PHVHV GHWHUPLQDGR FRPR Pi[LPR SDUD DFFHGHU DO UHFXUVR GH DPSDUR
FRQVWLWXFLRQDOFULWHULRDVXPLGRSRUODV66&&55\
(VWH HQWHQGLPLHQWR D VX YH] IXH DVXPLGR SRU OD 6& 5 OD FXDO HQ HO FDVR
FRQFUHWR UHYRFy OD UHVROXFLyQ GHO WULEXQDO GH JDUDQWtDV \ GHQHJy OD WXWHOD SRU
LQFXPSOLPLHQWRGHOSOD]RGHFDGXFLGDGSRUFRQVLGHUDUTXHODDFWLYDFLyQGHORVUHFXUVRV
GHFDVDFLyQ\FRPSXOVDHQHMHFXFLyQGHIDOORVQRVRQPHGLRVLGyQHRVSDUDFXHVWLRQDUXQ
DXWRGHYLVWDILUPHSRUORWDQWRQRSRGtDFRPSXWDUVHHOSOD]RGHVGHODQRWLILFDFLyQFRQ
ODGHFLVLyQILQDOTXHUHVROYLyHOUHFXUVRGHFRPSXOVDDFWLYDGRGHFLVLyQFRQWUDODFXDOVH
IRUPXOyXQYRWRGLVLGHQWH


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)- ,,,
FXDQGR OD QRWLILFDFLyQ FRQ HO DFWXDGR MXGLFLDO R
DGPLQLVWUDWLYR ILQDO VH HIHFW~D D ~OWLPD KRUD GHO GtD HO 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO FRQVLGHUD TXH HO LQLFLR GHO SOD]R SDUD
DFWLYDUODDFFLyQGHDPSDURFRQVWLWXFLRQDOGHEHVHUDVXPLGDGHVGHHO
SULPHU PRPHQWR GHO GtD VLJXLHQWH KiELO SXHV HO REMHWR GH OD PLVPD
UHFLpQVHFRQVLGHUDUiFXPSOLGRHQHOLQVWDQWHFRQVHFXHQWH


W


dW^:d



1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
5HFRQGXFWRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   /D JDUDQWtD GH LQDPRYLOLGDG  ODERUDO GH ORV
SURJHQLWRUHV KDVWD HO SULPHU DxR GHO KLMR HQ XQD LQWHUSUHWDFLyQ D
SDUWLUGHOSULQFLSLRGHIDYRUDELOLGDGDOFDQ]DDORVVHUYLGRUHVS~EOLFRV
GHOLEUHQRPEUDPLHQWRTXLHQHVVLELHQ\DQRJR]DQGHODFRQILDQ]DGH
ODDXWRULGDGTXHORVHOLJLyGHEHQSHUPDQHFHUHQODLQVWLWXFLyQHQRWUR
FDUJR FRQ VLPLODU R LGpQWLFR VXHOGR \ UHFRQRFLPLHQWR SOHQR GH VXV
GHUHFKRVDODVHJXULGDGVRFLDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HO DFFLRQDQWH GHQXQFLy OD
YXOQHUDFLyQGHVXVGHUHFKRVDOWUDEDMRDODLQDPRYLOLGDGIXQFLRQDULD\
HVWDELOLGDGODERUDOGHODTXHJR]DHQVXFRQGLFLyQGHSURJHQLWRUGHXQ
VHUHQJHVWDFLyQ\DTXHIXHGHVWLWXLGRGHVXVIXQFLRQHVSRUHOKHFKRGH
VHUIXQFLRQDULRGHOLEUHQRPEUDPLHQWR\SHVHDTXHDFXGLyDODVRILFLQDV
GHO0LQLVWHULRGH7UDEDMR(PSOHR\3UHYLVLyQ6RFLDOTXHFRQPLQyDOD
DXWRULGDG GHPDQGDGD SDUD VX UHLQFRUSRUDFLyQ pVWH LQFXPSOLy GLFKD
GHWHUPLQDFLyQSRUWDOHVPRWLYRVVROLFLWDVHFRQFHGDODWXWHODVHGHMH
VLQHIHFWRHOPHPRUDQGRSRUHOFXDOVHSUHVFLQGHGHVXVVHUYLFLRV\VH
SURFHGDDODUHVWLWXFLyQLQPHGLDWDDVXFDUJRFRQODFDQFHODFLyQGHVXV
KDEHUHV \ GHPiV EHQHILFLRV D ORV TXHWLHQH GHUHFKRFRPR HO VXEVLGLR
SUHQDWDO \ RWURV (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HQ VX VDOD
OLTXLGDGRUD FRQFHGLy OD WXWHOD VROLFLWDGD FRQ HO DUJXPHQWR TXH HO
DFFLRQDQWHIXHGHVWLWXLGRGHVXVIXQFLRQHVQRREVWDQWHTXHVXHVSRVDVH
HQFRQWUDED HQ HVWDGR GH HPEDUD]R \ TXH SRU WDQWR VH HQFRQWUDED
SURWHJLGRSRUODJDUDQWtDGHLQDPRYLOLGDGODERUDOSUHYLVWDHQHODUW9,
GHOD&3(

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,&RQVHFXHQWHPHQWHVHHVWDEOHFHTXHHODFFLRQDQWHWHQtDODFDOLGDG
GHVHUYLGRUS~EOLFRGHOLEUHQRPEUDPLHQWR\TXHVXHVSRVDVHHQFRQWUDEDHQ
HVWDGRGHHPEDUD]RDWLHPSRGHKDEHUVLGRDJUDGHFLGRHQVXVIXQFLRQHVGH
VHSWLHPEUH GH  VLWXDFLyQ SRU OD FXDO OOHJD D VHU GH DSOLFDFLyQ HO

W


dW^:d


UD]RQDPLHQWR FRQVWLWXFLRQDO H[SXHVWR HQ HO )XQGDPHQWR -XUtGLFR ,,, GH OD
SUHVHQWH6HQWHQFLD&RQVWLWXFLRQDO3OXULQDFLRQDOHQHOVHQWLGRGHTXHHOVHUYLGRU
S~EOLFR GH OLEUH QRPEUDPLHQWR SURJHQLWRU VH HQFXHQWUD DPSDUDGR SRU OR
GLVSXHVWRHQHODUW9,GHOD&3(UHIHUHQWHDODLQDPRYLOLGDGODERUDOKDVWD
TXHVXKLMRRKLMDKD\DFXPSOLGRXQDxRGHHGDGWRGDYH]TXHORTXHVHWXWHOD
FRQODLQDPRYLOLGDGODERUDOQRVRORHVHOSXHVWRRFDUJRGRQGHGHVDUUROODVX
WUDEDMRVLQRHOWUDEDMRHQVtPLVPRHQWHQGLGRFRPRHOPHGLRSRUHOFXDOVH
SURYHHUi GH PHGLRV GH VXEVLVWHQFLD SDUD VX SHUVRQD \ IDPLOLD LQFOXLGR DO
QDVFLWXUXV FXDQGRODHVSRVDRFRQYLYLHQWHVHHQFXHQWUDHQHVWDGRGHHPEDUD]R
RDVXKLMRUHFLpQQDFLGR3RUORTXHHO*HUHQWH*HQHUDOGH'$%<RQ\-XDQ
0ROLQD'iYDORVDOKDEHUHPLWLGRHOPHPRUDQGRGHDJUDGHFLPLHQWRGHVHUYLFLRV
'$%** 0 GH  GH VHSWLHPEUH \ DO QR KDEHU UHVWLWXLGR D VXV
IXQFLRQHVDODFFLRQDQWHFXDQGRHO'LUHFWRU*HQHUDOGH6HUYLFLR&LYLOPHGLDQWH
QRWD GH  GH VHSWLHPEUH GH  FRQPLQy DO PHQFLRQDGR *HUHQWH
UHLQFRUSRUDUORDVXVIXQFLRQHVYXOQHUyVXVGHUHFKRVIXQGDPHQWDOHVDOWUDEDMR
\ D OD LQDPRYLOLGDG ODERUDO HQWHQGLGD HVWD FRPR XQD IRUPD GH HVWDELOLGDG
ODERUDO HVWDEOHFLGD D IDYRU GH ORV WUDEDMDGRUHV S~EOLFRV R SULYDGRV  FRQ OD
ILQDOLGDGGHSURWHJHUHOGHUHFKRDODYLGDODVDOXGGHOVHUHQJHVWDFLyQRQLxR
UHFLpQQDFLGRKDVWDVXSULPHUDxRGHYLGDSXHVWRTXHGLFKDDXWRULGDGORTXH
GHELyKDFHUHUDUHLQFRUSRUDUDODKRUDDFFLRQDQWHDRWURSXHVWRODERUDOGHLJXDO
RVLPLODUDOFDUJRTXHVHHQFRQWUDEDFRQLJXDORVLPLODUVXHOGRVLHVTXH\DQR
JR]DEDGHODFRQILDQ]DGHGLFKRIXQFLRQDULRVLQHPEDUJRDOQRKDEHUREUDGR
GHHVDPDQHUDYXOQHUyVXVGHUHFKRVDQWHULRUPHQWHH[SXHVWRVVLWXDFLyQSRUOD
TXHFRUUHVSRQGHRWRUJDUODWXWHODVROLFLWDGDDIDYRUGHODFFLRQDQWH


6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOSRUFXDQWRHODFFLRQDQWH
VHUYLGRUS~EOLFRGHOLEUHQRPEUDPLHQWRIXHGHVWLWXLGRGHVXVIXQFLRQHV
QRREVWDQWHTXHVXHVSRVDVHHQFRQWUDEDHQHVWDGRGHHPEDUD]R\TXH
SRU WDQWR VH HQFRQWUDED SURWHJLGR SRU OD JDUDQWtD GH LQDPRYLOLGDG
ODERUDOSUHYLVWDHQHODUW9,GHOD&3(

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O 7ULEXQDO &RQVWLWXFLRQDO KD GHVDUUROODGR OtQHDV MXULVSUXGHQFLDOHV SURFHVDOHV \ GH
FDUiFWHUVXVWDQWLYRVREUHODSURWHFFLyQGHODPXMHUHPEDUD]DGD\GHOSURJHQLWRUKDVWDHO
DxRGHQDFLPLHQWRGHODKLMDRKLMRHQORVVLJXLHQWHVSUHFHGHQWHVFRQVWLWXFLRQDOHV

6REUHODH[FHSFLyQDOSULQFLSLRGHVXEVLGLDULHGDGGHODDFFLyQGHDPSDUR

L 
/D6&3TXHVHFRQVWLWX\HHQXQDSULPHUDVHQWHQFLDFRQILUPDGRUD
GH OD 6& 5 HVWDEOHFH TXH QR VH DSOLFD HO SULQFLSLRGHVXEVLGLDULHGDG GH OD
DFFLyQGHDPSDURFRQVWLWXFLRQDODODVPXMHUHVHQJHVWDFLyQ\PDGUHVGHQLxRV\QLxDV
PHQRUHVDXQDxRDREMHWRGHRWRUJDUXQDSURWHFFLyQLQPHGLDWD

LL 
/D6&3FRQWLHQHXQSUHFHGHQWHFRQVWLWXFLRQDOIXQGDGRUSRUFXDQWR
VHxDODTXHQRVHDSOLFDHOFDUiFWHUVXEVLGLDULRGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOD
SHVDUTXHHOHVWDGRGHJUDYLGH] GHVDSDUH]FDFRQHOQDFLPLHQWRGHOQLxRRQLxDHQHO
VXSXHVWR TXH VH YHULILTXH OD YXOQHUDFLyQ GHO GHUHFKR D OD HVWDELOLGDG H LQDPRYLOLGDG
ODERUDOGHODPXMHUHQHVWDGRGHHPEDUD]R


W


dW^:d

5HVSHFWRDODIOH[LELOL]DFLyQDOSULQFLSLRGHLQPHGLDWH]HQODDFFLyQGHDPSDUR
FRQVWLWXFLRQDO
/D 6&  IXH OD SULPHUD VHQWHQFLD HQ FRQWHQHU XQ SUHFHGHQWH VREUH OD
IOH[LELOL]DFLyQDOSULQFLSLRGHLQPHGLDWH]HQODDFFLyQGHDPSDURFRQVWLWXFLRQDO(QHVH
VHQWLGROD6&35SURQXQFLDGDSRUHO7ULEXQDO&RQVWLWXFLRQDOGHORVGLH]
DxRVGHPDQHUDHVSHFtILFDUHDOL]yXQDIOH[LELOL]DFLyQDOSOD]RGHORVVHLVPHVHVSDUD
LQWHUSRQHUOD DFFLyQGH DPSDUR FRQVWLWXFLRQDO HQSURWHFFLyQGH OD LQDPRYLOLGDG GH OD
PXMHUHPEDUD]DGDKDVWDHODxRGHQDFLPLHQWRGHOKLMR/DOtQHDMXULVSUXGHQFLDOVREUH
HVWDIOH[LELOL]DFLyQIXHFRQILUPDGRSRUOD6&3HVWDEOHFLyTXHHOWpUPLQRGH
VHLVPHVHVHVWDEOHFLGRSRUHODUW,,GHOD&RQVWLWXFLyQVHFRQVWLWX\HHQXQSDUiPHWUR
REMHWLYRGHXQSOD]RFRQVLGHUDGRSRUHOOHJLVODGRUFRQVWLWX\HQWHFRPRUD]RQDEOHSDUD
LQWHUSRQHUODGHPDQGDGHDPSDURFRQVWLWXFLRQDOSHURTXHHQDWHQFLyQDOYDORUMXVWLFLD
HOGHUHFKRGHDFFHVRDODMXVWLFLDHOSULQFLSLRGHLJXDOGDGTXHLPSHOHDRWRUJDUXQWUDWR
GLIHUHQWHDVLWXDFLRQHVGLVtPLOHVODLQWHUSUHWDFLyQSURKRPLQHGHOWH[WRFRQVWLWXFLRQDO
GLFKRSOD]RQRSXHGHVHUDXWRPiWLFDPHQWHDSOLFDEOHVLQRGHEHVHUORVXILFLHQWHPHQWH
IOH[LEOHSDUDFRQVLGHUDUODVSDUWLFXODULGDGHVGHFDGDFDVRFRQFUHWR

6REUHODJDUDQWtDGHLQDPRYLOLGDGIXQFLRQDULD

D&RQWUDWRVGHFDUiFWHULQGHILQLGR

L 
/DV 66&& 5 \ 5 HQWUH RWUDV UHILULpQGRVH DO
IXQGDPHQWRGHODJDUDQWtDGHODLQDPRYLOLGDGIXQFLRQDULDVHxDOyTXH
HOGHUHFKRTXH
VH GHEH SURWHJHU QR HV VRODPHQWH DO WUDEDMR VLQR RWURV GHUHFKRV SULPDULRV GH OD
UHFXUUHQWH\GHOVHUHQJHVWDFLyQORVFXDOHVQHFHVLWDQSURWHFFLyQXUJHQWHHLQPHGLDWD\D
TXHHOUHWLURLQWHPSHVWLYRGHODUHFXUUHQWHLPSRUWDWDPELpQODVXSUHVLyQGHOGHUHFKRDOD
VHJXULGDGVRFLDOTXHDVXYH]UHVJXDUGD\JDUDQWL]DHOGHUHFKRDODVDOXGGHUHFKRVTXH
FRQODPHGLGDDGRSWDGDSRQHQHQULHVJRHOSULPHUGHUHFKRODYLGDTXHQRSXHGHHVWDU
SHQGLHQWHGHRWURVUHFXUVRVRYtDVDGPLQLVWUDWLYDVTXHHVWDEOHFHOD/H\

LL 
3RVWHULRUPHQWHOD6&5VHxDOyTXHODSURWHFFLyQTXHEULQGDOD
&RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR \ OD /H\ GH 6HJXULGDG 6RFLDO HVWiQ RULHQWDGDV D
SURWHJHUDODPXMHUHPEDUD]DGDJDUDQWL]iQGROHVXLQDPRYLOLGDGHQHOWUDEDMRVHDFXDO
IXHVH OD PRGDOLGDGGH WUDEDMR   SRU FXDQWR HO GHUHFKR TXH VHGHEH SURWHJHU QR HV
VRODPHQWHDOWUDEDMRVLQRRWURVGHUHFKRVSULPDULRVGHODUHFXUUHQWH\GHOKLMRSRUQDFHU
ORVFXDOHVQHFHVLWDQSURWHFFLyQXUJHQWHHLQPHGLDWDJDUDQWtDH[WHQVLEOHUHVSHFWRGH
LQVWLWXFLRQHVS~EOLFDVFRPRSULYDGDV(VWHUD]RQDPLHQWRKDVLGRUDWLILFDGRSRUOD6&3
HQWUHRWUDV

E&RQWUDWRDSOD]RILMR
/DOtQHDMXULVSUXGHQFLDOVREUHODJDUDQWtDGHLQDPRYLOLGDGGHODPXMHUHPEDUD]DGD\ORV
SURJHQLWRUHVKDVWDTXHODKLMDRKLMRFXPSODXQDxRGHHGDGHQUHODFLRQHVODERUDOHVFRQ
FRQWUDWRVILMRVSXHGHFRQVWUXLUVHFRQORVVLJXLHQWHVSUHFHGHQWHVFRQVWLWXFLRQDOHV
L 
/D 6& 5 HVWDEOHFLy TXH QR HUD DSOLFDEOH OD JDUDQWtD GH
LQDPRYLOLGDGGHODPXMHUHPEDUD]DGDHQUHODFLRQHVODERUDOHVFRQFRQWUDWRVDSOD]RILMR

LL 
(O SUHFHGHQWH FRQWHQLGR HQ OD 6& 5 IXH PRGXODGR SRU OD 6&
5 TXH HVWDEOHFLyTXH HQ FRQWUDWRV DSOD]R ILMR HV DSOLFDEOH OD JDUDQWtD GH
LQDPRYLOLGDGGHODPXMHUHPEDUD]DGDHQORVVLJXLHQWHVFDVRV &XDQGRDOYHQFLPLHQWR
GHOFRQWUDWRDSOD]RILMRSHUVLVWDQODVDFWLYLGDGHVSDUDODVFXDOHVODPXMHUHPEDUD]DGD
IXHFRQWUDWDGD &XDQGRDSHVDUGHKDEHUYHQFLGRHOWpUPLQRGHOFRQWUDWRODWUDEDMDGRUD
VLJXD SUHVWDQGR VXV VHUYLFLRV \   &XDQGR KXELHUD VLGR FRQWUDWDGD HQ PiV GH GRV
RSRUWXQLGDGHVVXFHVLYDVVLHPSUHTXHVHWUDWHGHODUHDOL]DFLyQGHODERUHVSURSLDVDOJLUR
GHODHPSUHVD

LLL 
/D6&3DVXPLyHOHQWHQGLPLHQWRMXULVSUXGHQFLDOFRQWHQLGRHQOD
6&5SHURDGHPiVHQXQDLQWHUSUHWDFLyQDODOX]GHOPRGHORFRQVWLWXFLRQDO
YLJHQWHDSDUWLUGH\HQHOPDUFRGHODQRUPDWLYDLQIUDFRQVWLWXFLRQDOH[LVWHQWHHQ

W


dW^:d


HO(VWDGR3OXULQDFLRQDOGH%ROLYLDDGLFLRQyTXHHQPpULWRDOSULQFLSLRGHSULPDFtDGHOD
UHDOLGDGODVFRQGLFLRQHVGHVFULWDVHQYLUWXGDODVFXDOHVHVH[WHQVLEOHODJDUDQWtDGHOD
LQDPRYLOLGDG GHEHQ VHU YHULILFDGDV SRU HO 0LQLVWHULR GH 7UDEDMR \ VXV GHSHQGHQFLDV
'HSDUWDPHQWDOHV VHxDODQGR OR VLJXLHQWH
'H OR VHxDODGR VH LQILHUH TXH OD 'LUHFFLyQ
*HQHUDO GHO 7UDEDMR ODV -HIDWXUDV 'HSDUWDPHQWDOHV \ 5HJLRQDOHV GHEHQ UHDOL]DU OD
YHULILFDFLyQGHTXHODVDFWLYLGDGHVDVHUGHVDUUROODGDVSRUHOHPSOHDGRRFRQWUDWDGRQR
FRQVWLWX\DQ WDUHDV SURSLDV \ SHUPDQHQWHV SXHV FRPR VH KD HVWDEOHFLGR H[LVWH OD
SURKLELFLyQ GH UHDOL]DU FRQWUDWRV D SOD]R ILMR HQ HVWH WLSR GH WDUHDV SXGLHQGR VyOR
UHDOL]DUVHGLFKRVFRQWUDWRVHQWDUHDVSURSLDV\QRSHUPDQHQWHVODVFXDOHVHVWiQGHILQLGDV
SRU OD 5HVROXFLyQ PHQFLRQDGD FRPR DTXHOODV YLQFXODGDV DO JLUR KDELWXDO R SULQFLSDO
DFWLYLGDGGHODHPSUHVDVHFDUDFWHUL]DSRUVHUH[WUDRUGLQDULDPHQWHWHPSRUDOHV\HVWiQ
LGHQWLILFDGDVFODUDPHQWHSRUODUHIHULGD5HVROXFLyQ


$GHPiVRWURHOHPHQWRHVHQFLDOTXHLPSOLFDXQDFRPSOHPHQWDFLyQDOD6&
5HVTXHDPSOLyODDSOLFDFLyQGHODJDUDQWtDGHLQDPRYLOLGDGDDTXHOORVVXSXHVWRVTXH
HQYLUWXGDOSULQFLSLRGHSULPDFtDGHODUHDOLGDGHYLGHQFLHQTXHODWUDEDMDGRUDDSHVDUGH
KDEHU VXVFULWR XQ FRQWUDWR D SOD]R ILMR SDUD ODERUHV H[WUDRUGLQDULDV UHDOLFH ODERUHV
RUGLQDULDV\SURSLDVGHOJLUR$GHPiVHVWDVHQWHQFLDGHVDUUROOyHQXQDLQWHUSUHWDFLyQ
GH OD QRUPDWLYD LQIUDFRQVWLWXFLRQDO ORV DOFDQFHV GH ODV ODERUHV H[WUDRUGLQDULDV R
WHPSRUDOHV
/D6&3FRQVDJUDHOHVWiQGDUPiVDOWRHQFXDQWRDODJDUDQWtDGHLQDPRYLOLGDG
GHPXMHUHPEDUD]DGDRFRQKLMRVPHQRUHVGHXQDxRFRQFRQWUDWRVDSOD]RILMR
F )XQFLRQDULRVGHOLEUHQRPEUDPLHQWR
/D OtQHD MXULVSUXGHQFLDO VREUH OD LQPRYLOLGDG ODERUDO GH OD PXMHU HPEDUD]DGD \
SURJHQLWRU FRQ KLMRV PHQRUHV D XQ DxR HQ FDUJRV GH OLEUH QRPEUDPLHQWR SXHGH VHU
UHVXPLGDDWUDYpVGHOVLJXLHQWHGHVDUUROORMXULVSUXGHQFLDO
L 
/D6&5VHxDOyTXHHVYLDEOHHODPSDURFRPRPHFDQLVPRUiSLGR
\HILFD]SDUDWXWHODUSULRULWDULDPHQWHORVGHUHFKRVGHODUHFXUUHQWHTXHVHHQFXHQWUDHQ
HVWDGR GH JUDYLGH] \ GHO VHU HQ JHVWDFLyQ VLQ TXH HO DUJXPHQWR HVJULPLGR SRU HO
UHFXUULGRHQVHQWLGRGHTXHHOFDUJRTXHHMHUFtDODUHFXUUHQWHHVGHOLEUHQRPEUDPLHQWR
GDGRTXHODSURWHFFLyQGHODQRUPDHVHOUHVJXDUGRGHODPDWHUQLGDGDWDOH[WUHPRTXH
HVHUHVJXDUGRDTXHDOXGHHODUWGHOD/H\VHH[WLHQGHLQFOXVRSDUDODVPXMHUHV
HQJHVWDFLyQTXHSUHVWDIXQFLRQHVHQODDFWLYLGDGSULYDGD5D]RQDPLHQWRUHLWHUDGRHQ
ODV66&&55HQWUHRWUDV

LL 
6LQHPEDUJROD6&3HVWDEOHFLyTXHODLQDPRYLOLGDGGHODPXMHU
HPEDUD]DGD \ GH OD R HO SURJHQLWRU QR SXHGH VHU DSOLFDGD D WRGRV ORV IXQFLRQDULRV R
IXQFLRQDULDV S~EOLFDV HQWUH HOODV ORV IXQFLRQDULRV GH OLEUH QRPEUDPLHQWR
HQWHQGLPLHQWR TXH HQ HO PDUFR GH OD MXULVSUXGHQFLD GHVDUUROODGD DQWHV LQDSOLFy HO
HVWiQGDUPiVDOWRGHMXULVSUXGHQFLDFRQWHQLGRHQOD6&5

LLL 
3RVWHULRUPHQWHOD6&PXWyHOHQWHQGLPLHQWRFRQWHQLGRHQOD6&3
\HQXQDLQWHUSUHWDFLyQIDYRUDEOHFRQFOX\yTXHODJDUDQWtDGHLQDPRYLOLGDG
IXQFLRQDULD DOFDQ]D D WRGR WLSR GH IXQFLRQDULRV S~EOLFRV LQFOXLGRV ORV GH OLEUH
QRPEUDPLHQWR (Q HVH VHQWLGR DXQTXH OD VHQWHQFLD QR OR GLMR H[SUHVDPHQWH VH
FRQVWLWX\y HQ XQD 6HQWHQFLD UHFRQGXFWRUD GH OtQHD SRUTXH UHWRUQy DO HQWHQGLPLHQWR
MXULVSUXGHQFLDOFRQWHQLGRHQOD6&HQULTXHFLHQGRVXFRQWHQLGRVDSDUWLUGHORV
SULQFLSLRVGHIDYRUDELOLGDG\DSOLFDFLyQGLUHFWDGHGHUHFKRV

/D6&FRQWLHQHHOSUHFHGHQWHFRQHOHVWiQGDUPiVDOWRGHSURWHFFLyQUHVSHFWR
DODSURWHFFLyQVREUHODLQPRYLOLGDGODERUDOGHODPXMHUHPEDUD]DGD\SURJHQLWRUHVFRQ
KLMRVPHQRUHVDXQDxRHQFDUJRVGHOLEUHQRPEUDPLHQWR

G 3URFHVRVGLVFLSOLQDULRV\SRVWHUJDFLyQGHODVDQFLyQ
/DOtQHDMXULVSUXGHQFLDOVREUHODSRVWHUJDFLyQGHODVDQFLyQDGPLQLVWUDWLYDHQFDVRGH
VROLFLWXGGHWXWHODGHLQDPRYLOLGDGGHSURJHQLWRUHVTXHDIHFWHQVXHVWDELOLGDGODERUDOHV

W


dW^:d
ODVLJXLHQWH
L 
/DV 66&& 5 \ 5 HQWUH RWUDV GHWHUPLQDURQ OD
SURWHFFLyQ GH OD PXMHU HPEDUD]DGD \ PDGUH GH KLMDV H KLMRV PHQRUHV D XQ DxR \ OD
SRVWHUJDFLyQGHODVDQFLyQHQFDVRGHLQLFLRGHSURFHVRVGLVFLSOLQDULRVKDVWDHODxRGH
QDFLGR OD R HO KLMR (Q HVH PLVPR VHQWLGR OD 6& 5 DSOLFy GLFKR
HQWHQGLPLHQWR MXULVSUXGHQFLDO FRQ UHODFLyQ DO WUDEDMDGRU SURJHQLWRU HVWDEOHFLHQGR OD
SRVWHUJDFLyQGHODVVDQFLRQHVDGPLQLVWUDWLYDVTXHSRGUtDLPSRQpUVHOH

LL 
/D 6&  GH PDQHUD UHVWULFWLYD PRGXOy OD DQWHULRU OtQHD
MXULVSUXGHQFLDOFRQWHQLGDHQODV66&&55\6&5
\VRVWXYRTXHQRUHVXOWDEDDSOLFDEOHHOEHQHILFLRGHLQDPRYLOLGDGODERUDOKDVWDTXHHO
UHFLpQQDFLGRFXPSODXQDxRGHHGDGFXDQGRH[LVWDVDQFLyQDGPLQLVWUDWLYDGHELHQGR
HMHFXWDUVH LQPHGLDWDPHQWH HPSHUR DFODUy TXH TXHGDED VXEVLVWHQWH ORV EHQHILFLRV GH
ODFWDQFLDSDUDHOVHUHQJHVWDFLyQRUHFLpQQDFLGRPHQRUDXQDxRGHHGDG

LLL 
3RVWHULRUPHQWH OD 6&3  UHFRQGXMR HO HQWHQGLPLHQWR
MXULVSUXGHQFLDOVHxDODQGRTXHODVVDQFLRQHVDGPLQLVWUDWLYDVVyORSXHGHQVHUFRQFUHWDGDV
OXHJRGHFXPSOLGRHODxRGHHGDGGHODRHOKLMRGHODPXMHUWUDEDMDGRUDRSURJHQLWRU
WUDEDMDGRUSRUORPLVPRGHMyVLQHIHFWRODPRGXODFLyQFRQWHQLGDHQOD6&3

(O SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWLHQH HO HVWiQGDU PiV DOWR GH SURWHFFLyQ HV HO
FRQWHQLGR HQ OD 6&3  SRU FXDQWR HVWDEOHFH OD SRVWHUJDFLyQ GH OD VDQFLyQ
DGPLQLVWUDWLYD HQ FDVR GH VROLFLWXG GH WXWHOD GH LQDPRYLOLGDG GH SURJHQLWRUHV TXH
DIHFWHQVXHVWDELOLGDGODERUDO

H $OFDQFHGHODJDUDQWtDGHODLQDPRYLOLGDG\UHTXLVLWRVSDUDVXWXWHOD
L 
/D6&5GHGHQRYLHPEUHHVWDEOHFLy
3RURWUDSDUWHOD/H\
QRJDUDQWL]D~QLFDPHQWHODLQDPRYLOLGDGGHODPXMHUHPEDUD]DGDHQVXIXHQWHGHWUDEDMR
VLQRTXHWDPELpQODSURWHJHGHDTXHOODVVLWXDFLRQHVTXHHQHOWUDEDMRLPSOLTXHQHVIXHU]RV
TXH DIHFWHQ VX VDOXG OR TXH OD KDFHQ PHUHFHGRUD GH XQ WUDWDPLHQWR HVSHFLDO HQ HO
GHVHPSHxR GH VX DFWLYLGDG ODERUDO TXH OH SHUPLWDQ GHVDUUROODU pVWDV HQ FRQGLFLRQHV
DGHFXDGDVSRUORPLVPRQRSXHGHVHUDIHFWDGDHQVXQLYHOVDODULDOQLVXFRQGLFLyQHQVX
SXHVWRGHWUDEDMR


LL 
$VLPLVPR OD 6&3  GHWHUPLQy TXH SURFHGH SDJR GH KDEHUHV QR
SHUFLELGRVDIDYRUGHOSURJHQLWRUDTXHQRIXHUHLQFRUSRUDGRDDQWHODYXOQHUDFLyQGHVXV
GHUHFKRVDODHVWDELOLGDGHLQDPRYLOLGDGODERUDOGHXQDPXMHUHQHVWDGRGHJUDYLGH]KDVWD
HODxRGHQDFLPLHQWRGHOKLMRRKLMD\TXHDOPRPHQWRGHUHVROYHUHODPSDURQRVHD
SRVLEOHVXUHLQFRUSRUDFLyQSRUFRQWDUHOPHQRUGHHGDGFRQPiVGHXQDDxRGHQDFLGR

LLL 
/D6&3KDHVWDEOHFLGRTXHODPDGUH\RSDGUHSURJHQLWRUHVJR]DQ
GHLQDPRYLOLGDGODERUDOGHVGHODJHVWDFLyQKDVWDTXHVXKLMRRKLMDFXPSODXQDxRGH
HGDGQRSXGLHQGRVHUGHVSHGLGRVDIHFWDUVHVXQLYHOVDODULDOQLVXXELFDFLyQHQVXSXHVWR
GHWUDEDMRSDUDFX\DJDUDQWtDQRHVH[LJLEOHFRPXQLFDUDOHPSOHDGRUVREUHHOHVWDGRGH
JUDYLGH] MXULVSUXGHQFLD TXH IXH UHLWHUDGD HQ OD 6&3  HQWUH RWUDV
HQWHQGLPLHQWR~OWLPRTXHPXWyODSRVLFLyQGHO7ULEXQDO&RQVWLWXFLRQDOH[SUHVDGDHQ
ODV66&&55HQWUHRWUDVTXHHVWDEOHFLHURQHOGHEHUGHODPXMHU
HPEDUD]DGDGHFRPXQLFDUSUHYLDPHQWHVXHVWDGRGHHPEDUD]RDOHPSOHDGRU


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,)-,,,(QHVWHVHQWLGR\WRPDQGRHQFXHQWDTXHOD&RQVWLWXFLyQ3ROtWLFD
GHO (VWDGR GH %ROLYLD HV DPSOLD JDUDQWLVWD \ SURJUHVLVWD TXH WLHQGH D OD SURWHFFLyQ
HILFD]\HILFLHQWHGHORVGHUHFKRVGHODVSHUVRQDVDVtFRPRGHODVJDUDQWtDVHVWDEOHFLGDV
SDUDHOHIHFWRFRUUHVSRQGHLQGLFDUTXHVLELHQHODUWGHOD&3(HVWDEOHFHTXHORV
VHUYLGRUHVS~EOLFRVGHOLEUHQRPEUDPLHQWRQROOHJDQDVHUFRQVLGHUDGRVIXQFLRQDULRVGH

W


dW^:d


FDUUHUDSRUKDEHULQJUHVDGRDHMHUFHUIXQFLRQHVPHGLDQWHHOSURFHGLPLHQWRGLIHUHQWHDO
HVWDEOHFLGRSDUDHVWRV~OWLPRV\TXHSRUWDOPRWLYRGHDFXHUGRDORGLVSXHVWRSRUHODUW
,, LQF D  GH OD ()3 FDUHFHQ GH HVWDELOLGDG ODERUDO HOOR QR GHEH HQWHQGHUVH HQ XQ
PDUFR GH UD]RQDELOLGDG DEVROXWD QHJDWLYD VLQR PiV ELHQ GLIHUHQFLDGD GH DFXHUGR DO
JUXSRGHSHUVRQDVGHTXLHQVHKDEOH\ODVFRQGLFLRQHVHVSHFLDOHVTXHODVGLVWLQJXHHV
DVt TXH HQ HO FDVR GH ODV PXMHUHV HPEDUD]DGDV TXH VRQ VHUYLGRUDV S~EOLFDV GH OLEUH
QRPEUDPLHQWRGHEHUiHQWHQGHUVHHODUWGHOD&3(HQHOPDUFRGHORGLVSXHVWRSRU
HODUW,,\,9GHOD&3(DVtFRPRSRUORVDUWV,\,,,GHOD&3(HVGHFLUTXH
VLELHQODUHJODOOHJDDVHUTXHHQGLFKRVFDUJRVORVPHQFLRQDGRVVHUYLGRUHVS~EOLFRVQR
JR]DQGHHVWDELOLGDGODERUDOSRUQRVHUSDUWHGHODFDUUHUDDGPLQLVWUDWLYDVLQHPEDUJR
H[LVWLUiXQDH[FHSFLyQHQRFDVLyQGHTXHVHWUDWHGHJUXSRVGHVHUYLGRUHVS~EOLFRVHQ
HVWDGRGHYXOQHUDELOLGDGORVFXDOHVPHUHFHQXQDPD\RUSURWHFFLyQSRUSDUWHGHO(VWDGR
WDO FRPR VXFHGH FRQ ODV PXMHUHV HPEDUD]DGDV SDGUHV SURJHQLWRUHV SHUVRQDV FRQ
FDSDFLGDGHVGLIHUHQWHV\DGXOWRVPD\RUHV

(Q HVWH HQWHQGLGR HQ HO FDVR GH ODV PXMHUHV HPEDUD]DGDV \ SURJHQLWRUHV TXH VRQ
VHUYLGRUHVS~EOLFRV\TXHQRIRUPHQSDUWHGHODFDUUHUDDGPLQLVWUDWLYDFRPRHVHOFDVR
GHORVIXQFLRQDULRVGHOLEUHQRPEUDPLHQWRGHEHUiDSOLFDUVHODH[FHSFLyQTXHVHGHGXFH
GH OR GLVSXHVWR HQ HO DUW ,9 GH OD &3( TXH GLFH
/DV PXMHUHV QR SRGUiQ VHU
GLVFULPLQDGDV R GHVSHGLGDV SRU VX HVWDGR FLYLO VLWXDFLyQ GH HPEDUD]R HGDG UDVJRV
ItVLFRVRQ~PHURGHKLMDVRKLMRV6HJDUDQWL]DODLQDPRYLOLGDGODERUDOGHODVPXMHUHVHQ
HVWDGRGHHPEDUD]R\GHORVSURJHQLWRUHVKDVWDTXHODKLMDRHOKLMRFXPSODXQDxRGH
HGDG
SXHVWRTXHHQGLFKDQRUPDFRQVWLWXFLRQDOVHUHFRQRFHVLQGLVFULPLQDFLyQDOJXQD
DWRGDVODVSHUVRQDV LQFOX\HQGRVHUYLGRUHVS~EOLFRVGHOLEUHQRPEUDPLHQWR HOGHUHFKR
GHSHUPDQHFHUHQHOFDUJRTXHGHVHPSHxDEDQKDVWDTXHHOKLMRRKLMDFXPSODXQDxRGH
HGDGUD]RQDPLHQWRDOTXHVHDUULEDGHDFXHUGRDORGLVSXHVWRSRUHODUW,,TXHGLFH

/DVQRUPDVODERUDOHVVHLQWHUSUHWDUiQ\DSOLFDUiQEDMRORVSULQFLSLRVGHSURWHFFLyQGH
ODVWUDEDMDGRUDV\GHORVWUDEDMDGRUHVFRPRSULQFLSDOIXHU]DSURGXFWLYDGHODVRFLHGDG
GH SULPDFtD GH OD UHODFLyQ ODERUDO GH FRQWLQXLGDG \ HVWDELOLGDG ODERUDO GH QR
GLVFULPLQDFLyQ\GHLQYHUVLyQGHODSUXHEDDIDYRUGHODWUDEDMDGRUD\GHOWUDEDMDGRU
\D
TXHFRPRVHWLHQHLQGLFDGRHO(VWDGRWLHQHODREOLJDFLyQGHSURWHJHUDORVWUDEDMDGRUHV
VHDQHVWRVGHOVHFWRUS~EOLFRRSULYDGRSURSHQGLHQGRHQWRGRFDVRDTXHORVPLVPRV
WHQJDQXQDFRQWLQXLGDG\HVWDELOLGDGODERUDOPiVD~QVLVHWUDWDGHFDVRVHQORVTXHXQD
VHUYLGRUDS~EOLFDVHHQFXHQWUDHQHVWDGRGHHPEDUD]RRXQSURJHQLWRUWHQJDDVXHVSRVD
RFRQYLYLHQWHHQHOPLVPRHVWDGRSXHVWRTXHORTXHVHSUHFDXWHODHQWRGRVHVWRVFDVRV
QR HV HO WUDEDMR VLPSOH \ OODQR GHO WUDEDMDGRU VLQR ORV GHUHFKRV GHO QDVFLWXUXV
LQWHUSUHWDFLyQILQDOLVWD TXHVHHQFXHQWUDHQHOYLHQWUHPDWHUQRRGHOKLMRKLMDUHFLpQ
QDFLGRHQWUHORVTXHVHHQFXHQWUDHOGHUHFKRSULPRUGLDODODYLGDUHFRQRFLGRHQHODUW
GHOD&3(

&RQVHFXHQWHPHQWHHQDSOLFDFLyQGHOSULQFLSLRFRQVWLWXFLRQDOSURKRPLQHSRUHOFXDO
GHEHHQWHQGHUVHODQRUPDHQHOVHQWLGRPiVDPSOLR\QRDVtHQHOVHQWLGRUHVWULQJLGRVH
HVWDEOHFHTXHODVVHUYLGRUDVS~EOLFDVGHOLEUHQRPEUDPLHQWRTXHVHHQFXHQWUHQHQHVWDGR
GHHPEDUD]RRHQVXFDVRHOVHUYLGRUS~EOLFRGHOLEUHQRPEUDPLHQWRTXHVHDSURJHQLWRU
PHUHFHUi OD SURWHFFLyQ GHO (VWDGR D WUDYpV GH WRGDV VXV LQVWDQFLDV \ yUJDQRV
UHFRQRFLpQGROHVHOGHUHFKRHVWDEOHFLGRHQHODUW,9GHOD&3(VLQHPEDUJRGDGDV
VXVFDUDFWHUtVWLFDVHVSHFLDOHVHQODVTXHVHHQFXHQWUDQFRPRVHUYLGRUHVS~EOLFRVTXHQR
VHHQFXHQWUDQHQODFDUUHUDDGPLQLVWUDWLYDGHEHUiRWRUJDUVHODSURWHFFLyQHQDSOLFDFLyQ
GHORGLVSXHVWRSRUHODUW,9GHOD&3(SHUPLWLHQGRVHPDQWHQJDQGHVHPSHxDQGR
IXQFLRQHVHQODPLVPDLQVWLWXFLyQHQODTXHIXHURQDJUDGHFLGDVVXVODERUHVKDVWDTXHVX
KLMRRKLMDFXPSODXQDxRGHHGDGHPSHURWRPDQGRHQFXHQWDTXHDOQRJR]DU\DGHOD
FRQILDQ]DGHODDXWRULGDGTXHORVHOLJLyGHEHUiQSHUPDQHFHUH[FHSFLRQDOPHQWHHQRWUR
FDUJRVLPLODURLGpQWLFRFRQVLPLODURLGpQWLFRVXHOGR\FRQUHFRQRFLPLHQWRSOHQRGH
VXVGHUHFKRVDODVHJXULGDGVRFLDOSDUDTXHGHHVWDPDQHUDFXHQWHQFRQODFHUWLGXPEUH
GHTXHQRVHOHVUHWLUDUiGHOFDUJRSRUUD]yQGHOHPEDUD]R\TXHVHSURWHJHUiHOGHUHFKR
DODYLGD\VDOXGGHVXKLMRHOORHQUD]yQDTXHDOHVWDUDTXHOORVFDUJRVDGHFLVLyQ\
GLVSRVLFLyQGHORVHOHFWRVRGHVLJQDGRV\VHKXELHVHSHUGLGRODFRQILDQ]DSUHVWDGDHQ

W


dW^:d
GLFKRSHUVRQDOQRSRGUiREOLJDUVHDGLFKDDXWRULGDGDSHUPDQHFHUFRQDTXHOSHUVRQDO
FRQHOTXH\DQRJR]DGHDTXHOODFRQILDQ]D

(QHVWHWLSRGHFDVRVGHEHUiHQWHQGHUVHDODLQDPRYLOLGDGSRUUD]yQGHHPEDUD]RQRHQ
HOVHQWLGROLWHUDOGHODSDODEUDFXDOVHUtDQRPRYHUDOVHUYLGRUS~EOLFRGHOFDUJRTXH
RFXSDVLQRPiVELHQFRPRXQDIRUPDGHHVWDELOLGDGODERUDOHQODTXHVtVHORVSRGUi
PRYHU H[FHSFLRQDOPHQWH \ SRU ~QLFD YH] D RWUR FDUJR VLPLODU R LGpQWLFR GHQWUR OD
PLVPDLQVWLWXFLyQFRQODILQDOLGDGGHSUHFDXWHODUHOELHQHVWDUGHOQDVFLWXUXVGHOKLMRR
KLMDUHFLpQQDFLGDUHVJXDUGDQGRVXYLGD\VDOXGKDVWDTXHFXPSODVXSULPHUDxRGHYLGD
SXHVWRTXHODHVWDELOLGDGSURSLDPHQWHGLFKD DOVHUHOJpQHUR QRVyORDEDUFDDHVWHWLSR
GHVLWXDFLRQHVGHLQDPRYLOLGDG TXHHVODHVSHFLH VLQRDOKHFKRGHSHUPDQHFHUHQHO
FDUJRGHDFXHUGRDQRUPDVHVWDEOHFLGDV\SRUXQWLHPSRGHWHUPLQDGRFRPRVXFHGHHQ
HOFDVRGHODVVHUYLGRUDVS~EOLFDVGHOLEUHQRPEUDPLHQWRHPEDUD]DGDVRTXHWLHQHQXQ
KLMRRKLMDUHFLpQQDFLGR'LFKRFULWHULRGHEHUiDSOLFDUVHGHLJXDOPDQHUDDORVVHUYLGRUHV
S~EOLFRVGH OLEUHQRPEUDPLHQWR SURJHQLWRUHV \D TXH HOORV JR]DQ GH LJXDO PDQHUD GH
SURWHFFLyQGHO(VWDGRHQVXIXHQWHGHWUDEDMRSDUDTXHGHHVWDPDQHUDVHUHVJXDUGHQORV
GHUHFKRVGHVXKLMRRKLMDSRUQDFHURQDFLGRKDVWDHOSULPHUDxRGHVXQDFLPLHQWRSRU
ORTXHGHEHUiPDQWHQHUVHHQXQFDUJRVLPLODURLGpQWLFR\FRQVLPLODURLGpQWLFRVXHOGR
HQ OD PLVPD LQVWLWXFLyQ \ FRQ SOHQR UHFRQRFLPLHQWR GHORV GHUHFKRVGH OD VHJXULGDG
VRFLDOKDFLDVXHVSRVDHPEDUD]DGDSRUHOWLHPSRHVWDEOHFLGRHQHODUW,9GHOD&3(

(OSUHVHQWHFULWHULRFRQVWLWXFLRQDOVHORGHVDUUROODHQYLUWXGDTXHHO(VWDGR3OXULQDFLRQDO
GH %ROLYLD WLHQH FRPR ILQDOLGDG OD GH SURPRYHU SURWHJHU \ UHVSHWDU ORV GHUHFKRV
HVWDEOHFLGRVHQOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRGHDFXHUGRORHVWDEOHFLGRHQHODUW
GHOD&3(JDUDQWL]DQGRVXHILFDFLD\FXPSOLPLHQWRSRUSDUWHGHORVSDUWLFXODUHV\
DXWRULGDGHVHQWRGDVODVHVIHUDVGHOVHFWRUS~EOLFRRSULYDGR$GHPiVGHTXHGHDFXHUGR
DORGLVSXHVWRSRUHODUW,GHOD/H\)XQGDPHQWDO
7RGRVORVGHUHFKRVUHFRQRFLGRV
HQ OD &RQVWLWXFLyQ VRQ GLUHFWDPHQWH DSOLFDEOHV \ JR]DQ GH LJXDOHV JDUDQWtDV SDUD VX
SURWHFFLyQ
VLWXDFLyQSRUODFXDOHQHOFDVRTXHVHDQDOL]DHVGHSUHIHUHQWHDSOLFDFLyQ
ODV QRUPDV FRQVWLWXFLRQDOHV SRUHQFLPD GH FXDOTXLHU RWUD QRUPD LQIHULRU TXH SRGUtD
HVWDUHQFRQWUDGLFFLyQDODSUHVHQWHUHVROXFLyQ


,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

'HVDUUROODGD OD KLVWRULD MXULVSUXGHQFLDO VREUH OD JDUDQWtD GH OD
LQDPRYLOLGDG IXQFLRQDULD GH SDGUHV SURJHQLWRUHV VH WLHQH D  /D 6&3
FRQWLHQHHOSUHFHGHQWHFRQVWLWXFLRQDOPiVDOWRGHSURWHFFLyQ
UHVSHFWR D OD SRVWHUJDFLyQ GH OD VDQFLyQ DGPLQLVWUDWLYD HQ FDVR GH
VROLFLWXG GH WXWHOD GH LQDPRYLOLGDG GH SURJHQLWRUHV TXH DIHFWHQ VX
HVWDELOLGDGODERUDOE /D6&3FRQVDJUDHOHVWiQGDUPiVDOWR
HQFXDQWRDODJDUDQWtDGHLQDPRYLOLGDGGHPXMHUHPEDUD]DGDRFRQKLMRV
PHQRUHVGHXQDxRFRQFRQWUDWRVDSOD]RILMR\F /D6&
FRQWLHQHHOSUHFHGHQWHFRQHOHVWiQGDUPiVDOWRGHSURWHFFLyQUHVSHFWRD
OD SURWHFFLyQ VREUH OD LQPRYLOLGDG ODERUDO GH OD PXMHU HPEDUD]DGD \
SURJHQLWRUHV FRQ KLMRV PHQRUHV D XQ DxR HQ FDUJRV GH OLEUH
QRPEUDPLHQWR



1~PHURGHUHVROXFLyQ6&3

W


dW^:d


)LFKD

7LSR-XULVSUXGHQFLD

-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3&XDQGRODVGHQXQFLDVVREUHYXOQHUDFLyQDGHUHFKRV
IXQGDPHQWDOHVHQFRQWH[WRVLQWUDFXOWXUDOHVYHUVHQVREUHGHUHFKRVGH
PXMHUHV R   QLxDV QLxRV DGROHVFHQWHV GHEHUi UHDOL]DUVH XQD
SRQGHUDFLyQ UHIRU]DGD GH GHUHFKRV D OD OX] GH SDUDGLJPD GH
IDYRUDELOLGDG HQ YLUWXG GHO FXDO ODV LQWHUSUHWDFLRQHV GHEHUiQ VHU OR
PiV IDYRUDEOHV SURJUHVLYDV \ H[WHQVLYDV SDUD JUXSRV GH DWHQFLyQ
SULRULWDULD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH OLEHUWDG HO DFFLRQDQWH SLGH HO UHVJXDUGR GH VXV
GHUHFKRVGHVXHVSRVDHKLMRVDODYLGDHLQWHJULGDGItVLFDSVLFROyJLFD
SURKLELFLyQ GH WRUWXUD WUDWRV FUXHOHV LQKXPDQRV GHJUDGDQWHV R
KXPLOODQWHVGHUHFKRVDODJXD\ODDOLPHQWDFLyQHOGHUHFKRDOWUDEDMRDO
FRPHUFLRODSURKLELFLyQGHLQIDPLDPXHUWHFLYLO\FRQILQDPLHQWR\HO
GHUHFKRDOGHELGRSURFHVRSRUTXHODMXQWDYHFLQDOGH3RURPDDVXPLyOD
GHFLVLyQ GH H[SXOVDUD WRGD VXIDPLOLD GH OD FRPXQLGDG GHFLVLyQ TXH
WLHQHFRPRDQWHFHGHQWHXQURERFRPHWLGR\UHSDUDGRSRUVXKLMRHQEDVH
DHVWHDQWHFHGHQWHGHQXQFLyTXHODMXQWDYHFLQDOUHSUHVHQWDGDSRUODV
DXWRULGDGHVDKRUDGHPDQGDGDVORVQRWLILFyHOGHHQHURGHFRQ
GLFKDGHFLVLyQRWRUJiQGROHVXQSOD]RPi[LPRGHFXDUHQWD\RFKRKRUDV
SDUDDEDQGRQDUODFRPXQLGDGGHFLVLyQTXHIXHDVXPLGDSRUORVDKRUD
GHPDQGDGRVVLQTXHH[LVWDXQGHELGRSURFHVR\DIHFWDQGRDXQDPXMHU
\PHQRUHVGHHGDGTXLHQHVQRFRPHWLHURQQLQJ~QDFWRVDQFLRQDEOH(Q
EDVH D HVWRV KHFKRV SLGLy VH FRQFHGD OD WXWHOD \ VH GLVSRQJD HO
UHVWDEOHFLPLHQWRGHVXVGHUHFKRV\HOFHVHGHWRGDVODVDFFLRQHVHMHUFLGDV
FRQWUDHODFFLRQDQWH\VXIDPLOLD(O-XH]GH*DUDQWtDVFRQFHGLyODWXWHOD
\ HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HQ UHYLVLyQ DSUREy GLFKD
UHVROXFLyQ\GLVSXVRL (OFHVHGHWRGRDFWRFRQWUDULRDOSDUDGLJPDGHO
YLYLUELHQLL /DWUDGXFFLyQGHODGHFLVLyQDOTXHFKXD\D\PDUiLLL /D
VRFLDOL]DFLyQ GH OD VHQWHQFLD D OD 8QLGDG GH 'HVFRORQL]DFLyQ \ D OD
6HFUHWDUtD *HQHUDO GHO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO /D
VHQWHQFLD WXYR ORV VLJXLHQWHV IXQGDPHQWRV   6H HVWDEOHFLy TXH OD
&RPXQLGDGGH3RURPDWLHQHSHUWHQHQFLDFXOWXUDODORV4KDUD4KDUDVFRQ
XQD H[LVWHQFLD DQWHULRU D OD FRORQLDO DGHPiV GH WHQHU YtQFXORV
LGLRPiWLFRV \ FRQWDU FRQ XQD RUJDQL]DFLyQ DGPLQLVWUDWLYD \ WHUULWRULDO
PL[WD\DTXHFRQFXUUHQRUJDQL]DFLRQHVWHUULWRULDOHVGHFDUiFWHUYHFLQDO
W


dW^:d

VLQGLFDWRVFDPSHVLQRV\RUJDQL]DFLRQHVRULJLQDULDVEDMRHOVLVWHPDGHO
D\OOXDVLPLVPRVHHVWDEOHFLyTXHFXHQWDQFRQODWLWXODFLyQGH7LHUUDV
&RPXQLWDULDVGH2ULJHQWLHQHQXQDFRVPRYLVLyQSURSLDSRUORTXHDO
FRQWDU FRQ HOHPHQWRV GH FRKHVLyQ FRPXQLWDULD VH FRQFOX\y TXH OD
FRPXQLGDGGH3RURPDHVWLWXODUGHOGHUHFKRFROHFWLYRDOHMHUFLFLRGHVX
VLVWHPDMXUtGLFRHQPDUFDGRHQVXFRVPRYLVLyQ (OSDUDGLJPDGHOYLYLU
ELHQ VH FRQILJXUD FRPR XQD YHUGDGHUD SDXWD GH LQWHUSUHWDFLyQ
LQWHUFXOWXUDOGHGHUHFKRVIXQGDPHQWDOHVDSDUWLUGHODFXDOORVYDORUHV
SOXUDOHV VXSUHPRV LUUDGLDQ GH FRQWHQLGR ORV DFWRV \ GHFLVLRQHV TXH
HPDQDQ GH OD MXVWLFLD LQGtJHQD RULJLQDULD FDPSHVLQD FRQVWLWX\HQGR
DGHPiV XQD JDUDQWtD SOXUDO GHVWLQDGD D HYLWDU GHFLVLRQHV
GHVSURSRUFLRQDGDV\DUELWUDULDVSRUORTXHODVGHFLVLRQHVHQFRQWH[WRV
LQWUDFXOWXUDOHVGHEHQVHUDQDOL]DGDVGHVGHORVVLJXLHQWHVHOHPHQWRVD 
$UPRQtDD[LRPiWLFDE 'HFLVLyQDFRUGHFRQODFRVPRYLVLyQSURSLDF 
5LWXDOLVPRV DUPyQLFRV FRQ SURFHGLPLHQWRV QRUPDV WUDGLFLRQDOPHQWH
XWLOL]DGRVGHDFXHUGRDODFRVPRYLVLyQSURSLDGHFDGDQDFLyQ\SXHEOR
LQGtJHQD RULJLQDULR FDPSHVLQD \ G  3URSRUFLRQDOLGDG \ QHFHVLGDG
HVWULFWD HQ HVWH PDUFR GH DFXHUGR DO SDUDGLJPD GHO YLYLU ELHQ VH
FRQFOX\yHQHOFDVRFRQFUHWRTXHODGHFLVLyQGHH[SXOVLyQGHODFFLRQDQWH
\ VX IDPLOLD QR HV SURSRUFLRQDO QL UHVSRQGH D XQD HVWULFWD QHFHVLGDG
FRPXQLWDULD SRU OR TXH QR FXPSOH FRQ ORV SRVWXODGRV GHO WHVW GHO
SDUDGLJPD GHO YLYLUELHQ  (Q FLUFXQVWDQFLDV HQODV FXDOHV ORVDFWRV
GHQXQFLDGRV FRPR OHVLYRV YHUVHQ VREUH GHUHFKRV GH PXMHUHV R OD
PLQRULGDG HQ FRQWH[WRV LQWUDFXOWXUDOHV HO FRQWURO SOXUDO GH
FRQVWLWXFLRQDOLGDGGHEHUiDVHJXUDUODFRQVROLGDFLyQGHORVSULQFLSLRVGH
LJXDOGDGVROLGDULGDGHLQFOXVLyQDWUDYpVGHXQDSRQGHUDFLyQUHIRU]DGD
DODOX]GHXQDSDXWDHVSHFtILFDGHLQWHUSUHWDFLyQODLQWHUSUHWDFLyQLQWUD
FXOWXUDO IDYRUDEOH SURJUHVLYD \ H[WHQVLYD SDUD HVWRV VHFWRUHV D FX\R
HIHFWRVHHVWDEOHFHODYLJHQFLDGHOSDUDGLJPDGHODIDYRUDELOLGDGSDUD
ODV PXMHUHV \ PLQRULGDG DO FXDO GHEH DUPRQL]DUVHOD FRVPRYLVLyQ GH
WRGRSXHEOR\QDFLyQLQGtJHQDRULJLQDULRFDPSHVLQDHQHVWHPDUFRVH
FRQFOX\yTXHODGHFLVLyQDVXPLGDSRUODFRPXQLGDGGH3RURPDDIHFWy
HVWHSDUDGLJQDUHIRU]DGRGHLQWHUSUHWDFLyQGHGHUHFKRVDOH[SXOVDUDXQD
PXMHU\PHQRUHVTXHQRFRPHWLHURQDFWRUHSURFKDEOHDOJXQRHQGLFKD
FRPXQLGDG

([WUDFWRGHODUDWLRGHFLGHQGL

)-,9F 
6H GLMR WDPELpQ HQ HO )XQGDPHQWR -XUtGLFR ,9 GH OD SUHVHQWH
6HQWHQFLDTXHHQFLUFXQVWDQFLDVHQODVFXDOHVORVDFWRVGHQXQFLDGRVFRPROHVLYRVYHUVHQ
VREUHGHUHFKRVGHPXMHUHVRODPLQRULGDGHQFRQWH[WRVLQWUDFXOWXUDOHVHOFRQWUROSOXUDO
GHFRQVWLWXFLRQDOLGDGGHEHUiDVHJXUDUODFRQVROLGDFLyQGHORVSULQFLSLRVGHLJXDOGDG
VROLGDULGDG H LQFOXVLyQ D WUDYpV GH XQD SRQGHUDFLyQ UHIRU]DGD D OD OX] GH XQD SDXWD
HVSHFtILFD GH LQWHUSUHWDFLyQ OD LQWHUSUHWDFLyQ LQWUDFXOWXUDO IDYRUDEOH SURJUHVLYD \
H[WHQVLYDSDUDHVWRVVHFWRUHVDFX\RHIHFWRVHHVWDEOHFHODYLJHQFLDGHOSDUDGLJPDGHOD
IDYRUDELOLGDGSDUDODVPXMHUHV\PLQRULGDGDOFXDOGHEHDUPRQL]DUVHODFRVPRYLVLyQGH
WRGRSXHEOR\QDFLyQLQGtJHQDRULJLQDULRFDPSHVLQD(QHOFDVRFRQFUHWRVHWLHQHTXHOD
FRVPRYLVLyQ GHO SXHEOR LQGtJHQD RULJLQDULR FDPSHVLQR GH 3RURPD FRQWHPSOD OD

W


dW^:d


LQFOXVLyQHLJXDOGDGGHODPXMHU\VXDOWRHVWDWXVFRPXQLWDULR\DTXHGHDFXHUGRDORV
GRFXPHQWRVJHQHUDGRVSRUOD8QLGDGGH'HVFRORQL]DFLyQGHO7ULEXQDO&RQVWLWXFLRQDO
HQHOPDUFRGHODFRVPRYLVLyQGHOSXHEORGH3RURPDODULWXDOLGDGHQODDGPLQLVWUDFLyQ
GH MXVWLFLD HQ OD FRPXQLGDGGH3RURPD HVWi EDVDGD HQ OD GXDOLGDG TXH VXPLQLVWUD OD
DXWRULGDGGHQRPLQDGD.KDULZDUPLTXHUHJXOD\HTXLOLEUDODVDQFLyQDLPSRQHUVHDORV
LQIUDFWRUHV (Q HVWH FRQWH[WR VH WLHQH TXH .KDULZDUPL HV XQ WpUPLQR TXHFKXD TXH
VLJQLILFD OD FRPSOHPHQWDULHGDG HQWUH OD PXMHU \ HO KRPEUH HQ OD DGPLQLVWUDFLyQ GH
MXVWLFLD IV HVWHHOHPHQWRHMHPSOLILFDODFRVPRYLVLyQGHHVWHSXHEORHQUHODFLyQD
ODPXMHUSRUFXDQWRDODOX]GHXQDLQWHUSUHWDFLyQLQWUDFXOWXUDOIDYRUDEOHSURJUHVLYD\
H[WHQVLYDVHWLHQHTXHODGHFLVLyQDKRUDDQDOL]DGDHVGHFLUODQRWLILFDFLyQGHGHHQHUR
GHDIHFWDDODFRVPRYLVLyQGHODFRPXQLGDGHQUHODFLyQDXQJUXSRHQFRQGLFLRQHV
GHYXOQHUDELOLGDGVXMHWDVDXQDSURWHFFLyQUHIRU]DGDFRPRHVHOFDVRGHODVPXMHUHV
$VLPLVPRHVWDGHFLVLyQDIHFWDDRWURVHFWRUYXOQHUDEOHTXHHVHOGHODPLQRULGDG\D
TXHODVDQFLyQGHH[SXOVLyQVHHVWDEOHFHWDPELpQHQUHODFLyQDORVKLMRVPHQRUHVGHHGDG
GHORVDFFLRQDQWHV


6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGHODDFFLyQGHOLEHUWDGSRUTXHHQDSOLFDFLyQGHOSDUDGLJPDGH
SURWHFFLyQUHIRU]DGDVHFRQFOX\yTXHODGHFLVLyQGHH[SXOVLyQDPXMHUHV
\ QLxRV DVXPLGD SRU OD FRPXQLGDG GH 3RURPD HV FRQWUDULD D HVWH
SDUDGLJPD

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

(QHVWDVHQWHQFLDHOSUHFHGHQWHVHHQFXHQWUDHQHO)-,9TXHHVWDEOHFH

/DSURWHFFLyQGHPXMHUHV\ODPLQRULGDGHQFRQWH[WRVLQWUDFXOWXUDOHV


7DO FRPR VH VHxDOy HQ HO )XQGDPHQWR -XUtGLFR 9, GH OD
SUHVHQWH6HQWHQFLDHOSULPHUHOHPHQWRGHOWHVWGHOSDUDGLJPDGHOYLYLU
ELHQVHUHILHUHDODDUPRQtDD[LRPiWLFDDODFXDOGHEHQDGDSWDUVHWRGDV
ODV GHFLVLRQHV HPHUJHQWHV GH OD MXULVGLFFLyQ LQGtJHQD RULJLQDULR
FDPSHVLQDHQHVHRUGHQFRQVLGHUDQGRTXHWRGDGHFLVLyQHPDQDGDGH
HVWD MXULVGLFFLyQ HQ FXDQWR D VXV ILQHV \ PHGLRV HPSOHDGRV GHEH
DVHJXUDUODPDWHULDOL]DFLyQGHYDORUHVSOXUDOHVVXSUHPRVHQWUHORVFXDOHV
VH HQFXHQWUDQODLJXDOGDGVROLGDULGDG \ ODLQFOXVLyQHQ HVH RUGHQ DO
HQFRQWUDUVHODVPXMHUHV\ODPLQRULGDGHQFRQGLFLRQHVGH
YXOQHUDELOLGDG
PDWHULDO
 UD]yQ SRU OD FXDO OD GRFWULQD FRQVWLWXFLRQDO ORV FRQVLGHUD
VHFWRUHVGHDWHQFLyQSULRULWDULDVXSURWHFFLyQUHIRU]DGDHQPpULWRDOD
FRQVWLWXFLyQ D[LRPiWLFD GHEH HVWDU WDPELpQ DVHJXUDGD HQ FRQWH[WRV
LQWUDHLQWHUFXOWXUDOHVSRUWDQWRHOSDUDGLJPDGHOYLYLUELHQHQFXDQWR
DODQiOLVLVGHOSULPHUHOHPHQWRGHOWHVWLPSOLFDHOHMHUFLFLRGHXQFRQWURO
SOXUDO GH FRQVWLWXFLRQDOLGDG UHIRU]DGR HQ UHODFLyQ D HVWRV JUXSRV
YXOQHUDEOHV

3RUORH[SUHVDGRHQFLUFXQVWDQFLDVHQODVFXDOHVORVDFWRVGHQXQFLDGRV
FRPROHVLYRVDGHUHFKRVGHPXMHUHVRODPLQRULGDGHQFRQWH[WRVLQWUDH
W


dW^:d

LQWHUFXOWXUDOHVHOFRQWUROSOXUDOGHFRQVWLWXFLRQDOLGDGGHEHUiDVHJXUDU
ODFRQVROLGDFLyQGHORVSULQFLSLRVGHLJXDOGDGVROLGDULGDGHLQFOXVLyQD
WUDYpVGHXQDSRQGHUDFLyQUHIRU]DGDDODOX]GHXQDSDXWDHVSHFtILFDGH
LQWHUSUHWDFLyQ OD LQWHUSUHWDFLyQ LQWUDFXOWXUDO IDYRUDEOH SURJUHVLYD \
H[WHQVLYDSDUDHVWRVVHFWRUHVDFX\RHIHFWRVHHVWDEOHFHODYLJHQFLDGHO
SDUDGLJPDGHODIDYRUDELOLGDGSDUDODVPXMHUHV\PLQRULGDGDOFXDOGHEH
DUPRQL]DUVHODFRVPRYLVLyQGHWRGRSXHEOR\QDFLyQLQGtJHQDRULJLQDULR
FDPSHVLQR

3RU OR H[SUHVDGR VH WLHQH TXH FXDOTXLHU GHFLVLyQ GH OD MXULVGLFFLyQ
LQGtJHQDRULJLQDULDFDPSHVLQDTXHSODVPHPHGLRVRILQHVFRQWUDULRVD
ORV YDORUHV SOXUDOHV VXSUHPRV UHIHUHQWHV D OD LJXDOGDG LQFOXVLyQ
VROLGDULGDG X RWURV \ TXH DIHFWHQ D HVWRV VHFWRUHV GH SURWHFFLyQ
SULRULWDULD GHEHUiQ VHU UHVWLWXLGRV SRU HO FRQWURO SOXUDO GH
FRQVWLWXFLRQDOLGDG HQ DSOLFDFLyQ GHO SDUDGLJPD GH IDYRUDELOLGDG SDUD
ODVPXMHUHV\PLQRULGDGHQORVWpUPLQRVSUHFHGHQWHPHQWHH[SXHVWRV



1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3/DSUHVHQWDFLyQGHXQDQXHYDVROLFLWXGGHFHVDFLyQ
GHODGHWHQFLyQSUHYHQWLYDQRLPSLGHDODMXULVGLFFLyQFRQVWLWXFLRQDO
FRQRFHU SUHVXQWDV YXOQHUDFLRQHV D GHUHFKRV IXQGDPHQWDOHV HQ TXH
SRGUtD KDEHU LQFXUULGR OD DXWRULGDG MXGLFLDO TXH HPLWLy OD SULPHUD
5HVROXFLyQ TXH UHFKD]y WDO EHQHILFLR  HQ YLUWXG DO SULQFLSLR GH
IDYRUDELOLGDGDODFFHVRDODMXVWLFLDRSURDFWLRQH

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH OLEHUWDG HO DFFLRQDQWH DOHJD TXH ODV DXWRULGDGHV
GHPDQGDGDVOHVLRQDURQHOGHUHFKRDOGHELGRSURFHVR\DODOLEHUWDGGH
VX UHSUHVHQWDGR SRU FXDQWR DO SURQXQFLDU HO $XWR GH 9LVWD 
UHDOL]DURQXQDLQGHELGDDSOLFDFLyQ\JURVHUDLQWHUSUHWDFLyQGHODUW
LQF GHO&33DOREOLJDUDVXUHSUHVHQWDGRDGHVYLUWXDUQXHYDPHQWHORV
ULHVJRV SURFHVDOHV SUHYLVWRV SRU HO
DUW  Q~P   GHO &33
 VLF 
FXDQGRWDOH[WUHPR\DQRFRUUHVSRQGtDVHUH[LJLGRHQODDSHODFLyQDO
KDEHU VLGR \D DFUHGLWDGRV SRU HO -XH] FDXWHODU OR TXH FRQVWLWX\H XQ
W


dW^:d


SURFHVDPLHQWRLQGHELGRTXHREOLJDD0LJXHO+XJR5LYHUD0DUWtQH]D
VHJXLU GHWHQLGR (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO SUHYLR D
GHVFDUWDU FDXVDOHV GH VXEVLGLDULHGDG H[FHSFLRQDO FRQILUPy OD
GHQHJDWRULDGHODDFFLyQ

([WUDFWRGHODUDWLRGHFLGHQGL

)M ,,, &RQFOX\HQGR UHVXOWD SHUWLQHQWH UHIHULUQRV D XQR GH ORV
IXQGDPHQWRVH[SXHVWRVHQOD5HVROXFLyQSURQXQFLDGDSRUHO7ULEXQDOGH
JDUDQWtDVHQHOHQWHQGLGRGHTXHODMXULVGLFFLyQFRQVWLWXFLRQDOQRSRGUtD
LQJUHVDUDODQiOLVLVGHODSUHVHQWHFDXVDGHELGRDTXHHODFFLRQDQWHXQD
YH] HPLWLGR HO $XWR GH 9LVWD TXH VH LPSXJQD YtD DFFLyQ GH OLEHUWDG
VROLFLWy QXHYD DXGLHQFLD GH FHVDFLyQ GH GHWHQFLyQ SUHYHQWLYD 7DO
UD]RQDPLHQWR QR VH HQFXHQWUD HQ DUPRQtD FRQ OR GHVDUUROODGR HQ HO
)XQGDPHQWR-XUtGLFR,,,GHOSUHVHQWHIDOORUHVSHFWRDOSULQFLSLRGHO
LQIRUPDOLVPR TXH UHYLVWH D HVWD GHPDQGD FRQVWLWXFLRQDO SXHV
FRQVLGHUDQGR OD PDJQLWXG GH ORV GHUHFKRV TXH WXWHOD OD DFFLyQ GH
OLEHUWDG ORV PLVPRV QR SXHGHQ HVWDU VXSHGLWDGRV D IRUPDOLVPRV
SURFHVDOHV%DMRHVHHQWHQGLPLHQWRHOKHFKRGHKDEHUVROLFLWDGRQXHYD
DXGLHQFLD GH FHVDFLyQ GH GHWHQFLyQ SUHYHQWLYD QR SXHGH DSDUWDU D OD
MXVWLFLDFRQVWLWXFLRQDOGHFRQRFHUSUHVXQWDVYXOQHUDFLRQHVDGHUHFKRV
IXQGDPHQWDOHVHQTXHSRGUtDKDEHULQFXUULGRODDXWRULGDGMXGLFLDOTXH
HPLWLyODSULPHUD5HVROXFLyQGHFHVDFLyQGHGHWHQFLyQTXHUHFKD]yWDO
EHQHILFLR HQ FRQVHFXHQFLD HO KHFKR GH VROLFLWDU QXHYD DXGLHQFLD GH
FHVDFLyQQRLPSLGHDOLPSXWDGRRSURFHVDGRGHPDQGDUODWXWHODGHVXV
GHUHFKRV SRU PHGLR GH OD DFFLyQ GH OLEHUWDG SXHV OR FRQWUDULR
VLJQLILFDUtDXQDQHJDWLYDDUELWUDULDTXHQRUHIOHMDHODFFHVRLUUHVWULFWRD
ODMXVWLFLD


&RPR FRURODULR GH WRGR OR DQDOL]DGR VH WLHQH FRQ FODULGDG TXH HO
DFFLRQDU GH ODV DXWRULGDGHV GHPDQGDGDV QR VH VXEVXPH DO
HQWHQGLPLHQWR DQRWDGR HQ OD SUHVHQWH 6HQWHQFLD &RQVWLWXFLRQDO
3OXULQDFLRQDO VREUH HO SURFHVDPLHQWR LQGHELGR SRU FXDQWR VyOR KDQ
DFRPRGDGRVXFRQGXFWDDOFXPSOLPLHQWRGHVXVIXQFLRQHVHQFDOLGDGGH
7ULEXQDO GH DSHODFLyQ UHDOL]DQGR XQD YDORUDFLyQ LQWHJUDO GH ORV
DQWHFHGHQWHVSXHVWRVDVXFRQVLGHUDFLyQQRKDELHQGRHODFFLRQDQWHSRU
VX UHSUHVHQWDGR DFUHGLWDGR HO FXPSOLPLHQWR GH ORV SUHVXSXHVWRV TXH
YLDELOLFHQVXGHPDQGDFRQVWLWXFLRQDOXDOJXQDRWUDYLRODFLyQTXHWHQJD
UHODFLyQFRQHOGHUHFKRDODOLEHUWDGGH0LJXHO+XJR5LYHUD0DUWtQH]
Pi[LPHVLVHFRQVLGHUDTXHLQFOXVRVHKDEUtDLQFXUULGRHQXQDFDXVDOGH
LPSURFHGHQFLDDOVROLFLWDUQXHYRGtD\KRUDGHDXGLHQFLDGHFHVDFLyQGH
GHWHQFLyQ SUHYHQWLYD FRUUHVSRQGLHQGR HQ FRQVHFXHQFLD GHQHJDU OD
WXWHODLQYRFDGD

6LQWHVLVGHODUDWLRGHFLGHQGL
W


dW^:d


'HQLHJD OD DFFLyQ GH OLEHUWDG GHWHUPLQDGR TXH OD UHVROXFLyQ TXH
FRQILUPy HO UHFKD]R GH OD FHVDFLyQ GH OD GHWHQFLyQ SUHYHQWLYD VH
HQFXHQWUDUD]RQDEOHPHQWHPRWLYDGDDFODUDQGRTXHVXLQJUHVRDODQiOLVLV
GHIRQGRQRVHHQFXHQWUDLPSHGLGDSRUODSUHVHQWDFLyQGHXQDFHVDFLyQ
DODGHWHQFLyQSUHYHQWLYDTXHIRUPXOyHODFFLRQDQWH

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDOHQOD6&5IXQGyODOtQHDVREUHODVXEVLGLDULHGDG
H[FHSFLRQDOGHODDFFLyQGHOLEHUWDGHVWDEOHFLHQGRTXHHQORVVXSXHVWRVHQORVH[LVWDQ
PHGLRVLGyQHRVSDUDUHSDUDUGHPDQHUDXUJHQWHSURQWD\HILFD]GHOGHUHFKRDODOLEHUWDG
ItVLFD LOHJDOPHQWH UHVWULQJLGR ORV PLVPRV GHEHQ VHU XWLOL]DGRV DQWHV GH DFXGLU D OD
MXVWLFLDFRQVWLWXFLRQDODWUDYpVGHODDFFLyQGHOLEHUWDG/D6&5HQHOPDUFR
GHOD&RQVWLWXFLyQYLJHQWHVLVWHPDWL]yORVVXSXHVWRVGHVXEVLGLDULHGDGH[FHSFLRQDOGHOD
DFFLyQ GH OLEHUWDG GRQGH HO WHUFHU VXSXHVWR VHxDODED
6L LPSXJQDGD OD UHVROXFLyQ OD
PLVPD HV FRQILUPDGD HQ DSHODFLyQ HPSHUR HQ OXJDU GH DFWLYDU LQPHGLDWDPHQWH OD
DFFLyQOLEHUWDGGHFLGHYROXQWDULDPHQWHUHDOL]DUXQDQXHYDSHWLFLyQDQWHODDXWRULGDG
RUGLQDULDWHQGLHQWHDXQQXHYRDQiOLVLV\UHFRQVLGHUDFLyQGHVXVLWXDFLyQMXUtGLFDVHD
PHGLDQWHXQDVROLFLWXGGHPRGLILFDFLyQVXVWLWXFLyQFHVDFLyQGHGHWHQFLyQSUHYHQWLYD
HWF\ODPLVPDHVWiHQWUiPLWHHQHVRVFDVRV\DQRHVSRVLEOHDFXGLUDODMXULVGLFFLyQ
FRQVWLWXFLRQDOLPSXJQDQGRODSULPHUDRDQWHULRUUHVROXFLyQMXGLFLDOGRQGHVHHPLWLyHO
DXWRGHYLVWDLQFOXVLYHSRUFXDQWRODVSDUWHVGHXQSURFHVRHVWiQLPSHOLGDVGHDFWXDU
FRQ OHDOWDG SURFHVDO GH QR VHU DVt VH SURYRFDUtD XQD GXSOLFLGDG GH UHVROXFLRQHV HQ
DPEDVMXULVGLFFLRQHVHLQFLGLUtDQHJDWLYDPHQWHHQHOSURFHVRSHQDOGHGRQGHHPHUJHOD
DFFLyQWXWHODU
'LFKD6HQWHQFLDH[SUHVDPHQWHVHxDOyTXHFRQVWLWXtD
XQDPRGXODFLyQDO
DVXPLGR HQ OD 6& 5 GH  GH HQHUR FXDQGR PDQLIHVWy TXH
XQD YH]
SURQXQFLDGDODUHVROXFLyQGHDSHODFLyQHQFRQWUDGHXQDXWRGHPHGLGDVFDXWHODUHVHO
MXVWLFLDEOHVHHQFXHQWUDKDELOLWDGRSDUDDFXGLUDODMXULVGLFFLyQFRQVWLWXFLRQDO
GDGRTXH
DKRUD GLFKR UD]RQDPLHQWR VH FRPSOHPHQWD FRQ HO KHFKR GH TXH HO DJUDYLDGR GHEH
DFWLYDU LQPHGLDWDPHQWH OD DFFLyQ OLEHUWDG HPSHUR VL HQ OXJDU GH KDFHUOR GHFLGH
YROXQWDULDPHQWHUHDOL]DUXQDQXHYDSHWLFLyQDQWHODDXWRULGDGRUGLQDULDWHQGLHQWHDXQ
QXHYR DQiOLVLV \ UHFRQVLGHUDFLyQ GH VX VLWXDFLyQ MXUtGLFD FRPR VH WLHQH H[SOLFDGR
SUHFHGHQWHPHQWHHQYLUWXGDOSULQFLSLRGHOHDOWDGSURFHVDO\GHHTXLOLEULR\DQRSXHGH
DFXGLUDODMXULVGLFFLyQFRQVWLWXFLRQDOLPSXJQDQGRODUHVROXFLyQGHDSHODFLyQ
/D6&
 PRGXOD LPSOtFLWDPHQWH HO HQWHQGLPLHQWR H[SUHVDGR HQ HO WHUFHU VXSXHVWR
SUHYLVWRHQOD6&5SRUTXHGHWHUPLQDTXHHOKHFKRGHKDEHUVROLFLWDGRQXHYD
DXGLHQFLD GH FHVDFLyQ GH GHWHQFLyQ SUHYHQWLYD QR SXHGH DSDUWDU D OD MXVWLFLD
FRQVWLWXFLRQDO GH FRQRFHUSUHVXQWDV YXOQHUDFLRQHV DGHUHFKRV IXQGDPHQWDOHV HQ TXH
SRGUtDKDEHULQFXUULGRODDXWRULGDGMXGLFLDOTXHHPLWLyODSULPHUD5HVROXFLyQGHFHVDFLyQ
GH GHWHQFLyQ TXH UHFKD]y WDO EHQHILFLR HQ FRQVHFXHQFLD HO KHFKR GH VROLFLWDU QXHYD
DXGLHQFLDGH FHVDFLyQ QR LPSLGH DO LPSXWDGRR SURFHVDGRGHPDQGDUOD WXWHOD GH VXV
GHUHFKRVSRUPHGLRGHODDFFLyQGHOLEHUWDGSXHVORFRQWUDULRVLJQLILFDUtDXQDQHJDWLYD
DUELWUDULDTXHQRUHIOHMDHODFFHVRLUUHVWULFWRDODMXVWLFLD


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

35(&('(17(,03/&,72
(VWD6HQWHQFLDHQVX)M,,,GLVSRQHUHVXOWDSHUWLQHQWHUHIHULUQRVD
XQRGHORVIXQGDPHQWRVH[SXHVWRVHQOD5HVROXFLyQSURQXQFLDGDSRUHO
7ULEXQDO GH JDUDQWtDV HQ HO HQWHQGLGR GH TXH OD MXULVGLFFLyQ
FRQVWLWXFLRQDOQRSRGUtDLQJUHVDUDODQiOLVLVGHODSUHVHQWHFDXVDGHELGR
W


dW^:d


DTXHHODFFLRQDQWHXQDYH]HPLWLGRHO$XWRGH9LVWDTXHVHLPSXJQD
YtDDFFLyQGHOLEHUWDGVROLFLWyQXHYDDXGLHQFLDGHFHVDFLyQGHGHWHQFLyQ
SUHYHQWLYD 7DO UD]RQDPLHQWR QR VH HQFXHQWUD HQ DUPRQtD FRQ OR
GHVDUUROODGRHQHO)XQGDPHQWR-XUtGLFR,,,GHOSUHVHQWHIDOORUHVSHFWR
DOSULQFLSLRGHOLQIRUPDOLVPRTXHUHYLVWHDHVWDGHPDQGDFRQVWLWXFLRQDO
SXHVFRQVLGHUDQGRODPDJQLWXGGHORVGHUHFKRVTXHWXWHODODDFFLyQGH
OLEHUWDG ORV PLVPRV QR SXHGHQ HVWDU VXSHGLWDGRV D IRUPDOLVPRV
SURFHVDOHV%DMRHVHHQWHQGLPLHQWRHOKHFKRGHKDEHUVROLFLWDGRQXHYD
DXGLHQFLD GH FHVDFLyQ GH GHWHQFLyQ SUHYHQWLYD QR SXHGH DSDUWDU D OD
MXVWLFLDFRQVWLWXFLRQDOGHFRQRFHUSUHVXQWDVYXOQHUDFLRQHVDGHUHFKRV
IXQGDPHQWDOHVHQTXHSRGUtDKDEHULQFXUULGRODDXWRULGDGMXGLFLDOTXH
HPLWLyODSULPHUD5HVROXFLyQGHFHVDFLyQGHGHWHQFLyQTXHUHFKD]yWDO
EHQHILFLR HQ FRQVHFXHQFLD HO KHFKR GH VROLFLWDU QXHYD DXGLHQFLD GH
FHVDFLyQQRLPSLGHDOLPSXWDGRRSURFHVDGRGHPDQGDUODWXWHODGHVXV
GHUHFKRV SRU PHGLR GH OD DFFLyQ GH OLEHUWDG SXHV OR FRQWUDULR
VLJQLILFDUtDXQDQHJDWLYDDUELWUDULDTXHQRUHIOHMDHODFFHVRLUUHVWULFWRD
ODMXVWLFLD

,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

/D VHQWHQFLD TXH FRQWLHQHHO HVWiQGDU PiV DOWR HVOD6&3 
SRUTXHQRLPSLGHHODQiOLVLVGHUHVROXFLRQHVGHPHGLGDVFDXWHODUHVTXH
KXELHUHQOHVLRQDGRHOGHELGRSURFHVR



1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   $ SDUWLU GH XQD LQWHUSUHWDFLyQ IDYRUDEOH D ORV
VHFWRUHVGHDWHQFLyQSULRULWDULDFRPRVRQORVPHQRUHVEHQHILFLDULRV
GH DVLVWHQFLD IDPLOLDU QR H[LVWH DSUHPLR LQGHELGR VL HO REOLJDGR
SURYRFDVXSURSLDLQGHIHQVLyQDOQRFXPSOLUFRQODFDUJDSURFHVDOGH
LQIRUPDUDODDXWRULGDGMXULVGLFFLRQDOVXFDPELRGHGRPLFLOLR

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

W


dW^:d

(Q HVWD DFFLyQ GH OLEHUWDG HO DFFLRQDQWH GHQXQFLy TXH VH OHVLRQy VX
GHUHFKR DO GHELGR SURFHVR\ HO SULQFLSLR GH OHJDOLGDG SRUFXDQWRIXH
QRWLILFDGRPHGLDQWHHGLFWRVFRQODOLTXLGDFLyQGHSHQVLRQHVGHYHQJDGDV
\ OD DSUREDFLyQ GH OD PLVPD QR REVWDQWH TXH OD DXWRULGDG MXGLFLDO
GHPDQGDGD FRQRFtD TXH VX GRPLFLOLR VH HQFRQWUDED HQ OD FLXGDG GH
&RELMDDGHPiVTXHODQRWLILFDFLyQQRIXHRUGHQDGDDWUDYpVGHH[KRUWR
VXSOLFDWRULRPRWLYRSRUHOFXDOVROLFLWyVHRUGHQHVXLQPHGLDWDOLEHUWDG
\ VX OHJDO QRWLILFDFLyQ FRQ OD OLTXLGDFLyQ GH SHQVLRQHV (O 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDODSUREyODUHVROXFLyQTXHGHQHJyODWXWHOD
VROLFLWDGD FRQ HO DUJXPHQWR TXH HO DFFLRQDQWH SURYRFy VX SURSLD
LQGHIHQVLyQ DO QR LQIRUPDU D OD DXWRULGDG MXGLFLDO VX FDPELR GH
GRPLFLOLR

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,VHHYLGHQFLDTXHHQODSUHVHQWHSUREOHPiWLFDH[LVWHXQSURFHVRGHDVLVWHQFLD
IDPLOLDU D LQVWDQFLDV GH ,EHWK &RUV 9DOHQFLD HQ FRQWUD GHO DKRUD DFFLRQDQWH VLQ
HPEDUJR GH OD FRPSXOVD GH DQWHFHGHQWHV VH HVWDEOHFH TXH HO SHWLFLRQDQWH GH WXWHOD
LQFXPSOLyFRQODFDUJDSURFHVDOGHFRPXQLFDUVXDFWXDOGRPLFLOLRDQWHOD-XH]DGHOD
FDXVDDXWRULGDGDKRUDGHPDQGDGDDSHVDUGHTXHGLFKDREOLJDFLyQHVWDED\DSUHYLVWD
SRUODMXULVSUXGHQFLDYLQFXODQWHSODVPDGDHQOD6&5GHFLVLyQUDWLILFDGDKR\
SRUHOSUHVHQWHHQWHQGLPLHQWRMXULVSUXGHQFLDOSRUWDQWRVHHVWDEOHFHTXHHODFFLRQDQWH
SURYRFyVXSURSLDLQGHIHQVLyQGHDFXHUGRDORVHxDODGRHQHO)XQGDPHQWR-XUtGLFR,,,
GHODSUHVHQWHVHQWHQFLD

(QYLUWXGDORVHxDODGRVHHVWDEOHFHWDPELpQTXHHODKRUDDFFLRQDQWHLQFXPSOLyVXGHEHU
GHDVLVWHQFLDIDPLOLDUDVtORHYLGHQFLDOD3ODQLOODGH/LTXLGDFLyQGHSHQVLRQHVGHGH
IHEUHURGHFXUVDQWHDIVGHREUDGRVUD]yQSRUODFXDO\DOGHVFRQRFHUVHVX
GRPLFLOLROD-XH]DGHODFDXVDPHGLDQWHSURYLGHQFLDGHGHHQHURGHGHWHUPLQy
OR VLJXLHQWH
FRQ OD SODQLOOD GH /LTXLGDFLyQ GHEHUi VHU SXEOLFDGD SRU  YHFHV
FRQVHFXWLYDVFRQLQWHUYDORQRPHQRUGHGtDVHQXQSHULyGLFRGHFLUFXODFLyQQDFLRQDO
DXWRUL]DGRSRUHOWULEXQDOVXSHULRUGHMXVWLFLDSDUDFX\RHIHFWRGHEHUiDSHUVRQDUVHSRU
HVWHGHVSDFKRMXGLFLDODOGtDVLJXLHQWHKiELOGHVXQRWLILFDFLyQFRQHOSUHVHQWHGHFUHWRD
ORVHIHFWRVGHSUHVWDUVXMXUDPHQWRGHGHVFRQRFLPLHQWRGHGRPLFLOLR
 VLF DGHPiVVH
DGYLHUWHTXHODDXWRULGDGMXULVGLFFLRQDODKRUDGHPDQGDGDPHGLDQWHSURYLGHQFLDGH
GHDEULOGHHQEDVHDODSXEOLFDFLyQGHHGLFWRVUHDOL]DGDGHFODUDODOHJDOFLWDFLyQ
GHODFFLRQDQWHGHVLJQDQGRD9HUyQLFD)HUQDQGD-DPLOOR0DPDQLGHIHQVRUDGHRILFLR
GH,YDQ0LFKHO7RUUHV IVYWD (VWDGHFLVLyQIXHQRWLILFDGDDODGHIHQVRUDGHRILFLR
HOGHPD\RGH IV )LQDOPHQWHPHGLDQWH$XWRGHGHMXQLRGHOD
DXWRULGDGMXULVGLFFLRQDORUGHQDD,YDQ0LFKHO7RUUHVHOSDJR
DWHUFHURGtDGHVXOHJDO
QRWLILFDFLyQ
 VLF GH%V
EDMRFRQPLQDWRULDGHSURFHGHUVHDOHPEDUJR\UHPDWH
GHVXVELHQHVFRQIRUPHHVWDEOHFHHODUWGHOD/$3&$)\HQVXGHIHFWRSRU$FWXDUtD
OtEUHVHPDQGDPLHQWRGHDSUHPLRHQIRUPDGLUHFWDHQFRQWUDGHOREOLJDGRHQFRPHQGDQGR
VXFXPSOLPLHQWRDOD3ROLFtDGHOGHSDUWDPHQWRGH&KXTXLVDFDSDUDVHUWUDVODGDGRDOD
FiUFHO S~EOLFD GH OD FLXGDG GH 6XFUH KDVWD TXH FDQFHOH OD VXPD DGHXGDGD HQ
FXPSOLPLHQWRGHODUW,,GHOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRSUHYLVWRHQHODUW
GHO &yGLJR GH )DPLOLD
 VLF  0HGLDQWH HVWD SURYLGHQFLD VH HVWDEOHFH WDPELpQ OD
SXEOLFDFLyQGHGLFKDUHVROXFLyQMXULVGLFFLRQDOSRUGRVYHFHVFRQVHFXWLYDVDWUDYpVGHXQ
PHGLRGHFRPXQLFDFLyQVRFLDODQLYHOQDFLRQDO\HQGtDVKiELOHV IVYWDD 

(Q HVWH FRQWH[WR VH VHxDOy WDPELpQ HQ HO )XQGDPHQWR -XUtGLFR ,,, GH OD SUHVHQWH
VHQWHQFLDTXHHQORVVXSXHVWRVHQORVFXDOHVH[LVWDRPLVLyQGHOREOLJDGRGHDFWXDOL]DU
VXGRPLFLOLRUHDO\HQPpULWRDOLQFXPSOLPLHQWRGHOGHEHUGHDVLVWHQFLDIDPLOLDUHQFDVR

W


dW^:d


GH GHVFRQRFLPLHQWR GH GRPLFLOLR GHO REOLJDGR SRUSDUWH GH ORV DFWRUHV SURFHVDOHV OD
QRWLILFDFLyQ SRU HGLFWRV SUHYLR MXUDPHQWR GH OH\ GH DFXHUGR D ODV QRUPDV DGMHWLYDV
YLJHQWHVHVSOHQDPHQWHYiOLGD\SRUHQGHWRGRPDQGDPLHQWRGHDSUHPLRRUGHQDGRHQ
FXPSOLPLHQWRDORVSUHVXSXHVWRVSURFHVDOHVLPSHUDQWHVSDUDODQRWLILFDFLyQSRUHGLFWRV
GHQLQJXQDPDQHUDFRQVWLWX\HQSULYDFLyQGHOLEHUWDGLQGHELGDHPHUJHQWHGHSHUVHFXFLyQ
LOHJDOHQHVHRUGHQORVDQWHFHGHQWHVDQWHVGHVFULWRVHYLGHQFLDQTXHODQRWLILFDFLyQSRU
HGLFWRVUHDOL]DGDDODKRUDDFFLRQDQWHFXPSOLyFRQORVSUHVXSXHVWRVSDUDVXH[SHGLFLyQ
HQSURFHVRVGHDVLVWHQFLDIDPLOLDUSRUWDQWRHQODHVSHFLHQRH[LVWLySULYDFLyQLQGHELGD
GHOLEHUWDG


6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJD OD DFFLyQ GH OLEHUWDG SRU FXDQWR GHQWUR GHO SURFHVR GH
DVLVWHQFLDIDPLOLDUVHJXLGRFRQWUDHODFFLRQDQWHpVWHLQFXPSOLyFRQOD
FDUJDSURFHVDOGHFRPXQLFDUVXDFWXDOGRPLFLOLRDOD-XH]DGHODFDXVD
SURYRFDQGRVXSURSLDLQGHIHQVLyQSRUWDQWRHVYiOLGDODQRWLILFDFLyQ
PHGLDQWHHGLFWRV

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/D6&3HVFRQVLGHUDGDPRGXODGRUDSRUTXHVLELHQVHEDVDHQ
ODV66&&5\5HVODSULPHUDTXHXQH
ORVFULWHULRVGHODV6HQWHQFLDVDQWHVGHVDUUROODGDV\JHQHUDXQSUHFHGHQWH
DSOLFDEOHDODSUHPLRHQPDWHULDIDPLOLDUDSDUWLUGHODLQGHIHQVLyQTXH
VHSURYRFDHOSURSLRREOLJDGRSRUQRFXPSOLUFRQVXGHEHUGHLQIRUPDU
DODDXWRULGDGMXGLFLDOHOFDPELRGHGRPLFLOLR

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,GHEHHVWDEOHFHUVHTXHSDUDFDVRVGHLQFXPSOLPLHQWRGHGHEHUHVGHDVLVWHQFLD
IDPLOLDU QR H[LVWLUi SULYDFLyQ LQGHELGD GH OLEHUWDG HPHUJHQWH GH PDQGDPLHQWRV GH
DSUHPLRFXDQGRHOREOLJDGRSURYRTXHVXSURSLDLQGHIHQVLyQSRUWDQWRHQFDVRGHKDEHU
VLGRFLWDGRHOREOLJDGRHQXQDGHPDQGDGHDVLVWHQFLDIDPLOLDUpVWHWLHQHODFDUJDSURFHVDO
GHPDQWHQHUDFWXDOL]DGRVXGRPLFLOLR\WRGDYH]TXHODREOLJDFLyQGHDVLVWHQFLDIDPLOLDU
HV GH FDUiFWHU FRQWLQXR PLHQWUDV H[LVWD FDXVD MXUtGLFD SDUD EULQGDUOD JHQHUD SDUD HO
GHPDQGDGR GH DVLVWHQFLD IDPLOLDU HQ PpULWR D VX GHEHU GH FXLGDGR REOLJDFLRQHV
SURFHVDOHVWDPELpQFRQWLQXDVHQWUHODVFXDOHVVHHQFXHQWUDODFDUJDSURFHVDOGHLQIRUPDU
DODDXWRULGDGMXULVGLFFLRQDOTXHWUDPLWDHOSURFHVRXQHYHQWXDOFDPELRGHGRPLFLOLR
GHEHU TXH SHUGXUD HO WLHPSR TXH HO REOLJDGR GHEH SUHVWDU DVLVWHQFLD IDPLOLDU
HQWHQGLPLHQWR\DGHVDUUROODGRSRUOD6&5\TXHGHEHVHUUDWLILFDGRPHGLDQWH
ODSUHVHQWHVHQWHQFLDFRQVWLWXFLRQDO

(QHORUGHQGHLGHDVH[SXHVWRHQFDVRGHQRFXPSOLUVHFRQHVWDFDUJDSURFHVDO\PiV
D~Q IUHQWH D XQ LQFXPSOLPLHQWR GH VX GHEHU GH SUHVWDFLyQ GH DVLVWHQFLD IDPLOLDU HO
REOLJDGR HQ HVWDV FLUFXQVWDQFLDV SURYRFDUi VX SURSLD LQGHIHQVLyQ SRU WDQWR HQ
DSOLFDFLyQGHORVSRVWXODGRVSURSLRVGHODFRQVWLWXFLyQD[LRPiWLFDHQUHVJXDUGRGHODV
UHJODVGHXQGHELGRSURFHVRHQDUPRQtDFRQXQHTXLOLEULRSURFHVDOHTXLWDWLYR\SDUDQR
GHMDU D ORV VHFWRUHVGH DWHQFLyQSULRULWDULD HQ XQD VLWXDFLyQ D~QPiV GHVYHQWDMRVD HV
UD]RQDEOH\DFRUGHFRQORVYDORUHVMXVWLFLDHLJXDOGDGFRURODULRVGHO
YLYLUELHQ
YDORU
SOXUDOHVHQFLDOGHO(VWDGR3OXULQDFLRQDOGH%ROLYLDHVWDEOHFHUTXHHQHVWRVVXSXHVWRVHV
GHFLUFXDQGRH[LVWDRPLVLyQGHOREOLJDGRGHDFWXDOL]DUVXGRPLFLOLRUHDO\HQPpULWRDO

W


dW^:d
LQFXPSOLPLHQWR GHO GHEHU GH DVLVWHQFLD IDPLOLDU HQ FDVR GH GHVFRQRFHU ORV DFWRUHV
SURFHVDOHVHOGRPLFLOLRGHOREOLJDGRODQRWLILFDFLyQSRUHGLFWRVSUHYLRMXUDPHQWRGHOH\
GH DFXHUGR D ODV QRUPDV DGMHWLYDV YLJHQWHV HV SOHQDPHQWH YiOLGD \ SRU HQGH WRGR
PDQGDPLHQWR GH DSUHPLR RUGHQDGR HQ FXPSOLPLHQWR D ORV SUHVXSXHVWRV SURFHVDOHV
LPSHUDQWHVSDUDODQRWLILFDFLyQSRUHGLFWRVGHQLQJXQDPDQHUDFRQVWLWX\HQSULYDFLyQGH
OLEHUWDGLQGHELGDHPHUJHQWHGHSHUVHFXFLyQLOHJDO

(O UD]RQDPLHQWR SUHFHGHQWHPHQWH H[SXHVWR UHVSRQGH D SDXWDV GH LQWHUSUHWDFLyQ
FRQVWLWXFLRQDOFRQJpQHVLVHQHOEORTXHGHFRQVWLWXFLRQDOLGDGLPSHUDQWHDVtORVDUWV,
\ ,,  , \ ,, GH OD &3( VH FRQILJXUDQ FRPR HO IXQGDPHQWR GHO SULQFLSLR GH
IDYRUDELOLGDG FRPR SDXWD HVSHFtILFD GH LQWHUSUHWDFLyQ GH GHUHFKRV IXQGDPHQWDOHV
DGHPiVGHDFXHUGRDXQDLQWHUSUHWDFLyQDFRUGHFRQHO
EORTXHGHFRQYHQFLRQDOLGDG
HO
DUWGHOD&$'+FRQVWLWX\HODIXHQWHFRQYHQFLRQDOGHOSULQFLSLRSURKyPLQHDSDUWLU
GHOFXDOGHEHVHUGHVDUUROODGDODSDXWDGHLQWHUSUHWDFLyQGHQRPLQDGDIDYRULVGpELOLVHQ
PpULWR GH OD FXDO WRGD LQWHUSUHWDFLyQ D VHU UHDOL]DGD SRU HO FRQWUDORU GH
FRQVWLWXFLRQDOLGDG GHEH VHU VLHPSUH H[WHQVLYD SURJUHVLYD \ IDYRUDEOH SDUD WRGRV
DTXHOORVVHFWRUHVGHDWHQFLyQSULRULWDULDHQHVHFRQWH[WRDOWHQHUHOSURFHVRGHDVLVWHQFLD
IDPLOLDUOD ILQDOLGDGGHDVHJXUDU ODVXEVLVWHQFLDGHVHFWRUHVGHDWHQFLyQSULRULWDULDHO
HQWHQGLPLHQWR SUHFHGHQWHPHQWH GHVDUUROODGR D OD OX] GHO SULQFLSLR IiYRULV GpELOLV
FRQVWLWX\HXQUD]RQDPLHQWRIDYRUDEOHSURJUHVLYR\H[WHQVLYRDVSHFWRTXHFRQGLFHFRQ
ORV SRVWXODGRV GHO (VWDGR 3OXULQDFLRQDO GH %ROLYLD \ HO UpJLPHQ FRQVWLWXFLRQDO
LPSHUDQWH

6LQ SHUMXLFLR GH OR VHxDODGR HQ XQ HTXLOLEULR SURFHVDO \ HQ HO PDUFR GHO GHUHFKR DO
GHELGR SURFHVR HQ FDVR GH GHVFRQRFHU HO REOLJDGR GH DVLVWHQFLD IDPLOLDU OD FDXVD
LQVWDXUDGD HQ VX FRQWUD OD RPLVLyQ GH QRWLILFDFLyQ GH DFXHUGR D ORV SUHVXSXHVWRV
SURFHVDOHV GLVFLSOLQDGRV SRU OD QRUPDWLYD DGMHWLYD LPSHUDQWH FRQ OD OLTXLGDFLyQ \
FRQPLQDWRULD GH SDJR FRQVWLWXLUi SULYDFLyQ LQGHELGD GH OLEHUWDG HPHUJHQWH GH
SHUVHFXFLyQ LOHJDO VLHQGR YLDEOH HQ HVWH FDVR OD DFFLyQ GH OLEHUWDG UHSDUDGRUD GH
DFXHUGR D VX QDWXUDOH]D SURFHVDO GHVDUUROODGD HQ HO )XQGDPHQWR -XUtGLFR ,,,  GH OD
SUHVHQWHVHQWHQFLDFRQVWLWXFLRQDO




1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3/DVVROLFLWXGHVGHVXVSHQVLyQFRQGLFLRQDOGHODSHQD
HQ FDXVDV LQLFLDGDV GHO FRQ HO &yGLJR GH 3URFHGLPLHQWR 3HQDO
DEURJDGR HQ DSOLFDFLyQ GHO SULQFLSLR GH IDYRUDELOLGDG GHEHUiQ VHU
UHVXHOWDVGHDFXHUGRDORHVWDEOHFLGRSRUHO&yGLJRGH3URFHGLPLHQWR
3HQDO YLJHQWH TXH GLVFLSOLQD HO SURFHGLPLHQWR SDUD HVWD ILJXUD
MXUtGLFD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 
W


dW^:d



(Q HVWD DFFLyQ GH OLEHUWDG VH GHQXQFLy OD YXOQHUDFLyQ GHO GHUHFKR DO
GHELGR SURFHVR SRUTXH HO MXH] GHPDQGDGR LQYRFDQGR XQD QRUPD
DEURJDGDQRGLRFXUVRDODVROLFLWXGGHVHxDODPLHQWRGHDXGLHQFLDGH
FRQVLGHUDFLyQ GH VXVSHQVLyQ FRQGLFLRQDO GH OD SHQD SRU OR TXH HO
DFFLRQDQWHSLGLyVHUHVWDEOH]FDQODVIRUPDOLGDGHVOHJDOHV\VHRUGHQHD
OD DXWRULGDG GHPDQGDGD GDU FXPSOLPLHQWR D ORV DUWV  \  GHO
&yGLJRGH3URFHGLPLHQWR3HQDOUHVSHFWRDODVXVSHQVLyQFRQGLFLRQDOGH
ODSHQD(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOFRQILUPyODGHFLVLyQ
GHO-XH]GH*DUDQWtDV\FRQFHGLyODWXWHODVHxDODQGRTXHHQDSOLFDFLyQ
D ORV SULQFLSLRV SURFHVDOHV TXH ULJH HO VLVWHPD SURFHVDO SHQDO OD
FRQVLGHUDFLyQGHODVXVSHQVLyQFRQGLFLRQDOGHODSHQDGHEHUHDOL]DUVH
HQDXGLHQFLDHQEDVHDORVUHTXLVLWRVSUHYLVWRVSRUHODUW\VLJXLHQWHV
GHO&yGLJRGH3URFHGLPLHQWR3HQDOSRUVHUHVWDODQRUPDPiVIDYRUDEOH

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,


'HODQiOLVLVGHORVDQWHFHGHQWHVVHWLHQHTXHODDXWRULGDGGHPDQGDGD
QRLQGLFyDXGLHQFLDGHFRQVLGHUDFLyQGHVXVSHQVLyQFRQGLFLRQDO GHOD
SHQD LPSHWUDGD SRU HO UHSUHVHQWDGR GHO DFFLRQDQWH H[LJLpQGROH
SUHYLDPHQWHHOFXPSOLPLHQWRGHORVUHTXLVLWRVSUHYLVWRVHQXQDQRUPD
GHURJDGD \ YDFLDGD GHO RUGHQDPLHQWR MXUtGLFR SXHV VL ELHQ SRU OD
GLVSRVLFLyQ WUDQVLWRULD GH OD /H\  VH HVWDEOHFH TXH ODV FDXVDV
LQLFLDGDVFRQDQWHULRULGDGDODUHIHULGDOH\GHEHQFRQWLQXDUHQHOPDUFR
GHO'/&yGLJRGH3URFHGLPLHQWR3HQDOVLQHPEDUJRFRPRVH
H[SXVR HQ ORV )XQGDPHQWRV -XUtGLFRV GH OD SUHVHQWH 6HQWHQFLD
&RQVWLWXFLRQDO3OXULQDFLRQDOODVXVSHQVLyQFRQGLFLRQDOGHODSHQDHVXQ
SUHFHSWRGHQDWXUDOH]DDGMHWLYD\SRUHOORGHEHDSOLFDUVHGLUHFWDPHQWH
HO&yGLJRGH3URFHGLPLHQWR3HQDOYLJHQWHTXHHVPiVIDYRUDEOHSDUDHO
FRQGHQDGRSULYDGRGHVXGHUHFKRDOLEHUWDG


(QHVWHVHQWLGR\HQDSOLFDFLyQDORVSULQFLSLRVSURFHVDOHVTXH
ULJH HO VLVWHPD SURFHVDO SHQDO OD FRQVLGHUDFLyQ GH OD VXVSHQVLyQ
FRQGLFLRQDO GH OD SHQD GHEH UHDOL]DUVH HQ DXGLHQFLD HQ EDVH D ORV
UHTXLVLWRV SUHYLVWRV SRU HO DUW  \ VV GHO &yGLJR 3HQDO DQWHV
PHQFLRQDGR


&RQVLJXLHQWHPHQWH OD RPLVLyQ GH WUDPLWDU \ VHxDODU OD
DXGLHQFLDSDUDFRQVLGHUDUODVXVSHQVLyQFRQGLFLRQDOGHODSHQDDGHPiV
GH H[LJLU OD DSOLFDFLyQ GH XQD QRUPD GHURJDGD TXH FRQWUDGLFH HO
SULQFLSLRGHIDYRUDELOLGDGGHOFRQGHQDGRKDGHMDGRHQLQFHUWLGXPEUHOD
VLWXDFLyQMXUtGLFDGH8EDOGR$ODQRFD*XWLpUUH]TXLHQWLHQHHOGHUHFKR
GHTXHVXSHWLWRULRVHDUHVXHOWRHQHOPDUFRGHODREMHWLYLGDG\DSOLFDFLyQ
GHODQRUPDPiVIDYRUDEOHUHIOHMRGHXQGHELGRSURFHVRTXHHQHOFDVR
W


dW^:d

GH KDEHUVH FXPSOLGR FRQIRUPH D GHUHFKR HO FRQGHQDGR WHQtD OD


SRVLELOLGDG GH DFFHGHU D VX OLEHUWDG FXPSOLpQGRVH DVt OD YROXQWDG \
GLVHxR GHO OHJLVODGRU DO HIHFWR FRUUHVSRQGLHQGR HQ FRQVHFXHQFLD
FRQFHGHUODWXWHOD


6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGHODDFFLyQGHOLEHUWDGSRUTXHHQHOFDVRFRQFUHWRHQDSOLFDFLyQ
D ORV SULQFLSLRV SURFHVDOHV TXH ULJH HO VLVWHPD SURFHVDO SHQDO OD
DXWRULGDGGHPDQGDGDGHELyFRQVLGHUDUODODVXVSHQVLyQFRQGLFLRQDOGH
ODSHQDHQEDVHDORVUHTXLVLWRVSUHYLVWRVSRUHODUW\VLJXLHQWHVGHO
&yGLJRGH3URFHGLPLHQWR3HQDOSRUVHUHVWDODQRUPDPiVIDYRUDEOH

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(VWDOtQHDGHEHVHUHQWHQGLGDGHODVLJXLHQWHPDQHUD

 (O 7ULEXQDO &RQVWLWXFLRQDO HQ D 6& 5 VHxDOy TXH OD
DSOLFDFLyQGHOSULQFLSLRGHIDYRUDELOLGDGQRSXHGHHVWDUOLPLWDGRVyORD
VXSXHVWRVHQORVTXHODQXHYDQRUPDSHQDOGLVFULPLQDODFRQGXFWDWtSLFD
RGLVPLQX\HHOTXDQWXPGHVXSHQDVLQRWDPELpQFXDQGRODQXHYD/H\
/H\SHQDOPDWHULDOSURFHVDORGHHMHFXFLyQ EHQHILFLHDODSHUVRQDHQ
HOiPELWRGHVXHVIHUDGHOLEHUWDGVLHQGRFRPSUHQVLYDVGHWDOiPELWR
HQWUHRWUDVODVFLUFXQVWDQFLDVHOWLHPSRGHODSUHVFULSFLyQGHODDFFLyQ
SHQDORGHODSHQDODUHKDELOLWDFLyQ\ODVPHGLGDVFDXWHODUHVSHUVRQDOHV

/D6&5VHxDOyTXHODVXVSHQVLyQFRQGLFLRQDOGHODSHQD
TXHHQFXHQWUDVXIXQGDPHQWRHQODQHFHVLGDGGHSULYDUGHORVHIHFWRV
QHJDWLYRV GH ODV SHQDV SULYDWLYDV GH OLEHUWDG GH FRUWD GXUDFLyQHV XQ
LQVWLWXWR GH FDUiFWHU VXVWDQWLYR SRUTXH DIHFWD HVIHUDV GH OLEHUWDG GHO
LQGLYLGXR SRU HOOR HQ YLUWXG GHO SULQFLSLR GH IDYRUDELOLGDG VH GHEH
DSOLFDUODQRUPDTXHUHVXOWHPiVEHQHILFLRVDSDUDHO
FRQGHQDGRWRPDQGRHQFXHQWDHOPDQGDWRFRQVWLWXFLRQDOFRQWHQLGRHQ
ORVDUWV\GHOD&3(

 /D 6&  DO DVXPLU ORV HQWHQGLPLHQWRV DQWHV DQRWDGRV VH
FRQILJXUDFRPRODSULPHUDVHQWHQFLDFRQILUPDGRUDGHOtQHD

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

(OSUHFHGHQWHSODVPDGRHQOD6&5HVWDEOHFH

))--,,,,,,\,,,

,,,6REUHHOSULQFLSLRJHQHUDOGHLUUHWURDFWLYLGDGGHODOH\(ODUWFRQVWLWXFLRQDO
FRQVDJUDHOSULQFLSLRJHQHUDOGHLUUHWURDFWLYLGDGGHOH\HQORVVLJXLHQWHVWpUPLQRV

/D
OH\VyORGLVSRQHSDUDORYHQLGHUR\QRWLHQHHIHFWRUHWURDFWLYR
SULQFLSLRTXHHQHO

W


dW^:d


iPELWRSHQDOHVXQDGHULYDFLyQGHOSULQFLSLRGHOHJDOLGDGFRQIRUPHDOFXDOQLQJ~QDFWR
SXHGHFRQVLGHUDUVHFRPRGHOLWRVLXQDOH\QRORKDGHVFULWRFRPRWDOFRQDQWHULRULGDGD
VXHMHFXFLyQ3RUWDQWRDTXtVHHVWiIUHQWHDXQDSURKLELFLyQGHUHWURDFWLYLGDGGHWRGD
OH\SHQDOGHVIDYRUDEOHTXHDIHFWHHOiPELWRGHOLEHUWDGGHOHQFDXVDGR

,,,(OSULQFLSLRGHIDYRUDELOLGDGFRPRH[FHSFLyQDOSULQFLSLRGHLUUHWURDFWLYLGDGGHOD
OH\ SHQDO \ VXV DOFDQFHV /D SDUWH LQILQH GHO DUW  &3( HVWDEOHFH HO SULQFLSLR GH
UHWURDFWLYLGDGGHODOH\SHQDOIDYRUDEOHHQORVVLJXLHQWHVWpUPLQRV
/DOH\VyORGLVSRQH
SDUD OR YHQLGHUR \ QR WLHQH HIHFWR UHWURDFWLYR H[FHSWR HQ PDWHULD VRFLDO FXDQGR OR
GHWHUPLQH H[SUHVDPHQWH \ HQ PDWHULD SHQDO FXDQGR EHQHILFLH DO GHOLQFXHQWH
 ODV
QHJULOODVVRQQXHVWUDV &RUUHVSRQGHSRUWDQWRSRUVXSHUWLQHQFLDHVWDEOHFHUFXiOHVVRQ
ORVDOFDQFHVTXHOD&RQVWLWXFLyQOHDVLJQDDOSULQFLSLR


&RPRKDTXHGDGRVHQWDGRHOSUHFHSWRFRQVWLWXFLRQDODFRJHHOSULQFLSLRJHQHUDO
GH TXH OD OH\ ULJH SDUD OR YHQLGHUR HV GHFLU PLUD DO IXWXUR HVWDEOHFLHQGR GH PDQHUD
H[FHSFLRQDO HO SULQFLSLR GH UHWURDFWLYLGDG GH WRGD QRUPD SHQDO TXH EHQHILFLH DO
GHOLQFXHQWH DTXt XWLOL]DUHPRV HO WpUPLQR GHOLQFXHQWH HQ HO VHQWLGR JHQpULFR TXH OH
DVLJQD OD &RQVWLWXFLyQ GHO TXHQDFH WDPELpQ HO SULQFLSLRGH XOWUDDFWLYLGDG GH OD OH\
GHURJDGDTXHFRQVLVWHHQODDSOLFDFLyQGHODOH\YLJHQWHHQHOPRPHQWRGHODFRPLVLyQ
GHOGHOLWRFXDQGRHOQXHYRSUHFHSWRSHQDOUHVXOWDUHGHVIDYRUDEOH





6L ELHQ HV FLHUWR TXH XQ LPSRUWDQWH VHFWRU GH OD GRFWULQD FRQVLGHUD TXH HO FRQFHSWR
'HUHFKR3HQDOHQVHQWLGRDPSOLRHVFRPSUHQVLYRGHOVLVWHPDSHQDO\SRUWDQWRDEDUFD
DO'HUHFKR3HQDOVXVWDQWLYRRPDWHULDODO'HUHFKR3HQDOSURFHVDO\DO'HUHFKR3HQDOGH
HMHFXFLyQVLQHPEDUJRGHHOORQRSXHGHGHVSUHQGHUVHTXHHOOHJLVODGRUFRQVWLWX\HQWH
KXELHUDTXHULGRFRELMDUEDMRHODOFDQFHGHOSULQFLSLRGHIDYRUDELOLGDGDWRGDVODVQRUPDV
GHO VLVWHPD SHQDO HPSHUR WDPSRFR GH HOOR SXHGH FRQFOXLUVH HQ VHQWLGR GH TXH HO
SULQFLSLR VyOR DOFDQ]DUtD D ORV SUHFHSWRV FRQWHQLGRV HQ HO 'HUHFKR SHQDO PDWHULDO
&yGLJRSHQDO\OH\HVSHQDOHVHVSHFLDOHV SRUORTXHFRQYLHQHSUHFLVDUORVLJXLHQWH


(OSULQFLSLRQDFHGHODLGHDGHTXHOH\SHQDOH[SUHVDODSROtWLFDGHGHIHQVDVRFLDOTXH
DGRSWD HO (VWDGR HQ XQ GHWHUPLQDGR PRPHQWR KLVWyULFR HQ VX OXFKD FRQWUD OD
GHOLQFXHQFLD


 4XH WRGD PRGLILFDFLyQ GH ODV QRUPDV SHQDOHV H[SUHVD XQ FDPELR HQ OD YDORUDFLyQ
pWLFRVRFLDOGHODFRQGXFWDGHOLFWLYDHQHOFyPR\ODIRUPDHQTXHKDGHHMHFXWDUVHOD
DFFLyQUHSUHVRUDGHO(VWDGRIUHQWHDODUHDOL]DFLyQGHOKHFKRGHOLFWLYR\HQODVUHJODVGH
HMHFXFLyQGHODFRQVHFXHQFLDMXUtGLFDGHOGHOLWRHVWRHVODVDQFLyQSHQDO


&RQVLJXLHQWHPHQWHODDSOLFDFLyQGHOSULQFLSLRGHIDYRUDELOLGDGQRSXHGHHVWDUOLPLWDGR
VyORDVXSXHVWRVHQORVTXHODQXHYDQRUPDSHQDOGHVFULPLQDOL]DODFRQGXFWDWtSLFDR
GLVPLQX\HHOTXDQWXPGHVXSHQDVLQRWDPELpQFXDQGRODQXHYDOH\ OH\SHQDOPDWHULDO
SURFHVDORGHHMHFXFLyQ EHQHILFLHDOGHOLQFXHQWHHQHOiPELWRGHVXHVIHUDGHOLEHUWDG
VLHQGR FRPSUHQVLYDV GH WDO iPELWR HQWUH RWUDV ODV FLUFXQVWDQFLDV HO WLHPSR GH OD
SUHVFULSFLyQGHODDFFLyQSHQDORGHODSHQDODUHKDELOLWDFLyQ\ODVPHGLGDVFDXWHODUHV
SHUVRQDOHV



W


dW^:d
,,,   &RQVLJXLHQWHPHQWH FRPR TXHGy SUHFLVDGR HO EDUHPR PHGLGD GH YDORUDFLyQ 
SDUDODGHWHUPLQDFLyQGHODDSOLFDFLyQUHWURDFWLYDGHODOH\SHQDOIDYRUDEOHQRHVWiHQ
TXHHOSUHFHSWRLQYRFDGRIRUPHSDUWHGHOGHUHFKRSHQDOPDWHULDOVLQRHQTXHHOPLVPR
DIHFWHHVIHUDVGHOLEHUWDGGHOSURFHVDGRSXHVQRHVLQIUHFXHQWHTXHHQHO&yGLJRSHQDO
SRUHMHPSORH[LVWDQGLVSRVLFLRQHVGHLQGLVFXWLEOHQDWXUDOH]DSURFHVDO DUWV\HQWUH
RWURV \HQVHQWLGRLQYHUVRTXHHQHO&yGLJRGHSURFHGLPLHQWRSHQDOH[LVWDQQRUPDV
GHLQGLVFXWLEOHQDWXUDOH]DVXVWDQWLYDWDOFRPRORKDGHMDGRVHQWDGRODMXULVSUXGHQFLDGH
HVWH7ULEXQDOHQWUHRWUDVDWUDYpVGHOD6&5FXDQGRH[SUHVDTXH



'H HOOR VH GHVSUHQGH TXH OD /H\ GH (MHFXFLyQ 3HQDO \ 6XSHUYLVLyQ DO DJUDYDU OD
VLWXDFLyQGHORVFRQGHQDGRVSRUHVRVGHOLWRVQRSXHGHVHUDSOLFDGDUHWURDFWLYDPHQWHSRU
FRQWHQHU UHJODV GH DSOLFDFLyQ  GHVIDYRUDEOHV R SHUMXGLFLDOHV SDUD HO FRQGHQDGR
(YLGHQFLiQGRVHDOFRQWUDULRTXHWDQWRODVQRUPDVFRQWHQLGDVHQOD/H\GH(MHFXFLyQGH
3HQDV \ 6LVWHPD 3HQLWHQFLDULR FRPR ODV TXH HVWXYLHURQ YLJHQWHV DO WLHPSR GH OD
VHQWHQFLD 50FRQVXPRGLILFDFLRQHV \GXUDQWHHOFXPSOLPLHQWRGHODFRQGHQD
50   VRQ PiV EHQLJQDV FRUUHVSRQGLHQGR OD  DSOLFDFLyQ XOWUDDFWLYD GH DTXHOOD
QRUPDTXHUHVXOWHVHUPiVIDYRUDEOHDOFRQGHQDGRD~QFXDQGRODPLVPDHVWpGHURJDGD
SRUH[SUHVRPDQGDWRGHORVDUWV,9\&3(






)LFKD

7LSR-XULVSUXGHQFLD

-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3/DVVROLFLWXGHVGHVXVSHQVLyQFRQGLFLRQDOGHODSHQD
HQ FDXVDV LQLFLDGDV GHO FRQ HO &yGLJR GH 3URFHGLPLHQWR 3HQDO
DEURJDGR HQ DSOLFDFLyQ GHO SULQFLSLR GH IDYRUDELOLGDG GHEHUiQ VHU
UHVXHOWDVGHDFXHUGRDORHVWDEOHFLGRSRUHO&yGLJRGH3URFHGLPLHQWR
3HQDO YLJHQWH TXH GLVFLSOLQD HO SURFHGLPLHQWR SDUD HVWD ILJXUD
MXUtGLFD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH OLEHUWDG VH GHQXQFLy OD YXOQHUDFLyQ GHO GHUHFKR DO
GHELGR SURFHVR SRUTXH HO MXH] GHPDQGDGR LQYRFDQGR XQD QRUPD
DEURJDGDQRGLRFXUVRDODVROLFLWXGGHVHxDODPLHQWRGHDXGLHQFLDGH
FRQVLGHUDFLyQ GH VXVSHQVLyQ FRQGLFLRQDO GH OD SHQD SRU OR TXH HO
DFFLRQDQWHSLGLyVHUHVWDEOH]FDQODVIRUPDOLGDGHVOHJDOHV\VHRUGHQHD
OD DXWRULGDG GHPDQGDGD GDU FXPSOLPLHQWR D ORV DUWV  \  GHO
&yGLJRGH3URFHGLPLHQWR3HQDOUHVSHFWRDODVXVSHQVLyQFRQGLFLRQDOGH
ODSHQD(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOFRQILUPyODGHFLVLyQ
W


dW^:d


GHO-XH]GH*DUDQWtDV\FRQFHGLyODWXWHODVHxDODQGRTXHHQDSOLFDFLyQ
D ORV SULQFLSLRV SURFHVDOHV TXH ULJH HO VLVWHPD SURFHVDO SHQDO OD
FRQVLGHUDFLyQGHODVXVSHQVLyQFRQGLFLRQDOGHODSHQDGHEHUHDOL]DUVH
HQDXGLHQFLDHQEDVHDORVUHTXLVLWRVSUHYLVWRVSRUHODUW\VLJXLHQWHV
GHO&yGLJRGH3URFHGLPLHQWR3HQDOSRUVHUHVWDODQRUPDPiVIDYRUDEOH

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,


'HODQiOLVLVGHORVDQWHFHGHQWHVVHWLHQHTXHODDXWRULGDGGHPDQGDGD
QRLQGLFyDXGLHQFLDGHFRQVLGHUDFLyQGHVXVSHQVLyQFRQGLFLRQDO GHOD
SHQD LPSHWUDGD SRU HO UHSUHVHQWDGR GHO DFFLRQDQWH H[LJLpQGROH
SUHYLDPHQWHHOFXPSOLPLHQWRGHORVUHTXLVLWRVSUHYLVWRVHQXQDQRUPD
GHURJDGD \ YDFLDGD GHO RUGHQDPLHQWR MXUtGLFR SXHV VL ELHQ SRU OD
GLVSRVLFLyQ WUDQVLWRULD GH OD /H\  VH HVWDEOHFH TXH ODV FDXVDV
LQLFLDGDVFRQDQWHULRULGDGDODUHIHULGDOH\GHEHQFRQWLQXDUHQHOPDUFR
GHO'/&yGLJRGH3URFHGLPLHQWR3HQDOVLQHPEDUJRFRPRVH
H[SXVR HQ ORV )XQGDPHQWRV -XUtGLFRV GH OD SUHVHQWH 6HQWHQFLD
&RQVWLWXFLRQDO3OXULQDFLRQDOODVXVSHQVLyQFRQGLFLRQDOGHODSHQDHVXQ
SUHFHSWRGHQDWXUDOH]DDGMHWLYD\SRUHOORGHEHDSOLFDUVHGLUHFWDPHQWH
HO&yGLJRGH3URFHGLPLHQWR3HQDOYLJHQWHTXHHVPiVIDYRUDEOHSDUDHO
FRQGHQDGRSULYDGRGHVXGHUHFKRDOLEHUWDG


(QHVWHVHQWLGR\HQDSOLFDFLyQDORVSULQFLSLRVSURFHVDOHVTXH
ULJH HO VLVWHPD SURFHVDO SHQDO OD FRQVLGHUDFLyQ GH OD VXVSHQVLyQ
FRQGLFLRQDO GH OD SHQD GHEH UHDOL]DUVH HQ DXGLHQFLD HQ EDVH D ORV
UHTXLVLWRV SUHYLVWRV SRU HO DUW  \ VV GHO &yGLJR 3HQDO DQWHV
PHQFLRQDGR


&RQVLJXLHQWHPHQWH OD RPLVLyQ GH WUDPLWDU \ VHxDODU OD
DXGLHQFLDSDUDFRQVLGHUDUODVXVSHQVLyQFRQGLFLRQDOGHODSHQDDGHPiV
GH H[LJLU OD DSOLFDFLyQ GH XQD QRUPD GHURJDGD TXH FRQWUDGLFH HO
SULQFLSLRGHIDYRUDELOLGDGGHOFRQGHQDGRKDGHMDGRHQLQFHUWLGXPEUHOD
VLWXDFLyQMXUtGLFDGH8EDOGR$ODQRFD*XWLpUUH]TXLHQWLHQHHOGHUHFKR
GHTXHVXSHWLWRULRVHDUHVXHOWRHQHOPDUFRGHODREMHWLYLGDG\DSOLFDFLyQ
GHODQRUPDPiVIDYRUDEOHUHIOHMRGHXQGHELGRSURFHVRTXHHQHOFDVR
GH KDEHUVH FXPSOLGR FRQIRUPH D GHUHFKR HO FRQGHQDGR WHQtD OD
SRVLELOLGDG GH DFFHGHU D VX OLEHUWDG FXPSOLpQGRVH DVt OD YROXQWDG \
GLVHxR GHO OHJLVODGRU DO HIHFWR FRUUHVSRQGLHQGR HQ FRQVHFXHQFLD
FRQFHGHUODWXWHOD


6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGHODDFFLyQGHOLEHUWDGSRUTXHHQHOFDVRFRQFUHWRHQDSOLFDFLyQ
D ORV SULQFLSLRV SURFHVDOHV TXH ULJH HO VLVWHPD SURFHVDO SHQDO OD
W


dW^:d

DXWRULGDGGHPDQGDGDGHELyFRQVLGHUDUODODVXVSHQVLyQFRQGLFLRQDOGH
ODSHQDHQEDVHDORVUHTXLVLWRVSUHYLVWRVSRUHODUW\VLJXLHQWHVGHO
&yGLJRGH3URFHGLPLHQWR3HQDOSRUVHUHVWDODQRUPDPiVIDYRUDEOH

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(VWDOtQHDGHEHVHUHQWHQGLGDGHODVLJXLHQWHPDQHUD

 (O 7ULEXQDO &RQVWLWXFLRQDO HQ D 6& 5 VHxDOy TXH OD DSOLFDFLyQ GHO
SULQFLSLRGHIDYRUDELOLGDGQRSXHGHHVWDUOLPLWDGRVyORDVXSXHVWRVHQORVTXHODQXHYD
QRUPD SHQDO GLVFULPLQD OD FRQGXFWD WtSLFD R GLVPLQX\H HO TXDQWXP GH VX SHQD VLQR
WDPELpQFXDQGRODQXHYD/H\ /H\SHQDOPDWHULDOSURFHVDORGHHMHFXFLyQ EHQHILFLHD
ODSHUVRQDHQHOiPELWRGHVXHVIHUDGHOLEHUWDGVLHQGRFRPSUHQVLYDVGHWDOiPELWRHQWUH
RWUDVODVFLUFXQVWDQFLDVHOWLHPSRGHODSUHVFULSFLyQGHODDFFLyQSHQDORGHODSHQDOD
UHKDELOLWDFLyQ\ODVPHGLGDVFDXWHODUHVSHUVRQDOHV

/D6&5VHxDOyTXHODVXVSHQVLyQFRQGLFLRQDOGHODSHQDTXHHQFXHQWUD
VXIXQGDPHQWRHQODQHFHVLGDGGHSULYDUGHORVHIHFWRVQHJDWLYRVGHODVSHQDVSULYDWLYDV
GHOLEHUWDGGHFRUWDGXUDFLyQHVXQLQVWLWXWRGHFDUiFWHUVXVWDQWLYRSRUTXHDIHFWDHVIHUDV
GH OLEHUWDG GHO LQGLYLGXR SRU HOOR HQ YLUWXG GHO SULQFLSLR GH IDYRUDELOLGDG VH GHEH
DSOLFDUODQRUPDTXHUHVXOWHPiVEHQHILFLRVDSDUDHO
FRQGHQDGRWRPDQGRHQFXHQWDHOPDQGDWRFRQVWLWXFLRQDOFRQWHQLGRHQORVDUWV\
GHOD&3(

/D6&DODVXPLUORVHQWHQGLPLHQWRVDQWHVDQRWDGRVVHFRQILJXUDFRPROD
SULPHUDVHQWHQFLDFRQILUPDGRUDGHOtQHD


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

(OSUHFHGHQWHSODVPDGRHQOD6&5HVWDEOHFH

))--,,,,,,\,,,

,,,6REUHHOSULQFLSLRJHQHUDOGHLUUHWURDFWLYLGDGGHODOH\(ODUWFRQVWLWXFLRQDO
FRQVDJUDHOSULQFLSLRJHQHUDOGHLUUHWURDFWLYLGDGGHOH\HQORVVLJXLHQWHVWpUPLQRV

/D
OH\VyORGLVSRQHSDUDORYHQLGHUR\QRWLHQHHIHFWRUHWURDFWLYR
SULQFLSLRTXHHQHO
iPELWRSHQDOHVXQDGHULYDFLyQGHOSULQFLSLRGHOHJDOLGDGFRQIRUPHDOFXDOQLQJ~QDFWR
SXHGHFRQVLGHUDUVHFRPRGHOLWRVLXQDOH\QRORKDGHVFULWRFRPRWDOFRQDQWHULRULGDGD
VXHMHFXFLyQ3RUWDQWRDTXtVHHVWiIUHQWHDXQDSURKLELFLyQGHUHWURDFWLYLGDGGHWRGD
OH\SHQDOGHVIDYRUDEOHTXHDIHFWHHOiPELWRGHOLEHUWDGGHOHQFDXVDGR

,,,(OSULQFLSLRGHIDYRUDELOLGDGFRPRH[FHSFLyQDOSULQFLSLRGHLUUHWURDFWLYLGDGGHOD
OH\ SHQDO \ VXV DOFDQFHV /D SDUWH LQILQH GHO DUW  &3( HVWDEOHFH HO SULQFLSLR GH
UHWURDFWLYLGDGGHODOH\SHQDOIDYRUDEOHHQORVVLJXLHQWHVWpUPLQRV
/DOH\VyORGLVSRQH
SDUD OR YHQLGHUR \ QR WLHQH HIHFWR UHWURDFWLYR H[FHSWR HQ PDWHULD VRFLDO FXDQGR OR
GHWHUPLQH H[SUHVDPHQWH \ HQ PDWHULD SHQDO FXDQGR EHQHILFLH DO GHOLQFXHQWH
 ODV
QHJULOODVVRQQXHVWUDV &RUUHVSRQGHSRUWDQWRSRUVXSHUWLQHQFLDHVWDEOHFHUFXiOHVVRQ
ORVDOFDQFHVTXHOD&RQVWLWXFLyQOHDVLJQDDOSULQFLSLR


&RPRKDTXHGDGRVHQWDGRHOSUHFHSWRFRQVWLWXFLRQDODFRJHHOSULQFLSLRJHQHUDOGHTXH
ODOH\ULJHSDUDORYHQLGHURHVGHFLUPLUDDOIXWXURHVWDEOHFLHQGRGHPDQHUDH[FHSFLRQDO
HO SULQFLSLR GH UHWURDFWLYLGDGGHWRGDQRUPD SHQDO TXH EHQHILFLH DO GHOLQFXHQWH DTXt
XWLOL]DUHPRVHOWpUPLQRGHOLQFXHQWHHQHOVHQWLGRJHQpULFRTXHOHDVLJQDOD&RQVWLWXFLyQ 

W


dW^:d


GHOTXHQDFHWDPELpQHOSULQFLSLRGHXOWUDDFWLYLGDGGHODOH\GHURJDGDTXHFRQVLVWHHQ
ODDSOLFDFLyQGHODOH\YLJHQWHHQHOPRPHQWRGHODFRPLVLyQGHOGHOLWRFXDQGRHOQXHYR
SUHFHSWRSHQDOUHVXOWDUHGHVIDYRUDEOH

6L ELHQ HV FLHUWR TXH XQ LPSRUWDQWH VHFWRU GH OD GRFWULQD FRQVLGHUD TXH HO FRQFHSWR
'HUHFKR3HQDOHQVHQWLGRDPSOLRHVFRPSUHQVLYRGHOVLVWHPDSHQDO\SRUWDQWRDEDUFD
DO'HUHFKR3HQDOVXVWDQWLYRRPDWHULDODO'HUHFKR3HQDOSURFHVDO\DO'HUHFKR3HQDOGH
HMHFXFLyQVLQHPEDUJRGHHOORQRSXHGHGHVSUHQGHUVHTXHHOOHJLVODGRUFRQVWLWX\HQWH
KXELHUDTXHULGRFRELMDUEDMRHODOFDQFHGHOSULQFLSLRGHIDYRUDELOLGDGDWRGDVODVQRUPDV
GHO VLVWHPD SHQDO HPSHUR WDPSRFR GH HOOR SXHGH FRQFOXLUVH HQ VHQWLGR GH TXH HO
SULQFLSLR VyOR DOFDQ]DUtD D ORV SUHFHSWRV FRQWHQLGRV HQ HO 'HUHFKR SHQDO PDWHULDO
&yGLJRSHQDO\OH\HVSHQDOHVHVSHFLDOHV SRUORTXHFRQYLHQHSUHFLVDUORVLJXLHQWH


(OSULQFLSLRQDFHGHODLGHDGHTXHOH\SHQDOH[SUHVDODSROtWLFDGHGHIHQVDVRFLDOTXH
DGRSWD HO (VWDGR HQ XQ GHWHUPLQDGR PRPHQWR KLVWyULFR HQ VX OXFKD FRQWUD OD
GHOLQFXHQFLD


 4XH WRGD PRGLILFDFLyQ GH ODV QRUPDV SHQDOHV H[SUHVD XQ FDPELR HQ OD YDORUDFLyQ
pWLFRVRFLDOGHODFRQGXFWDGHOLFWLYDHQHOFyPR\ODIRUPDHQTXHKDGHHMHFXWDUVHOD
DFFLyQUHSUHVRUDGHO(VWDGRIUHQWHDODUHDOL]DFLyQGHOKHFKRGHOLFWLYR\HQODVUHJODVGH
HMHFXFLyQGHODFRQVHFXHQFLDMXUtGLFDGHOGHOLWRHVWRHVODVDQFLyQSHQDO


&RQVLJXLHQWHPHQWHODDSOLFDFLyQGHOSULQFLSLRGHIDYRUDELOLGDGQRSXHGHHVWDUOLPLWDGR
VyORDVXSXHVWRVHQORVTXHODQXHYDQRUPDSHQDOGHVFULPLQDOL]DODFRQGXFWDWtSLFDR
GLVPLQX\HHOTXDQWXPGHVXSHQDVLQRWDPELpQFXDQGRODQXHYDOH\ OH\SHQDOPDWHULDO
SURFHVDORGHHMHFXFLyQ EHQHILFLHDOGHOLQFXHQWHHQHOiPELWRGHVXHVIHUDGHOLEHUWDG
VLHQGR FRPSUHQVLYDV GH WDO iPELWR HQWUH RWUDV ODV FLUFXQVWDQFLDV HO WLHPSR GH OD
SUHVFULSFLyQGHODDFFLyQSHQDORGHODSHQDODUHKDELOLWDFLyQ\ODVPHGLGDVFDXWHODUHV
SHUVRQDOHV


,,,   &RQVLJXLHQWHPHQWH FRPR TXHGy SUHFLVDGR HO EDUHPR PHGLGD GH YDORUDFLyQ 
SDUDODGHWHUPLQDFLyQGHODDSOLFDFLyQUHWURDFWLYDGHODOH\SHQDOIDYRUDEOHQRHVWiHQ
TXHHOSUHFHSWRLQYRFDGRIRUPHSDUWHGHOGHUHFKRSHQDOPDWHULDOVLQRHQTXHHOPLVPR
DIHFWHHVIHUDVGHOLEHUWDGGHOSURFHVDGRSXHVQRHVLQIUHFXHQWHTXHHQHO&yGLJRSHQDO
SRUHMHPSORH[LVWDQGLVSRVLFLRQHVGHLQGLVFXWLEOHQDWXUDOH]DSURFHVDO DUWV\HQWUH
RWURV \HQVHQWLGRLQYHUVRTXHHQHO&yGLJRGHSURFHGLPLHQWRSHQDOH[LVWDQQRUPDV
GHLQGLVFXWLEOHQDWXUDOH]DVXVWDQWLYDWDOFRPRORKDGHMDGRVHQWDGRODMXULVSUXGHQFLDGH
HVWH7ULEXQDOHQWUHRWUDVDWUDYpVGHOD6&5FXDQGRH[SUHVDTXH



'H HOOR VH GHVSUHQGH TXH OD /H\ GH (MHFXFLyQ 3HQDO \ 6XSHUYLVLyQ DO DJUDYDU OD
VLWXDFLyQGHORVFRQGHQDGRVSRUHVRVGHOLWRVQRSXHGHVHUDSOLFDGDUHWURDFWLYDPHQWHSRU
FRQWHQHU UHJODV GH DSOLFDFLyQ  GHVIDYRUDEOHV R SHUMXGLFLDOHV SDUD HO FRQGHQDGR
(YLGHQFLiQGRVHDOFRQWUDULRTXHWDQWRODVQRUPDVFRQWHQLGDVHQOD/H\GH(MHFXFLyQGH
3HQDV \ 6LVWHPD 3HQLWHQFLDULR FRPR ODV TXH HVWXYLHURQ YLJHQWHV DO WLHPSR GH OD
VHQWHQFLD 50FRQVXPRGLILFDFLRQHV \GXUDQWHHOFXPSOLPLHQWRGHODFRQGHQD
50   VRQ PiV EHQLJQDV FRUUHVSRQGLHQGR OD  DSOLFDFLyQ XOWUDDFWLYD GH DTXHOOD
QRUPDTXHUHVXOWHVHUPiVIDYRUDEOHDOFRQGHQDGRD~QFXDQGRODPLVPDHVWpGHURJDGD
SRUH[SUHVRPDQGDWRGHORVDUWV,9\&3(




W


dW^:d

$ORVSXHEORVLQGtJHQDV)OH[LELOL]DFLyQSURFHVDO
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   7DQWR ORV SUHVXSXHVWRV GH OHJLWLPDFLyQ DFWLYD
OHJLWLPDFLyQSDVLYDFRPRFXDOTXLHURWURUHTXLVLWRGHIRUPDTXHVHD
H[LJLGR SDUD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HQ HO FDVR GH
SHWLFLRQHV YLQFXODGDV D QDFLRQHV \ SXHEORV LQGtJHQD RULJLQDULR
FDPSHVLQRV GHEHQ VHU DQDOL]DGDV HQ HO PDUFR GH XQD Pi[LPD
IOH[LELOL]DFLyQSURFHVDOSDUDDVHJXUDUDVt\HQHOPDUFRGHOUHVSHWRD
VXVQRUPDV\SURFHGLPLHQWRVXQYHUGDGHUR\UHDODFFHVRDODMXVWLFLD
DGLFKDVFROHFWLYLGDGHV

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOORVDFFLRQDQWHVGHQXQFLDQTXH
ORVDKRUDGHPDQGDGRVFRPRFRQVHFXHQFLDGHXQFRQIOLFWRYLQFXODGRDO
GHUHFKR SURSLHWDULR VREUH XQ LQPXHEOH PHGLDQWH YRWR UHVROXWLYR
GHFLGLHURQ VDQFLRQDU D 6LQIRULDQR 0DPDQL 5RMDV PLHPEUR GH OD
FRPXQLGDG\OXHJRDODFRPXQLGDGGH%XHQD9LGHVSURKLELpQGROHVHO
HMHUFLFLR\SUiFWLFDGHVXVXVRV\FRVWXPEUHVDVtFRPRHOHMHUFLFLRGH
FDUJRVRULJLQDULRVGHSRUWLYRV\ODSDUWLFLSDFLyQHQHYHQWRVGHSRUWLYRV
HODFFHVRDFDUJRVPXQLFLSDOHVSROtWLFRV\FXOWXUDOHVTXHSRUFRVWXPEUH
FRUUHVSRQGHDFDGDFRPXQLGDGSRUURWDFLyQDVSHFWRVTXHFRQVWLWX\HQ
SUiFWLFDV DQFHVWUDOHV GH VXV SXHEORV $VLPLVPR GHQXQFLDURQ OD
DIHFWDFLyQ DO GHUHFKR DO GHELGR SURFHVR \ D OD GHIHQVD GH 6LQIRULDQR
0DPDQL5RMDVFRPXQDULRGH%XHQD9LGHV(QEDVHDHVWRVKHFKRVSLGHQ
ORVLJXLHQWHORVLJXLHQWHL 4XHVHGHMHVLQYDORUQLHIHFWROHJDOHO9RWR
5HVROXWLYRGHGHMXQLRGHVXVFULWRSRUORVGHPDQGDGRVLL /D
UHVWLWXFLyQGHVXVGHUHFKRVFRPRQDFLyQ\SXHEORLQGtJHQDRULJLQDULR
FDPSHVLQR SDUD HO HMHUFLFLR GH FXDOTXLHU FDUJR RULJLQDULR GHSRUWLYR
SROtWLFR\PXQLFLSDOLL /DSXEOLFDFLyQGHODSDUWHUHVROXWLYDGHOIDOOR
FRQVWLWXFLRQDOHQXQSHULyGLFRGHFLUFXODFLyQQDFLRQDODFXHQWD\FDUJR
GHORVGHPDQGDGRV\LLL /DUHSDUDFLyQGHGDxRVSHUMXLFLRV\FRVWDV
SURFHVDOHV (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO FRQILUPy OD
UHVROXFLyQ GHO -XH] GH *DUDQWtDV \ FRQFHGLy OD WXWHOD HQ EDVH D ORV
VLJXLHQWHV IXQGDPHQWRV   5HFRQGXFH SURFHVDOPHQWH OD DFFLyQ GH
DPSDURFRQVWLWXWLFLRQDOHQFXDQWRDORVGHUHFKRVFROHFWLYRVGHQXQFLDGRV
W


dW^:d


FRPRDIHFWDGRV 'LVSRQHTXHHQWUHFRPXQLGDGHVVHJHQHUHQGLiORJRV
LQWUDHLQWHUFXOWXUDOHV(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOFRQFHGH
ODWXWHODHQEDVHDORVVLJXLHQWHVDUJXPHQWRVD 5HFRQGXFHODDFFLyQGH
DPSDUR FRQVWLWXFLRQDO D DFFLyQ SRSXODU HQ FXDQWR D ODV GHQXQFLDV
UHIHUHQWHV D GHUHFKRV FROHFWLYRV E   &RQFHGH OD DFFLyQ SRSXODU
UHFRQGXFLGD SRUTXH ODV VDQFLRQHV GH H[SXOVLyQ \ VXVSHQVLyQ SULPHUR
GHEHQVHUHVWDEOHFLGDVSUHYLRGLiORJRLQWHUFXOWXUDO\DGHPiVGHEHQVHU
GDGDVSDUDVLWXDFLRQHVH[WUHPDGDPHQWHJUDYHV\DTXHGHDFXHUGRDOD
FRVPRPLVLyQGHODFRPXQLGDGODILQDOLGDGGHODVPLVPDVGHEHVHUHO
UHVJXDUGR GH OD DUPRQtD \ HO HTXLOLEULR FRPXQLWDULR DVSHFWRV TXH HQ
GHILQLWLYDQRVRQFRQVROLGDGRVSRUHO9RWR5HVROXWLYRGHGHMXQLRGH
F (VWDEOHFHTXHODUHFRQGXFFLyQSURFHVDOSDUDHODQiOLVLVGHORV
GHUHFKRV FROHFWLYRV QR JHQHUD SUREOHPDV HQ FXDQWR D OHJLWLPDFLyQ
DFWLYDGHORVDFWLYDQWHVGHWXWHODHPSHURHODQiOLVLVGHODVGHQXQFLDV
YLQFXODGDVDGHUHFKRVIXQGDPHQWDOHVLQGLYLGXDOHVKDFHQQHFHVDULRTXH
HVWH7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHVWDEOH]FDTXHD~QFXDQGR
ODVLQGLFDGDVSHUVRQDVDFWLYDQODSUHVHQWHDFFLyQVLQSRGHUHVSHFtILFR\
SRUHOFRQWHQLGRGHODPLVPDDQRPEUHGH6LQIRULDQR0DPDQL5RMDV
FRPRFRPXQDULRGH%XHQD9LGHVSRUHVWDUODSUREOHPiWLFDYLQFXODGDD
QDFLRQHV\SXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRVGHEHDSOLFDUVHXQD
IOH[LELOL]DFLyQ SURFHVDO SRU OR TXH HQ HO SUHVHQWH FDVR ORV DKRUD
SHWLFLRQDQWHV GH WXWHOD WLHQHQ OHJLWLPDFLyQ DFWLYD SDUD DFWLYDU HO
SUHVHQWHPHFDQLVPRWXWHODUH &RQFHGHODDFFLyQSRSXODUUHFRQGXFLGD
SRUTXH ODV VDQFLRQHV GH H[SXOVLyQ \ VXVSHQVLyQ SULPHUR GHEHQ VHU
HVWDEOHFLGDVSUHYLRGLiORJRLQWHUFXOWXUDO\DGHPiVGHEHQVHUGDGDVSDUD
VLWXDFLRQHVH[WUHPDGDPHQWHJUDYHV\DTXHGHDFXHUGRDODFRVPRPLVLyQ
GHODFRPXQLGDGODILQDOLGDGGHODVPLVPDVGHEHVHUHOUHVJXDUGRGHOD
DUPRQtD\HOHTXLOLEULRFRPXQLWDULRDVSHFWRVTXHHQGHILQLWLYDQRVRQ
FRQVROLGDGRV SRU HO 9RWR 5HVROXWLYR GH  GH MXQLR GH  \ G 
'LVSRQHTXHODFRPXQLGDGGH7RGR6DQWRVODFRPXQLGDG%XHQD9LGHV
\ 6LQIRULDQR 0DPDQL 5RMDV GHVDUUROOHQ  XQ HVSDFLRGH GLiORJR HQ HO
FXDO HQ HO PDUFR GH ORV YDORUHV SOXUDOHV VXSUHPRV LPSHUDQWHV HQ HO
(VWDGR 3OXULQDFLRQDO GH %ROLYLD \ GH DFXHUGR D VXV QRUPDV \
SURFHGLPLHQWRVVHVROXFLRQHQODVGLYHUJHQFLDVH[LVWHQWHV

([WUDFWRGHODUDWLRGHFLGHQGL

'


3RUORH[SUHVDGRWDQWRORVSUHVXSXHVWRVGHOHJLWLPDFLyQDFWLYDOHJLWLPDFLyQSDVLYD\
FXDOTXLHU RWUR UHTXLVLWR GH IRUPD TXH VHD H[LJLGR SDUD OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO HQ HO FDVR GH SHWLFLRQHV YLQFXODGDV D QDFLRQHV \ SXHEORV LQGtJHQD
RULJLQDULRFDPSHVLQRVGHEHQVHUDQDOL]DGDVHQHOPDUFRGHXQDPi[LPDIOH[LELOL]DFLyQ
SURFHVDOSDUDDVHJXUDUDVt\HQHOPDUFRGHOUHVSHWRDVXVQRUPDV\SURFHGLPLHQWRVXQ
YHUGDGHUR\UHDODFFHVRDODMXVWLFLDDGLFKDVFROHFWLYLGDGHV

3RUORJORVDGRSUHFHGHQWHPHQWHODVQDFLRQHV\SXHEORVLQGtJHQDRULJLQDULRFDPSHVLQDV
QRQHFHVLWDQDFUHGLWDUVXSHUVRQHUtDHQORVWpUPLQRVTXHHOGHUHFKRFLYLORFRPHUFLDO

W


dW^:d
H[LJHQHVGHFLUDWUDYpVGHXQWHVWLPRQRGHSRGHUHVSHFtILFRH[SHGLGRSRUQRWDULRGHIH
S~EOLFDFRQWRGDVODVIRUPDOLGDGHVGHULJRUWRGDYH]TXHVXH[LVWHQFLDFRPRQDFLyQ\
SXHEORLQGtJHQDRULJLQDULRFDPSHVLQRVHDFUHGLWDGHDFXHUGRDORVFULWHULRVSODVPDGRV
HQHODUWLQFE \GHO&RQYHQLRGHOD2,7\HQHVHPDUFRODVDXWRULGDGHVR
SHUVRQDVTXHORVUHSUHVHQWHQRVWHQWDQWDOFDOLGDGGHDFXHUGRDODVIRUPDVTXHVXVXVRV\
FRVWXPEUHVDVtORHVWDEOH]FDQGHELHQGRHQHVWHFDVRYDORUDUVHHVWRVDVSHFWRVHQHOPDUFR
GHXQDDPSOLDIOH[LELOLGDGSURFHVDO

$GHPiVHQHVWHPDUFRGHDPSOLDIOH[LELOLGDGSURFHVDOHVLPSHUDQWHHVWDEOHFHUTXHHQ
HOSUHVHQWHFDVRODDFFLyQGHDPSDURFRQVWLWXFLRQDODWUDYpVGHODFXDOVHGHQXQFLDOD
DIHFWDFLyQ WDQWR GH GHUHFKRV FROHFWLYRV FRPR LQGLYLGXDOHV IXH SUHVHQWDGD SRU HO
FRUUHJLGRUDX[LOLDU\UHSUHVHQWDQWHGHODFRPXQLGDGGH%XHQD9LGHV\RWURVFRPXQDULRV
HQ HVH RUGHQ OD UHFRQGXFFLyQSURFHVDO SDUD HO DQiOLVLV GH ORV GHUHFKRV FROHFWLYRVQR
JHQHUDSUREOHPDVHQFXDQWRDOHJLWLPDFLyQDFWLYDGHORVDFWLYDQWHVGHWXWHODHPSHURHO
DQiOLVLV GH ODV GHQXQFLDV YLQFXODGDV D GHUHFKRV IXQGDPHQWDOHV LQGLYLGXDOHV KDFHQ
QHFHVDULRTXHHVWH7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHVWDEOH]FDTXHD~QFXDQGRODV
LQGLFDGDVSHUVRQDVDFWLYDQODSUHVHQWHDFFLyQVLQSRGHUHVSHFtILFR\SRUHOFRQWHQLGRGH
ODPLVPDDQRPEUHGH6LQIRULDQR0DPDQL5RMDVFRPRFRPXQDULRGH%XHQD9LGHVSRU
HVWDUODSUREOHPiWLFDYLQFXODGDDQDFLRQHV\SXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRV
GHEH DSOLFDUVH XQD IOH[LELOL]DFLyQ SURFHVDO SRU OR TXH HQ HO SUHVHQWH FDVR ORV DKRUD
SHWLFLRQDQWHVGHWXWHODWLHQHQOHJLWLPDFLyQDFWLYDSDUDDFWLYDUHOSUHVHQWHPHFDQLVPR
WXWHODU

(QFRQVHFXHQFLDORVDSDUHQWHVGHIHFWRVIRUPDOHVGHQXQFLDGRVSRUORVGHPDQGDGRVQR
SXHGHQVHUXQREVWiFXORSDUDHODQiOLVLVGHIRQGRGHODSUHVHQWHSUREOHPiWLFDSRUFXDQWR
HQHOPDUFRGHODIOH[LELOL]DFLyQSURFHVDODQWHVVHxDODGDVHLQJUHVDUiDODFRQVLGHUDFLyQ
GHODSUREOHPiWLFDSODQWHDGD



6LQWHVLVGHODUDWLRGHFLGHQGL

(VWDEOHFHTXHODUHFRQGXFFLyQSURFHVDOSDUDHODQiOLVLVGHORVGHUHFKRV
FROHFWLYRVQRJHQHUDSUREOHPDVHQFXDQWRDOHJLWLPDFLyQDFWLYDGHORV
DFWLYDQWHVGHWXWHODHPSHURHODQiOLVLVGHODVGHQXQFLDVYLQFXODGDVD
GHUHFKRVIXQGDPHQWDOHVLQGLYLGXDOHVKDFHQQHFHVDULRTXHHVWH7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOHVWDEOH]FDTXHD~QFXDQGRODVLQGLFDGDV
SHUVRQDV DFWLYDQ OD SUHVHQWH DFFLyQ VLQ SRGHU HVSHFtILFR \ SRU HO
FRQWHQLGR GHOD PLVPD D QRPEUH GH 6LQIRULDQR 0DPDQL 5RMDV FRPR
FRPXQDULR GH %XHQD 9LGHV SRU HVWDU OD SUREOHPiWLFD YLQFXODGD D
QDFLRQHV\SXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRVGHEHDSOLFDUVHXQD
IOH[LELOL]DFLyQ SURFHVDO SRU OR TXH HQ HO SUHVHQWH FDVR ORV DKRUD
SHWLFLRQDQWHV GH WXWHOD WLHQHQ OHJLWLPDFLyQ DFWLYD SDUD DFWLYDU HO
SUHVHQWHPHFDQLVPRWXWHODU

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

3UHFHGHQWH,PSOtFLWR
'


3RU OR H[SUHVDGR WDQWR ORV SUHVXSXHVWRV GH OHJLWLPDFLyQ DFWLYD


OHJLWLPDFLyQSDVLYD\FXDOTXLHURWURUHTXLVLWRGHIRUPDTXHVHDH[LJLGR
SDUD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HQ HO FDVR GH SHWLFLRQHV
W


dW^:d


YLQFXODGDVDQDFLRQHV\SXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRVGHEHQ
VHUDQDOL]DGDVHQHOPDUFRGHXQDPi[LPDIOH[LELOL]DFLyQSURFHVDOSDUD
DVHJXUDUDVt\HQHOPDUFRGHOUHVSHWRDVXVQRUPDV\SURFHGLPLHQWRV
XQYHUGDGHUR\UHDODFFHVRDODMXVWLFLDDGLFKDVFROHFWLYLGDGHV

3RU OR JORVDGR SUHFHGHQWHPHQWH ODV QDFLRQHV \ SXHEORV LQGtJHQD
RULJLQDULR FDPSHVLQDV QR QHFHVLWDQ DFUHGLWDU VX SHUVRQHUtD HQ ORV
WpUPLQRVTXHHOGHUHFKRFLYLORFRPHUFLDOH[LJHQHVGHFLUDWUDYpVGH
XQWHVWLPRQRGHSRGHUHVSHFtILFRH[SHGLGRSRUQRWDULRGHIHS~EOLFDFRQ
WRGDVODVIRUPDOLGDGHVGHULJRUWRGDYH]TXHVXH[LVWHQFLDFRPRQDFLyQ
\ SXHEOR LQGtJHQD RULJLQDULR FDPSHVLQR VH DFUHGLWD GH DFXHUGR D ORV
FULWHULRVSODVPDGRVHQHODUWLQFE \GHO&RQYHQLRGHOD
2,7 \ HQ HVH PDUFR ODV DXWRULGDGHV R SHUVRQDV TXH ORV UHSUHVHQWHQ
RVWHQWDQWDOFDOLGDGGHDFXHUGRDODVIRUPDVTXHVXVXVRV\FRVWXPEUHV
DVtORHVWDEOH]FDQGHELHQGRHQHVWHFDVRYDORUDUVHHVWRVDVSHFWRVHQHO
PDUFRGHXQDDPSOLDIOH[LELOLGDGSURFHVDO

$GHPiV HQ HVWH PDUFR GH DPSOLD IOH[LELOLGDG SURFHVDO HV LPSHUDQWH
HVWDEOHFHUTXHHQHOSUHVHQWHFDVRODDFFLyQGHDPSDURFRQVWLWXFLRQDOD
WUDYpVGHODFXDOVHGHQXQFLDODDIHFWDFLyQWDQWRGHGHUHFKRVFROHFWLYRV
FRPR LQGLYLGXDOHV IXH SUHVHQWDGD SRU HO FRUUHJLGRU DX[LOLDU \
UHSUHVHQWDQWHGHODFRPXQLGDGGH%XHQD9LGHV\RWURVFRPXQDULRVHQ
HVH RUGHQ OD UHFRQGXFFLyQ SURFHVDO SDUD HO DQiOLVLV GH ORV GHUHFKRV
FROHFWLYRVQRJHQHUDSUREOHPDVHQFXDQWRDOHJLWLPDFLyQDFWLYDGHORV
DFWLYDQWHVGHWXWHODHPSHURHODQiOLVLVGHODVGHQXQFLDVYLQFXODGDVD
GHUHFKRVIXQGDPHQWDOHVLQGLYLGXDOHVKDFHQQHFHVDULRTXHHVWH7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOHVWDEOH]FDTXHD~QFXDQGRODVLQGLFDGDV
SHUVRQDV DFWLYDQ OD SUHVHQWH DFFLyQ VLQ SRGHU HVSHFtILFR \ SRU HO
FRQWHQLGR GHOD PLVPD D QRPEUH GH 6LQIRULDQR 0DPDQL 5RMDV FRPR
FRPXQDULR GH %XHQD 9LGHV SRU HVWDU OD SUREOHPiWLFD YLQFXODGD D
QDFLRQHV\SXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRVGHEHDSOLFDUVHXQD
IOH[LELOL]DFLyQ SURFHVDO SRU OR TXH HQ HO SUHVHQWH FDVR ORV DKRUD
SHWLFLRQDQWHV GH WXWHOD WLHQHQ OHJLWLPDFLyQ DFWLYD SDUD DFWLYDU HO
SUHVHQWHPHFDQLVPRWXWHODU

(QFRQVHFXHQFLDORVDSDUHQWHVGHIHFWRVIRUPDOHVGHQXQFLDGRVSRUORV
GHPDQGDGRVQRSXHGHQVHUXQREVWiFXORSDUDHODQiOLVLVGHIRQGRGHOD
SUHVHQWH SUREOHPiWLFD SRU FXDQWR HQ HO PDUFR GH OD IOH[LELOL]DFLyQ
SURFHVDO DQWHV VHxDODGD VH LQJUHVDUi D OD FRQVLGHUDFLyQ GH OD
SUREOHPiWLFDSODQWHDGD





W


dW^:d

&ULWHULRVHVSHFtILFRVGHLQWHUSUHWDFLyQ\DUJXPHQWDFLyQ
GHO PRGHOR GH (VWDGR 3OXULQDFLRQDO ,QWHUFXOWXUDO \
&RPXQLWDULR,QWHUSUHWDFLyQLQWHUFXOWXUDORSOXUDO
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3(OSDUDGLJPDGHOYLYLUELHQFRPRSDXWDLQWHUFXOWXUDO
GHLQWHUSUHWDFLyQGHGHUHFKRVHQHOPDUFRGHXQGLiORJRLQWHUFXOWXUDO
FRQWLHQHORVVLJXLHQWHVDVSHFWRVL (ODQiOLVLVGHFRPSDWLELOLGDGGHO
DFWRRGHFLVLyQFXHVWLRQDGRFRQODVQRUPDV\SURFHGLPLHQWRVSURSLRV
GHFDGDQDFLyQ\SXHEORLQGtJHQDRULJLQDULRFDPSHVLQRDVSHFWRTXH
REOLJDWDQWRDORVMXHFHVRWULEXQDOHVGHJDUDQWtDVFRPRDO7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDODUHVROYHUODSUREOHPiWLFDGHDFXHUGR
DPpWRGRV\SURFHGLPLHQWRVFRQVWLWXFLRQDOHVLQWHUFXOWXUDOHVFRPRVHU
ORVSHULWDMHVDQWURSROyJLFRFXOWXUDOHVRHOGHVDUUROORGHGLiORJRVHQODV
SURSLDV FRPXQLGDGHV SDUD TXH HQ FDVR GH YHULILFDUVH XQD
LQFRPSDWLELOLGDGGHGLFKDVQRUPDV\SURFHGLPLHQWRVVHPDWHULDOLFHHO
YDORUGHOYLYLUELHQHOFXDOHVHOFRQWHQLGRHVHQFLDOGHORVGHUHFKRV
LQGLYLGXDOHVRFROHFWLYRVHQFRQWH[WRVLQWUDHLQWHUFXOWXUDOHV\LL (O
DQiOLVLV GH FRPSDWLELOLGDG GHO DFWR R GHFLVLyQ FXHVWLRQDGR FRQ ORV
SULQFLSLRV GH FRPSOHPHQWDULHGDG HTXLOLEULR GXDOLGDG DUPRQtD \
RWURV GH OD FRVPRYLVLyQ SURSLD GH ORV SXHEORV \ QDFLRQHV LQGtJHQD
RULJLQDULRFDPSHVLQD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOORVDFFLRQDQWHVGHQXQFLDQTXH
ORVDKRUDGHPDQGDGRVFRPRFRQVHFXHQFLDGHXQFRQIOLFWRYLQFXODGRDO
GHUHFKR SURSLHWDULR VREUH XQ LQPXHEOH PHGLDQWH YRWR UHVROXWLYR
GHFLGLHURQ VDQFLRQDU D 6LQIRULDQR 0DPDQL 5RMDV PLHPEUR GH OD
FRPXQLGDG\OXHJRDODFRPXQLGDGGH%XHQD9LGHVSURKLELpQGROHVHO
HMHUFLFLR\SUiFWLFDGHVXVXVRV\FRVWXPEUHVDVtFRPRHOHMHUFLFLRGH
FDUJRVRULJLQDULRVGHSRUWLYRV\ODSDUWLFLSDFLyQHQHYHQWRVGHSRUWLYRV
HODFFHVRDFDUJRVPXQLFLSDOHVSROtWLFRV\FXOWXUDOHVTXHSRUFRVWXPEUH
FRUUHVSRQGHDFDGDFRPXQLGDGSRUURWDFLyQDVSHFWRVTXHFRQVWLWX\HQ
SUiFWLFDV DQFHVWUDOHV GH VXV SXHEORV $VLPLVPR GHQXQFLDURQ OD
DIHFWDFLyQ DO GHUHFKR DO GHELGR SURFHVR \ D OD GHIHQVD GH 6LQIRULDQR
0DPDQL5RMDVFRPXQDULRGH%XHQD9LGHV(QEDVHDHVWRVKHFKRVSLGHQ
W


dW^:d


ORVLJXLHQWHORVLJXLHQWHL 4XHVHGHMHVLQYDORUQLHIHFWROHJDOHO9RWR
5HVROXWLYRGHGHMXQLRGHVXVFULWRSRUORVGHPDQGDGRVLL /D
UHVWLWXFLyQGHVXVGHUHFKRVFRPRQDFLyQ\SXHEORLQGtJHQDRULJLQDULR
FDPSHVLQR SDUD HO HMHUFLFLR GH FXDOTXLHU FDUJR RULJLQDULR GHSRUWLYR
SROtWLFR\PXQLFLSDOLL /DSXEOLFDFLyQGHODSDUWHUHVROXWLYDGHOIDOOR
FRQVWLWXFLRQDOHQXQSHULyGLFRGHFLUFXODFLyQQDFLRQDODFXHQWD\FDUJR
GHORVGHPDQGDGRV\LLL /DUHSDUDFLyQGHGDxRVSHUMXLFLRV\FRVWDV
SURFHVDOHV (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO FRQILUPy OD
UHVROXFLyQ GHO -XH] GH *DUDQWtDV \ FRQFHGLy OD WXWHOD HQ EDVH D ORV
VLJXLHQWHV IXQGDPHQWRV   5HFRQGXFH SURFHVDOPHQWH OD DFFLyQ GH
DPSDURFRQVWLWXWLFLRQDOHQFXDQWRDORVGHUHFKRVFROHFWLYRVGHQXQFLDGRV
FRPRDIHFWDGRV 'LVSRQHTXHHQWUHFRPXQLGDGHVVHJHQHUHQGLiORJRV
LQWUDHLQWHUFXOWXUDOHV(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOFRQFHGH
ODWXWHODHQEDVHDORVVLJXLHQWHVDUJXPHQWRVD 5HFRQGXFHODDFFLyQGH
DPSDUR FRQVWLWXFLRQDO D DFFLyQ SRSXODU HQ FXDQWR D ODV GHQXQFLDV
UHIHUHQWHV D GHUHFKRV FROHFWLYRV E   &RQFHGH OD DFFLyQ SRSXODU
UHFRQGXFLGD SRUTXH ODV VDQFLRQHV GH H[SXOVLyQ \ VXVSHQVLyQ SULPHUR
GHEHQVHUHVWDEOHFLGDVSUHYLRGLiORJRLQWHUFXOWXUDO\DGHPiVGHEHQVHU
GDGDVSDUDVLWXDFLRQHVH[WUHPDGDPHQWHJUDYHV\DTXHGHDFXHUGRDOD
FRVPRPLVLyQGHODFRPXQLGDGODILQDOLGDGGHODVPLVPDVGHEHVHUHO
UHVJXDUGR GH OD DUPRQtD \ HO HTXLOLEULR FRPXQLWDULR DVSHFWRV TXH HQ
GHILQLWLYDQRVRQFRQVROLGDGRVSRUHO9RWR5HVROXWLYRGHGHMXQLRGH
F (VWDEOHFHTXHODUHFRQGXFFLyQSURFHVDOSDUDHODQiOLVLVGHORV
GHUHFKRV FROHFWLYRV QR JHQHUD SUREOHPDV HQ FXDQWR D OHJLWLPDFLyQ
DFWLYDGHORVDFWLYDQWHVGHWXWHODHPSHURHODQiOLVLVGHODVGHQXQFLDV
YLQFXODGDVDGHUHFKRVIXQGDPHQWDOHVLQGLYLGXDOHVKDFHQQHFHVDULRTXH
HVWH7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHVWDEOH]FDTXHD~QFXDQGR
ODVLQGLFDGDVSHUVRQDVDFWLYDQODSUHVHQWHDFFLyQVLQSRGHUHVSHFtILFR\
SRUHOFRQWHQLGRGHODPLVPDDQRPEUHGH6LQIRULDQR0DPDQL5RMDV
FRPRFRPXQDULRGH%XHQD9LGHVSRUHVWDUODSUREOHPiWLFDYLQFXODGDD
QDFLRQHV\SXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRVGHEHDSOLFDUVHXQD
IOH[LELOL]DFLyQ SURFHVDO SRU OR TXH HQ HO SUHVHQWH FDVR ORV DKRUD
SHWLFLRQDQWHV GH WXWHOD WLHQHQ OHJLWLPDFLyQ DFWLYD SDUD DFWLYDU HO
SUHVHQWHPHFDQLVPRWXWHODUH &RQFHGHODDFFLyQSRSXODUUHFRQGXFLGD
SRUTXH ODV VDQFLRQHV GH H[SXOVLyQ \ VXVSHQVLyQ SULPHUR GHEHQ VHU
HVWDEOHFLGDVSUHYLRGLiORJRLQWHUFXOWXUDO\DGHPiVGHEHQVHUGDGDVSDUD
VLWXDFLRQHVH[WUHPDGDPHQWHJUDYHV\DTXHGHDFXHUGRDODFRVPRPLVLyQ
GHODFRPXQLGDGODILQDOLGDGGHODVPLVPDVGHEHVHUHOUHVJXDUGRGHOD
DUPRQtD\HOHTXLOLEULRFRPXQLWDULRDVSHFWRVTXHHQGHILQLWLYDQRVRQ
FRQVROLGDGRV SRU HO 9RWR 5HVROXWLYR GH  GH MXQLR GH  \ G 
'LVSRQHTXHODFRPXQLGDGGH7RGR6DQWRVODFRPXQLGDG%XHQD9LGHV
\ 6LQIRULDQR 0DPDQL 5RMDV GHVDUUROOHQ  XQ HVSDFLRGH GLiORJR HQ HO
FXDO HQ HO PDUFR GH ORV YDORUHV SOXUDOHV VXSUHPRV LPSHUDQWHV HQ HO
(VWDGR 3OXULQDFLRQDO GH %ROLYLD \ GH DFXHUGR D VXV QRUPDV \
SURFHGLPLHQWRVVHVROXFLRQHQODVGLYHUJHQFLDVH[LVWHQWHV

W


dW^:d

([WUDFWRGHODUDWLRGHFLGHQGL

)-'


 $KRUD ELHQ HO FRQWHQLGR GH OD LQGLFDGD GHFLVLyQ GHEH VHU DQDOL]DGR D OD OX] GHO
SDUDGLJPDGHOYLYLUELHQGHVDUUROODGRHQHO)XQGDPHQWR-XUtGLFR&GHHVWHIDOORSDUD
TXHDWUDYpVGHXQGLiORJRLQWHUFXOWXUDOVHPDWHULDOLFHHOYLYLUELHQHQHOPDUFRGHXQD
FRQYLYHQFLD SDFtILFD HQWUH ODV GLYHUVDV FXOWXUDV FRQ DUPRQtD FRPSOHPHQWDULHGDG
GXDOLGDG\VROLGDULGDGHQWUHHOODVDOLQWHULRUGHHOODV\HQUHODFLyQDO(VWDGR

(Q HO PDUFR GH OR VHxDODGR HQ HO )XQGDPHQWR -XUtGLFR & FRPR UD]RQDPLHQWR
FRQRFLPLHQWR R VDEHU GH FDUiFWHU HVHQFLDO SDUD HO SUHVHQWH IDOOR VH HVWDEOHFLy TXH HO
SDUDGLJPDGHOYLYLUELHQHVWDEOHFHSDUiPHWURVGHFDUiFWHUJHQHUDODFRUGHVFRQHOQXHYR
PRGHOR GH (VWDGR \ HQ SDUWLFXODU FRQ HO SOXUDOLVPR OD LQWHUFXOWXUDOLGDG \ OD
GHVFRORQL]DFLyQ SDUD TXH D WUDYpV GHO FRQWURO GH FRQVWLWXFLRQDOLGDG HQ FDGD FDVR
FRQFUHWRVHDVHJXUHXQDUHDOPDWHULDOL]DFLyQGHOYLYLUELHQ\GHVXVYDORUHVFRQVWLWXWLYRV
FRPRVHUODFRPSOHPHQWDULHGDGHTXLOLEULRGXDOLGDG\DUPRQtDHQHVHRUGHQHQWUHXQR
GH HVRV SDUiPHWURV VH HQFXHQWUD HO DQiOLVLV GH FRPSDWLELOLGDG GHO DFWR R GHFLVLyQ
FXHVWLRQDGRFRQORVSULQFLSLRVGHFRPSOHPHQWDULHGDGHTXLOLEULRGXDOLGDGDUPRQtD\
FRVPRYLVLyQ SURSLD TXH REOLJD WDQWR D ORV MXHFHV R WULEXQDOHV GH JDUDQWtDV FRPR DO
7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDODUHVROYHUODSUREOHPiWLFDGHDFXHUGRDPpWRGRV
\SURFHGLPLHQWRVFRQVWLWXFLRQDOHVLQWHUFXOWXUDOHVFRPRVHUODVYLVLWDVRHOGHVDUUROORGH
GLiORJRV HQ ODV SURSLDV FRPXQLGDGHV SDUD TXH HQ FDVR GH YHULILFDUVH XQD
LQFRPSDWLELOLGDG GH GLFKRV DFWRV R GHFLVLRQHV FRQ ORV YDORUHV DQWHV VHxDODGRV VH
PDWHULDOLFH HO YDORU GHO YLYLU ELHQ HO FXDO HV HO FRQWHQLGR HVHQFLDO GH ORV GHUHFKRV
LQGLYLGXDOHVRFROHFWLYRVYLJHQWHVHQFRQWH[WRVLQWUDHLQWHUFXOWXUDOHV

3RUWDQWRHQDSOLFDFLyQGHOSRVWXODGRDQWHVVHxDODGRVHWLHQHTXHHQHOFDVRFRQFUHWR
FRUUHVSRQGH DQDOL]DU VL HO 9RWR 5HVROXWLYR GH  GH MXQLR GH  PDWHULDOL]D HO
GHQRPLQDGRSDUDGLJPDGHOYLYLUELHQ

$KRUD ELHQ SDUD DSOLFDU HO SULPHU SRVWXODGR GHO SDUDGLJPD GHO YLYLU ELHQ GHEH
SUHFLVDUVH TXH D WUDYpV GHO ,QIRUPH 7pFQLFR &,7( 7&3678' ,QI 
HODERUDGRSRUOD8QLGDGGH'HVFRORQL]DFLyQGHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO
\TXHVHFRQILJXUDFRPRXQDKHUUDPLHQWDPiVQROD~QLFDSDUDJHQHUDUXQGLiORJR
LQWHUFXOWXUDOHQWUHODVQDFLRQHV\SXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRVFRQHO7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOVHHVWDEOHFLyTXHWDQWRODFRPXQLGDGGH7RGR6DQWRVFRPR
ODGH%XHQD9LGHVVHDXWRLGHQWLILFDQFRPRD\PDUDV\WLHQHQXQDFRQGLFLyQSUHFRORQLDO
WHQLHQGRDPEDVXQYtQFXORLGHRPiWLFRXQDFRVPRYLVLyQSURSLDXQDHVWUXFWXUDVRFLDO
WHUULWRULDO\PHFDQLVPRVSURSLRVGHVROXFLyQGHFRQWURYHUVLDV

(QHOPDUFRVHxDODGRHOUHIHULGRLQIRUPHHVWDEOHFHTXHHQHOWHUULWRULRGH7RGR6DQWRV
ODVFRPXQLGDGHVVHDQH[DQDVXWHUULWRULRGHDFXHUGRDODFRQWLQXLGDGJHRJUiILFDEDMR
HVWD OyJLFD VH PDQHMD HO FULWHULR GH OD GXDOLGDG GH ODV SDUFLDOLGDGHV TXH VH
FRPSOHPHQWDQ FKDFKDZDUPL YDURQPXMHU  DGHPiV VHxDOD HO PHQFLRQDGR LQIRUPH
TXH OD FRPSOHPHQWDULHGDG HV PiV QRWRULD HQ OD DOWHUQDQFLD UHSUHVHQWDWLYD GH ORV GRV
D\OOXVHQORVFDUJRVFRPXQDOHV

7DPELpQHOLQIRUPHUHILHUHTXHODSDUFLDOLGDGGHORVD\OOXVRULJLQDULRVGH7RGR6DQWRV
H[SUHVDQQRWRULDPHQWHORVSULQFLSLRVDQFHVWUDOHVFRPRODGXDOLGDGHTXLOLELULR\DUPRQtD
TXHGHEHH[LVWLUHQWUHORVVHUHVKXPDQRVODQDWXUDOH]D\ODVGHLGDGHVHQHVHRUGHQHO
LQIRUPHFLWDGRHVWDEOHFHTXHHQHOPDUFRGHODFRVPRYLVLyQGH7RGR6DQWRVH[LVWHXQD
FRPSUHQVLyQ GH OD
WRWDOLGDG
 \
FRPSOHPHQWDULHGDG
 GH VXV SDUFLDOLGDGHV TXH VH
GLVHPLQDQHQWRGRVORViPELWRVGHODYLGDVRFLDOSROtWLFDMXUtGLFD\HFRQyPLFD

$GHPiV HO UHIHULGR LQIRUPH HVWDEOHFH TXH GH DFXHUGR FRQ OD FRVPRYLVLyQ ORFDO ODV

W


dW^:d


FRPXQLGDGHVVHXQLILFDQHQWRUQRDXQHMHXUEDQRRWD\SLHOFXDOHVHOSXHEORGH7RGR
6DQWRV DVSHFWR TXH VH HYLGHQFLD VREUH WRGR HQ HYHQWRV VRFLRFXOWXUDOHV FRPR ORV
ULWXDOHVILHVWDVSDWURQDOHVHYHQWRVGHSRUWLYRV\RWUDVDFWLYLGDGHV$VLPLVPRHO,QIRUPH
7pFQLFR&,7(7&3678',QIHVWDEOHFHTXHHVWDFRVPRYLVLyQHVGHFLUOD
LPSRUWDQFLD TXH VH DWULEX\H HQ HO D\OOX D 7RGR 6DQWRV FRPR WD\SL R HMH XUEDQR HVWi
ODWHQWHQRVyORHQODVJHQHUDFLRQHVPD\RUHVVLQRHQODVQXHYDVJHQHUDFLRQHVTXHKDQ
DVXPLGRHVWRVSDWURQHVFXOWXUDOHVHQWRUQRDODFRVPRYLVLyQDQFHVWUDO

(QHOPDUFRGHORVHxDODGRVHHVWDEOHFHTXHODGHFLVLyQDKRUDDQDOL]DGDHVGHFLUHO
9RWR5HVROXWLYRGHGHMXQLRGHQRFXPSOHFRQODVQRUPDV\SURFHGLPLHQWRV
SURSLRVGHFDGDQDFLyQ\SXHEORLQGtJHQDRULJLQDULRFDPSHVLQRGH7RGR6DQWRV\DTXH
GHDFXHUGRDO,QIRUPH7pFQLFR&,7(7&3678',QIQRVHDJRWyODYtDGH
FRQFLOLDFLyQQLVHJHQHUyHVSDFLRVGHGLiORJRGHDFXHUGRDXQFRQVHQVRSHUPDQHQWHHQ
ODDVDPEOHDR
FDZLOGR


$GHPiVHO9RWR5HVROXWLYRGHGHMXQLRGHWDPSRFRWLHQHODILQDOLGDGQLHVWD
GHVWLQDGDDDVHJXUDUORVSULQFLSLRVGHFRPSOHPHQWDULHGDGHTXLOLEULRGXDOLGDGDUPRQtD
\ FRVPRYLVLyQ SURSLD HQ HVH RUGHQ GH DFXHUGR DO LQIRUPH DQWHV VHxDODGR GHEH
GHVWDFDUVHODLPSRUWDQFLDVRFLRFXOWXUDOGH7RGR6DQWRVSRUVHUXQHMHXUEDQRRWD\SL
HQHOFXDOVHGHVDUUROODQDFWLYLGDGHVTXHUHIXHU]DQ\HQYLUWXGDODVFXDOHVVHUHFRQVWUX\H
XQDFRVPRYLVLyQDQFHVWUDOSRUORTXHODGHFLVLyQDKRUDDQDOL]DGDHVFRQWUDULDDODLGHD
GHHTXLOLEULR\DUPRQtDTXHEULQGDQODVDFWLYLGDGHVGHVDUUROODGDVHQ7RGR6DQWRVFRPR
HMHXUEDQRRWD\SL

3RUORDILUPDGRGHEHUHVDOWDUVHTXHHOQXHYRPRGHORGH(VWDGRFRQVROLGDHOSULQFLSLR
GH OLEUHGHWHUPLQDFLyQ GH ODV QDFLRQHV \ SXHEORV LQGtJHQD RULJLQDULR FDPSHVLQRV HQ
YLUWXGDOFXDOVHDVHJXUD\UHVSHWDODDSOLFDFLyQGHVXVSURSLDVQRUPDV\SURFHGLPLHQWRV
\ODWRPDGHGHFLVLRQHV\VDQFLRQHVTXHFRUUHVSRQGDGHDFXHUGRDHOODVVLQHPEDUJR
GLFKDVGHFLVLRQHV\VDQFLRQHVGHEHQVHUDUPyQLFDVFRQHOYLYLUELHQ\SRUHQGHFRQORV
YDORUHVSOXUDOHVVXSUHPRVHQHVHFRQWH[WRHQHOSUHVHQWHFDVRWDOFRPRUH]DODSURSLD
FRVPRYLVLyQGHOSXHEORGH7RGR6DQWRV\GHDFXHUGRDORVHxDODGRHQHOLQIRUPHDQWHV
PHQFLRQDGRODVVDQFLRQHVGHH[SXOVLyQ\VXVSHQVLyQGHEHQVHUGDGDVSDUDVLWXDFLRQHV
H[WUHPDGDPHQWHJUDYHV\ODILQDOLGDGGHODVPLVPDVGHEHVHUHOUHVJXDUGRGHODDUPRQtD
\HOHTXLOLEULRFRPXQLWDULRDVSHFWRVTXHHQGHILQLWLYDQRVRQFRQVROLGDGRVSRUHO9RWR
5HVROXWLYRGHGHMXQLRGH

3RUWDQWRHQHOFDVRFRQFUHWR\WRGDYH]TXHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO
WLHQHODILQDOLGDGGHPDWHULDOL]DUODFRQVWLWXFLyQ\ORVYDORUHVSOXUDOHVVXSUHPRVDODOX]
GHOYLYLUELHQDSOLFDQGRSDUDHVWHHIHFWRORVGRVSRVWXODGRVGHOSDUDGLJPDGHOYLYLUELHQ
VHHYLGHQFLDTXHODGHFLVLyQDKRUDDQDOL]DGDHVGHFLUHO9RWR5HVROXWLYRGHGHMXQLR
GHDOQRKDEHUFXPSOLGRODVQRUPDV\SURFHGLPLHQWRVSURSLRVGHODFRPXQLGDG\
DO QR WHQHU OD ILQDOLGDG GH UHVJXDUGDU ORV YDORUHV GH DUPRQtD \ HTXLOLEULR DIHFWD ORV
GHUHFKRVGHODFRPXQLGDGGH%XHQD9LGHVDODSHWLFLyQDOGHSRUWHDODFXOWXUDItVLFDD
ODUHFUHDFLyQDOHMHUFLFLRGHVXVSUiFWLFDV\FRVWXPEUHVDQFHVWUDOHVDODSDUWLFLSDFLyQHQ
ORV yUJDQRV H LQVWLWXFLRQHV GHO (VWDGR DO HMHUFLFLR GH FDUJRV RULJLQDULRV GHSRUWLYRV
SROtWLFRV\PXQLFLSDOHVDODUHDOL]DFLyQGHDFWLYLGDGHVGHSRUWLYDVTXHVHGHVDUUROODQHQ
ODFRPXQLGDGDOHMHUFLFLRGHFDUJRVGLUHFWLYRVSRUURWDFLyQ\DODSDUWLFLSDFLyQHQODV
HOHFFLRQHV PXQLFLSDOHV FRQ FDQGLGDWRV GH HVWD FRPXQLGDG GHUHFKRV GH QDWXUDOH]D
FROHFWLYDTXHHQVXFRQWHQLGRHVHQFLDOHVWiQLQWHJUDGRVSRUORVUHIHULGRVYDORUHVSOXUDOHV
VXSUHPRVORVFXDOHVGHEHQVHUPDWHULDOL]DGRVHQHO(VWDGR3OXULQDFLRQDOGH%ROLYLD

(QHOPDUFRGHORVHxDODGRGHDFXHUGRDORVSRVWXODGRVGHGHVFRORQL]DFLyQ\PHUFHGD
ODQXHYDYLVLyQGHODMXVWLFLDSOXUDOFRQVWLWXFLRQDOODPDWHULDOL]DFLyQGHORVSULQFLSLRV
SOXUDOHV VXSUHPRV GHEH JHQHUDU GLiORJRV LQWHUFXOWXUDOHV DO LQWHULRU GH ORV SXHEORV \
QDFLRQHVLQGtJHQDRULJLQDULRFDPSHVLQRVSRUWDQWRHQHOSUHVHQWHFDVRVHFRQPLQDD
ODV FRPXQLGDGHV GH 7RGR 6DQWRV \ %XHQD 9LGHV D OD UHDOL]DFLyQ GH XQ HVSDFLR GH

W


dW^:d
GLiORJRHQHOFXDOHQHOPDUFRGHORVYDORUHVSOXUDOHVVXSUHPRVLPSHUDQWHVHQHO(VWDGR
3OXULQDFLRQDOGH%ROLYLD\GHDFXHUGRDVXVQRUPDV\SURFHGLPLHQWRVVROXFLRQHQVXV
GLYHUJHQFLDV



6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH OD DFFLyQ SRSXODU UHFRQGXFLGD SRUTXH ODV VDQFLRQHV GH
H[SXOVLyQ\VXVSHQVLyQSULPHURGHEHQVHUHVWDEOHFLGDVSUHYLRGLiORJR
LQWHUFXOWXUDO \ DGHPiV GHEHQ VHU GDGDV SDUD VLWXDFLRQHV
H[WUHPDGDPHQWH JUDYHV \D TXH GH DFXHUGR D OD FRVPRPLVLyQ GH OD
FRPXQLGDG OD ILQDOLGDG GH ODV PLVPDV GHEH VHU HO UHVJXDUGR GH OD
DUPRQtD\HOHTXLOLEULRFRPXQLWDULRDVSHFWRVTXHHQGHILQLWLYDQRVRQ
FRQVROLGDGRVSRUHO9RWR5HVROXWLYRGHGHMXQLRGH

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

6L ELHQ OD 6&3  HV XQD VHQWHQFLD IXQGDGRUD TXH HVWDEOHFH
FXDWURQLYHOHVGHDQiOLVLVGHOSDUDGLJPDGHOYLYLUELHQHPSHUROD6&3
 PRGXOD \ VLPSOLILFD GLFKRV QLYHOHV \ HVWDEOHFH TXH HO
SDUDGLJPDGHOYLYLUELHQFRPRSDXWDLQWHUFXOWXUDOGHLQWHUSUHWDFLyQGH
GHUHFKRVHQHOPDUFRGHXQGLiORJRLQWHUFXOWXUDOFRQWLHQHORVVLJXLHQWHV
DVSHFWRVL (ODQiOLVLVGHFRPSDWLELOLGDGGHODFWRRGHFLVLyQFXHVWLRQDGR
FRQ ODV QRUPDV \ SURFHGLPLHQWRV SURSLRV GH FDGD QDFLyQ \ SXHEOR
LQGtJHQDRULJLQDULRFDPSHVLQRDVSHFWRTXHREOLJDWDQWRDORVMXHFHVR
WULEXQDOHVGHJDUDQWtDVFRPRDO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO
D UHVROYHU OD SUREOHPiWLFD GH DFXHUGR D PpWRGRV \ SURFHGLPLHQWRV
FRQVWLWXFLRQDOHV LQWHUFXOWXUDOHV FRPR VHU ORV SHULWDMHV DQWURSROyJLFR
FXOWXUDOHVRHOGHVDUUROORGHGLiORJRVHQODVSURSLDVFRPXQLGDGHVSDUD
TXH HQ FDVR GH YHULILFDUVH XQD LQFRPSDWLELOLGDG GH GLFKDV QRUPDV \
SURFHGLPLHQWRV VH PDWHULDOLFH HO YDORU GHO YLYLU ELHQ HO FXDO HV HO
FRQWHQLGR HVHQFLDO GH ORV GHUHFKRV LQGLYLGXDOHV R FROHFWLYRV HQ
FRQWH[WRVLQWUDHLQWHUFXOWXUDOHV\LL (ODQiOLVLVGHFRPSDWLELOLGDGGHO
DFWRRGHFLVLyQFXHVWLRQDGRFRQORVSULQFLSLRVGHFRPSOHPHQWDULHGDG
HTXLOLEULR GXDOLGDG DUPRQtD \ RWURV GH OD FRVPRYLVLyQ SURSLD GHORV
SXHEORV\QDFLRQHVLQGtJHQDRULJLQDULRFDPSHVLQD

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

&
/D LQWHUSUHWDFLyQ GH GHUHFKRV LQGLYLGXDOHV \ FRQ LQFLGHQFLD FROHFWLYD HQ
FRQWH[WRVLQWHUHLQWUDFXOWXUDOHVGHFRQIRUPLGDGFRQHOSDUDGLJPDGHOYLYLUELHQ

(Q FRKHUHQFLD FRQ WRGR OR DUJXPHQWDGR HQ OD SUHVHQWH 6HQWHQFLD &RQVWLWXFLRQDO
3OXULQDFLRQDOSDUDODGLUHFWDMXVWLFLDELOLGDGGHORVGHUHFKRVLQGLYLGXDOHVRFROHFWLYRVHQ
FRQWH[WRVLQWHURLQWUDFXOWXUDOHVHVQHFHVDULRUHDOL]DUXQDLQWHUSUHWDFLyQGHORVPLVPRV
GHDFXHUGRDSDXWDVLQWHUFXOWXUDOHVGHLQWHUSUHWDFLyQSRUORTXHHQSULPHUOXJDUDOVHU
HOYLYLUELHQHOILQHVHQFLDOGHO(VWDGR3OXULQDFLRQDOGH%ROLYLD\HOYDORUSOXUDOVXSUHPR
HVWUXFWXUDQWHGHOSOH[RD[LROyJLFRLPSHUDQWHFRUUHVSRQGHGHVDUUROODUORGRJPiWLFDPHQWH
SDUDOXHJRHVWUXFWXUDUHOGHQRPLQDGR
SDUDGLJPDGHOYLYLUELHQ
FRPRSDXWDLQWHUFXOWXUDO

W


dW^:d


GHLQWHUSUHWDFLyQGHGHUHFKRVDSOLFDEOHWDQWRDGHUHFKRVLQGLYLGXDOHVFRPRDGHUHFKRV
FROHFWLYRV

(QHVWHPDUFROD6&3GHGHVHSWLHPEUHGHVDUUROOyMXULVSUXGHQFLDOPHQWH
HOSDUDGLJPDGHOYLYLUELHQHQHOPDUFRGHXQDLQWHUSUHWDFLyQLQWHUFXOWXUDOGHGHUHFKRV
IXQGDPHQWDOHV HO FXDO VHUi DSOLFDGR HQ HO SUHVHQWH IDOOR HQ HO PDUFR GH XQ
UHGLPHQVLRQDPLHQWR EDVDGR HQ XQD LQWHUSUHWDFLyQ HYROXWLYD \ DFRUGH DO PRGHOR GHO
(VWDGR3OXULQDFLRQDOGH%ROLYLD\HQSDUWLFXODUGHVGHODySWLFDGHOGHVDUUROORGRJPiWLFR
GHOYLYLUELHQ

3RU OR VHxDODGR GHEH HVWDEOHFHUVH TXH HO PRGHOR GH YLGDEDVDGRHQ HO YLYLU ELHQ VH
HVWUXFWXUDVREUHODFRQFHSFLyQGHODFRPXQLGDGKXPDQDDSDUWLUGHO
VHUFyVPLFR
RDMD\X
TXHLUUDGLDDODVWUHVFRPXQLGDGHVODKXPDQDODQDWXUDOH]D\ODGHLGDG MLZDMLZDVD
MLZDZL\MLZDxD YLVLyQDSDUWLUGHODFXDOGHEHRUJDQL]DUVHXQDIRUPDGHYLGDEDVDGD
HQODFRPSOHPHQWDULHGDGHTXLOLEULRGXDOLGDG\DUPRQtDHQHOHVSDFLRFyVPLFR
(QHOPDUFRGHORVHxDODGRGHEHHVWDEOHFHUVHTXHHOYLYLUELHQWLHQHFRPRSURSyVLWRV
HVHQFLDOHVODYLGDHQFRPXQLGDGEDVDGDHQODFRPSOHPHQWDULHGDGHOHTXLOLEULRGXDOLGDG
\ DUPRQtD SRVWXODGRV TXH GHEHUiQ VHU
ORV KLORV FRQGXFWRUHV
 GH OD LQWHUSUHWDFLyQ GH
GHUHFKRVHQFRQWH[WRVLQWUDHLQWHUFXOWXUDOHV

(OUHVWDEOHFLPLHQWRGHGLFKRVSULQFLSLRVDSDUWLUGHODUHIXQGDFLyQGHO(VWDGRWLHQHOD
ILQDOLGDGGHFRQVROLGDUXQDYLGDQREOH
TKDSDMxDQ
TXHDODEULJRGHO(VWDGR8QLWDULR
DVHJXUHODFRQYLYHQFLDSDFtILFDGHGLYHUVDVFXOWXUDVFRQDUPRQtDFRPSOHPHQWDULHGDG
GXDOLGDG\VROLGDULGDGHQWUHHOODVDOLQWHULRUGHHOODV\HQUHODFLyQDO(VWDGR

$KRUD ELHQ HO UHVWDEOHFLPLHQWR GH ORV SULQFLSLRV DQWHV PHQFLRQDGRV \ VX ILQDOLGDG
FRQVWLWX\HQ HO VXVWHQWR D[LROyJLFR GHO PRGHOR GH (VWDGR \ SRU HQGH GHO PRGHOR
FRQVWLWXFLRQDO LPSHUDQWH SRU HOOR HO 3UHiPEXOR GH OD &RQVWLWXFLyQ VHxDOD TXH OD
FRQVWUXFFLyQGHOQXHYR(VWDGRHVWiEDVDGDHQHOUHVSHWRHLJXDOGDGHQWUHWRGRVGHQWUR
GHORVDOFDQFHVGHORVSULQFLSLRVGHFRPSOHPHQWDULHGDGVROLGDULGDGDUPRQtD\HTXLGDG
HQODGLVWULEXFLyQ\UHGLVWULEXFLyQGHOSURGXFWRVRFLDOGRQGHSUHGRPLQHODE~VTXHGDGHO
YLYLUELHQFRQUHVSHWRDODSOXUDOLGDGHFRQyPLFDVRFLDOMXUtGLFDSROtWLFD\FXOWXUDOGH
ORV KDELWDQWHV GH HVWH WLHUUD \ HQ FRQYLYHQFLD FROHFWLYD FRQ DFFHVR DO DJXD WUDEDMR
HGXFDFLyQVDOXG\YLYLHQGDSDUDWRGRV

/DV GLUHFWULFHV D[LROyJLFDV DQWHV VHxDODGDV LUUDGLDQ GH FRQWHQLGR HO HVTXHPD GH
GHUHFKRVYLJHQWHVHQHO(VWDGR3OXULQDFLRQDOGH%ROLYLDHOFXDOFRPR\DVHGLMRHQHO
)XQGDPHQWR -XUtGLFR & FRQWHPSOD GHUHFKRV LQGLYLGXDOHV FROHFWLYRV \ GLIXVRV SRU
WDQWR OD PDWHULDOL]DFLyQ GH GLFKRV GHUHFKRV QR SXHGH SUHVFLQGLU GH ORV SRVWXODGRV
D[LROyJLFRVTXHORVFRQWLHQHUD]yQSRUODFXDOHOSDUDGLJPDGHOYLYLUELHQFRPRSDXWD
GHLQWHUSUHWDFLyQLQWHUFXOWXUDOGHGHUHFKRVVHFRQILJXUDFRPRXQDKHUUDPLHQWDHVHQFLDO
SDUDODYLJHQFLDGHGHUHFKRVHQHO(VWDGR3OXULQDFLRQDOGH%ROLYLD

3RUORH[SXHVWRHQHVWHHVWDGRGHFRVDVHVLPSHUDQWH IXQGDPHQWDUHOSDUDGLJPDGHO
YLYLU ELHQ FRPR SDXWD HVSHFtILFD GH LQWHUSUHWDFLyQ LQWHUFXOWXUDO GH GHUHFKRV
IXQGDPHQWDOHVHOFXDO\DIXHGHVDUUROODGRSRUOD6&3\TXHHQEDVHDXQD
LQWHUSUHWDFLyQHYROXWLYDVHUiFRPSOHPHQWDGR\UHGLPHQVLRQDGRHQHOSUHVHQWHIDOOR

$VtHOSDUDGLJPDGHOYLYLUELHQFRPRSDXWDGHLQWHUSUHWDFLyQLQWHUFXOWXUDOSDUDODWXWHOD
GH GHUHFKRV LQGLYLGXDOHV R FROHFWLYRV HQ FRQWH[WRV LQWHU H LQWUDFXOWXUDOHV HVWDEOHFH
SDUiPHWURVGHFDUiFWHUJHQHUDODFRUGHVFRQHOQXHYRPRGHORGH(VWDGR\HQSDUWLFXODU
FRQHOSOXUDOLVPRODLQWHUFXOWXUDOLGDG\ODGHVFRORQL]DFLyQSDUDTXHDWUDYpVGHOFRQWURO
GH FRQVWLWXFLRQDOLGDG HQ FDGD FDVR FRQFUHWR VH DVHJXUH XQD UHDO PDWHULDOL]DFLyQ GHO
YLYLU ELHQ \ GH VXV YDORUHV FRQVWLWXWLYRV FRPR VHU OD FRPSOHPHQWDULHGDG  HTXLOLEULR
GXDOLGDG\DUPRQtDHQWUHRWURVHQHVHRUGHQGLFKRVSDUiPHWURVDVHUDQDOL]DGRVHQHO
PDUFRGHXQGLiORJRLQWHUFXOWXUDOFRPSRQHQGHPDQHUDJHQHUDOORVVLJXLHQWHVDVSHFWRV

W


dW^:d

L 
(ODQiOLVLVGHFRPSDWLELOLGDGGHODFWRRGHFLVLyQFXHVWLRQDGRFRQODVQRUPDV
\ SURFHGLPLHQWRV SURSLRV GH FDGD QDFLyQ \ SXHEOR LQGtJHQD RULJLQDULR FDPSHVLQR
DVSHFWR TXH REOLJD WDQWR D ORV MXHFHV R WULEXQDOHV GH JDUDQWtDV FRPR DO 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO D UHVROYHU OD SUREOHPiWLFD GH DFXHUGR D PpWRGRV \
SURFHGLPLHQWRV FRQVWLWXFLRQDOHV LQWHUFXOWXUDOHV FRPR VHU ORV SHULWDMHV DQWURSROyJLFR
FXOWXUDOHVRHOGHVDUUROORGHGLiORJRVHQODVSURSLDVFRPXQLGDGHVSDUDTXHHQFDVRGH
YHULILFDUVHXQDLQFRPSDWLELOLGDGGHGLFKDVQRUPDV\SURFHGLPLHQWRVVHPDWHULDOLFHHO
YDORU GHO YLYLU ELHQ HO FXDO HV HO FRQWHQLGR HVHQFLDO GH ORV GHUHFKRV LQGLYLGXDOHV R
FROHFWLYRVHQFRQWH[WRVLQWUDHLQWHUFXOWXUDOHV\

LL 
(ODQiOLVLVGHFRPSDWLELOLGDGGHODFWRRGHFLVLyQFXHVWLRQDGRFRQORVSULQFLSLRV
GHFRPSOHPHQWDULHGDGHTXLOLEULRGXDOLGDGDUPRQtD\RWURVGHODFRVPRYLVLyQSURSLD
GHORVSXHEORV\QDFLRQHVLQGtJHQDRULJLQDULRFDPSHVLQD\REOLJDWDQWRDORVMXHFHVR
WULEXQDOHV GH JDUDQWtDV FRPR DO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO D UHVROYHU OD
SUREOHPiWLFDGHDFXHUGRDPpWRGRV\SURFHGLPLHQWRVFRQVWLWXFLRQDOHVLQWHUFXOWXUDOHV
FRPRVHUORVSHULWDMHVDQWURSROyJLFRFXOWXUDOHVRHOGHVDUUROORGHGLiORJRVHQODVSURSLDV
FRPXQLGDGHVSDUDTXHHQFDVRGHYHULILFDUVHXQDLQFRPSDWLELOLGDGGHGLFKRVDFWRVR
GHFLVLRQHVFRQORVYDORUHVDQWHVVHxDODGRVVHPDWHULDOLFHHOYDORUGHOYLYLUELHQHOFXDO
HVHOFRQWHQLGRHVHQFLDOGHORVGHUHFKRVLQGLYLGXDOHVRFROHFWLYRVYLJHQWHVHQFRQWH[WRV
LQWUDHLQWHUFXOWXUDOHV

(OHQWHQGLPLHQWRDQWHVGHVFULWRHQFDGDFDVRFRQFUHWRGHEHVHUXWLOL]DGRYHULILFiQGRVH
ODFRPSDWLELOLGDGRLQFRPSDWLELOLGDGGHORVDFWRVXRPLVLRQHVGHQXQFLDGRVFRPROHVLYRV
FRQORVGRVSRVWXODGRVGHVFULWRVORVFXDOHVFRPSRQHQHOSDUDGLJPDGHOYLYLUELHQFRPR
SDXWDGHLQWHUSUHWDFLyQLQWHUFXOWXUDOGHGHUHFKRVIXQGDPHQWDOHV

)LQDOPHQWHGHEHVHxDODUVHTXHHOGHVDUUROORGHOSDUDGLJPDGHOYLYLUELHQHQORVWpUPLQRV
DQWHVVHxDODGRVHVXQUD]RQDPLHQWRFRQRFLPLHQWRRVDEHUGHFDUiFWHUHVHQFLDOSDUDHO
SUHVHQWHIDOOR\SRUWDQWRJHQHUDHOSUHFHGHQWHMXULVSUXGHQFLDOYLQFXODQWH




1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO


W


dW^:d


6&3   (O SDUDGLJPD GHO YLYLU ELHQ HV XQD SDXWD GH
LQWHUSUHWDFLyQLQWHUFXOWXUDOGHGHUHFKRVIXQGDPHQWDOHVDSDUWLUGHOD
FXDOORVYDORUHVSOXUDOHVVXSUHPRVLUUDGLDQGHFRQWHQLGRORVDFWRV\
GHFLVLRQHVTXHHPDQDQGHODMXVWLFLDLQGtJHQDRULJLQDULDFDPSHVLQD
SDUDHYLWDUGHFLVLRQHVGHVSURSRUFLRQDGDV\DUELWUDULDVSRUORTXHODV
GHFLVLRQHVHQFRQWH[WRVLQWUDFXOWXUDOHVGHEHQVHUDQDOL]DGDVGHVGHORV
VLJXLHQWHV HOHPHQWRV D  $UPRQtD D[LRPiWLFD DVHJXUD TXH ODV
GHFLVLRQHV FRPXQDULDV HVWpQ DFRUGHV FRQ ORV YDORUHV SOXUDOHV
VXSUHPRV E  'HFLVLyQ DFRUGH FRQ OD FRVPRYLVLyQ SURSLD F 
5LWXDOLVPRVDUPyQLFRVFRQSURFHGLPLHQWRVQRUPDVWUDGLFLRQDOPHQWH
XWLOL]DGRVGHDFXHUGRDODFRVPRYLVLyQSURSLDGHFDGDQDFLyQ\SXHEOR
LQGtJHQD RULJLQDULR FDPSHVLQR \ G  3URSRUFLRQDOLGDG \ QHFHVLGDG
HVWULFWDDVSHFWRHQYLUWXGGHOFXDOVHGHEHUiSRQGHUDUODQDWXUDOH]D\
JUDYHGDGGHORVKHFKRVSODVPDGRVHQODGHFLVLyQHQUHODFLyQFRQOD
PDJQLWXGGHODVDQFLyQLPSXHVWD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH OLEHUWDG HO DFFLRQDQWH SLGH HO UHVJXDUGR GH VXV
GHUHFKRVGHVXHVSRVDHKLMRVDODYLGDHLQWHJULGDGItVLFDSVLFROyJLFD
SURKLELFLyQ GH WRUWXUD WUDWRV FUXHOHV LQKXPDQRV GHJUDGDQWHV R
KXPLOODQWHVGHUHFKRVDODJXD\ODDOLPHQWDFLyQHOGHUHFKRDOWUDEDMRDO
FRPHUFLRODSURKLELFLyQGHLQIDPLDPXHUWHFLYLO\FRQILQDPLHQWR\HO
GHUHFKRDOGHELGRSURFHVRSRUTXHODMXQWDYHFLQDOGH3RURPDDVXPLyOD
GHFLVLyQ GH H[SXOVDUD WRGD VXIDPLOLD GH OD FRPXQLGDG GHFLVLyQ TXH
WLHQHFRPRDQWHFHGHQWHXQURERFRPHWLGR\UHSDUDGRSRUVXKLMRHQEDVH
D HVWRV KHFKRV GHQXQFLy TXH OD MXQWD YHFLQDO UHSUHVHQWDGD SRU ODV
DXWRULGDGHVDKRUDGHPDQGDGDVORVQRWLILFyHOGHHQHURGHFRQ
GLFKDGHFLVLyQRWRUJiQGROHVXQSOD]RPi[LPRGHFXDUHQWD\RFKRKRUDV
SDUDDEDQGRQDUODFRPXQLGDGGHFLVLyQTXHIXHDVXPLGDSRUORVDKRUD
GHPDQGDGRVVLQTXHH[LVWDXQGHELGRSURFHVR\DIHFWDQGRDXQDPXMHU
\PHQRUHVGHHGDGTXLHQHVQRFRPHWLHURQQLQJ~QDFWRVDQFLRQDEOH(Q
EDVH D HVWH UHODWy SLGLy VH FRQFHGD OD WXWHOD \ VH GLVSRQJD HO
UHVWDEOHFLPLHQWRGHVXVGHUHFKRV\HOFHVHGHWRGDVODVDFFLRQHVHMHUFLGDV
FRQWUDHODFFLRQDQWH\VXIDPLOLD(O-XH]GH*DUDQWtDVFRQFHGLyODWXWHOD
\ HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HQ UHYLVLyQ DSUREy GLFKD
UHVROXFLyQ\GLVSXVRL (OFHVHGHWRGRDFWRFRQWUDULRDOSDUDGLJPDGHO
YLYLUELHQLL /DWUDGXFFLyQGHODGHFLVLyQDOTXHFKXD\D\PDUiLLL /D
VRFLDOL]DFLyQ GH OD VHQWHQFLD D OD 8QLGDG GH 'HVFRORQL]DFLyQ \ D OD
6HFUHWDUtD *HQHUDO GHO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO /D
VHQWHQFLD WXYR ORV VLJXLHQWHV IXQGDPHQWRV   6H HVWDEOHFLy TXH OD
&RPXQLGDGGH3RURPDWLHQHSHUWHQHQFLDFXOWXUDODORV4KDUD4KDUDVFRQ
XQD H[LVWHQFLD DQWHULRU D OD FRORQLDO DGHPiV GH WHQHU YtQFXORV
LGLRPiWLFRV \ FRQWDU FRQ XQD RUJDQL]DFLyQ DGPLQLVWUDWLYD \ WHUULWRULDO
PL[WD\DTXHFRQFXUUHQRUJDQL]DFLRQHVWHUULWRULDOHVGHFDUiFWHUYHFLQDO
W


dW^:d

VLQGLFDWRVFDPSHVLQRV\RUJDQL]DFLRQHVRULJLQDULDVEDMRHOVLVWHPDGHO
D\OOXDVLPLVPRVHHVWDEOHFLyTXHFXHQWDQFRQODWLWXODFLyQGH7LHUUDV
&RPXQLWDULDVGH2ULJHQWLHQHQXQDFRVPRYLVLyQSURSLDSRUORTXHDO
FRQWDU FRQ HOHPHQWRV GH FRKHVLyQ FRPXQLWDULD VH FRQFOX\y TXH OD
FRPXQLGDGGH3RURPDHVWLWXODUGHOGHUHFKRFROHFWLYRDOHMHUFLFLRGHVX
VLVWHPDMXUtGLFRHQPDUFDGRHQVXFRVPRYLVLyQ (OSDUDGLJPDGHOYLYLU
ELHQ VH FRQILJXUD FRPR XQD YHUGDGHUD SDXWD GH LQWHUSUHWDFLyQ
LQWHUFXOWXUDOGHGHUHFKRVIXQGDPHQWDOHVDSDUWLUGHODFXDOORVYDORUHV
SOXUDOHV VXSUHPRV LUUDGLDQ GH FRQWHQLGR ORV DFWRV \ GHFLVLRQHV TXH
HPDQDQ GH OD MXVWLFLD LQGtJHQD RULJLQDULD FDPSHVLQD FRQVWLWX\HQGR
DGHPiV XQD JDUDQWtD SOXUDO GHVWLQDGD D HYLWDU GHFLVLRQHV
GHVSURSRUFLRQDGDV\DUELWUDULDVSRUORTXHODVGHFLVLRQHVHQFRQWH[WRV
LQWUDFXOWXUDOHVGHEHQVHUDQDOL]DGDVGHVGHORVVLJXLHQWHVHOHPHQWRVD 
$UPRQtDD[LRPiWLFDE 'HFLVLyQDFRUGHFRQODFRVPRYLVLyQSURSLDF 
5LWXDOLVPRV DUPyQLFRV FRQ SURFHGLPLHQWRV QRUPDV WUDGLFLRQDOPHQWH
XWLOL]DGRVGHDFXHUGRDODFRVPRYLVLyQSURSLDGHFDGDQDFLyQ\SXHEOR
LQGtJHQD RULJLQDULR FDPSHVLQD \ G  3URSRUFLRQDOLGDG \ QHFHVLGDG
HVWULFWD HQ HVWH PDUFR GH DFXHUGR DO SDUDGLJPD GHO YLYLU ELHQ VH
FRQFOX\yHQHOFDVRFRQFUHWRTXHODGHFLVLyQGHH[SXOVLyQGHODFFLRQDQWH
\ VX IDPLOLD QR HV SURSRUFLRQDO QL UHVSRQGH D XQD HVWULFWD QHFHVLGDG
FRPXQLWDULD SRU OR TXH QR FXPSOH FRQ ORV SRVWXODGRV GHO WHVW GHO
SDUDGLJPD GHO YLYLUELHQ  (Q FLUFXQVWDQFLDV HQODV FXDOHV ORVDFWRV
GHQXQFLDGRV FRPR OHVLYRV YHUVHQ VREUH GHUHFKRV GH PXMHUHV R OD
PLQRULGDG HQ FRQWH[WRV LQWUDFXOWXUDOHV HO FRQWURO SOXUDO GH
FRQVWLWXFLRQDOLGDGGHEHUiDVHJXUDUODFRQVROLGDFLyQGHORVSULQFLSLRVGH
LJXDOGDGVROLGDULGDGHLQFOXVLyQDWUDYpVGHXQDSRQGHUDFLyQUHIRU]DGD
DODOX]GHXQDSDXWDHVSHFtILFDGHLQWHUSUHWDFLyQODLQWHUSUHWDFLyQLQWUD
FXOWXUDO IDYRUDEOH SURJUHVLYD \ H[WHQVLYD SDUD HVWRV VHFWRUHV D FX\R
HIHFWRVHHVWDEOHFHODYLJHQFLDGHOSDUDGLJPDGHODIDYRUDELOLGDGSDUD
ODV PXMHUHV \ PLQRULGDG DO FXDO GHEH DUPRQL]DUVHOD FRVPRYLVLyQ GH
WRGRSXHEOR\QDFLyQLQGtJHQDRULJLQDULRFDPSHVLQDHQHVWHPDUFRVH
FRQFOX\yTXHODGHFLVLyQDVXPLGDSRUODFRPXQLGDGGH3RURPDDIHFWy
HVWHSDUDGLJQDUHIRU]DGRGHLQWHUSUHWDFLyQGHGHUHFKRVDOH[SXOVDUDXQD
PXMHU\PHQRUHVTXHQRFRPHWLHURQDFWRUHSURFKDEOHDOJXQRHQGLFKD
FRPXQLGDG

([WUDFWRGHODUDWLRGHFLGHQGL

)-,9


E 
(Q HO )XQGDPHQWR -XUtGLFR ,9 GH OD SUHVHQWH 6HQWHQFLD VH LQGLFy TXH HO
HMHUFLFLR GHO FRQWURO SOXUDO GH FRQVWLWXFLRQDOLGDG HQ VX iPELWR WXWHODU D WUDYpV GH OD
DFFLyQ GH OLEHUWDG HQ UHODFLyQ D GHFLVLRQHV HPHUJHQWHV GH OD MXULVGLFFLyQ LQGtJHQD
RULJLQDULRFDPSHVLQDQRVHHQFXHQWUDVRPHWLGDDORVSUHVXSXHVWRVSURFHVDOHVDSOLFDEOHV
DORVFXDWURVXSXHVWRVGHVDUUROODGRVSRUHODUWGHOD&3(WRGDYH]TXHORVGHUHFKRV
IXQGDPHQWDOHVHQFRQWH[WRVLQWUDFXOWXUDOHVVRQVXMHWRVGHLQWHUSUHWDFLyQ\GHWXWHODGH
DFXHUGRDSDXWDVLQWHUHLQWUDFXOWXUDOHVGHLQWHUSUHWDFLyQ6HVHxDOyWDPELpQTXHSDUD

W


dW^:d


GHFLVLRQHV HPHUJHQWHV OD MXULVGLFFLyQ LQGtJHQD RULJLQDULR FDPSHVLQD OD DFFLyQ GH
OLEHUWDG VHUi HO PHFDQLVPR LGyQHR SDUD FRQRFHU \ UHVROYHU GHQXQFLDV YLQFXODGDV DO
GHUHFKRDODYLGD\FRQH[RVDODOX]GHOSDUDGLJPDGHOYLYLUELHQIOH[LELOL]iQGRVHHQ
HVWHFDVRFXDOTXLHUULWXDOLVPRRSUHVXSXHVWRSURFHVDOH[LJLGRSDUDODDFWLYDFLyQGHOD
DFFLyQGHOLEHUWDGHQUHODFLyQDGHFLVLRQHVTXHQRHPHUMDQGHODMXULVGLFFLyQLQGtJHQD
RULJLQDULRFDPSHVLQD(QODHVSHFLHHOREMHWRGHODSHWLFLyQGHWXWHODHVHOUHVJXDUGRGH
ORVGHUHFKRVGHODFFLRQDQWHGHVXHVSRVDHKLMRVDODYLGDHLQWHJULGDGItVLFDSVLFROyJLFD
SURKLELFLyQGHWRUWXUDWUDWRVFUXHOHVLQKXPDQRVGHJUDGDQWHVRKXPLOODQWHVGHUHFKRV
DODJXD\ODDOLPHQWDFLyQHOGHUHFKRDOWUDEDMRDOFRPHUFLRODSURKLELFLyQGHLQIDPLD
PXHUWH FLYLO \ FRQILQDPLHQWR \ HO GHUHFKR DO GHELGR SURFHVR SRU WDQWR DOKDEHU XQD
GLUHFWDYLQFXODFLyQGHWRGRVHVWRVGHUHFKRVFRQHOGHUHFKRDODYLGDGHEHLQJUHVDUVHHQ
HOFDVRFRQFUHWRDODQiOLVLVGHIRQGRGHODSUREOHPiWLFDDWUDYpVGHODSUHVHQWHDFFLyQGH
OLEHUWDG IOH[LELOL]iQGRVH HQ HVWH FDVR ULWXDOLVPRV SURFHVDOHV R SUHVXSXHVWRV TXH QR
SXHGHQVHUH[LJLGRVSDUDHOHMHUFLFLRGHOFRQWUROWXWHODUGHFRQVWLWXFLRQDOLGDGHQUHODFLyQ
DGHUHFKRVIXQGDPHQWDOHVHQFRQWH[WRVLQWUDHLQWHUFXOWXUDOHV

(QHO)XQGDPHQWR-XUtGLFR,9VHVHxDOyTXHHOSDUDGLJPDGHOYLYLUELHQVHFRQILJXUD
FRPRXQDYHUGDGHUDSDXWDGHLQWHUSUHWDFLyQLQWHUFXOWXUDOGHGHUHFKRVIXQGDPHQWDOHVD
SDUWLU GH OD FXDO ORV YDORUHV SOXUDOHV VXSUHPRV LUUDGLDQ GH FRQWHQLGR ORV DFWRV \
GHFLVLRQHV TXH HPDQDQ GH OD MXVWLFLD LQGtJHQD RULJLQDULD FDPSHVLQD FRQVWLWX\HQGR
DGHPiVXQDJDUDQWtDSOXUDOGHVWLQDGDDHYLWDUGHFLVLRQHVGHVSURSRUFLRQDGDV\FRQWUDULDV
DODVJXtDVD[LRPiWLFDVGHO(VWDGR3OXULQDFLRQDOGH%ROLYLDHQHVWHFRQWH[WRWDPELpQ
HQHO)XQGDPHQWR-XUtGLFRDQWHVVHxDODGRGHODSUHVHQWH6HQWHQFLDVHGHVDUUROODURQORV
FRPSRQHQWHV GHO WHVW GHO SDUDGLJPD GHO YLYLU ELHQ HQWUH ORV FXDOHV VH HQFHQWUDQ ORV
VLJXLHQWHVD $UPRQtDD[LRPiWLFDE 'HFLVLyQDFRUGHFRQODFRVPRYLVLyQSURSLDF 
5LWXDOLVPRV DUPyQLFRV FRQ SURFHGLPLHQWRV QRUPDV WUDGLFLRQDOPHQWH XWLOL]DGRV GH
DFXHUGRDODFRVPRYLVLyQSURSLDGHFDGDQDFLyQ\SXHEORLQGtJHQDRULJLQDULRFDPSHVLQD
\G 3URSRUFLRQDOLGDG\QHFHVLGDGHVWULFWD$KRUDELHQHQEDVHDORVFRPSRQHQWHVDQWHV
VHxDODGRV \ DO KDEHU VLGR GHQXQFLDGD FRPR OHVLYD D ORV GHUHFKRV GHO DFFLRQDQWH XQD
GHFLVLyQ HPHUJHQWH GH OD MXVWLFLD LQGtJHQD RULJLQDULR FDPSHVLQD HQ OD HVSHFLH
FRUUHVSRQGHUHDOL]DUHOWHVWGHOSDUDGLJPDGHOYLYLUELHQHQORVVLJXLHQWHVWpUPLQRV

L 
(QHO)XQGDPHQWR-XUtGLFR,9GHODSUHVHQWH6HQWHQFLDVHVHxDOyTXHOD
DUPRQtD D[LRPiWLFD LPSOLFD TXH WRGD GHFLVLyQ HPDQDGD GH OD MXULVGLFFLyQ LQGtJHQD
RULJLQDULR FDPSHVLQD HQ FXDQWR D VXV ILQHV \ PHGLRV HPSOHDGRV DVHJXUH OD
PDWHULDOL]DFLyQGHYDORUHVSOXUDOHVVXSUHPRVFRPRVHUODLJXDOGDGFRPSOHPHQWDULHGDG
VROLGDULGDGUHFLSURFLGDGDUPRQtDLQFOXVLyQLJXDOGDGGHFRQGLFLRQHVELHQHVWDUFRP~Q
HQWUHRWURVDVLPLVPRVHVHxDOyTXHHOFRQWUROSOXUDOGHFRQVWLWXFLRQDOLGDGXWLOL]DUiHO
PpWRGRMXUtGLFRGHODSRQGHUDFLyQLQWHUFXOWXUDODFX\RHIHFWRDODOX]GHORVYDORUHV
SOXUDOHVVXSUHPRVDQWHVGHVFULWRVGHEHUiFRWHMDUORVILQHVSHUVHJXLGRVSRUODGHFLVLyQ
HQUHODFLyQDORVPHGLRVHPSOHDGRVSDUDOXHJRYHULILFDUODDUPRQtDGHORVILQHV\PHGLRV
XWLOL]DGRVHQODGHFLVLyQFRQORVYDORUHVSOXUDOHVVXSUHPRVGHVFULWRVSUHFHGHQWHPHQWH

(QHOPDUFRGHODOtQHDDUJXPHQWDWLYDSUHFHGHQWHPHQWHGHVDUUROODGDHQHOFDVRFRQFUHWR
ODMXQWDYHFLQDOGH3RURPDFRQXQDRUJDQL]DFLyQPL[WDFRQHOHPHQWRVRULJLQDULRVWDO
FRPRVHHVWDEOHFLyHQHOLQFLVRD GHOSUHVHQWHDFiSLWHHOGHHQHURGHQRWLILFy
D
9LYLDQD*:
 VLF UHSUHVHQWDGDSRUVXHVSRVRHQODSUHVHQWHDFFLyQQRWLILFDFLyQD
WUDYpVGHODFXDOVHVHxDODORVLJXLHQWH
HOEDVHGHSXHEORGHFLGLyTXHGHVDORMHWRGD/D
)DPLOLDSRUTXHWLHQHQGHDQWHFHGHQWHVGH5RERGHGLQHUR  SRUHVHPRWLYRHOSXHEOR
GHFLGLyTXHWLHQHTXHGHVRFXSDUGHVXGRPLFLOLR\VXKXHUWD
 VLF $GHPiVODFLWDGDQRWD
VHxDODWDPELpQ
WLHQHTXHGHVRFXSDUKRUDVRVLQRKRUDVSRUTXHQRVRQILOLDGRD
QLQJXQ RUJDQL]DFLyQ QL HQ 6X &RPXQLGDG GH +XUKXD\R \ QL HQ SRPDQD]D
 VLF 
HYLGHQFLiQGRVHTXHHVWDPLVLYDIXHVXVFULWDSRU-XDQ-RVp&UX]3pUH]HQVXFDOLGDGGH
3UHVLGHQWH\$SROLQDU&D\RHQVXFDOLGDGGH9LFHSUHVLGHQWH IV 

(Q EDVH D HVWD GRFXPHQWDO VH WLHQH TXH PHGLDQWH OD PHWRGRORJtD MXUtGLFD GH OD

W


dW^:d
SRQGHUDFLyQLQWHUHLQWUDFXOWXUDOHOPHGLRXWLOL]DGRHVGHFLUODGHFLVLyQGHH[SXOVLyQ
GHODFRPXQLGDGGHODHVSRVDGHODKRUDDFFLRQDQWH\GHWRGDVXIDPLOLD\VXFRQVHFXHQWH
GHVYLQFXODFLyQWHUULWRULDO\FXOWXUDOQRHVDUPyQLFDFRQORVYDORUHVSOXUDOHVVXSUHPRV
UHIHUHQWHV D OD LJXDOGDG FRPSOHPHQWDULHGDG VROLGDULGDG UHFLSURFLGDG DUPRQtD
LQFOXVLyQ LJXDOGDG GH FRQGLFLRQHV R ELHQHVWDU FRP~Q \D TXH HO ILQ GH OD PHGLGD QR
HQFXHQWUD MXVWLILFDFLyQ HQ XQD GHFLVLyQ GHVWLQDGD D OD SUHVHUYDFLyQ GH XQ LQWHUpV
FROHFWLYRDFRUGHFRQORVYDORUHVSOXUDOHVVXSUHPRVLPSHUDQWHVTXHSXGLHUDMXVWLILFDUOD
GHFLVLyQ DVXPLGD 3RU OR H[SXHVWR VH WLHQH TXH OD GHFLVLyQ VRPHWLGD D FRQWURO GH
FRQVWLWXFLRQDOLGDGHVGHFLUODQRWLILFDFLyQGHGHHQHURGHQRHVDUPyQLFDFRQ
HORUGHQD[LRPiWLFRLPSHUDQWHSRUFXDQWRQRFXPSOHFRQHOSULPHUFRPSRQHQWHGHOWHVW
GHOSDUDGLJPDGHOYLYLUELHQ

LL 
6HVHxDOyDGHPiVHQHO)XQGDPHQWR-XUtGLFR,9GHODSUHVHQWH6HQWHQFLD
TXH D WUDYpV GH OD PHWRGRORJtD GH OD SRQGHUDFLyQ LQWUDFXOWXUDO HO FRQWURO SOXUDO GH
FRQVWLWXFLRQDOLGDGGHEtDFRWHMDUODDUPRQtD\FRQFRUGDQFLDGHODGHFLVLyQHPDQDGDGHO
SXHEOR R QDFLyQ LQGtJHQD RULJLQDULR FDPSHVLQR FRQ VX SURSLD FRVPRYLVLyQ HQ HVH
FRQWH[WRGHDFXHUGRDORVDQWHFHGHQWHVGHOSHULWDMHFXOWXUDODQWURSROyJLFRGHVDUUROODGR
SRUOD8QLGDGGH'HVFRORQL]DFLyQGHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHOSXHEOR
LQGtJHQDRULJLQDULRFDPSHVLQRGH3RURPDWLHQHXQDFRVPRYLVLyQSURSLDDWUDYpVGHXQD
FRQFHSFLyQ HVSHFtILFD HO FKXZDQFKDU WpUPLQR D\PDUD TXH VLJQLILFD UHVROYHU XQ
FRQIOLFWRSDUD
YROYHUHQHORUGHQHOGHVRUGHQFDXVDGRSRUODFRQGXFWDQRDGHFXDGD
VLF 
TXHLPSOLFDDGHPiVHQHVWHPDUFRHQFRQWUDUXQDVROXFLyQDGHFXDGDDORVSUREOHPDV IV
 (QODHVSHFLHODQRWLILFDFLyQGHGHHQHURGHTXHHVWDEOHFHODH[SXOVLyQGH
ORV DKRUD DFFLRQDQWHV HV FRQWUDULD D OD FRVPRYLVLyQ GHO SXHEOR LQGtJHQD RULJLQDULR
FDPSHVLQR GH 3RURPD HQ FXDQWR DO HOHPHQWR GHO FKXZDQFKDU \D TXH ORV DKRUD
DFFLRQDQWHV HV GHFLU %DOYLQR +XDQFD $ODYL 9LYLDQD *RQ]iOHV &RQGH \ VXV KLMRV
PHQRUHVGHHGDGQRFRPHWLHURQQLQJ~QKHFKRFRPXQLWDULDPHQWHUHSURFKDEOHSXHVWR
TXH HO VXSXHVWR URER OR FRPHWLy VX KLMR &RUQHOLR +XDQFD *RQ]iOHV SRU WDQWR OD
H[SXOVLyQGHODKRUDDFFLRQDQWHVXHVSRVD\VXVRWURVKLMRVQRFRQVWLWX\HXQDVROXFLyQ
DGHFXDGD D ORVSUREOHPDV GH OD FRPXQLGDG \ SRU WDQWR HV FRQWUDULD D OD FRVPRYLVLyQ
SURSLDGHOSXHEORGH3RURPD

$GHPiV HQ HO PDUFR GH OD FRVPRYLVLyQ SURSLD GH ORV FRPXQDULRV GH 3RURPD VH
HVWDEOHFHWDPELpQTXHWRGDFRQGXFWDLQDGHFXDGDLPSOLFDVDOLUGHOWKDNLRxDQTXHHVXQ
YDORUGHODULWXDOLGDG\ODFRVPRYLVLyQGHODFRPXQLGDGGH3RURPDSDUDODDSOLFDFLyQGH
ODMXVWLFLDHQOD0DUND\VLJQLILFDTXHWRGRVORVHOHPHQWRVGHODQDWXUDOH]DWLHQHQXQ
FDPLQR IV (QHOFDVRFRQFUHWRVHHYLGHQFLDTXH%DOYLQR+XDQFD$ODYL9LYLDQD
*RQ]iOHV &RQGH \ VXV KLMRV PHQRUHV GH HGDG QR FRPHWLHURQ QLQJXQD FRQGXFWD
UHSURFKDEOH\DTXHHOURERUHODWDGRHQDQWHFHGHQWHVIXHVXSXHVWDPHQWHUHDOL]DGRSRUVX
RWURKLMR&RUQHOLR+XDQFD*RQ]iOHVSRUWDQWRDOQRKDEHULQFXPSOLGRORVDFFLRQDQWHV
HOWKDNLRxDxODQRWLILFDFLyQGHGHHQHURGHHVFRQWUDULDDODFRVPRYLVLyQGHO
SXHEORLQGtJHQDRULJLQDULRFDPSHVLQRGH3RURPD

$VLPLVPRHQHO)XQGDPHQWR-XUtGLFR,9GHODSUHVHQWH6HQWHQFLDVHVHxDOyTXHHO
FRQWURO SOXUDO GH FRQVWLWXFLRQDOLGDG GHEHUi YHULILFDU TXH OD GHFLVLyQ HPDQDGD GH OD
MXULVGLFFLyQLQGtJHQDRULJLQDULDFDPSHVLQDVHDDFRUGHFRQORVULWXDOLVPRVDUPyQLFRVFRQ
SURFHGLPLHQWRVQRUPDVWUDGLFLRQDOPHQWHXWLOL]DGRVSRUODFRPXQLGDGGHDFXHUGRDOD
FRVPRYLVLyQSURSLDGHFDGDQDFLyQ\SXHEORLQGtJHQDRULJLQDULRFDPSHVLQR$KRUDELHQ
GHDFXHUGRDORVHOHPHQWRVEULQGDGRVHQHOSHULWDMHFXOWXUDODQWURSROyJLFRUHDOL]DGRSRU
OD8QLGDGGH'HVFRORQL]DFLyQGHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHQODHVSHFLH
QR VH UHVSHWDURQ ORVSURFHGLPLHQWRV DFRUGHV FRQ OD FRVPRYLVLyQ GHO SXHEOR LQGtJHQD
RULJLQDULR FDPSHVLQR GH 3RURPD SURFHGLPLHQWR TXH VH HQFXHQWUD GHWDOODGR HQ OD
FRQFOXVLyQ,,,\,,,GHODSUHVHQWH6HQWHQFLD

(Q HO PDUFR GH OR LQGLFDGR VH WLHQH TXH OD GHFLVLyQ VRPHWLGD D FRQWURO GH
FRQVWLWXFLRQDOLGDGHVGHFLUODQRWLILFDFLyQGHGHHQHURGHQRHVDUPyQLFDFRQ

W


dW^:d


ODFRVPRYLVLyQSURSLDGHOSXHEORLQGtJHQDRULJLQDULRFDPSHVLQRGH3RURPDSRUWDQWR
GLFKD GHFLVLyQ QR FXPSOH FRQ ORV SRVWXODGRV GHO VHJXQGR FRPSRQHQWH GHO WHVW GHO
SDUDGLJPDGHOYLYLUELHQ

LLL 
(QHO)XQGDPHQWR-XUtGLFR,9GHOSUHVHQWHIDOORVHVHxDOyWDPELpQTXHOD
SURSRUFLRQDOLGDG GH OD GHFLVLyQ DVXPLGD SRU OD MXULVGLFFLyQ LQGtJHQD RULJLQDULR
FDPSHVLQDGHEHUiVHUSRQGHUDGDGHDFXHUGRDODQDWXUDOH]D\JUDYHGDGGHORVKHFKRV
SODVPDGRV HQ OD GHFLVLyQ HQ UHODFLyQ FRQ OD PDJQLWXG GH OD VDQFLyQ LPSXHVWD (Q OD
HVSHFLHODGHFLVLyQSODVPDGDHQODQRWLILFDFLyQGHGHHQHURGHVHHYLGHQFLD
XQDPDQLILHVWDHLUUDFLRQDOGHVSURSRUFLRQDOLGDGHQFXDQWRDODVDQFLyQHVWDEOHFLGD\D
TXH WDO FRPR VH VHxDOy SUHFHGHQWHPHQWH %DOYLQR +XDQFD $ODYL 9LYLDQD *RQ]iOHV
&RQGH\VXVKLMRVPHQRUHVGHHGDGQRFRPHWLHURQQLQJXQDFRQGXFWDUHSURFKDEOH\D
TXH HO URER UHODWDGR HQ DQWHFHGHQWHV IXH UHDOL]DGRSRU VXRWUR KLMR &RUQHOLR +XDQFD
*RQ]iOHV

$GHPiV HQ HO )XQGDPHQWR -XUtGLFR ,9 VH VHxDOy WDPELpQ TXH HQ HVWH DQiOLVLV GH
SURSRUFLRQDOLGDGSDUDVDQFLRQHVJUDYHVGHEHUiWDPELpQSRQGHUDUVHODGHFLVLyQDVXPLGD
HQUHODFLyQDODHVWULFWDQHFHVLGDGGHODPLVPDHVGHFLUSDUDVDQFLRQHVJUDYHVHOWHVW
GHO SDUDGLJPD GHO YLYLU ELHQ LPSOLFDUi DVHJXUDU TXH OD GHFLVLyQ IXH DEVROXWDPHQWH
QHFHVDULD SDUD HQ HO PDUFR GH OD LQWHUFXOWXUDOLGDG UHVJXDUGDU ELHQHV MXUtGLFRV
VXSHULRUHVDPHQD]DGRVFRQODFRQGXFWDVDQFLRQDGDHVWHDVSHFWRWDPSRFRIXHFXPSOLGR
HQODSUHVHQWHSUREOHPiWLFD

3RUORH[SXHVWRVHWLHQHTXHODGHFLVLyQVRPHWLGDDFRQWUROGHFRQVWLWXFLRQDOLGDGHV
GHFLUODQRWLILFDFLyQGHGHHQHURGHQRHVSURSRUFLRQDOQLUHVSRQGHDXQDHVWULFWD
QHFHVLGDG FRPXQLWDULD SRU WDQWR GLFKD GHFLVLyQ QR FXPSOH FRQ ORV SRVWXODGRV GHO
VHJXQGRFRPSRQHQWHGHOWHVWGHOSDUDGLJPDGHOYLYLUELHQ


6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH OD DFFLyQGHOLEHUWDGSRUTXHOD GHFLVLyQ GH OD FRPXQLGDG GH
3RURPD GH H[SXOVDU DO DFFLRQDQWH VX HVSRVD \ VXV KLMRV QR HV
SURSRUFLRQDOQLUHVSRQGHDXQDHVWULFWDQHFHVLGDGFRPXQLWDULD\DTXH
QRFXPSOHFRQORVSRVWXODGRVGHOWHVWGHOSDUDGLJPDGHOYLYLUELHQ

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

6L ELHQ OD 6&3  HV XQD VHQWHQFLD IXQGDGRUD TXH HVWDEOHFH
FXDWURQLYHOHVGHDQiOLVLVGHOSDUDGLJPDGHOYLYLUELHQHPSHUROD6&3
 PRGXOD \ VLPSOLILFD GLFKRV QLYHOHV \ HVWDEOHFH TXH HO
SDUDGLJPDGHOYLYLUELHQFRPRSDXWDLQWHUFXOWXUDOGHLQWHUSUHWDFLyQGH
GHUHFKRVHQHOPDUFRGHXQGLiORJRLQWHUFXOWXUDOFRQWLHQHORVVLJXLHQWHV
DVSHFWRVL (ODQiOLVLVGHFRPSDWLELOLGDGGHODFWRRGHFLVLyQFXHVWLRQDGR
FRQ ODV QRUPDV \ SURFHGLPLHQWRV SURSLRV GH FDGD QDFLyQ \ SXHEOR
LQGtJHQDRULJLQDULRFDPSHVLQRDVSHFWRTXHREOLJDWDQWRDORVMXHFHVR
WULEXQDOHVGHJDUDQWtDVFRPRDO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO
D UHVROYHU OD SUREOHPiWLFD GH DFXHUGR D PpWRGRV \ SURFHGLPLHQWRV
FRQVWLWXFLRQDOHV LQWHUFXOWXUDOHV FRPR VHU ORV SHULWDMHV DQWURSROyJLFR
FXOWXUDOHVRHOGHVDUUROORGHGLiORJRVHQODVSURSLDVFRPXQLGDGHVSDUD
TXH HQ FDVR GH YHULILFDUVH XQD LQFRPSDWLELOLGDG GH GLFKDV QRUPDV \
W


dW^:d

SURFHGLPLHQWRV VH PDWHULDOLFH HO YDORU GHO YLYLU ELHQ HO FXDO HV HO
FRQWHQLGR HVHQFLDO GH ORV GHUHFKRV LQGLYLGXDOHV R FROHFWLYRV HQ
FRQWH[WRVLQWUDHLQWHUFXOWXUDOHV\LL (ODQiOLVLVGHFRPSDWLELOLGDGGHO
DFWRRGHFLVLyQFXHVWLRQDGRFRQORVSULQFLSLRVGHFRPSOHPHQWDULHGDG
HTXLOLEULR GXDOLGDG DUPRQtD \ RWURV GH OD FRVPRYLVLyQ SURSLD GHORV
SXHEORV\QDFLRQHVLQGtJHQDRULJLQDULRFDPSHVLQD

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

(OSUHFHGHQWHVHHQFXHQWUDHQHO)-,9TXHHVWDEOHFH

/DLQWHUSUHWDFLyQGHGHUHFKRVIXQGDPHQWDOHVHQFRQWH[WRVLQWHUFXOWXUDOHV'HVDUUROOR
GHODLQWHUSUHWDFLyQLQWHUFXOWXUDO\HOSDUDGLJPDGHOYLYLUELHQ

/D LQWHUSUHWDFLyQ LQWHUFXOWXUDO GH GHUHFKRV IXQGDPHQWDOHV SULPD IDFLH HQFXHQWUD
VXVWHQWRHQHOYDORUD[LRPiWLFRGHOD&RQVWLWXFLyQHQHVHRUGHQGHEHSUHFLVDUVHTXHHO
SUHiPEXORGHOD&RQVWLWXFLyQVHxDODTXHODFRQVWUXFFLyQGHOQXHYR(VWDGRHVWiEDVDGD
HQ HO UHVSHWR H LJXDOGDG HQWUH WRGRV GHQWUR GH ORV DOFDQFHV GH ORV SULQFLSLRV GH
FRPSOHPHQWDULHGDGVROLGDULGDGDUPRQtD\HTXLGDGHQODGLVWULEXFLyQ\UHGLVWULEXFLyQ
GHO SURGXFWR VRFLDO GRQGH SUHGRPLQH OD E~VTXHGD GHO YLYLU ELHQ FRQ UHVSHWR D OD
SOXUDOLGDGHFRQyPLFDVRFLDOMXUtGLFDSROtWLFD\FXOWXUDOGHORVKDELWDQWHVGHHVWHWLHUUD
\HQFRQYLYHQFLDFROHFWLYDFRQDFFHVRDODJXDWUDEDMRHGXFDFLyQVDOXG\YLYLHQGDSDUD
WRGRV

$SDUWLUGHODFRQFHSFLyQGHOSOXUDOLVPRFRPRHOHPHQWRIXQGDQWHGHO(VWDGRHOPRGHOR
GH(VWDGRVHHVWUXFWXUDVREUHODEDVHGHGHUHFKRVLQGLYLGXDOHV\WDPELpQGHUHFKRVFRQ
LQFLGHQFLDFROHFWLYDSHURDGHPiVODFRQFHSFLyQGHOSOXUDOLVPR\ODLQWHUFXOWXUDOLGDG
FRQILJXUDQ XQ GLVHxR GH YDORUHV UHFWRUHV HQ PpULWR GH ORV FXDOHV VH FRQFLEH XQD
&RQVWLWXFLyQD[LRPiWLFD

(QHIHFWROD&RQVWLWXFLyQDSUREDGDHQVHFDUDFWHUL]DQRVRODPHQWHSRUVX
YDORU
QRUPDWLYR
VLQRHVHQFLDOPHQWHSRUVX
YDORUD[LRPiWLFR
(QHIHFWRpVWDFDUDFWHUtVWLFD
WLSLILFD D OD 1RUPD GHO (VWDGR 3OXULQDFLRQDO GH %ROLYLD FRPR XQD &RQVWLWXFLyQ
$[LRPiWLFD HQ PpULWR GH OD FXDO HO IHQyPHQR GH FRQVWLWXFLRQDOL]DFLyQ GHO
RUGHQDPLHQWRMXUtGLFRHVGHFLUHOSURFHVRGHLUUDGLDFLyQGHFRQWHQLGRHQODVQRUPDV
LQIUDFRQVWLWXFLRQDOHV\HQWRGRVORVDFWRVGHODYLGDVRFLDOQRVRODPHQWHFRPSUHQGH
QRUPDV FRQVWLWXFLRQDOHV SRVLWLYL]DGDV VLQR WDPELpQ YDORUHV VXSUHPRV GLUHFWULFHV GHO
RUGHQFRQVWLWXFLRQDO

(Q HVWH FRQWH[WR HV SHUWLQHQWH VHxDODU TXH HO SOXUDOLVPR \ OD LQWHUFXOWXUDOLGDG
FRQVWLWX\HQORVHOHPHQWRVGHUHIXQGDFLyQGHO(VWDGR3OXULQDFLRQDOGH%ROLYLDHQPpULWR
GHORVFXDOHVHO9DORU$[LRPiWLFRGHOD&RQVWLWXFLyQDGTXLHUHXQPDWL]SDUWLFXODU\D
TXHODVGLUHFWULFHVSULQFLSLVWDV\ORVYDORUHVSOXUDOHVVXSUHPRVHQHO(VWDGR3OXULQDFLRQDO
GH%ROLYLDLUUDGLDUiQGHFRQWHQLGRDWRGRVORVDFWRVLQIUDFRQVWLWXFLRQDOHVLQFOXLGDVODV
GHFLVLRQHV GH ODV DXWRULGDGHV LQGtJHQD RULJLQDULR FDPSHVLQDV DGHPiV HQ YLUWXG DO
SULQFLSLRGHFRPSOHPHQWDULHGDGTXHSRVWXODODLQWHUFXOWXUDOLGDGHVWRVYDORUHVSOXUDOHV
VXSUHPRVLUUDGLDUDQWRGDODYLGDVRFLDODUPRQL]DQGRDVtODVEDVHVVRFLROyJLFDVGHXQD
VRFLHGDGSOXUDOFRQVROLGDQGRXQDYHUGDGHUDFRKHVLyQ\DUPRQtDVRFLDO

(QHIHFWRHOSOXUDOLVPRFRPRHOHPHQWRIXQGDQWHGHO(VWDGR3OXULQDFLRQDOGH%ROLYLD
LPSOLFDHOUHFRQRFLPLHQWRGHXQDSOXULFXOWXUDOLGDG\SRUHQGHXQSOXUDOLVPRD[LRPiWLFR
TXH SRVWXOD YDORUHV SOXUDOHV VXSUHPRV LQVHUWRV HQ HO 3UHiPEXOR GH OD &RQVWLWXFLyQ \
WDPELpQHQVXDUW


W


dW^:d


$Vt VH SXHGH GHVWDFDU TXH HQWUH ORV YDORUHV SOXUDOHV VXSUHPRV TXH JXtDQ DO (VWDGR
3OXULQDFLRQDO GH %ROLYLD VH HQFXHQWUDQ OD LJXDOGDG OD FRPSOHPHQWDULHGDG OD
VROLGDULGDGUHFLSURFLGDGDUPRQtDODLQFOXVLyQWUDQVSDUHQFLDLJXDOGDGGHFRQGLFLRQHV
ELHQHVWDU FRP~Q UHVSRQVDELOLGDG HQWUH RWURV ORV FXDOHV D VX YH] HQ HO PDUFR GH OD
LQWHUFXOWXUDOLGDGVHFRPSOHPHQWDQFRQORVYDORUHVpWLFRPRUDOHVSODVPDGRVHQHODUW
GHOD&RQVWLWXFLyQFRPRVHUHODPDTKLOODDPDOOXOODDPDVXZD QRVHDVIORMRQR
VHDV PHQWLURVR QL VHDV ODGUyQ  VXPD TDPDxD YLYLU ELHQ  HO xDQGHUHNR YLGD
DUPRQLRVD WHNRNDYL YLGDEXHQD LYLPDUDHL WLHUUDVLQPDO \TKDSDMxDQ FDPLQRR
YLGDQREOH HQWUHRWURVORVFXDOHVDOHQFRQWUDUVHLQVHUWRVHQODSDUWHGRJPiWLFDGHOD
&RQVWLWXFLyQLUUDGLDUiQGHFRQWHQLGRDODLQWHUOHJDOLGDGGHVDUUROODGDHQHO)XQGDPHQWR
-XUtGLFR ,9  GH OD SUHVHQWH 6HQWHQFLD &RQVWLWXFLRQDO SDUD FRQVROLGDU DVt HO YDORU
HVHQFLDO\ILQSULPRUGLDOGHO(VWDGR3OXULQDFLRQDOGH%ROLYLDTXHHVHO
YLYLUELHQ


3RUORH[SXHVWR\DODOX]GHOD&RQVWLWXFLyQ$[LRPiWLFDHVSHUWLQHQWHHQHVWHHVWDGRGH
FRVDVIXQGDPHQWDUHOSDUDGLJPDGHOYLYLUELHQFRPRSDXWDHVSHFtILFDGHLQWHUSUHWDFLyQ
LQWHUFXOWXUDOGHGHUHFKRVIXQGDPHQWDOHV

(Q HIHFWR D OD OX] GH ORV SULQFLSLRV GH LQWHUFXOWXUDOLGDG FRPSOHPHQWDULHGDG \
GHVFRORQL]DFLyQORVGHUHFKRVIXQGDPHQWDOHVYLJHQWHVSDUDORVPLHPEURVGHODVQDFLRQHV
\ SXHEORV LQGtJHQD RULJLQDULR FDPSHVLQRV QR SXHGHQ VHJXLU ODV PLVPDV SDXWDV GH
LQWHUSUHWDFLyQQLSXHGHQFRQWHQHUORVPLVPRVHOHPHQWRVFRQILJXUDWLYRVSURSLRVGHORV
Q~FOHRV GXURV GH GHUHFKRV IXQGDPHQWDOHV HQ FRQWH[WRV GLIHUHQWHV D OD MXULVGLFFLyQ
LQGtJHQD RULJLQDULR FDPSHVLQD (Q HVWD SHUVSHFWLYD HO SDUDGLJPD GHO YLYLU ELHQ VH
FRQILJXUDFRPRXQDYHUGDGHUDSDXWDGHLQWHUSUHWDFLyQLQWHUHLQWUDFXOWXUDOGHGHUHFKRV
IXQGDPHQWDOHVDSDUWLUGHODFXDOORVYDORUHVSOXUDOHVVXSUHPRVLUUDGLDQGHFRQWHQLGR
ORV DFWRV \ GHFLVLRQHV TXH HPDQDQ GH OD MXVWLFLD LQGtJHQD RULJLQDULD FDPSHVLQD
FRQVWLWX\HQGR DGHPiV XQD JDUDQWtD SOXUDO GHVWLQDGD D HYLWDU GHFLVLRQHV
GHVSURSRUFLRQDGDV \ FRQWUDULDV D ODV JXtDV D[LRPiWLFDV GHO (VWDGR 3OXULQDFLRQDO GH
%ROLYLD

(QHORUGHQGHLGHDVH[SUHVDGRVHWLHQHTXHHOSDUDGLJPDGHOYLYLUELHQVRPHWHDVXV
SRVWXODGRVDWRGDVODVGHFLVLRQHVHPHUJHQWHVGHOHMHUFLFLRGHODMXULVGLFFLyQLQGtJHQD
RULJLQDULR FDPSHVLQD SRU OR TXH HQ HO VXSXHVWR GH DFWLYDUVH HO FRQWURO WXWHODU GH
FRQVWLWXFLRQDOLGDGDWUDYpVGHDFFLRQHVGHGHIHQVDFRPRVHUODDFFLyQGHOLEHUWDGODV
GHFLVLRQHVGHODMXULVGLFFLyQLQGtJHQDRULJLQDULDFDPSHVLQDGHQXQFLDGDVFRPROHVLYDVD
GHUHFKRVIXQGDPHQWDOHVHQFRQWH[WRVLQWHUFXOWXUDOHVHQHOHMHUFLFLRGHOFRQWUROSOXUDOGH
FRQVWLWXFLRQDOLGDG GHEHUiQ DQDOL]DUVH HQ HO PDUFR GH ORV VLJXLHQWHV SDUiPHWURV GH
D[LRPDWLFLGDGSURSRUFLRQDO\UD]RQDEOHSURSLRVGHOSDUDGLJPDGHOYLYLUELHQD DUPRQtD
D[LRPiWLFDE GHFLVLyQDFRUGHFRQFRVPRYLVLyQSURSLDF ULWXDOLVPRVDUPyQLFRVFRQ
SURFHGLPLHQWRVQRUPDVWUDGLFLRQDOPHQWHXWLOL]DGRVGHDFXHUGRDODFRVPRYLVLyQSURSLD
GH FDGD QDFLyQ \ SXHEOR LQGtJHQD RULJLQDULR FDPSHVLQD \ G  3URSRUFLRQDOLGDG \
QHFHVLGDGHVWULFWD

'HDFXHUGRDORVHxDODGRVHWLHQHTXHODDUPRQtDD[LRPiWLFDLPSOLFDTXHWRGDGHFLVLyQ
HPDQDGDGHODMXULVGLFFLyQLQGtJHQDRULJLQDULRFDPSHVLQDHQFXDQWRDVXVILQHV\PHGLRV
HPSOHDGRV DVHJXUH OD PDWHULDOL]DFLyQ GH YDORUHV SOXUDOHV VXSUHPRV FRPR VHU OD
LJXDOGDGFRPSOHPHQWDULHGDGVROLGDULGDGUHFLSURFLGDGDUPRQtDLQFOXVLyQLJXDOGDGGH
FRQGLFLRQHV ELHQHVWDU FRP~Q HQWUH RWURV HQ HVH RUGHQ HO FRQWURO SOXUDO GH
FRQVWLWXFLRQDOLGDGHQFDVRGHHMHUFHUVXVUROHVHQUHODFLyQDGHFLVLRQHVHPDQDGDVGHOD
MXULVGLFFLyQLQGtJHQDRULJLQDULRFDPSHVLQDSDUDHODQiOLVLVGHOSULPHUHOHPHQWRGHOWHVW
GHOSDUDGLJPDGHOYLYLUELHQXWLOL]DUiHOPpWRGRMXUtGLFRGHODSRQGHUDFLyQLQWHUFXOWXUDO
DFX\RHIHFWRDODOX]GHORVYDORUHVSOXUDOHVVXSUHPRVDQWHVGHVFULWRVGHEHUiFRWHMDU
ORV ILQHV SHUVHJXLGRVSRU OD GHFLVLyQ HQUHODFLyQ D ORV PHGLRV HPSOHDGRV SDUD OXHJR
YHULILFDU OD DUPRQtD GH ORV ILQHV \ PHGLRV XWLOL]DGRV HQ OD GHFLVLyQ FRQ ORV YDORUHV
SOXUDOHV VXSUHPRV GHVFULWRV SUHFHGHQWHPHQWH HYLWDQGR DVt XQD GLVFRUGDQFLD FRQ ORV
SRVWXODGRVGHOD&RQVWLWXFLyQD[LRPiWLFD

W


dW^:d

(Q FRKHUHQFLD FRQ OR VHxDODGR GHEH HVWDEOHFHUVH TXH HO FRQWURO SOXUDO GH
&RQVWLWXFLRQDOLGDGHQVXODERUSOXUDOKHUPHQpXWLFDFRPRVHJXQGRHOHPHQWRGHOWHVWGHO
SDUDGLJPD GHO YLYLU ELHQ GHEHUi D WUDYpV GH OD PHWRGRORJtD GH OD SRQGHUDFLyQ
LQWUDFXOWXUDO FRWHMDU OD DUPRQtD \ FRQFRUGDQFLDGH OD GHFLVLyQ HPDQDGD GHO SXHEORR
QDFLyQ LQGtJHQD RULJLQDULR FDPSHVLQR FRQ VX SURSLD FRVPRYLVLyQ D FX\R HIHFWR OD
FRVPRYLVLyQGHFDGDSXHEORRQDFLyQLQGtJHQDRULJLQDULRFDPSHVLQRGHEHVHUHQWHQGLGD
FRPRODFRQFHSFLyQTXHODQDFLyQRSXHEORLQGtJHQDRULJLQDULRFDPSHVLQRWHQJDVREUH
VXUHDOLGDGFXOWXUDOGHDFXHUGRDVXVYDORUHV\FXOWXUDSURSLD

$VLPLVPRVHHVWDEOHFHTXHSDUDHOWHUFHUHOHPHQWRGHOWHVWGHOSDUDGLJPDGHOYLYLUELHQ
HOFRQWUROSOXUDOGHFRQVWLWXFLRQDOLGDGGHEHUiYHULILFDUTXHODGHFLVLyQHPDQDGDGHOD
MXULVGLFFLyQLQGtJHQDRULJLQDULDFDPSHVLQDVHDDFRUGHFRQORVULWXDOLVPRVDUPyQLFRVFRQ
SURFHGLPLHQWRVQRUPDVWUDGLFLRQDOPHQWHXWLOL]DGRVSRUODFRPXQLGDGGHDFXHUGRDOD
FRVPRYLVLyQSURSLDGHFDGDQDFLyQ\SXHEORLQGtJHQDRULJLQDULRFDPSHVLQR

&RPR FXDUWR HOHPHQWR GHO WHVW GHO SDUDGLJPD GHO YLYLU ELHQ HO FRQWURO SOXUDO GH
FRQVWLWXFLRQDOLGDGGHEHUiHVWDEOHFHUODSURSRUFLRQDOLGDGGHODGHFLVLyQDVXPLGDSRUOD
MXULVGLFFLyQ LQGtJHQD RULJLQDULR FDPSHVLQD HQ HVWH FDVR VH GHEHUi SRQGHUDU OD
QDWXUDOH]D \ JUDYHGDG GH ORV KHFKRV SODVPDGRV HQ OD GHFLVLyQ HQ UHODFLyQ FRQ OD
PDJQLWXGGHODVDQFLyQLPSXHVWD$GHPiVHQHVWHDQiOLVLVGHSURSRUFLRQDOLGDGSDUD
VDQFLRQHVJUDYHVGHEHUiWDPELpQSRQGHUDUVHODGHFLVLyQDVXPLGDHQUHODFLyQDODHVWULFWD
QHFHVLGDGGHODPLVPDHVGHFLUSDUDVDQFLRQHVJUDYHVHOWHVWGHOSDUDGLJPDGHOYLYLU
ELHQLPSOLFDUiDVHJXUDUTXHODGHFLVLyQIXHDEVROXWDPHQWHQHFHVDULDSDUDHQHOPDUFR
GHODLQWHUHLQWUDFXOWXUDOLGDGUHVJXDUGDUELHQHVMXUtGLFRVVXSHULRUHVDPHQD]DGRVFRQ
ODFRQGXFWDVDQFLRQDGD

/DSRQGHUDFLyQGHORVFXDWURHOHPHQWRVSURSLRVGHOWHVWGHOSDUDGLJPDGHOYLYLUELHQ
FRQVWLWX\HQXQSDUiPHWURGHHMHUFLFLRGHFRQWUROGHFRQVWLWXFLRQDOLGDGHQUHODFLyQDOD
MXULVGLFFLyQLQGtJHQDRULJLQDULRFDPSHVLQDHMHUFLFLRTXHVHHQFXHQWUDFLUFXQVFULWRDOD
PDWHULDOL]DFLyQGHODFRQVWLWXFLyQD[LRPiWLFDDODOX]GHYDORUHVSOXUDOHVVXSUHPRV

(QHVHRUGHQGHLGHDVORVGHUHFKRVIXQGDPHQWDOHVHQFRQWH[WRVLQWHUHLQWUDFXOWXUDOHV
SRGUiQ VHU WXWHODGRV SRU HO FRQWURO SOXUDO GH FRQVWLWXFLRQDOLGDG HQ HVH RUGHQ VX
LQWHUSUHWDFLyQGHEHUiVHUUHDOL]DGDDODOX]GHXQDSDXWDHVSHFtILFDGHLQWHUSUHWDFLyQLQWHU
H LQWUD FXOWXUDO (O SDUDGLJPD GHO YLYLU ELHQ D FX\R HIHFWR \ D WUDYpV GHO WHVW
SUHFHGHQWHPHQWH GHVDUUROODGR ORV GHUHFKRV IXQGDPHQWDOHV HQ HO iPELWR GH OD
MXULVGLFFLyQLQGtJHQDRULJLQDULDFDPSHVLQDWHQGUiQSOHQDHILFDFLDFRQVROLGDQGRDVtXQD
YHUGDGHUDDUPRQtD\SD]VRFLDO




 &RQWURO GH FRQYHQFLRQDOLGDG VHJ~Q OD GRFWULQD GHO


EORTXHGHFRQVWLWXFLRQDOLGDG&RQWUROGHFRQYHQFLRQDOLGDGHQUHODFLyQD
HVWiQGDUHVLQWHUQDFLRQDOHVVREUHGHUHFKRVGHSXHEORVLQGtJHQDV
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
W


dW^:d


7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   'H DFXHUGR D ODV QRUPDV GHO EORTXH GH
FRQVWLWXFLRQDOLGDG OD MXULVSUXGHQFLD GH OD &RUWH LQWHUDPHULFDQD GH
'HUHFKRV +XPDQRV \ HO SULQFLSLR GH UHFRQVWLWXFLyQ WHUULWRULDO
SRVWXODGRSRUHOPRGHORFRQVWLWXFLRQDOYLJHQWHHOGHUHFKRDOKiELWDW
GH ODV 1DFLRQHV \ 3XHEORV ,QGtJHQDV HV LQWHUGHSHQGLHQWH D ORV
GHUHFKRVFROHFWLYRVDODWHUULWRULDOLGDGXVR\DSURYHFKDPLHQWRGHORV
UHFXUVRV QDWXUDOHV HQ VX WHUULWRULR FRPSUHQGLHQGR HVWH GHUHFKR HO
HVSDFLRDQFHVWUDOGRQGHGHVDUUROODQVXVHVSHFtILFDVIRUPDVGHYLGDVX
RUJDQL]DFLyQ VRFLDO \ SROtWLFD VXV LQVWLWXFLRQHV SURSLDV VX FXOWXUD
HVSLULWXDOLGDG\VXFXOWXUDHQFRQH[LyQFRQHO
PXOWLYHUVR
EDMRIRUPDV
GLYHUVDVGHH[SUHVLyQTXHGHEHQVHUUHVSHWDGDV\SUHVHUYDGDVSDUDOD
SHUYLYHQFLD\FRQWLQXLGDGGHHVWRVSXHEORV

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQSRSXODUODFRPXQLGDGLQGtJHQD
7DNDQD(O7XUL0DQXSDUH
,,
DWUDYpVGHO3UHVLGHQWHGHOD&HQWUDO,QGtJHQDGH3XHEORV2ULJLQDULRV
GH OD $PD]RQtD GH 3DQGR &,32$3 GHQXQFLy OD YXOQHUDFLyQ GH ORV
GHUHFKRVFROHFWLYRVDOKiELWDWDOGRPLFLOLR\DOGHELGRSURFHVRSRUTXH
HOSDUWLFXODUGHPDQGDGRLUUXPSLyYLROHQWDPHQWHHQODVWLHUUDVILVFDOHV
TXH KDELWDQ TXHPy FDWRUFH FDVDV UHFLpQ FRQVWUXLGDV HMHUFLHQGR HQ
FRQWUDGHOSXHEORYLROHQFLDItVLFD\SVLFROyJLFDSRUORTXHVHVROLFLWyVH
FRQFHGD ODWXWHOD \ VH GLVSRQJD HO FHVH GH FXDOTXLHUDFWR GH DJUHVLyQ
ItVLFD \ SVLFROyJLFD FRQWUD OD FRPXQLGDG DFFLRQDQWH VH UHPLWDQ
DQWHFHGHQWHV DO 0LQLVWHULR 3~EOLFR \ VH SURFHGD DO SDJR GH GDxRV \
SHUMXLFLRV (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO FRQILUPy OD
UHVROXFLyQ GHO 7ULEXQDO GH *DUDQWtDV \ FRQFHGLy OD WXWHOD SHWLFLRQDGD
UDWLILFDQGR OR GLVSXHVWR HQ OD UHVROXFLyQ REMHWR GH UHYLVLyQ $GHPiV
GLVSXVRL 4XHODFRPXQLGDGLQGtJHQDDFFLRQDQWHUHWRUQHDVXWHUULWRULR
DQFHVWUDO FDWDORJDGR FRPR
WLHUUD ILVFDO QR GLVSRQLEOH
 LL  H[KRUWy DO
,15$ GH 3DQGR \ D OD $%7 D GHILQLU OD VLWXDFLyQ GHO WHUULWRULR HQ
FRQIOLFWR D SDUWLU GH OD LQWHUSUHWDFLyQ UHDOL]DGD HQ HO )- ,,, LLL 
([KRUWy DO ,15$ GH 3DQGR $%7 \ -XH] $JURDPELHQWDO GHO
'HSDUWDPHQWR GH 3DQGR D DSOLFDU ORV FULWHULRV GH LQWHUSUHWDFLyQ
GHVDUUROODGRVHQODVHQWHQFLDLY RUGHQyODGLIXVLyQGHODVHQWHQFLDDOD
$%7,15$\DODMXULVGLFFLyQDJURDPELHQWDODVtFRPRDORVGLIHUHQWHV
7ULEXQDOHV 'HSDUWDPHQWDOHV GH -XVWLFLD \ D ODV RUJDQL]DFLRQHV GH ORV
SXHEORVLQGtJHQDVY 'LVSXVRTXHOD&,32$3LQIRUPHDHVWH7ULEXQDO
DWUDYpVGHODXQLGDGGH&RRUGLQDFLyQ'HSDUWDPHQWDOHQHOSOD]RGHXQ
PHV VREUH HO UHWRUQR SDFtILFR DO WHUULWRULR LQGtJHQD /D FRQFHVLyQ GH
WXWHODVHEDVDHQORVLJXLHQWHYL 'LVSXVRTXHHO7ULEXQDOGH*DUDQWtDV
HIHFW~H HO VHJXLPLHQWR FRUUHVSRQGLHQWH DO FXPSOLPLHQWR GH HVWD
W


dW^:d

VHQWHQFLDH[LJLHQGRORVLQIRUPHVSHUWLQHQWHVDOD$%7H,15$VREUHHO
WHUFHUSXQWRGLVSXHVWRHQHVWHIDOOR\YLL 'LVSXVRTXHOD8QLGDGGH
&RRUGLQDFLyQ'HSDUWDPHQWDOGH3DQGRVXSHUYLVHHOFXPSOLPLHQWRGHOD
VHQWHQFLD /DV UD]RQHV GH OD GHFLVLyQ IXHURQ ODV VLJXLHQWHV   (O
GHPDQGDGR DO QR VHU WLWXODU GH XQD FRQFHVLyQ IRUHVWDO \ DO GHVDORMDU
PHGLDQWHYtDVGHKHFKRDODFRPXQLGDG
7DNDQD(O7XUL0DQXSDUH,,
GH
VXWHUULWRULRDQFHVWUDO\HQUHODFLyQDOFXDOHMHUFHVXVGHUHFKRVGHXVR\
DSURYHFKDPLHQWRGHORVUHFXUVRVQDWXUDOHVYXOQHUyVXGHUHFKRFROHFWLYR
DO KiELWDW LPSLGLHQGR SRU WDQWR TXH GLFKR SXHEOR HQ HO PDUFR GH OD
UHFRQVWLWXFLyQ WHUULWRULDO GHVDUUROOH VXV HVSHFtILFDV IRUPDV GH YLGD VX
RUJDQL]DFLyQVRFLDO\SROtWLFDVXFXOWXUD\VXHVSLULWXDOLGDG\DSURYHFKH
VXV UHFXUVRV QDWXUDOHV \   HO SDUWLFXODU GHPDQGDGR DO GHVDORMDU
YLROHQWDPHQWH D OD FRPXQLGDG
7DNDQD (O 7XUL 0DQXSDUH ,,
 GH VX
WHUULWRULR DQFHVWUDO \ HQ UHODFLyQ DO FXDO HMHUFH VXV GHUHFKRV GH XVR \
DSURYHFKDPLHQWRGHORVUHFXUVRVQDWXUDOHVYXOQHUyVXGHUHFKRFROHFWLYR
DO GHELGR SURFHVR HQ VX HOHPHQWR D OD GHIHQVD \D TXH QR SXGR
GHIHQGHUVH GH PDQHUD DGHFXDGD \ D WUDYpV GH VXV UHSUHVHQWDQWHV GH
DFXHUGRDVXVIRUPDVGHRUJDQL]DFLyQ

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,


'H DFXHUGR D ODV FRQFOXVLRQHV D ODVTXHVH DUULEDURQ HQ ORVSXQWRVSUHFHGHQWHV VH WLHQHTXH HO
GHPDQGDGR GH PDQHUD LOHJDO DPSDUDGR HQ VXSXHVWRV GHUHFKRV H[SHFWDWLFLRV \ XQD FRQFHVLyQ
IRUHVWDOTXHIXHGHVLVWLGDGHVDORMyDODFRPXQLGDG
7DNDQD(O7XUL0DQXSDUH,,
GHOWHUULWRULRHQHO
TXHVHHQFRQWUDEDDVHQWDGDTXHFRPRVHWLHQHVHxDODGRWLHQHFDUiFWHUDQFHVWUDO\VREUHHOFXDOHO
SXHEORLQGtJHQD7DNDQDHMHUFHVXVGHUHFKRVGHXVR\DSURYHFKDPLHQWRGHORVUHFXUVRVQDWXUDOHV

(QHVHiPELWRGHEHTXHGDUFODUDPHQWHHVWDEOHFLGRTXHHODVHQWDPLHQWRGHODFRPXQLGDG
7DNDQD
0DQXSDUH,,
GHVGHXQDLQWHUSUHWDFLyQSOXUDOGHOWHUULWRULRFRQVLGHUDQGRODFRVPRYLVLyQGHOSXHEOR
LQGtJHQD7DNDQDEDMRQLQJXQDFLUFXQVWDQFLDSXHGHVHUFRQVLGHUDGRLOHJDOSXHVFRUUHVSRQGHDVX
WHUULWRULRDQFHVWUDO\HVFRKHUHQWHFRQORVSURFHVRGHUHFRQVWLWXFLyQGHVXVWHUULWRULRVDQFHVWUDOHVHO
FXDO FRQIRUPH VH KD H[SOLFDGR HV FRQFHELGR LQWHJUDOPHQWH FRPR HO HVSDFLR GH SURGXFFLyQ \
UHSURGXFFLyQGHYLGDHQHOTXHYLYLHURQ\PXULHURQVXVDEXHORVGRQGHHQFXHQWUDQORVUHFXUVRV
QHFHVDULRVSDUDODYLGD\GHVDUUROODQVXVLQVWLWXFLRQHVVRFLDOHVSROtWLFDV\HFRQyPLFDV(OWHUULWRULR
DVtFRQFHELGRLQWHJUDDORVHOHPHQWRVItVLFRV\HVSLULWXDOHVDODFRPXQLGDGKXPDQD\ODQDWXUDOH]D
HQ XQD UHODFLyQ TXH EXVFD HO HTXLOLEULR VLHQGR ORV UHFXUVRV QDWXUDOHV DSURYHFKDGRV SDUD OD
VREUHYLYHQFLD GH OD FRPXQLGDG \ HQ HVSHFLDO OD FDVWDxD UHFROHFWDGD OHV SHUPLWH FXEULU ODV
QHFHVLGDGHVGH OD IDPLOLDTXH HV D VX YH] SDUWH GH VX YLYDGLJQD QHFHVDULDPHQWH YLQFXODGD D VX
WHUULWRULR

(QWRQFHV HOGHPDQGDGRDOGHVDORMDU D OD FRPXQLGDG
7DNDQD 0DQXSDUH ,,
 HMHUFLHQGR DGHPiV
YLROHQFLDVREUHORVPLHPEURVGHGLFKDFRPXQLGDGHIHFWLYDPHQWHOHVLRQyVXWHUULWRULRDQFHVWUDOH
LPSLGLy TXH ORV PLHPEURV GH OD FRPXQLGDG FRQWLQXDUDQ XVDQGR \ DSURYHFKDQGR ORV UHFXUVRV
QDWXUDOHVSURYHQLHQWHVGHOPLVPR

(QHVHPDUFR\WRGDYH]TXHDGHPiVGHODVYtDVGHKHFKRGHOGHPDQGDGRH[LVWHQUHVROXFLRQHV
TXHHPDQDURQGHO-XH]$JURDPELHQWDOGHOGHSDUWDPHQWRGH3DQGRHVSUHFLVRDQDOL]DUVXDFWXDFLyQ
TXH SRU XQD SDUWH KRPRORJy HO DFXHUGR GHQWUR GHO SURFHVR LQWHUGLFWR VHJXLGR SRU HO DFWXDO
GHPDQGDGR QHJDQGR OD SDUWLFLSDFLyQ GH OD &,32$3 \ SRU RWUD HPLWLy HO PDQGDPLHQWR GH
ODQ]DPLHQWRFRQWUDORVPLHPEURVGHODFRPXQLGDG
7DNDQD(O7XUL0DQXSDUH,,
SXHVVLELHQGLFKD
DXWRULGDGMXGLFLDOQRKDVLGRGHPDQGDGDHVLPSUHVFLQGLEOHKDFHUPHQFLyQDVXDFWXDFLyQFRQOD
ILQDOLGDGGHGHVYLUWXDUXQDSUHWHQGLGDHMHFXFLyQGHXQDRUGHQMXGLFLDOGHODQ]DPLHQWR

$VtFRQUHODFLyQDODFXHUGRVXVFULWRHVHYLGHQWHTXHODFLWDGDDXWRULGDGMXGLFLDOQRFRQVLGHUyORV

W


dW^:d


GHUHFKRVGHORVSXHEORVLQGtJHQDVDOKiELWDWDOWHUULWRULR\DOXVR\DSURYHFKDPLHQWRGHORVUHFXUVRV
QDWXUDOHV\WDPSRFRWRPyHQFXHQWDODFRVPRYLVLyQGHOSXHEOR7DNDQDUHVSHFWRDVXWHUULWRULRDO
KRPRORJDUXQGRFXPHQWRFRQWUDULRDVXVGHUHFKRV\RUGHQDUHOGHVDORMRGHVXWHUULWRULRDQFHVWUDO

(IHFWLYDPHQWHDWUDYpVGHODFXHUGRHO-XH]GHODFDXVDDFWXyVLQSUHFDXWHODUORVGHUHFKRVGHOSXHEOR
LQGtJHQD7DNDQDKRPRORJDQGRXQDUHQXQFLDDVXGHUHFKRDQFHVWUDODOWHUULWRULR\DORVUHFXUVRV
QDWXUDOHVTXHOHVFRUUHVSRQGtDQHVWDEOHFLHQGRSOD]RVSDUDHOGHVDORMRGHOWHUULWRULREDMRDPHQD]DV
GH XVDU OD IXHU]D S~EOLFD VREUH OD EDVH VH UHLWHUD GH GHUHFKRV H[SHFWDWLFLRV \ XQD FRQFHVLyQ
IRUHVWDOLQH[LVWHQWH$GHPiVHQHODFXHUGRVHLPSRQHQFRQGLFLRQHVDODDFWLYLGDGGHUHFROHFFLyQ
GHODFDVWDxDUHDOL]DGDSRUHOSXHEOR7DNDQDHVWDEOHFLHQGRXQSUHFLR~QLFR\ODH[FOXVLYLGDGGHOD
YHQWDGHORUHFROHFWDGRORTXHHYLGHQWHPHQWHUHVXOWDDWRGDVOXFHVGHVSURSRUFLRQDGR\OHVLYRD
VXV GHUHFKR DO XVR \ DSURYHFKDPLHQWR GH ORV UHFXUVRV QDWXUDOHV \ VX GHUHFKR D OD OLEUH
GHWHUPLQDFLyQ

(ODFXHUGRDQWHVDQRWDGRIXHFXHVWLRQDGRSRUODVDXWRULGDGHVLQGtJHQDVGHOD&,32$3GHELGRD
TXHHOODVQRWXYLHURQSDUWLFLSDURQVLQHPEDUJRODDXWRULGDGMXGLFLDOFRQXQFULWHULRIRUPDOLVWD\
GHVFRQRFLHQGRODRUJDQL]DFLyQGHOSXHEORLQGtJHQD7DNDQD\VXVQLYHOHVGHUHSUHVHQWDFLyQQHJy
GLFKDSDUWLFLSDFLyQVHxDODQGRTXHOD&,32$3QRHUDSDUWHHQHOSURFHVR\TXHHODFXHUGRWHQtD
FDOLGDGGH DXWRULGDGGHFRVDMX]JDGDQR REVWDQWH ODV YLRODFLRQHV D ORV GHUHFKRV GH ORVSXHEORV
LQGtJHQDVDJUDYDQGRODVPLVPDVDOGLVSRQHUFRPRVHWLHQHVHxDODGRHOGHVDORMRGHODFRPXQLGDG

7DNDQD(O7XUL0DQXSDUH,,
GHVDORMRTXHVHHMHFXWyDGHPiVFRQYLROHQFLDKDFLDORVPLHPEURV
GHODGLFKDFRPXQLGDG\TXHGHULYyFRPRVHxDODQORVWHVWLPRQLRVHQODGLVSHUVLyQGHODVIDPLOLDV
TXH QR FXHQWDQ FRQ XQ KiELWDW \ GRQGH YLYLU DIHFWDQGR DGHPiV RWURV GHUHFKRV FROHFWLYRV H
LQGLYLGXDOHVGHODFRPXQLGDG\VXVPLHPEURVFRPRHOGHUHFKRDODGLJQLGDG\DODYLYLHQGD

(QGHILQLWLYDVHFRQFOX\HTXHODVDFFLRQHVUHDOL]DGDVSRUHOGHPDQGDGRTXHFRPRVHKDFRQFOXLGR
FRQVWLWX\HQ YtDV GHKHFKRWDPSRFRHQFXHQWUDQDPSDUR HQ HO ODQ]DPLHQWR GLVSXHVWRSRU HO -XH]
$JURDPELHQWDO GHO GHSDUWDPHQWR GH 3DQGR SXHV GLFKD GHFLVLyQ FRQIRUPH VH KD DQDOL]DGR HV
DEVROXWDPHQWH OHVLYD D ORV GHUHFKRV GHO SXHEOR LQGtJHQD 7DNDQD \ SRU HQGH QR SXHGH VHU HO
VXVWHQWRQLODOHJLWLPDFLyQGHDFFLRQHVTXHDGHPiVGHFRQWLQXDUFRQODYXOQHUDFLyQGHGHUHFKRV
ODVDJUDYDDOHMHUFHUYLROHQFLDVREUHORVPLHPEURVGHODFRPXQLGDGLQGtJHQDFRQIRUPHVHFRQVWDWD
GH ORV LQIRUPHV SUHVHQWDGRV D HVWH 7ULEXQDO GRQGH VH LQIRUPD FRPR VH KD H[SOLFDGR TXH VH
TXHPDURQ FDWRUFH YLYLHQGDV LQIRUPDFLyQ TXH DGHPiV VH FRQILUPD FRQ ODV IRWRJUDItDV TXH VH
DGMXQWDQDOH[SHGLHQWH\TXHGHPXHVWUDQORVDFWRVLOHJDOHVFRPHWLGRVSRUHOGHPDQGDGR

(QFRQFOXVLyQVHUHLWHUDTXHHODVHQWDPLHQWRGHODFRPXQLGDG7DNDQDGHVGHQLQJXQDSHUVSHFWLYD
SXHGHVHUFRQVLGHUDGRLOHJDOSXHVHOORLPSOLFDUtDGHVFRQRFHUHOSURFHVRGHUHFRQVWLWXFLyQGHVX
WHUULWRULRDQFHVWUDO\GHODSURYHFKDPLHQWRGHORVUHFXUVRVQDWXUDOHV\HQHVHiPELWRHVHYLGHQWH
TXHODFRPXQLGDGWLHQHGHUHFKRDFRQWLQXDUFRQVXVDFWLYLGDGHVGHUHFROHFFLyQGHFDVWDxD



6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGHODDFFLyQSRSXODUSRUTXHHOGHPDQGDGRDOQRVHUWLWXODUGHXQD
FRQFHVLyQIRUHVWDO\DOGHVDORMDUPHGLDQWHYtDVGHKHFKRDODFRPXQLGDG

7DNDQD(O7XUL0DQXSDUH,,
GHVXWHUULWRULRDQFHVWUDO\HQUHODFLyQDO
FXDO HMHUFH VXV GHUHFKRV GH XVR \ DSURYHFKDPLHQWR GH ORV UHFXUVRV
QDWXUDOHVYXOQHUyVXGHUHFKRFROHFWLYRDOKiELWDWLPSLGLHQGRSRUWDQWR
TXHGLFKRSXHEORHQHOPDUFRGHODUHFRQVWLWXFLyQWHUULWRULDOGHVDUUROOH
VXV HVSHFtILFDV IRUPDV GH YLGD VX RUJDQL]DFLyQ VRFLDO \ SROtWLFD VX
FXOWXUD\VXHVSLULWXDOLGDG\DSURYHFKHVXVUHFXUVRVQDWXUDOHV

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,
(OGHUHFKRDOKiELWDW\ORVUHFXUVRVQDWXUDOHV

,,,(OGHUHFKRDOKiELWDWGHVGHODPLUDGDLQGtJHQD


W


dW^:d
(ODUW,GHOD&3(VHxDODTXHWRGDSHUVRQDWLHQHGHUHFKRDXQKiELWDW\YLYLHQGDDGHFXDGDTXH
GLJQLILTXHQODYLGDIDPLOLDU\FRPXQLWDULD(OKiELWDWKDFHUHIHUHQFLDDOFRQMXQWRGHFRQGLFLRQHV
DPELHQWDOHV\PDWHULDOHVTXHSHUPLWHQODVDWLVIDFFLyQGHQHFHVLGDGHVYLWDOHV\ODVXSHUYLYHQFLDGH
XQD HVSHFLH  7UDWiQGRVH GH ORV VHUHV KXPDQRV OD GHILQLFLyQ GH KiELWDW WLHQH TXH FRQVLGHUDU
DGHPiVIDFWRUHVHFRQyPLFRVVRFLDOHV\FXOWXUDOHVTXHIDFLOLWHQROLPLWHQHODFFHVRDORVELHQHV\
VHUYLFLRVTXHXQDVRFLHGDG

$KRUDELHQHVWHGHUHFKRDOKiELWDWVHHQFXHQWUDHVWUHFKDPHQWHYLQFXODGRFRQHODUWGHOD&3(
TXH VH UHILHUH DO GHUHFKR GH ODV QDFLRQHV \ SXHEORV LQGtJHQD RULJLQDULR FDPSHVLQRV D OD OLEUH
GHWHUPLQDFLyQ \ WHUULWRULDOLGDG FRPSOHPHQWDGR SRU HO QXPHUDO  GHO PLVPR DUWtFXOR TXH KDFH
UHIHUHQFLDDOGHUHFKRDODWLWXODFLyQFROHFWLYDGHWLHUUDV\WHUULWRULRVILQDOPHQWHHOQXPHUDOGHO
DUW  GH OD &3( KDFH UHIHUHQFLD DO GHUHFKR GH ODV QDFLRQHV \ SXHEORV LQGtJHQD RULJLQDULR
FDPSHVLQRV D
YLYLU HQ XQ DPELHQWH VDQR FRQ PDQHMR \ DSURYHFKDPLHQWR DGHFXDGR GH ORV
HFRVLVWHPDV


'H GLFKDV GLVSRVLFLRQHV VH LQILHUH HO GHUHFKR GH ODV QDFLRQHV \ SXHEORV LQGtJHQD RULJLQDULR
FDPSHVLQRVDVXKiELWDWTXHHVFRQFHELGRQRVyORHQHOiPELWROLPLWDGRGHODWLHUUDVLQRWDPELpQ
GHOWHUULWRULRHQWHQGLGRFRPRHOHVSDFLRDQFHVWUDOGRQGHVHGHVDUUROODODFXOWXUDHVSLULWXDOLGDG
KLVWRULD\IRUPDGHRUJDQL]DFLyQVRFLDO\SROtWLFDORVSXHEORVLQGtJHQDVGRQGHHMHUFHQHOFRQWURO
VREUHORVUHFXUVRVQDWXUDOHV\VHGHVSOLHJDQWRGDVVXVLQVWLWXFLRQHV

(VTXH OD&RQVWLWXFLyQ 3ROtWLFDGHO (VWDGR VHxDOD OD HVSHFLDO UHODFLyQ GH ODVQDFLRQHV \ SXHEORV
LQGtJHQDRULJLQDULRFDPSHVLQRVFRQODWLHUUD\HOWHUULWRULRDILUPDFLyQTXHDGHPiV\DVHHQFRQWUDED
HQ HO &RQYHQLRGH OD 2,7 DO VHxDODU HQ HO DUWTXH
ORV JRELHUQRV GHEHUiQ UHVSHWDU OD
LPSRUWDQFLDHVSHFLDOTXHSDUDODVFXOWXUDV\YDORUHVHVSLULWXDOHVGHORVSXHEORVLQWHUHVDGRVUHYLVWH
VXUHODFLyQFRQODVWLHUUDVRWHUULWRULRVRFRQDPERVVHJ~QORVFDVRVTXHRFXSDQRXWLOL]DQGHDOJXQD
RWUDPDQHUD\HQSDUWLFXODUORVDVSHFWRVFROHFWLYRVGHHVDUHODFLyQ


(QHVHVHQWLGRHOPLVPRDUWtFXORGHO&RQYHQLRHQVXQXPHUDOGHPDQHUDH[SUHVDVRVWLHQHTXH
ODXWLOL]DFLyQGHOWpUPLQRWLHUUDVGHEHLQFOXLUHOFRQFHSWRGHWHUULWRULRV
ORTXHFXEUHODWRWDOLGDGGHO
KiELWDWGHODVUHJLRQHVTXHORVSXHEORVLQWHUHVDGRVRFXSDQRXWLOL]DQGHDOJXQDRWUDPDQHUD
 ODV
QHJULOODVVRQDJUHJDGDV 

'DGDODLPSRUWDQFLDGHHVWDUHODFLyQ\GHODDQFHVWUDOLGDGGHOWHUULWRULRGHORVSXHEORVLQGtJHQDVHO
DUWGHOFLWDGR&RQYHQLRVHxDODTXHORV(VWDGRVGHEHQUHFRQRFHU
DORVSXHEORVLQWHUHVDGRVHO
GHUHFKRGHSURSLHGDG\GHSRVHVLyQVREUHODVWLHUUDVTXHWUDGLFLRQDOPHQWHRFXSDQ$GHPiVHQORV
FDVRVDSURSLDGRVGHEHUiQWRPDUVHPHGLGDVSDUDVDOYDJXDUGDUHOGHUHFKRGHORVSXHEORVLQWHUHVDGRV
D XWLOL]DU WLHUUDV TXH QR HVWpQ H[FOXVLYDPHQWH RFXSDGDV SRU HOORV SHUR D ODV TXH KD\DQ WHQLGR
WUDGLFLRQDOPHQWHDFFHVRSDUDVXVDFWLYLGDGHVWUDGLFLRQDOHV\GHVXEVLVWHQFLD$HVWHUHVSHFWRGHEHUi
SUHVWDUVHSDUWLFXODUDWHQFLyQDODVLWXDFLyQGHORVSXHEORVQyPDGDV\GHORVDJULFXOWRUHVLWLQHUDQWHV

HOUHVDOWDGRIXHDxDGLGR 

(QHVHVHQWLGRHODUWGHO&RQYHQLRGHOD2,7HVWDEOHFHTXH
/RVJRELHUQRVGHEHUiQ
WRPDU ODV PHGLGDV TXH VHDQ QHFHVDULDV SDUD GHWHUPLQDU ODV WLHUUDV TXH ORV SXHEORV  LQWHUHVDGRV
RFXSDQ WUDGLFLRQDOPHQWH \ JDUDQWL]DU OD SURWHFFLyQ HIHFWLYD GH VXV GHUHFKRV GH SURSLHGDG \
SRVHVLyQ
 \ HO SDUiJUDIR  TXH
'HEHUiQLQVWLWXLUVH SURFHGLPLHQWRVDGHFXDGRV HQ HO PDUFR GHO
VLVWHPDMXUtGLFRQDFLRQDOSDUDVROXFLRQDUODVUHLYLQGLFDFLRQHVGHWLHUUDVIRUPXODGDVSRUORVSXHEORV
LQWHUHVDGRV
 HOUHPDUFDGRHVDJUHJDGR 

$KRUD ELHQ FRQIRUPH VH KD YLVWR HO WpUPLQR WHUULWRULR FRPSUHQGH D ORV UHFXUVRV QDWXUDOHV
H[LVWHQWHVHQpOSRUHOORHODUWGHO&RQYHQLRGHOD2,7HVWDEOHFHTXHORVGHUHFKRVGHORV
SXHEORV LQWHUHVDGRV D ORV UHFXUVRV QDWXUDOHV H[LVWHQWHV HQ VXV WHUULWRULRV
GHEHUiQ SURWHJHUVH
HVSHFLDOPHQWH(VWRVGHUHFKRVFRPSUHQGHQHOGHUHFKRGHHVRVSXHEORVDSDUWLFLSDUHQODXWLOL]DFLyQ
DGPLQLVWUDFLyQ\FRQVHUYDFLyQGHGLFKRVUHFXUVR


(VWDVQRUPDVIXHURQFRQVLGHUDGDVSRUOD&RUWH,QWHUDPHULFDQDHQHOFDVRGHODFRPXQLGDG0D\DJQD
6XPR $ZDV7LQJQLFRQWUD1LFDUDJXD6HQWHQFLDGHGHDJRVWRGH\SURQXQFLDGDHQYLUWXG
D TXH ORV LQWHJUDQWHV GH OD FRPXQLGDG 0D\DJQD UHFODPDURQ OD WLWXODUL]DFLyQ GH VXV WLHUUDV
WUDGLFLRQDOHVDO(VWDGRGH1LFDUDJXDVLQREWHQHUUHVSXHVWDIDYRUDEOHVXUJLHQGRHOFRQIOLFWRDSDUWLU
TXH HPSUHVDV WUDQVQDFLRQDOHV LQJUHVDURQ D ODV WLHUUDV GH OD FRPXQLGDG SDUD OD H[SORWDFLyQ GH
UHFXUVRV IRUHVWDOHV PRWLYR SRU HO FXDO OD FRPXQLGDG KL]R VXV UHFODPRV HQ OD YtD MXGLFLDO VLQ
UHVXOWDGRVSRVLWLYRV


W


dW^:d


/D &RUWH FRQVLGHUy TXH OD FRPXQLGDG $ZDV 7LQJQL WLHQH GHUHFKRV FROHFWLYRV D VXV WLHUUDV
WUDGLFLRQDOHV UHFXUVRV \ PHGLR DPELHQWH \ TXH OD IDOWD GH UHFRQRFLPLHQWR JDUDQWtD UHVSHWR H
LPSOHPHQWDFLyQHIHFWLYDGHHVHGHUHFKRHVWDEDHQFRQIOLFWRFRQODVREOLJDFLRQHVHVWDWDOHVGHULYDGDV
GHOD&RQYHQFLyQ$PHULFDQDVREUH'HUHFKRV+XPDQRV(QHVWD6HQWHQFLDOD&RUWHFRQFOX\yTXH

ORV PLHPEURV GH OD&RPXQLGDG $ZDV 7LQJQLWLHQHQ GHUHFKRGH SURSLHGDG VREUH ODVWLHUUDVTXH
KDELWDQDFWXDOPHQWH
\TXHHO(VWDGRGHEtDJDUDQWL]DUHOUHVSHWRSRUORVGHUHFKRVWHUULWRULDOHVTXH
LQFOX\HODHPLVLyQ\HOUHJLVWURGHWtWXORVIRUPDOHV\ODGHPDUFDFLyQSDUDILMDU\KDFHUFRQRFHUORV
OtPLWHVGHOWHUULWRULR

3RU VX SDUWH OD PLVPD &RUWH HQ HO &DVR GHO 3XHEOR 6DUDPDND FRQWUD 6XULQDP ([FHSFLyQ
3UHOLPLQDU)RQGR5HSDUDFLRQHV\&RVWDVVHQWHQFLDGHGHQRYLHPEUHGHHVWDEOHFLyTXH

/RVLQWHJUDQWHVGHORVSXHEORVLQGtJHQDV\WULEDOHVWLHQHQHOGHUHFKRGHVHUWLWXODUHVGHORVUHFXUVRV
QDWXUDOHVTXHKDQXVDGR  \RFXSDGRWUDGLFLRQDOPHQWHGXUDQWHVLJORV  'HDOOtODQHFHVLGDGGH
SURWHJHUODVWLHUUDV\ORVUHFXUVRVTXHKDQXVDGRWUDGLFLRQDOPHQWHSDUDSUHYHQLUVXH[WLQFLyQFRPR
SXHEOR   HO GHUHFKR D XVDU \ JR]DU GHO WHUULWRULR FDUHFHUtD GH VHQWLGR HQ HO FRQWH[WR GH ORV
PLHPEURV GH ORV SXHEORV LQGtJHQDV \ WULEDOHV VL GLFKR GHUHFKR QR HVWXYLHUD FRQHFWDGR FRQ ORV
UHFXUVRVQDWXUDOHVTXHVHHQFXHQWUDQGHQWURGHOWHUULWRULR
 HOUHVDOWDGRHVQXHVWUR 

7DPELpQGHEHPHQFLRQDUVHDOFDVR<DN\H$[DFRQWUD3DUDJXD\HQHOTXHOD&RUWH,QWHUDPHULFDQD
GH 'HUHFKRV +XPDQRV VRVWXYR TXH ORV SXHEORV LQGtJHQDV TXH KXELHUHQ SHUGLGR VXV WLHUUDV SRU
FDXVDV DMHQDV D VX YROXQWDG QR KDQ SHUGLGR FRPSOHWDPHQWH VXV GHUHFKRV VREUH VXV WHUULWRULRV
WUDGLFLRQDOHVPDQWHQLHQGRVXSUHWHQVLyQYiOLGDSXHV
/RV(VWDGRVGHEHQWHQHUHQFXHQWDTXHORV
GHUHFKRVWHUULWRULDOHVLQGtJHQDVDEDUFDQXQFRQFHSWRPiVDPSOLR\GLIHUHQWHTXHHVWiUHODFLRQDGR
FRQHOGHUHFKRFROHFWLYRDODVXSHUYLYHQFLDFRPRSXHEORRUJDQL]DGRFRQHOFRQWUROGHVXKiELWDW
FRPRXQDFRQGLFLyQQHFHVDULDSDUDODUHSURGXFFLyQGHVXFXOWXUDSDUDVXSURSLRGHVDUUROOR\SDUD
OOHYDUDFDERVXVSODQHVGHYLGD  $OGHVFRQRFHUVHHOGHUHFKRDQFHVWUDOGHORVPLHPEURVGHODV
FRPXQLGDGHVLQGtJHQDVVREUHVXVWHUULWRULRVVHSRGUtDHVWDUDIHFWDQGRRWURVGHUHFKRVEiVLFRVFRPR
HOGHUHFKRDODLGHQWLGDGFXOWXUDO\ODVXSHUYLYHQFLDPLVPDGHODVFRPXQLGDGHVLQGtJHQDV\VXV
PLHPEURV


$VtIUHQWHDXQFRQIOLFWRHQWUHORVGHUHFKRVGHORVSXHEORVLQGtJHQDV\ODSURSLHGDGSULYDGDOD&RUWH
VHLQFOLQDKDFLDHOUHFRQRFLPLHQWRGHSULRULGDGGHOGHUHFKRGHSURSLHGDGFRPXQDOLQGtJHQDVLQ
SHUMXLFLRGH OD LQGHPQL]DFLyQTXH SXHGD FRUUHVSRQGHU DOSURSLHWDULR GHEXHQD IHDFODUDQGR VLQ
HPEDUJR TXH
(VWR QR VLJQLILFD TXH VLHPSUH TXH HVWpQ HQ FRQIOLFWR ORV LQWHUHVHV WHUULWRULDOHV
SDUWLFXODUHVRHVWDWDOHV\ORVLQWHUHVHVWHUULWRULDOHVGHORVPLHPEURVGHODVFRPXQLGDGHVLQGtJHQDV
SUHYDOH]FDQ ORV ~OWLPRV VREUH ORV SULPHURV
 SXHV ORV (VWDGR SXHGHQ YHUVH LPSRVLELOLWDGRV SRU
UD]RQHVFRQFUHWDV\MXVWLILFDGDVDGHYROYHUHOWHUULWRULRVXSXHVWRHQHOFXDOORVSXHEORVLQGtJHQDV
WLHQHQGHUHFKRDOD
HOHFFLyQ\HQWUHJDGHWLHUUDVDOWHUQDWLYDHOSDJRGHXQDMXVWDLQGHPQL]DFLyQR
DPERV
GHELHQGRORVSXHEORVSDUWLFLSDUHQODHOHFFLyQGHODVWLHUUDV


7DPELpQGHEHKDFHUVHPHQFLyQDOFDVR6DZKR\DPD[DFRQWUD3DUDJXD\HQHOTXHOD
&RUWH,QWHUDPHULFDQDGH'HUHFKRV+XPDQRVKL]RUHIHUHQFLDDOGHUHFKRDODUHLYLQGLFDFLyQGHORV
SXHEORV LQGtJHQDV UHVSHFWR D VXV WHUULWRULRV DQFHVWUDOHV VHxDODQGR TXH
OD EDVH HVSLULWXDO \
PDWHULDOGHODLGHQWLGDGGHORVSXHEORVLQGtJHQDVVHVXVWHQWDSULQFLSDOPHQWHHQVXUHODFLyQ~QLFD
FRQ VXV WLHUUDV WUDGLFLRQDOHV  0LHQWUDV HVD UHODFLyQ H[LVWD HO GHUHFKR D OD UHLYLQGLFDFLyQ
SHUPDQHFHUiYLJHQWHFDVRFRQWUDULRVHH[WLQJXLUi
DFODUDQGRTXH
'LFKDUHODFLyQSXHGHH[SUHVDUVH
GHGLVWLQWDVPDQHUDVVHJ~QHOSXHEORLQGtJHQDGHOTXHVHWUDWH\ODVFLUFXQVWDQFLDVFRQFUHWDVHQTXH
VHHQFXHQWUH\SXHGHLQFOXLUHOXVRRSUHVHQFLDWUDGLFLRQDO\DVHDDWUDYpVGHOD]RVHVSLULWXDOHVR
FHUHPRQLDOHVDVHQWDPLHQWRVRFXOWLYRVHVSRUiGLFRVFD]DSHVFDRUHFROHFFLyQHVWDFLRQDORQyPDGD
XVRGHUHFXUVRVQDWXUDOHVOLJDGRVDVXVFRVWXPEUHV\FXDOTXLHURWURHOHPHQWRFDUDFWHUtVWLFRGHVX
FXOWXUD
 ODVQHJULOODVIXHURQDxDGLGDV 

3RUVXSDUWHHODUWGHOD'HFODUDFLyQGHODV1DFLRQHV8QLGDVVREUHORV'HUHFKRVGHORV3XHEORV
,QGtJHQDVGHPDQHUDH[SUHVDVHxDODTXH


/RVSXHEORVLQGtJHQDVWLHQHQGHUHFKRDODVWLHUUDVWHUULWRULRV\UHFXUVRVTXHWUDGLFLRQDOPHQWH
KDQSRVHtGRRFXSDGRRXWLOL]DGRRDGTXLULGR
 /RV SXHEORV LQGtJHQDV WLHQHQ GHUHFKR D SRVHHU XWLOL]DU GHVDUUROODU \ FRQWURODU ODV WLHUUDV
WHUULWRULRV\UHFXUVRVTXHSRVHHQHQUD]yQGHODSURSLHGDGWUDGLFLRQDOXRWUDIRUPDWUDGLFLRQDOGH
RFXSDFLyQRXWLOL]DFLyQDVtFRPRDTXHOORVTXHKD\DQDGTXLULGRGHRWUDIRUPD
/RV(VWDGRVDVHJXUDUiQHOUHFRQRFLPLHQWR\SURWHFFLyQMXUtGLFRVGHHVWDVWLHUUDVWHUULWRULRV\
UHFXUVRV 'LFKR UHFRQRFLPLHQWR UHVSHWDUi GHELGDPHQWH ODV FRVWXPEUHV ODV WUDGLFLRQHV \ ORV
VLVWHPDV GH WHQHQFLD GH ODV WLHUUDV GH ORV SXHEORV LQGtJHQDV GH TXH VH WUDWH
 ODV QHJULOODV VRQ

W


dW^:d
DJUHJDGDV 

'HEHFRQVLGHUDUVHTXHODVQDFLRQHV\SXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRVHQODPD\RUtDGHORV
FDVRV WRGDYtD KDELWDQ HQ VX WHUULWRULR R UHDOL]DQ DFWLYLGDGHV HQ pO DXQTXH QR WHQJDQ XQ
DVHQWDPLHQWR SHUPDQHQWH HQ HO WHUULWRULR TXH YLYLHURQ VXV DQWHSDVDGRV \ DQFHVWURV VLHQGR SDUD
HOORVODWLHUUDQRXQVLPSOHELHQRXQPHGLRGHSURGXFFLyQVLQRSDUWHGHVXYLYHQFLDGHVXVHUGH
VX H[LVWHQFLD FRQFHELGD FRPR XQD LQWHJUDOLGDG OD FDVD HQ OD FXDO YLYLHURQ VXV DQWHSDVDGRV HO
WHUULWRULRTXHYLRHOFRPLHQ]RGHORVWLHPSRVYLYLHQGRHQFRPXQLGDGFRQVXVKHUPDQRVSODQWDV
DQLPDOHV\RWURVVHUHVDTXLHQHVVHOHVOODPD
DFKDFKLODV

$ZLFKDV

:DTDV
HWF

(QWRQFHV HO KiELWDWGH ORV LQGtJHQDV FRPSUHQGH QR VyOR OD WLHUUD VLQR WDPELpQ HO WHUULWRULR HV
GHFLU DEDUFD HO HVSDFLR DQFHVWUDO GRQGH VH GHVDUUROOD VXV HVSHFtILFDV IRUPDV GH YLGD GRQGH VH
GHVDUUROODVXFXOWXUDHVSLULWXDOLGDGVXRUJDQL]DFLyQVRFLDO\SROtWLFDDVtFRPRVXVFRQRFLPLHQWRV
HQUHODFLyQDORVUHFXUVRVQDWXUDOHV\VHGHVSOLHJDQWRGDVVXVLQVWLWXFLRQHV

$VtWRGRHVHHVSDFLRJHRJUiILFRHVVXFDVDJUDQGHGRQGHWRGDVODVFRVDVSHUWHQHFHQDWRGRV\D
QDGLH HQ SDUWLFXODU EDMR XQD FRPSUHQVLyQ LQWHJUDO HQWRQFHV VX KiELWDW VRQ VXV UtRV FHUURV
PRQWDxDV FDVFDGDV ERVTXHV SODQWDV iUEROHV HWF FDGD XQR HQ VX HVSHFLH HVWiQ OOHQRV GH
VLJQLILFDGRVSURIXQGRVVREUHODFRVPRYLVLyQGHHVWRVSXHEORVSDUDHOORVHOKiELWDWHVHOVDQWXDULR
SXHVDOOtHVWiVXPHGLFLQDVXVDOLPHQWRVORTXHGDYLGDORTXHPDQWLHQH\DOLYLDHOHVStULWXHVHO
SULQFLSLR\HOILQHVVXYLGDPLVPDHQFRQH[LyQFRQHO
PXOWLYHUVR
\D~QGHVSXpVGHODPXHUWHVXV

DMD\XV
HVWDUiQDOOtEDMRRWUDIRUPDGHH[SUHVLyQSRUHOORGHEHQVHUSUHVHUYDGRV\UHVSHWDGRV

(OKiELWDWGHODVQDFLRQHV\SXHEORVLQGtJHQDVHVIXQGDPHQWDOSDUDVXSHUYLYHQFLD\FRQWLQXLGDG
SRUHOORHVTXHODVGLIHUHQWHVQRUPDVLQWHUQDFLRQDOHV\ODMXULVSUXGHQFLDGHOD&RUWH,QWHUDPHULFDQD
GH 'HUHFKRV +XPDQRV UHFRQRFHQ OD LPSRUWDQFLD IXQGDPHQWDO GH ORV GHUHFKRV WHUULWRULDOHV
LQGtJHQDV \ OD QHFHVLGDG GH JDUDQWL]DUORV \ HVWDEOHFHU ORV PHFDQLVPRV QHFHVDULRV SDUD VX
PDWHULDOL]DFLyQSXHVGHQRKDFHUORVHDWHQWDFRQWUDODH[LVWHQFLDPLVPDGHHVWRVSXHEORV

/RVSXHEORVLQGtJHQDVWLHQHQSUiFWLFDV\FRQFHSFLRQHVSURSLDVGRQGHODWLHUUD\HOWHUULWRULRVRQ
FRPSDUWLGRV\KHUHGDGRVGHJHQHUDFLyQHQJHQHUDFLyQFRQXQYDORUGHXVR\QRGHFDPELRGLFKDV
FRQFHSFLRQHVGHYLHQHQGHXQDFRQFHSFLyQTXHYDPiVDOOiGHOVHQWLGRGH
SURSLHGDG
R
DSURSLDFLyQ

SRUFXDQWRODFRVPRYLVLyQGHODVQDFLRQHV\SXHEORVLQGtJHQDVHVWiYLQFXODGDDODQDWXUDOH]DTXH
QRHVREMHWRGHDSURSLDFLyQVLQRWDPELpQVXMHWRGHGHUHFKRV(VODFDVDJUDQGHGRQGHFDGDQDFLyQ
SXHEOR \ FRPXQLGDG LQGtJHQD WLHQH HO GHUHFKR GH XVDU JR]DU GLVIUXWDU \ DGPLQLVWUDU XQ ELHQ
PDWHULDO R LQPDWHULDO FX\D WLWXODULGDG SHUWHQHFH D WRGRV \ FDGD XQR GH VXV PLHPEURV \ TXH HV
IXQGDPHQWDOFRPRVHWLHQHVHxDODGRSDUDODH[LVWHQFLDPLVPDGHOSXHEORLQGtJHQD

&RQIRUPHDODVQRUPDVDQWHVUHIHULGDV\DODMXULVSUXGHQFLDGHOD&RUWH,QWHUDPHULFDQDGH'HUHFKRV
+XPDQRV HV HYLGHQWH TXH ORV SXHEORV LQGtJHQDV WLHQHQ GHUHFKR D OD WLWXODFLyQ GH ODV WLHUUDV \
WHUULWRULRVTXHWUDGLFLRQDOPHQWHKDQRFXSDGRGHUHFKRTXHVHH[WLHQGHDORVUHFXUVRVQDWXUDOHVTXH
VHHQFXHQWUDQHQORVPLVPRV3DUDODPDWHULDOL]DFLyQGHHVWHGHUHFKRWDQWRHO&RQYHQLRGHOD
2,7 FRPR OD 'HFODUDFLyQGH ODV 1DFLRQHV 8QLGDV HVWDEOHFH TXH ORV (VWDGRVGHEHQ DGRSWDU ODV
PHGLGDVQHFHVDULDVSDUDGHWHUPLQDUODVWLHUUDVGHORVSXHEORVLQGtJHQDVJDUDQWL]DQGRVXSURWHFFLyQ
DGHPiV GH LQVWLWXLUVH SURFHGLPLHQWRV DGHFXDGRV SDUD VROXFLRQDU ODV UHLYLQGLFDFLRQHV GH WLHUUDV
IRUPXODGDVSRUORVSXHEORVLQGtJHQDV

$KRUDELHQFRQIRUPHVHKDYLVWRORVSURFHVRGHUHFRQVWLWXFLyQGHODVWLHUUDV\WHUULWRULRVSXHGHVHU
VROLFLWDGDSRUORVSXHEORVLQGtJHQDVGHELHQGRORV(VWDGRVWRPDUHQFXHQWDQODQDWXUDOH]DGHORV
GHUHFKRVWHUULWRULDOHVLQGtJHQDVTXHWLHQHQXQFRQFHSWRPiVDPSOLR\GLIHUHQWH\TXHVHUHODFLRQDQ
FRQHOGHUHFKRFROHFWLYRGHUHFRQVWLWXFLyQGHVXVWHUULWRULRVFRPRXQDFRQGLFLyQQHFHVDULDSDUDOD
UHSURGXFFLyQGHVXFXOWXUDGHVXVLQVWLWXFLRQHV\SODQGHYLGD3RUHOORODPLVPD&RUWHVHLQFOLQy
SRU OD SUHYDOHQFLD GH ORV LQWHUHVHV WHUULWRULDOHV LQGtJHQDV SRU VREUH ORV SDUWLFXODUHV HVWDWDOHV
DFODUDQGRHPSHURTXHHOORQRVLJQLILFDTXHHQWRGRVORVFDVRVVHGHHVWDSUHYDOHQFLDSXHVSXHGHQ
H[LVWLUUD]RQHVFRQFUHWDV\MXVWLILFDGDVTXHLPSLGDQGHYROYHUHOWHUULWRULRVXSXHVWRHQHOFXDOORV
SXHEORVLQGtJHQDVWLHQHQGHUHFKRDHOHJLU\DTXHVHOHVHQWUHJXHQWLHUUDVDOWHUQDWLYDVHOSDJRGH
XQDMXVWDLQGHPQL]DFLyQRDPERV

,,,'HUHFKRDODSURYHFKDPLHQWRGHORVUHFXUVRVQDWXUDOHV

&RPRVHKDVHxDODGRHQHODQWHULRU)XQGDPHQWR-XUtGLFRHOGHUHFKRDODSURYHFKDPLHQWRGHORV
UHFXUVRVQDWXUDOHVVHHQFXHQWUDGHQWURGHODOFDQFHGHOGHUHFKRDODWLHUUD\DOWHUULWRULR\HVWiLQVHUWR
HQ HO GHUHFKR DO KiELWDW FRQFHELGR GH PDQHUD LQWHJUDO FRPR HO HVSDFLR DQFHVWUDO GRQGH VH

W


dW^:d


GHVDUUROOD OD YLGD VRFLDO HFRQyPLFD FXOWXUDO MXUtGLFD \ HVSLULWXDO GH OD FRPXQLGDG \ GRQGH
SUHFLVDPHQWHVHDSURYHFKDQ\VHXVDQVRVWHQLEOHPHQWHORVUHFXUVRVQDWXUDOHV\DVtORUHFRQRFHHO
DUW  GHO &RQYHQLR  GH OD 2,7  TXH GHWHUPLQD FRPR \D VH KD VHxDODGR TXH ORV SXHEORV
LQGtJHQDV WLHQHQ GHUHFKR D SDUWLFLSDU HQ OD XWLOL]DFLyQ DGPLQLVWUDFLyQ \ FRQVHUYDFLyQ GH ORV
UHFXUVRVQDWXUDOHV(QLJXDOVHQWLGRHODUWGHOD'HFODUDFLyQGHODV1DFLRQHV8QLGDVVREUHORV
'HUHFKRV GH ORV 3XHEORV ,QGtJHQDV TXH HVWDEOHFH HO GHEHU GH ORV (VWDGRV GH DVHJXUDU HO
UHFRQRFLPLHQWR \ SURWHFFLyQ QR VyOR GH ODV WLHUUDV \ WHUULWRULRV VLQR WDPELpQ GH ORV UHFXUVRV
QDWXUDOHV

(Q QXHVWUD &RQVWLWXFLyQ WDPELpQ VH UHFRQRFH HO DSURYHFKDPLHQWR H[FOXVLYR GH ORV UHFXUVRV
QDWXUDOHVHQHODUWQRUPDTXHHVWDEOHFHFRPRGHUHFKRGHODVQDFLRQHV\SXHEORVLQGtJHQD
RULJLQDULR FDPSHVLQRV
$ OD JHVWLyQ WHUULWRULDO LQGtJHQD DXWyQRPD \ DO XVR \ DSURYHFKDPLHQWR
H[FOXVLYR GH ORV UHFXUVRV QDWXUDOHV UHQRYDEOHV H[LVWHQWHV HQ VX WHUULWRULR VLQ SHUMXLFLR GH ORV
GHUHFKRVOHJtWLPDPHQWHDGTXLULGRVSRUWHUFHURV
 ODVQHJULOODVVRQQXHVWUDV 

(Q HVH VHQWLGRGHEH VHxDODUVH TXH HO DSURYHFKDPLHQWRGH ORV UHFXUVRV QDWXUDOHV HQ HO WHUULWRULR
LQGtJHQD SRU SDUWH GHO (VWDGR R SDUWLFXODUHV TXH KXELHUHQ DGTXLULGR OHJtWLPDPHQWH HVH GHUHFKR
GHQWUR GHO WHUULWRULR LQGtJHQD VH GHEH GHVDUUROODU VLQ OHVLRQDU OD LQWHJULGDG FXOWXUDO VRFLDO \
HFRQyPLFDGHORVPLVPRVSUHYLDLQIRUPDFLyQ\FRQVXOWDGHODVFRPXQLGDGHVQDFLRQHV\SXHEORV
LQGtJHQDRULJLQDULRFDPSHVLQRVTXLHQHVGHFRQIRUPLGDGDODUWGHOD&3(WLHQHQGHUHFKR
SUHIHUHQWHVREUHHOXVR\DSURYHFKDPLHQWRGHORVUHFXUVRVQDWXUDOHVUHQRYDEOHVH[LVWHQWHVHQVX
WHUULWRULR




 &RQWURO QRUPDWLYR GH FRQVWLWXFLRQDOLGDG%ORTXH GH


FRQVWLWXFLRQDOLGDGFRPRSDUiPHWURSDUDHOFRQWUROGHFRQVWLWXFLRQDOLGDG
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   /DV QRUPDV TXH HVWDEOHFHQ HO SURFHVR \
SURFHGLPLHQWR GH OD FRQVXOWD SUHYLD  VHUiQ FRQVWLWXFLRQDOPHQWH
YiOLGDVHQHOPDUFRGHXQDLQWHUSUHWDFLyQFRQIRUPHDOD&RQVWLWXFLyQ
3ROtWLFD GHO (VWDGR \ HO EORTXH GH FRQVWLWXFLRQDOLGDG HQ WDQWR VHD
FRQFHUWDGRHQREVHUYDQFLDGHODUHODFLyQKRUL]RQWDOHQWUHHO(VWDGR\
ORVSXHEORVLQGtJHQDVGHO7,31,6

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVDWDDFFLyQGHLQFRQVWLWXFLRQDOLGDGSUHVHQWDGDSRU'LSXWDGRVGHOD
$VDPEOHD/HJLVODWLYD3OXULQDFLRQDOVHGHPDQGyODLQFRQVWLWXFLRQDOLGDG
GHORVDUWVLQFD \GHOD/H\GHGHIHEUHURGH
SRUVHUSUHVXQWDPHQWHFRQWUDULRVDORVDUWV,9,,
\,,,SDUiJUDIR,,GHOD&3(\GHOD&RQYHQFLyQ
W


dW^:d

GH9LHQDVREUHHO'HUHFKRGHORV7UDWDGRVGHGHPD\RGHGHO
&RQYHQLRGHOD2UJDQL]DFLyQ,QWHUQDFLRQDOGHO7UDEDMR 2,7 \
\GHOD'HFODUDFLyQGHODV1DFLRQHV8QLGDVVREUHORV'HUHFKRVGHORV
3XHEORV,QGtJHQDVFRQORVVLJXLHQWHVDUJXPHQWRVD(ODUWGHOD/H\
YLROyGHPDQHUDIODJUDQWHHODUW,,GHOD&3(GHELGRDTXH
ODFRQVXOWDQRWLHQHHOFDUiFWHUGHSUHYLDHQPpULWRDTXHSUHFLVDPHQWH
KXERDFWRVOHJLVODWLYRV\DGPLQLVWUDWLYRVTXHDIHFWDURQHO7,31,6DQWHV
GHUHDOL]DUVHODFRQVXOWDREMHWRGHODPHQFLRQDGD/H\E/RVDUWV
D \GHOD/H\YXOQHUDQHOGHUHFKRGHORVSXHEORVLQGtJHQDVDVHU
FRQVXOWDGRVPHGLDQWHVXVSURFHGLPLHQWRV\DWUDYpVGHVXVLQVWLWXFLRQHV
SRUTXH XQLODWHUDOPHQWH HVWDEOHFHQ HO SURFHVR \ SURFHGLPLHQWR GH OD
FRQVXOWD F (O DUW  GH OD /H\  WDPELpQ OHVLRQD HO GHUHFKR D ORV
SXHEORV LQGtJHQDV D VHU FRQVXOWDGRV D WUDYpV GH VXV SURFHGLPLHQWRV H
LQVWLWXFLRQHV DO HVWDEOHFHU OD SDUWLFLSDFLyQ GHO yUJDQR HMHFXWLYR HQ HO
SURFHVRGHFRQVXOWDG(ODUWGHOD/H\OHVLRQDHOGHUHFKRTXH
WLHQHQORVSXHEORVLQGtJHQDVDTXHODFRQVXOWDVHOOHYHDGHODQWHDWUDYpV
GH VXV SURSLDV LQVWLWXFLRQHV SRUTXH SUHYp LQWHUYHQFLyQ GHO UJDQR
(OHFWRUDO3OXULQDFLRQDOH(OSOD]RSUHYLVWRHQHODUWGHOD/H\
GHEHVHUGHILQLGRDSDUWLUGHODSURSLDLQVWLWXFLRQDOLGDGLQGtJHQDGHVXV
QRUPDV VXV XVRV \ FRVWXPEUHV VXV IRUPDV GH RUJDQL]DFLyQ \ VXV
DXWRULGDGHVQDWXUDOHV(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOGHFODUy
/DFRQVWLWXFLRQDOLGDGGHODUWHQFXDQWRDOREMHWRGHFRQVXOWD\GHO
DUWDPERVGHOD/H\/DFRQVWLWXFLRQDOLGDGGHODUWHQFXDQWR
D OD IUDVH
\ HVWDEOHFHU HO FRQWHQLGR GH HVWH SURFHVR \ VXV
SURFHGLPLHQWRV
 \ GH ORV DUWV   LQF D   \  GH OD /H\ 
FRQGLFLRQDGD D VX FRQFHUWDFLyQ  ,PSURFHGHQWH OD DFFLyQ GH
LQFRQVWLWXFLRQDOLGDG DEVWUDFWD  IRUPXODGD UHVSHFWR DO DUW  GH OD /H\
  $Vt PLVPR OD 6&3  D ,QVWy D ORV SXHEORV LQGtJHQD
RULJLQDULRFDPSHVLQRVKDELWDQWHVGHO7,31,6DTXHHQHMHUFLFLRGHVXV
GHUHFKRV\FRQHOREMHWRGHPDWHULDOL]DUORVPLVPRVFRDG\XYHQFRQVX
SDUWLFLSDFLyQDHQWDEODUXQGLiORJRFRQHO(VWDGRDREMHWRGHDVXPLUORV
DFXHUGRVQHFHVDULRVSDUDHIHFWLYL]DUODFRQVXOWDSURSLFLDQGRSDUDHOORDO
LQWHULRUGHVXVFRPXQLGDGHVXQSURFHVRGHFRQFHUWDFLyQHQHOTXHVH
HVWDEOH]FDQ VXV SULRULGDGHV UHVSHFWR DO SURFHVR HQ Vt GH FRQVXOWD ODV
FXDOHVVHYHUiQUHIOHMDGDVDOPRPHQWRGHGHVDUUROODUVHHOGLiORJRHQWUH
SDUWHV E ([KRUWy D OD $VDPEOHD /HJLVODWLYD 3OXULQDFLRQDO D VHU
FRDG\XYDQWHHQODIDFLOLWDFLyQGHODFRQFHUWDFLyQ\HQODFRQILJXUDFLyQ
SRVWHULRU GH ORV DFXHUGRV DVXPLGRV F 'HWHUPLQy TXH HO UJDQR
(MHFXWLYRSURSLFLH\IDFLOLWHHOGLiORJRQHFHVDULRFRQGLFKRVSXHEORVG
'LVSXVRTXHDQWHHOLQFXPSOLPLHQWRGHORVWpUPLQRVGHVDUUROODGRVHQOD
6HQWHQFLD UHIHULGRV DO SURFHVR GH FRQVXOWD VH WHQGUiQ H[SHGLWDV ODV
DFFLRQHVWXWHODUHVSDUDDFWLYDUODMXVWLFLDFRQVWLWXFLRQDOHQGHIHQVDGH
ORV GHUHFKRV IXQGDPHQWDOHV FROHFWLYRV LQKHUHQWHV D ORV SXHEORV
LQGtJHQDV

([WUDFWRGHODUDWLRGHFLGHQGL
W


dW^:d



)-,,,
5HVSHFWRDOFRQWHQLGRGHORVDUWtFXORVFLWDGRVVXSUDHVQHFHVDULRHIHFWXDU
XQDLQWHUSUHWDFLyQGHVGH\FRQIRUPHDOD&RQVWLWXFLyQ(QHVHRUGHQHODUW,,GH
OD&3(GHWHUPLQDTXHODFRQVXOWDVHUHDOL]DUiFRQSURFHGLPLHQWRVDSURSLDGRVDWUDYpV
GHODVLQVWLWXFLRQHVGHORVSXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRVFRQVXOWDTXHGHEH
UHDOL]DUVHGHEXHQDIH\GHIRUPDFRQFHUWDGDHQHOPLVPRVHQWLGRHODUWLQFD GHO
&RQYHQLRGHOD2,7GHWHUPLQDTXHORVJRELHUQRVGHEHUiQFRQVXOWDUDORVSXHEORV
LQWHUHVDGRV PHGLDQWH SURFHGLPLHQWRV DSURSLDGRV \ HQ SDUWLFXODU D WUDYpV GH VXV
LQVWLWXFLRQHV UHSUHVHQWDWLYDV FDGD YH] TXH SUHYHDQ PHGLGDV OHJLVODWLYDV R
DGPLQLVWUDWLYDVVXVFHSWLEOHVGHDIHFWDUOHVGLUHFWDPHQWH

&RQIRUPHDHOORHVHYLGHQWHHLQQHJDEOHTXHODFRQVXOWDFRQFHELGDFRPRXQDIRUPDGH
UHODFLyQHQWUHHO(VWDGR\ORVSXHEORVLQGtJHQDVUHVSRQGHDOUHVSHWR\UHFRQRFLPLHQWR
GHH[LVWHQFLDGHXQDVRFLHGDGSOXUDODKRUDELHQHOHMHUFLFLRGHODFRQVXOWDFRPRGHUHFKR
GH ORV SXHEORV LQGtJHQDV FRQOOHYD D TXH VX UHDOL]DFLyQ VH HIHFW~H HQ HO PDUFR GHO
FRQVHQVR\GHORVSURFHGLPLHQWRVTXHHORORVPLVPRVSXHEORVFRQVXOWDGRVGHWHUPLQHQ
HQEDVHVLHPSUHDVXFRVPRYLVLyQFRVWXPEUHV\IRUPDGHYLGDHOORFRQOOHYDDVXYH]
TXHODFRQVXOWDFRQVWLWX\DXQDFRQVWUXFFLyQGHDFXHUGRVHQORVTXHVLELHQHO(VWDGR
LQWHUYLHQH HPSHUR GHEH KDFHUOR UHVSHWDQGR \ UHFRJLHQGR ORV SURFHGLPLHQWRV
HVWDEOHFLGRVSRUORVSXHEORVDWUDYpVGHVXVLQVWLWXFLRQHVUHSUHVHQWDWLYDVDFWXDFLyQTXH
DGHPiVWDQWRHVWDWDOFRPRLQGtJHQDRULJLQDULRFDPSHVLQDGHEHHIHFWXDUVHHQHOPDUFR
GHODEXHQDIH

$O UHVSHFWR HV SUHFLVR VRVWHQHU TXH OD UHODFLyQ GHO (VWDGR FRQ ODV FRPXQLGDGHV
LQGtJHQDV GHEH GDUVH HQ XQ SODQR GH LJXDOGDG HV GHFLU TXH OD UHODFLyQ GHEH VHU
KRUL]RQWDO HQWUH LJXDOHV QR YHUWLFDO HQ OD TXH XQD SDUWH RUGHQH \ GLVSRQJD
XQLODWHUDOPHQWHTXpVHYDDFRQVXOWDUDTXLpQHVVHYDDFRQVXOWDU\FyPRVHYDDUHDOL]DU
OD FRQVXOWD GHQWUR GH HVWH RUGHQ GH LGHDV WHQHPRV TXH OD SUHPLVD FHQWUDO TXH HV OD
FRQFHUWDFLyQHVGHFLUXQSURFHVRGHDFXHUGRVTXHSHUPLWDQYLDELOL]DUODFRQVXOWDHQHO
SODQRGHOUHVSHWRPXWXR\GHOUHVSHWRSRUSDUWHGHO(VWDGRDODVLQVWLWXFLRQHVLQGtJHQDV
TXH GHEHQ SDUWLFLSDU DFWLYDPHQWH HQ HO SURFHVR SUHYLR GH OD FRQVXOWD FRPR HQ VX
LPSOHPHQWDFLyQ GHEH UHFDOFDUVH HQWRQFHV TXH HO SURFHVR VXV HOHPHQWRV ORV
SURFHGLPLHQWRVSOD]RV\FURQRJUDPDHVWDEOHFLGRVHQORVDUWVHQVXVHJXQGDSDUWH
LQFD \GHOD/H\VRQ\GHEHQVHUFRQFHUWDGRVFRQODVQDFLRQHVLQGtJHQDVHQHO
SODQRGHODLJXDOGDGHQODTXHQRSUHYDOH]FDQLXQRQLRWURHVGHFLUTXHGHEHSULPDUOD
KRUL]RQWDOLGDG GH DFWXDFLRQHV FRPR GH  GHUHFKRV \ REOLJDFLRQHV SDUD DPEDV SDUWHV
LQWHUYLQLHQWHV HQ OD FRQVXOWD HQWLpQGDVH (VWDGR \ SXHEORV LQGtJHQD RULJLQDULR
FDPSHVLQRVDVHUFRQVXOWDGRV XQDLQWHUSUHWDFLyQHLPSOHPHQWDFLyQGLIHUHQWHJHQHUDUtD
XQDYXOQHUDFLyQGHORVGHUHFKRVGHORVSXHEORVLQGtJHQDVRHQVXFDVRODLQYLDELOLGDG
GH OD FRQVXOWD DO QR H[LVWLU FRQGLFLRQHV SDUD TXH HO (VWDGR HMHU]D VX URO
FRQVWLWXFLRQDOPHQWHSUHYLVWR

'HOUD]RQDPLHQWRSUHFHGHQWHVHFRQFOX\HTXHODVQRUPDVREMHWRGHOSUHVHQWHWHVWGH
FRQVWLWXFLRQDOLGDG WLHQHQ TXH VHU LQWHUSUHWDGDV GHVGH \ FRQIRUPH D OD &RQVWLWXFLyQ
3ROtWLFDGHO(VWDGR\ODVQRUPDVGH&RQYHQLRV,QWHUQDFLRQDOHVHQPDWHULDGHGHUHFKRV
KXPDQRVSRUORTXHVHGHEHWRPDUHQFXHQWDTXHODLPSOHPHQWDFLyQGHODVQRUPDVHQ
DQiOLVLV HQ HO SUHVHQWH DFiSLWH YLHQHQ FRQGLFLRQDGDV D OD QHFHVDULD SDUWLFLSDFLyQ \
FRQFHUWDFLyQSUHYLD\FRQMXQWDHQWUHHO(VWDGR\ORVSXHEORVLQGtJHQDVRULJLQDULRVHQOD
GHWHUPLQDFLyQ GHO SURFHVR HQ Vt QR FRUUHVSRQGLHQGR TXH OD GHFLVLyQ VHD WRPDGD
XQLODWHUDOPHQWH SRU SDUWH GHO (VWDGR DVt FRPR WDPSRFR TXH ORV SXHEORV LQGtJHQDV
SUHWHQGDQDVXPLUODFRQVXOWDVLQSDUWLFLSDFLyQDOJXQDGHO(VWDGRSRUORWDQWRORVDUWV
HQ VX VHJXQGD SDUWH   LQF D  \  VRQ FRQVWLWXFLRQDOHV VLHPSUH \ FXDQGR VX
LPSOHPHQWDFLyQVHDGHDFXHUGRDOPDUFRMXUtGLFRFRQVWLWXFLRQDO\VHGHVDUUROOHHQEDVH
DORVSULQFLSLRVGHLJXDOGDGGHEXHQDIHFRQFHUWDFLyQWUDQVSDUHQFLD\IOH[LELOLGDGTXH
GHEHSULPDUHQODUHODFLyQKRUL]RQWDOHQWUHHO(VWDGR\ODVQDFLRQHV\SXHEORVLQGtJHQDV
RULJLQDULRVFDPSHVLQRV

W


dW^:d

(Q HVWH SXQWR GHO DQiOLVLV HV LPSRUWDQWH UHFDOFDU HO WUDVFHQGHQWDO URO TXH HMHUFH OD
$VDPEOHD/HJLVODWLYD3OXULQDFLRQDOWRGDYH]TXHVHFRQVWLWX\HHQODYR]GHOSXHEORDO
HVWDULQWHJUDGDSRUVXVUHSUHVHQWDQWHVGHPRFUiWLFDPHQWHHOHJLGRVORTXHLPSOLFDTXH
WRGRVORVEROLYLDQRVHVWiQUHSUHVHQWDGRVSRUORV$VDPEOHLVWDVQDFLRQDOHVORTXHLQFOX\H
OD UHSUHVHQWDFLyQ HVSHFLDO GH SXHEORV LQGtJHQD RULJLQDULR FDPSHVLQRV D WUDYpV GH VXV
$VDPEOHtVWDV HOHJLGRV SRU HOORV PLVPRV $KRUD ELHQ FRPR VH HVWDEOHFLy
SUHFHGHQWHPHQWHOD/H\GHFRQVXOWDHVWiFRQGLFLRQDGDDODFRQFHUWDFLyQFRQORV
SXHEORV LQGtJHQDRULJLQDULR FDPSHVLQRV OR TXH D VX YH] FRQOOHYD D TXH OD $VDPEOHD
/HJLVODWLYD3OXULQDFLRQDOFXPSODVXURO\VHFRQYLHUWDQRVyORHQODLQVWDQFLDTXHSODVPH
ORV DFXHUGRV DVXPLGRV VLQR HQ FRDG\XYDQWH HQ HO GLiORJR HQWUH (VWDGR \ SXHEORV
LQGtJHQDRULJLQDULRFDPSHVLQRVYLDELOL]iQGRVHGHHVDIRUPDODFRQFHUWDFLyQ
(VHQHVHRUGHQODFRQVXOWDQRWLHQHyELFHDOJXQRSDUDUHDOL]DUVHVLHPSUH\FXDQGRVH
FXPSODQ FRQ ODV FRQGLFLRQHV GH SDUWLFLSDFLyQ SOHQD GH ORV SXHEORV LQGtJHQDV HQ OD
HODERUDFLyQGHORVWHPDVDFRQVXOWDUVH\DTXHODFRQFHUWDFLyQSDUWLFLSDFLyQHQLJXDOGDG
GHFRQGLFLRQHVHVHOHOHPHQWRWUDVFHQGHQWDOGHQWURGHODUHDOL]DFLyQGHODFRQVXOWDSRU
ORTXHODHODERUDFLyQGHOSURWRFRORUHVSHFWRDHVWRVWHPDVGHILQLUiQODSDUWLFLSDFLyQGH
ODVQDFLRQHV\SXHEORVLQGtJHQDVRULJLQDULRV\DTXHpVWRVQRSXHGHQTXHGDUUHOHJDGRV
HQODHODERUDFLyQGHORVWHPDVDUHVROYHUVHGHQWURGHOSURFHVRGHODFRQVXOWDDOVHUHVWH
XQGHUHFKRIXQGDPHQWDOLQKHUHQWHSUHFLVDPHQWHDHOORVVXIRUPDGHYLGD\VXWHUULWRULR

'HQWUR GH HVH PDUFR HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO GHWHUPLQD XQD
FRQVWLWXFLRQDOLGDGFRQGLFLRQDGDUHVSHFWRDORVDUWVHQVXVHJXQGDSDUWHLQFD \
GHOD/H\HVGHFLUODFRQVXOWDHVFRQVWLWXFLRQDO\HVWiFRQGLFLRQDGDDTXHVHD
FRQFHUWDGD HQ REVHUYDQFLD GH OD UHODFLyQ KRUL]RQWDO HQWUH HO (VWDGR \ ORV SXHEORV
LQGtJHQDVGHO7,31,6(IHFWLYL]DGDGHHVDIRUPDWDOHVDUWtFXORVVRQFRQVWLWXFLRQDOHV
H[KRUWDQGR D ORV UJDQRV /HJLVODWLYR \ (MHFXWLYR D HODERUDU XQ SURWRFROR HQ IRUPD
FRQMXQWD \ DFRUGDGD FRQ ORV SXHEORV LQGtJHQDV FRQ SOHQD SDUWLFLSDFLyQ GH VXV
LQVWLWXFLRQHV



6LQWHVLVGHODUDWLRGHFLGHQGL

&RQVWLWXFLRQDOLGDG FRQGLFLRQDGD GH ODV QRUPDV TXH HVWDEOHFHQ HO
SURFHVR\SURFHGLPLHQWRGHODFRQVXOWDSUHYLD VHJXQGDSDUWHGHODUW
DUWV   LQF D  \  GH OD /H\   HQ WDQWR VHD FRQFHUWDGD HQ
REVHUYDQFLD GH OD UHODFLyQ KRUL]RQWDO HQWUH HO (VWDGR \ ORV SXHEORV
LQGtJHQDVGHO7,31,6

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

3UHFHGHQWHIXQGDQWH6&3

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,
OD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRKDFHKLQFDSLpHQTXHOD
FRQVXOWDDGHPiVGHVHUSUHYLDREOLJDWRULDOLEUHHLQIRUPDGD\GHEXHQD
IH GHED VHU FRQFHUWDGD SXHV SUHFLVDPHQWH ORV SURFHGLPLHQWRV ORV
VXMHWRVTXHLQWHUYHQGUiQ\HOFRQWHQLGRPLVPRGHODFRQVXOWDGHEHQVHU
SDFWDGRVFRQFDUiFWHUSUHYLRHQWUHHO(VWDGR\ORVSXHEORVLQGtJHQDV


9RWR'LVLGHQWH
W


dW^:d



9RWR GLVLGHQWH  /D 6&  WLHQH HO YRWR GLVLGHQWH GHO 'U
*XDOEHUWR&XVLTXLHQVRVWLHQHTXHGHELyGHFODUDUVHLQFRQVWLWXFLRQDOOD
IUDVH
\HVWDEOHFHUHOFRQWHQLGRGHHVWHSURFHVR\VXVSURFHGLPLHQWR
GHO
DUWGHOD/H\GHELGRDTXHQRVHREVHUYDURQORVSURFHGLPLHQWRV
\SULQFLSLRVTXHKDFHQDODFRQVXOWDSUHYLDHODUWGHOD/H\GHELy
KDEHUVLGRGHFODUDGRFRQVWLWXFLRQDO
VLHQGRTXHODFRQVXOWDDORVSXHEORV
RULJLQDULRV GHEH VHU FRQVHQVXDGR FXPSOLHQGR VXV SURSLRV
SURFHGLPLHQWRVTXHWDPELpQGHEHVXUJLUGHXQFRQVHQVR
HODUWGHELy
VHU GHFODUDGR LQFRQVWLWXFLRQDO SRU FXDQWR HVWDEOHFH OD ILQDOLGDG GH OD
FRQVXOWDTXHHVWiVLHQGRGHILQLGDXQLODWHUDO\GLUHFWDPHQWHSRUHO(VWDGR
VLQQLQJXQDSDUWLFLSDFLyQ\PHQRVFRQFHUWDFLyQHQWUHpVWH\ORVSXHEORV
LQGtJHQDV DIHFWDGRV HO DUW  WDPELpQ GHELy VHU GHFODUDGR
LQFRQVWLWXFLRQDO SRUTXH OD GHILQLFLyQ GH ODV HWDSDV GHO SURFHVR GH
FRQVXOWDGHELyVHUIUXWRGHODFRQFHUWDFLyQFRQORVSXHEORVLQGtJHQDV




)RUPDV
GH
FRQWURO
QRUPDWLYR
GH
FRQVWLWXFLRQDOLGDG,QFRQVWLWXFLRQDOLGDGHQODIRUPD
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3/DOLPLWDFLyQDGHUHFKRVIXQGDPHQWDOHVFRPRHVHO
GHUHFKRDODDVRFLDFLyQHQHOHMHUFLFLRSURIHVLRQDOGHORVDERJDGRV
GHEHVHUDWUDYpVGHOH\IRUPDOHQREVHUYDQFLDGHOSULQFLSLRGHUHVHUYD
GHOH\

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QXQUHFXUVRGLUHFWRRDEVWUDFWRGHLQFRQVWLWXFLRQDOLGDGKR\DFFLyQGH
LQFRQVWLWXFLRQDOLGDGDEVWUDFWDLQWHUSXHVWDSRUXQ6HQDGRU\'LSXWDGD
1DFLRQDO UHVSHFWLYDPHQWH VH GHPDQGy OD LQFRQVWLWXFLRQDOLGDG GHO
'HFUHWR6XSUHPR '6 GHGHDEULOGHHVSHFtILFDPHQWHGH
ORVQXHYHSiUUDIRVGHODSDUWHFRQVLGHUDWLYD SUHiPEXOR ORVDUWVDO
~QLFDGLVSRVLFLyQWUDQVLWRULDODVGRV'LVSRVLFLRQHV$GLFLRQDOHV\ODV
'LVSRVLFLRQHV $EURJDWRULDV \ 'HURJDWRULDV SRU FRQVLGHUDU TXH VRQ
FRQWUDULRVDORVDUWV,,QXPHUDOHV\,,
W


dW^:d

,,,\,\,,GHOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR &3( 

(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOUHVROYLy

'HFODUDUOD,1&2167,78&,21$/,'$'SRUODIRUPDGHO'6
GHGHDEULOGH\SRUFRQH[LWXGOD,1&2167,78&,21$/,'$'
SRUODIRUPDGHO'/GHGHMXOLRGH

(QSURWHFFLyQGHORVGHUHFKRVGHORVDERJDGRVPDWULFXODGRVHQORV
&ROHJLRVGH$ERJDGRV\ORVUHJLVWUDGRVHQHO0LQLVWHULRGH-XVWLFLD\HQ
UD]yQDTXHHOHMHUFLFLRGHODSURIHVLyQGHEHHVWDUUHJXODGRHQIXQFLyQ
GHOLQWHUpVVRFLDOVH',6321(ODYLJHQFLDWHPSRUDOGHXQDxRGHO'6
GHGHDEULOGH\WDPELpQODYLJHQFLDWHPSRUDOGHXQDxR
GHO'/GHGHMXOLRGH

$REMHWRGHPDWHULDOL]DUODGLVSRVLFLyQSUHFHGHQWH\FRQIRUPHDORV
IXQGDPHQWRVH[SUHVDGRVHQHOSUHVHQWHIDOORHVWH7ULEXQDOGLVSRQHDVX
YH]D 'HMDUVLQHIHFWROD'LVSRVLFLyQ$EURJDWRULDGHO'6UHIHULGD
DODDEURJDWRULDGHO'HFUHWR/H\1GHGHMXOLRGHORV
DUWV\QXPHUDO GHO'/DVtFRPRHODUWGHO'6HQ
ODIUDVH
HO~QLFRUHTXLVLWRH[LJLGR
\E $PSOLDUHOSOD]RHVWDEOHFLGRHQ
HODUW,GHO'6KDVWDODSURPXOJDFLyQGHOD/H\FRUUHVSRQGLHQWH

 &RUUHVSRQGH D OD $VDPEOHD /HJLVODWLYD 3OXULQDFLRQDO TXH HQ
HMHUFLFLR GH VXV IDFXOWDGHV \ FXPSOLPLHQWR GH VXV REOLJDFLRQHV HQ HO
SOD]RGHXQDxRHPLWDODQRUPDWLYDOHJDOTXHULMDHOHMHUFLFLRSURIHVLRQDO
GHODDERJDFtDEDMRFRQPLQDWRULDGHTXHYHQFLGRGLFKRSOD]RHO'6
\ HO '/  TXHGDUiQ H[SXOVDGRV GHO RUGHQDPLHQWR MXUtGLFR
EROLYLDQR

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,  HO FRQWHQLGR GHO 'HFUHWR 6XSUHPR LPSXJQDGR DO LJXDO
TXHHO'/WLHQHHOFRQWHQLGRPDWHULDOGH/H\DVSHFWRSRUHOTXH
SUHFLVDPHQWHYXOQHUDHOSULQFLSLRGHUHVHUYDOHJDOFRQWHQLGRHQHODUW
,,GHOD&3(\ORVSULQFLSLRVGHMHUDUTXtDQRUPDWLYD\VXSUHPDFtD
FRQVWLWXFLRQDOSUHYLVWRVHQHODUW,,GHOWH[WRFRQVWLWXFLRQDOORTXH
GHYLHQHHQVXLQFRQVWLWXFLRQDOLGDGIRUPDODSOLFDQGRHOUD]RQDPLHQWRGH
TXHVHWUDWDGHFXHVWLRQHVTXHGHEHQVHUUHJXODGDVSRUOH\\QRSRUXQ
'HFUHWR 6XSUHPR R 5HVROXFLyQ (MHFXWLYD GDGR TXH OD IDFXOWDG GH
HPLWLURGLFWDUOH\HVTXHGHVDUUROOHQROLPLWHQGHUHFKRVIXQGDPHQWDOHV
UHFRQRFLGRV SRU OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR LQFXPEH VyOR DO
UJDQR /HJLVODWLYR DKRUD $VDPEOHD /HJLVODWLYD 3OXULQDFLRQDO \ DO
UJDQR(MHFXWLYRHIHFWLYL]DUVXFXPSOLPLHQWRDWUDYpVGHODH[SHGLFLyQ
GH ORV UHVSHFWLYRV GHFUHWRV VLQ DOWHUDU HO GHVDUUROOR GH ORV GHUHFKRV
W


dW^:d


FRQWHQLGRV HQ ODV OH\HV SRU FRUUHVSRQGHUOH VX UHJODPHQWDFLyQ R
YLDELOL]DFLyQ

6LQWHVLVGHODUDWLRGHFLGHQGL

,QFRQVWLWXFLRQDOLGDGSRUODIRUPDGHO'6GHGHDEULOGH\
SRUFRQH[LWXGODLQFRQVWLWXFLRQDOLGDGSRUODIRUPDGHO'/GH
GH MXOLR GH  SRUTXH DPEDV QRUPDV WLHQHQ HO FRQWHQLGR GH OH\
PDWHULDOHQUD]yQDTXHUHJXODQHOGHUHFKRDODOLEHUWDGGHDVRFLDFLyQHQ
HO HMHUFLFLR SURIHVLRQDO GH ORV DERJDGRV \ VXV UHVSHFWLYRV FROHJLRV
OHVLRQDQGRHOSULQFLSLRGHUHVHUYDOHJDOFRQWHQLGRHQHODUW,,GHOD
&3(\ORVSULQFLSLRVGHMHUDUTXtDQRUPDWLYD\VXSUHPDFtDFRQVWLWXFLRQDO
SUHYLVWRVHQHODUW,,GHOD&3(SRUKDEHUVLGRHPLWLGDVODSULPHUD
HQXQJRELHUQRFRQVWLWXFLRQDOSRUHOUJDQR(MHFXWLYR\ODVHJXQGDSRU
HQ XQ JRELHUQR GHIDFWR FXDQGR GHELHURQ VHU HPLWLGDV SRU HO UJDQR
/HJLVODWLYRDWUDYpVGHXQDOH\IRUPDO

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

3UHFHGHQWHIXQGDGRU6&3

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,  HO FRQWHQLGR GHO 'HFUHWR 6XSUHPR LPSXJQDGR DO LJXDO
TXHHO'/WLHQHHOFRQWHQLGRPDWHULDOGH/H\DVSHFWRSRUHOTXH
SUHFLVDPHQWHYXOQHUDHOSULQFLSLRGHUHVHUYDOHJDOFRQWHQLGRHQHODUW
,,GHOD&3(\ORVSULQFLSLRVGHMHUDUTXtDQRUPDWLYD\VXSUHPDFtD
FRQVWLWXFLRQDOSUHYLVWRVHQHODUW,,GHOWH[WRFRQVWLWXFLRQDOORTXH
GHYLHQHHQVXLQFRQVWLWXFLRQDOLGDGIRUPDODSOLFDQGRHOUD]RQDPLHQWRGH
TXHVHWUDWDGHFXHVWLRQHVTXHGHEHQVHUUHJXODGDVSRUOH\\QRSRUXQ
'HFUHWR 6XSUHPR R 5HVROXFLyQ (MHFXWLYD GDGR TXH OD IDFXOWDG GH
HPLWLURGLFWDUOH\HVTXHGHVDUUROOHQROLPLWHQGHUHFKRVIXQGDPHQWDOHV
UHFRQRFLGRV SRU OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR LQFXPEH VyOR DO
UJDQR /HJLVODWLYR DKRUD $VDPEOHD /HJLVODWLYD 3OXULQDFLRQDO \ DO
UJDQR(MHFXWLYRHIHFWLYL]DUVXFXPSOLPLHQWRDWUDYpVGHODH[SHGLFLyQ
GH ORV UHVSHFWLYRV GHFUHWRV VLQ DOWHUDU HO GHVDUUROOR GH ORV GHUHFKRV
FRQWHQLGRV HQ ODV OH\HV SRU FRUUHVSRQGHUOH VX UHJODPHQWDFLyQ R
YLDELOL]DFLyQ

9RWR'LVLGHQWH

9RWRSDUWLFXODUFRQFXUUHQWHHQSDUWH\GLVLGHQWHHQRWUDGHOD0DJLVWUDGD
'UD/LJLD0yQLFD9HOiVTXH]&DVWDxRVHQVHQWLGRTXH
KDELpQGRVH
FRQILUPDGR
OD
H[LVWHQFLD
GH
HYLGHQWHV
LQFRQVWLWXFLRQDOLGDGHV HQ HO '6DVt FRPR HQ HO'/  HVWRV
W


dW^:d

LQVWUXPHQWRV MXUtGLFRV GHELHURQ VHU H[SXOVDGRV GHO RUGHQDPLHQWR


MXUtGLFRQDFLRQDO



1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   /RV DFWRV GH GLVSRVLFLyQ GH ORV ELHQHV GHO (VWDGR
VRODPHQWH SRGUiQ VHU GLVSXHVWRV SRU OD $VDPEOHD /HJLVODWLYD
3OXULQDFLRQDO DQWHV 3RGHU /HJLVODWLYR PHGLDQWH OH\ IRUPDO XQ
FULWHULR HQ FRQWUDULR GHVFRQRFHUtD ORV SULQFLSLRV IXQGDPHQWDOHV GH
VHSDUDFLyQGHIXQFLRQHV\GHVREHUDQtDSRSXODU

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QXQDDFFLyQGHLQFRQVWLWXFLRQDOLGDGFRQFUHWDSURPRYLGDDLQVWDQFLD
GHSDUWHSRUOD6DOD&LYLO7HUFHUDGHO7ULEXQDO'HSDUWDPHQWDOGH-XVWLFLD
GH /D 3D] GHQWUR GHO SURFHVR FLYLO VHJXLGR SRU HO &OXE 'HSRUWLYR
)HUURYLDULR FRQWUD HO *RELHUQR $XWyQRPR 0XQLFLSDO GH /D 3D]
GHPDQGDQGR OD LQFRQVWLWXFLRQDOLGDG GH ORV DUWV  \  GHO 'HFUHWR
6XSUHPR '6   GH  GH PD\R GH  SRU VHU SUHVXQWDPHQWH
FRQWUDULRVDORVDUWV\,,GHOD&RQVWLWXFLyQ3ROtWLFD
GHO(VWDGRDGXFLHQGRTXHPHGLDQWHHOFLWDGR'6VHWUDQVILULyD
IDYRU GHO PHQFLRQDGR &OXE XQ WHUUHQR GH   P XELFDGR HQ HO
ERVTXHFLOOR GH
3XUD 3XUD
 iUHD VREUH OD FXDO HO *RELHUQR $XWyQRPR
0XQLFLSDOGH/D3D]WDPELpQWLHQHUHJLVWUDGRVXGHUHFKRSURSLHWDULRHQ
EDVHDO'6GHGHRFWXEUHGHDVtFRPRHQOD/H\GH
GHPD\RGH5HILULyTXHHO'6IXHHPLWLGRGXUDQWHXQ
JRELHUQR GH IDFWR VLQ FXPSOLU ORV SURFHGLPLHQWRV HVWDEOHFLGRV SRU OD
&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRSXHVODWUDQVIHUHQFLDDWtWXORJUDWXLWR
QR SRGtD VHU DXWRUL]DGD SRU HO 3RGHU (MHFXWLYR WRGD YH] TXH HO DUW
,GHODDFWXDO1RUPD6XSUHPDSUHYpHQWUHODVDWULEXFLRQHVGHOD
$VDPEOHD/HJLVODWLYD3OXULQDFLRQDODSUREDUODHQDMHQDFLyQGHELHQHVGH
GRPLQLR S~EOLFR GHO (VWDGR SUHYLVLyQ TXH LJXDOPHQWH HVWDED
FRQWHPSODGD HQ HO DUW  GH OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR
DEURJDGD SRU OR TXH HO 'HFUHWR 6XSUHPR HV LQFRQVWLWXFLRQDO SRU VX
RULJHQ(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOSUHYLDPHQWHHVWDEOHFLy
TXH HO WHVW GH FRQVWLWXFLRQDOLGDG GHEH UHDOL]DUVH FRQ OD &RQVWLWXFLyQ
W


dW^:d


DFWXDO \ GHFODUy LQFRQVWLWXFLRQDO SRU OD IRUPD ORV DUWV  \  GHO '6
 GH  GH PD\R GH  FRQ HO DUJXPHQWR GH TXH GLFKD QRUPD
UHVXOWD LQFRQVWLWXFLRQDO HQ VX RULJHQ SRUTXH HQ VX HODERUDFLyQ \
DSUREDFLyQQRVHKDQUHVSHWDGRORVSURFHGLPLHQWRVSUHYLVWRVSRUHOWH[WR
FRQVWLWXFLRQDO\WDPELpQSRUTXHKDVLGRHODERUDGD\DSUREDGDHQXQD
LQVWDQFLDRSRUDXWRULGDGQRHVWDEOHFLGDSRUODQRUPDVXSUHPDSDUDWDO
ILQ

([WUDFWRGHODUDWLRGHFLGHQGL

)- ,,, ,,, (O DUW  GHO 'HFUHWR 6XSUHPR LPSXJQDGR DXWRUL]D D (1)( OD
WUDQVIHUHQFLDDWtWXORJUDWXLWRDO&OXE'HSRUWLYR)HUURYLDULRGH/D3D]ODVXSHUILFLHGH
PGHWHUUHQRXELFDGRHQHONPGHODOtQHDIpUUHD/D3D](O$OWR$VXYH]HO
DUW  SUHYp TXH ORV WHUUHQRV DGMXGLFDGRV WHQGUiQ HO GHVWLQR H[FOXVLYR SDUD OD
FRQVWUXFFLyQGHXQFRPSOHMRGHSRUWLYRHVWDEOHFLHQGRODSURKLELFLyQGHXQXVRGLVWLQWR
EDMRSHQDGHUHYHUVLyQDO(VWDGR

$MXLFLRGHODFFLRQDQWHHO'6DWHQWDFRQWUDHOSULQFLSLRGHLQGHSHQGHQFLDGH
SRGHUHVSUHYLVWRHQHODUWGHOD&3($QWHORUHIHULGRFDEHVHxDODUTXHHO(VWDGR
RUJDQL]D \ HVWUXFWXUD VX SRGHU S~EOLFR D WUDYpV GH FXDWUR yUJDQRV HO /HJLVODWLYR
FRPSXHVWR SRU OD $VDPEOHD /HJLVODWLYD 3OXULQDFLRQDO LQWHJUDGD D VX YH] SRU GRV
&iPDUDV OD GH 'LSXWDGRV \ GH 6HQDGRUHV \ HV OD ~QLFD FRQ IDFXOWDG GH DSUREDU \
VDQFLRQDU OH\HV TXH ULJHQ HQ WRGR HO WHUULWRULR EROLYLDQR HV GHFLU TXH WLHQH SRWHVWDG
OHJLVODWLYD GH FRQWURO \ ILVFDOL]DFLyQ HO (MHFXWLYR FRPSXHVWR SRU HO 3UHVLGHQWH GHO
(VWDGR HO 9LFHSUHVLGHQWH \ ORV 0LQLVWURV GH (VWDGR yUJDQR TXH WLHQH OD SRWHVWDG
UHJODPHQWDULD DGPLQLVWUDWLYD \ HMHFXWLYD HO -XGLFLDO FRQ IDFXOWDG MXULVGLFFLRQDO \ HO
(OHFWRUDO3OXULQDFLRQDO UHVSRQVDEOH GHRUJDQL]DU DGPLQLVWUDU \ HMHFXWDU ORV SURFHVRV
HOHFWRUDOHV\SURFODPDUVXVUHVXOWDGRV/DRUJDQL]DFLyQGHO(VWDGRHVWiIXQGDPHQWDGD
HQODLQGHSHQGHQFLDVHSDUDFLyQFRRUGLQDFLyQ\FRRSHUDFLyQGHHVWRVyUJDQRV


(VWDVIXQFLRQHVQRSXHGHQVHUUHXQLGDVHQXQVyORyUJDQRQLVRQGHOHJDEOHVHQWUHVtSRU
HOOR HV FRQYHQLHQWH VHxDODU TXHHO SULQFLSLR IXQGDPHQWDO GH VHSDUDFLyQ GH IXQFLRQHV
GHQRPLQDGRWDPELpQFRPRHOSULQFLSLRGHGLYLVLyQGHSRGHUHVLPSOLFDODGLVWULEXFLyQ
GH FRPSHWHQFLDV \ SRWHVWDGHV HQWUH ORV yUJDQRV SDUD HO HMHUFLFLR GHO SRGHU S~EOLFR
FRQVWLWX\pQGRVHHVDGLVWULEXFLyQHQXQDOLPLWDQWHSDUDFDGDyUJDQRTXHVRODPHQWHSRGUi
HMHUFHUODVSRWHVWDGHVTXHVRQSDUWHGHVXFRPSHWHQFLD





3RUVXSDUWHHODUWGHOD&3(VHxDODTXHODVREHUDQtDGHOSXHEOREROLYLDQRVHHMHUFH
GH IRUPD GLUHFWD \ GHOHJDGD 'H HOOD HPDQDQ SRU GHOHJDFLyQ ODV IXQFLRQHV \
DWULEXFLRQHV GH ORV yUJDQRV GHO SRGHU S~EOLFR HV LQDOLHQDEOH H LPSUHVFULSWLEOH $O
UHVSHFWR OD 6&  GH  GH PDU]R UHILULpQGRVH DO DUW  GH OD &3(DEUJ TXH
FRQWHQtD VLPLODU SUHFHSWR VHxDOy
FRQVLJQD WUHV QRUPDV GRV SULQFLSLVWDV \ XQD
RUJiQLFD


'H XQ ODGR OD QRUPD D WUDYpV GH OD FXDO HO &RQVWLWX\HQWH KD FRQVDJUDGR HO SULQFLSLR
IXQGDPHQWDOGHODVREHUDQtDSRSXODUFRQRFLGRWDPELpQFRPRHOSULQFLSLRGHPRFUiWLFR
TXHWLHQHFRPRVLJQLILFDGRODSHUWHQHQFLDGHOSRGHUDOSXHEORHVGHFLUTXHHOSXHEORHV
HORULJHQGHWRGRSRGHUORTXHLPSOLFDHOUHFRQRFLPLHQWRDDTXpOGHOGHUHFKRGHFUHDUR

W


dW^:d
FRQILJXUDUVXSURSLRRUGHQSROtWLFRIXQGDPHQWDOVX&RQVWLWXFLyQDVtFRPRHOGHUHFKR
GHPRGLILFDUOD(QFRQVHFXHQFLDHOSRGHUGHO(VWDGRHPDQDGHOSXHEORHOTXHHQXQ
VLVWHPD GHPRFUiWLFR UHSUHVHQWDWLYR GHOHJD VX HMHUFLFLR D VXV PDQGDWDULRV \
UHSUHVHQWDQWHV PHGLDQWH HOHFFLRQHV OLEUHV SOXUDOLVWDV LJXDOLWDULDV \ DPSOLDPHQWH
LQIRUPDGDV


 


)LQDOPHQWHLQFOX\HXQDQRUPDTXHSURFODPDHOSULQFLSLRGHODVHSDUDFLyQGHIXQFLRQHV
FRQRFLGDWDPELpQHQODGRFWULQDFOiVLFDGHO'HUHFKR&RQVWLWXFLRQDOFRPRHOSULQFLSLR
GHOD
GLYLVLyQGHSRGHUHV
LPSOLFDODGLVWULEXFLyQGHFRPSHWHQFLDV\SRWHVWDGHVHQWUH
GLYHUVRVyUJDQRVHVWDWDOHVSDUDHOHMHUFLFLRGHOSRGHUGHPDQHUDTXHHVDGLVWULEXFLyQVH
FRQVWLWX\DHQXQDOLPLWDFLyQSDUDFDGDyUJDQRGHSRGHUHOTXHVyORSRGUiHMHUFHUODV
SRWHVWDGHVTXHIRUPDQSDUWHGHVXFRPSHWHQFLD
 ODVQHJULOODVQRVFRUUHVSRQGHQ 



(O(VWDGR6RFLDO\'HPRFUiWLFRGH'HUHFKRLQFRUSRUDDODQRFLyQGH(VWDGRGH'HUHFKR
\(VWDGR6RFLDOGH'HUHFKRORVSULQFLSLRVGHSDUWLFLSDFLyQGHWRGRVHQODFRQVWUXFFLyQ
GHORVSRGHUHVS~EOLFRVHQODVGHFLVLRQHVTXHORVDIHFWDQHOSOXUDOLVPRpWQLFR\FXOWXUDO
\HQJHQHUDOODVREHUDQtDGHOSXHEOR(QHO(VWDGR6RFLDO\'HPRFUiWLFRGH'HUHFKR
HOSXHEORHMHUFHODWLWXODULGDGGHOSRGHUS~EOLFRHOLJLHQGRDVXVUHSUHVHQWDQWHVPHGLDQWH
VX FRQFXUUHQFLD D ODV XUQDV FRQWURODQGR OD ODERU TXH HOORV UHDOL]DQ H LQWHUYLQLHQGR
GLUHFWDPHQWHHQODWRPDGHGHFLVLRQHVVLHPSUHTXHQRVHGHVFRQR]FDQORVGHUHFKRVGH
ODVPLQRUtDVQLORVGHUHFKRVIXQGDPHQWDOHVGHORVVHUHVKXPDQRVSRUHVHPRWLYROR
DGHFXDGRHVKDEODUGHXQ(VWDGR6RFLDO\'HPRFUiWLFRGH'HUHFKRTXHHVHOLGHDOPiV
DYDQ]DGR SDUD ORJUDU XQD FRQYLYHQFLD SDFtILFD \ DUPyQLFD HQ GHPRFUDFLD
 QHJULOODV
DxDGLGDV  6&GHGHRFWXEUH 


(QHVHVHQWLGRHODUW,GHOD&3(HVWDEOHFHGHPDQHUDWD[DWLYDODVDWULEXFLRQHVGH
OD$VDPEOHD/HJLVODWLYD3OXULQDFLRQDOHQWUHODVTXHVHHQFXHQWUDHQHOSXQWRODGH
DSUREDUODHQDMHQDFLyQGHORVELHQHVGHGRPLQLRS~EOLFRGHO(VWDGR


'HORSUHFHGHQWHPHQWHGHVFULWRVHHVWDEOHFHTXHXQDQRUPDUHVXOWDLQFRQVWLWXFLRQDOHQ
VXRULJHQFXDQGRHQVXHODERUDFLyQ\DSUREDFLyQQRVHKDQUHVSHWDGRORVSURFHGLPLHQWRV
SUHYLVWRVSRUHOWH[WRFRQVWLWXFLRQDODVtFRPRFXDQGRKDVLGRHODERUDGD\DSUREDGDHQ
XQDLQVWDQFLDRSRUDXWRULGDGQRHVWDEOHFLGDSRUODQRUPDVXSUHPDSDUDWDOILQ


(Q HO FDVR GH H[DPHQ D WUDYpV GHO DUW  GHO 'HFUHWR 6XSUHPR DKRUD LPSXJQDGR HO
UJDQR(MHFXWLYRHQDMHQyDIDYRUGHXQSDUWLFXODUXQDVXSHUILFLHGHWHUUHQRGHSURSLHGDG
GHO(VWDGR%ROLYLDQRGXUDQWHHO*RELHUQRGHIDFWRGH'DYLG3DGLOOD$UDQFLELDYLRODQGR
HOSULQFLSLRIXQGDPHQWDOGHGLYLVLyQGHSRGHUHVSRUFXDQWRHOHQWRQFHV3RGHU(MHFXWLYR
DUURJiQGRVHXQDSRWHVWDGQRDVLJQDGDSRUOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRLQYDGLy
FRPSHWHQFLDV GHO UJDQR /HJLVODWLYR FXDQGR GH DFXHUGR DO SULQFLSLR VHxDODGR ODV
IXQFLRQHVSUHYLVWDVSDUDFDGDXQRGHORVyUJDQRVGHOSRGHUS~EOLFRQRSXHGHQUHXQLUVH
HQXQRVRORQLVRQGHOHJDEOHV\VRODPHQWHSRGUiQHMHUFHUODVSRWHVWDGHVTXHVRQGHVX
FRPSHWHQFLD5HVXOWDFODURHQWRQFHVTXHHO3RGHU(MHFXWLYRDODXWRUL]DUODWUDQVIHUHQFLD
DWtWXORJUDWXLWRGHXQELHQLQPXHEOHGHGRPLQLRS~EOLFRLQYDGLyDWULEXFLRQHVTXHHVWiQ
UHVHUYDGDV DO UJDQR /HJLVODWLYR \ QR UHVSHWy HO SULQFLSLRGH VHSDUDFLyQ GH SRGHUHV
SULQFLSLR FRQVLGHUDGR FRPR YDORU LQIRUPDGRU GHQWUR GHO RUGHQDPLHQWR MXUtGLFR \
DSOLFDEOHHQFXDOTXLHUWLHPSR\DTXHVLELHQFRQIRUPHDORHVWDEOHFLGRHQHO)XQGDPHQWR
-XUtGLFR,,,HOWHVWGHFRQVWLWXFLRQDOLGDGGHEHHIHFWXDUVHFRQOD&RQVWLWXFLyQYLJHQWH

W


dW^:d


GLFKRSULQFLSLRVHHQFRQWUDEDSUHYLVWRDPRPHQWRGHODHPLVLyQGHO'HFUHWR6XSUHPR
LPSXJQDGR


$VLPLVPR VH KD GHVFRQRFLGR HO SULQFLSLR IXQGDPHQWDO GH OD VREHUDQtD SRSXODU
UHFRQRFLGRFRPRODSHUWHQHQFLDGHOSRGHUDOSXHEORSULQFLSLRTXHVHHQFXHQWUDSUHYLVWR
HQ HO DUW  GH OD &3( \ TXH VHxDOD HO RULJHQ GH OD GHOHJDFLyQ GH ODV IXQFLRQHV \
DWULEXFLRQHVDORVyUJDQRVGHOSRGHUS~EOLFRTXHHVLQDOLHQDEOHHLPSUHVFULSWLEOH





&RQVHFXHQWHPHQWHHODUWGHO'6DOHIHFWXDUXQDFWRGHGLVSRVLFLyQVREUHXQ
ELHQGHO(VWDGRFXDQGROD~QLFDIDFXOWDGDSDUDHOORGHFRQIRUPLGDGDODUW,GH
OD&3(HVOD$VDPEOHD/HJLVODWLYD3OXULQDFLRQDODQWHV3RGHU/HJLVODWLYRGHVFRQRFH
ORV SULQFLSLRV IXQGDPHQWDOHV GH VHSDUDFLyQ GH IXQFLRQHV \ GH VREHUDQtD SRSXODU
FRQVLJXLHQWHPHQWHGLFKDQRUPDHQVXRULJHQHVLQFRPSDWLEOHFRQODVQRUPDVSUHYLVWDV
SRUORVDUWV\,GHOD&3(SRUORWDQWRLQFRQVWLWXFLRQDO


6LQWHVLVGHODUDWLRGHFLGHQGL

'HFODUDODLQFRQVWLWXFLRQDOLGDGSRUODIRUPDGHORVDUWV\GHO'6
 GH  GH PD\R GH  SXHV OD PLVPD DO HIHFWXDU XQ DFWR GH
GLVSRVLFLyQVREUHXQELHQGHO(VWDGRFXDQGROD~QLFDIDFXOWDGDSDUDHOOR
GHFRQIRUPLGDGDODUW,GHOD&3(HVOD$VDPEOHD/HJLVODWLYD
3OXULQDFLRQDO DQWHV 3RGHU /HJLVODWLYR GHVFRQRFH ORV SULQFLSLRV
IXQGDPHQWDOHV GH VHSDUDFLyQ GH IXQFLRQHV \ GH VREHUDQtD SRSXODU
FRQVLJXLHQWHPHQWHGLFKDQRUPDHQVXRULJHQHVLQFRPSDWLEOHFRQODV
QRUPDVSUHYLVWDVSRUORVDUWV\,GHOD&3(SRUORWDQWR
LQFRQVWLWXFLRQDO

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

)XQGDQWH

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

/D6&3HQVX)-,,,
HO3RGHU(MHFXWLYRDODXWRUL]DUOD
WUDQVIHUHQFLDDWtWXORJUDWXLWRGHXQELHQLQPXHEOHGHGRPLQLRS~EOLFR
LQYDGLy DWULEXFLRQHV TXH HVWiQ UHVHUYDGDV DO UJDQR /HJLVODWLYR \ QR
UHVSHWy HO SULQFLSLR GH VHSDUDFLyQ GH SRGHUHV  $VLPLVPR VH KD
GHVFRQRFLGR HO SULQFLSLR IXQGDPHQWDO GH OD VREHUDQtD SRSXODU
UHFRQRFLGRFRPR OD SHUWHQHQFLD GHO SRGHU DO SXHEORSULQFLSLR TXH VH
HQFXHQWUDSUHYLVWRHQHODUWGHOD&3(\TXHVHxDODHORULJHQGHOD
GHOHJDFLyQ GH ODV IXQFLRQHV \ DWULEXFLRQHV D ORV yUJDQRV GHO SRGHU
S~EOLFRTXHHVLQDOLHQDEOHHLPSUHVFULSWLEOH




W


dW^:d

1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   $ WUDYpV GH OD /H\ *HQHUDO GHO 3UHVXSXHVWR GHO
(VWDGR QR HV SRVLEOH UHJXODU DVSHFWRV TXH QR FRUUHVSRQGDQ D OD
DFWLYLGDGILQDQFLHUDGHOVHFWRUS~EOLFRSRUTXHVHYLRODHOSULQFLSLRGH
XQLGDGGHPDWHULD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHLQFRQVWLWXFLRQDODEVWUDFWDHODFFLRQDQWH'LSXWDGRGH
OD$VDPEOHD/HJLVODWLYD3OXULQDFLRQDOFXHVWLRQDODFRQVWLWXFLRQDOLGDG
GHOD'LVSRVLFLyQ$GLFLRQDO6pSWLPDGHOD/H\GHGHGLFLHPEUH
GHDGXFLHQGRTXHYXOQHUDORVDUWV,,\
 GH OD &3( SRU FXDQWR SHVH D WUDWDUVH GH XQD /H\ VREUH ILQDQ]DV
S~EOLFDV LQWURGXMR UHJXODFLRQHV DMHQDV FRQ OD H[SUHVD SUHWHQVLyQ GH
PRGLILFDUHOGHUHFKRFRQVWLWXFLRQDODODFRQVXOWDSUHYLD\REOLJDWRULDGH
ORVSXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRVHQUHODFLyQDODDIHFWDFLyQ
GHVXWHUULWRULR\GHODSREODFLyQHQJHQHUDOFXDQGRHOPHGLRDPELHQWH
VH YHD DIHFWDGR SRU XQ HPSUHQGLPLHQWR (O 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO GHFODUy OD LQFRQVWLWXFLRQDOLGDG GH OD 'LVSRVLFLyQ
$GLFLRQDO6pSWLPDGHOD/H\GHGHGLFLHPEUHGH/H\GHO
3UHVXSXHVWR*HQHUDOGHO(VWDGRSDUDODJHVWLyQILVFDOHQODSDUWH
GH VX SDUiJUDIR , TXH VHxDOD
QR VH DGPLWLUi OD GLVFXVLyQ GH RWURV
WHPDVTXHQRVHDQGHFRPSHWHQFLDGHOD$XWRULGDG&RPSHWHQWH\RWURV
QRUHODFLRQDGRVDODLPSOHPHQWDFLyQGHODDFWLYLGDGKLGURFDUEXUtIHUD\
GH RWURV VHFWRUHV
 \ OD LQFRQVWLWXFLRQDOLGDG GH OD 'LVSRVLFLyQ
$GLFLRQDO6pSWLPDGHODVHxDODGD/H\HQODSDUWHGHVXSDUiJUDIR,,TXH
VHxDOD
6LQRVHOOHJDUDDODVXVFULSFLyQGHO&RQYHQLRGH9DOLGDFLyQ
GH DFXHUGR SRU ODV UD]RQHV DQWHV PHQFLRQDGDV VH FRQWLQXDUi FRQ HO
SURFHGLPLHQWRSDUDODHODERUDFLyQ\DSUREDFLyQGHO((,$FRQIRUPHDOD
QRUPDWLYDYLJHQWH


([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,HQHO)XQGDPHQWR-XUtGLFR,,,GHODSUHVHQWHVHQWHQFLD
VHHVWDEOHFLyTXHOD/H\*HQHUDOGHO3UHVXSXHVWRGHO(VWDGRWLHQHXQD
QDWXUDOH]DSURSLDFXDOHVGHUHJXODUODDFWLYLGDGILQDQFLHUDGHOVHFWRU
W


dW^:d


S~EOLFRHVWDWDOH[FOXVLYDPHQWH\QRRWURVDVSHFWRVTXHQRFRUUHVSRQGDQ
DODPDWHULD


(Q HVH PLVPR VHQWLGRWDPELpQ VH SURQXQFLy OD 6HQWHQFLD GH OD &RUWH
&RQVWLWXFLRQDO &RORPELDQD & GH  GH HQHUR GHVDUUROODGD
WDPELpQHQHOPLVPRIXQGDPHQWRMXUtGLFRTXHHVWDEOHFLyTXHXQDOH\
JHQHUDOGHSUHVXSXHVWRHQYLUWXGDOSULQFLSLRGHXQLGDGGHPDWHULDGHEH
FLUFXQVFULELUVHDVXREMHWR\QRUHEDVDUHOILQTXHFRQHOODVVHSHUVLJXH


(QHOFDVRSUHVHQWHOD/H\GH3UHVXSXHVWR*HQHUDOGHO(VWDGRSDUD
OD*HVWLyQHQVXGLVSRVLFLyQDGLFLRQDO6pSWLPDUHJXODHOSURFHVR
GH FRQVXOWD HQ PDWHULD KLGURFDUEXUtIHUD PDWHULD TXH HV GLVWLQWD D VX
QDWXUDOH]DGHGRQGHVHDGYLHUWHTXHDOKDEHUUHJXODGRPDWHULDGLVWLQWDD
VXREMHWRYXOQHUDWDPELpQHOSULQFLSLRGHXQLGDGGHPDWHULDTXHULJH
SDUDGLFKDOH\HQFRQVHFXHQFLDDOQRVHUPDWHULDSURSLDGHXQDOH\GHO
3UHVXSXHVWR OD FRQVXOWD HQ PDWHULD KLGURFDEXUtIHUD UHJXODGD HQ OD
'LVSRVLFLyQ $GLFLRQDO 6pSWLPD HO SURFHVR GH FRQVXOWD HQ PDWHULD
KLGURFDUEXUtIHUD FRUUHVSRQGH H[SXOVDUOR GH OD OH\ *HQHUDO GHO
3UHVXSXHVWRGHODJHVWLyQ

6LQWHVLVGHODUDWLRGHFLGHQGL

,QFRQVWLWXFLRQDOLGDG GH OD 'LVSRVLFLyQ $GLFLRQDO 6pSWLPD GH OD /H\
*HQHUDOGHO3UHVXSXHVWRGHO(VWDGRSRUTXHDOWHQHUpVWDXQDQDWXUDOH]D
SURSLD FXDO HV GH UHJXODU OD DFWLYLGDG ILQDQFLHUD GHO VHFWRU S~EOLFR
HVWDWDO H[FOXVLYDPHQWH QR SXHGH DEDUFDU RWURV DVSHFWRV TXH QR
FRUUHVSRQGHQ D OD PDWHULD FRPR HO SURFHVR GH FRQVXOWD SUHYLD HQ
PDWHULDKLGURFDUEXUtIHUD

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,/D/H\*HQHUDOGHO3UHVXSXHVWRGHO(VWDGRWLHQHXQDQDWXUDOH]D
SURSLD GH UHJXODU OD DFWLYLGDG ILQDQFLHUD GHO VHFWRU S~EOLFR HVWDWDO
H[FOXVLYDPHQWH\QRRWURVDVSHFWRVTXHQRFRUUHVSRQGDQDODPDWHULD\
TXHODPLVPDULJHSDUDODJHVWLyQGHVLJQDGDQRSXGLHQGRH[WHQGHUVHD
RWUDVJHVWLRQHV(QHOFDVRSUHVHQWHOD/H\GH3UHVXSXHVWR*HQHUDO
GHO(VWDGRSDUDOD*HVWLyQHQVXGLVSRVLFLyQDGLFLRQDO6pSWLPD
UHJXODHOSURFHVRGHFRQVXOWDHQPDWHULDKLGURFDUEXUtIHUDPDWHULDTXH
HVGLVWLQWDDVXQDWXUDOH]DGHGRQGHVHDGYLHUWHTXHDOKDEHUUHJXODGR
PDWHULDGLVWLQWDDVXREMHWRYXOQHUDWDPELpQHOSULQFLSLRGHXQLGDGGH
PDWHULDTXHULJHSDUDGLFKDOH\HQFRQVHFXHQFLDDOQRVHUPDWHULDSURSLD
GH XQD OH\ GHO 3UHVXSXHVWR OD FRQVXOWD HQ PDWHULD KLGURFDEXUtIHUD
UHJXODGDHQOD'LVSRVLFLyQ$GLFLRQDO6pSWLPDHOSURFHVRGHFRQVXOWDHQ
W


dW^:d

PDWHULDKLGURFDUEXUtIHUDFRUUHVSRQGHH[SXOVDUORGHODOH\*HQHUDOGHO
3UHVXSXHVWRGHODJHVWLyQ




)RUPDV
GH
FRQWURO
QRUPDWLYR
GH
FRQVWLWXFLRQDOLGDG,QFRQVWLWXFLRQDOLGDGVREUHYLQLHQWH
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   (Q ORV VXSXHVWRV GH LQFRQVWLWXFLRQDOLGDG
VREUHYLQLHQWHHOWHVWGHFRQVWLWXFLRQDOLGDGGHEHVHUHIHFWXDGRGHVGH\
FRQIRUPH DO QXHYR RUGHQ FRQVWLWXFLRQDO \ QR DO TXH VH HQFRQWUDED
YLJHQWH DO PRPHQWR GH OD HPLVLyQ GH OD QRUPD LPSXJQDGD GH
LQFRQVWLWXFLRQDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QXQDDFFLyQGHLQFRQVWLWXFLRQDOLGDGFRQFUHWDSURPRYLGDDLQVWDQFLD
GHSDUWHSRUOD6DOD&LYLO7HUFHUDGHO7ULEXQDO'HSDUWDPHQWDOGH-XVWLFLD
GH /D 3D] GHQWUR GHO SURFHVR FLYLO VHJXLGR SRU HO &OXE 'HSRUWLYR
)HUURYLDULR FRQWUD HO *RELHUQR $XWyQRPR 0XQLFLSDO GH /D 3D]
GHPDQGDQGR OD LQFRQVWLWXFLRQDOLGDG GH ORV DUWV  \  GHO 'HFUHWR
6XSUHPR '6   GH  GH PD\R GH  SRU VHU SUHVXQWDPHQWH
FRQWUDULRVDORVDUWV\,,GHOD&RQVWLWXFLyQ3ROtWLFD
GHO(VWDGRDGXFLHQGRTXHPHGLDQWHHOFLWDGR'6VHWUDQVILULyD
IDYRU GHO PHQFLRQDGR &OXE XQ WHUUHQR GH   P XELFDGR HQ HO
ERVTXHFLOOR GH
3XUD 3XUD
 iUHD VREUH OD FXDO HO *RELHUQR $XWyQRPR
0XQLFLSDOGH/D3D]WDPELpQWLHQHUHJLVWUDGRVXGHUHFKRSURSLHWDULRHQ
EDVHDO'6GHGHRFWXEUHGHDVtFRPRHQOD/H\GH
GHPD\RGH5HILULyTXHHO'6IXHHPLWLGRGXUDQWHXQ
JRELHUQR GH IDFWR VLQ FXPSOLU ORV SURFHGLPLHQWRV HVWDEOHFLGRV SRU OD
&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRSXHVODWUDQVIHUHQFLDDWtWXORJUDWXLWR
QR SRGtD VHU DXWRUL]DGD SRU HO 3RGHU (MHFXWLYR WRGD YH] TXH HO DUW
,GHODDFWXDO1RUPD6XSUHPDSUHYpHQWUHODVDWULEXFLRQHVGHOD
$VDPEOHD/HJLVODWLYD3OXULQDFLRQDODSUREDUODHQDMHQDFLyQGHELHQHVGH
GRPLQLR S~EOLFR GHO (VWDGR SUHYLVLyQ TXH LJXDOPHQWH HVWDED
FRQWHPSODGD HQ HO DUW  GH OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR
W


dW^:d


DEURJDGD SRU OR TXH HO 'HFUHWR 6XSUHPR HV LQFRQVWLWXFLRQDO SRU VX
RULJHQ(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOSUHYLDPHQWHHVWDEOHFLy
TXH HO WHVW GH FRQVWLWXFLRQDOLGDG GHEH UHDOL]DUVH FRQ OD &RQVWLWXFLyQ
DFWXDO \ GHFODUy LQFRQVWLWXFLRQDO SRU OD IRUPD ORV DUWV  \  GHO '6
 GH  GH PD\R GH  FRQ HO DUJXPHQWR GH TXH GLFKD QRUPD
UHVXOWD LQFRQVWLWXFLRQDO HQ VX RULJHQ SRUTXH HQ VX HODERUDFLyQ \
DSUREDFLyQQRVHKDQUHVSHWDGRORVSURFHGLPLHQWRVSUHYLVWRVSRUHOWH[WR
FRQVWLWXFLRQDO\WDPELpQSRUTXHKDVLGRHODERUDGD\DSUREDGDHQXQD
LQVWDQFLDRSRUDXWRULGDGQRHVWDEOHFLGDSRUODQRUPDVXSUHPDSDUDWDO
ILQ

([WUDFWRGHODUDWLRGHFLGHQGL

)- ,,,   $SOLFDFLyQ GH OD /H\ GHO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HQ OD
WUDPLWDFLyQGHODSUHVHQWHDFFLyQGHLQFRQVWLWXFLRQDOLGDGFRQFUHWD
&RQFDUiFWHUSUHYLRDLQJUHVDUDODQiOLVLVGHIRQGRGHODSUHVHQWHDFFLyQFDEHHVWDEOHFHU
HOPDUFRQRUPDWLYRSURFHVDODSOLFDEOHDOFDVRHQHVHHQWHQGLGRHO$&&$
GHGHIHEUHURDOUHVSHFWRVHxDOy
ODSUHYLVLyQQRUPDWLYDGHODUWGHOD/H\GH
GHVHSWLHPEUHGHTXHPRGLILFDHOSDUiJUDIR,GHODUWGHOD/H\GHGH
IHEUHUR GH  GLVSRQLHQGR TXH ODV 0DJLVWUDGDV \ 0DJLVWUDGRV GHO 7ULEXQDO
&RQVWLWXFLRQDO HQWUH WDQWR QR VHDQ SRVHVLRQDGDV ODV QXHYDV DXWRULGDGHV GHO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOUHVROYHUiQODVDFFLRQHVWXWHODUHVSUHVHQWDGDVDSDUWLUGHO
GHIHEUHURGHPLHQWUDVTXH/DVGHPiV DFFLRQHV \UHFXUVRVFRUUHVSRQGHUiQVHU
UHVXHOWDVSRUODVDXWRULGDGHVHOHFWDVSRUYRWRSRSXODU
(QFRQVHFXHQFLDSDUDHODQiOLVLV\UHVROXFLyQGHODVDFFLRQHV\UHFXUVRVLQWHUSXHVWRV
KDVWD HO PRPHQWR GH OD SRVHVLyQ GH ORV 0DJLVWUDGRV HOHJLGRV SRU YRWR SRSXODU
FRUUHVSRQGHUi EDMR HO SULQFLSLR GH XOWUDFWLYLGDG DSOLFDU OD /H\  GH  GH DEULO GH
 ~QLFDPHQWH HQ OR UHIHUHQWH D ORV UHTXLVLWRV GH DGPLVLELOLGDG HQ FX\D YLJHQFLD
IXHURQSODQWHDGDVGLFKDVDFFLRQHVRUHFXUVRV






/D 'LVSRVLFLyQ 7UDQVLWRULD 6HJXQGD GH OD /H\ GHO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO FODUDPHQWH HVWDEOHFH TXH XQD YH] SRVHVLRQDGDV ODV 0DJLVWUDGDV \
0DJLVWUDGRVGHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHQWUDUiQHQYLJHQFLDWRGDVODV
GHPiVQRUPDVGHHVD/H\FRQVLJXLHQWHPHQWHODVGLVSRVLFLRQHVSUHYLVWDVHQHOODGHEHQ
VHUDSOLFDGDVHQORVSURFHGLPLHQWRVGHORVUHFXUVRV\DFFLRQHVTXHFRUUHVSRQGHQUHVROYHU
DO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDODSDUWLUGHOGHHQHURGHFRQIRUPHDVXV
DWULEXFLRQHVFRQWHPSODGDVHQHODUWGHOD&3(


&RQVLJXLHQWHPHQWH VyOR D HIHFWR GH OD DGPLVLyQ R UHFKD]R GH DFFLRQHV GH
LQFRQVWLWXFLRQDOLGDG SODQWHDGDV FRQ DQWHULRULGDG D OD YLJHQFLD GHOD /H\ GHO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDO /H\ VHDSOLFDUiOD/H\GHO7ULEXQDO&RQVWLWXFLRQDO
/H\ \XQDYH]DGPLWLGDV\SDUDVXWUDWDPLHQWRODVQRUPDVSUHYLVWDVHQORVDUWV
\DGHOD/7&3


3RURWURODGRUHVSHFWRDODDILUPDFLyQGHOUHSUHVHQWDQWHGHOSHUVRQHURGHOyUJDQRTXH
JHQHUyODQRUPDLPSXJQDGDHQFXDQWRDTXHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO
KXELHUD LQFXUULGR HQ XQ
HUURU SURFHVDO
 HQ HO $& &$ \D TXH DGPLWLGD OD

W


dW^:d
DFFLyQVHGHELySURFHGHUDGLVWULEXLUODFDXVD\SURQXQFLDUVHQWHQFLDHQHOSOD]RGHWUHLQWD
GtDV VLQ TXH VHD QHFHVDULD OD QRWLILFDFLyQ DO yUJDQR TXH HPLWLy OD QRUPD DFXVDGD GH
LQFRQVWLWXFLRQDOFDEHVHxDODUTXHFRPRVHUHILULyHQHOSiUUDIRSUHFHGHQWHODQRUPD
DSOLFDEOH D OD DFFLyQ SRVWHULRU D VX DGPLVLyQ HV OD /H\ GHO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDOSRUORTXHDOKDEHUVHGLVSXHVWRHQHOSXQWRGHODSDUWHUHVROXWLYDGHO
$XWR&RQVWLWXFLRQDOPHQFLRQDGRSRQHUHQFRQRFLPLHQWRGHOSHUVRQHUROHJDOGHOyUJDQR
TXH JHQHUy OD QRUPD LPSXJQDGD D HIHFWR GH VX DSHUVRQDPLHQWR \ IRUPXODFLyQ GH
DOHJDWRVVHGLRFDEDOFXPSOLPLHQWRDORSUHYLVWRSRUODSDUWHLQILQHGHODUW,9GH
OD/7&3


6LQWHVLVGHODUDWLRGHFLGHQGL

(Q ORV VXSXHVWRV GH LQFRQVWLWXFLRQDOLGDG VREUHYLQLHQWH HO WHVW GH
FRQVWLWXFLRQDOLGDGGHEHVHUHIHFWXDGRGHVGH\FRQIRUPHDOQXHYRRUGHQ
FRQVWLWXFLRQDO \ QR DO TXH VH HQFRQWUDED YLJHQWH DO PRPHQWR GH OD
HPLVLyQGHODQRUPDLPSXJQDGDGHLQFRQVWLWXFLRQDO

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDOHQOD6&GHGHPDU]RFXDQGR
VHDQDOL]DEDODFRQVWLWXFLRQDOLGDGGHXQD/H\GHGHRFWXEUHGH
ILMy FRPR HQWHQGLPLHQWR TXH HQ FDVRV GH LQFRQVWLWXFLRQDOLGDG
VREUHYLQLHQWH HQ HO TXHVH GHEH DQDOL]DUOD FRQVWLWXFLRQDOLGDG GH XQD
QRUPD SURPXOJDGD FRQ DQWHULRULGDG D OD YLJHQFLD GH OD DFWXDO
&RQVWLWXFLyQSDUDHVWDEOHFHUVLHVRQRFRPSDWLEOHFRQpVWDHOMXLFLRGH
FRQVWLWXFLRQDOLGDGGHEHVHUORDODOX]GHOD&RQVWLWXFLyQYLJHQWH
$VXYH]HO7ULEXQDO&RQVWLWXFLRQDOGHOLTXLGDFLyQHQOD6&
GH  GH VHSWLHPEUH UDWLILFy GLFKR HQWHQGLPLHQWR FRQ OD DFWXDO
FRQVWLWXFLyQGHWHUPLQDQGR
HOMXLFLRRWHVWGHFRQVWLWXFLRQDOLGDGGHEH
VHUUHDOL]DGRFRQOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRYLJHQWHDVtVHWUDWH
GHQRUPDVMXUtGLFDVRUHVROXFLRQHVGHFRQWHQLGRQRUPDWLYRGLFWDGDVFRQ
DQWHULRULGDG D VX YLJHQFLD HV GHFLU QDFLGDV D OD YLGD MXUtGLFD EDMR HO
DQWHULRUUpJLPHQFRQVWLWXFLRQDO

/D6&3UHDILUPDGLFKRHQWHQGLPLHQWRHVWDEOHFLHQGRTXHHQ
ORVFDVRVHQORVTXHVHFXHVWLRQDODLQFRQVWLWXFLRQDOLGDGGHXQDQRUPD
VHDHVWDOH\HVWDWXWRDXWRQyPLFRFDUWDRUJiQLFDGHFUHWR\WRGRJpQHUR
GH RUGHQDQ]D \ UHVROXFLyQ QR MXGLFLDO HPLWLGD FRQ DQWHULRULGDG D OD
YLJHQFLD GH OD QXHYD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR HO WHVW GH
FRQVWLWXFLRQDOLGDGGHEHVHUHIHFWXDGRGHVGH\FRQIRUPHDOQXHYRRUGHQ
FRQVWLWXFLRQDO \ QR DO YLJHQWHDO PRPHQWR GHOD HPLVLyQ GH OD QRUPD
LPSXJQDGDGHLQFRQVWLWXFLRQDO

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

3UHFHGHQWH
6&GHGHPDU]R
VH GHEH DFODUDU HQVHJXLGD TXH HO SUHVHQWH VH WUDWD GH XQ FDVR GH
W


dW^:d


LQFRQVWLWXFLRQDOLGDG VREUHYLQLHQWH HQ HO TXH VH GHEH DQDOL]DU OD
FRQVWLWXFLRQDOLGDG GH XQD QRUPD SURPXOJDGD FRQ DQWHULRULGDG D OD
YLJHQFLDGHODDFWXDO&RQVWLWXFLyQSDUDHVWDEOHFHUVLHVRQRFRPSDWLEOH
FRQpVWDSRUORTXHQRHVSRVLEOHHOSODQWHDPLHQWRGHODDXWRULGDGTXH
SURPRYLyHOUHFXUVRGHUHDOL]DUHOMXLFLRGHFRQVWLWXFLRQDOLGDGUHVSHFWR
DOD&RQVWLWXFLyQGHVLQRTXHGHEHVHUORDODOX]GHOD&RQVWLWXFLyQ
YLJHQWH ODVQHJULOODVQRVFRUUHVSRQGHQ 



 7LSRORJtD GH ODV 6HQWHQFLDV &RQVWLWXFLRQDOHV HQ HO
FRQWURO QRUPDWLYR GH FRQVWLWXFLRQDOLGDG6HQWHQFLDV LQWHUSUHWDWLYDV R
DWtSLFDV
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   /DV QRUPDV TXH HVWDEOHFHQ HO SURFHVR \
SURFHGLPLHQWR GH OD FRQVXOWD SUHYLD  VHUiQ FRQVWLWXFLRQDOPHQWH
YiOLGDVHQHOPDUFRGHXQDLQWHUSUHWDFLyQFRQIRUPHDOD&RQVWLWXFLyQ
3ROtWLFD GHO (VWDGR \ HO EORTXH GH FRQVWLWXFLRQDOLGDG HQ WDQWR VHD
FRQFHUWDGRHQREVHUYDQFLDGHODUHODFLyQKRUL]RQWDOHQWUHHO(VWDGR\
ORVSXHEORVLQGtJHQDVGHO7,31,6

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVDWDDFFLyQGHLQFRQVWLWXFLRQDOLGDGSUHVHQWDGDSRU'LSXWDGRVGHOD
$VDPEOHD/HJLVODWLYD3OXULQDFLRQDOVHGHPDQGyODLQFRQVWLWXFLRQDOLGDG
GHORVDUWVLQFD \GHOD/H\GHGHIHEUHURGH
SRUVHUSUHVXQWDPHQWHFRQWUDULRVDORVDUWV,9,,
\,,,SDUiJUDIR,,GHOD&3(\GHOD&RQYHQFLyQ
GH9LHQDVREUHHO'HUHFKRGHORV7UDWDGRVGHGHPD\RGHGHO
&RQYHQLRGHOD2UJDQL]DFLyQ,QWHUQDFLRQDOGHO7UDEDMR 2,7 \
\GHOD'HFODUDFLyQGHODV1DFLRQHV8QLGDVVREUHORV'HUHFKRVGHORV
3XHEORV,QGtJHQDVFRQORVVLJXLHQWHVDUJXPHQWRVD(ODUWGHOD/H\
YLROyGHPDQHUDIODJUDQWHHODUW,,GHOD&3(GHELGRDTXH
ODFRQVXOWDQRWLHQHHOFDUiFWHUGHSUHYLDHQPpULWRDTXHSUHFLVDPHQWH
KXERDFWRVOHJLVODWLYRV\DGPLQLVWUDWLYRVTXHDIHFWDURQHO7,31,6DQWHV
GHUHDOL]DUVHODFRQVXOWDREMHWRGHODPHQFLRQDGD/H\E/RVDUWV
W


dW^:d

D \GHOD/H\YXOQHUDQHOGHUHFKRGHORVSXHEORVLQGtJHQDVDVHU
FRQVXOWDGRVPHGLDQWHVXVSURFHGLPLHQWRV\DWUDYpVGHVXVLQVWLWXFLRQHV
SRUTXH XQLODWHUDOPHQWH HVWDEOHFHQ HO SURFHVR \ SURFHGLPLHQWR GH OD
FRQVXOWD F (O DUW  GH OD /H\  WDPELpQ OHVLRQD HO GHUHFKR D ORV
SXHEORV LQGtJHQDV D VHU FRQVXOWDGRV D WUDYpV GH VXV SURFHGLPLHQWRV H
LQVWLWXFLRQHV DO HVWDEOHFHU OD SDUWLFLSDFLyQ GHO yUJDQR HMHFXWLYR HQ HO
SURFHVRGHFRQVXOWDG(ODUWGHOD/H\OHVLRQDHOGHUHFKRTXH
WLHQHQORVSXHEORVLQGtJHQDVDTXHODFRQVXOWDVHOOHYHDGHODQWHDWUDYpV
GH VXV SURSLDV LQVWLWXFLRQHV SRUTXH SUHYp LQWHUYHQFLyQ GHO UJDQR
(OHFWRUDO3OXULQDFLRQDOH(OSOD]RSUHYLVWRHQHODUWGHOD/H\
GHEHVHUGHILQLGRDSDUWLUGHODSURSLDLQVWLWXFLRQDOLGDGLQGtJHQDGHVXV
QRUPDV VXV XVRV \ FRVWXPEUHV VXV IRUPDV GH RUJDQL]DFLyQ \ VXV
DXWRULGDGHVQDWXUDOHV(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOGHFODUy
/DFRQVWLWXFLRQDOLGDGGHODUWHQFXDQWRDOREMHWRGHFRQVXOWD\GHO
DUWDPERVGHOD/H\/DFRQVWLWXFLRQDOLGDGGHODUWHQFXDQWR
D OD IUDVH
\ HVWDEOHFHU HO FRQWHQLGR GH HVWH SURFHVR \ VXV
SURFHGLPLHQWRV
 \ GH ORV DUWV   LQF D   \  GH OD /H\ 
FRQGLFLRQDGD D VX FRQFHUWDFLyQ  ,PSURFHGHQWH OD DFFLyQ GH
LQFRQVWLWXFLRQDOLGDG DEVWUDFWD  IRUPXODGD UHVSHFWR DO DUW  GH OD /H\
  $Vt PLVPR OD 6&3  D ,QVWy D ORV SXHEORV LQGtJHQD
RULJLQDULRFDPSHVLQRVKDELWDQWHVGHO7,31,6DTXHHQHMHUFLFLRGHVXV
GHUHFKRV\FRQHOREMHWRGHPDWHULDOL]DUORVPLVPRVFRDG\XYHQFRQVX
SDUWLFLSDFLyQDHQWDEODUXQGLiORJRFRQHO(VWDGRDREMHWRGHDVXPLUORV
DFXHUGRVQHFHVDULRVSDUDHIHFWLYL]DUODFRQVXOWDSURSLFLDQGRSDUDHOORDO
LQWHULRUGHVXVFRPXQLGDGHVXQSURFHVRGHFRQFHUWDFLyQHQHOTXHVH
HVWDEOH]FDQ VXV SULRULGDGHV UHVSHFWR DO SURFHVR HQ Vt GH FRQVXOWD ODV
FXDOHVVHYHUiQUHIOHMDGDVDOPRPHQWRGHGHVDUUROODUVHHOGLiORJRHQWUH
SDUWHV E ([KRUWy D OD $VDPEOHD /HJLVODWLYD 3OXULQDFLRQDO D VHU
FRDG\XYDQWHHQODIDFLOLWDFLyQGHODFRQFHUWDFLyQ\HQODFRQILJXUDFLyQ
SRVWHULRU GH ORV DFXHUGRV DVXPLGRV F 'HWHUPLQy TXH HO UJDQR
(MHFXWLYRSURSLFLH\IDFLOLWHHOGLiORJRQHFHVDULRFRQGLFKRVSXHEORVG
'LVSXVRTXHDQWHHOLQFXPSOLPLHQWRGHORVWpUPLQRVGHVDUUROODGRVHQOD
6HQWHQFLD UHIHULGRV DO SURFHVR GH FRQVXOWD VH WHQGUiQ H[SHGLWDV ODV
DFFLRQHVWXWHODUHVSDUDDFWLYDUODMXVWLFLDFRQVWLWXFLRQDOHQGHIHQVDGH
ORV GHUHFKRV IXQGDPHQWDOHV FROHFWLYRV LQKHUHQWHV D ORV SXHEORV
LQGtJHQDV

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
5HVSHFWRDOFRQWHQLGRGHORVDUWtFXORVFLWDGRVVXSUDHVQHFHVDULRHIHFWXDU
XQDLQWHUSUHWDFLyQGHVGH\FRQIRUPHDOD&RQVWLWXFLyQ(QHVHRUGHQHODUW,,GH
OD&3(GHWHUPLQDTXHODFRQVXOWDVHUHDOL]DUiFRQSURFHGLPLHQWRVDSURSLDGRVDWUDYpV
GHODVLQVWLWXFLRQHVGHORVSXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRVFRQVXOWDTXHGHEH
UHDOL]DUVHGHEXHQDIH\GHIRUPDFRQFHUWDGDHQHOPLVPRVHQWLGRHODUWLQFD GHO
&RQYHQLRGHOD2,7GHWHUPLQDTXHORVJRELHUQRVGHEHUiQFRQVXOWDUDORVSXHEORV
LQWHUHVDGRV PHGLDQWH SURFHGLPLHQWRV DSURSLDGRV \ HQ SDUWLFXODU D WUDYpV GH VXV
LQVWLWXFLRQHV UHSUHVHQWDWLYDV FDGD YH] TXH SUHYHDQ PHGLGDV OHJLVODWLYDV R
DGPLQLVWUDWLYDVVXVFHSWLEOHVGHDIHFWDUOHVGLUHFWDPHQWH

W


dW^:d



&RQIRUPHDHOORHVHYLGHQWHHLQQHJDEOHTXHODFRQVXOWDFRQFHELGDFRPRXQDIRUPDGH
UHODFLyQHQWUHHO(VWDGR\ORVSXHEORVLQGtJHQDVUHVSRQGHDOUHVSHWR\UHFRQRFLPLHQWR
GHH[LVWHQFLDGHXQDVRFLHGDGSOXUDODKRUDELHQHOHMHUFLFLRGHODFRQVXOWDFRPRGHUHFKR
GH ORV SXHEORV LQGtJHQDV FRQOOHYD D TXH VX UHDOL]DFLyQ VH HIHFW~H HQ HO PDUFR GHO
FRQVHQVR\GHORVSURFHGLPLHQWRVTXHHORORVPLVPRVSXHEORVFRQVXOWDGRVGHWHUPLQHQ
HQEDVHVLHPSUHDVXFRVPRYLVLyQFRVWXPEUHV\IRUPDGHYLGDHOORFRQOOHYDDVXYH]
TXHODFRQVXOWDFRQVWLWX\DXQDFRQVWUXFFLyQGHDFXHUGRVHQORVTXHVLELHQHO(VWDGR
LQWHUYLHQH HPSHUR GHEH KDFHUOR UHVSHWDQGR \ UHFRJLHQGR ORV SURFHGLPLHQWRV
HVWDEOHFLGRVSRUORVSXHEORVDWUDYpVGHVXVLQVWLWXFLRQHVUHSUHVHQWDWLYDVDFWXDFLyQTXH
DGHPiVWDQWRHVWDWDOFRPRLQGtJHQDRULJLQDULRFDPSHVLQDGHEHHIHFWXDUVHHQHOPDUFR
GHODEXHQDIH

$O UHVSHFWR HV SUHFLVR VRVWHQHU TXH OD UHODFLyQ GHO (VWDGR FRQ ODV FRPXQLGDGHV
LQGtJHQDV GHEH GDUVH HQ XQ SODQR GH LJXDOGDG HV GHFLU TXH OD UHODFLyQ GHEH VHU
KRUL]RQWDO HQWUH LJXDOHV QR YHUWLFDO HQ OD TXH XQD SDUWH RUGHQH \ GLVSRQJD
XQLODWHUDOPHQWHTXpVHYDDFRQVXOWDUDTXLpQHVVHYDDFRQVXOWDU\FyPRVHYDDUHDOL]DU
OD FRQVXOWD GHQWUR GH HVWH RUGHQ GH LGHDV WHQHPRV TXH OD SUHPLVD FHQWUDO TXH HV OD
FRQFHUWDFLyQHVGHFLUXQSURFHVRGHDFXHUGRVTXHSHUPLWDQYLDELOL]DUODFRQVXOWDHQHO
SODQRGHOUHVSHWRPXWXR\GHOUHVSHWRSRUSDUWHGHO(VWDGRDODVLQVWLWXFLRQHVLQGtJHQDV
TXH GHEHQ SDUWLFLSDU DFWLYDPHQWH HQ HO SURFHVR SUHYLR GH OD FRQVXOWD FRPR HQ VX
LPSOHPHQWDFLyQ GHEH UHFDOFDUVH HQWRQFHV TXH HO SURFHVR VXV HOHPHQWRV ORV
SURFHGLPLHQWRVSOD]RV\FURQRJUDPDHVWDEOHFLGRVHQORVDUWVHQVXVHJXQGDSDUWH
LQFD \GHOD/H\VRQ\GHEHQVHUFRQFHUWDGRVFRQODVQDFLRQHVLQGtJHQDVHQHO
SODQRGHODLJXDOGDGHQODTXHQRSUHYDOH]FDQLXQRQLRWURHVGHFLUTXHGHEHSULPDUOD
KRUL]RQWDOLGDG GH DFWXDFLRQHV FRPR GH  GHUHFKRV \ REOLJDFLRQHV SDUD DPEDV SDUWHV
LQWHUYLQLHQWHV HQ OD FRQVXOWD HQWLpQGDVH (VWDGR \ SXHEORV LQGtJHQD RULJLQDULR
FDPSHVLQRVDVHUFRQVXOWDGRV XQDLQWHUSUHWDFLyQHLPSOHPHQWDFLyQGLIHUHQWHJHQHUDUtD
XQDYXOQHUDFLyQGHORVGHUHFKRVGHORVSXHEORVLQGtJHQDVRHQVXFDVRODLQYLDELOLGDG
GH OD FRQVXOWD DO QR H[LVWLU FRQGLFLRQHV SDUD TXH HO (VWDGR HMHU]D VX URO
FRQVWLWXFLRQDOPHQWHSUHYLVWR

'HOUD]RQDPLHQWRSUHFHGHQWHVHFRQFOX\HTXHODVQRUPDVREMHWRGHOSUHVHQWHWHVWGH
FRQVWLWXFLRQDOLGDG WLHQHQ TXH VHU LQWHUSUHWDGDV GHVGH \ FRQIRUPH D OD &RQVWLWXFLyQ
3ROtWLFDGHO(VWDGR\ODVQRUPDVGH&RQYHQLRV,QWHUQDFLRQDOHVHQPDWHULDGHGHUHFKRV
KXPDQRVSRUORTXHVHGHEHWRPDUHQFXHQWDTXHODLPSOHPHQWDFLyQGHODVQRUPDVHQ
DQiOLVLV HQ HO SUHVHQWH DFiSLWH YLHQHQ FRQGLFLRQDGDV D OD QHFHVDULD SDUWLFLSDFLyQ \
FRQFHUWDFLyQSUHYLD\FRQMXQWDHQWUHHO(VWDGR\ORVSXHEORVLQGtJHQDVRULJLQDULRVHQOD
GHWHUPLQDFLyQ GHO SURFHVR HQ Vt QR FRUUHVSRQGLHQGR TXH OD GHFLVLyQ VHD WRPDGD
XQLODWHUDOPHQWH SRU SDUWH GHO (VWDGR DVt FRPR WDPSRFR TXH ORV SXHEORV LQGtJHQDV
SUHWHQGDQDVXPLUODFRQVXOWDVLQSDUWLFLSDFLyQDOJXQDGHO(VWDGRSRUORWDQWRORVDUWV
HQ VX VHJXQGD SDUWH   LQF D  \  VRQ FRQVWLWXFLRQDOHV VLHPSUH \ FXDQGR VX
LPSOHPHQWDFLyQVHDGHDFXHUGRDOPDUFRMXUtGLFRFRQVWLWXFLRQDO\VHGHVDUUROOHHQEDVH
DORVSULQFLSLRVGHLJXDOGDGGHEXHQDIHFRQFHUWDFLyQWUDQVSDUHQFLD\IOH[LELOLGDGTXH
GHEHSULPDUHQODUHODFLyQKRUL]RQWDOHQWUHHO(VWDGR\ODVQDFLRQHV\SXHEORVLQGtJHQDV
RULJLQDULRVFDPSHVLQRV

(Q HVWH SXQWR GHO DQiOLVLV HV LPSRUWDQWH UHFDOFDU HO WUDVFHQGHQWDO URO TXH HMHUFH OD
$VDPEOHD/HJLVODWLYD3OXULQDFLRQDOWRGDYH]TXHVHFRQVWLWX\HHQODYR]GHOSXHEORDO
HVWDULQWHJUDGDSRUVXVUHSUHVHQWDQWHVGHPRFUiWLFDPHQWHHOHJLGRVORTXHLPSOLFDTXH
WRGRVORVEROLYLDQRVHVWiQUHSUHVHQWDGRVSRUORV$VDPEOHLVWDVQDFLRQDOHVORTXHLQFOX\H
OD UHSUHVHQWDFLyQ HVSHFLDO GH SXHEORV LQGtJHQD RULJLQDULR FDPSHVLQRV D WUDYpV GH VXV
$VDPEOHtVWDV HOHJLGRV SRU HOORV PLVPRV $KRUD ELHQ FRPR VH HVWDEOHFLy
SUHFHGHQWHPHQWHOD/H\GHFRQVXOWDHVWiFRQGLFLRQDGDDODFRQFHUWDFLyQFRQORV
SXHEORV LQGtJHQDRULJLQDULR FDPSHVLQRV OR TXH D VX YH] FRQOOHYD D TXH OD $VDPEOHD
/HJLVODWLYD3OXULQDFLRQDOFXPSODVXURO\VHFRQYLHUWDQRVyORHQODLQVWDQFLDTXHSODVPH

W


dW^:d
ORV DFXHUGRV DVXPLGRV VLQR HQ FRDG\XYDQWH HQ HO GLiORJR HQWUH (VWDGR \ SXHEORV
LQGtJHQDRULJLQDULRFDPSHVLQRVYLDELOL]iQGRVHGHHVDIRUPDODFRQFHUWDFLyQ
(VHQHVHRUGHQODFRQVXOWDQRWLHQHyELFHDOJXQRSDUDUHDOL]DUVHVLHPSUH\FXDQGRVH
FXPSODQ FRQ ODV FRQGLFLRQHV GH SDUWLFLSDFLyQ SOHQD GH ORV SXHEORV LQGtJHQDV HQ OD
HODERUDFLyQGHORVWHPDVDFRQVXOWDUVH\DTXHODFRQFHUWDFLyQSDUWLFLSDFLyQHQLJXDOGDG
GHFRQGLFLRQHVHVHOHOHPHQWRWUDVFHQGHQWDOGHQWURGHODUHDOL]DFLyQGHODFRQVXOWDSRU
ORTXHODHODERUDFLyQGHOSURWRFRORUHVSHFWRDHVWRVWHPDVGHILQLUiQODSDUWLFLSDFLyQGH
ODVQDFLRQHV\SXHEORVLQGtJHQDVRULJLQDULRV\DTXHpVWRVQRSXHGHQTXHGDUUHOHJDGRV
HQODHODERUDFLyQGHORVWHPDVDUHVROYHUVHGHQWURGHOSURFHVRGHODFRQVXOWDDOVHUHVWH
XQGHUHFKRIXQGDPHQWDOLQKHUHQWHSUHFLVDPHQWHDHOORVVXIRUPDGHYLGD\VXWHUULWRULR

'HQWUR GH HVH PDUFR HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO GHWHUPLQD XQD
FRQVWLWXFLRQDOLGDGFRQGLFLRQDGDUHVSHFWRDORVDUWVHQVXVHJXQGDSDUWHLQFD \
GHOD/H\HVGHFLUODFRQVXOWDHVFRQVWLWXFLRQDO\HVWiFRQGLFLRQDGDDTXHVHD
FRQFHUWDGD HQ REVHUYDQFLD GH OD UHODFLyQ KRUL]RQWDO HQWUH HO (VWDGR \ ORV SXHEORV
LQGtJHQDVGHO7,31,6(IHFWLYL]DGDGHHVDIRUPDWDOHVDUWtFXORVVRQFRQVWLWXFLRQDOHV
H[KRUWDQGR D ORV UJDQRV /HJLVODWLYR \ (MHFXWLYR D HODERUDU XQ SURWRFROR HQ IRUPD
FRQMXQWD \ DFRUGDGD FRQ ORV SXHEORV LQGtJHQDV FRQ SOHQD SDUWLFLSDFLyQ GH VXV
LQVWLWXFLRQHV



6LQWHVLVGHODUDWLRGHFLGHQGL

&RQVWLWXFLRQDOLGDG FRQGLFLRQDGD GH ODV QRUPDV TXH HVWDEOHFHQ HO
SURFHVR\SURFHGLPLHQWRGHODFRQVXOWDSUHYLD VHJXQGDSDUWHGHODUW
DUWV   LQF D  \  GH OD /H\   HQ WDQWR VHD FRQFHUWDGD HQ
REVHUYDQFLD GH OD UHODFLyQ KRUL]RQWDO HQWUH HO (VWDGR \ ORV SXHEORV
LQGtJHQDVGHO7,31,6

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

3UHFHGHQWHIXQGDQWH6&3

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,
OD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRKDFHKLQFDSLpHQTXHOD
FRQVXOWDDGHPiVGHVHUSUHYLDREOLJDWRULDOLEUHHLQIRUPDGD\GHEXHQD
IH GHED VHU FRQFHUWDGD SXHV SUHFLVDPHQWH ORV SURFHGLPLHQWRV ORV
VXMHWRVTXHLQWHUYHQGUiQ\HOFRQWHQLGRPLVPRGHODFRQVXOWDGHEHQVHU
SDFWDGRVFRQFDUiFWHUSUHYLRHQWUHHO(VWDGR\ORVSXHEORVLQGtJHQDV


9RWR'LVLGHQWH

9RWR GLVLGHQWH  /D 6&  WLHQH HO YRWR GLVLGHQWH GHO 'U
*XDOEHUWR&XVLTXLHQVRVWLHQHTXHGHELyGHFODUDUVHLQFRQVWLWXFLRQDOOD
IUDVH
\HVWDEOHFHUHOFRQWHQLGRGHHVWHSURFHVR\VXVSURFHGLPLHQWR
GHO
DUWGHOD/H\GHELGRDTXHQRVHREVHUYDURQORVSURFHGLPLHQWRV
\SULQFLSLRVTXHKDFHQDODFRQVXOWDSUHYLDHODUWGHOD/H\GHELy
KDEHUVLGRGHFODUDGRFRQVWLWXFLRQDO
VLHQGRTXHODFRQVXOWDDORVSXHEORV
RULJLQDULRV GHEH VHU FRQVHQVXDGR FXPSOLHQGR VXV SURSLRV
W


dW^:d


SURFHGLPLHQWRVTXHWDPELpQGHEHVXUJLUGHXQFRQVHQVR
HODUWGHELy
VHU GHFODUDGR LQFRQVWLWXFLRQDO SRU FXDQWR HVWDEOHFH OD ILQDOLGDG GH OD
FRQVXOWDTXHHVWiVLHQGRGHILQLGDXQLODWHUDO\GLUHFWDPHQWHSRUHO(VWDGR
VLQQLQJXQDSDUWLFLSDFLyQ\PHQRVFRQFHUWDFLyQHQWUHpVWH\ORVSXHEORV
LQGtJHQDV DIHFWDGRV HO DUW  WDPELpQ GHELy VHU GHFODUDGR
LQFRQVWLWXFLRQDO SRUTXH OD GHILQLFLyQ GH ODV HWDSDV GHO SURFHVR GH
FRQVXOWDGHELyVHUIUXWRGHODFRQFHUWDFLyQFRQORVSXHEORVLQGtJHQDV



1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3$QWHHOYDFtRQRUPDWLYRSRUODLQH[LVWHQFLDGHPHGLRV
GHLPSXJQDFLyQGHODGHWHUPLQDFLyQTXHUHVXHOYHODUHLQFRUSRUDFLyQ
GHOWUDEDMDGRUVHGLVSRQHODDSOLFDFLyQGHODVYtDVUHFXUVLYDVSUHYLVWDV
SRUORVDUWVDGHOD/H\GHSURFHGLPLHQWRDGPLQLVWUDWLYRKDVWD
TXHHOUJDQR/HJLVODWLYRGLFWHODVQRUPDVHVSHFtILFDVTXHUHTXLHUHOD
SRWHVWDGDGPLQLVWUDWLYDGHUHVROYHUFRQIOLFWRVODERUDOHV

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHLQFRQVWLWXFLRQDOLGDGFRQFUHWDSURPRYLGDSRUHO-HIH
'HSDUWDPHQWDOGH7UDEDMRGH2UXURDLQVWDQFLDGHORVUHSUHVHQWDQWHVGH
OD(PSUHVD0LQHUD,QWL5D\PLGHQWURGHOSURFHGLPLHQWRDGPLQLVWUDWLYR
GH UHLQFRUSRUDFLyQ LQLFLDGR SRU GRV WUDEDMDGRUHV GH OD HPSUHVD VH
FXHVWLRQyODFRQVWLWXFLRQDOLGDGGHOSDUiJUDIR,,GHODUWtFXOR~QLFRGHO'6
GHGHPD\RGHODLQFOXVLyQGHOSDUiJUDIR,9GHODUWGHO
'6GHGHPD\RGH\HOSDUiJUDIR,;GHODUWGHOD50
 GH  GH RFWXEUH SRU LQIULQJLU ODV QRUPDV GH ORV DUWV ,,,
,,,\GHOD&3(FRQHODUJXPHQWRTXHODVQRUPDV
LPSXJQDGDV GLVSRQHQ TXH OD FRQPLQDWRULD HPLWLGD SRU OD MHIDWXUD
ODERUDO HPHUJHQWH GH OD VROLFLWXG HIHFWXDGD SRU HO WUDEDMDGRU SDUD OD
UHLQFRUSRUDFLyQDVXIXHQWHODERUDOHVREOLJDWRULDVLQPiVSRVLELOLGDGHV
TXHODLPSXJQDFLyQMXGLFLDOVLQTXHpVWDDGHPiVVXVSHQGDODHMHFXFLyQ
GHODUHLQFRUSRUDFLyQORTXHOHVLRQDHOGHELGRSURFHVRDGHPiVGHGDUVH
SUHIHUHQFLDDQRUPDVUHJODPHQWDULDV\QRDVtDOD/H\GH3URFHGLPLHQWR
$GPLQLVWUDWLYR \ GH QR H[LVWLU XQ PHGLR GH LPSXJQDFLyQ HQ OD YtD
DGPLQLVWUDWLYD GHO DFWR DGPLQLVWUDWLYR FRQPLQDWRULR D OD
W


dW^:d

UHLQFRUSRUDFLyQ (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO GHFODUy


LQFRQVWLWXFLRQDOODSDODEUD
~QLFDPHQWH
GHOSDUiJUDIR,9GHODUWGHO
'6GHGHPD\RGHLQFRUSRUDGRSRUHO'6GHGH
PD\RGH\GHOD50GHGHRFWXEUHGH

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
)LQDOPHQWHVLHQGRHYLGHQWHTXHXQDGHODVFRQVHFXHQFLDVGH
ODSUHVHQWH6HQWHQFLDHVPDWHULDOL]DUHOGHUHFKRDOGHELGRSURFHVRHQVX
HOHPHQWR GHO GHUHFKR DODVHJXQGD LQVWDQFLD HV QHFHVDULR H[SORUDU OD
VLWXDFLyQSURYRFDGDDHVHHIHFWRVHYHULILFDTXHVLELHQODH[SXOVLyQGHO
WpUPLQR
~QLFDPHQWH
GHODVQRUPDVFXHVWLRQDGDVLPSLGHODYXOQHUDFLyQ
GHOGHUHFKRDODVHJXQGDLQVWDQFLDHVWDPELpQFLHUWRTXHHVDVRODDFFLyQ
QR PDWHULDOL]D HO GHUHFKR D OD LPSXJQDFLyQ GH TXLHQHV DFFHGDQ DO
SURFHGLPLHQWRDGPLQLVWUDWLYRGHUHLQFRUSRUDFLyQSXHVWRTXHQRH[LVWH
QRUPDVTXHORUHJXOHQGHIRUPDH[SUHVDFRPRVHUHTXLHUHFRQIRUPHD
OR H[SOLFDGR HQ HO )XQGDPHQWR -XUtGLFR ,,, GH HVWD 6HQWHQFLD
H[LVWLHQGRHQFRQVHFXHQFLDXQYDFtRQRUPDWLYR

+DELpQGRVH LGHQWLILFDGR OD QHFHVLGDG GH UHJXODU HO SURFHGLPLHQWR GH
LPSXJQDFLyQ DGPLQLVWUDWLYD GH OD FRQPLQDWRULD GH UHLQFRUSRUDFLyQ
HPLWLGD SRU ODV DXWRULGDGHV GHO 0LQLVWHULR GH 7UDEDMR (PSOHR \
3UHYLVLyQ 6RFLDO SXHVWR TXH VX DXVHQFLD JHQHUD XQD VLWXDFLyQ
LQFRQVWLWXFLRQDO HV QHFHVDULR TXH GH IRUPD SUHYLVRUD VH DFXGD D ODV
QRUPDVJHQHUDOHVTXHSRGUtDQVHUDSOLFDEOHVFRPRVRQODVGHOD/H\GH
3URFHGLPLHQWR $GPLQLVWUDWLYR PLVPDV TXH GHEHQ VHU DSOLFDGDV
PLHQWUDVHOUJDQR/HJLVODWLYRHPLWDODVHVSHFLILFDV

/RDQWHULRUQRLPSOLFDGHVFRQRFHUODH[SUHVDH[FOXVLyQTXHKDFHOD/H\
GH3URFHGLPLHQWR$GPLQLVWUDWLYRGHSURFHVRVFRPRHOODERUDOUHDOL]DGR
DQWHDXWRULGDGHVDGPLQLVWUDWLYDVVLQRPiVELHQDSOLFDUODSUHYDOHQFLDGH
ORV GHUHFKRV FRQVWLWXFLRQDOHV SRU VREUH OLPLWDFLRQHV OHJDOHV R
UHJODPHQWDULDV OHVLYDV GH VX YLYLILFDFLyQ (Q FRQVHFXHQFLD HV SRU OD
PDWHULDOL]DFLyQ GHO GHUHFKR D OD VHJXQGD LQVWDQFLD \ VX VXSHULRULGDG
LQPDQHQWHHQUHODFLyQDFXDOTXLHURWUDFRQVLGHUDFLyQGHWLSROHJDOTXH
VHGLVSRQHODDSOLFDFLyQGHODVYtDVUHFXUVLYDVSUHYLVWDVSRUORVDUWV
D  GH OD /3$ KDVWD TXH HO UJDQR /HJLVODWLYR GLFWH ODV QRUPDV
HVSHFtILFDVTXHUHTXLHUHODSRWHVWDGDGPLQLVWUDWLYDGHUHVROYHUFRQIOLFWRV
ODERUDOHV


6LQWHVLVGHODUDWLRGHFLGHQGL

'HFODUDODLQFRQVWLWXFLRQDOLGDGGHODSDODEUD~QLFDPHQWHGHOSDUiJUDIR
,9GHODUWGHO'6GHGHPD\RGHLQFRUSRUDGRSRUHO
'6GHGHPD\RGH\GHOD50GHGHRFWXEUHGH
 SRUTXH GLFKD QRUPD QR SHUPLWH OD LPSXJQDFLyQ HQ OD YtD
W


dW^:d


DGPLQLVWUDWLYDGHODFRQPLQDWRULDGHUHLQFRUSRUDFLyQGLVSRQLpQGRVHOD
DSOLFDFLyQGHODVQRUPDVVREUHODVYtDVUHFXUVLYDVSUHYLVWDVHQOD/H\GH
3URFHGLPLHQWR $GPLQLVWUDWLYR PLHQWUDV HO UJDQR /HJLVODWLYR HPLWD
QRUPDVHVSHFLILFDV

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,
SRUODPDWHULDOL]DFLyQGHOGHUHFKRDODVHJXQGDLQVWDQFLD\
VXVXSHULRULGDGLQPDQHQWHHQUHODFLyQDFXDOTXLHURWUDFRQVLGHUDFLyQGH
WLSROHJDOTXHVHGLVSRQHODDSOLFDFLyQGHODVYtDVUHFXUVLYDVSUHYLVWDV
SRUORVDUWVDGHOD/3$KDVWDTXHHOUJDQR/HJLVODWLYRGLFWHODV
QRUPDVHVSHFtILFDVTXHUHTXLHUHODSRWHVWDGDGPLQLVWUDWLYDGHUHVROYHU
FRQIOLFWRVODERUDOHV




6HQWHQFLDVLQWHUSUHWDWLYDVRDWtSLFDV'LPHQVLRQDPLHQWR
GHQRUPDVGHFODUDGDVLQFRQVWLWXFLRQDOHVHQODIRUPD
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3$HIHFWRVTXHODGHFODUDWRULDGHLQFRQVWLWXFLRQDOLGDG
SRU OD IRUPD GH XQD GHWHUPLQDGD QRUPD MXUtGLFD QR UHVWULQMD
GHUHFKRVHVSRVLEOHGLVSRQHUODVXEVLVWHQFLDWHPSRUDOGHODVQRUPDV
VRPHWLGDVDFRQWUROGHFRQVWLWXFLRQDOLGDG

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QXQUHFXUVRGLUHFWRRDEVWUDFWRGHLQFRQVWLWXFLRQDOLGDGKR\DFFLyQGH
LQFRQVWLWXFLRQDOLGDGDEVWUDFWDLQWHUSXHVWDSRUXQ6HQDGRU\'LSXWDGD
1DFLRQDO UHVSHFWLYDPHQWH VH GHPDQGy OD LQFRQVWLWXFLRQDOLGDG GHO
'HFUHWR6XSUHPR '6 GHGHDEULOGHHVSHFtILFDPHQWHGH
ORVQXHYHSiUUDIRVGHODSDUWHFRQVLGHUDWLYD SUHiPEXOR ORVDUWVDO
~QLFDGLVSRVLFLyQWUDQVLWRULDODVGRV'LVSRVLFLRQHV$GLFLRQDOHV\ODV
'LVSRVLFLRQHV $EURJDWRULDV \ 'HURJDWRULDV SRU FRQVLGHUDU TXH VRQ
FRQWUDULRVDORVDUWV,,QXPHUDOHV\,,
,,,\,\,,GHOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR &3( 

W


dW^:d

(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOUHVROYLy

'HFODUDUOD,1&2167,78&,21$/,'$'SRUODIRUPDGHO'6
GHGHDEULOGH\SRUFRQH[LWXGOD,1&2167,78&,21$/,'$'
SRUODIRUPDGHO'/GHGHMXOLRGH

(QSURWHFFLyQGHORVGHUHFKRVGHORVDERJDGRVPDWULFXODGRVHQORV
&ROHJLRVGH$ERJDGRV\ORVUHJLVWUDGRVHQHO0LQLVWHULRGH-XVWLFLD\HQ
UD]yQDTXHHOHMHUFLFLRGHODSURIHVLyQGHEHHVWDUUHJXODGRHQIXQFLyQ
GHOLQWHUpVVRFLDOVH',6321(ODYLJHQFLDWHPSRUDOGHXQDxRGHO'6
GHGHDEULOGH\WDPELpQODYLJHQFLDWHPSRUDOGHXQDxR
GHO'/GHGHMXOLRGH

$REMHWRGHPDWHULDOL]DUODGLVSRVLFLyQSUHFHGHQWH\FRQIRUPHDORV
IXQGDPHQWRVH[SUHVDGRVHQHOSUHVHQWHIDOORHVWH7ULEXQDOGLVSRQHDVX
YH]D 'HMDUVLQHIHFWROD'LVSRVLFLyQ$EURJDWRULDGHO'6UHIHULGD
DODDEURJDWRULDGHO'HFUHWR/H\1GHGHMXOLRGHORV
DUWV\QXPHUDO GHO'/DVtFRPRHODUWGHO'6HQ
ODIUDVH
HO~QLFRUHTXLVLWRH[LJLGR
\E $PSOLDUHOSOD]RHVWDEOHFLGRHQ
HODUW,GHO'6KDVWDODSURPXOJDFLyQGHOD/H\FRUUHVSRQGLHQWH

 &RUUHVSRQGH D OD $VDPEOHD /HJLVODWLYD 3OXULQDFLRQDO TXH HQ
HMHUFLFLR GH VXV IDFXOWDGHV \ FXPSOLPLHQWR GH VXV REOLJDFLRQHV HQ HO
SOD]RGHXQDxRHPLWDODQRUPDWLYDOHJDOTXHULMDHOHMHUFLFLRSURIHVLRQDO
GHODDERJDFtDEDMRFRQPLQDWRULDGHTXHYHQFLGRGLFKRSOD]RHO'6
\ HO '/  TXHGDUiQ H[SXOVDGRV GHO RUGHQDPLHQWR MXUtGLFR
EROLYLDQR

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,'HFODUDGDODLQFRQVWLWXFLRQDOLGDGSRUODIRUPDGHO'/\GHO'6
GHEHPRVWRPDUHQFXHQWDTXHHQXQPDUFRGHUHVSRQVDELOLGDGLQKHUHQWHDODMXULVGLFFLyQ
FRQVWLWXFLRQDOTXHFRQVLVWHHQSURWHJHUORVGHUHFKRVIXQGDPHQWDOHV\DVHJXUDUODSD]
VRFLDO \ D HIHFWRV GH UHVJXDUGDU HO SULQFLSLR GH VHJXULGDG MXUtGLFD GH ORV DFWRV \
UHODFLRQHVGHORVFLXGDGDQRVHVQHFHVDULRHODGYHUWLUTXHODH[SXOVLyQGHORUGHQDPLHQWR
MXUtGLFRGHDPEDVQRUPDVMXUtGLFDVFRQOOHYDUtDDRFDVLRQDUXQLQHYLWDEOHYDFtRMXUtGLFR
\SRUHQGHSHUMXLFLRVGLItFLOHVGHGLPHQVLRQDUHQODVUHODFLRQHV\DFWRVMXUtGLFRVGHODV
SHUVRQDVLQGLYLGXDOHVDERJDGRV\DTXLHQHVSUHVWDQVXVVHUYLFLRV\SHUVRQDVMXUtGLFDV
&ROHJLRVGH$ERJDGRVSRUQRWHQHUSUHFLVDPHQWHXQPDUFRQRUPDWLYRUHJXODWRULRTXH
GHILQDODVUHODFLRQHVHPHUJHQWHVGHOHMHUFLFLRSURIHVLRQDOGHODERJDGRDQWHHVWHHIHFWR
SUHYLVLEOH OD MXULVGLFFLyQ FRQVWLWXFLRQDO HVWi REOLJDGD D TXH HO DFFHVR D ORV GHUHFKRV
IXQGDPHQWDOHVXQDFFHVRPDWHULDOWDQJLEOH\QRVRODPHQWHIRUPDOQRVHYHDUHVWULQJLGR
R FRPSOHWDPHQWH OLPLWDGR SRU XQD GHFODUDWRULD GH LQFRQVWLWXFLRQDOLGDG GH XQD
GHWHUPLQDGD QRUPD MXUtGLFD \D TXH VX SULQFLSDO GHEHU HV SUHFLVDPHQWH YHODU SRU OD
PDWHULDOL]DFLyQ GH ORV GHUHFKRV \ JDUDQWtDV FRQVWLWXFLRQDOHV HV SRU HVWH PRWLYR TXH
UHVXOWDSHUWLQHQWH\QHFHVDULRSHVHDODFRPSUREDGDLQFRQVWLWXFLRQDOLGDGIRUPDOGHO'6
 \ GHO '/  GLVSRQHU OD VXEVLVWHQFLD WHPSRUDO GH DPEDV QRUPDV HV GHFLU
GLIHULU ORV HIHFWRV GH OD GHFODUDWRULD GH LQFRQVWLWXFLRQDOLGDG SRU HO SOD]R GH XQ DxR
SHULRGRGH WLHPSR HQ HOTXHREOLJDWRULDPHQWH OD $VDPEOHD /HJLVODWLYD 3OXULQDFLRQDO
PHGLDQWHHOSURFHGLPLHQWRFRUUHVSRQGLHQWHGHEHHPLWLUXQDOH\TXHUHJXOHHOHMHUFLFLR

W


dW^:d


SURIHVLRQDOGHORVDERJDGRV\HOIXQFLRQDPLHQWRGHVXVUHVSHFWLYRV&ROHJLRV\DTXHGH
QRKDFHUORDPEDVQRUPDVTXHGDUiQH[SXOVDGDVGHORUGHQDPLHQWRMXUtGLFR



'HQWUR GH HVWH RUGHQ GH LGHDV WHQHPRV TXH HO 7ULEXQDO
FRQVWLWXFLRQDOHQVXDWULEXFLyQGHLQWHUSUHWDUOD&3(WLHQHFRPRWDUHDHOGHSUHYHUORV
SRVLEOHVHIHFWRVGHVXVVHQWHQFLDV\UHVROXFLRQHVDVtORGHWHUPLQyOD6&TXH
WH[WXDOPHQWHHVWDEOHFLyORTXHVLJXH




VHJ~Q OD GRFWULQD FRQVWLWXFLRQDO H[LVWHQ GLYHUVDV IRUPDV GH


LQWHUSUHWDFLyQ FRPR ODSUHYLVRUD OD TXH DO VHU UHDOL]DGD UHTXLHUHTXH HO FRQWUDORUGH
FRQVWLWXFLRQDOLGDGFRPRPi[LPRLQWpUSUHWHGHOD&RQVWLWXFLyQDGRSWHSUHYLVLRQHVVREUH
ORVHIHFWRV\FRQVHFXHQFLDVGHODVGHFLVLRQHVDVXPLGDVDSDUWLUGHODLQWHUSUHWDFLyQ  
HQ HO FDVR GH DXWRV FRUUHVSRQGH D HVWH 7ULEXQDO DGRSWDU HVWH WLSR GH LQWHUSUHWDFLyQ
SDUWLHQGR GHOD FRQVWDWDFLyQ GHGRVKHFKRV HOSULPHUR TXH ODVGLVSRVLFLRQHV OHJDOHV
LPSXJQDGDVHQVXFRQWHQLGRQRVRQLQFRPSDWLEOHVFRQODVQRUPDVGHOD&RQVWLWXFLyQ\
HOVHJXQGRTXHHQFXDQWRDVXRULJHQVLORVRQ

HQHOPDUFRVHxDODGRDQWHULRUPHQWHHVGHEHUGHHVWH7ULEXQDOSUHYHUODVFRQVHFXHQFLDV
TXH SRGUtDQ JHQHUDUVH D SDUWLU GH VX GHFLVLyQ SXHV VL SRU XQD SDUWH GHFODUD OD
FRQVWLWXFLRQDOLGDG GH ODV GLVSRVLFLRQHV OHJDOHV LPSXJQDGDV HVWXYLHVH FRQYDOLGDQGR
DFWRVLQFRQVWLWXFLRQDOHVSHURSRURWURVLGHFODUDODLQFRQVWLWXFLRQDOLGDGFRQXQHIHFWR
LQPHGLDWR TXH VLJQLILTXH OD H[SXOVLyQ GHO RUGHQDPLHQWR MXUtGLFR GH ODV GLVSRVLFLRQHV
OHJDOHVLPSXJQDGDVHVWDUtDJHQHUDQGRXQSHOLJURVRYDFtRMXUtGLFRFX\RHIHFWRVHUtDPiV
QHJDWLYR TXH HO DQWHULRU   (Q FRQVHFXHQFLD FXDOTXLHUD GH ODV GRV GHFLVLRQHV DQWHV
UHIHULGDV FRQGXFLUtDQ D UHVXOWDGRV LQDFHSWDEOHV \ GH PDQHUD TXH HV QHFHVDULR TXH HO
7ULEXQDO&RQVWLWXFLRQDOGLFWHXQDVHQWHQFLDPRGXODQGRVXVHIHFWRVTXHHYLWHQSHUMXLFLRV
GHVSURSRUFLRQDGRVDORVEROLYLDQRVHQHORUGHQMXUtGLFRHVGHFLUHYLWHODJHQHUDFLyQGH
XQDLQVHJXULGDGMXUtGLFDDQXODQGRGLVSRVLFLRQHVOHJDOHVVREUHFX\DEDVHIXQGDPHQWR\
DPSDURVHYLHQHQYHQWLODQGRSURFHVRVMXGLFLDOHVDGPLQLVWUDWLYRVDJUDULRVSHWLFLRQHV
FRQWUDWRV\RWURVDFWRVMXUtGLFRV




$KRUD WHQLHQGR HQ FXHQWD HO UD]RQDPLHQWR H[SUHVDGR
SUHFHGHQWHPHQWHHVQHFHVDULRGLPHQVLRQDUORVHIHFWRVGHOSUHVHQWHIDOORVLQTXHHOOR
LPSOLTXHXQDQiOLVLVGHIRQGRGHODUHIHULGDQRUPDWLYD



$Vt UHVSHFWR DO DUW  GHO '6 \ HO DUW  QXPHUDO   GHO '/
VHWLHQHTXHHODUWGHO'6HVWDEOHFHTXHHOUHJLVWURHQHO0LQLVWHULRGH
-XVWLFLDHVHO~QLFRUHTXLVLWRSDUDKDELOLWDUHOHMHUFLFLROLEUHGHODSURIHVLyQPLHQWUDVTXH
HO DUW  HQ VX QXPHUDO   GHO '/  WH[WXDOPHQWH VRVWLHQH TXH SDUD HMHUFHU OD
DERJDFtDVHGHEHHVWDUPDWULFXODGR\WHQHUREOLJDFLRQHVSHFXQLDULDVSDJDGDVFRQIRUPH
DORV(VWDWXWRVGHO&ROHJLRGH$ERJDGRVGHVXGLVWULWRSRUORWDQWRH[LVWHLPSRVLELOLGDG
GHTXHDPEDVQRUPDVSXHGDQVHUPDWHULDOL]DGDVDOPLVPRWLHPSRHVPiVHOHVWDEOHFHU
ODYLJHQFLDGHXQD\ODH[SXOVLyQGHODRWUDFRQOOHYDUtDDODOLPLWDFLyQ\UHVWULFFLyQGHO
GHUHFKRGHDVRFLDFLyQSRUORTXHHVQHFHVDULRGHMDUVLQHIHFWRHOQXPHUDO GHODUW
GHO'/DVtFRPRODIUDVH
HO~QLFRUHTXLVLWRH[LJLGR
GHODUWGHO'6
SDUD GDU PD\RU HILFDFLD DO GHUHFKR D OD DVRFLDFLyQ SRVLELOLWDQGR TXH HO SURIHVLRQDO
DERJDGRRSWHSRUHOVLVWHPDDOTXHTXLHUDLQVFULELUVHPDQWHQLHQGRDGHPiVXQPDUFR
MXUtGLFR TXH SUHVHUYD ORV LQWHUHVHV GH OD FROHFWLYLGDG HQ VX FRQMXQWR GHQWUR GHO
UHODFLRQDPLHQWRGHOSURIHVLRQDODERJDGRFRQODPLVPD



6LJXLHQGRFRQHVWDOtQHDGHUD]RQDPLHQWRWHQHPRVTXHHOFRQWHQLGR
GHODUWGHO'/DOHVWDEOHFHUTXHORVSURIHVLRQDOHVDERJDGRVGHEHQPDWULFXODUVH
REOLJDWRULDPHQWH DO &ROHJLR GH $ERJDGRV GHO 'LVWULWR -XGLFLDO HQ HO TXH HMHUFHQ VX
SURIHVLyQ  HVWi tQWLPDPHQWH UHODFLRQDGR FRQ HO FLWDGR DUW  QXPHUDO   SRU OR TXH
WDPELpQFRUUHVSRQGHGHMDUORVLQHIHFWR


W


dW^:d


$VLPLVPR UHVSHFWR DO DUW , GHO '6  TXH HVWDEOHFH TXH
/DV
PDWUtFXODVGHDERJDGRVTXHFRQDQWHULRULGDGDODHPLVLyQGHOSUHVHQWH'HFUHWR6XSUHPR
KD\DQVLGROHJDOPHQWHH[SHGLGDVVXUWLUiQVXVHIHFWRVSRUXQSOD]RQRPD\RUDFXDWUR
 DxRVFDOHQGDULRFRPSXWDEOHDSDUWLUGHODSXEOLFDFLyQGHOSUHVHQWH'HFUHWR6XSUHPR

ODPLVPDWDPELpQGHEHVHUFRQJUXHQWHFRQORHVWDEOHFLGRXWVXSUDGHIRUPDTXHLPSHOH
DHVWH7ULEXQDODDUPRQL]DUVXFRQWHQLGRGHPDQHUDH[FHSFLRQDO\WHPSRUDODPSOLDQGR
ODYDOLGH]GHODVPDWUtFXODVKDVWDTXHHOOHJLVODGRURUGLQDULRHPLWDODQRUPDTXHGHPHMRU
PDQHUDGHVDUUROOHORVGHUHFKRVGHORVSURIHVLRQDOHVDERJDGRV\GHODFROHFWLYLGDG



)LQDOPHQWH \ FRPR FRQVHFXHQFLD OyJLFD \ HQ FRKHUHQFLD D OR
GHVDUUROODGRFRUUHVSRQGHGHMDUVLQHIHFWROD'LVSRVLFLyQ$EURJDWRULDGLVSXHVWDSRUHO
'6  UHODWLYD D OD DEURJDWRULD GHO '/  GH  GH MXOLR GH  D REMHWR GH
UHVJXDUGDUSUHFLVDPHQWHORVGHUHFKRVIXQGDPHQWDOHVHOLQWHUpV\ODSD]VRFLDOGDGRTXH
HOGHVHPSHxRGHORVDERJDGRVHQHOHMHUFLFLRGHODSURIHVLyQGHEHUHJLUVHHQHOPDUFRGH
ODpWLFD


6LQWHVLVGHODUDWLRGHFLGHQGL

/DMXVWLFLDFRQVWLWXFLRQDOHVWiREOLJDGDDTXHHODFFHVRDORVGHUHFKRV
IXQGDPHQWDOHVVHDPDWHULDOWDQJLEOH\QRVRODPHQWHIRUPDO\QRVHYHD
UHVWULQJLGR R FRPSOHWDPHQWH OLPLWDGR SRU XQD GHFODUDWRULD GH
LQFRQVWLWXFLRQDOLGDGSRUODIRUPDGHXQDGHWHUPLQDGDQRUPDMXUtGLFD
HV SRU HVWH PRWLYR TXH UHVXOWD SHUWLQHQWH \ QHFHVDULR SHVH D OD
FRPSUREDGDLQFRQVWLWXFLRQDOLGDGIRUPDOGHO'6\GHO'/
GLVSRQHUODVXEVLVWHQFLDWHPSRUDOGHDPEDVQRUPDVHVGHFLUGLIHULUORV
HIHFWRVGHODGHFODUDWRULDGHLQFRQVWLWXFLRQDOLGDGSRUHOSOD]RGHXQDxR
SHULRGRGHWLHPSRHQHOTXHREOLJDWRULDPHQWHOD$VDPEOHD/HJLVODWLYD
3OXULQDFLRQDO PHGLDQWH HO SURFHGLPLHQWR FRUUHVSRQGLHQWH GHEH HPLWLU
XQD OH\ TXH UHJXOH HO HMHUFLFLR SURIHVLRQDO GH ORV DERJDGRV \ HO
IXQFLRQDPLHQWR GH VXV UHVSHFWLYRV &ROHJLRV \D TXH GH QR KDFHUOR
DPEDVQRUPDVTXHGDUiQH[SXOVDGDVGHORUGHQDPLHQWRMXUtGLFR

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

3UHFHGHQWHIXQGDGRU6&3

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,'HFODUDGDODLQFRQVWLWXFLRQDOLGDGSRUODIRUPDGHO'/\GHO'6
GHEHPRVWRPDUHQFXHQWDTXHHQXQPDUFRGHUHVSRQVDELOLGDGLQKHUHQWHDODMXULVGLFFLyQ
FRQVWLWXFLRQDOTXHFRQVLVWHHQSURWHJHUORVGHUHFKRVIXQGDPHQWDOHV\DVHJXUDUODSD]
VRFLDO \ D HIHFWRV GH UHVJXDUGDU HO SULQFLSLR GH VHJXULGDG MXUtGLFD GH ORV DFWRV \
UHODFLRQHVGHORVFLXGDGDQRVHVQHFHVDULRHODGYHUWLUTXHODH[SXOVLyQGHORUGHQDPLHQWR
MXUtGLFRGHDPEDVQRUPDVMXUtGLFDVFRQOOHYDUtDDRFDVLRQDUXQLQHYLWDEOHYDFtRMXUtGLFR
\SRUHQGHSHUMXLFLRVGLItFLOHVGHGLPHQVLRQDUHQODVUHODFLRQHV\DFWRVMXUtGLFRVGHODV
SHUVRQDVLQGLYLGXDOHVDERJDGRV\DTXLHQHVSUHVWDQVXVVHUYLFLRV\SHUVRQDVMXUtGLFDV
&ROHJLRVGH$ERJDGRVSRUQRWHQHUSUHFLVDPHQWHXQPDUFRQRUPDWLYRUHJXODWRULRTXH
GHILQDODVUHODFLRQHVHPHUJHQWHVGHOHMHUFLFLRSURIHVLRQDOGHODERJDGRDQWHHVWHHIHFWR
SUHYLVLEOH OD MXULVGLFFLyQ FRQVWLWXFLRQDO HVWi REOLJDGD D TXH HO DFFHVR D ORV GHUHFKRV
IXQGDPHQWDOHVXQDFFHVRPDWHULDOWDQJLEOH\QRVRODPHQWHIRUPDOQRVHYHDUHVWULQJLGR
R FRPSOHWDPHQWH OLPLWDGR SRU XQD GHFODUDWRULD GH LQFRQVWLWXFLRQDOLGDG GH XQD

W


dW^:d


GHWHUPLQDGD QRUPD MXUtGLFD \D TXH VX SULQFLSDO GHEHU HV SUHFLVDPHQWH YHODU SRU OD
PDWHULDOL]DFLyQ GH ORV GHUHFKRV \ JDUDQWtDV FRQVWLWXFLRQDOHV HV SRU HVWH PRWLYR TXH
UHVXOWDSHUWLQHQWH\QHFHVDULRSHVHDODFRPSUREDGDLQFRQVWLWXFLRQDOLGDGIRUPDOGHO'6
 \ GHO '/  GLVSRQHU OD VXEVLVWHQFLD WHPSRUDO GH DPEDV QRUPDV HV GHFLU
GLIHULU ORV HIHFWRV GH OD GHFODUDWRULD GH LQFRQVWLWXFLRQDOLGDG SRU HO SOD]R GH XQ DxR
SHULRGRGH WLHPSR HQ HOTXHREOLJDWRULDPHQWH OD $VDPEOHD /HJLVODWLYD 3OXULQDFLRQDO
PHGLDQWHHOSURFHGLPLHQWRFRUUHVSRQGLHQWHGHEHHPLWLUXQDOH\TXHUHJXOHHOHMHUFLFLR
SURIHVLRQDOGHORVDERJDGRV\HOIXQFLRQDPLHQWRGHVXVUHVSHFWLYRV&ROHJLRV\DTXHGH
QRKDFHUORDPEDVQRUPDVTXHGDUiQH[SXOVDGDVGHORUGHQDPLHQWRMXUtGLFR



'HQWUR GH HVWH RUGHQ GH LGHDV WHQHPRV TXH HO 7ULEXQDO
FRQVWLWXFLRQDOHQVXDWULEXFLyQGHLQWHUSUHWDUOD&3(WLHQHFRPRWDUHDHOGHSUHYHUORV
SRVLEOHVHIHFWRVGHVXVVHQWHQFLDV\UHVROXFLRQHVDVtORGHWHUPLQyOD6&TXH
WH[WXDOPHQWHHVWDEOHFLyORTXHVLJXH




VHJ~Q OD GRFWULQD FRQVWLWXFLRQDO H[LVWHQ GLYHUVDV IRUPDV GH


LQWHUSUHWDFLyQ FRPR ODSUHYLVRUD OD TXH DO VHU UHDOL]DGD UHTXLHUHTXH HO FRQWUDORUGH
FRQVWLWXFLRQDOLGDGFRPRPi[LPRLQWpUSUHWHGHOD&RQVWLWXFLyQDGRSWHSUHYLVLRQHVVREUH
ORVHIHFWRV\FRQVHFXHQFLDVGHODVGHFLVLRQHVDVXPLGDVDSDUWLUGHODLQWHUSUHWDFLyQ  
HQ HO FDVR GH DXWRV FRUUHVSRQGH D HVWH 7ULEXQDO DGRSWDU HVWH WLSR GH LQWHUSUHWDFLyQ
SDUWLHQGR GHOD FRQVWDWDFLyQ GHGRVKHFKRV HOSULPHUR TXH ODVGLVSRVLFLRQHV OHJDOHV
LPSXJQDGDVHQVXFRQWHQLGRQRVRQLQFRPSDWLEOHVFRQODVQRUPDVGHOD&RQVWLWXFLyQ\
HOVHJXQGRTXHHQFXDQWRDVXRULJHQVLORVRQ

HQHOPDUFRVHxDODGRDQWHULRUPHQWHHVGHEHUGHHVWH7ULEXQDOSUHYHUODVFRQVHFXHQFLDV
TXH SRGUtDQ JHQHUDUVH D SDUWLU GH VX GHFLVLyQ SXHV VL SRU XQD SDUWH GHFODUD OD
FRQVWLWXFLRQDOLGDG GH ODV GLVSRVLFLRQHV OHJDOHV LPSXJQDGDV HVWXYLHVH FRQYDOLGDQGR
DFWRVLQFRQVWLWXFLRQDOHVSHURSRURWURVLGHFODUDODLQFRQVWLWXFLRQDOLGDGFRQXQHIHFWR
LQPHGLDWR TXH VLJQLILTXH OD H[SXOVLyQ GHO RUGHQDPLHQWR MXUtGLFR GH ODV GLVSRVLFLRQHV
OHJDOHVLPSXJQDGDVHVWDUtDJHQHUDQGRXQSHOLJURVRYDFtRMXUtGLFRFX\RHIHFWRVHUtDPiV
QHJDWLYR TXH HO DQWHULRU   (Q FRQVHFXHQFLD FXDOTXLHUD GH ODV GRV GHFLVLRQHV DQWHV
UHIHULGDV FRQGXFLUtDQ D UHVXOWDGRV LQDFHSWDEOHV \ GH PDQHUD TXH HV QHFHVDULR TXH HO
7ULEXQDO&RQVWLWXFLRQDOGLFWHXQDVHQWHQFLDPRGXODQGRVXVHIHFWRVTXHHYLWHQSHUMXLFLRV
GHVSURSRUFLRQDGRVDORVEROLYLDQRVHQHORUGHQMXUtGLFRHVGHFLUHYLWHODJHQHUDFLyQGH
XQDLQVHJXULGDGMXUtGLFDDQXODQGRGLVSRVLFLRQHVOHJDOHVVREUHFX\DEDVHIXQGDPHQWR\
DPSDURVHYLHQHQYHQWLODQGRSURFHVRVMXGLFLDOHVDGPLQLVWUDWLYRVDJUDULRVSHWLFLRQHV
FRQWUDWRV\RWURVDFWRVMXUtGLFRV




$KRUD WHQLHQGR HQ FXHQWD HO UD]RQDPLHQWR H[SUHVDGR
SUHFHGHQWHPHQWHHVQHFHVDULRGLPHQVLRQDUORVHIHFWRVGHOSUHVHQWHIDOORVLQTXHHOOR
LPSOLTXHXQDQiOLVLVGHIRQGRGHODUHIHULGDQRUPDWLYD



$Vt UHVSHFWR DO DUW  GHO '6 \ HO DUW  QXPHUDO   GHO '/
VHWLHQHTXHHODUWGHO'6HVWDEOHFHTXHHOUHJLVWURHQHO0LQLVWHULRGH
-XVWLFLDHVHO~QLFRUHTXLVLWRSDUDKDELOLWDUHOHMHUFLFLROLEUHGHODSURIHVLyQPLHQWUDVTXH
HO DUW  HQ VX QXPHUDO   GHO '/  WH[WXDOPHQWH VRVWLHQH TXH SDUD HMHUFHU OD
DERJDFtDVHGHEHHVWDUPDWULFXODGR\WHQHUREOLJDFLRQHVSHFXQLDULDVSDJDGDVFRQIRUPH
DORV(VWDWXWRVGHO&ROHJLRGH$ERJDGRVGHVXGLVWULWRSRUORWDQWRH[LVWHLPSRVLELOLGDG
GHTXHDPEDVQRUPDVSXHGDQVHUPDWHULDOL]DGDVDOPLVPRWLHPSRHVPiVHOHVWDEOHFHU
ODYLJHQFLDGHXQD\ODH[SXOVLyQGHODRWUDFRQOOHYDUtDDODOLPLWDFLyQ\UHVWULFFLyQGHO
GHUHFKRGHDVRFLDFLyQSRUORTXHHVQHFHVDULRGHMDUVLQHIHFWRHOQXPHUDO GHODUW
GHO'/DVtFRPRODIUDVH
HO~QLFRUHTXLVLWRH[LJLGR
GHODUWGHO'6
SDUD GDU PD\RU HILFDFLD DO GHUHFKR D OD DVRFLDFLyQ SRVLELOLWDQGR TXH HO SURIHVLRQDO
DERJDGRRSWHSRUHOVLVWHPDDOTXHTXLHUDLQVFULELUVHPDQWHQLHQGRDGHPiVXQPDUFR
MXUtGLFR TXH SUHVHUYD ORV LQWHUHVHV GH OD FROHFWLYLGDG HQ VX FRQMXQWR GHQWUR GHO
UHODFLRQDPLHQWRGHOSURIHVLRQDODERJDGRFRQODPLVPD

W


dW^:d



6LJXLHQGRFRQHVWDOtQHDGHUD]RQDPLHQWRWHQHPRVTXHHOFRQWHQLGR
GHODUWGHO'/DOHVWDEOHFHUTXHORVSURIHVLRQDOHVDERJDGRVGHEHQPDWULFXODUVH
REOLJDWRULDPHQWH DO &ROHJLR GH $ERJDGRV GHO 'LVWULWR -XGLFLDO HQ HO TXH HMHUFHQ VX
SURIHVLyQ  HVWi tQWLPDPHQWH UHODFLRQDGR FRQ HO FLWDGR DUW  QXPHUDO   SRU OR TXH
WDPELpQFRUUHVSRQGHGHMDUORVLQHIHFWR



$VLPLVPR UHVSHFWR DO DUW , GHO '6  TXH HVWDEOHFH TXH
/DV
PDWUtFXODVGHDERJDGRVTXHFRQDQWHULRULGDGDODHPLVLyQGHOSUHVHQWH'HFUHWR6XSUHPR
KD\DQVLGROHJDOPHQWHH[SHGLGDVVXUWLUiQVXVHIHFWRVSRUXQSOD]RQRPD\RUDFXDWUR
 DxRVFDOHQGDULRFRPSXWDEOHDSDUWLUGHODSXEOLFDFLyQGHOSUHVHQWH'HFUHWR6XSUHPR

ODPLVPDWDPELpQGHEHVHUFRQJUXHQWHFRQORHVWDEOHFLGRXWVXSUDGHIRUPDTXHLPSHOH
DHVWH7ULEXQDODDUPRQL]DUVXFRQWHQLGRGHPDQHUDH[FHSFLRQDO\WHPSRUDODPSOLDQGR
ODYDOLGH]GHODVPDWUtFXODVKDVWDTXHHOOHJLVODGRURUGLQDULRHPLWDODQRUPDTXHGHPHMRU
PDQHUDGHVDUUROOHORVGHUHFKRVGHORVSURIHVLRQDOHVDERJDGRV\GHODFROHFWLYLGDG



)LQDOPHQWH \ FRPR FRQVHFXHQFLD OyJLFD \ HQ FRKHUHQFLD D OR
GHVDUUROODGRFRUUHVSRQGHGHMDUVLQHIHFWROD'LVSRVLFLyQ$EURJDWRULDGLVSXHVWDSRUHO
'6  UHODWLYD D OD DEURJDWRULD GHO '/  GH  GH MXOLR GH  D REMHWR GH
UHVJXDUGDUSUHFLVDPHQWHORVGHUHFKRVIXQGDPHQWDOHVHOLQWHUpV\ODSD]VRFLDOGDGRTXH
HOGHVHPSHxRGHORVDERJDGRVHQHOHMHUFLFLRGHODSURIHVLyQGHEHUHJLUVHHQHOPDUFRGH
ODpWLFD


9RWR'LVLGHQWH

9RWRSDUWLFXODUFRQFXUUHQWHHQSDUWH\GLVLGHQWHHQRWUDGHOD0DJLVWUDGD
'UD/LJLD0yQLFD9HOiVTXH]&DVWDxRVHQVHQWLGRTXHDQWHODH[LVWHQFLD
GH HYLGHQWHV LQFRQVWLWXFLRQDOLGDGHV HQ HO '6  DVt FRPR HQ HO '/
 HVWRV LQVWUXPHQWRV MXUtGLFRV GHELHURQ VHU H[SXOVDGRV GHO
RUGHQDPLHQWRMXUtGLFRQDFLRQDO



&RQVXOWDVVREUHODFRQVWLWXFLRQDOLGDGGHSUHJXQWDVSDUD
UHIHUHQGR&ULWHULRVGHOWHVWGHFRQVWLWXFLRQDOLGDGGHODVSUHJXQWDVSDUD
UHIHUHQGR
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO


W


dW^:d


6&3   (O WHVW GH FRQVWLWXFLRQDOLGDG GH SUHJXQWDV SDUD
UHIHUHQGRVHUHDOL]DDSDUWLUGHORVFULWHULRVGHFODULGDGSHUWLQHQFLD
FRPSHWHQFLD \ SHUPLVLELOLGDG SXGLHQGR VHU FRPSOHPHQWDGRV R
GHVDUUROODGRVGHDFXHUGRDODQDWXUDOH]D\FDUDFWHUtVWLFDVGHFDGDFDVR
HQSDUWLFXODU

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDFRQVXOWDHO3UHVLGHQWHGHOD$VDPEOHD/HJLVODWLYDGHO*RELHUQR
$XWyQRPR'HSDUWDPHQWDOGH&KXTXLVDFDUHPLWLySDUDILQHVGHFRQWURO
SUHYLRGHFRQVWLWXFLRQDOLGDGODSUHJXQWDSDUDHOUHIHUHQGRDSUREDWRULR
GHO (VWDWXWR $XWRQyPLFR GH GLFKR 'HSDUWDPHQWR (O 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO GHFODUy OD FRQVWLWXFLRQDOLGDG GH OD
SUHJXQWD
(VWiXVWHGGHDFXHUGRFRQDSUREDUHOSUR\HFWRGH(VWDWXWR
$XWRQyPLFR'HSDUWDPHQWDOGH&KXTXLVDFDHQVXVFLHQWRWUHFHDUWtFXORV
GRVGLVSRVLFLRQHVWUDQVLWRULDV\XQDGLVSRVLFLyQILQDO"6,12


([WUDFWRGHODUDWLRGHFLGHQGL

)M ,,,  +DELpQGRVH FXPSOLGR ORV UHTXLVLWRV GH IRUPD SDUD HO HIHFWR FRUUHVSRQGH
HIHFWXDUHOWHVWGHFRQVWLWXFLRQDOLGDGDOWH[WRGHODSUHJXQWDFX\RHQXQFLDGRVHxDOD



(VWiXVWHGGHDFXHUGRFRQDSUREDUHOSUR\HFWRGH(VWDWXWR$XWRQyPLFR'HSDUWDPHQWDO
GH &KXTXLVDFD HQ VXV FLHQWR WUHFH DUWtFXORV GRV GLVSRVLFLRQHV WUDQVLWRULDV \ XQD
GLVSRVLFLyQILQDO"6,12



&RQVLGHUDQGRTXHHOREMHWRSULQFLSDOGHOFRQWUROGHFRQVWLWXFLRQDOLGDGGHODVSUHJXQWDV
SDUD UHIHUHQGR HV HO GH FRQIURQWDU HO WH[WR R FRQWHQLGR OLWHUDO GH OD SUHJXQWD FRQ OD
1RUPD6XSUHPDSDUDHVWDEOHFHUODFRQVWLWXFLRQDOLGDGRQRGHODPLVPD\JDUDQWL]DUTXH
WDQWRORVUHIHUHQGRVQDFLRQDOHVGHSDUWDPHQWDOHVRPXQLFLSDOHVVHOOHYHQDGHODQWHHQHO
PDUFR GH ORV PDQGDWRV GH OD /H\ )XQGDPHQWDO JDUDQWL]DQGR DGHPiV DO VXSUHPDFtD
FRQVWLWXFLRQDOPHGLDQWHXQDGHFODUDFLyQFRQVWLWXFLRQDO


(O H[DPHQ GH FRQVWLWXFLRQDOLGDG SDUWH GH ORV FULWHULRV GH FODULGDG SHUWLQHQFLD
FRPSHWHQFLD\SHUPLVLELOLGDG


L &ULWHULRGHFODULGDG/DSUHJXQWDHQDQiOLVLVHVXQDSUHJXQWDEUHYHFODUDFRQFUHWD
FHUUDGDGLUHFWD\SUHFLVDGLULJLGDDREWHQHUXQDUHVSXHVWDGHODVPLVPDVFDUDFWHUtVWLFDV
UHVXPLGD HQ XQ
VL
 R XQ
QR
 GH VLJQLILFDGR XQtYRFR GH GRQGH VH H[WUDH TXH
WpFQLFDPHQWHODSUHJXQWDVHHQFXHQWUDEDMRHVWHFULWHULRDGHFXDGDPHQWHIRUPXODGD6H
UHVSHWDGHHVWDIRUPDHOGHUHFKRSROtWLFRGHORVFLXGDGDQRVDFRQRFHUFRQSUHFLVLyQ\VLQ
DPELJHGDGHVHOIRQGRGHOFXHVWLRQDPLHQWRTXHVHSRQJDDVXFRQVLGHUDFLyQ


LL   &ULWHULR GH SHUWLQHQFLD (O WH[WR GH OD SUHJXQWD JXDUGD FRUUHVSRQGHQFLD FRQ ORV
HOHPHQWRVIiFWLFRV\MXUtGLFRVTXHFRQIRUPDQODSUREOHPiWLFDHQUHODFLyQDODLGHQWLGDG
GHOVXMHWR (7$ \ODLGHQWLGDGGHOREMHWR (VWDWXWR$XWRQyPLFR 

W


dW^:d


LLL &ULWHULRGHFRPSHWHQFLD/RVHOHPHQWRVTXHFRQIRUPDQHOFRQWHQLGRGHODSUHJXQWD
VHHQFXDGUDQHQODVFRPSHWHQFLDVUHFRQRFLGDVSRUOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRDO
QLYHOGHSDUWDPHQWDO DUW,GHOD1RUPD6XSUHPD DGHPiVGHODVFRUUHVSRQGLHQWHV
DVXDXWRJRELHUQR


LY &ULWHULRGHSHUPLVLELOLGDG(ODUW,,GHOD&3(GHWHUPLQDTXH
/DGHPRFUDFLDVH
HMHUFH GH ODV VLJXLHQWHV IRUPDV TXH VHUiQ GHVDUUROODGDV SRU OD OH\  'LUHFWD \
SDUWLFLSDWLYDSRUPHGLRGHOUHIHUHQGRODLQLFLDWLYDOHJLVODWLYDFLXGDGDQDODUHYRFDWRULD
GH PDQGDWR OD DVDPEOHD HO FDELOGR \ OD FRQVXOWD SUHYLD /DV DVDPEOHDV \ FDELOGRV
WHQGUiQ FDUiFWHU GHOLEHUDWLYR FRQIRUPH D /H\
 HO VXEUD\DGR QRV FRUUHVSRQGH  (Q
FXPSOLPLHQWRGHODUHPLVLyQDOH\SUHYLVWDHQODQRUPDSUHFLWDGDOD/H\GHO5pJLPHQ
(OHFWRUDOHVWDEOHFHHQVXDUWODVWHPiWLFDVH[FOXLGDVGHUHIHUHQGRHQWUHODVTXHQRVH
HQFXHQWUDODWHPiWLFDHQODTXHVHHQFXDGUDODSUHJXQWDREMHWRGHDQiOLVLV


&DEHGHMDUHVWDEOHFLGRTXHORVFULWHULRVDUULEDGHVDUUROODGRVQRVRQOLPLWDWLYRVSXGLHQGR
VHUFRPSOHPHQWDGRVRGHVDUUROODGRVGHDFXHUGRDODQDWXUDOH]D\FDUDFWHUtVWLFDVGHFDGD
FDVRHQSDUWLFXODU


3RU OR H[SXHVWR FRQIRUPH ORV UHVXOWDGRV GHO WHVW GH FRQVWLWXFLRQDOLGDG HIHFWXDGR VH
FRQFOX\H TXH OD SUHJXQWD GH UHIHUHQGR VRPHWLGD D FRQWURO GH FRQVWLWXFLRQDOLGDG QR
YXOQHUDYDORUHVSULQFLSLRVQLGHUHFKRVHVWDEOHFLGRVGHQWURGHOD&RQVWLWXFLyQ3ROtWLFD
GHO(VWDGR


6LQWHVLVGHODUDWLRGHFLGHQGL

6HGHFODUDHQODFRQVXOWDGHSUHJXQWDVGHUHIHUHQGRGHSDUWDPHQWDOOD
&2167,78&,21$/,'$'GHODSUHJXQWD
(VWiXVWHGGHDFXHUGRFRQ
DSUREDU HO SUR\HFWR GH (VWDWXWR $XWRQyPLFR 'HSDUWDPHQWDO GH
&KXTXLVDFDHQVXVFLHQWRWUHFHDUWtFXORVGRVGLVSRVLFLRQHVWUDQVLWRULDV
\XQDGLVSRVLFLyQILQDO"6,12
SRUTXHQRYXOQHUDYDORUHVSULQFLSLRV
QLGHUHFKRVHVWDEOHFLGRVGHQWURGHOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR\
FXPSOH FRQ ORV FULWHULRV GH FODULGDG SHUWLQHQFLD FRPSHWHQFLD \
SHUPLVLELOLGDG

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

35(&('(17(,03/&,72
(VWD6HQWHQFLDHQVX)-,,,GLVSRQH(OH[DPHQGHFRQVWLWXFLRQDOLGDGSDUWHGHORV
FULWHULRVGHFODULGDGSHUWLQHQFLDFRPSHWHQFLD\SHUPLVLELOLGDG


L &ULWHULRGHFODULGDG/DSUHJXQWDHQDQiOLVLVHVXQDSUHJXQWDEUHYHFODUDFRQFUHWD
FHUUDGDGLUHFWD\SUHFLVDGLULJLGDDREWHQHUXQDUHVSXHVWDGHODVPLVPDVFDUDFWHUtVWLFDV
UHVXPLGD HQ XQ
VL
 R XQ
QR
 GH VLJQLILFDGR XQtYRFR GH GRQGH VH H[WUDH TXH
WpFQLFDPHQWHODSUHJXQWDVHHQFXHQWUDEDMRHVWHFULWHULRDGHFXDGDPHQWHIRUPXODGD6H
UHVSHWDGHHVWDIRUPDHOGHUHFKRSROtWLFRGHORVFLXGDGDQRVDFRQRFHUFRQSUHFLVLyQ\VLQ
DPELJHGDGHVHOIRQGRGHOFXHVWLRQDPLHQWRTXHVHSRQJDDVXFRQVLGHUDFLyQ


W


dW^:d



LL   &ULWHULR GH SHUWLQHQFLD (O WH[WR GH OD SUHJXQWD JXDUGD FRUUHVSRQGHQFLD FRQ ORV
HOHPHQWRVIiFWLFRV\MXUtGLFRVTXHFRQIRUPDQODSUREOHPiWLFDHQUHODFLyQDODLGHQWLGDG
GHOVXMHWR (7$ \ODLGHQWLGDGGHOREMHWR (VWDWXWR$XWRQyPLFR 


LLL &ULWHULRGHFRPSHWHQFLD/RVHOHPHQWRVTXHFRQIRUPDQHOFRQWHQLGRGHODSUHJXQWD
VHHQFXDGUDQHQODVFRPSHWHQFLDVUHFRQRFLGDVSRUOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRDO
QLYHOGHSDUWDPHQWDO DUW,GHOD1RUPD6XSUHPD DGHPiVGHODVFRUUHVSRQGLHQWHV
DVXDXWRJRELHUQR


LY &ULWHULRGHSHUPLVLELOLGDG(ODUW,,GHOD&3(GHWHUPLQDTXH
/DGHPRFUDFLDVH
HMHUFH GH ODV VLJXLHQWHV IRUPDV TXH VHUiQ GHVDUUROODGDV SRU OD OH\  'LUHFWD \
SDUWLFLSDWLYDSRUPHGLRGHOUHIHUHQGRODLQLFLDWLYDOHJLVODWLYDFLXGDGDQDODUHYRFDWRULD
GH PDQGDWR OD DVDPEOHD HO FDELOGR \ OD FRQVXOWD SUHYLD /DV DVDPEOHDV \ FDELOGRV
WHQGUiQ FDUiFWHU GHOLEHUDWLYR FRQIRUPH D /H\
 HO VXEUD\DGR QRV FRUUHVSRQGH  (Q
FXPSOLPLHQWRGHODUHPLVLyQDOH\SUHYLVWDHQODQRUPDSUHFLWDGDOD/H\GHO5pJLPHQ
(OHFWRUDOHVWDEOHFHHQVXDUWODVWHPiWLFDVH[FOXLGDVGHUHIHUHQGRHQWUHODVTXHQRVH
HQFXHQWUDODWHPiWLFDHQODTXHVHHQFXDGUDODSUHJXQWDREMHWRGHDQiOLVLV


&DEHGHMDUHVWDEOHFLGRTXHORVFULWHULRVDUULEDGHVDUUROODGRVQRVRQOLPLWDWLYRVSXGLHQGR
VHUFRPSOHPHQWDGRVRGHVDUUROODGRVGHDFXHUGRDODQDWXUDOH]D\FDUDFWHUtVWLFDVGHFDGD
FDVRHQSDUWLFXODU




 &RQWURO QRUPDWLYR SRVWHULRU R FRUUHFWLYR GH


FRQVWLWXFLRQDOLGDG1RUPDVREMHWRGHFRQWURO
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   3DUD TXH XQD QRUPD FRQWHQLGD HQ XQD *XtD VHD
VXMHWD D FRQWURO GH FRQVWLWXFLRQDOLGDG QRUPDWLYR GHSHQGHUi VL HO
REMHWR GH OD QRUPD MXUtGLFD WLHQH DSOLFDFLyQ JHQHUDO R DO FRQWUDULR
WLHQHXQDOFDQFHLQWHUQRVLPLODUDXQDGLUHFWLYDRLQVWUXFFLyQFDVRHQ
HO FXDO QR IRUPD SDUWH GH ODV QRUPDV VXMHWDV DO FRQWURO GH
FRQVWLWXFLRQDOLGDGQRUPDWLYR

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

W


dW^:d

(QHVWDDFFLyQGHLQFRQVWLWXFLRQDOLGDGFRQFUHWDSURPRYLGDSRUOD6DOD
3ULPHUDGHO7ULEXQDO$JUDULR1DFLRQDODKRUD7ULEXQDO$JURDPELHQWDO
D LQVWDQFLD GH &OLYHU 9LOODOED $JXLUUH HQ UHSUHVHQWDFLyQ OHJDO GH
)HGHULFR 5H\QDJD &XED GHPDQGDQGR OD LQFRQVWLWXFLRQDOLGDG GHO DUW
GHO'HFUHWR6XSUHPR '6 GHGHDJRVWRGH\GHORV
SDUiJUDIRV ,9 9, LQF I  \ ,; GH OD *XtD SDUD OD 9HULILFDFLyQ \
9DORUDFLyQGHOD)XQFLyQ(FRQyPLFD6RFLDO&XDQGR([LVWHQ,QGLFLRVR
'HQXQFLDVGHOD([LVWHQFLDGHODV5HODFLRQHV6HUYLGXPEUDOHV7UDEDMR
)RU]RVR\)RUPDV$QiORJDVDSUREDGDSRUOD5HVROXFLyQ%LPLQLVWHULDO
 GH  GH QRYLHPEUH VH GHPDQGy GLFKD QRUPD SRU VHU
SUHVXQWDPHQWHFRQWUDULRVDORVDUWV,,,,,
,  \  GH OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR &3(  (O
7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOGHFODUyODFRQVWLWXFLRQDOLGDGGH
ODVQRUPDVLPSXJQDGDV

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
*XtDSDUDOD9HULILFDFLyQ\9DORUDFLyQGHOD)XQFLyQ(FRQyPLFR
6RFLDO &XDQGR ([LVWHQ ,QGLFLRV R 'HQXQFLDV GH OD ([LVWHQFLD GH 5HODFLRQHV
6HUYLGXPEUDOHV7UDEDMR)RU]RVRR)RUPDV$QiORJDV

 

$OUHVSHFWRHVLPSRUWDQWHLQLFLDOPHQWHFRQVLGHUDUVLHVSRVLEOHLQJUHVDU DDQDOL]DUOD
QRUPDMXUtGLFDGHPDQGDGDGHLQFRQVWLWXFLRQDOSXHVDOVHUXQD*XtDSRGUtDVHUDSOLFDEOH
ODMXULVSUXGHQFLDHVWDEOHFLGDSRUOD6&GHGHGLFLHPEUHTXHH[SXVROR
VLJXLHQWH
(OUHFXUUHQWHDOSODQWHDUODSUHVHQWHDFFLyQHVWiGHVQDWXUDOL]DQGRHOUHFXUVR
GHLQFRQVWLWXFLRQDOLGDGLQVWLWXLGRSRUHODUWDWULEXFLyQGHOD&3(\ODVQRUPDVGH
VXGHVDUUROORVLVWHPDWL]DGDVHQOD/H\GHO7ULEXQDO&RQVWLWXFLRQDOSXHVWRTXHVLELHQOD
*XtD IXH DSUREDGD PHGLDQWH XQD 5HVROXFLyQ $GPLQLVWUDWLYD SURQXQFLDGD SRU HO
&RQWUDORU *HQHUDO GH OD 5HS~EOLFD QR IXH HPLWLGD VLQR FRQ OD LQWHQFLRQDOLGDGGH XQD
DWLQDGDDSOLFDFLyQGHODVGLVSRVLFLRQHVOHJDOHVVLQTXHSRUHVDFDXVDSXHGDVHUDSOLFDGD
QHFHVDULDPHQWHSDUDODUHVROXFLyQGHFXDOTXLHUDVXQWRPi[LPHVLDHVHHIHFWRHVWiQODV
QRUPDVTXHUHJXODQVXDSOLFDFLyQJHQHUDO

(QHVHVHQWLGRXQDJXtDHQHOVHQWLGRTXHIXHDSUREDGDDORPiVTXHSRGUtDDVHPHMDUVH
HV D XQD GLUHFWLYD R LQVWUXFFLyQ SRU OR TXH D FRODFLyQ HV PHQHVWHU PHQFLRQDU TXH
PHGLDQWH$&&$GHGHIHEUHURVHKDVHxDODGRTXHXQDCGLUHFWLYDHVXQD
GLUHFWUL]XQFRQMXQWRGHLQVWUXFFLRQHV 'LFFLRQDULRGH7pUPLQRV-XUtGLFRVGH5LFDUGR
9LOODUUHDO0ROLQD\0LJXHOQJHOGHO$UFR7RUUHVSDJ \HQOD6&GH
GHHQHURVHKDHVWDEOHFLGRTXHXQDLQVWUXFFLyQQRIRUPDSDUWHGHODVQRUPDVVXMHWDV
DO FRQWURO GH FRQVWLWXFLRQDOLGDG SRU OD YtD GHO UHFXUVR GH LQFRQVWLWXFLRQDOLGDG (VWH
~OWLPRSUHFHGHQWHKDVHxDODGRDGHPiVTXHODCLQVWUXFFLyQSXHGHGHILQLUVHFRPRXQD
UHJODGDGDSRUORVVXSHULRUHVMHUiUTXLFRVDVXVIXQFLRQDULRVVXEDOWHUQRVTXHSXQWXDOL]D
PHGLGDVLQWHUQDVFX\DILQDOLGDGHVDXPHQWDUHOUHQGLPLHQWRGHOWUDEDMRLQVWUXFFLyQTXH
GLILHUHGHOCUHJODPHQWRTXHFRQVWLWX\HXQDH[SUHVLyQGHODYROXQWDGGHO(VWDGRFUHDGRUD
GH QRUPDV MXUtGLFDV GHVWLQDGDV D WRGRV ORV DGPLQLVWUDGRV 'LFFLRQDULR GH 'HUHFKR
3~EOLFR GH (PLOLR )HUQiQGH] 9i]TXH] SiJ   HQ HVH FRQWH[WR VH WLHQH TXH HQ
SULQFLSLRODVLQVWUXFFLRQHVQRFRQVWLWX\HQPDQLIHVWDFLRQHVGHODIDFXOWDGUHJODPHQWDULD
GHO (VWDGR SRU ODV TXH VH FUHD QRUPDV MXUtGLFDV R GLVSRVLFLRQHV OHJDOHV SXHV QR
LQWURGXFHQ LQQRYDFLRQHV HQ HO RUGHQDPLHQWR MXUtGLFR VLQR TXH FRQWLHQH yUGHQHV
LPSDUWLGDVSRUXQyUJDQRDDTXHOORVTXHGHpOGHSHQGHQ  


W


dW^:d


(Q FRQVHFXHQFLD HO $QH[R GH OD *XtD SDUD OD (ODERUDFLyQ GH ,QIRUPHV GH $XGLWRUtD
,QWHUQD FRQ ,QGLFLRV GH 5HVSRQVDELOLGDG DO FRQVWLWXLU ~QLFDPHQWH XQD LQVWUXFFLyQ
DSUREDGDPHGLDQWH5HVROXFLyQHPLWLGDSRUHO&RQWUDORU*HQHUDOGHOD5HS~EOLFDDLQR
SXHGH HQWHQGHUVH VLQR FRPR XQ LQVWUXPHQWR LQWHUQR TXH FRDG\XYH D OD DSOLFDFLyQ
FRUUHFWDHQVXFDVRGHDFXHUGRFRQOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRODOH\HVGHFUHWRV
\ FXDOHVTXLHUD RWUD UHVROXFLRQHV TXHGDQGR IXHUD GHO FRQWURO GH FRQVWLWXFLRQDOLGDG
SRUTXHVWULFWXVHQVXHVWDJXtDQRFRQVWLWX\HXQDQRUPDMXUtGLFDRGLVSRVLFLyQOHJDOQR
SXGLHQGRSRUHOORLQJUHVDUVHDHIHFWXDUHOFRQWUROGHFRQVWLWXFLRQDOLGDGIRUPXODGR


6LQ HPEDUJR GH OD MXULVSUXGHQFLD FLWDGD HV PHQHVWHU DQDOL]DU OD *XtD HQ PLUDV D
GHWHUPLQDUVLHVSRVLEOHDVLPLODUODFRPRXQDQRUPDMXUtGLFDTXHSHUPLWDKDFHUHOFRQWURO
GH FRQVWLWXFLRQDOLGDG DO HIHFWR VH GHEH FRPHQ]DU SRU VHxDODU TXH L  (O DUW  GH OD
5HVROXFLyQ%LPLQLVWHULDO *XtDGH9HULILFDFLyQ\9DORUDFLyQGHOD)XQFLyQ
(FRQyPLFR6RFLDO&XDQGR([LVWHQ,QGLFLRVR'HQXQFLDVGHOD([LVWHQFLDGH5HODFLRQHV
6HUYLGXPEUDOHV 7UDEDMR )RU]RVR R )RUPDV $QiORJDV  GHWHUPLQD TXH HO REMHWR GH OD
*XtDGH9HULILFDFLyQHVHOHVWDEOHFHUORVSDVRV\FULWHULRVDVHJXLUHQODYHULILFDFLyQGH
OD IXQFLyQ HFRQyPLFD VRFLDO FXDQGR VH WHQJDQ LQGLFLRV R GHQXQFLDV GH UHODFLRQHV
VHUYLGXPEUDOHV WUDEDMRV IRU]RVRV R IRUPDV DQiORJDV GH VRPHWLPLHQWR HQ ORV
SURFHGLPLHQWRVGHVDQHDPLHQWR\UHYHUVLyQGHODSURSLHGDGDJUDULDGHGRQGHVHWLHQH
TXHOD5HVROXFLyQ%LPLQLVWHULDOVLELHQVHGHQRPLQD*XtDGHWHUPLQDXQFRQMXQWRGH
SURFHGLPLHQWRVDMXVWDEOHVHQHOSURFHVRGHVDQHDPLHQWRORFXDOLPSOLFDXQDDSOLFDFLyQ
JHQHUDOGHQRUPDMXUtGLFDLL $FRQWUDULRVHQVXGHOSUHFHGHQWHMXULVSUXGHQFLDOFLWDGR
6&   OD *XtD GH 9HULILFDFLyQ QR WLHQH DOFDQFH LQWHUQR HQ HO SURFHVR GH
VDQHDPLHQWRGHWLHUUDVTXHUHDOL]DHO,15$VLQRPiVELHQH[WHUQRSXHVDSHVDUGHTXH
VXHMHFXFLyQFRUUHVSRQGHDODVDXWRULGDGHVTXHUHDOL]DQHOVDQHDPLHQWR\ODUHYHUVLyQGH
ODWLHUUDHVWRVSURFHGLPLHQWRVVHDGDSWDQ\WLHQHQDOFDQFHJHQHUDO\DTXHVHDMXVWDQD
WRGRVORVSURFHVRVGHVDQHDPLHQWR\SRUHQGHDSOLFDEOHDODVSHUVRQDVGHPDQHUDJHQHUDO
\QRSDUWLFXODU\LLL (QHOFDVRFRQFUHWRVHDSOLFyOD*XtDGH9HULILFDFLyQHQHOSURFHVR
GH VDQHDPLHQWR \ SRU HQGH WLHQH LQFLGHQFLD GLUHFWD FRQ HO SURFHVR FRQWHQFLRVR
DGPLQLVWUDWLYR GHQWUR GHO FXDO VH LQFLGHQWy OD LQFRQVWLWXFLRQDOLGDG GH OD QRUPD SXHV
FRPR UHODWD OD SURSLD 6HQWHQFLD $JUDULD 1DFLRQDO 
GH ORV IRUPXODULRV GH
FXHVWLRQDULRV UHDOL]DGRV D ORV WUDEDMDGRUHV GH YHULILFDFLyQ GH H[LVWHQFLD GH VLVWHPD
VHUYLGXPEUDO WUDEDMR IRU]RVR \ IRUPDV DQiORJDV DFWD GH FRUUHODFLyQ \ FLHUUH GH ODV
DFWLYLGDGHV\SHULFLDVGHFDPSRGHQWURGHOSURFHVRGHUHYHUVLyQGHOSUHGLR,WDQH
SRU
HQGHOD*XtDIXHPDWHULDOPHQWHXWLOL]DGDWDQWRHQHOSURFHVRGHUHYHUVLyQFRPRHQOD
6HQWHQFLD $JUDULD 1DFLRQDO VLWXDFLyQ SRU OD FXDO WDPELpQ UHVXOWD DGPLVLEOH KDFHU HO
FRQWUROGHFRQVWLWXFLRQDOLGDGGHODQRUPDDKRUDLPSXJQDGD


6LQWHVLVGHODUDWLRGHFLGHQGL

'HFODUD OD FRQVWLWXFLRQDOLGDG  GHO  DUW    GHO '6  \ GH ORV
SDUiJUDIRV9,LQFI \,;GHOD*XtDSDUDOD9HULILFDFLyQ\9DORUDFLyQ
GHOD)XQFLyQ(FRQyPLFD6RFLDO&XDQGR([LVWHQ,QGLFLRVR'HQXQFLDV
GHOD([LVWHQFLDGHODV5HODFLRQHV6HUYLGXPEUDOHV7UDEDMR)RU]RVR\
)RUPDV$QiORJDVDSUREDGDSRUOD5HVROXFLyQ%LPLQLVWHULDO
GH  GH QRYLHPEUH HPSHUR DQWHV VHxDOD TXH SDUD TXH XQD QRUPD
FRQWHQLGD HQ XQD *XtD VHD VXMHWD D FRQWURO GH FRQVWLWXFLRQDOLGDG
QRUPDWLYR HO REMHWR GH OD QRUPD MXUtGLFD GHEH WHQHU XQD DSOLFDFLyQ
JHQHUDOHVGHFLUQRGHEHWHQHUXQDOFDQFHLQWHUQRVLPLODUDXQDGLUHFWLYD
RLQVWUXFFLyQSRUORPLVPRQRGHEHFRQWHQHUyUGHQHVLPSDUWLGDVSRUXQ
yUJDQRDDTXpOORVTXHGHpOGHSHQGHQFDVRHQHOFXDOQRIRUPDSDUWHGH
ODV QRUPDV VXMHWDV DO FRQWURO GH FRQVWLWXFLRQDOLGDG QRUPDWLYR
W


dW^:d

FXPSOLHQGRHQHOFDVRGHOD*XtDSDUDOD9HULILFDFLyQ\9DORUDFLyQGH
OD)XQFLyQ(FRQyPLFR6RFLDO&XDQGR([LVWHQ,QGLFLRVR'HQXQFLDVGH
OD([LVWHQFLDGH5HODFLRQHV6HUYLGXPEUDOHV7UDEDMR)RU]RVRR)RUPDV
$QiORJDVODDSOLFDFLyQJHQHUDO

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDOHQOD6&GHGHGLFLHPEUHH[SXVROR
VLJXLHQWH
(OUHFXUUHQWHDOSODQWHDUODSUHVHQWHDFFLyQHVWiGHVQDWXUDOL]DQGRHO
UHFXUVRGHLQFRQVWLWXFLRQDOLGDGLQVWLWXLGRSRUHODUWDWULEXFLyQGHOD&3(
\ ODV QRUPDV GH VX GHVDUUROOR VLVWHPDWL]DGDV HQ OD /H\ GHO 7ULEXQDO
&RQVWLWXFLRQDO SXHVWR TXH VL ELHQ OD *XtD IXH DSUREDGD PHGLDQWH XQD
5HVROXFLyQ $GPLQLVWUDWLYD SURQXQFLDGD SRU HO &RQWUDORU *HQHUDO GH OD
5HS~EOLFDQRIXHHPLWLGDVLQRFRQODLQWHQFLRQDOLGDGGHXQDDWLQDGDDSOLFDFLyQ
GH ODV GLVSRVLFLRQHV OHJDOHV VLQ TXH SRU HVD FDXVD SXHGD VHU DSOLFDGD
QHFHVDULDPHQWHSDUDODUHVROXFLyQGHFXDOTXLHUDVXQWRPi[LPHVLDHVHHIHFWR
HVWiQODVQRUPDVTXHUHJXODQVXDSOLFDFLyQJHQHUDO

(QHVHVHQWLGRXQDJXtDHQHOVHQWLGRTXHIXHDSUREDGDDORPiVTXHSRGUtD
DVHPHMDUVHHVDXQDGLUHFWLYDRLQVWUXFFLyQSRUORTXHDFRODFLyQHVPHQHVWHU
PHQFLRQDUTXHPHGLDQWH$&&$GHGHIHEUHURVHKDVHxDODGRTXH
XQDCGLUHFWLYDHVXQDGLUHFWUL]XQFRQMXQWRGHLQVWUXFFLRQHV 'LFFLRQDULRGH
7pUPLQRV -XUtGLFRV GH 5LFDUGR 9LOODUUHDO 0ROLQD \ 0LJXHO QJHO GHO $UFR
7RUUHVSDJ \HQOD6&GHGHHQHURVHKDHVWDEOHFLGRTXH
XQD LQVWUXFFLyQ QR IRUPD SDUWH GH ODV QRUPDV VXMHWDV DO FRQWURO GH
FRQVWLWXFLRQDOLGDGSRUODYtDGHOUHFXUVRGHLQFRQVWLWXFLRQDOLGDG(VWH~OWLPR
SUHFHGHQWHKDVHxDODGRDGHPiVTXHODCLQVWUXFFLyQSXHGHGHILQLUVHFRPR
XQD UHJOD GDGD SRU ORV VXSHULRUHV MHUiUTXLFRV D VXV IXQFLRQDULRV VXEDOWHUQRV
TXHSXQWXDOL]DPHGLGDVLQWHUQDVFX\DILQDOLGDGHVDXPHQWDUHOUHQGLPLHQWRGHO
WUDEDMRLQVWUXFFLyQTXHGLILHUHGHOCUHJODPHQWRTXHFRQVWLWX\HXQDH[SUHVLyQ
GHODYROXQWDGGHO(VWDGRFUHDGRUDGHQRUPDVMXUtGLFDVGHVWLQDGDVDWRGRVORV
DGPLQLVWUDGRV 'LFFLRQDULRGH'HUHFKR3~EOLFRGH(PLOLR)HUQiQGH]9i]TXH]
SiJ   HQ HVH FRQWH[WR VH WLHQH TXH HQ SULQFLSLR ODV LQVWUXFFLRQHV QR
FRQVWLWX\HQPDQLIHVWDFLRQHVGHODIDFXOWDGUHJODPHQWDULDGHO(VWDGRSRUODVTXH
VH FUHD QRUPDV MXUtGLFDV R GLVSRVLFLRQHV OHJDOHV SXHV QR LQWURGXFHQ
LQQRYDFLRQHVHQHORUGHQDPLHQWRMXUtGLFRVLQRTXHFRQWLHQHyUGHQHVLPSDUWLGDV
SRUXQyUJDQRDDTXHOORVTXHGHpOGHSHQGHQ  

(Q FRQVHFXHQFLD HO $QH[R GH OD *XtD SDUD OD (ODERUDFLyQ GH ,QIRUPHV GH
$XGLWRUtD,QWHUQDFRQ,QGLFLRVGH5HVSRQVDELOLGDGDOFRQVWLWXLU~QLFDPHQWHXQD
LQVWUXFFLyQDSUREDGDPHGLDQWH5HVROXFLyQHPLWLGDSRUHO&RQWUDORU*HQHUDOGH
OD5HS~EOLFD DL QR SXHGH HQWHQGHUVHVLQR FRPR XQ LQVWUXPHQWR LQWHUQR TXH
FRDG\XYHDODDSOLFDFLyQFRUUHFWDHQVXFDVRGHDFXHUGRFRQOD&RQVWLWXFLyQ
3ROtWLFD GHO (VWDGR OD OH\HV GHFUHWRV \ FXDOHVTXLHUD RWUD UHVROXFLRQHV
TXHGDQGRIXHUDGHOFRQWUROGHFRQVWLWXFLRQDOLGDGSRUTXHVWULFWXVHQVXHVWDJXtD
QR FRQVWLWX\H XQD QRUPD MXUtGLFD R GLVSRVLFLyQ OHJDO QR SXGLHQGR SRU HOOR
LQJUHVDUVHDHIHFWXDUHOFRQWUROGHFRQVWLWXFLRQDOLGDGIRUPXODGR


3RU OR TXH OD 6& VH FRQVWLWX\H HQ XQD VHQWHQFLD PRGXODGRUD SRU
FXDQWRHVWDEOHFHTXHSDUDTXHXQDQRUPDFRQWHQLGDHQXQD*XtDVHDVXMHWDD

W


dW^:d


FRQWURO GH FRQVWLWXFLRQDOLGDG QRUPDWLYR GHSHQGHUi VL HO REMHWR GH OD QRUPD
MXUtGLFDWLHQHDSOLFDFLyQJHQHUDORDOFRQWUDULRWLHQHXQDOFDQFHLQWHUQRVLPLODU
D XQD GLUHFWLYD R LQVWUXFFLyQ FDVR HQ HO FXDO QR IRUPD SDUWH GH ODV QRUPDV
VXMHWDVDOFRQWUROGHFRQVWLWXFLRQDOLGDGQRUPDWLYR


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

3UHFHGHQWHLPSOtFLWR

)-,,,
6LQHPEDUJRGHODMXULVSUXGHQFLDFLWDGDHVPHQHVWHU
DQDOL]DUOD*XtDHQPLUDVDGHWHUPLQDUVLHVSRVLEOHDVLPLODUODFRPRXQD
QRUPD MXUtGLFD TXH SHUPLWD KDFHU HO FRQWURO GH FRQVWLWXFLRQDOLGDG DO
HIHFWRVHGHEHFRPHQ]DUSRUVHxDODUTXHL (ODUWGHOD5HVROXFLyQ
%LPLQLVWHULDO  *XtD GH 9HULILFDFLyQ \ 9DORUDFLyQ GH OD
)XQFLyQ(FRQyPLFR6RFLDO&XDQGR([LVWHQ,QGLFLRVR'HQXQFLDVGHOD
([LVWHQFLD GH 5HODFLRQHV 6HUYLGXPEUDOHV 7UDEDMR )RU]RVR R )RUPDV
$QiORJDV  GHWHUPLQD TXH HO REMHWR GH OD *XtD GH 9HULILFDFLyQ HV HO
HVWDEOHFHUORVSDVRV\FULWHULRVDVHJXLUHQODYHULILFDFLyQGHODIXQFLyQ
HFRQyPLFDVRFLDOFXDQGRVHWHQJDQLQGLFLRVRGHQXQFLDVGHUHODFLRQHV
VHUYLGXPEUDOHVWUDEDMRVIRU]RVRVRIRUPDVDQiORJDVGHVRPHWLPLHQWRHQ
ORVSURFHGLPLHQWRVGHVDQHDPLHQWR\UHYHUVLyQGHODSURSLHGDGDJUDULD
GHGRQGHVHWLHQHTXHOD5HVROXFLyQ%LPLQLVWHULDOVLELHQVHGHQRPLQD
*XtDGHWHUPLQDXQFRQMXQWRGHSURFHGLPLHQWRVDMXVWDEOHVHQHOSURFHVR
GH VDQHDPLHQWR OR FXDO LPSOLFD XQD DSOLFDFLyQ JHQHUDO GH QRUPD
MXUtGLFDLL $FRQWUDULRVHQVXGHOSUHFHGHQWHMXULVSUXGHQFLDOFLWDGR 6&
  OD *XtD GH 9HULILFDFLyQ QR WLHQH DOFDQFH LQWHUQR HQ HO
SURFHVRGHVDQHDPLHQWRGHWLHUUDVTXHUHDOL]DHO,15$VLQRPiVELHQ
H[WHUQRSXHVDSHVDUGHTXHVXHMHFXFLyQFRUUHVSRQGHDODVDXWRULGDGHV
TXH UHDOL]DQ HO VDQHDPLHQWR \ OD UHYHUVLyQ GH OD WLHUUD HVWRV
SURFHGLPLHQWRVVHDGDSWDQ\WLHQHQDOFDQFHJHQHUDO\DTXHVHDMXVWDQD
WRGRVORVSURFHVRVGHVDQHDPLHQWR\SRUHQGHDSOLFDEOHDODVSHUVRQDV
GHPDQHUDJHQHUDO\QRSDUWLFXODU\LLL (QHOFDVRFRQFUHWRVHDSOLFyOD
*XtD GH 9HULILFDFLyQ HQ HO SURFHVR GH VDQHDPLHQWR \ SRU HQGH WLHQH
LQFLGHQFLDGLUHFWDFRQHOSURFHVRFRQWHQFLRVRDGPLQLVWUDWLYRGHQWURGHO
FXDOVHLQFLGHQWyODLQFRQVWLWXFLRQDOLGDGGHODQRUPDSXHVFRPRUHODWD
ODSURSLD6HQWHQFLD$JUDULD1DFLRQDO
GHORVIRUPXODULRVGH
FXHVWLRQDULRVUHDOL]DGRVDORVWUDEDMDGRUHVGHYHULILFDFLyQGHH[LVWHQFLD
GH VLVWHPD VHUYLGXPEUDO WUDEDMR IRU]RVR \ IRUPDV DQiORJDV DFWD GH
FRUUHODFLyQ\FLHUUHGHODVDFWLYLGDGHV\SHULFLDVGHFDPSRGHQWURGHO
SURFHVR GH UHYHUVLyQ GHO SUHGLR ,WDQH
 SRU HQGH OD *XtD IXH
PDWHULDOPHQWH XWLOL]DGD WDQWR HQ HO SURFHVR GH UHYHUVLyQ FRPR HQ OD
6HQWHQFLD $JUDULD 1DFLRQDO VLWXDFLyQ SRU OD FXDO WDPELpQ UHVXOWD
DGPLVLEOH KDFHU HO FRQWURO GH FRQVWLWXFLRQDOLGDG GH OD QRUPD DKRUD
LPSXJQDGD

9RWR'LVLGHQWH
W


dW^:d


9RWRGLVLGHQWHGHOD0DJLVWUDGD'UD/LJLD0yQLFD9HOiVTXH]&DVWDxRV



1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&33DUDGHWHUPLQDUVLXQ$FXHUGRHPLWLGRSRUOD6DOD
3OHQDGHO7ULEXQDO6XSUHPRGH-XVWLFLDSXHGHVHUVRPHWLGRDFRQWURO
GH FRQVWLWXFLRQDOLGDG QRUPDWLYR GHEHUi GHWHUPLQDUVH HQ HO FDVR
FRQFUHWR GHO $FXHUGR VL HV XQD UHVROXFLyQ HQ WRUQR D XQ FDVR
SDUWLFXODURWLHQHXQDOFDQFHJHQHUDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHLQFRQVWLWXFLRQDOLGDGDEVWUDFWDLQWHUSXHVWDSRU7RPiV
;DYLHU 0RQDVWHULR 5RPD\ 'LSXWDGR GH OD $VDPEOHD /HJLVODWLYD
3OXULQDFLRQDO VH GHPDQGy  LQFRQVWLWXFLRQDOLGDG GHO $FXHUGR GH 6DOD
3OHQD  GH  GH PDU]R HPLWLGR SRU HO 7ULEXQDO 6XSUHPR GH
-XVWLFLDSRUSUHVXQWDPHQWHLQIULQJLUORVDUWV,
\GHOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR &3( SRUFXDQWR
PHGLDQWHHOPLVPRVHGHWHUPLQyTXHOD6DOD3HQDO/LTXLGDGRUDSURFHGD
D OD UHPLVLyQ GH WRGRV ORV SURFHVRV FRPSUHQGLGRV HQ OD 'LVSRVLFLyQ
7UDQVLWRULD6HJXQGDSDUiJUDIR,GHOD/H\DO7ULEXQDO6XSUHPRGH
-XVWLFLDDOHJDQGRTXHHOPLVPRVHUtDFRQWUDULRDOWH[WRFRQVWLWXFLRQDO
SRU YXOQHUDU OD IDFXOWDG OHJLVODWLYD SDUD LQWHUSUHWDU OD QRUPD \ ORV
SULQFLSLRV GH UHVHUYD OHJDO GH LQGHSHQGHQFLD \ VHSDUDFLyQ GH ORV
yUJDQRVGHOSRGHUS~EOLFRGHVREHUDQtDSRSXODUGHVHJXULGDGMXUtGLFD
GH SULPDFtD FRQVWLWXFLRQDO \ GH MHUDUTXtD QRUPDWLYD (O 7ULEXQDO
&RQVWLWXFLRQDOGHFODUyODFRQVWLWXFLRQDOLGDGGHO$FXHUGRGH6DOD3OHQD
GHGHPDU]RHPLWLGRSRUHO7ULEXQDO6XSUHPRGH-XVWLFLD
HPSHURSUHYLDPHQWHDQDOL]yVLHOPLVPRSRGtDVHUREMHWRGHFRQWUROGH
FRQVWLWXFLRQDOLGDGQRUPDWLYR

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,/RVDFXHUGRVGH6DOD3OHQDGHO7ULEXQDO6XSUHPRGH-XVWLFLD
HQFXDQWRDODVDWULEXFLRQHVGHOD6DOD3OHQDGHO7ULEXQDO6XSUHPR
W


dW^:d


GH-XVWLFLDHODUWGHOD/2-GHWHUPLQDHQWUHRWUDV  HPLWLUFDUWDV
DFRUGDGDV FLUFXODUHV \ RWUDV HVWDEOHFLGDV SRU OH\ GH GRQGH VH SXHGH
DSUHFLDU TXH OD 6DOD 3OHQD GHO 7ULEXQDO 6XSUHPR GH -XVWLFLD SXHGH
HPLWLUUHVROXFLRQHVMXULVGLFFLRQDOHVFRPRWDPELpQDGPLQLVWUDWLYDV3RU
ORTXHVRPHWLyDFRQWUROGHFRQVWLWXFLRQDOLGDGQRUPDWLYRHO$FXHUGRGH
6DOD3OHQDGHGHPDU]RHPLWLGRSRUHO7ULEXQDO6XSUHPRGH
-XVWLFLD

3RU OR TXH SUHFLVy PiV DGHODQWH )-,,,  'H WRGR OR H[SXHVWR VH
LQILHUH TXH HO FRQWURO GH FRQVWLWXFLRQDOLGDG PHGLDQWH ODV DFFLRQHV
DEVWUDFWDV GH LQFRQVWLWXFLRQDOLGDG ~QLFDPHQWH UHFDH VREUH ODV
GLVSRVLFLRQHV OHJDOHV YLJHQWHV TXH WHQJDQ FRPR FRQWHQLGR PDWHULDO
QRUPDV MXUtGLFDV GH DOFDQFH JHQHUDO OR TXH FRQOOHYD D TXH ODV
UHVROXFLRQHVGHDXWRULGDGHVS~EOLFDVFRPSHWHQWHVSDUDUHVROYHUXQFDVR
FRQFUHWRQRSXHGHQVHUREMHWRGHFRQWUROGHFRQVWLWXFLRQDOLGDGPHGLDQWH
ODDFFLyQGHLQFRQVWLWXFLRQDOLGDGDEVWUDFWD

6LQWHVLVGHODUDWLRGHFLGHQGL

'HFODUDODFRQVWLWXFLRQDOLGDGGHO$FXHUGRGH6DOD3OHQDGH
GH PDU]R HPLWLGR SRU HO 7ULEXQDO 6XSUHPR GH -XVWLFLD HPSHUR
SUHYLDPHQWH DQDOL]y VL HO PLVPR SRGtD VHU REMHWR GH FRQWURO GH
FRQVWLWXFLRQDOLGDGQRUPDWLYR

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDOVREUHODSURFHGHQFLDSDUDVRPHWHUDFRQWURO
GHFRQVWLWXFLRQDOLGDGQRUPDWLYRODVFLUFXODUHV\DFXHUGRVGH6DOD3OHQD
HPLWLGRV SRU OD HQWRQFHV &RUWH 6XSUHPD GH -XVWLFLD DKRUD 7ULEXQDO
6XSUHPRGH-XVWLFLDHQOD6&GHGHMXOLRGHHQODTXH
KL]RFRQWUROGHFRQVWLWXFLRQDOLGDGHVWDEOHFLyTXH
XQ$FXHUGRGH6DOD
3OHQD \ OD &LUFXODU TXH HPHUMD GH HOOD QR SXHGH WRPDUVH FRPR XQD
UHVROXFLyQMXGLFLDOSRUFXDQWRQRHVGLFWDGDGHQWURGHXQSURFHVRRXQD
FRQWLHQGDMXGLFLDO
DEULHQGRFRQHOORODSRVLELOLGDGGHVRPHWHUDFRQWURO
GHFRQVWLWLWXFLRQDOQRUPDWLYRGLFKRVDFXHUGRVVLHPSUHTXHWHQJDQXQ
DOFDQFHJHQHUDO

'HOPLVPRPRGRHQOD6&3GHGHQRYLHPEUHHPLWLGDHQ
XQUHFXUVRGLUHFWRRDEVWUDFWRGHLQFRQVWLWXFLRQDOLGDGGRQGHWDPELpQVH
LPSXJQDEDXQ$FXHUGRGH6DOD3OHQDGHOD&RUWH6XSUHPDGH-XVWLFLD
SRU HO FXDO VH DSUREDED
HO VRUWHR \ UHVROXFLyQ SULRULWDULD GH ORV
UHFXUVRVTXHVHWUDPLWDQHQODV6DODV3HQDOHV3ULPHUD\6HJXQGDGHOD
([FPD&RUWH6XSUHPDGH-XVWLFLDGHOD1DFLyQSDUWLFXODUPHQWHHQORV
SURFHVRV GRQGH H[LVWDQ DEVXHOWRV HQ DPEDV LQVWDQFLDV R XQD GH HOODV
FXPSOLPLHQWR GH FRQGHQD   VLQ FRQVLGHUDU HO RUGHQ FURQROyJLFR GH
LQJUHVR GHO H[SHGLHQWH
 UHVSHFWR D HOOR HO 7ULEXQDO GHWHUPLQy TXH OD
W


dW^:d

UHVROXFLyQ LPSXJQDGD
WLHQH XQ FRQWHQLGR HPLQHQWHPHQWH
DGPLQLVWUDWLYRHLQWHUQRDOHVWDEOHFHUODIRUPDGHVRUWHRGHORVUHFXUVRV
TXH VH WUDPLWDQ HQ ODV 6DODV 3HQDOHV DVSHFWR TXH GHWHUPLQD OD SOHQD
FRPSHWHQFLD GHO 7ULEXQDO &RQVWLWXFLRQDO SDUD SURQXQFLDUVH VREUH HO
UHFXUVRSODQWHDGR


/XHJR OD 6&  GH  GH QRYLHPEUH HVWDEOHFLy TXH
XQ
$FXHUGRHVXQDGHFLVLyQGHFDUiFWHUUHVROXWLYRSRUWDQWRUHVROXFLyQHQ
WRUQR D XQ FDVR SDUWLFXODU DVt FRPR WDPELpQ SXHGH VHU GH DOFDQFH
JHQHUDOHQFRQVHFXHQFLDVHGHEHUiGHWHUPLQDUHODOFDQFHGHFDGDXQR
GHORV$FXHUGRVLPSXJQDGRVSDUDHVWDEOHFHUVLSXHGHRQRVHUSDVLEOH
GHFRQWUROGHFRQVWLWXFLRQDOLGDG


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

3UHFHGHQWHFRQVWLWXFLRQDO

6REUH OD SURFHGHQFLD SDUD VRPHWHU D  FRQWURO GH FRQVWLWXFLRQDOLGDG
QRUPDWLYR ODV FLUFXODUHV \ DFXHUGRV GH 6DOD 3OHQD HPLWLGRV SRU OD
HQWRQFHV &RUWH 6XSUHPD GH -XVWLFLD DKRUD 7ULEXQDO 6XSUHPR GH
-XVWLFLDHO7ULEXQDO&RQVWLWXFLRQDOHQOD6&GHGHMXOLRGH
HQODKL]RFRQWUROGHFRQVWLWXFLRQDOLGDGGHOHVWDEOHFLyTXH
XQ
$FXHUGRGH6DOD3OHQD\OD&LUFXODUTXHHPHUMDGHHOODQRSXHGHWRPDUVH
FRPR XQD UHVROXFLyQ MXGLFLDO SRU FXDQWR QR HV GLFWDGD GHQWUR GH XQ
SURFHVRRXQDFRQWLHQGDMXGLFLDO
DEULHQGRFRQHOORODSRVLELOLGDGGH
VRPHWHU D FRQWURO GH FRQVWLWLWXFLRQDO QRUPDWLYR GLFKRV DFXHUGRV
VLHPSUHTXHWHQJDQXQDOFDQFHJHQHUDO



 &RQWURO QRUPDWLYR SRVWHULRU R FRUUHFWLYR GH
FRQVWLWXFLRQDOLGDG5HVROXFLRQHV\QRUPDVH[FOXLGDVGHOFRQWURO
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO


W


dW^:d


6&3,PSURFHGHQFLDGHODDFFLyQGHLQFRQVWLWXFLRQDOLGDG
DEVWUDFWDSRUTXHHOFRQWUROQRUPDWLYRGHFRQVWLWXFLRQDOLGDGQRSXHGH
HIHFWXDUVHUHVSHFWRDOH\HVFX\RVHIHFWRVMXUtGLFRVHVWiQVXSHGLWDGRVD
ODFRQGLFLyQGHXQDQRUPDSRVWHULRU

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHLQFRQVWLWXFLRQDOLGDGSUHVHQWDGDSRU'LSXWDGRVGHOD
$VDPEOHD/HJLVODWLYD3OXULQDFLRQDOVHGHPDQGyODLQFRQVWLWXFLRQDOLGDG
GHORVDUWV\GHOD/H\GHGHRFWXEUHGHDOHJDQGROD
VXSXHVWDYXOQHUDFLyQGHORVDUWV,\,,,
,,\,GHOD &RQVWLWXFLyQ3ROtWLFDGHO(VWDGR &3( DVt
FRPRGHORVDUWV;,\;,,GHOD'HFODUDFLyQ$PHULFDQDGH'HUHFKRV
+XPDQRVGHOD&RQYHQFLyQ$PHULFDQDVREUH'HUHFKRV+XPDQRV\
   GHO 3URWRFROR $GLFLRQDO D OD &RQYHQFLyQ $PHULFDQD VREUH
'HUHFKRV +XPDQRV HQ PDWHULD GH 'HUHFKRV (FRQyPLFRV 6RFLDOHV \
&XOWXUDOHV
3URWRFRORGH6DQ6DOYDGRU
FRQORVVLJXLHQWHVDUJXPHQWRV
&RQODGHFODUDFLyQGHOFDUiFWHULQWDQJLEOHGHO7,31,6VHLPSLGHTXH
VH HODERUHQ SROtWLFDV SURJUDPDV R SUR\HFWRV GH GHVDUUROOR \ HV XQD
QHJDFLyQ FRQFHSWXDO DO FXPSOLPLHQWR SOHQR \ HIHFWLYR GH ODV
REOLJDFLRQHVGHO(VWDGRSDUDFRQODVRFLHGDG\HQHVSHFLDOSDUDFRQODV
FRPXQLGDGHV&KLPDQHV0RMHxR7ULQLWDULDV\<XUDFDUpVDOLPSHGLUSRU
YtD QRUPDWLYD TXH HO (VWDGR FXPSOD VXV REOLJDFLRQHV FRPR ODV GH
FRQVWUXLU XQLGDGHV HGXFDWLYDV X KRVSLWDOHV DO LQWHULRU GHO 7,31,6 
$QWHVGHODDSUREDFLyQGHOD/H\GHELyKDEHUVHFRQVXOWDGRDORV
SXHEORV LQGtJHQDV KDELWDQWHV GHO WHUULWRULR HQ YLUWXG DO GHUHFKR D OD
FRQVXOWD SUHYLD OLEUH H LQIRUPDGD VREUH WRGD PHGLGD OHJLVODWLYD R
DGPLQLVWUDWLYD VXVFHSWLEOH GH DIHFWDUOHV  (O 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO GHFODUy LPSURFHGHQWH OD DFFLyQ GH LQFRQVWLWXFLRQDOLGDG
DEVWUDFWDIRUPXODGDFRQWUDORVDUWV,,,\GHOD/H\SRUFXDQWR
ORV HIHFWRV MXUtGLFRV GH HVWD OH\ UHVSHFWR DO FDUiFWHU LQWDQJLEOH GHO
7,31,6 HVWiQ VXSHGLWDGRV D OD FRQVXOWD TXH VHUi UHDOL]DGD HQ
FXPSOLPLHQWRGHOD/H\HQHOPDUFRGHODLQWHUSUHWDFLyQHIHFWXDGD
SRU HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO SURGXFWR GH OD
FRQFHUWDFLyQHQWUHORVLQGtJHQDV\HO(VWDGR

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
'HQWURGHODQiOLVLV\MXLFLRGHFRQVWLWXFLRQDOLGDGWHQHPRVTXHOD/H\
GHFODUDODLQWDQJLELOLGDGGHO7,31,6HVGHFLUVHWUDWDGHXQDPHGLGDOHJLVODWLYDTXHHVWi
GLULJLGDDXQWHUULWRULRLQGtJHQDGHWHUPLQDGRFX\RWH[WRSXHGHDIHFWDUORVLQWHUHVHVGH
ORV SXHEORV \ QDFLRQHV LQGtJHQDV RULJLQDULRV FRQVWLWXLGRV GHQWUR GHO PHQFLRQDGR
WHUULWRULRSRUORWDQWRWHQLHQGRHQFXHQWDORSUHYLDPHQWHGHVDUUROODGRHQHOIXQGDPHQWR
MXUtGLFR ,,, GH HVWD 6HQWHQFLD HQ HO TXH VH LQWHUSUHWy ORV DOFDQFHV GHO GHUHFKR D OD
FRQVXOWDHVWDEOHFLGDHQHODUW,,GHOD&3(VHDILUPyWH[WXDOPHQWHTXH
 GDUtD
ODLPSUHVLyQGHTXHODFRQVXOWDSUHYLDREOLJDWRULDVyORFRUUHVSRQGHUtDFXDQGRVHUHILHUD

W


dW^:d
D OD H[SORWDFLyQ GH ORV UHFXUVRV QDWXUDOHV QR UHQRYDEOHV SRU OR TXH FXDOTXLHU RWUR
SURFHGLPLHQWRGHFRQVXOWDTXHQRREHGH]FDDHVWHVXSXHVWRVHUtDLQFRQVWLWXFLRQDOVLQ
HPEDUJRODQRUPDSUHYLDPHQWHFLWDGDFRQWLHQHGRVSDUWHVODSULPHUDHQODTXHVRVWLHQH
HO GHUHFKR D OD FRQVXOWD TXH WLHQHQ ORV LQGtJHQDV FDGD YH] TXH VH SUHYHD PHGLGDV
OHJLVODWLYDVRDGPLQLVWUDWLYDVTXHSXGLHUDQDIHFWDUOHVVLQTXHVHHVSHFLILTXHDTXpWLSR
GHPHGLGDVVHUHILHUHHQODVHJXQGDSDUWHVHHVWDEOHFHTXHODFRQVXOWDSUHYLDVHUHVSHWD
\ JDUDQWL]D SRU HO (VWDGR UHVSHFWR D OD H[SORWDFLyQ GH ORV UHFXUVRV QDWXUDOHV QR
UHQRYDEOHVSHURVLQXWLOL]DUXQWpUPLQRTXHDILUPHTXHVyORHQWDOHVFDVRVSURFHGHOD
FRQVXOWD SUHYLD OLEUH H LQIRUPDGD SRU OR TXH GLFKD QRUPD QR HVWi FHUUDGD D WDO
SRVLELOLGDGDGHPiVGHTXHHOSURSLR(VWDGRKDUHFRQRFLGRWDOSRVLELOLGDGDOGLFWDUOD
/H\SDUDGHILQLUVLHVSRVLEOHRQRODFRQVWUXFFLyQGHODFDUUHWHUD9LOOD7XQDUL6DQ
,JQDFLRGH0R[RVSRVLELOLGDGTXHHVWDPELpQUHFRQRFLGDSRUORVSURSLRVWUDWDGRV\
FRQYHQLRV LQWHUQDFLRQDOHV VREUH HVWD PDWHULD \ OD MXULVSUXGHQFLD GH OD &RUWH
,QWHUDPHULFDQDGH'HUHFKRV+XPDQRV


'HQWURGHHVWHRUGHQGHLGHDVWHQHPRVTXHORVDFFLRQDQWHVGHQXQFLDQTXHHOFRQWHQLGR
GH OD /H\  SRGUtD FRQVWLWXLUVH HQ XQD PHGLGD TXH SXGLHUD HQWRUSHFHU R LQFOXVLYH
LQYLDELOL]DUHOFXPSOLPLHQWRGHORVILQHV\IXQFLRQHVHVHQFLDOHVGHO(VWDGRHQWRGRVVXV
QLYHOHV GH RUJDQL]DFLyQ WHUULWRULDO HQ FXDQWR DO DFFHVR D ORV VHUYLFLRV EiVLFRV \ OD
PDWHULDOL]DFLyQGHORVGHUHFKRVIXQGDPHQWDOHVDODVDOXGHGXFDFLyQYLYLHQGDGHORV
LQWHJUDQWHVGHORVSXHEORV\QDFLRQHVLQGtJHQDVUHVLGHQWHVGHQWURGHOFLWDGRWHUULWRULR
LQGtJHQDDQWHHVWRVDQWHFHGHQWHVHVFODURTXHHVWDPRVIUHQWHDXQDPHGLGDOHJLVODWLYD
TXHWLHQHSRUREMHWRHOSURWHJHUHOFLWDGRWHUULWRULRLQGtJHQDDVSHFWRTXHDFULWHULRGHOD
SDUWH DFFLRQDQWH DIHFWD ORV GHUHFKRV KXPDQRV GH ORV KDELWDQWHV GHO PLVPR WHUULWRULR
LQGtJHQDHVGHFLUTXHGLFKDPHGLGDOHJLVODWLYDSXHGHDIHFWDUODIRUPDGHYLGDGHORV
SXHEORVLQGtJHQDVSRUORWDQWRpVWDHVXQDPHGLGDOHJLVODWLYDTXHSRUODVFDUDFWHUtVWLFDV
VHxDODGDVWLHQHTXHVHUREMHWRGHXQDFRQVXOWDOLEUHLQIRUPDGD\FRQFHUWDGDDXQTXHQR
SXHGD VHU SUHYLD \D TXH OD /H\ \D IXH REMHWR GH DSUREDFLyQ SRU SDUWH GHO UJDQR
/HJLVODWLYR /H\ DVSHFWRTXHQRGHEHQLSXHGHHYLWDUHOGHUHFKRFROHFWLYRGHORV
SXHEORV\QDFLRQHVLQGtJHQDVDSURQXQFLDUVH\DVHDSRUVXDSUREDFLyQRUHFKD]RDGLFKD
PHGLGD OHJLVODWLYD PHGLDQWH OD LPSOHPHQWDFLyQ GH XQ SURFHVR GH FRQVXOWD OLEUH
FRQFHUWDGDHLQIRUPDGDHQHOTXHVHGDUiXQDUHVSXHVWDSRVLWLYDRQHJDWLYDUHVSHFWRDO
REMHWRGHOD/H\

(OOR LPSOLFD HQ ORV KHFKRV TXH HO FRQWHQLGR GH OD /H\  HV GHFLU VXV HOHPHQWRV
GLVSRVLWLYRVVHUiQGHILQLGRVGHQWURGHOSURFHVRFRQVXOWLYRDUHDOL]DUVHDOFXPSOLPLHQWR
GHOD/H\\DORVDOFDQFHVGHODSUHVHQWH6HQWHQFLDSRUORWDQWRVLJXLHQGRHVHRUGHQ
GHLGHDVWHQHPRVTXHOD/H\SRUHIHFWRGHOD/H\QRSXHGHVHUPDWHULDOL]DGD
GHPDQHUDLQPHGLDWD\DTXHVXVHIHFWRVVHHQFXHQWUDQVXSHGLWDGRVDODUHDOL]DFLyQGH
ODFRQVXOWD\TXHVXQDWXUDOH]DREMHWR\DOFDQFHVHDQGHILQLGRVFRQMXQWDPHQWHHO(VWDGR
\ORVSXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRVHQORVWpUPLQRVGHEXHQDIH\FRQFHUWDFLyQ
\DUHIHULGRV

$KRUD VL WRPDPRV HQ FXHQWD TXH OD FRQVXOWD SUHYLD HV XQ GHUHFKR FROHFWLYR
IXQGDPHQWDO LUUHQXQFLDEOH LQKHUHQWH D ORV SXHEORV LQGtJHQDV FX\R Q~FOHR HVHQFLDO
REOLJDDO(VWDGRDUHDOL]DUODEDMRORVSDUiPHWURVHVWDEOHFLGRVHQODSUHVHQWH6HQWHQFLD
FRQFOXLPRVTXHODDSOLFDFLyQGHORVHIHFWRVMXUtGLFRVGHOD/H\HVWiQVXSHGLWDGRVD
ORVUHVXOWDGRVGHODFRQVXOWDDUHDOL]DUVHTXHGHWHUPLQDUiVLODLQWDQJLELOLGDGHVRQR
DSOLFDEOHDO7,31,6\ORVDOFDQFHVGHODPLVPDSURGXFWRGHODFRQFHUWDFLyQHQWUHORV
SXHEORVLQGtJHQDV\HO(VWDGR

3RU OR SUHYLDPHQWH GHVDUUROODGR FRQVLGHUDQGR TXH OD DFFLyQ GH LQFRQVWLWXFLRQDOLGDG
DEVWUDFWDIRUPXODGDSRUODSDUWHDFFLRQDQWHFHQWUDVXVIXQGDPHQWRVMXUtGLFRVVREUHOD
SRVLEOHLQFRQVWLWXFLRQDOLGDGGHODLQWDQJLELOLGDGSRUYXOQHUDUORVGHUHFKRVGHORVSXHEORV
LQGtJHQDVORTXHHQUHDOLGDGVHH[LJHHVTXHODMXULVGLFFLyQFRQVWLWXFLRQDOVHSURQXQFLH
VREUH OD QDWXUDOH]D MXUtGLFD \ DOFDQFHV GH OD PLVPD WDUHD TXH HVWH 7ULEXQDO HVWi

W


dW^:d


LPSRVLELOLWDGRGHUHDOL]DUSRUTXHWDOHVHOHPHQWRVVHGHILQLUiQGHQWURGHOSURFHVRGHOD
FRQVXOWDTXHWLHQHSRUHVSHFLDOPLVLyQHOGHWHUPLQDUSUHFLVDPHQWHWDODVSHFWRSRUOR
TXH OD MXULVGLFFLyQ FRQVWLWXFLRQDO QR SXHGH QL GHEH SURQXQFLDUVH VREUH HVWH H[WUHPR
DVSHFWR TXH GHWHUPLQD OD LPSURFHGHQFLD GH OD GHPDQGD GH LQFRQVWLWXFLRQDOLGDG
SODQWHDGDUHVSHFWRDORVDUWV,,,\GHOD/H\



6LQWHVLVGHODUDWLRGHFLGHQGL

'HFODUD  LPSURFHGHQWH OD DFFLyQ GH LQFRQVWLWXFLRQDOLGDG DEVWUDFWD
IRUPXODGDFRQWUDORVDUWV,,,\GHOD/H\SRUFXDQWRORV
HIHFWRVMXUtGLFRVGHHVWDOH\UHVSHFWRDOFDUiFWHULQWDQJLEOHGHO7,31,6
HVWiQVXSHGLWDGRVDODFRQVXOWDTXHVHUiUHDOL]DGDHQFXPSOLPLHQWRGHOD
/H\  HQ HO PDUFR GH OD LQWHUSUHWDFLyQ HIHFWXDGD SRU HO 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO SURGXFWR GH OD FRQFHUWDFLyQ HQWUH ORV
LQGtJHQDV\HO(VWDGR

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

3UHFHGHQWHIXQGDQWH6&3

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,
VHFRQFOX\HODLPSRVLELOLGDGPDWHULDOGHTXHHO7ULEXQDO&RQVWLWXFLRQDO
3OXULQDFLRQDO HIHFW~H FRQWUROQRUPDWLYR \ VH SURQXQFLH VREUH ODFRQVWLWXFLRQDOLGDGR
LQFRQVWLWXFLRQDOLGDGGHXQDQRUPDVXSHGLWDGDDODFRQGLFLyQGHRWUDTXHMXUtGLFDPHQWH
OD FRPSOHPHQWD SRU HQGH VX FRQVLGHUDFLyQ QR SXHGH HIHFWLYL]DUVH VL VX FRQWHQLGR
QRUPDWLYRHVWiVXSHGLWDGRRFRQGLFLRQDGRSRURWUDQRUPDMXUtGLFDSRVWHULRU

'HVGHHOSURFHGLPLHQWROHJLVODWLYRODFRQVXOWDSUHYLDDORVSXHEORVLQGtJHQDVGHEHVHU
REVHUYDGR GDGR TXH HVD RPLVLyQ DIHFWD HO FRQWHQLGR GH OD QRUPD SURGXFLHQGR XQD
LQFRQVWLWXFLRQDOLGDGVLQHPEDUJRFXDQGRXQDQRUPDVHSURPXOJyVLQFXPSOLUFRQGLFKR
UHTXLVLWRSHURDVXYH]HOOHJLVODGRURUGLQDULRHPLWHRWUDQRUPDFRQHOREMHWRGHVRPHWHU
DFRQVXOWDODSULPHUDHQORVKHFKRVVHHVWiGHWHUPLQDQGRTXHODYDOLGH]GHODSULPHUD
VH HQFXHQWUD VXSHGLWDGD D OD FRQVXOWD TXH HO OHJLVODGRURUGLQDULRKD GHWHUPLQDGR FRQ
REMHWRGHVRPHWHUDFRQVXOWDODSULPHUD



9RWR'LVLGHQWH

/D6&3WLHQHHOYRWRGLVLGHQWHGHO7DWD*XDOEHUWR&XVLTXLHQ
VRVWLHQHTXHVHGHELyGHFODUDUODFRQVWLWXFLRQDOLGDGFRQGLFLRQDGDGHORV
DUWV,,,\GHOD/H\KDVWDODFHOHEUDFLyQGHODFRQVXOWDDOD
TXHVHUHILHUHOD/H\





)LFKD

W


dW^:d

7LSR-XULVSUXGHQFLD

-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3,PSURFHGHQFLDGHODDFFLyQGHLQFRQVWLWXFLRQDOLGDG
DEVWUDFWD UHVSHFWR D QRUPDV TXH QR VH HQFXHQWUHQ YLJHQWHV R FX\R
FRQWHQLGRKXELHUHVLGRPRGLILFDGR

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHLQFRQVWLWXFLRQDOLGDGSUHVHQWDGDSRU'LSXWDGRVGHOD
$VDPEOHD/HJLVODWLYD3OXULQDFLRQDOVHGHPDQGyODLQFRQVWLWXFLRQDOLGDG
GHORVDUWVLQFD \GHOD/H\GHGHIHEUHURGH
SRUVHUSUHVXQWDPHQWHFRQWUDULRVDORVDUWV,9,,
\,,,SDUiJUDIR,,GHOD&3(\GHOD&RQYHQFLyQ
GH9LHQDVREUHHO'HUHFKRGHORV7UDWDGRVGHGHPD\RGHGHO
&RQYHQLRGHOD2UJDQL]DFLyQ,QWHUQDFLRQDOGHO7UDEDMR 2,7 \
\GHOD'HFODUDFLyQGHODV1DFLRQHV8QLGDVVREUHORV'HUHFKRVGHORV
3XHEORV,QGtJHQDVFRQORVVLJXLHQWHVDUJXPHQWRVD(ODUWGHOD/H\
YLROyGHPDQHUDIODJUDQWHHODUW,,GHOD&3(GHELGRDTXH
ODFRQVXOWDQRWLHQHHOFDUiFWHUGHSUHYLDHQPpULWRDTXHSUHFLVDPHQWH
KXERDFWRVOHJLVODWLYRV\DGPLQLVWUDWLYRVTXHDIHFWDURQHO7,31,6DQWHV
GHUHDOL]DUVHODFRQVXOWDREMHWRGHODPHQFLRQDGD/H\E/RVDUWV
D \GHOD/H\YXOQHUDQHOGHUHFKRGHORVSXHEORVLQGtJHQDVDVHU
FRQVXOWDGRVPHGLDQWHVXVSURFHGLPLHQWRV\DWUDYpVGHVXVLQVWLWXFLRQHV
SRUTXH XQLODWHUDOPHQWH HVWDEOHFHQ HO SURFHVR \ SURFHGLPLHQWR GH OD
FRQVXOWD F (O DUW  GH OD /H\  WDPELpQ OHVLRQD HO GHUHFKR D ORV
SXHEORV LQGtJHQDV D VHU FRQVXOWDGRV D WUDYpV GH VXV SURFHGLPLHQWRV H
LQVWLWXFLRQHV DO HVWDEOHFHU OD SDUWLFLSDFLyQ GHO yUJDQR HMHFXWLYR HQ HO
SURFHVRGHFRQVXOWDG(ODUWGHOD/H\OHVLRQDHOGHUHFKRTXH
WLHQHQORVSXHEORVLQGtJHQDVDTXHODFRQVXOWDVHOOHYHDGHODQWHDWUDYpV
GH VXV SURSLDV LQVWLWXFLRQHV SRUTXH SUHYp LQWHUYHQFLyQ GHO UJDQR
(OHFWRUDO3OXULQDFLRQDOH(OSOD]RSUHYLVWRHQHODUWGHOD/H\
GHEHVHUGHILQLGRDSDUWLUGHODSURSLDLQVWLWXFLRQDOLGDGLQGtJHQDGHVXV
QRUPDV VXV XVRV \ FRVWXPEUHV VXV IRUPDV GH RUJDQL]DFLyQ \ VXV
DXWRULGDGHVQDWXUDOHV(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOGHFODUy
/DFRQVWLWXFLRQDOLGDGGHODUWHQFXDQWRDOREMHWRGHFRQVXOWD\GHO
DUWDPERVGHOD/H\/DFRQVWLWXFLRQDOLGDGGHODUWHQFXDQWR
D OD IUDVH
\ HVWDEOHFHU HO FRQWHQLGR GH HVWH SURFHVR \ VXV
SURFHGLPLHQWRV
 \ GH ORV DUWV   LQF D   \  GH OD /H\ 
FRQGLFLRQDGD D VX FRQFHUWDFLyQ  ,PSURFHGHQWH OD DFFLyQ GH
LQFRQVWLWXFLRQDOLGDG DEVWUDFWD  IRUPXODGD UHVSHFWR DO DUW  GH OD /H\
  $Vt PLVPR OD 6&3  D ,QVWy D ORV SXHEORV LQGtJHQD
W


dW^:d


RULJLQDULRFDPSHVLQRVKDELWDQWHVGHO7,31,6DTXHHQHMHUFLFLRGHVXV
GHUHFKRV\FRQHOREMHWRGHPDWHULDOL]DUORVPLVPRVFRDG\XYHQFRQVX
SDUWLFLSDFLyQDHQWDEODUXQGLiORJRFRQHO(VWDGRDREMHWRGHDVXPLUORV
DFXHUGRVQHFHVDULRVSDUDHIHFWLYL]DUODFRQVXOWDSURSLFLDQGRSDUDHOORDO
LQWHULRUGHVXVFRPXQLGDGHVXQSURFHVRGHFRQFHUWDFLyQHQHOTXHVH
HVWDEOH]FDQ VXV SULRULGDGHV UHVSHFWR DO SURFHVR HQ Vt GH FRQVXOWD ODV
FXDOHVVHYHUiQUHIOHMDGDVDOPRPHQWRGHGHVDUUROODUVHHOGLiORJRHQWUH
SDUWHV E ([KRUWy D OD $VDPEOHD /HJLVODWLYD 3OXULQDFLRQDO D VHU
FRDG\XYDQWHHQODIDFLOLWDFLyQGHODFRQFHUWDFLyQ\HQODFRQILJXUDFLyQ
SRVWHULRU GH ORV DFXHUGRV DVXPLGRV F 'HWHUPLQy TXH HO UJDQR
(MHFXWLYRSURSLFLH\IDFLOLWHHOGLiORJRQHFHVDULRFRQGLFKRVSXHEORVG
'LVSXVRTXHDQWHHOLQFXPSOLPLHQWRGHORVWpUPLQRVGHVDUUROODGRVHQOD
6HQWHQFLD UHIHULGRV DO SURFHVR GH FRQVXOWD VH WHQGUiQ H[SHGLWDV ODV
DFFLRQHVWXWHODUHVSDUDDFWLYDUODMXVWLFLDFRQVWLWXFLRQDOHQGHIHQVDGH
ORV GHUHFKRV IXQGDPHQWDOHV FROHFWLYRV LQKHUHQWHV D ORV SXHEORV
LQGtJHQDV

([WUDFWRGHODUDWLRGHFLGHQGL

)- ,,,
 OD FRQGLFLyQ SDUD LPSXJQDU QRUPDV FRQVLGHUDGDV
LQFRQVWLWXFLRQDOHVHVTXHODVPLVPDVVHHQFXHQWUHQYLJHQWHVRTXHVX
FRQWHQLGR QR KXELHUH VLGR PRGLILFDGR HV GHFLU TXH QR KD\DQ VLGR
GHURJDGDVRPRGLILFDGDVSRURWUDVQRUPDVGHPDQHUDH[SOtFLWDRWiFLWD
 SXHV DWHQGLHQGR D OD ILQDOLGDG GH HVWD DFFLyQ TXH HV SUHFLVDPHQWH
GHSXUDU GHO RUGHQDPLHQWR MXUtGLFR GH QRUPDV FRQVLGHUDGDV
LQFRQVWLWXFLRQDOHVQRWHQGUtDVHQWLGRSURQXQFLDUVHVREUHXQDQRUPDTXH
\DQRIRUPDSDUWHGHORUGHQDPLHQWRMXUtGLFRRTXHD~QIRUPDQGRSDUWH
GH pO KD VLGR PRGLILFDGD SRU XQD QRUPD SRVWHULRU HQ HO WH[WR TXH
SUHFLVDPHQWH HV FXHVWLRQDGR D WUDYpV GH OD DFFLyQ GH
LQFRQVWLWXFLRQDOLGDGDEVWUDFWD
 
(OORLPSOLFDFRQIRUPHVHSUHFLVySUHFHGHQWHPHQWHODLPSRVLELOLGDG
PDWHULDOGHTXHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHIHFW~HFRQWURO
QRUPDWLYR\VHSURQXQFLHVREUHODFRQVWLWXFLRQDORLQFRQVWLWXFLRQDOGH
XQDQRUPDTXHQRIRUPDSDUWHGHORUGHQDPLHQWRMXUtGLFRSRUHQGHVX
FRQVLGHUDFLyQ FDUHFH GH UHOHYDQFLD FRQVWLWXFLRQDO HQ WpUPLQRV GH
FRQWURO QRUPDWLYR GH FRQVWLWXFLRQDOLGDG GDGR TXH HOOR UHVXOWDUtD XQD
PHUDHQXQFLDFLyQGHFODUDWLYD\QRFRQVWLWXWLYDSRUFXDQWRODQRUPD\D
QRHVWiYLJHQWH
'HQWURGHOSUHVHQWHFDVRHODUWGHOD/H\KDVLGRH[SUHVDPHQWH
PRGLILFDGR SRU OD /H\  GH  GH PD\R GH  SRU OD TXH VH
PRGLILFy HO SOD]R GH FLHQWR YHLQWH  D GRVFLHQWRV GLH] GtDV SDUD OD
UHDOL]DFLyQGHODFRQVXOWDVLWXDFLyQTXHLPSOLFDTXHHODUWHQHVWXGLR
QR HVWi YLJHQWH SRU HQGH OD MXULVGLFFLyQ FRQVWLWXFLRQDO QR SXHGH
SURQXQFLDUVHVREUHXQDQRUPDTXH\DQRHVWiYLJHQWHSRUORTXHQRVH
FXPSOH FRQ XQR GH ORV UHTXLVLWRV GH SURFHGHQFLD SDUD SRGHU HQWUDU D
W


dW^:d

UHDOL]DU HO FRQWURO GH FRQVWLWXFLRQDOLGDG SRU OR TXH HQ PpULWR D WDOHV
DQWHFHGHQWHV FRUUHVSRQGH HVWDEOHFHU OD LPSURFHGHQFLD GH OD DFFLyQ
SUHVHQWDGDFRQWUDHODUWGHOD/H\


6LQWHVLVGHODUDWLRGHFLGHQGL

'HFODUD LPSURFHGHQWH OD DFFLyQ GH LQFRQVWLWXFLRQDOLGDG DEVWUDFWD
IRUPXODGDUHVSHFWRDODUWGHOD/H\HQUD]yQDODLPSURFHGHQFLD
GH HVWD DFFLyQ GH FRQWURO QRUPDWLYR UHVSHFWR D QRUPDV TXH QR VH
HQFXHQWUHQYLJHQWHVRFX\RFRQWHQLGRKXELHUHVLGRPRGLILFDGRGHELGR
DTXHVXFRQWHQLGRUHIHULGRDOSOD]RSDUDODUHDOL]DFLyQGHODFRQVXOWD
IXHPRGLILFDGRSRUOD/H\

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O 7ULEXQDO &RQVWLWXFLRQDO GHVDUUROOy XQD XQLIRUPH OtQHD
MXULVSUXGHQFLDO VREUH OD LPSURFHGHQFLD GH OD DFFLyQ GH
LQFRQVWLWXFLRQDOLGDGDEVWUDFWDUHVSHFWRDQRUPDVTXHQRVHHQFXHQWUHQ
YLJHQWHV R FX\R FRQWHQLGR KXELHUH VLGR PRGLILFDGR FRQWHQLGD HQ ORV
VLJXLHQWHV SUHFHGHQWHV 6&  UHLWHUDGD HQ ODV 66&&
   $$&& &$ \ 
&$66&&\\$&&$HQWUH
RWUDV 3RU OR TXH OD 6&3  VH FRQVWLWX\H HQ XQD SULPHUD
VHQWHQFLDFRQILUPDGRUD

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

&RPRSUHFHGHQWHLPSOtFLWRVHWLHQHDOD6&SRVWHULRUPHQWHOD
6&GHPDQHUDH[SUHVDVHxDOy

,,,$WUDYpVGHOUHFXUVRGLUHFWRRDEVWUDFWRGHLQFRQVWLWXFLRQDOLGDG
FRPR YtD GH FRQWURO D SRVWHULRUL VH LPSHOH DO yUJDQR HQFDUJDGR GHO
FRQWURO GH FRQVWLWXFLRQDOLGDG GH HPLWLU XQ SURQXQFLDPLHQWR TXH YHUVH
VREUHODFRQVWLWXFLRQDOLGDGRLQFRQVWLWXFLRQDOLGDGSXUDGHODQRUPDTXH
VH DWDFD QRUPD TXH QHFHVDULDPHQWH GHEH IRUPDU SDUWH GHO GHUHFKR
SRVLWLYRHVGHFLUGHOGHUHFKRTXHVHHQFXHQWUDHQYLJHQFLD\UHJXODHQ
XQGHWHUPLQDGRPRPHQWR



1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
W


dW^:d


7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   1R SURFHGH OD DFFLyQ GH LQFRQVWLWXFLRQDOLGDG
DEVWUDFWD R FRQFUHWD FXDQGR OD QRUPD VRPHWLGD D FRQWURO GH
FRQVWLWXFLRQDOLGDGQRWHQJDFDUiFWHUQRUPDWLYRHVGHFLUQRFXPSOD
FRQORVUHTXLVLWRVGHDEVWUDFFLyQ\JHQHUDOLGDG

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH LQFRQVWLWXFLRQDOLGDG DEVWUDFWD XQ 'LSXWDGR GH OD
$VDPEOHD
/HJLVODWLYD
3OXULQDFLRQDOLGDG
GHPDQGD
OD
LQFRQVWLWXFLRQDOLGDGGHORVDUWV\GHOD/H\HQEDVHDORV
VLJXLHQWHVDUJXPHQWRV (QFRQWUDYHQFLyQGHORVDUWV\GHOD
&3( OD DSOLFDFLyQ GH OD OH\ FXHVWLRQDGD DO iUHD XUEDQD LPSOLFD OD
UHYHUVLyQGHODSURSLHGDGSULYDGD (ODUWtFXORSULPHURDOGHMDUVLQ
HIHFWR XQ DXWR VXSUHPR FRQ FDOLGDG GH FRVD MX]JDGD \ RUGHQDQ]DV
PXQLFLSDOHV FRQ UDQJR GH OH\ LPSLGHQ \ YXOQHUDQ HO HMHUFLFLR GH OD
SURSLHGDG SULYDGD GHUHFKR WDPELpQ DIHFWDGR SRU HO DUW FXDUWR TXH
RUGHQyDODVRILFLQDVGH'HUHFKRV5HDOHVODLQVFULSFLyQGHWtWXORVQXORV
VLQ FRQVLGHUDU ORV DVSHFWRV DQWHV DQRWDGRV   /D DSOLFDFLyQ DO iUHD
XUEDQDGHXQDOH\FRQYDOLGH]PDWHULDOSDUDHOiUHDUXUDODIHFWDORVDUWV
,,  \ ,,, GH OD &3( JHQHUDQGR DGHPiV XQ FRQIOLFWR GH
DSOLFDFLyQ QRUPDWLYD \ XQD LQMHUHQFLD GH OD MXULVGLFFLyQ DJUDULD HQ OD
RUGLQDULD DVSHFWR HYLGHQWH SRUTXH HO iPELWR DJUDULR QR UHFRQRFH OD
ILJXUDGHODXVXFDSLyQ\ 6HRWRUJDUtDXQWUDWRGLIHUHQFLDGRDIDYRUGH
XQJUXSRGHSHUVRQDVHQSHUMXLFLRGHOFLXGDGDQRFRP~QYXOQHUDQGRSRU
WDQWRHOSULQFLSLRGHLJXDOGDG\SRUHQGHORVDUWV,,\\GHOD
&3((O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOGHFODUyLPSURFHGHQWHOD
DFFLyQ\DTXHHVWDQRUH~QHORVUHTXLVLWRVGHDEVWUDFFLyQ\JHQHUDOLGDG
SDUDHIHFWXDUVHHOFRQWUROGHFRQVWLWXFLRQDOLGDGDVSHFWRTXHSXHGHVHU
YHULILFDGRSRUTXHHODUWGHODOH\FXHVWLRQDGDHOHYyDUDQJRGHOH\WUHV
5HVROXFLRQHV 6XSUHPDV GHILQLHQGR GHUHFKR SURSLHWDULR D IDYRU GH
SHUVRQDVTXHIXHURQGRWDGDVGHWLHUUDV

([WUDFWRGHODUDWLRGHFLGHQGL

/D6&3HVWDEOHFH

,,,
$QiOLVLVGHOFDVRFRQFUHWR

/D /H\  FXHVWLRQDGD GH LQFRQVWLWXFLRQDO WXYR VX RULJHQ HQ OD LQLFLDWLYD GH XQ
'LSXWDGR 1DFLRQDO TXH SUHVHQWy HO 3UR\HFWR GH /H\ HO DxR  EDMR HO Q~PHUR
VLHQGRREMHWRGHFRQVXOWDDO$OFDOGH0XQLFLSDODLGH6XFUH\VLJXLHQGR
VXFXUVRHQVXHODERUDFLyQVHGLFWyOD5HVROXFLyQ&DPDUDOGHGHMXQLR
GH  GH FRQIRUPLGDG FRQ HO DUW  GHO 5HJODPHQWR *HQHUDO GH OD &iPDUD GH
'LSXWDGRVVREUHGLVSHQVDFLyQGHWUDPLWHVGHYDULRVSUR\HFWRVGHOH\HQWUHHOODVOD/H\

W


dW^:d
 GH  GH DEULO GH  REMHWR GH OD SUHVHQWH DFFLyQ GDWRV H[WUDFWDGRV GH OD
GRFXPHQWDFLyQFRPSOHPHQWDULDVROLFLWDGDDOD$VDPEOHD/HJLVODWLYD3OXULQDFLRQDO

(QHOFDVRTXHPRWLYDODLQWHUSRVLFLyQGHHVWDDFFLyQVHGHPDQGDODLQFRQVWLWXFLRQDOLGDG
GHOWH[WRWRWDOGHOD/H\HVWDEOHFLpQGRVHGHVXFRQWHQLGRTXHODGLVSRVLFLyQOHJDO
VHUHILHUHDFDVRVFRQFUHWRV\HQWDOVHQWLGRQRUH~QHORVHOHPHQWRVGHDEVWUDFFLyQ\
JHQHUDOLGDG TXH SHUPLWD D HVWH 7ULEXQDO HIHFWXDU HO FRQWURO GH FRQVWLWXFLRQDOLGDG
YHULILFDQGRODFRPSDWLELOLGDGRLQFRPSDWLELOLGDGGHODQRUPDFRQORVSUHFHSWRVDOHJDGRV
GHLQFRQVWLWXFLRQDOHV

/RDILUPDGRHVHYLGHQWHSRUTXHHIHFWXDGRHODQiOLVLVGHODGLVSRVLFLyQOHJDOLPSXJQDGD
GHLQFRQVWLWXFLRQDOLGDGVHHVWDEOHFHTXHHODUWtFXORSULPHURGHOD/H\HOHYyDUDQJR
GHOH\WUHV5HVROXFLRQHV6XSUHPDVGHFX\RFRQWHQLGRVHHVWDEOHFHORVLJXLHQWH

/D 56  HV HPHUJHQWH GH XQ WUiPLWH DJUDULR GH DIHFWDFLyQ FDOLILFDQGR D OD
SURSLHGDG
7XFVXSD\D
 XELFDGD HQ HO FDQWyQ 6DQ 6HEDVWLiQ GH OD SURYLQFLD 2URSH]D
GHQWURGHOWUiPLWHDJUDULRVHJXLGRSRU0DQXHO%HMDUDQRFRQWUD7HOPR'iYDORVFRPR
IXQGRDIHFWDEOHHQVXLQWHJULGDGDVLJQDQGRDFDGDFDPSHVLQRGHWHUPLQDGDVKHFWiUHDV
DVLPLVPRRWUDVDVLJQDFLRQHVSDUDiUHDHVFRODU\FHQWUDOFDPSHVLQDKDFLHQGRLQFLGHQFLD
VREUH OD GRWDFLyQ GH P D FDGD FDPSHVLQR HQ OD ]RQD XUEDQD TXH GHYLQR HQ HVD
FDOLGDGSRUXQD2UGHQDQ]D0XQLFLSDOGHGHPD\RGHTXHDPSOLyHOUDGLRXUEDQR

/DLQGLFDGD5HVROXFLyQ6XSUHPDWDPELpQIDFXOWyDOD$OFDOGtDUHDOL]DUHOWUiPLWHHQXVR
GHODIDFXOWDGRWRUJDGDSRUHO'/HOHYDGRDUDQJRGH/H\HOGHRFWXEUHGH
HQ VXMHFLyQ DO DUW  GHO PLVPR 'HFUHWR TXH D OD OHWUD VHxDOD
/RV FDPSHVLQRV TXH
RFXSDEDQFRQGRVDxRVGHDQWHULRULGDGDOSUHVHQWH'HFUHWR/H\6D\DxDVSHJXMDOHVR
DUULHQGRV SRGUiQ FRQVHUYDU SUHYLR SDJR GHO YDORU GHO WHUUHQR KDVWD  P FRPR
GRWDFLyQGHYLYLHQGD\WHQGUiQGHUHFKRDXQDLQGHPQL]DFLyQHTXLYDOHQWHDOSHUMXLFLR
TXHVXIUDQSRUODSHUGLGDGHVXVFXOWLYRVHLQVWDODFLRQHV\XQDVXPDSRUFRQFHSWRGH
GHVDKXFLRSRUHOOXFURFHVDQWHHTXLYDOHQWHDOSURPHGLRDQXDOGHVXUHQWDFDOFXODGDVREUH
VXV LQJUHVRV REWHQLGRV FRQ VX WUDEDMR HQ ORV GRV ~OWLPRV DxRV VREUH HO WHUUHQR TXH
UHYLHUWDDUD]yQGHXQDUHQWDDQXDOSRUDxRTXHKXELHVHRFXSDGRHOWHUUHQRKDVWDHOOtPLWH
GHFLQFRUHQWDV


/D VHJXQGD 56  FRPSOHPHQWD HO FRQWHQLGR GH OD SULPHUD 56   HQ
VHQWLGRGHTXHOD$OFDOGtD0XQLFLSDOGH6XFUHGLFWDUiODVGHWHUPLQDFLRQHVSHUWLQHQWHV
VREUHORVWHUUHQRVTXHGHYLQLHURQFRPRXUEDQRVHQUD]yQGHOD2UGHQDQ]D0XQLFLSDOGH
GHPD\RGH/RVFXDUHQWD\VHLVFDPSHVLQRVTXHGDQFRPRSURSLHWDULRVGHVXV
DVHQWDPLHQWRV GRQGH SRVHtDQ \ WUDEDMDEDQ DO  GH DJRVWR GH  6H PDQWLHQHQ VLQ
PRGLILFDFLyQORVLQFLVRVE F \G HVGHFLUHOLQFE HVODDVLJQDFLyQSDUDiUHDHVFRODU
HOLQFF ODDVLJQDFLyQSDUDFHQWUDOFDPSHVLQD\HOLQFG VHUHILHUHDORVWHUUHQRVTXH
GHYLQLHURQDVHUXUEDQRVGHQWURGHORVFXDOHVORVFDPSHVLQRVWLHQHQPFDGDXQR

/D WHUFHUD 56  UHVROYLy XQD GHPDQGD GH QXOLGDG GH OD 5HVROXFLyQ 6XSUHPD
GHGHMXOLRGHTXHGHFODUyQXORV\VLQHIHFWRORVWtWXORVHMHFXWRULDOHV
RWRUJDGRVVREUHHOiUHDTXHIXHLQFRUSRUDGDDOUDGLRXUEDQRIXQGDPHQWDQGRHQVHQWLGR
GH TXH ODV 5566  \  HQ FX\R FXPSOLPLHQWR VH H[SLGLHURQ WtWXORV
HMHFXWRULDOHVDGTXLULHURQODFDOLGDGGHFRVDMX]JDGDHLQDPRYLEOHDWHQRUGHORVDUWV
GHOD&3(\DUW\GHO'6\ODUHYLVLyQ\GLFWDFLyQGHXQDQXHYD5HVROXFLyQ
HVDUELWUDULD \GLVFUHFLRQDOGHODUWGHOD
/H\)XQGDPHQWDOGH5HIRUPD $JUDULD

UHVROYLHQGR
DQXODUOD5HVROXFLyQ6XSUHPDGHGHMXOLRGH\VHGHFODUDQ
FRQWRGRHOYDORUOHJDOODV5HVROXFLRQHV6XSUHPDV\GHGHMXOLRGH
\GHMXOLRGHUHVSHFWLYDPHQWHDVtFRPRORVWtWXORVHMHFXWRULDOHVH[SHGLGRV
HQVXFXPSOLPLHQWR


+DVWD DTXt DQDOL]DGRV ORV FRQWHQLGRV \ DOFDQFHV GH ODV 5HVROXFLRQHV 6XSUHPDV

W


dW^:d


LQPHUVDVHQHOFRQWHQLGRGHOD/H\VHHYLGHQFLDTXHODVPLVPDVUHVROYLHURQHOWUiPLWH
DJUDULRVREUHDIHFWDFLyQGHOIXQGR7XFVXSD\DTXHSRU'HFUHWR/H\ '/ HOHYDGR
DUDQJRGHOH\SRU/H\GHGHRFWXEUHGHIXHDIHFWDGDDVtHODUWGHFODUD
(O
VXHOR HO VXEVXHOR \ ODV DJXDV GHO WHUULWRULR GH OD 5HS~EOLFD SHUWHQHFHQ SRU GHUHFKR
RULJLQDULRDOD1DFLyQ%ROLYLDQD


$VXYH]ORVDUWVGHOVHxDODGR'/GHWHUPLQD
(O(VWDGRQRUHFRQRFHHOODWLIXQGLR
TXHHVODSURSLHGDGUXUDOGHJUDQH[WHQVLyQ  TXHGDQGRHOPLVPRH[WLQJXLGRHQWRGD
VXH[WHQVLyQSRUVXSDUWHHODUWH[SOLFLWDTXHGDH[WLQJXLGRHOODWLIXQGLR
 VLF \HO
DUWTXH
/DSURSLHGDGWHUULWRULDOGHILQLGDFRPRODWLIXQGLRFRQIRUPHDODUWtFXOR
TXHGDDIHFWDGDHQWRGDVXH[WHQVLyQ


$VLPLVPRUHVSHFWRDODVGRWDFLRQHVGHWLHUUDVHIHFWXDGDVSRUHO6HUYLFLR1DFLRQDOGH
5HIRUPD$JUDULDHO'6GHGHDJRVWRGHHQVXDUWtFXORSULPHURVHxDOD
/DV
GRWDFLRQHV GH WLHUUDV HIHFWXDGDV SRU HO 6HUYLFLR 1DFLRQDO GH 5HIRUPD $JUDULD
FRQVWLWX\HQ SDUD ORV FDPSHVLQRV EHQHILFLDULRV R DGMXGLFDWDULRV GHUHFKR DEVROXWR GH
SURSLHGDG GHELHQGR VHU LQVFULWRV GHILQLWLYDPHQWH HQ HO 5HJLVWUR GH 'HUHFKRV 5HDOHV
WtWXORVHMHFXWRULDOHV


$VXYH]HO'/HQVXDUWH[SUHVD
/RVWULEXQDOHVGHOD-XVWLFLDRUGLQDULDGHOD
5HS~EOLFD QR SRGUiQ DQXODU QL UHYLVDU ODV GHFLVLRQHV GH ORV WUiPLWHV DJUDULRV TXH
FRQVWLWX\HQYHUGDGHVMXUtGLFDVFRPSUREDGDVLQDPRYLEOHV\GHILQLWLYDVTXHQRDGPLWHQ
XOWHULRUHV UHFXUVRV RUGLQDULRV H[WUDRUGLQDULRV GH QXOLGDG QL FRQWHQFLRVRV
DGPLQLVWUDWLYRVFREUDQGRDXWRULGDGGHFRVDMX]JDGD


(ODUWFRPSOHPHQWDH[SOLFDQGR
(QWRGRVORVWUiPLWHVRUGLQDULRV\H[WUDRUGLQDULRV
DQWHFXDOTXLHUDRUJDQLVPRMXGLFLDORDGPLQLVWUDWLYRORVWtWXORVHMHFXWRULDOHVGHUHIRUPD
DJUDULDH[SHGLGRVSRUOD3UHVLGHQFLDGHOD5HS~EOLFD\ODV5HVROXFLRQHV6XSUHPDVFRQ
TXHFRQFOX\HQORVSURFHGLPLHQWRVDJUDULRVFRQVWLWX\HQSUXHEDVSOHQDVTXHQRDGPLWHQ
RWUDVHQFRQWUDULR


+DVWDHVWHSXQWRSUHFLVDGDVODVGLVSRVLFLRQHVOHJDOHVFDEHLQFLGLUTXHDWUDYpVGHOD56
VHFDOLILFyDODKHUHGDG7XFVXSD\DGHQWURGHOWUiPLWHDJUDULRFRPRDIHFWDEOHHQ
VX LQWHJULGDG VLHQGR GRWDGRV ORV FDPSHVLQRV DGHPiV GH RWUDV GLVWULEXFLRQHV SDUD
GLVWLQWDViUHDV
&XUVD HQ HO H[SHGLHQWH WHVWLPRQLR UHPLWLGR DQWH HVWH 7ULEXQDO SRU HO ,15$ GHO
GHSDUWDPHQWR GH &KXTXLVDFD GHQWUR GHO SURFHVR GH DIHFWDFLyQ GHO IXQGR U~VWLFR
GHQRPLQDGR7XFVXSD\D $OWDVHJXLGRSRU0DQXHO%HMDUDQRFRQWUD7HOPR'iYDORVVH
HYLGHQFLD

6HJ~Q 5HVROXFLyQGH GH QRYLHPEUH GH VHGHFODUySUREDGD OD DIHFWDFLyQ GHO
SUHGLR
7XFVXSD\D$OWD
FDOLILFDQGRFRPRSURSLHGDGPHGLDQDHQYLUWXGGHXQDFXHUGR
HQWUHSDUWHVSURSLHWDULR\FDPSHVLQRV

/D 6HQWHQFLD GHO -XH] $JUDULR KDFH UHIHUHQFLD DO UHFODPR GHO SURSLHWDULR VREUH OD
LQDIHFWDELOLGDGGHOSUHGLRDSR\DGDHQTXHOD0XQLFLSDOLGDGGH6XFUHHOGHPD\RGH
DPSOLyHOUDGLRXUEDQRLQFOX\HQGRHOIXQGR
7XFVXSD\D$OWD
PRWLYRSRUHOFXDO
GHEHUHJLUVHSRUHO'HFUHWR6XSUHPR '6 GHGHDJRVWRGHVLQHPEDUJRHO$XWR
GH9LVWDGHO&RQVHMR1DFLRQDOGH5HIRUPD$JUDULDGHGHQRYLHPEUHGHVHxDOD
TXH
/D2UGHQDQ]D0XQLFLSDOSRUODTXHVHDPSOtDHOUDGLRXUEDQRGHODFLXGDGGH6XFUH
IXHSRVWHULRUDO'/KDELpQGRVHGLFWDGRMXULVSUXGHQFLDSRUHO&RQVHMR1DFLRQDO
GH 5HIRUPD $JUDULD HQ VHQWLGR GH QR GHFODUDU YiOLGDV ODV UHIHULGDV RUGHQDQ]DV
SRVWHULRUHVDO\DFLWDGR'HFUHWR


(OHYDGR HO H[SHGLHQWH DQWH HO &RQVHMR 1DFLRQDO GH 5HIRUPD $JUDULD HQ JUDGR GH
DSHODFLyQVHGLFWyHO$XWRGH9LVWDTXH
FRQILUPDHQWRGDVVXVSDUWHVODVHQWHQFLDGHO

W


dW^:d
LQIHULRU


3RU LPSHULR GHO DUW  GHO '/  HO 3UHVLGHQWH GHO (VWDGR WLHQH OD IDFXOWDG GH
ILVFDOL]DUODDSOLFDFLyQGHODVGLVSRVLFLRQHVDJUDULDVHQFX\RPpULWRUHYRFDHO$XWRGH
9LVWD\FDOLILFDD7XFVXSD\DDIHFWDEOHHQVXLQWHJULGDG\FRQIRUPHDOGHWDOOHTXHVLJXH
SDUDFXDUHQWD\VHLVFDPSHVLQRVDVHQWDGRVHQHOOXJDU\TXHKDFHQXQWRWDOKD\RWUDV
DVLJQDFLRQHVSDUDGLVWLQWDViUHDV(VWDUHVROXFLyQVHKDOODILUPDGDSRUHO3UHVLGHQWHHQ
HVHHQWRQFHVGHOD5HS~EOLFD9tFWRU3D](VWHQVVRURHOGHMXOLRGH

4XHGDHVWDEOHFLGRTXHVHGLFWyOD2UGHQDQ]D0XQLFLSDOGHGHPDU]RGHDSUREDGD
SRU/H\GHOVHQDGRHQGHHQHURGHDPSOLDQGRHOUDGLRXUEDQRGH6XFUHPDQFKD
XUEDQDTXHVHH[WHQGLy\DEDUFyHOIXQGR7XFVXSD\DHOTXHDHVDIHFKD\DVHKDOODED
UHYHUWLGRHQIDYRUGHO(VWDGR\SRUHQGHLQPHUVRHQODMXULVGLFFLyQDJUDULD

4XHGDWDPELpQGHWHUPLQDGRTXHOD56RWRUJyDFDGDFDPSHVLQRPGHQWUR
GHO UDGLR XUEDQR GHO H[ IXQGR 7XFVXSD\D TXH GHYLQR HQ WDO FDOLGDG HQ YLUWXG GH OD
2UGHQDQ]D0XQLFLSDODOXGLGD\SDUDHIHFWLYL]DU\PDWHULDOL]DUORGHWHUPLQDGRVHIDFXOWy
DOD$OFDOGtD0XQLFLSDOUHDOL]DUHOWUiPLWHHQVXMHFLyQDO'/HOHYDGRDUDQJRGH
OH\HQGHRFWXEUHGH

'LFKR '/  GH  GH DJRVWR GH  FRQWLHQH GLVSRVLFLRQHV TXH VH UHILHUHQ D
H[WHQVLRQHVXUEDQDVRUDGLRXUEDQRGHODVFDSLWDOHVGH'HSDUWDPHQWRTXHQRFXPSOHQ
IXQFLyQVRFLDOHVSHFLILFDQGRHODUWtFXORSULPHUR
7RGDVODVSURSLHGDGHVQRHGLILFDGDV
FRPSUHQGLGDV HQ ORV UDGLRV XUEDQRV GH ODV FDSLWDOHV GH 'HSDUWDPHQWR PD\RUHV GH
PWV4XHGDQVXMHWDVDOUpJLPHQOHJDOHVWDEOHFLGRSRUHOSUHVHQWHGHFUHWR


$VXYH]HODUWGLFH
/RVFDPSHVLQRVTXHRFXSDEDQFRQGRVDxRVGHDQWHULRULGDGDO
SUHVHQWH'HFUHWR/H\6D\DxDVSHJXMDOHVRDUULHQGRVSRGUiQFRQVHUYDUSUHYLRSDJRGHO
YDORU GHO WHUUHQR KDVWD  P FRPR GRWDFLyQ GH YLYLHQGD \ WHQGUtDQ GHUHFKR D XQD
LQGHPQL]DFLyQ HTXLYDOHQWH DO SHUMXLFLR TXH VXIUDQ SRU OD SpUGLGD GH VXV FXOWLYRV H
LQVWDODFLRQHV


(ODUWHVSHFLILFDTXH
/DVSURSLHGDGHVFX\DH[WHQVLyQHVWpSDUWHHQHOUDGLRXUEDQR
\SDUWHHQHOVXEXUEDQRVHDIHFWDQGHDFXHUGRDOSUHVHQWH'HFUHWR/H\SDUWHXUEDQD\
GHDFXHUGRDORV'HFUHWRV/H\1\
ODSDUWHVXEXUEDQDGHFUHWR~OWLPR
TXHIXHGHURJDGRSRUOD/H\GHO6HUYLFLR1DFLRQDOGH5HIRUPD$JUDULDGHGHRFWXEUH
GH

$VXYH]HO'/HOHYDGRDUDQJRGH/H\HOGHRFWXEUHGHHQVXDUW
GLVSRQH
(QWRGRVORVWUiPLWHVRUGLQDULRV\H[WUDRUGLQDULRVDQWHFXDOHVTXLHUDRUJDQLVPR
MXGLFLDORDGPLQLVWUDWLYRORVWtWXORVHMHFXWRULDOHVGHUHIRUPDDJUDULDH[SHGLGRVSRUOD
3UHVLGHQFLD GH OD 5HS~EOLFD \ ODV 5HVROXFLRQHV 6XSUHPDV FRQ TXH FRQFOX\HQ ORV
SURFHGLPLHQWRVDJUDULRVFRQVWLWX\HQSUXHEDVSOHQDVTXHQRDGPLWHQRWUDVHQFRQWUDULR


'H HVWD UHODFLyQ QRUPDWLYD QHFHVDULD SDUD GHWHUPLQDU OD YLQFXODFLyQ GLUHFWD D FDVRV
FRQFUHWRV VH GHVSUHQGH LUUHIXWDEOHPHQWH TXH ODV 5HVROXFLRQHV 6XSUHPDV HOHYDGDV D
UDQJRGHOH\SRUOD/H\GHPDQGDGDGHLQFRQVWLWXFLRQDOORTXHKL]RIXHRWRUJDU\
GHILQLU GHUHFKRV SURSLHWDULRV D IDYRU GH SHUVRQDV TXH IXHURQ GRWDGDV FRQ WLHUUDV
DVHYHUDFLyQ TXH DO PDUJHQ GH HVWDEOHFHUVH SRU OD FLWD GH GLVSRVLFLRQHV OHJDOHV HV
H[WUDFWDUGHODVH[SUHVLRQHVGHODFFLRQDQWHDOPRPHQWRGHLQYRFDUFRPRYXOQHUDGDOD
LJXDOGDG LQGLFDQGR TXH GLFKR GHUHFKR IXH PHQRVFDEDGR SRUTXH OD /H\ FXHVWLRQDGD
IDYRUHFLyDXQJUXSRGHSHUVRQDVHQGHVPHGURGHRWUDVUHILULpQGRVHQDWXUDOPHQWHDORV
FDPSHVLQRVGRWDGRVGHWLHUUDV

&RQVHFXHQWHPHQWH OD DFFLyQ GH LQFRQVWLWXFLRQDOLGDG DEVWUDFWD LQFRDGD VL ELHQ
H[SOtFLWDPHQWHQRVHxDODQLHVSHFLILFDHODOFDQFH\ODRSHUDWLYLGDGTXHWLHQHODQRUPD

W


dW^:d


LPSXJQDGD D GHWHUPLQDGDV VLWXDFLRQHV \ GHUHFKRV GHO FRQWHQLGR GH OD DFFLyQ VH
FRQFOX\HTXHVHUHILHUHDODVGRWDFLRQHVFRQODVTXHIXHURQEHQHILFLDGRVORVFDPSHVLQRV
GHOIXQGR7XFVXSD\DODVTXHWLHQHQVXVSDUWLFXODULGDGHVSRUTXHVXRULJHQIXHUXUDO\
OXHJR XUEDQR \ SUHFLVDPHQWH OD /H\ WDFKDGD GH LQFRQVWLWXFLRQDO QRUPD HVRV FDVRV
FRQFUHWRV

'HWRGDHVWDUHODFLyQVHFRQFOX\HTXHOD/H\GHPDQGDGDGHLQFRQVWLWXFLRQDOQRUH~QH
ODVFDUDFWHUtVWLFDVGHJHQHUDOLGDG\DEVWUDFFLyQTXHSHUPLWDDHVWH7ULEXQDOLQJUHVDUDVX
FRQVLGHUDFLyQ SRUTXH GH VHU DVt VH GHVFRQRFHUtD OD QDWXUDOH]D \ DOFDQFHV GH HVWH
,QVWLWXWRFUHDGRSDUDVDQHDUHORUGHQDPLHQWRMXUtGLFRDWUDYpVGHODYHULILFDFLyQGHOD
FRPSDWLELOLGDGGHGLVSRVLFLRQHVOHJDOHVFRQHOWH[WRFRQVWLWXFLRQDOHQDEVWUDFWRHVGHFLU
VLQ YLQFXODFLyQ D LQWHUHVHV SDUWLFXODUHV VLWXDFLyQ TXH DO QR FRQFXUULU HQ HVWH FDVR
LQYLDELOL]DVXFRQVLGHUDFLyQ

)LQDOPHQWH HO DUW  GHO &3&R VHxDOD TXH OD VHQWHQFLD SRGUi GHFODUDU OD
FRQVWLWXFLRQDOLGDG R LQFRQVWLWXFLRQDOLGDG GH OD QRUPD LPSXJQDGD QR KDFLHQGR
UHIHUHQFLD D DTXHOORV FDVRV HQ ORV FXDOHV KDELHQGR VXSHUDGR OD HWDSD GH DGPLVLyQ VH
GHQRWHQ DVSHFWRV SRU ORV FXDOHV HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO QR SXHGD
LQJUHVDUDODQiOLVLVGHOIRQGRFRPRRFXUUHHQHOSUHVHQWHFDVRHQHOFXDOFRQIRUPHVH
DQDOL]yOD/H\GHPDQGDGDGHLQFRQVWLWXFLRQDOQRUH~QHODVFRQGLFLRQHVGHDEVWUDFFLyQ\
JHQHUDOLGDG TXH SHUPLWDQ VX DQiOLVLV HQ WDO VHQWLGR FRUUHVSRQGH VH GHFODUH OD DFFLyQ
LPSURFHGHQWHVLQLQJUHVDUDOIRQGR


6LQWHVLVGHODUDWLRGHFLGHQGL

(VLPSURFHGHQWHODDFFLyQGHLQFRQVWLWXFLRQDOLGDGDEVWUDFWDPHGLDQWHOD
FXDOVHGHPDQGyODLQFRQVWLWXFLRQDOLGDGGHORVDUWV\GHOD/H\
 SRUTXH QR FXPSOLUVH FRQ ORV UHTXLVLWRV GH DEVWUDFFLyQ \
JHQHUDOLGDG H[LJLGRV SDUD HIHFWXDU HO FRQWURO QRUPDWLYR GH
FRQVWLWXFLRQDOLGDGDVSHFWRHYLGHQWHHQHOFDVRFRQFUHWRSRUTXHHODUW
GHODOH\FXHVWLRQDGDHOHYyDUDQJRGHOH\WUHV5HVROXFLRQHV6XSUHPDV
GHILQLHQGRGHUHFKRSURSLHWDULRDIDYRUGHSHUVRQDVTXHIXHURQGRWDGDV
GHWLHUUDV

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDODWUDYpVGHO$XWR&RQVWLWXFLRQDO
HQ HO FRQWH[WR GH XQ UHFXUVR LQGLUHFWR R LQFLGHQWDO GH
LQFRQVWLWXFLRQDOLGDG HVWDEOHFLy TXH D WUDYpV GH HVWH PHFDQLVPR
VRODPHQWH SXHGHQ VHU LPSXJQDGDV DTXHOODV UHVROXFLRQHV TXH WLHQHQ
FDUiFWHU QRUPDWLYR HV GHFLU TXH HVWDEOH]FDQ QRUPDV MXUtGLFDV
HQWHQGLPLHQWRV UHLWHUDGRV HQ ORV $XWRV &RQVWLWXFLRQDO 
\HQWUHRWURV

(QHOPDUFRGHORVHQWHQGLPLHQWRVDQRWDGRVHO7ULEXQDO&RQVWLWXFLRQDO
D WUDYpV GH OD 6&  HPHUJHQWH GH XQ UHFXUVR LQGLUHFWR R
LQFLGHQWDO GH LQFRQVWLWXFLRQDOLGDG TXH FXHVWLRQy XQD UHVROXFLyQ
PLQLVWHULDO HVWDEOHFLy TXH ODV GLVSRVLFLRQHV OHJDOHV TXH SXHGHQ VHU
REMHWRGHOFRQWUROGHFRQVWLWXFLRQDOLGDGSRUODYtDGHHVWHPHFDQLVPR
VRQ ODV OH\HV HQ VXV GLYHUVDV FODVHV VHDQ RUJiQLFDV X RUGLQ DULDV
W


dW^:d

JHQHUDOHVRHVSHFLDOHVDGMHWLYDVRVXVWDQWLYDVORVGHFUHWRVVXSUHPRV\
ODV UHVROXFLRQHV QR MXGLFLDOHV SRU OR TXH VLJXLHQGR HO FULWHULR GH ORV
$XWRV&RQVWLWXFLRQDOHVGHWDOODGRVHQHODQWHULRUSiUUDIRVHxDOyTXHGH
DFXHUGRDODQDWXUDOH]DMXUtGLFDGHOUHFXUVRGHLQFRQVWLWXFLRQDOLGDGTXH
HV GH FRQWURO QRUPDWLYR VyOR SXHGHQ VHU LPSXJQDGDV SRU HVWD YtD
DTXHOODVUHVROXFLRQHVTXHWLHQHQFDUiFWHUQRUPDWLYRHVGHFLUDTXHOODV
TXH HVWDEOH]FDQ QRUPDV MXUtGLFDV SXHV ODV UHVROXFLRQHV GH FDUiFWHU
DGPLQLVWUDWLYR TXH UHVXHOYHQ FDVRV FRQFUHWR QR IRUPD SDUWH GH ODV
QRUPDVREMHWRGHFRQWUROQRUPDWLYRGHFRQVWLWXFLRQDOLGDGSRUODYtDGHO
UHFXUVRGHLQFRQVWLWXFLRQDOLGDG

3RVWHULRUPHQWHHVWHFULWHULRIXHDVXPLGRSRUOD6&3\OXHJR
DVXPLGRSRUOD6&3

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

(OSUHFHGHQWHYLQFXODQWHVHHQFXHQWUDFRQWHQLGRHQOD6&TXH
HVWDEOHFH

,,,&RQIRUPHORHVWDEOHFHHODUWGHOD&3(HVDWULEXFLyQ
GHO 7ULEXQDO &RQVWLWXFLRQDO FRQRFHU \ SURQXQFLDUVH VREUH OD
LQFRQVWLWXFLRQDOLGDG GH OH\HV GHFUHWRV \ FXDOTXLHU JpQHUR GH
UHVROXFLRQHV 6REUH OD EDVH GH OD QRUPDWLYD FRQVWLWXFLRQDO HO UHFXUVR
LQGLUHFWR R LQFLGHQWDO GH LQFRQVWLWXFLRQDOLGDG FRPR YtD GH FRQWURO
FRQFUHWR FRUUHFWLYR R D SRVWHULRUL GH FRQVWLWXFLRQDOLGDG WLHQH SRU
ILQDOLGDG TXH HVWH 7ULEXQDO YHULILTXH OD FRPSDWLELOLGDG R
LQFRPSDWLELOLGDGGHODGLVSRVLFLyQOHJDOLPSXJQDGDFRQORVSULQFLSLRV
YDORUHV \ QRUPDV GH OD &RQVWLWXFLyQ UHFXUVR TXH FRQIRUPH D OR
HVWDEOHFLGRSRUHODUWGHOD/7&SURFHGHHQORVSURFHVRVMXGLFLDOHVR
DGPLQLVWUDWLYRV FX\D GHFLVLyQ GHSHQGD GH OD FRQVWLWXFLRQDOLGDG R
LQFRQVWLWXFLRQDOLGDG GH XQD OH\ GHFUHWR R FXDOTXLHU JpQHUR GH
UHVROXFLyQQRMXGLFLDODSOLFDEOHDDTXHOORVSURFHVRV
&RQVHFXHQWHPHQWHODVGLVSRVLFLRQHVOHJDOHVTXHSXHGHQVHUREMHWRGHO
FRQWURO GH FRQVWLWXFLRQDOLGDG SRU OD YtD GHO UHFXUVR GH
LQFRQVWLWXFLRQDOLGDGFRQIRUPHODQRUPDFRQWHQLGDHQHODUWGHOD
&3(VRQODVOH\HVHQVXVGLYHUVDVFODVHVVHDQRUJiQLFDVXRUGLQDULDV
JHQHUDOHVRHVSHFLDOHVDGMHWLYDVRVXVWDQWLYDVORVGHFUHWRVVXSUHPRV\
ODVUHVROXFLRQHVQRMXGLFLDOHV

(QFXDQWRDODVUHVROXFLRQHVHVWH7ULEXQDOPHGLDQWH$&&$
VLJXLHQGRODGRFWULQDKDVHxDODGRTXH
HOWpUPLQRGH5HVROXFLyQHQVX
YHUWLHQWHMXUtGLFDHVFRPSUHQVLYRGHGHFUHWRSURYLGHQFLDDXWRRIDOOR
GHDXWRULGDGJXEHUQDWLYD 
GHPDQHUDTXHVHHQWLHQGHSRUUHVROXFLyQ
DTXHOODGHFLVLyQDGRSWDGDRHPLWLGDSRUXQDDXWRULGDGJXEHUQDPHQWDO
'H RWUR ODGR VHJ~Q OD GRFWULQD GHO GHUHFKR DGPLQLVWUDWLYR H[LVWHQ
GLYHUVDVFODVHVGHUHVROXFLRQHVHQWUHHOODVODVQRUPDWLYDVDTXHOODVTXH
W


dW^:d


HVWDEOHFHQUHJODVRQRUPDVMXUtGLFDVGHFDUiFWHUJHQHUDOHPLWLGDVSDUD
QRUPDUGHWHUPLQDGDViUHDVGHODDFWLYLGDGDGPLQLVWUDWLYDQRUHJXODGDV
SRU OD OH\ R ORV GHFUHWRV VXSUHPRV FRQ UHVJXDUGR GHO SULQFLSLR GH
UHVHUYDOHJDO
$KRUD ELHQ WRPDQGR HQ FXHQWD OD ILQDOLGDG GHO UHFXUVR LQGLUHFWR R
LQFLGHQWDOGHLQFRQVWLWXFLRQDOLGDGTXHHVODGHVRPHWHUDXQMXLFLRGH
FRQVWLWXFLRQDOLGDGXQDQRUPDMXUtGLFDSDUDYHULILFDUVXFRPSDWLELOLGDGR
LQFRPSDWLELOLGDG FRQ ORV YDORUHV VXSUHPRV ORV SULQFLSLRV
IXQGDPHQWDOHV ORV GHUHFKRV IXQGDPHQWDOHV \ JDUDQWtDV \ GHPiV
SUHFHSWRV\QRUPDVGHOD&RQVWLWXFLyQVHHQWLHQGHTXHHO&RQVWLWX\HQWH
LQFOX\y FRPR SDUWH GH ODV QRUPDV REMHWR GHO FRQWURO GH
FRQVWLWXFLRQDOLGDG SRU HVWD YtD D ODV UHVROXFLRQHV QRUPDWLYDV
FDUDFWHUL]DGDV SUHFHGHQWHPHQWH FRQIRUPH OR KD GHWHUPLQDGR HVWH
7ULEXQDODO VHxDODU TXH
WHQLHQGRHQ FXHQWD OD QDWXUDOH]DMXUtGLFD GHO
UHFXUVR GH LQFRQVWLWXFLRQDOLGDG TXH HV GH FRQWURO QRUPDWLYR VyOR
SXHGHQ VHU LPSXJQDGDV SRU HVWD YtD DTXHOODV UHVROXFLRQHV TXH WLHQHQ
FDUiFWHUQRUPDWLYRHVGHFLUDTXHOODVTXHHVWDEOH]FDQQRUPDVMXUtGLFDV
SXHV ODV UHVROXFLRQHV GH FDUiFWHU DGPLQLVWUDWLYR TXH UHVXHOYHQ FDVRV
FRQFUHWRVQRIRUPDQSDUWHGHODVQRUPDVREMHWRGHFRQWUROQRUPDWLYRGH
FRQVWLWXFLRQDOLGDGSRUODYtDGHOUHFXUVRGHLQFRQVWLWXFLRQDOLGDG $$&&
\HQWUHRWURV 



1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   3DUD TXH XQD QRUPD FRQWHQLGD HQ XQD *XtD VHD
VXMHWD D FRQWURO GH FRQVWLWXFLRQDOLGDG QRUPDWLYR GHSHQGHUi VL HO
REMHWR GH OD QRUPD MXUtGLFD WLHQH DSOLFDFLyQ JHQHUDO R DO FRQWUDULR
WLHQHXQDOFDQFHLQWHUQRVLPLODUDXQDGLUHFWLYDRLQVWUXFFLyQFDVRHQ
HO FXDO QR IRUPD SDUWH GH ODV QRUPDV VXMHWDV DO FRQWURO GH
FRQVWLWXFLRQDOLGDGQRUPDWLYR

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHLQFRQVWLWXFLRQDOLGDGFRQFUHWDSURPRYLGDSRUOD6DOD
3ULPHUDGHO7ULEXQDO$JUDULR1DFLRQDODKRUD7ULEXQDO$JURDPELHQWDO
D LQVWDQFLD GH &OLYHU 9LOODOED $JXLUUH HQ UHSUHVHQWDFLyQ OHJDO GH
W


dW^:d

)HGHULFR 5H\QDJD &XED GHPDQGDQGR OD LQFRQVWLWXFLRQDOLGDG GHO DUW


GHO'HFUHWR6XSUHPR '6 GHGHDJRVWRGH\GHORV
SDUiJUDIRV ,9 9, LQF I  \ ,; GH OD *XtD SDUD OD 9HULILFDFLyQ \
9DORUDFLyQGHOD)XQFLyQ(FRQyPLFD6RFLDO&XDQGR([LVWHQ,QGLFLRVR
'HQXQFLDVGHOD([LVWHQFLDGHODV5HODFLRQHV6HUYLGXPEUDOHV7UDEDMR
)RU]RVR\)RUPDV$QiORJDVDSUREDGDSRUOD5HVROXFLyQ%LPLQLVWHULDO
 GH  GH QRYLHPEUH VH GHPDQGy GLFKD QRUPD SRU VHU
SUHVXQWDPHQWHFRQWUDULRVDORVDUWV,,,,,
,  \  GH OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR &3(  (O
7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOGHFODUyODFRQVWLWXFLRQDOLGDGGH
ODVQRUPDVLPSXJQDGDV

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
*XtDSDUDOD9HULILFDFLyQ\9DORUDFLyQGHOD)XQFLyQ(FRQyPLFR
6RFLDO &XDQGR ([LVWHQ ,QGLFLRV R 'HQXQFLDV GH OD ([LVWHQFLD GH 5HODFLRQHV
6HUYLGXPEUDOHV7UDEDMR)RU]RVRR)RUPDV$QiORJDV

 

$OUHVSHFWRHVLPSRUWDQWHLQLFLDOPHQWHFRQVLGHUDUVLHVSRVLEOHLQJUHVDU DDQDOL]DUOD
QRUPDMXUtGLFDGHPDQGDGDGHLQFRQVWLWXFLRQDOSXHVDOVHUXQD*XtDSRGUtDVHUDSOLFDEOH
ODMXULVSUXGHQFLDHVWDEOHFLGDSRUOD6&GHGHGLFLHPEUHTXHH[SXVROR
VLJXLHQWH
(OUHFXUUHQWHDOSODQWHDUODSUHVHQWHDFFLyQHVWiGHVQDWXUDOL]DQGRHOUHFXUVR
GHLQFRQVWLWXFLRQDOLGDGLQVWLWXLGRSRUHODUWDWULEXFLyQGHOD&3(\ODVQRUPDVGH
VXGHVDUUROORVLVWHPDWL]DGDVHQOD/H\GHO7ULEXQDO&RQVWLWXFLRQDOSXHVWRTXHVLELHQOD
*XtD IXH DSUREDGD PHGLDQWH XQD 5HVROXFLyQ $GPLQLVWUDWLYD SURQXQFLDGD SRU HO
&RQWUDORU *HQHUDO GH OD 5HS~EOLFD QR IXH HPLWLGD VLQR FRQ OD LQWHQFLRQDOLGDGGH XQD
DWLQDGDDSOLFDFLyQGHODVGLVSRVLFLRQHVOHJDOHVVLQTXHSRUHVDFDXVDSXHGDVHUDSOLFDGD
QHFHVDULDPHQWHSDUDODUHVROXFLyQGHFXDOTXLHUDVXQWRPi[LPHVLDHVHHIHFWRHVWiQODV
QRUPDVTXHUHJXODQVXDSOLFDFLyQJHQHUDO

(QHVHVHQWLGRXQDJXtDHQHOVHQWLGRTXHIXHDSUREDGDDORPiVTXHSRGUtDDVHPHMDUVH
HV D XQD GLUHFWLYD R LQVWUXFFLyQ SRU OR TXH D FRODFLyQ HV PHQHVWHU PHQFLRQDU TXH
PHGLDQWH$&&$GHGHIHEUHURVHKDVHxDODGRTXHXQDCGLUHFWLYDHVXQD
GLUHFWUL]XQFRQMXQWRGHLQVWUXFFLRQHV 'LFFLRQDULRGH7pUPLQRV-XUtGLFRVGH5LFDUGR
9LOODUUHDO0ROLQD\0LJXHOQJHOGHO$UFR7RUUHVSDJ \HQOD6&GH
GHHQHURVHKDHVWDEOHFLGRTXHXQDLQVWUXFFLyQQRIRUPDSDUWHGHODVQRUPDVVXMHWDV
DO FRQWURO GH FRQVWLWXFLRQDOLGDG SRU OD YtD GHO UHFXUVR GH LQFRQVWLWXFLRQDOLGDG (VWH
~OWLPRSUHFHGHQWHKDVHxDODGRDGHPiVTXHODCLQVWUXFFLyQSXHGHGHILQLUVHFRPRXQD
UHJODGDGDSRUORVVXSHULRUHVMHUiUTXLFRVDVXVIXQFLRQDULRVVXEDOWHUQRVTXHSXQWXDOL]D
PHGLGDVLQWHUQDVFX\DILQDOLGDGHVDXPHQWDUHOUHQGLPLHQWRGHOWUDEDMRLQVWUXFFLyQTXH
GLILHUHGHOCUHJODPHQWRTXHFRQVWLWX\HXQDH[SUHVLyQGHODYROXQWDGGHO(VWDGRFUHDGRUD
GH QRUPDV MXUtGLFDV GHVWLQDGDV D WRGRV ORV DGPLQLVWUDGRV 'LFFLRQDULR GH 'HUHFKR
3~EOLFR GH (PLOLR )HUQiQGH] 9i]TXH] SiJ   HQ HVH FRQWH[WR VH WLHQH TXH HQ
SULQFLSLRODVLQVWUXFFLRQHVQRFRQVWLWX\HQPDQLIHVWDFLRQHVGHODIDFXOWDGUHJODPHQWDULD
GHO (VWDGR SRU ODV TXH VH FUHD QRUPDV MXUtGLFDV R GLVSRVLFLRQHV OHJDOHV SXHV QR
LQWURGXFHQ LQQRYDFLRQHV HQ HO RUGHQDPLHQWR MXUtGLFR VLQR TXH FRQWLHQH yUGHQHV
LPSDUWLGDVSRUXQyUJDQRDDTXHOORVTXHGHpOGHSHQGHQ  

(Q FRQVHFXHQFLD HO $QH[R GH OD *XtD SDUD OD (ODERUDFLyQ GH ,QIRUPHV GH $XGLWRUtD
,QWHUQD FRQ ,QGLFLRV GH 5HVSRQVDELOLGDG DO FRQVWLWXLU ~QLFDPHQWH XQD LQVWUXFFLyQ
DSUREDGDPHGLDQWH5HVROXFLyQHPLWLGDSRUHO&RQWUDORU*HQHUDOGHOD5HS~EOLFDDLQR

W


dW^:d


SXHGH HQWHQGHUVH VLQR FRPR XQ LQVWUXPHQWR LQWHUQR TXH FRDG\XYH D OD DSOLFDFLyQ
FRUUHFWDHQVXFDVRGHDFXHUGRFRQOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRODOH\HVGHFUHWRV
\ FXDOHVTXLHUD RWUD UHVROXFLRQHV TXHGDQGR IXHUD GHO FRQWURO GH FRQVWLWXFLRQDOLGDG
SRUTXHVWULFWXVHQVXHVWDJXtDQRFRQVWLWX\HXQDQRUPDMXUtGLFDRGLVSRVLFLyQOHJDOQR
SXGLHQGRSRUHOORLQJUHVDUVHDHIHFWXDUHOFRQWUROGHFRQVWLWXFLRQDOLGDGIRUPXODGR


6LQ HPEDUJR GH OD MXULVSUXGHQFLD FLWDGD HV PHQHVWHU DQDOL]DU OD *XtD HQ PLUDV D
GHWHUPLQDUVLHVSRVLEOHDVLPLODUODFRPRXQDQRUPDMXUtGLFDTXHSHUPLWDKDFHUHOFRQWURO
GH FRQVWLWXFLRQDOLGDG DO HIHFWR VH GHEH FRPHQ]DU SRU VHxDODU TXH L  (O DUW  GH OD
5HVROXFLyQ%LPLQLVWHULDO *XtDGH9HULILFDFLyQ\9DORUDFLyQGHOD)XQFLyQ
(FRQyPLFR6RFLDO&XDQGR([LVWHQ,QGLFLRVR'HQXQFLDVGHOD([LVWHQFLDGH5HODFLRQHV
6HUYLGXPEUDOHV 7UDEDMR )RU]RVR R )RUPDV $QiORJDV  GHWHUPLQD TXH HO REMHWR GH OD
*XtDGH9HULILFDFLyQHVHOHVWDEOHFHUORVSDVRV\FULWHULRVDVHJXLUHQODYHULILFDFLyQGH
OD IXQFLyQ HFRQyPLFD VRFLDO FXDQGR VH WHQJDQ LQGLFLRV R GHQXQFLDV GH UHODFLRQHV
VHUYLGXPEUDOHV WUDEDMRV IRU]RVRV R IRUPDV DQiORJDV GH VRPHWLPLHQWR HQ ORV
SURFHGLPLHQWRVGHVDQHDPLHQWR\UHYHUVLyQGHODSURSLHGDGDJUDULDGHGRQGHVHWLHQH
TXHOD5HVROXFLyQ%LPLQLVWHULDOVLELHQVHGHQRPLQD*XtDGHWHUPLQDXQFRQMXQWRGH
SURFHGLPLHQWRVDMXVWDEOHVHQHOSURFHVRGHVDQHDPLHQWRORFXDOLPSOLFDXQDDSOLFDFLyQ
JHQHUDOGHQRUPDMXUtGLFDLL $FRQWUDULRVHQVXGHOSUHFHGHQWHMXULVSUXGHQFLDOFLWDGR
6&   OD *XtD GH 9HULILFDFLyQ QR WLHQH DOFDQFH LQWHUQR HQ HO SURFHVR GH
VDQHDPLHQWRGHWLHUUDVTXHUHDOL]DHO,15$VLQRPiVELHQH[WHUQRSXHVDSHVDUGHTXH
VXHMHFXFLyQFRUUHVSRQGHDODVDXWRULGDGHVTXHUHDOL]DQHOVDQHDPLHQWR\ODUHYHUVLyQGH
ODWLHUUDHVWRVSURFHGLPLHQWRVVHDGDSWDQ\WLHQHQDOFDQFHJHQHUDO\DTXHVHDMXVWDQD
WRGRVORVSURFHVRVGHVDQHDPLHQWR\SRUHQGHDSOLFDEOHDODVSHUVRQDVGHPDQHUDJHQHUDO
\QRSDUWLFXODU\LLL (QHOFDVRFRQFUHWRVHDSOLFyOD*XtDGH9HULILFDFLyQHQHOSURFHVR
GH VDQHDPLHQWR \ SRU HQGH WLHQH LQFLGHQFLD GLUHFWD FRQ HO SURFHVR FRQWHQFLRVR
DGPLQLVWUDWLYR GHQWUR GHO FXDO VH LQFLGHQWy OD LQFRQVWLWXFLRQDOLGDG GH OD QRUPD SXHV
FRPR UHODWD OD SURSLD 6HQWHQFLD $JUDULD 1DFLRQDO 
GH ORV IRUPXODULRV GH
FXHVWLRQDULRV UHDOL]DGRV D ORV WUDEDMDGRUHV GH YHULILFDFLyQ GH H[LVWHQFLD GH VLVWHPD
VHUYLGXPEUDO WUDEDMR IRU]RVR \ IRUPDV DQiORJDV DFWD GH FRUUHODFLyQ \ FLHUUH GH ODV
DFWLYLGDGHV\SHULFLDVGHFDPSRGHQWURGHOSURFHVRGHUHYHUVLyQGHOSUHGLR,WDQH
SRU
HQGHOD*XtDIXHPDWHULDOPHQWHXWLOL]DGDWDQWRHQHOSURFHVRGHUHYHUVLyQFRPRHQOD
6HQWHQFLD $JUDULD 1DFLRQDO VLWXDFLyQ SRU OD FXDO WDPELpQ UHVXOWD DGPLVLEOH KDFHU HO
FRQWUROGHFRQVWLWXFLRQDOLGDGGHODQRUPDDKRUDLPSXJQDGD


6LQWHVLVGHODUDWLRGHFLGHQGL

'HFODUD OD FRQVWLWXFLRQDOLGDG  GHO  DUW    GHO '6  \ GH ORV
SDUiJUDIRV9,LQFI \,;GHOD*XtDSDUDOD9HULILFDFLyQ\9DORUDFLyQ
GHOD)XQFLyQ(FRQyPLFD6RFLDO&XDQGR([LVWHQ,QGLFLRVR'HQXQFLDV
GHOD([LVWHQFLDGHODV5HODFLRQHV6HUYLGXPEUDOHV7UDEDMR)RU]RVR\
)RUPDV$QiORJDVDSUREDGDSRUOD5HVROXFLyQ%LPLQLVWHULDO
GH  GH QRYLHPEUH HPSHUR DQWHV VHxDOD TXH SDUD TXH XQD QRUPD
FRQWHQLGD HQ XQD *XtD VHD VXMHWD D FRQWURO GH FRQVWLWXFLRQDOLGDG
QRUPDWLYR HO REMHWR GH OD QRUPD MXUtGLFD GHEH WHQHU XQD DSOLFDFLyQ
JHQHUDOHVGHFLUQRGHEHWHQHUXQDOFDQFHLQWHUQRVLPLODUDXQDGLUHFWLYD
RLQVWUXFFLyQSRUORPLVPRQRGHEHFRQWHQHUyUGHQHVLPSDUWLGDVSRUXQ
yUJDQRDDTXpOORVTXHGHpOGHSHQGHQFDVRHQHOFXDOQRIRUPDSDUWHGH
ODV QRUPDV VXMHWDV DO FRQWURO GH FRQVWLWXFLRQDOLGDG QRUPDWLYR
FXPSOLHQGRHQHOFDVRGHOD*XtDSDUDOD9HULILFDFLyQ\9DORUDFLyQGH
OD)XQFLyQ(FRQyPLFR6RFLDO&XDQGR([LVWHQ,QGLFLRVR'HQXQFLDVGH
W


dW^:d

OD([LVWHQFLDGH5HODFLRQHV6HUYLGXPEUDOHV7UDEDMR)RU]RVRR)RUPDV
$QiORJDVODDSOLFDFLyQJHQHUDO

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO &RQVWLWXFLRQDO HQ OD  6&  GH  GH GLFLHPEUH
H[SXVR OR VLJXLHQWH
(O UHFXUUHQWH DO SODQWHDU OD SUHVHQWH DFFLyQ HVWi
GHVQDWXUDOL]DQGRHOUHFXUVRGHLQFRQVWLWXFLRQDOLGDGLQVWLWXLGRSRUHODUW
DWULEXFLyQGHOD&3(\ODVQRUPDVGHVXGHVDUUROORVLVWHPDWL]DGDV
HQ OD /H\ GHO7ULEXQDO &RQVWLWXFLRQDO SXHVWR TXH VLELHQ OD *XtDIXH
DSUREDGDPHGLDQWHXQD5HVROXFLyQ$GPLQLVWUDWLYDSURQXQFLDGDSRUHO
&RQWUDORU *HQHUDO GH OD 5HS~EOLFD QR IXH HPLWLGD VLQR FRQ OD
LQWHQFLRQDOLGDGGHXQDDWLQDGDDSOLFDFLyQGHODVGLVSRVLFLRQHVOHJDOHV
VLQ TXH SRU HVD FDXVD SXHGD VHU DSOLFDGD QHFHVDULDPHQWH SDUD OD
UHVROXFLyQGHFXDOTXLHUDVXQWRPi[LPHVLDHVHHIHFWRHVWiQODVQRUPDV
TXHUHJXODQVXDSOLFDFLyQJHQHUDO

(QHVHVHQWLGRXQDJXtDHQHOVHQWLGRTXHIXHDSUREDGDDORPiVTXH
SRGUtDDVHPHMDUVHHVDXQDGLUHFWLYDRLQVWUXFFLyQSRUORTXHDFRODFLyQ
HVPHQHVWHUPHQFLRQDUTXHPHGLDQWH$&&$GHGHIHEUHUR
VH KD VHxDODGR TXH XQD CGLUHFWLYD HV XQD GLUHFWUL] XQ FRQMXQWR GH
LQVWUXFFLRQHV 'LFFLRQDULRGH7pUPLQRV-XUtGLFRVGH5LFDUGR9LOODUUHDO
0ROLQD \ 0LJXHO QJHO GHO $UFR 7RUUHV SDJ   \ HQ OD 6&
GHGHHQHURVHKDHVWDEOHFLGRTXHXQDLQVWUXFFLyQQR
IRUPDSDUWHGHODVQRUPDVVXMHWDVDOFRQWUROGHFRQVWLWXFLRQDOLGDGSRUOD
YtD GHO UHFXUVR GH LQFRQVWLWXFLRQDOLGDG (VWH ~OWLPR SUHFHGHQWH KD
VHxDODGRDGHPiVTXHODCLQVWUXFFLyQSXHGHGHILQLUVHFRPRXQDUHJOD
GDGDSRUORVVXSHULRUHVMHUiUTXLFRVDVXVIXQFLRQDULRVVXEDOWHUQRVTXH
SXQWXDOL]DPHGLGDVLQWHUQDVFX\DILQDOLGDGHVDXPHQWDUHOUHQGLPLHQWR
GHOWUDEDMRLQVWUXFFLyQTXHGLILHUHGHOCUHJODPHQWRTXHFRQVWLWX\HXQD
H[SUHVLyQ GH OD YROXQWDG GHO (VWDGR FUHDGRUD GH QRUPDV MXUtGLFDV
GHVWLQDGDVDWRGRVORVDGPLQLVWUDGRV 'LFFLRQDULRGH'HUHFKR3~EOLFR
GH(PLOLR)HUQiQGH]9i]TXH]SiJ HQHVHFRQWH[WRVHWLHQHTXH
HQ SULQFLSLR ODV LQVWUXFFLRQHV QR FRQVWLWX\HQ PDQLIHVWDFLRQHV GH OD
IDFXOWDGUHJODPHQWDULDGHO(VWDGRSRUODVTXHVHFUHDQRUPDVMXUtGLFDVR
GLVSRVLFLRQHV OHJDOHV SXHV QR LQWURGXFHQ LQQRYDFLRQHV HQ HO
RUGHQDPLHQWR MXUtGLFR VLQR TXH FRQWLHQH yUGHQHV LPSDUWLGDV SRU XQ
yUJDQRDDTXHOORVTXHGHpOGHSHQGHQ  

(QFRQVHFXHQFLDHO$QH[RGHOD*XtDSDUDOD(ODERUDFLyQGH,QIRUPHV
GH $XGLWRUtD ,QWHUQD FRQ ,QGLFLRV GH 5HVSRQVDELOLGDG DO FRQVWLWXLU
~QLFDPHQWHXQDLQVWUXFFLyQDSUREDGDPHGLDQWH5HVROXFLyQHPLWLGDSRU
HO&RQWUDORU*HQHUDOGHOD5HS~EOLFDDLQRSXHGHHQWHQGHUVHVLQRFRPR
XQLQVWUXPHQWRLQWHUQRTXHFRDG\XYHDODDSOLFDFLyQFRUUHFWDHQVXFDVR
GHDFXHUGRFRQOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRODOH\HVGHFUHWRV\
FXDOHVTXLHUD RWUD UHVROXFLRQHV TXHGDQGR IXHUD GHO FRQWURO GH
W


dW^:d


FRQVWLWXFLRQDOLGDG SRUTXH VWULFWX VHQVX HVWD JXtD QR FRQVWLWX\H XQD
QRUPDMXUtGLFDRGLVSRVLFLyQOHJDOQRSXGLHQGRSRUHOORLQJUHVDUVHD
HIHFWXDUHOFRQWUROGHFRQVWLWXFLRQDOLGDGIRUPXODGR


3RUORTXHOD6&VHFRQVWLWX\HHQXQDVHQWHQFLDPRGXODGRUD
SRUFXDQWRHVWDEOHFHTXHSDUDTXHXQDQRUPDFRQWHQLGDHQXQD*XtDVHD
VXMHWDDFRQWUROGHFRQVWLWXFLRQDOLGDGQRUPDWLYRGHSHQGHUiVLHOREMHWR
GH OD QRUPD MXUtGLFD WLHQH DSOLFDFLyQ JHQHUDO R DO FRQWUDULR WLHQH XQ
DOFDQFHLQWHUQRVLPLODUDXQDGLUHFWLYDRLQVWUXFFLyQFDVRHQHOFXDOQR
IRUPD SDUWH GH ODV QRUPDV VXMHWDV DO FRQWURO GH FRQVWLWXFLRQDOLGDG
QRUPDWLYR

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

3UHFHGHQWHLPSOtFLWR

)-,,,
6LQHPEDUJRGHODMXULVSUXGHQFLDFLWDGDHVPHQHVWHU
DQDOL]DUOD*XtDHQPLUDVDGHWHUPLQDUVLHVSRVLEOHDVLPLODUODFRPRXQD
QRUPD MXUtGLFD TXH SHUPLWD KDFHU HO FRQWURO GH FRQVWLWXFLRQDOLGDG DO
HIHFWRVHGHEHFRPHQ]DUSRUVHxDODUTXHL (ODUWGHOD5HVROXFLyQ
%LPLQLVWHULDO  *XtD GH 9HULILFDFLyQ \ 9DORUDFLyQ GH OD
)XQFLyQ(FRQyPLFR6RFLDO&XDQGR([LVWHQ,QGLFLRVR'HQXQFLDVGHOD
([LVWHQFLD GH 5HODFLRQHV 6HUYLGXPEUDOHV 7UDEDMR )RU]RVR R )RUPDV
$QiORJDV  GHWHUPLQD TXH HO REMHWR GH OD *XtD GH 9HULILFDFLyQ HV HO
HVWDEOHFHUORVSDVRV\FULWHULRVDVHJXLUHQODYHULILFDFLyQGHODIXQFLyQ
HFRQyPLFDVRFLDOFXDQGRVHWHQJDQLQGLFLRVRGHQXQFLDVGHUHODFLRQHV
VHUYLGXPEUDOHVWUDEDMRVIRU]RVRVRIRUPDVDQiORJDVGHVRPHWLPLHQWRHQ
ORVSURFHGLPLHQWRVGHVDQHDPLHQWR\UHYHUVLyQGHODSURSLHGDGDJUDULD
GHGRQGHVHWLHQHTXHOD5HVROXFLyQ%LPLQLVWHULDOVLELHQVHGHQRPLQD
*XtDGHWHUPLQDXQFRQMXQWRGHSURFHGLPLHQWRVDMXVWDEOHVHQHOSURFHVR
GH VDQHDPLHQWR OR FXDO LPSOLFD XQD DSOLFDFLyQ JHQHUDO GH QRUPD
MXUtGLFDLL $FRQWUDULRVHQVXGHOSUHFHGHQWHMXULVSUXGHQFLDOFLWDGR 6&
  OD *XtD GH 9HULILFDFLyQ QR WLHQH DOFDQFH LQWHUQR HQ HO
SURFHVRGHVDQHDPLHQWRGHWLHUUDVTXHUHDOL]DHO,15$VLQRPiVELHQ
H[WHUQRSXHVDSHVDUGHTXHVXHMHFXFLyQFRUUHVSRQGHDODVDXWRULGDGHV
TXH UHDOL]DQ HO VDQHDPLHQWR \ OD UHYHUVLyQ GH OD WLHUUD HVWRV
SURFHGLPLHQWRVVHDGDSWDQ\WLHQHQDOFDQFHJHQHUDO\DTXHVHDMXVWDQD
WRGRVORVSURFHVRVGHVDQHDPLHQWR\SRUHQGHDSOLFDEOHDODVSHUVRQDV
GHPDQHUDJHQHUDO\QRSDUWLFXODU\LLL (QHOFDVRFRQFUHWRVHDSOLFyOD
*XtD GH 9HULILFDFLyQ HQ HO SURFHVR GH VDQHDPLHQWR \ SRU HQGH WLHQH
LQFLGHQFLDGLUHFWDFRQHOSURFHVRFRQWHQFLRVRDGPLQLVWUDWLYRGHQWURGHO
FXDOVHLQFLGHQWyODLQFRQVWLWXFLRQDOLGDGGHODQRUPDSXHVFRPRUHODWD
ODSURSLD6HQWHQFLD$JUDULD1DFLRQDO
GHORVIRUPXODULRVGH
FXHVWLRQDULRVUHDOL]DGRVDORVWUDEDMDGRUHVGHYHULILFDFLyQGHH[LVWHQFLD
GH VLVWHPD VHUYLGXPEUDO WUDEDMR IRU]RVR \ IRUPDV DQiORJDV DFWD GH
FRUUHODFLyQ\FLHUUHGHODVDFWLYLGDGHV\SHULFLDVGHFDPSRGHQWURGHO
W


dW^:d

SURFHVR GH UHYHUVLyQ GHO SUHGLR ,WDQH


 SRU HQGH OD *XtD IXH
PDWHULDOPHQWH XWLOL]DGD WDQWR HQ HO SURFHVR GH UHYHUVLyQ FRPR HQ OD
6HQWHQFLD $JUDULD 1DFLRQDO VLWXDFLyQ SRU OD FXDO WDPELpQ UHVXOWD
DGPLVLEOH KDFHU HO FRQWURO GH FRQVWLWXFLRQDOLGDG GH OD QRUPD DKRUD
LPSXJQDGD

9RWR'LVLGHQWH

9RWRGLVLGHQWHGHOD0DJLVWUDGD'UD/LJLD0yQLFD9HOiVTXH]&DVWDxRV



1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   /DV QRUPDV LQIUD FRQVWLWXFLRQDOHV FRPR VRQ OD
QRUPDOHJDORUGLQDULDRUHJODPHQWDULDQRFRQVWLWX\HQSDUiPHWURGH
MXLFLR GH FRQVWLWXFLRQDOLGDG SRU FXDQWR HVH iPELWR FRUUHVSRQGH D
FRQWUROGHOHJDOLGDG

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHLQFRQVWLWXFLRQDOLGDGFRQFUHWDLQWHUSXHVWDSRU*XLVHO
&ODXGLD*XWLpUUH]5LYHUDDQWHOD6DOD3OHQDGHO7ULEXQDO'HSDUWDPHQWDO
(OHFWRUDOGH/D3D]VHGHPDQGyODLQFRQVWLWXFLRQDOLGDGGHODUWGHO
5HJODPHQWRGH2ILFLDOtDV\2ILFLDOHVGH5HJLVWUR&LYLO 5225& FRQ
HODUJXPHQWRTXHHVWDEOHFHXQDFRPSHWHQFLDFRQWUDULDDODSUHYLVWDSRU
ORVDUWV  GHOD /2( \ GHO '6$ PRGLILFDGR SRU HO '6
GHGHMXQLRGH\DTXHDFULWHULRGHODSDUWHDFFLRQDQWH
GHEHUtDQVHUORV7ULEXQDOHV(OHFWRUDOHV'HSDUWDPHQWDOHVODLQVWDQFLDTXH
HOLMD D OD DXWRULGDG VXPDULDQWH HQFDUJDGD GH SURFHVDU D 2ILFLDOHV GH
5HJLVWUR &LYLO \ QR DVt HO 6(5(&, (O 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO GHFODUy OD LPSURFHGHQFLD GH OD DFFLyQ GH
LQFRQVWLWXFLRQDOLGDGFRQFUHWDSRUSUHWHQGHUXQFRQWUROGHOHJDOLGDG

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,, /D IXQGDPHQWDFLyQ WH[WXDOPHQWH WUDQVFULWD \ SODVPDGD HQ HO PHPRULDO
SUHVHQWDGR SRU *XLVHO &ODXGLD *XWLpUUH] 5LYHUD UHIOHMD XQD GHQXQFLD UHIHUHQWH D XQ

W


dW^:d


FRQIOLFWR HPHUJHQWH GH FRQWHQLGRV QRUPDWLYRV SODVPDGRV HQ GLVSRVLFLRQHV LQIUD
FRQVWLWXFLRQDOHVHVGHFLUXQVXSXHVWRFRQIOLFWRHQWUHHODUWGHO5225&\ORVDUWV
GHOPLVPRUHJODPHQWRFRQFRUGDQWHFRQHODUWGHOD/2(DVSHFWRTXHJHQHUDUtD
XQD LQWHUSUHWDFLyQ GH DSOLFDFLyQ QRUPDWLYD TXH QR JHQHUHQ XQD GLUHFWD UHODFLyQ GH
DQiOLVLVGHFRPSDWLELOLGDGHQWUHODQRUPDFXHVWLRQDGD\HOEORTXHGHFRQVWLWXFLRQDOLGDG
SUREOHPiWLFDVTXHWDOFRPRVHGLMRHQHO)XQGDPHQWR-XUtGLFR,,,VHHQPDUFDHQHO
iPELWR GHO FRQWURO GH OHJDOLGDG TXH QR SRGUi VHU H[DPLQDGD D WUDYpV GHO FRQWURO
QRUPDWLYRGHFRQVWLWXFLRQDOLGDG


 $VLPLVPRHVLPSHUDQWHUHVDOWDUTXH*XLVHO&ODXGLD*XWLpUUH]5LYHUDHQVXPHPRULDO
FXUVDQWHDIVDYWDVHxDODTXHODIDFXOWDGGHGHVWLWXFLyQGH2ILFLDOHVGH5HJLVWUR
&LYLO RWRUJDGD SRU HO DUW  GH OD /2( HV XQD DWULEXFLyQ SULYDWLYD GH WRGRV ORV
7ULEXQDOHV(OHFWRUDOHV'HSDUWDPHQWDOHVGH%ROLYLDSUHYLRSURFHVRVXPDULRGHELHQGR
HOUHFXUVRMHUiUTXLFRHQHOSUHVHQWHFDVRVHUFRQRFLGRSRUOD0$(GHO7ULEXQDO(OHFWRUDO
'HSDUWDPHQWDOGH/D3D]
ORTXHHQHVWHFDVRQRVHGDSXHVGHOVXPDULDQWHGHO6HUYLFLR
GH5HJLVWUR&tYLFRGH/D3D]6(5(&,/D3D]HO7ULEXQDO(OHFWRUDO'HSDUWDPHQWDOGH
/D3D]QRHVVXPi[LPDDXWRULGDGHMHFXWLYD
 VLF DVSHFWRTXHYXOQHUDHODUWGHOD
&3(
SXHV HVWDUtD \HQGR GLFKD QRUPD FRQWUD XQD OH\ H[SUHVD \ XQ GHFUHWR VXSUHPR
H[SUHVR VLHQGR HQ HVWH FDVR GH SUHIHUHQWH DSOLFDFLyQ OD /H\ \ QR HO UHJODPHQWR
FRQIRUPHODMHUDUTXtDGHDSOLFDFLyQQRUPDWLYDSUHYLVWDHQHODUW,,GHOD&3(
 VLF 
UHVDOWDGR\VXEUD\DGRSURSLR 


(QHVWHPDUFRHOSRVLEOHFRQIOLFWRTXHSXHGDH[LVWLUHQWUHQRUPDVLQIUDFRQVWLWXFLRQDOHV
GHGLIHUHQWHVMHUDUTXtDVHQFRKHUHQFLDFRQHO)XQGDPHQWR-XUtGLFR,,,GHODSUHVHQWH
6HQWHQFLD&RQVWLWXFLRQDO3OXULQDFLRQDOQRSXHGHVHUH[DPLQDGRDWUDYpVGHOHMHUFLFLR
GHOFRQWUROQRUPDWLYRGHFRQVWLWXFLRQDOLGDG\DTXHHVWDSUREOHPiWLFDVHFLUFXQVFULEHDO
iPELWRSURSLRGHOFRQWUROGHOHJDOLGDG


 $GHPiVGHEHUHVDOWDUVHTXH*XLVHO&ODXGLD*XWLpUUH]5LYHUDVHxDOyWDPELpQHQHO
UHIHULGRPHPRULDOTXHHQFDVRGHFRQILUPDUVHXQDGHVWLWXFLyQDWUDYpVGHXQUHFXUVR
MHUiUTXLFR HO 7ULEXQDO (OHFWRUDO 'HSDUWDPHQWDO GH /D 3D]
VyOR VHUtD HO WULEXQDO GH
VHJXQGD LQVWDQFLD TXH FRQILUPDUtD R GHMDUtD VLQ HIHFWR OD GHFLVLyQ GH GHVWLWXFLyQ R
VXVSHQVLyQGHOVXPDULDQWHGHO6(5(&,SHURGHFLVLyQDOILQGHOVXPDULDQWHGHO6(5(&,
\ QR GHO 7ULEXQDO (OHFWRUDO 'HSDUWDPHQWDO OR FXDO QR HV HO HMHUFLFLR   GH OD
FRPSHWHQFLD H[FOXVLYD GH GHVWLWXFLyQ SUHYLVWD HQ /H\  DUW  ,QF 
 VLF 
UHVDOWDGR\VXEUD\DGRDxDGLGRV 


/D GHQXQFLD WH[WXDOPHQWH WUDQVFULWD HYLGHQFLD TXH OD PLVPD QR SXHGH VHU REMHWR GH
FRQWUROQRUPDWLYRGHFRQVWLWXFLRQDOLGDGSRUFLUFXQVFULELUVHDXQDSUREOHPiWLFDSURSLD
GHFRQWUROGHOHJDOLGDG


   (Q EDVH D ORV DVSHFWRV DQWHV VHxDODGRV *XLVHO &ODXGLD *XWLpUUH] 5LYHUD HQ VX
PHPRULDOFXUVDQWHGHIVDYWDGHQXQFLDTXHHODUWGHO5225&HVFRQWUDULR
DODUW,,GHOD&3(HQFXDQWRDODJDUDQWtDGHOGHELGRSURFHVR\HODUW,GHO
WH[WR FRQVWLWXFLRQDO HQ OR UHIHUHQWH D OD JDUDQWtD GH VHU MX]JDGR SRU XQ -XH] 1DWXUDO
HVWDEOHFLHQGRTXHSDUDHOSURFHVDPLHQWRGH2ILFLDOHVGH5HJLVWUR&LYLOHOVXPDULDQWH
FRPSHWHQWHOODPDGRSRUOH\ DUWVGHOD/2(\GHO'6$ GHEHVHUHO
VXPDULDQWH GHVLJQDGR SRU HO 7ULEXQDO (OHFWRUDO 'HSDUWDPHQWDO GH /D 3D] \ QR HO GHO
6(5(&,



W


dW^:d
/DGHQXQFLDUHIHULGDDQDOL]DGDHQHOFRQWH[WRGHODDUJXPHQWDFLyQUHDOL]DGDSRU*XLVHO
&ODXGLD*XWLpUUH]5LYHUD\WUDQVFULWDHQORVLQFV  \ GHOSUHVHQWH)XQGDPHQWR
-XUtGLFR HYLGHQFLDQ DVSHFWRV HQPDUFDGRV HQ SRVLEOHV FRQIOLFWRV HPHUJHQWHV GH
FRQWHQLGRV QRUPDWLYRV SODVPDGRV HQ GLVSRVLFLRQHV LQIUDFRQVWLWXFLRQDOHV TXH
LPSOLTXHQ XQD LQWHUSUHWDFLyQ GH DSOLFDFLyQ QRUPDWLYD \ TXH QR JHQHUDQ XQD GLUHFWD
UHODFLyQGH DQiOLVLVGH FRPSDWLELOLGDG HQWUH OD QRUPD FXHVWLRQDGD \ ODV GLVSRVLFLRQHV
FRQVWLWXFLRQDOHVLQYRFDGDVUD]yQSRUODFXDOQRSXHGHHMHUFHUVHHQHOFDVRFRQFUHWRHO
FRQWUROGHFRQVWLWXFLRQDOLGDGHQVXiPELWRQRUPDWLYR


 )LQDOPHQWH*XLVHO&ODXGLD*XWLpUUH]5LYHUDHQHO\DFLWDGRPHPRULDOUHLWHUDTXH
HODUWGHO5225&HVFRQWUDULRDORVDUWV\,,GHOD&3(
SXHVVHGDHOFDVR
GHTXHXQDQRUPDLQIHULRUTXHHVHODUWGHO5HJODPHQWR\2ILFLDOtDV\2ILFLDOHVGH
5HJLVWUR&LYLODSUREDGRSRU5HVROXFLyQ1RGHO7ULEXQDO6XSUHPR(OHFWRUDO
SUHWHQGH LPSRQHUVH D XQD QRUPD VXSHULRU FUHDQGR FRPSHWHQFLDV FRQWUDULDV D ODV
SUHYLVWDVHQOD/H\DUWLQF \HODUWGHO'6$PRGLILFDGRSRU
HO'6ODGHGHVLJQDUDVXSURSLRVXPDULDQWHSDUDTXHSUHYLRSURFHVRHQVXFDVR
VHSXHGDGHVWLWXLUDORV25&DFHSWDQGRGHOHJDFLyQGHFRPSHWHQFLDVSULYDWLYDVDRWUD
LQVWLWXFLyQHO6(5(&,\HOVXPDULDQWHGHVLJQDGRSRUHVWHVREUHODFXDOQRWLHQHQWXLFLyQ
QLVRQVXEUD]RRSHUDWLYR\GHORVFXDOHVDGHPiVQRVRQVXPi[LPDDXWRULGDGHMHFXWLYD

VLF  UHVDOWDGR\VXEUD\DGRDxDGLGRV 


(O WHQRU OLWHUDO GH OD GHQXQFLD WUDQVFULWD GH PDQHUD LQHTXtYRFD VH HQFXHQWUDQ
FLUFXQVFULWDVDSHWLFLRQHVYLQFXODGDVFRQHOHMHUFLFLRGHXQFRQWUROGHOHJDOLGDGUD]yQ
SRU OD FXDO QR SXHGH HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HMHUFHU HO FRQWURO
QRUPDWLYRGHFRQVWLWXFLRQDOLGDG


6LQWHVLVGHODUDWLRGHFLGHQGL

'HFODUDODLPSURFHGHQFLDGHODDFFLyQGHLQFRQVWLWXFLRQDOLGDGFRQFUHWD
SRUSUHWHQGHUXQFRQWUROGHOHJDOLGDGFRPRHQHOFDVRFRQFUHWRTXHVH
GHPDQGDODLQFRQVWLWXFLRQDOLGDGGHODUWGHO5HJODPHQWRGH2ILFLDOtDV
\2ILFLDOHVGH5HJLVWUR&LYLO 5225& SRUHVWDEOHFHUXQDFRPSHWHQFLD
FRQWUDULDDODSUHYLVWDSRUORVDUWVGHOD/2(\GHO'6$
PRGLILFDGRSRUHO'6GHGHMXQLRGH\DTXHDFULWHULRGH
OD SDUWH DFFLRQDQWH GH OD SUHVHQWH DFFLyQ GH LQFRQVWLWXFLRQDOLGDG
GHEHUtDQVHUORV7ULEXQDOHV(OHFWRUDOHV'HSDUWDPHQWDOHVODLQVWDQFLDTXH
HOLMD D OD DXWRULGDG VXPDULDQWH HQFDUJDGD GH SURFHVDU D 2ILFLDOHV GH
5HJLVWUR&LYLO\QRDVtHO6(5(&,

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDOKDWHQLGRXQDOtQHDMXULVSUXGHQFLDOXQLIRUPHHQVHQWLGRTXH
HQ HO FRQWUROGH FRQVWLWXFLRQDOLGDG QRUPDWLYR GH FRQVWLWXFLRQDOLGDG ODV QRUPDV LQIUD
FRQVWLWXFLRQDOHV FRPR VRQ OD QRUPD OHJDO RUGLQDULD R UHJODPHQWDULD QR FRQVWLWX\HQ
SDUiPHWURGHMXLFLRGHFRQVWLWXFLRQDOLGDGSRUFXDQWRHVHiPELWRFRUUHVSRQGHDFRQWURO
GHOHJDOLGDG

$VtOD6&VHxDOy)-,,,&RQUHODFLyQDODQRUPDSUHYLVWDSRUHODUW/*7
LQYRFDGR SRU ORV VROLFLWDQWHV GHO UHFXUVR FRPR RWUD QRUPD LQIULQJLGD SRU ODV
GLVSRVLFLRQHVOHJDOHVLPSXJQDGDVFRUUHVSRQGHVHxDODUTXHGLFKDQRUPDOHJDORUGLQDULD
QR FRQVWLWX\H XQ SDUiPHWUR GHO MXLFLR GH FRQVWLWXFLRQDOLGDG TXH GHEH GHVDUUROODU OD

W


dW^:d


MXULVGLFFLyQFRQVWLWXFLRQDODOFRQRFHU\UHVROYHUXQUHFXUVRGHLQFRQVWLWXFLRQDOLGDGSXHV
KDEUiGHUHFRUGDUTXHFRPRVXQRPEUHORLQGLFDODLQFRQVWLWXFLRQDOLGDGVHJHQHUDHQ
XQDFRQWUDGLFFLyQGLUHFWDHQWUHXQDGLVSRVLFLyQOHJDOLQIUDFRQVWLWXFLRQDOFRQODVQRUPDV
SUHYLVWD SRU OD &RQVWLWXFLyQ SXHV FXDQGR OD FRQWUDGLFFLyQ VH SURGXFH HQWUH XQD
GLVSRVLFLyQUHJODPHQWDULDFRQXQDQRUPDGHOD/H\HQWRQFHVVHHVWiDQWHXQDLOHJDOLGDG
\QRXQDLQFRQVWLWXFLRQDOLGDG3RUORUHIHULGRHVWH7ULEXQDOVHYHLPSHGLGRGHHIHFWXDU
ODFRQWUDVWDFLyQGHODVGLVSRVLFLRQHVOHJDOHVLPSXJQDGDVFRQODQRUPDSUHYLVWDSRUHO
DUW/*7)-,,,'HORUHIHULGRSUHFHGHQWHPHQWHVHHVWDEOHFHTXHODVGLVSRVLFLRQHV
OHJDOHVLPSXJQDGDVSHUVpQRVRQLQFRQVWLWXFLRQDOHVSXHVQRFRQWUDGLFHQGHPDQHUD
GLUHFWD ODV QRUPDV \ SUHFHSWRV SUHYLVWRV SRU OD &RQVWLWXFLyQ QL SRU ORV WUDWDGRV
FRQYHQFLRQHV R GHFODUDFLRQHV LQWHUQDFLRQDOHV HQ PDWHULD GH GHUHFKRV KXPDQRV TXH
IRUPDQSDUWHGHOEORTXHGHFRQVWLWXFLRQDOLGDG


'HOPLVPRPRGRHQOD6&GHGHMXQLRSURQXQFLDGDHQXQUHFXUVRGLUHFWR
GHLQFRQVWLWXFLRQDOLGDGDKRUDDFFLyQDEVWUDFWDGHLQFRQVWLWXFLRQDOLGDGVHxDOyTXHHQ
HO FRQWURO GH FRQVWLWXFLRQDOLGDG QRUPDWLYR GH FRQVWLWXFLRQDOLGDG OD QRUPD OHJDO
RUGLQDULDRUHJODPHQWDULDQRFRQVWLWX\HSDUiPHWURGHMXLFLRGHFRQVWLWXFLRQDOLGDGSRU
FXDQWRHVHiPELWRFRUUHVSRQGHDFRQWUROGHOHJDOLGDG6RVWXYR)-,,,$OHIHFWRFDEH
VHxDODU TXH GDGD VX QDWXUDOH]D MXUtGLFD HO UHFXUVR GLUHFWR R DEVWUDFWR GH
LQFRQVWLWXFLRQDOLGDGWLHQHSRUREMHWRYHULILFDUODFRPSDWLELOLGDGRLQFRPSDWLELOLGDGGH
OD GLVSRVLFLyQ OHJDO LPSXJQDGD FRQ ODV QRUPDV SUHYLVWDV SRU OD &RQVWLWXFLyQ FRQ OD
ILQDOLGDG GH UHDOL]DU XQ VDQHDPLHQWR GHO RUGHQDPLHQWR MXUtGLFR GHO (VWDGR (Q
FRQVHFXHQFLD HVWD YtD GH FRQWURO GH FRQVWLWXFLRQDOLGDG VyOR VH DFWLYD HQ DTXHOORV
VXSXHVWRV HQ ORV TXH OD GLVSRVLFLyQ OHJDO LPSXJQDGD LQIULQJH GH PDQHUD GLUHFWD ODV
QRUPDVGHOD/H\)XQGDPHQWDOGHO(VWDGRGHFRQWUDULRQRVHDFWLYDHOUHFXUVRGLUHFWRR
DEVWUDFWRGHLQFRQVWLWXFLRQDOLGDGFXDQGRXQDQRUPDUHJODPHQWDULD 'HFUHWR6XSUHPRR
5HVROXFLyQQRUPDWLYD FRQWUDGLJDRLQIULQMDDXQDQRUPDOHJDOVXSHULRUTXHQRVHDOD
&RQVWLWXFLyQSXHVHVDVLWXDFLyQMXUtGLFDFRUUHVSRQGHDOiPELWRGHFRQWUROGHOHJDOLGDG
SRUORPLVPRVHDFWLYDODYtDGHOSURFHVRFRQWHQFLRVRDGPLQLVWUDWLYRDVtORGLVSRQHOD
QRUPD SUHYLVWD SRU HO DUW  GH OD /H\  GH GH PD\R GH  TXH GH PDQHUD
H[SUHVDGLVSRQHORVLJXLHQWH
6HDSOLFDUiQORVSURFHVRVFRQWHQFLRVRVDGPLQLVWUDWLYRVSRU
ODVDXWRULGDGHVMXGLFLDOHVFRPSHWHQWHVFXDQGRVHLPSXJQHQGHFUHWRV\UHVROXFLRQHVTXH
VHFRQVLGHUHQLOHJDOHVSRUVXRSRVLFLyQDXQDQRUPDVXSHULRUVDOYRTXHODFRQWUDGLFFLyQ
DFXVDGD VH UHILHUD GH PDQHUD GLUHFWD D XQD R PiV GLVSRVLFLRQHV GH OD &RQVWLWXFLyQ
3ROtWLFD GHO (VWDGR HQ FX\R FDVR VH DSOLFDUiQ ORV SURFHGLPLHQWRV FRQVWLWXFLRQDOHV
UHJXODGRVHQOD/H\GHO7ULEXQDO&RQVWLWXFLRQDO


-XULVSUXGHQFLDTXHIXHUHLWHUDGDHQOD6&TXHVRVWXYR),,,  FDEH
DFODUDUTXHHOUHFXUVRGHLQFRQVWLWXFLRQDOLGDGSRUPHGLRGHODVGRVYtDVUHFRQRFLGDVSRU
HODUWGHOD/7&TXHVRQHOUHFXUVRGLUHFWRRDEVWUDFWRGHFRQVWLWXFLRQDOLGDG\HO
UHFXUVRLQGLUHFWRRLQFLGHQWDOGHLQFRQVWLWXFLRQDOLGDGYLQFXODGRDXQSURFHVRMXGLFLDOR
DGPLQLVWUDWLYR HV XQ PHFDQLVPR SUHYLVWR SDUD HO FRQWURO GH FRQVWLWXFLRQDOLGDG \ VH
DFWLYDHQDTXHOORVFDVRVHQORVTXHODVGLVSRVLFLRQHVOHJDOHVTXHIRUPDQSDUWHGHOREMHWR
GH FRQWURO SUHVHQWHQ VLJQRV GH LQFRPSDWLELOLGDG R FRQWUDGLFFLyQ GLUHFWD FRQ OD
&RQVWLWXFLyQDFRQWUDULRVHQVXQRVHDFWLYDFXDQGRXQDGLVSRVLFLyQOHJDOFRQWUDGLFHR
HVLQFRPSDWLEOHFRQRWUDGLVSRVLFLyQOHJDORUGLQDULDGHVXSHULRUMHUDUTXtD\DTXHHQHVD
VLWXDFLyQQRVHQFRQWUDUtDPRVDQWHXQDLOHJDOLGDGQRDQWHXQDLQFRQVWLWXFLRQDOLGDGSRU
OR TXH HO FRQWURO GH HVD VLWXDFLyQ FRUUHVSRQGH DO iPELWR GHO FRQWURO GH OHJDOLGDG
FRQIRUPHHVWiSUHYLVWRHQODVGLVSRVLFLRQHVILQDOHVGHGHURJDFLRQHV\PRGLILFDFLRQHV
SDUiJUDIR,,,GHOD/H\GHO7ULEXQDO&RQVWLWXFLRQDOPRGLILFDGRSRUOD/H\GH
GH PD\R GH  SRU FX\R PDQGDWR
6H DSOLFDUiQ ORV SURFHVRV FRQWHQFLRVR
DGPLQLVWUDWLYRV SRU ODV DXWRULGDGHV MXGLFLDOHV FRPSHWHQWHV FXDQGR VH LPSXJQHQ
GHFUHWRV R UHVROXFLRQHV TXH VH FRQVLGHUHQ LOHJDOHV SRU VX RSRVLFLyQ D XQD QRUPD
VXSHULRUVDOYRTXHODFRQWUDGLFFLyQDFXVDGDVHUHILHUDGHPDQHUDGLUHFWDDXQDRPiV
GLVSRVLFLRQHVGHOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR


W


dW^:d

(QHVHPLVPRVHQWLGRVLJXLHQGRODOtQHDMXULVSUXGHQFLDOHVWiQODV66&&V
\HQWUHRWUDV


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

3UHFHGHQWHFRQVWLWXFLRQDO


/D6&VHxDOy)-,,,&RQUHODFLyQDODQRUPDSUHYLVWDSRU
HODUW/*7LQYRFDGRSRUORVVROLFLWDQWHVGHOUHFXUVRFRPRRWUDQRUPD
LQIULQJLGD SRU ODV GLVSRVLFLRQHV OHJDOHV LPSXJQDGDV FRUUHVSRQGH
VHxDODUTXHGLFKDQRUPDOHJDORUGLQDULDQRFRQVWLWX\HXQSDUiPHWURGHO
MXLFLR GH FRQVWLWXFLRQDOLGDG TXH GHEH GHVDUUROODU OD MXULVGLFFLyQ
FRQVWLWXFLRQDODOFRQRFHU\UHVROYHUXQUHFXUVRGHLQFRQVWLWXFLRQDOLGDG
SXHV KDEUi GH UHFRUGDU TXH FRPR VX QRPEUH OR LQGLFD OD
LQFRQVWLWXFLRQDOLGDG VH JHQHUD HQ XQD FRQWUDGLFFLyQ GLUHFWD HQWUH XQD
GLVSRVLFLyQ OHJDO LQIUDFRQVWLWXFLRQDO FRQ ODV QRUPDV SUHYLVWD SRU OD
&RQVWLWXFLyQ SXHV FXDQGR OD FRQWUDGLFFLyQ VH SURGXFH HQWUH XQD
GLVSRVLFLyQUHJODPHQWDULDFRQXQDQRUPDGHOD/H\HQWRQFHVVHHVWiDQWH
XQD LOHJDOLGDG \ QR XQD LQFRQVWLWXFLRQDOLGDG 3RU OR UHIHULGR HVWH
7ULEXQDOVHYHLPSHGLGRGHHIHFWXDUODFRQWUDVWDFLyQGHODVGLVSRVLFLRQHV
OHJDOHVLPSXJQDGDVFRQODQRUPDSUHYLVWDSRUHODUW/*7)-,,,
'H OR UHIHULGR SUHFHGHQWHPHQWH VH HVWDEOHFH TXH ODV GLVSRVLFLRQHV
OHJDOHV LPSXJQDGDV SHUVp QR VRQ LQFRQVWLWXFLRQDOHV SXHV QR
FRQWUDGLFHQGHPDQHUDGLUHFWDODVQRUPDV\SUHFHSWRVSUHYLVWRVSRUOD
&RQVWLWXFLyQ QL SRU ORV WUDWDGRV FRQYHQFLRQHV R GHFODUDFLRQHV
LQWHUQDFLRQDOHVHQPDWHULDGHGHUHFKRVKXPDQRVTXHIRUPDQSDUWHGHO
EORTXHGHFRQVWLWXFLRQDOLGDG


/D6&3VHFRQVWLWX\HHQXQDSULPHUDVHQWHQFLDFRQILUPDGRUD
GHOtQHDTXHVHxDOy

)-,,,(OHMHUFLFLRGHOFRQWUROQRUPDWLYRGHFRQVWLWXFLRQDOLGDG\OD
LPSRVLELOLGDGGHHMHUFLFLRGHFRQWUROGHOHJDOLGDGDWUDYpVGHODDFFLyQ
GHLQFRQVWLWXFLRQDOLGDGFRQFUHWD
  DWUDYpVGHOFRQWUROQRUPDWLYRGHFRQVWLWXFLRQDOLGDGTXHSXHGHVHU
DFWLYDGR D WUDYpV GH OD DFFLyQ GH LQFRQVWLWXFLRQDOLGDG HQ VX IDFHWD
DEVWUDFWDRFRQFUHWDGHDFXHUGRDOPDQGDWRLQVHUWRHQHODUWGHOD
&3( WLHQH OD ILQDOLGDG GH YHODU SRU OD VXSUHPDFtD QR VyOR GH OD
&RQVWLWXFLyQVLQRWDPELpQGHOEORTXHGHFRQVWLWXFLRQDOLGDGYLJHQWHSRU
FXDQWRHOHMHUFLFLRGHOFRQWUROGHFRQVWLWXFLRQDOLGDGDWUDYpVGHOH[DPHQ
FRQVWLWXFLRQDO D VHU UHDOL]DGR HQ UHODFLyQ D QRUPDV JHQHUDOHV LQIUD
FRQVWLWXFLRQDOHVWLHQHODILQDOLGDGGHYHULILFDUVXFRPSDWLELOLGDGFRQOD
&RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR D FX\R FDVR GH HYLGHQFLDUVH
FRQWUDGLFFLyQ FRQ HO FRQWHQLGR GHO EORTXH GH FRQVWLWXFLRQDOLGDG HQ
W


dW^:d


UHVJXDUGR GHO SULQFLSLR GHVXSUHPDFtD FRQVWLWXFLRQDOHMHHVHQFLDO GHO
(VWDGR&RQVWLWXFLRQDOGH'HUHFKRODVGHFLVLRQHVDVHUHPDQDGDVSRUHO
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO VHUiQ DEURJDWRULDV R
GHURJDWRULDV VHJ~Q OD LQFRQVWLWXFLRQDOLGDG VHD WRWDO R SDUFLDO VLQ
SHUMXLFLR D ODV PRGXODFLRQHV GH ORV HIHFWRV GH IDOOR TXH SXGLHUD
UHDOL]DUVHDFRQVHFXHQFLDGHDVHJXUDUVHXQDUHDOLUUDGLDFLyQGHOUpJLPHQ
FRQVWLWXFLRQDOHQHORUGHQMXUtGLFRVRFLDOLPSHUDQWH


(QHOPDUFRGHORVHxDODGRHOFRQWUROQRUPDWLYRGHFRQVWLWXFLRQDOLGDG
HQFRPHQGDGR SRU OD IXQFLyQ FRQVWLWX\HQWH DO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDOGLILHUHVXVWDQFLDOPHQWHGHOFRQWUROGHOHJDOLGDGHOFXDO
HQ PpULWR DO GLVHxR \ UROHV SURSLRV GHO VLVWHPD SOXUDO GH FRQWURO GH
FRQVWLWXFLRQDOLGDG QR SXHGH VHU HQFRPHQGDGR D pVWH SRUTXH VH
JHQHUDUtDXQDGLVIXQFLyQRUJiQLFD


$Vt ODV FRVDV ODV QRUPDV JHQHUDOHV FX\D FRQVWLWXFLRQDOLGDG VHD
FXHVWLRQDGD VHUiQ H[DPLQDGDV SRU HO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDODWUDYpVGHOHMHUFLFLRGHOFRQWUROGHFRQVWLWXFLRQDOLGDGHQ
VX iPELWR QRUPDWLYR SDUD YHULILFDU DVt VX FRPSDWLELOLGDG R
LQFRPSDWLELOLGDG FRQ HO EORTXH GH FRQVWLWXFLRQDOLGDG LPSHUDQWH
HPSHURORVFRQIOLFWRVHPHUJHQWHVGHFRQWHQLGRVQRUPDWLYRVSODVPDGRV
HQ GLVSRVLFLRQHV LQIUDFRQVWLWXFLRQDOHV TXH LPSOLTXHQ XQD
LQWHUSUHWDFLyQ GH DSOLFDFLyQ QRUPDWLYD \ TXH QR JHQHUHQ XQD GLUHFWD
UHODFLyQGHDQiOLVLVGHFRPSDWLELOLGDGHQWUHODQRUPDFXHVWLRQDGD\HO
EORTXHGHFRQVWLWXFLRQDOLGDGVRQSUREOHPiWLFDVTXHVHHQPDUFDQHQHO
iPELWRGHOFRQWUROGHOHJDOLGDGSRUWDQWRHQUHVJXDUGRDXQDFRKHUHQFLD
RUJiQLFDWDOFRPRVHGLMRSUHFHGHQWHPHQWHQRSRGUiQVHUDQDOL]DGDVD
WUDYpVGHOFRQWUROQRUPDWLYRGHFRQVWLWXFLRQDOLGDGSRUORTXHHQFDVRV
HQORVFXDOHVHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHYLGHQFLHTXHOD
GHQXQFLD R GHQXQFLDV UHDOL]DGDV D WUDYpV GH OD DFFLyQ GH
LQFRQVWLWXFLRQDOLGDG HQ VX IDFHWD DEVWUDFWD R FRQFUHWD VH HQFXHQWUDQ
FLUFXQVFULWDV D XQ FRQIOLFWR GH OHJDOLGDG HVWD LQVWDQFLD GHEHUi VLQ
LQJUHVDU DO DQiOLVLV GH IRQGR GH OD SUREOHPiWLFD GHFODUDU OD
LPSURFHGHQFLDGHODDFFLyQ



7LSRVGHVHQWHQFLDV&RQHIHFWRGLIHULGR
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
W


dW^:d

7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HQ HO
HMHUFLFLRGHOFRQWUROQRUPDWLYRGHFRQVWLWXFLRQDOLGDGSXHGHGLIHULUHQ
HOWLHPSRORVHIHFWRVGHODQRUPDGHFODUDGDLQFRQVWLWXFLRQDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ DEVWUDFWD GH LQFRQVWLWXFLRQDOLGDG SUHVHQWDGD SRU XQ
'LSXWDGR GH OD $VDPEOHD /HJLVODWLYD 3OXULQDFLRQDO VH GHPDQGy OD
LQFRQVWLWXFLRQDOLGDG GH ORV DUWtFXORV    \  GH OD /H\ GH
0RGLILFDFLRQHV D OD /H\ GH %DQFRV \ (QWLGDGHV )LQDQFLHUDV SRU ODV
VLJXLHQWHV UD]RQHV D  3RUTXH HO DUW  GLVSRQH DUELWUDULDPHQWH OD
GHVDSDULFLyQGHODVFRRSHUDWLYDVGHDKRUUR\FUpGLWRFHUUDGDVGHFDUiFWHU
FRPXQDOTXHQRWLHQHQILQGHOXFURE SRUTXHHODUWLPSOLFDFRQYHUWLU
D ODV &RRSHUDWLYDV GH $KRUUR \ &UpGLWR FHUUDGDV HQ HQWLGDGHV GH
LQWHUPHGLDFLyQ ILQDQFLHUD FRQ ILQHV GH OXFUR HTXLSDUiQGRODV D ODV
&RRSHUDWLYDVGH$KRUUR\&UpGLWRDELHUWDVSHURFRQODGLIHUHQFLDTXHD
ODVSULPHUDVVHOHVUHVWULQJHVXDFWLYLGDGDVXVVRFLRVF SRUTXHHODUW
ODVREOLJDDDGRSWDUHOUpJLPHQGHUHVSRQVDELOLGDGOLPLWDGD\FDPELDHO
yUJDQRGHWXLFLyQDIHFWDQGRHOSULQFLSLRGHOH\HVSHFLDOPi[LPHFXDQGR
OD /H\ *HQHUDO GH &RRSHUDWLYDV \D IXH REMHWR GH FRQWURO GH
FRQVWLWXFLRQDOLGDGG SRUTXHGHDFXHUGRDODUWHQHORUGHQHFRQyPLFR
ILQDQFLHUR ODV &RRSHUDWLYDV FHUUDGDV QR VH GLIHUHQFLD GH ODV
&RRSHUDWLYDVDELHUWDV\DTXHGHEHQFRQVWLWXLUHOPLVPRFDSLWDOSULPDULR
\ FXPSOLU FRQ ORV GHPiV UHTXLVLWRV WpFQLFRV \ OHJDOHV HPSHUR ODV
FRRSHUDWLYDV FHUUDGDV VyOR SXHGHQ IXQFLRQDU HQWUH VXV VRFLRV (O
7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOGHFODUyL /D&RQVWLWXFLRQDOLGDG
GHORVDUWVSiUUDIRVSULPHUR\VHJXQGR\FXDUWRGHODUWGHOD/H\
LL /DFRQVWLWXFLRQDOLGDGGHOWHUFHUSiUUDIRGHODUWGHDFXHUGRDO
VHQWLGR LQWHUSUHWDWLYR SUHYLVWR HQ HO )- ,,, LLL  /D
LQFRQVWLWXFLRQDOLGDGFRQHIHFWRGLIHULGRGHXQDxRFRPSXWDEOHDSDUWLU
GHODOHJDOFLWDFLyQFRQOD6HQWHQFLDGHODIUDVHFRQWHQLGDHQODSULPHUD
SDUWHGHODUWGHOD/H\UHIHULGDDOD
H[LJHQFLDGHOPLVPRPRQWR
GHFDSLWDOSULPDULR
DODVFRRSHUDWLYDVGHDKRUUR\FUpGLWRVRFLHWDULDV\
FRRSHUDWLYDV GH DKRUUR \ FUpGLWR DELHUWDV SRU VHU HVWD GLVSRVLFLyQ
FRQWUDULD D ORV DUWV   \  GH OD &3( \ LY  6H H[KRUWy D OD
$VDPEOHD /HJLVODWLYD 3OXULQDFLRQDO SDUD TXH HQ HO SOD]R GH XQ DxR
HPLWDQXHYDUHJXODFLyQTXHFRQWHPSOHODH[LJHQFLDGHXQFDSLWDOPtQLPR
SULPDULR HQ PRQWRV GLIHUHQFLDGRV SDUD ODV FRRSHUDWLYDV GH DKRUUR \
FUpGLWRVRFLHWDULDVHQUHODFLyQDODVGHDKRUUR\FUpGLWRDELHUWDV

([WUDFWRGHODUDWLRGHFLGHQGL
W


dW^:d



5DWLR,PSOtFLWD

3DUWH'LVSRVLWLYD


/D ,1&2167,78&,21$/,'$' &21 ()(&72 ',)(5,'2
GHXQDxRFRPSXWDEOHDSDUWLUGHODOHJDOFLWDFLyQFRQHVWD6HQWHQFLDGH
ODIUDVHFRQWHQLGDHQODSULPHUDSDUWHGHODUWGHOD/H\UHIHULGD
DOD
H[LJHQFLDGHOPLVPRPRQWRGHFDSLWDOSULPDULR
DODVFRRSHUDWLYDV
GH DKRUUR \ FUpGLWR VRFLHWDULDV \ FRRSHUDWLYDV GH DKRUUR \ FUpGLWR
DELHUWDVSRUVHUFRQWUDULDDODQRUPDFRQWHQLGDHQORVDUWV\\
GHOD&3(

6LQWHVLVGHODUDWLRGHFLGHQGL

/D GHFODUDWRULD GH LQFRQVWLWXFLRQDOLGDG GHO DUW  GH OD /H\ 
0RGLILFDWRULDDOD/H\GH%DQFRV\HQWLGDGHVILQDQFLHUDV WLHQHHIHFWR
GLIHULGR SRU XQ DxR FRPSXWDEOH D SDUWLU GH OD OHJDO FLWDFLyQ FRQ OD
VHQWHQFLD

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

3UHFHGHQWH,PSOtFLWR

3DUWH'LVSRVLWLYD


/D ,1&2167,78&,21$/,'$' &21 ()(&72 ',)(5,'2
GHXQDxRFRPSXWDEOHDSDUWLUGHODOHJDOFLWDFLyQFRQHVWD6HQWHQFLDGH
ODIUDVHFRQWHQLGDHQODSULPHUDSDUWHGHODUWGHOD/H\UHIHULGD
DOD
H[LJHQFLDGHOPLVPRPRQWRGHFDSLWDOSULPDULR
DODVFRRSHUDWLYDV
GH DKRUUR \ FUpGLWR VRFLHWDULDV \ FRRSHUDWLYDV GH DKRUUR \ FUpGLWR
DELHUWDVSRUVHUFRQWUDULDDODQRUPDFRQWHQLGDHQORVDUWV\\
GHOD&3(



7LSRVGHVHQWHQFLDV([KRUWDWLYDV
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD

W


SUHFHGHQFLDO

dW^:d

7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH


FRQVWLWXFLRQDO

6&3/DQRUPDTXHHVWDEOHFHODLQWHUYHQFLyQGHOyUJDQR
HMHFXWLYR HQ HO SURFHVR\ SURFHGLPLHQWR GH OD FRQVXOWD SUHYLD  VHUi
FRQVWLWXFLRQDOPHQWH YiOLGD  HQ HO PDUFR GH XQD LQWHUSUHWDFLyQ
FRQIRUPH D OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR \ HO EORTXH GH
FRQVWLWXFLRQDOLGDG HQ WDQWR VHD FRQFHUWDGR HQ REVHUYDQFLD GH OD
UHODFLyQ KRUL]RQWDO HQWUH HO (VWDGR \ ORV SXHEORV LQGtJHQDV GHO
7,31,6

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHLQFRQVWLWXFLRQDOLGDGSUHVHQWDGDSRU'LSXWDGRVGHOD
$VDPEOHD/HJLVODWLYD3OXULQDFLRQDOVHGHPDQGyODLQFRQVWLWXFLRQDOLGDG
GHORVDUWVLQFD \GHOD/H\GHGHIHEUHURGH
SRUVHUSUHVXQWDPHQWHFRQWUDULRVDORVDUWV,9,,
\,,,SDUiJUDIR,,GHOD&3(\GHOD&RQYHQFLyQ
GH9LHQDVREUHHO'HUHFKRGHORV7UDWDGRVGHGHPD\RGHGHO
&RQYHQLRGHOD2UJDQL]DFLyQ,QWHUQDFLRQDOGHO7UDEDMR 2,7 \
\GHOD'HFODUDFLyQGHODV1DFLRQHV8QLGDVVREUHORV'HUHFKRVGHORV
3XHEORV,QGtJHQDVFRQORVVLJXLHQWHVDUJXPHQWRVD(ODUWGHOD/H\
YLROyGHPDQHUDIODJUDQWHHODUW,,GHOD&3(GHELGRDTXH
ODFRQVXOWDQRWLHQHHOFDUiFWHUGHSUHYLDHQPpULWRDTXHSUHFLVDPHQWH
KXERDFWRVOHJLVODWLYRV\DGPLQLVWUDWLYRVTXHDIHFWDURQHO7,31,6DQWHV
GHUHDOL]DUVHODFRQVXOWDREMHWRGHODPHQFLRQDGD/H\E/RVDUWV
D \GHOD/H\YXOQHUDQHOGHUHFKRGHORVSXHEORVLQGtJHQDVDVHU
FRQVXOWDGRVPHGLDQWHVXVSURFHGLPLHQWRV\DWUDYpVGHVXVLQVWLWXFLRQHV
SRUTXH XQLODWHUDOPHQWH HVWDEOHFHQ HO SURFHVR \ SURFHGLPLHQWR GH OD
FRQVXOWD F (O DUW  GH OD /H\  WDPELpQ OHVLRQD HO GHUHFKR D ORV
SXHEORV LQGtJHQDV D VHU FRQVXOWDGRV D WUDYpV GH VXV SURFHGLPLHQWRV H
LQVWLWXFLRQHV DO HVWDEOHFHU OD SDUWLFLSDFLyQ GHO yUJDQR HMHFXWLYR HQ HO
SURFHVRGHFRQVXOWDG(ODUWGHOD/H\OHVLRQDHOGHUHFKRTXH
WLHQHQORVSXHEORVLQGtJHQDVDTXHODFRQVXOWDVHOOHYHDGHODQWHDWUDYpV
GH VXV SURSLDV LQVWLWXFLRQHV SRUTXH SUHYp LQWHUYHQFLyQ GHO UJDQR
(OHFWRUDO3OXULQDFLRQDOH(OSOD]RSUHYLVWRHQHODUWGHOD/H\
GHEHVHUGHILQLGRDSDUWLUGHODSURSLDLQVWLWXFLRQDOLGDGLQGtJHQDGHVXV
QRUPDV VXV XVRV \ FRVWXPEUHV VXV IRUPDV GH RUJDQL]DFLyQ \ VXV
DXWRULGDGHVQDWXUDOHV(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOGHFODUy
/DFRQVWLWXFLRQDOLGDGGHODUWHQFXDQWRDOREMHWRGHFRQVXOWD\GHO
DUWDPERVGHOD/H\/DFRQVWLWXFLRQDOLGDGGHODUWHQFXDQWR
D OD IUDVH
\ HVWDEOHFHU HO FRQWHQLGR GH HVWH SURFHVR \ VXV
SURFHGLPLHQWRV
 \ GH ORV DUWV   LQF D   \  GH OD /H\ 
FRQGLFLRQDGD D VX FRQFHUWDFLyQ  ,PSURFHGHQWH OD DFFLyQ GH
LQFRQVWLWXFLRQDOLGDG DEVWUDFWD  IRUPXODGD UHVSHFWR DO DUW  GH OD /H\
W


dW^:d


  $Vt PLVPR OD 6&3  D ,QVWy D ORV SXHEORV LQGtJHQD
RULJLQDULRFDPSHVLQRVKDELWDQWHVGHO7,31,6DTXHHQHMHUFLFLRGHVXV
GHUHFKRV\FRQHOREMHWRGHPDWHULDOL]DUORVPLVPRVFRDG\XYHQFRQVX
SDUWLFLSDFLyQDHQWDEODUXQGLiORJRFRQHO(VWDGRDREMHWRGHDVXPLUORV
DFXHUGRVQHFHVDULRVSDUDHIHFWLYL]DUODFRQVXOWDSURSLFLDQGRSDUDHOORDO
LQWHULRUGHVXVFRPXQLGDGHVXQSURFHVRGHFRQFHUWDFLyQHQHOTXHVH
HVWDEOH]FDQ VXV SULRULGDGHV UHVSHFWR DO SURFHVR HQ Vt GH FRQVXOWD ODV
FXDOHVVHYHUiQUHIOHMDGDVDOPRPHQWRGHGHVDUUROODUVHHOGLiORJRHQWUH
SDUWHV E ([KRUWy D OD $VDPEOHD /HJLVODWLYD 3OXULQDFLRQDO D VHU
FRDG\XYDQWHHQODIDFLOLWDFLyQGHODFRQFHUWDFLyQ\HQODFRQILJXUDFLyQ
SRVWHULRU GH ORV DFXHUGRV DVXPLGRV F 'HWHUPLQy TXH HO UJDQR
(MHFXWLYRSURSLFLH\IDFLOLWHHOGLiORJRQHFHVDULRFRQGLFKRVSXHEORVG
'LVSXVRTXHDQWHHOLQFXPSOLPLHQWRGHORVWpUPLQRVGHVDUUROODGRVHQOD
6HQWHQFLD UHIHULGRV DO SURFHVR GH FRQVXOWD VH WHQGUiQ H[SHGLWDV ODV
DFFLRQHVWXWHODUHVSDUDDFWLYDUODMXVWLFLDFRQVWLWXFLRQDOHQGHIHQVDGH
ORV GHUHFKRV IXQGDPHQWDOHV FROHFWLYRV LQKHUHQWHV D ORV SXHEORV
LQGtJHQDV

([WUDFWRGHODUDWLRGHFLGHQGL

)- ,,,
(V HYLGHQWH FRPR VH VRVWXYR SUHFHGHQWHPHQWH TXH OD
UHODFLyQ GHO (VWDGR FRQ ODV FRPXQLGDGHV LQGtJHQDV GHEH GDUVH HQ XQ
SODQRGHLJXDOGDGHVGHFLUTXHpVWDGHEHVHUKRUL]RQWDOHQWUHLJXDOHV
QRYHUWLFDOHQODTXHXQDSDUWHRUGHQH\GLVSRQJDXQLODWHUDOPHQWHTXp
VHYDDFRQVXOWDUDTXLHQHVVHYDDFRQVXOWDU\FyPRVHYDDUHDOL]DUOD
FRQVXOWD GHQWUR GH HVWH RUGHQ GH LGHDV OD SUHPLVD FHQWUDO HV OD
FRQFHUWDFLyQ HV GHFLU XQ SURFHVR SUHYLR GH DFXHUGRV TXH SHUPLWDQ
YLDELOL]DUOD FRQVXOWD HQ HO SODQR GHOUHVSHWR PXWXR \ GHO UHVSHWR SRU
SDUWH GHO (VWDGR D ODV LQVWLWXFLRQHV LQGtJHQDV TXH GHEHQ SDUWLFLSDU
DFWLYDPHQWH HQ HO SURFHVR SUHYLR GH OD FRQVXOWD FRPR HQ VX
LPSOHPHQWDFLyQVLQHPEDUJRHVODSURSLDQRUPDWLYDFRQVWLWXFLRQDO\
ORV &RQYHQLRV ,QWHUQDFLRQDOHV TXH GHWHUPLQDQ OD SDUWLFLSDFLyQ GHO
(VWDGRVLQFX\RFRQFXUVRVHUtDLQYLDEOHHLUUHDOL]DEOHODFRQVXOWD

(QHIHFWRHODUW,,GHOD&3(JDUDQWL]DHOGHUHFKRDODFRQVXOWD
SUHYLDREOLJDWRULDUHDOL]DGDSRUHO(VWDGRGHEXHQDIH\FRQFHUWDGDSRU
VXSDUWHODVQRUPDVSUHYLVWDVSRUHODUWGHO&RQYHQLRGHOD2,7
HVWDEOHFHQ TXH ORV JRELHUQRV GHEHUiQ FRQVXOWDU D ORV SXHEORV
LQWHUHVDGRVPHGLDQWHSURFHGLPLHQWRVDSURSLDGRV\HQSDUWLFXODUDWUDYpV
GHVXVLQVWLWXFLRQHVUHSUHVHQWDWLYDVFDGDYH]TXHVHSUHYHDQPHGLGDV
OHJLVODWLYDV R DGPLQLVWUDWLYDV VXVFHSWLEOHV GH DIHFWDUOHV GLUHFWDPHQWH
HOOR LPSOLFD TXH HV IDFXOWDG SULYDWLYD GHO *RELHUQR HO FRQYRFDU D
FRQVXOWDSUHYLDORTXHDVXYH]FRQOOHYDDTXHHVREOLJDFLyQGHOPLVPR
(VWDGRSURSLFLDUODPLVPD\SUHYHUORVPHFDQLVPRVDGHFXDGRVSDUDVX
PDWHULDOL]DFLyQORTXHGHQLQJXQDPDQHUDLPSOLFDTXHYD\DDDVXPLU
GHFLVLRQHVXQLODWHUDOHVVLQRTXHFRQIRUPH\DVHH[SOLFyGHEHH[LVWLU
W


dW^:d

FRQFHUWDFLyQHQHOSODQRGHLJXDOGDG\HQUHVSHWR\UHVJXDUGRWDQWRGH
ODVLQVWLWXFLRQHVUHSUHVHQWDWLYDVFRPRGHORVSURFHGLPLHQWRVGHORORV
SXHEORVDVHUFRQVXOWDGRVHPSHURHVDILJXUDQRSXHGHHIHFWLYL]DUVHVL
HO(VWDGRQRDVXPHGHWHUPLQDGDVDFWXDFLRQHVTXHVHUHLWHUDSURSLFLHQ
ODFRQVXOWDTXLHQHVHQHOPDUFRGHODFRQFHUWDFLyQOOHYDUiQDGHODQWHOD
FRQVXOWD JDUDQWL]DUiQ ORV UHFXUVRV VXILFLHQWHV SDUD VX HMHFXFLyQ \
FRDG\XYDUiQHQODWDUHDGHLQIRUPDFLyQVREUHHOSURFHVR

(QHVHPDUFRHODUWGHOD/H\UHFRJHHVDUHVSRQVDELOLGDGGHO
(VWDGRGHSURSLFLDU\VHUFRDG\XYDQWHGHEXHQDIHHQODFRQVXOWDTXH
YD\DDUHDOL]DUVHHQFXPSOLPLHQWRSUHFLVDPHQWHGHOPDQGDWRTXHOHGD
OD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRGHORFXDOVHFRQFOX\HTXHHODUW
GHOD/H\HVFRQVWLWXFLRQDOFRQGLFLRQDGRGHELHQGRVHUFRQFHUWDGR
FRQODVLQVWLWXFLRQHVUHSUHVHQWDWLYDVGHORVSXHEORVLQGtJHQDV


6LQWHVLVGHODUDWLRGHFLGHQGL

'HFODUDODFRQVWLWXFLRQDOLGDGFRQGLFLRQDGDGHODUWHQFXDQWRDODIUDVH

\HVWDEOHFHUHOFRQWHQLGRGHHVWHSURFHVR\VXVSURFHGLPLHQWRV
\GH
ORVDUWVLQFD \GHOD/H\FRQGLFLRQDGDDVXFRQFHUWDFLyQ
SRUFXDQWRODQRUPDTXHHVWDEOHFHODLQWHUYHQFLyQGHOyUJDQRHMHFXWLYR
HQ HO SURFHVR \ SURFHGLPLHQWR GH OD FRQVXOWD SUHYLD  VHUi
FRQVWLWXFLRQDOPHQWHYiOLGDHQHOPDUFRGHXQDLQWHUSUHWDFLyQFRQIRUPH
DOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR\HOEORTXHGHFRQVWLWXFLRQDOLGDG
HQWDQWRVHDFRQFHUWDGRHQREVHUYDQFLDGHODUHODFLyQKRUL]RQWDOHQWUH
HO(VWDGR\ORVSXHEORVLQGtJHQDVGHO7,31,6

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

3UHFHGHQWHIXQGDQWH6&3

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,
OD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRKDFHKLQFDSLpHQTXHOD
FRQVXOWDDGHPiVGHVHUSUHYLDREOLJDWRULDOLEUHHLQIRUPDGD\GHEXHQD
IH GHED VHU FRQFHUWDGD SXHV SUHFLVDPHQWH ORV SURFHGLPLHQWRV ORV
VXMHWRVTXHLQWHUYHQGUiQ\HOFRQWHQLGRPLVPRGHODFRQVXOWDGHEHQVHU
SDFWDGRVFRQFDUiFWHUSUHYLRHQWUHHO(VWDGR\ORVSXHEORVLQGtJHQDV


9RWR'LVLGHQWH

9RWR GLVLGHQWH  /D 6&  WLHQH HO YRWR GLVLGHQWH GHO 'U
*XDOEHUWR&XVLTXLHQVRVWLHQHTXHGHELyGHFODUDUVHLQFRQVWLWXFLRQDOHO
SULPHUSiUUDIRGHODUWSRUTXHTXLHQGHELyOOHYDUDFDERHOSURFHVRGH
FRQVXOWD HV HO UJDQR (OHFWRUDO 3OXULQDFLRQDO \D TXH HO UJDQR
(MHFXWLYR QR SXHGH FRQVWLWXLUVH HQ -XH] \ 3DUWH HPSHUR GHELHURQ
W


dW^:d


GHFODUDUVHFRQVWLWXFLRQDOHVORVSDUiJUDIRV,,,,,\,9GHOD/H\VLQ
QLQJXQDFRQGLFLyQSRUTXHSUHYpQHOPDUFRJHQHUDOVREUHODIRUPDHQOD
TXHVHOOHYDUiDFDERODFRQVXOWD



1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3/DFLWDGHOSUHFHGHQWHFRQWUDGLFWRULRHQHOUHFXUVR
GH FDVDFLyQ UHTXLHUH TXH ODV SDUWHV SURFHVDOHV WHQJDQ DFFHVR D OD
MXULVSUXGHQFLD HPLWLGD SRU ORV 7ULEXQDOHV 'HSDUWDPHQWDOHV GH
-XVWLFLD \ HO PLVPR 7ULEXQDO 6XSUHPR GH -XVWLFLD D REMHWR GH TXH
SXHGDQHIHFWXDUHOFRQWUDVWHTXHFRQVLGHUHQSHUWLQHQWHHQFDVRVFRQ
VXSXHVWRVIiFWLFRVDQiORJRVDORVVX\RVSRUORTXHH[KRUWDDOD6DOD
3OHQDGHO7ULEXQDO6XSUHPRGH-XVWLFLDSUHYHDORVPHFDQLVPRVSDUD
SRVLELOLWDUODGLIXVLyQ\DFFHVRDORVSUHFHGHQWHVHPLWLGRVSRUODV6DODV
3HQDOHVGHORV7ULEXQDOHV'HSDUWDPHQWDOHVGH-XVWLFLD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHLQFRQVWLWXFLRQDOLGDGFRQFUHWDSURPRYLGDDLQVWDQFLD
GH SDUWH GHQWUR GH XQ SURFHVR SHQDO HO DFFLRQDQWH FXHVWLRQD OD
FRQVWLWXFLRQDOLGDGGHORVDUWV\GHO&33DUJXPHQWDQGRTXHHO
UHTXLVLWRULWXDOLVWDGHSUHVHQWDURLQYRFDUXQSUHFHGHQWHFRQWUDGLFWRULR
OLPLWDHOGHUHFKRDFRQRFHUHOUHFXUVRHQHOIRQGRSULYDQGRDOFLXGDGDQR
GH DFFHGHU D OD MXVWLFLD HQ VXV GLIHUHQWHV LQVWDQFLDV LQFXUULpQGRVH HQ
LQIUDFFLyQGHORVDUWV\,,GHOD&3(\\,GHOD
&RQYHQFLyQ $PHULFDQD 6REUH 'HUHFKRV +XPDQRV (O 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO GHFODUy OD FRQVWLWXFLRQDOLGDG GH ODV
QRUPDVLPSXJQDGDVH[KRUWDQGRDOD6DOD3OHQDGHO7ULEXQDO6XSUHPR
GH-XVWLFLDSUHYHDORVPHFDQLVPRVHLQVWUXPHQWRVQHFHVDULRVSDUDTXHD
ODEUHYHGDGSRVLEOHVHFXHQWHFRQPHGLRVTXHSRVLELOLWHQODGLIXVLyQ\
DFFHVRDORVSUHFHGHQWHVHPLWLGRVSRUODV6DODV3HQDOHVGHORV7ULEXQDOHV
'HSDUWDPHQWDOHVGH-XVWLFLD

([WUDFWRGHODUDWLRGHFLGHQGL

W


dW^:d

(VWD VHQWHQFLD HQ VX SDUWH GLVSRVLWLYD GHWHUPLQy $ REMHWR GH
PDWHULDOL]DUHOREMHWRGHOUHFXUVRGHFDVDFLyQFRQIRUPHVHSUHFLVyHQHO
)XQGDPHQWR -XUtGLFR ,,, GH OD SUHVHQWH 6HQWHQFLD &RQVWLWXFLRQDO
3OXULQDFLRQDO VH H[KRUWD D OD 6DOD 3OHQD GHO 7ULEXQDO 6XSUHPR GH
-XVWLFLDSUHYHDORVPHFDQLVPRVHLQVWUXPHQWRVQHFHVDULRVSDUDTXHDOD
EUHYHGDG SRVLEOH VH FXHQWH FRQ PHGLRV TXH SRVLELOLWHQ OD GLIXVLyQ \
DFFHVRDORVSUHFHGHQWHVHPLWLGRVSRUODV6DODV3HQDOHVGHORV7ULEXQDOHV
'HSDUWDPHQWDOHVGH-XVWLFLD

6LQWHVLVGHODUDWLRGHFLGHQGL

6H GHFODUD HQ OD DFFLyQ GH LQFRQVWLWXFLRQDOLGDG FRQFUHWD OD
FRQVWLWXFLRQDOLGDGGHORVDUWV\GHO&33H[KRUWDQGRDOD6DOD
3OHQD GHO 7ULEXQDO 6XSUHPR GH -XVWLFLD SUHYHD ORV PHFDQLVPRV H
LQVWUXPHQWRVQHFHVDULRVSDUDTXHDODEUHYHGDGSRVLEOHVHFXHQWHFRQ
PHGLRVTXHSRVLELOLWHQODGLIXVLyQ\DFFHVRDORVSUHFHGHQWHVHPLWLGRV
SRUODV6DODV3HQDOHVGHORV7ULEXQDOHV'HSDUWDPHQWDOHVGH-XVWLFLD

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

(VWD 6HQWHQFLD HQ VX )- ,,, GLVSRQH 'HQWUR GH HVH PDUFR
FRUUHVSRQGH UHIHULUVH DO HIHFWLYR XVR GHO UHFXUVR GH FDVDFLyQ FRPR
PHGLR SURFHVDO SDUD LPSXJQDU OD H[LVWHQFLD GH SUHFHGHQWHV
FRQWUDGLFWRULRV TXH JHQHUHQ LQVHJXULGDG MXUtGLFD HQ ODV SDUWHV
SURFHVDOHVSRUFXDQWRVLELHQHVWiFODUDPHQWHGHILQLGDODQDWXUDOH]D\
REMHWRGHHVWHUHFXUVR\SRUHQGHODFRQVWLWXFLRQDOLGDGGHOUHTXLVLWRGH
LQYRFDU HO SUHFHGHQWH FRQWUDGLFWRULR QR HV PHQRV HYLGHQWH TXH HO
HMHUFLFLRSOHQRGHHVWHUHFXUVRUHTXLHUHGHODFFHVRDORVIDOORVHPLWLGRV
SRUODV6DODV3HQDOHVGHORV7ULEXQDOHV'HSDUWDPHQWDOHVGH-XVWLFLDGHO
SDtV

$ HVH HIHFWR OD H[LJHQFLD GH OD FLWD GHO SUHFHGHQWH FRQWUDGLFWRULR
UHTXLHUH TXH ODV SDUWHV SURFHVDOHV WHQJDQ DFFHVR D OD MXULVSUXGHQFLD
HPLWLGD SRU ORV 7ULEXQDOHV 'HSDUWDPHQWDOHV GH -XVWLFLD \ HO PLVPR
7ULEXQDO 6XSUHPR GH -XVWLFLD D REMHWR GH TXH SXHGDQ HIHFWXDU HO
FRQWUDVWH TXH FRQVLGHUHQ SHUWLQHQWH HQ FDVRV FRQ VXSXHVWRV IiFWLFRV
DQiORJRV D ORV VX\RV \ HQ ORV FXDOHV VH KXELHVH SRGLGR HPLWLU XQ
UD]RQDPLHQWRFRQWUDULRJHQHUDQGRLQFHUWLGXPEUHVREUHODLQWHUSUHWDFLyQ
\DSOLFDFLyQGHODQRUPDSRUODMXULVGLFFLyQRUGLQDULD

(QHVHRUGHQVHKDFHGHYLWDOLPSRUWDQFLDTXHODPi[LPDLQVWDQFLDGHOD
MXVWLFLD RUGLQDULD QR DVXPD XQ URO SDVLYR GH DSOLFDFLyQ GH QRUPDV
SURFHVDOHV DO FRQWUDULR HVWH 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO
FRQVLGHUD TXH ODV LQVWDQFLDV GH OD MXULVGLFFLyQ RUGLQDULD GHEHQ
FRDG\XYDUDODHIHFWLYL]DFLyQGHORVSULQFLSLRVSURFHVDOHVGHDFFHVRDOD
MXVWLFLD \ VHJXULGDG MXUtGLFD HQWUH RWURV JHQHUDQGR SDUD HOOR ORV
W


dW^:d


PHFDQLVPRVHLQVWUXPHQWRVQHFHVDULRVTXHSHUPLWDQXQUHDOHMHUFLFLRGH
ORVUHFXUVRV\PHGLRVSUHYLVWRVSRUOH\SDUDTXHODVSDUWHVHIHFW~HQVXV
UHFODPRVLPSXJQDFLRQHV\VROLFLWXGHVHQJHQHUDOSDUDHOOR\HQIRUPD
FRQFUHWDUHVSHFWRDOUHFXUVRGHFDVDFLyQHVHYLGHQWHODQHFHVLGDGGHTXH
HO 7ULEXQDO 6XSUHPR GH -XVWLFLD \ ORV 7ULEXQDOHV 'HSDUWDPHQWDOHV GH
-XVWLFLD DVXPDQ XQ URO DFWLYR HQ OD GLIXVLyQ GH VX MXULVSUXGHQFLD HQ
PDWHULD SHQDO D WUDYpV GH ORV PHGLRV \ PHFDQLVPRV TXH FRQVLGHUHQ
SHUWLQHQWHVSDUDOOHJDUDWRGDODSREODFLyQHQIRUPDJUDWXLWDRSRUWXQD\
HILFD]SRVLELOLWDQGRGHHVDIRUPDQRVyORXQDPD\RULQWHJUDFLyQHQWUH
OD MXVWLFLD \ OD VRFLHGDG SOXUDO VLQR WDPELpQ FRDG\XYDQGR D TXH ODV
SDUWHV GHQWUR GH XQ SURFHVR WHQJDQ ORV LQVWUXPHQWRV QHFHVDULRV SDUD
DVXPLUDVXYH]XQURODFWLYRGHQWURGHVXFDXVD



7LSRVGHVHQWHQFLDV,QWHUSUHWDWLYDVRFRQGLFLRQDRGDV
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3/DQRUPDTXHHVWDEOHFHODLQWHUYHQFLyQGHOyUJDQR
HMHFXWLYR HQ HO SURFHVR\ SURFHGLPLHQWR GH OD FRQVXOWD SUHYLD  VHUi
FRQVWLWXFLRQDOPHQWH YiOLGD  HQ HO PDUFR GH XQD LQWHUSUHWDFLyQ
FRQIRUPH D OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR \ HO EORTXH GH
FRQVWLWXFLRQDOLGDG HQ WDQWR VHD FRQFHUWDGR HQ REVHUYDQFLD GH OD
UHODFLyQ KRUL]RQWDO HQWUH HO (VWDGR \ ORV SXHEORV LQGtJHQDV GHO
7,31,6

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHLQFRQVWLWXFLRQDOLGDGSUHVHQWDGDSRU'LSXWDGRVGHOD
$VDPEOHD/HJLVODWLYD3OXULQDFLRQDOVHGHPDQGyODLQFRQVWLWXFLRQDOLGDG
GHORVDUWVLQFD \GHOD/H\GHGHIHEUHURGH
SRUVHUSUHVXQWDPHQWHFRQWUDULRVDORVDUWV,9,,
\,,,SDUiJUDIR,,GHOD&3(\GHOD&RQYHQFLyQ
GH9LHQDVREUHHO'HUHFKRGHORV7UDWDGRVGHGHPD\RGHGHO
&RQYHQLRGHOD2UJDQL]DFLyQ,QWHUQDFLRQDOGHO7UDEDMR 2,7 \
\GHOD'HFODUDFLyQGHODV1DFLRQHV8QLGDVVREUHORV'HUHFKRVGHORV
3XHEORV,QGtJHQDVFRQORVVLJXLHQWHVDUJXPHQWRVD(ODUWGHOD/H\
W


dW^:d

YLROyGHPDQHUDIODJUDQWHHODUW,,GHOD&3(GHELGRDTXH
ODFRQVXOWDQRWLHQHHOFDUiFWHUGHSUHYLDHQPpULWRDTXHSUHFLVDPHQWH
KXERDFWRVOHJLVODWLYRV\DGPLQLVWUDWLYRVTXHDIHFWDURQHO7,31,6DQWHV
GHUHDOL]DUVHODFRQVXOWDREMHWRGHODPHQFLRQDGD/H\E/RVDUWV
D \GHOD/H\YXOQHUDQHOGHUHFKRGHORVSXHEORVLQGtJHQDVDVHU
FRQVXOWDGRVPHGLDQWHVXVSURFHGLPLHQWRV\DWUDYpVGHVXVLQVWLWXFLRQHV
SRUTXH XQLODWHUDOPHQWH HVWDEOHFHQ HO SURFHVR \ SURFHGLPLHQWR GH OD
FRQVXOWD F (O DUW  GH OD /H\  WDPELpQ OHVLRQD HO GHUHFKR D ORV
SXHEORV LQGtJHQDV D VHU FRQVXOWDGRV D WUDYpV GH VXV SURFHGLPLHQWRV H
LQVWLWXFLRQHV DO HVWDEOHFHU OD SDUWLFLSDFLyQ GHO yUJDQR HMHFXWLYR HQ HO
SURFHVRGHFRQVXOWDG(ODUWGHOD/H\OHVLRQDHOGHUHFKRTXH
WLHQHQORVSXHEORVLQGtJHQDVDTXHODFRQVXOWDVHOOHYHDGHODQWHDWUDYpV
GH VXV SURSLDV LQVWLWXFLRQHV SRUTXH SUHYp LQWHUYHQFLyQ GHO UJDQR
(OHFWRUDO3OXULQDFLRQDOH(OSOD]RSUHYLVWRHQHODUWGHOD/H\
GHEHVHUGHILQLGRDSDUWLUGHODSURSLDLQVWLWXFLRQDOLGDGLQGtJHQDGHVXV
QRUPDV VXV XVRV \ FRVWXPEUHV VXV IRUPDV GH RUJDQL]DFLyQ \ VXV
DXWRULGDGHVQDWXUDOHV(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOGHFODUy
/DFRQVWLWXFLRQDOLGDGGHODUWHQFXDQWRDOREMHWRGHFRQVXOWD\GHO
DUWDPERVGHOD/H\/DFRQVWLWXFLRQDOLGDGGHODUWHQFXDQWR
D OD IUDVH
\ HVWDEOHFHU HO FRQWHQLGR GH HVWH SURFHVR \ VXV
SURFHGLPLHQWRV
 \ GH ORV DUWV   LQF D   \  GH OD /H\ 
FRQGLFLRQDGD D VX FRQFHUWDFLyQ  ,PSURFHGHQWH OD DFFLyQ GH
LQFRQVWLWXFLRQDOLGDG DEVWUDFWD  IRUPXODGD UHVSHFWR DO DUW  GH OD /H\
  $Vt PLVPR OD 6&3  D ,QVWy D ORV SXHEORV LQGtJHQD
RULJLQDULRFDPSHVLQRVKDELWDQWHVGHO7,31,6DTXHHQHMHUFLFLRGHVXV
GHUHFKRV\FRQHOREMHWRGHPDWHULDOL]DUORVPLVPRVFRDG\XYHQFRQVX
SDUWLFLSDFLyQDHQWDEODUXQGLiORJRFRQHO(VWDGRDREMHWRGHDVXPLUORV
DFXHUGRVQHFHVDULRVSDUDHIHFWLYL]DUODFRQVXOWDSURSLFLDQGRSDUDHOORDO
LQWHULRUGHVXVFRPXQLGDGHVXQSURFHVRGHFRQFHUWDFLyQHQHOTXHVH
HVWDEOH]FDQ VXV SULRULGDGHV UHVSHFWR DO SURFHVR HQ Vt GH FRQVXOWD ODV
FXDOHVVHYHUiQUHIOHMDGDVDOPRPHQWRGHGHVDUUROODUVHHOGLiORJRHQWUH
SDUWHV E ([KRUWy D OD $VDPEOHD /HJLVODWLYD 3OXULQDFLRQDO D VHU
FRDG\XYDQWHHQODIDFLOLWDFLyQGHODFRQFHUWDFLyQ\HQODFRQILJXUDFLyQ
SRVWHULRU GH ORV DFXHUGRV DVXPLGRV F 'HWHUPLQy TXH HO UJDQR
(MHFXWLYRSURSLFLH\IDFLOLWHHOGLiORJRQHFHVDULRFRQGLFKRVSXHEORVG
'LVSXVRTXHDQWHHOLQFXPSOLPLHQWRGHORVWpUPLQRVGHVDUUROODGRVHQOD
6HQWHQFLD UHIHULGRV DO SURFHVR GH FRQVXOWD VH WHQGUiQ H[SHGLWDV ODV
DFFLRQHVWXWHODUHVSDUDDFWLYDUODMXVWLFLDFRQVWLWXFLRQDOHQGHIHQVDGH
ORV GHUHFKRV IXQGDPHQWDOHV FROHFWLYRV LQKHUHQWHV D ORV SXHEORV
LQGtJHQDV

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
(VHYLGHQWHFRPRVHVRVWXYRSUHFHGHQWHPHQWHTXHODUHODFLyQGHO(VWDGR
FRQODVFRPXQLGDGHVLQGtJHQDVGHEHGDUVHHQXQSODQRGHLJXDOGDGHVGHFLUTXHpVWD
GHEH VHUKRUL]RQWDO HQWUH LJXDOHV QR YHUWLFDO HQ ODTXH XQDSDUWH RUGHQH \ GLVSRQJD
XQLODWHUDOPHQWHTXpVHYDDFRQVXOWDUDTXLHQHVVHYDDFRQVXOWDU\FyPRVHYDDUHDOL]DU

W


dW^:d


ODFRQVXOWDGHQWURGHHVWHRUGHQGHLGHDVODSUHPLVDFHQWUDOHVODFRQFHUWDFLyQHVGHFLU
XQSURFHVRSUHYLRGHDFXHUGRVTXHSHUPLWDQYLDELOL]DUODFRQVXOWDHQHOSODQRGHOUHVSHWR
PXWXR \ GHO UHVSHWR SRU SDUWH GHO (VWDGR D ODV LQVWLWXFLRQHV LQGtJHQDV TXH GHEHQ
SDUWLFLSDUDFWLYDPHQWHHQHOSURFHVRSUHYLRGHODFRQVXOWDFRPRHQVXLPSOHPHQWDFLyQ
VLQHPEDUJRHVODSURSLDQRUPDWLYDFRQVWLWXFLRQDO\ORV&RQYHQLRV,QWHUQDFLRQDOHVTXH
GHWHUPLQDQODSDUWLFLSDFLyQGHO(VWDGRVLQFX\RFRQFXUVRVHUtDLQYLDEOHHLUUHDOL]DEOHOD
FRQVXOWD

(Q HIHFWR HO DUW  ,,  GH OD &3( JDUDQWL]D HO GHUHFKR D OD FRQVXOWD SUHYLD
REOLJDWRULDUHDOL]DGDSRUHO(VWDGRGHEXHQDIH\FRQFHUWDGDSRUVXSDUWHODVQRUPDV
SUHYLVWDV SRU HO DUW  GHO &RQYHQLR  GH OD 2,7 HVWDEOHFHQ TXH ORV JRELHUQRV
GHEHUiQFRQVXOWDUDORVSXHEORVLQWHUHVDGRVPHGLDQWHSURFHGLPLHQWRVDSURSLDGRV\HQ
SDUWLFXODUDWUDYpVGHVXVLQVWLWXFLRQHVUHSUHVHQWDWLYDVFDGDYH]TXHVHSUHYHDQPHGLGDV
OHJLVODWLYDVRDGPLQLVWUDWLYDVVXVFHSWLEOHVGHDIHFWDUOHVGLUHFWDPHQWHHOORLPSOLFDTXH
HVIDFXOWDGSULYDWLYDGHO*RELHUQRHOFRQYRFDUDFRQVXOWDSUHYLDORTXHDVXYH]FRQOOHYD
D TXH HV REOLJDFLyQ GHO PLVPR (VWDGR SURSLFLDU OD PLVPD \ SUHYHU ORV PHFDQLVPRV
DGHFXDGRVSDUDVXPDWHULDOL]DFLyQORTXHGHQLQJXQDPDQHUDLPSOLFDTXHYD\DDDVXPLU
GHFLVLRQHVXQLODWHUDOHVVLQRTXHFRQIRUPH\DVHH[SOLFyGHEHH[LVWLUFRQFHUWDFLyQHQ
HOSODQRGHLJXDOGDG\HQUHVSHWR\UHVJXDUGRWDQWRGHODVLQVWLWXFLRQHVUHSUHVHQWDWLYDV
FRPRGHORVSURFHGLPLHQWRVGHORORVSXHEORVDVHUFRQVXOWDGRVHPSHURHVDILJXUDQR
SXHGH HIHFWLYL]DUVH VL HO (VWDGR QR DVXPH GHWHUPLQDGDV DFWXDFLRQHV TXH VH UHLWHUD
SURSLFLHQ OD FRQVXOWD TXLHQHV HQ HO PDUFR GH OD FRQFHUWDFLyQ OOHYDUiQ DGHODQWH OD
FRQVXOWD JDUDQWL]DUiQ ORV UHFXUVRV VXILFLHQWHV SDUD VX HMHFXFLyQ \ FRDG\XYDUiQ HQ OD
WDUHDGHLQIRUPDFLyQVREUHHOSURFHVR

(QHVHPDUFRHODUWGHOD/H\UHFRJHHVDUHVSRQVDELOLGDGGHO(VWDGRGHSURSLFLDU
\VHUFRDG\XYDQWHGHEXHQDIHHQODFRQVXOWDTXHYD\DDUHDOL]DUVHHQFXPSOLPLHQWR
SUHFLVDPHQWHGHOPDQGDWRTXHOHGDOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRGHORFXDOVH
FRQFOX\H TXH HO DUW  GH OD /H\  HV FRQVWLWXFLRQDO FRQGLFLRQDGR GHELHQGR VHU
FRQFHUWDGRFRQODVLQVWLWXFLRQHVUHSUHVHQWDWLYDVGHORVSXHEORVLQGtJHQDV



6LQWHVLVGHODUDWLRGHFLGHQGL

'HFODUDODFRQVWLWXFLRQDOLGDGFRQGLFLRQDGDGHODUWHQFXDQWRDODIUDVH

\HVWDEOHFHUHOFRQWHQLGRGHHVWHSURFHVR\VXVSURFHGLPLHQWRV
\GH
ORVDUWVLQFD \GHOD/H\FRQGLFLRQDGDDVXFRQFHUWDFLyQ
SRUFXDQWRODQRUPDTXHHVWDEOHFHODLQWHUYHQFLyQGHOyUJDQRHMHFXWLYR
HQ HO SURFHVR \ SURFHGLPLHQWR GH OD FRQVXOWD SUHYLD  VHUi
FRQVWLWXFLRQDOPHQWHYiOLGDHQHOPDUFRGHXQDLQWHUSUHWDFLyQFRQIRUPH
DOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR\HOEORTXHGHFRQVWLWXFLRQDOLGDG
HQWDQWRVHDFRQFHUWDGRHQREVHUYDQFLDGHODUHODFLyQKRUL]RQWDOHQWUH
HO(VWDGR\ORVSXHEORVLQGtJHQDVGHO7,31,6

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

3UHFHGHQWHIXQGDQWH6&3

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,
OD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRKDFHKLQFDSLpHQTXHOD
FRQVXOWDDGHPiVGHVHUSUHYLDREOLJDWRULDOLEUHHLQIRUPDGD\GHEXHQD
W


dW^:d

IH GHED VHU FRQFHUWDGD SXHV SUHFLVDPHQWH ORV SURFHGLPLHQWRV ORV


VXMHWRVTXHLQWHUYHQGUiQ\HOFRQWHQLGRPLVPRGHODFRQVXOWDGHEHQVHU
SDFWDGRVFRQFDUiFWHUSUHYLRHQWUHHO(VWDGR\ORVSXHEORVLQGtJHQDV


9RWR'LVLGHQWH

9RWR GLVLGHQWH  /D 6&  WLHQH HO YRWR GLVLGHQWH GHO 'U
*XDOEHUWR&XVLTXLHQVRVWLHQHTXHGHELyGHFODUDUVHLQFRQVWLWXFLRQDOHO
SULPHUSiUUDIRGHODUWSRUTXHTXLHQGHELyOOHYDUDFDERHOSURFHVRGH
FRQVXOWD HV HO UJDQR (OHFWRUDO 3OXULQDFLRQDO \D TXH HO UJDQR
(MHFXWLYR QR SXHGH FRQVWLWXLUVH HQ -XH] \ 3DUWH HPSHUR GHELHURQ
GHFODUDUVHFRQVWLWXFLRQDOHVORVSDUiJUDIRV,,,,,\,9GHOD/H\VLQ
QLQJXQDFRQGLFLyQSRUTXHSUHYpQHOPDUFRJHQHUDOVREUHODIRUPDHQOD
TXHVHOOHYDUiDFDERODFRQVXOWD



1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   /RV yUJDQRV DGPLQLVWUDWLYRV ODERUDOHV VRQ
FRPSHWHQWHV SDUD GHWHUPLQDU HO LQFXPSOLPLHQWR GH FRQWUDWRV \
FRQYHQLRVODERUHVFX\DGHFLVLyQHVUHYLVDEOHSRUODLQVWDQFLDMXGLFLDO
DFWLYDGDSRUHOWUDEDMDGRURHOHPSOHDGRUFRPSHWHQFLDTXHQRDOFDQ]D
DOFRQRFLPLHQWRGHGHOLWRV

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QXQUHFXUVRLQGLUHFWRGHLQFRQVWLWXFLRQDOLGDGDFWXDOPHQWHDFFLyQGH
LQFRQVWLWXFLRQDOLGDGFRQFUHWDSURPRYLGRSRUHO*HUHQWH*HQHUDODLGH
OD &DMD 1DFLRQDO GH 6DOXG D LQVWDQFLD GH XQD WUDEDMDGRUD GHQWUR GHO
SURFHVR VXPDULR DGPLQLVWUDWLYR VHJXLGR HQ VX FRQWUD SRU VXSXHVWDV
FRQWUDYHQFLRQHV D GLVSRVLFLRQHV DGPLQLVWUDWLYDV VH FXHVWLRQy OD
FRQVWLWXFLRQDOLGDGGHODUWH GHO5HJODPHQWR,QWHUQRGH7UDEDMRGH
OD&DMD1DFLRQDOGH6DOXGDSUREDGRPHGLDQWH5HVROXFLyQ0LQLVWHULDO
50   GH  GH MXQLR GH  SRU FRQVLGHUDU TXH YXOQHUD HO
GHUHFKRDOGHELGRSURFHVRHQVXVHOHPHQWRVGHOGHUHFKRDODGHIHQVD\
OD JDUDQWtD GH OD SUHVXQFLyQ GH LQRFHQFLD GHELGR D TXH SHUPLWH VX
MX]JDPLHQWRSRUHOGHOLWRGHKXUWR\SHVHDQRH[LVWLUVHQWHQFLDSHQDO
W


dW^:d


FRQGHQDWRULDHMHFXWRULDGDSXHGHVHUGHVWLWXLGDVLQGHUHFKRDEHQHILFLRV
VRFLDOHV (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO GHFODUy OD
FRQVWLWXFLRQDOLGDGGHODUWLQFH GHO5HJODPHQWR,QWHUQRGH7UDEDMR
GHOD&DMD1DFLRQDOGH6DOXGHQHOVHQWLGRGHTXHQRRWRUJDFRPSHWHQFLD
D ORV yUJDQRV DGPLQLVWUDWLYRV GLVFLSOLQDULRV ODERUDOHV SDUD FRQRFHU
GHOLWRVVLQRSDUDGHWHUPLQDUHOLQFXPSOLPLHQWRDFRQWUDWRV\FRQYHQLRV
ODERUDOHVFX\DGHFLVLyQHVUHYLVDEOHSRULQVWDQFLDMXGLFLDODFWLYDGDSRU
HOWUDEDMDGRURHOHPSOHDGRU

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,, 0HGLDQWH OD DFFLyQ GH LQFRQVWLWXFLRQDOLGDG FRQFUHWD VH SLGH VH GHFODUH OD
LQFRQVWLWXFLRQDOLGDGGHODUWLQFH GHO5HJODPHQWR,QWHUQRGH7UDEDMRGHOD&16
TXHHVWDEOHFHTXH


'H DFXHUGR FRQ HO DUWtFXOR  GH OD /H\ *HQHUDO GHO 7UDEDMR \ HO FRUUHODWLYR GH VX
5HJODPHQWR HO 7UDEDMDGRU D  VHUi UHWLUDGR GH VX IXHQWH GH WUDEDMR VLQ GHUHFKR D
EHQHILFLRVVRFLDOHV VRODPHQWH4XLQTXHQLRVFRQVROLGDGRV FXDQGRLQFXUUDHQODVIDOWDV
HVWDEOHFLGDVHQHODUWGHOD/H\*HQHUDOGHO7UDEDMR\DUWGHVX5HJODPHQWRFRPR
WDPELpQ HQ ODV GHVFULWDV HQ HO SUHVHQWH 5HJODPHQWR &RQVWLWXLUiQ PRWLYRV SDUD OD
DSOLFDFLyQGH OD VDQFLyQ SUHYLVWD HQ HOLQFLVR H  GHO DUW GHOSUHVHQWH 5HJODPHQWR
SUHYLR VXPDULR \ SURFHVR FRUUHVSRQGLHQWH
 \ HO LQFLVR H  UHILHUH
/D PDOYHUVDFLyQ
GHIUDXGDFLyQURERKXUWRRVXVWUDFFLyQGHGLQHURVYDORUHVRELHQHVSHUWHQHFLHQWHVDOD
HQWLGDGRDORV7UDEDMDGRUHV DV

 
5HVSHFWRDODSUHVXQWDYXOQHUDFLyQGHOGHELGRSURFHVRSRUSDUWHGHODQRUPDLPSXJQDGD
HO PLVPR FXHQWD HQWUH VXV HOHPHQWRV GHVDUUROODGRV SRU HO DUW  GH OD &RQYHQFLyQ
$PHULFDQDGH'HUHFKRV+XPDQRV &$'+ DODJDUDQWtDGHODSUHVXQFLyQGHLQRFHQFLD
\ DO GHUHFKR D OD GHIHQVD ORV FXDOHV VRQ DSOLFDEOHV D SURFHVRV DGPLQLVWUDWLYRV
VDQFLRQDWRULRV$VLPLVPRHOGHELGRSURFHVRWLHQHXQDID]DGMHWLYD\VXVWDQWLYDHQHO
SUHVHQWHFDVRODVROLFLWXGGHODSURPRFLyQGHODDFFLyQGHLQFRQVWLWXFLRQDOLGDGFRQFUHWD
KDFHUHIHUHQFLDDTXHXQMXH]DGPLQLVWUDWLYRQRFXHQWDFRQODFRPSHWHQFLDSDUDFRQRFHU
HOGHOLWRGHKXUWRORTXHHVWiUHODFLRQDGRFRQODID]VXVWDQWLYDGHOGHELGRSURFHVRSXHV
VHDIHFWDUtDFRQGLFKDDFWXDFLyQODJDUDQWtDGHODSUHVXQFLyQGHLQRFHQFLD

3RUODGLVSRVLFLyQGHODUWLQFH GHO5HJODPHQWR,QWHUQRGH7UDEDMRGHOD&16UHVXOWD
FODURTXHFXDQGRXQWUDEDMDGRUWLHQHXQDVHQWHQFLDFRQGHQDWRULDSHQDOHMHFXWRULDGDSRU
HOGHOLWRGHKXUWRFRPHWLGRFRQWUDVXHPSOHDGRUSLHUGHORVEHQHILFLRVGHOGHVDKXFLRH
LQGHPQL]DFLyQ DGHPiV GH OD LQDPRYLOLGDG ODERUDO SHUR FRUUHVSRQGH DQDOL]DU VL OD
SpUGLGDGHOGHVDKXFLRLQGHPQL]DFLyQ\GHODLQDPRYLOLGDGODERUDO~QLFDPHQWHSRGUtD
SURGXFLUVHFXDQGRH[LVWDXQDVHQWHQFLDMXGLFLDOSHQDOHMHFXWRULDGDRVLODVDXWRULGDGHV
QDWXUDOHV GH DFXHUGR D ORV UHJODPHQWRV LQWHUQRV GH ODV HPSUHVDV R HQ VX FDVR HO
0LQLVWHULRGH7UDEDMR(PSOHR\3UHYLVLyQ6RFLDOWLHQHQFRPSHWHQFLDSDUDGHWHUPLQDU
HO LQFXPSOLPLHQWR GHO FRQYHQLR FRQWUDWR R 5HJODPHQWR ,QWHUQR GH 7UDEDMR
LQGHSHQGLHQWHPHQWHTXHOXHJRHOSURFHVRSHQDOSXHGDPRGLILFDUODVLWXDFLyQMXUtGLFD

(QHVWHFRQWH[WRODSULPHUDRSFLyQLQWHUSUHWDWLYDQRUHVXOWDUtDDGPLVLEOHFRQHOYDORU
MXVWLFLD SXHV XQ HPSOHDGRU WHQGUtD TXH HVSHUDU XQ SHULRGR LUUD]RQDEOH KDVWD TXH
FRQFOX\DHOSURFHVRSHQDOFXDQGRFXHQWDFRQHOHPHQWRVQHFHVDULRVFRPRSDUDFDOLILFDU
LQLFLDOPHQWHHOLQFXPSOLPLHQWRDOFRQWUDWRFRQYHQLRR5HJODPHQWR,QWHUQRGH7UDEDMR
SRU GDxR RFDVLRQDGR D VXV ELHQHV MXUtGLFRV DGHPiV QR UHVXOWD OyJLFR REOLJDU D XQ
HPSOHDGRUDVHJXLUFRQXQDUHODFLyQODERUDOTXHGHPRVWUyDIHFWDUOHGHVREUHPDQHUDHQ
VXV LQWHUHVHV HQ FDPELR OD VHJXQGD RSFLyQ LQWHUSUHWDWLYD FRQFLOLD ORV GHUHFKRV \

W


dW^:d
YDORUHV FRPSURPHWLGRV HQ OD PHGLGD HQ OD TXH SHUPLWH TXH OD FRQVWDWDFLyQ GHO
LQFXPSOLPLHQWRFRQWUDFWXDOVHYHULILTXHSRUXQDLQVWDQFLDLQGHSHQGLHQWHHLPSDUFLDO
UHJLGDSRUORVSULQFLSLRVODERUDOHVTXHFRQGXFHQODPDWHULDGHFLVLyQTXHDGHPiVSXHGH
LPSXJQDUVHSRUSDUWHGHOWUDEDMDGRUHQODYtDODERUDO

(QHVWHVHQWLGR\UHVSHFWRDODYXOQHUDFLyQSRUODQRUPDLPSXJQDGDGHODJDUDQWtDGH
SUHVXQFLyQ GH LQRFHQFLD OD VROLFLWDQWH GH OD DFFLyQ GH LQFRQVWLWXFLRQDOLGDG FRQFUHWD
VRVWLHQHTXHGLFKDQRUPDSHUPLWLUtDVHSUHVXPDODFRPLVLyQGHOGHOLWRGHKXUWRVLQOD
WUDPLWDFLyQGHXQSURFHVRSHQDODOUHVSHFWRHODUWLQFH GHO5HJODPHQWR,QWHUQRGH
7UDEDMRGHOD&16QRKDFHUHIHUHQFLDDODFRPLVLyQGHXQGHOLWRVLQRDOLQFXPSOLPLHQWR
GHODPLVPDGLVSRVLFLyQOHJDOTXHVDQFLRQDFRQIRUPHDORVDUWVGHOD/*7\GHVX
5HJODPHQWRORFXDOQRYXOQHUDORVSULQFLSLRVSURRSHUDULRRODJDUDQWtDGHSUHVXQFLyQ
GH LQRFHQFLD HQ HO iPELWR DGPLQLVWUDWLYR GLVFLSOLQDULR HQ OD PHGLGD GH TXH OD
GHWHUPLQDFLyQ GH WHUPLQDU OD UHODFLyQ ODERUDO GH WUDEDMDGRUHV LQFOXVR LQWHULQRV 6&
5GHGHMXOLR TXHKDEUtDQLQFXUULGRHQLUUHJXODULGDGHVTXHSHUMXGLFDURQGH
VREUHPDQHUDDO HPSOHDGRULQGHSHQGLHQWHPHQWHFRQVWLWX\DQRQRGHOLWRVVHHQFXHQWUH
GHELGDPHQWH PRWLYDGD HQ ORV KHFKRV \ IXQGDPHQWDGD HQ HO GHUHFKR DVSHFWRV TXH
LPSLGHQTXHHVWH7ULEXQDOFRQVLGHUHTXHODQRUPDGHPDQGDGDYXOQHUHHOGHELGRSURFHVR
VXVWDQWLYR



6LQWHVLVGHODUDWLRGHFLGHQGL

&RQVWLWXFLRQDOLGDGGHODUWH GHO5HJODPHQWR,QWHUQRGH7UDEDMRGH
OD&DMD1DFLRQDOGH6DOXGVLHPSUHTXHVHHQWLHQGDTXHGLFKDQRUPDQR
RWRUJDFRPSHWHQFLDDORVyUJDQRVDGPLQLVWUDWLYRVODERUDOHVSDUDFRQRFHU
GHOLWRVVLQRSDUDGHWHUPLQDUHOLQFXPSOLPLHQWRGHFRQWUDWRV\FRQYHQLRV
ODERUHVFX\DGHFLVLyQHVUHYLVDEOHSRUODLQVWDQFLDMXGLFLDODFWLYDGDSRU
HOWUDEDMDGRURHOHPSOHDGRU

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,
FRUUHVSRQGH DQDOL]DU VL OD SpUGLGD GHO GHVDKXFLR LQGHPQL]DFLyQ \ GH OD
LQDPRYLOLGDGODERUDO~QLFDPHQWHSRGUtDSURGXFLUVHFXDQGRH[LVWDXQDVHQWHQFLDMXGLFLDO
SHQDOHMHFXWRULDGDRVLODVDXWRULGDGHVQDWXUDOHVGHDFXHUGRDORVUHJODPHQWRVLQWHUQRV
GHODVHPSUHVDVRHQVXFDVRHO0LQLVWHULRGH7UDEDMR(PSOHR\3UHYLVLyQ6RFLDOWLHQHQ
FRPSHWHQFLDSDUDGHWHUPLQDUHOLQFXPSOLPLHQWRGHOFRQYHQLRFRQWUDWRR5HJODPHQWR
,QWHUQRGH7UDEDMRLQGHSHQGLHQWHPHQWHTXHOXHJRHOSURFHVRSHQDOSXHGDPRGLILFDUOD
VLWXDFLyQMXUtGLFD

(QHVWHFRQWH[WRODSULPHUDRSFLyQLQWHUSUHWDWLYDQRUHVXOWDUtDDGPLVLEOHFRQHOYDORU
MXVWLFLD SXHV XQ HPSOHDGRU WHQGUtD TXH HVSHUDU XQ SHULRGR LUUD]RQDEOH KDVWD TXH
FRQFOX\DHOSURFHVRSHQDOFXDQGRFXHQWDFRQHOHPHQWRVQHFHVDULRVFRPRSDUDFDOLILFDU
LQLFLDOPHQWHHOLQFXPSOLPLHQWRDOFRQWUDWRFRQYHQLRR5HJODPHQWR,QWHUQRGH7UDEDMR
SRU GDxR RFDVLRQDGR D VXV ELHQHV MXUtGLFRV DGHPiV QR UHVXOWD OyJLFR REOLJDU D XQ
HPSOHDGRUDVHJXLUFRQXQDUHODFLyQODERUDOTXHGHPRVWUyDIHFWDUOHGHVREUHPDQHUDHQ
VXV LQWHUHVHV HQ FDPELR OD VHJXQGD RSFLyQ LQWHUSUHWDWLYD FRQFLOLD ORV GHUHFKRV \
YDORUHV FRPSURPHWLGRV HQ OD PHGLGD HQ OD TXH SHUPLWH TXH OD FRQVWDWDFLyQ GHO
LQFXPSOLPLHQWRFRQWUDFWXDOVHYHULILTXHSRUXQDLQVWDQFLDLQGHSHQGLHQWHHLPSDUFLDO
UHJLGDSRUORVSULQFLSLRVODERUDOHVTXHFRQGXFHQODPDWHULDGHFLVLyQTXHDGHPiVSXHGH
LPSXJQDUVHSRUSDUWHGHOWUDEDMDGRUHQODYtDODERUDO
 
3257$172

(O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HQ YLUWXG GH OD MXULVGLFFLyQ TXH HMHUFH SRU

W


dW^:d


PDQGDWRGHORVDUWVGHOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR\\VVGHOD/H\GHO
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HQ FRQVXOWD '(&/$5$ OD
&2167,78&,21$/,'$'GHODUWLQFH GHO5HJODPHQWR,QWHUQRGH7UDEDMRGHOD
&DMD 1DFLRQDO GH 6DOXG UHVSHFWR DO FDUJR GH LQFRQVWLWXFLRQDOLGDG IRUPXODGR HQ HO
VHQWLGR GH TXH QR RWRUJD FRPSHWHQFLD D ORV yUJDQRV DGPLQLVWUDWLYRV GLVFLSOLQDULRV
ODERUDOHV SDUD FRQRFHU GHOLWRV VLQR SDUD GHWHUPLQDU HO LQFXPSOLPLHQWR D FRQWUDWRV \
FRQYHQLRV ODERUDOHV FX\D GHFLVLyQ HV UHYLVDEOH SRU LQVWDQFLD MXGLFLDO DFWLYDGD SRU HO
WUDEDMDGRURHOHPSOHDGRULQWHUSUHWDFLyQDQWHODFXDOODQRUPDQRUHVXOWDFRQWUDULDDORV
YDORUHV\QRUPDVFRQVWLWXFLRQDOHV




 $OFDQFH GH ODV VHQWHQFLDV SURQXQFLDGDV HQ HO FRQWURO


QRUPDWLYRGHFRQVWLWXFLRQDOLGDG(IHFWRKDFLDHOIXWXUR
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3/DGHFODUDWRULDGHYLJHQFLDWHPSRUDOGHQRUPDVSRU
HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HQ HO HMHUFLFLR GHO FRQWURO
QRUPDWLYRGHFRQVWLWXFLRQDOLGDG\HQHOPDUFRGHXQDLQWHUSUHWDFLyQ
SUHYLVRUDQRRWRUJDYLJHQFLDDGLFKDVQRUPDVHQHOSHULRGRHQHOTXH
HVWXYLHURQDEURJDGDV

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOVHGHQXQFLyODYXOQHUDFLyQGH
ORV GHUHFKRV D OD LJXDOGDG DO GHELGR SURFHVR \ D OD WXWHOD MXGLFLDO
HIHFWLYD SRUTXH HQ HO SURFHVR SHQDO VHJXLGR FRQWUD XQ DERJDGR ODV
UHVROXFLRQHVFXHVWLRQDGDVORH[FOX\HURQFRQHODUJXPHQWRGHTXHHODUW
GHOD/H\GH$ERJDFtDSURKtEHHQMXLFLDUDXQDERJDGRKDVWDTXHHO
&ROHJLR GH $ERJDGRV RWRUJXH DXWRUL]DFLyQ VLQ WRPDU HQ FXHQWD TXH
GLFKD/H\\DQRVHHQFXHQWUDYLJHQWH(QEDVHDHVWRVKHFKRVVROLFLWDURQ
FRQFHGHUODDFFLyQ\VHRUGHQHODQXOLGDGGHODXWRGHYLVWDLPSXJQDGR
(O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO UHYRFy OD UHVROXFLyQ GHO
7ULEXQDOGH*DUDQWtDV\FRQFHGLyODWXWHODGLVSRQLHQGRODQXOLGDGGHO
DXWR FXHVWLRQDGR SRUTXH HQ OD SUREOHPiWLFD FRQFUHWD ORV YRFDOHV
GHPDQGDGRV DSOLFDURQ XQD QRUPD H[SUHVDPHQWH DEURJDGD HV GHFLU HO
DUWGHOD/H\GH$ERJDFtDGLVSRVLFLyQTXHSRUHIHFWRGHO'6\
W


dW^:d

KDVWDDQWHVGHODHPLVLyQGHOD6&3HVWXYRHQSOHQDYLJHQFLD
GHVGHHOGHDEULOGHKDVWDHOGHMXQLRGH

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,


&RQ HVD FRQYLFFLyQ HV XQ ILUPH FRQYHQFLPLHQWR GH HVWD 6DOD TXH HO '/ 
HVWXYRDEURJDGRDSDUWLUGHOGHDEULOGHKDVWDHOGHMXQLRGHIHFKDHQ
TXHDGTXLULyQXHYDYLJHQFLDSRUPDQGDWRGHOD6&3

/DSUHPLVDSUHFHGHQWHLPSHOHDHVWD6DODDFRQFOXLUTXHHOLQFLGHQWHGHFODUDGRSUREDGR
PHGLDQWHHO$XWRHPLWLGRSRUOD-XH]DGHO-X]JDGR3ULPHURGH,QVWUXFFLyQHQ
OR3HQDO\UDWLILFDGRPHGLDQWHHO$XWRGH9LVWDGHGHGLFLHPEUHGHHPLWLGR
SRUOD6DOD3HQDO3ULPHUDTXHVROLFLWDEDODDSOLFDFLyQGHODUWGHOD/$IXHUHVXHOWR
DSOLFDQGRXQDQRUPDH[SUHVDPHQWHDEURJDGDTXHHVSUHFLVDPHQWHHODUWGHOD/$
KHFKRTXH VLJQLILFy OD YXOQHUDFLyQGHOGHUHFKR DOGHELGR SURFHVR FRQVDJUDGR SRU ODV
QRUPDVGHODUW,,GHOD&3(SXHVHOGHELGRSURFHVRHQVXVHOHPHQWRVHVHQFLDOHV

FRQVLVWHHQHOGHUHFKRGHWRGDSHUVRQDDXQSURFHVRMXVWR\HTXLWDWLYRHQHOTXHVXV
GHUHFKRVVHDFRPRGHQDORHVWDEOHFLGRSRUGLVSRVLFLRQHVMXUtGLFDVJHQHUDOHVDSOLFDEOHV
D WRGRV DTXHOORV TXH VH KDOOHQ HQ XQD VLWXDFLyQ VLPLODU
 6& 5 GH  GH
PD\R 

(QHVHRUGHQODVDXWRULGDGHVGHPDQGDGDVOHVLRQDURQHOGHUHFKRDOGHELGRSURFHVRGH
ORVDFFLRQDQWHVSXHVWRTXHDSOLFDURQHODUWGHOD/$SDUDH[FOXLUD9LFWRULDQR0RUyQ
&XpOODU GHO SURFHVR SHQDO VLHQGR XQD QRUPD TXH VH HQFRQWUDED DEURJDGD FXDQGR
HPLWLHURQODV5HVROXFLRQHVFXHVWLRQDGDVSRUORTXHQRDFRPRGDURQORVGHUHFKRVGHORV
GHQXQFLDQWHV HQ HO SURFHVR SHQDO D ODV GLVSRVLFLRQHV MXUtGLFDV JHQHUDOHV DSOLFDEOHV D
WRGRV ORVTXH VH HQFXHQWUDQ HQ VLPLODU VLWXDFLyQ OD DSOLFDFLyQ GH XQDQRUPD MXUtGLFD
H[SUHVDPHQWHDEURJDGDKDFHQHFHVDULDODLQWHUYHQFLyQGHHVWDMXULVGLFFLyQFRQVWLWXFLRQDO
RUJiQLFDSDUDFRQFHGHUODWXWHODVROLFLWDGDHYLWDQGRODVXSUHVLyQGHOGHUHFKRDOGHELGR
SURFHVR\DODLJXDOGDGGHODVSDUWHVHQHOSURFHVRSURFODPDGRVSRUODVQRUPDVGHORV
DUWV,,\,GHOD&3(



6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SRUTXH ORV YRFDOHV
GHPDQGDGRV DO H[FOXLU GHO SURFHVR SHQDO D XQ DERJDGR KDVWD TXH HO
&ROHJLRGH$ERJDGRVDXWRULFHVXMX]JDPLHQWRDSOLFDURQHODUWGHOD
/H\GH$ERJDFtDFXDQGRVHHQFRQWUDEDH[SUHVDPHQWHDEURJDGDDVSHFWR
TXHLPSOLFyODYXOQHUDFLyQDOGHELGRSURFHVR

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)- ,,,
< HQ GHILQLWLYD HQ FRQVRQDQFLD FRQ OR DUJXPHQWDGR HVWD
6DODDVXPHODILUPHFRQYLFFLyQGHTXHHO'HFUHWR/H\ '/ GH
GHMXOLRGHTXHDSUREyOD/H\GHOD$ERJDFtDIXHDEURJDGRSRU
OD'LVSRVLFLyQ$EURJDWRULDGHO'6GHGHDEULOGHHPSHUR
WDPELpQ HV HYLGHQWH TXH PHGLDQWH OD 6&3  VH GLVSXVR OD
YLJHQFLDWHPSRUDOGHXQDxRGHO'/GHVGHODHPLVLyQGHGLFKD
6HQWHQFLDHOGHMXQLRGHKDVWDHOGHMXQLRGHSHURHVD
W


dW^:d


UHYHUEHUDFLyQGHOD/H\GHOD$ERJDFtDQRFRPSUHQGHHOSHULRGRHQTXH
GLFKDQRUPDHVWXYRDEURJDGDTXHYDGHOGHDEULOGHDOGH
MXQLRGHODSVRHQHOTXHOD~QLFDQRUPDYLJHQWHHUDHO'6




 $OFDQFH GH ODV VHQWHQFLDV SURQXQFLDGDV HQ HO FRQWURO
QRUPDWLYRGHFRQVWLWXFLRQDOLGDG(IHFWRUHWURVSHFWLYR
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   /DV 6HQWHQFLDV &RQVWLWXFLRQDOHV TXH GHFODUHQ OD
LQFRQVWLWXFLRQDOLGDGGHXQDGLVSRVLFLyQOHJDOWLHQHHIHFWRGHURJDWRULR
VREUHODPLVPD\DOFDQ]DDWRGRVORVSURFHVRVTXHVHHQFXHQWUDQHQ
WUiPLWH\DORVDFWRVTXHQRWHQJDQFDUiFWHUGHILQLWLYR\DVHDSRUTXH
QR VH KXELHUHQ DJRWDGR ORV PHGLRV GH LPSXJQDFLyQ H[LVWHQWHV R
SRUTXH IUHQWH D OD OHVLyQ GH GHUHFKRV IXQGDPHQWDOHV \ JDUDQWtDV
FRQVWLWXFLRQDOHVVHSUHVHQWDURQODVDFFLRQHVGHGHIHQVD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QXQDDFFLyQGHDPSDURFRQVWLWXFLRQDOHODFFLRQDQWHGHQXQFLyTXHVH
OHVLRQDURQVXVGHUHFKRVDODGHIHQVDDOGHELGRSURFHVRDOWUDEDMR\DO
HMHUFLFLR GH OD IXQFLyQ S~EOLFD SRUTXH HO &RQFHMR 0XQLFLSDO GH 6DQ
,JQDFLRGH9HODVFRORVXVSHQGLyGHOFDUJRGH$OFDOGHGHHVH0XQLFLSLR
HQDWHQFLyQDODDFXVDFLyQIRUPDOTXHSUHVHQWyHQVXFRQWUDHO0LQLVWHULR
3~EOLFRVLQFRQVLGHUDUTXHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHQ
HO$&&$GLVSXVRODVXVSHQVLyQGHODDSOLFDFLyQGHORVDUWV
\GHOD/H\0DUFRGH$XWRQRPtDV\'HVFHQWUDOL]DFLyQ /0$' 
\TXHHQYLUWXGDXQLQFLGHQWHGHQXOLGDGTXHLQWHUSXVRODDFXVDFLyQIXH
GHYXHOWD DO 0LQLVWHULR 3~EOLFR SRU OR TXH OD PHQFLRQDGD DFXVDFLyQ
FDUHFHGHHILFDFLD(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOUHYRFyOD
UHVROXFLyQLPSXJQDGD\FRQFHGLyODWXWHODVROLFLWDGDFRQHODUJXPHQWR
TXHOD6&3WLHQHHIHFWRGHURJDWRULRVREUHORVDUWV\
GH OD /0$' \ DOFDQ]D D WRGRV ORV SURFHVRV TXH VH HQFXHQWUDQ HQ
WUiPLWHHQWUHHOORVHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOSRUORTXHQR
H[LVWH OD EDVH OHJDO SDUD OD VXVSHQVLyQ GHO DFFLRQDQWH GH VX FDUJR GH
$OFDOGH0XQLFLSDO
W


dW^:d


([WUDFWRGHODUDWLRGHFLGHQGL

)- ,,, $KRUD ELHQ SDUD HIHFWXDU HO DQiOLVLV GH OD SUREOHPiWLFD SODQWHDGD GHEH
FRQVLGHUDUVH TXH OD FLWDGD 6&3  FRQIRUPH VH VHxDOy HQ HO )XQGDPHQWR
-XUtGLFR ,,, GH OD SUHVHQWH 6HQWHQFLD &RQVWLWXFLRQDO 3OXULQDFLRQDO GHFODUy OD
LQFRQVWLWXFLRQDOLGDGGHORVDUWV\GHOD/0$'QRUPDVTXHVLUYLHURQGHEDVH
SDUDODHPLVLyQGHOD5HVROXFLyQSRUODTXHVHVXVSHQGLyDODFWXDODFFLRQDQWH
\ TXH VH LPSXJQD HQ OD SUHVHQWH DFFLyQ GH DPSDUR FRQVWLWXFLRQDO 6HQWHQFLD
&RQVWLWXFLRQDO 3OXULQDFLRQDO TXH GH FRQIRUPLGDG D OR VHxDODGR HQ HO )XQGDPHQWR
UHIHULGRWLHQHHIHFWRGHURJDWRULRGHGLFKDVQRUPDV\DOFDQ]DDWRGRVORVSURFHVRVTXH
VHHQFXHQWUDQHQWUiPLWH\DORVDFWRVTXHQRWHQJDQFDUiFWHUGHILQLWLYR\DVHDSRUTXH
QRVHKXELHUHQDJRWDGRORVPHGLRVGHLPSXJQDFLyQH[LVWHQWHVRSRUTXHIUHQWHDODOHVLyQ
GHGHUHFKRVIXQGDPHQWDOHV\JDUDQWtDVFRQVWLWXFLRQDOHVVHSUHVHQWDURQODVDFFLRQHVGH
GHIHQVDFRUUHVSRQGLHQWHV

(QHOFDVRDQDOL]DGRH[LVWHXQSURFHVRFRQVWLWXFLRQDOHQWUiPLWH HVWDDFFLyQGHDPSDUR
FRQVWLWXFLRQDO HQHOTXHVHLPSXJQDOD5HVROXFLyQTXHIXHSURQXQFLDGDVREUH
ODEDVHGHORVDUWV\GHOD/0$' \SRUORPLVPROD6&3TXH
GHFODUyODLQFRQVWLWXFLRQDOLGDGGHGLFKDVGLVSRVLFLRQHVOHJDOHVGHEHVHUDSOLFDGDHQOD
SUHVHQWHDFFLyQGHGHIHQVD\SRUORPLVPRDOKDEHUVLGRH[SXOVDGDVGHORUGHQDPLHQWR
MXUtGLFRQRH[LVWHODEDVHOHJDOSDUDODVXVSHQVLyQGHODFFLRQDQWHGHVXFDUJRGH$OFDOGH
0XQLFLSDO\SRUHQGHGHEHVHUFRQFHGLGDODWXWHODTXHEULQGDODSUHVHQWHDFFLyQ

(QHVHVHQWLGRDOPDUJHQGHORVPRWLYRVFRQFUHWRVHQORVTXHVHIXQGyODDFFLyQGH
DPSDUR FRQVWLWXFLRQDO YLQFXODGRV DO FXPSOLPLHQWR GHO $& &$ \ D OD
H[LVWHQFLD GH XQ LQFLGHQWH GH QXOLGDG UHVSHFWR D OD DFXVDFLyQ IRUPXODGD FRQWUD HO
DFFLRQDQWHORHYLGHQWHHVTXHpVWHFXHVWLRQyVXVXVSHQVLyQDPSDUiQGRVHHQODJDUDQWtD
GHODSUHVXQFLyQGHLQRFHQFLD\HOGHELGRSURFHVRQRUPDVTXHIXHURQODEDVHSDUDHO
FRQWUDVWHGHFRQVWLWXFLRQDOLGDGGHORVDUWV\GHOD/0$'HQOD6&3
\ VL ELHQ SRGUtD DUJXPHQWDUVH TXH HQ HO PRPHQWR GH OD VXVSHQVLyQ VH SUHVXPtD OD
FRQVWLWXFLRQDOLGDGGHGLFKDQRUPDVHPSHURVHUHLWHUDDOVHULPSXJQDGDOD5HVROXFLyQ
TXHGLVSXVRVXVXVSHQVLyQ\DOHQFRQWUDUVHSHQGLHQWHHQHVWHyUJDQRODUHYLVLyQGHOD
DFFLyQGHDPSDURFRQVWLWXFLRQDOFRUUHVSRQGHDSOLFDUOD6&3HQHOPDUFRGH
ORGLVSXHVWRSRUHODUWGHO&3&R\ORGHVDUUROODGRHQHO)XQGDPHQWR-XUtGLFR,,,GH
ODSUHVHQWH6HQWHQFLD&RQVWLWXFLRQDO3OXULQDFLRQDO

)LQDOPHQWHHQFXDQWRDODUJXPHQWRGHORVFRQFHMDOHVGHPDQGDGRVSRUHOTXHVRVWLHQHQ
TXHHODFFLRQDQWHQRDJRWyORVPHGLRVGHLPSXJQDFLyQSRUFXDQWRFRQWUDOD5HVROXFLyQ
0XQLFLSDOTXHGLVSXVRVXVXVSHQVLyQSURFHGtDODVROLFLWXGGHUHFRQVLGHUDFLyQ
TXHIXHSODQWHDGDSRUHODFFLRQDQWHHOGHRFWXEUHGHHVGHFLUXQGtDGHVSXpV
GH SUHVHQWDGD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO \ TXH SRU WDQWR HVWD DFFLyQ VHUtD
LPSURFHGHQWH SRU VXEVLGLDULHGDG FRUUHVSRQGH VHxDODU TXH GLFKR DUJXPHQWR HV
LQDWHQGLEOH SXHV SRU XQD SDUWH ORV HIHFWRV GH XQD VHQWHQFLD TXH GHFODUy OD
LQFRQVWLWXFLRQDOLGDGGHORVDUWV\GHOD/0$'QRSXHGHQHVWDUVXERUGLQDGRV
DDVSHFWRVIRUPDOHVYLQFXODGRVDODH[LVWHQFLDGHXQDVROLFLWXGGHUHFRQVLGHUDFLyQ\SRU
RWUDSDUWHGHQHJDUODWXWHODSRUVXEVLGLDULHGDGLPSOLFDUtDHQORVKHFKRVFRKRQHVWDUFRQ
ODDSOLFDFLyQGHQRUPDVLQFRQVWLWXFLRQDOHVTXHOHVLRQDQODVJDUDQWtDVGHSUHVXQFLyQGH
LQRFHQFLD\HOGHELGRSURFHVRSRUORTXHFRUUHVSRQGHJDUDQWL]DUHOFXPSOLPLHQWRGHORV
SULQFLSLRV YDORUHV GHUHFKRV \ JDUDQWtDV UHFRQRFLGDV SRU OD /H\ )XQGDPHQWDO \ OD
MXULVSUXGHQFLD FRQVWLWXFLRQDO SOXULQDFLRQDO TXH VH VXVWHQWD HQ ORV YDORUHV GH
WUDQVSDUHQFLDHTXLOLEULRLJXDOGDG\MXVWLFLDVRFLDOHQWUHRWURVSDUDVXORJURGHO(VWDGR
3OXULQDFLRQDOFRPRHVHO
YLYLUELHQ



6LQWHVLVGHODUDWLRGHFLGHQGL
W


dW^:d



&RQFHGH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SRU FXDQWR OD OD 6&3
TXHGHFODUyODLQFRQVWLWXFLRQDOLGDGGHORVDUWV\GH
OD/0$'TXHVLUYLHURQGHEDVHSDUDODHPLVLyQGHOD5HVROXFLyQTXH
VXVSHQGLy GH VX FDUJR GH $OFDOGH DO DFWXDO DFFLRQDQWH WLHQH HIHFWR
GHURJDWRULRGHGLFKDVQRUPDV\VHDSOLFDDORVSURFHVRVHQWUiPLWHHQWUH
HOORVODDFFLyQGHDPSDURFRQVWLWXFLRQDOSUHVHQWDGDSRUHODFFLRQDQWH

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/D SULPHUD 6HQWHQFLD TXH GHVDUUROOy ORV HIHFWRV GH ODV 6HQWHQFLDV
SURQXQFLDGDV HQ HO FRQWURO QRUPDWLYR FRQVWLWXFLRQDO IXH OD 6&
5HQODTXHKDFLHQGRUHIHUHQFLDDODUWGHOD&RQVWLWXFLyQ
3ROtWLFDGHO(VWDGRDEURJDGD &3(DEUJ GHWHUPLQyTXH
/D6HQWHQFLD
GHLQFRQVWLWXFLRQDOLGDGQRDIHFWDUiD6HQWHQFLDVDQWHULRUHVTXHWHQJDQ
FDOLGDGGHFRVDMX]JDGD
DxDGLHQGR
(VWRLPSOLFDTXHFXDQGRHOSURFHVR
MXGLFLDO R DGPLQLVWUDWLYR HQ HO TXH VH KD DSOLFDGR OD /H\ GHFODUDGD
LQFRQVWLWXFLRQDO KD FRQFOXLGR \ SRU WDQWR WLHQH OD FDOLGDG GH FRVD
MX]JDGDODGHFODUDWRULDGHLQFRQVWLWXFLRQDOLGDGGHODOH\TXHVHDSOLFy
HQHOSURFHVRQROHDIHFWDVLQRTXHVHPDQWLHQHILUPHOD6HQWHQFLDSHUR
FXDQGRODGHFODUDWRULDGHLQFRQVWLWXFLRQDOLGDGUHFDHVREUHSURFHVRVTXH
HVWiQ HQ FXUVR HV GHFLU TXH QR KDQ FRQFOXLGR HQ WRGDV VXV IDVHV H
LQVWDQFLDV\SRUWDQWRQRWLHQHQODFDOLGDGGHFRVDMX]JDGDVHWHQGUiTXH
LQDSOLFDU OD QRUPD GHFODUDGD LQFRQVWLWXFLRQDO \ FRQVLJXLHQWHPHQWH
DSOLFDUHQOD5HVROXFLyQGHOFDVRODQRUPDTXHODUHHPSOD]DRVXVWLWX\H


'LFKRFULWHULRIXHUHLWHUDGRHQOD6&5TXHHVWDEOHFLy
ORV
UD]RQDPLHQWRVGHODVUHVROXFLRQHVFRQVWLWXFLRQDOHVSXHGHQVHUDSOLFDGRV
HQORVSURFHVRVTXHHVWiQHQFXUVRHVGHFLUHQDTXHOORVTXHQRWLHQHQ
FDOLGDG GH FRVDMX]JDGD VLQ LPSRUWDU TXH ORV KHFKRVD ORV TXH KD GH
DSOLFDUVH HO HQWHQGLPLHQWR MXULVSUXGHQFLDO KXELHUHQ DFDHFLGR FRQ
DQWHULRULGDGDOSURQXQFLDPLHQWRGHO7ULEXQDO&RQVWLWXFLRQDO
,QGLFDQGR
H[SUHVDPHQWH TXH HO ~QLFR OtPLWH HVWDEOHFLGR SDUD DSOLFDU OD
MXULVSUXGHQFLDFRQVWLWXFLRQDO
HVWiGDGRSRUDTXHOODVUHVROXFLRQHVTXH
WLHQHQFDOLGDGGHFRVDMX]JDGDSRUKDEHUVHDJRWDGRODVLQVWDQFLDVRSRU
QRKDEHUVHLQWHUSXHVWRORVUHFXUVRVGHQWURGHOWpUPLQRSUHYLVWRSRUODOH\
RSRUKDEHUGHVLVWLGRGHORVPLVPRV
DFODUiQGRVHVLQHPEDUJRHQOD
PLVPD6HQWHQFLDTXHQRHVVXILFLHQWHODFRVDMX]JDGDIRUPDOVLQRTXH
GHEHH[LVWLUFRVDMX]JDGDPDWHULDOHVGHFLUFXDQGRGHQWURGHORVVHLV
PHVHV GH OD HMHFXWRULD IRUPDO QR VH GHQXQFLy OD OHVLyQ GH GHUHFKRV
IXQGDPHQWDOHVRJDUDQWtDVFRQVWLWXFLRQDOHV




W


dW^:d

 $FFLyQ GH LQFRQVWLWXFLRQDOLGDG FRQFUHWD&RQGLFLRQHV


SDUDODSURFHGHQFLD
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0XWDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   3DUD OD SURFHGHQFLD GH OD DFFLyQ GH
LQFRQVWLWXFLRQDOLGDG FRQFUHWD HV QHFHVDULR TXH H[LVWD XQ SURFHVR R
SURFHGLPLHQWRMXGLFLDORDGPLQLVWUDWLYR

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QXQUHFXUVRLQGLUHFWRGHLQFRQVWLWXFLRQDOLGDGDFWXDOPHQWHDFFLyQGH
LQFRQVWLWXFLRQDOLGDGFRQFUHWDSURPRYLGRSRUHO*HUHQWH*HQHUDODLGH
OD &DMD 1DFLRQDO GH 6DOXG D LQVWDQFLD GH XQD WUDEDMDGRUD GHQWUR GHO
SURFHVR VXPDULR DGPLQLVWUDWLYR VHJXLGR HQ VX FRQWUD SRU VXSXHVWDV
FRQWUDYHQFLRQHV D GLVSRVLFLRQHV DGPLQLVWUDWLYDV VH FXHVWLRQy OD
FRQVWLWXFLRQDOLGDGGHODUWH GHO5HJODPHQWR,QWHUQRGH7UDEDMRGH
OD&DQD1DFLRQDOGH6DOXGDSUREDGRPHGLDQWH5HVROXFLyQ0LQLVWHULDO
50   GH  GH MXQLR GH  SRU FRQVLGHUDU TXH YXOQHUD HO
GHUHFKRDOGHELGRSURFHVRHQVXVHOHPHQWRVGHOGHUHFKRDODGHIHQVD\
OD JDUDQWtD GH OD SUHVXQFLyQ GH LQRFHQFLD  GHELGR D TXH SHUPLWH VX
MX]JDPLHQWRSRUHOGHOLWRGHKXUWR\SHVHDQRH[LVWLUVHQWHQFLDSHQDO
FRQGHQDWRULDHMHFXWRULDGDSXHGHVHUGHVWLWXLGDVLQGHUHFKRDEHQHILFLRV
VRFLDOHV (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO GHFODUy OD
FRQVWLWXFLRQDOLGDGGHODUWLQFH GHO5HJODPHQWR,QWHUQRGH7UDEDMR
GHOD&DMD1DFLRQDOGH6DOXGHQHOVHQWLGRGHTXHQRRWRUJDFRPSHWHQFLD
D ORV yUJDQRV DGPLQLVWUDWLYRV GLVFLSOLQDULRV ODERUDOHV SDUD FRQRFHU
GHOLWRVVLQRSDUDGHWHUPLQDUHOLQFXPSOLPLHQWRDFRQWUDWRV\FRQYHQLRV
ODERUDOHVFX\DGHFLVLyQHVUHYLVDEOHSRULQVWDQFLDMXGLFLDODFWLYDGDSRU
HOWUDEDMDGRURHOHPSOHDGRUVLQHPEDUJRSUHYLDPHQWHKL]RUHIHUHQFLD
D ODV FRQGLFLRQHV SDUD OD SURFHGHQFLD GH OD DFFLyQ GH
LQFRQVWLWXFLRQDOLGDG

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
3RU RWUD SDUWH FRQIRUPH VH GHVDUUROOy HQ HO )XQGDPHQWR
-XUtGLFR ,,, GH HVWD 6HQWHQFLD OD DFFLyQ GH LQFRQVWLWXFLRQDOLGDG
FRQFUHWDEDMRODLQWHUSUHWDFLyQGHODUWGHOD&3(TXHUHFRQRFHHO
W


dW^:d


GHUHFKR D LPSXJQDU QRUPDV SUHVXQWDPHQWH LQFRQVWLWXFLRQDOHV GH
QDWXUDOH]D VXVWDQWLYD R DGMHWLYD TXH SXHGDQ HQ GHILQLWLYD PHUPDU ORV
GHUHFKRV FRQFRUGDQWH DGHPiV FRQ HO GHUHFKR DO GHELGR SURFHVR TXH
LPSHOH D UHDOL]DU WRGR SURFHVR R SURFHGLPLHQWR FRQ QRUPDV
FRQVWLWXFLRQDOHVSURFHGHFRQWUDWRGDOH\GHFUHWRRFXDOTXLHUJpQHURGH
UHVROXFLyQQRMXGLFLDOGHFX\DFRQVWLWXFLRQDOLGDGRLQFRQVWLWXFLRQDOLGDG
GHSHQGD OD UHVROXFLyQ GH XQ SURFHVR R SURFHGLPLHQWR MXGLFLDO R
DGPLQLVWUDWLYRFRUUHVSRQGLHQGRHQHOSUHVHQWHFDVRLQJUHVDUDOIRQGRGH
ODSUREOHPiWLFDHQUD]yQDTXHHODUWLQFH GHO5HJODPHQWR,QWHUQR
GH 7UDEDMR GH OD &16 VH XWLOL]y SRU SDUWH GH ODV DXWRULGDGHV
DGPLQLVWUDWLYDV GH GLFKD LQVWLWXFLyQ SDUD UHVROYHU OD GHVWLWXFLyQ GH OD
LQFLGHQWLVWDVLQHOFRUUHVSRQGLHQWHSDJRGHEHQHILFLRVVRFLDOHV


6LQWHVLVGHODUDWLRGHFLGHQGL

6H LQJUHVD DO DQiOLVLV GH IRQGR GH OD DFFLyQ GH LQFRQVWLWXFLRQDOLGDG
SRUTXHODQRUPDLPSXJQDGDDUWLQFH GHO5HJODPHQWR,QWHUQRGH
7UDEDMR GH OD &16 IXH XWLOL]DGD SDUD UHVROYHU OD GHVWLWXFLyQ GH OD
LQFLGHQWLVWDGHQWURGHXQVXPDULRDGPLQLVWUDWLYRLQWHUQR

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDOHQVXOtQHDMXULVSUXGHQFLDOFRQUHODFLyQDODSURFHGHQFLDGH
OD DFFLyQ GH LQFRQVWLWXFLRQDOLGDG FRQFUHWD DQWHV UHFXUVR LQGLUHFWR R LQFLGHQWDO GH
LQFRQVWLWXFLRQDOLGDGVHxDOyTXH


/DQRUPDLPSXJQDGDGHEHDSOLFDUVHQHFHVDULDPHQWHDODUHVROXFLyQ
ILQDO
GHO
SURFHVR MXGLFLDO R DGPLQLVWUDWLYR LPSLGLHQGR DVt HO SODQWHDPLHQWR GH OD DFFLyQ GH
LQFRQVWLWXFLRQDOLGDGFRQFUHWDHQHMHFXFLyQGHVHQWHQFLDMXULVSUXGHQFLDTXHOXHJRIXH
PXWDGDHQVHQWLGRTXHSURFHGtDHQHVWDHWDSDGHOSURFHVR

D  (Q HO $& &$ GH  GH MXQLR HVWDEOHFLy
'HVGH XQD LQWHUSUHWDFLyQ
WHOHROyJLFD HO LQFLGHQWH GH LQFRQVWLWXFLRQDOLGDG WLHQH SRU ILQDOLGDG TXH HO VXMHWR
SURFHVDOHVGHFLUODVSDUWHVHVHQFLDOHVGHOSURFHVRWHQJDQODIDFXOWDGGHTXHVXVLWXDFLyQ
MXUtGLFD VHD GHILQLGD HQ XQ SODQR GH FHUWH]D \ HQ DSOLFDFLyQ GH QRUPDV TXH JXDUGDQ
FRKHUHQFLD FRQ HO RUGHQ FRQVWLWXFLRQDO \ HO OtPLWH HV OD FRVD MX]JDGD GDGR TXH VyOR
SXHGHKDFHUVHXVRGHGLFKDIDFXOWDGKDVWDDQWHVGHODHMHFXWRULDDREMHWRGHTXHQRVHD
XWLOL]DGR FRPR PHFDQLVPR GH GLODFLyQ SURFHVDO 6L VH DGPLWLHVH HQ HMHFXFLyQ GH
VHQWHQFLDVHSRVWHUJDUtD\VHSRQGUtDHQGXGDODGHFLVLyQ\EiVLFDPHQWHODHMHFXFLyQGH
OD PLVPD DGRSWDGD SRU XQD DXWRULGDG FRPSHWHQWH TXH DFWXy HQ UHSUHVHQWDFLyQ GHO
(VWDGR  (QFRQVHFXHQFLDHQORVFDVRVHQTXHHOLQFLGHQWHGHLQFRQVWLWXFLRQDOLGDG
VHDSODQWHDGRHQHMHFXFLyQGHVHQWHQFLDDVROLFLWXGGHSDUWHRGHWHUFHURVDOQRGDUVH
ORV SUHVXSXHVWRV PtQLPRV GH SURFHGHQFLD \ H[LVWLU XQ OtPLWH OHJDO DO UHVSHFWR
FRUUHVSRQGH HO UHFKD]R GHELHQGR SURVHJXLU OD IDVH HMHFXWLYD GHO SURFHVR
FRUUHVSRQGLHQWH
MXULVSUXGHQFLDDSOLFDEOHDOFDVRGHDXWRV ODVQHJULOODV\HOVXEUD\DGR
VRQQXHVWURV
(QHOPLVPRVHQWLGRHO$&&$HQWUHRWURV

E  3RVWHULRUPHQWH OD 6&3  PXWD HO HQWHQGLPLHQWR MXULVSUXGHQFLDO \
HVWDEOHFH TXH OD  DFFLyQ FRQFUHWD GH LQFRQVWLWXFLRQDOLGDG SXHGH LQWHUSRQHUVH HQ
HMHFXFLyQ GH VHQWHQFLD VREUH QRUPDV DSOLFDEOHV HQ HVWD HWDSD FXDQGR OD GHFLVLyQ GHO
MX]JDGRUGHSHQGDGHVXFRQVWLWXFLRQDOLGDGPiVD~QVLQRFRQFXUUHSURKLELFLyQDOJXQD

W


dW^:d
SDUDTXHSXHGDLQWHUSRQHUVHHQHVWDIDVH


/DDFFLyQGHLQFRQVWLWXFLRQDOLGDGFRQFUHWDSURFHGHVyORFXDQGRODQRUPDVHUi
DSOLFDGDHQODUHVROXFLyQILQDOGHOSURFHVRSRUORTXHGHEHUHFKD]DUVHHQODWUDPLWDFLyQ
GH H[FXVDV R UHFXVDFLRQHV $$&& &$ \ &$  (QWHQGLPLHQWR
MXULVSUXGHQFLDOTXHIXHPXWDGRHQOD6&3$OUHVSHFWRVLELHQHVWDVHQWHQFLD
QRVHFRQVWLWX\HHQVtHQXQDVHQWHQFLDFDPELDGRUDGHOtQHDRPXWDGRUDHQYLUWXGDTXH
HO QXHYR HQWHQGLPLHQWR QR HV XWLOL]DGR HQ OD UHVROXFLyQ GHO FDVR VLQ HPEDUJR VH OD
FRQVLJQDFRPRFDPELDGRUDRPXWDGRUDHQYLUWXGDTXHODPLVPD6HQWHQFLDHVWDEOHFH
TXH FRUUHVSRQGH FRUUHJLU HO HQWHQGLPLHQWR DQWHULRU TXH OLPLWDED OD SURFHGHQFLD GHO
UHFXUVRLQFLGHQWDOGHLQFRQVWLWXFLRQDOLGDGDORVVXSXHVWRVHQTXHODQRUPDLPSXJQDGD
VHUtDDSOLFDGDDODUHVROXFLyQILQDO


/DMXULVSUXGHQFLDGHODQWHULRU7ULEXQDO&RQVWLWXFLRQDOGLVWLQJXLyORVWpUPLQRV
SURFHVR\SURFHGLPLHQWRFRQFOX\HQGRTXHHOUHFXUVRLQFLGHQWDOGHLQFRQVWLWXFLRQDOLGDG
VyORSRGUtDVHUSURPRYLGRGHQWURGHORVSURFHVRVMXGLFLDOHVRDGPLQLVWUDWLYRV $$&&
&$ &$  HQWHQGLPLHQWR TXH IXH DSOLFDGR HQ ORV $$&&
&$&$HQWUHRWURV'LFKRUD]RQDPLHQWRKDVLGRFDPELDGRDSDUWLU
GH OD 6&3  TXH VHxDOy TXH SDUD OD SURFHGHQFLD GH OD DFFLyQ GH
LQFRQVWLWXFLRQDOLGDG FRQFUHWD HV QHFHVDULR TXH H[LVWD XQ SURFHVR R SURFHGLPLHQWR
MXGLFLDORDGPLQLVWUDWLYR


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)- ,,,
  UHVXOWD FODUR TXH OD GLIHUHQFLDFLyQ GH SURFHVR \
SURFHGLPLHQWR HIHFWXDGD SRU HO HQWRQFHV LQWpUSUHWH GH FRQWURO GH
FRQVWLWXFLRQDOLGDGHQHOPDUFRGHODUWGHOD/7&HUDDGPLVLEOHSDUD
OD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRGHUHIRUPDGDHODxR\HO
OHJLVODGRU RUGLQDULR HQ HVH PRPHQWR FRQWDED FRQ XQD PD\RU OLEHUWDG
FRQILJXUDGRUDSHURHQODDFWXDOLGDGUHVXOWDLQDGPLVLEOHVLVHFRQVLGHUD
TXH OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR YLJHQWH PDQLILHVWD
H[SUHVDPHQWHODYROXQWDGGHOOHJLVODGRUFRQVWLWX\HQWHGHKDFHUHIHFWLYD
\UHDOODQRUPDWLYDFRQVWLWXFLRQDOGHPDQHUDTXHVHWUDQVLWHGHXQHVWDGR
OHJDO GH GHUHFKR D XQ HVWDGR FRQVWLWXFLRQDO GH GHUHFKR SDUD HOOR VH
LQWURGXMHURQQXHYDVDFFLRQHVFRQVWLWXFLRQDOHVFRPRODDFFLyQSRSXODUR
OD DFFLyQ GH FXPSOLPLHQWR \ VH YLJRUL]DURQ ODV DFFLRQHV
FRQVWLWXFLRQDOHVHQWUHHOODVODDFFLyQGHLQFRQVWLWXFLRQDOLGDGFRQFUHWD
(VGHFLUFRQVLGHUDQGRHOQXHYRFRQWH[WRFRQVWLWXFLRQDOFXDQGRVHKDFH
UHIHUHQFLD D OD DFFLyQ GH LQFRQVWLWXFLRQDOLGDG FRQFUHWD FRUUHVSRQGH
LQWHUSUHWDUHOWpUPLQRSURFHVRHQVXYHUWLHQWHPiVDPSOLDTXHDEDUFD\
FRQJORPHUD D SURFHVRV \ SURFHGLPLHQWRVMXGLFLDOHV \ DGPLQLVWUDWLYRV
HOOR HQ UD]yQ D TXH   6L ELHQ HO LQFLGHQWH GH LQFRQVWLWXFLRQDOLGDG
SURYLHQHGHXQDVLWXDFLyQSDUWLFXODUHOLQWHUpVGHVDQHDUHORUGHQDPLHQWR
MXUtGLFRGHQRUPDVLQFRQVWLWXFLRQDOHVWUDVFLHQGHHOLQWHUpVSDUWLFXODU\
DOFDQ]D DO FROHFWLYR RUGHQ S~EOLFR FRQVWLWXFLRQDO \   8Q
HQWHQGLPLHQWRUHGXFLGRGHOWpUPLQRSURFHVRHQHOPDUFRGHODDFFLyQGH
LQFRQVWLWXFLRQDOLGDG FRQFUHWD QR UHVXOWDUtD DFRUGH FRQ HO GHUHFKR GH
DFFHVRDODMXVWLFLD\HOSULQFLSLRSURDFWLRQH


W


dW^:d


,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

6&3



1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3/DDFFLyQGHLQFRQVWLWXFLRQDOLGDGFRQFUHWDSURFHGH
QR VyOR FXDQGR OD QRUPD VHUi DSOLFDGD HQ OD UHVROXFLyQ ILQDO GHO
SURFHVRVLQRWDPELpQSDUDUHVROYHULQFLGHQWHVRH[FHSFLRQHV

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHLQFRQVWLWXFLRQDOLGDGFRQFUHWDODLPSXWDGDFXHVWLRQD
ODFRQVWLWXFLRQDOLGDGGHOWLSRSHQDOGHGHVDFDWRSUHYLVWRHQHODUW
GHO&3SRULQIULQJLUODVQRUPDVFRQWHQLGDVHQORVDUWV,,,9
,\,,,,,\GHOD&3(DOOLPLWDUHOGHUHFKRDOD
OLEHUWDG GH H[SUHVLyQ FRQWUDSRQHUVH DO GHUHFKR D OD LJXDOGDG \
GLVFULPLQDQGR HQWUH ORV FLXGDGDQRV FRPXQHV \ ORV
IXQFLRQDULRV

S~EOLFRV (O UHSUHVHQWDQWH GHO 0LQLVWHULR 3~EOLFR KDFLHQGR DOXVLyQ D
MXULVSUXGHQFLDFRQVWLWXFLRQDOFRQWHVWyGLFKDLPSXJQDFLyQDOHJDQGRTXH
ODDFFLyQGHLQFRQVWLWXFLRQDOLGDGFRQFUHWDQRSXHGHVHULQWHUSXHVWDHQOD
HWDSD SUHSDUDWRULD GHO SURFHVR SHQDO VLQR ~QLFDPHQWH HQ OD LQVWDQFLD
GRQGHVHDGRSWDUiODGHFLVLyQILQDO

(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOGHFODUyODLQFRQVWLWXFLRQDOLGDG
GHO WLSR SHQDO GH GHVDFDWR FRQVLGHUDQGR TXH GLFKR GHOLWR UHVXOWD
GHVSURSRUFLRQDGR DO  HMHUFLFLR GHO GHUHFKR D OD OLEUH H[SUHVLyQ H
LQIRUPDFLyQ KDFLHQGR SUHYLDPHQWH UHIHUHQFLD D TXH OD DFFLyQ GH
LQFRQVWLWXFLRQDOLGDGFRQFUHWDSURFHGHQRVRORHQODLQVWDQFLDGRQGHVH
WRPDUiODGHFLVLyQILQDOVLQRWDPELpQHQODUHVROXFLyQGHLQFLGHQWHVR
H[FHSFLRQHV

([WUDFWRGHODUDWLRGHFLGHQGL

W


dW^:d

)-,,,&RUUHVSRQGHDHVWH7ULEXQDOGHMDUFODUDPHQWHVHQWDGRTXH
FRQ XQ FULWHULR IXQGDQWH HO DQWHULRU7ULEXQDO &RQVWLWXFLRQDO HQ HO $&
&$GHGHHQHURFRQVLGHUDQGROD6&5GH
GH DJRVWR GHWHUPLQy TXH D HIHFWRV GHO SODQWHDPLHQWR GHO UHFXUVR
LQFLGHQWDOGHLQFRQVWLWXFLRQDOLGDGDKRUDDFFLyQGHLQFRQVWLWXFLRQDOLGDG
FRQFUHWDHOPLVPRSURFHGtDXQDYH]DELHUWRHOSURFHVRSHQDOHVGHFLU
FXDQGRH[LVWDLPSXWDFLyQIRUPDO

3RVWHULRUPHQWHHO$&&$GHGHMXQLRVHxDOy
HVSUHFLVR
DFODUDUTXHHOPRPHQWRHQHOTXHVHYDDVXPLUXQDGHFLVLyQGHQWURGHO
SURFHGLPLHQWRSHQDOVHUiHQODHWDSDGHOMXLFLRSURSLDPHQWHGLFKR RUDO
\S~EOLFR   (VGHFLUTXHHVWDHWDSDFRQFOX\HFRQODVHQWHQFLD3RU
HQGHDOVHUHVWDODLQVWDQFLDGHOMXLFLRRUDO\S~EOLFRGRQGHVHYDDWRPDU
OD GHFLVLyQ GHO SURFHVR SHQDO HV HQ HVWD GRQGH FRUUHVSRQGH OD
LQWHUSRVLFLyQGHOUHFXUVRVXFRQRFLPLHQWRRSURPRFLyQ


(QHVWHPDUFRHO9LFHSUHVLGHQWHGHO(VWDGR3OXULQDFLRQDO\3UHVLGHQWH
GHOD$VDPEOHD/HJLVODWLYD3OXULQDFLRQDOVROLFLWyH[SHGLUXQDVHQWHQFLD
LQKLELWRULDSRUTXHHOLQFLGHQWHGHLQFRQVWLWXFLRQDOLGDGVHSODQWHyHQOD
HWDSDSUHSDUDWRULDLQYRFDQGRSDUDHOORHO$&&$GHGH
MXOLR SHUR HO 3OHQR GHO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO QR
FRQFXHUGDFRQGLFKRFULWHULRSRUTXH

'HEHFRQVLGHUDUVHTXHOD/H\GHGHGLFLHPEUHGHGLVSXVR
XQSHULRGRGHWUDQVLFLyQLQVWLWXFLRQDOHQWUHHO7ULEXQDO&RQVWLWXFLRQDO\
HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO GHELHQGR HVWH ~OWLPR
SDXODWLQDPHQWHGHVDUUROODUORVQXHYRVHQWHQGLPLHQWRVMXULVSUXGHQFLDOHV

(VWH7ULEXQDODKRUDFRQVWLWXLGRHVGHOFULWHULRGHTXHHODUWGHOD
&3(UHTXLHUHXQDLQWHUSUHWDFLyQH[WHQVLYDFRQFRUGDQWHFRQHOGHUHFKR
GHDFFHVRDODMXVWLFLDFRQVWLWXFLRQDO\HOSULQFLSLRSURDFWLRQHFRQIRUPH
ORGHVDUUROODGRHQHOSXQWR,,,GHHVWD6HQWHQFLD

/D H[LVWHQFLD GH XQD LPSXWDFLyQ IRUPDO LPSOLFD OD SRVLELOLGDG GH OD
DSOLFDFLyQGHPHGLGDVFDXWHODUHV\RWUDVUHVWULFFLRQHVDORVSURFHVDGRV
SRUORTXHUHVXOWDLQMXVWLILFDGRTXHpVWRVHVSHUHQDODDXGLHQFLDGHMXLFLR
RUDOSDUDSODQWHDUODLQFRQVWLWXFLRQDOLGDGGHXQWLSRSHQDOGHQWURGHXQ
SURFHVRTXH\DVXUWHHIHFWRVHQVXFRQWUD

(O$&&$UHIHUtDDODLPSXJQDFLyQGHXQDQRUPDDGMHWLYD
HQXQSURFHVRSHQDO DUWGHO&33PRGLILFDGRSRUOD/H\GH
GH PD\R GH   PLHQWUDV TXH HQ HO SUHVHQWH FDVR VH LPSXJQD XQD
QRUPDVXVWDQWLYD DUWGHO&3


6LQWHVLVGHODUDWLRGHFLGHQGL

W


dW^:d


'HFODUD LQFRQVWLWXFLRQDO HO WLSRSHQDOGH GHVDFDWRGLVSXHVWRHQHO DUW
GHO&3FRQVLGHUDQGRTXHGLFKRGHOLWRUHVXOWDGHVSURSRUFLRQDGRDO
HMHUFLFLRGHOGHUHFKRDODOLEUHH[SUHVLyQHLQIRUPDFLyQ

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O$&&$HVWDEOHFLyTXHDOVHUOD
LQVWDQFLDGHOMXLFLRRUDO\
S~EOLFRGRQGHVHYDDWRPDUODGHFLVLyQGHOSURFHVRSHQDOHVHQpVWD
GRQGH FRUUHVSRQGH OD LQWHUSRVLFLyQ GHO UHFXUVR VX FRQRFLPLHQWR R
SURPRFLyQ


7DO UD]RQDPLHQWR FDPELy FRQ OD 6&3  TXH VL ELHQ QR VH
FRQVWLWX\HHQVtHQXQDVHQWHQFLDFDPELDGRUDGHOtQHDRPXWDGRUDHQ
YLUWXGDTXHHOQXHYRHQWHQGLPLHQWRQRHVXWLOL]DGRHQODUHVROXFLyQGHO
FDVRVHODFRQVLJQDFRPRFDPELDGRUDRPXWDGRUDHQYLUWXGDTXHOD
PLVPD6HQWHQFLDHVWDEOHFHTXHFRUUHVSRQGHFRUUHJLUHOHQWHQGLPLHQWR
DQWHULRU TXH OLPLWDED OD SURFHGHQFLD GHO UHFXUVR LQFLGHQWDO GH
LQFRQVWLWXFLRQDOLGDGDORVVXSXHVWRVHQTXHODQRUPDLPSXJQDGDVHUtD
DSOLFDGDDODUHVROXFLyQILQDO

(Q HVH VHQWLGR OD SUHVHQWH 6&3  VH FRQVWLWX\H HQ XQ
SUHFHGHQWH LPSRUWDQWH HQ WDQWR UHSURGXFH DTXpO HQWHQGLPLHQWR \ OR
DSOLFDHIHFWLYDPHQWHDOFDVRFRQFUHWRDHIHFWRGHLQJUHVDUDOIRQGRGHOD
SUREOHPiWLFDSODQWHDGD

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,
(VWH7ULEXQDODKRUDFRQVWLWXLGRHVGHOFULWHULRGHTXHHODUW
GHOD&3(UHTXLHUHXQDLQWHUSUHWDFLyQH[WHQVLYDFRQFRUGDQWHFRQHO
GHUHFKRGHDFFHVRDODMXVWLFLDFRQVWLWXFLRQDO\HOSULQFLSLRSURDFWLRQH
/DH[LVWHQFLDGHXQDLPSXWDFLyQIRUPDOLPSOLFDODSRVLELOLGDGGHOD
DSOLFDFLyQGHPHGLGDVFDXWHODUHV\RWUDVUHVWULFFLRQHVDORVSURFHVDGRV
SRUORTXHUHVXOWDLQMXVWLILFDGRTXHpVWRVHVSHUHQDODDXGLHQFLDGHMXLFLR
RUDOSDUDSODQWHDUODLQFRQVWLWXFLRQDOLGDGGHXQWLSRSHQDOGHQWURGHXQ
SURFHVRTXH\DVXUWHHIHFWRVHQVXFRQWUD


,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

SURFHGHQFLDGHODDFFLyQGHLQFRQVWLWXFLRQDOLGDGFRQFUHWDDUWGHO
&3GHVDFDWRLQFRQVWLWXFLRQDOLGDGGHVDFDWR




W


dW^:d

 $FFLyQ GH LQFRQVWLWXFLRQDOLGDG FRQFUHWD2SRUWXQLGDG


GHODIRUPXODFLyQGHODDFFLyQ
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3'HXQDLQWHUSUHWDFLyQVLVWHPiWLFD\WHOHROyJLFDGHOD
QDWXUDOH]D\REMHWRGHODDFFLyQGHLQFRQVWLWXFLRQDOLGDGFRQFUHWDHV
SRVLEOHIRUPXODUHVWDDFFLyQHQHMHFXFLyQGHVHQWHQFLD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QXQDDFFLyQFRQFUHWDGHLQFRQVWLWXFLRQDOLGDGLQWHUSXHVWDDLQVWDQFLDGHSDUWH
DQWHHO-XH]3ULPHURGH3DUWLGRHQOR&LYLO\&RPHUFLDOGHOGHSDUWDPHQWRGH
6DQWD &UX] GHPDQGDQGR OD LQFRQVWLWXFLRQDOLGDG GH ORV DUWV ,GHO &yGLJR
3URFHVDO &RQVWLWXFLRQDO &3&R  HQ VX IUDVH
DQWHV GH OD HMHFXWRULD GH OD
6HQWHQFLD
 \ , GHO &yGLJR GH 3URFHGLPLHQWR &LYLO &3&  HQ OD SDODEUD

ILVFDO
 SRU VHU SUHVXQWDPHQWH FRQWUDULRV D ORV DUWV , \ ,,  ,,
,,\,GHOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR &3( VHxDODQGRTXHHO
DUW,GHO&3&RHQVXIUDVH
DQWHVGHODHMHFXWRULDGHOD6HQWHQFLD
YXOQHUD
HO GHUHFKR D OD GHIHQVD SXHV HO GHUHFKR D SURPRYHU OD DFFLyQ GH
LQFRQVWLWXFLRQDOLGDGFRQFUHWDFRPRXQPHGLRGHGHIHQVDGHQWURGHXQSURFHVR
VHD MXGLFLDO R DGPLQLVWUDWLYR  HQ HO TXH HO OLWLJDQWH DO HQFRQWUDUVH FRQ XQD
QRUPDLQFRQVWLWXFLRQDOTXHVHUiDSOLFDGDSRUHOMXH]GHQWURGHVXFDVRFXHQWD
FRQ HVWH PHGLR LGyQHR SDUD GHIHQGHUVH MXULVGLFFLRQDOPHQWH GHQWUR GH HVH
PDUFRSXHGHGDUVHODSRVLELOLGDGGHTXHH[LVWDODLQFRQVWLWXFLRQDOLGDGGHXQD
QRUPDGHFDUiFWHUSURFHVDOHVGHFLUXQDQRUPDTXHUHJXODHOSURFHVRRMXLFLR
SRUORTXHWDPELpQGHEHVHUSRVLEOHHOFXHVWLRQDUODLQFRQVWLWXFLRQDOLGDGGHXQD
QRUPDSURFHVDOVLQLPSRUWDUODIDVHRHOHVWDGRGHOSURFHVRTXHUHJXOH\DTXH
ORFRQWUDULRLPSRUWDUtDXQDGHVLJXDOGDGGHWUDWRQRUPDWLYRVLQHPEDUJRVLQ
TXHH[LVWDQLQJ~QMXVWLILFDWLYROyJLFRRUD]RQDEOHHOSDUiJUDIR,GHODUWGHO
&3&R HVWDEOHFH TXH XQD GHWHUPLQDGD QRUPD QR SXHGH FXHVWLRQDUVH HQ
HMHFXFLyQGHVHQWHQFLDWDODILUPDFLyQGHVQDWXUDOL]DHOGHUHFKRDODGHIHQVD

$KRUDELHQGHQWURGHOFDVRFRQFUHWRVRVWLHQHTXHODOHVLyQGHOGHUHFKRDOD
GHIHQVDHVWiYLQFXODGDDOSURFHVRGHVXEDVWDURUHPDWDUXQLQPXHEOHHQHOSUHFLR
ILVFDO \ QR FRPHUFLDO FXDQGR HO SUHFHSWR OHJDO LPSXJQDGR HQ VX IUDVH ILQDO
REOLJD D TXH HQ FDVR GH SUHVHQWDUVH OD DFFLyQ GH LQFRQVWLWXFLRQDOLGDG HO
7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOQRODDGPLWLUtDFRQHODUJXPHQWRGHTXH
QR VH KDEUtD RSXHVWR DQWHV GH OD HMHFXFLyQ GH OD VHQWHQFLD FXDQGR GLFKD
HMHFXFLyQ HV XQ YHUGDGHUR SURFHVR FRPR VH GHGXFH GHO &yGLJR GH
3URFHGLPLHQWR&LYLOHQVX/LEUR7HUFHURGHQWURGHHVWHDVSHFWRHOOHJLVODGRU

W


dW^:d


QR HQWHQGLy TXH VyOR ODV QRUPDV TXH OLPLWDQ XQ SURFHVR KDVWD OD VHQWHQFLD
SXHGHQVHUVXVFHSWLEOHVGHLQFXUULUHQLQFRQVWLWXFLRQDOLGDG\ODVTXHGHWHUPLQDQ
SUHFLVDPHQWHODVHQWHQFLDHVWDUtDQH[FOXLGDVSRUHOVLPSOHKHFKRGHDSOLFDUVH
HQHVDIDVHH[WUHPRTXHHVFRQWUDULRDOHVStULWXGHOD&RQVWLWXFLyQ3ROtWLFDGHO
(VWDGR
&RQUHIHUHQFLDDUW,GHO&3&VHxDOyTXHHOPLVPRHVFRQWUDULRDORVDUWV
, \ ,, \  GH OD &3( \D TXH VH UHILHUH D OD HMHFXFLyQ GH XQD REOLJDFLyQ
LPSDJDDKRUDORTXHVHFXHVWLRQDQRHVODREOLJDFLyQGHSDJDUXQDGHWHUPLQDGD
GHXGD SRUYtDMXGLFLDO\SRUPHGLRGHXQDVXEDVWDGHORVELHQHVTXHVHDQGH
SURSLHGDGGHOGHXGRU VLQRTXHHOREOLJDGRWHQJDXQWUDWDPLHQWRMXVWRSXHVWR
TXHHOKHFKRGHDGHXGDUDOJRQROHDUUHEDWDVXVGHUHFKRVIXQGDPHQWDOHVSXHV
ODUHIHULGDQRUPDHQVXSDUiJUDIR,REOLJDDOUHPDWHGHORVELHQHVLQPXHEOHV
GHOHMHFXWDGRSRUVXYDOXDFLyQILVFDOH[WUHPRTXHOHHVVXPDPHQWHSHUMXGLFLDO
\DTXHWDOPRQWRHVLQIHULRUDOYDORUFRPHUFLDOGHOREMHWRGHOUHPDWHMXGLFLDO\
HQUHDOLGDGORTXHVHHVWiUHDOL]DQGRHVXQGHVSRMRGHVXSURSLHGDGSRUORTXH
VHxDOyTXHODUHOHYDQFLDGHODUW,GHO&3&HQODGHFLVLyQGHOSURFHVRGH
HMHFXFLyQGHVHQWHQFLDHVHYLGHQWH\DTXHDIHFWDDVXGHUHFKRDODSURSLHGDG
SRUORTXHGHEHDSOLFDUVHMXVWLFLD\HTXLGDGUHPDWiQGRVHVXVELHQHVGHQWURGHO
YDORUFRPHUFLDOTXHHVHOMXVWRSUHFLRTXHFXEULUtDORDGHXGDGR(O7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOGHFODUyODFRQVWLWXFLRQDOLGDGGHOSDUiJUDIR,GHO
DUWGHO&3&RHQFXDQWRGLFKDQRUPDGHEHUiSURFHGHUVLHPSUHTXHH[LVWDXQD
GXGD UD]RQDEOH VREUH OD FRQVWLWXFLRQDOLGDG GH XQD QRUPD \ QR FRPR XQD
OLPLWDQWHSDUDSURPRYHUXQDDFFLyQGHLQFRQVWLWXFLRQDOLGDGFRQFUHWDHQODIDVH
GHHMHFXFLyQGHVHQWHQFLDSXHVVLHQHVWDIDVHODDXWRULGDGMXULVGLFFLRQDOWLHQH
TXH DGRSWDU XQD GHFLVLyQ HQ OD TXH GHILQLWLYDPHQWH VREUH FX\D
LQFRQVWLWXFLRQDOLGDGH[LVWHGXGDUD]RQDEOHHQWRQFHVQRWLHQHSRUTXpH[LVWLUXQ
yELFH SDUD HYLWDU OD YLDELOLGDG SDUD SURPRYHU XQD DFFLyQ FRQFUHWD GH
LQFRQVWLWXFLRQDOLGDG &RQ UHODFLyQ DO SDUiJUDIR , GHO DUW  GHO &3& HO
7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOGHFODUyODLPSURFHGHQFLDGHODDFFLyQHQ
PpULWR D TXH HVWD QRUPD \D IXH GHFODUDGD LQFRQVWLWXFLRQDO SRU OD 6&3
SRUORTXHVHHQFXHQWUDIXHUDGHORUGHQDPLHQWRMXUtGLFR\QRH[LVWH
REMHWRGHFRQWUROQRUPDWLYR


([WUDFWRGHODUDWLRGHFLGHQGL

,,,'HQWURGHO)XQGDPHQWR-XUtGLFR,,,GHODSUHVHQWH6HQWHQFLD&RQVWLWXFLRQDO
3OXULQDFLRQDO VH GHVDUUROOy OD OtQHD MXULVSUXGHQFLDO UHVSHFWR D OD RSRUWXQLGDG GH
SUHVHQWDFLyQGHXQDDFFLyQGHLQFRQVWLWXFLRQDOLGDGFRQFUHWDHQODTXHVHLQWHUSUHWyORV
DUWV  GH OD /H\ GHO 7ULEXQDO &RQVWLWXFLRQDO /7&   GH OD /H\ GHO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDO /7&3 \HOSDUiJUDIR,GHODUWGHO&3&RGHELGRDTXH
HOFRQWHQLGRGHWRGRVHVWRVDUWtFXORVHVSUiFWLFDPHQWHHOPLVPR\VHKDSRGLGROOHJDUD
ODFRQFOXVLyQGHTXHOD6&3KDPRGXODGRODLQWHUSUHWDFLyQHVWDEOHFLGDHQHO
$&&$\VVVREUHHODUW,GHO&3&R

/D6&3YDPiVDOOiGHXQDLQWHUSUHWDFLyQOLWHUDORJUDPDWLFDOGHODQRUPD
SUHYLVWDHQHOSDUiJUDIR,GHODUWGHO&3&RKDFLHQGRXQDLQWHUSUHWDFLyQVLVWHPiWLFD
\WHOHROyJLFDGHODQDWXUDOH]D\REMHWRGHODDFFLyQGHLQFRQVWLWXFLRQDOLGDGFRQFUHWDSRU
OR TXH HV SUHFLVR VXPDUVH D OD LQWHUSUHWDFLyQ UHDOL]DGD SRU OD SUHFLWDGD 6HQWHQFLD
&RQVWLWXFLRQDO3OXULQDFLRQDOGHELGRDTXHHVPiVDGHFXDGDDORVILQHV\REMHWLYRVGHO
VLVWHPD GH FRQWURO GH FRQVWLWXFLRQDOLGDG FRQFHQWUDGR DGRSWDGR SRU HO (VWDGR
3OXULQDFLRQDOHQPpULWRDTXHHVWDEOHFHTXHXQDDFFLyQGHFRQWUROQRUPDWLYRGHQWURGH
XQ SURFHVR MXGLFLDO GHEHUi SURFHGHU VLHPSUH TXH H[LVWD XQD GXGD UD]RQDEOH VREUH OD

W


dW^:d
FRQVWLWXFLRQDOLGDGGHXQDQRUPDSRUORWDQWRODQRUPDLQVHUWDHQHODUW,GHO&3&R
GHEHVHUHQWHQGLGDHQHVHVHQWLGR\QRFRPRXQDOLPLWDQWHSDUDSURPRYHUXQDDFFLyQGH
LQFRQVWLWXFLRQDOLGDGFRQFUHWDHQODIDVHGHHMHFXFLyQGHVHQWHQFLDSXHVVLHQHVWDIDVHOD
DXWRULGDGMXULVGLFFLRQDOWLHQHTXHDGRSWDUXQDGHFLVLyQHQODTXHGHILQLWLYDPHQWHVREUH
FX\D LQFRQVWLWXFLRQDOLGDG H[LVWH GXGD UD]RQDEOH HQWRQFHV QR WLHQH SRUTXp H[LVWLU XQ
yELFH SDUD HYLWDU OD YLDELOLGDG SDUD SURPRYHU XQD DFFLyQ FRQFUHWD GH
LQFRQVWLWXFLRQDOLGDG GH QR VHU LQWHUSUHWDGD HQ HVH VHQWLGR OD QRUPD FXHVWLRQDGD GH
LQFRQVWLWXFLRQDOLGDG GHO &yGLJR 3URFHVDO &RQVWLWXFLRQDO VLJQLILFDUtD TXH HO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOVHDEVWLHQHGHHMHUFHUVXDWULEXFLyQGHOFRQWUROQRUPDWLYR
SRUHOKHFKRGHTXHVHWLHQHTXHDSOLFDUHQHMHFXFLyQGHVHQWHQFLD\QRHQODUHVROXFLyQ
GHODFDXVDSULQFLSDOORTXHHQRWURVWpUPLQRVWHQGUtDFRPRHIHFWRHOFHUFHQDUODDFFLyQ
GHO FRQWURO FRQFUHWRGH FRQVWLWXFLRQDOLGDG \ HIHFWLYDPHQWH YXOQHUDULD HO GHUHFKR D OD
GHIHQVD\GHOGHUHFKRGHDFFHVRDODMXVWLFLDGHODVSHUVRQDVLQWHUYLQLHQWHVHQHVWHWLSR
GHSURFHVRVHVGHFLUVHOHVGHMDUtDHQXQDFODUDVLWXDFLyQGHLQGHIHQVLyQ

3RUORSUHYLDPHQWHGHVDUUROODGRVHOOHJDDODFRQFOXVLyQTXHHODUW,GHO&3&RHV
FRQVWLWXFLRQDO VLHPSUH \ FXDQGR VHD LQWHUSUHWDGR \ DSOLFDGR GH DFXHUGR D ORV
DUJXPHQWRVHVWDEOHFLGRVGHQWURGHODSUHVHQWH6HQWHQFLD&RQVWLWXFLRQDO3OXULQDFLRQDO


6LQWHVLVGHODUDWLRGHFLGHQGL

'HFODUD OD FRQVWLWXFLRQDOLGDG GHO DUW  GHO &3&R D SDUWLU GH XQD
LQWHUSUHWDFLyQVLVWHPiWLFD\WHOHROyJLFDGHODQDWXUDOH]D\REMHWRGHOD
DFFLyQGHLQFRQVWLWXFLRQDOLGDGFRQFUHWDSRUORTXHGHEHHQWHQGHUVHTXH
XQDDFFLyQGHFRQWUROQRUPDWLYRGHQWURGHXQSURFHVRMXGLFLDOGHEHUi
SURFHGHU VLHPSUH TXH H[LVWD XQD GXGD UD]RQDEOH VREUH OD
FRQVWLWXFLRQDOLGDGGHXQDQRUPD\QRFRPRXQDOLPLWDQWHSDUDSURPRYHU
XQDDFFLyQGHLQFRQVWLWXFLRQDOLGDGFRQFUHWDHQODIDVHGHHMHFXFLyQGH
VHQWHQFLD SXHV VL HQ HVWD IDVH OD DXWRULGDG MXULVGLFFLRQDO WLHQH TXH
DGRSWDU XQD GHFLVLyQ HQ OD TXH GHILQLWLYDPHQWH VREUH FX\D
LQFRQVWLWXFLRQDOLGDG H[LVWH GXGD UD]RQDEOH HQWRQFHV QR WLHQH SRUTXp
H[LVWLU XQ yELFH SDUD HYLWDU OD YLDELOLGDG SDUD SURPRYHU XQD DFFLyQ
FRQFUHWDGHLQFRQVWLWXFLRQDOLGDGGHQRVHULQWHUSUHWDGDHQHVHVHQWLGR
OD QRUPD FXHVWLRQDGD GH LQFRQVWLWXFLRQDOLGDG GHO &yGLJR 3URFHVDO
&RQVWLWXFLRQDO VLJQLILFDUtD TXH HO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDOVHDEVWLHQHGHHMHUFHUVXDWULEXFLyQGHOFRQWUROQRUPDWLYR
SRUHOKHFKRGHTXHVHWLHQHTXHDSOLFDUHQHMHFXFLyQGHVHQWHQFLD\QR
HQODUHVROXFLyQGHODFDXVDSULQFLSDOORTXHHQRWURVWpUPLQRVWHQGUtD
FRPR HIHFWR HO FHUFHQDU OD DFFLyQ GHO FRQWURO FRQFUHWR GH
FRQVWLWXFLRQDOLGDG\HIHFWLYDPHQWHYXOQHUDULDHOGHUHFKRDODGHIHQVD\
GHOGHUHFKRGHDFFHVRDODMXVWLFLDGHODVSHUVRQDVLQWHUYLQLHQWHVHQHVWH
WLSRGHSURFHVRV

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

)XQGDQWH

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

W


dW^:d


,,,'HQWURGHO)XQGDPHQWR-XUtGLFR,,,GHODSUHVHQWH6HQWHQFLD
&RQVWLWXFLRQDO 3OXULQDFLRQDO VH GHVDUUROOy OD OtQHD MXULVSUXGHQFLDO
UHVSHFWR D OD RSRUWXQLGDG GH SUHVHQWDFLyQ GH XQD DFFLyQ GH
LQFRQVWLWXFLRQDOLGDGFRQFUHWDHQODTXHVHLQWHUSUHWyORVDUWVGHOD
/H\ GHO 7ULEXQDO &RQVWLWXFLRQDO /7&   GH OD /H\ GHO 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO /7&3  \ HO SDUiJUDIR , GHO DUW  GHO
&3&R GHELGR D TXH HO FRQWHQLGR GH WRGRV HVWRV DUWtFXORV HV
SUiFWLFDPHQWHHOPLVPR\VHKDSRGLGROOHJDUDODFRQFOXVLyQGHTXHOD
6&3  KD PRGXODGR OD LQWHUSUHWDFLyQ HVWDEOHFLGD HQ HO $&
&$\VVVREUHHODUW,GHO&3&R

/D6&3YDPiVDOOiGHXQDLQWHUSUHWDFLyQOLWHUDORJUDPDWLFDO
GHODQRUPDSUHYLVWDHQHOSDUiJUDIR,GHODUWGHO&3&RKDFLHQGRXQD
LQWHUSUHWDFLyQVLVWHPiWLFD\WHOHROyJLFDGHODQDWXUDOH]D\REMHWRGHOD
DFFLyQGHLQFRQVWLWXFLRQDOLGDGFRQFUHWDSRUORTXHHVSUHFLVRVXPDUVHD
OD LQWHUSUHWDFLyQ UHDOL]DGD SRU OD SUHFLWDGD 6HQWHQFLD &RQVWLWXFLRQDO
3OXULQDFLRQDOGHELGRDTXHHVPiVDGHFXDGDDORVILQHV\REMHWLYRVGHO
VLVWHPD GH FRQWURO GH FRQVWLWXFLRQDOLGDG FRQFHQWUDGR DGRSWDGR SRU HO
(VWDGR 3OXULQDFLRQDO HQ PpULWR D TXH HVWDEOHFH TXH XQD DFFLyQ GH
FRQWUROQRUPDWLYRGHQWURGHXQSURFHVRMXGLFLDOGHEHUiSURFHGHUVLHPSUH
TXHH[LVWDXQDGXGDUD]RQDEOHVREUHODFRQVWLWXFLRQDOLGDGGHXQDQRUPD
SRUORWDQWRODQRUPDLQVHUWDHQHODUW,GHO&3&RGHEHVHUHQWHQGLGD
HQHVHVHQWLGR\QRFRPRXQDOLPLWDQWHSDUDSURPRYHUXQDDFFLyQGH
LQFRQVWLWXFLRQDOLGDGFRQFUHWDHQODIDVHGHHMHFXFLyQGHVHQWHQFLDSXHV
VLHQHVWDIDVHODDXWRULGDGMXULVGLFFLRQDOWLHQHTXHDGRSWDUXQDGHFLVLyQ
HQODTXHGHILQLWLYDPHQWHVREUHFX\DLQFRQVWLWXFLRQDOLGDGH[LVWHGXGD
UD]RQDEOH HQWRQFHV QR WLHQH SRUTXp H[LVWLU XQ yELFH SDUD HYLWDU OD
YLDELOLGDGSDUDSURPRYHUXQDDFFLyQFRQFUHWDGHLQFRQVWLWXFLRQDOLGDG
GH QR VHU LQWHUSUHWDGD HQ HVH VHQWLGR OD QRUPD FXHVWLRQDGD GH
LQFRQVWLWXFLRQDOLGDG GHO &yGLJR 3URFHVDO &RQVWLWXFLRQDO VLJQLILFDUtD
TXHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOVHDEVWLHQHGHHMHUFHUVX
DWULEXFLyQGHOFRQWUROQRUPDWLYRSRUHOKHFKRGHTXHVHWLHQHTXHDSOLFDU
HQHMHFXFLyQGHVHQWHQFLD\QRHQODUHVROXFLyQGHODFDXVDSULQFLSDOOR
TXH HQ RWURV WpUPLQRV WHQGUtD FRPR HIHFWR HO FHUFHQDU OD DFFLyQ GHO
FRQWURO FRQFUHWR GH FRQVWLWXFLRQDOLGDG \ HIHFWLYDPHQWH YXOQHUDULD HO
GHUHFKRDODGHIHQVD\GHOGHUHFKRGHDFFHVRDODMXVWLFLDGHODVSHUVRQDV
LQWHUYLQLHQWHVHQHVWHWLSRGH SURFHVRV HV GHFLUVH OHV GHMDUtD HQ XQD
FODUDVLWXDFLyQGHLQGHIHQVLyQ
3RUORSUHYLDPHQWHGHVDUUROODGRVHOOHJDDODFRQFOXVLyQTXHHODUW,
GHO &3&R HV FRQVWLWXFLRQDO VLHPSUH \ FXDQGR VHD LQWHUSUHWDGR \
DSOLFDGRGHDFXHUGRDORVDUJXPHQWRVHVWDEOHFLGRVGHQWURGHODSUHVHQWH
6HQWHQFLD&RQVWLWXFLRQDO3OXULQDFLRQDO
3257$172

/D &2167,78&,21$/,'$' GHO SDUiJUDIR , GHO DUW  GHO
&3&RHQHOPDUFRGHODLQWHUSUHWDFLyQ\DSOLFDFLyQHVWDEOHFLGRSRUOD
SUHVHQWH6HQWHQFLD&RQVWLWXFLRQDO3OXULQDFLRQDO
W


dW^:d




1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0XWDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   /D DFFLyQ FRQFUHWD GH LQFRQVWLWXFLRQDOLGDG SXHGH
LQWHUSRQHUVH HQ HMHFXFLyQ GH VHQWHQFLD VREUH QRUPDV DSOLFDEOHV HQ
HVWD HWDSD FXDQGR OD GHFLVLyQ GHO MX]JDGRU GHSHQGD GH VX
FRQVWLWXFLRQDOLGDGPiVD~QVLQRFRQFXUUHSURKLELFLyQDOJXQDSDUD
TXHSXHGDLQWHUSRQHUVHHQHVWDIDVH

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHLQFRQVWLWXFLRQDOLGDGFRQFUHWDSURPRYLGDSRUHO-XH]
2QFHDYRGH3DUWLGRHQOR&LYLO\&RPHUFLDODLQVWDQFLDGHSDUWHGHQWUR
GHOSURFHVRHMHFXWLYRVHGHPDQGyODLQFRQVWLWXFLRQDOLGDGGHORV
ORVDUWV,\,,HQVXIUDVH
$IDOWDGHHVWDYDOXDFLyQ
\,HQ
ODSDUWHTXHVHxDOD
FRQODUHEDMDGHOYHLQWLFLQFRSRUFLHQWRGHOYDORU
GHODEDVH
\,,VDOYRVXSDUWHLQILQH
/RVVDOGRVLPSDJRVSRGUiQVHU
UHSURJUDPDGRVSRUODVHQWLGDGHVGHLQWHUPHGLDFLyQILQDQFLHUD
GHO&3&
DGXFLHQGR TXH GLFKDV QRUPDV QR JXDUGDQ UHODFLyQ FRQ ORV YDORUHV GH
LJXDOGDG HTXLOLEULR \ MXVWLFLD VRFLDO TXH SURFODPD HO (VWDGR
3OXULQDFLRQDODOILMDUFRPREDVHSDUDODVXEDVWDGHQWURGHORVSURFHVRV
HMHFXWLYRVODYDOXDFLyQILVFDOTXHQRUHIOHMDHOYHUGDGHURYDORUGHOELHQ
LQPXHEOH TXH UHVXOWD VHU VX YDORU FRPHUFLDO LQIULQJLHQGR GH HVD
PDQHUDHOGHUHFKRDODSURSLHGDGSULYDGDDVtFRPRORVSULQFLSLRVGH
SURSRUFLRQDOLGDG MXVWLFLD PDWHULDO \ VXSUHPDFtD FRQVWLWXFLRQDO
YXOQHUDQGR ORV DUWDV ,, \  GH OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR
&3(  YLJHQWH  GH OD 'HFODUDFLyQ 8QLYHUVDO GH ORV 'HUHFKRV
+XPDQRV '8'+   GH OD &RQYHQFLyQ $PHULFDQD VREUH 'HUHFKRV
+XPDQRV &$'+ ;;,,,GHOD'HFODUDFLyQ$PHULFDQDGHORV'HUHFKRV
\'HEHUHVGHO+RPEUH '$''+ \\VVGHO&yGLJR&LYLO && 
(O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO UHVROYLy GHFODUDU OD
LQFRQVWLWXFLRQDOLGDG \ FRQVWLWXFLRQDOLGDG GH ODV QRUPDV LPSXJQDGDV
HPSHUR SUHYLDPHQWH VHxDOy TXH OD DFFLyQ FRQFUHWD GH
LQFRQVWLWXFLRQDOLGDGSXHGHLQWHUSRQHUVHHQHMHFXFLyQGHVHQWHQFLDVREUH
QRUPDVDSOLFDEOHVHQHVWDHWDSDFXDQGRODGHFLVLyQGHOMX]JDGRUGHSHQGD
W


dW^:d


GHVXFRQVWLWXFLRQDOLGDGPiVD~QVLQRQRFRQFXUUHSURKLELFLyQDOJXQD
SDUDTXHSXHGDLQWHUSRQHUVHHQHVWDIDVH

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,  HQHOFDVRGHH[pJHVLVODDFFLRQDQWHSUHVHQWyVXUHFXUVR
SRVWHULRUPHQWHDVHUSURQXQFLDGDOD6HQWHQFLDSULQFLSDODGYLUWLpQGRVH
GHO GHWDOOH HIHFWXDGR HQ ODV &RQFOXVLRQHV GHO SUHVHQWH IDOOR TXH VH
SODQWHyUHFXUVRGH DSHODFLyQ FRQWUDOD PLVPD FRQFHGLGR HQ HOHIHFWR
GHYROXWLYR TXH QR VXVSHQGH OD FRPSHWHQFLD GHO -XH] SXGLHQGR VHU
HMHFXWDGDODUHVROXFLyQSHVHDHVWDUSHQGLHQWHGHVROXFLyQSRUHOVXSHULRU
HQJUDGRSRUORTXHHOGHPDQGDQWHDOVHUODSDUWHYLFWRULRVDHQSULPHUD
LQVWDQFLDRIUHFLy
ILDQ]DGHUHVXOWDVSDUDVXHMHFXFLyQFXHVWLRQiQGRVHQRUPDVTXHVLELHQ
QRVRQDSOLFDEOHVDOD6HQWHQFLDFX\RWpUPLQRQRGHEHVHUHQWHQGLGR
VyOR HQ VX VHQWLGR PDWHULDO Vt OR VRQ HQ HVWD IDVH GH HMHFXFLyQ 
SURYLVLRQDOGHOIDOORVLHQGRYLDEOHSHUIHFWDPHQWHSRUHQGHHOHVWXGLR
GH IRQGR GH HVWD DFFLyQ DO KDEHU FXPSOLGR HQ VX GHPDQGD ODV
FRQGLFLRQHV GH SURFHGHQFLD HVWDEOHFLGDV SRU OD QRUPD \ QR KDEHU
DGTXLULGR WRGDYtD HMHFXWRULD QL OD FDOLGDG GH FRVDMX]JDGD OD GHFLVLyQ
DVXPLGD WDO FXDO SUHFLVy FRUUHFWDPHQWH HO $& &$ 8Q
UD]RQDPLHQWRFRQWUDULRLPSOLFDUtDTXHHVWDVQRUPDVVHVXVWUDLJDQGHO
FRQWURO GH FRQVWLWXFLRQDOLGDG FRQFUHWR LPSHWUDGR SRU OD DFFLRQDQWH
VLWXDFLyQTXHQRHVDGPLVLEOHVHUHLWHUDHQXQ(VWDGRGH'HUHFKRTXH
KR\ SURSHQGH D XQD LQWHUFXOWXUDOLGDG SOXUDOLVPR \ GHVFRORQL]DFLyQ
VXVWHQWDQGRODMXVWLFLDQRVyORHQXQDSRWHVWDGVLQRHQXQVHUYLFLRDO
SXHEOR

6LQWHVLVGHODUDWLRGHFLGHQGL

'HFODUD OD FRQVWLWXFLRQDOLGDG H LQFRQVWLWXFLRQDOLGDG GH ODV QRUPDV
LPSXJQDGDV HPSHUR SUHYLDPHQWH VHxDOD /D DFFLyQ FRQFUHWD GH
LQFRQVWLWXFLRQDOLGDGSXHGHLQWHUSRQHUVHHQHMHFXFLyQGHVHQWHQFLDVREUH
QRUPDVDSOLFDEOHVHQHVWDHWDSDFXDQGRODGHFLVLyQGHOMX]JDGRUGHSHQGD
GHVXFRQVWLWXFLRQDOLGDGPiVD~QVLQRQRFRQFXUUHSURKLELFLyQDOJXQD
SDUDTXHSXHGDLQWHUSRQHUVHHQHVWDIDVHSRUORTXHQRREVWDQWHTXHOD
DFFLRQDQWH SUHVHQWy VX UHFXUVR SRVWHULRUPHQWH D VHU SURQXQFLDGD OD
6HQWHQFLDSULQFLSDOFRUUHVSRQGtDHOHVWXGLRGHIRQGRGHHVWDDFFLyQDO
KDEHU FXPSOLGR HQ VX GHPDQGD ODV FRQGLFLRQHV GH SURFHGHQFLD
HVWDEOHFLGDVSRUODQRUPD\QRKDEHUDGTXLULGRWRGDYtDHMHFXWRULDQLOD
FDOLGDG GH FRVD MX]JDGD OD GHFLVLyQ DVXPLGD WDO FXDO SUHFLVy
FRUUHFWDPHQWHHO$&&$

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

W


dW^:d
(O7ULEXQDO&RQVWLWXFLRQDOHQVXOtQHDMXULVSUXGHQFLDOFRQUHODFLyQDODSURFHGHQFLDGH
OD DFFLyQ GH LQFRQVWLWXFLRQDOLGDG FRQFUHWD DQWHV UHFXUVR LQGLUHFWR R LQFLGHQWDO GH
LQFRQVWLWXFLRQDOLGDGVHxDOyTXH


/DQRUPDLPSXJQDGDGHEHDSOLFDUVHQHFHVDULDPHQWHDODUHVROXFLyQ
ILQDO
GHO
SURFHVR MXGLFLDO R DGPLQLVWUDWLYR LPSLGLHQGR DVt HO SODQWHDPLHQWR GH OD DFFLyQ GH
LQFRQVWLWXFLRQDOLGDGFRQFUHWDHQHMHFXFLyQGHVHQWHQFLDMXULVSUXGHQFLDTXHOXHJRIXH
PXWDGDHQVHQWLGRTXHSURFHGtDHQHVWDHWDSDGHOSURFHVR

D  (Q HO $& &$ GH  GH MXQLR HVWDEOHFLy
'HVGH XQD LQWHUSUHWDFLyQ
WHOHROyJLFD HO LQFLGHQWH GH LQFRQVWLWXFLRQDOLGDG WLHQH SRU ILQDOLGDG TXH HO VXMHWR
SURFHVDOHVGHFLUODVSDUWHVHVHQFLDOHVGHOSURFHVRWHQJDQODIDFXOWDGGHTXHVXVLWXDFLyQ
MXUtGLFD VHD GHILQLGD HQ XQ SODQR GH FHUWH]D \ HQ DSOLFDFLyQ GH QRUPDV TXH JXDUGDQ
FRKHUHQFLD FRQ HO RUGHQ FRQVWLWXFLRQDO \ HO OtPLWH HV OD FRVD MX]JDGD GDGR TXH VyOR
SXHGHKDFHUVHXVRGHGLFKDIDFXOWDGKDVWDDQWHVGHODHMHFXWRULDDREMHWRGHTXHQRVHD
XWLOL]DGR FRPR PHFDQLVPR GH GLODFLyQ SURFHVDO 6L VH DGPLWLHVH HQ HMHFXFLyQ GH
VHQWHQFLDVHSRVWHUJDUtD\VHSRQGUtDHQGXGDODGHFLVLyQ\EiVLFDPHQWHODHMHFXFLyQGH
OD PLVPD DGRSWDGD SRU XQD DXWRULGDG FRPSHWHQWH TXH DFWXy HQ UHSUHVHQWDFLyQ GHO
(VWDGR  (QFRQVHFXHQFLDHQORVFDVRVHQTXHHOLQFLGHQWHGHLQFRQVWLWXFLRQDOLGDG
VHDSODQWHDGRHQHMHFXFLyQGHVHQWHQFLDDVROLFLWXGGHSDUWHRGHWHUFHURVDOQRGDUVH
ORV SUHVXSXHVWRV PtQLPRV GH SURFHGHQFLD \ H[LVWLU XQ OtPLWH OHJDO DO UHVSHFWR
FRUUHVSRQGH HO UHFKD]R GHELHQGR SURVHJXLU OD IDVH HMHFXWLYD GHO SURFHVR
FRUUHVSRQGLHQWH
MXULVSUXGHQFLDDSOLFDEOHDOFDVRGHDXWRV ODVQHJULOODV\HOVXEUD\DGR
VRQQXHVWURV
(QHOPLVPRVHQWLGRHO$&&$HQWUHRWURV

E  3RVWHULRUPHQWH OD 6&3  PXWD HO HQWHQGLPLHQWR MXULVSUXGHQFLDO \
HVWDEOHFH TXH OD  DFFLyQ FRQFUHWD GH LQFRQVWLWXFLRQDOLGDG SXHGH LQWHUSRQHUVH HQ
HMHFXFLyQ GH VHQWHQFLD VREUH QRUPDV DSOLFDEOHV HQ HVWD HWDSD FXDQGR OD GHFLVLyQ GHO
MX]JDGRUGHSHQGDGHVXFRQVWLWXFLRQDOLGDGPiVD~QVLQRFRQFXUUHSURKLELFLyQDOJXQD
SDUDTXHSXHGDLQWHUSRQHUVHHQHVWDIDVH


/DDFFLyQGHLQFRQVWLWXFLRQDOLGDGFRQFUHWDSURFHGHVyORFXDQGRODQRUPDVHUi
DSOLFDGDHQODUHVROXFLyQILQDOGHOSURFHVRSRUORTXHGHEHUHFKD]DUVHHQODWUDPLWDFLyQ
GH H[FXVDV R UHFXVDFLRQHV $$&& &$ \ &$  (QWHQGLPLHQWR
MXULVSUXGHQFLDOTXHIXHPXWDGRHQOD6&3$OUHVSHFWRVLELHQHVWDVHQWHQFLD
QRVHFRQVWLWX\HHQVtHQXQDVHQWHQFLDFDPELDGRUDGHOtQHDRPXWDGRUDHQYLUWXGDTXH
HO QXHYR HQWHQGLPLHQWR QR HV XWLOL]DGR HQ OD UHVROXFLyQ GHO FDVR VLQ HPEDUJR VH OD
FRQVLJQDFRPRFDPELDGRUDRPXWDGRUDHQYLUWXGDTXHODPLVPD6HQWHQFLDHVWDEOHFH
TXH FRUUHVSRQGH FRUUHJLU HO HQWHQGLPLHQWR DQWHULRU TXH OLPLWDED OD SURFHGHQFLD GHO
UHFXUVRLQFLGHQWDOGHLQFRQVWLWXFLRQDOLGDGDORVVXSXHVWRVHQTXHODQRUPDLPSXJQDGD
VHUtDDSOLFDGDDODUHVROXFLyQILQDO


/DMXULVSUXGHQFLDGHODQWHULRU7ULEXQDO&RQVWLWXFLRQDOGLVWLQJXLyORVWpUPLQRV
SURFHVR\SURFHGLPLHQWRFRQFOX\HQGRTXHHOUHFXUVRLQFLGHQWDOGHLQFRQVWLWXFLRQDOLGDG
VyORSRGUtDVHUSURPRYLGRGHQWURGHORVSURFHVRVMXGLFLDOHVRDGPLQLVWUDWLYRV $$&&
&$ &$  HQWHQGLPLHQWR TXH IXH DSOLFDGR HQ ORV $$&&
&$&$HQWUHRWURV'LFKRUD]RQDPLHQWRKDVLGRFDPELDGRDSDUWLU
GH OD 6&3  TXH VHxDOy TXH SDUD OD SURFHGHQFLD GH OD DFFLyQ GH
LQFRQVWLWXFLRQDOLGDG FRQFUHWD HV QHFHVDULR TXH H[LVWD XQ SURFHVR R SURFHGLPLHQWR
MXGLFLDORDGPLQLVWUDWLYR


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,'HEHWRPDUVHHQFXHQWDTXHHOFLWDGRDUWGHOD/7&FRQFRUGDQWHFRQORV
DUWV  GH OD /7&3 \ , GHO &yGLJR 3URFHVDO &RQVWLWXFLRQDO &3&R  HV FODUR DO
GLVSRQHU TXH HO UHFXUVR LQGLUHFWR R LQFLGHQWDO GH LQFRQVWLWXFLRQDOLGDG KR\ DFFLyQ GH

W


dW^:d


LQFRQVWLWXFLRQDOLGDGFRQFUHWDSXHGHVHUSUHVHQWDGRSRUXQDVRODYH]HQFXDOTXLHUHVWDGR
GH OD WUDPLWDFLyQ GHO SURFHVR D~Q HQ UHFXUVR GH FDVDFLyQ \ MHUiUTXLFR DQWHV GH OD
HMHFXWRULDGHOIDOORRVHQWHQFLDGLFWDGD'LVSRVLFLyQTXHQRGHEHVHULQWHUSUHWDGDOLWHUDO
RJUDPDWLFDOPHQWHVLQRGHXQDPDQHUDVLVWHPiWLFDFRQIRUPHDOD&RQVWLWXFLyQ3ROtWLFD
GHO(VWDGR\HQIXQFLyQDODQDWXUDOH]DMXUtGLFDDOFDQFHV\ILQDOLGDGTXHEXVFDHOFRQWURO
GHFRQVWLWXFLRQDOLGDGHMHUFLGRDWUDYpVGHHVWDYtDFRQFUHWD

$VtODVFRVDVHQEDVHDODQDWXUDOH]DMXUtGLFDGHHVWDDFFLyQTXHEXVFDHOFRQWURO
GHFRQVWLWXFLRQDOLGDGVREUHGLVSRVLFLRQHVOHJDOHVDSOLFDEOHVHQODGHILQLFLyQGHXQFDVR
HQODYtDMXGLFLDORDGPLQLVWUDWLYDDOH[LVWLUGXGDUD]RQDEOHVREUHVXFRPSDWLELOLGDGFRQ
ORVGHUHFKRVIXQGDPHQWDOHVYDORUHVVXSUHPRV\SULQFLSLRVFRQVDJUDGRVSRUOD1RUPD
6XSUHPDQRFRQFXUUHSURKLELFLyQDOJXQDSDUDTXHSXHGDLQWHUSRQHUVHHQHMHFXFLyQGH
VHQWHQFLDVREUHQRUPDVDSOLFDEOHVHQHVWDHWDSDWRGDYH]TXHVHHQWLHQGHTXHGLFKDV
GLVSRVLFLRQHVVHKDOODQFRQILJXUDGDV\SUHYLVWDVSUHFLVDPHQWHSDUDHVDIDVHGHOSURFHVR
\ OD GHFLVLyQ GHO MX]JDGRU DXQTXH DFFHVRULD D OD SULQFLSDO SRU OyJLFD GHSHQGH GH VX
FRQVWLWXFLRQDOLGDG VLHQGR HYLGHQWH TXH HQ QLQJ~Q (VWDGR GH 'HUHFKR VH SXHGH
SUHVFLQGLUGHOVRPHWLPLHQWRGHOFRQWUROGHFRQVWLWXFLRQDOLGDGGHXQDQRUPDFXHVWLRQDGD
SRUXQDSHUVRQDTXHODLPSXJQDGHMiQGRODHQLQGHIHQVLyQDOQRGDUOHUHVROXFLyQDVX
FDXVDHQGHVPHGURGHVXVGHUHFKRVIXQGDPHQWDOHV


9RWR'LVLGHQWH

9RWRV GLVLGHQWHV GH ORV 0DJLVWUDGRV (IUHQ &KRTXH &DSXPD \ 1HOG\
9LUJLQLD$QGUDGH0DUWtQH]



$FFLyQGHLQFRQVWLWXFLRQDOLGDGFRQFUHWD3URFHGLPLHQWR
SUHYLR\UHVROXFLyQGHODDXWRULGDGMXGLFLDORDGPLQLVWUDWLYD
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3(OUHFKD]RGHODVROLFLWXGGHSURPRYHUODDFFLyQGH
LQFRQVWLWXFLRQDOLGDG
DQWHV
UHFXUVR
LQFLGHQWDO
GH
LQFRQVWLWXFLRQDOLGDG QR VXVSHQGH HO SURFHVR MXGLFLDO R
DGPLQLVWUDWLYR QL LPSLGH OD GLFWDFLyQ GH OD UHVROXFLyQ R VHQWHQFLD
GDGRTXHODGHFODUDWRULDGHLQFRQVWLWXFLRQDOLGDGGLPHQVLRQDQGRVXV
HIHFWRVSXHGHLQFOXVLYHGHMDUVLQHIHFWRODVHQWHQFLDRUHVROXFLyQ\D
GLFWDGD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 
W


dW^:d


(QHVWDDFFLyQGHLQFRQVWLWXFLRQDOLGDGFRQFUHWDSURPRYLGDSRUOD6DOD
3ULPHUDGHO7ULEXQDO$JUDULR1DFLRQDODKRUD7ULEXQDO$JURDPELHQWDO
D LQVWDQFLD GH &OLYHU 9LOODOED $JXLUUH HQ UHSUHVHQWDFLyQ OHJDO GH
)HGHULFR 5H\QDJD &XED GHPDQGDQGR OD LQFRQVWLWXFLRQDOLGDG GHO DUW
GHO'HFUHWR6XSUHPR '6 GHGHDJRVWRGH\GHORV
SDUiJUDIRV ,9 9, LQF I  \ ,; GH OD *XtD SDUD OD 9HULILFDFLyQ \
9DORUDFLyQGHOD)XQFLyQ(FRQyPLFD6RFLDO&XDQGR([LVWHQ,QGLFLRVR
'HQXQFLDVGHOD([LVWHQFLDGHODV5HODFLRQHV6HUYLGXPEUDOHV7UDEDMR
)RU]RVR\)RUPDV$QiORJDVDSUREDGDSRUOD5HVROXFLyQ%LPLQLVWHULDO
 GH  GH QRYLHPEUH VH GHPDQGy GLFKD QRUPD SRU VHU
SUHVXQWDPHQWHFRQWUDULRVDORVDUWV,,,,,
,  \  GH OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR &3(  (O
7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOGHFODUyODFRQVWLWXFLRQDOLGDGGH
ODVQRUPDVLPSXJQDGDV

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,(QHOSUHVHQWHFDVRSHVHDKDEHUVHIRUPXODGRHOLQFLGHQWHGH
LQFRQVWLWXFLRQDOLGDGGHPDQHUDDQWHULRUDOD6HQWHQFLD$JUDULD1DFLRQDO
QRFRUUHVSRQGtDVXVSHQGHUODHPLVLyQGHOD5HVROXFLyQILQDO
GHOSURFHVRFRQWHQFLRVRDGPLQLVWUDWLYRHQDWHQFLyQDO$&
&$SHURDODYH]SURYRFDTXHHPLWLGDODPLVPDQRSXHGDGHQHJDUVHHO
DFFHVRDODMXVWLFLDFRQVWLWXFLRQDOSRUH[LVWLUXQD5HVROXFLyQILQDOGHO
7ULEXQDO $JUDULR 1DFLRQDO \D TXH RWUR HQWHQGLPLHQWR LPSOLFDUtD
GHQHJDFLyQGHMXVWLFLDFRQVWLWXFLRQDO

(QWRQFHVHQHOFDVRFRQFUHWRVHGHEHFRQVLGHUDUTXH /DUD]yQGHOD
FRQFOXVLyQ GHO SURFHVR REHGHFH D OD DFWXDFLyQ GH ODV DXWRULGDGHV
MXGLFLDOHVODVFXDOHVHQPLUDVDHPLWLUXQIDOORVLQPD\RUGHPRUDRSWDURQ
SRUHPLWLUOD6HQWHQFLD$JUDULD1DFLRQDO /DQRUPDFX\D
FRQVWLWXFLRQDOLGDGHVFXHVWLRQDGDIXHDSOLFDGDHQOD6HQWHQFLD
 UD]yQ SRU OD FXDO VL VH GHWHFWD TXH pVWD HV LQFRQVWLWXFLRQDO
FRUUHVSRQGHUtDGHFODUDUODQXOLGDGGHODPLVPDHQPLUDVTXHVHGLFWH
XQDQXHYDVLQYLFLRVGHLQFRQVWLWXFLRQDOLGDG 6&5GHGH
MXQLR \ 1LQJ~QPHGLRSURFHVDOSXHGHVHUQHJDGRDODFFLRQDQWHSRU
FLUFXQVWDQFLDV FR\XQWXUDOHV HQ HVWH FDVR HO HVWDGR GH WUDQVLFLyQ
FRQVWLWXFLRQDO

6LQWHVLVGHODUDWLRGHFLGHQGL

'HFODUDODFRQVWLWXFLRQDOGHODQRUPDLPSXJQDGDSHURDQWHVVHxDODTXH
SHVHDKDEHUVHIRUPXODGRHOLQFLGHQWHGHLQFRQVWLWXFLRQDOLGDGGHPDQHUD
DQWHULRU D OD 6HQWHQFLD $JUDULD 1DFLRQDO  QR FRUUHVSRQGtD
VXVSHQGHU OD HPLVLyQ GH OD 5HVROXFLyQ ILQDO GHO SURFHVR FRQWHQFLRVR
DGPLQLVWUDWLYRHQDWHQFLyQDO$&&$SHURDODYH]SURYRFD
W


dW^:d


TXH HPLWLGD OD PLVPD QR SXHGD GHQHJDUVH HO DFFHVR D OD MXVWLFLD
FRQVWLWXFLRQDO SRU H[LVWLU XQD 5HVROXFLyQ ILQDO GHO 7ULEXQDO $JUDULR
1DFLRQDO\DTXHRWURHQWHQGLPLHQWRLPSOLFDUtDGHQHJDFLyQGHMXVWLFLD
FRQVWLWXFLRQDO

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

3UHFHGHQWHFRQVWLWXFLRQDO

(O $& &$ GH  GH MXQLR HVWDEOHFLy TXH
'DGD OD
QDWXUDOH]DMXUtGLFDGHODDFFLyQGHLQFRQVWLWXFLRQDOLGDG\SRUH[SUHVD
SUHYLVLyQOHJDOHOUHFKD]RGHODVROLFLWXGGHSDUWHGHOUHFXUVRLQFLGHQWDO
GH LQFRQVWLWXFLRQDOLGDG QR VXVSHQGH HO SURFHVR MXGLFLDO R
DGPLQLVWUDWLYRQLLPSLGHODGLFWDFLyQGHODUHVROXFLyQRVHQWHQFLD

 HQWUHODUHPLVLyQGHODFRQVXOWD\ODHPLVLyQGHODXWRFRQVWLWXFLRQDO
SRUSDUWHGHOD&RPLVLyQGH$GPLVLyQSRUHOTXHVHUHYRFD\DGPLWHHO
UHFXUVR LQFLGHQWDO \D VH KXELHVH GLFWDGR VHQWHQFLD R UHVROXFLyQ OD
PLVPD QR SXHGH VHU DQXODGD SRU OD VROD DGPLVLyQ SRU SDUWH GH OD
&RPLVLyQ GH $GPLVLyQ VLQR KDVWD TXH HO 3OHQR GHO 7ULEXQDO
&RQVWLWXFLRQDOVHSURQXQFLHVREUHHOIRQGRGDGRTXHODGHFODUDWRULDGH
LQFRQVWLWXFLRQDOLGDG GLPHQVLRQDQGR HO HIHFWR DUW  GH OD /7&
SXHGHLQFOXVLYHGHMDUVLQHIHFWRODVHQWHQFLDRUHVROXFLyQ\DGLFWDGD


(Q HVH RUGHQ OD 6& 5 GH  GH MXQLR FLWDQGR HO $&
&$GHGHMXQLRSUHFLVy'HODQRUPD\MXULVSUXGHQFLD
DQRWDGD VH OOHJD D HVWDEOHFHU TXH SODQWHDGR HO UHFXUVR LQGLUHFWR R
LQFLGHQWDOGHLQFRQVWLWXFLRQDOLGDG\DQWHHOSRVLEOHUHFKD]RGHOPLVPR
QRHVQHFHVDULRTXHHOSURFHVRMXGLFLDORDGPLQLVWUDWLYRVHJ~QVHDHO
FDVR WHQJD TXH SDUDOL]DUVH WRGD YH] TXH DO QR FRQVLGHUDUVH
LQFRQVWLWXFLRQDOODQRUPDRQRUPDVLPSXJQDGDVQRWHQGUtDVHQWLGROD
SDUDOL]DFLyQGHOSURFHVRPi[LPHVLHQJUDGRGHUHYLVLyQHO7ULEXQDO
&RQVWLWXFLRQDO GH UHYRFDU HO UHFKD]R \ DGPLWLU HO LQFLGHQWH WHQGUtD
IDFXOWDGHV GH DQXODU OD 5HVROXFLyQ SURQXQFLDGD VREUH OD EDVH GH XQD
QRUPDFRQVLGHUDGDLQFRQVWLWXFLRQDO

9RWR'LVLGHQWH

9RWRGLVLGHQWHGHOD0DJLVWUDGD'UD/LJLD0yQLFD9HOiVTXH]&DVWDxRV



&RQGLFLRQHVSDUDODSURFHGHQFLD1RUPDDSOLFDEOHHQOD
UHVROXFLyQ ILQDO GHO SURFHVR R HQ OD UHVROXFLyQ GH H[FHSFLRQHV R
LQFLGHQWHV
1~PHURGHUHVROXFLyQ6&3
W


dW^:d


)LFKD

7LSR-XULVSUXGHQFLD

-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0XWDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3/DDFFLyQGHLQFRQVWLWXFLRQDOLGDGFRQFUHWDSURFHGH
QR VyOR FXDQGR OD QRUPD VHUi DSOLFDGD HQ OD UHVROXFLyQ ILQDO GHO
SURFHVRVLQRWDPELpQSDUDUHVROYHULQFLGHQWHVRH[FHSFLRQHV

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QXQUHFXUVRLQGLUHFWRGHLQFRQVWLWXFLRQDOLGDGDFWXDOPHQWHDFFLyQGH
LQFRQVWLWXFLRQDOLGDGFRQFUHWDSURPRYLGRSRUHO*HUHQWH*HQHUDODLGH
OD &DMD 1DFLRQDO GH 6DOXG D LQVWDQFLD GH XQD WUDEDMDGRUD GHQWUR GHO
SURFHVR VXPDULR DGPLQLVWUDWLYR VHJXLGR HQ VX FRQWUD SRU VXSXHVWDV
FRQWUDYHQFLRQHV D GLVSRVLFLRQHV DGPLQLVWUDWLYDV VH FXHVWLRQy OD
FRQVWLWXFLRQDOLGDGGHODUWH GHO5HJODPHQWR,QWHUQRGH7UDEDMRGH
OD&DQD1DFLRQDOGH6DOXGDSUREDGRPHGLDQWH5HVROXFLyQ0LQLVWHULDO
50   GH  GH MXQLR GH  SRU FRQVLGHUDU TXH YXOQHUD HO
GHUHFKRDOGHELGRSURFHVRHQVXVHOHPHQWRVGHOGHUHFKRDODGHIHQVD\
OD JDUDQWtD GH OD SUHVXQFLyQ GH LQRFHQFLD  GHELGR D TXH SHUPLWH VX
MX]JDPLHQWRSRUHOGHOLWRGHKXUWR\SHVHDQRH[LVWLUVHQWHQFLDSHQDO
FRQGHQDWRULDHMHFXWRULDGDSXHGHVHUGHVWLWXLGDVLQGHUHFKRDEHQHILFLRV
VRFLDOHV (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO GHFODUy OD
FRQVWLWXFLRQDOLGDGGHODUWLQFH GHO5HJODPHQWR,QWHUQRGH7UDEDMR
GHOD&DMD1DFLRQDOGH6DOXGHQHOVHQWLGRGHTXHQRRWRUJDFRPSHWHQFLD
D ORV yUJDQRV DGPLQLVWUDWLYRV GLVFLSOLQDULRV ODERUDOHV SDUD FRQRFHU
GHOLWRVVLQRSDUDGHWHUPLQDUHOLQFXPSOLPLHQWRDFRQWUDWRV\FRQYHQLRV
ODERUDOHVFX\DGHFLVLyQHVUHYLVDEOHSRULQVWDQFLDMXGLFLDODFWLYDGDSRU
HOWUDEDMDGRURHOHPSOHDGRUVLQHPEDUJRSUHYLDPHQWHKL]RUHIHUHQFLD
D ODV FRQGLFLRQHV SDUD OD SURFHGHQFLD GH OD DFFLyQ GH
LQFRQVWLWXFLRQDOLGDG

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDOHQVXOtQHDMXULVSUXGHQFLDOFRQUHODFLyQDODSURFHGHQFLDGH
OD DFFLyQ GH LQFRQVWLWXFLRQDOLGDG FRQFUHWD DQWHV UHFXUVR LQGLUHFWR R LQFLGHQWDO GH
LQFRQVWLWXFLRQDOLGDGVHxDOyTXH


/DQRUPDLPSXJQDGDGHEHDSOLFDUVHQHFHVDULDPHQWHDODUHVROXFLyQ
ILQDO
GHO
SURFHVR MXGLFLDO R DGPLQLVWUDWLYR LPSLGLHQGR DVt HO SODQWHDPLHQWR GH OD DFFLyQ GH
LQFRQVWLWXFLRQDOLGDGFRQFUHWDHQHMHFXFLyQGHVHQWHQFLDMXULVSUXGHQFLDTXHOXHJRIXH

W


dW^:d


PXWDGDHQVHQWLGRTXHSURFHGtDHQHVWDHWDSDGHOSURFHVR

D  (Q HO $& &$ GH  GH MXQLR HVWDEOHFLy
'HVGH XQD LQWHUSUHWDFLyQ
WHOHROyJLFD HO LQFLGHQWH GH LQFRQVWLWXFLRQDOLGDG WLHQH SRU ILQDOLGDG TXH HO VXMHWR
SURFHVDOHVGHFLUODVSDUWHVHVHQFLDOHVGHOSURFHVRWHQJDQODIDFXOWDGGHTXHVXVLWXDFLyQ
MXUtGLFD VHD GHILQLGD HQ XQ SODQR GH FHUWH]D \ HQ DSOLFDFLyQ GH QRUPDV TXH JXDUGDQ
FRKHUHQFLD FRQ HO RUGHQ FRQVWLWXFLRQDO \ HO OtPLWH HV OD FRVD MX]JDGD GDGR TXH VyOR
SXHGHKDFHUVHXVRGHGLFKDIDFXOWDGKDVWDDQWHVGHODHMHFXWRULDDREMHWRGHTXHQRVHD
XWLOL]DGR FRPR PHFDQLVPR GH GLODFLyQ SURFHVDO 6L VH DGPLWLHVH HQ HMHFXFLyQ GH
VHQWHQFLDVHSRVWHUJDUtD\VHSRQGUtDHQGXGDODGHFLVLyQ\EiVLFDPHQWHODHMHFXFLyQGH
OD PLVPD DGRSWDGD SRU XQD DXWRULGDG FRPSHWHQWH TXH DFWXy HQ UHSUHVHQWDFLyQ GHO
(VWDGR  (QFRQVHFXHQFLDHQORVFDVRVHQTXHHOLQFLGHQWHGHLQFRQVWLWXFLRQDOLGDG
VHDSODQWHDGRHQHMHFXFLyQGHVHQWHQFLDDVROLFLWXGGHSDUWHRGHWHUFHURVDOQRGDUVH
ORV SUHVXSXHVWRV PtQLPRV GH SURFHGHQFLD \ H[LVWLU XQ OtPLWH OHJDO DO UHVSHFWR
FRUUHVSRQGH HO UHFKD]R GHELHQGR SURVHJXLU OD IDVH HMHFXWLYD GHO SURFHVR
FRUUHVSRQGLHQWH
MXULVSUXGHQFLDDSOLFDEOHDOFDVRGHDXWRV ODVQHJULOODV\HOVXEUD\DGR
VRQQXHVWURV
(QHOPLVPRVHQWLGRHO$&&$HQWUHRWURV

E  3RVWHULRUPHQWH OD 6&3  PXWD HO HQWHQGLPLHQWR MXULVSUXGHQFLDO \
HVWDEOHFH TXH OD  DFFLyQ FRQFUHWD GH LQFRQVWLWXFLRQDOLGDG SXHGH LQWHUSRQHUVH HQ
HMHFXFLyQ GH VHQWHQFLD VREUH QRUPDV DSOLFDEOHV HQ HVWD HWDSD FXDQGR OD GHFLVLyQ GHO
MX]JDGRUGHSHQGDGHVXFRQVWLWXFLRQDOLGDGPiVD~QVLQRFRQFXUUHSURKLELFLyQDOJXQD
SDUDTXHSXHGDLQWHUSRQHUVHHQHVWDIDVH


/DDFFLyQGHLQFRQVWLWXFLRQDOLGDGFRQFUHWDSURFHGHVyORFXDQGRODQRUPDVHUi
DSOLFDGDHQODUHVROXFLyQILQDOGHOSURFHVRSRUORTXHGHEHUHFKD]DUVHHQODWUDPLWDFLyQ
GH H[FXVDV R UHFXVDFLRQHV $$&& &$ \ &$  (QWHQGLPLHQWR
MXULVSUXGHQFLDOTXHIXHPXWDGRHQOD6&3$OUHVSHFWRVLELHQHVWDVHQWHQFLD
QRVHFRQVWLWX\HHQVtHQXQDVHQWHQFLDFDPELDGRUDGHOtQHDRPXWDGRUDHQYLUWXGDTXH
HO QXHYR HQWHQGLPLHQWR QR HV XWLOL]DGR HQ OD UHVROXFLyQ GHO FDVR VLQ HPEDUJR VH OD
FRQVLJQDFRPRFDPELDGRUDRPXWDGRUDHQYLUWXGDTXHODPLVPD6HQWHQFLDHVWDEOHFH
TXH FRUUHVSRQGH FRUUHJLU HO HQWHQGLPLHQWR DQWHULRU TXH OLPLWDED OD SURFHGHQFLD GHO
UHFXUVRLQFLGHQWDOGHLQFRQVWLWXFLRQDOLGDGDORVVXSXHVWRVHQTXHODQRUPDLPSXJQDGD
VHUtDDSOLFDGDDODUHVROXFLyQILQDO


/DMXULVSUXGHQFLDGHODQWHULRU7ULEXQDO&RQVWLWXFLRQDOGLVWLQJXLyORVWpUPLQRV
SURFHVR\SURFHGLPLHQWRFRQFOX\HQGRTXHHOUHFXUVRLQFLGHQWDOGHLQFRQVWLWXFLRQDOLGDG
VyORSRGUtDVHUSURPRYLGRGHQWURGHORVSURFHVRVMXGLFLDOHVRDGPLQLVWUDWLYRV $$&&
&$ &$  HQWHQGLPLHQWR TXH IXH DSOLFDGR HQ ORV $$&&
&$&$HQWUHRWURV'LFKRUD]RQDPLHQWRKDVLGRFDPELDGRDSDUWLU
GH OD 6&3  TXH VHxDOy TXH SDUD OD SURFHGHQFLD GH OD DFFLyQ GH
LQFRQVWLWXFLRQDOLGDG FRQFUHWD HV QHFHVDULR TXH H[LVWD XQ SURFHVR R SURFHGLPLHQWR
MXGLFLDORDGPLQLVWUDWLYR


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,
 ODMXULVSUXGHQFLDFRQVWLWXFLRQDOVXERUGLQyODSURFHGHQFLDGHODDFFLyQGH
LQFRQVWLWXFLRQDOLGDGFRQFUHWDDTXHODQRUPDLPSXJQDGDVHDSOLTXHQHFHVDULDPHQWHDOD
UHVROXFLyQ
ILQDO
GHOSURFHVRMXGLFLDORDGPLQLVWUDWLYRLPSLGLHQGRDVtHOSODQWHDPLHQWR
GH OD DFFLyQ GH LQFRQVWLWXFLRQDOLGDG FRQFUHWD HQ HMHFXFLyQ GH VHQWHQFLD $$&&
&$ \ &$ HQWUH RWUDV  \ HQ JHQHUDO GH WRGDV ODV QRUPDV GH
FDUiFWHUDGMHWLYR $&&$GHGHPD\RHQWUHRWUDV SURYRFDQGRVXUHFKD]R
HQODWUDPLWDFLyQGHH[FXVDVRUHFXVDFLRQHV $$&&&$\&$ 
HQ OD WUDPLWDFLyQ GH PHGLGDV FDXWHODUHV $$&& &$ \ &$ 
UHVSHFWR D QRUPDV TXH UHVROYHUiQ LQFLGHQWHV $& &$ GH  GH PDU]R 

W


dW^:d
QRUPDVTXHUHJXODQQRWLILFDFLRQHV $&&$GHGHMXQLR \QRUPDVTXH
UHJXODQHOWpUPLQRGHSUXHED $&&$GHGHMXQLRHQWUHRWURV 

3HURHOHVWDEOHFLPLHQWRSUHWRULDQRGHXQQXHYRUHTXLVLWRUHVWULFWLYRDODSURFHGHQFLDGH
OD DFFLyQ GH LQFRQVWLWXFLRQDOLGDG FRQFUHWD FRPR HV TXH OD QRUPD LPSXJQDGD
QHFHVDULDPHQWH GHED DSOLFDUVH HQ OD UHVROXFLyQ ILQDO GHO SURFHVR MXGLFLDO R
DGPLQLVWUDWLYRLJQRUDTXHXQDQRUPDSURFHVDOSXHGHFRQGLFLRQDUHLQFOXVRGHWHUPLQDU
ODGHFLVLyQGHIRQGRODJDUDQWtDGHOGHELGRSURFHVRLQFOX\HHOGHUHFKRDVHUMX]JDGRFRQ
QRUPDVFRQVWLWXFLRQDOHV\TXHODVXSUHPDFtDFRQVWLWXFLRQDOQRVyORDOFDQ]DDQRUPDVGH
FDUiFWHUVXVWDQWLYRVLQRDODVGHFDUiFWHUDGMHWLYRSRUORTXHFRUUHVSRQGHFRUUHJLUGLFKR
HQWHQGLPLHQWR HQ VHQWLGR GH TXH OD UHVROXFLyQ GHO SURFHVR MXGLFLDO R DGPLQLVWUDWLYR
LPSXJQDGD UHIHULGD HQ OD QRUPDWLYD TXH GHVDUUROOD HO DUW  GH OD &3( QR HV
QHFHVDULDPHQWHODTXHUHVXHOYHODGHFLVLyQILQDOVLQRWDPELpQODTXHHVXWLOL]DGDSDUD
UHVROYHULQFLGHQWHVRH[FHSFLRQHV



,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

6&3



5HFXUVR&RQWUD7ULEXWRV,PSXHVWRV7DVDV3DWHQWHV
'HUHFKRVR&RQWULEXFLRQHVHVSHFLDOHV1RUPDVH[FOXLGDVGHOFRQWURO
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3/DVQRUPDVREMHWRGHFRQWUROHQHO5HFXUVRFRQWUD
7ULEXWRV ,PSXHVWRV 7DVDV 3DWHQWHV 'HUHFKRV R &RQWULEXFLRQHV
HVSHFLDOHV VRQ DTXHOODV TXH FUHDQ PRGLILFDQ R VXSULPHQ WULEXWRV
TXHGDQGRIXHUDGHOFRQWURODTXHOODVRWUDVQRUPDVTXHQRHVWDEOHFHQ
XQKHFKRJHQHUDGRUWDPSRFRXQDEDVHLPSRQLEOHWDVDDOtFXRWDROD
LQGLFDFLyQGHOVXMHWRSDVLYR

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(O HVWH UHFXUVR FRQWUD WULEXWRV LPSXHVWRV WDVDV SDWHQWHV GHUHFKRV R
FRQWULEXFLRQHV HVSHFLDOHV LQWHUSXHVWR SRU HO $OFDOGH GHO *RELHUQR
$XWyQRPR0XQLFLSDOGH/D3D]VHGHPDQGyODLQFRQVWLWXFLRQDOLGDGGH
OD'LVSRVLFLyQ$GLFLRQDO6HJXQGDGHOD/H\GHO3UHVXSXHVWR*HQHUDOGHO
(VWDGRJHVWLyQ  /H\  GH  GH GLFLHPEUH GH   SRU VHU
W


dW^:d


SUHVXQWDPHQWHFRQWUDULDDORVDUWV,,\
 GH OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR &3(  FRQ HO DUJXPHQWR
FHQWUDOTXHHOQLYHOFHQWUDOGHO(VWDGRQRWRPyHQFXHQWDORHVWDEOHFLGR
SRUOD/H\)XQGDPHQWDOYXOQHUDQGRODVFRPSHWHQFLDVH[FOXVLYDVGHORV
PXQLFLSLRVDOJHQHUDUQRUPDVTXHGHVSOD]DQODIDFXOWDGOHJLVODWLYDGH
ORV JRELHUQRV DXWyQRPRV PXQLFLSDOHV GHQWUR GH VXV MXULVGLFFLRQHV
SULYDQGR D HVWRV GH ORV UHFXUVRV HFRQyPLFRV UHFDXGDGRV SRU ORV
LPSXHVWRVD ODVWUDQVIHUHQFLDV GH LQPXHEOHV \ YHKtFXORV DXWRPRWRUHV
ORVFXDOHVUHVXOWDQGHSULPRUGLDOLPSRUWDQFLDSDUDODSROtWLFDILVFDOGHO
PXQLFLSLR (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO GHFODUy OD
LPSURFHGHQFLD GHO UHFXUVR FRQWUD WULEXWRV LPSXHVWRV WDVDV SDWHQWHV
GHUHFKRVRFRQWULEXFLRQHVHVSHFLDOHVFRQHODUJXPHQWRGHTXHFDUHFtD
GHREMHWRSURFHVDOSRUFXDQWRODQRUPDLPSXJQDGDQRFUHDPRGLILFD
QLVXSULPHWULEXWRDOJXQR

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,'HQWURGHOSUHVHQWHFDVRODSDUWHUHFXUUHQWHGHQXQFLDTXHOD
'LVSRVLFLyQ$GLFLRQDO6HJXQGDGHOD/H\GH3UHVXSXHVWR*HQHUDOGHO
(VWDGRJHVWLyQYXOQHUDOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRGHELGR
DTXHHOQLYHOFHQWUDOGHO(VWDGRQRWRPDHQFXHQWDORHVWDEOHFLGRSRUOD
/H\ )XQGDPHQWDO YXOQHUDQGR ODV FRPSHWHQFLDV H[FOXVLYDV GH ORV
PXQLFLSLRVDOJHQHUDUQRUPDVTXHGHVSOD]DQODIDFXOWDGOHJLVODWLYDGH
ORV JRELHUQRV DXWyQRPRV PXQLFLSDOHV GHQWUR GH VXV MXULVGLFFLRQHV
SULYDQGR D HVWRV GH ORV UHFXUVRV HFRQyPLFRV UHFDXGDGRV SRU ORV
LPSXHVWRVD ODVWUDQVIHUHQFLDV GH LQPXHEOHV \ YHKtFXORV DXWRPRWRUHV
ORVFXDOHVUHVXOWDQGHSULPRUGLDOLPSRUWDQFLDSDUDODSROtWLFDILVFDOGHO
PXQLFLSLR

'HODUHYLVLyQGHOWH[WRGHODQRUPDLPSXJQDGDWHQHPRVTXHODPLVPD
QRFUHDPRGLILFDQLVXSULPHWULEXWRDOJXQRHQPpULWRDTXHQRHVWDEOHFH
XQKHFKRJHQHUDGRUWDPSRFRXQDEDVHLPSRQLEOHQLODWDVDDOtFXRWDR
ODLQGLFDFLyQGHOVXMHWRSDVLYRSRUORTXHQRFRQWLHQHORVHOHPHQWRV
SDUD DILUPDU TXH OD QRUPD LPSXJQDGD SXHGD VHU FRQVLGHUDGD FRPR
REMHWR GH XQ UHFXUVR FRQWUD WULEXWRV SRU WDQWR DO QR FRQWHQHU WDOHV
HOHPHQWRV KDFH TXH HO PLVPR FDUH]FD GH REMHWR DVt FRPR ORV
DUJXPHQWRV H[SXHVWRV QR WLHQHQ IXQGDPHQWR MXUtGLFR H[WUHPRV TXH
LPSRVLELOLWDQDHVWH7ULEXQDOHODQiOLVLVGHIRQGRGHOSUHVHQWHFDVR

$VLPLVPR GH OD UHYLVLyQ GH ORV DUJXPHQWRV GHVWDFDGRV SRU OD SDUWH
UHFXUUHQWHHQHOSUHVHQWHFDVRVHGHQXQFLDUHSHWLGDPHQWHXQDVXHUWHGH
YXOQHUDFLyQ GH FRPSHWHQFLDV H[FOXVLYDV GH ORV JRELHUQRV DXWyQRPRV
PXQLFLSDOHV SRU SDUWH GHO JRELHUQR QDFLRQDO PHGLDQWH OD $VDPEOHD
/HJLVODWLYD 3OXULQDFLRQDO PDWHULD TXH QR FRUUHVSRQGH VHU HYDOXDGD
PHGLDQWHHOSUHVHQWHUHFXUVRFX\RREMHWRHVWiGHILQLGRSRUHODUWGHO
&3&RTXHWH[WXDOPHQWHDGYLHUWH
7LHQHSRUREMHWRJDUDQWL]DUTXHWRGD
W


dW^:d

GLVSRVLFLyQOHJDOTXHFUHHPRGLILTXHRVXSULPDXQWULEXWRLPSXHVWR
WDVDSDWHQWHGHUHFKRRFRQWULEXFLyQGHFXDOTXLHUFODVHRQDWXUDOH]DVH
HVWDEOH]FDGHDFXHUGRFRQOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR


6LQWHVLVGHODUDWLRGHFLGHQGL

'HFODUDODLPSURFHGHQFLDGHOUHFXUVRFRQWUDWULEXWRVLPSXHVWRVWDVDV
SDWHQWHV GHUHFKRV R FRQWULEXFLRQHV HVSHFLDOHV SUHVHQWDGR SRU HO
$OFDOGHGHO*RELHUQR$XWyQRPR0XQLFLSDOGH/D3D]LPSXJQDQGROD
FRQVWLWXFLRQDOLGDGGHOD'LVSRVLFLyQ$GLFLRQDO6HJXQGDGHOD/H\GHO
3UHVXSXHVWR *HQHUDO GHO (VWDGRJHVWLyQ  SRU FXDQWR OD  QRUPD
LPSXJQDGDQRFUHDPRGLILFDQLVXSULPHWULEXWRDOJXQRHQPpULWRDTXH
QR HVWDEOHFH XQ KHFKR JHQHUDGRU WDPSRFR XQD EDVH LPSRQLEOH QL OD
WDVDDOtFXRWDRODLQGLFDFLyQGHOVXMHWRSDVLYRSRUORPLVPRQRSXHGH
VHU  REMHWR GH XQ UHFXUVR FRQWUD WULEXWRV OLPLWiQGRVH D VHxDODU OD
YXOQHUDFLyQ GH FRPSHWHQFLDV H[FOXVLYDV GH ORV JRELHUQRV DXWyQRPRV
PXQLFLSDOHV SRU SDUWH GHO JRELHUQR QDFLRQDO PHGLDQWH OD $VDPEOHD
/HJLVODWLYD 3OXULQDFLRQDO PDWHULD TXH QR FRUUHVSRQGH VHU HYDOXDGD
PHGLDQWHHOUHFXUVRFRQWUDWULEXWRV

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

3UHFHGHQWHIXQGDQWH6&3

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,FRQIRUPH KD VHxDODGR HO DUW  GHO &3&R HO REMHWR R
ILQDOLGDG GHO UHFXUVR FRQWUD WULEXWRV HV
JDUDQWL]DU TXH WRGD
GLVSRVLFLyQTXHFUHH PRGLILTXH R VXSULPD XQ WULEXWR LPSXHVWRWDVD
SDWHQWH GHUHFKR R FRQWULEXFLyQ VHD HVWDEOHFLGR GH DFXHUGR D OD
&RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR
 SRU HQGH HVWH UHFXUVR HQ HVHQFLD
FRQVWLWX\H XQ PHFDQLVPR GH FRQWURO QRUPDWLYR SRUTXH D WUDYpV GHO
PLVPR VH YHULILFD OD FRPSDWLELOLGDG R LQFRPSDWLELOLGDG GH XQD
GLVSRVLFLyQOHJDOFUHDGRUDPRGLILFDGRUDRVXSUHVRUDGHXQWULEXWRFRQ
OD /H\ )XQGDPHQWDO SRU OR TXH FRQVWLWX\H XQ UHFXUVR FRQVWLWXFLRQDO
DXWyQRPR\VHSDUDGRGHODDFFLyQGHLQFRQVWLWXFLRQDOLGDGSRUTXHWLHQH
VXVSURSLDVQRUPDV\REMHWRGHFRQWURO



8QDYH]HVWDEOHFLGDVXQDWXUDOH]DMXUtGLFD\DOFDQFHVHV
FODUR TXH HVWH SURFHVR FRQVWLWXFLRQDO HV DXWyQRPR \ VHSDUDGR GH OD
DFFLyQGHLQFRQVWLWXFLRQDOLGDGSUHFLVDPHQWHSRUODVQRUPDVREMHWRGH
FRQWURO \ SRU ODV FDUDFWHUtVWLFDV HVWDEOHFLGDV SRU HO &yGLJR 3URFHVDO
&RQVWLWXFLRQDOTXHHVWDEOHFHXQDOHJLWLPDFLyQDFWLYDDPSOLDHQODFXDO
FXDOTXLHUSHUVRQDMXUtGLFDRQDWXUDOTXHVHDVXMHWRSDVLYRGHOWULEXWRHQ
DOJXQDGHVXVIRUPDVSXHGHLPSXJQDUGLUHFWDPHQWHODGLVSRVLFLyQOHJDO
GLULJLHQGRHOPLVPRFRQWUDODDXWRULGDGS~EOLFDTXHDSOLTXHRSUHWHQGD
W


dW^:d


DSOLFDUOD $SDUWH GH OR DQWHULRUPHQWH GHWHUPLQDGR HV FODUR TXH OD
SURFHGHQFLD GHO SUHVHQWH UHFXUVR QR HVWi FRQGLFLRQDGD D OD H[LVWHQFLD
SUHYLDGHSURFHVRRWUiPLWHDGPLQLVWUDWLYRDOJXQRSRUORTXHODSHUVRQD
OHJLWLPDGDSXHGHSODQWHDUORDXQDQWHVGHTXHVHGLVSRQJDHOSDJRGHO
WULEXWRHVGHFLUDQWHVGHTXHDSOLTXHODQRUPDOHJDOLPSXJQDGD

9RWR'LVLGHQWH

/RV PDJLVWUDGRV 1HOG\ 9LUJLQLD $QGUDGH0DUWtQH] \ 'U 5XGG\ -RVp
)ORUHV0RQWHUUH\VRQGHYRWRGLVLGHQWH



 &RQVXOWD GH DXWRULGDGHV LQGtJHQD RULJLQDULD
FDPSHVLQDV VREUH OD DSOLFDFLyQ GH VXV QRUPDV MXUtGLFDV D XQ FDVR
FRQFUHWR/HJLWLPDFLyQDFWLYD
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   (Q OD FRQVXOWD GH DXWRULGDGHV LQGtJHQDV WLHQH
OHJLWLPDFLyQ DFWLYD OD DXWRULGDG TXH UHSUHVHQWD D XQ GHWHUPLQDGR
SXHEORRQDFLyQLQGtJHQDRULJLQDULRFDPSHVLQRHOHFWRFRQIRUPHDVXV
QRUPDV\SURFHGLPLHQWRVSURSLRVTXHFRQR]FDHOFDVRFRQFUHWRGRQGH
VHSUHWHQGDDSOLFDUXQDQRUPDMXUtGLFDDFRUGHDVXFRVPRYLVLyQ

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD FRQVXOWD GH DXWRULGDGHV LQGtJHQDV RULJLQDULR FDPSHVLQDV HO
$OFDOGH GHO PXQLFLSLR GH 6LFD 6LFD 3ULPHUD 6HFFLyQ GH OD SURYLQFLD
$URPD GHO GHSDUWDPHQWR GH /D 3D] IRUPXOy FRQVXOWD UHVSHFWR GH OD
YLJHQFLD GHO $XWR 6XSUHPR  GH  GH PD\R GH  \ FXiO OD
DXWRULGDG HQFDUJDGD GH HMHFXWDUOR UHVROXFLyQ TXH GHFODUy OD
LQDSOLFDELOLGDGGHOD50GHGHPD\RGHGLFWDGDSRUHO
0LQLVWUR GH $VXQWRV &DPSHVLQRV \ $JURSHFXDULRV TXH GLVSXVR OD
LQWHUYHQFLyQ UHYHUVLyQ \ GRWDFLyQ GH ODV WLHUUDV GH SURSLHGDG GH OD
FRPXQLGDG
&KXULOODQJD
GHQWURGHOSURFHVRGHLQWHUYHQFLyQ\UHYHUVLyQ
GH WLHUUDV SRU VXSXHVWR DEDQGRQR (O 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDOHQVX6DOD(VSHFLDOL]DGDGHFODUyODLPSURFHGHQFLDGHOD
W


dW^:d

FRQVXOWDSRUQRDGYHUWLUVHODH[LVWHQFLDGHXQDQRUPDRUDORHVFULWDGH
FDUiFWHUMXULVGLFFLRQDOSURSLDRHPHUJHQWHGHOVLVWHPDQRUPDWLYRGHXQ
SXHEORRQDFLyQLQGtJHQDRULJLQDULRFDPSHVLQDTXHVHSUHWHQGDDSOLFDU
RVHKXELHUHDSOLFDGRHQXQFDVRFRQFUHWR\SRUIDOWDGHOHJLWLPDFLyQ
DFWLYD GHO $OFDOGH FRQVXOWDQWH TXLHQ QR HV XQD DXWRULGDG LQGtJHQD
RULJLQDULDFDPSHVLQD

([WUDFWRGHODUDWLRGHFLGHQGL

)M,,,2WUDFDXVDOTXHLPSLGHHIHFWXDUHOFRQWUROGHFRQVWLWXFLRQDOLGDG
DWUDYpVGHODFRQVXOWDHVODUHODWLYDDOLQFXPSOLPLHQWRGHODH[LJHQFLD
SUHYLVWDHQHODUWGHO&3&RTXHHVWDEOHFHHQIRUPDWD[DWLYDTXLHQ
HVODDXWRULGDGOHJLWLPDGDRIDFXOWDGDSDUDSODQWHDUODFRQVXOWDHQUD]yQ
D TXH :DOWHU 0DL]R $ODQGLD QR UHSUHVHQWD D XQ SXHEOR R QDFLyQ
LQGtJHQD RULJLQDULR FDPSHVLQR GRQGH VH SUHWHQGD DSOLFDU XQD QRUPD
MXUtGLFDDFRUGHDVXFRVPRYLVLyQGDGRTXHRVWHQWDHOFDUJRGH$OFDOGH
GHO*RELHUQR$XWyQRPR0XQLFLSDOGH6LFD6LFDHOHFWRFRQIRUPHDXQ
VLVWHPD GH GHPRFUDFLD UHSUHVHQWDWLYD SRU PHGLR GH OD HOHFFLyQ GH
UHSUHVHQWDQWHV SRU YRWR XQLYHUVDO GLUHFWR \ VHFUHWR \ QR PHGLDQWH HO
VLVWHPDGHGHPRFUDFLDFRPXQLWDULDDWUDYpVGHODHOHFFLyQGHVLJQDFLyQ
R QRPLQDFLyQ GH DXWRULGDGHV \ UHSUHVHQWDQWHV SRU QRUPDV \
SURFHGLPLHQWRV SURSLRV GH ODV QDFLRQHV \ SXHEORV LQGtJHQD RULJLQDULR
FDPSHVLQRV$GHPiVQRVHDGYLHUWHTXHVHDGHVXFRQRFLPLHQWRXQFDVR
VXVFLWDGRGHQWURGHODFRPXQLGDGGRQGHVHSUHWHQGDDSOLFDUXQDQRUPD
MXUtGLFDSURSLDGHODQDFLyQRSXHEORLQGtJHQDRULJLQDULRFDPSHVLQR

6LQWHVLVGHODUDWLRGHFLGHQGL

6HGHFODUDODLPSURFHGHQFLDGHODFRQVXOWDGHDXWRULGDGHVLQGtJHQDVSRU
FXDQWR OD DXWRULGDG FRQVXOWDQWH QR UHSUHVHQWD D XQ SXHEOR R QDFLyQ
LQGtJHQD RULJLQDULR FDPSHVLQR GRQGH VH SUHWHQGD DSOLFDU XQD QRUPD
MXUtGLFDDFRUGHDVXFRVPRYLVLyQGDGRTXHRVWHQWDHOFDUJRGH$OFDOGH
GHO*RELHUQR$XWyQRPR0XQLFLSDOGH6LFD6LFDUHVSHFWRGHTXLHQQR
VHDGYLHUWHTXHVHDGHVXFRQRFLPLHQWRHOFDVRVXVFLWDGRGHQWURGHOD
FRPXQLGDGGRQGHVHSUHWHQGDDSOLFDUXQDQRUPDMXUtGLFDSURSLDGHOD
QDFLyQRSXHEORLQGtJHQDRULJLQDULRFDPSHVLQR

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

(VWD 'HFODUDFLyQ HQ VX )M ,,, GLVSRQH
OD FRQVXOWD SRGUi VHU
SODQWHDGD SRU FXDOTXLHU DXWRULGDG LQGtJHQD RULJLQDULD FDPSHVLQD TXH
FRQR]FD HO FDVR FRQFUHWR VH DGYLHUWH TXH HQ IXQFLyQ D XQ PDUFR
FRQVWLWXFLRQDO\OHJDOVHHVWDEOHFHQHQIRUPDWD[DWLYDGRVHOHPHQWRVTXH
KDFHQ D OD OHJLWLPLGDG GH OD SHUVRQD        DXWRULGDG IDFXOWDGD R
UHFRQRFLGD SDUD HIHFWXDU OD FRQVXOWD DQWH HVWH 7ULEXQDO (O SULPHU
HOHPHQWRUHODWLYRDTXHVHDXQDDXWRULGDGFRQOOHYDDODDFUHGLWDFLyQR
W


dW^:d


GHPRVWUDFLyQGHVHUODSHUVRQDTXHUHSUHVHQWDDXQGHWHUPLQDGRSXHEOR
RQDFLyQLQGtJHQDRULJLQDULRFDPSHVLQRHOHFWRFRQIRUPHDVXVQRUPDV
\SURFHGLPLHQWRVSURSLRVPHGLDQWHHOUHFRQRFLPLHQWRGHSDUWHGHORV
PLHPEURV GH OD QDFLyQ R SXHEOR LQGtJHQD RULJLQDULR FDPSHVLQR
H[LJHQFLD TXH SRGUiIOH[LELOL]DUVHHQ HO PDUFR GHOR H[SUHVDGR HQ HO
SiUUDIRSUHFHGHQWHGHSHQGLHQGRGHODVFLUFXQVWDQFLDVRFDUDFWHUtVWLFDV
GHO FDVR FRQFUHWR (O VHJXQGR HOHPHQWR HV HO UHODFLRQDGR D TXH HVD
DXWRULGDGFRQR]FDHOFDVRFRQFUHWR\VHDTXLHQH[SUHVHODGXGDVREUHOD
FRQVWLWXFLRQDOLGDGGHODQRUPDMXUtGLFDDVHUDSOLFDGDFRQVLGHUDQGRTXH
ODV QDFLRQHV \ SXHEORV LQGtJHQD RULJLQDULR FDPSHVLQRV HMHUFHUiQ VXV
IXQFLRQHVMXULVGLFFLRQDOHV\GHFRPSHWHQFLDDWUDYpVGHVXVDXWRULGDGHV
\DSOLFDUiQVXVSULQFLSLRVYDORUHVFXOWXUDOHVQRUPDV\SURFHGLPLHQWRV
SURSLRVDFRUGHVDVXFRVPRYLVLyQ



 6XSXHVWRV GH SURFHGHQFLD GHO UHFXUVR GLUHFWR GH
QXOLGDG$FWRV DVXPLGRV QR YLQFXODGRV DO HMHUFLFLR GH XQD IXQFLyQ
SRWHVWDG R MXULVGLFFLyQ UHFRQRFLGD SRU OD &RQVWLWXFLyQ 3ROtWLFD GHO
(VWDGR
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&36yORHVSRVLEOHODREVHUYDFLyQGHODFRPSHWHQFLDGH
XQD DXWRULGDG DGPLQLVWUDWLYD D WUDYpV GH XQ UHFXUVR GLUHFWR GH
QXOLGDGFXDQGRODPLVPDHVWpYLQFXODGDDOHMHUFLFLRGHXQDIXQFLyQ
SRWHVWDGRMXULVGLFFLyQQRUHFRQRFLGDSRUOD&RQVWLWXFLyQ3ROtWLFDGHO
(VWDGR

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWHUHFXUVRGLUHFWRGHQXOLGDGODUHFXUUHQWHVRVWLHQHTXHGHQWURGH
XQSURFHVRSHQDOHQHOTXHIXHGHQXQFLDGDSRUODSUHVXQWDFRPLVLyQGH
ORVGHOLWRVGHXVRLQGHELGRGHLQIOXHQFLDVLQFXPSOLPLHQWRGHGHEHUHV\
SUHYDULFDWRVHGLFWyUHTXHULPLHQWRFRQFOXVLYRGHVREUHVHLPLHQWRTXH
LPSXJQDGR SRUHO GHQXQFLDQWH IXHUHPLWLGRDQWHHO)LVFDO GH 'LVWULWR
DLFX\DH[FXVDIXHGHFODUDGDOHJDOSRUHO)LVFDO*HQHUDOGHO(VWDGRTXH
GLVSXVRODUHPLVLyQGHDQWHFHGHQWHVDFRQRFLPLHQWRGHOVXSOHQWHOHJDO
W


dW^:d

VLQHPEDUJRSRUUHTXHULPLHQWRGHGHVHSWLHPEUHGHHO)LVFDO
GH'LVWULWRDLUHPLWLyODFDXVDDQWHHOILVFDODKRUDGHPDQGDGRHQVX
FDOLGDGGH)LVFDOGH0DWHULDVXSXHVWDPHQWHPiVDQWLJXRHQSUHODFLyQ
ORTXHGHWHUPLQyTXHVHDSHUVRQDUDDQWHGLFKDDXWRULGDGSDUDVROLFLWDUOH
TXH VH FXPSODQ ODV QRUPDV RUJiQLFDV GHO 0LQLVWHULR 3~EOLFR SXHV OD
GHFLVLyQGHUHPLWLUORVDQWHFHGHQWHVDVXFRQRFLPLHQWRVRQFRQWUDULDVD
ORSUHYLVWRHQORVDUWV\GHODFLWDGD/H\\DODVLQVWUXFFLRQHVGHO
)LVFDO *HQHUDO GH (VWDGR SHVH D HOOR HO ILVFDO UHFXUULGR DVXPLy
FRQRFLPLHQWRGHOFDVR\PHGLDQWHUHTXHULPLHQWRILVFDOGHGHRFWXEUH
GH  GHFLGLy UHYRFDU OD 5HVROXFLyQ GH VREUHVHLPLHQWR \ IRUPXOy
DFXVDFLyQS~EOLFDHQVXFRQWUD(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO
GHFODUyLQIXQGDGRHOUHFXUVRGLUHFWRGHQXOLGDGSRUFXDQWRODDXWRULGDG
)LVFDO UHFXUULGD HV XQ IXQFLRQDULR GHSHQGLHQWH GHO 0LQLVWHULR 3~EOLFR
FX\DV IXQFLRQHV VRQ OD GHHMHUFHU OD DFXVDFLyQ S~EOLFD SRU OR TXH VX
DFWXDFLyQQRHVDMHQDDODIXQFLyQQLSRWHVWDGTXHODOH\GHWHUPLQDSDUD
HVWHyUJDQRFRQVWLWXFLRQDO

([WUDFWRGHODUDWLRGHFLGHQGL

)- ,,,
'H OD GRFXPHQWDFLyQ TXH LQIRUPD ORV DQWHFHGHQWHV GHO
H[SHGLHQWH VH HYLGHQFLD TXH OD DXWRULGDG )LVFDO UHFXUULGD HV XQ
IXQFLRQDULRGHSHQGLHQWHGHO0LQLVWHULR3~EOLFRFX\DVIXQFLRQHVVRQOD
GHHMHUFHUODDFXVDFLyQS~EOLFDIXQFLyQSDUDODTXHODOH\GHVDUUROODXQD
VHULHGHDFWLYLGDGHVTXHOHVRQLQKHUHQWHVDHVWHyUJDQRGHGHIHQVDGHOD
VRFLHGDGDVtFRPRXQDHVWUXFWXUDMHUiUTXLFDHQODTXHVHGHWHUPLQDTXH
ORV)LVFDOHVGH'LVWULWRVRQORVUHSUHVHQWDQWHVGHPD\RUMHUDUTXtDGHOD
HQWLGDG HQVX GLVWULWR HQ FX\DMXULVGLFFLyQ WHUULWRULDOHMHUFHQ SRWHVWDG
FRQIRUPHDOH\

/XHJRHQWRQFHVODDFWXDFLyQGHOUHFXUULGRQRHVDMHQDDODIXQFLyQQL
SRWHVWDGTXHODOH\GHWHUPLQDSDUDHVWHyUJDQRFRQVWLWXFLRQDO


6LQWHVLVGHODUDWLRGHFLGHQGL

'HFODUDLQIXQGDGRHOUHFXUVRGLUHFWRGHQXOLGDGSRUFXDQWRODDXWRULGDG
)LVFDO UHFXUULGD HV XQ IXQFLRQDULR GHSHQGLHQWH GHO 0LQLVWHULR 3~EOLFR
FX\DV IXQFLRQHV VRQ OD GHHMHUFHU OD DFXVDFLyQ S~EOLFD SRU OR TXH VX
DFWXDFLyQQRHVDMHQDDODIXQFLyQQLSRWHVWDGTXHODOH\GHWHUPLQDSDUD
HVWHyUJDQRFRQVWLWXFLRQDO

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDOUHVSHFWRDORVVXSXHVWRVGHSURFHGHQFLDGHO
UHFXUVRGLUHFWRGHQXOLGDGGHVDUUROOyODVLJXLHQWHOtQHDMXULVSUXGHQFLDO

/D6&HQODTXHGHPDQHUDJHQHUDOVHHVWDEOHFLHURQGRV
W


dW^:d


VXSXHVWRV GH SURFHGHQFLD GHO UHFXUVR GLUHFWR GH QXOLGDG
  OD
XVXUSDFLyQGHIXQFLRQHVTXHQROHFRPSHWHQGHELHQGRHQWHQGHUVHSRU
WDOHOHMHUFLFLRGHXQDIXQFLyQVLQWHQHUWtWXORRFDXVDOHJtWLPDSDUDHOOR
OR TXH VLJQLILFD HO HMHUFLFLR LOHJtWLPR SRU SDUWH GH XQ IXQFLRQDULR R
DXWRULGDG GH XQD IXQFLyQ TXH OH HVWi UHFRQRFLGD D RWUD DXWRULGDG R
IXQFLRQDULR R HVWiQGROH UHFRQRFLGD D pO \D H[SLUy VX SHULRGR GH
IXQFLRQHV R HVWi VXVSHQGLGR GHO HMHUFLFLR GH ODV PLVPDV SRU DOJ~Q
PRWLYROHJDO HOHMHUFLFLRGHXQDMXULVGLFFLyQRSRWHVWDGQRDVLJQDGD
SRUOD &RQVWLWXFLyQROD /H\ GHELHQGR HQWHQGHUVHSRUWDO HO TXHXQD
SHUVRQDRIXQFLRQDULRDVXPDXQDMXULVGLFFLyQRHMHU]DXQDFRPSHWHQFLD
TXHQROHKDVLGRDVLJQDGDSRUHORUGHQDPLHQWRMXUtGLFRHVGHFLUHMHU]D
XQDMXULVGLFFLyQRFRPSHWHQFLDLQH[LVWHQWHHQHORUGHQDPLHQWRMXUtGLFR


 /D 6&3  PRGXOD HO HQWHQGLPLHQWR FRQWHQLGR HQ OD 6&
SRUFXDQWRVLELHQHVWDEOHFHWDPELpQORVGRVVXSXHVWRVGH
SURFHGHQFLD HPSHUR GHWHUPLQD TXH HV SRVLEOH OD REVHUYDFLyQ GH OD
FRPSHWHQFLD GH ODV DXWRULGDGHV DGPLQLVWUDWLYDV HQ WDQWR ODV PLVPDV
HVWpQYLQFXODGDVDOHMHUFLFLRGHXQDIXQFLyQSRWHVWDGRMXULVGLFFLyQQR
UHFRQRFLGDSRUOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,
 KDGHHQWHQGHUVHTXHHOUHFXUVRGLUHFWRGHQXOLGDGWLHQH
FRPR ILQDOLGDG GHFODUDU OD LQYDOLGH] GH DTXHOORV DFWRV GH FXDOTXLHU
SHUVRQD R DXWRULGDG TXH XVXUSH IXQFLRQHV TXH VH DUURJD VLQ TXH OD
&RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR OH FRQILHUD WDO DXWRULGDG (Q HVH
FRQWH[WRVRQIXQFLRQHVGHO(VWDGRSULPHURDTXHOODVTXHVRQSURSLDV
GHORVyUJDQRVGHOSRGHUS~EOLFRFRPRODVGHMX]JDU UJDQR-XGLFLDO 
/HJLVODU UJDQR /HJLVODWLYR  R DGPLQLVWUDU UJDQRV (MHFXWLYR \
(OHFWRUDO VHJXQGRORVTXHIXQJHQFRQIRUPHSUHYpHODUW,,GHOD
&3( IXQFLRQHV GHO (VWDGR ODV GH FRQWURO &RQWUDORUtD  GHIHQVD GH OD
VRFLHGDG 0LQLVWHULR 3~EOLFR \ 'HIHQVRUtD GHO 3XHEOR  R GHIHQVD GHO
(VWDGR 3URFXUDGXUtD \ILQDOPHQWHWHUFHURRWURVyUJDQRVDORVTXHOD
1RUPD6XSUHPDH[SUHVDPHQWHOHVDVLJQDGHWHUPLQDGDVIXQFLRQHV

3RU RWUD SDUWH FXDQGR GH XQD SRWHVWDG R MXULVGLFFLyQ VH WUDWD HQ HO
iPELWR DGPLQLVWUDWLYR HQ SDUWLFXODU VH HQWHQGHUi TXH WDO SRWHVWDG R
MXULVGLFFLyQ VHUi DTXHOOD TXH HMHU]D XQD DXWRULGDG DGPLQLVWUDWLYD SDUD
DVXPLUXQDGHWHUPLQDFLyQHMHFXWLYDDSOLFDEOHHQXQFDVRFRQFUHWRRSDUD
FRQRFHU\UHVROYHUXQSURFHVRRSURFHGLPLHQWRDGPLQLVWUDWLYR

(QHVWHFRQWH[WRFRQODH[FHSFLyQTXHHVWDEOHFHODOH\SDUDVXDSOLFDFLyQ
HQ ORV FDVRV HQ ORV TXH ODV DXWRULGDGHV MXGLFLDOHV KXELHUDQ GLFWDGR
UHVROXFLRQHVHVWDQGRVXVSHQGLGDHQVXVIXQFLRQHVRKXELHUHFHVDGRHQ
HOiPELWRDGPLQLVWUDWLYRHOUHFXUVRGLUHFWRGHQXOLGDGHQYtDGHFRQWURO
FRQVWLWXFLRQDO GH IXQFLRQHV SURFHGHUi FXDQGR KD\D XVXUSDFLyQ GH
W


dW^:d

IXQFLRQHV TXH QR OHV FRUUHVSRQGH \ FXDQGR VH HMHU]D XQD SRWHVWDG R
MXULVGLFFLyQ TXH QR HPDQH GH OD OH\ VLHQGR SRVLEOH REVHUYDU OD
FRPSHWHQFLD LOHJDO GH ODV DXWRULGDGHV DGPLQLVWUDWLYDV HQ WDQWR ODV
PLVPDV HVWpQ YLQFXODGDV DO HMHUFLFLR GH XQD IXQFLyQ SRWHVWDG R
MXULVGLFFLyQQRUHFRQRFLGDSRUOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR




 &DXVDOHV GH LPSURFHGHQFLD HQ HO UHFXUVR GLUHFWR GH
QXOLGDG&XDQGRVHHYLGHQFLDLQFXPSOLPLHQWRGHUHTXLVLWRVOXHJRGHOD
DGPLVLELOLGDG
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   6L ELHQ OD DWULEXFLyQ GH UHYLVDU ORV UHTXLVLWRV GH
DGPLVLELOLGDGGHORVUHFXUVRVGLUHFWRVGHQXOLGDGLQWHUSXHVWRVDQWHHO
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO OD RVWHQWD HQ SULPHUD
LQVWDQFLDOD&RPLVLyQGH$GPLVLyQHQFDVRGHGHWHFWDUVHODIDOWDGH
UHTXLVLWRVHQORVUHFXUVRVFRQSRVWHULRULGDGDVXDGPLVLyQVHGHEHQ
GHFODUDULPSURFHGHQWHVLQLQJUHVDUDOIRQGR

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(OUHFXUUHQWHLQWHUSXVRUHFXUVRGLUHFWRGHQXOLGDGFRQWUDOD5HVROXFLyQ
$GPLQLVWUDWLYD  GH  GH VHSWLHPEUH TXH GLVSRQH VX UHWLUR
GHILQLWLYRVLQGHUHFKRDUHLQFRUSRUDFLyQ EDMD SRUTXHFRQVLGHUDTXHOD
&RPLVLyQ GH 5pJLPHQ 'LVFLSOLQDULR GH OD (6%$32/ GH (O $OWR OD
HPLWLyVLQWHQHUMXULVGLFFLyQ\FRPSHWHQFLDWRGDYH]TXHFRQIRUPHDO
DUW  GH OD /H\ GHO 5pJLPHQ 'LVFLSOLQDULR GH OD 3ROLFtD %ROLYLDQD
FRQILHUH HVWD FRPSHWHQFLD \ DWULEXFLyQ SDUD FRQRFHU \ UHVROYHU IDOWDV
OHYHVDO-HIHGHODXQLGDGSROLFLDODODTXHSHUWHQH]FDHOLQIUDFWRU\QR
DVtDOD&RPLVLyQGH5pJLPHQ'LVFLSOLQDULRGHOD(6%$32/VROLFLWDQGR
VHGHFODUHIXQGDGRHOUHFXUVRLQWHUSXHVWR\HQFRQVHFXHQFLDVHGHFODUH
QXOD\VLQYDORUOHJDODOJXQDOD5$GLFWDGDSRUOD&RPLVLyQ
'LVFLSOLQDULDGHOD(6%$32/(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO
GHFODURLPSURFHGHQWHHOUHFXUVRVLQLQJUHVDUDDQDOL]DUHOIRQGRFRQHO
DUJXPHQWRGHTXHDOKDEHUVHGLFWDGDOD5HVROXFLyQFX\DFRPSHWHQFLDVH
GHPDQGDHQHOUHFXUVRLQWHUSXHVWRODJHVWLyQOHHVDSOLFDEOHHODUW
W


dW^:d


GHOD/H\GHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOTXHHVWDEOHFtDHO
SOD]RGHFDGXFLGDGGHOUHFXUVRGLUHFWRGHQXOLGDGHQGtDVFDOHQGDULR
DSDUWLUGHODQRWLILFDFLyQFRQOD5HVROXFLyQTXHVHHVWLPHGLFWDGDVLQ
FRPSHWHQFLD VLHQGR HVD OD VLWXDFLyQ GHO FDVR GHO UHFXUUHQWH TXLHQ
SUHVHQWyHOUHFXUVRGLUHFWRGHQXOLGDGXQDYH]DJRWDGRGLFKRSOD]R3RU
RWUR ODGR HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HVWDEOHFLy TXH D~Q
FXDQGR HV DWULEXFLyQ GH OD &RPLVLyQ GH $GPLVLyQ OD YHULILFDFLyQ GH
UHTXLVLWRV GH DGPLVLELOLGDG GHOUHFXUVR GLUHFWR GH QXOLGDG HQFDVR GH
GHWHFWDUVHODIDOWDGHUHTXLVLWRVHQORVUHFXUVRVFRQSRVWHULRULGDGDVX
DGPLVLyQVHGHEHGHFODUDULPSURFHGHQWHVLQLQJUHVDUDOIRQGR

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,  WDOODERUHVGHFLUGHODDGPLVLELOLGDGGHOPLVPRHQSULPHUD
LQVWDQFLD HV DWULEXLEOH D OD &RPLVLyQ GH $GPLVLyQ GHO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDODGHPiVHQFDVRGHGHWHFWDUVHODIDOWDGH
UHTXLVLWRV HQ ORV UHFXUVRV FRQ SRVWHULRULGDG D VX DGPLVLyQ VH GHEH
GHFODUDULPSURFHGHQWHVLQLQJUHVDUDOIRQGR



 &DXVDOHV GH LPSURFHGHQFLD HQ HO UHFXUVR GLUHFWR GH
QXOLGDG3RUFDUHFHUGHREMHWRSURFHVDO
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   &DUHFH GH REMHWR SURFHVDO HO UHFXUVR GLUHFWR GH
QXOLGDGFXDQGRODUHVROXFLyQRDFWRFX\DQXOLGDGVHSUHWHQGH\DQR
WLHQH YLJHQFLD SRU KDEHU VLGR GHMDGR VLQ HIHFWR R GHVDSDUHFLGR SRU
YROXQWDGGHODDXWRULGDGUHFXUULGDRSRURWUDFRPSHWHQWHKDVWDDQWHV
GHODQRWLILFDFLyQFRQHOUHFXUVRDODDXWRULGDGUHFXUULGD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHOUHFXUVRGLUHFWRGHQXOLGDGHOUHFXUUHQWHGHQXQFLDTXHOD&RQFHMDOD
GHO*RELHUQR$XWyQRPR0XQLFLSDOGH([DOWDFLyQGHOD6DQWD&UX]GHOD
SURYLQFLD<DFXPDGHOGHSDUWDPHQWRGH%HQLDKRUDUHFXUULGDDFWXyVLQ
MXULVGLFFLyQ QL FRPSHWHQFLD SRUFXDQWR GLFWy XQLODWHUDOPHQWHHO $XWR
W


dW^:d

LQLFLDO GH SURFHVR DGPLQLVWUDWLYR  GH  GH MXQLR GH 
GLVSRQLHQGRVXVXVSHQVLyQSURYLVLRQDOGHOFDUJRGH$OFDOGH0XQLFLSDO
ODFXDOHVFRPSHWHQFLDGHORVGRVPLHPEURVGHOD&RPLVLyQGHeWLFD(O
7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOGHFODUyLPSURFHGHQWHHOUHFXUVR
SRUFXDQWRHO$XWRLPSXJQDGRGHQXOR\DQRVHHQFRQWUDEDYLJHQWHDO
KDEHU VLGR GHMDGR VLQ HIHFWR DQWHV GH OD QRWLILFDFLyQ D OD DXWRULGDG
UHFXUULGDFRQHOUHFXUVR

([WUDFWRGHODUDWLRGHFLGHQGL

)M,,,(QHOFDVRFRQFUHWRSRU5HVROXFLyQ0XQLFLSDOGH
GHVHSWLHPEUH IVD HO&RQFHMR0XQLFLSDOGH([DOWDFLyQGHOD
6DQWD &UX] GHWHUPLQy HQ VX SXQWR WHUFHUR GHMDU VLQ HIHFWR
ODV
UHVROXFLRQHV
 GH VXVSHQVLyQ GHO $OFDOGH GHO FLWDGR 0XQLFLSLR SRUVHU
FRQWUDGLFWRULDV D OD &RQVWLWXFLyQ \ OD /H\ GH 0XQLFLSDOLGDGHV
&RQFOXVLyQ ,,  HOOR HQ PpULWR D OD UHVROXFLyQ GH DPSDUR
FRQVWLWXFLRQDOGHGHMXQLRGH &RQFOXVLyQ,, TXHORUHVWLWX\yD
VXFDUJRGH$OFDOGHFRQIRUPHORH[SUHVDODSDUWHFRQVLGHUDWLYD  
&RQVHFXHQWHPHQWH QR VH DEUH OD FRPSHWHQFLD GH HVWH 7ULEXQDO SDUD
FRQRFHUHOIRQGRGHORGHPDQGDGR\SRUHQGHGHFODUDUODQXOLGDGGHO
$XWRLQLFLDOGHSURFHVRDGPLQLVWUDWLYRGHGHMXQLRGH 
SHWLFLRQDGR SRU HO UHFXUUHQWH SRU FXDQWR HO PLVPR KD GHVDSDUHFLGR
MXUtGLFDPHQWHFRQODHPLVLyQGHOD5HVROXFLyQ0XQLFLSDOGH
GH VHSWLHPEUH OD TXH IXH SURQXQFLDGD DQWHV GH OD QRWLILFDFLyQ D OD
DXWRULGDGUHFXUULGDSRUORPLVPRSHVHDTXHQRODFRQRFLyHOUHFXUUHQWH
DWLHPSRGHSUHVHQWDUHOUHFXUVRGLUHFWRGHQXOLGDGHO$XWRLPSXJQDGR
GH QXOR \D QR VH HQFXHQWUD YLJHQWH FRQIRUPH OR HQWHQGLy OD 6&
(VGHFLUQRH[LVWHQLQJ~QDFWRQLUHVROXFLyQTXHSXHGDVHU
DQDOL]DGRRFRPSXOVDGR\TXHHVWDMXULVGLFFLyQSXHGDGHFODUDUQXOR

6LQWHVLVGHODUDWLRGHFLGHQGL

'HFODUD LPSURFHGHQWH HO UHFXUVR GLUHFWR GH QXOLGDG SRU FDUHQFLD GH
REMHWR SURFHVDO SRU FXDQWR HO $XWR LPSXJQDGR GH QXOR \D QR VH
HQFRQWUDED YLJHQWH DO KDEHU VLGR GHMDGR VLQ HIHFWR DQWHV GH OD
QRWLILFDFLyQDODDXWRULGDGUHFXUULGDFRQHOUHFXUVR

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDOHQOD6&VRVWXYRTXHHOUHFXUVR
GLUHFWRGHQXOLGDGFDUHFHGHREMHWRSURFHVDOFXDQGRODUHVROXFLyQFX\D
QXOLGDGVHSUHWHQGH\DQRWLHQHYLJHQFLDDOFRQVLGHUDUTXHVLHQGRHO
UHFXUVRSODQWHDGRXQPHGLRUHSDUDGRUGHDFWRVRUHVROXFLRQHVHPDQDGDV
SRUDXWRULGDGHVVLQFRPSHWHQFLDQLMXULVGLFFLyQFRPRVHKDVHxDODGRHQ
HO SXQWR ,,, UHVXOWD REYLR TXH GHED VHU SODQWHDGR FXDQGR DTXHOORV
IXHURQ HMHFXWDGRV \ VXEVLVWHQ HQ FDVR GH VHU DFWRV \ SDUD HO FDVR GH
W


dW^:d


WUDWDUVH GH UHVROXFLRQHV GHEHUiQ HVWDU YLJHQWHV SXHV UHVXOWDUtD XQ
FRQWUDVHQWLGRSUHWHQGHUODQXOLGDGGHXQDFWRRUHVROXFLyQTXHQRH[LVWH
\DTXHQRKDEUtDQDGDTXHUHSDUDURORTXHHVORPLVPRSRQHUHQVX
GHELGROXJDUFRQIRUPHDORUGHQDPLHQWRMXUtGLFR  HQHVHVHQWLGRWRGR
UHFXUUHQWHDQWHVGHDFXGLUDHVWDMXULVGLFFLyQFRQHOSURSyVLWRGHGHMDU
DFWRV \ UHVROXFLRQHV GLFWDGDV SRU DXWRULGDGHV VLQ MXULVGLFFLyQ \
FRPSHWHQFLDGHEHUiFRQDQWHULRULGDGFHUFLRUDUVHVLORVPLVPRVQRKDQ
VLGRGHMDGRVVLQHIHFWR-XULVSUXGHQFLDTXHIXHUHLWHUDGDHQODV66&&
GHGHDJRVWRGHGHRFWXEUHGH
GHPDU]RGHGHDJRVWRHQWUHRWUDV
(VWHUD]RQDPLHQWRIXHFRPSOHPHQWDGRSRUOD6&GHGH
DEULOTXHHVWDEOHFLyHOPRPHQWRSURFHVDOSDUDDSOLFDUGLFKDVXEUHJOD
VRVWHQLHQGR &XDQGR HO DFWR R UHVROXFLyQ GHQXQFLDGRV GH QXORV QR
REVWDQWH HVWDU YLJHQWHV D OD SUHVHQWDFLyQ GHO UHFXUVR VRQ GHMDGRV VLQ
HIHFWRDQXODGRVRGHVDSDUHFHQPDWHULDO\HIHFWLYDPHQWHSRUYROXQWDG
GHOUHFXUULGRRGHRWUDDXWRULGDGFRPSHWHQWHDHVHILQKDVWDDQWHVGHOD
QRWLILFDFLyQFRQHOUHFXUVRDODDXWRULGDGUHFXUULGDHOUHFXUVRGLUHFWRGH
QXOLGDGFDUHFHGHREMHWRD~QHQHOFDVRTXHHOUHFXUUHQWHQRFRQR]FDGH
ODVXSUHVLyQGHWDODFWRRUHVROXFLyQDOLQWHUSRQHUHVWDDFFLyQSXHVWDOHV
DFWRV R UHVROXFLRQHV \D QR VH HQFXHQWUDQ YLJHQWHV ODV QHJULOODV VRQ
QXHVWUDV /tQHDMXULVSUXGHQFLDOTXHIXHUHLWHUDGDHQOD6&GH
GHVHSWLHPEUH

/D6&35DGHPiVGHVLVWHPDWL]DUODMXULVSUXGHQFLDVREUHHO
SUREOHPDHQDQiOLVLVVHFRQVWLWX\HHQODSULPHUDVHQWHQFLDFRQILUPDGRUD
GHOFULWHULRDGRSWDGRSRUHO7ULEXQDO&RQVWLWXFLRQDOGHODpSRFDGHORV
GLH] DxRV HQ VHQWLGR GH FRQVLGHUDU TXH HO UHFXUVR GLUHFWR GH QXOLGDG
FDUHFHGHREMHWRSURFHVDOFXDQGRODUHVROXFLyQFX\DQXOLGDGVHSUHWHQGH
\DQRWLHQHYLJHQFLD

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

/D 6&  HQ VX )- ,,, GLVSRQH (Q HVH VHQWLGR OD
MXULVSUXGHQFLDFRQVWLWXFLRQDODQRWDGDHVWDEOHFHTXHHOUHFXUUHQWHGHEH
FHUFLRUDUVHVLHODFWRRUHVROXFLyQTXHSUHWHQGHLPSXJQDUPHGLDQWHHO
UHFXUVRGLUHFWRGHQXOLGDGHVWiQYLJHQWHVDOPRPHQWRGHLQWHUSRQHUHO
PLVPR SRU OR TXH HV PHQHVWHU HVWDEOHFHU DKRUD XQD VXEUHJOD TXH
GHWHUPLQDUiTXH&XDQGRHODFWRRUHVROXFLyQGHQXQFLDGRVGHQXORVQR
REVWDQWH HVWDU YLJHQWHV D OD SUHVHQWDFLyQ GHO UHFXUVR VRQ GHMDGRV VLQ
HIHFWRDQXODGRVRGHVDSDUHFHQPDWHULDO\HIHFWLYDPHQWHSRUYROXQWDG
GHOUHFXUULGRRGHRWUDDXWRULGDGFRPSHWHQWHDHVHILQKDVWDDQWHVGHOD
QRWLILFDFLyQFRQHOUHFXUVRDODDXWRULGDGUHFXUULGDHOUHFXUVRGLUHFWRGH
QXOLGDGFDUHFHGHREMHWRD~QHQHOFDVRTXHHOUHFXUUHQWHQRFRQR]FDGH
ODVXSUHVLyQGHWDODFWRRUHVROXFLyQDOLQWHUSRQHUHVWDDFFLyQSXHVWDOHV
DFWRVRUHVROXFLRQHV\DQRVHHQFXHQWUDQYLJHQWHV

W


dW^:d

9RWR'LVLGHQWH

/D0DJLVWUDGD/LJLD9HOiVTXH]IRUPXOyYRWRGLVLGHQWHVRVWHQLHQGRTXH
OD6&3QRFRQVLGHUyTXHODUHVROXFLyQLPSXJQDGDKDVLGR
HPLWLGDSRU XQDVROD FRQFHMDOD DUJXPHQWDQGR HO GHPDQGDQWH TXH HVH
DFWRVyORSRGtDVHUHPLWLGRSRUWRGRVORVPLHPEURVGHOD&RPLVLyQGH
eWLFDGHO&RQFHMR0XQLFLSDOGH([DOWDFLyQGHOD6DQWD&UX]SRUORTXH
GHELyDQDOL]DUVHHOIRQGRGHHVDGHQXQFLD\VHJXQGRTXHOD5HVROXFLyQ
HPLWLGDSRUOD&RQFHMDOD1LUPD9iVTXH]$PDSRULEDQRKDVLGR
H[SUHVDPHQWH GHMDGD VLQ HIHFWR SXHVWR TXH FRPR OD PLVPD 6&3
ORVHxDODQRH[LVWHWDOVXVWUDFFLyQUD]RQHVSRUODVFXDOHVHO
UHFXUVRIXHDGPLWLGRSDUDTXHVHDQDOLFHHOIRQGRGHORGHPDQGDGROR
TXHFRUUHVSRQGtDHIHFWLYL]DU



 &DXVDOHV GH LPSURFHGHQFLD HQ HO UHFXUVR GLUHFWR GH
QXOLGDG3RU KDEHUVH VRPHWLGR D OD FRPSHWHQFLD \ DFWXDFLyQ GH OD
DXWRULGDGGHPDQGDGD
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   3URFHGH HO UHFXUVR GLUHFWR GH QXOLGDG VLHPSUH \
FXDQGR HO UHFXUUHQWH QR UHFRQR]FD GH IRUPD H[SUHVD R WiFLWD OD
FRPSHWHQFLDGHODDXWRULGDGS~EOLFDFX\DFRPSHWHQFLDFXHVWLRQD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWHUHFXUVRGLUHFWRGHQXOLGDGHOUHFXUUHQWHGHQXQFLyODDYRFDFLyQ
HIHFWXDGDSRUHO0LQLVWHULRGH6DOXG\'HSRUWHVGHODVFRPSHWHQFLDV
TXH FRUUHVSRQGtDQ D VXV yUJDQRV \ DXWRULGDGHV DGPLQLVWUDWLYDV GHO
*RELHUQR $XWyQRPR 'HSDUWDPHQWDO GH /D 3D] SRU LQWHUPHGLR GHO
6('(6VROLFLWDQGRODQXOLGDGOD50(O7ULEXQDO&RQVWLWXFLRQDO
3OXULQDFLRQDOGHFODUyODLPSURFHGHQFLDGHOUHFXUVRSRUTXHHOUHFXUUHQWH
VHVRPHWLyDODDFWXDFLyQ\FRPSHWHQFLDGHODDXWRULGDGGHPDQGDGD

([WUDFWRGHODUDWLRGHFLGHQGL

W


dW^:d


)M,,,
HOUHFXUUHQWHWXYRFRQRFLPLHQWRUHDOGHOD50HOGHHQHUR
GHIHFKDHQODTXHVHHPLWLyOD5HVROXFLyQ(VSHFLDOGH0HGLGD3URYLVLRQDO
GH &ODXVXUD \ )RUPXODFLyQ GH 'HVFDUJRV $GPLQLVWUDWLYRV 06' TXH
FRQIRUPH VH VHxDOy HQ HO DQWHV UHIHULGR LQIRUPH IXH OD EDVH SDUD OD
PDWHULDOL]DFLyQGHODFODXVXUDGHO+RVSLWDO$JUDPRQWSRUORTXHHOUHFXUUHQWH
QRSXHGHDOHJDUGHVFRQRFLPLHQWRGHODPLVPDWRGDYH]TXHpVWHVHVRPHWLyD
OD FRPSHWHQFLD GH OD DXWRULGDG UHFXUULGD KDELGD FXHQWD TXH LQWHUSXVR ORV
UHFXUVRV DGPLQLVWUDWLYRV FRPR HO GH UHYRFDWRULD \ MHUiUTXLFR FRQIRUPH
PDQLILHVWD\UHFRQRFHHQVXPHPRULDOGHOSUHVHQWHUHFXUVRHQHO
SXQWR,,,

FXDQGR LQGLFD TXH VXFHGLHURQ XQD VHULH GH DFWRV LOHJDOHV HQWUH RWURV HO GH
SURQXQFLDPLHQWRVQRQRWLILFDGRVDQWHORVUHFXUVRVGHUHYRFDWRULD\MHUiUTXLFR
LQWHUSXHVWRVSRUVLOHQFLRDGPLQLVWUDWLYRQHJDWLYRRFXOWDFLyQGHODSpUGLGDGH
FRPSHWHQFLDDQWHODLQWHUSRVLFLyQGHOUHFXUVRMHUiUTXLFRGHVFRQRFLPLHQWRGH
TXLpQ HV VX LQVWDQFLD LQPHGLDWD VXSHULRU SDUD UHVROYHU HO UHFXUVR MHUiUTXLFR
UHWDUGDFLyQ GH PiV GH FLQFR PHVHV SDUD GHULYDU HO UHFXUVR MHUiUTXLFR D OD
LQVWDQFLD FRUUHVSRQGLHQWH \ UHVROXFLyQ H[WHPSRUiQHD GHO UHFXUVR MHUiUTXLFR
FXDQGRVHDFWLYyHOVLOHQFLRDGPLQLVWUDWLYRSRVLWLYRDVHYHUDFLyQTXHUHYHODTXH
HO UHFXUUHQWH VH VRPHWLy \ UHFRQRFLy GH IRUPD H[SUHVD OD FRPSHWHQFLD GH OD
DXWRULGDG FX\D FRPSHWHQFLD DKRUD FXHVWLRQD WRGD YH] TXH DVXPLy GHIHQVD
GHQWUR GHO SURFHVR DGPLQLVWUDWLYR LQLFLDGR PHGLDQWH OD LQWHUSRVLFLyQ GH ORV
UHFXUVRVVHxDODGRVSXHVWRTXHVLFRQVLGHUDEDTXHODUHVROXFLyQGHDYRFDFLyQ
HPLWLGDSRUHO0LQLVWHULRGH6DOXG \'HSRUWHVQRFRUUHVSRQGtD SRUQRWHQHU
SRWHVWDG HPDQDGD GH OD OH\ \ QR HVSHUDU HO UHVXOWDGR GHO SURFHGLPLHQWR
DGPLQLVWUDWLYRSDUDTXHGHVSXpVGHTXHpVWHQRVHDIDYRUDEOHDVXVLQWHUHVHV
UHFLpQ LQWHUSRQJD HO SUHVHQWH UHFXUVR FRQVWLWXFLRQDO DVSHFWR TXH QR HV
DGPLVLEOH \ FRQVWLWX\H HQ XQ LPSHGLPHQWR SDUD OD DFWLYDFLyQ GH pVWD
MXULVGLFFLyQ FRQIRUPH VH HVWDEOHFLy HQ OD MXULVSUXGHQFLD FRQVWLWXFLRQDO
GHVDUUROODGD HQ HO )XQGDPHQWR -XUtGLFR ,,, GH OD SUHVHQWH 6HQWHQFLD
&RQVWLWXFLRQDO 3OXULQDFLRQDO SRU OR TXH QR FRUUHVSRQGH LQJUHVDU D PD\RUHV
FRQVLGHUDFLRQHV



6LQWHVLVGHODUDWLRGHFLGHQGL

6H GHFODUD OD LPSURFHGHQFLD GHO UHFXUVR GLUHFWR GH QXOLGDG SRUTXH HO
DFFLRQDQWH VH VRPHWLy D OD FRPSHWHQFLD GH OD DXWRULGDG UHFXUULGD DO
LQWHUSRQHU ORV UHFXUVRV DGPLQLVWUDWLYRV GH UHYRFDWRULD \ MHUiUTXLFR
GHQWURGHOSURFHVRDGPLQLVWUDWLYRVHJXLGRHQVXFRQWUDDLQVWDQFLDVGHOD
DXWRULGDGUHFXUULGD

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDODWUDYpVGHOD6&GHWHUPLQyTXH
QRHVSRVLEOHDFXGLUDODMXULVGLFFLyQFRQVWLWXFLRQDOFXDQGRSUHYLDPHQWH
ODSDUWHUHFXUUHQWHVHVRPHWLyHQIRUPDH[SUHVDDODFRPSHWHQFLDGHOD
DXWRULGDG UHFXUULGD 6LPLODU UD]RQDPLHQWR IXH VHJXLGR SRU OD 6&
 GH  GH HQHUR 3RU VX SDUWH HO 7ULEXQDO &RQVWLWXFLRQDO GH
7UDQVLFLyQ D WUDYpV GH OD 66&&  \  GHWHUPLQy
GHFODUDUVHLQIXQGDGRHOUHFXUVRGLUHFWRGHQXOLGDGFXDQGRHOUHFXUUHQWH
W


dW^:d

DFHSWD WiFLWD R H[SUHVDPHQWH OD FRPSHWHQFLD GH OD DXWRULGDG S~EOLFD


FXHVWLRQDGD GHQWUR GH XQ SURFHGLPLHQWR R SURFHVR DGPLQLVWUDWLYR R
MXGLFLDO \ UHFXUUH D WUDYpV GHO UHFXUVR GLUHFWR GH QXOLGDG ~QLFDPHQWH
FXDQGR OD UHVROXFLyQ DFWR R GHWHUPLQDFLyQ GH GLFKD DXWRULGDG OH HV
GHVIDYRUDEOH HVWDEOHFLHQGR TXH HQ HVWRV VXSXHVWRV HO UHFXUVR
LQWHUSXHVWR GHEHUi VHU UHFKD]DGR SRU OD &RPLVLyQ GH $GPLVLyQ SRU
FDUHFHU GH IXQGDPHQWR MXUtGLFR FRQVWLWXFLRQDO (VWH HQWHQGLPLHQWR KD
VLGR UDWLILFDGR SRU HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HQ HO $&
&$ GH  GH IHEUHUR GHWHUPLQDQGR TXH
HVWH PHGLR GH
SURWHFFLyQGHGHUHFKRVIXQGDPHQWDOHV\JDUDQWtDVFRQVWLWXFLRQDOHVHV
SURFHGHQWH VLHPSUH \ FXDQGR HO UHFXUUHQWH QR UHFRQR]FD GH IRUPD
H[SUHVD R WiFLWD OD FRPSHWHQFLD GH OD DXWRULGDG S~EOLFD FX\D
FRPSHWHQFLDFXHVWLRQD\ODQXOLGDGGHVXVDFWRV
$VLPLVPRFRQVLGHUy
TXH LPSOLFD XQ UHFRQRFLPLHQWR \ VRPHWLPLHQWR H[SUHVR FXDQGR D
WUDYpVGHXQDFWRDGPLQLVWUDWLYRRMXGLFLDOIRUPXODGRDQWHODDXWRULGDG
S~EOLFD FX\D QXOLGDG GH VXV DFWRV VH UHFODPD D WUDYpV GHO SUHVHQWH
UHFXUVR VH LQILHUD LQGXELWDEOHPHQWH OD DFHSWDFLyQ YROXQWDULD GH VX
FRPSHWHQFLD SRU SDUWH GHO VXMHWR GHPDQGDQWH \ HO VRPHWLPLHQWR D OD
PLVPD'HRWUDSDUWHVHUiWiFLWRDQWHODHYLGHQWHLQDFFLyQHQHOXVRGH
ORVUHFXUVRVDGPLQLVWUDWLYRVRMXULVGLFFLRQDOHVSUHYLVWRVSRUOH\DWUDYpV
GH ORV FXDOHV HO DJUDYLDGR WXYR OD RSRUWXQLGDG GH YDOHUVH \ UHFODPDU
RSRUWXQDPHQWH OD IDOWD GH FRPSHWHQFLD GH OD DXWRULGDG GHPDQGDGD
SUHYLDPHQWHDDFWLYDUODMXULVGLFFLyQFRQVWLWXFLRQDO/D6&
FRQILUPDODMXULVSUXGHQFLDSUHFHGHQWHPHQWHGHVDUUROODGD

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

35(&('(17(,03/&,72
/D6&HQVX)M,,,GHPDQHUDLPSOtFLWDHVWDEOHFLy
3RURWUD
SDUWHGHORVDQWHFHGHQWHVTXHLQIRUPDQHOSURFHVRVHSXHGHFRQVWDWDU
TXHODHPSUHVDUHFXUUHQWHVHVRPHWLyYROXQWDULDPHQWHDODFRPSHWHQFLD
GHODVDXWRULGDGHVGHOD6XSHULQWHQGHQFLD7ULEXWDULDSUXHEDGHHOORHV
TXH HO UHFXUVR GH DO]DGD IXH LQWHUSXHVWR DQWH HO 6XSHULQWHQGHQWH
7ULEXWDULR5HJLRQDO6DQWD&UX]DODPSDURGHORSUHYLVWRSRUORVDUWV
 \  GHO &yGLJR 7ULEXWDULR %ROLYLDQR \ VL ELHQ HV FLHUWR TXH
VROLFLWyDHVDDXWRULGDGVHDEVWHQJDGHSURQXQFLDUVHSRUKDEHUSHUGLGR
FRPSHWHQFLDHQPpULWRDOD6&TXHGHFODUyLQFRQVWLWXFLRQDO
HOVHJXQGRSiUUDIRGHOD'LVSRVLFLyQ7UDQVLWRULD3ULPHUDGHO'6
WDPELpQ HV HYLGHQWH TXH SRVWHULRUPHQWH FRQILUPDGD TXH IXH OD
5HVROXFLyQ DSHODGD SODQWHy UHFXUVR MHUiUTXLFR VROLFLWDQGR TXH HO
6XSHULQWHQGHQWH 7ULEXWDULR *HQHUDO DQXOH R UHYRTXH OD 5HVROXFLyQ
LPSXJQDGD\GHMHVLQHIHFWROD5HVROXFLyQ'HWHUPLQDWLYD(VWD
DFWXDFLyQ GH OD SDUWH UHFXUUHQWH LPSOLFD XQD DFHSWDFLyQ YROXQWDULD \
VRPHWLPLHQWR DO SURFHGLPLHQWR HVWDEOHFLGR HQ HO &yGLJR 7ULEXWDULR
%ROLYLDQR DVt FRPR HO UHFRQRFLPLHQWR GH OD FRPSHWHQFLD GH ORV
6XSHULQWHQGHQWHV TXH IXHURQ FUHDGRV D WUDYpV GHO DUW  GH GLFKR
W


dW^:d


&yGLJRSDUDFRQRFHU\UHVROYHUORVUHFXUVRVGHDSHODFLyQ\MHUiUTXLFR
SRU WDQWR UHVXOWD LQDGPLVLEOH TXH DKRUD VH SUHWHQGD LPSXJQDU
5HVROXFLRQHV GLFWDGDV GHQWUR GH XQ SURFHVR DGPLQLVWUDWLYR \ TXH
UHVXOWDQDGYHUVDVDODSDUWHUHFXUUHQWHFRQHODUJXPHQWRGHTXHKDQVLGR
SURQXQFLDGDVFRQIDOWDGHFRPSHWHQFLDH[WUHPRTXHFRQVWLWX\HXQXVR
DEXVLYRHLQGHELGRGHOUHFXUVRGLUHFWRGHQXOLGDG




 /HJLWLPDFLyQ DFWLYD HQ HO UHFXUVR GH
QXOLGDG3URFXUDGXUtD*HQHUDOGHO(VWDGR
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   /D 3URFXUDGXUtD *HQHUDO GHO (VWDGR WLHQH
OHJLWLPDFLyQDFWLYDSDUDLQWHUSRQHUUHFXUVRVRUGLQDULRV\DFFLRQHVHQ
GHIHQVDGHORVLQWHUHVHVGHO(VWDGR

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QXQUHFXUVRGLUHFWRGHQXOLGDGHOUHFXUUHQWH3URFXUDGRU*HQHUDOGHO(VWDGRUHILHUHTXH
OD (PSUHVD 1DFLRQDO GH )HUURFDUULOHV GHO (VWDGR (1)(  \ OD HPSUHVD &216$/%2
6$ VXVFULELHURQ XQ FRQWUDWR GH XVXIUXFWRSRU HO FXDO OD 7HUPLQDO %LPRGDO
&iVWXOR
&KiYH](JH]
GH6DQWD&UX]GHOD6LHUUDIXHFHGLGDDIDYRUGHODHPSUHVDDQWHVUHIHULGD
SRUWUHLQWDDxRVPLVPRTXHVHHQFXHQWUDHQHOGRFXPHQWRIRUPDOL]DGR\SURWRFROL]DGR
HQHVFULWXUDS~EOLFDGHGHPDU]R$VLPLVPRHOGHMXQLRGHOPLVPRDxR
(1)(\&216$/%26$VXVFULEHQXQFRQWUDWRGHFRPSUDYHQWDGHODFLWDGD7HUPLQDO
SURWRFROL]DGRSRUHVFULWXUDS~EOLFDGHGHMXQLR
6HxDOD TXH D UDt]
GHORVPHQFLRQDGRVFRQWUDWRV&216$/%26$GHPDQGDSRUODYtDDUELWUDOD(1)(
VROLFLWDQGRODUHVROXFLyQGHDPERVPiVHOSDJRGHGDxRV\SHUMXLFLRVDQWHHO7ULEXQDO
$UELWUDOGHOD&$,1&2DVLPLVPR(1)(UHFRQYLQRHVDGHPDQGDVROLFLWDQGRODQXOLGDG
GH ORV FRQWUDWRV PiV HO SDJR GH GDxRV \ SHUMXLFLRV (Q HO FRQWH[WR PHQFLRQDGR HO
7ULEXQDO$UELWUDOFRQVWLWXLGRDOHIHFWRSRUOD&$,1&2GHFLGLyPHGLDQWH/DXGR$UELWUDO
GHGHHQHURGHODUHVROXFLyQGHOFRQWUDWRGHXVXIUXFWRODLPSURFHGHQFLDGHOD
GHPDQGD GH UHVROXFLyQ GH FRQWUDWR GH FRPSUDYHQWD OD QXOLGDG GHO FRQWUDWR GH
FRPSUDYHQWDHLPSUREDGDODQXOLGDGGHOFRQWUDWRGHXVXIUXFWR'HHVWDIRUPDVHxDODTXH
HO UHIHULGR 7ULEXQDO $UELWUDO XVXUSy ODV IXQFLyQ HV GHO yUJDQR -XGLFLDO SXHV UHVROYLy
VREUHPDWHULDQRDUELWUDEOHSRUORVVLJXLHQWHVPRWLYRVD (OFRQWUDWRGHFRPSUDYHQWD
QRSRGtDVRPHWHUVHDDUELWUDMHSRUTXHVHUHILHUHDGHUHFKRVLQGLVSRQLEOHVHQHVHiPELWR
ORVDUWV\GHOD/H\GH$UELWUDMH\&RQFLOLDFLyQ /$& GHWHUPLQDTXHVyORSRGUiQ
GLVSRQHUVH ORV GHUHFKRV GLVSRQLEOHV \ TXH QR DIHFWHQ HO RUGHQ S~EOLFR SRU HQGH HO
UHTXLVLWR HVHQFLDO GH SURFHGHQFLD GHO DUELWUDMH HV OD WUDQVJLELOLGDG GH OD FXHVWLyQ SRU

W


dW^:d
UHVROYHU(OOHJLVODGRUKDSUHYLVWRHODUELWUDMHHQXQHQWHQGLPLHQWRUHVWULFWLYRSUHFLVDQGR
TXHQRVRQDUELWUDEOHVORVGHUHFKRVLQGLVSRQLEOHVQLODVFRQWURYHUVLDVTXHLQYROXFUHQDO
(VWDGR VREUH GHUHFKRV QR GLVSRQLEOHV \ TXH QR GHULYHQ GH XQD UHODFLyQ MXUtGLFD
SDWULPRQLDOGHGHUHFKRSULYDGRQRVRQDUELWUDEOHVFXHVWLRQHVUHODWLYDVDO(VWDGRFRPR
SHUVRQDGH'HUHFKR3~EOLFRQLDUELWUDEOHVORVFRQIOLFWRVVXVFHSWLEOHVGHWUDQVDFFLyQSRU
HOORHO7ULEXQDO$UELWUDODFWXyVLQFRPSHWHQFLDSXHVOD7HUPLQDO%LPRGDOFRQVWLWX\H
XQDREUDHVWUDWpJLFDSULQFLSDOREUDGHLQIUDHVWUXFWXUDGHWUDQVSRUWHWHUUHVWUHGH6DQWD
&UX]ODPLVPDIXHWUDQVIHULGDVLQDXWRUL]DFLyQGHOUJDQR/HJLVODWLYR\DTXHDOVHUXQ
ELHQGHVHUYLFLRS~EOLFRUHTXHUtDHOSURFHGLPLHQWRGHDXWRUL]DFLyQOHJLVODWLYRHQHVH
VHQWLGRHO'HFUHWR6XSUHPR '6 GHGHGLFLHPEUHGH\HODUWGHOD
/H\ GH 7UDQVSRUWH /7  E  (O FRQWUDWR GH FRPSUDYHQWD QR SRGtD HVWDU VRPHWLGR DO
DUELWUDMH SRUTXH VH UHILHUH D GHUHFKRV TXH DIHFWDQ HO RUGHQ S~EOLFR DO UHVSHFWR HO
UHFXUUHQWHLQGLFDTXHODVVDQFLRQHVGHQXOLGDGFRQVWLWX\HQXQDVXQWRGHRUGHQS~EOLFR
HQ HIHFWR HO RUGHQ MXUtGLFR GHWHUPLQD SULQFLSLRV GH LQWHUpV JHQHUDO TXH GHEHQ VHU
FXPSOLGRVXQDFWRFRQWUDULRHVXQDFWRMXUtGLFRFRQWUDULRDORUGHQS~EOLFR\SRUHQGH
VXVFHSWLEOHGHQXOLGDG\F (O7ULEXQDO$UELWUDOGHFLGLyVREUHXQDFXHVWLyQFRQFHUQLHQWH
DIXQFLRQHVGHO(VWDGRFRPRSHUVRQDGHGHUHFKRS~EOLFRORFXDOVHHQFXHQWUDSURKLELGR
SRUHODUWGHOD/$&SRUHOORDOGHWHUPLQDUVHODQXOLGDGGHODFRPSUDYHQWDSRUODYtD
DUELWUDO VH GHVFRQRFLy HO LXV LPSHULXP SHWLFLRQDQGR HQ FRQVHFXHQFLD VH GHFODUH OD
QXOLGDG GHO /DXGR $UELWUDO GH  GH HQHUR GH  (O 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDOHQSULPHUWpUPLQRVHxDOyTXHHQHOFDVRDQDOL]DGRQRHUDGHDSOLFDFLyQHO
SOD]RGHFDGXFLGDGSUHYLVWRHQOD/H\GHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDODSHVDU
GH TXH HO UHFXUVR IXH SODQWHDGR FDVL FXDWUR DxRV GHVSXpV GH HPLWLGD OD 5HVROXFLyQ
GHELGR DTXH HOSOD]RGHEH FRPSXWDUVH GHVGH HO FRQRFLPLHQWR HIHFWLYR GH ODV SDUWHV
VLWXDFLyQTXHDFRQWHFLyGHQWURGHOSOD]RSUHYLVWRSDUDODLQWHUSRVLFLyQGHOUHFXUVR'H
HVWD IRUPD H LQJUHVDQGR DO DQiOLVLV GH IRQGR GHFODUy IXQGDGR HO UHFXUVR GLUHFWR GH
QXOLGDGFRQHODUJXPHQWRGHTXHHO7ULEXQDO$UELWUDOGHOD&$,1&2XVXUSRIXQFLRQHV
GHODMXULVGLFFLyQRUGLQDULD


([WUDFWRGHODUDWLRGHFLGHQGL

)- ,,, /D OHJLWLPDFLyQ DFWLYD GHO UHFXUVR GLUHFWR GH QXOLGDG VH HQFXHQWUD
HVWDEOHFLGD SRU HO DUW  GH OD /7&3 DSOLFDEOH HQ HO WLHPSR DO FDVR FRQFUHWR \
HVWDEOHFHTXHUHFDHHQFXDOTXLHUSHUVRQDDJUDYLDGDWHQRUGHOFXDOVHSXHGHDILUPDUTXH
OD OHJLWLPDFLyQ UHFDH HQ WRGDV ODV SHUVRQDV QDWXUDOHV R MXUtGLFDV TXH HQFXHQWUHQ
OHVLRQDGRVVXVGHUHFKRVRLQWHUHVHVSRUORVDFWRVRUHVROXFLRQHVUHFXUULEOHVSRUODYtD
GLUHFWDGHOUHFXUVRGHQXOLGDG
/D3URFXUDGXUtD*HQHUDOGHO(VWDGRFUHDGDFRQVWLWXFLRQDOPHQWHSRUHODUW\VVGH
OD&3(HVODLQVWLWXFLyQGHUHSUHVHQWDFLyQMXUtGLFDS~EOLFDTXHWLHQHFRPRDWULEXFLyQ
SURPRYHUGHIHQGHU\SUHFDXWHODUORVLQWHUHVHVGHO(VWDGRSRUHOORVHOHKDQDVLJQDGR
IXQFLRQHVHQHVDGLUHFFLyQSRUPHGLRGHODUWGHOD1RUPD6XSUHPDTXHVHxDOD
HQWUH ODV DWULEXFLRQHV LQVWLWXFLRQDOHV D  'HIHQGHU MXGLFLDO \ H[WUDMXGLFLDOPHQWH ORV
LQWHUHVHVGHO(VWDGRDVXPLHQGRVXUHSUHVHQWDFLyQMXUtGLFDHLQWHUYLQLHQGRFRPRVXMHWR
SURFHVDOGHSOHQRGHUHFKRHQWRGDVODVDFFLRQHVMXGLFLDOHV\DGPLQLVWUDWLYDVHQHOPDUFR
GHOD1RUPD6XSUHPD\ODOH\\E ,QWHUSRQHUUHFXUVRVRUGLQDULRV\DFFLRQHVHQGHIHQVD
GHORVLQWHUHVHVGHO(VWDGR
'HHVWDVQRUPDVVHWLHQHTXHOD3URFXUDGXUtD*HQHUDOWLHQHODDWULEXFLyQGHGHIHQGHUORV
LQWHUHVHVGHO(VWDGRSRUHOORFXDQGRHVWHLQWHUYLHQHHQODUHDOL]DFLyQGHXQDFWRMXUtGLFR
\DVHDHQHMHUFLFLRGHOLXVLPSHULXPRHQFDOLGDGGHVXMHWRGHGHUHFKRSULYDGRWLHQHWRGD
ODSRWHVWDGGHHMHUFHUIXQFLRQHVGHGHIHQVDHQQRPEUHGHO(VWDGR3RUHOORDQWHFXDOTXLHU
FRQVLGHUDFLyQGHDJUDYLRFRQWUDORVLQWHUHVHVGHO(VWDGRVHDFWLYDODOHJLWLPDFLyQDFWLYD
GHOD3URFXUDGXUtD*HQHUDOSDUDHMHUFHUODVDFFLRQHVGHGHIHQVDTXHVHFUHDQDSOLFDEOHV
3RUHQGHHQHOFDVRFRQFUHWRHODJUDYLRGHQXQFLDGRDOVXSXHVWDPHQWHDIHFWDULQWHUHVHV
GHXQDHQWLGDGHVWDWDODFWLYDODOHJLWLPDFLyQGHOD3URFXUDGXUtD*HQHUDOGHO(VWDGRGH
DFWXDUHQHOUHFXUVRGLUHFWRGHQXOLGDG

W


dW^:d



&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

6HQWHQFLD)XQGDQWH

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

,,,OD3URFXUDGXUtD*HQHUDOWLHQHODDWULEXFLyQGHGHIHQGHUORV
LQWHUHVHVGHO(VWDGRSRUHOORFXDQGRHVWHLQWHUYLHQHHQODUHDOL]DFLyQGH
XQDFWRMXUtGLFR\DVHDHQHMHUFLFLRGHOLXVLPSHULXPRHQFDOLGDGGH
VXMHWRGHGHUHFKRSULYDGRWLHQHWRGDODSRWHVWDGGHHMHUFHUIXQFLRQHVGH
GHIHQVDHQQRPEUHGHO(VWDGR3RUHOORDQWHFXDOTXLHUFRQVLGHUDFLyQGH
DJUDYLRFRQWUDORVLQWHUHVHVGHO(VWDGRVHDFWLYDODOHJLWLPDFLyQDFWLYD
GHOD3URFXUDGXUtD*HQHUDOSDUDHMHUFHUODVDFFLRQHVGHGHIHQVDTXHVH
FUHDQDSOLFDEOHV
3RUHQGHHQHOFDVRFRQFUHWRHODJUDYLRGHQXQFLDGRDOVXSXHVWDPHQWH
DIHFWDU LQWHUHVHV GH XQD HQWLGDG HVWDWDO DFWLYD OD OHJLWLPDFLyQ GH OD
3URFXUDGXUtD *HQHUDO GHO (VWDGR GH DFWXDU HQ HO UHFXUVR GLUHFWR GH
QXOLGDG



 &RQIOLFWR GH FRPSHWHQFLDV HQWUH HO QLYHO FHQWUDO GHO
(VWDGR \ ODV HQWLGDGHV WHUULWRULDOHV DXWyQRPDV \ HQWUH
pVWDV,PSURFHGHQFLDSDUDHMHUFHUHOFRQWUROGHOHJDOLGDG
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   (O &RQIOLFWR GH &RPSHWHQFLDV \ VROXFLyQ GH
&RQWURYHUVLDVUHVXHOYHFRQIOLFWRVTXHVHVXVFLWDQHQWUHORVyUJDQRVGHO
JRELHUQR FHQWUDO GHO (VWDGR \ ORV yUJDQRV GHO JRELHUQR GH ODV
(QWLGDGHV 7HUULWRULDOHV $XWyQRPDV R HQWUH ORV yUJDQRV GH HVWDV
~OWLPDV QR VLHQGR SRVLEOH TXH D WUDYpV GH HVWH SURFHVR VH SUHWHQGD
UHDOL]DUXQFRQWUROGHOHJDOLGDG

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

W


dW^:d

(Q HVWH FRQIOLFWR GH FRPSHWHQFLDV \ VROXFLyQ GH FRQWURYHUVLDV OD


$VDPEOHD/HJLVODWLYD'HSDUWDPHQWDOGHO*RELHUQR$XWyQRPRGH6DQWD
&UX]GHQXQFLyTXHOD&iPDUDGH'LSXWDGRVVHHQFXHQWUDXVXUSDQGRVXV
IXQFLRQHV HQ FXDQWR D OD HODERUDFLyQ \ DSUREDFLyQ GH WHUQDV SDUD OD
FRQIRUPDFLyQ GHO 7ULEXQDO 'HSDUWDPHQWDO (OHFWRUDO GH 6DQWD &UX]
GHELGRDTXHODDOXGLGD&iPDUDGHWHUPLQyGHYROYHUODVWHUQDVSURSXHVWDV
\VXVDQWHFHGHQWHVEDMRFDXVDOHVQRUHFRQRFLGDVSRUOD/H\3RUORTXH
VROLFLWDURQ VH GHFODUH OD LQFRPSHWHQFLD GH OD &iPDUD GH 'LSXWDGRV
GHMDQGRVLQHIHFWROD5HVROXFLyQ&DPDUDO\SRUWDQWRVH
GHFODUHODFRPSHWHQFLDGHODV$VDPEOHDV/HJLVODWLYDV'HSDUWDPHQWDOHV
SDUDUHDOL]DUHOSURFHVRGHVHOHFFLyQGHWHUQDVGHYRFDOHVDILQGHTXHOD
&iPDUDGH'LSXWDGRVGHOD$VDPEOHD1DFLRQDOVHUHPLWDDHOHJLUDORV
PLHPEURVGHO7ULEXQDO'HSDUWDPHQWDO(OHFWRUDODSDUWLUGHGLFKDWHUQD

(O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO GHFODUy LPSURFHGHQWH HO
UHFXUVRGHQXOLGDGVHxDODQGRTXHQRH[LVWHFRQSURSLHGDGFRQIOLFWRGH
FRPSHWHQFLDV\TXHODSDUWHDFWRUDSUHWHQGHXQFRQWUROGHOHJDOLGDG

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,    VH HVWDEOHFH TXH HQ HO FDVR GH DXWRV QR H[LVWH FRQ SURSLHGDG FRQIOLFWR GH
FRPSHWHQFLDV SRU FXDQWR FRQIRUPH D ORV WpUPLQRV HQ TXH KD VLGR LQWHUSXHVWR HO SUHWHQGLGR
FRQIOLFWRGHFRPSHWHQFLDVSRUOD$VDPEOHD/HJLVODWLYD'HSDUWDPHQWDOGHpVWDLQYRFDHODUW9
GHOD&3(TXHHVWDEOHFHTXHSDUDODFRQIRUPDFLyQGHORV7ULEXQDOHV'HSDUWDPHQWDOHV(OHFWRUDOHV
ODV $VDPEOHDV /HJLVODWLYDV 'HSDUWDPHQWDOHV VHOHFFLRQDUiQ SRU GRV WHUFLRV GH YRWRV GH VXV
PLHPEURV SUHVHQWHV XQD WHUQD SDUD FDGD XQR GH ORV YRFDOHV GHILQLHQGR DVt FRPR SRWHVWDG R
FRPSHWHQFLD GH ODV $VDPEOHDV /HJLVODWLYDV 'HSDUWDPHQWDOHV OD VHOHFFLyQ GH WHUQDV SUHYLVLyQ
FRQVWLWXFLRQDOTXHKDVLGRGHVDUUROODGDSRUORVDUWV\GHOD/2(3SUHFLVDQGRHOQXPGHO
DUW  GH GLFKD /H\ TXH SDUD OD GHVLJQDFLyQ GH YRFDOHV GH ORV 7ULEXQDOHV 'HSDUWDPHQWDOHV
(OHFWRUDOHV ODV $VDPEOHDV 'HSDUWDPHQWDOHV VHOHFFLRQDUiQSRU GRV WHUFLRV   GH YRWRV GH VXV
PLHPEURVSUHVHQWHVXQDWHUQDSDUD FDGDXQRGH ORV FXDWUR  FDUJRV HOHFWRVDVXPLHQGRTXH HO
TXLQWRHVGHVLJQDGRSRUHO3UHVLGHQWHR3UHVLGHQWDGHO(VWDGR3OXULQDFLRQDOFRQIRUPHDOQXP
GHOPLVPRDUWtFXORSUHYLVLyQFRQVWLWXFLRQDO\OHJDOTXHHQHOFDVRHQDQiOLVLVKDVLGRFXPSOLGDD
FDEDOLGDGDOLQWHULRUGHOD$VDPEOHD/HJLVODWLYD'HSDUWDPHQWDOGHO*RELHUQR$XWyQRPRGH6DQWD
&UX]TXHSUHFLVDPHQWHHQHOHMHUFLFLRGHGLFKDFRPSHWHQFLDKDHODERUDGR\DSUREDGRFXDWURWHUQDV
IV PLVPDVTXHIXHURQUHPLWLGDVDOD&iPDUDGH'LSXWDGRVSDUDODVLJXLHQWHIDVHGHOSURFHVR
FXDOHVODHOHFFLyQVLQTXHGXUDQWHHODQWHULRUPHQWHUHIHULGRSURFHVRGHVHOHFFLyQOD&iPDUDGH
'LSXWDGRV KD\D LQWHUIHULGR HQ PRGR DOJXQR PHQRV LQYDGLGR R XVXUSDGR FRPSHWHQFLDV GH OD
$VDPEOHD /HJLVODWLYD 'HSDUWDPHQWDO GH 6DQWD &UX] SXHV HVWi FODUR \ DVt KD VLGR UHFRQRFLGR
H[SUHVDPHQWHSRUODVSDUWHVLQYROXFUDGDVHQHOFRQIOLFWRVXVFLWDGRTXHDODXQDOHFRUUHVSRQGHOD
VHOHFFLyQ\DODRWUDODHOHFFLyQTXHGDQGRFRPR~QLFDGLVFUHSDQFLDHOKHFKRGHTXHGLFKDVWHUQDV
KD\DQ VLGR GHYXHOWDV SRU OD &iPDUD GH 'LSXWDGRV OR TXH D MXLFLR GH OD UHIHULGD $VDPEOHD
/HJLVODWLYD'HSDUWDPHQWDOQRFRUUHVSRQGHVLQR~QLFDPHQWHHQORVFDVRVGHLQREVHUYDQFLDGHODV
FRQGLFLRQHVGHHTXLGDGGHJpQHUR\SOXULQDFLRQDOLGDGSUHYLVWDVHQHODUWGHOD/2(3RTXH
VHJ~QORVUHSUHVHQWDQWHVGHOD&iPDUDGH'LSXWDGRVVtHVSRVLEOHKDFHUORDSOLFDQGRHOSULQFLSLR
GH
DPSOLDU OR IDYRUDEOH \ UHVWULQJLU OR RGLRVR
 HQ ORV FDVRV GH LQREVHUYDQFLD GHO SULQFLSLR GH
OHJDOLGDG RFXDQGR H[LVWDQ LUUHJXODULGDGHV HQ HO SURFHVR DVSHFWRTXH FRUUHVSRQGH VHU GLULPLGR
GLOXFLGDGRRUHVXHOWRSRUYtDGHFRQWUROGHOHJDOLGDGDWUDYpVGHORVPHFDQLVPRVFRUUHVSRQGLHQWHV
\QRDVtPHGLDQWHFRQWUROFRPSHWHQFLDOFRPRVHSUHWHQGHSXHVHVWiFODURHQODHVSHFLHTXHDPEDV
SDUWHV UHFRQRFHQ FXiO HV VX FRPSHWHQFLD HQ HO SURFHVR GH FRQIRUPDFLyQ GH ORV 7ULEXQDOHV
'HSDUWDPHQWDOHV(OHFWRUDOHVGHDFXHUGRDORHVWDEOHFLGRSRUORVDUWV9GHOD&3(\\
GH OD /2(3 WRGR OR FXDO GHWHUPLQD OD LPSURFHGHQFLD GHO SUHVHQWH FRQIOLFWR GH FRPSHWHQFLDV
VXVFLWDGR


6LQWHVLVGHODUDWLRGHFLGHQGL
W


dW^:d



(OFRQIOLFWRGHFRPSHWHQFLDV\VROXFLyQGHFRQWURYHUVLDVQRVHDFWLYD
SDUD UHVROYHU FRQIOLFWRV HQWUH OD $VDPEOHD /HJLVODWLYD 1DFLRQDO \ OD
$VDPEOHD /HJLVODWLYD 'HSDUWDPHQWDO GH 6DQWD &UX] UHVSHFWR D OD
GHQXQFLDGHXVXUSDFLyQSDUDODHODERUDFLyQ\DSUREDFLyQGHWHUQDVHQOD
FRQIRUPDFLyQGHO7ULEXQDO'HSDUWDPHQWDO(OHFWRUDOGH6DQWD&UX]SRU
FRQVWLWXLUVHXQFDVRGHFRQWUROGHOHJDOLGDG

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,pVWDDFFLyQVHDFWLYDSDUDUHVROYHUDTXHOORVFRQIOLFWRVTXHVH
VXVFLWHQHQWUHORVyUJDQRVGHOJRELHUQRFHQWUDOGHO(VWDGR\ORVyUJDQRV
GHO JRELHUQR GH ODV (QWLGDGHV 7HUULWRULDOHV $XWyQRPDV R HQWUH ORV
yUJDQRV GHO JRELHUQR GH HVWDV ~OWLPDV VHxDODQGR FRPR HMHPSOR ORV
FDVRV HQ TXH HO UJDQR /HJLVODWLYR 'HSDUWDPHQWDO SXHGD LQYDGLU ODV
FRPSHWHQFLDVGHOUJDQR/HJLVODWLYR3OXULQDFLRQDO\YLFHYHUVDFRPR
UHVXOWD VHU HO FDVR SODQWHDGR OR TXH GHVWUX\H OD DILUPDFLyQ GH OD
UHSUHVHQWDQWHGHORWURyUJDQRHQFRQIOLFWR\VXDSRGHUDGRHQVHQWLGRGH
TXHOD&iPDUDGH'LSXWDGRVDOIRUPDUSDUWHGHOUJDQR/HJLVODWLYRQR
SXHGHVHUSDUWHGHOJRELHUQRSOXULQDFLRQDO\SRUHQGHVHUVXMHWRSDVLYR
GHODSUHVHQWHGHPDQGD

9RWR'LVLGHQWH

/D 0DJLVWUDGD /LJLD 0yQLFD 9HOiVTXH] H[SUHVD VX YRWR GLVLGHQWH
UHVSHFWR D OD 6&3  H[SUHVDQGR TXH HO SUREOHPD GHO FDVR
HIHFWLYDPHQWHGHELyVHUUHVXHOWRFRPR&RQIOLFWRGH&RPSHWHQFLDVSXHV
ODIDFXOWDGGHVHOHFFLRQDUWHUQDVSDUDYRFDOHVGHWULEXQDOHVHOHFWRUDOHV
GHSDUWDPHQWDOHV HV XQD FRPSHWHQFLD SURSLD GHO *RELHUQR
'HSDUWDPHQWDO\TXHODGHYROXFLyQGHODVWHUQDV\VXVDQWHFHGHQWHVVH
FRQVWLWX\HHQDFWRTXHYXOQHUDGLFKDFRPSHWHQFLDEDMRXQDIXQFLyQGH
UHYLVLyQQRSUHYLVWDHQHOOLVWDGRGHVXVFRPSHWHQFLDV

3RU VX SDUWH OD 0DJLVWUDGD 0LUWKD &DPDFKR GHFODUD VX GLVLGHQFLD
H[SUHVDQGR TXH HO KHFKR GH GHYROYHU ODV WHUQDV D OD $VDPEOHD
/HJLVODWLYD'HSDUWDPHQWDOGH6DQWD&UX]VLQTXHVHKD\DLQFXPSOLGRHO
~QLFRUHTXLVLWRHVWDEOHFLGRGHQWUROD&3(\OD/H\GHOUJDQR(OHFWRUDO
3OXULQDFLRQDO KDFH TXH HO DFWR GHQXQFLDGR VH KD\D HPLWLGR
HIHFWLYDPHQWH VLQ FRPSHWHQFLD SRU SDUWH GH OD $VDPEOHD /HJLVODWLYD
3OXULQDFLRQDO

3RU VX SDUWH OD 0DJLVWUDGD 1HOG\ 9LUJLQLD $QGUDGH H[SUHVy VX YRWR
GLVLGHQWH VHxDODQGR TXH GH QLQJXQD PDQHUD HO UJDQR /HJLVODWLYR
3OXULQDFLRQDOSXHGHLQPLVFXLUVHHQODVHOHFFLyQTXHKDFHOD$VDPEOHD
/HJLVODWLYD 'HSDUWDPHQWDO SXHV pVWD HV DXWyQRPD \ SRU HQGH OD
VHOHFFLyQTXHKDFHQRSXHGHVHUVLPSOHPHQWHREVHUYDGDRFXHVWLRQDGD
W


dW^:d

SRU QR DFHSWDU OD VHOHFFLyQ SROtWLFD GH ORV FDQGLGDWRV D HOHFFLyQ HQ
LQVWDQFLDVGHOD$VDPEOHD/HJLVODWLYD3OXULQDFLRQDO3HURDxDGHTXHHO
FRQWUROGHODLQVWDQFLDGHO/HJLVODWLYRHQHVWHSURFHVRGHHOHFFLyQGH
FDQGLGDWRVGHO7ULEXQDO(OHFWRUDO'HSDUWDPHQWDOQRSXHGHOLPLWDUVHD
ODSURSRUFLRQDOLGDGHQUHODFLyQDODUHSUHVHQWDFLyQ PXMHUHV\SXHEORV
LQGtJHQDV VLQRSXHGHQDEDUFDUFXDOTXLHUJpQHURGHLOHJDOLGDGHVHQODV
TXH VH KD\D LQFXUULGR GH OR FRQWUDULR SRGUtDPRV HVWDU HQ VXSXHVWRV
DEVXUGRV HQ ORV FXDOHV OD $VDPEOHD /HJLVODWLYD 3OXULQDFLRQDO HVWDUtD
REOLJDGDDFRQWLQXDUXQSURFHVRTXHFRQWHQJDLOHJDOLGDGHVRDFWRVGH
LQFRQVWLWXFLRQDOLGDGVLWXDFLyQTXHDODOX]GHO(VWDGR&RQVWLWXFLRQDOGH
'HUHFKRUHVXOWDLQDGPLVLEOH



&RQIOLFWRGHFRPSHWHQFLDVHQWUHODMXULVGLFFLyQLQGtJHQD
RULJLQDULD FDPSHVLQD MXULVGLFFLyQ RUGLQDULD \ DJURDPELHQWDOPELWRV
GH YLJHQFLD FRPSHWHQFLDO GH OD MXULVGLFFLyQ LQGtJHQD RULJLQDULD
FDPSHVLQD
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3(QORVVXSXHVWRVHQORVTXHORVVXMHWRVLQWHUYLQLHQWHV
HQ GHWHUPLQDGRV KHFKRV VHDQ PLHPEURV GH ORV SXHEORV LQGtJHQD
RULJLQDULR FDPSHVLQRV ORV SDUiPHWURV SDUD DVXPLU FRPSHWHQFLD QR
VRQ ORV TXH ULJHQ D OD MXULVGLFFLyQ RUGLQDULD VLQR ORV iPELWRV GH
YLJHQFLDSHUVRQDOPDWHULDO\WHUULWRULDOGHFRQIRUPLGDGDORSUHYLVWR
SRUOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

&RQIOLFWR GH FRPSHWHQFLDV HQWUH OD MXULVGLFFLyQ RUGLQDULD SHQDO \ OD
MXULVGLFFLyQ LQGtJHQD RULJLQDULD FDPSHVLQD SURYRFDGD D UDt] GH OD
TXHUHOOD\DFXVDFLyQSRUODSUHVXQWDFRPLVLyQGHOGHOLWRGHGHVSRMRGH
-&&\(0/0FRQWUD5$05/$-4&-'30)00'3$GLULJHQWHV
GHODFRPXQLGDG&KLUDSDFDSURFHVRFRQRFLGRSRUHO-XH]GH3DUWLGR\
GH6HQWHQFLD3HQDOGH$FKDFDFKLSRUXQDSDUWH\HO6HFUHWDULR*HQHUDO
GHO6LQGLFDWR$JUDULRGH&KLUDSDFDTXLHQVRVWLHQHTXHODVLWXDFLyQGHO
WHUUHQR VXSXHVWDPHQWH GHVSRMDGR VH GHILQLy SRU GLFKD FRPXQLGDG
W


dW^:d


FRQIRUPH VXV XVRV \ FRVWXPEUHV SRU OR TXH -&& \ (0/0 GHEHUtDQ
DFXGLU D ODV DXWRULGDGHV FRPSHWHQWHV GH OD FRPXQLGDG &KLUDSDFD HV
GHFLUVHGHEDWHODDXWRULGDGHQODTXHORVUHIHULGRVFLXGDGDQRVSXHGHQ
KDFHUYDOHUVXVSUHWHQVLRQHVIUHQWHDXQKHFKRTXHFRQVLGHUDQOHVLYRD
VXVLQWHUHVHV\GHUHFKRVSRUHOORPLVPRFXDQGRDXWRULGDGHVLQGtJHQD
RULJLQDULDV FDPSHVLQDV SODQWHDQ XQ FRQIOLFWR GH FRPSHWHQFLDV QR
GHEDWHQVLH[LVWHFRVDMX]JDGDRSUHMXGLFLDOLGDGSRUTXHHQJHQHUDOQR
VRQ WpUPLQRV \ VLJQLILFDQWHV TXH OHV DWLQMDQ VLQR GLVFXWHQ OD
FRPSHWHQFLD GHO KHFKR TXH RULJLQD XQD FRQWURYHUVLD TXH SDUD HVWH
7ULEXQDOKDFHDOREMHWRSURFHVDOGHOFRQIOLFWRGHFRPSHWHQFLDVHQHVWH
FDVRFRQFUHWR

([WUDFWRGHODUDWLRGHFLGHQGL

$OUHVSHFWRGHEHHVWDEOHFHUVHTXHFRQIRUPHORGHVDUUROODGRHQHO
)XQGDPHQWR-XUtGLFR,,,GHHVWD6HQWHQFLD&RQVWLWXFLRQDO3OXULQDFLRQDOHOKHFKRGH
TXH-XOLR&KDPELOOD&KRTXH\(YD0DUL]RO/ySH]0DFKLFDGRQRVHDQUHFRQRFLGRVSRU
ORVPLHPEURVGHODFRPXQLGDGFRPRSDUWHGHODPLVPDQRLPSOLFDQHFHVDULDPHQWHTXH
QRVHFXPSODHOUHTXLVLWRGHiPELWRSHUVRQDOSRUTXHORVPLVPRVKDEUtDQFRPSUDGRHO
WHUUHQRDORVKHUPDQRV$SDULFLRUHFRQRFLGRVFRPRPLHPEURVGHODFRPXQLGDGTXLHQHV
WDPELpQFRQRFtDQVREUHODQRUPDWLYDLQGtJHQDGHOOXJDU \ DGHPiVDOWUDVODGDUVHDXQ
WHUULWRULRDQFHVWUDOHUDGHVXFRQRFLPLHQWRTXHVHHVWDEDQVRPHWLHQGRDODMXULVGLFFLyQ
LQGtJHQDRULJLQDULDFDPSHVLQDDGTXLULHQGRGHDFXHUGRDOFDVRORVGHEHUHV\GHUHFKRV
SDUWLFXODUHVUHFRQRFLGRVSRUODVQRUPDVGHOEORTXHGHFRQVWLWXFLRQDOLGDGDORVSXHEORV
LQGtJHQDVTXHSXHGHQKDFHUYDOHUDOLQWHULRUGHODFRPXQLGDGRHQVHGHFRQVWLWXFLRQDO
RWUR HQWHQGLPLHQWR LPSOLFDUtD XQD DPHQD]D D OD LQWHJULGDG H LGHQWLGDG VRFLDO GH OD
FRPXQLGDG \ XQ GHVFRQRFLPLHQWR D OD FRQILJXUDFLyQ GHO (VWDGR EROLYLDQR FRPR

XQLWDULR VRFLDO GH GHUHFKR SOXULQDFLRQDO FRPXQLWDULR


 SRU OR TXH EDMR GLFKDV
FLUFXQVWDQFLDV HVWH 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HQWLHQGH OD H[LVWHQFLD GHO
iPELWRSHUVRQDO

5HVSHFWRDOiPELWRWHUULWRULDOQRH[LVWHFRPRHVOyJLFRGHVXSRQHUXQDGHOLPLWDFLyQ
H[DFWDVREUHHOWHUULWRULRGHODFRPXQLGDG&KLUDSDFDSHVHDHOOR%ROLYLDVHHQFXHQWUD
HQ XQD HWDSD GH UHFRQILJXUDFLyQ \ UHFRQVWLWXFLyQ GH VXV WHUULWRULRV KLVWyULFRV 
UHSXEOLFDQRVFRORQLDOHVRSUHFRORQLDOHVDVtHODUW,,GHOD&3(UHILHUHTXH
/D
FUHDFLyQPRGLILFDFLyQ\GHOLPLWDFLyQGHODVXQLGDGHVWHUULWRULDOHVVHKDUiSRUYROXQWDG
GHPRFUiWLFD GH VXV KDELWDQWHV GH DFXHUGR D ODV FRQGLFLRQHV HVWDEOHFLGDV HQ OD
&RQVWLWXFLyQ\ODOH\
SHVHDHOORUHVXOWDFODURTXHHOWHUUHQRREMHWRGHOSUHVXQWRGHOLWR
\ GH OD DSOLFDFLyQ GH OD QRUPDWLYD LQGtJHQD RULJLQDULD FDPSHVLQD VHJ~Q HO FDVR VH
HQFXHQWUD DO LQWHULRU GH OD FRPXQLGDG &KLUDSDFD FX\RV PLHPEURV HQ DVDPEOHD
GHWHUPLQDURQ TXH SRU VX VXSXHVWR DEDQGRQR SRU YDULRV DxRV VH XWLOLFH FRPR FDPSR
GHSRUWLYRSRUORTXHVHHYLGHQFLDXQDDIHFWDFLyQGLUHFWDDOLQWHUpVGHODFRPXQLGDGDOD
YLJHQFLDGHVXVQRUPDVSURSLDV\DODPDQHUDGHHQWHQGHUHOXVRVRFLDOGHODSURSLHGDG
TXHHQGHILQLWLYDDIHFWDDODFRQVWUXFFLyQVRFLDOGHVXLGHQWLGDG

5HVSHFWRDOiPELWRPDWHULDOHQODFRPXQLGDG&KLUDSDFDVHXWLOL]DHO(VWDWXWR2UJiQLFR
GHOD)HGHUDFLyQ6LQGLFDOQLFDGH7UDEDMDGRUHV&DPSHVLQRVGHODSURYLQFLD/RV$QGHV
\HO5HJODPHQWR,QWHUQRGHOD)HGHUDFLyQ6LQGLFDOQLFDGH7UDEDMDGRUHV&DPSHVLQRV
GH OD SURYLQFLD GH /RV $QGHV PLVPRV TXH VH FRQVWLWX\HQ HQ IXHQWH GHO 'HUHFKR QR
HVWDWDOFRQIRUPHHOSULQFLSLRGHSOXUDOLVPRMXUtGLFRHVWDEOHFLGRHQHODUWGHOD&3(
DVtHOLQIRUPHWpFQLFRGHODFRPXQLGDG&KLUDSDFD7&3678'-,2&-3LQI
GH OD 8QLGDG GH 'HVFRORQL]DFLyQ GHO 7ULEXQDO &RQVWLWXFLRQDO3OXULQDFLRQDO HVWDEOHFH
TXH
&KLUDSDFDDGPLQLVWUDMXVWLFLDFRQEDVHHQVXVXVRV\FRVWXPEUHV FRPRHOORVOR

W


dW^:d
GHQRPLQDQ \HO(VWDWXWR2UJiQLFRGHOD)687&3/$HQHOPDUFRGHOD-XVWLFLD
,QGtJHQD2ULJLQDULD&DPSHVLQD$OUHIHULUVHDODMXVWLFLDLQGtJHQDODVDXWRULGDGHVGHOD
FRPXQLGDG UHILHUHQ TXH HV DTXHOOD MXVWLFLD RULJLQDULD GHO SXHEOR \ TXH QR YLHQHQ GH
DIXHUD
 \ UHVSHFWR DO SURFHGLPLHQWR HO LQIRUPH HVWDEOHFH
&XDQGR KD\ XQ FRQIOLFWR
GLJDPRV GH WLHUUD SULPHUR VH DFXGH DO 6HFUHWDULR GH MXVWLFLD TXLHQ KDFH FRQRFHU DO
6HFUHWDULR*HQHUDOOXHJRHOGLUHFWRULRVHUH~QHQRSXHGHSDVDUPXFKRWLHPSROXHJRVH
FLWDDODVSDUWHVHQFRQIOLFWRGRQGHWUDWDPRVGHVROXFLRQDUHQFRQVHQVR\FRQFLOLDFLyQ
FRPRDQWHVGHDFXHUGRDXVRV\FRVWXPEUHV  SULPDVLHPSUHODFRQFLOLDFLyQ  VLQR
KD\FRPSUHQVLyQUHFLpQVHEDMDDODDVDPEOHDHQHVHFDVRODDVDPEOHDUHVXHOYH  GH
WRGRORDFWXDGRVHHOHYDLQIRUPHDOD6XEFHQWUDO

(QSUREOHPDVGHWLHUUDEDMDDOD DVDPEOHDV  HQODVRILFLQDVGHO,15$QRVSLGHOD
GHFLVLyQGHOSXHEORHQWRQFHVHQODDVDPEOHDODVEDVHVGHFLGH\HVDDFWDVHKDFHWRGRV
ILUPDPRV\HVRQRPDVHVQRVHYDDODMXVWLFLDRUGLQDULD

$xRVSDVDGRGRVRWUHVFRQIOLFWRVKHPRVVROXFLRQDGR  WLHQHTXHUHVSHWDUVHORTXH
DSUXHED OD FRPXQLGDG ODV SHUVRQDV WLHQHQ TXH UHVSHWDU HO DFWD TXH UHGDFWDPRV \
ILUPDPRVWRGRV

(QODFRPXQLGDGOD~OWLPDLQVWDQFLDHVODDVDPEOHDTXHLQWHUYLHQHHQFDVRVJUDYHV  
XQDYH]TXHHOFRQIOLFWROOHJDDODDVDPEOHDWRGRHVWRHQWUHHQDFWD \VHUHVSHWD  
FXDQGRQRVHFXPSOHODVDFWDVVHDSOLFDVDQFLRQHVFRPRWUDEDMRVFRPXQDOHVPXOWD HV
GLQHURHVSHFLHDIDYRUGHODFRPXQLGDGRGHODVSDUWHVDIHFWDGDV FDVLQRVHOOHJDDOD
H[SXOVLyQ  HVWDVDQFLyQVHDSOLFDHQ~OWLPRFDVRFXDQGRVHDIHFWDJUDYHPHQWHDOD
FRPXQLGDG

6H HOHYD WDPELpQ LQIRUPH D OD VXEFHQWUDO FHQWUDO   WDPELpQ ODV EDUWROLQDV HVWiQ
FRQIRUPDGRV OD IHGHUDFLyQ SURYLQFLDO \ GHSDUWDPHQWDOHV HOORV VRQ QXHVWURV FDEH]DV
FRPRQXHVWURSDSDWDPELpQQRVDSR\DQ  FXDQGRQRKD\VROXFLyQWDPELpQQRVDSR\DQ
 HOORVUHVXHOYHQHQWUHFRPXQLGDGHV

&XDQGR HO FRQIOLFWR OOHJD D OD VXEFHQWUDO QRV KDFH OODPDU D ODV DXWRULGDGHV   QRV
SUHJXQWDVLKD\SRVLEOHVROXFLyQHQWRQFHVpOSXHGHLQWHUYHQLUVLKD\EXHQDYROXQWDG
QRVLQGLFDTXHODFRPXQLGDGQRUPDVVROXFLRQHV  DVtVHUHVXHOYH


$KRUDELHQFRQIRUPHORGHVDUUROODGRHQHO)XQGDPHQWR-XUtGLFR,,,GHHVWD6HQWHQFLD
&RQVWLWXFLRQDO3OXULQDFLRQDOODUHODFLyQHQWUHQDFLRQHV\SXHEORVLQGtJHQDRULJLQDULR
FDPSHVLQRV FRQ VX WHUULWRULR HV LQHVFLQGLEOH HQ HVWH VHQWLGR HO DUW  GHO (VWDWXWR
2UJiQLFRGHOD)HGHUDFLyQ6LQGLFDOQLFDGH7UDEDMDGRUHV&DPSHVLQRVGHODSURYLQFLD
/RV $QGHV TXH FRQIRUPH VH YLR XW VXSUD FRQVWLWX\H IXHQWH GHO 'HUHFKR QR HVWDWDO
HVWDEOHFH UHVSHFWR D OD WLHUUD
QDFLPRV \ HQ HOOD YLYLPRV OD WUDEDMDPRV FXLGDPRV \
FXDQGR IHQHFH QXHVWUDV YLGDV SDVDPRV D VHU SDUWH GH HOODV
 \ VREUH HO DEDQGRQR GH
WLHUUDV HO ,QIRUPH 7pFQLFR GH OD &RPXQLGDG &KLUDSDFD 7&3678'-,2&-3LQI
GHOD8QLGDGGH'HVFRORQL]DFLyQGHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO
HVWDEOHFHTXH
UHVSHFWRDODEDQGRQRGHODVD\DxDHQODUHXQLyQWDPELpQVHxDODURQ/D
SHUVRQDWLHQHTXHUHFLELUVHHQVXFRQFLHQFLDVLKDHUUDGRVLQRKDFXPSOLGRWLHQHTXH
GHFLUOH DO SXHEOR GLVF~OSHQPH WDQWR YR\ D SRGHU \ VH LQFRUSRUD FRQ SHUPLVR GH OD
FRPXQLGDGSUHYLDPHQWH  ODSHUVRQDTXHTXLHUHYROYHUGHVSXpVGHWUHVRFXDWURVWLHQH
TXH SDJDU D OD FRPXQLGDG GH DFXHUGR D VX FRQFLHQFLD \ VL QR SDJD QR WLHQHQ QLQJ~Q
GHUHFKRWLHQHTXHLUVHQRPDVHVRGLFHQXHVWURVHVWDWXWRVSXHGHVHUTXHDEDQGRQHXQ
DxRRGRVSHURVLHVPiVGHGLH]DxRVHVRHVDEDQGRQRWRWDO


(QHOSUHVHQWHFDVR-XOLR&KDPELOOD&KRTXH\(YD0DUL]RO/ySH]0DFKLFDGRSODQWHDURQ
DFXVDFLyQ \ TXHUHOOD SRU GHOLWR GH GHVSRMR TXH UHILHUH D OD SRVHVLyQ GH WHUUHQR HQ OD
FRPXQLGDG GH &KLUDSDFD PDWHULD TXH ORV FRPXQDULRV GHO OXJDU GH IRUPD DQWLTXtVLPD
IXHURQ FRQRFLHQGR \ KDFH SDUWH IXQGDPHQWDO GH VX RUJDQL]DFLyQ VRFLDO FRQIRUPH VH

W


dW^:d


GHVDUUROOyHQHO)XQGDPHQWR-XUtGLFR,,,GHHVWD6HQWHQFLDSRUORTXHVHHQWLHQGHTXH
ODFRQGXFWDGHQXQFLDGDFRUUHVSRQGHMX]JDUVHSRUODVDXWRULGDGHVGHO6LQGLFDWR$JUDULR
GH &KLUDSDFD GH OD SURYLQFLD GH /RV $QGHV GHO GHSDUWDPHQWR GH /D 3D] TXH WLHQHQ
SURFHGLPLHQWRV\QRUPDVHVSHFtILFDVSDUDUHJXODUODWHQHQFLDGHODWLHUUD\HQVXFDVR
SDUD UHFXSHUDUOD SRU OR TXH H[LVWLHQGR XQD UHODFLyQ DUPyQLFD \ FRKHUHQWH HQWUH ORV
iPELWRVSHUVRQDOPDWHULDO\WHUULWRULDOFRUUHVSRQGHGHFODUDUFRPSHWHQWHDODMXULVGLFFLyQ
LQGtJHQDRULJLQDULDFDPSHVLQDGHELHQGR-XOLR&KDPELOOD&KRTXH\(YD0DUL]RO/ySH]
0DFKLFDGRKDFHUYDOHUVXVSUHWHQVLRQHV\GHUHFKRVDQWHODVDXWRULGDGHV\FRQIRUPHOD
QRUPDVGHO6LQGLFDWR$JUDULRGH&KLUDSDFD

)LQDOPHQWH \ UHVSHFWR DO PHPRULDO GH -XOLR &KDPELOOD &KRTXH \ (YD 0DUL]RO /ySH]
0DFKLFDGRGLULJLGRDO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOSRUHOTXHGHQXQFLDQTXH
VXVGHUHFKRVIXQGDPHQWDOHVHVWDUtDQVLHQGRYXOQHUDGRV IVD VHGHEHUHLWHUDUTXH
FRQIRUPHORGHVDUUROODGRHQHO)XQGDPHQWR-XUtGLFR,,,GHHVWD6HQWHQFLDPHGLDQWHXQ
SURFHVRGHFRQIOLFWRGHFRPSHWHQFLDVMXULVGLFFLRQDOHVHQHVWDLQVWDQFLDFRQVWLWXFLRQDO
~QLFDPHQWH SXHGH GHWHUPLQDUVH OD MXULVGLFFLyQ FRPSHWHQWH SHUR QR OD SUHVXQWD
YXOQHUDFLyQDGHUHFKRV\JDUDQWtDVODUHFWLWXGGHODVGHFLVLRQHVGHO6LQGLFDWR$JUDULRGH
&KLUDSDFDVLVHUHVSHWDURQRQRORVHVWiQGDUHVPtQLPRVGHOGHELGRSURFHVRHOHPHQWRV
PLVPRVTXHHQVXFDVRGHEHQUHFODPDUVHDQWHHOSURSLR6LQGLFDWR\HQVXFDVRDQWHOD
MXVWLFLDFRQVWLWXFLRQDO


6LQWHVLVGHODUDWLRGHFLGHQGL

'HFODUDFRPSHWHQWHDODVDXWRULGDGHVRULJLQDULDVGHO6LQGLFDWR$JUDULR
GH&KLUDSDFDGHOD3URYLQFLDGH/RV$QGHVGHOGHSDUWDPHQWRGH/D3D]
SDUDFRQRFHUHQHOIRQGRGHOSUHVHQWHFDVRGHELGRDTXHVHHQWLHQGHTXH
OD FRQGXFWD GHQXQFLDGD FRUUHVSRQGH MX]JDUVH SRU ODV DXWRULGDGHV GHO
6LQGLFDWR $JUDULR GH &KLUDSDFD GH OD SURYLQFLD GH /RV $QGHV GHO
GHSDUWDPHQWRGH/D3D]TXHWLHQHQSURFHGLPLHQWRV\QRUPDVHVSHFtILFDV
SDUDUHJXODUODWHQHQFLDGHODWLHUUD\HQVXFDVRSDUDUHFXSHUDUODSRUOR
TXH H[LVWLHQGR XQD UHODFLyQ DUPyQLFD \ FRKHUHQWH HQWUH ORV iPELWRV
SHUVRQDO PDWHULDO \ WHUULWRULDO FRUUHVSRQGH GHFODUDU FRPSHWHQWH D OD
MXULVGLFFLyQLQGtJHQDRULJLQDULDFDPSHVLQD

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

$KRUDELHQUHVSHFWRDORViPELWRVGHDSOLFDFLyQGHODMXULVGLFFLyQLQGtJHQD
RULJLQDULDFDPSHVLQDHODUW,,GHOD&3(GHWHUPLQDTXH
/DMXULVGLFFLyQLQGtJHQD
RULJLQDULR FDPSHVLQD VH HMHUFH HQ ORV   iPELWRV GH YLJHQFLD SHUVRQDO PDWHULDO \
WHUULWRULDO
 FRUUHVSRQGLHQGR HIHFWXDU XQD LQWHUSUHWDFLyQ GHVGH \ FRQIRUPH D OD
&RQVWLWXFLyQ \ ORV 7UDWDGRV GHO 'HUHFKR ,QWHUQDFLRQDO GH 'HUHFKRV +XPDQRV DUWV
,9\GHOD&3( GHODUWGHOD/H\GH'HVOLQGH-XULVGLFFLRQDOHVGHFLU

,,,PELWRGHYLJHQFLDSHUVRQDO

(ODUW,GHOD&3(SUHFLVD
(VQDFLyQ\SXHEORLQGtJHQDRULJLQDULRFDPSHVLQRWRGD
OD FROHFWLYLGDG KXPDQD TXH FRPSDUWD LGHQWLGDG FXOWXUDO LGLRPD WUDGLFLyQ KLVWyULFD
LQVWLWXFLRQHV WHUULWRULDOLGDG \ FRVPRYLVLyQ FX\D H[LVWHQFLD HV DQWHULRU D OD LQYDVLyQ
FRORQLDOHVSDxROD
SRUVXSDUWHHODUWGHOD/H\)XQGDPHQWDOKDFHUHIHUHQFLDDGRV
HOHPHQWRVDFRQVLGHUDUTXHVRQ
'DGDODH[LVWHQFLDSUHFRORQLDOGHODVQDFLRQHV\SXHEORV
LQGtJHQD RULJLQDULR FDPSHVLQRV \ VX GRPLQLR DQFHVWUDO VREUH VXV WHUULWRULRV
 \
ILQDOPHQWH GHEH FRQVLGHUDUVH HO DUW , GH OD 1RUPD 6XSUHPD TXH HVWDEOHFH
/D

W


dW^:d
MXULVGLFFLyQLQGtJHQDRULJLQDULRFDPSHVLQDVHIXQGDPHQWDHQXQYtQFXORSDUWLFXODUGH
ODV SHUVRQDV TXH VRQ PLHPEURV GH OD UHVSHFWLYD QDFLyQ R SXHEOR LQGtJHQD RULJLQDULR
FDPSHVLQR


(Q HVWH VHQWLGR SDUD HVWH 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO UHVXOWD FODUR TXH OD
LQWHUSUHWDFLyQGHODUWGHOD/H\GH'HVOLQGH-XULVGLFFLRQDOTXHHVWDEOHFH
(VWiQVXMHWRV
DODMXULVGLFFLyQLQGtJHQDRULJLQDULDFDPSHVLQDORVPLHPEURVGHODUHVSHFWLYDQDFLyQR
SXHEOR LQGtJHQD RULJLQDULR FDPSHVLQR
 GHEH LQWHUSUHWDUVH HQ XQ VHQWLGR DPSOLR \
FRQIRUPHDODUW,,GHOD&3(TXHHVWDEOHFHTXH
(VWiQVXMHWRVDHVWDMXULVGLFFLyQ
ORVPLHPEURVGHODQDFLyQRSXHEORLQGtJHQDRULJLQDULRFDPSHVLQRVHDTXHDFW~HQFRPR
DFWRUHV R GHPDQGDGR GHQXQFLDQWHV R TXHUHOODQWHV GHQXQFLDGRV R LPSXWDGRV
UHFXUUHQWHVRUHFXUULGRV
GHGRQGHSXHGHH[WUDHUVHTXHLQLFLDOPHQWHDOFDQ]DD

  /RV PLHPEURV GH ODV FROHFWLYLGDGHV KXPDQDV TXH FRPSDUWHQ LGHQWLGDG FXOWXUDO
LGLRPD WUDGLFLyQKLVWyULFD LQVWLWXFLRQHV WHUULWRULDOLGDG \ FRVPRYLVLyQ FRQ H[LVWHQFLD
SUHFRORQLDO\TXHHMHUFHQGRPLQLRDQFHVWUDOVREUHVXVWHUULWRULRV$OUHVSHFWROD6&3
GHGHVHSWLHPEUHDFODUyTXH
GHEHSUHFLVDUVHDGHPiVTXHHQHOFRQWH[WR
GHODVQDFLRQHV\SXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRVVXHVWUXFWXUDRUJDQL]DWLYDSRU
UD]RQHV WDPELpQ GH RUGHQ VRFLRKLVWyULFR SRGUtD HVWDU FRPSXHVWD SRURUJDQL]DFLRQHV
FDPSHVLQDVMXQWDVYHFLQDOHVXRWUDVPRGDOLGDGHVRUJDQL]DWLYDVTXHUHIOHMHQXQSURFHVR
GHPHVWL]DMHYLYLGRHQHO3DtVHQHVWRVFDVRVHOUHFRQRFLPLHQWRGHGHUHFKRVFROHFWLYRV
FRPRQDFLRQHV\SXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRVUHVSRQGHUiDODFRQFXUUHQFLD
GH FXDOTXLHUD GH ORV HOHPHQWRV GH FRKHVLyQ FROHFWLYD GHVFULWRV VXSUD HV GHFLU D OD
H[LVWHQFLD GH LGHQWLGDG FXOWXUDO LGLRPD RUJDQL]DFLyQ DGPLQLVWUDWLYD RUJDQL]DFLyQ
WHUULWRULDO WHUULWRULDOLGDG DQFHVWUDO ULWXDOLGDG \ FRVPRYLVLyQ SURSLD HQWUH RWUDV

DVSHFWRTXHQRGHEHUHVXOWDUVRUSUHQGHQWHVLVHFRQVLGHUDODFDQWLGDGRILFLDOGHSHUVRQDV
DXWRLGHQWLILFDGDVFRPRLQGtJHQDV\ODPDJQLWXGGHPLJUDFLyQLQWHUQDSURYRFDGDVSRU
ODVQHFHVLGDGHVHFRQyPLFRVRFLDOHVHQQXHVWURSDtV

 
(Q HVWH VHQWLGR GHEH FRQVLGHUDUVH TXH HO YtQFXOR
SDUWLFXODU
 TXH XQH D ORV
PLHPEURV GH XQD QDFLyQ R SXHEOR LQGtJHQD RULJLQDULR FDPSHVLQRGH QLQJXQD PDQHUD
SRGUtDIXQGDUVHHQHOQDFLPLHQWRRORVUDVJRVItVLFRVSRUHOORPLVPRXQDSHUVRQDQR
QDFLGDHQXQDGHWHUPLQDGDFXOWXUDSXHGHDGRSWDUODPLVPD\SRUHQGHVHUMX]JDGRSRU
ODMXULVGLFFLyQLQGtJHQDRULJLQDULDFDPSHVLQDSRUHOORPLVPRHODUWGHO&RQYHQLR
GHOD2UJDQL]DFLyQ,QWHUQDFLRQDOGHO7UDEDMR 2,7 HVWDEOHFHTXH
/DFRQFLHQFLD
GHVXLGHQWLGDGRWULEDOGHEHUiFRQVLGHUDUVHXQFULWHULRIXQGDPHQWDOSDUDGHWHUPLQDUORV
JUXSRVDORVTXHVHDSOLFDQODVGLVSRVLFLRQHVGHOSUHVHQWH&RQYHQLR


 
3RURWUDSDUWH\FRQVLGHUDQGRTXHHOGHUHFKRFROHFWLYRDDGPLQLVWUDUVXMXVWLFLD
HVWiUHODFLRQDGRDODFRQVWUXFFLyQGHVXLGHQWLGDGVRFLDOHVOyJLFRDFHSWDUTXHHVSRVLEOH
HO MX]JDPLHQWR GH SHUVRQDV TXH QR QHFHVDULDPHQWH SHUWHQH]FDQ D OD QDFLyQ R SXHEOR
LQGtJHQD RULJLQDULD FDPSHVLQR SHUR TXH YROXQWDULDPHQWH GH PDQHUD H[SUHVD R
WiFLWDPHQWHVHVRPHWDQDGLFKDMXULVGLFFLyQSRUHMHPSORDOGHFLGLURFXSDUVXVWHUULWRULRV
DQFHVWUDOHVDXQTXHHOORQRLPSOLFDTXHQRGHEDDQDOL]DUVHHQFDGDFDVRODFRQFXUUHQFLD
GHORViPELWRVWHUULWRULDOPDWHULDO\SHUVRQDOUHIHULGRVSRUHODUW,,GHOD&3(

,,,PELWRGHYLJHQFLDWHUULWRULDO

5HVSHFWR DO iPELWR WHUULWRULDO HO DUW  GH OD /H\ GH 'HVOLQGH -XULVGLFFLRQDO /'- 
VHxDODTXH
(OiPELWRGHYLJHQFLDWHUULWRULDOVHDSOLFDDODVUHODFLRQHV\KHFKRVMXUtGLFRV
TXH VH UHDOL]DQ R FX\RV HIHFWRV VH SURGXFHQ GHQWUR GH OD MXULVGLFFLyQ GH XQ SXHEOR
LQGtJHQD RULJLQDULR FDPSHVLQR VLHPSUH \ FXDQGR FRQFXUUDQ ORV RWURV iPELWRV GH
YLJHQFLDHVWDEOHFLGRVHQOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR\HQODSUHVHQWH/H\
ORTXH
VLQGXGDEXVFDSUHVHUYDUODVHJXULGDGMXUtGLFDHQODVUHODFLRQHVMXUtGLFDVHQWHQGLGDHQOD
6&5GHGHRFWXEUHGHFRPRFRQGLFLyQHVHQFLDOSDUDODYLGD\HO
GHVHQYROYLPLHQWR GH ODV QDFLRQHV \ GH ORV LQGLYLGXRV TXH OD LQWHJUDQ 5HSUHVHQWD OD

W


dW^:d


JDUDQWtDGHODDSOLFDFLyQREMHWLYDGHODOH\GHWDOPRGRTXHORVLQGLYLGXRVVDEHQHQFDGD
PRPHQWRFXiOHVVRQVXVGHUHFKRV\VXVREOLJDFLRQHVVLQTXHHOFDSULFKRODWRUSH]DROD
PDODYROXQWDGGHORVJREHUQDQWHVSXHGDFDXVDUOHVSHUMXLFLR

$KRUDELHQGLFKDQRUPDWDPELpQGHEHLQWHUSUHWDUVHHQHOPDUFRGHODUW,,GHOD
&3(TXHUHILHUH
(VWDMXULVGLFFLyQVHDSOLFDDODVUHODFLRQHV\KHFKRVMXUtGLFRVTXHVH
UHDOL]DQRFX\RVHIHFWRVVHSURGXFHQGHQWURGHODMXULVGLFFLyQGHXQSXHEORLQGtJHQD
RULJLQDULRFDPSHVLQR
HVGHFLU

L 
(Q JHQHUDO OD MXULVGLFFLyQ LQGtJHQD RULJLQDULD FDPSHVLQD VH DSOLFD HQ ORV
WHUULWRULRVDQFHVWUDOHV

LL 
$ KHFKRV FRPHWLGRV IXHUD GHO HVSDFLR ItVLFR GH XQ WHUULWRULR LQGtJHQD
RULJLQDULR FDPSHVLQR TXH SXHGDQ DIHFWDU OD FRKHVLyQ VRFLDO FROHFWLYD FRPR SRGUtD
VXFHGHU SRU HMHPSOR FXDQGR ORV PLVPRV VH SURGX]FDQ SRU XQD DXWRULGDG HQ
UHSUHVHQWDFLyQ GHO SXHEOR LQGtJHQD RULJLQDULR FDPSHVLQR R H[LVWD GHVYtR GH SRGHU
UHVSHFWRDGLFKDUHSUHVHQWDFLyQ

,,,PELWRGHYLJHQFLDPDWHULDO



5HVSHFWRDODUW,,GHOD&3(UHVSHFWRDOiPELWRGHYLJHQFLDPDWHULDOHVWDEOHFH
TXH OD MXULVGLFFLyQ LQGtJHQD RULJLQDULD FDPSHVLQD
FRQRFH ORV DVXQWRV LQGtJHQD
RULJLQDULR FDPSHVLQRV GH FRQIRUPLGDG D OR HVWDEOHFLGR HQ XQD /H\ GH 'HVOLQGH
-XULVGLFFLRQDO
 SHVH D HOOR D HVWH 7ULEXQDO &RQVWLWXFLRQDO  3OXULQDFLRQDO OH UHVXOWD
DEVROXWDPHQWH FODUR TXH ODV FRPXQLGDGHV LQGtJHQD RULJLQDULR FDPSHVLQDV YLHQHQ
FRQRFLHQGRGHVGHODDQWLJHGDGWRGDVODVFRQWURYHUVLDVVXUJLGDVHQODPLVPDGHIRUPD
TXHFXHQWDQFRQODSUHVXQFLyQGHFRPSHWHQFLDSRUVXVLWXDFLyQKLVWyULFDGHGHVYHQWDMD
UHVSHFWRDODMXULVGLFFLyQRUGLQDULDSRUORTXHODLQWHUSUHWDFLyQGHOD/H\GH'HVOLQGH
-XULVGLFFLRQDOGHEHHIHFWXDUVHGHWDOPDQHUDTXHORLQKLELGRDODMXULVGLFFLyQLQGtJHQD
RULJLQDULD FDPSHVLQD VHD HO UHVXOWDGR GH XQD LQWHUSUHWDFLyQ VLVWHPiWLFD GHO WH[WR
FRQVWLWXFLRQDOGHGRQGHUHVXOWHTXHODH[FOXVLyQGHXQ
DVXQWR
GHODFRPSHWHQFLDGHOD
MXULVGLFFLyQLQGtJHQDRULJLQDULDFDPSHVLQDEXVTXHGHPDQHUDHYLGHQWH\FODUDHQHOFDVR
FRQFUHWRSURWHJHUXQELHQMXUtGLFRGHHQWLGDGQDFLRQDORLQWHUQDFLRQDOGHDFXHUGRDODV
SDUWLFXODULGDGHVGHOFDVRFRQFUHWR




1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO


W


dW^:d

6&3   &XDQGR QR H[LVWH FRQFXUUHQFLD GH ORV iPELWRV GH
YLJHQFLDSHUVRQDOPDWHULDO\WHUULWRULDOHQHOSULPHUFDVRGHELGRDTXH
ODTXHUHOODQWHSRUVXFRQGLFLyQGHPDHVWUDQRVHHQFXHQWUDYLYLHQGR
YROXQWDULDPHQWH HQ OD FRPXQLGDG LQGtJHQD HV FRPSHWHQWH OD
MXULVGLFFLyQRUGLQDULDSDUDODVXVWDQFLDFLyQGHSURFHVRVSHQDOHVSRU
GHOLWRVFRQWUDHOKRQRU

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWHFRQIOLFWRGHFRPSHWHQFLDVMXULVGLFFLRQDOHVVXVFLWDGRHQWUHOD-XH]DGH3DUWLGR
0L[WDGH6HQWHQFLD3HQDO\/LTXLGDGRUDGH8QFtD\OD$XWRULGDG2ULJLQDULD-LODQNRGHO
FDELOGR GH 6DUDFDUD GHO D\OOX -XFXPDQL
PXQLFLSLR LQGtJHQD
 GH &KXTXLKXWD GH OD
SURYLQFLD 5DIDHO %XVWLOORV DPERV GHO GHSDUWDPHQWRGH3RWRVt HQ HOTXH OD DXWRULGDG
RULJLQDULD -LODQNR GHO FDELOGR 6DUDFDUD GHO D\OOX -XFXPDQL PDQLILHVWD TXH ODV
DXWRULGDGHVRULJLQDULDVGHOFDELOGRGH6DUDFDUDGHOD\OOX-XFXPDQLWLHQHQFRPSHWHQFLD
SDUD FRQRFHU OD SUREOHPiWLFD SXHV FRQFXUUH OD FRPSHWHQFLD WHUULWRULDO
 SRUTXH HO
RULJHQGHORVKHFKRVTXHDPHULWDURQHOSURFHVRSHQDOVHGHVDUUROOyGHQWURGHOKiELWDW
WHUULWRULRRMXULVGLFFLyQLQGtJHQDFDPSHVLQR7RFRULD 
 VLF GHLJXDOIRUPDFRQFXUUH
HOiPELWRGHFRPSHWHQFLDPDWHULDO
 SRUTXHORVGHOLWRVGHGLIDPDFLyQHLQMXULDQRHVWiQ
H[SUHVDPHQWHH[FOXLGRVGHOFRQRFLPLHQWRGHODMXULVGLFFLyQLQGtJHQD 
 VLF \WDPELpQ
FRQFXUUHODFRPSHWHQFLDSHUVRQDO
 SRUTXHWRGRVORVDFXVDGRVVRPRVPLHPEURVGHOD
FRPXQLGDGGH 7RFRULD \ SRU FRQVLJXLHQWH OD DFXVDGRUDSRUTXH GHVHPSHxD IXQFLRQHV
FRPR PDHVWUD 
 VLF  3RU VX SDUWH OD -XH]D GH 3DUWLGR 0L[WD GH 6HQWHQFLD 3HQDO \
/LTXLGDGRUD GH 8QFtD VH GHFODUy FRPSHWHQWH SDUD HO FRQRFLPLHQWR GH OD FDXVD
GHQHJDQGR HO LQFLGHQWH GH LQFRPSHWHQFLD SODQWHDGR SRU FXDQWR OD DFXVDGRUD QR HV
PLHPEUR GH OD FRPXQLGDG GH 7RFRUtD OXJDU GRQGH VROR GHVHPSHxD ODV IXQFLRQHV GH
PDHVWUD \D TXH HOOD HV QDWXUDO GH XQ PXQLFLSLR FRQFHQWUDGR
 VLF  SRU OR TXH QR
FRQFXUULUtDHOiPELWRSHUVRQDOGHDSOLFDFLyQGHODMXULVGLFFLyQ,2&ODVDXWRULGDGHV,2&

WLHQHQ OD IDFXOWDG GH FRQRFHU DVXQWRV LQGtJHQD RULJLQDULR FDPSHVLQDV \ QR DVt
FRQGXFWDVUHODFLRQDGDVFRQHOiPELWRHGXFDWLYRTXHHQVXFDVRGHEHGLOXFLGDUVHSRUOD
YtDDGPLQLVWUDWLYDDSOLFDQGRODVQRUPDVGHO&yGLJRGHOD(GXFDFLyQ%ROLYLDQD
 VLF 

OD DXWRULGDG MXULVGLFFLRQDO GHVFRQRFH FRPSOHWDPHQWH VREUH OD FRQVWLWXFLyQ VRFLDO


LGHQWLGDGFXOWXUDOHVWUXFWXUDRUJDQL]DWLYDWHUULWRULDOODVDWULEXFLRQHVGHODVDXWRULGDGHV
RULJLQDULDV SDUD FRQRFHU KHFKRV GHOLFWLYRV SUREOHPDV HGXFDWLYRV VDQFLRQHV
GLVFLSOLQDULDV\ORVSRVLEOHVSURFHGLPLHQWRVTXHDSOLFDQHQGLFKDFRPXQLGDGGH7RFDUtD
GHO $\OOX -XFXPDQL VLWXDFLyQ TXH GLILFXOWD GHWHUPLQDU FRQ DEVROXWD SUHFLVLyQ OD
FRPSHWHQFLD GH ODV DXWRULGDGHV FRPXQDOHV X RUGLQDULDV VREUH HO FRQRFLPLHQWR GH
GHWHUPLQDGDV FRQGXFWDV GH VXV PLHPEURV OR TXH RULJLQD TXH H[LVWD FRQIOLFWR GH
FRPSHWHQFLDVHQWUHODMXULVGLFFLyQRUGLQDULDFRQODMXULVGLFFLyQRULJLQDULDORTXHDPHULWD
TXHHOFDVRVHDFRQVXOWDGRDQWHHO7ULEXQDO&RQVWLWXFLRQDOHQFRQIRUPLGDGDORGLVSXHVWR
SRUHO$UW GHOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR3OXULQDFLRQDOFRQFRUGDQWH
FRQ HO $UW  GH OD /H\ GHO UJDQR -XGLFLDO
 VLF  (O 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO GHFODUy FRPSHWHQWH D OD -XH]D GH 3DUWLGR 0L[WD GH 6HQWHQFLD 3HQDO \
/LTXLGDGRUD GH 8QFtD SDUD FRQWLQXDU OD VXVWDQFLDFLyQ GHO SURFHVR SHQDO FRQ HO
DUJXPHQWRGHTXHHQHOFDVRHQDQiOLVLVQRH[LVWHFRQFXUUHQFLDHQWUHODYLJHQFLDSHUVRQDO
PDWHULDO QL WHUULWRULDO SXHVWR TXH OD TXHUHOODQWH LQLFLy XQD DFFLyQ SHQDO SRU DFWRV
UHDOL]DGRV HQ VX FDOLGDG GH SURIHVRUD GH (VWDGR DVLJQDGD D OD XQLGDG HGXFDWLYD GH
&KXTXLKXWDOXJDU HQ HO TXHQR VH HQFRQWUDED UDGLFDQGR SRU YROXQWDGSURSLD VLQR SRU
LQVWUXFFLyQGHODDGPLQLVWUDFLyQHGXFDWLYD\SRUWDQWRQRDFWXyGHPDQHUDSDUWLFXODUHQ
ORV VXSXHVWRV KHFKRV TXH GLHURQ OXJDU D ODV GHQXQFLDV HIHFWXDGDV SRU SDUWH GH ODV
DXWRULGDGHVFRPXQDOHV\TXHHQGHILQLWLYDRULJLQDURQHOSURFHVRSHQDOSRUORTXHQRHV
SRVLEOHH[WHQGHUHOYtQFXORSDUWLFXODUGHLGHQWLILFDFLyQRSHUWHQHQFLDFRQHOSXHEORHQ
FXHVWLyQGHLJXDOIRUPDFRQUHODFLyQDODYLJHQFLDWHUULWRULDOVLELHQHVHYLGHQWHTXHHO

W


dW^:d


SURFHVRSHQDOWLHQHHIHFWRVVREUHODFRPXQLGDGSHVHDHOORGHEHKDFHUVHQRWDUTXHDO
UHIHULUVHDDFWRVUHDOL]DGRVRILFLDOPHQWHWDPELpQWLHQHHIHFWRVREUHODTXHUHOODQWHHQVX
FDOLGDGGHIXQFLRQDULDS~EOLFDGHQLYHOFHQWUDOSXHVHOLQLFLRGHSURFHVRVDGPLQLVWUDWLYRV
FRQWUD OD TXHUHOODQWH DPHQD]D FRQ DIHFWDU VX FDUUHUD GRFHQWH QR VROR HQ HO FDUJR GH
SURIHVRUDGH(VWDGRHQ&KXTXLKXWDVLQRHQFXDOTXLHURWUROXJDUGHOWHUULWRULRQDFLRQDO\
ILQDOPHQWH VREUH OD YLJHQFLD PDWHULDO  HO 7ULEXQDO VHxDOy TXH VL ELHQ ORV GHOLWRV GH
GLIDPDFLyQ H LQMXULD WLSLILFDGRV HQ ORV DUWV  \  GHO &yGLJR 3HQDO QR VH
HQFXHQWUDQH[FOXLGRVSRUOD/H\GH'HVOLQGH-XULVGLFFLRQDOVLQHPEDUJRFRQIRUPHVH
GHVDUUROOyHQODFLWDGD6&3GHVGHODFRVPRYLVLyQLQGtJHQDQRVHFRQRFHQ
SURSLDPHQWHWDOORVGHOLWRVFRPRVXFHGHHQODMXULVGLFFLyQRUGLQDULD


([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,ODGHILQLFLyQGHODFDOLGDGGH
PLHPEUR
GHXQD1DFLyQR3XHEOR,QGtJHQD
2ULJLQDULR&DPSHVLQR 13,2& HVWiFLPHQWDGDHQXQYtQFXOR
SDUWLFXODU
TXHXQHDORV
VXMHWRVGHXQD13,2&HQWUHVt\FRQHOFROHFWLYRTXHHQFRQMXQWRFRQIRUPDQLPSOLFDQGR
XQDVXHUWHGHHVSDFLRFRP~QGHFRQYLYHQFLDHQHOTXHFRQFXUUHQHOHPHQWRVGHFDUiFWHU
REMHWLYR WHUULWRULRHVSDFLRSRGHUDXWRULGDGRUJDQL]DFLyQHWF \VXEMHWLYR SHUWHQHQFLD
 FRVPRYLVLyQ VLPERORJtD HWF  HQWHQGLGRV FRPR GLVSRVLWLYRV GH FRKHVLyQ VRFLDO
LQWHUQD \ D VX YH] GH GLIHUHQFLDFLyQ FRQ RWURV FROHFWLYRV GH DKt VX FDUiFWHU GH

SDUWLFXODU
 R SDUWLFXOL]DGRUSXHVWRTXH LQGLYLGXDOL]D H LGHQWLILFD FRQ HVSHFLILFLGDG DO
VXMHWRFRQVXQDFLyQRSXHEORTXHSHUPLWHFRQFOXLUTXHFRQRFHODVQRUPDVDUHVSHWDU\
ORVSURFHGLPLHQWRVSDUDHMHUFHUGHIHQVDHQWUHRWURVORTXHQRRFXUUHSOHQDPHQWHHQHO
FDVRFRQFUHWRFRQODSURIHVRUDTXLHQQRHVWiLGHQWLILFDGDFRQODMXULVGLFFLyQ,2&HQOR
UHIHUHQWHDORVDFWRVTXHSXHGDQDIHFWDU\HQVXFDVRDIHFWDURQVXGHVHPSHxRSURIHVLRQDO

'HDKtTXHODTXHUHOODQWHLQLFLyXQDDFFLyQSHQDOSRUDFWRVUHDOL]DGRVHQVXFDOLGDGGH
SURIHVRUDGH(VWDGRDVLJQDGDDODXQLGDGHGXFDWLYDGH&KXTXLKXWDOXJDUHQHOTXHQRVH
HQFRQWUDED UDGLFDQGR SRU YROXQWDG SURSLD VLQR SRU LQVWUXFFLyQ GH OD DGPLQLVWUDFLyQ
HGXFDWLYD\SRUWDQWRQRDFWXyGHPDQHUDSDUWLFXODUHQORVVXSXHVWRVKHFKRVTXHGLHURQ
OXJDU D ODV GHQXQFLDV HIHFWXDGDV SRU SDUWH GH ODV DXWRULGDGHV FRPXQDOHV \ TXH HQ
GHILQLWLYD RULJLQDURQ HO SURFHVR SHQDO SRU OR TXH QR HV SRVLEOH H[WHQGHU HO YtQFXOR
SDUWLFXODUGHLGHQWLILFDFLyQRSHUWHQHQFLDFRQHOSXHEORHQFXHVWLyQ

$VLPLVPR \ HQ OR UHIHUHQWH DO iPELWR WHUULWRULDO OD DXWRULGDG ,2& DGXFH TXH
ORV
KHFKRVTXHDPHULWDURQHOSURFHVRSHQDOVHGHVDUUROODURQGHQWURGHOKiELWDWWHUULWRULRR
MXULVGLFFLyQLQGtJHQDFDPSHVLQR7RFRULD
GDGRTXHODVGHQXQFLDVHIHFWXDGDVSRUODV
DXWRULGDGHVRULJLQDULDVFRQWUDODTXHUHOODQWHDQWHHO'LUHFWRU0XQLFLSDOGH(GXFDFLyQ
VyOR HMHFXWDURQ ODV GHWHUPLQDFLRQHV FRPXQDOHV DVXPLGDV GHQWUR GH OD MXULVGLFFLyQ
WHUULWRULDO LQGtJHQD HV GHFLU
IXHURQ FRQVHFXHQFLD GH XQD '(7(50,1$&,1 2
5(62/8&,1'(/$&2081,'$'
HQHVWHVHQWLGRHVHYLGHQWHTXHHOSURFHVRSHQDO
WLHQHHIHFWRVVREUHODFRPXQLGDGSHVHDHOORHVWH7ULEXQDOKDFHQRWDUTXHDOUHIHULUVHD
DFWRVUHDOL]DGRVRILFLDOPHQWHWDPELpQWLHQHHIHFWRVREUHODTXHUHOODQWHHQVXFDOLGDGGH
IXQFLRQDULDS~EOLFDGHQLYHOFHQWUDOSXHVHOLQLFLRGHSURFHVRVDGPLQLVWUDWLYRVFRQWUDOD
TXHUHOODQWHDPHQD]DFRQDIHFWDUVXFDUUHUDGRFHQWHQRVRORHQHOFDUJRGHSURIHVRUDGH
(VWDGRHQ&KXTXLKXWDVLQRHQFXDOTXLHURWUROXJDUGHOWHUULWRULRQDFLRQDO

(QORUHIHULGRDOiPELWRGHYLJHQFLDPDWHULDOVLELHQORVGHOLWRVGHGLIDPDFLyQHLQMXULD
WLSLILFDGRVHQORVDUWV\GHO&yGLJR3HQDO &3 QRVHHQFXHQWUDQH[FOXLGRVSRU
OD/H\GH'HVOLQGH-XULVGLFFLRQDOVLQHPEDUJRFRQIRUPHVHGHVDUUROOyHQOD\DFLWDGD
6&3  GHVGH OD FRVPRYLVLyQ LQGtJHQD QR VH FRQRFHQ SURSLDPHQWH WDO ORV
GHOLWRV FRPR VXFHGH HQ OD MXULVGLFFLyQ RUGLQDULD GH DKt TXH HVWH 7ULEXQDO DQDOL]D HO

DVXQWR
 DUW,,GHOD&3( GHVGHORVKHFKRVTXHGDQOXJDUDODFRQWURYHUVLDPiV
TXHDXQDFDOLILFDFLyQOHJDOSRUORTXHFRQIRUPHVHREVHUYyORUHDOL]DGRSRUDXWRULGDGHV
S~EOLFDVGHOQLYHOFHQWUDOHQHOHMHUFLFLRGHVXVIXQFLRQHVHQHVWHFDVRHGXFDFLyQHVXQ

W


dW^:d
WHPDTXHLQLFLDOPHQWHFRUUHVSRQGHFRQRFHUVHSRUDXWRULGDGHVGHOQLYHOFHQWUDO

(QGHILQLWLYDFRQVLGHUDQGRTXHHQHOFDVRREMHWRGHDQiOLVLVVHYHULILFDODLQFRQFXUUHQFLD
GH ORV HOHPHQWRV TXH FRQILJXUDQ D OD MXULVGLFFLyQ ,2& VH FRQFOX\H TXH OD -XH]D GH
3DUWLGR0L[WDGH6HQWHQFLD3HQDO\/LTXLGDGRUDGH8QFtDWLHQHFRPSHWHQFLDSDUDHO
FRQRFLPLHQWR GH OD FDXVD REMHWR GHO FRQIOLFWR DVSHFWR TXH QR LPSOLFD XQ
SURQXQFLDPLHQWRVREUHHOIRQGRGHODSUREOHPiWLFD


6LQWHVLVGHODUDWLRGHFLGHQGL

6HGHFODUDFRPSHWHQWHDOD-XH]DGH3DUWLGR0L[WDGH6HQWHQFLD3HQDO
\ /LTXLGDGRUD GH 8QFtD SDUD FRQWLQXDU OD VXVWDQFLDFLyQ GHO SURFHVR
SHQDOSRUODVXSXHVWDFRPLVLyQGHORVGHOLWRVGHGLIDPDFLyQHLQMXULD
FRQ HO DUJXPHQWR GH TXH QR H[LVWH FRQFXUUHQFLD HQWUH OD YLJHQFLD
SHUVRQDOPDWHULDO\WHUULWRULDOTXHSHUPLWDHOFRQRFLPLHQWRGHOFDVRDOD
MXULVGLFFLyQ LQGtJHQD RULJLQDULR FDPSHVLQD SXHVWR TXH OD TXHUHOODQWH
LQLFLyXQDDFFLyQSHQDOSRUDFWRVUHDOL]DGRVHQVXFDOLGDGGHSURIHVRUD
GH(VWDGRDVLJQDGDDODXQLGDGHGXFDWLYDGH&KXTXLKXWDOXJDUHQHOTXH
QRVHHQFRQWUDEDUDGLFDQGRSRUYROXQWDGSURSLDVLQRSRULQVWUXFFLyQGH
ODDGPLQLVWUDFLyQHGXFDWLYD\SRUWDQWRQRDFWXyGHPDQHUDSDUWLFXODUHQ
ORV VXSXHVWRV KHFKRV TXHGLHURQ OXJDU DODV GHQXQFLDV HIHFWXDGDV SRU
SDUWH GH ODV DXWRULGDGHV FRPXQDOHV \ TXH HQ GHILQLWLYD RULJLQDURQ HO
SURFHVRSHQDOSRUORTXHQRHVSRVLEOHH[WHQGHUHOYtQFXORSDUWLFXODUGH
LGHQWLILFDFLyQRSHUWHQHQFLDFRQHOSXHEORHQFXHVWLyQGHLJXDOIRUPD
FRQUHODFLyQDODYLJHQFLDWHUULWRULDOVLELHQHVHYLGHQWHTXHHOSURFHVR
SHQDOWLHQHHIHFWRVVREUHODFRPXQLGDGSHVHDHOORGHEHKDFHUVHQRWDU
TXH DO UHIHULUVH D DFWRV UHDOL]DGRV RILFLDOPHQWH WDPELpQ WLHQH HIHFWR
VREUHODTXHUHOODQWHHQVXFDOLGDGGHIXQFLRQDULDS~EOLFDGHQLYHOFHQWUDO
SXHVHOLQLFLRGHSURFHVRVDGPLQLVWUDWLYRVFRQWUDODTXHUHOODQWHDPHQD]D
FRQDIHFWDUVXFDUUHUDGRFHQWHQRVRORHQHOFDUJRGHSURIHVRUDGH(VWDGR
HQ &KXTXLKXWD VLQR HQ FXDOTXLHU RWUR OXJDU GHO WHUULWRULR QDFLRQDO \
ILQDOPHQWHVREUHODYLJHQFLDPDWHULDOHO7ULEXQDOVHxDOyTXHVLELHQORV
GHOLWRV GH GLIDPDFLyQ H LQMXULD WLSLILFDGRV HQ ORV DUWV  \  GHO
&yGLJR 3HQDO QR VH HQFXHQWUDQ H[FOXLGRV SRU OD /H\ GH 'HVOLQGH
-XULVGLFFLRQDO VLQ HPEDUJR FRQIRUPH VH GHVDUUROOy HQ OD FLWDGD 6&3
GHVGHODFRVPRYLVLyQLQGtJHQDQRVHFRQRFHQSURSLDPHQWH
WDOHVGHOLWRVFRPRVXFHGHHQODMXULVGLFFLyQRUGLQDULD

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

)XQGDQWH

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

/D6&3HQVX)-,,,ODGHILQLFLyQGHODFDOLGDGGH
PLHPEUR
GHXQD
1DFLyQR3XHEOR,QGtJHQD2ULJLQDULR&DPSHVLQR 13,2& HVWiFLPHQWDGDHQXQYtQFXOR

SDUWLFXODU
TXHXQHDORVVXMHWRVGHXQD13,2&HQWUHVt\FRQHOFROHFWLYRTXHHQFRQMXQWR
FRQIRUPDQLPSOLFDQGRXQDVXHUWHGHHVSDFLRFRP~QGHFRQYLYHQFLDHQHOTXHFRQFXUUHQ

W


dW^:d


HOHPHQWRVGHFDUiFWHUREMHWLYR WHUULWRULRHVSDFLRSRGHUDXWRULGDGRUJDQL]DFLyQHWF \
VXEMHWLYR SHUWHQHQFLDFRVPRYLVLyQVLPERORJtDHWF HQWHQGLGRVFRPRGLVSRVLWLYRVGH
FRKHVLyQ VRFLDO LQWHUQD \ D VX YH] GH GLIHUHQFLDFLyQ FRQ RWURV FROHFWLYRV GH DKt VX
FDUiFWHU GH
SDUWLFXODU
 R SDUWLFXOL]DGRU SXHVWR TXH LQGLYLGXDOL]D H LGHQWLILFD FRQ
HVSHFLILFLGDG DO VXMHWR FRQ VX QDFLyQ R SXHEOR TXH SHUPLWH FRQFOXLU TXH FRQRFH ODV
QRUPDVDUHVSHWDU\ORVSURFHGLPLHQWRVSDUDHMHUFHUGHIHQVDHQWUHRWURVORTXHQRRFXUUH
SOHQDPHQWH HQ HO FDVR FRQFUHWR FRQ OD SURIHVRUD TXLHQ QR HVWi LGHQWLILFDGD FRQ OD
MXULVGLFFLyQ,2&HQORUHIHUHQWHDORVDFWRVTXHSXHGDQDIHFWDU\HQVXFDVRDIHFWDURQVX
GHVHPSHxRSURIHVLRQDO

'HDKtTXHODTXHUHOODQWHLQLFLyXQDDFFLyQSHQDOSRUDFWRVUHDOL]DGRVHQVXFDOLGDGGH
SURIHVRUDGH(VWDGRDVLJQDGDDODXQLGDGHGXFDWLYDGH&KXTXLKXWDOXJDUHQHOTXHQRVH
HQFRQWUDED UDGLFDQGR SRU YROXQWDG SURSLD VLQR SRU LQVWUXFFLyQ GH OD DGPLQLVWUDFLyQ
HGXFDWLYD\SRUWDQWRQRDFWXyGHPDQHUDSDUWLFXODUHQORVVXSXHVWRVKHFKRVTXHGLHURQ
OXJDU D ODV GHQXQFLDV HIHFWXDGDV SRU SDUWH GH ODV DXWRULGDGHV FRPXQDOHV \ TXH HQ
GHILQLWLYD RULJLQDURQ HO SURFHVR SHQDO SRU OR TXH QR HV SRVLEOH H[WHQGHU HO YtQFXOR
SDUWLFXODUGHLGHQWLILFDFLyQRSHUWHQHQFLDFRQHOSXHEORHQFXHVWLyQ

$VLPLVPR \ HQ OR UHIHUHQWH DO iPELWR WHUULWRULDO OD DXWRULGDG ,2& DGXFH TXH
ORV
KHFKRVTXHDPHULWDURQHOSURFHVRSHQDOVHGHVDUUROODURQGHQWURGHOKiELWDWWHUULWRULRR
MXULVGLFFLyQLQGtJHQDFDPSHVLQR7RFRULD
GDGRTXHODVGHQXQFLDVHIHFWXDGDVSRUODV
DXWRULGDGHVRULJLQDULDVFRQWUDODTXHUHOODQWHDQWHHO'LUHFWRU0XQLFLSDOGH(GXFDFLyQ
VyOR HMHFXWDURQ ODV GHWHUPLQDFLRQHV FRPXQDOHV DVXPLGDV GHQWUR GH OD MXULVGLFFLyQ
WHUULWRULDO LQGtJHQD HV GHFLU
IXHURQ FRQVHFXHQFLD GH XQD '(7(50,1$&,1 2
5(62/8&,1'(/$&2081,'$'
HQHVWHVHQWLGRHVHYLGHQWHTXHHOSURFHVRSHQDO
WLHQHHIHFWRVVREUHODFRPXQLGDGSHVHDHOORHVWH7ULEXQDOKDFHQRWDUTXHDOUHIHULUVHD
DFWRVUHDOL]DGRVRILFLDOPHQWHWDPELpQWLHQHHIHFWRVREUHODTXHUHOODQWHHQVXFDOLGDGGH
IXQFLRQDULDS~EOLFDGHQLYHOFHQWUDOSXHVHOLQLFLRGHSURFHVRVDGPLQLVWUDWLYRVFRQWUDOD
TXHUHOODQWHDPHQD]DFRQDIHFWDUVXFDUUHUDGRFHQWHQRVRORHQHOFDUJRGHSURIHVRUDGH
(VWDGRHQ&KXTXLKXWDVLQRHQFXDOTXLHURWUROXJDUGHOWHUULWRULRQDFLRQDO

(QORUHIHULGRDOiPELWRGHYLJHQFLDPDWHULDOVLELHQORVGHOLWRVGHGLIDPDFLyQHLQMXULD
WLSLILFDGRVHQORVDUWV\GHO&yGLJR3HQDO &3 QRVHHQFXHQWUDQH[FOXLGRVSRU
OD/H\GH'HVOLQGH-XULVGLFFLRQDOVLQHPEDUJRFRQIRUPHVHGHVDUUROOyHQOD\DFLWDGD
6&3  GHVGH OD FRVPRYLVLyQ LQGtJHQD QR VH FRQRFHQ SURSLDPHQWH WDO ORV
GHOLWRV FRPR VXFHGH HQ OD MXULVGLFFLyQ RUGLQDULD GH DKt TXH HVWH 7ULEXQDO DQDOL]D HO

DVXQWR
 DUW,,GHOD&3( GHVGHORVKHFKRVTXHGDQOXJDUDODFRQWURYHUVLDPiV
TXHDXQDFDOLILFDFLyQOHJDOSRUORTXHFRQIRUPHVHREVHUYyORUHDOL]DGRSRUDXWRULGDGHV
S~EOLFDVGHOQLYHOFHQWUDOHQHOHMHUFLFLRGHVXVIXQFLRQHVHQHVWHFDVRHGXFDFLyQHVXQ
WHPDTXHLQLFLDOPHQWHFRUUHVSRQGHFRQRFHUVHSRUDXWRULGDGHVGHOQLYHOFHQWUDO

(QGHILQLWLYDFRQVLGHUDQGRTXHHQHOFDVRREMHWRGHDQiOLVLVVHYHULILFDODLQFRQFXUUHQFLD
GH ORV HOHPHQWRV TXH FRQILJXUDQ D OD MXULVGLFFLyQ ,2& VH FRQFOX\H TXH OD -XH]D GH
3DUWLGR0L[WDGH6HQWHQFLD3HQDO\/LTXLGDGRUDGH8QFtDWLHQHFRPSHWHQFLDSDUDHO
FRQRFLPLHQWR GH OD FDXVD REMHWR GHO FRQIOLFWR DVSHFWR TXH QR LPSOLFD XQ
SURQXQFLDPLHQWRVREUHHOIRQGRGHODSUREOHPiWLFD




1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
UHOHYDQWH
W


SUHFHGHQFLDO

dW^:d

7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3(QORVVXSXHVWRVHQORVTXHORVVXMHWRVLQWHUYLQLHQWHV
HQ GHWHUPLQDGRV KHFKRV VHDQ PLHPEURV GH ORV SXHEORV LQGtJHQD
RULJLQDULR FDPSHVLQRV ORV SDUiPHWURV SDUD DVXPLU FRPSHWHQFLD QR
VRQ ORV TXH ULJHQ D OD MXULVGLFFLyQ RUGLQDULD VLQR ORV iPELWRV GH
YLJHQFLDSHUVRQDOPDWHULDO\WHUULWRULDOGHFRQIRUPLGDGDORSUHYLVWR
SRUOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q XQFRQIOLFWR GH FRPSHWHQFLDVMXULVGLFFLRQDOHVHQWUH ODMXULVGLFFLyQ
RUGLQDULD \ OD MXULVGLFFLyQ LQGtJHQD RULJLQDULD FDPSHVLQD HO SXHEOR
LQGtJHQD <XUDFDUp0RMHxR UHFODPD OD FRPSHWHQFLD SDUD FRQRFHU \
UHVROYHUXQFDVRTXHLQYROXFUDDXQRGHVXVPLHPEURVUHVSHFWRDKHFKRV
TXHVHWLSLILFDQHQHOFyGLJRSHQDOVXVWDQWLYRFRPRIDOVHGDGPDWHULDOH
LGHROyJLFD\XVRGHLQVWUXPHQWRIDOVLILFDGR\TXHVHKDEUtDQVXVFLWDGR
FXDQGR VH OOHYDED D FDER HO SURFHVR GH HOHFFLyQ GH $VDPEOHtVWDV
'HSDUWDPHQWDOHV SRU ODV DXWRULGGHV GHO SXHEOR <DUDFDUp0RMHxR
RSRUWXQLGDG HQ OD TXH VH HOLJLy D ORV UHSUHVHQWDQWHV DO TXLQWR FXUXO
LQGtJHQDGHOD$VDPEOHD/HJLVODWLYD'HSDUWDPHQWDOGH6DQWD&UX]

(O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO GHFODUy FRPSHWHQWH D ODV
DXWRULGDGHVRULJLQDULDVGHOSXHEOR<XUDFDUp0RMHxRGHELGRDTXHORV
iPELWRVGHYLJHQFLDFRQVWLWXFLRQDOSDUDHOHMHUFLFLRGHODMXULVGLFFLyQ
HVWRHVHOPDWHULDOSHUVRQDO\WHUULWRULDOVHHQFXHQWUDQUHXQLGRVHQHO
SUHVHQWH FDVR SRU OR TXH FRUUHVSRQGH DO SXHEOR <XUDFDUp0RMHxR
UHVROYHUHOFRQIOLFWRRFRQWURYHUVLDEDMRVXVQRUPDV\SURFHGLPLHQWRV
SURSLRVORTXHGHWHUPLQDODDEVWHQFLyQGHDFWRVGHLQWURPLVLyQHQVX
HMHUFLFLR\HOGHEHUGHUHVSHWDUVXVGHFLVLRQHV\UHVROXFLRQHV\HQWRGR
FDVRUHDOL]DUDFWRVGHFRRUGLQDFLyQ\FRODERUDFLyQSDUDTXHODPLVPD
VHDHMHFXWDGD\FXPSOLGD

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,  HQHOSUREOHPDMXUtGLFRSODQWHDGRVHHQFXHQWUDQLQYROXFUDGRVPLHPEURV
GHO SXHEOR LQGtJHQD <XUDFDUp0RMHxR ORV KHFKRV GHQXQFLDGRV HPHUJHQ GHO SURFHVR
HOHFFLRQDULROOHYDGRDFDERHOGHMXOLRGHHQODFRPXQLGDGGH(O3DOODUGHOD
SURYLQFLD ,FKLOR GHO GHSDUWDPHQWR GH 6DQWD &UX] SHUWHQHFLHQWH DO SXHEOR <XUDFDUp
0RMHxR\DUDt]GHDVXQWRVTXHFRQFLHUQHQHLQWHUHVDQDGLFKRSXHEORHQYLUWXGDTXH
OD$VDPEOHDIXHUHDOL]DGDDFRQYRFDWRULDGHO&RQVHMR,QGtJHQDGHO3XHEOR<XUDFDUp
0RMHxRSDUDODHOHFFLyQGH$VDPEOHtVWD'HSDUWDPHQWDOGHOSXHEOR<XUDFDUp0RMHxR

&RQVHFXHQWHPHQWH ORV iPELWRV GH YLJHQFLD FRQVWLWXFLRQDO SDUD HO HMHUFLFLR GH OD
MXULVGLFFLyQLQGtJHQDVHHQFXHQWUDQUHXQLGRVHQHOFDVRSUHVHQWH$VtHODVSHFWRSHUVRQDO

W


dW^:d


DOXGLGR SRU OD &RQVWLWXFLyQ VH GLR SRU FRPSOHWR SXHV WDQWR ODV SHUVRQDV TXH
SUHVXQWDPHQWHFRPHWLHURQHOKHFKRGHQXQFLDGRFRPRODSHUVRQDDIHFWDGDVRQPLHPEURV
GHO SXHEOR <XUDFDUp0RMHxR FRQIRUPH VH WLHQH HQ ODV &RQFOXVLRQHV ,, \ ,, GHO
SUHVHQWHIDOOR

'HRWURODGRHQFXDQWRDODYLJHQFLDPDWHULDOVHWLHQHTXHORVKHFKRVSURGXFLGRVHQOD
FRPXQLGDGGH(O3DOODUREHGHFHQDDVXQWRVGHOSXHEOR<XUDFDUp0RMHxRHPHUJHQWHVGH
VX$VDPEOHD*HQHUDOFHOHEUDGDHOGHMXOLRGHHQODFRPXQLGDGGH(O3DOODUGH
ODSURYLQFLD,FKLORGHOGHSDUWDPHQWRGH6DQWD&UX]DFRQYRFDWRULDGHO&,3<0SDUD
OOHYDUDFDERHOSURFHVRGHHOHFFLyQGH$VDPEOHtVWD'HSDUWDPHQWDOGHOSXHEOR<XUDFDUp
0RMHxRSDUDRFXSDUHOTXLQWRFXUXOLQGtJHQDHQOD$VDPEOHD/HJLVODWLYD'HSDUWDPHQWDO
GH 6DQWD &UX] DFWR TXH FRQFOX\y FRQ OD HOHFFLyQ GH 5RVPHUL *XWLpUUH] +HUEDV GH
*DOLQGR FRPR $VDPEOHtVWD WLWXODU \ 5REHUWR &DUORV &RUWH] 6RULD FRPR $VDPEOHtVWD
VXSOHQWH

$VLPLVPRHQFXDQWRDOiPELWRGHYLJHQFLDWHUULWRULDOVHUHLWHUDTXHHOKHFKRVHVXVFLWy
HQODFRPXQLGDGGH(O3DOODUTXHSHUWHQHFHDOSXHEOR<XUDFDUp0RMHxRSRUWDQWRORV
KHFKRVVLWXDFLRQHVRUHODFLRQHVMXUtGLFDVTXHVHGDQGHQWURGHOHVSDFLRWHUULWRULDOGHORV
SXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRVGHEHQVHUUHVXHOWRVSRUODMXULVGLFFLyQLQGtJHQD
DWUDYpVGHVXVQRUPDV\SURFHGLPLHQWRVGDGRTXHHQYLUWXGGHODOLEUHGHWHUPLQDFLyQ
GHORVSXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRV DUWGHOD&3( FDGDXQRGHHOORVWLHQH
VX VLVWHPD MXUtGLFR DFRUGH FRQ VX FRVPRYLVLyQ FRQ VX FXOWXUD WUDGLFLRQHV YDORUHV
SULQFLSLRV \ QRUPDV HQ PpULWR GH HOOR GHWHUPLQDQ TXp KHFKRV R DVXQWRV UHVXHOYHQ
GHFLGHQRVDQFLRQDQDGTXLULHQGRODFRPSHWHQFLDSDUDFRQRFHUORVKHFKRV\DVXQWRVTXH
VLHPSUHKDQFRQRFLGR\UHVXHOWRDVtFRPRSDUDGHFLGLUHQFXiOHVGHFLGHQLQWHUYHQLU\
FXiOHVGHULYDUORVDRWUDMXULVGLFFLyQFRQPD\RUUD]yQVLVHWUDWDGHUHODFLRQHV\KHFKRV
MXUtGLFRVTXH VH UHDOL]DQ R FX\RV HIHFWRV VH SURGXFHQGHQWURGH OD MXULVGLFFLyQ GH XQ
SXHEOR LQGtJHQD RULJLQDULR FDPSHVLQR FRQ HO DGYHUWLGR TXH IXHURQ ODV DXWRULGDGHV
RULJLQDULDV HQ HO FDVR FRQFUHWR HO &RQVHMR ,QGtJHQD GHO 3XHEOR ,QGtJHQD <XUDFDUp
0RMHxRORVTXHWDPELpQSODQWHDURQODGHFOLQDWRULDGHFRPSHWHQFLDGHOD-XH]D6HJXQGD
GH,QVWUXFFLyQHQOR3HQDOVRVWHQLHQGRTXHODGHQXQFLDHIHFWXDGDSRUHOFRPXQDULR-RVp
/XLV%ODQFR+HUEDVGHEtDUHVROYHUVH\GLULPLUVHHQODMXULVGLFFLyQLQGtJHQDRULJLQDULD
FDPSHVLQD\QRSRUODMXULVGLFFLyQRUGLQDULDVHJ~QVHKDFRQVWDWDGRHQOD&RQFOXVLyQ
,, GH OD SUHVHQWH 6HQWHQFLD &RQVWLWXFLRQDO 3OXULQDFLRQDO WRGD YH] TXH ORV SXHEORV
LQGtJHQDRULJLQDULRFDPSHVLQRVDFRUGHFRQVXFRVPRYLVLyQFRQVXFXOWXUDWUDGLFLRQHV
YDORUHV SULQFLSLRV \ QRUPDV GHWHUPLQDQ TXp KHFKRV R DVXQWRV UHVXHOYHQ GHFLGHQ R
VDQFLRQDQDGTXLULHQGRODFRPSHWHQFLDSDUDFRQRFHUORVKHFKRV\DVXQWRVTXHVLHPSUH
KDQFRQRFLGR\UHVXHOWRDVtFRPRSDUDUHVROYHUHQFXiOHVGHFLGHQLQWHUYHQLU\FXiOHV
GHULYDUORVDRWUDMXULVGLFFLyQ

(QHVWHPDUFRGHEHUHFRUGDUVHTXHFRQIRUPHORHVWDEOHFLGRHQHODUWGHOD&3(OD
GHPRFUDFLD VH OD HMHUFH WDPELpQ SRU OD GHPRFUDFLD FRPXQLWDULD SRU PHGLR GH OD
HOHFFLyQ GHVLJQDFLyQ R QRPLQDFLyQ GH DXWRULGDGHV \ UHSUHVHQWDQWHV SRU QRUPDV \
SURFHGLPLHQWRVSURSLRVGHODVQDFLRQHV\SXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRVHQ
FRQVHFXHQFLD ODV SUHVXQWDV LUUHJXODULGDGHV HQ HO SURFHVR GH HOHFFLyQ OD VXSXHVWD
IDOVLILFDFLyQ \ WRGRV ORV KHFKRV UHODFLRQDGRV SRU HO GHQXQFLDQWH TXH HPHUJHQ GHO
SURFHVR GH HOHFFLyQ SURGXFLGR HQ OD FRPXQLGDG GH (O 3DOODU \ TXH VXFHGLHURQ HQWUH
FRPXQDULRV GH HOOD \ VREUH DVXQWRV SURSLRV GHO SXHEOR <XUDFDUp0RMHxR GHEHQ VHU
UHVXHOWRV SRU HVWD MXULVGLFFLyQ KDVWD VX DJRWDPLHQWR SRU WDQWR FRUUHVSRQGH D OD
MXULVGLFFLyQLQGtJHQDGHOSXHEOR<XUDFDUp0RMHxRUHVROYHUHOFRQIOLFWRRFRQWURYHUVLD
EDMRVVXVQRUPDV\SURFHGLPLHQWRVSURSLRVDOPLVPRWLHPSRFRUUHVSRQGHHOGHEHUGH
DEVWHQHUVHRGHUHDOL]DUDFWRVGHLQWURPLVLyQHQVXHMHUFLFLRDVtFRPRHOGHEHUGHUHVSHWDU
VXV GHFLVLRQHV \ UHVROXFLRQHV \ HQ WRGR FDVR UHDOL]DU DFWRV GH FRRUGLQDFLyQ \
FRODERUDFLyQSDUDTXHODPLVPDVHDHMHFXWDGD\FXPSOLGD

(QHOFDVRHQDQiOLVLVGHDFXHUGRDORVHxDODGRHQHO)XQGDPHQWR-XUtGLFR,,,GHOD

W


dW^:d
SUHVHQWH6HQWHQFLD&RQVWLWXFLRQDO3OXULQDFLRQDOHOSXHEOR<XUDFDUp0RMHxRFXHQWDFRQ
XQD HVWUXFWXUD GH DXWRULGDGHV RULJLQDULDV GHELGDPHQWH RUJDQL]DGD HMHUFLGD SRU ORV
SURSLRVFRPXQDULRVFRQIDFXOWDGHVGHFRQRFHU\UHVROYHUFRQIOLFWRVTXHVHSURGXFHQ
HQWUH VXV FRPXQDULRV SDUD WUDWDU FDVRV IDPLOLDUHV FDOXPQLDV GLIDPDFLRQHV GHOLWRV \
FRQIOLFWRVPHQRUHVHQEDVHDVXVSULQFLSLRVYDORUHVQRUPDVSURSLDVFRQIDFXOWDGGH
LPSRQHUVDQFLRQHVGHUHIOH[LyQUHFRPHQGDFLyQWUDEDMRVFRPXQLWDULRVUHVDUFLPLHQWR\
FRPSURPLVRVGHORVDXWRUHVDQWHODFRPXQLGDGEDMRVXFRVPRYLVLyQH[LVWHXQDSUiFWLFD
GHMXVWLFLDSOHQD\YLJHQWHFRQDGPLQLVWUDFLyQSURSLDGHODMXVWLFLDLQGtJHQDRULJLQDULD
FRQQRUPDV\SURFHGLPLHQWRVTXHWUDGXFHQVXVSURSLRVYDORUHVFXOWXUDOHVWUDQVPLWLGRV
GH JHQHUDFLyQ HQ JHQHUDFLyQ ([LVWHQ DXWRULGDGHV GHELGDPHQWH RUJDQL]DGDV EDMR VX
FRVPRYLVLyQFRQUROHV\DWULEXFLRQHVSDUDFRQRFHU\GHFLGLUHOFDVRGHQXQFLDGRFRPR
VRQ ODV DVDPEOHDV FDELOGRV R UHXQLRQHV FRPXQLWDULDV GLULJLGDV SRU ODV DXWRULGDGHV
RULJLQDULDV\EDMRHOSHUPLVR\OLFHQFLDGHVXVGLRVHVHQYLUWXGGHORFXDOFRUUHVSRQGH
UHFRQRFHUODFRPSHWHQFLDGHODMXULVGLFFLyQLQGtJHQDRULJLQDULDFDPSHVLQDGHOSXHEOR
<XUDFDUp0RMHxR SDUD VXVWDQFLDU \ UHVROYHU ORV KHFKRV GHQXQFLDGRV SRU -RVp /XLV
%ODQFR +HUEDV HQ VX FRQGLFLyQ GH &DFLTXH 0D\RU GH OD 7&2 FRPXQLGDG LQGtJHQD
<XUDFDUp\7ULQLWDULD(O3DOODUFRQWUD5RVPHUL*XWLpUUH]+HUEDVGH*DOLQGR5REHUWR
&DUORV&RUWH]6RULD\5DPLUR*DOLQGR&KiYH]PLHPEURVGHOSXHEORLQGtJHQD<XUDFDUp
0RMHxR D UDt] GHO SURFHVR HOHFFLRQDULR SDUD RFXSDU HO TXLQWR FXUXO LQGtJHQD HQ OD
$VDPEOHD/HJLVODWLYD'HSDUWDPHQWDOGH6DQWD&UX]DFWRTXHFRQFOX\yFRQODHOHFFLyQ
GH 5RVPHUL *XWLpUUH] +HUEDV GH *DOLQGR FRPR $VDPEOHtVWD WLWXODU \ 5REHUWR &DUORV
&RUWH]6RULDFRPR$VDPEOHtVWD VXSOHQWHQHJDQGRWRGDFRPSHWHQFLDDODMXULVGLFFLyQ
RUGLQDULD SDUD FRQWLQXDU FRQ HO SURFHVR SHQDO LQVWDXUDGR SRU HO GHQXQFLDQWH FRQWUD
5RVPHUL*XWLpUUH]+HUEDVGH*DOLQGR5REHUWR&DUORV&RUWH]6RULD\5DPLUR*DOLQGR
&KiYH]SRUODSUHVXQWDFRPLVLyQGHORVGHOLWRVGHIDOVHGDGPDWHULDOHLGHROyJLFD\XVR
GHLQVWUXPHQWRIDOVLILFDGR

(Q YLUWXG GH OR PDQLIHVWDGR HQ HO FDVR FRQFUHWR OD MXULVGLFFLyQ RUGLQDULD QR WLHQH
FRPSHWHQFLDSDUDFRQRFHU\UHVROYHUORVKHFKRVTXHLQLFLDURQODDSHUWXUDGHOSURFHVR
SHQDOUHIHULGRDVSHFWRTXHGHELyVHUFRQVLGHUDGRSRUFDGDXQDGHODVDXWRULGDGHVGHOD
MXULVGLFFLyQRUGLQDULDTXHWRPDURQSDUWHHQHODVXQWRHQHOHQWHQGLGRTXHFRUUHVSRQGH
DO(VWDGRDWUDYpVGHVXVLQVWLWXFLRQHV\yUJDQRVJDUDQWL]DU\UHVSHWDUHOHMHUFLFLRGHOD
MXULVGLFFLyQ LQGtJHQD RULJLQDULD FDPSHVLQD OR TXH REOLJD UHFRUGDU TXH DQWH HVWRV
VXSXHVWRVHQORVTXHORVVXMHWRVLQWHUYLQLHQWHVHQGHWHUPLQDGRVKHFKRVVHDQPLHPEURV
GHORVSXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRVORVSDUiPHWURVSDUDDVXPLUFRPSHWHQFLD
QR VRQ ORV TXH ULJHQ D OD MXULVGLFFLyQ RUGLQDULD FRPR HO UHIHULGR D TXH GHEH GDUVH
SULRULGDG DO MXH] TXHSUHYLQRSULPHUR OD FDXVD SXHV HQ HVWRV FRQWH[WRV ODV UHJODV GH
FRPSHWHQFLD QR VRQ ODV TXH ULJHQ SDUD OD MXULVGLFFLyQ RUGLQDULD VLQR ORV iPELWRV GH
YLJHQFLDSHUVRQDOPDWHULDO\WHUULWRULDOHQORVDOFDQFHVVHxDODGRVDVSHFWRTXHGHEHVHU
UHVSHWDGRSRUORVyUJDQRVHVWDWDOHVFRPRJDUDQWtDGHO(VWDGRSDUDHOHMHUFLFLRHIHFWLYR
GHO GHUHFKR D OD MXULVGLFFLyQ LQGtJHQD \ DFFHVR D OD MXVWLFLD HQ HO HQWHQGLGR TXH HQ
FRQWH[WRVGHSOXUDOLGDGHOGHUHFKRGHDFFHVRDODMXVWLFLDFRQUHODFLyQDORVPLHPEURV
GHSXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRVVXSRQHDODYH]HOGHUHFKRGHDFFHGHUDVXV
DXWRULGDGHV H LQVWDQFLDV SURSLDV GH UHVROXFLyQ D VXV DXWRULGDGHV LQGtJHQDV
SURFHGLPLHQWRVSDUDUHVROYHUVXVFRQWURYHUVLDV\FRQIOLFWRVLQWHUQRV

3RUWDQWRHVGHEHUGHO(VWDGR3OXULQDFLRQDOJDUDQWL]DUDWRGDSHUVRQDHODFFHVRDXQD
MXVWLFLDDFRUGHFRQVXFRVPRYLVLyQVXFXOWXUDVXVQRUPDV\SURFHGLPLHQWRVSURSLRVGH
FRQIRUPLGDG FRQ HO VLVWHPD MXUtGLFR SURSLR \ DO PLVPR WLHPSR GH LPSHGLU FXDOTXLHU
LQWURPLVLyQDOHMHUFLFLRGHODMXULVGLFFLyQLQGtJHQDRULJLQDULRFDPSHVLQDGHELHQGRHQ
HVWRVFDVRVODMXULVGLFFLyQRUGLQDULDDEVWHQHUVHGHUHDOL]DUFXDOTXLHUDFWRTXHHQWRUSH]FD
VXHMHUFLFLRSRUTXHORVSXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRVHQHMHUFLFLRGHVXOLEUH
GHWHUPLQDFLyQ WLHQHQ GHUHFKR D UHVROYHU VXV FRQIOLFWRV LQWHUQRV GH DFXHUGR FRQ VXV
QRUPDVSURFHGLPLHQWRVHLQVWLWXFLRQHVORVTXHHQHOPDUFRGHO(VWDGR3OXULQDFLRQDO
VRQUHFRQRFLGRVFRQLJXDOYDORUMXUtGLFRGHWDOIRUPDFXHQWDQWDPELpQFRQODIDFXOWDG

W


dW^:d


GHKDFHUFXPSOLUVXVUHVROXFLRQHV\KDFHUYDOHUVXVGHFLVLRQHVIUHQWHDORVGHPiVyUJDQRV
HLQVWLWXFLRQHVHVWDWDOHVHQWUHHOORVODVDXWRULGDGHVGHRWUDVMXULVGLFFLRQHV


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,, PELWRGHODYLJHQFLDGHODMXULVGLFFLyQLQGtJHQDRULJLQDULRFDPSHVLQD

'HDFXHUGRFRQODVSUHPLVDVVHxDODGDVHQHODSDUWDGRSUHFHGHQWHHODFFHVRDODMXVWLFLD
GHVGH XQD FRQFHSFLyQ SOXUDO HQWLHQGH TXH VH UHFRQR]FD OD H[LVWHQFLD GH ORV VLVWHPDV
MXUtGLFRVSURSLRVGHORVSXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRVVHUHVSHWHHOHMHUFLFLR
GH VX MXULVGLFFLyQ TXH HQ HO PDUFR GH VX DXWRQRPtD \ OLEUH GHWHUPLQDFLyQ GHFLGHQ
FRQRFHU \ UHVROYHU VH YDOLGH \ UHVSHWH ORV SURFHGLPLHQWRV \ ODV GHFLVLRQHV GH VXV
DXWRULGDGHV FXDQGR UHVXHOYDQ VXV FRQWURYHUVLDV R DSOLTXHQ VXV QRUPDV GH UHJXODFLyQ
VRFLDO$OPLVPRWLHPSRFRQWHPSODTXHORVPLHPEURVGHORVSXHEORVLQGtJHQDRULJLQDULR
FDPSHVLQRV WHQJD OD SRVLELOLGDG GH VHU MX]JDGRV \ VDQFLRQDGRV SRU VXV DXWRULGDGHV
SURSLDVQRUPDV\SURFHGLPLHQWRV

7HQLHQGR HQ FXHQWD TXH HO RUGHQ FRQVWLWXFLRQDO UHFRQRFH YDULDV MXULVGLFFLRQHV OD
DUWLFXODFLyQGHODVPLVPDVHVIXQGDPHQWDO(QHVWHRUGHQOD&RQVWLWXFLyQ3ROtWLFDGHO
(VWDGR HVWDEOHFH HQ HO DUW  ORV iPELWRV GH YLJHQFLD GH OD MXULVGLFFLyQ LQGtJHQD
RULJLQDULRFDPSHVLQDiPELWRVGHYLJHQFLDSHUVRQDOPDWHULDO\WHUULWRULDO

(QHIHFWRHQFXDQWRDOiPELWRGHYLJHQFLDSHUVRQDOOD/H\)XQGDPHQWDOHVWDEOHFHTXH
HVWiQVXMHWRVDHVWDMXULVGLFFLyQORVPLHPEURVGHODQDFLyQRSXHEORLQGtJHQDRULJLQDULR
FDPSHVLQR VHDTXH DFW~HQ FRPR DFWRUHV RGHPDQGDGRVGHQXQFLDQWHV R TXHUHOODQWHV
GHQXQFLDGRVRLPSXWDGRVUHFXUUHQWHVRUHFXUULGRV

$VLPLVPRHQFXDQWRDODYLJHQFLDPDWHULDOOD1RUPD6XSUHPDKDFHXQDGHULYDFLyQDOD
/H\ GH 'HVOLQGH -XULVGLFFLRQDO 6LQ HPEDUJR HQ XQD LQWHUSUHWDFLyQ GH OD OH\ GH \
FRQIRUPH D OD &RQVWLWXFLyQ HV LPSRUWDQWH VHxDODU TXH HVWD GLVWLQFLyQ PDWHULDO FRPR
iPELWR FRPSHWHQFLDO HQ OD PD\RUtD GH ORV FDVRV QR RSHUD HQ ORV SXHEORV LQGtJHQD
RULJLQDULR FDPSHVLQRV (O FRQRFLPLHQWR \ UHVROXFLyQ GH ORV DVXQWRV SDUWH GH XQD
FRPSUHQVLyQLQWHJUDOGHVGHXQVHQWLGRGHWRWDOLGDGDWHQGLHQGRHOFRQIOLFWRFRPRXQD
XQLGDGHQODTXHLQJUHVDORHVSLULWXDO\UHOLJLRVRQRH[LVWHXQDGLIHUHQFLDFLyQHQPDWHULD
SHQDOFLYLOVRFLDOIDPLOLDUHWF

'HRWURODGRHQFRUUHVSRQGHQFLDFRQXQDLQWHUSUHWDFLyQVLVWpPLFD\WHOHROyJLFDGHOD
1RUPD&RQVWLWXFLRQDOHVLPSRUWDQWHUHFRUGDUTXHHQYLUWXGGHODOLEUHGHWHUPLQDFLyQGH
ORVSXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRV DUWGHOD&3( FDGDXQRGHHOORVWLHQHVX
VLVWHPD MXUtGLFR DFRUGH FRQ VX FRVPRYLVLyQ FRQ VX FXOWXUD WUDGLFLRQHV YDORUHV
SULQFLSLRV \ QRUPDV HQ YLUWXG GH HOOR GHWHUPLQDQ TXp KHFKRV R DVXQWRV UHVXHOYHQ
GHFLGHQRVDQFLRQDQDGTXLULHQGRODFRPSHWHQFLDSDUDFRQRFHUORVKHFKRV\DVXQWRVTXH
VLHPSUHKDQFRQRFLGR\UHVXHOWRDVtFRPRSDUDUHVROYHUHQFXiOHVGHFLGHQLQWHUYHQLU\
FXiOHVGHULYDUORVDRWUDMXULVGLFFLyQ

(QHVWHFRQWH[WRODMXULVGLFFLyQLQGtJHQDRULJLQDULRFDPSHVLQDWLHQHFRPSHWHQFLDSDUD
FRQRFHU \ UHVROYHU ORV KHFKRV \ DVXQWRV TXH VLHPSUH KDQ UHVXHOWR \ TXH FRQVLGHUH
DWLQHQWHVLQGHSHQGLHQWHPHQWHVHDQFRQVLGHUDGRVOHYHVRJUDYHVSHQDOHVRFLYLOHVSRUHO
GHUHFKRHVWDWDOSRUTXHHQVXFRPSUHQVLyQUHVXHOYHQKHFKRVDVXQWRVFRQIOLFWRV'HWDO
IRUPD HV LPSRUWDQWH HYLWDU XQD UHGXFFLyQ H[WHUQD GH ORV DVXQWRVTXHSXHGHQ FRQRFHU
SRUTXHVHLQJUHVDHQXQTXLHEUHGHORVSRVWXODGRVFRQVWLWXFLRQDOHV\ORVSUHYLVWRVHQHO
EORTXHGHFRQVWLWXFLRQDOLGDG

$ HVWH UHVSHFWR GHEH WHQHUVH HQ FXHQWD TXH QL HO &RQYHQLR  GH OD 2,7 QL OD
'HFODUDFLyQGH1DFLRQHV8QLGDVVREUH'HUHFKRVGHORV3XHEORV,QGtJHQDVHVWDEOHFHQXQ

W


dW^:d
OtPLWH HQ FXDQWR D ODV PDWHULDV R OD JUDYHGDG GH ORV KHFKRV SDUD HO HMHUFLFLR GH OD
MXULVGLFFLyQLQGtJHQD

&RQHVWDOtQHDGHUD]RQDPLHQWRHVLPSRUWDQWHGHMDUFRPRSDXWDLQWHUSUHWDWLYDTXHHQ
YLUWXGGHOGHUHFKRDODOLEUHGHWHUPLQDFLyQGHORVSXHEORVLQGtJHQDRULJLQDULRFDPSHVLQR
\ VX DXWRQRPtD HO FRQWHQLGR GH OR SUHYLVWR HQ HO DUW ,, GH OD /H\ GH 'HVOLQGH
-XULVGLFFLRQDO GHEH HQFRQWUDU FRPSDWLELOLGDG FRQ OD &RQVWLWXFLyQ HQWHQGLGD HQ VX
XQLGDG YDOH GHFLU EDMR VXV SULQFLSLRV IXQGDQWHV GH SOXULQDFLRQDOLGDG SOXUDOLVPR
LQWHUFXOWXUDOLGDGGHVFRORQL]DFLyQHQWUHRWURV\HOEORTXHGHFRQVWLWXFLRQDOLGDGHVGHFLU
ORVLQVWUXPHQWRVLQWHUQDFLRQDOHVGHGHUHFKRVKXPDQRVFX\DFRPSDWLELOLGDGGHFDGDXQD
GH ODV PDWHULDV DVLJQDGDV QR FRUUHVSRQGH VHU DQDOL]DGD HQ OD FDXVD SUHVHQWH SRU QR
YLQFXODUVHFRQODSUREOHPiWLFDHQDQiOLVLV

)LQDOPHQWHFDEHKDFHUUHIHUHQFLDDOiPELWRWHUULWRULDOUHVSHFWRGHOFXDOOD&RQVWLWXFLyQ
GHWHUPLQD TXH pVWD MXULVGLFFLyQ VH DSOLFD D ODV UHODFLRQHV \ KHFKRV MXUtGLFRV TXH VH
UHDOL]DQRFX\RVHIHFWRVVHSURGXFHQGHQWURGHODMXULVGLFFLyQGHXQSXHEORLQGtJHQD
RULJLQDULR FDPSHVLQR HVWR LPSRUWD WHQHU FRPSHWHQFLD VREUH ORV KHFKRV TXH RFXUUHQ
GHQWURGHGLFKRWHUULWRULRRFX\RVHIHFWRVVHSURGXFHQGHQWURGHODMXULVGLFFLyQGHXQ
SXHEORLQGtJHQDRULJLQDULRFDPSHVLQR

(QYLUWXGGHORViPELWRVVHxDODGRVODMXULVGLFFLyQLQGtJHQDWLHQHFRPSHWHQFLDUHVSHFWR
GHORVKHFKRVVLWXDFLRQHVRUHODFLRQHVMXUtGLFDVTXHVHGDQGHQWURGHOiPELWRWHUULWRULDO
GH ORV SXHEORV LQGtJHQD RULJLQDULR FDPSHVLQRV OR TXH VXSRQH TXH OD MXULVGLFFLyQ
LQGtJHQD\VXGHUHFKRVRQORVTXHULJHQGHQWURGHOHVSDFLRWHUULWRULDOGHOSXHEORLQGtJHQD
RULJLQDULRTXHVHWUDWHSRUWDQWRODHILFDFLDGHGLFKDVGHFLVLRQHVHVGHDOFDQFHQDFLRQDO

(QHVWHRUGHQHVSUHFLVRGHVWDFDUTXHWDPELpQGHEHWHQHUVHHQFXHQWDORVVXSXHVWRVGH
DIHFWDFLyQDOSXHEORLQGtJHQDRULJLQDULRFDPSHVLQRSRUTXLHQQRHVPLHPEURGHOPLVPR
TXHSHUWHQH]FDDRWUDFRPXQLGDGRVHWUDWHGHSHUVRQDVQRLQGtJHQDV\HOKHFKRKD\D
RFXUULGRHQHOWHUULWRULRGHOSXHEORLQGtJHQDRULJLQDULRFDPSHVLQRRORVFDVRVHQORVTXH
ORVDFWRVGHXQPLHPEURGHXQSXHEORLQGtJHQDRULJLQDULRFDPSHVLQRUHDOL]DGRVHQRWUD
MXULVGLFFLyQWHQJDHIHFWRVVREUHODFRPXQLGDGRSXHEORLQGtJHQDRULJLQDULRFDPSHVLQR

&RQVLGHUDQGR WDOHV VXSXHVWRV HV QHFHVDULR GLVWLQJXLU HVWDV GLIHUHQWHV VLWXDFLRQHV D
HIHFWRVGHGHWHUPLQDUTXpMXULVGLFFLyQVHUiODDSOLFDEOHHVGHFLUSXHGHWUDWDUVHSRUXQ
ODGRGHXQDVLWXDFLyQLQWHUQDHQODTXHVHGHQORVWUHVHOHPHQWRVRiPELWRVGHYLJHQFLD
HVWDEOHFLGRVSRUOD&RQVWLWXFLyQHVWRHVTXHORVVXMHWRVGHOKHFKRSHUWHQH]FDQDOSXHEOR
LQGtJHQD RULJLQDULR FDPSHVLQR WDQWR HO DXWRU GH OD FRQGXFWD FRPR HO VXMHWR SDVLYR
HQWHQGLpQGRVH SRU VXMHWR SDVLYR WDPELpQ D OD SURSLD FRPXQLGDG  HO KHFKR VH KD\D
SURGXFLGRHQHOWHUULWRULRGHOSXHEORLQGtJHQDRULJLQDULRFDPSHVLQR\VHUHILHUDDDVXQWRV
GHODFRPXQLGDGRTXHLQFXPEHQRDIHFWDQDOSXHEORLQGtJHQDRULJLQDULRFDPSHVLQR3RU
RWURODGRSXHGHWUDWDUVHGHKHFKRVRFXUULGRVHQHOSXHEORLQGtJHQDRULJLQDULRFDPSHVLQR
SHURSRUTXLHQQRHVPLHPEURGHOPLVPRRORVFDVRVHQORVTXHORVHIHFWRVGHOKHFKRVH
SURGXFHQGHQWURGHOSXHEORLQGtJHQDRULJLQDULRFDPSHVLQR

6REUH OD SULPHUD VLWXDFLyQ HV OD TXH VH SURQXQFLDUi HVWH 7ULEXQDO HV GHFLU DTXHOOD
LQWHUQDGRQGHORVLQYROXFUDGRVVRQPLHPEURVGHOSXHEORLQGtJHQDRULJLQDULRFDPSHVLQR
ORV KHFKRV VH SURGXMHURQ HQ HVH SXHEOR LQGtJHQD RULJLQDULR FDPSHVLQR \ SRU OyJLFD
FRQVHFXHQFLD VH WUDWD GH DVXQWRV TXH DIHFWDQ R LQFXPEHQ D HVH SXHEOR LQGtJHQD
RULJLQDULRFDPSHVLQRHQFX\RFDVRFRUUHVSRQGHDODMXULVGLFFLyQLQGtJHQDUHVROYHUHO
FRQIOLFWRRFRQWURYHUVLDEDMRVXVQRUPDV\SURFHGLPLHQWRVSURSLRVDOPLVPRWLHPSR
FRUUHVSRQGHHOGHEHUGHDEVWHQHUVHRGHUHDOL]DUDFWRVGHLQWURPLVLyQHQVXHMHUFLFLRDVt
FRPRHOGHEHUGHUHVSHWDUVXVGHFLVLRQHV\UHVROXFLRQHV\HQWRGRFDVRUHDOL]DUDFWRVGH
FRRUGLQDFLyQ\FRODERUDFLyQSDUDTXHODPLVPDVHDHMHFXWDGD\FXPSOLGD

(QHVWHFRQWH[WRQRVRQDSOLFDEOHVODVUHJODVTXHULJHQDODMXULVGLFFLyQRUGLQDULDFRPR

W


dW^:d


ODV GH KDEHU SUHYHQLGR SULPHUR OD FDXVD SDUD TXH VH RWRUJXH FRPSHWHQFLD D OD
MXULVGLFFLyQ RUGLQDULD DQWH KHFKRV HQ ORV TXH VH YHQ LQYROXFUDGRV PLHPEURV GH ORV
SXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRVVLQRORViPELWRVGHYLJHQFLDSHUVRQDOPDWHULDO
\WHUULWRULDOTXHULJHDHVWDMXULVGLFFLyQ




1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3(QFRQIOLFWRVMXULVGLFFLRQDOHVGHFRPSHWHQFLDVHUi
FRPSHWHQWHODMXULVGLFFLyQLQGtJHQDRULJLQDULDFDPSHVLQDFXDQGRVH
FXPSODFRQORVVLJXLHQWHVFULWHULRV(QFXDQWRDOiPELWRSHUVRQDOGH
YLJHQFLD HQ UHODFLyQ D SHUVRQDV TXH QR VRQ PLHPEURV GH OD
FRPXQLGDGFXDQGRHOKHFKRTXHJHQHUDHOFRQIOLFWRKD\DRFXUULGRHQ
HOWHUULWRULRGHODMXULVGLFFLyQLQGtJHQDRULJLQDULRFDPSHVLQDRVHWUDWH
GHSHUVRQDVTXHFXHQWDQFRQWHUUHQRVHQODFRPXQLGDGDVLPLVPRVH
FXPSOHHOiPELWRGHYLJHQFLDPDWHULDOFXDQGRORVKHFKRVVHDQWHPDV
TXH HQ HO PDUFR GHO HMHUFLFLR GHO GHUHFKR D VXV VLVWHPDV MXUtGLFRV
SURSLRV VHDQ GH FRQRFLPLHQWR GH ODV 1DFLRQHV \ SXHEORV LQGtJHQD
RULJLQDULRFDPSHVLQRVPi[LPHFXDQGRODDSOLFDFLyQGHVXVQRUPDV\
SURFHGLPLHQWRV KD\DQ VLGR FRQVXOWDGDV DO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO \ FXDQGR ORV DFWRV R KHFKRV TXH JHQHUHQ FRQIOLFWR
VXUWDQHIHFWRVRDWLQMDQDODV1DFLRQHV\3XHEORVLQGtJHQDRULJLQDULR
FDPSHVLQRV

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHOFRQIOLFWRGHFRPSHWHQFLDVMXULVGLFFLRQDOHVVXVFLWDGRSRUDXWRULGDGHVGH
OD-XULVGLFFLyQ&DPSHVLQDGH=RQJRDQWHHO-XH]3ULPHURGH,QVWUXFFLyQHQOR
3HQDOGH(O$OWRVHFRQIOLFWRODFRPSHWHQFLDSRUTXHORVKHFKRVTXHVHGLVFXWHQ
HQHVWHSURFHVRYLQFXODGRVFRQORVSUHVXQWRVGHOLWRVGHURERDJUDYDGRGDxR
FDOLILFDGR DVRFLDFLyQ GHOLFWXRVD DOODQDPLHQWR GH GRPLFLOLR DPHQD]DV \
OHVLRQHV HPHUJHQ GH GHFLVLRQHV SURSLDV GH OD FRPXQLGDG  FX\D GHILQLFLyQ \
HMHFXFLyQHVGHFRPSHWHQFLDH[FOXVLYDGHOD-XULVGLFFLyQ,QGtJHQD2ULJLQDULD
&DPSHVLQDGH=RQJR(O-XH]3ULPHURGH,QVWUXFFLyQHQOR3HQDOGH(O$OWR
UHFKD]y OD H[FHSFLyQ GH LQFRPSHWHQFLD SUHVHQWDGD \ GLVSXVR OD GHWHQFLyQ
SUHYHQWLYDGHORVSURFHVDGRV\XQDYH]FRQIOLFWXDGDODFRPSHWHQFLD\UHPLWLGRV
ORV DQWHFHGHQWHV DO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HVWD LQVWDQFLD
GHFODUy FRPSHWHQWH D ODV DXWRULGDGHV LQGtJHQD RULJLQDULR FDPSHVLQDV GH OD

W


dW^:d
-XULVGLFFLyQ,QGtJHQD2ULJLQDULD&DPSHVLQDGH=RQJRSDUDFRQRFHU\UHVROYHU
HO DVXQWR SODQWHDGR D WUDYpV GH VXV LQVWDQFLDV \ SURFHGLPLHQWRV SURSLRV \
GLVSXVRTXHHO-XH]3ULPHURGH,QVWUXFFLyQHQOR3HQDOGH(O$OWRVHLQKLEDGHO
FRQRFLPLHQWRGHOSURFHVR\UHPLWDDQWHFHGHQWHVDODVDXWRULGDGHVGHOD&HQWUDO
$JUDULD&DPSHVLQDGHOVHFWRU=RQJR\OD)HGHUDFLyQ'HSDUWDPHQWDOQLFDGH
7UDEDMDGRUHV ,QGtJHQD 2ULJLQDULR &DPSHVLQRV GH OD 3URYLQFLD 0XULOOR
$VLPLVPRVHRUGHQDTXHODVDXWRULGDGHVGHOD&HQWUDO$JUDULD&DPSHVLQDGHO
VHFWRU=RQJR\OD)HGHUDFLyQ'HSDUWDPHQWDOQLFDGH7UDEDMDGRUHV,QGtJHQD
2ULJLQDULR&DPSHVLQRGHODSURYLQFLD0XULOORUHWRPHQHOGLiORJR\UHVROXFLyQ
ILQDOGHOFRQIOLFWRFRQ-RVp2VFDU%HOORWD&RUQHMRSDUDTXHUHWRPHODDUPRQtD
\HOHTXLOLEULRHQODVFRPXQLGDGHVGH=RQJRHLQIRUPHQDHVWH7ULEXQDODWUDYpV
GH OD 8QLGDG GH &RRUGLQDFLyQ GHO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO GHO
'HSDUWDPHQWRGH/D3D]HQHOSOD]RGHWUHVPHVHVVLQSHUMXLFLRGHODVYLVLWDV
TXH HVWH 7ULEXQDO SXHGD RUGHQDU D WUDYpV GH OD 8QLGDG GH 'HVFRORQL]DFLyQ
$VLPLVPR VH GLVSXVR TXH OD 8QLGDG GH 'HVFRORQL]DFLyQ GHO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOUHDOLFHODWUDGXFFLyQGHODVHQWHQFLDDOD\PDUD/DV
UD]RQHVGHODVHQWHQFLDIXHURQODVVLJXLHQWHV4XH-RVp2VFDU%HOORWD&RUQHMR
IXHH[SXOVDGRGHOD&RPXQLGDGGHFLVLyQTXHHPHUJLyGHODDSOLFDFLyQGHODV
QRUPDV \ SURFHGLPLHQWRV GH OD &HQWUDO $JUDULD \ &DPSHVLQD GHO 6HFWRU GH
=RQJR\TXHWDOFRPRORHVWDEOHFLyHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOD
WUDYpVGHOD'HFODUDFLyQ&RQVWLWXFLRQDO3OXULQDFLRQDOHQXQDQiOLVLV
GH OD WHPiWLFD GHVGH HO PRGHOR FRQVWLWXFLRQDO YLJHQWH VH GHWHUPLQy OD
DSOLFDELOLGDGGHODGHFLVLyQFRPXQDOGHH[SXOVLyQ\GHVDORMR\VHHVWDEOHFLy
DGHPiVTXHHVWDGHFLVLyQIXHDVXPLGDHQHMHUFLFLRGHOGHUHFKRDVXMXULVGLFFLyQ
SRU WDQWR HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HQ HVWH FRQIOLFWR
MXULVGLFFLRQDOGHFRPSHWHQFLDVHVWDEOHFHTXHFRQFXUUHHOiPELWRSHUVRQDOGH
FRPSHWHQFLD \D TXH OD FRPXQLGDG GH =RQJR H[FHSFLRQDOPHQWH DGPLQLVWUD
MXVWLFLDFRQUHODFLyQDSHUVRQDVTXHQRVRQPLHPEURVGHODFRPXQLGDGFXDQGR
HOKHFKRTXHJHQHUDHOFRQIOLFWRKD\DRFXUULGRHQHOWHUULWRULRGHVXMXULVGLFFLyQ
RFXDQGRVHWUDWHGHSHUVRQDVTXHFXHQWDQFRQWHUUHQRVHQVXVFRPXQLGDGHV
DVSHFWRVTXHVHYHULILFDQHQHOFDVRFRQFUHWRDVLPLVPRVHFXPSOHHOiPELWR
GHYLJHQFLDPDWHULDO\DTXHORVKHFKRVSRUORVFXDOHVVHLQLFLyHOSURFHVRSHQDO
HPHUJHQGHXQDGHFLVLyQTXHVHHQFXHQWUDGHQWURGHORVDVXQWRVTXHGHDFXHUGR
D OD '&3  VRQ FRQRFLGRV \ UHVXHOWRV SRU OD MXULVGLFFLyQ LQGtJHQD
RULJLQDULDFDPSHVLQDGH=RQJR)LQDOPHQWHWDPELpQVHFXPSOHFRQHOiPELWR
GH FRPSHWHQFLD WHUULWRULDO \D TXH ORV VXSXHVWRV LOtFLWRV GHQXQFLDGRV DQWH HO
0LQLVWHULR3~EOLFRVXUWHHIHFWRV\DWLQJHDODVFRPXQLGDGHVGH=RQJR


([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,


'HXQDQiOLVLVLQWHJUDOGHODSUREOHPiWLFDGHDFXHUGRDODVFRQFOXVLRQHV,,\,,VH
KDSRGLGRHYLGHQFLDUTXH-RVp2VFDU%HOORWD&RUQHMRKDVLGRH[SXOVDGRGHFRPXQLGDGHV
GHO 6HFWRU GH =RQJR FRQIRUPH ODV QRUPDV \ SURFHGLPLHQWRV GH OD &HQWUDO $JUDULD \
&DPSHVLQDGHO6HFWRU=RQJRGHOD3URYLQFLD0XULOORVLQHPEDUJRFRPRHIHFWRGHHVWD
UHVROXFLyQ LQWHUSXVR GHQXQFLDV HQ FRQWUD GH DXWRULGDGHV \ FRPXQHURV GH OD &HQWUDO
$JUDULD&DPSHVLQDGHO6HFWRU=RQJRDFX\RHIHFWRODVDXWRULGDGHVGHOD&RPXQLGDGGH
&DKXD *UDQGH HQ VX PRPHQWR SODQWHDURQ XQD
&RQVXOWD GH $XWRULGDG ,QGtJHQD
2ULJLQDULD&DPSHVLQD
VREUHODDSOLFDFLyQGHVXVQRUPDVDOFDVRFRQFUHWRTXHKDVLGR
GHFODUDGD FRQVWLWXFLRQDOPHQWH DSOLFDEOH SRU OD 6DOD (VSHFLDOL]DGD GH HVWH 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO HVWDEOHFLHQGR  HQ VX SDUWH UHVROXWLYD
OD

W


dW^:d


$3/,&$%,/,'$' GH OD GHFLVLyQ FRPXQDO GH H[SXOVLyQ \ GHVDORMR GHO HPSUHVDULR
PLQHUR-RVp2VFDU%HOORWD&RUQHMRGH=RQJRFRQIRUPHDVXVSULQFLSLRVYDORUHVQRUPDV
\ SURFHGLPLHQWR SURSLRV HQ HO PDUFR GH VX MXULVGLFFLyQ
  3RU VX SDUWH HQ OD FLWDGD
'HFODUDFLyQ\DVHHIHFWXyXQDFRPSXOVDGHORViPELWRVGHYLJHQFLDOOHJDQGRDFRQFOXLU
UHVSHFWRDOiPELWRGHYLJHQFLDSHUVRQDOTXH
VHFROLJHTXHODGHFLVLyQGHH[SXOVLyQGH
-RVp-RVp2VFDU%HOORWD&RUQHMRGH=RQJRIXHDVXPLGDHQHMHUFLFLRGHOGHUHFKRDVX
MXULVGLFFLyQ
 QHJULOODQXHVWUD 

(Q HVWH RUGHQ HO DUW ,, GH OD &3( HVWDEOHFH FRPR iPELWRV GH YLJHQFLDV GH OD
MXULVGLFFLyQ LQGtJHQD RULJLQDULD FDPSHVLQD SHUVRQDO PDWHULDO \ WHUULWRULDO (Q HVH
FRQWH[WRFRUUHVSRQGHHVWDEOHFHUVLODQDWXUDOH]DGHOFRQIOLFWRTXHVHDQDOL]DFRUUHVSRQGH
VHU FRQRFLGR SRU OD MXULVGLFFLyQ LQGtJHQD RULJLQDULD FDPSHVLQD R SRU OD MXULVGLFFLyQ
RUGLQDULD

&RQIRUPH HO IXQGDPHQWR GHVDUUROODGR HQ HO )- ,,,  UHVSHFWR DO iPELWR GH YLJHQFLD
SHUVRQDO \ FRQVLGHUDQGR OD SDXWDV GH LQWHUSUHWDFLyQ SOXUDO UHODFLRQDGRV FRQ OD
FRVPRYLVLyQ \ SUiFWLFDV GH MXVWLFLD DPSOLDPHQWH GHVDUUROODGDV SRU OD 8QLGDG GH
'HVFRORQL]DFLyQVHWLHQHHQ=RQJRH[FHSFLRQDOPHQWHDGPLQLVWUDQMXVWLFLDFRQUHODFLyQ
DSHUVRQDVTXHQRVRQPLHPEURVDODFRPXQLGDGFXDQGRHOKHFKRTXHJHQHUDHOFRQIOLFWR
KD\DRFXUULGRHQHOWHUULWRULRGHVXMXULVGLFFLyQDVLPLVPRFXDQGRVHWUDWDGHSHUVRQDV
TXH FXHQWDQ FRQ WHUUHQRV HQ VXV FRPXQLGDGHV HOHPHQWRV TXH HQ HO SUHVHQWH FDVR KD
TXHGDGRGHPRVWUDGRWRGDYH]TXH-RVp2VFDU%HOORWD&RUQHMRRFXSDWHUUHQRVGHOD
&RPXQLGDGGH&DKXD*UDQGHFRPXQLGDGDILODGDDOVHFWRUGH=RQJROOHJDQGRLQFOXVRD
DILOLDUVHSRUSHULRGRVWHPSRUDOHVDOVLQGLFDWRGHODFRPXQLGDGGH&DKXD*UDQGHSRU
RWURODGRVHWLHQHTXHORVTXHUHOODGRVVRQPLHPEURV\HQDOJXQRVFDVRVDXWRULGDGHVGH
ODVFRPXQLGDGHVGH=RQJRDVSHFWRVTXHGHPXHVWUDODDSOLFDELOLGDGGHOiPELWRSHUVRQDO
GHYLJHQFLDGHOD-XULVGLFFLyQ,QGtJHQD2ULJLQDULDGH=RQJR

(QHOiPELWRGHYLJHQFLDPDWHULDOVHWLHQHTXHORVKHFKRVSRUORVFXDOHVVHLQLFLyHO
SURFHVR SHQDO GHO FXDO HPHUJH HO SUHVHQWH GH XQ FRQIOLFWR TXH GH FRPSHWHQFLDV VH
HQFXHQWUDQ GHQWUR GH ORV DVXQWRV TXH GHVGH XQD FRQFHSFLyQ LQWHJUDO FRQIRUPH OD
IXQGDPHQWDFLyQ GH OD FLWDGD '&3  VRQ FRQRFLGRV \ UHVXHOWRV SRU OD
MXULVGLFFLyQ LQGtJHQD RULJLQDULD FDPSHVLQD GH =RQJR )LQDOPHQWH HQ HO iPELWR GH
YLJHQFLD WHUULWRULDO OR VXSXHVWRV LOtFLWRV GHQXQFLDGRV DQWH HO 0LQLVWHULR 3~EOLFR
FODUDPHQWHWLHQHVXVHIHFWRV\DWLQJHDODVFRPXQLGDGHVGH=RQJR

&RQVHFXHQWHPHQWHVHDGYLHUWHTXHHQHOFDVRTXHRFXSDVHFRQVWDWDHOHMHUFLFLRGHOD
MXULVGLFFLyQ GH OD FRPXQLGDG =RQJR HQ SOHQD FRUUHVSRQGHQFLD FRQ ORV iPELWRV GH
YLJHQFLDSUHYLVWRVHQDUWGHOD&3(DQWHFX\DFLUFXQVWDQFLDVHJ~QVHKDVHxDODGR
HQ HO )-,,, FXDQGR FRQIOX\DQ HVWRV WUHV iPELWRV SHUVRQDO PDWHULDO \ WHUULWRULDO
FRUUHVSRQGH D OD MXULVGLFFLyQ LQGtJHQD UHVROYHU HO FRQIOLFWR R FRQWURYHUVLD EDMRV VXV
QRUPDV\SURFHGLPLHQWRVSURSLRVDOPLVPRWLHPSRFRUUHVSRQGHHOGHEHUGHDEVWHQHUVH
R GH UHDOL]DU DFWRV GH LQWURPLVLyQ HQ VX HMHUFLFLR DVt FRPR HO GHEHU GH UHVSHWDU VXV
GHFLVLRQHV\UHVROXFLRQHV\HQWRGRFDVRUHDOL]DUDFWRVGHFRRUGLQDFLyQ\FRODERUDFLyQ
SDUDTXHODPLVPDVHDHMHFXWDGD\FXPSOLGD

$KRUD ELHQ GH DFXHUGR D ODV FRQVLGHUDFLRQHV DQWHULRUHV \ WRPDQGR HQ FXHQWD TXH HO
FRQIOLFWRHQWUHODVFRPXQLGDGHVGH=RQJR\-RVp2VFDU%HOORWDVLJXHVXEVLVWHQWHWRGD
YH]TXHHOSURFHVRGHGLiORJR\UHVROXFLyQGHOFRQIOLFWRUHDOL]DGRSRUODVDXWRULGDGHVGH
=RQJRIXHLQWHUUXPSLGRSRUpVWH~OWLPRFRQORVSURFHVRVSHQDOHVTXHLQVWDXUyDQWHOD
MXULVGLFFLyQ RUGLQDULDQR REVWDQWH TXH GLFKD UHVROXFLyQ VL ELHQ IXH GH H[SXOVLyQ VLQ
HPEDUJR GDGD ODV FDUDFWHUtVWLFDV GHO HMHUFLFLR GH OD MXULVGLFFLyQ LQGtJHQD RULJLQDULR
FDPSHVLQD TXH DEUH ODV SRVLELOLGDGHV GH UHWRUQR D OD FRPXQLGDG VXV DXWRULGDGHV QR
FHUUDURQHOGLiORJRFRPRVHFRQVWDWDGHODYHUVLyQGHORVFRPXQDULRVGH=RQJRTXLHQHV
OXHJRGHODH[SXOVLyQORFRQYRFDURQHQUHLWHUDGDVRFDVLRQHVVHJ~QVHWLHQHUHVFDWDGRHQ
ORV,QIRUPHV7pFQLFRVGHOD8QLGDGGH'HVFRORQL]DFLyQDGYLUWLpQGRVHSRUHOFRQWUDULR

W


dW^:d
TXH 2VFDU %HOORWD GHVFRQRFLy HO iPELWR GH OD MXULVGLFFLyQ \ FRPSHWHQFLD GH OD
FRPXQLGDGGH=RQJRHLQFXPSOLHQGRVXVUHVROXFLRQHVLQWHUSXVRODVDFFLRQHVSHQDOHV
FRPR HPHUJHQFLD GH OD GHFLVLyQ GH H[SXOVLyQ VLQ DJRWDU ODV LQVWDQFLDV TXH HO
SURFHGLPLHQWRLQGtJHQDWLHQHHVWUXFWXUDGRYDOHGHFLUQRDFXGLyDODVLQVWDQFLDVTXHVH
HQFXHQWUDQGLVHxDGDVSRUODVQRUPDV\SURFHGLPLHQWRVGHODVFRPXQLGDGHVGH=RQJR
QR REVWDQWH TXH HQ VX LQLFLR UHFRQRFLy VX FRPSHWHQFLD DO DVLVWLU DO OODPDGR GH ODV
DXWRULGDGHV RULJLQDULDV SDUD OOHJDU D ORV DFXHUGRV \ GHFLVLRQHV HVWD DFWLWXG
HYLGHQWHPHQWH QR VyOR KD SXHVWR HQ VLWXDFLyQ GH GHVYHQWDMD \ YXOQHUDELOLGDG D ODV
DXWRULGDGHVGH=RQJRPXFKRVGHORVFXDOHVVHHQFXHQWUDQSULYDGDVGHOLEHUWDGVLQRTXH
KD RULJLQDGR TXH OD MXULVGLFFLyQ RUGLQDULD LQYDGD HO HMHUFLFLR GH ODV DXWRULGDGHV GH
=RQJR DIHFWDQGR HO SULQFLSLR GH LJXDOGDG MHUiUTXLFD GH ODV MXULVGLFFLRQHV LQGtJHQD
RULJLQDULRFDPSHVLQRV\ODMXULVGLFFLyQRUGLQDULDWHQLHQGRHQFXHQWDTXHXQDDXWRULGDG
LQGtJHQDTXHDGPLQLVWUDMXVWLFLDHQHOiPELWRGHODMXULVGLFFLyQLQGtJHQDVHHQFXHQWUD
FRQODPLVPDIDFXOWDG\SOHQDDWULEXFLyQTXHXQMXH]RUGLQDULRDOPRPHQWRGHFRQRFHU
\UHVROYHUORVFRQIOLFWRVTXHOHVRQSODQWHDGRV

&RQVHFXHQWHPHQWH FRUUHVSRQGH TXH ORV KHFKRV TXH IXHURQ GHQXQFLDGRV HQ HO FDVR
SDUWLFXODUDVtFRPRHOFRQIOLFWRHQJHQHUDOVHDQFRQRFLGRVSRUODMXULVGLFFLyQLQGtJHQD
RULJLQDULDFDPSHVLQDHQVXVLQVWDQFLDVGHGHOLEHUDFLyQ\DXWRULGDGHVFRPSHWHQWHVTXH
WLHQHQ OD SOHQD SRWHVWDG GH LPSDUWLU MXVWLFLD OR FRQWUDULR VLJQLILFDUtD GHVFRQRFHU HO
GHUHFKRDODOLEUHGHWHUPLQDFLyQODYLJHQFLD\HOGHVDUUROORGHODVLQVWLWXFLRQHVGHORV
SXHEORV \ QDFLRQHV LQGtJHQD RULJLQDULR FDPSHVLQRV JHQHUDQGR XQ SURFHVR GH
FULPLQDOL]DFLyQGHOHMHUFLFLRGHODMXULVGLFFLyQLQGtJHQDSRUODDSOLFDFLyQGHVXVQRUPDV
\SURFHGLPLHQWRWRGDYH]TXHHVWDVDXWRULGDGHVHVWDQGRHQFDOLGDGGHMXHFHVVRQREMHWR
GHSURFHVRVSHQDOHVFRPRHPHUJHQFLDGHVXVGHFLVLRQHV

/R SUHFHGHQWHPHQWH VHxDODGR QR LPSOLFD TXH DTXHOODV SHUVRQDV TXH FRQVLGHUHQ
OHVLRQDGRVVXVGHUHFKRVFRPRHIHFWRGHOHMHUFLFLRGHODMXULVGLFFLyQLQGtJHQDRULJLQDULR
FDPSHVLQRVHHQFXHQWUHQVLQHODPSDURGHORVPHFDQLVPRVMXULVGLFFLRQDOHVSDUDORJUDU
HO UHVWDEOHFLPLHQWR \ SURWHFFLyQ GH VXV GHUHFKRV FRQVLGHUDGRV OHVLRQDGRV WRGR OR
FRQWUDULR DQWH HVWD HYHQWXDOLGDG VH HQFXHQWUD DELHUWD OD MXULVGLFFLyQ FRQVWLWXFLRQDO D
WUDYpVGHODVGLIHUHQWHVDFFLRQHVGHGHIHQVDTXHODSURSLD&RQVWLWXFLyQKDGLVHxDGRSDUD
HOHIHFWRHQFX\RPpULWRORTXHHVWH7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOQRSXHGH
DGPLWLU HV TXH FRPR FRQVHFXHQFLD GH VXSXHVWDV YXOQHUDFLRQHV HIHFWXDGDV SRU OD
MXULVGLFFLyQ LQGtJHQDGLFKDV UHVROXFLRQHV R PHGLGDV VHDQ VRPHWLGDV D UHYLVLyQ SRU OD
MXULVGLFFLyQ RUGLQDULD UD]RQDPLHQWRTXH LPSOLFDUtD GHVFRQRFHU OR SUHYLVWR SRU HO DUW
,, GH OD &3( TXH HVWDEOHFH OD LJXDOGDG MHUiUTXLFD GH ODV MXULVGLFFLRQHV \ FRPR
FRQVHFXHQFLDGHHVWDODFRQVROLGDFLyQGHOSULQFLSLRGHOSOXUDOLVPRMXUtGLFRLJXDOLWDULD
TXHVHFRQILJXUDFRPRXQHOHPHQWRIXQGDQWHGHO(VWDGR3OXULQDFLRQDOHQHOHQWHQGLGR
TXH OD MXULVGLFFLyQ RUGLQDULD QR SXHGH UHYLVDU ODV UHVROXFLRQHV \ GHFLVLRQHV GH OD
MXULVGLFFLyQLQGtJHQDQLORVHIHFWRVTXHHPHUMDQGHHVWDRYLFHYHUVD
(QWRQFHVHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHMHUFLHQGRHOFRQWUROFRPSHWHQFLDO
GH FRQVWLWXFLRQDOLGDG FRQFOX\H TXH HO FRQIOLFWR VXVFLWDGR FRQ -RVp 2VFDU %HOORWD
&RUQHMRGHEHQVHUUHVXHOWRVHQOD-XULVGLFFLyQLQGtJHQD2ULJLQDULD&DPSHVLQDHQHVWULFWD
REVHUYDQFLD GH VXV SURSLDV QRUPDV \ SURFHGLPLHQWRV FRQ SDUWLFLSDFLyQ DFWLYD GH OD
)HGHUDFLyQ 6LQGLFDO QLFD GH 7UDEDMDGRUHV &DPSHVLQRV GH /D 3D] FRPR Pi[LPD
LQVWDQFLDGHODSURYLQFLDTXHGHDFXHUGRDHVWDWXWRVGHEHLQWHUYHQLUSRUODVROXFLyQGH
ORVFRQIOLFWRVVXVFLWDGRVHQODVFRPXQLGDGHVGH=RQJR
3RUORH[SXHVWRHO-XH]3ULPHURGH,QVWUXFFLyQHQOR3HQDOGH(O$OWRGHEHQDEVWHQHUVH
GHUHDOL]DUFXDOTXLHUDFWRGHLQWURPLVLyQHQODVGHFLVLRQHVGHODMXULVGLFFLyQLQGtJHQD
RULJLQDULDFDPSHVLQDGHELHQGRUHVSHWDUHQWRGRFDVRODVGHFLVLRQHVDVXPLGDVSRUODV
DXWRULGDGHVGHODFRPXQLGDGGH=RQJR\UHDOL]DUDFWRVGHFRRUGLQDFLyQ\FRRSHUDFLyQ
SDUDJDUDQWL]DUTXHORGLVSXHVWRSRUODVDXWRULGDGHVGHODMXULVGLFFLyQLQGtJHQDRULJLQDULR
FDPSHVLQRVHDQHMHFXWDGDV\FXPSOLGDV



6LQWHVLVGHODUDWLRGHFLGHQGL
W


dW^:d



'HFODUDFRPSHWHQWHDODVDXWRULGDGHVLQGtJHQDRULJLQDULRFDPSHVLQDVGH
OD -XULVGLFFLyQ ,QGtJHQD 2ULJLQDULR FDPSHVLQD GH =RQJR \D TXH pVWD
H[FHSFLRQDOPHQWHDGPLQLVWUDMXVWLFLDFRQUHODFLyQDSHUVRQDVTXHQRVRQ
PLHPEURVGHODFRPXQLGDGFXDQGRFRPRVXFHGHHQHOSUHVHQWHFDVRHO
KHFKR TXH JHQHUD HO FRQIOLFWR KD\D RFXUULGR HQ HO WHUULWRULR GH VX
MXULVGLFFLyQ R VH WUDWH GH SHUVRQDV TXH FXHQWDQ FRQ WHUUHQRV HQ OD
FRPXQLGDGDVLPLVPRVHFXPSOHHOiPELWRGHYLJHQFLDPDWHULDO\DTXH
ORV KHFKRV SRU ORV FXDOHV VH LQLFLy HO SURFHVR SHQDO HPHUJHQ GH XQD
GHFLVLyQTXHVHHQFXHQWUDGHQWURGHORVDVXQWRVTXHGHDFXHUGRDOD'&3
 VRQ FRQRFLGRV \ UHVXHOWRV SRU OD MXULVGLFFLyQ LQGtJHQD
RULJLQDULDFDPSHVLQDGH=RQJR)LQDOPHQWHWDPELpQVHFXPSOHFRQHO
iPELWR GH FRPSHWHQFLD WHUULWRULDO \D TXH ORV VXSXHVWRV LOtFLWRV
GHQXQFLDGRV DQWH HO 0LQLVWHULR 3~EOLFR VXUWHQ HIHFWRV \ DWLQJHQ D ODV
FRPXQLGDGHVGH=RQJR

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDODWUDYpVGHOD6&3
GHILQLy ORV iPELWRV GH FRPSHWHQFLD GH OD MXULVGLFFLyQ LQGtJHQD
RULJLQDULRFDPSHVLQDSUHFHGHQWHTXHHVDVXPLGRSRUOD6&3
ODFXDOVHFRQILJXUDFRPRXQDVHQWHQFLDPRGXODGRUDSRUTXHH[WLHQGHHO
DQiOLVLVGHORViPELWRVGHFRPSHWHQFLDDVXSXHVWRVHQORVFXDOHVDGHPiV
HVWpQYLQFXODGRVFRQGHFLVLRQHVHPHUJHQWHVGHFRQVXOWDVGHDXWRULGDGHV
GHODVQDFLRQHV\SXHEORVLQGtJHQDVHQUHODFLyQDODDSOLFDFLyQGHVXV
QRUPDVDVSHFWRTXHDGHPiVSDUDHOFDVRFRQFUHWRIXHGHWHUPLQDQWH\D
TXH ORV iPELWRV GH FRPSHWHQFLDOHV SDUD GHILQLU OD FRPSHWHQFLD GH OD
MXULVGLFFLyQLQGtJHQDGH=RQJRIXHURQGHVDUUROODGRVDODOX]GHOD'&3
 $VLPLVPR OD 6&3  GHEH VHU HQWHQGLGD HQ HO
FRQWH[WRGHODV63&V\

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

,,, PELWRVGHYLJHQFLDGHODMXULVGLFFLyQLQGtJHQDRULJLQDULDFDPSHVLQDHQHO
PDUFRGHODFRQVWLWXFLyQ3ROtWLFDGHO(VWDGR7UDWDGRV\&RQYHQLRV,QWHUQDFLRQDOHV

(OHMHUFLFLRGHORVGHUHFKRVFROHFWLYRVGHODVQDFLRQHV\SXHEORVLQGtJHQDRULJLQDULR
FDPSHVLQRV GD OXJDU D OD SOHQD YLJHQFLD GH OD MXULVGLFFLyQ LQGtJHQD RULJLQDULR
FDPSHVLQD D WUDYpV GH VXV DXWRULGDGHV HQ HO SODQRGH ODLJXDOGDG FRQ OD MXULVGLFFLyQ
RUGLQDULDVLQHPEDUJRDOLJXDOTXHpVWDGHEHVHUUHVSHWXRVDGHORVGHUHFKRV\JDUDQWtDV
FRQVWLWXFLRQDOHVHQHOPDUFRGHXQDLQWHUSUHWDFLyQSOXUDOGHOGHUHFKR(QHVHVHQWLGR
HODUWGHOD&3(VHxDODTXH


, /DV QDFLRQHV \ SXHEORV LQGtJHQD RULJLQDULR FDPSHVLQRV HMHUFHUiQ VXV IXQFLRQHV
MXULVGLFFLRQDOHV\GHFRPSHWHQFLDDWUDYpVGHVXVDXWRULGDGHV\DSOLFDUiQVXVSULQFLSLRV
YDORUHVFXOWXUDOHVQRUPDV\SURFHGLPLHQWRVSURSLRV


,,/DMXULVGLFFLyQLQGtJHQDRULJLQDULDFDPSHVLQDUHVSHWDHOGHUHFKRDODYLGDHOGHUHFKR

W


dW^:d
DODGHIHQVD\GHPiVGHUHFKRV\JDUDQWtDVHVWDEOHFLGRVHQODSUHVHQWH&RQVWLWXFLyQ


/RV SUHFHSWRV QRUPDWLYRV DQWHV VHxDODGRV SHUPLWHQ LGHQWLILFDU ORV DOFDQFHV GH OD
MXULVGLFFLyQLQGtJHQDRULJLQDULDFDPSHVLQDDVtHQHOPDUFRGHODQRUPDWLYDLQWHUQDHVWD
MXULVGLFFLyQVHDILUPDFRPRUHVSHWXRVDGHOGHUHFKRDODYLGDDODGHIHQVD\ORVGHPiV
GHUHFKRVIXQGDPHQWDOHVUHFRQRFLGRVHQOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRFRQUHODFLyQ
DO FRQWH[WR LQWHUQDFLRQDO HO HMHUFLFLR GH ORV VLVWHPDV MXUtGLFRV LQGtJHQDV GHEH VHU
FRPSDWLEOHFRQORVGHUHFKRVKXPDQRV
$KRUDELHQFRQIRUPHVHKDVHxDODGRGHEHHQWHQGHUVHTXHORVGHUHFKRVIXQGDPHQWDOHV
\ KXPDQRV GHEHQ VHU LQWHUSUHWDGRV LQWHUFXOWXUDOPHQWH OR TXH VLJQLILFD TXH OD YLVLyQ
XQLYHUVDOFRQWHQLGDHQORV3DFWRV,QWHUQDFLRQDOHVVREUH'HUHFKRV+XPDQRVWHQGUiTXH
FRQVLGHUDU ODV FRVPRYLVLRQHV VDEHUHV \ SUiFWLFDV TXH HQ VX FRQMXQWR KDFHQ D OD
FRQVWUXFFLyQFLYLOL]DWRULDGHFDGDQDFLyQ\SXHEORLQGtJHQDRULJLQDULRFDPSHVLQR'H
DKtTXHODSUHVXQWDOHVLyQGHGHUHFKRVIXQGDPHQWDOHVFRPRFRQVHFXHQFLDGHOHMHUFLFLR
GH OD MXULVGLFFLyQ LQGtJHQD GHEH VHU FRPSUHQGLGD EDMR XQD KHUPHQpXWLFD DELHUWD
GHVFDUWDQGRXQDYLVLyQXQLGLUHFFLRQDO\KRPRJHQHL]DQWHRVLVHTXLHUHGHQWURGHXQD
VRODOyJLFDGHHQWHQGHUHOPXQGRSRUHQGHORVGHUHFKRVIXQGDPHQWDOHV
(QHVHiPELWRIUHQWHDXQDVXSXHVWDOHVLyQGHGHUHFKRVKXPDQRVRIXQGDPHQWDOHVDVt
FRPRDORVSULQFLSLRVYDORUHVRILQHVGHOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRHVODMXVWLFLD
FRQVWLWXFLRQDO OD ~QLFD TXH SXHGH HIHFWXDU VX DQiOLVLV LQWHUSUHWDQGR SOXUDOPHQWH HO
GHUHFKR  (Q HO PLVPR VHQWLGR IUHQWH DO LUUHVSHWR GH ORV iPELWRV GH YLJHQFLD GH OD
MXULVGLFFLyQ LQGtJHQD RULJLQDULD FDPSHVLQD HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO
GHEHDVHJXUDUTXHHOHMHUFLFLRGHGLFKDMXULVGLFFLyQVHGHVHQYXHOYDHQORViPELWRVGH
YLJHQFLDHVWDEOHFLGRVHQOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR\ODVQRUPDVGHOEORTXHGH
FRQVWLWXFLRQDOLGDG

(QHVHVHQWLGRGHEHVHxDODUVHTXHHODUWGHOD&3(HVWDEOHFH


,/DMXULVGLFFLyQLQGtJHQDRULJLQDULRFDPSHVLQDVHIXQGDPHQWDHQXQYtQFXORSDUWLFXODU
GHODVSHUVRQDVTXHVRQPLHPEURVGHODUHVSHFWLYDQDFLyQRSXHEORLQGtJHQDRULJLQDULR
FDPSHVLQR

,,/DMXULVGLFFLyQLQGtJHQDRULJLQDULRFDPSHVLQDVHHMHUFHHQORVVLJXLHQWHViPELWRVGH
YLJHQFLDSHUVRQDOPDWHULDO\WHUULWRULDO


(VWiQVXMHWRVDHVWDMXULVGLFFLyQORVPLHPEURVGHODQDFLyQRSXHEORLQGtJHQD
RULJLQDULR FDPSHVLQR VHD TXH DFW~HQ FRPR DFWRUHV R GHPDQGDGR GHQXQFLDQWHV R
TXHUHOODQWHVGHQXQFLDGRVRLPSXWDGRVUHFXUUHQWHVRUHFXUULGRV

(VWD MXULVGLFFLyQ FRQRFH ORV DVXQWRV LQGtJHQD RULJLQDULR FDPSHVLQRV GH
FRQIRUPLGDGDORHVWDEOHFLGRHQXQD/H\GH'HVOLQGH-XULVGLFFLRQDO

(VWDMXULVGLFFLyQVHDSOLFDDODVUHODFLRQHV\KHFKRVMXUtGLFRVTXHVHUHDOL]DQR
FX\RV HIHFWRV VH SURGXFHQ GHQWUR GHOD MXULVGLFFLyQ GH XQ SXHEOR LQGtJHQD RULJLQDULR
FDPSHVLQR


3RURWURODGRHODUWGHOD/H\)XQGDPHQWDOSUHYp


,7RGDDXWRULGDGS~EOLFDRSHUVRQDDFDWDUiODVGHFLVLRQHVGHODMXULVGLFFLyQLQGtJHQD
RULJLQDULDFDPSHVLQD

,, 3DUD HO FXPSOLPLHQWR GH ODV GHFLVLRQHV GH OD MXULVGLFFLyQ LQGtJHQD RULJLQDULR
FDPSHVLQD VXV DXWRULGDGHV SRGUiQ VROLFLWDU HO DSR\R GH ORVyUJDQRV FRPSHWHQWHV GHO
(VWDGR


,,,(O(VWDGRSURPRYHUi\IRUWDOHFHUiODMXVWLFLDLQGtJHQDRULJLQDULDFDPSHVLQD/D/H\
GH'HVOLQGH-XULVGLFFLRQDOGHWHUPLQDUiORVPHFDQLVPRVGHFRRUGLQDFLyQ\FRRSHUDFLyQ
HQWUH OD MXULVGLFFLyQ LQGtJHQD RULJLQDULD FDPSHVLQD FRQ OD MXULVGLFFLyQ RUGLQDULD \ OD

W


dW^:d


MXULVGLFFLyQDJURDPELHQWDO\WRGDVODVMXULVGLFFLRQHVFRQVWLWXFLRQDOPHQWHUHFRQRFLGDV


(QHVHVHQWLGR\FRQIRUPHFRQFOX\yOD6&3ODVQDFLRQHV\SXHEORVLQGtJHQD
RULJLQDULRFDPSHVLQRVWLHQHQODSRWHVWDGGHLPSDUWLUMXVWLFLDHQHOiPELWRGHVXSURSLR
WHUULWRULROLPLWDGD
HQVXVDOFDQFHVSRUORHVWDEOHFLGRHQORVDUWV\GHOD&3(
\OD/H\GH'HVOLQGH-XULVGLFFLRQDOQRUPD~OWLPDTXHGHEHJXDUGDUFRKHUHQFLDFRQORV
SRVWXODGRV FRQVWLWXFLRQDOHV \ ORV LQVWUXPHQWRV LQWHUQDFLRQDOHV TXH IRUPDQ SDUWH GHO
EORTXHGHFRQVWLWXFLRQDOLGDG


'LFKD6HQWHQFLD&RQVWLWXFLRQDOUHVSHFWRDORViPELWRVGHYLJHQFLDGHODMXULVGLFFLyQ
LQGtJHQDRULJLQDULDFDPSHVLQDVHxDOy


7RPDQGR HQ FXHQWD TXH HO RUGHQ FRQVWLWXFLRQDO UHFRQRFH YDULDV MXULVGLFFLRQHV OD
DUWLFXODFLyQGHODVPLVPDVHVIXQGDPHQWDO(QHVWHRUGHQOD/H\)XQGDPHQWDOHVWDEOHFH
HQHODUWORViPELWRVGHYLJHQFLDGHODMXULVGLFFLyQLQGtJHQDRULJLQDULDFDPSHVLQD
iPELWRVGHYLJHQFLDSHUVRQDOPDWHULDO\WHUULWRULDO

(QHIHFWRHQFXDQWRDOiPELWRGHYLJHQFLDSHUVRQDOODQRUPDIXQGDPHQWDOHVWDEOHFHTXH
HVWiQVXMHWRVDHVWDMXULVGLFFLyQORVPLHPEURVGHODQDFLyQRSXHEORLQGtJHQDRULJLQDULR
FDPSHVLQR VHDTXH DFW~HQ FRPR DFWRUHV RGHPDQGDGRVGHQXQFLDQWHV R TXHUHOODQWHV
GHQXQFLDGRVRLPSXWDGRVUHFXUUHQWHVRUHFXUULGRV

$VLPLVPRHQFXDQWRDODYLJHQFLDPDWHULDOOD1RUPD6XSUHPDKDFHXQDGHULYDFLyQDOD
/H\GH'HVOLQGH-XULVGLFFLRQDO6LQHPEDUJRHVLPSRUWDQWHVHxDODUTXHHVWDGLVWLQFLyQ
PDWHULDOFRPRiPELWRFRPSHWHQFLDOHQODPD\RUtDGHORVFDVRVQRRSHUDHQORVSXHEORV
LQGtJHQDRULJLQDULRFDPSHVLQRV(OFRQRFLPLHQWR\UHVROXFLyQGHORVDVXQWRVSDUWHGH
XQDFRPSUHQVLyQLQWHJUDOGHVGHXQVHQWLGRGHWRWDOLGDGDWHQGLHQGRHOFRQIOLFWRFRPR
XQDXQLGDGHQODTXHLQJUHVDORHVSLULWXDO\UHOLJLRVRQRH[LVWHXQDGLIHUHQFLDFLyQHQ
PDWHULDSHQDOFLYLOVRFLDOIDPLOLDUHWF

'HRWURODGRHQFRUUHVSRQGHQFLDFRQXQDLQWHUSUHWDFLyQVLVWpPLFD\WHOHROyJLFDGHOD
/H\)XQGDPHQWDOHVLPSRUWDQWHUHFRUGDUTXHHQYLUWXGGHODOLEUHGHWHUPLQDFLyQGHORV
SXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRV DUWGHOD&3( FDGDXQRGHHOORVWLHQHVX
VLVWHPD MXUtGLFR DFRUGH FRQ VX FRVPRYLVLyQ FRQ VX FXOWXUD WUDGLFLRQHV YDORUHV
SULQFLSLRV \ QRUPDV HQ YLUWXG GH HOOR GHWHUPLQDQ TXp KHFKRV R DVXQWRV UHVXHOYHQ
GHFLGHQRVDQFLRQDQDGTXLULHQGRODFRPSHWHQFLDSDUDFRQRFHUORVKHFKRV\DVXQWRVTXH
VLHPSUHKDQFRQRFLGR\UHVXHOWRDVtFRPRSDUDGHFLGLUHQFXiOHVGHFLGHQLQWHUYHQLU\
FXiOHVGHULYDUORVDRWUDMXULVGLFFLyQ

(QHVWHFRQWH[WRODMXULVGLFFLyQLQGtJHQDRULJLQDULDFDPSHVLQDHQFRQIOXHQFLDFRQHO
iPELWR SHUVRQDO \ WHUULWRULDO WLHQH FRPSHWHQFLD SDUD FRQRFHU \ UHVROYHU ORV KHFKRV \
DVXQWRVTXHVLHPSUHKDQUHVXHOWR\TXHFRQVLGHUHDWLQHQWHVLQGHSHQGLHQWHPHQWHVHDQ
FRQVLGHUDGRVOHYHVRJUDYHVSHQDOHVRFLYLOHVSRUHOGHUHFKRHVWDWDO'HWDOIRUPDHV
LPSRUWDQWHHYLWDUXQDUHGXFFLyQH[WHUQDGHORVDVXQWRVTXHSXHGHQFRQRFHUSRUTXHVH
LQJUHVDHQXQTXLHEUHGHORVSRVWXODGRVFRQVWLWXFLRQDOHV\ORVSUHYLVWRVHQHOEORTXHGH
FRQVWLWXFLRQDOLGDG

(QHVWHRUGHQGHEHWHQHUVHHQFXHQWDTXHQLHO&RQYHQLRGHOD2,7QLOD'HFODUDFLyQ
GHODV1DFLRQHV8QLGDVVREUHORV'HUHFKRVGHORV3XHEORV,QGtJHQDVHVWDEOHFHQXQOtPLWH
HQFXDQWRDODVPDWHULDVRODJUDYHGDGGHORVKHFKRVSDUDHOHMHUFLFLRGHODMXULVGLFFLyQ
LQGtJHQD

&RQHVWDOtQHDGHUD]RQDPLHQWRHVLPSRUWDQWHGHMDUFRPRSDXWDLQWHUSUHWDWLYDTXHHQ
YLUWXGGHOGHUHFKRDODOLEUHGHWHUPLQDFLyQGHORVSXHEORVLQGtJHQDRULJLQDULRFDPSHVLQR
\ VX DXWRQRPtD HO FRQWHQLGR GH OR SUHYLVWR HQ HO DUW ,, GH OD /H\ GH 'HVOLQGH
-XULVGLFFLRQDO GHEH HQFRQWUDU FRPSDWLELOLGDG FRQ OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR

W


dW^:d
HQWHQGLGDHQVXXQLGDGYDOHGHFLUEDMRVXVSULQFLSLRVIXQGDQWHVGHSOXULQDFLRQDOLGDG
SOXUDOLVPR LQWHUFXOWXUDOLGDG GHVFRORQL]DFLyQ HQWUH RWURV \ HO EORTXH GH
FRQVWLWXFLRQDOLGDG FX\D FRPSDWLELOLGDG GH FDGD XQD GH ODV PDWHULDV DVLJQDGDV QR
FRUUHVSRQGHVHUDQDOL]DGDHQODFDXVDSUHVHQWHSRUQRYLQFXODUVHFRQODSUREOHPiWLFDHQ
DQiOLVLV

)LQDOPHQWH FDEH KDFHU UHIHUHQFLD DO iPELWR WHUULWRULDO UHVSHFWR GHO FXDO OD 1RUPD
6XSUHPDGHWHUPLQDTXHpVWDMXULVGLFFLyQVHDSOLFDDODVUHODFLRQHV\KHFKRVMXUtGLFRV
TXH VH UHDOL]DQ R FX\RV HIHFWRV VH SURGXFHQ GHQWUR GH OD MXULVGLFFLyQ GH XQ SXHEOR
LQGtJHQD RULJLQDULR FDPSHVLQR HVWR LPSRUWD WHQHU FRPSHWHQFLD VREUH ORV KHFKRV TXH
RFXUUHQGHQWURGHGLFKRWHUULWRULR

(QYLUWXGGHORViPELWRVVHxDODGRVODMXULVGLFFLyQLQGtJHQDWLHQHFRPSHWHQFLDUHVSHFWR
GHORVKHFKRVVLWXDFLRQHVRUHODFLRQHVMXUtGLFDVTXHVHGDQGHQWURGHOiPELWRWHUULWRULDO
GH ORV SXHEORV LQGtJHQD RULJLQDULR FDPSHVLQRV OR TXH VXSRQH TXH OD MXULVGLFFLyQ
LQGtJHQD\VXGHUHFKRVRQORVTXHULJHQGHQWURGHOHVSDFLRWHUULWRULDOGHOSXHEORLQGtJHQD
RULJLQDULRTXHVHWUDWHSRUWDQWRODHILFDFLDGHGLFKDVGHFLVLRQHVHVGHDOFDQFHQDFLRQDO
&RQVLJXLHQWHPHQWHFXDQGRFRQIOX\DQHVWRVWUHViPELWRVSHUVRQDOPDWHULDO\WHUULWRULDO
FRUUHVSRQGH D OD MXULVGLFFLyQ LQGtJHQD UHVROYHU HO FRQIOLFWR R FRQWURYHUVLD EDMRV VXV
QRUPDV\SURFHGLPLHQWRVSURSLRVDOPLVPRWLHPSRFRUUHVSRQGHHOGHEHUGHDEVWHQHUVH
R GH UHDOL]DU DFWRV GH LQWURPLVLyQ HQ VX HMHUFLFLR DVt FRPR HO GHEHU GH UHVSHWDU VXV
GHFLVLRQHV\UHVROXFLRQHV\HQWRGRFDVRUHDOL]DUDFWRVGHFRRUGLQDFLyQ\FRODERUDFLyQ
SDUDTXHODPLVPDVHDHMHFXWDGD\FXPSOLGD

(Q HVWH FRQWH[WR QR VRQ DSOLFDEOHV ODV UHJODV TXH ULJHQ D OD MXULVGLFFLyQ
RUGLQDULD FRPR ODV GH KDEHU SUHYHQLGR SULPHUR OD FDXVD SDUD TXH VH RWRUJXH
FRPSHWHQFLD D OD MXULVGLFFLyQ RUGLQDULD DQWH KHFKRV HQ ORV TXH VH YHQ LQYROXFUDGRV
PLHPEURVGHORVSXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRVVLQRORViPELWRVGHYLJHQFLD
SHUVRQDOPDWHULDO\WHUULWRULDOTXHULJHDHVWDMXULVGLFFLyQ

3RURWUDSDUWHUHVSHFWRDOiPELWRGHYLJHQFLDSHUVRQDOOD6&3GHGHHQHUR
HVWDEOHFLyUHVSHFWRDOMX]JDPLHQWRGHSHUVRQDVDMHQDVDXQDFROHFWLYLGDGTXHODVPLVPDV
SRGUtDQH[FHSFLRQDOPHQWHVHUMX]JDGDVHQODMXULVGLFFLyQLQGtJHQDRULJLQDULDFDPSHVLQD
DOHVWDEOHFHUTXH
FRQVLGHUDQGRTXHHOGHUHFKRFROHFWLYRDDGPLQLVWUDUVXMXVWLFLDHVWi
UHODFLRQDGRDODFRQVWUXFFLyQGHVXLGHQWLGDGVRFLDOHVOyJLFRDFHSWDUTXHHVSRVLEOHHO
MX]JDPLHQWR GH SHUVRQDV TXH QR QHFHVDULDPHQWH SHUWHQH]FDQ D OD QDFLyQ R SXHEOR
LQGtJHQD RULJLQDULD FDPSHVLQR SHUR TXH YROXQWDULDPHQWH GH PDQHUD H[SUHVD R
WiFLWDPHQWHVHVRPHWDQDGLFKDMXULVGLFFLyQSRUHMHPSORDOGHFLGLURFXSDUVXVWHUULWRULRV
DQFHVWUDOHVDXQTXHHOORQRLPSOLFDTXHQRGHEDDQDOL]DUVHHQFDGDFDVRODFRQFXUUHQFLD
GHORViPELWRVWHUULWRULDOPDWHULDO\SHUVRQDOUHIHULGRVSRUHODUW,,GHOD&3(
 HO
VXEUD\DGR\UHVDOWDGRQRVFRUUHVSRQGHQ 
6HJ~QODMXULVSUXGHQFLDJORVDGDUHVSHFWRDODFRQIOXHQFLDGHORViPELWRVGHYLJHQFLDGH
OD -XULVGLFFLyQ ,QGtJHQD 2ULJLQDULD &DPSHVLQD pVWDV GHEHQ DQDOL]DUVH WRPDQGR HQ
FXHQWDODUHDOLGDGFRQFUHWDGHFDGDFDVRORTXHLPSOLFDFRQVLGHUDUODSDUWLFXODULGDGHV
VDEHUHV SUDFWLFDV FRVPRYLVLRQHV  GH FDGD QDFLyQ \ SXHEOR LQGtJHQD RULJLQDULR
FDPSHVLQR SXGLHQGR H[FHSFLRQDOPHQWH MX]JDU D SHUVRQDV DMHQDV FX\RV DFWRV WHQJDQ
HIHFWRVGHQWURGHODFRPXQLGDGDIHFWDQGRVXHTXLOLEURIRUPDV \ PRGRVGHYLGD\VX
H[LVWHQFLD PLVPD R FXDQGR HVWDV SHUVRQDV H[SUHVDPHQWH R WiFLWDPHQWH VH VRPHWDQ D
GLFKDMXULVGLFFLyQSRUHMHPSORDORFXSDUWHUUHQRVGHQWURGHODFRPXQLGDGDILOLDUVHDOD
RUJDQL]DFLyQ LQWHUQD GH OD FRPXQLGDG DVXPLUVH FRPR SDUWH GH HOOD HQWUH RWUDV HWF
$VLPLVPRHVLPSRUWDQWHFRQVLGHUDUODFRPSHWHQFLDUHVSHFWRGHORVKHFKRVVLWXDFLRQHV
R UHODFLRQHV MXUtGLFDV TXH VH GDQ GHQWUR GH VX WHUULWRULR HQWUH FX\RV VXSXHVWRV GH
DIHFWDFLyQDODQDFLyQ\SXHEORLQGtJHQDRULJLQDULRFDPSHVLQRSRUTXLHQQRHVPLHPEUR
GHOPLVPRHQHVWHVHQWLGROD6&3GHGHMXQLRVHxDOy(QYLUWXGGHORV
iPELWRVVHxDODGRVODMXULVGLFFLyQLQGtJHQDWLHQHFRPSHWHQFLDUHVSHFWRGHORVKHFKRV
VLWXDFLRQHVRUHODFLRQHVMXUtGLFDVTXHVHGDQGHQWURGHOiPELWRWHUULWRULDOGHORVSXHEORV
LQGtJHQDRULJLQDULRFDPSHVLQRVORTXHVXSRQHTXHODMXULVGLFFLyQLQGtJHQD\VXGHUHFKR
VRQORVTXHULJHQGHQWURGHOHVSDFLRWHUULWRULDOGHOSXHEORLQGtJHQDRULJLQDULRTXHVHWUDWH

W


dW^:d


SRUWDQWRODHILFDFLDGHGLFKDVGHFLVLRQHVHVGHDOFDQFHQDFLRQDO
(QHVWHRUGHQHVSUHFLVRGHVWDFDUTXHWDPELpQGHEHWHQHUVHHQFXHQWDORVVXSXHVWRVGH
DIHFWDFLyQDOSXHEORLQGtJHQDRULJLQDULRFDPSHVLQRSRUTXLHQQRHVPLHPEURGHOPLVPR
TXHSHUWHQH]FDDRWUDFRPXQLGDGRVHWUDWHGHSHUVRQDVQRLQGtJHQDV\HOKHFKRKD\D
RFXUULGRHQHOWHUULWRULRGHOSXHEORLQGtJHQDRULJLQDULRFDPSHVLQRRORVFDVRVHQORVTXH
ORVDFWRVGHXQPLHPEURGHXQSXHEORLQGtJHQDRULJLQDULRFDPSHVLQRUHDOL]DGRVHQRWUD
MXULVGLFFLyQWHQJDHIHFWRVVREUHODFRPXQLGDGRSXHEORLQGtJHQDRULJLQDULRFDPSHVLQR
&RQVLGHUDQGR WDOHV VXSXHVWRV HV QHFHVDULR GLVWLQJXLU HVWDV GLIHUHQWHV VLWXDFLRQHV D
HIHFWRVGHGHWHUPLQDUTXpMXULVGLFFLyQVHUiODDSOLFDEOHHVGHFLUSXHGHWUDWDUVHSRUXQ
ODGRGHXQDVLWXDFLyQLQWHUQDHQODTXHVHGHQORVWUHVHOHPHQWRVRiPELWRVGHYLJHQFLD
HVWDEOHFLGRVSRUOD&RQVWLWXFLyQHVWRHVTXHORVVXMHWRVGHOKHFKRSHUWHQH]FDQDOSXHEOR
LQGtJHQD RULJLQDULR FDPSHVLQR WDQWR HO DXWRU GH OD FRQGXFWD FRPR HO VXMHWR SDVLYR
HQWHQGLpQGRVH SRU VXMHWR SDVLYR WDPELpQ D OD SURSLD FRPXQLGDG  HO KHFKR VH KD\D
SURGXFLGRHQHOWHUULWRULRGHOSXHEORLQGtJHQDRULJLQDULRFDPSHVLQR\VHUHILHUDDDVXQWRV
GHODFRPXQLGDGRTXHLQFXPEHQRDIHFWDQDOSXHEORLQGtJHQDRULJLQDULRFDPSHVLQR3RU
RWURODGRSXHGHWUDWDUVHGHKHFKRVRFXUULGRVHQHOSXHEORLQGtJHQDRULJLQDULRFDPSHVLQR
SHURSRUTXLHQQRHVPLHPEURGHOPLVPRRORVFDVRVHQORVTXHORVHIHFWRVGHOKHFKRVH
SURGXFHQGHQWURGHOSXHEORLQGtJHQDRULJLQDULRFDPSHVLQR
6REUH OD SULPHUD VLWXDFLyQ HV OD TXH VH SURQXQFLDUi HVWH 7ULEXQDO HV GHFLU DTXHOOD
LQWHUQDGRQGHORVLQYROXFUDGRVVRQPLHPEURVGHOSXHEORLQGtJHQDRULJLQDULRFDPSHVLQR
ORV KHFKRV VH SURGXMHURQ HQ HVH SXHEOR LQGtJHQD RULJLQDULR FDPSHVLQR \ SRU OyJLFD
FRQVHFXHQFLD VH WUDWD GH DVXQWRV TXH DIHFWDQ R LQFXPEHQ D HVH SXHEOR LQGtJHQD
RULJLQDULRFDPSHVLQRHQFX\RFDVRFRUUHVSRQGHDODMXULVGLFFLyQLQGtJHQDUHVROYHUHO
FRQIOLFWRRFRQWURYHUVLDEDMRVXVQRUPDV\SURFHGLPLHQWRVSURSLRVDOPLVPRWLHPSR
FRUUHVSRQGHHOGHEHUGHDEVWHQHUVHRGHUHDOL]DUDFWRVGHLQWURPLVLyQHQVXHMHUFLFLRDVt
FRPRHOGHEHUGHUHVSHWDUVXVGHFLVLRQHV\UHVROXFLRQHV\HQWRGRFDVRUHDOL]DUDFWRVGH
FRRUGLQDFLyQ\FRODERUDFLyQSDUDTXHODPLVPDVHDHMHFXWDGD\FXPSOLGD /DVQHJULOODV
QRVFRUUHVSRQGHQ 
(QHVWHPLVPRVHQWLGROD'&3 UHYLVDUVLQRHVOD6& 
'HWDOIRUPD
UHVXOWDH[WHQVLEOHODMXULVGLFFLyQLQGtJHQDRULJLQDULDFDPSHVLQD\YiOLGDVODVGHFLVLRQHV
TXHGHHOODVHPDQHQUHVSHFWRDORVVXSXHVWRVGHDIHFWDFLyQSRUTXLHQHVQRVRQPLHPEURV
GHOSXHEORLQGtJHQDRULJLQDULRFDPSHVLQRSHURVXVDFWRVVHKDQUHDOL]DGRHQVXWHUULWRULR
\VHKDDIHFWDGRDODVSHUVRQDV\ELHQHVGHODFRPXQLGDGSRUSDUWHGH
WHUFHURV

H[WHUQRV

RSHUVRQDVQRLQGtJHQDV(QHOFDVRFRQFUHWRGHDFXHUGRFRQORVHxDODGRHQODDXGLHQFLD
S~EOLFDSRUODVDXWRULGDGHVLQGtJHQDVFRQVXOWDQWHVODPHGLGDGHH[SXOVLyQIXHDGRSWDGD
FRQWUD-RVp2VFDU%HOORWD&RUQHMRDTXLHQQRORFRQVLGHUDQFRPXQDULRFRQIRUPHVHKD
VHxDODGR HQ OD DXGLHQFLD GH FRQWDFWR GLUHFWR FRQ ODV DXWRULGDGHV GH =RQJR TXLHQHV
VHxDODURQ
DGTXLULyWLHUUDVHQODFLWDGDFRPXQLGDG  DQWHVVHGHFtDVHUFRPXQLWDULR
 LQJUHVy FRQ HQJDxRV D WRPDU ODV WLHUUDV  SHUROXHJR VH IXH GHVOLJDQGRGH OD
FRPXQLGDG



,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

(OHVWiQGDUPiVDOWRHVWiHQOD6&3



&RQIOLFWRGHFRPSHWHQFLDVHQWUHODMXULVGLFFLyQLQGtJHQD
RULJLQDULDFDPSHVLQDMXULVGLFFLyQRUGLQDULD\DJURDPELHQWDO6HQWHQFLD
\HIHFWRV
1~PHURGHUHVROXFLyQ6&3

W


dW^:d

)LFKD

7LSR-XULVSUXGHQFLD

-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3/DVGLYHUJHQFLDVTXHSXHGDQJHQHUDUVHDOLQWHULRU
GH1DFLRQHV\3XHEORV,QGtJHQDRULJLQDULRFDPSHVLQRVRHQWUHHOORV
GHEHQ VHU UHVXHOWDV HQ HO PDUFR GH GLiORJRV LQWHUFXOWXUDOHV D FX\R
HIHFWR HO &RQWURO 3OXUDO GH &RQVWLWXFLRQDOLGDG SXHGH HQ FDVRV
FRQFUHWRVRUGHQDUGLFKRVGLiORJRV

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO ORV DFFLRQDQWHV GHQXQFLDQ TXH ORV DKRUD
GHPDQGDGRVFRPRFRQVHFXHQFLDGHXQFRQIOLFWRYLQFXODGRDOGHUHFKRSURSLHWDULRVREUH
XQ LQPXHEOH PHGLDQWH YRWR UHVROXWLYR GHFLGLHURQ VDQFLRQDU D 6LQIRULDQR 0DPDQL
5RMDV PLHPEUR GH OD FRPXQLGDG \ OXHJR D OD FRPXQLGDG GH %XHQD 9LGHV
SURKLELpQGROHVHOHMHUFLFLR\SUiFWLFDGHVXVXVRV\FRVWXPEUHVDVtFRPRHOHMHUFLFLRGH
FDUJRV RULJLQDULRV GHSRUWLYRV \ OD SDUWLFLSDFLyQ HQ HYHQWRV GHSRUWLYRV HO DFFHVR D
FDUJRV PXQLFLSDOHV SROtWLFRV \ FXOWXUDOHV TXH SRU FRVWXPEUH FRUUHVSRQGH D FDGD
FRPXQLGDGSRUURWDFLyQDVSHFWRVTXHFRQVWLWX\HQSUiFWLFDVDQFHVWUDOHVGHVXVSXHEORV
$VLPLVPR GHQXQFLDURQ OD DIHFWDFLyQ DO GHUHFKR DO GHELGR SURFHVR \ D OD GHIHQVD GH
6LQIRULDQR0DPDQL5RMDVFRPXQDULRGH%XHQD9LGHV(QEDVHDHVWRVKHFKRVSLGHQOR
VLJXLHQWHORVLJXLHQWHL 4XHVHGHMHVLQYDORUQLHIHFWROHJDOHO9RWR5HVROXWLYRGH
GHMXQLRGHVXVFULWRSRUORVGHPDQGDGRVLL /DUHVWLWXFLyQGHVXVGHUHFKRVFRPR
QDFLyQ \ SXHEOR LQGtJHQD RULJLQDULR FDPSHVLQR SDUD HO HMHUFLFLR GH FXDOTXLHU FDUJR
RULJLQDULRGHSRUWLYRSROtWLFR\PXQLFLSDOLL /DSXEOLFDFLyQGHODSDUWHUHVROXWLYDGHO
IDOOR FRQVWLWXFLRQDO HQ XQ SHULyGLFR GH FLUFXODFLyQ QDFLRQDO D FXHQWD \ FDUJR GH ORV
GHPDQGDGRV\LLL /DUHSDUDFLyQGHGDxRVSHUMXLFLRV\FRVWDVSURFHVDOHV(O7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOFRQILUPyODUHVROXFLyQGHO-XH]GH*DUDQWtDV\FRQFHGLy
ODWXWHODHQEDVHDORVVLJXLHQWHVIXQGDPHQWRV 5HFRQGXFHSURFHVDOPHQWHODDFFLyQGH
DPSDUR FRQVWLWXWLFLRQDO HQ FXDQWR D ORV GHUHFKRV FROHFWLYRV GHQXQFLDGRV FRPR
DIHFWDGRV 'LVSRQHTXHHQWUHFRPXQLGDGHVVHJHQHUHQGLiORJRVLQWUDHLQWHUFXOWXUDOHV
(O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO FRQFHGH OD WXWHOD HQ EDVH D ORV VLJXLHQWHV
DUJXPHQWRV D  5HFRQGXFH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO D DFFLyQ SRSXODU HQ
FXDQWRDODVGHQXQFLDVUHIHUHQWHVDGHUHFKRVFROHFWLYRVE &RQFHGHODDFFLyQSRSXODU
UHFRQGXFLGD SRUTXH ODV VDQFLRQHV GH H[SXOVLyQ \ VXVSHQVLyQ SULPHUR GHEHQ VHU
HVWDEOHFLGDV SUHYLR GLiORJR LQWHUFXOWXUDO \ DGHPiV GHEHQ VHU GDGDV SDUD VLWXDFLRQHV
H[WUHPDGDPHQWH JUDYHV \D TXH GH DFXHUGR D OD FRVPRPLVLyQ GH OD FRPXQLGDG OD
ILQDOLGDGGHODVPLVPDVGHEHVHUHOUHVJXDUGRGHODDUPRQtD\HOHTXLOLEULRFRPXQLWDULR
DVSHFWRVTXHHQGHILQLWLYDQRVRQFRQVROLGDGRVSRUHO9RWR5HVROXWLYRGHGHMXQLRGH
 F  (VWDEOHFH TXH OD UHFRQGXFFLyQ SURFHVDO SDUD HO DQiOLVLV GH ORV GHUHFKRV
FROHFWLYRV QR JHQHUD SUREOHPDV HQ FXDQWR D OHJLWLPDFLyQ DFWLYD GH ORV DFWLYDQWHV GH
WXWHOD HPSHUR HO DQiOLVLV GH ODV GHQXQFLDV YLQFXODGDV D GHUHFKRV IXQGDPHQWDOHV
LQGLYLGXDOHVKDFHQQHFHVDULRTXHHVWH7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHVWDEOH]FD
TXHD~QFXDQGRODVLQGLFDGDVSHUVRQDVDFWLYDQODSUHVHQWHDFFLyQVLQSRGHUHVSHFtILFR\
SRUHOFRQWHQLGRGHODPLVPDDQRPEUHGH6LQIRULDQR0DPDQL5RMDVFRPRFRPXQDULR
GH %XHQD 9LGHV SRU HVWDU OD SUREOHPiWLFD YLQFXODGD D QDFLRQHV \ SXHEORV LQGtJHQD
RULJLQDULR FDPSHVLQRV GHEH DSOLFDUVH XQD IOH[LELOL]DFLyQ SURFHVDO SRU OR TXH HQ HO

W


dW^:d


SUHVHQWHFDVRORVDKRUDSHWLFLRQDQWHVGHWXWHODWLHQHQOHJLWLPDFLyQDFWLYDSDUDDFWLYDU
HO SUHVHQWH PHFDQLVPR WXWHODU H  &RQFHGH OD DFFLyQ SRSXODU UHFRQGXFLGD SRUTXH ODV
VDQFLRQHV GH H[SXOVLyQ \ VXVSHQVLyQ SULPHUR GHEHQ VHU HVWDEOHFLGDV SUHYLR GLiORJR
LQWHUFXOWXUDO\DGHPiVGHEHQVHUGDGDVSDUDVLWXDFLRQHVH[WUHPDGDPHQWHJUDYHV\DTXH
GHDFXHUGRDODFRVPRPLVLyQGHODFRPXQLGDGODILQDOLGDGGHODVPLVPDVGHEHVHUHO
UHVJXDUGRGHODDUPRQtD\HOHTXLOLEULRFRPXQLWDULRDVSHFWRVTXHHQGHILQLWLYDQRVRQ
FRQVROLGDGRV SRU HO 9RWR 5HVROXWLYR GH  GH MXQLR GH  \ G  'LVSRQH TXH OD
FRPXQLGDG GH 7RGR6DQWRV OD FRPXQLGDG %XHQD9LGHV \ 6LQIRULDQR 0DPDQL 5RMDV
GHVDUUROOHQ  XQ HVSDFLR GH GLiORJR HQ HO FXDO HQ HO PDUFR GH ORV YDORUHV SOXUDOHV
VXSUHPRVLPSHUDQWHVHQHO(VWDGR3OXULQDFLRQDOGH%ROLYLD\GHDFXHUGRDVXVQRUPDV\
SURFHGLPLHQWRVVHVROXFLRQHQODVGLYHUJHQFLDVH[LVWHQWHV


([WUDFWRGHODUDWLRGHFLGHQGL

'


(QHORUGHQGHLGHDVVHxDODGRHO,QIRUPH7pFQLFR&,7(7&3678',QI
HODERUDGRSRUOD8QLGDGGH'HVFRORQL]DFLyQGHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO
\TXHWDOFRPR\DVHGLMRVHFRQILJXUDFRPRXQDKHUUDPLHQWDPiVQROD~QLFDSDUD
JHQHUDU XQ GLiORJR LQWHUFXOWXUDO HQWUH ODV QDFLRQHV \ SXHEORV LQGtJHQD RULJLQDULR
FDPSHVLQRVFRQHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHVWDEOHFLyTXHGHDFXHUGRD
VXVQRUPDV\SURFHGLPLHQWRVVRQODV
DXWRULGDGHVRULJLQDULDV
 MLODTDWDVPDPDWDOODV\
FRUUHJLGRU TXLHQHVHQSULPHUDLQVWDQFLDFRQRFHQ\UHVXHOYHQFXDOTXLHUFRQIOLFWRTXH
VHSUHVHQWHHQORVD\OOXVGH7RGR6DQWRVHQHVWHFRQWH[WRUHILHUHHOFLWDGRLQIRUPHTXH
HQFDVRGHUHVROYHUVHORVFRQIOLFWRVHQHVWDHWDSDVHGHMDUiFRQVWDQFLDGHORVDFXHUGRV
HQXQOLEURGHDFWDV

$VLPLVPR HO FLWDGR LQIRUPH SUHFLVD TXH HQ FDVR GH TXH ODV DXWRULGDGHV QR ORJUHQ
UHVROYHUHOFRQIOLFWRHOSUREOHPDVHDQDOL]DHQHO
FDZLOGRRDVDPEOHDJHQHUDO
HQHVH
VHQWLGRVHHVWDEOHFHTXHHVWRVPHFDQLVPRVVRQODPi[LPDLQVWDQFLDGHUHVROXFLyQGH
FRQIOLFWRVHQ7RGR6DQWRV

(QHOFRQWH[WRDQWHVVHxDODGRHOLQIRUPHGHUHIHUHQFLDHVWDEOHFLyTXHHO
FDZLOGR
HV
GLULJLGRSRUHO&RUUHJLGRUORV-LODTDWDV\0DPD7DOODVHVDELHUWR\WRGRVORVSUHVHQWHV
SDUWLFLSDQ \ DQDOL]DQ ORV SUREOHPDV GH IRUPD FROHFWLYD HQ HVH RUGHQ ODV GHFLVLRQHV
DVXPLGDV SRU HVWH
FDZLOGR
 R DVDPEOHD GHEHQ VHU FXPSOLGDV \ UHVSHWDGDV SRU WRGRV
$VLPLVPRHOLQIRUPHSUHFLVDTXH
$FWXDOPHQWHKD\XQVRORFDZLOGRJHQHUDODQXDOTXH
VHUHDOL]DHOSULPHURGHHQHURGHFDGDDxRTXHFRLQFLGHFRQHOFDPELRGHDXWRULGDGHV

OLWHUDO DVLPLVPRVHVHxDOyTXHODDVDPEOHDR
FDZLOGR
HVOD
Pi[LPD
LQVWDQFLD\TXH
QRQHFHVDULDPHQWHHVXQDHWDSD
FHUUDGD
R
ILQDO
\DTXHORVSURFHGLPLHQWRVVHYDQGDQGR
GH DFXHUGR D FDGD FDVR \ DO FRQWH[WR SUHFLVD WDPELpQ HO LQIRUPH TXH VH FRQVLGHUD
FRQFOXLGRXQFRQIOLFWRFXDQGRVHKDUHVWDEOHFLGRODDUPRQtD\HOHTXLOLEULRGHQWURORV
D\OOXV\FRPXQLGDGHVGH7RGR6DQWRV

)LQDOPHQWH HO LQIRUPH DQWHV PHQFLRQDGR VHxDOD TXH
OD VDQFLyQ GH H[SXOVLyQ \
VXVSHQVLyQGHEHQVHUDSOLFDGDVDJRWDGDODVYtDVGHFRQFLOLDFLyQ\UHSDUDFLyQGHOGDxR
HVGHFLUHOFDZLOGRJHQHUDHVSDFLRVGHGLiORJRDFXHUGR\FRQVHQVRSHUPDQHQWHGHQWUR
GHODDVDPEOHD
 OLWHUDO 

3RUORVHxDODGRGHDFXHUGRDOFRQWHQLGRGHO9RWR5HVROXWLYRGHGHMXQLRGHHQ
PpULWRDORVDUJXPHQWRVSUHVHQWDGRVSRUORVDKRUDGHPDQGDGRV\HQEDVHDOFRQWHQLGR
GHO ,QIRUPH 7pFQLFR &,7( 7&3678' ,QI  HODERUDGR SRU OD 8QLGDG GH
'HVFRORQL]DFLyQ GHO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO VH HVWDEOHFH TXH SDUD OD
HPLVLyQGHODVDQFLyQSODVPDGDHQHOSXQWRFXDUWRQRVHDJRWyODYtDGHFRQFLOLDFLyQQL
VHJHQHUyHVSDFLRVGHGLiORJRGHDFXHUGRDXQFRQVHQVRSHUPDQHQWHHQODDVDPEOHDR

W


dW^:d

FDZLOGR
WDOFRPRORHVWDEOHFHODVQRUPDV\SURFHGLPLHQWRVGHOD\OOX7RGR6DQWRVSRU
ORTXHHQDSOLFDFLyQGHOSULPHUSRVWXODGRGHOSDUDGLJPDGHOYLYLUELHQGHVFULWRHQHO
)XQGDPHQWR -XUtGLFR & GHO SUHVHQWH IDOOR HVWD DIHFWDFLyQ LQFLGH DGHPiV HQ OD QR
PDWHULDOL]DFLyQ GHO VHJXQGR SRVWXODGR GHO SDUDGLJPD GHO YLYLU ELHQ SRU FXDQWR OD
GHFLVLyQDKRUDDQDOL]DGDYXOQHUDHOGHUHFKRDXQGHELGRSURFHVRLQWUDHLQWHUFXOWXUDOGH
6LQIRULDQR0DPDQL5RMDV

(QHOPDUFRGHORVHxDODGRGHDFXHUGRDORVSRVWXODGRVGHGHVFRORQL]DFLyQ\PHUFHGD
ODQXHYDYLVLyQGHODMXVWLFLDSOXUDOFRQVWLWXFLRQDOODPDWHULDOL]DFLyQGHORVSULQFLSLRV
SOXUDOHV VXSUHPRV GHEH JHQHUDU GLiORJRV LQWHUFXOWXUDOHV DO LQWHULRU GH ORV SXHEORV \
QDFLRQHVLQGtJHQDRULJLQDULRFDPSHVLQRVSRUWDQWRHQHOSUHVHQWHFDVRVHGLVSRQHTXH
ODFRPXQLGDGGH7RGR6DQWRVODFRPXQLGDG%XHQD9LGHV\D6LQIRULDQR0DPDQL5RMDV
GHVDUUROOHQ  XQ HVSDFLR GH GLiORJR HQ HO FXDO HQ HO PDUFR GH ORV YDORUHV SOXUDOHV
VXSUHPRVLPSHUDQWHVHQHO(VWDGR3OXULQDFLRQDOGH%ROLYLD\GHDFXHUGRDVXVQRUPDV\
SURFHGLPLHQWRVVHVROXFLRQHQODVGLYHUJHQFLDVH[LVWHQWHV



6LQWHVLVGHODUDWLRGHFLGHQGL

6H GLVSRQH TXH OD FRPXQLGDG GH 7RGR 6DQWRV OD FRPXQLGDG %XHQD
9LGHV\6LQIRULDQR0DPDQL5RMDVGHVDUUROOHQXQHVSDFLRGHGLiORJRHQ
HOFXDOHQHOPDUFRGHORVYDORUHVSOXUDOHVVXSUHPRVLPSHUDQWHVHQHO
(VWDGR 3OXULQDFLRQDO GH %ROLYLD \ GH DFXHUGR D VXV QRUPDV \
SURFHGLPLHQWRVVHVROXFLRQHQODVGLYHUJHQFLDVH[LVWHQWHV

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDODWUDYpVGHOD6&3
TXHUHVROYLyXQFRQIOLFWRMXULVGLFFLRQDOGHFRPSHWHQFLDVRUGHQyDODV
DXWRULGDGHV GH OD &HQWUDO $JUDULD &DPSHVLQD GHO VHFWRU =RQJR \ OD
)HGHUDFLyQ'HSDUWDPHQWDOQLFDGH7UDEDMDGRUHV,QGtJHQD2ULJLQDULR
&DPSHVLQRVGHOD3URYLQFLD0XULOORDUHWRPDUHOGLiORJR\UHVROXFLyQ
ILQDO GHO FRQIOLFWR FRQ -RVp 2VFDU %HOORWD &RUQHMR GH PDQHUD TXH
UHWRUQH OD DUPRQtD \ HO HTXLOLEULR HQ ODV FRPXQLGDGHV GH =RQJR
VHQWHQFLD TXH HV KLWR IXQGDQWH HQ FXDQWR D OD JHQHUDFLyQ GH GLiORJRV
LQWHUFXOWXUDOHV HQ HVWH PDUFR OD 6&3  DPSOLD HO
HQWHQGLPLHQWRDQWHVDQRWDGRV\H[WLHQGHORVHIHFWRVGHGLFKRVGLiORJRV
QR VRODPHQWH D FRQIOLFWRV MXULVGLFFLRQDOHV GH FRPSHWHQFLD VLQR D
FXDOTXLHUGLYHUJHQFLDTXHSXHGDJHQHUDUVHDOLQWHULRUGHODV1DFLRQHV\
3XHEORVLQGtJHQDRULJLQDULRFDPSHVLQRV

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-'


(Q HO PDUFR GH OR VHxDODGR GH DFXHUGR D ORV SRVWXODGRV GH
GHVFRORQL]DFLyQ \ PHUFHG D OD QXHYD YLVLyQ GH OD MXVWLFLD SOXUDO
FRQVWLWXFLRQDO OD PDWHULDOL]DFLyQ GH ORV SULQFLSLRV SOXUDOHVVXSUHPRV
GHEH JHQHUDU GLiORJRV LQWHUFXOWXUDOHV DO LQWHULRU GH ORV SXHEORV \
QDFLRQHVLQGtJHQDRULJLQDULRFDPSHVLQRVSRUWDQWRHQHOSUHVHQWHFDVR
W


dW^:d


VH GLVSRQH TXH OD FRPXQLGDG GH 7RGR 6DQWRV OD FRPXQLGDG %XHQD
9LGHV\D6LQIRULDQR0DPDQL5RMDVGHVDUUROOHQXQHVSDFLRGHGLiORJR
HQHOFXDOHQHOPDUFRGHORVYDORUHVSOXUDOHVVXSUHPRVLPSHUDQWHVHQ
HO (VWDGR 3OXULQDFLRQDO GH %ROLYLD \ GH DFXHUGR D VXV QRUPDV \
SURFHGLPLHQWRVVHVROXFLRQHQODVGLYHUJHQFLDVH[LVWHQWHV




1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   (Q FRQIOLFWRV MXULVGLFFLRQDOHV GH FRPSHWHQFLD HO
7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOSDUDUHVWDEOHFHUHOHTXLOLEULR
\ DUPRQtD SRGUi RUGHQDU VH UHDOLFH R UHWRPH GLiORJRV HQWUH OD
FRPXQLGDG \ PLHPEURV TXH QR IRUPDQ SDUWH GH HOOD SHUR TXH VH
HQFXHQWUDQVRPHWLGRVDVXMXULVGLFFLyQ

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HO FRQIOLFWR GH FRPSHWHQFLDV MXULVGLFFLRQDOHV VXVFLWDGR SRU DXWRULGDGHV GH OD
-XULVGLFFLyQ&DPSHVLQDGH=RQJRDQWHHO-XH]3ULPHURGH,QVWUXFFLyQHQOR3HQDOGH(O
$OWR VH FRQIOLFWR OD FRPSHWHQFLD SRUTXH ORV KHFKRV TXH VH GLVFXWHQ HQ HVWH SURFHVR
YLQFXODGRV FRQ ORV SUHVXQWRV GHOLWRV GH URER DJUDYDGR GDxR FDOLILFDGR DVRFLDFLyQ
GHOLFWXRVD DOODQDPLHQWR GH GRPLFLOLR DPHQD]DV \ OHVLRQHV HPHUJHQ GH GHFLVLRQHV
SURSLDVGHODFRPXQLGDGFX\DGHILQLFLyQ\HMHFXFLyQHVGHFRPSHWHQFLDH[FOXVLYDGHOD
-XULVGLFFLyQ,QGtJHQD2ULJLQDULD&DPSHVLQDGH=RQJR(O-XH]3ULPHURGH,QVWUXFFLyQ
HQOR3HQDOGH(O$OWRUHFKD]yODH[FHSFLyQGHLQFRPSHWHQFLDSUHVHQWDGD\GLVSXVROD
GHWHQFLyQ SUHYHQWLYD GH ORV SURFHVDGRV \ XQD YH] FRQIOLFWXDGD OD FRPSHWHQFLD \
UHPLWLGRV ORV DQWHFHGHQWHV DO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HVWD LQVWDQFLD
GHFODUyFRPSHWHQWHDODVDXWRULGDGHVLQGtJHQDRULJLQDULRFDPSHVLQDVGHOD-XULVGLFFLyQ
,QGtJHQD2ULJLQDULD&DPSHVLQDGH=RQJRSDUDFRQRFHU\UHVROYHUHODVXQWRSODQWHDGRD
WUDYpV GH VXV LQVWDQFLDV \ SURFHGLPLHQWRV SURSLRV \ GLVSXVR TXH HO -XH] 3ULPHUR GH
,QVWUXFFLyQ HQ OR 3HQDO GH (O $OWR VH LQKLED GHO FRQRFLPLHQWR GHO SURFHVR \ UHPLWD
DQWHFHGHQWHVDODVDXWRULGDGHVGHOD&HQWUDO$JUDULD&DPSHVLQDGHOVHFWRU=RQJR\OD
)HGHUDFLyQ'HSDUWDPHQWDOQLFDGH7UDEDMDGRUHV,QGtJHQD2ULJLQDULR&DPSHVLQRVGH
OD 3URYLQFLD 0XULOOR $VLPLVPR VH RUGHQD TXH ODV DXWRULGDGHV GH OD &HQWUDO $JUDULD
&DPSHVLQD GHO VHFWRU =RQJR \ OD )HGHUDFLyQ 'HSDUWDPHQWDO QLFD GH 7UDEDMDGRUHV
,QGtJHQD2ULJLQDULR&DPSHVLQRGHODSURYLQFLD0XULOORUHWRPHQHOGLiORJR\UHVROXFLyQ
ILQDO GHO FRQIOLFWR FRQ -RVp 2VFDU %HOORWD &RUQHMR SDUD TXH UHWRPH OD DUPRQtD \ HO
HTXLOLEULRHQODVFRPXQLGDGHVGH=RQJRHLQIRUPHQDHVWH7ULEXQDODWUDYpVGHOD8QLGDG
GH&RRUGLQDFLyQGHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOGHO'HSDUWDPHQWRGH/D3D]
HQHOSOD]RGHWUHVPHVHVVLQSHUMXLFLRGHODVYLVLWDVTXHHVWH7ULEXQDOSXHGDRUGHQDUD
WUDYpV GH OD 8QLGDG GH 'HVFRORQL]DFLyQ $VLPLVPR VH GLVSXVR TXH OD 8QLGDG GH

W


dW^:d
'HVFRORQL]DFLyQGHO 7ULEXQDO &RQVWLWXFLRQDO3OXULQDFLRQDO UHDOLFH OD WUDGXFFLyQGH OD
VHQWHQFLDDOD\PDUD/DVUD]RQHVGHODVHQWHQFLDIXHURQODVVLJXLHQWHV4XH-RVp2VFDU
%HOORWD&RUQHMRIXHH[SXOVDGRGHOD&RPXQLGDGGHFLVLyQTXHHPHUJLyGHODDSOLFDFLyQ
GHODVQRUPDV\SURFHGLPLHQWRVGHOD&HQWUDO$JUDULD\&DPSHVLQDGHO6HFWRUGH=RQJR
\ TXH WDO FRPR OR HVWDEOHFLy HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO D WUDYpV GH OD
'HFODUDFLyQ&RQVWLWXFLRQDO3OXULQDFLRQDOHQXQDQiOLVLVGHODWHPiWLFDGHVGH
HOPRGHORFRQVWLWXFLRQDOYLJHQWHVHGHWHUPLQyODDSOLFDELOLGDGGHODGHFLVLyQFRPXQDO
GH H[SXOVLyQ \ GHVDORMR  \ VH HVWDEOHFLy DGHPiV TXH HVWD GHFLVLyQ IXH DVXPLGD HQ
HMHUFLFLR GHO GHUHFKR D VX MXULVGLFFLyQ SRU WDQWR HO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDOHQHVWHFRQIOLFWRMXULVGLFFLRQDOGHFRPSHWHQFLDVHVWDEOHFHTXHFRQFXUUH
HOiPELWRSHUVRQDOGHFRPSHWHQFLD\DTXHODFRPXQLGDGGH=RQJRH[FHSFLRQDOPHQWH
DGPLQLVWUD MXVWLFLD FRQ UHODFLyQ D SHUVRQDV TXH QR VRQ PLHPEURV GH OD FRPXQLGDG
FXDQGRHOKHFKRTXHJHQHUDHOFRQIOLFWRKD\DRFXUULGRHQHOWHUULWRULRGHVXMXULVGLFFLyQ
RFXDQGRVHWUDWHGHSHUVRQDVTXHFXHQWDQFRQWHUUHQRVHQVXVFRPXQLGDGHVDVSHFWRV
TXHVHYHULILFDQHQHOFDVRFRQFUHWRDVLPLVPRVHFXPSOHHOiPELWRGHYLJHQFLDPDWHULDO
\DTXHORVKHFKRVSRUORVFXDOHVVHLQLFLyHOSURFHVRSHQDOHPHUJHQGHXQDGHFLVLyQTXH
VHHQFXHQWUDGHQWURGHORVDVXQWRVTXHGHDFXHUGRDOD'&3VRQFRQRFLGRV\
UHVXHOWRV SRU OD MXULVGLFFLyQ LQGtJHQD RULJLQDULD FDPSHVLQD GH =RQJR )LQDOPHQWH
WDPELpQVHFXPSOHFRQHOiPELWRGHFRPSHWHQFLDWHUULWRULDO\DTXHORVVXSXHVWRVLOtFLWRV
GHQXQFLDGRV DQWH HO 0LQLVWHULR 3~EOLFR VXUWH HIHFWRV \ DWLQJH D ODV FRPXQLGDGHV GH
=RQJR


([WUDFWRGHODUDWLRGHFLGHQGL

5DWLR,PSOtFLWD

)-,,,


$KRUDELHQGHDFXHUGRDODVFRQVLGHUDFLRQHVDQWHULRUHV\WRPDQGRHQFXHQWDTXHHO
FRQIOLFWRHQWUHODVFRPXQLGDGHVGH=RQJR\-RVp2VFDU%HOORWDVLJXHVXEVLVWHQWHWRGD
YH]TXHHOSURFHVRGHGLiORJR\UHVROXFLyQGHOFRQIOLFWRUHDOL]DGRSRUODVDXWRULGDGHVGH
=RQJRIXHLQWHUUXPSLGRSRUpVWH~OWLPRFRQORVSURFHVRVSHQDOHVTXHLQVWDXUyDQWHOD
MXULVGLFFLyQ RUGLQDULDQR REVWDQWH TXH GLFKD UHVROXFLyQ VL ELHQ IXH GH H[SXOVLyQ VLQ
HPEDUJR GDGD ODV FDUDFWHUtVWLFDV GHO HMHUFLFLR GH OD MXULVGLFFLyQ LQGtJHQD RULJLQDULR
FDPSHVLQD TXH DEUH ODV SRVLELOLGDGHV GH UHWRUQR D OD FRPXQLGDG VXV DXWRULGDGHV QR
FHUUDURQHOGLiORJRFRPRVHFRQVWDWDGHODYHUVLyQGHORVFRPXQDULRVGH=RQJRTXLHQHV
OXHJRGHODH[SXOVLyQORFRQYRFDURQHQUHLWHUDGDVRFDVLRQHVVHJ~QVHWLHQHUHVFDWDGRHQ
ORV,QIRUPHV7pFQLFRVGHOD8QLGDGGH'HVFRORQL]DFLyQDGYLUWLpQGRVHSRUHOFRQWUDULR
TXH 2VFDU %HOORWD GHVFRQRFLy HO iPELWR GH OD MXULVGLFFLyQ \ FRPSHWHQFLD GH OD
FRPXQLGDGGH=RQJRHLQFXPSOLHQGRVXVUHVROXFLRQHVLQWHUSXVRODVDFFLRQHVSHQDOHV
FRPR HPHUJHQFLD GH OD GHFLVLyQ GH H[SXOVLyQ VLQ DJRWDU ODV LQVWDQFLDV TXH HO
SURFHGLPLHQWRLQGtJHQDWLHQHHVWUXFWXUDGRYDOHGHFLUQRDFXGLyDODVLQVWDQFLDVTXHVH
HQFXHQWUDQGLVHxDGDVSRUODVQRUPDV\SURFHGLPLHQWRVGHODVFRPXQLGDGHVGH=RQJR
QR REVWDQWH TXH HQ VX LQLFLR UHFRQRFLy VX FRPSHWHQFLD DO DVLVWLU DO OODPDGR GH ODV
DXWRULGDGHV RULJLQDULDV SDUD OOHJDU D ORV DFXHUGRV \ GHFLVLRQHV HVWD DFWLWXG
HYLGHQWHPHQWH QR VyOR KD SXHVWR HQ VLWXDFLyQ GH GHVYHQWDMD \ YXOQHUDELOLGDG D ODV
DXWRULGDGHVGH=RQJRPXFKRVGHORVFXDOHVVHHQFXHQWUDQSULYDGDVGHOLEHUWDGVLQRTXH
KD RULJLQDGR TXH OD MXULVGLFFLyQ RUGLQDULD LQYDGD HO HMHUFLFLR GH ODV DXWRULGDGHV GH
=RQJR DIHFWDQGR HO SULQFLSLR GH LJXDOGDG MHUiUTXLFD GH ODV MXULVGLFFLRQHV LQGtJHQD
RULJLQDULRFDPSHVLQRV\ODMXULVGLFFLyQRUGLQDULDWHQLHQGRHQFXHQWDTXHXQDDXWRULGDG
LQGtJHQDTXH3UHFHGHQWH,PSOtFLWR

)-,,,


$KRUDELHQGHDFXHUGRDODVFRQVLGHUDFLRQHVDQWHULRUHV\WRPDQGRHQFXHQWDTXHHO
FRQIOLFWRHQWUHODVFRPXQLGDGHVGH=RQJR\-RVp2VFDU%HOORWDVLJXHVXEVLVWHQWHWRGD

W


dW^:d


YH]TXHHOSURFHVRGHGLiORJR\UHVROXFLyQGHOFRQIOLFWRUHDOL]DGRSRUODVDXWRULGDGHVGH
=RQJRIXHLQWHUUXPSLGRSRUpVWH~OWLPRFRQORVSURFHVRVSHQDOHVTXHLQVWDXUyDQWHOD
MXULVGLFFLyQ RUGLQDULDQR REVWDQWH TXH GLFKD UHVROXFLyQ VL ELHQ IXH GH H[SXOVLyQ VLQ
HPEDUJR GDGD ODV FDUDFWHUtVWLFDV GHO HMHUFLFLR GH OD MXULVGLFFLyQ LQGtJHQD RULJLQDULR
FDPSHVLQD TXH DEUH ODV SRVLELOLGDGHV GH UHWRUQR D OD FRPXQLGDG VXV DXWRULGDGHV QR
FHUUDURQHOGLiORJRFRPRVHFRQVWDWDGHODYHUVLyQGHORVFRPXQDULRVGH=RQJRTXLHQHV
OXHJRGHODH[SXOVLyQORFRQYRFDURQHQUHLWHUDGDVRFDVLRQHVVHJ~QVHWLHQHUHVFDWDGRHQ
ORV,QIRUPHV7pFQLFRVGHOD8QLGDGGH'HVFRORQL]DFLyQDGYLUWLpQGRVHSRUHOFRQWUDULR
TXH 2VFDU %HOORWD GHVFRQRFLy HO iPELWR GH OD MXULVGLFFLyQ \ FRPSHWHQFLD GH OD
FRPXQLGDGGH=RQJRHLQFXPSOLHQGRVXVUHVROXFLRQHVLQWHUSXVRODVDFFLRQHVSHQDOHV
FRPR HPHUJHQFLD GH OD GHFLVLyQ GH H[SXOVLyQ VLQ DJRWDU ODV LQVWDQFLDV TXH HO
SURFHGLPLHQWRLQGtJHQDWLHQHHVWUXFWXUDGRYDOHGHFLUQRDFXGLyDODVLQVWDQFLDVTXHVH
HQFXHQWUDQGLVHxDGDVSRUODVQRUPDV\SURFHGLPLHQWRVGHODVFRPXQLGDGHVGH=RQJR
QR REVWDQWH TXH HQ VX LQLFLR UHFRQRFLy VX FRPSHWHQFLD DO DVLVWLU DO OODPDGR GH ODV
DXWRULGDGHV RULJLQDULDV SDUD OOHJDU D ORV DFXHUGRV \ GHFLVLRQHV HVWD DFWLWXG
HYLGHQWHPHQWH QR VyOR KD SXHVWR HQ VLWXDFLyQ GH GHVYHQWDMD \ YXOQHUDELOLGDG D ODV
DXWRULGDGHVGH=RQJRPXFKRVGHORVFXDOHVVHHQFXHQWUDQSULYDGDVGHOLEHUWDGVLQRTXH
KD RULJLQDGR TXH OD MXULVGLFFLyQ RUGLQDULD LQYDGD HO HMHUFLFLR GH ODV DXWRULGDGHV GH
=RQJR DIHFWDQGR HO SULQFLSLR GH LJXDOGDG MHUiUTXLFD GH ODV MXULVGLFFLRQHV LQGtJHQD
RULJLQDULRFDPSHVLQRV\ODMXULVGLFFLyQRUGLQDULDWHQLHQGRHQFXHQWDTXHXQDDXWRULGDG
LQGtJHQDTXHDGPLQLVWUDMXVWLFLDHQHOiPELWRGHODMXULVGLFFLyQLQGtJHQDVHHQFXHQWUD
FRQODPLVPDIDFXOWDG\SOHQDDWULEXFLyQTXHXQMXH]RUGLQDULRDOPRPHQWRGHFRQRFHU
\UHVROYHUORVFRQIOLFWRVTXHOHVRQSODQWHDGRV

DGPLQLVWUDMXVWLFLDHQHOiPELWRGHODMXULVGLFFLyQLQGtJHQDVHHQFXHQWUDFRQODPLVPD
IDFXOWDG\SOHQDDWULEXFLyQTXHXQMXH]RUGLQDULRDOPRPHQWRGHFRQRFHU\UHVROYHUORV
FRQIOLFWRVTXHOHVRQSODQWHDGRV



6LQWHVLVGHODUDWLRGHFLGHQGL

2UGHQD D ODV DXWRULGDGHV GH OD &HQWUDO $JUDULD &DPSHVLQD GHO VHFWRU
=RQJR\OD)HGHUDFLyQ'HSDUWDPHQWDOQLFDGH7UDEDMDGRUHV,QGtJHQD
2ULJLQDULR&DPSHVLQRVGHOD3URYLQFLD0XULOORDUHWRPDUHOGLiORJR\
UHVROXFLyQILQDOGHOFRQIOLFWRFRQ-RVp2VFDU%HOORWD&RUQHMRGHPDQHUD
TXHUHWRUQHODDUPRQtD\HOHTXLOLEULRHQODVFRPXQLGDGHVGH=RQJR

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

3UHFHGHQWH,PSOtFLWR

3UHFHGHQWH,PSOtFLWR

)-,,,


$KRUDELHQGHDFXHUGRDODVFRQVLGHUDFLRQHVDQWHULRUHV\WRPDQGRHQFXHQWDTXHHO
FRQIOLFWRHQWUHODVFRPXQLGDGHVGH=RQJR\-RVp2VFDU%HOORWDVLJXHVXEVLVWHQWHWRGD
YH]TXHHOSURFHVRGHGLiORJR\UHVROXFLyQGHOFRQIOLFWRUHDOL]DGRSRUODVDXWRULGDGHVGH
=RQJRIXHLQWHUUXPSLGRSRUpVWH~OWLPRFRQORVSURFHVRVSHQDOHVTXHLQVWDXUyDQWHOD
MXULVGLFFLyQ RUGLQDULDQR REVWDQWH TXH GLFKD UHVROXFLyQ VL ELHQ IXH GH H[SXOVLyQ VLQ
HPEDUJR GDGD ODV FDUDFWHUtVWLFDV GHO HMHUFLFLR GH OD MXULVGLFFLyQ LQGtJHQD RULJLQDULR
FDPSHVLQD TXH DEUH ODV SRVLELOLGDGHV GH UHWRUQR D OD FRPXQLGDG VXV DXWRULGDGHV QR
FHUUDURQHOGLiORJRFRPRVHFRQVWDWDGHODYHUVLyQGHORVFRPXQDULRVGH=RQJRTXLHQHV
OXHJRGHODH[SXOVLyQORFRQYRFDURQHQUHLWHUDGDVRFDVLRQHVVHJ~QVHWLHQHUHVFDWDGRHQ
ORV,QIRUPHV7pFQLFRVGHOD8QLGDGGH'HVFRORQL]DFLyQDGYLUWLpQGRVHSRUHOFRQWUDULR

W


dW^:d
TXH 2VFDU %HOORWD GHVFRQRFLy HO iPELWR GH OD MXULVGLFFLyQ \ FRPSHWHQFLD GH OD
FRPXQLGDGGH=RQJRHLQFXPSOLHQGRVXVUHVROXFLRQHVLQWHUSXVRODVDFFLRQHVSHQDOHV
FRPR HPHUJHQFLD GH OD GHFLVLyQ GH H[SXOVLyQ VLQ DJRWDU ODV LQVWDQFLDV TXH HO
SURFHGLPLHQWRLQGtJHQDWLHQHHVWUXFWXUDGRYDOHGHFLUQRDFXGLyDODVLQVWDQFLDVTXHVH
HQFXHQWUDQGLVHxDGDVSRUODVQRUPDV\SURFHGLPLHQWRVGHODVFRPXQLGDGHVGH=RQJR
QR REVWDQWH TXH HQ VX LQLFLR UHFRQRFLy VX FRPSHWHQFLD DO DVLVWLU DO OODPDGR GH ODV
DXWRULGDGHV RULJLQDULDV SDUD OOHJDU D ORV DFXHUGRV \ GHFLVLRQHV HVWD DFWLWXG
HYLGHQWHPHQWH QR VyOR KD SXHVWR HQ VLWXDFLyQ GH GHVYHQWDMD \ YXOQHUDELOLGDG D ODV
DXWRULGDGHVGH=RQJRPXFKRVGHORVFXDOHVVHHQFXHQWUDQSULYDGDVGHOLEHUWDGVLQRTXH
KD RULJLQDGR TXH OD MXULVGLFFLyQ RUGLQDULD LQYDGD HO HMHUFLFLR GH ODV DXWRULGDGHV GH
=RQJR DIHFWDQGR HO SULQFLSLR GH LJXDOGDG MHUiUTXLFD GH ODV MXULVGLFFLRQHV LQGtJHQD
RULJLQDULRFDPSHVLQRV\ODMXULVGLFFLyQRUGLQDULDWHQLHQGRHQFXHQWDTXHXQDDXWRULGDG
LQGtJHQDTXHDGPLQLVWUDMXVWLFLDHQHOiPELWRGHODMXULVGLFFLyQLQGtJHQDVHHQFXHQWUD
FRQODPLVPDIDFXOWDG\SOHQDDWULEXFLyQTXHXQMXH]RUGLQDULRDOPRPHQWRGHFRQRFHU
\UHVROYHUORVFRQIOLFWRVTXHOHVRQSODQWHDGRV

GH=RQJR\-RVp2VFDU%HOORWDVLJXHVXEVLVWHQWHWRGDYH]TXHHOSURFHVRGHGLiORJR\
UHVROXFLyQGHOFRQIOLFWRUHDOL]DGRSRUODVDXWRULGDGHVGH=RQJRIXHLQWHUUXPSLGRSRUpVWH
~OWLPRFRQORVSURFHVRVSHQDOHVTXHLQVWDXUyDQWHODMXULVGLFFLyQRUGLQDULDQRREVWDQWH
TXHGLFKDUHVROXFLyQVLELHQIXHGHH[SXOVLyQVLQHPEDUJRGDGDODVFDUDFWHUtVWLFDVGHO
HMHUFLFLRGHODMXULVGLFFLyQLQGtJHQDRULJLQDULRFDPSHVLQDTXHDEUHODVSRVLELOLGDGHVGH
UHWRUQRDODFRPXQLGDGVXVDXWRULGDGHVQRFHUUDURQHOGLiORJRFRPRVHFRQVWDWDGHOD
YHUVLyQGHORVFRPXQDULRVGH=RQJRTXLHQHVOXHJRGHODH[SXOVLyQORFRQYRFDURQHQ
UHLWHUDGDVRFDVLRQHVVHJ~QVHWLHQHUHVFDWDGRHQORV,QIRUPHV7pFQLFRVGHOD8QLGDGGH
'HVFRORQL]DFLyQ DGYLUWLpQGRVH SRU HO FRQWUDULR TXH 2VFDU %HOORWD GHVFRQRFLy HO
iPELWRGHODMXULVGLFFLyQ\FRPSHWHQFLDGHODFRPXQLGDGGH=RQJRHLQFXPSOLHQGRVXV
UHVROXFLRQHV LQWHUSXVR ODV DFFLRQHV SHQDOHV FRPR HPHUJHQFLD GH OD GHFLVLyQ GH
H[SXOVLyQVLQDJRWDUODVLQVWDQFLDVTXHHOSURFHGLPLHQWRLQGtJHQDWLHQHHVWUXFWXUDGRYDOH
GHFLU QR  DFXGLy D ODV LQVWDQFLDV TXH VH HQFXHQWUDQ GLVHxDGDV SRU ODV QRUPDV \
SURFHGLPLHQWRVGHODVFRPXQLGDGHVGH=RQJRQRREVWDQWHTXHHQVXLQLFLRUHFRQRFLyVX
FRPSHWHQFLDDODVLVWLUDOOODPDGRGHODVDXWRULGDGHVRULJLQDULDVSDUDOOHJDUDORVDFXHUGRV
\GHFLVLRQHVHVWDDFWLWXGHYLGHQWHPHQWHQRVyORKDSXHVWRHQVLWXDFLyQGHGHVYHQWDMD\
YXOQHUDELOLGDGDODVDXWRULGDGHVGH=RQJRPXFKRVGHORVFXDOHVVHHQFXHQWUDQSULYDGDV
GHOLEHUWDGVLQRTXHKDRULJLQDGRTXHODMXULVGLFFLyQRUGLQDULDLQYDGDHOHMHUFLFLRGHODV
DXWRULGDGHVGH=RQJRDIHFWDQGRHOSULQFLSLRGHLJXDOGDGMHUiUTXLFDGHODVMXULVGLFFLRQHV
LQGtJHQDRULJLQDULRFDPSHVLQRV\ODMXULVGLFFLyQRUGLQDULDWHQLHQGRHQFXHQWDTXHXQD
DXWRULGDGLQGtJHQDTXHDGPLQLVWUDMXVWLFLDHQHOiPELWRGHODMXULVGLFFLyQLQGtJHQDVH
HQFXHQWUDFRQODPLVPDIDFXOWDG\SOHQDDWULEXFLyQTXHXQMXH]RUGLQDULRDOPRPHQWRGH
FRQRFHU\UHVROYHUORVFRQIOLFWRVTXHOHVRQSODQWHDGRV






)LFKD

7LSR-XULVSUXGHQFLD

-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO


W


dW^:d


6&3   (Q FRQIOLFWRV MXULVGLFFLRQDOHV GH FRPSHWHQFLD HO
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO SXHGH RUGHQDU OD HPLVLyQ GH
LQIRUPHVVREUHHOJUDGRGHFXPSOLPLHQWRDVXVGHFLVLRQHVHLQFOXVR
SXHGHRUGHQDUYLVLWDVDODVFRPXQLGDGHVSDUDHVWHHIHFWR

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HO FRQIOLFWR GH FRPSHWHQFLDV MXULVGLFFLRQDOHV VXVFLWDGR SRU DXWRULGDGHV GH OD
-XULVGLFFLyQ&DPSHVLQDGH=RQJRDQWHHO-XH]3ULPHURGH,QVWUXFFLyQHQOR3HQDOGH(O
$OWR VH FRQIOLFWR OD FRPSHWHQFLD SRUTXH ORV KHFKRV TXH VH GLVFXWHQ HQ HVWH SURFHVR
YLQFXODGRV FRQ ORV SUHVXQWRV GHOLWRV GH URER DJUDYDGR GDxR FDOLILFDGR DVRFLDFLyQ
GHOLFWXRVD DOODQDPLHQWR GH GRPLFLOLR DPHQD]DV \ OHVLRQHV HPHUJHQ GH GHFLVLRQHV
SURSLDVGHODFRPXQLGDGFX\DGHILQLFLyQ\HMHFXFLyQHVGHFRPSHWHQFLDH[FOXVLYDGHOD
-XULVGLFFLyQ,QGtJHQD2ULJLQDULD&DPSHVLQDGH=RQJR(O-XH]3ULPHURGH,QVWUXFFLyQ
HQOR3HQDOGH(O$OWRUHFKD]yODH[FHSFLyQGHLQFRPSHWHQFLDSUHVHQWDGD\GLVSXVROD
GHWHQFLyQ SUHYHQWLYD GH ORV SURFHVDGRV \ XQD YH] FRQIOLFWXDGD OD FRPSHWHQFLD \
UHPLWLGRV ORV DQWHFHGHQWHV DO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HVWD LQVWDQFLD
GHFODUyFRPSHWHQWHDODVDXWRULGDGHVLQGtJHQDRULJLQDULRFDPSHVLQDVGHOD-XULVGLFFLyQ
,QGtJHQD2ULJLQDULD&DPSHVLQDGH=RQJRSDUDFRQRFHU\UHVROYHUHODVXQWRSODQWHDGRD
WUDYpV GH VXV LQVWDQFLDV \ SURFHGLPLHQWRV SURSLRV \ GLVSXVR TXH HO -XH] 3ULPHUR GH
,QVWUXFFLyQ HQ OR 3HQDO GH (O $OWR VH LQKLED GHO FRQRFLPLHQWR GHO SURFHVR \ UHPLWD
DQWHFHGHQWHVDODVDXWRULGDGHVGHOD&HQWUDO$JUDULD&DPSHVLQDGHOVHFWRU=RQJR\OD
)HGHUDFLyQ'HSDUWDPHQWDOQLFDGH7UDEDMDGRUHV,QGtJHQD2ULJLQDULR&DPSHVLQRVGH
OD 3URYLQFLD 0XULOOR $VLPLVPR VH RUGHQD TXH ODV DXWRULGDGHV GH OD &HQWUDO $JUDULD
&DPSHVLQD GHO VHFWRU =RQJR \ OD )HGHUDFLyQ 'HSDUWDPHQWDO QLFD GH 7UDEDMDGRUHV
,QGtJHQD2ULJLQDULR&DPSHVLQRGHODSURYLQFLD0XULOORUHWRPHQHOGLiORJR\UHVROXFLyQ
ILQDO GHO FRQIOLFWR FRQ -RVp 2VFDU %HOORWD &RUQHMR SDUD TXH UHWRPH OD DUPRQtD \ HO
HTXLOLEULRHQODVFRPXQLGDGHVGH=RQJRHLQIRUPHQDHVWH7ULEXQDODWUDYpVGHOD8QLGDG
GH&RRUGLQDFLyQGHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOGHO'HSDUWDPHQWRGH/D3D]
HQHOSOD]RGHWUHVPHVHVVLQSHUMXLFLRGHODVYLVLWDVTXHHVWH7ULEXQDOSXHGDRUGHQDUD
WUDYpV GH OD 8QLGDG GH 'HVFRORQL]DFLyQ $VLPLVPR VH GLVSXVR TXH OD 8QLGDG GH
'HVFRORQL]DFLyQGHO 7ULEXQDO &RQVWLWXFLRQDO3OXULQDFLRQDO UHDOLFH OD WUDGXFFLyQGH OD
VHQWHQFLDDOD\PDUD/DVUD]RQHVGHODVHQWHQFLDIXHURQODVVLJXLHQWHV4XH-RVp2VFDU
%HOORWD&RUQHMRIXHH[SXOVDGRGHOD&RPXQLGDGGHFLVLyQTXHHPHUJLyGHODDSOLFDFLyQ
GHODVQRUPDV\SURFHGLPLHQWRVGHOD&HQWUDO$JUDULD\&DPSHVLQDGHO6HFWRUGH=RQJR
\ TXH WDO FRPR OR HVWDEOHFLy HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO D WUDYpV GH OD
'HFODUDFLyQ&RQVWLWXFLRQDO3OXULQDFLRQDOHQXQDQiOLVLVGHODWHPiWLFDGHVGH
HOPRGHORFRQVWLWXFLRQDOYLJHQWHVHGHWHUPLQyODDSOLFDELOLGDGGHODGHFLVLyQFRPXQDO
GH H[SXOVLyQ \ GHVDORMR  \ VH HVWDEOHFLy DGHPiV TXH HVWD GHFLVLyQ IXH DVXPLGD HQ
HMHUFLFLR GHO GHUHFKR D VX MXULVGLFFLyQ SRU WDQWR HO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDOHQHVWHFRQIOLFWRMXULVGLFFLRQDOGHFRPSHWHQFLDVHVWDEOHFHTXHFRQFXUUH
HOiPELWRSHUVRQDOGHFRPSHWHQFLD\DTXHODFRPXQLGDGGH=RQJRH[FHSFLRQDOPHQWH
DGPLQLVWUD MXVWLFLD FRQ UHODFLyQ D SHUVRQDV TXH QR VRQ PLHPEURV GH OD FRPXQLGDG
FXDQGRHOKHFKRTXHJHQHUDHOFRQIOLFWRKD\DRFXUULGRHQHOWHUULWRULRGHVXMXULVGLFFLyQ
RFXDQGRVHWUDWHGHSHUVRQDVTXHFXHQWDQFRQWHUUHQRVHQVXVFRPXQLGDGHVDVSHFWRV
TXHVHYHULILFDQHQHOFDVRFRQFUHWRDVLPLVPRVHFXPSOHHOiPELWRGHYLJHQFLDPDWHULDO
\DTXHORVKHFKRVSRUORVFXDOHVVHLQLFLyHOSURFHVRSHQDOHPHUJHQGHXQDGHFLVLyQTXH
VHHQFXHQWUDGHQWURGHORVDVXQWRVTXHGHDFXHUGRDOD'&3VRQFRQRFLGRV\
UHVXHOWRV SRU OD MXULVGLFFLyQ LQGtJHQD RULJLQDULD FDPSHVLQD GH =RQJR )LQDOPHQWH
WDPELpQVHFXPSOHFRQHOiPELWRGHFRPSHWHQFLDWHUULWRULDO\DTXHORVVXSXHVWRVLOtFLWRV
GHQXQFLDGRV DQWH HO 0LQLVWHULR 3~EOLFR VXUWH HIHFWRV \ DWLQJH D ODV FRPXQLGDGHV GH
=RQJR


W


dW^:d

([WUDFWRGHODUDWLRGHFLGHQGL

5DWLR,PSOtFLWD


6HRUGHQDTXHODVDXWRULGDGHVGHOD&HQWUDO$JUDULD&DPSHVLQDGHO
VHFWRU =RQJR \ OD )HGHUDFLyQ 'HSDUWDPHQWDO QLFD GH 7UDEDMDGRUHV
,QGtJHQD 2ULJLQDULR &DPSHVLQR GH OD 3URYLQFLD 0XULOOR UHWRPHQ HO
GLiORJR\UHVROXFLyQILQDOGHFRQIOLFWRFRQ-RVp2VFDU%HOORWD&RUQHMR
GHPDQHUDTXHUHWRUQHODDUPRQtD\HOHTXLOLEULRHQODVFRPXQLGDGHVGH
=RQJR  H LQIRUPHQ D HVWH 7ULEXQDO D WUDYpV GH OD 8QLGDG GH
&RRUGLQDFLyQ GHO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO GHO
'HSDUWDPHQWRGH/D3D]HQHOSOD]RGHWUHVPHVGHVSXpVVLQSHUMXLFLR
GHODVYLVLWDVTXHHVWH7ULEXQDOSXHGDRUGHQDUDWUDYpVGHOD8QLGDGGH
'HVFRORQL]DFLyQ

6LQWHVLVGHODUDWLRGHFLGHQGL

2UGHQD D ODV DXWRULGDGHV GH OD &HQWUDO $JUDULD &DPSHVLQD GHO VHFWRU
=RQJR\OD)HGHUHFLyQ'HSDUWDPHQWDOQLFDGH7UDEDMDGRUHV,QGtJHQD
2ULJLQDULR&DPSHVLQRGHOD3URYLQFLD0XULOORLQIRUPHQHQHOSOD]RGH
WUHVPHVHVDO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDODWUDYpVGHOD8QLGDG
GH &RRUGLQDFLyQ  GHO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO GHO
GHSDUWDPHQWR GH /D 3D] VREUH HO GLiORJR RUGHQDGR FRQ -RVp 2VFDU
%HOORWD&RUQHMR

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HQOD 6&3 HQ HO
iPELWR GHO FRQWURO WXWHODU GH FRQVWLWXFLRQDOLGDG VHxDOy TXH SRGUi HQ
FDVRVFRQFUHWRVRUGHQDUVHDORV7ULEXQDOHVGH*DUDQWtDV\8QLGDGHVGH
&RRUGLQDFLyQ 'HSDUWDPHQWDO OD VXSHUYLVLyQ \ VHJXLPLHQWR VREUH HO
FXPSOLPLHQWR GH GHFLVLRQHV FRQVWLWXFLRQDOHV $VLPLVPR VH SRGUi
RUGHQDUDLQVWLWXFLRQHVHQWLGDGHVS~EOLFDVRSULYDGDVUHDOL]DULQIRUPHV
SHULyGLFRVGHVHJXLPLHQWR\ VXSHUYLVLyQ 'H DFXHUGRD OR DQRWDGR OD
6&3VHFRQILJXUDFRPRXQDVHQWHQFLDPRGXODGRUD\DTXH
H[WLHQGHHOUD]RQDPLHQWRDQWHVDQRWDGRVDOFRQWUROFRPSHWHQFLDO\HQ
SDUWLFXODU DO FRQIOLFWR MXULVGLFFLRQDO GH FRPSHWHQFLDV SHUR DGHPiV
HVWDEOHFHODSRVLELOLGDGGHUHDOL]DUYLVLWDVDODFRPXQLGDGSDUDTXHVH
YHULILTXHHOJUDGRGHFXPSOLPLHQWRGHVXVUHVROXFLRQHV

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

3UHFHGHQWH,PSOtFLWR

6HRUGHQDTXHODVDXWRULGDGHVGHOD&HQWUDO$JUDULD&DPSHVLQDGHO
W


dW^:d


VHFWRU =RQJR \ OD )HGHUDFLyQ 'HSDUWDPHQWDO QLFD GH 7UDEDMDGRUHV
,QGtJHQD 2ULJLQDULR &DPSHVLQR GH OD 3URYLQFLD 0XULOOR UHWRPHQ HO
GLiORJR\UHVROXFLyQILQDOGHFRQIOLFWRFRQ-RVp2VFDU%HOORWD&RUQHMR
GHPDQHUDTXHUHWRUQHODDUPRQtD\HOHTXLOLEULRHQODVFRPXQLGDGHVGH
=RQJR  H LQIRUPHQ D HVWH 7ULEXQDO D WUDYpV GH OD 8QLGDG GH
&RRUGLQDFLyQ GHO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO GHO
'HSDUWDPHQWRGH/D3D]HQHOSOD]RGHWUHVPHVGHVSXpVVLQSHUMXLFLR
GHODVYLVLWDVTXHHVWH7ULEXQDOSXHGDRUGHQDUDWUDYpVGHOD8QLGDGGH
'HVFRORQL]DFLyQ



1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HQ HO
SHULRGRGHWUDQVLFLyQLQWHURUJiQLFRQRHVFRPSHWHQWHSDUDUHVROYHUORV
FRQIOLFWRV GH FRPSHWHQFLD GHELHQGR GHFODUDU VX LPSURFHGHQFLD \
UHPLWLUDQWHFHGHQWHVGHODFDXVDDODDXWRULGDGDO7ULEXQDO6XSUHPR
GH-XVWLFLD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(VWH FRQIOLFWR GH FRPSHWHQFLDV HQWUH OD MXULVGLFFLyQ RUGLQDULD \ OD
MXULVGLFFLyQDJUDULDVHVXVFLWyDUDt]GHODVUHVROXFLRQHVGHLQKLELWRULDGH
FRPSHWHQFLD UHDOL]DGDV SRU OD -XH]D GH 3DUWLGR \ 6HQWHQFLD \ HO -XH]
$JUDULRDPERVGH&DUDQDYLTXHIXHURQUHPLWLGDVSDUDVXGHILQLFLyQD
OD HQWRQFHV &RUWH 6XSUHPD GH -XVWLFLD DKRUD 7ULEXQDO 6XSUHPR GH
-XVWLFLDLQVWDQFLDMXULVGLFFLRQDOTXHPHGLDQWH$XWR6XSUHPR
UHPLWLy DO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO SDUD TXH OR GLULPD
FRQWURYHUVLDTXHYHUVDVREUHHOFRQRFLPLHQWR\SURFHVDPLHQWRGHKHFKRV
UHIHUHQWHVDODTXHUHOOD\DFXVDFLyQSDUWLFXODUGHGHVSRMR\SHUWXUEDFLyQ
GH SRVHVLyQ GH IXQGRV U~VWLFRV (O 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO GHFODUy OD LPSURFHGHQFLD GH OD DFWLYDFLyQ GHO FRQWURO
SOXUDO FRPSHWHQFLDO GH FRQVWLWXFLRQDOLGDG SRU KDEHUVH LQLFLDGR HO
FRQIOLFWR QHJDWLYR GH FRPSHWHQFLDV DQWHV GH OD /H\ GH  GH HQHUR GH
 \ RUGHQy OD UHPLVLyQ GH DQWHFHGHQWHV DO 7ULEXQDO 6XSUHPR GH
-XVWLFLDSDUDTXHUHVXHOYDHOFRQIOLFWR

W


dW^:d

([WUDFWRGHODUDWLRGHFLGHQGL

)M ,, H &XDQGR HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO QR VHD
FRPSHWHQWHSDUDHODQiOLVLVGHIRQGRGHXQDFRQWURYHUVLDFRPSHWHQFLDO
DOHVWDULPSRVLELOLWDGRGHGLULPLU\GHILQLUODFRQWURYHUVLDFRPSHWHQFLDO
GHFODUDUiLPSURFHGHQWHODDFWLYDFLyQGHOFRQWUROSOXUDOFRPSHWHQFLDOGH
FRQVWLWXFLRQDOLGDG\UHPLWLUiDQWHFHGHQWHVGHODFDXVDDODDXWRULGDGR
DXWRULGDGHVDFWLYDQWHVGHOFRQWUROGHFRQVWLWXFLRQDOLGDGSRUWDQWRHQOD
HVSHFLH DO QR WHQHU FRPSHWHQFLD HO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDOSDUDHOHMHUFLFLRGHODDWULEXFLyQLQVHUWDHQHODUW
GHOD&3(SRUKDEHUVHLQLFLDGRHOSUHVHQWHFRQIOLFWRGHFRPSHWHQFLDV
HQ HO SHULRGR GH WUDQVLFLyQLQWHURUJiQLFR OD DFWLYDFLyQ HQ OD SUHVHQWH
FDXVD GHO FRQWURO SOXUDO FRPSHWHQFLDO GH FRQVWLWXFLRQDOLGDG HV
LPSURFHGHQWHGHELHQGRUHPLWLUVHDQWHFHGHQWHVDO7ULEXQDO6XSUHPRGH
-XVWLFLDSDUDVXGHILQLFLyQGHFRPSHWHQFLDVHQHOPDUFRGHO
EORTXHGH
OHJDOLGDGLPSHUDQWHSDUDHOSHULRGRGHWUDQVLFLyQLQWHURUJiQLFR


6LQWHVLVGHODUDWLRGHFLGHQGL

6HGHFODUDODLPSURFHGHQFLDGHOFRQIOLFWRGHFRPSHWHQFLDVSRUKDEHUVH
VXVFLWDGR DQWHV GHO SHULRGR GH WUDQVLFLyQ LQWHURUJiQLFR UHPLWLHQGR
DQWHFHGHQWHVDO7ULEXQDO6XSUHPRGH-XVWLFLD

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

(VWD6HQWHQFLDHQVX)M,,GLVSRQH7RGDYH]TXHHOFRQWUROSOXUDO
FRPSHWHQFLDOGHFRQVWLWXFLRQDOLGDGKDVLGRSOHQDPHQWHLPSOHPHQWDGRD
SDUWLUGHOGHHQHURGHIHFKDGHSRVHVLyQGHODV0DJLVWUDGDV\ORV
0DJLVWUDGRV GHO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HOHFWRV SRU
VXIUDJLRSRSXODUHVQHFHVDULRSDUDHIHFWRVGHSHGDJRJtDFRQVWLWXFLRQDO
DUPRQL]DUORVWpUPLQRVDVHUXWLOL]DGRVHQHOHMHUFLFLRGHHVWDDWULEXFLyQ
SRUWDQWRVHWLHQHTXHHQVLWXDFLRQHVHQODVFXDOHVVHLQJUHVHDODQiOLVLV
FRPSHWHQFLDO SDUD GLULPLU OD FRQWURYHUVLD FRPSHWHQFLDO HQ OD SDUWH
GLVSRVLWLYDGHODUHVROXFLyQVHGHEHUiGHILQLUODDXWRULGDGRDXWRULGDGHV
FRPSHWHQWHV SDUD OD UHVROXFLyQ GH OD SUREOHPiWLFD \ RUGHQDUVH OD
UHPLVLyQ GH DQWHFHGHQWHV D OD DXWRULGDG TXH VHD GHILQLGD FRPR
FRPSHWHQWHHPSHURFXDQGRHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO
QR VHD FRPSHWHQWH SDUD HO DQiOLVLV GH IRQGR GH XQD FRQWURYHUVLD
FRPSHWHQFLDODOHVWDULPSRVLELOLWDGRGHGLULPLU\GHILQLUODFRQWURYHUVLD
FRPSHWHQFLDO GHFODUDUi LPSURFHGHQWH OD DFWLYDFLyQ GHO FRQWURO SOXUDO
FRPSHWHQFLDOGHFRQVWLWXFLRQDOLGDG\UHPLWLUiDQWHFHGHQWHVGHODFDXVD
DODDXWRULGDGRDXWRULGDGHVDFWLYDQWHVGHOFRQWUROGHFRQVWLWXFLRQDOLGDG




W


dW^:d


(QWUHODMXULVGLFFLyQLQGtJHQDRULJLQDULDFDPSHVLQD\OD
MXULVGLFFLyQ RUGLQDULDPELWRV GH YLJHQFLD FRPSHWHQFLDO GH OD
MXULVGLFFLyQLQGtJHQDRULJLQDULDFDPSHVLQD
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3(QORVVXSXHVWRVHQORVTXHORVVXMHWRVLQWHUYLQLHQWHV
HQ GHWHUPLQDGRV KHFKRV VHDQ PLHPEURV GH ORV SXHEORV LQGtJHQD
RULJLQDULR FDPSHVLQRV ORV SDUiPHWURV SDUD DVXPLU FRPSHWHQFLD QR
VRQ ORV TXH ULJHQ D OD MXULVGLFFLyQ RUGLQDULD VLQR ORV iPELWRV GH
YLJHQFLDSHUVRQDOPDWHULDO\WHUULWRULDOGHFRQIRUPLGDGDORSUHYLVWR
SRUOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q XQFRQIOLFWR GH FRPSHWHQFLDVMXULVGLFFLRQDOHVHQWUH ODMXULVGLFFLyQ
RUGLQDULD \ OD MXULVGLFFLyQ LQGtJHQD RULJLQDULD FDPSHVLQD HO SXHEOR
LQGtJHQD <XUDFDUp0RMHxR UHFODPD OD FRPSHWHQFLD SDUD FRQRFHU \
UHVROYHUXQFDVRTXHLQYROXFUDDXQRGHVXVPLHPEURVUHVSHFWRDKHFKRV
TXHVHWLSLILFDQHQHOFyGLJRSHQDOVXVWDQWLYRFRPRIDOVHGDGPDWHULDOH
LGHROyJLFD\XVRGHLQVWUXPHQWRIDOVLILFDGR\TXHVHKDEUtDQVXVFLWDGR
FXDQGR VH OOHYDED D FDER HO SURFHVR GH HOHFFLyQ GH $VDPEOHtVWDV
'HSDUWDPHQWDOHV SRU ODV DXWRULGGHV GHO SXHEOR <DUDFDUp0RMHxR
RSRUWXQLGDG HQ OD TXH VH HOLJLy D ORV UHSUHVHQWDQWHV DO TXLQWR FXUXO
LQGtJHQDGHOD$VDPEOHD/HJLVODWLYD'HSDUWDPHQWDOGH6DQWD&UX]

(O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO GHFODUy FRPSHWHQWH D ODV
DXWRULGDGHVRULJLQDULDVGHOSXHEOR<XUDFDUp0RMHxRGHELGRDTXHORV
iPELWRVGHYLJHQFLDFRQVWLWXFLRQDOSDUDHOHMHUFLFLRGHODMXULVGLFFLyQ
HVWRHVHOPDWHULDOSHUVRQDO\WHUULWRULDOVHHQFXHQWUDQUHXQLGRVHQHO
SUHVHQWH FDVR SRU OR TXH FRUUHVSRQGH DO SXHEOR <XUDFDUp0RMHxR
UHVROYHUHOFRQIOLFWRRFRQWURYHUVLDEDMRVXVQRUPDV\SURFHGLPLHQWRV
SURSLRVORTXHGHWHUPLQDODDEVWHQFLyQGHDFWRVGHLQWURPLVLyQHQVX
HMHUFLFLR\HOGHEHUGHUHVSHWDUVXVGHFLVLRQHV\UHVROXFLRQHV\HQWRGR
FDVRUHDOL]DUDFWRVGHFRRUGLQDFLyQ\FRODERUDFLyQSDUDTXHODPLVPD
VHDHMHFXWDGD\FXPSOLGD

([WUDFWRGHODUDWLRGHFLGHQGL
W


dW^:d


)-,,,  HQHOSUREOHPDMXUtGLFRSODQWHDGRVHHQFXHQWUDQLQYROXFUDGRVPLHPEURV
GHO SXHEOR LQGtJHQD <XUDFDUp0RMHxR ORV KHFKRV GHQXQFLDGRV HPHUJHQ GHO SURFHVR
HOHFFLRQDULROOHYDGRDFDERHOGHMXOLRGHHQODFRPXQLGDGGH(O3DOODUGHOD
SURYLQFLD ,FKLOR GHO GHSDUWDPHQWR GH 6DQWD &UX] SHUWHQHFLHQWH DO SXHEOR <XUDFDUp
0RMHxR\DUDt]GHDVXQWRVTXHFRQFLHUQHQHLQWHUHVDQDGLFKRSXHEORHQYLUWXGDTXH
OD$VDPEOHDIXHUHDOL]DGDDFRQYRFDWRULDGHO&RQVHMR,QGtJHQDGHO3XHEOR<XUDFDUp
0RMHxRSDUDODHOHFFLyQGH$VDPEOHtVWD'HSDUWDPHQWDOGHOSXHEOR<XUDFDUp0RMHxR

&RQVHFXHQWHPHQWH ORV iPELWRV GH YLJHQFLD FRQVWLWXFLRQDO SDUD HO HMHUFLFLR GH OD
MXULVGLFFLyQLQGtJHQDVHHQFXHQWUDQUHXQLGRVHQHOFDVRSUHVHQWH$VtHODVSHFWRSHUVRQDO
DOXGLGR SRU OD &RQVWLWXFLyQ VH GLR SRU FRPSOHWR SXHV WDQWR ODV SHUVRQDV TXH
SUHVXQWDPHQWHFRPHWLHURQHOKHFKRGHQXQFLDGRFRPRODSHUVRQDDIHFWDGDVRQPLHPEURV
GHO SXHEOR <XUDFDUp0RMHxR FRQIRUPH VH WLHQH HQ ODV &RQFOXVLRQHV ,, \ ,, GHO
SUHVHQWHIDOOR

'HRWURODGRHQFXDQWRDODYLJHQFLDPDWHULDOVHWLHQHTXHORVKHFKRVSURGXFLGRVHQOD
FRPXQLGDGGH(O3DOODUREHGHFHQDDVXQWRVGHOSXHEOR<XUDFDUp0RMHxRHPHUJHQWHVGH
VX$VDPEOHD*HQHUDOFHOHEUDGDHOGHMXOLRGHHQODFRPXQLGDGGH(O3DOODUGH
ODSURYLQFLD,FKLORGHOGHSDUWDPHQWRGH6DQWD&UX]DFRQYRFDWRULDGHO&,3<0SDUD
OOHYDUDFDERHOSURFHVRGHHOHFFLyQGH$VDPEOHtVWD'HSDUWDPHQWDOGHOSXHEOR<XUDFDUp
0RMHxRSDUDRFXSDUHOTXLQWRFXUXOLQGtJHQDHQOD$VDPEOHD/HJLVODWLYD'HSDUWDPHQWDO
GH 6DQWD &UX] DFWR TXH FRQFOX\y FRQ OD HOHFFLyQ GH 5RVPHUL *XWLpUUH] +HUEDV GH
*DOLQGR FRPR $VDPEOHtVWD WLWXODU \ 5REHUWR &DUORV &RUWH] 6RULD FRPR $VDPEOHtVWD
VXSOHQWH

$VLPLVPRHQFXDQWRDOiPELWRGHYLJHQFLDWHUULWRULDOVHUHLWHUDTXHHOKHFKRVHVXVFLWy
HQODFRPXQLGDGGH(O3DOODUTXHSHUWHQHFHDOSXHEOR<XUDFDUp0RMHxRSRUWDQWRORV
KHFKRVVLWXDFLRQHVRUHODFLRQHVMXUtGLFDVTXHVHGDQGHQWURGHOHVSDFLRWHUULWRULDOGHORV
SXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRVGHEHQVHUUHVXHOWRVSRUODMXULVGLFFLyQLQGtJHQD
DWUDYpVGHVXVQRUPDV\SURFHGLPLHQWRVGDGRTXHHQYLUWXGGHODOLEUHGHWHUPLQDFLyQ
GHORVSXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRV DUWGHOD&3( FDGDXQRGHHOORVWLHQH
VX VLVWHPD MXUtGLFR DFRUGH FRQ VX FRVPRYLVLyQ FRQ VX FXOWXUD WUDGLFLRQHV YDORUHV
SULQFLSLRV \ QRUPDV HQ PpULWR GH HOOR GHWHUPLQDQ TXp KHFKRV R DVXQWRV UHVXHOYHQ
GHFLGHQRVDQFLRQDQDGTXLULHQGRODFRPSHWHQFLDSDUDFRQRFHUORVKHFKRV\DVXQWRVTXH
VLHPSUHKDQFRQRFLGR\UHVXHOWRDVtFRPRSDUDGHFLGLUHQFXiOHVGHFLGHQLQWHUYHQLU\
FXiOHVGHULYDUORVDRWUDMXULVGLFFLyQFRQPD\RUUD]yQVLVHWUDWDGHUHODFLRQHV\KHFKRV
MXUtGLFRVTXH VH UHDOL]DQ R FX\RV HIHFWRV VH SURGXFHQGHQWURGH OD MXULVGLFFLyQ GH XQ
SXHEOR LQGtJHQD RULJLQDULR FDPSHVLQR FRQ HO DGYHUWLGR TXH IXHURQ ODV DXWRULGDGHV
RULJLQDULDV HQ HO FDVR FRQFUHWR HO &RQVHMR ,QGtJHQD GHO 3XHEOR ,QGtJHQD <XUDFDUp
0RMHxRORVTXHWDPELpQSODQWHDURQODGHFOLQDWRULDGHFRPSHWHQFLDGHOD-XH]D6HJXQGD
GH,QVWUXFFLyQHQOR3HQDOVRVWHQLHQGRTXHODGHQXQFLDHIHFWXDGDSRUHOFRPXQDULR-RVp
/XLV%ODQFR+HUEDVGHEtDUHVROYHUVH\GLULPLUVHHQODMXULVGLFFLyQLQGtJHQDRULJLQDULD
FDPSHVLQD\QRSRUODMXULVGLFFLyQRUGLQDULDVHJ~QVHKDFRQVWDWDGRHQOD&RQFOXVLyQ
,, GH OD SUHVHQWH 6HQWHQFLD &RQVWLWXFLRQDO 3OXULQDFLRQDO WRGD YH] TXH ORV SXHEORV
LQGtJHQDRULJLQDULRFDPSHVLQRVDFRUGHFRQVXFRVPRYLVLyQFRQVXFXOWXUDWUDGLFLRQHV
YDORUHV SULQFLSLRV \ QRUPDV GHWHUPLQDQ TXp KHFKRV R DVXQWRV UHVXHOYHQ GHFLGHQ R
VDQFLRQDQDGTXLULHQGRODFRPSHWHQFLDSDUDFRQRFHUORVKHFKRV\DVXQWRVTXHVLHPSUH
KDQFRQRFLGR\UHVXHOWRDVtFRPRSDUDUHVROYHUHQFXiOHVGHFLGHQLQWHUYHQLU\FXiOHV
GHULYDUORVDRWUDMXULVGLFFLyQ

(QHVWHPDUFRGHEHUHFRUGDUVHTXHFRQIRUPHORHVWDEOHFLGRHQHODUWGHOD&3(OD
GHPRFUDFLD VH OD HMHUFH WDPELpQ SRU OD GHPRFUDFLD FRPXQLWDULD SRU PHGLR GH OD
HOHFFLyQ GHVLJQDFLyQ R QRPLQDFLyQ GH DXWRULGDGHV \ UHSUHVHQWDQWHV SRU QRUPDV \
SURFHGLPLHQWRVSURSLRVGHODVQDFLRQHV\SXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRVHQ
FRQVHFXHQFLD ODV SUHVXQWDV LUUHJXODULGDGHV HQ HO SURFHVR GH HOHFFLyQ OD VXSXHVWD

W


dW^:d


IDOVLILFDFLyQ \ WRGRV ORV KHFKRV UHODFLRQDGRV SRU HO GHQXQFLDQWH TXH HPHUJHQ GHO
SURFHVR GH HOHFFLyQ SURGXFLGR HQ OD FRPXQLGDG GH (O 3DOODU \ TXH VXFHGLHURQ HQWUH
FRPXQDULRV GH HOOD \ VREUH DVXQWRV SURSLRV GHO SXHEOR <XUDFDUp0RMHxR GHEHQ VHU
UHVXHOWRV SRU HVWD MXULVGLFFLyQ KDVWD VX DJRWDPLHQWR SRU WDQWR FRUUHVSRQGH D OD
MXULVGLFFLyQLQGtJHQDGHOSXHEOR<XUDFDUp0RMHxRUHVROYHUHOFRQIOLFWRRFRQWURYHUVLD
EDMRVVXVQRUPDV\SURFHGLPLHQWRVSURSLRVDOPLVPRWLHPSRFRUUHVSRQGHHOGHEHUGH
DEVWHQHUVHRGHUHDOL]DUDFWRVGHLQWURPLVLyQHQVXHMHUFLFLRDVtFRPRHOGHEHUGHUHVSHWDU
VXV GHFLVLRQHV \ UHVROXFLRQHV \ HQ WRGR FDVR UHDOL]DU DFWRV GH FRRUGLQDFLyQ \
FRODERUDFLyQSDUDTXHODPLVPDVHDHMHFXWDGD\FXPSOLGD

(QHOFDVRHQDQiOLVLVGHDFXHUGRDORVHxDODGRHQHO)XQGDPHQWR-XUtGLFR,,,GHOD
SUHVHQWH6HQWHQFLD&RQVWLWXFLRQDO3OXULQDFLRQDOHOSXHEOR<XUDFDUp0RMHxRFXHQWDFRQ
XQD HVWUXFWXUD GH DXWRULGDGHV RULJLQDULDV GHELGDPHQWH RUJDQL]DGD HMHUFLGD SRU ORV
SURSLRVFRPXQDULRVFRQIDFXOWDGHVGHFRQRFHU\UHVROYHUFRQIOLFWRVTXHVHSURGXFHQ
HQWUH VXV FRPXQDULRV SDUD WUDWDU FDVRV IDPLOLDUHV FDOXPQLDV GLIDPDFLRQHV GHOLWRV \
FRQIOLFWRVPHQRUHVHQEDVHDVXVSULQFLSLRVYDORUHVQRUPDVSURSLDVFRQIDFXOWDGGH
LPSRQHUVDQFLRQHVGHUHIOH[LyQUHFRPHQGDFLyQWUDEDMRVFRPXQLWDULRVUHVDUFLPLHQWR\
FRPSURPLVRVGHORVDXWRUHVDQWHODFRPXQLGDGEDMRVXFRVPRYLVLyQH[LVWHXQDSUiFWLFD
GHMXVWLFLDSOHQD\YLJHQWHFRQDGPLQLVWUDFLyQSURSLDGHODMXVWLFLDLQGtJHQDRULJLQDULD
FRQQRUPDV\SURFHGLPLHQWRVTXHWUDGXFHQVXVSURSLRVYDORUHVFXOWXUDOHVWUDQVPLWLGRV
GH JHQHUDFLyQ HQ JHQHUDFLyQ ([LVWHQ DXWRULGDGHV GHELGDPHQWH RUJDQL]DGDV EDMR VX
FRVPRYLVLyQFRQUROHV\DWULEXFLRQHVSDUDFRQRFHU\GHFLGLUHOFDVRGHQXQFLDGRFRPR
VRQ ODV DVDPEOHDV FDELOGRV R UHXQLRQHV FRPXQLWDULDV GLULJLGDV SRU ODV DXWRULGDGHV
RULJLQDULDV\EDMRHOSHUPLVR\OLFHQFLDGHVXVGLRVHVHQYLUWXGGHORFXDOFRUUHVSRQGH
UHFRQRFHUODFRPSHWHQFLDGHODMXULVGLFFLyQLQGtJHQDRULJLQDULDFDPSHVLQDGHOSXHEOR
<XUDFDUp0RMHxR SDUD VXVWDQFLDU \ UHVROYHU ORV KHFKRV GHQXQFLDGRV SRU -RVp /XLV
%ODQFR +HUEDV HQ VX FRQGLFLyQ GH &DFLTXH 0D\RU GH OD 7&2 FRPXQLGDG LQGtJHQD
<XUDFDUp\7ULQLWDULD(O3DOODUFRQWUD5RVPHUL*XWLpUUH]+HUEDVGH*DOLQGR5REHUWR
&DUORV&RUWH]6RULD\5DPLUR*DOLQGR&KiYH]PLHPEURVGHOSXHEORLQGtJHQD<XUDFDUp
0RMHxR D UDt] GHO SURFHVR HOHFFLRQDULR SDUD RFXSDU HO TXLQWR FXUXO LQGtJHQD HQ OD
$VDPEOHD/HJLVODWLYD'HSDUWDPHQWDOGH6DQWD&UX]DFWRTXHFRQFOX\yFRQODHOHFFLyQ
GH 5RVPHUL *XWLpUUH] +HUEDV GH *DOLQGR FRPR $VDPEOHtVWD WLWXODU \ 5REHUWR &DUORV
&RUWH]6RULDFRPR$VDPEOHtVWD VXSOHQWHQHJDQGRWRGDFRPSHWHQFLDDODMXULVGLFFLyQ
RUGLQDULD SDUD FRQWLQXDU FRQ HO SURFHVR SHQDO LQVWDXUDGR SRU HO GHQXQFLDQWH FRQWUD
5RVPHUL*XWLpUUH]+HUEDVGH*DOLQGR5REHUWR&DUORV&RUWH]6RULD\5DPLUR*DOLQGR
&KiYH]SRUODSUHVXQWDFRPLVLyQGHORVGHOLWRVGHIDOVHGDGPDWHULDOHLGHROyJLFD\XVR
GHLQVWUXPHQWRIDOVLILFDGR

(Q YLUWXG GH OR PDQLIHVWDGR HQ HO FDVR FRQFUHWR OD MXULVGLFFLyQ RUGLQDULD QR WLHQH
FRPSHWHQFLDSDUDFRQRFHU\UHVROYHUORVKHFKRVTXHLQLFLDURQODDSHUWXUDGHOSURFHVR
SHQDOUHIHULGRDVSHFWRTXHGHELyVHUFRQVLGHUDGRSRUFDGDXQDGHODVDXWRULGDGHVGHOD
MXULVGLFFLyQRUGLQDULDTXHWRPDURQSDUWHHQHODVXQWRHQHOHQWHQGLGRTXHFRUUHVSRQGH
DO(VWDGRDWUDYpVGHVXVLQVWLWXFLRQHV\yUJDQRVJDUDQWL]DU\UHVSHWDUHOHMHUFLFLRGHOD
MXULVGLFFLyQ LQGtJHQD RULJLQDULD FDPSHVLQD OR TXH REOLJD UHFRUGDU TXH DQWH HVWRV
VXSXHVWRVHQORVTXHORVVXMHWRVLQWHUYLQLHQWHVHQGHWHUPLQDGRVKHFKRVVHDQPLHPEURV
GHORVSXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRVORVSDUiPHWURVSDUDDVXPLUFRPSHWHQFLD
QR VRQ ORV TXH ULJHQ D OD MXULVGLFFLyQ RUGLQDULD FRPR HO UHIHULGR D TXH GHEH GDUVH
SULRULGDG DO MXH] TXHSUHYLQRSULPHUR OD FDXVD SXHV HQ HVWRV FRQWH[WRV ODV UHJODV GH
FRPSHWHQFLD QR VRQ ODV TXH ULJHQ SDUD OD MXULVGLFFLyQ RUGLQDULD VLQR ORV iPELWRV GH
YLJHQFLDSHUVRQDOPDWHULDO\WHUULWRULDOHQORVDOFDQFHVVHxDODGRVDVSHFWRTXHGHEHVHU
UHVSHWDGRSRUORVyUJDQRVHVWDWDOHVFRPRJDUDQWtDGHO(VWDGRSDUDHOHMHUFLFLRHIHFWLYR
GHO GHUHFKR D OD MXULVGLFFLyQ LQGtJHQD \ DFFHVR D OD MXVWLFLD HQ HO HQWHQGLGR TXH HQ
FRQWH[WRVGHSOXUDOLGDGHOGHUHFKRGHDFFHVRDODMXVWLFLDFRQUHODFLyQDORVPLHPEURV
GHSXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRVVXSRQHDODYH]HOGHUHFKRGHDFFHGHUDVXV
DXWRULGDGHV H LQVWDQFLDV SURSLDV GH UHVROXFLyQ D VXV DXWRULGDGHV LQGtJHQDV
SURFHGLPLHQWRVSDUDUHVROYHUVXVFRQWURYHUVLDV\FRQIOLFWRVLQWHUQRV

W


dW^:d

3RUWDQWRHVGHEHUGHO(VWDGR3OXULQDFLRQDOJDUDQWL]DUDWRGDSHUVRQDHODFFHVRDXQD
MXVWLFLDDFRUGHFRQVXFRVPRYLVLyQVXFXOWXUDVXVQRUPDV\SURFHGLPLHQWRVSURSLRVGH
FRQIRUPLGDG FRQ HO VLVWHPD MXUtGLFR SURSLR \ DO PLVPR WLHPSR GH LPSHGLU FXDOTXLHU
LQWURPLVLyQDOHMHUFLFLRGHODMXULVGLFFLyQLQGtJHQDRULJLQDULRFDPSHVLQDGHELHQGRHQ
HVWRVFDVRVODMXULVGLFFLyQRUGLQDULDDEVWHQHUVHGHUHDOL]DUFXDOTXLHUDFWRTXHHQWRUSH]FD
VXHMHUFLFLRSRUTXHORVSXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRVHQHMHUFLFLRGHVXOLEUH
GHWHUPLQDFLyQ WLHQHQ GHUHFKR D UHVROYHU VXV FRQIOLFWRV LQWHUQRV GH DFXHUGR FRQ VXV
QRUPDVSURFHGLPLHQWRVHLQVWLWXFLRQHVORVTXHHQHOPDUFRGHO(VWDGR3OXULQDFLRQDO
VRQUHFRQRFLGRVFRQLJXDOYDORUMXUtGLFRGHWDOIRUPDFXHQWDQWDPELpQFRQODIDFXOWDG
GHKDFHUFXPSOLUVXVUHVROXFLRQHV\KDFHUYDOHUVXVGHFLVLRQHVIUHQWHDORVGHPiVyUJDQRV
HLQVWLWXFLRQHVHVWDWDOHVHQWUHHOORVODVDXWRULGDGHVGHRWUDVMXULVGLFFLRQHV


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,, PELWRGHODYLJHQFLDGHODMXULVGLFFLyQLQGtJHQDRULJLQDULRFDPSHVLQD

'HDFXHUGRFRQODVSUHPLVDVVHxDODGDVHQHODSDUWDGRSUHFHGHQWHHODFFHVRDODMXVWLFLD
GHVGH XQD FRQFHSFLyQ SOXUDO HQWLHQGH TXH VH UHFRQR]FD OD H[LVWHQFLD GH ORV VLVWHPDV
MXUtGLFRVSURSLRVGHORVSXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRVVHUHVSHWHHOHMHUFLFLR
GH VX MXULVGLFFLyQ TXH HQ HO PDUFR GH VX DXWRQRPtD \ OLEUH GHWHUPLQDFLyQ GHFLGHQ
FRQRFHU \ UHVROYHU VH YDOLGH \ UHVSHWH ORV SURFHGLPLHQWRV \ ODV GHFLVLRQHV GH VXV
DXWRULGDGHV FXDQGR UHVXHOYDQ VXV FRQWURYHUVLDV R DSOLTXHQ VXV QRUPDV GH UHJXODFLyQ
VRFLDO$OPLVPRWLHPSRFRQWHPSODTXHORVPLHPEURVGHORVSXHEORVLQGtJHQDRULJLQDULR
FDPSHVLQRV WHQJD OD SRVLELOLGDG GH VHU MX]JDGRV \ VDQFLRQDGRV SRU VXV DXWRULGDGHV
SURSLDVQRUPDV\SURFHGLPLHQWRV

(QHVWHRUGHQHVSUHFLVRGHVWDFDUTXHWDPELpQGHEHWHQHUVHHQFXHQWDORVVXSXHVWRVGH
DIHFWDFLyQDOSXHEORLQGtJHQDRULJLQDULRFDPSHVLQRSRUTXLHQQRHVPLHPEURGHOPLVPR
TXHSHUWHQH]FDDRWUDFRPXQLGDGRVHWUDWHGHSHUVRQDVQRLQGtJHQDV\HOKHFKRKD\D
RFXUULGRHQHOWHUULWRULRGHOSXHEORLQGtJHQDRULJLQDULRFDPSHVLQRRORVFDVRVHQORVTXH
ORVDFWRVGHXQPLHPEURGHXQSXHEORLQGtJHQDRULJLQDULRFDPSHVLQRUHDOL]DGRVHQRWUD
MXULVGLFFLyQWHQJDHIHFWRVVREUHODFRPXQLGDGRSXHEORLQGtJHQDRULJLQDULRFDPSHVLQR

&RQVLGHUDQGR WDOHV VXSXHVWRV HV QHFHVDULR GLVWLQJXLU HVWDV GLIHUHQWHV VLWXDFLRQHV D
HIHFWRVGHGHWHUPLQDUTXpMXULVGLFFLyQVHUiODDSOLFDEOHHVGHFLUSXHGHWUDWDUVHSRUXQ
ODGRGHXQDVLWXDFLyQLQWHUQDHQODTXHVHGHQORVWUHVHOHPHQWRVRiPELWRVGHYLJHQFLD
HVWDEOHFLGRVSRUOD&RQVWLWXFLyQHVWRHVTXHORVVXMHWRVGHOKHFKRSHUWHQH]FDQDOSXHEOR
LQGtJHQD RULJLQDULR FDPSHVLQR WDQWR HO DXWRU GH OD FRQGXFWD FRPR HO VXMHWR SDVLYR
HQWHQGLpQGRVH SRU VXMHWR SDVLYR WDPELpQ D OD SURSLD FRPXQLGDG  HO KHFKR VH KD\D
SURGXFLGRHQHOWHUULWRULRGHOSXHEORLQGtJHQDRULJLQDULRFDPSHVLQR\VHUHILHUDDDVXQWRV
GHODFRPXQLGDGRTXHLQFXPEHQRDIHFWDQDOSXHEORLQGtJHQDRULJLQDULRFDPSHVLQR3RU
RWURODGRSXHGHWUDWDUVHGHKHFKRVRFXUULGRVHQHOSXHEORLQGtJHQDRULJLQDULRFDPSHVLQR
SHURSRUTXLHQQRHVPLHPEURGHOPLVPRRORVFDVRVHQORVTXHORVHIHFWRVGHOKHFKRVH
SURGXFHQGHQWURGHOSXHEORLQGtJHQDRULJLQDULRFDPSHVLQR

6REUH OD SULPHUD VLWXDFLyQ HV OD TXH VH SURQXQFLDUi HVWH 7ULEXQDO HV GHFLU DTXHOOD
LQWHUQDGRQGHORVLQYROXFUDGRVVRQPLHPEURVGHOSXHEORLQGtJHQDRULJLQDULRFDPSHVLQR
ORV KHFKRV VH SURGXMHURQ HQ HVH SXHEOR LQGtJHQD RULJLQDULR FDPSHVLQR \ SRU OyJLFD
FRQVHFXHQFLD VH WUDWD GH DVXQWRV TXH DIHFWDQ R LQFXPEHQ D HVH SXHEOR LQGtJHQD
RULJLQDULRFDPSHVLQRHQFX\RFDVRFRUUHVSRQGHDODMXULVGLFFLyQLQGtJHQDUHVROYHUHO
FRQIOLFWRRFRQWURYHUVLDEDMRVXVQRUPDV\SURFHGLPLHQWRVSURSLRVDOPLVPRWLHPSR
FRUUHVSRQGHHOGHEHUGHDEVWHQHUVHRGHUHDOL]DUDFWRVGHLQWURPLVLyQHQVXHMHUFLFLRDVt
FRPRHOGHEHUGHUHVSHWDUVXVGHFLVLRQHV\UHVROXFLRQHV\HQWRGRFDVRUHDOL]DUDFWRVGH
FRRUGLQDFLyQ\FRODERUDFLyQSDUDTXHODPLVPDVHDHMHFXWDGD\FXPSOLGD


W


dW^:d


(QHVWHFRQWH[WRQRVRQDSOLFDEOHVODVUHJODVTXHULJHQDODMXULVGLFFLyQRUGLQDULDFRPR
ODV GH KDEHU SUHYHQLGR SULPHUR OD FDXVD SDUD TXH VH RWRUJXH FRPSHWHQFLD D OD
MXULVGLFFLyQ RUGLQDULD DQWH KHFKRV HQ ORV TXH VH YHQ LQYROXFUDGRV PLHPEURV GH ORV
SXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRVVLQRORViPELWRVGHYLJHQFLDSHUVRQDOPDWHULDO
\WHUULWRULDOTXHULJHDHVWDMXULVGLFFLyQ




 &RQIOLFWR GH FRPSHWHQFLDV HQWUH OD MXULVGLFFLyQ


RUGLQDULD \ OD DJURDPELHQWDO&RQIOLFWRV GH FRPSHWHQFLD HQWUH OD
MXULVGLFFLyQRUGLQDULD\ODMXULVGLFFLyQDJUDULDVXVFLWDGRVDQWHVGHOGH
HQHURGH
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO QR HV
FRPSHWHQWH SDUD FRQRFHU ORV FRQIOLFWRV GH FRPSHWHQFLD VXVFLWDGRV
HQWUHODMXULVGLFFLyQRUGLQDULD\ODRWURUDMXULVGLFFLyQDJUDULDTXHVH
LQLFLDURQHQHOSHULRGRGHWUDQVLFLyQLQWHURUJiQLFRDWULEXFLyQTXHOH
FRUUHVSRQGHDO7ULEXQDO6XSUHPRGH-XVWLFLD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(VWH FRQIOLFWR GH FRPSHWHQFLDV HQWUH OD MXULVGLFFLyQ RUGLQDULD \ OD
MXULVGLFFLyQDJUDULDVHVXVFLWyDUDt]GHODVUHVROXFLRQHVGHLQKLELWRULDGH
FRPSHWHQFLD UHDOL]DGDV SRU OD -XH]D GH 3DUWLGR \ 6HQWHQFLD \ HO -XH]
$JUDULRDPERVGH&DUDQDYLTXHIXHURQUHPLWLGDVSDUDVXGHILQLFLyQD
OD HQWRQFHV &RUWH 6XSUHPD GH -XVWLFLD DKRUD 7ULEXQDO 6XSUHPR GH
-XVWLFLDLQVWDQFLDMXULVGLFFLRQDOTXHPHGLDQWH$XWR6XSUHPR
UHPLWLy DO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO SDUD TXH OR GLULPD
FRQWURYHUVLDTXHYHUVDVREUHHOFRQRFLPLHQWR\SURFHVDPLHQWRGHKHFKRV
UHIHUHQWHVDODTXHUHOOD\DFXVDFLyQSDUWLFXODUGHGHVSRMR\SHUWXUEDFLyQ
GH SRVHVLyQ GH IXQGRV U~VWLFRV (O 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO GHFODUy OD LPSURFHGHQFLD GH OD DFWLYDFLyQ GHO FRQWURO
SOXUDO FRPSHWHQFLDO GH FRQVWLWXFLRQDOLGDG SRU KDEHUVH LQLFLDGR HO
FRQIOLFWR QHJDWLYR GH FRPSHWHQFLDV DQWHV GH OD /H\ GH  GH HQHUR GH
 \ RUGHQy OD UHPLVLyQ GH DQWHFHGHQWHV DO 7ULEXQDO 6XSUHPR GH
-XVWLFLDSDUDTXHUHVXHOYDHOFRQIOLFWR

W


dW^:d

([WUDFWRGHODUDWLRGHFLGHQGL

)M ,,  D 'H DFXHUGR D OD IXQGDPHQWDFLyQ UHDOL]DGD VH HVWDEOHFLy TXH HO FRQIOLFWR
MXULVGLFFLRQDO QHJDWLYR RSHUD FXDQGR PHGLDQWH OD XWLOL]DFLyQ GH PHFDQLVPRV LQWUD
SURFHVDOHV SDUD HO FXHVWLRQDPLHQWR GH OD FRPSHWHQFLD GRV R PiV DXWRULGDGHV
MXULVGLFFLRQDOHVVHLQKLEHQGHOFRQRFLPLHQWRGHODFDXVDSRUFRQVLGHUDUVHLQFRPSHWHQWHV
(QODHVSHFLHGHODFRPSXOVDGHDQWHFHGHQWHVVHHYLGHQFLDTXHWDQWROD-XH]DGH3DUWLGR
\6HQWHQFLDGH&DUDQDYL\HO-XH]$JUDULRWDPELpQGHHVWDORFDOLGDGOXHJRGHUHFXUUHQWHV
UHHQYLRVGHDQWHFHGHQWHVSURFHVDOHVVHGHFODUDQDPERVLQFRPSHWHQWHVSDUDFRQRFHUOD
SUREOHPiWLFDSODQWHDGDUHIHUHQWHDDWULEXFLyQGHKHFKRVGHOLFWLYRVUHIHUHQWHVDGHVSRMR
\SHUWXUEDFLyQGHSRVHVLyQGHIXQGRVU~VWLFRVSRUFXDQWRHODQiOLVLVGHODWHPiWLFDGHEH
YHUVDUVREUHHOFRQIOLFWRQHJDWLYRGHFRPSHWHQFLDV

E 'HVGHXQSXQWRGHYLVWDSURFHVDOHOLQLFLRGHOFRQIOLFWRGHFRPSHWHQFLDVQHJDWLYR
HVWi GDGR SRU HO PRPHQWR HQ HO FXDO OD DXWRULGDG MXULVGLFFLRQDO D OD FXDO SRU
GHFOLQDWRULDVHOHUHHQYtDHOFRQRFLPLHQWRGHXQDFDXVDQRVHDOODQHDOFRQRFLPLHQWRGH
ODPLVPD(QODHVSHFLH\GHODFRPSXOVDGHDQWHFHGHQWHVVHWLHQHTXHHQYLUWXGDOD
GHFOLQDWRULDGH OD -XH]D GH3DUWLGR \ 6HQWHQFLD GH &DUDQDYL OXHJR GH OD UHPLVLyQ GH
DQWHFHGHQWHVDQWHHO-XH]$JUDULRGHHVWDORFDOLGDGHVWDDXWRULGDGPHGLDQWH5HVROXFLyQ
 GH  GH DEULO FXUVDQWH D IV  \ YWD VH GHFODUD LQFRPSHWHQWH SDUD HO
FRQRFLPLHQWRGHSURFHVRVSHQDOHVRUGHQDQGRODUHPLVLyQGHDQWHFHGHQWHVDQWHOD-XH]D
GH 3DUWLGR \ 6HQWHQFLD GH &DUDQDYL DQWHFHGHQWHV TXH IXHURQ UHFHSFLRQDGRV SRU HO
-X]JDGRGH3DUWLGR\6HQWHQFLDGH&DUDQDYLHOGHPD\RGH

3RU OR VHxDODGR \ DXQTXH HQ HO SUHVHQWH FDVR H[LVWDQ UHFXUUHQWHV UHHQYLRV GH
DQWHFHGHQWHVSURFHVDOHVHQWUHDPEDVDXWRULGDGHVTXHVHFRQVLGHUDQLQFRPSHWHQWHVSDUD
FRQRFHU\UHVROYHUODFDXVDHQFXHVWLyQGHEHFRQVLGHUDUVHTXHGHVGHXQDySWLFDSURFHVDO
\GHDFXHUGRDO)XQGDPHQWR-XUtGLFR,,GHOSUHVHQWHIDOORHQODHVSHFLHHOGHPD\R
GHVHLQLFLDODFRQWURYHUVLDMXULVGLFFLRQDOFRPSHWHQFLDOHVGHFLUDQWHVGHOGH
HQHURGHIHFKDGHSRVHVLyQGHODVDXWRULGDGHVMXGLFLDOHVHOHFWDVSRUYRWRSRSXODU

F /DSDUWHRUJiQLFDGHOD&RQVWLWXFLyQDGLIHUHQFLDGHVXSDUWHGRJPiWLFDWDOFRPRVH
H[SOLFy HQ HO )XQGDPHQWR -XUtGLFR ,, GH OD SUHVHQWH 6HQWHQFLD &RQVWLWXFLRQDO
3OXULQDFLRQDO QR HV GLUHFWDPHQWH DSOLFDEOH VLQR TXH SDUD VX PDWHULDOL]DFLyQ VH
QHFHVLWDQOH\HVRUJiQLFDVGHGHVDUUROOR(QHOFDVRGH%ROLYLDWDOFRPRVHGHVDUUROORHQ
HO )XQGDPHQWR -XUtGLFR ,, GH OD SUHVHQWH GHFLVLyQ FRQVWLWXFLRQDO H[LVWH XQD
2UJDQL]DFLyQ -XGLFLDO SUHH[LVWHQWH DO PRPHQWR GH OD UHIXQGDFLyQ GHO (VWDGR
3OXULQDFLRQDOGH%ROLYLDSRUFXDQWRKDVWDDQWHVGHOGHHQHURGHSHUVLVWHHQHVWH
SHULRGRLQWHURUJiQLFRODHVWUXFWXUD\DWULEXFLRQHVGHOD&RUWH6XSUHPDGH-XVWLFLDFRPR
Pi[LPR WULEXQDO GH OD MXULVGLFFLyQ RUGLQDULD SRU WDQWR OD MXULVGLFFLyQ RUGLQDULD \
DJURDPELHQWDO\ODGHPiVHVWUXFWXUDGHOUJDQR-XGLFLDOGLVFLSOLQDGDHQODSDUWHRUJiQLFD
GH OD &RQVWLWXFLyQ GH  VH HQFXHQWUDQ VXMHWRV D XQD DSOLFDFLyQ FRQGLFLRQDGD HV
GHFLU D XQD LPSOHPHQWDFLyQ SOHQD D SDUWLU GH OD SRVHVLyQ GH ODV 0DJLVWUDGDV \
0DJLVWUDGRVHOHFWRVSRUVXIUDJLRSRSXODUHVGHFLUDSDUWLUGHOGHHQHURGH3DUD
FDXVDV DQWHULRUHV VHUi DSOLFDEOH HO
EORTXH GH OHJDOLGDG
 LPSHUDQWH SDUD OD WUDQVLFLyQ
LQWHURUJiQLFDGHVFULWRHQHO)XQGDPHQWR-XUtGLFR,,GHOSUHVHQWHIDOOR

3RUORVHxDODGRHQODHVSHFLDDOKDEHUVHLQLFLDGRHOFRQIOLFWRQHJDWLYRGHFRPSHWHQFLDV
HO  GH PD\R GH  VH FRQFOX\H TXH OD GHILQLFLyQ GHO FRQIOLFWR GH FRPSHWHQFLDV
VXVFLWDGRQRHVWiHQFRPHQGDGDDO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO

G (QODHVSHFLHVHWLHQHTXHSRU$XWR6XSUHPRVXVFULWRSRU-RUJH9RQ%RUULHV
0pQGH]5yPXOR&DOOH0DPDQL3DVWRU6HJXQGR0DPDQL9LOOFD)LGHO0DUFRV7RUGR\D
5LYDV$QWRQLR&DPSHUR6HJRYLD\5LWD6XVDQD1DYD'XUiQOD6DOD3OHQDGHO7ULEXQDO
6XSUHPR GH -XVWLFLD DOHJDQGR VHU DSOLFDEOH GLUHFWDPHQWH OD &RQVWLWXFLyQ GH 
GHFOLQD FRPSHWHQFLD SDUD FRQRFHU \ UHVROYHU HO DVXQWR GLVSRQLHQGR VX UHPLVLyQ DO

W


dW^:d


7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO VLHQGR UHFHSFLRQDGRV ORV DQWHFHGHQWHV GH OD
FDXVDSRUHVWDLQVWDQFLDHOGHPD\RGHHQHVWHFRQWH[WRHQHO)XQGDPHQWR
-XUtGLFR ,, GHO SUHVHQWH IDOOR VH HVWDEOHFLy TXH VL HO LQLFLR GHO FRQIOLFWR GH
FRPSHWHQFLDVQHJDWLYRHQWUHODMXULVGLFFLyQRUGLQDULD\ODMXGLFDWXUDDJUDULDGDWDGHXQD
IHFKDDQWHULRUDOGHHQHURGHD~QFXDQGRODFDXVDKD\DLQJUHVDGRSDUDVXDQiOLVLV
DO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOGHVSXpVGHHVWDIHFKDHOFRQWUROFRPSHWHQFLDO
SOXUDOGHFRQVWLWXFLRQDOLGDGQRHVFRPSHWHQWHSDUDGLULPLUODVFRQWURYHUVLDVHQHOPDUFR
GHODUWGHOD&3(VLWXDFLyQTXHVHYHULILFDHQODSUHVHQWHSUREOHPiWLFD


6LQWHVLVGHODUDWLRGHFLGHQGL

6H GHFODUD OD LPSURFHGHQFLD GHO FRQWURO SOXUDO FRPSHWHQFLDO GH
FRQVWLWXFLRQDOLGDGSDUDUHVROYHUHOFRQIOLFWRGHFRPSHQWHQFLDVHQWUHOD
MXULVGLFFLyQ RUGLQDULD \ OD DJUDULD SRU KDEHUVH LQLFLDGR DQWH GHO  GH
HQHURGH

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

(VWD6HQWHQFLDHQVX)-,,GLVSRQH(QEDVHDHVWDDWULEXFLyQGHEH
HVWDEOHFHUVHTXHORVFRQIOLFWRVGHFRPSHWHQFLDVXVFLWDGRVDSDUWLUGHO
GH HQHUR GH  HQWUH OD MXULVGLFFLyQ RUGLQDULD \ OD MXULVGLFFLyQ
DJURDPELHQWDO VHUiQ FRQRFLGRV \ UHVXHOWRV SRU HO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOHPSHURWRGDYH]TXHSDUDHOSHULRGRGH
WUDQVLFLyQ LQWHURUJiQLFR VXE\DFH OD RUJDQL]DFLyQ MXULVGLFFLRQDO
SUHH[LVWHQWH D OD UHIXQGDFLyQ GHO (VWDGR 3OXULQDFLRQDO GH %ROLYLD
FRQVLGHUDQGRTXHODMXULVGLFFLyQDJURDPELHQWDOHQWUyHQSOHQDYLJHQFLD
DSDUWLUGHODIHFKDGHSRVHVLyQGHVXVDXWRULGDGHVHOHFWDVHO7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOQRHVFRPSHWHQWHSDUDFRQRFHUFRQIOLFWRV
GH FRPSHWHQFLD VXVFLWDGRV HQWUH OD MXULVGLFFLyQ RUGLQDULD \ OD RWURUD
MXULVGLFFLyQ DJUDULD \D TXH SDUD HVWRV VXSXHVWRV GHEH DSOLFDUVH HO
EORTXHGHOHJDOLGDGVXE\DFHQWHHQHOSHULRGRGHWUDQVLFLyQ


(QHOPDUFRGHORVHxDODGRGHEHHVWDEOHFHUVHDGHPiVTXHSDUDWRGRVORV
FRQIOLFWRV GH FRPSHWHQFLD VXVFLWDGRV HQ YLJHQFLD GHO SHULRGR GH
WUDQVLFLyQLQWHURUJiQLFRHVGHFLUDQWHVGHODLPSOHPHQWDFLyQSOHQDGHO
UJDQR-XGLFLDO\GHOFRQWUROSOXUDOGHFRQVWLWXFLRQDOLGDGODQRUPDWLYD
DSOLFDEOHVHUiDTXHOODFRQWHPSODGDHQHO
%ORTXHGHOHJDOLGDG
YLJHQWH
SDUDHVWHSHULRGRVLHQGRSDUWHGHOPLVPRWDOFRPRVHVHxDOyOD/H\
GHO 7ULEXQDO &RQVWLWXFLRQDO QRUPD TXH QR HQFRPLHQGD DO FRQWURO
FRPSHWHQFLDO GH FRQVWLWXFLRQDOLGDG VX HMHUFLFLR SDUD FRQIOLFWRV GH
FRPSHWHQFLD HQWUH OD MXULVGLFFLyQ RUGLQDULD \ OD $JUDULD SRU OR TXH
GLFKRVFRQIOLFWRVDVXVFLWDUVHHQHVWRVFDVRVQRSXHGHQVHUVRPHWLGRVD
FRQWURO FRPSHWHQFLDO GH FRQVWLWXFLRQDOLGDG DQWH HO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDO



W


dW^:d

1RUPDVFRPXQHVGHSURFHGLPLHQWRHQODVDFFLRQHVGH
LQFRQVWLWXFLRQDOLGDG  FRQIOLFWRV GH FRPSHWHQFLD FRQVXOWDV \
UHFXUVRV$XWRFRUUHFFLyQSURFHVDO
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   /DV 0DJLVWUDGDV \ ORV 0DJLVWUDGRV GHO 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO DVt FRPR ODV -XH]DV ORV -XHFHV \
7ULEXQDOHV GH JDUDQWtDV HVWiQ KDELOLWDGRV SDUD SURFHGHU D OD
DXWRFRUUHFFLyQ GH ORV DFWRV SURSLRV GH OD MXVWLFLD FRQVWLWXFLRQDO
FXDQGR YHULILTXHQ OD FRPSUREDFLyQ GH GHIHFWRV RVWHQVLEOHV \
WUDVFHQGHQWDOHVTXHLPSOLTXHQYLRODFLyQDOGHELGRSURFHVR

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q XQD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HO DFFLRQDQWH GHQXQFLD OD
YXOQHUDFLyQGHVXVGHUHFKRVDODGHIHQVD\DOGHELGRSURFHVRGHELGRD
TXH ODV DXWRULGDGHV MXGLFLDOHV GHPDQGDGDV GH PDWHULD DJUDULD QR
HIHFWXDURQXQDFDEDOYDORUDFLyQGHSUXHEDVSDUDODFODVLILFDFLyQGHVX
SURSLHGDG(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOGHQHJyHODPSDUR
FRQVWLWXFLRQDOHQUD]yQGHTXHDOPRPHQWRSURFHVDOGHODDGPLVLELOLGDG
DQWH HO UHFKD]R LQ OLPLQH HO DFFLRQDQWH QR SURFHGLy D LPSXJQDU
GLUHFWDPHQWHODPLVPDDFWRTXHHIHFWXyUHFLpQGLHFLVpLVGtDVGHVSXpV

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,'HORUHODFLRQDGRVHWLHQHTXHHQHOPRPHQWRSURFHVDOGHODDGPLVLELOLGDG
DQWHHOUHFKD]RLQOtPLQHGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOHODFFLRQDQWHQRSURFHGLy
DLPSXJQDUGLUHFWDPHQWHODPLVPD\SUHVHQWyXQPHPRULDOVROLFLWDQGRDFODUDFLyQGHOD
5HVROXFLyQSRVWHULRUPHQWH SUHVHQWy VX
LPSXJQDFLyQ
 EDMR RWURGHQRPLQDWLYR UHFLpQ
GLHFLVpLVGtDVGHVSXpVGHHPLWLGDOD5HVROXFLyQGHUHFKD]RHVGHFLU-XDQLWR)pOL[7DSLD
*DUFtD GHVFRQRFLHQGR DEVROXWDPHQWH HO SURFHVR FRQVWLWXFLRQDO HQ OXJDU GH KDEHU
LPSXJQDGR OD 5HVROXFLyQ GH UHFKD]R GHQWUR GH ORV WUHV GtDV TXH GLVSRQH HO
SURFHGLPLHQWRFRQVWLWXFLRQDO )XQGDPHQWR-XUtGLFR,,, ORKL]RGLHFLVpLVGtDVGHVSXpV

$QWH VROLFLWXGHVGHO DFFLRQDQWH GH UHPLVLyQ GH H[SHGLHQWH DO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO OD &RPLVLyQ GH $GPLVLyQ QR WHQtD FRPSHWHQFLD SDUD DQDOL]DU ORV
UHTXLVLWRVGHDGPLVLELOLGDGGHODDFFLyQFRQVWLWXFLRQDOHOORGHELGRDTXHODLPSXJQDFLyQ
IXH SUHVHQWDGD SRU HO DFFLRQDQWH IXHUD GH WpUPLQR HVWDEOHFLGR \ SRU HQGH QR SRGtD
FRQVLGHUDUODDGPLVLyQGHODDFFLyQFRQVWLWXFLRQDOPi[LPHFXDQGRHOFDVRFRQFUHWRYHUVD
VREUHGHUHFKRVGLVSRQLEOHV

W


dW^:d



3RU OR H[SXHVWR HV LQGLVSHQVDEOH OD DXWRFRUUHFFLyQ GHO SURFHVR FRQVWLWXFLRQDO
FRQVLGHUDQGRTXHHVH[FHSFLRQDOHVUHOHYDQWH\WLHQHTXHYHUFRQDFWRVSURSLRVWDOFRPR
VHGHVDUUROOyHQHO)XQGDPHQWR-XUtGLFR,,,GHODSUHVHQWH6HQWHQFLD&RQVWLWXFLRQDO
3OXULQDFLRQDO SXHV QR UHVXOWD OyJLFR QL DGPLVLEOH HQ XQ (VWDGR GH 'HUHFKR TXH ORV
SOD]RVGHLPSXJQDFLyQTXHWLHQHHOXQLYHUVROLWLJDQWHVHDQGLIHUHQWHVHQWUHODVSDUWHVD
VDEHUWRGRVWLHQHQHOSOD]RLPSHUDWLYRGHWUHVGtDVSDUDLPSXJQDUODGHFLVLyQGHUHFKD]R
RLPSURFHGHQFLDLQOtPLQHGHXQDDFFLyQFRQVWLWXFLRQDOSDUDTXHVHDOD&RPLVLyQGH
$GPLVLyQODTXHDQDOLFHVLFRUUHVSRQGtDRQRODDGPLVLyQGHODDFFLyQVDOYRTXHH[LVWD
LPSHGLPHQWR DFUHGLWDGR X RWUD FDXVDO GHELGDPHQWH MXVWLILFDEOH VLWXDFLyQ TXH QR VH
SUHVHQWDHQHOFDVRFRQFUHWR

&RPRSUHFLVyHO$&5&$GHGHDEULOHOGHUHFKRDODLPSXJQDFLyQSUHFOX\H
WRGD YH] TXH OD MXULVGLFFLyQ FRQVWLWXFLRQDO QR SXHGH HVWDU GH PDQHUD LQGHILQLGD D
GLVSRVLFLyQGHODYROXQWDGGHODFFLRQDQWHORFXDOLPSOLFDTXHGHEHGHVHPSHxDUXQURO
DFWLYR \ QR QHJOLJHQWH HQ OD WUDPLWDFLyQ GH HVWD DFFLyQ WXWHODU \ HQ HO FDVR GH HVWDU
FRQIRUPHFRQHOIDOORGHO-XH]R7ULEXQDOGHDPSDURQRLPSXJQDUiODGHFLVLyQFRQOR
FXDOTXHGDUiGHPRVWUDGDVXDFHSWDFLyQ\VHSURFHGHUiDODUFKLYRGHREUDGRV(VGHFLU
GHODUW,9GHOD&3(HVWDEOHFHTXHODUHPLVLyQGHO7ULEXQDOGHJDUDQWtDVDO7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOGHRILFLRVHSUHVHQWDFXDQGRVHFHOHEUyODDXGLHQFLDGH
IRUPDTXHHOOHJLVODGRURUGLQDULRHVWDEDOHJLWLPDGRSDUDHVWDEOHFHUTXHORVVXSXHVWRVGH
GHFODUDWRULDV GH LPSURFHGHQFLD SDUD VX UHPLVLyQ D OD &RPLVLyQ GH $GPLVLyQ GHEDQ
SUHYLDPHQWHHVWDULPSXJQDGDVHQHOWpUPLQRGHWUHVGtDV DUW,GHO&3&R HQHVWH
VHQWLGRODMXULVSUXGHQFLDIXHFRQVWDQWHUHVSHFWRDOGHEHULPSXJQDUXQDGHFLVLyQSDUD
VXUHYLVLyQSRUOD&RPLVLyQGH$GPLVLyQ $&5&$\OD6&3
GHGHHQHUR DGHPiVDOPRPHQWRGHHPLWLUVHHO$XWRGHGHHQHURGHTXH
UHFKD]yODDFFLyQGHDPSDURFRQVWLWXFLRQDOHO&yGLJR3URFHVDO&RQVWLWXFLRQDO\DVH
HQFRQWUDEDYLJHQWHHQHVWHVHQWLGRVHWLHQHTXHHOKHFKRGHLQJUHVDUDUHVROYHUHOIRQGR
GH OD SUHVHQWH SUREOHPiWLFD VLQ XQD FDXVD MXVWLILFDQWH LPSOLFDUtD GHVFRQRFHU OD
MXULVSUXGHQFLD FRQVWLWXFLRQDO SURYRFDQGR XQD DFWXDFLyQ GH RILFLR TXH OHVLRQDUtD HO
SULQFLSLR GH LJXDOGDG SURFHVDO H LPSDUFLDOLGDG OR TXH LPSHOH D GHQHJDU OD WXWHOD
DFODUiQGRVHTXHQRVHLQJUHVyDOIRQGRGHODSUREOHPiWLFD


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,DQWHODHYHQWXDOLGDGGHOTXHEUDQWDPLHQWRGHOSURFHGLPLHQWR\IRUPDV
SURSLDV GH FDGD SURFHVR FRQVWLWXFLRQDO FX\D OyJLFD FRQVHFXHQFLD VHD OD
YHULILFDFLyQGHODOHVLyQDGHUHFKRVIXQGDPHQWDOHV\JDUDQWtDVFRQVWLWXFLRQDOHV
\QRDVtODPHUDFRQVWDWDFLyQGHOLQFXPSOLPLHQWRGHODVIRUPDVSURFHVDOHVHO
OHJLVODGRURUGLQDULRKDSUHYLVWRHQHODUWGHO&3&RODSRVLELOLGDGGHTXH
ODV0DJLVWUDGDV\ORV0DJLVWUDGRVGHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDODVt
FRPR ODV -XH]DV ORV -XHFHV \ 7ULEXQDOHV GH JDUDQWtDV SXHGDQ OHJtWLPD \
H[FHSFLRQDOPHQWH SURFHGHU D OD DXWRFRUUHFFLyQ QHFHVDULD GH ORV SURFHVRV
FRQVWLWXFLRQDOHV HV GHFLU OD FRUUHFFLyQ GH ORV DFWRV SURSLRV GH OD MXVWLFLD
FRQVWLWXFLRQDO SUHFLVDPHQWH HVWR HQ OD PHGLGD TXH VH YHULILTXH OD
FRPSUREDFLyQ GH GHIHFWRV RVWHQVLEOHV \ WUDVFHQGHQWDOHV TXH LPSOLTXH
YLRODFLRQHVFLHUWDVDOGHELGRSURFHVRSRWHQFLDOL]DQGRFRQHOORHOSULQFLSLRGH
VHJXULGDG MXUtGLFD \ OD FHUWH]D HQ OD DSOLFDFLyQ GHO 'HUHFKR YLWDOHV HQ HO
HMHUFLFLR GH OD ODERU GH OD MXVWLFLD FRQVWLWXFLRQDO TXH WUDQVSDUHQWDQGR VXV
SURSLRVHUURUHVSURFHVDOHV DUW,,GHOD&3( ORVUHHQFDXVDRUHSRQH(VGHFLU
HODUWGHO&3&RTXHUHFRQRFHODIDFXOWDGGHDXWRFRUUHFFLyQGHORVSURFHVRV
FRQVWLWXFLRQDOHVSRUODMXVWLFLDFRQVWLWXFLRQDOHMHUFLGDHQIRUPDFRPSDUWLGDSRU
HO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO\ORV-XHFHV\7ULEXQDOHVGHJDUDQWtDV

W


dW^:d
TXH HMHUFHQ MXVWLFLD FRQVWLWXFLRQDO HQ VXV GLIHUHQWHV UROHV \ FRQ DWULEXFLRQHV
GLVWLQWLYDVWLHQHODVVLJXLHQWHVFDUDFWHUtVWLFDVLPSOtFLWDVHQODWHOHRORJtDGHOD
QRUPD FXDOHV VRQ H[FHSFLRQDOLGDG UHOHYDQFLD \ QHFHVLGDG $O UHVSHFWR L 
6REUHODH[FHSFLRQDOLGDGVHGHEHUHOHYDUTXHORVHUURUHVSURFHVDOHVHQORVTXH
LQFXUUDQ ORV VHUYLGRUHV MXGLFLDOHV QR WLHQH DOFDQFHV GH VHU XQD UHJOD JHQHUDO
FRPRPHFDQLVPRSDUDUHKDFHURUHSRQHUWRGRHOSURFHVRFRQVWLWXFLRQDOVLQR
~QLFDPHQWHSDUDODUHFWLILFDFLyQGHORVHUURUHVSURFHVDOHVH[SUHVDGRVHQDFWRV
HVSHFtILFRV LL  6REUH OD UHOHYDQFLD GHO HUURU SURFHVDO FDEH UHIHULU TXH VyOR
SURFHGHUiDQWHODHYHQWXDOLGDGGHOTXHEUDQWDPLHQWRGHOSURFHGLPLHQWR\IRUPDV
SURSLDV GH FDGD SURFHVR FRQVWLWXFLRQDO FX\D OyJLFD FRQVHFXHQFLD VHD OD
YHULILFDFLyQGHODOHVLyQDGHUHFKRVIXQGDPHQWDOHV\JDUDQWtDVFRQVWLWXFLRQDOHV
\ QR DVt OD PHUD FRQVWDWDFLyQ GHO LQFXPSOLPLHQWR GH ODV IRUPDV SURFHVDOHV
(QWRQFHVHOEDUHPRSDUDSURFHGHUDODDXWRFRUUHFFLyQSURFHVDOHVSUHFLVDPHQWH
ODDIHFWDFLyQGHGHUHFKRVIXQGDPHQWDOHV'LFKRGHRWUDIRUPDHOHUURUSURFHVDO
LUUHOHYDQWH PHGLGR SRU OD DJUHVLyQ D GHUHFKRV H LQWHUHVHV GH ODV SDUWHV
SURFHVDOHVQRDPHULWDDXWRFRUUHFFLyQ$FRQWUDULRVHQVXHOHUURUSURFHVDOQR
SXHGHVHUFRUUHJLGRDFRVWDGHDIHFWDUGHUHFKRVIXQGDPHQWDOHVGHORVVXMHWRV
SURFHVDOHV\LLL /DDXWRFRUUHFFLyQDEDUFDUi~QLFDPHQWHORVDFWRVSURFHVDOHV
QHFHVDULRV TXH SRU LPSUHVFLQGLEOHV DPHULWDQ OD YHULILFDFLyQ GH HUURUHV
SURSLRV




1RUPDVFRPXQHVGHSURFHGLPLHQWRHQODVDFFLRQHVGH
LQFRQVWLWXFLRQDOLGDG  FRQIOLFWRV GH FRPSHWHQFLD FRQVXOWDV \
UHFXUVRV&RUUHVSRQGHDORVyUJDQRVS~EOLFRVSUREDUODUD]RQDELOLGDG\
SURSRUFLRQDOLGDGGHODQRUPDFXHVWLRQDGDFRPRLQFRQVWLWXFLRQDO
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   (Q FRQWURO QRUPDWLYR GH FRQVWLWXFLRQDOLGDG
FRUUHVSRQGHDODVLQVWDQFLDVHVWDWDOHVDFUHGLWDUGHPDQHUDREMHWLYDOD
UD]RQDELOLGDG\SURSRUFLRQDOLGDGGHXQDPHGLGDQRUPDWLYD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH LQFRQVWLWXFLRQDOLGDG FRQFUHWD VH GHPDQGD OD
LQFRQVWLWXFLRQDOLGDG GHO DUW  GH OD /H\  TXH PRGLILFD HO &yGLJR
7ULEXWDULR %ROLYLDQR \ OD /H\ *HQHUDO GH $GXDQDV HQ UHODFLyQ DO DUW
,,\,,,GHO&7%SRUVHUSUHVXQWDPHQWHFRQWUDULDVDORVDUWV,
W


dW^:d


\9,\,,,,,\,,,,\,,\,\,,GHOD
&3( SRUTXH SODVPDUtD XQ DQWLFLSR GH SHQD \D TXH OD SURKLELFLyQ GH
DSOLFDFLyQGHPHGLGDVVXVWLWXWLYDVDODGHWHQFLyQSUHYHQWLYDHQGHOLWRV
GH FRQWUDEDQGR LPSOLFDUtD XQ DQWLFLSR GH SHQD (O 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO SRU LQH[LVWHQFLD GH
FDUJR GH
LQFRQVWLWXFLRQDOLGDGUHVSHFWRDORVDUW9,,,\,\,,GH
OD&3(
 VLF VHSURQXQFLy~QLFDPHQWHVREUHHODUW,,,GHOD/H\
TXH PRGLILFy HO &yGLJR 7ULEXWDULR %ROLYLDQR \ OD /H\ *HQHUDO GH
$GXDQDVHQUHODFLyQDODUW,,,GHO&7%HQVXIUDVH
(QPDWHULDGH
FRQWUDEDQGR QR VH DGPLWHQ ODV PHGLGDV VXVWLWXWLYDV D OD GHWHQFLyQ
SUHYHQWLYD
 GHFODUDQGR LQFRQVWLWXFLRQDO VX FRQWHQLGR /D VHQWHQFLD
XWLOL]D OD OH\ GH SRQGHUDFLyQ \ HO WHVW GH UD]RQDELOLGDG SDUD VX
DUJXPHQWDFLyQIXQGDQGRVXGHFLVLyQHQORVVLJXLHQWHVDVSHFWRV $O
DQDOL]DU OD ILQDOLGDG GH OD LQVWLWXFLyQ GH ODV PHGLGDV FDXWHODUHV HQ
PDWHULD SHQDO HVWDEOHFH TXH QR HV DGPLVLEOH  XWLOL]DU OD GHWHQFLyQ
SUHYHQWLYDFRPRXQDUHVSXHVWDDOGHOLWRDOQRUHVXOWDUHOORDFRUGHFRQOD
GLJQLGDGKXPDQDQLFRQODJDUDQWtDGHSUHVXQFLyQGHLQRFHQFLD (Q
FXDQWRDODQHFHVLGDGFRPRVHJXQGRHOHPHQWRGHOWHVWGHUD]RQDELOLGDG
VHxDOD TXH OD SULYDFLyQ GH OLEHUWDG EDMR OD ILJXUD GH OD GHWHQFLyQ
SUHYHQWLYDJHQHUDPDOHVFRPRHOFRQWDJLRFULPLQDOODJHQHUDFLyQGH
VREUHSREODFLyQ SHQLWHQFLDULD \ HO FRUUHVSRQGLHQWH JDVWR S~EOLFR GH
PDQXWHQFLyQGHORVPLVPRVODVHSDUDFLyQGHIDPLOLDVHQWUHRWURVSRU
WDQWR OD PHGLGD DVXPLGD SRU OD QRUPD DQDOL]DGD SDUD HYLWDU HO
FRQWUDEDQGRQRHVQHFHVDULD\DTXHSXHGHQDVXPLUVHPHGLGDVFRPROD
SUHYHQFLyQJHQHUDOSDUDSURWHJHUDODVYtFWLPDV\WHVWLJRVDWUDYpVGHOD
LPSOHPHQWDFLyQ GH SROtWLFDV S~EOLFDV D ODUJR SOD]R HQ PDWHULD
HFRQyPLFD HGXFDFLRQDO GH FRQWURO GH IURQWHUDV HQWUH RWUDV TXH
SHUPLWDQHIHFWLYL]DUDGHFXDGDPHQWHHODUWGHOD&3( HQUHODFLyQ
DODSURSRUFLRQDOLGDGFRPRWHUFHUHOHPHQWRGHOWHVWGHUD]RQDELOLGDGVH
HVWDEOHFLyTXHODLPSRVLELOLGDGGHDFFHGHUDPHGLGDVVXVWLWXWLYDVSXHGH
SURYRFDU TXH OR DFFHVRULR HV GHFLU OD GHWHQFLyQ SUHYHQWLYD VXSHUH OR
SULQFLSDO\HVTXHODGXUDFLyQPi[LPDGHOSURFHVRSHQDOSXHGHSURYRFDU
TXHHQORVKHFKRVODPHGLGDVXSHUH\VREUHSDVHHOWLHPSRHVWLSXODGRHQ
OD QRUPD VXVWDQWLYD SHQDO FRPR SHQD   HQ FXDQWR DO SULQFLSLR GH
LJXDOGDGODSURKLELFLyQGHDSOLFDFLyQGHPHGLGDVVXVWLWXWLYDVSDUDORV
SUHVXQWRV GHOLWRV GH FRQWUDEDQGR LPSOLFDQ XQD GLVFULPLQDFLyQ HQWUH
SHUVRQDVDFXVDGDVGHFRQWUDEDQGR\HOUHVWRGHSURFHVDGRVSHQDOHV\
HQWUH DTXHOORV LPSXWDGRV TXH SUHYLDPHQWH D GLVSRQHUVH OD GHWHQFLyQ
SUHYHQWLYD FXHQWDQ FRQ UHFXUVRV HFRQyPLFRV VXILFLHQWHV SDUD HMHUFHU
GHIHQVD\DTXHOORVTXHQR\ FRUUHVSRQGHDODVLQVWDQFLDVHVWDWDOHV
DFUHGLWDUGHPDQHUDREMHWLYDODUD]RQDELOLGDG\SURSRUFLRQDOLGDGGHXQD
PHGLGD QRUPDWLYD DVSHFWR TXH QR VXFHGLy HQ HVWD DFFLyQ GH
LQFRQVWLWXFLRQDOLGDG FRQFUHWD \D TXH ODV VROLFLWXGHV GH LQIRUPHV
UHDOL]DGDV SRU HO 7&3 D ODV LQVWDQFLDV S~EOLFDV SHUWLQHQWHV QR IXHURQ
UHVSRQGLGDVFRQSUHFLVLyQQLH[DFWLWXGLQFXPSOLPLHQWRTXHJHQHUyTXH
SDUDHIHFWRVGHOWHVWGHLJXDOGDGQRVHKD\DSRGLGRH[WUDHUODUHODFLyQ
W


dW^:d

HQWUHODV\ORVLPSXWDGRVSRUHOGHOLWRGHFRQWUDEDQGRHQUHODFLyQDODV
\ORVLPSXWDGRVSRURWURVGHOLWRV

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,


(Q HO SUHVHQWH FDVR HVWH 7ULEXQDO SURFHGLy D UHTXHULU D OD $VDPEOHD /HJLVODWLYD
3OXULQDFLRQDOHODFWDGHGHEDWHVVREUHHODUWGHOD/H\VLQHPEDUJRVyORVHUHPLWLy
ORVSUR\HFWRVFRUUHJLGRVDVLPLVPRVHSURFHGLyDVROLFLWDUGDWRVWpFQLFRVDOD$1%
TXHIXHUHVSRQGLGRPHGLDQWHQRWD$135('&GHGHDEULOGHSRU
0DUOHQH'DQL]D$UGD\D9iVTXH]3UHVLGHQWD(MHFXWLYDDLGHGLFKDHQWLGDGHQORUHIHULGR
DXQHVWLPDWLYRHFRQyPLFRVREUHODPDJQLWXGGHOFRQWUDEDQGRTXHLQJUHVDDWHUULWRULR
EROLYLDQRUHVSRQGLy
(QODDFWXDOLGDGOD$GXDQD1DFLRQDOQRUHDOL]yHVWXGLRVVREUHHO
FRQWUDEDQGR WDQWR SRU OD FRPSOHMLGDG HQ HO WLHPSR \ HQ HO HVSDFLR GHO IHQyPHQR GH
HVWXGLR FRPR SRU HO FRVWR TXH UHSUHVHQWD FRQWDU FRQ XQ VLVWHPD GH LQIRUPDFLyQ
HVWDGtVWLFRGHXQDDFWLYLGDGLOHJDO
 IV SRVWHULRUPHQWHVHVROLFLWyDOD'LUHFFLyQGH
5pJLPHQ3HQLWHQFLDULRVHLQIRUPHODFDQWLGDGGHSHUVRQDVGHWHQLGDVSUHYHQWLYDPHQWHHQ
DWHQFLyQ DO DUW  GH OD /H\  SURFHGLpQGRVH D LQIRUPDU PHGLDQWH QRWD
&,7('*53GHGHMXQLR IV ODFDQWLGDGGHGHWHQLGRVSUHYHQWLYRVHQ
%ROLYLDVLQUHVSRQGHUFRQH[DFWLWXGORVGDWRVVROLFLWDGRVHQHVWHVHQWLGRHVWH7ULEXQDO
FRQVLGHUD TXH OD IDOWD GH LQIRUPDFLyQ FRQILDEOH HQ HO HVWDEOHFLPLHQWRGH ODV SROtWLFDV
S~EOLFDVHQHVWHFDVRGHODSROtWLFDFULPLQDOJHQHUDXQDFLUFXQVWDQFLDTXHGHEHWRPDUVH
HQ FXHQWD SDUD YDORUDU OD PHGLGD FXHVWLRQDGD SXHV VH UHLWHUD FRUUHVSRQGH D ODV
LQVWDQFLDVHVWDWDOHVDFUHGLWDUGHPDQHUDREMHWLYDODUD]RQDELOLGDG\SURSRUFLRQDOLGDGGH
XQDPHGLGDTXHSXHGDLPSOLFDURGDUSRUUHVXOWDGRXQWUDWRGHVLJXDOLQMXVWLILFDGRHQWUH
VXSXHVWRVIiFWLFRVDSDUHQWHPHQWHVLPLODUHV

(QHOSUHVHQWHFDVRQRVHSXHGHH[WUDHUUHODFLyQDOJXQDHQWUHODV\ORVLPSXWDGRVSRUHO
GHOLWRGHFRQWUDEDQGRTXLHQHVQRSXHGHQDFFHGHUDPHGLGDVVXVWLWXWLYDV\HOUHVWRGH
LPSXWDGDVHLPSXWDGRVSRURWURVJUDYHVGHOLWRVFRPRVRQORVGHDVHVLQDWRYLRODFLyQ
WUDWDGHVHUHVKXPDQRVFUtPHQHVGHOHVDKXPDQLGDGHQWUHRWURVTXHVLSXHGHQKDFHUOR
DOQRH[LVWLULQIRUPDFLyQVXILFLHQWHTXHUHVSDOGHHOWUDWRGHVLJXDO



6LQWHVLVGHODUDWLRGHFLGHQGL

(VWDEOHFHTXHFRUUHVSRQGHDODVLQVWDQFLDVHVWDWDOHVDFUHGLWDUGHPDQHUD
REMHWLYDODUD]RQDELOLGDG\SURSRUFLRQDOLGDGGHXQDPHGLGDQRUPDWLYD
DVSHFWRTXHQRVXFHGLyHQHVWDDFFLyQGHLQFRQVWLWXFLRQDOLGDGFRQFUHWD
\DTXHODVVROLFLWXGHVGHLQIRUPHVUHDOL]DGDVSRUHO7&3DODVLQVWDQFLDV
S~EOLFDVSHUWLQHQWHVQRIXHURQUHVSRQGLGDVFRQSUHFLVLyQQLH[DFWLWXG
LQFXPSOLPLHQWRTXHJHQHUyTXHSDUDHIHFWRVGHOWHVWGHLJXDOGDGQRVH
KD\DSRGLGRH[WUDHUODUHODFLyQSUHFLVDHQWUHODV\ORVLPSXWDGRVSRUHO
GHOLWRGHFRQWUDEDQGRHQUHODFLyQDODV\ORVLPSXWDGRVSRURWURVGHOLWRV

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

3UHFHGHQWHLPSOtFLWR


(QHOSUHVHQWHFDVRHVWH7ULEXQDOSURFHGLyDUHTXHULUDOD$VDPEOHD
/HJLVODWLYD3OXULQDFLRQDOHODFWDGHGHEDWHVVREUHHODUWGHOD/H\
W


dW^:d


VLQ HPEDUJR VyOR VH UHPLWLy ORV SUR\HFWRV FRUUHJLGRV DVLPLVPR VH
SURFHGLyDVROLFLWDUGDWRVWpFQLFRVDOD$1%TXHIXHUHVSRQGLGR
PHGLDQWHQRWD$135('&GHGHDEULOGHSRU0DUOHQH
'DQL]D$UGD\D9iVTXH]3UHVLGHQWD(MHFXWLYDDLGHGLFKDHQWLGDGHQOR
UHIHULGRDXQHVWLPDWLYRHFRQyPLFRVREUHODPDJQLWXGGHOFRQWUDEDQGR
TXH LQJUHVD D WHUULWRULR EROLYLDQR UHVSRQGLy
(Q OD DFWXDOLGDG OD
$GXDQD1DFLRQDOQRUHDOL]yHVWXGLRVVREUHHOFRQWUDEDQGRWDQWRSRUOD
FRPSOHMLGDGHQHOWLHPSR\HQHOHVSDFLRGHOIHQyPHQRGHHVWXGLRFRPR
SRU HO FRVWR TXH UHSUHVHQWD FRQWDU FRQ XQ VLVWHPD GH LQIRUPDFLyQ
HVWDGtVWLFRGHXQDDFWLYLGDGLOHJDO
 IV SRVWHULRUPHQWHVHVROLFLWyD
OD 'LUHFFLyQ GH 5pJLPHQ 3HQLWHQFLDULR VH LQIRUPH OD FDQWLGDG GH
SHUVRQDVGHWHQLGDVSUHYHQWLYDPHQWHHQDWHQFLyQDODUWGHOD/H\
SURFHGLpQGRVHDLQIRUPDUPHGLDQWHQRWD&,7('*53GH
GHMXQLR IV ODFDQWLGDGGHGHWHQLGRVSUHYHQWLYRVHQ%ROLYLDVLQ
UHVSRQGHU FRQ H[DFWLWXG ORV GDWRV VROLFLWDGRV HQ HVWH VHQWLGR HVWH
7ULEXQDO FRQVLGHUD TXH OD IDOWD GH LQIRUPDFLyQ FRQILDEOH HQ HO
HVWDEOHFLPLHQWR GH ODV SROtWLFDV S~EOLFDV HQ HVWH FDVR GH OD SROtWLFD
FULPLQDO JHQHUD XQD FLUFXQVWDQFLD TXH GHEH WRPDUVH HQ FXHQWD SDUD
YDORUDU OD PHGLGD FXHVWLRQDGD SXHV VH UHLWHUD FRUUHVSRQGH D ODV
LQVWDQFLDV HVWDWDOHV DFUHGLWDU GH PDQHUD REMHWLYD OD UD]RQDELOLGDG \
SURSRUFLRQDOLGDGGHXQDPHGLGDTXHSXHGDLPSOLFDURGDUSRUUHVXOWDGR
XQ WUDWR GHVLJXDO LQMXVWLILFDGR HQWUH VXSXHVWRV IiFWLFRV DSDUHQWHPHQWH
VLPLODUHV

(QHOSUHVHQWHFDVRQRVHSXHGHH[WUDHUUHODFLyQDOJXQDHQWUHODV\ORV
LPSXWDGRV SRU HO GHOLWR GH FRQWUDEDQGR TXLHQHV QR SXHGHQ DFFHGHU D
PHGLGDV VXVWLWXWLYDV \ HO UHVWR GH LPSXWDGDV H LPSXWDGRV SRU RWURV
JUDYHV GHOLWRV FRPR VRQ ORV GH DVHVLQDWR YLRODFLyQ WUDWD GH VHUHV
KXPDQRVFUtPHQHVGHOHVDKXPDQLGDGHQWUHRWURVTXHVLSXHGHQKDFHUOR
DOQRH[LVWLULQIRUPDFLyQVXILFLHQWHTXHUHVSDOGHHOWUDWRGHVLJXDO




1RUPDVFRPXQHVGHSURFHGLPLHQWRHQODVDFFLRQHVGH
LQFRQVWLWXFLRQDOLGDG  FRQIOLFWRV GH FRPSHWHQFLD FRQVXOWDV \
UHFXUVRV,QWHUYHQFLyQGHDPLFXVFXUDH
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

W


dW^:d

6&36HDGPLWHODSDUWLFLSDFLyQGHODPLFXVFXUDHHQODV
DFFLRQHVGHFRQWUROQRUPDWLYRGHFRQVWLWXFLRQDOLGDGSDUDJDUDQWL]DU
XQD LQWHUSUHWDFLyQ SOXUDOLVWD VLHPSUH \ FXDQGR QR OOHJXH D
FRQILJXUDUVHFRPRXQDGHPDQGDQXHYDGHLQFRQVWLWXFLRQDOLGDG

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH LQFRQVWLWXFLRQDOLGDG DEVWUDFWD SODQWHDGD SRU XQ
GLSXWDGR GH OD $VDPEOHD /HJLVODWLYD 1DFLRQDO VH SXVR HQ
FXHVWLRQDPLHQWRODFRQVWLWXFLRQDOLGDGGHODUW,9GHOD/H\*HQHUDO
GH &RRSHUDWLYDV /*&2  SRU FRQVLGHUDU TXH GLFKD GLVSRVLFLyQ DO
SURKLELUODSDUWLFLSDFLyQGHODVDVRFLDGDVRDVRFLDGRVGHXQDFRRSHUDWLYD
GHSURGXFFLyQVHUYLFLRV\VHUYLFLRVS~EOLFRVHQXQVLQGLFDWRODERUDOGH
ODPLVPDHVYXOQHUDWRULDGHOSULQFLSLRGHLJXDOGDG DUW,, HQUHODFLyQ
DOGHUHFKRDODQRGLVFULPLQDFLyQHQUD]yQGHODRFXSDFLyQ DUW,,,
\,,, HOGHUHFKRDODVLQGLFDOL]DFLyQ DUW,\,,, ,\,,\,,
WRGRV GH OD &3( (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO GHFODUy OD
FRQVWLWXFLRQDOLGDG GHO DUW ,9 GH OD /*&2 DO FRQVLGHUDU TXH OD
QRUPD LPSXJQDGD QR KDFH PiV TXH UHJXODU GH PDQHUD GLVWLQWD
VLWXDFLRQHVGLIHUHQWHV

([WUDFWRGHODUDWLRGHFLGHQGL

)M,,,)LQDOPHQWHHODOHJDWRGHOWHUFHURLQWHUHVDGRDGPLWLGRSRUHVWH
7ULEXQDOFRPRDPLFXVFXULDHWDPSRFRHVWDEOHFHFRQFODULGDGODIRUPD
\FLUFXQVWDQFLDVHQODVTXHODSURKLELFLyQGHDVXPLUODGLULJHQFLDVLQGLFDO
SRGUtD OOHJDU D DIHFWDU HO HMHUFLFLR GHO GHUHFKR DO WUDEDMR SRU OR TXH
WDPSRFRFRUUHVSRQGHSURQXQFLDPLHQWRDOJXQRVREUHHOSDUWLFXODU

6LQWHVLVGHODUDWLRGHFLGHQGL

6H GHFODUD HQ OD DFFLyQ GH LQFRQVWLWXFLRQDOLGDG DEVWUDFWD OD
FRQVWLWXFLRQDOLGDG GHO GHO DUW ,9 GH OD /*&2 DGPLWLHQGR
SUHYLDPHQWH OD LQWHUYHQFLyQ GH OD RUJDQL]DFLyQ VLQGLFDO FRPR DPLFXV
FXULDH

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HQ OD 6&3 
SURQXQFLDGDHQXQDDFFLyQSRSXODUSRUSULPHUDYH]LQWURGXFHHOLQVWLWXWR
MXUtGLFRGHODPLFXVFXUDH$VXYH]OD6&3/H[KRUWDDORV
WULEXQDOHV GH JDUDQWtDV D XVDU HO LQVWLWXWR GHO DPLFXV FXUDH /D 6&3
 GHVDUUROOD HO LQVWLWXWR HQ DFFLRQHV GH LQFRQVWLWXFLRQDOLGDG
LQWURGXFLHQGRHQFDOLGDGGHDPLFXVFXUDHDXQDRUJDQL]DFLyQVLQGLFDO

W


dW^:d


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

(VWD6HQWHQFLDHQVX)M,,,ODODERUKHUPHQpXWLFDGHORVyUJDQRV
MXGLFLDOHVGHEHHPSDSDUVHGHORVFDXGDOHVGHPRFUiWLFRVQRVyORGHORV
MXULVWDV VLQR WDPELpQ GH OD VRFLHGDG SOXUDO HV GHFLU OD SDUWLFLSDFLyQ
FLXGDGDQDHQHOSURFHVRGHLQWHUSUHWDFLyQGHOD&RQVWLWXFLyQSDUWHGHOD
LGHD GH TXH
TXLHQ YLYH OD QRUPD FRODERUD HQ VX LQWHUSUHWDFLyQ

DVHYHUDFLyQ TXH SDUWH GH OD LGHD GH TXH WRGRV SXHGHQ LQWHUSUHWDU OD
&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR\QRVyORORVDERJDGRV\RMXULVWDV  
SRU OR WDQWR   SDUD JDUDQWL]DU XQD LQWHUSUHWDFLyQ SOXUDOLVWD
FRUUHVSRQGHDGPLWLUHQWUiPLWHVGHFRQWUROQRUPDWLYRODSDUWLFLSDFLyQGH
DPLFXV FXULDH HOOR HQ YLUWXG D OD GLPHQVLyQ GHPRFUiWLFD GHO (VWDGR
EROLYLDQR3RUFRQVLJXLHQWHHQGHWHUPLQDGRVFDVRVODVLQWHUYHQFLRQHV
GHWHUFHUDVSHUVRQDV\VXVSODQWHDPLHQWRVSXHGHQVHUFRQVLGHUDGRVSRU
HVWH 7ULEXQDO HQ OD FDOLGDG GHVFULWD VLHPSUH \ FXDQGR QR OOHJXH D
FRQILJXUDUVHFRPRXQDGHPDQGDQXHYDGHLQFRQVWLWXFLRQDOLGDG

,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

(QHVWDWHPiWLFDODOtQHDMXULVSUXGHQFLDOHVXQLIRUPHSRUTXHWDQWROD6&3
FRPRODSRUTXHDPEDVLQWURGXFHQHOLQVWLWXWRGHO
DPLFXV FXUDH HQ ODV DFFLRQHV GH GHIHQVD DVt FRPR HQ ODV DFFLRQHV GH
FRQWUROQRUPDWLYRGHFRQVWLWXFLRQDOLGDGUHVSHFWLYDPHQWH



 1RUPDV FRPXQHV GH SURFHGLPLHQWR HQ DFFLRQHV GH
GHIHQVD$GHODQWRGHVRUWHR
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO


W


dW^:d

6&3(VLPSURFHGHQWHODDFFLyQGHDPSDURFRQVWLWXFLRQDO
FXDQGR SUHYLDPHQWH VH DFWLYD RWUD DFFLyQ WXWHODU FRQ LGHQWLGDG GH
REMHWR VXMHWR \ FDXVD FX\D UHVROXFLyQ VH HQFXHQWUD SHQGLHQWH GH
GHFLVLyQDQWHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO\ODGLODFLyQ
RGHPRUDFRPRFRQVHFXHQFLDGHORUGHQGHOVRUWHRQRHVXQHOHPHQWR
TXHMXVWLILTXHHODQiOLVLVGHODSUREOHPiWLFDHQXQDVHJXQGDDFFLyQ
WXWHODU \D TXHODV SDUWHVSURFHVDOHVGHPDQHUDPRWLYDGD HQ YH] GH
DFWLYDU XQD QXHYD DFFLyQ WXWHODU SXHGHQ SHGLU DQWH HO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDODWUDYpVGHOD&RPLVLyQGH$GPLVLyQHO
DGHODQWR GH VRUWHR DGHPiV ODVPHGLGDV FDXWHODUHV VRQ XQD ILJXUD
GHVWLQDGDDHYLWDUODFRQVXPDFLyQGHXQDDPHQD]DGHUHVWULFFLyQR
VXSUHVLyQ GH GHUHFKRV R JDUDQWtDV SRU FXDQWR IUHQWH D VX
UHFRQRFLPLHQWRH[SUHVRQRVHMXVWLILFDODSUHVHQWDFLyQGHRWUDDFFLyQ
WXWHODUSDUDHVWHILQ

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q XQD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO OD DFFLRQDQWH GHQXQFLy OD
YXOQHUDFLyQ GH VXV GHUHFKRV D OD SURSLHGDG SULYDGD \ D OD VHJXULGDG
MXUtGLFDSRUTXHHOWHUUHQRGHVXSURSLHGDGIXHLQYDGLGR(QEDVHDHVWD
GHQXQFLD SLGLy VH FRQFHGD OD WXWHOD (O 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDODSUREyODUHVROXFLyQGHO7ULEXQDOGH*DUDQWtDV\GHQHJy
ODWXWHODSRUODVVLJXLHQWHVUD]RQHV 3RUTXHODDFFLRQDQWHSUHVHQWyXQD
DQWHULRU DFFLyQ WDPELpQ GH DPSDUR FRQVWLWXFLRQDO FRQ LGHQWLGDG GH
REMHWR VXMHWR \ FDXVD OD FXDO VH HQFXHQWUD UDGLFDGD HQ OD 6DOD
/LTXLGDGRUD7UDQVLWRULDGHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOSDUD
ODHPLVLyQGHODUHVSHFWLYDGHFLVLyQSHURDGHPiVHQHOFDVRFRQFUHWR
ODIDOWDGHFHOHULGDGSURFHVDOHQHOVRUWHRGHODFDXVDRHOSHOLJURGHTXH
SXHGDFRQVXPDUVHXQDDPHQD]DFRQWUDORVGHUHFKRVGHODDFFLRQDQWHQR
HVMXVWLILFDWLYRSDUDTXHHQHVWDDFFLyQWXWHODUVHLQJUHVHDODQiOLVLVGH
IRQGR GH OD SUREOHPiWLFD \D TXH SDUD HVWH HIHFWR OD DFFLRQDQWH SXGR
SHGLU HO DGHODQWR GH VRUWHR R XQD PHGLGD FDXWHODU \   3RUTXH HQ
UHODFLyQDODSUXHEDGHUHFLHQWHREWHQFLyQSUHVHQWDGDQRGHEHDFWLYDUVH
XQD QXHYD DFFLyQ VLQR TXH GLFKD SUXHED GHELy VHU SUHVHQWDGD SRU OD
DFFLRQDQWH HQ VX SULPHUD DFFLyQ DQWH HO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO SDUD VX YDORUDFLyQ HQ HO PDUFR GHO SULQFLSLR GH YHUGDG
PDWHULDO

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,

(QHVHVHQWLGRHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOREVHUYDQGRODH[LVWHQFLDGH
XQSURFHVRDQWHULRUDODSUHVHQWHDFFLyQSURFHGLyDFRQVWDWDUVLHVTXHHYLGHQWHPHQWH
H[LVWtDRWURSURFHVR\HOHVWDGRHQHOTXHVHHQFRQWUDEDHOPLVPRUD]yQSRUODFXDOVH
SXGR YHULILFDU TXH H[LVWH XQD DQWHULRU GHPDQGD GH DFFLyQ GH DPSDUR FRQVWLWXFLRQDO

W


dW^:d


VLJQDGD FRQ HO Q~PHUR $$& SRU OR TXH SUHYLDPHQWH DO DQiOLVLV GH
IRQGR GH OD SUHVHQWH DFFLyQ FRUUHVSRQGH GLOXFLGDU VL HQWUH DPEDV DFFLRQHV H[LVWH
LGHQWLGDG GH VXMHWRV REMHWR \ FDXVD GH DFXHUGR D OD MXULVSUXGHQFLD JORVDGD HQ HO
)XQGDPHQWR-XUtGLFR,,,GHODSUHVHQWH6HQWHQFLD&RQVWLWXFLRQDO3OXULQDFLRQDO

$O UHVSHFWR VH WLHQH TXH OD DFFLRQDQWH LQWHUSXVR XQD SULPHUD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDOHOGHMXOLRGH\IXHUHVXHOWDSRUOD6DOD3HQDO\$GPLQLVWUDWLYD
PHGLDQWH5HVROXFLyQGHGHDJRVWRGHOPLVPRDxRTXHGHQLHJDODWXWHODVROLFLWDGDHQ
FRQVHFXHQFLD GLFKR H[SHGLHQWH IXH UHPLWLGR HQ UHYLVLyQ \ UHFLELGR HQ HO 7ULEXQDO
&RQVWLWXFLRQDOHOGHDJRVWRGHOPLVPRDxR\KDVWDODIHFKDVHHQFXHQWUDSHQGLHQWHGH
5HVROXFLyQ

(VSHUWLQHQWHDFODUDUTXHHOHQFDUJDGRGHUHYLVDUHOH[SHGLHQWHVHxDODGR
$$& HV OD 6DOD /LTXLGDGRUD WUDQVLWRULD TXH HV SDUWH GHO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDOYDOHGHFLUTXHFRQIRUPHDODUWGHOD/H\GHGHGLFLHPEUHGH
VHKDGHWHUPLQDGRTXHOD6DOD3OHQDGHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO
FRQVWLWX\D XQD
6DOD /LTXLGDGRUD 7UDQVLWRULD
 \ ORV PDJLVWUDGRV VXSOHQWHV TXH VH
HQFXHQWUDQDFDUJRVHUiQUHVSRQVDEOHVGHODOLTXLGDFLyQKDVWDOD~OWLPDDFFLyQWXWHODU
LQJUHVDGDDOGHGLFLHPEUHGHHQHOPDUFRGHOD/H\SRUORTXHDOKDEHUVH
FRQVWLWXLGROD6DODUHIHULGDVHHVWDEOHFHTXHGLFKRH[SHGLHQWHKDLQJUHVDGRDO7ULEXQDO
&RQVWLWXFLRQDO HO  GH DJRVWR GHO PLVPR DxR VLWXDFLyQ SRU OD FXDO FRUUHVSRQGH VX
SURQXQFLDPLHQWRDOD6DOD/LTXLGDGRUDWUDQVLWRULDSRUORTXHDFWXDOPHQWHVHHQFXHQWUD
HQOD&RPLVLyQGHDGPLVLyQHQHVSHUDGHVHUVRUWHDGRPLHQWUDVWDQWRTXHGDSHQGLHQWH
GH5HVROXFLyQDQWHODMXULVGLFFLyQFRQVWLWXFLRQDOVLQTXHORVPDJLVWUDGRVWLWXODUHVGHO
7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOSXHGDQXVXUSDUGLFKDFRPSHWHQFLD

&RQUHODFLyQDOH[SHGLHQWH$$&\DOSUHVHQWHFDVRHVSUHFLVRUHYLVDUVL
HYLGHQWHPHQWH DVLVWHQ ODV WUHV LGHQWLGDGHV HQ DPEDV DFFLRQHV SRU OR TXH VH SXHGH
HVWDEOHFHUTXHL 5HVSHFWRDORVVXMHWRVHQDPERVFDVRVODDFFLRQDQWHHV0DUtD&ULVWLQD
$OPHQGUDV6DQDEULD\ODVSHUVRQDVGHPDQGDGDVVRQHQODSULPHUDDFFLyQQJHO0pQGH]
+HUUHUDH,ULQHy$\OOyQ0DUWtQH]\HQHOFDVRHQHVWXGLRHVQJHO0pQGH]+HUUHUDHV
GHFLUH[LVWHLQGHQWLGDGSDUFLDOGHVXMHWRVSXHVWRPDQGRHQFXHQWDGLFKRUD]RQDPLHQWR
OD6&5GHGHPDU]RUHLWHUDGDSRUOD6&5GHGHPD\R
DxDGLy TXH WDPELpQ HV DSOLFDEOH HVWD FDXVDO
HQ ORV FDVRV HQ TXH H[LVWD LGHQWLGDG
SDUFLDO GH VXMHWRV HVWR HV TXH HO VXMHWR DFWLYR R SDVLYR VHDQ GLIHUHQWHV SHUR TXH HO
PRWLYR \ HO SURSyVLWR GHO UHFXUVR VHD HO PLVPR UHVSHFWR D XQD SUREOHPiWLFD
DQWHULRUPHQWH SODQWHDGD \ VREUH OD FXDO OD MXVWLFLD FRQVWLWXFLRQDO \D HPLWLy
SURQXQFLDPLHQWRHQHOIRQGR
LL 6REUHHOREMHWRGHDPEDVDFFLRQHVpVWHVHWUDGXFH
HQ HO SHWLWRULR TXH HV HQ UHDOLGDG OD SUHWHQVLyQ GHO DFWRU FRQVWDWiQGRVH TXH ODV GRV
GHPDQGDVSODQWHDGDVFRQYHUJHQHQTXHFHVHODLQYDVLyQGHVXORWHGHWHUUHQRXELFDGRHQ
HO EDUULR
3DUDtVR
 GH OD FLXGDG GH &RELMD 3RU OR TXH HVWH 7ULEXQDO GHVGH XQ VLPSOH
DQiOLVLVWH[WXDOGHOSHWLWRULRVRODPHQWHSXHGHFRQFOXLUTXHHOREMHWRGHDPEDVDFFLRQHV
HVHOPLVPR\LLL (QFXDQWRDODLGHQWLGDGGHFDXVDVHGHEHLQLFLDOPHQWHGHWHUPLQDU
FXiOIXHHOPRWLYRTXHRULJLQyODLQWHUSRVLFLyQGHODDFFLyQGHDPSDURFRQVWLWXFLRQDO$O
UHVSHFWR VH HVWDEOHFH FODUDPHQWH TXH HO DFWR TXH VH LPSXJQD FRPR VXSXHVWDPHQWH
YXOQHUDGRUGHORVGHUHFKRVLQYRFDGRVHVHQDPERVFDVRVODLQYDVLyQLOHJDODUELWUDULD\
EDMR DPHQD]DV GH VX ORWH GH WHUUHQR XELFDGR HQ HO EDUULR
3DUDtVR
 VLHQGR TXH OD
DFFLRQDQWHDFUHGLWyVXGHUHFKRSURSLHWDULR

3RUORH[SXHVWRFDEHVHxDODUTXHHVWH7ULEXQDOQRSXHGHSURQXQFLDUVHVREUHHOIRQGR
GHOSURFHVRSXHVWRTXHGHKDFHUORLQFXUULUtDHQGXSOLFLGDGGHIDOORVVREUHGRVFDXVDV
TXHWLHQHQLGHQWLGDGGHVXMHWRVREMHWR\FDXVD\WRPDQGRHQFXHQWDORHVWDEOHFLGRHQ
OD /H\ GHO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO \ OD MXULVSUXGHQFLD FRQVWLWXFLRQDO
GHVDUUROODGD HVWH 7ULEXQDO GHEH UHVSHWDU ODV DWULEXFLRQHV FRQIHULGDV D OD 6DOD
/LTXLGDGRUD7UDQVLWRULDHYLWDQGRHOGREOHSURQXQFLDPLHQWRGHUHVROXFLRQHVUHVSHFWRD
XQPLVPRDVXQWR

W


dW^:d

$SDUWLUGHOFRQWHQLGRGHODVQRUPDVPHQFLRQDGDVFDEHUHIHULUTXHHQHOSUHVHQWHFDVROD
DFFLRQDQWHOXHJRGHKDEHUVLGRGHQHJDGDVXDFFLyQSRUHO7ULEXQDOGHJDUDQWtDV\VLQ
HVSHUDUTXHVHSURQXQFLHFRQVX5HVROXFLyQHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHQ
VXVDODOLTXLGDGRUDSUHVHQWyXQDQXHYDDFFLyQGHDPSDURFRQVWLWXFLRQDOFRQODVPLVPDV
LGHQWLGDGHV \ DUJXPHQWDGR OD YXOQHUDFLyQ GHO PLVPR DFWR OHVLYR DO UHVSHFWR OD
MXULVSUXGHQFLDFRQVWLWXFLRQDOKDHVWDEOHFLGRTXHWRGDDFFLyQGHGHIHQVDGHEHFRQFOXLU
FRQXQDUHVROXFLyQGHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO\HQFDVRGHTXHODPLVPD
KXELHUD FRQILUPDGR HO UHFKD]R OD SDUWH DFFLRQDQWH SRGUtD LQWHQWDU VL HV TXH YH SRU
FRQYHQLHQWHXQDQXHYDDFFLyQGHDPSDURFRQVWLWXFLRQDOSDUDORJDUHOSURQXQFLDPLHQWR
VREUHHOIRQGRVLHPSUH\FXDQGRODMXULVGLFFLyQFRQVWLWXFLRQDOVHKD\DSURQXQFLDGRFRQ
ODUHVSHFWLYD5HVROXFLyQGHORFRQWUDULRFRQVWLWX\HXQDFWRDEXVLYR\WHPHUDULRGHHVWD
DFFLyQWXWHODUTXHSUHWHQGHLQGXFLUDHUURUDOMXH]RWULEXQDOGHJDUDQWtDV

(QHOFDVRHVWXGLDGRVHSXHGHHYLGHQFLDUTXHVHSODQWHyXQDQXHYDDFFLyQVLQHVSHUDUOD
UHVROXFLyQGHO 7ULEXQDO &RQVWLWXFLRQDO GXSOLFDQGR VXV UHFODPRV HQ IRUPD WRWDOPHQWH
LOHJDO SXHV GLFKDV LUUHJXODULGDGHV GHQRWDQ XQD DFWXDFLyQ PDOLFLRVD SRU SDUWH GH OD
DFFLRQDQWHDGHPiVWDODFWXDFLyQUDWLILFDODGHQHJDWRULDGHODSUHVHQWHDFFLyQ


6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SRUTXH OD DFFLRQDQWH
SUHVHQWy XQD DQWHULRU DFFLyQ WDPELpQ GH DPSDUR FRQVWLWXFLRQDO FRQ
LGHQWLGDGGHREMHWRVXMHWR\FDXVDODFXDOVHHQFXHQWUDUDGLFDGDHQOD
6DOD/LTXLGDGRUD7UDQVLWRULDGHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO
SDUD OD HPLVLyQ GH OD UHVSHFWLYD GHFLVLyQ SHUR DGHPiV HQ HO FDVR
FRQFUHWR OD IDOWD GH FHOHULGDG SURFHVDO HQ HO VRUWHR GH OD FDXVD R HO
SHOLJURGHTXHSXHGDFRQVXPDUVHXQDDPHQD]DFRQWUDORVGHUHFKRVGHOD
DFFLRQDQWHQRHVMXVWLILFDWLYRSDUDTXHHQHVWDDFFLyQWXWHODUVHLQJUHVH
DO DQiOLVLV GH IRQGR GH OD SUREOHPiWLFD \D TXH SDUD HVWH HIHFWR OD
DFFLRQDQWHSXGRSHGLUHODGHODQWRGHVRUWHRRXQDPHGLGDFDXWHODU

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(VWDOtQHDGHEHVHUHQWHQGLGDGHODVLJXLHQWHPDQHUD


/D 6& 5 HVWDEOHFLy OD LPSURFHGHQFLD GHO HQWRQFHV UHFXUVR GH
DPSDUR FRQVWLWXFLRQDO FXDQGR FRQ DQWHULRULGDG VH SUHVHQWy RWUR PHFDQLVPR
FRQVWLWXFLRQDOGHGHIHQVDFRQLGHQWLGDGGHREMHWRVXMHWR\FDXVD

3RVWHULRUPHQWHOD6&5HVWDEOHFLyWDPELpQODLPSURFHGHQFLDGHO
UHFXUVRGHDPSDURFRQVWLWXFLRQDOIUHQWHDXQDQWHULRUPHFDQLVPRWXWHODUSUHVHQWDGRD~Q
FXDQGRH[LVWDLGHQWLGDGSDUFLDO

(QHOFRQWH[WRDQWHVVHxDODGROD6&5VHxDOyORVLJXLHQWH
4XH
GH HVH HQWHQGLPLHQWR MXULVSUXGHQFLDO VH H[WUDHQ ODV VLJXLHQWHV UHJODV \ VXE UHJODV GH
LPSURFHGHQFLD GH DPSDUR SRU VXEVLGLDULHGDG FXDQGR   ODV DXWRULGDGHV MXGLFLDOHV R
DGPLQLVWUDWLYDVQRKDQWHQLGRODSRVLELOLGDGGHSURQXQFLDUVHVREUHXQDVXQWRSRUTXHOD
SDUWHQRKDXWLOL]DGRXQPHGLRGHGHIHQVDQLKDSODQWHDGRUHFXUVRDOJXQRDVtD FXDQGR
HQVXRSRUWXQLGDG\HQSOD]ROHJDOQRVHSODQWHyXQUHFXUVRRPHGLRGHLPSXJQDFLyQ\
E FXDQGRQRVHXWLOL]yXQPHGLRGHGHIHQVDSUHYLVWRHQHORUGHQDPLHQWRMXUtGLFR\ 
ODVDXWRULGDGHVMXGLFLDOHVRDGPLQLVWUDWLYDVSXGLHURQKDEHUWHQLGRRWLHQHQODSRVLELOLGDG
GHSURQXQFLDUVHSRUTXHODSDUWHXWLOL]yUHFXUVRV\PHGLRVGHGHIHQVDDVtD FXDQGRVH
SODQWHyHOUHFXUVRSHURGHPDQHUDLQFRUUHFWDTXHVHGDUtDHQFDVRVGHSODQWHDPLHQWRV
H[WHPSRUiQHRV R HTXLYRFDGRV \ E  FXDQGR VH XWLOL]y XQ PHGLR GH GHIHQVD ~WLO \

W


dW^:d


SURFHGHQWH SDUD OD GHIHQVD GH XQ GHUHFKR SHUR HQ VX WUiPLWH HO PLVPR QR VH DJRWy
HVWDQGR DO PRPHQWR GH OD LQWHUSRVLFLyQ \ WUDPLWDFLyQ GHO DPSDUR SHQGLHQWH GH
UHVROXFLyQ$PERVFDVRVVHH[FOX\HQGHODH[FHSFLyQDOSULQFLSLRGHVXEVLGLDULGDGTXH
VH GD FXDQGR OD UHVWULFFLyQ R VXSUHVLyQ GH ORV GHUHFKRV \ JDUDQWtDV FRQVWLWXFLRQDOHV
GHQXQFLDGRV RFDVLRQHQ SHUMXLFLR LUUHPHGLDEOH H LUUHSDUDEOH HQ FX\D VLWXDFLyQ \ GH
PDQHUDH[FHSFLRQDOSURFHGHODWXWHODGHPDQGDGDD~QH[LVWDQRWURVPHGLRVGHGHIHQVD
\UHFXUVRVSHQGLHQWHVGHUHVROXFLyQ


'HDFXHUGRDORDQRWDGROD6&3HVXQDVHQWHQFLDPRGXODGRUDSRU
ODVVLJXLHQWHVUD]RQHV3RUTXHDOFULWHULRGHLPSURFHGHQFLDGHHVWHPHFDQLVPRWXWHODU
SRU H[LVWLU XQD DQWHULRU DFFLyQ GH GHIHQVD FRQ LGHQWLGDG GH REMHWR VXMHWR \ FDXVD
SHQGLHQWHGHUHYLVLyQFRPSOHPHQWDHVWHFULWHULRFRQGRVDVSHFWRVPiVL /DGLODFLyQR
GHPRUD FRPR FRQVHFXHQFLD GHORUGHQ GHO VRUWHRQR HVXQ HOHPHQWR TXH MXVWLILTXH HO
DQiOLVLVGHODSUREOHPiWLFDHQXQDVHJXQGDDFFLyQWXWHODU\DTXHODVSDUWHVSURFHVDOHV
GHPDQHUDPRWLYDGDHQYH]GHDFWLYDUXQDQXHYDDFFLyQWXWHODUSXHGHQSHGLUDQWHHO
7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDODWUDYpVGHOD&RPLVLyQGH$GPLVLyQHODGHODQWR
GH VRUWHR  \ LL  3RUTXHODV PHGLGDV FDXWHODUHV VRQ XQD ILJXUD GHVWLQDGD D HYLWDU OD
FRQVXPDFLyQGHXQDDPHQD]DGHUHVWULFFLyQRVXSUHVLyQGHGHUHFKRVRJDUDQWtDVSRU
FXDQWRIUHQWHDVXUHFRQRFLPLHQWRH[SUHVRQRVHMXVWLILFDODSUHVHQWDFLyQGHRWUDDFFLyQ
WXWHODUSDUDHVWHILQ


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

/D6&3HQORV)XQGDPHQWRV-XUtGLFRV,,,\,,,SODVPDHOVLJXLHQWH
SUHFHGHQWH

)-,,,
 
3RUORH[SXHVWRFDEHVHxDODUTXHHVWH7ULEXQDOQRSXHGHSURQXQFLDUVHVREUHHOIRQGR
GHOSURFHVRSXHVWRTXHGHKDFHUORLQFXUULUtDHQGXSOLFLGDGGHIDOORVVREUHGRVFDXVDV
TXHWLHQHQLGHQWLGDGGHVXMHWRVREMHWR\FDXVD\WRPDQGRHQFXHQWDORHVWDEOHFLGRHQ
OD /H\ GHO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO \ OD MXULVSUXGHQFLD FRQVWLWXFLRQDO
GHVDUUROODGD HVWH 7ULEXQDO GHEH UHVSHWDU ODV DWULEXFLRQHV FRQIHULGDV D OD 6DOD
/LTXLGDGRUD7UDQVLWRULDHYLWDQGRHOGREOHSURQXQFLDPLHQWRGHUHVROXFLRQHVUHVSHFWRD
XQPLVPRDVXQWR

$SDUWLUGHOFRQWHQLGRGHODVQRUPDVPHQFLRQDGDVFDEHUHIHULUTXHHQHOSUHVHQWHFDVROD
DFFLRQDQWHOXHJRGHKDEHUVLGRGHQHJDGDVXDFFLyQSRUHO7ULEXQDOGHJDUDQWtDV\VLQ
HVSHUDUTXHVHSURQXQFLHFRQVX5HVROXFLyQHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHQ
VXVDODOLTXLGDGRUDSUHVHQWyXQDQXHYDDFFLyQGHDPSDURFRQVWLWXFLRQDOFRQODVPLVPDV
LGHQWLGDGHV \ DUJXPHQWDGR OD YXOQHUDFLyQ GHO PLVPR DFWR OHVLYR DO UHVSHFWR OD
MXULVSUXGHQFLDFRQVWLWXFLRQDOKDHVWDEOHFLGRTXHWRGDDFFLyQGHGHIHQVDGHEHFRQFOXLU
FRQXQDUHVROXFLyQGHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO\HQFDVRGHTXHODPLVPD
KXELHUD FRQILUPDGR HO UHFKD]R OD SDUWH DFFLRQDQWH SRGUtD LQWHQWDU VL HV TXH YH SRU
FRQYHQLHQWHXQDQXHYDDFFLyQGHDPSDURFRQVWLWXFLRQDOSDUDORJDUHOSURQXQFLDPLHQWR
VREUHHOIRQGRVLHPSUH\FXDQGRODMXULVGLFFLyQFRQVWLWXFLRQDOVHKD\DSURQXQFLDGRFRQ
ODUHVSHFWLYD5HVROXFLyQGHORFRQWUDULRFRQVWLWX\HXQDFWRDEXVLYR\WHPHUDULRGHHVWD
DFFLyQWXWHODUTXHSUHWHQGHLQGXFLUDHUURUDOMXH]RWULEXQDOGHJDUDQWtDV

(QHOFDVRHVWXGLDGRVHSXHGHHYLGHQFLDUTXHVHSODQWHyXQDQXHYDDFFLyQVLQHVSHUDUOD
UHVROXFLyQGHO 7ULEXQDO &RQVWLWXFLRQDO GXSOLFDQGR VXV UHFODPRV HQ IRUPD WRWDOPHQWH
LOHJDO SXHV GLFKDV LUUHJXODULGDGHV GHQRWDQ XQD DFWXDFLyQ PDOLFLRVD SRU SDUWH GH OD
DFFLRQDQWHDGHPiVWDODFWXDFLyQUDWLILFDODGHQHJDWRULDGHODSUHVHQWHDFFLyQ

,,, 3RURWUDSDUWHHQHOSUHVHQWHFDVRSRGUtDSHQVDUVHTXHDOSUHVHQWDUVHQXHYDV
SUXHEDV OD GLODFLyQ HQ OD UHVROXFLyQ GHO FDVR SRU HO RUGHQ GH WXUQR FRUUHVSRQGLHQWH

W


dW^:d
SRGUtDQDKRQGDUODSUHVXQWDVLWXDFLyQGHYXOQHUDELOLGDGGHODSDUWHDFFLRQDQWH\SRUHO
KHFKRGHSUHVHQWDUVHRWUDVFRQVWUXFFLRQHVSUHFDULDVSRGUtDSODQWHDUVHXQQXHYRDPSDUR
FRQVWLWXFLRQDO VLQ TXH HO SULPHUR VH KD\D UHVXHOWR OR TXH QR HV HYLGHQWH SRUTXH HO
SURFHVR FRQVWLWXFLRQDO SUHYLVWR SRU HO OHJLVODGRU FRQVWLWX\HQWH \ GHVDUUROODGR SRU HO
OHJLVODGRURUGLQDULRSUHYpGLFKDVFLUFXQVWDQFLDVHVGHFLU



(Q FXDQWR D ODGHPRUD TXH SRGUtD SURGXFLUVH HQ OD UHVROXFLyQGHO
FDVR SRU OD VDOD OLTXLGDGRUDSRUHO RUGHQGH VRUWHR VH WLHQHTXHXQD YH] UHPLWLGR HO
H[SHGLHQWH HQ UHYLVLyQ D HVWH 7ULEXQDO FXDOTXLHUD GH ODV SDUWHV HQ HVWH FDVR OD
DFFLRQDQWHFXHQWDFRQODSRVLELOLGDGGHVROLFLWDUHODGHODQWRGHVRUWHRIXQGDPHQWDQGR
ORVPRWLYRVGHVXSHWLFLyQHQWRGRFDVROD&RPLVLyQGH$GPLVLyQOXHJRGHUHDOL]DUHO
DQiOLVLVUHVSHFWLYRSURFHGHUiDUHVROYHUPHGLDQWHDXWRPRWLYDGRFX\RHOHPHQWRFHQWUDO
GHDQiOLVLVVHUiODSRVLEOHH[LVWHQFLDGHXQGDxRLUUHYHUVLEOHRLUUHSDUDEOH\VHSURFHGHUi
DGLVSRQHUVLVHRWRUJDODSULRULGDGGHDGHODQWRGHVRUWHRRQR



(Q HVWH VHQWLGR \ VLHPSUH HQ HO SUHVHQWH FDVR VL OD DFFLRQDQWH
FRQVLGHUDEDTXHDQWHODSUHVHQFLDGHYtDVGHKHFKRVHOHVLRQDEDVXGHUHFKRDODSURSLHGDG
\TXHODUHVROXFLyQGHUHYLVLyQGHOD6DOD/LTXLGDGRUDWUDQVLWRULDGHPRUDUiHQOXJDUGH
LQWHUSRQHUXQDQXHYDDFFLyQGHDPSDURFRQVWLWXFLRQDOWHQtDODSRVLELOLGDGGHVROLFLWDU
HODGHODQWRGHVRUWHRDGMXQWDQGRODSUXHEDSHUWLQHQWH\HIHFWXDQGRODDUJXPHQWDFLyQ
UHVSHFWLYD



5HVSHFWRDODGHQXQFLDGHQXHYDVYtDVGHKHFKRFRQVLVWHQWHVHQOD
FRQVWUXFFLyQGHXQDFDVDGHPDGHUD\HQHOLQWHULRUSHUVRQDVKDELWiQGRODODVSUXHEDV
SUHVHQWDGDV HQ DPERV DPSDURV FRQVWLWXFLRQDOHV VRQ HQ HVHQFLD ODV PLVPDV QR
KDELpQGRVH DFUHGLWDGR GLFKR H[WUHPR H LQFOXVR HQ HO DQiOLVLV GHO FDVR FRQFUHWR VH
FRQILJXUDQFRPRFRQH[DV \DFFHVRULDVDODSULQFLSDOTXHHVODXVXUSDFLyQGHOORWHGH
WHUUHQR\UHVSHFWRDODVFXDOHVHVSRVLEOHFRQIRUPHDODUWGHOD/7&3VROLFLWDUPHGLGDV
FDXWHODUHVDWLHPSRGHDGPLWLUODDFFLyQRHQFXDOTXLHUPRPHQWRKDVWDDQWHVGHTXHVH
HPLWD OD UHVROXFLyQ ILQDO HQ HVWH VHQWLGR HV SUHFLVR VHxDODU TXH OD ILQDOLGDG GH XQD
PHGLGDFDXWHODUHVHYLWDUODFRQVXPDFLyQGHODDPHQD]DGHUHVWULFFLyQRVXSUHVLyQGHO
GHUHFKRRJDUDQWtDHQTXHVHIXQGDODDFFLyQHQHVWHFDVRVHSXHGHHYLGHQFLDUTXHHVWRV
DVSHFWRVQRKDQVLGRREVHUYDGRVSRUODDFFLRQDQWHTXHFRQWUDYtDVGHKHFKRFRQH[DV\
DFFHVRULDVFRQWDEDFRQODSRVLELOLGDGGHVROLFLWDUXQDPHGLGDFDXWHODUSDUDLPSHGLUTXH
VHUHLWHUHQ




 1RUPDV FRPXQHV GH SURFHGLPLHQWR HQ DFFLRQHV GH


GHIHQVD&RPSHWHQFLDGHMXH]DVMXHFHV\WULEXQDOHVGHJDUDQWtDV
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO


W


dW^:d


6&3   /D DFFLyQ  GH DPSDUR FRQVWLWXFLRQDO GHEH
LQWHUSRQHUVHDQWHHOMXH]GHOOXJDUGRQGHFRPHWLyODSUHVXQWDOHVLyQD
GHUHFKRV\JDUDQWtDVHQFDVRGHQRDGYHUWLUVHHVWDVLWXDFLyQHVSRVLEOH
TXHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDODQXOHREUDGRVVDOYRORV
FDVRVHQORVTXHQRVHFDXVyLQGHIHQVLyQDORVGHPDQGDGRV

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOHODFFLRQDQWHGHQXQFLyTXHVH
OHVLRQDURQ VXV GHUHFKRV DO HMHUFLFLR \ FRQWURO GHO SRGHU SROtWLFR D OD
RUJDQL]DFLyQ FRQ ILQHV GH SDUWLFLSDFLyQ SROtWLFD DO HMHUFLFLR GH OD
IXQFLyQ S~EOLFD DO WUDEDMR \ D OD HVWDELOLGDG ODERUDO D OD
VHJXULGDG
MXUtGLFD
DOGHELGRSURFHVR\DODGHIHQVDSRUFXDQWRORVGHPDQGDGRV
FRQFHMDOHV GHO *RELHUQR $XWyQRPR 0XQLFLSDO GH /DJXQLOODV GHO
GHSDUWDPHQWR GH 6DQWD &UX]  KDFLHQGR XVR H[FHVLYR GH OD IXHU]D \
PHGLDQWHYLROHQWDVDFFLRQHVHQFRPSDxtDGHWHUFHUDVSHUVRQDVDMHQDVD
OD HQWLGDG GHVDORMDURQ DWRGR HO SHUVRQDO GH OD FLWDGD LQVWLWXFLyQ HGLO
LQFOX\HQGRDVXSHUVRQDLPSRVLELOLWDQGRSRVWHULRUPHQWHVXLQJUHVRDO
UHIHULGRLQPXHEOHOOHJDQGRDOH[WUHPRGHLPSHGLUVXOLEUHWUiQVLWRSRU
HOSXHEORLQWHQWDQGRMXVWLILFDUVXVDFWRVFRQODGHVLJQDFLyQGHXQQXHYR
$OFDOGHDOPDUJHQGHODQRUPDWLYD\MXULVSUXGHQFLDYLJHQWHHO7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO FRQILUPy OD UHVROXFLyQ UHYLVDGD TXH
FRQFHGLyOD DFFLyQ GHDPSDUR FRQVWLWXFLRQDO \ VH SURQXQFLy VREUHOD
FRPSHWHQFLDGHOWULEXQDOGHJDUDQWtDV

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,&RQILQHVDFODUDWRULRV\GHSHGDJRJtDFRQVWLWXFLRQDOFDEH
VHxDODU TXH GH DFXHUGR DO DUW  GH OD /7&3 HO GHPDQGDQWH GHELy
LQWHUSRQHU VX DFFLyQ FRQVWLWXFLRQDO HQ OD SURYLQFLDFRUUHVSRQGLHQWHDO
PXQLFLSLR GH /DJXQLOODV \ QR SUHVHQWDU OD PLVPD DQWH HO 7ULEXQDO
'HSDUWDPHQWDOGH-XVWLFLDGH6DQWD&UX]KHFKRTXHJHQHUyODREOLJDFLyQ
GHUHPLWLUSDUDHVWHFXHUSRFROHJLDGRODDFFLyQGHDPSDURFRQVWLWXFLRQDO
LQWHUSXHVWDDQWHHOMXH]FRPSHWHQWHQRREVWDQWHGHDTXHOORHQWDQWRVH
FXPSOLHURQ ORV SUHVXSXHVWRV HVWDEOHFLGRV HQ OD 6& 5 SRU
FXDQWR ODV DXWRULGDGHV GHPDQGDGDV SUHVHQWDURQ LQIRUPH WDQWR HVFULWR
FRPRHQDXGLHQFLDVHLQJUHVDDDQDOL]DUHOIRQGRGHOFDVRDFX\RHIHFWR
FRUUHVSRQGH SURQXQFLDUVH DO UHVSHFWR SRU FXDQWR QR KD H[LVWLGR
LQGHIHQVLyQ

6LQWHVLVGHODUDWLRGHFLGHQGL

6HLQJUHVDDODQiOLVLVGHIRQGRGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOVLQ
DQXODUREUDGRVQRREVWDQWHTXHODDFFLyQGHDPSDURFRQVWLWXFLRQDOQR
IXH SUHVHQWDGD DQWH OD DXWRULGDG MXULVGLFFLRQDO GHO OXJDU GRQGH VH
W


dW^:d

FRPHWLyODVXSXHVWDOHVLyQDGHUHFKRV\JDUDQWtDVHQPpULWRDTXHQRVH
FDXVy LQGHIHQVLyQ D ODV DXWRULGDGHV GHPDQGDGDV TXLHQHV SUHVHQWDURQ
LQIRUPHWDQWRHVFULWRFRPRHQDXGLHQFLD

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/D 6&3  UHLWHUD OD MXULVSUXGHQFLD FRQWHQLGD HQ OD 6&3
5HQODTXHVHHVWDEOHFHQODVVXEUHJODVVREUHFRPSHWHQFLD
WHUULWRULDO VLQ HPEDUJR GLFKR HQWHQGLPLHQWR KD VLGR VXSHUDGR SRU HO
&yGLJRSURFHVDOFRQVWLWXFLRQDOHQHODUW,,QRUPDVREUHODFXDOOD
MXULVSUXGHQFLDFRQVWLWXFLRQDOSRVWHULRUDVXYLJHQFLDKDVHxDODGR
ORV DFFLRQDQWHV VH DPSDUDURQ HQ HVWD ~OWLPD SDUWH QRUPDWLYD DUW
,, SRUORTXHLQWHUSXVLHURQHVWDDFFLyQHQUD]yQGHTXHODFLXGDGGH
<DFXLEDHVHOGRPLFLOLRGHODVSDUWHVTXHLQWHUYLHQHQHQHOSURFHVR\HV
GRQGHUDGLFDHOSURFHVR  6&3

(QHOPLVPRVHQWLGROD6&3VHxDOy

  OD FRPSHWHQFLD GHO MXH] R WULEXQDO GH JDUDQWtDV WDPELpQ HVWi
GHWHUPLQDGDHQIDYRUGHORVOHVLRQDGRVSXHVWRTXHOD~OWLPDSDUWHGHO
DUWtFXOR GLVSRQH OD SRVLELOLGDG GH LQWHUSRQHU OD DFFLyQ GH DPSDUR HQ
UD]yQGHVXGRPLFLOLR

(Q HO PLVPR VHQWLGR ORV $$&&    6 \
&$6SURQXQFLDGRVSRUOD&RPLVLyQGH$GPLVLyQDOUHVROYHU
XQDFRQWURYHUVLDGHFRPSHWHQFLDHQWUHWULEXQDOHVGHJDUDQWtDVVHxDODURQ
TXHVLELHQODUHJODJHQHUDOHVTXHODDFFLyQVHDSUHVHQWDGDDQWHHOMXH]
R WULEXQDO GHO OXJDU HQ TXH VH SURGXMR OD VXSXHVWD YXOQHUDFLyQ GHO
GHUHFKR R JDUDQWtD
  HO DUW ,, GHO FLWDGR &yGLJR HVWDEOHFH
H[FHSFLRQHVDODUHJODJHQHUDODQWHVDQRWDGDHQPpULWRDORVSULQFLSLRV
GH FHOHULGDG VHUYLFLR D OD VRFLHGDG \ UHVSHWR D ORV GHUHFKRV TXH
VXVWHQWDQODSRWHVWDGGHLPSDUWLUMXVWLFLD DUWGHOD&3( FRKHUHQWHV
FRQORVSULQFLSLRVSURFHVDOHVGHODMXVWLFLDFRQVWLWXFLRQDOLQFOXLGRHOGH
QRIRUPDOLVPR DUWGHO&3&R WRGRVHOORVHQFDPLQDGRVDHIHFWLYL]DU
HOGHUHFKRGHDFFHVRDODMXVWLFLD DUWGHOD/H\)XQGDPHQWDO EDMR
XQDFRPSUHQVLyQDPSOLD\H[WHQVLYDGHOGHUHFKRDODOX]GHOSULQFLSLR
SURDFWLRQH
(QHVHHQWHQGLGRODQRUPDSUHYpGRVH[FHSFLRQHVFXDQGRD 1RKXELHUH
HQHOOXJDUDXWRULGDGMXGLFLDOVXSXHVWRHQHOFXDOHVFRPSHWHQWHODMXH]D
MXH] R WULEXQDO DO TXH OD SDUWH SXHGDDFFHGHU SRU UD]RQHV GH FHUFDQtD
WHUULWRULDORPHMRUHVFRQGLFLRQHVGHWUDQVSRUWH\E /DYLRODFLyQKDEUtD
VLGRFRPHWLGDIXHUDGHOOXJDUGHUHVLGHQFLDGHODDIHFWDGDRDIHFWDGR
FDVRHQHOFXDOODDFFLyQSRGUiVHUIRUPXODGDVLORHVWLPDSHUWLQHQWH
DQWHHOMX]JDGRRWULEXQDOFRPSHWHQWHSRUUD]yQGHGRPLFLOLR


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

W


dW^:d


6&5GHGHMXQLR

(QFRQVHFXHQFLDUHVSHFWRDODFRPSHWHQFLDWHUULWRULDOHQODDFFLyQGHDPSDUR
FRQVWLWXFLRQDOVHFRQFOX\HTXHHVFRPSHWHQWHHOMXH]RWULEXQDO

'HOOXJDUGRQGHVHSURGXMRHODFWRXRPLVLyQLOHJDOHVRLQGHELGRV

7UDWiQGRVHGHUHVROXFLRQHVDGPLQLVWUDWLYDVRMXGLFLDOHVFRUUHVSRQGHDOMXH]
RWULEXQDOGHOGLVWULWRRDVLHQWRMXGLFLDOGHOOXJDUGRQGHODDXWRULGDGHPLWLyR
GLFWyODUHVROXFLyQFRQVLGHUDLOHJDO\TXHHVHOOXJDUGRQGHWLHQHVXGRPLFLOLR
LQVWLWXFLRQDO
7UDWiQGRVHGHYDULDVUHVROXFLRQHVGHEHLQWHUSRQHUVHGRQGHVHHPLWLyODGH
PD\RUMHUDUTXtDSXHVHQFRQFRUGDQFLDFRQHOSULQFLSLRGHVXEVLGLDULHGDGDHVD
DXWRULGDG R LQVWDQFLD GRQGH FRUUHVSRQGtD VXEVDQDU R FRUUHJLU HQ ~OWLPD
LQVWDQFLDHODFWRRUHVROXFLyQGHQXQFLDGRGHLOHJDO

'HEHUGHORVMXHFHVRWULEXQDOHVGHJDUDQWtDV

'HQWURGHOPDUFRGHOHJDOLGDG\FHOHULGDGFXDQGRHVWpQDQWHXQDVLWXDFLyQGH
HYLGHQWHHUURUHQODLQWHUSRVLFLyQGHHVWDDFFLyQWXWHODUSRUODLQFRPSHWHQFLD
WHUULWRULDOHOWULEXQDOGHJDUDQWtDVVLQPD\RUWUiPLWHGHPDQHUDLQPHGLDWD\GH
RILFLRGHEHUHPLWLUORVDQWHFHGHQWHVDOMXH]RWULEXQDOFRPSHWHQWHGHODVLHQWRR
GLVWULWRMXGLFLDOTXHFRUUHVSRQGDEDMRUHVSRQVDELOLGDGHQFDVRGHQRKDFHUOR
WHQLHQGR HO 7ULEXQDO &RQVWLWXFLRQDO IDFXOWDGHV SDUD UHPLWLU DQWHFHGHQWHV D OD
LQVWDQFLDTXHFRUUHVSRQGDSRUOHVLRQDUHOGHELGRSURFHVRVLQSHUMXLFLRGHODV
DFFLRQHVLQPHGLDWDVTXHOHFRUUHVSRQGDWRPDUDODVLQVWDQFLDVSHUWLQHQWHVGDGR
ORVHIHFWRVGHODUHVROXFLyQGHOWULEXQDOGHJDUDQWtDV

&DVRVHQORVTXHQRFRUUHVSRQGHODQXOLGDGGHREUDGRVVLQRODGHWHUPLQDFLyQ
GHODVLWXDFLyQMXUtGLFDSRUSDUWHGHO7ULEXQDO&RQVWLWXFLRQDO

1RREVWDQWHFXDQGRHQJUDGRGHUHYLVLyQHVWH7ULEXQDODGYLHUWDTXHORVMXHFHV
R WULEXQDOHV GH DPSDUR FRQVWLWXFLRQDO QR KDQ FXPSOLGR FRQ ODV UHJODV GH OD
FRPSHWHQFLD HQ UD]yQ GH WHUULWRULR HPSHUR H[LVWDQ FLUFXQVWDQFLDV TXH QR
DIHFWDQDOIRQGRSRUORVSULQFLSLRVGHHFRQRPtD\FHOHULGDGSURFHVDOHVTXHVRQ
HQWUHRWURVODEDVHGHOVLVWHPDMXGLFLDOQRFRUUHVSRQGHODQXOLGDGGHREUDGRV
VLQRHPLWLU6HQWHQFLDFRQFHGLHQGRRGHQHJDQGRODWXWHODHVRVFDVRVVRQ

6LSHVHDODLQFRPSHWHQFLDHQUD]yQGHWHUULWRULRODDXWRULGDGDGPLQLVWUDWLYD
R MXGLFLDO HV QRWLILFDGD RSRUWXQDPHQWH \ SUHVHQWD LQIRUPH RUDO R YHUEDO HQ
DXGLHQFLDSXHVWRTXHHOORVLJQLILFDTXHQRKDH[LVWLGRLQGHIHQVLyQ

 (Q ORV FDVRV GRQGH OD GHQHJDWRULD HV HYLGHQWH \ FRUUHVSRQGD HVH
SURQXQFLDPLHQWR

6LODLQREVHUYDQFLDDODVUHJODVGHODFRPSHWHQFLDKDQSURYRFDGRLQGHIHQVLyQ
DODVSDUWHVLQFOXVLYH\SHVHDHOORVHFRQFHGLyODWXWHODHQSULPHUDLQVWDQFLD\
HOIDOORHVUHYRFDGRSRUHVWH7ULEXQDOHQJUDGRGHUHYLVLyQSRUORVHIHFWRVGHOD
WXWHOD \ OD LQGHIHQVLyQ SURYRFDGD FRUUHVSRQGH UHPLWLU DQWHFHGHQWHV DO HQWH
GLVFLSOLQDULR



W


dW^:d

,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU


PiVDOWR

66&&33



 1RUPDV FRPXQHV GH SURFHGLPLHQWR HQ DFFLRQHV GH
GHIHQVD&RQWHQLGRGHOD5HVROXFLyQ
1~PHURGHUHVROXFLyQ6&3/

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3 /  (Q YLUWXG DO SULQFLSLR GH JUDWXLGDG GH OD
DGPLQLVWUDFLyQGHMXVWLFLD\ODQDWXUDOH]DMXUtGLFDGHODVDFFLRQHVGH
GHIHQVDVyORSURFHGHODLPSRVLFLyQGHFRVWDVFXDQGRVHHYLGHQFLHTXH
ODRHODFFLRQDQWHDFWXyGRORVDPHQWHFRQWHPHULGDGDEXVDQGRGHVX
GHUHFKRGHVROLFLWDUODWXWHOD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOODDFFLRQDQWHGHQXQFLyTXHODV
DXWRULGDGHVGHPDQGDGDVPLHPEURVGHO7ULEXQDO1DFLRQDOGH'LVFLSOLQD
GHO 0LQLVWHULR 3~EOLFR OHVLRQDURQ VXV GHUHFKRV DO WUDEDMR D OD MXVWD
UHPXQHUDFLyQ D HMHUFHU OD IXQFLyQ S~EOLFD \ OD JDUDQWtD GHO GHELGR
SURFHVR HQ VXV HOHPHQWRV GH MXH] QDWXUDO \ GHIHQVD SRU FXDQWR
FRQILUPDURQOD5HVROXFLyQGHSULPHUDLQVWDQFLDVLQTXHVHOHVKXELHUD
KHFKRFRQRFHUSUHYLDPHQWHORVQRPEUHVGHGLFKR7ULEXQDO\VLQTXHVH
OHV KXELHUD QRWLILFDGR FRQ HO GHFUHWR GH UDGLFDWRULD  QR REVWDQWH TXH
H[LVWLy FRQ DQWHULRULGDG XQD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO TXH OHV
FRQFHGLy OD WXWHOD VROLFLWDGD SRUOR TXH SLGLHURQVH GHMH VLQHIHFWR OD
UHVROXFLyQSURQXQFLDGDVHGLVSRQJDODUHLQFRUSRUDFLyQGHODDFFLRQDQWH
DOFDUJRGH)LVFDOGH0DWHULD\VHRUGHQHHOSDJRGHVXVKDEHUHV(O
7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHQVX6DOD/LTXLGDGRUDDSUREy
SDUFLDOPHQWHODUHVROXFLyQGHOWULEXQDOGHJDUDQWtDVTXHGHQHJyODWXWHOD
FRQ HO DUJXPHQWR TXH OD UHVROXFLyQ GH OD DQWHULRU DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO~QLFDPHQWHGLVSXVRVHHPLWDQXHYDUHVROXFLyQVLQDQXODU
DQWHFHGHQWHVVLQHPEDUJRUHYRFyODUHVROXFLyQUHYLVDGDHQFXDQWRDOD
LPSRVLFLyQGHFRVWDV\PXOWDDODDFFLRQDQWH
W


dW^:d



([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,7RPDQGRHQFXHQWDTXHPHGLDQWH5HVROXFLyQGHGHRFWXEUHGHHO
7ULEXQDO GH JDUDQWtDV FRQVWLWXFLRQDOHV FRPSOHPHQWy OD 5HVROXFLyQ  GH  GH
RFWXEUHGHLPSRQLHQGRFRVWDVDODDFFLRQDQWHSHUGLGRVDDUDt]GHODVROLFLWXGGH
FRPSOHPHQWDFLyQ \ HQPLHQGD UHDOL]DGD SRU &HOLQ 6DDYHGUD %HMDUDQR \ :LOIRUG
%DUULHQWRV*XDUDFKLHQUHSUHVHQWDFLyQGH0DULR8ULEH0HOHQGUHVPHGLDQWHPHPRULDO
SUHVHQWDGR HO  GH LJXDO PHV \ DxR FRUUHVSRQGH VHxDODU TXH GH DFXHUGR DO
UD]RQDPLHQWRFRQVWLWXFLRQDOGHVDUUROODGRHQHO)XQGDPHQWR-XUtGLFR,,,GHODSUHVHQWH
6HQWHQFLD&RQVWLWXFLRQDO3OXULQDFLRQDOVREUHODVFRVWDVSURFHVDOHVHQODVDFFLRQHVGH
GHIHQVDQRVHHYLGHQFLDTXHODDFFLRQDQWHKXELHVHDFWXDGRFRQWHPHULGDGDWLHPSRGH
LQWHUSRQHUODSUHVHQWHDFFLyQWXWHODU\DTXHGHDFXHUGRDORPDQLIHVWDGRHQHOPHPRULDO
GHDPSDURFRQVWLWXFLRQDOVHWLHQHTXHFRQVLGHUyHUUyQHDPHQWHTXHDOGHMDUVHVLQHIHFWR
OD 5HVROXFLyQ 71'  PHGLDQWH 5HVROXFLyQGH GH PDU]R GHELy
KDEHUVHSURFHGLGRQXHYDPHQWHDODWUDPLWDFLyQGHWRGRHOSURFHGLPLHQWRGHODIDVHGH
LPSXJQDFLyQ GHO SURFHVR GLVFLSOLQDULR TXH VH OH VLJXLy HQ VX FRQWUD LQWHUSUHWDFLyQ
HTXLYRFDGD GH OD SDUWH GLVSRVLWLYD GH GLFKD 5HVROXFLyQ TXH GLR OXJDU D TXH FRQ
SRVWHULRULGDG LQWHUSRQJD OD SUHVHQWH DFFLyQ WXWHODU HQ UHVJXDUGR GH VXV GHUHFKRV
IXQGDPHQWDOHVVLWXDFLyQSRUODFXDOHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOFRQVLGHUD
TXH HO UD]RQDPLHQWR SRU HO TXH VH LQWHUSXVR OD SUHVHQWH DFFLyQ WXWHODU OOHJD D VHU
H[FXVDEOH\SRUORWDQWRQRFRUUHVSRQGHLPSRQHUHOSDJRGHFRVWDVSURFHVDOHV\PHQRV
GHPXOWDFRQWUDODDFFLRQDQWHWRGDYH]TXHQRVHUtDGDEOHVDQFLRQDUDXQDSHUVRQDTXH
DFXGLyDODMXULVGLFFLyQFRQVWLWXFLRQDOHQUHVJXDUGRGHVXVGHUHFKRVFRQVWLWXFLRQDOHV
PiVD~QVLQRDFWXyFRQGROR\WHPHULGDG


6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJDODDFFLyQGHDPSDURFRQVWLWXFLRQDOFRQILUPDQGRHQSDUWHOD
UHVROXFLyQ GHO WULEXQDO GH JDUDQWtDV UHYRFiQGROD HQ FXDQWR D OD
LPSRVLFLyQ GH FRVWDV \ PXOWD HQ YLUWXG D TXH HQ OD DFWXDFLyQ GH OD
DFFLRQDQWHUHVXOWDVHUH[FXVDEOHDOQRVHDGYLULWLyGRORQLWHPHULGDG

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/DMXULVSUXGHQFLDFRQVWLWXFLRQDOFRQDQWHULRULGDG\DKL]RUHIHUHQFLDD
ORVVXSXHVWRVHQORVTXHSURFHGtDODLPSRVLFLyQGHFRVWDV\PXOWDVLHQGR
XQR GH HOORV OD H[LVWHQFLD GH WHPHULGDG $Vt HO $& (&$
VHxDOy
6LELHQHODUW,,,/7&H[SUHVDTXHODUHVROXFLyQGHQHJDWRULD
GHO DPSDUR GHPDQGDGR LPSRQGUi \ ILMDUi FRVWDV \ PXOWD FRQWUD HO
UHFXUUHQWH QR HV PHQRV HYLGHQWH TXH WDO ILMDFLyQ GHEH REHGHFHU D OD
FHUWLGXPEUHGHODH[LVWHQFLDGHXQJUDQSHUMXLFLRDODWHPHULGDGHQOD
LQWHUSRVLFLyQGHODGHPDQGDGHDPSDURRDODIDOWDDEVROXWDGHFRQWHQLGR
FRQVWLWXFLRQDO HQ OD PLVPD OR TXH KD PRWLYDGR TXH HO 7ULEXQDO
&RQVWLWXFLRQDO GHWHUPLQH HQ GLYHUVRV FDVRV TXH OD LPSURFHGHQFLD GHO
DPSDURQRGDOXJDUHQIRUPDLQH[RUDEOH\IRU]RVDDOVHxDODPLHQWRGH
FRVWDV\PXOWDSRUVHUH[FXVDEOHODDFWXDFLyQUHFXUUHQWH


1RREVWDQWHODH[LVWHQFLDGHOSUHFHGHQWHDQRWDGROD6&3/HV
W


dW^:d

FRQVLGHUDGD IXQGDGRUD SRUTXH HIHFW~D HO DQiOLVLV D SDUWLU GHO &yGLJR


SURFHVDO FRQVWLWXFLRQDO TXH D GLIHUHQFLD GH OD /H\  QR KDFH
UHIHUHQFLDH[SUHVDDODLPSRVLFLyQGHFRVWDVHQODVDFFLRQHVGHGHIHQVD

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

/D6&3/HQHO)M,,,FRQWLHQHHOVLJXLHQWHSUHFHGHQWH

'HORPDQLIHVWDGRVHFROLJHTXHVLELHQHO&yGLJR3URFHVDO&RQVWLWXFLRQDOQR
HVWDEOHFLyGHPDQHUDH[SUHVDODLPSRVLFLyQGHFRVWDVSURFHVDOHVHQODVDFFLRQHV
GHGHIHQVDVLQHPEDUJRGHORH[SUHVDGRHQODMXULVSUXGHQFLDFRQVWLWXFLRQDO
GHVDUUROODGD SRU HO DQWHULRU 7ULEXQDO &RQVWLWXFLRQDO HQ EDVH D XQD
LQWHUSUHWDFLyQUHDOL]DGDDORGLVSXHVWRHQHODUW,GHO&3&VHHVWDEOHFHTXH
OD VDQFLyQ HQ FRVWDV SURFHVDOHV GHEH HQWHQGHUVH GH PDQHUD JHQHUDO \ SRU OR
WDQWR H[WHQVLEOH D WRGR SURFHVR MXGLFLDO OR TXH TXLHUH GHFLU TXH ODV FRVWDV
SURFHVDOHVVHUiQLQFOXVRH[WHQVLEOHVDORVSURFHVRVRDFFLRQHVFRQVWLWXFLRQDOHV
GH GHIHQVD FRPR VRQ ODV DFFLRQHV GH DPSDUR FRQVWLWXFLRQDO OLEHUWDG
SULYDFLGDGFXPSOLPLHQWR \SRSXODUVLQHPEDUJRWRPDQGRHQFXHQWDTXHOD
DGPLQLVWUDFLyQGHMXVWLFLDHQHO(VWDGR3OXULQDFLRQDOGH%ROLYLDHVJUDWXLWD DUW
,,GHOD&3( DGHPiVODQDWXUDOH]DMXUtGLFDGHHVWRVPHGLRVGHGHIHQVD
FXDO HV OD SURWHFFLyQ \ UHVJXDUGR GH GHUHFKRV \ JDUDQWtDV FRQVWLWXFLRQDOHV
GHEHUiHQWHQGHUVHTXHODLPSRVLFLyQGHFRVWDVSURFHVDOHVQRVHUiLPSXHVWDHQ
WRGDDFFLyQWXWHODU\HQFDGDFDVRFRQFUHWRHQODTXHH[LVWDXQDSDUWHSHUGLGRVD
VLQRTXHODPLVPDGHEHUiVHULPSXHVWD~QLFDPHQWHFXDQGRVHHYLGHQFLHTXHHO
DFFLRQDQWH DFWXy GRORVDPHQWH FRQ WHPHULGDG DEXVDQGR GH VX GHUHFKR GH
VROLFLWDUODWXWHODGHVXVGHUHFKRV\OHVLRQDQGRLQWHUHVHVOHJtWLPRVGHODSDUWH
FRQWUDULDWDOFXDOORSUHFLVyOD&RUWH&RQVWLWXFLRQDOGH&RORPELDHQODUHIHULGD
VHQWHQFLD FRQVWLWXFLRQDO &RQVHFXHQWHPHQWH DVXPLHQGR GLFKR UD]RQDPLHQWR
VHHVWDEOHFHTXHODLPSRVLFLyQGHFRVWDVSURFHVDOHVDODFFLRQDQWHSHUGLGRVRVt
SURFHGHUiHQODVDFFLRQHVWXWHODUHVHPSHURVyORHQODPHGLGDTXHVHHVWDEOH]FD
ODWHPHULGDGGHVXGHPDQGDSRUODTXHVHOHVLRQHLQWHUHVHVOHJtWLPRVGHODSDUWH
FRQWUDULDSXHVWRTXHVLQRVHHYLGHQFLDUDGLFKDWHPHULGDGQRSRGUiLPSRQHUVH
ODV PLVPDV LQGHSHQGLHQWHPHQWH VHD GHQHJDGD OD WXWHOD VROLFLWDGD SRU OD
MXULVGLFFLyQFRQVWLWXFLRQDO




 1RUPDV FRPXQHV GH SURFHGLPLHQWR HQ DFFLRQHV GH


GHIHQVD'HEHU GH IOH[LELOL]DFLyQ GH UHTXLVLWRV GH IRUPD HQ HWDSD GH
UHYLVLyQHQUHVJXDUGRGHODMXVWLFLDPDWHULDO
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD

W


dW^:d


7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3(QORVVXSXHVWRVGHLQFXPSOLPLHQWRGHUHTXLVLWRVGH
IRUPDGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOQRREVHUYDGRVHQIDVHGH
DGPLVLELOLGDG SRU ODV R ORV MXHFHV R WULEXQDOHV GH JDUDQWtDV HQ
UHVJXDUGRGHORVGHUHFKRVDODMXVWLFLDPDWHULDO\DODFFHVRDODMXVWLFLD
GLFKRV  UHTXLVLWRV GHEHQ IOH[LELOL]DUVH HQ HWDSD GH UHYLVLyQ GH HVWD
DFFLyQGHGHIHQVDDQWHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOVHGHPDQGyDORV9RFDOHVGH
OD 6DOD 3HQDO 6HJXQGD GHO 7ULEXQDO 'HSDUWDPHQWDO GH -XVWLFLD GH
&RFKDEDPED SRUOD  YXOQHUDURQ VXV GHUHFKRV DO GHELGR SURFHVR DOD
IXQGDPHQWDFLyQ \ PRWLYDFLyQ GH ODV UHVROXFLRQHV MXGLFLDOHV DO
FRQVLGHUDUTXHXQDYH]VROLFLWDGDODH[WLQFLyQGHODDFFLyQSHQDOSRU
GXUDFLyQ Pi[LPD GHO SURFHVR OD UHFKD]DURQ VLQ QLQJ~Q WLSR GH
PRWLYDFLyQVHxDODQGRVLPSOHPHQWHQRWHQHUFRPSHWHQFLDSDUDUHVROYHU
GLFKD SHWLFLyQ VLQ SUHFLVDU OD DXWRULGDG D OD FXDO GHEtD DFXGLUVH SDUD
UHVROYHUGLFKDVROLFLWXG(QEDVHDHVWRVKHFKRVVHSLGLyODFRQFHVLyQGH
WXWHOD\VHGLVSRQJDODQXOLGDGGHODXWRGHYLVWDLPSXJQDGRSDUDTXHODV
DXWRULGDGHV GHPDQGDGDV HPLWDQ XQD QXHYD UHVROXFLyQ (O 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO UHYRFy OD GHFLVLyQ GHO 7ULEXQDO GH
*DUDQWtDV FRQFHGLy OD WXWHOD \ DQXOy HO DXWR GH YLVWR LPSXJQDGR
GLVSRQLHQGR TXH ODV DXWRULGDGHV GHPDQGDGDV UHPLWDQ GH PDQHUD
LQPHGLDWD DQWHFHGHQWHV D OD DXWRULGDG FRPSHWHQWH SDUD UHVROYHU HQ HO
IRQGRODH[FHSFLyQGHH[WLQFLyQGHODDFFLyQSHQDOSRUGXUDFLyQPi[LPD
GHOSURFHVR/DVHQWHQFLDWLHQHORVVLJXLHQWHVIXQGDPHQWRVD 6LELHQVH
HYLGHQFLDLQFXPSOLPLHQWRGHUHTXLVLWRVGHIRUPDHQODDFFLyQGHDPSDUR
SUHVHQWDGDTXHDGHPiVQRIXHURQDGYHUWLGRVSRUHOWULEXQDOGHJDUDQWtDV
DWLHPSRGHDGPLWLUVHODGHPDQGDHQSUHYDOHQFLDGHODFFHVRDODMXVWLFLD
\ODMXVWLFLDPDWHULDOVHIOH[LELOL]DORVUHTXLVLWRVGHIRUPD\VHLQJUHVD
DODQiOLVLVGHIRQGRGHODSUREOHPiWLFDSDUDHYLWDUGLODFLRQHVLQGHELGDV
FRPRFRQVHFXHQFLDGHXQDQXHYDDFFLyQDVHUSUHVHQWDGDVXEVDQDQGR
ORV UHTXLVLWRV GH IRUPD LQFXPSOLGRV \ E   6H DIHFWy HO GHUHFKR D OD
GHIHQVD GHOD DFFLRQDQWH\D TXH HO SODQWHDPLHQWR GH ODH[FHSFLyQ GH
H[WLQFLyQ GH OD DFFLyQ SHQDO GDWD GH  GH PD\R GH  SHWLFLyQ
UHLWHUDGDHOGHQRYLHPEUHGHOPLVPRDxRHPSHURORV9RFDOHVGHOD
6DOD3HQDOGH&RFKDEDPEDQRVHSURQXQFLDURQGHPDQHUDSUHYLD\DTXH
OD H[FHSFLyQ GH H[WLQFLyQ GH DFFLyQ SHQDO HV GH SUHYLR \ HVSHFLDO
SURQXQFLDPLHQWR

([WUDFWRGHODUDWLRGHFLGHQGL

W


dW^:d
)- ,,,
(Q SULQFLSLR OD MXVWLFLD FRQVWLWXFLRQDO FODUDPHQWH VH YH LPSHGLGD GH
LQJUHVDU HO DQiOLVLV GH IRQGR GHO SODQWHDPLHQWR GH OD H[FHSFLyQ GH OD H[WLQFLyQ GH OD
DFFLyQ SHQDO SRU GXUDFLyQ Pi[LPD GHO SURFHVR FRQVLGHUDQGR TXH FRQIRUPH D OD
MXULVSUXGHQFLD FRQVWLWXFLRQDO VHxDODGD HQ HO )XQGDPHQWR -XUtGLFR ,,,GH OD SUHVHQWH
5HVROXFLyQGLFKDODERUOHFRPSHWHDODVDXWRULGDGHVMXULVGLFFLRQDOHVTXHSURQXQFLDURQ
ODVHQWHQFLDHQSULPHUDLQVWDQFLD3RURWURODGRODDFFLRQDQWHHQVXGHPDQGDGHDFFLyQ
GHDPSDURFRQVWLWXFLRQDOLGHQWLILFDHODFWRLOHJDOHQODDSDUHQWHIDOWDGHPRWLYDFLyQ\
IXQGDPHQWDFLyQGHODGHFLVLyQTXHUHFKD]yODDOXGLGDH[FHSFLyQSLGLHQGRDVXYH]OD
QXOLGDG SDUFLDO GHO $XWR GH 9LVWD FLWDGR DQWHULRUPHQWH HV GHFLU ~QLFDPHQWH GH OD
GHFLVLyQTXHFRQFLHUQHDOUHFKD]RGHODH[FHSFLyQGHH[WLQFLyQGHODDFFLyQSHQDO%DMR
HVH SDUiPHWUR HO SHWLWRULR GH OD SUHVXQWD DJUDYLDGD HV FODUDPHQWH LQFRKHUHQWH H
LQFRPSDWLEOH FRQ HO VXSXHVWR DFWR LOHJDO LGHQWLILFDGR \ DGHPiV REUDU FRQIRUPH D OD
SHWLFLyQ GH OD DFFLRQDQWH FODUDPHQWH GDUtD OXJDU D FRQWUDYHQLU OD QDWXUDOH]D GH OD
WUDPLWDFLyQ GH ODV H[FHSFLRQHV KDELGD FXHQWD TXH SRU PDQGDWR GH ORV DUWV  GHO
&33 \  GHO &33 pVWDV GHEHQ VHU UHVXHOWDV FRQ XQ SUHYLR \ HVSHFLDO
SURQXQFLDPLHQWR SRU FXDQWR GH VX UHVROXFLyQ GHSHQGHUi OD FRQWLQXDFLyQ R QR GH OD
FDXVDVLHQGRDVtTXHDQWHXQDSRVLEOHUHVROXFLyQTXHGHFODUHSUREDGDODH[FHSFLyQGH
H[WLQFLyQGHODDFFLyQSHQDOSRUGXUDFLyQPi[LPDGHOSURFHVRODFDXVDKDEUiFRQFOXLGR
GHIRUPDH[WUDRUGLQDULDORFXDOLPSRVLELOLWDUiFXDOTXLHUFRQWLQXDFLyQSRVWHULRU

(QWRQFHVHIHFWXDGRHVWHDQiOLVLVVHSXHGHDGYHUWLUTXHODDFFLRQDQWHLQFXPSOLyFRQORV
UHTXLVLWRV GH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO OR FXDO GHVGH XQD FRQFHSFLyQ
IRUPDOLVWDGHODMXVWLFLDFRQVWLWXFLRQDODPHULWDUtDODGHQHJDWRULDGHODWXWHODLPSHWUDGD
VLQLQJUHVDUDODQiOLVLVGHIRQGRVLQHPEDUJRREUDUHQHVHVHQWLGRGDUtDOXJDUDGLVSRQHU
TXHODDFFLRQDQWHVXEVDQHVXGHPDQGDKDELOLWiQGRODSDUDTXHQXHYDPHQWHDFXGDDOD
MXVWLFLD FRQVWLWXFLRQDO VDOYDQGR ORV HUURUHV REVHUYDGRV SDUD TXH OXHJR ORV MXHFHV
FRQVWLWXFLRQDOHV DQDOLFHQ HO IRQGR GH OD SUREOHPiWLFD SODQWHDGD HPSHUR UHVROYHUVH
FRQIRUPHDHVWDVHJXQGDSRVLELOLGDGWHQGUtDFRPRHIHFWRFRODWHUDOODYXOQHUDFLyQGHO
GHUHFKRGHDFFHVRDODMXVWLFLDTXHVHHQFXHQWUDSOHQDPHQWHUHFRQRFLGR\JDUDQWL]DGR
HQORVDUWVGHOD&3(\\GHOD&RQYHQFLyQ$PHULFDQDVREUH'HUHFKRV
+XPDQRV WRGD YH] TXH VH SRVWHUJDUtD OD WXWHOD LPSHWUDGD SRU XQD UD]yQ GH RUGHQ
HVWULFWDPHQWHIRUPDOFRQWUDYLQLHQGRFRQHOORODQRUPDFRQVWLWXFLRQDOTXHRUGHQDDORV
DGPLQLVWUDGRUHVGHMXVWLFLDHPLWLUXQDUHVSXHVWDRSURWHFFLyQRSRUWXQDDIDYRUGHWRGR
MXVWLFLDEOHDVtFRPRORVSULQFLSLRVTXHULJHQODMXVWLFLDFRQVWLWXFLRQDO\SRURWURODGR
XQDYH]FRUUHJLGDVODVREVHUYDFLRQHVVHDFWLYDUiQXHYDPHQWHHODSDUDWRMXGLFLDOORFXDO
VLQODPHQRUGXGDDPHULWDUiODHURJDFLyQGHUHFXUVRVHFRQyPLFRVWDQWRSDUDHO(VWDGR
FRPRSDUDODSDUWHDFFLRQDQWHDGHPiVLPSOLFDUiWLHPSRHQVXWUDPLWDFLyQDVSHFWRVTXH
GHPRGRDOJXQRQRFRQGLFHQFRQORVSRVWXODGRVGHXQD
MXVWLFLDSURQWD\RSRUWXQD


(QWRQFHV REUDU HQ HVH VHQWLGR QR HV FRKHUHQWH FRQ HO ILQ VXSUHPR GHO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOFXDOHVUHVJXDUGDUORVGHUHFKRVIXQGDPHQWDOHV\JDUDQWtDV
FRQVWLWXFLRQDOHVDQWHVXHIHFWLYDOHVLyQSUHVFLQGLHQGRLQFOXVLYHGHDVSHFWRVIRUPDOHV
FXDQGRHOORVQRKXELHUHQVLGRFXPSOLGRVSRUODSDUWHDFFLRQDQWH\WDPSRFRDGYHUWLGRV
SRUHOMXH]RWULEXQDOGHJDUDQWtDVDWLHPSRGHDGPLWLUVHODGHPDQGD(QFRQVHFXHQFLD
HO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOFRQVLGHUDQGRODLPSRUWDQFLDGHORVGHUHFKRV
IXQGDPHQWDOHVGHQWURGHOFRQVWLWXFLRQDOLVPRSOXULQDFLRQDO\FRPXQLWDULR\HQIXQFLyQ
DOUD]RQDPLHQWR\ODMXULVSUXGHQFLDFRQVWLWXFLRQDOUHIHULGDHQORV)XQGDPHQWRV-XUtGLFRV
,,, \ ,,, GH OD SUHVHQWH 5HVROXFLyQ GHEH REUDU HQ OD PHGLGD TXH ORV MXVWLFLDEOHV
HQFXHQWUHQMXVWLFLDHQVXVHQWLGRPDWHULDOSXHVVyORDVtVHOHJLWLPDUiODH[LVWHQFLDGHXQ
yUJDQR HQFDUJDGR GH JDUDQWL]DU \ SUHFDXWHODU OD HILFDFLD \ HO HMHUFLFLR SOHQR GH ORV
GHUHFKRVIXQGDPHQWDOHV\JDUDQWtDVFRQVWLWXFLRQDOHV

(Q IXQFLyQ D ODV FRQVLGHUDFLRQHV DQWHULRUHV VH WLHQH TXH VL ELHQ OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO QR IXH DSURSLDGDPHQWH SODQWHDGD H LQFXPSOH FRQ ORV UHTXLVLWRV GH
DGPLVLELOLGDGSUHYLVWRVSRUHODUW\GHO&3&RVLQHPEDUJRHQDUDVGHSURWHJHU
HIHFWLYDPHQWHORVGHUHFKRVIXQGDPHQWDOHVGHODSHUVRQDQDGDOHLPSLGHDHVWH7ULEXQDO

W


dW^:d


&RQVWLWXFLRQDO 3OXULQDFLRQDO LQJUHVDU DO DQiOLVLV GH IRQGR H LGHQWLILFDU HO YHUGDGHUR
DJUDYLRVREUHODEDVHGHODVDOHJDFLRQHVGHODDFFLRQDQWH\ORVDQWHFHGHQWHVFXUVDQWHVHQ
HOOHJDMRSURFHVDOKDELGDFXHQWDTXHHOPi[LPRJXDUGLiQGHOD&RQVWLWXFLyQ3ROtWLFDGHO
(VWDGR WLHQH FRPR ILQDOLGDG SUHFDXWHODU GHUHFKRV IXQGDPHQWDOHV \ JDUDQWtDV
FRQVWLWXFLRQDOHV


6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO \ DQXOD HO DXWR GH YLVWR
LPSXJQDGR GLVSRQLHQGR TXH ODV DXWRULGDGHV GHPDQGDGDV UHPLWDQ GH
PDQHUDLQPHGLDWDDQWHFHGHQWHVDODDXWRULGDGFRPSHWHQWHSDUDUHVROYHU
HQHOIRQGRODH[FHSFLyQGHH[WLQFLyQGHODDFFLyQSHQDOSRUGXUDFLyQ
Pi[LPDGHOSURFHVR$VLPLVPRDQWHVGHLQJUHVDUDOIRQGRGHODVXQWR
VHxDOyTXHVLELHQVHHYLGHQFLDLQFXPSOLPLHQWRGHUHTXLVLWRVGHIRUPD
HQODDFFLyQGHDPSDURSUHVHQWDGDTXHDGHPiVQRIXHURQDGYHUWLGRVSRU
HOWULEXQDOGHJDUDQWtDVDWLHPSRGHDGPLWLUVHODGHPDQGDHQSUHYDOHQFLD
GHODFFHVRDODMXVWLFLD\ODMXVWLFLDPDWHULDOVHIOH[LELOL]DORVUHTXLVLWRV
GHIRUPD\VHLQJUHVDDODQiOLVLVGHIRQGRGHODSUREOHPiWLFDSDUDHYLWDU
GLODFLRQHV LQGHELGDV FRPR FRQVHFXHQFLD GH XQD QXHYD DFFLyQ D VHU
SUHVHQWDGDVXEVDQDQGRORVUHTXLVLWRVGHIRUPDLQFXPSOLGRV

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O 7ULEXQDO &RQVWLWXFLRQDO VREUH ORV UHTXLVLWRV GH DGPLVLELOLGDG GH ODV DFFLRQHV GH
GHIHQVDGHVDUUROOyODVLJXLHQWHOtQHDMXULVSUXGHQFLDO
(QOD6&5HVWDEOHFLyORVUHTXLVLWRVGHDGPLVLyQGHOGHQRPLQDGRUHFXUVR
GHDPSDURFRQVWLWXFLRQDOLQWHUSUHWDQGRORVUHTXLVLWRVGHIRUPD\GHFRQWHQLGRUHJXODGRV
SRUHODUWGHOD/H\GHO7ULEXQDO&RQVWLWXFLRQDO /H\ (QHVWHFRQWH[WRVH
HVWDEOHFLyTXHORVUHTXLVLWRVGHIRUPDHUDQUHTXLVLWRVVXEVDQDEOHV\QRDVtORVUHTXLVLWRV
GHFRQWHQLGRFRPRSRUHMHPSORODRPLVLyQGHSUHFLVLyQGHOQH[RGHFDXVDOLGDGHQWUHHO
DFWR OHVLYR ORV GHUHFKRV GHQXQFLDGRV FRPR YXOQHUDGRV \ HO SHWLWRULR  /D 6&3
 PXWy HO HQWHQGLPLHQWR GH OD 6& 5 HVWDEOHFLHQGR TXH ORV
UHTXLVLWRVGHIRUPDGHODVDFFLRQHVGHGHIHQVDVRQVXEVDQDEOHV\GHEHUiQVHUYHULILFDGRV
SRUODV\ORVMXHFHV\WULEXQDOHVGHJDUDQWtDVHQODIDVHGHDGPLVLELOLGDG\QRHQRWUDIDVH
FDPELR MXULVSUXGHQFLDO TXH UHVSRQGH D OD QXHYD QRUPDWLYD YHULILFDGD FRPR
FRQVHFXHQFLD GH OD YLJHQFLD GHO &yGLJR 3URFHVDO &RQVWLWXFLRQDO $VLPLVPR OD 6&3
HVWDEOHFLyTXHODVFDXVDOHVGHLPSURFHGHQFLDWDPELpQGHEHQVHUYHULILFDGDV
HQ IDVH GH DGPLVLELOLGDG \ HQ FDVR GH DGYHUWLUVH OD H[LVWHQFLD GH DOJXQD GH HOODV VH
HPLWLUi XQ DXWR PRWLYDGR GH LPSURFHGHQFLD TXH SRGUi VHU LPSXJQDGR SRU OD SDUWH
DFFLRQDQWH \ VHUi UHVXHOWR SRU OD &RPLVLyQ GH $GPLVLyQ GHO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO
(QFXDQWRDODH[LJHQFLDGHSUHVHQWDFLyQGHSUXHEDVHOGHVDUUROORMXULVSUXGHQFLDOHVHO
VLJXLHQWH(O7ULEXQDO&RQVWLWXFLRQDODWUDYpVGHOD6&35LQWHUSUHWyWDQWR
ORV UHTXLVLWRV GH IRUPD FRPR ORV UHTXLVLWRVGH FRQWHQLGR H[LJLGRV SDUD HO UHFXUVR GH
DPSDURFRQVWLWXFLRQDOHQWUHHOORVVHUHILULyH[SUHVDPHQWHDOUHTXLVLWRFRQWHQLGRHQHO
DUW9GHOD/H\GHO7ULEXQDO&RQVWLWXFLRQDOYLJHQWHHQHVHPRPHQWRVHxDODQGRTXH
HQIDVHGHDGPLVLELOLGDGODSDUWHDFFLRQDQWHDOWHQHUODFDUJDSUREDWRULDGHEtDSUHVHQWDU
OD SUXHED FRQ VX PHPRULDO GH GHPDQGD R LQGLFDU HO OXJDU GRQGH GLFKD SUXHED VH
HQFXHQWUH/D6&3PRGXOyHVWHSULPLJHQLRHQWHQGLPLHQWRHQHOPDUFRGH
ORV UHTXLVLWRV GH DGPLVLELOLGDG HVWDEOHFLGRV SRU OD /H\ GHO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO /H\ \GHPDQHUDH[SUHVD\DFRUGHFRQHOSULQFLSLRGHSURJUHVLYLGDG
GHVDUUROOy ORV VXSXHVWRV HQ ORV FXDOHV SXHGHSUHVHQWDUVH SUXHED VREUHYLQLHQWH DQWH HO

W


dW^:d
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HVWDEOHFLHQGR TXH HQ DFFLRQHV GH DPSDUR
FRQVWLWXFLRQDO ODV SDUWHV SURFHVDOHV SXHGHQ SUHVHQWDU SUXHED DQWH HO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOHQORVVLJXLHQWHVFDVRV &XDQGRSRUUD]RQHVMXVWLILFDGDV
OD SUXHED QR SXGR VHU SUHVHQWDGD RSRUWXQDPHQWH DQWH MXH]DV MXHFHV R WULEXQDOHV GH
JDUDQWtD &XDQGRVHWHQJDQXHYDSUXHED\ (QHOFDVRGHYtDVGHKHFKRFXDQGROD
SUXHED GHPXHVWUH TXH ODV OHVLRQHV GHQXQFLDGDV DGHPiV GH SHUVLVWLU FRQWLQ~DQ
VXVFLWiQGRVHDWUDYpVGHRWUDVDFFLRQHVGHVLPLODUQDWXUDOH]D$VXYH]HO7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO HQ OD 6&3  PRGXOy GH PDQHUD H[SUHVD HO
SUHFHGHQWH FRQWHQLGR HQ OD 6& 5 TXH IXH UHLWHUDGR HQWUH RWUDV SRU OD 6&
 HQ ODV TXH VH HVWDEOHFLy TXH HO DFFLRQDQWH GHEtD DGMXQWDU OD SUXHED HQ
IRWRFRSLD OHJDOL]DGD HPSHUR GHEH VHxDODUVH TXH HO HQWHQGLPLHQWR ILMDGR HQ OD 6&3
\DIXHHVWDEOHFLGRHQOD6&5HQODTXHVHVHxDOy
VLELHQVHH[LJH
ODSUHVHQWDFLyQGHGRFXPHQWDFLyQHQIRWRFRSLDVOHJDOL]DGDVHPSHURWDPELpQVHVHxDOD
TXHGLFKDUHJODWLHQHVXH[FHSFLyQHQORGLVSXHVWRHQHOSDUiJUDIR,SDUWHLQILQHGHODUW
 GHO && HV GHFLU FXDQGR OD SDUWH D TXLHQ VH RSRQJD OD GRFXPHQWDFLyQ QR ODV
GHVFRQRFH H[SUHVDPHQWH
 %DMR HVH FULWHULR OD 6&3  GHWHUPLQy TXH OD
SUHVHQWDFLyQ GH SUXHED HQ IRWRFRSLDV VLPSOHV HQ DFFLRQHV GH DPSDUR HV SOHQDPHQWH
YiOLGDVLODPLVPDQRIXHFRQWURYHUWLGDSRUODSDUWHDFFLRQDGDSRUORTXHHO7ULEXQDOGH
JDUDQWtDVVyORSRGUtDIXQGDUODGHQHJDWRULDGHDPSDURSRUQRKDEHUVLGRSUHVHQWDGDOD
SUXHED HQ IRWRFRSLD OHJDOL]DGD FXDQGR OD RWUD SDUWH H[SUHVDPHQWH OD GHVFRQR]FD 
)LQDOPHQWH HV LPSRUWDQWH VHxDODU TXH HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO SDUD
YtDV GH KHFKR HQ OD 6&3  GHVDUUROOy GH PDQHUD PiV DPSOLD \ IOH[LEOH OD
SRVLELOLGDGTXHWLHQHQODVSDUWHVSURFHVDOHVGHSUHVHQWDUSUXHEDDQWHHOPi[LPRFRQWUDORU
GH FRQVWLWXFLRQDOLGDG HVWDEOHFLHQGRTXH DO WUDWDUVH GH YtDV GH KHFKR HQ VXSXHVWRV GH
DYDVDOODPLHQWRGHSURSLHGDG\ODLPSRVLELOLGDGGHXQDLGHQWLILFDFLyQGHORVGHPDQGDGRV
GHPDQHUDH[FHSFLRQDOHVSRVLEOHODDFWLYDFLyQGHODDFFLyQGHDPSDURFRQVWLWXFLRQDO
VLQ LGHQWLILFDU D OD SDUWH GHPDQGDGD FXDQGR VHD LPSRVLEOH VX GHWHUPLQDFLyQ FRQ OD
DFODUDFLyQTXHODVSHUVRQDVDIHFWDGDVFRQORVHIHFWRVGHXQDHYHQWXDOFRQFHVLyQGHWXWHOD
WLHQHQODIDFXOWDGGHSUHVHQWDUSUXHEDHQFXDOTXLHUHWDSDGHOSURFHVRFRQVWLWXFLRQDO\D
VHD GHVSXpV GH OD DXGLHQFLD S~EOLFD R LQFOXVLYH DQWH HO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO
$VLPLVPRFDEHGHVWDFDUORVVXSXHVWRVGHIOH[LELOL]DFLyQGHORVUHTXLVLWRVDGPLVLELOLGDG
GHVDUUROODGRVSRUHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOTXHVHHQFXHQWUDQFRQWHQLGRV
HQORVVLJXLHQWHVSUHFHGHQWHV/D6&3HQODDFFLyQGHDPSDURIOH[LELOL]y
ORVUHTXLVLWRVGHDFUHGLWDFLyQGHODSHUVRQDOLGDGMXUtGLFDGHODVDVRFLDFLRQHVGHKHFKR
HVWDEOHFLHQGRTXHORVUHTXLVLWRVH[LJLGRVSDUDODDFUHGLWDFLyQGHODVSHUVRQDVMXUtGLFDV
FRPR HO SRGHU HQ HO TXH FRQVWH HO DFWD GH FRQVWLWXFLyQ GH OD VRFLHGDG OD QyPLQD GH
VRFLRVVXLQVFULSFLyQHQHO5HJLVWURGH&RPHUFLRVXSHUVRQHUtDMXUtGLFD\UHJODPHQWRV
QR VH DSOLFDQ D ODV DVRFLDFLRQHV GH KHFKRTXH SDUD DFWLYDU OD MXVWLFLD FRQVWLWXFLRQDO
~QLFDPHQWHGHEHQDFUHGLWDUVXFRQGLFLyQGHVRFLRVDGMXQWDQGRORVDFXHUGRVH[LVWHQWHV
DVt FRPR DFUHGLWDU OD FDOLGDG GH VXV UHSUHVHQWDQWHV (VWH UD]RQDPLHQWR SDUWLy GH ODV
66&& 5 5 5 \ 5 HQWUH RWUDV TXH
HVWDEOHFLHURQ TXH WUDWiQGRVH GH SHUVRQDV MXUtGLFDV HO UHSUHVHQWDQWH GHEH DFUHGLWDU WDO
FRQGLFLyQ DGMXQWDQGR HO SRGHU FRUUHVSRQGLHQWH HQ HO TXH GHEH FRQVWDU HO DFWD GH
FRQVWLWXFLyQ GH OD VRFLHGDG OD QyPLQD GH VRFLRV VX LQVFULSFLyQ HQ HO 5HJLVWURV GH
&RPHUFLRVXSHUVRQHUtDMXUtGLFD\VXVUHJODPHQWRV$VXYH]OD6&3HQ
ODDFFLyQGHDPSDURFRQVWLWXFLRQDOHVWDEOHFLyODIOH[LELOL]DFLyQGHORVUHTXLVLWRVHQOD
IDVHGHDGPLVLELOLGDGFXDQGRH[LVWDXQDGXGDUD]RQDEOHVREUHXQDOHVLyQPDQLILHVWD\

JURVHUD
 D GHUHFKRV IXQGDPHQWDOHV HQ HO PDUFR GH ORV SRVWXODGRV GHO (VWDGR
&RQVWLWXFLRQDOGH'HUHFKRSDUDTXHHQXQDQiOLVLVGHIRQGRSXHGDSUHYDOHFHUODMXVWLFLD
PDWHULDOGHDFXHUGRDOSULQFLSLRSURDFWLRQH(QODPLVPDOtQHDGHUD]RQDPLHQWROD
6&3  HVWDEOHFLy TXH HO PRPHQWR SURFHVDO SDUD TXH HO MXH] R WULEXQDO GH
JDUDQWtDV YHULILTXH HO FXPSOLPLHQWR GH WRGRV ORV UHTXLVLWRV WDQWR GH IRUPD FRPR GH
FRQWHQLGRGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOHVDQWHVGHVXODDGPLVLyQVLQHPEDUJR
VL HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HQ HWDSD GH UHYLVLyQ DGYLHUWH TXH OD
WUDPLWDFLyQQRIXHFRUUHFWDHQDSOLFDFLyQGHOSULQFLSLRGHHFRQRPtDSURFHVDOQRDQXODUi

W


dW^:d


REUDGRVVLQRSDVDUiDHPLWLUODUHVROXFLyQSHUWLQHQWH3RUVXSDUWHOD6&3
/ H[WHQGLy HQ OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO OD WXWHOD D GHUHFKRV FRQH[RV
GHWHUPLQDQGR TXH HV SRVLEOH RWRUJDU OD WXWHOD TXH EULQGD OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDOSRUYXOQHUDFLyQGHRWURVGHUHFKRVTXHQRIXHURQGHQXQFLDGRVGHGXFLGRV
GHO FRQWHQLGR GH OD DFFLyQ GHO LQIRUPH GH OD SDUWH GHPDQGDGD R HQ VX FDVR GH OD
SDUWLFLSDFLyQ UHDOL]DGD GH DPEDV SDUWHV HQ OD DXGLHQFLD FHOHEUDGD SRU HO 7ULEXQDO GH
JDUDQWtDV  'H RWUR ODGR OD 6&3  GHWHUPLQy TXH HQ ORV VXSXHVWRV GH
LQFXPSOLPLHQWR GH UHTXLVLWRV GH IRUPD GH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO QR
REVHUYDGRVHQIDVHGHDGPLVLELOLGDGSRUODVRORVMXHFHVRWULEXQDOHVGHJDUDQWtDVHQ
UHVJXDUGRGHORVGHUHFKRVDODMXVWLFLDPDWHULDO\DODFFHVRDODMXVWLFLDGLFKRVUHTXLVLWRV
GHEHQ IOH[LELOL]DUVH HQ HWDSD GH UHYLVLyQ GH HVWD DFFLyQ GH GHIHQVD DQWH HO 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO  $VLPLVPR OD 6&3  HVWDEOHFLy TXH ORV
SUHVXSXHVWRVGHOHJLWLPDFLyQDFWLYDOHJLWLPDFLyQSDVLYDFRPRFXDOTXLHURWURUHTXLVLWR
GH IRUPD TXH VHD H[LJLGR SDUD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HQ HO FDVR GH
SHWLFLRQHVYLQFXODGDVDQDFLRQHV\SXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRVGHEHQVHU
DQDOL]DGDVHQHOPDUFRGHXQDPi[LPDIOH[LELOL]DFLyQSURFHVDOSDUDDVHJXUDUDVt\HQHO
PDUFRGHOUHVSHWRDVXVQRUPDV\SURFHGLPLHQWRVXQYHUGDGHUR\UHDODFFHVRDODMXVWLFLD
DGLFKDVFROHFWLYLGDGHV


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,
$KRUDELHQFRQIRUPHVHWLHQHVHxDODGRHVHYLGHQWHORVUHTXLVLWRVSUHYLVWRV
HQHODUWGHO&3&2EXVFDQGRWDUDOMXH]RWULEXQDOGHJDUDQWtDVGHPD\RUHVHOHPHQWRV
SDUD SURQXQFLDU UHVROXFLyQ \ HQ HVH VHQWLGR GH FRQIRUPLGDG DO DUW  GHO PLVPR
&yGLJR OD WDUHD GH YHULILFDU HO FXPSOLPLHQWR GH ORV UHTXLVLWRV GH ODV DFFLRQHV
FRQVWLWXFLRQDOHV OH HVWi DVLJQDGD D ODV DXWRULGDGHV MXULVGLFFLRQDOHV FRQVWLWXLGDV HQ
MXHFHVRWULEXQDOHVGHJDUDQWtDVFRQVWLWXFLRQDOHVHQFX\DODERUVHGHEHDVHJXUDUTXHHO
MXH] FRQVWLWXFLRQDO DGTXLHUD FRQYHQFLPLHQWR \ FHUWH]D GH FyPR ORV KHFKRV SXGLHURQ
YXOQHUDUORVGHUHFKRVIXQGDPHQWDOHV\JDUDQWtDVFRQVWLWXFLRQDOHV

(PSHUR VL HO MXH] FRQVWLWXFLRQDO D WLHPSR GH DGPLWLU OD GHPDQGD QR DGYLUWLy HO
LQFXPSOLPLHQWR GH ORV UHTXLVLWRV GH DGPLVLELOLGDGSHUR HQ HO DQiOLVLV GH IRQGRGH OD
DFFLyQ FRQVWDWy OD HIHFWLYD OHVLyQ D GHUHFKRV \ JDUDQWtDV FRQVWLWXFLRQDOHV OD MXVWLFLD
FRQVWLWXFLRQDOGHEHDVXPLUHQVXYHUGDGHUDGLPHQVLyQHOURODVLJQDGRSRUOD&RQVWLWXFLyQ
3ROtWLFDGHO(VWDGRHQFX\RPpULWRHQHOPDUFRGHOFRQVWLWXFLRQDOLVPRSOXULQDFLRQDO\
FRPXQLWDULR EDMR ORV SULQFLSLRV GH UHVSHWR D ORV GHUHFKRV IXQGDPHQWDOHV GLUHFWD
MXVWLFLDELOLGDG GH ORV GHUHFKRV MXVWLFLD PDWHULDO SUHYDOHQFLD GHO GHUHFKR VXVWDQFLDO
UHVSHFWR DO IRUPDO \ SUR DFWLRQH DVt FRPR ORV SULQFLSLRV SURFHVDOHV GH OD MXVWLFLD
FRQVWLWXFLRQDOFRQWHQLGRVHQHODUWGHO&3&RTXHKDQVLGRH[SOLFDGRVDQWHULRUPHQWH
OHFRUUHVSRQGHKDFHUXQDFRPSXOVDGHIRQGRGHODSUREOHPiWLFDSODQWHDGDVLHPSUHTXH
ODV LQYRFDFLRQHV GH OD GHPDQGD \ ORV DQWHFHGHQWHV FXUVDQWHV HQ HO OHJDMR SURFHVDO
SHUPLWDQ WHQHU XQD FRPSUHQVLyQ FDEDO GH FyPR SXGR KDEHUVH PDWHULDOL]DGR HO DFWR
LOHJDOSUHVFLQGLHQGRLQFOXVLYHGHORVUHTXLVLWRVHVWDEOHFLGRVHQHOPHQFLRQDGRFXHUSR
OHJDO SRU FXDQWR OD SURWHFFLyQ GH ORV GHUHFKRV IXQGDPHQWDOHV \ JDUDQWtDV
FRQVWLWXFLRQDOHVIUHQWHDVXOHVLyQQRSXHGHHVWDUVXSHGLWDGDDOULJXURVRFXPSOLPLHQWR
GHUHTXLVLWRVGHRUGHQHVWULFWDPHQWHIRUPDO



,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

'H DFXHUGR FRQ OD KLVWRULD MXULVSUXGHQFLDO GHVFULWD VH HVWDEOHFH OR
VLJXLHQWH   &RQ UHODFLyQ DO FXPSOLPLHQWR GH ORV UHTXLVLWRV GH
DGPLVLELOLGDGHQODDFFLyQGHDPSDURFRQVWLWXFLRQDOHOHVWiQGDUPiVDOWR
W


dW^:d

VH HQFXHQWUD FRQWHQLGR HQOD 6&3 FRPSOHPHQWDGD SRUODV


6&3  \  SRUTXH OD SULPHUD HVWDEOHFLy OD
IOH[LELOL]DFLyQGHORVUHTXLVLWRVHQODIDVHGHDGPLVLELOLGDGFXDQGRH[LVWD
XQDGXGDUD]RQDEOHVREUHXQDOHVLyQPDQLILHVWD\
JURVHUD
DGHUHFKRV
IXQGDPHQWDOHVODVHJXQGDSRUTXHGHWHUPLQyTXHHQORVVXSXHVWRVGH
LQFXPSOLPLHQWR GH UHTXLVLWRV GH IRUPD GH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO QR REVHUYDGRV HQ IDVH GH DGPLVLELOLGDG SRU ODV R ORV
MXHFHVRWULEXQDOHVGHJDUDQWtDVHQUHVJXDUGRGHORVGHUHFKRVDODMXVWLFLD
PDWHULDO\DODFFHVRDODMXVWLFLDGLFKRVUHTXLVLWRVGHEHQIOH[LELOL]DUVH
HQ HWDSD GH UHYLVLyQ GH HVWD DFFLyQ GH GHIHQVD DQWH HO 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO \ OD WHUFHUD SRUTXH GHWHUPLQy XQD
Pi[LPDIOH[LELOL]DFLyQSURFHVDOUHVSHFWRDFXDOTXLHUUHTXLVLWRFXDQGR
VHWUDWHGHSXHEORVLQGtJHQDV (QFXDQWRDODSUHVHQWDFLyQGHSUXHEDV
HO HVWiQGDU PiV DOWR VH HQFXHQWUD HQ OD 6&3  OD SULPHUD
HVWDEOHFLy OD SRVLELOLGDG GH SUHVHQWDFLyQ GH SUXHED HQ LQVWDQFLD GHO
7ULEXQDO &RQVWLWXFLRQDO EDMR FRQGLFLRQHV UHJODGDV SUHFHGHQWH
FRPSOHPHQWDGRHQOD6&3HQORVVXSXHVWRVGHYtDVGHKHFKR
SRUTXHFRQFHGLyDODVSHUVRQDVDIHFWDGDVFRQORVHIHFWRVGHXQDHYHQWXDO
FRQFHVLyQ GH WXWHOD FRQFHGLy OD IDFXOWDG GH SUHVHQWDU SUXHED HQ
FXDOTXLHU HWDSD GHO SURFHVR FRQVWLWXFLRQDO \D VHD GHVSXpV GH OD
DXGLHQFLD S~EOLFD R LQFOXVLYH DQWH HO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO



 1RUPDV FRPXQHV GH SURFHGLPLHQWR HQ DFFLRQHV GH
GHIHQVD'HVDUUROORGHODDXGLHQFLDS~EOLFD
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   /D DXGLHQFLD GH DPSDUR FRQVWLWXFLRQDO GHEH VHU
VHxDODGD VLHPSUH \ FXDQGR VH KXELHUHQ FXPSOLGR ORV UHTXLVLWRV GH
DGPLVLELOLGDGGHODDFFLyQ

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOHODFFLRQDQWHVHxDODTXHGHQWUR
GH XQ SURFHVR SHQDO HO )LVFDO GH 0DWHULD GHPDQGDGR SURQXQFLy XQD
W


dW^:d


UHVROXFLyQGHVREUHVHLPLHQWRDIDYRUGHOLPSXWDGRRPLWLHQGRUHIHULUVH
DSUXHEDVIXQGDPHQWDOHVGHOFDVR\VXUHVSHFWLYRYDORUDGHPiVGHQR
LGHQWLILFDUHQTXpVXSXHVWRGHODUWGHO&33VHIXQGDSDUDGLFWDUHO
VREUHVHLPLHQWR,PSXJQDGRHOVREUHVHLPLHQWROD5HVROXFLyQGHO)LVFDO
'HSDUWDPHQWDOQRUHVSRQGLyDORVDJUDYLRVIRUPXODGRVHQHOPHPRULDO\
WDPSRFRHIHFWXyXQDQiOLVLVGHODVSUXHEDVOHVLRQiQGRVHVXGHUHFKRDO
GHELGRSURFHVR\HOSULQFLSLRGHVHJXULGDGMXUtGLFDSRUORTXHVROLFLWD
VH FRQFHGD OD DFFLyQ \ VH GHMH VLQ HIHFWR HO VREUHVHLPLHQWR \ OD
UHVROXFLyQ UDWLILFDWRULD (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO
DSUREyODGHQHJDWRULD GHOD WXWHOD DQDOL]DQGR HO FXPSOLPLHQWRGHORV
UHTXLVLWRVGHDGPLVLyQGHODPSDURFRQVWLWXFLRQDO

([WUDFWRGHODUDWLRGHFLGHQGL

,,, (O 7ULEXQDO GH JDUDQWtDV HQ HWDSD GH DGPLVLyQ GH OD DFFLyQ GH
DPSDURFRQVWLWXFLRQDOSXHGHREVHUYDUGHRILFLRHOFXPSOLPLHQWRGHORV
UHTXLVLWRV SUHYLVWRV HQ HO DUW  GH OD /7&3 REUDQGR FRQIRUPH D OD
MXULVSUXGHQFLDFRQVWLWXFLRQDOGHVDUUROODGDHVGHFLUREVHUYDQGRDQWHHO
LQFXPSOLPLHQWRGHUHTXLVLWRVGHIRUPDRHQVXFDVRUHFKD]DQGRSRUIDOWD
GHORVGHFRQWHQLGRFRQIRUPHHO)XQGDPHQWR-XUtGLFR,,,

6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SHUR SUHYLDPHQWH VH
HVWDEOHFHTXHODDXGLHQFLDGHDPSDURFRQVWLWXFLRQDOGHEHVHUVHxDODGD
VLHPSUH\FXDQGRDFULWHULRGHOMXH]RWULEXQDOGHJDUDQWtDVVHKD\DGDGR
FXPSOLPLHQWRDORVUHTXLVLWRVGHDGPLVLELOLGDG

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/D MXULVSUXGHQFLD FRQVWLWXFLRQDO FRQWHQLGD HQ OD 6& 5 D
SDUWLU GH OR HVWDEOHFLGR HQ ORV DUWV  \  GH OD /H\ GHO 7ULEXQDO
&RQVWLWXFLRQDO /H\  VHxDOy TXH ORV UHTXLVLWRV H[LJLGRV SDUD OD
DGPLVLyQ GH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HVWiQ GHVWLQDGRV D
HYLWDU HO LQLFLR GH XQ SURFHGLPLHQWR TXH FDUH]FD GH ORV HOHPHQWRV
EiVLFRVQHFHVDULRVSDUDGHFLGLUVREUHODSUHWHQVLyQMXUtGLFDGHGXFLGDVHD
SDUDHVWLPDUODRGHVHVWLPDUOD

(QHOPLVPRVHQWLGROD6&5VHxDOyTXHODDGPLVLyQRHO
UHFKD]RGHODPSDURFRQVWLWXFLRQDOGHEHUHVROYHUVHOXHJRGHSUHVHQWDGR
HO UHFXUVR SDUD DVt HYLWDU DFWLYDU LQQHFHVDULDPHQWH HO SURFHGLPLHQWR
SRVWHULRUHPSHUR DQWHV GH UHDOL]DUOD HYDOXDFLyQ GHORV UHTXLVLWRV GH
DGPLVLyQHOMXH]RWULEXQDOGHDPSDURHVWiREOLJDGRDGHWHUPLQDUVLHO
UHFXUVRHVSURFHGHQWHRLPSURFHGHQWH

W


dW^:d

$KRUD ELHQ OD 6&3  HV FRQVLGHUDGD IXQGDGRUD SRUTXH


GHVDUUROODHOSUHFHGHQWHLQWHUSUHWDQGRHODUWGHOD&3(DOVHxDODU
TXH OD DXGLHQFLD GH DPSDUR FRQVWLWXFLRQDO GHEH VHU ILMDGD VLHPSUH \
FXDQGRVHKD\DGDGRFXPSOLPLHQWRDORVUHTXLVLWRVGHDGPLVLELOLGDG

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

,,,
HODUW,,,GHOD&3(GLVSRQHTXHHQODDFFLyQGHDPSDUR
FRQVWLWXFLRQDO
/D DXWRULGDG R SHUVRQD GHPDQGDGD VHUi FLWDGD HQ OD
IRUPDSUHYLVWDSDUDOD$FFLyQGH/LEHUWDGFRQHOREMHWRGHTXHSUHVWH
LQIRUPDFLyQ\SUHVHQWHHQVXFDVRORVDFWXDGRVFRQFHUQLHQWHVDOKHFKR
GHQXQFLDGR HQ HO SOD]R Pi[LPR GH FXDUHQWD \ RFKR KRUDV GHVGH OD
SUHVHQWDFLyQGHODDFFLyQ
QRSXHGHLQWHUSUHWDUVHHQVHQWLGRGHTXHSDUD
VXDFWLYDFLyQQRVHUHTXLHUHFXPSOLUUHTXLVLWRDOJXQR\TXHGHPDQHUD
VLPLODU D OR TXH VXFHGH FRQ OD DFFLyQ SRSXODU HO MXH] R WULEXQDO QR
FRQWDUtDFRQODSRVLELOLGDGGHREVHUYDUUHTXLVLWRVGHDGPLVLELOLGDGGHOD
GHPDQGD\PiVELHQILMDUDXGLHQFLDVLQTXHSXHGDGLODWDUODPLVPDVLQR
TXH HIHFWXDQGR XQD LQWHUSUHWDFLyQ
GH OD &RQVWLWXFLyQ
 VLVWHPiWLFD GH
GLFKD QRUPD FRQ HO DUW  GH OD &3( HQ FXDQWR D ORV GHUHFKRV GH
DFFHVR D OD MXVWLFLD \ MXVWLFLD SURQWD RSRUWXQD \ VLQ GLODFLRQHV GHEH
H[WUDHUVH XQD QRUPD LPSOtFLWD HQ VHQWLGR GH TXH FRUUHVSRQGH HO
VHxDODPLHQWRGHODDXGLHQFLDGHDPSDURFRQVWLWXFLRQDOVLHPSUH\FXDQGR
DFULWHULRGHOMXH]RWULEXQDOGHJDUDQWtDVVHKD\DGDGRFXPSOLPLHQWRD
ORVUHTXLVLWRVGHDGPLVLELOLGDG



 1RUPDV FRPXQHV GH SURFHGLPLHQWR HQ DFFLRQHV GH
GHIHQVD'HVLVWLPLHQWRRUHWLURGHGHPDQGDHQFRQWUROWXWHODU
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO


W


dW^:d


6&3   /D &RPLVLyQ GH $GPLVLyQ GHO 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO HV OD HQFDUJDGD GH UHVROYHU ODV
VROLFLWXGHV GH GHVLVWLPLHQWR VDOYR TXH HO H[SHGLHQWH VH HQFXHQWUH
VRUWHDGRRQRKXELHUHHPLWLGRHO$XWRFRUUHVSRQGLHQWHFDVRHQHOFXDO
H[FHSFLRQDOPHQWHGHEHVHUUHVXHOWRSRUOD6DODFRUUHVSRQGLHQWH

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HO DFFLRQDQWH DOHJy OD
YXOQHUDFLyQ GH VX GHUHFKR DO WUDEDMR  SRUTXH OD 'LUHFWLYD GH XQD
&RRSHUDWLYD 0LQHUD GH OD TXH HV VRFLR OH GLR GH EDMD SRUTXH VX KLMR
FRPHWLy HO XQ GHOLWR GH KXUWR \ SHVH D KDEHU VROLFLWDGR OD
UHFRQVLGHUDFLyQGHPDQHUDHVFULWDODPLVPDOHIXHQHJDGDVLQHPEDUJR
SRVWHULRUPHQWH HQFRQWUiQGRVH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HQ
UHYLVLyQ DQWH HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HO DFFLRQDQWH
SUHVHQWyGHVLVWLPLHQWRTXHIXHDFHSWDGRSRUHO7ULEXQDO

([WUDFWRGHODUDWLRGHFLGHQGL

)- ,,,
(O GHVLVWLPLHQWR SUHVHQWDGR HQ IRUPD SHUVRQDO SRU HO
DFFLRQDQWH DQWH HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO IXH
UHFHSFLRQDGRHOGHDEULOGH\HOSUHVHQWHFDVRIXHVRUWHDGRHO
GHOPLVPRPHVHQHVHHQWHQGLGR\HQYLUWXGDO)XQGDPHQWR-XUtGLFR
,,,GHOSUHVHQWHIDOORFRUUHVSRQGtDFRQRFHU\UHVROYHUGLFKDVROLFLWXG
D OD &RPLVLyQ GH $GPLVLyQ GH HVWH 7ULEXQDO PHGLDQWH XQ $XWR
&RQVWLWXFLRQDO VLQ HPEDUJR FRQIRUPH DO SULQFLSLR GH FHOHULGDG VH
UHVXHOYHWDOSHGLGRFRQODDFODUDFLyQGHTXHHVWHSURQXQFLDPLHQWRQR
H[LPH D OD &RPLVLyQ GH $GPLVLyQ GH OD REOLJDFLyQ GH FRQRFHU ORV
GHVLVWLPLHQWRV R UHWLURV GH GHPDQGD GH DPSDUR FRQVWLWXFLRQDO
SUHVHQWDGRVFRQIRUPHDORVDUJXPHQWRVHVJULPLGRVOtQHDVSUHFHGHQWHV


6LQWHVLVGHODUDWLRGHFLGHQGL

$FHSWDHOGHVLVWLPLHQWRSUHVHQWDGR SRU HO DFFLRQDQWH DQWHHO7ULEXQDO
&RQVWLWXFLRQDOXQDYH]TXHIXHVRUWHDGDODFDXVDFRQODDFODUDFLyQGH
TXHQRVHLQJUHVyDODQiOLVLVGHIRQGRGHODSUREOHPiWLFDSODQWHDGD

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

$XQTXH QR OR GLJD GH PDQHUD H[SUHVD OD 6&3  HO
HQWHQGLPLHQWRDVXPLGRFRQUHODFLyQDTXLpQGHEHFRQRFHUHOUHWLURGH
GHPDQGDRGHVLVWLPLHQWRPRGXODORVHxDODGRHQHO$&2
HQHOTXHVHGLMRTXHODGHFLVLyQDGRSWDGDGHEtDVHUDVXPLGDPHGLDQWH

DXWRFRQVWLWXFLRQDO  GLFWDGRSRUHOWULEXQDOGHJDUDQWtDVOD&RPLVLyQ


GH$GPLVLyQR3OHQRGHO7ULEXQDO&RQVWLWXFLRQDOVHJ~QODIDVHSURFHVDO
W


dW^:d

HQODTXHVHHQFXHQWUH
/DPRGXODFLyQHIHFWXDGDSRUOD6&3
HVUHVSHFWRDHVWD~OWLPDSDUWHSXHVDWHQGLHQGRDODQXHYDHVWUXFWXUDGHO
7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOVHxDODTXHHOGHVLVWLPLHQWRGHEH
VHUFRQRFLGRSRUOD&RPLVLyQGH$GPLVLyQSHURH[FHSFLRQDOPHQWHSRU
XQD6DOD

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,
VHGHWHUPLQDTXHOD&RPLVLyQGH$GPLVLyQHVODHQFDUJDGDGH
UHVROYHUHVWHWLSRGHVROLFLWXGHVFRUUHVSRQGLpQGROHHOSURQXQFLDPLHQWR
PHGLDQWH XQ $XWR &RQVWLWXFLRQDO HPSHUR VL HO H[SHGLHQWH HQ HO
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO VH HQFXHQWUD VRUWHDGR R VH KD
SUHVHQWDGR HO GHVLVWLPLHQWR VLQ TXH OD &RPLVLyQ GH $GPLVLyQ KD\D
HPLWLGR HO $XWR &RQVWLWXFLRQDO FRUUHVSRQGLHQWH HV SRVLEOH TXH GH
PDQHUDH[FHSFLRQDOHOGHVLVWLPLHQWRRUHWLURGHGHPDQGDSUHVHQWDGDVHD
UHVXHOWDSRUXQD6DODSRUORTXHDFRUGHFRQHOSULQFLSLRGHFHOHULGDG
FRUUHVSRQGH D OD 0DJLVWUDGD R 0DJLVWUDGR 5HODWRU GLFWDU 6HQWHQFLD
&RQVWLWXFLRQDOSRUTXHGHQLQJXQDPDQHUDVHSXHGHUHWURWUDHUHOWUiPLWH
LQWHUQRTXHVHKDUHDOL]DGRHQHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO
HQYLUWXGDTXHHOUHVXOWDGRDWUDYpVGHFXDOTXLHUWLSRGHUHVROXFLyQVHUtD
HOPLVPRHPSHURHVWRQRTXLHUHGHFLUTXHOD&RPLVLyQGH$GPLVLyQ
GHMHGHFRQRFHUFRQSUHFLVLyQ\FHOHULGDGORVGHVLVWLPLHQWRVRUHWLURVGH
GHPDQGDVROLFLWDGRVDQWHVGHTXHHOH[SHGLHQWHVHDVRUWHDGRFRQIRUPH
ORHVWDEOHFHODXQLIRUPHMXULVSUXGHQFLD\DREVHUYDGD



 1RUPDV FRPXQHV GH SURFHGLPLHQWR HQ DFFLRQHV GH
GHIHQVD,QWHUYHQFLyQGHOD3URFXUDGXUtD*HQHUDO
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO


W


dW^:d


6&3/D3URFXUDGXUtD*HQHUDOGHO(VWDGRGHEHVHUFLWDGD
HQ ODV DFFLRQHV WXWHODUHV HQ ORV FDVRV HQ TXH KXELHUH HMHUFLGR OD
UHSUHVHQWDFLyQGLUHFWDGHO(VWDGRFDVRFRQWUDULRQRVHUiQHFHVDULD
VX FLWDFLyQ SXHV HV OD SURSLD HQWLGDG S~EOLFD OD TXH HMHUFH OD
UHSUHVHQWDFLyQ VLQ SHUMXLFLR TXH FRQ UHODFLyQ D HVWD HQWLGDG OD
3URFXUDGXUtDHMHU]DVXVUROHVGHVXSHUYLVLyQ

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

'HQWURGHHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOODDFFLRQDQWHVRVWXYR
TXH VH YXOQHUDURQ VXV GHUHFKRV GH SHWLFLyQ DO WUDEDMR \ D XQD
UHPXQHUDFLyQ R VDODULR MXVWR GHELGR D TXH OXHJR GH XQ SURFHVR GH
VHOHFFLyQ GH SHUVRQDO REWXYR OD PHMRU FDOLILFDFLyQ SDUD HO FDUJR GH
3URIHVLRQDO,,,$HQHO6,1VLQHPEDUJRIXHGHVLJQDGDHQHO6,1FRPR
)LVFDOL]DGRUD FDUJR GLVWLQWR DO FXDO SRVWXOy QR REVWDQWH DTXHOOR
FXPSOLy ODV IXQFLRQHV TXH OH IXHURQ HQFRPHQGDGDV SRU FLQFR GtDV
FRQWLQXRVKDVWDTXHOD-HIDWXUDGH3HUVRQDOOHLQVWUX\yTXHVXVSHQGLHUD
HO PDUFDGR GHO UHJLVWUR GH LQJUHVR \ VDOLGD HQ HO HQWHQGLGR TXH VX
PHPRUDQGR GH GHVLJQDFLyQ QR VH HQFRQWUDED GHELGDPHQWH ILUPDGR
DVSHFWR TXH IXH UHFODPDGR PHGLDQWH FDUWD QRWDULDGD PLVPD TXH IXH
UHLWHUDGDDQWHHO3UHVLGHQWH(MHFXWLYRGHO6,1HOGHOFLWDGRPHV\DxR
VLQ TXH REWXYLHUD UHVSXHVWD DOJXQD LOHJDOLGDGHV FRPHWLGDV SRU OD
'LUHFWRUD5HJLRQDOTXHVHH[WLHQGHQDOKHFKRGHQRKDEHUOHFDQFHODGR
ORV FLQFR GtDV WUDEDMDGRV  (O 7ULEXQDO &RQVWLWXFLRQDO UHYRFy OD
FRQFHVLyQGHODWXWHODSHURDQWHVKL]RUHIHUHQFLDDODSDUWLFLSDFLyQGHOD
3URFXUDGXUtD GHO (VWDGR HQ PpULWR D TXH HO 'LUHFWRU 'HSDUWDPHQWDO
'HVFRQFHQWUDGR GH GLFKD ,QVWLWXFLyQ VRVWXYR TXH pVWD QR WLHQH
FRPSHWHQFLD SDUD FRQRFHU DFFLRQHV HQ ODV TXH VH EXVFD OD WXWHOD GH
GHUHFKRV

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
ODILQDOLGDGGHOGLVHxRGHOD3URFXUDGXUtD*HQHUDOGHO(VWDGRHQDUPRQtD
FRQODVSDXWDVD[LRPiWLFDV\ORVILQHVHVHQFLDOHVGHO(VWDGR3OXULQDFLRQDOGH%ROLYLD\
GHDFXHUGRDORVFULWHULRVDQWHVSUHFLVDGRVHVDVHJXUDUODGHIHQVDGHORVLQWHUHVHVGHO
(VWDGRDWUDYpVGHXQDHILFD]UHSUHVHQWDFLyQSRUWDQWRHVLPSHUDQWHSUHFLVDUTXHDOD
OX]GHWHRUtDGHO'HUHFKR\SRUPDQGDWRFRQVWLWXFLRQDOGHDFXHUGRDOREMHWRRUJiQLFR
GH OD3URFXUDGXUtD *HQHUDO GHO (VWDGR HQ HO FDPSR GH OD UHSUHVHQWDFLyQSURFHVDO OD
IXQFLyQFRQVWLWX\HQWHDVLJQyXQDUHSUHVHQWDFLyQSURFHVDODOD3URFXUDGXUtD*HQHUDOGHO
(VWDGRyUJDQRS~EOLFRTXHWLHQHODDSWLWXGOHJDOSDUDHOHMHUFLFLRGHGLFKDUHSUHVHQWDFLyQ
GHIRUPDGLUHFWDVXSXHVWRIiFWLFRHQYLUWXGGHOFXDOHVWDHQWLGDGDOWHQHUFRPRPLVLyQ
HVHQFLDOODGHIHQVDGHORVLQWHUHVHVGHO(VWDGRHVWiOHJLWLPDGDDFWLYDPHQWHSDUDVHUSDUWH
SURFHVDO HQ FDXVDV R FRQWURYHUVLDV GH tQGROH MXULVGLFFLRQDO R DGPLQLVWUDWLYR \ HQ HO
iPELWRLQWHUQRRLQWHUQDFLRQDO(QHVHPDUFRLQWHUSUHWDQGRVLVWpPLFDPHQWHORVDUWV
\  GH OD &3( FXDQGR VHDQ ODV HQWLGDGHV S~EOLFDV ODV TXH HMHU]DQ GLUHFWDPHQWH OD
UHSUHVHQWDFLyQGHODVHQWLGDGHVS~EOLFDV\SRUHQGHVHDQHVWDVSDUWHSURFHVDOHQFDXVDV
MXULVGLFFLRQDOHVRDGPLQLVWUDWLYDVHOUROGHOD3URFXUDGXUtD*HQHUDOGHO(VWDGRVHUiHO
GH VXSHUYLVDU D ODV XQLGDGHV MXUtGLFDV GH OD DGPLQLVWUDFLyQ S~EOLFD HQ FXDQWR D VX

W


dW^:d
DFWXDFLyQSURFHVDOHQWHQGLPLHQWRTXHDGHPiVEDMRXQFULWHULRGHLQWHUSUHWDFLyQ
GHVGH
\FRQIRUPHDOD&RQVWLWXFLyQ
DUPRQL]DORVPDQGDWRVLQVHUWRVHQORVDUWVGHOD/H\
DVtFRPRORVDUWV\GHO'6GHGHIHEUHURGH

$KRUDELHQHVWDUHSUHVHQWDFLyQSURFHVDOGLUHFWDDWULEXLGDSRUODIXQFLyQFRQVWLWX\HQWHD
OD3URFXUDGXUtD*HQHUDOGHO(VWDGRQRVRODPHQWHFRPSUHQGHDFDXVDVMXULVGLFFLRQDOHV
RDGPLQLVWUDWLYDVVLQRWDPELpQDDFFLRQHVGHGHIHQVDTXHGHEDQVHUDFWLYDGDVSDUDHO
HMHUFLFLR GHO FRQWURO GH FRQVWLWXFLRQDOLGDG HQ UHODFLyQ D GHFLVLRQHV MXULVGLFFLRQDOHV R
DFWRVDGPLQLVWUDWLYRVHPHUJHQWHVGHFDXVDVHQODVFXDOHVVHHMHUFLyODUHSUHVHQWDFLyQ
GLUHFWDGHO(VWDGRSRVWXODGRDFRUGHFRQHOWHQRUOLWHUDOGHOD~OWLPDSDUWHGHODUW
GHOD&3(

(QHOPDUFRGHORVHxDODGRGHEHSUHFLVDUVHTXHODVDFFLRQHVGHGHIHQVDVRQYHUGDGHURV
SURFHVRVGHQDWXUDOH]DFRQVWLWXFLRQDOHQORVFXDOHVODHTXLGDGSURFHVDO\ODVUHJODVGH
XQGHELGRSURFHVRGHEHQSUHYDOHFHUSRUWDQWRGHEHFROHJLUVHTXHHQORVFDVRVHQORV
FXDOHVFRPRFRQVHFXHQFLDGHGHFLVLRQHVMXULVGLFFLRQDOHVRDGPLQLVWUDWLYDVHPHUJHQWHV
GH FDXVDV HQ ODV FXDOHV OD 3URFXUDGXUtD *HQHUDO GHO (VWDGR KD\D HMHUFLGR OD
UHSUHVHQWDFLyQGLUHFWDGHO(VWDGRODDFWLYDFLyQGHOFRQWUROWXWHODUGHFRQVWLWXFLRQDOLGDG
GHEHUiDVHJXUDUXQHIHFWLYRGHUHFKRDODGHIHQVDGHO(VWDGRSRUORTXHHQHVWRVFDVRV
GHEHUi VHU REOLJDGDPHQWH FLWDGD HQ DFFLRQHV WXWHODUHV SRU HO FRQWUDULR FXDQGR OD
3URFXUDGXUtD*HQHUDOGHO(VWDGRHQODVFDXVDVTXHRULJLQHQODDFWLYDFLyQGHOFRQWURO
WXWHODU GH FRQVWLWXFLRQDOLGDG QR KD\D HMHUFLGR OD UHSUHVHQWDFLyQ SURFHVDO GLUHFWD GHO
(VWDGRQRVHUiQHFHVDULDVXFLWDFLyQHQDFFLRQHVGHGHIHQVDSXHVWRTXHHQHVWHVXSXHVWR
ODSURSLDHQWLGDGS~EOLFDTXHHMHU]DODUHSUHVHQWDFLyQVHUiSDUWHSURFHVDOHQXQDDFFLyQ
WXWHODUVLQSHUMXLFLRGHTXHHQUHODFLyQDHVWDHQWLGDGOD3URFXUDGXUtD*HQHUDOGHO(VWDGR
HMHU]DVXVUROHVGHVXSHUYLVLyQHQHOPDUFRGHOPDQGDWRLQVHUWRHQHODUWGHOD
&3(


6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJDODDFFLyQGHDPSDURFRQVWLWXFLRQDOSHURDQWHVKL]RUHIHUHQFLD
D OD SDUWLFLSDFLyQ GH OD 3URFXUDGXUtD GHO (VWDGR HQ PpULWR D TXH HO
'LUHFWRU 'HSDUWDPHQWDO 'HVFRQFHQWUDGR GH GLFKD ,QVWLWXFLyQ VRVWXYR
TXHpVWDQRWLHQHFRPSHWHQFLDSDUDFRQRFHUDFFLRQHVHQODVTXHVHEXVFD
ODWXWHODGHGHUHFKRV

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

3UHFHGHQWHIXQGDGRU6&3

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,
HQORVFDVRVHQORVFXDOHVFRPRFRQVHFXHQFLDGHGHFLVLRQHV
MXULVGLFFLRQDOHVRDGPLQLVWUDWLYDVHPHUJHQWHVGHFDXVDVHQODVFXDOHVOD
3URFXUDGXUtD*HQHUDOGHO(VWDGRKD\DHMHUFLGRODUHSUHVHQWDFLyQGLUHFWD
GHO(VWDGRODDFWLYDFLyQGHOFRQWUROWXWHODUGHFRQVWLWXFLRQDOLGDGGHEHUi
DVHJXUDUXQHIHFWLYRGHUHFKRDODGHIHQVDGHO(VWDGRSRUORTXHHQHVWRV
FDVRV GHEHUi VHU REOLJDGDPHQWH FLWDGD HQ DFFLRQHV WXWHODUHV SRU HO
FRQWUDULRFXDQGROD3URFXUDGXUtD*HQHUDOGHO(VWDGRHQODVFDXVDVTXH
RULJLQHQODDFWLYDFLyQGHOFRQWUROWXWHODUGHFRQVWLWXFLRQDOLGDGQRKD\D
HMHUFLGRODUHSUHVHQWDFLyQSURFHVDOGLUHFWDGHO(VWDGRQRVHUiQHFHVDULD
W


dW^:d


VXFLWDFLyQHQDFFLRQHVGHGHIHQVDSXHVWRTXHHQHVWHVXSXHVWRODSURSLD
HQWLGDGS~EOLFDTXHHMHU]DODUHSUHVHQWDFLyQVHUiSDUWHSURFHVDOHQXQD
DFFLyQ WXWHODU VLQ SHUMXLFLR GH TXH HQ UHODFLyQ D HVWD HQWLGDG OD
3URFXUDGXUtD*HQHUDOGHO(VWDGRHMHU]DVXVUROHVGHVXSHUYLVLyQHQHO
PDUFRGHOPDQGDWRLQVHUWRHQHODUWGHOD&3(





)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3/D3URFXUDGXUtD*HQHUDOGHO(VWDGRQRWLHQHFDOLGDG
GHWHUFHURLQWHUHVDGRHQODVDFFLRQHVGHGHIHQVDFXDQGRQRHVSDUWH
SURFHVDOGLUHFWDHQODFDXVDTXHGLRRULJHQDODDFWLYDFLyQGHOFRQWURO
WXWHODUGHFRQVWLWXFLRQDOLGDG

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOODDFFLRQDQWHVRVWXYRTXHVH
YXOQHUDURQVXVGHUHFKRVGHSHWLFLyQDOWUDEDMR\DXQDUHPXQHUDFLyQR
VDODULRMXVWRGHELGRDTXHOXHJRGHXQSURFHVRGHVHOHFFLyQGHSHUVRQDO
REWXYRODPHMRUFDOLILFDFLyQSDUDHOFDUJRGH3URIHVLRQDO,,,$HQHO6,1
VLQHPEDUJRIXHGHVLJQDGDHQHO6,1FRPR)LVFDOL]DGRUDFDUJRGLVWLQWR
DOFXDOSRVWXOyQRREVWDQWHDTXHOORFXPSOLyODVIXQFLRQHVTXHOHIXHURQ
HQFRPHQGDGDV SRU FLQFR GtDV FRQWLQXRV KDVWD TXH OD -HIDWXUD GH
3HUVRQDOOHLQVWUX\yTXHVXVSHQGLHUDHOPDUFDGRGHOUHJLVWURGHLQJUHVR
\ VDOLGD HQ HO HQWHQGLGR TXH VX PHPRUDQGR GH GHVLJQDFLyQ QR VH
HQFRQWUDEDGHELGDPHQWHILUPDGRDVSHFWRTXHIXHUHFODPDGRPHGLDQWH
FDUWDQRWDULDGDPLVPDTXHIXHUHLWHUDGDDQWHHO3UHVLGHQWH(MHFXWLYRGHO
6,1 HO  GHO FLWDGR PHV \ DxR VLQ TXH REWXYLHUD UHVSXHVWD DOJXQD
LOHJDOLGDGHV FRPHWLGDV SRU OD 'LUHFWRUD 5HJLRQDO TXH VH H[WLHQGHQ DO
KHFKRGHQRKDEHUOHFDQFHODGRORVFLQFRGtDVWUDEDMDGRV(O7ULEXQDO
&RQVWLWXFLRQDO UHYRFy OD FRQFHVLyQ GH OD WXWHOD SHUR DQWHV DQDOL]y OD
SDUWLFLSDFLyQGHOD3URFXUDGXUtDGHO(VWDGRFRPRWHUFHURLQWHUHVDGR

([WUDFWRGHODUDWLRGHFLGHQGL


W


dW^:d

)-,,,
)LQDOPHQWHHQFRKHUHQFLDFRQORLQGLFDGRGHEHHVWDEOHFHUVH
TXH OD 3URFXUDGXUtD *HQHUDO GHO (VWDGR WDPSRFR WLHQH OD FDOLGDG GH
WHUFHUR LQWHUHVDGR HQ DFFLRQHV GH GHIHQVD SRU FXDQWR FXDQGR QR VHD
SDUWH SURFHVDO GLUHFWD HQ OD FDXVD TXH GLR RULJHQ D OD DFWLYDFLyQ GHO
FRQWUROWXWHODUGHFRQVWLWXFLRQDOLGDGQRHVUD]RQDEOHVXQRWLILFDFLyQHQ
SURFHVRVWXWHODUHVHQFDOLGDGGHWHUFHURLQWHUHVDGRSRUTXHVXVUROHVGH
VXSHUYLVLyQ\DGHVDUUROODGRVVXSUDQRVHHQPDUFDQGHQWURGHODOFDQFH
GHORVWHUFHURVLQWHUHVDGRVHQDFFLRQHVGHGHIHQVD


6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SHUR DQWHV DQDOL]y OD
SDUWLFLSDFLyQ GH OD 3URFXUDGXUtD *HQHUDO GHO (VWDGR FRPR WHUFHUR
LQWHUHVDGRHVWDEOHFLHQGRTXHQRWLHQHHVDFDOLGDGHQODVDFFLRQHVGH
GHIHQVDFXDQGRQRHVSDUWHSURFHVDOGLUHFWDHQODFDXVDTXHGLRRULJHQD
ODDFWLYDFLyQGHOFRQWUROWXWHODUGHFRQVWLWXFLRQDOLGDG

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

3UHFHGHQWHIXQGDGRU6&3

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,
)LQDOPHQWHHQFRKHUHQFLDFRQORLQGLFDGRGHEHHVWDEOHFHUVH
TXH OD 3URFXUDGXUtD *HQHUDO GHO (VWDGR WDPSRFR WLHQH OD FDOLGDG GH
WHUFHUR LQWHUHVDGR HQ DFFLRQHV GH GHIHQVD SRU FXDQWR FXDQGR QR VHD
SDUWH SURFHVDO GLUHFWD HQ OD FDXVD TXH GLR RULJHQ D OD DFWLYDFLyQ GHO
FRQWUROWXWHODUGHFRQVWLWXFLRQDOLGDGQRHVUD]RQDEOHVXQRWLILFDFLyQHQ
SURFHVRVWXWHODUHVHQFDOLGDGGHWHUFHURLQWHUHVDGRSRUTXHVXVUROHVGH
VXSHUYLVLyQ\DGHVDUUROODGRVVXSUDQRVHHQPDUFDQGHQWURGHODOFDQFH
GHORVWHUFHURVLQWHUHVDGRVHQDFFLRQHVGHGHIHQVD




1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO


W


dW^:d


6&3   /D LQWHUSRVLFLyQ GH XQD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDOSRUSDUWHGHO3URFXUDGRU*HQHUDOGHO(VWDGRPi[LPD
DXWRULGDGGHGLFKDHQWLGDGTXHHMHUFHVXUHSUHVHQWDFLyQMXUtGLFDQR
SXHGHGHPRGRDOJXQRRULJLQDUXQDLQYHVWLJDFLyQSHQDOHQVXFRQWUD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

/RV UHSUHVHQWDQWHV GHO DFFLRQDQWH GHQXQFLDQ OD YXOQHUDFLyQ GH ORV
GHUHFKRVGHVXGHIHQGLGRDOHMHUFLFLRGHODIXQFLyQS~EOLFD\DOGHELGR
SURFHVRVXVWDQWLYRGHODFFLRQDQWHGHELGRDTXHSURGXFWRGHXQSURFHVR
HMHFXWLYR HQ HO TXH VH GHFODUy SUREDGD OD GHPDQGD RUGHQDQGR DO
*RELHUQR $XWyQRPR 0XQLFLSDO GH &HUFDGR GHO GHSDUWDPHQWR GH
&RFKDEDPED HO SDJR GH UHVDUFLPLHQWR GH GDxRV \ SHUMXLFLRV HO
UHSUHVHQWDQWHGHOD3URFXUDGXUtD*HQHUDOGHO(VWDGRHQHMHUFLFLRGHVXV
DWULEXFLRQHV \ IXQFLRQHV FRQVLJQDGDV HQ OD 1RUPD 6XSUHPD IRUPXOy
DFFLyQ GH DPSDUR FRQVWLWXFLRQDO FRQWUD ODV DXWRULGDGHV MXGLFLDOHV TXH
UHVROYLHURQHVDFDXVDLPSXJQDQGRODQRDSOLFDFLyQGHODUWGHO&3&
SLGLHQGRODQXOLGDGGHREUDGRVORTXHIXHFRQFHGLGRSRUHOHQWRQFHV
7ULEXQDO GH JDUDQWtDV $JUHJDQ TXH DTXHOOR PRWLYy D TXH HO

GHPDQGDQWH
 GHO SURFHVR HMHFXWLYR LQLFLH TXHUHOOD HQ VX FRQWUD
DWULEX\pQGROH OD SUHVXQWD FRPLVLyQ GH ORV GHOLWRV GH XVR LQGHELGR GH
LQIOXHQFLDV XVR GH LQVWUXPHQWR IDOVLILFDGR \ H[WRUFLyQ \ RWURV
GHVHVWLPDGDLQLFLDOPHQWHSRUOD)LVFDODQDOLVWDTXLHQHVWDEOHFLyTXHORV
KHFKRV IiFWLFRV QRVH DGHFXDEDQ D ORVWLSRVSHQDOHVGHQXQFLDGRV 6LQ
HPEDUJR GH HOOR HO )LVFDO 'HSDUWDPHQWDO GHPDQGDGR GLFWy OD
5HVROXFLyQ  UHYRFDQGR GLFKD GHFLVLyQ GHFUHWDQGR OD
SURVHFXFLyQGHODLQYHVWLJDFLyQDHIHFWRVGHFRQFOXLUFRQPD\RUFHUWH]D
VLFRQFHUQtDODDSOLFDFLyQGHORVDUWVRGHO&33VLQFRQVLGHUDU
TXH OD DFFLyQ GH GHIHQVD HQ DTXHO WLHPSR LQWHUSXHVWD SRU VX
UHSUHVHQWDGR HPHUJLy GHOD IXQFLyQRWRUJDGD FRQVWLWXFLRQDOPHQWHGH
GHIHQVDGHORVLQWHUHVHVGHO(VWDGRQRSXGLHQGRSRUHOORSUHWHQGHUVH
LQYHVWLJDURVDQFLRQDUHVDJHVWLyQ

([WUDFWRGHODUDWLRGHFLGHQGL

(QHVHPDUFRGHOGHWDOOHHIHFWXDGRHQODV&RQFOXVLRQHVGHOSUHVHQWHIDOORVHWLHQHTXH
GHQWURGHODTXHUHOODLQWHUSXHVWDSRU-RVp0DUFR*RQ]DOHV=HQWHQRFRQWUDHO3URFXUDGRU
*HQHUDOGHO(VWDGRHO'LUHFWRU'HSDUWDPHQWDOGH&RFKDEDPEDGHHVDLQVWLWXFLyQ\ORV
PLHPEURV GH OD 6DOD &LYLO 3ULPHUD GHO 7ULEXQDO 'HSDUWDPHQWDO GH -XVWLFLD GH HVH
GHSDUWDPHQWR DWULEX\pQGROHV OD SUHVXQWD FRPLVLyQ GH ORV GHOLWRV GH FRUUXSFLyQ XVR
LQGHELGR GH LQIOXHQFLDV LQFXPSOLPLHQWR GH GHEHUHV IDOVHGDG PDWHULDO LGHROyJLFD \
H[WRUVLyQGHULYDGRVGHODLQWHUSRVLFLyQFRQRFLPLHQWR\UHVROXFLyQUHVSHFWLYDPHQWHGH
ODDFFLyQGHDPSDURFRQVWLWXFLRQDOTXHIRUPXOyOD3URFXUDGXUtD*HQHUDOGHO(VWDGRD
ILQ GH ORJUDU OD QXOLGDG GH REUDGRV GHO SURFHVR HMHFXWLYR VHJXLGR SRU HO TXHUHOODQWH
FRQWUDHO*RELHUQR$XWyQRPR0XQLFLSDOGH&HUFDGRGHOGHSDUWDPHQWRGH&RFKDEDPED
SRUHOLQFXPSOLPLHQWRGHODUWGHO&3&OD)LVFDODQDOLVWDGLFWyOD5HVROXFLyQGH
GHMXQLRGHVXVWHQWDQGRVXGHFLVLyQHQHODUW,,GHOD/203HYLGHQFLDQGRTXH

W


dW^:d
QR H[LVWtD DGHFXDFLyQ WtSLFD GH ORV GHOLWRV DWULEXLGRV FRQ ORV KHFKRV GHQXQFLDGRV
KDFLHQGRpQIDVLVHQHOWUDQVFXUVRGHVXIDOORHQTXHHOSODQWHDPLHQWRGHODDFFLyQWXWHODU
TXH KDEtD RULJLQDGR OD TXHUHOOD HPHUJtD GH ODV IXQFLRQHV \ DWULEXFLRQHV HVSHFtILFDV
RWRUJDGDVSRUOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRDO3URFXUDGRU*HQHUDOGHO(VWDGRHO
TXH KDEtD FLUFXQVFULWR VX DFWXDFLyQ D FXPSOLU VXV REOLJDFLRQHV FRQVWLWXFLRQDOHV HQ
GHIHQVDGHORVLQWHUHVHVGHO(VWDGR


1RREVWDQWHGHDTXHOORLPSXJQDGDHVD5HVROXFLyQHO)LVFDO'HSDUWDPHQWDO
GH&RFKDEDPEDSURQXQFLyOD5HVROXFLyQFXHVWLRQDGDGHLOHJDOPHGLDQWHOD
SUHVHQWH DFFLyQ GH GHIHQVD DOHJDQGR VHU YLRODWRULD GH ORV GHUHFKRV DO HMHUFLFLR GH OD
IXQFLyQ S~EOLFD \ DO GHELGR SURFHVR VXVWDQWLYR GHO 3URFXUDGRU *HQHUDO GHO (VWDGR
VLHQGRTXHGHWHUPLQyODSURVHFXFLyQGHODVLQYHVWLJDFLRQHVVLQFRQVLGHUDUTXHOD)LVFDO
DQDOLVWDKDEtDGHWHUPLQDGRFRUUHFWDPHQWHTXHODLQWHUSRVLFLyQGHXQDDFFLyQGHGHIHQVD
SRUSDUWHGHGLFKDDXWRULGDGQRVHHQPDUFDEDDODDGHFXDFLyQWtSLFDGHORVGHOLWRVTXH
VHOHDWULEXtDQ$FX\DFRQVHFXHQFLDVHSURVLJXLyFRQODVLQYHVWLJDFLRQHVFRQIRUPHD
ODV&RQFOXVLRQHV,,D,,GHODSUHVHQWH6HQWHQFLD&RQVWLWXFLRQDO3OXULQDFLRQDO


(Q HVH RUGHQ HVWH 7ULEXQDO DGYLHUWH TXH HIHFWLYDPHQWH HO )LVFDO
'HSDUWDPHQWDO GH &RFKDEDPED DFWXy LQFRUUHFWDPHQWH DO UHYRFDU OD GHFLVLyQ GH
GHVHVWLPDU OD TXHUHOOD LQWHUSXHVWD FRQWUD HO 3URFXUDGRU *HQHUDO GHO (VWDGR \
RWURV

GHWHUPLQDGD LQLFLDOPHQWH SRU OD )LVFDO DQDOLVWD WRGD YH] TXH QR FRQVLGHUy ORV
DUJXPHQWRVJORVDGRVHQHO)XQGDPHQWR-XUtGLFR,,,GHOSUHVHQWHIDOORHQVHQWLGRTXH
ODDFWXDFLyQGHOKR\DFFLRQDQWHHQVXFRQGLFLyQGHPi[LPRUHSUHVHQWDQWHMXUtGLFRGHOD
HQWLGDGGHGHIHQVDGHORVLQWHUHVHVGHO(VWDGR3URFXUDGXUtD*HQHUDOVHFLxyDREVHUYDU
ODV GLVSRVLFLRQHV FRQVWLWXFLRQDOHV HVWDEOHFLGDV D ILQ GH FXPSOLU FRQ OD ILQDOLGDG GH OD
PLVPD5HVWULQJLHQGRDVtORVGHUHFKRVLQYRFDGRVHQODGHPDQGDWXWHODURUGHQDQGROD
SURVHFXFLyQGHXQDLQYHVWLJDFLyQTXHDWRGDVOXFHVQRHUDYLDEOHFRQODVFRQVHFXHQFLDV
LQGHVHDEOHV SRVWHULRUHV WRGD YH] TXH FRQIRUPH VH SUHFLVy DQWHULRUPHQWH OD
SUHVHQWDFLyQGHXQDDFFLyQGHDPSDURFRQVWLWXFLRQDOSRUSDUWHGHO3URFXUDGRU*HQHUDO
GHO(VWDGRQRSXHGHVHUFXHVWLRQDGDDWUDYpVGHODYtDSHQDOEDMRQLQJ~QPRWLYRVLHQGR
TXH GLFKD IDFXOWDG HPHUJH GHO OHJtWLPR HMHUFLFLR GH VX PDQGDWR FRQVWLWXFLRQDO HQ
GHIHQVDGHORVLQWHUHVHVGHO(VWDGR


6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH HO DPSDUR FRQVWLWXFLRQDO HQ PpULWR D TXH HO )LVFDO
'HSDUWDPHQWDO GH &RFKDEDPED DFWXy LQFRUUHFWDPHQWH DO UHYRFDU OD
GHFLVLyQ GH GHVHVWLPDU OD TXHUHOOD LQWHUSXHVWD FRQWUD HO 3URFXUDGRU
*HQHUDO GHO (VWDGR \
RWURV
 GHWHUPLQDGD LQLFLDOPHQWH SRU OD )LVFDO
DQDOLVWD QR FRQVLGHUy TXH OD DFWXDFLyQ GHO KR\ DFFLRQDQWH HQ VX
FRQGLFLyQGHPi[LPRUHSUHVHQWDQWHMXUtGLFRGHODHQWLGDGGHGHIHQVDGH
ORVLQWHUHVHVGHO(VWDGR3URFXUDGXUtD*HQHUDOVHFLxyDREVHUYDUODV
GLVSRVLFLRQHV FRQVWLWXFLRQDOHV HVWDEOHFLGDV D ILQ GH FXPSOLU FRQ OD
ILQDOLGDGGHODPLVPD5HVWULQJLHQGRDVtORVGHUHFKRVLQYRFDGRVHQOD
GHPDQGDWXWHODURUGHQDQGRODSURVHFXFLyQGHXQDLQYHVWLJDFLyQTXHD
WRGDVOXFHVQRHUDYLDEOHFRQODVFRQVHFXHQFLDVLQGHVHDEOHVSRVWHULRUHV
WRGDYH]TXHFRQIRUPHVHSUHFLVyDQWHULRUPHQWHODSUHVHQWDFLyQGHXQD
DFFLyQGHDPSDURFRQVWLWXFLRQDOSRUSDUWHGHO3URFXUDGRU*HQHUDOGHO
(VWDGRQRSXHGHVHUFXHVWLRQDGDDWUDYpVGHODYtDSHQDOEDMRQLQJ~Q
PRWLYRVLHQGRTXHGLFKDIDFXOWDGHPHUJHGHOOHJtWLPRHMHUFLFLRGHVX
PDQGDWRFRQVWLWXFLRQDOHQGHIHQVDGHORVLQWHUHVHVGHO(VWDGR

W


dW^:d


&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

)XQGDGRUD

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

,PSXJQDQGRHODFFLRQDQWHOD5HVROXFLyQHPLWLGDSRUHO)LVFDO'HSDUWDPHQWDO
GH&RFKDEDPEDDFXVDQGRTXHGLFKRIDOORQRFRQVLGHUyTXHHOSURFHVRSHQDOTXHVH
LQLFLyHQVXFRQWUD\ODGHRWURVGHULYDEDGHXQDDFFLyQGHDPSDURFRQVWLWXFLRQDOTXH
LQWHUSXVRHQGHIHQVDGHORVLQWHUHVHVGHO(VWDGRFRQFUHWDPHQWHGHO*RELHUQR$XWyQRPR
0XQLFLSDO GH FHUFDGR GHO GHSDUWDPHQWR GH &RFKDEDPED HQ FXPSOLPLHQWR GH OD
REOLJDFLyQTXHOHHVLPSXHVWDHQOD/H\)XQGDPHQWDOFRPSHOHUHIHULUVHDODVIXQFLRQHV
\DWULEXFLRQHVGHGLFKDDXWRULGDGSXQWXDOL]DGRVFRQODGHELGDSUHFLVLyQPHGLDQWHOD
6&3  GH  GH MXQLR GHFLVLyQ FRQVWLWXFLRQDO TXH H[SUHVy
OD UHIRUPD
FRQVWLWXFLRQDOGHHVWUXFWXUyXQQXHYRPRGHORGH(VWDGRHOFXDOHQVXLQJHQLHUtD
UHVSRQGHDODVEDVHV\SRVWXODGRVD[LRPiWLFRVSODVPDGRVHQODSDUWHGRJPiWLFDGHOD
&RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR SRU HVWD UD]yQ OD SDUWH RUJiQLFD TXH UHIOHMD OD
RUJDQL]DFLyQ GHO SRGHU S~EOLFR UHVSRQGH GH PDQHUD GLUHFWD D HVWDV GLUHFWULFHV
GRJPiWLFDVHQHVHRUGHQGHDFXHUGRDOSUHiPEXORGHOD/H\)XQGDPHQWDO\HQDUPRQtD
FRQHODUWGHVXWH[WRHOYLYLUELHQQRFRQVWLWX\HVRODPHQWHXQYDORUVXSUHPRGHO
(VWDGR 3OXULQDFLRQDO GH %ROLYLD VLQR XQ ILQ HVHQFLDO FX\D FRQVROLGDFLyQ GHEH VHU
PDWHULDOL]DGD SRU XQD HILFD] RUJDQL]DFLyQ GHO SRGHU S~EOLFR SODVPDGD HQ OD SDUWH
RUJiQLFDGHOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR

3RUORH[SXHVWRSUHFLVDPHQWHHOFXPSOLPLHQWRGHHVWHSRVWXODGRHVGHFLUHOYLYLUELHQ
\DGHPiVODFRQVROLGDFLyQGHORVILQHVHVHQFLDOHVGHO(VWDGR3OXULQDFLRQDOGH%ROLYLD
SODVPDGRVHQHODUWGHOD&3(DODOX]GHXQDSDXWDWHOHROyJLFDGHLQWHUSUHWDFLyQ
RULJLQDURQTXHODIXQFLyQFRQVWLWX\HQWHGLVHxHXQDHVWUXFWXUDHVSHFtILFDGHGHIHQVDGH
ORVLQWHUHVHVGHO(VWDGRHQFRPHQGDQGRHVWHURODOD3URFXUDGXUtD*HQHUDOGHO(VWDGR
(QHIHFWRSRUHOWHQRUGHODUWGHOD&3(VHLQVWLWX\HTXHOD3URFXUDGXUtD*HQHUDO
GHO(VWDGRHVODLQVWLWXFLyQGHUHSUHVHQWDFLyQMXUtGLFDS~EOLFDFX\DVDWULEXFLRQHVVRQ
ODVGHSURPRYHUGHIHQGHU\SUHFDXWHODUORVLQWHUHVHVGHO(VWDGRVLHQGRHVWRVUROHVHO
REMHWRRUJiQLFRGHHVWDHQWLGDGHQHVHFRQWH[WR\HQXQDLQWHUSUHWDFLyQVLVWpPLFDGHEH
HVWDEOHFHUVHTXHORVPHGLRVSDUDFRQVHJXLUHVWHREMHWRIXQFLRQDOHVWiQGDGRVSRUODV
IXQFLRQHV SURSLDV GH HVWH yUJDQR GLVFLSOLQDGDV HQ HO DUW  GH OD &3( ODV FXDOHV
VLJXLHQGR XQD WD[RQRPtD DFRUGH \ DUPRQL]DEOH FRQ HO REMHWRRUJiQLFR GH OD HQWLGDG
SRGUtDQFDWDORJDUVHHQGRVHVHQFLDOHVD (OHMHUFLFLRGHODUHSUHVHQWDFLyQGHO(VWDGR
FX\DJUDQPDQLIHVWDFLyQVHSODVPDHQHOUROGHSDUWHSURFHVDODWULEXLGDDOD3URFXUDGXUtD
*HQHUDOGHO(VWDGR\E (OHMHUFLFLRGHUROHVGHVXSHUYLVLyQ

 

(Q XQD LQWHUSUHWDFLyQ WHOHROyJLFD GHEH VHxDODUVH TXH OD ILQDOLGDG GHO GLVHxR GH OD
3URFXUDGXUtD *HQHUDO GHO (VWDGR HQ DUPRQtD FRQ ODV SDXWDV D[LRPiWLFDV \ ORV ILQHV
HVHQFLDOHV GHO (VWDGR 3OXULQDFLRQDO GH %ROLYLD \ GH DFXHUGR D ORV FULWHULRV DQWHV
SUHFLVDGRV HV DVHJXUDU OD GHIHQVD GH ORV LQWHUHVHV GHO (VWDGR D WUDYpV GH XQD HILFD]
UHSUHVHQWDFLyQSRUWDQWRHVLPSHUDQWHSUHFLVDUTXHDODOX]GHWHRUtDGHO'HUHFKR\SRU
PDQGDWRFRQVWLWXFLRQDOGHDFXHUGRDOREMHWRRUJiQLFRGHOD3URFXUDGXUtD*HQHUDOGHO
(VWDGRHQHOFDPSRGHODUHSUHVHQWDFLyQSURFHVDOODIXQFLyQFRQVWLWX\HQWHDVLJQyXQD
UHSUHVHQWDFLyQSURFHVDODOD3URFXUDGXUtD*HQHUDOGHO(VWDGRyUJDQRS~EOLFRTXHWLHQH
OD DSWLWXG OHJDO SDUD HO HMHUFLFLR GH GLFKD UHSUHVHQWDFLyQ GH IRUPD GLUHFWD VXSXHVWR
IiFWLFRHQYLUWXGGHOFXDOHVWDHQWLGDGDOWHQHUFRPRPLVLyQHVHQFLDOODGHIHQVDGHORV
LQWHUHVHV GHO (VWDGR HVWi OHJLWLPDGD DFWLYDPHQWH SDUD VHU SDUWH SURFHVDO HQ FDXVDV R
FRQWURYHUVLDV GH tQGROH MXULVGLFFLRQDO R DGPLQLVWUDWLYR \ HQ HO iPELWR LQWHUQR R

W


dW^:d
LQWHUQDFLRQDO  

$KRUDELHQHVWDUHSUHVHQWDFLyQSURFHVDOGLUHFWDDWULEXLGDSRUODIXQFLyQFRQVWLWX\HQWHD
OD3URFXUDGXUtD*HQHUDOGHO(VWDGRQRVRODPHQWHFRPSUHQGHDFDXVDVMXULVGLFFLRQDOHV
RDGPLQLVWUDWLYDVVLQRWDPELpQDDFFLRQHVGHGHIHQVDTXHGHEDQVHUDFWLYDGDVSDUDHO
HMHUFLFLR GHO FRQWURO GH FRQVWLWXFLRQDOLGDG HQ UHODFLyQ D GHFLVLRQHV MXULVGLFFLRQDOHV R
DFWRVDGPLQLVWUDWLYRVHPHUJHQWHVGHFDXVDVHQODVFXDOHVVHHMHUFLyODUHSUHVHQWDFLyQ
GLUHFWDGHO(VWDGRSRVWXODGRDFRUGHFRQHOWHQRUOLWHUDOGHOD~OWLPDSDUWHGHODUW
GHOD&3(
 ODVQHJULOODVQRVSHUWHQHFHQ 

'HO DQiOLVLV MXULVSUXGHQFLDO FLWDGR GHULYDGR GH ODV GLVSRVLFLRQHV FRQVWLWXFLRQDOHV
UHODWLYDVDODVIXQFLRQHV\DWULEXFLRQHVRWRUJDGDVSRUOD1RUPD6XSUHPDDO3URFXUDGRU
*HQHUDOGHO(VWDGRVHDGYLHUWHFODUDPHQWHTXHpVWHDVXPHODUHSUHVHQWDFLyQMXUtGLFDGH
OD3URFXUDGXUtD*HQHUDOGHO(VWDGRHQWLGDGHVWDWDOTXHWLHQHODILQDOLGDGGHSURPRYHU
GHIHQGHU\SUHFDXWHODUORVLQWHUHVHVGHO(VWDGR DUWVGHOD&3(GHOD/H\GHOD
HQWLGDGDFFLRQDQWH WHQLHQGRODVIXQFLRQHVSUHFLVDPHQWHFRPRPi[LPRUHSUHVHQWDQWH
GHGHIHQVDMXGLFLDO\H[WUDMXGLFLDOGHDTXHOORVLQWHUHVHVDVXPLHQGRVXUHSUHVHQWDFLyQ
MXUtGLFDDHIHFWRVGHORFXDOVHOHRWRUJDODIDFXOWDGGHLQWHUYHQLUFRPRVXMHWRSURFHVDO
GHSOHQRGHUHFKRHQWRGDVODVDFFLRQHVMXGLFLDOHV\DGPLQLVWUDWLYDVHQHOPDUFRGHOD
1RUPD 6XSUHPD \ OD OH\ DGHPiV GH OD SRWHVWDG GH IRUPXODU UHFXUVRV RUGLQDULRV \
DFFLRQHV HQ GHIHQVD GH ORV PLVPRV DUWV  \  GH OD &3(  \  GH OD /H\
3URFXUDGXUtD*HQHUDOGHO(VWDGR /3*( 


3RUORH[SXHVWRGHEHFRQFOXLUVHTXHODLQWHUSRVLFLyQGHXQDDFFLyQGHDPSDUR
FRQVWLWXFLRQDOSRUSDUWHGHO3URFXUDGRU*HQHUDOGHO(VWDGRPi[LPDDXWRULGDGGHGLFKD
HQWLGDG TXH HMHUFH VX UHSUHVHQWDFLyQ MXUtGLFDQR SXHGHGH PRGRDOJXQRRULJLQDUXQD
LQYHVWLJDFLyQSHQDOHQVXFRQWUDWRPDQGRHQFXHQWDTXHHVOD&RQVWLWXFLyQ3ROtWLFDGHO
(VWDGRODTXHOHRWRUJDHVDVIDFXOWDGHV\IXQFLRQHVSDUDKDFHUHIHFWLYDODILQDOLGDGSDUD
ODTXHVHKDOODLQVWLWXLGDODHQWLGDGDOXGLGDGHGHIHQVD\SUHFDXWHODGHORVLQWHUHVHVGHO
(VWDGRHPHUJLHQGRHQFRQVHFXHQFLDODDWULEXFLyQGHIRUPXODUDFFLRQHVGHGHIHQVDGHO
OHJtWLPR HMHUFLFLR GHO PDQGDWR FRQVWLWXFLRQDO FRQWHQLGR HQ ODV QRUPDV DOXGLGDV HQ HO
SiUUDIRSUHFHGHQWH/RFRQWUDULRHVGHFLUDEULUODSRVLELOLGDGGHDEULUXQDFDXVDSHQDO
FRQWUD GLFKD DXWRULGDG SRU ODV FLUFXQVWDQFLDV DQRWDGDV SURYRFD XQ SHUMXLFLR \
SHUWXUEDFLyQ LQGHELGD HQ HO HMHUFLFLR GH OD IXQFLyQ S~EOLFD TXH OH DVLJQD OD 1RUPD
6XSUHPDHQOHVLyQGHHVHGHUHFKR




 1RUPDV FRPXQHV GH SURFHGLPLHQWR HQ DFFLRQHV GH


GHIHQVD,QWHUYHQFLyQGHO0LQLVWHULR3~EOLFR
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO


W


dW^:d


6&3   (O 0LQLVWHULR 3~EOLFR QR WLHQH FDOLGDG GH WHUFHUR
LQWHUHVDGR HQ ODV DFFLRQHV GH GHIHQVD SRU FXDQWR LQWHUYLHQH HQ
UHSUHVHQWDFLyQGHORVLQWHUHVHVJHQHUDOHVGHODVRFLHGDG

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOHODFFLRQDQWHDOHJyODYLRODFLyQ
GHVXVGHUHFKRVDOGHELGRSURFHVRDODGHIHQVD\DOD
VHJXULGDGMXUtGLFD

FXHVWLRQDQGRODHPLVLyQGH$XWRV6XSUHPRVTXHGHFODUDURQQRKDOXJDU
D OD H[WLQFLyQ \ SUHVFULSFLyQ GH OD DFFLyQ SHQDO UHVSHFWLYDPHQWH \
SRVWHULRUHPLVLyQVXSXHVWDPHQWHLQGHELGDGHRWUR$XWR6XSUHPRTXH
UHVROYLyVXUHFXUVRGHFDVDFLyQSODQWHDGRFRQWUDXQ$XWRGH9LVWDSRU
ORTXHSHWLFLRQyVHGLVSRQJDODQXOLGDGGHORV$XWRV6XSUHPRV\TXH
SUHYLDPHQWHDVHUUHVXHOWDVODVH[FHSFLRQHVGHSUHVFULSFLyQ\H[WLQFLyQ
GHODDFFLyQSHQDOORVGHPDQGDGRVVHSURQXQFLHQVREUHODDGPLVLyQR
UHFKD]R GH OD GHFOLQDWRULD GH FRPSHWHQFLD GLFWDGD SRU HO 7ULEXQDO
6HJXQGRGH6HQWHQFLD\TXHVHUHVXHOYDODH[FHSFLyQGHH[WLQFLyQGH
OD DFFLyQ SHQDO (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO DSUREy OD
UHVROXFLyQUHYLVDGD\HQFRQVHFXHQFLDGHQHJyODWXWHODVROLFLWD

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,(ODFFLRQDQWHHQVXPHPRULDOGHGHPDQGDWXWHODUVROLFLWDOD
FLWDFLyQ GH )HUQDQGR (GJDU &RUWH] )ORUHV \ $OEHUWR 9LOOHJDV *DUFtD
)LVFDOHV GH 0DWHULD HQ VX FDOLGDG GH WHUFHURV LQWHUHVDGRV TXH DFW~DQ
FRPRDFXVDGRUHVS~EOLFRVGHQWURGHOSURFHVRSHQDOVXVWDQFLDGRHQVX
FRQWUD SHWLFLyQ TXH IXH DWHQGLGD SRVLWLYDPHQWH SRU HO 7ULEXQDO GH
JDUDQWtDV KDELpQGRVH HIHFWXDGR OD UHIHULGD GLOLJHQFLD D OD )LVFDO GH
'LVWULWRGH/D3D]SHURTXHQRLQWHUYLQLHURQ

6LELHQHO0LQLVWHULR3~EOLFRGHQWURGHXQDFDXVDSHQDOUHSUHVHQWDORV
LQWHUHVHVGHODYtFWLPDFRPRSDUWHGHOQ~FOHRGHODVRFLHGDGQRORKDFH
HQHMHUFLFLRGHXQLQWHUpVSDUWLFXODURLQGLYLGXDOVLQRHQVDOYDJXDUGDGH
ORV LQWHUHVHV JHQHUDOHV GH DTXHOOD HQ FXPSOLPLHQWR GH VXV IXQFLRQHV
UD]yQSRUODFXDOQRSXHGHVHUFLWDGRFRPRWHUFHURLQWHUHVDGRSRUORTXH
VXLQWHUYHQFLyQHVQHFHVDULDSDUDTXHHQHMHUFLFLRGHVXVDWULEXFLRQHV\
GLILFXOWDGHV DFRUGH DO URO TXH GHVHPSHxD HPLWD XQ GHWHUPLQDGR
UHTXHULPLHQWRGHGHIHQVDGHODVRFLHGDGFRQIRUPHVHWLHQHVRVWHQLGRHQ
HO)XQGDPHQWR-XUtGLFR,,,

6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJDODDFFLyQGHDPSDUR\DQWHVDFODUDTXHHO0LQLVWHULR3~EOLFRQR
WLHQHFDOLGDGGHWHUFHURLQWHUHVDGRHQODVDFFLRQHVGHGHIHQVDSRUFXDQWR
LQWHUYLHQHHQUHSUHVHQWDFLyQGHORVLQWHUHVHVJHQHUDOHVGHODVRFLHGDG
W


dW^:d

SRU OR TXH QR HUD QHFHVDULD TXH HO 7ULEXQDO GH JDUDQWtDV UHDOLFH OD
FLWDFLyQDO)LVFDOGH0DWHULDHQVXFRQGLFLyQGHWHUFHURLQWHUHVDGR

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/DOtQHDMXULVSUXGHQFLDOTXHHVWDEOHFHTXHHO0LQLVWHULR3~EOLFRQRWLHQH
FDOLGDG GH WHUFHUR LQWHUHVDGR HQ ODV DFFLRQHV GH GHIHQVD SRU FXDQWR
LQWHUYLHQHHQUHSUHVHQWDFLyQGHORVLQWHUHVHVJHQHUDOHVGHODVRFLHGDG
HVWiFRQWHQLGDHQODVVLJXLHQWHVVHQWHQFLDV

(O$&5&$GHGHPDU]RGHWHUPLQyTXHHO0LQLVWHULR
3~EOLFRQRSRGtDFRQVLGHUDUVHFRPRWHUFHURLQWHUHVDGR

/D6&5GHGHMXOLRHQHODQiOLVLVGHOFDVRHVSHFtILFR
JHQHUDQGRXQSUHFHGHQWHFRQVWLWXFLRQDOLPSOtFLWROHRWRUJyODFDOLGDG
GH WHUFHUR LQWHUHVDGR FRQ LQWHUpV OHJtWLPR DO 0LQLVWHULR 3~EOLFR
VHxDODQGRGHOFRQWHQLGRGHO$XWRGHDGPLVLyQVHFRQVWDWDTXHQRVH
QRWLILFyDORVDFXVDGRUHVSDUWLFXODUHV  TXLHQHVUHVXOWDQVHUMXQWRDO
0LQLVWHULR 3~EOLFR WHUFHURV FRQ LQWHUpV OHJtWLPR OR TXH FLHUWDPHQWH
SXHGHDFDUUHDUODYXOQHUDFLyQGHOGHUHFKRDODGHIHQVDGHpVWRVSRUTXH
HQHVWHWUiPLWHH[WUDRUGLQDULRHODFFLRQDQWHLPSXJQDODVXSXHVWDIDOWD
GHGHVLJQDFLyQGHDERJDGRGHIHQVRUGHRILFLRDVXIDYRUHQHOSURFHVR
SHQDOTXHOHVLJXHQORVPHQFLRQDGRVWHUFHURVLQWHUHVDGRVSRUORVGHOLWRV
GHWHQWDWLYDGHKRPLFLGLR\OHVLRQHVJUDYtVLPDVKDELpQGRVHFRQFHGLGR
ODWXWHODSRUHO-XH]GHJDUDQWtDVGHFODUDQGRQXORWRGRORDFWXDGRFRQ
SRVWHULRULGDGDO$XWRGHUDGLFDWRULDGHOSURFHVR

/XHJRGHPDQHUDH[SOtFLWDHQOD6&5GHGHDJRVWR
FDPELDQGRHOHQWHQGLPLHQWRDVXPLGRHQOD6&5HVWDEOHFLy
TXH HO0LQLVWHULR 3~EOLFRQR WLHQH FDOLGDG GH WHUFHUR LQWHUHVDGRHQOD
DFFLyQ GH DPSDUR DPSOLDQGR DGHPiV HO HQWHQGLPLHQWR HQ VHQWLGR GH
H[FOXLUDODVDXWRULGDGHVMXULVGLFFLRQDOHVFRPRWHUFHURVLQWHUHVDGRV

 /D OtQHD KD VLGR UHLWHUDGD GH PDQHUD XQLIRUPH HQ ODV 6HQWHQFLDV
&RQVWLWXFLRQDOHV  / $& 5&$
6HQWUHRWUDV

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,(O 7ULEXQDO &RQVWLWXFLRQDO D WUDYpV GH OD 6&  GH  GH DJRVWR
GHWHUPLQy HQ UHIHUHQFLD D OD LQWHUYHQFLyQ GHO WHUFHUR LQWHUHVDGR OR VLJXLHQWH
6H
HQWLHQGHFRPRWHUFHURLQWHUHVDGRDODSHUVRQDLQGLYLGXDORMXUtGLFDTXHWLHQHXQLQWHUpV
OHJtWLPR GHQWUR GH XQ OLWLJLR TXH SXGLHUD YHUVH DIHFWDGR R VH FRQVWLWX\H HO
UHFRQRFLPLHQWRDORVGHUHFKRV\JDUDQWtDVFRQVWLWXFLRQDOHVGHLJXDOGDGGHELGRSURFHVR
\ GHIHQVD GH TXLHQ VLQ VHU SDUWH GHQWUR GH XQ SURFHVR MXGLFLDO R DGPLQLVWUDWLYR OD
UHVROXFLyQDHPLWLUVHOHDIHFWHREYLDQGRTXHQDGLHSXHGHVRSRUWDUXQDGHFLVLyQLQYHUVD
DVXVLQWHUHVHVVLQVHUHVFXFKDGRSRUHOORODH[LJHQFLDGHVXFLWDFLyQRSRUWXQDFRQIRUPH
SUHYLHQH HO QXP  GHO DUW  GH OD /H\ GHO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO

W


dW^:d


FRQILUPDQGR TXH HO WHUFHUR LQWHUHVDGR QR HV SURSLDPHQWH SDUWH SURFHVDO SHUR OD
UHVROXFLyQ TXH DVXPD HO WULEXQDO FRPSURPHWH VXV GHUHFKRV LQGLYLGXDOHV VHDQ HVWRV
HIHFWLYRV R H[SHFWDWLYRV   ,QWHUYHQFLyQ GHO WHUFHUR LQWHUHVDGR HQ HO DPSDUR
FRQVWLWXFLRQDO/DLQVWLWXFLyQGHOWHUFHURLQWHUHVDGRWLHQHVXJpQHVLVSUHFLVDPHQWHHQHO
UHVSHWR GH ORV GHUHFKRV LQGLYLGXDOHV GH TXLHQ VLQ VHU SDUWH GH OD DFFLyQ WXWHODU VHD
DIHFWDGR R FRPSURPHWLGR 6H VXVWHQWD HQ HO KHFKR TXH HO HMHUFLFLR GH ORV GHUHFKRV
IXQGDPHQWDOHV GH XQD SHUVRQD TXH DFWLYD OD DFFLyQ GH GHIHQVD FRQVWLWXFLRQDO QR OD
SHUMXGLTXH OtPLWH TXH VH HIHFWLYL]D FRQ OD REOLJDFLyQ GH QRWLILFDUOH SDUD TXH DVXPD
FRQRFLPLHQWR GH ORV DOFDQFHV GH OD DFFLyQ LQVWDXUDGD FX\D UHVROXFLyQ FRPR VH WLHQH
GLFKRGHDOJXQDPDQHUDSXHGDOHVLRQDUDOJXQRGHVXVLQWHUHVHVOHJtWLPRV(QUHVXPHQOD
LQWHUYHQFLyQGHOWHUFHURLQWHUHVDGRUHVSRQGHH[FOXVLYDPHQWHDOUHVJXDUGRGHGHUHFKRV
DMHQRV D OD FRQWURYHUVLD FRQVWLWXFLRQDO TXH UHVSRQGH D OD QDWXUDOH]D MXUtGLFD GH HVWD
DFFLyQWXWHODUREOLJDQGRDVXFLWDFLyQFRQODILQDOLGDGGHVHURtGDHQFXPSOLPLHQWRGHO
GHELGRSURFHVR

 

E (QFXDQWRDO0LQLVWHULR3~EOLFR3RUPDQGDWRFRQVWLWXFLRQDO\FRQIRUPHHODUW
GHOD&3(FRQVWLWX\HXQyUJDQRS~EOLFRDOTXHGHQWURGHOHVWDGRVRFLDO\GHPRFUiWLFR
GHGHUHFKRVHOHDWULEX\HODUHSUHVHQWDFLyQGHORVLQWHUHVHVJHQHUDOHVGHODVRFLHGDG
PHGLDQWHHOHMHUFLFLRGHODVIDFXOWDGHVGHGLUHFFLyQGHODLQYHVWLJDFLyQGHKHFKRVTXH
UHYLVWHQ ORV FDUDFWHUHV GH FRQGXFWDV SXQLEOHV OD SURWHFFLyQ D ODV YtFWLPDV \ GH
WLWXODULGDG GH OD DFFLyQ SHQDO S~EOLFD HQ HVH PDUFR GHIHQGHUi OD OHJDOLGDG 'H OR
DSXQWDGR QyWHVH GRV DVSHFWRV HVHQFLDOHV ORV LQWHUHVHV GH OD VRFLHGDGTXHGHILHQGH HO
0LQLVWHULR3XEOLFRFRPRSUHFLVDODSURSLD&RQVWLWXFLyQVRQJHQHUDOHVQRSDUWLFXODUHV
RLQGLYLGXDOHVVLELHQVHPDWHULDOL]DQHQXQGHWHUPLQDGRKHFKRHQHOTXHH[LVWHXQD
YtFWLPDHQSDUWLFXODUVXDFWXDUQRVHFLUFXQVFULEHVyORDHOODVLQRDORTXHpVWDUHSUHVHQWD
HQHOQ~FOHRVRFLDOGDGRTXHVLVRORVHLQYROXFUDUtDVXVLQWHUHVHVSDUWLFXODUHVFRPRORV
ELHQHVMXUtGLFRVWXWHODGRVSRUHOUpJLPHQGHGHOLWRVGHDFFLyQSULYDGDVXLQWHUYHQFLyQ
HVWiYHGDGDFRQIRUPHSUHYLHQHHODUWGHO&33(QHVWHSURFHGLPLHQWRHVSHFLDO
QRVHUiSDUWHOD)LVFDOtD  6XODERUQRVHOLPLWDDODGLUHFFLyQGHODLQYHVWLJDFLyQGH
KHFKRVSXQLEOHVHLQWHUYHQFLyQHQHOSURFHVRSHQDOVLQRWDPELpQDOHVWDEOHFLPLHQWRGH
FULWHULRVGHSROtWLFDFULPLQDORSHUVHFXFLyQSHQDOVXMHWDDORVQXHYRVSULQFLSLRVGHODV
FLHQFLDVSHQDOHVFRPRHOGHODPtQLPDLQWHUYHQFLyQ\GHVHOHFWLYLGDGTXHUHVWULQJHQD~Q
PiVVXSDUWLFLSDFLyQDORTXHVHDJUHJDORVSULQFLSLRVSURFHVDOHVFRPRORVFULWHULRVGH
RSRUWXQLGDGUHJODGDODVVDOLGDVDOWHUQDWLYDVODFRQFLOLDFLyQHQORVGHOLWRVGHFRQWHQLGR
SDWULPRQLDO\ODFRQYHUVLyQGHDFFLRQHV1RREVWDQWHTXHSRUVXFDUiFWHUGHWLWXODUGHOD
DFFLyQ SHQDO DGTXLHUH FDOLGDG GH SDUWH R VXMHWR SURFHVDO GHELGR D OD QDWXUDOH]D
DGYHUVDWLYDGHOSURFHVRSHQDOGHELGRDTXHVXVWHQWDXQDSRVLFLyQRSXHVWDDOLPSXWDGR
HVFRQYHQLHQWHGLIHUHQFLDUTXHVLELHQHVSDUWHORHVVyORIRUPDOPHQWHQRPDWHULDOPHQWH
SRUFDUHFHUGHLQWHUpVSDUWLFXODUTXHHVORVXVWDQFLDOGHODYtFWLPDRHOTXHUHOODQWHTXH
WDPELpQHVSDUWHHQODFRQWLHQGDSURFHVDOSHURFRQLQWHUHVHVGLVWLQWRV

 

6L LQVLVWLpUDPRV HQ TXH HO 0LQLVWHULR 3~EOLFR HV SDUWH FRQVHFXHQWHPHQWH SDUFLDO VX
LQWHUpV VH OLPLWD DO TXH HQFDUQD D OD FROHFWLYLGDG LQFOXLGR HO LPSXWDGR \ TXH H[LJH
OHJDOPHQWHDTXHVHDXQILHOUHIOHMRGHODPi[LPDSURELGDG\REMHWLYLGDGHQHOHMHUFLFLR
GHVXVIXQFLRQHV\HQHOFXPSOLPLHQWRGHVXVGHEHUHVSULQFLSLRVTXHOHLPSHOHQDWRPDU
HQFXHQWDQRVyORODVFLUFXQVWDQFLDVTXHOOHYHQDSUREDUODDFXVDFLyQVLQRWDPELpQODV
TXHVLUYDQSDUDGLVPLQXLURH[LPLUGHUHVSRQVDELOLGDGDOLPSXWDGRDUWGHOD/203

 

&RPRyUJDQRDXWyQRPRFRQVDJUDGRFRQVWLWXFLRQDOPHQWHUHJLGRSRUORVSULQFLSLRVGH
XQLGDG\MHUDUTXtDHQVXFDOLGDGGHGHIHQVRUGHODOHJDOLGDGGHEHVHUVLHPSUHFLWDGRFRQ

W


dW^:d
ODDFFLyQGHDPSDURSDUDTXHHQODDXGLHQFLDHQXVRGHVXVDWULEXFLRQHV\IDFXOWDGHV
RSLQH\UHTXLHUDHQFXPSOLPLHQWRGHVXVIXQFLRQHVQRSDUDTXHGHILHQGDVXVSURSLRV
LQWHUHVHVSRUORTXHWDPELpQGHVGHHVHSXQWRGHYLVWDQRSXHGHFRQVLGHUDUVHXQWHUFHUR
LQWHUHVDGR SRUTXH VXV LQWHUHVHV QR HVWiQ DO PDUJHQ GHO FROHFWLYR VRFLDO 7DPSRFR
RSHUDWLYDPHQWHHVIDFWLEOHVXLQWHUYHQFLyQHQHVDFRQGLFLyQSRUTXHGHVQDWXUDOL]DUtDHO
SULQFLSLR GH XQLGDG DO WRUQDUOH HQ GXDO VX SDUWLFLSDFLyQ XQD FRPR GHIHQVRU GH OD
OHJDOLGDG \ RWUD FRPR WHUFHUR LQWHUHVDGR OR TXH SRU VXSXHVWR HV LQDGPLVLEOH 3RU OR
DQRWDGR HO 7ULEXQDO GH JDUDQWtDV GHEH SUHYHU OD QRWLILFDFLyQ DO UHSUHVHQWDQWH GHO
0LQLVWHULR 3~EOLFR SRVLELOLWDQGR VX LQWHUYHQFLyQ UHTXHULPLHQWR X RSLQLyQ HQ
UHSUHVHQWDFLyQGHORVLQWHUHVHVJHQHUDOHVGHODVRFLHGDG\QRFRPRSHUVRQDFRQLQWHUpV
SDUWLFXODU FRPR HO TXH UHILHUH D OD FDOLGDG GH WHUFHUR LQWHUHVDGR (O UD]RQDPLHQWR
H[SXHVWRUHVSHFWRDODQRLQWHUYHQFLyQGHO0LQLVWHULR3~EOLFRHQODDFFLyQGHDPSDUR
FRQVWLWXFLRQDOHQFDOLGDGGHWHUFHURLQWHUHVDGRLPSOLFDXQFDPELRGHUD]RQDPLHQWRDO
FRQWHQLGRHQOD6&5GHGHMXOLRTXHHQVX)XQGDPHQWR-XUtGLFR,,,
FRUUHVSRQGLHQWHDODQiOLVLVGHOFDVRHVSHFtILFROHRWRUJyODFDOLGDGGHWHUFHURLQWHUHVDGR
FRQLQWHUpVOHJtWLPR
 GHGHDJRVWR 




 1RUPDV FRPXQHV GH SURFHGLPLHQWR HQ DFFLRQHV GH


GHIHQVD0HGLGDVFDXWHODUHV
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3(VLPSURFHGHQWHODDFFLyQGHDPSDURFRQVWLWXFLRQDO
FXDQGR SUHYLDPHQWH VH DFWLYD RWUD DFFLyQ WXWHODU FRQ LGHQWLGDG GH
REMHWR VXMHWR \ FDXVD FX\D UHVROXFLyQ VH HQFXHQWUD SHQGLHQWH GH
GHFLVLyQDQWHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO\ODGLODFLyQ
RGHPRUDFRPRFRQVHFXHQFLDGHORUGHQGHOVRUWHRQRHVXQHOHPHQWR
TXHMXVWLILTXHHODQiOLVLVGHODSUREOHPiWLFDHQXQDVHJXQGDDFFLyQ
WXWHODU \D TXHODV SDUWHVSURFHVDOHVGHPDQHUDPRWLYDGD HQ YH] GH
DFWLYDU XQD QXHYD DFFLyQ WXWHODU SXHGHQ SHGLU DQWH HO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDODWUDYpVGHOD&RPLVLyQGH$GPLVLyQHO
DGHODQWR GH VRUWHR DGHPiV ODVPHGLGDV FDXWHODUHV VRQ XQD ILJXUD
GHVWLQDGDDHYLWDUODFRQVXPDFLyQGHXQDDPHQD]DGHUHVWULFFLyQR
VXSUHVLyQ GH GHUHFKRV R JDUDQWtDV SRU FXDQWR IUHQWH D VX
UHFRQRFLPLHQWRH[SUHVRQRVHMXVWLILFDODSUHVHQWDFLyQGHRWUDDFFLyQ
WXWHODUSDUDHVWHILQ

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

W


dW^:d


(Q XQD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO OD DFFLRQDQWH GHQXQFLy OD
YXOQHUDFLyQ GH VXV GHUHFKRV D OD SURSLHGDG SULYDGD \ D OD VHJXULGDG
MXUtGLFDSRUTXHHOWHUUHQRGHVXSURSLHGDGIXHLQYDGLGR(QEDVHDHVWD
GHQXQFLD SLGLy VH FRQFHGD OD WXWHOD (O 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDODSUREyODUHVROXFLyQGHO7ULEXQDOGH*DUDQWtDV\GHQHJy
ODWXWHODSRUODVVLJXLHQWHVUD]RQHV 3RUTXHODDFFLRQDQWHSUHVHQWyXQD
DQWHULRU DFFLyQ WDPELpQ GH DPSDUR FRQVWLWXFLRQDO FRQ LGHQWLGDG GH
REMHWR VXMHWR \ FDXVD OD FXDO VH HQFXHQWUD UDGLFDGD HQ OD 6DOD
/LTXLGDGRUD7UDQVLWRULDGHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOSDUD
ODHPLVLyQGHODUHVSHFWLYDGHFLVLyQSHURDGHPiVHQHOFDVRFRQFUHWR
ODIDOWDGHFHOHULGDGSURFHVDOHQHOVRUWHRGHODFDXVDRHOSHOLJURGHTXH
SXHGDFRQVXPDUVHXQDDPHQD]DFRQWUDORVGHUHFKRVGHODDFFLRQDQWHQR
HVMXVWLILFDWLYRSDUDTXHHQHVWDDFFLyQWXWHODUVHLQJUHVHDODQiOLVLVGH
IRQGR GH OD SUREOHPiWLFD \D TXH SDUD HVWH HIHFWR OD DFFLRQDQWH SXGR
SHGLU HO DGHODQWR GH VRUWHR R XQD PHGLGD FDXWHODU \   3RUTXH HQ
UHODFLyQDODSUXHEDGHUHFLHQWHREWHQFLyQSUHVHQWDGDQRGHEHDFWLYDUVH
XQD QXHYD DFFLyQ VLQR TXH GLFKD SUXHED GHELy VHU SUHVHQWDGD SRU OD
DFFLRQDQWH HQ VX SULPHUD DFFLyQ DQWH HO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO SDUD VX YDORUDFLyQ HQ HO PDUFR GHO SULQFLSLR GH YHUGDG
PDWHULDO

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,

(QHVHVHQWLGRHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOREVHUYDQGRODH[LVWHQFLDGH
XQSURFHVRDQWHULRUDODSUHVHQWHDFFLyQSURFHGLyDFRQVWDWDUVLHVTXHHYLGHQWHPHQWH
H[LVWtDRWURSURFHVR\HOHVWDGRHQHOTXHVHHQFRQWUDEDHOPLVPRUD]yQSRUODFXDOVH
SXGR YHULILFDU TXH H[LVWH XQD DQWHULRU GHPDQGD GH DFFLyQ GH DPSDUR FRQVWLWXFLRQDO
VLJQDGD FRQ HO Q~PHUR $$& SRU OR TXH SUHYLDPHQWH DO DQiOLVLV GH
IRQGR GH OD SUHVHQWH DFFLyQ FRUUHVSRQGH GLOXFLGDU VL HQWUH DPEDV DFFLRQHV H[LVWH
LGHQWLGDG GH VXMHWRV REMHWR \ FDXVD GH DFXHUGR D OD MXULVSUXGHQFLD JORVDGD HQ HO
)XQGDPHQWR-XUtGLFR,,,GHODSUHVHQWH6HQWHQFLD&RQVWLWXFLRQDO3OXULQDFLRQDO

$O UHVSHFWR VH WLHQH TXH OD DFFLRQDQWH LQWHUSXVR XQD SULPHUD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDOHOGHMXOLRGH\IXHUHVXHOWDSRUOD6DOD3HQDO\$GPLQLVWUDWLYD
PHGLDQWH5HVROXFLyQGHGHDJRVWRGHOPLVPRDxRTXHGHQLHJDODWXWHODVROLFLWDGDHQ
FRQVHFXHQFLD GLFKR H[SHGLHQWH IXH UHPLWLGR HQ UHYLVLyQ \ UHFLELGR HQ HO 7ULEXQDO
&RQVWLWXFLRQDOHOGHDJRVWRGHOPLVPRDxR\KDVWDODIHFKDVHHQFXHQWUDSHQGLHQWHGH
5HVROXFLyQ

(VSHUWLQHQWHDFODUDUTXHHOHQFDUJDGRGHUHYLVDUHOH[SHGLHQWHVHxDODGR
$$& HV OD 6DOD /LTXLGDGRUD WUDQVLWRULD TXH HV SDUWH GHO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDOYDOHGHFLUTXHFRQIRUPHDODUWGHOD/H\GHGHGLFLHPEUHGH
VHKDGHWHUPLQDGRTXHOD6DOD3OHQDGHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO
FRQVWLWX\D XQD
6DOD /LTXLGDGRUD 7UDQVLWRULD
 \ ORV PDJLVWUDGRV VXSOHQWHV TXH VH
HQFXHQWUDQDFDUJRVHUiQUHVSRQVDEOHVGHODOLTXLGDFLyQKDVWDOD~OWLPDDFFLyQWXWHODU
LQJUHVDGDDOGHGLFLHPEUHGHHQHOPDUFRGHOD/H\SRUORTXHDOKDEHUVH
FRQVWLWXLGROD6DODUHIHULGDVHHVWDEOHFHTXHGLFKRH[SHGLHQWHKDLQJUHVDGRDO7ULEXQDO
&RQVWLWXFLRQDO HO  GH DJRVWR GHO PLVPR DxR VLWXDFLyQ SRU OD FXDO FRUUHVSRQGH VX
SURQXQFLDPLHQWRDOD6DOD/LTXLGDGRUDWUDQVLWRULDSRUORTXHDFWXDOPHQWHVHHQFXHQWUD

W


dW^:d
HQOD&RPLVLyQGHDGPLVLyQHQHVSHUDGHVHUVRUWHDGRPLHQWUDVWDQWRTXHGDSHQGLHQWH
GH5HVROXFLyQDQWHODMXULVGLFFLyQFRQVWLWXFLRQDOVLQTXHORVPDJLVWUDGRVWLWXODUHVGHO
7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOSXHGDQXVXUSDUGLFKDFRPSHWHQFLD

&RQUHODFLyQDOH[SHGLHQWH$$&\DOSUHVHQWHFDVRHVSUHFLVRUHYLVDUVL
HYLGHQWHPHQWH DVLVWHQ ODV WUHV LGHQWLGDGHV HQ DPEDV DFFLRQHV SRU OR TXH VH SXHGH
HVWDEOHFHUTXHL 5HVSHFWRDORVVXMHWRVHQDPERVFDVRVODDFFLRQDQWHHV0DUtD&ULVWLQD
$OPHQGUDV6DQDEULD\ODVSHUVRQDVGHPDQGDGDVVRQHQODSULPHUDDFFLyQQJHO0pQGH]
+HUUHUDH,ULQHy$\OOyQ0DUWtQH]\HQHOFDVRHQHVWXGLRHVQJHO0pQGH]+HUUHUDHV
GHFLUH[LVWHLQGHQWLGDGSDUFLDOGHVXMHWRVSXHVWRPDQGRHQFXHQWDGLFKRUD]RQDPLHQWR
OD6&5GHGHPDU]RUHLWHUDGDSRUOD6&5GHGHPD\R
DxDGLy TXH WDPELpQ HV DSOLFDEOH HVWD FDXVDO
HQ ORV FDVRV HQ TXH H[LVWD LGHQWLGDG
SDUFLDO GH VXMHWRV HVWR HV TXH HO VXMHWR DFWLYR R SDVLYR VHDQ GLIHUHQWHV SHUR TXH HO
PRWLYR \ HO SURSyVLWR GHO UHFXUVR VHD HO PLVPR UHVSHFWR D XQD SUREOHPiWLFD
DQWHULRUPHQWH SODQWHDGD \ VREUH OD FXDO OD MXVWLFLD FRQVWLWXFLRQDO \D HPLWLy
SURQXQFLDPLHQWRHQHOIRQGR
LL 6REUHHOREMHWRGHDPEDVDFFLRQHVpVWHVHWUDGXFH
HQ HO SHWLWRULR TXH HV HQ UHDOLGDG OD SUHWHQVLyQ GHO DFWRU FRQVWDWiQGRVH TXH ODV GRV
GHPDQGDVSODQWHDGDVFRQYHUJHQHQTXHFHVHODLQYDVLyQGHVXORWHGHWHUUHQRXELFDGRHQ
HO EDUULR
3DUDtVR
 GH OD FLXGDG GH &RELMD 3RU OR TXH HVWH 7ULEXQDO GHVGH XQ VLPSOH
DQiOLVLVWH[WXDOGHOSHWLWRULRVRODPHQWHSXHGHFRQFOXLUTXHHOREMHWRGHDPEDVDFFLRQHV
HVHOPLVPR\LLL (QFXDQWRDODLGHQWLGDGGHFDXVDVHGHEHLQLFLDOPHQWHGHWHUPLQDU
FXiOIXHHOPRWLYRTXHRULJLQyODLQWHUSRVLFLyQGHODDFFLyQGHDPSDURFRQVWLWXFLRQDO$O
UHVSHFWR VH HVWDEOHFH FODUDPHQWH TXH HO DFWR TXH VH LPSXJQD FRPR VXSXHVWDPHQWH
YXOQHUDGRUGHORVGHUHFKRVLQYRFDGRVHVHQDPERVFDVRVODLQYDVLyQLOHJDODUELWUDULD\
EDMR DPHQD]DV GH VX ORWH GH WHUUHQR XELFDGR HQ HO EDUULR
3DUDtVR
 VLHQGR TXH OD
DFFLRQDQWHDFUHGLWyVXGHUHFKRSURSLHWDULR

3RUORH[SXHVWRFDEHVHxDODUTXHHVWH7ULEXQDOQRSXHGHSURQXQFLDUVHVREUHHOIRQGR
GHOSURFHVRSXHVWRTXHGHKDFHUORLQFXUULUtDHQGXSOLFLGDGGHIDOORVVREUHGRVFDXVDV
TXHWLHQHQLGHQWLGDGGHVXMHWRVREMHWR\FDXVD\WRPDQGRHQFXHQWDORHVWDEOHFLGRHQ
OD /H\ GHO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO \ OD MXULVSUXGHQFLD FRQVWLWXFLRQDO
GHVDUUROODGD HVWH 7ULEXQDO GHEH UHVSHWDU ODV DWULEXFLRQHV FRQIHULGDV D OD 6DOD
/LTXLGDGRUD7UDQVLWRULDHYLWDQGRHOGREOHSURQXQFLDPLHQWRGHUHVROXFLRQHVUHVSHFWRD
XQPLVPRDVXQWR

$SDUWLUGHOFRQWHQLGRGHODVQRUPDVPHQFLRQDGDVFDEHUHIHULUTXHHQHOSUHVHQWHFDVROD
DFFLRQDQWHOXHJRGHKDEHUVLGRGHQHJDGDVXDFFLyQSRUHO7ULEXQDOGHJDUDQWtDV\VLQ
HVSHUDUTXHVHSURQXQFLHFRQVX5HVROXFLyQHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHQ
VXVDODOLTXLGDGRUDSUHVHQWyXQDQXHYDDFFLyQGHDPSDURFRQVWLWXFLRQDOFRQODVPLVPDV
LGHQWLGDGHV \ DUJXPHQWDGR OD YXOQHUDFLyQ GHO PLVPR DFWR OHVLYR DO UHVSHFWR OD
MXULVSUXGHQFLDFRQVWLWXFLRQDOKDHVWDEOHFLGRTXHWRGDDFFLyQGHGHIHQVDGHEHFRQFOXLU
FRQXQDUHVROXFLyQGHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO\HQFDVRGHTXHODPLVPD
KXELHUD FRQILUPDGR HO UHFKD]R OD SDUWH DFFLRQDQWH SRGUtD LQWHQWDU VL HV TXH YH SRU
FRQYHQLHQWHXQDQXHYDDFFLyQGHDPSDURFRQVWLWXFLRQDOSDUDORJDUHOSURQXQFLDPLHQWR
VREUHHOIRQGRVLHPSUH\FXDQGRODMXULVGLFFLyQFRQVWLWXFLRQDOVHKD\DSURQXQFLDGRFRQ
ODUHVSHFWLYD5HVROXFLyQGHORFRQWUDULRFRQVWLWX\HXQDFWRDEXVLYR\WHPHUDULRGHHVWD
DFFLyQWXWHODUTXHSUHWHQGHLQGXFLUDHUURUDOMXH]RWULEXQDOGHJDUDQWtDV

(QHOFDVRHVWXGLDGRVHSXHGHHYLGHQFLDUTXHVHSODQWHyXQDQXHYDDFFLyQVLQHVSHUDUOD
UHVROXFLyQGHO 7ULEXQDO &RQVWLWXFLRQDO GXSOLFDQGR VXV UHFODPRV HQ IRUPD WRWDOPHQWH
LOHJDO SXHV GLFKDV LUUHJXODULGDGHV GHQRWDQ XQD DFWXDFLyQ PDOLFLRVD SRU SDUWH GH OD
DFFLRQDQWHDGHPiVWDODFWXDFLyQUDWLILFDODGHQHJDWRULDGHODSUHVHQWHDFFLyQ


6LQWHVLVGHODUDWLRGHFLGHQGL

W


dW^:d


'HQLHJD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SRUTXH OD DFFLRQDQWH
SUHVHQWy XQD DQWHULRU DFFLyQ WDPELpQ GH DPSDUR FRQVWLWXFLRQDO FRQ
LGHQWLGDGGHREMHWRVXMHWR\FDXVDODFXDOVHHQFXHQWUDUDGLFDGDHQOD
6DOD/LTXLGDGRUD7UDQVLWRULDGHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO
SDUD OD HPLVLyQ GH OD UHVSHFWLYD GHFLVLyQ SHUR DGHPiV HQ HO FDVR
FRQFUHWR OD IDOWD GH FHOHULGDG SURFHVDO HQ HO VRUWHR GH OD FDXVD R HO
SHOLJURGHTXHSXHGDFRQVXPDUVHXQDDPHQD]DFRQWUDORVGHUHFKRVGHOD
DFFLRQDQWHQRHVMXVWLILFDWLYRSDUDTXHHQHVWDDFFLyQWXWHODUVHLQJUHVH
DO DQiOLVLV GH IRQGR GH OD SUREOHPiWLFD \D TXH SDUD HVWH HIHFWR OD
DFFLRQDQWHSXGRSHGLUHODGHODQWRGHVRUWHRRXQDPHGLGDFDXWHODU

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(VWDOtQHDGHEHVHUHQWHQGLGDGHODVLJXLHQWHPDQHUD


/D 6& 5 HVWDEOHFLy OD LPSURFHGHQFLD GHO HQWRQFHV UHFXUVR GH
DPSDUR FRQVWLWXFLRQDO FXDQGR FRQ DQWHULRULGDG VH SUHVHQWy RWUR PHFDQLVPR
FRQVWLWXFLRQDOGHGHIHQVDFRQLGHQWLGDGGHREMHWRVXMHWR\FDXVD

3RVWHULRUPHQWHOD6&5HVWDEOHFLyWDPELpQODLPSURFHGHQFLDGHO
UHFXUVRGHDPSDURFRQVWLWXFLRQDOIUHQWHDXQDQWHULRUPHFDQLVPRWXWHODUSUHVHQWDGRD~Q
FXDQGRH[LVWDLGHQWLGDGSDUFLDO

(QHOFRQWH[WRDQWHVVHxDODGROD6&5VHxDOyORVLJXLHQWH
4XH
GH HVH HQWHQGLPLHQWR MXULVSUXGHQFLDO VH H[WUDHQ ODV VLJXLHQWHV UHJODV \ VXE UHJODV GH
LPSURFHGHQFLD GH DPSDUR SRU VXEVLGLDULHGDG FXDQGR   ODV DXWRULGDGHV MXGLFLDOHV R
DGPLQLVWUDWLYDVQRKDQWHQLGRODSRVLELOLGDGGHSURQXQFLDUVHVREUHXQDVXQWRSRUTXHOD
SDUWHQRKDXWLOL]DGRXQPHGLRGHGHIHQVDQLKDSODQWHDGRUHFXUVRDOJXQRDVtD FXDQGR
HQVXRSRUWXQLGDG\HQSOD]ROHJDOQRVHSODQWHyXQUHFXUVRRPHGLRGHLPSXJQDFLyQ\
E FXDQGRQRVHXWLOL]yXQPHGLRGHGHIHQVDSUHYLVWRHQHORUGHQDPLHQWRMXUtGLFR\ 
ODVDXWRULGDGHVMXGLFLDOHVRDGPLQLVWUDWLYDVSXGLHURQKDEHUWHQLGRRWLHQHQODSRVLELOLGDG
GHSURQXQFLDUVHSRUTXHODSDUWHXWLOL]yUHFXUVRV\PHGLRVGHGHIHQVDDVtD FXDQGRVH
SODQWHyHOUHFXUVRSHURGHPDQHUDLQFRUUHFWDTXHVHGDUtDHQFDVRVGHSODQWHDPLHQWRV
H[WHPSRUiQHRV R HTXLYRFDGRV \ E  FXDQGR VH XWLOL]y XQ PHGLR GH GHIHQVD ~WLO \
SURFHGHQWH SDUD OD GHIHQVD GH XQ GHUHFKR SHUR HQ VX WUiPLWH HO PLVPR QR VH DJRWy
HVWDQGR DO PRPHQWR GH OD LQWHUSRVLFLyQ \ WUDPLWDFLyQ GHO DPSDUR SHQGLHQWH GH
UHVROXFLyQ$PERVFDVRVVHH[FOX\HQGHODH[FHSFLyQDOSULQFLSLRGHVXEVLGLDULGDGTXH
VH GD FXDQGR OD UHVWULFFLyQ R VXSUHVLyQ GH ORV GHUHFKRV \ JDUDQWtDV FRQVWLWXFLRQDOHV
GHQXQFLDGRV RFDVLRQHQ SHUMXLFLR LUUHPHGLDEOH H LUUHSDUDEOH HQ FX\D VLWXDFLyQ \ GH
PDQHUDH[FHSFLRQDOSURFHGHODWXWHODGHPDQGDGDD~QH[LVWDQRWURVPHGLRVGHGHIHQVD
\UHFXUVRVSHQGLHQWHVGHUHVROXFLyQ


'HDFXHUGRDORDQRWDGROD6&3HVXQDVHQWHQFLDPRGXODGRUDSRU
ODVVLJXLHQWHVUD]RQHV3RUTXHDOFULWHULRGHLPSURFHGHQFLDGHHVWHPHFDQLVPRWXWHODU
SRU H[LVWLU XQD DQWHULRU DFFLyQ GH GHIHQVD FRQ LGHQWLGDG GH REMHWR VXMHWR \ FDXVD
SHQGLHQWHGHUHYLVLyQFRPSOHPHQWDHVWHFULWHULRFRQGRVDVSHFWRVPiVL /DGLODFLyQR
GHPRUD FRPR FRQVHFXHQFLD GHORUGHQ GHO VRUWHRQR HVXQ HOHPHQWR TXH MXVWLILTXH HO
DQiOLVLVGHODSUREOHPiWLFDHQXQDVHJXQGDDFFLyQWXWHODU\DTXHODVSDUWHVSURFHVDOHV
GHPDQHUDPRWLYDGDHQYH]GHDFWLYDUXQDQXHYDDFFLyQWXWHODUSXHGHQSHGLUDQWHHO
7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDODWUDYpVGHOD&RPLVLyQGH$GPLVLyQHODGHODQWR
GH VRUWHR  \ LL  3RUTXHODV PHGLGDV FDXWHODUHV VRQ XQD ILJXUD GHVWLQDGD D HYLWDU OD
FRQVXPDFLyQGHXQDDPHQD]DGHUHVWULFFLyQRVXSUHVLyQGHGHUHFKRVRJDUDQWtDVSRU
FXDQWRIUHQWHDVXUHFRQRFLPLHQWRH[SUHVRQRVHMXVWLILFDODSUHVHQWDFLyQGHRWUDDFFLyQ
WXWHODUSDUDHVWHILQ


W


dW^:d

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

/D6&3HQORV)XQGDPHQWRV-XUtGLFRV,,,\,,,SODVPDHOVLJXLHQWH
SUHFHGHQWH

)-,,,
 
3RUORH[SXHVWRFDEHVHxDODUTXHHVWH7ULEXQDOQRSXHGHSURQXQFLDUVHVREUHHOIRQGR
GHOSURFHVRSXHVWRTXHGHKDFHUORLQFXUULUtDHQGXSOLFLGDGGHIDOORVVREUHGRVFDXVDV
TXHWLHQHQLGHQWLGDGGHVXMHWRVREMHWR\FDXVD\WRPDQGRHQFXHQWDORHVWDEOHFLGRHQ
OD /H\ GHO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO \ OD MXULVSUXGHQFLD FRQVWLWXFLRQDO
GHVDUUROODGD HVWH 7ULEXQDO GHEH UHVSHWDU ODV DWULEXFLRQHV FRQIHULGDV D OD 6DOD
/LTXLGDGRUD7UDQVLWRULDHYLWDQGRHOGREOHSURQXQFLDPLHQWRGHUHVROXFLRQHVUHVSHFWRD
XQPLVPRDVXQWR

$SDUWLUGHOFRQWHQLGRGHODVQRUPDVPHQFLRQDGDVFDEHUHIHULUTXHHQHOSUHVHQWHFDVROD
DFFLRQDQWHOXHJRGHKDEHUVLGRGHQHJDGDVXDFFLyQSRUHO7ULEXQDOGHJDUDQWtDV\VLQ
HVSHUDUTXHVHSURQXQFLHFRQVX5HVROXFLyQHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHQ
VXVDODOLTXLGDGRUDSUHVHQWyXQDQXHYDDFFLyQGHDPSDURFRQVWLWXFLRQDOFRQODVPLVPDV
LGHQWLGDGHV \ DUJXPHQWDGR OD YXOQHUDFLyQ GHO PLVPR DFWR OHVLYR DO UHVSHFWR OD
MXULVSUXGHQFLDFRQVWLWXFLRQDOKDHVWDEOHFLGRTXHWRGDDFFLyQGHGHIHQVDGHEHFRQFOXLU
FRQXQDUHVROXFLyQGHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO\HQFDVRGHTXHODPLVPD
KXELHUD FRQILUPDGR HO UHFKD]R OD SDUWH DFFLRQDQWH SRGUtD LQWHQWDU VL HV TXH YH SRU
FRQYHQLHQWHXQDQXHYDDFFLyQGHDPSDURFRQVWLWXFLRQDOSDUDORJDUHOSURQXQFLDPLHQWR
VREUHHOIRQGRVLHPSUH\FXDQGRODMXULVGLFFLyQFRQVWLWXFLRQDOVHKD\DSURQXQFLDGRFRQ
ODUHVSHFWLYD5HVROXFLyQGHORFRQWUDULRFRQVWLWX\HXQDFWRDEXVLYR\WHPHUDULRGHHVWD
DFFLyQWXWHODUTXHSUHWHQGHLQGXFLUDHUURUDOMXH]RWULEXQDOGHJDUDQWtDV

(QHOFDVRHVWXGLDGRVHSXHGHHYLGHQFLDUTXHVHSODQWHyXQDQXHYDDFFLyQVLQHVSHUDUOD
UHVROXFLyQGHO 7ULEXQDO &RQVWLWXFLRQDO GXSOLFDQGR VXV UHFODPRV HQ IRUPD WRWDOPHQWH
LOHJDO SXHV GLFKDV LUUHJXODULGDGHV GHQRWDQ XQD DFWXDFLyQ PDOLFLRVD SRU SDUWH GH OD
DFFLRQDQWHDGHPiVWDODFWXDFLyQUDWLILFDODGHQHJDWRULDGHODSUHVHQWHDFFLyQ

,,, 3RURWUDSDUWHHQHOSUHVHQWHFDVRSRGUtDSHQVDUVHTXHDOSUHVHQWDUVHQXHYDV
SUXHEDV OD GLODFLyQ HQ OD UHVROXFLyQ GHO FDVR SRU HO RUGHQ GH WXUQR FRUUHVSRQGLHQWH
SRGUtDQDKRQGDUODSUHVXQWDVLWXDFLyQGHYXOQHUDELOLGDGGHODSDUWHDFFLRQDQWH\SRUHO
KHFKRGHSUHVHQWDUVHRWUDVFRQVWUXFFLRQHVSUHFDULDVSRGUtDSODQWHDUVHXQQXHYRDPSDUR
FRQVWLWXFLRQDO VLQ TXH HO SULPHUR VH KD\D UHVXHOWR OR TXH QR HV HYLGHQWH SRUTXH HO
SURFHVR FRQVWLWXFLRQDO SUHYLVWR SRU HO OHJLVODGRU FRQVWLWX\HQWH \ GHVDUUROODGR SRU HO
OHJLVODGRURUGLQDULRSUHYpGLFKDVFLUFXQVWDQFLDVHVGHFLU



(Q FXDQWR D ODGHPRUD TXH SRGUtD SURGXFLUVH HQ OD UHVROXFLyQGHO
FDVR SRU OD VDOD OLTXLGDGRUDSRUHO RUGHQGH VRUWHR VH WLHQHTXHXQD YH] UHPLWLGR HO
H[SHGLHQWH HQ UHYLVLyQ D HVWH 7ULEXQDO FXDOTXLHUD GH ODV SDUWHV HQ HVWH FDVR OD
DFFLRQDQWHFXHQWDFRQODSRVLELOLGDGGHVROLFLWDUHODGHODQWRGHVRUWHRIXQGDPHQWDQGR
ORVPRWLYRVGHVXSHWLFLyQHQWRGRFDVROD&RPLVLyQGH$GPLVLyQOXHJRGHUHDOL]DUHO
DQiOLVLVUHVSHFWLYRSURFHGHUiDUHVROYHUPHGLDQWHDXWRPRWLYDGRFX\RHOHPHQWRFHQWUDO
GHDQiOLVLVVHUiODSRVLEOHH[LVWHQFLDGHXQGDxRLUUHYHUVLEOHRLUUHSDUDEOH\VHSURFHGHUi
DGLVSRQHUVLVHRWRUJDODSULRULGDGGHDGHODQWRGHVRUWHRRQR



(Q HVWH VHQWLGR \ VLHPSUH HQ HO SUHVHQWH FDVR VL OD DFFLRQDQWH
FRQVLGHUDEDTXHDQWHODSUHVHQFLDGHYtDVGHKHFKRVHOHVLRQDEDVXGHUHFKRDODSURSLHGDG
\TXHODUHVROXFLyQGHUHYLVLyQGHOD6DOD/LTXLGDGRUDWUDQVLWRULDGHPRUDUiHQOXJDUGH
LQWHUSRQHUXQDQXHYDDFFLyQGHDPSDURFRQVWLWXFLRQDOWHQtDODSRVLELOLGDGGHVROLFLWDU
HODGHODQWRGHVRUWHRDGMXQWDQGRODSUXHEDSHUWLQHQWH\HIHFWXDQGRODDUJXPHQWDFLyQ
UHVSHFWLYD

W


dW^:d





5HVSHFWRDODGHQXQFLDGHQXHYDVYtDVGHKHFKRFRQVLVWHQWHVHQOD
FRQVWUXFFLyQGHXQDFDVDGHPDGHUD\HQHOLQWHULRUSHUVRQDVKDELWiQGRODODVSUXHEDV
SUHVHQWDGDV HQ DPERV DPSDURV FRQVWLWXFLRQDOHV VRQ HQ HVHQFLD ODV PLVPDV QR
KDELpQGRVH DFUHGLWDGR GLFKR H[WUHPR H LQFOXVR HQ HO DQiOLVLV GHO FDVR FRQFUHWR VH
FRQILJXUDQFRPRFRQH[DV \DFFHVRULDVDODSULQFLSDOTXHHVODXVXUSDFLyQGHOORWHGH
WHUUHQR\UHVSHFWRDODVFXDOHVHVSRVLEOHFRQIRUPHDODUWGHOD/7&3VROLFLWDUPHGLGDV
FDXWHODUHVDWLHPSRGHDGPLWLUODDFFLyQRHQFXDOTXLHUPRPHQWRKDVWDDQWHVGHTXHVH
HPLWD OD UHVROXFLyQ ILQDO HQ HVWH VHQWLGR HV SUHFLVR VHxDODU TXH OD ILQDOLGDG GH XQD
PHGLGDFDXWHODUHVHYLWDUODFRQVXPDFLyQGHODDPHQD]DGHUHVWULFFLyQRVXSUHVLyQGHO
GHUHFKRRJDUDQWtDHQTXHVHIXQGDODDFFLyQHQHVWHFDVRVHSXHGHHYLGHQFLDUTXHHVWRV
DVSHFWRVQRKDQVLGRREVHUYDGRVSRUODDFFLRQDQWHTXHFRQWUDYtDVGHKHFKRFRQH[DV\
DFFHVRULDVFRQWDEDFRQODSRVLELOLGDGGHVROLFLWDUXQDPHGLGDFDXWHODUSDUDLPSHGLUTXH
VHUHLWHUHQ




 1RUPDV FRPXQHV GH SURFHGLPLHQWR HQ DFFLRQHV GH


GHIHQVD2SRUWXQLGDG SURFHVDO SDUD YHULILFDFLyQ GH UHTXLVLWRV GH
DGPLVLELOLGDG
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3(OPRPHQWRSURFHVDOSDUDTXHHOMXH]RWULEXQDOGH
JDUDQWtDV YHULILTXH HO FXPSOLPLHQWR GH WRGRV ORV UHTXLVLWRV WDQWR GH
IRUPD FRPR GH FRQWHQLGR GH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HV
DQWHVGHVXODDGPLVLyQVLQHPEDUJRVLHO7ULEXQDO&RQVWLWXFLRQDO
3OXULQDFLRQDOHQHWDSDGHUHYLVLyQDGYLHUWHTXHODWUDPLWDFLyQQRIXH
FRUUHFWDHQDSOLFDFLyQGHOSULQFLSLRGHHFRQRPtDSURFHVDOQRDQXODUi
REUDGRVVLQRSDVDUiDHPLWLUODUHVROXFLyQSHUWLQHQWH

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO OD DFFLRQDQWH DOHJy OD
YXOQHUDFLyQ GH VXV GHUHFKRV D OD GHIHQVD DO WUDEDMR \ D OD VHJXULGDG
VRFLDOVHxDODQGRTXHVHOHVLJXLyXQSURFHVRGLVFLSOLQDULRDGPLQLVWUDWLYR
SRUODVXSXHVWDIDOWDGHGHVHUFLyQDOQRKDEHUDVLVWLGRDVXVIXQFLRQHV
TXHSUHVWDEDHQHO%DWDOOyQGH6HJXULGDG)tVLFD(VWDWDOGHSHQGLHQWHGHO
&RPDQGR 'HSDUWDPHQWDO GH /D 3D] VLQ MXVWLILFDFLyQ SURFHVR
VXVWDQFLDGRSRUHO7ULEXQDO'LVFLSOLQDULR'HSDUWDPHQWDO3HUPDQHQWHGH
W


dW^:d

/D 3D] GRQGH QR IXH QRWLILFDGD GH PDQHUD SHUVRQDO OOHYiQGRVH ODV
DXGLHQFLDV HQ UHEHOGtD SURQXQFLDQGR SRVWHULRUPHQWH 5HVROXFLyQ
GLVSRQLHQGRVXEDMDGHILQLWLYDVLQGHUHFKRDUHLQFRUSRUDFLyQGHFLVLyQ
UDWLILFDGDSRUHO7ULEXQDO'LVFLSOLQDULR6XSHULRUGHOD3ROLFtD%ROLYLDQD
DVtFRPRSRUHO&RPDQGDQWH*HQHUDOGHOD3ROLFtD1DFLRQDOSHVHDTXH
FRQWDEDFRQEDMDPpGLFDTXHGHVYLUWXDEDODVXSXHVWDIDOWDSRUORTXH
VROLFLWyVHFRQFHGDODWXWHOD\HQFRQVHFXHQFLDVHGHMHQVLQHIHFWRODV
UHVROXFLRQHVDGPLQLVWUDWLYDVLPSXJQDGDVGLVSRQLHQGRVXLQFRUSRUDFLyQ
FRQWRGRVVXVGHUHFKRVFRQHOSDJRGHVXHOGRVGHYHQJDGRV(O7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDODSUREyODUHVROXFLyQUHYLVDGD\GHQHJyOD
DFFLyQ GH DPSDUR FRQVWLWXFLRQDO  SRU FXDQWR GHQWUR GH SURFHVR
GLVFLSOLQDULRSROLFLDOHQHOTXHVHOHVDQFLRQyFRQODEDMDGHILQLWLYDVLQ
GHUHFKR D UHLQFRUSRUDFLyQ GH PDQHUD YROXQWDULD QR FRQWLQXy FRQ VX
GHIHQVD HQ HO SURFHVR HYLGHQFLiQGRVH SRU HO FRQWUDULR LQGHIHQVLyQ
SURYRFDGD

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
HQ HO FDVR SUHVHQWH QR RFXUULy SRU FXDQWR LQWHUSXHVWD OD
DFFLyQ DQWH HO 7ULEXQDO GH JDUDQWtDV pVWH HQ YH] GH YHULILFDU HO
FXPSOLPLHQWRGHWRGRVORVUHTXLVLWRVDGPLWLyODDFFLyQGLVSRQLHQGRHO
YHULILFDWLYR GH DXGLHQFLD SDUD HO  GH PDU]R GH  IV   SDUD
SRVWHULRUPHQWHLQVWDODGDHQHVDIHFKDVXVSHQGHUOD IVD DOHJDQGR
ODDXVHQFLDGHOUHTXLVLWRGHIRUPDSUHYLVWRHQHODUWGHOD/7&3
RWRUJDQGRDODSDUWHDFFLRQDQWHHOSOD]RGHFXDUHQWD\RFKRKRUDVSDUD
TXH VXEVDQH VLWXDFLyQ TXH SURFHVDOPHQWH HV LQFRUUHFWD \D TXH HO
PRPHQWRSURFHVDOHQHOTXHHOMXH]RWULEXQDOGHJDUDQWtDVGHEHYHULILFDU
HO FXPSOLPLHQWR GH WRGRV ORV UHTXLVLWRV WDQWR GH IRUPD FRPR GH
FRQWHQLGRHVDQWHVGHODDGPLVLyQGHODDFFLyQVLELHQODIRUPDHQODTXH
WUDPLWyHO7ULEXQDOGHJDUDQWtDVODSUHVHQWHDFFLyQQRIXHODFRUUHFWD
SRUHFRQRPtDSURFHVDOQRVHDQXODUiQREUDGRVVLQRVHSDVDUiDHPLWLUOD
UHVROXFLyQSHUWLQHQWH

6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJDODDFFLyQGHDPSDURFRQVWLWXFLRQDOVLQHPEDUJRDFODUDTXHVL
ELHQ HO PRPHQWR SURFHVDO SDUD TXH HO MXH] R WULEXQDO GH JDUDQWtDV
YHULILTXHHOFXPSOLPLHQWRGHWRGRVORVUHTXLVLWRVWDQWRGHIRUPDFRPR
GH FRQWHQLGR GH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HV DQWHV GH OD
DGPLVLyQ GH OD DFFLyQ VLQ HPEDUJR VL HO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDOHQHWDSDGHUHYLVLyQDGYLHUWHTXHODWUDPLWDFLyQQRIXH
FRUUHFWDHQDSOLFDFLyQGHOSULQFLSLRGHHFRQRPtDSURFHVDOQRDQXODUi
REUDGRVVLQRSDVDUiDHPLWLUODUHVROXFLyQSHUWLQHQWH

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

W


dW^:d


(O 7ULEXQDO &RQVWLWXFLRQDO VREUH ORV UHTXLVLWRV GH DGPLVLELOLGDG GH ODV DFFLRQHV GH
GHIHQVDGHVDUUROOyODVLJXLHQWHOtQHDMXULVSUXGHQFLDO

(QOD6&5HVWDEOHFLyORVUHTXLVLWRVGHDGPLVLyQGHOGHQRPLQDGRUHFXUVR
GHDPSDURFRQVWLWXFLRQDOLQWHUSUHWDQGRORVUHTXLVLWRVGHIRUPD\GHFRQWHQLGRUHJXODGRV
SRUHODUWGHOD/H\GHO7ULEXQDO&RQVWLWXFLRQDO /H\ (QHVWHFRQWH[WRVH
HVWDEOHFLyTXHORVUHTXLVLWRVGHIRUPDHUDQUHTXLVLWRVVXEVDQDEOHV\QRDVtORVUHTXLVLWRV
GHFRQWHQLGRFRPRSRUHMHPSORODRPLVLyQGHSUHFLVLyQGHOQH[RGHFDXVDOLGDGHQWUHHO
DFWR OHVLYR ORV GHUHFKRV GHQXQFLDGRV FRPR YXOQHUDGRV \ HO SHWLWRULR  /D 6&3
 PXWy HO HQWHQGLPLHQWR GH OD 6& 5 HVWDEOHFLHQGR TXH ORV
UHTXLVLWRVGHIRUPDGHODVDFFLRQHVGHGHIHQVDVRQVXEVDQDEOHV\GHEHUiQVHUYHULILFDGRV
SRUODV\ORVMXHFHV\WULEXQDOHVGHJDUDQWtDVHQODIDVHGHDGPLVLELOLGDG\QRHQRWUDIDVH
FDPELR MXULVSUXGHQFLDO TXH UHVSRQGH D OD QXHYD QRUPDWLYD YHULILFDGD FRPR
FRQVHFXHQFLD GH OD YLJHQFLD GHO &yGLJR 3URFHVDO &RQVWLWXFLRQDO $VLPLVPR OD 6&3
HVWDEOHFLyTXHODVFDXVDOHVGHLPSURFHGHQFLDWDPELpQGHEHQVHUYHULILFDGDV
HQ IDVH GH DGPLVLELOLGDG \ HQ FDVR GH DGYHUWLUVH OD H[LVWHQFLD GH DOJXQD GH HOODV VH
HPLWLUi XQ DXWR PRWLYDGR GH LPSURFHGHQFLD TXH SRGUi VHU LPSXJQDGR SRU OD SDUWH
DFFLRQDQWH \ VHUi UHVXHOWR SRU OD &RPLVLyQ GH $GPLVLyQ GHO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO
(QFXDQWRDODH[LJHQFLDGHSUHVHQWDFLyQGHSUXHEDVHOGHVDUUROORMXULVSUXGHQFLDOHVHO
VLJXLHQWH(O7ULEXQDO&RQVWLWXFLRQDODWUDYpVGHOD6&35LQWHUSUHWyWDQWR
ORV UHTXLVLWRV GH IRUPD FRPR ORV UHTXLVLWRVGH FRQWHQLGR H[LJLGRV SDUD HO UHFXUVR GH
DPSDURFRQVWLWXFLRQDOHQWUHHOORVVHUHILULyH[SUHVDPHQWHDOUHTXLVLWRFRQWHQLGRHQHO
DUW9GHOD/H\GHO7ULEXQDO&RQVWLWXFLRQDOYLJHQWHHQHVHPRPHQWRVHxDODQGRTXH
HQIDVHGHDGPLVLELOLGDGODSDUWHDFFLRQDQWHDOWHQHUODFDUJDSUREDWRULDGHEtDSUHVHQWDU
OD SUXHED FRQ VX PHPRULDO GH GHPDQGD R LQGLFDU HO OXJDU GRQGH GLFKD SUXHED VH
HQFXHQWUH/D6&3PRGXOyHVWHSULPLJHQLRHQWHQGLPLHQWRHQHOPDUFRGH
ORV UHTXLVLWRV GH DGPLVLELOLGDG HVWDEOHFLGRV SRU OD /H\ GHO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO /H\ \GHPDQHUDH[SUHVD\DFRUGHFRQHOSULQFLSLRGHSURJUHVLYLGDG
GHVDUUROOy ORV VXSXHVWRV HQ ORV FXDOHV SXHGHSUHVHQWDUVH SUXHED VREUHYLQLHQWH DQWH HO
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HVWDEOHFLHQGR TXH HQ DFFLRQHV GH DPSDUR
FRQVWLWXFLRQDO ODV SDUWHV SURFHVDOHV SXHGHQ SUHVHQWDU SUXHED DQWH HO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOHQORVVLJXLHQWHVFDVRV &XDQGRSRUUD]RQHVMXVWLILFDGDV
OD SUXHED QR SXGR VHU SUHVHQWDGD RSRUWXQDPHQWH DQWH MXH]DV MXHFHV R WULEXQDOHV GH
JDUDQWtD &XDQGRVHWHQJDQXHYDSUXHED\ (QHOFDVRGHYtDVGHKHFKRFXDQGROD
SUXHED GHPXHVWUH TXH ODV OHVLRQHV GHQXQFLDGDV DGHPiV GH SHUVLVWLU FRQWLQ~DQ
VXVFLWiQGRVHDWUDYpVGHRWUDVDFFLRQHVGHVLPLODUQDWXUDOH]D$VXYH]HO7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO HQ OD 6&3  PRGXOy GH PDQHUD H[SUHVD HO
SUHFHGHQWH FRQWHQLGR HQ OD 6& 5 TXH IXH UHLWHUDGR HQWUH RWUDV SRU OD 6&
 HQ ODV TXH VH HVWDEOHFLy TXH HO DFFLRQDQWH GHEtD DGMXQWDU OD SUXHED HQ
IRWRFRSLD OHJDOL]DGD HPSHUR GHEH VHxDODUVH TXH HO HQWHQGLPLHQWR ILMDGR HQ OD 6&3
\DIXHHVWDEOHFLGRHQOD6&5HQODTXHVHVHxDOy
VLELHQVHH[LJH
ODSUHVHQWDFLyQGHGRFXPHQWDFLyQHQIRWRFRSLDVOHJDOL]DGDVHPSHURWDPELpQVHVHxDOD
TXHGLFKDUHJODWLHQHVXH[FHSFLyQHQORGLVSXHVWRHQHOSDUiJUDIR,SDUWHLQILQHGHODUW
 GHO && HV GHFLU FXDQGR OD SDUWH D TXLHQ VH RSRQJD OD GRFXPHQWDFLyQ QR ODV
GHVFRQRFH H[SUHVDPHQWH
 %DMR HVH FULWHULR OD 6&3  GHWHUPLQy TXH OD
SUHVHQWDFLyQ GH SUXHED HQ IRWRFRSLDV VLPSOHV HQ DFFLRQHV GH DPSDUR HV SOHQDPHQWH
YiOLGDVLODPLVPDQRIXHFRQWURYHUWLGDSRUODSDUWHDFFLRQDGDSRUORTXHHO7ULEXQDOGH
JDUDQWtDVVyORSRGUtDIXQGDUODGHQHJDWRULDGHDPSDURSRUQRKDEHUVLGRSUHVHQWDGDOD
SUXHED HQ IRWRFRSLD OHJDOL]DGD FXDQGR OD RWUD SDUWH H[SUHVDPHQWH OD GHVFRQR]FD 
)LQDOPHQWH HV LPSRUWDQWH VHxDODU TXH HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO SDUD
YtDV GH KHFKR HQ OD 6&3  GHVDUUROOy GH PDQHUD PiV DPSOLD \ IOH[LEOH OD
SRVLELOLGDGTXHWLHQHQODVSDUWHVSURFHVDOHVGHSUHVHQWDUSUXHEDDQWHHOPi[LPRFRQWUDORU
GH FRQVWLWXFLRQDOLGDG HVWDEOHFLHQGRTXH DO WUDWDUVH GH YtDV GH KHFKR HQ VXSXHVWRV GH
DYDVDOODPLHQWRGHSURSLHGDG\ODLPSRVLELOLGDGGHXQDLGHQWLILFDFLyQGHORVGHPDQGDGRV
GHPDQHUDH[FHSFLRQDOHVSRVLEOHODDFWLYDFLyQGHODDFFLyQGHDPSDURFRQVWLWXFLRQDO

W


dW^:d
VLQ LGHQWLILFDU D OD SDUWH GHPDQGDGD FXDQGR VHD LPSRVLEOH VX GHWHUPLQDFLyQ FRQ OD
DFODUDFLyQTXHODVSHUVRQDVDIHFWDGDVFRQORVHIHFWRVGHXQDHYHQWXDOFRQFHVLyQGHWXWHOD
WLHQHQODIDFXOWDGGHSUHVHQWDUSUXHEDHQFXDOTXLHUHWDSDGHOSURFHVRFRQVWLWXFLRQDO\D
VHD GHVSXpV GH OD DXGLHQFLD S~EOLFD R LQFOXVLYH DQWH HO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO
$VLPLVPRFDEHGHVWDFDUORVVXSXHVWRVGHIOH[LELOL]DFLyQGHORVUHTXLVLWRVDGPLVLELOLGDG
GHVDUUROODGRVSRUHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOTXHVHHQFXHQWUDQFRQWHQLGRV
HQORVVLJXLHQWHVSUHFHGHQWHV/D6&3HQODDFFLyQGHDPSDURIOH[LELOL]y
ORVUHTXLVLWRVGHDFUHGLWDFLyQGHODSHUVRQDOLGDGMXUtGLFDGHODVDVRFLDFLRQHVGHKHFKR
HVWDEOHFLHQGRTXHORVUHTXLVLWRVH[LJLGRVSDUDODDFUHGLWDFLyQGHODVSHUVRQDVMXUtGLFDV
FRPR HO SRGHU HQ HO TXH FRQVWH HO DFWD GH FRQVWLWXFLyQ GH OD VRFLHGDG OD QyPLQD GH
VRFLRVVXLQVFULSFLyQHQHO5HJLVWURGH&RPHUFLRVXSHUVRQHUtDMXUtGLFD\UHJODPHQWRV
QR VH DSOLFDQ D ODV DVRFLDFLRQHV GH KHFKRTXH SDUD DFWLYDU OD MXVWLFLD FRQVWLWXFLRQDO
~QLFDPHQWHGHEHQDFUHGLWDUVXFRQGLFLyQGHVRFLRVDGMXQWDQGRORVDFXHUGRVH[LVWHQWHV
DVt FRPR DFUHGLWDU OD FDOLGDG GH VXV UHSUHVHQWDQWHV (VWH UD]RQDPLHQWR SDUWLy GH ODV
66&& 5 5 5 \ 5 HQWUH RWUDV TXH
HVWDEOHFLHURQ TXH WUDWiQGRVH GH SHUVRQDV MXUtGLFDV HO UHSUHVHQWDQWH GHEH DFUHGLWDU WDO
FRQGLFLyQ DGMXQWDQGR HO SRGHU FRUUHVSRQGLHQWH HQ HO TXH GHEH FRQVWDU HO DFWD GH
FRQVWLWXFLyQ GH OD VRFLHGDG OD QyPLQD GH VRFLRV VX LQVFULSFLyQ HQ HO 5HJLVWURV GH
&RPHUFLRVXSHUVRQHUtDMXUtGLFD\VXVUHJODPHQWRV$VXYH]OD6&3HQ
ODDFFLyQGHDPSDURFRQVWLWXFLRQDOHVWDEOHFLyODIOH[LELOL]DFLyQGHORVUHTXLVLWRVHQOD
IDVHGHDGPLVLELOLGDGFXDQGRH[LVWDXQDGXGDUD]RQDEOHVREUHXQDOHVLyQPDQLILHVWD\

JURVHUD
 D GHUHFKRV IXQGDPHQWDOHV HQ HO PDUFR GH ORV SRVWXODGRV GHO (VWDGR
&RQVWLWXFLRQDOGH'HUHFKRSDUDTXHHQXQDQiOLVLVGHIRQGRSXHGDSUHYDOHFHUODMXVWLFLD
PDWHULDOGHDFXHUGRDOSULQFLSLRSURDFWLRQH(QODPLVPDOtQHDGHUD]RQDPLHQWROD
6&3  HVWDEOHFLy TXH HO PRPHQWR SURFHVDO SDUD TXH HO MXH] R WULEXQDO GH
JDUDQWtDV YHULILTXH HO FXPSOLPLHQWR GH WRGRV ORV UHTXLVLWRV WDQWR GH IRUPD FRPR GH
FRQWHQLGRGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOHVDQWHVGHVXODDGPLVLyQVLQHPEDUJR
VL HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HQ HWDSD GH UHYLVLyQ DGYLHUWH TXH OD
WUDPLWDFLyQQRIXHFRUUHFWDHQDSOLFDFLyQGHOSULQFLSLRGHHFRQRPtDSURFHVDOQRDQXODUi
REUDGRVVLQRSDVDUiDHPLWLUODUHVROXFLyQSHUWLQHQWH3RUVXSDUWHOD6&3
/ H[WHQGLy HQ OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO OD WXWHOD D GHUHFKRV FRQH[RV
GHWHUPLQDQGR TXH HV SRVLEOH RWRUJDU OD WXWHOD TXH EULQGD OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDOSRUYXOQHUDFLyQGHRWURVGHUHFKRVTXHQRIXHURQGHQXQFLDGRVGHGXFLGRV
GHO FRQWHQLGR GH OD DFFLyQ GHO LQIRUPH GH OD SDUWH GHPDQGDGD R HQ VX FDVR GH OD
SDUWLFLSDFLyQ UHDOL]DGD GH DPEDV SDUWHV HQ OD DXGLHQFLD FHOHEUDGD SRU HO 7ULEXQDO GH
JDUDQWtDV  'H RWUR ODGR OD 6&3  GHWHUPLQy TXH HQ ORV VXSXHVWRV GH
LQFXPSOLPLHQWR GH UHTXLVLWRV GH IRUPD GH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO QR
REVHUYDGRVHQIDVHGHDGPLVLELOLGDGSRUODVRORVMXHFHVRWULEXQDOHVGHJDUDQWtDVHQ
UHVJXDUGRGHORVGHUHFKRVDODMXVWLFLDPDWHULDO\DODFFHVRDODMXVWLFLDGLFKRVUHTXLVLWRV
GHEHQ IOH[LELOL]DUVH HQ HWDSD GH UHYLVLyQ GH HVWD DFFLyQ GH GHIHQVD DQWH HO 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO  $VLPLVPR OD 6&3  HVWDEOHFLy TXH ORV
SUHVXSXHVWRVGHOHJLWLPDFLyQDFWLYDOHJLWLPDFLyQSDVLYDFRPRFXDOTXLHURWURUHTXLVLWR
GH IRUPD TXH VHD H[LJLGR SDUD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HQ HO FDVR GH
SHWLFLRQHVYLQFXODGDVDQDFLRQHV\SXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRVGHEHQVHU
DQDOL]DGDVHQHOPDUFRGHXQDPi[LPDIOH[LELOL]DFLyQSURFHVDOSDUDDVHJXUDUDVt\HQHO
PDUFRGHOUHVSHWRDVXVQRUPDV\SURFHGLPLHQWRVXQYHUGDGHUR\UHDODFFHVRDODMXVWLFLD
DGLFKDVFROHFWLYLGDGHV


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,
DO PRPHQWR GH OD DGPLVLyQ GH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO HO MXH] R WULEXQDO GH JDUDQWtDV GHEH YHULILFDU VL VH
FXPSOHQWRGRVORVUHTXLVLWRVPHQFLRQDGRVWDQWRGHIRUPDTXHSRGUiQ
VHUVXEVDQDGRVDQWHVXLQREVHUYDQFLDGHQWURGHOSOD]RGH/H\DVtFRPR
W


dW^:d


ORVGHFRQWHQLGRQRSRGUiQVHUHQPHQGDGRVGHELHQGRVHUGLUHFWDPHQWH
UHFKD]DGDODDFFLyQ

$QiOLVLVTXHGHEHHIHFWXDUVHDOPRPHQWRGHODSUHVHQWDFLyQGHODDFFLyQ
HV GHFLU DQWHV GH OD DGPLVLyQ \ GHO YHULILFDWLYR GH OD DXGLHQFLD QR
SXGLHQGR HO MXH] R WULEXQDO GH JDUDQWtDV DGPLWLU OD DFFLyQ \ ILMDU
DXGLHQFLD SDUD SRVWHULRUPHQWH LQVWDODGD DGYHUWLU OD DXVHQFLD GH
UHTXLVLWRV GH IRUPD R FRQWHQLGR \ VXVSHQGHU HO DFWR D HIHFWR TXH VH
VXEVDQHQODVRPLVLRQHVSRUFXDQWRFRPRVHVHxDOyDQWHODDXVHQFLDGH
UHTXLVLWRV GH IRUPD GHEHUi RWRUJDUVH XQ SOD]R SDUD TXH OD SDUWH
DFFLRQDQWHVXEVDQHODVRPLVLRQHVHQTXHKXELHUDLQFXUULGRDQWHVGHOD
DGPLVLyQGHODDFFLyQ\VLHQHOSOD]RRWRUJDGRQRVHFXPSOHFRQHOOR
VHSRGUiUHFKD]DUGLUHFWDPHQWHODDFFLyQ\HQHOFDVRGHODDXVHQFLDGH
UHTXLVLWRVGHFRQWHQLGRHOMXH]GHJDUDQWtDVGHEHUiVLQRWRUJDUQLQJ~Q
SOD]RUHFKD]DUODDFFLyQGHPDQHUDGLUHFWDDOKDEHUVHHVWDEOHFLGRTXH
ODDXVHQFLDGHpVWRVQRVRQVXEVDQDEOHV

 \DTXHHOPRPHQWRSURFHVDOHQHOTXHHOMXH]RWULEXQDOGHJDUDQWtDV
GHEH YHULILFDU HOFXPSOLPLHQWRGHWRGRV ORVUHTXLVLWRV WDQWR GHIRUPD
FRPRGHFRQWHQLGRHVDQWHVGHODDGPLVLyQGHODDFFLyQVLELHQODIRUPD
HQODTXHWUDPLWyHO7ULEXQDOGHJDUDQWtDVODSUHVHQWHDFFLyQQRIXHOD
FRUUHFWDSRUHFRQRPtDSURFHVDOQRVHDQXODUiQREUDGRVVLQRVHSDVDUi
DHPLWLUODUHVROXFLyQSHUWLQHQWH


,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

'H DFXHUGR FRQ OD KLVWRULD MXULVSUXGHQFLDO GHVFULWD VH HVWDEOHFH OR
VLJXLHQWH   &RQ UHODFLyQ DO FXPSOLPLHQWR GH ORV UHTXLVLWRV GH
DGPLVLELOLGDGHQODDFFLyQGHDPSDURFRQVWLWXFLRQDOHOHVWiQGDUPiVDOWR
VH HQFXHQWUD FRQWHQLGR HQOD 6&3 FRPSOHPHQWDGD SRUODV
6&3  \  SRUTXH OD SULPHUD HVWDEOHFLy OD
IOH[LELOL]DFLyQGHORVUHTXLVLWRVHQODIDVHGHDGPLVLELOLGDGFXDQGRH[LVWD
XQDGXGDUD]RQDEOHVREUHXQDOHVLyQPDQLILHVWD\
JURVHUD
DGHUHFKRV
IXQGDPHQWDOHVODVHJXQGDSRUTXHGHWHUPLQyTXHHQORVVXSXHVWRVGH
LQFXPSOLPLHQWR GH UHTXLVLWRV GH IRUPD GH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO QR REVHUYDGRV HQ IDVH GH DGPLVLELOLGDG SRU ODV R ORV
MXHFHVRWULEXQDOHVGHJDUDQWtDVHQUHVJXDUGRGHORVGHUHFKRVDODMXVWLFLD
PDWHULDO\DODFFHVRDODMXVWLFLDGLFKRVUHTXLVLWRVGHEHQIOH[LELOL]DUVH
HQ HWDSD GH UHYLVLyQ GH HVWD DFFLyQ GH GHIHQVD DQWH HO 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO \ OD WHUFHUD SRUTXH GHWHUPLQy XQD
Pi[LPDIOH[LELOL]DFLyQSURFHVDOUHVSHFWRDFXDOTXLHUUHTXLVLWRFXDQGR
VHWUDWHGHSXHEORVLQGtJHQDV (QFXDQWRDODSUHVHQWDFLyQGHSUXHEDV
HO HVWiQGDU PiV DOWR VH HQFXHQWUD HQ OD 6&3  OD SULPHUD
HVWDEOHFLy OD SRVLELOLGDG GH SUHVHQWDFLyQ GH SUXHED HQ LQVWDQFLD GHO
7ULEXQDO &RQVWLWXFLRQDO EDMR FRQGLFLRQHV UHJODGDV SUHFHGHQWH
W


dW^:d

FRPSOHPHQWDGRHQOD6&3HQORVVXSXHVWRVGHYtDVGHKHFKR
SRUTXHFRQFHGLyDODVSHUVRQDVDIHFWDGDVFRQORVHIHFWRVGHXQDHYHQWXDO
FRQFHVLyQ GH WXWHOD FRQFHGLy OD IDFXOWDG GH SUHVHQWDU SUXHED HQ
FXDOTXLHU HWDSD GHO SURFHVR FRQVWLWXFLRQDO \D VHD GHVSXpV GH OD
DXGLHQFLD S~EOLFD R LQFOXVLYH DQWH HO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO



 1RUPDV FRPXQHV GH SURFHGLPLHQWR HQ DFFLRQHV GH
GHIHQVD2UGHQGHFRQGXFFLyQGHODSHUVRQDGHWHQLGD\SUHVHQFLDGHOD
DXWRULGDGMXULVGLFFLRQDOHQORVOXJDUHVGHGHWHQFLyQ
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3(OMXH]RWULEXQDOGHJDUDQWtDVGHEHRUGHQDUTXHHO
GHWHQLGRVHDFRQGXFLGRDODDXGLHQFLDGHODDFFLyQGHOLEHUWDG\HQORV
VXSXHVWRVGHH[LVWHQFLDGHSHOLJURUHVLVWHQFLDXRWUDFLUFXQVWDQFLDTXH
DFULWHULRGHOMXH]UHVXOWHLPSRUWDQWHGHEHUiDFXGLULQPHGLDWDPHQWH
DOOXJDUGHGHWHQFLyQHLQVWDODUDXGLHQFLD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHOLEHUWDGHODFFLRQDQWHGHQXQFLyTXHODVDXWRULGDGHV
GHPDQGDGDVHQDSHODFLyQQRFRQVLGHUDURQORVQXHYRVHOHPHQWRVSDUDOD
FHVDFLyQ GH OD GHWHQFLyQ SUHYHQWLYD DGHPiV GH SURQXQFLDUVH VREUH
SXQWRVQRDSHODGRVFRQVLGHUDQGROHVLRQDGRVORVGHUHFKRVDODOLEHUWDG
DO GHELGR SURFHVR \ DO SULQFLSLR GH LQRFHQFLD GH VX UHSUHVHQWDGR HQ
FRQVHFXHQFLDSLGHVHRUGHQHODUHSDUDFLyQGHORVGHIHFWRVOHJDOHV\VH
GHWHUPLQH VL ORV GHPDQGDGRV YDORUDURQ FRUUHFWDPHQWH VX VLWXDFLyQ
MXUtGLFD(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHQUHYLVLyQFRQILUPy
OD UHVROXFLyQ GHO 7ULEXQDO GH JDUDQWtDV TXH GHQHJy OD WXWHOD
SURQXQFLiQGRVHVREUHODREOLJDFLyQGHOMXH]RWULEXQDOGHJDUDQWtDVGH
RUGHQDUTXHHOGHWHQLGRVHDFRQGXFLGRDODDXGLHQFLDRGHDFXGLUDOOXJDU
GHVXGHWHQFLyQ

([WUDFWRGHODUDWLRGHFLGHQGL

W


dW^:d


)- ,,, (Q HO FDVR SUHVHQWH SHVH D HVWDU GHELGDPHQWH QRWLILFDGR HO
'LUHFWRU GH OD FiUFHO 9LOOD %XVFK LQFXPSOLy FRQ VX REOLJDFLyQ GH
FRQGXFLUDODFFLRQDQWHDODDXGLHQFLDS~EOLFDGHODSUHVHQWHDFFLyQGH
GHIHQVD \ WDPSRFR MXVWLILFy GLFKD DXVHQFLD FRQ OR TXH RPLWLy GDU
FXPSOLPLHQWR QR VyOR D XQD UHVROXFLyQ MXGLFLDO VLQR WDPELpQ D XQD
QRUPDFRQVWLWXFLRQDO\HO-XH]SUHVFLQGLyGHODSUHVHQFLDGHODFFLRQDQWH
DOHJDQGR GH PDQHUD JHQpULFD H LQGHWHUPLQDGD OD LPSRVLELOLGDG GH
WUDVODGDUVHDOSHQDOGH9LOOD%XVFKDOVRVWHQHUTXH
QRVHWLHQHQLQJ~Q
WLSR GH FRPXQLFDFLyQ FRQ OD FiUFHO VH FRQWLQXD FRQ OD SUHVHQWH
DXGLHQFLD HQ YLVWD TXH HVWD SUHVHQWH HO 'U -HV~V 0DPDQL TXLHQ
SUHVHQWRODDFFLyQGHOLEHUWDGHQUHSUHVHQWDFLyQVLQPDQGDWRGH/XFLDQR
$OYH]
LQREVHUYDQGRHQGLFKDDFWXDFLyQODGHELGDIXQGDPHQWDFLyQSHVH
D HOOR HQ HO SUHVHQWH FDVR LQGHSHQGLHQWHPHQWH D OD UHVSRQVDELOLGDG
MXUtGLFDTXHSRGUtDRULJLQDUVHQRFRUUHVSRQGHDQXODUREUDGRVSRUTXHHO
UHSUHVHQWDQWHPDQLIHVWyHQODFRQWLQXDFLyQGHODDXGLHQFLDGHDFFLyQGH
OLEHUWDG VH LPSXJQD XQD UHVROXFLyQ REMHWLYD FRQVWDWDEOH SRU HVWH
WULEXQDOHLQFOXVRODDXWRULGDGMXULVGLFFLRQDODGYHUWLGDGHGHILFLHQFLDV
HQODGHPDQGDGHOLEHUWDGSXHGHVXEVDQDUODVPLVPDVUHVROYLHQGRGH
RILFLRDIDYRUGHODFFLRQDQWHHQUD]yQDTXHHQODVDFFLRQHVGHOLEHUWDG
QRULJHHOSULQFLSLRGHFRQJUXHQFLD\HQWRGRFDVRH[LVWHODSRVLELOLGDG
GH LQWHUSRQHU XQ QXHYR SODQWHDPLHQWR GH DFFLyQ GH OLEHUWDG VL HO
DFFLRQDQWHFRQVLGHUDTXHQRSXGRPDQLIHVWDUWRGRVORVDFWRVTXHFUH\HUH
DWHQWDWRULRVDVXGHUHFKR

6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJDODDFFLyQGHOLEHUWDGSRUTXHORVYRFDOHVGHPDQGDGRVHPLWLHURQ
XQD UHVROXFLyQ GHELGDPHQWH IXQGDPHQWDGD VLQ HPEDUJR DO FRQVWDWDU
TXHHO'LUHFWRUGHO&HQWUR3HQLWHQFLDULRLQFXPSOLyFRQVXREOLJDFLyQGH
FRQGXFLU DO DFFLRQDQWH D OD DXGLHQFLD S~EOLFD GH OD SUHVHQWH DFFLyQ
GLVSXVRVHUHPLWDQDQWHFHGHQWHVDQWHOD'LUHFFLyQ*HQHUDOGH5pJLPHQ
3HQLWHQFLDULR GHO 0LQLVWHULR GH *RELHUQR SDUD TXH FRQVLGHUH VL ORV
PRWLYRVRUD]RQHVSRUODVFXDOHVHVWDDXWRULGDGQRFRQGXMRDODFFLRQDQWH
DQWHODSUHVHQFLDGHO-XH]GHJDUDQWtDVVRQRQRMXVWLILFDGRV

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/DOtQHDMXULVSUXGHQFLDOVREUHODREOLJDFLyQGHFRQGXFFLyQGHOGHWHQLGRSRUSDUWHGHOD
DXWRULGDGGHPDQGDGDDQWHHO7ULEXQDOGHJDUDQWtDVHVODVLJXLHQWH

 /D 6& 5 GHWHUPLQy TXH HV HO MXH] R WULEXQDO GH JDUDQWtDV HO TXH GHEH
RUGHQDUTXHHOGHWHQLGRVHDFRQGXFLGRDVXSUHVHQFLD\QRRUGHQDUDOGHPDQGDGRTXH
FRQGX]FD DO GHWHQLGR FRQIRUPH DO VLJXLHQWH UD]RQDPLHQWR
HO 7ULEXQDO GH OD
DFFLyQQR GLVSXVR HQ IRUPD H[SUHVD TXH HO DFFLRQDQWH TXH VH HQFRQWUDED GHWHQLGR
SUHYHQWLYDPHQWH HQ HO SHQDO GH 6DQ 3HGUR VHD FRQGXFLGR D VX SUHVHQFLD FRQIRUPH
PDQGDODQRUPDFRQVWLWXFLRQDODQWHVWUDQVFULWDVLQRTXHRUGHQyTXHHOGHPDQGDGRVHD
TXLHQRILFLHDO'LUHFWRUGHODFLWDGDFiUFHOSDUDODFRQGXFFLyQGHOLQWHUQRDODDXGLHQFLD
VHxDODGDRFDVLRQDQGRFRQHOORTXHHQDXGLHQFLDVyORHVWXYLHUDSUHVHQWHVXDERJDGR

W


dW^:d
VHJ~QFRQVWDHQHODFWDFXUVDQWHGHIVD


/D6&3GHWHUPLQyORVVXSXHVWRVHQORVTXHHOMXH]RWULEXQDOGHJDUDQWtDV
GHEH DFXGLU DO OXJDU GH GHWHQFLyQ HQ PpULWR D OR FXDO VH FRQVLGHUD XQD VHQWHQFLD
IXQGDGRUD
SRUTXHHVWDEOHFH

/DHVWDEOHFLyTXHHO7ULEXQDOGHJDUDQWtDVGHEHFRQVWDWDUFRQDQWHULRULGDG
D OD FHOHEUDFLyQ GH OD DXGLHQFLD TXH ORV UHVSRQVDEOHV GH ORV FHQWURV GH SULYDFLyQ GH
OLEHUWDGKXELHUDQDVXPLGRFRQRFLPLHQWRUHDOGHODGLVSRVLFLyQGHWUDVODGRHPLWLGDSRU
ODDXWRULGDGMXULVGLFFLRQDO\HQFDVRGHLQFXPSOLPLHQWRHVWDEOHFHUODVFRUUHVSRQGLHQWHV
VDQFLRQHVSRUGHVREHGLHQFLD

/D6&3HQWHQGLyTXHODRHOMXH]R7ULEXQDOGH*DUDQWtDVWLHQHQHOGHEHU
GH FRQPLQDU D ODV R ORV HQFDUJDGRV GH UHFLQWRV SHQLWHQFLDULRV SDUD KDFHU HIHFWLYD OD
SUHVHQFLDGHODVRORVSULYDGRVGHOLEHUWDGHQDXGLHQFLDVGHDFFLyQGHOLEHUWDGDVLPLVPR
WLHQHQHOGHEHUGHTXHHOSURFHVRFRQVWLWXFLRQDOVHGHVDUUROOHVLQGLODFLRQHV\SHUMXLFLRV
D ODV SDUWHV \ HQ FDVR GH LPSRVLELOLGDG GH WUDVODGR SRGUiQ GHVDUUROODU DXGLHQFLDV
S~EOLFDVHQHOUHFLQWRSHQLWHQFLDULR


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

(VWD6HQWHQFLDHQVX)-,,,GLVSRQH
'HXQDLQWHUSUHWDFLyQ
GHVGHOD
&RQVWLWXFLyQ
 GH GLFKD QRUPDWLYD /H\ GHO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO VHWLHQHQORVVLJXLHQWHVSUHVXSXHVWRV (OMXH]RWULEXQDO
GH JDUDQWtDV WHQGUi OD REOLJDFLyQ GH GLVSRQHU TXH OD R HO SULYDGR GH
OLEHUWDG VHD FRQGXFLGR D VX SUHVHQFLD \   (O MXH] R WULEXQDO GH
JDUDQWtDV DFXGLUi LQPHGLDWDPHQWH DO OXJDU GH GHWHQFLyQ VHD pVWH
S~EOLFRRSULYDGRHLQVWDODUiODDXGLHQFLDDQWHODH[LVWHQFLDGHSHOLJUR
UHVLVWHQFLDGHODDXWRULGDGS~EOLFDRSHUVRQDSDUWLFXODUGHQXQFLDGDVX
RWUD FLUFXQVWDQFLD TXH D FULWHULR GH OD DXWRULGDG MXGLFLDO UHVXOWH
LPSRUWDQWH




1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO


W


dW^:d


6&3   /RV MXHFHV \ WULEXQDOHV GH JDUDQWtDV WLHQHQ OD
REOLJDFLyQGHDVHJXUDUTXHORVSULYDGRVGHOLEHUWDGVHDQFRQGXFLGRV
DQWHVXSUHVHQFLDSDUDDVHJXUDUHOFXPSOLPLHQWRGHOGHUHFKRDVHU
RtGR HQ HVWH VHQWLGR D WLHPSR GH VHxDODU GtD \ KRUD GH DXGLHQFLD
S~EOLFDGHEHQGLVSRQHUTXHODSHUVRQDDFFLRQDQWHVHDFRQGXFLGDDVX
SUHVHQFLD FRQ GLFKD RUGHQ VH SUDFWLFDUi OD FLWDFLyQ SHUVRQDO R SRU
FpGXOD D OD DXWRULGDG R D OD SHUVRQD GHQXQFLDGD RUGHQ TXH VHUi
REHGHFLGD VLQ REVHUYDFLyQ QL H[FXVD WDQWR SRU OD DXWRULGDG R OD
SHUVRQDGHQXQFLDGDFRPRSRUORVHQFDUJDGRVGHODVFiUFHOHVROXJDUHV
GH GHWHQFLyQ VLQ TXH pVWRV XQD YH] FLWDGRV SXHGDQ GHVREHGHFHU
GLFKR HQWHQGLPLHQWR HV DSOLFDEOH SDUD OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO VLHPSUH \ FXDQGR ORV DFFLRQDQWHV VH HQFXHQWUHQ
SULYDGRVGHVXOLEHUWDG\VXSUHVHQFLDGHSHQGDGHODGLOLJHQFLDGHODV
DXWRULGDGHV TXH VH HQFXHQWUHQ FRQRFLHQGR OD FDXVD DVt FRPR GHO
UHVSRQVDEOHGHOOXJDUGRQGHJXDUGDGHWHQFLyQ

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q XQD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HO DFFLRQDQWH VHxDOy TXH GHQWUR GHO
SURFHVRSHQDOVHJXLGRSRUHO0LQLVWHULR3~EOLFRHQVXFRQWUDOD-XH]D3ULPHUD
GH,QVWUXFFLyQHQOR3HQDOGH4XLOODFROORGLVSXVRVXGHWHQFLyQSUHYHQWLYDHQHO
UHFLQWRFDUFHODULRGH
6DQ3DEOR
SRUORTXHHQYLUWXGGHODUWGHO&yGLJR
GH 3URFHGLPLHQWR 3HQDO &33  VROLFLWy FHVDFLyQ GH VX GHWHQFLyQ SUHYHQWLYD
FXPSOLHQGR FRQ ORV UHTXLVLWRV H[LJLGRV HQ OD FLWDGD QRUPDWLYD FHOHEUiQGRVH
DXGLHQFLDSDUDVXFRQVLGHUDFLyQHQODTXHVHGLFWyOD5HVROXFLyQTXHGLRFXUVR
D VX SHWLWRULR DSOLFDQGR HQ VX OXJDU PHGLGDV VXVWLWXWLYDV WDOHV FRPR OD
GHWHQFLyQGRPLFLOLDULDFRQGRVFXVWRGLRVSROLFLDOHVDUUDLJRILDQ]DHFRQyPLFD
\RWUDVPiVFRQWUDODFLWDGDGHFLVLyQHOUHSUHVHQWDQWHGHO0LQLVWHULR3~EOLFR
SODQWHyUHFXUVRGHDSHODFLyQLQFLGHQWDOSLGLHQGRODUHYRFDWRULDGHODVPHGLGDV
VXVWLWXWLYDVLPSXHVWDVUDGLFDGRHQOD6DOD3HQDO6HJXQGDFRPSXHVWDSRUORV
DKRUDGHPDQGDGRVTXLHQHVVHxDODURQDXGLHQFLDSDUDHOGHDEULOGHOFLWDGR
DxR D KRUDV  IHFKD HQ OD FXDO LQVWDODURQ OD PLVPD \ GLUHFWDPHQWH
LQJUHVDURQDGLFWDUUHVROXFLyQVLQGDUODRSRUWXQLGDGDODVSDUWHVGHKDFHUXVR
GHO SULQFLSLR GH FRQWUDGLFFLyQ RUDOLGDG H LQPHGLDFLyQ QR REVWDQWH TXH OD
LQVWDQFLDILVFDOHQVXHVFULWRGHDO]DGDVHxDOy
3RUORH[SXHVWR\SURWHVWDQGR
GHPLSDUWHDPSOLDUODIXQGDPHQWDFLyQHQDXGLHQFLD
 VLF &RQWLQXyVHxDODQGR
TXHVLQHPEDUJRGHORPDQLIHVWDGRVHGLFWyHO$XWRGH9LVWDGHODPLVPDIHFKD
DQXODQGRHOIDOORGHODTXRGLVSRQLHQGRTXHGHQWURGHWHUFHUGtDDSDUWLUGHOD
UHFHSFLyQ GHO FXDGHUQLOOR FRUUHVSRQGLHQWH D OD DSHODFLyQ HO -XH] FDXWHODU
FHOHEUH QXHYD DXGLHQFLD HQ OD TXH HPLWD XQD UHVROXFLyQ GHELGDPHQWH
IXQGDPHQWDGDSRUTXHDVXFULWHULRQRIXQGDPHQWyVREUHORVULHVJRVSURFHVDOHV
LQIULQJLHQGRHODUWGHODGMHWLYRSHQDOSRUORTXHFRQVLGHUyYXOQHUDGRVVXV
GHUHFKRV D XQD MXVWLFLD WUDQVSDUHQWH \ DO GHELGR SURFHVR \ SHWLFLRQy VH OH
FRQFHGD OD WXWHOD (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO UHYRFy OD
5HVROXFLyQGHO7ULEXQDOGH*DUDQWtDVTXHKDEtDGHQHJDGRODWXWHOD\FRQFHGLy
ODPLVPDSRUYXOQHUDFLyQDOGHUHFKRDODIXQGDPHQWDFLyQ\PRWLYDFLyQGHODV
5HVROXFLRQHV3RURWURODGRHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHVWDEOHFLy
TXHORVMXHFHV\WULEXQDOHVGHJDUDQWtDVWLHQHQODREOLJDFLyQGHDVHJXUDUTXHORV

W


dW^:d
SULYDGRV GH OLEHUWDG VHDQ FRQGXFLGRV DQWH VX SUHVHQFLD SDUD DVHJXUDU HO
FXPSOLPLHQWRGHOGHUHFKRDVHURtGRH[WHQGLHQGRHOHQWHQGLPLHQWRVHQWDGRHQ
OD6&3WDPELpQDODVDFFLRQHVGHDPSDURFRQVWLWXFLRQDOHQODVFXDOHV
VHHQFXHQWUHFRPSURPHWLGRHOGHUHFKRDODOLEHUWDG


([WUDFWRGHODUDWLRGHFLGHQGL

)- ,,, &RQ UHODFLyQ D HOOR HV LPSRUWDQWH GHVWDFDU TXH ORV MXHFHV \
WULEXQDOHV GH JDUDQWtDV WLHQHQ OD REOLJDFLyQ GH DVHJXUDU TXH ORV SULYDGRV GH
OLEHUWDGVHDQFRQGXFLGRVDQWHVXSUHVHQFLDSDUDDVHJXUDUHOFXPSOLPLHQWRGHO
GHUHFKR D VHU RtGR
HQ HVWH VHQWLGR   D WLHPSR GH VHxDODU GtD \ KRUD GH
DXGLHQFLDS~EOLFDGHEHGLVSRQHUTXHD /DSHUVRQDDFFLRQDQWHVHDFRQGXFLGDD
VXSUHVHQFLDFRQGLFKDRUGHQVHSUDFWLFDUiODFLWDFLyQSHUVRQDORSRUFpGXODD
OD DXWRULGDG R D OD SHUVRQD GHQXQFLDGD RUGHQ TXH VHUi REHGHFLGD VLQ
REVHUYDFLyQQLH[FXVDWDQWRSRUODDXWRULGDGRODSHUVRQDGHQXQFLDGDFRPRSRU
ORVHQFDUJDGRVGHODVFiUFHOHVROXJDUHVGHGHWHQFLyQVLQTXHpVWRVXQDYH]
FLWDGRVSXHGDQGHVREHGHFHU
 6&3GHGHDEULO 


6L ELHQ OD MXULVSUXGHQFLD JORVDGD SUHFHGHQWHPHQWH IXH GHVDUUROODGD
H[SUHVDPHQWHSDUDDFFLRQHVGHOLEHUWDGVLQHPEDUJRODSDUWHJORVDGDVXEUHJOD
D HVDSOLFDEOHSHUIHFWDPHQWHSDUDODDFFLyQGHDPSDURFRQVWLWXFLRQDOVLHPSUH
\FXDQGRORVDFFLRQDQWHVVHHQFXHQWUHQSULYDGRVGHVXOLEHUWDG\VXSUHVHQFLD
GHSHQGD GH ODGLOLJHQFLD GH ODV DXWRULGDGHV TXH VH HQFXHQWUHQ FRQRFLHQGR OD
FDXVDDVtFRPRGHOUHVSRQVDEOHGHOOXJDUGRQGHJXDUGDGHWHQFLyQ
(QHOFDVRSUHVHQWHSHVHDHVWDUGHELGDPHQWHQRWLILFDGRHO*REHUQDGRUGHOD
FiUFHOGH6DQ3DEORGH4XLOODFROORLQFXPSOLyFRQVXREOLJDFLyQGHFRQGXFLUDO
DFFLRQDQWHDODDXGLHQFLDS~EOLFDGHODSUHVHQWHDFFLyQGHGHIHQVD\WDPSRFR
MXVWLILFyGLFKDDXVHQFLDFRQORTXHRPLWLyDFDWDUXQDUHVROXFLyQMXGLFLDO\HO
-XH] GH JDUDQWtDV SHVH D FRQVWDU VX DXVHQFLD VLPSOHPHQWH SUHVFLQGLy GH OD
SUHVHQFLDGHODFFLRQDQWH\FRQWLQXyFRQHOGHVDUUROORGHODDXGLHQFLDFXDQGR
ORTXHFRUUHVSRQGtDHUDDVHJXUDUGLFKDDVLVWHQFLDFRQVWDWDQGRFRQDQWHULRULGDG
DODFHOHEUDFLyQGHODPLVPDTXHORVUHVSRQVDEOHVGHORVFHQWURVGHSULYDFLyQ
GHOLEHUWDGKXELHUDQDVXPLGRFRQRFLPLHQWRUHDOGHODGLVSRVLFLyQGHWUDVODGR
HPLWLGDSRUODDXWRULGDGMXULVGLFFLRQDO\HQFDVRGHLQFXPSOLPLHQWRHVWDEOHFHU
ODVFRUUHVSRQGLHQWHVVDQFLRQHVSRUGHVREHGLHQFLD


6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOSRUFXDQWRSHVHDVXOHJDO
QRWLILFDFLyQ HO *REHUQDGRU GH OD FiUFHO GH 6DQ 3DEOR GH 4XLOODFROOR
LQFXPSOLy FRQVX REOLJDFLyQ GHFRQGXFLU DO DFFLRQDQWH D OD DXGLHQFLD
S~EOLFDGHODDFFLyQGHDPSDURFRQVWLWXFLRQDO\WDPSRFRMXVWLILFyGLFKD
DXVHQFLDFRQORTXHRPLWLyDFDWDUXQDUHVROXFLyQMXGLFLDO\HO-XH]GH
JDUDQWtDV SHVH D FRQVWDWDU OD DXVHQFLD GHO PLVPR VLPSOHPHQWH
SUHVFLQGLy GH OD SUHVHQFLD GH pVWH \ FRQWLQXy FRQ HO GHVDUUROOR GH OD
DXGLHQFLD FXDQGR OR TXH FRUUHVSRQGtD HUD DVHJXUDU GLFKD DVLVWHQFLD
FRQVWDWDQGR FRQ DQWHULRULGDG D OD FHOHEUDFLyQ GH OD PLVPD TXH ORV
UHVSRQVDEOHVGHORVFHQWURVGHSULYDFLyQGHOLEHUWDGKXELHUDQDVXPLGR
W


dW^:d


FRQRFLPLHQWRUHDOGHODGLVSRVLFLyQGHWUDVODGRHPLWLGDSRUODDXWRULGDG
MXULVGLFFLRQDO \ HQ FDVR GH LQFXPSOLPLHQWR HVWDEOHFHU ODV
FRUUHVSRQGLHQWHVVDQFLRQHVSRUGHVREHGLHQFLD

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O 7ULEXQDO &RQVWLWXFLRQDO HQ OD 6&3  HVWDEOHFLy TXH ORV
MXHFHV\WULEXQDOHVGHJDUDQWtDVWLHQHQODREOLJDFLyQGHDVHJXUDUTXHORV
SULYDGRVGHOLEHUWDGVHDQFRQGXFLGRVDQWHVXSUHVHQFLDSDUDDVHJXUDUHO
FXPSOLPLHQWRGHOGHUHFKRDVHURtGR
HQHVWHVHQWLGR  DWLHPSRGH
VHxDODUGtD\KRUDGHDXGLHQFLDS~EOLFDGHEHGLVSRQHUTXHD /DSHUVRQD
DFFLRQDQWHVHDFRQGXFLGDDVXSUHVHQFLDFRQGLFKDRUGHQVHSUDFWLFDUi
OD FLWDFLyQ SHUVRQDO R SRU FpGXOD D OD DXWRULGDG R D OD SHUVRQD
GHQXQFLDGDRUGHQTXHVHUiREHGHFLGDVLQREVHUYDFLyQQLH[FXVDWDQWR
SRUODDXWRULGDGRODSHUVRQDGHQXQFLDGDFRPRSRUORVHQFDUJDGRVGHODV
FiUFHOHVROXJDUHVGHGHWHQFLyQVLQTXHpVWRVXQDYH]FLWDGRVSXHGDQ
GHVREHGHFHU

/D 6&3  PRGXOD GLFKR HQWHQGLPLHQWR HVWDEOHFLHQGR TXH HO
PLVPRHVDSOLFDEOHQRVRODPHQWHDODVDFFLRQHVGHOLEHUWDGDVtVHxDOD
TXHODVXEUHJODD ILMDGDHQODFLWDGD6&3  HVDSOLFDEOH
SHUIHFWDPHQWH SDUD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO VLHPSUH \
FXDQGR ORV DFFLRQDQWHV VH HQFXHQWUHQ SULYDGRV GH VX OLEHUWDG \ VX
SUHVHQFLDGHSHQGDGHODGLOLJHQFLDGHODVDXWRULGDGHVTXHVHHQFXHQWUHQ
FRQRFLHQGRODFDXVDDVtFRPRGHOUHVSRQVDEOHGHOOXJDUGRQGHJXDUGD
GHWHQFLyQ


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

/D6&3HQVX)-,,,ORVMXHFHV\WULEXQDOHVGHJDUDQWtDV
WLHQHQ OD REOLJDFLyQ GH DVHJXUDU TXH ORV SULYDGRV GH OLEHUWDG VHDQ
FRQGXFLGRVDQWHVXSUHVHQFLDSDUDDVHJXUDUHOFXPSOLPLHQWRGHOGHUHFKR
D VHU RtGR
HQ HVWH VHQWLGR   D WLHPSR GH VHxDODU GtD \ KRUD GH
DXGLHQFLD S~EOLFD GHEH GLVSRQHU TXH D  /D SHUVRQD DFFLRQDQWH VHD
FRQGXFLGD D VX SUHVHQFLD FRQ GLFKD RUGHQ VH SUDFWLFDUi OD FLWDFLyQ
SHUVRQDORSRUFpGXODDODDXWRULGDGRDODSHUVRQDGHQXQFLDGDRUGHQ
TXHVHUiREHGHFLGDVLQREVHUYDFLyQQLH[FXVDWDQWRSRUODDXWRULGDGROD
SHUVRQDGHQXQFLDGDFRPRSRUORVHQFDUJDGRVGHODVFiUFHOHVROXJDUHV
GHGHWHQFLyQVLQTXHpVWRVXQDYH]FLWDGRVSXHGDQGHVREHGHFHU
 6&3
GHGHDEULO 


6L ELHQ OD MXULVSUXGHQFLD JORVDGD SUHFHGHQWHPHQWH IXH GHVDUUROODGD
H[SUHVDPHQWHSDUDDFFLRQHVGHOLEHUWDGVLQHPEDUJRODSDUWHJORVDGD
VXEUHJOD D  HV DSOLFDEOH SHUIHFWDPHQWH SDUD OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO VLHPSUH \ FXDQGR ORV DFFLRQDQWHV VH HQFXHQWUHQ
SULYDGRVGHVXOLEHUWDG\VXSUHVHQFLDGHSHQGDGHODGLOLJHQFLDGHODV
W


dW^:d

DXWRULGDGHV TXH VH HQFXHQWUHQ FRQRFLHQGR OD FDXVD DVt FRPR GHO
UHVSRQVDEOHGHOOXJDUGRQGHJXDUGDGHWHQFLyQ



 1RUPDV FRPXQHV GH SURFHGLPLHQWR HQ DFFLRQHV GH
GHIHQVD3ODQWHDPLHQWRGHORVSUREOHPDVMXUtGLFRVDUHVROYHU
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3(OMXH]RWULEXQDOGHJDUDQWtDVDWLHPSRGHIRUPXODU
HOSUREOHPDMXUtGLFRTXHYDDUHVROYHUGHEHWRPDUHQFXHQWDORVDFWRV
X RPLVLRQHV LOHJDOHV GHQXQFLDGDV YLQFXODGDV FRQ ORV GHUHFKRV R
JDUDQWtDV VXSXHVWDPHQWHYXOQHUDGDV \ FRQHO DPSDUR VROLFLWDGR HV
GHFLUODSHWLFLyQ

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOORVDFFLRQDQWHVGHQXQFLDURQ
TXH ORV H[ MXHFHV GH SDUWLGR HQ OR FLYLO \ FRPHUFLDO GHPDQGDGRV
YXOQHUDURQVXVGHUHFKRVDOGHELGRSURFHVRDODGHIHQVDDODVHJXULGDG
MXUtGLFD \ D OD SURSLHGDG SRU FXDQWR GHQWUR GH XQ SURFHVR HMHFXWLYR
VHJXLGRHQVXFRQWUD\RWUDHPHUJHQWHGHODHMHFXFLyQGHXQDHVFULWXUD
S~EOLFDGHFRQFLOLDFLyQUHFRQRFLPLHQWRGHREOLJDFLyQFRQLQWHUHVHV\
JDUDQWtDKLSRWHFDULDVXVFULWDGHQWURGHXQSURFHVRSHQDOSRUHOVXSXHVWR
GHOLWR GH JLUR GH FKHTXH HQ GHVFXELHUWR VH FRPHWLHURQ XQD VHULH GH
LUUHJXODULGDGHV\VHLQFXPSOLHURQQRUPDVSURFHVDOHVH[SUHVDVFRPRD 
(O DUW  GHO &3& WRGD YH] TXH QR VH H[DPLQy HOWtWXOR EDVH GHOD
DFFLyQ HMHFXWLYD HVSHFLDOPHQWH UHVSHFWR D -XOLHWD 8JDUWH 3DODFLRV
GHELGRDTXHpVWDQRVXVFULELyODHVFULWXUDS~EOLFDEDVHGHODHMHFXFLyQ
\VLELHQHQGLFKRGRFXPHQWRODREOLJDFLyQHVWiJDUDQWL]DGDFRQXQELHQ
LQPXHEOHGHVXSURSLHGDGHVDFOiXVXODHVLQYiOLGDSRUTXHIXHRWRUJDGR
SRU0DUtD&DVWD8JDUWHGH/HyQVLQWHQHUSRGHUH[SUHVRSDUDKDFHUORE 
6H DQXOy HO $XWR GH FRQFHVLyQ GHO UHFXUVR GH DSHODFLyQ LQWHUSXHVWR
FRQWUDODVHQWHQFLDFRQHODUJXPHQWRGHTXHHOUHFXUVRIXHSUHVHQWDGR
IXHUD GHO WpUPLQR GHFODUDQGR HMHFXWRULDGD OD VHQWHQFLD (O 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDODSUREyODUHVROXFLyQTXHGHQHJyODWXWHOD
W


dW^:d


SUHFLVDQGRSUHYLDPHQWHORVSUREOHPDVMXUtGLFRVSODQWHDGRVHQODDFFLyQ
GHDPSDURFRQVWLWXFLRQDO

([WUDFWRGHODUDWLRGHFLGHQGL

)- ,,, &RQIRUPH VH SUHFLVy DQWHULRUPHQWH HQ HO FDVR GHO H[DPHQ ORV
SUREOHPDVMXUtGLFRVHQODSUHVHQWHDFFLyQGHDPSDURVRQORVVLJXLHQWHVL /D
IDOWDGHH[DPHQGHOWtWXOREDVHGHODDFFLyQHMHFXWLYDFRQIRUPHDODUWGHO
&3&SRUSDUWHGHODVDXWRULGDGHVMXGLFLDOHVGHPDQGDGDV TXHDMXLFLRGHORV
DFFLRQDQWHV DIHFWD D -XOLHWD 8JDUWH 3DODFLRV HQ VX FRQGLFLyQ GH JDUDQWH
KLSRWHFDULDSXHGHVHUDQDOL]DGDUHYLVDGD\FRUUHJLGDDWUDYpVGHODDFFLyQGH
DPSDURFRQVWLWXFLRQDODHIHFWRVGHLQJUHVDUDODQiOLVLVGHIRQGR\YHULILFDUVL
H[LVWLy YXOQHUDFLyQ GH VXV GHUHFKRV DO GHELGR SURFHVR D OD GHIHQVD D OD
VHJXULGDGMXUtGLFD\DODSURSLHGDG\HQPpULWRDHOORFRQFHGHUODWXWHODSHGLGD
RUGHQDQGRODVXVSHQVLyQGHOUHPDWH\VXEDVWDGHOLQPXHEOHGHVXSURSLHGDG"
\LL /DDQXODFLyQGHO$XWRGHFRQFHVLyQGHOUHFXUVRGHDSHODFLyQSRUSDUWH
GHORVYRFDOHVGHOD6DOD&LYLO3ULPHUDGHOD&RUWH6XSHULRUGHO'LVWULWR-XGLFLDO
DKRUD 7ULEXQDO 'HSDUWDPHQWDO GH &RFKDEDPED LQWHUSXHVWR FRQWUD OD
VHQWHQFLDFRQHODUJXPHQWRGHTXHHOUHFXUVRKDEtDVLGRLQWHUSXHVWRIXHUDGHO
WpUPLQR\ODFRQVHFXHQWHGHFODUDWRULDGHHMHFXWRULDGDGHODVHQWHQFLDDSHODGD
OXHJRGHYHULILFDGRHVHH[WUHPRSXHGHVHUWXWHODGRSRUODDFFLyQGHDPSDUR
FRQVWLWXFLRQDOSRUOHVLyQDORVGHUHFKRVDOGHELGRSURFHVRDODGHIHQVDDOD
VHJXULGDG MXUtGLFD \ D OD SURSLHGDG \ HQ FRQVHFXHQFLD FRQFHGHU OD WXWHOD
VROLFLWDGDGLVSRQLHQGRODQXOLGDGGHORDFWXDGR"


6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HPSHUR SUHYLDPHQWH
SUHFLVyORVSUREOHPDVMXUtGLFRVSODQWHDGRVHQHVWDDFFLyQGHGHIHQVD

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

3UHFHGHQWHIXQGDGRU6&3

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,
HO MXH] R WULEXQDO GH JDUDQWtDV D WLHPSR GH IRUPXODU HO SUREOHPD
MXUtGLFR TXH YD D UHVROYHU GHEH WHQHU HQ FXHQWD ORV WUHV HOHPHQWRV DQWHV
GHVDUUROODGRV ORV TXH GHEHQ HVWDU YLQFXODGRV D HIHFWR GH UHVSRQGHU D OD
VLJXLHQWHLQWHUURJDQWH

&XiORFXiOHVVRQORVDFWRVOHVLYRVGHQXQFLDGRVGHLOHJDOHVRLQGHELGRVHQORV
TXH SUHVXQWDPHQWH LQFXUULy HO VHUYLGRU S~EOLFR R OD SHUVRQD LQGLYLGXDO R
FROHFWLYD TXH OD R HO DFFLRQDQWH FRQVLGHUD YLRODWRULRV D VXV GHUHFKRV
IXQGDPHQWDOHV\JDUDQWtDVFRQVWLWXFLRQDOHVTXHDPHULWHQHQFDVRGHHQFRQWUDU
FLHUWD\HIHFWLYDODGHPDQGDFRQFHGHURGHQHJDUHODPSDURVROLFLWDGR"

(VGHFLUODRHODFFLRQDQWHSXHGHHQVXGHPDQGDDWLHPSRGHH[SRQHUODUHODFLyQ

W


dW^:d
IiFWLFDQDUUDUWRGRV\FDGDXQRGHORVDQWHFHGHQWHVFRQWH[WXDOL]DUpVWRVFRQ
RWURV KHFKRV SDUD XQD PHMRU FRPSUHQVLyQ $VLPLVPR SXHGH WHQHU XQD
PXOWLSOLFLGDGGHSHWLFLRQHVUHVSHFWRGHHVRVKHFKRVH[SXHVWRV\WDPELpQDOHJDU
\ GHQXQFLDU OD YXOQHUDFLyQ D XQD LQILQLGDG GH GHUHFKRV IXQGDPHQWDOHV \
JDUDQWtDV FRQVWLWXFLRQDOHV HPSHUR OR TXH UHVROYHUi HO MXH] R WULEXQDO GH
JDUDQWtDV \ HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HQ UHYLVLyQ HV HO R ORV
SUREOHPDVMXUtGLFRVFRQVWLWXLGRVSRUORVDFWRVOHVLYRVYLQFXODGRVDORVGHUHFKRV
IXQGDPHQWDOHV \ JDUDQWtDV FRQVWLWXFLRQDOHV DOHJDGRV GH UHVWULQJLGRV
VXSULPLGRV R DPHQD]DGRV GH VHU UHVWULQJLGRV R VXSULPLGRV FRQ HO DPSDUR
VROLFLWDGRHVGHFLUODSHWLFLyQ





 1RUPDV FRPXQHV GH SURFHGLPLHQWR HQ DFFLRQHV GH


GHIHQVD3URFHGLPLHQWRDQWHODMXH]DMXH]RWULEXQDOGHJDUDQWtDV
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3/DV\ORV-XHFHVR7ULEXQDOHVGH*DUDQWtDVQRGHEHQ
LQFXUULUHQGLODFLRQHVSURFHVDOHVLUUD]RQDEOHVHQODQRWLILFDFLyQDOD
SDUWH DFFLRQDQWH FRQ OD DGPLVLyQ GH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO VH DOHJy OD YXOQHUDFLyQ DO
GHUHFKR GH SHWLFLyQ OLEUH WUiQVLWR SURSLHGDG SULYDGD \ VHJXULGDG
MXUtGLFD SRUTXH OD DXWRULGDG GHPDQGDGD HQ VX FDOLGDG GH $OFDOGH
0XQLFLSDO GH &RFKDEDPED RPLWLy GDU UHVSXHVWD D VXV SHWLFLRQHV GH
UHXELFDFLyQ GH FRPHUFLDQWHV GH WUHV FRPHUFLDQWHV TXH REVWUX\HQ HO
LQJUHVRDVXLQPXHEOH(QEDVHDHVWRVKHFKRVVHSLGLyODFRQFHVLyQGH
ODWXWHOD\ODUHXELFDFLyQGHODVFDVHWDVTXHDIHFWDQVXVGHUHFKRVPiVHO
SDJR GH GDxRV \ SHUMXLFLRV (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO
DSUREy OD UHVROXFLyQ GHO 7ULEXQDO GH *DUDQWtDV \ FRQFHGLy OD WXWHOD
~QLFDPHQWH UHVSHFWR DO GHUHFKR GH SHWLFLyQ HQ EDVH D ORV VLJXLHQWHV
DVSHFWRV   4XH HO FDPELR SRU SDUWH GHO DFFLRQDQWH GH OD FDOLGDG GH
GHPDQGDGDV D WHUFHUDV LQWHUHVDGDV VLQ IXQGDPHQWR DOJXQR KDFH
LPSRVLEOHDQDOL]DUODSUHWHQVLyQGHODFFLRQDQWHHQUHODFLyQDODVWHUFHUDV
LQWHUHVDGDVSRUIDOWDGHOHJLWLPDFLyQ SRUTXHODRPLVLyQGHUHVSXHVWD
W


dW^:d


GHODDXWRULGDGPXQLFLSDOGHPDQGDGDYLRODHOGHUHFKRGHSHWLFLyQ\ 
HQ FXDQWR DO 7ULEXQDO GH *DUDQWtDV DGYLUWLy TXH WDUGy HQ QRWLILFDU OD
DGPLVLyQGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOGLHFLVLHWHGtDVDVSHFWR
TXHLPSOLFDGLODFLyQSURFHVDOHQODWUDPLWDFLyQGHODDFFLyQGHDPSDUR
FRQVWLWXFLRQDO

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,

$FWXDFLyQGHO7ULEXQDOGHJDUDQWtDV
(O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO FRPR FRQWUDORU GH OD
FRQVWLWXFLRQDOLGDG\GHOUHVJXDUGRGH
ORVGHUHFKRVIXQGDPHQWDOHV \JDUDQWtDVGHODVSHUVRQDVWDPELpQGHEHHPLWLU
SURQXQFLDPLHQWR
VREUH OD DFWXDFLyQ GH ORV MXHFHV \ WULEXQDOHV GH JDUDQWtDV UHVSHFWR DO
SURFHGLPLHQWRFRQVWLWXFLRQDO\
ODVUHVROXFLRQHVTXHSURQXQFLDURQ\IXHURQUHPLWLGDVHQUHYLVLyQ
(QHVHHQWHQGLGRFDEHUHIHULUVHDODDFWXDFLyQGHO7ULEXQDOGHJDUDQWtDVHOFXDO
QRREVWDQWHKDEHU
UHFLELGR OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HO  GH MXQLR GH  KDEHU
SURQXQFLDGRHO$XWRGH
$GPLVLyQHOGHOPLVPRPHV\DxRUHFLpQVHKDQRWLILFDGRDODFFLRQDQWHHO
GHMXQLRGHWDO
FXDO FRQVWD D IV  HV GHFLU GLHFLVLHWH GtDV GHVSXpV GHO $XWR UHIHULGR
DGYLUWLpQGRVHTXHVHLQFXUULy
HQ XQD GHPRUD HQ OD WUDPLWDFLyQ GH OD SUHVHQWH FDXVD GHVQDWXUDOL]DQGR VX
HVHQFLDVXPDUtVLPD
SUHYLVWDSRUHODUW,,,\,9GHOD&3(GHOFXDOHVWiUHYHVWLGDODSUHVHQWH
DFFLyQWXWHODU


6LQWHVLVGHODUDWLRGHFLGHQGL

(VWDEOHFH TXH HO 7ULEXQDO GH *DUDQWtDV TXH FRQRFLy HVWD DFFLyQ GH
DPSDUR FRQVWLWXFLRQDO WDUGy HQ QRWLILFDU OD DGPLVLyQ GH OD DFFLyQ GH
DPSDUR FRQVWLWXFLRQDO GLHFLVLHWH GtDV DVSHFWR TXH LPSOLFD GLODFLyQ
SURFHVDOHQODWUDPLWDFLyQGHODDFFLyQGHDPSDURFRQVWLWXFLRQDO

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

3UHFHGHQWHLPSOtFLWR
)-,,,

$FWXDFLyQGHO7ULEXQDOGHJDUDQWtDV
(O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO FRPR FRQWUDORU GH OD
FRQVWLWXFLRQDOLGDG\GHOUHVJXDUGRGH
ORVGHUHFKRVIXQGDPHQWDOHV \JDUDQWtDVGHODVSHUVRQDVWDPELpQGHEHHPLWLU
SURQXQFLDPLHQWR

W


dW^:d
VREUH OD DFWXDFLyQ GH ORV MXHFHV \ WULEXQDOHV GH JDUDQWtDV UHVSHFWR DO
SURFHGLPLHQWRFRQVWLWXFLRQDO\
ODVUHVROXFLRQHVTXHSURQXQFLDURQ\IXHURQUHPLWLGDVHQUHYLVLyQ
(QHVHHQWHQGLGRFDEHUHIHULUVHDODDFWXDFLyQGHO7ULEXQDOGHJDUDQWtDVHOFXDO
QRREVWDQWHKDEHU
UHFLELGR OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HO  GH MXQLR GH  KDEHU
SURQXQFLDGRHO$XWRGH
$GPLVLyQHOGHOPLVPRPHV\DxRUHFLpQVHKDQRWLILFDGRDODFFLRQDQWHHO
GHMXQLRGHWDO
FXDO FRQVWD D IV  HV GHFLU GLHFLVLHWH GtDV GHVSXpV GHO $XWR UHIHULGR
DGYLUWLpQGRVHTXHVHLQFXUULy
HQ XQD GHPRUD HQ OD WUDPLWDFLyQ GH OD SUHVHQWH FDXVD GHVQDWXUDOL]DQGR VX
HVHQFLDVXPDUtVLPD
SUHYLVWDSRUHODUW,,,\,9GHOD&3(GHOFXDOHVWiUHYHVWLGDODSUHVHQWH
DFFLyQWXWHODU




 1RUPDV FRPXQHV GH SURFHGLPLHQWR HQ DFFLRQHV GH


GHIHQVD3URFHVRSHQDOFRQWUDMXHFHVRWULEXQDOHVGHJDUDQWtDV
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
5HFRQGXFWRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3(VLQDGPLVLEOHTXHGHQWURGHXQDDFFLyQWXWHODUVH
FXHVWLRQHXQDGHFLVLyQGHOMXH]RWULEXQDOGHJDUDQWtDVFRQHOVLPSOH
DUJXPHQWRGHTXHQRHVODFRUUHFWD\SRUHQGHQRHVFRPSDUWLGDSRU
XQDGHODVSDUWHV

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

/RV UHSUHVHQWDQWHV GHO DFFLRQDQWH GHQXQFLDQ OD YXOQHUDFLyQ GH ORV
GHUHFKRVGHVXGHIHQGLGRDOHMHUFLFLRGHODIXQFLyQS~EOLFD\DOGHELGR
SURFHVRVXVWDQWLYRGHODFFLRQDQWHGHELGRDTXHSURGXFWRGHXQSURFHVR
HMHFXWLYR HQ HO TXH VH GHFODUy SUREDGD OD GHPDQGD RUGHQDQGR DO
*RELHUQR $XWyQRPR 0XQLFLSDO GH &HUFDGR GHO GHSDUWDPHQWR GH
&RFKDEDPED HO SDJR GH UHVDUFLPLHQWR GH GDxRV \ SHUMXLFLRV HO
UHSUHVHQWDQWHGHOD3URFXUDGXUtD*HQHUDOGHO(VWDGRHQHMHUFLFLRGHVXV
DWULEXFLRQHV \ IXQFLRQHV FRQVLJQDGDV HQ OD 1RUPD 6XSUHPD IRUPXOy
DFFLyQ GH DPSDUR FRQVWLWXFLRQDO FRQWUD ODV DXWRULGDGHV MXGLFLDOHV TXH
W


dW^:d


UHVROYLHURQHVDFDXVDLPSXJQDQGRODQRDSOLFDFLyQGHODUWGHO&3&
SLGLHQGRODQXOLGDGGHREUDGRVORTXHIXHFRQFHGLGRSRUHOHQWRQFHV
7ULEXQDO GH JDUDQWtDV $JUHJDQ TXH DTXHOOR PRWLYy D TXH HO

GHPDQGDQWH
 GHO SURFHVR HMHFXWLYR LQLFLH TXHUHOOD HQ VX FRQWUD
DWULEX\pQGROH OD SUHVXQWD FRPLVLyQ GH ORV GHOLWRV GH XVR LQGHELGR GH
LQIOXHQFLDV XVR GH LQVWUXPHQWR IDOVLILFDGR \ H[WRUFLyQ \ RWURV
GHVHVWLPDGDLQLFLDOPHQWHSRUOD)LVFDODQDOLVWDTXLHQHVWDEOHFLyTXHORV
KHFKRV IiFWLFRV QRVH DGHFXDEDQ D ORVWLSRVSHQDOHVGHQXQFLDGRV 6LQ
HPEDUJR GH HOOR HO )LVFDO 'HSDUWDPHQWDO GHPDQGDGR GLFWy OD
5HVROXFLyQ  UHYRFDQGR GLFKD GHFLVLyQ GHFUHWDQGR OD
SURVHFXFLyQGHODLQYHVWLJDFLyQDHIHFWRVGHFRQFOXLUFRQPD\RUFHUWH]D
VLFRQFHUQtDODDSOLFDFLyQGHORVDUWVRGHO&33VLQFRQVLGHUDU
TXH OD DFFLyQ GH GHIHQVD HQ DTXHO WLHPSR LQWHUSXHVWD SRU VX
UHSUHVHQWDGR HPHUJLy GHOD IXQFLyQRWRUJDGD FRQVWLWXFLRQDOPHQWHGH
GHIHQVDGHORVLQWHUHVHVGHO(VWDGRQRSXGLHQGRSRUHOORSUHWHQGHUVH
LQYHVWLJDURVDQFLRQDUHVDJHVWLyQLQYHVWLJDFLyQTXHWDPELpQLQYROXFUy
D ORV PLHPEURV GHO 7ULEXQDO GH *DUDQWtDV TXH FRQRFLHURQ OD DFFLyQ
GHIHQVDSUHVHQWDGDSRUHOSURFXUDGRU

([WUDFWRGHODUDWLRGHFLGHQGL

$OUHVSHFWRHVWH7ULEXQDOFRQVLGHUDQHFHVDULRHQHOPDUFRGHOD&RQVWLWXFLyQ
3ROtWLFD GHO (VWDGR UHHQFDXVDU OD UHIHULGD OtQHD MXULVSUXGHQFLDO DO SULPHU
HQWHQGLPLHQWRDVXPLGRSRUHVWHyUJDQRGHFRQVWLWXFLRQDOLGDGVLHQGRTXHQRHV
SRVLEOHLQLFLDUXQDLQYHVWLJDFLyQSHQDOFRQWUDXQMXH]RWULEXQDOGHJDUDQWtDV
SRUODGHFLVLyQDVXPLGDHQHOFRQRFLPLHQWRGHXQDDFFLyQGHGHIHQVDKDVWDVX
UHYLVLyQ UHVSHFWLYD HQ HVWD LQVWDQFLD 'HEH WRPDUVH HQ FXHQWD TXH WDQWR OD
1RUPD6XSUHPDFRPRHO&yGLJR3URFHVDO&RQVWLWXFLRQDORWRUJDQODIDFXOWDG
SULYDWLYD D ORV MXHFHV R WULEXQDOHV GH JDUDQWtDV GH FRPSXOVDU \ YDORUDU ODV
SUXHEDV DSRUWDGDV HQ ODV DFFLRQHV GH VX FRQRFLPLHQWR VREUH ODV TXH GHEH
VXVWHQWDUVHVXGHFLVLyQFRQDEVROXWDLQGHSHQGHQFLDPLVPDTXHHQHOPDUFRGHO
SURFHGLPLHQWR HVWDEOHFLGR GHEH VHU UHYLVDGD SRU HO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO UD]yQ SRU OD TXH QR HV SRVLEOH DVXPLU FRPR YiOLGD XQD
LQYHVWLJDFLyQ SHQDO DQWHULRU DO H[DPHQ TXH HIHFW~D HVWD MXULVGLFFLyQ
FRQVWLWXFLRQDOFRQHO~QLFRDUJXPHQWRGHQRVHUDFHSWDGDODGHWHUPLQDFLyQSRU
XQDGHODVSDUWHV(QHVHRUGHQGHLGHDVVXLQLFLRHVSRVLEOH~QLFDPHQWHXQD
YH] HPLWLGD OD VHQWHQFLD FRQVWLWXFLRQDO SHUWLQHQWH GHPRVWUDQGR DGHPiV OD
H[LVWHQFLDGHORVHOHPHQWRVGHFRQYLFFLyQVREUHODDFWXDFLyQGRORVDRFXOSRVD
GHODVDXWRULGDGHVMXGLFLDOHVHQODUHVROXFLyQGHODDFFLyQGHGHIHQVDFRQRFLGD


6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGHHODPSDURFRQVWLWXFLRQDOHQYLUWXGDTXHQRHVSRVLEOHLQLFLDU
XQD LQYHVWLJDFLyQ SHQDO FRQWUD XQ MXH] R WULEXQDO GH JDUDQWtDV SRU OD
GHFLVLyQDVXPLGDHQHOFRQRFLPLHQWRGHXQDDFFLyQGHGHIHQVDKDVWDVX
UHYLVLyQUHVSHFWLYDHQHVWDLQVWDQFLD

W


dW^:d

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/D 6& 5 HVWDEOHFLy
HV LQDGPLVLEOH TXH GHQWURGH XQD DFFLyQ WXWHODU VH
FXHVWLRQH XQD GHFLVLyQ GHO MXH] R WULEXQDO GH JDUDQWtDV SURQXQFLDGD FRQ HO VLPSOH
DUJXPHQWRGHTXHQRHVODFRUUHFWD\SRUHQGHQRHVFRPSDUWLGDSRUXQDGHODVSDUWHV

7DO OtQHD MXULVSUXGHQFLDO GLFKR IDOOR IXH PRGXODGR SRU OD 6& 5 GH  GH
PD\R UHLWHUDGR SRU UHVROXFLRQHV FRQVLJXLHQWHV DO SUHFLVDU
GHQWUR GH XQ SODQR GH
HTXLOLEULR\GHQRLQWHUIHUHQFLDHQWUHyUJDQRVTXHIRUPDQSDUWHGHOVLVWHPDMXGLFLDOHO
7ULEXQDO&RQVWLWXFLRQDOQRSXHGHLQWHUIHULUHQODODERUHQFRPHQGDGDSRUOH\DOD3ROLFtD
QLDOD)LVFDOtDWDPSRFRSXHGHSURKLELUHOLQLFLRGHXQDLQYHVWLJDFLyQVLHPSUH\FXDQGR
VHDFRQIRUPHDGHUHFKR\HQORVFDVRVTXHFRUUHVSRQGDTXHWDPELpQHVWiQGHILQLGRVHQ
ODQRUPDMXUtGLFD

/D SUHVHQWH 6HFWHQFLD UHHQFDXVDU OD UHIHULGD OtQHD MXULVSUXGHQFLDO DO SULPHU
HQWHQGLPLHQWRDVXPLGRSRUHVWHyUJDQRGHFRQVWLWXFLRQDOLGDGVLHQGRTXHQRHVSRVLEOH
LQLFLDUXQDLQYHVWLJDFLyQSHQDOFRQWUDXQMXH]RWULEXQDOGHJDUDQWtDVSRUODGHFLVLyQ
DVXPLGDHQHOFRQRFLPLHQWRGHXQDDFFLyQGHGHIHQVDKDVWDVXUHYLVLyQUHVSHFWLYDHQ
HVWDLQVWDQFLD'HEHWRPDUVHHQFXHQWDTXHWDQWROD1RUPD6XSUHPDFRPRHO&yGLJR
3URFHVDO &RQVWLWXFLRQDO RWRUJDQ OD IDFXOWDG SULYDWLYD D ORV MXHFHV R WULEXQDOHV GH
JDUDQWtDV GH FRPSXOVDU \ YDORUDU ODV SUXHEDV DSRUWDGDV HQ ODV DFFLRQHV GH VX
FRQRFLPLHQWRVREUHODVTXHGHEHVXVWHQWDUVHVXGHFLVLyQFRQDEVROXWDLQGHSHQGHQFLD
PLVPDTXHHQHOPDUFRGHOSURFHGLPLHQWRHVWDEOHFLGRGHEHVHUUHYLVDGDSRUHO7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOUD]yQSRUODTXHQRHVSRVLEOHDVXPLUFRPRYiOLGDXQD
LQYHVWLJDFLyQSHQDODQWHULRUDOH[DPHQTXHHIHFW~DHVWDMXULVGLFFLyQFRQVWLWXFLRQDOFRQ
HO~QLFRDUJXPHQWRGHQRVHUDFHSWDGDODGHWHUPLQDFLyQSRUXQDGHODVSDUWHV(QHVH
RUGHQ GH LGHDV VX LQLFLR HV SRVLEOH ~QLFDPHQWH XQD YH] HPLWLGD OD VHQWHQFLD
FRQVWLWXFLRQDO SHUWLQHQWH GHPRVWUDQGR DGHPiV OD H[LVWHQFLD GH ORV HOHPHQWRV GH
FRQYLFFLyQ VREUH OD DFWXDFLyQ GRORVD R FXOSRVD GH ODV DXWRULGDGHV MXGLFLDOHV HQ OD
UHVROXFLyQGHODDFFLyQGHGHIHQVDFRQRFLGD


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

'H RWUR ODGR \ VLQ HPEDUJR GH QR YHUVDU OD SUHVHQWH DFFLyQ GH GHIHQVD VREUH OD
LQYHVWLJDFLyQ SHQDO TXH VH LQLFLy WDPELpQ FRQWUD ORV PLHPEURV GH OD 6DOD &LYLO \
&RPHUFLDO 3ULPHUD GHO 7ULEXQDO 'HSDUWDPHQWDO GH -XVWLFLD GH &RFKDEDPED TXH
DFWXDURQ FRPR 7ULEXQDO GH JDUDQWtDV GHQWUR GH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO
LQWHUSXHVWDSRUOD3URFXUDGXUtD*HQHUDOGHO(VWDGRTXHDVXYH]PRWLYyODDSHUWXUDGH
OD DFFLyQ SHQDO TXH JHQHUy OD IRUPXODFLyQ GH HVWD DFFLyQ GH WXWHOD HVWH 7ULEXQDO
FRQVLGHUDUHOHYDQWHSURQXQFLDUVHVREUHHVWHSXQWRWRGDYH]TXHODFRQFHVLyQGHODWXWHOD
SHGLGDHQGLFKDRFDVLyQSURYRFyWDPELpQTXHHOTXHUHOODQWHLPSHWUHODLQYHVWLJDFLyQ
SHQDO FRQWUD GLFKR 7ULEXQDO GH JDUDQWtDV DVSHFWR VREUH HO TXH GHEHQ UHDOL]DUVH ODV
VLJXLHQWHVFRQVLGHUDFLRQHV


/D6&5GHGHRFWXEUHHVWDEOHFLy
HVLQDGPLVLEOHTXHGHQWUR
GH XQD DFFLyQ WXWHODU VH FXHVWLRQH XQD GHFLVLyQ GHO MXH] R WULEXQDO GH JDUDQWtDV
SURQXQFLDGD FRQ HO VLPSOH DUJXPHQWR GH TXH QR HV OD FRUUHFWD \ SRU HQGH QR HV
FRPSDUWLGDSRUXQDGHODVSDUWHV

%DMR HVWH UD]RQDPLHQWR FRUUHVSRQGH GHMDU FODUDPHQWH HVWDEOHFLGR TXH QLQJXQD
DXWRULGDGQLHO0LQLVWHULR3~EOLFR\ PHQRVOD3ROLFtD1DFLRQDOHVWiQIDFXOWDGRVSDUD
FDOLILFDUGHFRUUHFWDRLQFRUUHFWDODFRQGXFWDGHXQMXH]RWULEXQDOGHJDUDQWtDVDTXLHQHV
OHVHVWiUHVHUYDGDODIDFXOWDGSULYDWLYDGHFRPSXOVDU\YDORUDUODVSUXHEDVDSRUWDGDVHQ
ORV UHFXUVRV TXH VRQ GH VX FRQRFLPLHQWR VREUH ODV FXDOHV IXQGDUi VX GHFLVLyQ FRQ
DEVROXWDLQGHSHQGHQFLDMXGLFLDOFRQPD\RUUD]yQVLVHWLHQHHQFXHQWDTXHODDFWXDFLyQ

W


dW^:d


GH ORV WULEXQDOHV GH JDUDQWtDV GHEH VHU UHYLVDGD REOLJDWRULDPHQWH SRU HO 7ULEXQDO
&RQVWLWXFLRQDOSRUWDQWRFXDOTXLHUDFWLWXGGHDPHGUHQWDPLHQWRRDPHQD]DTXHVHDVXPD
FRQWUDORVyUJDQRVGHFRQWUROFRQVWLWXFLRQDO\GHJDUDQWtDVSRUSDUWHGHWHUFHUDVSHUVRQDV
RDXWRULGDGHVUHVXOWDLQDGPLVLEOHHLPSHUWLQHQWH3RUWDQWRQLQJ~QMXH]RWULEXQDOGH
JDUDQWtDVSXHGHVHUVRPHWLGRGLUHFWDPHQWHDXQDDFFLyQSHQDOSRUODVUHVROXFLRQHVTXH
HPLWD GHQWUR GH DFFLRQHV WXWHODUHV VLQ TXH SUHYLDPHQWH HO 7ULEXQDO &RQVWLWXFLRQDO
SURFHGDDUHYLVDUHOIDOORGHRULJHQ\VLQTXHH[LVWDQHOHPHQWRVGHFRQYLFFLyQVREUHVX
DFWXDFLyQGRORVDRFXOSRVDUHFRUGDQGRTXHORVMXHFHVRWULEXQDOHVGHJDUDQWtDVHVWiQ
VRPHWLGRVVyORDOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR\DODVOH\HV
 QHJULOODVDxDGLGDV 


3RVWHULRUPHQWH GLFKR IDOOR IXH PRGXODGRSRU OD 6&5 GH GH
PD\R UHLWHUDGR SRU UHVROXFLRQHV FRQVLJXLHQWHV DO SUHFLVDU
GHQWUR GH XQ SODQR GH
HTXLOLEULR\GHQRLQWHUIHUHQFLDHQWUHyUJDQRVTXHIRUPDQSDUWHGHOVLVWHPDMXGLFLDOHO
7ULEXQDO&RQVWLWXFLRQDOQRSXHGHLQWHUIHULUHQODODERUHQFRPHQGDGDSRUOH\DOD3ROLFtD
QLDOD)LVFDOtDWDPSRFRSXHGHSURKLELUHOLQLFLRGHXQDLQYHVWLJDFLyQVLHPSUH\FXDQGR
VHDFRQIRUPHDGHUHFKR\HQORVFDVRVTXHFRUUHVSRQGDTXHWDPELpQHVWiQGHILQLGRVHQ
ODQRUPDMXUtGLFD

(QWHQGLPLHQWRTXHLPSOLFDXQDPRGXODFLyQDORVHxDODGRHQOD6&5HQOR
TXH UHVSHFWD D TXH QLQJ~Q MXH] R WULEXQDO GH JDUDQWtDV SXHGH VHU VRPHWLGR
GLUHFWDPHQWH D XQD DFFLyQ SHQDO SRU ODV UHVROXFLRQHV TXH HPLWD GHQWUR GH DFFLRQHV
WXWHODUHVVLQTXHSUHYLDPHQWHHO7ULEXQDO&RQVWLWXFLRQDOSURFHGDDUHYLVDUHOIDOORGH
RULJHQ\VLQTXHH[LVWDQHOHPHQWRVGHFRQYLFFLyQVREUHVXDFWXDFLyQGRORVDRFXOSRVD
3XHVWRTXHFRPRVHWLHQHH[SOLFDGRSRUHOHIHFWRMXUtGLFRLQPHGLDWRGHODRWRUJDFLyQGH
WXWHODVtSXHGHVHUVRPHWLGRDLQYHVWLJDFLyQSHURHQHOHVWULFWRPDUFRGHOGHUHFKRPDV
QR SXHGH GHWHUPLQDUVH UHVSRQVDELOLGDG SHQDO HQWUH WDQWR QR VH HPLWD OD VHQWHQFLD
FRQVWLWXFLRQDOUHVSHFWLYDSRURWURODGRODGHWHUPLQDFLyQVLH[LVWHRQRUHVSRQVDELOLGDG
SHQDO R ORV HOHPHQWRV FRQVWLWXWLYRV GHO WLSR SHQDO FRUUHVSRQGHQ D OD MXULVGLFFLyQ
RUGLQDULD QR DVt D HVWH 7ULEXQDO TXLHQ DQWH ORV FDVRV GH HYLGHQWH DXVHQFLD GH
IXQGDPHQWRV\QRWRULDLQDSOLFDELOLGDGGHOD&RQVWLWXFLyQODOH\RODMXULVSUXGHQFLDVyOR
SXHGHGLVSRQHUODUHPLVLyQGHDQWHFHGHQWHVDO0LQLVWHULR3~EOLFRSDUDTXHLQYHVWLJXH\
GHWHUPLQHORTXHFRUUHVSRQGDWDOFXDOVHWLHQHH[SOLFDGR
 QHJULOODVDJUHJDGDV 


$OUHVSHFWRHVWH7ULEXQDOFRQVLGHUDQHFHVDULRHQHOPDUFRGHOD&RQVWLWXFLyQ
3ROtWLFDGHO(VWDGRUHHQFDXVDUODUHIHULGDOtQHDMXULVSUXGHQFLDODOSULPHUHQWHQGLPLHQWR
DVXPLGR SRU HVWH yUJDQR GH FRQVWLWXFLRQDOLGDG VLHQGR TXH QR HV SRVLEOH LQLFLDU XQD
LQYHVWLJDFLyQSHQDOFRQWUDXQMXH]RWULEXQDOGHJDUDQWtDVSRUODGHFLVLyQDVXPLGDHQHO
FRQRFLPLHQWRGHXQDDFFLyQGHGHIHQVDKDVWDVXUHYLVLyQUHVSHFWLYDHQHVWDLQVWDQFLD
'HEH WRPDUVH HQ FXHQWD TXH WDQWR OD 1RUPD 6XSUHPD FRPR HO &yGLJR 3URFHVDO
&RQVWLWXFLRQDORWRUJDQODIDFXOWDGSULYDWLYDDORVMXHFHVRWULEXQDOHVGHJDUDQWtDVGH
FRPSXOVDU\YDORUDUODVSUXHEDVDSRUWDGDVHQODVDFFLRQHVGHVXFRQRFLPLHQWRVREUHODV
TXHGHEHVXVWHQWDUVHVXGHFLVLyQFRQDEVROXWDLQGHSHQGHQFLDPLVPDTXHHQHOPDUFRGHO
SURFHGLPLHQWR HVWDEOHFLGR GHEH VHU UHYLVDGD SRU HO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO UD]yQ SRU OD TXH QR HV SRVLEOH DVXPLU FRPR YiOLGD XQD LQYHVWLJDFLyQ
SHQDO DQWHULRU DO H[DPHQ TXH HIHFW~D HVWD MXULVGLFFLyQ FRQVWLWXFLRQDO FRQ HO ~QLFR
DUJXPHQWRGHQRVHUDFHSWDGDODGHWHUPLQDFLyQSRUXQDGHODVSDUWHV(QHVHRUGHQGH
LGHDV VX LQLFLR HV SRVLEOH ~QLFDPHQWH XQD YH] HPLWLGD OD VHQWHQFLD FRQVWLWXFLRQDO
SHUWLQHQWHGHPRVWUDQGRDGHPiVODH[LVWHQFLDGHORVHOHPHQWRVGHFRQYLFFLyQVREUHOD
DFWXDFLyQGRORVDRFXOSRVDGHODVDXWRULGDGHVMXGLFLDOHVHQODUHVROXFLyQGHODDFFLyQGH
GHIHQVDFRQRFLGD




W


dW^:d

 1RUPDV FRPXQHV GH SURFHGLPLHQWR HQ DFFLRQHV GH


GHIHQVD3URGXFFLyQGHSUXHEDSRUHO7ULEXQDOGHJDUDQWtDV\UHPLVLyQDO
7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3(QODDFFLyQGHOLEHUWDGORVMXHFHV\WULEXQDOHVGH
JDUDQWtDV GHEHQ DFWXDU FRQ GLOLJHQFLD SDUD SURFXUDU PD\RUHV
HOHPHQWRVGHSUXHEDGHODFWRXRPLVLyQLOHJDOHVGHQXQFLDGRV\GHEHQ
UHPLWLUORVDO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHOLEHUWDGHODFFLRQDQWHDOHJyTXHXQ-XH]GH,QVWUXFFLyQ
HQOR3HQDOGHO'LVWULWR-XGLFLDOGH6DQWD&UX]OHVLRQyORVGHUHFKRVDOD
OLEHUWDGDODORFRPRFLyQ\DODVHJXULGDGMXUtGLFDGHVXUHSUHVHQWDGR
SRU FXDQWR DQWH ODV VROLFLWXGHV GH FHVDFLyQ UHDOL]DGDV SULPHUR HQ OD
DXGLHQFLDGHGHWHQFLyQSUHYHQWLYD\OXHJRHOGHHQHURGHHO-XH]
GHPDQGDGR QR VHxDOy DXGLHQFLD GHQWUR GHO SOD]R GH ODV YHLQWLFXDWUR
KRUDV HVWDEOHFLGDV SRU OH\ D WUDYpV GH XQD UHVROXFLyQ H[SUHVD  \ QR
REVWDQWHHOORSRVWHULRUPHQWHPHGLDQWHGHFUHWRGHGHHQHURGH
VH ILMy OD DXGLHQFLD GH FRQVLGHUDFLyQ GH OD FHVDFLyQ GH GHWHQFLyQ
SUHYHQWLYDSDUDHOGHHQHURGHOFLWDGRDxRIHFKDTXHIXHFRQVLGHUDGD
VLQWRPDUHQFXHQWDHOSULQFLSLRGHFHOHULGDG(O7ULEXQDO&RQVWLWXFLRQDO
3OXULQDFLRQDOHQUHYLVLyQFRQILUPyODUHVROXFLyQTXHFRQFHGLyODWXWHOD
\VHSURQXQFLyVREUHHOGHEHUGHODVDXWRULGDGHVGHSUHVHQWDUSUXHED\
ODGLOLJHQFLDGHORVMXHFHV\WULEXQDOHVGHJDUDQWtDVHQSURFXUDUPD\RUHV
HOHPHQWRVGHSUXHED

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
(Q HO FDVR FRQFUHWR GH OD UHYLVLyQ GH DQWHFHGHQWHV TXH FXUVDQ HQ
REUDGRV VH WLHQH TXH OD 5HVROXFLyQ GHO -XH] GH JDUDQWtDV UHILHUH FRPR
IXQGDPHQWRV
GHO FXDGHUQR SURFHVDO VH HYLGHQFLD TXH H[LVWHQ YDULRV
LPSXWDGRVDVt $QtEDO0DUWtQH]VROLFLWDODFHVDFLyQHOGHHQHURGH\
PHGLDQWH UHVROXFLyQ FXUVDQWH D IV  VH OH VHxDOD DXGLHQFLD SDUD  GtDV
GHVSXpV HO GtD YLHUQHV  GH HQHUR GH  SRU RWUD SDUWH HO FRLPSXWDGR
5REHUWR 5RMDV 5tRV WDPELpQ SLGH DXGLHQFLD GH FHVDFLyQ D OD GHWHQFLyQ
SUHYHQWLYDHQIHFKDGHHQHURGH\H[WUDxDPHQWHVHOHILMDDXGLHQFLD

W


dW^:d


SDUD HO GtD MXHYHV  GH HQHUR GHO PLVPR DxR VLHWH GtDV GHVSXpV HQ
FRQVHFXHQFLDVHFRQVWDWD\HYLGHQFLDTXHHOMXH]QRRWRUJDORVPLVPRVSOD]RV
DSHUVRQDVTXHHVWiQVLHQGRMX]JDGRVGHQWURGHOPLVPRSURFHVRYXOQHUiQGRVH
DVtWDPELpQORTXHHVWDEOHFHHODUWGHOD/H\FXDOHVHOSULQFLSLRGH
LJXDOGDG
VLWXDFLyQGHODFXDOSXHGHGHGXFLUVHTXHHO-XH]GHJDUDQWtDVWXYR
DFFHVR D ODV SUXHEDV SRUTXHIXQGDPHQWy VX 5HVROXFLyQ HQ HOODV SHUR QR ODV
UHPLWLy REOLJDQGR D HVWD 6DOD GHO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO D
UHTXHULUPD\RULQIRUPDFLyQPRWLYRSRUHOFXDODWUDYpVGHO$&&$6
GHGHIHEUHURVHWXYRTXHVXVSHQGHUHOFyPSXWRGHOSOD]RSRUVROLFLWXGGH
GRFXPHQWDFLyQSURYRFDQGRGLODFLyQLQYROXQWDULDGHGLH]GtDVSXHVWRTXHHO
SOD]RIXHUHDQXGDGRHOGHPDU]RGHUD]yQSRUODFXDOFRUUHVSRQGH
OODPDUODDWHQFLyQDO-XH]GHJDUDQWtDVTXHFRQRFLyODSUHVHQWHDFFLyQ



6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGHODDFFLyQGHOLEHUWDGSRUGHPRUDHQODILMDFLyQGHODDXGLHQFLD
GHFRQVLGHUDFLyQGHODFHVDFLyQGHODGHWHQFLyQSUHYHQWLYDOODPDQGROD
DWHQFLyQDOWULEXQDOGHJDUDQWtDVSRUODRPLVLyQHQODUHPLVLyQGHSUXHEDV
\SRUQRDFWXDUFRQGLOLJHQFLDHQODSURGXFFLyQGHSUXHEDV

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O 7ULEXQDO &RQVWLWXFLRQDO VREUH OD SUHVHQWDFLyQ GH SUXHEDV HQ OD DFFLyQ GH
OLEHUWDGWLHQHHOVLJXLHQWHGHVDUUROORMXULVSUXGHQFLDO

/DV66&&555HQWUHRWUDVGHQHJDURQ
OD WXWHOD SRU IDOWD GH SUXHEDV SDUD FRQVWDWDU ODV DILUPDFLRQHV GHO DFFLRQDQWH
HQWHQGLPLHQWRFRQILUPDGRSRUOD6&3
 6LQ HPEDUJR OD MXULVSUXGHQFLD FRQVWLWXFLRQDO HVWDEOHFLy H[FHSFLRQHV D OD
GHQHJDWRULDGHODDFFLyQGHOLEHUWDGSRUIDOWDGHSUXHEDVDSOLFDQGRHOSULQFLSLR
GH SUHVXQFLyQ GH YHUDFLGDG HQ ORV VLJXLHQWHV VXSXHVWRV D  &XDQGR ODV
DXWRULGDGHV GHPDQGDGDV QR DVLVWLHURQ D OD DXGLHQFLD QL SUHVHQWDURQ LQIRUPH
FRUUHVSRQGLHQWHGHVYLUWXDQGRODVDILUPDFLRQHVGHODRHODFFLRQDQWHVXSXHVWRV
HQORVFXDOHVVHWLHQHQSRUFLHUWDVODVDILUPDFLRQHVFRQWHQLGDVHQODDFFLyQ\
SRUHQGHVHFRQFHGHODWXWHOD 66&&55
5  UD]RQDPLHQWR DSOLFDGR SRU OD 6&3  VHJXLGR SRU ODV 66&&
//6\E &XDQGR
ODV DXWRULGDGHV GHPDQGDGDV D SHVDU GH FRPSDUHFHU QR QHJDURQ ORV KHFKRV
DOHJDGRV SRU HO R OD DFFLRQDQWHV UD]RQDPLHQWR DSOLFDGR HQ ODV 66&&
HQWUHRWUDV
 (Q HO PLVPR VHQWLGR OD 6& 5 KL]R UHIHUHQFLD DO GHEHU GH ODV
DXWRULGDGHVGHPDQGDGDVGHSUHVHQWDULQIRUPHHVFULWRVHxDODQGRTXH
HOFDVR
GH OD DFFLyQ GH OLEHUWDG DWHQGLHQGR HVSHFLDOPHQWH D ORV SULQFLSLRV GH
FRPSURPLVRHLQWHUpVVRFLDO\GHUHVSRQVDELOLGDGTXHULJHQODIXQFLyQS~EOLFD
DVt FRPR D OD QDWXUDOH]D GH ORV GHUHFKRV WXWHODGRV SRU HVD JDUDQWtD
MXULVGLFFLRQDOFXDQGRHOVXMHWRSDVLYRHVXQIXQFLRQDULRS~EOLFRpVWHWLHQHOD
REOLJDFLyQGHSUHVHQWDULQIRUPHHVFULWRRHQVXGHIHFWRFRQFXUULUDODDXGLHQFLD
DILQGHGHVYLUWXDUORVKHFKRVRDFWRVGHQXQFLDGRVFRPROHVLYRVDORVGHUHFKRV
GHODFFLRQDQWHSXHVGHQRKDFHUORVHSUHVXPHODYHUDFLGDGGHORVPLVPRV


W


dW^:d
3RVWHULRUPHQWHOD6&3H[WHQGLyHVWHGHEHUDODSUHVHQWDFLyQGH
SUXHEDSRUSDUWHGHODDXWRULGDGGHPDQGDGDDGHPiVGHHVWDEOHFHUODREOLJDFLyQ
GHORVMXHFHV\WULEXQDOHVGHJDUDQWtDVGHDFWXDUGLOLJHQWHPHQWHORTXHVXSRQH
XQD PRGXODFLyQ D OR HVWDEOHFLGR HQ ODV 66&& 5 5
5HQODVTXHVHGHWHUPLQyTXHHODFFLRQDQWHWHQtDODREOLJDFLyQGH
SUHVHQWDUODVSUXHEDVSHUWLQHQWHV&RQIRUPHDOQXHYRHQWHQGLPLHQWRHOMXH]R
WULEXQDOGHJDUDQWtDVHQPpULWRDOSULQFLSLRGHYHUGDGPDWHULDOGHEHDVXPLUXQ
UROPiVDFWLYR\DGHPiVWLHQHHOGHEHUGHUHPLWLUWRGDODSUXHEDDO7&3
 $ VX YH] OD 6&3  FRQVLGHUDGD FRPR VHQWHQFLD PRGXODGRUD
SRVLELOLWy TXH HO DFFLRQDQWH VROLFLWH DO WULEXQDO GH JDUDQWtDV TXH VH UHPLWD HO
SURFHVR SULQFLSDO SDUD HIHFWRV SUREDWRULRV HVWDQGR HO 7ULEXQDO GH JDUDQWtDV
REOLJDGRDUHPLWLUORVDQWHFHGHQWHVDO7ULEXQDO&RQVWLWXFLRQDO
 )LQDOPHQWH OD 6&3  VREUH OD EDVH GH OD MXULVSUXGHQFLD
FRQVWLWXFLRQDOFRQWHQLGDHQODV66&&55
5HVWDEOHFLyTXHHQODDFFLyQGHOLEHUWDGVHDSOLFDHOSULQFLSLRGHYHUDFLGDGGH
ORVKHFKRVHQVXSXHVWRVGHLQFRPXQLFDFLyQGHDSUHKHQGLGRV


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,VHHVWDEOHFHTXHWRGRMXH]RWULEXQDOGHJDUDQWtDVFXHQWDFRQ
ODREOLJDFLyQGHUHPLWLUDO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO

D
7RGDODSUXHEDDSRUWDGDSRUODSDUWHDFFLRQDQWH\GHPDQGDGDHQ
ODDFFLyQGHOLEHUWDG

E
/DSUXHEDTXHGHRILFLRSXGRSURGXFLUPi[LPHFXDQGRODPLVPD
KD\DVHUYLGRSDUDUHVROYHULQLFLDOPHQWHODSUREOHPiWLFD
(Q HVWH VHQWLGR OD LQREVHUYDQFLD HQ OD UHPLVLyQ GH ORV HOHPHQWRV GH
FRQYLFFLyQSRUSDUWHGHMXHFHV\WULEXQDOHVGHJDUDQWtDVSURYRFDUtDD
HVWH 7ULEXQDO OD QHFHVLGDG GH VX VROLFLWXG TXH QR VyOR LPSOLFDUtD XQ
FRVWR DGLFLRQDO D OD DGPLQLVWUDFLyQ GH MXVWLFLD FRQVWLWXFLRQDO VLQR
WDPELpQSURYRFDUtDXQDGLODFLyQHQODPLVPD

'HEH DFODUDUVH TXH HO HQWHQGLPLHQWR DVXPLGR HQ OD UHPLVLyQ GH
HOHPHQWRV GH FRQYLFFLyQ D HVWH 7ULEXQDO QR PHQRVFDED OD IDFXOWDG
FRQIHULGDSRUHODUWGHOD/7&3HLQFOXVRLQGHSHQGLHQWHPHQWHDOD
UHVSRQVDELOLGDG IXQFLRQDULD TXH SXHGD HYLGHQFLDUVH DQWH OD
LQREVHUYDQFLD GH OR DQWHULRUPHQWH UHIHULGR SRU SDUWH GH ORV MXHFHV \
WULEXQDOHVGHDFFLyQGHOLEHUWDGEDMRHOSULQFLSLRGHLQIRUPDOLVPRHO
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO SXHGH UHVROYHU OD FDXVD VLQ
UHTXHULUODUHPLVLyQGHSUXHEDRPLWLGDFXDQGRGHODVFLUFXQVWDQFLDVGHO
FDVRSXHGDFRQIRUPDUVHFRQYLFFLyQFRQIRUPHDODQDWXUDOH]DVXPDULD
GHHVWDDFFLyQGHGHIHQVD


,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

W


dW^:d


/D6&3FRQVWLWX\HHOHVWiQGDUPiVDOWRHQORTXHVHUHILHUHD
ODH[LJHQFLDGHSUHVHQWDFLyQGHSUXHEDVSRUTXHHVWDEOHFHHOGHEHUGH
GLOLJHQFLDGHORVWULEXQDOHVGHJDUDQWtDVGHSURFXUDUODYHUGDGMXUtGLFD
GH OR GHQXQFLDGR \ UHVXHOWR \ SRU FXDQWR H[WLHQGH HO GHEHU GH
SUHVHQWDFLyQ GH OD SUXHED \ DQWHFHGHQWHV GHO KHFKR D OD DXWRULGDG
GHPDQGDGD



 1RUPDV FRPXQHV GH SURFHGLPLHQWR HQ DFFLRQHV GH
GHIHQVD5HFRQGXFFLyQSURFHVDOGHDFFLRQHV
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   3URFHGH OD UHFRQGXFFLyQ SURFHVDO GH OD DFFLyQ GH
FXPSOLPLHQWRDODDFFLyQSRSXODUHQXQDLQWHUSUHWDFLyQIDYRUDEOHD
ORV GHUHFKRV FROHFWLYRV GH ODV 1DFLRQHV \ 3XHEORV ,QGtJHQDV
2ULJLQDULR&DPSHVLQRVFXDQGRVHHYLGHQFLHHUURUHQODYtDSURFHVDO
HOHJLGDVHFXPSODQORVUHTXLVLWRVLQH[FXVDEOHVGHODDFFLyQSRSXODU
QRVHPRGLILTXHQHOSHWLWRULRQLORVKHFKRVTXHVXVWHQWDQODGHPDQGD
VH SUHVHUYH HO GHUHFKR D OD GHIHQVD GH OD SDUWH GHPDQGDGD \ H[LVWD
ULHVJR GH LUUHSDUDELOLGDG GH ORV GHUHFKRV R LQWHUHVHV FROHFWLYRV R
GLIXVRVVLHPSUHDIDYRU\QXQFDHQSHUMXLFLRGHODSDUWHDFFLRQDQWH

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHFXPSOLPLHQWROD&HQWUDO,QGtJHQD3XHEORV2ULJLQDULRV
GHOD$PD]RQtDGH3DQGR &,32$3 HQUHSUHVHQWDFLyQGHODFRPXQLGDG
LQGtJHQD
7DNDQDOD6HOYD
GHQXQFLyTXHQRFRQRFLyQLIXHQRWLILFDGDFRQ
QLQJ~Q SURFHVR LQLFLDGR SRU HO ,15$ \ OD $%7 FRQWUD OD FLWDGD
FRPXQLGDGLQGtJHQDDIHFWiQGRVHSRUWDQWRVXVGHUHFKRV '(5(&+26 
DODFRQVXOWDDOGHELGRSURFHVR\DODGHIHQVDSLGLHQGRHQFRQVHFXHQFLD
VH DQXOHQ WRGRV ORV SURFHVRV DGPLQLVWUDWLYRV HQ FRQWUD GHO SXHEOR
LQGtJHQD UHIHULGR VH FLWH D VXV LQVWLWXFLRQHV UHSUHVHQWDWLYDV \ D OD
&,32$3 VH SURFHGD D OD UHSDUDFLyQ GH GDxRV SRU GHVWUXFFLyQ GH
YLYLHQGDV \ FKDFRV \ VH OHV DVHJXUH VXV GHUHFKRV (O 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOHQYLUWXGDXQDUHFRQGXFFLyQSURFHVDOGHO
SURFHVR GH DFFLyQ GH FXPSOLPLHQWR D OD WUDPLWDFLyQ GH XQD DFFLyQ
W


dW^:d

SRSXODU UHYRFy OD GHFLVLyQ GHO 7ULEXQDO GH *DUDQWtDV \ FRQFHGLy HQ
SDUWHODWXWHOD~QLFDPHQWHFRQUHODFLyQDORVGHUHFKRVDODGHIHQVD\DO
GHELGRSURFHVRGHODFRPXQLGDG
7DNDQDGHOD6HOYD
DXWRLGHQWLILFDGD
FRPRLQGtJHQDGLVSRQLHQGRODQXOLGDGGHODVUHVROXFLRQHVLPSXJQDGDV
H[KRUWDQGR DGHPiV D ODV LQVWDQFLDV DFFLRQDGDV DGHFXDU VXV
SURFHGLPLHQWRV D ORV SULQFLSLRV GH SOXUDOLVPR HQ FDVRV YLQFXODGRV D
GHUHFKRV H LQWHUHVHV FROHFWLYRV GH QDFLRQHV \ SXHEORV LQGtJHQD
RULJLQDULRFDPSHVLQRV 13,2&V 

([WUDFWRGHODUDWLRGHFLGHQGL

),,,
&RQVLGHUDQGRODQDWXUDOH]DMXUtGLFDGHODQRUPDGHQXQFLDGDFRPRLQFXPSOLGD
DVtFRPRGHOFRQWH[WRTXHDFRPSDxyGLFKDRPLVLyQTXHHQHOFDVRREMHWRGHOSUHVHQWH
DQiOLVLV VH SURGXMR GHQWUR GH XQ SURFHGLPLHQWR DGPLQLVWUDWLYR DVSHFWR FRQWHPSODGR
GHQWUR GH ODV H[FOXVLRQHV SRU ODV FXDOHV QR VH DFWLYD OD DFFLyQ GH FXPSOLPLHQWR QR
REVWDQWHTXHHQWRGRFDVRpVWHFRQVWLWXLUtDHOPRWLYRSRUHOFXDOHO7ULEXQDOGHJDUDQWtDV
GHELy KDEHU GHQHJDGR OR VROLFLWDGR SRU HO DFFLRQDQWH \ QR DVt FXHVWLRQDQGR VX
SHUVRQHUtD WRPDQGR HQ FXHQWD TXH WDPELpQ VH GHQXQFLD XQD DIHFWDFLyQ GLUHFWD GH
GHUHFKRV FROHFWLYRV GH OD FRPXQLGDG LQGtJHQD
7DNDQD /D 6HOYD
 HQWRQFHV UHVXOWD
SULPRUGLDO HVWDEOHFHU TXH QR REVWDQWH TXH OD SUHVHQWH GHPDQGD QR FXPSOH FRQ ORV
UHTXLVLWRVGHDGPLVLELOLGDG\FRQWHQLGRGHODDFFLyQGHFXPSOLPLHQWRVLORKDFHFRQ
UHODFLyQDODWUDPLWDFLyQGHXQDDFFLyQSRSXODUFRPRVHYHUiPiVDGHODQWHSRUORFXDO
KDFLHQGRSUHYDOHFHUODMXVWLFLDPDWHULDOSRUHQFLPDGHODVIRUPDOLGDGHVHVWDEOHFLGDV\
DODPSDURGHORVSULQFLSLRVGHWXWHODMXGLFLDOHIHFWLYD \SURDFWLRQHVHUHFRQGX]FDOD
WUDPLWDFLyQGHODSUHVHQWHFDXVDDXQSURFHVRGHDFFLyQSRSXODUSDUDTXHpVWHVHDUHVXHOWR
HQHOIRQGR

'HHVWDPDQHUDDWHQGLHQGRODVVXEUHJODVLQVWLWXLGDVHQHO)XQGDPHQWR-XUtGLFR,,,GHO
SUHVHQWHIDOORVHWLHQHTXH

(ODFFLRQDQWHHTXLYRFyODYtDSURFHVDOLQYRFDGDDGYLUWLpQGRVHODYROXQWDGLPSOtFLWDGH
QHFHVLGDGGHUHVJXDUGRHIHFWLYRGHORVGHUHFKRVDOGHELGRSURFHVRDODGHIHQVD\DOD
FRQVXOWD SRU FXDQWR ODV QRUPDV GHQXQFLDGDV FRPR LQFXPSOLGDV VH KDOODQ YLQFXODGDV
H[SUHVDPHQWHDOUHVJXDUGRGHHVWRVGHUHFKRV

'HELGRDODQDWXUDOH]DGHORVGHUHFKRVIXQGDPHQWDOHVGHQXQFLDGRVFRPRYXOQHUDGRVD
HPHUJHQFLD GH ODV RPLVLRQHV GH ODV DXWRULGDGHV GHPDQGDGDV \ WUDWiQGRVH GH XQD
FRPXQLGDGLQGtJHQDODSUHVXQWDPHQWHDIHFWDGDSRUGLFKDVRPLVLRQHVVHFRQILJXUDQORV
UHTXLVLWRVGHSURFHGHQFLDGHODDFFLyQSRSXODUPLVPDTXHUHJLGDSRUHOSULQFLSLRGH
LQIRUPDOLVPR SURFHGH VLQ OD FRQFXUUHQFLD GH PD\RUHV H[LJHQFLDV (Q HVWH VHQWLGR
WDPELpQVHKDSUHYLVWR\JDUDQWL]DGRODQRWLILFDFLyQ\SDUWLFLSDFLyQGHOWHUFHURLQWHUHVDGR
HQODWUDPLWDFLyQGHOSUHVHQWHSURFHVRFRQVWLWXFLRQDO

&RQUHODFLyQDODSDUWHGHPDQGDGDQRVHKDSURYRFDGRLQGHIHQVLyQHQODPLVPDWRGD
YH] TXH GHVGH HO SULPHU DFWR GHO SURFHVR VH JDUDQWL]y VX GHUHFKR D OD GHIHQVD
KDELpQGRVHOHFLWDGRHQIRUPDSHUVRQDODVHJXUiQGRVHOHHOFRQRFLPLHQWRPDWHULDOGHOD
GHPDQGDHQYLUWXGDORFXDOWXYRRSRUWXQLGDGGHSUHVHQWDURSRUWXQDPHQWHVXVLQIRUPHV
DVt FRPR GH KDFHUVH SUHVHQWH HQ DXGLHQFLD FRQWUDSRQLpQGRVH D ODV SUHWHQVLRQHV GHO
DFFLRQDQWH

(QWRQFHVVLHPSUHDODPSDURGHOSULQFLSLRSURDFWLRQHDVtFRPRHOGHSUHYDOHQFLDGHO
GHUHFKRVXVWDQFLDOVREUHHOGHUHFKRDGMHWLYRVHMXVWLILFDODQHFHVLGDGGHUHFRQGXFFLyQ
GHOSUHVHQWHSURFHVRDODWUDPLWDFLyQGHXQDDFFLyQSRSXODUWRGDYH]TXHORVGHUHFKRV
GHQXQFLDGRV FRPR YXOQHUDGRV VH HQFXHQWUDQ HQ XQ LQPLQHQWH ULHVJR GH VXIULU GDxR

W


dW^:d


LUUHSDUDEOH\DTXHDWUDYpVGHODV5HVROXFLRQHVHPLWLGDVWDQWRSRUOD$%73DQGRDVt
FRPRSRUHO,15$3DQGRREMHWRGHODGHPDQGDVHKXELHUDYXOQHUDGRHOGHUHFKRDOD
GHIHQVDDOGHELGRSURFHVR\DODFRQVXOWDGHODFRPXQLGDGLQGtJHQD
7DNDQD/D6HOYD

SRU FXDQWR VH GLVSXVR HO GHVDORMR GH ORV KDELWDQWHV GH GLFKD FRPXQLGDG VLQ TXH ORV
PLVPRVWHQJDQXQFRQRFLPLHQWRFDEDOGHGLFKDV5HVROXFLRQHVORTXHGHVHUHYLGHQWH
LPSRUWDXQDDIHFWDFLyQJUDYHGHVXVGHUHFKRVIXQGDPHQWDOHV



6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH OD DFFLyQ SRSXODU HQ SDUWH D OD &HQWUDO ,QGtJHQD 3XHEORV
2ULJLQDULRVGHOD$PD]RQtDGH3DQGR &,32$3 HQUHSUHVHQWDFLyQGHOD
FRPXQLGDGLQGtJHQD
7DNDQDOD6HOYD
HPSHURSUHYLDPHQWHUHDOL]DXQD
UHFRQGXFFLyQ SURFHVDO GHO SURFHVR GH DFFLyQ GH FXPSOLPLHQWR DO
SURFHVRFRQVWLWXFLRQDOGHODDFFLyQSRSXODU

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O 7ULEXQDO &RQVWLWXFLRQDO UHFRQRFLy HO LQVWLWXWR GH OD UHFRQGXFFLyQ
SURFHVDO GH DFFLRQHV HQ OD  6& 5 FX\R HQWHQGLPLHQWR VH
OLPLWy DO SHULRGR GH WUDQVLFLyQ \ D OD DFFLyQ GH FXPSOLPLHQWR SRU VX
QRYHGRVDLQFRUSRUDFLyQDOD&RQVWLWXFLyQ3ROtWLFDFRQVWLWX\pQGRVHHQ
HO SULPHU DQWHFHGHQWH MXULVSUXGHQFLDO 3RVWHULRUPHQWH  OD 6&3
 UHFRQGXMR GH PDQHUD H[FHSFLRQDO XQ UHFXUVR GLUHFWR GH
QXOLGDGDXQDDFFLyQGHDPSDURFRQVWLWXFLRQDODSDUWLUGHOSULQFLSLRSUR
DFWLRQH VLQ HVWDEOHFHU VXEUHJODV DSOLFDEOHV DO FDVR FRQFUHWR 3RU VX
SDUWH OD  SRU SULPHUD YH] UHFRQGXFH XQD DFFLyQ GH
FXPSOLPLHQWRDXQDDFFLyQSRSXODUSDUDSXHEORVLQGtJHQDVVHxDODQGR
UHTXLVLWRVH[SUHVRVSDUDHOHIHFWR5HFRQGXFFLyQTXHSRVWHULRUPHQWHVH
DSOLFyHQOD6HQWHQFLDTXHUHFRQGXMRXQDDFFLyQGHOLEHUWDG
DXQDDFFLyQGHDPSDURYHULILFDQGRSUHYLDPHQWHHOFXPSOLPLHQWRGHORV
UHTXLVLWRVGHHVWD~OWLPDDFFLyQ\GHODLQH[LVWHQFLDGHODVFDXVDOHVGH
LPSURFHGHQFLDV(QLJXDOVHQWLGROD6&3H[WHQGLyGHPDQHUD
H[SUHVDODSRVLELOLGDGGHHIHFWXDUODUHFRQGXFFLyQSURFHVDOHQWRGDVODV
DFFLRQHV GH GHIHQVD HVWDEOHFLHQGR DOJXQRV UHTXLVLWRV  )LQDOPHQWH OD
6&3HVWDEOHFHTXHODUHFRQGXFFLyQSURFHVDOVHFRQVWLWX\HHQ
XQ GHEHU WUDWiQGRVH GH QDFLRQHV \ SXHEORV LQGtJHQD RULJLQDULR
FDPSHVLQRVDSDUWLUGHODVFDUDFWHUtVWLFDVGHQXHVWUR(VWDGRDGHPiVGH
HVWDEOHFHU OD DSOLFDFLyQ GH OD UHFRQGXFFLyQ SURFHVDO SDUD WRGDV ODV
DFFLRQHVGHGHIHQVD

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

),,,
FXDQGR VH DGYLHUWD TXH GH ORV DQWHFHGHQWHV GH OD GHPDQGD GH DFFLyQ GH
FXPSOLPLHQWRLQYRFDGDVHSXHGHQH[WUDHUORVUHTXLVLWRVGHFRQWHQLGRSDUDODWUDPLWDFLyQ
GHXQDDFFLyQSRSXODUDHIHFWRVGHODUHFRQGXFFLyQGHOSURFHVRGHEHUiWHQHUVHSUHVHQWH
ODFRQFXUUHQFLDGHODVVLJXLHQWHVUHJODV

D 6HHYLGHQFLHHUURUHQODYtDSURFHVDOHOHJLGDORFXDOJXDUGDUHODFLyQFRQHOUROHVHQFLDO

W


dW^:d
GHO MXH] FRQVWLWXFLRQDO TXH DGYLHUWH XQD YROXQWDG LPSOtFLWD GHO DFFLRQDQWH DXQTXH OD
PLVPDQRKD\DVLGRSODQWHDGDFRUUHFWDPHQWHHQODGHPDQGD

E  6H FXPSODQ ORV UHTXLVLWRV LQH[FXVDEOHV GH OD GHPDQGD GH DFFLyQ SRSXODU HQ HVH
VHQWLGRSULQFLSDOPHQWHVHLGHQWLILTXHQDWUDYpVGHORVKHFKRVGHQXQFLDGRVGHUHFKRVR
LQWHUHVHVFROHFWLYRVRGLIXVRV\XQVXMHWRGHGHUHFKRFROHFWLYR

F  1R VH PRGLILTXHQ HO SHWLWRULR QL ORV KHFKRV TXH VXVWHQWDQ OD GHPDQGD SRU FXDQWR
VXSRQGUtDTXHHOMX]JDGRUVXVWLWX\DDODFFLRQDQWHDOWHUDQGRVXQDWXUDOH]DLPSDUFLDO
G 6HSUHVHUYHHOGHUHFKRDODGHIHQVDGHODSDUWHGHPDQGDGDHVGHFLUTXHODPLVPD
KD\D WHQLGR OD RSRUWXQLGDG GH FRQWUDSRQHUVH D OD SUHWHQVLyQ GH OD SDUWH GHPDQGDQWH
HMHUFLHQGR GH PRGR VXVWDQFLDO VX GHUHFKR GH GHIHQVD SXHVWR TXH HQ QLQJ~Q FDVR VH
SXHGHKDELOLWDUODWXWHODGHXQGHUHFKRIXQGDPHQWDOGHMDQGRGHVSURWHJLGRDRWURGHOD
PLVPDFODVH

H ([LVWDULHVJRGHLUUHSDUDELOLGDGGHORORVGHUHFKRVRLQWHUHVHVFROHFWLYRVRGLIXVRVHV
GHFLUODUHFRQGXFFLyQVyORVHUiSRVLEOHVLH[LVWHXQDQHFHVLGDGDSUHPLDQWHGHHYLWDUOD
RFXUUHQFLDGHXQGDxRLUUHSDUDEOHHQORVGHUHFKRVIXQGDPHQWDOHVLQYROXFUDGRVDVSHFWR
TXHJXDUGDUHODFLyQFRQHOSULQFLSLRGHHFRQRPtDSURFHVDO\WXWHODMXGLFLDOHIHFWLYD

(V SUHFLVR HVWDEOHFHU TXH OD UHFRQGXFFLyQ GH OD WUDPLWDFLyQ GH XQD DFFLyQ GH
FXPSOLPLHQWR D XQD DFFLyQ SRSXODU GHEHUi SURGXFLUVH VLHPSUH D IDYRU \ QXQFD HQ
SHUMXLFLRGHODSDUWHDFFLRQDQWH


)-,,,(QHOFDVRGHODUHFRQGXFFLyQGHODDFFLyQGHFXPSOLPLHQWRDODWUDPLWDFLyQGH
XQDDFFLyQSRSXODUEDMRHOSULQFLSLRGHLQIRUPDOLVPRTXHULJHDHVWD~OWLPDODOHVLyQGH
GHUHFKRV R LQWHUHVHV FROHFWLYRV R GLIXVRV GHQXQFLDGD D WUDYpV GHO LQFXPSOLPLHQWR GH
QRUPDVFRQVWLWXFLRQDOHVROHJDOHVGHEHUiWRPDUVHHQFXHQWDDORVILQHVGHODUHVROXFLyQ
GHIRQGRDHIHFWXDUVHFRPRHPHUJHQFLDGHODUHFRQGXFFLyQGLVSXHVWD



,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

/D 6&3  FRQWLHQH HO  SUHFHGHQWH MXULVSUXGHQFLDO  FRQ HO
HVWiQGDUPiVDOWRGHSURWHFFLyQHQIDYRUGHODFFHVRDODMXVWLFLDGHODV
1DFLRQHV\3XHEORV,QGtJHQDV2ULJLQDULR&DPSHVLQRV



1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO


W


dW^:d


6&3   'H DFXHUGR D FLUFXQVWDQFLDV FRQFUHWDV \ HQ
DSOLFDFLyQGHOPpWRGRGHSRQGHUDFLyQSDUDFDGDFDVRODDFWLYDFLyQ
GHOFRQWUROWXWHODUGHFRQVWLWXFLRQDOLGDGDWUDYpVGHFXDOTXLHUDGHODV
DFFLRQHV GH GHIHQVD HQ PpULWR D OD QDWXUDOH]D GH GHUHFKRV D VHU
WXWHODGRV SRGUi VHU UHFRQGXFLGD SURFHVDOPHQWH SRU HO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDODODDFFLyQLGyQHDSDUDHOUHVJXDUGRGH
ORV GHUHFKRV GHQXQFLDGRV FRPR YXOQHUDGRV ODERU TXH WLHQH OD
ILQDOLGDG GH FRQVROLGDU XQD YHUGDGHUD PDWHULDOL]DFLyQ GHO RUGHQ
FRQVWLWXFLRQDOLPSHUDQWHUHVJXDUGDUHOSULQFLSLRGHMXVWLFLDPDWHULDO
\DVHJXUDUXQUHDODFFHVRDODMXVWLFLDFRQVWLWXFLRQDOSUHVHUYDQGRDVt
ODYLJHQFLDGHYDORUHVSOXUDOHVVXSUHPRVFRPRVHUHO
YLYLUELHQ
HQHO
PDUFRGHORVOLQHDPLHQWRVSURSLRVGHOSOXUDOLVPRODLQWHUFXOWXUDOLGDG
\ODGHVFRORQL]DFLyQ

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO ORV DFFLRQDQWHV GHQXQFLDQ TXH ORV DKRUD
GHPDQGDGRVFRPRFRQVHFXHQFLDGHXQFRQIOLFWRYLQFXODGRDOGHUHFKRSURSLHWDULRVREUH
XQ LQPXHEOH PHGLDQWH YRWR UHVROXWLYR GHFLGLHURQ VDQFLRQDU D 6LQIRULDQR 0DPDQL
5RMDV PLHPEUR GH OD FRPXQLGDG \ OXHJR D OD FRPXQLGDG GH %XHQD 9LGHV
SURKLELpQGROHVHOHMHUFLFLR\SUiFWLFDGHVXVXVRV\FRVWXPEUHVDVtFRPRHOHMHUFLFLRGH
FDUJRV RULJLQDULRV GHSRUWLYRV \ OD SDUWLFLSDFLyQ HQ HYHQWRV GHSRUWLYRV HO DFFHVR D
FDUJRV PXQLFLSDOHV SROtWLFRV \ FXOWXUDOHV TXH SRU FRVWXPEUH FRUUHVSRQGH D FDGD
FRPXQLGDGSRUURWDFLyQDVSHFWRVTXHFRQVWLWX\HQSUiFWLFDVDQFHVWUDOHVGHVXVSXHEORV
$VLPLVPR GHQXQFLDURQ OD DIHFWDFLyQ DO GHUHFKR DO GHELGR SURFHVR \ D OD GHIHQVD GH
6LQIRULDQR0DPDQL5RMDVFRPXQDULRGH%XHQD9LGHV(QEDVHDHVWRVKHFKRVSLGHQOR
VLJXLHQWHORVLJXLHQWHL 4XHVHGHMHVLQYDORUQLHIHFWROHJDOHO9RWR5HVROXWLYRGH
GHMXQLRGHVXVFULWRSRUORVGHPDQGDGRVLL /DUHVWLWXFLyQGHVXVGHUHFKRVFRPR
QDFLyQ \ SXHEOR LQGtJHQD RULJLQDULR FDPSHVLQR SDUD HO HMHUFLFLR GH FXDOTXLHU FDUJR
RULJLQDULRGHSRUWLYRSROtWLFR\PXQLFLSDOLL /DSXEOLFDFLyQGHODSDUWHUHVROXWLYDGHO
IDOOR FRQVWLWXFLRQDO HQ XQ SHULyGLFR GH FLUFXODFLyQ QDFLRQDO D FXHQWD \ FDUJR GH ORV
GHPDQGDGRV\LLL /DUHSDUDFLyQGHGDxRVSHUMXLFLRV\FRVWDVSURFHVDOHV(O7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOFRQILUPyODUHVROXFLyQGHO-XH]GH*DUDQWtDV\FRQFHGLy
ODWXWHODHQEDVHDORVVLJXLHQWHVIXQGDPHQWRV 5HFRQGXFHSURFHVDOPHQWHODDFFLyQGH
DPSDUR FRQVWLWXWLFLRQDO HQ FXDQWR D ORV GHUHFKRV FROHFWLYRV GHQXQFLDGRV FRPR
DIHFWDGRV 'LVSRQHTXHHQWUHFRPXQLGDGHVVHJHQHUHQGLiORJRVLQWUDHLQWHUFXOWXUDOHV
(O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO FRQFHGH OD WXWHOD HQ EDVH D ORV VLJXLHQWHV
DUJXPHQWRV D  5HFRQGXFH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO D DFFLyQ SRSXODU HQ
FXDQWRDODVGHQXQFLDVUHIHUHQWHVDGHUHFKRVFROHFWLYRVE &RQFHGHODDFFLyQSRSXODU
UHFRQGXFLGD SRUTXH ODV VDQFLRQHV GH H[SXOVLyQ \ VXVSHQVLyQ SULPHUR GHEHQ VHU
HVWDEOHFLGDV SUHYLR GLiORJR LQWHUFXOWXUDO \ DGHPiV GHEHQ VHU GDGDV SDUD VLWXDFLRQHV
H[WUHPDGDPHQWH JUDYHV \D TXH GH DFXHUGR D OD FRVPRPLVLyQ GH OD FRPXQLGDG OD
ILQDOLGDGGHODVPLVPDVGHEHVHUHOUHVJXDUGRGHODDUPRQtD\HOHTXLOLEULRFRPXQLWDULR
DVSHFWRVTXHHQGHILQLWLYDQRVRQFRQVROLGDGRVSRUHO9RWR5HVROXWLYRGHGHMXQLRGH
 F  (VWDEOHFH TXH OD UHFRQGXFFLyQ SURFHVDO SDUD HO DQiOLVLV GH ORV GHUHFKRV
FROHFWLYRV QR JHQHUD SUREOHPDV HQ FXDQWR D OHJLWLPDFLyQ DFWLYD GH ORV DFWLYDQWHV GH
WXWHOD HPSHUR HO DQiOLVLV GH ODV GHQXQFLDV YLQFXODGDV D GHUHFKRV IXQGDPHQWDOHV
LQGLYLGXDOHVKDFHQQHFHVDULRTXHHVWH7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHVWDEOH]FD
TXHD~QFXDQGRODVLQGLFDGDVSHUVRQDVDFWLYDQODSUHVHQWHDFFLyQVLQSRGHUHVSHFtILFR\
SRUHOFRQWHQLGRGHODPLVPDDQRPEUHGH6LQIRULDQR0DPDQL5RMDVFRPRFRPXQDULR
GH %XHQD 9LGHV SRU HVWDU OD SUREOHPiWLFD YLQFXODGD D QDFLRQHV \ SXHEORV LQGtJHQD

W


dW^:d
RULJLQDULR FDPSHVLQRV GHEH DSOLFDUVH XQD IOH[LELOL]DFLyQ SURFHVDO SRU OR TXH HQ HO
SUHVHQWHFDVRORVDKRUDSHWLFLRQDQWHVGHWXWHODWLHQHQOHJLWLPDFLyQDFWLYDSDUDDFWLYDU
HO SUHVHQWH PHFDQLVPR WXWHODU H  &RQFHGH OD DFFLyQ SRSXODU UHFRQGXFLGD SRUTXH ODV
VDQFLRQHV GH H[SXOVLyQ \ VXVSHQVLyQ SULPHUR GHEHQ VHU HVWDEOHFLGDV SUHYLR GLiORJR
LQWHUFXOWXUDO\DGHPiVGHEHQVHUGDGDVSDUDVLWXDFLRQHVH[WUHPDGDPHQWHJUDYHV\DTXH
GHDFXHUGRDODFRVPRPLVLyQGHODFRPXQLGDGODILQDOLGDGGHODVPLVPDVGHEHVHUHO
UHVJXDUGRGHODDUPRQtD\HOHTXLOLEULRFRPXQLWDULRDVSHFWRVTXHHQGHILQLWLYDQRVRQ
FRQVROLGDGRV SRU HO 9RWR 5HVROXWLYR GH  GH MXQLR GH  \ G  'LVSRQH TXH OD
FRPXQLGDG GH 7RGR6DQWRV OD FRPXQLGDG %XHQD9LGHV \ 6LQIRULDQR 0DPDQL 5RMDV
GHVDUUROOHQ  XQ HVSDFLR GH GLiORJR HQ HO FXDO HQ HO PDUFR GH ORV YDORUHV SOXUDOHV
VXSUHPRVLPSHUDQWHVHQHO(VWDGR3OXULQDFLRQDOGH%ROLYLD\GHDFXHUGRDVXVQRUPDV\
SURFHGLPLHQWRVVHVROXFLRQHQODVGLYHUJHQFLDVH[LVWHQWHV


([WUDFWRGHODUDWLRGHFLGHQGL

)-'


$KRUD ELHQ HQ HO PDUFR GH OR UHIHULGR GHEH HVWDEOHFHUVH TXH HQ HO
)XQGDPHQWR -XUtGLFR & GHO SUHVHQWH IDOOR VH VHxDOy TXH ORV GHUHFKRV
FROHFWLYRVWLHQHQXQFDUiFWHUQRGLVWULEXWLYRDWULEXWRDSDUWLUGHOFXDOVHWLHQH
TXHGHVGHXQSXQWRGHYLVWDFRQFHSWXDOMXUtGLFR\IiFWLFRXQELHQFROHFWLYR
TXHJHQHUDSDUDXQDFROHFWLYLGDGXQGHUHFKRFROHFWLYRQRSXHGHVHUGLYLGLGR
HQ SDUWHV SDUD VX RWRUJDFLyQ D ORV LQGLYLGXRV GH XQD PDQHUD DLVODGD D ORV
PLHPEURVGHODFROHFWLYLGDGSRUWDQWRWDOFRPRVHVHxDOyHQHO)XQGDPHQWR
-XUtGLFR & GH OD SUHVHQWH 6HQWHQFLD &RQVWLWXFLRQDO 3OXULQDFLRQDO HVWRV
GHUHFKRVSRUVXQDWXUDOH]DMXUtGLFDGHEHQVHUWXWHODGRVDWUDYpVGHODDFFLyQ
SRSXODU (Q FRKHUHQFLD FRQ OR VHxDODGR DO YHUVDU ORV GHUHFKRV GHQXQFLDGRV
FRPRDIHFWDGRVVREUHGHUHFKRVFROHFWLYRVFRUUHVSRQGHHQHOSUHVHQWHFDVROD
UHFRQGXFFLyQSURFHVDO

$VtHQHO)XQGDPHQWR-XUtGLFR&GHOSUHVHQWHIDOORFRQVWLWXFLRQDOVHVHxDOy
TXHPiVDOOiGHXQULWXDOLVPRH[WUHPRHQHO(VWDGR3OXULQDFLRQDOGH%ROLYLD
HQHOPDUFRGHODGHVFRORQL]DFLyQGHODMXVWLFLDGHEHQHQFLHUWRVFDVRV\PiV
D~Q HQ WHPiWLFDV YLQFXODGDV FRQ SXHEORV \ QDFLRQHV LQGtJHQD RULJLQDULR
FDPSHVLQRV IOH[LELOL]DUVH SURFHGLPLHQWRV HQ HO PDUFR GH XQ GHELGR SURFHVR
LQWHUFXOWXUDO SDUD TXH SULPH DVt XQD UHDO PDWHULDOL]DFLyQ QR VyOR GH QRUPDV
VXSUHPDVSRVLWLYDVVLQRHVHQFLDOPHQWHGHYDORUHVSOXUDOHVVXSUHPRVSRUHVWD
UD]yQ OD UHFRQGXFFLyQ GH SURFHGLPLHQWRV FRQVWLWXFLRQDOHV VH FRQILJXUD HQ
WpUPLQRV GH GHVFRORQL]DFLyQ GH OD MXVWLFLD FRPR XQ PHFDQLVPR LGyQHR
GHVWLQDGRDDVHJXUDUXQUHDODFFHVRDODMXVWLFLDFRQVWLWXFLRQDOHVSHFLDOPHQWH
SDUDSXHEORV\QDFLRQHVLQGtJHQDRULJLQDULRFDPSHVLQRVSRUWDQWRHQHOFDVR
FRQFUHWR OD UHFRQGXFFLyQ SURFHVDO TXH UHDOL]D HVWH 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDOWLHQHODILQDOLGDGGHFRQVROLGDUXQDYHUGDGHUDPDWHULDOL]DFLyQGHO
RUGHQFRQVWLWXFLRQDOLPSHUDQWHHQHOPDUFRGHOSDUDGLJPDGHOYLYLUELHQ



6LQWHVLVGHODUDWLRGHFLGHQGL

6H UHFRQGXFHODDFFLyQGH DPSDUR FRQVWLWXFLRQDO DDFFLyQ SRSXODU HQ
FXDQWRDODVGHQXQFLDVUHIHUHQWHVDGHUHFKRVFROHFWLYRV

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO
W


dW^:d



(O7ULEXQDO&RQVWLWXFLRQDOUHFRQRFLyHOLQVWLWXWRGHODUHFRQGXFFLyQSURFHVDO
GHDFFLRQHVHQOD6&5FX\RHQWHQGLPLHQWRVHOLPLWyDOSHULRGRGH
WUDQVLFLyQ\DODDFFLyQGHFXPSOLPLHQWRSRUVXQRYHGRVDLQFRUSRUDFLyQDOD
&RQVWLWXFLyQ3ROtWLFDFRQVWLWX\pQGRVHHQHOSULPHUDQWHFHGHQWHMXULVSUXGHQFLDO
3RVWHULRUPHQWHOD6&3UHFRQGXMRGHPDQHUDH[FHSFLRQDOXQUHFXUVR
GLUHFWRGHQXOLGDGDXQDDFFLyQGHDPSDURFRQVWLWXFLRQDODSDUWLUGHOSULQFLSLR
SURDFWLRQHVLQHVWDEOHFHUVXEUHJODVDSOLFDEOHVDOFDVRFRQFUHWR3RUVXSDUWH
OD  SRU SULPHUD YH] UHFRQGXFH XQD DFFLyQ GH FXPSOLPLHQWR D XQD
DFFLyQSRSXODUSDUDSXHEORVLQGtJHQDVVHxDODQGRUHTXLVLWRVH[SUHVRVSDUDHO
HIHFWR5HFRQGXFFLyQTXHSRVWHULRUPHQWHVHDSOLFyHQOD6HQWHQFLD
TXH UHFRQGXMR XQD DFFLyQ GH OLEHUWDG D XQD DFFLyQ GH DPSDUR YHULILFDQGR
SUHYLDPHQWH HO FXPSOLPLHQWR GH ORV UHTXLVLWRV GH HVWD ~OWLPD DFFLyQ \ GH OD
LQH[LVWHQFLD GH ODV FDXVDOHV GH LPSURFHGHQFLDV (Q LJXDO VHQWLGR  OD 6&3
 H[WHQGLy GH PDQHUD H[SUHVD OD SRVLELOLGDG GH HIHFWXDU OD
UHFRQGXFFLyQSURFHVDOHQWRGDVODVDFFLRQHVGHGHIHQVDHVWDEOHFLHQGRDOJXQRV
UHTXLVLWRV7DPELpQOD6&3HVWDEOHFHTXHODUHFRQGXFFLyQSURFHVDO
VHFRQVWLWX\HHQXQGHEHUWUDWiQGRVHGHQDFLRQHV\SXHEORVLQGtJHQDRULJLQDULR
FDPSHVLQRV D SDUWLU GH ODV FDUDFWHUtVWLFDV GH QXHVWUR (VWDGR DGHPiV GH
HVWDEOHFHUODDSOLFDFLyQGHODUHFRQGXFFLyQSURFHVDOSDUDWRGDVODVDFFLRQHVGH
GHIHQVD
)LQDOPHQWHOD6&3GHVDUUROODODILJXUDGHODUHFRQGXFFLyQSURFHVDO
VLQHVWDEOHFHUUHTXLVLWRVSDUDVXDSOLFDFLyQ


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-& 


/DWpFQLFDGHODUHFRQGXFFLyQSURFHVDO6XVXVWHQWRFRQVWLWXFLRQDO

&RPRUD]RQDPLHQWRFRQRFLPLHQWRRVDEHUGHFDUiFWHUHVHQFLDOSDUDHOSUHVHQWHIDOORVH
HVWDEOHFH TXH OD GHVFRORQL]DFLyQ GHVGH XQ SXQWR GH YLVWD HSLVWHPROyJLFR VXVWHQWD OD
SUHPLVDHQYLUWXGGHODFXDOQRH[LVWHXQDFXOWXUDVXSHULRUDRWUDVLQRSRUHOFRQWUDULR
WRGDV VRQ FRPSOHPHQWDULDV HQWUH HOODV HQ HVH RUGHQ HQ HO iPELWR MXUtGLFR OD
GHVFRORQL]DFLyQGHODMXVWLFLDLPSOLFDTXHDODOX]GHOSOXUDOLVPR\ODLQWHUFXOWXUDOLGDG
DSDUWLUGHODUHIXQGDFLyQGHO(VWDGRVHKDJHQHUDGRXQQXHYRVLVWHPDMXUtGLFRHOFXDO
HQVXGLVHxRHVHQFLDOHQHOiPELWRVXVWDQWLYRFRH[LVWHQQRUPDVSRVLWLYDVRHVFULWDV\
QRSRVLWLYDVRFRQVXHWXGLQDULDVSHURDGHPiVODVQRUPDVpWLFRPRUDOHVIRUPDQSDUWHGHO
SOH[RQRUPDWLYRLPSHUDQWHSRUVXSDUWHGHVGHODFRQFHSFLyQGHODGHVFRORQL]DFLyQHQ
HOiPELWRGHOVLVWHPDMXUtGLFRDGMHWLYRORVULWXDOLVPRVSURFHVDOHVSURSLRVGHXQVLVWHPD
MXUtGLFR QHWDPHQWH LXV SRVLWLYLVWD HPHUJHQWH GH XQ (VWDGR PRQLVWD WLHQHQ XQ
UHGLPHQVLRQDPLHQWR Pi[LPH SRU HO DOFDQFH GHO SOXUDOLVPR \ OD LQWHUFXOWXUDOLGDG
DVSHFWRTXHDGTXLHUHPD\RUWUDVFHQGHQFLDD~QHQHOiPELWRGHODMXVWLFLDFRQVWLWXFLRQDO
SRUHVWDUD]yQPiVDOOiGHXQULWXDOLVPRH[WUHPRHQHO(VWDGR3OXULQDFLRQDOGH%ROLYLD
HQHOPDUFRGHODGHVFRORQL]DFLyQGHODMXVWLFLDGHEHQHQFLHUWRVFDVRV\PiVD~QHQ
WHPiWLFDV YLQFXODGDV FRQ SXHEORV \ QDFLRQHV LQGtJHQD RULJLQDULR FDPSHVLQRV
IOH[LELOL]DUVHSURFHGLPLHQWRVHQHOPDUFRGHXQGHELGRSURFHVRLQWHUFXOWXUDOSDUDTXH
SULPH DVt XQD UHDO PDWHULDOL]DFLyQ QR VyOR GH QRUPDV VXSUHPDV SRVLWLYDV VLQR
HVHQFLDOPHQWH GH YDORUHV SOXUDOHV VXSUHPRV SRU HVWD UD]yQ OD UHFRQGXFFLyQ GH
SURFHGLPLHQWRV FRQVWLWXFLRQDOHV VH FRQILJXUD HQ WpUPLQRV GH GHVFRORQL]DFLyQ GH OD
MXVWLFLDFRPRXQPHFDQLVPRLGyQHRGHVWLQDGRDDVHJXUDUXQUHDODFFHVRDODMXVWLFLD
FRQVWLWXFLRQDOHVSHFLDOPHQWHSDUDSXHEORV\QDFLRQHVLQGtJHQDRULJLQDULRFDPSHVLQRV

W


dW^:d

(Q HO FRQWH[WR VHxDODGR GH DFXHUGR D FLUFXQVWDQFLDV FRQFUHWDV \ HQ DSOLFDFLyQ GHO
PpWRGR GH SRQGHUDFLyQ SDUD FDGD FDVR OD DFWLYDFLyQ GHO FRQWURO WXWHODU GH
FRQVWLWXFLRQDOLGDG D WUDYpV GH FXDOTXLHUD GH ODV DFFLRQHV GH GHIHQVD HQ PpULWR D OD
QDWXUDOH]D GH GHUHFKRV D VHU WXWHODGRV SRGUi VHU UHFRQGXFLGD SURFHVDOPHQWH SRU HO
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO D OD DFFLyQ LGyQHD SDUD HO UHVJXDUGR GH ORV
GHUHFKRVGHQXQFLDGRVFRPRYXOQHUDGRVODERUTXHWLHQHODILQDOLGDGGHFRQVROLGDUXQD
YHUGDGHUDPDWHULDOL]DFLyQGHORUGHQFRQVWLWXFLRQDOLPSHUDQWHUHVJXDUGDUHOSULQFLSLRGH
MXVWLFLDPDWHULDO\DVHJXUDUXQUHDODFFHVRDODMXVWLFLDFRQVWLWXFLRQDOUHVJXDUGDQGRDVt
OD YLJHQFLD GH YDORUHV SOXUDOHV VXSUHPRV FRPR VHU HO
YLYLU ELHQ
 HQ HO PDUFR GH ORV
OLQHDPLHQWRVSURSLRVGHOSOXUDOLVPRODLQWHUFXOWXUDOLGDG\ODGHVFRORQL]DFLyQSRVWXODGR
TXHVHFRQILJXUDFRPRXQUD]RQDPLHQWRFRQRFLPLHQWRRVDEHUGHFDUiFWHUHVHQFLDOSDUD
HOSUHVHQWHIDOORFRQVWLWXFLRQDO



,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

/D 6&3  FRQWLHQH HO HVWiQGDU PiV DOWR HQ FXDQWR D OD
REOLJDWRULHGDG GH XWLOL]DU OD ILJXUD GH OD UHFRQGXFFLyQ SURFHVDO SDUD
SXHEORVLQGtJHQD 3RU VX SDUWHOD 6&3FRQWLHQH HOHVWiQGDU
PiVDOWRSRUTXHGHVDUUROODHVWDILJXUDVLQHVWDEOHFHUUHTXLVLWRVSDUDVX
SURFHGHQFLD



 1RUPDV FRPXQHV GH SURFHGLPLHQWR HQ DFFLRQHV GH
GHIHQVD5HTXLVLWRV GH ODV DFFLRQHV GH GHIHQVD GH DFXHUGR DO &yGLJR
3URFHVDO&RQVWLWXFLRQDO
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0XWDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO


W


dW^:d


6&3/RVUHTXLVLWRVGHIRUPDGHODVDFFLRQHVGHGHIHQVD
VRQ VXEVDQDEOHV \ GHEHUiQ VHU YHULILFDGRV SRU ODV \ ORV MXHFHV \
WULEXQDOHVGHJDUDQWtDVHQIDVHGHDGPLVLELOLGDG\QRHQRWUDIDVHSRU
VXSDUWHODVFDXVDOHVGHLPSURFHGHQFLDWDPELpQGHEHQVHUYHULILFDGDV
HQIDVHGHDGPLVLELOLGDG\HQFDVRGHDGYHUWLUVHODH[LVWHQFLDGHDOJXQD
GHHOODVVHHPLWLUiXQDXWRPRWLYDGRGHLPSURFHGHQFLDTXHSRGUiVHU
LPSXJQDGRSRUODSDUWHDFFLRQDQWH\VHUiUHVXHOWRSRUOD&RPLVLyQGH
$GPLVLyQGHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HO DFFLRQDQWH SLGLy OD WXWHOD
FRQVWLWXFLRQDOSDUDHOUHVJXDUGRGHVXVGHUHFKRVDODGHIHQVDDOGHELGRSURFHVR
DODLJXDOGDGHQWUHODVSDUWHVDODFFHVRDODMXVWLFLDDODWXWHODMXGLFLDOHIHFWLYD
\ D OD SRVHVLyQ SRUTXH OD GHFLVLyQ SURQXQFLDGD SRU OD DXWRULGDG GHPDQGDGD
UHFKD]yVLQDUJXPHQWRQLVXVWHQWROHJDOODDSHODFLyQLQWHUSXHVWDSRUHODKRUD
DFFLRQDQWHFRQWUDODRUGHQGHGHVDSRGHUDPLHQWRHQUHODFLyQDOELHQSRVHtGR(Q
EDVH D HVWRV KHFKRV SLGLy VH FRQFHGD OD WXWHOD \ VH GLVSRQD OD QXOLGDG GH OD
SULPHUDSDUWHGHODUHVROXFLyQFXHVWLRQDGDVHUHVWLWX\DODSRVHVLyQGHOLQPXHEOH
REMHWR GH OLWLJLR \ VH GHWHUPLQH OD UHVSRQVDELOLGDG FLYLO \ SHQDO GH ODV
DXWRULGDGHV UHFXUULGDV (O 7ULEXQDO &RQVWLWXFLRQDO DSUXHED OD UHVROXFLyQ GHO
7ULEXQDOGH*DUDQWtDV\GHQLHJDODWXWHODHQEDVHDORVVLJXLHQWHVIXQGDPHQWRV
 SRUTXHHODFFLRQDQWHQRLQWHUSXVRHOUHFXUVRGHDSHODFLyQFRQWUDHOGHFUHWR
GHGHVHSWLHPEUHGHQLFRQWUDHOPDQGDPLHQWRGHGHHVWHPLVPRPHV
\ DxR LQFXUULHQGR SRU WDQWR HQ XQD FDXVDO GH LPSURFHGHQFLD UHJODGD
FRQWHPSODGDHQHODUWGHO&yGLJR3URFHVDO&RQVWLWXFLRQDO\ SRUTXH
FRQWUDODSURYLGHQFLDGHGHGLFLHPEUHGHPHGLDQWHDXWRGHGHDEULO
GH  OD DXWRULGDG GHPDQGDGD UHFKD]y OD DSHODFLyQ IRUPXODGD UHVROXFLyQ
FRQWUD OD FXDO HO DKRUD DFFLRQDQWH QR LQWHUSXVR HO UHFXUVR GH FRPSXOVD
$GHPiVVHHVWDEOHFLyTXHORV-XHFHV\7ULEXQDOHVGH*DUDQWtDVWLHQHQHOGHEHU
GHREVHUYDUUHTXLVLWRVGHIRUPD\FDXVDOHVGHLPSURFHGHQFLDUHJODGDHQHWDSD
GHDGPLVLELOLGDG\TXHHQHVWDHWDSDHQFDVRVFRQFUHWRVFXDQGRH[LVWDXQDGXGD
UD]RQDEOHVREUHXQDOHVLyQPDQLILHVWD\
JURVHUD
DGHUHFKRVIXQGDPHQWDOHVHQ
HOPDUFRGHORVSRVWXODGRVGHO(VWDGR&RQVWLWXFLRQDOGH'HUHFKRDGPLWLUiOD
DFFLyQ\IOH[LELOL]DUiSUHVXSXHVWRVSURFHVDOHVSDUDTXHHQXQDQiOLVLVGHIRQGR
SXHGDSUHYDOHFHUODMXVWLFLDPDWHULDOGHDFXHUGRDOSULQFLSLRSURDFWLRQH


([WUDFWRGHODUDWLRGHFLGHQGL

)- ,,,
$KRUD ELHQ HQ EDVH DO FRQWHQLGR GH OD SUHVHQWH DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO\GHODFRPSXOVDGHDQWHFHGHQWHVVHHYLGHQFLDQORVVLJXLHQWHVDVSHFWRV
HVHQFLDOHVSDUDHODQiOLVLVGHHVWDFDXVD

D 
(O DKRUD DFFLRQDQWH HQ HO SHWLWRULR GH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO
SUHVHQWDGD VROLFLWD VH GLVSRQJD OR VLJXLHQWH   /D QXOLGDG GH OD SULPHUD SDUWH GHO
'HFUHWR GH  GH VHSWLHPEUH GH    6H GHMH VLQ HIHFWR HO PDQGDPLHQWR GH
GHVDSRGHUDPLHQWR GH  GHO UHIHULGR PHV \ DxR   6H UHVWLWX\D HQ OD SRVHVLyQ GHO
LQPXHEOHREMHWRGHOLWLJLR\ 6HGHWHUPLQHODH[LVWHQFLDGHUHVSRQVDELOLGDGFLYLO\
SHQDOGHODVDXWRULGDGHVUHFXUULGDV

W


dW^:d

(QHVWHPDUFR\GHODFRPSXOVDGHDQWHFHGHQWHVHQPpULWRDODVGRFXPHQWDOHVTXHFXUVDQ
HQHOH[SHGLHQWHQRVHHYLGHQFLDTXH9LGDO-HV~V9DOYHUGH6DQMLQpVKXELHVHDSHODGRHO
GHFUHWRGHGHOVHxDODGRPHV\DxRGHFLVLyQTXHPHGLDQWHODSUHVHQWHDFFLyQGHDPSDUR
FRQVWLWXFLRQDOSLGHVHGHMHVLQHIHFWR

(QYLUWXGDORHVWDEOHFLGRVHWLHQHTXHHODKRUDDFFLRQDQWHVLQDFWLYDUORVPHFDQLVPRV
LQWUDSURFHVDOHV GH GHIHQVD HVWDEOHFLGRV SRU OD QRUPDWLYD YLJHQWH DFWLYD GH PDQHUD
GLUHFWDODDFFLyQGHDPSDURFRQVWLWXFLRQDOLQFXUULHQGRHQXQDFDXVDOGHLPSURFHGHQFLD
UHJODGD GH DFXHUGR D OR VHxDODGR HQ ORV )XQGDPHQWRV -XUtGLFRV ,,, \ ,,, GH OD
SUHVHQWH6HQWHQFLD&RQVWLWXFLRQDO3OXULQDFLRQDO

$VLPLVPRVHHYLGHQFLDTXHHODKRUDDFFLRQDQWHWDPSRFRLQWHUSRQHUHFXUVRGHDSHODFLyQ
FRQWUDHO$XWRGHGHVHSWLHPEUHGHVLQHPEDUJRHQHOSHWLWRULRGHVXPHPRULDO
VROLFLWDVHFRQFHGDODDFFLyQGHDPSDURFRQVWLWXFLRQDOLQWHUSXHVWD\VHGHMHVLQHIHFWR
GLFKDGHFLVLyQMXULVGLFFLRQDOSRUWDQWRDOKDEHUVHDFWLYDGRGHPDQHUDGLUHFWDODDFFLyQ
GHDPSDURFRQVWLWXFLRQDOVHKDLQFXUULGRHQXQDFDXVDOGHLPSURFHGHQFLDUHJODGDGH
DFXHUGR D OR VHxDODGR HQ ORV )XQGDPHQWRV -XUtGLFRV ,,, \ ,,, GH OD SUHVHQWH
6HQWHQFLD

E 
'HODFRPSXOVDGHDQWHFHGHQWHVVHYHULILFDWDPELpQTXHSRUSURYLGHQFLDGH
 GH GLFLHPEUH GH  HO MXH] GH OD FDXVD RUGHQD VH HMHFXWH HO PDQGDPLHQWR GH
GHVDSRGHUDPLHQWRFRQDOODQDPLHQWRGHPRUDGD\FRQDX[LOLRGHODIXHU]DS~EOLFDOLEUDGR
FRQWUD )DELROD )DUUHO /ySH] \ 2VFDU )DUUHOO /ySH] IV   FRQWUD pVWD GHFLVLyQ
PHGLDQWHPHPRULDOSUHVHQWDGRHOGHHQHURGHDQWHHO-X]JDGR'HFLPRSULPHUR
GH3DUWLGRHQOR&LYLO\&RPHUFLDOHODKRUDDFFLRQDQWHLQWHUSRQHUHFXUVRGHDSHODFLyQ
DOHJDQGRHQFRQWUDUVHHQTXLHWD\SDFtILFDSRVHVLyQGHOLQPXHEOHHQOLWLJLR IVD
  (Q HVWH FRQWH[WR \ HQ PpULWR D HVWD LPSXJQDFLyQ HO -XH] 'HFLPRSULPHUR GH
3DUWLGRHQOR&LYLO\&RPHUFLDOHOGHDEULOGHUHFKD]DHOUHFXUVRGHDSHODFLyQ
FXUVDQWH GH IV  D  LQWHUSXHVWD SRU 9LGDO -HV~V 9DOYHUGH -LPpQH] FRQWUD OD
SURYLGHQFLDGHGHVHSWLHPEUHGH IV 

$KRUDELHQHODKRUDDFFLRQDQWHHQHOSHWLWRULRGHVXDFFLyQGHDPSDURFRQVWLWXFLRQDO
QRVROLFLWDH[SUHVDPHQWHTXHHVWDGHFLVLyQVHGHMHVLQHIHFWRVLQHPEDUJRHQHOWH[WRGH
VX PHPRULDO OD FXHVWLRQD SRU YXOQHUDU VXSXHVWDPHQWH VXV GHUHFKRV D OD GHIHQVD DO
GHELGRSURFHVRODLJXDOGDGHQWUHODVSDUWHVDFFHVRDODMXVWLFLDWXWHODMXGLFLDOHIHFWLYD
\DODSRVHVLyQDOHJDQGRTXHVXSHWLFLyQDWUDYpVGHOUHFXUVRGHDSHODFLyQLQWHUSXHVWD
IXHUHFKD]DGDVLQDUJXPHQWR\VXVWHQWROHJDOSRUHOMXH]GHODFDXVD

(QEDVHDORPHQFLRQDGR\SRUHOFRQWHQLGRGHODSURYLGHQFLDGHGHDEULOGH
FXUVDQWHDIVVHWLHQHTXHHO-XH]'HFLPRSULPHURGH3DUWLGRHQOR&LYLO\&RPHUFLDO
GHOGHSDUWDPHQWRGH6DQWD&UX]GHPDQHUDH[SUHVDHVWDEOHFHORVLJXLHQWH
(QYLUWXGGH
ORVDQWHFHGHQWHVH[SXHVWRV\HQVXMHFLyQDORGLVSXHVWRSRUHODUWtFXORGHO&yGLJR
3URFHVDO&LYLOVHUHFKD]DHOUHFXUVRGH$SHODFLyQFXUVDQWHGHIVDIVLQWHUSXHVWR
SRU9LGDO-HV~V9DOYHUGH-LPpQH]HQFRQWUDGHODSURYLGHQFLDGHGHVHSWLHPEUHGH
FXUVDQWHDIV
 VLF 

/DFLWDGDGHFLVLyQMXULVGLFFLRQDOVHFRQILJXUDFRPRXQ$XWRLQWHUORFXWRULRGHILQLWLYR
SRU HO FXDO VH UHFKD]D XQD DSHODFLyQ LQWHUSXHVWD HQ HVH RUGHQ \ GH DFXHUGR DO
)XQGDPHQWR -XUtGLFR ,,, GH OD SUHVHQWH 6HQWHQFLD &RQVWLWXFLRQDO 3OXULQDFLRQDO OD
QRUPDWLYD FLYLO LPSHUDQWH GLVFLSOLQD GH PDQHUD HVSHFtILFD HO UHFXUVR GH FRPSXOVD HO
FXDOQRIXHXWLOL]DGRSRUHODKRUDDFFLRQDQWH

3RUORVHxDODGRHVLPSHUDQWHHVWDEOHFHUTXHHOUHFXUVRGHFRPSXOVDHVXQPHFDQLVPR
GHGHIHQVDH[SUHVDPHQWHUHFRQRFLGRSRUHODUWGHO&3&FRPRXQPHGLRLGyQHRGH
FXHVWLRQDPLHQWRSDUDFDVRVGHVXSXHVWDQHJDWLYDLQGHELGDGHOUHFXUVRGHDSHODFLyQSRU

W


dW^:d


WDQWRODSDUWHDKRUDDFFLRQDQWHDQWHVGHDFXGLUDODMXULVGLFFLyQFRQVWLWXFLRQDOGHELy
DFWLYDUHVWHPHFDQLVPRGHGHIHQVD

(QEDVHDORVGRVDVSHFWRVGHVFULWRVHQORVLQFLVRVSUHFHGHQWHVVHHVWDEOHFHTXHHQOD
SUHVHQWHFDXVDVHYHULILFDODH[LVWHQFLDGHXQDFDXVDOGHLPSURFHGHQFLDUHJODGDSRUHO
DUW , GHO &3&R HQ OD HVSHFLH QR VH DJRWDURQ ORV PHFDQLVPRV LQWUDSURFHVDOHV GH
GHIHQVDHVWDEOHFLGRVSRUODQRUPDWLYDSURFHVDOFLYLOLPSHUDQWHSRUORTXHHQREVHUYDQFLD
DOSULQFLSLRGHVXEVLGLDULGDGDSOLFDEOHDODDFFLyQGHDPSDURFRQVWLWXFLRQDOQRSXHGHHQ
HVWHFDVRHMHUFHUVHHOFRQWUROWXWHODUGHFRQVWLWXFLRQDOLGDG



6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SRU OD H[LVWHQFLD GH XQD
FDXVDO GH LPSURFHGHQFLD UHJODGD \D TXH HO DFFLRQDQWH HQ HWDSD GH
HMHFXFLyQGHIDOORVHQODFXDOVHGHWHUPLQyHOGHVDSRGHUDPLHQWRGHOELHQ
HQ OLWLJLR FRQWUD HO FXHVWLRQDGR GHFUHWR GH  VHSWLHPEUH GH  QR
DFWLYyHOUHFXUVRGHDSHODFLyQ\WDPSRFRXWLOL]yHOUHFXUVRGHFRPSXOVD
FRQWUDHODXWRGHGHDEULOGHDWUDYpVGHOFXDOVHUHFKD]yVXUHFXUVR
GHDSHODFLyQ

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O 7ULEXQDO &RQVWLWXFLRQDO VREUH ORV UHTXLVLWRV GH DGPLVLELOLGDG GH ODV DFFLRQHV GH
GHIHQVDGHVDUUROOyODVLJXLHQWHOtQHDMXULVSUXGHQFLDO

(QOD6&5HVWDEOHFLyORVUHTXLVLWRVGHDGPLVLyQGHOGHQRPLQDGRUHFXUVR
GHDPSDURFRQVWLWXFLRQDOLQWHUSUHWDQGRORVUHTXLVLWRVGHIRUPD\GHFRQWHQLGRUHJXODGRV
SRUHODUWGHOD/H\GHO7ULEXQDO&RQVWLWXFLRQDO /H\ (QHVWHFRQWH[WRVH
HVWDEOHFLyTXHORVUHTXLVLWRVGHIRUPDHUDQUHTXLVLWRVVXEVDQDEOHV\QRDVtORVUHTXLVLWRV
GHFRQWHQLGRFRPRSRUHMHPSORODRPLVLyQGHSUHFLVLyQGHOQH[RGHFDXVDOLGDGHQWUHHO
DFWR OHVLYR ORV GHUHFKRV GHQXQFLDGRV FRPR YXOQHUDGRV \ HO SHWLWRULR  /D 6&3
 PXWy HO HQWHQGLPLHQWR GH OD 6& 5 HVWDEOHFLHQGR TXH ORV
UHTXLVLWRVGHIRUPDGHODVDFFLRQHVGHGHIHQVDVRQVXEVDQDEOHV\GHEHUiQVHUYHULILFDGRV
SRUODV\ORVMXHFHV\WULEXQDOHVGHJDUDQWtDVHQODIDVHGHDGPLVLELOLGDG\QRHQRWUDIDVH
FDPELR MXULVSUXGHQFLDO TXH UHVSRQGH D OD QXHYD QRUPDWLYD YHULILFDGD FRPR
FRQVHFXHQFLD GH OD YLJHQFLD GHO &yGLJR 3URFHVDO &RQVWLWXFLRQDO $VLPLVPR OD 6&3
HVWDEOHFLyTXHODVFDXVDOHVGHLPSURFHGHQFLDWDPELpQGHEHQVHUYHULILFDGDV
HQ IDVH GH DGPLVLELOLGDG \ HQ FDVR GH DGYHUWLUVH OD H[LVWHQFLD GH DOJXQD GH HOODV VH
HPLWLUi XQ DXWR PRWLYDGR GH LPSURFHGHQFLD TXH SRGUi VHU LPSXJQDGR SRU OD SDUWH
DFFLRQDQWH \ VHUi UHVXHOWR SRU OD &RPLVLyQ GH $GPLVLyQ GHO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO

(QFXDQWRDODH[LJHQFLDGHSUHVHQWDFLyQGHSUXHEDVHOGHVDUUROORMXULVSUXGHQFLDOHVHO
VLJXLHQWH(O7ULEXQDO&RQVWLWXFLRQDODWUDYpVGHOD6&35LQWHUSUHWyWDQWR
ORV UHTXLVLWRV GH IRUPD FRPR ORV UHTXLVLWRVGH FRQWHQLGR H[LJLGRV SDUD HO UHFXUVR GH
DPSDURFRQVWLWXFLRQDOHQWUHHOORVVHUHILULyH[SUHVDPHQWHDOUHTXLVLWRFRQWHQLGRHQHO
DUW9GHOD/H\GHO7ULEXQDO&RQVWLWXFLRQDOYLJHQWHHQHVHPRPHQWRVHxDODQGRTXH
HQIDVHGHDGPLVLELOLGDGODSDUWHDFFLRQDQWHDOWHQHUODFDUJDSUREDWRULDGHEtDSUHVHQWDU
OD SUXHED FRQ VX PHPRULDO GH GHPDQGD R LQGLFDU HO OXJDU GRQGH GLFKD SUXHED VH
HQFXHQWUH/D6&3PRGXOyHVWHSULPLJHQLRHQWHQGLPLHQWRHQHOPDUFRGH
ORV UHTXLVLWRV GH DGPLVLELOLGDG HVWDEOHFLGRV SRU OD /H\ GHO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO /H\ \GHPDQHUDH[SUHVD\DFRUGHFRQHOSULQFLSLRGHSURJUHVLYLGDG
GHVDUUROOy ORV VXSXHVWRV HQ ORV FXDOHV SXHGHSUHVHQWDUVH SUXHED VREUHYLQLHQWH DQWH HO

W


dW^:d
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HVWDEOHFLHQGR TXH HQ DFFLRQHV GH DPSDUR
FRQVWLWXFLRQDO ODV SDUWHV SURFHVDOHV SXHGHQ SUHVHQWDU SUXHED DQWH HO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOHQORVVLJXLHQWHVFDVRV &XDQGRSRUUD]RQHVMXVWLILFDGDV
OD SUXHED QR SXGR VHU SUHVHQWDGD RSRUWXQDPHQWH DQWH MXH]DV MXHFHV R WULEXQDOHV GH
JDUDQWtD &XDQGRVHWHQJDQXHYDSUXHED\ (QHOFDVRGHYtDVGHKHFKRFXDQGROD
SUXHED GHPXHVWUH TXH ODV OHVLRQHV GHQXQFLDGDV DGHPiV GH SHUVLVWLU FRQWLQ~DQ
VXVFLWiQGRVHDWUDYpVGHRWUDVDFFLRQHVGHVLPLODUQDWXUDOH]D$VXYH]HO7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO HQ OD 6&3  PRGXOy GH PDQHUD H[SUHVD HO
SUHFHGHQWH FRQWHQLGR HQ OD 6& 5 TXH IXH UHLWHUDGR HQWUH RWUDV SRU OD 6&
 HQ ODV TXH VH HVWDEOHFLy TXH HO DFFLRQDQWH GHEtD DGMXQWDU OD SUXHED HQ
IRWRFRSLD OHJDOL]DGD HPSHUR GHEH VHxDODUVH TXH HO HQWHQGLPLHQWR ILMDGR HQ OD 6&3
\DIXHHVWDEOHFLGRHQOD6&5HQODTXHVHVHxDOy
VLELHQVHH[LJH
ODSUHVHQWDFLyQGHGRFXPHQWDFLyQHQIRWRFRSLDVOHJDOL]DGDVHPSHURWDPELpQVHVHxDOD
TXHGLFKDUHJODWLHQHVXH[FHSFLyQHQORGLVSXHVWRHQHOSDUiJUDIR,SDUWHLQILQHGHODUW
 GHO && HV GHFLU FXDQGR OD SDUWH D TXLHQ VH RSRQJD OD GRFXPHQWDFLyQ QR ODV
GHVFRQRFH H[SUHVDPHQWH
 %DMR HVH FULWHULR OD 6&3  GHWHUPLQy TXH OD
SUHVHQWDFLyQ GH SUXHED HQ IRWRFRSLDV VLPSOHV HQ DFFLRQHV GH DPSDUR HV SOHQDPHQWH
YiOLGDVLODPLVPDQRIXHFRQWURYHUWLGDSRUODSDUWHDFFLRQDGDSRUORTXHHO7ULEXQDOGH
JDUDQWtDVVyORSRGUtDIXQGDUODGHQHJDWRULDGHDPSDURSRUQRKDEHUVLGRSUHVHQWDGDOD
SUXHED HQ IRWRFRSLD OHJDOL]DGD FXDQGR OD RWUD SDUWH H[SUHVDPHQWH OD GHVFRQR]FD 
)LQDOPHQWH HV LPSRUWDQWH VHxDODU TXH HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO SDUD
YtDV GH KHFKR HQ OD 6&3  GHVDUUROOy GH PDQHUD PiV DPSOLD \ IOH[LEOH OD
SRVLELOLGDGTXHWLHQHQODVSDUWHVSURFHVDOHVGHSUHVHQWDUSUXHEDDQWHHOPi[LPRFRQWUDORU
GH FRQVWLWXFLRQDOLGDG HVWDEOHFLHQGRTXH DO WUDWDUVH GH YtDV GH KHFKR HQ VXSXHVWRV GH
DYDVDOODPLHQWRGHSURSLHGDG\ODLPSRVLELOLGDGGHXQDLGHQWLILFDFLyQGHORVGHPDQGDGRV
GHPDQHUDH[FHSFLRQDOHVSRVLEOHODDFWLYDFLyQGHODDFFLyQGHDPSDURFRQVWLWXFLRQDO
VLQ LGHQWLILFDU D OD SDUWH GHPDQGDGD FXDQGR VHD LPSRVLEOH VX GHWHUPLQDFLyQ FRQ OD
DFODUDFLyQTXHODVSHUVRQDVDIHFWDGDVFRQORVHIHFWRVGHXQDHYHQWXDOFRQFHVLyQGHWXWHOD
WLHQHQODIDFXOWDGGHSUHVHQWDUSUXHEDHQFXDOTXLHUHWDSDGHOSURFHVRFRQVWLWXFLRQDO\D
VHD GHVSXpV GH OD DXGLHQFLD S~EOLFD R LQFOXVLYH DQWH HO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO

$VLPLVPRFDEHGHVWDFDUORVVXSXHVWRVGHIOH[LELOL]DFLyQGHORVUHTXLVLWRVDGPLVLELOLGDG
GHVDUUROODGRVSRUHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOTXHVHHQFXHQWUDQFRQWHQLGRV
HQORVVLJXLHQWHVSUHFHGHQWHV/D6&3HQODDFFLyQGHDPSDURIOH[LELOL]y
ORVUHTXLVLWRVGHDFUHGLWDFLyQGHODSHUVRQDOLGDGMXUtGLFDGHODVDVRFLDFLRQHVGHKHFKR
HVWDEOHFLHQGRTXHORVUHTXLVLWRVH[LJLGRVSDUDODDFUHGLWDFLyQGHODVSHUVRQDVMXUtGLFDV
FRPR HO SRGHU HQ HO TXH FRQVWH HO DFWD GH FRQVWLWXFLyQ GH OD VRFLHGDG OD QyPLQD GH
VRFLRVVXLQVFULSFLyQHQHO5HJLVWURGH&RPHUFLRVXSHUVRQHUtDMXUtGLFD\UHJODPHQWRV
QR VH DSOLFDQ D ODV DVRFLDFLRQHV GH KHFKRTXH SDUD DFWLYDU OD MXVWLFLD FRQVWLWXFLRQDO
~QLFDPHQWHGHEHQDFUHGLWDUVXFRQGLFLyQGHVRFLRVDGMXQWDQGRORVDFXHUGRVH[LVWHQWHV
DVt FRPR DFUHGLWDU OD FDOLGDG GH VXV UHSUHVHQWDQWHV (VWH UD]RQDPLHQWR SDUWLy GH ODV
66&& 5 5 5 \ 5 HQWUH RWUDV TXH
HVWDEOHFLHURQ TXH WUDWiQGRVH GH SHUVRQDV MXUtGLFDV HO UHSUHVHQWDQWH GHEH DFUHGLWDU WDO
FRQGLFLyQ DGMXQWDQGR HO SRGHU FRUUHVSRQGLHQWH HQ HO TXH GHEH FRQVWDU HO DFWD GH
FRQVWLWXFLyQ GH OD VRFLHGDG OD QyPLQD GH VRFLRV VX LQVFULSFLyQ HQ HO 5HJLVWURV GH
&RPHUFLRVXSHUVRQHUtDMXUtGLFD\VXVUHJODPHQWRV$VXYH]OD6&3HQ
ODDFFLyQGHDPSDURFRQVWLWXFLRQDOHVWDEOHFLyODIOH[LELOL]DFLyQGHORVUHTXLVLWRVHQOD
IDVHGHDGPLVLELOLGDGFXDQGRH[LVWDXQDGXGDUD]RQDEOHVREUHXQDOHVLyQPDQLILHVWD\

JURVHUD
 D GHUHFKRV IXQGDPHQWDOHV HQ HO PDUFR GH ORV SRVWXODGRV GHO (VWDGR
&RQVWLWXFLRQDOGH'HUHFKRSDUDTXHHQXQDQiOLVLVGHIRQGRSXHGDSUHYDOHFHUODMXVWLFLD
PDWHULDO GH DFXHUGR DO SULQFLSLR SURDFWLRQH   3RU VX SDUWH OD 6&3 /
H[WHQGLy HQ OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO OD WXWHOD D GHUHFKRV FRQH[RV
GHWHUPLQDQGR TXH HV SRVLEOH RWRUJDU OD WXWHOD TXH EULQGD OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDOSRUYXOQHUDFLyQGHRWURVGHUHFKRVTXHQRIXHURQGHQXQFLDGRVGHGXFLGRV
GHO FRQWHQLGR GH OD DFFLyQ GHO LQIRUPH GH OD SDUWH GHPDQGDGD R HQ VX FDVR GH OD

W


dW^:d


SDUWLFLSDFLyQ UHDOL]DGD GH DPEDV SDUWHV HQ OD DXGLHQFLD FHOHEUDGD SRU HO 7ULEXQDO GH
JDUDQWtDV  'H RWUR ODGR OD 6&3  GHWHUPLQy TXH HQ ORV VXSXHVWRV GH
LQFXPSOLPLHQWR GH UHTXLVLWRV GH IRUPD GH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO QR
REVHUYDGRVHQIDVHGHDGPLVLELOLGDGSRUODVRORVMXHFHVRWULEXQDOHVGHJDUDQWtDVHQ
UHVJXDUGRGHORVGHUHFKRVDODMXVWLFLDPDWHULDO\DODFFHVRDODMXVWLFLDGLFKRVUHTXLVLWRV
GHEHQ IOH[LELOL]DUVH HQ HWDSD GH UHYLVLyQ GH HVWD DFFLyQ GH GHIHQVD DQWH HO 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO  $VLPLVPR OD 6&3  HVWDEOHFLy TXH ORV
SUHVXSXHVWRVGHOHJLWLPDFLyQDFWLYDOHJLWLPDFLyQSDVLYDFRPRFXDOTXLHURWURUHTXLVLWR
GH IRUPD TXH VHD H[LJLGR SDUD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HQ HO FDVR GH
SHWLFLRQHVYLQFXODGDVDQDFLRQHV\SXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRVGHEHQVHU
DQDOL]DGDVHQHOPDUFRGHXQDPi[LPDIOH[LELOL]DFLyQSURFHVDOSDUDDVHJXUDUDVt\HQHO
PDUFRGHOUHVSHWRDVXVQRUPDV\SURFHGLPLHQWRVXQYHUGDGHUR\UHDODFFHVRDODMXVWLFLD
DGLFKDVFROHFWLYLGDGHV


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

(QHVWDVHQWHQFLDHOSUHFHGHQWHVHHQFXHQWUDFRQWHQLGRHQHO)-,,,/DV
IDVHV
SURFHVDOHVGHODDFFLyQGHDPSDURFRQVWLWXFLRQDO
(QHOPDUFRGHORVSRVWXODGRVGHO(VWDGR&RQVWLWXFLRQDOGH'HUHFKRGHEHHVSHFLILFDUVH
TXHODDFFLyQGHDPSDURFRQVWLWXFLRQDOHQVXGLPHQVLyQSURFHVDOVHGLYLGHHQWUHVIDVHV
HVSHFtILFDVD /DIDVHGHDGPLVLELOLGDGE /DIDVHGHGHEDWHHVGHFLUGHOGHVDUUROORGH
ODDXGLHQFLDS~EOLFDF /DIDVHGHODGHFLVLyQ\G /DIDVHGHUHYLVLyQDQWHHO7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDO
(QHIHFWRHQODIDVHGHDGPLVLELOLGDGDVHUVXVWDQFLDGDDQWHORV-XHFHV\7ULEXQDOHVGH
JDUDQWtDVGHEHQH[DPLQDUVHORVOODPDGRVUHTXLVLWRVKDELOLWDQWHVSDUDODDFWLYDFLyQGHO
FRQWUROWXWHODUGHFRQVWLWXFLRQDOLGDGDWUDYpVGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOHQ
HVHRUGHQGLFKRVUHTXLVLWRVVHHQFXHQWUDQHVSHFtILFDPHQWHGLVFLSOLQDGRVHQORVDUWV
\GHO&3&RORVFXDOHVSXHGHQVHUFODVLILFDGRVFRPRUHTXLVLWRVGHIRUPD\FDXVDOHV
GHLPSURFHGHQFLDUHJODGD

,,, 5HTXLVLWRVGHIRUPD'HWHUPLQDFLyQGHVXFDUiFWHUVXEVDQDEOH\GHOLPLWDFLyQ
GHORVHIHFWRVSURFHVDOHVIUHQWHDVXLQFXPSOLPLHQWR

$ODOX]GHODQRUPDWLYDSURFHVDOFRQVWLWXFLRQDOLPSHUDQWHORVUHTXLVLWRVGHIRUPDVH
HQFXHQWUDQHVSHFtILFDPHQWHUHJXODGRVHQHODUWGHO&3&RORVFXDOHVSRUODILQDOLGDG
GH FDGD VXSXHVWRGLVFLSOLQDGR HQ OD FLWDGD GLVSRVLFLyQ \ SDUD DVHJXUDU XQD FRKHUHQWH
SHGDJRJtD FRQVWLWXFLRQDO VH FODVLILFDQ HQ UHTXLVLWRV IRUPDOHV HVHQFLDOHV \ DTXHOORV
SUHVXSXHVWRVHYHQWXDOHV

(QHOPDUFRGHORPHQFLRQDGRGHEHHVWDEOHFHUVHTXHORVUHTXLVLWRVGHIRUPDHVHQFLDOHV
YHUVDQVREUHORVVLJXLHQWHVDVSHFWRV ,GHQWLILFDFLyQGHODFFLRQDQWH\DFUHGLWDFLyQGH
VXSHUVRQHUtD DUWGHO&3&R  ,GHQWLILFDFLyQGHODSDUWHGHPDQGDGD DUWGHO
&3&R  HOSDWURFLQLRGHDERJDGR\HQVXFDVRODVROLFLWXGGHGHIHQVRUS~EOLFR DUW
GHO&3&R  UHODFLyQGHORVKHFKRV DUWGHO&3&R  LGHQWLILFDFLyQGHORV
GHUHFKRVRJDUDQWtDVTXHVHFRQVLGHUHQYXOQHUDGRV DUWGHO&3&R  ORVPHGLRV
SUREDWRULRVSHUWLQHQWHVTXHVHHQFXHQWUHQHQSRGHUGHODFFLRQDQWHRHOVHxDODPLHQWRGH
OXJDUGRQGHVHHQFXHQWUHQ DUWGHO&3&R \ ODSHWLFLyQ DUWGHO&3&R 

3RUVXSDUWHORVSUHVXSXHVWRVHYHQWXDOHVVRQDTXHOORVGLVFLSOLQDGRVH[SUHVDPHQWHSRU
OD~OWLPDSDUWHGHOQXPHUDOSULPHURGHODUWGHO&3&R\SRUHOQXPGHODPLVPD
GLVSRVLFLyQQRUPDWLYD

(QHIHFWROD~OWLPDSDUWHGHODUWGHO&3&RLQGLFD
(QHOFDVRGHWHUFHUDVSHUVRQDV
TXH WHQJDQ LQWHUpV OHJtWLPR GHEHUiQ DFUHGLWDU HO LQWHUpV DOHJDGR
 HQ HVH RUGHQ GHEH
HVWDEOHFHUVHTXHHVWHHVXQUHTXLVLWRGHIRUPDHYHQWXDOSDUDWRGRVDTXHOORVVXSXHVWRV

W


dW^:d
HQ ORV FXDOHV H[LVWD XQ WHUFHUR LQWHUHVDGR VLWXDFLyQ HQ OD FXDO HO DFFLRQDQWH WLHQH OD
FDUJDSURFHVDOGHDFUHGLWDUHOLQWHUpVOHJtWLPRGHpVWH

$VLPLVPRRWURUHTXLVLWRHYHQWXDOGLVFLSOLQDGRSRUHODUWGHO&3&RHVHOUHIHUHQWH
DODVROLFLWXGGHPHGLGDVFDXWHODUHVODFXDOHQXQDLQWHUSUHWDFLyQVLVWpPLFDGHEHVHU
DSOLFDGD HQ HO PDUFR GHO DUW  GH OD QRUPD DGMHWLYD FRQVWLWXFLRQDO DQWHV FLWDGD HQ
PpULWRDXQDSHWLFLyQH[SUHVDGHSDUWH

$KRUDELHQORVUHTXLVLWRVHVHQFLDOHVGHIRUPD \WDPELpQORVSUHVXSXHVWRVHYHQWXDOHV
DQWHVFLWDGRVDVHJXUDQTXHODDFFLyQGHDPSDURFRQVWLWXFLRQDOVHGHVDUUROOHHQHOPDUFR
GHODVUHJODVGHXQGHELGRSURFHVRUD]yQSRUODFXDOORVVXSXHVWRVGLVFLSOLQDGRVSRUHO
DUWGHO&3&RVHFDUDFWHUL]DQSRUVHUVXEVDQDEOHV

(Q HO PDUFR GH OR VHxDODGR VH WLHQH TXH ORV UHTXLVLWRV DQWHV SUHFLVDGRV GHEHQ VHU
REVHUYDGDVSRUORVMXHFHV\WULEXQDOHVGHJDUDQWtDVHQHWDSDGHDGPLVLELOLGDGHQHVWH
FRQWH[WR SDUD DVHJXUDU XQ HTXLOLEULR SURFHVDO \ XQ UHDO DFFHVR D OD MXVWLFLD
FRQVWLWXFLRQDOVHFROLJHTXHODLQREVHUYDQFLDGHUHTXLVLWRVGHIRUPDGLVFLSOLQDGRVHQHO
DUWGHO&3&RSXHGHVHUVXEVDQDGDHQHVWDHWDSDSRUODSDUWHDFFLRQDQWHHQHOSOD]R
GHWUHVGtDVDVtORHVWDEOHFHHODUW,GHO&yGLJRUHIHULGR

3RUORH[SXHVWRHQFDVRGHQRVHUVXEVDQDGRHQHOSOD]RDQWHVLQGLFDGRDOJ~QUHTXLVLWR
GHIRUPDREVHUYDGRODDFFLyQVHWHQGUiSRUQRSUHVHQWDGDDVtORHVWDEOHFHHODUW,
GHO &3&R VXSXHVWR HQ HO FXDO DO QR KDEHUVH LQJUHVDGR DO DQiOLVLV GH IRQGR GH OD
SUREOHPiWLFDODSDUWHDFFLRQDQWHSRGUiSUHVHQWDUXQDQXHYDDFFLyQFXPSOLHQGRFRQORV
UHTXLVLWRVGHIRUPDUHJXODGRVSRUHODUWGHO&3&R\VLHPSUH\FXDQGRQRFRQFXUUDQ
UHTXLVLWRVGHLPSURFHGHQFLDUHJODGDGLVFLSOLQDGRVSRUHODUWGHODQRUPDSURFHVDO
FRQVWLWXFLRQDO DQWHV FLWDGD LQWHUSUHWDFLyQ TXH DVHJXUD XQ UHDO DFFHVR HIHFWLYR D OD
MXVWLFLDFRQVWLWXFLRQDOFRPRSLODUHVHQFLDOGHO(VWDGR&RQVWLWXFLRQDOGH'HUHFKR

,,, 5HTXLVLWRVGHLPSURFHGHQFLDUHJODGD'HOLPLWDFLyQGHORVHIHFWRVSURFHVDOHV
IUHQWHDVXLQFXPSOLPLHQWR

(O &yGLJR 3URFHVDO &RQVWLWXFLRQDO HQ VX DUW  SDUD OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO SODVPD ODV FDXVDOHV GH LPSURFHGHQFLD TXH VH HQFXHQWUDQ UHJODGDV GH
PDQHUDHVSHFtILFDHQORVFLQFRQXPHUDOHVGHODGLVSRVLFLyQDQWHVUHIHULGD

3RUORVHxDODGRHQHOPDUFRGHXQDFRKHUHQWHSHGDJRJtDFRQVWLWXFLRQDODVHUUHDOL]DGD
D SDUWLU GH OD YLJHQFLD GHO &3&R FRUUHVSRQGH GHVDUUROODU GH PDQHUD SDUWLFXODU ODV
FDXVDOHVGHLPSURFHGHQFLDUHJODGDGLVFLSOLQDGDVHQHODUWGHODFLWDGDQRUPDSURFHVDO
FRQVWLWXFLRQDOODVFXDOHVVRQODVVLJXLHQWHV

L 
0HFDQLVPRVDFWLYDGRVFRQDQWHULRULGDG\SHQGLHQWHVGHUHVROXFLyQ

(QDUPRQtDFRQXQHILFD]\FRKHUHQWHVLVWHPDWXWHODUGHFRQWUROGHFRQVWLWXFLRQDOLGDG
QRSXHGHDFWLYDUVHSDUDOHODPHQWHPHFDQLVPRVGHGHIHQVDGHGHUHFKRVSRUHVWDUD]yQ
XQD YH] XWLOL]DGR XQ PHFDQLVPR SURFHVDO R SURFHGLPHQWDO LGyQHR GH GHIHQVD SDUD OD
UHVWLWXFLyQHIHFWLYDGHGHUHFKRV\HVWDQGRSHQGLHQWHVXUHVROXFLyQVHUiLPSURFHGHQWHOD
LQWHUSRVLFLyQ GH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO DVt OR HVWDEOHFH HO DUW  GHO
&3&RSRUWDOUD]yQORVMXHFHVRWULEXQDOHVGHJDUDQWtDVHQHWDSDGHDGPLVLELOLGDGWLHQHQ
HO GHEHU SURFHVDO GH YHULILFDU OD LQH[LVWHQFLD GH PHGLRV GH GHIHQVD SHQGLHQWHV GH
GHILQLFLyQ

(QHOPDUFRGHORLQGLFDGRHOMXH]RWULEXQDOGHJDUDQWtDVHQFDVRGHYHULILFDUHQHWDSD
GH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO OD H[LVWHQFLD GHO VXSXHVWR DQWHV GHVDUUROODGR
PHGLDQWHDXWRGHELGDPHQWHIXQGDPHQWDGRGHFODUDUiODLPSURFHGHQFLDGHODDFFLyQWDO
FXDOORHVWDEOHFHH[SUHVDPHQWHHODUW,GHO&3&R

W


dW^:d



'HDFXHUGRDORVHxDODGRHVLPSHUDQWHSUHFLVDUTXHHODXWRPRWLYDGRGHLPSURFHGHQFLD
HQUHVJXDUGRGHODJDUDQWtDGHODGREOHLQVWDQFLDSRGUiVHUREMHWRGHLPSXJQDFLyQHQHO
SOD]R GH WUHV GtDV SDUD TXH OD &RPLVLyQ GH $GPLVLyQ GHO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO SRU DXWR FRQVWLWXFLRQDO PRWLYDGR OD FRQILUPH R HQ VX FDVR RUGHQH OD
DGPLVLyQGHODFDXVDSDUDVXXOWHULRUWUDPLWDFLyQWDOFRPRORVHxDODHODUW,GHO
&3&R

$VLPLVPR FRUUHVSRQGH SUHFLVDU TXH HQ FDVR GH QR LPSXJQDUVH HO DXWR PRWLYDGR GH
LPSURFHGHQFLDSURQXQFLDGRHQHWDSDGHDGPLVLELOLGDGSRUHOMXH]RWULEXQDOGHJDUDQWtDV
VHRUGHQDUiHODUFKLYRGHREUDGRV

LL 
0HFDQLVPRVGHGHIHQVDQRDFWLYDGRVRSRUWXQDPHQWH
/D UHIRUPD FRQVWLWXFLRQDO GH  GLVHxD XQ PRGHOR GH (VWDGR HO FXDO VXVWHQWD \
OHJLWLPDHOHMHUFLFLRGHO3RGHUDWUDYpVGHODDVXQFLyQGHODWHRUtDFRQWHPSRUiQHDGHOD

IUDFWXUDGHOSRGHU
HQYLUWXGGHODFXDOODQRUPDVXSUHPDHQVXSDUWHRUJiQLFDTXHHQ
VXV EDVHV RQWROyJLFDV UHVSRQGH D OD SDUWH GRJPiWLFD GH OD &RQVWLWXFLyQ GLVWULEX\H
FRPSHWHQFLDVHVSHFtILFDVSDUDHOHMHUFLFLRGHOSRGHUHQWUHORVFXDWURyUJDQRVGLVHxDGRV
SRUWDOUD]yQOD$VDPEOHD/HJLVODWLYD3OXULQDFLRQDOHMHUFHUROHVOHJLVODWLYRVHOUJDQR
(MHFXWLYRHMHUFHUROHVUHJODPHQWDULRVGHDGPLQLVWUDFLyQ\HMHFXFLyQHOUJDQR-XGLFLDO
HMHUFHUROHVMXULVGLFFLRQDOHVSURSLRVGHDGPLQLVWUDFLyQGHMXVWLFLD\HOUJDQR(OHFWRUDO
HMHUFHDWULEXFLRQHVGHtQGROHHOHFWRUDOSURSLDVGHOVLVWHPDGHPRFUiWLFRLPSHUDQWH
(QHOPDUFRGHHVWDGLYLVLyQRUJiQLFDGHIXQFLRQHVGHEHVHxDODUVHTXHHOHMHUFLFLRGH
FDGDXQDGHODVPLVPDVFRQWHPSODPHFDQLVPRVLQWUDSURFHVDOHVRLQWUDSURFHGLPHQWDOHV
GHGHIHQVDGHGHUHFKRVHQHVHRUGHQODMXVWLFLDFRQVWLWXFLRQDOQRSXHGHVXSOLUORVUROHV
HQFRPHQGDGRV SRU OD IXQFLyQ FRQVWLWX\HQWH D VXV yUJDQRV GH SRGHU H[SUHVDPHQWH
UHFRQRFLGRVSRUOD&RQVWLWXFLyQSRUORTXHWRGDVODVSHUVRQDVQDWXUDOHVRMXUtGLFDVTXH
FRQVLGHUHQ DIHFWDGRV VXV GHUHFKRV DQWHV GH DFWLYDU HO FRQWURO WXWHODU GH
FRQVWLWXFLRQDOLGDGDWUDYpVGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOGHEHUiQXWLOL]DUHQHO
PDUFRGHORVSOD]RVSURFHVDOHVHVWDEOHFLGRVSRUODQRUPDWLYDLPSHUDQWHORVPHFDQLVPRV
LQWUDSURFHVDOHVRSURFHGLPHQWDOHVGHGHIHQVD
3RUORLQGLFDGRHO&yGLJR3URFHVDO&RQVWLWXFLRQDOHQVXDUWVHxDODTXHODDFFLyQ
GHDPSDURFRQVWLWXFLRQDOQRSURFHGHUiFRQWUDUHVROXFLRQHVMXGLFLDOHVRDGPLQLVWUDWLYDV
TXHSXGLHUDQVHUPRGLILFDGDVRVXSULPLGDVSRUFXDOTXLHURWURUHFXUVRGHOFXDOQRVHKD\D
KHFKRXVRRSRUWXQR
(QHOPDUFRGHORPHQFLRQDGRHOMXH]RWULEXQDOGHJDUDQWtDVHQFDVRGHYHULILFDUHQ
HWDSDGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOODH[LVWHQFLDGHOVXSXHVWRDQWHVGHVDUUROODGR
PHGLDQWHDXWRGHELGDPHQWHIXQGDPHQWDGRGHFODUDUiODLPSURFHGHQFLDGHODDFFLyQWDO
FXDOORHVWDEOHFHH[SUHVDPHQWHHODUW,GHO&3&R

'HDFXHUGRDORVHxDODGRHVLPSHUDQWHSUHFLVDUTXHHODXWRPRWLYDGRGHLPSURFHGHQFLD
HQUHVJXDUGRGHODJDUDQWtDGHODGREOHLQVWDQFLDSRGUiVHUREMHWRGHLPSXJQDFLyQHQHO
SOD]R GH WUHV GtDV SDUD TXH OD &RPLVLyQ GH $GPLVLyQ GHO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO SRU DXWR FRQVWLWXFLRQDO PRWLYDGR OD FRQILUPH R HQ VX FDVR RUGHQH OD
DGPLVLyQGHODFDXVDSDUDVXXOWHULRUWUDPLWDFLyQWDOFRPRORVHxDODHODUW,GHO
&3&R

$VLPLVPR FRUUHVSRQGH LQGLFDU TXH HQ FDVR GH QR LPSXJQDUVH HO DXWR PRWLYDGR GH
LPSURFHGHQFLDSURQXQFLDGRHQHWDSDGHDGPLVLELOLGDGSRUHOMXH]RWULEXQDOGHJDUDQWtDV
VHRUGHQDUiHODUFKLYRGHREUDGRV

LLL 
0HFDQLVPRV GH GHIHQVD SHQGLHQWHV LQWUDSURFHVDOHV R LQWUDSURFHGLPHQWDOHV
SHQGLHQWHVGHDFWLYDFLyQ

6LJXLHQGR HO PLVPR UD]RQDPLHQWR GHVDUUROODGR HQ HO LQFLVR SUHFHGHQWH GHEH
HVWDEOHFHUVH TXH DO QR SRGHU OD MXVWLFLD FRQVWLWXFLRQDO VXSOLU ORV UROHV SURSLRV GH ORV

W


dW^:d
yUJDQRVGHSRGHUUHFRQRFLGRVSRUODIXQFLyQFRQVWLWX\HQWHQRSRGUiDFWLYDUVHODDFFLyQ
GHDPSDURFRQVWLWXFLRQDOVLQTXHSUHYLDPHQWHVHKDJDXVRGHORVPHFDQLVPRVGHGHIHQVD
LQWUDSURFHVDOHVRLQWUDSURFHGLPHQWDOHVFXDQGRpVWRVVHDQPHGLRVRSRUWXQRVSDUDOD
SURWHFFLyQGHGHUHFKRV

(VWHVXSXHVWRGHLPSURFHGHQFLDGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOHVWiUHJXODGRHQ
HODUW,GHO&3&R\FRQVWLWX\HXQSUHVXSXHVWRGLIHUHQWHDORVUHJXODGRVSRUHODUW
\H[SOLFDGRVGHPDQHUDHVSHFtILFDHQORVLQFLVRVDQWHULRUHV

(QHOPDUFRGHORPHQFLRQDGRGHEHHVWDEOHFHUVHTXHHOMXH]RWULEXQDOGHJDUDQWtDVHQ
FDVR GH YHULILFDU HQ HWDSD GH DGPLVLELOLGDG GH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO OD
H[LVWHQFLD GH OD FDXVDO GH LPSURFHGHQFLD GHVDUUROODGD PHGLDQWH DXWR GHELGDPHQWH
IXQGDPHQWDGR GHFODUDUi OD LPSURFHGHQFLD GH OD DFFLyQ WDO FXDO OR HVWDEOHFH
H[SUHVDPHQWHHODUW,GHO&3&R

'HDFXHUGRDORVHxDODGRHVLPSHUDQWHSUHFLVDUTXHHODXWRPRWLYDGRGHLPSURFHGHQFLD
HQUHVJXDUGRGHODJDUDQWtDGHODGREOHLQVWDQFLDSRGUiVHUREMHWRGHLPSXJQDFLyQHQHO
SOD]R GH WUHV GtDV SDUD TXH OD &RPLVLyQ GH $GPLVLyQ GHO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDOSRUDXWRFRQVWLWXFLRQDOGHELGDPHQWHIXQGDPHQWDGRODFRQILUPHRHQVX
FDVRRUGHQHODDGPLVLyQGHODFDXVDSDUDVXXOWHULRUWUDPLWDFLyQWDOFRPRORVHxDODHO
DUW,GHO&3&R

$VLPLVPR FRUUHVSRQGH VLQGLFDU TXH HQ FDVR GH QR LPSXJQDUVH HO DXWR PRWLYDGR GH
LPSURFHGHQFLDSURQXQFLDGRHQHWDSDGHDGPLVLELOLGDGSRUHOMXH]RWULEXQDOGHJDUDQWtDV
VHRUGHQDUiHODUFKLYRGHREUDGRV

LY $FWRVFRQVHQWLGRVOLEUH\H[SUHVDPHQWH

(O FRQVHQWLPLHQWR OLEUH \ WD[DWLYR GH DFWRV GHQXQFLDGRV FRPR OHVLYRV D WUDYpV GH OD
DFFLyQ GH DPSDUR FRQVWLWXFLRQDO GHEH VHU DQDOL]DGR SRU ORV MXHFHV \ WULEXQDOHV GH
JDUDQWtDVHQHWDSDGHDGPLVLELOLGDGDFX\RHIHFWRHQFDVRGHYHULILFDUVHODH[LVWHQFLD
GH HVWH VXSXHVWR GHEHUi GHFODUDUVH OD LPSURFHGHQFLD GH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDOWDOFRPRORVHxDODHODUWGHO&3&R

(QHORUGHQGHLGHDVPHQFLRQDGRHODXWRPRWLYDGRGHLPSURFHGHQFLDHQUHVJXDUGRGH
ODJDUDQWtDGHODGREOHLQVWDQFLDSRGUiVHUREMHWRGHLPSXJQDFLyQHQHOSOD]RGHWUHV
GtDV SDUD TXH OD &RPLVLyQ GH $GPLVLyQ GHO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO
PHGLDQWHDXWRFRQVWLWXFLRQDOPRWLYDGRODFRQILUPHRHQVXFDVRRUGHQHODDGPLVLyQGH
ODFDXVDSDUDVXXOWHULRUWUDPLWDFLyQWDOFRPRORLQGLFDHODUW,GHO&3&R

$VLPLVPR FRUUHVSRQGH VHxDODU TXH HQ FDVR GH QR LPSXJQDUVH HO DXWR PRWLYDGR GH
LPSURFHGHQFLDSURQXQFLDGRHQHWDSDGHDGPLVLELOLGDGSRUHOMXH]RWULEXQDOGHJDUDQWtDV
VHRUGHQDUiHODUFKLYRGHREUDGRV

Y 
&HVDFLyQGHORVHIHFWRVGHODFWRXRPLVLyQUHFODPDGRVDWUDYpVGHODDFFLyQGH
DPSDURFRQVWLWXFLRQDO

/DFHVDFLyQGHORVHIHFWRVGHODFWRXRPLVLyQGHQXQFLDGRVFRPROHVLYRVDORVGHUHFKRV
GHODSDUWHDFFLRQDQWHWDPELpQGHEHVHUDQDOL]DGRSRUORVMXHFHV\WULEXQDOHVGHJDUDQWtDV
HQ HWDSD GH DGPLVLELOLGDG D FX\R HIHFWR HQ FDVR GH YHULILFDUVH OD H[LVWHQFLD GH HVWH
VXSXHVWRKDVWDDQWHVGHODQRWLILFDFLyQDODSDUWHGHPDQGDGDFRQODDFFLyQGHDPSDUR
FRQVWLWXFLRQDO\HQFDVRGHVHUFRQRFLGDODFHVDFLyQGHORVHIHFWRVGHODFWRGHQXQFLDGR
FRPR OHVLYR SRU OD SDUWH DFFLRQDQWH KDVWD DQWHV GH OD QRWLILFDFLyQ FRQ OD DFFLyQ GH
DPSDUR FRQVWLWXFLRQDO D OD SDUWH FRQWUDULD GHEHUi GHFODUDUVH OD LPSURFHGHQFLD GH OD
DFFLyQGHDPSDURFRQVWLWXFLRQDOWDOFRPRORVHxDODHODUWGHO&3&R


W


dW^:d


(QHORUGHQGHLGHDVVHxDODGRHODXWRPRWLYDGRGHLPSURFHGHQFLDHQUHVJXDUGRGHOD
JDUDQWtDGHODGREOHLQVWDQFLDSRGUiVHUREMHWRGHLPSXJQDFLyQHQHOSOD]RGHWUHVGtDV
SDUDTXHOD&RPLVLyQGH$GPLVLyQGHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOPHGLDQWH
DXWRFRQVWLWXFLRQDOPRWLYDGRODFRQILUPHRHQVXFDVRRUGHQHODDGPLVLyQGHODFDXVD
SDUDVXXOWHULRUWUDPLWDFLyQWDOFRPRORVHxDODHODUW,GHO&3&R

$VLPLVPR FRUUHVSRQGH LQGLFDU TXH HQ FDVR GH QR LPSXJQDUVH HO DXWR PRWLYDGR GH
LPSURFHGHQFLDSURQXQFLDGRHQHWDSDGHDGPLVLELOLGDGSRUHOMXH]RWULEXQDOGHJDUDQWtDV
VHRUGHQDUiHODUFKLYRGHREUDGRV

L 
0HGLRVHVSHFtILFRVGHGHIHQVDGHGHUHFKRVIXQGDPHQWDOHV

(O GLVHxR FRQVWLWXFLRQDO LPSHUDQWH GLVFLSOLQD PHFDQLVPRV HVSHFtILFRV GH GHIHQVD GH
GHUHFKRVIXQGDPHQWDOHVFDGDXQRFRQXQREMHWRGHWXWHODHVSHFtILFRHQHVHRUGHQWRGD
YH]TXHODIXQFLyQFRQVWLWX\HQWHQRTXLVRGLVFLSOLQDUPHFDQLVPRVSDUDOHORVGHWXWHOD
FRQVWLWXFLRQDOVHHVWDEOHFHTXHODDFFLyQGHDPSDURFRQVWLWXFLRQDOHVLPSURFHGHQWHSDUD
OD WXWHOD GH GHUHFKRV HVSHFtILFDPHQWH SURWHJLGRV SRU ODV DFFLRQHV GH OLEHUWDG GH
SURWHFFLyQ GH SULYDFLGDG GH FXPSOLPLHQWR R OD DFFLyQ SRSXODU DVt OR HVWDEOHFHQ ORV
QXPHUDOHVFXDWUR\FLQFRGHODUWGHO&3&R

LL 
(OSOD]RGHFDGXFLGDGGHODDFFLyQGHDPSDURFRQVWLWXFLRQDO

)LQDOPHQWH GHEH HVWDEOHFHUVH DGHPiV TXH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO DO
FRQILJXUDUVH FRPR XQ PHFDQLVPR SURQWR \ RSRUWXQR GH WXWHOD WLHQH XQ SOD]R GH
FDGXFLGDGGHVHLVPHVHVFRPSXWDEOHVDSDUWLUGHOPRPHQWRHQHOFXDOVXUWHQHIHFWRV
MXUtGLFRV HO DFWR X RPLVLyQ GHQXQFLDGRV FRPR OHVLYRV D ORV GHUHFKRV GH OD SDUWH
DFFLRQDQWH HQ HVH RUGHQ HO DUW  GHO &3&R HQ VXV GRV QXPHUDOHV GLVFLSOLQD HVWH
SUHVXSXHVWRGHDFWLYDFLyQGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOGHELHQGRHOPLVPRVHU
YHULILFDGRSRUORVMXHFHVRWULEXQDOGHJDUDQWtDVHQHWDSDGHDGPLVLELOLGDG

(QHORUGHQGHLGHDVVHxDODGRHODXWRPRWLYDGRGHLPSURFHGHQFLDHQUHVJXDUGRGHOD
JDUDQWtDGHODGREOHLQVWDQFLDSRGUiVHUREMHWRGHLPSXJQDFLyQHQHOSOD]RGHWUHVGtDV
SDUDTXHOD&RPLVLyQGH$GPLVLyQGHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOPHGLDQWH
DXWRFRQVWLWXFLRQDOIXQGDPHQWDGRODFRQILUPHRHQVXFDVRRUGHQHODDGPLVLyQGHOD
FDXVDSDUDVXXOWHULRUWUDPLWDFLyQWDOFRPRORLQGLFDHODUW,GHO&3&R

$VLPLVPRFRUUHVSRQGHPHQFLRQDUTXHHQFDVRGHQRLPSXJQDUVHHODXWRPRWLYDGRGH
LPSURFHGHQFLDSURQXQFLDGRHQHWDSDGHDGPLVLELOLGDGSRUHOMXH]RWULEXQDOGHJDUDQWtDV
VHRUGHQDUiHODUFKLYRGHREUDGRV


 


,,,
/RVGHEHUHVSURFHVDOHVGHORVMXHFHV\WULEXQDOHVGHJDUDQWtDVGHYHULILFDFLyQ
GHUHTXLVLWRVGHIRUPD\FDXVDOHVGHLPSURFHGHQFLDUHJODGDHQHWDSDGHDGPLVLELOLGDG


'H DFXHUGR D OR LQGLFDGR HQ ORV )XQGDPHQWR -XUtGLFRV ,,, \ ,,, GH OD
SUHVHQWH6HQWHQFLD&RQVWLWXFLRQDOVHHVWDEOHFHTXHHQHOPDUFRGHODWHOHRORJtDSURFHVDO
GHODDFFLyQGHDPSDURFRQVWLWXFLRQDOSDUDJDUDQWL]DUDVtXQPHFDQLVPRWXWHODUHILFD]\
RSRUWXQRSDUDHOUHVJXDUGRGHGHUHFKRVORVMXHFHV\WULEXQDOHVGHJDUDQWtDVWLHQHQHO
GHEHUSURFHVDOLQH[FXVDEOHGHYHULILFDUODH[LVWHQFLDGHUHTXLVLWRVGHIRUPD\FDXVDOHV
GHLPSURFHGHQFLDUHJODGDHQHWDSDGHDGPLVLELOLGDG

(QHOPDUFRGHORVHxDODGRODILQDOLGDGGHODREVHUYDFLyQGHUHTXLVLWRVGHIRUPDHQHWDSD
GHDGPLVLELOLGDGHVDVHJXUDUXQDFFHVRRSRUWXQRDODMXVWLFLDFRQVWLWXFLRQDO\DTXHDO
VHUHVWDVH[LJHQFLDVSURFHVDOHVVXEVDQDEOHVSRGUiQVHUFXPSOLGDVSRUODSDUWHDFFLRQDQWH

W


dW^:d
VLQQHFHVLGDGGHTXHODFDXVDVHDFRQRFLGDHQUHYLVLyQSRUHO7ULEXQDO&RQVWLWXFLRQDO
3OXULQDFLRQDO HQ HVH FRQWH[WR HO LQFXPSOLPLHQWR GH OD YHULILFDFLyQ GH UHTXLVLWRV GH
IRUPDHQHWDSDGHDGPLVLELOLGDG\VXREVHUYDFLyQHQUHVROXFLyQRHQHWDSDGHUHYLVLyQ
WRUQDUi DO DPSDUR FRQVWLWXFLRQDO LQHILFD] \D TXH VL ELHQ OD SDUWH DFFLRQDQWH SRGUi
LQWHUSRQHUXQDQXHYDDFFLyQVXEVDQDQGRODVREVHUYDFLRQHVGHIRUPDUHDOL]DGDVODQXHYD
DFWLYDFLyQGHOFRQWUROWXWHODUGHFRQVWLWXFLRQDOLGDGVRODPHQWHSRGUiVHUSRVLEOHFXDQGR
VHHPLWDVHQWHQFLDFRQVWLWXFLRQDODVSHFWRFRQWUDULRDODQDWXUDOH]DSURQWD\RSRUWXQDGH
ODDFFLyQGHDPSDURFRQVWLWXFLRQDO3RUORH[SXHVWRSDUDJDUDQWL]DUODHILFDFLDGHHVWH
PHFDQLVPR WXWHODU GH FRQWURO GH FRQVWLWXFLRQDOLGDG HV LPSHUDQWH TXH ORV MXHFHV \
WULEXQDOHVGHJDUDQWtDVREVHUYHQORVUHTXLVLWRVGHIRUPDHQHWDSDGHDGPLVLELOLGDG

$VLPLVPR HQ HO VXSXHVWR HQ HO FXDO VH HYLGHQFLH DOJXQD GH ODV FDXVDOHV GH
LPSURFHGHQFLD UHJODGD GHVDUUROODGD HQ HO )XQGDPHQWR -XUtGLFR ,,, GH OD SUHVHQWH
6HQWHQFLD&RQVWLWXFLRQDOSOXULQDFLRQDOpVWDVWDPELpQGHEHUiQVHUREVHUYDGDVHQHWDSD
GH DGPLVLELOLGDG SDUD HYLWDU DVt DFWLYDU LQHFHVDULDPHQWH HO FRQWURO WXWHODU GH
FRQVWLWXFLRQDOLGDG GHEHU SURFHVDO TXH GHEH VHU FXPSOLGR SRU WRGRV ORV MXHFHV \
WULEXQDOHVGHJDUDQWtDVGHOSDtV

6LQHPEDUJRGHDFXHUGRDO)XQGDPHQWR-XUtGLFR,,,GHOSUHVHQWHIDOORFXDQGRHQXQ
FDVR FRQFUHWR H[LVWD XQD GXGD UD]RQDEOH VREUH XQD OHVLyQ PDQLILHVWD \
JURVHUD
 D
GHUHFKRVIXQGDPHQWDOHVHQHWDSDGHDGPLVLELOLGDG\HQDSOLFDFLyQGHORVSRVWXODGRVGHO
(VWDGR&RQVWLWXFLRQDOGH'HUHFKRGHEHQIOH[LELOL]DUVHSUHVXSXHVWRVSURFHVDOHVSDUDTXH
HQ XQ DQiOLVLV GH IRQGR GH OD GHQXQFLD HO FRQWURO GH FRQVWLWXFLRQDOLGDG PHGLDQWH OD
PHWRGRORJtDGHODSRQGHUDFLyQDSOLFDEOHDOFDVRFRQFUHWRSXHGDHQHVDSUREOHPiWLFD
DVHJXUDUXQDMXVWLFLDPDWHULDOGHELHQGRHQHVWHFDVRDGPLWLUVHODWXWHODHQYLUWXGGHORV
DUWV\GHOD&3(\GHO3DFWRGH6DQ-RVpGH&RVWD5LFDGLVSRVLFLRQHV
TXHFRQVWLWX\HQODIXHQWHQRUPDWLYDSDUDODDSOLFDFLyQGHOSULQFLSLRSURDFWLRQH


,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

'H DFXHUGR FRQ OD KLVWRULD MXULVSUXGHQFLDO GHVFULWD VH HVWDEOHFH OR
VLJXLHQWH   &RQ UHODFLyQ DO FXPSOLPLHQWR GH ORV UHTXLVLWRV GH
DGPLVLELOLGDGHQODDFFLyQGHDPSDURFRQVWLWXFLRQDOHOHVWiQGDUPiVDOWR
VH HQFXHQWUD FRQWHQLGR HQOD 6&3 FRPSOHPHQWDGD SRUODV
6&3  \  SRUTXH OD SULPHUD HVWDEOHFLy OD
IOH[LELOL]DFLyQGHORVUHTXLVLWRVHQODIDVHGHDGPLVLELOLGDGFXDQGRH[LVWD
XQDGXGDUD]RQDEOHVREUHXQDOHVLyQPDQLILHVWD\
JURVHUD
DGHUHFKRV
IXQGDPHQWDOHVODVHJXQGDSRUTXHGHWHUPLQyTXHHQORVVXSXHVWRVGH
LQFXPSOLPLHQWR GH UHTXLVLWRV GH IRUPD GH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO QR REVHUYDGRV HQ IDVH GH DGPLVLELOLGDG SRU ODV R ORV
MXHFHVRWULEXQDOHVGHJDUDQWtDVHQUHVJXDUGRGHORVGHUHFKRVDODMXVWLFLD
PDWHULDO\DODFFHVRDODMXVWLFLDGLFKRVUHTXLVLWRVGHEHQIOH[LELOL]DUVH
HQ HWDSD GH UHYLVLyQ GH HVWD DFFLyQ GH GHIHQVD DQWH HO 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO \ OD WHUFHUD SRUTXH GHWHUPLQy XQD
Pi[LPDIOH[LELOL]DFLyQSURFHVDOUHVSHFWRDFXDOTXLHUUHTXLVLWRFXDQGR
VHWUDWHGHSXHEORVLQGtJHQDV (QFXDQWRDODSUHVHQWDFLyQGHSUXHEDV
HO HVWiQGDU PiV DOWR VH HQFXHQWUD HQ OD 6&3  OD SULPHUD
HVWDEOHFLy OD SRVLELOLGDG GH SUHVHQWDFLyQ GH SUXHED HQ LQVWDQFLD GHO
7ULEXQDO &RQVWLWXFLRQDO EDMR FRQGLFLRQHV UHJODGDV SUHFHGHQWH
FRPSOHPHQWDGRHQOD6&3HQORVVXSXHVWRVGHYtDVGHKHFKR
W


dW^:d


SRUTXHFRQFHGLyDODVSHUVRQDVDIHFWDGDVFRQORVHIHFWRVGHXQDHYHQWXDO
FRQFHVLyQ GH WXWHOD FRQFHGLy OD IDFXOWDG GH SUHVHQWDU SUXHED HQ
FXDOTXLHU HWDSD GHO SURFHVR FRQVWLWXFLRQDO \D VHD GHVSXpV GH OD
DXGLHQFLD S~EOLFD R LQFOXVLYH DQWH HO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO





)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   )OH[LELOL]DFLyQ GH ORV UHTXLVLWRV HQ OD IDVH GH
DGPLVLELOLGDG FXDQGR H[LVWD XQD GXGD UD]RQDEOH VREUH XQD OHVLyQ
PDQLILHVWD\
JURVHUD
DGHUHFKRVIXQGDPHQWDOHVHQHOPDUFRGHORV
SRVWXODGRV GHO (VWDGR &RQVWLWXFLRQDO GH 'HUHFKR SDUD TXH HQ XQ
DQiOLVLVGHIRQGRSXHGDSUHYDOHFHUODMXVWLFLDPDWHULDOGHDFXHUGRDO
SULQFLSLRSURDFWLRQH

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH DPSDURFRQVWLWXFLRQDOHO DFFLRQDQWH SLGLy ODWXWHOD
FRQVWLWXFLRQDOSDUDHOUHVJXDUGRGHVXVGHUHFKRVDODGHIHQVDDOGHELGR
SURFHVRDODLJXDOGDGHQWUHODVSDUWHVDODFFHVRDODMXVWLFLDDODWXWHOD
MXGLFLDOHIHFWLYD\DODSRVHVLyQSRUTXHODGHFLVLyQSURQXQFLDGDSRUOD
DXWRULGDG GHPDQGDGD UHFKD]y VLQ DUJXPHQWR QL VXVWHQWR OHJDO OD
DSHODFLyQ LQWHUSXHVWD SRU HO DKRUD DFFLRQDQWH FRQWUD OD RUGHQ GH
GHVDSRGHUDPLHQWRHQUHODFLyQDOELHQSRVHtGR(QEDVHDHVWRVKHFKRV
SLGLyVHFRQFHGDODWXWHOD\VHGLVSRQDODQXOLGDGGHODSULPHUDSDUWHGH
ODUHVROXFLyQFXHVWLRQDGDVHUHVWLWX\DODSRVHVLyQGHOLQPXHEOHREMHWR
GH OLWLJLR \ VH GHWHUPLQH OD UHVSRQVDELOLGDG FLYLO \ SHQDO GH ODV
DXWRULGDGHVUHFXUULGDV(O7ULEXQDO&RQVWLWXFLRQDODSUXHEDODUHVROXFLyQ
GHO7ULEXQDO GH *DUDQWtDV\ GHQLHJD OD WXWHODHQ EDVH D ORV VLJXLHQWHV
IXQGDPHQWRV   SRUTXH HO DFFLRQDQWH QR LQWHUSXVR HO UHFXUVR GH
DSHODFLyQ FRQWUD HO GHFUHWR GH  GH VHSWLHPEUH GH  QL FRQWUD HO
PDQGDPLHQWRGHGHHVWHPLVPRPHV\DxRLQFXUULHQGRSRUWDQWRHQ
XQD FDXVDO GH LPSURFHGHQFLD UHJODGD FRQWHPSODGD HQ HO DUW  GHO
&yGLJR3URFHVDO&RQVWLWXFLRQDO\ SRUTXHFRQWUDODSURYLGHQFLDGH
 GH GLFLHPEUH GH  PHGLDQWH DXWR GH  GH DEULO GH  OD
DXWRULGDGGHPDQGDGDUHFKD]yODDSHODFLyQIRUPXODGDUHVROXFLyQFRQWUD
W


dW^:d

OD FXDO HO DKRUD DFFLRQDQWH QR LQWHUSXVR HO UHFXUVR GH FRPSXOVD
$GHPiVVHHVWDEOHFLyTXHORV-XHFHV\7ULEXQDOHVGH*DUDQWtDVWLHQHQ
HOGHEHUGHREVHUYDUUHTXLVLWRVGHIRUPD\FDXVDOHVGHLPSURFHGHQFLD
UHJODGDHQHWDSDGHDGPLVLELOLGDG\TXHHQHVWDHWDSDHQFDVRVFRQFUHWRV
FXDQGRH[LVWDXQDGXGDUD]RQDEOHVREUHXQDOHVLyQPDQLILHVWD\
JURVHUD

D GHUHFKRV IXQGDPHQWDOHV HQ HO PDUFR GH ORV SRVWXODGRV GHO (VWDGR
&RQVWLWXFLRQDO GH 'HUHFKR DGPLWLUi OD DFFLyQ \ IOH[LELOL]DUi
SUHVXSXHVWRV SURFHVDOHV SDUD TXH HQ XQ DQiOLVLV GH IRQGR SXHGD
SUHYDOHFHUODMXVWLFLDPDWHULDOGHDFXHUGRDOSULQFLSLRSURDFWLRQH

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
$GHPiVHVLPSHUDQWHSUHFLVDUTXHHQHVWDSUREOHPiWLFDQRH[LVWHQ
IXQGDPHQWRVMXUtGLFRFRQVWLWXFLRQDOHV SDUD OD DSOLFDFLyQ GHO SULQFLSLR
SURDFWLRQHUD]yQSRUODFXDOWDPSRFRSXHGHLQJUHVDUVHDODQiOLVLVGH
IRQGRGHODSUHVHQWHSUREOHPiWLFD

6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SRU OD H[LVWHQFLD GH XQD
FDXVDO GH LPSURFHGHQFLD UHJODGD \D TXH HO DFFLRQDQWH HQ HWDSD GH
HMHFXFLyQGHIDOORVHQODFXDOVHGHWHUPLQyHOGHVDSRGHUDPLHQWRGHOELHQ
HQ OLWLJLR FRQWUD HO FXHVWLRQDGR GHFUHWR GH  VHSWLHPEUH GH  QR
DFWLYyHOUHFXUVRGHDSHODFLyQ\WDPSRFRXWLOL]yHOUHFXUVRGHFRPSXOVD
FRQWUDHODXWRGHGHDEULOGHDWUDYpVGHOFXDOVHUHFKD]yVXUHFXUVR
GHDSHODFLyQSDUDHVWHHIHFWRVHHVWDEOHFLyTXHHQHOFDVRFRQFUHWRQR
H[LVWHIXQGDPHQWRDOJXQRSDUDDSOLFDUODIOH[LELOL]DFLyQDSUHVXSXHVWRV
SURFHVDOHV

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O 7ULEXQDO &RQVWLWXFLRQDO VREUH ORV UHTXLVLWRV GH DGPLVLELOLGDG GH ODV DFFLRQHV GH
GHIHQVDGHVDUUROOyODVLJXLHQWHOtQHDMXULVSUXGHQFLDO

(QOD6&5HVWDEOHFLyORVUHTXLVLWRVGHDGPLVLyQGHOGHQRPLQDGRUHFXUVR
GHDPSDURFRQVWLWXFLRQDOLQWHUSUHWDQGRORVUHTXLVLWRVGHIRUPD\GHFRQWHQLGRUHJXODGRV
SRUHODUWGHOD/H\GHO7ULEXQDO&RQVWLWXFLRQDO /H\ (QHVWHFRQWH[WRVH
HVWDEOHFLyTXHORVUHTXLVLWRVGHIRUPDHUDQUHTXLVLWRVVXEVDQDEOHV\QRDVtORVUHTXLVLWRV
GHFRQWHQLGRFRPRSRUHMHPSORODRPLVLyQGHSUHFLVLyQGHOQH[RGHFDXVDOLGDGHQWUHHO
DFWR OHVLYR ORV GHUHFKRV GHQXQFLDGRV FRPR YXOQHUDGRV \ HO SHWLWRULR  /D 6&3
 PXWy HO HQWHQGLPLHQWR GH OD 6& 5 HVWDEOHFLHQGR TXH ORV
UHTXLVLWRVGHIRUPDGHODVDFFLRQHVGHGHIHQVDVRQVXEVDQDEOHV\GHEHUiQVHUYHULILFDGRV
SRUODV\ORVMXHFHV\WULEXQDOHVGHJDUDQWtDVHQODIDVHGHDGPLVLELOLGDG\QRHQRWUDIDVH
FDPELR MXULVSUXGHQFLDO TXH UHVSRQGH D OD QXHYD QRUPDWLYD YHULILFDGD FRPR
FRQVHFXHQFLD GH OD YLJHQFLD GHO &yGLJR 3URFHVDO &RQVWLWXFLRQDO $VLPLVPR OD 6&3
HVWDEOHFLyTXHODVFDXVDOHVGHLPSURFHGHQFLDWDPELpQGHEHQVHUYHULILFDGDV
HQ IDVH GH DGPLVLELOLGDG \ HQ FDVR GH DGYHUWLUVH OD H[LVWHQFLD GH DOJXQD GH HOODV VH
HPLWLUi XQ DXWR PRWLYDGR GH LPSURFHGHQFLD TXH SRGUi VHU LPSXJQDGR SRU OD SDUWH

W


dW^:d


DFFLRQDQWH \ VHUi UHVXHOWR SRU OD &RPLVLyQ GH $GPLVLyQ GHO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO

(QFXDQWRDODH[LJHQFLDGHSUHVHQWDFLyQGHSUXHEDVHOGHVDUUROORMXULVSUXGHQFLDOHVHO
VLJXLHQWH(O7ULEXQDO&RQVWLWXFLRQDODWUDYpVGHOD6&35LQWHUSUHWyWDQWR
ORV UHTXLVLWRV GH IRUPD FRPR ORV UHTXLVLWRVGH FRQWHQLGR H[LJLGRV SDUD HO UHFXUVR GH
DPSDURFRQVWLWXFLRQDOHQWUHHOORVVHUHILULyH[SUHVDPHQWHDOUHTXLVLWRFRQWHQLGRHQHO
DUW9GHOD/H\GHO7ULEXQDO&RQVWLWXFLRQDOYLJHQWHHQHVHPRPHQWRVHxDODQGRTXH
HQIDVHGHDGPLVLELOLGDGODSDUWHDFFLRQDQWHDOWHQHUODFDUJDSUREDWRULDGHEtDSUHVHQWDU
OD SUXHED FRQ VX PHPRULDO GH GHPDQGD R LQGLFDU HO OXJDU GRQGH GLFKD SUXHED VH
HQFXHQWUH/D6&3PRGXOyHVWHSULPLJHQLRHQWHQGLPLHQWRHQHOPDUFRGH
ORV UHTXLVLWRV GH DGPLVLELOLGDG HVWDEOHFLGRV SRU OD /H\ GHO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO /H\ \GHPDQHUDH[SUHVD\DFRUGHFRQHOSULQFLSLRGHSURJUHVLYLGDG
GHVDUUROOy ORV VXSXHVWRV HQ ORV FXDOHV SXHGHSUHVHQWDUVH SUXHED VREUHYLQLHQWH DQWH HO
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HVWDEOHFLHQGR TXH HQ DFFLRQHV GH DPSDUR
FRQVWLWXFLRQDO ODV SDUWHV SURFHVDOHV SXHGHQ SUHVHQWDU SUXHED DQWH HO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOHQORVVLJXLHQWHVFDVRV &XDQGRSRUUD]RQHVMXVWLILFDGDV
OD SUXHED QR SXGR VHU SUHVHQWDGD RSRUWXQDPHQWH DQWH MXH]DV MXHFHV R WULEXQDOHV GH
JDUDQWtD &XDQGRVHWHQJDQXHYDSUXHED\ (QHOFDVRGHYtDVGHKHFKRFXDQGROD
SUXHED GHPXHVWUH TXH ODV OHVLRQHV GHQXQFLDGDV DGHPiV GH SHUVLVWLU FRQWLQ~DQ
VXVFLWiQGRVHDWUDYpVGHRWUDVDFFLRQHVGHVLPLODUQDWXUDOH]D$VXYH]HO7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO HQ OD 6&3  PRGXOy GH PDQHUD H[SUHVD HO
SUHFHGHQWH FRQWHQLGR HQ OD 6& 5 TXH IXH UHLWHUDGR HQWUH RWUDV SRU OD 6&
 HQ ODV TXH VH HVWDEOHFLy TXH HO DFFLRQDQWH GHEtD DGMXQWDU OD SUXHED HQ
IRWRFRSLD OHJDOL]DGD HPSHUR GHEH VHxDODUVH TXH HO HQWHQGLPLHQWR ILMDGR HQ OD 6&3
\DIXHHVWDEOHFLGRHQOD6&5HQODTXHVHVHxDOy
VLELHQVHH[LJH
ODSUHVHQWDFLyQGHGRFXPHQWDFLyQHQIRWRFRSLDVOHJDOL]DGDVHPSHURWDPELpQVHVHxDOD
TXHGLFKDUHJODWLHQHVXH[FHSFLyQHQORGLVSXHVWRHQHOSDUiJUDIR,SDUWHLQILQHGHODUW
 GHO && HV GHFLU FXDQGR OD SDUWH D TXLHQ VH RSRQJD OD GRFXPHQWDFLyQ QR ODV
GHVFRQRFH H[SUHVDPHQWH
 %DMR HVH FULWHULR OD 6&3  GHWHUPLQy TXH OD
SUHVHQWDFLyQ GH SUXHED HQ IRWRFRSLDV VLPSOHV HQ DFFLRQHV GH DPSDUR HV SOHQDPHQWH
YiOLGDVLODPLVPDQRIXHFRQWURYHUWLGDSRUODSDUWHDFFLRQDGDSRUORTXHHO7ULEXQDOGH
JDUDQWtDVVyORSRGUtDIXQGDUODGHQHJDWRULDGHDPSDURSRUQRKDEHUVLGRSUHVHQWDGDOD
SUXHED HQ IRWRFRSLD OHJDOL]DGD FXDQGR OD RWUD SDUWH H[SUHVDPHQWH OD GHVFRQR]FD 
)LQDOPHQWH HV LPSRUWDQWH VHxDODU TXH HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO SDUD
YtDV GH KHFKR HQ OD 6&3  GHVDUUROOy GH PDQHUD PiV DPSOLD \ IOH[LEOH OD
SRVLELOLGDGTXHWLHQHQODVSDUWHVSURFHVDOHVGHSUHVHQWDUSUXHEDDQWHHOPi[LPRFRQWUDORU
GH FRQVWLWXFLRQDOLGDG HVWDEOHFLHQGRTXH DO WUDWDUVH GH YtDV GH KHFKR HQ VXSXHVWRV GH
DYDVDOODPLHQWRGHSURSLHGDG\ODLPSRVLELOLGDGGHXQDLGHQWLILFDFLyQGHORVGHPDQGDGRV
GHPDQHUDH[FHSFLRQDOHVSRVLEOHODDFWLYDFLyQGHODDFFLyQGHDPSDURFRQVWLWXFLRQDO
VLQ LGHQWLILFDU D OD SDUWH GHPDQGDGD FXDQGR VHD LPSRVLEOH VX GHWHUPLQDFLyQ FRQ OD
DFODUDFLyQTXHODVSHUVRQDVDIHFWDGDVFRQORVHIHFWRVGHXQDHYHQWXDOFRQFHVLyQGHWXWHOD
WLHQHQODIDFXOWDGGHSUHVHQWDUSUXHEDHQFXDOTXLHUHWDSDGHOSURFHVRFRQVWLWXFLRQDO\D
VHD GHVSXpV GH OD DXGLHQFLD S~EOLFD R LQFOXVLYH DQWH HO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO

$VLPLVPRFDEHGHVWDFDUORVVXSXHVWRVGHIOH[LELOL]DFLyQGHORVUHTXLVLWRVDGPLVLELOLGDG
GHVDUUROODGRVSRUHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOTXHVHHQFXHQWUDQFRQWHQLGRV
HQORVVLJXLHQWHVSUHFHGHQWHV/D6&3HQODDFFLyQGHDPSDURIOH[LELOL]y
ORVUHTXLVLWRVGHDFUHGLWDFLyQGHODSHUVRQDOLGDGMXUtGLFDGHODVDVRFLDFLRQHVGHKHFKR
HVWDEOHFLHQGRTXHORVUHTXLVLWRVH[LJLGRVSDUDODDFUHGLWDFLyQGHODVSHUVRQDVMXUtGLFDV
FRPR HO SRGHU HQ HO TXH FRQVWH HO DFWD GH FRQVWLWXFLyQ GH OD VRFLHGDG OD QyPLQD GH
VRFLRVVXLQVFULSFLyQHQHO5HJLVWURGH&RPHUFLRVXSHUVRQHUtDMXUtGLFD\UHJODPHQWRV
QR VH DSOLFDQ D ODV DVRFLDFLRQHV GH KHFKRTXH SDUD DFWLYDU OD MXVWLFLD FRQVWLWXFLRQDO
~QLFDPHQWHGHEHQDFUHGLWDUVXFRQGLFLyQGHVRFLRVDGMXQWDQGRORVDFXHUGRVH[LVWHQWHV
DVt FRPR DFUHGLWDU OD FDOLGDG GH VXV UHSUHVHQWDQWHV (VWH UD]RQDPLHQWR SDUWLy GH ODV

W


dW^:d
66&& 5 5 5 \ 5 HQWUH RWUDV TXH
HVWDEOHFLHURQ TXH WUDWiQGRVH GH SHUVRQDV MXUtGLFDV HO UHSUHVHQWDQWH GHEH DFUHGLWDU WDO
FRQGLFLyQ DGMXQWDQGR HO SRGHU FRUUHVSRQGLHQWH HQ HO TXH GHEH FRQVWDU HO DFWD GH
FRQVWLWXFLyQ GH OD VRFLHGDG OD QyPLQD GH VRFLRV VX LQVFULSFLyQ HQ HO 5HJLVWURV GH
&RPHUFLRVXSHUVRQHUtDMXUtGLFD\VXVUHJODPHQWRV$VXYH]OD6&3HQ
ODDFFLyQGHDPSDURFRQVWLWXFLRQDOHVWDEOHFLyODIOH[LELOL]DFLyQGHORVUHTXLVLWRVHQOD
IDVHGHDGPLVLELOLGDGFXDQGRH[LVWDXQDGXGDUD]RQDEOHVREUHXQDOHVLyQPDQLILHVWD\

JURVHUD
 D GHUHFKRV IXQGDPHQWDOHV HQ HO PDUFR GH ORV SRVWXODGRV GHO (VWDGR
&RQVWLWXFLRQDOGH'HUHFKRSDUDTXHHQXQDQiOLVLVGHIRQGRSXHGDSUHYDOHFHUODMXVWLFLD
PDWHULDO GH DFXHUGR DO SULQFLSLR SURDFWLRQH   3RU VX SDUWH OD 6&3 /
H[WHQGLy HQ OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO OD WXWHOD D GHUHFKRV FRQH[RV
GHWHUPLQDQGR TXH HV SRVLEOH RWRUJDU OD WXWHOD TXH EULQGD OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDOSRUYXOQHUDFLyQGHRWURVGHUHFKRVTXHQRIXHURQGHQXQFLDGRVGHGXFLGRV
GHO FRQWHQLGR GH OD DFFLyQ GHO LQIRUPH GH OD SDUWH GHPDQGDGD R HQ VX FDVR GH OD
SDUWLFLSDFLyQ UHDOL]DGD GH DPEDV SDUWHV HQ OD DXGLHQFLD FHOHEUDGD SRU HO 7ULEXQDO GH
JDUDQWtDV  'H RWUR ODGR OD 6&3  GHWHUPLQy TXH HQ ORV VXSXHVWRV GH
LQFXPSOLPLHQWR GH UHTXLVLWRV GH IRUPD GH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO QR
REVHUYDGRVHQIDVHGHDGPLVLELOLGDGSRUODVRORVMXHFHVRWULEXQDOHVGHJDUDQWtDVHQ
UHVJXDUGRGHORVGHUHFKRVDODMXVWLFLDPDWHULDO\DODFFHVRDODMXVWLFLDGLFKRVUHTXLVLWRV
GHEHQ IOH[LELOL]DUVH HQ HWDSD GH UHYLVLyQ GH HVWD DFFLyQ GH GHIHQVD DQWH HO 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO  $VLPLVPR OD 6&3  HVWDEOHFLy TXH ORV
SUHVXSXHVWRVGHOHJLWLPDFLyQDFWLYDOHJLWLPDFLyQSDVLYDFRPRFXDOTXLHURWURUHTXLVLWR
GH IRUPD TXH VHD H[LJLGR SDUD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HQ HO FDVR GH
SHWLFLRQHVYLQFXODGDVDQDFLRQHV\SXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRVGHEHQVHU
DQDOL]DGDVHQHOPDUFRGHXQDPi[LPDIOH[LELOL]DFLyQSURFHVDOSDUDDVHJXUDUDVt\HQHO
PDUFRGHOUHVSHWRDVXVQRUPDV\SURFHGLPLHQWRVXQYHUGDGHUR\UHDODFFHVRDODMXVWLFLD
DGLFKDVFROHFWLYLGDGHV


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)- ,,, 6LQ HPEDUJR GH DFXHUGR DO )XQGDPHQWR -XUtGLFR ,,, GHO
SUHVHQWHIDOORFXDQGRHQXQFDVRFRQFUHWRH[LVWDXQDGXGDUD]RQDEOH
VREUH XQD OHVLyQ PDQLILHVWD \
JURVHUD
 D GHUHFKRV IXQGDPHQWDOHV HQ
HWDSD GH DGPLVLELOLGDG \ HQ DSOLFDFLyQ GH ORV SRVWXODGRV GHO (VWDGR
&RQVWLWXFLRQDOGH'HUHFKRGHEHQIOH[LELOL]DUVHSUHVXSXHVWRVSURFHVDOHV
SDUD TXH HQ XQ DQiOLVLV GH IRQGR GH OD GHQXQFLD HO FRQWURO GH
FRQVWLWXFLRQDOLGDGPHGLDQWHODPHWRGRORJtDGHODSRQGHUDFLyQDSOLFDEOH
DO FDVR FRQFUHWR SXHGD HQ HVD SUREOHPiWLFD DVHJXUDU XQD MXVWLFLD
PDWHULDOGHELHQGRHQHVWHFDVRDGPLWLUVHODWXWHODHQYLUWXGGHORVDUWV
 \   GH OD &3( \  GHO 3DFWR GH 6DQ -RVp GH &RVWD 5LFD
GLVSRVLFLRQHVTXHFRQVWLWX\HQODIXHQWHQRUPDWLYDSDUDODDSOLFDFLyQGHO
SULQFLSLRSURDFWLRQH

,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

'H DFXHUGR FRQ OD KLVWRULD MXULVSUXGHQFLDO GHVFULWD VH HVWDEOHFH OR
VLJXLHQWH   &RQ UHODFLyQ DO FXPSOLPLHQWR GH ORV UHTXLVLWRV GH
DGPLVLELOLGDGHQODDFFLyQGHDPSDURFRQVWLWXFLRQDOHOHVWiQGDUPiVDOWR
VH HQFXHQWUD FRQWHQLGR HQOD 6&3 FRPSOHPHQWDGD SRUODV
6&3  \  SRUTXH OD SULPHUD HVWDEOHFLy OD
W


dW^:d


IOH[LELOL]DFLyQGHORVUHTXLVLWRVHQODIDVHGHDGPLVLELOLGDGFXDQGRH[LVWD
XQDGXGDUD]RQDEOHVREUHXQDOHVLyQPDQLILHVWD\
JURVHUD
DGHUHFKRV
IXQGDPHQWDOHVODVHJXQGDSRUTXHGHWHUPLQyTXHHQORVVXSXHVWRVGH
LQFXPSOLPLHQWR GH UHTXLVLWRV GH IRUPD GH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO QR REVHUYDGRV HQ IDVH GH DGPLVLELOLGDG SRU ODV R ORV
MXHFHVRWULEXQDOHVGHJDUDQWtDVHQUHVJXDUGRGHORVGHUHFKRVDODMXVWLFLD
PDWHULDO\DODFFHVRDODMXVWLFLDGLFKRVUHTXLVLWRVGHEHQIOH[LELOL]DUVH
HQ HWDSD GH UHYLVLyQ GH HVWD DFFLyQ GH GHIHQVD DQWH HO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDO\ODWHUFHUDSRUGHWHUPLQyXQDPi[LPD
IOH[LELOL]DFLyQSURFHVDOUHVSHFWRDFXDOTXLHUUHTXLVLWRFXDQGRVHWUDWHGH
SXHEORV LQGtJHQDV    (Q FXDQWR D OD SUHVHQWDFLyQ GH SUXHEDV HO
HVWiQGDU PiV DOWR VH HQFXHQWUD HQ OD 6&3  OD SULPHUD
HVWDEOHFLy OD SRVLELOLGDG GH SUHVHQWDFLyQ GH SUXHED HQ LQVWDQFLD GHO
7ULEXQDO &RQVWLWXFLRQDO EDMR FRQGLFLRQHV UHJODGDV SUHFHGHQWH
FRPSOHPHQWDGRHQOD6&3HQORVVXSXHVWRVGHYtDVGHKHFKR
SRUTXHFRQFHGLyDODVSHUVRQDVDIHFWDGDVFRQORVHIHFWRVGHXQDHYHQWXDO
FRQFHVLyQ GH WXWHOD FRQFHGLy OD IDFXOWDG GH SUHVHQWDU SUXHED HQ
FXDOTXLHU HWDSD GHO SURFHVR FRQVWLWXFLRQDO \D VHD GHVSXpV GH OD
DXGLHQFLD S~EOLFD R LQFOXVLYH DQWH HO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO



1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3/RVMXHFHV\WULEXQDOHVGHJDUDQWtDVGHEHQUHPLWLUDO
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HQ IRWRFRSLD VLPSOH HO
SURFHVRRSDUWHVGHOSURFHVRSULQFLSDOFXDQGRHODFFLRQDQWHORVROLFLWH
GHPDQHUDH[SUHVDTXLHQFRUUHUiFRQORVJDVWRVGHIRWRFRSLD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH OLEHUWDG HO DFFLRQDQWH VHxDOy TXH VX UHSUHVHQWDGD
VROLFLWyODFHVDFLyQGHVXGHWHQFLyQSUHYHQWLYDHQGRVRSRUWXQLGDGHVVLQ
TXH OD DXWRULGDG MXGLFLDO GHPDQGDGD ORV KXELHUD SURYLGHQFLDGR (O
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO UHYRFy OD UHVROXFLyQ UHYLVDGD \
FRQFHGLy OD WXWHOD SHUR DQWHV VH SURQXQFLy VREUH OD SUHVHQWDFLyQ GH
SUXHEDVHQODDFFLyQGHOLEHUWDG
W


dW^:d


([WUDFWRGHODUDWLRGHFLGHQGL

)- ,,,
OD UHSUHVHQWDGD GHO DFFLRQDQWH VROLFLWy TXH VH UHPLWD HO
H[SHGLHQWHGHOSURFHVRSHQDODQWHHO-XH]GHJDUDQWtDVYDORUDQGRpVWHHO
OHJDMR SURFHVDO \ ODV SUXHEDV H[LVWHQWHV HPSHUR GLFKD SUXHED QR IXH
SXHVWDHQFRQRFLPLHQWRGHHVWH7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOD
SHVDUGHKDEHUVROLFLWDGRHODFFLRQDQWHGLFKRH[WUHPR IV +HFKR
TXHOODPDODDWHQFLyQWRGDYH]TXHGHODFWDGHDXGLHQFLDVHHVWDEOHFHOD
H[LVWHQFLDGHLUUHJXODULGDGHVGHOH[SHGLHQWH\ODIDOWDGHQRWLILFDFLyQFRQ
OD5HVROXFLyQGHVHxDODPLHQWRGHDXGLHQFLDGHPHGLGDVFDXWHODUHVSRU
SDUWHGHO-XH]GHPDQGDGR


6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJD OD DFFLyQ GH OLEHUWDG VLQ HPEDUJR VH SURQXQFLD VREUH OD
REOLJDFLyQGHOWULEXQDOGHJDUDQWtDVGHUHPLWLUHQIRWRFRSLDVLPSOHHO
SURFHVRRSDUWHVGHOSURFHVRSULQFLSDOFXDQGRHODFFLRQDQWHORVROLFLWH
GHPDQHUDH[SUHVDTXLHQFRUUHUiFRQORVJDVWRVGHIRWRFRSLD

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDOVREUHODSUHVHQWDFLyQGHSUXHEDVHQODDFFLyQGHOLEHUWDGWLHQH
HOVLJXLHQWHGHVDUUROORMXULVSUXGHQFLDO
/DV66&&555HQWUHRWUDVGHQHJDURQODWXWHOD
SRU IDOWD GH SUXHEDV SDUD FRQVWDWDU ODV DILUPDFLRQHV GHO DFFLRQDQWH HQWHQGLPLHQWR
FRQILUPDGRSRUOD6&3
6LQHPEDUJRODMXULVSUXGHQFLDFRQVWLWXFLRQDOHVWDEOHFLyH[FHSFLRQHVDODGHQHJDWRULD
GH OD DFFLyQ GH OLEHUWDGSRU IDOWD GH SUXHEDV DSOLFDQGR HOSULQFLSLR GH SUHVXQFLyQ GH
YHUDFLGDG HQ ORV VLJXLHQWHV VXSXHVWRV D  &XDQGR ODV DXWRULGDGHV GHPDQGDGDV QR
DVLVWLHURQ D OD DXGLHQFLD QL SUHVHQWDURQ LQIRUPH FRUUHVSRQGLHQWH GHVYLUWXDQGR ODV
DILUPDFLRQHV GH OD R HO DFFLRQDQWH VXSXHVWRV HQ ORV FXDOHV VH WLHQHQ SRU FLHUWDV ODV
DILUPDFLRQHVFRQWHQLGDVHQODDFFLyQ\SRUHQGHVHFRQFHGHODWXWHOD 66&&
555 UD]RQDPLHQWRDSOLFDGRSRUOD6&3VHJXLGR
SRUODV66&&//6\E 
&XDQGR ODV DXWRULGDGHV GHPDQGDGDV D SHVDU GH FRPSDUHFHU QR QHJDURQ ORV KHFKRV
DOHJDGRV SRU HO R OD DFFLRQDQWHV UD]RQDPLHQWR DSOLFDGR HQ ODV 66&& 
HQWUHRWUDV
(QHOPLVPRVHQWLGROD6&5KL]RUHIHUHQFLDDOGHEHUGHODVDXWRULGDGHV
GHPDQGDGDV GH SUHVHQWDU LQIRUPH HVFULWR VHxDODQGR TXH
HO FDVR GH OD DFFLyQ GH
OLEHUWDGDWHQGLHQGRHVSHFLDOPHQWHDORVSULQFLSLRVGHFRPSURPLVRHLQWHUpVVRFLDO\GH
UHVSRQVDELOLGDGTXHULJHQODIXQFLyQS~EOLFDDVtFRPRDODQDWXUDOH]DGHORVGHUHFKRV
WXWHODGRV SRU HVD JDUDQWtD MXULVGLFFLRQDO FXDQGR HO VXMHWR SDVLYR HV XQ IXQFLRQDULR
S~EOLFRpVWHWLHQHODREOLJDFLyQGHSUHVHQWDULQIRUPHHVFULWRRHQVXGHIHFWRFRQFXUULUD
OD DXGLHQFLD D ILQ GH GHVYLUWXDU ORV KHFKRV R DFWRV GHQXQFLDGRV FRPR OHVLYRV D ORV
GHUHFKRVGHODFFLRQDQWHSXHVGHQRKDFHUORVHSUHVXPHODYHUDFLGDGGHORVPLVPRV

3RVWHULRUPHQWHOD6&3H[WHQGLyHVWHGHEHUDODSUHVHQWDFLyQGHSUXHED
SRUSDUWHGHODDXWRULGDGGHPDQGDGDDGHPiVGHHVWDEOHFHUODREOLJDFLyQGHORVMXHFHV\
WULEXQDOHV GH JDUDQWtDV GH DFWXDU GLOLJHQWHPHQWH OR TXH VXSRQH XQD PRGXODFLyQ D OR
HVWDEOHFLGR HQ ODV 66&& 5 5 5 HQ ODV TXH VH
GHWHUPLQy TXH HO DFFLRQDQWH WHQtD OD REOLJDFLyQ GH SUHVHQWDU ODV SUXHEDV SHUWLQHQWHV

W


dW^:d


&RQIRUPHDOQXHYRHQWHQGLPLHQWRHOMXH]RWULEXQDOGHJDUDQWtDVHQPpULWRDOSULQFLSLR
GHYHUGDGPDWHULDOGHEHDVXPLUXQUROPiVDFWLYR\DGHPiVWLHQHHOGHEHUGHUHPLWLU
WRGDODSUXHEDDO7&3
$VXYH]OD6&3FRQVLGHUDGDFRPRVHQWHQFLDPRGXODGRUDSRVLELOLWyTXH
HO DFFLRQDQWH VROLFLWH DO WULEXQDO GH JDUDQWtDV TXH VH UHPLWD HO SURFHVR SULQFLSDO SDUD
HIHFWRVSUREDWRULRVHVWDQGRHO7ULEXQDOGHJDUDQWtDVREOLJDGRDUHPLWLUORVDQWHFHGHQWHV
DO7ULEXQDO&RQVWLWXFLRQDO
 )LQDOPHQWH OD 6&3  VREUH OD EDVH GH OD MXULVSUXGHQFLD FRQVWLWXFLRQDO
FRQWHQLGDHQODV66&&555HVWDEOHFLyTXHHQOD
DFFLyQ GH OLEHUWDG VH DSOLFD HO SULQFLSLR GH YHUDFLGDG GH ORV KHFKRV HQ VXSXHVWRV GH
LQFRPXQLFDFLyQGHDSUHKHQGLGRV


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

(VWD 6HQWHQFLD HQ VX )- ,,, GLVSRQH
 VH HVWDEOHFH \ PRGXOD HO
HQWHQGLPLHQWRUHVSHFWRDODSUHVHQWDFLyQGHODSUXHEDHQODDFFLyQGH
OLEHUWDG VHxDODGR TXH VH SXHGH \ GHEH UHPLWLU DQWH HVWH 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOHQIRWRFRSLDVLPSOHHOSURFHVRRSDUWHVGHO
SURFHVRSULQFLSDOORVPLVPRVTXHGHEHUiQVHUUHIUHQGDGDVSRUHOMXH]R
WULEXQDOGHJDUDQWtDVFRQVWLWXFLRQDO'HELHQGRSDUDHOORFRPRUHTXLVLWR
VROLFLWDU GH PDQHUD H[SUHVD HO DFFLRQDQWH GLFKR H[WUHPR HQ VX FDVR
VHxDODUODVSDUWHVPiVLPSRUWDQWHVGHOSURFHVR'HELHQGRHODFFLRQDQWH
FRUUHUFRQORVJDVWRVRFDVLRQDGRVSRUODVIRWRFRSLDV


,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

/D6&3FRQVWLWX\HHOHVWiQGDUPiVDOWRHQORTXHVHUHILHUHD
ODH[LJHQFLDGHSUHVHQWDFLyQGHSUXHEDVSRUTXHHVWDEOHFHHOGHEHUGH
GLOLJHQFLDGHORVWULEXQDOHVGHJDUDQWtDVGHSURFXUDUODYHUGDGMXUtGLFD
GH OR GHQXQFLDGR \ UHVXHOWR \ SRU FXDQWR H[WLHQGH HO GHEHU GH
SUHVHQWDFLyQ GH OD SUXHED \ DQWHFHGHQWHV GHO KHFKR D OD DXWRULGDG
GHPDQGDGD



1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO


W


dW^:d

6&3   (Q DFFLRQHV GH DPSDUR FRQVWLWXFLRQDO ODV SDUWHV


SURFHVDOHVSXHGHQSUHVHQWDUSUXHEDDQWHHO7ULEXQDO&RQVWLWXFLRQDO
3OXULQDFLRQDO HQ ORV VLJXLHQWHV FDVRV   &XDQGR SRU UD]RQHV
MXVWLILFDGDV OD SUXHED QR SXGR VHU SUHVHQWDGD RSRUWXQDPHQWH DQWH
MXH]DV MXHFHV R WULEXQDOHV GH JDUDQWtD   &XDQGR VH WHQJD QXHYD
SUXHED\ (QHOFDVRGHYtDVGHKHFKRFXDQGRODSUXHEDGHPXHVWUH
TXH ODV OHVLRQHV GHQXQFLDGDV DGHPiV GH SHUVLVWLU FRQWLQ~DQ
VXVFLWiQGRVHDWUDYpVGHRWUDVDFFLRQHVGHVLPLODUQDWXUDOH]D

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO OD DFFLRQDQWH GHQXQFLy OD
YXOQHUDFLyQ GH VXV GHUHFKRV D OD SURSLHGDG SULYDGD \ D OD VHJXULGDG
MXUtGLFDSRUTXHHOWHUUHQRGHVXSURSLHGDGIXHLQYDGLGR(QEDVHDHVWD
GHQXQFLD SLGLy VH FRQFHGD OD WXWHOD (O 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDODSUREyODUHVROXFLyQGHO7ULEXQDOGH*DUDQWtDV\GHQHJy
ODWXWHODSRUODVVLJXLHQWHVUD]RQHV 3RUTXHODDFFLRQDQWHSUHVHQWyXQD
DQWHULRU DFFLyQ WDPELpQ GH DPSDUR FRQVWLWXFLRQDO FRQ LGHQWLGDG GH
REMHWR VXMHWR \ FDXVD OD FXDO VH HQFXHQWUD UDGLFDGD HQ OD 6DOD
/LTXLGDGRUD7UDQVLWRULDGHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOSDUD
ODHPLVLyQGHODUHVSHFWLYDGHFLVLyQSHURDGHPiVHQHOFDVRFRQFUHWR
ODIDOWDGHFHOHULGDGSURFHVDOHQHOVRUWHRGHODFDXVDRHOSHOLJURGHTXH
SXHGDFRQVXPDUVHXQDDPHQD]DFRQWUDORVGHUHFKRVGHODDFFLRQDQWHQR
HVMXVWLILFDWLYRSDUDTXHHQHVWDDFFLyQWXWHODUVHLQJUHVHDODQiOLVLVGH
IRQGR GH OD SUREOHPiWLFD \D TXH SDUD HVWH HIHFWR OD DFFLRQDQWH SXGR
SHGLU HO DGHODQWR GH VRUWHR R XQD PHGLGD FDXWHODU \   3RUTXH HQ
UHODFLyQDODSUXHEDGHUHFLHQWHREWHQFLyQSUHVHQWDGDQRGHEHDFWLYDUVH
XQD QXHYD DFFLyQ VLQR TXH GLFKD SUXHED GHELy VHU SUHVHQWDGD SRU OD
DFFLRQDQWH HQ VX SULPHUD DFFLyQ DQWH HO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO SDUD VX YDORUDFLyQ HQ HO PDUFR GHO SULQFLSLR GH YHUGDG
PDWHULDO

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
&RQUHODFLyQDTXHHQODDFFLyQGHDPSDURFRQVWLWXFLRQDOWUDPLWDGD
DQWH OD 6DOD /LTXLGDGRUD QR FRQVWDED HO UHJLVWUR GHILQLWLYR GHO GHUHFKR
SURSLHWDULR VLQR VyOR XQD DQRWDFLyQ SUHYHQWLYD FRQVWDQGR HQ OD DFWXDOLGDG
SUHVXQWDPHQWHFRQHOIROLRUHDOUHVSHFWLYR IV)ROLR5HDO
GHGHDJRVWRGH SUHVHQWDQGRFRPRQXHYDSUXHEDGHUHFLHQWHREWHQFLyQ
TXHHQVXFULWHULRDFUHGLWDUtDTXHVXGHUHFKRSURSLHWDULRVHHQFXHQWUDUHJLVWUDGR
HQ''55DKRUDGHPDQHUDGHILQLWLYD\QRGHIRUPDSUHYHQWLYDHVWDGRHQHO
TXHVHHQFRQWUDEDDPRPHQWRGHLQWHUSRQHUODDQWHULRUDFFLyQSRUORTXHHV
HYLGHQWH TXH VH DGMXQWHQ HQ DPERV H[SHGLHQWHV ODV PLVPDV SUXHEDV FRQ
H[FHSFLyQGHODHVFULWXUDS~EOLFDUHIHULGDHQHVHHQWHQGLGRGHEHHVWDEOHFHUVH
TXH FRQIRUPH OR H[SUHVDGR HQ HO )XQGDPHQWR -XUtGLFR ,,, GH OD SUHVHQWH
6HQWHQFLD &RQVWLWXFLRQDO 3OXULQDFLRQDO VL ELHQ OD /H\ GHO 7ULEXQDO

W


dW^:d


&RQVWLWXFLRQDO3OXULQDFLRQDOQRRIUHFHODSRVLELOLGDGGHSUHVHQWDUQXHYDSUXHED
DQWH HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO SRUTXH QR FRQWDUtD FRQ HO
FRQWUDGLFWRULRVXILFLHQWHSHVHDHOORHOSUHVLGHQWHGHODFRPLVLyQGHDGPLVLyQ
VLWRGDYtDQRVHVRUWHRODFDXVDGHEHDGMXQWDUODPLVPDDOH[SHGLHQWHSDUDTXH
HQVXPRPHQWRHOPDJLVWUDGRUHODWRURPDJLVWUDGDUHODWRUDYDORUHVLORVQXHYRV
HOHPHQWRVSUREDWRULRVHQHOPDUFRGHODYHUGDGPDWHULDOTXHWDPELpQULJHDORV
SURFHGLPLHQWRV FRQVWLWXFLRQDOHV SRGUtDQ LQFRUSRUDUVH GH RILFLR DUW GH OD
/7&3  VLWXDFLyQ TXH WDPSRFR VH FRQYLHUWH HQ XQ DUJXPHQWR YDOHGHUR SDUD
LQWHUSRQHUGHPDQHUDVLPXOWiQHDRWUDDFFLyQGHDPSDURFRQVWLWXFLRQDOFRQOD
PLVPDLGHQWLGDGGHVXMHWRVREMHWR\FDXVDHYLWiQGRVHDVtGXSOLFLGDGGHIDOORV



6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SRUTXH HQ UHODFLyQ D OD
SUXHEDGHUHFLHQWHREWHQFLyQSUHVHQWDGDQRGHEHDFWLYDUVHXQDQXHYD
DFFLyQVLQRTXHGLFKDSUXHEDGHELyVHUSUHVHQWDGDSRUODDFFLRQDQWHHQ
VXSULPHUDDFFLyQDQWHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOSDUDVX
YDORUDFLyQHQHOPDUFRGHOSULQFLSLRGHYHUGDGPDWHULDO

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O 7ULEXQDO &RQVWLWXFLRQDO VREUH ORV UHTXLVLWRV GH DGPLVLELOLGDG GH ODV DFFLRQHV GH
GHIHQVDGHVDUUROOyODVLJXLHQWHOtQHDMXULVSUXGHQFLDO

(QOD6&5HVWDEOHFLyORVUHTXLVLWRVGHDGPLVLyQGHOGHQRPLQDGRUHFXUVR
GHDPSDURFRQVWLWXFLRQDOLQWHUSUHWDQGRORVUHTXLVLWRVGHIRUPD\GHFRQWHQLGRUHJXODGRV
SRUHODUWGHOD/H\GHO7ULEXQDO&RQVWLWXFLRQDO /H\ (QHVWHFRQWH[WRVH
HVWDEOHFLyTXHORVUHTXLVLWRVGHIRUPDHUDQUHTXLVLWRVVXEVDQDEOHV\QRDVtORVUHTXLVLWRV
GHFRQWHQLGRFRPRSRUHMHPSORODRPLVLyQGHSUHFLVLyQGHOQH[RGHFDXVDOLGDGHQWUHHO
DFWR OHVLYR ORV GHUHFKRV GHQXQFLDGRV FRPR YXOQHUDGRV \ HO SHWLWRULR  /D 6&3
 PXWy HO HQWHQGLPLHQWR GH OD 6& 5 HVWDEOHFLHQGR TXH ORV
UHTXLVLWRVGHIRUPDGHODVDFFLRQHVGHGHIHQVDVRQVXEVDQDEOHV\GHEHUiQVHUYHULILFDGRV
SRUODV\ORVMXHFHV\WULEXQDOHVGHJDUDQWtDVHQODIDVHGHDGPLVLELOLGDG\QRHQRWUDIDVH
FDPELR MXULVSUXGHQFLDO TXH UHVSRQGH D OD QXHYD QRUPDWLYD YHULILFDGD FRPR
FRQVHFXHQFLD GH OD YLJHQFLD GHO &yGLJR 3URFHVDO &RQVWLWXFLRQDO $VLPLVPR OD 6&3
HVWDEOHFLyTXHODVFDXVDOHVGHLPSURFHGHQFLDWDPELpQGHEHQVHUYHULILFDGDV
HQ IDVH GH DGPLVLELOLGDG \ HQ FDVR GH DGYHUWLUVH OD H[LVWHQFLD GH DOJXQD GH HOODV VH
HPLWLUi XQ DXWR PRWLYDGR GH LPSURFHGHQFLD TXH SRGUi VHU LPSXJQDGR SRU OD SDUWH
DFFLRQDQWH \ VHUi UHVXHOWR SRU OD &RPLVLyQ GH $GPLVLyQ GHO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO

(QFXDQWRDODH[LJHQFLDGHSUHVHQWDFLyQGHSUXHEDVHOGHVDUUROORMXULVSUXGHQFLDOHVHO
VLJXLHQWH(O7ULEXQDO&RQVWLWXFLRQDODWUDYpVGHOD6&35LQWHUSUHWyWDQWR
ORV UHTXLVLWRV GH IRUPD FRPR ORV UHTXLVLWRVGH FRQWHQLGR H[LJLGRV SDUD HO UHFXUVR GH
DPSDURFRQVWLWXFLRQDOHQWUHHOORVVHUHILULyH[SUHVDPHQWHDOUHTXLVLWRFRQWHQLGRHQHO
DUW9GHOD/H\GHO7ULEXQDO&RQVWLWXFLRQDOYLJHQWHHQHVHPRPHQWRVHxDODQGRTXH
HQIDVHGHDGPLVLELOLGDGODSDUWHDFFLRQDQWHDOWHQHUODFDUJDSUREDWRULDGHEtDSUHVHQWDU
OD SUXHED FRQ VX PHPRULDO GH GHPDQGD R LQGLFDU HO OXJDU GRQGH GLFKD SUXHED VH
HQFXHQWUH/D6&3PRGXOyHVWHSULPLJHQLRHQWHQGLPLHQWRHQHOPDUFRGH
ORV UHTXLVLWRV GH DGPLVLELOLGDG HVWDEOHFLGRV SRU OD /H\ GHO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO /H\ \GHPDQHUDH[SUHVD\DFRUGHFRQHOSULQFLSLRGHSURJUHVLYLGDG
GHVDUUROOy ORV VXSXHVWRV HQ ORV FXDOHV SXHGHSUHVHQWDUVH SUXHED VREUHYLQLHQWH DQWH HO

W


dW^:d
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HVWDEOHFLHQGR TXH HQ DFFLRQHV GH DPSDUR
FRQVWLWXFLRQDO ODV SDUWHV SURFHVDOHV SXHGHQ SUHVHQWDU SUXHED DQWH HO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOHQORVVLJXLHQWHVFDVRV &XDQGRSRUUD]RQHVMXVWLILFDGDV
OD SUXHED QR SXGR VHU SUHVHQWDGD RSRUWXQDPHQWH DQWH MXH]DV MXHFHV R WULEXQDOHV GH
JDUDQWtD &XDQGRVHWHQJDQXHYDSUXHED\ (QHOFDVRGHYtDVGHKHFKRFXDQGROD
SUXHED GHPXHVWUH TXH ODV OHVLRQHV GHQXQFLDGDV DGHPiV GH SHUVLVWLU FRQWLQ~DQ
VXVFLWiQGRVHDWUDYpVGHRWUDVDFFLRQHVGHVLPLODUQDWXUDOH]D$VXYH]HO7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO HQ OD 6&3  PRGXOy GH PDQHUD H[SUHVD HO
SUHFHGHQWH FRQWHQLGR HQ OD 6& 5 TXH IXH UHLWHUDGR HQWUH RWUDV SRU OD 6&
 HQ ODV TXH VH HVWDEOHFLy TXH HO DFFLRQDQWH GHEtD DGMXQWDU OD SUXHED HQ
IRWRFRSLD OHJDOL]DGD HPSHUR GHEH VHxDODUVH TXH HO HQWHQGLPLHQWR ILMDGR HQ OD 6&3
\DIXHHVWDEOHFLGRHQOD6&5HQODTXHVHVHxDOy
VLELHQVHH[LJH
ODSUHVHQWDFLyQGHGRFXPHQWDFLyQHQIRWRFRSLDVOHJDOL]DGDVHPSHURWDPELpQVHVHxDOD
TXHGLFKDUHJODWLHQHVXH[FHSFLyQHQORGLVSXHVWRHQHOSDUiJUDIR,SDUWHLQILQHGHODUW
 GHO && HV GHFLU FXDQGR OD SDUWH D TXLHQ VH RSRQJD OD GRFXPHQWDFLyQ QR ODV
GHVFRQRFH H[SUHVDPHQWH
 %DMR HVH FULWHULR OD 6&3  GHWHUPLQy TXH OD
SUHVHQWDFLyQ GH SUXHED HQ IRWRFRSLDV VLPSOHV HQ DFFLRQHV GH DPSDUR HV SOHQDPHQWH
YiOLGDVLODPLVPDQRIXHFRQWURYHUWLGDSRUODSDUWHDFFLRQDGDSRUORTXHHO7ULEXQDOGH
JDUDQWtDVVyORSRGUtDIXQGDUODGHQHJDWRULDGHDPSDURSRUQRKDEHUVLGRSUHVHQWDGDOD
SUXHED HQ IRWRFRSLD OHJDOL]DGD FXDQGR OD RWUD SDUWH H[SUHVDPHQWH OD GHVFRQR]FD 
)LQDOPHQWH HV LPSRUWDQWH VHxDODU TXH HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO SDUD
YtDV GH KHFKR HQ OD 6&3  GHVDUUROOy GH PDQHUD PiV DPSOLD \ IOH[LEOH OD
SRVLELOLGDGTXHWLHQHQODVSDUWHVSURFHVDOHVGHSUHVHQWDUSUXHEDDQWHHOPi[LPRFRQWUDORU
GH FRQVWLWXFLRQDOLGDG HVWDEOHFLHQGRTXH DO WUDWDUVH GH YtDV GH KHFKR HQ VXSXHVWRV GH
DYDVDOODPLHQWRGHSURSLHGDG\ODLPSRVLELOLGDGGHXQDLGHQWLILFDFLyQGHORVGHPDQGDGRV
GHPDQHUDH[FHSFLRQDOHVSRVLEOHODDFWLYDFLyQGHODDFFLyQGHDPSDURFRQVWLWXFLRQDO
VLQ LGHQWLILFDU D OD SDUWH GHPDQGDGD FXDQGR VHD LPSRVLEOH VX GHWHUPLQDFLyQ FRQ OD
DFODUDFLyQTXHODVSHUVRQDVDIHFWDGDVFRQORVHIHFWRVGHXQDHYHQWXDOFRQFHVLyQGHWXWHOD
WLHQHQODIDFXOWDGGHSUHVHQWDUSUXHEDHQFXDOTXLHUHWDSDGHOSURFHVRFRQVWLWXFLRQDO\D
VHD GHVSXpV GH OD DXGLHQFLD S~EOLFD R LQFOXVLYH DQWH HO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO

$VLPLVPRFDEHGHVWDFDUORVVXSXHVWRVGHIOH[LELOL]DFLyQGHORVUHTXLVLWRVDGPLVLELOLGDG
GHVDUUROODGRVSRUHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOTXHVHHQFXHQWUDQFRQWHQLGRV
HQORVVLJXLHQWHVSUHFHGHQWHV/D6&3HQODDFFLyQGHDPSDURIOH[LELOL]y
ORVUHTXLVLWRVGHDFUHGLWDFLyQGHODSHUVRQDOLGDGMXUtGLFDGHODVDVRFLDFLRQHVGHKHFKR
HVWDEOHFLHQGRTXHORVUHTXLVLWRVH[LJLGRVSDUDODDFUHGLWDFLyQGHODVSHUVRQDVMXUtGLFDV
FRPR HO SRGHU HQ HO TXH FRQVWH HO DFWD GH FRQVWLWXFLyQ GH OD VRFLHGDG OD QyPLQD GH
VRFLRVVXLQVFULSFLyQHQHO5HJLVWURGH&RPHUFLRVXSHUVRQHUtDMXUtGLFD\UHJODPHQWRV
QR VH DSOLFDQ D ODV DVRFLDFLRQHV GH KHFKRTXH SDUD DFWLYDU OD MXVWLFLD FRQVWLWXFLRQDO
~QLFDPHQWHGHEHQDFUHGLWDUVXFRQGLFLyQGHVRFLRVDGMXQWDQGRORVDFXHUGRVH[LVWHQWHV
DVt FRPR DFUHGLWDU OD FDOLGDG GH VXV UHSUHVHQWDQWHV (VWH UD]RQDPLHQWR SDUWLy GH ODV
66&& 5 5 5 \ 5 HQWUH RWUDV TXH
HVWDEOHFLHURQ TXH WUDWiQGRVH GH SHUVRQDV MXUtGLFDV HO UHSUHVHQWDQWH GHEH DFUHGLWDU WDO
FRQGLFLyQ DGMXQWDQGR HO SRGHU FRUUHVSRQGLHQWH HQ HO TXH GHEH FRQVWDU HO DFWD GH
FRQVWLWXFLyQ GH OD VRFLHGDG OD QyPLQD GH VRFLRV VX LQVFULSFLyQ HQ HO 5HJLVWURV GH
&RPHUFLRVXSHUVRQHUtDMXUtGLFD\VXVUHJODPHQWRV$VXYH]OD6&3HQ
ODDFFLyQGHDPSDURFRQVWLWXFLRQDOHVWDEOHFLyODIOH[LELOL]DFLyQGHORVUHTXLVLWRVHQOD
IDVHGHDGPLVLELOLGDGFXDQGRH[LVWDXQDGXGDUD]RQDEOHVREUHXQDOHVLyQPDQLILHVWD\

JURVHUD
 D GHUHFKRV IXQGDPHQWDOHV HQ HO PDUFR GH ORV SRVWXODGRV GHO (VWDGR
&RQVWLWXFLRQDOGH'HUHFKRSDUDTXHHQXQDQiOLVLVGHIRQGRSXHGDSUHYDOHFHUODMXVWLFLD
PDWHULDO GH DFXHUGR DO SULQFLSLR SURDFWLRQH   3RU VX SDUWH OD 6&3 /
H[WHQGLy HQ OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO OD WXWHOD D GHUHFKRV FRQH[RV
GHWHUPLQDQGR TXH HV SRVLEOH RWRUJDU OD WXWHOD TXH EULQGD OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDOSRUYXOQHUDFLyQGHRWURVGHUHFKRVTXHQRIXHURQGHQXQFLDGRVGHGXFLGRV
GHO FRQWHQLGR GH OD DFFLyQ GHO LQIRUPH GH OD SDUWH GHPDQGDGD R HQ VX FDVR GH OD

W


dW^:d


SDUWLFLSDFLyQ UHDOL]DGD GH DPEDV SDUWHV HQ OD DXGLHQFLD FHOHEUDGD SRU HO 7ULEXQDO GH
JDUDQWtDV  'H RWUR ODGR OD 6&3  GHWHUPLQy TXH HQ ORV VXSXHVWRV GH
LQFXPSOLPLHQWR GH UHTXLVLWRV GH IRUPD GH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO QR
REVHUYDGRVHQIDVHGHDGPLVLELOLGDGSRUODVRORVMXHFHVRWULEXQDOHVGHJDUDQWtDVHQ
UHVJXDUGRGHORVGHUHFKRVDODMXVWLFLDPDWHULDO\DODFFHVRDODMXVWLFLDGLFKRVUHTXLVLWRV
GHEHQ IOH[LELOL]DUVH HQ HWDSD GH UHYLVLyQ GH HVWD DFFLyQ GH GHIHQVD DQWH HO 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO  $VLPLVPR OD 6&3  HVWDEOHFLy TXH ORV
SUHVXSXHVWRVGHOHJLWLPDFLyQDFWLYDOHJLWLPDFLyQSDVLYDFRPRFXDOTXLHURWURUHTXLVLWR
GH IRUPD TXH VHD H[LJLGR SDUD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HQ HO FDVR GH
SHWLFLRQHVYLQFXODGDVDQDFLRQHV\SXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRVGHEHQVHU
DQDOL]DGDVHQHOPDUFRGHXQDPi[LPDIOH[LELOL]DFLyQSURFHVDOSDUDDVHJXUDUDVt\HQHO
PDUFRGHOUHVSHWRDVXVQRUPDV\SURFHGLPLHQWRVXQYHUGDGHUR\UHDODFFHVRDODMXVWLFLD
DGLFKDVFROHFWLYLGDGHV


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)- ,,,
 UHDOL]DQGR XQD LQWHUSUHWDFLyQ H[WHQVLYD SURJUHVLYD \ HQ UHVJXDUGR GHO
SULQFLSLRGHYHUGDGPDWHULDOVHKDFHQHFHVDULRUHFRQVLGHUDUODSRVLFLyQDVXPLGDKDVWD
DKRUDFRQUHODFLyQDODSURGXFFLyQGHSUXHEDPiVD~QWHQLHQGRSUHVHQWHTXHODODERUGH
HVWH 7ULEXQDO HV HMHUFHU MXVWLFLD FRQVWLWXFLRQDO SRU WDO PRWLYR GHEHQ DQDOL]DUVH ODV
FLUFXQVWDQFLDVHQODVTXHSDUDORJUDUHVWDILQDOLGDGVHDQHFHVDULRDEULUODSRVLELOLGDGGH
DGPLWLUSUXHEDTXHSXHGDFRQGXFLUDOGHVFXEULPLHQWRGHODYHUGDGPDWHULDOGHORVKHFKRV
\SRUHQGHDODDQVLDGDFRQFUHFLyQGHODMXVWLFLDFRQVWLWXFLRQDOFRQODDFODUDFLyQTXHHQ
FDGDFDVRGHEHHIHFWXDUVHXQDSRQGHUDFLyQGHELHQHVVREUHODEDVHGHXQDLQWHUSUHWDFLyQ
VLVWHPDWL]DGD GH ORV GHUHFKRV IXQGDPHQWDOHV D OD OX] GH ORV YDORUHV VXSUHPRV \
SULQFLSLRVIXQGDPHQWDOHVLQKHUHQWHVDO(VWDGR&RQVWLWXFLRQDOGH'HUHFKR  
'H OR DQRWDGR SUHFHGHQWHPHQWH VH WLHQH TXH SDUD TXLHQ SUHWHQGH DGMXQWDU SUXHED
GLUHFWDPHQWHDQWHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHQODHWDSDGHUHYLVLyQVH
HQFXHQWUDHQMXHJRHOSULQFLSLRGHYHUGDGPDWHULDOSRUTXHODILQDOLGDGGHHOODHVDSRUWDU
QXHYRVHOHPHQWRVGHHVHQFLDOLPSRUWDQFLDTXHOOHYHQDODFHUWLGXPEUHGHTXHODOHVLyQD
VX GHUHFKR GHQXQFLDGR FRPR YXOQHUDGR HIHFWLYDPHQWH VH KXELHUH FRPHWLGR SRU ORV
GHPDQGDGRV\GHRWURHOHMHUFLFLRGHOGHUHFKRDODGHIHQVDDOTXHOyJLFDPHQWHWLHQH
GHUHFKRODRWUDSDUWHTXLHQLQGLVFXWLEOHPHQWHQRWXYRODRSRUWXQLGDGGHFRQWURYHUWLUOD
PLVPDHQODHWDSDSURFHVDO DQWHULRU3UHFLVDPHQWHSRUHOORODGRFWULQDFRQVWLWXFLRQDO
SUHYLyHOVLVWHPDGHSRQGHUDFLyQGHELHQHVWHRUtDTXHGHEHVHUDSOLFDGDHQFDGDFDVR
FRQFUHWRSRUHVWH7ULEXQDOSUHYLRDVXDGPLVLyQYHULILFDQGRKDVWDTXpSXQWRODSUXHED
FRQVWLWX\HXQDSRUWHSDUDODDYHULJXDFLyQGHODYHUGDGPDWHULDOVLQTXHHOORLPSOLTXHXQ
GHVFRQRFLPLHQWR WRWDO GHO GHUHFKR D OD GHIHQVD GH OD RWUD SDUWH FULWHULRV TXH GHEHQ
IXQGDPHQWDUVHGHELGDPHQWHHQODSURSLDUHVROXFLyQFRQVWLWXFLRQDO

$KRUDELHQORVHxDODGRUHVSRQGHDFULWHULRVGHIDYRUDELOLGDG\GHJDUDQWtDSDUDODVSDUWHV
GHOSURFHVRDSOLFDEOHLQFOXVLYHDORVWHUFHURVLQWHUHVDGRVpVWRVHQYLUWXGDOGHUHFKRTXH
WLHQHQDVHURtGRVVLQHPEDUJRHVQHFHVDULRHVWDEOHFHUOtPLWHVHQVXSUHVHQWDFLyQGDGR
TXHODHWDSDGHUHYLVLyQQRSXHGHFRQVWLWXLUVHHQXQDQXHYDLQVWDQFLDDQWHODFXDOVH
SUHWHQGDUHJXODUL]DUODQHJOLJHQFLDGHODVSDUWHVSURFHVDOHVTXHQRDGMXQWDURQODPLVPD
HQODHWDSDGHDGPLVLyQDQWHHOMXH]RWULEXQDOGHJDUDQWtDVSRUORWDQWRVXSUHVHQWDFLyQ
VHUi DGPLVLEOH ~QLFDPHQWH KDVWD DQWHV GHO VRUWHR GHO H[SHGLHQWH \ OLPLWDGD D ORV
VLJXLHQWHVFDVRV

3UXHEDTXHQRSXGRVHUSUHVHQWDGDRSRUWXQDPHQWHDQWHHOMXH]RWULEXQDOGH
JDUDQWtDVVLHPSUH\FXDQGRVHMXVWLILTXHQODVUD]RQHVGHHVHLPSHGLPHQWR


1XHYD SUXHED TXH GHPXHVWUH OD SHUVLVWHQFLD GH ODV OHVLRQHV GHQXQFLDGDV D
SDUWLUGHOPLVPRKHFKRJHQHUDGRUORTXHQRLPSOLFDODDPSOLDFLyQGHORVIXQGDPHQWRV
GHODDFFLyQ\


W


dW^:d

3DUD GHQXQFLDV GH PHGLGDV GH KHFKR FRQH[DV \ DFFHVRULDV VHUi SRVLEOH OD
SUHVHQWDFLyQGHQXHYDSUXHEDTXHGHPXHVWUHTXHODVOHVLRQHVGHQXQFLDGDVDGHPiVGH
SHUVLVWLUFRQWLQ~DQVXVFLWiQGRVHDWUDYpVGHRWUDVDFFLRQHVGHVLPLODUQDWXUDOH]D

(QUHVXPHQODDGPLVLyQGHORVHOHPHQWRVGHFRQYLFFLyQDSRUWDGRVSRUDOJXQDGHODV
SDUWHVRGHOWHUFHURLQWHUHVDGRGHEHDMXVWDUVHQHFHVDULDPHQWHDXQRGHORVWUHVFDVRV
DQWHULRUHVSHURDGHPiVODPLVPDGHEHVHUGHWHUPLQDQWHSDUDHOHVFODUHFLPLHQWRGHOD
YHUGDG PDWHULDO XQ UD]RQDPLHQWR FRQWUDULR GLVWRUVLRQDUtD ODV H[LJHQFLDV GH ORV
UHTXLVLWRVGHIRUPDFRPSUHQGLGRVHQORVDUWVGHOD/7&3\GHOD&3(

/DSUXHEDTXHFXPSODFRQORVUHTXLVLWRVDQRWDGRVDQWHULRUPHQWHGHEHUiVHUDGMXQWDGD
DOH[SHGLHQWHSULQFLSDOSRUOD&RPLVLyQGH$GPLVLyQ\DQDOL]DGDHQFDGDFDVRFRQFUHWR
D HIHFWRV GH VX DGPLVLyQ SRU HO 0DJLVWUDGR 5HODWRU GH DFXHUGR D ODV FLUFXQVWDQFLDV
HVSHFtILFDV 6LQ SHUMXLFLRGH OR SUHYLVWR SRU HO DUW GH OD /7&3 TXH RWRUJD D HVWH
7ULEXQDO OD IDFXOWDG GH VROLFLWDU OD GRFXPHQWDFLyQ TXH FRQVLGHUH QHFHVDULD SDUD OD
UHVROXFLyQGHOFDVRFXDQGRDVtORFRQVLGHUH



,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

'H DFXHUGR FRQ OD KLVWRULD MXULVSUXGHQFLDO GHVFULWD VH HVWDEOHFH OR
VLJXLHQWH   &RQ UHODFLyQ DO FXPSOLPLHQWR GH ORV UHTXLVLWRV GH
DGPLVLELOLGDGHQODDFFLyQGHDPSDURFRQVWLWXFLRQDOHOHVWiQGDUPiVDOWR
VH HQFXHQWUD FRQWHQLGR HQOD 6&3 FRPSOHPHQWDGD SRUODV
6&3  \  SRUTXH OD SULPHUD HVWDEOHFLy OD
IOH[LELOL]DFLyQGHORVUHTXLVLWRVHQODIDVHGHDGPLVLELOLGDGFXDQGRH[LVWD
XQDGXGDUD]RQDEOHVREUHXQDOHVLyQPDQLILHVWD\
JURVHUD
DGHUHFKRV
IXQGDPHQWDOHVODVHJXQGDSRUTXHGHWHUPLQyTXHHQORVVXSXHVWRVGH
LQFXPSOLPLHQWR GH UHTXLVLWRV GH IRUPD GH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO QR REVHUYDGRV HQ IDVH GH DGPLVLELOLGDG SRU ODV R ORV
MXHFHVRWULEXQDOHVGHJDUDQWtDVHQUHVJXDUGRGHORVGHUHFKRVDODMXVWLFLD
PDWHULDO\DODFFHVRDODMXVWLFLDGLFKRVUHTXLVLWRVGHEHQIOH[LELOL]DUVH
HQ HWDSD GH UHYLVLyQ GH HVWD DFFLyQ GH GHIHQVD DQWH HO 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO \ OD WHUFHUD SRUTXH GHWHUPLQy XQD
Pi[LPDIOH[LELOL]DFLyQSURFHVDOUHVSHFWRDFXDOTXLHUUHTXLVLWRFXDQGR
VHWUDWHGHSXHEORVLQGtJHQDV (QFXDQWRDODSUHVHQWDFLyQGHSUXHEDV
HO HVWiQGDU PiV DOWR VH HQFXHQWUD HQ OD 6&3  OD SULPHUD
HVWDEOHFLy OD SRVLELOLGDG GH SUHVHQWDFLyQ GH SUXHED HQ LQVWDQFLD GHO
7ULEXQDO &RQVWLWXFLRQDO EDMR FRQGLFLRQHV UHJODGDV SUHFHGHQWH
FRPSOHPHQWDGRHQOD6&3HQORVVXSXHVWRVGHYtDVGHKHFKR
SRUTXHFRQFHGLyDODVSHUVRQDVDIHFWDGDVFRQORVHIHFWRVGHXQDHYHQWXDO
FRQFHVLyQ GH WXWHOD FRQFHGLy OD IDFXOWDG GH SUHVHQWDU SUXHED HQ
FXDOTXLHU HWDSD GHO SURFHVR FRQVWLWXFLRQDO \D VHD GHVSXpV GH OD
DXGLHQFLD S~EOLFD R LQFOXVLYH DQWH HO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO



1~PHURGHUHVROXFLyQ6&3

W


dW^:d


)LFKD

7LSR-XULVSUXGHQFLD

-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3/DSUHVHQWDFLyQGHSUXHEDHQIRWRFRSLDVVLPSOHVHQ
DFFLRQHV GH DPSDUR HV SOHQDPHQWH YiOLGD VL OD PLVPD QR IXH
FRQWURYHUWLGD SRU OD SDUWH DFFLRQDGD SRU OR TXH HO 7ULEXQDO GH
JDUDQWtDVVyORSRGUtDIXQGDUODGHQHJDWRULDGHDPSDURSRUQRKDEHU
VLGRSUHVHQWDGDODSUXHEDHQIRWRFRSLDOHJDOL]DGDFXDQGRODRWUDSDUWH
H[SUHVDPHQWHODGHVFRQR]FD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOHODFFLRQDQWHVHxDOyTXHGHQWUR
GHO SURFHVR SHQDO TXH VLJXH SRU HO GHOLWR GH HVWHOLRQDWR OD )LVFDO GH
PDWHULDUHFXUULGDHPLWLyUHVROXFLyQGHVREUHVHLPLHQWRSHVHDH[LVWLUXQD
H[FHSFLyQ SUHYLD GH IDOWD GH DFFLyQ SHQGLHQWH GH UHVROXFLyQ HQ
DSHODFLyQ VLQ XQD DGHFXDGD IXQGDPHQWDFLyQ \ HO )LVFDO GH 'LVWULWR
UDWLILFy GLFKR VREUHVHLPLHQWR FRPHWLHQGR ORV PLVPR HUURUHV
YXOQHUiQGRVHGHHVWDIRUPDVXVGHUHFKRVDODWXWHODMXGLFLDOHIHFWLYD\DO
GHELGRSURFHVRSRUORTXHSHWLFLRQyVHOHFRQFHGDODWXWHOD\VHGHMHVLQ
HIHFWRODV5HVROXFLRQHVGHVREUHVHLPLHQWRWDQWRGHO)LVFDOGHPDWHULD
FRPRODUDWLILFDWRULDSURQXQFLDGDSRUHO)LVFDOGH'LVWULWRDL\DVLPLVPR
TXHODVDXWRULGDGHVGHPDQGDGDVSURQXQFLHQQXHYDVUHVROXFLRQHVFRQOD
GHELGD \ FRKHUHQWH IXQGDPHQWDFLyQ FRQIRUPH D OD OH\ DGHPiV GH
FRQGHQDU HQ FRVWDV \ UHVSRQVDELOLGDG FLYLO D pVWDV (O 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDODSUREyODFRQFHVLyQHQSDUWHGHODWXWHOD
FRQUHODFLyQDO)LVFDOGHO'HSDUWDPHQWDOUHFXUULGRSRUIDOWDGHGHELGD
IXQGDPHQWDFLyQHQOD5HVROXFLyQTXHUDWLILFDHO6REUHVHLPLHQWR

([WUDFWRGHODUDWLRGHFLGHQGL

)- ,,,
(Q HO SUHVHQWH FDVR OD SDUWH DFFLRQDQWH SDUD DFUHGLWDU ORV
VXSXHVWRV TXH GHQ OXJDU D OD FRQFHVLyQ GH VX GHPDQGD GH DPSDUR
FRQVWLWXFLRQDODGMXQWyDODPLVPDIRWRFRSLDVHQVXPD\RUtDVLPSOHV\HQ
VXRWURVtSLGLyDO7ULEXQDOGHJDUDQWtDVTXH
SDUDPD\RULOXVWUDFLyQGH
YXHVWUDVDXWRULGDGHVVREUHHOFDVRVROLFLWRODQRWLILFDFLyQGHO6U)LVFDO
GH PDWHULD \ DFFLRQDGR 'U -DFLQWR $JXLODU /ODYH D HIHFWR GH TXH
DFUHGLWHDQWHYXHVWURGHVSDFKRHOFXDGHUQRGHLQYHVWLJDFLyQGHOFDVR

SHVHDHOORODSDUWHDGYHUVDQRFXHVWLRQyODSUXHEDSUHVHQWDGDQLDGMXQWy
FRSLDV OHJDOL]DGDV GH OD SLH]DV SHUWLQHQWHV DO SUHVHQWDU VX LQIRUPH
W


dW^:d

FRQIRUPHORLPSRQHDUW,9GHOD&3(DVSHFWRWDPSRFRREVHUYDGR
QLVXEVDQDGRSRUHO7ULEXQDOGHJDUDQWtDVORTXHIDFXOWDDOWHQRUGHOR
UHIHULGR DQWHULRUPHQWH D HVWH 7ULEXQDO D YDORUDUOD Pi[LPH FXDQGR HQ
HVWHFRQWH[WRXQDVROLFLWXGGHFRSLDVOHJDOL]DGDVDOWHQRUGHODUWGH
OD/7&3SURYRFDUtDXQDGLODFLyQFRQWUDULDDOSULQFLSLRGHFHOHULGDG

6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOSRUFXDQWRODSUHVHQWDFLyQ
GHSUXHEDHQIRWRFRSLDVVLPSOHVHQDFFLRQHVGHDPSDURHVSOHQDPHQWH
YiOLGDVLODPLVPDQRIXHFRQWURYHUWLGDSRUODSDUWHDFFLRQDGD

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O 7ULEXQDO &RQVWLWXFLRQDO VREUH ORV UHTXLVLWRV GH DGPLVLELOLGDG GH ODV DFFLRQHV GH
GHIHQVDGHVDUUROOyODVLJXLHQWHOtQHDMXULVSUXGHQFLDO

(QOD6&5HVWDEOHFLyORVUHTXLVLWRVGHDGPLVLyQGHOGHQRPLQDGRUHFXUVR
GHDPSDURFRQVWLWXFLRQDOLQWHUSUHWDQGRORVUHTXLVLWRVGHIRUPD\GHFRQWHQLGRUHJXODGRV
SRUHODUWGHOD/H\GHO7ULEXQDO&RQVWLWXFLRQDO /H\ (QHVWHFRQWH[WRVH
HVWDEOHFLyTXHORVUHTXLVLWRVGHIRUPDHUDQUHTXLVLWRVVXEVDQDEOHV\QRDVtORVUHTXLVLWRV
GHFRQWHQLGRFRPRSRUHMHPSORODRPLVLyQGHSUHFLVLyQGHOQH[RGHFDXVDOLGDGHQWUHHO
DFWR OHVLYR ORV GHUHFKRV GHQXQFLDGRV FRPR YXOQHUDGRV \ HO SHWLWRULR  /D 6&3
 PXWy HO HQWHQGLPLHQWR GH OD 6& 5 HVWDEOHFLHQGR TXH ORV
UHTXLVLWRVGHIRUPDGHODVDFFLRQHVGHGHIHQVDVRQVXEVDQDEOHV\GHEHUiQVHUYHULILFDGRV
SRUODV\ORVMXHFHV\WULEXQDOHVGHJDUDQWtDVHQODIDVHGHDGPLVLELOLGDG\QRHQRWUDIDVH
FDPELR MXULVSUXGHQFLDO TXH UHVSRQGH D OD QXHYD QRUPDWLYD YHULILFDGD FRPR
FRQVHFXHQFLD GH OD YLJHQFLD GHO &yGLJR 3URFHVDO &RQVWLWXFLRQDO $VLPLVPR OD 6&3
HVWDEOHFLyTXHODVFDXVDOHVGHLPSURFHGHQFLDWDPELpQGHEHQVHUYHULILFDGDV
HQ IDVH GH DGPLVLELOLGDG \ HQ FDVR GH DGYHUWLUVH OD H[LVWHQFLD GH DOJXQD GH HOODV VH
HPLWLUi XQ DXWR PRWLYDGR GH LPSURFHGHQFLD TXH SRGUi VHU LPSXJQDGR SRU OD SDUWH
DFFLRQDQWH \ VHUi UHVXHOWR SRU OD &RPLVLyQ GH $GPLVLyQ GHO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO
(QFXDQWRDODH[LJHQFLDGHSUHVHQWDFLyQGHSUXHEDVHOGHVDUUROORMXULVSUXGHQFLDOHVHO
VLJXLHQWH(O7ULEXQDO&RQVWLWXFLRQDODWUDYpVGHOD6&35LQWHUSUHWyWDQWR
ORV UHTXLVLWRV GH IRUPD FRPR ORV UHTXLVLWRVGH FRQWHQLGR H[LJLGRV SDUD HO UHFXUVR GH
DPSDURFRQVWLWXFLRQDOHQWUHHOORVVHUHILULyH[SUHVDPHQWHDOUHTXLVLWRFRQWHQLGRHQHO
DUW9GHOD/H\GHO7ULEXQDO&RQVWLWXFLRQDOYLJHQWHHQHVHPRPHQWRVHxDODQGRTXH
HQIDVHGHDGPLVLELOLGDGODSDUWHDFFLRQDQWHDOWHQHUODFDUJDSUREDWRULDGHEtDSUHVHQWDU
OD SUXHED FRQ VX PHPRULDO GH GHPDQGD R LQGLFDU HO OXJDU GRQGH GLFKD SUXHED VH
HQFXHQWUH/D6&3PRGXOyHVWHSULPLJHQLRHQWHQGLPLHQWRHQHOPDUFRGH
ORV UHTXLVLWRV GH DGPLVLELOLGDG HVWDEOHFLGRV SRU OD /H\ GHO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO /H\ \GHPDQHUDH[SUHVD\DFRUGHFRQHOSULQFLSLRGHSURJUHVLYLGDG
GHVDUUROOy ORV VXSXHVWRV HQ ORV FXDOHV SXHGHSUHVHQWDUVH SUXHED VREUHYLQLHQWH DQWH HO
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HVWDEOHFLHQGR TXH HQ DFFLRQHV GH DPSDUR
FRQVWLWXFLRQDO ODV SDUWHV SURFHVDOHV SXHGHQ SUHVHQWDU SUXHED DQWH HO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOHQORVVLJXLHQWHVFDVRV &XDQGRSRUUD]RQHVMXVWLILFDGDV
OD SUXHED QR SXGR VHU SUHVHQWDGD RSRUWXQDPHQWH DQWH MXH]DV MXHFHV R WULEXQDOHV GH
JDUDQWtD &XDQGRVHWHQJDQXHYDSUXHED\ (QHOFDVRGHYtDVGHKHFKRFXDQGROD
SUXHED GHPXHVWUH TXH ODV OHVLRQHV GHQXQFLDGDV DGHPiV GH SHUVLVWLU FRQWLQ~DQ
VXVFLWiQGRVHDWUDYpVGHRWUDVDFFLRQHVGHVLPLODUQDWXUDOH]D$VXYH]HO7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO HQ OD 6&3  PRGXOy GH PDQHUD H[SUHVD HO
SUHFHGHQWH FRQWHQLGR HQ OD 6& 5 TXH IXH UHLWHUDGR HQWUH RWUDV SRU OD 6&

W


dW^:d


 HQ ODV TXH VH HVWDEOHFLy TXH HO DFFLRQDQWH GHEtD DGMXQWDU OD SUXHED HQ
IRWRFRSLD OHJDOL]DGD HPSHUR GHEH VHxDODUVH TXH HO HQWHQGLPLHQWR ILMDGR HQ OD 6&3
\DIXHHVWDEOHFLGRHQOD6&5HQODTXHVHVHxDOy
VLELHQVHH[LJH
ODSUHVHQWDFLyQGHGRFXPHQWDFLyQHQIRWRFRSLDVOHJDOL]DGDVHPSHURWDPELpQVHVHxDOD
TXHGLFKDUHJODWLHQHVXH[FHSFLyQHQORGLVSXHVWRHQHOSDUiJUDIR,SDUWHLQILQHGHODUW
 GHO && HV GHFLU FXDQGR OD SDUWH D TXLHQ VH RSRQJD OD GRFXPHQWDFLyQ QR ODV
GHVFRQRFH H[SUHVDPHQWH
 %DMR HVH FULWHULR OD 6&3  GHWHUPLQy TXH OD
SUHVHQWDFLyQ GH SUXHED HQ IRWRFRSLDV VLPSOHV HQ DFFLRQHV GH DPSDUR HV SOHQDPHQWH
YiOLGDVLODPLVPDQRIXHFRQWURYHUWLGDSRUODSDUWHDFFLRQDGDSRUORTXHHO7ULEXQDOGH
JDUDQWtDVVyORSRGUtDIXQGDUODGHQHJDWRULDGHDPSDURSRUQRKDEHUVLGRSUHVHQWDGDOD
SUXHED HQ IRWRFRSLD OHJDOL]DGD FXDQGR OD RWUD SDUWH H[SUHVDPHQWH OD GHVFRQR]FD 
)LQDOPHQWH HV LPSRUWDQWH VHxDODU TXH HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO SDUD
YtDV GH KHFKR HQ OD 6&3  GHVDUUROOy GH PDQHUD PiV DPSOLD \ IOH[LEOH OD
SRVLELOLGDGTXHWLHQHQODVSDUWHVSURFHVDOHVGHSUHVHQWDUSUXHEDDQWHHOPi[LPRFRQWUDORU
GH FRQVWLWXFLRQDOLGDG HVWDEOHFLHQGRTXH DO WUDWDUVH GH YtDV GH KHFKR HQ VXSXHVWRV GH
DYDVDOODPLHQWRGHSURSLHGDG\ODLPSRVLELOLGDGGHXQDLGHQWLILFDFLyQGHORVGHPDQGDGRV
GHPDQHUDH[FHSFLRQDOHVSRVLEOHODDFWLYDFLyQGHODDFFLyQGHDPSDURFRQVWLWXFLRQDO
VLQ LGHQWLILFDU D OD SDUWH GHPDQGDGD FXDQGR VHD LPSRVLEOH VX GHWHUPLQDFLyQ FRQ OD
DFODUDFLyQTXHODVSHUVRQDVDIHFWDGDVFRQORVHIHFWRVGHXQDHYHQWXDOFRQFHVLyQGHWXWHOD
WLHQHQODIDFXOWDGGHSUHVHQWDUSUXHEDHQFXDOTXLHUHWDSDGHOSURFHVRFRQVWLWXFLRQDO\D
VHD GHVSXpV GH OD DXGLHQFLD S~EOLFD R LQFOXVLYH DQWH HO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO
$VLPLVPRFDEHGHVWDFDUORVVXSXHVWRVGHIOH[LELOL]DFLyQGHORVUHTXLVLWRVDGPLVLELOLGDG
GHVDUUROODGRVSRUHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOTXHVHHQFXHQWUDQFRQWHQLGRV
HQORVVLJXLHQWHVSUHFHGHQWHV/D6&3HQODDFFLyQGHDPSDURIOH[LELOL]y
ORVUHTXLVLWRVGHDFUHGLWDFLyQGHODSHUVRQDOLGDGMXUtGLFDGHODVDVRFLDFLRQHVGHKHFKR
HVWDEOHFLHQGRTXHORVUHTXLVLWRVH[LJLGRVSDUDODDFUHGLWDFLyQGHODVSHUVRQDVMXUtGLFDV
FRPR HO SRGHU HQ HO TXH FRQVWH HO DFWD GH FRQVWLWXFLyQ GH OD VRFLHGDG OD QyPLQD GH
VRFLRVVXLQVFULSFLyQHQHO5HJLVWURGH&RPHUFLRVXSHUVRQHUtDMXUtGLFD\UHJODPHQWRV
QR VH DSOLFDQ D ODV DVRFLDFLRQHV GH KHFKRTXH SDUD DFWLYDU OD MXVWLFLD FRQVWLWXFLRQDO
~QLFDPHQWHGHEHQDFUHGLWDUVXFRQGLFLyQGHVRFLRVDGMXQWDQGRORVDFXHUGRVH[LVWHQWHV
DVt FRPR DFUHGLWDU OD FDOLGDG GH VXV UHSUHVHQWDQWHV (VWH UD]RQDPLHQWR SDUWLy GH ODV
66&& 5 5 5 \ 5 HQWUH RWUDV TXH
HVWDEOHFLHURQ TXH WUDWiQGRVH GH SHUVRQDV MXUtGLFDV HO UHSUHVHQWDQWH GHEH DFUHGLWDU WDO
FRQGLFLyQ DGMXQWDQGR HO SRGHU FRUUHVSRQGLHQWH HQ HO TXH GHEH FRQVWDU HO DFWD GH
FRQVWLWXFLyQ GH OD VRFLHGDG OD QyPLQD GH VRFLRV VX LQVFULSFLyQ HQ HO 5HJLVWURV GH
&RPHUFLRVXSHUVRQHUtDMXUtGLFD\VXVUHJODPHQWRV$VXYH]OD6&3HQ
ODDFFLyQGHDPSDURFRQVWLWXFLRQDOHVWDEOHFLyODIOH[LELOL]DFLyQGHORVUHTXLVLWRVHQOD
IDVHGHDGPLVLELOLGDGFXDQGRH[LVWDXQDGXGDUD]RQDEOHVREUHXQDOHVLyQPDQLILHVWD\

JURVHUD
 D GHUHFKRV IXQGDPHQWDOHV HQ HO PDUFR GH ORV SRVWXODGRV GHO (VWDGR
&RQVWLWXFLRQDOGH'HUHFKRSDUDTXHHQXQDQiOLVLVGHIRQGRSXHGDSUHYDOHFHUODMXVWLFLD
PDWHULDO GH DFXHUGR DO SULQFLSLR SURDFWLRQH   3RU VX SDUWH OD 6&3 /
H[WHQGLy HQ OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO OD WXWHOD D GHUHFKRV FRQH[RV
GHWHUPLQDQGR TXH HV SRVLEOH RWRUJDU OD WXWHOD TXH EULQGD OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDOSRUYXOQHUDFLyQGHRWURVGHUHFKRVTXHQRIXHURQGHQXQFLDGRVGHGXFLGRV
GHO FRQWHQLGR GH OD DFFLyQ GHO LQIRUPH GH OD SDUWH GHPDQGDGD R HQ VX FDVR GH OD
SDUWLFLSDFLyQ UHDOL]DGD GH DPEDV SDUWHV HQ OD DXGLHQFLD FHOHEUDGD SRU HO 7ULEXQDO GH
JDUDQWtDV  'H RWUR ODGR OD 6&3  GHWHUPLQy TXH HQ ORV VXSXHVWRV GH
LQFXPSOLPLHQWR GH UHTXLVLWRV GH IRUPD GH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO QR
REVHUYDGRVHQIDVHGHDGPLVLELOLGDGSRUODVRORVMXHFHVRWULEXQDOHVGHJDUDQWtDVHQ
UHVJXDUGRGHORVGHUHFKRVDODMXVWLFLDPDWHULDO\DODFFHVRDODMXVWLFLDGLFKRVUHTXLVLWRV
GHEHQ IOH[LELOL]DUVH HQ HWDSD GH UHYLVLyQ GH HVWD DFFLyQ GH GHIHQVD DQWH HO 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO  $VLPLVPR OD 6&3  HVWDEOHFLy TXH ORV
SUHVXSXHVWRVGHOHJLWLPDFLyQDFWLYDOHJLWLPDFLyQSDVLYDFRPRFXDOTXLHURWURUHTXLVLWR
GH IRUPD TXH VHD H[LJLGR SDUD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HQ HO FDVR GH
SHWLFLRQHVYLQFXODGDVDQDFLRQHV\SXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRVGHEHQVHU

W


dW^:d
DQDOL]DGDVHQHOPDUFRGHXQDPi[LPDIOH[LELOL]DFLyQSURFHVDOSDUDDVHJXUDUDVt\HQHO
PDUFRGHOUHVSHWRDVXVQRUPDV\SURFHGLPLHQWRVXQYHUGDGHUR\UHDODFFHVRDODMXVWLFLD
DGLFKDVFROHFWLYLGDGHV


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

/D 6&3  HQ VX )- ,,,
  VL ELHQ OD SUXHED GRFXPHQWDO TXH OD SDUWH
DFFLRQDQWHGHEHDFRPSDxDUDVXGHPDQGDRODTXHVHxDODHQVXXELFDFLyQGHEHVHULGyQHD
HVGHFLURULJLQDORHQVXFDVROHJDOL]DGDHOORQRLPSLGHTXHKDELHQGRODRHOVHUYLGRU
S~EOLFRRODSHUVRQDLQGLYLGXDORFROHFWLYDGHPDQGDGDTXHDGHPiVHVODWHQHGRUDGHOD
PLVPDUHVSRQGLGRODGHPDQGDVLQGHVFRQRFHUODSXHGDYDORUDUVHSRUMXHFHVWULEXQDOHV
GHJDUDQWtDV\SRUHVWH7ULEXQDOIRWRFRSLDVVLPSOHVDOWHQRUGHODUW,9GHOD&3(
SRUTXHHQODMXVWLFLDFRQVWLWXFLRQDOFXDOLWDWLYDPHQWHGLIHUHQWHDODMXVWLFLDRUGLQDULDQR
SXHGHDGPLWLUVHSUXHEDWDVDGD\SRUTXHQRSXHGHDFHSWDUVHTXHODQHJOLJHQFLDRPDOLFLD
HQODSDUWHDFFLRQDGDTXHWLHQHHOGHEHUSURFHVDOGHSUHVHQWDUXQLQIRUPHGRFXPHQWDGR
DIHFWHDOHMHUFLFLRGHORVGHUHFKRV
(QHOSUHVHQWHFDVRODSDUWHDFFLRQDQWHSDUDDFUHGLWDUORVVXSXHVWRVTXHGHQOXJDUDOD
FRQFHVLyQGHVXGHPDQGDGHDPSDURFRQVWLWXFLRQDODGMXQWyDODPLVPDIRWRFRSLDVHQVX
PD\RUtD VLPSOHV \ HQ VX RWURVt  SLGLy DO 7ULEXQDO GH JDUDQWtDV TXH
SDUD PD\RU
LOXVWUDFLyQGHYXHVWUDVDXWRULGDGHVVREUHHOFDVRVROLFLWRODQRWLILFDFLyQGHO6U)LVFDO
GHPDWHULD\DFFLRQDGR'U-DFLQWR$JXLODU/ODYHDHIHFWRGHTXHDFUHGLWHDQWHYXHVWUR
GHVSDFKR HO FXDGHUQR GH LQYHVWLJDFLyQ GHO FDVR
 SHVH D HOOR OD SDUWH DGYHUVD QR
FXHVWLRQyODSUXHEDSUHVHQWDGDQLDGMXQWyFRSLDVOHJDOL]DGDVGHODSLH]DVSHUWLQHQWHVDO
SUHVHQWDU VX LQIRUPH FRQIRUPH OR LPSRQH DUW ,9 GH OD &3( DVSHFWR WDPSRFR
REVHUYDGRQLVXEVDQDGRSRUHO7ULEXQDOGHJDUDQWtDVORTXHIDFXOWDDOWHQRUGHORUHIHULGR
DQWHULRUPHQWHDHVWH7ULEXQDODYDORUDUODPi[LPHFXDQGRHQHVWHFRQWH[WRXQDVROLFLWXG
GHFRSLDVOHJDOL]DGDVDOWHQRUGHODUWGHOD/7&3SURYRFDUtDXQDGLODFLyQFRQWUDULD
DOSULQFLSLRGHFHOHULGDG


,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

'H DFXHUGR FRQ OD KLVWRULD MXULVSUXGHQFLDO GHVFULWD VH HVWDEOHFH OR
VLJXLHQWH   &RQ UHODFLyQ DO FXPSOLPLHQWR GH ORV UHTXLVLWRV GH
DGPLVLELOLGDGHQODDFFLyQGHDPSDURFRQVWLWXFLRQDOHOHVWiQGDUPiVDOWR
VH HQFXHQWUD FRQWHQLGR HQOD 6&3 FRPSOHPHQWDGD SRUODV
6&3  \  SRUTXH OD SULPHUD HVWDEOHFLy OD
IOH[LELOL]DFLyQGHORVUHTXLVLWRVHQODIDVHGHDGPLVLELOLGDGFXDQGRH[LVWD
XQDGXGDUD]RQDEOHVREUHXQDOHVLyQPDQLILHVWD\
JURVHUD
DGHUHFKRV
IXQGDPHQWDOHVODVHJXQGDSRUTXHGHWHUPLQyTXHHQORVVXSXHVWRVGH
LQFXPSOLPLHQWR GH UHTXLVLWRV GH IRUPD GH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO QR REVHUYDGRV HQ IDVH GH DGPLVLELOLGDG SRU ODV R ORV
MXHFHVRWULEXQDOHVGHJDUDQWtDVHQUHVJXDUGRGHORVGHUHFKRVDODMXVWLFLD
PDWHULDO\DODFFHVRDODMXVWLFLDGLFKRVUHTXLVLWRVGHEHQIOH[LELOL]DUVH
HQ HWDSD GH UHYLVLyQ GH HVWD DFFLyQ GH GHIHQVD DQWH HO 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO \ OD WHUFHUD SRUTXH GHWHUPLQy XQD
Pi[LPDIOH[LELOL]DFLyQSURFHVDOUHVSHFWRDFXDOTXLHUUHTXLVLWRFXDQGR
VHWUDWHGHSXHEORVLQGtJHQDV (QFXDQWRDODSUHVHQWDFLyQGHSUXHEDV
HO HVWiQGDU PiV DOWR VH HQFXHQWUD HQ OD 6&3  OD SULPHUD
HVWDEOHFLy OD SRVLELOLGDG GH SUHVHQWDFLyQ GH SUXHED HQ LQVWDQFLD GHO
W


dW^:d


7ULEXQDO &RQVWLWXFLRQDO EDMR FRQGLFLRQHV UHJODGDV SUHFHGHQWH
FRPSOHPHQWDGRHQOD6&3HQORVVXSXHVWRVGHYtDVGHKHFKR
SRUTXHFRQFHGLyDODVSHUVRQDVDIHFWDGDVFRQORVHIHFWRVGHXQDHYHQWXDO
FRQFHVLyQ GH WXWHOD FRQFHGLy OD IDFXOWDG GH SUHVHQWDU SUXHED HQ
FXDOTXLHU HWDSD GHO SURFHVR FRQVWLWXFLRQDO \D VHD GHVSXpV GH OD
DXGLHQFLD S~EOLFD R LQFOXVLYH DQWH HO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO



 1RUPDV FRPXQHV GH SURFHGLPLHQWR HQ DFFLRQHV GH
GHIHQVD5HTXLVLWRV SUHYLVWRV HQ OD /H\ GHO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDOSDUDODDFFLyQGHDPSDUR
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3/DRPLVLyQHQODSUHFLVLyQGHOQH[RGHFDXVDOLGDG
HQWUHORVKHFKRVHOGHUHFKRYXOQHUDGR\ODSHWLFLyQDOVHUXQUHTXLVLWR
GHFRQWHQLGRGHODDFFLyQGHDPSDURLPSOLFDVXGHQHJDWRULD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOORVDFFLRQDQWHVGHQXQFLDURQ
TXHODDXWRULGDGGHPDQGDGDOHVLRQyODJDUDQWtDGHOGHELGRSURFHVR\VXV
GHUHFKRV DO MXH] QDWXUDO D OD GHIHQVD D XQ SURFHVR VLQ GLODFLRQHV
LQGHELGDVDLPSXJQDUDOD
VHJXULGDGMXUtGLFD
\DODSHWLFLyQSRUFXDQWR
SUHVHQWDURQ XQ UHFXUVR GH DSHODFLyQ LQFLGHQWDO DQWH HO 1RWDULR GH )H
3~EOLFDGHXQDORFDOLGDGFHUFDQDWRGDYH]TXHORVMX]JDGRVGHOOXJDU
GRQGH VH WUDPLWDED OD FDXVD SHQDO HQ VX FRQWUD QR VH HQFRQWUDEDQ
DELHUWRV\WDPELpQGHELGRDTXHHQGLFKDORFDOLGDGQRH[LVWH1RWDULRGH
)H3~EOLFDVLQHPEDUJRHOWLWXODUGHOMX]JDGRPHGLDQWH$XWRGHFODUy

LQYDOLGD
ODSUHVHQWDFLyQSRULQFXPSOLPLHQWRGHORHVWDEOHFLGRHQHODUW
 GHO &3& (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO DSUREy OD
UHVROXFLyQ TXH GHQHJy OD WXWHOD DQDOL]DQGR HO FXPSOLPLHQWR GH ORV
UHTXLVLWRVGHDGPLVLyQGHODDFFLyQGHDPSDURFRQVWLWXFLRQDO

([WUDFWRGHODUDWLRGHFLGHQGL

W


dW^:d

)-,,,
GHORDQWHVDQRWDGRQRH[LVWHXQDFRQH[LyQHQWUHORVKHFKRV
ORVGHUHFKRVVXSXHVWDPHQWHYXOQHUDGRVFRQHOSHWLWRULRGHOPHPRULDOQL
HOSHWLWRULRGHODDXGLHQFLDFHOHEUDGD

3RUORTXHVHGHQRWDODIDOWDGHOUHTXLVLWRHVHQFLDOGHODH[LVWHQFLDGHXQ
SHWLWRULRFODURUHODFLRQDGRFRQHOSURFHVRKHFKRVTXHLPSRVLELOLWDQD
HVWH 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO D LQJUHVDU DO DQiOLVLV GHO
IRQGRGHOFDVRH[SXHVWR


6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJDODDFFLyQGHDPSDURFRQVWLWXFLRQDOSRUTXHHODFFLRQDQWHRPLWLy
SUHFLVDUHOQH[RGHFDXVDOLGDGHQWUHORVKHFKRVHOGHUHFKRYXOQHUDGR\
ODSHWLFLyQ

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

 (O 7ULEXQDO &RQVWLWXFLRQDO D WUDYpV GH OD 6& 5 HQ HO
PDUFR GH OD DEURJDGD  /H\ GHO 7ULEXQDO &RQVWLWXFLRQDO 1R 
HVWDEOHFLy FRPR UHTXLVLWR GH FRQWHQLGR OD SUHFLVLyQ GHO QH[R GH
FDXVDOLGDGHQWUHORVKHFKRVHOGHUHFKRYXOQHUDGR\ODSHWLFLyQ

 (VWH FULWHULR HV DVXPLGR SRU OD 6&3  SRU WDQWR HVWD VH
FRQILJXUDFRPRXQDSULPHUDVHQWHQFLDFRQILUPDGRUD

 3RVWHULRUPHQWH DO KDEHU VLGR GHURJDGD OD /H\ GHO 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO SRU HO &yGLJR 3URFHVDO &RQVWLWXFLRQDO
HVWH \D QR HV XQ UHTXLVLWR GH FRQWHQLGR SXHV GH DFXHUGR D HVWD
QRUPDWLYDWRGRVORVUHTXLVLWRVGLVFLSOLQDGRVHQHODUWVRQGHIRUPD
\SRUHQGHVXEVDQDEOHVFULWHULRDVXPLGRSRUOD6&3

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

(OSUHFHGHQWHFRQWHQLGRHQOD6&5HVWDEOHFH

,,
6REUHORVUHTXLVLWRVGHDGPLVLyQGHODPSDURFRQVWLWXFLRQDO
(ODUWGHOD/7&HQIRUPDWD[DWLYDKDHVWDEOHFLGRORVUHTXLVLWRVGHIRUPD\
FRQWHQLGRTXHGHEHQREVHUYDUVHLQH[FXVDEOHPHQWHHQODSUHVHQWDFLyQGHWRGR
UHFXUVRGHHVWDQDWXUDOH]DSRUFXDQWRGHOFXPSOLPLHQWRGHORVPLVPRV
GHSHQGHTXHWDQWRHO-XH]R7ULEXQDOGHDPSDURDVtFRPRHO7ULEXQDO
&RQVWLWXFLRQDOSXHGDQFRPSXOVDUVREUHODEDVHGHFULWHULRVREMHWLYRVOD
OHJLWLPDFLyQGHODVSDUWHVDVtFRPRODYHUDFLGDGGHORVKHFKRVUHFODPDGRV\
ORVGHUHFKRVOHVLRQDGRVSDUDHQGHILQLWLYDRWRUJDURQHJDUHODPSDUR
H[SUHVDPHQWHVROLFLWDGRDVXYH]WLHQGHDJDUDQWL]DUWDPELpQTXHFRQWDOHV
SUHFLVLRQHVSXHGDQHVWDUDGHUHFKRSDUDDVXPLUGHIHQVDHQGHELGDIRUPD
(ODUWGHOD/7&GLVSRQHTXHHQFDVRGHLQFXPSOLPLHQWRGHORVUHTXLVLWRV
GHIRUPD\FRQWHQLGRH[LJLGRVSRUHODUWGHODPLVPD/H\HOUHFXUVRVHUi
UHFKD]DGR/RVGHIHFWRVIRUPDOHVSRGUiQVHUVXEVDQDGRVSRUHOUHFXUUHQWHHQ
HOSOD]RGHFXDUHQWD\RFKRKRUDVGHVXQRWLILFDFLyQVLQXOWHULRUUHFXUVR
6REUHHOFXPSOLPLHQWRGHORVPHQFLRQDGRVUHTXLVLWRVHVWH7ULEXQDOPHGLDQWH

W


dW^:d


6&5GHGHVHSWLHPEUHHVWDEOHFLyODVLJXLHQWHVXEUHJOD
 HO
DUWGHOD/H\GHO7ULEXQDO&RQVWLWXFLRQDOGLVSRQHLQHTXtYRFDPHQWHTXHHQ
FDVRGHLQFXPSOLPLHQWRGHORVUHTXLVLWRVH[LJLGRVHOUHFXUVRVHUiUHFKD]DGR\
TXHORVGHIHFWRVIRUPDOHVTXHVRQORVSUHYLVWRVHQORVQXPHUDOHV,,,\9GHO
DUWSRGUiQVHUVXEVDQDGRVSRUHOUHFXUUHQWHHQHOSOD]RGHKRUDVGHVX
QRWLILFDFLyQVLQXOWHULRUUHFXUVR

$VXYH]OD6&5GHGHVHSWLHPEUHSUHFLVyTXH
HQHO
PDUFRGHODLQWHUSUHWDFLyQUHDOL]DGDSRUHVWH7ULEXQDOGHEHHQWHQGHUVHTXHORV
RWURVUHTXLVLWRVVRQORVGHFRQWHQLGRWDOHVORVQXPHUDOHV,,,,9\9,GHODUW
GHOD/7&\DQWHODDXVHQFLDGHORVPLVPRVSRGUiUHFKD]DUVHGLUHFWDPHQWH
HOUHFXUVRDFRQWUDULRVHQVXGHOFDVRGHDXVHQFLDGHUHTXLVLWRVGHIRUPD ,,,
\9GHODUW HQTXHFRUUHVSRQGHUiDO7ULEXQDOR-XH]GHDPSDURGLVSRQHU
TXHVHDQVXEVDQDGRVHQHOSOD]RGHKRUDVHQODIRUPDHVWDEOHFLGDSRUHO
DUWGHOD/7&

$HVWDDOWXUDGHODQiOLVLVFRUUHVSRQGHSUHFLVDUTXHORVUHTXLVLWRVH[LJLGRVSRU
OD/H\GHO7ULEXQDO&RQVWLWXFLRQDOHQHOSUHFHSWRDOXGLGR DUWGHOD/7& 
HVWiQGHVWLQDGRVDHYLWDUHOLQLFLRGHXQSURFHGLPLHQWRTXHFDUH]FDGHORV
HOHPHQWRVEiVLFRVQHFHVDULRVSDUDGHFLGLUVREUHODSUHWHQVLyQMXUtGLFD
GHGXFLGDVHDSDUDHVWLPDUODRGHVHVWLPDUOD'HDKtTXHUHVXOWDFRQYHQLHQWH
SXQWXDOL]DUODUHOHYDQFLDSURFHVDOTXHWLHQHQORVWUHVUHTXLVLWRVGHFRQWHQLGRD
TXHVHUHILHUHHODUWGH/H\GHO7ULEXQDO&RQVWLWXFLRQDO

 

,,,)LMDUFRQSUHFLVLyQHODPSDURTXHVHVROLFLWDSDUDSUHVHUYDUR
UHVWDEOHFHUHOGHUHFKRRODJDUDQWtDYXOQHUDGRVRDPHQD]DGRV DUW
9,GHOD/7& 
3RUSULQFLSLRJHQHUDOHO-XH]GHWXWHODHVWiREOLJDGRDFRQIHULUVRODPHQWHOR
TXHVHOHKDSHGLGRHVWRPXHVWUDODHQRUPHLPSRUWDQFLDTXHWLHQHHOSHWLWLXP
3iJLQDGH
GHODFDXVDSXHVHO-XH]HVWiYLQFXODGRDODPLVPDHVWRHVGHEHUiFRQFHGHU
RQHJDUHOSHWLWRULRIRUPXODGRVyORH[FHSFLRQDOPHQWHGDGDODQDWXUDOH]DGH
ORVGHUHFKRVSURWHJLGRVHVSRVLEOHTXHHO-XH]FRQVWLWXFLRQDOSXHGDFRQFHGHU
XQDWXWHODXOWUDSHWLWDGHFDUDDGDUHIHFWLYLGDGHLQPHGLDWH]DODSURWHFFLyQ
GHOGHUHFKRRODJDUDQWtDYXOQHUDGDFXDQGRDGYLHUWDTXHH[LVWLyHUURUDWLHPSR
GHIRUPXODUHOSHWLWRULR([WUHPRTXHGHEHUiVHUSRQGHUDGRHQFDGDFDVR
FRQFUHWRDOWUDWDUVHGHXQDH[FHSFLyQ





1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO


W


dW^:d

6&3(QYLUWXGGHOSULQFLSLRGHIDYRUDELOLGDG\DFFHVRDOD
MXVWLFLDHVSRVLEOHRWRUJDUWXWHODUHVSHFWRGHGHUHFKRVQRLQYRFDGRV
SRUODSDUWHDFFLRQDQWHFXDQGRpVWRVIXHUHQFRQH[RVDODFWRRKHFKR
YXOQHUDWRULR

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOODDFFLRQDQWHGHQXQFLyTXHDO
VHU FRPXQDULD UHFRQRFLGD GHQWUR GH OD FRPXQLGDG 0XNGHQ ORV
GLULJHQWHVGHpVWDVROLFLWDURQXQSODQGHPDQHMRIRUHVWDODHIHFWRVGH
H[WUDHU PDGHUD GH VX SURSLHGDG VLQ VX DXWRUL]DFLyQ DQWH HOOR VH
DSHUVRQy D OD $%7 D HIHFWRV GH KDFHU SUHVHQWH VXV UHFODPRV VLQ
HPEDUJRHOUHSUHVHQWDQWHGHGLFKDHQWLGDGKL]RFDVRRPLVRDORVPLVPRV
HQFRQVHFXHQFLDFRQVLGHUDOHVLRQDGRVVXVGHUHFKRVDDOWUDEDMR\DOD
SURSLHGDG(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOUHYRFyHQSDUWHOD
UHVROXFLyQSURQXQFLDGDSRUHO7ULEXQDOGHJDUDQWtDV\FRQFHGLyODWXWHOD
FRQUHODFLyQDORVFRGHPDQGDGRVGHOD$%7SRUOHVLyQDOGHUHFKRGH
SHWLFLyQ

([WUDFWRGHODUDWLRGHFLGHQGL

)M ,,, (Q HO FDVR GH DQiOLVLV HO DFFLRQDQWH PDQLILHVWD TXH ORV
GHPDQGDGRV HQ VX FDOLGDG GH GLULJHQWHV YXOQHUDURQ VXV GHUHFKRV DO
WUDEDMR\DODSURSLHGDGSRUFXDQWRKDEUtDQLQJUHVDGRDVXSURSLHGDGVLQ
SHUPLVR DOJXQR PDUFDQGR iUEROHV \ DQWH VXV UHFODPRV KDEUtDQ
PDQLIHVWDGR TXH VH VROLFLWy XQ SODQ GH PDQHMR IRUHVWDO DQWH OD $%7
VREUH VX SURSLHGDG DQWH HOOR SUHVHQWy XQ PHPRULDO OD DXWRULGDG
GHPDQGDGDDQWHVXVUHFODPRVKL]RFDVRRPLVRDORVPLVPRV  

5HVSHFWRDODVDFWXDFLRQHVGHOIXQFLRQDULRGHOD$%7WRGDYH]TXHVH
HYLGHQFLD TXH OD DFFLRQDQWH VROLFLWy PHGLDQWH PHPRULDO GH  GH
VHSWLHPEUH GH  VH GHMH VLQ HIHFWR HO 32$) VROLFLWDGR SRU ORV
GLULJHQWHVGHODFRPXQLGDG0XNGHQ\DQWHODGLODFLyQDVXUHVSXHVWD
KDEUtD SUHVHQWDGR OD SUHVHQWH DFFLyQ GH DPSDUR FRQVWLWXFLRQDO
HVWDEOHFLpQGRVH TXH DQWH OD HYLGHQWHGLODFLyQHQODWUDPLWDFLyQ GH ORV
GLFWiPHQHVTXHGHEtDQHPLWLUVHFRPRHIHFWRGHODVROLFLWXGPHQFLRQDGD
VHHYLGHQFLDODYXOQHUDFLyQGHOGHUHFKRDSHWLFLyQGHODDFFLRQDQWHTXH
VL ELHQ QR IXH GHQXQFLDGD H[SUHVDPHQWH SRU pVWD HQ PpULWR D OD
-XULVSUXGHQFLD JORVDGD HQ ORV )XQGDPHQWRV -XUtGLFR ,,, \ ,,, GHO
SUHVHQWH IDOOR \ UHVXOWDQGR FRQH[R pVWH GHUHFKR FRQ HO KHFKR
GHQXQFLDGRFRUUHVSRQGHFRQFHGHUODWXWHODVyORUHVSHFWRDHVWH~OWLPR
HQDSOLFDFLyQDOSULQFLSLRGHIDYRUDELOLGDG

6LQWHVLVGHODUDWLRGHFLGHQGL

W


dW^:d


&RQFHGH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SRU OHVLyQ DO GHUHFKR GH
SHWLFLyQ DQWH OD IDOWD GH UHVSXHVWD GH ODV DXWRULGDGHV GH OD $%7 D OD
VROLFLWXG GH OD DFFLRQDQWH GHUHFKR TXH DXQTXH QR IXH GHPDQGDGR
HPSHURUHVXOWDFRQH[RFRQHOKHFKRGHQXQFLDGR

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/DOtQHDGHHQWHQGLPLHQWRDVXPLGDSRUHO7ULEXQDO&RQVWLWXFLRQDOGHODpSRFDGHORVGLH]
DxRVUDWLILFDGDSRUHO7ULEXQDO7UDQVLWRULRDWUDYpVGHO$&5&$HVWDEOHFLy
ODHVWULFWDYLQFXODFLyQSDUDUHVROYHUODDFFLyQGHDPSDURFRQVWLWXFLRQDOFRQORVKHFKRV
GHUHFKRV \ SHWLWRULR GH OD GHPDQGD $Vt OD 6& 5 HQ XQD LQWHUSUHWDFLyQ
VLVWHPiWLFDGHOD/H\GHO7ULEXQDO&RQVWLWXFLRQDOGHHVDpSRFDHVWDEOHFLyODH[LJHQFLD
GH  H[SRQHU  FRQ  SUHFLVLyQ  \  FODULGDG  ORV  KHFKRV  TXH   OH  VLUYDQ  GH
IXQGDPHQWR   3UHFLVDU  ORV  GHUHFKRV  R  JDUDQWtDV  TXH  FRQVLGHUHQ  VXSULPLGRV R
DPHQD]DGRV\ )LMDUFRQSUHFLVLyQHODPSDURTXHVHVROLFLWDSDUDSUHVHUYDUR
UHVWDEOHFHU (Q HVWH FRQWH[WR OD FLWDGD 6HQWHQFLD DSHUWXUy XQD OtQHD MXULVSUXGHQFLDO
FRQVLGHUDQGRODFDXVDGHSHGLUFRPRXQUHTXLVLWRGHFRQWHQLGRTXHGHEtDVHUFXPSOLGR
SRUHODFFLRQDQWH\UHYLVDGRHQIRUPDSUHYLDSRUHO7ULEXQDOGH*DUDQWtDVFRQODIDFXOWDG
GHUHFKD]DULQOtPLQHODDFFLyQGHWHUPLQDQGRTXHHOFXPSOLPLHQWRGHHVWDH[LJHQFLDQR
VHUHGXFHDHQXPHUDUDUWtFXORVVLQRDH[SOLFDUGHVGHHOSXQWRGHYLVWDFDXVDOFyPRHVRV
KHFKRV KDQ OHVLRQDGR HO GHUHFKR HQ FXHVWLyQ /D 6& 5 UHLWHUDGD SRU OD
5HVWDEOHFLyTXH
([LVWHQFDVRVHQTXHODSHUVRQDTXHVHFRQVLGHUDDJUDYLDGD
HQVXVGHUHFKRVGHPDQHUDRSRUWXQDDFXGHDODMXULVGLFFLyQFRQVWLWXFLRQDOGHQXQFLDGR
HO DFWR R UHVROXFLyQ TXH FRQVLGHUD LOHJDO R DUELWUDULR IXQGDPHQWDQGR \ DFUHGLWDQGR
DGHPiV GLFKR H[WUHPR FRQ XQD SHWLFLyQ FODUD \ FRQFUHWD KDFLHQGR UHODFLyQ GH ORV
KHFKRVFRQORVGHUHFKRVTXHHVWLPDOHVLRQDGRVHPSHURHQHVDUHODFLyQGHFDXVDOLGDG
FRQIXQGHXRPLWHODLQGLFDFLyQGHRWURVGHUHFKRVTXHUHVXOWDQFRQH[RVFRQHOKHFKR
GHQXQFLDGR HQ HVDV HQ DSOLFDFLyQ GHO SULQFLSLR GH IDYRUDELOLGDG DFFHVR D OD MXVWLFLD
FRQVWLWXFLRQDO\SRUHOFDUiFWHUH[SDQVLYRGHORVGHUHFKRVIXQGDPHQWDOHVGHPDQHUD
H[FHSFLRQDO FRUUHVSRQGH WXWHODU HO R ORV GHUHFKRV FRQH[RV D OD SUREOHPiWLFD
GHQXQFLDGD
 (O  7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO GH %ROLYLD PHGLDQWH OD 6&3
GHGHDJRVWRDGRSWyXQDSRVLFLyQPiVIOH[LEOHHQORTXHVHUHILHUHDOD
IDOWDGHFLWDGHDUWtFXORVGHQWURGHXQDDFFLyQGHDPSDURFRQVWLWXFLRQDOUHVSHFWRDORV
GHUHFKRVFRQVLGHUDGRVYXOQHUDGRVVHxDODQGRTXH
/DQRUPDWLYDWUDQVFULWDQRSXHGHVHU
LQWHUSUHWDGDUHVWULFWLYDPHQWHKDVWDODH[LJHQFLDDODFFLRQDQWHGHLQYRFDUHODUWtFXORGH
OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR HQ HO TXH VH HQFXHQWUD FRQVDJUDGR HO GHUHFKR
IXQGDPHQWDO R JDUDQWtD FRQVWLWXFLRQDO TXH VH DOHJD YXOQHUDGR GLFKR UD]RQDPLHQWR
LPSOLFDXQH[FHVLYRIRUPDOLVPRDPRPHQWRGHFRQVLGHUDUHOFRQWHQLGRGHXQHVFULWRGH
DFFLyQWXWHODUHOORFRQVLGHUDQGRTXHPLHQWUDVVHH[SOLTXHQORVKHFKRV\HQTXpFRQVLVWHQ
ORV GHUHFKRV FRQVLGHUDGRV OHVLRQDGRV FRQ HO UHVSHFWLYR QH[R GH FDXVDOLGDG HQWUH ORV
PLVPRV \ OD FDXVD GH SHGLU OD MXULVGLFFLyQ FRQVWLWXFLRQDO QR GHEHUi GHVFRQRFHU OD
IXQGDPHQWDFLyQSRUIDOWDGHFLWDGHODQRUPDWLYDHQODFXDOVHHQFXHQWUDQFRQVDJUDGRV
ORV GHUHFKRV IXQGDPHQWDOHV R JDUDQWtDV FRQVWLWXFLRQDOHV VXSXHVWDPHQWH YXOQHUDGRV

'HMDQGR HVWDEOHFLGR TXH 
QR FRQVWLWX\H XQD FDXVDO GH UHFKD]R OD IDOWD GH FLWD GH ORV
DUWtFXORVGHOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRSRUFRUUHVSRQGHUDXQDLQWHUSUHWDFLyQ
UHVWULFWLYDGHODUW,9GHOD/7&\DOWUDWDUVHGHGHUHFKRVIXQGDPHQWDOHV\JDUDQWtDV
FRQVWLWXFLRQDOHV QR HV QHFHVDULD VX H[LJHQFLD
 $VLPLVPR HQ OD 6&3 
HVWDEOHFLyTXHHQYLUWXGGHOSULQFLSLRGHIDYRUDELOLGDG\DFFHVRDODMXVWLFLDGHPDQHUD
H[FHSFLRQDO FRUUHVSRQGH TXH OD MXVWLFLD FRQVWLWXFLRQDO RWRUJXH OD WXWHOD GH GHUHFKRV
FRQH[RV D OD SUREOHPiWLFD GHQXQFLDGD DXQTXH QR VHDQ LQYRFDGRV SRU OD SDUWH
DFFLRQDQWHFXDQGRpVWRVVHDQFRQH[RVDODFWRRKHFKRYXOQHUDWRULR
&RQVHFXHQWHPHQWHOD6&3/VHFRQVWLWX\HHQXQDVHQWHQFLDPRGXODGRUDGHO
SUHFHGHQWH FRQVWLWXFLRQDO GH YLQFXODFLyQ HVWULFWD D OD FDXVD GH SHGLU HQ OD DFFLyQ GH
DPSDURFRQVWLWXFLRQDODOHQWHQGHUTXHHQUHVJXDUGRDODWXWHODMXGLFLDOHIHFWLYDQRSRGUi

W


dW^:d
GHQHJDUVHODSURWHFFLyQTXHEULQGDODDFFLyQGHDPSDURFRQVWLWXFLRQDOFXDQGRSRUHUURU
XRPLVLyQLQYROXQWDULDQRH[LVWDXQDSUHFLVLyQDGHFXDGDGHORVGHUHFKRVFRQVLGHUDGRV
OHVLRQDGRVHQFX\RFDVRDSOLFDQGRHOSULQFLSLRLXUDQRYLWFXULDSRGUiRWRUJDUVHODWXWHOD
SRU OD YXOQHUDFLyQGH RWURVGHUHFKRV QR PHQFLRQDGRV GHGXFLGRV GHO FRQWHQLGRGH OD
DFFLyQGHOLQIRUPHGHODSDUWHGHPDQGDGDRHQVXFDVRGHODSDUWLFLSDFLyQUHDOL]DGDGH
DPEDVSDUWHVHQODDXGLHQFLDGHJDUDQWtDV


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

/D 6& 5 HQ VX )M ,,, GLVSRQH ([LVWHQ FDVRVHQ TXH OD
SHUVRQDTXHVHFRQVLGHUDDJUDYLDGDHQVXVGHUHFKRVGHPDQHUDRSRUWXQD
DFXGHDODMXULVGLFFLyQFRQVWLWXFLRQDOGHQXQFLDGRHODFWRRUHVROXFLyQ
TXHFRQVLGHUDLOHJDORDUELWUDULRIXQGDPHQWDQGR\DFUHGLWDQGRDGHPiV
GLFKRH[WUHPRFRQXQDSHWLFLyQFODUD\FRQFUHWDKDFLHQGRUHODFLyQGH
ORV KHFKRV FRQ ORV GHUHFKRV TXH HVWLPD OHVLRQDGRV HPSHUR HQ HVD
UHODFLyQ GH FDXVDOLGDG FRQIXQGH X RPLWH OD LQGLFDFLyQ GH RWURV
GHUHFKRV TXH UHVXOWDQ FRQH[RV FRQ HO KHFKR GHQXQFLDGR HQ HVDV
FLUFXQVWDQFLDVHQDSOLFDFLyQGHOSULQFLSLRGHIDYRUDELOLGDGDFFHVRDOD
MXVWLFLD FRQVWLWXFLRQDO \ SRU HO FDUiFWHU H[SDQVLYR GH ORV GHUHFKRV
IXQGDPHQWDOHV GH PDQHUD H[FHSFLRQDO FRUUHVSRQGH WXWHODU HO R ORV
GHUHFKRVFRQH[RVDODSUREOHPiWLFDGHQXQFLDGD



 1RUPDV FRPXQHV GH SURFHGLPLHQWR HQ DFFLRQHV GH
GHIHQVD6HQWHQFLD\HIHFWRVGHODUHVROXFLyQ
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3/RVIDOORVGHORVMXHFHVRWULEXQDOHVGHJDUDQWtDVVRQ
GH FXPSOLPLHQWR LQPHGLDWR \ PLHQWUDV HO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO VH SURQXQFLH ORV DFWRV MXULVGLFFLRQDOHV QR VH
VXVSHQGHQ

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOVHGHQXQFLyODYXOQHUDFLyQD
ORV GHUHFKRV DO GHELGR SURFHVR \ OD VHJXULGDG MXUtGLFD SRUTXH ODV
DXWRULGDGHV GHPDQGDGDV SURQXQFLDURQ DXWR VXSUHPR TXH GHFODUy OD
W


dW^:d


H[WLQFLyQGHODDFFLyQSHQDOGHXQFRSURFHVDGRVLQFRQVLGHUDUTXHFRQ
DQWHULRULGDGHQUHODFLyQDXQDH[FHSFLyQLQWHUSXHVWDHVWiSHQGLHQWHXQD
DFFLyQGHDPSDURFRQVWLWXFLRQDOTXHHQSULPHUDLQVWDQFLDIXHGHQHJDGR
\HVWDUtDHQUHYLVLyQDQWHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOVLQ
VHQWHQFLDILQDOHQPpULWRDHVWRVDQWHFHGHQWHVSLGLyVHFRQFHGDODWXWHOD
\ VH DQXOH HO DXWR VXSUHPR LPSXJQDGR SDUD TXH VH SURQXQFLH QXHYD
UHVROXFLyQTXHGHPDQHUDIXQGDPHQWDGDGHFODUHODLPSURFHGHQFLDGHOD
VROLFLWXG GH H[WLQFLyQ GH OD DFFLyQ \ SRU WDQWR UHVXHOYD HO IRQGR GHO
UHFXUVRGHQXOLGDG\FDVDFLyQLQWHUSXHVWRSRUHODFFLRQDQWH(O7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOHQVX6DOD/LTXLGDGRUDUHYRFyODGHFLVLyQ
GHO7ULEXQDOGH*DUDQWtDV\GHQHJyODWXWHODSHGLGDSRUTXHXQDGHFLVLyQ
GHO 7ULEXQDO GH *DUDQWtDV HV GH LQPHGLDWD HMHFXFLyQ \ QR GHEH
VXVSHQGHUVH ORV DFWRV GHO SURFHVR KDVWD OD HPLVLyQ GH OD VHQWHQFLD
FRQVWLWXFLRQDO

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,


6LQ HPEDUJR FRQIRUPH IXH H[SUHVDGR HQ HO )XQGDPHQWR -XUtGLFR


DQWHULRU OD VROD SUHVHQWDFLyQ GH XQD DFFLyQ WXWHODU QR VXVSHQGH OD
DFWLYLGDG GHORVMXHFHV HQORV SURFHGLPLHQWRVMXGLFLDOHV DVXFDUJR \
PiVD~QFRPRHQHOSUHVHQWHFDVRTXHDWHQGLHQGRDODQDWXUDOH]DGHOD
H[FHSFLyQSODQWHDGDSRUPRUDSURFHVDOHVIDFWLEOHODSUHVHQWDFLyQGHOD
H[FHSFLyQPiVGHXQDYH]FRQVXSXHVWRVIiFWLFRVGHKHFKRGLVWLQWRV
WRPDQGR HQ FXHQWD DGHPiV HO WLHPSR WUDQVFXUULGR HQWUH OD SULPHUD
VROLFLWXG \ XQD SRVWHULRU TXH SXGLHUD SUHVHQWDUVH GH PRGR TXH ORV
0LQLVWURV GHPDQGDGRV SRGtDQ FRQWLQXDU GLFWDQGR ODV UHVROXFLRQHV \
HMHFXWDQGRORVDFWRVTXHHOHMHUFLFLRGHVXODERULPSOLFDVLQTXHSRUHOOR
VHOHVLRQHORVGHUHFKRVGHODFFLRQDQWHSRUFXDQWRODH[LVWHQFLDGHXQ
DPSDURFRQVWLWXFLRQDOTXHGLOXFLGDUiXQDSULPHUDVROLFLWXGGHH[WLQFLyQ
GHODDFFLyQ QR LPSLGH ODSUHVHQWDFLyQVXVWDQFLDFLyQ \ UHVROXFLyQ GH
XQDVHJXQGDVROLFLWXGGHH[FHSFLyQGHODPLVPDQDWXUDOH]DTXHWLHQH
VXVSURSLRVIXQGDPHQWRV\HOHPHQWRVVHDVXPHGLVWLQWRVDODSULPHUD


6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJD OD WXWHOD SHGLGD SRUTXH ORV 0LQLVWURV GHPDQGDGRV SRGtDQ
FRQWLQXDU GLFWDQGR ODV UHVROXFLRQHV \ HMHFXWDQGR ORV DFWRV TXH HO
HMHUFLFLRGHVXODERULPSOLFD

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/D6&GHEHVHUHQWHQGLGDHQHOFRQWH[WRGHODV6HQWHQFLDV
&RQVWLWXFLRQDOHV 5 5 5  \  6&3
W


dW^:d

5 HQWUH RWUDV  HQWHQGLPLHQWRV TXH GH PDQHUD XQLIRUPH


HVWDEOHFHQTXHODVRODSUHVHQWDFLyQGHXQUHFXUVRWXWHODUQRVXVSHQGHOD
DFWLYLGDGGHORVMXHFHVHQORVSURFHVRVDVXFDUJR

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

(OSUHFHGHQWHSODVPDGRHQOD6&5HVWDEOHFH

)-,,,


 ODDFWLYLGDGMXULVGLFFLRQDORUGLQDULDQRHVWiVRPHWLGDDORVDFWRVGH
OD MXULVGLFFLyQ FRQVWLWXFLRQDO GH KHFKR GH PRGR TXH OD PHUD
LQWHUSRVLFLyQ GH XQ UHFXUVR DQWH HVWD MXULVGLFFLyQ QR LPSOLFD TXH OD
DXWRULGDG MXGLFLDO HQ OD MXULVGLFFLyQ RUGLQDULD GHED VXVSHQGHU OD
FHOHEUDFLyQGHDFWRVQLDEVWHQHUVHGHGLFWDUUHVROXFLRQHV




1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3([KRUWDFLyQDODVDXWRULGDGHVMXULVGLFFLRQDOHVSDUD
TXHpVWDVFXPSODQFRQVXUROGHJDUDQWHVSULPDULRVGHORVGHUHFKRV
IXQGDPHQWDOHVPiVD~QVLHYHQWXDOPHQWHHVWXYLHUDQHQULHVJRODYLGD
GHXQDPXMHUHPEDUD]DGD\GHOQDVFLWXUXV

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHOLEHUWDGODDFFLRQDQWHPDQLIHVWyTXHODVDXWRULGDGHV
GHPDQGDGDV QHJDURQ VX VROLFLWXG GH VHxDODPLHQWR GH DXGLHQFLD SDUD
FRQVLGHUDU OD FHVDFLyQ GH VX GHWHQFLyQ SUHYHQWLYD SXHV OD )LVFDO
GHPDQGDGDUHFXVyUHLWHUDGDPHQWHDORV-XHFHVGH,QVWUXFFLyQHQOR3HQDO
DILQGHHYLWDUHOFHVHGHVXGHWHQFLyQ\HO-XH]GHPDQGDGRQRVHxDOyGtD
\KRUDGHDXGLHQFLDSDUDFRQVLGHUDUGLFKDVROLFLWXGSHVHDHQFRQWUDUVH
HQ HVWDGR GH JHVWDFLyQ SRU OR TXH UHILHUH TXH VH KDQ YXOQHUDGR ORV
GHUHFKRVDODYLGD\DODVDOXGWDQWRGHHOODFRPRGHOKLMRTXHOOHYDHQ
VXYLHQWUHSRUORTXHSHWLFLRQDTXHGHPDQHUDLQPHGLDWDVHOOHYHDFDER
OD DXGLHQFLD GH FHVDFLyQ D VX GHWHQFLyQ SUHYHQWLYD (O 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO HQ UHYLVLyQ FRQILUPy OD UHVROXFLyQ TXH
W


dW^:d


GHQHJyODWXWHODFRQORVDUJXPHQWRVGHTXHODDFFLRQDQWHQRKDSRGLGR
DFUHGLWDUGHPDQHUDIHKDFLHQWHODLQPLQHQFLDGHULHVJRGHVXGHUHFKRD
ODYLGDDVtFRPRVHKDHYLGHQFLDGRTXHODVXVSHQVLyQGHODDXGLHQFLD
SDUDFRQVLGHUDUODFHVDFLyQDVXGHWHQFLyQSUHYHQWLYDQRHVDWULEXLEOHDO
-XH]GHPDQGDGRDOKDEHUVLGRpVWHUHFXVDGRVLQHPEDUJRHO7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOH[KRUWyDOMXH]FDXWHODUSDUDTXHDVXPDVX
UROFRQODPD\RUFHOHULGDGSRVLEOH

([WUDFWRGHODUDWLRGHFLGHQGL

)- ,,,
D PDQHUD GH H[KRUWDFLyQ GH DFXHUGR D OR UHVXHOWR SRU HO
7ULEXQDOGHJDUDQWtDVHVSUXGHQWHPDQLIHVWDUTXHHO-XH]FDXWHODUHQ
WRGRFDVRGHEHWRPDUHQFXHQWDODVDOXGGHODDFFLRQDQWHDVXPLUGLFKR
UROFRQODPD\RUFHOHULGDGSRVLEOHPiVD~QVLHYHQWXDOPHQWHHVWXYLHUD
HQULHVJRODYLGDGHODLPSXWDGDFRPRODGHOQDVFLWXUXV


6LQWHVLVGHODUDWLRGHFLGHQGL

([KRUWDDODVDXWRULGDGHVMXULVGLFFLRQDOHVSDUDTXHpVWDVFXPSODQFRQVX
URO GH JDUDQWHV SULPDULRV GH ORV GHUHFKRV IXQGDPHQWDOHV PiV D~Q VL
HYHQWXDOPHQWHHVWXYLHUDQHQULHVJRODYLGDGHXQDPXMHUHPEDUD]DGD\
GHOQDVFLWXUXV

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(QDTXHOORVFDVRVHQORVTXHHO7ULEXQDO&RQVWLWXFLRQDOKDFRQVLGHUDGR
OD H[LVWHQFLD GH SHOLJUR D ORV GHUHFKRV IXQGDPHQWDOHV GH ODV SDUWHV
GHQWURGHXQSURFHVRD~QHQORVFDVRVHQORVTXHVHKDGHQHJDGRODWXWHOD
LQYRFDGD D H[KRUWDGR D ODV DXWRULGDGHV MXULVGLFFLRQDOHV SDUD TXH
FXPSODQVXUROFRQODFHOHULGDGTXHHOFDVRDPHULWD
$VtHQOD6&5HVWDEOHFLyTXHVLELHQHQHOFDVRDQDOL]DGRHO
-XH] FDXWHODU TXH FRQRFLy HO SURFHVR QR IXH GHPDQGDGR HPSHUR
LQFXUULy HQ XQD RPLVLyQ LQGHELGD DO VXVSHQGHU OD UHDOL]DFLyQ GH OD
DXGLHQFLD GH PHGLGDV FDXWHODUHV KDVWD TXH VH UHVXHOYD OD DFFLyQ GH
OLEHUWDG LQWHUSXHVWD DFWXDFLyQ TXH QR UHVSRQGH D VX URO GH FRQWURO
MXULVGLFFLRQDOGHOSURFHVRSRUORTXHHO7ULEXQDO&RQVWLWXFLRQDOH[KRUWy
DGLFKDDXWRULGDGSDUDTXHHQHOIXWXURREUHFRQIRUPHD'HUHFKR
3ULPHUD6HQWHQFLD&RQILUPDGRUD*HVWLyQ6&3

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

/D6HQWHQFLDDQDOL]DGDQRFRQWLHQHXQSUHFHGHQWHH[SOtFLWRSRUHOORD
SDUWLUGHODUDWLRGHFLGHQGLVHUHFRQVWUX\HHOPLVPR
(O 7ULEXQDO &RQVWLWXFLRQDO HQ HO iPELWR GHO FRQWURO WXWHODU GH
FRQVWLWXFLRQDOLGDG WLHQH OD SRVLELOLGDG GH PRGXODU ORV HIHFWRV GH VXV
W


dW^:d

VHQWHQFLDVDWUDYpVGHH[KRUWDFLRQHVDODVDXWRULGDGHVMXULVGLFFLRQDOHV
SDUD TXH pVWDV DVXPDQ VX URO GH JDUDQWHV SULPDULRV GH ORV GHUHFKRV
IXQGDPHQWDOHVPiVD~QDOWUDWDUVHPXMHUHPEDUD]DGDSXHVHQHVWHFDVR
QR VRODPHQWH VH WXWHOD HO GHUHFKR D OD YLGD \ VDOXG GH pVWD VLQR GHO
QDVFLWXUXV



1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&33RGUiHQFDVRVFRQFUHWRVRUGHQDUVHDORV7ULEXQDOHV
GH *DUDQWtDV \ 8QLGDGHV GH &RRUGLQDFLyQ 'HSDUWDPHQWDO OD
VXSHUYLVLyQ \ VHJXLPLHQWR VREUH HO FXPSOLPLHQWR GH GHFLVLRQHV
FRQVWLWXFLRQDOHV $VLPLVPR VH SRGUi RUGHQDU D LQVWLWXFLRQHV
HQWLGDGHV S~EOLFDV R SULYDGDV UHDOL]DU LQIRUPHV SHULyGLFRV GH
VHJXLPLHQWR\VXSHUYLVLyQ

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQSRSXODUODFRPXQLGDGLQGtJHQD
7DNDQD(O7XUL0DQXSDUH,,
DWUDYpVGHO
3UHVLGHQWH GH OD &HQWUDO ,QGtJHQD GH 3XHEORV 2ULJLQDULRV GH OD $PD]RQtD GH 3DQGR
&,32$3GHQXQFLyODYXOQHUDFLyQGHORVGHUHFKRVFROHFWLYRVDOKiELWDWDOGRPLFLOLR\
DOGHELGRSURFHVRSRUTXHHOSDUWLFXODUGHPDQGDGRLUUXPSLyYLROHQWDPHQWHHQODVWLHUUDV
ILVFDOHVTXHKDELWDQTXHPyFDWRUFHFDVDVUHFLpQFRQVWUXLGDVHMHUFLHQGRHQFRQWUDGHO
SXHEOR YLROHQFLD ItVLFD \ SVLFROyJLFD SRU OR TXH VH VROLFLWy VH FRQFHGD OD WXWHOD \ VH
GLVSRQJDHOFHVHGHFXDOTXLHUDFWRGHDJUHVLyQItVLFD\SVLFROyJLFDFRQWUDODFRPXQLGDG
DFFLRQDQWHVHUHPLWDQDQWHFHGHQWHVDO0LQLVWHULR3~EOLFR\VHSURFHGDDOSDJRGHGDxRV
\ SHUMXLFLRV (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO FRQILUPy OD UHVROXFLyQ GHO
7ULEXQDO GH *DUDQWtDV \ FRQFHGLy OD WXWHOD SHWLFLRQDGD UDWLILFDQGR OR GLVSXHVWR HQ OD
UHVROXFLyQ REMHWR GH UHYLVLyQ $GHPiV GLVSXVR L  4XH OD FRPXQLGDG LQGtJHQD
DFFLRQDQWHUHWRUQHDVXWHUULWRULRDQFHVWUDOFDWDORJDGRFRPR
WLHUUDILVFDOQRGLVSRQLEOH

LL H[KRUWyDO,15$GH3DQGR\DOD$%7DGHILQLUODVLWXDFLyQGHOWHUULWRULRHQFRQIOLFWR
DSDUWLUGHODLQWHUSUHWDFLyQUHDOL]DGDHQHO)-,,,LLL ([KRUWyDO,15$GH3DQGR
$%7 \ -XH] $JURDPELHQWDO GHO 'HSDUWDPHQWR GH 3DQGR D DSOLFDU ORV FULWHULRV GH
LQWHUSUHWDFLyQGHVDUUROODGRVHQODVHQWHQFLDLY RUGHQyODGLIXVLyQGHODVHQWHQFLDDOD
$%7 ,15$ \ D OD MXULVGLFFLyQ DJURDPELHQWDO DVt FRPR D ORV GLIHUHQWHV 7ULEXQDOHV
'HSDUWDPHQWDOHVGH-XVWLFLD\DODVRUJDQL]DFLRQHVGHORVSXHEORVLQGtJHQDVY 'LVSXVR
TXH OD &,32$3 LQIRUPH D HVWH 7ULEXQDO D WUDYpV GH OD XQLGDG GH &RRUGLQDFLyQ
'HSDUWDPHQWDOHQHOSOD]RGHXQPHVVREUHHOUHWRUQRSDFtILFRDOWHUULWRULRLQGtJHQD/D
FRQFHVLyQGHWXWHODVHEDVDHQORVLJXLHQWHYL 'LVSXVRTXHHO7ULEXQDOGH*DUDQWtDV
HIHFW~HHOVHJXLPLHQWRFRUUHVSRQGLHQWHDOFXPSOLPLHQWRGHHVWDVHQWHQFLDH[LJLHQGRORV
LQIRUPHVSHUWLQHQWHVDOD$%7H,15$VREUHHOWHUFHUSXQWRGLVSXHVWRHQHVWHIDOOR\

W


dW^:d


YLL  'LVSXVR TXH OD 8QLGDG GH &RRUGLQDFLyQ 'HSDUWDPHQWDO GH 3DQGR VXSHUYLVH HO
FXPSOLPLHQWRGHODVHQWHQFLD/DVUD]RQHVGHODGHFLVLyQIXHURQODVVLJXLHQWHV 6H
FRQFHGH OD DFFLyQ SRSXODU SRUTXH HO GHPDQGDGR DO QR VHU WLWXODU GH XQD FRQFHVLyQ
IRUHVWDO\DOGHVDORMDUPHGLDQWHYtDVGHKHFKRDODFRPXQLGDG
7DNDQD(O7XUL0DQXSDUH
,,
 GH VX WHUULWRULR DQFHVWUDO \ HQ UHODFLyQ DO FXDO HMHUFH VXV GHUHFKRV GH XVR \
DSURYHFKDPLHQWR GH ORV UHFXUVRV QDWXUDOHV YXOQHUy VX GHUHFKR FROHFWLYR DO KiELWDW
LPSLGLHQGR SRU WDQWR TXH GLFKR SXHEOR HQ HO PDUFR GH OD UHFRQVWLWXFLyQ WHUULWRULDO
GHVDUUROOHVXVHVSHFtILFDVIRUPDVGHYLGDVXRUJDQL]DFLyQVRFLDO\SROtWLFDVXFXOWXUD\
VXHVSLULWXDOLGDG\DSURYHFKHVXVUHFXUVRVQDWXUDOHV


([WUDFWRGHODUDWLRGHFLGHQGL

5DWLR,PSOtFLWD

'LVSRQHUTXHOD&,32$3LQIRUPHDHVWH7ULEXQDODWUDYpVGHOD
8QLGDGGH&RRUGLQDFLyQ'HSDUWDPHQWDOGHHVWH7ULEXQDOHQHOSOD]RGH
XQ PHV VREUH VL HO SURFHVR GH UHWRUQR DO WHUULWRULR SRU SDUWH GH OD
FRPXQLGDGLQGtJHQD
7DNDQD(O7XUL0DQXSDUH,,
KDVLGRHIHFWXDGRVLQ
QLQJXQDREVWUXFFLyQSRUSDUWHGHODSDUWHGHPDQGDGDRWUDVSHUVRQDVR
LQVWLWXFLRQHV


'LVSRQHUTXHHO7ULEXQDOGHJDUDQWtDVHIHFWXpHOVHJXLPLHQWR
FRUUHVSRQGLHQWH DO FXPSOLPLHQWR GH OD SUHVHQWH 6HQWHQFLD
&RQVWLWXFLRQDO 3OXULQDFLRQDO H[LJLHQGR ORV LQIRUPHV SHUWLQHQWHV D OD
$%7H,15$VREUHHOWHUFHUSXQWRGLVSXHVWRHQHVWHIDOOR


'LVSRQHU TXH OD 8QLGDG GH &RRUGLQDFLyQ 'HSDUWDPHQWDO GH
3DQGR GH HVWH 7ULEXQDO VXSHUYLVH HO FXPSOLPLHQWR GH OD SUHVHQWH
6HQWHQFLD&RQVWLWXFLRQDO3OXULQDFLRQDO

6LQWHVLVGHODUDWLRGHFLGHQGL

2UGHQD D OD &,32$3 LQIRUPDU HQ HO SOD]R GH XQ PHV DO 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO D WUDYpV GH OD 8QLGDG GH &RRUGLQDFLyQ
'HSDUWDPHQWDO GH 3DQGR HO SURFHVR GH UHWRUQR SDFLILFR DO WHUULWRULR
DQFHVWUDO GH OD FRPXQLGDG LQGtJHQD
7DNDQD (O 7XUL 0DQXSDUH ,,

DVLPLVPR VH RUGHQD DO 7ULEXQDO GH *DUDQWtDV \ D OD 8QLGDG GH
&RRUGLQDFLyQ 'HSDUWDPHQWDO GH 3DQGR HIHFWXDU HO VHJXLPLHQWR
FRUUHVSRQGLHQWH DO FXPSOLPLHQWR GH HVWD VHQWHQFLD FRQVWLWXFLRQDO
SOXULQDFLRQDO

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

3UHFHGHQWH,PSOtFLWR



'LVSRQHUTXHOD&,32$3LQIRUPHDHVWH7ULEXQDODWUDYpVGHOD
8QLGDGGH&RRUGLQDFLyQ'HSDUWDPHQWDOGHHVWH7ULEXQDOHQHOSOD]RGH
W


dW^:d

XQ PHV VREUH VL HO SURFHVR GH UHWRUQR DO WHUULWRULR SRU SDUWH GH OD
FRPXQLGDGLQGtJHQD
7DNDQD(O7XUL0DQXSDUH,,
KDVLGRHIHFWXDGRVLQ
QLQJXQDREVWUXFFLyQSRUSDUWHGHODSDUWHGHPDQGDGDRWUDVSHUVRQDVR
LQVWLWXFLRQHV


'LVSRQHUTXHHO7ULEXQDOGHJDUDQWtDVHIHFWXpHOVHJXLPLHQWR
FRUUHVSRQGLHQWH DO FXPSOLPLHQWR GH OD SUHVHQWH 6HQWHQFLD
&RQVWLWXFLRQDO 3OXULQDFLRQDO H[LJLHQGR ORV LQIRUPHV SHUWLQHQWHV D OD
$%7H,15$VREUHHOWHUFHUSXQWRGLVSXHVWRHQHVWHIDOOR


'LVSRQHU TXH OD 8QLGDG GH &RRUGLQDFLyQ 'HSDUWDPHQWDO GH
3DQGR GH HVWH 7ULEXQDO VXSHUYLVH HO FXPSOLPLHQWR GH OD SUHVHQWH
6HQWHQFLD&RQVWLWXFLRQDO3OXULQDFLRQDO



1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3([KRUWDFLyQDOD&RPLVLyQGH$GPLVLyQGHO7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO  SDUD TXH FXPSOD ODV QRUPDV TXH
UHJXODQODWUDPLWDFLyQGHODVDFFLRQHV\UHFXUVRVFRQVWLWXFLRQDOHVHQ
IRUPDLQPHGLDWD\RSRUWXQD

([WUDFWRGHODUDWLRGHFLGHQGL

'HQWURGHO$&5&$GHGHPD\R
)-,,,)LQDOPHQWHHVGHEHUGHHVWD6DOD([KRUWDUDOD&RPLVLyQGH
$GPLVLyQTXHHPLWLyHO$&5&$LQYRFDQGRTXHHQHOIXWXUR
VHFXPSODQODVIXQFLRQHVHQFDUJDGDVSRUHOSXHEORFRQIRUPHDORVILQHV
\ REMHWLYRV GH OD MXULVGLFFLyQ FRQVWLWXFLRQDO GH JDUDQWL]DU OD YLJHQFLD
PDWHULDO GH ORV GHUHFKRV FRQVWLWXFLRQDOHV GH IRUPD LQPHGLDWD \
RSRUWXQDUHFODPDQGRWDPELpQODVXMHFLyQGHVXVDFWRVDORVSULQFLSLRV
GH OD MXVWLFLD FRQVWLWXFLRQDO \ ODV DWULEXFLRQHV HQFDUJDGDV SRU OD
&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR\ODVOH\HVGHGHVDUUROORGHODIXQFLyQ
MXULVGLFFLRQDOFRQVWLWXFLRQDO

6LQWHVLVGHODUDWLRGHFLGHQGL

W


dW^:d


6H H[KRUWD D OD &RPLVLyQ GH $GPLVLyQ GHO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDOSDUDTXHFXPSODODVQRUPDVTXHUHJXODQODWUDPLWDFLyQGH
ODVDFFLRQHV\UHFXUVRVFRQVWLWXFLRQDOHVHQIRUPDLQPHGLDWD\RSRUWXQD



1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   ([KRUWDFLyQ DO UJDQR (MHFXWLYR SDUD TXH
GHVDUUROOHORVPHFDQLVPRVLQVWLWXFLRQDOHVGHVWLQDGRVDLPSOHPHQWDUOD
REWHQFLyQDIXWXURGHHVSHFLDOL]DFLRQHVSDUDSURIHVLRQDOHVEROLYLDQRV
HQ HQ UHVJXDUGR GH ORV GHUHFKRV D OD HGXFDFLyQ \ DO OLEUH HMHUFLFLR
SURIHVLRQDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HO DFFLRQDQWH VHxDOD TXH HO
5HJODPHQWRGH(VSHFLDOLGDGHV0pGLFDVUHFRQRFHODFDOLILFDFLyQFRPR
HVSHFLDOLVWDV D ORV SURIHVLRQDOHV PpGLFRV TXH DFUHGLWHQ PiV GH FLQFR
DxRVGHDFWLYLGDGHVH[FOXVLYDVHQXQDHVSHFLDOLGDGGHQWURGHXQVHUYLFLR
UHFRQRFLGRLQVWLWXFLRQDORSDUWLFXODU QRUPDWLYD TXHIXH UHJODPHQWDGD
SRU HO &ROHJLR 0pGLFR 1DFLRQDO VREUH OD EDVH GHO ,QIRUPH /HJDO
1DFLRQDOGHO&RPLWp&LHQWtILFR1DFLRQDOGHO&ROHJLR0pGLFRGH%ROLYLD
GH  GH MXQLR GH  5HJODPHQWR HQ HO TXH HVWiQ SUHYLVWRV ORV
UHTXLVLWRV TXH GHEHQ FXPSOLU ORV PpGLFRV SDUD DFRJHUVH D GLFKD
PRGDOLGDG GHELHQGR DFUHGLWDU VX GHVHPSHxR FRQWLQXDGR HQ OD
HVSHFLDOLGDGPHGLDQWHFHUWLILFDGRHPLWLGRSRUHQWLGDGUHFRQRFLGD(QVX
FDVR UHILHUH TXH DFUHGLWy WRGRV ORV H[WUHPRV SUHYLVWRV HQ HO LQGLFDGR
5HJODPHQWRGHELGRDTXHFXHQWDFRQODHVSHFLDOLGDGHQFLUXJtDODFXDO
UHDOL]y GXUDQWH WUHV DxRV HQ HO +RVSLWDO 6DQ -XDQ GH 'LRV \
SRVWHULRUPHQWHVHGHGLFyHQIRUPDFRQWLQXD\H[FOXVLYDDODSUiFWLFD
PpGLFDHQODHVSHFLDOLGDGGHFLUXJtDSOiVWLFDUHFRQVWUXFWLYDHQGLIHUHQWHV
LQVWLWXFLRQHVGHVDOXGUHFRQRFLGDVDQLYHOQDFLRQDOFRPRVHUHO+RVSLWDO
0XQLFLSDO6DQ-XDQGH'LRVDVtFRPRHQOD&OtQLFD0pGLFD6LUDQtSRU
XQSHULRGRGHGLH]DxRVGHVGHHOKDVWDHO5HILHUHTXHVX
WUiPLWHIXHGHULYDGRDOD6RFLHGDG%ROLYLDQDGH&LUXJtD3OiVWLFD(VWpWLFD
\5HFRQVWUXFWLYD)LOLDO6DQWD&UX]LQVWDQFLDTXHUHFKD]yVXVROLFLWXG
UHFKD]R TXH IXH UDWLILFDGR SRU 5HVROXFLyQ GH  GH MXQLR GH 
W


dW^:d

PDQLIHVWDQGRTXHQRSRGtDDFRJHUVHDO'6SRUORTXHWXYRTXH
DFXGLU DQWH HO &RPLWp &LHQWtILFR 1DFLRQDO GHO &ROHJLR 0pGLFR GH
%ROLYLDLQVWDQFLDTXHPHGLDQWHQRWD&,7(&&1&0%/3
 VHxDOy TXH QR SRGtD HPLWLU OD FHUWLILFDFLyQ VROLFLWDGD SRU HO
DFFLRQDQWH VL ODV VRFLHGDGHV GH FLUXJtDV SOiVWLFDV \ UHFRQVWUXFWLYDV
QDFLRQDOHV \ GHSDUWDPHQWDOHV QR ODV DSUREDEDQ KDELHQGR UHFKD]DGR
DPEDVLQVWLWXFLRQHVVXVROLFLWXGGHFHUWLILFDFLyQGHHVSHFLDOLGDGPpGLFD
HQFLUXJtDSOiVWLFD\UHFRQVWUXFWLYDFRQHODUJXPHQWRTXHGHEtDDFUHGLWDU
WDOVLWXDFLyQDWUDYpVGHXQtWHPGHIXQFLRQDULRS~EOLFRHQXQDLQVWLWXFLyQ
UHFRQRFLGD SXHVWR TXH OD ILJXUD GH DGVFULWXUD QR HVWDED UHFRQRFLGD
FRPRWUDEDMRVLQWHQHUHQFXHQWDTXHODQRUPDWLYDFLWDGDQRHVWDEOHFtD
HVHUHTXLVLWRGHHVWDIRUPDFRQVLGHUDOHVLRQDGRVVXVGHUHFKRVDOWUDEDMR
\DOHPSOHRDODLJXDOGDGDQWHODOH\DVtFRPRODLQREVHUYDQFLDGHORV
SULQFLSLRVGHOHJDOLGDG\VHJXULGDGMXUtGLFDHQPpULWRDORTXHSHWLFLRQy
VHOHFRQFHGDODDFFLyQGHDPSDURVHGHFODUHODQXOLGDGGHOD
5HVROXFLyQ
1R&0%&&1/3GHGHVHSWLHPEUHGH
\VH
RUGHQHDO3UHVLGHQWHGHO&RPLWp&LHQWtILFR1DFLRQDOGHO&ROHJLR0pGLFR
GH%ROLYLD\DO3UHVLGHQWHGHOD6RFLHGDG%ROLYLDQDGH&LUXJtD3OiVWLFD
(VWpWLFD \ 5HFRQVWUXFWLYD HPLWDQ XQD QXHYD 5HVROXFLyQ HQ OD TXH VH
DEVWHQJDQGHH[LJLUPD\RUHVUHTXLVLWRVTXHORVSUHYLVWRVHQHO'6
\ VX 5HJODPHQWR DGPLQLVWUDWLYR \ VH OH RWRUJXH HO FHUWLILFDGR GH
HVSHFLDOLVWD HQ FLUXJtD SOiVWLFD HVWpWLFD \ UHFRQVWUXFWLYD SRU KDEHU
FXPSOLGRFRQWRGRVORVUHTXLVLWRVH[LJLGRV(O7ULEXQDO&RQVWLWXFLRQDO
3OXULQDFLRQDOUHVROYLyUHYRFDUOD5HVROXFLyQGHO7ULEXQDOGH*DUDQWtDV
TXHKDEtDFRQFHGLGRODWXWHOD\HQFRQVHFXHQFLDGHQHJDUODPLVPDFRQ
HO DUJXPHQWR GH TXH HO 7ULEXQDO QR SXHGH UHDOL]DU OD YDORUDFLyQ D OD
LQWHUSUHWDFLyQGHODOHJDOLGDGRUGLQDULDFXDQGRHODFFLRQDQWHGHDPSDUR
QR LGHQWLILFD FRQ SUHFLVLyQ \ VXSUHPD
FODULGDG HO SURFHVR QRUPDWLYR
LQWHUSUHWDWLYR GH FRQVWUXFFLyQ GH OD UDWLR GHFLGHQGL \ SODQWHDU FRQ
FODULGDGFyPRHVHSURFHVRDIHFWDGHUHFKRVIXQGDPHQWDOHV
6LQHPEDUJR
HO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOFRQUHIHUHQFLDDOGHUHFKRDOD
HGXFDFLyQFRQUHODFLyQDOGHUHFKRDOOLEUHHMHUFLFLRSURIHVLRQDOLQVWDDO
0LQLVWHULR GH 6DOXG \ 'HSRUWHV SDUD TXH HQ FRRUGLQDFLyQ FRQ ODV
LQVWLWXFLRQHV S~EOLFDV \ SULYDGDV GHVDUUROOH ORV PHFDQLVPRV
LQVWLWXFLRQDOHV GHVWLQDGRV D LPSOHPHQWDU OD 5HVLGHQFLD GH &LUXJtD
3OiVWLFD \ 5HFRQVWUXFWLYD HQ HO 6LVWHPD GH 5HVLGHQFLDV 0pGLFDV HQ
%ROLYLD SHUPLWLHQGR OD REWHQFLyQ D IXWXUR GH OD HVSHFLDOL]DFLyQ GH
FLUXMDQRSOiVWLFR\UHFRQVWUXFWLYRHQ%ROLYLD

([WUDFWRGHODUDWLRGHFLGHQGL

)- ,,, (Q HMHUFLFLR GH OD MXULVGLFFLyQ FRQVWLWXFLRQDO HQ HO FDVR GH DXWRV HVWH
7ULEXQDOKDGHWHFWDGRXQDRPLVLyQQRUPDWLYDTXHUHVXOWDUHOHYDQWHDODHIHFWLYL]DFLyQ
GH GHUHFKRV UHFRQRFLGRV HQ OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR FRPR HO GHUHFKR DO
WUDEDMR HQ VX GLPHQVLyQ GHUHFKR DO OLEUH HMHUFLFLR GH OD SURIHVLyQ HO GHUHFKR D OD
HGXFDFLyQYRFDFLRQDO\HOGHUHFKRDOOLEUHHMHUFLFLRGHODSHUVRQDOLGDGHQODFRQVWUXFFLyQ
GHXQSUR\HFWRGHYLGDLQGLYLGXDOTXHQRDIHFWHHOLQWHUpVFROHFWLYR3XHVWRTXHHO(VWDGR

W


dW^:d


QRJDUDQWL]yODSRVLELOLGDGGHODUHDOL]DFLyQGHUHVLGHQFLDVPpGLFDVHQODHVSHFLDOLGDG
GHOD&LUXJtD3OiVWLFDHQ%ROLYLDVLQHPEDUJRTXHODQRUPDUHJODPHQWDULD\DUHFRQRFH
OD H[LVWHQFLD GH HVWD HVSHFLDOLGDG GHVGH KDFH WUHLQWD DxRV VLQ HPEDUJR QR UHDOL]y
QLQJXQDDFFLyQSRVLWLYDSDUDSHUPLWLUTXHHVWDHVSHFLDOLGDGSXHGDREWHQHUVHUHDOL]DQGR
DFWLYLGDGHVFLHQWtILFDVHQ%ROLYLDREOLJDQGRDTXLHQHVTXLHUHQREWHQHUODHVSHFLDOLGDGD
VDOLUGHODVIURQWHUDVGHOSDtV\DTXHFRPRVHxDOyHO9LFHPLQLVWURGH6DOXG\3URPRFLyQ
0DUWtQ 0DWXUDQR HO  GH VHSWLHPEUH GH  HO 6LVWHPD 1DFLRQDO GH 5HVLGHQFLD
0pGLFDQRFXHQWDHQWUHVXVHVSHFLDOLGDGHV\VXEHVSHFLDOLGDGHVFRQOD(VSHFLDOLGDGGH
&LUXJtD3OiVWLFD(VWpWLFD\5HFRQVWUXFWLYDDOUHVSHFWRVLHQGRODSULPHUDUHVSRQVDELOLGDG
ILQDQFLHUDGHO(VWDGRODHGXFDFLyQ\ODVDOXGpVWHGHEHFXPSOLUFRQVXREOLJDFLyQGH
SRVLELOLWDU HO HVWXGLR GH ODV GLVWLQWDV HVSHFLDOLGDGHV HQ HO WHUULWRULR EROLYLDQR QR
UHVXOWDQGR UD]RQDEOH TXH ODV SHUVRQDV WHQJDQ TXH VDOLU GH ODV IURQWHUDV GHO SDtV SDUD
SRGHUDGTXLULUODSURIHVLyQGHVXYRFDFLyQ<DTXHHVWRDIHFWD\FRQGLFLRQDODSRVLELOLGDG
GH OD UHDOL]DFLyQ SHUVRQDO D FRQWDU FRQ ORV UHFXUVRV HFRQyPLFRV TXH OR SRVLELOLWHQ
DVSHFWRTXHHQODFRQVWUXFFLyQGHXQ6LVWHPD&RQVWLWXFLRQDOGH'HUHFKRTXHUHFDHVREUH
OD QRFLyQ GH (VWDGR 6RFLDO GH 'HUHFKR UHVXOWD FRQVWLWXFLRQDOPHQWH LQDFHSWDEOH SRU
HQGHHQFRQH[LWXGFRQODSUREOHPiWLFDFRQFUHWDFRUUHVSRQGHLQVWDUDODVDXWRULGDGHVD
TXHVHFXPSODFRQHODUWGHOD&3(TXHJDUDQWL]DODHGXFDFLyQYRFDFLRQDOHVGHFLU
TXHFDGDXQRSXHGDGHVDUUROODUDTXHOODVLQFOLQDFLRQHVSURIHVLRQDOHVTXHHQHOPDUFRGH
ODVDWLVIDFFLyQLQGLYLGXDO\ELHQHVWDUFROHFWLYRSHUPLWHQHOGHVDUUROORLQGLYLGXDOGHXQ
SUR\HFWRGHYLGDHVWHFRQFHSWRGHVDUUROODGRSRUOD&RUWH,QWHUDPHULFDQDHQFDVRVGH
UHSDUDFLRQHVHVGHFLUVXSXHVWRVIiFWLFRVGLVWLQWRVSHURFRQFHSWXDOPHQWHYiOLGRVHxDOy
HQHOFDVR/RD\]D7DPD\RF3HU~ UHSDUDFLRQHV\FRVWDV TXHHVXQDQRFLyQYLQFXODGD
FRQHO
FRQFHSWRGHUHDOL]DFLyQSHUVRQDOTXHDVXYH]VHVXVWHQWDHQODVRSFLRQHVTXH
HOVXMHWRSXHGHWHQHUSDUDFRQGXFLUVXYLGD\DOFDQ]DUHOGHVWLQRTXHVHSURSRQH(Q
ULJRUODVRSFLRQHVVRQODH[SUHVLyQ\JDUDQWtDGHODOLEHUWDG'LItFLOPHQWHVHSRGUtDGHFLU
TXH XQD SHUVRQD HV YHUGDGHUDPHQWH OLEUH VL FDUHFH GH RSFLRQHV SDUD HQFDPLQDU VX
H[LVWHQFLD\OOHYDUODDVXQDWXUDOFXOPLQDFLyQ


(QWRQFHVODDXVHQFLDGHHVWDJDUDQWtDGHtQGROHVRFLDOFXOPLQDDIHFWDQGRODHVIHUDGH
OLEHUWDGSULYDGD\ODSRVLELOLGDGGHJRFHHIHFWLYRGHORVGHUHFKRVIXQGDPHQWDOHVTXH
FRPR VH YH HQ HO FDVR FRQFUHWR VH ULJHQ SRU XQD VXHUWH GH LQWHUGHSHQGHQFLD TXH
UHSUHVHQWDTXHODVREOLJDFLRQHVSRVLWLYDV\RQHJDWLYDVGHORV(VWDGRVSXHGHQDIHFWDUDO
PLVPRWLHPSRYDULRVGHUHFKRVFXDQGRODVPLVPDVQRVHFXPSOHQ

5HILULpQGRVHDOUHVSHFWROD&RUWH&RQVWLWXFLRQDOGH&RORPELDHQOD6HQWHQFLD&
VHxDOyTXH
/DOLEHUWDGGHTXHVHKDEODHVVLPSOHPHQWHGHVDUUROORREYLRGHOSULQFLSLR
IXQGDPHQWDOGHUHVSHWRDOOLEUHGHVDUUROORGHODSHUVRQDOLGDGFROXPQDYHUWHEUDOGHWRGR
(VWDGR VRFLDO GH GHUHFKR \ OtPLWH D OD DFFLyQ GHO SRGHU S~EOLFR IUHQWH D OD yUELWD GH
GHFLVLyQDXWyQRPDGHOLQGLYLGXR$GHPiVHVWDOLEHUWDGDGTXLHUHHVSHFLDOLPSRUWDQFLD
HQODPHGLGDHQTXHVXHMHUFLFLRRSHUDHQXQRGHORVFDPSRVTXHPiVGLJQLILFDDOVHU
KXPDQRHOGHOWUDEDMR

$Vt ODV FRVDV XQD UHVWULFFLyQ D OD OLEHUWDGGHUHFKR GH HVFRJHU \ HMHUFHU SURIHVLyQ X
RILFLRTXHQRHVWXYLHUHFLHUWDPHQWHOHJLWLPDGDHQXQEDODQFHUD]RQDEOHHQWUHHVWH\RWUR
XRWURVGHUHFKRVFRQVWLWXFLRQDOPHQWHSURWHJLGRVSRGUtDYXOQHUDUQRVRORHOGHUHFKRHQ
FXHVWLyQVLQRHOGHUHFKRDOGHVDUUROORDXWyQRPRGHODOLEUHSHUVRQDOLGDGHOGHUHFKRDO
WUDEDMR\ODVOLEHUWDGHV\GHUHFKRVTXHGHHVWRVVHGHGXFHQ


3RUHQGHVREUHHVWHDVSHFWRFRUUHVSRQGHLQVWDUDO0LQLVWHULRGH6DOXG\'HSRUWHVSDUD
TXH SXHGD HQ FRRUGLQDFLyQ FRQ ODV LQVWDQFLDV FRUUHVSRQGLHQWHV LPSOHPHQWDU OD
5HVLGHQFLD GH &LUXJtD 3OiVWLFD (VWpWLFD \ 5HFRQVWUXFWLYD D EUHYHGDG SRVLEOH
SHUPLWLHQGR TXH ORV SURIHVLRQDOHV HQ %ROLYLD WHQJDQ HO GHUHFKR GH DFFHGHU D HVWD
HVSHFLDOLGDGVLQWHQHUTXHVDOLUGHOWHUULWRULRSOXULQDFLRQDO


W


dW^:d

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

)XQGDQWH

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

3DUWH5HVROXWLYD

,QVWDUDO0LQLVWHULRGH6DOXG\'HSRUWHVTXHHQFRRUGLQDFLyQ
FRQ ODV LQVWLWXFLRQHV S~EOLFDV \ SULYDGDV GHVDUUROOH ORV PHFDQLVPRV
LQVWLWXFLRQDOHV GHVWLQDGRV D LPSOHPHQWDU OD 5HVLGHQFLD GH &LUXJtD
3OiVWLFD \ 5HFRQVWUXFWLYD HQ HO 6LVWHPD GH 5HVLGHQFLDV 0pGLFDV HQ
%ROLYLD SHUPLWLHQGR OD REWHQFLyQ D IXWXUR GH OD HVSHFLDOL]DFLyQ GH
FLUXMDQRSOiVWLFR\UHFRQVWUXFWLYRHQ%ROLYLD

9RWR'LVLGHQWH

9RWR'LVLGHQWHGHOD0DJLVWUDGD/LJLD0yQLFD9HODVTXH]&DVWDxRVSDUD
TXLHQHQUHVJXDUGRGHOGHUHFKRDODLJXDOGDG\QRGLVFULPLQDFLyQGHELy
FRQFHGHUVHODWXWHODSURYLVLRQDOPHQWHPLHQWUDVHO0LQLVWHULRGH6DOXG
LPSOHPHQWH OD FRQGLFLRQHV SDUD HO DFFHVR GH OD WRWDOLGDG GH ORV
SURIHVLRQDOHVPpGLFRVDHVSHFLDOL]DFLRQHVHQQXHVWURSDtV



)RUPDGHODVFLWDFLRQHV$FFLyQGHOLEHUWDG
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3/DIDOWDGHFLWDFLyQDORVGHPDQGDGRVHQXQDDFFLyQ
GHOLEHUWDGFRQIRUPHFRQORHVWDEOHFLGRHQOD&RQVWLWXFLyQ3ROtWLFDGHO
(VWDGRODOH\\ODMXULVSUXGHQFLDYXOQHUDHOGHUHFKRDODGHIHQVDFDVR
HQ HO TXH FRUUHVSRQGH DO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO
DQXODUREUDGRVKDVWDGLVSRQHUVHODOHJDOFLWDFLyQ

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH OLEHUWDG HO DFFLRQDQWH DOHJy OD YXOQHUDFLyQ GH VXV
GHUHFKRVDODOLEHUWDGOHJDOLGDGLJXDOGDG\FHOHULGDGSRUSDUWHGHOD
W


dW^:d


-XH]D'HFLPRVHJXQGDGH,QVWUXFFLyQHQOR3HQDO\/LTXLGDGRUDKRUD
GHPDQGDGDTXLHQQRSURYLGHQFLyHOPHPRULDOTXHSUHVHQWyHOGH
QRYLHPEUH GH  GH VROLFLWXG GH VHxDODPLHQWR GH DXGLHQFLD GH
FHVDFLyQDODGHWHQFLyQSUHYHQWLYDSHVHDKDEHUWUDQVFXUULGRYHLQWLVLHWH
GtDV DVLPLVPR VHxDOD TXH H[LVWLy GLODFLyQ H LQFXPSOLPLHQWR GH OD
MXULVSUXGHQFLD FRQVWLWXFLRQDO SRU OR TXH VROLFLWy TXH ORV -X]JDGRV
'HFLPRSULPHUR \ 'HFLPRVHJXQGR GH ,QVWUXFFLyQ HQ OR 3HQDO \
/LTXLGDGRU DFW~HQ FRQ PD\RU FHOHULGDG(O 7ULEXQDO &RQVWLWXFLRQDO
GLVSXVR DQXODU REUDGRV KDVWD HO $XWR GH DGPLVLyQ GH OD DFFLyQ GH
OLEHUWDG GLVSRQLHQGR OD FLWDFLyQ GH OD DXWRULGDG MXULVGLFFLRQDO TXH VH
HQFXHQWUD HQ VXSOHQFLD OHJDO HQ HO -X]JDGR 'HFLPRSULPHUR GH
,QVWUXFFLyQ HQ OR 3HQDO FRQ DVLHQWR HQ OD 9LOOD  GH 0D\R GHO
GHSDUWDPHQWRGH6DQWD&UX]

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,'HODUHYLVLyQGHORVDQWHFHGHQWHVVHHVWDEOHFHTXHODDFFLyQGHOLEHUWDGIXH
LQWHUSXHVWDSRU$UROGR6DOD]DU0ROLQDFRQWUDOD
-XH]2QFHDYRGH,QVWUXFFLyQHQOR3HQDO
\'RFHDYRGH,QVWUXFFLyQ&DXWHODU3HQDO\/LTXLGDGRUGHOD&DSLWDO
 VLF DFDUJRGH
(VWKHU(VWUHOOD0RQWDxR2FDPSRHQODFXDOQRVHSUHFLVyHOQRPEUHGHODFRGHPDQGDGD
DFDUJRGHO-X]JDGR'HFLPRSULPHURGH,QVWUXFFLyQHQOR3HQDO\/LTXLGDGRU

'HOLQIRUPHSUHVHQWDGRSRUODGHPDQGDGD-XH]D'HFLPRVHJXQGDGH,QVWUXFFLyQHQOR
3HQDO\/LTXLGDGRUVHHYLGHQFLDTXH5RPP\6DQGUD3HUHGR3HUHGR-XH]D3ULPHUDGH
,QVWUXFFLyQHQOR3HQDOHVWiDFDUJRGHO-X]JDGR'HFLPRSULPHURGH,QVWUXFFLyQHQOR
3HQDOGHVGHHOGHDJRVWRGH\ODVROLFLWXGGH$UROGR6DOD]DU0ROLQDDKRUD
DFFLRQDQWH GH VHxDODPLHQWR GH DXGLHQFLD SDUD FRQVLGHUDU OD FHVDFLyQ D VX GHWHQFLyQ
SUHYHQWLYD FRUUHVSRQGH DO  GH QRYLHPEUH GH VLPLODU DxR 0RWLYR SRU HO FXDO
FRUUHVSRQGtDGLVSRQHUODFLWDFLyQSHUVRQDOGHGLFKDDXWRULGDGMXULVGLFFLRQDODOKDEHUVH
VHxDODGRHOMX]JDGRGRQGHHMHUFHODVXSOHQFLDOHJDOH[WUHPRTXHQRIXHREVHUYDGRSRU
HO7ULEXQDOGHJDUDQWtDV

(ODUWGHO&3(HVWDEOHFHTXHDGPLWLGDODDFFLyQHOMXH]RWULEXQDOGHJDUDQWtDVGH
LQPHGLDWRGHEHILMDUDXGLHQFLDSDUDVXFRQVLGHUDFLyQDVtHQODPLVPDGHWHUPLQDFLyQ
$XWRGHDGPLVLyQGHODGHPDQGD VHGHEHGLVSRQHUODFLWDFLyQDWRGRVORVGHPDQGDGRV
DILQGHTXHSUHVWHQLQIRUPHHVFULWRXRUDOJDUDQWL]DQGRDVtHOHMHUFLFLRSOHQRGHOGHUHFKR
DODGHIHQVDGHQRHIHFWXDUVHODFLWDFLyQFRQIRUPHDODQRUPDWLYDOHJDOHQYLJHQFLDHV
LQPLQHQWHODYXOQHUDFLyQGHOGHELGRSURFHVRHQVXYHUWLHQWHGHOGHUHFKRDODGHIHQVD

(QHOFDVRDQDOL]DGRGHORVDQWHFHGHQWHVTXHFXUVDQHQHOFXDGHUQRSURFHVDOVHHYLGHQFLD
TXHSHVHDFRQVLJQDUVHHOMX]JDGRGRQGHUDGLFDODLQYHVWLJDFLyQSUHOLPLQDUHVGHFLU
-X]JDGR 'HFLPRSULPHUR GH ,QVWUXFFLyQ HQ OR 3HQDO \ /LTXLGDGRU GHQWUR HO SURFHVR
SHQDOVHJXLGRSRUHO0LQLVWHULR3~EOLFRFRQWUD$UROGR6DOD]DU0ROLQDSRUODSUHVXQWD
FRPLVLyQ GHO GHOLWR GH KRPLFLGLR QR VH DGPLWLy OD DFFLyQ FRQWUD OD RWUD -XH]D
,JXDOPHQWHVHGHEHGHMDUH[SUHVDFRQVWDQFLDTXHODGHIHQVDWpFQLFDGHODFFLRQDQWHHQOD
DXGLHQFLDGHODDFFLyQGHOLEHUWDGVROLFLWyDO7ULEXQDOGHJDUDQWtDVODVXVSHQVLyQGHGLFKR
DFWXDGR SURFHVDO D REMHWR GH TXH VH GLVSRQJD OD FLWDFLyQ GH 5RPP\ 6DQGUD 3HUHGR
3HUHGR-XH]DGH3ULPHUD,QVWUXFFLyQHQOR3HQDO

&RQVLJXLHQWHPHQWH SRU ORV IXQGDPHQWRV H[SXHVWRV SUHFHGHQWHPHQWH VLQ LQJUHVDU DO
DQiOLVLVGHOIRQGRGHODSUREOHPiWLFDSODQWHDGDFRUUHVSRQGHGLVSRQHUODDQXODFLyQGH

W


dW^:d
REUDGRVKDVWDTXHVHHIHFW~HODFLWDFLyQDGLFKDDXWRULGDGMXULVGLFFLRQDOFRQIRUPHDORV
HQWHQGLPLHQWRVH[SUHVDGRVHQODSUHVHQWH6HQWHQFLD&RQVWLWXFLRQDO3OXULQDFLRQDO


6LQWHVLVGHODUDWLRGHFLGHQGL

$QXOD REUDGRV KDVWD HO $XWR GH DGPLVLyQ GH OD DFFLyQ GH OLEHUWDG
GHELHQGR GLVSRQHUVH OD FLWDFLyQ GH OD DXWRULGDG MXULVGLFFLRQDO TXH VH
HQFXHQWUDHQVXSOHQFLDOHJDOHQUHVJXDUGRGHVXGHUHFKRDODGHIHQVD

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDOHQODOtQHDMXULVSUXGHQFLDOVREUHODFLWDFLyQFRQODGHPDQGD
\DXWRGHDGPLVLyQGHODDFFLyQGHOLEHUWDGDQWHVUHFXUVRGHKiEHDVFRUSXVVHxDOyOR
VLJXLHQWH

/D6&5SURQXQFLDGDHQXQUHFXUVRGHKiEHDVFRUSXVDKRUDDFFLyQGH
OLEHUWDG VHxDOy TXH HV SRVLEOH OD QXOLGDG GH REUDGRV SRU LQFXPSOLPLHQWR GH OD
IRUPDOLGDGHVHQFLDOGHFLWDFLyQDODVDXWRULGDGHVMXGLFLDOHVUHFXUULGDV'LMR(QHOFDVR
VRPHWLGRDDQiOLVLVHOUHFXUUHQWHGLULJLyVXGHPDQGDFRQWUDHO-XH]3ULPHURGH3DUWLGR
HQOR3HQDO&pVDU6XiUH]6DDYHGUD\ FRQWUD
OD6DOD3HQDO
GHOD&RUWH6XSHULRUGH
&KXTXLVDFD VLQ HVSHFLILFDU ORV QRPEUHV GH ODV DXWRULGDGHV TXH OD FRPSRQtDQ DO
PRPHQWRGHGLFWDUVHHO$XWRGH9LVWDLPSXJQDGRTXHFRQILUPyOD6HQWHQFLDGHSULPHU
JUDGRTXHGHFODUyFXOSDEOHDVXUHSUHVHQWDGR\ORFRQGHQyDVXIULUODSHQDSULYDWLYDGH
OLEHUWDGDOOtVHxDODGD8QDYH]DGPLWLGDODGHPDQGDGHKiEHDVFRUSXV\UHPLWLGRHO
H[KRUWRVXSOLFDWRULRD6XFUHOD&RUWH6XSHULRUGH&KXTXLVDFDDQWHODRPLVLyQDQWHULRU
RUGHQy OD FLWDFLyQGHO -XH] LGHQWLILFDGR FXPSOLGROR FXDO VH GHYROYLy HO H[KRUWR VH
UHDOL]y OD DXGLHQFLD \ VH GLFWy OD UHVSHFWLYD 6HQWHQFLD (Q FRQVHFXHQFLD QR VH KD
FXPSOLGRFRQXQDIRUPDOLGDGHVHQFLDOSDUDODSURVHFXFLyQGHOWUiPLWHGHODGHPDQGDGH
KiEHDV FRUSXV FRPR HV OD FLWDFLyQ GH WRGDV ODV DXWRULGDGHV MXGLFLDOHV UHFXUULGDV SRU
FXDQWR VL ELHQ QR IXHURQ LGHQWLILFDGDV SRU HO GHPDQGDQWH VH SXGR HVWDEOHFHU SRU OD
GRFXPHQWDO DSDUHMDGD DO UHFXUVR FRQVLVWHQWH HQ XQ H[SHGLHQWH GH FLQFR FXHUSRV 
TXLpQHVIXHURQODVSHUVRQDVTXHIXQJLHURQFRPR9RFDOHVGHOD6DOD3HQDOGHOD&RUWH
6XSHULRU GH &KXTXLVDFD D WLHPSR GH  SURQXQFLDU HO $XWR GH 9LVWD REMHWDGR SRU HO
UHFXUUHQWHFRQIRUPHDOPDQGDWRGHODUW,/7&SHURQRVHORKL]RQRSXGLHQGR
LQJUHVDUVH DO DQiOLVLV GHO IRQGR GH OD SUREOHPiWLFD SODQWHDGD SRU OD IDOWD GHO UHIHULGR
UHTXLVLWRIRUPDOORTXHDFDUUHDODQHFHVLGDGGHRUGHQDUVHDQXOHQREUDGRVKDVWDODOHJDO
FLWDFLyQ  GH ORV 9RFDOHV FR  UHFXUULGRV $Vt ODV 66&& 5 5
5HQWUHRWUDV  6&UKF 

 (Q OD  6& 5 VH VHxDOy TXH OD FLWDFLyQ SRU FpGXOD SHUPLWH RPLVLyQ GH
UHSUHVHQWDFLyQ SUHYLD GH 2ILFLDO GH 'LOLJHQFLDV (Q HIHFWR VRVWXYR
  OD 6&
5GHGHVHSWLHPEUHHQFXDQWRDODFLWDFLyQSRUFpGXODVHxDOyORVLJXLHQWH

 (QHOUHFXUVRGHKiEHDVFRUSXVSRUVXFDUiFWHUH[WUDRUGLQDULR\ODLQPHGLDWH]TXH
VHUHTXLHUHSDUDVXUHVROXFLyQODSURSLD&RQVWLWXFLyQSHUPLWHODFLWDFLyQFRQODGHPDQGD
HQIRUPDSHUVRQDORSRUFpGXODRPLWLHQGRODUHSUHVHQWDFLyQGHO2ILFLDOGH'LOLJHQFLDV
FXDQGRQRHQFRQWUDUHDODSHUVRQDDFLWDUVHSXGLHQGRKDFHUORHQHVWHFDVRGLUHFWDPHQWH
SRU FpGXOD 6LQ HPEDUJR HVD SHUPLVLyQ QR LPSOLFD OD SRVLELOLGDG GH QR DFDWDU R
LQFXPSOLUODVQRUPDVTXHSDUDODFLWDFLyQSRUFpGXODHVWDEOHFHHORUGHQDPLHQWRMXUtGLFR
SURFHVDOUHVSHFWRDODQHFHVLGDGGHILMDUODFpGXODHQODSXHUWDGHOGRPLFLOLRSXHVpVWD
HVODIRUPDTXHJDUDQWL]DHQPD\RUPHGLGDTXHHOFLWDGRDSUHKHQGDFRQRFLPLHQWRGHO
FRQWHQLGRGHODWDQWDVYHFHVFLWDGDFpGXOD


 /D 6&3$/ GH  GH DEULO VHxDOy FRUUHVSRQGH DFODUDU TXH GDGD OD
FRQILJXUDFLyQGHOSURFHVRFRQVWLWXFLRQDOGHODDFFLyQGHOLEHUWDGDGLIHUHQFLDGHOUHVWR

W


dW^:d


GHDFFLRQHVGHGHIHQVDSRUORVELHQHVFRQVWLWXFLRQDOHVSURWHJLGRV\WXWHODGRVQRH[LVWH
XQDHWDSDGHDGPLVLELOLGDGSRUFXDQWRHOMXH]RWULEXQDOGHJDUDQWtDVSUHFLVDPHQWHHQ
UD]yQDOSULQFLSLRGHLQIRUPDOLGDGDFHQWXDGRHQHOWH[WRFRQVWLWXFLRQDO DUWGHOD
&3( QRHVWiREOLJDGRDH[DPLQDUUHTXLVLWRVGHIRUPD\IRQGRFRPRRFXUUHFRQHOUHVWR
GHODVDFFLRQHVGHGHIHQVD'HDKtTXHHVWiFRPSHOLGRDLQGLFDUGLUHFWDPHQWHGtD\KRUD
GHODDXGLHQFLD DUW,GHOD&3( 3RUORTXHHQXQXVRFRUUHFWRGHODGHQRPLQDFLyQ
GHORVDFWRVSURFHVDOHVHQODDFFLyQGHOLEHUWDGQRHVDGHFXDGRVRVWHQHUTXHH[LVWHXQD
HWDSDGHDGPLVLyQ

/D6&3VHxDOyTXHODFLWDFLyQDODDXWRULGDGRSHUVRQDGHPDQGDGDFRQOD
DFFLyQ GH OLEHUWDG GH FRQIRUPLGDG D OD &RQVWLWXFLyQ  GHEH VHU HIHFWXDGD GH IRUPD
SHUVRQDO R SRU FpGXOD VDOYR HQ ORV FDVRV HQ TXH HO GRPLFLOLR GHO MXH] R WULEXQDO GH
JDUDQWtDVUHVXOWHGLVWDQWHHQUHODFLyQDODVLHQWRGHOGHPDQGDGRVXSXHVWRVHQORVFXDOHV
VH SRGUi HIHFWXDU  OD FLWDFLyQ SRU ID[ X RWUR PHGLR TXH VHD DSURSLDGR \ JDUDQWLFH OD
LQIRUPDFLyQWDQWRGHOFRQWHQLGRGHODGHPDQGDFRPRGHODXWRGHDGPLVLyQ

/D6&3UHVSHFWRDODVFLWDFLRQHVFRQODGHPDQGDGHDFFLyQGHOLEHUWDGD
ORVGHPDQGDGRV\HOGHUHFKRDODGHIHQVDHVWDEOHFLy(OWUiPLWHGHODSUHVHQWHDFFLyQ
FRQVWLWXFLRQDOVHHQFXHQWUDHVWDEOHFLGRHQHODUWGHOD&3(\DUWGHO&3&RGH
FX\DV QRUPDV VH FROLJH TXH XQD YH] SUHVHQWDGD OD GHPDQGD HO MXH] R WULEXQDO GH
JDUDQWtDVGHPDQHUDLQH[FXVDEOHGHEHVHxDODUGHLQPHGLDWRDXGLHQFLDSDUDFRQVLGHUDUOD
GHELHQGRWHQHUOXJDUGHQWURGHODVYHLQWLFXDWURKRUDVGHSUHVHQWDGDODDFFLyQ&RQGLFKD
GHWHUPLQDFLyQ OD DXWRULGDGRSHUVRQD GHPDQGDGDGHEHUi VHU FLWDGD SHUVRQDOPHQWH R
PHGLDQWH FpGXOD QR SXGLHQGR VHU VXVSHQGLGD OD PLVPD EDMR QLQJXQD FLUFXQVWDQFLD
GHELHQGRFRQWLQXDUODDXGLHQFLDKDVWDVXFRQFOXVLyQFRQODHPLVLyQGHODVHQWHQFLD'H
ODVQRUPDVDQWHULRUPHQWHFLWDGDVVHSXHGHDGYHUWLUTXHUHVSHFWRDODFLWDFLyQFRQOD
DFFLyQ GH OLEHUWDG QR H[LVWH RWUD PRGDOLGDG TXH QR VHD OD SHUVRQDO R FHGXOD 6LQ
HPEDUJRODMXULVSUXGHQFLDHPDQDGDGHHVWH7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHQ
ORV UD]RQDPLHQWRV GH OD 6&3  GH  GH MXQLR HVWDEOHFLy TXH HV SRVLEOH
HIHFWXDUODVFLWDFLRQHVSRURWURVPHGLRVHQODPHGLGDHQTXHHVWRJDUDQWLFHVXWUDPLWDFLyQ
VXPDUtVLPD \ OD FRPXQLFDFLyQ LQWHJUD GHO FRQWHQLGR GH OD GHPDQGD DVSHFWR TXH QR
DPHULWDPD\RUFRPHQWDULRHQODSUHVHQWHSUREOHPiWLFDSRUQRVHUDWLQHQWHDODFDXVDHQ
H[DPHQ

/DFLWDFLyQGHEHVHUHQWHQGLGDFRPRHODFWRSURFHVDOPHGLDQWHHOFXDOVHHPSOD]DDO
GHPDQGDGR SDUD TXH Gp FRQWHVWDFLyQ D OD GHPDQGD VLHQGR IRUPDOLGDG QHFHVDULD H
LPSUHVFLQGLEOH SDUD OD YDOLGH] GHO SURFHVR 3XHV FRQ HOOR VH SUHWHQGH JDUDQWL]DU HO
SULQFLSLR GH FRQWUDGLFFLyQ DVt SRU XQ ODGR OD SDUWH TXHGD D GHUHFKR \ SRU HO RWUR
FXPSOHFRQODIXQFLyQFRPXQLFDFLRQDOGHSRQHUDFRQRFLPLHQWRGHOGHPDQGDGRTXHVH
KD LQLFLDGR XQD DFFLyQ HQ VX FRQWUD H LQIRUPDUOH GHO FRQWHQLGR GH OD PLVPD (Q
FRQVHFXHQFLDHVWDIRUPDOLGDGSURFHVDOHVHQWRQFHVODPDQLIHVWDFLyQSXUDGHODJDUDQWtD
GHO GHUHFKR D OD GHIHQVD \ HOHPHQWR EiVLFR GHO GHELGR SURFHVR SXHVWR TXH DQWH HO
LQFXPSOLPLHQWR GH OD PLVPD GH DFXHUGR D ODV IRUPDV SUHYLVWDV HQ OD &RQVWLWXFLyQ
3ROtWLFDGHO(VWDGR\ODMXULVSUXGHQFLDHVWDEOHFLGDDOHIHFWRVHSRQGUtDDOGHPDQGDGRHQ
XQDEVROXWRHVWDGRGHLQGHIHQVLyQQRREVWDQWHTXHOD/H\)XQGDPHQWDOHQVXDUW,,
VHxDOD H[SUHVDPHQWH TXH HO (VWDGR JDUDQWL]D HO GHUHFKR D OD GHIHQVD Pi[LPH VL OD
SULPHUDSDUWHGHODUW,,GHODDOXGLGD1RUPD6XSUHPDFRQVDJUDODLQYLRODELOLGDGGH
HVWHGHUHFKR%DMRHVHFULWHULRHOHQWRQFHV7ULEXQDO&RQVWLWXFLRQDODWUDYpVGHOD6&
5 GH  GH DJRVWR SUHFLVy HO VLJXLHQWH HQWHQGLPLHQWR
'HQWUR GH HVH
FRQWH[WRVXUJHDVXYH]FRPRXQSUHVXSXHVWRSDUDODRSHUDWLYL]DFLyQGHOGHUHFKRDOD
GHIHQVDGHQWURGHFXDOTXLHUSURFHVRTXHODSHUVRQDFRQWUDODTXHVHGLULMDXQDGHPDQGD
VHD GHELGD \ OHJDOPHQWH LQIRUPDGD GH VX H[LVWHQFLD SXHV GH GHVFRQRFHUOD QR SRGUi
GHVYLUWXDU ORV H[WUHPRV FRQWHQLGRV HQ HOOD REMHWLYR TXH VH FRQVLJXH SUHFLVDPHQWH D
WUDYpVGHOLQVWLWXWRSURFHVDOGHODFLWDFLyQ(VWHHQWHQGLPLHQWR\DVHKDSODVPDGRHQOD
MXULVSUXGHQFLDGHHVWH7ULEXQDOTXHGHPDQHUDHVSHFtILFDDERUGyHVWHDVSHFWRHQPDWHULD
GHKiEHDVFRUSXVGHWHUPLQDQGRTXHODIDOWDGHFLWDFLyQDORVGHPDQGDGRVFRQOOHYDOD

W


dW^:d
LQGHIHQVLyQGHpVWRV\HQFRQVHFXHQFLDFRUUHVSRQGHDQXODUREUDGRVKDVWDHOHVWDGRHQ
TXHSXHGDQWRPDUFRQRFLPLHQWRGHODH[LVWHQFLDGHXQDDFFLyQWXWHODUIRUPXODGDHQVX
FRQWUD
'HOUD]RQDPLHQWRGHODSUHFLWDGDMXULVSUXGHQFLDHVSRVLEOHFRQFOXLUTXHGHQR
FXPSOLUVHFRQODFLWDFLyQFRQIRUPHFRQORHVWDEOHFLGRHQOD&RQVWLWXFLyQ3ROtWLFDGHO
(VWDGRODOH\\ODMXULVSUXGHQFLDHVLQPLQHQWHODYXOQHUDFLyQGHOGHUHFKRDODGHIHQVD
FDVRHQTXHOHFRUUHVSRQGHUiDO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDODQXODUREUDGRV
KDVWDUHSRQHUHODFWRLOHJDOFXHVWLRQDGR


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

3UHFHGHQWHFRQVWLWXFLRQDO/D6&5GHGHVHSWLHPEUHVHxDOy
)-,,,(ODUW,,GHOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR &3( TXHHVWDEOHFH
TXHODDXWRULGDGMXGLFLDOTXHFRQR]FDHO+iEHDV&RUSXVVHxDODUiGtD\KRUDGH
DXGLHQFLDS~EOLFDGLVSRQLHQGRTXHHODFWRUVHDFRQGXFLGRDVXSUHVHQFLD
FRQ
GLFKD RUGHQ VH SUDFWLFDUi FLWDFLyQ SHUVRQDO R SRU FpGXOD HQ OD RILFLQD GH OD
DXWRULGDG GHPDQGDGD RUGHQ TXH VHUi REHGHFLGD  VLQ REVHUYDFLyQ QL H[FXVD
WDQWR SRU DTXpOOD FXDQWR SRU ORV HQFDUJDGRV GH ODV FiUFHOHV R OXJDUHV GH
GHWHQFLyQVLQTXHpVWRVXQDYH]FLWDGRVSXHGDQGHVREHGHFHUDUJX\HQGRRUGHQ
VXSHULRU

(ODUW,,GHO&yGLJRGH3URFHGLPLHQWR&LYLO &3& GHWHUPLQDTXHOD
FLWDFLyQ SRU FpGXOD SURFHGH FXDQGR HO RSHUDGRU GH QRWLILFDFLRQHV KD
UHSUHVHQWDGR DQWH OD DXWRULGDG MXGLFLDO OD LPSRVLELOLGDG GH HQFRQWUDU D OD
SHUVRQDDFLWDUVHOXHJRGHKDEHUVLGREXVFDGDSRUGRVYHFHVFRQVHFXWLYDVHQHO
GRPLFLOLRVHxDODGRDQWHORTXHWDODXWRULGDGRUGHQDUiODUHIHULGDFLWDFLyQSRU
FpGXODTXHFRQVLVWHHQODHQWUHJDGHODPLVPDFRQVWLWXLGDSRUODFRSLDGHOD
GHPDQGD  \ VX DGPLVLyQ D FXDOTXLHUD GH ODV SHUVRQDV QRPEUDGDV HQ HO
SDUiJUDIR,GHHVWDQRUPD IDPLOLDUHVRGHSHQGLHQWHVPD\RUHVGHFDWRUFHDxRV 
RILMDGDHQODSXHUWDGHOGRPLFLOLR

(QHOUHFXUVRGHKiEHDVFRUSXVSRUVXFDUiFWHUH[WUDRUGLQDULR\ODLQPHGLDWH]
TXHVHUHTXLHUHSDUDVXUHVROXFLyQODSURSLD&RQVWLWXFLyQSHUPLWHODFLWDFLyQ
FRQODGHPDQGDHQIRUPDSHUVRQDORSRUFpGXODRPLWLHQGRODUHSUHVHQWDFLyQ
GHO2ILFLDOGH'LOLJHQFLDVFXDQGRQRHQFRQWUDUHDODSHUVRQDDFLWDUVHSXGLHQGR
KDFHUORHQHVWHFDVRGLUHFWDPHQWHSRUFpGXOD


6LQHPEDUJRHVDSHUPLVLyQQRLPSOLFDODSRVLELOLGDGGHQRDFDWDURLQFXPSOLU
ODVQRUPDVTXHSDUDODFLWDFLyQSRUFpGXODHVWDEOHFHHORUGHQDPLHQWRMXUtGLFR
SURFHVDOUHVSHFWRDODQHFHVLGDGGHILMDUODFpGXODHQODSXHUWDGHOGRPLFLOLR
SXHVpVWDHVODIRUPDTXHJDUDQWL]DHQPD\RUPHGLGDTXHHOFLWDGRDSUHKHQGD
FRQRFLPLHQWRGHOFRQWHQLGRGHODWDQWDVYHFHVFLWDGDFpGXOD


3257$172

(O7ULEXQDO&RQVWLWXFLRQDOHQYLUWXGGHODMXULVGLFFLyQTXHHMHUFHSRUPDQGDWR
GH ORV DUWtFXORV ,,, \  &3(   \  GH OD /H\ GHO 7ULEXQDO
&RQVWLWXFLRQDOFRQORVIXQGDPHQWRVH[SXHVWRV$18/$2%5$'26KDVWDTXH
VH  UHDOLFH OD OHJDO FLWDFLyQ FRQ HO UHFXUVR D OD DXWRULGDG UHFXUULGD GH
FRQIRUPLGDGFRQHODUW,,&3(


W


dW^:d




,QDGPLVLyQGHODVDFFLRQHVGHGHIHQVDHQFDVRGHH[LVWLU
FRVDMX]JDGDFRQVWLWXFLRQDO([FHSFLyQSRUUHOHYDQFLDFRQVWLWXFLRQDO
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLDSUHFHGHQFLDOUHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD ([WUDFWRRUHFRQVWUXFFLyQGHOSUHFHGHQWHFRQVWLWXFLRQDO

6&3/DH[FHSFLRQDOUHOHYDQFLDFRQVWLWXFLRQDOGHOFDVRFRQFUHWR
SHUPLWHREYLDUODFDXVDOGHLPSURFHGHQFLDSRULGHQWLGDGGHVXMHWRREMHWR\
FDXVD\TXHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOVHSURQXQFLHVREUHHO
GDxRMXUtGLFRSRUOHVLyQLUUHPHGLDEOHDOGHUHFKRDODOLEHUWDG

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH OLEHUWDG HO DFFLRQDQWH GHQXQFLD OD YXOQHUDFLyQ GH VXV
GHUHFKRVDOGHELGRSURFHVR\DODOLEHUWDGGHELGRDTXHVHHQFXHQWUDGHWHQLGR
SUHYHQWLYDPHQWHGHVGHKDFHPiVGHYHLQWLWUpVDxRVVLQTXHSHVHHQVXFRQWUD
VHQWHQFLD HMHFXWRULDGD \ PDQGDPLHQWR GH FRQGHQD 6HxDOD TXH WRGRV ORV
DQWHFHGHQWHV SURFHVDOHV GH VX FDVR KDQ GHVDSDUHFLGR \ KD VLGR LPSRVLEOH VX
UHSRVLFLyQ QR KDELHQGR OD DXWRULGDG MXGLFLDO GHPDQGDGD GDGR FXUVR D VX
VROLFLWXGGHOLEHUWDGFRQGLFLRQDOD~QFXDQGR\DKDFXPSOLGRPiVGHORVGRV
WHUFLRVGHODSHQDDWULEXLGDDOGHOLWRTXHVHOHHQGLOJD

(O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO FRQFHGLy OD WXWHOD VROLFLWDGD
FRQVLGHUDQGRSUHYLDPHQWHTXHDSHVDUGHODLGHQWLGDGGHVXMHWRREMHWR\FDXVD
FRUUHVSRQGH LQJUHVDU DO DQiOLVLV GH IRQGR WRGD YH] TXH VH FRQVWDWy OD
YXOQHUDFLyQ GHO GHUHFKR D OD OLEHUWDG VLHQGR TXH HO DFFLRQDQWH HVWXYR EDMR
GHWHQFLyQSUHYHQWLYDSRUPiVGHYHLQWLWUpVDxRVVLQVHQWHQFLDFRQGHQDWRULD

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,(QHVWHVHQWLGRSUHYLDPHQWHDLQJUHVDUDODQiOLVLVGHODSUREOHPiWLFD
DFWXDO UHLWHUDQGR TXH HQ HVWH FDVR SDUWLFXODU OD H[LVWHQFLD GH LGHQWLGDG GH
VXMHWRVREMHWR\FDXVDHQWUHODGHPDQGDGHDFFLyQGHOLEHUWDGTXHGLRRULJHQD
6&3\ODTXHVHUHYLVDQRVHFRQVWLWX\HQHQyELFHSDUDVXHVWXGLR
GLIHUHQWH DO UHVXHOWR PHGLDQWH HO IDOOR FRQVWLWXFLRQDO VHxDODGR DO KDEHUVH
HYLGHQFLDGRODH[LVWHQFLDGHGDxRDQWLMXUtGLFRJUDYHSRUSULYDFLyQLQMXVWDGHOD
OLEHUWDGTXHQRIXHFRQVLGHUDGRHQODDQWHULRURSRUWXQLGDGORTXHKDFHGHpVWH
XQFDVRGHH[FHSFLRQDOUHOHYDQFLDFRQVWLWXFLRQDO

$Vt ODV FRVDV HVWD 6DOD FRQVLGHUD TXH QR VyOR HV DGHFXDGR \ SHUWLQHQWH
SURQXQFLDUVHDOUHVSHFWRVLQRTXHHQHMHUFLFLRGHORVSULQFLSLRVGHGLUHFFLyQ
GHOSURFHVRLPSXOVRGHRILFLR\QRIRUPDOLVPRFRQVDJUDGRVSRUHODUWGHO
&3&R HVWi LPSHOLGD D SURQXQFLDUVH UHVSHFWR DO JUDYtVLPR GDxR DQWLMXUtGLFR

W


dW^:d
LGHQWLILFDGRTXHKDRFDVLRQDGRTXHHODFFLRQDQWHKD\DVLGRSULYDGRGHOLEHUWDG
HQ VXSXHVWD GHWHQFLyQ SUHYHQWLYD SRU PiV GH YHLQWLWUpV DxRV SXHVWR TXH OD
FRQMXQFLyQGHORVSULQFLSLRVGHODMXVWLFLDFRQVWLWXFLRQDOQRPEUDGRVJHQHUDOD
REOLJDFLyQGHKDFHUMXVWLFLDPDWHULDOREYLDQGRIRUPDOLGDGHVLGHQWLILFDQGRGH
RILFLR OD QHJOLJHQFLD GHO UJDQR -XGLFLDO \ HQ EDVH D HOOR GLUHFFLRQDQGR HO
SURFHVR D XQ ILQ FRPSDWLEOH FRQ OD IXQFLyQ GH FRQWUDORU FRQVWLWXFLRQDO SDUD
HQFRQWUDUGHVHUQHFHVDULRYtDVUHVWLWXWLYDVRFRPSHQVDWRULDVGHDTXHOORVDxRV
TXHLQMXVWDPHQWHOHIXHURQDUUHEDWDGRVDODFFLRQDQWH

6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH OD DFFLyQ GH OLEHUWDG REYLDQGR OD FDXVDO GH LPSURFHGHQFLD SRU
LGHQWLGDGGHVXMHWRREMHWR\FDXVDWRGDYH]TXHHODFFLRQDQWHVHHQFXHQWUDEDMR
GHWHQFLyQSUHYHWLYDSRUPiVGHYHLQWLWUpVDxRVVLQVHQWHQFLDFRQGHQDWRULD

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O 7ULEXQDO &RQVWLWXFLRQDO GHVDUUROOy OD OtQHD MXULVSUXGHQFLDO VREUH OD
LPSURFHGHQFLDGHDFFLRQHVGHGHIHQVDSRULGHQWLGDGGHVXMHWRREMHWR\FDXVD
TXHSXHGHVHUFRQVWUXLGDDSDUWLUGHODVVLJXLHQWHVVHQWHQFLDVUHOHYDQWHV

/D 6&3  SURQXQFLDGD HQ XQD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDOTXHVHFRQVWLWX\HHQXQDSULPHUDVHQWHQFLDFRQILUPDGRUDVHxDOy
TXHQRH[LVWHFRVDMX]JDGDFRQVWLWXFLRQDOFXDQGRVHKXELHVHGHQHJDGRODWXWHOD
SRUDVSHFWRVIRUPDOHVVLQLQJUHVDUDODQiOLVLVGHIRQGR(VWDVHQWHQFLDFRQILUPD
HO SUHFHGHQWH FRQWHQLGR HQ OD 6&  TXH HVWDEOHFH OD SRVLELOLGDG GH
DFWLYDUXQDQXHYDDFFLyQWXWHODUVLHPSUH\FXDQGRQRVHKXELHUDLQJUHVDGRFRQ
DQWHULRULGDG DO DQiOLVLV GH IRQGR GH OD SUREOHPiWLFD HQWHQGLPLHQWR TXH IXH
DVXPLGRSRUOD6&5HQWUHRWUDV


/D 6&3  HPLWLGD HQ XQD DFFLyQ GH OLEHUWDG TXH VH
FRQVWLWX\HHQXQDSULPHUDVHQWHQFLDFRQILUPDGRUDHVWDEOHFLyTXHODDFWLYDFLyQ
GH XQD DQWHULRU DFFLyQ WXWHODU FRQ LGHQWLGDG GH REMHWR VXMHWR \ FDXVD \ FRQ
FDOLGDG GH FRVD MX]JDGD HV XQD FDXVDO SDUD OD GHQHJDWRULD GH OD DFFLyQ GH
OLEHUWDG VDOYR TXH HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO QR KXELHVH
LQJUHVDGR DO DQiOLVLV GH IRQGR GH OD SUREOHPiWLFD VHQWHQFLD TXH FRQILUPy HO
SUHFHGHQWHFRQWHQLGRHQOD6&5TXHSRUSULPHUDYH]FRPRFDXVDO
GH LPSURFHGHQFLD GHVDUUROOy OD WHPiWLFD GH OD LGHQWLGDG GH REMHWR VXMHWR \
FDXVD HQ HO UHFXUVR GH KiEHDV FRUSXV  DKRUD DFFLyQ GH OLEHUWDG UHLWHUDGR
SRVWHULRUPHQWHSRUODV66&&55\5HQWUH
RWUDV


/D 6&3  SURQXQFLDGD HQ XQD DFFLyQ GH FXPSOLPLHQWR
HVWDEOHFLyTXHHVDSOLFDEOHDHVWDDFFLyQGHGHIHQVDODMXULVSUXGHQFLDVREUHOD
LPSURFHGHQFLDGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOSRULGHQWLGDGGHREMHWR
VXMHWR\FDXVD(VWDVHQWHQFLDVHEDVDHQODV66&&55
5 5 \ 5 \ HQ HVH VHQWLGR HV FRQVLGHUDGD
PRGXODGRUDSRUFXDQWRDPSOtDODDSOLFDFLyQGHODMXULVSUXGHQFLDVHQWDGDSDUD
DFFLRQHVGHDPSDURFRQVWLWXFLRQDODODVDFFLRQHVGHFXPSOLPLHQWR


/D 6&3  HVWDEOHFLy TXH HQ VXSXHVWRV GH H[FHSFLRQDO
UHOHYDQFLD FRQVWLWXFLRQDO GHO FDVR FRQFUHWR HV SRVLEOH REYLDU OD FDXVDO GH

W


dW^:d


LPSURFHGHQFLD SRU LGHQWLGDG GH VXMHWR REMHWR \ FDXVD \ TXH HO 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO VH SURQXQFLH VREUH HO GDxR MXUtGLFR SRU OHVLyQ
LUUHPHGLDEOHDOGHUHFKRDODOLEHUWDG


/D6&3TXHVHFRQVWLWX\HHQXQDVHQWHQFLDPRGXODGRUDSRU
HO HQIRTXH SOXUDO TXH RWRUJD D OD FDXVDO GH LPSURFHGHQFLD GHO DPSDUR SRU
LGHQWLGDGGHREMHWRVXMHWR\FDXVDHVWDEOHFLyTXHFXDQGRH[LVWHLGHQWLGDGGH
L 3DUWHVSURFHVDOHVUHIHULGDVDODOHJLWLPDFLyQDFWLYD\OHJLWLPDFLyQSDVLYD
TXH SXHGH VHU SDUFLDO R WRWDO \ LL  3UREOHPD MXUtGLFR HQ HO TXH VH IXQGD OD
GHPDQGDFRQRWUDDFFLyQGHDPSDURFRQVWLWXFLRQDODQWHULRUPHQWHLQWHUSXHVWD\
UHVXHOWD H[LVWH FRVD  MX]JDGD FRQVWLWXFLRQDO DO H[LVWLU LGHQWLGDG GH REMHWR
VXMHWR \ FDXVD VLHQWR HVWD ODUD]yQ GHRUGHQ SURFHVDO SDUDGHQHJDU OD WXWHOD
PLHQWUDVTXHODUD]yQGHRUGHQpWLFRPRUDOTXHMXVWLILFDODLPSRVLFLyQGHPXOWD
DODRHODFFLRQDQWHFXDQGRVXDFFLyQHVGHQHJDGDSRUODH[LVWHQFLDGHLGHQWLGDG
GH REMHWR VXMHWR \ FDXVD HV HO DPD OOXOOD QR PLHQWDV   GHELGR D TXH HO
DFFLRQDQWH OHJLWLPDGR DFWLYR  D VDELHQGDV GH TXH OD MXVWLFLD FRQVWLWXFLRQDO
UHVROYLy VX SUREOHPD MXUtGLFR LQVLVWH FRQ RWUD GHPDQGD SUHWHQGLHQGR
VRUSUHQGHUDHVWHyUJDQRMXULVGLFFLRQDOORTXHVHGHQRPLQDWHPHULGDG

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,3XHVELHQHVWD6DODWLHQHODFHUWH]DGHTXHODGHWHQFLyQSUHYHQWLYDGHO
DFFLRQDQWH SRU PiV GH YHLQWLWUpV DxRV HV DEVROXWDPHQWH LOHJDO H LQGHELGD
VLHQGRODVLWXDFLyQGHLUUHJXODULGDGGHXQDPDJQLWXGWDOTXHUHTXLHUHDFFLRQHV
XUJHQWHV \ H[WUDRUGLQDULDV VLQ GHWHQHUVH D H[SXUJDU ORV UHTXLVLWRV R ODV
FRQGLFLRQHV IRUPDOHV GH HVWH R FXDOTXLHU RWUR UHFXUVR \ GH LJXDO PRGR OD
UHVSXHVWD GH HVWH 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO D WUDYpV GH VX 6DOD
(VSHFLDOL]DGDGHEHVHUGHODPLVPDLQWHQVLGDGTXHODGLVPLQXFLyQGHODYLGD\
ORVGHUHFKRVGHODFFLRQDQWH

(Q FRQVRQDQFLD FRQ OR H[SXHVWR HQ DSOLFDFLyQ GH ORV SRVWXODGRV
FRQVWLWXFLRQDOHV TXH FRQVDJUDQ REMHWLYRV D[LROyJLFRV D VHU FXPSOLGRV SRU HO
(VWDGR 3OXULQDFLRQDO GH %ROLYLD HQWUH HOORV HO GH JDUDQWL]DU HO ELHQHVWDU OD
VHJXULGDG H LJXDO SURWHFFLyQ D OD GLJQLGDG GH ODV SHUVRQDV \ JDUDQWL]DU ORV
GHUHFKRV FRQVDJUDGRV SRU OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR D IDYRU GH ODV
SHUVRQDVFRQIRUPHHODUW\GHOD&3(OD6DOD3ULPHUD(VSHFLDOL]DGD
GHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOFRQVLGHUDTXHHQHOSUHVHQWHFDVR
SRUODH[FHSFLRQDOUHOHYDQFLDFRQVWLWXFLRQDOGHODSUREOHPiWLFDSODQWHDGDVLQ
FRQWUDGHFLU OR GLVSXHVWR SRU OD 6&3  GH  GH QRYLHPEUH GHEH
LGHQWLILFDUHQVXPDJQLWXGODVGHQXQFLDVHIHFWXDGDVSRUHODFFLRQDQWH\GLVSRQHU
VHHVWDEOH]FDQUHVSRQVDELOLGDGHVFLYLOHV\SHQDOHVDHIHFWRVGHTXHVHFRPSHQVH
SURSRUFLRQDOPHQWHHOGDxRRFDVLRQDGRD=DFDUtDV1DYLD1DYLDHVWRHQYLUWXG
~QLFDPHQWHDODQiOLVLV\FDOLILFDFLyQGHOKHFKRHYLGHQWHVXUJLGRHQODSULYDFLyQ
GHOLEHUWDGLQMXVWDHLQMXVWLILFDGDSRUODTXHVHVRPHWLyDOMXVWLFLDEOHDXQFXDQGR
pVWDVHUHLWHUDKD\DVLGRDQDOL]DGD\VXEVDQDGDSRUOD6&3SXHVHO
KHFKR TXH VH FRQGHQD HQ OD SUHVHQWH RFDVLyQ UHILHUH ~QLFDPHQWH DO GDxR
DQWLMXUtGLFRRFDVLRQDGRHQODYLGD\GLJQLGDGGHHVWHFLXGDGDQRSRUHO(VWDGRD
WUDYpVGHVXVyUJDQRVUHSUHVHQWDWLYRVFRPRHVHOFDVRGHOUJDQR-XGLFLDOHQ
VX FRQMXQWR OR FXDO SUHVXSRQH OD H[LVWHQFLD GH QHJOLJHQFLD HQ HO VLVWHPD GH
DGPLQLVWUDFLyQGHMXVWLFLDTXHGHULYyHQXQGDxRLUUHPHGLDEOHVREUHHOGHUHFKR

W


dW^:d
DODOLEHUWDGGHOHQFDXVDGRFX\DPDJQLWXGFRUUHVSRQGHUiGHWHUPLQDUDHIHFWRV
GHLPSRQHUVHODVVDQFLRQHVTXHFRUUHVSRQGDQTXHVLELHQQRKDUiQGHVDSDUHFHU
HOSHUMXLFLRVLQHPEDUJRSRGUiHVWDEOHFHUVH\FXDQWLILFDUVHHOGDxRDHIHFWRV
GHXQSRVLEOHUHVDUFLPLHQWRSRUSDUWHGHO(VWDGRDIDYRUGHTXLHQVHFRQVWLWX\y
HQYtFWLPDGHOVHUYLFLRMXGLFLDOTXHDOGHSHQGHUGHO(VWDGRREOLJDDpVWHGH
DFXHUGRDODSUHYLVLyQFRQWHQLGDHQHODUWVXSHULRUDUHVDUFLUHOGDxR




 &RPSDUHFHQFLD GH WHUFHURV HQ OD DFFLyQ GH


DPSDUR$FFLyQGHFXPSOLPLHQWR
1~PHURGHUHVROXFLyQ6&36

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLDSUHFHGHQFLDOUHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD ([WUDFWRRUHFRQVWUXFFLyQGHOSUHFHGHQWHFRQVWLWXFLRQDO

6&36(QODDFFLyQGHFXPSOLPLHQWRHVSRVLEOHODFLWDFLyQD
WHUFHURVLQWHUHVDGRVDHIHFWRVGHDVHJXUDUVXGHUHFKRDVHURtGRV

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH FXPSOLPLHQWR OD HQWLGDG DFFLRQDQWH GHQXQFLy TXH HO
5HJLVWUDGRUGH'HUHFKRV5HDOHVLQFXPSOLyFRQODQRUPDFRQWHQLGDHQHODUW
,GHO&&DOQRGLVSRQHUODFDQFHODFLyQGHODVDQRWDFLRQHVSUHYHQWLYDV
SHVHDTXHQRHVQHFHVDULRHOFRQYHQLRGHODSDUWHQLRUGHQMXGLFLDOSDUDOHYDQWDU
GLFKDVDQRWDFLRQHVVROLFLWDQGRVHFXPSODODQRUPDLQFXPSOLGDRUGHQDQGRDO
5HJLVWUDGRU GH ''55 D  DSOLTXH OD FDGXFLGDG HQ WRGDV ODV DQRWDFLRQHV
SUHYHQWLYDV TXH SHVDQ VREUH OD PDWULFXOD  E  LQVFULED ODV
PLQXWDVGHDGMXGLFDFLyQDIDYRUGHORVDGMXGLFDWDULRV\F 5HFWLILTXHODVTXH
IXHURQLQVFULWDVRSRUWXQDPHQWHSRUKDEHUVHFXPSOLGRFRQODFRQGLFLyQSDUDVX
SHUIHFFLRQDPLHQWR (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO FRQILUPy OD
UHVROXFLyQGHOWULEXQDOGHJDUDQWtDVTXHGHQHJyODWXWHODSRUIDOWDGHQRWLILFDFLyQ
GHORVWHUFHURVLQWHUHVDGRV

([WUDFWRGHODUDWLRGHFLGHQGL

)M ,,, 'H DFXHUGR D OD OHFWXUD GH OD GHPDQGD VH HYLGHQFLD OD IDOWD GH
LGHQWLILFDFLyQGHWRGRVORVWHUFHURVLQWHUHVDGRVHQODDFFLyQGHFXPSOLPLHQWR
VLELHQHVFLHUWRTXHVHLGHQWLILFDDO3UHVLGHQWHGHOD$VRFLDFLyQGH(PSUHVDULRV
GHO 3DUTXH ,QGXVWULDO \ DO UHSUHVHQWDQWH GHO %DUULR 0HOFKRU 3LQWR SHUR ORV
PLVPRV QR VH HQFXHQWUDQ FRQVLJQDGRV HQ ORV GLIHUHQWHV UHJLVWURV GH
DQRWDFLRQHVSUHYHQWLYDVTXHVHDOXGHQHQODSUHVHQWHDFFLyQHVGHFLUWRGDVODV
SHUVRQDV TXH ILUPDURQ ORV FRQWUDWRV PHQFLRQDGRV \ TXH FRQVWDQ HQ ODV
GLHFLQXHYH DQRWDFLRQHV GHELHURQ QHFHVDULDPHQWH KDEHU VLGR QRWLILFDGRV PiV
DXQFXDQGRpVWRVKDQHURJDGRGLIHUHQWHVVXPDVGHGLQHUR
(O 7ULEXQDO GH JDUDQWtDV LQGHSHQGLHQWHPHQWH GH OD RPLVLyQ LQFXUULGD SRU OD

W


dW^:d


HQWLGDG DFFLRQDQWH GHELy GLVSRQHU OD FLWDFLyQ GH ORV WHUFHURV LQWHUHVDGRV
Pi[LPHVLVHWRPDHQFXHQWDTXHHQHOSUHVHQWHFDVRVHWUDWDGHLQWHUpVS~EOLFR
WRGD YH] TXH UHYLVDGD OD PDWULFXOD UHIHULGD GH ''55 H[LVWHQ PiV GH
GLHFLQXHYHDQRWDFLRQHVSUHYHQWLYDVDIDYRUGHGLIHUHQWHVSHUVRQDVSDUWLFXODUHV
HLQVWLWXFLRQHVTXHVHUHDOL]DURQPHGLDQWHLQVWUXPHQWRS~EOLFRSUHVXPLHQGR
TXH XQRV DEDQGRQDURQ HO OXJDU \ RWUDV SHUPDQHFHQ HQ HO PLVPR \
HYHQWXDOPHQWH OD 5HVROXFLyQ TXH SXHGD HPHUJHU GH OD SUHVHQWH DFFLyQ GH
GHIHQVDSRGUtDDIHFWDUORVGHUHFKRVRLQWHUHVHVGHHVDVSHUVRQDVLQVWLWXFLRQHV
RHQVXGHIHFWRIDPLOLDVTXH UHVLGHQSRUORTXHGHELyRWRUJDUVHDODHQWLGDG
DFFLRQDQWHHOSOD]RGHVXEVDQDFLyQGHVHWHQWD\GRVKRUDVSDUDTXHFXPSODFRQ
HOUHTXLVLWRRPLWLGRFRQIRUPHDODUWGHOD&3&RSHVHDTXHHQHOSUHVHQWH
PHGLDQWHGHFUHWRGHGHMXQLRGHVHGLVSXVRTXHODHQWLGDGDFFLRQDQWH
VXEVDQHRWURUHTXLVLWRGHIRUPDVLQWRPDUHQFXHQWDODQRWLILFDFLyQGHWHUFHURV
LQWHUHVDGRVSRUVXLPSRUWDQFLD\SRUWUDWDUVHGHXQRGHORVUHTXLVLWRVTXHGHEH
FRQWHQHUXQDDFFLyQGHGHIHQVDHQUHVJXDUGRGHODJDUDQWtDGHOGHELGRSURFHVR
\GHTXLHQHVSXHGHQVHUDIHFWDGRVFRQHOUHVXOWDGRGHODDFFLyQFRQVWLWXFLRQDO
$ODGYHUWLUVHXQDRPLVLyQWDQWRSRUODSDUWHDFFLRQDQWHGHODSUHVHQWHDFFLyQGH
FXPSOLPLHQWRHQQRLGHQWLILFDUDWRGRVORVWHUFHURVLQWHUHVDGRVDVtFRPRSRU
HO 7ULEXQDO GH JDUDQWtDV GH QR RUGHQDU VX VXEVDQDFLyQ HVWDV FLUFXQVWDQFLDV
LPSLGHQXQSURQXQFLDPLHQWRHQHOIRQGRGHODGHPDQGDGHWXWHODVLQSHUMXLFLR
TXHHODFFLRQDQWHSXHGDYROYHUDLQWHUSRQHUODDFFLyQFLUFXQVWDQFLDTXHPRWLYD
ODVXVSHQVLyQGHOFyPSXWRGHOSOD]RGHFDGXFLGDGGHODDFFLyQSDUDXQDQXHYD
DFWLYDFLyQ FyPSXWR TXH VH UHLQLFLDUi GHVGH OD QRWLILFDFLyQ FRQ OD SUHVHQWH
6HQWHQFLD&RQVWLWXFLRQDO3OXULQDFLRQDOFRQIRUPHHO)XQGDPHQWR-XUtGLFR,,,
GHOSUHVHQWHIDOOR&RQVLJXLHQWHPHQWHFRUUHVSRQGHODGHQHJDWRULDGHODWXWHOD
VLQLQJUHVDUDODQiOLVLVGHIRQGRGHODDFFLyQSODQWHDGD

6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJD OD DFFLyQ GH FXPSOLPLHQWR SRU QR KDEHUVH FLWDGR D ORV WHUFHURV
LQWHUHVDGRV TXH SRGUtDQ HYHQWXDOPHQWH VHU DIHFWDGRV SRU OD 5HVROXFLyQ TXH
SXHGDHPHUJHUGHODSUHVHQWHDFFLyQGHGHIHQVD \SRUWUDWDUVHGHXQFDVRGH
LQWHUpVS~EOLFR

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

(VWD6HQWHQFLDHQVX)M,,,GLVSRQH
VLELHQODQRUPDDQRWDGDHQSULQFLSLR
OLPLWD R UHVWULQJH OD FLWDFLyQ DO GHPDQGDGR \ QR LPSRQH FRPR QHFHVDULR H
LPSUHVFLQGLEOHFLWDUDWRGRTXLHQVHFUH\HUDWHUFHURLQWHUHVDGRGHODOHFWXUDGHO
SDUiJUDIR,LQFOXVLYHPiVDOOiGHVXVSUHFHGHQWHVQRUPDWLYRVSRUFXDQWRSUHYp
TXH GH HVWLPDU QHFHVDULR OD DXWRULGDG SXHGH DGPLWLU D FXDOTXLHU SHUVRQD
QDWXUDORMXUtGLFDTXHSUXHEHLQWHUpVOHJtWLPR\DGPLWLUVXVDOHJDFLRQHV
(VPiVLQWHUSXHVWDXQDDFFLyQFRPRHVODDFFLyQGHFXPSOLPLHQWRODQRUPD
DGPLWH TXH WHUFHURV LQWHUHVDGRV VH
DGKLHUDQ
 D OD DFFLyQ SODQWHDGD D VROD
FRQGLFLyQ GH DFUHGLWDU VX LQWHUpV DOHJDGR HQ HVH HQWHQGLGR HO DUW  GHO
&3&RSUHYpFRQUHIHUHQFLDDOSODQWHDPLHQWRGHXQDDFFLyQGHGHIHQVDTXH
/D
DFFLyQ GHEHUi FRQWHQHU DO PHQRV  1RPEUH DSHOOLGR \ JHQHUDOHV GH TXLHQ
LQWHUSRQHODDFFLyQRGHVXUHSUHVHQWDQWHOHJDODFRPSDxDQGRHQHVWH~OWLPR
FDVRODGRFXPHQWDFLyQTXHDFUHGLWHVXSHUVRQHUtD
DxDGLHQGRDFRQWLQXDFLyQ
TXH
(Q HO FDVR GH WHUFHUDV SHUVRQDV TXH WHQJDQ LQWHUpV OHJtWLPR GHEHUiQ

W


dW^:d
DFUHGLWDUHOLQWHUpVDOHJDGR

6LELHQHVFLHUWRTXHOODPDUDXQWHUFHURLQWHUHVDGRHVXQDIDFXOWDGSRWHVWDWLYD
SHURODPLVPDQRSXHGHGHMDUVHGHODGRFRQVLGHUDFLRQHVHQYLUWXGGHODVFXDOHV
VHHVWiDQWHHOKHFKRTXHHQDVXQWRVQRVRPHWLGRVDODMXULVGLFFLyQRUGLQDULD
ODDFFLyQXRPLVLyQLPSXJQDGDVDODDXWRULGDGRSDUWLFXODUKD\DSURYRFDGRR
DIHFWHORVGHUHFKRVGHXQDWHUFHUDSHUVRQDTXHHVWiHQHOHMHUFLFLRGHXQGHUHFKR
SRUODRHODFFLRQDQWH(QWDOFDVRVHHVWiHYHQWXDOPHQWHDQWHODSRVLELOLGDG
GHWXWHODUXQGHUHFKRSULYDQGRDRWURTXHVLQVHUGLUHFWRUHVSRQVDEOHGHODFWRX
RPLVLyQLPSXJQDGRGHEHVXMHWDUVHDXQDUHDOLGDGFRQFUHWDDOPRPHQWRDQWHV
GHODLQWHUSRVLFLyQGHODDFFLyQGHGHIHQVD(QHVHVHQWLGRHQODVDFFLRQHVGH
FXPSOLPLHQWRHQSDUWLFXODUHQDVXQWRVQRVRPHWLGRVDODMXULVGLFFLyQRUGLQDULD
OD DFFLyQ X RPLVLyQ LPSXJQDGDV D OD DXWRULGDG R SDUWLFXODU TXH SURYRTXH R
DIHFWHORVGHUHFKRVGHXQDWHUFHUDSHUVRQDTXHHVWiHQHOHMHUFLFLRGHXQGHUHFKR
SRUODRHODFFLRQDQWHGHEHFLWDUVHDpVWH~OWLPRSDUDVHURtGR




 $FFLyQ GH DPSDUR FRQVWLWXFLRQDO2UJDQL]DFLRQHV


VRFLDOHV\FLXGDGDQDVSDUWLFLSDQFRPRFRQWUROVRFLDO\QRFRPRWHUFHURV
LQWHUHVDGRV
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLDSUHFHGHQFLDOUHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD ([WUDFWRRUHFRQVWUXFFLyQGHOSUHFHGHQWHFRQVWLWXFLRQDO

6&3   /DV RUJDQL]DFLRQHV VRFLDOHV \ FLXGDGDQDV TXH QR VHDQ
DIHFWDGDV GLUHFWDPHQWH HQ VXV GHUHFKRV QR LQWHUYLHQHQ FRPR WHUFHURV
LQWHUHVDGRVHQODDFFLyQGHDPSDURFRQVWLWXFLRQDOHPSHURWLHQHQHOGHUHFKR
DGHSDUWLFLSDUHQHMHUFLFLRGHOFRQWUROVRFLDOVLQTXHSXHGDVHUUHVWULQJLGDR
VXSULPLGD VX SDUWLFLSDFLyQ OR TXH QR VLJQLILFD TXH SXHGDQ LQPLVFXLUVH R
HQWRUSHFHU OD DFWLYLGDG MXULVGLFFLRQDO TXH GHVDUUROOD OD MXVWLFLD
FRQVWLWXFLRQDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HO DFFLRQDQWH GHQXQFLD TXH  HO
*RELHUQR 'HSDUWDPHQWDO GH &KXTXLVDFD GLVSXVR OD FRQFOXVLyQ GH OD UHODFLyQ
ODERUDO GHO ~OWLPR FRQWUDWR D SOD]R ILMR UHWLUDQGR VX WDUMHWD GH FRQWURO GH
DVLVWHQFLDVLQFRQVLGHUDUTXHFRPRSHUVRQDFRQFDSDFLGDGHVGLIHUHQWHVJR]DGH
LQDPRYLOLGDG IXQFLRQDULD \ HVWDELOLGDG ODERUDO DIHFWiQGRVH SRU WDQWR VXV
GHUHFKRV DO WUDEDMR D OD HVWDELOLGDG ODERUDO D XQD MXVWD UHPXQHUDFLyQ
HFRQyPLFDDODLUUHQXQFLDELOLGDGGHORVGHUHFKRV\EHQHILFLRVGHOWUDEDMDGRU
DO GHELGR SURFHVR D OD GHIHQVD D OD VHJXULGDG MXUtGLFD D OD YLGD VDOXG \
VHJXULGDGVRFLDODVtFRPRGHSHWLFLyQSLGLHQGRHQFRQVHFXHQFLDVHOHFRQFHGD
ODWXWHOD\VHGLVSRQJDVXUHVWLWXFLyQDOSXHVWRTXHRFXSDEDVHGHMHVLQHIHFWR
OD  UHVROXFLyQ DGPLQLVWUDWLYD LPSXJQDGD \ VH UHFRQR]FD VX FDOLGDG GH

W


dW^:d


IXQFLRQDULR S~EOLFR LQGHILQLGR FRQ HO SDJR GH KDEHUHV \ EHQHILFLRV VRFLDOHV
GHYHQJDGRV(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHQUHYLVLyQFRQILUPyOD
UHVROXFLyQUHYLVDGD\FRQFHGLyODWXWHODVROLFLWDGDSRUHOGHUHFKRDOWUDEDMRDOD
HVWDELOLGDG ODERUDO MXVWD UHPXQHUDFLyQ HFRQyPLFD LUUHQXQFLDELOLGDG GH ORV
GHUHFKRV \ EHQHILFLRV GHO WUDEDMDGRU DVt FRPR D OD YLGD VDOXG \ VHJXULGDG
VRFLDO\GHQHJyHQFXDQWRDOGHUHFKRDOGHELGRSURFHVRDODGHIHQVDVHJXULGDG
MXUtGLFD\GHSHWLFLyQ$VLPLVPRGHMyVLQHIHFWRODUHVROXFLyQDGPLQLVWUDWLYD
LPSXJQDGD\UHVWLWX\yDODFFLRQDQWHHQHOFDUJRTXHRFXSDEDFRQFDQFHODFLyQ
GH VXHOGRV QR SHUFLELGRV GHVGH OD GHVYLQFXODFLyQ ODERUDO PiV HO SDJR GH
YDFDFLRQHV\DJXLQDOGR'HRWURODGRHQFXDQWRDODVROLFLWXGGHUHFRQRFLPLHQWR
GH FDOLGDG GH IXQFLRQDULR S~EOLFR DSOD]R LQGHILQLGR VHxDOy TXH GLFKD ODERU
FRUUHVSRQGtD DO *RELHUQR $XWyQRPR 'HSDUWDPHQWDO FRPR DXWRULGDG
GHPDQGDGD GH DFXHUGR D VXV SROtWLFDV \ SURJUDPDV GH LQFOXVLyQ VRFLDO GH
SHUVRQDVFRQFDSDFLGDGHVGLIHUHQWHV

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,, 3UHYLR DO DQiOLVLV GHO SUHVHQWH FDVR HV QHFHVDULR UHIHULUVH D OD
SDUWLFLSDFLyQ HQ DXGLHQFLD GH 5RQDOG 0DOGRQDGR UHSUHVHQWDQWH GH
&2'(3(',6GH&KXTXLVDFDTXLHQDSHVDUGHQRUHXQLUODFXDOLGDGGHWHUFHUR
LQWHUHVDGRFRQIRUPHVHH[SXVRHQHO)XQGDPHQWR-XUtGLFR,,,GHODSUHVHQWH
6HQWHQFLD&RQVWLWXFLRQDO3OXULQDFLRQDOGHELGRDTXHODGHFLVLyQTXHDGRSWHOD
MXVWLFLD FRQVWLWXFLRQDO QR DIHFWD GLUHFWDPHQWH D VXV GHUHFKRV VLQ HPEDUJR
FRPRVHH[SXVRHQHO)XQGDPHQWR-XUtGLFR,,,GHOSUHVHQWHIDOORVHHQFXHQWUD
IDFXOWDGR SDUD SDUWLFLSDU SHUR QR FRPR WHUFHUR LQWHUHVDGR VLQR FRPR
RUJDQL]DFLyQVRFLDOTXHVHHQFXHQWUDHMHUFLHQGRVXGHUHFKRDOFRQWUROVRFLDO(V
DVtTXHVXH[SRVLFLyQHLQWHUYHQFLyQVHFLUFXQVFULELyDH[LJLUHOUHVSHWRGHORV
GHUHFKRV GH ODV SHUVRQDV FRQ FDSDFLGDGHV GLIHUHQWHV EXVFDQGR FRQ HOOR OD
REVHUYDQFLDGHODUW,GHOD&3(TXHHVWDEOHFH
6HSURKLELUi\VDQFLRQDUi
FXDOTXLHU WLSR GH GLVFULPLQDFLyQ PDOWUDWR YLROHQFLD \ H[SORWDFLyQ D WRGD
SHUVRQD FRQ GLVFDSDFLGDG
 DFWXDFLyQ TXH GHEH VHU UHVSHWDGD SRU OD MXVWLFLD
FRQVWLWXFLRQDOFRQGLFKDSXQWXDOL]DFLyQFRUUHVSRQGHLQJUHVDUDODQiOLVLVGHOD
SUREOHPiWLFDSODQWHDGD

6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOSRUOHVLyQDOGHUHFKRDOWUDEDMRD
ODHVWDELOLGDGODERUDOMXVWDUHPXQHUDFLyQHFRQyPLFDLUUHQXQFLDELOLGDGGHORV
GHUHFKRV \ EHQHILFLRV GHO WUDEDMDGRU DVt FRPR D OD YLGD VDOXG \ VHJXULGDG
VRFLDO \ GHQLHJD HQ FXDQWR DO GHUHFKR DO GHELGR SURFHVR D OD GHIHQVD
VHJXULGDG MXUtGLFD \ GH SHWLFLyQ $VLPLVPR GHMD VLQ HIHFWR OD UHVROXFLyQ
DGPLQLVWUDWLYDLPSXJQDGD\UHVWLWX\HDODFFLRQDQWHHQHOFDUJRTXHRFXSDEDFRQ
FDQFHODFLyQGHVXHOGRVQRSHUFLELGRVGHVGHODGHVYLQFXODFLyQODERUDOPiVHO
SDJR GH YDFDFLRQHV \ DJXLQDOGR 'H RWUR ODGR HQ FXDQWR D OD VROLFLWXG GH
UHFRQRFLPLHQWRGHFDOLGDGGHIXQFLRQDULRS~EOLFRDSOD]RLQGHILQLGRVHxDOyTXH
GLFKD ODERU FRUUHVSRQGtD DO *RELHUQR $XWyQRPR 'HSDUWDPHQWDO FRPR
DXWRULGDG GHPDQGDGD GH DFXHUGR D VXV SROtWLFDV \ SURJUDPDV GH LQFOXVLyQ
VRFLDOGHSHUVRQDVFRQFDSDFLGDGHVGLIHUHQWHV

([WUDFWRGHMXULVSUXGHQFLDLQGLFDWLYD

W


dW^:d



&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

3UHFHGHQWHIXQGDGRU6&3

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,  HOFRQWUROVRFLDOQRGHEHVHUHQWHQGLGRVyORFRPRODVXSHUYLVLyQ
GH ODV SROtWLFDV S~EOLFDV SODQHV SURJUDPDV \ SUR\HFWRV VLQR TXH WDPELpQ
FRPSUHQGHHOFRQWUROGHORVVHUYLFLRVS~EOLFRV DUW,,,GHOD&3( \VLHQGR
TXH HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO FRPR JXDUGLiQ GH OD
FRQVWLWXFLRQDOLGDGEULQGDDODVRFLHGDGHOVHUYLFLRGHODMXVWLFLDFRQVWLWXFLRQDO
WDPELpQ SXHGH VHU REMHWR GHO FRQWURO VRFLDO HQ FXDQWR D VXV HVSHFtILFDV
IXQFLRQHV

3RUHQGHODVRUJDQL]DFLRQHVVRFLDOHV\FLXGDGDQDVWLHQHQHOGHUHFKRGHHMHUFHU
HOFRQWUROVRFLDOHQODVDFFLRQHVGHGHIHQVDSUHYLVWRVSRUHO&yGLJR3URFHVDO
&RQVWLWXFLRQDO VLQ TXH SXHGD VHU UHVWULQJLGR R VXSULPLGR SRU ORV -XHFHV R
7ULEXQDOHV GH JDUDQWtDV HV DVt TXH HQ ODV DFFLRQHV GH OLEHUWDG DPSDUR
FRQVWLWXFLRQDOSURWHFFLyQGHSULYDFLGDGGHFXPSOLPLHQWR\SRSXODUSXHGHQ
LQWHUYHQLUSDUDH[LJLUHOUHVSHWRGHORVGHUHFKRV\ODVJDUDQWtDVFRQVWLWXFLRQDOHV
SUHYLVWDV HQ QXHVWUD FRQVWLWXFLyQ ORV 7UDWDGRV \ &RQYHQLRV LQWHUQDFLRQDOHV
UDWLILFDGRVSRUQXHVWURSDtVVDOYRTXHVHWUDWHGHDVXQWRVGHVHJXULGDGQDFLRQDO
GHPHQRUHV\GHFDXVDOHVH[SUHVDPHQWHSUHYLVWDVSRUODOH\

&DEHSXQWXDOL]DUTXHODWDUHDGHFRQWUROVRFLDOTXHHMHUFHQODVRUJDQL]DFLRQHV
VRFLDOHV\DJUXSDFLRQHVFLXGDGDQDVQRSXHGHVHUHQWHQGLGDFRPRXQDDFWLYLGDG
GLULJLGDDLQPLVFXLUVHRHQWRUSHFHUODDFWLYLGDGMXULVGLFFLRQDOTXHGHVDUUROODOD
MXVWLFLDFRQVWLWXFLRQDO\DTXHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOVyORHVWi
VRPHWLGR D OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR \ ODV OH\HV GHELpQGRVH ODV
RUJDQL]DFLRQHVVRFLDOHVHQPDUFDUVXVDFWXDFLRQHVDH[LJLUODREVHUYDQFLDGHORV
GHUHFKRV\ODVJDUDQWtDVFRQVWLWXFLRQDOHV




 $FFLyQ GH DPSDUR FRQVWLWXFLRQDO3RVLELOLGDG GH


SUHVFLQGLUGHWHUFHURVLQWHUHVDGRV
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

W


dW^:d


6&3   (V SRVLEOH SUHVFLQGLU GH OD LQWHUYHQFLyQ GH ORV
WHUFHURV FRQ LQWHUpV OHJtWLPR HQ OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO
FXDQGR VX SDUWLFLSDFLyQ R SUHVHQWDFLyQ GH SUXHEDV QR LQFLGD HQ
GHVYLUWXDU HO DFWR OHVLYR GHQXQFLDGR H[WUHPR TXH WLHQH TXH VHU
YDORUDGRSRUHO-XH]R7ULEXQDOGH*DUDQWtDV

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO OD DFFLRQDQWH GHQXQFLy OD
YXOQHUDFLyQ GH OD JDUDQWtD GHO GHELGR SURFHVR SRU FXDQWR GHQWUR GHO
SURFHVR GH LQWHUGLFWR GH DGTXLULU OD SRVHVLyQ FX\D VHQWHQFLD OH IXH
IDYRUDEOHODDXWRULGDGGHPDQGDGDHQFRQRFLPLHQWRGHODDSHODFLyQTXH
IXH SODQWHDGD SRU OD RSRVLWRUD SURQXQFLy HO $XWR GH 9LVWD 
DQXODQGR REUDGRV KDVWD OD 6HQWHQFLD $ DUJXPHQWDQGR KDEHU
VLGRGLFWDGDIXHUDGHSOD]RLQFXUULHQGRHO-XH]GHSULPHUDLQVWDQFLDHQ
SpUGLGDGHFRPSHWHQFLDGHWHUPLQDFLyQTXHQRWRPyHQFXHQWDTXHORV
SURFHVRV LQWHUGLFWRV HVWiQ VRPHWLGRV DO WUiPLWH HVWDEOHFLGR SDUD ORV
SURFHVRVVXPDULRVFX\RSOD]RSDUDHPLWLUVHQWHQFLDVHFRPSXWDDSDUWLU
GH TXH HO H[SHGLHQWH LQJUHVD D GHVSDFKR SDUD UHVROXFLyQ \ QR FRPR
HTXLYRFDGDPHQWHVHDVXPLyHQHOUHIHULGR$XWRGH9LVWDTXHVHGHEH
FRPSXWDUDSDUWLUGHOGHFUHWRGHDXWRVSRUORTXHVROLFLWyVHOHFRQFHGD
WXWHOD\VHGLVSRQJDGHMDUVLQHIHFWRHO$XWRGH9LVWDGHGH
DJRVWR RUGHQiQGRVH D OD DXWRULGDG GHPDQGDGD TXH HPLWD QXHYD
UHVROXFLyQ GH DFXHUGR FRQ ODV QRUPDV SURFHVDOHV \ OH\HV YLJHQWHV
DGHPiV VH GHWHUPLQH UHVSRQVDELOLGDG FLYLO \ SHQDO SRU KDEHUOH
SURYRFDGR GDxRV \ SHUMXLFLRV DVt FRPR OD FRQGHQDFLyQ HQ FRVWDV
SURFHVDOHV\SDJRGHKRQRUDULRSURIHVLRQDO(O7ULEXQDO&RQVWLWXFLRQDO
3OXULQDFLRQDO FRQILUPy OD UHVROXFLyQ UHYLVDGD \ FRQFHGLy OD WXWHOD
VROLFLWDGD HPSHUR SUHYLDPHQWH DFODUy TXH VH SUHVFLQGH GH OD
LQWHUYHQFLyQ GH OD WHUFHUD LQWHUHVDGD SRUTXH VX LQWHUYHQFLyQ R
SUHVHQWDFLyQ GH SUXHEDV QR LQFLGH HQ GHVYLUWXDU HO DFWR OHVLYR
GHQXQFLDGR

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,$FODUDGDODLQWHUYHQFLyQGHORVWHUFHURVLQWHUHVDGRV\WHQLHQGR
HQFXHQWDTXHHQODSUHVHQWHDFFLyQGHDPSDURFRQVWLWXFLRQDODSHVDUGH
H[LVWLUXQDWHUFHUDLQWHUHVDGDFX\DQRWLILFDFLyQQRIXHGLVSXHVWDSRUHO
-XH]GHJDUDQWtDV\HQSUHYLVLyQGHTXHVXLQWHUYHQFLyQRSUHVHQWDFLyQ
GH SUXHEDV QR LQFLGLUtD HQ GHVYLUWXDU HO DFWR OHVLYR GHQXQFLDGR
FRUUHVSRQGH LQJUHVDU DO DQiOLVLV GH OD SUREOHPiWLFD SODQWHDGD
SUHVFLQGLHQGRGHVXSDUWLFLSDFLyQ

6LQWHVLVGHODUDWLRGHFLGHQGL

W


dW^:d

&RQFHGH OD DFFLyQ GH DPSDUR HPSHUR SUHYLDPHQWH DFODUD TXH VH
SUHVFLQGH GH OD LQWHUYHQFLyQ GH OD WHUFHUD LQWHUHVDGD SRUTXH VX
LQWHUYHQFLyQRSUHVHQWDFLyQGHSUXHEDVQRLQFLGLUtDHQGHVYLUWXDUHODFWR
OHVLYRGHQXQFLDGR

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O 7ULEXQDO &RQVWLWXFLRQDO FRQ UHODFLyQ D OD LQWHUYHQFLyQ GH WHUFHUDV SHUVRQDV HQ
SURFHVRV\GHFLVLRQHVTXHSXHGHQDIHFWDUVXVGHUHFKRVRLQWHUHVHVHQOD6&
5GHGHVHSWLHPEUHHVWDEOHFLyORVLJXLHQWH
HO-XH]R7ULEXQDOGHOUHFXUVRFRPR
SURWHFWRUGHORVGHUHFKRVIXQGDPHQWDOHVGHORVFLXGDGDQRVGHEHJDUDQWL]DUHOGHUHFKRD
ODGHIHQVDGHORVWHUFHURVTXHWHQJDQLQWHUpVOHJtWLPRHQHOSURFHVRHQFXHVWLyQ(QHVWH
VHQWLGRSRUUHJODJHQHUDOHQWRGRUHFXUVRGHDPSDURTXHVHGHULYHGHXQSURFHVRMXGLFLDO
R DGPLQLVWUDWLYR HQ HO TXH XQD GH ODV SDUWHV GHPDQGH DO MXH] 7ULEXQDO X yUJDQR
DGPLQLVWUDWLYR SRU OHVLyQ D DOJ~Q GHUHFKR IXQGDPHQWDO R JDUDQWtD FRQVWLWXFLRQDO
VXSXHVWDPHQWH JHQHUDGD HQ HO SURFHVR SULQFLSDO VH GHEH KDFHU FRQRFHU PHGLDQWH OD
QRWLILFDFLyQSHUWLQHQWHDODRWUDSDUWHTXHDGTXLHUHODFDOLGDGGHWHUFHURLQWHUHVDGROD
DGPLVLyQGHOUHFXUVRDOPLVPRWLHPSRTXHDODDXWRULGDGUHFXUULGD(QORVGHPiVFDVRV
HOMXH]R7ULEXQDOGHEHH[WUDHUGHORVKHFKRVTXHPRWLYDQHOUHFXUVRVLH[LVWHQWHUFHURV
FRQLQWHUpVOHJtWLPR\HQFRQVHFXHQFLDGHEHGLVSRQHUVXQRWLILFDFLyQ(OWpUPLQRGHODV
KRUDVVHxDODGRSDUDTXHHOUHFXUULGRSUHVHQWHVXLQIRUPHFXHQWDWDPELpQSDUDTXH
HO WHUFHUR LQWHUHVDGR SXHGD DSHUVRQDUVH \ IRUPXODU VXV DOHJDWRV FRPSXWDEOH SDUD
DPERVGHVGHOD~OWLPDQRWLILFDFLyQFRQODDGPLVLyQGHOUHFXUVR


3RVWHULRUPHQWH OD 6&  VLVWHPDWL]D  WRGD OD MXULVSUXGHQFLD FRQVWLWXFLRQDO
YLQFXODGD D ORV WHUFHURV LQWHUHVDGRV D SDUWLU GH OD 6& 5 LQWHJUDQGR ORV
SUHFHGHQWHV JHQHUDGRV SRU HO 7ULEXQDO &RQVWLWXFLRQDO D OD /H\ GHO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOFRQIRUPHDOVLJXLHQWHUD]RQDPLHQWR

)-,,,
6HJ~QHODUWGHOD/7&3VHHVWDEOHFHFRPRUHTXLVLWRGHODGHPDQGDGH
DFFLyQGHDPSDURFRQVWLWXFLRQDOLGHQWLILFDUDOWHUFHURLQWHUHVDGRHPSHURFRQVLGHUDQGR
TXHHOGHVDUUROOROHJLVODWLYRGHODFLWDGD/H\VHUHILHUH~QLFDPHQWHDODH[LJHQFLDGHVX
LGHQWLILFDFLyQ FRPR FRQWHQLGR GH OD GHPDQGD GH DFFLyQ GH DPSDUR VLQ HVWDEOHFHU OD
IRUPDSURFHGLPLHQWRQLORVHIHFWRVMXUtGLFRVHQFDVRGHLQFXPSOLUVHFRQHVWHUHTXLVLWR
FRUUHVSRQGH UHDOL]DU HQ OR FRQGXFHQWH XQD LQWHJUDFLyQ D HVWH SUHFHSWR OHJDO GHO
GHVDUUROOR MXULVSUXGHQFLDO JORVDGR SUHFHGHQWHPHQWH VREUH OD H[LJHQFLD GH FLWDFLyQ DO
WHUFHURLQWHUHVDGR\VXVHPHUJHQFLDVHVWDEOHFLpQGRVHORVLJXLHQWH 
/D
WHOHRORJtDGHODFLWDFLyQDORVWHUFHURVLQWHUHVDGRVFRQODDFFLyQGHDPSDURFRQVWLWXFLRQDO
HVJDUDQWL]DUVXGHUHFKRDVHURtGRVHQHOHQWHQGLGRTXHVLELHQORVWHUFHURVLQWHUHVDGRV
QR VRQ SDUWH HQ HO DPSDUR FRQVWLWXFLRQDO HPSHUR WLHQHQ XQ LQWHUpV OHJtWLPR HQ VX
UHVXOWDGR SRU OD SUREDEOH DIHFWDFLyQ GH VXV GHUHFKRV TXH SXGLHUD GHULYDU FRQ HO
SURQXQFLDPLHQWRGHOIDOORGHWXWHODFRQVWLWXFLRQDO'HDKtODUHOHYDQFLDGHVHUFLWDGRV
FRQODDGPLVLyQGHHVWDDFFLyQDHIHFWRVGHVHURtGRV\FRQODIDFXOWDGGHKDFHUXVRGH
WRGRVORVPHGLRVGHGHIHQVDTXHFRQVLGHUHQSHUWLQHQWHV /D FLWDFLyQ GH ORV WHUFHURV
LQWHUHVDGRVFRQODGHPDQGDGHDPSDURFRQVWLWXFLRQDODOQRVHUXQDPHUDIRUPDOLGDGHQ
UD]yQDTXHVHHQFXHQWUDGHVWLQDGDDJDUDQWL]DUHOGHUHFKRDVHURtGRVDTXLHQHVSXHGDQ
YHUVH DIHFWDGRV FRQ HO UHVXOWDGR GHO IDOOR GH WXWHOD VH FRQVWLWX\H HQ XQ UHTXLVLWR GH
FDUiFWHUIRUPDOLPSUHVFLQGLEOHSDUDODDGPLVLyQGHODDFFLyQGHDPSDURFRQVWLWXFLRQDO
TXHGHEHVHUREVHUYDGRSRUHODFFLRQDQWHTXLHQWLHQHODFDUJDSURFHVDOGHLGHQWLILFDU
FRQSUHFLVLyQDORVWHUFHURVLQWHUHVDGRV\VHxDODUVXVGRPLFLOLRVHQFX\RFDVRHO7ULEXQDO
GHJDUDQWtDVWLHQHHOGHEHULQH[FXVDEOHGHRUGHQDUODFLWDFLyQGHOWHUFHURLQWHUHVDGRGH
FRQIRUPLGDG FRQ OD IRUPD \ SURFHGLPLHQWR HVWDEOHFLGRV SRU OD MXULVSUXGHQFLD
FRQVWLWXFLRQDO JORVDGD TXH UHVXOWD DSOLFDEOH DO QR VHU FRQWUDULD D ORV PDQGDWRV
FRQVWLWXFLRQDOHVTXHUHJXODQODDFFLyQGHDPSDURFRQVWLWXFLRQDO  &XDQGR
HO
DFFLRQDQWHQRKD\DFXPSOLGRFRQODFDUJDSURFHVDOGHLGHQWLILFDUDOWHUFHURLQWHUHVDGR

W


dW^:d


GLFKD RPLVLyQ GHEH VHU REVHUYDGD SRU HO WULEXQDO GH JDUDQWtDV HQ OD HWDSD GH
DGPLVLELOLGDGGHODDFFLyQ\QRDWLHPSRGHUHVROYHUODGHELHQGRRUGHQDUVXVXEVDQDFLyQ
RWRUJDQGRSDUDWDOHIHFWRHOSOD]RGHFXDUHQWD\RFKRKRUDVVDOYRTXHSRUFLUFXQVWDQFLDV
H[FHSFLRQDOHV H[LVWD OD QHFHVLGDG GH VX DPSOLDFLyQ HQ HVWD VLWXDFLyQ HO WULEXQDO GH
JDUDQWtDV GHEHUi WHQHU HO FXLGDGR GH DVHJXUDU TXH HVWD DPSOLDFLyQ VHD DFRUGH FRQ OD
QDWXUDOH]DLQPHGLDWDGHSURWHFFLyQGHODPSDURFRQVWLWXFLRQDODILQGHRHQWRUSHFHUOD
WXWHODSURQWD\RSRUWXQDTXHEULQGD(QHVWHHQWHQGLGRFDEHDFODUDUTXHVLELHQOD/H\
GHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOQRRWRUJDXQSOD]RHVSHFtILFRSDUDVXEVDQDUHO
LQFXPSOLPLHQWR GH UHTXLVLWRV IRUPDOHV HQWUH HOORV OD LGHQWLILFDFLyQ GHO WHUFHUR
LQWHUHVDGRVLQHPEDUJRODMXVWLILFDFLyQGHVXLQFRUSRUDFLyQVHHQFXHQWUDRULHQWDGDD
HYLWDU TXH HVWRV UHTXLVLWRV IRUPDOHV WHQJDQ TXH VHU REVHUYDGRV HQ HO GHVDUUROOR GH OD
DXGLHQFLDGHDPSDURFRQVWLWXFLRQDOFRQODOyJLFDFRQVHFXHQFLDSHUQLFLRVDGHGHQHJDUVH
OD WXWHOD SRU DVSHFWRV HQWHUDPHQWH IRUPDOHV TXH PX\ ELHQ SXGLHURQ VHU FRUUHJLGRV
RSRUWXQDPHQWH (Q WDO VHQWLGR HO SOD]R GH VXEVDQDFLyQ GH FXDUHQWD \ RFKR KRUDV
HQFXHQWUDVXVWHQWRHQODSUiFWLFDMXGLFLDORSHUDGDSRUORVMXHFHV\WULEXQDOHVGHJDUDQWtDV
HQYLUWXGGHODMXULVSUXGHQFLDFRQVWLWXFLRQDOSURQXQFLDGDVREUHHVWHH[WUHPRSOD]RTXH
UHVXOWD FRQGXFHQWH FRQ OD QDWXUDOH]D VXPDULD H LQPHGLDWD GH HVWD DFFLyQ VDOYR OD
H[FHSFLyQVHxDODGDSUHFHGHQWHPHQWH&RQVHFXHQWHPHQWHODRPLVLyQGHODFFLRQDQWHHQ
LGHQWLILFDUDOWHUFHURLQWHUHVDGRQRH[LPHDOWULEXQDOGHJDUDQWtDVGHOGHEHUGHRUGHQDU
ODREVHUYDQFLDGHHVWHUHTXLVLWRHQODHWDSDGHDGPLVLELOLGDGTXHGDQGRWDPELpQLPSOtFLWD
ODREOLJDFLyQGHO7ULEXQDOWUDWiQGRVHGHFDXVDVTXHQRHPHUJHQGHSURFHVRVMXGLFLDOHV
R DGPLQLVWUDWLYRV GH H[WUDHU GH ORV KHFKRV TXH PRWLYDQ OD DFFLyQ OD H[LVWHQFLD GH
WHUFHURVFRQLQWHUpVOHJtWLPRSDUDDVtDVHJXUDUVXGHELGDFLWDFLyQ\UHVJXDUGDUHOGHELGR
SURFHVR FRQVWLWXFLRQDO \ OD LJXDOGDG MXUtGLFD GH ODV SDUWHV \ GH TXLHQHV VH SXGLHUHQ
HQFRQWUDUDIHFWDGRVFRQVXUHVXOWDGR 
(Q HWDSD GH DGPLVLELOLGDG DQWH HO
LQFXPSOLPLHQWR GH HVWH UHTXLVLWR SRU SDUWH GHO DFFLRQDQWH VH PDQWLHQHQ ORV HIHFWRV
MXUtGLFRVHVWDEOHFLGRVSRUODMXULVSUXGHQFLDFRQVWLWXFLRQDOGHELHQGRUHFKD]DUVHODDFFLyQ
FXDQGR HO DFFLRQDQWHQR VXEVDQy VX RPLVLyQ HQ HO SOD]R RWRUJDGR SRU HO 7ULEXQDOGH
JDUDQWtDV 
&XDQGRHQHWDSDGHUHYLVLyQHVWH7ULEXQDODGYLHUWHTXHODDFFLyQGH
DPSDUR IXH DGPLWLGD \ VH OOHYy D FDER OD DXGLHQFLD GH FRQVLGHUDFLyQ SHVH D OD
LQREVHUYDQFLDGHHVWHUHTXLVLWRGDUiOXJDUDODGHQHJDWRULDGHODDFFLyQVLQLQJUHVDUVHDO
DQiOLVLVGHIRQGRGHODVXQWRVLQSHUMXLFLRTXHHODFFLRQDQWHSXHGDYROYHUDLQWHUSRQHUOD
DFFLyQ HQ FX\R FDVR VH VXVSHQGH HO FyPSXWR GHO SOD]R GH FDGXFLGDG GHO DPSDUR
FRQVWLWXFLRQDO SDUD ORV HIHFWRV GH XQD QXHYD SUHVHQWDFLyQ FyPSXWR TXH VH UHLQLFLDUi
GHVGH OD QRWLILFDFLyQ FRQ OD VHQWHQFLD FRQVWLWXFLRQDO TXH QR LQJUHVy DO IRQGR 

(QFDVRTXHHVWH7ULEXQDOFRQVWDWDUHHQUHYLVLyQTXHODIDOWDGHFLWDFLyQDO
WHUFHUR LQWHUHVDGR HV DWULEXLEOH DO 7ULEXQDO GH JDUDQWtDV SRU QR KDEHUOR FLWDGR QR
REVWDQWHTXHHODFFLRQDQWHFXPSOLyFRQODFDUJDSURFHVDOGHLGHQWLILFDFLyQVHDQXODUi
REUDGRV VLHPSUH \ FXDQGR VHD SUHYLVLEOH OD DIHFWDFLyQ R DOWHUDFLyQ GH OD VLWXDFLyQ
MXUtGLFDGHOWHUFHURLQWHUHVDGR

(Q HVH RUGHQ OD 6&3  HPLWLGD HQ YLJHQFLD GHO &yGLJR 3URFHVDO
&RQVWLWXFLRQDOTXHHVWDEOHFHTXHHVSRVLEOHSUHVFLQGLUGHODLQWHUYHQFLyQGHORVWHUFHURV
FRQ LQWHUpV OHJtWLPR HQ OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO FXDQGR VX LQWHUYHQFLyQ R
SUHVHQWDFLyQGHSUXHEDVQRLQFLGDHQGHVYLUWXDUHODFWROHVLYRGHQXQFLDGRH[WUHPRTXH
WLHQHTXHVHUYDORUDGRSRUHO-XH]R7ULEXQDOGH*DUDQWtDVVHFRQVWLWX\HXQDVHQWHQFLD
PRGXODGRUDGHOtQHDMXULVSUXGHQFLDO


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,$SDUWLUGHODYLJHQFLDGHO&yGLJR3URFHVDO&RQVWLWXFLRQDOODLQWHUYHQFLyQGHO
WHUFHURLQWHUHVDGRHQODVDFFLRQHVGHGHIHQVDQRHVREOLJDWRULDFRQIRUPHVHWLHQHGHO
WH[WRWUDQVFULWRGHODQRUPDFLWDGDXQDSHUVRQDQDWXUDORMXUtGLFDTXHWHQJDHQXQDDFFLyQ
WXWHODU XQ LQWHUpV OHJtWLPR GHELGDPHQWH DFUHGLWDGR SXHGH DSHUVRQDUVH \ H[SRQHU VXV
IXQGDPHQWRVHQDXGLHQFLDGHOPLVPRPRGRHOFLWDGRWH[WRQRUPDWLYRIDFXOWDDO-XH]R

W


dW^:d
7ULEXQDOGHJDUDQWtDVGHRILFLRRDVROLFLWXGGHSDUWHFRQYRFDUDWHUFHURVLQWHUHVDGRVVL
DFDVRFRQVLGHUDSHUWLQHQWHSRWHVWDGTXHSHUPLWHHQODDGPLVLyQGHODDFFLyQGHDPSDUR
GHWHUPLQDU VL HV QHFHVDULD VX LQWHUYHQFLyQ R QR OR HV WHQLHQGR HQ FXHQWD ORV KHFKRV
GHQXQFLDGRVSRUHODFFLRQDQWH\ODVSUXHEDVDSRUWDGDVTXHGHQRWHQHQIRUPDFODUDOD
YXOQHUDFLyQ GH ORV GHUHFKRV R JDUDQWtDV \ VHD SUHYLVLEOH TXH OD SUXHED TXH SXGLHVH
DSRUWDUHOWHUFHURLQWHUHVDGRRORVDUJXPHQWRVTXHSXHGDH[SRQHUQRVHDQVXILFLHQWHV
SDUDGHVYLUWXDUODSUHVXQWDYXOQHUDFLyQGHQXQFLDGDHQODVDFFLRQHVGHGHIHQVDSRUOR
TXH D SDUWLU GH OD YLJHQFLD GHO QXHYR WH[WR SURFHVDO FRQVWLWXFLRQDO OD QR FLWDFLyQ DO
WHUFHURLQWHUHVDGRQRFRQVWLWX\HXQDVSHFWRTXHPRWLYHHOUHFKD]RLQOtPLQHGHODDFFLyQ
RODQXOLGDGFRPRRFXUUtDDQWHULRUPHQWHHQYLJHQFLDGHODGHURJDGD/H\GHO7ULEXQDO
&RQVWLWXFLRQDO TXH HQ VX DUW  HVWDEOHFtD FRPR UHTXLVLWR GH SUHVHQWDFLyQ GH OD
DFFLyQ GH DPSDUR FRQVWLWXFLRQDO OD LGHQWLILFDFLyQ \ GRPLFLOLR GH ORV WHUFHURV
LQWHUHVDGRV

)-,,,$FODUDGDODLQWHUYHQFLyQGHORVWHUFHURVLQWHUHVDGRV\WHQLHQGRHQFXHQWDTXH
HQODSUHVHQWHDFFLyQGHDPSDURFRQVWLWXFLRQDODSHVDUGHH[LVWLUXQDWHUFHUDLQWHUHVDGD
FX\DQRWLILFDFLyQQRIXHGLVSXHVWDSRUHO-XH]GHJDUDQWtDV \HQ SUHYLVLyQGHTXHVX
LQWHUYHQFLyQ R SUHVHQWDFLyQ GH SUXHEDV QR LQFLGLUtD HQ GHVYLUWXDU HO DFWR OHVLYR
GHQXQFLDGRFRUUHVSRQGHLQJUHVDUDODQiOLVLVGHODSUREOHPiWLFDSODQWHDGDSUHVFLQGLHQGR
GHVXSDUWLFLSDFLyQ




$FFLyQGHDPSDURFRQVWLWXFLRQDO6XWUDWDPLHQWRDQWHV
GHODYLJHQFLDGHO&yGLJRSURFHVDOFRQVWLWXFLRQDO
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   (Q ORV VXSXHVWRV GH IDOWD GH QRWLILFDFLyQ D ORV
WHUFHURVLQWHUHVDGRVHVSRVLEOHSUHVFLQGLUGHODQXOLGDGGHREUDGRVHQ
DSOLFDFLyQGHOSULQFLSLRGHFHOHULGDG\GHHFRQRPtDSURFHVDOVLHPSUH
\ FXDQGR ORV HIHFWRV GH OD UHVROXFLyQ GH DPSDUR FRQVWLWXFLRQDO QR
DIHFWHVXVLWXDFLyQMXUtGLFD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOODDFFLRQDQWHGHQXQFLyFRPR
YXOQHUDGRVVXVGHUHFKRVDOD
VHJXULGDGMXUtGLFD
DODSHWLFLyQ\DOGHELGR
SURFHVR SRU FXDQWR DO KDEHU ORJUDGR TXH HO -X]JDGR 6pSWLPR GH
,QVWUXFFLyQ GHO 'LVWULWR -XGLFLDO GH /D 3D] RUGHQH MXGLFLDOPHQWH D
&2660,/ SDUD TXH HPLWD D VX IDYRU FHUWLILFDFLyQ \ IRWRFRSLDV
OHJDOL]DGDVGHOLUUHJXODUUHJLVWURGHXQDPHQRUFRPRKLMDGHVXHVSRVR
W


dW^:d


IDOOHFLGRpVWDQRIXHFXPSOLGDSRUORFXDOVROLFLWyQXHYDFRQPLQDWRULD
\ VDQFLyQ GH PXOWD D OD PHQFLRQDGD &RUSRUDFLyQ PHUHFLHQGR TXH OD
-XH]D6pSWLPDGH,QVWUXFFLyQHQOR&LYLOSLGDLQIRUPHDHVDHQWLGDGGH
VHJXULGDGVRFLDOHOTXHHYDFXDGRHQVHQWLGRGHKDEHUFXPSOLGRFRQOD
RUGHQMXGLFLDOOD-XH]DPHQFLRQDGDUHVROYLyGHPDQHUDLOHJDOGDUSRU
FRQFOXLGD OD VROLFLWXG GH RUGHQ MXGLFLDO GHFLVLyQ TXH WDPELpQ
LOHJDOPHQWHIXHFRQILUPDGDHQDSHODFLyQSRUOD-XH]D7HUFHUDGH3DUWLGR
HQ OR &LYLO \ &RPHUFLDO GHO PLVPR 'LVWULWR -XGLFLDO (O 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO FRQILUPy OD UHVROXFLyQ GHO WULEXQDO GH
JDUDQWtDVTXHGHQHJyODWXWHODSRULQH[LVWHQFLDGHOHVLyQDORVGHUHFKRV
GHSHWLFLyQ\GHELGRSURFHVRHPSHUROODPyODDWHQFLyQDO7ULEXQDOGH
JDUDQWtDVSRUODIDOWDGHFLWDFLyQDORVWHUFHURVLQWHUHVDGRV

([WUDFWRGHODUDWLRGHFLGHQGL

)M,,,
FRQUHODFLyQDOWUiPLWHGHODDFFLyQGHDPSDURFRQVWLWXFLRQDO
VLELHQHQRWUDFLUFXQVWDQFLDODIDOWDGHIRUPDOLGDGHQODVGLOLJHQFLDVGH
QRWLILFDFLyQ D ORV WHUFHURV LQWHUHVDGRV GDUtD OXJDU D OD GHYROXFLyQ GH
REUDGRVDOWULEXQDOGHRULJHQSDUDVXVXEVDQDFLyQHQPpULWRDOWLHPSR
WUDQVFXUULGRGHVGHODSUHVHQWDFLyQGHODDFFLyQKDVWDHOSURQXQFLDPLHQWR
GHO SUHVHQWH IDOOR VH UHVXHOYH OD FDXVD FRQIRUPH D ORV IXQGDPHQWRV
H[SXHVWRVSUHFHGHQWHPHQWHHQDSOLFDFLyQGHOSULQFLSLRGHFHOHULGDG\
GH HFRQRPtD SURFHVDO WRGD YH] TXH VH HVWDEOHFLy OD LQH[LVWHQFLD GH
YXOQHUDFLyQDORVGHUHFKRVIXQGDPHQWDOHVLQYRFDGRV


6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJDODDFFLyQGHDPSDURFRQVWLWXFLRQDO\QRGLVSRQHODDQXODFLyQ
GH REUDGRV SRU OD IDOWD GH FLWDFLyQ D ORV WHUFHURV LQWHUHVDGRV HPSHUR
OODPDODDWHQFLyQDO7ULEXQDOGHJDUDQWtDVSRUHVDRPLVLyQ

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/D OtQHD MXULVSUXGHQFLDO VREUH ODLQWHUYHQFLyQ GHWHUFHURV LQWHUHVDGRV HQ ORVSURFHVRV
FRQVWLWXFLRQDOHVHVODVLJXLHQWH(QOD6&5GHGHVHSWLHPEUHVHQWHQFLD
IXQGDQWH VH HVWDEOHFLy TXH
HO -XH] R 7ULEXQDO GHO UHFXUVR FRPR SURWHFWRU GH ORV
GHUHFKRVIXQGDPHQWDOHVGHORVFLXGDGDQRVGHEHJDUDQWL]DUHOGHUHFKRDODGHIHQVDGH
ORVWHUFHURVTXHWHQJDQLQWHUpVOHJtWLPRHQHOSURFHVRHQFXHVWLyQ(QHVWHVHQWLGRSRU
UHJOD JHQHUDO HQ WRGR UHFXUVR GH DPSDUR TXH VH GHULYH GH XQ SURFHVR MXGLFLDO R
DGPLQLVWUDWLYR HQ HO TXH XQD GH ODV SDUWHV GHPDQGH DO MXH] 7ULEXQDO X yUJDQR
DGPLQLVWUDWLYR SRU OHVLyQ D DOJ~Q GHUHFKR IXQGDPHQWDO R JDUDQWtD FRQVWLWXFLRQDO
VXSXHVWDPHQWH JHQHUDGD HQ HO SURFHVR SULQFLSDO VH GHEH KDFHU FRQRFHU PHGLDQWH OD
QRWLILFDFLyQSHUWLQHQWHDODRWUDSDUWHTXHDGTXLHUHODFDOLGDGGHWHUFHURLQWHUHVDGROD
DGPLVLyQGHOUHFXUVRDOPLVPRWLHPSRTXHDODDXWRULGDGUHFXUULGD(QORVGHPiVFDVRV
HOMXH]R7ULEXQDOGHEHH[WUDHUGHORVKHFKRVTXHPRWLYDQHOUHFXUVRVLH[LVWHQWHUFHURV
FRQLQWHUpVOHJtWLPR\HQFRQVHFXHQFLDGHEHGLVSRQHUVXQRWLILFDFLyQ(OWpUPLQRGHODV
KRUDVVHxDODGRSDUDTXHHOUHFXUULGRSUHVHQWHVXLQIRUPHFXHQWDWDPELpQSDUDTXH
HO WHUFHUR LQWHUHVDGR SXHGD DSHUVRQDUVH \ IRUPXODU VXV DOHJDWRV FRPSXWDEOH SDUD

W


dW^:d
DPERVGHVGHOD~OWLPDQRWLILFDFLyQFRQODDGPLVLyQGHOUHFXUVR
/D6&5
GHGHDJRVWRUHLWHUDGDSRUODV66&&555HQWUH
RWUDV UHILULpQGRVH D OD IRUPD \ SURFHGLPLHQWR SDUD OD FLWDFLyQ DO WHUFHUR LQWHUHVDGR
VHxDOyTXH
ODFLWDFLyQRQRWLILFDFLyQDOVXMHWRSURFHVDOLQWHUYLQLHQWHHQHOUHFXUVRGH
DPSDURFRQVWLWXFLRQDOHQFDOLGDGGHWHUFHURLQWHUHVDGRSXHGHVHUSHUVRQDORSRUFpGXOD
\HQFXDQWRDOOXJDURGRPLFLOLRGRQGHGHEDSUDFWLFDUVHODPLVPDVHGHEHWHQHUHQFXHQWD
TXHHVWDH[LJHQFLDVHGDFXDQGRHOUHFXUVRGHDPSDURFRQVWLWXFLRQDOHVHPHUJHQWHGHXQ
SURFHVRMXGLFLDORDGPLQLVWUDWLYRGRQGHXQDGHODVSDUWHVSRGUtDVHUDIHFWDGDHQWRQFHV
D REMHWR GH HQFRQWUDU XQ HTXLOLEULR HQWUH HO GHUHFKR D OD GHIHQVD \ HO SULQFLSLR GH
FHOHULGDGSURFHVDOODQRWLILFDFLyQDOWHUFHURLQWHUHVDGRHQORVFDVRVTXHQRVHDSRVLEOH
KDFHUORSHUVRQDOPHQWHVHUiYiOLGDPHGLDQWHFpGXODHQHO~OWLPRGRPLFLOLRSURFHVDOTXH
HOWHUFHURKXELHUDVHxDODGRHQHOSURFHVRSULQFLSDOHOFXDOGHEHUiVHUFRQVLJQDGRSRU
HOUHFXUUHQWHHQODGHPDQGDGHDPSDURFRQVWLWXFLRQDOD~QHQHOFDVRGHTXHHOWHUFHUR
LQWHUHVDGRKD\DDEDQGRQDGRWDOGRPLFLOLRRKXELHVHFHVDGRHOSDWURFLQLRGHODERJDGR
SXHVWR TXH OD H[LJHQFLD VH UHGXFH DO VHxDODPLHQWR GHO GRPLFLOLR \ OD FLWDFLyQ R
QRWLILFDFLyQ UHVSHFWLYD FRQ OD DGPLVLyQ GH OD GHPDQGD GHELGR D TXH HO HMHUFLFLR GHO
GHUHFKR D OD GHIHQVD GHO WHUFHUR LQWHUHVDGR XQD YH] QRWLILFDGR HV SRWHVWDWLYR \ QR
LPSHUDWLYRHPSHURVLFRPSDUHFHVHUiGHELGDPHQWHHVFXFKDGR
$VLPLVPRHQFXDQWR
D ORV HIHFWRV GHO LQFXPSOLPLHQWR GH HVWH UHTXLVLWR OD FLWDGD 6HQWHQFLD GHWHUPLQy ODV
VLJXLHQWHV UHJODV D DSOLFDUVH
(Q FRQVHFXHQFLD HQ HO IXWXUR GHEHUiQ DSOLFDUVH ODV
VLJXLHQWHVVXEUHJODVD (VH[LJLEOHHOVHxDODPLHQWRGHOGRPLFLOLRFXDQGRHOUHFXUVRGH
DPSDURFRQVWLWXFLRQDOHPHUJHGHXQSURFHVRMXGLFLDORDGPLQLVWUDWLYRE /DQRWLILFDFLyQ
SXHGHVHUSHUVRQDORSRUFpGXODF (QFDVRGHGHVFRQRFHUVHHOGRPLFLOLRUHDORDFWXDO
GHEHUiVHxDODUVHHO~OWLPRGRPLFLOLRSURFHVDOGHOSURFHVRSULQFLSDOG (IHFWLYL]DGDOD
QRWLILFDFLyQ VX SDUWLFLSDFLyQ HQ HO UHFXUVR GH DPSDUR HV SRWHVWDWLYD H  (Q HWDSD GH
DGPLVLyQ VL VH DGYLHUWH HVWD RPLVLyQ FRUUHVSRQGH DSOLFDU HO DUW  GH OD /7&
FRQFHGLHQGRSOD]RSDUDVXVXEVDQDFLyQ\HQFDVRGHVHULQFXPSOLGRGDOXJDUDOUHFKD]R
GHO UHFXUVR \ I  (Q HWDSD GH UHYLVLyQ VL VH DGYLHUWH TXH HO UHFXUVR IXH DGPLWLGR
WUDPLWDGR\VHKDOOHYDGRDFDERODDXGLHQFLDGHFRQVLGHUDFLyQSHVHDQRFXPSOLUFRQ
HVWHUHTXLVLWRGDOXJDUDODLPSURFHGHQFLDGHODPSDURVLQLQJUHVDUVHDODQiOLVLVGHIRQGR
GHO DVXQWR
  /D 6& 5 GH  GH GLFLHPEUH HIHFWXDQGR XQD PRGXODFLyQ
UHVSHFWRDORVHIHFWRVMXUtGLFRVHQFDVRGHRPLWLUVHFRQODFLWDFLyQDOWHUFHURLQWHUHVDGR
GHWHUPLQyTXH
WUDWiQGRVHGHXQDRPLVLyQDWULEXLEOHDODVDXWRULGDGHVMXULVGLFFLRQDOHV
TXHFRQRFLHURQHOUHFXUVRGHDPSDURFRQVWLWXFLRQDO\QRDOUHFXUUHQWHVHDQXODWRGROR
REUDGR KDVWD TXH HO 2ILFLDO GH 'LOLJHQFLDV UHDOLFH OD QRWLILFDFLyQ FRQ HO UHFXUVR GH
DPSDUR FRQVWLWXFLRQDO LQWHUSXHVWR D OD WHUFHUD LQWHUHVDGD \ TXHUHOODQWH FRQ ODV
IRUPDOLGDGHV H[SUHVDGDV HQ OD FLWDGD MXULVSUXGHQFLD
 $FODUiQGRVH TXH HVWD ~OWLPD
VLWXDFLyQ RSHUD DQWH OD SUHYLVLELOLGDG GH TXH ORV HIHFWRV GH OD UHVROXFLyQ GH DPSDUR
FRQVWLWXFLRQDO SRGUtDQ DIHFWDU OD VLWXDFLyQ MXUtGLFD GHO WHUFHUR LQWHUHVDGR FRQIRUPH
GHWHUPLQy OD 6& 5 GH  GH DEULO  /D 6&3  GLVSXVR XQD
PRGXODFLyQDHVWH~OWLPRHQWHQGLPLHQWRFRQVLGHUDQGRODVSDUWLFXODULGDGHVGHODHWDSD
GH WUDQVLFLyQ \ OD REVHUYDQFLD GH ORV SULQFLSLRV GH FHOHULGDG \ HFRQRPtD SURFHVDO
GLVSRQLHQGRTXH
VLELHQHQRWUDFLUFXQVWDQFLDODIDOWDGHIRUPDOLGDGHQODVGLOLJHQFLDV
GH QRWLILFDFLyQ D ORV WHUFHURV LQWHUHVDGRV GDUtD OXJDU D OD GHYROXFLyQ GH REUDGRV DO
WULEXQDO GH RULJHQ SDUD VX VXEVDQDFLyQ HQ PpULWR DO WLHPSR WUDQVFXUULGR GHVGH OD
SUHVHQWDFLyQ GH OD DFFLyQ KDVWD HO SURQXQFLDPLHQWR GHO SUHVHQWH IDOOR VH UHVXHOYH OD
FDXVD FRQIRUPH D ORV IXQGDPHQWRV H[SXHVWRV SUHFHGHQWHPHQWH HQ DSOLFDFLyQ GHO
SULQFLSLRGHFHOHULGDG\GHHFRQRPtDSURFHVDOWRGDYH]TXHVHHVWDEOHFLyODLQH[LVWHQFLD
GH YXOQHUDFLyQ D ORV GHUHFKRV IXQGDPHQWDOHV  LQYRFDGRV
   3RVWHULRUPHQWH OD 6&
HQYLJHQFLDGHOD/H\GHO7ULEXQDO&RQVWLWXFLRQDOTXHUHJXOyODFLWDFLyQDO
WHUFHUR LQWHUHVDGR VLVWHPDWL]y  WRGD OD MXULVSUXGHQFLD FRQVWLWXFLRQDO YLQFXODGD D ORV
WHUFHURVLQWHUHVDGRVDSDUWLUGHOD6&5LQWHJUDQGRORVSUHFHGHQWHVJHQHUDGRV
SRU HO 7ULEXQDO &RQVWLWXFLRQDO D OD /H\ GHO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO
FRQIRUPH DO VLJXLHQWH UD]RQDPLHQWR
)- ,,, 6HJ~Q HO DUW  GH OD /7&3 VH
HVWDEOHFHFRPRUHTXLVLWRGHODGHPDQGDGHDFFLyQGHDPSDURFRQVWLWXFLRQDOLGHQWLILFDU
DOWHUFHURLQWHUHVDGRHPSHURFRQVLGHUDQGRTXHHOGHVDUUROOROHJLVODWLYRGHODFLWDGD/H\

W


dW^:d


VHUHILHUH~QLFDPHQWHDODH[LJHQFLDGHVXLGHQWLILFDFLyQFRPRFRQWHQLGRGHODGHPDQGD
GHDFFLyQGHDPSDURVLQHVWDEOHFHUODIRUPDSURFHGLPLHQWRQLORVHIHFWRVMXUtGLFRVHQ
FDVR GH LQFXPSOLUVH FRQ HVWH UHTXLVLWR FRUUHVSRQGH UHDOL]DU HQ OR FRQGXFHQWH XQD
LQWHJUDFLyQDHVWHSUHFHSWROHJDOGHOGHVDUUROORMXULVSUXGHQFLDOJORVDGRSUHFHGHQWHPHQWH
VREUHODH[LJHQFLDGHFLWDFLyQDOWHUFHURLQWHUHVDGR\VXVHPHUJHQFLDVHVWDEOHFLpQGRVH
ORVLJXLHQWH /DWHOHRORJtDGHODFLWDFLyQDORVWHUFHURVLQWHUHVDGRVFRQODDFFLyQGH
DPSDURFRQVWLWXFLRQDOHVJDUDQWL]DUVXGHUHFKRDVHURtGRVHQHOHQWHQGLGRTXHVLELHQ
ORV WHUFHURV LQWHUHVDGRV QR VRQ SDUWH HQ HO DPSDUR FRQVWLWXFLRQDO HPSHUR WLHQHQ XQ
LQWHUpVOHJtWLPRHQVXUHVXOWDGRSRUODSUREDEOHDIHFWDFLyQGHVXVGHUHFKRVTXHSXGLHUD
GHULYDUFRQHOSURQXQFLDPLHQWRGHOIDOORGHWXWHODFRQVWLWXFLRQDO'HDKtODUHOHYDQFLDGH
VHUFLWDGRVFRQODDGPLVLyQGHHVWDDFFLyQDHIHFWRVGHVHURtGRV\FRQODIDFXOWDGGH
KDFHUXVRGHWRGRVORVPHGLRVGHGHIHQVDTXHFRQVLGHUHQSHUWLQHQWHV 
/D
FLWDFLyQGHORVWHUFHURVLQWHUHVDGRVFRQODGHPDQGDGHDPSDURFRQVWLWXFLRQDODOQRVHU
XQDPHUDIRUPDOLGDGHQUD]yQDTXHVHHQFXHQWUDGHVWLQDGDDJDUDQWL]DUHOGHUHFKRDVHU
RtGRVDTXLHQHVSXHGDQYHUVHDIHFWDGRVFRQHOUHVXOWDGRGHOIDOORGHWXWHODVHFRQVWLWX\H
HQ XQ UHTXLVLWR GH FDUiFWHU IRUPDO LPSUHVFLQGLEOH SDUD OD DGPLVLyQ GH OD DFFLyQ GH
DPSDURFRQVWLWXFLRQDOTXHGHEHVHUREVHUYDGRSRUHODFFLRQDQWHTXLHQWLHQHODFDUJD
SURFHVDOGHLGHQWLILFDUFRQSUHFLVLyQDORVWHUFHURVLQWHUHVDGRV\VHxDODUVXVGRPLFLOLRV
HQFX\RFDVRHO7ULEXQDOGHJDUDQWtDVWLHQHHOGHEHULQH[FXVDEOHGHRUGHQDUODFLWDFLyQ
GHOWHUFHURLQWHUHVDGRGHFRQIRUPLGDGFRQODIRUPD\SURFHGLPLHQWRHVWDEOHFLGRVSRUOD
MXULVSUXGHQFLD FRQVWLWXFLRQDO JORVDGD TXH UHVXOWD DSOLFDEOH DO QR VHU FRQWUDULD D ORV
PDQGDWRVFRQVWLWXFLRQDOHVTXHUHJXODQODDFFLyQGHDPSDURFRQVWLWXFLRQDO  &XDQGR
HODFFLRQDQWHQRKD\DFXPSOLGRFRQODFDUJDSURFHVDOGHLGHQWLILFDUDOWHUFHURLQWHUHVDGR
GLFKD RPLVLyQ GHEH VHU REVHUYDGD SRU HO WULEXQDO GH JDUDQWtDV HQ OD HWDSD GH
DGPLVLELOLGDGGHODDFFLyQ\QRDWLHPSRGHUHVROYHUODGHELHQGRRUGHQDUVXVXEVDQDFLyQ
RWRUJDQGRSDUDWDOHIHFWRHOSOD]RGHFXDUHQWD\RFKRKRUDVVDOYRTXHSRUFLUFXQVWDQFLDV
H[FHSFLRQDOHV H[LVWD OD QHFHVLGDG GH VX DPSOLDFLyQ HQ HVWD VLWXDFLyQ HO WULEXQDO GH
JDUDQWtDV GHEHUi WHQHU HO FXLGDGR GH DVHJXUDU TXH HVWD DPSOLDFLyQ VHD DFRUGH FRQ OD
QDWXUDOH]DLQPHGLDWDGHSURWHFFLyQGHODPSDURFRQVWLWXFLRQDODILQGHRHQWRUSHFHUOD
WXWHODSURQWD\RSRUWXQDTXHEULQGD(QHVWHHQWHQGLGRFDEHDFODUDUTXHVLELHQOD/H\
GHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOQRRWRUJDXQSOD]RHVSHFtILFRSDUDVXEVDQDUHO
LQFXPSOLPLHQWR GH UHTXLVLWRV IRUPDOHV HQWUH HOORV OD LGHQWLILFDFLyQ GHO WHUFHUR
LQWHUHVDGRVLQHPEDUJRODMXVWLILFDFLyQGHVXLQFRUSRUDFLyQVHHQFXHQWUDRULHQWDGDD
HYLWDU TXH HVWRV UHTXLVLWRV IRUPDOHV WHQJDQ TXH VHU REVHUYDGRV HQ HO GHVDUUROOR GH OD
DXGLHQFLDGHDPSDURFRQVWLWXFLRQDOFRQODOyJLFDFRQVHFXHQFLDSHUQLFLRVDGHGHQHJDUVH
OD WXWHOD SRU DVSHFWRV HQWHUDPHQWH IRUPDOHV TXH PX\ ELHQ SXGLHURQ VHU FRUUHJLGRV
RSRUWXQDPHQWH (Q WDO VHQWLGR HO SOD]R GH VXEVDQDFLyQ GH FXDUHQWD \ RFKR KRUDV
HQFXHQWUDVXVWHQWRHQODSUiFWLFDMXGLFLDORSHUDGDSRUORVMXHFHV\WULEXQDOHVGHJDUDQWtDV
HQYLUWXGGHODMXULVSUXGHQFLDFRQVWLWXFLRQDOSURQXQFLDGDVREUHHVWHH[WUHPRSOD]RTXH
UHVXOWD FRQGXFHQWH FRQ OD QDWXUDOH]D VXPDULD H LQPHGLDWD GH HVWD DFFLyQ VDOYR OD
H[FHSFLyQVHxDODGDSUHFHGHQWHPHQWH&RQVHFXHQWHPHQWHODRPLVLyQGHODFFLRQDQWHHQ
LGHQWLILFDUDOWHUFHURLQWHUHVDGRQRH[LPHDOWULEXQDOGHJDUDQWtDVGHOGHEHUGHRUGHQDU
ODREVHUYDQFLDGHHVWHUHTXLVLWRHQODHWDSDGHDGPLVLELOLGDGTXHGDQGRWDPELpQLPSOtFLWD
ODREOLJDFLyQGHO7ULEXQDOWUDWiQGRVHGHFDXVDVTXHQRHPHUJHQGHSURFHVRVMXGLFLDOHV
R DGPLQLVWUDWLYRV GH H[WUDHU GH ORV KHFKRV TXH PRWLYDQ OD DFFLyQ OD H[LVWHQFLD GH
WHUFHURVFRQLQWHUpVOHJtWLPRSDUDDVtDVHJXUDUVXGHELGDFLWDFLyQ\UHVJXDUGDUHOGHELGR
SURFHVR FRQVWLWXFLRQDO \ OD LJXDOGDG MXUtGLFD GH ODV SDUWHV \ GH TXLHQHV VH SXGLHUHQ
HQFRQWUDUDIHFWDGRVFRQVXUHVXOWDGR 
(Q HWDSD GH DGPLVLELOLGDG DQWH HO
LQFXPSOLPLHQWR GH HVWH UHTXLVLWR SRU SDUWH GHO DFFLRQDQWH VH PDQWLHQHQ ORV HIHFWRV
MXUtGLFRVHVWDEOHFLGRVSRUODMXULVSUXGHQFLDFRQVWLWXFLRQDOGHELHQGRUHFKD]DUVHODDFFLyQ
FXDQGR HO DFFLRQDQWHQR VXEVDQy VX RPLVLyQ HQ HO SOD]R RWRUJDGR SRU HO 7ULEXQDOGH
&XDQGRHQHWDSDGHUHYLVLyQHVWH7ULEXQDODGYLHUWHTXHODDFFLyQGH
JDUDQWtDV 
DPSDUR IXH DGPLWLGD \ VH OOHYy D FDER OD DXGLHQFLD GH FRQVLGHUDFLyQ SHVH D OD
LQREVHUYDQFLDGHHVWHUHTXLVLWRGDUiOXJDUDODGHQHJDWRULDGHODDFFLyQVLQLQJUHVDUVHDO
DQiOLVLVGHIRQGRGHODVXQWRVLQSHUMXLFLRTXHHODFFLRQDQWHSXHGDYROYHUDLQWHUSRQHUOD
DFFLyQ HQ FX\R FDVR VH VXVSHQGH HO FyPSXWR GHO SOD]R GH FDGXFLGDG GHO DPSDUR

W


dW^:d
FRQVWLWXFLRQDO SDUD ORV HIHFWRV GH XQD QXHYD SUHVHQWDFLyQ FyPSXWR TXH VH UHLQLFLDUi
GHVGH OD QRWLILFDFLyQ FRQ OD VHQWHQFLD FRQVWLWXFLRQDO TXH QR LQJUHVy DO IRQGR 

(QFDVRTXHHVWH7ULEXQDOFRQVWDWDUHHQUHYLVLyQTXHODIDOWDGHFLWDFLyQDO
WHUFHUR LQWHUHVDGR HV DWULEXLEOH DO 7ULEXQDO GH JDUDQWtDV SRU QR KDEHUOR FLWDGR QR
REVWDQWHTXHHODFFLRQDQWHFXPSOLyFRQODFDUJDSURFHVDOGHLGHQWLILFDFLyQVHDQXODUi
REUDGRV VLHPSUH \ FXDQGR VHD SUHYLVLEOH OD DIHFWDFLyQ R DOWHUDFLyQ GH OD VLWXDFLyQ
MXUtGLFD GHO WHUFHUR LQWHUHVDGR  /D 6&3  FRQILUPy HO UD]RQDPLHQWR GH
DQXODFLyQGHREUDGRVSRUIDOWDGHFLWDFLyQGHWHUFHURVLQWHUHVDGRV)LQDOPHQWHOD6&3
HPLWLGDHQYLJHQFLDGHO&yGLJR3URFHVDO&RQVWLWXFLRQDOHVWDEOHFLyTXHHV
SRVLEOHSUHVFLQGLUGHODLQWHUYHQFLyQGHORVWHUFHURVFRQLQWHUpVOHJtWLPRHQODDFFLyQGH
DPSDURFRQVWLWXFLRQDOFXDQGRVXLQWHUYHQFLyQRSUHVHQWDFLyQGHSUXHEDVQRLQFLGDHQ
GHVYLUWXDUHODFWROHVLYRGHQXQFLDGRH[WUHPRTXHWLHQHTXHVHUYDORUDGRSRUHO-XH]R
7ULEXQDOGH*DUDQWtDV/D6&3FRQILUPyHVWHUD]RQDPLHQWRHVWDEOHFLHQGR
TXHHQORVVXSXHVWRVGHLQFXPSOLPLHQWRGHUHTXLVLWRVGHIRUPDGHODDFFLyQGHDPSDUR
FRQVWLWXFLRQDOQRREVHUYDGRVHQIDVHGHDGPLVLELOLGDGSRUODVRORVMXHFHVRWULEXQDOHV
GHJDUDQWtDVHQUHVJXDUGRGHORVGHUHFKRVDODMXVWLFLDPDWHULDO\DODFFHVRDODMXVWLFLD
GLFKRVUHTXLVLWRVGHEHQIOH[LELOL]DUVHHQHWDSDGHUHYLVLyQGHHVWDDFFLyQGHGHIHQVDDQWH
HO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

/D6&3HQVX)M,,,GLVSRQH
FRQUHODFLyQDOWUiPLWHGH
ODDFFLyQGHDPSDURFRQVWLWXFLRQDOVLELHQHQRWUDFLUFXQVWDQFLDODIDOWD
GH IRUPDOLGDG HQ ODV GLOLJHQFLDV GH QRWLILFDFLyQ D ORV WHUFHURV
LQWHUHVDGRVGDUtDOXJDUDODGHYROXFLyQGHREUDGRVDOWULEXQDOGHRULJHQ
SDUD VX VXEVDQDFLyQ HQ PpULWR DO WLHPSR WUDQVFXUULGR GHVGH OD
SUHVHQWDFLyQGHODDFFLyQKDVWDHOSURQXQFLDPLHQWRGHOSUHVHQWHIDOORVH
UHVXHOYH OD FDXVD FRQIRUPH D ORV IXQGDPHQWRV H[SXHVWRV
SUHFHGHQWHPHQWHHQDSOLFDFLyQGHOSULQFLSLRGHFHOHULGDG\GHHFRQRPtD
SURFHVDOWRGDYH]TXHVHHVWDEOHFLyODLQH[LVWHQFLDGHYXOQHUDFLyQDORV
GHUHFKRVIXQGDPHQWDOHVLQYRFDGRV




1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO


W


dW^:d


6&3/DIDOWDGHFLWDFLyQGHWHUFHURVLQWHUHVDGRVGHQWURGH
SURFHVRVGHWXWHODFRQVWLWXFLRQDODEUHODSRVLELOLGDGGHTXHHQHWDSD
GH UHYLVLyQ HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO GHFODUH OD
QXOLGDGGHREUDGRVVLQLQJUHVDUDOIRQGRGHODFDXVD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOORVDFFLRQDQWHVGHQXQFLDQTXH
IXHURQ GHVDORMDGRV VLQ TXH H[LVWD RUGHQ MXGLFLDO RFDVLRQDQGR OD
YXOQHUDFLyQ GH VXV GHUHFKRV D OD LQYLRODELOLGDG GHO GRPLFLOLR \ D OD
SURSLHGDGSULYDGD

(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDODQXOyREUDGRVKDVWDODFLWDFLyQ
\QRWLILFDFLyQFRQODGHPDQGDGHWXWHODFRQVWLWXFLRQDODOHYLGHQFLDUTXH
VHRPLWLyFLWDU\QRWLILFDUDWHUFHURVLQWHUHVDGRVHQODDFFLyQGHDPSDUR
FRQVWLWXFLRQDO

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,(QHVHVHQWLGRORVDFWRVUHDOL]DGRVSRUORVPLHPEURVGHO7ULEXQDOGH
JDUDQWtDV TXHEUDQWDQ OD QDWXUDOH]D MXUtGLFD GH HVWD DFFLyQ GH GHIHQVD FX\D
ILQDOLGDGHVEULQGDUWXWHODFRQVWLWXFLRQDOLQPHGLDWDDWUDYpVGHOUHVWDEOHFLPLHQWR
GHOGHUHFKRIXQGDPHQWDORJDUDQWtDFRQVWLWXFLRQDOFRQFXOFDGDSRUDFWRVLOHJDOHV
X RPLVLRQHV LQGHELGRV GH VHUYLGRUHV S~EOLFRV R GH SHUVRQD LQGLYLGXDO R
FROHFWLYD&RUUHVSRQGtDTXHDQWHHOFRQRFLPLHQWRGHOHUURU\RHTXLYRFDFLyQ
HQHOVHxDODPLHQWRGHOGRPLFLOLRGHORVFRGHPDQGDGRVOYDUR'DQLHO\9tFWRU
+XJR 0pQGH] 7RUULFR VH RUGHQH TXH ODV DFFLRQDQWHV SUHFLVHQ HO GRPLFLOLR
H[DFWRSDUDVXOHJDOFLWDFLyQRHQVXFDVRVHSUDFWLTXHHQHOILMDGRSRU0DUtD

0HOE\
0pQGH]7RUULFRHQLGpQWLFRVHQWLGRGHELHURQGLVSRQHUODFLWDFLyQDORV
WHUFHURVLQWHUHVDGRVHQORVGRPLFLOLRVLQGLFDGRVSRUODUHIHULGDFRGHPDQGDGD
GH TXLHQHV VH SUHVXPH ODV DFFLRQDQWHV GHVFRQRFtDQ (Q RWURV WpUPLQRV
FRQRFLGRVORVGHIHFWRVHQODFLWDFLyQDORVFRGHPDQGDGRV\GDGDODDXVHQFLDGH
FLWDFLyQDWHUFHURVLQWHUHVDGRVORVDXWRULGDGHVUHIHULGDVHVWDEDQFRPSHOLGDVD
GLVSRQHU VH SUDFWLTXHQ GLFKDV GLOLJHQFLDV DQWHV GH OD FHOHEUDFLyQ GH OD
DXGLHQFLDTXH VHUHDOL]yHOGHMXQLRGHDFWXDGRVLPSUHVFLQGLEOHV \
HVHQFLDOHV SDUD UHVROYHU OD DFFLyQ LQWHUSXHVWD FRQIRUPH VH H[SOLFy HQ HO
)XQGDPHQWR-XUtGLFR,,,GHHVWD6HQWHQFLD&RQVWLWXFLRQDO3OXULQDFLRQDO
(QHVHVHQWLGR\DQWHODH[LVWHQFLDGHXQLPSHGLPHQWRSDUDHIHFWXDUHOH[DPHQ
GHIRQGRGHODSUREOHPiWLFDSODQWHDGDFRUUHVSRQGHDQXODUREUDGRVDHIHFWRVGH
UHSRQHU HO SURFHGLPLHQWR KDVWD TXH HO 7ULEXQDO GH JDUDQWtDV FLWH D ORV
FRGHPDQGDGRV \DORVWHUFHURVLQWHUHVDGRVHQHOWpUPLQRGHFXDUHQWD \RFKR
KRUDV\UHVXHOYDODDFFLyQHQHOIRQGRFRQIRUPHDGHUHFKRUHVWDEOHFLHQGRHQ
VXFDVRORVGHUHFKRVLQYRFDGRV1RREVWDQWHVHOODPDVHYHUDPHQWHODDWHQFLyQ
D2VFDU)UHLUH$U]H\-XDQ&DUORV&ODURV6DQGRYDO3UHVLGHQWH\9RFDOGHOD
6DOD 6RFLDO \ $GPLQLVWUDWLYD GHO 7ULEXQDO 'HSDUWDPHQWDO GH -XVWLFLD GH
&RFKDEDPEDSRUODLQREVHUYDQFLDHQHOWUiPLWHSURFHVDOHQDFFLRQHVWXWHODUHV
DFX\DFRQVHFXHQFLDSXGLHUDQUHVXOWDUJUDYHVSHUMXLFLRV\GDxRVLUUHSDUDEOHV

W


dW^:d
HQ ORV GHUHFKRV GH ODV DFFLRQDQWHV HQ HO HQWHQGLGR TXH FRUUHVSRQGH D HVWD
MXULVGLFFLyQFRQVWLWXLGD\RUHSUHVHQWDGDSRUHO7ULEXQDOGHJDUDQWtDVYHODUSRU
ODVXSUHPDFtDFRQVWLWXFLRQDO\SUHFDXWHODUSRUHOUHVSHWR\ODYLJHQFLDGHORV
GHUHFKRV \ JDUDQWtDV FRQVWLWXFLRQDOHV SDUD FX\R HIHFWR OH FRPSHWH RWRUJDU
WXWHODHQIRUPDRSRUWXQD\HIHFWLYDPDWHULDOL]DQGRHOPDQGDWRFRQWHQLGRHQHO
DUW,,GHOD&3(UHVSHFWRGHXQDMXVWLFLDSURQWDRSRUWXQD\VLQGLODFLRQHV


6LQWHVLVGHODUDWLRGHFLGHQGL

$QXOy REUDGRV HQ OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SRU QR KDEHUVH
QRWLILFDGRDWHUFHURVLQWHUHVDGRVSDUDODDXGLHQFLDGHDPSDUR

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

$O UHVSHFWR OD 6& 5 GH  GH MXQLR UHLWHUDQGR HO UD]RQDPLHQWR
DVXPLGRSRUOD6&5GHGHVHSWLHPEUH\UHVDOWDQGRHOSULQFLSLR
GH LJXDOGDG VRVWXYR
3RU GHWHUPLQDFLyQ GH OD PLVPD 6HQWHQFLD
&RQVWLWXFLRQDOHOSULQFLSLRFRQVWLWXFLRQDODQWHVVHxDODGR
HVDSOLFDEOHDORV
UHFXUVRV GH DPSDUR FRQVWLWXFLRQDO HQ ORV TXH SDUD SURWHJHU ORV GHUHFKRV
FRQVWLWXFLRQDOHV VXSULPLGRV UHVWULQJLGRV R DPHQD]DGRV VH HQMXLFLDQ DFWRV
MXUtGLFRVUHVROXFLRQHVMXGLFLDOHVRDFWRVDGPLQLVWUDWLYRVGHOSURFHVRSULQFLSDO
GHOFXDOGHULYDHOUHFXUVRSRUORTXHODQRWLILFDFLyQDODRWUDSDUWHGHODOLWLVHV
GHULJRUSURFHVDODVtQRILJXUHQFRPRUHFXUULGRVGDGRTXHVXVGHUHFKRVSXHGHQ
UHVXOWDUDIHFWDGRVFRQODUHVROXFLyQGHOUHFXUVR


0RGXODQGR\FRPSOHPHQWDQGRHOHQWHQGLPLHQWRSUHFHGHQWHPHQWHFLWDGROD6&
5GHGHDJRVWRFRQUHODFLyQDODH[LJHQFLDGHOVHxDODPLHQWRGHO
QRPEUH \ GRPLFLOLR GHO WHUFHUR OHJtWLPDPHQWH LQWHUHVDGR HQ HO UHFXUVR GH
DPSDURFRQVWLWXFLRQDOFRPRUHTXLVLWRIRUPDOGHDGPLVLELOLGDGSDUDHIHFWRVGH
VX QRWLILFDFLyQ H LQWHUYHQFLyQ HVWDEOHFLy TXH GHQWUR GH ORV UHTXLVLWRV GH
DGPLVLELOLGDGQRVyORVRQH[LJLEOHVORVSUHYLVWRVSRUHODUWGHOD/7&VLQR
DTXHOORVTXHKDQVLGRGHVDUUROODGRVSRUODMXULVSUXGHQFLDFRQVWLWXFLRQDO\TXH
VRQGHRUGHQSURFHVDOFRQFDUiFWHULPSHUDWLYRWDOHVHOFDVRGHOVHxDODPLHQWR
GHGRPLFLOLRGHOWHUFHURLQWHUHVDGRFXDQGRHOUHFXUVRGHDPSDURFRQVWLWXFLRQDO
HV FRQVHFXHQFLD GH XQ SURFHVR MXGLFLDO R DGPLQLVWUDWLYR UHTXLVLWR TXH VH
LQFRUSRUDDODUWGHOD/7&SRUODMXULVSUXGHQFLDFRQVWLWXFLRQDO\TXHHVGH
FDUiFWHUIRUPDOWDOFRPRORKDHVWDEOHFLGRHVWH7ULEXQDO&RQVWLWXFLRQDOHQHO
$&5&$GHGHMXOLR

)LQDOPHQWHODPLVPD6HQWHQFLD&RQVWLWXFLRQDOHQWUHODVVXEUHJODVTXHGHEHQ
DSOLFDUVH FRQ UHODFLyQ DO WUDWDPLHQWR GH OD QRWLILFDFLyQ DO WHUFHUR LQWHUHVDGR
FRQWHPSOyODVLJXLHQWH(QHWDSDGHUHYLVLyQVLVHDGYLHUWHTXHHOUHFXUVRIXH
DGPLWLGRWUDPLWDGR\VHKDOOHYDGRDFDERODDXGLHQFLDGHFRQVLGHUDFLyQSHVH
DQRFXPSOLUFRQHVWHUHTXLVLWRGDOXJDUDODLPSURFHGHQFLDGHODPSDURVLQ
LQJUHVDUVHDODQiOLVLVGHIRQGRGHODVXQWR



([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

6&5
W


dW^:d





&RPSHWHQFLDGHMXH]DVMXHFHV\WULEXQDOHVGHJDUDQWtDV
HQDFFLRQHVGHOLEHUWDG5HJODVGHFRPSHWHQFLDSDUDODDFFLyQGHOLEHUWDG
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0XWDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3(Q&DSLWDOHVGH'HSDUWDPHQWRODV\ORVMXHFHVHQ
PDWHULD SHQDO WLHQHQ FRPSHWHQFLD H[FOXVLYD SDUD HO FRQRFLPLHQWR \
VXVWDQFLDFLyQ GH OD DFFLyQ GH OLEHUWDG QR DVt RWUDV DXWRULGDGHV
MXULVGLFFLRQDOHVGHPDWHULDVGLIHUHQWHVQLVLTXLHUDHQVXSOHQFLDOHJDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH OLEHUWDG OD DFFLRQDQWH GHQXQFLy TXH VH GLVSXVR VX
GHWHQFLyQ SUHYHQWLYD HQ EDVH D XQD SUXHED LOtFLWD DVSHFWR TXH IXH
GHQXQFLDGRDWUDYpVGHOUHFXUVRGHDSHODFLyQHOFXDOIXHUHVXHOWRSRUODV
DXWRULGDGHV DKRUD GHPDQGDGDV FRQILUPDQGR OD GHFLVLyQ GHO MXH]
FDXWHODULQWHUSRQLHQGRSRVWHULRUPHQWHH[FHSFLyQGHIDOWDGHDFFLyQTXH
IXH UHFKD]DGD VROLFLWDQGR DGHPiV FHVDFLyQ D OD GHWHQFLyQ SUHYHQWLYD
KDELHQGRVLGRILMDGDODDXGLHQFLDSDUDHOGHHVHPHV\DxR(QEDVHD
HVWRV DQWHFHGHQWHV DOHJy OD YXOQHUDFLyQ GH VXV GHUHFKRV DO GHELGR
SURFHVR\DODOLEHUWDG\SLGLyVHFRQFHGDODDFFLyQ\VHDQXOHWRGRHO
SURFHVR KDVWD HO YLFLR PiV DQWLJXR (O 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDOFRQILUPyODGHFLVLyQGHO7ULEXQDOGH*DUDQWtDV\GHQHJy
ODWXWHODVLQLQJUHVDUDODQiOLVLVGHIRQGRSRUODVVLJXLHQWHVUD]RQHVD 
SRUTXH
EDMR QLQJ~Q MXVWLILFDWLYR OD MXULVGLFFLyQ FRQVWLWXFLRQDO  SXHGH
LQWHUIHULUHQHOFULWHULRTXHSXHGDQHPLWLUORVMXHFHVSDUDGHWHUPLQDUOD
FXOSDELOLGDGRQRGHXQLPSXWDGRQLHQODGHWHUPLQDFLyQGHODH[LVWHQFLD
RQRGHOGHOLWRTXHVHLQYHVWLJySRUTXHHVWDVDWULEXFLRQHVFRUUHVSRQGHQ
H[FOXVLYDPHQWHDODMXULVGLFFLyQRUGLQDULD
E /DVROLFLWXGGHFHVDFLyQD
OD GHWHQFLyQ SUHYHQWLYD UHDOL]DGD SRU OD DFFLRQDQWH DQWH HO MXH] TXH
HMHUFH HO FRQWUROMXULVGLFFLRQDO GH OD FDXVD VH HQFXHQWUD SHQGLHQWH GH
UHVROXFLyQ $GHPiV VH DQDOL]y SUHYLDPHQWH OD FRPSHWHQFLD GH ORV
MXHFHV\WULEXQDOHVSDUDFRQRFHU\UHVROYHUODVDFFLRQHVGHOLEHUWDG\HQ
XQHQWHQGLPLHQWRSUHYLVRUDSHVDUGHQRFXPSOLUVHFRQHOSUHVXSXHVWR
W


dW^:d

GH OD FRPSHWHQFLD LQJUHVy DO DQiOLVLV GH ORV SUREOHPDV MXUtGLFRV
SODQWHDGRV

([WUDFWRGHODUDWLRGHFLGHQGL

)- ,,,
HQ REVHUYDQFLD GHO SULQFLSLR GH VHJXULGDG MXUtGLFD OD
DSOLFDFLyQGHODPRGXODFLyQTXHVHUHDOL]DDOD6&5GH
GHPD\RVyORVHUiGHDSOLFDFLyQDDTXHOODVDFFLRQHVTXHVHLQLFLHQFRQ
SRVWHULRULGDG D OD IHFKD GH SXEOLFDFLyQ GH OD SUHVHQWH 6HQWHQFLD
&RQVWLWXFLRQDO$WRGDVODVGHPiVDFFLRQHVLQLFLDGDVDQWHULRUPHQWHOH
VHUiQDSOLFDEOHVORVSUHFHSWRVGHVDUUROODGRVHQODFLWDGD6&
5


6LQWHVLVGHODUDWLRGHFLGHQGL

$QDOL]DODFRPSHWHQFLDHQ&DSLWDOHVGH'HSDUWDPHQWRGHORVMXHFHV\
WULEXQDOHV SDUD FRQRFHU \ UHVROYHU DFFLRQHV GH OLEHUWDG \ HQ HO FDVR
FRQFUHWRHQXQHQWHQGLPLHQWRSUHYLVRUDSHVDUGHQRFXPSOLUVHFRQHO
SUHVXSXHVWR GH OD FRPSHWHQFLD LQJUHVD DO DQiOLVLV GH ORV SUREOHPDV
MXUtGLFRVSODQWHDGRV

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDOUHIHUHQWHDODFRPSHWHQFLDSDUDHOFRQRFLPLHQWRGH
ODDFFLyQGHOLEHUWDGHQ&DSLWDOHVGH'HSDUWDPHQWRKDGHVDUUROODGRODVLJXLHQWH
OtQHDMXULVSUXGHQFLDO


(Q OD 6& 5 VHxDOy TXH OD FRPSHWHQFLD SDUD FRQRFHU ODV
DFFLRQHV GH OLEHUWDG HV H[WHQVLEOH D MXHFHV R YRFDOHV QR SHQDOHV HQ
FLUFXQVWDQFLDVTXHDVtORREOLJXHQFRPRVXSXHVWRVGHH[FXVDRUHFXVDFLyQR
FXDQGR ORV YRFDOHV GH ODV VDODV SHQDOHV VH HQFXHQWUHQ LPSRVLELOLWDGRV GH
FRQRFHUODFDXVDSXGLpQGRVHHQHVRVFDVRVFRQYRFDUDXQYRFDOGHRWUDVDOD
GLVWLQWDDODSHQDO


/XHJRHQOD6&3VHPXWyHOHQWHQGLPLHQWRSODVPDGRHQOD
6& 5 \ HVWDEOHFLy TXH HQ &DSLWDOHV GH 'HSDUWDPHQWR ODV \ ORV
MXHFHVHQPDWHULDSHQDOWLHQHQFRPSHWHQFLDH[FOXVLYDSDUDHOFRQRFLPLHQWR\
VXVWDQFLDFLyQGHODDFFLyQGHOLEHUWDGQRDVtRWUDVDXWRULGDGHVMXULVGLFFLRQDOHV
GHPDWHULDVGLIHUHQWHVQLVLTXLHUDHQVXSOHQFLDOHJDO


3RVWHULRUPHQWHOD6&3PRGXODVHxDODQGRTXHORVMXHFHVGH
LQVWUXFFLyQ GH WXUQR HQ OR SHQDO GH ODV FDSLWDOHV WLHQHQ FRPSHWHQFLD SDUD
FRQRFHU \ WUDPLWDU ODV DFFLRQHV GH OLEHUWDG TXH GHEDQ FHOHEUDUVH ORV GtDV
ViEDGRVGRPLQJRVRIHULDGRV


/D 6&3  PRGXOD LPSOtFLWDPHQWH OD 6&3 
HVWDEOHFLHQGRTXHODVDFFLRQHVGHOLEHUWDGFX\DDXGLHQFLDGHEDVHUGHVDUUROODGD
ORVGtDVViEDGRVGRPLQJRVRIHULDGRVGHEHQVHUUHVXHOWDVSRUODDXWRULGDGTXH

W


dW^:d


FRQRFH\DGPLWHODDFFLyQVLQUHPLWLUDORVMXHFHVLQVWUXFWRUHVGHWXUQR\TXH
ODV DFFLRQHV GH OLEHUWDG LQWHUSXHVWDV GLUHFWDPHQWH DQWH HVWRV MXHFHV ORV GtDV
ViEDGRV GRPLQJRV \ IHULDGRV GHEHQ FRQFOXLU HO WUiPLWH LQFOXVLYH HQ XQ GtD
KiELO


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

6&3

)-,,,
ODQRUPDIXQGDPHQWDORWRUJDFRPSHWHQFLDDORV-XHFHVHQPDWHULDSHQDO
SDUDHOFRQRFLPLHQWR\VXVWDQFLDFLyQGHODDFFLyQGHOLEHUWDGSRUFXDQWRQLQJ~QRWUR
-XH]RWULEXQDOHVWiKDELOLWDGDSDUDHMHUFHUGLFKDFRPSHWHQFLDQLVLTXLHUDHQVXSOHQFLD
OHJDOWRGDYH]TXHVLDFDVRQRH[LVWLHUDMXH]R6DOD3HQDOHQHOPLVPR'LVWULWR-XGLFLDO
TXH DVXPD FRPSHWHQFLD OD DFFLyQ GH OLEHUWDG GHEH VHU UHVXHOWD QHFHVDULDPHQWH SRU
FXDOTXLHURWUR-XH]HQPDWHULDSHQDOHVGHFLUSRU-XHFHV\7ULEXQDOHVGH6HQWHQFLDHQ
&DSLWDOHVGHGHSDUWDPHQWR\-XHFHVGH,QVWUXFFLyQR0L[WRVHQSURYLQFLDVH[FHSWXDQGR
ORV -XHFHV GH (MHFXFLyQ 3HQDO GHELGR D ODV DWULEXFLRQHV \ FRPSHWHQFLDV HVSHFtILFDV
DVXPLGDVSRU/H\
(V QHFHVDULR DFODUDU TXH ORV 7ULEXQDOHV GH 6HQWHQFLD DVXPLUiQ H[FHSFLRQDOPHQWH WDO
FRPSHWHQFLDVyORHQFDVRGHLPSHGLPHQWRGHODRODV6DODV3HQDOHVGHODFDSLWDOGHO
'LVWULWR-XGLFLDOGRQGHVHKD\DSUHVHQWDGRODDFFLyQGHOLEHUWDGSXHVWRTXHFRQUHODFLyQ
DVXFRPSRVLFLyQGHMDUiQGHVHUXQ7ULEXQDO3HQDOGHMXVWLFLDRUGLQDULDFRPSXHVWRSRU
FLQFR MXHFHV  WpFQLFRV \  FLXGDGDQRV \ SDVDUiQ D DVXPLU OD FRPSHWHQFLD GH XQ
7ULEXQDOGH *DUDQWtDV &RQVWLWXFLRQDOHV LQWHJUDGR SRU DPERV MXHFHV WpFQLFRV \ VyOR
UHVSHFWRDODDFFLyQGHOLEHUWDGHQHOHQWHQGLGRGHOFRQWHQLGRH[SUHVRGHODUWGHOD
&3(
7RGD SHUVRQD TXH FRQVLGHUH TXH VX YLGD HVWi HQ SHOLJUR TXH HV LOHJDOPHQWH
SHUVHJXLGD R TXH HV LQGHELGDPHQWH SURFHVDGD R SULYDGD GH OLEHUWDG SHUVRQDO SRGUi
LQWHUSRQHUDFFLyQGHOLEHUWDG\DFXGLUGHPDQHUDRUDORHVFULWDSRUVtRSRUFXDOTXLHUDD
VXQRPEUH\VLQQLQJXQDIRUPDOLGDGSURFHVDODQWHFXDOTXLHUMXH]RWULEXQDOFRPSHWHQWH
HQPDWHULDSHQDO 

&DEHVHxDODUTXHGLFKRUD]RQDPLHQWRFRQVWLWX\HXQDPRGXODFLyQDOD6&5
GH  GH PD\R SXHV HVWD DFFLyQ WXWHODU SXHGH VHU SUHVHQWDGD DQWH FXDOTXLHU MXH] R
WULEXQDO HQ PDWHULD SHQDO DVSHFWR TXH QR GHEH LQWHUSUHWDUVH UHVWULFWLYDPHQWH HQ VX
FRQWHQLGROLWHUDOSXHVGHVHUDVtVHGHVQDWXUDOL]DUtDORVSULQFLSLRVUHFWRUHV\ILQHVGHHVWD
DFFLyQ WXWHODU TXH VH FDUDFWHUL]D SRU OD LQPHGLDWH] HQ OD SURWHFFLyQ LQIRUPDOLVPR
JHQHUDOLGDGHLQPHGLDFLyQTXHVREUHFXDOTXLHULQWHUSUHWDFLyQGHEHQVHUUHVSHWDGRV\
FXPSOLGRV HQ EXVFD GH KDFHU HIHFWLYD OD SURWHFFLyQ GH ORV GHUHFKRV D OD YLGD \ D OD
OLEHUWDGUHVJXDUGDGRVSRUHVWDDFFLyQ
$VLPLVPR GHO DQiOLVLV D ODV QRUPDV \ MXULVSUXGHQFLD FLWDGD PiV ODV UHIRUPDV
LQWURGXFLGDVSRUOD/H\GHGHPD\RGHSURPXOJDGDEDMRHODFWXDORUGHQ
FRQVWLWXFLRQDO HQ VX DUW  LQF   HVWDEOHFH ODV DWULEXFLRQHV GH ORV -XHFHV GH
,QVWUXFFLyQLQGLFD
&RQRFHU\UHVROYHUOD$FFLyQGH/LEHUWDGVLQRH[LVWLHUDQMXHFHVGH
VHQWHQFLDHQVXDVLHQWRMXULVGLFFLRQDOFXDQGRVHDSODQWHDGDDQWHHOORV

(QHVHHQWHQGLGRQRH[LVWHGXGDDOJXQDTXHODDWULEXFLyQGHO-XH]GH,QVWUXFFLyQHQOR
3HQDO SDUD FRQRFHU \ UHVROYHU XQD DFFLyQ GH OLEHUWDG VyOR VH GD HQ SURYLQFLDV \ GH
PDQHUDVXSOHWRULD\QRDVtHQODVFDSLWDOHVGH'HSDUWDPHQWR'HWDOPDQHUDTXHFXDQGR
VHGDHVWDVLWXDFLyQGHDQRPDOtDSURFHVDOHQHOHOHPHQWRFRPSHWHQFLDHQHOWUiPLWHGH
HVWDDFFLyQWXWHODUDOVHUHOORXQDVLWXDFLyQGHWUDVFHQGHQWDOLPSRUWDQFLDQRHVSRVLEOH
LQJUHVDU DO DQiOLVLV GH IRQGR VLQR DQXODU REUDGRV D REMHWR GH TXH VH FRUULMD
SURFHGLPLHQWR





1~PHURGHUHVROXFLyQ6&3

W


dW^:d

)LFKD

7LSR-XULVSUXGHQFLD

-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3/RVMXHFHVGHLQVWUXFFLyQGHWXUQRHQORSHQDOGHODV
FDSLWDOHVWLHQHQFRPSHWHQFLDSDUDFRQRFHU\WUDPLWDUODVDFFLRQHVGH
OLEHUWDGTXHGHEDQFHOHEUDUVHORVGtDVViEDGRGRPLQJRRIHULDGR

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH OLEHUWDG ORV DFFLRQDQWHV GHQXQFLDURQ TXH D
FRQVHFXHQFLDGHXQDGHQXQFLDIRUPXODGDFRQWUDHOORVSRUORVGHOLWRVGH
HVWDID IDOVHGDG PDWHULDO \ XVR GH LQVWUXPHQWR IDOVLILFDGR VH
FRQVWLWX\HURQ HQ RILFLQDV GH OD 8QLGDG GH 6ROXFLyQ 7HPSUDQD
GHSHQGLHQWHGHOD)LVFDOtD'HSDUWDPHQWDOGH/D3D]DREMHWRGHSUHVWDU
VXV UHVSHFWLYDV GHFODUDFLRQHV LQIRUPDWLYDV VLQ HPEDUJR OXHJR GH
SUHVWDUODVPLVPDVHO)LVFDOGHPDQGDGRGLVSXVRVXDSUHKHQVLyQVLQTXH
FRQFXUUDQORVSUHVXSXHVWRVHVWDEOHFLGRVHQHODUWDFWXDQGRDGHPiV
VLQFRPSHWHQFLDSRUTXHGLULJLyXQDLQYHVWLJDFLyQDWULEXLGDDXQILVFDO
GHGLYLVLyQFRQVLGHUDQGROHVLRQDGRVVXVGHUHFKRVDODOLEHUWDGSHUVRQDO
SLGLHQGRVXLQPHGLDWDOLEHUWDG(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO
DSUREyODUHVROXFLyQTXHGHQHJyODWXWHODSHURDQWHVVHSURQXQFLyVREUH
ODFRPSHWHQFLDGHORVMXHFHVHQODVDFFLRQHVGHOLEHUWDG

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
 OD-XH]D&XDUWDGH,QVWUXFFLyQHQOR3HQDOHQFRQWUiQGRVH
GHWXUQRHQGtDViEDGRDVXPHFRQRFLPLHQWRGHODSUHVHQWHDFFLyQHQ
DSOLFDFLyQ GHO DUW  GH OD /H\ GHO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO /7&3 VLHQGRHQHVWHFDVRFRPSHWHQWHSDUDVXVWDQFLDUOD
SUHVHQWHDFFLyQ\SURQXQFLDUODFRUUHVSRQGLHQWHUHVROXFLyQFRQIRUPHVH
WLHQH UHIHULGR HQ HO )XQGDPHQWR ,,, UHLWHUDQGR DO UHVSHFWR TXH

FXDQGR OD DFFLyQ GH OLEHUWDGVHD SODQWHDGD DQWHODV 6DODV SHQDOHVR


MXHFHVGHVHQWHQFLD HQ OD&DSLWDO GH 'HSDUWDPHQWRV\ OD DXGLHQFLD GH
DFFLyQ GH OLEHUWDG D VHxDODUVH GHED OOHYDUVH D FDER ORV GtDV ViEDGRV
GRPLQJRVRIHULDGRVOD/H\GH7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOKD
SUHYLVWRHQVXDUWTXHODDFFLyQGHOLEHUWDGVHDWUDPLWDGDDQWHHO
MXH] GH LQVWUXFFLyQ FDXWHODU DVSHFWR TXH YHQGUtD D FRQVWLWXLU XQ FDVR
H[FHSFLRQDO HQ HO TXH XQ MXH] GH LQVWUXFFLyQ HQ OR 3HQDO GH WXUQR
DVXPLUtD FRPSHWHQFLD \ SRU OR WDQWR SRGUtD FRQVWLWXLUVH HQ MXH] GH
JDUDQWtDVVRORHQHOFDVRUHIHULGR

W


dW^:d



6LQWHVLVGHODUDWLRGHFLGHQGL

6H GHQLHJD OD DFFLyQ GH OLEHUWDG SHUR HQ IRUPD SUHYLD OD VHQWHQFLD
HVWDEOHFLy OD FRPSHWHQFLD GH ORV MXHFHV GH LQVWUXFFLyQ GH WXUQR GH OD
FDSLWDOSDUDUHVROYHUODVDFFLRQHVGHOLEHUWDG

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDOUHIHUHQWHDODFRPSHWHQFLDSDUDHOFRQRFLPLHQWRGHODDFFLyQ
GH OLEHUWDG HQ &DSLWDOHV GH 'HSDUWDPHQWR KD GHVDUUROODGR OD VLJXLHQWH OtQHD
MXULVSUXGHQFLDO


(QOD6&5VHxDOyTXHODFRPSHWHQFLDSDUDFRQRFHUODVDFFLRQHV
GH OLEHUWDG HV H[WHQVLEOH D MXHFHV R YRFDOHV QR SHQDOHV HQ FLUFXQVWDQFLDV TXH DVt OR
REOLJXHQ FRPR VXSXHVWRV GH H[FXVD R UHFXVDFLyQ R FXDQGR ORV YRFDOHV GH ODV VDODV
SHQDOHVVHHQFXHQWUHQLPSRVLELOLWDGRVGHFRQRFHUODFDXVDSXGLpQGRVHHQHVRVFDVRV
FRQYRFDUDXQYRFDOGHRWUDVDODGLVWLQWDDODSHQDO


/XHJR HQ OD 6&3  VH PXWy HO HQWHQGLPLHQWR SODVPDGR HQ OD 6&
5\HVWDEOHFLyTXHHQ&DSLWDOHVGH'HSDUWDPHQWRODV\ORVMXHFHVHQPDWHULD
SHQDOWLHQHQFRPSHWHQFLDH[FOXVLYDSDUDHOFRQRFLPLHQWR\VXVWDQFLDFLyQGHODDFFLyQ
GHOLEHUWDGQRDVtRWUDVDXWRULGDGHVMXULVGLFFLRQDOHVGHPDWHULDVGLIHUHQWHVQLVLTXLHUD
HQVXSOHQFLDOHJDO


3RVWHULRUPHQWH OD 6&3  PRGXOD VHxDODQGR TXH ORV MXHFHV GH
LQVWUXFFLyQ GH WXUQR HQ OR SHQDO GH ODV FDSLWDOHV WLHQHQ FRPSHWHQFLD SDUD FRQRFHU \
WUDPLWDU ODV DFFLRQHV GH OLEHUWDG TXH GHEDQ FHOHEUDUVH ORV GtDV ViEDGRV GRPLQJRV R
IHULDGRV


/D6&3PRGXODLPSOtFLWDPHQWHOD6&3HVWDEOHFLHQGR
TXH ODV DFFLRQHV GH OLEHUWDG FX\D DXGLHQFLD GHED VHU GHVDUUROODGD ORV GtDV ViEDGRV
GRPLQJRVRIHULDGRVGHEHQVHUUHVXHOWDVSRUODDXWRULGDGTXHFRQRFH\DGPLWHODDFFLyQ
VLQUHPLWLUDORVMXHFHVLQVWUXFWRUHVGHWXUQR\TXHODVDFFLRQHVGHOLEHUWDGLQWHUSXHVWDV
GLUHFWDPHQWHDQWHHVWRVMXHFHVORVGtDVViEDGRVGRPLQJRV\IHULDGRVGHEHQFRQFOXLUHO
WUiPLWHLQFOXVLYHHQXQGtDKiELO


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

(VWD6HQWHQFLDHQVX)-,,,GLVSRQH
 VLELHQVHKDHVWDEOHFLGRFODUDPHQWHTXHVHUiQ
FRPSHWHQWHVSDUDFRQRFHU\VXVWDQFLDUODDFFLyQGHOLEHUWDGVyORORVMXHFHVHQPDWHULD
SHQDOHVGHFLUODV6DODV3HQDOHVGHORV7ULEXQDOHV'HSDUWDPHQWDOHVGH-XVWLFLDORVMXHFHV
\WULEXQDOHVGH6HQWHQFLDHQ&DSLWDOHVGHGHSDUWDPHQWRORVMXHFHVGHVHQWHQFLD\ORV
MXHFHVGHLQVWUXFFLyQHQORSHQDOHQSURYLQFLDVGHPDQHUDVXSOHWRULD\TXHGHQRH[LVWLU
MXH] R 6DOD 3HQDO HQ HO PLVPR GHSDUWDPHQWR TXH DVXPD FRPSHWHQFLD OD DFFLyQ GH
OLEHUWDG GHEHUi VHU UHVXHOWD SRU MXHFHV \ WULEXQDOHV GH VHQWHQFLD HQ &DSLWDOHV GH
GHSDUWDPHQWR\MXHFHVGHLQVWUXFFLyQRPL[WRVHQSURYLQFLDVH[FHSWXDQGRORVMXHFHVGH
HMHFXFLyQ SHQDO DVLPLVPR TXH HQ FDVR GH LPSHGLPHQWR GH ODV 6DODV 3HQDOHV  HQ
&DSLWDOHVGH'HSDUWDPHQWRH[FHSFLRQDOPHQWHDVXPLUiQODFRPSHWHQFLDORVWULEXQDOHV
GHVHQWHQFLDHPSHURHQHVWHHQWHQGLPLHQWRQRVHKDWRPDGRHQFXHQWDTXHFXDQGROD
DFFLyQGHOLEHUWDGVHDSODQWHDGDDQWH6DODV3HQDOHVRMXHFHVGHVHQWHQFLDHQOD&DSLWDO
GH 'HSDUWDPHQWRV \ OD DXGLHQFLD GH DFFLyQ GH OLEHUWDG GHED OOHYDUVH D FDER ORV GtDV
ViEDGRV GRPLQJRV R IHULDGRV OD /H\ GH 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO KD

W


dW^:d
SUHYLVWRHQVXDUWTXHODDFFLyQGHOLEHUWDGVHDWUDPLWDGDDQWHHOMXH]GHLQVWUXFFLyQ
FDXWHODU DVSHFWR TXH YHQGUtD D FRQVWLWXLU XQ FDVR H[FHSFLRQDO HQ HO TXH XQ MXH] GH
LQVWUXFFLyQGHWXUQRHQOR3HQDODVXPLUtDFRPSHWHQFLD\SRUORWDQWRSRGUtDFRQVWLWXLUVH
HQMXH]GHJDUDQWtDVVyORHQHOFDVRUHIHULGRHVWHUD]RQDPLHQWRQRVHDSDUWDGHOR\D
HVWDEOHFLGRSRUHVWH7ULEXQDOVLQRPDVELHQFRQWULEX\HDFRPSOHPHQWDUOR\DUHIHULGR


(QFRQVHFXHQFLDODDFFLyQGHOLEHUWDGWDOFRPRSUHVFULEHHODUWGHOD&3(\OD6&
 GH  GH PDU]R GHEH VHU LQWHUSXHVWD DQWH ODV DXWRULGDGHV FRPSHWHQWHV
VHxDODGDVSUHFHGHQWHPHQWHWDQWRHQODV&DSLWDOHVGH'HSDUWDPHQWR\ODV3URYLQFLDVODV
PLVPDVTXHFRQIRUPHDSURFHGLPLHQWRVHxDODUDQGHLQPHGLDWRGtD\KRUDGHDXGLHQFLD
S~EOLFD OD TXH WHQGUi OXJDU GHQWUR ODV YHLQWLFXDWUR KRUDV FRQWDGDV GH LQWHUSXHVWD OD
DFFLyQ \ VyOR FXDQGR HVWDV DXGLHQFLDV WXYLHUDQ TXH FHOHEUDVH HQ ViEDGR GRPLQJR \
IHULDGR DVXPLUi OD FRPSHWHQFLD GH HVWD DFFLyQXQ MXH]GH LQVWUXFFLyQ HQ ORSHQDOGH
WXUQR



,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

/D 6HQWHQFLD TXH FRQWLHQH HO HVWiQGDU PiV DOWR HV OD 6& 
SRUTXHHVWDEOHFHTXHODVDFFLRQHVGHOLEHUWDGFX\DDXGLHQFLDGHEDVHU
GHVDUUROODGDORVGtDVViEDGRVGRPLQJRVRIHULDGRVGHEHQVHUUHVXHOWDV
SRUODDXWRULGDGTXHFRQRFH\DGPLWHODDFFLyQVLQUHPLWLUDORVMXHFHV
LQVWUXFWRUHV GH WXUQR \ TXH ODV DFFLRQHV GH OLEHUWDG LQWHUSXHVWDV
GLUHFWDPHQWHDQWHHVWRVMXHFHVORVGtDVViEDGRVGRPLQJRV\IHULDGRV
GHEHQFRQFOXLUHOWUiPLWHLQFOXVLYHHQXQGtDKiELO





)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3/RVMXHFHVGHLQVWUXFFLyQGHWXUQRHQORSHQDOGHODV
FDSLWDOHVWLHQHQFRPSHWHQFLDSDUDFRQRFHU\WUDPLWDUODVDFFLRQHVGH
OLEHUWDGTXHGHEDQFHOHEUDUVHORVGtDVViEDGRGRPLQJRRIHULDGR

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH OLEHUWDG ORV DFFLRQDQWHV GHQXQFLDURQ TXH D
FRQVHFXHQFLDGHXQDGHQXQFLDIRUPXODGDFRQWUDHOORVSRUORVGHOLWRVGH
HVWDID IDOVHGDG PDWHULDO \ XVR GH LQVWUXPHQWR IDOVLILFDGR VH
FRQVWLWX\HURQ HQ RILFLQDV GH OD 8QLGDG GH 6ROXFLyQ 7HPSUDQD
W


dW^:d


GHSHQGLHQWHGHOD)LVFDOtD'HSDUWDPHQWDOGH/D3D]DREMHWRGHSUHVWDU
VXV UHVSHFWLYDV GHFODUDFLRQHV LQIRUPDWLYDV VLQ HPEDUJR OXHJR GH
SUHVWDUODVPLVPDVHO)LVFDOGHPDQGDGRGLVSXVRVXDSUHKHQVLyQVLQTXH
FRQFXUUDQORVSUHVXSXHVWRVHVWDEOHFLGRVHQHODUWDFWXDQGRDGHPiV
VLQFRPSHWHQFLDSRUTXHGLULJLyXQDLQYHVWLJDFLyQDWULEXLGDDXQILVFDO
GHGLYLVLyQFRQVLGHUDQGROHVLRQDGRVVXVGHUHFKRVDODOLEHUWDGSHUVRQDO
SLGLHQGRVXLQPHGLDWDOLEHUWDG(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO
DSUREyODUHVROXFLyQTXHGHQHJyODWXWHODSHURDQWHVVHSURQXQFLyVREUH
ODFRPSHWHQFLDGHORVMXHFHVHQODVDFFLRQHVGHOLEHUWDG

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
 OD-XH]D&XDUWDGH,QVWUXFFLyQHQOR3HQDOHQFRQWUiQGRVH
GHWXUQRHQGtDViEDGRDVXPHFRQRFLPLHQWRGHODSUHVHQWHDFFLyQHQ
DSOLFDFLyQ GHO DUW  GH OD /H\ GHO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO /7&3 VLHQGRHQHVWHFDVRFRPSHWHQWHSDUDVXVWDQFLDUOD
SUHVHQWHDFFLyQ\SURQXQFLDUODFRUUHVSRQGLHQWHUHVROXFLyQFRQIRUPHVH
WLHQH UHIHULGR HQ HO )XQGDPHQWR ,,, UHLWHUDQGR DO UHVSHFWR TXH

FXDQGR OD DFFLyQ GH OLEHUWDGVHD SODQWHDGD DQWHODV 6DODV SHQDOHVR


MXHFHVGHVHQWHQFLD HQ OD&DSLWDO GH 'HSDUWDPHQWRV\ OD DXGLHQFLD GH
DFFLyQ GH OLEHUWDG D VHxDODUVH GHED OOHYDUVH D FDER ORV GtDV ViEDGRV
GRPLQJRVRIHULDGRVOD/H\GH7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOKD
SUHYLVWRHQVXDUWTXHODDFFLyQGHOLEHUWDGVHDWUDPLWDGDDQWHHO
MXH] GH LQVWUXFFLyQ FDXWHODU DVSHFWR TXH YHQGUtD D FRQVWLWXLU XQ FDVR
H[FHSFLRQDO HQ HO TXH XQ MXH] GH LQVWUXFFLyQ HQ OR 3HQDO GH WXUQR
DVXPLUtD FRPSHWHQFLD \ SRU OR WDQWR SRGUtD FRQVWLWXLUVH HQ MXH] GH
JDUDQWtDVVRORHQHOFDVRUHIHULGR


6LQWHVLVGHODUDWLRGHFLGHQGL

6H GHQLHJD OD DFFLyQ GH OLEHUWDG SHUR HQ IRUPD SUHYLD OD VHQWHQFLD
HVWDEOHFLy OD FRPSHWHQFLD GH ORV MXHFHV GH LQVWUXFFLyQ GH WXUQR GH OD
FDSLWDOSDUDUHVROYHUODVDFFLRQHVGHOLEHUWDG

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O 7ULEXQDO &RQVWLWXFLRQDO UHIHUHQWH D OD FRPSHWHQFLD SDUD HO
FRQRFLPLHQWRGHODDFFLyQGHOLEHUWDGHQ&DSLWDOHVGH'HSDUWDPHQWRKD
GHVDUUROODGRODVLJXLHQWHOtQHDMXULVSUXGHQFLDO


(QOD6&5VHxDOyTXHODFRPSHWHQFLDSDUDFRQRFHU
ODVDFFLRQHVGHOLEHUWDGHVH[WHQVLEOHDMXHFHVRYRFDOHVQRSHQDOHVHQ
FLUFXQVWDQFLDV TXH DVt OR REOLJXHQ FRPR VXSXHVWRV GH H[FXVD R
UHFXVDFLyQ R FXDQGR ORV YRFDOHV GH ODV VDODV SHQDOHV VH HQFXHQWUHQ
LPSRVLELOLWDGRV GH FRQRFHU OD FDXVD SXGLpQGRVH HQ HVRV FDVRV
W


dW^:d

FRQYRFDUDXQYRFDOGHRWUDVDODGLVWLQWDDODSHQDO


/XHJRHQOD6&3VHPXWyHOHQWHQGLPLHQWRSODVPDGR
HQOD6&5\HVWDEOHFLyTXHHQ&DSLWDOHVGH'HSDUWDPHQWR
ODV\ORVMXHFHVHQPDWHULDSHQDOWLHQHQFRPSHWHQFLDH[FOXVLYDSDUDHO
FRQRFLPLHQWR \ VXVWDQFLDFLyQ GH OD DFFLyQ GH OLEHUWDG QR DVt RWUDV
DXWRULGDGHV MXULVGLFFLRQDOHV GH PDWHULDV GLIHUHQWHV QL VLTXLHUD HQ
VXSOHQFLDOHJDO


3RVWHULRUPHQWH OD 6&3  PRGXOD VHxDODQGR TXH ORV
MXHFHV GH LQVWUXFFLyQ GH WXUQR HQ OR SHQDO GH ODV FDSLWDOHV WLHQHQ
FRPSHWHQFLDSDUDFRQRFHU\WUDPLWDUODVDFFLRQHVGHOLEHUWDGTXHGHEDQ
FHOHEUDUVHORVGtDVViEDGRVGRPLQJRVRIHULDGRV


/D 6&3  PRGXOD LPSOtFLWDPHQWH OD 6&3 
HVWDEOHFLHQGR TXH ODV DFFLRQHV GH OLEHUWDG FX\D DXGLHQFLD GHED VHU
GHVDUUROODGDORVGtDVViEDGRVGRPLQJRVRIHULDGRVGHEHQVHUUHVXHOWDV
SRUODDXWRULGDGTXHFRQRFH\DGPLWHODDFFLyQVLQUHPLWLUDORVMXHFHV
LQVWUXFWRUHV GH WXUQR \ TXH ODV DFFLRQHV GH OLEHUWDG LQWHUSXHVWDV
GLUHFWDPHQWHDQWHHVWRVMXHFHVORVGtDVViEDGRVGRPLQJRV\IHULDGRV
GHEHQFRQFOXLUHOWUiPLWHLQFOXVLYHHQXQGtDKiELO

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

(VWD6HQWHQFLDHQVX)-,,,GLVSRQH
 VLELHQVHKDHVWDEOHFLGRFODUDPHQWHTXHVHUiQ
FRPSHWHQWHVSDUDFRQRFHU\VXVWDQFLDUODDFFLyQGHOLEHUWDGVyORORVMXHFHVHQPDWHULD
SHQDOHVGHFLUODV6DODV3HQDOHVGHORV7ULEXQDOHV'HSDUWDPHQWDOHVGH-XVWLFLDORVMXHFHV
\WULEXQDOHVGH6HQWHQFLDHQ&DSLWDOHVGHGHSDUWDPHQWRORVMXHFHVGHVHQWHQFLD\ORV
MXHFHVGHLQVWUXFFLyQHQORSHQDOHQSURYLQFLDVGHPDQHUDVXSOHWRULD\TXHGHQRH[LVWLU
MXH] R 6DOD 3HQDO HQ HO PLVPR GHSDUWDPHQWR TXH DVXPD FRPSHWHQFLD OD DFFLyQ GH
OLEHUWDG GHEHUi VHU UHVXHOWD SRU MXHFHV \ WULEXQDOHV GH VHQWHQFLD HQ &DSLWDOHV GH
GHSDUWDPHQWR\MXHFHVGHLQVWUXFFLyQRPL[WRVHQSURYLQFLDVH[FHSWXDQGRORVMXHFHVGH
HMHFXFLyQ SHQDO DVLPLVPR TXH HQ FDVR GH LPSHGLPHQWR GH ODV 6DODV 3HQDOHV  HQ
&DSLWDOHVGH'HSDUWDPHQWRH[FHSFLRQDOPHQWHDVXPLUiQODFRPSHWHQFLDORVWULEXQDOHV
GHVHQWHQFLDHPSHURHQHVWHHQWHQGLPLHQWRQRVHKDWRPDGRHQFXHQWDTXHFXDQGROD
DFFLyQGHOLEHUWDGVHDSODQWHDGDDQWH6DODV3HQDOHVRMXHFHVGHVHQWHQFLDHQOD&DSLWDO
GH 'HSDUWDPHQWRV \ OD DXGLHQFLD GH DFFLyQ GH OLEHUWDG GHED OOHYDUVH D FDER ORV GtDV
ViEDGRV GRPLQJRV R IHULDGRV OD /H\ GH 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO KD
SUHYLVWRHQVXDUWTXHODDFFLyQGHOLEHUWDGVHDWUDPLWDGDDQWHHOMXH]GHLQVWUXFFLyQ
FDXWHODU DVSHFWR TXH YHQGUtD D FRQVWLWXLU XQ FDVR H[FHSFLRQDO HQ HO TXH XQ MXH] GH
LQVWUXFFLyQGHWXUQRHQOR3HQDODVXPLUtDFRPSHWHQFLD\SRUORWDQWRSRGUtDFRQVWLWXLUVH
HQMXH]GHJDUDQWtDVVyORHQHOFDVRUHIHULGRHVWHUD]RQDPLHQWRQRVHDSDUWDGHOR\D
HVWDEOHFLGRSRUHVWH7ULEXQDOVLQRPDVELHQFRQWULEX\HDFRPSOHPHQWDUOR\DUHIHULGR


(QFRQVHFXHQFLDODDFFLyQGHOLEHUWDGWDOFRPRSUHVFULEHHODUWGHOD&3(\OD6&
 GH  GH PDU]R GHEH VHU LQWHUSXHVWD DQWH ODV DXWRULGDGHV FRPSHWHQWHV
VHxDODGDVSUHFHGHQWHPHQWHWDQWRHQODV&DSLWDOHVGH'HSDUWDPHQWR\ODV3URYLQFLDVODV
PLVPDVTXHFRQIRUPHDSURFHGLPLHQWRVHxDODUDQGHLQPHGLDWRGtD\KRUDGHDXGLHQFLD
S~EOLFD OD TXH WHQGUi OXJDU GHQWUR ODV YHLQWLFXDWUR KRUDV FRQWDGDV GH LQWHUSXHVWD OD
DFFLyQ \ VyOR FXDQGR HVWDV DXGLHQFLDV WXYLHUDQ TXH FHOHEUDVH HQ ViEDGR GRPLQJR \

W


dW^:d


IHULDGR DVXPLUi OD FRPSHWHQFLD GH HVWD DFFLyQXQ MXH]GH LQVWUXFFLyQ HQ ORSHQDOGH
WXUQR



,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

/D 6HQWHQFLD TXH FRQWLHQH HO HVWiQGDU PiV DOWR HV OD 6& 
SRUTXHHVWDEOHFHTXHODVDFFLRQHVGHOLEHUWDGFX\DDXGLHQFLDGHEDVHU
GHVDUUROODGDORVGtDVViEDGRVGRPLQJRVRIHULDGRVGHEHQVHUUHVXHOWDV
SRUODDXWRULGDGTXHFRQRFH\DGPLWHODDFFLyQVLQUHPLWLUDORVMXHFHV
LQVWUXFWRUHV GH WXUQR \ TXH ODV DFFLRQHV GH OLEHUWDG LQWHUSXHVWDV
GLUHFWDPHQWHDQWHHVWRVMXHFHVORVGtDVViEDGRVGRPLQJRV\IHULDGRV
GHEHQFRQFOXLUHOWUiPLWHLQFOXVLYHHQXQGtDKiELO



1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   /DV DFFLRQHV GH OLEHUWDG FX\D DXGLHQFLD GHEH VHU
GHVDUUROODGDORVGtDVViEDGRVGRPLQJRVRIHULDGRVGHEHQVHUUHVXHOWDV
SRU OD DXWRULGDG TXH FRQRFH \ DGPLWH OD DFFLyQ VLQ UHPLWLUOD D ORV
MXHFHV LQVWUXFWRUHV GH WXUQR \ ODV DFFLRQHV GH OLEHUWDG LQWHUSXHVWDV
GLUHFWDPHQWHDQWHHVWRVMXHFHVORVGtDVViEDGRVGRPLQJRV\IHULDGRV
GHEHQFRQFOXLUHOWUiPLWHLQFOXVLYHHQXQGtDKiELO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHOLEHUWDGODDFFLRQDQWHVRVWXYRTXHODDXWRULGDGMXGLFLDO
GHPDQGDGDOHVLRQy VXV GHUHFKRV DO GHELGR SURFHVR D OD GHIHQVDDOD
LJXDOGDGDODFRQWUDGLFFLyQDODRUDOLGDGDODSXEOLFLGDG\DOSULQFLSLR
GH OHJDOLGDG SRU FXDQWR GLVSXVR OD UHYRFDWRULD GH ODV PHGLGDV
VXVWLWXWLYDVDODGHWHQFLyQSUHYHQWLYDVLQFRQVLGHUDUTXHOD5HVROXFLyQ
TXH GLVSXVR OD FHVDFLyQ GH OD GHWHQFLyQ SUHYHQWLYD VH HQFRQWUDED HQ
JUDGRGHDSHODFLyQTXHQRVHFRQYRFyDXQDDXGLHQFLDH[SUHVDSDUDWDO
HIHFWR\TXHQRVHHQFRQWUDEDSUHVHQWHODDFFLRQDQWH\PHQRVVXGHIHQVD
LQFXPSOLHQGRDVtHOSURFHGLPLHQWRVHxDODGRHQHODUWGHO&33(O
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO DSUREy OD UHVROXFLyQ TXH
FRQFHGLy OD WXWHOD FRQ HO DUJXPHQWR TXH VH OHVLRQy HO GHUHFKR D OD
W


dW^:d

GHIHQVDGHODDFFLRQDQWHDOKDEHUVHUHYRFDGRODVPHGLGDVVXVWLWXWLYDVHQ
VXDXVHQFLD\VLQODSUHVHQFLDGHVXDERJDGRDGHPiVGHQRKDEHUVLGR
QRWLILFDGDFRQOD5HVROXFLyQGHUHYRFDWRULDSDUDTXHSXHGDLPSXJQDUOD
VLQ HPEDUJR SUHYLDPHQWH KL]R UHIHUHQFLD D OD FRPSHWHQFLD GH ODV
DXWRULGDGHVMXULVGLFFLRQDOHVHQODVDFFLRQHVGHOLEHUWDG

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,/D6DOD3OHQDGHO7ULEXQDO'HSDUWDPHQWDOGH-XVWLFLDGH/D3D]HPLWLyOD
FLUFXODU 37'- IV  HQWLHQGH TXH
ORV WULEXQDOHV GH JDUDQWtDV
FRQVWLWXFLRQDOHVXQLSHUVRQDOHVRFROHJLDGRVTXHUHFLEDQXQD$FFLyQGH/LEHUWDGHOGtD
YLHUQHV HQ UHVJXDUGR DO SULQFLSLR FRQVWLWXFLRQDO GHO -XH] 1DWXUDO  GHEHQ VHxDODU
LQPHGLDWDPHQWHODVDXGLHQFLDV\OOHYDUODVDFDERGHQWURGHOSOD]RGHKRUDVSXGLHQGR
SDUDHOORKDELOLWDUVHHQVXFDVRGtDV\KRUDVH[WUDRUGLQDULDVSDUDVXUHDOL]DFLyQORVGtDV
ViEDGRV1RFRUUHVSRQGHUHPLWLUODVDFFLRQHVDRWUR7ULEXQDOHQUD]yQDTXHODSUyUURJD
GHFRPSHWHQFLDHQPDWHULDFRQVWLWXFLRQDOQRHVWiSUHYLVWDHQODSURSLD/H\GHO7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDO

 
/DFLUFXODU37'-GHOD6DOD3OHQDGHO7ULEXQDO'HSDUWDPHQWDOGH-XVWLFLDGH
/D 3D] FRQVWLWX\H VRIW ODZ QR HTXLYDOHQWH D XQD QRUPDWLYD QL SHU VH FRQVWLWX\H XQD
LQWHUSUHWDFLyQFRQWUDULDDORVDUWVGHOD&3(\GHOD/7&3QLSXHGHGDUOXJDU
DQXOLGDGHVSRUIDOWDGHFRPSHWHQFLDSHVHDHOORSDUDPHMRUHIHFWLYL]DFLyQGHORVILQHV
GHODDFFLyQGHOLEHUWDGHVSRVLEOHTXHORVGLVWLQWRVGHSDUWDPHQWRVSXHGDQDGRSWDUOD
PHMRURUJDQL]DFLyQTXHHIHFWLYLFHODILQDOLGDGGHOOHJLVODGRUFRQVWLWX\HQWH\RUGLQDULR
 
(QHOFDVRFRQFUHWRHO-XH]7HUFHURGH6HQWHQFLD3HQDOHOGHPD\RGHVHH[FXVy
GHOFRQRFLPLHQWRGHODDFFLyQSUHWHQGLGDSRUODFDXVDOFRQWHQLGDHQHODUWGHOD
/7&3 UHPLWLHQGR D VX VLPLODU &XDUWR GH IV  \  D HIHFWRV GH VX FRQRFLPLHQWR
PHGLDQWH5HVROXFLyQGHODPLVPDIHFKDIV\YWDOD-XH]D4XLQWDGH6HQWHQFLD3HQDO
VHHQWLHQGHHQVXSOHQFLDOHJDOGHO-XH]&XDUWRUHPLWLyHODVXQWRDQWHHO-XH]1RYHQR
GH,QVWUXFFLyQHQOR3HQDO-XH]GHWXUQRQRVLQDQWHVILMDUGtD\KRUDSDUDHOYHULILFDWLYR
GHODDXGLHQFLDS~EOLFDHQFRQRFLPLHQWRGHODDFFLyQHO-XH],QVWUXFWRU1RYHQRHQOR
3HQDODWUDYpVGH5HVROXFLyQ\QRWDWDPELpQGHGHPD\RGHIV\GHYROYLy
REUDGRV DO -X]JDGR &XDUWRGH 6HQWHQFLD3HQDO DOHJDQGR FXPSOLPLHQWRGH OD FLUFXODU
37'-GHOD6DOD3OHQDGHO7ULEXQDO'HSDUWDPHQWDOGH-XVWLFLDGH/D3D]SRU
~OWLPRQXHYDPHQWH DQWH OD -XH]D 4XLQWD GH 6HQWHQFLD3HQDO SURJUDPy GtD \ KRUD GH
DXGLHQFLDGHDFFLyQGHOLEHUWDGSDUDHOGHPD\RDKRUDVHVGHFLUGHVSXpVGH
FXDWURGtDVGHSUHVHQWDGDODDFFLyQGHOLEHUWDGFDXVDQGRXQDWRWDOLQFHUWLGXPEUHVREUH
HOMXH]TXHGHEHFRQRFHUODFDXVDGLODWDQGRODWUDPLWDFLyQGHXQDDFFLyQFRQVWLWXFLRQDO
GLVHxDGD SURFHVDOPHQWH FRPR VXPDULD DVSHFWRV TXH MXVWDPHQWH HO OHJLVODGRU
FRQVWLWX\HQWH\RUGLQDULRSUHWHQGLHURQLPSHGLUFRUUHVSRQGLHQGRHQDGHODQWHHYLWDUHVH
WLSRGHGLODFLRQHVTXHVLPSOHPHQWHJHQHUDQHOGHVSUHVWLJLRGHOVLVWHPDMXGLFLDOSRUHO
H[FHVLYRULWXDOLVPR\IRUPDOLVPR



6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGHODDFFLyQGHOLEHUWDG\VHSURQXQFLDVREUHHOWUiPLWHTXHVHOH
GLRDHVWDDFFLyQGHOLEHUWDGWRGDYH]TXHHOMXH]GHVHQWHQFLDOXHJRGH
ILMDUDXGLHQFLDUHPLWLyDQWHFHGHQWHVDQWHHOMXH]GHLQVWUXFFLyQGHWXUQR
SDUD HO YHULILFDWLYR GH OD DXGLHQFLD S~EOLFD ~OWLPD DXWRULGDG
MXULVGLFFLRQDOTXHGHYROYLyREUDGRVDOMXH]GHVHQWHQFLDDOHJDQGRTXH
HQ FXPSOLPLHQWR GH OD FLUFXODU 37'- GH OD 6DOD 3OHQD GHO
W


dW^:d


7ULEXQDO 'HSDUWDPHQWDO GH -XVWLFLD GH /D 3D] HUD FRPSHWHQWH GLFKD
DXWRULGDGTXLHQILQDOPHQWHSURJUDPyGtD\KRUDGHDXGLHQFLDGHVSXpV
GHFXDWURGtDVGHSUHVHQWDGDODDFFLyQGHOLEHUWDGFDXVDQGRXQDWRWDO
LQFHUWLGXPEUH VREUH HO MXH] TXH GHEH FRQRFHU OD FDXVD GLODWDQGR OD
WUDPLWDFLyQGHXQDDFFLyQFRQVWLWXFLRQDOGLVHxDGDSURFHVDOPHQWHFRPR
VXPDULD

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDOUHIHUHQWHDODFRPSHWHQFLDSDUDHOFRQRFLPLHQWRGHODDFFLyQ
GH OLEHUWDG HQ &DSLWDOHV GH 'HSDUWDPHQWR KD GHVDUUROODGR OD VLJXLHQWH OtQHD
MXULVSUXGHQFLDO


(QOD6&5VHxDOyTXHODFRPSHWHQFLDSDUDFRQRFHUODVDFFLRQHV
GH OLEHUWDG HV H[WHQVLEOH D MXHFHV R YRFDOHV QR SHQDOHV HQ FLUFXQVWDQFLDV TXH DVt OR
REOLJXHQ FRPR VXSXHVWRV GH H[FXVD R UHFXVDFLyQ R FXDQGR ORV YRFDOHV GH ODV VDODV
SHQDOHVVHHQFXHQWUHQLPSRVLELOLWDGRVGHFRQRFHUODFDXVDSXGLpQGRVHHQHVRVFDVRV
FRQYRFDUDXQYRFDOGHRWUDVDODGLVWLQWDDODSHQDO


/XHJR HQ OD 6&3  VH PXWy HO HQWHQGLPLHQWR SODVPDGR HQ OD 6&
5\HVWDEOHFLyTXHHQ&DSLWDOHVGH'HSDUWDPHQWRODV\ORVMXHFHVHQPDWHULD
SHQDOWLHQHQFRPSHWHQFLDH[FOXVLYDSDUDHOFRQRFLPLHQWR\VXVWDQFLDFLyQGHODDFFLyQ
GHOLEHUWDGQRDVtRWUDVDXWRULGDGHVMXULVGLFFLRQDOHVGHPDWHULDVGLIHUHQWHVQLVLTXLHUD
HQVXSOHQFLDOHJDO


3RVWHULRUPHQWH OD 6&3  PRGXOD VHxDODQGR TXH ORV MXHFHV GH
LQVWUXFFLyQ GH WXUQR HQ OR SHQDO GH ODV FDSLWDOHV WLHQHQ FRPSHWHQFLD SDUD FRQRFHU \
WUDPLWDU ODV DFFLRQHV GH OLEHUWDG TXH GHEDQ FHOHEUDUVH ORV GtDV ViEDGRV GRPLQJRV R
IHULDGRV


/D6&3PRGXODLPSOtFLWDPHQWHOD6&3HVWDEOHFLHQGR
TXH ODV DFFLRQHV GH OLEHUWDG FX\D DXGLHQFLD GHED VHU GHVDUUROODGD ORV GtDV ViEDGRV
GRPLQJRVRIHULDGRVGHEHQVHUUHVXHOWDVSRUODDXWRULGDGTXHFRQRFH\DGPLWHODDFFLyQ
VLQUHPLWLUDORVMXHFHVLQVWUXFWRUHVGHWXUQR\TXHODVDFFLRQHVGHOLEHUWDGLQWHUSXHVWDV
GLUHFWDPHQWHDQWHHVWRVMXHFHVORVGtDVViEDGRVGRPLQJRV\IHULDGRVGHEHQFRQFOXLUHO
WUiPLWHLQFOXVLYHHQXQGtDKiELO


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,
UHVXOWDOyJLFRTXHDHIHFWRVGHHYLWDUGLODFLRQHVLQGHELGDV
HOMXH]TXHFRQRFHHQGtDKiELOXQDGHPDQGDGHDFFLyQGHOLEHUWDGGHEH
ILMDU LQPHGLDWDPHQWH GtD \ KRUD GH DXGLHQFLD VLHPSUH UHVSHWDQGR HO
SOD]R \ GLVSRQGUi FRQIRUPH DO DUW ,, GH OD &3( TXH HO R OD
DFFLRQDQWH VHD FRQGXFLGD
D VX SUHVHQFLD
 SRU OR TXH QR H[LVWH
SUyUURJD GH FRPSHWHQFLD VL UHVXHOYH DTXHOOD GHPDQGD ORV ViEDGRV
GRPLQJRV R IHULDGRV VLQR TXH OR TXH RFXUUH HV TXH VH JHQHUD OD
KDELOLWDFLyQ GH KRUDV H[WUDRUGLQDULDV HOOR SRUTXH VX FRPSHWHQFLD
GHYLHQH GH XQ VRUWHR SURGXFLGR SDUD JDUDQWL]DU ORV SULQFLSLRV GH
LPSDUFLDOLGDGHLQGHSHQGHQFLD

W


dW^:d

&RUUHVSRQGHSUHFLVDUTXHQRVHFRQVWLWX\HHQXQDH[LJHQFLDSURFHVDOTXH
VHUHPLWDDQWHORVMXHFHVLQVWUXFWRUHVGHWXUQRODVDFFLRQHVGHOLEHUWDG
TXHWHQJDQTXHUHVROYHUVHORVGtDVViEDGRVGRPLQJRVRIHULDGRVVLQR
TXH HQ DUDV GH JDUDQWL]DU ORV SULQFLSLRV TXH UHYLVWHQ D OD DFFLyQ GH
OLEHUWDG\SUHFDXWHODQGRORVGHUHFKRVTXHWXWHODGHEHQVHUUHVXHOWDVSRU
ODDXWRULGDGTXHFRQRFH\DGPLWHODDFFLyQ\SDUDORVFDVRVHQTXHODV
GHPDQGDV GH DFFLyQ GHOLEHUWDG IXHUHQLQWHUSXHVWDV GLUHFWDPHQWH DQWH
ORV MXHFHV LQVWUXFWRUHV HQ PDWHULD SHQDO GH WXUQR ORV GtDV ViEDGRV
GRPLQJRV \ IHULDGRV GLFKDV DXWRULGDGHV MXGLFLDOHV SXHGHQ D OD YH]
FRQFOXLUHOWUiPLWHGHODDFFLyQHQPLVPDLQVWDQFLDLQFOXVLYHHQXQGtD
KiELO





)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   /DV DFFLRQHV GH OLEHUWDG FX\D DXGLHQFLD GHEH VHU
GHVDUUROODGDORVGtDVViEDGRVGRPLQJRVRIHULDGRVGHEHQVHUUHVXHOWDV
SRU OD DXWRULGDG TXH FRQRFH \ DGPLWH OD DFFLyQ VLQ UHPLWLUOD D ORV
MXHFHV LQVWUXFWRUHV GH WXUQR \ ODV DFFLRQHV GH OLEHUWDG LQWHUSXHVWDV
GLUHFWDPHQWHDQWHHVWRVMXHFHVORVGtDVViEDGRVGRPLQJRV\IHULDGRV
GHEHQFRQFOXLUHOWUiPLWHLQFOXVLYHHQXQGtDKiELO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHOLEHUWDGODDFFLRQDQWHVRVWXYRTXHODDXWRULGDGMXGLFLDO
GHPDQGDGDOHVLRQy VXV GHUHFKRV DO GHELGR SURFHVR D OD GHIHQVDDOD
LJXDOGDGDODFRQWUDGLFFLyQDODRUDOLGDGDODSXEOLFLGDG\DOSULQFLSLR
GH OHJDOLGDG SRU FXDQWR GLVSXVR OD UHYRFDWRULD GH ODV PHGLGDV
VXVWLWXWLYDVDODGHWHQFLyQSUHYHQWLYDVLQFRQVLGHUDUTXHOD5HVROXFLyQ
TXH GLVSXVR OD FHVDFLyQ GH OD GHWHQFLyQ SUHYHQWLYD VH HQFRQWUDED HQ
JUDGRGHDSHODFLyQTXHQRVHFRQYRFyDXQDDXGLHQFLDH[SUHVDSDUDWDO
HIHFWR\TXHQRVHHQFRQWUDEDSUHVHQWHODDFFLRQDQWH\PHQRVVXGHIHQVD
LQFXPSOLHQGRDVtHOSURFHGLPLHQWRVHxDODGRHQHODUWGHO&33(O
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO DSUREy OD UHVROXFLyQ TXH
FRQFHGLy OD WXWHOD FRQ HO DUJXPHQWR TXH VH OHVLRQy HO GHUHFKR D OD
GHIHQVDGHODDFFLRQDQWHDOKDEHUVHUHYRFDGRODVPHGLGDVVXVWLWXWLYDVHQ
VXDXVHQFLD\VLQODSUHVHQFLDGHVXDERJDGRDGHPiVGHQRKDEHUVLGR
W


dW^:d


QRWLILFDGDFRQOD5HVROXFLyQGHUHYRFDWRULDSDUDTXHSXHGDLPSXJQDUOD
VLQ HPEDUJR SUHYLDPHQWH KL]R UHIHUHQFLD D OD FRPSHWHQFLD GH ODV
DXWRULGDGHVMXULVGLFFLRQDOHVHQODVDFFLRQHVGHOLEHUWDG

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,/D6DOD3OHQDGHO7ULEXQDO'HSDUWDPHQWDOGH-XVWLFLDGH/D3D]HPLWLyOD
FLUFXODU 37'- IV  HQWLHQGH TXH
ORV WULEXQDOHV GH JDUDQWtDV
FRQVWLWXFLRQDOHVXQLSHUVRQDOHVRFROHJLDGRVTXHUHFLEDQXQD$FFLyQGH/LEHUWDGHOGtD
YLHUQHV HQ UHVJXDUGR DO SULQFLSLR FRQVWLWXFLRQDO GHO -XH] 1DWXUDO  GHEHQ VHxDODU
LQPHGLDWDPHQWHODVDXGLHQFLDV\OOHYDUODVDFDERGHQWURGHOSOD]RGHKRUDVSXGLHQGR
SDUDHOORKDELOLWDUVHHQVXFDVRGtDV\KRUDVH[WUDRUGLQDULDVSDUDVXUHDOL]DFLyQORVGtDV
ViEDGRV1RFRUUHVSRQGHUHPLWLUODVDFFLRQHVDRWUR7ULEXQDOHQUD]yQDTXHODSUyUURJD
GHFRPSHWHQFLDHQPDWHULDFRQVWLWXFLRQDOQRHVWiSUHYLVWDHQODSURSLD/H\GHO7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDO

 
/DFLUFXODU37'-GHOD6DOD3OHQDGHO7ULEXQDO'HSDUWDPHQWDOGH-XVWLFLDGH
/D 3D] FRQVWLWX\H VRIW ODZ QR HTXLYDOHQWH D XQD QRUPDWLYD QL SHU VH FRQVWLWX\H XQD
LQWHUSUHWDFLyQFRQWUDULDDORVDUWVGHOD&3(\GHOD/7&3QLSXHGHGDUOXJDU
DQXOLGDGHVSRUIDOWDGHFRPSHWHQFLDSHVHDHOORSDUDPHMRUHIHFWLYL]DFLyQGHORVILQHV
GHODDFFLyQGHOLEHUWDGHVSRVLEOHTXHORVGLVWLQWRVGHSDUWDPHQWRVSXHGDQDGRSWDUOD
PHMRURUJDQL]DFLyQTXHHIHFWLYLFHODILQDOLGDGGHOOHJLVODGRUFRQVWLWX\HQWH\RUGLQDULR
 
(QHOFDVRFRQFUHWRHO-XH]7HUFHURGH6HQWHQFLD3HQDOHOGHPD\RGHVHH[FXVy
GHOFRQRFLPLHQWRGHODDFFLyQSUHWHQGLGDSRUODFDXVDOFRQWHQLGDHQHODUWGHOD
/7&3 UHPLWLHQGR D VX VLPLODU &XDUWR GH IV  \  D HIHFWRV GH VX FRQRFLPLHQWR
PHGLDQWH5HVROXFLyQGHODPLVPDIHFKDIV\YWDOD-XH]D4XLQWDGH6HQWHQFLD3HQDO
VHHQWLHQGHHQVXSOHQFLDOHJDOGHO-XH]&XDUWRUHPLWLyHODVXQWRDQWHHO-XH]1RYHQR
GH,QVWUXFFLyQHQOR3HQDO-XH]GHWXUQRQRVLQDQWHVILMDUGtD\KRUDSDUDHOYHULILFDWLYR
GHODDXGLHQFLDS~EOLFDHQFRQRFLPLHQWRGHODDFFLyQHO-XH],QVWUXFWRU1RYHQRHQOR
3HQDODWUDYpVGH5HVROXFLyQ\QRWDWDPELpQGHGHPD\RGHIV\GHYROYLy
REUDGRV DO -X]JDGR &XDUWRGH 6HQWHQFLD3HQDO DOHJDQGR FXPSOLPLHQWRGH OD FLUFXODU
37'-GHOD6DOD3OHQDGHO7ULEXQDO'HSDUWDPHQWDOGH-XVWLFLDGH/D3D]SRU
~OWLPRQXHYDPHQWH DQWH OD -XH]D 4XLQWD GH 6HQWHQFLD3HQDO SURJUDPy GtD \ KRUD GH
DXGLHQFLDGHDFFLyQGHOLEHUWDGSDUDHOGHPD\RDKRUDVHVGHFLUGHVSXpVGH
FXDWURGtDVGHSUHVHQWDGDODDFFLyQGHOLEHUWDGFDXVDQGRXQDWRWDOLQFHUWLGXPEUHVREUH
HOMXH]TXHGHEHFRQRFHUODFDXVDGLODWDQGRODWUDPLWDFLyQGHXQDDFFLyQFRQVWLWXFLRQDO
GLVHxDGD SURFHVDOPHQWH FRPR VXPDULD DVSHFWRV TXH MXVWDPHQWH HO OHJLVODGRU
FRQVWLWX\HQWH\RUGLQDULRSUHWHQGLHURQLPSHGLUFRUUHVSRQGLHQGRHQDGHODQWHHYLWDUHVH
WLSRGHGLODFLRQHVTXHVLPSOHPHQWHJHQHUDQHOGHVSUHVWLJLRGHOVLVWHPDMXGLFLDOSRUHO
H[FHVLYRULWXDOLVPR\IRUPDOLVPR



6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGHODDFFLyQGHOLEHUWDG\VHSURQXQFLDVREUHHOWUiPLWHTXHVHOH
GLRDHVWDDFFLyQGHOLEHUWDGWRGDYH]TXHHOMXH]GHVHQWHQFLDOXHJRGH
ILMDUDXGLHQFLDUHPLWLyDQWHFHGHQWHVDQWHHOMXH]GHLQVWUXFFLyQGHWXUQR
SDUD HO YHULILFDWLYR GH OD DXGLHQFLD S~EOLFD ~OWLPD DXWRULGDG
MXULVGLFFLRQDOTXHGHYROYLyREUDGRVDOMXH]GHVHQWHQFLDDOHJDQGRTXH
HQ FXPSOLPLHQWR GH OD FLUFXODU 37'- GH OD 6DOD 3OHQD GHO
7ULEXQDO 'HSDUWDPHQWDO GH -XVWLFLD GH /D 3D] HUD FRPSHWHQWH GLFKD
DXWRULGDGTXLHQILQDOPHQWHSURJUDPyGtD\KRUDGHDXGLHQFLDGHVSXpV
W


dW^:d

GHFXDWURGtDVGHSUHVHQWDGDODDFFLyQGHOLEHUWDGFDXVDQGRXQDWRWDO
LQFHUWLGXPEUH VREUH HO MXH] TXH GHEH FRQRFHU OD FDXVD GLODWDQGR OD
WUDPLWDFLyQGHXQDDFFLyQFRQVWLWXFLRQDOGLVHxDGDSURFHVDOPHQWHFRPR
VXPDULD

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDOUHIHUHQWHDODFRPSHWHQFLDSDUDHOFRQRFLPLHQWRGHODDFFLyQ
GH OLEHUWDG HQ &DSLWDOHV GH 'HSDUWDPHQWR KD GHVDUUROODGR OD VLJXLHQWH OtQHD
MXULVSUXGHQFLDO


(QOD6&5VHxDOyTXHODFRPSHWHQFLDSDUDFRQRFHUODVDFFLRQHV
GH OLEHUWDG HV H[WHQVLEOH D MXHFHV R YRFDOHV QR SHQDOHV HQ FLUFXQVWDQFLDV TXH DVt OR
REOLJXHQ FRPR VXSXHVWRV GH H[FXVD R UHFXVDFLyQ R FXDQGR ORV YRFDOHV GH ODV VDODV
SHQDOHVVHHQFXHQWUHQLPSRVLELOLWDGRVGHFRQRFHUODFDXVDSXGLpQGRVHHQHVRVFDVRV
FRQYRFDUDXQYRFDOGHRWUDVDODGLVWLQWDDODSHQDO


/XHJR HQ OD 6&3  VH PXWy HO HQWHQGLPLHQWR SODVPDGR HQ OD 6&
5\HVWDEOHFLyTXHHQ&DSLWDOHVGH'HSDUWDPHQWRODV\ORVMXHFHVHQPDWHULD
SHQDOWLHQHQFRPSHWHQFLDH[FOXVLYDSDUDHOFRQRFLPLHQWR\VXVWDQFLDFLyQGHODDFFLyQ
GHOLEHUWDGQRDVtRWUDVDXWRULGDGHVMXULVGLFFLRQDOHVGHPDWHULDVGLIHUHQWHVQLVLTXLHUD
HQVXSOHQFLDOHJDO


3RVWHULRUPHQWH OD 6&3  PRGXOD VHxDODQGR TXH ORV MXHFHV GH
LQVWUXFFLyQ GH WXUQR HQ OR SHQDO GH ODV FDSLWDOHV WLHQHQ FRPSHWHQFLD SDUD FRQRFHU \
WUDPLWDU ODV DFFLRQHV GH OLEHUWDG TXH GHEDQ FHOHEUDUVH ORV GtDV ViEDGRV GRPLQJRV R
IHULDGRV


/D6&3PRGXODLPSOtFLWDPHQWHOD6&3HVWDEOHFLHQGR
TXH ODV DFFLRQHV GH OLEHUWDG FX\D DXGLHQFLD GHED VHU GHVDUUROODGD ORV GtDV ViEDGRV
GRPLQJRVRIHULDGRVGHEHQVHUUHVXHOWDVSRUODDXWRULGDGTXHFRQRFH\DGPLWHODDFFLyQ
VLQUHPLWLUDORVMXHFHVLQVWUXFWRUHVGHWXUQR\TXHODVDFFLRQHVGHOLEHUWDGLQWHUSXHVWDV
GLUHFWDPHQWHDQWHHVWRVMXHFHVORVGtDVViEDGRVGRPLQJRV\IHULDGRVGHEHQFRQFOXLUHO
WUiPLWHLQFOXVLYHHQXQGtDKiELO


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,
UHVXOWDOyJLFRTXHDHIHFWRVGHHYLWDUGLODFLRQHVLQGHELGDV
HOMXH]TXHFRQRFHHQGtDKiELOXQDGHPDQGDGHDFFLyQGHOLEHUWDGGHEH
ILMDU LQPHGLDWDPHQWH GtD \ KRUD GH DXGLHQFLD VLHPSUH UHVSHWDQGR HO
SOD]R \ GLVSRQGUi FRQIRUPH DO DUW ,, GH OD &3( TXH HO R OD
DFFLRQDQWH VHD FRQGXFLGD
D VX SUHVHQFLD
 SRU OR TXH QR H[LVWH
SUyUURJD GH FRPSHWHQFLD VL UHVXHOYH DTXHOOD GHPDQGD ORV ViEDGRV
GRPLQJRV R IHULDGRV VLQR TXH OR TXH RFXUUH HV TXH VH JHQHUD OD
KDELOLWDFLyQ GH KRUDV H[WUDRUGLQDULDV HOOR SRUTXH VX FRPSHWHQFLD
GHYLHQH GH XQ VRUWHR SURGXFLGR SDUD JDUDQWL]DU ORV SULQFLSLRV GH
LPSDUFLDOLGDGHLQGHSHQGHQFLD

&RUUHVSRQGHSUHFLVDUTXHQRVHFRQVWLWX\HHQXQDH[LJHQFLDSURFHVDOTXH
VHUHPLWDDQWHORVMXHFHVLQVWUXFWRUHVGHWXUQRODVDFFLRQHVGHOLEHUWDG
TXHWHQJDQTXHUHVROYHUVHORVGtDVViEDGRVGRPLQJRVRIHULDGRVVLQR
W


dW^:d


TXH HQ DUDV GH JDUDQWL]DU ORV SULQFLSLRV TXH UHYLVWHQ D OD DFFLyQ GH
OLEHUWDG\SUHFDXWHODQGRORVGHUHFKRVTXHWXWHODGHEHQVHUUHVXHOWDVSRU
ODDXWRULGDGTXHFRQRFH\DGPLWHODDFFLyQ\SDUDORVFDVRVHQTXHODV
GHPDQGDV GH DFFLyQ GHOLEHUWDG IXHUHQLQWHUSXHVWDV GLUHFWDPHQWH DQWH
ORV MXHFHV LQVWUXFWRUHV HQ PDWHULD SHQDO GH WXUQR ORV GtDV ViEDGRV
GRPLQJRV \ IHULDGRV GLFKDV DXWRULGDGHV MXGLFLDOHV SXHGHQ D OD YH]
FRQFOXLUHOWUiPLWHGHODDFFLyQHQPLVPDLQVWDQFLDLQFOXVLYHHQXQGtD
KiELO



 5HTXLVLWRV GH ODV DFFLRQHV GH GHIHQVD GH DFXHUGR DO
&yGLJR 3URFHVDO &RQVWLWXFLRQDO)OH[LELOL]DFLyQ HQ DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3/RVUHTXLVLWRVH[LJLGRVSDUDODDFUHGLWDFLyQGHODV
SHUVRQDV MXUtGLFDV FRPR HO SRGHU HQ HO TXH FRQVWH HO DFWD GH
FRQVWLWXFLyQGHODVRFLHGDGODQyPLQDGHVRFLRVVXLQVFULSFLyQHQHO
5HJLVWUR GH &RPHUFLR VX SHUVRQHUtD MXUtGLFD \ UHJODPHQWRV QR VH
DSOLFDQDODVDVRFLDFLRQHVGHKHFKRSRUFXDQWRSDUDDFWLYDUODMXVWLFLD
FRQVWLWXFLRQDO ~QLFDPHQWH GHEHQ DFUHGLWDU VX FRQGLFLyQ GH VRFLRV
DGMXQWDQGRORVDFXHUGRVH[LVWHQWHVDVtFRPRDFUHGLWDUODFDOLGDGGH
VXVUHSUHVHQWDQWHV

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOORVDFFLRQDQWHVGHQXQFLDURQOD
YXOQHUDFLyQGHVXVGHUHFKRV\ORVGHODFRPSDUVDDODTXHUHSUHVHQWDQD
ODGHIHQVD\DOGHELGRSURFHVRDGXFLHQGRTXHOD-XQWD(OHFWRUDOGHOD
$VRFLDFLyQTXHORVDJOXWLQDDSOLFyXQ(VWDWXWRTXHFDUHFHGHOHJDOLGDG
DOQRKDEHUVHSURWRFROL]DGR\UHJLVWUDGRDQWHOD1RWDUtDGH*RELHUQR
3RURWURODGRHO7ULEXQDOGH+RQRUGHODSUHQRPEUDGD$VRFLDFLyQVLQ
QRWLILFDU D ORV GHPDQGDGRV FRQ OD GHQXQFLD QL DEULU SURFHVR DOJXQR
HPLWLyODXQDUHVROXFLyQSRUODFXDOGLVSXVRODVXVSHQVLyQGHODFRPSDUVD
SRU XQ SHULRGR GH FXDWUR DxRV HQ OD SDUWLFLSDFLyQ GH DFWLYLGDGHV
FDUQDYDOHUDV SURSRQLHQGR D OD $VDPEOHD *HQHUDO VX H[SXOVLyQ
W


dW^:d

GHILQLWLYD VL QR KDFtD XQD UHWUDFWDFLyQ S~EOLFD RPLWLHQGR PHQFLRQDU


FXiOHV IXHURQORV DFWRV HQTXH KXELHUDQ LQFXUULGR SDUD PHUHFHU GLFKD
VDQFLyQ(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHQUHYLVLyQUHYRFyOD
UHVROXFLyQTXHFRQFHGLyHQSDUWHODWXWHOD\ODGHQHJyUHVSHFWRDWRGRV
ORVGHPDQGDGRVVLQLQJUHVDUDOIRQGRGHODSUREOHPiWLFDSODQWHDGD

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
ODDFFLyQGHDPSDURFRQVWLWXFLRQDOREMHWRGHHVWXGLRIXHSURPRYLGDSRU/XLV
$OEHUWR+LQRMRVD0RUHQR-RUJH(GXDUGR5LYHUR'XUiQ\:LOODQ$OEHUWR5RFKD9DUJDV
TXLHQHV DOHJDQ UHSUHVHQWDFLyQ GH OD FRPSDUVD
3LUDWDV
 HPSHUR ORV DQWHFHGHQWHV GHO
FXDGHUQR SURFHVDO QR GHPXHVWUDQ WDO H[WUHPR DO QR FRQVWDU LQVWUXPHQWR DOJXQR TXH
UHFRQR]FDODSHUVRQDOLGDGMXUtGLFDGHODHQWLGDG\TXHFRPRWDOVHDDGPLWLGDFRPRWLWXODU
GHGHUHFKRV\REOLJDFLRQHVFXUVDQGRVLPSOHPHQWHGHIVDFHUWLILFDFLRQHVH[SHGLGDV
SRUOD*HUHQFLD$GPLQLVWUDWLYDGHOD$&&&TXHDFUHGLWDQODDILOLDFLyQGHODUHIHULGD
FRPSDUVDDODPLVPD$VRFLDFLyQ\ODQyPLQDGHO'LUHFWRULRHPSHURHVWRQRVXSOHGH
QLQJXQDPDQHUDODYRFDFLyQSDUDDFWLYDUODMXULVGLFFLyQFRQVWLWXFLRQDOFRPRSHUVRQD
MXUtGLFD QL FRPR DVRFLDFLyQ GH KHFKR SXHVWR TXH WDPSRFR VH DGMXQWDQ ORV DFXHUGRV
VXVFULWRV SRU ORV LQWHJUDQWHV GH OD FRPSDUVD VLHQGR DVt TXH FRUUHVSRQGtD D ORV
DFFLRQDQWHVFRPSUREDUDQWHHVWDMXULVGLFFLyQODVIDFXOWDGHVSDUDUHSUHVHQWDUHLQVWDXUDU
HVWD DFFLyQ GH GHIHQVD D QRPEUH GH OD FRPSDUVD
3LUDWDV
 GH QR VHU SRVLEOH OD
UHIUHQGDFLyQGHSHUVRQDOLGDGMXUtGLFDGHELHURQSUHVHQWDUORVDFXHUGRVVXVFULWRVHQWUHORV
PLHPEURV LQWHJUDQWHV GH OD DJUXSDFLyQ TXH OHV IDFXOWDEDQ HQ VX UHSUHVHQWDFLyQ D
LQWHUSRQHUHVWDDFFLyQWXWHODU$QWHHOLQFXPSOLPLHQWRGHHVWRVUHTXLVLWRVIRUPDOHVGH
SURFHGHQFLD HO 7ULEXQDO &RQVWLWXFLRQDO D WUDYpV GH OD 6& 5 GH  GH
VHSWLHPEUH SUHFLVy
(VWD SHUVRQD SXHGH IRUPXODU HO UHFXUVR SHUVRQDOPHQWH R
PHGLDQWH DSRGHUDGR FRQ SRGHU HVSHFLDO VXILFLHQWH \ EDVWDQWH SXHV GH OR FRQWUDULR HO
UHFXUVR GHEH VHU REVHUYDGR SRU HO LQFXPSOLPLHQWR GHO DOXGLGR UHTXLVLWR GH IRUPD
SUHYLVWRHQODQRUPDGHODUW,GHOD/7&\HQFDVRGHQRH[LVWLUVXEVDQDFLyQHQHO
SOD]RGHFXDUHQWD\RFKRKRUDVGHEHVHUUHFKD]DGRHPSHURVLVHWUDPLWDHOUHFXUVRVLQ
HOFXPSOLPLHQWRGHHVHUHTXLVLWRDWLHPSRGHHPLWLUVHODUHVROXFLyQTXHFRUUHVSRQGD
GHEHGHQHJDUVHODWXWHODFRQODDFODUDFLyQTXHQRVHLQJUHVyDODQiOLVLVGHIRQGRGHOD
SUREOHPiWLFDSODQWHDGD



DO PRPHQWR GH SURPRYHU OD SUHVHQWH JDUDQWtD MXULVGLFFLRQDO ORV DFFLRQDQWHV QR
DGMXQWDURQ GRFXPHQWRV UHODWLYRV DO UHFRQRFLPLHQWR GH OD SHUVRQDOLGDG MXUtGLFD GH OD
FRPSDUVD
3LUDWDV
 FRPR HQWH GH GHUHFKR WDPSRFR ORV DFXHUGRV GH ORV VRFLRV GH OD
FRPSDUVDHQUHODFLyQDODVIDFXOWDGHVVXILFLHQWHVSDUDDFXGLUDODMXVWLFLDFRQVWLWXFLRQDO
SXHVORVLQGLFDGRVODDFWLYDURQDQRPEUHGHXQDFROHFWLYLGDG\QRDVtDWtWXORSHUVRQDO
SRU OR TXH HUD LQGLVSHQVDEOH DFUHGLWDU WDO FDOLGDG \ IDFXOWDG GH UHSUHVHQWDFLyQ FRPR
UHVXOWDGRDQWHHOLQFXPSOLPLHQWRGHORVUHTXLVLWRVIRUPDOHVGHSURFHGHQFLDFRUUHVSRQGH
GHQHJDUODWXWHODFRQODDFODUDFLyQTXHQRVHLQJUHVyDOH[DPHQGHIRQGRGHODVXQWR
GHPDQGDGR



6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO VLQ LQJUHVDU DO IRQGR GHO
SUREOHPDMXUtGLFRSODQWHDGRVHxDODQGRTXHODVDVRFLDFLRQHVGHKHFKR
SDUDDFWLYDUODMXVWLFLDFRQVWLWXFLRQDOWLHQHQTXHDGMXQWDUORVDFXHUGRV
GH ORV VRFLRV \ VXV UHSUHVHQWDQWHV DFUHGLWDU WDO FDOLGDG D HIHFWRV GH
FXPSOLUORVUHTXLVLWRVIRUPDOHV

W


dW^:d


&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O 7ULEXQDO &RQVWLWXFLRQDO UHVSHFWR D ORV UHTXLVLWRV H[LJLGRV SRU OD MXVWLFLD
FRQVWLWXFLRQDOSDUDODDFUHGLWDFLyQGHODVSHUVRQDVMXUtGLFDVGHVDUUROOyODVLJXLHQWHOtQHD
MXULVSUXGHQFLDO

 /DV 66&& 5 5 5 \ 5 HQWUH RWUDV
HVWDEOHFLHURQTXHWUDWiQGRVHGHSHUVRQDVMXUtGLFDVHOUHSUHVHQWDQWHOHJDOGHEHDFUHGLWDU
WDO FRQGLFLyQ DGMXQWDQGR HO SRGHU FRUUHVSRQGLHQWH HQ HO TXH GHEH FRQVWDU HO DFWD GH
FRQVWLWXFLyQ GH OD VRFLHGDG OD QyPLQD GH VRFLRV VX LQVFULSFLyQ HQ HO 5HJLVWURV GH
&RPHUFLRVXSHUVRQHUtDMXUtGLFD\VXVUHJODPHQWRV

 /D 6& 5 PRGXODQGR OD OtQHD VRVWXYR TXH HO UHSUHVHQWDQWH OHJDO GH
SHUVRQDVMXUtGLFDVSRUHOVyORKHFKRGHVHUORQRUHTXLHUHSRGHUH[SUHVRSDUDLQWHUSRQHU
DPSDURDXQTXHVXV(VWDWXWRVQROHRWRUJXHQH[SUHVDPHQWHGLFKDIDFXOWDG6RVWXYR)-
,,,  VH KDFH QHFHVDULR UHFRQGXFLU DTXHO HQWHQGLPLHQWR SRU FXDQWR XQD HIHFWLYD
SURWHFFLyQGHORVGHUHFKRV\JDUDQWtDVIXQGDPHQWDOHVHQODYtDMXGLFLDOUHTXLHUHDOODQDU
DOWUiPLWHGHIRUPDOLVPRV\H[LJHQFLDVQRSUHYLVWDVSRUHORUGHQFRQVWLWXFLRQDOVLHQGR
DVtTXHHOSRGHUVXILFLHQWHDTXHKDFHUHIHUHQFLDHODUW,,GHOD&3(DOXGHDORVFDVRV
HQ ORV TXH WDQWR SHUVRQDV QDWXUDOHV FRPR MXUtGLFDV RWRUJDQ GLFKR SRGHU SDUD OD
SUHVHQWDFLyQGHODPSDURHQORVFDVRVHQTXHWHUFHURVDFW~HQHQUHSUHVHQWDFLyQGHOWLWXODU
GH ORV GHUHFKRV DIHFWDGRV FDVR HQ HO FXDO HV H[LJLEOH SRGHU H[SUHVR SHUR QR DVt
WUDWiQGRVHGHOUHSUHVHQWDQWHOHJDOGHXQDSHUVRQDMXUtGLFDTXLHQSRUHOVyORKHFKRGH
VHUOR VH HQFXHQWUD OR VXILFLHQWHPHQWH OHJLWLPDGR SDUD DFXGLU DQWH OD MXULVGLFFLyQ
FRQVWLWXFLRQDOFXDQGRH[LVWHUHVWULFFLyQRDPHQD]DGHORVGHUHFKRV\JDUDQWtDVGHOHQWH
DO TXH UHSUHVHQWD DXQTXH VXV (VWDWXWRV QR OH RWRUJXHQ H[SUHVDPHQWH GLFKD IDFXOWDG
&RQVHFXHQWHPHQWHORSUHFHGHQWHPHQWHH[SXHVWRHQWUDxDXQDUHFRQGXFFLyQGHODOtQHD
MXULVSUXGHQFLDOFRQWHQLGDHQOD6&5

/D6&3PRGXODQGRODOtQHDHVWDEOHFHTXHORVUHTXLVLWRVH[LJLGRVSDUDOD
DFUHGLWDFLyQ GH ODV SHUVRQDV MXUtGLFDV FRPR HO SRGHU HQ HO TXH FRQVWH HO DFWD GH
FRQVWLWXFLyQ GH OD VRFLHGDG OD QyPLQD GH VRFLRV VX LQVFULSFLyQ HQ HO 5HJLVWUR GH
&RPHUFLR VX SHUVRQHUtD MXUtGLFD \ UHJODPHQWRV QR VH DSOLFDQ D ODV DVRFLDFLRQHV GH
KHFKRSRUFXDQWRSDUDDFWLYDUODMXVWLFLDFRQVWLWXFLRQDO~QLFDPHQWHGHEHQDFUHGLWDUVX
FRQGLFLyQGHVRFLRVDGMXQWDQGRORVDFXHUGRVH[LVWHQWHVDVtFRPRDFUHGLWDUODFDOLGDGGH
VXVUHSUHVHQWDQWHV


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,
$ORVILQHVGHDFWLYDUODMXULVGLFFLyQFRQVWLWXFLRQDODOWUDWDUVH
GHSHUVRQDVFROHFWLYDVVHGHEHDFUHGLWDUODSHUVRQDOLGDGMXUtGLFDGHOHQWH
FROHFWLYR D TXLHQ VH UHSUHVHQWD FRQIRUPH D OD OtQHD MXULVSUXGHQFLDO
GHVDUUROODGDHQHO)XQGDPHQWR-XUtGLFR,,,GHODSUHVHQWH5HVROXFLyQ
QR UHVXOWDQGR H[LJLEOH HQ ODV DVRFLDFLRQHV GH KHFKR DO FDUHFHU GH
SHUVRQDOLGDGMXUtGLFD3DUDDFWLYDUODMXULVGLFFLyQFRQVWLWXFLRQDOTXLHQ
SUHWHQGHDFWXDUHQUHSUHVHQWDFLyQGHXQDDVRFLDFLyQGHHVWHWLSRGHEH
DFUHGLWDUWDOYRFDFLyQDFRPSDxDQGRORVDFXHUGRVGHORVPLHPEURVTXH
OD LQWHJUDQ HQ DSOLFDFLyQ GH OD QRUPD FLWDGD 3RU RWUR ODGR GHEH
GHPRVWUDUVHFRQGRFXPHQWDFLyQLGyQHDODIDFXOWDGSDUDLQWHUSRQHUODV
DFFLRQHVFRUUHVSRQGLHQWHVDQRPEUHGHODLQVWLWXFLyQSXHVHODFFLRQDQWH
QRSURPXHYHODMXVWLFLDFRQVWLWXFLRQDODWtWXORSHUVRQDODOFRQWUDULROR
KDFHHQUHSUHVHQWDFLyQGHXQDFROHFWLYLGDGDXQTXHQRQHFHVDULDPHQWH
W


dW^:d

VHDXQDDVRFLDFLyQGHGHUHFKR(QODHVSHFLHVHWUDWDGHXQDDVRFLDFLyQ
GHKHFKRSRUHQGHWDOFRQGLFLyQVHGHEHGHPRVWUDUFRQGRFXPHQWDFLyQ
TXHHVWDEOH]FDGLFKDVIDFXOWDGHV




1~PHURGHUHVROXFLyQ6&3/

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3/(VSRVLEOHRWRUJDUODWXWHODTXHEULQGDODDFFLyQ
GHDPSDURFRQVWLWXFLRQDOSRUYXOQHUDFLyQGHRWURVGHUHFKRVTXHQR
IXHURQGHQXQFLDGRVGHGXFLGRVGHOFRQWHQLGRGHODDFFLyQGHOLQIRUPH
GHODSDUWHGHPDQGDGDRHQVXFDVRGHODSDUWLFLSDFLyQUHDOL]DGDGH
DPEDVSDUWHVHQODDXGLHQFLDFHOHEUDGDSRUHO7ULEXQDOGHJDUDQWtDV

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

/DDFFLRQDQWHDOHJDTXHODVSHUVRQDVDKRUDGHPDQGDGDVYXOQHUDURQVXV
GHUHFKRVDODYLGDDODVDOXGDODGLJQLGDGDODKRQUDDODOLEHUWDGGH
FLUFXODFLyQ \ D OD SURSLHGDG SULYDGD SRUTXH  RUGHQDURQ HO FRUWH GHO
VHUYLFLR GH DVFHQVRU SULQFLSDO \ GH VHUYLFLR GHO HGLILFLR $OFLGHV
$UJXHGDVLPSRVLELOLWiQGROHGHHVDPDQHUDDFFHGHUDVXLQPXHEOH\D
TXHFRQODHGDGGHVHVHQWD\XQDxRVWLHQHTXHVXELUDKRUDSLVRVD
SLHDGHPiVGHTXHHOSURSLHWDULRGHOSLVRUHDOL]yXQDFRQVWUXFFLyQ
VREUHODVJUDGDVGHGLFKRSLVRSRUORTXHVXDFFHVRGHEHVHUUHDOL]DGR
SRUODV JUDGDV H[WHUQDVGHHPHUJHQFLD GHO HGLILFLR &RUWH GHVHUYLFLR
TXH VH OR KXELHUD DVXPLGR GHELGR D TXH VXSXHVWDPHQWH QR KXELHUD
KHFKRSDJRGHODVH[SHQVDVFRPXQHVVLQFRQVLGHUDUHOSURFHGLPLHQWR
HVWDEOHFLGR SRU ORV HVWDWXWRV SDUD HO FREUR GH FXRWDV SLGLHQGR VH
GLVSRQJDD /DLQPHGLDWDUHSRVLFLyQGHOVHUYLFLRGHDVFHQVRUHVSDUDHO
SLVR  \ E  6H GHWHUPLQH UHVSRQVDELOLGDG FLYLO \ SHQDO GH ORV
GHPDQGDGRV DVt FRPR HO SDJR GH GDxRV \ SHUMXLFLRV (O 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO HQ VX 6DOD /LTXLGDGRUD FRQILUPy OD
5HVROXFLyQ GHO WULEXQDO GH JDUDQWtDV \ HQ FRQVHFXHQFLD FRQFHGLy OD
WXWHODVROLFLWDGDDXQTXHQRIXHURQGHPDQGDGRVUHVSHFWRDORVGHUHFKRV
DORVVHUYLFLRVEiVLFRV\GLJQLGDG\GHQHJyHQUHODFLyQDORVGHUHFKRV
DODSURSLHGDGDODYLGDDODVDOXGDODKRQUDDODLPDJHQ\DODOLEHUWDG
GH FLUFXODFLyQ SRU QR KDEHUVH HYLGHQFLDGR VX OHVLyQ \ UHVSHFWR D OD
W


dW^:d


VROLFLWXGGHUHVSRQVDELOLGDGFLYLO\SHQDO\FRQVLJXLHQWHSDJRGHGDxRV
\SHUMXLFLRV

([WUDFWRGHODUDWLRGHFLGHQGL

)M ,,, &RQVHFXHQWHPHQWH DO KDEHUVH SURFHGLGR D FRUWDU PHGLDQWH
PHGLGDVGHKHFKRHOVHUYLFLRGHDVFHQVRUHQHOUHIHULGRHGLILFLRDWRGDV
DTXHOODVSHUVRQDVTXHVHHQFRQWUDEDQHQPRUDHQHVSHFLDOGHODDKRUD
DFFLRQDQWHDOPDUJHQGHORHVWDEOHFLGRHQVXSURSLRHVWDWXWR\PHGLDQWH
PHGLGDVGHKHFKRVHYXOQHUyHOXVRGHHVWHVHUYLFLREiVLFRFRPRHVHO
XVRGHDVFHQVRUWDOFRPRVHWLHQHSUHFLVDGRHQHO)XQGDPHQWR-XUtGLFR
,,,GHODSUHVHQWH6HQWHQFLD&RQVWLWXFLRQDO3OXULQDFLRQDOGHUHFKRTXH
VL ELHQ QR IXH PHQFLRQDGR SRU OD DFFLRQDQWH FRPR YXOQHUDGR HQ VX
GHPDQGDHPSHURVHORDVXPHFRPRWDPELpQDOXGLGRGHOFRQWHQLGRGH
ODGHPDQGDDVtFRPRGHORSUHFLVDGRHQODDXGLHQFLDGHJDUDQWtDVHQ
DSOLFDFLyQGHOSULQFLSLRLXUDQRYLWFXULDGHVDUUROODGRHQHO)XQGDPHQWR
-XUtGLFR,,,GHLJXDOPDQHUDVHHVWDEOHFHTXHVHYXOQHUyHOGHUHFKRD
ODGLJQLGDGSXHVWRTXHQRVHWRPyHQFXHQWDTXHODDFFLRQDQWHDOWHQHU
VHVHQWD\XQDxRVHUDXQDSHUVRQDDGXOWDPD\RUTXHPHUHFtDHVSHFLDO
DWHQFLyQ\SURWHFFLyQ3RUFRQVLJXLHQWHFRUUHVSRQGHFRQFHGHUODWXWHOD
VROLFLWDGDSRUODYXOQHUDFLyQGHORVGHUHFKRVPHQFLRQDGRV1RREVWDQWH
KDEHUVHDILUPDGRTXHGLFKRVHUYLFLRVHHQFRQWUDEDKDELOLWDGRVHJ~QOD
YHULILFDFLyQQRWDULDOUHDOL]DGDHOGHMXOLRGH &RQFOXVLyQ,, 
SXHVWRTXHHQODDXGLHQFLDGHJDUDQWtDVODDFFLRQDQWHSRULQWHUPHGLRGH
VXVDERJDGRVLQGLFyTXHD~QVHHQFRQWUDEDSULYDGDGHDTXHOVHUYLFLR
VLWXDFLyQSRUODFXDOQRSURFHGHDSOLFDUODWHRUtDGHOKHFKRVXSHUDGRHQ
HVWHFDVR

6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGHODDFFLyQGHDPSDURFRQVWLWXFLRQDODOFRQVWDWDUVHTXHVHFRUWy
PHGLDQWHPHGLGDVGHKHFKRHOVHUYLFLRGHDVFHQVRUHQHOHGLILFLRDWRGDV
DTXHOODVSHUVRQDVTXHVHHQFRQWUDEDQHQPRUDHQHVSHFLDOGHODDKRUD
DFFLRQDQWH D OD TXH VH YXOQHUy VX GHUHFKR GH DFFHVR D ORV VHUYLFLRV
EiVLFRVGHUHFKRTXHVLELHQQRIXHPHQFLRQDGRSRUODDFFLRQDQWHFRPR
YXOQHUDGR HQ VX GHPDQGD HPSHUR VH LQILULy GHO FRQWHQLGR GH OD
GHPDQGDDVtFRPRGHORSUHFLVDGRHQODDXGLHQFLDGHJDUDQWtDV

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/DOtQHDGH HQWHQGLPLHQWRDVXPLGDSRUHO7ULEXQDO&RQVWLWXFLRQDOGHODpSRFDGHORV
'LH] $xRV UDWLILFDGD SRU HO 7ULEXQDO 7UDQVLWRULR D WUDYpV GHO $& 5&$
HVWDEOHFLyODHVWULFWDYLQFXODFLyQSDUDUHVROYHUODDFFLyQGHDPSDURFRQVWLWXFLRQDOFRQ
ORV KHFKRV GHUHFKRV \ SHWLWRULR GH OD GHPDQGD $Vt OD 6& 5 HQ XQD
LQWHUSUHWDFLyQVLVWHPiWLFDGHOD/H\GHO7ULEXQDO&RQVWLWXFLRQDOGHHVDpSRFDHVWDEOHFLy
ODH[LJHQFLDGH H[SRQHUFRQSUHFLVLyQ\FODULGDGORVKHFKRVTXHOHVLUYDQGH
IXQGDPHQWR   3UHFLVDU  ORV  GHUHFKRV  R  JDUDQWtDV  TXH  FRQVLGHUHQ  VXSULPLGRV R

W


dW^:d
DPHQD]DGRV\ )LMDUFRQSUHFLVLyQHODPSDURTXHVHVROLFLWDSDUDSUHVHUYDUR
UHVWDEOHFHU (Q HVWH FRQWH[WR OD FLWDGD 6HQWHQFLD DSHUWXUy XQD OtQHD MXULVSUXGHQFLDO
FRQVLGHUDQGRODFDXVDGHSHGLUFRPRXQUHTXLVLWRGHFRQWHQLGRTXHGHEtDVHUFXPSOLGR
SRUHODFFLRQDQWH\UHYLVDGRHQIRUPDSUHYLDSRUHO7ULEXQDOGH*DUDQWtDVFRQODIDFXOWDG
GHUHFKD]DULQOtPLQHODDFFLyQGHWHUPLQDQGRTXHHOFXPSOLPLHQWRGHHVWDH[LJHQFLDQR
VHUHGXFHDHQXPHUDUDUWtFXORVVLQRDH[SOLFDUGHVGHHOSXQWRGHYLVWDFDXVDOFyPRHVRV
KHFKRV KDQ OHVLRQDGR HO GHUHFKR HQ FXHVWLyQ /D 6& 5 UHLWHUDGD SRU OD
5HVWDEOHFLyTXH
([LVWHQFDVRVHQTXHODSHUVRQDTXHVHFRQVLGHUDDJUDYLDGD
HQVXVGHUHFKRVGHPDQHUDRSRUWXQDDFXGHDODMXULVGLFFLyQFRQVWLWXFLRQDOGHQXQFLDGR
HO DFWR R UHVROXFLyQ TXH FRQVLGHUD LOHJDO R DUELWUDULR IXQGDPHQWDQGR \ DFUHGLWDQGR
DGHPiV GLFKR H[WUHPR FRQ XQD SHWLFLyQ FODUD \ FRQFUHWD KDFLHQGR UHODFLyQ GH ORV
KHFKRVFRQORVGHUHFKRVTXHHVWLPDOHVLRQDGRVHPSHURHQHVDUHODFLyQGHFDXVDOLGDG
FRQIXQGHXRPLWHODLQGLFDFLyQGHRWURVGHUHFKRVTXHUHVXOWDQFRQH[RVFRQHOKHFKR
GHQXQFLDGR HQ HVDV HQ DSOLFDFLyQ GHO SULQFLSLR GH IDYRUDELOLGDG DFFHVR D OD MXVWLFLD
FRQVWLWXFLRQDO\SRUHOFDUiFWHUH[SDQVLYRGHORVGHUHFKRVIXQGDPHQWDOHVGHPDQHUD
H[FHSFLRQDO FRUUHVSRQGH WXWHODU HO R ORV GHUHFKRV FRQH[RV D OD SUREOHPiWLFD
GHQXQFLDGD
(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOPHGLDQWHOD6&3GH
GHDJRVWRDGRSWyXQDSRVLFLyQPiVIOH[LEOHHQORTXHVHUHILHUHDODIDOWDGHFLWDGH
DUWtFXORV GHQWUR GH XQD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO UHVSHFWR D ORV GHUHFKRV
FRQVLGHUDGRV YXOQHUDGRV  VHxDODQGR TXH
/D QRUPDWLYD WUDQVFULWD QR SXHGH VHU
LQWHUSUHWDGDUHVWULFWLYDPHQWHKDVWDODH[LJHQFLDDODFFLRQDQWHGHLQYRFDUHODUWtFXORGH
OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR HQ HO TXH VH HQFXHQWUD FRQVDJUDGR HO GHUHFKR
IXQGDPHQWDO R JDUDQWtD FRQVWLWXFLRQDO TXH VH DOHJD YXOQHUDGR GLFKR UD]RQDPLHQWR
LPSOLFDXQH[FHVLYRIRUPDOLVPRDPRPHQWRGHFRQVLGHUDUHOFRQWHQLGRGHXQHVFULWRGH
DFFLyQWXWHODUHOORFRQVLGHUDQGRTXHPLHQWUDVVHH[SOLTXHQORVKHFKRV\HQTXpFRQVLVWHQ
ORV GHUHFKRV FRQVLGHUDGRV OHVLRQDGRV FRQ HO UHVSHFWLYR QH[R GH FDXVDOLGDG HQWUH ORV
PLVPRV \ OD FDXVD GH SHGLU OD MXULVGLFFLyQ FRQVWLWXFLRQDO QR GHEHUi GHVFRQRFHU OD
IXQGDPHQWDFLyQSRUIDOWDGHFLWDGHODQRUPDWLYDHQODFXDOVHHQFXHQWUDQFRQVDJUDGRV
ORV GHUHFKRV IXQGDPHQWDOHV R JDUDQWtDV FRQVWLWXFLRQDOHV VXSXHVWDPHQWH YXOQHUDGRV

'HMDQGR HVWDEOHFLGR TXH 
QR FRQVWLWX\H XQD FDXVDO GH UHFKD]R OD IDOWD GH FLWD GH ORV
DUWtFXORVGHOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRSRUFRUUHVSRQGHUDXQDLQWHUSUHWDFLyQ
UHVWULFWLYDGHODUW,9GHOD/7&\DOWUDWDUVHGHGHUHFKRVIXQGDPHQWDOHV\JDUDQWtDV
FRQVWLWXFLRQDOHV QR HV QHFHVDULD VX H[LJHQFLD
 $VLPLVPR HQ OD 6&3 
HVWDEOHFLyTXHHQYLUWXGGHOSULQFLSLRGHIDYRUDELOLGDG\DFFHVRDODMXVWLFLDGHPDQHUD
H[FHSFLRQDO FRUUHVSRQGH TXH OD MXVWLFLD FRQVWLWXFLRQDO RWRUJXH OD WXWHOD GH GHUHFKRV
FRQH[RV D OD SUREOHPiWLFD GHQXQFLDGD DXQTXH QR VHDQ LQYRFDGRV SRU OD SDUWH
DFFLRQDQWHFXDQGRpVWRVVHDQFRQH[RVDODFWRRKHFKRYXOQHUDWRULR
&RQVHFXHQWHPHQWHOD6&3/VHFRQVWLWX\HHQXQDVHQWHQFLDPRGXODGRUDGHO
SUHFHGHQWH FRQVWLWXFLRQDO GH YLQFXODFLyQ HVWULFWD D OD FDXVD GH SHGLU HQ OD DFFLyQ GH
DPSDURFRQVWLWXFLRQDODOHQWHQGHUTXHHQUHVJXDUGRDODWXWHODMXGLFLDOHIHFWLYDQRSRGUi
GHQHJDUVHODSURWHFFLyQTXHEULQGDODDFFLyQGHDPSDURFRQVWLWXFLRQDOFXDQGRSRUHUURU
XRPLVLyQLQYROXQWDULDQRH[LVWDXQDSUHFLVLyQDGHFXDGDGHORVGHUHFKRVFRQVLGHUDGRV
OHVLRQDGRVHQFX\RFDVRDSOLFDQGRHOSULQFLSLRLXUDQRYLWFXULDSRGUiRWRUJDUVHODWXWHOD
SRU OD YXOQHUDFLyQGH RWURVGHUHFKRV QR PHQFLRQDGRV GHGXFLGRV GHO FRQWHQLGRGH OD
DFFLyQGHOLQIRUPHGHODSDUWHGHPDQGDGDRHQVXFDVRGHODSDUWLFLSDFLyQUHDOL]DGDGH
DPEDVSDUWHVHQODDXGLHQFLDGHJDUDQWtDV


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

(VWD6HQWHQFLDHQVX)M,,,GLVSRQH(QHVHVHQWLGRFRUUHVSRQGHLQGLFDU
TXHHOUHTXLVLWRGHSUHVHQWDFLyQGHODVDFFLRQHVGHGHIHQVDHVWDEOHFLGRHQHO
DUWGHO&yGLJR3URFHVDO&RQVWLWXFLRQDO &3&R TXHGLFH
,GHQWLILFDFLyQ
GH ORV GHUHFKRV R JDUDQWtDV TXH VH FRQVLGHUHQ YXOQHUDGRV
 QR GHEHUi VHU
HQWHQGLGRHQXQVHQWLGRUHVWULQJLGRVLQRELHQHQXQVHQWLGRDPSOLRSRUHOFXDO
ODSDUWHTXHVROLFLWHODWXWHODFRQVWLWXFLRQDOWHQJDTXHH[SRQHUGHPDQHUDFODUD

W


dW^:d


\ SUHFLVD ORV KHFKRV \ GHUHFKRV SUHVXQWDPHQWH OHVLRQDGRV FLWDQGR SDUD HO
HIHFWRODVGLVSRVLFLRQHVFRQVWLWXFLRQDOHVTXHFRQVLGHUHQYXOQHUDGRVHPSHUR
HQ UHVJXDUGR D OD WXWHOD MXGLFLDO HIHFWLYD VL QR VH PHQFLRQDUDQ GLFKDV
GLVSRVLFLRQHVQRSRGUiUHFKD]DUVHODGHPDQGDSUHVHQWDGDVLHVTXHH[LVWLHVH
XQD DGHFXDGD H[SRVLFLyQ GH ORV KHFKRV DVt FRPR PHQFLyQ GH ORV GHUHFKRV
OHVLRQDGRV HQ HVH PLVPR VHQWLGR WDPSRFR SRGUi GHQHJDUVH OD WXWHOD GH VXV
GHUHFKRVFXDQGRQRVHORVKD\DPHQFLRQDGRRSUHFLVDGRDGHFXDGDPHQWHHQVX
DFFLyQGHGHIHQVDSRUHUURUXRPLVLyQLQYROXQWDULDSXHVWRTXHHQDSOLFDFLyQ
GHO SULQFLSLR LXUD QRYLW FXULD
HO MXH] FRQRFH HO GHUHFKR
 HO -X]JDGRU
FRQVWLWXFLRQDO WLHQH HO GHEHU GH DQDOL]DU OD GHPDQGD LQIRUPH GH ORV
GHPDQGDGRV\ODSDUWLFLSDFLyQGHODVSDUWHVHQODDXGLHQFLDGHJDUDQWtDVSDUD
YHULILFDUVLVHOHVLRQDURQORVGHUHFKRVPHQFLRQDGRVHQODGHPDQGDXRWURVQR
LQYRFDGRV SDUD DSOLFDU GH HVD PDQHUD VL FRUUHVSRQGLHUD ODV GLVSRVLFLRQHV
MXUtGLFDVSHUWLQHQWHVDXQTXHQRKXELHVHQVLGRLQYRFDGDVSRUHUURUXRPLVLyQ
LQYROXQWDULDSRUSDUWHGHODFFLRQDQWHSXHVWRTXHSRGUtDGDUVHHOKHFKRTXHD
FULWHULR GHO GHPDQGDQWH VH YXOQHUDURQ FLHUWRV GHUHFKRV FRQVWLWXFLRQDOHV VLQ
HPEDUJRGHOFRQWHQLGRGHVXDFFLyQGHOLQIRUPHGHODSDUWHGHPDQGDGDRHQ
VX FDVR GH OD SDUWLFLSDFLyQ UHDOL]DGD GH DPEDV SDUWHV HQ OD DXGLHQFLD GH
JDUDQWtDVVHFROLJLHUDODYXOQHUDFLyQGHRWURVGHUHFKRVQRPHQFLRQDGRV

6LQHPEDUJRODDSOLFDFLyQGHHVWHSULQFLSLRQRGHEHUiHQWHQGHUVHHQHOVHQWLGR
GH TXH OD SDUWH DFFLRQDQWH QR WHQJD OD REOLJDFLyQ GH KDFHU PHQFLyQ \
IXQGDPHQWDFLyQGHORVGHUHFKRVTXHFRQVLGHUHQIXHURQYXOQHUDGRVVLQRPiV
ELHQGHEHUiHQWHQGHUVHHQHOVHQWLGRGHTXHVtWLHQHQHOGHEHUGHFXPSOLUFRQ
DTXHOUHTXLVLWRHQWRGDVODVDFFLRQHVGHGHIHQVDSRUORTXHHVWHSULQFLSLRVyOR
VHUi DSOLFDGR SRU HO -XH] FRQVWLWXFLRQDO FXDQGR H[LVWD HUURU X RPLVLyQ
LQYROXQWDULDHQVXLQYRFDFLyQRFXDQGRSXHGDGHGXFLUVHODYXOQHUDFLyQGHRWURV
GHUHFKRVQRPHQFLRQDGRVSXHVWRTXHVLREUDUDHQVHQWLGRFRQWUDULRVHHVWDUtD
SUHWHQGLHQGRTXHHO-X]JDGRUFRQVWLWXFLRQDOLGHQWLILTXHDQWHODQHJOLJHQFLDGH
ODSDUWHVORVGHUHFKRVOHVLRQDGRVORFXDOQRSXHGHVHUDGPLVLEOH


,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

/D6HQWHQFLDTXHFRQWLHQHHOHVWiQGDUPiVDOWRHVOD6&3
FRPSOHPHQWDGDSRUOD6&3/



1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

W


dW^:d

6&3   7DQWR ORV SUHVXSXHVWRV GH OHJLWLPDFLyQ DFWLYD


OHJLWLPDFLyQSDVLYDFRPRFXDOTXLHURWURUHTXLVLWRGHIRUPDTXHVHD
H[LJLGR SDUD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HQ HO FDVR GH
SHWLFLRQHV YLQFXODGDV D QDFLRQHV \ SXHEORV LQGtJHQD RULJLQDULR
FDPSHVLQRV GHEHQ VHU DQDOL]DGDV HQ HO PDUFR GH XQD Pi[LPD
IOH[LELOL]DFLyQSURFHVDOSDUDDVHJXUDUDVt\HQHOPDUFRGHOUHVSHWRD
VXVQRUPDV\SURFHGLPLHQWRVXQYHUGDGHUR\UHDODFFHVRDODMXVWLFLD
DGLFKDVFROHFWLYLGDGHV

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOORVDFFLRQDQWHVGHQXQFLDQTXH
ORVDKRUDGHPDQGDGRVFRPRFRQVHFXHQFLDGHXQFRQIOLFWRYLQFXODGRDO
GHUHFKR SURSLHWDULR VREUH XQ LQPXHEOH PHGLDQWH YRWR UHVROXWLYR
GHFLGLHURQ VDQFLRQDU D 6LQIRULDQR 0DPDQL 5RMDV PLHPEUR GH OD
FRPXQLGDG\OXHJRDODFRPXQLGDGGH%XHQD9LGHVSURKLELpQGROHVHO
HMHUFLFLR\SUiFWLFDGHVXVXVRV\FRVWXPEUHVDVtFRPRHOHMHUFLFLRGH
FDUJRVRULJLQDULRVGHSRUWLYRV\ODSDUWLFLSDFLyQHQHYHQWRVGHSRUWLYRV
HODFFHVRDFDUJRVPXQLFLSDOHVSROtWLFRV\FXOWXUDOHVTXHSRUFRVWXPEUH
FRUUHVSRQGHDFDGDFRPXQLGDGSRUURWDFLyQDVSHFWRVTXHFRQVWLWX\HQ
SUiFWLFDV DQFHVWUDOHV GH VXV SXHEORV $VLPLVPR GHQXQFLDURQ OD
DIHFWDFLyQ DO GHUHFKR DO GHELGR SURFHVR \ D OD GHIHQVD GH 6LQIRULDQR
0DPDQL5RMDVFRPXQDULRGH%XHQD9LGHV(QEDVHDHVWRVKHFKRVSLGHQ
ORVLJXLHQWHORVLJXLHQWHL 4XHVHGHMHVLQYDORUQLHIHFWROHJDOHO9RWR
5HVROXWLYRGHGHMXQLRGHVXVFULWRSRUORVGHPDQGDGRVLL /D
UHVWLWXFLyQGHVXVGHUHFKRVFRPRQDFLyQ\SXHEORLQGtJHQDRULJLQDULR
FDPSHVLQR SDUD HO HMHUFLFLR GH FXDOTXLHU FDUJR RULJLQDULR GHSRUWLYR
SROtWLFR\PXQLFLSDOLL /DSXEOLFDFLyQGHODSDUWHUHVROXWLYDGHOIDOOR
FRQVWLWXFLRQDOHQXQSHULyGLFRGHFLUFXODFLyQQDFLRQDODFXHQWD\FDUJR
GHORVGHPDQGDGRV\LLL /DUHSDUDFLyQGHGDxRVSHUMXLFLRV\FRVWDV
SURFHVDOHV (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO FRQILUPy OD
UHVROXFLyQ GHO -XH] GH *DUDQWtDV \ FRQFHGLy OD WXWHOD HQ EDVH D ORV
VLJXLHQWHV IXQGDPHQWRV   5HFRQGXFH SURFHVDOPHQWH OD DFFLyQ GH
DPSDURFRQVWLWXWLFLRQDOHQFXDQWRDORVGHUHFKRVFROHFWLYRVGHQXQFLDGRV
FRPRDIHFWDGRV 'LVSRQHTXHHQWUHFRPXQLGDGHVVHJHQHUHQGLiORJRV
LQWUDHLQWHUFXOWXUDOHV(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOFRQFHGH
ODWXWHODHQEDVHDORVVLJXLHQWHVDUJXPHQWRVD 5HFRQGXFHODDFFLyQGH
DPSDUR FRQVWLWXFLRQDO D DFFLyQ SRSXODU HQ FXDQWR D ODV GHQXQFLDV
UHIHUHQWHV D GHUHFKRV FROHFWLYRV E   &RQFHGH OD DFFLyQ SRSXODU
UHFRQGXFLGD SRUTXH ODV VDQFLRQHV GH H[SXOVLyQ \ VXVSHQVLyQ SULPHUR
GHEHQVHUHVWDEOHFLGDVSUHYLRGLiORJRLQWHUFXOWXUDO\DGHPiVGHEHQVHU
GDGDVSDUDVLWXDFLRQHVH[WUHPDGDPHQWHJUDYHV\DTXHGHDFXHUGRDOD
FRVPRPLVLyQGHODFRPXQLGDGODILQDOLGDGGHODVPLVPDVGHEHVHUHO
UHVJXDUGR GH OD DUPRQtD \ HO HTXLOLEULR FRPXQLWDULR DVSHFWRV TXH HQ
GHILQLWLYDQRVRQFRQVROLGDGRVSRUHO9RWR5HVROXWLYRGHGHMXQLRGH
W


dW^:d


F (VWDEOHFHTXHODUHFRQGXFFLyQSURFHVDOSDUDHODQiOLVLVGHORV
GHUHFKRV FROHFWLYRV QR JHQHUD SUREOHPDV HQ FXDQWR D OHJLWLPDFLyQ
DFWLYDGHORVDFWLYDQWHVGHWXWHODHPSHURHODQiOLVLVGHODVGHQXQFLDV
YLQFXODGDVDGHUHFKRVIXQGDPHQWDOHVLQGLYLGXDOHVKDFHQQHFHVDULRTXH
HVWH7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHVWDEOH]FDTXHD~QFXDQGR
ODVLQGLFDGDVSHUVRQDVDFWLYDQODSUHVHQWHDFFLyQVLQSRGHUHVSHFtILFR\
SRUHOFRQWHQLGRGHODPLVPDDQRPEUHGH6LQIRULDQR0DPDQL5RMDV
FRPRFRPXQDULRGH%XHQD9LGHVSRUHVWDUODSUREOHPiWLFDYLQFXODGDD
QDFLRQHV\SXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRVGHEHDSOLFDUVHXQD
IOH[LELOL]DFLyQ SURFHVDO SRU OR TXH HQ HO SUHVHQWH FDVR ORV DKRUD
SHWLFLRQDQWHV GH WXWHOD WLHQHQ OHJLWLPDFLyQ DFWLYD SDUD DFWLYDU HO
SUHVHQWHPHFDQLVPRWXWHODUH &RQFHGHODDFFLyQSRSXODUUHFRQGXFLGD
SRUTXH ODV VDQFLRQHV GH H[SXOVLyQ \ VXVSHQVLyQ SULPHUR GHEHQ VHU
HVWDEOHFLGDVSUHYLRGLiORJRLQWHUFXOWXUDO\DGHPiVGHEHQVHUGDGDVSDUD
VLWXDFLRQHVH[WUHPDGDPHQWHJUDYHV\DTXHGHDFXHUGRDODFRVPRPLVLyQ
GHODFRPXQLGDGODILQDOLGDGGHODVPLVPDVGHEHVHUHOUHVJXDUGRGHOD
DUPRQtD\HOHTXLOLEULRFRPXQLWDULRDVSHFWRVTXHHQGHILQLWLYDQRVRQ
FRQVROLGDGRV SRU HO 9RWR 5HVROXWLYR GH  GH MXQLR GH  \ G 
'LVSRQHTXHODFRPXQLGDGGH7RGR6DQWRVODFRPXQLGDG%XHQD9LGHV
\ 6LQIRULDQR 0DPDQL 5RMDV GHVDUUROOHQ  XQ HVSDFLRGH GLiORJR HQ HO
FXDO HQ HO PDUFR GH ORV YDORUHV SOXUDOHV VXSUHPRV LPSHUDQWHV HQ HO
(VWDGR 3OXULQDFLRQDO GH %ROLYLD \ GH DFXHUGR D VXV QRUPDV \
SURFHGLPLHQWRVVHVROXFLRQHQODVGLYHUJHQFLDVH[LVWHQWHV

([WUDFWRGHODUDWLRGHFLGHQGL

'


3RUORH[SUHVDGRWDQWRORVSUHVXSXHVWRVGHOHJLWLPDFLyQDFWLYDOHJLWLPDFLyQSDVLYD\
FXDOTXLHU RWUR UHTXLVLWR GH IRUPD TXH VHD H[LJLGR SDUD OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO HQ HO FDVR GH SHWLFLRQHV YLQFXODGDV D QDFLRQHV \ SXHEORV LQGtJHQD
RULJLQDULRFDPSHVLQRVGHEHQVHUDQDOL]DGDVHQHOPDUFRGHXQDPi[LPDIOH[LELOL]DFLyQ
SURFHVDOSDUDDVHJXUDUDVt\HQHOPDUFRGHOUHVSHWRDVXVQRUPDV\SURFHGLPLHQWRVXQ
YHUGDGHUR\UHDODFFHVRDODMXVWLFLDDGLFKDVFROHFWLYLGDGHV

3RUORJORVDGRSUHFHGHQWHPHQWHODVQDFLRQHV\SXHEORVLQGtJHQDRULJLQDULRFDPSHVLQDV
QRQHFHVLWDQDFUHGLWDUVXSHUVRQHUtDHQORVWpUPLQRVTXHHOGHUHFKRFLYLORFRPHUFLDO
H[LJHQHVGHFLUDWUDYpVGHXQWHVWLPRQRGHSRGHUHVSHFtILFRH[SHGLGRSRUQRWDULRGHIH
S~EOLFDFRQWRGDVODVIRUPDOLGDGHVGHULJRUWRGDYH]TXHVXH[LVWHQFLDFRPRQDFLyQ\
SXHEORLQGtJHQDRULJLQDULRFDPSHVLQRVHDFUHGLWDGHDFXHUGRDORVFULWHULRVSODVPDGRV
HQHODUWLQFE \GHO&RQYHQLRGHOD2,7\HQHVHPDUFRODVDXWRULGDGHVR
SHUVRQDVTXHORVUHSUHVHQWHQRVWHQWDQWDOFDOLGDGGHDFXHUGRDODVIRUPDVTXHVXVXVRV\
FRVWXPEUHVDVtORHVWDEOH]FDQGHELHQGRHQHVWHFDVRYDORUDUVHHVWRVDVSHFWRVHQHOPDUFR
GHXQDDPSOLDIOH[LELOLGDGSURFHVDO

$GHPiVHQHVWHPDUFRGHDPSOLDIOH[LELOLGDGSURFHVDOHVLPSHUDQWHHVWDEOHFHUTXHHQ
HOSUHVHQWHFDVRODDFFLyQGHDPSDURFRQVWLWXFLRQDODWUDYpVGHODFXDOVHGHQXQFLDOD
DIHFWDFLyQ WDQWR GH GHUHFKRV FROHFWLYRV FRPR LQGLYLGXDOHV IXH SUHVHQWDGD SRU HO
FRUUHJLGRUDX[LOLDU\UHSUHVHQWDQWHGHODFRPXQLGDGGH%XHQD9LGHV\RWURVFRPXQDULRV
HQ HVH RUGHQ OD UHFRQGXFFLyQSURFHVDO SDUD HO DQiOLVLV GH ORV GHUHFKRV FROHFWLYRVQR

W


dW^:d
JHQHUDSUREOHPDVHQFXDQWRDOHJLWLPDFLyQDFWLYDGHORVDFWLYDQWHVGHWXWHODHPSHURHO
DQiOLVLV GH ODV GHQXQFLDV YLQFXODGDV D GHUHFKRV IXQGDPHQWDOHV LQGLYLGXDOHV KDFHQ
QHFHVDULRTXHHVWH7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHVWDEOH]FDTXHD~QFXDQGRODV
LQGLFDGDVSHUVRQDVDFWLYDQODSUHVHQWHDFFLyQVLQSRGHUHVSHFtILFR\SRUHOFRQWHQLGRGH
ODPLVPDDQRPEUHGH6LQIRULDQR0DPDQL5RMDVFRPRFRPXQDULRGH%XHQD9LGHVSRU
HVWDUODSUREOHPiWLFDYLQFXODGDDQDFLRQHV\SXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRV
GHEH DSOLFDUVH XQD IOH[LELOL]DFLyQ SURFHVDO SRU OR TXH HQ HO SUHVHQWH FDVR ORV DKRUD
SHWLFLRQDQWHVGHWXWHODWLHQHQOHJLWLPDFLyQDFWLYDSDUDDFWLYDUHOSUHVHQWHPHFDQLVPR
WXWHODU

(QFRQVHFXHQFLDORVDSDUHQWHVGHIHFWRVIRUPDOHVGHQXQFLDGRVSRUORVGHPDQGDGRVQR
SXHGHQVHUXQREVWiFXORSDUDHODQiOLVLVGHIRQGRGHODSUHVHQWHSUREOHPiWLFDSRUFXDQWR
HQHOPDUFRGHODIOH[LELOL]DFLyQSURFHVDODQWHVVHxDODGDVHLQJUHVDUiDODFRQVLGHUDFLyQ
GHODSUREOHPiWLFDSODQWHDGD



6LQWHVLVGHODUDWLRGHFLGHQGL

(VWDEOHFHTXHODUHFRQGXFFLyQSURFHVDOSDUDHODQiOLVLVGHORVGHUHFKRV
FROHFWLYRVQRJHQHUDSUREOHPDVHQFXDQWRDOHJLWLPDFLyQDFWLYDGHORV
DFWLYDQWHVGHWXWHODHPSHURHODQiOLVLVGHODVGHQXQFLDVYLQFXODGDVD
GHUHFKRVIXQGDPHQWDOHVLQGLYLGXDOHVKDFHQQHFHVDULRTXHHVWH7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOHVWDEOH]FDTXHD~QFXDQGRODVLQGLFDGDV
SHUVRQDV DFWLYDQ OD SUHVHQWH DFFLyQ VLQ SRGHU HVSHFtILFR \ SRU HO
FRQWHQLGR GHOD PLVPD D QRPEUH GH 6LQIRULDQR 0DPDQL 5RMDV FRPR
FRPXQDULR GH %XHQD 9LGHV SRU HVWDU OD SUREOHPiWLFD YLQFXODGD D
QDFLRQHV\SXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRVGHEHDSOLFDUVHXQD
IOH[LELOL]DFLyQ SURFHVDO SRU OR TXH HQ HO SUHVHQWH FDVR ORV DKRUD
SHWLFLRQDQWHV GH WXWHOD WLHQHQ OHJLWLPDFLyQ DFWLYD SDUD DFWLYDU HO
SUHVHQWHPHFDQLVPRWXWHODU

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

3UHFHGHQWH,PSOtFLWR
'


3RUORH[SUHVDGRWDQWRORVSUHVXSXHVWRVGHOHJLWLPDFLyQDFWLYDOHJLWLPDFLyQSDVLYD\
FXDOTXLHU RWUR UHTXLVLWR GH IRUPD TXH VHD H[LJLGR SDUD OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO HQ HO FDVR GH SHWLFLRQHV YLQFXODGDV D QDFLRQHV \ SXHEORV LQGtJHQD
RULJLQDULRFDPSHVLQRVGHEHQVHUDQDOL]DGDVHQHOPDUFRGHXQDPi[LPDIOH[LELOL]DFLyQ
SURFHVDOSDUDDVHJXUDUDVt\HQHOPDUFRGHOUHVSHWRDVXVQRUPDV\SURFHGLPLHQWRVXQ
YHUGDGHUR\UHDODFFHVRDODMXVWLFLDDGLFKDVFROHFWLYLGDGHV

3RUORJORVDGRSUHFHGHQWHPHQWHODVQDFLRQHV\SXHEORVLQGtJHQDRULJLQDULRFDPSHVLQDV
QRQHFHVLWDQDFUHGLWDUVXSHUVRQHUtDHQORVWpUPLQRVTXHHOGHUHFKRFLYLORFRPHUFLDO
H[LJHQHVGHFLUDWUDYpVGHXQWHVWLPRQRGHSRGHUHVSHFtILFRH[SHGLGRSRUQRWDULRGHIH
S~EOLFDFRQWRGDVODVIRUPDOLGDGHVGHULJRUWRGDYH]TXHVXH[LVWHQFLDFRPRQDFLyQ\
SXHEORLQGtJHQDRULJLQDULRFDPSHVLQRVHDFUHGLWDGHDFXHUGRDORVFULWHULRVSODVPDGRV
HQHODUWLQFE \GHO&RQYHQLRGHOD2,7\HQHVHPDUFRODVDXWRULGDGHVR
SHUVRQDVTXHORVUHSUHVHQWHQRVWHQWDQWDOFDOLGDGGHDFXHUGRDODVIRUPDVTXHVXVXVRV\
FRVWXPEUHVDVtORHVWDEOH]FDQGHELHQGRHQHVWHFDVRYDORUDUVHHVWRVDVSHFWRVHQHOPDUFR
GHXQDDPSOLDIOH[LELOLGDGSURFHVDO


W


dW^:d


$GHPiVHQHVWHPDUFRGHDPSOLDIOH[LELOLGDGSURFHVDOHVLPSHUDQWHHVWDEOHFHUTXHHQ
HOSUHVHQWHFDVRODDFFLyQGHDPSDURFRQVWLWXFLRQDODWUDYpVGHODFXDOVHGHQXQFLDOD
DIHFWDFLyQ WDQWR GH GHUHFKRV FROHFWLYRV FRPR LQGLYLGXDOHV IXH SUHVHQWDGD SRU HO
FRUUHJLGRUDX[LOLDU\UHSUHVHQWDQWHGHODFRPXQLGDGGH%XHQD9LGHV\RWURVFRPXQDULRV
HQ HVH RUGHQ OD UHFRQGXFFLyQSURFHVDO SDUD HO DQiOLVLV GH ORV GHUHFKRV FROHFWLYRVQR
JHQHUDSUREOHPDVHQFXDQWRDOHJLWLPDFLyQDFWLYDGHORVDFWLYDQWHVGHWXWHODHPSHURHO
DQiOLVLV GH ODV GHQXQFLDV YLQFXODGDV D GHUHFKRV IXQGDPHQWDOHV LQGLYLGXDOHV KDFHQ
QHFHVDULRTXHHVWH7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHVWDEOH]FDTXHD~QFXDQGRODV
LQGLFDGDVSHUVRQDVDFWLYDQODSUHVHQWHDFFLyQVLQSRGHUHVSHFtILFR\SRUHOFRQWHQLGRGH
ODPLVPDDQRPEUHGH6LQIRULDQR0DPDQL5RMDVFRPRFRPXQDULRGH%XHQD9LGHVSRU
HVWDUODSUREOHPiWLFDYLQFXODGDDQDFLRQHV\SXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRV
GHEH DSOLFDUVH XQD IOH[LELOL]DFLyQ SURFHVDO SRU OR TXH HQ HO SUHVHQWH FDVR ORV DKRUD
SHWLFLRQDQWHVGHWXWHODWLHQHQOHJLWLPDFLyQDFWLYDSDUDDFWLYDUHOSUHVHQWHPHFDQLVPR
WXWHODU

(QFRQVHFXHQFLDORVDSDUHQWHVGHIHFWRVIRUPDOHVGHQXQFLDGRVSRUORVGHPDQGDGRVQR
SXHGHQVHUXQREVWiFXORSDUDHODQiOLVLVGHIRQGRGHODSUHVHQWHSUREOHPiWLFDSRUFXDQWR
HQHOPDUFRGHODIOH[LELOL]DFLyQSURFHVDODQWHVVHxDODGDVHLQJUHVDUiDODFRQVLGHUDFLyQ
GHODSUREOHPiWLFDSODQWHDGD





1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3(QORVVXSXHVWRVGHLQFXPSOLPLHQWRGHUHTXLVLWRVGH
IRUPDGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOQRREVHUYDGRVHQIDVHGH
DGPLVLELOLGDG SRU ODV R ORV MXHFHV R WULEXQDOHV GH JDUDQWtDV HQ
UHVJXDUGRGHORVGHUHFKRVDODMXVWLFLDPDWHULDO\DODFFHVRDODMXVWLFLD
GLFKRV  UHTXLVLWRV GHEHQ IOH[LELOL]DUVH HQ HWDSD GH UHYLVLyQ GH HVWD
DFFLyQGHGHIHQVDDQWHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOVHGHPDQGyDORV9RFDOHVGH
OD 6DOD 3HQDO 6HJXQGD GHO 7ULEXQDO 'HSDUWDPHQWDO GH -XVWLFLD GH
&RFKDEDPED SRUOD  YXOQHUDURQ VXV GHUHFKRV DO GHELGR SURFHVR DOD
IXQGDPHQWDFLyQ \ PRWLYDFLyQ GH ODV UHVROXFLRQHV MXGLFLDOHV DO
FRQVLGHUDUTXHXQDYH]VROLFLWDGDODH[WLQFLyQGHODDFFLyQSHQDOSRU
GXUDFLyQ Pi[LPD GHO SURFHVR OD UHFKD]DURQ VLQ QLQJ~Q WLSR GH
PRWLYDFLyQVHxDODQGRVLPSOHPHQWHQRWHQHUFRPSHWHQFLDSDUDUHVROYHU
GLFKD SHWLFLyQ VLQ SUHFLVDU OD DXWRULGDG D OD FXDO GHEtD DFXGLUVH SDUD
W


dW^:d

UHVROYHUGLFKDVROLFLWXG(QEDVHDHVWRVKHFKRVVHSLGLyODFRQFHVLyQGH
WXWHOD\VHGLVSRQJDODQXOLGDGGHODXWRGHYLVWDLPSXJQDGRSDUDTXHODV
DXWRULGDGHV GHPDQGDGDV HPLWDQ XQD QXHYD UHVROXFLyQ (O 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO UHYRFy OD GHFLVLyQ GHO 7ULEXQDO GH
*DUDQWtDV FRQFHGLy OD WXWHOD \ DQXOy HO DXWR GH YLVWR LPSXJQDGR
GLVSRQLHQGR TXH ODV DXWRULGDGHV GHPDQGDGDV UHPLWDQ GH PDQHUD
LQPHGLDWD DQWHFHGHQWHV D OD DXWRULGDG FRPSHWHQWH SDUD UHVROYHU HQ HO
IRQGRODH[FHSFLyQGHH[WLQFLyQGHODDFFLyQSHQDOSRUGXUDFLyQPi[LPD
GHOSURFHVR/DVHQWHQFLDWLHQHORVVLJXLHQWHVIXQGDPHQWRVD 6LELHQVH
HYLGHQFLDLQFXPSOLPLHQWRGHUHTXLVLWRVGHIRUPDHQODDFFLyQGHDPSDUR
SUHVHQWDGDTXHDGHPiVQRIXHURQDGYHUWLGRVSRUHOWULEXQDOGHJDUDQWtDV
DWLHPSRGHDGPLWLUVHODGHPDQGDHQSUHYDOHQFLDGHODFFHVRDODMXVWLFLD
\ODMXVWLFLDPDWHULDOVHIOH[LELOL]DORVUHTXLVLWRVGHIRUPD\VHLQJUHVD
DODQiOLVLVGHIRQGRGHODSUREOHPiWLFDSDUDHYLWDUGLODFLRQHVLQGHELGDV
FRPRFRQVHFXHQFLDGHXQDQXHYDDFFLyQDVHUSUHVHQWDGDVXEVDQDQGR
ORV UHTXLVLWRV GH IRUPD LQFXPSOLGRV \ E   6H DIHFWy HO GHUHFKR D OD
GHIHQVD GHOD DFFLRQDQWH\D TXH HO SODQWHDPLHQWR GH ODH[FHSFLyQ GH
H[WLQFLyQ GH OD DFFLyQ SHQDO GDWD GH  GH PD\R GH  SHWLFLyQ
UHLWHUDGDHOGHQRYLHPEUHGHOPLVPRDxRHPSHURORV9RFDOHVGHOD
6DOD3HQDOGH&RFKDEDPEDQRVHSURQXQFLDURQGHPDQHUDSUHYLD\DTXH
OD H[FHSFLyQ GH H[WLQFLyQ GH DFFLyQ SHQDO HV GH SUHYLR \ HVSHFLDO
SURQXQFLDPLHQWR

([WUDFWRGHODUDWLRGHFLGHQGL

)- ,,,
(Q SULQFLSLR OD MXVWLFLD FRQVWLWXFLRQDO FODUDPHQWH VH YH LPSHGLGD GH
LQJUHVDU HO DQiOLVLV GH IRQGR GHO SODQWHDPLHQWR GH OD H[FHSFLyQ GH OD H[WLQFLyQ GH OD
DFFLyQ SHQDO SRU GXUDFLyQ Pi[LPD GHO SURFHVR FRQVLGHUDQGR TXH FRQIRUPH D OD
MXULVSUXGHQFLD FRQVWLWXFLRQDO VHxDODGD HQ HO )XQGDPHQWR -XUtGLFR ,,,GH OD SUHVHQWH
5HVROXFLyQGLFKDODERUOHFRPSHWHDODVDXWRULGDGHVMXULVGLFFLRQDOHVTXHSURQXQFLDURQ
ODVHQWHQFLDHQSULPHUDLQVWDQFLD3RURWURODGRODDFFLRQDQWHHQVXGHPDQGDGHDFFLyQ
GHDPSDURFRQVWLWXFLRQDOLGHQWLILFDHODFWRLOHJDOHQODDSDUHQWHIDOWDGHPRWLYDFLyQ\
IXQGDPHQWDFLyQGHODGHFLVLyQTXHUHFKD]yODDOXGLGDH[FHSFLyQSLGLHQGRDVXYH]OD
QXOLGDG SDUFLDO GHO $XWR GH 9LVWD FLWDGR DQWHULRUPHQWH HV GHFLU ~QLFDPHQWH GH OD
GHFLVLyQTXHFRQFLHUQHDOUHFKD]RGHODH[FHSFLyQGHH[WLQFLyQGHODDFFLyQSHQDO%DMR
HVH SDUiPHWUR HO SHWLWRULR GH OD SUHVXQWD DJUDYLDGD HV FODUDPHQWH LQFRKHUHQWH H
LQFRPSDWLEOH FRQ HO VXSXHVWR DFWR LOHJDO LGHQWLILFDGR \ DGHPiV REUDU FRQIRUPH D OD
SHWLFLyQ GH OD DFFLRQDQWH FODUDPHQWH GDUtD OXJDU D FRQWUDYHQLU OD QDWXUDOH]D GH OD
WUDPLWDFLyQ GH ODV H[FHSFLRQHV KDELGD FXHQWD TXH SRU PDQGDWR GH ORV DUWV  GHO
&33 \  GHO &33 pVWDV GHEHQ VHU UHVXHOWDV FRQ XQ SUHYLR \ HVSHFLDO
SURQXQFLDPLHQWR SRU FXDQWR GH VX UHVROXFLyQ GHSHQGHUi OD FRQWLQXDFLyQ R QR GH OD
FDXVDVLHQGRDVtTXHDQWHXQDSRVLEOHUHVROXFLyQTXHGHFODUHSUREDGDODH[FHSFLyQGH
H[WLQFLyQGHODDFFLyQSHQDOSRUGXUDFLyQPi[LPDGHOSURFHVRODFDXVDKDEUiFRQFOXLGR
GHIRUPDH[WUDRUGLQDULDORFXDOLPSRVLELOLWDUiFXDOTXLHUFRQWLQXDFLyQSRVWHULRU

(QWRQFHVHIHFWXDGRHVWHDQiOLVLVVHSXHGHDGYHUWLUTXHODDFFLRQDQWHLQFXPSOLyFRQORV
UHTXLVLWRV GH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO OR FXDO GHVGH XQD FRQFHSFLyQ
IRUPDOLVWDGHODMXVWLFLDFRQVWLWXFLRQDODPHULWDUtDODGHQHJDWRULDGHODWXWHODLPSHWUDGD
VLQLQJUHVDUDODQiOLVLVGHIRQGRVLQHPEDUJRREUDUHQHVHVHQWLGRGDUtDOXJDUDGLVSRQHU
TXHODDFFLRQDQWHVXEVDQHVXGHPDQGDKDELOLWiQGRODSDUDTXHQXHYDPHQWHDFXGDDOD
MXVWLFLD FRQVWLWXFLRQDO VDOYDQGR ORV HUURUHV REVHUYDGRV SDUD TXH OXHJR ORV MXHFHV

W


dW^:d


FRQVWLWXFLRQDOHV DQDOLFHQ HO IRQGR GH OD SUREOHPiWLFD SODQWHDGD HPSHUR UHVROYHUVH
FRQIRUPHDHVWDVHJXQGDSRVLELOLGDGWHQGUtDFRPRHIHFWRFRODWHUDOODYXOQHUDFLyQGHO
GHUHFKRGHDFFHVRDODMXVWLFLDTXHVHHQFXHQWUDSOHQDPHQWHUHFRQRFLGR\JDUDQWL]DGR
HQORVDUWVGHOD&3(\\GHOD&RQYHQFLyQ$PHULFDQDVREUH'HUHFKRV
+XPDQRV WRGD YH] TXH VH SRVWHUJDUtD OD WXWHOD LPSHWUDGD SRU XQD UD]yQ GH RUGHQ
HVWULFWDPHQWHIRUPDOFRQWUDYLQLHQGRFRQHOORODQRUPDFRQVWLWXFLRQDOTXHRUGHQDDORV
DGPLQLVWUDGRUHVGHMXVWLFLDHPLWLUXQDUHVSXHVWDRSURWHFFLyQRSRUWXQDDIDYRUGHWRGR
MXVWLFLDEOHDVtFRPRORVSULQFLSLRVTXHULJHQODMXVWLFLDFRQVWLWXFLRQDO\SRURWURODGR
XQDYH]FRUUHJLGDVODVREVHUYDFLRQHVVHDFWLYDUiQXHYDPHQWHHODSDUDWRMXGLFLDOORFXDO
VLQODPHQRUGXGDDPHULWDUiODHURJDFLyQGHUHFXUVRVHFRQyPLFRVWDQWRSDUDHO(VWDGR
FRPRSDUDODSDUWHDFFLRQDQWHDGHPiVLPSOLFDUiWLHPSRHQVXWUDPLWDFLyQDVSHFWRVTXH
GHPRGRDOJXQRQRFRQGLFHQFRQORVSRVWXODGRVGHXQD
MXVWLFLDSURQWD\RSRUWXQD


(QWRQFHV REUDU HQ HVH VHQWLGR QR HV FRKHUHQWH FRQ HO ILQ VXSUHPR GHO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOFXDOHVUHVJXDUGDUORVGHUHFKRVIXQGDPHQWDOHV\JDUDQWtDV
FRQVWLWXFLRQDOHVDQWHVXHIHFWLYDOHVLyQSUHVFLQGLHQGRLQFOXVLYHGHDVSHFWRVIRUPDOHV
FXDQGRHOORVQRKXELHUHQVLGRFXPSOLGRVSRUODSDUWHDFFLRQDQWH\WDPSRFRDGYHUWLGRV
SRUHOMXH]RWULEXQDOGHJDUDQWtDVDWLHPSRGHDGPLWLUVHODGHPDQGD(QFRQVHFXHQFLD
HO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOFRQVLGHUDQGRODLPSRUWDQFLDGHORVGHUHFKRV
IXQGDPHQWDOHVGHQWURGHOFRQVWLWXFLRQDOLVPRSOXULQDFLRQDO\FRPXQLWDULR\HQIXQFLyQ
DOUD]RQDPLHQWR\ODMXULVSUXGHQFLDFRQVWLWXFLRQDOUHIHULGDHQORV)XQGDPHQWRV-XUtGLFRV
,,, \ ,,, GH OD SUHVHQWH 5HVROXFLyQ GHEH REUDU HQ OD PHGLGD TXH ORV MXVWLFLDEOHV
HQFXHQWUHQMXVWLFLDHQVXVHQWLGRPDWHULDOSXHVVyORDVtVHOHJLWLPDUiODH[LVWHQFLDGHXQ
yUJDQR HQFDUJDGR GH JDUDQWL]DU \ SUHFDXWHODU OD HILFDFLD \ HO HMHUFLFLR SOHQR GH ORV
GHUHFKRVIXQGDPHQWDOHV\JDUDQWtDVFRQVWLWXFLRQDOHV

(Q IXQFLyQ D ODV FRQVLGHUDFLRQHV DQWHULRUHV VH WLHQH TXH VL ELHQ OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO QR IXH DSURSLDGDPHQWH SODQWHDGD H LQFXPSOH FRQ ORV UHTXLVLWRV GH
DGPLVLELOLGDGSUHYLVWRVSRUHODUW\GHO&3&RVLQHPEDUJRHQDUDVGHSURWHJHU
HIHFWLYDPHQWHORVGHUHFKRVIXQGDPHQWDOHVGHODSHUVRQDQDGDOHLPSLGHDHVWH7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO LQJUHVDU DO DQiOLVLV GH IRQGR H LGHQWLILFDU HO YHUGDGHUR
DJUDYLRVREUHODEDVHGHODVDOHJDFLRQHVGHODDFFLRQDQWH\ORVDQWHFHGHQWHVFXUVDQWHVHQ
HOOHJDMRSURFHVDOKDELGDFXHQWDTXHHOPi[LPRJXDUGLiQGHOD&RQVWLWXFLyQ3ROtWLFDGHO
(VWDGR WLHQH FRPR ILQDOLGDG SUHFDXWHODU GHUHFKRV IXQGDPHQWDOHV \ JDUDQWtDV
FRQVWLWXFLRQDOHV


6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO \ DQXOD HO DXWR GH YLVWR
LPSXJQDGR GLVSRQLHQGR TXH ODV DXWRULGDGHV GHPDQGDGDV UHPLWDQ GH
PDQHUDLQPHGLDWDDQWHFHGHQWHVDODDXWRULGDGFRPSHWHQWHSDUDUHVROYHU
HQHOIRQGRODH[FHSFLyQGHH[WLQFLyQGHODDFFLyQSHQDOSRUGXUDFLyQ
Pi[LPDGHOSURFHVR$VLPLVPRDQWHVGHLQJUHVDUDOIRQGRGHODVXQWR
VHxDOyTXHVLELHQVHHYLGHQFLDLQFXPSOLPLHQWRGHUHTXLVLWRVGHIRUPD
HQODDFFLyQGHDPSDURSUHVHQWDGDTXHDGHPiVQRIXHURQDGYHUWLGRVSRU
HOWULEXQDOGHJDUDQWtDVDWLHPSRGHDGPLWLUVHODGHPDQGDHQSUHYDOHQFLD
GHODFFHVRDODMXVWLFLD\ODMXVWLFLDPDWHULDOVHIOH[LELOL]DORVUHTXLVLWRV
GHIRUPD\VHLQJUHVDDODQiOLVLVGHIRQGRGHODSUREOHPiWLFDSDUDHYLWDU
GLODFLRQHV LQGHELGDV FRPR FRQVHFXHQFLD GH XQD QXHYD DFFLyQ D VHU
SUHVHQWDGDVXEVDQDQGRORVUHTXLVLWRVGHIRUPDLQFXPSOLGRV

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO
W


dW^:d


(O 7ULEXQDO &RQVWLWXFLRQDO VREUH ORV UHTXLVLWRV GH DGPLVLELOLGDG GH ODV DFFLRQHV GH
GHIHQVDGHVDUUROOyODVLJXLHQWHOtQHDMXULVSUXGHQFLDO
(QOD6&5HVWDEOHFLyORVUHTXLVLWRVGHDGPLVLyQGHOGHQRPLQDGRUHFXUVR
GHDPSDURFRQVWLWXFLRQDOLQWHUSUHWDQGRORVUHTXLVLWRVGHIRUPD\GHFRQWHQLGRUHJXODGRV
SRUHODUWGHOD/H\GHO7ULEXQDO&RQVWLWXFLRQDO /H\ (QHVWHFRQWH[WRVH
HVWDEOHFLyTXHORVUHTXLVLWRVGHIRUPDHUDQUHTXLVLWRVVXEVDQDEOHV\QRDVtORVUHTXLVLWRV
GHFRQWHQLGRFRPRSRUHMHPSORODRPLVLyQGHSUHFLVLyQGHOQH[RGHFDXVDOLGDGHQWUHHO
DFWR OHVLYR ORV GHUHFKRV GHQXQFLDGRV FRPR YXOQHUDGRV \ HO SHWLWRULR  /D 6&3
 PXWy HO HQWHQGLPLHQWR GH OD 6& 5 HVWDEOHFLHQGR TXH ORV
UHTXLVLWRVGHIRUPDGHODVDFFLRQHVGHGHIHQVDVRQVXEVDQDEOHV\GHEHUiQVHUYHULILFDGRV
SRUODV\ORVMXHFHV\WULEXQDOHVGHJDUDQWtDVHQODIDVHGHDGPLVLELOLGDG\QRHQRWUDIDVH
FDPELR MXULVSUXGHQFLDO TXH UHVSRQGH D OD QXHYD QRUPDWLYD YHULILFDGD FRPR
FRQVHFXHQFLD GH OD YLJHQFLD GHO &yGLJR 3URFHVDO &RQVWLWXFLRQDO $VLPLVPR OD 6&3
HVWDEOHFLyTXHODVFDXVDOHVGHLPSURFHGHQFLDWDPELpQGHEHQVHUYHULILFDGDV
HQ IDVH GH DGPLVLELOLGDG \ HQ FDVR GH DGYHUWLUVH OD H[LVWHQFLD GH DOJXQD GH HOODV VH
HPLWLUi XQ DXWR PRWLYDGR GH LPSURFHGHQFLD TXH SRGUi VHU LPSXJQDGR SRU OD SDUWH
DFFLRQDQWH \ VHUi UHVXHOWR SRU OD &RPLVLyQ GH $GPLVLyQ GHO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO
(QFXDQWRDODH[LJHQFLDGHSUHVHQWDFLyQGHSUXHEDVHOGHVDUUROORMXULVSUXGHQFLDOHVHO
VLJXLHQWH(O7ULEXQDO&RQVWLWXFLRQDODWUDYpVGHOD6&35LQWHUSUHWyWDQWR
ORV UHTXLVLWRV GH IRUPD FRPR ORV UHTXLVLWRVGH FRQWHQLGR H[LJLGRV SDUD HO UHFXUVR GH
DPSDURFRQVWLWXFLRQDOHQWUHHOORVVHUHILULyH[SUHVDPHQWHDOUHTXLVLWRFRQWHQLGRHQHO
DUW9GHOD/H\GHO7ULEXQDO&RQVWLWXFLRQDOYLJHQWHHQHVHPRPHQWRVHxDODQGRTXH
HQIDVHGHDGPLVLELOLGDGODSDUWHDFFLRQDQWHDOWHQHUODFDUJDSUREDWRULDGHEtDSUHVHQWDU
OD SUXHED FRQ VX PHPRULDO GH GHPDQGD R LQGLFDU HO OXJDU GRQGH GLFKD SUXHED VH
HQFXHQWUH/D6&3PRGXOyHVWHSULPLJHQLRHQWHQGLPLHQWRHQHOPDUFRGH
ORV UHTXLVLWRV GH DGPLVLELOLGDG HVWDEOHFLGRV SRU OD /H\ GHO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO /H\ \GHPDQHUDH[SUHVD\DFRUGHFRQHOSULQFLSLRGHSURJUHVLYLGDG
GHVDUUROOy ORV VXSXHVWRV HQ ORV FXDOHV SXHGHSUHVHQWDUVH SUXHED VREUHYLQLHQWH DQWH HO
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HVWDEOHFLHQGR TXH HQ DFFLRQHV GH DPSDUR
FRQVWLWXFLRQDO ODV SDUWHV SURFHVDOHV SXHGHQ SUHVHQWDU SUXHED DQWH HO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOHQORVVLJXLHQWHVFDVRV &XDQGRSRUUD]RQHVMXVWLILFDGDV
OD SUXHED QR SXGR VHU SUHVHQWDGD RSRUWXQDPHQWH DQWH MXH]DV MXHFHV R WULEXQDOHV GH
JDUDQWtD &XDQGRVHWHQJDQXHYDSUXHED\ (QHOFDVRGHYtDVGHKHFKRFXDQGROD
SUXHED GHPXHVWUH TXH ODV OHVLRQHV GHQXQFLDGDV DGHPiV GH SHUVLVWLU FRQWLQ~DQ
VXVFLWiQGRVHDWUDYpVGHRWUDVDFFLRQHVGHVLPLODUQDWXUDOH]D$VXYH]HO7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO HQ OD 6&3  PRGXOy GH PDQHUD H[SUHVD HO
SUHFHGHQWH FRQWHQLGR HQ OD 6& 5 TXH IXH UHLWHUDGR HQWUH RWUDV SRU OD 6&
 HQ ODV TXH VH HVWDEOHFLy TXH HO DFFLRQDQWH GHEtD DGMXQWDU OD SUXHED HQ
IRWRFRSLD OHJDOL]DGD HPSHUR GHEH VHxDODUVH TXH HO HQWHQGLPLHQWR ILMDGR HQ OD 6&3
\DIXHHVWDEOHFLGRHQOD6&5HQODTXHVHVHxDOy
VLELHQVHH[LJH
ODSUHVHQWDFLyQGHGRFXPHQWDFLyQHQIRWRFRSLDVOHJDOL]DGDVHPSHURWDPELpQVHVHxDOD
TXHGLFKDUHJODWLHQHVXH[FHSFLyQHQORGLVSXHVWRHQHOSDUiJUDIR,SDUWHLQILQHGHODUW
 GHO && HV GHFLU FXDQGR OD SDUWH D TXLHQ VH RSRQJD OD GRFXPHQWDFLyQ QR ODV
GHVFRQRFH H[SUHVDPHQWH
 %DMR HVH FULWHULR OD 6&3  GHWHUPLQy TXH OD
SUHVHQWDFLyQ GH SUXHED HQ IRWRFRSLDV VLPSOHV HQ DFFLRQHV GH DPSDUR HV SOHQDPHQWH
YiOLGDVLODPLVPDQRIXHFRQWURYHUWLGDSRUODSDUWHDFFLRQDGDSRUORTXHHO7ULEXQDOGH
JDUDQWtDVVyORSRGUtDIXQGDUODGHQHJDWRULDGHDPSDURSRUQRKDEHUVLGRSUHVHQWDGDOD
SUXHED HQ IRWRFRSLD OHJDOL]DGD FXDQGR OD RWUD SDUWH H[SUHVDPHQWH OD GHVFRQR]FD 
)LQDOPHQWH HV LPSRUWDQWH VHxDODU TXH HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO SDUD
YtDV GH KHFKR HQ OD 6&3  GHVDUUROOy GH PDQHUD PiV DPSOLD \ IOH[LEOH OD
SRVLELOLGDGTXHWLHQHQODVSDUWHVSURFHVDOHVGHSUHVHQWDUSUXHEDDQWHHOPi[LPRFRQWUDORU
GH FRQVWLWXFLRQDOLGDG HVWDEOHFLHQGRTXH DO WUDWDUVH GH YtDV GH KHFKR HQ VXSXHVWRV GH
DYDVDOODPLHQWRGHSURSLHGDG\ODLPSRVLELOLGDGGHXQDLGHQWLILFDFLyQGHORVGHPDQGDGRV
GHPDQHUDH[FHSFLRQDOHVSRVLEOHODDFWLYDFLyQGHODDFFLyQGHDPSDURFRQVWLWXFLRQDO

W


dW^:d


VLQ LGHQWLILFDU D OD SDUWH GHPDQGDGD FXDQGR VHD LPSRVLEOH VX GHWHUPLQDFLyQ FRQ OD
DFODUDFLyQTXHODVSHUVRQDVDIHFWDGDVFRQORVHIHFWRVGHXQDHYHQWXDOFRQFHVLyQGHWXWHOD
WLHQHQODIDFXOWDGGHSUHVHQWDUSUXHEDHQFXDOTXLHUHWDSDGHOSURFHVRFRQVWLWXFLRQDO\D
VHD GHVSXpV GH OD DXGLHQFLD S~EOLFD R LQFOXVLYH DQWH HO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO
$VLPLVPRFDEHGHVWDFDUORVVXSXHVWRVGHIOH[LELOL]DFLyQGHORVUHTXLVLWRVDGPLVLELOLGDG
GHVDUUROODGRVSRUHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOTXHVHHQFXHQWUDQFRQWHQLGRV
HQORVVLJXLHQWHVSUHFHGHQWHV/D6&3HQODDFFLyQGHDPSDURIOH[LELOL]y
ORVUHTXLVLWRVGHDFUHGLWDFLyQGHODSHUVRQDOLGDGMXUtGLFDGHODVDVRFLDFLRQHVGHKHFKR
HVWDEOHFLHQGRTXHORVUHTXLVLWRVH[LJLGRVSDUDODDFUHGLWDFLyQGHODVSHUVRQDVMXUtGLFDV
FRPR HO SRGHU HQ HO TXH FRQVWH HO DFWD GH FRQVWLWXFLyQ GH OD VRFLHGDG OD QyPLQD GH
VRFLRVVXLQVFULSFLyQHQHO5HJLVWURGH&RPHUFLRVXSHUVRQHUtDMXUtGLFD\UHJODPHQWRV
QR VH DSOLFDQ D ODV DVRFLDFLRQHV GH KHFKRTXH SDUD DFWLYDU OD MXVWLFLD FRQVWLWXFLRQDO
~QLFDPHQWHGHEHQDFUHGLWDUVXFRQGLFLyQGHVRFLRVDGMXQWDQGRORVDFXHUGRVH[LVWHQWHV
DVt FRPR DFUHGLWDU OD FDOLGDG GH VXV UHSUHVHQWDQWHV (VWH UD]RQDPLHQWR SDUWLy GH ODV
66&& 5 5 5 \ 5 HQWUH RWUDV TXH
HVWDEOHFLHURQ TXH WUDWiQGRVH GH SHUVRQDV MXUtGLFDV HO UHSUHVHQWDQWH GHEH DFUHGLWDU WDO
FRQGLFLyQ DGMXQWDQGR HO SRGHU FRUUHVSRQGLHQWH HQ HO TXH GHEH FRQVWDU HO DFWD GH
FRQVWLWXFLyQ GH OD VRFLHGDG OD QyPLQD GH VRFLRV VX LQVFULSFLyQ HQ HO 5HJLVWURV GH
&RPHUFLRVXSHUVRQHUtDMXUtGLFD\VXVUHJODPHQWRV$VXYH]OD6&3HQ
ODDFFLyQGHDPSDURFRQVWLWXFLRQDOHVWDEOHFLyODIOH[LELOL]DFLyQGHORVUHTXLVLWRVHQOD
IDVHGHDGPLVLELOLGDGFXDQGRH[LVWDXQDGXGDUD]RQDEOHVREUHXQDOHVLyQPDQLILHVWD\

JURVHUD
 D GHUHFKRV IXQGDPHQWDOHV HQ HO PDUFR GH ORV SRVWXODGRV GHO (VWDGR
&RQVWLWXFLRQDOGH'HUHFKRSDUDTXHHQXQDQiOLVLVGHIRQGRSXHGDSUHYDOHFHUODMXVWLFLD
PDWHULDOGHDFXHUGRDOSULQFLSLRSURDFWLRQH(QODPLVPDOtQHDGHUD]RQDPLHQWROD
6&3  HVWDEOHFLy TXH HO PRPHQWR SURFHVDO SDUD TXH HO MXH] R WULEXQDO GH
JDUDQWtDV YHULILTXH HO FXPSOLPLHQWR GH WRGRV ORV UHTXLVLWRV WDQWR GH IRUPD FRPR GH
FRQWHQLGRGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOHVDQWHVGHVXODDGPLVLyQVLQHPEDUJR
VL HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HQ HWDSD GH UHYLVLyQ DGYLHUWH TXH OD
WUDPLWDFLyQQRIXHFRUUHFWDHQDSOLFDFLyQGHOSULQFLSLRGHHFRQRPtDSURFHVDOQRDQXODUi
REUDGRVVLQRSDVDUiDHPLWLUODUHVROXFLyQSHUWLQHQWH3RUVXSDUWHOD6&3
/ H[WHQGLy HQ OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO OD WXWHOD D GHUHFKRV FRQH[RV
GHWHUPLQDQGR TXH HV SRVLEOH RWRUJDU OD WXWHOD TXH EULQGD OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDOSRUYXOQHUDFLyQGHRWURVGHUHFKRVTXHQRIXHURQGHQXQFLDGRVGHGXFLGRV
GHO FRQWHQLGR GH OD DFFLyQ GHO LQIRUPH GH OD SDUWH GHPDQGDGD R HQ VX FDVR GH OD
SDUWLFLSDFLyQ UHDOL]DGD GH DPEDV SDUWHV HQ OD DXGLHQFLD FHOHEUDGD SRU HO 7ULEXQDO GH
JDUDQWtDV  'H RWUR ODGR OD 6&3  GHWHUPLQy TXH HQ ORV VXSXHVWRV GH
LQFXPSOLPLHQWR GH UHTXLVLWRV GH IRUPD GH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO QR
REVHUYDGRVHQIDVHGHDGPLVLELOLGDGSRUODVRORVMXHFHVRWULEXQDOHVGHJDUDQWtDVHQ
UHVJXDUGRGHORVGHUHFKRVDODMXVWLFLDPDWHULDO\DODFFHVRDODMXVWLFLDGLFKRVUHTXLVLWRV
GHEHQ IOH[LELOL]DUVH HQ HWDSD GH UHYLVLyQ GH HVWD DFFLyQ GH GHIHQVD DQWH HO 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO  $VLPLVPR OD 6&3  HVWDEOHFLy TXH ORV
SUHVXSXHVWRVGHOHJLWLPDFLyQDFWLYDOHJLWLPDFLyQSDVLYDFRPRFXDOTXLHURWURUHTXLVLWR
GH IRUPD TXH VHD H[LJLGR SDUD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HQ HO FDVR GH
SHWLFLRQHVYLQFXODGDVDQDFLRQHV\SXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRVGHEHQVHU
DQDOL]DGDVHQHOPDUFRGHXQDPi[LPDIOH[LELOL]DFLyQSURFHVDOSDUDDVHJXUDUDVt\HQHO
PDUFRGHOUHVSHWRDVXVQRUPDV\SURFHGLPLHQWRVXQYHUGDGHUR\UHDODFFHVRDODMXVWLFLD
DGLFKDVFROHFWLYLGDGHV


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,
$KRUDELHQFRQIRUPHVHWLHQHVHxDODGRHVHYLGHQWHORVUHTXLVLWRVSUHYLVWRV
HQHODUWGHO&3&2EXVFDQGRWDUDOMXH]RWULEXQDOGHJDUDQWtDVGHPD\RUHVHOHPHQWRV
SDUD SURQXQFLDU UHVROXFLyQ \ HQ HVH VHQWLGR GH FRQIRUPLGDG DO DUW  GHO PLVPR
&yGLJR OD WDUHD GH YHULILFDU HO FXPSOLPLHQWR GH ORV UHTXLVLWRV GH ODV DFFLRQHV

W


dW^:d
FRQVWLWXFLRQDOHV OH HVWi DVLJQDGD D ODV DXWRULGDGHV MXULVGLFFLRQDOHV FRQVWLWXLGDV HQ
MXHFHVRWULEXQDOHVGHJDUDQWtDVFRQVWLWXFLRQDOHVHQFX\DODERUVHGHEHDVHJXUDUTXHHO
MXH] FRQVWLWXFLRQDO DGTXLHUD FRQYHQFLPLHQWR \ FHUWH]D GH FyPR ORV KHFKRV SXGLHURQ
YXOQHUDUORVGHUHFKRVIXQGDPHQWDOHV\JDUDQWtDVFRQVWLWXFLRQDOHV

(PSHUR VL HO MXH] FRQVWLWXFLRQDO D WLHPSR GH DGPLWLU OD GHPDQGD QR DGYLUWLy HO
LQFXPSOLPLHQWR GH ORV UHTXLVLWRV GH DGPLVLELOLGDGSHUR HQ HO DQiOLVLV GH IRQGRGH OD
DFFLyQ FRQVWDWy OD HIHFWLYD OHVLyQ D GHUHFKRV \ JDUDQWtDV FRQVWLWXFLRQDOHV OD MXVWLFLD
FRQVWLWXFLRQDOGHEHDVXPLUHQVXYHUGDGHUDGLPHQVLyQHOURODVLJQDGRSRUOD&RQVWLWXFLyQ
3ROtWLFDGHO(VWDGRHQFX\RPpULWRHQHOPDUFRGHOFRQVWLWXFLRQDOLVPRSOXULQDFLRQDO\
FRPXQLWDULR EDMR ORV SULQFLSLRV GH UHVSHWR D ORV GHUHFKRV IXQGDPHQWDOHV GLUHFWD
MXVWLFLDELOLGDG GH ORV GHUHFKRV MXVWLFLD PDWHULDO SUHYDOHQFLD GHO GHUHFKR VXVWDQFLDO
UHVSHFWR DO IRUPDO \ SUR DFWLRQH DVt FRPR ORV SULQFLSLRV SURFHVDOHV GH OD MXVWLFLD
FRQVWLWXFLRQDOFRQWHQLGRVHQHODUWGHO&3&RTXHKDQVLGRH[SOLFDGRVDQWHULRUPHQWH
OHFRUUHVSRQGHKDFHUXQDFRPSXOVDGHIRQGRGHODSUREOHPiWLFDSODQWHDGDVLHPSUHTXH
ODV LQYRFDFLRQHV GH OD GHPDQGD \ ORV DQWHFHGHQWHV FXUVDQWHV HQ HO OHJDMR SURFHVDO
SHUPLWDQ WHQHU XQD FRPSUHQVLyQ FDEDO GH FyPR SXGR KDEHUVH PDWHULDOL]DGR HO DFWR
LOHJDOSUHVFLQGLHQGRLQFOXVLYHGHORVUHTXLVLWRVHVWDEOHFLGRVHQHOPHQFLRQDGRFXHUSR
OHJDO SRU FXDQWR OD SURWHFFLyQ GH ORV GHUHFKRV IXQGDPHQWDOHV \ JDUDQWtDV
FRQVWLWXFLRQDOHVIUHQWHDVXOHVLyQQRSXHGHHVWDUVXSHGLWDGDDOULJXURVRFXPSOLPLHQWR
GHUHTXLVLWRVGHRUGHQHVWULFWDPHQWHIRUPDO



,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

'H DFXHUGR FRQ OD KLVWRULD MXULVSUXGHQFLDO GHVFULWD VH HVWDEOHFH OR
VLJXLHQWH   &RQ UHODFLyQ DO FXPSOLPLHQWR GH ORV UHTXLVLWRV GH
DGPLVLELOLGDGHQODDFFLyQGHDPSDURFRQVWLWXFLRQDOHOHVWiQGDUPiVDOWR
VH HQFXHQWUD FRQWHQLGR HQOD 6&3 FRPSOHPHQWDGD SRUODV
6&3  \  SRUTXH OD SULPHUD HVWDEOHFLy OD
IOH[LELOL]DFLyQGHORVUHTXLVLWRVHQODIDVHGHDGPLVLELOLGDGFXDQGRH[LVWD
XQDGXGDUD]RQDEOHVREUHXQDOHVLyQPDQLILHVWD\
JURVHUD
DGHUHFKRV
IXQGDPHQWDOHVODVHJXQGDSRUTXHGHWHUPLQyTXHHQORVVXSXHVWRVGH
LQFXPSOLPLHQWR GH UHTXLVLWRV GH IRUPD GH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO QR REVHUYDGRV HQ IDVH GH DGPLVLELOLGDG SRU ODV R ORV
MXHFHVRWULEXQDOHVGHJDUDQWtDVHQUHVJXDUGRGHORVGHUHFKRVDODMXVWLFLD
PDWHULDO\DODFFHVRDODMXVWLFLDGLFKRVUHTXLVLWRVGHEHQIOH[LELOL]DUVH
HQ HWDSD GH UHYLVLyQ GH HVWD DFFLyQ GH GHIHQVD DQWH HO 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO \ OD WHUFHUD SRUTXH GHWHUPLQy XQD
Pi[LPDIOH[LELOL]DFLyQSURFHVDOUHVSHFWRDFXDOTXLHUUHTXLVLWRFXDQGR
VHWUDWHGHSXHEORVLQGtJHQDV (QFXDQWRDODSUHVHQWDFLyQGHSUXHEDV
HO HVWiQGDU PiV DOWR VH HQFXHQWUD HQ OD 6&3  OD SULPHUD
HVWDEOHFLy OD SRVLELOLGDG GH SUHVHQWDFLyQ GH SUXHED HQ LQVWDQFLD GHO
7ULEXQDO &RQVWLWXFLRQDO EDMR FRQGLFLRQHV UHJODGDV SUHFHGHQWH
FRPSOHPHQWDGRHQOD6&3HQORVVXSXHVWRVGHYtDVGHKHFKR
SRUTXHFRQFHGLyDODVSHUVRQDVDIHFWDGDVFRQORVHIHFWRVGHXQDHYHQWXDO
FRQFHVLyQ GH WXWHOD FRQFHGLy OD IDFXOWDG GH SUHVHQWDU SUXHED HQ
FXDOTXLHU HWDSD GHO SURFHVR FRQVWLWXFLRQDO \D VHD GHVSXpV GH OD
DXGLHQFLD S~EOLFD R LQFOXVLYH DQWH HO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO
W


dW^:d





6HQWHQFLD\HIHFWRVGHODUHVROXFLyQ'LPHQVLyQGHORV
HIHFWRVHQFRQWUROWXWHODU
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&31RVHFXPSOHFRQHOSUHVXSXHVWRSURFHVDOSDUDTXH
SURFHGDODDFFLyQGHDPSDURFRQVWLWXFLRQDOSRUPHGLGDVGHKHFKRDQWH
VXSXHVWRDYDVDOODPLHQWRFXDOHVTXHHOGHUHFKRDODSURSLHGDGQRHVWp
FXHVWLRQDGR FXDQGR XQ SURFHVR GH VDQHDPLHQWR QR HVWi FRQFOXLGR
SRUORPLVPRODSURSLHGDGSULYDGDHVWiFXHVWLRQDGDHQVXVOLQGHURV
UHVSHFWRGHODSURSLHGDGGHOD&RPXQLGDG&DPSHVLQDVLQHPEDUJR
DQWHODH[LVWHQFLDGHDFWDVGHFRQIRUPLGDGGHOLQGHURVVXVFULWDHQWUH
HO SDUWLFXODU \ OD &RPXQLGDG FRUUHVSRQGH DO ,QVWLWXWR 1DFLRQDO GH
5HIRUPD $JUDULD ,15$  UHDOL]DU HO VHJXLPLHQWR GH OD HVWULFWD
REVHUYDQFLD\FXPSOLPLHQWRGHWDOHVDFWDVDHIHFWRVGHFXDOHVTXLHUD
GHODVSDUWHVLQFXUUDHQPHGLGDVGHKHFKRHVWRFRQODILQDOLGDGGH
SDFLILFDUORVFRQIOLFWRVVXVFLWDGRVHQODORFDOLGDG

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOORVDFFLRQDQWHVSURSLHWDULRV
GHODSURSLHGDGDJUDULDXELFDGDHQHOVHFWRU
0ROOH0ROOH
FRQVLGHUDQ
TXHORVGLULJHQWHV\GLUHFWLYRVGHO6LQGLFDWR6DQ-XDQ\
RWUDVFXDUHQWD

SHUVRQDV DILOLDGDV DO PLVPR QR LGHQWLILFDGRV HQ VXV QRPEUHV HQ OD
SUHVHQWHDFFLyQGHDPSDURFRQVWLWXFLRQDOTXLHQHVDGHFLUVX\RDFWXDURQ
REOLJDGDVEDMRPXOWDYXOQHUDURQVXVGHUHFKRVDODSURSLHGDGSULYDGDD
ODSDFtILFDSRVHVLyQDOWUDEDMRDOD
VHJXULGDGMXUtGLFD
DODGHIHQVDD
ODYLGDDODJXDDODDOLPHQWDFLyQDXQKiELWDW\YLYLHQGDDGHFXDGDDOD
KRQUD\GLJQLGDG\ORVGHUHFKRVGHODQLxH]\DGROHVFHQFLDHQUD]yQD
TXHHOGHGLFLHPEUHGHDOSURPHGLDUODVKRUDVLQJUHVDURQD
ORVWHUUHQRVGHVXSURSLHGDGTXHVHHQFXHQWUDGHELGDPHQWHUHJLVWUDGD
HQ ''55 HQ IRUPD YLROHQWD HV GHFLU FRQ PHGLGDV GH KHFKR
RFDVLRQDQGRHQWUHRWURVDFWRVLOHJDOHVGHVWUR]RVHQVXSURSLHGDGTXHVH
HQFRQWUDEDSRVH\HQGRPiVGHGLH]DxRVGHPDQHUDS~EOLFDSDFtILFD\
FRQWLQXDGD/XHJRHOGHGLFLHPEUHGHQXHYDPHQWHLQJUHVDURQ
W


dW^:d

DVXSURSLHGDGFRQPLQiQGROHDTXHDEDQGRQHQODFDVDKDVWDHOGH
GLFLHPEUH GHO PLVPR DxR EDMR DPHQD]DV GH TXHPDU WRGDV VXV
SHUWHQHQFLDV)LQDOPHQWHGHQXQFLDQTXHHOGHHQHURGHVHJ~Q
VHHQWHUDURQORVGHPDQGDGRVWHQtDQSODQLILFDGRORWHDUVHVXSURSLHGDG\
RFXSDU VX YLYLHQGD FRPR VHGH GHO 6LQGLFDWR 6DQ -XDQ 3RU OR TXH
VROLFLWDURQ VH OHV FRQFHGD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO \ HQ
FRQVHFXHQFLDVHGLVSRQJDODUHVWLWXFLyQ\SRVHVLyQLQPHGLDWDGHOSUHGLR
XELFDGRHQHOVHFWRU
0ROOH0ROOH
HOSDJRGHFRVWDVGDxRV\SHUMXLFLRV
\ODUHPLVLyQGHDQWHFHGHQWHVDO0LQLVWHULR3~EOLFRDVLPLVPRFRQOD
ILQDOLGDG GH TXH HO -XH] GH JDUDQWtDV WHQJD PD\RUHV HOHPHQWRV GH
FRQYLFFLyQVROLFLWDURQLQVSHFFLyQMXGLFLDOSDUDYHULILFDUORVGHVWUR]RV
GDxRV \ SHUMXLFLRV RFDVLRQDGRV HQ VX SURSLHGDG DJUDULD (O 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO GHQHJy OD WXWHOD VROLFLWDGD \ RUGHQy DO
,15$TXHGHQWURGHOSURFHGLPLHQWRGHVDQHDPLHQWRVLPSOHGHRILFLR
UHDOLFHHOVHJXLPLHQWRGHODHVWULFWDREVHUYDQFLD\FXPSOLPLHQWRGHODV
DFWDVGHFRQIRUPLGDGGHOLQGHURVVXVFULWDVSRUORVGLULJHQWHV\GLUHFWLYRV
GHO 6LQGLFDWR 6DQ -XDQ \ ORV DFFLRQDQWHV D HIHFWRV GH HYLWDU GH TXH
FXDOHVTXLHUD GH ODV SDUWHV LQFXUUDQHQ PHGLGDV GHKHFKR HVWR FRQ OD
ILQDOLGDGGHSDFLILFDUORVFRQIOLFWRVVXVFLWDGRVHQGLFKDORFDOLGDG DUW
GHOD/7&3 

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,(QHOFDVRFRQFUHWRORVDFFLRQDQWHVGHQXQFLDQTXHORVGLULJHQWHV\GLUHFWLYRV
GHO6LQGLFDWR6DQ-XDQ\
RWUDVFXDUHQWDSHUVRQDV
DILOLDGDVDOPLVPRQRLGHQWLILFDGRVHQ
VXVQRPEUHVHQODSUHVHQWHDFFLyQGHDPSDURTXLHQHVDGHFLUVX\RDFWXDURQREOLJDGDV
EDMR PXOWD GH GLFKR 6LQGLFDWR YXOQHUDURQ VXV GHUHFKRV D OD SURSLHGDG SULYDGD D OD
SDFtILFDSRVHVLyQDOWUDEDMRDOD
VHJXULGDGMXUtGLFD
DODGHIHQVDDODYLGDDODJXD\D
ODDOLPHQWDFLyQDXQKiELWDW\YLYLHQGDDGHFXDGDDODKRQUD\GLJQLGDG\ORVGHUHFKRV
GHODQLxH]\DGROHVFHQFLDSRUTXHHOGHGLFLHPEUHGHDOSURPHGLDUODVKRUDV
LQJUHVDURQDORVWHUUHQRVGHVXSURSLHGDGTXHVHHQFXHQWUDGHELGDPHQWHUHJLVWUDGDHQ
''55 HQ IRUPD YLROHQWD HVGHFLU FRQ PHGLGDV GH KHFKRRFDVLRQDQGR HQWUHRWURV
DFWRVLOHJDOHVGHVWUR]RVHQVXSURSLHGDGTXHVHHQFRQWUDEDSRVH\HQGRPiVGHGLH]DxRV
GH PDQHUD S~EOLFD SDFtILFD \ FRQWLQXDGD /XHJR HO  GH GLFLHPEUH GH 
QXHYDPHQWHLQJUHVDURQDVXSURSLHGDGFRQPLQiQGROHDTXHDEDQGRQHQODFDVDKDVWDHO
GHGLFLHPEUHGHOPLVPRDxREDMRDPHQD]DVGHTXHPDUWRGDVVXVSHUWHQHQFLDV

)LQDOPHQWHGHQXQFLDQTXHHOGHHQHURGHVHJ~QVHHQWHUDURQORVGHPDQGDGRV
WHQtDQSODQLILFDGRORWHDUVHVXSURSLHGDG\RFXSDUVXYLYLHQGDFRPRVHGHGHO6LQGLFDWR
6DQ-XDQ

$HVHHIHFWRGHORVDQWHFHGHQWHVDUULPDGRVDOH[SHGLHQWHGHDPSDUR\DSOLFDQGRODOtQHD
MXULVSUXGHQFLDOFRQWHQLGDHQOD6&3TXHVRVWLHQHTXHHQHOFDVRGHVXSXHVWRV
GHDYDVDOODPLHQWRVXRFXSDFLRQHVSRUYtDVR PHGLGDVGHKHFKRGHSUHGLRVXUEDQRVR
UXUDOHVSULYDGRVFXDQGRVHGHQXQFLHDIHFWDFLyQDOGHUHFKRDODSURSLHGDGHVWHGHUHFKR
DODSURSLHGDG GHEHVHUGHPRVWUDGRSRUHOSHWLFLRQDQWHGHODWXWHODFRQHOUHJLVWURGH
SURSLHGDGHQPpULWRGHOFXDOVHJHQHUDHOGHUHFKRGHRSRQLELOLGDGIUHQWHDWHUFHURVVH
WLHQHORVLJXLHQWH

D 
/RVDFFLRQDQWHVQRGHPRVWUDURQFRQIRUPHH[LJHOD6&3VHxDODGD
ODWLWXODULGDGRGRPLQLDOLGDGGHOSUHGLRUXUDOHQUHODFLyQDOFXDOVHHMHUFLyYtDVGHKHFKR

W


dW^:d


FRQHOUHJLVWURGHSURSLHGDGHQHO5HJLVWURGH''55HQPpULWRGHOFXDOVHJHQHUDHO
GHUHFKRGHRSRQLELOLGDGIUHQWHDWHUFHURV

(Q HIHFWR VL ELHQ ORV DFFLRQDQWHV DGMXQWDURQ FRPR SUXHED HO GRFXPHQWR SULYDGR GH
FRPSUDYHQWDGHDJRVWRGHGHELGDPHQWHUHFRQRFLGRHQVXVILUPDV\U~EULFDV
FRQ H[WHQVLyQ VXSHUILFLDO TXH VHJ~Q GLFKR GRFXPHQWR QR VH WHQtD FRQRFLPLHQWR DVt
FRPRHOGRFXPHQWRGHHQPLHQGDFRPSOHPHQWDFLyQDFODUDFLyQ\UDWLILFDFLyQGHYHQWD
GHGHGLFLHPEUHGHWDPELpQUHFRQRFLGRHQVXVILUPDV\U~EULFDVHQHOTXHVH
DFODUyTXHVHWUDWDEDGHXQDIUDFFLyQGHWHUUHQRXELFDGRHQGLFKRVHFWRU
0ROOH0ROOH

FRQXQDVXSHUILFLHGHKDVLQHPEDUJRQRDFUHGLWDURQTXHHOWtWXORSURSLHWDULRHVWp
LQVFULWR HQ ''55 D VX QRPEUH KDELHQGR ~QLFDPHQWH DGMXQWDGR XQ WHVWLPRQLR GH
UHJLVWUR GH  GH PDU]R GH  D QRPEUH GH $PDOLD 5H\HV )ORULGR HQ FDOLGDG GH
YHQGHGRUDGHOSUHGLR &RQFOXVLyQ,, 

E 
'HOPLVPRPRGRORVDFFLRQDQWHVWDPSRFRDFUHGLWDURQTXHHOHMHUFLFLRGHVX
GHUHFKRSURSLHWDULRVREUHHOIXQGRU~VWLFRPRWLYRGHHVWHDPSDURQRHVWiFXHVWLRQDGR
LQILULpQGRVHWRGRORFRQWUDULRGHORVDQWHFHGHQWHV\SUXHEDVDSRUWDGDVHQHVWDWXWHOD

$O UHVSHFWR UHFXpUGHVH TXH FRQIRUPH H[LJH OD 6&3  HQ VX )XQGDPHQWR
-XUtGLFR,,,\HQFRQFUHWR\DORH[LJtDOD6&5GHGHDJRVWRHOGHUHFKRD
ODSURSLHGDGGHEHHVWDUGHELGDPHQWHGHPRVWUDGRDWUDYpVGHODLQVFULSFLyQHQHO5HJLVWUR
GH''55\HVWHQRGHEHHVWDUFXHVWLRQDGR

(QHVHRUGHQVHWLHQHTXHHO,15$GHQWURGHOSURFHGLPLHQWRGHVDQHDPLHQWREDMROD
PRGDOLGDGGHVDQHDPLHQWRVLPSOHGHRILFLR>&RQFOXVLyQ,,D @HQHOTXHVHHQFXHQWUD
HO SUHGLR GH ORV DKRUD DFFLRQDQWHV HPLWLy OD 5HVROXFLyQ $GPLQLVWUDWLYD 5$66
 GH  GH GLFLHPEUH HQ OD TXH GLVSXVR HQ VX DUWtFXOR SULPHUR PHGLGDV
SUHFDXWRULDV GH IRUPD FRQMXQWD OD SURKLELFLyQ GH LQQRYDU \ QR FRQVLGHUDFLyQ GH
WUDQVIHUHQFLDGHSUHGLRVREMHWRGHVDQHDPLHQWRH[SURSLDFLyQRUHYHUVLyQUHVSHFWRGHO
SUHGLR HQ FRQIOLFWR GHQRPLQDGR
0ROOH 0ROOH
 XELFDGR GHQWUR GHO SUHGLR GH OD
FRPXQLGDGGH6DQ-XDQ>&RQFOXVLyQ,,E @

'HFX\D5HVROXFLyQ$GPLQLVWUDWLYDHPLWLGDSRUHO,15$VHFRQFOX\HTXHHOHMHUFLFLR
GHOGHUHFKRSURSLHWDULRGHORVDFFLRQDQWHVWDQWRHQVXXVRJRFH\GLVIUXWHLUUHVWULFWR TXH
VHFRQVWLWX\HQHQORVWUHVHOHPHQWRVGHOFRQWHQLGRHVHQFLDOGHOGHUHFKRDODSURSLHGDG
VHJ~QOD6&3 HVWiOLPLWDGR\FXHVWLRQDGRSRUHVDVPHGLGDVSUHFDXWRULDV
KDVWD WDQWR QR FRQFOX\D HO SURFHGLPLHQWR GH VDQHDPLHQWR VLPSOH GH RILFLR 6HJ~Q
&HUWLILFDFLyQGHGHGLFLHPEUHGLFKRSURFHGLPLHQWRQRHVWiFRQFOXLGR HO
TXHSUHFLVDPHQWHVHHVWiHMHFXWDQGRSRUTXHH[LVWHQFRQIOLFWRVGHODSURSLHGDGDJUDULDD
HIHFWRVGHUHJXODUL]DU\FRQVROLGDUGLFKRGHUHFKR

F 
'HRWURODGR\HQFRUUHVSRQGHQFLDFRQORVHxDODGRHVWH7ULEXQDOKDYHULILFDGR
TXHH[LVWHQGRVDFWDVGHFRQIRUPLGDGGHOLQGHURVVXVFULWDVSRUORVDKRUDDFFLRQDQWHV\
HOGLULJHQWH3DEOR9DUJDV-DODGHO6LQGLFDWR6DQ-XDQ\
RWURV
GHGHPDU]RGH
>&RQFOXVLyQ,,F@

8Q DFWD GH FRQIRUPLGDG GH OLQGHURV FRQIRUPH H[SOLFD OD HQWLGDG GHO ,15$ HV HO
GRFXPHQWR HQ HO TXH ORV FROLQGDQWHV FRQILUPDQ PHGLDQWH VXV ILUPDV TXH HVWiQ GH
DFXHUGRFRQODXELFDFLyQGHORVPRMRQHVTXHGHOLPLWDQVXVUHVSHFWLYDVSURSLHGDGHV3RU
ORPLVPRDPEDVSDUWHV DFFLRQDQWHV\GHPDQGDGRVPLHPEURVGHO6LQGLFDWR6DQ-XDQ 
DVt FRPR RWUDV SHUVRQDV LQYROXFUDGDV HQ HO SURFHVR GH VDQHDPLHQWR TXH WDPELpQ
KXELHUDQ ILUPDGR HVWD X RWUDV DFWDV GH FRQIRUPLGDG GH OLQGHURV GHEHQ UHVSHWDU VXV
WpUPLQRVHVWRHVODXELFDFLyQGHORVPRMRQHVTXHGHOLPLWDQVXVUHVSHFWLYDVSURSLHGDGHV
\DEVWHQHUGHLQFXUULUHQPHGLGDVGHKHFKRGHQWURGHODVPLVPDV

(QHVHRUGHQHVSUHFLVRDFODUDUTXHODMXVWLFLDFRQVWLWXFLRQDOQRWLHQHFRPSHWHQFLDSDUD

W


dW^:d
GHOLPLWDUOLQGHURVGHODSURSLHGDGDJUDULDFRPSHWHQFLDTXHRVWHQWDHO,15$DWUDYpVGH
ORV SURFHGLPLHQWRV GH VDQHDPLHQWR FRPR RFXUUH HQ HO FDVR FRQFUHWR PHGLDQWH HO
SURFHGLPLHQWR GH VDQHDPLHQWR VLPSOH GH RILFLR SRU OR PLVPR QR SXHGH FRQFOXLU
QLQJXQRGHHVWRVGRVVXSXHVWRV 4XHH[LVWLHQGRFHUWH]DGHFXiOHVHUDQORVOLQGHURV
TXH GHOLPLWDQ OD SURSLHGDG UXUDO GH ORV DFFLRQDQWHV D VDELHQGDV ORV GHPDQGDGRV
LQFXUULHURQHQPHGLGDVGHKHFKRFRPRVHUOHYDQWDPLHQWRGHFHUFRVUHWLURGHJDQDGR
HWF GH DKt TXH ODV DGYHUWHQFLDV FRQPLQDWRULDV QRWLILFDFLRQHV TXH KLFLHURQ ORV
PLHPEURVGHO6LQGLFDWR6DQ-XDQDORVDFFLRQDQWHVSDUDTXHGHVRFXSHQORVWHUUHQRVD~Q
QR GHOLPLWDGRV GHILQLWLYDPHQWH HQ VXV OLQGHURV GHVFULWRV HQ ODV FRQFOXVLRQHV ,,
SUXHEDQ ODV PHGLGDV GH KHFKR QL WDPSRFR VH SXHGH FRQFOXLU HQ XQ UD]RQDPLHQWR D
FRQWUDULRVHQVX\ 4XHODFRQVWUXFFLyQGHORVFHUFRV\HOSDVWRUHRGHORVJDQDGRVSRU
SDUWHGHORVDFFLRQDQWHVVHFRQVWLWX\HQHQPHGLGDVGHKHFKRDILUPDQGRTXHVHXWLOL]y
WLHUUDV GH OD &RPXQLGDG (Q DPERV FDVRV SRUTXH VH UHLWHUD QR H[LVWH XQ SURFHVR GH
VDQHDPLHQWRFRQFOXLGR

3RUORPLVPRHVWH7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOGHOHJDDO,15$FRPRHQWLGDG
FRPSHWHQWH SDUD VXVWDQFLDU ORV SURFHGLPLHQWRV GH VDQHDPLHQWR OD WDUHD GH UHDOL]DU HO
VHJXLPLHQWRGHODHVWULFWDREVHUYDQFLD\FXPSOLPLHQWRGHODVDFWDVGHFRQIRUPLGDGGH
OLQGHURV VXVFULWDV SRU HO 6LQGLFDWR 6DQ -XDQ \ ORV DKRUD DFFLRQDQWHV 'DYLG 6DOD]DU
4XLQWHURV \ &HFLOLD 9HLVDJD &DGLPD HO  GH PDU]R GH >&RQFOXVLyQ ,,F @ D
HIHFWRVGHHYLWDUTXHFXDOHVTXLHUDGHODVSDUWHVLQFXUUDQHQPHGLGDVGHKHFKR)DFXOWDG
TXHDVXPHHVWH7ULEXQDOHQDSOLFDFLyQGHXQRGHORVSULQFLSLRVTXHULJHHOHMHUFLFLRGH
ODMXVWLFLDFRQVWLWXFLRQDOFXDOHVHOSULQFLSLRGHFXOWXUDGHOD3D] DUWGHOD/7&3 
FX\R DOFDQFH HV TXH OD MXVWLFLD FRQVWLWXFLRQDO D PiV GH UHVROYHU HO FDVR FRQFUHWR
VRPHWLGRDVXFRQRFLPLHQWRFRPRHVHOFDVRGHH[DPHQGHOFXDOHPHUJHHVWHDPSDUR
HQHOTXHSRUODVUD]RQHVVHxDODGDVVHGHQHJDUiODWXWHODGHEHFRQWULEXLUDODSURPRFLyQ
GHODFXOWXUDGHODSD]\HOGHUHFKRDODSD]DWUDYpVGHVXVUHVROXFLRQHV


6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SRUTXH DQWH VXSXHVWR DYDVDOODPLHQWR  \
RFXSDFLyQ SRU YtDV R PHGLGDV GH KHFKR GH SUHGLR UXUDO SULYDGR GHQRPLQDGR
0ROOH
0ROOH
XELFDGRGHQWURGHOD&RPXQLGDGGH6DQ-XDQQRVHGHPRVWUyODWLWXODULGDGGHO
GHUHFKRDODSURSLHGDGFRQHOUHJLVWURGHSURSLHGDGHQHO5HJLVWURGH''55WDPSRFR
TXHHOHMHUFLFLRGHVXGHUHFKRSURSLHWDULRQRHVWiFXHVWLRQDGRGHELGRDODH[LVWHQFLDGH
XQSURFHGLPLHQWRGHVDQHDPLHQWRVLPSOHGHRILFLRDQWHHO,15$QRFRQFOXLGRHQHOTXH
VH GLVSXVLHURQ PHGLGDV SUHFDXWRULDV VDQHDPLHQWR UHDOL]DGR SUHFLVDPHQWH  SRUTXH
H[LVWHQ FRQIOLFWRV GH OD SURSLHGDG DJUDULD SRU OR PLVPR DO QR H[LVWLU OLQGHURV
GHOLPLWDGRVSURGXFWRGHOVDQHDPLHQWRQRHVSRVLEOHFRQFOXLUTXHHOSDUWLFXODUXWLOL]y
FRQPHGLGDVGHKHFKRWLHUUDVGHOD&RPXQLGDGQLTXHOD&RPXQLGDGDYDVDOOySURSLHGDG
SULYDGD6LQHPEDUJRDQWHODH[LVWHQFLDGHDFWDVGHFRQIRUPLGDGGHOLQGHURVVXVFULWDV
SRUHOSDUWLFXODU\HOGLULJHQWHGHO6LQGLFDWR6DQ-XDQ\
RWURV
DVtFRPRRWUDVSHUVRQDV
LQYROXFUDGDVHQHOSURFHVRGHVDQHDPLHQWRFX\RVWpUPLQRVGHEHQUHVSHWDUVHUHVSHFWRD
OD XELFDFLyQGH ORV PRMRQHV TXH GHOLPLWDQ VXV UHVSHFWLYDV SURSLHGDGHV \ DEVWHQHU GH
LQFXUULU HQ PHGLGDV GH KHFKR GHQWUR GH ODV PLVPDV HO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDOGLPHQVLRQDQGRORVHIHFWRVGHOIDOORFRQWULEX\HQGRDODSURPRFLyQGHOD
FXOWXUDGHODSD]\HOGHUHFKRDODSD]DWUDYpVGHVXVUHVROXFLRQHVGHOHJyDO,15$OD
WDUHDGHUHDOL]DUHOVHJXLPLHQWRGHODHVWULFWDREVHUYDQFLD\FXPSOLPLHQWRGHODVDFWDVGH
FRQIRUPLGDGGHOLQGHURVDHIHFWRVGHHYLWDUTXHFXDOHVTXLHUDGHODVSDUWHVLQFXUUDQHQ
PHGLGDV GH KHFKR FRQ OD ILQDOLGDG GH SDFLILFDU ORV FRQIOLFWRV VXVFLWDGRV HQ GLFKD
ORFDOLGDG DUWGHOD/7&3 


&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

W


dW^:d


(O7ULEXQDO&RQVWLWXFLRQDOUHVSHFWRDORVUHTXLVLWRVSDUDLQJUHVDUDOIRQGRGHOSUREOHPDMXUtGLFR
HQDFWRVYLQFXODGRVDPHGLGDVRYtDVGHKHFKRDVtFRPRUHJODVSURFHVDOHVHQHVWDWHPiWLFDVHxDOy
ORVLJXLHQWH


/D6&5TXHVHFRQVWLWX\HHQXQSUHFHGHQWHVXSHUDGRGHPDQHUDUHVWULFWLYD
HVWDEOHFLy ODV VLJXLHQWHV VXEUHJODV
  'HEH H[LVWLU XQD GHELGD IXQGDPHQWDFLyQ \ DFUHGLWDFLyQ
REMHWLYDGHTXHHIHFWLYDPHQWHVHHVWiIUHQWHDXQDPHGLGDGHKHFKRRMXVWLFLDDPDQRSURSLDGRQGH
HODJUDYLDGRRDFFLRQDQWHVHHQFXHQWUDDQWHXQDVLWXDFLyQGHGHVSURSRUFLyQRGHVYHQWDMDIUHQWHDO
GHPDQGDGR R DJUHVRU VHD DXWRULGDG IXQFLRQDULR R SDUWLFXODU R JUXSR GH SHUVRQDV SRU OD
GHVSURSRUFLRQDOLGDGGHORVPHGLRVRDFFLyQODSUHVHQWDFLyQGHODDFFLyQGHDPSDURFRQVWLWXFLRQDO
GHEHVHUGHPDQHUDRSRUWXQDHLQPHGLDWDKDFLHQGRDEVWUDFFLyQGHODVXEVLGLDULGDG'HORFRQWUDULR
QR MXVWLILFDUtD OD SUHPXUD QL JUDYHGDG \ GHEHUi DJRWDU ODV LQVWDQFLDV MXULVGLFFLRQDOHV R
DGPLQLVWUDWLYDV SHUWLQHQWHV VHJ~Q VHD HO FDVR \ DJRWDGDV ODV PLVPDV DFXGLU D OD MXULVGLFFLyQ
FRQVWLWXFLRQDO 1HFHVDULDPHQWHVHGHEHHVWDUDQWHXQLQPLQHQWHGDxRLUUHYHUVLEOHRLUUHSDUDEOH
\DVHDDJUDYDQGRODOHVLyQ\DFRQVXPDGDRTXHHOORSURYRTXHODDPHQD]DRUHVWULFFLyQRVXSUHVLyQ
DRWURVGHUHFKRVIXQGDPHQWDOHV6LWXDFLRQHVTXHGHEHQVHUIXQGDPHQWDGDV\DFUHGLWDGDV (OR
ORV GHUHFKRV FX\D WXWHOD VHSLGHGHEHQ HVWDUDFUHGLWDGRV HQ VX WLWXODULGDG HVGHFLU QR VH SXHGH
LQYRFDUGHUHFKRVFRQWURYHUWLGRVRTXHHVWpQHQGLVSXWDDWHQGLHQGRFODURHVWDDODQDWXUDOH]DGHORV
PLVPRV (QORVFDVRVHQORVTXHDWUDYpVGHPHGLRVREMHWLYRVVHSRQJDHQHYLGHQFLDTXHH[LVWLy
FRQVHQWLPLHQWR GH ORV DFWRV GHQXQFLDGRV \ DFXVDGRV FRPR PHGLGDV GH KHFKR QR FRUUHVSRQGH
LQJUHVDUDODQiOLVLVGHODSUREOHPiWLFDSRUFXDQWRHVWDDFFLyQGHGHIHQVDQRSXHGHHVWDUDPHUFHG
GHOFDPELRRYRODWLOLGDGGHORVLQWHUHVHVGHODFFLRQDQWH



3RVWHULRUPHQWHOD6&PRGXOyH[SUHVDPHQWHODVVXEUHJODVFRQWHQLGDVHQOD
6&5 SUHFHGHQWHVXSHUDGR TXHOXHJRIXHURQUHFRJLGDVSRUOD6&3 TXH
HVWDEOHFLyODVXSUHVLyQGHOGHUHFKRDODMXULVGLFFLyQFXDQGRVHSURGXFHQDFWRVYLQFXODGRVDPHGLGDV
GHKHFKR UHVSHFWRD

D )OH[LELOL]DFLyQDODOHJLWLPDFLyQSDVLYD3RUUHJODJHQHUDOHQODDFFLyQGHDPSDURFRQVWLWXFLRQDO
ODRHODFFLRQDQWHGHEHGHPDQGDUDORVSDUWLFXODUHVRDXWRULGDGHVGHPDQGDGDVTXHFRPHWLHURQHO
DFWRLOHJDORLQFXUULHURQHQRPLVLyQLQGHELGDVLQHPEDUJRHQDFWRVYLQFXODGRVDPHGLGDVGHKHFKR
GHPDQHUDH[FHSFLRQDO\VLHPSUH\FXDQGRQRVHDSRVLEOHVXLGHQWLILFDFLyQODVSHUVRQDVTXHQR
KD\DQVLGRH[SUHVDPHQWHGHPDQGDGDVSXHGHQHQFXDOTXLHUHWDSDGHOSURFHVRGHDPSDURLQFOXVR
HQ UHYLVLyQ DQWH HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO SUHVHQWDU SUXHED \ VHU RtGRV 6&3
)-,,, VXSXHVWRTXHQRPRGXODHOHQWHQGLPLHQWRDVXPLGRSRUOD6&3
VREUH OD RSRUWXQLGDG GH OD SUHVHQWDFLyQ GH SUXHEDV SRU FXDQWR VH WUDWD GH VXSXHVWRV GH
IOH[LELOL]DFLyQGHODOHJLWLPDFLyQSDVLYDHQYtDVGHKHFKR

E&DUJDGHODSUXHEDDVHUFXPSOLGDSRUHOSHWLFLRQDQWHGHWXWHOD

E  5HJOD JHQHUDO /D FDUJD SUREDWRULD D VHU FXPSOLGD SRU HO SHWLFLRQDQWH GH WXWHOD GHEH L 
$FUHGLWDUGHPDQHUDREMHWLYDODH[LVWHQFLDGHDFWRVRPHGLGDVDVXPLGDVVLQFDXVDMXUtGLFDHVGHFLU
HQ SUHVFLQGHQFLD DEVROXWD GH ORV PHFDQLVPRV LQVWLWXFLRQDOHV HVWDEOHFLGRV SDUD OD GHILQLFLyQ GH
KHFKRVRGHUHFKRV\LL (VWDUFLUFXQVFULWDDDVSHFWRVTXHQRLPSOLTXHQODH[LVWHQFLDGHKHFKRV
FRQWURYHUWLGRV D VHU VXVWDQFLDGRV SRU OD MXULVGLFFLyQ RUGLQDULD 6&3  )XQGDPHQWR
-XUtGLFR,,, 

E  (VSHFLILFLGDGHV GH OD FDUJD GH OD SUXHED HQ FDVR GH DYDVDOODPLHQWRV FXDQGR VH GHQXQFLD
DIHFWDFLyQDOGHUHFKRDODSURSLHGDG

3DUDORVVXSXHVWRVGHDYDVDOODPLHQWRVXRFXSDFLRQHVSRUYtDVGHKHFKRGHSUHGLRVXUEDQRVRUXUDOHV
SULYDGRV R S~EOLFRV FXDQGR VH GHQXQFLH DIHFWDFLyQ DO GHUHFKR D OD SURSLHGDG HV GHFLU TXH
FRQVWLWX\D XQD OLPLWDFLyQ DUELWUDULD D OD SURSLHGDG OD SDUWH DFFLRQDQWH DO PDUJHQ GH OD FDUJD
SUREDWRULDGHVDUUROODGDHQHOLQFLVRF UHIHULGRDODUHJODJHQHUDOWLHQHODFDUJDSUREDWRULDHVSHFtILFD
GH DFUHGLWDU VX WLWXODULGDG R GRPLQLDOLGDG GHO ELHQ HQ UHODFLyQ DO FXDO VH HMHUFLy YtDV GH KHFKR
DVSHFWR GHPRVWUDGR FRQ HO UHJLVWUR GH SURSLHGDG HQ PpULWR GHO FXDO VH JHQHUD HO GHUHFKR GH
RSRQLELOLGDG IUHQWH D WHUFHURV HV GHFLUQRSXHGH H[LJLUVH DO SHWLFLRQDQWHGH WXWHODQLQJXQD RWUD
FDUJDSURFHVDODGLFLRQDO 6&3)XQGDPHQWR-XUtGLFR,,, 

E  (VSHFLILFLGDGHV GH OD FDUJD GH OD SUXHED HQ FDVR GH DYDVDOODPLHQWRV FXDQGR VH GHQXQFLD
SpUGLGDRSHUWXUEDFLyQGHODSRVHVLyQ

3DUDORVVXSXHVWRVGHDYDVDOODPLHQWRVXRFXSDFLRQHVSRUYtDVGHKHFKRGHSUHGLRVXUEDQRVRUXUDOHV

W


dW^:d
SULYDGRVRS~EOLFRVFXDQGRVHGHQXQFLHSpUGLGDRSHUWXUEDFLyQGHODSRVHVLyQODSDUWHDFFLRQDQWH
DOPDUJHQGHODFDUJDSUREDWRULDUHIHULGDDODUHJODJHQHUDOWLHQHODFDUJDSUREDWRULDHVSHFtILFDGH
DFUHGLWDUVXSRVHVLyQOHJDOGHOELHQHQUHODFLyQDOFXDOVHHMHUFLyYtDVGHKHFKRDWUDYpVGHXQD
UHVROXFLyQMXGLFLDOHPLWLGDSRUDXWRULGDGFRPSHWHQWHTXHQRHVWpVRPHWLGDDFRQWURYHUVLDMXGLFLDO
6&3)-,,, 


6REUHODH[FHSFLyQDSULQFLSLRGHVXEVLGLDULHGDGHQODDFFLyQGHDPSDUR\RWUDVDFFLRQHV
GHGHIHQVDYLQFXODGDVDPHGLGDVGHKHFKR/DOtQHDMXULVSUXGHQFLDODVXPLGDHQVHQWLGRTXHVHKDFH
XQD H[FHSFLyQ D OD VXEVLGLDULHGDG HQ OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SRU YtDV GH KHFKR
FRQWHQLGD HQ ODV 66&& 5 6&  HQWUH RWUDV VH DPSOLy D WUDYpV GH OD 6&3
TXHPRGXODQGRODOtQHDMXULVSUXGHQFLDOVHxDOyTXHFXDQGRVHWUDWDGHYtDVGHKHFKRGH
SDUWLFXODUHVSURFHGHODSUHVHQWDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDG\GHWRGDVODVDFFLRQHVGH
GHIHQVD


6REUHODVH[FHSFLRQHV\IOH[LELOL]DFLRQHVDOSOD]RGHVHLVPHVHVSDUDODLQWHUSRVLFLyQGH
OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HQ DFWRV YLQFXODGRV D PHGLGDV GH KHFKR VH HVWDEOHFLy OR
VLJXLHQWH

D /D6&3VHxDODTXHSURFHGHODDFFLyQGHDPSDURFRQVWLWXFLRQDODQWHPHGLGDVGH
KHFKRGXUDQWHHOWLHPSRTXHVXEVLVWDODYXOQHUDFLyQRODDPHQD]DDGHUHFKRV

E  /D 6&3  HVWDEOHFH XQD H[FHSFLyQ DO SOD]R GH FDGXFLGDG HQ DFWRV YLQFXODGRV D
PHGLGDVRYtDVGHKHFKRHQDSOLFDFLyQGHOSULQFLSLRGHYHUGDGPDWHULDO

F /D6&3VRVWLHQHTXHHOSOD]RGHFDGXFLGDGSDUDODSUHVHQWDFLyQGHODDFFLyQGH
DPSDURFRQVWLWXFLRQDOFXDQGRODYXOQHUDFLyQDGHUHFKRVIXQGDPHQWDOHVYLQFXODGRDPHGLGDVR
YtDVGHKHFKRVHDPHGLDWDHQHOWLHPSRHVGHFLUFXDQGRDSDUWLUGHODFWRLQLFLDOOHVLYRDGHUHFKRV
IXQGDPHQWDOHV GH PDQHUD FRQH[D VH UHDOLFHQ DFWRV XOWHULRUHV YXOQHUDWRULRV GH GHUHFKRV
IXQGDPHQWDOHVHOSOD]RGHFDGXFLGDGSDUDDFWLYDUODDFFLyQGHDPSDURFRQVWLWXFLRQDOVHFRPSXWDUi
GHVGHHO~OWLPRDFWROHVLYRYLQFXODGRDODPHGLGDGHKHFKRHPSHURODWXWHODFRPSUHQGHUiKDVWDHO
SULPHUDFWRTXHRULJLQyODOHVLyQ


6REUHODFLWDFLyQDODVDXWRULGDGHVGHPDQGDGDVHQDFWRVYLQFXODGRVDPHGLGDVGHKHFKR
/D 6&3  VRVWXYR TXH HV LQDGPLVLEOH OD FLWDFLyQ SRU HGLFWRV FRQ OD DFFLyQ \ DXWR GH
DGPLVLyQGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOHQVXSXHVWRVGHPHGLGDVRYtDVGHKHFKRSXHVWR
TXHVHHQWLHQGHTXHORVGHPDQGDGRVSXHGHQVHUKDELGRVHQGHWHUPLQDGROXJDU


$VLPLVPRHVLPSRUWDQWHKDFHUUHIHUHQFLDDYDULDVVHQWHQFLDVHQWRUQRDODIOH[LELOL]DFLyQ
GHORVUHTXLVLWRVHQFDVRVGHSURWHFFLyQDGHUHFKRVIXQGDPHQWDOHVHVSHFtILFRV

D  'HUHFKR DO DJXD /D 6& 5 IOH[LELOL]y ORV UHTXLVLWRV SUHYLVWRV SRU OD 
FXDQGRVHDOHJDUHQYtDVGHKHFKRHQODUHVWULFFLyQGHOGHUHFKRDODJXDSRUVXHVWUHFKDYLQFXODFLyQ
FRQHOGHUHFKRDODYLGDODVDOXG\ODGLJQLGDGKXPDQDVHSUHVXPHXQGDxRLQPLQHQWHHLUUHSDUDEOH
UHTXLULpQGRVH HQ HVWRVFDVRV~QLFDPHQWHTXH HO DIHFWDGRDFUHGLWH REMHWLYDPHQWH HO DFWR OHVLYR D
SURGXFLUVH R TXH IXHUH FRQVXPDGR D WUDYpV GHO HMHUFLFLRGH XQD PHGLGDR YtD GHKHFKR(Q HVH
RUGHQ OD 6&3  PRGXOy D OD 6&  HQ VHQWLGR TXH HQ FDVRV GH PDQLILHVWD
DIHFWDFLyQQRHVH[LJLEOHODFDUJDSUREDWRULDDOJXQDDFDUJRGHODFFLRQDQWH

E 'HUHFKRVGHORVJUXSRVGHDWHQFLyQSULRULWDULD/D6&3PRGXODORVDOFDQFHVGHOD
6&3IOH[LELOL]DQGRORVUHTXLVLWRVSDUDTXHVHFRQFHGDODWXWHODHQDFFLRQHVGHKHFKRHQ
DWHQFLyQDTXH ORV DFFLRQDQWHV IRUPDQSDUWH GHXQ JUXSR GH DWHQFLyQSULRULWDULD FRPR VRQ ORV
DGXOWRVPD\RUHV

F 'HUHFKRVGHORVSXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRV/D6&3VHxDOyTXHHQ
YLUWXGDOSULQFLSLRGHLJXDOGDGMHUiUTXLFDGHVLVWHPDVMXUtGLFRVHQWUHHOVLVWHPDMXUtGLFRRUGLQDULR\
HOVLVWHPDLQGtJHQDRULJLQDULRFDPSHVLQRODSUXHEDSURYHQLHQWHGHDPERVVLVWHPDVWLHQHODPLVPD
YDOLGH]MXUtGLFDSRUHQGHDQWHVXFRQWURYHUVLDQRSURFHGHODDFFLyQGHDPSDURSRUPHGLGDVRYtDV
GHKHFKRSRUODH[LVWHQFLDGHKHFKRVFRQWURYHUWLGRVHQDSOLFDFLyQGHOHQWHQGLPLHQWRDVXPLGRHQ
ODVVHQWHQFLDVFRQVWLWXFLRQDOHVSOXULQDFLRQDOHV\


6REUH PHGLGDV SUHYHQWLYDV SDUD HYLWDU DFWRV YLQFXODGRV D PHGLGDV GH KHFKR HQWUH OD
SURSLHGDGDJUDULDSULYDGD\ODSURSLHGDGGHXQDFRPXQLGDGFDPSHVLQD


W


dW^:d


/D6&3VHxDOyTXHHVREOLJDFLyQGHO,QVWLWXWR1DFLRQDOGH5HIRUPD$JUDULD ,15$ 
UHDOL]DUVHJXLPLHQWRDODHVFULWDREVHUYDQFLD\FXPSOLPLHQWRGHDFWDVGHFRQIRUPLGDGGHOLQGHURV
HQ SURFHVRV GH VDQHDPLHQWRV FRPR PHGLGD SUHYHQWLYD SDUD SUHYHQLU TXH ODV SDUWHV LQFXUUDQ H
PHGLGDV R YtDV GH KHFKR HQWUH OD SURSLHGDG DJUDULD SULYDGD \ OD SURSLHGDG GH XQD FRPXQLGDG
FDPSHVLQD




 'HVLVWLPLHQWR R UHWLUR GH GHPDQGD HQ FRQWURO


WXWHODU0XOWDHQDFFLyQGHDPSDURFRQVWLWXFLRQDO
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3/DPXOWDTXHVHLPSRQHDQWHHOGHVLVWLPLHQWRGHOD
DFFLyQGHDPSDURFRQVWLWXFLRQDOQRGHEHVHUDXWRPiWLFDVLQRTXHVH
GHEHQSRQGHUDU\YDORUDUORVDQWHFHGHQWHVSDUDGHWHUPLQDUVLDPHULWD
VXLPSRVLFLyQTXHLQFOXVLYHSXHGHVHUGLVSXHVWDFRQWUDORVMXHFHV\
WULEXQDOHV GH JDUDQWtDV SRU KDEHU DFWXDGR QHJOLJHQWHPHQWH DO QR
REVHUYDUORVUHTXLVLWRVGHODPSDURFRQVWLWXFLRQDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HO DFFLRQDQWH DOHJy OD
YXOQHUDFLyQ GH VX GHUHFKR DO WUDEDMR  SRUTXH OD 'LUHFWLYD GH XQD
&RRSHUDWLYD 0LQHUD GH OD TXH HV VRFLR OH GLR GH EDMD SRUTXH VX KLMR
FRPHWLy HO XQ GHOLWR GH KXUWR \ SHVH D KDEHU VROLFLWDGR OD
UHFRQVLGHUDFLyQGHPDQHUDHVFULWDODPLVPDOHIXHQHJDGDVLQHPEDUJR
SRVWHULRUPHQWH HQFRQWUiQGRVH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HQ
UHYLVLyQ DQWH HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HO DFFLRQDQWH
SUHVHQWy GHVLVWLPLHQWR TXH IXH DFHSWDGR SRU HO 7ULEXQDO $VLPLVPR
GLVSXVRTXH1RVHFRQGHQDDOSDJRGHPXOWDVQLDODFFLRQDQWHQL
DO7ULEXQDOGHJDUDQWtDV

([WUDFWRGHODUDWLRGHFLGHQGL

)- ,,,
  HO -XH] GH JDUDQWtDV DO GHQHJDU OD DFFLyQ LQWHUSXHVWD
FRQGHQy DO DFFLRQDQWH D OD LPSRVLFLyQ GH FRVWDV \ PXOWDV %V
GRVFLHQWRV EROLYLDQRV  \ FRQIRUPH DO )XQGDPHQWR -XUtGLFR ,,, GHO
SUHVHQWHIDOORQRHVXQDUHJODJHQHUDOTXHHQORVFDVRVGHGHVLVWLPLHQWR
W


dW^:d

VH PDQWHQJD OD PXOWD LPSXHVWD SRU HO MXH] SRU OR TXH HVWH 7ULEXQDO
UHILHUHTXHHQHOSUHVHQWHFDVRODDFFLyQIXHLQWHUSXHVWDHOGHIHEUHUR
GHIHFKDHQODTXHSRFRVGtDVDQWHVVHSXVRHQYLJHQFLDOD/H\GHO
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO \ KDVWD HVH PRPHQWR QR VH
GHVDUUROODURQFRQFODULGDGORVUHTXLVLWRVGHDGPLVLELOLGDGGHODVDFFLRQHV
GHDPSDURFRQVWLWXFLRQDOUD]yQSRUODFXDOFRUUHVSRQGH\VHMXVWLILFD
HQ HO FDVR SUHVHQWH OD H[HQFLyQ GH OD PXOWD DO MXH] \ D OD SDUWH
DFFLRQDQWH


6LQWHVLVGHODUDWLRGHFLGHQGL

$FHSWDHOGHVLVWLPLHQWRSUHVHQWDGR SRU HO DFFLRQDQWH DQWHHO7ULEXQDO
&RQVWLWXFLRQDOXQDYH]TXHIXHVRUWHDGDODFDXVDFRQODDFODUDFLyQGH
TXH QR VH LQJUHVy DO DQiOLVLV GH IRQGR GH OD SUREOHPiWLFD SODQWHDGD
$VLPLVPR GLVSRQH TXH    1R VH FRQGHQD DO SDJR GH PXOWDV QLDO
DFFLRQDQWHQLDO7ULEXQDOGHJDUDQWtDV

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O 7ULEXQDO &RQVWLWXFLRQDO HQ OD 6&  PRGXOD ORV $$&&
22HQORVTXHVHHVWDEOHFLyTXHODDFHSWDFLyQ
GHOGHVLVWLPLHQWRQRLPSOLFDEDODOLEHUDFLyQGHODVPXOWDVLPSXHVWDVDO
DFFLRQDQWHFXDQGRHO7ULEXQDOGHJDUDQWtDVVHODVLPSXVR\TXHDILQGH
HYLWDUXQXVRLQDGHFXDGRGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOTXHSHVH
DOGHVLVWLPLHQWRJHQHUyXQHIHFWRMXUtGLFRFRUUHVSRQGtDILMDUHOSDJRGH
XQDPXOWDSXHVGHQRVHUDVtVHJHQHUDUtDXQDEXVRGHOGHUHFKR

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,
QR WRGR GHVLVWLPLHQWR HV LQMXVWLILFDGR VLQR SXHGH GHEHUVH D GLIHUHQWHV
FLUFXQVWDQFLDV SHUVRQDOHV \ QR UHVXOWD UDFLRQDO REOLJDUOH D OD SDUWH DFFLRQDQWH D TXH
QHFHVDULDPHQWHVHUHVXHOYDHOIRQGRGHODSUREOHPiWLFDFRQHOWHPRUGHQRVHUPXOWDGR
FXDQGR FRQIRUPH VH YLR HO DFFLRQDQWH SHUGLy WRGR HO LQWHUpV GH IRUPD TXH OD PXOWD
DXWRPiWLFD\REOLJDWRULDQRHVDGHFXDGDFRQHOGHUHFKRGHDFFLyQDODMXVWLFLD3RURWUD
SDUWH SXHGH VXFHGHU TXH HQ UHDOLGDG OD FDXVDO GH GHQHJDWRULD VXEVLGLDULHGDG
LQPHGLDWH]UHTXLVLWRVDGPLVLELOLGDGVHDWDQQRWRULDTXHHQUHDOLGDGGHELyVHUREVHUYDGD
SRU MXH] R WULEXQDO WXWHODU VLQ TXH VH OR KD\D KHFKR HQ FX\R FDVR UHVXOWD TXH TXLHQ
SURYRFyVHFRQWLQ~HFRQWRGRHOPRYLPLHQWRGHODSDUDWRMXULVGLFFLRQDOHVHQUHDOLGDGHO
MXH]RWULEXQDOGHJDUDQWtDV

/RDQWHULRULPSHOHDPRGXODUHOHQWHQGLPLHQWRHQGLFKRV$XWRV&RQVWLWXFLRQDOHVHQHO
VHQWLGRGHTXH

 
(QFDVRGHTXHHOMXH]KD\DLPSXHVWRXQDPXOWDQRGHEHVHUXQDUHJODJHQHUDO
DSOLFDEOHGHIRUPDDXWRPiWLFD\GLUHFWDDODFFLRQDQWHSRUHOVyORKHFKRGHTXHVHKD\D
GLVSXHVWRDQWHULRUPHQWHPiVDOFRQWUDULRHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOGHEH
SRQGHUDU\YDORUDUORVDQWHFHGHQWHVSDUDGHWHUPLQDUVLHORORVDFFLRQDQWHVDPHULWDQOD
LPSRVLFLyQGHHVDPXOWD\DTXHSUREDEOHPHQWHVHHVWDUtDILMDQGRODLPSRVLFLyQGHXQD
PXOWDGHPDQHUDLQMXVWDDODSHUVRQDTXHHQUHDOLGDGSRGUtDVHUODPiVDIHFWDGDGHQWUR
GHXQSURFHVR

W


dW^:d



 
(ORORVDFFLRQDQWHVDPRPHQWRGHLQWHUSRQHUODDFFLyQQHFHVDULDPHQWHGHEHQ
WRPDU HQ FXHQWD HO FXPSOLPLHQWR GH ORV UHTXLVLWRV GH DGPLVLELOLGDG GH IRUPD \
FRQWHQLGRHVGHFLUTXHODDFFLyQVHSXHGDFRPSXOVDUVREUHODEDVHGHFULWHULRVREMHWLYRV
SHUR D OD YH] GLFKRV UHTXLVLWRV GHEHQ VHU YHULILFDGRV SRU ORV MXHFHV \ WULEXQDOHV GH
JDUDQWtDVFX\DRPLVLyQSURYRFDUtDHQHOSULPHUFDVRODDFWLYDFLyQLQQHFHVDULDGHWRGRHO
DSDUDWRFRQVWLWXFLRQDO\HQHOVHJXQGRODFRQWLQXDFLyQLQQHFHVDULDGHOPLVPRSRUHOOR
GH DFXHUGR DO FDVR FRQFUHWR \ OD JUDYHGDG HQ OD WHPHULGDG GH OD SDUWH DFFLRQDQWH R
QHJOLJHQFLD GHO MXH] R WULEXQDO GH JDUDQWtDV OD PXOWD SXHGH DOFDQ]DU D ORV MXHFHV \
WULEXQDOHVGHJDUDQWtDVSXHVVHUHLWHUDTXHQRVHVDQFLRQDHOGHVLVWLPLHQWRRUHWLURGH
GHPDQGDVLQRODGLVIXQFLyQSURYRFDGDHQHOVLVWHPDMXGLFLDO

  OR TXH SUHWHQGH HV HYLWDU HO XVR LQDGHFXDGR GHO GHUHFKR \ VL ELHQ QR H[LVWH
SURQXQFLDPLHQWRGHIRQGR\DVHKDDFWLYDGRHOSURFHGLPLHQWRHVSRUHOORTXHDWHQWD
FRQHOGHVDUUROORQRUPDOGHOVLVWHPDMXGLFLDO\HIHFWLYDPHQWHWRGRDFWRSURFHVDOJHQHUD
XQHIHFWRMXUtGLFRTXHVHFRQVWLWX\HHQXQDDFWLYLGDGSURFHVDOTXHSXHGHVHULQQHFHVDULD
\FRQHOILQGHHYLWDUTXHORVDFFLRQDQWHV\ORV-XHFHVR7ULEXQDOHVGHJDUDQWtDVRFDVLRQHQ
HODODUJDPLHQWRGHOSURFHVRDFWLYDQGRGHIRUPDUHGXQGDQWHHODSDUDWRMXGLFLDOHVTXHVH
FRQFOX\H TXH HQ YLUWXG D OD SRQGHUDFLyQ \ YDORUDFLyQ GH DQWHFHGHQWHV TXH UHDOLFH HO
7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO\DVHDHORORVDFFLRQDQWHVTXHIRUPDQSDUWHGHO
SURFHVRORV-XHFHV\7ULEXQDOHVGHJDUDQWtDVRODDVLVWHQFLDGHDPERVSXHGHQVHUVXMHWRV
GH LPSRVLFLyQ GH PXOWD SUHYLR DQiOLVLV \ MXVWLILFDFLyQ H[SUHVD SRU SDUWH GHO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDO


,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

/D6&3FRQWLHQHHOHVWiQGDUPiVDOWRSRUTXHDPXOWDTXHVH
LPSRQHDQWHHOGHVLVWLPLHQWRGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOQR
GHEH VHU DXWRPiWLFD VLQR TXH VH GHEHQ SRQGHUDU \ YDORUDU ORV
DQWHFHGHQWHVSDUDGHWHUPLQDUVLDPHULWDVXLPSRVLFLyQ



 'HVLVWLPLHQWR R UHWLUR GH GHPDQGD HQ FRQWURO
WXWHODU5HTXLVLWRVHQODDFFLyQGHDPSDURFRQVWLWXFLRQDO


)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
6LVWHPDWL]DGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO


W


dW^:d

6&3   3DUD OD DFHSWDFLyQ GHO GHVLVWLPLHQWR GHQWUR GH OD
DFFLyQ GH DPSDUR FRQVWLWXFLRQDO VH UHTXLHUH GHO FXPSOLPLHQWR GH
GHWHUPLQDGRV UHTXLVLWRV FRPR OD SUHVHQWDFLyQ HVFULWD OD
PDQLIHVWDFLyQ GH OD YROXQWDG  H LQH[LVWHQFLD GH UD]RQHV GH RUGHQ
S~EOLFRRGHUHOHYDQFLDQDFLRQDOSDUDGHQHJDUODVROLFLWXG

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HO DFFLRQDQWH DOHJy OD
YXOQHUDFLyQ GH VX GHUHFKR DO WUDEDMR  SRUTXH OD 'LUHFWLYD GH XQD
&RRSHUDWLYD 0LQHUD GH OD TXH HV VRFLR OH GLR GH EDMD SRUTXH VX KLMR
FRPHWLy HO XQ GHOLWR GH KXUWR \ SHVH D KDEHU VROLFLWDGR OD
UHFRQVLGHUDFLyQGHPDQHUDHVFULWDODPLVPDOHIXHQHJDGDVLQHPEDUJR
SRVWHULRUPHQWH HQFRQWUiQGRVH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HQ
UHYLVLyQ DQWH HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HO DFFLRQDQWH
SUHVHQWyGHVLVWLPLHQWRTXHIXHDFHSWDGRSRUHO7ULEXQDO

([WUDFWRGHODUDWLRGHFLGHQGL

)- ,,,
  QR FRUUHVSRQGH LQJUHVDU DO DQiOLVLV GH IRQGR GH OD
SUREOHPiWLFD SODQWHDGD VLQR ~QLFDPHQWH SURQXQFLDUVH VREUH HO
GHVLVWLPLHQWRPLVPRTXHUHVXOWDDGPLVLEOH\DTXHQRVHHQFXHQWUDHQ
HOSUHVHQWHFDVRQLQJXQDFDXVDOGHH[FHSFLyQSDUDVXUHFKD]RHVGHFLU
TXH HQ HO FDVR FRQFUHWR QR FRQFXUUH UD]RQHV GH RUGHQ S~EOLFR R
UHOHYDQFLDQDFLRQDOTXHLPSLGDQODDFHSWDFLyQGHOGHVLVWLPLHQWRPDVDO
FRQWUDULRVHWUDWDGHXQDSHUVRQDTXHWLHQHLQWHUpVSDUWLFXODU\ORVHIHFWRV
GHWDOGHFLVLyQVRODPHQWHUHSHUFXWHQGHPDQHUDSHUVRQDOSXHVXQDYH]
H[SUHVDGD OD YROXQWDG GHO DFFLRQDQWH SURFHVDOPHQWH VH HVWi
FRQFOX\HQGRHOWUiPLWHGHODDFFLyQ

(VQHFHVDULRVHxDODUTXHHODFFLRQDQWHSUHVHQWyVXGHVLVWLPLHQWRGHOD
DFFLyQ RSRUWXQDPHQWH YDOH GHFLU DQWHV GHO SURQXQFLDPLHQWR GH OD
6HQWHQFLD&RQVWLWXFLRQDODVLPLVPRFDEHUHIHULUTXHHQHOSUHVHQWHFDVR
QRH[LVWHQLQJ~QWLSRGHRSRVLFLyQSDUDDFUHGLWDUODH[SUHVLyQYROXQWDULD
GHOWLWXODUGHODDFFLyQVLWXDFLyQTXHGHQLQJXQDPDQHUDVHSXHGHIRU]DU
DODFFLRQDQWHDFRQWLQXDUFRQODDFFLyQLQWHUSXHVWDKDVWDODHPLVLyQGH
OD UHVSHFWLYD VHQWHQFLD FRQVWLWXFLRQDO SRU OR TXH QR H[LVWH QLQJ~Q
LPSHGLPHQWRSDUDODDFHSWDFLyQGHVXGHVLVWLPLHQWR\DFRQVHFXHQFLD
GHODQiOLVLVUHDOL]DGRFRUUHVSRQGHODGHYROXFLyQGHOH[SHGLHQWHDO-XH]
GHJDUDQWtDV\HODUFKLYRGHREUDGRVGHPDQHUDGHILQLWLYD


&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

$SDUWLUGHOD6&5HO7ULEXQDO&RQVWLWXFLRQDOVHSURQXQFLy
VREUHODDFHSWDFLyQGHOGHVLVWLPLHQWRRUHWLURGHGHPDQGDFULWHULRTXH
W


dW^:d


IXHUHLWHUDGRHQODV66&&55HQWUHRWUDVHQ
ODVVHVHxDORTXHVHFRQVWLWXtDHQXQDDFWRGHPDQLIHVWDFLyQGHYROXQWDG
HQUD]yQDTXHORVGHUHFKRVVHHMHUFHQSRUYROXQWDGGHOWLWXODUGHOPLVPR
\TXHQRVHSXHGHREOLJDUDpVWHDHMHUFHUORVVDOYRDOJXQRVGHUHFKRVTXH
SRUVXQDWXUDOH]DGHEDQVHUREOLJDWRULDPHQWHSURWHJLGRV$xDGLHQGRHO
$& 2 TXH HO UHWLUR GH GHPDQGD R GHVLVWLPLHQWR GHEH VHU
IRUPXODGRDQWHVGHOSURQXQFLDPLHQWRGHOD6HQWHQFLD&RQVWLWXFLRQDO\
FXDQGRQRH[LVWDQUD]RQHVGHRUGHQS~EOLFRRUHOHYDQFLDFRQVWLWXFLRQDO
/D 6&  VLVWHPDWL]D OD MXULVSUXGHQFLD GHO 7ULEXQDO
&RQVWLWXFLRQDO\HVWDEOHFHORVUHTXLVLWRVGHOGHVLVWLPLHQWR

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,
 DQWHXQDVLWXDFLyQGRQGHHODFFLRQDQWHSUHVHQWHVXGHVLVWLPLHQWRRUHWLURGH
GHPDQGDGHQWURGHXQDDFFLyQGHDPSDURFRQVWLWXFLRQDO\DVHDDQWHHOMXH]RWULEXQDO
GHJDUDQWtDVRHQODIDVHGHUHYLVLyQDQWHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOGDGD
ODQDWXUDOH]DGHODPLVPDFRUUHVSRQGHDHVWH7ULEXQDODFHSWDUHOGHVLVWLPLHQWRRUHWLUR
VLQLQJUHVDUDODQiOLVLVGHIRQGRGHODSUREOHPiWLFDSODQWHDGDVLQHPEDUJRSDUDHOORVH
UHTXLHUHODFRQFXUUHQFLDGHORVVLJXLHQWHVHOHPHQWRV

 
(OGHVLVWLPLHQWRRUHWLURGHODGHPDQGDHVGHFDUiFWHUYROXQWDULRSRUORTXH
GHEHHPHUJHUGHXQDPDQLIHVWDFLyQGHYROXQWDGLQHTXtYRFD\TXHQRGHQRWHODH[LVWHQFLD
GHSUHVLyQRPHGLDFLyQDOJXQDTXHFRQOOHYHDODFFLRQDQWHDHIHFWXDUFRQWUDVXYROXQWDG
HOGHVLVWLPLHQWRRUHWLUR

 
(O PHPRULDO GH GHVLVWLPLHQWR R GH UHWLUR GH GHPDQGD GHEH SUHVHQWDUVH HQ
IRUPDHVFULWDFRQODILUPDGHORGHODWLWXODUGHOGHUHFKR\ODGHVXDERJDGRH[FHSWRHQ
ORVFDVRVHQORVTXHVHKXELHVHRWRUJDGRSRGHUHQHOTXHVHHVSHFLILTXHODIDFXOWDGGH
GHVLVWLURUHWLUDUODGHPDQGDDFWXDGRTXHGHEHUiVHUUHDOL]DGRDQWHVGHOSURQXQFLDPLHQWR
GH OD UHVSHFWLYD 6HQWHQFLD &RQVWLWXFLRQDO SXHV DXQTXH VH KD\D HQYLDGR SRU ID[ HO
PHPRULDOFRUUHVSRQGLHQWHHVLPSUHVFLQGLEOHTXHVHSUHVHQWHHOPHPRULDORULJLQDODORV
ILQHVGHFRQVWDWDUVXDXWHQWLFLGDG

 
6HDFHSWDUiHOGHVLVWLPLHQWRRUHWLURGHGHPDQGDVLHPSUH\FXDQGRQRH[LVWDQ
UD]RQHVGHRUGHQS~EOLFRRUHOHYDQFLDQDFLRQDOTXHFRQOOHYHQDGHQHJDUGLFKDVROLFLWXG
(QHVWHVHQWLGRHQXQHVWDGRGHPRFUiWLFRHORUGHQS~EOLFRQRGHEHHQWHQGHUVHFRPRXQ
ILQHQVtPLVPRVLQRFRPRXQDVLWXDFLyQGHSD]SDUDHOHMHUFLFLRGHGHUHFKRV\ORVYDORUHV
GHPRFUiWLFRVGHIRUPDTXHSDUDODDFHSWDFLyQGHOGHVLVWLPLHQWRGHXQGHUHFKRVXEMHWLYR
HQXQDDFFLyQGHDPSDURFRQVWLWXFLRQDOQRGHEHDIHFWDUVHXQELHQMXUtGLFRFRQVWLWXFLRQDO
VXSHULRU





$FFLyQGHOLEHUWDG/HJLWLPDFLyQSDVLYDHQODDFFLyQGH
OLEHUWDG
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
W


dW^:d

7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3([LVWHIDOWDGHOHJLWLPDFLyQSDVLYDFXDQGRQRKD\
FRLQFLGHQFLD HQWUH OD DXWRULGDG TXH SUHVXQWDPHQWH YXOQHUy HO R ORV
GHUHFKRVGHQXQFLDGRVFRPRDIHFWDGRV\ODSHUVRQDRSHUVRQDVFRQWUD
TXLHQRTXLHQHVVHGLULJHODDFFLyQGHOLEHUWDG

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH OLEHUWDG  HO DFFLRQDQWH GHQXQFLy HVWDU GHWHQLGR
SUHYHQWLYDPHQWH\DTXHGHVGHODSULPHUDYH]TXHVROLFLWyODFHVDFLyQD
GLFKDGHWHQFLyQWUDQVFXUULHURQQXHYHPHVHVODSVRHQHOFXDOVHUHDOL]y
RFKRSHWLFLRQHVH[SUHVDVDODDXWRULGDGMXULVGLFFLRQDODKRUDGHPDQGDGD
DGHPiV VHxDOD TXH VH SUHVHQWy XQ LQFLGHQWH SRU DFWLYLGDG SURFHVDO
GHIHFWXRVDSRUHUURUGHWLSLFLGDGHVWDQGRSRUHVWDUD]yQHODFFLRQDQWH
LQGHELGDPHQWHSURFHVDGRUD]yQSRUODFXDOGHQXQFLyODYXOQHUDFLyQGH
VXGHUHFKRDODOLEHUWDGGHORFRPRFLyQDOGHELGRSURFHVRDODVHJXULGDG
MXUtGLFD \ D OD SUHVXQFLyQ GH LQRFHQFLD SLGLHQGR HQ FRQVHFXHQFLD VH
GHFODUH
SURFHGHQWH
ODDFFLyQ\VHGLVSRQJDVXLQPHGLDWDOLEHUWDGDVt
FRPR OD QXOLGDG GH WRGRV ORV DFWRV HPLWLGRV DO PDUJHQ GH OD /H\ (O
7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOUHYRFyODGHFLVLyQGHO7ULEXQDO
GH*DUDQWtDV\FRQFHGLyODWXWHODUHVSHFWRDO-XH]&XDUWRGH,QVWUXFFLyQ
HQ OR 3HQDO GH (O $OWR FRQ UHODFLyQ D OD GLODFLyQ LQMXVWLILFDGD HQ OD
WUDPLWDFLyQ GH OD FHVDFLyQ D OD GHWHQFLyQ SUHYHQWLYD \ DSUREy OD
UHVROXFLyQ GH GHQHJDFLyQ GH WXWHOD HQ FXDQWR D OD )LVFDO GH 0DWHULD
GHPDQGDGD/DPi[LPDLQVWDQFLDGHFRQWUROGHFRQVWLWXFLRQDOHQFXDQWR
DODSULPHUDSHWLFLyQVHxDODTXHODDXWRULGDGGHPDQGDGDQRDWHQGLyFRQ
SURQWLWXG\GLOLJHQFLDGHELGDODVSHWLFLRQHVGHODFFLRQDQWHRFDVLRQDQGR
GLODFLyQ HQ VX WUDPLWDFLyQ \ FRQVLGHUDFLyQ (Q FXDQWR D OD VHJXQGD
GHQXQFLD DSOLFy HO SUHFHGHQWH GH OD VXEVLGLDULHGDG H[FHSFLRQDO GH OD
DFFLyQ GH OLEHUWDG SRU QR KDEHUVH DSHODGR HO LQFLGHQWH SRU DFWLYLGDG
SURFHVDO GHIHFWXRVD $VLPLVPR HQ FXDQWR D OD ILVFDO GHPDQGDGD VH
GHQHJy OD WXWHOD SRU IDOWD GH OHJLWLPDFLyQ SDVLYD SRUTXH QR VH
HVSHFLILFy GH TXH PRGR FRQ VX DFWXDU KXELHUD LQFLGLGR VREUH OD
OLEHUWDG VLF 

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
/D6&5GHGHMXOLRHQWLHQGHDODOHJLWLPDFLyQ
SDVLYDFRPR
ODFDOLGDGTXHVHDGTXLHUHSRUODFRLQFLGHQFLDTXHVHGD
HQWUHODDXWRULGDGTXHSUHVXQWDPHQWHFDXVyODYLRODFLyQDORVGHUHFKRV
\DTXpOODFRQWUDTXLHQVHGLULJHODDFFLyQ
HQHOSUHVHQWHFDVRQRVHKD
OOHJDGRDHVWDEOHFHUHOYtQFXORFDXVDOTXHKXELHUDH[LVWLGRUHVSHFWRDORV
W


dW^:d


SUHVXQWRVGHUHFKRVJDUDQWtDV\SULQFLSLRVTXHIXHURQLQYRFDGRVSRUOD
DFFLRQDQWHUD]yQSRUODTXHpVWDDXWRULGDGFDUHFHGHOHJLWLPDFLyQSDVLYD
SDUDVHUGHPDQGDGDHQODSUHVHQWHDFFLyQ\DTXHQRHVSHFLILFyGHTXp
PRGR FRQ VX DFFLRQDU KXELHUD LQFLGLGR VREUH OD OLEHUWDG GH VX
UHSUHVHQWDGR


6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJDODDFFLyQGHOLEHUWDGSRUIDOWDGHOHJLWLPDFLyQSDVLYDHQUHODFLyQ
DODILVFDOGHPDQGDGD

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/DOtQHDMXULVSUXGHQFLDOGHODOHJLWLPDFLyQSDVLYDHQDFFLRQHVGHOLEHUWDGGHEHVHUDQDOL]DGDGHOD
VLJXLHQWHPDQHUD


(O7ULEXQDO&RQVWLWXFLRQDOHQOD6&5UHVROYLyHOFDVRFRQFUHWRDODOX]GH
OD OHJLWLPDFLyQ SDVLYD HPSHUR IXH OD 6& 5 OD TXH GHILQLy OD OHJLWLPDFLyQ SDVLYD
VHxDODQGR TXH pVWD GHEH VHU HQWHQGLGD FRPR OD FRLQFLGHQFLD TXH VH GD HQWUH OD DXWRULGDG TXH
SUHVXQWDPHQWHFDXVyODYLRODFLyQDORVGHUHFKRV\DTXHOODFRQWUDTXLHQVHGLULJHODDFFLyQ(VWH
HQWHQGLPLHQWRIXHDVXPLGRSRUODV66&&655\5HQWUHRWUDV
3RVWHULRUPHQWH WDPELpQ ODV 66&&  5 \ 5 HQWUH RWUDV VLJXLHURQ HO
HQWHQGLPLHQWR GH OD 5 $GHPiV OD 6& / DSOLFy HO FULWHULR GH OD IDOWD GH
OHJLWLPDFLyQSDVLYDSRU IDOWDGH SDUWLFLSDFLyQGHO GHPDQGDGR HQ OD YXOQHUDFLyQGH ORV GHUHFKRV
LQYRFDGRV $VLPLVPR ODV 66&& 5 5 5 \ 
HVWDEOHFLHURQTXHSDUDODSURFHGHQFLDGHODDFFLyQGHOLEHUWDGHVLPSUHVFLQGLEOHTXHODPLVPDHVWp
GLULJLGDFRQWUDODDXWRULGDGTXHFRPHWLyHODFWRLOHJDORODRPLVLyQLQGHELGDOHVLYDGHOGHUHFKRDOD
OLEHUWDG\DTXHODLQREVHUYDQFLDGHHVWHHQWHQGLPLHQWRHQDSOLFDFLyQGHOSUHVXSXHVWRSURFHVDOGH
ODOHJLWLPDFLyQSDVLYDLPSLGHDOFRQWUROGHFRQVWLWXFLRQDOLGDGLQJUHVDUDODQiOLVLVGHIRQGRGHOD
SUREOHPiWLFD


/DOtQHDGHODOHJLWLPDFLyQSDVLYDDGHPiVJHQHUyVXEUHJODVTXHGHEHQVHUREVHUYDGDV
DVtOD6&5HVWDEOHFLyTXHODRHODJUDYLDGR
GHEHDFXVDUHODFWRLQGHELGRRLOHJDO
FRQVWLWXLGR\DVHDHQXQDFWRSURFHVDORHQXQDUHVROXFLyQDQWHODLQVWDQFLD~OWLPDSXHVGHQR
KDFHUORODWXWHODUHVXOWDUtDLQHILFD]SRUFXDQWRQRVHSXHGHFRPSXOVDUODSUREOHPiWLFDVLQRKDVLGR
UHFXUULGD OD DXWRULGDG R SHUVRQD TXH WLHQH OD IDFXOWDG GH UHYLVDU FRQVLJXLHQWHPHQWH PRGLILFDU
FRQILUPDURUHYRFDUHODFWRRUHVROXFLyQSXHVWRHQVXFRQRFLPLHQWR\DTXHHQOD~OWLPDLQVWDQFLD
VLVHDFXVDHODFWRLOHJDOXRPLVLyQLQGHELGDVHUHVROYHUiGHILQLWLYDPHQWHGHPDQHUDTXHTXLHQ
GHEHUi UHVSRQGHU SRU OD OHVLyQ DO GHUHFKR IXQGDPHQWDO \ UHSDUDUOR HQ IRUPD LQPHGLDWD VHUi OD
DXWRULGDGRWULEXQDOTXHWHQJDOHJDOPHQWHODDWULEXFLyQGHFRQRFHUHQ~OWLPDLQVWDQFLD\SRUOR
PLVPRSDUDHOFDVRGHQRUHSDUDUODOHVLyQDOPRPHQWRGHUHVROYHUHOUHFXUVRRUGLQDULRHVTXLHQ
WLHQH OD OHJLWLPDFLyQ SDVLYD SDUD VHU GHPDQGDGR UHVSRQGHU \ FXPSOLU OR TXH VH RUGHQH HQ HVWD
MXULVGLFFLyQ
HQWHQGLPLHQWRTXHIXHDVXPLGRHQWUHRWUDVSRUODV66&&V5
5555\HQWUHRWUDV


(QFXDQWRDWULEXQDOHVFROHJLDGRVOD6&5HVWDEOHFLyTXHODREOLJDFLyQGH
GHPDQGDUDWRGRVORVPLHPEURVGHXQWULEXQDOFROHJLDGRQRHVH[LJLEOHHQPDWHULDGHKiEHDVFRUSXV
VLQR~QLFDPHQWHHQHOUHFXUVRGHDPSDURFRQVWLWXFLRQDOTXHWLHQHXQDQDWXUDOH]DGLIHUHQWH$GHPiV
OD6&5VHxDORTXHHQHORWURUDUHFXUVRGHKiEHDVFRUSXVQRHUDQHFHVDULRUHFXUULUD
WRGDVODDXWRULGDGHVTXHILUPDQODUHVROXFLyQTXHVHDFXVDFRPROHVLYDDORVGHUHFKRV\JDUDQWtDV
SXHVHVVXILFLHQWHTXHVHDFXVHHODFWR\VHORGHPXHVWUHGHIRUPDIHKDFLHQWHSDUDREWHQHUODWXWHOD
HVWH HQWHQGLPLHQWR DGHPiV HV DVXPLGR SRU OD 6& 5 TXH MXVWLILFD HO UD]RQDPLHQWR D
SDUWLUGHOSULQFLSLRGHLQIRUPDOLVPR(VWDOtQHDGHSHQVDPLHQWRMXULVGLFFLRQDOIXHDVXPLGDHQWUH
RWUDVSRUODV66&&33V\/


(Q FXDQWR D DXWRULGDGHV FHVDQWHV OD 6& 5 TXH VHxDOy TXH HV SRVLEOH HO
SODQWHDPLHQWRGHODGHPDQGDFRQWUDODDXWRULGDGTXHHQHOPRPHQWRGHODSUHVHQWDFLyQGHODDFFLyQ
VHHQFXHQWUHHQHOHMHUFLFLRGHOFDUJR3RVWHULRUPHQWHOD6&HVWDEOHFLyTXHHQWRGDVODV

W


dW^:d
DFFLRQHV GH GHIHQVD SDUD FXPSOLU FRQ HO SUHVXSXHVWR GH OD OHJLWLPDFLyQ SDVLYD HV VXILFLHQWH
LGHQWLILFDUHOFDUJRRODIXQFLyQS~EOLFDHQFX\RHMHUFLFLRVHFRPHWLHURQORVVXSXHVWRVDFWRVLOHJDOHV
VHQWHQFLDTXHHQFXDQWRDHVWHWySLFRFRQWLHQHHOHVWiQGDUPiVDOWR


(O 7ULEXQDO &RQVWLWXFLRQDO HVWDEOHFLy WDPELpQ VXEUHJODV GH IOH[LELOL]DFLyQ D OD
OHJLWLPDFLyQSDVLYDDVtDWUDYpVGHOD6&5GHWHUPLQyTXHVLHQGRFLHUWDODGHWHQFLyQ
LOHJDO DFXVDGD D SHVDU GH OD IDOWDGH OHJLWLPDFLyQSDVLYDGH OD DXWRULGDGUHFXUULGD VH GHFODUDED
SURFHGHQWHHOKiEHDVFRUSXVVLQUHVSRQVDELOLGDG$VXYH]OD6&5SUHFLVyTXHHQHO
UHFXUVRGHKiEHDVFRUSXVH[FHSFLRQDOPHQWHHVSRVLEOHLQJUHVDUDODQiOLVLVGHIRQGR\FRQFHGHUOD
WXWHOD FXDQGR SRU HUURU VH GLULJLy HO UHFXUVR FRQWUD XQD DXWRULGDG GLVWLQWD SHUR GH OD PLVPD
LQVWLWXFLyQUDQJRRMHUDUTXtDHLGpQWLFDVDWULEXFLRQHVDODTXHFRPHWLyHODFWRXRPLVLyQLOHJDO\
VyORFXDQGRGLFKRDFWRXRPLVLyQVHDPDQLILHVWDPHQWHFRQWUDULRDOD/H\\H[LVWDQHOHPHQWRVGH
FRQYLFFLyQIHKDFLHQWHVTXHORGHPXHVWUHQHQWHQGLPLHQWRTXHVHUHLWHUyHQODV66&&
5\5HQWUHRWUDV\DXQTXHHVWHHQWHQGLPLHQWRIXHPRGXODGRGHPDQHUDUHVWULFWLYDSRU
OD6&5HQODTXHVHVHxDOyTXH
HQORVFDVRVHQTXHODDFFLyQGHOLEHUWDGHVHPHUJHQWH
GHXQSURFHVRMXGLFLDORUGLQDULRFRPRVXFHGHHQHVWHFDVRODH[LJHQFLDGHODOHJLWLPDFLyQSDVLYD
GHEH VHU QHFHVDULDPHQWH FXPSOLGD SRU HO DFFLRQDQWH
 HPSHUR OD 6&3  UHFRQGXMR HO
HQWHQGLPLHQWR D OD 6& 5 SRU WDQWR GHEH HVWDEOHFHUVH TXH HQ FDVRV HQ ORV FXDOHV OD
DFFLyQGHOLEHUWDGVHGLULJHSRUHUURUFRQWUDXQDDXWRULGDGMXGLFLDOGLIHUHQWHDODTXHFDXVyODOHVLyQ
SHURGHODPLVPDLQVWLWXFLyQUDQJRMHUDUTXtDHLGpQWLFDVDWULEXFLRQHVHQYLUWXGGHOSULQFLSLRGH
LQIRUPDOLVPR VH DSOLFD OD H[FHSFLyQ D OD OHJLWLPDFLyQ SDVLYD $GHPiV HQ FXDQWR D ODV
IOH[LELOL]DFLRQHVDODOHJLWLPDFLyQSDVLYDHVLPSRUWDQWHVHxDODUTXHOD6&IOH[LELOL]yHVWH
SUHVXSXHVWR HQ FDVRV HQ ORV FXDOHV HO UHFXUUHQWH HVWp HQ VLWXDFLyQ GHVYHQWDMRVD 7DPELpQ OD
IOH[LELOL]DFLyQDODOHJLWLPDFLyQSDVLYDSDUDVXSXHVWRVHQORVFXDOHVVHDLPSRVLEOHLGHQWLILFDUDORV
GHPDQGDGRV UHDOL]DGD HQ OD 6&3  DXQTXH KD\D VLGR GHVDUUROODGD HQ XQD DFFLyQ GH
DPSDURFRQVWLWXFLRQDOHVWDPELpQDSOLFDEOHDODDFFLyQGHOLEHUWDG


(VLPSRUWDQWHDQDOL]DUVXSXHVWRVHVSHFtILFRVYLQFXODGRVFRQOHJLWLPDFLyQSDVLYDHQWUH
HVRV SRU HMHPSOR GHEH FRQVLGHUDUVH OD 6& 5 OD FXDO HVWDEOHFLy TXH OD OHJLWLPDFLyQ
SDVLYDHQDFFLRQHVGHOLEHUWDGSODQWHDGDVFRQWUDFHQWURVKRVSLWDODULRVSRUUHWHQFLRQHVLQGHELGDVGH
SDFLHQWHV OD RVWHQWD HO 'LUHFWRU GH GLFKDV HQWLGDGHV HQ VX FRQGLFLyQ GH Pi[LPD DXWRULGDG DXQ
FXDQGRHOPLVPRQRKXELHVHRUGHQDGRGHPDQHUDGLUHFWDODUHVWULFFLyQGHOLEHUWDGHQWHQGLPLHQWR
TXHIXHDVXPLGRSRUOD6&3


$ VX YH] HQ FXDQWR D OD OHJLWLPDFLyQ SDVLYD GH IXQFLRQDULRV VXEDOWHUQRV GHO yUJDQR
MXGLFLDOOD6&55\HQWUHRWUDVHVWDEOHFLHURQTXH
HVWDVRHVWRVVHUYLGRUHVQRWLHQHQIDFXOWDGHVMXULVGLFFLRQDOHV\VXVIXQFLRQHVVHOLPLWDQDFXPSOLU
ODVyUGHQHVRLQVWUXFFLRQHVGHODVDXWRULGDGHVMXULVGLFFLRQDOHVSRUORTXHFDUHFHQGHOHJLWLPDFLyQ
SDVLYD HQ DFFLRQHV GH OLEHUWDG VDOYR TXH LQFXUULHUDQ HQ H[FHVRV TXH LPSOLTXHQ FRQWUDGLFFLyQ R
DOWHUDFLyQGHODVGHWHUPLQDFLRQHVGHDXWRULGDGHVMXULVGLFFLRQDOHV


3RUVXSDUWHOD6&3VHxDOy
QRVHUtDFRUUHFWRVRVWHQHUTXHODUHSDUDFLyQ
GHORVDFWRVOHVLYRVGHQXQFLDGRVSRUHODFFLRQDQWHVHDQUHFODPDGRVDQWHXQDDXWRULGDGMXGLFLDOTXH
SHUGLyFRPSHWHQFLDSRULQKLELWRULDPiVD~QFXDQGRH[LVWHXQDDXWRULGDGMXGLFLDOTXHHMHUFHSOHQD
FRPSHWHQFLDDFWXDOVREUHODFDXVD\FRQVXILFLHQWHOHJLWLPDFLyQSDVLYDSDUDFRQRFHUVXVWDQFLDU\
UHVROYHU ORV UHFXUVRV RUGLQDULRV TXH FRUUHVSRQGDQ HQ GHUHFKR (Q HVWH VHQWLGR QR HV SRVLEOH
VXVWHQWDUODIDOWDGHOHJLWLPDFLyQSDVLYDGHODDXWRULGDGDFFLRQDGDFRPRFDXVDSDUDQHXWUDOL]DUOD
SUHVHQWHDFFLyQWXWHODU


(Q HO PDUFR GH OR VHxDODGR OD 6&3  GHEH VHU FRQWH[WXDOL]DGD GH DFXHUGR D ORV
OLQHDPLHQWRVSODVPDGRVHQODVVHQWHQFLDVDQWHVDQRWDGDV\VHFRQILJXUDFRPRODSULPHUDVHQWHQFLD
FRQILUPDGRUDGHODOHJLWLPDFLyQSDVLYD


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

/D6&5HQHOFXDUWRFRQVLGHUDQGRVHxDOD
ODGHPDQGD
FDUHFH GH OHJLWLPDFLyQ SDVLYD FDOLGDG TXH VH DGTXLHUH SRU OD
FRLQFLGHQFLD TXH VH GD HQWUHOD DXWRULGDG TXH SUHVXQWDPHQWH FDXVyOD
YLRODFLyQDORVGHUHFKRV\DTXHOODFRQWUDTXLHQVHGLULJHODDFFLyQ


W


dW^:d


,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

'HDFXHUGRDODKLVWRULDGHODOtQHDMXULVSUXGHQFLDOGHVFULWDVHHVWDEOHFH
ORVLJXLHQWH (QFXDQWRDWULEXQDOHVFROHJLDGRVHOHVWiQGDUPiVDOWR
VH HQFXHQWUD FRQWHQLGR HQ OD 6& 5   (Q FXDQWR D
DXWRULGDGHVFHVDQWHVRVHUYLGRUHVS~EOLFRVGHPDQGDGRVHOHVWiQGDUPiV
DOWR HVWi FRQWHPSODGR HQ OD 6&3    (Q FXDQWR D OD
IOH[LELOL]DFLyQ GH OD DFFLyQ GH OLEHUWDG HQ ODV 66&&V 5
5  \  \   (Q UHODFLyQ D FHQWURV
KRVSLWDODULRVHOHVWiQGDUPiVDOWRHVWiSODVPDGRHQOD6&5



2EMHWRQDWXUDOH]DMXUtGLFD\SULQFLSLRVGHODDFFLyQGH
OLEHUWDG,QIRUPDOLVPR
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3/RVFULWHULRVGHRSWLPL]DFLyQHVWDEOHFLGRVHQOD6&3
SDUDODSUHVHQWDFLyQRUDOGHODDFFLyQGHOLEHUWDGGHEHQVHU
VHJXLGRVHQODPHGLGDGHORSRVLEOH\GHSHQGLHQGRGHODVGLIHUHQWHV
UHDOLGDGHVGHFDGDGHSDUWDPHQWR

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHOLEHUWDGODDFFLRQDQWHVRVWXYRTXHODDXWRULGDGMXGLFLDO
GHPDQGDGDOHVLRQy VXV GHUHFKRV DO GHELGR SURFHVR D OD GHIHQVDDOD
LJXDOGDGDODFRQWUDGLFFLyQDODRUDOLGDGDODSXEOLFLGDG\DOSULQFLSLR
GH OHJDOLGDG SRU FXDQWR GLVSXVR OD UHYRFDWRULD GH ODV PHGLGDV
VXVWLWXWLYDVDODGHWHQFLyQSUHYHQWLYDVLQFRQVLGHUDUTXHOD5HVROXFLyQ
TXH GLVSXVR OD FHVDFLyQ GH OD GHWHQFLyQ SUHYHQWLYD VH HQFRQWUDED HQ
JUDGRGHDSHODFLyQTXHQRVHFRQYRFyDXQDDXGLHQFLDH[SUHVDSDUDWDO
HIHFWR\TXHQRVHHQFRQWUDEDSUHVHQWHODDFFLRQDQWH\PHQRVVXGHIHQVD
LQFXPSOLHQGRDVtHOSURFHGLPLHQWRVHxDODGRHQHODUWGHO&33(O
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO DSUREy OD UHVROXFLyQ TXH
FRQFHGLy OD WXWHOD FRQ HO DUJXPHQWR TXH VH OHVLRQy HO GHUHFKR D OD
GHIHQVDGHODDFFLRQDQWHDOKDEHUVHUHYRFDGRODVPHGLGDVVXVWLWXWLYDVHQ
W


dW^:d

VXDXVHQFLD\VLQODSUHVHQFLDGHVXDERJDGRDGHPiVGHQRKDEHUVLGR
QRWLILFDGDFRQOD5HVROXFLyQGHUHYRFDWRULDSDUDTXHSXHGDLPSXJQDUOD
$GLFLRQDOPHQWHHO7ULEXQDOVHSURQXQFLyVREUHODSUHVHQWDFLyQRUDOGH
ODDFFLyQGHOLEHUWDG

6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH OD DFFLyQ GH OLEHUWDG SRU FXDQWR VH UHYRFDURQ ODV PHGLGDV
VXVWLWXWLYDVHQVXDXVHQFLD\VLQODSUHVHQFLDGHVXDERJDGRDGHPiVGH
QRKDEHUVLGRQRWLILFDGDFRQOD5HVROXFLyQGHUHYRFDWRULDSDUDTXHSXHGD
LPSXJQDUOD  $GLFLRQDOPHQWH HO 7ULEXQDO VH SURQXQFLy VREUH OD
SUHVHQWDFLyQRUDOGHODDFFLyQGHOLEHUWDG

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/D OtQHD MXULVSUXGHQFLDO VREUH HO SULQFLSLR GH LQIRUPDOLVPR TXH ULJH D OD DFFLyQ GH
OLEHUWDG  HQFXHQWUD GHVDUUROOR GH DFXHUGR D ORV VLJXLHQWHV WySLFRV D  3RVLELOLGDG GH
SODQWHDPLHQWR RUDO GH OD DFFLyQ GH OLEHUWDG E  )OH[LELOL]DFLyQ HQ ORV UHTXLVLWRV GH
FRQWHQLGRSDUDSUHVHQWDUODGHPDQGDF )OH[LELOL]DFLyQGHODSUXHED\DSOLFDFLyQGHO
SULQFLSLRGH YHUDFLGDG G  5HYLVLyQGH RWURVKHFKRVSRU FRQH[LWXG G 3RVLELOLGDG GH
PRGLILFDU R DPSOLDU ORV GHUHFKRV GHQXQFLDGRV VLHPSUH TXH WHQJDQ FRQH[LWXG FRQ HO
KHFKRLQLFLDOPHQWHGHPDQGDGR\H 5HFRQGXFFLyQGHDFFLRQHV6REUHHOSODQWHDPLHQWR
RUDO GH OD DFFLyQ GH OLEHUWDG VH WLHQH HO VLJXLHQWH GHVDUUROOR MXULVSUXGHQFLDO  (O
7ULEXQDO&RQVWLWXFLRQDOGH7UDQVLFLyQHQOD6&5HVWDEOHFLyVXEUHJODVSDUD
ODSUHVHQWDFLyQRUDOGHODDFFLyQGHOLEHUWDGFRQIRUPHDORVLJXLHQWHD (OVHFUHWDULRR
DFWXDULRGHOMX]JDGRRWULEXQDOGRQGHVHVRUWHyODDFFLyQGHOLEHUWDGGHEHUiVHQWDUHQ
DFWDODGHPDQGDYHUEDOGHODDFFLyQGHOLEHUWDGKDFLHQGRXQDUHODFLyQGHOOXJDUKHFKRV
IHFKDVQRPEUHVFDUJRVGHUHFKRVOHVLRQDGRVSHWLWRULR\GHPiVGDWRVTXHSXGLHUHGDU
\RLGHQWLILFDUHQHVHPRPHQWRE (QFDVRGHTXHHODFFLRQDQWHQRSURSRUFLRQHORVGDWRV
QHFHVDULRVGHEHODEUDUVHHODFWDFRQORVGDWRVTXHVHWHQJDQDVtVHDQPtQLPRV$FX\R
HIHFWRDQXDOPHQWHVHDEULUiXQ/LEURGHSUHVHQWDFLyQRUDOGH$FFLyQGH/LEHUWDG\
TXHHQFDGDDFWDFRQVWDUiHOOXJDUIHFKD\KRUDFRPRWDPELpQHOQRPEUH\ODILUPDGHO
SUHVHQWDQWHVLORKDFHSRUVtRSRURWURFRQRVLQPDQGDWRF $PRPHQWRGHODFLWDFLyQ
DODSHUVRQDDXWRULGDGRIXQFLRQDULRGHPDQGDGRVHOHHQWUHJDUiXQDFRSLDGHODFWDR
HQVXGHIHFWRVHOHKDUiFRQVWDUTXHODDFFLyQWXWHODUIXHSUHVHQWDGDHQIRUPDRUDOFX\R
UHJLVWUR FXUVD HQ HO UHVSHFWLYR /LEUR GHO MX]JDGR R WULEXQDO GH JDUDQWtDV  /D 6&3
 FRQVLGHUDGD FRPR XQD VHQWHQFLD PRGXODGRUD FRPSOHPHQWy GLFKR
UD]RQDPLHQWRHVWDEOHFLHQGRTXHSDUDODSUHVHQWDFLyQRUDOGHXQDDFFLyQGHOLEHUWDGHQ
PpULWRDOSULQFLSLRGHLQIRUPDOLVPRGHEHREVHUYDUVHHQWUHRWUDVODVVLJXLHQWHVUHJODV
 (QSURYLQFLDVGHEHVHUSUHVHQWDGRDQWHHOMXH]RWULEXQDOHQPDWHULDSHQDOGHELHQGR
HO6HFUHWDULRSODVPDUORVGDWRVHVHQFLDOHVHQXQDFWDDHIHFWRVGHODQRWLILFDFLyQ (Q
&DSLWDOHVGH'HSDUWDPHQWRHQYHQWDQLOODRVXHTXLYDOHQWHLQVWDQFLDTXHGHEHUiUHJLVWUDU
ODDFFLyQSDUDHIHFWRVGHVRUWHRXQDYH]VRUWHDGRHORODDFFLRQDQWHGHEHGLULJLUVHDO
MX]JDGRRWULEXQDOTXHFRQRFHUiODFDXVDSDUDTXHVHSODVPHHQDFWDVXGHQXQFLDSDUD
HIHFWRV GH QRWLILFDFLyQ   SDUD HO FDVR GH ODV SHUVRQDV SULYDGDV GH OLEHUWDG TXH QR
FXHQWHQFRQXQDWHUFHUDSHUVRQDSDUDLQWHUSRQHUODDFFLyQODDXWRULGDGHQFDUJDGDGHVX
FXVWRGLDGHEH ODEUDU XQ DFWD \ SUHVHQWDU OD PLVPD D OD DXWRULGDGFRPSHWHQWH \   OD
LQREVHUYDQFLDGHODVUHJODVHVWDEOHFLGDVFRQODILQDOLGDGGHFRQFHGHUODWXWHODGHEHUiQ
VHUFRUUHJLGDVSRUHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOVDOYRFDVRGHLQGHIHQVLyQ
GHODSDUWHDFFLRQDGD3RVWHULRUPHQWHOD6&3DFODUyTXHORVFULWHULRVGH
RSWLPL]DFLyQHVWDEOHFLGRVHQOD6&3GHEHQVHUVHJXLGRVHQODPHGLGDGHOR
SRVLEOHGHSHQGLHQGRGHODVGLIHUHQWHVUHDOLGDGHVGHFDGDGHSDUWDPHQWR(QFXDQWRDOD
IOH[LELOL]DFLyQ GH OD SUXHED \ DSOLFDFLyQ GHO SULQFLSLR GH SUHVXQFLyQ GH YHUDFLGDG HO

W


dW^:d


7ULEXQDO &RQVWLWXFLRQDO HQ ODV 66&& 5 5 5
FRQFOX\y TXH DO H[LVWLU FRQWUDGLFFLRQHV \ QR KDEHU GHVYLUWXDGR ODV DXWRULGDGHV
GHPDQGDGDV ODV GHQXQFLDV HIHFWXDGDV SRU HO DFFLRQDQWH VH WHQGUiQ SRU SUREDGRV ORV
H[WUHPRV GHQXQFLDGRV  &XDQGR ODV DXWRULGDGHV GHQXQFLDGDV QR GHVYLUWXDURQ ORV
KHFKRVGHPDQGDGRVVLWXDFLyQTXHFRQFXUUHFXDQGRQRREVWDQWHVXOHJDOQRWLILFDFLyQQR
FRPSDUHFLHURQDODDXGLHQFLDQLSUHVWDURQVXLQIRUPHGHOH\UD]RQDPLHQWRDSOLFDGRSRU
OD 6&3  VHJXLGD SRU ODV 66&&   /
/ 6  &XDQGR ODV DXWRULGDGHV GHPDQGDGDV D SHVDU GH
FRPSDUHFHU QR QHJDURQ ORV KHFKRV DOHJDGRV SRU HO R OD DFFLRQDQWHV UD]RQDPLHQWR
DSOLFDGRHQODV66&&HQWUHRWUDV'H
RWURODGROD6&5KL]RUHIHUHQFLDDOGHEHUGHODVDXWRULGDGHVGHPDQGDGDV
GH SUHVHQWDU LQIRUPH HVFULWR VHxDODQGR TXH HQ
HO FDVR GH OD DFFLyQ GH OLEHUWDG
DWHQGLHQGR HVSHFLDOPHQWH D ORV SULQFLSLRV GH FRPSURPLVR H LQWHUpV VRFLDO \ GH
UHVSRQVDELOLGDGTXHULJHQODIXQFLyQS~EOLFDDVtFRPRDODQDWXUDOH]DGHORVGHUHFKRV
WXWHODGRV SRU HVD JDUDQWtD MXULVGLFFLRQDO FXDQGR HO VXMHWR SDVLYR HV XQ IXQFLRQDULR
S~EOLFRpVWHWLHQHODREOLJDFLyQGHSUHVHQWDULQIRUPHHVFULWRRHQVXGHIHFWRFRQFXUULUD
OD DXGLHQFLD D ILQ GH GHVYLUWXDU ORV KHFKRV R DFWRV GHQXQFLDGRV FRPR OHVLYRV D ORV
GHUHFKRVGHODFFLRQDQWHSXHVGHQRKDFHUORVHSUHVXPHODYHUDFLGDGGHORVPLVPRV

3RVWHULRUPHQWHOD6&3H[WHQGLyHVWHGHEHUDODSUHVHQWDFLyQGHSUXHEDSRU
SDUWH GH OD DXWRULGDG GHPDQGDGD DGHPiV GH HVWDEOHFHU OD REOLJDFLyQ GH ORV MXHFHV \
WULEXQDOHV GH JDUDQWtDV GH DFWXDU GLOLJHQWHPHQWH OR TXH VXSRQH XQD PRGXODFLyQ D OR
HVWDEOHFLGR HQ ODV 66&& 5 5 5 HQ ODV TXH VH
GHWHUPLQy TXH HO DFFLRQDQWH WHQtD OD REOLJDFLyQ GH SUHVHQWDU ODV SUXHEDV SHUWLQHQWHV
&RQIRUPHDOQXHYRHQWHQGLPLHQWRHOMXH]RWULEXQDOGHJDUDQWtDVHQPpULWRDOSULQFLSLR
GHYHUGDGPDWHULDOGHEHDVXPLUXQUROPiVDFWLYR\DGHPiVWLHQHHOGHEHUGHUHPLWLU
WRGD OD SUXHED DO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO  (Q HVWH FRQWH[WR OD 6&3
FRQVWLWXLGDHQXQDVHQWHQFLDPRGXODGRUDSRVLELOLWyTXHHODFFLRQDQWHVROLFLWH
DOWULEXQDOGHJDUDQWtDVVHUHPLWDHOSURFHVRSULQFLSDOSDUDHIHFWRVSUREDWRULRVHVWDQGR
HO7ULEXQDOGHJDUDQWtDVREOLJDGRDUHPLWLUORVDQWHFHGHQWHVDO7ULEXQDO&RQVWLWXFLRQDO
5HVSHFWRDODIOH[LELOL]DFLyQHQORVUHTXLVLWRVGHFRQWHQLGRSDUDSUHVHQWDUODGHPDQGD
VHWLHQHORVLJXLHQWH/D6&5HVWDEOHFLyTXHODMXVWLFLDFRQVWLWXFLRQDOQR
VyORGHEHOLPLWDUVHDFRPSXOVDUODYLRODFLyQGHODVQRUPDVTXHFLWDUDHOUHFXUUHQWHFRPR
YXOQHUDGDVVLQRWDPELpQGHRWUDVTXHDFRQVHFXHQFLDGHDTXpOODV\SULQFLSDOPHQWHGHO
KHFKRRDFWRTXHVHUHILHUHFRPRFRQVWLWXWLYRGHODOHVLyQUHVXOWDUHQWDPELpQYXOQHUDGDV
TXHGDQGRSURKLELGRUHVROYHUODSUREOHPiWLFDHQEDVHDSUHVXSXHVWRVGLVWLQWRVDORVTXH
KXELHUDUHIHULGRHOUHFXUUHQWHLPSOLFDQGRTXHODH[LJHQFLDGHODFFLRQDQWH~QLFDPHQWH
HVWDEDOLPLWDGDDH[SRQHUORVKHFKRVGHQXQFLDGRV/D6&5HQWHQGLyTXHOD
DXVHQFLDGHIRUPDOLGDGHVHVWiUHIHULGDDODSUHVHQWDFLyQGHOUHFXUVRH[LJLHQGRTXHOD
LGHQWLGDG GHO UHFXUUHQWH R VX UHSUHVHQWDGR GHEH HVWDU SUHFLVDGD  (Q HVWD OtQHD GH
HQWHQGLPLHQWRHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHQOD6&3GHGH
DEULO VHxDOy TXH FXDOTXLHU SHUVRQD SRGUi SODQWHDU OD DFFLyQ GH OLEHUWDG VLQ QLQJXQD
IRUPDOLGDGSURFHVDOHLQFOXVRGHIRUPDRUDO'HODPLVPDIRUPDOD6&3
GHGHDEULOLQGLFyTXH
 HOMXH]RWULEXQDOGHJDUDQWtDVGHEtDVDOYDUORVGHIHFWRVX
RPLVLRQHV GHGHUHFKR DGYHUWLGRV HQ ODGHPDQGD \ SURQXQFLDUVH GH RILFLR VREUH DFWRV
LOHJDOHVGHUHFKRV\JDUDQWtDVFRQH[RVDORVKHFKRVGHQXQFLDGRV/D6&3
UHDILUPy HO FLWDGR HQWHQGLPLHQWR HVWDEOHFLHQGR TXH
 WDPSRFR SRGUi UHTXHULUVH OD
REVHUYDQFLDDODFFLRQDQWHGHOLEHUWDGGHHQWHQGLPLHQWRVMXULVSUXGHQFLDOHVUHIHULGRVD
ODVH[LJHQFLDVGHFDUJDDUJXPHQWDWLYDDVHUFXPSOLGDVHQODGHPDQGDXRWURVUHTXLVLWRV
TXHLPSOLTXHQXQDFDUJDSURFHVDOSDUDDFWLYDUHVWHPHFDQLVPRSURFHVDODOQRHQFRQWUDUVH
OD DFFLyQ GH OLEHUWDG VXMHWD D UHTXLVLWRV GH DGPLVLELOLGDG 
  (PSHUR HVWD ~OWLPD
VHQWHQFLD HV FRQVLGHUDGD FRPR PRGXODGRUD HQ OR TXH UHVSHFWR D  OD H[LJHQFLD GH
LGHQWLILFDFLyQ~QLFDPHQWHGHORVKHFKRVDOKDEHUHVWDEOHFLGRTXHHQFRUUHVSRQGHQFLD
FRQ HO GHELGR SURFHVR \ GHIHQVD GH OD SDUWH GHPDQGDGD HQ VHGH FRQVWLWXFLRQDO HO
DFFLRQDQWHWLHQHHOGHEHUGHVHxDODUHQODDFFLyQVXVFLWDGDODUHODFLyQGHORVKHFKRVR
ORV DQWHFHGHQWHV IDFWLFRV TXH FRQOOHYDURQ D OD YXOQHUDFLyQ GH ORV GHUHFKRV DOHJDGRV
DFODUDQGRTXHHOKHFKRGHQRPHQFLRQDUORVDQWHFHGHQWHVIiFWLFRVHQODDFFLyQGHOLEHUWDG

W


dW^:d
VXVFLWDGD \ SUHWHQGHU KDFHUOR ~QLFDPHQWH HQ DXGLHQFLD FRQWUDYLHQH HO FRQWHQLGR HO
GHUHFKR D OD GHIHQVD GH OD DXWRULGDG GHPDQGDGD 6REUH OD UHYLVLyQ GH RWURV KHFKRV
FRQH[RV\ODSRVLELOLGDGGHPRGLILFDURDPSOLDUORVGHUHFKRVGHQXQFLDGRVVLHPSUHTXH
WHQJDQFRQH[LWXGFRQHOKHFKRLQLFLDOPHQWHGHPDQGDGRVHWLHQHHOVLJXLHQWHGHVDUUROOR
/D6&5HVWDEOHFLy
>(@QPDWHULDGHKiEHDVFRUSXVGDGDODQDWXUDOH]DGH
ORVGHUHFKRVEDMRVXSURWHFFLyQOHHVWiSHUPLWLGRDODMXULVGLFFLyQFRQVWLWXFLRQDOHQXQD
FRUUHFWDDSOLFDFLyQGHODMXVWLFLDFRQVWLWXFLRQDOQRVyOROLPLWDUVHDFRPSXOVDUODYLRODFLyQ
GH ODV QRUPDV TXH FLWDUD HO UHFXUUHQWH FRPR YXOQHUDGDV VLQR WDPELpQ GH RWUDV TXH D
FRQVHFXHQFLD GH DTXpOODV \ SULQFLSDOPHQWH GHO KHFKR R DFWR TXH VH UHILHUH FRPR
FRQVWLWXWLYRGHODOHVLyQUHVXOWDQWDPELpQYXOQHUDGDVORTXHEDMRQLQJ~QPRWLYRSXHGH
LQWHUSUHWDUVHFRPRUHVROYHUODSUREOHPiWLFDHQEDVHDSUHVXSXHVWRVGLVWLQWRVDORVTXH
KXELHUD UHIHULGR HO UHFXUUHQWH SXHV VH UHLWHUD TXH OR GLFKR VH UHILHUH ~QLFDPHQWH D
KHFKRV FRQH[RV YDOH GHFLU TXHGH HVWD FRPSXOVD VH GHWHUPLQDUiQ RWUDV DFFLRQHVTXH
LPSOLTXHQOHVLyQDOGHUHFKRDODOLEHUWDGHQFXDOTXLHUDGHVXVIRUPDVVLHPSUHTXHpVWDV
GHULYDUHQRHVWpQYLQFXODGDVFRQODGHQXQFLD$VXYH]OD6&3GHWHUPLQy
OD SRVLELOLGDG GH DPSOLDU ORV GHUHFKRV \ ORV KHFKRV HQ OD DXGLHQFLD GH OD DFFLyQ GH
OLEHUWDG HVWDEOHFLHQGR TXH
 H[LVWH OD SRVLELOLGDG TXH ORV DVSHFWRV GH GHUHFKR TXH
IXHURQ LQREVHUYDGRV SRU HO DFFLRQDQWH VHDQ VXEVDQDGRV SRU OD DXWRULGDG MXGLFLDO TXH
FRQRFHODDFFLyQSRUGLFKRPRWLYRUHFRQGXMROD6&5\SRVWHULRUHV6&3
 \  DO HQWHQGLPLHQWR FRQWHQLGR HQ OD 6& 5 GHMDQGR
HVWDEOHFLGRTXHHQODVDFFLRQHVGHOLEHUWDGHVSRVLEOHTXHHODFFLRQDQWHPRGLILTXHORV
GHUHFKRVVXSXHVWDPHQWHYXOQHUDGRVHLQFOXVLYHPRGLILTXHRDPSOtHORVKHFKRVEDMROD
~QLFDFRQGLFLyQTXHWHQJDQFRQH[LWXGFRQHOKHFKRLQLFLDOPHQWHGHPDQGDGRSDUDQR
YXOQHUDU HO GHUHFKR D OD GHIHQVD GH OD SDUWH GHPDQGDGD  /D 6&3  HQ HO
PDUFRGHODQXHYD&RQVWLWXFLyQ\HOQXHYRiPELWRGHSURWHFFLyQGHODDFFLyQGHOLEHUWDG
DSOLFDQGRHOSULQFLSLRGHLQIRUPDOLVPRHVWDEOHFLyTXHHQODDFFLyQGHOLEHUWDGHQYLUWXG
DODFDUDFWHUtVWLFDGHLQWHUGHSHQGHQFLDGHORVGHUHFKRVHVSRVLEOHHIHFWXDUHODQiOLVLVGH
RWURVGHUHFKRVFXDQGRWHQJDQFRQH[LWXGFRQORVTXHVHHQFXHQWUDQEDMRVXiPELWRGH
SURWHFFLyQ VXEUD\DQGR TXH HVWD SRVLELOLGDG REHGHFH D OD FDUDFWHUtVWLFD GH
LQWHUGHSHQGHQFLDGHORVGHUHFKRV)LQDOPHQWHEDMRHOSULQFLSLRGHOLQIRUPDOLVPRVHKD
GHVDUUROODGRODGRFWULQDGHUHFRQGXFFLyQGHDFFLRQHVDWUDYpVGHODFXDO(O7ULEXQDO
&RQVWLWXFLRQDO GH 7UDQVLFLyQ UHFRQRFLy HO LQVWLWXWR GH OD UHFRQGXFFLyQ SURFHVDO GH
DFFLRQHVHQOD6&5FXDQGRVHHYLGHQFLHHUURUHQODYtDSURFHVDOHOHJLGD
FX\RHQWHQGLPLHQWRVHOLPLWyDOSHULRGRGHWUDQVLFLyQ\DODDFFLyQGHFXPSOLPLHQWRSRU
VX QRYHGRVD LQFRUSRUDFLyQ D OD &RQVWLWXFLyQ 3ROtWLFD FRQVWLWX\pQGRVH HQ HO SULPHU
DQWHFHGHQWHMXULVSUXGHQFLDO3RVWHULRUPHQWHOD6&3UHFRQGXMRGHPDQHUD
H[FHSFLRQDOXQUHFXUVRGLUHFWRGHQXOLGDGDXQDDFFLyQGHDPSDURFRQVWLWXFLRQDODSDUWLU
GHOSULQFLSLRSURDFWLRQHVLQHVWDEOHFHUVXEUHJODVDSOLFDEOHVDOFDVRFRQFUHWR$VX
YH]ODSRUSULPHUDYH]UHFRQGXMRXQDDFFLyQGHFXPSOLPLHQWRDXQDDFFLyQ
SRSXODU SDUD SXHEORV LQGtJHQDV VHxDODQGR UHTXLVLWRV H[SUHVRV SDUD HO HIHFWR
HQWHQGLHQGRTXHFXDQGRVHHYLGHQFLHHUURUHQODYtDSURFHVDOHOHJLGDVHFXPSODQORV
UHTXLVLWRVLQH[FXVDEOHVGHODDFFLyQSRSXODUQRVHPRGLILTXHQHOSHWLWRULRQLORVKHFKRV
TXHVXVWHQWDQODGHPDQGDVHSUHVHUYHHOGHUHFKRDODGHIHQVDGHODSDUWHGHPDQGDGD\
H[LVWDULHVJRGHLUUHSDUDELOLGDGGHORVGHUHFKRVRLQWHUHVHVFROHFWLYRVRGLIXVRVVLHPSUH
DIDYRU\QXQFDHQSHUMXLFLRGHODSDUWHDFFLRQDQWH(QORTXHUHVSHFWDDODDFFLyQGH
OLEHUWDG ODV 66&&   UHFRQGXMHURQ XQD DFFLyQ GH OLEHUWDG D XQD
DFFLyQ GH DPSDUR YHULILFDQGR SUHYLDPHQWH HO FXPSOLPLHQWR GH ORV UHTXLVLWRV GH HVWD
~OWLPD DFFLyQ \ GH OD LQH[LVWHQFLD GH ODV FDXVDOHV GH LPSURFHGHQFLDV  /D 6&3
 H[WHQGLy GH PDQHUD H[SUHVD OD SRVLELOLGDG GH HIHFWXDU OD UHFRQGXFFLyQ
SURFHVDOHQWRGDVODVDFFLRQHVGHGHIHQVDHVWDEOHFLHQGRDOJXQRVUHTXLVLWRV$VLPLVPR
OD6&3HVWDEOHFLyTXHODUHFRQGXFFLyQSURFHVDOVHFRQVWLWX\HHQXQGHEHU
WUDWiQGRVH GH QDFLRQHV \ SXHEORV LQGtJHQD RULJLQDULR FDPSHVLQRV D SDUWLU GH ODV
FDUDFWHUtVWLFDVGHQXHVWUR(VWDGRDGHPiVGHHVWDEOHFHUODDSOLFDFLyQGHODUHFRQGXFFLyQ
SURFHVDOSDUDWRGDVODVDFFLRQHVGHGHIHQVD)LQDOPHQWHOD6&3GHVDUUROOy
OD ILJXUD GH OD UHFRQGXFFLyQ SURFHVDO VLQ HVWDEOHFHU UHTXLVLWRV SDUD VX DSOLFDFLyQ
HVWDEOHFLHQGRTXHGHDFXHUGRDFLUFXQVWDQFLDVFRQFUHWDV\HQDSOLFDFLyQGHOPpWRGRGH

W


dW^:d


SRQGHUDFLyQ SDUD FDGD FDVR OD DFWLYDFLyQ GHO FRQWURO WXWHODU GH FRQVWLWXFLRQDOLGDG D
WUDYpVGHFXDOTXLHUDGHODVDFFLRQHVGHGHIHQVDHQPpULWRDODQDWXUDOH]DGHGHUHFKRVD
VHU WXWHODGRV SRGUi VHU UHFRQGXFLGD SURFHVDOPHQWH SRU HO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDODODDFFLyQLGyQHDSDUDHOUHVJXDUGRGHORVGHUHFKRVGHQXQFLDGRVFRPR
YXOQHUDGRVODERUTXHWLHQHODILQDOLGDGGHFRQVROLGDUXQDYHUGDGHUDPDWHULDOL]DFLyQGHO
RUGHQFRQVWLWXFLRQDOLPSHUDQWHUHVJXDUGDUHOSULQFLSLRGHMXVWLFLDPDWHULDO\DVHJXUDU
XQUHDODFFHVRDODMXVWLFLDFRQVWLWXFLRQDOSUHVHUYDQGRDVtODYLJHQFLDGHYDORUHVSOXUDOHV
VXSUHPRVFRPRVHUHO
YLYLUELHQ
HQHOPDUFRGHORVOLQHDPLHQWRVSURSLRVGHOSOXUDOLVPR
ODLQWHUFXOWXUDOLGDG\ODGHVFRORQL]DFLyQ


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,
(Q HVWH FRQWH[WR FRQIRUPH SXHGH GHVSUHQGHUVH GH OD
PHQFLRQDGD  6&3  FRPR VH PHQFLRQy FRPSOHPHQWD HO
HQWHQGLPLHQWR GH OD 6& 5 QR HVWDEOHFH XQ SURFHGLPLHQWR
VLQR FULWHULRV GH RSWLPL]DFLyQ TXH
HQ OD PHGLGD GH OR SRVLEOH
 \
GHSHQGLHQGRGHODVGLIHUHQWHVUHDOLGDGHVGHFDGDGHSDUWDPHQWR\GHODV
FLUFXQVWDQFLDVGHOFDVRFRQFUHWRGHEHQHIHFWLYL]DUVHHVGHFLUODVPLVPDV
QRWLHQHQSRUREMHWRHQWRUSHFHUHOWUiPLWHRLPSHGLUHOFXPSOLPLHQWRGH
OD ILQDOLGDG GH OD DFFLyQ GH OLEHUWDG VLQR PiV ELHQ UHVJXDUGDU ORV
GHUHFKRVGHODVSDUWHVSURFHVDOHVLQYROXFUDGDV


,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

'HVDUUROODGDODKLVWRULDMXULVSUXGHQFLDOVHWLHQHORVLJXLHQWH5HVSHFWR
DODSUHVHQWDFLyQRUDOHOSUHFHGHQWHTXHFRQWLHQHHOHVWiQGDUPiVDOWR
HVOD6&3(QFXDQWRDODIDOWDGHSUXHEDV/D6HQWHQFLD
TXHFRQWLHQHHOHVWiQGDUPiVDOWRFRQUHODFLyQDODSUXHEDHQODVDFFLRQHV
GH OLEHUWDG HV OD 6&3   SRUTXH H[WHQGLy HVWH GHEHU D OD
SUHVHQWDFLyQGHSUXHEDSRUSDUWHGHODDXWRULGDGGHPDQGDGDDGHPiVGH
HVWDEOHFHUODREOLJDFLyQGHORVMXHFHV\WULEXQDOHVGHJDUDQWtDVGHDFWXDU
GLOLJHQWHPHQWH \ OD 6&3  TXH FRQILUPD OD OtQHD GH OD
SUHVXQFLyQ GH YHUDFLGDG HQ OD DFFLyQ GH OLEHUWDG  (Q FXDQWR D OD
IOH[LELOL]DFLyQHQORVUHTXLVLWRVGHFRQWHQLGRODVHQWHQFLDTXHFRQWLHQH
HO HVWiQGDU PiV DOWR HV OD 6&3  FRPSOHWDGD SRU OD 6&3
 SRUTXH HVWDEOHFHQ EDMR HO SULQFLSLR GHO LQIRUPDOLVPR
DPSOLDUORVGHUHFKRV\KHFKRVHQODDXGLHQFLDGHDFFLyQGHOLEHUWDGDVt
FRPRODSRVLELOLGDGGHSURWHJHURWURVGHUHFKRVFXDQGRWHQJDQFRQH[LWXG
FRQORVGHUHFKRVTXHVHHQFXHQWUDQGHQWURGHOiPELWRGHSURWHFFLyQGH
OD DFFLyQ GH OLEHUWDG VLQ OLPLWDUORV ~QLFDPHQWH D ORV GHUHFKRV D OD
OLEHUWDGItVLFDRORFRPRFLyQ




W


dW^:d

2EMHWRQDWXUDOH]DMXUtGLFD\SULQFLSLRVGHODDFFLyQGH
OLEHUWDG1RHVWiVXMHWRDOSOD]RGHFDGXFLGDG
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3(OSOD]RGHFDGXFLGDGQRHVDSOLFDEOHHQODDFFLyQGH
OLEHUWDG SXGLHQGR SUHVHQWDUVH  HQ FXDOTXLHU PRPHQWR HQ TXH OD
SHUVRQD FRQVLGHUH HVWDU LQGHELGDPHQWH R LOHJDOPHQWH SHUVHJXLGD
GHWHQLGDSURFHVDGDRFRQVLGHUHTXHVXYLGDRLQWHJULGDGItVLFDHVWHHQ
SHOLJUR

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHOLEHUWDGHODFFLRQDQWHGHQXQFLyTXHHOGHDEULOGH
 DSUR[LPDGDPHQWH GH  D  KRUDV LQJUHVDURQ GH IRUPD
YLROHQWDSHUVRQDVHQFDSXFKDGDVDODKDELWDFLyQGHOKRWHO
/DV$PpULFDV

HQODTXHVHHQFRQWUDEDGRQGHORWRUWXUDURQJROSHDURQHQPDQLOODURQ
OH FXEULHURQ OD FDEH]D OR DPHQD]DURQ GH PXHUWH OR XOWUDMDURQ
YHUEDOPHQWH H KLFLHURQ FDPLQDU FRQ URSD LQWHULRU KDVWD VXELU D XQ
YHKtFXOR\OXHJRDXQDYLyQTXHOROOHYyD/D3D]GRQGHORLQWHUURJDURQ
VLQSUHVHQFLDGHXQDERJDGRGHIHQVRUVLQODDVLVWHQFLDFRQVXODU\VLQXQ
WUDGXFWRU \D TXH pO KDEODED VyOR K~QJDUR PiV WDUGH OOHJDURQ
IXQFLRQDULRV GH OD )LVFDOtD XQD GHIHQVRUD GH RILFLR \ XQ WUDGXFWRU
LQWHUURJiQGROR QXHYDPHQWH XQD YH] FRQFOXLGR HO LQWHUURJDWRULR OR
OOHYDURQDFHOGDVGHOD3ROLFtD7pFQLFD-XGLFLDOGRQGHSHUPDQHFLyMXQWR
D0DULR)UDQFLVFR7DGLF$VWRUJDDODHVSHUDGHVXDXGLHQFLDFDXWHODU
TXHIXHOOHYDGDDFDERGRVGtDVGHVSXpVHQODTXHVXDERJDGDGHQXQFLy
ODVWRUWXUDV\ORVKHFKRVLOtFLWRVDQWHOD-XH]DDKRUDGHPDQGDGDTXLpQ
KL]R FDVR RPLVR \ FRQWLQXy OD DXGLHQFLD HQ OD FXDO VH GHWHUPLQy OD
H[LVWHQFLDGHLQGLFLRVGHFXOSDELOLGDGHQVXFRQWUDSRUORTXHGHWHUPLQy
VX GHWHQFLyQ SUHYHQWLYD HQ HO SHQDO GH 6DQ 3HGUR 3RVWHULRUPHQWH VX
DERJDGDDSHOyDODPHGLGDFDXWHODUODPLVPDTXHIXHUHWLUDGDSRUKDEHU
ILUPDGRHOUHSUHVHQWDGRGHODFFLRQDQWHHOPHPRULDOGHGHVLVWLPLHQWRVLQ
FRQRFHUVXFRQWHQLGRWRGDYH]TXHQRKDEODEDHOHVSDxRODOVHUpOGH
QDFLRQDOLGDGK~QJDUD\QRHVWDUDVLVWLGRGHXQLQWpUSUHWHRWUDGXFWRUHQ
HVHPRPHQWRSRUORTXHFRQVLGHUDFRPROHVLRQDGRVORVGHUHFKRVGHVX
UHSUHVHQWDGRDODYLGDDODOLEHUWDGDODLQYLRODELOLGDGGHOGRPLFLOLRD
ODYLRODFLyQDOSULQFLSLRGHOMXH]QDWXUDO\DFRQWDUFRQXQWUDGXFWRU(O
W


dW^:d


7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOSURQXQFLiQGRVHHQIRUPDSUHYLD
D OD LQH[LVWHQFLD GHO SOD]R GH FDGXFLGDG HQ OD DFFLyQ GH OLEHUWDG
FRQILUPy OD UHVROXFLyQ TXH GHQHJy DSOLFDQGR OD VXVEVLGLDULHGDG
H[FHSFLRQDO GH OD DFFLyQ GH OLEHUWDG SRU DFWLYDFLyQ SDUDOHOD GH
MXULVGLFFLRQHV

([WUDFWRGHODUDWLRGHFLGHQGL

)M ,,, 'H OR SUHFHGHQWHPHQWH UHIHULGR VH DGYLHUWH TXH ORV KHFKRV
RFXUULHURQ HO  GH DEULO GH  \ TXH OD DFFLyQ GH OLEHUWDG IXH
SUHVHQWDGDHOGHDEULOGHHVGHFLUFDVLGRVDxRVGHVSXpVDOQR
HQFRQWUDUVHGLVSXHVWRHQOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGROD/H\
QLHQHO&yGLJR3URFHVDO&RQVWLWXFLRQDOHOSOD]RSDUDODSUHVHQWDFLyQGH
HVWDDFFLyQDGLIHUHQFLDGHODGHDPSDURFRQVWLWXFLRQDOTXHHVWDEOHFH
FRPRSOD]RPi[LPRSDUDODSUHVHQWDFLyQVHLVPHVHVQRHVDSOLFDEOHHQ
ODSUHVHQWHDFFLyQHOSULQFLSLRGHLQPHGLDWH]ORTXHTXLHUHGHFLUTXH
SXHGH VHU SUHVHQWDGR HQ FXDOTXLHU PRPHQWR HQ TXH OD SHUVRQD
FRQVLGHUH R FUHD HVWDU LQGHELGDPHQWH R LOHJDOPHQWH SHUVHJXLGD
GHWHQLGD SUHVD R FRQVLGHUH TXH VX YLGD R LQWHJULGDG ItVLFD HVWH HQ
SHOLJUR

6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJDODDFFLyQGHOLEHUWDGSRUVXEVLGLDULHGDGH[FHSFLRQDOOXHJRGH
HVWDEOHFHUTXHHOSOD]RGHFDGXFLGDGQRRSHUDHQHVWDDFFLyQODDFFLyQ
IXHSUHVHQWDGDFDVLGHVSXpVGHGRVDxRVHQTXHRFXUULHURQORVKHFKRV
GHQXQFLDGRV

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

6REUHODLQH[LVWHQFLDGHOSOD]RGHFDGXFLGDGHQODDFFLyQGHOLEHUWDGVHKDSURQXQFLDGR
HO 7ULEXQDO &RQVWLWXFLRQDO HQ OD 6& 5 HVWDEOHFLHQGR TXH QR H[LVWHQ
OLPLWDFLRQHV HQ UD]yQ GHO WLHPSR SDUD LQWHUSRVLFLyQ GH UHFXUVR GH KDEHDV FRUSXV /D
5SUHFLVy TXH    QRSXHGH DOHJDUVH OD LPSRVLELOLGDG GH PRGLILFDU XQD
UHVROXFLyQHQODYtDGHO+iEHDV&RUSXVEDMRHODUJXPHQWRGHKDEHUVLGRGLFWDGDKDFH
PXFKRWLHPSRGDGRTXHHQODMXULVGLFFLyQFRQVWLWXFLRQDOHQPDWHULDGH+iEHDV&RUSXV
WRGR DFWR R UHVROXFLyQ TXH KXELHUH YXOQHUDGR HO GHUHFKR D OD OLEHUWDG HV VXMHWR GH
UHYLVLyQ\ODSHUVRQDSXHGHDFXGLUHQFXDOTXLHUWLHPSRHQWDQWRFUHDTXHWDOGHUHFKROH
IXHOHVLRQDGR(QHVHFDVRHO7ULEXQDOTXHFRQR]FDHOUHFXUVRH[DPLQDUiODGHPDQGDOD
SUXHEDDSRUWDGD\VLHQFRQWUDUDFLHUWD\HIHFWLYDODGHQXQFLDGHEHHQFXPSOLPLHQWRGH
VXVIXQFLRQHVGHFODUDUSURFHGHQWHHOUHFXUVRRUGHQDQGR\DVHDODLQPHGLDWDOLEHUWDGGHO
UHFXUUHQWH TXH VH UHSDUHQ ORV GHIHFWRV OHJDOHV R TXH VHD SXHVWR D GLVSRVLFLyQ GH OD
DXWRULGDGFRPSHWHQWHDVtVHLQILHUHWDQWRGHODUW,,,GHOD&RQVWLWXFLyQFRPRGHO
9, GH OD /H\ 1   /D 6& 5 HQ HO PDUFR GH OD QXHYD FRQVWLWXFLyQ
FRUURERUyHVWHUD]RQDPLHQWR\GLSXVRTXHODDFFLyQGHOLEHUWDGTXHSXHGHLQWHUSRQHUVH
HQFXDOTXLHUPRPHQWR\QRHVWiVXMHWDDOSULQFLSLRGHLQPHGLDWH]/D6&3
UHDILUPD HVWH HQWHQGLPLHQWR GHWHUPLQDQGR TXHHO SOD]R SDUD OD SUHVHQWDFLyQ GH HVWD
DFFLyQDGLIHUHQFLDGHODGHDPSDURFRQVWLWXFLRQDOTXHHVWDEOHFHFRPRSOD]RPi[LPR
SDUDODSUHVHQWDFLyQVHLVPHVHVQRHVDSOLFDEOHHQODSUHVHQWHDFFLyQHOSULQFLSLRGH

W


dW^:d
LQPHGLDWH]ORTXHTXLHUHGHFLUTXHSXHGHVHUSUHVHQWDGRHQFXDOTXLHUPRPHQWRHQTXH
OD SHUVRQD FRQVLGHUH R FUHD HVWDU LQGHELGDPHQWH R LOHJDOPHQWH SHUVHJXLGD GHWHQLGD
SUHVDRFRQVLGHUHTXHVXYLGDRLQWHJULGDGItVLFDHVWHHQSHOLJUR


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

/D 6& 5 HQ VX WHUFHU FRQVLGHUDQGR GLVSRQH    VREUH OD
H[LJHQFLDOHJDOUHODWLYDDXQDVXSXHVWDLQPHGLDWH]TXHGHEHKDEHUHQWUH
HO DWHQWDGR D OD OLEHUWDG SHUVRQDO \  OD SUHVHQWDFLyQ GHO 5HFXUVR GH
+iEHDV&RUSXVHVHUUyQHDGDGRTXHWDOH[LJHQFLDQRHVWiFRQWHPSODGD
HQODOH\  ORTXHFRUUHVSRQGHDODDXWRULGDGTXHFRQRFHHOUHFXUVR
HVFRPSUREDUVLWDOHVH[WUHPRVVRQHYLGHQWHV\HQFDVRGHVHUORRUGHQDU
VX LQPHGLDWD UHSDUDFLyQ VLQ TXH EDMR FLUFXQVWDQFLD DOJXQD SXHGD
LQYRFDUVHSUHFOXVLyQHQHVWHUHFXUVR



 ,QIRUPDOLVPR'HEHU GHO DFFLRQDQWH GH SUHFLVDU ORV
KHFKRVIiFWLFRVGHQXQFLDGRV
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3(ODFFLRQDQWHWLHQHHOGHEHUGHVHxDODUHQODDFFLyQ
GHOLEHUWDGODUHODFLyQGHORVKHFKRVRORVDQWHFHGHQWHVIiFWLFRVTXH
FRQOOHYDURQ D OD YXOQHUDFLyQ GH ORV GHUHFKRV DOHJDGRV D REMHWR GH
JDUDQWL]DU HO GHUHFKR D OD GHIHQVD GH OD DXWRULGDG R SHUVRQD
GHPDQGDGD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHOLEHUWDGHODFFLRQDQWHDOHJyTXHODIXQGDPHQWDFLyQ\
ODSUHVHQWDFLyQGHODSUXHEDODUHDOL]DUtDHQDXGLHQFLDVLQHPEDUJRQR
VH SUHVHQWy D OD DXGLHQFLD (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO
FRQILUPy OD UHVROXFLyQ TXH GHQHJy OD WXWHOD DO QR SRGHU LQJUHVDU DO
DQiOLVLVGHODSUREOHPiWLFDSODQWHDGDSRUIDOWDGHXQDUHODFLyQGHKHFKRV
DFODUDQGR TXH HO DFFLRQDQWH SRGUtD SODQWHDU QXHYDPHQWH OD DFFLyQ
LQFOX\HQGRODUHODFLyQGHKHFKRVH[WUDxDGD

W


dW^:d


([WUDFWRGHODUDWLRGHFLGHQGL

)M ,,, 6HJ~Q LQIRUPDQ ORV DQWHFHGHQWHV GHO H[SHGLHQWH HO DFFLRQDQWH DOHJD
~QLFDPHQWH TXH OD IXQGDPHQWDFLyQ \ OD SUHVHQWDFLyQ GH OD SUXHED OD UHDOL]DUD HQ
DXGLHQFLDDVHxDODUVH

(QHVWHVHQWLGR\GHODQiOLVLVGHODGHPDQGDFRQVWLWXFLRQDOVHFRQVWDWDTXHHODFFLRQDQWH
QR LQGLFD FXiOHV VRQ ORV KHFKRV R DQWHFHGHQWHV IiFWLFRV TXH KDEUtDQ FRQOOHYDGR D OD
YXOQHUDFLyQ D VXV GHUHFKRV SDUD TXH GH HVWD IRUPD pVWH 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDOLGHQWLILFDQGRHOREMHWR\ODFDXVDGHODSUREOHPiWLFDHQVXFDVRFRUULMD
RUHSDUHGHIRUPDLQPHGLDWDHIHFWLYD \REMHWLYDORVDWHQWDGRVFRQWUDHOGHUHFKRDOD
YLGDDIHFWDFLyQDODOLEHUWDGFXDOTXLHUDFWRXRPLVLyQTXHHVWDEOH]FDXQSURFHVDPLHQWR
RSHUVHFXFLyQLQGHELGDSDUDHVHHIHFWRVLELHQSRUODVFDUDFWHUtVWLFDVGHHVWDJDUDQWtD
FRQVWLWXFLRQDOQRHVQHFHVDULRHVSHFLILFDUORVGHUHFKRVFRQVLGHUDGRVOHVLRQDGRVSHURVt
GHEH H[LVWLUXQD PtQLPD UHODFLyQ GHKHFKRV TXH VLUYDQSDUD HIHFWXDU HO DQiOLVLV GH OD
FDXVD\ODFRQWUDVWDFLyQFRQODVSUXHEDVTXHFXUVDQHQHOH[SHGLHQWH\GHHVWDIRUPD
LQFOXVLYHVHSXHGDFRQRFHUFRQFHUWLGXPEUHVLHODFFLRQDQWHLQWHUSRQHODDFFLyQSRUVt
RHQUHSUHVHQWDFLyQGHRWUDSHUVRQDVLWXDFLyQDXVHQWHHQODSUHVHQWHDFFLyQHVSHFLDO


(VQHFHVDULRDFODUDUTXHVLELHQODDXWRULGDGILVFDOGHPDQGDGDSUHVHQWyVXLQIRUPHDQWH
OD-XH]GHJDUDQWtDVVLQHPEDUJRGHHOORDILUPDFODUDPHQWHTXHQRFRQRFHDODFFLRQDQWH
\PHQRVWXYLHVHDOJ~QSURFHVRSHQDODSHUWXUDGRHQVXFRQWUDHQWRGRFDVRUHILHUHTXH
SRULQIRUPDFLyQSROLFLDOVHHQWHURTXHHODFFLRQDQWHHVKHUPDQRGHXQLPSXWDGRHOFXDO
HVWDUtDVRPHWLGRDXQSURFHVRSHQDOHQODFLXGDGGH6DQWD&UX]SRUODSUHVXQWDFRPLVLyQ
GHO GHOLWR GH DVHVLQDWR VLWXDFLyQ TXH WDPELpQ LPSRVLELOLWD DO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDOLQJUHVDUDODQiOLVLVGHIRUPDREMHWLYD\HQHOPDUFRGHODFHUWH]DSOHQD
PiVD~QFRPRVHGLMRVLHODFFLRQDQWHQRHVSHFLILFDQLDFODUDDTXLHQUHSUHVHQWDRVLHO
PLVPR HV HO DJUDYLDGR HQ VXV GHUHFKRV DGHPiV GH TXH FRQ XQD DFWLWXG SDVLYD QR
FRUURERUDFRQODSUXHEDTXHSURWHVWDSUHVHQWDUHQODDXGLHQFLDSDUDTXHGHHVWDIRUPD
H[LVWDQ RWURV HOHPHQWRV TXH D\XGHQ D WHQHU XQD FRUUHFWD FRQYLFFLyQ VREUH OD FDXVD
DFODUDQGRTXHHQFDVRVGHTXHODSUXHEDQRVHDVXILFLHQWHHO7&3WLHQHODIDFXOWDGGH
RUGHQDU D OD DXWRULGDG FRUUHVSRQGLHQWH UHPLWD OD GRFXPHQWDFLyQ UHTXHULGD HQ HO
SUHVHQWH DVXQWR QR VH SXHGH MXVWDPHQWH SRU ODV FLUFXQVWDQFLDV GHO FDVR \ OD
DUJXPHQWDFLyQ UHIHULGD H[LVWLHQGR SRU WDQWR HO ULHVJR \ SRVLELOLGDG GH TXH HVWH
7ULEXQDOLQJUHVHDXQDVXEMHWLYLGDGQRDFRUGHDOPDQGDWRTXHOD&RQVWLWXFLyQ3ROtWLFD
GHO(VWDGROHRWRUJDTXHHVHOYHODUSRUODVXSUHPDFtDGHOD1RUPD6XSUHPDHMHUFHUHO
FRQWUROGHFRQVWLWXFLRQDOLGDG\SUHFDXWHODUHOUHVSHWR\ODYLJHQFLDGHORVGHUHFKRV\ODV
JDUDQWtDVFRQVWLWXFLRQDOHV


(Q HVWH VHQWLGR VH FRQFOX\H OD LQH[LVWHQFLD GH XQD UHODFLyQ GH KHFKRV R
DQWHFHGHQWHVIiFWLFRVTXHVLUYDQGHEDVHDODMXULVGLFFLyQFRQVWLWXFLRQDOSDUDLGHQWLILFDU
ODSUREOHPiWLFDREMHWRGHWXWHODODSHUVRQDTXHJR]DGHOHJLWLPLGDGDFWLYDSDUDSODQWHDU
OD DFFLyQ GH OLEHUWDG \ SRU HQGH OD FRPSHWHQFLD WHUULWRULDO GHO -XH] GH JDUDQWtDV
FRUUHVSRQGLHQGR HQ FRQVHFXHQFLD GHQHJDU OD WXWHOD DFODUDQGR TXH HO DFFLRQDQWH R OD
SHUVRQDDJUDYLDGDSXHGHSODQWHDUQXHYDPHQWHODDFFLyQGHOLEHUWDGEDMRORVSDUiPHWURV
MXUtGLFRVUHIHULGRVSUHYLRUHFODPRGHVXVGHUHFKRVDQWHODDXWRULGDGFRPSHWHQWHGHOD
MXULVGLFFLyQRUGLQDULDPHGLDQWHORVPHFDQLVPRVHVSHFtILFRVSUHYLVWRVSRUOH\


6LQWHVLVGHODUDWLRGHFLGHQGL

'HQHJy OD DFFLyQ GH OLEHUWDG SRU QR SRGHU LQJUHVDU DO DQiOLVLV GH OD
SUREOHPiWLFDSODQWHDGDSRUIDOWDGHXQDUHODFLyQGHKHFKRVDFODUDQGR
TXH HO DFFLRQDQWH SXHGH SODQWHDU QXHYDPHQWH OD DFFLyQ LQFOX\HQGROD
UHODFLyQGHKHFKRVH[WUDxDGD
W


dW^:d


&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/DMXULVSUXGHQFLDGHO7ULEXQDO&RQVWLWXFLRQDODWUDYpVGHOD6&5HVWDEOHFLy
TXHGHODQDWXUDOH]DPLVPDGHO+iEHDV&RUSXV5HFXUVR([WUDRUGLQDULRLQVWLWXLGR
SDUDSUHFDXWHODUHOUHVSHWRGHXQGHUHFKRSULPLJHQLRFRPRHVHOGHUHFKRDODOLEHUWDG
VH HYLGHQFLD TXH QR UHTXLHUH GH PD\RUHV IRUPDOLGDGHV SDUD VX LQWHUSRVLFLyQ
SHUPLWLpQGRVH SRU HOOR TXH VHD SUHVHQWDGR SRU HO GLUHFWDPHQWH DJUDYLDGR R SRU RWUD
SHUVRQDDVXQRPEUHVLQPDQGDWRH[SUHVRDVLPLVPRHQORVFDVRVGHPHQRUHVGHHGDG
LQFDSDFHVRDQDOIDEHWRVVHSXHGHSUHVHQWDUHO5HFXUVRHQIRUPDYHUEDOHODERUiQGRVHHO
DFWDUHVSHFWLYDFRQIRUPHORSUHYpHODUW,,~OWLPDSDUWHGHODPHQFLRQDGD/H\
/D
6&5HQHOPDUFRGHOSULQFLSLRGHOLQIRUPDOLVPRTXHFDUDFWHUL]DDODDFFLyQ
GHOLEHUWDGHVWDEOHFLyTXHODMXVWLFLDFRQVWLWXFLRQDOQRVyORGHEHOLPLWDUVHDFRPSXOVDUOD
YLRODFLyQGHODVQRUPDVTXHFLWDUDHOUHFXUUHQWHFRPRYXOQHUDGDVVLQRWDPELpQGHRWUDV
TXHDFRQVHFXHQFLDGHDTXpOODV\SULQFLSDOPHQWHGHOKHFKRRDFWRTXHVHUHILHUHFRPR
FRQVWLWXWLYRGHOD OHVLyQ UHVXOWDQ WDPELpQ YXOQHUDGDV TXHGDQGR SURKLELGR UHVROYHU OD
SUREOHPiWLFDHQEDVHDSUHVXSXHVWRVGLVWLQWRVDORVTXHKXELHUDUHIHULGRHOUHFXUUHQWH
LPSOLFDQGRTXHODH[LJHQFLDGHODFFLRQDQWH~QLFDPHQWHHVWDEDOLPLWDGDDH[SRQHUORV
KHFKRV GHQXQFLDGRV $ VX YH] OD 6& 5 HQWHQGLy TXH HO UHFXUVR GH KiEHDV
FRUSXVSRUVXQDWXUDOH]DMXUtGLFDQRQHFHVLWDGHUHTXLVLWRVSDUDVXSUHVHQWDFLyQORTXH
VLJQLILFD TXH OD DXVHQFLD GH IRUPDOLGDGHV HVWi UHIHULGD D OD SUHVHQWDFLyQ GHO UHFXUVR
H[LJLHQGRODLGHQWLGDGGHOUHFXUUHQWHRVXUHSUHVHQWDGRGHEHHVWDUSUHFLVDGD
(Q HVWD OtQHD GH HQWHQGLPLHQWR HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HQ OD 6&3
 GH  GH DEULO VHxDOy TXH FXDOTXLHU SHUVRQD SRGUi SODQWHDU OD DFFLyQ GH
OLEHUWDGVLQQLQJXQDIRUPDOLGDGSURFHVDOHLQFOXVRGHIRUPDRUDO'HODPLVPDIRUPD
OD6&3GHGHDEULOLQGLFyTXH
QLHOFRQVWLWX\HQWHQLHOOHJLVODGRUDUW
GHOD/7&3KDQHVWDEOHFLGRUHTXLVLWRVIRUPDOHVRGHFRQWHQLGRSDUDODSUHVHQWDFLyQ
GHODGHPDQGDGHDFFLyQGHOLEHUWDGTXHWHQJDQTXHVHUFXPSOLGRVSDUDVXDFWLYDFLyQ
LQFOXVLYHEDMRHVWHSULQFLSLR  HOMXH]RWULEXQDOGHJDUDQWtDVGHEtDVDOYDUORVGHIHFWRV
XRPLVLRQHVGHGHUHFKRDGYHUWLGRVHQODGHPDQGD\SURQXQFLDUVHGHRILFLRVREUHDFWRV
LOHJDOHVGHUHFKRV\JDUDQWtDVFRQH[RVDORVKHFKRVGHQXQFLDGRV
/D6&3UHDILUPDHQFLWDGRHQWHQGLPLHQWRHVWDEOHFLHQGRTXH
ODDXWRULGDG
FRPSHWHQWH SRGUi RUGHQDU D TXLHQ WHQJD HQ VX SRGHU OD UHPLVLyQ GH DFWXDGRV
FRQFHUQLHQWHV DO KHFKR GHPDQGDGR
 RWRUJDQGR OD IDFXOWDG DO WULEXQDO GH JDUDQWtDV GH
SHGLUWRGRHOHPHQWRSUREDWRULRLQGHSHQGLHQWHPHQWHGHOSUHVHQWDGRSRUHODFFLRQDQWHR
SRUODDXWRULGDGRSHUVRQDGHPDQGDGDFRQODILQDOLGDGGHHQFRQWUDUODYHUGDGPDWHULDO
GHORVKHFKRVGHQXQFLDGRV
3UHFLVDQGR TXH
EDMR HO SULQFLSLR GHO LQIRUPDOLVPR SRU XQ ODGR QR SRGUiQ H[LJLUVH
SUHVXSXHVWRV IRUPDOHV D VHU FXPSOLGRV SRU HO DFFLRQDQWH SDUD DFWLYDU HO iPELWR GH
SURWHFFLyQ GH OD DFFLyQ GH OLEHUWDG \ SRU RWUD SDUWH WDPSRFR SRGUi UHTXHULUVH OD
REVHUYDQFLDDODFFLRQDQWHGHOLEHUWDGGHHQWHQGLPLHQWRVMXULVSUXGHQFLDOHVUHIHULGRVD
ODVH[LJHQFLDVGHFDUJDDUJXPHQWDWLYDDVHUFXPSOLGDVHQODGHPDQGDXRWURVUHTXLVLWRV
TXHLPSOLTXHQXQDFDUJDSURFHVDOSDUDDFWLYDUHVWHPHFDQLVPRSURFHVDODOQRHQFRQWUDUVH
ODDFFLyQGHOLEHUWDGVXMHWDDUHTXLVLWRVGHDGPLVLELOLGDG 

3DUDFRQFOXLUTXHREVHUYDQGRHOGHELGRSURFHVRDVHJXUDQGRHOGHUHFKRDODGHIHQVDGH
ODSDUWHGHPDQGDGDHQVHGHFRQVWLWXFLRQDOHODFFLRQDQWHWLHQHHOGHEHUGHVHxDODUHQOD
DFFLyQVXVFLWDGDODUHODFLyQGHORVKHFKRVRORVDQWHFHGHQWHVIDFWLFRVTXHFRQOOHYDURQ
DODYXOQHUDFLyQGHORVGHUHFKRVDOHJDGRVDFODUDQGRTXHHOKHFKRGHQRPHQFLRQDUORV
DQWHFHGHQWHVIiFWLFRVHQODDFFLyQGHOLEHUWDGVXVFLWDGD\SUHWHQGHUKDFHUOR~QLFDPHQWH
HQ DXGLHQFLD FRQWUDYLHQH HO FRQWHQLGR HO GHUHFKR D OD GHIHQVD GH OD DXWRULGDG
GHPDQGDGD


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

W


dW^:d


/D6&5HQVX)-,,,GLVSRQH
4XHHQPDWHULDGHKiEHDVFRUSXVGDGDOD
QDWXUDOH]D GH ORV GHUHFKRV EDMR VX SURWHFFLyQ OH HVWi SHUPLWLGR D OD MXULVGLFFLyQ
FRQVWLWXFLRQDOHQXQDFRUUHFWDDSOLFDFLyQGHODMXVWLFLDFRQVWLWXFLRQDOQRVyOROLPLWDUVHD
FRPSXOVDU OD YLRODFLyQ GH ODV QRUPDV TXH FLWDUD HO UHFXUUHQWH FRPR YXOQHUDGDV VLQR
WDPELpQGHRWUDVTXHDFRQVHFXHQFLDGHDTXpOODV\SULQFLSDOPHQWHGHOKHFKRRDFWRTXH
VHUHILHUHFRPRFRQVWLWXWLYRGHODOHVLyQUHVXOWDQWDPELpQYXOQHUDGDVORTXHEDMRQLQJ~Q
PRWLYR SXHGH LQWHUSUHWDUVH FRPR UHVROYHU OD SUREOHPiWLFD HQ EDVH D SUHVXSXHVWRV
GLVWLQWRVDORVTXHKXELHUDUHIHULGRHOUHFXUUHQWHSXHVVHUHLWHUDTXHORGLFKRVHUHILHUH
~QLFDPHQWHDKHFKRVFRQH[RVYDOHGHFLUTXHGHHVWDFRPSXOVDVHGHWHUPLQDUiQRWUDV
DFFLRQHV TXH LPSOLTXHQ OHVLyQ DO GHUHFKR D OD OLEHUWDG HQ FXDOTXLHUD GH VXV IRUPDV
VLHPSUHTXHpVWDVGHULYDUHQRHVWpQYLQFXODGDVFRQODGHQXQFLD
4XHGLFKRHQWHQGLPLHQWRQRVyORVHLQILHUHGHXQDLQWHUSUHWDFLyQLUUHVWULFWDH[WUDtGDGH
ODIXQFLyQHQDEVWUDFWRHQFRPHQGDGDDHVWH7ULEXQDOVLQRTXHVHHQFXHQWUDHQODVQRUPDV
SUHYLVWDVHQHODUW
, GHOD/H\GHO7ULEXQDO&RQVWLWXFLRQDO /7& TXHIDFXOWDDOyUJDQRMXULVGLFFLRQDO
TXHFRQRFHHOUHFXUVRVDOYDUORVGHIHFWRV\RPLVLRQHVGHGHUHFKRTXHIXHUHQDGYHUWLGRV
FRPRYXOQHUDGRVHQ
PpULWRDORFXDOHVWH7ULEXQDOQRVyORDQDOL]DUiODVXSXHVWDLQIUDFFLyQDORVSUHFHSWRV
DOXGLGRVHQHOUHFXUVRFRPRYLRODGRVVLQRWDPELpQODSRVLEOHLQIUDFFLyQDRWUDVQRUPDV
TXH WLHQHQ FRQH[LyQ FRQ ODV LQYRFDGDV SRU HO UHFXUUHQWH &RQIRUPH D OR VHxDODGR HO
DQiOLVLVSUHVHQWHQRVyORFRQVLGHUDUiODVXSXHVWDLQIUDFFLyQGHQXQFLDGDSRUHOUHFXUUHQWH
VLQR WDPELpQ RWUDV QRUPDV TXH WLHQHQ FRQH[LyQ FRQ ODV LQYRFDGDV SRU pVWH SDUD HQ
GHILQLWLYDGHWHUPLQDUVLpVWDVDPHULWDQVHRWRUJXHODWXWHODSUHYLVWDSRUHODUW&3(




 &ODVLILFDFLyQ MXULVSUXGHQFLDO GH OD DFFLyQ GH


OLEHUWDG7UDVODWLYDRGHSURQWRGHVSDFKR
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLDSUHFHGHQFLDOUHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD ([WUDFWRRUHFRQVWUXFFLyQGHOSUHFHGHQWHFRQVWLWXFLRQDO

6&3   (V SRVLEOH DQDOL]DU D WUDYpV GH OD DFFLyQ OLEHUWDG ODV
GHQXQFLDVGHGLODFLyQHQODWUDPLWDFLyQGHODH[FHSFLyQGHH[WLQFLyQGHOD
DFFLyQSHQDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHOLEHUWDGHODFFLRQDQWHPDQLIHVWyTXHGHQWURGHOSURFHVRSHQDO
TXH VH OH VLJXH LQWHUSXVR UHFXUVR GH FDVDFLyQ DQWH HO 7ULEXQDO 6XSUHPR GH
-XVWLFLD\TXHDQWHODDXWRULGDGMXULVGLFFLRQDOLQIHULRUTXHVHHQFRQWUDEDDFDUJR
GHOSURFHVRRSXVRH[FHSFLyQGHH[WLQFLyQGHODDFFLyQSHQDOSRUSUHVFULSFLyQ
PLVPD TXH QR IXH SXHVWD HQ FRQRFLPLHQWR GHO PHQFLRQDGR 7ULEXQDO TXH HQ
WRWDO GHVFRQRFLPLHQWR GH OD SUHWHQVLyQ SODQWHDGD HPLWLy HO $XWR 6XSUHPR
 SRU HO GHFODUy LQDGPLVLEOH HO UHFXUVR GH FDVDFLyQ PRWLYDQGR OD
HMHFXWRULDGHOD6HQWHQFLDGHSULPHUDLQVWDQFLDTXHGLVSRQtDVXUHFOXVLyQSRU
WUHVDxRV\VHLVPHVHVHQHOSHQDOGH6DQ3HGURVLWXDFLyQTXHFRQWUDYLHQHHO

W


dW^:d
GHELGR SURFHVR GHELGR D TXH OD H[WLQFLyQ SODQWHDGD FRQ DQWHULRULGDG D OD
HPLVLyQ GHO IDOOR VXSUHPR QR IXH WUDPLWDGD FRQIRUPH D SURFHGLPLHQWR (Q
FRQVHFXHQFLDVROLFLWDVHGHMHVLQHIHFWRHOPDQGDPLHQWRGHFRQGHQD\VHRUGHQH
ODWUDPLWDFLyQGHODH[FHSFLyQGHH[WLQFLyQGHODDFFLyQSHQDOSODQWHDGDSRUVX
SDUWHRUGHQiQGRVHVXOLEHUWDG(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOUHYRFy
OD UHVROXFLyQ GHO WULEXQDO GH JDUDQWtDV \ FRQFHGLy OD WXWHOD GLVSRQLHQGR OD
QXOLGDGGHO$XWR6XSUHPRGHODGHFODUDWRULDGHHMHFXWRULDGHOD6HQWHQFLD\
GHO PDQGDPLHQWR GH FRQGHQD RUGHQDQGR OD WUDPLWDFLyQ LQPHGLDWD GH OD
H[FHSFLyQGHH[WLQFLyQGHODDFFLyQSHQDOSRUSUHVFULSFLyQ$VLPLVPRRUGHQy
ODUHPLVLyQGHDQWHFHGHQWHVDO&RQVHMRGHOD0DJLVWUDWXUDFRQUHODFLyQDORV
PLHPEURVGHO7ULEXQDO7HUFHURGH6HQWHQFLD3HQDOGHOGHSDUWDPHQWRGH/D3D]

([WUDFWRGHODUDWLRGHFLGHQGL

)M ,,, (Q HVWH FRQWH[WR HO FDVR TXH VH DQDOL]D VH DGHF~D D OD DFFLyQ GH
OLEHUWDG WUDVODWLYD R GH SURQWR GHVSDFKR HQ HO HQWHQGLGR GH TXH OD IDOWD GH
WUDPLWDFLyQGHODH[FHSFLyQGHH[WLQFLyQGHODDFFLyQSHQDOSRUSUHVFULSFLyQ
TXH GH DFXHUGR DO DUW  GHO &33 PHUHFH SUHYLR \ HVSHFLDO
SURQXQFLDPLHQWRSHUPLWLyTXHHOSURFHVRSHQDOVHJXLGRFRQWUDHODFFLRQDQWH
FRQFOX\DHQWRGDVODVLQVWDQFLDVFRQODHMHFXWRULDGHODVHQWHQFLDFRQGHQDWRULD
RULJLQDQGR FRPR OyJLFD FRQVHFXHQFLD VH OLEUH PDQGDPLHQWR GH FRQGHQD TXH
KDELHQGRVLGRHMHFXWDGRD~QFXDQGRVXSUHWHQVLyQVHHQFRQWUDEDSHQGLHQWHKD
UHVWULQJLGRVXGHUHFKRDODOLEHUWDG

$Vt GH OD YHULILFDFLyQ FURQROyJLFD GH DFWXDGRV VH WLHQH TXH HO DFFLRQDQWH
RSXVRHOGHDJRVWRGHH[FHSFLyQGHH[WLQFLyQGHODDFFLyQSHQDOSRU
SUHVFULSFLyQDQWHHO7ULEXQDO7HUFHURGH6HQWHQFLD3HQDOGHOGHSDUWDPHQWRGH
/D 3D] DO KDEHU WUDQVFXUULGR PiV GH FLQFR DxRV GHVGH OD IHFKD HQ TXH
VXSXHVWDPHQWH VH FRPHWLy HO LOtFLWR SRU HO TXH IXH FRQGHQDGR VLQ HPEDUJR
KDVWD OD IHFKD GH LQWHUSRVLFLyQ GH OD SUHVHQWH DFFLyQ WLWXODU QR PHUHFLy
SURQXQFLDPLHQWRHVGHFLUKDWUDQVFXUULGRDSUR[LPDGDPHQWHXQDxRVLQTXHOD
SUHWHQVLyQGHOMXVWLFLDEOHKD\DVLGRDWHQGLGDKHFKRTXHKDSURYRFDGRSHUMXLFLR
D OD SDUWH SURFHVDO D SDUWLU GH OD UHVWULFFLyQ GH VX GHUHFKR D OD OLEHUWDG TXH
HPHUJHFRPRFRQVHFXHQFLDGHODGLODFLyQHQODWUDPLWDFLyQGHOSHWLWRULR

6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH OD DFFLyQ GH OLEHUWDG DFODUDQGR HQ IRUPD SUHYLD OD YLDELOLGDG GH
FRQVLGHUDUODVROLFLWXGGHGHPRUDHQHOWUDWDPLHQWRGHVXH[WLQFLyQGHODDFFLyQ
SHQDO SRU SUHVFULSFLyQ D WUDYpV GH HVWH PHFDQLVPR WXWHODU SRU KDEHU
WUDQVFXUULGRDSUR[LPDGDPHQWHXQDxRVLQTXHODSUHWHQVLyQGHOMXVWLFLDEOHKD\D
VLGRDWHQGLGD

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/DOtQHDMXULVSUXGHQFLDOVREUHODSURWHFFLyQTXHEULQGDODDFFLyQGHOLEHUWDGFRQ
UHODFLyQDODVOHVLRQHVDOGHELGRYLQFXODGDVFRQODH[WLQFLyQGHODDFFLyQSHQDO
SRUGXUDFLyQPi[LPDHVODVLJXLHQWH,QLFLDOPHQWHOD6&5GH
GHGLFLHPEUHFX\RHQWHQGLPLHQWRKDVLGRUHLWHUDGRHQODV66&&5
5 HVWDEOHFLy TXH DQWH SUREOHPiWLFDV HQ ODV TXH VH GHQXQFLD

W


dW^:d


SURFHVDPLHQWR\GHWHQFLyQLQGHELGRVSRUQRKDEHUVHGHFODUDGRODH[WLQFLyQGH
OD HWDSD SUHSDUDWRULD SRU HO WUDQVFXUVR GHO SOD]R Pi[LPR GH OD HWDSD
SUHSDUDWRULDVXDQiOLVLVQRSRGtDHIHFWXDUVHDWUDYpVGHOKiEHDVFRUSXVDKRUD
DFFLyQ GH OLEHUWDG DO FRQVWLWXLU XQD SUREOHPiWLFD TXH VHJ~Q DTXHO
HQWHQGLPLHQWR QR VH HQFXHQWUD GLUHFWDPHQWH YLQFXODGD FRQ HO GHUHFKR D OD
OLEHUWDGGHORFRPRFLyQSRUQRRSHUDUFRPRFDXVDGHVXUHVWULFFLyQ\TXHDOVHU
XQH[WUHPRTXHVHHQFXHQWUDYLQFXODGRFRQODJDUDQWtDGHOGHELGRSURFHVROD
SDUWH DIHFWDGD SXHGH DFXGLU DQWH OD MXULVGLFFLyQ FRQVWLWXFLRQDO FRQ OD
LQWHUSRVLFLyQ GHO UHFXUVR GH DPSDUR FRQVWLWXFLRQDO XQD YH] DJRWDGRV ORV
PHGLRV\UHFXUVRVUHFRQRFLGRVHQODMXULVGLFFLyQRUGLQDULD5HIRU]DQGRHVWH
UD]RQDPLHQWR \ DQDOL]DQGR XQD SUREOHPiWLFD UHODFLRQDGD FRQ OD VROLFLWXG GH
H[WLQFLyQGHODDFFLyQSHQDOOD6&5GHGHMXQLRH[SUHVy
HO
UHFXUUHQWH D WUDYpV GH HVWD DFFLyQ WXWHODU SUHWHQGH VH VXEVDQH OD VXSXHVWD
RPLVLyQ HQ TXH KDEUtDQ LQFXUULGR ODV DXWRULGDGHV MXGLFLDOHV UHFXUULGDV DO QR
SURQXQFLDUVHH[SUHVDPHQWHVREUHODH[WLQFLyQGHODDFFLyQSHQDOORTXHHQVX
FULWHULR YXOQHUD VX GHUHFKR DO GHELGR SURFHVR VLWXDFLyQ TXH QR SXHGH VHU
FRQVLGHUDGDDWUDYpVGHHVWHUHFXUVRSRUQRFRQVWLWXLUVHHQODFDXVDGLUHFWDGH
ODSULYDFLyQGHODOLEHUWDGItVLFDGHOUHIHULGRUHFXUUHQWHSXHVDOHVWDUYLQFXODGD
ODGHQXQFLDSODQWHDGDDODVXSXHVWDYXOQHUDFLyQGHOGHUHFKRDOGHELGRSURFHVR
ODRPLVLyQGHQXQFLDGDGHEHVHUUHSDUDGDSRUORVMXHFHV\WULEXQDOHVRUGLQDULRV
FRPSHWHQWHVSDUDODVXVWDQFLDFLyQGHODFDXVDDWUDYpVGHORVPHGLRV\UHFXUVRV
UHFRQRFLGRVSRUODQRUPDDGMHWLYDSHQDO
UD]RQDPLHQWRTXHIXHUDUHLWHUDGRSRU
ODV 66&& 5 5 GH  GH DEULO HQWUH RWUDV  /D 6&3
GHGHIHEUHURGLVFHUQLyGRVVLWXDFLRQHVGLVWLQWDVHQWDOVHQWLGR
HVWDEOHFLy TXH OD H[WLQFLyQ GH OD DFFLyQ SHQDO QR VH HQFXHQWUD GLUHFWDPHQWH
YLQFXODGD FRQ HO GHUHFKR D OD OLEHUWDG DO QR FRQVWLWXLUVH HQ FDXVDO GH VX
UHVWULFFLyQPLVPDTXHHQWRGRFDVRSRGUtDGHEHUVHDODGHFLVLyQDVXPLGDSRU
DXWRULGDG FRPSHWHQWH SRU OR TXH FRUUHVSRQGHUtD D OD HVHQFLD GHO GHELGR
SURFHVRHOFXDOHVWXWHODEOHDWUDYpVGHODDFFLyQGHDPSDURFRQVWLWXFLRQDO
/D6&3HQDQiOLVLVPRGXODHOHQWHQGLPLHQWRUHIHULGR\HVWDEOHFH
TXHFXDQGRVHGHQXQFLHGLODFLyQHQODWUDPLWDFLyQGHODH[FHSFLyQGHH[WLQFLyQ
GHODDFFLyQSHQDOSRGUiKDFpUVHORDWUDYpVGHODDFFLyQGHOLEHUWDGWRGDYH]
TXH DO FRQVWLWXLUVH HQ XQ LQVWUXPHQWR MXUtGLFR GH SUHYLR \ HVSHFLDO
SURQXQFLDPLHQWRFXDOTXLHUGHPRUDHQVXUHVROXFLyQDWHQWDFRQWUDHOSULQFLSLR
GHFHOHULGDGFRPRHOHPHQWRGHOGHELGRSURFHVRTXHSXHGHGHULYDUHQOHVLyQDO
GHUHFKRDODOLEHUWDG3RVWHULRUPHQWHOD6&3HIHFWXyXQFDPELRGH
OtQHDMXULVSUXGHQFLDOUHVSHFWRDODWXWHODGHOGHELGRSURFHVRPHGLDQWHODDFFLyQ
GHOLEHUWDG\GHWHUPLQyTXHODH[LJHQFLDGHYLQFXODFLyQHQWUHHOGHUHFKRDOD
OLEHUWDG\HOGHELGRSURFHVRFRPRSUHVXSXHVWRH[LJLEOHSDUDVXWXWHODDWUDYpV
GHODDFFLyQGHOLEHUWDGGHVDSDUHFtD6LQHPEDUJRHVWHUD]RQDPLHQWRKDVLGR
PRGLILFDGRSRUOD6&3TXHUHFRQGXMRODOtQHDMXULVSUXGHQFLDODOD
HVFULFWD YLQFXODFLyQ GH ODV GHQXQFLDV GH OHVLRQHV DO GHELGR SURFHVR FRQ OD
OLEHUWDG SDUD TXH VHDQ REMHWR GH WXWHOD D WUDYpV GH HVWD DFFLyQ HV GHFLU DO
UD]RQDPLHQWR H[SUHVDGR HQ ODV 66&& 5 GH  GH RFWXEUH \
5GHGHGLFLHPEUH

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

(VWD6HQWHQFLDHQVX)M,,,GLVSRQH
FRQODILQDOLGDGGHSURFXUDUXQDWXWHOD
PiV HIHFWLYD WDQWR OD GRFWULQD FRPR OD MXULVSUXGHQFLD FRQVWLWXFLRQDO KDQ

W


dW^:d
HVWDEOHFLGRODWLSRORJtDGHHVWDDFFLyQFRQVWLWXFLRQDOFRQFHQWUDQGRHOREMHWRGH
VXSURWHFFLyQUHVSHFWRDGLIHUHQWHVDVSHFWRVTXHSXGLHUDQLQYROXFUDUOHVLyQDO
GHUHFKR D OD OLEHUWDG R D OD YLGD HQ WDO VHQWLGR HQ FXDQWR DO UHVJXDUGR GHO
SULQFLSLR GH FHOHULGDG FRPR HOHPHQWR GHO GHELGR SURFHVR FXDQGR VH KDOOD
YLQFXODGRDOGHUHFKRDODOLEHUWDGVHKDLQVWLWXLGRODDFFLyQGHOLEHUWDGWUDVODWLYD
R GH SURQWR GHVSDFKR FX\D ILQDOLGDG SUHFLVDPHQWH HV DVHJXUDU TXH WRGD
SHWLFLyQUHODFLRQDGDFRQORVGHUHFKRVDODYLGD\DODOLEHUWDGVHDDWHQGLGDFRQ
ODPD\RUFHOHULGDGSRVLEOH

(QWRQFHVKDELpQGRVHHVWDEOHFLGRTXHODIDOWDGHWUDPLWDFLyQGHODH[FHSFLyQGH
H[WLQFLyQGHODDFFLyQSHQDOVHFRQVWLWX\HHQODSDUWHPHGXODUGHODGHPDQGD
GHDFFLyQGHOLEHUWDGHQFRQWUiQGRVHGLFKDGHQXQFLDGHQWURGHODHVIHUDGHXQ
VXSXHVWRSURFHVDPLHQWRLQGHELGRSRULQREVHUYDQFLDGHODVQRUPDVSURFHVDOHV\
GHOSULQFLSLRGHFHOHULGDGTXHLQGHIHFWLEOHPHQWHVHHQFXHQWUDYLQFXODGRFRQHO
GHUHFKRDODOLEHUWDGGHODFFLRQDQWHSRUTXHDIDOWDGHSURQXQFLDPLHQWRH[SUHVR
UHVSHFWRDODH[FHSFLyQRSXHVWDTXHGLFKRVHDGHSDVRHVGHSUHYLR\HVSHFLDO
SURQXQFLDPLHQWRVHKDHPLWLGR\HMHFXWDGRXQPDQGDPLHQWRGHFRQGHQDHQVX
FRQWUD

,GHQWLILFDFLyQGHOSUHFHGHQWHFRQVWLWXFLRQDOTXHFRQWHQJDHOHVWiQGDUPiVDOWR

/DVHQWHQFLDTXHFRQWLHQHHOHVWiQGDUPiVDOWRHVODGHWHUPLQyTXHOD
H[LJHQFLD GH YLQFXODFLyQ HQWUH HO GHUHFKR D OD OLEHUWDG \ HO GHELGR SURFHVR
FRPR SUHVXSXHVWR H[LJLEOH SDUD VX WXWHOD D WUDYpV GH OD DFFLyQ GH OLEHUWDG
GHVDSDUHFtD




PELWRGHSURWHFFLyQGHODDFFLyQGHOLEHUWDG'HUHFKR
DODHVSLULWXDOLGDGOLEHUWDGGHFXOWR
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO


W


dW^:d


6&3/DUHWHQFLyQGHOFXHUSRGHODSHUVRQDIDOOHFLGDSRU
VHUYLGRUHVS~EOLFRVRSDUWLFXODUHVFRQVWLWX\HXQDOHVLyQDOGHUHFKRD
ODGLJQLGDGGHVGHVXGLPHQVLyQSOXUDOSRUFXDQWRVHORXWLOL]DFRPR
XQ LQVWUXPHQWR SDUD ORJUDU HO FXPSOLPLHQWR GH REOLJDFLRQHV
DIHFWDQGRDGHPiVORVGHUHFKRVDODOLEHUWDGGHHVSLULWXDOLGDGUHOLJLyQ
\FXOWRDOSULYDUDORVIDPLOLDUHVGHODSRVLELOLGDGGHUHDOL]DUORVDFWRV
ULWRV\FRVWXPEUHVTXHVXHVSLULWXDOLGDGUHOLJLyQ\FXOWRPDQGDQ

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHOLEHUWDGHODFFLRQDQWHGHQXQFLyTXHORVGHPDQGDGRV
OHVLRQDURQ ORV GHUHFKRV D OD GLJQLGDG D OD OLEHUWDG \ ORV
GHUHFKRV
UHOLJLRVRV
DOUHWHQHUHOFXHUSRGHVXPDGUHIDOOHFLGDFRQHODUJXPHQWR
GHTXHSUHYLDPHQWHVHGHEtDSDJDUODVXPDTXHVHDGHXGDDO+RVSLWDO
&OtQLFR
9LHGPD
 SRU ORV VHUYLFLRV GH DWHQFLyQ SUHVWDGRV HQ
FRQVHFXHQFLDVROLFLWyVHRUGHQHTXHHOFXHUSRGHVXPDGUHVHDHQWUHJDGR
GHIRUPDLQPHGLDWD(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOUHYRFyOD
UHVROXFLyQGHOWULEXQDOGHJDUDQWtDV\FRQFHGLyODWXWHODVROLFLWDGDSRU
ODVXSXHVWDOHVLyQDOGHUHFKRDODGLJQLGDG\ORVGHUHFKRVFRQH[RVDOD
OLEHUWDGGHHVSLULWXDOLGDGUHOLJLyQ\FXOWRGHODFFLRQDQWHFRQVLGHUDQGR
DGHPiVTXHHOSULPHURGHORVGHUHFKRVQRPEUDGRV GLJQLGDG SXHGHVHU
LQYRFDGR SRU H[WHQVLyQ SRU VXV IDPLOLDUHVGLVSRQLHQGR OD LQPHGLDWD
HQWUHJDGHOFXHUSRGHODPDGUHGHODFFLRQDQWHH[KRUWDQGRDO+RVSLWDO
&OtQLFR9LHGPDDTXHHQHOIXWXURQRLQFXUUDHQVLPLODUHVDFWRVDORV
GHQXQFLDGRVHQODSUHVHQWHDFFLyQ

([WUDFWRGHODUDWLRGHFLGHQGL

)M,,,&RQIRUPHVHKDGHVDUUROODGRHQHO)XQGDPHQWRV-XUtGLFRV,,,,,,\,,,GH
HVWH IDOOR HO FXHUSR GH ODV SHUVRQDV IDOOHFLGDV WLHQH XQ SURIXQGR VLJQLILFDGR SDUD OD
IDPLOLD H LQFOXVLYH SDUD ORV PLHPEURV GH OD FRPXQLGDG SRU OR TXH OD UHWHQFLyQ GHO
FXHUSR SRU VHUYLGRUHV S~EOLFRV R SDUWLFXODUHV FRQVWLWX\H XQD OHVLyQ DO GHUHFKR D OD
GLJQLGDGGHVGHVXGLPHQVLyQSOXUDOSRUFXDQWRVHXWLOL]DHOFXHUSRFRPRXQLQVWUXPHQWR
SDUDORJUDUHOFXPSOLPLHQWRGHREOLJDFLRQHVHQHVWHFDVRSHFXQLDULDVDIHFWDQGRDGHPiV
HOGHUHFKRDODOLEHUWDGGHHVSLULWXDOLGDGUHOLJLyQ\FXOWRDOSULYDUDORVIDPLOLDUHVGHOD
SRVLELOLGDGGHH[SUHVDUVXGRORUSRUODSpUGLGDGHXQVHUTXHULGRHIHFWXDQGRORVDFWRV
ULWRV\FRVWXPEUHVTXHVXHVSLULWXDOLGDGUHOLJLyQ\FXOWRPDQGDQTXHHVORTXHVXFHGLy
SUHFLVDPHQWH HQ HO FDVR DQDOL]DGR HQ HO TXH VH UHWXYR HO FDGiYHU GH OD PDGUH GHO
DFFLRQDQWHSRUQRKDEHUVHFDQFHODGRORDGHXGDGRSRUFRQFHSWRGHLQWHUQDFLyQORTXH
FLHUWDPHQWHOHVLRQDHOGHUHFKRDODGLJQLGDGGHVXPDGUHIDOOHFLGDSXHVVHXWLOL]DVX
FXHUSRFRPRXQDSUHQGDSDUDORJUDUODFDQFHODFLyQGHODGHXGDYLRODQGRHOVHQWLPLHQWR
\ OD GLJQLGDG GH ORV VHUHV TXHULGRV TXH SUHWHQGH HIHFWXDU ORV ULWRV \ FRVWXPEUHV GH
GHVSHGLGDGHFRQIRUPLGDGDVXHVSLULWXDOLGDGUHOLJLyQ\FXOWR

&DEH VHxDODU TXH VL ELHQ OD WUDEDMDGRUD VRFLDO GHPDQGDGD QHJy TXH HO PHQFLRQDGR
+RVSLWDOKXELHUDUHWHQLGRHOFDGiYHU\TXHHOPpGLFRWHQtDOLVWRHOFHUWLILFDGRPpGLFR
GHGHIXQFLyQVLQHPEDUJRODFLWDGDSURIHVLRQDOQRKDGHPRVWUDGRFRQSUXHEDVXILFLHQWH
HVWDVLWXDFLyQ\SRUHOFRQWUDULRSUHVHQWDXQDFRSLDGHOFHUWLILFDGRGHGHIXQFLyQTXHVL
ELHQVHHQFXHQWUDILUPDGRSRUHO0pGLFRHPSHURQRFXHQWDFRQODIHFKDGHH[SHGLFLyQ

W


dW^:d
ORTXH KDFH SUHVXPLU D HVWD 6DOD TXH HIHFWLYDPHQWH QR VH RWRUJyGLFKR FHUWLILFDGR DO
DFFLRQDQWH\TXHSRUWDQWRODVGHQXQFLDVHIHFWXDGDVSRUpOVRQHYLGHQWHV

'HEHUHFRUGDUVHTXHFRQIRUPHORKDHVWDEOHFLGROD6&3GHGHPD\RHO
FREURGHGHXGDVHPHUJHQWHVGHLQWHUQDFLyQ\KRQRUDULRVPpGLFRVHVGHFLUGHORVJDVWRV
UHDOL]DGRVHQXQQRVRFRPLRFXHQWDQFRQODVYtDVSURFHVDOHVDGHFXDGDVSDUDVXFREUR
SRUORTXHDQWHODIDOWDGHFDQFHODFLyQGHGLFKRVDGHXGRVQRHVSRVLEOHTXHSURFHGDQD
ODSULYDFLyQGHOLEHUWDGGHXQSDFLHQWH\WDPSRFRFRQIRUPHDOHQWHQGLPLHQWRDVXPLGR
HQODSUHVHQWH6HQWHQFLD&RQVWLWXFLRQDO3OXULQDFLRQDODODUHWHQFLyQGHOFXHUSRGHOD
SHUVRQDIDOOHFLGDSXHVWRTXHUHVXOWDVHUXQDPHGLGDGHKHFKRTXHGHVGHQLQJ~QSXQWR
GHYLVWDHVDFHSWDEOH\DTXHHQHOSULPHUFDVRLPSOLFDODYXOQHUDFLyQGHOGHUHFKRDOD
GLJQLGDG \ HQ HO VHJXQGR OD OHVLyQ GH ORV GHUHFKRV D OD GLJQLGDG \ D OD OLEHUWDG GH
HVSLULWXDOLGDGUHOLJLyQ\FXOWRORVFXDOHVVRQWXWHODGRVSRUODMXVWLFLDFRQVWLWXFLRQDOD
WUDYpVGHODDFFLyQGHOLEHUWDGFRQIRUPHVHWLHQHDPSOLDPHQWHVHxDODGR


6LQWHVLVGHODUDWLRGHFLGHQGL

6HFRQFHGHODDFFLyQGHOLEHUWDGSRUFXDQWRVHUHWXYRHOFXHUSRGHOD
PDGUHIDOOHFLGDGHODFFLRQDQWHSRUQRKDEHUVHFDQFHODGRORDGHXGDGR
SRU FRQFHSWR GH LQWHUQDFLyQ \ FRVWRV GH DWHQFLyQ DFWR FRQ HO TXH VH
OHVLRQy D OD GLJQLGDG GH VX PDGUH IDOOHFLGD \ ORV GHUHFKRV D OD OLEUH
HVSLULWXDOLGDGUHOLJLyQ\FXOWR

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

(VWD6HQWHQFLDHQVX)M,,,GLVSRQH(QWRQFHVVLGHVGHODFRQFHSFLyQGHODV
QDFLRQHV\SXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRVODYLGDHVXQWUiQVLWRKDFLD
RWURVHVSDFLRVRPXQGRVODPXHUWHQRH[LVWHFRPRWDO\SRUWDQWRORVVHUHVTXH
KDELWDQORVGLIHUHQWHVHVSDFLRVGHOFRVPRVFRQYLYHQHQDUPRQtD\HOFXHUSRGH
TXLHQHV \D QR HVWiQ HQ OD FRPXQLGDG KXPDQD LYL WLHUUD  WLHQH XQ HVSHFLDO
VLJQLILFDGR\YDORU\HQGHWHUPLQDGDVIHFKDV\PRPHQWRVFRQYLYHQFRQORV
KHUPDQRVTXHVtVHHQFXHQWUDQHQHVHHVSDFLRSUHVHQWHVHQORVULWRV \HUXUH \
ODVFHUHPRQLDVTXHVHFHOHEUDQSRUHMHPSORHOPHVGHQRYLHPEUH

$VtGHVGHHVDYLVLyQQRH[LVWHODPXHUWHGHOVHUKXPDQR\WDPSRFRVHKDOODOD
FRQYHUVLyQGHOFXHUSRHQREMHWR
GHOVXMHWRHQREMHWR
SXHVHQODFRVPRYLVLyQ
DQFHVWUDO VHJXLPRV VLHQGR VXMHWRV PiV DOOi GH OD
PXHUWH
 FRQFHELGD
RFFLGHQWDOPHQWHSRUHVRVHKDEOD\VHSLGHD\XGDDORV
DMD\XV

PLUDWDUHWD

TXLHQHVVHFRQYLHUWHQHQ
DFKDFKLODV
L\DUHWDHVGHFLUHQHUJtDVLQGLYLGXDOHV
TXHDOWUDQVLWDUDRWURHVSDFLRVHFRQYLHUWHQHQXQDHQHUJtDFyVPLFDTXHVHDORMD
HQ ORV FHUURV \ PRQWHV NDD  TXH VRQ ORV GHSRVLWDULRV GH HVDV HQHUJtDV

VHQWLSHQVDQWHV


(QFRQFOXVLyQGHVGHHVWDYLVLyQVHSXHGHDILUPDUTXHHOFXHUSRGHODVSHUVRQDV
QRSRGUtDVHUXWLOL]DGRFRPRXQPHGLRRLQVWUXPHQWRSDUDREWHQHUEHQHILFLRV
HFRQyPLFRV R SDUD ORJUDU HO SDJR GH GHXGDV R SDUD H[LJLU OD UHDOL]DFLyQ GH
DOJXQDDFWLYLGDGSXHVSRUXQDSDUWHHOFXHUSRPLVPRSDUWLFLSDGHODGLJQLGDG
GHORVKHUPDQRVTXHKDELWDQODFRPXQLGDGKXPDQD\SRURWUDDOXWLOL]DUGHHVD
PDQHUDHOFXHUSRVHLPSLGHDOKRPEUHRODPXMHUWUDQVLWDUDORWURHVSDFLR\OD
UHDOL]DFLyQGHORVULWRV\ODVFHUHPRQLDVTXHFRDG\XYDQDGLFKRILQ


W


dW^:d




PELWRGHSURWHFFLyQGHODDFFLyQGHOLEHUWDG'HUHFKR
DODOLEHUWDGGHORFRPRFLyQ
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3/DDFFLyQGHOLEHUWDGWUDVODWLYDRGHSURQWRGHVSDFKR
SURFHGH DQWH WUiPLWHV MXGLFLDOHV R DGPLQLVWUDWLYRV HQ ORV TXH H[LVWH
GHPRUD R GLODFLyQ HQ OD GHILQLFLyQ GH OD VLWXDFLyQ MXUtGLFD GH XQD
SHUVRQDTXHVHHQFXHQWUDHQOLEHUWDGSRQHHQSHOLJURRDPHQD]DVX
GHUHFKRDODOLEHUWDGItVLFDRSHUVRQDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHOLEHUWDGHODFFLRQDQWHGHQXQFLyODYXOQHUDFLyQGHVXV
GHUHFKRVDODOLEHUWDGGHORFRPRFLyQ\DOGHELGRSURFHVRDODJDUDQWtD
GH SUHVXQFLyQ GH LQRFHQFLD \ DO SULQFLSLR GH FHOHULGDG SRU FXDQWR OD
DXWRULGDGGHPLJUDFLyQGHPDQGDGDQRVHSURQXQFLyVREUHVXWUiPLWHGH

YLVD GH REMHWR GHWHUPLQDGR


 QR REVWDQWH VXV UHLWHUDGDV VROLFLWXGHV
HQFRQWUiQGRVH H[SXHVWR D VHU GHWHQLGR HQ FXDOTXLHU PRPHQWR SRU ORV
IXQFLRQDULRVGHPLJUDFLyQSRUORTXHVROLFLWyVHFRQFHGDODWXWHOD\VH
LQVWUX\DODFRQWLQXDFLyQGHOWUiPLWHGHQWURGHXQWLHPSRSUXGHQFLDO(O
7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOFRQILUPyODUHVROXFLyQUHYLVDGD\
FRQFHGLy OD WXWHOD VROLFLWDGD SRU OD GHPRUD HQ HO WUiPLWH GH YLVD GH
REMHWR GHWHUPLQDGR GHO DFFLRQDQWH \ OD DPHQD]D D VX GHUHFKR D OD
OLEHUWDGItVLFD\GHORFRPRFLyQ

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,(QHOFDVRGHDFXHUGRDORDVHYHUDGRSRUHODFFLRQDQWHOD'LUHFFLyQ'LVWULWDO
GH0LJUDFLyQGH6DQWD&UX]QRFRQFOX\yHOWUiPLWHGH
YLVDGHREMHWRGHWHUPLQDGR
D
IDYRUGHODKRUDDFFLRQDQWHSHVHODVUHLWHUDGDVVROLFLWXGHVGHODFFLRQDQWH


$KRUDELHQDQDOL]DGRVORVDQWHFHGHQWHVHFRQFOX\HTXHORGHQXQFLDGRSRUHODFFLRQDQWH
HVHYLGHQWHSXHVGHVGHTXHHIHFWXyVXVROLFLWXGGHYLVDGHREMHWRGHWHUPLQDGRHOGH
QRYLHPEUHGHKDVWDODSUHVHQWDFLyQGHHVWDDFFLyQGHOLEHUWDGGHGLFLHPEUHGH
WUDQVFXUULHURQFXDUHQWD\FLQFRGtDVVLQTXHODDXWRULGDGGHPDQGDGDVHSURQXQFLH
VREUHHOSDUWLFXODUQRREVWDQWHORVUHFODPRVHIHFWXDGRVSRUHODFFLRQDQWH\HOLQIRUPH

W


dW^:d
GHGHQRYLHPEUHGHGHO$VHVRU/HJDOGHOD'LUHFFLyQ'LVWULWDOGH0LJUDFLyQGH
6DQWD&UX]PHGLDQWHHOFXDOVXJLULyDODDXWRULGDGDKRUDGHPDQGDGDTXHKDELHQGRHO
DFFLRQDQWHFXPSOLGRFRQWRGRVORVUHTXLVLWRVFXELHUWRORVYDORUHV\TXHVHHQFRQWUDED
HVSHUDQGRPiVGHXQPHVVHGHEHUtDFRQFOXLUVXYLVDSDUDTXHDVtSXGLHUDWUDEDMDUHQHO
SDtVFRQVXVLWXDFLyQPLJUDWRULDWRWDOPHQWHOHJDO


'H HOOR VH HYLGHQFLD TXH OD DXWRULGDG GHPDQGDGD HIHFWLYDPHQWH GLODWy GH PDQHUD
LUUD]RQDEOHODWUDPLWDFLyQGHODYLVDFRQREMHWRGHWHUPLQDGRSRQLHQGRHQSHOLJURFRQ
GLFKD RPLVLyQ QR VyOR HO GHUHFKR D OD OLEHUWDG GH ORFRPRFLyQ GHO DFFLRQDQWH VLQR
WDPELpQ HO GHUHFKR D OD OLEHUWDG ItVLFD R SHUVRQDO SXHV DO QR KDEHUVH GHILQLGR VX
VLWXDFLyQMXUtGLFDHQXQSOD]RUD]RQDEOH\HQFRQWUDUVHHQXQDVLWXDFLyQLUUHJXODUHQHO
SDtVH[LVWtDODDPHQD]DGHVHUGHWHQLGRHQFXDOTXLHUPRPHQWRSRU0LJUDFLyQDHIHFWR
GHGDUFXPSOLPLHQWRDORSUHYLVWRVHQHODUWFGHO'6GHGHQRYLHPEUHGH
FRUUHVSRQGLHQWHDO5pJLPHQ/HJDOGH0LJUDFLyQQRUPDTXHGLVSRQHTXHVHUiQ
H[SXOVDGRV GHO SDtV \ QR SRGUiQ LQJUHVDU HQ HO IXWXUR D WHUULWRULR EROLYLDQR ORV
H[WUDQMHURVTXHHQWUHRWUDVFDXVDOHV
IXHUDQVRUSUHQGLGRVSHUPDQHFLHQGRHQHOSDtV
VLQFDXVDMXVWLILFDGDPD\RUWLHPSRTXHHOTXHWXYLHUDQDXWRUL]DGRSRUVXUHVSHFWLYDYLVD
RSHUPDQHQFLD



(QHVHHQWHQGLGR\GHDFXHUGRDORV)XQGDPHQWRV-XUtGLFRV,,,\,,,ODRPLVLyQ
LQGHELGD GHQXQFLDGD HQ OD SUHVHQWH DFFLyQ VH HQFXHQWUD GHQWUR GH VX iPELWR GH
SURWHFFLyQQRVLHQGRHYLGHQWHODDILUPDFLyQGHODSDUWHGHPDQGDGDHQVHQWLGRTXHHO
DFFLRQDQWHQRVHHQFXHQWUDGHQXQFLDGRQLTXHUHOODGR\TXHSRUWDQWRQRSURFHGHUtDHVWD
DFFLyQ GH GHIHQVD SXHV SRU XQD SDUWH HO DFFLRQDQWH DOHJD DPHQD]D DO GHUHFKR D OD
OLEHUWDGGHORFRPRFLyQDOH[LVWLUGHPRUDHQODUHVROXFLyQGHVROLFLWXGVXSXHVWRTXHVH
HQFRQWUDUtDGHQWURGHOiPELWRGHODDFFLyQGHOLEHUWDGGHSURQWRGHVSDFKR\SRURWUD
FRQIRUPHVHWLHQHH[SOLFDGRODRPLVLyQLQGHELGDVHFRQVWLWX\HHQXQDDPHQD]DSDUDHO
GHUHFKRDODOLEHUWDGItVLFDRSHUVRQDO


6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGHODDFFLyQGHOLEHUWDGSRUDPHQD]DDOGHUHFKRDODOLEHUWDGItVLFD
\ DO GHUHFKR GH ORFRPRFLyQ GHELGR D TXH OD DXWRULGDG GH PLJUDFLyQ
GHPDQGDGD GHPRUy HQ HO WUiPLWH GH
YLVD GH REMHWR GHWHUPLQDGR
 GHO
DFFLRQDQWHV~EGLWRPH[LFDQRH[LVWLHQGRODDPHQD]DGHVHUGHWHQLGRHQ
FXDOTXLHUPRPHQWR\H[SXOVDGRGHOSDtV

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/DOtQHDMXULVSUXGHQFLDOGHODDFFLyQGHOLEHUWDGWUDVODWLYDRGHSURQWRGHVSDFKRSXHGH
VHUOHtGDDSDUWLUGHODVVLJXLHQWHVVHQWHQFLDVKLWRTXHKDQLGRDPSOLDQGRORVVXSXHVWRV
HQ ORV TXH SURFHGH GLFKD DFFLyQ  $ SDUWLU GH OD FODVLILFDFLyQ GHO HQWRQFHV KiEHDV
FRUSXVTXHIXHUDGHVDUUROODGDSRUOD6&5OD6&KL]RUHIHUHQFLD
DOKiEHDVFRUSXVWUDVODWLYRRGHSURQWRGHVSDFKRVHxDODQGRTXHDWUDYpVGHOPLVPR
OR
TXH VH EXVFD HV DFHOHUDU ORV WUiPLWHV MXGLFLDOHV R DGPLQLVWUDWLYRV FXDQGR H[LVWHQ
GLODFLRQHVLQGHELGDVSDUDUHVROYHUODVLWXDFLyQMXUtGLFDGHODSHUVRQDTXHVHHQFXHQWUD
SULYDGDGHOLEHUWDG
/D6&5HVWDEOHFLyYDULRVVXSXHVWRVGHSURFHGHQFLD
TXHVHHQFXHQWUDQGHQWURGHOiPELWRGHSURWHFFLyQODDFFLyQGHOLEHUWDGWUDVODWLYDRGH
SURQWR GHVSDFKR
D  (Q OXJDU GH ILMDU GLUHFWDPHQWH OD IHFKD \ KRUD GH OD DXGLHQFLD \
QRWLILFDUDODVSDUWHVVHGLVSRQJDQWUDVODGRVSUHYLRVHLQQHFHVDULRVQRSUHYLVWRVSRUOH\
E 6HILMHODDXGLHQFLDHQXQDIHFKDDOHMDGDPiVDOOiGHORUD]RQDEOHRSUXGHQFLDO3OD]R
TXHSXHGHVHUHQXQOtPLWHGHWUHVRFLQFRGtDVPi[LPRGHSHQGLHQGRGHODSDUWLFXODULGDG

W


dW^:d


GHFDGDFDVRFXDQGRSRUHMHPSORH[LVWDQYDULDVSDUWHVLPSXWDGDVRYtFWLPDVP~OWLSOHV
TXHWHQJDQTXHVHUQRWLILFDGDVRSRUODGLVWDQFLDGRQGHVHGHEDHIHFWXDUXQGHWHUPLQDGR
DFWRSUHYLR\HVHQFLDOFRPRVXFHGHFRQDOJXQDVQRWLILFDFLRQHVRTXHHOMX]JDGRHVWp
GHWXUQRHWF&RQODH[FHSFLyQ~QLFD\H[FOXVLYDHQORVFDVRVTXHH[LVWDFRPSOHMLGDG
SRU OD QDWXUDOH]D SURSLD \ OD UHOHYDQFLD GHO SURFHVR FRPR ORV GHUHFKRV H LQWHUHVHV
FRPSURPHWLGRV\UHODFLRQDGRVDODSHWLFLyQVLWXDFLyQTXHGHEHUiVHUMXVWLILFDGD3iJLQD
GHSRUODDXWRULGDGMXGLFLDOFRPSHWHQWHDPRPHQWRGHVHxDODUODIHFKDGHDXGLHQFLD
WHQLHQGRHQFXHQWDODUD]RQDELOLGDGF 6HVXVSHQGHODDXGLHQFLDGHFRQVLGHUDFLyQSRU
FDXVDV R PRWLYRV TXH QR MXVWLILFDQ OD VXVSHQVLyQ QL VRQ FDXVDOHV GH QXOLGDG 6&3
 7DOHOFDVRGHODLQDVLVWHQFLDGHOUHSUHVHQWDQWHGHO0LQLVWHULR3~EOLFRRGHOD
YtFWLPD\RTXHUHOODQWHVLHVTXHKDQVLGRQRWLILFDGDVOHJDOPHQWH\QRFRPSDUHFHQDOD
DXGLHQFLD(QHOFDVRGHO0LQLVWHULR3~EOLFRDOHVWDUUHJLGRSRUHOSULQFLSLRGHXQLGDG
WLHQH ORV PHGLRV SDUD DVLVWLU D WUDYpV GH RWUR ILVFDO \ HQ FXDQWR DO TXHUHOODQWH DO VHU
FRDG\XYDQWH\HVWDUQRWLILFDGRVXSDUWLFLSDFLyQHVSRWHVWDWLYDHQGLFKRDFWR\SRUHQGH
VXLQDVLVWHQFLDQRYLQFXODDODDXWRULGDGMXULVGLFFLRQDODOHVWDUFXPSOLGDODIRUPDOLGDG
1R REVWDQWH HQ FDVR GH TXH OD VXVSHQVLyQ VH GHED D OD IDOWD GH QRWLILFDFLyQ R D OD
LQDVLVWHQFLD GHO SURSLR LPSXWDGR QR H[LVWH GLODFLyQ LQGHELGD QL DIHFWDFLyQ D GHUHFKR
DOJXQRHQFX\RFDVRGHEHUiILMDUVHQXHYDIHFKDGHDXGLHQFLDFRQIRUPHDODVGLUHFWULFHV
H[SXHVWDV
  /D 6& IXH FRPSOHPHQWDGD FRQ OD 6& 5 GH GH
DEULOTXHVRVWXYRTXHWDPELpQVHFRQVLGHUDDFWRGLODWRULRHQHOWUiPLWHGHODFHVDFLyQGH
OD GHWHQFLyQ SUHYHQWLYD FXDQGR
G  ,QWHUSXHVWR HO UHFXUVR GH DSHODFLyQ FRQWUD OD
UHVROXFLyQTXHUHFKD]DODVROLFLWXGGHFHVDFLyQGHGHWHQFLyQSUHYHQWLYDORVDQWHFHGHQWHV
GHODDSHODFLyQQRVRQUHPLWLGRVSRUHOMXH]DTXRGHQWURGHOSOD]ROHJDOGHYHLQWLFXDWUR
KRUDVHVWDEOHFLGRSRUHODUWGHO&33DQWHHOWULEXQDOGHDSHODFLyQRVHLPSULPDXQ
SURFHGLPLHQWRRH[LJHQFLDVDO PDUJHQGHODOH\
G  /D6&3GHGHDEULO
PRGXOy OD VHJXQGD VXEUHJOD VHxDODGD HQ OD 6& 5 DO HVWDEOHFHU TXH OD
FHVDFLyQGHODGHWHQFLyQSUHYHQWLYDGHEHVHUILMDGDHQHOSOD]RPi[LPRGHWUHVGtDV\
TXHWRGDVROLFLWXGGHFHVDFLyQGHEHVHUSURYLGHQFLDGDGHQWURGHODVYHLQWLFXDWURKRUDV
GHVXSUHVHQWDFLyQH %DMRHVWDOtQHDGHUD]RQDPLHQWRVHSURQXQFLDURQOD6&3
TXH LQWURGXMR HO SULQFLSLR pWLFRPRUDO D ODV FRQVWUXFFLRQHV MXULVSUXGHQFLDOHV TXH HO
FRQWUROGHFRQVWLWXFLRQDOLGDGUHDOL]yHQFXDQWRDODFHOHULGDGSURFHVDOSRUFX\DUD]yQHV
PRGXODGRUDHVWDEOHFLHQGRTXHODVDXWRULGDGHVMXGLFLDOHVHQYLUWXGDOSULQFLSLRpWLFR
PRUDOGHODPDTKLOOD QRVHDVIORMR WLHQHQHOGHEHUSURFHVDOGHGLULJLU\UHVROYHUVLQ
GLODFLRQHV LQGHELGDV ODV  VROLFLWXGHV GH FHVDFLyQ D GHWHQFLRQHV SUHYHQWLYD OD 6&3
 FRQVWLWXLGD HQ XQD VHQWHQFLD VLVWHPDWL]DGRUD UHFRJLy ORV  VXSXHVWRV GH
GLODFLRQHVLQMXVWLILFDGDVHQHOWUDWDPLHQWRGHVROLFLWXGHVYLQFXODGDVFRQODOLEHUWDGOD
6&3HQWHQGLyTXHODDFFLyQGHOLEHUWDGGHSURQWRGHVSDFKRSURFHGHFXDQGR
HOMXH]FDXWHODUGHQWURGHOWUiPLWHGHODFHVDFLyQGHODGHWHQFLyQSUHYHQWLYDVXVSHQGHOD
DXGLHQFLDGHPHGLGDVFDXWHODUHVFRQHOMXVWLILFDWLYRGHIDOWDGHQRWLILFDFLyQDODVSDUWHV
SURFHVDOHV'HPDQHUDHVSHFtILFDFRQUHODFLyQDOUHFXUVRGHDSHODFLyQLQFLGHQWDOOD
6&3VHxDOyTXH
FXDQGRHOUHFXUVRGHDSHODFLyQLQFLGHQWDOKXELHUHVLGR
SODQWHDGRRUDOPHQWHHQDXGLHQFLDRSRUHVFULWRFRQRVLQFRQWHVWDFLyQGHODVSDUWHVTXH
LQWHUYLQLHUHQ HQ HO SURFHVR GHEHUi VHU FRQFHGLGR HQ HO DFWR VL IXHUH HQ DXGLHQFLD \
UHPLWLGRLQH[FXVDEOHPHQWHHQHOSOD]RLPSURUURJDEOHGHYHLQWLFXDWURKRUDV\HOWULEXQDO
GH DSHODFLyQ GHEHQ UHVROYHU HQ VHWHQWD \ GRV KRUDV OR FRQWUDULR VLJQLILFDUtD GLODFLyQ
LQGHELGDTXHYXOQHUDHOGHUHFKRDODOLEHUWDG\HQVXFDVRDODYLGDHQHOHQWHQGLGRTXH
ODYDULDFLyQGHODVLWXDFLyQMXUtGLFDGHOLPSXWDGRGHSHQGHGHODSRQGHUDFLyQTXHHIHFWXp
HO WULEXQDO GH DSHODFLyQ GH ORV IXQGDPHQWRV GH OD PHGLGD FDXWHODU SDUD GLVSRQHU VX
UHYRFDWRULD R FRQILUPDFLyQ
  3RU VX SDUWH ODV 66&&33  \ 
HQWHQGLHURQTXHH[FHSFLRQDOPHQWHHVSRVLEOHSURORQJDUHOSOD]RGHUHPLVLyQGHOUHFXUVR
GHDSHODFLyQ\VXVDQWHFHGHQWHVKDVWDXQSOD]RDGLFLRQDOGHWUHVGtDVFXDQGRH[LVWDXQD
MXVWLILFDFLyQUD]RQDEOH\IXQGDGDVREUHODVUHFDUJDGDVODERUHVGHODDXWRULGDGMXGLFLDO
VXSOHQFLDVRSOXUDOLGDGGHLPSXWDGRV$VtOD6&3VHxDOy
FRQIRUPHDODUW
GHO&33XQDYH]LQWHUSXHVWRODVDFWXDFLRQHVSHUWLQHQWHVGHEHQVHUUHPLWLGDVDQWH
HODKRUD7ULEXQDOGHSDUWDPHQWDOGH-XVWLFLDHQHOWpUPLQRGHYHLQWLFXDWURKRUDVGHELHQGR
HOWULEXQDOGHDO]DGDUHVROYHUHOUHFXUVRVLQPiVWUiPLWH\HQDXGLHQFLDGHQWURGHORV

W


dW^:d
WUHVGtDVVLJXLHQWHVGHUHFLELGDVODVDFWXDFLRQHVVDOYRMXVWLILFDFLyQUD]RQDEOH\IXQGDGD
FRPRVHUODVUHFDUJDGDVODERUHVVXSOHQFLDVSOXUDOLGDGGHLPSXWDGRVHWFFDVRVHQORV
TXH OD MXULVSUXGHQFLD RWRUJy XQ SOD]R DGLFLRQDO TXH QR SXHGH H[FHGHU GH WUHV GtDV
SDVDGRHOFXDOHOWUiPLWHVHFRQYLHUWHHQGLODWRULR\YXOQHUDHOGHUHFKRDODOLEHUWDGGHO
DJUDYLDGR
'HDFXHUGRDODVVHQWHQFLDVVHxDODGDVODUHJODHVTXHODUHPLVLyQGHOUHFXUVR
GH DSHODFLyQ \ GH ORV DQWHFHGHQWHV VHD HIHFWXDGD HQ HO SOD]R GH YHLQWLFXDWUR KRUDV
SUHYLVWRHQHODUWGHO&33\VyORH[FHSFLRQDOPHQWH\HQVLWXDFLRQHVGHELGDPHQWH
DFUHGLWDGDVSRUHOMX]JDGRUHVSRVLEOHIOH[LELOL]DUGLFKRSOD]RDWUHVGtDVSDVDGRHOFXDO
ODRPLVLyQGHOMX]JDGRUVHFRQVWLWX\HHQXQDFWRGLODWRULRTXHSXHGHVHUGHQXQFLDGRD
WUDYpVGHODDFFLyQGHOLEHUWDGWUDVODWLYDRGHSURQWRGHVSDFKR/D6&3
VHxDOyTXHXQDYH]IRUPXODGRHOUHFXUVRGHDSHODFLyQGHPDQHUDHVFULWDHOPLVPRGHEH
VHU SURYLGHQFLDGR HQ HO SOD]R GH YHLQWLFXDWUR KRUDV SRU OD DXWRULGDG MXGLFLDO GH
FRQIRUPLGDG DO DUW  GHO &33 SURYLGHQFLD D SDUWLU GH OD FXDO VH FRPSXWDQ ODV
YHLQWLFXDWURKRUDVSUHYLVWDVHQHODUWGHO&33(QFXDQWRDORVUHFDXGRVGH/H\
ODMXULVSUXGHQFLDFRQWHQLGDHQOD6&3KDFLHQGRpQIDVLVHQHOSULQFLSLRGH
JUDWXLGDGGHODMXVWLFLDVHxDOyTXHODH[LJHQFLDGHSURYLVLyQGHUHFDXGRVGHOH\QRVH
FRQVWLWX\HHQXQPRWLYRMXVWLILFDGRSDUDGHPRUDUODUHPLVLyQGHORVDQWHFHGHQWHVGHO
UHFXUVRGHDSHODFLyQ\SRUHQGHHVLOHJDOHOFyPSXWRGHODVKRUDVSUHYLVWDVHQHODUW
GHO&33DSDUWLUTXHHOUHFXUUHQWHRWRUJDORVUHFDXGRVGHOH\&RQUHODFLyQDO
WUDVODGRGHOUHFXUVRGHDSHODFLyQDODRWUDSDUWHOD6&KDHVWDEOHFLGRTXHOD
QRUPDQRHVWDEOHFHTXHSUHYLRDVXUHPLVLyQDOVXSHULRUMHUiUTXLFRHOUHFXUVRGHEDVHU
FRUULGRHQWUDVODGRDODVSDUWHVSRUHQFRQWUDUVHGHSRUPHGLRHOELHQMXUtGLFRGHODOLEHUWD
HQWHQGLPLHQWR UHLWHUDGR HQ ODV 66&&  \  &RQIRUPH D HOOR QR
FRUUHVSRQGHHVSHUDUTXHODRWUDSDUWHFRQWHVWHHOUHFXUVRSDUDUHFLpQUHPLWLUHOUHFXUVR
GHDSHODFLyQSUHYLVWRHQHODUWGHO&33/DV66&&5\5\
5UHLWHUDGDVSRUODV66&&333\KDQHVWDEOHFLGRTXHHO
GHFUHWRGHUHPLVLyQ\ODSRVWHULRUDXGLHQFLDGHDSHODFLyQGHEHQVHUQRWLILFDGDVHQOD
IRUPDSUHYLVWDHQORVDUWV\GHO&33DOVHxDODUTXH
  HO&yGLJRSURFHVDO
SHQDOHVWDEOHFHWD[DWLYDPHQWHTXpSURYLGHQFLDVRUHVROXFLRQHVGHEHQVHUQRWLILFDGDVHQ
IRUPDSHUVRQDOHQWUHODVTXHQRVHHQFXHQWUDQODSURYLGHQFLDTXHRUGHQDODUHPLVLyQGH
ODDSHODFLyQDQWHHO7ULEXQDOVXSHULRUQLODSURYLGHQFLDSURQXQFLDGDSRUHO7ULEXQDOGH
DSHODFLyQ TXH DGPLWH HO UHFXUVR \ VHxDOD GtD \ KRUD GH DXGLHQFLD SDUD FRQVLGHUDU OD
DSHODFLyQ GH OD UHVROXFLyQ GH LPSRVLFLyQ GH PHGLGDV FDXWHODUHV FROLJLpQGRVH SRU OR
WDQWR TXH OD QRWLILFDFLyQ TXH VH SUDFWLTXH FRQ HVWDV SURYLGHQFLDV GHEHQ REVHUYDU OD
SUHYLVLyQGHORVDUWV\GHO&33 
(VWDVVXEUHJODVYLQFXODGDVDOUHFXUVRGH
DSHODFLyQ IXHURQ VLVWHPDWL]DGDV HQ OD 6&3  FRQIRUPH D ORV VLJXLHQWH
L 
,QWHUSXHVWR HO UHFXUVR GH DSHODFLyQ FRQWUD ODV UHVROXFLRQHV TXH UHVXHOYHQ PHGLGDV
FDXWHODUHVODVDFWXDFLRQHVSHUWLQHQWHVGHEHQVHUUHPLWLGDVHQ HOSOD]RGHYHLQWLFXDWUR
KRUDVSUHYLVWRHQHODUWGHO&33SOD]RTXHSRUUHJODJHQHUDOGHEHVHUFXPSOLGR
SRUODVDXWRULGDGHVMXGLFLDOHVLL 1RREVWDQWHORVHxDODGRSUHFHGHQWHPHQWHHVSRVLEOH
TXH HO SOD]R GH UHPLVLyQ GH ORV DQWHFHGHQWHV GHO UHFXUVR GH DSHODFLyQ GH PDQHUD
H[FHSFLRQDO\HQVLWXDFLRQHVHQTXHH[LVWDXQDMXVWLILFDFLyQUD]RQDEOH\IXQGDGDVREUH
ODVUHFDUJDGDVODERUHVGHODDXWRULGDGMXULVGLFFLRQDOSRUODVVXSOHQFLDVRODSOXUDOLGDG
GHLPSXWDGRVHVSRVLEOHIOH[LELOL]DUGLFKRSOD]RDWUHVGtDVSDVDGRHOFXDOODRPLVLyQ
GHOMX]JDGRUVHFRQVWLWX\HHQXQDFWRLLL &XDQGRHOUHFXUVRGHDSHODFLyQSUHYLVWRHQHO
DUW  GHO &33 VHD IRUPXODGR GH PDQHUD HVFULWD GHEH VHU SURYLGHQFLDGR SRU OD
DXWRULGDG MXGLFLDO HQ HO SOD]R Pi[LPR GH YHLQWLFXDWUR KRUDV GH FRQIRUPLGDG DO DUW
3iJLQDGHGHO&33SURYLGHQFLDDSDUWLUGHODFXDOVHFRPSXWDQODVYHLQWLFXDWUR
KRUDV SUHYLVWDV SDUD OD UHPLVLyQ GH ODV DFWXDFLRQHV SHUWLQHQWHV DQWH HO WULEXQDO GH
DSHODFLyQ LY  &XDQGR HO UHFXUVR GH DSHODFLyQ VHD IRUPXODGR GH PDQHUD RUDO
FRUUHVSRQGHTXHODDXWRULGDGMXGLFLDOGHFUHWHVXUHPLVLyQHQDXGLHQFLDSDUDTXHDSDUWLU
GHGLFKDSURYLGHQFLDVHFRPSXWHHOSOD]RGHYHLQWLFXDWURKRUDVSUHYLVWRHQHODUW
GHO&33DFODUiQGRVHTXHODIXQGDPHQWDFLyQMXUtGLFD\H[SUHVLyQGHDJUDYLRVGHEHVHU
HIHFWLYL]DGDHQODDXGLHQFLDGHDSHODFLyQY 1RFRUUHVSRQGHFRQGLFLRQDUODUHPLVLyQGH
DQWHFHGHQWHV GHO UHFXUVR GH DSHODFLyQ DO WULEXQDO VXSHULRU FRQ HO FXPSOLPLHQWR GH OD
SURYLVLyQ GH UHFDXGRV GH OH\ GLVSXHVWD SRU OD DXWRULGDG MXGLFLDO \ PHQRV SXHGH

W


dW^:d


FRPSXWDUVHHOSOD]RGHYHLQWLFXDWURKRUDVSUHYLVWRHQHODUWGHO&33DSDUWLUTXHHO
UHFXUUHQWHRWRUJDGLFKRVUHFDXGRVHQYLUWXGDORVSULQFLSLRVGHJUDWXLGDGSURDFWLRQH\
ORVGHUHFKRVGHLPSXJQDFLyQ\DFFHVRDODMXVWLFLDYL 1RFRUUHVSRQGHTXHHOGHFUHWRGH
UHPLVLyQ GH DQWHFHGHQWHV DO WULEXQDO GH DSHODFLyQ VHD QRWLILFDGR SHUVRQDOPHQWH \ HQ
FRQVHFXHQFLDGHEHUiQRWLILFDUVHHQXQDGHODVIRUPDVSUHYLVWDVHQORVDUWV\
GHO&33HQHOSOD]RSUHYLVWRHQHODUWGHOFLWDGR&yGLJR~QLFDPHQWHSDUDHIHFWRV
GHFRQRFLPLHQWRGHODVSDUWHVVLQTXHDSDUWLUGHGLFKDQRWLILFDFLyQVHFRPSXWHHOSOD]R
GHYHLQWLFXDWURKRUDVSUHYLVWRSRUHODUWGHO&33SXHVVHUHLWHUDHOFyPSXWRGHHVH
SOD]RVHLQLFLDGHVGHHOGHFUHWRGHUHPLVLyQGLFWDGRSRUHOMXH]\HQHVHVHQWLGRQRVH
GHEHFRQGLFLRQDUODUHPLVLyQGHOUHFXUVRGHDSHODFLyQDXQDHYHQWXDOFRQWHVWDFLyQGHOD
RWUDSDUWH&RQVHFXHQWHPHQWHODUHDILUPDHOHQWHQGLPLHQWRMXULVSUXGHQFLDO
H[SUHVDGRHQODVREUHIOH[LELOL]DFLyQGHOSOD]RGHUHPLVLyQGHDQWHFHGHQWHV
GHOUHFXUVRGHDSHODFLyQGHQWURGHOSOD]RGHYHLQWLFXDWURKRUDVFXDQGRH[LVWDQFDXVDV
MXVWLILFDEOHV


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,ODDFFLyQGHOLEHUWDGGHSURQWRGHVSDFKRWLHQHSRUILQDOLGDG
DFHOHUDU ORV WUiPLWHV MXGLFLDOHV R DGPLQLVWUDWLYRV FXDQGR H[LVWHQ
GLODFLRQHVLQGHELGDVSDUDUHVROYHUODVLWXDFLyQMXUtGLFDGHODSHUVRQD\
VLELHQODMXULVSUXGHQFLDFRQVWLWXFLRQDOKL]RUHIHUHQFLDDTXHODSHUVRQD
GHEH HQFRQWUDUVH SULYDGD GH OLEHUWDG SDUD TXH SURFHGD OD DFFLyQ GH
OLEHUWDGVLQHPEDUJRWDPELpQGHEHQFRQVLGHUDUVHDTXHOORVVXSXHVWRVHQ
ORVTXHGHQRGHILQLUVHODVLWXDFLyQMXUtGLFDGHXQDSHUVRQD FRUUHHQ
SHOLJUR VX GHUHFKR DOD OLEHUWDG ItVLFD R SHUVRQDO SRU OR TXH HQ HVWRV
FDVRVODGHPRUDRODVGLODFLRQHVGDQRULJHQDXQDDPHQD]DDOGHUHFKRD
ODOLEHUWDGItVLFDRSHUVRQDOTXHWDPELpQHQWUDHQHOiPELWRGHSURWHFFLyQ
GHODDFFLyQGHOLEHUWDGWUDVODWLYDRGHSURQWRGHVSDFKR



PELWRGHSURWHFFLyQGHODDFFLyQGHOLEHUWDG'HUHFKR
DODVDOXG
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO


W


dW^:d

6&30HGLDQWHODDFFLyQGHOLEHUWDGHVSRVLEOHWXWHODUHO
GHUHFKR D OD VDOXG GH SULYDGRV GH OLEHUWDG FXDQGR VH HQFXHQWUD HQ
GLUHFWDFRQH[LyQFRQODLQWHJULGDGSHUVRQDO\HOGHUHFKRDODYLGD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHOLEHUWDGHODFFLRQDQWHVRVWXYRTXHODDXWRULGDGMXGLFLDO
GHPDQGDGD YXOQHUy VX GHUHFKR D OD YLGD \ D OD VDOXG SRU FXDQWR
HQFRQWUiQGRVHGHWHQLGRSUHYHQWLYDPHQWHSRUODVXSXHVWDFRPLVLyQGHO
GHOLWR GH WUiILFR GH VXVWDQFLDV FRQWURODGDV VROLFLWy VDOLGD MXGLFLDO SRU
HQIHUPHGDG KDELHQGR HO -XH] GHPDQGDGR GLVSXHVWR TXH SUHYLDPHQWH
SUHVHQWHFHUWLILFDGRGHOPpGLFRGHODSHQLWHQFLDUtDFXDQGRHQQLQJXQD
QRUPDOHJDOVHHVWDEOHFHHOFXPSOLPLHQWRGHHVWHUHTXLVLWRPRWLYRSRU
HOFXDOLQWHUSXVRUHFXUVRGHUHFXVDFLyQTXHIXHUHFKD]DGRPHGLDQWHXQD
VLPSOH SURYLGHQFLD FRQ OR TXH VH GHPXHVWUD VX SDUFLDOL]DFLyQ \
PDQLILHVWD HQHPLVWDG FRQ HO DFFLRQDQWH (O 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDODSUREyODUHVROXFLyQTXHGHQHJyODWXWHODHQYLVWDGHTXH
HO PpGLFR GHO UHFOXVRULR HV TXLHQ GHEH FHUWLILFDU FRQ OD GHELGD
GLOLJHQFLDODQHFHVLGDGRQRGHTXHHOUHFOXVRVHDWUDVODGRRSXHVWREDMR
FRQWURO GH XQ PpGLFR HVSHFLDOLVWD 1R REVWDQWH HO 7&3 VH SURQXQFLy
SUHYLDPHQWHDOHJDQGRTXHHVSRVLEOHODWXWHODGHOGHUHFKRDODVDOXGD
WUDYpVGHODDFFLyQGHOLEHUWDG

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
VLELHQODDFFLyQGHOLEHUWDGHVWDEOHFLGDHQHODUWGHOD&3(QRWXWHODHO
GHUHFKRDODVDOXGHQIRUPDH[SUHVDDOVHUpVWHXQGHUHFKRIXQGDPHQWDOFRUUHVSRQGH
VHU WXWHODGR D WUDYpV GH HVWD DFFLyQ H[WUDRUGLQDULD FXDQGR D FRQVHFXHQFLD GH VX
YXOQHUDFLyQVHDIHFWDXQGHUHFKRSULPLJHQLRFXDOHVHOGHUHFKRDODYLGDHQHVWHVHQWLGR
HO7ULEXQDO&RQVWLWXFLRQDOHQPpULWRDODV&RQYHQFLRQHV,QWHUQDFLRQDOHVGH'HUHFKRV
+XPDQRVJORVDGDVDQWHULRUPHQWHHVWDEOHFLyLPSOtFLWDPHQWHODWXWHODGHHVHGHUHFKRD
WUDYpVGHODDFFLyQGHOLEHUWDGGHWHUPLQDQGRHQOD6&5GHGHDEULOTXH
DVXYH]FLWyDOD6&5GHGHRFWXEUHTXH(OKiEHDVFRUSXVDKRUDDFFLyQ
GH OLEHUWDG GHQRPLQDGR FRUUHFWLYR SURWHJH DO GHWHQLGR GH DTXHOODV FRQGLFLRQHV TXH
DJUDYDQHQIRUPDLOHJtWLPDODGHWHQFLyQYLRODQGRVXFRQGLFLyQKXPDQD$WUDYpVGHHVWH
UHFXUVR VH JDUDQWL]D HO WUDWR KXPDQR DO GHWHQLGR HVWDEOHFLGR HQ ODV &RQYHQFLRQHV
,QWHUQDFLRQDOHV GH 'HUHFKRV +XPDQRV FROLJLpQGRVH TXH PHGLDQWH OD DFFLyQ GH
OLEHUWDGHVSRVLEOHWXWHODUDTXHOORVGHUHFKRVTXHSRUHQFRQWUDUVHHQGLUHFWDFRQH[LyQFRQ
ODLQWHJULGDGSHUVRQDOHQHODVSHFWRItVLFRSVLFROyJLFR\PRUDOSXHGHQYHUVHDIHFWDGRV
SRUDFWRVOHVLYRVFRPHWLGRVSRUDXWRULGDGHVHQGHWULPHQWRGHORVGHUHFKRVYLQFXODGRV
FRQODYLGDHVWHHOFDVRGHOGHUHFKRDODVDOXGGHORVSULYDGRVGHOLEHUWDG

 

(QHOFDVRFRQFUHWRHODFFLRQDQWHVHHQFXHQWUDGHWHQLGRSRUODVXSXHVWDFRPLVLyQGHO
GHOLWRGHWUiILFRGHVXVWDQFLDVFRQWURODGDVFRQWDQGRDODIHFKDGHLQWHUSRVLFLyQGHOD
SUHVHQWH DFFLyQ H[WUDRUGLQDULD FRQ $XWR GH DSHUWXUD GH MXLFLR \ VRUWHR GH MXHFHV
FLXGDGDQRVHQWDOVLWXDFLyQVROLFLWyDO-XH]7pFQLFR\3UHVLGHQWHGHO7ULEXQDO6pSWLPR
GH6HQWHQFLDOHRWRUJXHVDOLGDMXGLFLDODHIHFWRVGHDFXGLUDXQDFRQVXOWDPpGLFDH[WHUQD
VLQPHQFLRQDUFRQIRUPHPDQLILHVWDHOGHPDQGDGRDOOXJDUGRQGHLEDDVHUDWHQGLGR

W


dW^:d


PRWLYRSRUHOFXDOODDXWRULGDGMXULVGLFFLRQDOFRQFDUiFWHUSUHYLRDRWRUJDUODGLVSHQVD
GLVSXVR TXH HO LPSXWDGR SUHVHQWH FHUWLILFDGR HPLWLGR SRU HO PpGLFR GHO UHFLQWR
SHQLWHQFLDULR GRQGH JXDUGDED UHFOXVLyQ SURYLGHQFLD TXH QR YXOQHUD QLQJXQR GH ORV
GHUHFKRVGHODFFLRQDQWHFRQUHIHUHQFLDDOGHUHFKRDODVDOXGDOHJDGRSRUHOHQFDXVDGR
ELHQVHKDHVWDEOHFLGRTXHLQLFLDOPHQWHGHELyDFXGLUDOPpGLFRGHOSHQDOTXLHQHQ~OWLPR
FDVR \ WUDWiQGRVH GH XQD VLWXDFLyQ GH HPHUJHQFLD \ TXH UHSUHVHQWH JUDYHGDG SDUD HO
LQWHUQRRSRQJDHQULHVJRVXYLGDSRGtDVROLFLWDUDO'LUHFWRUGHOUHFLQWRVHSURFHGDDO
WUDVODGRGHSDFLHQWHDRWURFHQWURGHVDOXGRVHORUHPLWDDQWHXQHVSHFLDOLVWDHVGHFLU
HOJDOHQRGHOUHFOXVRULRHVTXLHQGHEHFHUWLILFDUFRQODGHELGDGLOLJHQFLDODQHFHVLGDG
RQRGHTXHHOUHFOXVRVHDWUDVODGRRSXHVWREDMRFRQWUROGHXQPpGLFRHVSHFLDOLVWDHQ
FRQVHFXHQFLDODDXWRULGDGMXULVGLFFLRQDODKRUDGHPDQGDGDQRKDYXOQHUDGRHOGHUHFKR
DODYLGDFRPRHIHFWRGHXQDVXSXHVWDOHVLyQDOGHUHFKRDODVDOXGGHODFFLRQDQWHVLQR
PiVELHQHQDWHQFLyQDODQRUPDWLYDDSOLFDEOHDOFDVRKDGLVSXHVWRTXHVHDHOPpGLFR
GHOSHQDOTXLHQHQSULPHUDLQVWDQFLDSUHVWHDVLVWHQFLDDOLPSXWDGR\VHDTXLHQHVWDEOH]FD
FRQ SUHFLVLyQ HO UHDO HVWDGR GH VDOXG GHO LQWHUQR PRWLYR SRU HO FXDO DO QR H[LVWLU
YXOQHUDFLyQ DO GHUHFKR D OD VDOXG TXHSXGLHUD SRQHU HQ ULHVJR OD YLGD GHOSULYDGR GH
OLEHUWDGQRFRUUHVSRQGHRWRUJDUODWXWHOD


&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/DOtQHDMXULVSUXGHQFLDOVREUHHOiPELWRGHSURWHFFLyQGHODDFFLyQGHOLEHUWDGHQFXDQWR
D ORV GHUHFKRV TXH UHVJXDUGD WLHQH HO VLJXLHQWH GHVDUUROOR MXULVSUXGHQFLDO 6REUH HO
GHUHFKRDODOLEHUWDGItVLFDRSHUVRQDOVXSURWHFFLyQKDVLGRDPSOLDVLQHPEDUJRDSDUWLU
GHOD6&5HO7ULEXQDO&RQVWLWXFLRQDOHQWHQGLyTXHHOUHVJXDUGRDOGHUHFKR
DODOLEHUWDGVyORHUDSRVLEOHHQWDQWR\HQFXDQWRHORUGHQDPLHQWRMXUtGLFRQREULQGHXQ
PHFDQLVPR GH SURWHFFLyQ LQPHGLDWR RSRUWXQR \ HILFD] LQLFLiQGRVH OD OtQHD GH
SHQVDPLHQWRGHODVXEVLGLDULHGDGH[FHSFLRQDOGHODDFFLyQGHOLEHUWDGFX\DVVXEUHJODV
IXHURQ FRQGHQVDGDV HQ OD 6& 5 UD]RQDPLHQWR UDWLILFDGR SRU HO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDODSDUWLUGHOD6&3

L 
(QFXDQWRDOGHUHFKRDODYLGDODMXULVSUXGHQFLDHVODVLJXLHQWH/D6&3
5SURQXQFLDGDSRUHO7ULEXQDO&RQVWLWXFLRQDOGH7UDQVLFLyQHVWDEOHFLyTXHOD
SURWHFFLyQDOGHUHFKRDODYLGDYtDDFFLyQGHOLEHUWDGHVWitQWLPDPHQWHYLQFXODGDFRQHO
GHUHFKR D OD OLEHUWDG SHUVRQDO  3RVWHULRUPHQWH OD 6&3  UHVXHOWD SRU HO
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO FRQILUPy HVWH HQWHQGLPLHQWR SUHFLVDQGR TXH OD
DFFLyQGHOLEHUWDGWXWHODHOGHUHFKRDODYLGDVLHPSUH\FXDQGRVHHQFXHQWUHYLQFXODGR
FRQODOLEHUWDGItVLFDRGHORFRPRFLyQ$VLPLVPROD6&3PRGXOyHVWH
UD]RQDPLHQWR VHxDODQGR TXH OD DFFLyQ GH OLEHUWDG SURWHJH HO GHUHFKR D OD YLGD FRQ
LQGHSHQGHQFLDGHVXYLQFXODFLyQFRQHOGHUHFKRDODOLEHUWDGItVLFD\TXHSRUORPLVPR
HQYLUWXGDOYDORUIXQGDPHQWDOGHODYLGDKXPDQD\HOSULQFLSLRGHQRIRUPDOLVPRGLFKR
GHUHFKR SXHGH VHU WXWHODGR LQGLVWLQWDPHQWH SRU OD DFFLyQ GH OLEHUWDG R OD DFFLyQ GH
DPSDUR FRQVWLWXFLRQDO  /D 6&3  FRQVLGHUDGD PRGXODGRUD FRQILUPDQGR
TXHSURWHJHHOGHUHFKRDODYLGDD~QQRHVWXYLHUHYLQFXODGDFRQODOLEHUWDGItVLFDVHxDOy
TXHVHUiODSDUWHDFFLRQDQWHODTXHWUDWiQGRVHGHOGHUHFKRDODYLGDDVXPDODGHFLVLyQ
GHIRUPXODUXQDDFFLyQGHOLEHUWDGRGHDPSDURFRQVWLWXFLRQDO

LL 
5HVSHFWRDODOLEHUWDGGHORFRPRFLyQRFLUFXODFLyQHQHOPDUFRGHODQXHYD
&RQVWLWXFLyQ OD 6& 5 SUHFLVy OD FRQFHSFLyQ DXWyQRPD GH OD OLEHUWDG GH
ORFRPRFLyQRFLUFXODFLyQFRQUHODFLyQDODOLEHUWDGItVLFDHVWDEOHFLHQGRTXH
6LELHQ
GHODUWGHOD&3(VHSRGUtDFRQFOXLUTXHHOREMHWRGHWXWHODGHODDFFLyQGHOLEHUWDG
HVHOGHUHFKRDODOLEHUWDGItVLFDDODYLGD\DOGHELGRSURFHVRFXDQGRH[LVWHYLQFXODFLyQ
FRQ HO GHUHFKR D OD OLEHUWDG \ H[FOXLU GH VX iPELWR GH SURWHFFLyQ DO GHUHFKR GH
ORFRPRFLyQ VLQ HPEDUJR GDGD OD tQWLPD UHODFLyQ TXH H[LVWH HQWUH HVRV GHUHFKRV HV
SRVLEOH WXWHODU WDPELpQ DO ~OWLPR GH ORV QRPEUDGRV HQ DTXHOORV FDVRV HQ ORV TXH HO
GHUHFKRGHORFRPRFLyQHVWiYLQFXODGRGLUHFWDPHQWHFRQODOLEHUWDGItVLFDRSHUVRQDOR

W


dW^:d
FRQHOGHUHFKRDODYLGDRODVDOXG


LLL 
&RQUHODFLyQDOGHUHFKRJDUDQWtDGHOGHELGRSURFHVRODOtQHDMXULVSUXGHQFLDO
WLHQH HO VLJXLHQWH GHVDUUROOR MXULVSUXGHQFLDO  /D 6& 5 HVWDEOHFLy TXH OD
SURWHFFLyQDOGHELGRSURFHVRDWUDYpVGHOHQWRQFHVUHFXUVRGHKDEHDVFRUSXVHUDYLDEOH
VRODPHQWH HQ DTXHOORV FDVRV HQ ORV FXDOHV H[LVWtD GLUHFWD FDXVDOLGDG FRQ OD OLEHUWDG
SHUVRQDORGHORFRPRFLyQHVGHFLUFXDQGRORVDFWRVXRPLVLRQHVGHQXQFLDGRVVHDQOD
FDXVDGLUHFWDSDUDODUHVWULFFLyQRVXSUHVLyQDOGHUHFKRDODOLEHUWDG3RVWHULRUPHQWH
OD6&5HVWDEOHFLyTXHDQWHVGHDFWLYDUVHODMXULVGLFFLyQFRQVWLWXFLRQDOGHEtD
SHGLUVHODUHSDUDFLyQGHOGHELGRSURFHVRHQODVLQVWDQFLDVMXULVGLFFLRQDOHVDWUDYpVGHORV
PHGLRVGHLPSXJQDFLyQHVWDEOHFLGRVSRUODOH\VDOYRHODEVROXWRHVWDGRGHLQGHIHQVLyQ
VLWXDFLyQHQODTXHODDFWLYDFLyQHUDGLUHFWDVLQODH[LJHQFLDGHODJRWDPLHQWRSUHYLRGH
ORVPHFDQLVPRVGHGHIHQVDLQWUDSURFHVDOHV/D6&5VLVWHPDWL]yORVGRV
VXSXHVWRV SDUD OD DFWLYDFLyQ GH OD DFFLyQ GH OLEHUWDG FRQ UHODFLyQ DO GHELGR SURFHVR
SUHFLVDQGR TXH GHEtDQ FRQFXUULU ORV VLJXLHQWHV UHTXLVLWRV D  /RV DFWRV X RPLVLRQHV
GHQXQFLDGRVGHEtDQHVWDUYLQFXODGRVFRQODOLEHUWDG\VHUFDXVDGLUHFWDSDUDVXVXSUHVLyQ
ROLPLWDFLyQ\E GHEtDH[LVWLUDEVROXWRHVWDGRGHLQGHIHQVLyQ3RVWHULRUPHQWHOD
6&3UHFRQGXFLHQGRHOUD]RQDPLHQWRWUD]DGRSRUHO7ULEXQDO&RQVWLWXFLRQDO
GH7UDQVLFLyQHQ6&5GHWHUPLQyTXHWUDWiQGRVHGHPHGLGDVFDXWHODUHVGH
FDUiFWHUSHUVRQDO
QRHVSRVLEOHH[LJLUODFRQFXUUHQFLDGHODEVROXWRHVWDGRGHLQGHIHQVLyQ
FRPR UHTXLVLWR SDUD OD DFWLYDFLyQ GH OD DFFLyQ GH OLEHUWDG KDELGD FXHQWD TXH HO
DFFLRQDQWH  GHEH DJRWDU ORV PHFDQLVPRV GH LPSXJQDFLyQ LQWUDSURFHVDOHV SUHYLD D OD
DFWLYDFLyQGHODDFFLyQGHOLEHUWDG
'HRWURODGRODOtQHDGHODFDXVDOLGDGGLUHFWDSDUD
OD SURWHFFLyQ GHO GHELGR SURFHVR IXH PRGXODGD D WUDYpV GH OD 6&3  TXH
HVWDEOHFLyTXH
QLFDPHQWHFXDQGRVHWUDWDGHPDWHULDSHQDOODDFFLyQGHOLEHUWDGHVHO
PHGLR LGyQHR HILFD] \ HILFLHQWH SDUD UHVWDEOHFHU HO GHELGR SURFHVR HQ WRGRV VXV
HOHPHQWRV
(QHVWHPDUFRSDUDODWXWHODGHOSURFHVDPLHQWRLQGHELGRDWUDYpVGHODDFFLyQ
GHOLEHUWDGQRHVH[LJLEOHODUHODFLyQGHGLUHFWDFDXVDOLGDGVLHQGRVXILFLHQWHXQDUHODFLyQ
LQGLUHFWD&DEHDFODUDUTXHOD6&3UHFRQGXMRHVWH~OWLPRHQWHQGLPLHQWRD
ODWHVLVGHYLQFXODFLyQGLUHFWDHQWUHHOGHUHFKRDODOLEHUWDG\HOGHELGRSURFHVREDMRHO
VLJXLHQWH UD]RQDPLHQWR
WUDWiQGRVH GH OD SURFHGHQFLD GH OD DFFLyQ GH OLEHUWDG HQ
UHODFLyQ DO GHELGR SURFHVR GHEH HQWHQGHUVH TXH OD LQREVHUYDQFLD D pVWH     GHELGR
SURFHVRKDVLGRODFDXVDOSULQFLSDOSDUDODDIHFWDFLyQGHOELHQMXUtGLFROLEHUWDGSXHVGH
ORFRQWUDULRVLORVDFWRVHPHUJHQWHVGHOSURFHVDPLHQWRQRSRQHQHQULHVJRODOLEHUWDG\
QRRFDVLRQDQVXUHVWULFFLyQQRSRGUiQVHUHYDOXDGRV\FRQVLGHUDGRVDWUDYpVGHODDFFLyQ
GH OLEHUWDG FRUUHVSRQGLHQGR VX WUDWDPLHQWR XQD YH] DJRWDGRV WRGRV ORV PHGLRV LQWUD
SURFHVDOHVDODDFFLyQGHDPSDURFRQVWLWXFLRQDOFRPRPHGLRGHGHIHQVDLGyQHRHQHO
MXULVGLFFLyQ FRQVWLWXFLRQDO SDUD UHSDUDU \ VXEVDQDU ORV GHIHFWRV SURFHVDOHV HQ TXH
SXGLHUDQKDEHULQFXUULGRWDQWRVHUYLGRUHVS~EOLFRVFRPRSHUVRQDVSDUWLFXODUHV(QHVWH
FRQWH[WRFRUUHVSRQGHUHFRQGXFLUDOHQWHQGLPLHQWRDVXPLGRDQWHULRUPHQWHSRUODV66&&
5GHGHRFWXEUH\5GHGHGLFLHPEUH


LY 
$ WUDYpV GH OD DFFLyQ GH OLEHUWDG WDPELpQ VH KD SURWHJLGR HO GHUHFKR D OD
LQWHJULGDG ItVLFD \ OD JDUDQWtD GH SURKLELFLyQ GH WRUWXUDV DVt VH WLHQH TXH  /D 6&
5HVWDEOHFLyTXHFRQVLGHUDQGRHOQXHYRDOFDQFHGHODDFFLyQGHOLEHUWDGTXH
QRVyORSURWHJHHOGHUHFKRDODOLEHUWDGItVLFDRSHUVRQDOVLQRWDPELpQHOGHUHFKRDOD
YLGD\HOGHUHFKRDODLQWHJULGDGItVLFDSDUDODSURWHFFLyQGHODSHUVRQDFRQWUDODWRUWXUD
X RWURV WUDWRV R SHQDV FUXHOHV LQKXPDQDV R GHJUDGDQWHV HV SUHFLVR TXH ORV
UHSUHVHQWDQWHV GHO 0LQLVWHULR 3~EOLFR GHMHQ FRQVWDQFLD HQ DFWD X RWUR GRFXPHQWR
FHUWLILFDGRPpGLFRIRUHQVH GHOHVWDGRItVLFRHQTXHHQFRQWUDURQDOLPSXWDGROXHJRGH
VX DSUHKHQVLyQ VHD SRU SDUWLFXODUHV R IXQFLRQDULRV SROLFLDOHV SDUD TXH VH VLJDQ ODV
DFFLRQHV FRUUHVSRQGLHQWHV FRQWUD ORV SUHVXQWRV DXWRUHV GH ORV DFWRV OHVLYRV D OD
LQWHJULGDGItVLFDRSHUVRQDOGHOGHWHQLGRRDSUHKHQGLGR
'LFKRGRFXPHQWRGHEHUiVHU
SUHVHQWDGR GH PDQHUD REOLJDWRULD DO MXH] FDXWHODU TXLHQ FRPR VH WLHQH VHxDODGR
DPSOLDPHQWHHMHUFHHOFRQWUROGHOUHVSHWRDORVGHUHFKRV\JDUDQWtDVGHOLPSXWDGR\
GHEHUiVHUVROLFLWDGRDOILVFDOSRUHOMXH]RWULEXQDOGHJDUDQWtDVFXDQGRVHGHQXQFLHQ

W


dW^:d


WRUWXUDV R YHMiPHQHV VLQ SHUMXLFLR GH DFXGLU DO OXJDU GH GHWHQFLyQ SDUD YHULILFDU ODV
FRQGLFLRQHVGHODSULYDFLyQGHOLEHUWDGFRQIRUPHHVWDEOHFHHODUW,GHOD&3(FRQ
ODILQDOLGDGGHTXHGLFKR7ULEXQDO\HQUHYLVLyQHVWH7ULEXQDO&RQVWLWXFLRQDOSXHGD
FRQWDUFRQORVHOHPHQWRVGHSUXHEDQHFHVDULRVSDUDSURQXQFLDUVHVREUHODVXSXHVWDOHVLyQ
DO GHUHFKR D OD LQWHJULGDG ItVLFD R SHUVRQDO \ OD DPHQD]D GHO GHUHFKR D OD YLGD

5D]RQDPLHQWRFRQILUPDGRSRUOD6&3

Y 
6REUHHOGHUHFKRDODVDOXG\VXSURWHFFLyQDWUDYpVGHODDFFLyQGHOLEHUWDGHO
GHVDUUROOR MXULVSUXGHQFLDO HV HO VLJXLHQWH  (O 7ULEXQDO &RQVWLWXFLRQDO HQ OD 6&
5GHGHDEULOHVWDEOHFLyODSRVLELOLGDGGHSURWHFFLyQGHOGHUHFKRDODVDOXG
GH ORV SULYDGRV GH OLEHUWDG H[SRQLHQGR HO VLJXLHQWH UD]RQDPLHQWR (O KiEHDV FRUSXV
GHQRPLQDGR FRUUHFWLYR SURWHJH DO GHWHQLGR GH DTXHOODV FRQGLFLRQHV TXH DJUDYDQ HQ
IRUPDLOHJtWLPDODGHWHQFLyQYLRODQGRVXFRQGLFLyQKXPDQD$WUDYpVGHHVWHUHFXUVR
VH JDUDQWL]D HO WUDWR KXPDQR DO GHWHQLGR HVWDEOHFLGR HQ ODV &RQYHQFLRQHV
,QWHUQDFLRQDOHVGH'HUHFKRV+XPDQRV/D6&5DPSOLyODSRVLELOLGDG
GH SURWHJHU YtD DFFLyQ GH OLEHUWDG HO GHUHFKR D OD VDOXG FXDQGR pVWH VH HQFXHQWUH
YLQFXODGR FRQ OD YLGD OLEHUWDG ItVLFD R GH ORFRPRFLyQ  /D 6&3 
SURQXQFLDGD SRU HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO FRQILUPy HVWH ~OWLPR
UD]RQDPLHQWR HVWDEOHFLHQGR TXH PHGLDQWH OD DFFLyQ GH OLEHUWDG HV SRVLEOH WXWHODU HO
GHUHFKRDODVDOXGGHSULYDGRVGHOLEHUWDGFXDQGRVHHQFXHQWUDHQGLUHFWDFRQH[LyQFRQ
ODLQWHJULGDGSHUVRQDO\HOGHUHFKRDODYLGD

YL 
(Q FXDQWR D OD SURWHFFLyQ GH RWURV GHUHFKRV FRQH[RV OD MXULVSUXGHQFLD
FRQVWLWXFLRQDO KD GHVDUUROODGR OD VLJXLHQWH OtQHD GH HQWHQGLPLHQWR (O 7ULEXQDO
&RQVWLWXFLRQDOGHODpSRFDGHORV'LH]$xRVHVWDEOHFLyTXHHOUHFXUVRGHKiEHDVFRUSXV
QRSURWHJtDRWURVGHUHFKRVTXHQRVHDQORVGHODOLEHUWDGItVLFDRGHORFRPRFLyQ$WUDYpV
GH OD 6& 5 GHWHUPLQy TXH H[FHSFLRQDOPHQWH UHVJXDUGDED OD JDUDQWtD GHO
GHELGRSURFHVR\GHUHFKRDODGHIHQVDVLHPSUHTXHHVWpQYLQFXODGRVFRQODOLEHUWDGItVLFD
RGHORFRPRFLyQUD]RQDQGRGHODVLJXLHQWHPDQHUD  HQPDWHULDGHKiEHDVFRUSXV
FRQIRUPH OD MXULVSUXGHQFLD GH HVWH 7ULEXQDO VyOR SXHGH LQJUHVDUVH D DQDOL]DU OD
SUREOHPiWLFD FXDQGR ORV DFWRV GHQXQFLDGRV RSHUDQ FRPR FDXVD SDUD OD DPHQD]D
UHVWULFFLyQRVXSUHVLyQGHORVGHUHFKRVDODOLEHUWDGItVLFD\GHORFRPRFLyQGHPRGRTXH
ODV OHVLRQHV D RWURV GHUHFKRV QR SRGUiQ VHU FRPSXOVDGDV HQ HVWH UHFXUVR VDOYR ODV
OHVLRQHVDODJDUDQWtDGHOGHELGRSURFHVRVLHPSUHTXHFRPRFRQVHFXHQFLDGHDTXpOODV
VHKXELHUDYXOQHUDGRHOGHUHFKRDODOLEHUWDG 
/D6&3HQHOPDUFRGH
ODQXHYD&RQVWLWXFLyQ\HOQXHYRiPELWRGHSURWHFFLyQGHODDFFLyQGHOLEHUWDGPRGXOy
GLFKR UD]RQDPLHQWR \ FRQVLGHUy DO SULQFLSLR GH LQWHUGHSHQGHQFLD GH ORV GHUHFKRV
KXPDQRVFRPRIXQGDPHQWRSDUDODSRVLELOLGDGGHSURWHJHUHQODDFFLyQGHOLEHUWDGRWURV
GHUHFKRVGHWHUPLQDQGRHVLQGXGDEOHTXHHOiPELWRGHSURWHFFLyQGHODVGLIHUHQWHV
DFFLRQHV GH GHIHQVD \ HQ HVSHFLDO GH OD DFFLyQ GH OLEHUWDG TXH WLHQH HQWUH VXV
FDUDFWHUtVWLFDVDOLQIRUPDOLVPRQRSXHGHVHULPSHQHWUDEOHSXHVHOORLPSOLFDUtDSRUXQD
SDUWHGHVFRQRFHUHOFDUiFWHULQWHUGHSHQGLHQWHGHORVGHUHFKRV\SRURWUDREOLJDUDTXH
HODFFLRQDQWHIUHQWHDODOHVLyQGHXQGHUHFKRTXHVHHQFXHQWUDGHQWURGHOiPELWRGHXQD
GHWHUPLQDGDDFFLyQGHGHIHQVDSHURTXHVHYLQFXODFRQRWURVGHUHFKRVGHEDSODQWHDU
GLIHUHQWHVDFFLRQHVGHGHIHQVD
$VLPLVPROD6&3FRQVLGHUDGDFRPR
XQDVHQWHQFLDPRGXODGRUDH[WHQGLyHOiPELWRGHSURWHFFLyQGHODDFFLyQGHOLEHUWDG\
HQ HO PDUFR GH OD FRQFHSFLyQ SOXUDO WXWHOy ORV  GHUHFKRV D OD GLJQLGDG OLEHUWDG GH
HVSLULWXDOLGDGUHOLJLyQ\FXOWRFRQILUPDQGRDVtODSRVLELOLGDGGHWXWHODUSRUPHGLRGHOD
DFFLyQGHOLEHUWDGRWURVGHUHFKRVFXDQGRORVPLVPRVWHQJDQFRQH[LWXGFRQORVTXHVH
HQFXHQWUDQEDMRVXWXWHODHVWDEOHFLHQGR
VLELHQGHQWURGHOiPELWRGHSURWHFFLyQGHOD
DFFLyQGHOLEHUWDGVHHQFXHQWUDQSUHYLVWRVGHWHUPLQDGRVGHUHFKRVHPSHURHVSRVLEOH
HIHFWXDUHODQiOLVLVGHRWURVGHUHFKRVFXDQGRORVPLVPRVWHQJDQFRQH[LWXGFRQORVTXH
VH HQFXHQWUDQ EDMR OD WXWHOD GH OD DFFLyQ GH OLEHUWDG HQ YLUWXG D OD FDUDFWHUtVWLFD GH
LQWHUGHSHQGHQFLDGHpVWRVTXHVHHQFXHQWUDSUHYLVWDHQHODUW,GHOD&3(TXHVHxDOD
/RV GHUHFKRV UHFRQRFLGRV SRU HVWD &RQVWLWXFLyQ VRQ LQYLRODEOHV XQLYHUVDOHV
LQWHUGHSHQGLHQWHVLQGLYLVLEOHV\SURJUHVLYRV


W


dW^:d


,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

&RQUHODFLyQDOGHUHFKRDODYLGDODVHQWHQFLDTXHFRQWLHQHHOHVWiQGDU
PiV DOWR HV OD 6&3  SRUTXH HVWDEOHFH TXH VHUi OD SDUWH
DFFLRQDQWHODTXHWUDWiQGRVHGHOGHUHFKRDODYLGDDVXPDODGHFLVLyQGH
IRUPXODUXQDDFFLyQGHOLEHUWDGRGHDPSDURFRQVWLWXFLRQDO$VLPLVPR
OD6&3VHFRQVWLWX\HHQHOHVWiQGDUPiVDOWRHQYLUWXGDOD
QDWXUDOH]DGHOGHUHFKRDODYLGDTXHQRUHTXLHUHGHIRUPDOLVPRVSDUDVX
SURWHFFLyQHOiPELWRGHSURWHFFLyQGHODDFFLyQGHOLEHUWDGVHH[WLHQGH
DHVHGHUHFKRD~QQRVHHQFXHQWUHYLQFXODGRGLUHFWDPHQWHFRQHOGHUHFKR
DODOLEHUWDGItVLFD5HVSHFWRDODOLEHUWDGGHORFRPRFLyQRFLUFXODFLyQ
ODVHQWHQFLDFRQHVWiQGDUPiVDOWRVHHQFXHQWUDHQOD6&5
(QFXDQWRDOGHELGRSURFHVRODVHQWHQFLDFRQHVWiQGDUPiVDOWRHVOD
6&3SRUTXHHVWDEOHFHODSRVLELOLGDGGHSURWHJHUODVSUHVXQWDV
OHVLRQHVDOGHELGRSURFHVRVLQODH[LJHQFLDGHGLUHFWDFDXVDOLGDGFRQOD
OLEHUWDGItVLFDRSHUVRQDO5HVSHFWRDOGHUHFKRDODVDOXGHOHVWiQGDUPiV
DOWR VH HQFXHQWUD HQ OD 6& 5 FRPSOHPHQWDGD SRU OD 6&3
 5HVSHFWR D RWURV GHUHFKRV FRQH[RV HO UD]RQDPLHQWR FRQ
HVWiQGDUPiVDOWRVHHQFXHQWUDHQOD6&3FRPSOHPHQWDGD
FRQ OD 6&3  'HO PLVPR PRGR OD 6&3  VH
FRQVWLWX\HHQHOHVWiQGDUPiVDOWRHQYLUWXGDODQDWXUDOH]DGHOGHUHFKR
DODYLGDTXHQRUHTXLHUHGHIRUPDOLVPRVSDUDVXSURWHFFLyQHOiPELWR
GHSURWHFFLyQGHODDFFLyQGHOLEHUWDGVHH[WLHQGHDHVHGHUHFKRD~QQR
VHHQFXHQWUHYLQFXODGRGLUHFWDPHQWHFRQHOGHUHFKRDODOLEHUWDGItVLFD



PELWRGHSURWHFFLyQGHODDFFLyQGHOLEHUWDG'HUHFKR
DODYLGD
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO


W


dW^:d


6&3   /D DFFLyQ GH OLEHUWDG WXWHOD HO GHUHFKR D OD YLGD
VLHPSUH\FXDQGRpVWHGHUHFKRHVWpYLQFXODGRFRQODOLEHUWDGItVLFDR
GHORFRPRFLyQ

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOVHGHQXQFLyODYXOQHUDFLyQDO
GHUHFKRDODYLGDGHODFFLRQDQWH\GHVXVWUHVKLMRVPHQRUHVSRUTXHHQ
YLUWXG D XQD RUGHQ HPLWLGD SRU HO $OFDOGH 0XQLFLSDO GH /D 3D]
IXQFLRQDULRV GH OD PXQLFLSDOLGDG SURFHGLHURQ D GHPROHUVX YLYLHQGD
GHQWURGHODFXDOVHHQFRQWUDEDQVXVKLMRVVLQWRPDUHQFXHQWDTXHH[LVWH
XQSURFHVRMXGLFLDOGHSUHVFULSFLyQDGTXLVLWLYDH[WUDRUGLQDULDVREUHHO
UHIHULGR LQPXHEOH UDGLFDGR HQ HO -X]JDGR 6HJXQGR GH 3DUWLGR HQ OR
&LYLO\&RPHUFLDO(QEDVHDHVWRVKHFKRVSLGLyVHFRQFHGDODWXWHOD\VH
GLVSRQJD HO FHVH GH ODV DPHQD]DV FRQWUD VX YLGD \ GH VX IDPLOLD (O
7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDODSUREyODUHVROXFLyQGHO7ULEXQDO
GH*DUDQWtDV\GHQHJyODWXWHODVROLFLWDGDSRUTXHHOGHUHFKRDODYLGDQR
VHHQFXHQWUDGHQWURGHOiPELWRGHSURWHFFLyQGHODDFFLyQGHOLEHUWDG

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,


+DELHQGR GHMDGR GHILQLGR TXH HO iPELWR GH WXWHOD GH OD DFFLyQ GH
OLEHUWDGFXDQGRVHGHQXQFLDSHOLJURDODYLGDGHEHHVWDUUHODFLRQDGDFRQ
ODUHVWULFFLyQRSULYDFLyQGHOLEHUWDG\VLHQGRTXHHQHOSUHVHQWHFDVR
HO DFFLRQDQWH QR VH HQFRQWUDED SULYDGR GH OLEHUWDG HVWH 7ULEXQDO QR
SXHGH UHDOL]DUHO DQiOLVLV GH IRQGRHQOD SUREOHPiWLFD SODQWHDGD WRGD
YH]TXHQRVHHQFXHQWUDGHQWURGHOiPELWRGHSURWHFFLyQODDFFLyQGH
OLEHUWDG


6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJDODDFFLyQGHOLEHUWDGSRUTXHHOGHUHFKRDODYLGDQRVHHQFXHQWUD
GHQWURGHOiPELWRGHSURWHFFLyQGHODDFFLyQGHOLEHUWDG

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/DOtQHDMXULVSUXGHQFLDOVREUHHOiPELWRGHSURWHFFLyQGHODDFFLyQGHOLEHUWDGHQFXDQWR
D ORV GHUHFKRV TXH UHVJXDUGD WLHQH HO VLJXLHQWH GHVDUUROOR MXULVSUXGHQFLDO 6REUH HO
GHUHFKRDODOLEHUWDGItVLFDRSHUVRQDOVXSURWHFFLyQKDVLGRDPSOLDVLQHPEDUJRDSDUWLU
GHOD6&5HO7ULEXQDO&RQVWLWXFLRQDOHQWHQGLyTXHHOUHVJXDUGRDOGHUHFKR
DODOLEHUWDGVyORHUDSRVLEOHHQWDQWR\HQFXDQWRHORUGHQDPLHQWRMXUtGLFRQREULQGHXQ
PHFDQLVPR GH SURWHFFLyQ LQPHGLDWR RSRUWXQR \ HILFD] LQLFLiQGRVH OD OtQHD GH
SHQVDPLHQWRGHODVXEVLGLDULHGDGH[FHSFLRQDOGHODDFFLyQGHOLEHUWDGFX\DVVXEUHJODV
IXHURQ FRQGHQVDGDV HQ OD 6& 5 UD]RQDPLHQWR UDWLILFDGR SRU HO 7ULEXQDO

W


dW^:d
&RQVWLWXFLRQDO3OXULQDFLRQDODSDUWLUGHOD6&3

L 
(QFXDQWRDOGHUHFKRDODYLGDODMXULVSUXGHQFLDHVODVLJXLHQWH/D6&3
5SURQXQFLDGDSRUHO7ULEXQDO&RQVWLWXFLRQDOGH7UDQVLFLyQHVWDEOHFLyTXHOD
SURWHFFLyQDOGHUHFKRDODYLGDYtDDFFLyQGHOLEHUWDGHVWitQWLPDPHQWHYLQFXODGDFRQHO
GHUHFKR D OD OLEHUWDG SHUVRQDO  3RVWHULRUPHQWH OD 6&3  UHVXHOWD SRU HO
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO FRQILUPy HVWH HQWHQGLPLHQWR SUHFLVDQGR TXH OD
DFFLyQGHOLEHUWDGWXWHODHOGHUHFKRDODYLGDVLHPSUH\FXDQGRVHHQFXHQWUHYLQFXODGR
FRQODOLEHUWDGItVLFDRGHORFRPRFLyQ$VLPLVPROD6&3PRGXOyHVWH
UD]RQDPLHQWR VHxDODQGR TXH OD DFFLyQ GH OLEHUWDG SURWHJH HO GHUHFKR D OD YLGD FRQ
LQGHSHQGHQFLDGHVXYLQFXODFLyQFRQHOGHUHFKRDODOLEHUWDGItVLFD\TXHSRUORPLVPR
HQYLUWXGDOYDORUIXQGDPHQWDOGHODYLGDKXPDQD\HOSULQFLSLRGHQRIRUPDOLVPRGLFKR
GHUHFKR SXHGH VHU WXWHODGR LQGLVWLQWDPHQWH SRU OD DFFLyQ GH OLEHUWDG R OD DFFLyQ GH
DPSDUR FRQVWLWXFLRQDO  /D 6&3  FRQVLGHUDGD PRGXODGRUD FRQILUPDQGR
TXHSURWHJHHOGHUHFKRDODYLGDD~QQRHVWXYLHUHYLQFXODGDFRQODOLEHUWDGItVLFDVHxDOy
TXHVHUiODSDUWHDFFLRQDQWHODTXHWUDWiQGRVHGHOGHUHFKRDODYLGDDVXPDODGHFLVLyQ
GHIRUPXODUXQDDFFLyQGHOLEHUWDGRGHDPSDURFRQVWLWXFLRQDO

LL 
5HVSHFWRDODOLEHUWDGGHORFRPRFLyQRFLUFXODFLyQHQHOPDUFRGHODQXHYD
&RQVWLWXFLyQ OD 6& 5 SUHFLVy OD FRQFHSFLyQ DXWyQRPD GH OD OLEHUWDG GH
ORFRPRFLyQRFLUFXODFLyQFRQUHODFLyQDODOLEHUWDGItVLFDHVWDEOHFLHQGRTXH
6LELHQ
GHODUWGHOD&3(VHSRGUtDFRQFOXLUTXHHOREMHWRGHWXWHODGHODDFFLyQGHOLEHUWDG
HVHOGHUHFKRDODOLEHUWDGItVLFDDODYLGD\DOGHELGRSURFHVRFXDQGRH[LVWHYLQFXODFLyQ
FRQ HO GHUHFKR D OD OLEHUWDG \ H[FOXLU GH VX iPELWR GH SURWHFFLyQ DO GHUHFKR GH
ORFRPRFLyQ VLQ HPEDUJR GDGD OD tQWLPD UHODFLyQ TXH H[LVWH HQWUH HVRV GHUHFKRV HV
SRVLEOH WXWHODU WDPELpQ DO ~OWLPR GH ORV QRPEUDGRV HQ DTXHOORV FDVRV HQ ORV TXH HO
GHUHFKRGHORFRPRFLyQHVWiYLQFXODGRGLUHFWDPHQWHFRQODOLEHUWDGItVLFDRSHUVRQDOR
FRQHOGHUHFKRDODYLGDRODVDOXG


LLL 
&RQUHODFLyQDOGHUHFKRJDUDQWtDGHOGHELGRSURFHVRODOtQHDMXULVSUXGHQFLDO
WLHQH HO VLJXLHQWH GHVDUUROOR MXULVSUXGHQFLDO  /D 6& 5 HVWDEOHFLy TXH OD
SURWHFFLyQDOGHELGRSURFHVRDWUDYpVGHOHQWRQFHVUHFXUVRGHKDEHDVFRUSXVHUDYLDEOH
VRODPHQWH HQ DTXHOORV FDVRV HQ ORV FXDOHV H[LVWtD GLUHFWD FDXVDOLGDG FRQ OD OLEHUWDG
SHUVRQDORGHORFRPRFLyQHVGHFLUFXDQGRORVDFWRVXRPLVLRQHVGHQXQFLDGRVVHDQOD
FDXVDGLUHFWDSDUDODUHVWULFFLyQRVXSUHVLyQDOGHUHFKRDODOLEHUWDG3RVWHULRUPHQWH
OD6&5HVWDEOHFLyTXHDQWHVGHDFWLYDUVHODMXULVGLFFLyQFRQVWLWXFLRQDOGHEtD
SHGLUVHODUHSDUDFLyQGHOGHELGRSURFHVRHQODVLQVWDQFLDVMXULVGLFFLRQDOHVDWUDYpVGHORV
PHGLRVGHLPSXJQDFLyQHVWDEOHFLGRVSRUODOH\VDOYRHODEVROXWRHVWDGRGHLQGHIHQVLyQ
VLWXDFLyQHQODTXHODDFWLYDFLyQHUDGLUHFWDVLQODH[LJHQFLDGHODJRWDPLHQWRSUHYLRGH
ORVPHFDQLVPRVGHGHIHQVDLQWUDSURFHVDOHV/D6&5VLVWHPDWL]yORVGRV
VXSXHVWRV SDUD OD DFWLYDFLyQ GH OD DFFLyQ GH OLEHUWDG FRQ UHODFLyQ DO GHELGR SURFHVR
SUHFLVDQGR TXH GHEtDQ FRQFXUULU ORV VLJXLHQWHV UHTXLVLWRV D  /RV DFWRV X RPLVLRQHV
GHQXQFLDGRVGHEtDQHVWDUYLQFXODGRVFRQODOLEHUWDG\VHUFDXVDGLUHFWDSDUDVXVXSUHVLyQ
ROLPLWDFLyQ\E GHEtDH[LVWLUDEVROXWRHVWDGRGHLQGHIHQVLyQ3RVWHULRUPHQWHOD
6&3UHFRQGXFLHQGRHOUD]RQDPLHQWRWUD]DGRSRUHO7ULEXQDO&RQVWLWXFLRQDO
GH7UDQVLFLyQHQ6&5GHWHUPLQyTXHWUDWiQGRVHGHPHGLGDVFDXWHODUHVGH
FDUiFWHUSHUVRQDO
QRHVSRVLEOHH[LJLUODFRQFXUUHQFLDGHODEVROXWRHVWDGRGHLQGHIHQVLyQ
FRPR UHTXLVLWR SDUD OD DFWLYDFLyQ GH OD DFFLyQ GH OLEHUWDG KDELGD FXHQWD TXH HO
DFFLRQDQWH  GHEH DJRWDU ORV PHFDQLVPRV GH LPSXJQDFLyQ LQWUDSURFHVDOHV SUHYLD D OD
DFWLYDFLyQGHODDFFLyQGHOLEHUWDG
'HRWURODGRODOtQHDGHODFDXVDOLGDGGLUHFWDSDUD
OD SURWHFFLyQ GHO GHELGR SURFHVR IXH PRGXODGD D WUDYpV GH OD 6&3  TXH
HVWDEOHFLyTXH
QLFDPHQWHFXDQGRVHWUDWDGHPDWHULDSHQDOODDFFLyQGHOLEHUWDGHVHO
PHGLR LGyQHR HILFD] \ HILFLHQWH SDUD UHVWDEOHFHU HO GHELGR SURFHVR HQ WRGRV VXV
HOHPHQWRV
(QHVWHPDUFRSDUDODWXWHODGHOSURFHVDPLHQWRLQGHELGRDWUDYpVGHODDFFLyQ
GHOLEHUWDGQRHVH[LJLEOHODUHODFLyQGHGLUHFWDFDXVDOLGDGVLHQGRVXILFLHQWHXQDUHODFLyQ
LQGLUHFWD&DEHDFODUDUTXHOD6&3UHFRQGXMRHVWH~OWLPRHQWHQGLPLHQWRD

W


dW^:d


ODWHVLVGHYLQFXODFLyQGLUHFWDHQWUHHOGHUHFKRDODOLEHUWDG\HOGHELGRSURFHVREDMRHO
VLJXLHQWH UD]RQDPLHQWR
WUDWiQGRVH GH OD SURFHGHQFLD GH OD DFFLyQ GH OLEHUWDG HQ
UHODFLyQ DO GHELGR SURFHVR GHEH HQWHQGHUVH TXH OD LQREVHUYDQFLD D pVWH     GHELGR
SURFHVRKDVLGRODFDXVDOSULQFLSDOSDUDODDIHFWDFLyQGHOELHQMXUtGLFROLEHUWDGSXHVGH
ORFRQWUDULRVLORVDFWRVHPHUJHQWHVGHOSURFHVDPLHQWRQRSRQHQHQULHVJRODOLEHUWDG\
QRRFDVLRQDQVXUHVWULFFLyQQRSRGUiQVHUHYDOXDGRV\FRQVLGHUDGRVDWUDYpVGHODDFFLyQ
GH OLEHUWDG FRUUHVSRQGLHQGR VX WUDWDPLHQWR XQD YH] DJRWDGRV WRGRV ORV PHGLRV LQWUD
SURFHVDOHVDODDFFLyQGHDPSDURFRQVWLWXFLRQDOFRPRPHGLRGHGHIHQVDLGyQHRHQHO
MXULVGLFFLyQ FRQVWLWXFLRQDO SDUD UHSDUDU \ VXEVDQDU ORV GHIHFWRV SURFHVDOHV HQ TXH
SXGLHUDQKDEHULQFXUULGRWDQWRVHUYLGRUHVS~EOLFRVFRPRSHUVRQDVSDUWLFXODUHV(QHVWH
FRQWH[WRFRUUHVSRQGHUHFRQGXFLUDOHQWHQGLPLHQWRDVXPLGRDQWHULRUPHQWHSRUODV66&&
5GHGHRFWXEUH\5GHGHGLFLHPEUH


LY 
$ WUDYpV GH OD DFFLyQ GH OLEHUWDG WDPELpQ VH KD SURWHJLGR HO GHUHFKR D OD
LQWHJULGDG ItVLFD \ OD JDUDQWtD GH SURKLELFLyQ GH WRUWXUDV DVt VH WLHQH TXH  /D 6&
5HVWDEOHFLyTXHFRQVLGHUDQGRHOQXHYRDOFDQFHGHODDFFLyQGHOLEHUWDGTXH
QRVyORSURWHJHHOGHUHFKRDODOLEHUWDGItVLFDRSHUVRQDOVLQRWDPELpQHOGHUHFKRDOD
YLGD\HOGHUHFKRDODLQWHJULGDGItVLFDSDUDODSURWHFFLyQGHODSHUVRQDFRQWUDODWRUWXUD
X RWURV WUDWRV R SHQDV FUXHOHV LQKXPDQDV R GHJUDGDQWHV HV SUHFLVR TXH ORV
UHSUHVHQWDQWHV GHO 0LQLVWHULR 3~EOLFR GHMHQ FRQVWDQFLD HQ DFWD X RWUR GRFXPHQWR
FHUWLILFDGRPpGLFRIRUHQVH GHOHVWDGRItVLFRHQTXHHQFRQWUDURQDOLPSXWDGROXHJRGH
VX DSUHKHQVLyQ VHD SRU SDUWLFXODUHV R IXQFLRQDULRV SROLFLDOHV SDUD TXH VH VLJDQ ODV
DFFLRQHV FRUUHVSRQGLHQWHV FRQWUD ORV SUHVXQWRV DXWRUHV GH ORV DFWRV OHVLYRV D OD
LQWHJULGDGItVLFDRSHUVRQDOGHOGHWHQLGRRDSUHKHQGLGR
'LFKRGRFXPHQWRGHEHUiVHU
SUHVHQWDGR GH PDQHUD REOLJDWRULD DO MXH] FDXWHODU TXLHQ FRPR VH WLHQH VHxDODGR
DPSOLDPHQWHHMHUFHHOFRQWUROGHOUHVSHWRDORVGHUHFKRV\JDUDQWtDVGHOLPSXWDGR\
GHEHUiVHUVROLFLWDGRDOILVFDOSRUHOMXH]RWULEXQDOGHJDUDQWtDVFXDQGRVHGHQXQFLHQ
WRUWXUDV R YHMiPHQHV VLQ SHUMXLFLR GH DFXGLU DO OXJDU GH GHWHQFLyQ SDUD YHULILFDU ODV
FRQGLFLRQHVGHODSULYDFLyQGHOLEHUWDGFRQIRUPHHVWDEOHFHHODUW,GHOD&3(FRQ
ODILQDOLGDGGHTXHGLFKR7ULEXQDO\HQUHYLVLyQHVWH7ULEXQDO&RQVWLWXFLRQDOSXHGD
FRQWDUFRQORVHOHPHQWRVGHSUXHEDQHFHVDULRVSDUDSURQXQFLDUVHVREUHODVXSXHVWDOHVLyQ
DO GHUHFKR D OD LQWHJULGDG ItVLFD R SHUVRQDO \ OD DPHQD]D GHO GHUHFKR D OD YLGD

5D]RQDPLHQWRFRQILUPDGRSRUOD6&3

Y 
6REUHHOGHUHFKRDODVDOXG\VXSURWHFFLyQDWUDYpVGHODDFFLyQGHOLEHUWDGHO
GHVDUUROOR MXULVSUXGHQFLDO HV HO VLJXLHQWH  (O 7ULEXQDO &RQVWLWXFLRQDO HQ OD 6&
5GHGHDEULOHVWDEOHFLyODSRVLELOLGDGGHSURWHFFLyQGHOGHUHFKRDODVDOXG
GH ORV SULYDGRV GH OLEHUWDG H[SRQLHQGR HO VLJXLHQWH UD]RQDPLHQWR (O KiEHDV FRUSXV
GHQRPLQDGR FRUUHFWLYR SURWHJH DO GHWHQLGR GH DTXHOODV FRQGLFLRQHV TXH DJUDYDQ HQ
IRUPDLOHJtWLPDODGHWHQFLyQYLRODQGRVXFRQGLFLyQKXPDQD$WUDYpVGHHVWHUHFXUVR
VH JDUDQWL]D HO WUDWR KXPDQR DO GHWHQLGR HVWDEOHFLGR HQ ODV &RQYHQFLRQHV
,QWHUQDFLRQDOHVGH'HUHFKRV+XPDQRV/D6&5DPSOLyODSRVLELOLGDG
GH SURWHJHU YtD DFFLyQ GH OLEHUWDG HO GHUHFKR D OD VDOXG FXDQGR pVWH VH HQFXHQWUH
YLQFXODGR FRQ OD YLGD OLEHUWDG ItVLFD R GH ORFRPRFLyQ  /D 6&3 
SURQXQFLDGD SRU HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO FRQILUPy HVWH ~OWLPR
UD]RQDPLHQWR HVWDEOHFLHQGR TXH PHGLDQWH OD DFFLyQ GH OLEHUWDG HV SRVLEOH WXWHODU HO
GHUHFKRDODVDOXGGHSULYDGRVGHOLEHUWDGFXDQGRVHHQFXHQWUDHQGLUHFWDFRQH[LyQFRQ
ODLQWHJULGDGSHUVRQDO\HOGHUHFKRDODYLGD

YL 
(Q FXDQWR D OD SURWHFFLyQ GH RWURV GHUHFKRV FRQH[RV OD MXULVSUXGHQFLD
FRQVWLWXFLRQDO KD GHVDUUROODGR OD VLJXLHQWH OtQHD GH HQWHQGLPLHQWR (O 7ULEXQDO
&RQVWLWXFLRQDOGHODpSRFDGHORV'LH]$xRVHVWDEOHFLyTXHHOUHFXUVRGHKiEHDVFRUSXV
QRSURWHJtDRWURVGHUHFKRVTXHQRVHDQORVGHODOLEHUWDGItVLFDRGHORFRPRFLyQ$WUDYpV
GH OD 6& 5 GHWHUPLQy TXH H[FHSFLRQDOPHQWH UHVJXDUGDED OD JDUDQWtD GHO
GHELGRSURFHVR\GHUHFKRDODGHIHQVDVLHPSUHTXHHVWpQYLQFXODGRVFRQODOLEHUWDGItVLFD
RGHORFRPRFLyQUD]RQDQGRGHODVLJXLHQWHPDQHUD  HQPDWHULDGHKiEHDVFRUSXV

W


dW^:d
FRQIRUPH OD MXULVSUXGHQFLD GH HVWH 7ULEXQDO VyOR SXHGH LQJUHVDUVH D DQDOL]DU OD
SUREOHPiWLFD FXDQGR ORV DFWRV GHQXQFLDGRV RSHUDQ FRPR FDXVD SDUD OD DPHQD]D
UHVWULFFLyQRVXSUHVLyQGHORVGHUHFKRVDODOLEHUWDGItVLFD\GHORFRPRFLyQGHPRGRTXH
ODV OHVLRQHV D RWURV GHUHFKRV QR SRGUiQ VHU FRPSXOVDGDV HQ HVWH UHFXUVR VDOYR ODV
OHVLRQHVDODJDUDQWtDGHOGHELGRSURFHVRVLHPSUHTXHFRPRFRQVHFXHQFLDGHDTXpOODV
VHKXELHUDYXOQHUDGRHOGHUHFKRDODOLEHUWDG 
/D6&3HQHOPDUFRGH
ODQXHYD&RQVWLWXFLyQ\HOQXHYRiPELWRGHSURWHFFLyQGHODDFFLyQGHOLEHUWDGPRGXOy
GLFKR UD]RQDPLHQWR \ FRQVLGHUy DO SULQFLSLR GH LQWHUGHSHQGHQFLD GH ORV GHUHFKRV
KXPDQRVFRPRIXQGDPHQWRSDUDODSRVLELOLGDGGHSURWHJHUHQODDFFLyQGHOLEHUWDGRWURV
GHUHFKRVGHWHUPLQDQGRHVLQGXGDEOHTXHHOiPELWRGHSURWHFFLyQGHODVGLIHUHQWHV
DFFLRQHV GH GHIHQVD \ HQ HVSHFLDO GH OD DFFLyQ GH OLEHUWDG TXH WLHQH HQWUH VXV
FDUDFWHUtVWLFDVDOLQIRUPDOLVPRQRSXHGHVHULPSHQHWUDEOHSXHVHOORLPSOLFDUtDSRUXQD
SDUWHGHVFRQRFHUHOFDUiFWHULQWHUGHSHQGLHQWHGHORVGHUHFKRV\SRURWUDREOLJDUDTXH
HODFFLRQDQWHIUHQWHDODOHVLyQGHXQGHUHFKRTXHVHHQFXHQWUDGHQWURGHOiPELWRGHXQD
GHWHUPLQDGDDFFLyQGHGHIHQVDSHURTXHVHYLQFXODFRQRWURVGHUHFKRVGHEDSODQWHDU
GLIHUHQWHVDFFLRQHVGHGHIHQVD
$VLPLVPROD6&3FRQVLGHUDGDFRPR
XQDVHQWHQFLDPRGXODGRUDH[WHQGLyHOiPELWRGHSURWHFFLyQGHODDFFLyQGHOLEHUWDG\
HQ HO PDUFR GH OD FRQFHSFLyQ SOXUDO WXWHOy ORV  GHUHFKRV D OD GLJQLGDG OLEHUWDG GH
HVSLULWXDOLGDGUHOLJLyQ\FXOWRFRQILUPDQGRDVtODSRVLELOLGDGGHWXWHODUSRUPHGLRGHOD
DFFLyQGHOLEHUWDGRWURVGHUHFKRVFXDQGRORVPLVPRVWHQJDQFRQH[LWXGFRQORVTXHVH
HQFXHQWUDQEDMRVXWXWHODHVWDEOHFLHQGR
VLELHQGHQWURGHOiPELWRGHSURWHFFLyQGHOD
DFFLyQGHOLEHUWDGVHHQFXHQWUDQSUHYLVWRVGHWHUPLQDGRVGHUHFKRVHPSHURHVSRVLEOH
HIHFWXDUHODQiOLVLVGHRWURVGHUHFKRVFXDQGRORVPLVPRVWHQJDQFRQH[LWXGFRQORVTXH
VH HQFXHQWUDQ EDMR OD WXWHOD GH OD DFFLyQ GH OLEHUWDG HQ YLUWXG D OD FDUDFWHUtVWLFD GH
LQWHUGHSHQGHQFLDGHpVWRVTXHVHHQFXHQWUDSUHYLVWDHQHODUW,GHOD&3(TXHVHxDOD
/RV GHUHFKRV UHFRQRFLGRV SRU HVWD &RQVWLWXFLyQ VRQ LQYLRODEOHV XQLYHUVDOHV
LQWHUGHSHQGLHQWHVLQGLYLVLEOHV\SURJUHVLYRV



([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

(OSUHFHGHQWHFRQWHQLGRHQOD6&5HVWDEOHFH

)-,,,


/DDFFLyQGHOLEHUWDGHVXQDDFFLyQMXULVGLFFLRQDOGHGHIHQVDTXHWLHQH
SRU ILQDOLGDG SURWHJHU \R UHVWDEOHFHU HO GHUHFKR D OD OLEHUWDG ItVLFD R
KXPDQD\WDPELpQHOGHUHFKRDODYLGDVLHVTXHVHKDOODHQSHOLJURD
UDt]GHODVXSUHVLyQRUHVWULFFLyQDODOLEHUWDGSHUVRQDOVHDGLVSRQLHQGR
HO FHVH GH OD SHUVHFXFLyQ LQGHELGD HO UHVWDEOHFLPLHQWR GH ODV
IRUPDOLGDGHV OHJDOHV \R OD UHPLVLyQ GHO FDVR DO -XH] FRPSHWHQWH OD
UHVWLWXFLyQ GHO GHUHFKR D OD OLEHUWDG ItVLFD R OD SURWHFFLyQ GH OD YLGD
PLVPDPRWLYRSRUHOFXDOVHFRQVWLWX\HHQXQDDFFLyQWXWHODUSUHYHQWLYD
FRUUHFWLYD\UHSDUDGRUDGHWUDVFHQGHQWDOLPSRUWDQFLDTXHJDUDQWL]DFRPR
VXQRPEUHORLQGLFDODOLEHUWDGGHUHFKRFRQVDJUDGRSRUORVDUWV\
,GHOD&3(


,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

&RQUHODFLyQDOGHUHFKRDODYLGDODVHQWHQFLDTXHFRQWLHQHHOHVWiQGDU
PiV DOWR HV OD 6&3  SRUTXH HVWDEOHFH TXH VHUi OD SDUWH
W


dW^:d


DFFLRQDQWHODTXHWUDWiQGRVHGHOGHUHFKRDODYLGDDVXPDODGHFLVLyQGH
IRUPXODUXQDDFFLyQGHOLEHUWDGRGHDPSDURFRQVWLWXFLRQDO5HVSHFWRD
ODOLEHUWDGGHORFRPRFLyQRFLUFXODFLyQODVHQWHQFLDFRQHVWiQGDUPiV
DOWRVHHQFXHQWUDHQOD6&5(QFXDQWRDOGHELGRSURFHVROD
VHQWHQFLDFRQHVWiQGDUPiVDOWRHVOD6&3SRUTXHHVWDEOHFHOD
SRVLELOLGDGGHSURWHJHUODVSUHVXQWDVOHVLRQHVDOGHELGRSURFHVRVLQOD
H[LJHQFLD GH GLUHFWD FDXVDOLGDG FRQ OD OLEHUWDG ItVLFD R SHUVRQDO
5HVSHFWRDOGHUHFKRDODVDOXGHOHVWiQGDUPiVDOWRVHHQFXHQWUDHQOD6&
5FRPSOHPHQWDGDSRUOD6&35HVSHFWRDRWURV
GHUHFKRVFRQH[RVHOUD]RQDPLHQWRFRQHVWiQGDUPiVDOWRVHHQFXHQWUD
HQOD6&3FRPSOHPHQWDGDFRQOD6&3



1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3(QYLUWXGDODQDWXUDOH]DGHOGHUHFKRDODYLGDTXH
QR UHTXLHUH GH IRUPDOLVPRV SDUD VX SURWHFFLyQ HO iPELWR GH
SURWHFFLyQGHODDFFLyQGHOLEHUWDGVHH[WLHQGHDHVHGHUHFKRD~QQRVH
HQFXHQWUHYLQFXODGRGLUHFWDPHQWHFRQHOGHUHFKRDODOLEHUWDGItVLFD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH OLEHUWDG HO DFFLRQDQWH GHQXQFLy TXH ORV MXHFHV
GHPDQGDGRVYXOQHUDURQVXVGHUHFKRVDODYLGD\DODVDOXGSRUFXDQWR
REVWDQWH ORV DEXQGDQWHV LQIRUPHV \ FHUWLILFDFLRQHV PpGLFDV TXH
DGYLHUWHQGHORVULHVJRVHQVXVDOXGRUGHQDURQVHDFRQGXFLGRDODFLXGDG
GH7DULMDSDUDODUHDOL]DFLyQGHOMXLFLRRUDOGHOSURFHVRSHQDOVHJXLGRHQ
VXFRQWUD(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOUHYRFyODUHVROXFLyQ
UHYLVDGD \ FRQFHGLy OD WXWHOD VROLFLWDGD DQDOL]DQGR SUHYLDPHQWH HO
iPELWRGHSURWHFFLyQGHODDFFLyQGHOLEHUWDGFRQUHODFLyQDOGHUHFKRD
ODYLGD

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,(ODUWGHOD&3(HVWDEOHFHTXH
7RGDSHUVRQDTXHFRQVLGHUHTXHVXYLGD
HVWi HQ SHOLJUR TXH HV LOHJDOPHQWH SHUVHJXLGD R TXH HV LQGHELGDPHQWH SURFHVDGD R
SULYDGDGHOLEHUWDGSHUVRQDOSRGUiLQWHUSRQHU$FFLyQGH/LEHUWDG\DFXGLUGHPDQHUD

W


dW^:d
RUDORHVFULWDSRUVtRSRUFXDOTXLHUDDVXQRPEUH\VLQQLQJXQDIRUPDOLGDGSURFHVDO
DQWHFXDOTXLHUMXH]RWULEXQDOFRPSHWHQWHHQPDWHULDSHQDO\VROLFLWDUiTXHVHJXDUGH
WXWHODDVXYLGDFHVHODSHUVHFXFLyQLQGHELGDVHUHVWDEOH]FDQODVIRUPDOLGDGHVOHJDOHVR
VHUHVWLWX\DVXGHUHFKRDODOLEHUWDG
 HOUHVDOWDGRHVQXHVWUR 

$KRUDELHQOD6&5GHGHDEULOUHVFDWyODGRFWULQDGHOKiEHDVFRUSXV
LQVWUXFWLYRTXHHQODQXHYDWHUPLQRORJtDGHOD&RQVWLWXFLyQVHGHQRPLQDODDFFLyQGH
OLEHUWDGLQVWUXFWLYDFX\RiPELWRGHSURWHFFLyQDEDUFDWDPELpQDOGHUHFKRDODYLGD\HO
GHUHFKRDODLQWHJULGDGSHUVRQDO ItVLFDSVLFROyJLFD\VH[XDO ORVDOXGLGRVGHUHFKRVVRQ
REMHWRGHSURWHFFLyQGHODDFFLyQGHOLEHUWDGLQVWUXFWLYDIXQGDPHQWDOPHQWHHQORVFDVRV
GH GHVDSDULFLyQ IRU]DGD GH SHUVRQDV SHUR QR H[FOX\HQWH GH RWURV SURFHVRV SRU HVWDU
YLQFXODGRVDODOLEHUWDGItVLFDRSHUVRQDOFRPRVRQGHWHQFLRQHVLOHJDOHVRLQGHELGDVHQ
FXDOHVTXLHUIRUPD SRUHMHPSORDSUHKHQVLRQHVDUUHVWRVHWFRSHUVHFXFLRQHVLOHJDOHVR
LQGHELGDV SURYHQLHQWHV GH DXWRULGDGHV SROLFLDOHV ILVFDOHV MXGLFLDOHV R SDUWLFXODUHV 
OLEHUWDG GH ORFRPRFLyQ SRU HMHPSOR DUUDLJRV GHWHQFLRQHV GRPLFLOLDULDV HWF  'LFKR
SUHFHGHQWHFRQVWLWXFLRQDODOUHVSHFWRHQWHQGLyTXH


KDFHUHIHUHQFLDDODVXSXHVWRVHQTXHHOGHUHFKRDODOLEHUWDGVHHQFXHQWUDYLQFXODGR
DOGHUHFKRDODYLGDIXQGDPHQWDOPHQWHHQORVFDVRVGHGHVDSDULFLyQIRU]DGDGHSHUVRQDV
\ WLHQH FRPR REMHWR LGHQWLILFDU HO SDUDGHUR GH OD YtFWLPD GLVSRQHU VX OLEHUWDG H
LQGLYLGXDOL]DUDORVDXWRUHVGHOKHFKRJDUDQWL]iQGRVHHOGHUHFKRDODYLGD\WDPELpQHO
GHUHFKRDODLQWHJULGDGItVLFD

(VWHKiEHDVFRUSXVDKRUDHVWiSUHYLVWRHQHODUWGHOD&3(FXDQGRKDFHUHIHUHQFLD
DORVFDVRVHQORVTXHODSHUVRQDFRQVLGHUHTXHVXYLGDHVWiHQSHOLJUR(VWDDPSOLDFLyQ
HVFRKHUHQWHFRQODMXULVSUXGHQFLDGHOD&RUWH,QWHUDPHULFDQDGH'HUHFKRV+XPDQRV
TXHHQOD2SLQLyQ&RQVXOWLYD2&GHGHHQHURGHDODEVROYHUODFRQVXOWD
IRUPXODGD SRU OD &RPLVLyQ ,QWHUDPHULFDQD GH 'HUHFKRV +XPDQRV UHVSHFWR D OD
LQWHUSUHWDFLyQ GH ORV DUWV  \  GH OD &RQYHQFLyQ $PHULFDQD VREUH 'HUHFKRV
+XPDQRVHQUHODFLyQDOD~OWLPDIUDVHGHODUWGHGLFKD&RQYHQFLyQTXHHQXPHUD
ORVGHUHFKRVTXHQRSXHGHQVXVSHQGHUVHGXUDQWHORVHVWDGRVGHH[FHSFLyQHVWDEOHFLy
TXHODIXQFLyQGHOKiEHDVFRUSXVHVHVHQFLDOFRPRPHGLRSDUDFRQWURODUHOUHVSHWRD
ODYLGDHLQWHJULGDGGHODSHUVRQDSDUDLPSHGLUVXGHVDSDULFLyQRODLQGHWHUPLQDFLyQGH
VXOXJDUGHGHWHQFLyQDVtFRPRSDUDSURWHJHUODFRQWUDODWRUWXUDXRWURVWUDWRVRSHQDV
FUXHOHVLQKXPDQRVRGHJUDGDQWHV

(OFULWHULRGHOD&RUWH,QWHUDPHULFDQDGH'HUHFKRV+XPDQRVUHVSHFWRDODSURWHFFLyQGH
ORVGHUHFKRVDODYLGDHLQWHJULGDGItVLFDRSHUVRQDOIXHUHLWHUDGRHQQXPHURVRVIDOORV
$Vt HQ HO FDVR &DVWLOOR 3iH] GH  GH QRYLHPEUH GH  OD &RUWH ,QWHUDPHULFDQD
VRVWXYRTXH(OKiEHDVFRUSXVWLHQHFRPRILQDOLGDGQRVRODPHQWHJDUDQWL]DUODOLEHUWDG
\ODLQWHJULGDGSHUVRQDOVLQRWDPELpQSUHYHQLUODGHVDSDULFLyQRLQGHWHUPLQDFLyQGHO
OXJDUGHGHWHQFLyQ\HQ~OWLPDLQVWDQFLDDVHJXUDUHOGHUHFKRDODYLGD(QHOPLVPR
VHQWLGRHOFDVR1HLUD$OHJUtDIDOORGHGHMXOLRGH

/DSURWHFFLyQGHOGHUHFKRDODYLGDHLQWHJULGDGSHUVRQDOSRURWUDSDUWHHVWiWDPELpQ
SUHYLVWD HQ ODV OHJLVODFLRQHV GH RWURV SDtVHV FRPR HQ &RVWD 5LFD GRQGH D WUDYpV GHO
KiEHDVFRUSXVVHSURWHJHQORVGHUHFKRVDODOLEHUWDGHLQWHJULGDGSHUVRQDOHQHO3HU~
GRQGHVHSURWHJHODOLEHUWDGSHUVRQDO\RWURVGHUHFKRVFRQH[RVDVtFRPRODLQWHJULGDG\
ODSURKLELFLyQGHGHVDSDULFLyQIRU]DGD~OWLPRVXSXHVWRTXHVHYLQFXODFRQHOGHUHFKRD
ODYLGD$OJRVLPLODUVXFHGHHQ$UJHQWLQDGRQGHHOKiEHDVFRUSXVSURWHJHODOLEHUWDG
ItVLFD HO DJUDYDPLHQWR LOHJtWLPR GH ODV FRQGLFLRQHV GH GHWHQFLyQ \ OD GHVDSDULFLyQ
IRU]DGDGHSHUVRQDV\HQ(FXDGRUGRQGHVHSURWHJHHOGHUHFKRDODOLEHUWDGDODYLGD\
ODLQWHJULGDGItVLFDGHODVSHUVRQDSULYDGDVGHOLEHUWDG

'H HVWH EUHYH UHSDVR D OD MXULVSUXGHQFLD GH OD &RUWH ,QWHUDPHULFDQD GH 'HUHFKRV
+XPDQRV\GHODOHJLVODFLyQFRPSDUDGDVHSXHGHREVHUYDUTXHODSURWHFFLyQDOGHUHFKR

W


dW^:d


DODYLGDYtDKiEHDVFRUSXVHQHOFDVREROLYLDQRDFFLyQGHOLEHUWDGHVWitQWLPDPHQWH
YLQFXODGDFRQHOGHUHFKRDODOLEHUWDGSHUVRQDO

&DEHUHVDOWDUTXHODMXULVSUXGHQFLDGHO7ULEXQDO&RQVWLWXFLRQDOSURWHJLyHOGHUHFKRDOD
YLGDDWUDYpVGHOUHFXUVRGHKiEHDVFRUSXVSRUFRQH[LWXGFRQHOGHUHFKRDODOLEHUWDGGH
ORFRPRFLyQHQODV66&&55HQWUHRWUDV


6LQHPEDUJRGHHVHUHSDVRGH'HUHFKR&RPSDUDGR\GHODMXULVSUXGHQFLDGHOD&RUWH
,QWHUDPHULFDQDHVPHQHVWHUUHIOH[LRQDUVLHYLGHQWHPHQWHHOHVStULWXGHO&RQVWLWX\HQWHDO
LQFOXLUHOGHUHFKRDODYLGD\DODLQWHJULGDGItVLFDHVTXHHVWHVHKDOOHLUUHPHGLDEOHPHQWH
YLQFXODGR FRQ HO GHUHFKR D OD OLEHUWDG ItVLFD DO UHVSHFWR HV ELHQ FRQRFLGRTXH HQ OD
WUDGLFLyQMXULVSUXGHQFLDOEROLYLDQDODSURWHFFLyQGHOGHUHFKRDODYLGDKDHVWDGRGDGD
SRUODYtDWXWHODUGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOOD&RQVWLWXFLyQYLJHQWHGHVGH
KDLQFOXLGRHQODHVWUXFWXUDSURWHFWLYDGHODDFFLyQGHOLEHUWDGHOGHUHFKRDODYLGD
HOOR HQ Vt VLJQLILFD XQD DPSOLDFLyQ GHO UDQJR SURFHVDO GH OD DFFLyQ GH OLEHUWDG 6LQ
HPEDUJRSDUDTXHRSHUHSRUODYtDGHODDFFLyQGHOLEHUWDGODWHVLVMXULVSUXGHQFLDOGHOD
6&5VHxDODTXHGHEHKDEHUXQYLQFXODFLyQHQWUHHOSHOLJURGHDIHFWDFLyQ
GHOGHUHFKRDODYLGD\HOGHUHFKRDODOLEHUWDGSXHVSDUDTXHRSHUHODSURWHFFLyQTXH
EULQGDODDFFLyQGHOLEHUWDGDOGHUHFKRDODYLGDGHEHVHUFDXVDGHODOHVLyQGHOGHUHFKR
DODOLEHUWDGQRREVWDQWHHVDQRFLyQMXULVSUXGHQFLDOGHEHVHUPRGXODGDHQPpULWRDO
VLJXLHQWHUD]RQDPLHQWR/DQDWXUDOH]DGHOGHUHFKRDODYLGDLPSRQHODFDVLHOLPLQDFLyQ
GHFXDOTXLHUWLSRGHIRUPDOLVPRHQVXSURWHFFLyQSXHVUHVXOWDUtDXQGHVSURSyVLWRTXH
TXLHQVROLFLWHODWXWHODGHVXGHUHFKRDODYLGDFX\DQDWXUDOH]DVLHPSUHHVXUJHQWHUHFLED
ODUHVSXHVWDGHTXHGHEHDFXGLUDQWHRWURPHFDQLVPRSURFHVDOFRPRODDFFLyQGHDPSDUR
FRQVWLWXFLRQDO

3RUHOORFRUUHVSRQGHHVWDEOHFHUODQRFLyQSURWHFWLYDGHODDFFLyQGHOLEHUWDGHQUHODFLyQ
DOGHUHFKRDODYLGDSUHFLVDQGRTXHFXDOTXLHUVLWXDFLyQGHYXOQHUDFLyQGHOGHUHFKRDOD
YLGDVHUiFRQRFLGDDLQVWDQFLDVGHODVDFFLRQHVGHDPSDURFRQVWLWXFLRQDORGHOLEHUWDG
LQGLVWLQWDPHQWHMXVWDPHQWHSRUHOLQPHQVRYDORUTXHHO&RQVWLWX\HQWHKDDVLJQDGRDGRV
QRFLRQHVFRQFHSWXDOHVHOHPHQWDOHVSDUDODFRQYLYHQFLDHQQXHVWUDVRFLHGDGEROLYLDQD
 /DSURWHFFLyQGHODYLGDKXPDQDHVHOYDORUIXQGDPHQWDOVREUHHOFXDOVHFRQVWUX\HOD
QRFLyQ GH (VWDGR 6RFLDO GH 'HUHFKR SRU HOOR HV HO SULPHU GHUHFKR IXQGDPHQWDO
HQXQFLDGRHQHOWH[WRFRQVWLWXFLRQDO\ /DDGPLQLVWUDFLyQGHMXVWLFLDHVWiDOVHUYLFLR
GHODSREODFLyQ\GHODVRFLHGDGVREUHODEDVHGHFULWHULRVDQWLIRUPDOLVWDVHQE~VTXHGD
GHXQVLVWHPDGHYHUGDGPDWHULDO'HDKtUHVXOWDLQDFHSWDEOHTXHFXDQGRVHVROLFLWDOD
SURWHFFLyQ GHO GHUHFKR D OD YLGD DQWH OD MXULVGLFFLyQ FRQVWLWXFLRQDO pVWD GHQLHJXH OD
WXWHODFRQHODUJXPHQWRSURFHVDOGHODLGRQHLGDGUHFXUVLYDDGHPiVGHHOORHODUWHV
FODUR DO HQXPHUDU ODV FRQGLFLRQHV GH DFWLYDFLyQ GH OD DFFLyQ GH OLEHUWDG SXHV HQ OD
SULPHUDIUDVHVHxDOD
7RGDSHUVRQDTXHFRQVLGHUHTXHVXYLGDHVWiHQSHOLJUR
GHXQD
LQWHUSUHWDFLyQOLWHUDOGHODQRUPDFRQVWLWXFLRQDOVHGHVSUHQGHTXHHO&RQVWLWX\HQWHOHMRV
GHFRQGLFLRQDUODDFWLYDFLyQGHODDFFLyQGHOLEHUWDGSRUYXOQHUDFLyQGHOGHUHFKRDOD
YLGDDODYLQFXODFLyQFDXVDOGHSULYDFLyQSUHYLDGHOGHUHFKRD ODOLEHUWDGVHOLPLWyD
HQXPHUDUOR FRPR FDXVDO LQGHSHQGLHQWH GH DFWLYDFLyQ GH OD DFFLyQ GH OLEHUWDG HQ
FRQFRUGDQFLD QRUPDWLYD FRQ ORV DUWV  \  GHO &yGLJR 3URFHVDO &RQVWLWXFLRQDO
&3&R (QHVDGLPHQVLyQDUJXPHQWDWLYDHVTXHVHHVWDEOHFHTXHHOGHUHFKRDODYLGD
SRUODWXWHODLQPHGLDWDTXHUHTXLHUHSXHGHVHUSURWHJLGRLQGLVWLQWDPHQWHSRUODDFFLyQGH
DPSDUR FRQVWLWXFLRQDO R SRU OD DFFLyQ GH OLEHUWDG SXHV XQD LQWHUSUHWDFLyQ GLIHUHQWH
DIHFWD OD QRFLyQEiVLFD GH LQWHUSUHWDFLyQ GH ORV GHUHFKRV KXPDQRV DVt PLVPR GH ORV
GHUHFKRVIXQGDPHQWDOHV FXDOHVODLQWHUSUHWDFLyQIDYRUDEOHDOVHUKXPDQR

(QHOPLVPRVHQWLGRXOWUDSURWHFWLYRGHODDFFLyQGHOLEHUWDGDQWHVJORVDGDHVPHQHVWHU
DFODUDU OD LQDSOLFDELOLGDG EDMR QLQJXQD FLUFXQVWDQFLD GH OD UHJOD GH VXEVLGLDULHGDG
H[FHSFLRQDOGHODDFFLyQGHOLEHUWDGFXDQGRVHGHQXQFLDYLRODFLyQGHOGHUHFKRDODYLGD
RLQWHJULGDGSHUVRQDO6REUHHOWHPDHVSUHFLVRFLWDUOD6&5GHGHDEULO
OD 6& 5 \ HVSHFLDOPHQWH OD 6& 5 GH  GH PD\R TXH IXHURQ

W


dW^:d
FRQWXQGHQWHVHQVHxDODUTXHQRVHDSOLFDEDMRQLQJXQDFLUFXQVWDQFLDODVXEVLGLDULHGDG
H[FHSFLRQDOGHODDFFLyQGHOLEHUWDGFXDQGRVHGHQXQFLDYLRODFLyQGHOGHUHFKRDODYLGD

(QHVWHPLVPRVHQWLGROD6&5GHGHPD\RUHIRU]DQGRGLFKDFRPSUHQVLyQ
GLMR(ODUWGHOD&3(DEUJLQVWLWX\yHOUHFXUVRGHKiEHDVFRUSXVDKRUDDFFLyQGH
OLEHUWDGSUHYLVWDSRUHODUWGHOD&3(FRPRXQUHFXUVRH[WUDRUGLQDULRFX\DILQDOLGDG
HVHQFLDOHUDODSURWHFFLyQDODOLEHUWDGiPELWRGHWXWHODTXHKDVLGRDPSOLDGDHQHORUGHQ
FRQVWLWXFLRQDOYLJHQWHDODYLGDTXHFRPRVHKDYLVWRFRQVWLWX\HXQGHUHFKRSULPDULR
HQVtLQKHUHQWHDOVHUKXPDQR\SRUHQGHVXSURWHFFLyQHVSULRULWDULDSRUFRQVWLWXLUXQ
ELHQMXUtGLFRSULPDULR\IXHQWHGHORVGHPiVGHUHFKRV3RUHOORDGLIHUHQFLDGHODWXWHOD
D OD OLEHUWDG \ VX FRQGLFLRQDPLHQWR GHO DJRWDPLHQWR SUHYLR GH ODV LQVWDQFLDV LQWUD
SURFHVDOHVSDUDSHGLUVXSURWHFFLyQDWUDYpVGHHVWHPHGLRFRQVWLWXFLRQDOLGyQHRHILFD]
HLQPHGLDWRUHVSHFWRDODYLGDVXWXWHODSXHGHVHUVROLFLWDGDGHPDQHUDGLUHFWDHVGHFLU
TXHSXHGHDFXGLUDODMXULVGLFFLyQFRQVWLWXFLRQDOVLQWHQHUTXHDJRWDUSUHYLDPHQWHODYtD
MXULVGLFFLRQDO


6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH OD DFFLyQ GH OLEHUWDG DQDOL]DQGR SUHYLDPHQWH HO iPELWR GH
SURWHFFLyQGHODDFFLyQGHOLEHUWDGFRQUHODFLyQDOGHUHFKRDODYLGD

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/DOtQHDMXULVSUXGHQFLDOVREUHHOiPELWRGHSURWHFFLyQGHODDFFLyQGHOLEHUWDGHQFXDQWR
D ORV GHUHFKRV TXH UHVJXDUGD WLHQH HO VLJXLHQWH GHVDUUROOR MXULVSUXGHQFLDO 6REUH HO
GHUHFKRDODOLEHUWDGItVLFDRSHUVRQDOVXSURWHFFLyQKDVLGRDPSOLDVLQHPEDUJRDSDUWLU
GHOD6&5HO7ULEXQDO&RQVWLWXFLRQDOHQWHQGLyTXHHOUHVJXDUGRDOGHUHFKR
DODOLEHUWDGVyORHUDSRVLEOHHQWDQWR\HQFXDQWRHORUGHQDPLHQWRMXUtGLFRQREULQGHXQ
PHFDQLVPR GH SURWHFFLyQ LQPHGLDWR RSRUWXQR \ HILFD] LQLFLiQGRVH OD OtQHD GH
SHQVDPLHQWRGHODVXEVLGLDULHGDGH[FHSFLRQDOGHODDFFLyQGHOLEHUWDGFX\DVVXEUHJODV
IXHURQ FRQGHQVDGDV HQ OD 6& 5 UD]RQDPLHQWR UDWLILFDGR SRU HO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDODSDUWLUGHOD6&3

L 
(QFXDQWRDOGHUHFKRDODYLGDODMXULVSUXGHQFLDHVODVLJXLHQWH/D6&3
5SURQXQFLDGDSRUHO7ULEXQDO&RQVWLWXFLRQDOGH7UDQVLFLyQHVWDEOHFLyTXHOD
SURWHFFLyQDOGHUHFKRDODYLGDYtDDFFLyQGHOLEHUWDGHVWitQWLPDPHQWHYLQFXODGDFRQHO
GHUHFKR D OD OLEHUWDG SHUVRQDO  3RVWHULRUPHQWH OD 6&3  UHVXHOWD SRU HO
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO FRQILUPy HVWH HQWHQGLPLHQWR SUHFLVDQGR TXH OD
DFFLyQGHOLEHUWDGWXWHODHOGHUHFKRDODYLGDVLHPSUH\FXDQGRVHHQFXHQWUHYLQFXODGR
FRQODOLEHUWDGItVLFDRGHORFRPRFLyQ$VLPLVPROD6&3PRGXOyHVWH
UD]RQDPLHQWR VHxDODQGR TXH OD DFFLyQ GH OLEHUWDG SURWHJH HO GHUHFKR D OD YLGD FRQ
LQGHSHQGHQFLDGHVXYLQFXODFLyQFRQHOGHUHFKRDODOLEHUWDGItVLFD\TXHSRUORPLVPR
HQYLUWXGDOYDORUIXQGDPHQWDOGHODYLGDKXPDQD\HOSULQFLSLRGHQRIRUPDOLVPRGLFKR
GHUHFKR SXHGH VHU WXWHODGR LQGLVWLQWDPHQWH SRU OD DFFLyQ GH OLEHUWDG R OD DFFLyQ GH
DPSDUR FRQVWLWXFLRQDO  /D 6&3  FRQVLGHUDGD PRGXODGRUD FRQILUPDQGR
TXHSURWHJHHOGHUHFKRDODYLGDD~QQRHVWXYLHUHYLQFXODGDFRQODOLEHUWDGItVLFDVHxDOy
TXHVHUiODSDUWHDFFLRQDQWHODTXHWUDWiQGRVHGHOGHUHFKRDODYLGDDVXPDODGHFLVLyQ
GHIRUPXODUXQDDFFLyQGHOLEHUWDGRGHDPSDURFRQVWLWXFLRQDO

LL 
5HVSHFWRDODOLEHUWDGGHORFRPRFLyQRFLUFXODFLyQHQHOPDUFRGHODQXHYD
&RQVWLWXFLyQ OD 6& 5 SUHFLVy OD FRQFHSFLyQ DXWyQRPD GH OD OLEHUWDG GH
ORFRPRFLyQRFLUFXODFLyQFRQUHODFLyQDODOLEHUWDGItVLFDHVWDEOHFLHQGRTXH
6LELHQ
GHODUWGHOD&3(VHSRGUtDFRQFOXLUTXHHOREMHWRGHWXWHODGHODDFFLyQGHOLEHUWDG
HVHOGHUHFKRDODOLEHUWDGItVLFDDODYLGD\DOGHELGRSURFHVRFXDQGRH[LVWHYLQFXODFLyQ

W


dW^:d


FRQ HO GHUHFKR D OD OLEHUWDG \ H[FOXLU GH VX iPELWR GH SURWHFFLyQ DO GHUHFKR GH
ORFRPRFLyQ VLQ HPEDUJR GDGD OD tQWLPD UHODFLyQ TXH H[LVWH HQWUH HVRV GHUHFKRV HV
SRVLEOH WXWHODU WDPELpQ DO ~OWLPR GH ORV QRPEUDGRV HQ DTXHOORV FDVRV HQ ORV TXH HO
GHUHFKRGHORFRPRFLyQHVWiYLQFXODGRGLUHFWDPHQWHFRQODOLEHUWDGItVLFDRSHUVRQDOR
FRQHOGHUHFKRDODYLGDRODVDOXG


LLL 
&RQUHODFLyQDOGHUHFKRJDUDQWtDGHOGHELGRSURFHVRODOtQHDMXULVSUXGHQFLDO
WLHQH HO VLJXLHQWH GHVDUUROOR MXULVSUXGHQFLDO  /D 6& 5 HVWDEOHFLy TXH OD
SURWHFFLyQDOGHELGRSURFHVRDWUDYpVGHOHQWRQFHVUHFXUVRGHKDEHDVFRUSXVHUDYLDEOH
VRODPHQWH HQ DTXHOORV FDVRV HQ ORV FXDOHV H[LVWtD GLUHFWD FDXVDOLGDG FRQ OD OLEHUWDG
SHUVRQDORGHORFRPRFLyQHVGHFLUFXDQGRORVDFWRVXRPLVLRQHVGHQXQFLDGRVVHDQOD
FDXVDGLUHFWDSDUDODUHVWULFFLyQRVXSUHVLyQDOGHUHFKRDODOLEHUWDG3RVWHULRUPHQWH
OD6&5HVWDEOHFLyTXHDQWHVGHDFWLYDUVHODMXULVGLFFLyQFRQVWLWXFLRQDOGHEtD
SHGLUVHODUHSDUDFLyQGHOGHELGRSURFHVRHQODVLQVWDQFLDVMXULVGLFFLRQDOHVDWUDYpVGHORV
PHGLRVGHLPSXJQDFLyQHVWDEOHFLGRVSRUODOH\VDOYRHODEVROXWRHVWDGRGHLQGHIHQVLyQ
VLWXDFLyQHQODTXHODDFWLYDFLyQHUDGLUHFWDVLQODH[LJHQFLDGHODJRWDPLHQWRSUHYLRGH
ORVPHFDQLVPRVGHGHIHQVDLQWUDSURFHVDOHV/D6&5VLVWHPDWL]yORVGRV
VXSXHVWRV SDUD OD DFWLYDFLyQ GH OD DFFLyQ GH OLEHUWDG FRQ UHODFLyQ DO GHELGR SURFHVR
SUHFLVDQGR TXH GHEtDQ FRQFXUULU ORV VLJXLHQWHV UHTXLVLWRV D  /RV DFWRV X RPLVLRQHV
GHQXQFLDGRVGHEtDQHVWDUYLQFXODGRVFRQODOLEHUWDG\VHUFDXVDGLUHFWDSDUDVXVXSUHVLyQ
ROLPLWDFLyQ\E GHEtDH[LVWLUDEVROXWRHVWDGRGHLQGHIHQVLyQ3RVWHULRUPHQWHOD
6&3UHFRQGXFLHQGRHOUD]RQDPLHQWRWUD]DGRSRUHO7ULEXQDO&RQVWLWXFLRQDO
GH7UDQVLFLyQHQ6&5GHWHUPLQyTXHWUDWiQGRVHGHPHGLGDVFDXWHODUHVGH
FDUiFWHUSHUVRQDO
QRHVSRVLEOHH[LJLUODFRQFXUUHQFLDGHODEVROXWRHVWDGRGHLQGHIHQVLyQ
FRPR UHTXLVLWR SDUD OD DFWLYDFLyQ GH OD DFFLyQ GH OLEHUWDG KDELGD FXHQWD TXH HO
DFFLRQDQWH  GHEH DJRWDU ORV PHFDQLVPRV GH LPSXJQDFLyQ LQWUDSURFHVDOHV SUHYLD D OD
DFWLYDFLyQGHODDFFLyQGHOLEHUWDG
'HRWURODGRODOtQHDGHODFDXVDOLGDGGLUHFWDSDUD
OD SURWHFFLyQ GHO GHELGR SURFHVR IXH PRGXODGD D WUDYpV GH OD 6&3  TXH
HVWDEOHFLyTXH
QLFDPHQWHFXDQGRVHWUDWDGHPDWHULDSHQDOODDFFLyQGHOLEHUWDGHVHO
PHGLR LGyQHR HILFD] \ HILFLHQWH SDUD UHVWDEOHFHU HO GHELGR SURFHVR HQ WRGRV VXV
HOHPHQWRV
(QHVWHPDUFRSDUDODWXWHODGHOSURFHVDPLHQWRLQGHELGRDWUDYpVGHODDFFLyQ
GHOLEHUWDGQRHVH[LJLEOHODUHODFLyQGHGLUHFWDFDXVDOLGDGVLHQGRVXILFLHQWHXQDUHODFLyQ
LQGLUHFWD&DEHDFODUDUTXHOD6&3UHFRQGXMRHVWH~OWLPRHQWHQGLPLHQWRD
ODWHVLVGHYLQFXODFLyQGLUHFWDHQWUHHOGHUHFKRDODOLEHUWDG\HOGHELGRSURFHVREDMRHO
VLJXLHQWH UD]RQDPLHQWR
WUDWiQGRVH GH OD SURFHGHQFLD GH OD DFFLyQ GH OLEHUWDG HQ
UHODFLyQ DO GHELGR SURFHVR GHEH HQWHQGHUVH TXH OD LQREVHUYDQFLD D pVWH     GHELGR
SURFHVRKDVLGRODFDXVDOSULQFLSDOSDUDODDIHFWDFLyQGHOELHQMXUtGLFROLEHUWDGSXHVGH
ORFRQWUDULRVLORVDFWRVHPHUJHQWHVGHOSURFHVDPLHQWRQRSRQHQHQULHVJRODOLEHUWDG\
QRRFDVLRQDQVXUHVWULFFLyQQRSRGUiQVHUHYDOXDGRV\FRQVLGHUDGRVDWUDYpVGHODDFFLyQ
GH OLEHUWDG FRUUHVSRQGLHQGR VX WUDWDPLHQWR XQD YH] DJRWDGRV WRGRV ORV PHGLRV LQWUD
SURFHVDOHVDODDFFLyQGHDPSDURFRQVWLWXFLRQDOFRPRPHGLRGHGHIHQVDLGyQHRHQHO
MXULVGLFFLyQ FRQVWLWXFLRQDO SDUD UHSDUDU \ VXEVDQDU ORV GHIHFWRV SURFHVDOHV HQ TXH
SXGLHUDQKDEHULQFXUULGRWDQWRVHUYLGRUHVS~EOLFRVFRPRSHUVRQDVSDUWLFXODUHV(QHVWH
FRQWH[WRFRUUHVSRQGHUHFRQGXFLUDOHQWHQGLPLHQWRDVXPLGRDQWHULRUPHQWHSRUODV66&&
5GHGHRFWXEUH\5GHGHGLFLHPEUH


LY 
$ WUDYpV GH OD DFFLyQ GH OLEHUWDG WDPELpQ VH KD SURWHJLGR HO GHUHFKR D OD
LQWHJULGDG ItVLFD \ OD JDUDQWtD GH SURKLELFLyQ GH WRUWXUDV DVt VH WLHQH TXH  /D 6&
5HVWDEOHFLyTXHFRQVLGHUDQGRHOQXHYRDOFDQFHGHODDFFLyQGHOLEHUWDGTXH
QRVyORSURWHJHHOGHUHFKRDODOLEHUWDGItVLFDRSHUVRQDOVLQRWDPELpQHOGHUHFKRDOD
YLGD\HOGHUHFKRDODLQWHJULGDGItVLFDSDUDODSURWHFFLyQGHODSHUVRQDFRQWUDODWRUWXUD
X RWURV WUDWRV R SHQDV FUXHOHV LQKXPDQDV R GHJUDGDQWHV HV SUHFLVR TXH ORV
UHSUHVHQWDQWHV GHO 0LQLVWHULR 3~EOLFR GHMHQ FRQVWDQFLD HQ DFWD X RWUR GRFXPHQWR
FHUWLILFDGRPpGLFRIRUHQVH GHOHVWDGRItVLFRHQTXHHQFRQWUDURQDOLPSXWDGROXHJRGH
VX DSUHKHQVLyQ VHD SRU SDUWLFXODUHV R IXQFLRQDULRV SROLFLDOHV SDUD TXH VH VLJDQ ODV
DFFLRQHV FRUUHVSRQGLHQWHV FRQWUD ORV SUHVXQWRV DXWRUHV GH ORV DFWRV OHVLYRV D OD

W


dW^:d
LQWHJULGDGItVLFDRSHUVRQDOGHOGHWHQLGRRDSUHKHQGLGR
'LFKRGRFXPHQWRGHEHUiVHU
SUHVHQWDGR GH PDQHUD REOLJDWRULD DO MXH] FDXWHODU TXLHQ FRPR VH WLHQH VHxDODGR
DPSOLDPHQWHHMHUFHHOFRQWUROGHOUHVSHWRDORVGHUHFKRV\JDUDQWtDVGHOLPSXWDGR\
GHEHUiVHUVROLFLWDGRDOILVFDOSRUHOMXH]RWULEXQDOGHJDUDQWtDVFXDQGRVHGHQXQFLHQ
WRUWXUDV R YHMiPHQHV VLQ SHUMXLFLR GH DFXGLU DO OXJDU GH GHWHQFLyQ SDUD YHULILFDU ODV
FRQGLFLRQHVGHODSULYDFLyQGHOLEHUWDGFRQIRUPHHVWDEOHFHHODUW,GHOD&3(FRQ
ODILQDOLGDGGHTXHGLFKR7ULEXQDO\HQUHYLVLyQHVWH7ULEXQDO&RQVWLWXFLRQDOSXHGD
FRQWDUFRQORVHOHPHQWRVGHSUXHEDQHFHVDULRVSDUDSURQXQFLDUVHVREUHODVXSXHVWDOHVLyQ
DO GHUHFKR D OD LQWHJULGDG ItVLFD R SHUVRQDO \ OD DPHQD]D GHO GHUHFKR D OD YLGD

5D]RQDPLHQWRFRQILUPDGRSRUOD6&3

Y 
6REUHHOGHUHFKRDODVDOXG\VXSURWHFFLyQDWUDYpVGHODDFFLyQGHOLEHUWDGHO
GHVDUUROOR MXULVSUXGHQFLDO HV HO VLJXLHQWH  (O 7ULEXQDO &RQVWLWXFLRQDO HQ OD 6&
5GHGHDEULOHVWDEOHFLyODSRVLELOLGDGGHSURWHFFLyQGHOGHUHFKRDODVDOXG
GH ORV SULYDGRV GH OLEHUWDG H[SRQLHQGR HO VLJXLHQWH UD]RQDPLHQWR (O KiEHDV FRUSXV
GHQRPLQDGR FRUUHFWLYR SURWHJH DO GHWHQLGR GH DTXHOODV FRQGLFLRQHV TXH DJUDYDQ HQ
IRUPDLOHJtWLPDODGHWHQFLyQYLRODQGRVXFRQGLFLyQKXPDQD$WUDYpVGHHVWHUHFXUVR
VH JDUDQWL]D HO WUDWR KXPDQR DO GHWHQLGR HVWDEOHFLGR HQ ODV &RQYHQFLRQHV
,QWHUQDFLRQDOHVGH'HUHFKRV+XPDQRV/D6&5DPSOLyODSRVLELOLGDG
GH SURWHJHU YtD DFFLyQ GH OLEHUWDG HO GHUHFKR D OD VDOXG FXDQGR pVWH VH HQFXHQWUH
YLQFXODGR FRQ OD YLGD OLEHUWDG ItVLFD R GH ORFRPRFLyQ  /D 6&3 
SURQXQFLDGD SRU HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO FRQILUPy HVWH ~OWLPR
UD]RQDPLHQWR HVWDEOHFLHQGR TXH PHGLDQWH OD DFFLyQ GH OLEHUWDG HV SRVLEOH WXWHODU HO
GHUHFKRDODVDOXGGHSULYDGRVGHOLEHUWDGFXDQGRVHHQFXHQWUDHQGLUHFWDFRQH[LyQFRQ
ODLQWHJULGDGSHUVRQDO\HOGHUHFKRDODYLGD

YL 
(Q FXDQWR D OD SURWHFFLyQ GH RWURV GHUHFKRV FRQH[RV OD MXULVSUXGHQFLD
FRQVWLWXFLRQDO KD GHVDUUROODGR OD VLJXLHQWH OtQHD GH HQWHQGLPLHQWR (O 7ULEXQDO
&RQVWLWXFLRQDOGHODpSRFDGHORV'LH]$xRVHVWDEOHFLyTXHHOUHFXUVRGHKiEHDVFRUSXV
QRSURWHJtDRWURVGHUHFKRVTXHQRVHDQORVGHODOLEHUWDGItVLFDRGHORFRPRFLyQ$WUDYpV
GH OD 6& 5 GHWHUPLQy TXH H[FHSFLRQDOPHQWH UHVJXDUGDED OD JDUDQWtD GHO
GHELGRSURFHVR\GHUHFKRDODGHIHQVDVLHPSUHTXHHVWpQYLQFXODGRVFRQODOLEHUWDGItVLFD
RGHORFRPRFLyQUD]RQDQGRGHODVLJXLHQWHPDQHUD  HQPDWHULDGHKiEHDVFRUSXV
FRQIRUPH OD MXULVSUXGHQFLD GH HVWH 7ULEXQDO VyOR SXHGH LQJUHVDUVH D DQDOL]DU OD
SUREOHPiWLFD FXDQGR ORV DFWRV GHQXQFLDGRV RSHUDQ FRPR FDXVD SDUD OD DPHQD]D
UHVWULFFLyQRVXSUHVLyQGHORVGHUHFKRVDODOLEHUWDGItVLFD\GHORFRPRFLyQGHPRGRTXH
ODV OHVLRQHV D RWURV GHUHFKRV QR SRGUiQ VHU FRPSXOVDGDV HQ HVWH UHFXUVR VDOYR ODV
OHVLRQHVDODJDUDQWtDGHOGHELGRSURFHVRVLHPSUHTXHFRPRFRQVHFXHQFLDGHDTXpOODV
VHKXELHUDYXOQHUDGRHOGHUHFKRDODOLEHUWDG 
/D6&3HQHOPDUFRGH
ODQXHYD&RQVWLWXFLyQ\HOQXHYRiPELWRGHSURWHFFLyQGHODDFFLyQGHOLEHUWDGPRGXOy
GLFKR UD]RQDPLHQWR \ FRQVLGHUy DO SULQFLSLR GH LQWHUGHSHQGHQFLD GH ORV GHUHFKRV
KXPDQRVFRPRIXQGDPHQWRSDUDODSRVLELOLGDGGHSURWHJHUHQODDFFLyQGHOLEHUWDGRWURV
GHUHFKRVGHWHUPLQDQGRHVLQGXGDEOHTXHHOiPELWRGHSURWHFFLyQGHODVGLIHUHQWHV
DFFLRQHV GH GHIHQVD \ HQ HVSHFLDO GH OD DFFLyQ GH OLEHUWDG TXH WLHQH HQWUH VXV
FDUDFWHUtVWLFDVDOLQIRUPDOLVPRQRSXHGHVHULPSHQHWUDEOHSXHVHOORLPSOLFDUtDSRUXQD
SDUWHGHVFRQRFHUHOFDUiFWHULQWHUGHSHQGLHQWHGHORVGHUHFKRV\SRURWUDREOLJDUDTXH
HODFFLRQDQWHIUHQWHDODOHVLyQGHXQGHUHFKRTXHVHHQFXHQWUDGHQWURGHOiPELWRGHXQD
GHWHUPLQDGDDFFLyQGHGHIHQVDSHURTXHVHYLQFXODFRQRWURVGHUHFKRVGHEDSODQWHDU
GLIHUHQWHVDFFLRQHVGHGHIHQVD
$VLPLVPROD6&3FRQVLGHUDGDFRPR
XQDVHQWHQFLDPRGXODGRUDH[WHQGLyHOiPELWRGHSURWHFFLyQGHODDFFLyQGHOLEHUWDG\
HQ HO PDUFR GH OD FRQFHSFLyQ SOXUDO WXWHOy ORV  GHUHFKRV D OD GLJQLGDG OLEHUWDG GH
HVSLULWXDOLGDGUHOLJLyQ\FXOWRFRQILUPDQGRDVtODSRVLELOLGDGGHWXWHODUSRUPHGLRGHOD
DFFLyQGHOLEHUWDGRWURVGHUHFKRVFXDQGRORVPLVPRVWHQJDQFRQH[LWXGFRQORVTXHVH
HQFXHQWUDQEDMRVXWXWHODHVWDEOHFLHQGR
VLELHQGHQWURGHOiPELWRGHSURWHFFLyQGHOD
DFFLyQGHOLEHUWDGVHHQFXHQWUDQSUHYLVWRVGHWHUPLQDGRVGHUHFKRVHPSHURHVSRVLEOH
HIHFWXDUHODQiOLVLVGHRWURVGHUHFKRVFXDQGRORVPLVPRVWHQJDQFRQH[LWXGFRQORVTXH

W


dW^:d


VH HQFXHQWUDQ EDMR OD WXWHOD GH OD DFFLyQ GH OLEHUWDG HQ YLUWXG D OD FDUDFWHUtVWLFD GH
LQWHUGHSHQGHQFLDGHpVWRVTXHVHHQFXHQWUDSUHYLVWDHQHODUW,GHOD&3(TXHVHxDOD
/RV GHUHFKRV UHFRQRFLGRV SRU HVWD &RQVWLWXFLyQ VRQ LQYLRODEOHV XQLYHUVDOHV
LQWHUGHSHQGLHQWHVLQGLYLVLEOHV\SURJUHVLYRV



([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)- ,,, HV PHQHVWHU UHIOH[LRQDU VL HYLGHQWHPHQWH HO HVStULWX GHO &RQVWLWX\HQWH DO
LQFOXLUHOGHUHFKRDODYLGD\DODLQWHJULGDGItVLFDHVTXHHVWHVHKDOOHLUUHPHGLDEOHPHQWH
YLQFXODGR FRQ HO GHUHFKR D OD OLEHUWDG ItVLFD DO UHVSHFWR HV ELHQ FRQRFLGRTXH HQ OD
WUDGLFLyQMXULVSUXGHQFLDOEROLYLDQDODSURWHFFLyQGHOGHUHFKRDODYLGDKDHVWDGRGDGD
SRUODYtDWXWHODUGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOOD&RQVWLWXFLyQYLJHQWHGHVGH
KDLQFOXLGRHQODHVWUXFWXUDSURWHFWLYDGHODDFFLyQGHOLEHUWDGHOGHUHFKRDODYLGD
HOOR HQ Vt VLJQLILFD XQD DPSOLDFLyQ GHO UDQJR SURFHVDO GH OD DFFLyQ GH OLEHUWDG 6LQ
HPEDUJRSDUDTXHRSHUHSRUODYtDGHODDFFLyQGHOLEHUWDGODWHVLVMXULVSUXGHQFLDOGHOD
6&5VHxDODTXHGHEHKDEHUXQYLQFXODFLyQHQWUHHOSHOLJURGHDIHFWDFLyQ
GHOGHUHFKRDODYLGD\HOGHUHFKRDODOLEHUWDGSXHVSDUDTXHRSHUHODSURWHFFLyQTXH
EULQGDODDFFLyQGHOLEHUWDGDOGHUHFKRDODYLGDGHEHVHUFDXVDGHODOHVLyQGHOGHUHFKR
DODOLEHUWDGQRREVWDQWHHVDQRFLyQMXULVSUXGHQFLDOGHEHVHUPRGXODGDHQPpULWRDO
VLJXLHQWHUD]RQDPLHQWR/DQDWXUDOH]DGHOGHUHFKRDODYLGDLPSRQHODFDVLHOLPLQDFLyQ
GHFXDOTXLHUWLSRGHIRUPDOLVPRHQVXSURWHFFLyQSXHVUHVXOWDUtDXQGHVSURSyVLWRTXH
TXLHQVROLFLWHODWXWHODGHVXGHUHFKRDODYLGDFX\DQDWXUDOH]DVLHPSUHHVXUJHQWHUHFLED
ODUHVSXHVWDGHTXHGHEHDFXGLUDQWHRWURPHFDQLVPRSURFHVDOFRPRODDFFLyQGHDPSDUR
FRQVWLWXFLRQDO

3RUHOORFRUUHVSRQGHHVWDEOHFHUODQRFLyQSURWHFWLYDGHODDFFLyQGHOLEHUWDGHQUHODFLyQ
DOGHUHFKRDODYLGDSUHFLVDQGRTXHFXDOTXLHUVLWXDFLyQGHYXOQHUDFLyQGHOGHUHFKRDOD
YLGDVHUiFRQRFLGDDLQVWDQFLDVGHODVDFFLRQHVGHDPSDURFRQVWLWXFLRQDORGHOLEHUWDG
LQGLVWLQWDPHQWHMXVWDPHQWHSRUHOLQPHQVRYDORUTXHHO&RQVWLWX\HQWHKDDVLJQDGRDGRV
QRFLRQHVFRQFHSWXDOHVHOHPHQWDOHVSDUDODFRQYLYHQFLDHQQXHVWUDVRFLHGDGEROLYLDQD
 /DSURWHFFLyQGHODYLGDKXPDQDHVHOYDORUIXQGDPHQWDOVREUHHOFXDOVHFRQVWUX\HOD
QRFLyQ GH (VWDGR 6RFLDO GH 'HUHFKR SRU HOOR HV HO SULPHU GHUHFKR IXQGDPHQWDO
HQXQFLDGRHQHOWH[WRFRQVWLWXFLRQDO\ /DDGPLQLVWUDFLyQGHMXVWLFLDHVWiDOVHUYLFLR
GHODSREODFLyQ\GHODVRFLHGDGVREUHODEDVHGHFULWHULRVDQWLIRUPDOLVWDVHQE~VTXHGD
GHXQVLVWHPDGHYHUGDGPDWHULDO'HDKtUHVXOWDLQDFHSWDEOHTXHFXDQGRVHVROLFLWDOD
SURWHFFLyQ GHO GHUHFKR D OD YLGD DQWH OD MXULVGLFFLyQ FRQVWLWXFLRQDO pVWD GHQLHJXH OD
WXWHODFRQHODUJXPHQWRSURFHVDOGHODLGRQHLGDGUHFXUVLYDDGHPiVGHHOORHODUWHV
FODUR DO HQXPHUDU ODV FRQGLFLRQHV GH DFWLYDFLyQ GH OD DFFLyQ GH OLEHUWDG SXHV HQ OD
SULPHUDIUDVHVHxDOD
7RGDSHUVRQDTXHFRQVLGHUHTXHVXYLGDHVWiHQSHOLJUR
GHXQD
LQWHUSUHWDFLyQOLWHUDOGHODQRUPDFRQVWLWXFLRQDOVHGHVSUHQGHTXHHO&RQVWLWX\HQWHOHMRV
GHFRQGLFLRQDUODDFWLYDFLyQGHODDFFLyQGHOLEHUWDGSRUYXOQHUDFLyQGHOGHUHFKRDOD
YLGDDODYLQFXODFLyQFDXVDOGHSULYDFLyQSUHYLDGHOGHUHFKRD ODOLEHUWDGVHOLPLWyD
HQXPHUDUOR FRPR FDXVDO LQGHSHQGLHQWH GH DFWLYDFLyQ GH OD DFFLyQ GH OLEHUWDG HQ
FRQFRUGDQFLD QRUPDWLYD FRQ ORV DUWV  \  GHO &yGLJR 3URFHVDO &RQVWLWXFLRQDO
&3&R (QHVDGLPHQVLyQDUJXPHQWDWLYDHVTXHVHHVWDEOHFHTXHHOGHUHFKRDODYLGD
SRUODWXWHODLQPHGLDWDTXHUHTXLHUHSXHGHVHUSURWHJLGRLQGLVWLQWDPHQWHSRUODDFFLyQGH
DPSDUR FRQVWLWXFLRQDO R SRU OD DFFLyQ GH OLEHUWDG SXHV XQD LQWHUSUHWDFLyQ GLIHUHQWH
DIHFWD OD QRFLyQEiVLFD GH LQWHUSUHWDFLyQ GH ORV GHUHFKRV KXPDQRV DVt PLVPR GH ORV
GHUHFKRVIXQGDPHQWDOHV FXDOHVODLQWHUSUHWDFLyQIDYRUDEOHDOVHUKXPDQR


,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

W


dW^:d

&RQUHODFLyQDOGHUHFKRDODYLGDODVHQWHQFLDTXHFRQWLHQHHOHVWiQGDU
PiV DOWR HV OD 6&3  SRUTXH HVWDEOHFH TXH VHUi OD SDUWH
DFFLRQDQWHODTXHWUDWiQGRVHGHOGHUHFKRDODYLGDDVXPDODGHFLVLyQGH
IRUPXODUXQDDFFLyQGHOLEHUWDGRGHDPSDURFRQVWLWXFLRQDO$VLPLVPR
OD6&3VHFRQVWLWX\HHQHOHVWiQGDUPiVDOWRHQYLUWXGDOD
QDWXUDOH]DGHOGHUHFKRDODYLGDTXHQRUHTXLHUHGHIRUPDOLVPRVSDUDVX
SURWHFFLyQHOiPELWRGHSURWHFFLyQGHODDFFLyQGHOLEHUWDGVHH[WLHQGH
DHVHGHUHFKRD~QQRVHHQFXHQWUHYLQFXODGRGLUHFWDPHQWHFRQHOGHUHFKR
DODOLEHUWDGItVLFD5HVSHFWRDODOLEHUWDGGHORFRPRFLyQRFLUFXODFLyQ
ODVHQWHQFLDFRQHVWiQGDUPiVDOWRVHHQFXHQWUDHQOD6&5
(QFXDQWRDOGHELGRSURFHVRODVHQWHQFLDFRQHVWiQGDUPiVDOWRHVOD
6&3SRUTXHHVWDEOHFHODSRVLELOLGDGGHSURWHJHUODVSUHVXQWDV
OHVLRQHVDOGHELGRSURFHVRVLQODH[LJHQFLDGHGLUHFWDFDXVDOLGDGFRQOD
OLEHUWDGItVLFDRSHUVRQDO5HVSHFWRDOGHUHFKRDODVDOXGHOHVWiQGDUPiV
DOWR VH HQFXHQWUD HQ OD 6& 5 FRPSOHPHQWDGD SRU OD 6&3
 5HVSHFWR D RWURV GHUHFKRV FRQH[RV HO UD]RQDPLHQWR FRQ
HVWiQGDUPiVDOWRVHHQFXHQWUDHQOD6&3FRPSOHPHQWDGD
FRQ OD 6&3  'HO PLVPR PRGR OD 6&3  VH
FRQVWLWX\HHQHOHVWiQGDUPiVDOWRHQYLUWXGDODQDWXUDOH]DGHOGHUHFKR
DODYLGDTXHQRUHTXLHUHGHIRUPDOLVPRVSDUDVXSURWHFFLyQHOiPELWR
GHSURWHFFLyQGHODDFFLyQGHOLEHUWDGVHH[WLHQGHDHVHGHUHFKRD~QQR
VHHQFXHQWUHYLQFXODGRGLUHFWDPHQWHFRQHOGHUHFKRDODOLEHUWDGItVLFD





)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3(QYLUWXGDOYDORUIXQGDPHQWDOGHODYLGDKXPDQD\
HO SULQFLSLR GH QR IRUPDOLVPR HO GHUHFKR D OD YLGD VH WXWHOD
LQGLVWLQWDPHQWH D WUDYpV GH OD DFFLyQ GH OLEHUWDG R GH DPSDUR
FRQVWLWXFLRQDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH OLEHUWDG HO DFFLRQDQWH GHQXQFLy TXH ORV MXHFHV
GHPDQGDGRVYXOQHUDURQVXVGHUHFKRVDODYLGD\DODVDOXGSRUFXDQWR
REVWDQWH ORV DEXQGDQWHV LQIRUPHV \ FHUWLILFDFLRQHV PpGLFDV TXH
DGYLHUWHQGHORVULHVJRVHQVXVDOXGRUGHQDURQVHDFRQGXFLGRDODFLXGDG
W


dW^:d


GH7DULMDSDUDODUHDOL]DFLyQGHOMXLFLRRUDOGHOSURFHVRSHQDOVHJXLGRHQ
VXFRQWUD(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOUHYRFyODUHVROXFLyQ
UHYLVDGD\FRQFHGLyODWXWHODVROLFLWDGDDQDOL]DQGRSUHYLDPHQWHODVYtDV
GHSURWHFFLyQGHOGHUHFKRDODYLGD

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,(ODUWGHOD&3(HVWDEOHFHTXH
7RGDSHUVRQDTXHFRQVLGHUHTXHVXYLGD
HVWi HQ SHOLJUR TXH HV LOHJDOPHQWH SHUVHJXLGD R TXH HV LQGHELGDPHQWH SURFHVDGD R
SULYDGDGHOLEHUWDGSHUVRQDOSRGUiLQWHUSRQHU$FFLyQGH/LEHUWDG\DFXGLUGHPDQHUD
RUDORHVFULWDSRUVtRSRUFXDOTXLHUDDVXQRPEUH\VLQQLQJXQDIRUPDOLGDGSURFHVDO
DQWHFXDOTXLHUMXH]RWULEXQDOFRPSHWHQWHHQPDWHULDSHQDO\VROLFLWDUiTXHVHJXDUGH
WXWHODDVXYLGDFHVHODSHUVHFXFLyQLQGHELGDVHUHVWDEOH]FDQODVIRUPDOLGDGHVOHJDOHVR
VHUHVWLWX\DVXGHUHFKRDODOLEHUWDG
 HOUHVDOWDGRHVQXHVWUR 

$KRUDELHQOD6&5GHGHDEULOUHVFDWyODGRFWULQDGHOKiEHDVFRUSXV
LQVWUXFWLYRTXHHQODQXHYDWHUPLQRORJtDGHOD&RQVWLWXFLyQVHGHQRPLQDODDFFLyQGH
OLEHUWDGLQVWUXFWLYDFX\RiPELWRGHSURWHFFLyQDEDUFDWDPELpQDOGHUHFKRDODYLGD\HO
GHUHFKRDODLQWHJULGDGSHUVRQDO ItVLFDSVLFROyJLFD\VH[XDO ORVDOXGLGRVGHUHFKRVVRQ
REMHWRGHSURWHFFLyQGHODDFFLyQGHOLEHUWDGLQVWUXFWLYDIXQGDPHQWDOPHQWHHQORVFDVRV
GH GHVDSDULFLyQ IRU]DGD GH SHUVRQDV SHUR QR H[FOX\HQWH GH RWURV SURFHVRV SRU HVWDU
YLQFXODGRVDODOLEHUWDGItVLFDRSHUVRQDOFRPRVRQGHWHQFLRQHVLOHJDOHVRLQGHELGDVHQ
FXDOHVTXLHUIRUPD SRUHMHPSORDSUHKHQVLRQHVDUUHVWRVHWFRSHUVHFXFLRQHVLOHJDOHVR
LQGHELGDV SURYHQLHQWHV GH DXWRULGDGHV SROLFLDOHV ILVFDOHV MXGLFLDOHV R SDUWLFXODUHV 
OLEHUWDG GH ORFRPRFLyQ SRU HMHPSOR DUUDLJRV GHWHQFLRQHV GRPLFLOLDULDV HWF  'LFKR
SUHFHGHQWHFRQVWLWXFLRQDODOUHVSHFWRHQWHQGLyTXH


KDFHUHIHUHQFLDDODVXSXHVWRVHQTXHHOGHUHFKRDODOLEHUWDGVHHQFXHQWUDYLQFXODGR
DOGHUHFKRDODYLGDIXQGDPHQWDOPHQWHHQORVFDVRVGHGHVDSDULFLyQIRU]DGDGHSHUVRQDV
\ WLHQH FRPR REMHWR LGHQWLILFDU HO SDUDGHUR GH OD YtFWLPD GLVSRQHU VX OLEHUWDG H
LQGLYLGXDOL]DUDORVDXWRUHVGHOKHFKRJDUDQWL]iQGRVHHOGHUHFKRDODYLGD\WDPELpQHO
GHUHFKRDODLQWHJULGDGItVLFD

(VWHKiEHDVFRUSXVDKRUDHVWiSUHYLVWRHQHODUWGHOD&3(FXDQGRKDFHUHIHUHQFLD
DORVFDVRVHQORVTXHODSHUVRQDFRQVLGHUHTXHVXYLGDHVWiHQSHOLJUR(VWDDPSOLDFLyQ
HVFRKHUHQWHFRQODMXULVSUXGHQFLDGHOD&RUWH,QWHUDPHULFDQDGH'HUHFKRV+XPDQRV
TXHHQOD2SLQLyQ&RQVXOWLYD2&GHGHHQHURGHDODEVROYHUODFRQVXOWD
IRUPXODGD SRU OD &RPLVLyQ ,QWHUDPHULFDQD GH 'HUHFKRV +XPDQRV UHVSHFWR D OD
LQWHUSUHWDFLyQ GH ORV DUWV  \  GH OD &RQYHQFLyQ $PHULFDQD VREUH 'HUHFKRV
+XPDQRVHQUHODFLyQDOD~OWLPDIUDVHGHODUWGHGLFKD&RQYHQFLyQTXHHQXPHUD
ORVGHUHFKRVTXHQRSXHGHQVXVSHQGHUVHGXUDQWHORVHVWDGRVGHH[FHSFLyQHVWDEOHFLy
TXHODIXQFLyQGHOKiEHDVFRUSXVHVHVHQFLDOFRPRPHGLRSDUDFRQWURODUHOUHVSHWRD
ODYLGDHLQWHJULGDGGHODSHUVRQDSDUDLPSHGLUVXGHVDSDULFLyQRODLQGHWHUPLQDFLyQGH
VXOXJDUGHGHWHQFLyQDVtFRPRSDUDSURWHJHUODFRQWUDODWRUWXUDXRWURVWUDWRVRSHQDV
FUXHOHVLQKXPDQRVRGHJUDGDQWHV

(OFULWHULRGHOD&RUWH,QWHUDPHULFDQDGH'HUHFKRV+XPDQRVUHVSHFWRDODSURWHFFLyQGH
ORVGHUHFKRVDODYLGDHLQWHJULGDGItVLFDRSHUVRQDOIXHUHLWHUDGRHQQXPHURVRVIDOORV
$Vt HQ HO FDVR &DVWLOOR 3iH] GH  GH QRYLHPEUH GH  OD &RUWH ,QWHUDPHULFDQD
VRVWXYRTXH(OKiEHDVFRUSXVWLHQHFRPRILQDOLGDGQRVRODPHQWHJDUDQWL]DUODOLEHUWDG
\ODLQWHJULGDGSHUVRQDOVLQRWDPELpQSUHYHQLUODGHVDSDULFLyQRLQGHWHUPLQDFLyQGHO
OXJDUGHGHWHQFLyQ\HQ~OWLPDLQVWDQFLDDVHJXUDUHOGHUHFKRDODYLGD(QHOPLVPR
VHQWLGRHOFDVR1HLUD$OHJUtDIDOORGHGHMXOLRGH


W


dW^:d
/DSURWHFFLyQGHOGHUHFKRDODYLGDHLQWHJULGDGSHUVRQDOSRURWUDSDUWHHVWiWDPELpQ
SUHYLVWD HQ ODV OHJLVODFLRQHV GH RWURV SDtVHV FRPR HQ &RVWD 5LFD GRQGH D WUDYpV GHO
KiEHDVFRUSXVVHSURWHJHQORVGHUHFKRVDODOLEHUWDGHLQWHJULGDGSHUVRQDOHQHO3HU~
GRQGHVHSURWHJHODOLEHUWDGSHUVRQDO\RWURVGHUHFKRVFRQH[RVDVtFRPRODLQWHJULGDG\
ODSURKLELFLyQGHGHVDSDULFLyQIRU]DGD~OWLPRVXSXHVWRTXHVHYLQFXODFRQHOGHUHFKRD
ODYLGD$OJRVLPLODUVXFHGHHQ$UJHQWLQDGRQGHHOKiEHDVFRUSXVSURWHJHODOLEHUWDG
ItVLFD HO DJUDYDPLHQWR LOHJtWLPR GH ODV FRQGLFLRQHV GH GHWHQFLyQ \ OD GHVDSDULFLyQ
IRU]DGDGHSHUVRQDV\HQ(FXDGRUGRQGHVHSURWHJHHOGHUHFKRDODOLEHUWDGDODYLGD\
ODLQWHJULGDGItVLFDGHODVSHUVRQDSULYDGDVGHOLEHUWDG

'H HVWH EUHYH UHSDVR D OD MXULVSUXGHQFLD GH OD &RUWH ,QWHUDPHULFDQD GH 'HUHFKRV
+XPDQRV\GHODOHJLVODFLyQFRPSDUDGDVHSXHGHREVHUYDUTXHODSURWHFFLyQDOGHUHFKR
DODYLGDYtDKiEHDVFRUSXVHQHOFDVREROLYLDQRDFFLyQGHOLEHUWDGHVWitQWLPDPHQWH
YLQFXODGDFRQHOGHUHFKRDODOLEHUWDGSHUVRQDO

&DEHUHVDOWDUTXHODMXULVSUXGHQFLDGHO7ULEXQDO&RQVWLWXFLRQDOSURWHJLyHOGHUHFKRDOD
YLGDDWUDYpVGHOUHFXUVRGHKiEHDVFRUSXVSRUFRQH[LWXGFRQHOGHUHFKRDODOLEHUWDGGH
ORFRPRFLyQHQODV66&&55HQWUHRWUDV


6LQHPEDUJRGHHVHUHSDVRGH'HUHFKR&RPSDUDGR\GHODMXULVSUXGHQFLDGHOD&RUWH
,QWHUDPHULFDQDHVPHQHVWHUUHIOH[LRQDUVLHYLGHQWHPHQWHHOHVStULWXGHO&RQVWLWX\HQWHDO
LQFOXLUHOGHUHFKRDODYLGD\DODLQWHJULGDGItVLFDHVTXHHVWHVHKDOOHLUUHPHGLDEOHPHQWH
YLQFXODGR FRQ HO GHUHFKR D OD OLEHUWDG ItVLFD DO UHVSHFWR HV ELHQ FRQRFLGRTXH HQ OD
WUDGLFLyQMXULVSUXGHQFLDOEROLYLDQDODSURWHFFLyQGHOGHUHFKRDODYLGDKDHVWDGRGDGD
SRUODYtDWXWHODUGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOOD&RQVWLWXFLyQYLJHQWHGHVGH
KDLQFOXLGRHQODHVWUXFWXUDSURWHFWLYDGHODDFFLyQGHOLEHUWDGHOGHUHFKRDODYLGD
HOOR HQ Vt VLJQLILFD XQD DPSOLDFLyQ GHO UDQJR SURFHVDO GH OD DFFLyQ GH OLEHUWDG 6LQ
HPEDUJRSDUDTXHRSHUHSRUODYtDGHODDFFLyQGHOLEHUWDGODWHVLVMXULVSUXGHQFLDOGHOD
6&5VHxDODTXHGHEHKDEHUXQYLQFXODFLyQHQWUHHOSHOLJURGHDIHFWDFLyQ
GHOGHUHFKRDODYLGD\HOGHUHFKRDODOLEHUWDGSXHVSDUDTXHRSHUHODSURWHFFLyQTXH
EULQGDODDFFLyQGHOLEHUWDGDOGHUHFKRDODYLGDGHEHVHUFDXVDGHODOHVLyQGHOGHUHFKR
DODOLEHUWDGQRREVWDQWHHVDQRFLyQMXULVSUXGHQFLDOGHEHVHUPRGXODGDHQPpULWRDO
VLJXLHQWHUD]RQDPLHQWR/DQDWXUDOH]DGHOGHUHFKRDODYLGDLPSRQHODFDVLHOLPLQDFLyQ
GHFXDOTXLHUWLSRGHIRUPDOLVPRHQVXSURWHFFLyQSXHVUHVXOWDUtDXQGHVSURSyVLWRTXH
TXLHQVROLFLWHODWXWHODGHVXGHUHFKRDODYLGDFX\DQDWXUDOH]DVLHPSUHHVXUJHQWHUHFLED
ODUHVSXHVWDGHTXHGHEHDFXGLUDQWHRWURPHFDQLVPRSURFHVDOFRPRODDFFLyQGHDPSDUR
FRQVWLWXFLRQDO

3RUHOORFRUUHVSRQGHHVWDEOHFHUODQRFLyQSURWHFWLYDGHODDFFLyQGHOLEHUWDGHQUHODFLyQ
DOGHUHFKRDODYLGDSUHFLVDQGRTXHFXDOTXLHUVLWXDFLyQGHYXOQHUDFLyQGHOGHUHFKRDOD
YLGDVHUiFRQRFLGDDLQVWDQFLDVGHODVDFFLRQHVGHDPSDURFRQVWLWXFLRQDORGHOLEHUWDG
LQGLVWLQWDPHQWHMXVWDPHQWHSRUHOLQPHQVRYDORUTXHHO&RQVWLWX\HQWHKDDVLJQDGRDGRV
QRFLRQHVFRQFHSWXDOHVHOHPHQWDOHVSDUDODFRQYLYHQFLDHQQXHVWUDVRFLHGDGEROLYLDQD
 /DSURWHFFLyQGHODYLGDKXPDQDHVHOYDORUIXQGDPHQWDOVREUHHOFXDOVHFRQVWUX\HOD
QRFLyQ GH (VWDGR 6RFLDO GH 'HUHFKR SRU HOOR HV HO SULPHU GHUHFKR IXQGDPHQWDO
HQXQFLDGRHQHOWH[WRFRQVWLWXFLRQDO\ /DDGPLQLVWUDFLyQGHMXVWLFLDHVWiDOVHUYLFLR
GHODSREODFLyQ\GHODVRFLHGDGVREUHODEDVHGHFULWHULRVDQWLIRUPDOLVWDVHQE~VTXHGD
GHXQVLVWHPDGHYHUGDGPDWHULDO'HDKtUHVXOWDLQDFHSWDEOHTXHFXDQGRVHVROLFLWDOD
SURWHFFLyQ GHO GHUHFKR D OD YLGD DQWH OD MXULVGLFFLyQ FRQVWLWXFLRQDO pVWD GHQLHJXH OD
WXWHODFRQHODUJXPHQWRSURFHVDOGHODLGRQHLGDGUHFXUVLYDDGHPiVGHHOORHODUWHV
FODUR DO HQXPHUDU ODV FRQGLFLRQHV GH DFWLYDFLyQ GH OD DFFLyQ GH OLEHUWDG SXHV HQ OD
SULPHUDIUDVHVHxDOD
7RGDSHUVRQDTXHFRQVLGHUHTXHVXYLGDHVWiHQSHOLJUR
GHXQD
LQWHUSUHWDFLyQOLWHUDOGHODQRUPDFRQVWLWXFLRQDOVHGHVSUHQGHTXHHO&RQVWLWX\HQWHOHMRV
GHFRQGLFLRQDUODDFWLYDFLyQGHODDFFLyQGHOLEHUWDGSRUYXOQHUDFLyQGHOGHUHFKRDOD
YLGDDODYLQFXODFLyQFDXVDOGHSULYDFLyQSUHYLDGHOGHUHFKRD ODOLEHUWDGVHOLPLWyD
HQXPHUDUOR FRPR FDXVDO LQGHSHQGLHQWH GH DFWLYDFLyQ GH OD DFFLyQ GH OLEHUWDG HQ

W


dW^:d


FRQFRUGDQFLD QRUPDWLYD FRQ ORV DUWV  \  GHO &yGLJR 3URFHVDO &RQVWLWXFLRQDO
&3&R (QHVDGLPHQVLyQDUJXPHQWDWLYDHVTXHVHHVWDEOHFHTXHHOGHUHFKRDODYLGD
SRUODWXWHODLQPHGLDWDTXHUHTXLHUHSXHGHVHUSURWHJLGRLQGLVWLQWDPHQWHSRUODDFFLyQGH
DPSDUR FRQVWLWXFLRQDO R SRU OD DFFLyQ GH OLEHUWDG SXHV XQD LQWHUSUHWDFLyQ GLIHUHQWH
DIHFWD OD QRFLyQEiVLFD GH LQWHUSUHWDFLyQ GH ORV GHUHFKRV KXPDQRV DVt PLVPR GH ORV
GHUHFKRVIXQGDPHQWDOHV FXDOHVODLQWHUSUHWDFLyQIDYRUDEOHDOVHUKXPDQR

(QHOPLVPRVHQWLGRXOWUDSURWHFWLYRGHODDFFLyQGHOLEHUWDGDQWHVJORVDGDHVPHQHVWHU
DFODUDU OD LQDSOLFDELOLGDG EDMR QLQJXQD FLUFXQVWDQFLD GH OD UHJOD GH VXEVLGLDULHGDG
H[FHSFLRQDOGHODDFFLyQGHOLEHUWDGFXDQGRVHGHQXQFLDYLRODFLyQGHOGHUHFKRDODYLGD
RLQWHJULGDGSHUVRQDO6REUHHOWHPDHVSUHFLVRFLWDUOD6&5GHGHDEULO
OD 6& 5 \ HVSHFLDOPHQWH OD 6& 5 GH  GH PD\R TXH IXHURQ
FRQWXQGHQWHVHQVHxDODUTXHQRVHDSOLFDEDMRQLQJXQDFLUFXQVWDQFLDODVXEVLGLDULHGDG
H[FHSFLRQDOGHODDFFLyQGHOLEHUWDGFXDQGRVHGHQXQFLDYLRODFLyQGHOGHUHFKRDODYLGD

(QHVWHPLVPRVHQWLGROD6&5GHGHPD\RUHIRU]DQGRGLFKDFRPSUHQVLyQ
GLMR(ODUWGHOD&3(DEUJLQVWLWX\yHOUHFXUVRGHKiEHDVFRUSXVDKRUDDFFLyQGH
OLEHUWDGSUHYLVWDSRUHODUWGHOD&3(FRPRXQUHFXUVRH[WUDRUGLQDULRFX\DILQDOLGDG
HVHQFLDOHUDODSURWHFFLyQDODOLEHUWDGiPELWRGHWXWHODTXHKDVLGRDPSOLDGDHQHORUGHQ
FRQVWLWXFLRQDOYLJHQWHDODYLGDTXHFRPRVHKDYLVWRFRQVWLWX\HXQGHUHFKRSULPDULR
HQVtLQKHUHQWHDOVHUKXPDQR\SRUHQGHVXSURWHFFLyQHVSULRULWDULDSRUFRQVWLWXLUXQ
ELHQMXUtGLFRSULPDULR\IXHQWHGHORVGHPiVGHUHFKRV3RUHOORDGLIHUHQFLDGHODWXWHOD
D OD OLEHUWDG \ VX FRQGLFLRQDPLHQWR GHO DJRWDPLHQWR SUHYLR GH ODV LQVWDQFLDV LQWUD
SURFHVDOHVSDUDSHGLUVXSURWHFFLyQDWUDYpVGHHVWHPHGLRFRQVWLWXFLRQDOLGyQHRHILFD]
HLQPHGLDWRUHVSHFWRDODYLGDVXWXWHODSXHGHVHUVROLFLWDGDGHPDQHUDGLUHFWDHVGHFLU
TXHSXHGHDFXGLUDODMXULVGLFFLyQFRQVWLWXFLRQDOVLQWHQHUTXHDJRWDUSUHYLDPHQWHODYtD
MXULVGLFFLRQDO


6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGHODWXWHODSHURSUHYLDPHQWHHVWDEOHFHTXHFXDOTXLHUVLWXDFLyQGH
YXOQHUDFLyQ GHO GHUHFKR D OD YLGD VHUi FRQRFLGD D LQVWDQFLDV GH ODV
DFFLRQHVGHDPSDURFRQVWLWXFLRQDORGHOLEHUWDGLQGLVWLQWDPHQWH

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/DOtQHDMXULVSUXGHQFLDOVREUHHOiPELWRGHSURWHFFLyQGHODDFFLyQGHOLEHUWDGHQFXDQWR
D ORV GHUHFKRV TXH UHVJXDUGD WLHQH HO VLJXLHQWH GHVDUUROOR MXULVSUXGHQFLDO 6REUH HO
GHUHFKRDODOLEHUWDGItVLFDRSHUVRQDOVXSURWHFFLyQKDVLGRDPSOLDVLQHPEDUJRDSDUWLU
GHOD6&5HO7ULEXQDO&RQVWLWXFLRQDOHQWHQGLyTXHHOUHVJXDUGRDOGHUHFKR
DODOLEHUWDGVyORHUDSRVLEOHHQWDQWR\HQFXDQWRHORUGHQDPLHQWRMXUtGLFRQREULQGHXQ
PHFDQLVPR GH SURWHFFLyQ LQPHGLDWR RSRUWXQR \ HILFD] LQLFLiQGRVH OD OtQHD GH
SHQVDPLHQWRGHODVXEVLGLDULHGDGH[FHSFLRQDOGHODDFFLyQGHOLEHUWDGFX\DVVXEUHJODV
IXHURQ FRQGHQVDGDV HQ OD 6& 5 UD]RQDPLHQWR UDWLILFDGR SRU HO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDODSDUWLUGHOD6&3
(QFXDQWRDOGHUHFKRDODYLGDODMXULVSUXGHQFLDHVODVLJXLHQWH/D6&35
SURQXQFLDGDSRUHO7ULEXQDO&RQVWLWXFLRQDOGH7UDQVLFLyQHVWDEOHFLyTXHODSURWHFFLyQ
DOGHUHFKRDODYLGDYtDDFFLyQGHOLEHUWDGHVWitQWLPDPHQWHYLQFXODGDFRQHOGHUHFKRD
OD OLEHUWDG SHUVRQDO  3RVWHULRUPHQWH OD 6&3  UHVXHOWD SRU HO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOFRQILUPyHVWHHQWHQGLPLHQWRSUHFLVDQGRTXHODDFFLyQGH
OLEHUWDG WXWHOD HO GHUHFKR D OD YLGD VLHPSUH \ FXDQGR VH HQFXHQWUH YLQFXODGR FRQ OD
OLEHUWDG ItVLFD R GH ORFRPRFLyQ   $VLPLVPR OD 6&3  PRGXOy HVWH
UD]RQDPLHQWR VHxDODQGR TXH OD DFFLyQ GH OLEHUWDG SURWHJH HO GHUHFKR D OD YLGD FRQ
LQGHSHQGHQFLDGHVXYLQFXODFLyQFRQHOGHUHFKRDODOLEHUWDGItVLFD\TXHSRUORPLVPR

W


dW^:d
HQYLUWXGDOYDORUIXQGDPHQWDOGHODYLGDKXPDQD\HOSULQFLSLRGHQRIRUPDOLVPRGLFKR
GHUHFKR SXHGH VHU WXWHODGR LQGLVWLQWDPHQWH SRU OD DFFLyQ GH OLEHUWDG R OD DFFLyQ GH
DPSDUR FRQVWLWXFLRQDO  /D 6&3  FRQVLGHUDGD PRGXODGRUD FRQILUPDQGR
TXHSURWHJHHOGHUHFKRDODYLGDD~QQRHVWXYLHUHYLQFXODGDFRQODOLEHUWDGItVLFDVHxDOy
TXHVHUiODSDUWHDFFLRQDQWHODTXHWUDWiQGRVHGHOGHUHFKRDODYLGDDVXPDODGHFLVLyQ
GHIRUPXODUXQDDFFLyQGHOLEHUWDGRGHDPSDURFRQVWLWXFLRQDO
5HVSHFWRDODOLEHUWDGGHORFRPRFLyQRFLUFXODFLyQHQHOPDUFRGHODQXHYD&RQVWLWXFLyQ
OD 6& 5 SUHFLVy OD FRQFHSFLyQ DXWyQRPD GH OD OLEHUWDG GH ORFRPRFLyQ R
FLUFXODFLyQFRQUHODFLyQDODOLEHUWDGItVLFDHVWDEOHFLHQGRTXH
6LELHQGHODUWGH
OD&3(VHSRGUtDFRQFOXLUTXHHOREMHWRGHWXWHODGHODDFFLyQGHOLEHUWDGHVHOGHUHFKR
D OD OLEHUWDG ItVLFD D OD YLGD \ DO GHELGR SURFHVR FXDQGR H[LVWH YLQFXODFLyQ FRQ HO
GHUHFKRDODOLEHUWDG\H[FOXLUGHVXiPELWRGHSURWHFFLyQDOGHUHFKRGHORFRPRFLyQVLQ
HPEDUJR GDGD OD tQWLPD UHODFLyQ TXH H[LVWH HQWUH HVRV GHUHFKRV HV SRVLEOH WXWHODU
WDPELpQ DO ~OWLPR GH ORV QRPEUDGRV HQ DTXHOORV FDVRV HQ ORV TXH HO GHUHFKR GH
ORFRPRFLyQ HVWi YLQFXODGR GLUHFWDPHQWH FRQ OD OLEHUWDG ItVLFD R SHUVRQDO R FRQ HO
GHUHFKRDODYLGDRODVDOXG

&RQ UHODFLyQ DO GHUHFKRJDUDQWtD GHO GHELGR SURFHVR OD OtQHD MXULVSUXGHQFLDO WLHQH HO
VLJXLHQWHGHVDUUROORMXULVSUXGHQFLDO/D6&5HVWDEOHFLyTXHODSURWHFFLyQ
DOGHELGRSURFHVRDWUDYpVGHOHQWRQFHVUHFXUVRGHKDEHDVFRUSXVHUDYLDEOHVRODPHQWH
HQDTXHOORVFDVRVHQORVFXDOHVH[LVWtDGLUHFWDFDXVDOLGDGFRQODOLEHUWDGSHUVRQDORGH
ORFRPRFLyQHVGHFLUFXDQGRORVDFWRVXRPLVLRQHVGHQXQFLDGRVVHDQODFDXVDGLUHFWD
SDUD OD UHVWULFFLyQ R VXSUHVLyQ DO GHUHFKR D OD OLEHUWDG  3RVWHULRUPHQWH OD 6&
5 HVWDEOHFLy TXH DQWHV GH DFWLYDUVH OD MXULVGLFFLyQ FRQVWLWXFLRQDO GHEtD
SHGLUVHODUHSDUDFLyQGHOGHELGRSURFHVRHQODVLQVWDQFLDVMXULVGLFFLRQDOHVDWUDYpVGHORV
PHGLRVGHLPSXJQDFLyQHVWDEOHFLGRVSRUODOH\VDOYRHODEVROXWRHVWDGRGHLQGHIHQVLyQ
VLWXDFLyQHQODTXHODDFWLYDFLyQHUDGLUHFWDVLQODH[LJHQFLDGHODJRWDPLHQWRSUHYLRGH
ORVPHFDQLVPRVGHGHIHQVDLQWUDSURFHVDOHV/D6&5VLVWHPDWL]yORVGRV
VXSXHVWRV SDUD OD DFWLYDFLyQ GH OD DFFLyQ GH OLEHUWDG FRQ UHODFLyQ DO GHELGR SURFHVR
SUHFLVDQGR TXH GHEtDQ FRQFXUULU ORV VLJXLHQWHV UHTXLVLWRV D  /RV DFWRV X RPLVLRQHV
GHQXQFLDGRVGHEtDQHVWDUYLQFXODGRVFRQODOLEHUWDG\VHUFDXVDGLUHFWDSDUDVXVXSUHVLyQ
ROLPLWDFLyQ\E GHEtDH[LVWLUDEVROXWRHVWDGRGHLQGHIHQVLyQ3RVWHULRUPHQWHOD
6&3UHFRQGXFLHQGRHOUD]RQDPLHQWRWUD]DGRSRUHO7ULEXQDO&RQVWLWXFLRQDO
GH7UDQVLFLyQHQ6&5GHWHUPLQyTXHWUDWiQGRVHGHPHGLGDVFDXWHODUHVGH
FDUiFWHUSHUVRQDO
QRHVSRVLEOHH[LJLUODFRQFXUUHQFLDGHODEVROXWRHVWDGRGHLQGHIHQVLyQ
FRPR UHTXLVLWR SDUD OD DFWLYDFLyQ GH OD DFFLyQ GH OLEHUWDG KDELGD FXHQWD TXH HO
DFFLRQDQWH  GHEH DJRWDU ORV PHFDQLVPRV GH LPSXJQDFLyQ LQWUDSURFHVDOHV SUHYLD D OD
DFWLYDFLyQGHODDFFLyQGHOLEHUWDG
'HRWURODGRODOtQHDGHODFDXVDOLGDGGLUHFWDSDUD
OD SURWHFFLyQ GHO GHELGR SURFHVR IXH PRGXODGD D WUDYpV GH OD 6&3  TXH
HVWDEOHFLyTXH
QLFDPHQWHFXDQGRVHWUDWDGHPDWHULDSHQDOODDFFLyQGHOLEHUWDGHVHO
PHGLR LGyQHR HILFD] \ HILFLHQWH SDUD UHVWDEOHFHU HO GHELGR SURFHVR HQ WRGRV VXV
HOHPHQWRV
(QHVWHPDUFRSDUDODWXWHODGHOSURFHVDPLHQWRLQGHELGRDWUDYpVGHODDFFLyQ
GHOLEHUWDGQRHVH[LJLEOHODUHODFLyQGHGLUHFWDFDXVDOLGDGVLHQGRVXILFLHQWHXQDUHODFLyQ
LQGLUHFWD&DEHDFODUDUTXHOD6&3UHFRQGXMRHVWH~OWLPRHQWHQGLPLHQWRD
ODWHVLVGHYLQFXODFLyQGLUHFWDHQWUHHOGHUHFKRDODOLEHUWDG\HOGHELGRSURFHVREDMRHO
VLJXLHQWH UD]RQDPLHQWR
WUDWiQGRVH GH OD SURFHGHQFLD GH OD DFFLyQ GH OLEHUWDG HQ
UHODFLyQ DO GHELGR SURFHVR GHEH HQWHQGHUVH TXH OD LQREVHUYDQFLD D pVWH     GHELGR
SURFHVRKDVLGRODFDXVDOSULQFLSDOSDUDODDIHFWDFLyQGHOELHQMXUtGLFROLEHUWDGSXHVGH
ORFRQWUDULRVLORVDFWRVHPHUJHQWHVGHOSURFHVDPLHQWRQRSRQHQHQULHVJRODOLEHUWDG\
QRRFDVLRQDQVXUHVWULFFLyQQRSRGUiQVHUHYDOXDGRV\FRQVLGHUDGRVDWUDYpVGHODDFFLyQ
GH OLEHUWDG FRUUHVSRQGLHQGR VX WUDWDPLHQWR XQD YH] DJRWDGRV WRGRV ORV PHGLRV LQWUD
SURFHVDOHVDODDFFLyQGHDPSDURFRQVWLWXFLRQDOFRPRPHGLRGHGHIHQVDLGyQHRHQHO
MXULVGLFFLyQ FRQVWLWXFLRQDO SDUD UHSDUDU \ VXEVDQDU ORV GHIHFWRV SURFHVDOHV HQ TXH
SXGLHUDQKDEHULQFXUULGRWDQWRVHUYLGRUHVS~EOLFRVFRPRSHUVRQDVSDUWLFXODUHV(QHVWH
FRQWH[WRFRUUHVSRQGHUHFRQGXFLUDOHQWHQGLPLHQWRDVXPLGRDQWHULRUPHQWHSRUODV66&&
5GHGHRFWXEUH\5GHGHGLFLHPEUH

$WUDYpVGHODDFFLyQGHOLEHUWDGWDPELpQVHKDSURWHJLGRHOGHUHFKRDODLQWHJULGDGItVLFD

W


dW^:d


\ OD JDUDQWtD GH SURKLELFLyQ GH WRUWXUDV DVt VH WLHQH TXH  /D 6& 5
HVWDEOHFLyTXHFRQVLGHUDQGRHOQXHYRDOFDQFHGHODDFFLyQGHOLEHUWDGTXHQRVyORSURWHJH
HOGHUHFKRDODOLEHUWDGItVLFDRSHUVRQDOVLQRWDPELpQHOGHUHFKRDODYLGD\HOGHUHFKR
DODLQWHJULGDGItVLFDSDUDODSURWHFFLyQGHODSHUVRQDFRQWUDODWRUWXUDXRWURVWUDWRVR
SHQDV FUXHOHV LQKXPDQDV R GHJUDGDQWHV HV SUHFLVR TXH ORV UHSUHVHQWDQWHV GHO
0LQLVWHULR 3~EOLFR GHMHQ FRQVWDQFLD HQ DFWD X RWUR GRFXPHQWR FHUWLILFDGR PpGLFR
IRUHQVH GHOHVWDGRItVLFRHQTXHHQFRQWUDURQDOLPSXWDGROXHJRGHVXDSUHKHQVLyQVHD
SRU SDUWLFXODUHV R IXQFLRQDULRV SROLFLDOHV SDUD TXH VH VLJDQ ODV DFFLRQHV
FRUUHVSRQGLHQWHVFRQWUDORVSUHVXQWRVDXWRUHVGHORVDFWRVOHVLYRVDODLQWHJULGDGItVLFD
R SHUVRQDO GHO GHWHQLGR R DSUHKHQGLGR
 'LFKR GRFXPHQWR GHEHUi VHU SUHVHQWDGR GH
PDQHUDREOLJDWRULDDOMXH]FDXWHODUTXLHQFRPRVHWLHQHVHxDODGRDPSOLDPHQWHHMHUFH
HOFRQWUROGHOUHVSHWRDORVGHUHFKRV\JDUDQWtDVGHOLPSXWDGR\GHEHUiVHUVROLFLWDGRDO
ILVFDOSRUHOMXH]RWULEXQDOGHJDUDQWtDVFXDQGRVHGHQXQFLHQWRUWXUDVRYHMiPHQHVVLQ
SHUMXLFLRGHDFXGLUDOOXJDUGHGHWHQFLyQSDUDYHULILFDUODVFRQGLFLRQHVGHODSULYDFLyQ
GHOLEHUWDGFRQIRUPHHVWDEOHFHHODUW,GHOD&3(FRQODILQDOLGDGGHTXHGLFKR
7ULEXQDO\HQUHYLVLyQHVWH7ULEXQDO&RQVWLWXFLRQDOSXHGDFRQWDUFRQORVHOHPHQWRVGH
SUXHEDQHFHVDULRVSDUDSURQXQFLDUVHVREUHODVXSXHVWDOHVLyQDOGHUHFKRDODLQWHJULGDG
ItVLFDRSHUVRQDO\ODDPHQD]DGHOGHUHFKRDODYLGD
5D]RQDPLHQWRFRQILUPDGRSRUOD
6&3
6REUHHOGHUHFKRDODVDOXG\VXSURWHFFLyQDWUDYpVGHODDFFLyQGHOLEHUWDGHOGHVDUUROOR
MXULVSUXGHQFLDOHVHOVLJXLHQWH(O7ULEXQDO&RQVWLWXFLRQDOHQOD6&5GH
GHDEULOHVWDEOHFLyODSRVLELOLGDGGHSURWHFFLyQGHOGHUHFKRDODVDOXGGHORVSULYDGRV
GH OLEHUWDG H[SRQLHQGR HO VLJXLHQWH UD]RQDPLHQWR (O KiEHDV FRUSXV GHQRPLQDGR
FRUUHFWLYRSURWHJHDOGHWHQLGRGHDTXHOODVFRQGLFLRQHVTXHDJUDYDQHQIRUPDLOHJtWLPD
ODGHWHQFLyQYLRODQGRVXFRQGLFLyQKXPDQD$WUDYpVGHHVWHUHFXUVRVHJDUDQWL]DHO
WUDWRKXPDQRDOGHWHQLGRHVWDEOHFLGRHQODV&RQYHQFLRQHV,QWHUQDFLRQDOHVGH'HUHFKRV
+XPDQRV/D6&5DPSOLyODSRVLELOLGDGGHSURWHJHUYtD DFFLyQGH
OLEHUWDGHOGHUHFKRDODVDOXGFXDQGRpVWHVHHQFXHQWUHYLQFXODGRFRQODYLGDOLEHUWDG
ItVLFD R GH ORFRPRFLyQ  /D 6&3  SURQXQFLDGD SRU HO 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO FRQILUPy HVWH ~OWLPR UD]RQDPLHQWR HVWDEOHFLHQGR TXH
PHGLDQWHODDFFLyQGHOLEHUWDGHVSRVLEOHWXWHODUHOGHUHFKRD ODVDOXGGHSULYDGRVGH
OLEHUWDGFXDQGRVHHQFXHQWUDHQGLUHFWDFRQH[LyQFRQODLQWHJULGDGSHUVRQDO\HOGHUHFKR
DODYLGD
(QFXDQWRDODSURWHFFLyQGHRWURVGHUHFKRVFRQH[RVODMXULVSUXGHQFLDFRQVWLWXFLRQDOKD
GHVDUUROODGR OD VLJXLHQWH OtQHD GH HQWHQGLPLHQWR (O 7ULEXQDO &RQVWLWXFLRQDO GH OD
pSRFDGHORV'LH]$xRVHVWDEOHFLyTXHHOUHFXUVRGHKiEHDVFRUSXVQRSURWHJtDRWURV
GHUHFKRV TXH QR VHDQ ORV GH OD OLEHUWDG ItVLFD R GH ORFRPRFLyQ $ WUDYpV GH OD 6&
5 GHWHUPLQy TXH H[FHSFLRQDOPHQWH UHVJXDUGDED OD JDUDQWtD GHO GHELGR
SURFHVR\GHUHFKRDODGHIHQVDVLHPSUHTXHHVWpQYLQFXODGRVFRQODOLEHUWDGItVLFDRGH
ORFRPRFLyQ UD]RQDQGR GH OD VLJXLHQWH PDQHUD    HQ PDWHULD GH KiEHDV FRUSXV
FRQIRUPH OD MXULVSUXGHQFLD GH HVWH 7ULEXQDO VyOR SXHGH LQJUHVDUVH D DQDOL]DU OD
SUREOHPiWLFD FXDQGR ORV DFWRV GHQXQFLDGRV RSHUDQ FRPR FDXVD SDUD OD DPHQD]D
UHVWULFFLyQRVXSUHVLyQGHORVGHUHFKRVDODOLEHUWDGItVLFD\GHORFRPRFLyQGHPRGRTXH
ODV OHVLRQHV D RWURV GHUHFKRV QR SRGUiQ VHU FRPSXOVDGDV HQ HVWH UHFXUVR VDOYR ODV
OHVLRQHVDODJDUDQWtDGHOGHELGRSURFHVRVLHPSUHTXHFRPRFRQVHFXHQFLDGHDTXpOODV
VHKXELHUDYXOQHUDGRHOGHUHFKRDODOLEHUWDG 
/D6&3HQHOPDUFRGH
ODQXHYD&RQVWLWXFLyQ\HOQXHYRiPELWRGHSURWHFFLyQGHODDFFLyQGHOLEHUWDGPRGXOy
GLFKR UD]RQDPLHQWR \ FRQVLGHUy DO SULQFLSLR GH LQWHUGHSHQGHQFLD GH ORV GHUHFKRV
KXPDQRVFRPRIXQGDPHQWRSDUDODSRVLELOLGDGGHSURWHJHUHQODDFFLyQGHOLEHUWDGRWURV
GHUHFKRVGHWHUPLQDQGRHVLQGXGDEOHTXHHOiPELWRGHSURWHFFLyQGHODVGLIHUHQWHV
DFFLRQHV GH GHIHQVD \ HQ HVSHFLDO GH OD DFFLyQ GH OLEHUWDG TXH WLHQH HQWUH VXV
FDUDFWHUtVWLFDVDOLQIRUPDOLVPRQRSXHGHVHULPSHQHWUDEOHSXHVHOORLPSOLFDUtDSRUXQD
SDUWHGHVFRQRFHUHOFDUiFWHULQWHUGHSHQGLHQWHGHORVGHUHFKRV\SRURWUDREOLJDUDTXH
HODFFLRQDQWHIUHQWHDODOHVLyQGHXQGHUHFKRTXHVHHQFXHQWUDGHQWURGHOiPELWRGHXQD
GHWHUPLQDGDDFFLyQGHGHIHQVDSHURTXHVHYLQFXODFRQRWURVGHUHFKRVGHEDSODQWHDU
GLIHUHQWHVDFFLRQHVGHGHIHQVD
$VLPLVPROD6&3FRQVLGHUDGDFRPR

W


dW^:d
XQDVHQWHQFLDPRGXODGRUDH[WHQGLyHOiPELWRGHSURWHFFLyQGHODDFFLyQGHOLEHUWDG\
HQ HO PDUFR GH OD FRQFHSFLyQ SOXUDO WXWHOy ORV  GHUHFKRV D OD GLJQLGDG OLEHUWDG GH
HVSLULWXDOLGDGUHOLJLyQ\FXOWRFRQILUPDQGRDVtODSRVLELOLGDGGHWXWHODUSRUPHGLRGHOD
DFFLyQGHOLEHUWDGRWURVGHUHFKRVFXDQGRORVPLVPRVWHQJDQFRQH[LWXGFRQORVTXHVH
HQFXHQWUDQEDMRVXWXWHODHVWDEOHFLHQGR
VLELHQGHQWURGHOiPELWRGHSURWHFFLyQGHOD
DFFLyQGHOLEHUWDGVHHQFXHQWUDQSUHYLVWRVGHWHUPLQDGRVGHUHFKRVHPSHURHVSRVLEOH
HIHFWXDUHODQiOLVLVGHRWURVGHUHFKRVFXDQGRORVPLVPRVWHQJDQFRQH[LWXGFRQORVTXH
VH HQFXHQWUDQ EDMR OD WXWHOD GH OD DFFLyQ GH OLEHUWDG HQ YLUWXG D OD FDUDFWHUtVWLFD GH
LQWHUGHSHQGHQFLDGHpVWRVTXHVHHQFXHQWUDSUHYLVWDHQHODUW,GHOD&3(TXHVHxDOD
/RV GHUHFKRV UHFRQRFLGRV SRU HVWD &RQVWLWXFLyQ VRQ LQYLRODEOHV XQLYHUVDOHV
LQWHUGHSHQGLHQWHVLQGLYLVLEOHV\SURJUHVLYRV



([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,FXDOTXLHUVLWXDFLyQGHYXOQHUDFLyQGHOGHUHFKRDODYLGDVHUi
FRQRFLGD D LQVWDQFLDV GH ODV DFFLRQHV GH DPSDUR FRQVWLWXFLRQDO R GH
OLEHUWDG LQGLVWLQWDPHQWH MXVWDPHQWH SRU HO LQPHQVR YDORU TXH HO
&RQVWLWX\HQWHKDDVLJQDGRDGRVQRFLRQHVFRQFHSWXDOHVHOHPHQWDOHVSDUD
ODFRQYLYHQFLDHQQXHVWUDVRFLHGDGEROLYLDQD /DSURWHFFLyQGHODYLGD
KXPDQDHVHOYDORUIXQGDPHQWDOVREUHHOFXDOVHFRQVWUX\HODQRFLyQGH
(VWDGR 6RFLDOGH 'HUHFKR SRU HOORHV HO SULPHU GHUHFKR IXQGDPHQWDO
HQXQFLDGRHQHOWH[WRFRQVWLWXFLRQDO\ /DDGPLQLVWUDFLyQGHMXVWLFLD
HVWiDOVHUYLFLRGHODSREODFLyQ\GHODVRFLHGDGVREUHODEDVHGHFULWHULRV
DQWLIRUPDOLVWDVHQE~VTXHGDGHXQVLVWHPDGHYHUGDGPDWHULDO'HDKt
UHVXOWDLQDFHSWDEOHTXHFXDQGRVHVROLFLWDODSURWHFFLyQGHOGHUHFKRDOD
YLGD DQWH OD MXULVGLFFLyQ FRQVWLWXFLRQDO pVWD GHQLHJXH OD WXWHOD FRQ HO
DUJXPHQWRSURFHVDOGHODLGRQHLGDGUHFXUVLYDDGHPiVGHHOORHODUW
HV FODUR DO HQXPHUDU ODV FRQGLFLRQHV GH DFWLYDFLyQ GH OD DFFLyQ GH
OLEHUWDGSXHVHQODSULPHUDIUDVHVHxDOD
7RGDSHUVRQDTXHFRQVLGHUH
TXHVXYLGDHVWiHQSHOLJUR
GHXQDLQWHUSUHWDFLyQOLWHUDOGHODQRUPD
FRQVWLWXFLRQDOVHGHVSUHQGHTXHHO&RQVWLWX\HQWHOHMRVGHFRQGLFLRQDUOD
DFWLYDFLyQGHODDFFLyQGHOLEHUWDGSRUYXOQHUDFLyQGHOGHUHFKRDODYLGD
DODYLQFXODFLyQFDXVDOGHSULYDFLyQSUHYLDGHOGHUHFKRDODOLEHUWDGVH
OLPLWy D HQXPHUDUOR FRPR FDXVDO LQGHSHQGLHQWH GH DFWLYDFLyQ GH OD
DFFLyQGHOLEHUWDGHQFRQFRUGDQFLDQRUPDWLYDFRQORVDUWV\GHO
&yGLJR 3URFHVDO &RQVWLWXFLRQDO &3&R  (Q HVD GLPHQVLyQ
DUJXPHQWDWLYDHVTXHVHHVWDEOHFHTXHHOGHUHFKRDODYLGDSRUODWXWHOD
LQPHGLDWDTXHUHTXLHUHSXHGHVHUSURWHJLGRLQGLVWLQWDPHQWHSRUODDFFLyQ
GH DPSDUR FRQVWLWXFLRQDO R SRU OD DFFLyQ GH OLEHUWDG SXHV XQD
LQWHUSUHWDFLyQGLIHUHQWHDIHFWDODQRFLyQEiVLFDGHLQWHUSUHWDFLyQGHORV
GHUHFKRVKXPDQRV DVtPLVPRGHORVGHUHFKRVIXQGDPHQWDOHV FXDOHV
ODLQWHUSUHWDFLyQIDYRUDEOHDOVHUKXPDQR

,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

&RQUHODFLyQDOGHUHFKRDODYLGDODVHQWHQFLDTXHFRQWLHQHHOHVWiQGDU
PiVDOWRHVOD6&3FRPSOHPHQWDGDSRUOD6&3
W


dW^:d


SRUTXH HVWDEOHFH TXH VHUi OD SDUWH DFFLRQDQWH OD TXH WUDWiQGRVH GHO
GHUHFKRDODYLGDDVXPDODGHFLVLyQGHIRUPXODUXQDDFFLyQGHOLEHUWDG
R GH DPSDUR FRQVWLWXFLRQDO 5HVSHFWR D OD OLEHUWDG GH ORFRPRFLyQ R
FLUFXODFLyQ ODVHQWHQFLD FRQ HVWiQGDU PiV DOWR VH HQFXHQWUD HQ OD 6&
5 (Q FXDQWR DO GHELGR SURFHVR OD VHQWHQFLD FRQ HVWiQGDU
PiVDOWRHVOD6&3SRUTXHHVWDEOHFHODSRVLELOLGDGGHSURWHJHU
ODV SUHVXQWDV OHVLRQHV DO GHELGR SURFHVR VLQ OD H[LJHQFLD GH GLUHFWD
FDXVDOLGDG FRQ OD OLEHUWDG ItVLFD R SHUVRQDO 5HVSHFWR DO GHUHFKR D OD
VDOXG HO HVWiQGDU PiV DOWR VH HQFXHQWUD HQ OD 6& 5
FRPSOHPHQWDGD SRU OD 6&3  5HVSHFWR D RWURV GHUHFKRV
FRQH[RVHOUD]RQDPLHQWRFRQHVWiQGDUPiVDOWRVHHQFXHQWUDHQOD6&3
FRPSOHPHQWDGDFRQOD6&3



PELWRGHSURWHFFLyQGHODDFFLyQGHOLEHUWDG'HUHFKRV
FRQH[RV
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3(QODDFFLyQGHOLEHUWDGHQYLUWXGDODFDUDFWHUtVWLFD
GHLQWHUGHSHQGHQFLDGHORVGHUHFKRVHVSRVLEOHHIHFWXDUHODQiOLVLVGH
RWURV GHUHFKRV FXDQGR WHQJDQ FRQH[LWXG FRQ ORV TXH VHHQFXHQWUDQ
EDMRVXiPELWRGHSURWHFFLyQ

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHOLEHUWDGORVDFFLRQDQWHVGHQXQFLDURQTXHODDXWRULGDG
GHPDQGDGDYXOQHUyVXVGHUHFKRVDODOLEHUWDG\DOGHELGRSURFHVRSRU
FXDQWRD 1RUHVROYLyHOPHPRULDOHQHOTXHVROLFLWyODH[WLQFLyQGHOD
DFFLyQSHQDOUHVSHFWRD)HOL]D7HUiQ4XLUR]VLHQGRVXVLWXDFLyQLQFLHUWD
DOQRHQFRQWUDUVHHQFDOLGDGGHLPSXWDGDQLDFXVDGD\E 7DPSRFRVH
UHVROYLy OD VROLFLWXG GH OLEHUWDG IRUPXODGD D QRPEUH GH &KULV /HVWHU
7RUULFR7HUiQ SHVHD TXHVH HQFXHQWUD GHWHQLGR SUHYHQWLYDPHQWH SRU
GRV DxRV \ VLHWH PHVHV ILQDOPHQWH YHULILFDGRV ORV DQWHFHGHQWHV
SURFHVDOHVVHHYLGHQFLyTXHHVWiSHQGLHQWHODDSHODFLyQIRUPXODGDDOD
UHVROXFLyQ TXH UHFKD]y OD VROLFLWXG GH FHVDFLyQ D OD GHWHQFLyQ
SUHYHQWLYD(QFRQVHFXHQFLDVROLFLWDURQD 6HRUGHQHVXOLEHUWDGEDMR
W


dW^:d

PHGLGDV VXVWLWXWLYDV \ E  6H


GHFUHWH
 OD H[WLQFLyQ GH OD DFFLyQ SHQDO
UHVSHFWRDODFRDFFLRQDQWHDOKDEHUWUDQVFXUULGRFDVLWUHVDxRVGHVGHTXH
VHSUHVHQWyODTXHUHOOD\KDVWDODIHFKDGHLQWHUSRVLFLyQGHHVWDDFFLyQ
QR KD VLGR DFXVDGD QL VREUHVHtGD IRUPDOPHQWH (O 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO DQDOL]DQGR GHUHFKRV FRQH[RV FRQ OD
OLEHUWDGItVLFDGHORVDFFLRQDQWHVFRQILUPyODUHVROXFLyQGHOWULEXQDOGH
JDUDQWtDV FRQFHGLHQGR OD WXWHOD FRQ UHODFLyQ D ODV GLODFLRQHV HQ OD
WUDPLWDFLyQGHOSURFHVRSHQDOVHJXLGRFRQWUDORVDFFLRQDQWHV\GHQHJy
UHVSHFWR D ODV VROLFLWXGHV GH GLVSRQHU OD OLEHUWDG R OD DSOLFDFLyQ GH
PHGLGDV FDXWHODUHV VXVWLWXWLYDV D OD GHWHQFLyQ SUHYHQWLYD D IDYRU GHO
DFFLRQDQWH \ GH GHFUHWDUOD H[WLQFLyQ GH OD DFFLyQ SHQDOUHVSHFWR DOD
FRDFFLRQDQWH

([WUDFWRGHODUDWLRGHFLGHQGL

)M,,,/DVLUUHJXODULGDGHVSUHFHGHQWHPHQWHGHVFULWDVYLQFXODGDVDODGLODFLyQ\IDOWD
GH FRQWURO MXULVGLFFLRQDO GHO SURFHVR VRQ WDPELpQ DSOLFDEOHV DO FDVR GH )HOL]D 7HUiQ
4XLUR]FRQWUDTXLHQVHLQLFLDURQWDPELpQODVLQYHVWLJDFLRQHVSHURTXHDGLIHUHQFLDGH
VX KLMR QR VH HQFXHQWUD GHWHQLGD SUHYHQWLYDPHQWH VLQ HPEDUJR FRQIRUPH VH KD
FRQFOXLGR HQ YLUWXG D OD FRQH[LWXG GHO GHUHFKR TXH HVWi VLHQGR YXOQHUDGR GHELGR
SURFHVR  FRQ HO GHUHFKR D OD OLEHUWDG GH VX KLMR VH DQDOL]DUi HO SUREOHPD MXUtGLFR
SODQWHDGR  3RU RWUD SDUWH GHEH FRQVLGHUDUVH TXH OD DFFLRQDQWH QR FXHQWD FRQ
UHTXHULPLHQWRFRQFOXVLYRDOJXQRIRUPXODGRHQVXFRQWUDQRREVWDQWHTXHGHDFXHUGRD
ORVDQWHFHGHQWHVFXUVDQWHVHQREUDGRVODTXHUHOODGDWDGHOGHVHSWLHPEUHGH\HO
GHFUHWRSRUHOTXHHO-X]JDGR6H[WRFDXWHODUWXYRSRUSUHVHQWDGRHOLQIRUPHGHLQLFLRGH
LQYHVWLJDFLRQHVHVGHGHVHSWLHPEUHGHHVHDxRH[LVWLHQGR~QLFDPHQWHLPSXWDFLyQ
IRUPDOFRQWUD&KULV/HVWHU7RUULFR7HUiQSHURQRFRQWUDODDFFLRQDQWH

&RQVLJXLHQWHPHQWHGHVGHODTXHUHOODKDVWDODSUHVHQWDFLyQGHHVWDDFFLyQGHOLEHUWDG
WUDQVFXUULHURQPiVGHGRVDxRV\QXHYHPHVHVVLQTXHVHHPLWDUHVSHFWRDODDFFLRQDQWH
DOJ~QUHTXHULPLHQWRFRQFOXVLYR\VLQTXHODDXWRULGDGDFDUJRGHOFRQWUROMXULVGLFFLRQDO
VHKXELHUDSURQXQFLDGRVREUHHOSDUWLFXODUFXDQGRGHELyFRQPLQDUDO0LQLVWHULR3~EOLFR
DHIHFWRGHFXPSOLUFRQVXREOLJDFLyQVLWXDFLyQTXHLQGXGDEOHPHQWHQRVyORDIHFWDDOD
DFFLRQDQWHVLQRWDPELpQDVXKLMRTXHVHHQFXHQWUDGHWHQLGRSUHYHQWLYDPHQWHPiVD~Q
VLVHFRQVLGHUDTXHHOSURFHVRVHJXLGRFRQWUDHOORVFDVLQRKDWHQLGRDFWLYLGDG\SRUHO
FRQWUDULRFRQIRUPHVHKDUHLWHUDGRKDH[LVWLGRXQGHVFXLGRLQMXVWLILFDEOH\XQDJURVHUD
OHVLyQDORVGHUHFKRVGHORVDFWXDOHVDFFLRQDQWHV

$HOORGHEHDJUHJDUVHTXHHOGHMXQLRGHODDFFLRQDQWHSRUVt\SRUVXKLMR&KULV
/HVWHU 7RUULFR 7HUiQ VROLFLWy DO -XH] 6H[WR GH ,QVWUXFFLyQ OD
H[WLQFLyQ GH OD DFFLyQ
SHQDODUJXPHQWDQGRTXHWUDQVFXUULHURQFDVLWUHVDxRVVLQTXHKXELHUDVLGRVREUHVHtGDR

DFXVDGDIRUPDOPHQWH
 VLF VLQHPEDUJRGLFKDH[FHSFLyQQRPHUHFLyHOWUiPLWHSUHYLVWR
HQHODUWGHO&33TXHHVWDEOHFHTXHODVH[FHSFLRQHV\SHWLFLRQHVRSODQWHDPLHQWRV
GHODVSDUWHVTXHSRUVXQDWXUDOH]DRLPSRUWDQFLDGHEDQVHUGHEDWLGDVRUHTXLHUDQOD
SURGXFFLyQGHSUXHEDVHWUDPLWDUiQSRUODYtDLQFLGHQWDOVLQLQWHUUXPSLUODLQYHVWLJDFLyQ
\VHUiQSURSXHVWDVSRUHVFULWRIXQGDPHQWDGRHQODHWDSDSUHSDUDWRULD\RUDOPHQWHHQHO
MXLFLRRIUHFLHQGRSUXHED\DFRPSDxDQGRODGRFXPHQWDFLyQFRUUHVSRQGLHQWH3ODQWHDGD
ODH[FHSFLyQGHFRQIRUPLGDGDODPHQFLRQDGDQRUPDHOMXH]RWULEXQDOODFRUUHUiHQ
WUDVODGRDODVRWUDVSDUWHVSDUDTXHGHQWURGHORVWUHVGtDVVLJXLHQWHVDVXQRWLILFDFLyQ
FRQWHVWHQ\RIUH]FDQSUXHED

 
(QHOFDVRDQDOL]DGRGHVGHTXHODDFFLRQDQWHIRUPXOyVXVROLFLWXGHOGHMXQLR
GHKDVWDODSUHVHQWDFLyQGHHVWDDFFLyQKDWUDQVFXUULGRFDVLXQPHVVLQTXHVH

W


dW^:d


KXELHUDGDGRFXPSOLPLHQWRDOWUiPLWHHVWDEOHFLGRHQODVQRUPDVUHIHULGDVQRREVWDQWH
OD FODUD LQREVHUYDQFLD GH ORVSOD]RV SURFHVDOHV GXUDQWH HOGHVDUUROOR GHOSURFHVR \ OD
OHVLyQDORVGHUHFKRVGHODDFFLRQDQWH\ORVSULQFLSLRVGHODIXQFLyQMXGLFLDOSUHYLVWRVHQ
HODUWGHOD&3(HQWUHHOORVHOGHFHOHULGDGVHUYLFLRDODVRFLHGDG\UHVSHWRDORV
GHUHFKRV


6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH OD DFFLyQ GH OLEHUWDG FRQ UHODFLyQ D OD FRDFFLRQDQWH FRQWUD
TXLHQVHLQLFLDURQWDPELpQLQYHVWLJDFLRQHVSHURTXHDGLIHUHQFLDGHVX
KLMRQRVHHQFXHQWUDGHWHQLGDSUHYHQWLYDPHQWHVLQHPEDUJRHQYLUWXG
DODFRQH[LWXGGHOGHUHFKRDOGHELGRSURFHVRFRQHOGHUHFKRDODOLEHUWDG
GH VX KLMR VHDQDOL]y HO SUREOHPDMXUtGLFR SODQWHDGRGHWHUPLQDQGR OD
OHVLyQDOGHELGRSURFHVRSRUKDEHUWUDQVFXUULGRPiVGHGRVDxRV\QXHYH
PHVHVVLQTXHVHHPLWDUHVSHFWRDODDFFLRQDQWHDOJ~QUHTXHULPLHQWR
FRQFOXVLYR

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/D OtQHD MXULVSUXGHQFLDO VREUH HO SULQFLSLR GH LQIRUPDOLVPR TXH ULJH D OD DFFLyQ GH
OLEHUWDG  HQFXHQWUD GHVDUUROOR GH DFXHUGR D ORV VLJXLHQWHV WySLFRV D  3RVLELOLGDG GH
SODQWHDPLHQWR RUDO GH OD DFFLyQ GH OLEHUWDG E  )OH[LELOL]DFLyQ HQ ORV UHTXLVLWRV GH
FRQWHQLGRSDUDSUHVHQWDUODGHPDQGDF )OH[LELOL]DFLyQGHODSUXHED\DSOLFDFLyQGHO
SULQFLSLRGH YHUDFLGDG G  5HYLVLyQGH RWURVKHFKRVSRU FRQH[LWXG G 3RVLELOLGDG GH
PRGLILFDU R DPSOLDU ORV GHUHFKRV GHQXQFLDGRV VLHPSUH TXH WHQJDQ FRQH[LWXG FRQ HO
KHFKRLQLFLDOPHQWHGHPDQGDGR\H 5HFRQGXFFLyQGHDFFLRQHV6REUHHOSODQWHDPLHQWR
RUDO GH OD DFFLyQ GH OLEHUWDG VH WLHQH HO VLJXLHQWH GHVDUUROOR MXULVSUXGHQFLDO  (O
7ULEXQDO&RQVWLWXFLRQDOGH7UDQVLFLyQHQOD6&5HVWDEOHFLyVXEUHJODVSDUD
ODSUHVHQWDFLyQRUDOGHODDFFLyQGHOLEHUWDGFRQIRUPHDORVLJXLHQWHD (OVHFUHWDULRR
DFWXDULRGHOMX]JDGRRWULEXQDOGRQGHVHVRUWHyODDFFLyQGHOLEHUWDGGHEHUiVHQWDUHQ
DFWDODGHPDQGDYHUEDOGHODDFFLyQGHOLEHUWDGKDFLHQGRXQDUHODFLyQGHOOXJDUKHFKRV
IHFKDVQRPEUHVFDUJRVGHUHFKRVOHVLRQDGRVSHWLWRULR\GHPiVGDWRVTXHSXGLHUHGDU
\RLGHQWLILFDUHQHVHPRPHQWRE (QFDVRGHTXHHODFFLRQDQWHQRSURSRUFLRQHORVGDWRV
QHFHVDULRVGHEHODEUDUVHHODFWDFRQORVGDWRVTXHVHWHQJDQDVtVHDQPtQLPRV$FX\R
HIHFWRDQXDOPHQWHVHDEULUiXQ/LEURGHSUHVHQWDFLyQRUDOGH$FFLyQGH/LEHUWDG\
TXHHQFDGDDFWDFRQVWDUiHOOXJDUIHFKD\KRUDFRPRWDPELpQHOQRPEUH\ODILUPDGHO
SUHVHQWDQWHVLORKDFHSRUVtRSRURWURFRQRVLQPDQGDWRF $PRPHQWRGHODFLWDFLyQ
DODSHUVRQDDXWRULGDGRIXQFLRQDULRGHPDQGDGRVHOHHQWUHJDUiXQDFRSLDGHODFWDR
HQVXGHIHFWRVHOHKDUiFRQVWDUTXHODDFFLyQWXWHODUIXHSUHVHQWDGDHQIRUPDRUDOFX\R
UHJLVWUR FXUVD HQ HO UHVSHFWLYR /LEUR GHO MX]JDGR R WULEXQDO GH JDUDQWtDV  /D 6&3
 FRQVLGHUDGD FRPR XQD VHQWHQFLD PRGXODGRUD FRPSOHPHQWy GLFKR
UD]RQDPLHQWRHVWDEOHFLHQGRTXHSDUDODSUHVHQWDFLyQRUDOGHXQDDFFLyQGHOLEHUWDGHQ
PpULWRDOSULQFLSLRGHLQIRUPDOLVPRGHEHREVHUYDUVHHQWUHRWUDVODVVLJXLHQWHVUHJODV
 (QSURYLQFLDVGHEHVHUSUHVHQWDGRDQWHHOMXH]RWULEXQDOHQPDWHULDSHQDOGHELHQGR
HO6HFUHWDULRSODVPDUORVGDWRVHVHQFLDOHVHQXQDFWDDHIHFWRVGHODQRWLILFDFLyQ (Q
&DSLWDOHVGH'HSDUWDPHQWRHQYHQWDQLOODRVXHTXLYDOHQWHLQVWDQFLDTXHGHEHUiUHJLVWUDU
ODDFFLyQSDUDHIHFWRVGHVRUWHRXQDYH]VRUWHDGRHORODDFFLRQDQWHGHEHGLULJLUVHDO
MX]JDGRRWULEXQDOTXHFRQRFHUiODFDXVDSDUDTXHVHSODVPHHQDFWDVXGHQXQFLDSDUD
HIHFWRV GH QRWLILFDFLyQ   SDUD HO FDVR GH ODV SHUVRQDV SULYDGDV GH OLEHUWDG TXH QR
FXHQWHQFRQXQDWHUFHUDSHUVRQDSDUDLQWHUSRQHUODDFFLyQODDXWRULGDGHQFDUJDGDGHVX
FXVWRGLDGHEH ODEUDU XQ DFWD \ SUHVHQWDU OD PLVPD D OD DXWRULGDGFRPSHWHQWH \   OD
LQREVHUYDQFLDGHODVUHJODVHVWDEOHFLGDVFRQODILQDOLGDGGHFRQFHGHUODWXWHODGHEHUiQ
VHUFRUUHJLGDVSRUHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOVDOYRFDVRGHLQGHIHQVLyQ

W


dW^:d
GHODSDUWHDFFLRQDGD3RVWHULRUPHQWHOD6&3DFODUyTXHORVFULWHULRVGH
RSWLPL]DFLyQHVWDEOHFLGRVHQOD6&3GHEHQVHUVHJXLGRVHQODPHGLGDGHOR
SRVLEOHGHSHQGLHQGRGHODVGLIHUHQWHVUHDOLGDGHVGHFDGDGHSDUWDPHQWR(QFXDQWRDOD
IOH[LELOL]DFLyQ GH OD SUXHED \ DSOLFDFLyQ GHO SULQFLSLR GH SUHVXQFLyQ GH YHUDFLGDG HO
7ULEXQDO &RQVWLWXFLRQDO HQ ODV 66&& 5 5 5
FRQFOX\y TXH DO H[LVWLU FRQWUDGLFFLRQHV \ QR KDEHU GHVYLUWXDGR ODV DXWRULGDGHV
GHPDQGDGDV ODV GHQXQFLDV HIHFWXDGDV SRU HO DFFLRQDQWH VH WHQGUiQ SRU SUREDGRV ORV
H[WUHPRV GHQXQFLDGRV  &XDQGR ODV DXWRULGDGHV GHQXQFLDGDV QR GHVYLUWXDURQ ORV
KHFKRVGHPDQGDGRVVLWXDFLyQTXHFRQFXUUHFXDQGRQRREVWDQWHVXOHJDOQRWLILFDFLyQQR
FRPSDUHFLHURQDODDXGLHQFLDQLSUHVWDURQVXLQIRUPHGHOH\UD]RQDPLHQWRDSOLFDGRSRU
OD 6&3  VHJXLGD SRU ODV 66&&   /
/ 6  &XDQGR ODV DXWRULGDGHV GHPDQGDGDV D SHVDU GH
FRPSDUHFHU QR QHJDURQ ORV KHFKRV DOHJDGRV SRU HO R OD DFFLRQDQWHV UD]RQDPLHQWR
DSOLFDGRHQODV66&&HQWUHRWUDV'H
RWURODGROD6&5KL]RUHIHUHQFLDDOGHEHUGHODVDXWRULGDGHVGHPDQGDGDV
GH SUHVHQWDU LQIRUPH HVFULWR VHxDODQGR TXH HQ
HO FDVR GH OD DFFLyQ GH OLEHUWDG
DWHQGLHQGR HVSHFLDOPHQWH D ORV SULQFLSLRV GH FRPSURPLVR H LQWHUpV VRFLDO \ GH
UHVSRQVDELOLGDGTXHULJHQODIXQFLyQS~EOLFDDVtFRPRDODQDWXUDOH]DGHORVGHUHFKRV
WXWHODGRV SRU HVD JDUDQWtD MXULVGLFFLRQDO FXDQGR HO VXMHWR SDVLYR HV XQ IXQFLRQDULR
S~EOLFRpVWHWLHQHODREOLJDFLyQGHSUHVHQWDULQIRUPHHVFULWRRHQVXGHIHFWRFRQFXUULUD
OD DXGLHQFLD D ILQ GH GHVYLUWXDU ORV KHFKRV R DFWRV GHQXQFLDGRV FRPR OHVLYRV D ORV
GHUHFKRVGHODFFLRQDQWHSXHVGHQRKDFHUORVHSUHVXPHODYHUDFLGDGGHORVPLVPRV

3RVWHULRUPHQWHOD6&3H[WHQGLyHVWHGHEHUDODSUHVHQWDFLyQGHSUXHEDSRU
SDUWH GH OD DXWRULGDG GHPDQGDGD DGHPiV GH HVWDEOHFHU OD REOLJDFLyQ GH ORV MXHFHV \
WULEXQDOHV GH JDUDQWtDV GH DFWXDU GLOLJHQWHPHQWH OR TXH VXSRQH XQD PRGXODFLyQ D OR
HVWDEOHFLGR HQ ODV 66&& 5 5 5 HQ ODV TXH VH
GHWHUPLQy TXH HO DFFLRQDQWH WHQtD OD REOLJDFLyQ GH SUHVHQWDU ODV SUXHEDV SHUWLQHQWHV
&RQIRUPHDOQXHYRHQWHQGLPLHQWRHOMXH]RWULEXQDOGHJDUDQWtDVHQPpULWRDOSULQFLSLR
GHYHUGDGPDWHULDOGHEHDVXPLUXQUROPiVDFWLYR\DGHPiVWLHQHHOGHEHUGHUHPLWLU
WRGD OD SUXHED DO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO  (Q HVWH FRQWH[WR OD 6&3
FRQVWLWXLGDHQXQDVHQWHQFLDPRGXODGRUDSRVLELOLWyTXHHODFFLRQDQWHVROLFLWH
DOWULEXQDOGHJDUDQWtDVVHUHPLWDHOSURFHVRSULQFLSDOSDUDHIHFWRVSUREDWRULRVHVWDQGR
HO7ULEXQDOGHJDUDQWtDVREOLJDGRDUHPLWLUORVDQWHFHGHQWHVDO7ULEXQDO&RQVWLWXFLRQDO
5HVSHFWRDODIOH[LELOL]DFLyQHQORVUHTXLVLWRVGHFRQWHQLGRSDUDSUHVHQWDUODGHPDQGD
VHWLHQHORVLJXLHQWH/D6&5HVWDEOHFLyTXHODMXVWLFLDFRQVWLWXFLRQDOQR
VyORGHEHOLPLWDUVHDFRPSXOVDUODYLRODFLyQGHODVQRUPDVTXHFLWDUDHOUHFXUUHQWHFRPR
YXOQHUDGDVVLQRWDPELpQGHRWUDVTXHDFRQVHFXHQFLDGHDTXpOODV\SULQFLSDOPHQWHGHO
KHFKRRDFWRTXHVHUHILHUHFRPRFRQVWLWXWLYRGHODOHVLyQUHVXOWDUHQWDPELpQYXOQHUDGDV
TXHGDQGRSURKLELGRUHVROYHUODSUREOHPiWLFDHQEDVHDSUHVXSXHVWRVGLVWLQWRVDORVTXH
KXELHUDUHIHULGRHOUHFXUUHQWHLPSOLFDQGRTXHODH[LJHQFLDGHODFFLRQDQWH~QLFDPHQWH
HVWDEDOLPLWDGDDH[SRQHUORVKHFKRVGHQXQFLDGRV/D6&5HQWHQGLyTXHOD
DXVHQFLDGHIRUPDOLGDGHVHVWiUHIHULGDDODSUHVHQWDFLyQGHOUHFXUVRH[LJLHQGRTXHOD
LGHQWLGDG GHO UHFXUUHQWH R VX UHSUHVHQWDGR GHEH HVWDU SUHFLVDGD  (Q HVWD OtQHD GH
HQWHQGLPLHQWRHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHQOD6&3GHGH
DEULO VHxDOy TXH FXDOTXLHU SHUVRQD SRGUi SODQWHDU OD DFFLyQ GH OLEHUWDG VLQ QLQJXQD
IRUPDOLGDGSURFHVDOHLQFOXVRGHIRUPDRUDO'HODPLVPDIRUPDOD6&3
GHGHDEULOLQGLFyTXH
 HOMXH]RWULEXQDOGHJDUDQWtDVGHEtDVDOYDUORVGHIHFWRVX
RPLVLRQHV GHGHUHFKR DGYHUWLGRV HQ ODGHPDQGD \ SURQXQFLDUVH GH RILFLR VREUH DFWRV
LOHJDOHVGHUHFKRV\JDUDQWtDVFRQH[RVDORVKHFKRVGHQXQFLDGRV/D6&3
UHDILUPy HO FLWDGR HQWHQGLPLHQWR HVWDEOHFLHQGR TXH
 WDPSRFR SRGUi UHTXHULUVH OD
REVHUYDQFLDDODFFLRQDQWHGHOLEHUWDGGHHQWHQGLPLHQWRVMXULVSUXGHQFLDOHVUHIHULGRVD
ODVH[LJHQFLDVGHFDUJDDUJXPHQWDWLYDDVHUFXPSOLGDVHQODGHPDQGDXRWURVUHTXLVLWRV
TXHLPSOLTXHQXQDFDUJDSURFHVDOSDUDDFWLYDUHVWHPHFDQLVPRSURFHVDODOQRHQFRQWUDUVH
OD DFFLyQ GH OLEHUWDG VXMHWD D UHTXLVLWRV GH DGPLVLELOLGDG 
  (PSHUR HVWD ~OWLPD
VHQWHQFLD HV FRQVLGHUDGD FRPR PRGXODGRUD HQ OR TXH UHVSHFWR D  OD H[LJHQFLD GH
LGHQWLILFDFLyQ~QLFDPHQWHGHORVKHFKRVDOKDEHUHVWDEOHFLGRTXHHQFRUUHVSRQGHQFLD

W


dW^:d


FRQ HO GHELGR SURFHVR \ GHIHQVD GH OD SDUWH GHPDQGDGD HQ VHGH FRQVWLWXFLRQDO HO
DFFLRQDQWHWLHQHHOGHEHUGHVHxDODUHQODDFFLyQVXVFLWDGDODUHODFLyQGHORVKHFKRVR
ORV DQWHFHGHQWHV IDFWLFRV TXH FRQOOHYDURQ D OD YXOQHUDFLyQ GH ORV GHUHFKRV DOHJDGRV
DFODUDQGRTXHHOKHFKRGHQRPHQFLRQDUORVDQWHFHGHQWHVIiFWLFRVHQODDFFLyQGHOLEHUWDG
VXVFLWDGD \ SUHWHQGHU KDFHUOR ~QLFDPHQWH HQ DXGLHQFLD FRQWUDYLHQH HO FRQWHQLGR HO
GHUHFKR D OD GHIHQVD GH OD DXWRULGDG GHPDQGDGD 6REUH OD UHYLVLyQ GH RWURV KHFKRV
FRQH[RV\ODSRVLELOLGDGGHPRGLILFDURDPSOLDUORVGHUHFKRVGHQXQFLDGRVVLHPSUHTXH
WHQJDQFRQH[LWXGFRQHOKHFKRLQLFLDOPHQWHGHPDQGDGRVHWLHQHHOVLJXLHQWHGHVDUUROOR
/D6&5HVWDEOHFLy
>(@QPDWHULDGHKiEHDVFRUSXVGDGDODQDWXUDOH]DGH
ORVGHUHFKRVEDMRVXSURWHFFLyQOHHVWiSHUPLWLGRDODMXULVGLFFLyQFRQVWLWXFLRQDOHQXQD
FRUUHFWDDSOLFDFLyQGHODMXVWLFLDFRQVWLWXFLRQDOQRVyOROLPLWDUVHDFRPSXOVDUODYLRODFLyQ
GH ODV QRUPDV TXH FLWDUD HO UHFXUUHQWH FRPR YXOQHUDGDV VLQR WDPELpQ GH RWUDV TXH D
FRQVHFXHQFLD GH DTXpOODV \ SULQFLSDOPHQWH GHO KHFKR R DFWR TXH VH UHILHUH FRPR
FRQVWLWXWLYRGHODOHVLyQUHVXOWDQWDPELpQYXOQHUDGDVORTXHEDMRQLQJ~QPRWLYRSXHGH
LQWHUSUHWDUVHFRPRUHVROYHUODSUREOHPiWLFDHQEDVHDSUHVXSXHVWRVGLVWLQWRVDORVTXH
KXELHUD UHIHULGR HO UHFXUUHQWH SXHV VH UHLWHUD TXH OR GLFKR VH UHILHUH ~QLFDPHQWH D
KHFKRV FRQH[RV YDOH GHFLU TXHGH HVWD FRPSXOVD VH GHWHUPLQDUiQ RWUDV DFFLRQHVTXH
LPSOLTXHQOHVLyQDOGHUHFKRDODOLEHUWDGHQFXDOTXLHUDGHVXVIRUPDVVLHPSUHTXHpVWDV
GHULYDUHQRHVWpQYLQFXODGDVFRQODGHQXQFLD$VXYH]OD6&3GHWHUPLQy
OD SRVLELOLGDG GH DPSOLDU ORV GHUHFKRV \ ORV KHFKRV HQ OD DXGLHQFLD GH OD DFFLyQ GH
OLEHUWDG HVWDEOHFLHQGR TXH
 H[LVWH OD SRVLELOLGDG TXH ORV DVSHFWRV GH GHUHFKR TXH
IXHURQ LQREVHUYDGRV SRU HO DFFLRQDQWH VHDQ VXEVDQDGRV SRU OD DXWRULGDG MXGLFLDO TXH
FRQRFHODDFFLyQSRUGLFKRPRWLYRUHFRQGXMROD6&5\SRVWHULRUHV6&3
 \  DO HQWHQGLPLHQWR FRQWHQLGR HQ OD 6& 5 GHMDQGR
HVWDEOHFLGRTXHHQODVDFFLRQHVGHOLEHUWDGHVSRVLEOHTXHHODFFLRQDQWHPRGLILTXHORV
GHUHFKRVVXSXHVWDPHQWHYXOQHUDGRVHLQFOXVLYHPRGLILTXHRDPSOtHORVKHFKRVEDMROD
~QLFDFRQGLFLyQTXHWHQJDQFRQH[LWXGFRQHOKHFKRLQLFLDOPHQWHGHPDQGDGRSDUDQR
YXOQHUDU HO GHUHFKR D OD GHIHQVD GH OD SDUWH GHPDQGDGD  /D 6&3  HQ HO
PDUFRGHODQXHYD&RQVWLWXFLyQ\HOQXHYRiPELWRGHSURWHFFLyQGHODDFFLyQGHOLEHUWDG
DSOLFDQGRHOSULQFLSLRGHLQIRUPDOLVPRHVWDEOHFLyTXHHQODDFFLyQGHOLEHUWDGHQYLUWXG
DODFDUDFWHUtVWLFDGHLQWHUGHSHQGHQFLDGHORVGHUHFKRVHVSRVLEOHHIHFWXDUHODQiOLVLVGH
RWURVGHUHFKRVFXDQGRWHQJDQFRQH[LWXGFRQORVTXHVHHQFXHQWUDQEDMRVXiPELWRGH
SURWHFFLyQ VXEUD\DQGR TXH HVWD SRVLELOLGDG REHGHFH D OD FDUDFWHUtVWLFD GH
LQWHUGHSHQGHQFLDGHORVGHUHFKRV)LQDOPHQWHEDMRHOSULQFLSLRGHOLQIRUPDOLVPRVHKD
GHVDUUROODGRODGRFWULQDGHUHFRQGXFFLyQGHDFFLRQHVDWUDYpVGHODFXDO(O7ULEXQDO
&RQVWLWXFLRQDO GH 7UDQVLFLyQ UHFRQRFLy HO LQVWLWXWR GH OD UHFRQGXFFLyQ SURFHVDO GH
DFFLRQHVHQOD6&5FXDQGRVHHYLGHQFLHHUURUHQODYtDSURFHVDOHOHJLGD
FX\RHQWHQGLPLHQWRVHOLPLWyDOSHULRGRGHWUDQVLFLyQ\DODDFFLyQGHFXPSOLPLHQWRSRU
VX QRYHGRVD LQFRUSRUDFLyQ D OD &RQVWLWXFLyQ 3ROtWLFD FRQVWLWX\pQGRVH HQ HO SULPHU
DQWHFHGHQWHMXULVSUXGHQFLDO3RVWHULRUPHQWHOD6&3UHFRQGXMRGHPDQHUD
H[FHSFLRQDOXQUHFXUVRGLUHFWRGHQXOLGDGDXQDDFFLyQGHDPSDURFRQVWLWXFLRQDODSDUWLU
GHOSULQFLSLRSURDFWLRQHVLQHVWDEOHFHUVXEUHJODVDSOLFDEOHVDOFDVRFRQFUHWR$VX
YH]ODSRUSULPHUDYH]UHFRQGXMRXQDDFFLyQGHFXPSOLPLHQWRDXQDDFFLyQ
SRSXODU SDUD SXHEORV LQGtJHQDV VHxDODQGR UHTXLVLWRV H[SUHVRV SDUD HO HIHFWR
HQWHQGLHQGRTXHFXDQGRVHHYLGHQFLHHUURUHQODYtDSURFHVDOHOHJLGDVHFXPSODQORV
UHTXLVLWRVLQH[FXVDEOHVGHODDFFLyQSRSXODUQRVHPRGLILTXHQHOSHWLWRULRQLORVKHFKRV
TXHVXVWHQWDQODGHPDQGDVHSUHVHUYHHOGHUHFKRDODGHIHQVDGHODSDUWHGHPDQGDGD\
H[LVWDULHVJRGHLUUHSDUDELOLGDGGHORVGHUHFKRVRLQWHUHVHVFROHFWLYRVRGLIXVRVVLHPSUH
DIDYRU\QXQFDHQSHUMXLFLRGHODSDUWHDFFLRQDQWH(QORTXHUHVSHFWDDODDFFLyQGH
OLEHUWDG ODV 66&&   UHFRQGXMHURQ XQD DFFLyQ GH OLEHUWDG D XQD
DFFLyQ GH DPSDUR YHULILFDQGR SUHYLDPHQWH HO FXPSOLPLHQWR GH ORV UHTXLVLWRV GH HVWD
~OWLPD DFFLyQ \ GH OD LQH[LVWHQFLD GH ODV FDXVDOHV GH LPSURFHGHQFLDV  /D 6&3
 H[WHQGLy GH PDQHUD H[SUHVD OD SRVLELOLGDG GH HIHFWXDU OD UHFRQGXFFLyQ
SURFHVDOHQWRGDVODVDFFLRQHVGHGHIHQVDHVWDEOHFLHQGRDOJXQRVUHTXLVLWRV$VLPLVPR
OD6&3HVWDEOHFLyTXHODUHFRQGXFFLyQSURFHVDOVHFRQVWLWX\HHQXQGHEHU
WUDWiQGRVH GH QDFLRQHV \ SXHEORV LQGtJHQD RULJLQDULR FDPSHVLQRV D SDUWLU GH ODV

W


dW^:d
FDUDFWHUtVWLFDVGHQXHVWUR(VWDGRDGHPiVGHHVWDEOHFHUODDSOLFDFLyQGHODUHFRQGXFFLyQ
SURFHVDOSDUDWRGDVODVDFFLRQHVGHGHIHQVD)LQDOPHQWHOD6&3GHVDUUROOy
OD ILJXUD GH OD UHFRQGXFFLyQ SURFHVDO VLQ HVWDEOHFHU UHTXLVLWRV SDUD VX DSOLFDFLyQ
HVWDEOHFLHQGRTXHGHDFXHUGRDFLUFXQVWDQFLDVFRQFUHWDV\HQDSOLFDFLyQGHOPpWRGRGH
SRQGHUDFLyQ SDUD FDGD FDVR OD DFWLYDFLyQ GHO FRQWURO WXWHODU GH FRQVWLWXFLRQDOLGDG D
WUDYpVGHFXDOTXLHUDGHODVDFFLRQHVGHGHIHQVDHQPpULWRDODQDWXUDOH]DGHGHUHFKRVD
VHU WXWHODGRV SRGUi VHU UHFRQGXFLGD SURFHVDOPHQWH SRU HO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDODODDFFLyQLGyQHDSDUDHOUHVJXDUGRGHORVGHUHFKRVGHQXQFLDGRVFRPR
YXOQHUDGRVODERUTXHWLHQHODILQDOLGDGGHFRQVROLGDUXQDYHUGDGHUDPDWHULDOL]DFLyQGHO
RUGHQFRQVWLWXFLRQDOLPSHUDQWHUHVJXDUGDUHOSULQFLSLRGHMXVWLFLDPDWHULDO\DVHJXUDU
XQUHDODFFHVRDODMXVWLFLDFRQVWLWXFLRQDOSUHVHUYDQGRDVtODYLJHQFLDGHYDORUHVSOXUDOHV
VXSUHPRVFRPRVHUHO
YLYLUELHQ
HQHOPDUFRGHORVOLQHDPLHQWRVSURSLRVGHOSOXUDOLVPR
ODLQWHUFXOWXUDOLGDG\ODGHVFRORQL]DFLyQ


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

(VWD6HQWHQFLDHQVX)-,,,GLVSRQH(QHVHVHQWLGRVLELHQGHQWURGHOiPELWRGH
SURWHFFLyQ GH OD DFFLyQ GH OLEHUWDG VH HQFXHQWUDQ SUHYLVWRV GHWHUPLQDGRV GHUHFKRV
HPSHURHVSRVLEOHHIHFWXDUHODQiOLVLVGHRWURVFXDQGRWHQJDQFRQH[LWXGFRQORVTXHVH
HQFXHQWUDQEDMRODWXWHODGHHVWDDFFLyQHQYLUWXGDODFDUDFWHUtVWLFDGHLQWHUGHSHQGHQFLD
GH ORV GHUHFKRV TXH VH HQFXHQWUD SUHYLVWD HQ HO DUW , GH OD &3( TXH VHxDOD
/RV
GHUHFKRV UHFRQRFLGRV SRU HVWD &RQVWLWXFLyQ VRQ LQYLRODEOHV XQLYHUVDOHV
LQWHUGHSHQGLHQWHVLQGLYLVLEOHV\SURJUHVLYRV


(IHFWLYDPHQWH OD LQWHUGHSHQGHQFLD HV XQD GH ODV FDUDFWHUtVWLFDV GH ORV GHUHFKRV
IXQGDPHQWDOHV TXH VLJQLILFD TXH pVWRV VH HQFXHQWUDQ FRQHFWDGRV XQRV FRQ RWURV
GHSHQGHQXQRVGHRWURVORTXHLPSOLFDTXHODSURWHFFLyQGHXQGHUHFKR\VXHMHUFLFLR
FRQOOHYDDTXHVHWXWHOHQDTXHOORVRWURVFRQORVFXDOHVVHHQFXHQWUDYLQFXODGRHQVHQWLGR
FRQWUDULRODYXOQHUDFLyQGHXQGHUHFKRLPSOLFDTXHVHOHVLRQHQRWURVGHUHFKRVTXHVH
KDOODQUHODFLRQDGRVFRQpO

(Q PpULWR D GLFKD FDUDFWHUtVWLFD HV LQGXGDEOH TXH HO iPELWR GH SURWHFFLyQ GH ODV
GLIHUHQWHVDFFLRQHVGHGHIHQVD\HQHVSHFLDOGHODDFFLyQGHOLEHUWDGTXHWLHQHHQWUHVXV
FDUDFWHUtVWLFDVDOLQIRUPDOLVPRQRSXHGHVHULPSHQHWUDEOHSXHVHOORLPSOLFDUtDSRUXQD
SDUWHGHVFRQRFHUHOFDUiFWHULQWHUGHSHQGLHQWHGHORVGHUHFKRV\SRURWUDREOLJDUDTXH
HODFFLRQDQWHIUHQWHDODOHVLyQGHXQGHUHFKRTXHVHHQFXHQWUDGHQWURGHOiPELWRGHXQD
GHWHUPLQDGDDFFLyQGHGHIHQVDSHURTXHVHYLQFXODFRQRWURVGHUHFKRVGHEDSODQWHDU
GLIHUHQWHVDFFLRQHVGHGHIHQVDORTXHGHPDQHUDHYLGHQWHDWHQWDFRQWUDORVSULQFLSLRVGH
ODIXQFLyQMXGLFLDOFRQWHQLGRVHQHODUWGHOD&3(FRPRHOGHFHOHULGDG\UHVSHWRD
ORVGHUHFKRV\ORVSULQFLSLRVSURFHVDOHVGHODMXVWLFLDFRQVWLWXFLRQDOFRQWHQLGRVHQHODUW
GHO&3&RTXHDWHQGLHQGRDORVILQHVGHODMXVWLFLDFRQVWLWXFLRQDO\FRQODILQDOLGDGGH
JDUDQWL]DUVXDFFHVRDVtFRPRODWXWHODLQPHGLDWDGHORVGHUHFKRVIXQGDPHQWDOHVSUHYpQ
HO LPSXOVR GH RILFLR  SRU HO TXH ODV DFWXDFLRQHV SURFHVDOHV GHEHQ HIHFWXDUVH VLQ
QHFHVLGDG GH SHWLFLyQ GH ODV SDUWHV OD FHOHULGDG TXH REOLJD D UHVROYHU ORV SURFHVRV
HYLWDQGR GLODFLRQHV HQ VX WUDPLWDFLyQ OD FRQFHQWUDFLyQ SRU HO TXH GHEH UHXQLUVH OD
PD\RUDFWLYLGDGSURFHVDOHQHOPHQRUQ~PHURGHDFWRVSRVLEOHV\IXQGDPHQWDOPHQWHHO
QRIRUPDOLVPRGHDFXHUGRDOFXDOVyORGHEHQH[LJLUVHODVIRUPDOLGDGHVHVWULFWDPHQWH
QHFHVDULDVSDUDODFRQVHFXFLyQGHORVILQHVGHOSURFHVR
(QWRQFHVFRQIRUPHDORVSULQFLSLRV\YDORUHVTXHVXVWHQWDQDQXHVWUR(VWDGR\ODMXVWLFLD
FRQVWLWXFLRQDO DVt FRPR DO FDUiFWHU LQWHUGHSHQGLHQWH GH ORV GHUHFKRV HO iPELWR GH
SURWHFFLyQGHODDFFLyQGHOLEHUWDGSXHGHYHUVHDPSOLDGRHQORVFDVRVHQTXHORVGHUHFKRV
DOHJDGRVFRPROHVLRQDGRVVHHQFXHQWUHQYLQFXODGRVFRQDTXHOORVTXHHVWiQHQODHVIHUD
GHWXWHODGHHVWDDFFLyQGHGHIHQVD


W


dW^:d


,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

(QFXDQWRDODIDOWDGHSUXHEDV/D6HQWHQFLDTXHFRQWLHQHHOHVWiQGDU
PiVDOWRFRQUHODFLyQDODSUXHEDHQODVDFFLRQHVGHOLEHUWDGHVOD6&3
SRUTXHH[WHQGLyHVWHGHEHUDODSUHVHQWDFLyQGHSUXHEDSRU
SDUWHGHODDXWRULGDGGHPDQGDGDDGHPiVGHHVWDEOHFHUODREOLJDFLyQGH
ORVMXHFHV\WULEXQDOHVGHJDUDQWtDVGHDFWXDUGLOLJHQWHPHQWH\OD6&3
 TXH FRQILUPD OD OtQHD GH OD SUHVXQFLyQ GH YHUDFLGDG HQ OD
DFFLyQ GH OLEHUWDG (Q FXDQWR D OD IOH[LELOL]DFLyQ HQ ORV UHTXLVLWRV GH
FRQWHQLGR OD VHQWHQFLD TXH FRQWLHQH HO HVWiQGDU PiV DOWR HV OD 6&3
FRPSOHWDGDSRUOD6&3SRUTXHHVWDEOHFHQEDMR
HO SULQFLSLR GHO LQIRUPDOLVPR DPSOLDU ORV GHUHFKRV \ KHFKRV HQ OD
DXGLHQFLDGHDFFLyQGHOLEHUWDGDVtFRPRODSRVLELOLGDGGHSURWHJHURWURV
GHUHFKRVFXDQGRWHQJDQFRQH[LWXGFRQORVGHUHFKRVTXHVHHQFXHQWUDQ
GHQWURGHOiPELWRGHSURWHFFLyQGHODDFFLyQGHOLEHUWDGVLQOLPLWDUORV
~QLFDPHQWHDORVGHUHFKRVDODOLEHUWDGItVLFDRORFRPRFLyQ5HVSHFWRD
ODSUHVHQWDFLyQRUDOHOSUHFHGHQWHTXHFRQWLHQHHOHVWiQGDUPiVDOWRHV
OD6&3



/HJLWLPDFLyQDFWLYD)DPLOLDUHVGHODSHUVRQDIDOOHFLGD
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&36HH[WLHQGHHOiPELWRGHSURWHFFLyQGHODDFFLyQGH
OLEHUWDGHQHOPDUFRGHODFRQFHSFLyQSOXUDOGHODGLJQLGDG\ODYLGD
D ORV VXSXHVWRV HQ ORV FXDOHV VH XWLOLFH HO FXHUSR GH XQD SHUVRQD
IDOOHFLGD FRPR XQ PHGLR SDUD ORJUDU OD VDWLVIDFFLyQ GH ILQHV
HFRQyPLFRV X RWURV LQWHUHVHV HQ FX\R FDVR DGTXLHUHQ OHJLWLPDFLyQ
DFWLYDORVIDPLOLDUHV

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHOLEHUWDGHODFFLRQDQWHGHQXQFLyTXHORVGHPDQGDGRV
OHVLRQDURQ ORV GHUHFKRV D OD GLJQLGDG D OD OLEHUWDG \ ORV
GHUHFKRV
UHOLJLRVRV
DOUHWHQHUHOFXHUSRGHVXPDGUHIDOOHFLGDFRQHODUJXPHQWR
W


dW^:d

GHTXHSUHYLDPHQWHVHGHEtDSDJDUODVXPDGH%VTXHVHDGHXGD
DO +RVSLWDO &OtQLFR
9LHGPD
 SRU ORV VHUYLFLRV SUHVWDGRV SLGLHQGR VH
RUGHQHTXHHOFXHUSRGHVXPDGUHVHDHQWUHJDGRGHIRUPDLQPHGLDWD(O
7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOUHYRFyODUHVROXFLyQGHOWULEXQDO
GH JDUDQWtDV \ FRQFHGLy OD WXWHOD VROLFLWDGD SRU OD VXSXHVWD OHVLyQ DO
GHUHFKR D OD GLJQLGDG \ ORV GHUHFKRV FRQH[RV D OD OLEHUWDG GH
HVSLULWXDOLGDGUHOLJLyQ\FXOWRGHODFFLRQDQWH\HQUHSUHVHQWDFLyQGHOD
PDGUHFRQVLGHUDQGRDGHPiVTXHHOSULPHURGHORVGHUHFKRVQRPEUDGRV
GLJQLGDG  SXHGH VHU LQYRFDGR SRU H[WHQVLyQ SRU VXV IDPLOLDUHV
GLVSRQLHQGRODLQPHGLDWDHQWUHJDGHOFXHUSRGHODPDGUHGHODFFLRQDQWH
H[KRUWDQGRDO+RVSLWDO&OtQLFR9LHGPDDTXHHQHOIXWXURQRLQFXUUDHQ
VLPLODUHVDFWRVDORVGHQXQFLDGRVHQODSUHVHQWHDFFLyQ

([WUDFWRGHODUDWLRGHFLGHQGL

)M,,,
$KRUDELHQFRQFDUiFWHUSUHYLRVHGHEHQDQDOL]DUORVDUJXPHQWRVHVJULPLGRV
SRUHO-XH]GHJDUDQWtDVTXHGHQHJyODWXWHODGHODDFFLyQGHOLEHUWDGDPSDUiQGRVHHQOD
6&5GHGHPDU]RFRQHODUJXPHQWRTXHQRVHSXHGHUHSUHVHQWDUDXQ
IDOOHFLGR \ TXH FRPR OD MXULVGLFFLyQ FRQVWLWXFLRQDO IXH DFWLYDGD GHVSXpV GHO
IDOOHFLPLHQWRGH-XDQD$OFRED&ODXUHODSUHWHQVLyQUHVXOWDLQFRQGXFHQWHGHELGRDTXH
QRHVSRVLEOHDFWXDUHQUHSUHVHQWDFLyQGHXQDSHUVRQDIDOOHFLGDSRUTXHODPXHUWHGHULYD
HQ HO ILQ GH OD SHUVRQDOLGDG \ GH VX FDSDFLGDG MXUtGLFD SDUD VHU VXMHWRGH GHUHFKRV \
REOLJDFLRQHVDGHPiVTXHODSUREOHPiWLFDSODQWHDGDHVWiIXHUDGHODOFDQFHSUHYLVWRSRU
HODUWGHOD&3(
6LQ HPEDUJR D OD OX] GH ORV UD]RQDPLHQWRV H[SXHVWRV HQ ORV )XQGDPHQWRV -XUtGLFRV
SUHFHGHQWHV\HOFDPELRGHHQWHQGLPLHQWRUHVSHFWRDODFLWDGD6&5VHGHEH
FRQFOXLUTXHHQHOPDUFRGHODFDUDFWHUtVWLFDGHLQWHUGHSHQGHQFLDGHORVGHUHFKRVORV
ILQHVGHODMXVWLFLDFRQVWLWXFLRQDO\ORVSULQFLSLRVGHpVWDDVtFRPRODFRQFHSFLyQSOXUDO
GHODGLJQLGDG\VXYLQFXODFLyQFRQORVGHUHFKRVDODYLGD\ODOLEHUWDGItVLFDRSHUVRQDO
HVSRVLEOHODSUHVHQWDFLyQGHODDFFLyQGHOLEHUWDGHQORVVXSXHVWRVHQORVFXDOHVVHXWLOLFH
HOFDGiYHUGHXQDSHUVRQDFRPRXQPHGLRSDUDORJUDUODVDWLVIDFFLyQGHILQHVHFRQyPLFRV
XRWURVLQWHUHVHVFRQIRUPHKDTXHGDGRVHxDODGRHQHO)XQGDPHQWR-XUtGLFR,,,GHHVWD
6HQWHQFLD&RQVWLWXFLRQDO3OXULQDFLRQDOEDMRHOHQWHQGLGRTXHDWUDYpVGHHVWDPHGLGD
VHLQVWUXPHQWDOL]DHOFXHUSR\VHOHVLRQDHOGHUHFKRDODGLJQLGDG\HOGHUHFKRDODOLEHUWDG
GHHVSLULWXDOLGDGUHOLJLyQ\FXOWRGHORVIDPLOLDUHV\VHUHVTXHULGRV
(QWRQFHV HQ HO FDVR DQDOL]DGR FRQVLGHUDQGR TXH HO DFFLRQDQWH SUHVHQWy OD DFFLyQ
DOHJDQGRTXHORVGHPDQGDGRVUHWXYLHURQHOFDGiYHUGHVXPDGUHFRUUHVSRQGtDTXHVH
LQJUHVHDODQiOLVLVGHIRQGRSXHVSRUXQDSDUWHHQHOPDUFRGHODFRQFHSFLyQSOXUDOGH
OD GLJQLGDG pVWD WUDVFLHQGH D OD
PXHUWH
 \ HQ FRQVHFXHQFLD HVWH GHUHFKR SXHGH VHU
YiOLGDPHQWHWXWHODGRFXDQGRVHDUHFODPDGRSRUORVIDPLOLDUHVGHODRHOGLIXQWRSXHV
FRQIRUPHVHWLHQHH[SOLFDGRHQHO)XQGDPHQWR-XUtGLFR,,,GHHVWHIDOORFRQVWLWXFLRQDO
VL ELHQ GHVGH XQ HQIRTXH HPLQHQWHPHQWH FLYLOLVWD OD
PXHUWH
 LPSOLFD HO ILQ GH OD
SHUVRQDOLGDGHPSHURHOORQRVLJQLILFDTXHGHVGHODSHUVSHFWLYDGHOFRQVWLWXFLRQDOLVPR
SOXULQDFLRQDOFRPXQLWDULR\GHVFRORQL]DGRUVHUHGLPHQVLRQHHOGHUHFKRDODGLJQLGDGD
SDUWLUVXFRQFHSFLyQSOXUDO\HOYDORUTXHFXOWXUDOPHQWHWLHQHHOFXHUSRGHODSHUVRQD
IDOOHFLGDSDUDORVGHXGRV\HQWDOVHQWLGRVHWXWHOHGLFKRGHUHFKRDSDUWLUGHODDFFLyQ
GH OLEHUWDG VLHQGR YiOLGD SRU WDQWROD DFWXDFLyQ GHOKLMR GH -XDQD $OFRED &ODXUH D
QRPEUH SURSLR \ UHSUHVHQWDQGR D VX PDGUH SRU OD VXSXHVWD OHVLyQ DO GHUHFKR D OD
GLJQLGDG \ ORV GHUHFKRV FRQH[RV D OD OLEHUWDG GH HVSLULWXDOLGDG UHOLJLyQ \ FXOWR
FRQVLGHUDQGRDGHPiVTXHHOSULPHURGHORVGHUHFKRVQRPEUDGRV GLJQLGDG SXHGHVHU
LQYRFDGRSRUH[WHQVLyQSRUVXVIDPLOLDUHV


W


dW^:d


6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH OD DFFLyQ GH OLEHUWDG DO FRQVLGHUDU TXH  HQ HO PDUFR GH OD
FRQFHSFLyQ SOXUDO GH OD GLJQLGDG pVWD WUDVFLHQGH D OD
PXHUWH
 \ HQ
FRQVHFXHQFLDHVWHGHUHFKRSXHGHVHUYiOLGDPHQWHWXWHODGRFXDQGRVHD
UHFODPDGRSRUORVIDPLOLDUHVGHODRHOGLIXQWRDREMHWRGHWXWHODUORV
GHUHFKRVDODOLEHUWDGGLJQLGDGHVSLULWXDOLGDGSRUUHWHQFLyQ LOHJDOGH
FXHUSRGHIDOOHFLGRHQFHQWURKRVSLWDODULRFRQODILQDOLGDGGHDVHJXUDUHO
SDJRGHODDVLVWHQFLDPpGLFDRWRUJDGD

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/DOtQHDMXULVSUXGHQFLDOVREUHHOiPELWRGHSURWHFFLyQGHODDFFLyQGHOLEHUWDGHQFXDQWR
D ORV GHUHFKRV TXH UHVJXDUGD WLHQH HO VLJXLHQWH GHVDUUROOR MXULVSUXGHQFLDO 6REUH HO
GHUHFKRDODOLEHUWDGItVLFDRSHUVRQDOVXSURWHFFLyQKDVLGRDPSOLDVLQHPEDUJRDSDUWLU
GHOD6&5HO7ULEXQDO&RQVWLWXFLRQDOHQWHQGLyTXHHOUHVJXDUGRDOGHUHFKR
DODOLEHUWDGVyORHUDSRVLEOHHQWDQWR\HQFXDQWRHORUGHQDPLHQWRMXUtGLFRQREULQGHXQ
PHFDQLVPR GH SURWHFFLyQ LQPHGLDWR RSRUWXQR \ HILFD] LQLFLiQGRVH OD OtQHD GH
SHQVDPLHQWRGHODVXEVLGLDULHGDGH[FHSFLRQDOGHODDFFLyQGHOLEHUWDGFX\DVVXEUHJODV
IXHURQ FRQGHQVDGDV HQ OD 6& 5 UD]RQDPLHQWR UDWLILFDGR SRU HO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDODSDUWLUGHOD6&3
L 
(QFXDQWRDOGHUHFKRDODYLGDODMXULVSUXGHQFLDHVODVLJXLHQWH/D6&3
5SURQXQFLDGDSRUHO7ULEXQDO&RQVWLWXFLRQDOGH7UDQVLFLyQHVWDEOHFLyTXHOD
SURWHFFLyQDOGHUHFKRDODYLGDYtDDFFLyQGHOLEHUWDGHVWitQWLPDPHQWHYLQFXODGDFRQHO
GHUHFKR D OD OLEHUWDG SHUVRQDO  3RVWHULRUPHQWH OD 6&3  UHVXHOWD SRU HO
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO FRQILUPy HVWH HQWHQGLPLHQWR SUHFLVDQGR TXH OD
DFFLyQGHOLEHUWDGWXWHODHOGHUHFKRDODYLGDVLHPSUH\FXDQGRVHHQFXHQWUHYLQFXODGR
FRQODOLEHUWDGItVLFDRGHORFRPRFLyQ$VLPLVPROD6&3PRGXOyHVWH
UD]RQDPLHQWR VHxDODQGR TXH OD DFFLyQ GH OLEHUWDG SURWHJH HO GHUHFKR D OD YLGD FRQ
LQGHSHQGHQFLDGHVXYLQFXODFLyQFRQHOGHUHFKRDODOLEHUWDGItVLFD\TXHSRUORPLVPR
HQYLUWXGDOYDORUIXQGDPHQWDOGHODYLGDKXPDQD\HOSULQFLSLRGHQRIRUPDOLVPRGLFKR
GHUHFKR SXHGH VHU WXWHODGR LQGLVWLQWDPHQWH SRU OD DFFLyQ GH OLEHUWDG R OD DFFLyQ GH
DPSDUR FRQVWLWXFLRQDO  /D 6&3  FRQVLGHUDGD PRGXODGRUD FRQILUPDQGR
TXHSURWHJHHOGHUHFKRDODYLGDD~QQRHVWXYLHUHYLQFXODGDFRQODOLEHUWDGItVLFDVHxDOy
TXHVHUiODSDUWHDFFLRQDQWHODTXHWUDWiQGRVHGHOGHUHFKRDODYLGDDVXPDODGHFLVLyQ
GHIRUPXODUXQDDFFLyQGHOLEHUWDGRGHDPSDURFRQVWLWXFLRQDO

LL 
5HVSHFWRDODOLEHUWDGGHORFRPRFLyQRFLUFXODFLyQHQHOPDUFRGHODQXHYD
&RQVWLWXFLyQ OD 6& 5 SUHFLVy OD FRQFHSFLyQ DXWyQRPD GH OD OLEHUWDG GH
ORFRPRFLyQRFLUFXODFLyQFRQUHODFLyQDODOLEHUWDGItVLFDHVWDEOHFLHQGRTXH
6LELHQ
GHODUWGHOD&3(VHSRGUtDFRQFOXLUTXHHOREMHWRGHWXWHODGHODDFFLyQGHOLEHUWDG
HVHOGHUHFKRDODOLEHUWDGItVLFDDODYLGD\DOGHELGRSURFHVRFXDQGRH[LVWHYLQFXODFLyQ
FRQ HO GHUHFKR D OD OLEHUWDG \ H[FOXLU GH VX iPELWR GH SURWHFFLyQ DO GHUHFKR GH
ORFRPRFLyQ VLQ HPEDUJR GDGD OD tQWLPD UHODFLyQ TXH H[LVWH HQWUH HVRV GHUHFKRV HV
SRVLEOH WXWHODU WDPELpQ DO ~OWLPR GH ORV QRPEUDGRV HQ DTXHOORV FDVRV HQ ORV TXH HO
GHUHFKRGHORFRPRFLyQHVWiYLQFXODGRGLUHFWDPHQWHFRQODOLEHUWDGItVLFDRSHUVRQDOR
FRQHOGHUHFKRDODYLGDRODVDOXG


LLL 
&RQUHODFLyQDOGHUHFKRJDUDQWtDGHOGHELGRSURFHVRODOtQHDMXULVSUXGHQFLDO
WLHQH HO VLJXLHQWH GHVDUUROOR MXULVSUXGHQFLDO  /D 6& 5 HVWDEOHFLy TXH OD
SURWHFFLyQDOGHELGRSURFHVRDWUDYpVGHOHQWRQFHVUHFXUVRGHKDEHDVFRUSXVHUDYLDEOH
VRODPHQWH HQ DTXHOORV FDVRV HQ ORV FXDOHV H[LVWtD GLUHFWD FDXVDOLGDG FRQ OD OLEHUWDG
SHUVRQDORGHORFRPRFLyQHVGHFLUFXDQGRORVDFWRVXRPLVLRQHVGHQXQFLDGRVVHDQOD

W


dW^:d
FDXVDGLUHFWDSDUDODUHVWULFFLyQRVXSUHVLyQDOGHUHFKRDODOLEHUWDG3RVWHULRUPHQWH
OD6&5HVWDEOHFLyTXHDQWHVGHDFWLYDUVHODMXULVGLFFLyQFRQVWLWXFLRQDOGHEtD
SHGLUVHODUHSDUDFLyQGHOGHELGRSURFHVRHQODVLQVWDQFLDVMXULVGLFFLRQDOHVDWUDYpVGHORV
PHGLRVGHLPSXJQDFLyQHVWDEOHFLGRVSRUODOH\VDOYRHODEVROXWRHVWDGRGHLQGHIHQVLyQ
VLWXDFLyQHQODTXHODDFWLYDFLyQHUDGLUHFWDVLQODH[LJHQFLDGHODJRWDPLHQWRSUHYLRGH
ORVPHFDQLVPRVGHGHIHQVDLQWUDSURFHVDOHV/D6&5VLVWHPDWL]yORVGRV
VXSXHVWRV SDUD OD DFWLYDFLyQ GH OD DFFLyQ GH OLEHUWDG FRQ UHODFLyQ DO GHELGR SURFHVR
SUHFLVDQGR TXH GHEtDQ FRQFXUULU ORV VLJXLHQWHV UHTXLVLWRV D  /RV DFWRV X RPLVLRQHV
GHQXQFLDGRVGHEtDQHVWDUYLQFXODGRVFRQODOLEHUWDG\VHUFDXVDGLUHFWDSDUDVXVXSUHVLyQ
ROLPLWDFLyQ\E GHEtDH[LVWLUDEVROXWRHVWDGRGHLQGHIHQVLyQ3RVWHULRUPHQWHOD
6&3UHFRQGXFLHQGRHOUD]RQDPLHQWRWUD]DGRSRUHO7ULEXQDO&RQVWLWXFLRQDO
GH7UDQVLFLyQHQ6&5GHWHUPLQyTXHWUDWiQGRVHGHPHGLGDVFDXWHODUHVGH
FDUiFWHUSHUVRQDO
QRHVSRVLEOHH[LJLUODFRQFXUUHQFLDGHODEVROXWRHVWDGRGHLQGHIHQVLyQ
FRPR UHTXLVLWR SDUD OD DFWLYDFLyQ GH OD DFFLyQ GH OLEHUWDG KDELGD FXHQWD TXH HO
DFFLRQDQWH  GHEH DJRWDU ORV PHFDQLVPRV GH LPSXJQDFLyQ LQWUDSURFHVDOHV SUHYLD D OD
DFWLYDFLyQGHODDFFLyQGHOLEHUWDG
'HRWURODGRODOtQHDGHODFDXVDOLGDGGLUHFWDSDUD
OD SURWHFFLyQ GHO GHELGR SURFHVR IXH PRGXODGD D WUDYpV GH OD 6&3  TXH
HVWDEOHFLyTXH
QLFDPHQWHFXDQGRVHWUDWDGHPDWHULDSHQDOODDFFLyQGHOLEHUWDGHVHO
PHGLR LGyQHR HILFD] \ HILFLHQWH SDUD UHVWDEOHFHU HO GHELGR SURFHVR HQ WRGRV VXV
HOHPHQWRV
(QHVWHPDUFRSDUDODWXWHODGHOSURFHVDPLHQWRLQGHELGRDWUDYpVGHODDFFLyQ
GHOLEHUWDGQRHVH[LJLEOHODUHODFLyQGHGLUHFWDFDXVDOLGDGVLHQGRVXILFLHQWHXQDUHODFLyQ
LQGLUHFWD&DEHDFODUDUTXHOD6&3UHFRQGXMRHVWH~OWLPRHQWHQGLPLHQWRD
ODWHVLVGHYLQFXODFLyQGLUHFWDHQWUHHOGHUHFKRDODOLEHUWDG\HOGHELGRSURFHVREDMRHO
VLJXLHQWH UD]RQDPLHQWR
WUDWiQGRVH GH OD SURFHGHQFLD GH OD DFFLyQ GH OLEHUWDG HQ
UHODFLyQ DO GHELGR SURFHVR GHEH HQWHQGHUVH TXH OD LQREVHUYDQFLD D pVWH     GHELGR
SURFHVRKDVLGRODFDXVDOSULQFLSDOSDUDODDIHFWDFLyQGHOELHQMXUtGLFROLEHUWDGSXHVGH
ORFRQWUDULRVLORVDFWRVHPHUJHQWHVGHOSURFHVDPLHQWRQRSRQHQHQULHVJRODOLEHUWDG\
QRRFDVLRQDQVXUHVWULFFLyQQRSRGUiQVHUHYDOXDGRV\FRQVLGHUDGRVDWUDYpVGHODDFFLyQ
GH OLEHUWDG FRUUHVSRQGLHQGR VX WUDWDPLHQWR XQD YH] DJRWDGRV WRGRV ORV PHGLRV LQWUD
SURFHVDOHVDODDFFLyQGHDPSDURFRQVWLWXFLRQDOFRPRPHGLRGHGHIHQVDLGyQHRHQHO
MXULVGLFFLyQ FRQVWLWXFLRQDO SDUD UHSDUDU \ VXEVDQDU ORV GHIHFWRV SURFHVDOHV HQ TXH
SXGLHUDQKDEHULQFXUULGRWDQWRVHUYLGRUHVS~EOLFRVFRPRSHUVRQDVSDUWLFXODUHV(QHVWH
FRQWH[WRFRUUHVSRQGHUHFRQGXFLUDOHQWHQGLPLHQWRDVXPLGRDQWHULRUPHQWHSRUODV66&&
5GHGHRFWXEUH\5GHGHGLFLHPEUH


LY 
$ WUDYpV GH OD DFFLyQ GH OLEHUWDG WDPELpQ VH KD SURWHJLGR HO GHUHFKR D OD
LQWHJULGDG ItVLFD \ OD JDUDQWtD GH SURKLELFLyQ GH WRUWXUDV DVt VH WLHQH TXH  /D 6&
5HVWDEOHFLyTXHFRQVLGHUDQGRHOQXHYRDOFDQFHGHODDFFLyQGHOLEHUWDGTXH
QRVyORSURWHJHHOGHUHFKRDODOLEHUWDGItVLFDRSHUVRQDOVLQRWDPELpQHOGHUHFKRDOD
YLGD\HOGHUHFKRDODLQWHJULGDGItVLFDSDUDODSURWHFFLyQGHODSHUVRQDFRQWUDODWRUWXUD
X RWURV WUDWRV R SHQDV FUXHOHV LQKXPDQDV R GHJUDGDQWHV HV SUHFLVR TXH ORV
UHSUHVHQWDQWHV GHO 0LQLVWHULR 3~EOLFR GHMHQ FRQVWDQFLD HQ DFWD X RWUR GRFXPHQWR
FHUWLILFDGRPpGLFRIRUHQVH GHOHVWDGRItVLFRHQTXHHQFRQWUDURQDOLPSXWDGROXHJRGH
VX DSUHKHQVLyQ VHD SRU SDUWLFXODUHV R IXQFLRQDULRV SROLFLDOHV SDUD TXH VH VLJDQ ODV
DFFLRQHV FRUUHVSRQGLHQWHV FRQWUD ORV SUHVXQWRV DXWRUHV GH ORV DFWRV OHVLYRV D OD
LQWHJULGDGItVLFDRSHUVRQDOGHOGHWHQLGRRDSUHKHQGLGR
'LFKRGRFXPHQWRGHEHUiVHU
SUHVHQWDGR GH PDQHUD REOLJDWRULD DO MXH] FDXWHODU TXLHQ FRPR VH WLHQH VHxDODGR
DPSOLDPHQWHHMHUFHHOFRQWUROGHOUHVSHWRDORVGHUHFKRV\JDUDQWtDVGHOLPSXWDGR\
GHEHUiVHUVROLFLWDGRDOILVFDOSRUHOMXH]RWULEXQDOGHJDUDQWtDVFXDQGRVHGHQXQFLHQ
WRUWXUDV R YHMiPHQHV VLQ SHUMXLFLR GH DFXGLU DO OXJDU GH GHWHQFLyQ SDUD YHULILFDU ODV
FRQGLFLRQHVGHODSULYDFLyQGHOLEHUWDGFRQIRUPHHVWDEOHFHHODUW,GHOD&3(FRQ
ODILQDOLGDGGHTXHGLFKR7ULEXQDO\HQUHYLVLyQHVWH7ULEXQDO&RQVWLWXFLRQDOSXHGD
FRQWDUFRQORVHOHPHQWRVGHSUXHEDQHFHVDULRVSDUDSURQXQFLDUVHVREUHODVXSXHVWDOHVLyQ
DO GHUHFKR D OD LQWHJULGDG ItVLFD R SHUVRQDO \ OD DPHQD]D GHO GHUHFKR D OD YLGD

5D]RQDPLHQWRFRQILUPDGRSRUOD6&3


W


dW^:d


Y 
6REUHHOGHUHFKRDODVDOXG\VXSURWHFFLyQDWUDYpVGHODDFFLyQGHOLEHUWDGHO
GHVDUUROOR MXULVSUXGHQFLDO HV HO VLJXLHQWH  (O 7ULEXQDO &RQVWLWXFLRQDO HQ OD 6&
5GHGHDEULOHVWDEOHFLyODSRVLELOLGDGGHSURWHFFLyQGHOGHUHFKRDODVDOXG
GH ORV SULYDGRV GH OLEHUWDG H[SRQLHQGR HO VLJXLHQWH UD]RQDPLHQWR (O KiEHDV FRUSXV
GHQRPLQDGR FRUUHFWLYR SURWHJH DO GHWHQLGR GH DTXHOODV FRQGLFLRQHV TXH DJUDYDQ HQ
IRUPDLOHJtWLPDODGHWHQFLyQYLRODQGRVXFRQGLFLyQKXPDQD$WUDYpVGHHVWHUHFXUVR
VH JDUDQWL]D HO WUDWR KXPDQR DO GHWHQLGR HVWDEOHFLGR HQ ODV &RQYHQFLRQHV
,QWHUQDFLRQDOHVGH'HUHFKRV+XPDQRV/D6&5DPSOLyODSRVLELOLGDG
GH SURWHJHU YtD DFFLyQ GH OLEHUWDG HO GHUHFKR D OD VDOXG FXDQGR pVWH VH HQFXHQWUH
YLQFXODGR FRQ OD YLGD OLEHUWDG ItVLFD R GH ORFRPRFLyQ  /D 6&3 
SURQXQFLDGD SRU HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO FRQILUPy HVWH ~OWLPR
UD]RQDPLHQWR HVWDEOHFLHQGR TXH PHGLDQWH OD DFFLyQ GH OLEHUWDG HV SRVLEOH WXWHODU HO
GHUHFKRDODVDOXGGHSULYDGRVGHOLEHUWDGFXDQGRVHHQFXHQWUDHQGLUHFWDFRQH[LyQFRQ
ODLQWHJULGDGSHUVRQDO\HOGHUHFKRDODYLGD

YL 
(Q FXDQWR D OD SURWHFFLyQ GH RWURV GHUHFKRV FRQH[RV OD MXULVSUXGHQFLD
FRQVWLWXFLRQDO KD GHVDUUROODGR OD VLJXLHQWH OtQHD GH HQWHQGLPLHQWR (O 7ULEXQDO
&RQVWLWXFLRQDOGHODpSRFDGHORV'LH]$xRVHVWDEOHFLyTXHHOUHFXUVRGHKiEHDVFRUSXV
QRSURWHJtDRWURVGHUHFKRVTXHQRVHDQORVGHODOLEHUWDGItVLFDRGHORFRPRFLyQ$WUDYpV
GH OD 6& 5 GHWHUPLQy TXH H[FHSFLRQDOPHQWH UHVJXDUGDED OD JDUDQWtD GHO
GHELGRSURFHVR\GHUHFKRDODGHIHQVDVLHPSUHTXHHVWpQYLQFXODGRVFRQODOLEHUWDGItVLFD
RGHORFRPRFLyQUD]RQDQGRGHODVLJXLHQWHPDQHUD  HQPDWHULDGHKiEHDVFRUSXV
FRQIRUPH OD MXULVSUXGHQFLD GH HVWH 7ULEXQDO VyOR SXHGH LQJUHVDUVH D DQDOL]DU OD
SUREOHPiWLFD FXDQGR ORV DFWRV GHQXQFLDGRV RSHUDQ FRPR FDXVD SDUD OD DPHQD]D
UHVWULFFLyQRVXSUHVLyQGHORVGHUHFKRVDODOLEHUWDGItVLFD\GHORFRPRFLyQGHPRGRTXH
ODV OHVLRQHV D RWURV GHUHFKRV QR SRGUiQ VHU FRPSXOVDGDV HQ HVWH UHFXUVR VDOYR ODV
OHVLRQHVDODJDUDQWtDGHOGHELGRSURFHVRVLHPSUHTXHFRPRFRQVHFXHQFLDGHDTXpOODV
VHKXELHUDYXOQHUDGRHOGHUHFKRDODOLEHUWDG 
/D6&3HQHOPDUFRGH
ODQXHYD&RQVWLWXFLyQ\HOQXHYRiPELWRGHSURWHFFLyQGHODDFFLyQGHOLEHUWDGPRGXOy
GLFKR UD]RQDPLHQWR \ FRQVLGHUy DO SULQFLSLR GH LQWHUGHSHQGHQFLD GH ORV GHUHFKRV
KXPDQRVFRPRIXQGDPHQWRSDUDODSRVLELOLGDGGHSURWHJHUHQODDFFLyQGHOLEHUWDGRWURV
GHUHFKRVGHWHUPLQDQGRHVLQGXGDEOHTXHHOiPELWRGHSURWHFFLyQGHODVGLIHUHQWHV
DFFLRQHV GH GHIHQVD \ HQ HVSHFLDO GH OD DFFLyQ GH OLEHUWDG TXH WLHQH HQWUH VXV
FDUDFWHUtVWLFDVDOLQIRUPDOLVPRQRSXHGHVHULPSHQHWUDEOHSXHVHOORLPSOLFDUtDSRUXQD
SDUWHGHVFRQRFHUHOFDUiFWHULQWHUGHSHQGLHQWHGHORVGHUHFKRV\SRURWUDREOLJDUDTXH
HODFFLRQDQWHIUHQWHDODOHVLyQGHXQGHUHFKRTXHVHHQFXHQWUDGHQWURGHOiPELWRGHXQD
GHWHUPLQDGDDFFLyQGHGHIHQVDSHURTXHVHYLQFXODFRQRWURVGHUHFKRVGHEDSODQWHDU
GLIHUHQWHVDFFLRQHVGHGHIHQVD
$VLPLVPROD6&3FRQVLGHUDGDFRPR
XQDVHQWHQFLDPRGXODGRUDH[WHQGLyHOiPELWRGHSURWHFFLyQGHODDFFLyQGHOLEHUWDG\
HQ HO PDUFR GH OD FRQFHSFLyQ SOXUDO WXWHOy ORV  GHUHFKRV D OD GLJQLGDG OLEHUWDG GH
HVSLULWXDOLGDGUHOLJLyQ\FXOWRFRQILUPDQGRDVtODSRVLELOLGDGGHWXWHODUSRUPHGLRGHOD
DFFLyQGHOLEHUWDGRWURVGHUHFKRVFXDQGRORVPLVPRVWHQJDQFRQH[LWXGFRQORVTXHVH
HQFXHQWUDQEDMRVXWXWHODHVWDEOHFLHQGR
VLELHQGHQWURGHOiPELWRGHSURWHFFLyQGHOD
DFFLyQGHOLEHUWDGVHHQFXHQWUDQSUHYLVWRVGHWHUPLQDGRVGHUHFKRVHPSHURHVSRVLEOH
HIHFWXDUHODQiOLVLVGHRWURVGHUHFKRVFXDQGRORVPLVPRVWHQJDQFRQH[LWXGFRQORVTXH
VH HQFXHQWUDQ EDMR OD WXWHOD GH OD DFFLyQ GH OLEHUWDG HQ YLUWXG D OD FDUDFWHUtVWLFD GH
LQWHUGHSHQGHQFLDGHpVWRVTXHVHHQFXHQWUDSUHYLVWDHQHODUW,GHOD&3(TXHVHxDOD
/RV GHUHFKRV UHFRQRFLGRV SRU HVWD &RQVWLWXFLyQ VRQ LQYLRODEOHV XQLYHUVDOHV
LQWHUGHSHQGLHQWHVLQGLYLVLEOHV\SURJUHVLYRV



([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

(VWD6HQWHQFLDHQVX)-,,, GLVSRQHDODOX]GHORVDUJXPHQWRV
FRQWHQLGRV HQ HO )XQGDPHQWR -XUtGLFR ,,, GH OD SUHVHQWH 6HQWHQFLD
&RQVWLWXFLRQDO3OXULQDFLRQDOYLQFXODGRVDOFDUiFWHULQWHUGHSHQGLHQWHGH
W


dW^:d

ORVGHUHFKRV DUWGHOD&3( DORVILQHVGHODMXVWLFLDFRQVWLWXFLRQDO


\ORVSULQFLSLRVGHODIXQFLyQMXGLFLDO\GHODMXVWLFLDFRQVWLWXFLRQDODVt
FRPR DO UHGLPHQVLRQDPLHQWR GHO GHUHFKR D OD GLJQLGDG GHVGH VX
FRQFHSFLyQSOXUDOTXHKDVLGRH[SOLFDGDHQHO)XQGDPHQWR-XUtGLFR,,,
GH OD SUHVHQWH 6HQWHQFLD &RQVWLWXFLRQDO 3OXULQDFLRQDO HV SUHFLVR
FDPELDUGLFKRHQWHQGLPLHQWRH[WHQGLHQGRHOiPELWRGHSURWHFFLyQGHOD
DFFLyQGHOLEHUWDGDORVVXSXHVWRVHQORVFXDOHVVHXWLOLFHHOFXHUSRGH
XQDSHUVRQDIDOOHFLGDFRPRXQPHGLRSDUDORJUDUODVDWLVIDFFLyQGHILQHV
HFRQyPLFRVXRWURVLQWHUHVHVHQWHQGLHQGRTXHHQHVRVFDVRVHVSRVLEOH
TXH ORV IDPLOLDUHV SUHVHQWHQ OD DFFLyQ GH OLEHUWDG VROLFLWDQGR OD
SURWHFFLyQGHOGHUHFKRDODGLJQLGDGWDQWRGHTXLHQ\DQRVHHQFXHQWUDQ
HQODFRPXQLGDGKXPDQDFRPRGHORVSURSLRVIDPLOLDUHVDVtFRPRHO
GHUHFKRDODOLEHUWDGGHHVSLULWXDOLGDGUHOLJLyQ\FXOWRGHORVIDPLOLDUHV
\VHUHVTXHULGRV

,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

&RQUHODFLyQDOGHUHFKRDODYLGDODVHQWHQFLDTXHFRQWLHQHHOHVWiQGDU
PiV DOWR HV OD 6&3  SRUTXH HVWDEOHFH TXH VHUi OD SDUWH
DFFLRQDQWHODTXHWUDWiQGRVHGHOGHUHFKRDODYLGDDVXPDODGHFLVLyQGH
IRUPXODUXQDDFFLyQGHOLEHUWDGRGHDPSDURFRQVWLWXFLRQDO$VLPLVPR
OD6&3VHFRQVWLWX\HHQHOHVWiQGDUPiVDOWRHQYLUWXGDOD
QDWXUDOH]DGHOGHUHFKRDODYLGDTXHQRUHTXLHUHGHIRUPDOLVPRVSDUDVX
SURWHFFLyQHOiPELWRGHSURWHFFLyQGHODDFFLyQGHOLEHUWDGVHH[WLHQGH
DHVHGHUHFKRD~QQRVHHQFXHQWUHYLQFXODGRGLUHFWDPHQWHFRQHOGHUHFKR
DODOLEHUWDGItVLFD5HVSHFWRDODOLEHUWDGGHORFRPRFLyQRFLUFXODFLyQ
ODVHQWHQFLDFRQHVWiQGDUPiVDOWRVHHQFXHQWUDHQOD6&5
(QFXDQWRDOGHELGRSURFHVRODVHQWHQFLDFRQHVWiQGDUPiVDOWRHVOD
6&3SRUTXHHVWDEOHFHODSRVLELOLGDGGHSURWHJHUODVSUHVXQWDV
OHVLRQHVDOGHELGRSURFHVRVLQODH[LJHQFLDGHGLUHFWDFDXVDOLGDGFRQOD
OLEHUWDGItVLFDRSHUVRQDO5HVSHFWRDOGHUHFKRDODVDOXGHOHVWiQGDUPiV
DOWR VH HQFXHQWUD HQ OD 6& 5 FRPSOHPHQWDGD SRU OD 6&3
 5HVSHFWR D RWURV GHUHFKRV FRQH[RV HO UD]RQDPLHQWR FRQ
HVWiQGDUPiVDOWRVHHQFXHQWUDHQOD6&3FRPSOHPHQWDGD
FRQ OD 6&3  'HO PLVPR PRGR OD 6&3  VH
FRQVWLWX\HHQHOHVWiQGDUPiVDOWRHQYLUWXGDODQDWXUDOH]DGHOGHUHFKR
DODYLGDTXHQRUHTXLHUHGHIRUPDOLVPRVSDUDVXSURWHFFLyQHOiPELWR
GHSURWHFFLyQGHODDFFLyQGHOLEHUWDGVHH[WLHQGHDHVHGHUHFKRD~QQR
VHHQFXHQWUHYLQFXODGRGLUHFWDPHQWHFRQHOGHUHFKRDODOLEHUWDGItVLFD



/HJLWLPDFLyQSDVLYDHQODDFFLyQGHOLEHUWDG3HUVRQDO
VXEDOWHUQRGHORVMX]JDGRV\7ULEXQDOHVGH-XVWLFLD
1~PHURGHUHVROXFLyQ6&3
W


dW^:d



)LFKD

7LSR-XULVSUXGHQFLD

-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3/RVIXQFLRQDULRVMXGLFLDOHVGHDSR\RMXULVGLFFLRQDO
QRWLHQHQOHJLWLPDFLyQSDVLYDSDUDVHUGHPDQGDGRVHQXQDDFFLyQGH
GHIHQVDSRUFXDQWRQRVRQORVTXHDVXPHQGHWHUPLQDFLRQHVGHRUGHQ
MXULVGLFFLRQDOGHQWURGHORVSURFHVRVVDOYRTXHLQFXUULHUDQHQH[FHVRV
FRQWUDULDQGRRDOWHUDQGRGHWHUPLQDFLRQHVGHODDXWRULGDGMXGLFLDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH OLEHUWDG HO DFFLRQDQWH VHxDOD FRPR YXOQHUDGR VX
GHUHFKRDODOLEHUWDGSRUFXDQWRQRVHUHPLWLyDFWXDGRVUHODWLYRVDVX
UHFXUVR GH DSHODFLyQ LQWHUSXHVWR FRQWUD OD 5HVROXFLyQ TXH GLVSXVR VX
GHWHQFLyQSUHYHQWLYDGHQWURODVYHLQWLFXDWURKRUDVSUHYLVWDVSRUHODUW
GHO&33SRUORTXHVROLFLWyVHOHRWRUJXHODWXWHOD\HQFRQVHFXHQFLD
VHUHPLWDHQHOGtDVXUHFXUVRGHDSHODFLyQLQFLGHQWDODQWHHO7ULEXQDO
'HSDUWDPHQWDO GH -XVWLFLD HQ VX 6DOD GH 7XUQR (O 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO GHQHJy OD WXWHOD FRQ UHODFLyQ D OD
6HFUHWDULD$ERJDGDGHO-X]JDGR2FWDYRGH,QVWUXFFLyQHQOR3HQDOGHO
GHSDUWDPHQWRGH6DQWD&UX]SRUIDOWDGHOHJLWLPDFLyQSDVLYDDOVHUXQD
IXQFLRQDULD MXGLFLDO GH DSR\R MXULVGLFFLRQDO TXH QR DVXPHQ
GHWHUPLQDFLRQHVGHRUGHQMXULVGLFFLRQDOGHQWURGHORVSURFHVRV

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,  (QFXDQWRUHVSHFWDDODVLWXDFLyQGHOD6HFUHWDULDDERJDGD
GHODDXWRULGDGGHPDQGDGDFRQWUDTXLHQWDPELpQVHGLULJLyODDFFLyQGH
OLEHUWDG FRQIRUPH D OD MXULVSUXGHQFLD GHVDUUROODGD HQ HO )XQGDPHQWR
-XUtGLFR,,,VHFRQFOX\HTXHHOSHUVRQDOGHDSR\RMXULVGLFFLRQDOFRPR
HVOD6HFUHWDULDDERJDGDGHO-X]JDGRGHPDQGDGRFDUHFHGHOHJLWLPDFLyQ
SDVLYD SRU FXDQWR VXV IXQFLRQHV VH OLPLWDQ D FXPSOLU yUGHQHV GH OD
DXWRULGDGMXULVGLFFLRQDODVtFRPRDFXPSOLUODVIXQFLRQHVHVWDEOHFLGDV
HQOD/H\GHOUJDQR-XGLFLDO\HO&yGLJRGH3URFHGLPLHQWR3HQDOODV
TXHQRFRQWHPSODQIDFXOWDGHVMXULVGLFFLRQDOHVSDUDGLFKRVIXQFLRQDULRV
SRUORWDQWRFRUUHVSRQGHGHQHJDUODWXWHODFRQWUDODFLWDGDIXQFLRQDULD
SRUIDOWDGHOHJLWLPDFLyQSDVLYD

3RU OR H[SXHVWR SUHFHGHQWHPHQWH VH HVWDEOHFH TXH HO -XH] GH
W


dW^:d

JDUDQWtDVDO
RWRUJDU
ODWXWHODHQUHODFLyQDOD-XH]DGHPDQGDGD\QRDVt
FRQWUD OD 6HFUHWDULD DERJDGD GH HVH -X]JDGR DXQTXH XWLOL]DQGR XQD
WHUPLQRORJtD LQFRUUHFWD KD HYDOXDGR HQ IRUPD FRUUHFWD ORV GDWRV GHO
SURFHVR\ODVQRUPDVDSOLFDEOHVDOSUHVHQWHFDVR

6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJDODDFFLyQGHOLEHUWDGFRQUHODFLyQDOD6HFUHWDULD$ERJDGDGHO
-X]JDGR2FWDYRGH,QVWUXFFLyQHQOR3HQDOGHOGHSDUWDPHQWRGH6DQWD
&UX]SRUIDOWDGHOHJLWLPDFLyQSDVLYDDOVHUXQDIXQFLRQDULDMXGLFLDOGH
DSR\R MXULVGLFFLRQDO TXH QR DVXPH GHWHUPLQDFLRQHV GH RUGHQ
MXULVGLFFLRQDO

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDOVREUHODIDOWDGHOHJLWLPDFLyQSDVLYDGHIXQFLRQDULRV
MXGLFLDOHV TXH QR HMHUFHQ IXQFLyQ MXULVGLFFLRQDO KD DSOLFDGR HVWD OtQHD
MXULVSUXGHQFLDOWDQWRDDFFLRQHVGHDPSDURFRPRDDFFLRQHVGHOLEHUWDGHQODV
VLJXLHQWHV VHQWHQFLDV   /D 6&3  D SDUWLU GH OD MXULVSUXGHQFLD
FRQVWLWXFLRQDODQWHULRUVRVWXYRTXHHOSHUVRQDOGHDSR\RMXULVGLFFLRQDOFDUHFH
GHOHJLWLPDFLyQSDVLYDHQODVDFFLRQHVWXWHODUHVSRUFXDQWRQRWLHQHQIDFXOWDGHV
MXULVGLFFLRQDOHVVDOYRTXHLQFXUULHUDQHQH[FHVRVFRQWUDULDQGRRDOWHUDQGRODV
GHWHUPLQDFLRQHV GH OD DXWRULGDG MXGLFLDO   (Q OD 6&3  VH DSOLFD
GLFKR SUHFHGHQWH DO SHUVRQDO VXEDOWHUQR GHO 0LQLVWHULR 3~EOLFR SRU HOOR VH
FRQFLEHDHVWDVHQWHQFLDFRPRPRGXODGRUDSRUFXDQWRVHDPSOtDQORVDOFDQFHV
GHORVSUHFHGHQWHVUHIHULGRVDOSHUVRQDOGHDSR\RMXULVGLFFLRQDO

'HOPLVPRPRGRVHWLHQHQFDVRVHVSHFtILFRVHQODVVLJXLHQWHVVHQWHQFLDVD 
6&3'HQLHJDODDFFLyQGHOLEHUWDGSRUIDOWDGHOHJLWLPDFLyQSDVLYD
SRUFXDQWRODVDFWXDULDVGHORV-X]JDGRVQRHMHUFHQODERUMXULVGLFFLRQDOE 
6&3 / 'HQLHJD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SRU IDOWD GH
OHJLWLPDFLyQSDVLYDUHVSHFWRGH2ILFLDOGH'LOLJHQFLDVGH-X]JDGRGH3DUWLGRHQ
OR&LYLOSRUFXDQWRQRHMHUFHIXQFLRQHVMXULVGLFFLRQDOHVF 6&3
/'HQLHJDDFFLyQGHOLEHUWDGSRUIDOWDGHOHJLWLPDFLyQSDVLYDGH6HFUHWDULRGHO
-X]JDGR GH ,QVWUXFFLyQ HQ OR 3HQDO SRU FXDQWR IXQFLRQDULRV VXEDOWHUQRV GHO
yUJDQRMXGLFLDOHVWiQEDMRUHVSRQVDELOLGDGGHDXWRULGDGMXULVGLFFLRQDOG 6&3
/'HQLHJDODWXWHODSRUTXHOD6HFUHWDULDGH&iPDUDGHOD6DOD3HQDO
6HJXQGD\HO6HFUHWDULR$ERJDGRGHO-X]JDGR&XDUWRGHLQVWUXFFLyQHQOR3HQDO
FDUHFHQ GH OHJLWLPDFLyQ SDVLYD SRU VHU SHUVRQDO VXEDOWHUQR H  6&3
/ 'HQLHJD OD DFFLyQ GH OLEHUWDG FRQ UHODFLyQ D OD VHFUHWDULD GHO
7ULEXQDOGH6HQWHQFLDSRUIDOWDGHOHJLWLPDFLyQSDVLYDDOQRFRQWDUFRQHOSRGHU
GH GHFLVLyQ R MXULVGLFFLRQDO TXH SXHGD GHILQLU OD VLWXDFLyQ MXUtGLFD GHO
DFFLRQDQWHI 6&3/'HQLHJDODWXWHODUHVSHFWRDO$FWXDULRGHO
-X]JDGR 7HUFHUR GH ,QVWUXFFLyQ HQ OR 3HQDO GDGR TXH pVWH QR WHQtD IDFXOWDG
MXULVGLFFLRQDOVLPSOHPHQWHHVWDEDREOLJDGRDFXPSOLUyUGHQHVRLQVWUXFFLRQHV
GHO -XH] TXH HPHUJHQ GH VXV GHFLVLRQHV SRU OR TXH QR FRQWDED FRQ
OHJLWLPDFLyQSDVLYDSDUDVHUGHPDQGDGR


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO
W


dW^:d



/D6&5GHGHMXQLRSUHFLVy
&RQUHODFLyQDODUHVSRQVDELOLGDG
GHO SHUVRQDO VXEDOWHUQR GH ORV -X]JDGRV \ 6DODV GH ODV &RUWHV 6XSHULRUHV GH
'LVWULWR\&RUWH6XSUHPDGH-XVWLFLDODMXULVSUXGHQFLDFRQVWLWXFLRQDOHVWDEOHFLy
TXH OD DGPLQLVWUDFLyQ GH MXVWLFLD HVWi HQFRPHQGDGD D ORV yUJDQRV
MXULVGLFFLRQDOHVGHO(VWDGRGHDFXHUGRFRQHODUW,,9&3(\DUWGHOD/H\
GH2UJDQL]DFLyQMXGLFLDO /2- HQFRQVHFXHQFLDVRQORVMXHFHVORVIXQFLRQDULRV
TXHHMHUFHQHVDMXULVGLFFLyQHQWUHWDQWRTXHORVVHFUHWDULRVDFWXDULRV\RILFLDOHV
GHGLOLJHQFLDVQRWLHQHQIDFXOWDGHVMXULVGLFFLRQDOHVVLQRTXHHVWiQREOLJDGRVD
FXPSOLUODVyUGHQHVRLQVWUXFFLRQHVGHO-XH]HPHUJHQWHVGHVXVGHFLVLRQHVSRU
ORTXHQRWLHQHQOHJLWLPDFLyQSDVLYDSDUDVHUGHPDQGDGRVSRUFXDQWRQRVRQORV
TXH DVXPHQ GHWHUPLQDFLRQHV GH RUGHQ MXULVGLFFLRQDO GHQWUR GH ORV SURFHVRV
VDOYRTXHLQFXUULHUDQHQH[FHVRVFRQWUDULDQGRRDOWHUDQGRHVDVGHWHUPLQDFLRQHV
GHODDXWRULGDGMXGLFLDO

5D]RQDPLHQWR TXH HV DPSOLDGR HQ OD 6& 5 GH  GH VHSWLHPEUH
GHWHUPLQDQGR OD H[FHSFLyQ D HVWD UHJOD FXDQGR VRVWLHQH TXH
(O SHUVRQDO
VXEDOWHUQRSXHGHVHUGHPDQGDGRHQORVFDVRVHQORVTXHFRQWUDUtDQORGLVSXHVWR
SRU GLFKD DXWRULGDG R FRPHWLHUDQ H[FHVRV HQ VXV IXQFLRQHV TXH SXGLHUDQ
YXOQHUDUGHUHFKRVIXQGDPHQWDOHVRJDUDQWtDVFRQVWLWXFLRQDOHVVLQHPEDUJRVL
ODDXWRULGDGMXGLFLDOFRQRFHGRUDGHODFWRYXOQHUDWRULRGHGHUHFKRV\JDUDQWtDV
QRUHFRQGXFHHOSURFHGLPLHQWR\ORFRQYDOLGDGVHGHVOLQGDODUHVSRQVDELOLGDG
GHOIXQFLRQDULRVXEDOWHUQR





/HJLWLPDFLyQSDVLYDHQODDFFLyQGHOLEHUWDG3HUVRQDO
VXEDOWHUQRGHO0LQLVWHULR3~EOLFR
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLDSUHFHGHQFLDOUHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD ([WUDFWRRUHFRQVWUXFFLyQGHOSUHFHGHQWHFRQVWLWXFLRQDO

6&3   )DOWD GH OHJLWLPDFLyQ SDVLYD GHO SHUVRQDO GH DSR\R GHO
0LQLVWHULR 3~EOLFR HQ PpULWR D TXH QR HPLWHQ QLQJXQD GHWHUPLQDFLyQ R
UHVROXFLyQ GHQWUR GH ODV LQYHVWLJDFLRQHV VLQR TXH VX DFWLYLGDG VH OLPLWD D
SUHVWDUDSR\RDORV)LVFDOHVGH0DWHULD'HSDUWDPHQWDOHV\)LVFDOtD*HQHUDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHOLEHUWDGODDFFLRQDQWHGHQXQFLyTXHIXHURQYXOQHUDGRVORV
GHUHFKRVGHVXKLMRPHQRU\UHSUHVHQWDGRSRUFXDQWRIXQFLRQDULRVGHOD)(/&&
\ OD DX[LOLDU GHO 0LQLVWHULR 3~EOLFR GHPDQGDGD  DOODQDURQ VX GRPLFLOLR
EXVFDQGRDVXKLMRODQ]DQGRXQDVHULHGHLQMXULDV\FDOXPQLDVHQFRQWUDGHVX
IDPLOLD  (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HQ VX 6DOD /LTXLGDGRUD
7UDQVLWRULDDSUREyODUHVROXFLyQTXHGHQHJyODWXWHODVROLFLWDGD

W


dW^:d

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,/DDFFLRQDQWHUHILULyTXHHOGHMXQLRGHIXHURQYXOQHUDGRV
ORVGHUHFKRVGHVXUHSUHVHQWDGRWRGDYH]TXHHVHGtDSHUVRQHURVGHOD)(/&&
MXQWR D OD GHPDQGDGD *DUOLQD /L]DUD]X $X[LOLDU GHO 0LQLVWHULR 3~EOLFR SRU
RUGHQGHOD)LVFDO3DWULFLD=HQWHQR\VLQREVHUYDUORVPiVHOHPHQWDOHVGHUHFKRV
FRQVWLWXFLRQDOHVDOODQDURQVXGRPLFLOLREXVFDQGRDVXKLMR$$ODQ]DQGRXQD
VHULHGHLQMXULDV\FDOXPQLDVFRQWUDVXIDPLOLDFXDQGROD)LVFDOQRWLHQHWXLFLyQ
GHSRGHUGHWHQHU\RPDQGDUDGHWHQHUDQDGLH\PHQRVDLQJUHVDUDXQGRPLFLOLR
SDUWLFXODU

$OUHVSHFWRVHHVWDEOHFHTXHGHDFXHUGRDODMXULVSUXGHQFLD\QRUPDWLYDFLWDGD
HQ HO )XQGDPHQWR -XUtGLFR ,,, GHO SUHVHQWH IDOOR OD $X[LOLDU DQWHV
PHQFLRQDGD FDUHFH GH WLWXODULGDG SDVLYD SDUD VHU GHPDQGDGD HQ OD SUHVHQWH
DFFLyQ WXWHODU SXHV OD PLVPD QR WLHQH QLQJXQD DWULEXFLyQ R IDFXOWDG SDUD
UHVROYHU R GHFLGLU VLWXDFLyQ DOJXQD HQ ODV LQYHVWLJDFLRQHV TXH UHDOL]D HO
0LQLVWHULR 3~EOLFR \ PHQRV SXHGH RUGHQDU DUUHVWRV R DSUHKHQVLRQHV X RWUDV
yUGHQHV TXH VyOR SXHGHQ VHU GLVSXHVWDV SRU XQ )LVFDO GH 0DWHULD GHQWUR OD
LQYHVWLJDFLyQ GH GHOLWRV GH RUGHQ S~EOLFR SXHV OD IXQFLyQ TXH WLHQH GLFKD
DX[LOLDU FRPR VXEDOWHUQD HV OD GH EULQGDU VROR DSR\R D ODV IXQFLRQHV TXH
FXPSOHHOROD)LVFDOGH0DWHULD

6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJD OD DFFLyQ GH OLEHUWDG SRU FXDQWR OD DX[LOLDU GHO 0LQLVWHULR 3~EOLFR
GHPDQGDGDFDUHFHGHWLWXODULGDGSDVLYDSDUDVHUGHPDQGDGDSXHVODPLVPDQR
WLHQHQLQJXQDDWULEXFLyQRIDFXOWDGSDUDUHVROYHURGHFLGLUVLWXDFLyQDOJXQDHQ
ODV LQYHVWLJDFLRQHV TXH UHDOL]D HO 0LQLVWHULR 3~EOLFR \ PHQRV SXHGH RUGHQDU
DUUHVWRVRDSUHKHQVLRQHVXRWUDVyUGHQHVTXHVyORSXHGHQVHUGLVSXHVWDVSRUXQ
)LVFDOGH0DWHULDGHQWURODLQYHVWLJDFLyQGHGHOLWRVGHRUGHQS~EOLFR

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/D 6&3  VRVWXYR TXH HO SHUVRQDO GH DSR\R MXULVGLFFLRQDO FDUHFH GH
OHJLWLPDFLyQSDVLYDHQODVDFFLRQHVWXWHODUHVSRUFXDQWRQRWLHQHQIDFXOWDGHV
MXULVGLFFLRQDOHVVDOYRTXHLQFXUULHUDQHQH[FHVRVFRQWUDULDQGRRDOWHUDQGRODV
GHWHUPLQDFLRQHVGHODDXWRULGDGMXGLFLDO
(Q OD 6&3  VH DSOLFD GLFKR SUHFHGHQWH DO SHUVRQDO VXEDOWHUQR GHO
0LQLVWHULR3~EOLFRSRUHOORVHFRQFLEHDHVWDVHQWHQFLDFRPRPRGXODGRUDSRU
FXDQWRVHDPSOtDQORVDOFDQFHVGHORVSUHFHGHQWHVUHIHULGRVDOSHUVRQDOGHDSR\R
MXULVGLFFLRQDO

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,, ([LVWH XQD DPSOLD MXULVSUXGHQFLD GHVDUUROODGD FRQ UHODFLyQ D OD
OHJLWLPDFLyQ SDVLYD GH ORV IXQFLRQDULRV VXEDOWHUQRV GHO UJDQR-XGLFLDO TXH
HVWDEOHFHHQORVPLVPRVODIDOWDGHOHJLWLPDFLyQSDVLYDSDUDVHUGHPDQGDGRV
HQODVDFFLRQHVWXWHODUHVHQHVHVHQWLGRWHQHPRVDOD6&3GHGH
PD\RTXHVHxDOy
'HODSUHVHQWHDFFLyQWXWHODUVHDGYLHUWHTXHHODFFLRQDQWH

W


dW^:d


GLULJHVXDFFLyQFRQWUDOD6HFUHWDULDDERJDGDGHO-X]JDGR2FWDYRGH,QVWUXFFLyQ
HQ OR 3HQDO VREUH HVWH WHPD OD MXULVSUXGHQFLD DVHQWDGD SRU HO 7ULEXQDO
&RQVWLWXFLRQDO KD VLGR XQLIRUPH HQ VRVWHQHU TXH HO SHUVRQDOGH DSR\R
MXULVGLFFLRQDO FDUHFH GH OHJLWLPDFLyQ SDVLYD HQ ODV DFFLRQHV WXWHODUHV SRU
FXDQWR HVWRV IXQFLRQDULRV QR WLHQHQ IDFXOWDGHV MXULVGLFFLRQDOHV GHELGR
SUHFLVDPHQWHDVXFRQGLFLyQGHVXEDOWHUQRVHQHVWHVHQWLGROD6&5
GH  GH MXQLR SUHFLVy &RQ UHODFLyQ D OD UHVSRQVDELOLGDG GHO SHUVRQDO
VXEDOWHUQRGHORV-X]JDGRV\6DODVGHODV&RUWHV6XSHULRUHVGH'LVWULWR\&RUWH
6XSUHPD GH -XVWLFLD OD MXULVSUXGHQFLD FRQVWLWXFLRQDO HVWDEOHFLy TXH OD
DGPLQLVWUDFLyQGHMXVWLFLDHVWiHQFRPHQGDGDDORVyUJDQRVMXULVGLFFLRQDOHVGHO
(VWDGRGHDFXHUGRFRQHODUW,,9&3(\DUWGHOD/H\GH2UJDQL]DFLyQ
MXGLFLDO /2- HQFRQVHFXHQFLDVRQORVMXHFHVORVIXQFLRQDULRVTXHHMHUFHQHVD
MXULVGLFFLyQHQWUHWDQWRTXHORVVHFUHWDULRVDFWXDULRV\RILFLDOHVGHGLOLJHQFLDV
QR WLHQHQ IDFXOWDGHV MXULVGLFFLRQDOHV VLQR TXH HVWiQ REOLJDGRV D FXPSOLU ODV
yUGHQHVRLQVWUXFFLRQHVGHO-XH]HPHUJHQWHVGHVXVGHFLVLRQHVSRUORTXHQR
WLHQHQ OHJLWLPDFLyQ SDVLYD SDUD VHU GHPDQGDGRV SRU FXDQWR QR VRQ ORV TXH
DVXPHQGHWHUPLQDFLRQHVGHRUGHQMXULVGLFFLRQDOGHQWURGHORVSURFHVRVVDOYR
TXHLQFXUULHUDQHQH[FHVRVFRQWUDULDQGRRDOWHUDQGRHVDVGHWHUPLQDFLRQHVGHOD
DXWRULGDGMXGLFLDO5D]RQDPLHQWRTXHHVDPSOLDGRHQOD6&5GH
GHVHSWLHPEUHGHWHUPLQDQGRODH[FHSFLyQDHVWDUHJODFXDQGRVRVWLHQHTXH
(OSHUVRQDOVXEDOWHUQRSXHGHVHUGHPDQGDGRHQORVFDVRVHQORVTXHFRQWUDUtDQ
OR GLVSXHVWR SRU GLFKD DXWRULGDG R FRPHWLHUDQ H[FHVRV HQ VXV IXQFLRQHV TXH
SXGLHUDQ YXOQHUDU GHUHFKRV IXQGDPHQWDOHV R JDUDQWtDV FRQVWLWXFLRQDOHV VLQ
HPEDUJRVLODDXWRULGDGMXGLFLDOFRQRFHGRUDGHODFWRYXOQHUDWRULRGHGHUHFKRV
\ JDUDQWtDV QR UHFRQGXFH HO SURFHGLPLHQWR \ OR FRQYDOLGDG VH GHVOLQGD OD
UHVSRQVDELOLGDGGHOIXQFLRQDULRVXEDOWHUQR

$OUHVSHFWRVLELHQHVWDOtQHDMXULVSUXGHQFLDOVHKDOODUHIHULGDDODVLWXDFLyQGH
WLWXODULGDGSDVLYDGHOSHUVRQDOVXEDOWHUQRGHODV&RUWHV\-X]JDGRVGHOUJDQR
-XGLFLDOORVUD]RQDPLHQWRVFRQWHQLGRVHQODPLVPDVRQDSOLFDEOHVDOSHUVRQDO
GHDSR\RGHO0LQLVWHULR3~EOLFRHVGHFLUORV$VLVWHQWHV)LVFDOHVDX[LOLDUHV\
RWURV GH PHQRU MHUDUTXtD TXLHQHV QR HPLWHQ QLQJXQD GHWHUPLQDFLyQ R
UHVROXFLyQGHQWURGHODVLQYHVWLJDFLRQHVTXHUHDOL]DHO0LQLVWHULR3~EOLFRQL
PHQRVSXHGHQDVXPLUGHFLVLRQHVGHFDUiFWHUMXULVGLFFLRQDOKDOOiQGRVHOLPLWDGD
VX DFWLYLGDG D SUHVWDU DSR\R D ORV )LVFDOHV GH 0DWHULD 'HSDUWDPHQWDOHV \
)LVFDOtD*HQHUDO




/HJLWLPDFLyQSDVLYDHQODDFFLyQGHOLEHUWDG6HH[WLHQGH
DODDXWRULGDGTXHVHHQFXHQWUHHQHOHMHUFLFLRGHOFDUJR
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO
W


dW^:d


6&36HH[WLHQGHODOHJLWLPDFLyQSDVLYDDODDXWRULGDGTXH
VHHQFXHQWUHHQHOHMHUFLFLRGHOFDUJR\TXHHMHFXWyHODFWRFRQVLGHUDGR
LOHJDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH OLEHUWDG HO DFFLRQDQWH GHQXQFLD OD YXOQHUDFLyQ GHO
GHUHFKR D OD OLEHUWDG GH VX UHSUHVHQWDGR D FDXVD GH XQD GHWHQFLyQ
LQGHELGDSURPRYLGDSRUHO0LQLVWHULR3~EOLFRDOHMHFXWDUVXDSUHKHQVLyQ
HQ KRUD LQKiELO \ WDPELpQ SRU OD -XH]D FDXWHODU GH &RFKDEDPED DO
GLVSRQHUVXGHWHQFLyQSUHYHQWLYDGHVFRQRFLHQGRORSUHYLVWRSRUHODUW
 HQ UHODFLyQ DO DUW  DPERV GHO &yGLJR 3HQDO &3  \D TXH OD
SDUWLFLSDFLyQFULPLQDOTXHVHOHDWULEX\HHVVyORHQJUDGRGHFyPSOLFH
VLHQGRTXHORVUHIHULGRVDUWtFXORVHVWDEOHFHQHOPtQLPROHJDOHQODHVFDOD
GHUHFOXVLyQGHXQPHV\XQDxRWUDWiQGRVHGHSUHVLGLRORFXDOKDUtD
LPSURFHGHQWH OD GHWHQFLyQ SUHYHQWLYD (O 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDOHQUHYLVLyQFRQILUPyODUHVROXFLyQTXHGHQHJyODWXWHOD
SURQXQFLiQGRVH SUHYLDPHQWH VREUH OD OHJLWLPDFLyQ SDVLYD GH OD
DXWRULGDGMXGLFLDOGHPDQGDGD

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
UHVXOWDTXHHYLGHQWHPHQWHODDXWRULGDGDFFLRQDGDHVGLIHUHQWH
GH OD DXWRULGDG MXGLFLDO TXH RUGHQy \ HMHFXWy OD SUHVXQWD LQGHELGD
GHWHQFLyQ SUHYHQWLYD GHO UHSUHVHQWDGR GHO DFFLRQDQWH \D TXH ORV
VXSXHVWRVDFWRVOHVLYRVKDEUtDQVLGRFRPHWLGRVSRUOD-XH]D3ULPHUDGH
,QVWUXFFLyQ HQ OR 3HQDO GH &RFKDEDPED $O UHVSHFWR HV QHFHVDULR
DFODUDUTXHGLFKDDXWRULGDGSHUGLyFRPSHWHQFLDDOKDEHUVHDOODQDGRD
XQD H[FHSFLyQ GH LQFRPSHWHQFLD HQ UD]yQ GH WHUULWRULR SODQWHDGD SRU
RWURVFRLPSXWDGRVFRQIRUPHVHHYLGHQFLDGHOD5HVROXFLyQGHGH
QRYLHPEUHGH IVD \GHOGHFUHWRGHGHHQHURGH IV
  GRQGH VH GD FXHQWD GH KDEHUVH UHPLWLGR HO FXDGHUQR GH
LQYHVWLJDFLRQHVDO-X]JDGR3ULPHURGH,QVWUXFFLyQHQOR3HQDOGH/D3D]
DFDUJRGH&DUORV*XHUUHUR$UUD\DDKRUDGHPDQGDGRTXLHQDVXPLHQGR
ODFRPSHWHQFLDGHOFDVROLEUyPDQGDPLHQWRGHGHWHQFLyQSUHYHQWLYDHQ
FRQWUDGHOUHSUHVHQWDGRGHODFFLRQDQWHDSDUWLUGHORFXDODGTXLHUHOD
FDOLGDGGHOHJLWLPDGRSDVLYRHQODSUHVHQWHDFFLyQGHOLEHUWDG
3RU FRQVLJXLHQWH QR VHUtD FRUUHFWR VRVWHQHU TXH OD UHSDUDFLyQ GH ORV
DFWRVOHVLYRVGHQXQFLDGRVSRUHODFFLRQDQWHVHDQUHFODPDGRVDQWHXQD
DXWRULGDG MXGLFLDO TXH SHUGLy FRPSHWHQFLD SRU LQKLELWRULD PiV D~Q
FXDQGRH[LVWHXQDDXWRULGDGMXGLFLDOTXHHMHUFHSOHQDFRPSHWHQFLDDFWXDO
VREUH OD FDXVD \ FRQ VXILFLHQWH OHJLWLPDFLyQ SDVLYD SDUD FRQRFHU
VXVWDQFLDU \ UHVROYHU ORV UHFXUVRV RUGLQDULRV TXH FRUUHVSRQGDQ HQ
GHUHFKR(QHVWHVHQWLGRQRHVSRVLEOHVXVWHQWDUODIDOWDGHOHJLWLPDFLyQ
W


dW^:d


SDVLYDGHODDXWRULGDGDFFLRQDGDFRPRFDXVDSDUDQHXWUDOL]DUODSUHVHQWH
DFFLyQWXWHODU

6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJD OD DFFLyQ GH OLEHUWDG VLQ HPEDUJR VH SURQXQFLy VREUH OD
OHJLWLPDFLyQ SDVLYD GH OD DXWRULGDG GHPDQGDGD TXH DVXPLy HO
FRQRFLPLHQWRGHOFDVRSUHFLVDQGRTXHVLELHQQRRUGHQyODGHWHQFLyQ
SUHYHQWLYD HPSHUR DO DVXPLU HO FDUJR OLEUy HO PDQGDPLHQWR GH
GHWHQFLyQ

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/D OtQHD MXULVSUXGHQFLDO GH OD OHJLWLPDFLyQ SDVLYD HQ DFFLRQHV GH OLEHUWDG GHEH VHU
DQDOL]DGDGHODVLJXLHQWHPDQHUD


(O7ULEXQDO&RQVWLWXFLRQDOHQOD6&5UHVROYLyHOFDVRFRQFUHWRD
OD OX] GH OD OHJLWLPDFLyQ SDVLYD HPSHUR IXH OD 6& 5 OD TXH GHILQLy OD
OHJLWLPDFLyQSDVLYDVHxDODQGRTXHpVWDGHEHVHUHQWHQGLGDFRPRODFRLQFLGHQFLDTXHVH
GD HQWUH OD DXWRULGDG TXH SUHVXQWDPHQWH FDXVy OD YLRODFLyQ D ORV GHUHFKRV \ DTXHOOD
FRQWUD TXLHQ VH GLULJH OD DFFLyQ (VWH HQWHQGLPLHQWR IXH DVXPLGR SRU ODV 66&&6
5 5 \ 5 HQWUH RWUDV 3RVWHULRUPHQWH WDPELpQ ODV
66&&  5 \ 5 HQWUH RWUDV VLJXLHURQ HO HQWHQGLPLHQWR GH OD
5$GHPiVOD6&/DSOLFyHOFULWHULRGHODIDOWDGHOHJLWLPDFLyQ
SDVLYD SRU IDOWD GH SDUWLFLSDFLyQ GHO GHPDQGDGR HQ OD YXOQHUDFLyQ GH ORV GHUHFKRV
LQYRFDGRV $VLPLVPR ODV 66&& 5 5 5 \
 HVWDEOHFLHURQ TXH SDUD OD SURFHGHQFLD GH OD DFFLyQ GH OLEHUWDG HV
LPSUHVFLQGLEOHTXHODPLVPDHVWpGLULJLGDFRQWUDODDXWRULGDGTXHFRPHWLyHODFWRLOHJDO
RODRPLVLyQLQGHELGDOHVLYDGHOGHUHFKRDODOLEHUWDG\DTXHODLQREVHUYDQFLDGHHVWH
HQWHQGLPLHQWRHQDSOLFDFLyQGHOSUHVXSXHVWRSURFHVDOGHODOHJLWLPDFLyQSDVLYDLPSLGH
DOFRQWUROGHFRQVWLWXFLRQDOLGDGLQJUHVDUDODQiOLVLVGHIRQGRGHODSUREOHPiWLFD


/DOtQHDGHODOHJLWLPDFLyQSDVLYDDGHPiVJHQHUyVXEUHJODVTXHGHEHQVHU
REVHUYDGDVDVtOD6&5HVWDEOHFLyTXHODRHODJUDYLDGR
GHEHDFXVDUHO
DFWRLQGHELGRRLOHJDOFRQVWLWXLGR\DVHDHQXQDFWRSURFHVDORHQXQDUHVROXFLyQDQWHOD
LQVWDQFLD~OWLPDSXHVGHQRKDFHUORODWXWHODUHVXOWDUtDLQHILFD]SRUFXDQWRQRVHSXHGH
FRPSXOVDUODSUREOHPiWLFDVLQRKDVLGRUHFXUULGDODDXWRULGDGRSHUVRQDTXHWLHQHOD
IDFXOWDG GH UHYLVDU FRQVLJXLHQWHPHQWH PRGLILFDU FRQILUPDU R UHYRFDU HO DFWR R
UHVROXFLyQSXHVWRHQVXFRQRFLPLHQWR\DTXHHQOD~OWLPDLQVWDQFLDVLVHDFXVDHODFWR
LOHJDO X RPLVLyQ LQGHELGD VH UHVROYHUi GHILQLWLYDPHQWH GH PDQHUD TXH TXLHQ GHEHUi
UHVSRQGHUSRUODOHVLyQDOGHUHFKRIXQGDPHQWDO\UHSDUDUORHQIRUPDLQPHGLDWDVHUiOD
DXWRULGDGRWULEXQDOTXHWHQJDOHJDOPHQWHODDWULEXFLyQGHFRQRFHUHQ~OWLPDLQVWDQFLD
\SRUORPLVPRSDUDHOFDVRGHQRUHSDUDUODOHVLyQDOPRPHQWRGHUHVROYHUHOUHFXUVR
RUGLQDULRHVTXLHQWLHQHODOHJLWLPDFLyQSDVLYDSDUDVHUGHPDQGDGRUHVSRQGHU\FXPSOLU
ORTXHVHRUGHQHHQHVWDMXULVGLFFLyQ
HQWHQGLPLHQWRTXHIXHDVXPLGRHQWUHRWUDVSRU
ODV 66&&V 5 5 5 5 5 \
HQWUHRWUDV


(Q FXDQWR D WULEXQDOHV FROHJLDGRV OD 6& 5 HVWDEOHFLy TXH OD
REOLJDFLyQGHGHPDQGDUDWRGRVORVPLHPEURVGHXQWULEXQDOFROHJLDGRQRHVH[LJLEOHHQ
PDWHULDGHKiEHDVFRUSXVVLQR~QLFDPHQWHHQHOUHFXUVRGHDPSDURFRQVWLWXFLRQDOTXH
WLHQH XQD QDWXUDOH]D GLIHUHQWH $GHPiV OD 6& 5 VHxDOR TXH HQ HO RWURUD
UHFXUVRGHKiEHDVFRUSXVQRHUDQHFHVDULRUHFXUULUDWRGDVODDXWRULGDGHVTXHILUPDQOD

W


dW^:d
UHVROXFLyQTXHVHDFXVDFRPROHVLYDDORVGHUHFKRV\JDUDQWtDVSXHVHVVXILFLHQWHTXHVH
DFXVH HO DFWR \ VH OR GHPXHVWUH GH IRUPD IHKDFLHQWH SDUD REWHQHU OD WXWHOD HVWH
HQWHQGLPLHQWRDGHPiVHVDVXPLGRSRUOD6&5TXHMXVWLILFDHOUD]RQDPLHQWR
D SDUWLU GHO SULQFLSLR GH LQIRUPDOLVPR (VWD OtQHD GH SHQVDPLHQWR MXULVGLFFLRQDO IXH
DVXPLGDHQWUHRWUDVSRUODV66&&33V\/


(Q FXDQWR D DXWRULGDGHV FHVDQWHV OD 6& 5 TXH VHxDOy TXH HV
SRVLEOHHOSODQWHDPLHQWRGHODGHPDQGDFRQWUDODDXWRULGDGTXHHQHOPRPHQWRGHOD
SUHVHQWDFLyQGHODDFFLyQVHHQFXHQWUHHQHOHMHUFLFLRGHOFDUJR3RVWHULRUPHQWHOD6&
 HVWDEOHFLy TXH HQ WRGDV ODV DFFLRQHV GH GHIHQVD SDUD FXPSOLU FRQ HO
SUHVXSXHVWR GH OD OHJLWLPDFLyQ SDVLYD HV VXILFLHQWH LGHQWLILFDU HO FDUJR R OD IXQFLyQ
S~EOLFDHQFX\RHMHUFLFLRVHFRPHWLHURQORVVXSXHVWRVDFWRVLOHJDOHVVHQWHQFLDTXHHQ
FXDQWRDHVWHWySLFRFRQWLHQHHOHVWiQGDUPiVDOWR


(O7ULEXQDO&RQVWLWXFLRQDOHVWDEOHFLyWDPELpQVXEUHJODVGHIOH[LELOL]DFLyQD
ODOHJLWLPDFLyQSDVLYDDVtDWUDYpVGHOD6&5GHWHUPLQyTXHVLHQGRFLHUWD
ODGHWHQFLyQLOHJDODFXVDGDDSHVDUGHODIDOWDGHOHJLWLPDFLyQSDVLYDGHODDXWRULGDG
UHFXUULGDVHGHFODUDEDSURFHGHQWHHOKiEHDVFRUSXVVLQUHVSRQVDELOLGDG$VXYH]OD6&
5SUHFLVyTXHHQHOUHFXUVRGHKiEHDVFRUSXVH[FHSFLRQDOPHQWHHVSRVLEOH
LQJUHVDUDODQiOLVLVGHIRQGR\FRQFHGHUODWXWHODFXDQGRSRUHUURUVHGLULJLyHOUHFXUVR
FRQWUDXQDDXWRULGDGGLVWLQWDSHURGHODPLVPDLQVWLWXFLyQUDQJRRMHUDUTXtDHLGpQWLFDV
DWULEXFLRQHV D OD TXH FRPHWLy HO DFWR X RPLVLyQ LOHJDO \ VyOR FXDQGR GLFKR DFWR X
RPLVLyQ VHD PDQLILHVWDPHQWH FRQWUDULR D OD /H\ \ H[LVWDQ HOHPHQWRV GH FRQYLFFLyQ
IHKDFLHQWHVTXHORGHPXHVWUHQHQWHQGLPLHQWRTXHVHUHLWHUyHQODV66&&5
\ 5 HQWUH RWUDV \ DXQTXH HVWH HQWHQGLPLHQWR IXH PRGXODGR GH PDQHUD
UHVWULFWLYDSRUOD6&5HQODTXHVHVHxDOyTXH
HQORVFDVRVHQTXHODDFFLyQ
GHOLEHUWDGHVHPHUJHQWHGHXQSURFHVRMXGLFLDORUGLQDULRFRPRVXFHGHHQHVWHFDVROD
H[LJHQFLDGHODOHJLWLPDFLyQSDVLYDGHEHVHUQHFHVDULDPHQWHFXPSOLGDSRUHODFFLRQDQWH

HPSHUROD6&3UHFRQGXMRHOHQWHQGLPLHQWRDOD6&5SRUWDQWR
GHEH HVWDEOHFHUVH TXH HQ FDVRV HQ ORV FXDOHV OD DFFLyQ GH OLEHUWDG VH GLULJH SRU HUURU
FRQWUD XQD DXWRULGDG MXGLFLDO GLIHUHQWH D OD TXH FDXVy OD OHVLyQ SHUR GH OD PLVPD
LQVWLWXFLyQ UDQJR MHUDUTXtD H LGpQWLFDV DWULEXFLRQHV HQ YLUWXG GHO SULQFLSLR GH
LQIRUPDOLVPRVHDSOLFDODH[FHSFLyQDODOHJLWLPDFLyQSDVLYD$GHPiVHQFXDQWRDODV
IOH[LELOL]DFLRQHV D OD OHJLWLPDFLyQ SDVLYD HV LPSRUWDQWH VHxDODU TXH OD 6&
IOH[LELOL]y HVWH SUHVXSXHVWR HQ FDVRV HQ ORV FXDOHV HO UHFXUUHQWH HVWp HQ
VLWXDFLyQ GHVYHQWDMRVD 7DPELpQ OD IOH[LELOL]DFLyQ D OD OHJLWLPDFLyQ SDVLYD SDUD
VXSXHVWRVHQORVFXDOHVVHDLPSRVLEOHLGHQWLILFDUDORVGHPDQGDGRVUHDOL]DGDHQOD6&3
DXQTXHKD\DVLGRGHVDUUROODGDHQXQDDFFLyQGHDPSDURFRQVWLWXFLRQDOHV
WDPELpQDSOLFDEOHDODDFFLyQGHOLEHUWDG


(V LPSRUWDQWH DQDOL]DU VXSXHVWRV HVSHFtILFRV YLQFXODGRV FRQ OHJLWLPDFLyQ
SDVLYDHQWUHHVRVSRUHMHPSORGHEHFRQVLGHUDUVHOD6&5ODFXDOHVWDEOHFLy
TXHODOHJLWLPDFLyQSDVLYDHQDFFLRQHVGHOLEHUWDGSODQWHDGDVFRQWUDFHQWURVKRVSLWDODULRV
SRUUHWHQFLRQHVLQGHELGDVGHSDFLHQWHVODRVWHQWDHO'LUHFWRUGHGLFKDVHQWLGDGHVHQVX
FRQGLFLyQGHPi[LPDDXWRULGDGDXQFXDQGRHOPLVPRQRKXELHVHRUGHQDGRGHPDQHUD
GLUHFWDODUHVWULFFLyQGHOLEHUWDGHQWHQGLPLHQWRTXHIXHDVXPLGRSRUOD6&3


$VXYH]HQFXDQWRDODOHJLWLPDFLyQSDVLYDGHIXQFLRQDULRVVXEDOWHUQRVGHO
yUJDQRMXGLFLDOOD6&55\HQWUHRWUDV
HVWDEOHFLHURQ TXH HVWDV R HVWRV VHUYLGRUHV QR WLHQHQ IDFXOWDGHV MXULVGLFFLRQDOHV \ VXV
IXQFLRQHV VH OLPLWDQ D FXPSOLU ODV yUGHQHV R LQVWUXFFLRQHV GH ODV DXWRULGDGHV
MXULVGLFFLRQDOHVSRUORTXHFDUHFHQGHOHJLWLPDFLyQSDVLYDHQDFFLRQHVGHOLEHUWDGVDOYR
TXH LQFXUULHUDQ HQ H[FHVRV TXH LPSOLTXHQ FRQWUDGLFFLyQ R DOWHUDFLyQ GH ODV
GHWHUPLQDFLRQHVGHDXWRULGDGHVMXULVGLFFLRQDOHV


3RUVXSDUWHOD6&3VHxDOy
QRVHUtDFRUUHFWRVRVWHQHUTXHOD

W


dW^:d


UHSDUDFLyQGHORVDFWRVOHVLYRVGHQXQFLDGRVSRUHODFFLRQDQWHVHDQUHFODPDGRVDQWHXQD
DXWRULGDGMXGLFLDOTXHSHUGLyFRPSHWHQFLDSRULQKLELWRULDPiVD~QFXDQGRH[LVWHXQD
DXWRULGDGMXGLFLDOTXHHMHUFHSOHQDFRPSHWHQFLDDFWXDOVREUHODFDXVD\FRQVXILFLHQWH
OHJLWLPDFLyQ SDVLYD SDUD FRQRFHU VXVWDQFLDU \ UHVROYHU ORV UHFXUVRV RUGLQDULRV TXH
FRUUHVSRQGDQHQGHUHFKR(QHVWHVHQWLGRQRHVSRVLEOHVXVWHQWDUODIDOWDGHOHJLWLPDFLyQ
SDVLYDGHODDXWRULGDGDFFLRQDGDFRPRFDXVDSDUDQHXWUDOL]DUODSUHVHQWHDFFLyQWXWHODU


(QHOPDUFRGHORVHxDODGROD6&3GHEHVHUFRQWH[WXDOL]DGDGHDFXHUGRDORV
OLQHDPLHQWRVSODVPDGRVHQODVVHQWHQFLDVDQWHVDQRWDGDV\VHFRQILJXUDFRPRODSULPHUD
VHQWHQFLDFRQILUPDGRUDGHODOHJLWLPDFLyQSDVLYD
3RVWHULRUPHQWHOD6&HVWDEOHFLyTXHWDQWRSDUDODIDVHGHODDGPLVLELOLGDG
HQODVDFFLRQHVGHDPSDURFRQVWLWXFLRQDOFRPRSDUDODIDVHGHOLEHUDWLYD\GHGHFLVLyQ
GRQGHVHDQDOL]DODOHJLWLPDFLyQSDVLYDHQWRGDVODVDFFLRQHVGHGHIHQVDHVVXILFLHQWH
LGHQWLILFDUHOFDUJRRODIXQFLyQS~EOLFDHQFX\RHMHUFLFLRVHFRPHWLHURQORVVXSXHVWRV
DFWRVLOHJDOHVHQORVFDVRVGHFHVDQWtDGHVHUYLGRUHVS~EOLFRV

/D6&GHEHVHUHQWHQGLGDHQHOPDUFRGHORHVWDEOHFLGRHQOD6&
5TXHVHxDOyTXHHVSRVLEOHHOSODQWHDPLHQWRGHODGHPDQGDFRQWUDODDXWRULGDGTXHHQ
HOPRPHQWRGHODSUHVHQWDFLyQGHODDFFLyQVHHQFXHQWUHHQHOHMHUFLFLRGHOFDUJRFRQ
PD\RUUD]yQVLODDXWRULGDGTXHDVXPLyHOFDUJRHMHFXWyRPDQWXYRHODFWRRUHVROXFLyQ
FRQVLGHUDGRLOHJDO


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

/D 6&3 5 HQ VX )M ,,, GLVSRQH ,,, /D OHJLWLPDFLyQ
SDVLYDHVODFDOLGDGTXHVHDGTXLHUHSRUODFRLQFLGHQFLDTXHVHGDHQWUH
ODDXWRULGDGTXHFDXVyODYLRODFLyQDORVGHUHFKRV\DTXpOODFRQWUDTXLHQ
VHGLULJHODDFFLyQHPSHURGHEHHQWHQGHUVHTXHODGHPDQGDGHEHHVWDU
GLULJLGDFRQWUDOD
DXWRULGDG
TXHRVWHQWHHOFDUJRGHVGHHOFXDOVHUHDOL]y
HODFWRLOHJDORVHLQFXUULyHQODRPLVLyQLQGHELGDVLQTXHHOORLPSOLTXH
TXHHQFDVRGHH[LVWLUUHVSRQVDELOLGDGHVSHUVRQDOtVLPDVFRPRODSHQDO
HO IXQFLRQDULR TXH KD\D DFFHGLGR DO FDUJR  FRQ SRVWHULRULGDG DO DFWR
OHVLYRGHGHUHFKRVWHQJDTXHDVXPLUODVFRQVHFXHQFLDV~QLFDPHQWHSRU
HQFRQWUDUVHHQIXQFLRQHVDOPRPHQWRGHLQLFLDUVHODGHPDQGD\SRUTXH
pVWDKD\DVLGRGLULJLGDHQVXFRQWUD

,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

'HDFXHUGRDODKLVWRULDGHODOtQHDMXULVSUXGHQFLDOGHVFULWDVHHVWDEOHFH
ORVLJXLHQWH (QFXDQWRDWULEXQDOHVFROHJLDGRVHOHVWiQGDUPiVDOWR
VH HQFXHQWUD FRQWHQLGR HQ OD 6& 5   (Q FXDQWR D
DXWRULGDGHVFHVDQWHVRVHUYLGRUHVS~EOLFRVGHPDQGDGRVHOHVWiQGDUPiV
DOWR HVWi FRQWHPSODGR HQ OD 6&3    (Q FXDQWR D OD
IOH[LELOL]DFLyQ GH OD DFFLyQ GH OLEHUWDG HQ ODV 66&&V 5
5  \  \   (Q UHODFLyQ D FHQWURV
KRVSLWDODULRVHOHVWiQGDUPiVDOWRHVWiSODVPDGRHQOD6&5



W


dW^:d

 ([FHSFLRQHV D OD IDOWD GH OHJLWLPDFLyQ SDVLYD HQ OD


DFFLyQGHOLEHUWDG$XWRULGDGHVGHODPLVPDLQVWLWXFLyQLJXDOMHUDUTXtDH
LGpQWLFDVDWULEXFLRQHV
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
5HFRQGXFWRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   &XDQGR OD DFFLyQ GH OLEHUWDG VH GLULJH SRU HUURU
FRQWUDXQDDXWRULGDGMXGLFLDOGLIHUHQWHDODTXHFDXVyODOHVLyQSHUR
GHODPLVPDLQVWLWXFLyQUDQJRMHUDUTXtDHLGpQWLFDVDWULEXFLRQHVHQ
YLUWXG GHO SULQFLSLR GH LQIRUPDOLVPR VH DSOLFD OD H[FHSFLyQ D OD
OHJLWLPDFLyQSDVLYD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHOLEHUWDGHODFFLRQDQWHDOHJyTXHODDXWRULGDGMXGLFLDO
ODILVFDO\HOIXQFLRQDULRSROLFLDOGHPDQGDGRVYXOQHUDURQVXVGHUHFKRVD
OD OLEHUWDG ORFRPRFLyQ GLJQLGDG \ D OD JDUDQWtD GHO GHELGR SURFHVR
GHELGRDTXHIXHDGHFODUDUDQWHOD)LVFDOGH0DWHULD\XQDYH]FRQFOXLGD
ODPLVPDGLFKDDXWRULGDGGLVSXVRVXDSUHKHQVLyQSRVWHULRUPHQWHHO
GHOPLVPRPHV\DxRHQODPDxDQDIXHSXHVWRDGLVSRVLFLyQGHO-XH]
&DXWHODU FRQ OD LPSXWDFLyQ IRUPDO UHVSHFWLYD VLQ HPEDUJR DO HVWDU
GHOLFDGR GH VDOXG \ KRVSLWDOL]DGR VH VXVSHQGLy OD DXGLHQFLD
HQFRQWUiQGRVHSRUPiVGHKRUDVGHWHQLGRLOHJDOPHQWHDxDGLHQGRTXH
VH OH TXLHUH LQFULPLQDU GH XQ GHOLWR TXH QR FRPHWLy SLGLHQGR HQ
FRQVHFXHQFLD VH GLVSRQJD VX LQPHGLDWD OLEHUWDG (O 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOUHYRFyODUHVROXFLyQUHYLVDGD\GHQHJyFRQ
UHODFLyQDWRGRVORVGHPDQGDGRVHPSHURFRQVLGHUDQGRORGLVSXHVWRSRU
HO -XH] GH JDUDQWtDV UHVSHFWR D OD UHDOL]DFLyQ GH OD DXGLHQFLD FDXWHODU
GHQWUR GH ODV  KRUDV \ EDMR XQD LQWHUSUHWDFLyQ SUHYLVRUD VH
GLPHQVLRQDQ ORV HIHFWRV GH OD UHVROXFLyQ GHO -XH] GH JDUDQWtDV
GHMiQGRORVVXEVLVWHQWHV

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
HQHOSUHVHQWHFDVRTXHHODFFLRQDQWHLQWHUSXVRODDFFLyQGH
OLEHUWDGFRQWUDHO-XH]GH,QVWUXFFLyQ0L[WR&DXWHODUGH6DQ,JQDFLRGH
9HODVFR DXWRULGDG TXLHQ VHJ~Q HO LQIRUPH GH OD )LVFDO GH 0DWHULD
UHQXQFLyHOPHVGHGLFLHPEUHGHVLQHPEDUJRGHHOORVHJ~QORV
W


dW^:d


GDWRVGHOSURFHVRHOTXHHIHFWLYDPHQWHWHQtDHOFRQWUROMXULVGLFFLRQDOGH
ODLQYHVWLJDFLyQHUDOD-XH]DGH,QVWUXFFLyQGH&RWRFDUD]yQSRUODFXDO
\FRQVLGHUDQGRODQDWXUDOH]DGHODSUREOHPiWLFDSODQWHDGD\ODLJXDOGDG
GH MHUDUTXtD GH DPEDV DXWRULGDGHV HVWH 7ULEXQDO DSOLFDQGR OD
H[FHSFLRQDOLGDG DO DOFDQFH GH OD OHJLWLPDFLyQ SDVLYD LQJUHVDUi DO
DQiOLVLVGHODDFFLyQVXVFLWDGDHQVXFDVRVLQUHVSRQVDELOLGDG


6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJD OD DFFLyQ GH OLEHUWDG OXHJR GH DSOLFDU OD H[FHSFLyQ D OD
OHJLWLPDFLyQSDVLYDSRUFXDQWRHODFFLRQDQWHQRLQWHUSXVRODDFFLyQGH
OLEHUWDGFRQWUDHOMXH]FDXWHODUTXHSURQXQFLyODUHVROXFLyQFXHVWLRQDGD
SRUKDEHUUHQXQFLDGRDOFDUJR

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/D OtQHD MXULVSUXGHQFLDO GH OD OHJLWLPDFLyQ SDVLYD HQ DFFLRQHV GH OLEHUWDG GHEH VHU
DQDOL]DGDGHODVLJXLHQWHPDQHUD


(O7ULEXQDO&RQVWLWXFLRQDOHQOD6&5UHVROYLyHOFDVRFRQFUHWRD
OD OX] GH OD OHJLWLPDFLyQ SDVLYD HPSHUR IXH OD 6& 5 OD TXH GHILQLy OD
OHJLWLPDFLyQSDVLYDVHxDODQGRTXHpVWDGHEHVHUHQWHQGLGDFRPRODFRLQFLGHQFLDTXHVH
GD HQWUH OD DXWRULGDG TXH SUHVXQWDPHQWH FDXVy OD YLRODFLyQ D ORV GHUHFKRV \ DTXHOOD
FRQWUD TXLHQ VH GLULJH OD DFFLyQ (VWH HQWHQGLPLHQWR IXH DVXPLGR SRU ODV 66&&6
5 5 \ 5 HQWUH RWUDV 3RVWHULRUPHQWH WDPELpQ ODV
66&&  5 \ 5 HQWUH RWUDV VLJXLHURQ HO HQWHQGLPLHQWR GH OD
5$GHPiVOD6&/DSOLFyHOFULWHULRGHODIDOWDGHOHJLWLPDFLyQ
SDVLYD SRU IDOWD GH SDUWLFLSDFLyQ GHO GHPDQGDGR HQ OD YXOQHUDFLyQ GH ORV GHUHFKRV
LQYRFDGRV $VLPLVPR ODV 66&& 5 5 5 \
 HVWDEOHFLHURQ TXH SDUD OD SURFHGHQFLD GH OD DFFLyQ GH OLEHUWDG HV
LPSUHVFLQGLEOHTXHODPLVPDHVWpGLULJLGDFRQWUDODDXWRULGDGTXHFRPHWLyHODFWRLOHJDO
RODRPLVLyQLQGHELGDOHVLYDGHOGHUHFKRDODOLEHUWDG\DTXHODLQREVHUYDQFLDGHHVWH
HQWHQGLPLHQWRHQDSOLFDFLyQGHOSUHVXSXHVWRSURFHVDOGHODOHJLWLPDFLyQSDVLYDLPSLGH
DOFRQWUROGHFRQVWLWXFLRQDOLGDGLQJUHVDUDODQiOLVLVGHIRQGRGHODSUREOHPiWLFD


/DOtQHDGHODOHJLWLPDFLyQSDVLYDDGHPiVJHQHUyVXEUHJODVTXHGHEHQVHU
REVHUYDGDVDVtOD6&5HVWDEOHFLyTXHODRHODJUDYLDGR
GHEHDFXVDUHO
DFWRLQGHELGRRLOHJDOFRQVWLWXLGR\DVHDHQXQDFWRSURFHVDORHQXQDUHVROXFLyQDQWHOD
LQVWDQFLD~OWLPDSXHVGHQRKDFHUORODWXWHODUHVXOWDUtDLQHILFD]SRUFXDQWRQRVHSXHGH
FRPSXOVDUODSUREOHPiWLFDVLQRKDVLGRUHFXUULGDODDXWRULGDGRSHUVRQDTXHWLHQHOD
IDFXOWDG GH UHYLVDU FRQVLJXLHQWHPHQWH PRGLILFDU FRQILUPDU R UHYRFDU HO DFWR R
UHVROXFLyQSXHVWRHQVXFRQRFLPLHQWR\DTXHHQOD~OWLPDLQVWDQFLDVLVHDFXVDHODFWR
LOHJDO X RPLVLyQ LQGHELGD VH UHVROYHUi GHILQLWLYDPHQWH GH PDQHUD TXH TXLHQ GHEHUi
UHVSRQGHUSRUODOHVLyQDOGHUHFKRIXQGDPHQWDO\UHSDUDUORHQIRUPDLQPHGLDWDVHUiOD
DXWRULGDGRWULEXQDOTXHWHQJDOHJDOPHQWHODDWULEXFLyQGHFRQRFHUHQ~OWLPDLQVWDQFLD
\SRUORPLVPRSDUDHOFDVRGHQRUHSDUDUODOHVLyQDOPRPHQWRGHUHVROYHUHOUHFXUVR
RUGLQDULRHVTXLHQWLHQHODOHJLWLPDFLyQSDVLYDSDUDVHUGHPDQGDGRUHVSRQGHU\FXPSOLU
ORTXHVHRUGHQHHQHVWDMXULVGLFFLyQ
HQWHQGLPLHQWRTXHIXHDVXPLGRHQWUHRWUDVSRU
ODV 66&&V 5 5 5 5 5 \
HQWUHRWUDV


(Q FXDQWR D WULEXQDOHV FROHJLDGRV OD 6& 5 HVWDEOHFLy TXH OD

W


dW^:d
REOLJDFLyQGHGHPDQGDUDWRGRVORVPLHPEURVGHXQWULEXQDOFROHJLDGRQRHVH[LJLEOHHQ
PDWHULDGHKiEHDVFRUSXVVLQR~QLFDPHQWHHQHOUHFXUVRGHDPSDURFRQVWLWXFLRQDOTXH
WLHQH XQD QDWXUDOH]D GLIHUHQWH $GHPiV OD 6& 5 VHxDOR TXH HQ HO RWURUD
UHFXUVRGHKiEHDVFRUSXVQRHUDQHFHVDULRUHFXUULUDWRGDVODDXWRULGDGHVTXHILUPDQOD
UHVROXFLyQTXHVHDFXVDFRPROHVLYDDORVGHUHFKRV\JDUDQWtDVSXHVHVVXILFLHQWHTXHVH
DFXVH HO DFWR \ VH OR GHPXHVWUH GH IRUPD IHKDFLHQWH SDUD REWHQHU OD WXWHOD HVWH
HQWHQGLPLHQWRDGHPiVHVDVXPLGRSRUOD6&5TXHMXVWLILFDHOUD]RQDPLHQWR
D SDUWLU GHO SULQFLSLR GH LQIRUPDOLVPR (VWD OtQHD GH SHQVDPLHQWR MXULVGLFFLRQDO IXH
DVXPLGDHQWUHRWUDVSRUODV66&&33V\/


(Q FXDQWR D DXWRULGDGHV FHVDQWHV OD 6& 5 TXH VHxDOy TXH HV
SRVLEOHHOSODQWHDPLHQWRGHODGHPDQGDFRQWUDODDXWRULGDGTXHHQHOPRPHQWRGHOD
SUHVHQWDFLyQGHODDFFLyQVHHQFXHQWUHHQHOHMHUFLFLRGHOFDUJR3RVWHULRUPHQWHOD6&
 HVWDEOHFLy TXH HQ WRGDV ODV DFFLRQHV GH GHIHQVD SDUD FXPSOLU FRQ HO
SUHVXSXHVWR GH OD OHJLWLPDFLyQ SDVLYD HV VXILFLHQWH LGHQWLILFDU HO FDUJR R OD IXQFLyQ
S~EOLFDHQFX\RHMHUFLFLRVHFRPHWLHURQORVVXSXHVWRVDFWRVLOHJDOHVVHQWHQFLDTXHHQ
FXDQWRDHVWHWySLFRFRQWLHQHHOHVWiQGDUPiVDOWR


(O7ULEXQDO&RQVWLWXFLRQDOHVWDEOHFLyWDPELpQVXEUHJODVGHIOH[LELOL]DFLyQD
ODOHJLWLPDFLyQSDVLYDDVtDWUDYpVGHOD6&5GHWHUPLQyTXHVLHQGRFLHUWD
ODGHWHQFLyQLOHJDODFXVDGDDSHVDUGHODIDOWDGHOHJLWLPDFLyQSDVLYDGHODDXWRULGDG
UHFXUULGDVHGHFODUDEDSURFHGHQWHHOKiEHDVFRUSXVVLQUHVSRQVDELOLGDG$VXYH]OD6&
5SUHFLVyTXHHQHOUHFXUVRGHKiEHDVFRUSXVH[FHSFLRQDOPHQWHHVSRVLEOH
LQJUHVDUDODQiOLVLVGHIRQGR\FRQFHGHUODWXWHODFXDQGRSRUHUURUVHGLULJLyHOUHFXUVR
FRQWUDXQDDXWRULGDGGLVWLQWDSHURGHODPLVPDLQVWLWXFLyQUDQJRRMHUDUTXtDHLGpQWLFDV
DWULEXFLRQHV D OD TXH FRPHWLy HO DFWR X RPLVLyQ LOHJDO \ VyOR FXDQGR GLFKR DFWR X
RPLVLyQ VHD PDQLILHVWDPHQWH FRQWUDULR D OD /H\ \ H[LVWDQ HOHPHQWRV GH FRQYLFFLyQ
IHKDFLHQWHVTXHORGHPXHVWUHQHQWHQGLPLHQWRTXHVHUHLWHUyHQODV66&&5
\ 5 HQWUH RWUDV \ DXQTXH HVWH HQWHQGLPLHQWR IXH PRGXODGR GH PDQHUD
UHVWULFWLYDSRUOD6&5HQODTXHVHVHxDOyTXH
HQORVFDVRVHQTXHODDFFLyQ
GHOLEHUWDGHVHPHUJHQWHGHXQSURFHVRMXGLFLDORUGLQDULRFRPRVXFHGHHQHVWHFDVROD
H[LJHQFLDGHODOHJLWLPDFLyQSDVLYDGHEHVHUQHFHVDULDPHQWHFXPSOLGDSRUHODFFLRQDQWH

HPSHUROD6&3UHFRQGXMRHOHQWHQGLPLHQWRDOD6&5SRUWDQWR
GHEH HVWDEOHFHUVH TXH HQ FDVRV HQ ORV FXDOHV OD DFFLyQ GH OLEHUWDG VH GLULJH SRU HUURU
FRQWUD XQD DXWRULGDG MXGLFLDO GLIHUHQWH D OD TXH FDXVy OD OHVLyQ SHUR GH OD PLVPD
LQVWLWXFLyQ UDQJR MHUDUTXtD H LGpQWLFDV DWULEXFLRQHV HQ YLUWXG GHO SULQFLSLR GH
LQIRUPDOLVPRVHDSOLFDODH[FHSFLyQDODOHJLWLPDFLyQSDVLYD$GHPiVHQFXDQWRDODV
IOH[LELOL]DFLRQHV D OD OHJLWLPDFLyQ SDVLYD HV LPSRUWDQWH VHxDODU TXH OD 6&
IOH[LELOL]y HVWH SUHVXSXHVWR HQ FDVRV HQ ORV FXDOHV HO UHFXUUHQWH HVWp HQ
VLWXDFLyQ GHVYHQWDMRVD 7DPELpQ OD IOH[LELOL]DFLyQ D OD OHJLWLPDFLyQ SDVLYD SDUD
VXSXHVWRVHQORVFXDOHVVHDLPSRVLEOHLGHQWLILFDUDORVGHPDQGDGRVUHDOL]DGDHQOD6&3
DXQTXHKD\DVLGRGHVDUUROODGDHQXQDDFFLyQGHDPSDURFRQVWLWXFLRQDOHV
WDPELpQDSOLFDEOHDODDFFLyQGHOLEHUWDG


(V LPSRUWDQWH DQDOL]DU VXSXHVWRV HVSHFtILFRV YLQFXODGRV FRQ OHJLWLPDFLyQ
SDVLYDHQWUHHVRVSRUHMHPSORGHEHFRQVLGHUDUVHOD6&5ODFXDOHVWDEOHFLy
TXHODOHJLWLPDFLyQSDVLYDHQDFFLRQHVGHOLEHUWDGSODQWHDGDVFRQWUDFHQWURVKRVSLWDODULRV
SRUUHWHQFLRQHVLQGHELGDVGHSDFLHQWHVODRVWHQWDHO'LUHFWRUGHGLFKDVHQWLGDGHVHQVX
FRQGLFLyQGHPi[LPDDXWRULGDGDXQFXDQGRHOPLVPRQRKXELHVHRUGHQDGRGHPDQHUD
GLUHFWDODUHVWULFFLyQGHOLEHUWDGHQWHQGLPLHQWRTXHIXHDVXPLGRSRUOD6&3


$VXYH]HQFXDQWRDODOHJLWLPDFLyQSDVLYDGHIXQFLRQDULRVVXEDOWHUQRVGHO
yUJDQRMXGLFLDOOD6&55\HQWUHRWUDV
HVWDEOHFLHURQ TXH HVWDV R HVWRV VHUYLGRUHV QR WLHQHQ IDFXOWDGHV MXULVGLFFLRQDOHV \ VXV
IXQFLRQHV VH OLPLWDQ D FXPSOLU ODV yUGHQHV R LQVWUXFFLRQHV GH ODV DXWRULGDGHV
MXULVGLFFLRQDOHVSRUORTXHFDUHFHQGHOHJLWLPDFLyQSDVLYDHQDFFLRQHVGHOLEHUWDGVDOYR

W


dW^:d


TXH LQFXUULHUDQ HQ H[FHVRV TXH LPSOLTXHQ FRQWUDGLFFLyQ R DOWHUDFLyQ GH ODV
GHWHUPLQDFLRQHVGHDXWRULGDGHVMXULVGLFFLRQDOHV


3RUVXSDUWHOD6&3VHxDOy
QRVHUtDFRUUHFWRVRVWHQHUTXHOD
UHSDUDFLyQGHORVDFWRVOHVLYRVGHQXQFLDGRVSRUHODFFLRQDQWHVHDQUHFODPDGRVDQWHXQD
DXWRULGDGMXGLFLDOTXHSHUGLyFRPSHWHQFLDSRULQKLELWRULDPiVD~QFXDQGRH[LVWHXQD
DXWRULGDGMXGLFLDOTXHHMHUFHSOHQDFRPSHWHQFLDDFWXDOVREUHODFDXVD\FRQVXILFLHQWH
OHJLWLPDFLyQ SDVLYD SDUD FRQRFHU VXVWDQFLDU \ UHVROYHU ORV UHFXUVRV RUGLQDULRV TXH
FRUUHVSRQGDQHQGHUHFKR(QHVWHVHQWLGRQRHVSRVLEOHVXVWHQWDUODIDOWDGHOHJLWLPDFLyQ
SDVLYDGHODDXWRULGDGDFFLRQDGDFRPRFDXVDSDUDQHXWUDOL]DUODSUHVHQWHDFFLyQWXWHODU


(QHOPDUFRGHORVHxDODGROD6&3GHEHVHUFRQWH[WXDOL]DGDGHDFXHUGRDORV
OLQHDPLHQWRVSODVPDGRVHQODVVHQWHQFLDVDQWHVDQRWDGDV\VHFRQILJXUDFRPRODSULPHUD
VHQWHQFLDFRQILUPDGRUDGHODOHJLWLPDFLyQSDVLYD


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

/D6&5HQVX)-,,,HVWDEOHFLyODDSOLFDFLyQGHHVWD
VXEUHJODGHGHUHFKRQRSXHGHWHQHUDOFDQFHVLOLPLWDGRVSXHVWRTXHOD
PLVPDKDVLGRFUHDGD~QLFD\H[FOXVLYDPHQWHSDUDUHVROYHUGHPDQHUD
H[FHSFLRQDO DTXHOORV VXSXHVWRV HQ ORV TXH HO UHFXUVR SRU HUURU HQ OD
LGHQWLGDG HV GLULJLGR FRQWUD XQD DXWRULGDG GLVWLQWD SHUR GH OD PLVPD
LQVWLWXFLyQUDQJRRMHUDUTXtDHLGpQWLFDVDWULEXFLRQHVDODTXHFRPHWLy
HIHFWLYDPHQWH HO DFWR LOHJDO \ VyOR FXDQGR pVWH HV PDQLILHVWDPHQWH
FRQWUDULRDODOH\\H[LVWHQORVHOHPHQWRVGHFRQYLFFLyQSHUWLQHQWHVTXH
OR DFUHGLWHQ QR VLHQGR DSOLFDEOH D RWUDV VLWXDFLRQHV HQ ODV TXH QR VH
DSUHFLHWDOHUURU\H[LVWHODQHFHVLGDGGHFRQWDUFRQPD\RUHVHOHPHQWRV
GHFRQYLFFLyQSDUDDFUHGLWDUODH[LVWHQFLDGHODFWRLOHJDO

,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

/D6&5FRQWLHQHHOHVWiQGDUPiVDOWRVREUHIOH[LELOL]DFLyQ
GHODOHJLWLPDFLyQSDVLYDHQDFFLyQGHOLEHUWDG



 ([FHSFLRQHV D OD IDOWD GH OHJLWLPDFLyQ SDVLYD HQ OD
DFFLyQGHOLEHUWDG&HQWURVKRVSLWDODULRV
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO
W


dW^:d


6&3(QODVDFFLRQHVGHOLEHUWDGSODQWHDGDVFRQWUDFHQWURV
KRVSLWDODULRVODOHJLWLPDFLyQSDVLYDODRVWHQWDHO'LUHFWRUGHGLFKDV
HQWLGDGHVHQVXFRQGLFLyQGHPi[LPDDXWRULGDGDXQFXDQGRpVWHQR
KXELHVH VLGR HO GLUHFWR UHVSRQVDEOH GH OD LQGHELGD UHVWULFFLyQ D OD
OLEHUWDGItVLFDRSHUVRQDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHOLEHUWDGHODFFLRQDQWHGHQXQFLDVXDSUHKHQVLyQLOHJDO
SRU SDUWH GHO )LVFDO FRPR HPHUJHQFLD GH XQD FLWDFLyQ HQ OD TXH VH
FRQVLJQy HUUyQHDPHQWH HO QRPEUH GH OD DXWRULGDG HQFDUJDGD GH OD
LQYHVWLJDFLyQPRWLYRSRUHOFXDOQRDVLVWLyDGLFKDDXGLHQFLDDQWHOR
FXDOODDXWRULGDGGHPDQGDGDRUGHQyVXDSUHKHQVLyQSRUORTXHSHWLFLRQy
VHRUGHQHVXLQPHGLDWDOLEHUWDG3RVWHULRUPHQWHHODFFLRQDQWHSUHVHQWy
XQPHPRULDOGHUHWLURGHODDFFLyQSRUKDEpUVHOHSXHVWRDGLVSRVLFLyQ
GHO MXH] FDXWHODU QR REVWDQWH OR FXDO HO UHWLUR QR IXH DFHSWDGR (O
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO VLQ LQJUHVDU DO IRQGR GH OD
SUREOHPiWLFDSODQWHDGDGHQHJyODDFFLyQGHOLEHUWDGSRUVXEVLGLDULHGDG
H[FHSFLRQDO GDGR TXH ORV VXSXHVWRV DFWRV LOHJDOHV FRPHWLGRV SRU HO
)LVFDO DFFLRQDGR DO HQFRQWUDUVH YLQFXODGRV DO GHUHFKR D OD OLEHUWDG
ItVLFD GHELHURQ VHU GHQXQFLDGRV DQWH HO MXH] FDXWHODU FRQWUDORU GH OD
LQYHVWLJDFLyQ &RQ UHODFLyQ DO UHWLUR GH OD DFFLyQ HO 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO FRQILUPy OD OtQHD MXULVSUXGHQFLDO TXH
HVWDEOHFH TXH HO GHVLVWLPLHQWR R UHWLUR GH OD DFFLyQ GH OLEHUWDG
~QLFDPHQWH SXHGH VHU SUHVHQWDGR KDVWD DQWHV GHO VHxDODPLHQWR GH OD
DXGLHQFLDGHFRQVLGHUDFLyQGHODDFFLyQGHOLEHUWDG

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,  (QHVWHHQWHQGLGRLQWHUSXHVWDODDFFLyQFRQWUDHO'LUHFWRU
GHOKRVSLWDOFRQIRUPHORUHIHULGRHQHO\DFLWDGR)XQGDPHQWR-XUtGLFR
,,,
OHFRUUHVSRQGtDDO'LUHFWRUGHO+RVSLWDOYHULILFDUTXHHQHVWD
LQVWLWXFLyQDVXFDUJRQRVHVXVFLWHQVLWXDFLRQHVLUUHJXODUHVUHVWULFWLYDV
GHORVGHUHFKRVGHVXVSDFLHQWHV\TXHHVWDUHVSRQVDELOLGDGHPHUJHGH
VXV IXQFLRQHV \ DWULEXFLRQHV SURSLDV GH Pi[LPD DXWRULGDG \ TXH D~Q
FXDQGRQRKXELHVHVLGRHVWDDXWRULGDGODTXHGLVSXVRRLPSLGLyODVDOLGD
GHO +RVSLWDO SRU UD]RQHV HFRQyPLFDV
 6& 5 GH  GH
MXOLR  OH FRUUHVSRQGH D OD DXWRULGDG PHQFLRQDGD DVXPLU GLFKD
UHVSRQVDELOLGDGSRUWDQWRHQHOSUHVHQWHFDVRHODFFLRQDQWHDOGLULJLUOD
DFFLyQ OLEHUWDG FRQWUD HO 'LUHFWRU GH QRVRFRPLR
+RVSLWDOHV GH
(VSHUDQ]D
 KD DVXPLGR HO HQWHQGLPLHQWR GHO 7ULEXQDO &RQVWLWXFLRQDO
VREUHODOHJLWLPDFLyQSDVLYD

6LQWHVLVGHODUDWLRGHFLGHQGL
W


dW^:d



'HQLHJD OD DFFLyQ GH OLEHUWDG SHUR SUHYLDPHQWH FRQ UHIHUHQFLD D OD
OHJLWLPDFLyQ FRQWUD FHQWURV KRVSLWDODULRV HVWDEOHFH TXH OD PLVPD OD
RVWHQWD HO 'LUHFWRU GH GLFKDV HQWLGDGHV HQ VX FRQGLFLyQ GH Pi[LPD
DXWRULGDGDXQFXDQGRpVWHQRKXELHVHVLGRHOGLUHFWRUHVSRQVDEOHGHOD
LQGHELGDUHVWULFFLyQDODOLEHUWDGItVLFDRSHUVRQDO

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/D 6& 5 GLFWDGD SRU HO 7ULEXQDO &RQVWLWXFLRQDO WUDQVLWRULR
HVWDEOHFLyTXHODOHJLWLPDFLyQSDVLYDHQDFFLRQHVGHOLEHUWDGSODQWHDGDV
FRQWUDFHQWURVKRVSLWDODULRVSRUUHWHQFLRQHVLQGHELGDVGHSDFLHQWHVOD
RVWHQWD HO 'LUHFWRU GH GLFKDV HQWLGDGHV HQ VX FRQGLFLyQ GH Pi[LPD
DXWRULGDGDXQFXDQGRHOPLVPRQRKXELHVHRUGHQDGRGHPDQHUDGLUHFWD
OD UHVWULFFLyQ GH OLEHUWDG FRQVWLWX\pQGRVH HQ HO HVWiQGDU PiV DOWR
FULWHULRMXULVSUXGHQFLDOTXHIXHDVXPLGRSRUHO7ULEXQDO&RQVWLWXFLRQDO
3OXULQDFLRQDOHQOD6&3

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,HO'LUHFWRUGHXQ+RVSLWDOVHDSULYDGRRS~EOLFRWLHQH
HO GHEHU GH YHULILFDU TXH HQ OD ,QVWLWXFLyQ D VX FDUJR QR VH VXVFLWHQ
VLWXDFLRQHV LUUHJXODUHV UHVWULFWLYDV GH ORV GHUHFKRV GH VXV SDFLHQWHV
UHVSRQVDELOLGDGTXHHPHUJHGHVXVIXQFLRQHV\DWULEXFLRQHVSURSLDVGH
Pi[LPDDXWRULGDGGHXQ&HQWURKRVSLWDODULRDXQFXDQGRQRKXELHVHVLGR
GLFKD DXWRULGDG TXLHQ GLVSXVR R LPSLGLy OD VDOLGD GHO +RVSLWDO GH XQ
SDFLHQWH SRU UD]RQHV HVWULFWDPHQWH HFRQyPLFDV SXHV FRUUHVSRQGH D
GLFKDDXWRULGDGDVXPLUODUHVSRQVDELOLGDGSRUORVKHFKRVTXHVHVXVFLWHQ
EDMRVX'LUHFFLyQSRUSDUWHGHOSHUVRQDO\HQVXFDVRDOFRQRFHUXQD
VLWXDFLyQ LUUHJXODU OHVLYD GH GHUHFKRV HVWi HQ OD REOLJDFLyQ GH
FRUUHJLUORVRVXEVDQDUORVORTXHQRRFXUULyHQHOSUHVHQWHFDVR


,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

6&5



 ([FHSFLRQHV D OD IDOWD GH OHJLWLPDFLyQ SDVLYD HQ OD
DFFLyQ GH OLEHUWDG([WHQVLyQ GHO DQiOLVLV GH DFWRV GH RWUD DXWRULGDG D
SDUWLUGHOSULQFLSLRGHLQIRUPDOLVPR
1~PHURGHUHVROXFLyQ6&3

)LFKD
W


dW^:d


7LSR-XULVSUXGHQFLD

-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3/DMXVWLFLDFRQVWLWXFLRQDOHQODVDFFLRQHVGHOLEHUWDG
WLHQH IDFXOWDG SDUD SURQXQFLDUVH GH RILFLR VREUH RWUDV OHVLRQHV DO
GHUHFKRDODOLEHUWDGItVLFDTXHQRKXELHUHQVLGRGHQXQFLDGDVHQOD
DFFLyQ\H[WHQGHUVXDQiOLVLVDORVDFWRVGHDXWRULGDGHVRSHUVRQDVQR
GHPDQGDGDV

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHOLEHUWDGORVDFFLRQDQWHVGHQXQFLDURQYXOQHUDFLyQGH
VX GHUHFKR D OD OLEHUWDG GH VX UHSUHVHQWDGR SRU FXDQWR ORV YRFDOHV
GHPDQGDGRV GHPRUDURQ HQ OD WUDPLWDFLyQ GH OD DSHODFLyQ LQFLGHQWDO
LQWHUSXHVWD HQ OD DXGLHQFLD GH PHGLGDV FDXWHODUHV (O 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO FRQILUPy OD UHVROXFLyQ UHYLVDGD \ HQ
FRQVHFXHQFLDFRQFHGLyODWXWHOD

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,FDEHDFODUDUTXHVLELHQQRVHLQWHUSXVRODSUHVHQWHDFFLyQ
FRQWUDHO-XH]4XLQWRGH,QVWUXFFLyQHQOR3HQDOFRQIRUPHORHVWDEOHFLGR
SRUOD6&5GHGHMXQLRUHILHUH
VLGHODUHYLVLyQGHODV
DFWXDFLRQHV GH ODV DXWRULGDGHV UHFXUULGDV HO 7ULEXQDO &RQVWLWXFLRQDO
DGYLHUWHDFWRVLOHJDOHVTXHQRKDQVLGRGHPDQGDGRVSHURTXHVXSULPHQ
\DWHQWDQHOGHUHFKRDODOLEHUWDGGHOSURFHVDGRWLHQHSOHQDIDFXOWDGSDUD
SURQXQFLDUVHGHRILFLRVREUHORVPLVPRV
YDOHGHFLUTXHFXDQGRVH
REVHUYD GLODFLyQ HQ OD UHPLVLyQ DO WULEXQDO GH DSHODFLyQ GH XQD
UHVROXFLyQTXHJHQHUDUHWDUGDFLyQGHMXVWLFLDHLQFLGHGHIRUPDGLUHFWD
FRQWUDODOLEHUWDGFRUUHVSRQGHFRQFHGHUODWXWHODLQFOXVLYHGHRILFLRFRQ
HOILQGHRWRUJDUFHOHULGDGHQVXWUDPLWDFLyQSRUORWDQWRHQHOSUHVHQWH
FDVR WDO VLWXDFLyQ SRVLELOLWD OD UHYLVLyQ GH ORV DFWRV UHDOL]DGRV SRU HO
-XH] 4XLQWR GH ,QVWUXFFLyQ HQ OR 3HQDO GH 6DQWD &UX] VLQ HVWDEOHFHU
UHVSRQVDELOLGDGDOJXQDVRODPHQWHFRQHOILQGHGHWHUPLQDUHOUHWUDVRHQ
HOTXHLQFXUULyDOUHPLWLUHOUHFXUVRGHDSHODFLyQ

6LQWHVLVGHODUDWLRGHFLGHQGL

6HFRQFHGHODDFFLyQGHOLEHUWDGFRQWUDXQDDXWRULGDGMXGLFLDOTXHQRIXH
GHPDQGDGD  HQ PpULWR D TXH GH OD UHYLVLyQ GH ORV DQWHFHGHQWHV VH
DGYLHUWHQDFWRVLOHJDOHVTXHDWHQWDQFRQWUDHOGHUHFKRDODOLEHUWDGGHO
W


dW^:d


DFFLRQDQWHFRPRODGLODFLyQHQODUHPLVLyQGHODDSHODFLyQDOWULEXQDO
GHDSHODFLyQHQODTXHLQFXUULyHOMXH]FDXWHODU

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

6&5
&DEH VHxDODU TXH HVWH 7ULEXQDO UHLWHUDGDPHQWH KD VHxDODGR TXH HO
UHFXUVRGHKiEHDVFRUSXVDVHJXUDDODSHUVRQDODSRVLELOLGDGGHTXHXQ
-XH] R 7ULEXQDO HYDO~H OD VLWXDFLyQ MXUtGLFD SRU OD FXDO VH HQFXHQWUD
SULYDGD GH VX OLEHUWDG D REMHWR GH TXH HQ FDVR GH FRQVWDWDU OD
FRQFXOFDFLyQ D ORV GHUHFKRV R JDUDQWtDV LQYRFDGRV VH EULQGH OD
SURWHFFLyQMXUtGLFDHVWDEOHFLGDHQHODUWGHOD&RQVWLWXFLyQ3ROtWLFD
GHO(VWDGR(QHVHFRQWH[WRVLGHODUHYLVLyQGHODVDFWXDFLRQHVGHODV
DXWRULGDGHVUHFXUULGDVHO7ULEXQDO&RQVWLWXFLRQDODGYLHUWHDFWRVLOHJDOHV
TXHQRKDQVLGRGHPDQGDGRVSHURTXHVXSULPHQ\DWHQWDQHOGHUHFKRD
OD OLEHUWDG GHO SURFHVDGR WLHQH SOHQD IDFXOWDG SDUD SURQXQFLDUVH GH
RILFLRVREUHORVPLVPRVHQDSOLFDFLyQDORHVWDEOHFLGRSRUHODUW,
GHOD/H\




6XEUHJODVSURFHVDOHVSDUDGHQHJDUODWXWHODGHODDFFLyQ
GH OLEHUWDG,PSRVLELOLGDG GH SURQXQFLDPLHQWR HQ HO IRQGR FXDQGR OD
DFFLyQGHOLEHUWDGVHVXVWHQWDHQXQSURFHVRMXGLFLDOLQH[LVWHQWH
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&31RFRUUHVSRQGHHODQiOLVLVGHIRQGRGHODVDFFLRQHV
GHOLEHUWDGHPHUJHQWHVGHSURFHVRVMXGLFLDOHVFXDQGRODVDXWRULGDGHV
GHPDQGDGDVDFUHGLWDQTXHGLFKRVSURFHVRVQRH[LVWHQ

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHOLEHUWDGHODFFLRQDQWHGHQXQFLyTXHODVDXWRULGDGHV
MXGLFLDOHVGHPDQGDGDVYXOQHUDURQVXGHUHFKRDODOLEHUWDGSRUFXDQWR
SHVH D TXH GHQWUR GHO SURFHVR SHQDO LQLFLDGR HQ VX FRQWUD VH GHFODUy
SURFHGHQWHHOLQFLGHQWHGHDFWLYLGDGSURFHVDOGHIHFWXRVDTXHLQWHUSXVR
QRGHWHUPLQDURQVXOLEHUWDG\PiVELHQGHWHUPLQDURQTXHVHSURVLJXLHUD
W


dW^:d

FRQHOSURFHGLPLHQWRQRUPDOSRUORTXHVROLFLWDVHFRQFHFHGDODWXWHOD
\VHGLVSRQJDODUHVWLWXFLyQGHVXGHUHFKRDODOLEHUWDG\ODUHSDUDFLyQGH
ORV GHIHFWRV OHJDOHV GHELHQGR H[SHGLUVH HO FRUUHVSRQGLHQWH
PDQGDPLHQWRGHOLEHUWDG(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHQ
UHYLVLzQ FRQILUPy OD UHVROXFLyQ TXH GHQHJy OD WXWHOD DO QR KDEHUVH
DFUHGLWDGR OD H[LVWHQFLD GH XQ SURFHVR SHQDO VHJXLGR FRQWUD HO
DFFLRQDQWH

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,'HODQiOLVLVDOH[SHGLHQWHYHQLGRHQUHYLVLyQVHHVWDEOHFHTXHODSUHVHQWH
DFFLyQGHOLEHUWDGWLHQHFRPRDXWRULGDGGHPDQGDGDDOD-XH]D&XDUWDGH,QVWUXFFLyQHQ
OR3HQDOGHOGHSDUWDPHQWRGH/D3D]SHVHDHOORQRHVSRVLEOHHIHFWXDUXQDUHVROXFLyQ
HQHOIRQGRSRUODIDOWDGHLGHQWLILFDFLyQGHOSURFHVRSHQDOTXHGDOXJDUDODDFWXDODFFLyQ
GHOLEHUWDGHOORHQYLUWXGDTXH

 /DGHPDQGDQRDGMXQWDSUXHEDDOJXQD\KDFHUHIHUHQFLDDTXHHOSURFHVRVHHQFRQWUDUtD
D FDUJR GH OD -XH]D \ ORV 9RFDOHV GHPDQGDGRV SHVH D GHFLUVH HQ
27526,
 TXH HQ
FDOLGDGGHSUXHEDSUHFRQVWLWXLGDDGMXQWDODVFRSLDV

 'HOLQIRUPHGHOD-XH]D&XDUWDGH,QVWUXFFLyQHQOR3HQDOGHOGHSDUWDPHQWRGH/D3D]
VHWLHQHTXHHOSURFHVRSHQDOGH-0$&QRVHHQFXHQWUDUDGLFDGRHQVXGHVSDFKR

 $WUDYpVGHLQIRUPHFRPSOHPHQWDULRGHOD-XH]DGHPDQGDGDVHWLHQHTXHODPLVPD
WDPSRFR FRQRFLy HQ VXSOHQFLD QL VH WLHQH UHJLVWUDGR SURFHVR SHQDO DOJXQR FRQWUD HO
DFFLRQDQWHHQHOVLVWHPD,$186

 'HODVFDUiWXODVDGMXQWDGDVSRUODDXWRULGDGGHPDQGDGDVHWLHQHTXHQRH[LVWHSURFHVR
SHQDODOJXQRFRQWUDHODFFLRQDQWHVLQR~QLFDPHQWHHQPDWHULDFLYLO\ODSUHVHQWHDFFLyQ
GHOLEHUWDG

 1R H[LVWH SRVWHULRU DSHUVRQDPLHQWR GH -0$& X RWUD D VX QRPEUH DQWH OD -XH]D GH
JDUDQWtDVRHVWH7ULEXQDO\ PHQRVVHDSHUVRQyDODUHVSHFWLYDDXGLHQFLDGHDFFLyQGH
OLEHUWDG

3RUORUHIHULGRDOQRKDEHUVHDFUHGLWDGRODH[LVWHQFLDGHXQSURFHVRSHQDOVHJXLGRFRQWUD
HO DFFLRQDQWH QR SXHGH HPLWLUVH XQ SURQXQFLDPLHQWR VREUH HO IRQGR SRU OR TXH
FRUUHVSRQGHGHQHJDUODWXWHODVLQLQJUHVDUDOIRQGRGHODSUREOHPiWLFD


6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJDODWXWHODSRUFXDQWRODVDXWRULGDGHVGHPDQGDGDVGHPRVWUDURQOD
LQH[LVWHQFLDGHXQSURFHVRSHQDOVHJXLGRFRQWUDHODFFLRQDQWHHQHOTXH
VXSXHVWDPHQWH VH FRPHWLHURQ ORV DFWRV GHQXQFLDGRV GH LOHJDOHV HQ OD
DFFLyQGHOLEHUWDG

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,HQYLUWXGDTXHODDFFLyQGHOLEHUWDGVHHQFXHQWUDUHIRU]DGDSRUHOSULQFLSLR
GH LQIRUPDOLVPR FXDQGR VH LQWHUSRQJD pVWD FRUUHVSRQGH D OD DXWRULGDG MXGLFLDO
GHPDQGDGDDFUHGLWDURGHVYLUWXDUORVKHFKRVDOHJDGRVSRUHODFFLRQDQWHHQODGHPDQGD
GHODUHIHULGDDFFLyQHOORHQIXQFLyQDTXHD (QJHQHUDOGLFKDDXWRULGDGWLHQHDVX

W


dW^:d


DOFDQFH OD SUXHED TXH DFUHGLWD ORV KHFKRV \ TXH LQIRUPDQ HO SURFHVR \ E  3RU
GLVSRVLFLyQGHORVDUWV,,,GHOD&3(\GHOD/H\GHO7ULEXQDO&RQVWLWXFLRQDO
3OXULQDFLRQDO /7&3 ODSDUWHGHPDQGDGDHVWiREOLJDGDDSUHVHQWDUXQLQIRUPHTXHKDJD
UHIHUHQFLD D ORV KHFKRV \ HQ VX FDVR GHVYLUW~H H[SUHVDPHQWH ORV DGYHUVRV GHELHQGR
DGHPiV DGMXQWDU OD SUXHED TXH UHVSDOGD HO PLVPR R GDU D FRQRFHU HO OXJDU GRQGH VH
HQFXHQWUH

3RURWUDSDUWHODSURSLDQDWXUDOH]DGHORVGHUHFKRVWXWHODGRVSRUODDFFLyQGHOLEHUWDG
FX\D SURWHFFLyQ GHEH VHU LQPHGLDWD LPSHOHQ D TXH HO MXH]R WULEXQDOGH JDUDQWtDV QR
DGRSWHXQDSRVLFLyQSDVLYDVLQRTXHGHEHWHQHUXQDDFWLWXGDFWLYD\GLOLJHQWHSDUDDVt
SRGHUYHULILFDU\WHQHUODFHUWH]DGHTXHORVKHFKRVLQYRFDGRVSRUODSDUWHDFFLRQDQWH
VRQYHUDFHVDVtVHGHMyHVWDEOHFLGRHQOD6&3GHGHDEULO

1R REVWDQWH OR GHVDUUROODGR UHVXOWD LOyJLFR H[LJLU PD\RU GLOLJHQFLD D OD DXWRULGDG
GHPDQGDGDRDOMXH]RWULEXQDOGHJDUDQWtDVHQODE~VTXHGDGHODYHUGDGPDWHULDOFXDQGR
XQDGHPDQGDGHDFFLyQGHOLEHUWDGHPHUMDGHXQVXSXHVWRSURFHVRMXGLFLDO\ODVUHIHULGDV
DXWRULGDGHVDFUHGLWHQTXHHOPLVPRQRH[LVWHDVSHFWRTXHVLQGXGDDOJXQDLPSLGHXQ
SURQXQFLDPLHQWRDOIRQGRGHODSUHWHQVLyQ




6XEUHJODVSURFHVDOHVSDUDGHQHJDUODWXWHODGHODDFFLyQ
GHOLEHUWDG&XDQGRVHFXHVWLRQDYDORUDFLyQGHODSUXHED
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3/DDFFLyQGHOLEHUWDGQRHVODYtDLGyQHDSDUDUHDOL]DU
YDORUDFLyQ SUREDWRULD SRU VHU HVWD IDFXOWDG SULYDWLYD GH ODV
DXWRULGDGHV MXULVGLFFLRQDOHV VDOYR FDVRV HQ ORV FXDOHV H[LVWD
DSDUWDPLHQWRGHORVFiQRQHVGHUD]RQDELOLGDGRHTXLGDGRIUHQWHD
FRQGXFWDVRPLVLYDVTXHOHVLRQHQGHUHFKRVIXQGDPHQWDOHV

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHOLEHUWDGODDFFLRQDQWHUHIULyTXHODVDXWRULGDGHVDKRUD
GHPDQGDGDV UHFKD]DURQ VX VROLFLWXG GH FHVDFLyQ D OD GHWHQFLyQ
SUHYHQWLYDHQEDVHDVXSURSLDRSLQLyQSHUVRQDO\VLQPRWLYDFLyQHQHVWH
FRQWH[WR SUHFLVy TXH HO -XH] 7HUFHUR GH 6HQWHQFLD RPLWLy YDORUDU OD
MXULVSUXGHQFLDFRQVWLWXFLRQDOSUHVHQWDGDFRPRSUXHED\TXHORV9RFDOHV
GHPDQGDGRVUDWLILFDURQHVWDGHFLVLyQVHxDODQGRTXHD~QFRQFXUUtDQORV
ULHVJRVSURFHVDOHVDJUDYDQGRODVLWXDFLyQGHODLPSXWDGDDOVHxDODUVLQ
W


dW^:d

PRWLYDFLyQ TXH ORV GHOLWRV GH QDUFRWUiILFR VRQ GH OHVD KXPDQLGDG
FRQFOX\H OD DFFLRQDQWH VHxDODQGR TXH OD IDOWD GH IXQGDPHQWDFLyQ \
YDORUDFLyQGHODSUXHEDODGHMDURQHQFRPSOHWDLQFHUWLGXPEUH\HVWDGR
GH LQGHIHQVLyQ UHVSHFWR D ODV UD]RQHV TXH JHQHUDURQ HO UHFKD]R GH OD
GHWHQFLyQSUHYHQWLYDSRUORTXHGHQXQFLyODDIHFWDFLyQDVXVGHUHFKRV
DODOLEHUWDGGHORFRPRFLyQDOGHELGRSURFHVROHJDOLGDGSUHVXQFLyQGH
LQRFHQFLD\DODIDYRUDELOLGDGSRUORTXHSLGLyVHUHYRTXHODUHVROXFLyQ
HPLWLGD SRU ORV YRFDOHV GHPDQGDGRV \ SRU HO MXH] FDXWHODU SDUD TXH
HPLWDQ XQD UHVROXFLyQ IXQGDPHQWDGD \ TXH FRQWHQJD XQD YDORUDFLyQ
LQWHJUDO MXVWLILFDQGR OD EDVH OHJDO SDUD VRVWHQHU TXH ORV GHOLWRV GH
QDUFRWUiILFR VRQ GH OHVD KXPDQLGDG (O 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDODSUREyODUHVROXFLyQGHO-XH]GH*DUDQWtDV\GHQHJyOD
WXWHOD SRU FRQVLGHUDU TXH ODV DXWRULGDGHV GHPDQGDGDV UHVROYLHURQ HQ
IRUPDIXQGDPHQWDGDODDSHODFLyQHPHUJHQWHGHODVROLFLWXGGHFHVDFLyQ
DODGHWHQFLyQSUHYHQWLYDSUHVHQWDGDSRUODDKRUDDFFLRQDQWHDVLPLVPR
ODPi[LPDLQVWDQFLDGHFRQWUROGHFRQVWLWXFLRQDOLGDGHVWDEOHFLyTXHHQ
HOFDVRFRQFUHWRHQORUHIHUHQWHDODYDORUDFLyQSUREDWRULDQRH[LVWLyXQ
DSDUWDPLHQWRGHORVPDUFRVOHJDOHVGHUD]RQDELOLGDG\HTXLGDG

([WUDFWRGHODUDWLRGHFLGHQGL

)- ,,,
'H OR DQRWDGR VH FRQFOX\H TXH ORV 9RFDOHV GHPDQGDGRV GH OD 6DOD 3HQDO
6HJXQGDUHVROYLHURQHQIRUPDIXQGDPHQWDGDODDSHODFLyQHPHUJHQWHGHODVROLFLWXGGH
FHVDFLyQ D OD GHWHQFLyQ SUHYHQWLYD SUHVHQWDGD SRU OD DKRUD DFFLRQDQWH KDELpQGRVH
HIHFWXDGRXQDYDORUDFLyQGHODVSUXHEDVPHQFLRQDGDVFRQODIDFXOWDGSULYDWLYDTXHOHV
FRQFHGHODOH\VLQTXHDFULWHULRGHHVWHWULEXQDOKD\DH[LVWLGRXQDSDUWDPLHQWRGHORV
PDUFRV OHJDOHV GH UD]RQDELOLGDG\ HTXLGDGSUHYLVLEOHV SDUDGHGXFLU OR FRQWUDULR R VH
KD\D RPLWLGR DUELWUDULDPHQWH HO YDORU GH ODV SUXHEDV SUHVHQWDGDV FX\D FRQVHFXHQFLD
KD\DGHULYDGRHQODYXOQHUDFLyQGHORVGHUHFKRVGHODDFFLRQDQWHTXHSHUPLWDDHVWH
7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOYDORUDUWDOHVKHFKRVSRUORTXHUHVXOWDHYLGHQWH
TXH QR H[LVWH YLRODFLyQ DOJXQD D ORV GHUHFKRV GH OD LPSXWDGD PRWLYR SRU HO FXDO QR
SXHGHFRQFHGHUVHODWXWHODVROLFLWDGDPHGLDQWHHVWDDFFLyQ
'H OR DQRWDGR VH FRQFOX\H TXH ORV 9RFDOHV GHPDQGDGRV GH OD 6DOD 3HQDO 6HJXQGD
UHVROYLHURQHQIRUPDIXQGDPHQWDGDODDSHODFLyQHPHUJHQWHGHODVROLFLWXGGHFHVDFLyQD
ODGHWHQFLyQSUHYHQWLYDSUHVHQWDGDSRUODDKRUDDFFLRQDQWHKDELpQGRVHHIHFWXDGRXQD
YDORUDFLyQGHODVSUXHEDVPHQFLRQDGDVFRQODIDFXOWDGSULYDWLYDTXHOHVFRQFHGHODOH\
VLQTXHDFULWHULRGHHVWHWULEXQDOKD\DH[LVWLGRXQDSDUWDPLHQWRGHORVPDUFRVOHJDOHVGH
UD]RQDELOLGDG \ HTXLGDG SUHYLVLEOHV SDUD GHGXFLU OR FRQWUDULR R VH KD\D RPLWLGR
DUELWUDULDPHQWHHOYDORUGHODVSUXHEDVSUHVHQWDGDVFX\DFRQVHFXHQFLDKD\DGHULYDGRHQ
OD YXOQHUDFLyQ GH ORV GHUHFKRV GH OD DFFLRQDQWH TXH SHUPLWD D HVWH 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOYDORUDUWDOHVKHFKRVSRUORTXHUHVXOWDHYLGHQWHTXHQR
H[LVWH YLRODFLyQ DOJXQD D ORV GHUHFKRV GH OD LPSXWDGD PRWLYR SRU HO FXDO QR SXHGH
FRQFHGHUVHODWXWHODVROLFLWDGDPHGLDQWHHVWDDFFLyQ



6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJDODDFFLyQGHOLEHUWDGSRUTXHHQHOFDVRFRQFUHWRHQODGHFLVLyQ
TXH UHVROYLy OD FHVDFLyQ D OD GHWHQFLyQ SUHYHQWLYD SHWLFLRQDGD SRU OD
DFFLRQDQWH ODV DXWRULGDGHV GHPDQGDGDV YDORUDURQ ODV SUXHEDV HQ HO
W


dW^:d


PDUFR GH VXV IDFXOWDGHV SULYDWLYDV \ QR VH DSDUWDURQ GH ORV PDUFRV
OHJDOHVGHUD]RQDELOLGDG\HTXLGDG

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/DOtQHDGHODYDORUDFLyQGHODSUXHEDGHEHVHUDQDOL]DGDGHODVLJXLHQWHPDQHUD

(O7ULEXQDO&RQVWLWXFLRQDOHQOD6&5TXHUHVROYLyXQDDFFLyQ
GH DPSDUR FRQVWLWXFLRQDO HVWDEOHFLy TXH OD MXVWLFLD FRQVWLWXFLRQDO SXHGH
DQDOL]DUODFRQGXFWDRPLVLYDGHODVDXWRULGDGHVMXGLFLDOHVDGPLQLVWUDWLYDVRGH
ODVLQVWDQFLDVHQFDUJDGDVGHODSHUVHFXFLyQSHQDOGHOLPLWDQGRVXFRPSHWHQFLD
~QLFDPHQWH D RPLVLRQHV YDORUDWRULDV WUDGXFLGDV HQ QR UHFLELU SURGXFLU R
FRPSXOVDU FLHUWD SUXHED LQKHUHQWH DO FDVR HQ QR UHFLELU R SURYLGHQFLDU
PHPRULDOHV DVt FRPR HQ QR UHDOL]DU DFWRV VROLFLWDGRV SRU ODV SDUWHV D ILQ GH
GHPRVWUDU VX DFXVDFLyQ R GHVYLUWXDU OD PLVPD HQ QHJDU HO WUiPLWH GH ODV
LPSXJQDFLRQHV HWF $GHPiV SUHFLVy TXH HQ OR UHODWLYR D OD SUXHED OD
FRPSHWHQFLDVyORVHUHGXFHDHVWDEOHFHUVLIXHRQRYDORUDGD\QRDLPSRQHU
FyPRGHEHVHUFRPSXOVDGD

 3RVWHULRUPHQWH OD 6& 5 HPHUJHQWH GH XQ  UHFXUVR GH KiEHDV
FRUSXV\HQHOFRQWH[WRGHPHGLGDVFDXWHODUHVHVWDEOHFLyTXHODFRPSXOVDGH
ODV SUXHEDV TXH VH DSRUWHQ FRQ HO ILQ GH REWHQHU OD FHVDFLyQ D OD GHWHQFLyQ
SUHYHQWLYDHVIDFXOWDGH[FOXVLYDGHO-XH]&DXWHODU\TXHHOFRQWUROWXWHODUGH
FRQVWLWXFLRQDOLGDGHQUHVJXDUGRGHXQDSRVLEOHGREOHYDORUDFLyQGHODSUXHED
SRGUi LQWHUYHQLU VRODPHQWH FXDQGR HO MX]JDGRU VH KXELHUH DSDUWDGR GH ODV
SUHYLVLRQHV OHJDOHV TXH ULJHQ HO DFWR SURFHVDO FRPR GH ORV PDUFRV GH
UD]RQDELOLGDG \ HTXLGDG SUHYLVLEOHV HQWHQGLPLHQWR TXH HQWUH RWUDV IXH
DVXPLGRSRUOD6&5

 /D 6& 5 VLVWHPDWL]y ORV VXSXHVWRV HQ ORV TXH OD MXVWLFLD
FRQVWLWXFLRQDOSXHGHUHYLVDUODYDORUDFLyQGHODSUXHEDTXHGDQGRHVWDEOHFLGR
ORVLJXLHQWH/DDXWRULGDGMXULVGLFFLRQDORDGPLQLVWUDWLYDWLHQHHOUROH[FOXVLYR
GHYDORUDFLyQSUREDWRULD\VRODPHQWHSRGUiHMHUFHUVHFRQWUROWXWHODUHQFXDQWR
D OD YDORUDFLyQ GH OD SUXHED HQ ORV VLJXLHQWHV FDVRV   &XDQGR H[LVWD
DSDUWDPLHQWRGHORVPDUFRVOHJDOHVGHUD]RQDELOLGDG\HTXLGDGSUHYLVLEOHVSDUD
GHFLGLU\ &XDQGRVHKD\DDGRSWDGRXQDFRQGXFWDRPLVLYDH[SUHVDGDHQWUH
RWUDVHQQRUHFLELUSURGXFLURFXPSXOVDUFLHUWDSUXHEDLQKHUHQWHDOFDVR\VX
OyJLFD FRQVHFXHQFLD VHD OD OHVLyQ D GHUHFKRV IXQGDPHQWDOHV \ JDUDQWtDV
FRQVWLWXFLRQDOHV (Q DPERV VXSXHVWRV OD VHQWHQFLD VLVWHPDWL]DGRUD DKRUD
DQDOL]DGDSUHFLVyTXHQRSXHGHXVXUSDUVHORVUROHVSURSLRVGHODVDXWRULGDGHV
MXULVGLFFLRQDOHV R DGPLQLVWUDWLYDV $GHPiV HVWD VHQWHQFLD JHQHUy XQD FDUJD
DUJXPHQWDWLYD SDUD OD SDUWH HQ HVH PRPHQWR UHFXUUHQWH DKRUD DFFLRQDQWH
VHxDODQGRTXHHQFDVRVGHSHWLFLyQGHWXWHODUHIHUHQWHDYDORUDFLyQSUREDWRULD
GHEtDD LGHQWLILFDUVHODVSUXHEDVTXHVHRPLWLyYDORUDURTXHVHDSDUWDQGHORV
FiQRQHVGHUD]RQDELOLGDGRHTXLGDG\E LQGLFDUODLQFLGHQFLDGHODRPLVLyQR
HODSDUWDPLHQWRGHORVFiQRQHVGHUD]RQDELOLGDG\HTXLGDGHQODGHFLVLyQILQDO
$VLPLVPRHQFXDQWRDODSUXHEDQRYDORUDGDHO7ULEXQDO&RQVWLWXFLRQDOVHxDOy
TXHSDUDLQJUHVDUDODQiOLVLVGHODSUREOHPiWLFDpVWDGHEHVHUVROLFLWDGDHQOD
IRUPD\PRPHQWROHJDOPHQWHHVWDEOHFLGRV
%DMR OD PLVPD OtQHD GH UD]RQDPLHQWR VH WLHQHQ ODV 66&& 5

W


dW^:d
55HQWUHRWUDV
$GHPiVOD6&5HVWDEOHFLyTXHRWURVXSXHVWRGHH[FHSFLyQGHOD
GRFWULQDGHQRYDORUDFLyQGHODSUXHEDVHGDFXDQGRODDXWRULGDGMXGLFLDOEDVD
VX GHFLVLyQ HQ XQD SUXHED LQH[LVWHQWH R TXH UHIOHMD XQ KHFKR GLIHUHQWH DO
XWLOL]DGRFRPRDUJXPHQWR

 /D 6&3  HVWDEOHFLy TXH SDUD OD UHYLVLyQ GH OD YDORUDFLyQ GH OD
SUXHED HQ HO PDUFR GH ORV GRV UHTXLVLWRV DQWHV DQRWDGRV QR HUD H[LJLEOH HO
FXPSOLPLHQWRGHODFDUJDDUJXPHQWDWLYDDQWHVUHTXHULGDDODSDUWHDFFLRQDQWH
HQWHQGLPLHQWRTXHFRQWHPSODHOHVWiQGDUPiVDOWR


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

(OSUHFHGHQWHFRQWHQLGRHQ6&5HVWDEOHFLy

)-,,,


$KRUD ELHQ VLHQGR FRPSHWHQFLD GH OD MXULVGLFFLyQ FRQVWLWXFLRQDO UHYLVDU


H[FHSFLRQDOPHQWHODODERUGHYDORUDFLyQGHODSUXHEDGHVDUUROODGDSRUODMXULVGLFFLyQ
RUGLQDULD~QLFDPHQWHVHUHLWHUDFXDQGRHQGLFKDYDORUDFLyQD H[LVWDDSDUWDPLHQWRGH
ORVPDUFRVOHJDOHVGHUD]RQDELOLGDG\HTXLGDGSUHYLVLEOHVSDUDGHFLGLURE FXDQGRVH
KD\DDGRSWDGRXQDFRQGXFWDRPLVLYDH[SUHVDGDHQWUHRWUDVHQQRUHFLELUSURGXFLUR
FRPSXOVDU FLHUWD SUXHED LQKHUHQWH DO FDVR \ VX OyJLFD FRQVHFXHQFLD VHD OD OHVLyQ GH
GHUHFKRV IXQGDPHQWDOHV \ JDUDQWtDV FRQVWLWXFLRQDOHV GLFKD FRPSHWHQFLD GHO 7ULEXQDO
&RQVWLWXFLRQDOVHUHGXFHHQDPERVFDVRVDHVWDEOHFHUODDXVHQFLDGHUD]RQDELOLGDG\
HTXLGDGHQODODERUYDORUDWLYDRODDFWLWXGRPLVLYDHQHVWDWDUHDSHURHQQLQJ~QFDVRD
VXVWLWXLUDODMXULVGLFFLyQRUGLQDULDH[DPLQDQGRODPLVPD
(QHVHRUGHQGHUD]RQDPLHQWRSDUDTXHHVWH7ULEXQDOSXHGDFXPSOLUFRQHVWD
WDUHDHVQHFHVDULRTXHODSDUWHSURFHVDOTXHVHFRQVLGHUDDJUDYLDGDFRQORVUHVXOWDGRV
GHODYDORUDFLyQHIHFWXDGDGHQWURGHXQSURFHVRMXGLFLDOR
DGPLQLVWUDWLYRLQYRFDQGRODOHVLyQDVXVGHUHFKRVIXQGDPHQWDOHVH[SUHVHGH
PDQHUDDGHFXDGD\SUHFLVDHQORVIXQGDPHQWRVMXUtGLFRVTXHVXVWHQWHQVX
SRVLFLyQ UHFXUVRGHDPSDUR ORVLJXLHQWH
3RUXQDSDUWHTXpSUXHEDV VHxDODQGRFRQFUHWDPHQWH IXHURQYDORUDGDV
DSDUWiQGRVHGHORVPDUFRVOHJDOHVGHUD]RQDELOLGDG\HTXLGDGSUHYLVLEOHVSDUDGHFLGLU
RFXiOHVQRIXHURQUHFLELGDVRKDELpQGRORVLGRQRIXHURQSURGXFLGDVRFRPSXOVDGDV
SDUDHOORVHUiSUHFLVRTXHODSUXHEDQRDGPLWLGDRQRSUDFWLFDGDVHKD\DVROLFLWDGRHQ
ODIRUPD\PRPHQWROHJDOPHQWHHVWDEOHFLGRVVROLFLWXGTXHHQWRGRFDVRQRIDFXOWDSDUD
H[LJLUODDGPLVLyQGHWRGDVODVSUXHEDVTXHSXHGDQSURSRQHUODVSDUWHVHQHOSURFHVR
VLQRTXHDWULEX\H~QLFDPHQWHHOGHUHFKRDODUHFHSFLyQ\SUiFWLFDGHDTXHOODVTXHVHDQ
SHUWLQHQWHV FRUUHVSRQGLHQGR D ORV yUJDQRV MXGLFLDOHV RUGLQDULRV HO H[DPHQ VREUH OD
OHJDOLGDG\SHUWLQHQFLDGHODVSUXHEDVVROLFLWDGDVGHELHQGRPRWLYDUUD]RQDEOHPHQWHOD
GHQHJDFLyQGHODVSUXHEDVSURSXHVWDV3RUVXSXHVWRXQDYH]DGPLWLGDV\SUDFWLFDGDVODV
SUXHEDVSURSXHVWDVGHFODUDGDVSHUWLQHQWHVDORVyUJDQRVMXGLFLDOHVOHVFRPSHWHWDPELpQ
VXYDORUDFLyQFRQIRUPHDODVUHJODVGHODOyJLFD\GHODVDQDFUtWLFDVHJ~QORDOHJDGR\
SUREDGR
$VLPLVPRHVLPSUHVFLQGLEOHWDPELpQTXHHOUHFXUUHQWHVHxDOHHQTXpPHGLGD
HQORFRQGXFHQWHGLFKDYDORUDFLyQFXHVWLRQDGDGHLUUD]RQDEOHGHLQHTXLWDWLYDRTXHQR
OOHJyDSUDFWLFDUVHQRREVWDQWHKDEHUVLGRRSRUWXQDPHQWHVROLFLWDGDWLHQHLQFLGHQFLDHQ
OD5HVROXFLyQILQDOSRUFXDQWRQRWRGDLUUHJXODULGDGXRPLVLyQSURFHVDOHQPDWHULDGH
SUXHED UHIHULGDDVXDGPLVLyQDVXSUiFWLFDDVXYDORUDFLyQHWF FDXVDSRUVtPLVPD
LQGHIHQVLyQ PDWHULDO FRQVWLWXFLRQDOPHQWH UHOHYDQWH FRUUHVSRQGLHQGR D OD SDUWH
UHFXUUHQWH GHPRVWUDU OD LQFLGHQFLD HQ OD 5HVROXFLyQ ILQDO D GLFWDUVH HV GHFLU TXH OD
5HVROXFLyQILQDOGHOSURFHVRKXELHUDSRGLGRVHUGLVWLQWDGHKDEHUVHSUDFWLFDGRODSUXHED
RPLWLGDRVLVHKXELHVHSUDFWLFDGRFRUUHFWDPHQWHODDGPLWLGDRVLVHKXELHUDYDORUDGR

W


dW^:d


UD]RQDEOHPHQWH OD FRPSXOVDGDSXHVWRTXH UHVXOWD LQVXILFLHQWH SDUD OD YLDELOLGDGGHO
UHFXUVR GH DPSDUR OD PHUD UHODFLyQ GH KHFKRV SRUTXH VyOR HQ OD PHGLGD HQ TXH HO
UHFXUUHQWH H[SUHVH DGHFXDGD \ VXILFLHQWHPHQWH VXV IXQGDPHQWRV MXUtGLFRV OD
MXULVGLFFLyQFRQVWLWXFLRQDOSRGUiUHDOL]DUODODERUGHFRQWUDVWDFLyQTXHDPHULWDHVWHWHPD
GH UHYLVLyQ H[FHSFLRQDO GH OD ODERU GH OD YDORUDFLyQ GH OD SUXHED UHDOL]DGD SRU OD
MXULVGLFFLyQRUGLQDULDPi[LPHVLVHWLHQHHQFXHQWDTXHHODUWGHOD/7&KDSUHYLVWR
FRPRXQUHTXLVLWRGHFRQWHQLGRHOH[SRQHUFRQSUHFLVLyQ\FODULGDGORVKHFKRVTXHOH
VLUYDQGHIXQGDPHQWR\SUHFLVDUORVGHUHFKRVRJDUDQWtDVTXHVHFRQVLGHUHQUHVWULQJLGRV
VXSULPLGRVRDPHQD]DGRVVHxDODQGRHQTXpFRQVLVWHODUHVWULFFLyQRVXSUHVLyQ
(VGHDGYHUWLUTXHHVWD~OWLPDH[LJHQFLDGHDFUHGLWDFLyQGHODUHOHYDQFLDGHODSUXHED
GHQHJDGDRGHODSUXHEDYDORUDGDLUUD]RQDEOHRLQHTXLWDWLYDPHQWHVHSUR\HFWDHQXQ
GREOHSODQRSRUXQODGRHOUHFXUUHQWHGHEHGHPRVWUDUODUHODFLyQHQWUHORVKHFKRVTXH
VHTXLVLHURQ\QRVHSXGLHURQSUREDU\ODVSUXHEDVLQDGPLWLGDVRQRSUDFWLFDGDVRHQVX
FDVRGHODLQWHUSUHWDFLyQGLVFUHFLRQDORDUELWUDULDGHODSUXHEDSUDFWLFDGD \SRURWUR
ODGRGHEHDUJXPHQWDUHOPRGRHQTXHODDGPLVLyQ\ODSUiFWLFDGHODSUXHEDREMHWRGH
OD FRQWURYHUVLD KDEUtDQSRGLGR WHQHU XQD LQFLGHQFLD IDYRUDEOH D OD HVWLPDFLyQ GH VXV
SUHWHQVLRQHVVyORHQWDOFDVRFRPSUREDGDTXHODGHFLVLyQILQDOSXGRWDOYH]KDEHU
VLGRRWUDVLODSUXHEDVHKXELHUDSUDFWLFDGRRKXELHVHVLGRYDORUDGDFRQIRUPHDGHUHFKR
GHQWURGHXQPDUFRGHUD]RQDELOLGDGSRGUiDSUHFLDUVHWDPELpQHOPHQRVFDERHIHFWLYR
GHO GHUHFKR IXQGDPHQWDO LQYRFDGR GH TXLHQ SRU HVWH PRWLYR VROLFLWD HO DPSDUR
FRQVWLWXFLRQDO



,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

(O HVWiQGDU PiV DOWR HQ FXDQWR D OD YDORUDFLyQ GH OD SUXHED HVWi
FRQWHQLGRHQOD6&3\DTXHHQYLUWXGDHVWHHQWHQGLPLHQWR
HOLQFXPSOLPLHQWRGHODFDUJDDUJXPHQWDWLYDQRHVFDXVDOSDUDTXHHO
FRQWURO GH FRQVWLWXFLRQDOLGDG QR LQJUHVH DO DQiOLVLV GH IRQGR GH OD
SUREOHPiWLFDHQHOPDUFRGHODVGRVFRQGLFLRQHVSDUDODUHYLVLyQGHOD
SUXHEDD DSDUWDPLHQWRGHORVFiQRQHVGHUD]RQDELOLGDGRHTXLGDG\E 
RPLVLRQHVYDORUDWRULDV



6XEUHJODVSURFHVDOHVSDUDGHQHJDUODWXWHODGHODDFFLyQ
GHOLEHUWDG&XDQGRVHLPSXJQDRVHVROLFLWDUHYLVDUORUHVXHOWRHQRWUD
DFFLyQGHGHIHQVD
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

W


dW^:d

6&31RFRUUHVSRQGHDFXGLUDODMXVWLFLDFRQVWLWXFLRQDOD
WUDYpV GH XQD DFFLyQ GH GHIHQVD LPSXJQDQGR R VROLFLWDQGR TXH VH
UHYLVHODUHVROXFLyQSURQXQFLDGDHQRWUDDFFLyQWXWHODU

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

/RV DFFLRQDQWHV DOHJDQ OHVLyQ D YDULRV HOHPHQWRV GH OD JDUDQWtD GHO
GHELGR SURFHVR FRQ HO DUJXPHQWR TXH VH KL]R XQD LQDGHFXDGD
WLSLILFDFLyQGHOGHOLWRSRUHOTXHVHOHVDFXVD DVHVLQDWR ORTXHGHULYRHQ
VX GHWHQFLyQ SUHYHQWLYD GH OD FXDO VROLFLWDURQ VX FHVDFLyQ TXH IXH
LQLFLDOPHQWHFRQFHGLGDSHURDFRQVHFXHQFLDGHXQDDFFLyQGHDPSDUR
FRQVWLWXFLRQDO VH GHMy VLQ HIHFWR GLFKD FHVDFLyQ D WUDYpV GH XQD
UHVROXFLyQSURQXQFLDGDHQODDFFLyQGHDPSDURTXHHVIRU]DGD\QR
WLHQHVHQWLGROyJLFRMXUtGLFRUDFLRQDOSRUORFXDOVROLFLWDQVHDQXOHOD
PLVPD\VHUHVWLWX\DHO$XWRTXHOHVFRQFHGLyODFHVDFLyQDODGHWHQFLyQ
SUHYHQWLYD

([WUDFWRGHODUDWLRGHFLGHQGL

)- ,,, /RV DFFLRQDQWHV UHILHUHQ TXH VH HQFXHQWUDQ SURFHVDGRV SRU OD
SUHVXQWD FRPLVLyQ GHO GHOLWR GH DVHVLQDWR VLQ HPEDUJR FRQVLGHUDQ TXH VH
LQFXUULy HQ XQD LQGHELGD WLSLILFDFLyQ PLVPD TXH OHV RFDVLRQy XQD LQMXVWD
GHWHQFLyQSUHYHQWLYDUHVWULQJLpQGROHVSRUHOORVXGHUHFKRDODORFRPRFLyQWRGD
YH]TXHVHHQFRQWUDUtDQSULYDGRVGHVXOLEHUWDGSRUYHLQWLWUpVPHVHV

$VLPLVPRSRU$XWRGHGHPDU]RGHHO7ULEXQDO3ULPHURGH6HQWHQFLD
3HQDOUHFKD]yODVROLFLWXGGHFHVDFLyQGHODGHWHQFLyQSUHYHQWLYDVROLFLWDGDSRU
ORV LPSXWDGRV 1HOO\ &KDUR *RQ]iOH] )HUQiQGH] &DUORV /ySH] 4XLUR] \
*XDOEHUWR *RQ]iOHV )HUQiQGH] UHVROXFLyQ TXH IXH DSHODGD VROLFLWDQGR VH
UHYRTXHHO$XWRLPSXJQDGR\VHOHVDSOLTXHQPHGLGDVVXVWLWXWLYDVSRUHOOROD
6DOD3HQDO6HJXQGDHPLWLyHO$XWRGH9LVWDGHGHDEULOGH

6LQHPEDUJRDWUDYpVGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOSUHVHQWDGDSRUOD
TXHUHOODQWH /HRQRU $\PD 0RUDOHV FRQWUD ORV 9RFDOHV GH OD UHIHULGD 6DOD
UHVROYLyDWUDYpVGHOD5HVROXFLyQGHGHMXQLRFRQFHGHUHQSDUWH
ODWXWHODVROLFLWDGDGHFODUDQGRQXORHO$XWRGH9LVWDGHGHDEULOGH
GLVSRQLHQGR TXH GH LQPHGLDWR VH HPLWD XQR QXHYR GHELGDPHQWH PRWLYDGR
HVWDEOHFLHQGRTXHTXHGHQXODFXDOTXLHURWUDUHVROXFLyQTXHVHKXELHVHHPLWLGR
FRQVXMHFLyQHQHO$XWRGH9LVWDUHIHULGR

$O UHVSHFWR FRQIRUPH OD 6& 5 GH  GH PD\R PHQFLRQDGD HQ HO
)XQGDPHQWR -XUtGLFR ,,, GH OD 6HQWHQFLD &RQVWLWXFLRQDO 3OXULQDFLRQDO
HVWDEOHFLyTXHODVUHVROXFLRQHVGHORVWULEXQDOHVGHJDUDQWtDVTXHUHVXHOYDQXQD
DFFLyQ GH DPSDUR FRQVWLWXFLRQDO QR SXHGHQ VHU LPSXJQDGDV PHGLDQWH RWUD
DFFLyQ WXWHODU WRGD YH] TXH HVWDV VRQ UHYLVDGDV GH RILFLR SRU HO 7ULEXQDO
&RQVWLWXFLRQDO

$KRUDELHQHO&yGLJR3URFHVDO&RQVWLWXFLRQDOHQVXDUWVHUHILHUHVREUHOD

W


dW^:d


UHPLVLyQ DO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO
/D UHVROXFLyQ \
DQWHFHGHQWHVGHOD$FFLyQGH'HIHQVDVHHOHYDUiGHRILFLRHQUHYLVLyQDQWHHO
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HQ HO SOD]R GH YHLQWLFXDWUR KRUDV
VLJXLHQWHVDODHPLVLyQGHODUHVROXFLyQ
DOLJXDOTXHHODUWGLVSRQH
/DV
UHVROXFLRQHV GHWHUPLQDGDV SRU XQD -XH]D -XH] R 7ULEXQDO HQ $FFLRQHV GH
'HIHQVDVHUiQHMHFXWDGDVLQPHGLDWDPHQWHVLQSHUMXLFLRGHVXUHPLVLyQSDUD
UHYLVLyQDQWHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHQHOSOD]RHVWDEOHFLGR
HQHOSUHVHQWH&yGLJR


&RQVLGHUDQGR TXH ORV DFFLRQDQWHV FXHVWLRQDQ OD 5HVROXFLyQ HPLWLGD HQ OD
DFFLyQGHDPSDURFRQVWLWXFLRQDOLQWHUSXHVWDSRU/HRQRU$\PD0RUDOHVVLHQGR
VX SUHWHQVLyQ GH TXH D WUDYpV GH OD SUHVHQWH DFFLyQ GH OLEHUWDG VH DQXOH OD
5HVROXFLyQGHGHMXQLR\VHPDQWHQJDLQFyOXPHHO$XWRGH9LVWD
GHGHDEULOGHSURQXQFLDGRSRUOD6DOD3HQDO6HJXQGD\WRGDYH]TXH
HV HYLGHQWH OD DSOLFDFLyQ GH OD LUUHFXUULELOLGDG GH ODV UHVROXFLRQHV HPLWLGDV
GHQWUR GH ODV DFFLRQHV WXWHODUHV PHGLDQWH OD LQWHUSRVLFLyQ GH RWUDV DFFLRQHV
FRQVWLWXFLRQDOHVVHDVXPHTXHQRVHSXHGHLPSXJQDUXQDUHVROXFLyQHPHUJHQWH
GHXQDDFFLyQWXWHODUFRQRWUDPi[LPHVLODVPLVPDVVRQUHYLVDGDVGHRILFLR
SRUHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO

)LQDOPHQWH VHxDODU TXH FRQVLGHUDGD OD QDWXUDOH]D MXUtGLFD GH ODV DFFLRQHV GH
GHIHQVDDOHPLWLUVHXQDUHVROXFLyQGHQWURGHXQDDFFLyQWXWHODUODPLVPDQR
SXHGHVHULPSXJQDGDRFXHVWLRQDGDPHGLDQWHODLQWHUSRVLFLyQGHRWUDDFFLyQ
WXWHODU


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

6& 5  1R FRUUHVSRQGH D WUDYpV GH XQ QXHYR UHFXUVR
FRQVWLWXFLRQDOUHYLVDURLPSXJQDUXQD6HQWHQFLDGLFWDGDGHQWURGHRWUR
UHFXUVRHQHVWHFDVRXQ$PSDUR&RQVWLWXFLRQDOSXHVWRTXHGLFKRIDOOR
VHUi UHYLVDGR GH RILFLR SRU HO 7ULEXQDO &RQVWLWXFLRQDO   66&&
5 5 5 5 HQWUH RWUDV 
'LFKDMXULVSUXGHQFLDHVDSOLFDEOHDOFDVRWRGDYH]TXHVHHYLGHQFLDTXH
D WUDYpV GH OD SUHVHQWH DFFLyQ VH SUHWHQGH GHMDU VLQ HIHFWR XQD
5HVROXFLyQ HPLWLGD SRU XQ 7ULEXQDO GH JDUDQWtDV HQ XQD DFFLyQ GH
OLEHUWDGGHELHQGRDOUHVSHFWRDFODUDUVH\GHMDUHVWDEOHFLGRTXHGLFKD
5HVROXFLyQ DO PRPHQWR GH OD LQWHUSRVLFLyQ GH OD SUHVHQWH DFFLyQ GH
DPSDUR FRQVWLWXFLRQDO D~Q QR IXH UHYLVDGD SRU HO 7ULEXQDO
&RQVWLWXFLRQDO




6XEUHJODVSURFHVDOHVSDUDGHQHJDUODWXWHODGHODDFFLyQ
GHOLEHUWDG&XDQGRVHVROLFLWDHOFXPSOLPLHQWRGHODUHVROXFLyQGHRWUD
DFFLyQGHGHIHQVD
1~PHURGHUHVROXFLyQ6&3

)LFKD
W


dW^:d


7LSR-XULVSUXGHQFLD

-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   /D DFFLyQ GH OLEHUWDG QR HV OD YtD LGyQHD SDUD
UHVROYHU GHQXQFLDV UHIHUHQWHV DO LQFXPSOLPLHQWR GH GHFLVLRQHV
HPDQDGDVGHDFFLRQHVWXWHODUHVLQWHUSXHVWDVFRQDQWHULRULGDG

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHOLEHUWDGODDFFLRQDQWHVHxDOyTXHODVDXWRULGDGHVDKRUD
GHPDQGDGDV LQFXPSOLHURQ OD GHFLVLyQ HPDQDGD GH XQD DFFLyQ WXWHODU
DQWHULRU SRU OR TXH HVWDUtD LQGHELGDPHQWH SULYDGD GH OLEHUWDG
DIHFWiQGRVHHQFRQVHFXHQFLDVXGHUHFKRDODOLEHUWDGUD]yQSRUODFXDO
SLGLyVHGLFWHVHQWHQFLDTXHUHVWLWX\DVXGHUHFKRDIHFWDGR(O7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDODSUREyODUHVROXFLyQGHO-XH]GH*DUDQWtDV
\GHQHJyODWXWHODSRUQRVHUHVWHHOPHFDQLVPRDGHFXDGRSDUDVROLFLWDU
HOFXPSOLPLHQWRGHXQDGHFLVLyQFRQVWLWXFLRQDO

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,


/D DFFLRQDQWH UHFODPD TXH ODV DXWRULGDGHV GHPDQGDGDV QR GLHURQ


FXPSOLPLHQWRDORGLVSXHVWRSRUHOMXH]GHJDUDQWtDVHQXQDDFFLyQGH
OLEHUWDGDQWHULRULQWHUSXHVWDSRUODPLVPDDFFLRQDQWH\VROLFLWDODWXWHOD
GHVXGHUHFKRDODOLEHUWDGLQWHUSRQLHQGRXQDQXHYDDFFLyQGHOLEHUWDG
([WUHPRTXHFRQIRUPHDORGHVDUUROODGROtQHDVDUULEDQRFRUUHVSRQGH
FRQRFHUDHVWDMXULVGLFFLyQFRQVWLWXFLRQDO


6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJDODDFFLyQGHOLEHUWDGSRUQRVHUHVWHHOPHFDQLVPRDGHFXDGR
SDUDVROLFLWDUHOFXPSOLPLHQWRGHXQDGHFLVLyQFRQVWLWXFLRQDOHPDQDGD
GHXQPHFDQLVPRWXWHODUDFWLYDGRFRQDQWHULRULGDG

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/D OtQHD GH OD LPSRVLELOLGDG GH DQDOL]DU HO FXPSOLPLHQWR GH RWUDV
DFFLRQHVWXWHODUHVDWUDYpVGHODDFFLyQGHOLEHUWDGGHEHVHUDQDOL]DGDGH
ODVLJXLHQWHIRUPD

W


dW^:d


 (O 7ULEXQDO &RQVWLWXFLRQDO HQ OD 6& 5 HVWDEOHFLy OD
LPSRVLELOLGDG GH EULQGDU WXWHOD SRU GHQXQFLD GH LQFXPSOLPLHQWR D
UHVROXFLRQHVHPDQDGDVGHORVHQWRQFHVUHFXUVRVFRQVWLWXFLRQDOHVFRPR
VHUHODPSDURFRQVWLWXFLRQDO\KiEHDVFRUSXVFULWHULRUHLWHUDGRSRUODV
66&&\5

 (O &yGLJR 3URFHVDO &RQVWLWXFLRQDO HQ HO DUW  GLVFLSOLQD HO
SURFHGLPLHQWRGHTXHMDSRUPRUDRLQFXPSOLPLHQWRHOFXDOWDOFRPROR
HVWDEOHFHOD6&2HVHOPHFDQLVPRLGyQHRSDUDGHQXQFLDVGH
LQFXPSOLPLHQWRDUHVROXFLRQHVHPDQDGDVGHDFFLRQHVWXWHODUHVHQFDVRV
HQORVFXDOHVODVHQWHQFLDFRQVWLWXFLRQDOWHQJDFDOLGDGGHFRVDMX]JDGD
SRUWDOUD]yQODDKRUDSULPHUDVHQWHQFLDFRQILUPDGRUDGHOtQHD\WRGDV
ODVGHPiVTXHYHUVHQVREUHHVWDWHPiWLFDGHEHQVHUFRQWH[WXDOL]DGDVHQ
HOPDUFRGHODYLJHQFLDGHO&yGLJR3URFHVDO&RQVWLWXFLRQDO

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

(OSUHFHGHFHGHQWHFRQWHQLGRHQOD6&VHxDOy

7HUFHU&RQVLGHUDQGR


4XH HQ ORV FDVRV GH GHVREHGLHQFLD D ODV UHVROXFLRQHV GLFWDGDV HQ
5HFXUVRVGH+DEHDV&RUSXVDVtFRPRHQORVGH$PSDUR&RQVWLWXFLRQDO
QRFRUUHVSRQGHODGHGXFFLyQGHRWUR5HFXUVRVLQRODDSOLFDFLyQGHODV
SUHYLVLRQHVFRQWHQLGDVHQHO$UWELVGHO&yGLJR3HQDO


,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

1RH[LVWHYDULDFLyQDOJXQDGHOtQHDMXULVSUXGHQFLDO



1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO


W


dW^:d

6&3   (V LQYLDEOH XQD GHPDQGD GH WXWHOD FRQVWLWXFLRQDO


FRQHOREMHWRGHDVHJXUDU\H[LJLUHOFXPSOLPLHQWRGHORUHVXHOWRHQ
RWUD VHQWHQFLD FRQVWLWXFLRQDO DQWHULRU GHELGR D TXH ODV VHQWHQFLDV
FRQVWLWXFLRQDOHVVRQGHHIHFWRREOLJDWRULR\YLQFXODQWH

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HO DFFLRQDQWH GHQXQFLD OD
YXOQHUDFLyQGHORVGHUHFKRVGHVXUHSUHVHQWDGRDODOLEHUWDGItVLFDGH
ORFRPRFLyQ \ DO GHELGR SURFHVR DO FRQVLGHUDU TXH ODV DXWRULGDGHV
MXGLFLDOHVGHPDQGDGDVLQREVHUYDURQODOH\DOFRQILUPDUODLPSRVLFLyQGH
XQD PHGLGD FDXWHODU SHUVRQDO D SHVDU GH TXH XQD UHVROXFLyQ
FRQVWLWXFLRQDO SURQXQFLDGD SRU XQ -XH] GH JDUDQWtDV RUGHQDED OD
OLEHUWDG GH VX UHSUHVHQWDGR SRU OR TXH VROLFLWy VH GHMH VLQ HIHFWR OD
5HVROXFLyQHPLWLGDSRUORV9RFDOHVGHPDQGDGRV\VXEVLVWHQWHODGLFWDGD
HQODMXVWLFLDFRQVWLWXFLRQDO

(O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO GHQHJy OD WXWHOD VROLFLWDGD
GHELGR D TXH OD DFFLyQ GH OLEHUWDG QR SXHGH VHU XWLOL]DGD FRPR XQ
PHFDQLVPR GH FRHUFLyQ SDUD SHGLU HO FXPSOLPLHQWR GH XQD VHQWHQFLD
SURQXQFLDGDHQODMXULVGLFFLyQFRQVWLWXFLRQDOSXHVWRTXHORVIDOORVTXH
VXUJHQ GH GLFKD LQVWDQFLD JR]DQ GH ILUPH]D \ VXEVLVWHQFLD GHVGH HO
PRPHQWRGHVXHPLVLyQ\SRUWDQWRQRSXHGHQVHUFXHVWLRQDGRVSRUXQD
QXHYDGHPDQGD

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,(ODFFLRQDQWHSODQWHDODGHPDQGDGHDFFLyQGHOLEHUWDGVLQSUHFLVDUODIRUPD
HQODTXHORVGHPDQGDGRVFRQFXOFDURQHOGHUHFKRDODOLEHUWDGGHVXUHSUHVHQWDGRHQ
FRQVHFXHQFLDQRVROLFLWDODWXWHODGHGHUHFKRDOJXQRDOFRQWUDULRUHFODPDDODMXVWLFLD
FRQVWLWXFLRQDO GHFODUDU ILUPH \ VXEVLVWHQWH XQD VHQWHQFLD TXH FRQFHGLy OD WXWHOD
LPSHWUDGD HQ XQD DQWHULRU HPHUJHQWH GH OD PLVPD MXULVGLFFLyQ $O UHVSHFWR HV
LPSRUWDQWHSUHFLVDUTXHWDOSHWLFLyQQRFRQGLFHFRQODHVHQFLD\REMHWRGHHVWDJDUDQWtD
MXULVGLFFLRQDO SRU FXDQWR HO MXH] R WULEXQDO GH JDUDQWtDV DO PRPHQWR GH HPLWLU
SURQXQFLDPLHQWRVREUHXQDGHPDQGDGHHVWDQDWXUDOH]DQRSXHGHUHVROYHUODHQODIRUPD
FRPRVROLFLWDHODFFLRQDQWHHVGHFLUFRPRKDVRVWHQLGRODDPSOLDMXULVSUXGHQFLDGHpVWH
\ GHO H[WLQWR 7ULEXQDO &RQVWLWXFLRQDO GH %ROLYLD ODV DXWRULGDGHV TXH WHQJDQ TXH
DGPLQLVWUDUMXVWLFLDFRQVWLWXFLRQDOHQVHQWHQFLDGHEHQGHQHJDURFRQFHGHUODWXWHOD\GH
QLQJXQD PDQHUD FXHVWLRQDU OD YDOLGH] GH XQD UHVROXFLyQ TXH VXUMD GH OD MXULVGLFFLyQ
FRQVWLWXFLRQDOFRQDQWHULRULGDGDODQXHYDGHPDQGDSRUFXDQWRORVIDOORVTXHVXUJHQGH
GLFKDLQVWDQFLD\GHODPLVPDDFFLyQWXWHODUWLHQHQHOPLVPRUDQJR\QRFRUUHVSRQGHVX
FXHVWLRQDPLHQWRSRUXQDQXHYDGHPDQGDDOFRQVLGHUDUTXHODILUPH]D\ODVXEVLVWHQFLD
DGTXLULHURQHQHOPRPHQWRPLVPRGHVXHPLVLyQDOKDEHUHPDQDGRGHXQDDXWRULGDG
FRPSHWHQWH \SRUJXDUGDUFRQFRUGDQFLD\FRKHUHQFLDFRQOD&RQVWLWXFLyQ3ROtWLFDGHO
(VWDGR\ODOH\'HH[LVWLUXQDFRPSXOVDLQDSURSLDGDGHORVDQWHFHGHQWHVGHOSURFHVROD
LQREVHUYDQFLDGHODMXULVSUXGHQFLDHVWDEOHFLGDRVLHOMX]JDGRUVHDSDUWDPDQLILHVWDPHQWH
GHOD1RUPD6XSUHPD\ODOH\OHFRUUHVSRQGHDO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO
HIHFWXDUODUHYLVLyQGHpVWD\GHVHUQHFHVDULRDSUREDURFRQILUPDUODVHQWHQFLDGHOMXH]
GHJDUDQWtDVVLQHPEDUJRXQDQXHYDGHPDQGDQRSXHGHWHQHUHOREMHWRGHFXHVWLRQDUVX

W


dW^:d


YDOLGH]GHDVHJXUDUVXFXPSOLPLHQWRRHQVXFDVRGHFODUDUILUPHRSHUVLVWHQWH(QPpULWR
DO HIHFWR LQPHGLDWR TXH FDUDFWHUL]D D ODV VHQWHQFLDV GH OD MXULVGLFFLyQ FRQVWLWXFLRQDO
pVWDV TXHGDQ ILUPHV VXEVLVWHQWHV KDVWD TXH HO Pi[LPR LQWpUSUHWH GH OD &RQVWLWXFLyQ
3ROtWLFDGHO(VWDGRHIHFW~HODUHYLVLyQ


&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(OHQWRQFHV7ULEXQDO&RQVWLWXFLRQDOGH%ROLYLDHQVXVGLIHUHQWHV\XQLIRUPHV
IDOORV KD HVWDEOHFLGR OD OtQHD MXULVSUXGHQFLDO HQ HVH VHQWLGR DVt OD 6&
5 GH  GH PD\R VHxDOy
7RGD YH] TXH RWUR GH ORV SXQWRV
GHQXQFLDGRVSRUHODFFLRQDQWHHVTXHODDXWRULGDGGHPDQGDGDVXSXHVWDPHQWH
VHQLHJDDGDUFXPSOLPLHQWRDOD6&5GHGHQRYLHPEUH\VHxDOD
TXH SRU HOOR KD DGHFXDGR VX FRQGXFWD DO LOtFLWR GH GHVREHGHFLPLHQWR D OD
UHVROXFLRQHVHQSURFHVRVGHUHFXUVRVGHKiEHDVFRUSXV\DPSDURFRQVWLWXFLRQDO
SRUORTXHGHEHVHUSXHVWRDGLVSRVLFLyQGHO0LQLVWHULR3~EOLFR\GHOMXH]HQOR
SHQDOFDEHVHxDODUTXHSRUUHJODJHQHUDOHQORVFDVRVGHGHVREHGLHQFLDDODV
UHVROXFLRQHVGLFWDGDVHQUHFXUVRVGHKiEHDVFRUSXVDVtFRPRHQORVGHDPSDUR
FRQVWLWXFLRQDOQRFRUUHVSRQGHODGHGXFFLyQGHRWURUHFXUVRH[WUDRUGLQDULRVLQR
TXH VH GHEH DFXGLU DO 7ULEXQDO TXH FRQRFLy HO UHFXUVR \ TXH GLR RULJHQ D OD
6HQWHQFLD TXH VHUi DQWH HO FXDO VH VROLFLWDUi VH KDJD FXPSOLU HO IDOOR
FRQVWLWXFLRQDOHQWHQGLPLHQWRTXHVHSXHGHHQFRQWUDUHQOD6&5
GHGHQRYLHPEUHTXHDVXYH]FLWDFRPRUHIHUHQWHDODV66&&
5 5 5 5 5 5
5


/RVDQWHFHGHQWHVGHOUD]RQDPLHQWRFLWDGRDQWHULRUPHQWHVHHQFXHQWUDQHQOD6&
5 GH  GH VHSWLHPEUH HQWUH RWUDV FX\R HQWHQGLPLHQWR SUHFLVy
TXH
XQ HYHQWXDO LQFXPSOLPLHQWR GH XQD 6HQWHQFLD FRQVWLWXFLRQDO HPLWLGD
GHQWURGHXQDDFFLyQWXWHODU GHDPSDURRKiEHDVFRUSXV QRSXHGHUHVROYHUVH
DWUDYpVGHODLQWHUSRVLFLyQGHRWURUHFXUVRFRQVWLWXFLRQDO(QHIHFWRDOFRQRFHU
\ UHVROYHU FDVRV DQiORJRV HVWH 7ULEXQDO KD VRVWHQLGR TXH HQ ORV FDVRV GH
GHVREHGLHQFLD D ODV UHVROXFLRQHV GLFWDGDV HQ UHFXUVRV GH KiEHDV FRUSXV DVt
FRPR HQ ORV GH DPSDUR FRQVWLWXFLRQDO QR FRUUHVSRQGH OD GHGXFFLyQ GH RWUR
UHFXUVR H[WUDRUGLQDULR VLQR TXH VH GHEH DFXGLU DO 7ULEXQDO TXH FRQRFLy HO
UHFXUVR\TXHGLRRULJHQDOD6HQWHQFLDTXHVHUiDQWHHOFXDOVHVROLFLWDUiVH
KDJD FXPSOLU HO IDOOR FRQVWLWXFLRQDO \ SDUD HO FDVR GH UHVLVWHQFLD R
LQFXPSOLPLHQWRSHGLUODUHPLVLyQGHDQWHFHGHQWHVDO0LQLVWHULR3~EOLFRSDUDHO
SURFHVDPLHQWRSHQDOGHORVGHPDQGDGRVSRUODFRPLVLyQGHOGHOLWRSUHYLVWRHQ
HODUWELVGHO&yGLJR3HQDO &3 





6XEUHJODVSURFHVDOHVSDUDGHQHJDUODWXWHODGHODDFFLyQ
GHOLEHUWDG,QGHIHQVLyQYROXQWDULDHQPDWHULDIDPLOLDU
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLDSUHFHGHQFLDOUHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD

W


dW^:d
7LWXODFLyQ Pi[LPD ([WUDFWRRUHFRQVWUXFFLyQGHOSUHFHGHQWHFRQVWLWXFLRQDO

6&3$SDUWLUGHXQDLQWHUSUHWDFLyQIDYRUDEOHDORVVHFWRUHVGH
DWHQFLyQ SULRULWDULD FRPR VRQ ORV PHQRUHV EHQHILFLDULRV GH DVLVWHQFLD
IDPLOLDU QR H[LVWH DSUHPLR LQGHELGR VL HO REOLJDGR SURYRFD VX SURSLD
LQGHIHQVLyQDOQRFXPSOLUFRQODFDUJDSURFHVDOGHLQIRUPDUDODDXWRULGDG
MXULVGLFFLRQDOVXFDPELRGHGRPLFLOLR

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHOLEHUWDGHODFFLRQDQWHGHQXQFLyTXHVHOHVLRQyVXGHUHFKRDO
GHELGRSURFHVR\HOSULQFLSLRGHOHJDOLGDGSRUFXDQWRIXHQRWLILFDGRPHGLDQWH
HGLFWRV FRQ OD OLTXLGDFLyQ GH SHQVLRQHV GHYHQJDGDV \ OD DSUREDFLyQ GH OD
PLVPD QR REVWDQWH TXH OD DXWRULGDG MXGLFLDO GHPDQGDGD FRQRFtD TXH VX
GRPLFLOLRVHHQFRQWUDEDHQODFLXGDGGH&RELMDDGHPiVTXHODQRWLILFDFLyQQR
IXH RUGHQDGD D WUDYpV GH H[KRUWR VXSOLFDWRULR PRWLYR SRU HO FXDO VROLFLWy VH
RUGHQH VX LQPHGLDWD OLEHUWDG \ VX OHJDO QRWLILFDFLyQ FRQ OD OLTXLGDFLyQ GH
SHQVLRQHV(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDODSUREyODUHVROXFLyQTXH
GHQHJy OD WXWHOD VROLFLWDGD FRQ HO DUJXPHQWR TXH HO DFFLRQDQWH SURYRFy VX
SURSLD LQGHIHQVLyQ DO QR LQIRUPDU D OD DXWRULGDG MXGLFLDO VX FDPELR GH
GRPLFLOLR

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,VHHYLGHQFLDTXHHQODSUHVHQWHSUREOHPiWLFDH[LVWHXQSURFHVRGH
DVLVWHQFLD IDPLOLDU D LQVWDQFLDV GH ,EHWK &RUV 9DOHQFLD HQ FRQWUD GHO DKRUD
DFFLRQDQWHVLQHPEDUJRGHODFRPSXOVDGHDQWHFHGHQWHVVHHVWDEOHFHTXHHO
SHWLFLRQDQWHGHWXWHODLQFXPSOLyFRQODFDUJDSURFHVDOGHFRPXQLFDUVXDFWXDO
GRPLFLOLRDQWHOD-XH]DGHODFDXVDDXWRULGDGDKRUDGHPDQGDGDDSHVDUGHTXH
GLFKDREOLJDFLyQHVWDED\DSUHYLVWDSRUODMXULVSUXGHQFLDYLQFXODQWHSODVPDGD
HQOD6&5GHFLVLyQUDWLILFDGDKR\SRUHOSUHVHQWHHQWHQGLPLHQWR
MXULVSUXGHQFLDO SRU WDQWR VH HVWDEOHFH TXH HO DFFLRQDQWH SURYRFy VX SURSLD
LQGHIHQVLyQ GH DFXHUGR D OR VHxDODGR HQ HO )XQGDPHQWR -XUtGLFR ,,, GH OD
SUHVHQWHVHQWHQFLD

(QYLUWXGDORVHxDODGRVHHVWDEOHFHWDPELpQTXHHODKRUDDFFLRQDQWHLQFXPSOLy
VXGHEHUGHDVLVWHQFLDIDPLOLDUDVtORHYLGHQFLDOD3ODQLOODGH/LTXLGDFLyQGH
SHQVLRQHVGHGHIHEUHURGHFXUVDQWHDIVGHREUDGRVUD]yQSRUOD
FXDO\DOGHVFRQRFHUVHVXGRPLFLOLROD-XH]DGHODFDXVDPHGLDQWHSURYLGHQFLD
GHGHHQHURGHGHWHUPLQyORVLJXLHQWH
FRQODSODQLOODGH/LTXLGDFLyQ
GHEHUiVHUSXEOLFDGDSRUYHFHVFRQVHFXWLYDVFRQLQWHUYDORQRPHQRUGHGtDV
HQXQSHULyGLFRGHFLUFXODFLyQQDFLRQDODXWRUL]DGRSRUHOWULEXQDOVXSHULRUGH
MXVWLFLDSDUDFX\RHIHFWRGHEHUiDSHUVRQDUVHSRUHVWHGHVSDFKRMXGLFLDODOGtD
VLJXLHQWHKiELOGHVXQRWLILFDFLyQFRQHOSUHVHQWHGHFUHWRDORVHIHFWRVGHSUHVWDU
VXMXUDPHQWRGHGHVFRQRFLPLHQWRGHGRPLFLOLR
 VLF DGHPiVVHDGYLHUWHTXH
OD DXWRULGDG MXULVGLFFLRQDO DKRUD GHPDQGDGD PHGLDQWH SURYLGHQFLD GH  GH
DEULO GH  HQ EDVH D OD SXEOLFDFLyQ GH HGLFWRV UHDOL]DGD GHFODUD OD OHJDO
FLWDFLyQ GHO DFFLRQDQWH GHVLJQDQGR D 9HUyQLFD )HUQDQGD -DPLOOR 0DPDQL
GHIHQVRUD GH RILFLR GH ,YDQ 0LFKHO 7RUUHV IV  YWD  (VWD GHFLVLyQ IXH
QRWLILFDGDDODGHIHQVRUDGHRILFLRHOGHPD\RGH IV )LQDOPHQWH

W


dW^:d


PHGLDQWH$XWRGHGHMXQLRGHODDXWRULGDGMXULVGLFFLRQDORUGHQDD,YDQ
0LFKHO 7RUUHV HO SDJR
D WHUFHUR GtD GH VX OHJDO QRWLILFDFLyQ
 VLF  GH %V

EDMRFRQPLQDWRULDGHSURFHGHUVHDOHPEDUJR \UHPDWHGHVXVELHQHV
FRQIRUPHHVWDEOHFHHODUWGHOD/$3&$)\HQVXGHIHFWRSRU$FWXDUtDOtEUHVH
PDQGDPLHQWR GH DSUHPLR HQ IRUPD GLUHFWD HQ FRQWUD GHO REOLJDGR
HQFRPHQGDQGRVXFXPSOLPLHQWRDOD3ROLFtDGHOGHSDUWDPHQWRGH&KXTXLVDFD
SDUDVHUWUDVODGDGRDODFiUFHOS~EOLFDGHODFLXGDGGH6XFUHKDVWDTXHFDQFHOH
ODVXPDDGHXGDGDHQFXPSOLPLHQWRGHODUW,,GHOD&RQVWLWXFLyQ3ROtWLFDGHO
(VWDGR SUHYLVWR HQ HO DUW  GHO &yGLJR GH )DPLOLD
 VLF  0HGLDQWH HVWD
SURYLGHQFLD VH HVWDEOHFH WDPELpQ OD SXEOLFDFLyQ GH GLFKD UHVROXFLyQ
MXULVGLFFLRQDOSRUGRVYHFHVFRQVHFXWLYDVDWUDYpVGHXQPHGLRGHFRPXQLFDFLyQ
VRFLDODQLYHOQDFLRQDO\HQGtDVKiELOHV IVYWDD 

(Q HVWH FRQWH[WR VH VHxDOy WDPELpQ HQ HO )XQGDPHQWR -XUtGLFR ,,, GH OD
SUHVHQWH VHQWHQFLD TXH HQ ORV VXSXHVWRV HQ ORV FXDOHV H[LVWD RPLVLyQ GHO
REOLJDGRGHDFWXDOL]DUVXGRPLFLOLRUHDO\HQPpULWRDOLQFXPSOLPLHQWRGHOGHEHU
GHDVLVWHQFLDIDPLOLDUHQFDVRGHGHVFRQRFLPLHQWRGHGRPLFLOLRGHOREOLJDGR
SRUSDUWHGHORVDFWRUHVSURFHVDOHVODQRWLILFDFLyQSRUHGLFWRVSUHYLRMXUDPHQWR
GHOH\GHDFXHUGRDODVQRUPDVDGMHWLYDVYLJHQWHVHVSOHQDPHQWHYiOLGD\SRU
HQGH WRGR PDQGDPLHQWR GH DSUHPLR RUGHQDGR HQ FXPSOLPLHQWR D ORV
SUHVXSXHVWRVSURFHVDOHVLPSHUDQWHVSDUDODQRWLILFDFLyQSRUHGLFWRVGHQLQJXQD
PDQHUD FRQVWLWX\HQ SULYDFLyQ GH OLEHUWDG LQGHELGD HPHUJHQWH GH SHUVHFXFLyQ
LOHJDO HQ HVH RUGHQ ORV DQWHFHGHQWHV DQWHV GHVFULWRV HYLGHQFLDQ TXH OD
QRWLILFDFLyQ SRU HGLFWRV UHDOL]DGD DO DKRUD DFFLRQDQWH FXPSOLy FRQ ORV
SUHVXSXHVWRVSDUDVXH[SHGLFLyQHQSURFHVRVGHDVLVWHQFLDIDPLOLDUSRUWDQWR
HQODHVSHFLHQRH[LVWLySULYDFLyQLQGHELGDGHOLEHUWDG

6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJD OD DFFLyQ GH OLEHUWDG SRU FXDQWR GHQWUR GHO SURFHVR GH DVLVWHQFLD
IDPLOLDUVHJXLGRFRQWUDHODFFLRQDQWHpVWHLQFXPSOLyFRQODFDUJDSURFHVDOGH
FRPXQLFDU VX DFWXDO GRPLFLOLR D OD -XH]D GH OD FDXVD SURYRFDQGR VX SURSLD
LQGHIHQVLyQSRUWDQWRHVYiOLGDODQRWLILFDFLyQPHGLDQWHHGLFWRV

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/D6&3HVFRQVLGHUDGDPRGXODGRUDSRUTXHVLELHQVHEDVDHQODV
66&&  5 \ 5 HV OD SULPHUD TXH XQH ORV
FULWHULRVGHODV6HQWHQFLDVDQWHVGHVDUUROODGDV\JHQHUDXQSUHFHGHQWHDSOLFDEOH
DO DSUHPLR HQ PDWHULD IDPLOLDU D SDUWLU GH OD LQGHIHQVLyQ TXH VH SURYRFD HO
SURSLRREOLJDGRSRUQRFXPSOLUFRQVXGHEHUGHLQIRUPDUDODDXWRULGDGMXGLFLDO
HOFDPELRGHGRPLFLOLR

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,GHEHHVWDEOHFHUVHTXHSDUDFDVRVGHLQFXPSOLPLHQWRGHGHEHUHVGHDVLVWHQFLD
IDPLOLDU QR H[LVWLUi SULYDFLyQ LQGHELGD GH OLEHUWDG HPHUJHQWH GH PDQGDPLHQWRV GH
DSUHPLRFXDQGRHOREOLJDGRSURYRTXHVXSURSLDLQGHIHQVLyQSRUWDQWRHQFDVRGHKDEHU
VLGRFLWDGRHOREOLJDGRHQXQDGHPDQGDGHDVLVWHQFLDIDPLOLDUpVWHWLHQHODFDUJDSURFHVDO
GHPDQWHQHUDFWXDOL]DGRVXGRPLFLOLR\WRGDYH]TXHODREOLJDFLyQGHDVLVWHQFLDIDPLOLDU
HV GH FDUiFWHU FRQWLQXR PLHQWUDV H[LVWD FDXVD MXUtGLFD SDUD EULQGDUOD JHQHUD SDUD HO

W


dW^:d
GHPDQGDGR GH DVLVWHQFLD IDPLOLDU HQ PpULWR D VX GHEHU GH FXLGDGR REOLJDFLRQHV
SURFHVDOHVWDPELpQFRQWLQXDVHQWUHODVFXDOHVVHHQFXHQWUDODFDUJDSURFHVDOGHLQIRUPDU
DODDXWRULGDGMXULVGLFFLRQDOTXHWUDPLWDHOSURFHVRXQHYHQWXDOFDPELRGHGRPLFLOLR
GHEHU TXH SHUGXUD HO WLHPSR TXH HO REOLJDGR GHEH SUHVWDU DVLVWHQFLD IDPLOLDU
HQWHQGLPLHQWR\DGHVDUUROODGRSRUOD6&5\TXHGHEHVHUUDWLILFDGRPHGLDQWH
ODSUHVHQWHVHQWHQFLDFRQVWLWXFLRQDO

(QHORUGHQGHLGHDVH[SXHVWRHQFDVRGHQRFXPSOLUVHFRQHVWDFDUJDSURFHVDO\PiV
D~Q IUHQWH D XQ LQFXPSOLPLHQWR GH VX GHEHU GH SUHVWDFLyQ GH DVLVWHQFLD IDPLOLDU HO
REOLJDGR HQ HVWDV FLUFXQVWDQFLDV SURYRFDUi VX SURSLD LQGHIHQVLyQ SRU WDQWR HQ
DSOLFDFLyQGHORVSRVWXODGRVSURSLRVGHODFRQVWLWXFLyQD[LRPiWLFDHQUHVJXDUGRGHODV
UHJODVGHXQGHELGRSURFHVRHQDUPRQtDFRQXQHTXLOLEULRSURFHVDOHTXLWDWLYR\SDUDQR
GHMDU D ORV VHFWRUHVGH DWHQFLyQSULRULWDULD HQ XQD VLWXDFLyQ D~QPiV GHVYHQWDMRVD HV
UD]RQDEOH\DFRUGHFRQORVYDORUHVMXVWLFLDHLJXDOGDGFRURODULRVGHO
YLYLUELHQ
YDORU
SOXUDOHVHQFLDOGHO(VWDGR3OXULQDFLRQDOGH%ROLYLDHVWDEOHFHUTXHHQHVWRVVXSXHVWRVHV
GHFLUFXDQGRH[LVWDRPLVLyQGHOREOLJDGRGHDFWXDOL]DUVXGRPLFLOLRUHDO\HQPpULWRDO
LQFXPSOLPLHQWR GHO GHEHU GH DVLVWHQFLD IDPLOLDU HQ FDVR GH GHVFRQRFHU ORV DFWRUHV
SURFHVDOHVHOGRPLFLOLRGHOREOLJDGRODQRWLILFDFLyQSRUHGLFWRVSUHYLRMXUDPHQWRGHOH\
GH DFXHUGR D ODV QRUPDV DGMHWLYDV YLJHQWHV HV SOHQDPHQWH YiOLGD \ SRU HQGH WRGR
PDQGDPLHQWR GH DSUHPLR RUGHQDGR HQ FXPSOLPLHQWR D ORV SUHVXSXHVWRV SURFHVDOHV
LPSHUDQWHVSDUDODQRWLILFDFLyQSRUHGLFWRVGHQLQJXQDPDQHUDFRQVWLWX\HQSULYDFLyQGH
OLEHUWDGLQGHELGDHPHUJHQWHGHSHUVHFXFLyQLOHJDO

(O UD]RQDPLHQWR SUHFHGHQWHPHQWH H[SXHVWR UHVSRQGH D SDXWDV GH LQWHUSUHWDFLyQ
FRQVWLWXFLRQDOFRQJpQHVLVHQHOEORTXHGHFRQVWLWXFLRQDOLGDGLPSHUDQWHDVtORVDUWV,
\ ,,  , \ ,, GH OD &3( VH FRQILJXUDQ FRPR HO IXQGDPHQWR GHO SULQFLSLR GH
IDYRUDELOLGDG FRPR SDXWD HVSHFtILFD GH LQWHUSUHWDFLyQ GH GHUHFKRV IXQGDPHQWDOHV
DGHPiVGHDFXHUGRDXQDLQWHUSUHWDFLyQDFRUGHFRQHO
EORTXHGHFRQYHQFLRQDOLGDG
HO
DUWGHOD&$'+FRQVWLWX\HODIXHQWHFRQYHQFLRQDOGHOSULQFLSLRSURKyPLQHDSDUWLU
GHOFXDOGHEHVHUGHVDUUROODGDODSDXWDGHLQWHUSUHWDFLyQGHQRPLQDGDIDYRULVGpELOLVHQ
PpULWR GH OD FXDO WRGD LQWHUSUHWDFLyQ D VHU UHDOL]DGD SRU HO FRQWUDORU GH
FRQVWLWXFLRQDOLGDG GHEH VHU VLHPSUH H[WHQVLYD SURJUHVLYD \ IDYRUDEOH SDUD WRGRV
DTXHOORVVHFWRUHVGHDWHQFLyQSULRULWDULDHQHVHFRQWH[WRDOWHQHUHOSURFHVRGHDVLVWHQFLD
IDPLOLDUOD ILQDOLGDGGHDVHJXUDU ODVXEVLVWHQFLDGHVHFWRUHVGHDWHQFLyQSULRULWDULDHO
HQWHQGLPLHQWR SUHFHGHQWHPHQWH GHVDUUROODGR D OD OX] GHO SULQFLSLR IiYRULV GpELOLV
FRQVWLWX\HXQUD]RQDPLHQWRIDYRUDEOHSURJUHVLYR\H[WHQVLYRDVSHFWRTXHFRQGLFHFRQ
ORV SRVWXODGRV GHO (VWDGR 3OXULQDFLRQDO GH %ROLYLD \ HO UpJLPHQ FRQVWLWXFLRQDO
LPSHUDQWH

6LQ SHUMXLFLR GH OR VHxDODGR HQ XQ HTXLOLEULR SURFHVDO \ HQ HO PDUFR GHO GHUHFKR DO
GHELGR SURFHVR HQ FDVR GH GHVFRQRFHU HO REOLJDGR GH DVLVWHQFLD IDPLOLDU OD FDXVD
LQVWDXUDGD HQ VX FRQWUD OD RPLVLyQ GH QRWLILFDFLyQ GH DFXHUGR D ORV SUHVXSXHVWRV
SURFHVDOHV GLVFLSOLQDGRV SRU OD QRUPDWLYD DGMHWLYD LPSHUDQWH FRQ OD OLTXLGDFLyQ \
FRQPLQDWRULD GH SDJR FRQVWLWXLUi SULYDFLyQ LQGHELGD GH OLEHUWDG HPHUJHQWH GH
SHUVHFXFLyQ LOHJDO VLHQGR YLDEOH HQ HVWH FDVR OD DFFLyQ GH OLEHUWDG UHSDUDGRUD GH
DFXHUGR D VX QDWXUDOH]D SURFHVDO GHVDUUROODGD HQ HO )XQGDPHQWR -XUtGLFR ,,,  GH OD
SUHVHQWHVHQWHQFLDFRQVWLWXFLRQDO




6XEUHJODVSURFHVDOHVSDUDGHQHJDUODWXWHODGHODDFFLyQ
GHOLEHUWDG,QWHUSUHWDFLyQGHODOHJDOLGDGRUGLQDULDHQDFFLyQGHOLEHUWDG
1~PHURGHUHVROXFLyQ6&3

)LFKD

W


dW^:d



7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLDSUHFHGHQFLDOUHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD ([WUDFWRRUHFRQVWUXFFLyQGHOSUHFHGHQWHFRQVWLWXFLRQDO

6&3   /D LQWHUSUHWDFLyQ GH OD OHJDOLGDG RUGLQDULD HV XQD
DWULEXFLyQH[FOXVLYDGHODVDXWRULGDGHVMXULVGLFFLRQDOHV\HOFRQWUROWXWHODUGH
FRQVWLWXFLRQDOLGDGDWUDYpVGHODDFFLyQGHOLEHUWDGSRGUiUHDOL]DUODHQFDVR
GHDGYHUWLULQWHUSUHWDFLRQHVDUELWUDULDVLQFRQJUXHQWHVDEVXUGDVLOyJLFDV
RFXDQGRH[LVWDHUURUHYLGHQWH

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH OLEHUWDG ORV DFFLRQDQWHV GHQXQFLDURQ TXH ODV DXWRULGDGHV
GHPDQGDGDVOHVLRQDURQVXVGHUHFKRDODOLEHUWDG\DOGHELGRSURFHVRSXHVWR
TXH IXHURQ GHWHQLGRV SUHYHQWLYDPHQWH VLQ WRPDU HQ FXHQWD ORV GHIHFWRV GH
IRUPD\FRQWHQLGRGHODDPSOLDFLyQGHODLPSXWDFLyQTXHIXHVXVWHQWDGDHQOD
GHFODUDFLyQWHVWLILFDOGHXQDSHUVRQDUHLQFLGHQWHTXHJR]DGHSRFDFUHGLELOLGDG
\TXHDQWHVXGHWHQFLyQSUHYHQWLYDVROLFLWDURQHQGRVPHPRULDOHVODFHVDFLyQ
GHODGHWHQFLyQSUHYHQWLYDTXHIXHURQUHFKD]DGRVVLQIXQGDPHQWRVOHJDOHV\
FRQYLQFHQWHV SRU OR TXH UHFXUULHURQ HQ DSHODFLyQ FRQWUD DPERV DXWRV
LQIXQGDGRVTXHIXHURQUHVXHOWRVPDQWHQLHQGRODFDUHQFLDGHIXQGDPHQWDFLyQ
(QEDVHDHVWRVDQWHFHGHQWHVSLGLHURQVHUHVWLWX\DVXGHUHFKRDODOLEHUWDG(O
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO FRQILUPy OD GHFLVLyQ GHO -XH] GH
*DUDQWtDV\FRQDUJXPHQWRVGLIHUHQWHVGHQHJyODWXWHODVROLFLWDGDSRUQRHVWDU
ORV DFWRV OHVLYRV GLUHFWDPHQWH YLQFXODGRV D OD OLEHUWDG DGHPiV SRU QRSRGHU
HVWD LQVWDQFLD YDORUDU SUXHED \ SRUTXH ORV DFFLRQDQWHV QR LQYRFDURQ QL
IXQGDPHQWDURQODVLQIUDFFLRQHVDODVUHJODVGHODLQWHUSUHWDFLyQDGPLWLGDVSRU
HO GHUHFKR DGHPiV GH QR KDEHU H[SUHVDGR FRQ SUHFLVLyQ ODV UD]RQHV TXH
VXVWHQWDVXSRVLFLyQQLKDEHULGHQWLILFDGRFRQFODULGDGORVSULQFLSLRRFULWHULRV
LQWHUSUHWDWLYRV TXH QR IXHURQ HPSOHDGRV R IXHURQ GHVFRQRFLGRV SRU ODV
DXWRULGDGHVGHPDQGDGDV

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
WRGDVODVOHVLRQHVDODPDODYDORUDFLyQGHODSUXHEDDODLQFRUUHFWD
DSOLFDFLyQOHJDOTXHRULJLQyVXGHWHQFLyQSUHYHQWLYDGHELHURQQHFHVDULDPHQWH
VHUGHQXQFLDGDVGHQWURGHOUHFXUVRGHDSHODFLyQSXHVFRPRPDQLIHVWDURQORV
SURSLRV DFFLRQDQWHV HO LQLFLR GH ODV OHVLRQHV D VXV GHUHFKRV \ JDUDQWtDV
FRQVWLWXFLRQDOHV VH RULJLQD HQ HO $XWR TXH GHWHUPLQy VX GHWHQFLyQ HQ WDO
VHQWLGRQRHVSRVLEOHDWUDYpVGHHVWDDFFLyQUHDOL]DUXQDQXHYDYDORUDFLyQGH
ODSUXHEDQLGHODLQWHUSUHWDFLyQGHODOHJDOLGDGRUGLQDULDSXHVHVWDVFRQVWLWX\HQ
SDUWHGHODVDXWRUHVWULFFLRQHVTXHODMXVWLFLDFRQVWLWXFLRQDOKDHVWDEOHFLGRHQOD
DEXQGDQWHMXULVSUXGHQFLD

6LQ HPEDUJR SRU ORV DQWHFHGHQWHV GHO FDVR GH DXWRV ORV DFFLRQDQWHV QR
LQYRFDURQ QL IXQGDPHQWDURQ FXiOHV IXHURQ ODV LQIUDFFLRQHV D ODV UHJODV GH OD
LQWHUSUHWDFLyQDGPLWLGDVSRUHOGHUHFKRSXHVWDPSRFRH[SUHVDURQFRQSUHFLVLyQ
ODVUD]RQHVTXHVXVWHQWDQVXSRVLFLyQQLLGHQWLILFDURQFRQFODULGDGTXpFULWHULRV
RSULQFLSLRVLQWHUSUHWDWLYRVQRIXHURQHPSOHDGRVRIXHURQGHVFRQRFLGRVSRUODV

W


dW^:d
DXWRULGDGHV MXGLFLDOHV GHPDQGDGDV HQ HVH VHQWLGR QR FXPSOLHURQ FRQ ORV
UHTXLVLWRVMXULVSUXGHQFLDOHVTXHSHUPLWHQYHULILFDUVLHQODODERULQWHUSUHWDWLYD
\ YDORUDWLYD VH KDQ TXHEUDQWDGR ORV SULQFLSLRV FRQVWLWXFLRQDOHV LQIRUPDGRUHV
GHORUGHQDPLHQWRMXUtGLFRSUHWHQGLHQGRHQHOFDVRFRQFUHWRTXHpVWH7ULEXQDO
DFWXp FRPR XQD LQVWDQFLD PiV GH OD MXVWLFLD RUGLQDULD UHDOL]DQGR XQD QXHYD
YDORUDFLyQ GH OD SUXHED \ GH OD OHJDOLGDG RUGLQDULD GH OD 5HVROXFLyQ TXH
GHWHUPLQy VX GHWHQFLyQ SUHYHQWLYD \ GH ODV TXH GHQHJDURQ OD FHVDFLyQ GH OD
GHWHQFLyQSUHYHQWLYDTXHVROLFLWDURQ


6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJDODDFFLyQGHOLEHUWDGSRUTXHORVDFFLRQDQWHVQRFXPSOLHURQFRQODFDUJD
DUJXPHQWDWLYD H[LJLGD SDUD TXH VH UHDOLFH OD LQWHUSUHWDFLyQ GH OD OHJDOLGDG
RUGLQDULD

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/DV66&&555IXHURQSURQXQFLDGDVGHQWUR
GH UHFXUVRV GH DPSDUR FRQVWLWXFLRQDO \ HIHFWLYDPHQWH HQ GLFKRV
HQWHQGLPLHQWRVVHHVWDEOHFLyTXHODLQWHUSUHWDFLyQGHODOHJDOLGDGRUGLQDULDHV
IDFXOWDGGHORVMXHFHV\WULEXQDOHVRUGLQDULRV\VyORFXDQGRGLFKDLQWHUSUHWDFLyQ
KXELHUH TXHEUDQWDGR ORV SULQFLSLRV YDORUHV GHUHFKRV \ JDUDQWtDV
FRQVWLWXFLRQDOHV HV SRVLEOH TXH VHD UHYLVDGD D WUDYpV GH OD MXVWLFLD
FRQVWLWXFLRQDOVLHPSUH\FXDQGRHOGHPDQGDQWHDKRUDDFFLRQDQWHLQYRTXH\
IXQGDPHQWHVREUHODVFULWHULRVGHLQWHUSUHWDFLyQTXHQRIXHURQREVHUYDGRVSRU
ODVDXWRULGDGHVMXGLFLDOHV(OUD]RQDPLHQWRFRQWHQLGRHQGLFKDVVHQWHQFLDVIXH
DSOLFDGRDORVUHFXUVRVGHKiEHDVFRUSXV\DFFLRQHVGHOLEHUWDGHQODV66&&
5 5 5 5 5 \ 6&3
H[LJLpQGRVHHQWRGRVHOORVODFDUJDDUJXPHQWDWLYDDOGHPDQGDQWH
KR\DFFLRQDQWH
6LQHPEDUJRGHEHPHQFLRQDUVHDOD6&3TXHPRGLILFDHVWH~OWLPR
HQWHQGLPLHQWRHQVHQWLGRTXH
ORVSUHVXSXHVWRVSDUDODUHYLVLyQGHODOHJDOLGDG
RUGLQDULD HVWDEOHFLGRV SRU OD MXULVSUXGHQFLD FRQVWLWXFLRQDO SDUD OD DFFLyQ GH
DPSDUR FRQVWLWXFLRQDO QR SXHGHQ VHU H[LJLGRV FRPR SUHVXSXHVWRV D VHU
REVHUYDGRV D TXLHQ GHPDQGD GH DFFLyQ GH OLEHUWDG GDGR TXH GLFKD FDUJD
DUJXPHQWDWLYD UHVXOWD DGYHUVD D VX QDWXUDOH]D 8Q HQWHQGLPLHQWR FRQWUDULR
LPSOLFDUtDDGRSWDUXQDLQWHUSUHWDFLyQUHVWULFWLYDOLPLWDWLYDGHHVWHPHFDQLVPR
GH SURWHFFLyQ GHVDFRUGH D ORV FULWHULRV GH LQWHUSUHWDFLyQ GH ORV GHUHFKRV
KXPDQRV\ORVPDQGDWRVSUHYLVWRVHQORVDUWV,9,,\,,GHOD&3(

$GHPiVHVLPSRUWDQWHPHQFLRQDUTXHOD6&3HVWDEOHFLyTXHSDUDOD
LQWHUSUHWDFLyQ GH OD OHJDOLGDG RUGLQDULD QR HV QHFHVDULR H[LJLU D OD SDUWH
DFFLRQDQWH OD FDUJD DUJXPHQWDWLYD TXH KDVWD HVH PRPHQWR UHTXHUtD OD
MXULVSUXGHQFLD

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

6&5
,,,3RU RWUD SDUWH FRUUHVSRQGH UHFRUGDU TXH GH DFXHUGR D OD MXULVSUXGHQFLD
VHQWDGD HQ OD 6& 5 GH  GH QRYLHPEUH KD HVWDEOHFLGR TXH OD
LQWHUSUHWDFLyQGHODOHJDOLGDGRUGLQDULDHVGHEHUGHODMXULVGLFFLyQFRP~Q\TXH

W


dW^:d

  FRUUHVSRQGH D OD MXVWLFLD FRQVWLWXFLRQDO YHULILFDU VL HQ HVD ODERU
LQWHUSUHWDWLYD QR VH KDQ TXHEUDQWDGR ORV SULQFLSLRV FRQVWLWXFLRQDOHV
LQIRUPDGRUHVGHORUGHQDPLHQWRMXUtGLFRHQWUHHOORVORVGHOHJDOLGDGVHJXULGDG
MXUtGLFD LJXDOGDG SURSRUFLRQDOLGDG MHUDUTXtD QRUPDWLYD \ GHELGR SURFHVR
SULQFLSLRVDORVTXHVHKDOODQYLQFXODGRVWRGRVORVRSHUDGRUHVMXUtGLFRVGHOD
QDFLyQGDGRTXHFRPSHWHDODMXULVGLFFLyQFRQVWLWXFLRQDORWRUJDUODSURWHFFLyQ
UHTXHULGDDWUDYpVGHODVDFFLRQHVGHWXWHODHVWDEOHFLGDVHQORVDUWV\GH
OD &RQVWLWXFLyQ DQWH YLRODFLRQHV D ORV GHUHFKRV \ JDUDQWtDV FRQVWLWXFLRQDOHV
RFDVLRQDGDV SRU XQD LQWHUSUHWDFLyQ TXH WHQJD VX RULJHQ HQ OD MXULVGLFFLyQ
RUGLQDULDTXHYXOQHUHSULQFLSLRV\YDORUHVFRQVWLWXFLRQDOHV


(QHOPLVPRVHQWLGROD6&5GHGLFLHPEUHSXQWXDOL]yTXH
'H
OD MXULVSUXGHQFLD JORVDGD TXHGD FODUR TXH OD LQWHUSUHWDFLyQ GH OD OHJLVODFLyQ
RUGLQDULDFRUUHVSRQGHDODMXULVGLFFLyQFRP~Q\DODMXULVGLFFLyQFRQVWLWXFLRQDO
OHFRPSHWHYHULILFDUVLHQODODERULQWHUSUHWDWLYDVHFXPSOLHURQORVUHTXLVLWRVGH
OD LQWHUSUHWDFLyQ DGPLWLGRV SRU HO GHUHFKR \ VL D WUDYpV GH HVH SURFHVR
LQWHUSUHWDWLYRDUELWUDULRVHOHVLRQyDOJ~QGHUHFKRIXQGDPHQWDO


$xDGLHQGR SRVWHULRUPHQWH TXH
WRGD VXSXHVWD LQREVHUYDQFLD R HUUyQHD
DSOLFDFLyQ GH OD OHJLVODFLyQ RUGLQDULD GHEH VHU FRUUHJLGD SRU OD MXULVGLFFLyQ
FRP~QDWUDYpVGHORVUHFXUVRVTXHHVWDEOHFHHORUGHQDPLHQWR\VyORHQGHIHFWR
GHHOOR\DQWHODLQYRFDFLyQ GHLQIUDFFLRQHVDODVUHJODVGHODLQWHUSUHWDFLyQ
DGPLWLGDV SRU HO GHUHFKR OD MXULVGLFFLyQ FRQVWLWXFLRQDO SXHGH LQJUHVDU D
YHULILFDUVLODODERULQWHUSUHWDWLYDGHVDUUROODGDFXPSOLyRQRFRQODVUHJODVGH
LQWHUSUHWDFLyQ \ VL D WUDYpV GH HVD LQWHUSUHWDFLyQ DUELWUDULD VH OHVLRQy DOJ~Q
GHUHFKRIXQGDPHQWDO~QLFRVVXSXHVWRVTXHSHUPLWHQDO7ULEXQDO&RQVWLWXFLRQDO
UHDOL]DUXQDYHULILFDFLyQGHODODERULQWHUSUHWDWLYDGHODMXULVGLFFLyQFRP~Q


,GHQWLILFDFLyQGHOSUHFHGHQWHFRQVWLWXFLRQDOTXHFRQWHQJDHOHVWiQGDUPiVDOWR

(OHVWiQGDUPiVDOWRHVWiFRQWHQLGRHQOD6&3\HQFXDQWRDFDUJD
DUJXPHQWDWLYDHOHVWiQGDUPiVDOWRHVWiFRQWHQLGRHQOD6&3TXH
H[LPHDODFFLRQDQWHGHOFXPSOLPLHQWRGHGLFKDFDUJD



1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLDSUHFHGHQFLDOUHOHYDQWH
7LSR5HVROXFLyQ
0XWDGRUD
7LWXODFLyQ Pi[LPD ([WUDFWRRUHFRQVWUXFFLyQGHOSUHFHGHQWHFRQVWLWXFLRQDO

6&3(QODDFFLyQGHOLEHUWDGQRHVH[LJLEOHDODFFLRQDQWHODFDUJD
DUJXPHQWDWLYDFXDQGRVROLFLWDODUHYLVLyQGHODLQWHUSUHWDFLyQGHODOHJDOLGDG
RUGLQDULD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 


W


dW^:d
(QHVWDDFFLyQGHOLEHUWDGHODFFLRQDQWHVRVWXYRTXHODVYRFDOHVGHPDQGDGDV
OHVLRQDURQ VXV GHUHFKRV  D OD OLEHUWDG SHUVRQDO D OD VHJXULGDG MXUtGLFD D OD
SUHVXQFLyQ GH LQRFHQFLD \ DO GHELGR SURFHVR SRU FXDQWR SURQXQFLDURQ HQ
DSHODFLyQ XQ $XWR GH 9LVWD XOWUD SHWLWD VLQ OD GHELGD PRWLYDFLyQ \
IXQGDPHQWDFLyQUHYRFDQGRODVPHGLGDVVXVWLWXWLYDVTXHOHIXHURQLPSXHVWDV\
GLVSRQLHQGRVXGHWHQFLyQSUHYHQWLYD(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO
FDPELDQGR OD MXULVSUXGHQFLD FRQVWLWXFLRQDO UHODWLYD D OD LQWHUSUHWDFLyQ GH OD
OHJDOLGDG RUGLQDULD UHYRFy OD 5HVROXFLyQ UHYLVDGD \ FRQFHGLy OD WXWHOD VLQ
GLVSRQHUODOLEHUWDGGHWHUPLQDQGRODQXOLGDGGHODUHVROXFLyQLPSXJQDGD\HO
SURQXQFLDPLHQWRGHQXHYDUHVROXFLyQ

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
&RQVHFXHQWHPHQWHEDMRHOSULQFLSLRGHOLQIRUPDOLVPRSRUXQODGR
QR SRGUiQ H[LJLUVH SUHVXSXHVWRV IRUPDOHV D VHU FXPSOLGRV SRU HO DFFLRQDQWH
SDUDDFWLYDUHOiPELWRGHSURWHFFLyQGHODDFFLyQGHOLEHUWDG\GHRWURODGR
WDPSRFR SRGUi UHTXHULUVH OD REVHUYDQFLD DO DFFLRQDQWH GH OLEHUWDG GH
HQWHQGLPLHQWRV MXULVSUXGHQFLDOHV UHIHULGRV D ODV H[LJHQFLDV GH FDUJD
DUJXPHQWDWLYDDVHUFXPSOLGDVHQODGHPDQGDXRWURVUHTXLVLWRVTXHLPSOLTXHQ
XQDFDUJDSURFHVDOSDUDDFWLYDUHVWHPHFDQLVPRSURFHVDODOQRHQFRQWUDUVHOD
DFFLyQ GH OLEHUWDG VXMHWD D UHTXLVLWRV GH DGPLVLELOLGDG (Q WDO VHQWLGR ORV
SUHVXSXHVWRV SDUD OD UHYLVLyQ GH OD OHJDOLGDG RUGLQDULD HVWDEOHFLGRV SRU OD
MXULVSUXGHQFLD FRQVWLWXFLRQDO SDUD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO QR
SXHGHQVHUH[LJLGRVFRPRSUHVXSXHVWRVDVHUREVHUYDGRVDTXLHQGHPDQGDGH
DFFLyQ GH OLEHUWDG GDGR TXH GLFKD FDUJD DUJXPHQWDWLYD UHVXOWD DGYHUVD D VX
QDWXUDOH]D8QHQWHQGLPLHQWRFRQWUDULRLPSOLFDUtDDGRSWDUXQDLQWHUSUHWDFLyQ
UHVWULFWLYD \ OLPLWDWLYD GH HVWH PHFDQLVPR GH SURWHFFLyQ GHVDFRUGH D ORV
FULWHULRVGHLQWHUSUHWDFLyQGHORVGHUHFKRVKXPDQRV\DORVPDQGDWRVSUHYLVWRV
HQORVDUWV,9,,\,,GHOD&3(


6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH OD DFFLyQ GH OLEHUWDG SRU IDOWD GH IXQGDPHQWDFLyQ DO GLVSRQHU HQ
DSHODFLyQODGHWHQFLyQSUHYHQWLYDGHVFDUWDQGRSUHYLDPHQWHODH[LJHQFLDGHOD
FDUJD DUJXPHQWDFLyQ SDUD UHYLVDU OD LQWHUSUHWDFLyQ GH OD OHJDOLGDG RUGLQDULD
HVWDEOHFHHODOFDQFHGHODUWGHO&33

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/D OtQHD GH OD LQWHUSUHWDFLyQ GH OD OHJDOLGDG RUGLQDULD WLHQH XQ SULPHU
SUHFHGHQWHHQOD6&5TXHGHVDUUROOyHVWHHQWHQGLPLHQWRDODOX]GHO

FDQRQGHFRQVWLWXFLRQDOLGDGHQODLQWHUSUHWDFLyQ
HQWHQGLPLHQWRTXHLQFRUSRUD
FRQFHSWRV DEVROXWDPHQWH DUPRQLRVRV FRQ HO FRQVWLWXFLRQDOLVPR EROLYLDQR
YLJHQWHDSDUWLUGHSRVWHULRUPHQWHGLFKRHQWHQGLPLHQWRIXHUDWLILFDGRSRU
OD6&5)XHUHFLpQDSDUWLUGHODV66&&5\
TXHVHHVWDEOHFLyODFDUJDDUJXPHQWDWLYDFRPRUHTXLVLWRSDUDHODQiOLVLVGHOD
LQWHUSUHWDFLyQ GH OD OHJDOLGDG RUGLQDULD LQWURGXFLHQGR SRU WDQWR XQ FULWHULR
UHVWULFWLYR DO RULJLQDO VHQWLGR GH ODV GRV SULPHUDV VHQWHQFLDV IXQGDQWHV DTXt
LQYRFDGDV /D OtQHD GH OD LQWHUSUHWDFLyQ GH OD OHJDOLGDG RUGLQDULD \ VX FDUJD
DUJXPHQWDWLYDFRPRFULWHULRGHDXWRUHVWULFFLyQSDUDHOHMHUFLFLRGHOFRQWUROGH

W


dW^:d


FRQVWLWXFLRQDOLGDG IXH WDPELpQ UDWLILFDGD GH IRUPD XQLIRUPH SRU ODV 66&&
5555\5HQWUH
RWUDV\FRQILUPDGDSRUOD6&3VLQHPEDUJRGHEHUHVDOWDUVHTXHD
WUDYpV GH OD 6&  HQ XQD LQWHUSUHWDFLyQ GHO PRGHOR FRQVWLWXFLRQDO
YLJHQWHDSDUWLUGHOVHPRGXODOD OtQHD \ VHVXSULPHQORVUHTXLVLWRVGH
FDUJDDUJXPHQWDWLYDH[LJLGRSRUODVOtQHDVDQWHVYLJHQWHVSDUDODLQWHUSUHWDFLyQ
GHODOHJDOLGDGRUGLQDULDHQHVWHPDUFRHQUHDOLGDGHVWDVHQWHQFLDUHFRQGXFH
HO HQWHQGLPLHQWR DO VHQWLGR RULJLQDO GHO FDQRQ GH FRQVWLWXFLRQDOLGDG HQ OD
LQWHUSUHWDFLyQ SODVPDGR HQ OD 6& 5 SRU WDQWR  HVWH ~OWLPR
HQWHQGLPLHQWRDQRWDGRDODOX]GHODGRFWULQDGHOHVWiQGDUMXULVSUXGHQFLDOPiV
DOWRGHEHVHUHOYLJHQWHHQHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO

&RQVHFXHQWHPHQWHOD6&3FDPELDODOtQHDMXULVSUXGHQFLDOFRQWHQLGD
HQOD6&5UHLWHUDGDHQOD6&3HQODTXHVHHVWDEOHFLy
TXHHODFFLRQDQWHGHQWURGHODDFFLyQGHOLEHUWDGGHEtDH[SOLFDUODVUD]RQHVSRU
ODVTXHFXHVWLRQDODLQWHUSUHWDFLyQGHODOHJDOLGDGRUGLQDULDFRQVWLWX\pQGRVHHQ
XQDVHQWHQFLDPXWDGRUD

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

(VWD6HQWHQFLDHQVX)-,,,GLVSRQH
EDMRHOSULQFLSLRGHOLQIRUPDOLVPRSRU
XQ ODGR QR SRGUiQ H[LJLUVH SUHVXSXHVWRV IRUPDOHV D VHU FXPSOLGRV SRU HO
DFFLRQDQWHSDUDDFWLYDUHOiPELWRGHSURWHFFLyQGHODDFFLyQGHOLEHUWDG\GH
RWURODGRWDPSRFRSRGUiUHTXHULUVHODREVHUYDQFLDDODFFLRQDQWHGHOLEHUWDGGH
HQWHQGLPLHQWRV MXULVSUXGHQFLDOHV UHIHULGRV D ODV H[LJHQFLDV GH FDUJD
DUJXPHQWDWLYDDVHUFXPSOLGDVHQODGHPDQGDXRWURVUHTXLVLWRVTXHLPSOLTXHQ
XQDFDUJDSURFHVDOSDUDDFWLYDUHVWHPHFDQLVPRSURFHVDODOQRHQFRQWUDUVHOD
DFFLyQ GH OLEHUWDG VXMHWD D UHTXLVLWRV GH DGPLVLELOLGDG (Q WDO VHQWLGR ORV
SUHVXSXHVWRV SDUD OD UHYLVLyQ GH OD OHJDOLGDG RUGLQDULD HVWDEOHFLGRV SRU OD
MXULVSUXGHQFLD FRQVWLWXFLRQDO SDUD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO QR
SXHGHQVHUH[LJLGRVFRPRSUHVXSXHVWRVDVHUREVHUYDGRVDTXLHQGHPDQGDGH
DFFLyQ GH OLEHUWDG GDGR TXH GLFKD FDUJD DUJXPHQWDWLYD UHVXOWD DGYHUVD D VX
QDWXUDOH]D8QHQWHQGLPLHQWRFRQWUDULRLPSOLFDUtDDGRSWDUXQDLQWHUSUHWDFLyQ
UHVWULFWLYD \ OLPLWDWLYD GH HVWH PHFDQLVPR GH SURWHFFLyQ GHVDFRUGH D ORV
FULWHULRVGHLQWHUSUHWDFLyQGHORVGHUHFKRVKXPDQRV\DORVPDQGDWRVSUHYLVWRV
HQORVDUWV,9,,\,,GHOD&3(


,GHQWLILFDFLyQGHOSUHFHGHQWHFRQVWLWXFLRQDOTXHFRQWHQJDHOHVWiQGDUPiVDOWR

/D6HQWHQFLDTXHFRQWLHQHHOHVWiQGDUPiVDOWRHVOD6&





)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLDSUHFHGHQFLDOUHOHYDQWH
7LSR5HVROXFLyQ
0XWDGRUD
7LWXODFLyQ Pi[LPD ([WUDFWRRUHFRQVWUXFFLyQGHOSUHFHGHQWHFRQVWLWXFLRQDO


W


dW^:d
6&3(QODDFFLyQGHOLEHUWDGQRHVH[LJLEOHDODFFLRQDQWHODFDUJD
DUJXPHQWDWLYDFXDQGRVROLFLWDODUHYLVLyQGHODLQWHUSUHWDFLyQGHODOHJDOLGDG
RUGLQDULD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHOLEHUWDGHODFFLRQDQWHVRVWXYRTXHODVYRFDOHVGHPDQGDGDV
OHVLRQDURQ VXV GHUHFKRV  D OD OLEHUWDG SHUVRQDO D OD VHJXULGDG MXUtGLFD D OD
SUHVXQFLyQ GH LQRFHQFLD \ DO GHELGR SURFHVR SRU FXDQWR SURQXQFLDURQ HQ
DSHODFLyQ XQ $XWR GH 9LVWD XOWUD SHWLWD VLQ OD GHELGD PRWLYDFLyQ \
IXQGDPHQWDFLyQUHYRFDQGRODVPHGLGDVVXVWLWXWLYDVTXHOHIXHURQLPSXHVWDV\
GLVSRQLHQGRVXGHWHQFLyQSUHYHQWLYD(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO
FDPELDQGR OD MXULVSUXGHQFLD FRQVWLWXFLRQDO UHODWLYD D OD LQWHUSUHWDFLyQ GH OD
OHJDOLGDG RUGLQDULD UHYRFy OD 5HVROXFLyQ UHYLVDGD \ FRQFHGLy OD WXWHOD VLQ
GLVSRQHUODOLEHUWDGGHWHUPLQDQGRODQXOLGDGGHODUHVROXFLyQLPSXJQDGD\HO
SURQXQFLDPLHQWRGHQXHYDUHVROXFLyQ

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
&RQVHFXHQWHPHQWHEDMRHOSULQFLSLRGHOLQIRUPDOLVPRSRUXQODGR
QR SRGUiQ H[LJLUVH SUHVXSXHVWRV IRUPDOHV D VHU FXPSOLGRV SRU HO DFFLRQDQWH
SDUDDFWLYDUHOiPELWRGHSURWHFFLyQGHODDFFLyQGHOLEHUWDG\GHRWURODGR
WDPSRFR SRGUi UHTXHULUVH OD REVHUYDQFLD DO DFFLRQDQWH GH OLEHUWDG GH
HQWHQGLPLHQWRV MXULVSUXGHQFLDOHV UHIHULGRV D ODV H[LJHQFLDV GH FDUJD
DUJXPHQWDWLYDDVHUFXPSOLGDVHQODGHPDQGDXRWURVUHTXLVLWRVTXHLPSOLTXHQ
XQDFDUJDSURFHVDOSDUDDFWLYDUHVWHPHFDQLVPRSURFHVDODOQRHQFRQWUDUVHOD
DFFLyQ GH OLEHUWDG VXMHWD D UHTXLVLWRV GH DGPLVLELOLGDG (Q WDO VHQWLGR ORV
SUHVXSXHVWRV SDUD OD UHYLVLyQ GH OD OHJDOLGDG RUGLQDULD HVWDEOHFLGRV SRU OD
MXULVSUXGHQFLD FRQVWLWXFLRQDO SDUD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO QR
SXHGHQVHUH[LJLGRVFRPRSUHVXSXHVWRVDVHUREVHUYDGRVDTXLHQGHPDQGDGH
DFFLyQ GH OLEHUWDG GDGR TXH GLFKD FDUJD DUJXPHQWDWLYD UHVXOWD DGYHUVD D VX
QDWXUDOH]D8QHQWHQGLPLHQWRFRQWUDULRLPSOLFDUtDDGRSWDUXQDLQWHUSUHWDFLyQ
UHVWULFWLYD \ OLPLWDWLYD GH HVWH PHFDQLVPR GH SURWHFFLyQ GHVDFRUGH D ORV
FULWHULRVGHLQWHUSUHWDFLyQGHORVGHUHFKRVKXPDQRV\DORVPDQGDWRVSUHYLVWRV
HQORVDUWV,9,,\,,GHOD&3(


6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH OD DFFLyQ GH OLEHUWDG SRU IDOWD GH IXQGDPHQWDFLyQ DO GLVSRQHU HQ
DSHODFLyQODGHWHQFLyQSUHYHQWLYDGHVFDUWDQGRSUHYLDPHQWHODH[LJHQFLDGHOD
FDUJD DUJXPHQWDFLyQ SDUD UHYLVDU OD LQWHUSUHWDFLyQ GH OD OHJDOLGDG RUGLQDULD
HVWDEOHFHHODOFDQFHGHODUWGHO&33

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/D OtQHD GH OD LQWHUSUHWDFLyQ GH OD OHJDOLGDG RUGLQDULD WLHQH XQ SULPHU
SUHFHGHQWHHQOD6&5TXHGHVDUUROOyHVWHHQWHQGLPLHQWRDODOX]GHO

FDQRQGHFRQVWLWXFLRQDOLGDGHQODLQWHUSUHWDFLyQ
HQWHQGLPLHQWRTXHLQFRUSRUD
FRQFHSWRV DEVROXWDPHQWH DUPRQLRVRV FRQ HO FRQVWLWXFLRQDOLVPR EROLYLDQR

W


dW^:d


YLJHQWHDSDUWLUGHSRVWHULRUPHQWHGLFKRHQWHQGLPLHQWRIXHUDWLILFDGRSRU
OD6&5)XHUHFLpQDSDUWLUGHODV66&&5\
TXHVHHVWDEOHFLyODFDUJDDUJXPHQWDWLYDFRPRUHTXLVLWRSDUDHODQiOLVLVGHOD
LQWHUSUHWDFLyQ GH OD OHJDOLGDG RUGLQDULD LQWURGXFLHQGR SRU WDQWR XQ FULWHULR
UHVWULFWLYR DO RULJLQDO VHQWLGR GH ODV GRV SULPHUDV VHQWHQFLDV IXQGDQWHV DTXt
LQYRFDGDV /D OtQHD GH OD LQWHUSUHWDFLyQ GH OD OHJDOLGDG RUGLQDULD \ VX FDUJD
DUJXPHQWDWLYDFRPRFULWHULRGHDXWRUHVWULFFLyQSDUDHOHMHUFLFLRGHOFRQWUROGH
FRQVWLWXFLRQDOLGDG IXH WDPELpQ UDWLILFDGD GH IRUPD XQLIRUPH SRU ODV 66&&
5555\5HQWUH
RWUDV\FRQILUPDGDSRUOD6&3VLQHPEDUJRGHEHUHVDOWDUVHTXHD
WUDYpV GH OD 6&  HQ XQD LQWHUSUHWDFLyQ GHO PRGHOR FRQVWLWXFLRQDO
YLJHQWHDSDUWLUGHOVHPRGXODOD OtQHD \ VHVXSULPHQORVUHTXLVLWRVGH
FDUJDDUJXPHQWDWLYDH[LJLGRSRUODVOtQHDVDQWHVYLJHQWHVSDUDODLQWHUSUHWDFLyQ
GHODOHJDOLGDGRUGLQDULDHQHVWHPDUFRHQUHDOLGDGHVWDVHQWHQFLDUHFRQGXFH
HO HQWHQGLPLHQWR DO VHQWLGR RULJLQDO GHO FDQRQ GH FRQVWLWXFLRQDOLGDG HQ OD
LQWHUSUHWDFLyQ SODVPDGR HQ OD 6& 5 SRU WDQWR  HVWH ~OWLPR
HQWHQGLPLHQWRDQRWDGRDODOX]GHODGRFWULQDGHOHVWiQGDUMXULVSUXGHQFLDOPiV
DOWRGHEHVHUHOYLJHQWHHQHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO

&RQVHFXHQWHPHQWHOD6&3FDPELDODOtQHDMXULVSUXGHQFLDOFRQWHQLGD
HQOD6&5UHLWHUDGDHQOD6&3HQODTXHVHHVWDEOHFLy
TXHHODFFLRQDQWHGHQWURGHODDFFLyQGHOLEHUWDGGHEtDH[SOLFDUODVUD]RQHVSRU
ODVTXHFXHVWLRQDODLQWHUSUHWDFLyQGHODOHJDOLGDGRUGLQDULDFRQVWLWX\pQGRVHHQ
XQDVHQWHQFLDPXWDGRUD

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

(VWD6HQWHQFLDHQVX)-,,,GLVSRQH
EDMRHOSULQFLSLRGHOLQIRUPDOLVPRSRU
XQ ODGR QR SRGUiQ H[LJLUVH SUHVXSXHVWRV IRUPDOHV D VHU FXPSOLGRV SRU HO
DFFLRQDQWHSDUDDFWLYDUHOiPELWRGHSURWHFFLyQGHODDFFLyQGHOLEHUWDG\GH
RWURODGRWDPSRFRSRGUiUHTXHULUVHODREVHUYDQFLDDODFFLRQDQWHGHOLEHUWDGGH
HQWHQGLPLHQWRV MXULVSUXGHQFLDOHV UHIHULGRV D ODV H[LJHQFLDV GH FDUJD
DUJXPHQWDWLYDDVHUFXPSOLGDVHQODGHPDQGDXRWURVUHTXLVLWRVTXHLPSOLTXHQ
XQDFDUJDSURFHVDOSDUDDFWLYDUHVWHPHFDQLVPRSURFHVDODOQRHQFRQWUDUVHOD
DFFLyQ GH OLEHUWDG VXMHWD D UHTXLVLWRV GH DGPLVLELOLGDG (Q WDO VHQWLGR ORV
SUHVXSXHVWRV SDUD OD UHYLVLyQ GH OD OHJDOLGDG RUGLQDULD HVWDEOHFLGRV SRU OD
MXULVSUXGHQFLD FRQVWLWXFLRQDO SDUD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO QR
SXHGHQVHUH[LJLGRVFRPRSUHVXSXHVWRVDVHUREVHUYDGRVDTXLHQGHPDQGDGH
DFFLyQ GH OLEHUWDG GDGR TXH GLFKD FDUJD DUJXPHQWDWLYD UHVXOWD DGYHUVD D VX
QDWXUDOH]D8QHQWHQGLPLHQWRFRQWUDULRLPSOLFDUtDDGRSWDUXQDLQWHUSUHWDFLyQ
UHVWULFWLYD \ OLPLWDWLYD GH HVWH PHFDQLVPR GH SURWHFFLyQ GHVDFRUGH D ORV
FULWHULRVGHLQWHUSUHWDFLyQGHORVGHUHFKRVKXPDQRV\DORVPDQGDWRVSUHYLVWRV
HQORVDUWV,9,,\,,GHOD&3(


,GHQWLILFDFLyQGHOSUHFHGHQWHFRQVWLWXFLRQDOTXHFRQWHQJDHOHVWiQGDUPiVDOWR

/D6HQWHQFLDTXHFRQWLHQHHOHVWiQGDUPiVDOWRHVOD6&




W


dW^:d

6XEUHJODVSURFHVDOHVSDUDGHQHJDUODWXWHODGHODDFFLyQ
GHOLEHUWDG3RUIDOWDGHSUXHEDV
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3(QVXSXHVWRVGHIDOWDGHSUXHEDVGHEHGHQHJDUVHOD
WXWHOD TXH EULQGD OD DFFLyQ GH OLEHUWDG HQ YLUWXG DO SULQFLSLR GH
FHUWLGXPEUHMXUtGLFD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH OLEHUWDG HO DFFLRQDQWH GHQXQFLy TXH OD DXWRULGDG
MXGLFLDOGHPDQGDGDOHVLRQyVXGHUHFKRDODOLEHUWDG\DOGHELGRSURFHVR
SRUTXHVXVROLFLWXGGHFHVDFLyQGHODGHWHQFLyQSUHYHQWLYDIXHUHFKD]DGD
QRREVWDQWHTXHFXHQWDFRQ5HVROXFLyQGHVREUHVHLPLHQWRHPLWLGDSRUHO
)LVFDOGH0DWHULDGHVFRQRFLHQGRODLQWHUSUHWDFLyQFRQWHQLGDHQOD6&
5SLGLHQGRVXOLEHUWDGHOSDJRGHGDxRV\SHUMXLFLRV\OD
UHPLVLyQ GH DQWHFHGHQWHV DO 0LQLVWHULR 3~EOLFR (O 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOFRQILUPyODUHVROXFLyQTXHGHQHJyODWXWHOD
SRU IDOWD GH SUXHEDV DUJXPHQWDGR TXH DO -XH] &DXWHODU QR OH HVWi
SHUPLWLGR GLVSRQHU OD OLEHUWDG GHO LPSXWDGR FXDQGR OD UHVROXFLyQ GH
VREUHVHLPLHQWRKDVLGRLPSXJQDGDDQWHHO)LVFDOGH'LVWULWR

([WUDFWRGHODUDWLRGHFLGHQGL

)M ,,,
(Q HO FDVR GH H[DPHQ QR VyOR TXH QR VH DFRPSDxy SUXHED
DOJXQDLQFOXVRSDUDPD\RULOXVWUDFLyQIXHUHTXHULGRDOJXQRVDFWXDGRV
GHOFXDGHUQRSURFHVDO$~QDVtQRVHFRQVWDWyTXHODVDILUPDFLRQHVGHO
DFFLRQDQWHIXHUDQFLHUWDVSDUWLFXODUPHQWHVREUHHOKHFKRGHTXHHO-XH]
GH OD FDXVD KXELHUD FRQRFLGR VREUH HO VREUHVHLPLHQWR UHVXHOWR SRU HO
)LVFDOGH0DWHULD


6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJD OD DFFLyQ GH OLEHUWDG SRU IDOWD GH SUXHEDV SRU FXDQWR VL ELHQ
H[LVWHHYLGHQFLDGHTXHHO)LVFDOGH0DWHULDFRQFOX\yVREUHVH\HQGRDO
DFFLRQDGR VLQ HPEDUJR  QR H[LVWH HYLGHQFLD TXH PHGLDQWH PHPRULDO
DOJXQR R HQ DFWD GH ODV DXGLHQFLDV SURGXFLGDV  VH KXELHUD GHMDGR
W


dW^:d


FRQVWDQFLD TXH HO DFFLRQDQWH IXH QRWLILFDGR FRQ OD 5HVROXFLyQ GH
VREUHVHLPLHQWR PHQRV TXH HO 0LQLVWHULR 3~EOLFR KXELHUD SXHVWR HQ
FRQRFLPLHQWRGHO-XH]FDXWHODUVREUHODPHGLGDGHVREUHVHLPLHQWR

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDOVREUHODSUHVHQWDFLyQGHSUXHEDVHQODDFFLyQGHOLEHUWDGWLHQH
HOVLJXLHQWHGHVDUUROORMXULVSUXGHQFLDO

/DV66&&555HQWUHRWUDVGHQHJDURQODWXWHOD
SRU IDOWD GH SUXHEDV SDUD FRQVWDWDU ODV DILUPDFLRQHV GHO DFFLRQDQWH HQWHQGLPLHQWR
FRQILUPDGRSRUOD6&3
6LQHPEDUJRODMXULVSUXGHQFLDFRQVWLWXFLRQDOHVWDEOHFLyH[FHSFLRQHVDODGHQHJDWRULD
GH OD DFFLyQ GH OLEHUWDGSRU IDOWD GH SUXHEDV DSOLFDQGR HOSULQFLSLR GH SUHVXQFLyQ GH
YHUDFLGDG HQ ORV VLJXLHQWHV VXSXHVWRV D  &XDQGR ODV DXWRULGDGHV GHPDQGDGDV QR
DVLVWLHURQ D OD DXGLHQFLD QL SUHVHQWDURQ LQIRUPH FRUUHVSRQGLHQWH GHVYLUWXDQGR ODV
DILUPDFLRQHV GH OD R HO DFFLRQDQWH VXSXHVWRV HQ ORV FXDOHV VH WLHQHQ SRU FLHUWDV ODV
DILUPDFLRQHVFRQWHQLGDVHQODDFFLyQ\SRUHQGHVHFRQFHGHODWXWHOD 66&&
555 UD]RQDPLHQWRDSOLFDGRSRUOD6&3VHJXLGR
SRUODV66&&//6\E 
&XDQGR ODV DXWRULGDGHV GHPDQGDGDV D SHVDU GH FRPSDUHFHU QR QHJDURQ ORV KHFKRV
DOHJDGRV SRU HO R OD DFFLRQDQWHV UD]RQDPLHQWR DSOLFDGR HQ ODV 66&& 
HQWUHRWUDV
(QHOPLVPRVHQWLGROD6&5KL]RUHIHUHQFLDDOGHEHUGHODVDXWRULGDGHV
GHPDQGDGDV GH SUHVHQWDU LQIRUPH HVFULWR VHxDODQGR TXH
HO FDVR GH OD DFFLyQ GH
OLEHUWDGDWHQGLHQGRHVSHFLDOPHQWHDORVSULQFLSLRVGHFRPSURPLVRHLQWHUpVVRFLDO\GH
UHVSRQVDELOLGDGTXHULJHQODIXQFLyQS~EOLFDDVtFRPRDODQDWXUDOH]DGHORVGHUHFKRV
WXWHODGRV SRU HVD JDUDQWtD MXULVGLFFLRQDO FXDQGR HO VXMHWR SDVLYR HV XQ IXQFLRQDULR
S~EOLFRpVWHWLHQHODREOLJDFLyQGHSUHVHQWDULQIRUPHHVFULWRRHQVXGHIHFWRFRQFXUULUD
OD DXGLHQFLD D ILQ GH GHVYLUWXDU ORV KHFKRV R DFWRV GHQXQFLDGRV FRPR OHVLYRV D ORV
GHUHFKRVGHODFFLRQDQWHSXHVGHQRKDFHUORVHSUHVXPHODYHUDFLGDGGHORVPLVPRV

3RVWHULRUPHQWHOD6&3H[WHQGLyHVWHGHEHUDODSUHVHQWDFLyQGHSUXHED
SRUSDUWHGHODDXWRULGDGGHPDQGDGDDGHPiVGHHVWDEOHFHUODREOLJDFLyQGHORVMXHFHV\
WULEXQDOHV GH JDUDQWtDV GH DFWXDU GLOLJHQWHPHQWH OR TXH VXSRQH XQD PRGXODFLyQ D OR
HVWDEOHFLGR HQ ODV 66&& 5 5 5 HQ ODV TXH VH
GHWHUPLQy TXH HO DFFLRQDQWH WHQtD OD REOLJDFLyQ GH SUHVHQWDU ODV SUXHEDV SHUWLQHQWHV
&RQIRUPHDOQXHYRHQWHQGLPLHQWRHOMXH]RWULEXQDOGHJDUDQWtDVHQPpULWRDOSULQFLSLR
GHYHUGDGPDWHULDOGHEHDVXPLUXQUROPiVDFWLYR\DGHPiVWLHQHHOGHEHUGHUHPLWLU
WRGDODSUXHEDDO7&3
$VXYH]OD6&3FRQVLGHUDGDFRPRVHQWHQFLDPRGXODGRUDSRVLELOLWyTXH
HO DFFLRQDQWH VROLFLWH DO WULEXQDO GH JDUDQWtDV TXH VH UHPLWD HO SURFHVR SULQFLSDO SDUD
HIHFWRVSUREDWRULRVHVWDQGRHO7ULEXQDOGHJDUDQWtDVREOLJDGRDUHPLWLUORVDQWHFHGHQWHV
DO7ULEXQDO&RQVWLWXFLRQDO
 )LQDOPHQWH OD 6&3  VREUH OD EDVH GH OD MXULVSUXGHQFLD FRQVWLWXFLRQDO
FRQWHQLGDHQODV66&&555HVWDEOHFLyTXHHQOD
DFFLyQ GH OLEHUWDG VH DSOLFD HO SULQFLSLR GH YHUDFLGDG GH ORV KHFKRV HQ VXSXHVWRV GH
LQFRPXQLFDFLyQGHDSUHKHQGLGRV


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

/D 6& 5 HQ VX ~OWLPR FRQVLGHUDQGR GLVSRQH  OD GHWHQFLyQ LQGHELGD H
LOHJDODFXVDGDKDVLGRQHJDGDHQIiWLFDPHQWHSRUHOUHFXUULGR\DOPDUJHQGHHOORORV
UHFXUUHQWHV QR KDQ DSRUWDGR QLQJ~Q RWUR HOHPHQWR GH SUXHED TXH KDJD SUHVXPLU
PtQLPDPHQWH \PHQRVTXHSHUPLWDHVWDEOHFHUFRQFHUWH]DODFRPLVLyQGHODVXSXHVWD

W


dW^:d
GHWHQFLyQ LQGHELGD H LOHJDO GHQXQFLDGD DO H[WUHPR GH TXH HO UHSUHVHQWDGR FRPR
GDPQLILFDGR\GLUHFWRRIHQGLGRQRREVWDQWHHQFRQWUDUVHHQOLEHUWDGQRVHKL]RSUHVHQWH
DODDXGLHQFLDGHO5HFXUVRDUHIXWDURGHVYLUWXDUODVMXVWLILFDFLRQHVHLQIRUPHVGHODSDUWH
UHFXUULGDSXGLpQGRVHLQFOXVRGHWDOVLWXDFLyQLQIHULUTXHORGHQXQFLDGRSRGUtDVHUXQD
IDOVHGDG

(VWH HQWHQGLPLHQWR IXH PHMRU GHVDUUROODGR HQ OD 6& 5 HQ VX )M ,,, DO
VRVWHQHU
OD SDUWH UHFXUUHQWH GHEH DFRPSDxDU OD SUXHED VXILFLHQWH \ QHFHVDULD TXH
DFUHGLWHODYHUDFLGDGGHODVDFXVDFLRQHVTXHIRUPXODDREMHWRGHORJUDUVXVSUHWHQVLRQHV
SXHVWRTXHFRUUHSRUVXFXHQWDODFDUJDGHGHPRVWUDUODH[LVWHQFLDGHORORVDFWRVOHVLYRV
TXHHVWLPDKD\DQUHVWULQJLGRVXVGHUHFKRVSXHVWRTXHQRSXHGHGLFWDUVHXQDUHVROXFLyQ
GH SURFHGHQFLD FXDQGR QR VH FRQVWDWD OD YXOQHUDFLyQ GH QLQJ~Q GHUHFKR R JDUDQWtD
IXQGDPHQWDOSUHFLVDPHQWHSRUIDOWDGHSUXHEDVHQODVTXHHO7ULEXQDOSXHGDEDVDUVX
GHFLVLyQ


,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

/D6&3FRQVWLWX\HHOHVWiQGDUPiVDOWRHQORTXHVHUHILHUHD
ODH[LJHQFLDGHSUHVHQWDFLyQGHSUXHEDVSRUTXHHVWDEOHFHHOGHEHUGH
GLOLJHQFLDGHORVWULEXQDOHVGHJDUDQWtDVGHSURFXUDUODYHUGDGMXUtGLFD
GH OR GHQXQFLDGR \ UHVXHOWR \ SRU FXDQWR H[WLHQGH HO GHEHU GH
SUHVHQWDFLyQ GH OD SUXHED \ DQWHFHGHQWHV GHO KHFKR D OD DXWRULGDG
GHPDQGDGD



6XEUHJODVSURFHVDOHVSDUDGHQHJDUODWXWHODGHODDFFLyQ
GHOLEHUWDG3RULGHQWLGDGGHREMHWRVXMHWR\FDXVD
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   /D DFWLYDFLyQ GH XQD DQWHULRU DFFLyQ WXWHODU FRQ
LGHQWLGDGGHREMHWRVXMHWR\FDXVD\FRQFDOLGDGGHFRVDMX]JDGDHVXQD
FDXVDO SDUD OD GHQHJDWRULD GH OD DFFLyQ GH OLEHUWDG VDOYR TXH HO
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO QR KXELHVH LQJUHVDGR DO
DQiOLVLVGHIRQGRGHODSUREOHPiWLFD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

W


dW^:d


(QHVWDDFFLyQGHOLEHUWDGHODFFLRQDQWHDOHJyODOHVLyQGHVXVGHUHFKRV
DODOLEHUWDGDOGHELGRSURFHVRDOD
VHJXULGDGMXUtGLFD
\DODGHIHQVD
SRUFXDQWRORVYRFDOHVGHPDQGDGRVUHYRFDURQODVPHGLGDVVXVWLWXWLYDVD
VXGHWHQFLyQSUHYHQWLYDQRREVWDQWHTXHSODQWHyUHFXVDFLyQFRQWUDHOORV
HQPpULWRDTXH\DHPLWLHURQFULWHULRUHVSHFWRDVXVLWXDFLyQSURFHVDOHQ
OD SULPHUD DXGLHQFLD DGHPiV VH GHQXQFLy OD FHOHUEUDFLyQ GH OD
DXGLHQFLDGHFRQVLGHUDFLyGHORVUHFXUVRVGHDO]DGDLQWHUSXHVWRVWDQWR
SRUHO 0LQLVWHULR 3~EOLFR FRPR SRU ORVLPSXWDGRV \ OD UHYRFDFLyQ GH
PHGLGDV VXVWLWXWLYDV LPSXHVWDV VLQ SUHYLD QRWLILFDFLyQ DO DKRUD
DFFLRQDQWH(QEDVHDHVWRVDQWHFHGHQWHVVROLFLWyVHFRQFHGDODWXWHOD\
VHDQXOHHODXWRGHYLVWDTXHUHYRFyVXVPHGLGDVVXVWLWXWLYDV(O7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO FRQILUPy OD UHVROXFLyQ TXH GHQHJy OD
WXWHODSRUTXHXQDYH]GLVSXHVWRHOUHFKD]RLQOtPLQHGHUHFXUVDFLRQHV
ODV DXWRULGDGHV MXULVGLFFLRQDOHV GHEHQ FRQWLQXDU GH PDQHUD LQPHGLDWD
FRQ HO FRQRFLPLHQWR \ UHVROXFLyQ GH OD FDXVD SRU OR TXH HQ HO FDVR
FRQFUHWRQRH[LVWLySURFHVDPLHQWRLQGHELGRDVLPLVPRHQORUHIHUHQWHD
ODVHJXQGDGHQXQFLDGHQHJyODWXWHODSRUKDEHUVHLQWHUSXHVWRRWUDDFFLyQ
FRQLGHQWLGDGGHREMHWRVXMHWR\FDXVD

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
SRUODQDWXUDOH]DMXUtGLFD\GHUHFKRVWXWHODGRVDWUDYpVGHODDFFLyQGHOLEHUWDG
HQPpULWRDVXFDUDFWHUtVWLFDGHHILFD]\RSRUWXQRPHFDQLVPRGHGHIHQVDGHGHUHFKRV\
DWUDYpVGHOD6&5GHGHVHSWLHPEUHUHLWHUDGDHQOD6&5GH
GHPD\RHQWUHRWUDVVHHVWDEOHFLyODSURKLELFLyQGHDFWLYDUPHFDQLVPRVXOWHULRUHVGH
GHIHQVDFXDQGRFRQFXUUDXQDLGHQWLGDGGHREMHWRVXMHWRV\FDXVDDVLPLVPRDSDUWLUGH
HVWHHQWHQGLPLHQWRMXULVSUXGHQFLDODSOLFDGRGHPDQHUDXQLIRUPHVHVHxDOyWDPELpQOD
SRVLELOLGDG GH DFWLYDU XQ XOWHULRU PHFDQLVPR GH GHIHQVD VRODPHQWH FXDQGR HQ XQD
SHWLFLyQGHWXWHODDQWHULRUHOMXH]RWULEXQDOGHJDUDQWtDVSRUXQSUHVXSXHVWRIRUPDOQR
KXELHUHLQJUHVDGRDODQiOLVLVGHIRQGRGHODSUREOHPiWLFDHQHVWHFDVRODQXHYDDFFLyQ
HVWDUiGHVWLQDGDDORJUDUHODQiOLVLVGHIRQGRGHODSUREOHPiWLFDVLHPSUH\FXDQGRHO
SHWLFLRQDQWHGHWXWHODVXEVDQHORVDVSHFWRVIRUPDOHVTXHHYLWDURQTXHHOPHFDQLVPRGH
GHIHQVDDQWHULRUPHQWHSODQWHDGRKXELHUHLQJUHVDGRDODQiOLVLVGHIRQGRGHODFDXVD

 
)-,,,
HOSULPHUDFWRGHQXQFLDGRFRPROHVLYRDORVGHUHFKRVDODOLEHUWDGVHJXULGDG
MXUtGLFDDOGHELGRSURFHVR\DODGHIHQVDYHUVDVREUHODFHOHEUDFLyQGHODDXGLHQFLDGH
FRQVLGHUDFLyQ GH ORV UHFXUVRV GH DO]DGD LQWHUSXHVWRV WDQWR SRU HO 0LQLVWHULR 3~EOLFR
FRPRSRUORVLPSXWDGRV\ODUHYRFDFLyQGHPHGLGDVVXVWLWXWLYDVLPSXHVWDVVLQSUHYLD
QRWLILFDFLyQDODKRUDDFFLRQDQWH(QHVHFRQWH[WRGHODFRPSXOVDGHDQWHFHGHQWHVVH
HVWDEOHFHTXHPHGLDQWHPHPRULDOSUHVHQWDGRHOPLVPRGHGLFLHPEUHGHDKRUDV
VHFRQVWDWDTXH(GXDUGR7XVVHO9HJDLQWHUSXVRXQDSULPHUDDFFLyQGHOLEHUWDGD
WUDYpV GH OD FXDO WH[WXDOPHQWH GHQXQFLD OR VLJXLHQWH
(O 03 HQ DXGLHQFLD DSHOD VH
UHPLWHQDFWXDGRVDOD&RUWH6XSHULRUGH'LVWULWRHQVX6DOD3HQDO3ULPHUD\ORVYRFDOHV
UHFXUULGRV VLQQRWLILFDUPH OOHYDQ D FDER OD DXGLHQFLD GH DSHODFLyQ \ PH UHYRFDQ PLV
PHGLGDVVXVWLWXWLYDVVLQVLTXLHUDSHUPLWLUPHGHIHQGHU




GHOFRQWHQLGRGHODSULPHUDDFFLyQGHOLEHUWDGLQWHUSXHVWDHQIHFKDGHGLFLHPEUHGH
VHHVWDEOHFHORVLJXLHQWHD (OREMHWRGHODSHWLFLyQIXHODWXWHODDOGHUHFKRDOD
OLEHUWDG DOGHELGRSURFHVR \ D OD GHIHQVD E  /D FDXVD GHOD SHWLFLyQ GH WXWHOD IXH OD
VXSXHVWDRPLVLyQGHQRWLILFDFLyQDODFFLRQDQWHFRQHOVHxDODPLHQWRGHGtD\KRUDSDUDOD
DXGLHQFLDGHPHGLGDVFDXWHODUHVF /RVVXMHWRVSURFHVDOHVLQWHUYLQLHQWHVHQHVWDSULPHUD

W


dW^:d
DFFLyQ VRQ L  FRPR DFFLRQDQWH (GXDUGR 7XVVHO 9HJD \ LL  FRPR DXWRULGDGHV
GHPDQGDGDV :LOOLDP 7yUUH] 7RUGR\D \ (GJDU &DUUDVFR 6HTXHLURV HQ FDOLGDG GH
9RFDOHV GH OD 6DOD3HQDO3ULPHUD $VLPLVPR GHO FRQWHQLGRGH OD SUHVHQWH DFFLyQ GH
OLEHUWDGVHHYLGHQFLDTXHHOREMHWRGHSHWLFLyQGHWXWHODHVHOPLVPRTXHHOGHODSULPHUD
DFFLyQLQWHUSXHVWDDVLPLVPRVHWLHQHTXHHOSULPHUDFWRGHQXQFLDGRFRPROHVLYRHQHVWD
DFFLyQGHOLEHUWDGHVHOPLVPRTXHHOGHQXQFLDGRHQXQDDQWHULRUDFFLyQGHOLEHUWDG'H
ODPLVPDIRUPDVHHYLGHQFLDTXHODVDXWRULGDGHVGHPDQGDGDVVRQODVPLVPDVHQDPEDV
DFFLRQHVWXWHODUHV



SRU OR H[SXHVWR \ GH DFXHUGR DO )XQGDPHQWR -XUtGLFR ,,, HQ UHVJXDUGR GH OD
VHJXULGDG \ FHUWH]D MXUtGLFD HV HYLGHQWH TXH QR SXHGH DFWLYDUVH GH PDQHUD SDUDOHOD
PHFDQLVPRVGHFRQWUROWXWHODUSRUWDQWRDOH[LVWLULGHQWLGDGGHREMHWRVXMHWRV\FDXVD
HQWUHODDFFLyQGHOLEHUWDGSUHVHQWDGDSRUHODKRUDDFFLRQDQWHHQIHFKDGHGLFLHPEUH
GH  \ HO SULPHU DFWR GHQXQFLDGR FRPR OHVLYR D WUDYpV GH OD SUHVHQWH DFFLyQ GH
OLEHUWDGHQFXDQWRDHVWDSULPHUDGHQXQFLDQRSXHGHLQJUHVDUVHDXQDQiOLVLVGHIRQGR
GH OD SUREOHPiWLFD SRU HVWDU SHQGLHQWH HQ UHYLVLyQ ODGHFLVLyQ UHIHUHQWH D OD SULPHUD
DFFLyQWXWHODUDFWLYDGD



6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJD OD DFFLyQ GH OLEHUWDG SRUTXH HO DFFLRQDQWH FRQ DQWHULRULGDG
SUHVHQWyXQDDFFLyQFRQLGHQWLGDGGHREMHWRVXMHWR\FDXVD

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDOGHVDUUROOyODOtQHDMXULVSUXGHQFLDOVREUHODLPSURFHGHQFLDGH
DFFLRQHVGHGHIHQVDSRULGHQWLGDGGHVXMHWRREMHWR\FDXVDTXHSXHGHVHUFRQVWUXLGDD
SDUWLUGHODVVLJXLHQWHVVHQWHQFLDVUHOHYDQWHV

/D6&3SURQXQFLDGDHQXQDDFFLyQGHDPSDURFRQVWLWXFLRQDOTXH
VHFRQVWLWX\HHQXQDSULPHUDVHQWHQFLDFRQILUPDGRUDVHxDOyTXHQRH[LVWHFRVDMX]JDGD
FRQVWLWXFLRQDOFXDQGRVHKXELHVHGHQHJDGRODWXWHODSRUDVSHFWRVIRUPDOHVVLQLQJUHVDU
DODQiOLVLVGHIRQGR(VWDVHQWHQFLDFRQILUPDHOSUHFHGHQWHFRQWHQLGRHQOD6&
TXHHVWDEOHFHODSRVLELOLGDGGHDFWLYDUXQDQXHYDDFFLyQWXWHODUVLHPSUH\FXDQGRQRVH
KXELHUD LQJUHVDGR FRQ DQWHULRULGDG DO DQiOLVLV GH IRQGR GH OD SUREOHPiWLFD
HQWHQGLPLHQWRTXHIXHDVXPLGRSRUOD6&5HQWUHRWUDV


/D6&3HPLWLGDHQXQDDFFLyQGHOLEHUWDGTXHVHFRQVWLWX\HHQXQD
SULPHUD VHQWHQFLD FRQILUPDGRUD HVWDEOHFLy TXH OD DFWLYDFLyQ GH XQD DQWHULRU DFFLyQ
WXWHODUFRQLGHQWLGDGGHREMHWRVXMHWR\FDXVD\FRQFDOLGDGGHFRVDMX]JDGDHVXQDFDXVDO
SDUD OD GHQHJDWRULD GH OD DFFLyQ GH OLEHUWDG VDOYR TXH HO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDOQRKXELHVHLQJUHVDGRDODQiOLVLVGHIRQGRGHODSUREOHPiWLFDVHQWHQFLD
TXHFRQILUPyHOSUHFHGHQWHFRQWHQLGRHQOD6&5TXHSRUSULPHUDYH]FRPR
FDXVDOGHLPSURFHGHQFLDGHVDUUROOyODWHPiWLFDGHODLGHQWLGDGGHREMHWRVXMHWR\FDXVD
HQHOUHFXUVRGHKiEHDVFRUSXVDKRUDDFFLyQGHOLEHUWDGUHLWHUDGRSRVWHULRUPHQWHSRU
ODV66&&55\5HQWUHRWUDV


/D6&3SURQXQFLDGDHQXQDDFFLyQGHFXPSOLPLHQWRHVWDEOHFLy
TXHHVDSOLFDEOHDHVWDDFFLyQGHGHIHQVDODMXULVSUXGHQFLDVREUHODLPSURFHGHQFLDGHOD
DFFLyQGHDPSDURFRQVWLWXFLRQDOSRULGHQWLGDGGHREMHWRVXMHWR\FDXVD(VWDVHQWHQFLD
VH EDVD HQ ODV 66&& 5 5 5 5 \
5 \ HQ HVH VHQWLGR HV FRQVLGHUDGD PRGXODGRUD SRU FXDQWR DPSOtD OD
DSOLFDFLyQ GH OD MXULVSUXGHQFLD VHQWDGD SDUD DFFLRQHV GH DPSDUR FRQVWLWXFLRQDO D ODV
DFFLRQHVGHFXPSOLPLHQWR


W


dW^:d



/D 6&3  HVWDEOHFLy TXH HQ VXSXHVWRV GH H[FHSFLRQDO UHOHYDQFLD
FRQVWLWXFLRQDO GHO FDVR FRQFUHWR HV SRVLEOH REYLDU OD FDXVDO GH LPSURFHGHQFLD SRU
LGHQWLGDGGHVXMHWRREMHWR\FDXVD\TXHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOVH
SURQXQFLHVREUHHOGDxRMXUtGLFRSRUOHVLyQLUUHPHGLDEOHDOGHUHFKRDODOLEHUWDG


/D 6&3  TXH VH FRQVWLWX\H HQ XQD VHQWHQFLD PRGXODGRUD SRU HO
HQIRTXH SOXUDOTXH RWRUJD D OD FDXVDO GH LPSURFHGHQFLD GHO DPSDUR SRU LGHQWLGDG GH
REMHWRVXMHWR\FDXVDHVWDEOHFLyTXHFXDQGRH[LVWHLGHQWLGDGGH L 3DUWHVSURFHVDOHV
UHIHULGDVDODOHJLWLPDFLyQDFWLYD\OHJLWLPDFLyQSDVLYDTXHSXHGHVHUSDUFLDORWRWDO\
LL  3UREOHPD MXUtGLFR HQ HO TXH VH IXQGD OD GHPDQGD FRQ RWUD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDODQWHULRUPHQWHLQWHUSXHVWD\UHVXHOWDH[LVWHFRVDMX]JDGDFRQVWLWXFLRQDO
DOH[LVWLULGHQWLGDGGHREMHWRVXMHWR\FDXVDVLHQWRHVWDODUD]yQGHRUGHQSURFHVDOSDUD
GHQHJDUODWXWHODPLHQWUDVTXHODUD]yQGHRUGHQpWLFRPRUDOTXHMXVWLILFDODLPSRVLFLyQ
GHPXOWDDODRHODFFLRQDQWHFXDQGRVXDFFLyQHVGHQHJDGDSRUODH[LVWHQFLDGHLGHQWLGDG
GH REMHWR VXMHWR \ FDXVD HV HO DPD OOXOOD QR PLHQWDV   GHELGR D TXH HO DFFLRQDQWH
OHJLWLPDGRDFWLYR DVDELHQGDVGHTXHODMXVWLFLDFRQVWLWXFLRQDOUHVROYLyVXSUREOHPD
MXUtGLFRLQVLVWHFRQRWUDGHPDQGDSUHWHQGLHQGRVRUSUHQGHUDHVWHyUJDQRMXULVGLFFLRQDO
ORTXHVHGHQRPLQDWHPHULGDG


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

6&5

&216,'(5$1'24XHHOSUHVHQWH5HFXUVRGH+iEHDV&RUSXVGHIV
KD
VLGR LQWHUSXHVWR FRQWUD 5HQp 'HOJDGR )LVFDO $GVFULWR D OD 3ROLFtD
7pFQLFD
-XGLFLDO 5RQDOG 6XiUH] ,QYHVWLJDGRU GH OD PLVPD \ /XLV &DOYR \
6DWXUQLQR
&RQGH4XHRWURUHFXUVRLJXDOIXHUHVXHOWRDQWHVSRUOD-XH]D&XDUWDGH
3DUWLGR
HQOR3HQDOGH/D3D]PHGLDQWH5HVROXFLyQGHGHHQHURGH
GHFODUiQGROR SURFHGHQWH FRQWUD 5RQDOG 6XiUH] ,QYHVWLJDGRU GH OD
3ROLFtD
7pFQLFD-XGLFLDO
4XH VL ELHQ HQ HO UHFXUVR TXH VH H[DPLQD ILJXUDQ DGHPiV RWUDV
DXWRULGDGHV
UHFXUULGDVFRPRVRQHO)LVFDO$GVFULWRDOD3ROLFtD7pFQLFD-XGLFLDO\
GRV
SROLFtDVHVHQFLDOPHQWHVHWUDWDGHORVPLVPRVKHFKRV\ODVPLVPDV
FLUFXQVWDQFLDVTXHGLHURQOXJDUDHVWHUHFXUVRFRQVLJXLHQWHPHQWHVHGD
HQHO
SUHVHQWHFDVRLGHQWLGDGGHVXMHWRREMHWR\FDXVD
&216,'(5$1'2 4XH GHQWUR GH OD LGHQWLGDG DQWHV VHxDODGD VyOR
H[LVWH
YDULDFLyQIRUPDOHQFXDQWRDOQ~PHURGHGHPDQGDQWHV\GHGHPDQGDGRV
SXHV
HQWUH ORV SULPHURV VH DxDGH D /XLV 0DFKDFD \ HQWUH ORV VHJXQGRV DO
)LVFDO
5HQp'HOJDGR\SROLFtDV/XLV&DOYR\6DWXUQLQR&RQGHVLQTXHSRUHVD
W


dW^:d

FLUFXQVWDQFLDVHKD\DPRGLILFDGRVXVWDQFLDOPHQWHODLGHQWLGDGVHxDODGD
KHFKR
3iJLQDGH
TXHFRQVWDHQORVDQWHFHGHQWHV\GDWRVGHOUHFXUVRTXHVHH[DPLQDSRU
ORTXH
FRUUHVSRQGHGHFODUDUORLPSURFHGHQWHWDOFRPRORKDKHFKRHO-XH]GH
+iEHDV
&RUSXV




6XEUHJODVSURFHVDOHVSDUDGHQHJDUODWXWHODGHODDFFLyQ
GH OLEHUWDG3RUTXH ORV DFWRV LOHJDOHV GHEHQ VHU DQDOL]DGRV GHQWUR GHO
SURFHVR
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   /D WLSLILFDFLyQ GH GHOLWRV VRQ UROHV DVLJQDGRV DO
0LQLVWHULR 3~EOLFR\ D OD-XULVGLFFLyQ 2UGLQDULD\ VX GHILQLFLyQ QR
FRUUHVSRQGHDODMXULVGLFFLyQFRQVWLWXFLRQDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH OLEHUWDG OD DFFLRQDQWH GHQXQFLy TXH VH GLVSXVR VX
GHWHQFLyQ SUHYHQWLYD HQ EDVH D XQD SUXHED LOtFLWD DVSHFWR TXH IXH
GHQXQFLDGRDWUDYpVGHOUHFXUVRGHDSHODFLyQHOFXDOIXHUHVXHOWRSRUODV
DXWRULGDGHV DKRUD GHPDQGDGDV FRQILUPDQGR OD GHFLVLyQ GHO MXH]
FDXWHODULQWHUSRQLHQGRSRVWHULRUPHQWHH[FHSFLyQGHIDOWDGHDFFLyQTXH
IXH UHFKD]DGD VROLFLWDQGR DGHPiV FHVDFLyQ D OD GHWHQFLyQ SUHYHQWLYD
KDELHQGRVLGRILMDGDODDXGLHQFLDSDUDHOGHHVHPHV\DxR(QEDVHD
HVWRV DQWHFHGHQWHV DOHJy OD YXOQHUDFLyQ GH VXV GHUHFKRV DO GHELGR
SURFHVR\DODOLEHUWDG\SLGLyVHFRQFHGDODDFFLyQ\VHDQXOHWRGRHO
SURFHVR KDVWD HO YLFLR PiV DQWLJXR (O 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDOFRQILUPyODGHFLVLyQGHO7ULEXQDOGH*DUDQWtDV\GHQHJy
ODWXWHODVLQLQJUHVDUDODQiOLVLVGHIRQGRSRUODVVLJXLHQWHVUD]RQHVD 
SRUTXH
EDMR QLQJ~Q MXVWLILFDWLYR OD MXULVGLFFLyQ FRQVWLWXFLRQDO  SXHGH
LQWHUIHULUHQHOFULWHULRTXHSXHGDQHPLWLUORVMXHFHVSDUDGHWHUPLQDUOD
FXOSDELOLGDGRQRGHXQLPSXWDGRQLHQODGHWHUPLQDFLyQGHODH[LVWHQFLD
W


dW^:d


RQRGHOGHOLWRTXHVHLQYHVWLJySRUTXHHVWDVDWULEXFLRQHVFRUUHVSRQGHQ
H[FOXVLYDPHQWHDODMXULVGLFFLyQRUGLQDULD
E /DVROLFLWXGGHFHVDFLyQD
OD GHWHQFLyQ SUHYHQWLYD UHDOL]DGD SRU OD DFFLRQDQWH DQWH HO MXH] TXH
HMHUFH HO FRQWUROMXULVGLFFLRQDO GH OD FDXVD VH HQFXHQWUD SHQGLHQWH GH
UHVROXFLyQ $GHPiV VH DQDOL]y SUHYLDPHQWH OD FRPSHWHQFLD GH ORV
MXHFHV\WULEXQDOHVSDUDFRQRFHU\UHVROYHUODVDFFLRQHVGHOLEHUWDG\HQ
XQHQWHQGLPLHQWRSUHYLVRUDSHVDUGHQRFXPSOLUVHFRQHOSUHVXSXHVWR
GH OD FRPSHWHQFLD LQJUHVy DO DQiOLVLV GH ORV SUREOHPDV MXUtGLFRV
SODQWHDGRV

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
QRFRUUHVSRQGHDHVWDMXULVGLFFLyQHIHFWXDUODODERUGHSRQGHUDFLyQGHORV
HOHPHQWRV GH FRQYLFFLyQ TXH PRWLYDURQ OD LPSRVLFLyQ GH OD PHGLGD FDXWHODU GH OD
GHWHQFLyQSUHYHQWLYDGDGRTXHHVDHVXQDIXQFLyQSULYDWLYDTXHFRUUHVSRQGH~QLFDPHQWH
DODMXULVGLFFLyQRUGLQDULD$VtOD6&5GHGHVHSWLHPEUHUHLWHUDQGRHO
UD]RQDPLHQWRDVXPLGRSRUOD6&5GHGHDEULODILUPy
(VWH7ULEXQDOKD
HVWDEOHFLGR PHGLDQWH VX MXULVSUXGHQFLD HQ REVHUYDQFLD GH OD FRPSHWHQFLD GH OD
MXULVGLFFLyQRUGLQDULDTXHEDMRQLQJ~QMXVWLILFDWLYRODMXULVGLFFLyQFRQVWLWXFLRQDOSXHGH
LQWHUIHULUHQHOFULWHULRTXHSXHGDQHPLWLUORVMXHFHVSDUDGHWHUPLQDUODFXOSDELOLGDGRQR
GHXQLPSXWDGRGHLJXDOPDQHUDODH[LVWHQFLDRQRGHOGHOLWRTXHVHLQYHVWLJyVLHQGR
TXH HVWD DWULEXFLyQ OH HVWi DVLJQDGD H[FOXVLYDPHQWH D OD MXULVGLFFLyQ RUGLQDULD QR
KDOOiQGRVHVXMHWDDFRQWUROFRQVWLWXFLRQDOSXHVHOORVLJQLILFDUtDVXSODQWDUOD5HVXOWDQGR
DSOLFDEOHWDPELpQHVWDFRPSUHQVLyQDORVDFWRVLQYHVWLJDWLYRVTXHVRQSDUWHGHODHWDSD
SUHSDUDWRULDDOVHUORVILVFDOHVHQHVWDHWDSDDXWyQRPRVVREUHODFRPSXOVDGHHOHPHQWRV
SUREDWRULRVUHVSHFWRDODFRPLVLyQGHOKHFKRGHQXQFLDGR  


OD LPSXWDFLyQ DO VHU SURYLVLRQDO HV PRGLILFDEOH HO DFFLRQDQWH VL FRQVLGHUDED TXH
H[LVWHHUURUHQVXIRUPXODFLyQGHELyLPSXJQDUHVWDVLWXDFLyQDQWHHO-XH]FRQWUDORUGH
OD LQYHVWLJDFLyQ D WUDYpV GH ORV PHFDQLVPRV LQWUD SURFHVDOHV FRQFHGLGRV SRU OH\ DO
HIHFWR\HQFDVRGHSHUVLVWLUODOHVLyQDWUDYpVGHODDFFLyQGHDPSDURFRQVWLWXFLRQDO
/RTXHQRDFRQWHFLyHQHOFDVRGHDXWRV

3RURWUDSDUWHHVQHFHVDULRLQFLGLUHQTXHODVPHGLGDVFDXWHODUHVGHFDUiFWHUSHUVRQDO
VRQ UHYLVDEOHV \ D~Q PRGLILFDEOHV GH RILFLR DUW  GHO &33  UD]yQ SRU OD TXH HO
LPSXWDGRHQYLUWXGDODUWGHO&yGLJRFLWDGRSXHGHLPSHWUDUODVYHFHVTXHYHD
FRQYHQLHQWH OD FHVDFLyQ GH OD PHGLGD GH GHWHQFLyQ LPSXHVWD HQ VX FRQWUD &XDQGR
QXHYRVHOHPHQWRVGHMXLFLRGHPXHVWUHQTXHQRFRQFXUUHQORVPRWLYRVTXHODIXQGDURQR
WRUQHQFRQYHQLHQWHTXHVHDVXVWLWXLGDSRURWUDPHGLGD7HQLHQGRDVXDOFDQFHHVWDYtD
SDUD SRGHU HVWDEOHFHU TXH QR FRQFXUUHQ ODV UD]RQHV TXH PRWLYDURQ VX GHWHQFLyQ
SUHYHQWLYD

(Q HVH VHQWLGR QRSXHGH LQJUHVDUVH DO H[DPHQ GH IRQGRGH OD SULPHUD SUREOHPiWLFD
GDGR TXH FRUUHVSRQGH D OD MXULVGLFFLyQ RUGLQDULD OD SRQGHUDFLyQ GH ORV VXILFLHQWHV
LQGLFLRV\SUHVXSXHVWRVSDUDODLPSRVLFLyQGHPHGLGDVFDXWHODUHVSHUVRQDOHVRUHDOHV\
QRDHVWH7ULEXQDOFX\DIXQFLyQHVUHVJXDUGDUHOUHVSHWRGHORVGHUHFKRVIXQGDPHQWDOHV
\JDUDQWtDVFRQVWLWXFLRQDOHVDWUDYpVGHODDFFLyQGHOLEHUWDGSRUFXDQWRFRUUHVSRQGH
GHQHJDUODWXWHODVROLFLWDGDDOUHVSHFWR



6LQWHVLVGHODUDWLRGHFLGHQGL

W


dW^:d

'HQLHJDODDFFLyQGHOLEHUWDGSRUTXHODWLSLILFDFLyQGHGHOLWRVVRQUROHV
DVLJQDGRV DO 0LQLVWHULR 3~EOLFR \ D OD -XULVGLFFLyQ 2UGLQDULD \ VX
GHILQLFLyQQRFRUUHVSRQGHDODMXULVGLFFLyQFRQVWLWXFLRQDO

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/DOtQHDGHEHVHUHQWHQGLGDGHODVLJXLHQWHPDQHUD

(O7ULEXQDO&RQVWLWXFLRQDODWUDYpVGHOD6&5HVWDEOHFLy
FRPR OtPLWHV DO HMHUFLFLR GH ODMXVWLFLD FRQVWLWXFLRQDOOD GHILQLFLyQ GH
KHFKRVSXQLEOHVFULWHULRTXHDVXYH]IXHDVXPLGRSRUOD6&
5

 /D 6&3DVXPH HO HQWHQGLPLHQWRDQWHVDQRWDGR \ SRU OR
WDQWRVHFRQILJXUDFRPRODSULPHUDVHQWHQFLDFRQILUPDGRUDGHOtQHD

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

(OSUHFHGHQWHFRQWHQLGRHQOD6&5HVWDEOHFH



&RQFOX\HQGRTXHODFDOLILFDFLyQSURYLVLRQDOGHOGHOLWRFRQVWLWX\H
XQD DWULEXFLyQ SULYDWLYD GHO )LVFDO D FDUJR GH OD LQYHVWLJDFLyQ TXLHQ VHUi HO
HQFDUJDGRGHFRPSUREDUHQODHWDSDSUHSDUDWRULDVXFRPLVLyQQRFRQVWLWX\HQGR
ODSUHVHQWHJDUDQWtDMXULVGLFFLRQDOXQDLQVWDQFLDHQODTXHSXHGDFRQVLGHUDUVH\
PRGLILFDUVHDVSHFWRVTXHVHUHODFLRQHQDHOOD




1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3'HQHJDWRULDGHODDFFLyQGHOLEHUWDGGHELGRDTXHOD
LGHQWLGDGGHOLPSXWDGRGHEHVHUGLOXFLGDGDHQODMXVWLFLDRUGLQDULD\
QRPHGLDQWHXQDDFFLyQFRQVWLWXFLRQDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

W


dW^:d


(Q HVWD DFFLyQ GH OLEHUWDG HO DFFLRQDQWH GHQXQFLy TXH D SHVDU GH QR
KDEHUVHLQLFLDGRFRQWUDVXUHSUHVHQWDGRSURFHVRSHQDODOJXQRVHKDWUDWD
GH DSUHKHQGHUOR FRQ XQ PDQGDPLHQWR OLEUDGR FRQWUD RWUD SHUVRQD
HPLWLGRSRUHO-XH]GHPDQGDGR\TXHDSHVDUGHKDEHUOHKHFKRFRQRFHU
HVD VLWXDFLyQ VROLFLWDQGR OD QXOLGDG GH REUDGRV OD UHIHULGD DXWRULGDG
VHxDOyTXHHOLQFLGHQWHGHDFWLYLGDGSURFHVDOGHIHFWXRVDVHUiUHVXHOWRHQ
DXGLHQFLD GH MXLFLR RUDO OD FXDO VH FHOHEUDUi FXDQGR HO LPSXWDGR VHD
SXHVWRDGLVSRVLFLyQGHO-X]JDGRSDUDDVXPLUHQMXLFLDPLHQWRSRUHOOR
VHxDOyTXHVXUHSUHVHQWDGRFRQWLQ~DLOHJDOPHQWHSHUVHJXLGR\SHWLFLRQy
VH UHVWLWX\D HO GHUHFKR D OD OLEUH ORFRPRFLyQ GH VX UHSUHVHQWDGR
RUGHQDQGR DO -XH] GHPDQGDGR HO FHVH GH VX SHUVHFXFLyQ (O 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOFRQILUPyODUHVROXFLyQTXHGHQHJyODWXWHOD
VLQLQJUHVDUDOIRQGRGHODSUREOHPiWLFDSODQWHDGDFRQHODUJXPHQWRGH
TXHQRFRUUHVSRQGHDODMXULVGLFFLyQFRQVWLWXFLRQDOLQJUHVDUDGLOXFLGDU
RHVFODUHFHUODLGHQWLGDGRQRGHOSURFHVDGRGHELHQGRHQFRQVHFXHQFLD
VHU HQ HO SURFHVR SHQDO VHJXLGR FRQWUD pVWH GRQGH VH GHWHUPLQH VL HO
GHPDQGDGR JXDUGD LGHQWLGDG GH VXMHWR FRQ HO UHSUHVHQWDGR GHO
DFFLRQDQWH SXHVWR TXH HV OD DXWRULGDG MXGLFLDO OD TXH HVWi REOLJDGD D
HVFODUHFHUODLGHQWLGDGGHXQDSHUVRQDGHQWURGHXQSURFHVRSHQDO

([WUDFWRGHODUDWLRGHFLGHQGL

)- ,,,
GHQWUR GHO SURFHVR SHQDO LQVWDXUDGR FRQWUD 0DQXHO 7ROHGR
&KiYH]VHGHFODUyUHEHOGHDOPLVPROLEUiQGRVHSRUHOORPDQGDPLHQWR
GHDSUHKHQVLyQFRQWUDpVWH\TXHSRURWUDSDUWH1ROLWR7ROHGR&KiYH]
DSHUVRQiQGRVHDQWHHO-XH]GHPDQGDGRUHILHUHODH[LVWHQFLDGHXQHUURU
HQODLGHQWLGDGGHVXSHUVRQDFRQWUDTXLHQVHSUHWHQGLyHMHFXWDUGLFKR
PDQGDPLHQWR SXHV HQ OD DFXVDFLyQ SDUWLFXODU \ GHPiV DFWXDFLRQHV
GHQWURGHOSURFHVRSHQDOILJXUDFRPRLPSXWDGR0DQXHO7ROHGR&KiYH]
DUJXPHQWRTXHHVUHLWHUDGRHQODSUHVHQWHDFFLyQ



HODUWGHO&33HVWDEOHFHTXH
(OLPSXWDGRGHVGHHOSULPHUDFWR
GHOSURFHVRVHUiLGHQWLILFDGRSRUVXQRPEUHGDWRVSHUVRQDOHV\VHxDV
SDUWLFXODUHV6LVHDEVWLHQHGHSURSRUFLRQDUHVRVGDWRVRORVSURSRUFLRQD
GH PDQHUD IDOVD VH SURFHGHUi D VX LGHQWLILFDFLyQ SRU WHVWLJRV
IRWRJUDItDV LGHQWLILFDFLyQ GDFWLORVFySLFD X RWURV PHGLRV OtFLWRV





ODGXGDVREUHORVGDWRVREWHQLGRVQRDOWHUDUiHOFXUVRGHOSURFHVR\ORV
HUURUHVSRGUiQVHUFRUUHJLGRVHQFXDOTXLHURSRUWXQLGDGD~QGXUDQWHOD
HMHFXFLyQSHQDO




HQFXDQWRDODDFUHGLWDFLyQGHODLGHQWLGDGGHQWURGHXQDLQYHVWLJDFLyQ
R SURFHVR SHQDO OD MXULVSUXGHQFLD FRQVWLWXFLRQDO VHxDOy TXH
HO
UHFXUUHQWH  GHEHDVXPLUGHIHQVD\DFUHGLWDUVLQOXJDUDGXGDVTXHHV
XQDSHUVRQDGLIHUHQWHDOLPSXWDGR
 6&5GHGHRFWXEUH 
W


dW^:d

GHELHQGR DO HIHFWR


XWLOL]DU ODV YtDV SHUWLQHQWHV SDUD DFUHGLWDU VX
LGHQWLGDG\QRDFXGLUGLUHFWDPHQWHDODMXULVGLFFLyQFRQVWLWXFLRQDO  
GDGRTXHODYtDLGyQHDSDUDKDFHUORHVODRUGLQDULDYDOLpQGRVHGHWRGRV
ORVPHGLRVSUREDWRULRVTXHFRQVLGHUHSHUWLQHQWHVSDUDGHPRVWUDUTXHHV
XQD SHUVRQD GLIHUHQWH DO LPSXWDGR
 HVWR HV HQ FXDOTXLHU HWDSD GHO
SURFHVRDVtORHQWHQGLHURQODV66&&5\5HQWUH
RWUDV
 


QRFRUUHVSRQGHDODMXULVGLFFLyQFRQVWLWXFLRQDOLQJUHVDUDGLOXFLGDUR
HVFODUHFHUODLGHQWLGDGRQRGHOSURFHVDGRGHELHQGRHQFRQVHFXHQFLDVHU
HQ HO SURFHVR SHQDO VHJXLGR FRQWUD 0DQXHO 7ROHGR &KiYH] GRQGH VH
GHWHUPLQH VL HO GHPDQGDGR JXDUGD LGHQWLGDG GH VXMHWR FRQ HO
UHSUHVHQWDGRGHODFFLRQDQWHSXHVWRTXHHVODDXWRULGDGMXGLFLDOODTXH
HVWi REOLJDGD D HVFODUHFHU OD LGHQWLGDG GH XQD SHUVRQD GHQWUR GH XQ
SURFHVRSHQDO


6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJDODDFFLyQGHOLEHUWDGGHELGRDTXHODLGHQWLGDGGHOLPSXWDGR
GHEH VHU GLOXFLGDGD HQ OD MXVWLFLD RUGLQDULD \ QR PHGLDQWH XQD DFFLyQ
FRQVWLWXFLRQDO

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/D6&5HQXQFDVRHQHOTXHVHLQWHUSXVRUHFXUVRGHKiEHDV
FRUSXV KR\ DFFLyQ GH OLEHUWDG SRUTXH HO UHFXUUHQWH DOHJDED
SURFHVDPLHQWRLQGHELGRSRUTXHVXSXHVWDPHQWHVXLGHQWLGDGKDEtDVLGR
HTXLYRFDGDIXHGHFODUDGRLPSURFHGHQWHSRUHO7ULEXQDO&RQVWLWXFLRQDO
FRQHODUJXPHQWRGHTXHODVSUXHEDVSUHVHQWDGDVSRUHOUHFXUUHQWHGHEHQ
VHU GHELGDPHQWH FRPSXOVDGDV SRU ORV MX]JDGRUHV UHFXUULGRV QR
SXGLHQGR OD MXVWLFLD FRQVWLWXFLRQDO HQWUDU D FRQVLGHUDU QL YDORUDU ODV
PLVPDVWRGDYH]TXHODILQDOLGDGGHOKiEHDVFRUSXVHVODSURWHFFLyQGH
OD OLEHUWDG 'LFKR HQWHQGLPLHQWR MXULVSUXGHQFLDO IXH UHLWHUDGR HQ ODV
66&& 5 \ 5 HQWUH RWUDV /D 6&3 
UHLWHUyHOFLWDGRFULWHULRMXULVSUXGHQFLDO

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,  HQFXDQWRDODDFUHGLWDFLyQGHODLGHQWLGDGGHQWURGHXQD
LQYHVWLJDFLyQRSURFHVRSHQDOODMXULVSUXGHQFLDFRQVWLWXFLRQDOVHxDOy
TXH
HOUHFXUUHQWH  GHEHDVXPLUGHIHQVD\DFUHGLWDUVLQOXJDUDGXGDV
TXHHVXQDSHUVRQDGLIHUHQWHDOLPSXWDGR
 6&5GHGH
RFWXEUH GHELHQGRDOHIHFWR
XWLOL]DUODVYtDVSHUWLQHQWHVSDUDDFUHGLWDU
VX LGHQWLGDG \ QR DFXGLU GLUHFWDPHQWH D OD MXULVGLFFLyQ FRQVWLWXFLRQDO
 GDGRTXHODYtDLGyQHDSDUDKDFHUORHVODRUGLQDULDYDOLpQGRVHGH
WRGRVORVPHGLRVSUREDWRULRVTXHFRQVLGHUHSHUWLQHQWHVSDUDGHPRVWUDU
W


dW^:d


TXHHVXQDSHUVRQDGLIHUHQWHDOLPSXWDGR
HVWRHVHQFXDOTXLHUHWDSDGHO
SURFHVRDVtORHQWHQGLHURQODV66&&5\5HQWUH
RWUDV




6XEUHJODVSURFHVDOHVSDUDGHQHJDUODWXWHODGHODDFFLyQ
GHOLEHUWDG3URFHVDPLHQWRLQGHELGR
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3/DVDIHFWDFLRQHVDODVUHJODVGHOGHELGRSURFHVRSRU
SURFHVDPLHQWRVLQGHELGRVGHEHUiQVHUUHSDUDGDVDWUDYpVGHODDFFLyQ
GHOLEHUWDGFXDQGRH[LVWDGLUHFWDFDXVDOLGDGHQWUHHODFWRGHQXQFLDGR
FRPR OHVLYR \ OD OLEHUWDG \ FXDQGR VH KD\DQ DJRWDGR WRGRV ORV
PHFDQLVPRV LQWUDSURFHVDOHV GH GHIHQVD VDOYR DEVROXWR HVWDGR GH
LQGHIHQVLyQ

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH OLEHUWDG HODFFLRQDQWH VHxDOy TXH IXH YXOQHUDGRVX
GHUHFKRDODGHIHQVD\DOGHELGRSURFHVRWDQWRSRUHO-XH]FRPRSRUORV
9RFDOHVGHPDQGDGRVSRUFXDQWRODDXGLHQFLDGHFHVDFLyQDVXGHWHQFLyQ
SUHYHQWLYDQRSXGROOHYDUVHDHIHFWRSRUGHFLVLyQGHOD-XH]D3ULPHUDGH
,QVWUXFFLyQHQOR3HQDOHQVXSOHQFLDTXLHQPHGLDQWHGHFUHWRGLVSXVROD
QRFRQVLGHUDFLyQGHVXVROLFLWXGDOHJDQGRIDOWDGHIXQGDPHQWDFLyQHQ
OD5HVROXFLyQTXHGLVSXVRVXGHWHQFLyQSUHYHQWLYD3ODQWHDGRVWDQWRHO
UHFXUVRGHUHSRVLFLyQFRPRHOGHDSHODFLyQGLFKDDXWRULGDGQRUHVROYLy
HOSULPHURGHHOORVGLVSRQLHQGRTXHVHHVWpSULPHURDORTXHIXHUDD
UHVROYHUVH HQ DO]DGD  (Q DSHODFLyQ VH GLVSXVR OD WUDPLWDFLyQ GH OD
DXGLHQFLD GH FHVDFLyQ GH OD GHWHQFLyQ SUHYHQWLYD HQ OD TXH  HO MXH]
FRQYDOLGy OD IDOWDGHIXQGDPHQWDFLyQGHODUHVROXFLyQ TXH GLVSXVRVX
GHWHQFLyQ SUHYHQWLYD DO LJXDO TXH ORV YRFDOHV GHPDQGDGRV TXH
DUJXPHQWDURQ TXH VHLQFXPSOLy FRQORHVWDEOHFLGR SRU HO DUW GHO
&33 DO QR DSRUWDU QXHYRV HOHPHQWRV SDUD GHVYLUWXDU ORV ULHVJRV
SURFHVDOHV(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHQUHYLVLyQDSUREy
ODUHVROXFLyQTXHGHQHJyODWXWHODSRUQRH[LVWLUGLUHFWDFDXVDOLGDGHQWUH
HODFWRGHQXQFLDGRFRPROHVLYR\ODOLEHUWDG
W


dW^:d


([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
'HDFXHUGRDORVGDWRVTXHLQIRUPDHOSURFHVRHODFFLRQDQWHFRQVLGHUDOHVLRQDGR
VXGHUHFKRDODOLEHUWDGSRUFXDQWRHVWDQGRGHWHQLGRSUHYHQWLYDPHQWHGHVGHHOGH
VHSWLHPEUH GH  D FRQVHFXHQFLD GHO SURFHVR SHQDO VHJXLGR HQ VX FRQWUD SRU HO
0LQLVWHULR3~EOLFRSRUHOVXSXHVWRGHOLWRGHHVWDIDDJUDYDGDFRQODDJUDYDQWHGHODUW
%,6GHO&3HOGHRFWXEUHGHOPLVPRDxRVROLFLWyODFHVDFLyQGHVXGHWHQFLyQ
SUHYHQWLYD D OD -XH]D 3ULPHUD GH ,QVWUXFFLyQ HQ OR 3HQDO TXLHQ VH HQFRQWUDED HQ
VXSOHQFLDGHOWLWXODUDKRUDGHPDQGDGRDXGLHQFLDS~EOLFDTXHVLELHQIXHLQVWDODGDHO
GHDEULOGHHVGHFLUOXHJRGHFDVLVHLVPHVHVQRIXHOOHYDGDDFDERDOHJiQGRVH
XQD VXSXHVWD GLODFLyQ HQ OD WUDPLWDFLyQ GH OD DXGLHQFLD GH FHVDFLyQ D OD GHWHQFLyQ
SUHYHQWLYDDVSHFWRTXHQRSXHGHVHUFRPSXOVDGRPHGLDQWHODSUHVHQWHDFFLyQWXWHODU
SRUFXDQWRODDXWRULGDGTXHFRQRFLyLQLFLDOPHQWHGLFKDVROLFLWXGQRIXHGHPDQGDGDD
WUDYpVGHHVWDDFFLyQ

$KRUDELHQUHVSHFWRDTXHLQVWDODGDODDXGLHQFLDHQODIHFKDUHIHULGDOD-XH]DDFDUJR
GHO FRQWURO MXULVGLFFLRQDO HQ YH] GH WUDPLWDU \ UHVROYHU OD VROLFLWXG GH FHVDFLyQ D OD
GHWHQFLyQSUHYHQWLYDGHWHUPLQyHQGLFKRDFWRSURFHVDOPHGLDQWHGHFUHWRGHGHDEULO
GH  TXH QR FRQVLGHUDUtD OD FHVDFLyQ DILUPDQGR TXH GH OD UHYLVLyQ GHO DFWD \
5HVROXFLyQ GH DSOLFDFLyQ GH PHGLGDV FDXWHODUHV GH  GH VHSWLHPEUH GH  QR VH
KDEUtD REVHUYDGR OR SUHYLVWR SRU HO DUW  GHO &33 HV GHFLU TXH FDUHFHUtD GH
IXQGDPHQWDFLyQ DQWH OR FXDO HO DFFLRQDQWH SRU PHPRULDO GH  GH PD\R GH 
LQWHUSXVRUHFXUVRGHUHSRVLFLyQFRQWUDGLFKRSURYHtGRKDFLHQGRFRQVWDUTXHQRGHEtD
VXVSHQGHUVHODDXGLHQFLDPiVD~QDODGYHUWLUVHTXHVXGHWHQFLyQSUHYHQWLYDFDUHFtDGH
IXQGDPHQWDFLyQMXUtGLFDORTXHVXVFLWyTXHSLGDDHVDDXWRULGDGUHYRTXHHOGHFUHWR\
VHxDOHQXHYRGtD\KRUDGHDXGLHQFLD'HODPLVPDPDQHUDSRUPHPRULDOGHODUHIHULGD
IHFKD SODQWHy DSHODFLyQ LQFLGHQWDO FRQWUD HO PLVPR SURYHtGR HQ UHVSXHVWD D GLFKD
VROLFLWXGOD-XH]DGH,QVWUXFFLyQHQOR3HQDOPHGLDQWHGHFUHWRGHGHHVHPHV\DxR
GLVSXVRTXHVHHVWpDORGHWHUPLQDGRPHGLDQWHPHPRULDOGHGHDEULOGHOPLVPRDxR
FRQUHIHUHQFLDDODDSHODFLyQLQFLGHQWDOSODQWHDGDUHVSHFWRDOSURYHtGRGHGHDEULOGH


$FRQVHFXHQFLDGHODLQWHUSRVLFLyQGHODDSHODFLyQOD6DOD3HQDO3ULPHUDSRUXQDSDUWH
FRQILUPyOD5HVROXFLyQDSHODGD\UHVSHFWRDODSURYLGHQFLDGHGHDEULOGHDQXOy
REUDGRVGHWHUPLQDGRTXHHO-XH]DTXRUHVXHOYDHOUHFXUVRGHUHSRVLFLyQVLQHPEDUJR
HO-XH]6H[WRGH,QVWUXFFLyQ3HQDOGHPDQGDGRSRU5HVROXFLyQGHGHQRYLHPEUHGH
LJXDODxR
DFHSWy
HOUHFXUVRGHUHSRVLFLyQLQWHUSXHVWR\GHMyVLQHIHFWRHOSURYHtGRHQ
FXHVWLyQVHxDODQGRHQFRQVHFXHQFLDDXGLHQFLDSDUDODFRQVLGHUDFLyQGHODFHVDFLyQGH
ODGHWHQFLyQSUHYHQWLYDSDUDHOGHHVHPHV\DxR

&RQIRUPH OR GHVFULWR SUHFHGHQWHPHQWH \ GH ODV SLH]DV SURFHVDOHV DUULPDGDV DO OHJDMR
SURFHVDOVHHVWDEOHFHTXHORVVXSXHVWRVDFWRVLOHJDOHVOHVLYRVDOGHELGRSURFHVRUHVSHFWR
D OD QXOLGDG DOHJDQGR LQFRPSHWHQFLD QR VRQ OD FDXVD GLUHFWD SDUD OD VXSUHVLyQ R
UHVWULFFLyQGHODOLEHUWDGItVLFDGHODFFLRQDQWHSRUFXDQWRpVWHGHMyVLQHIHFWRHOSURYHtGR
GHGHDEULOGHSRUHOTXHVHKDEUtDHVWDEOHFLGRTXHODDSOLFDFLyQGHPHGLGDV
FDXWHODUHVIXHRUGHQDGDVLQODIXQGDPHQWDFLyQDGHFXDGD\PiVELHQILMyIHFKD\OOHYy
DHIHFWRODFRQVLGHUDFLyQGHODFHVDFLyQGHODGHWHQFLyQSUHYHQWLYDHOGHQRYLHPEUH
GH
3RURWUDSDUWHHQGLFKDDXGLHQFLDVHUHFKD]yODFHVDFLyQ\GHMyVXEVLVWHQWHOD
5HVROXFLyQTXHGLVSXVRODGHWHQFLyQSUHYHQWLYDGH-XOLR$QWRQLR8]TXLDQR+RZDUGHV
GHFLUTXHQRH[LVWLUtDOHVLyQDOJXQDDOGHUHFKRDODOLEHUWDGGHODFFLRQDQWHSRUFXDQWRVL
ELHQFRQWLQ~DSUHYHQWLYDPHQWHGHWHQLGRHVDFRQVHFXHQFLDGHQRKDEHUGHVYLUWXDGRHQ
DXGLHQFLDGHFHVDFLyQORVHOHPHQWRVGHMXLFLRTXHOOHYDURQDODDXWRULGDGMXULVGLFFLRQDO
DGLVSRQHUGLFKDPHGLGDSRUHOORVHHYLGHQFLDTXHHO-XH]DKRUDGHPDQGDGRQRLQFXUULy
HQQLQJ~QDFWRLOHJDOPiVDOFRQWUDULRYLDELOL]yODVROLFLWXGGHFHVDFLyQGHQWURGHXQ
SOD]RUD]RQDEOHXQDYH]TXHDVXPLyODWLWXODULGDGGHOMX]JDGR


W


dW^:d



5HVSHFWR D ORV VXSXHVWRV DFWRV LOHJDOHV FRPHWLGRV SRU ORV 9RFDOHV GH OD 6DOD 3HQDO
3ULPHUD DKRUD GHPDQGD GLFKDV DXWRULGDGHV FLUFXQVFULELHURQ VX DFWXDU D UHVROYHU HO
UHFXUVRGHDSHODFLyQGHOD5HVROXFLyQTXHUHFKD]yODVROLFLWXGGHFHVDFLyQDODGHWHQFLyQ
SUHYHQWLYDYHULILFDQGRHOFXPSOLPLHQWRGHORSUHYLVWRSRUHODUWGHO&33SRUOR
TXHLJXDOPHQWHGLFKDVDXWRULGDGHVQROHVLRQDURQORVGHUHFKRVGHODFFLRQDQWH



6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJD OD DFFLyQ GH OLEHUWDG SRUTXH OD QXOLGDG GHQXQFLDGD SRU
LQFRPSHWHQFLDGHODDXWRULGDGGHPDQGDGDQRHVODFDXVDGLUHFWDGHOD
VXSUHVLyQRUHVWULFFLyQGHODOLEHUWDGItVLFDGHODFFLRQDQWH

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/D 6HQWHQFLD &RQVWLWXFLRQDO  GHEH VHU HQWHQGLGD HQ HO PDUFR GH ODV OtQHDV
IXQGDQWHVHQFXDQWRDOSURFHVDPLHQWRLQGHELGRWXWHODEOHDWUDYpVGHORWURUDUHFXUVRGH
KiEHDV FRUSXV DKRUD DFFLyQ GH OLEHUWDG HQ HVH PDUFR GHEH VHxDODUVH TXH OD 6&
5HVWDEOHFLyTXHODSURWHFFLyQDOGHELGRSURFHVRDWUDYpVGHOHQWRFHVUHFXUVR
GH KDEHDV FRUSXV HUD YLDEOH VRODPHQWH HQ DTXHOORV FDVRV HQ ORV FXDOHV H[LVWD GLUHFWD
FDXVDOLGDG FRQ OD OLEHUWDG SHUVRQDO R GH ORFRPRFLyQ HV GHFLU FXDQGR ORV DFWRV X
RPLVLRQHVGHQXQFLDGRVVHDQODFDXVDGLUHFWDSDUDODUHVWULFFLyQRVXSUHVLyQDOGHUHFKRD
OD OLEHUWDG 3RVWHULRUPHQWH OD 6& 5 HVWDEOHFLy TXH DQWHV GH DFWLYDUVH OD
MXULVGLFFLyQFRQVWLWXFLRQDOGHEtDSHGLUVHODUHSDUDFLyQDOGHUHFKRDOGHELGRSURFHVRHQ
VHGHMXULVGLFFLRQDORUGLQDULDDWUDYpVGHORVPHGLRVGHLPSXJDQFLyQHVWDEOHFLGRVSRUOD
OH\ VDOYR HO DEVROXWR HVWDGR GH LQGHIHQVLyQ H[FHSFLyQ TXH VHJ~Q OD WHOHRORJtD GH OD
VHQWHQFLD DQDOL]DGD HUD XQD H[FHSFLyQ D OD H[LJHQFLD GHO DJRWDPLHQWR SUHYLR GH ORV
PHFDQLVPRVLQWUDSURFHVDOHVGHGHIHQVD$VLPLVPRHQHOFRQWH[WRGHODVGRVVHQWHQFLDV
DQWHULRUHV\FRPRXQHQWHQGLPLHQWRVLVWHPDWL]DGRUOD6&5VHxDOyTXHSDUD
OD WXWHOD GHO 'HELGR 3URFHVR D WUDYpV GHO HQWRQFHV UHFXUVR GH KiEHDV FRUSXV GHEtDQ
FRQFXUULUORVVLJXLHQWHVUHTXLVLWRVD /RVDFWRVXRPLVLRQHVGHQXQFLDGRVGHEtDQHVWDU
YLQFXODGRVFRQODOLEHUWDG\VHUFDXVDGLUHFWDSDUDVXVXSUHVLyQROLPLWDFLyQ\E GHEtD
H[LVWLUDEVROXWRHVWDGRGHLQGHIHQVLyQ(QHVWHPDUFRODWHOHRORJtDGHOHQWHQGLPLHQWR
DQWHV DQRWDGR SRGUtD WUDGXFLUVH HQ HO VLJXLHQWH HQXQFLDGR /DV OHVLRQHV DO GHELGR
SURFHVRVRQUHSDUDGDVDWUDYpVGHODQWHVKDEHDVFRUSXVDKRUDDFFLyQGHOLEHUWDGFXDQGR
H[LVWD GLUHFWD FDXVDOLGDG HQWUH HO DFWR X RPLVLyQ GHQXQFLDGRV FRPR OHVLYRV \ OD
UHVWULFFLyQRVXSUHVLyQDODOLEHUWDGItVLFDRGHORFRPRFLyQ\FXDQGRHQYtDMXULVGLFFLRQDO
RUGLQDULDVHKD\DQDJRWDGRORVPHFDQLVPRVGHLPSXJQDFLyQVDOYRDEVROXWRHVWDGRGH
LQGHIHQVLyQ(VWHFULWHULRIXHPRGXODGRSRVWHULRUPHQWHDWUDYpVGHOD6&TXH
HVWDEOHFHORVLJXLHQWH
QLFDPHQWHFXDQGRVHWUDWDGHPDWHULDSHQDOODDFFLyQGHOLEHUWDG
HVHOPHGLRLGyQHRHILFD]\HILFLHQWHSDUDUHVWDEOHFHUHOGHELGRSURFHVRHQWRGRVVXV
HOHPHQWRV
 HQ HVWH PDUFR \ GH DFXHUGR D HVWH HQWHQGLPLHQWR SDUD SURFHVDPLHQWR
LQGHELGR\VXWXWHODDWUDYpVGHODDFFLyQGHOLEHUWDGQRVHQHFHVLWDODUHODFLyQGHGLUHFWD
FDXVDOLGDG\DTXHHVVXILFLHQWHXQDUHODFLyQLQGLUHFWD(VWHFULWHULRVHFRQILJXUDFRPR
HOHVWiQGDUPiVDOWRSDUDODOtQHDGHOSURFHVDPLHQWRLQGHELGR\VXWXWHODDWUDYpVGHOD
DFFLyQGHOLEHUWDG
(Q HIHFWR DXQTXH SRVWHULRUPHQWH OD 6&3  UHFRQGXMR OD OtQHD DO FULWHULR
UHVWULFWLYRHVGHFLUDODH[LJHQFLDGHODGLUHFWDFDXVDOLGDGHQWUHHODFWRGHQXQFLDGRFRPR
OHVLYR \ OD OLEHUWDG VLJXLHQGR OD GRFWULQD GHO HVWiQGDU MXULVSUXGHQFLDO PiV DOWR HO
SUHFHGHQWHYLQFXODQWHHVHOSODVPDGRHQOD6&3


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

W


dW^:d
D 
(OSUHFHGHQWHSODVPDGRHQOD6&5HVWDEOHFLy

&XDUWRFRQVLGHUDQGR
4XHODSURWHFFLyQTXHEULQGDHODUWGHOD&RQVWLWXFLyQ
3ROtWLFDHQFXDQWRDOGHELGRSURFHVRVHUHILHUHQRDEDUFDDWRGDVODVIRUPDVHQ
TXHHOPLVPRSXHGHVHULQIULQJLGRVLQRVyORDDTXHOORVVXSXHVWRVHQORVTXH
HVWiGLUHFWDPHQWHYLQFXODGRDOGHUHFKRDODOLEHUWDGSHUVRQDORGHORFRPRFLyQ
SRURSHUDUFRPRFDXVDSDUDVXUHVWULFFLyQRVXSUHVLyQTXHGDQGRSRUWDQWRODV
GHPiVEDMRODWXWHODTXHEULQGDHODUWFRQVWLWXFLRQDOTXHDGLIHUHQFLDGHO
+iEHDV &RUSXV H[LJH SDUD VX SURFHGHQFLD HO DJRWDPLHQWR GH RWUDV YtDV R
UHFXUVRV LGyQHRV SDUD ORJUDU OD UHSDUDFLyQ LQPHGLDWD GHO DFWR R OD RPLVLyQ
LOHJDO


E 
(OSUHFHGHQWHSODVPDGRHQOD6&5HVWDEOHFLy

)- ,,,
&RQIRUPH DO RUGHQ FRQVWLWXFLRQDO \ OD MXULVSUXGHQFLD JORVDGD HO
SURFHVDPLHQWRLOHJDODOTXHKDFHUHIHUHQFLDODQRUPDIXQGDPHQWDOGHOSDtVHQ
VXDUWGHOD&3(QRHVFRPSUHQVLYRGHODJDUDQWtDGHOGHELGRSURFHVRSXHV
pVWDHQFXHQWUDSURWHFFLyQHQHODUWGHOD&3(VLQRGHDTXHOSURFHVDPLHQWR
LOHJDOHVGHFLUVLQUHVSDOGRDOJXQRHQHORUGHQDPLHQWRMXUtGLFRTXHRSHUDFRPR
FDXVDSDUDODSULYDFLyQGHODOLEHUWDG(VWRFRQODILQDOLGDGGHHYLWDUTXHDWUDYpV
GHXQSURFHGLPLHQWRDUELWUDULRVHLPSRQJDXQDVDQFLyQRFRQGHQDSHQDO

'H OR GLFKR VH FRQFOX\H TXH HQ ORV SURFHVRV LQVWDXUDGRV GH DFXHUGR DO
RUGHQDPLHQWR MXUtGLFR EROLYLDQR HQ HO VHQWLGR GHO RUGHQ FRQVWLWXFLRQDO ODV
OHVLRQHV DO GHELGR SURFHVR HVWiQ OODPDGDV D VHU UHSDUDGDV SRU ORV PLVPRV
yUJDQRVMXULVGLFFLRQDOHVTXHFRQRFHQODFDXVDORTXHLPSOLFDTXHTXLHQKDVLGR
REMHWR GH HVD OHVLyQ GHEH SHGLU OD UHSDUDFLyQ D ORV MXHFHV \ WULEXQDOHV
RUGLQDULRV DVXPLHQGR DFWLYDPHQWH VX URO GHQWUR GHO SURFHVR D WUDYpV GH ORV
PHGLRV\UHFXUVRVTXHSUHYpODOH\\VyORDJRWDGRVpVWRVVHSRGUiDFXGLUDQWH
ODMXULVGLFFLyQFRQVWLWXFLRQDODWUDYpVGHOUHFXUVRGHDPSDURFRQVWLWXFLRQDOTXH
FRPR VH KD VHxDODGR HV HO UHFXUVR LGyQHR SDUD SUHFDXWHODU ODV OHVLRQHV D OD
JDUDQWtDGHOGHELGRSURFHVRDQRVHUTXHVHFRQVWDWHTXHDFRQVHFXHQFLDGHODV
YLRODFLRQHVDOGHELGRSURFHVRLQYRFDGDVVHFRORFyDOUHFXUUHQWHHQDEVROXWR
HVWDGR GH LQGHIHQVLyQ OR TXH QR OH SHUPLWLy LPSXJQDU ORV VXSXHVWRV DFWRV
LOHJDOHV \ TXH UHFLpQ WXYR FRQRFLPLHQWR GHO SURFHVR DO PRPHQWR GH OD
SHUVHFXFLyQRODSULYDFLyQGHODOLEHUWDG

8QHQWHQGLPLHQWRFRQWUDULRGHWHUPLQDUtDTXHORVMXHFHV\WULEXQDOHVGHKiEHDV
FRUSXV\HOSURSLR7ULEXQDO&RQVWLWXFLRQDODVXPDQXQDDWULEXFLyQTXHHORUGHQ
FRQVWLWXFLRQDOQROHVRWRUJDSRVLELOLWDQGRTXHWRGDUHFODPDFLyQSRUVXSXHVWDV
OHVLRQHVDOGHELGRSURFHVRSRUTXLHQVHHQFXHQWUHSULYDGRGHOLEHUWDGSURVSHUH
D WUDYpV GHO UHFXUVR GH KiEHDV FRUSXV GHVQDWXUDOL]DQGR OD DFWXDFLyQ GH ORV
MXHFHV \ WULEXQDOHV RUGLQDULRV TXH VRQ ORV TXH WLHQHQ FRPSHWHQFLD
SULPDULDPHQWHSDUDHMHUFHUHOFRQWUROGHOSURFHVR\VyORVLODLQIUDFFLyQQRHV
UHSDUDGDVHDEUHODWXWHODFRQVWLWXFLRQDO

'H DFXHUGR D OR VHxDODGR HO VHQWLGR GH SURWHFFLyQ TXH OD /H\ )XQGDPHQWDO
RWRUJDDWUDYpVGHOKiEHDVFRUSXVQRHVWiGHVWLQDGRDTXHORVSURFHVDGRVTXH
SRUQHJOLJHQFLDQRLPSXJQDURQODVXSXHVWDOHVLyQDOGHELGRSURFHVR\GHQWUR
GHpVWHHOGHUHFKRDODGHIHQVDSXHGDQKDFHUORDWUDYpVGHOKiEHDVFRUSXVTXH
SRUODtQGROHGHOELHQMXUtGLFRTXHSURWHJHQRUHTXLHUHGHLPSXJQDFLyQSUHYLD

W


dW^:d


QL DJRWDPLHQWR GH UHFXUVRV SXHV HOOR VLJQLILFDUtD GH XQ ODGR XQ GHVYtR R
HOXVLyQGHODVFRPSHWHQFLDVGHORVyUJDQRV\GHRWUDFRPRVHSUHFLVyOtQHDV
DUULEDXQDGHVQDWXUDOL]DFLyQGHOUHFXUVRGHKiEHDVFRUSXVDVLJQiQGROHILQHV
GLVWLQWRVDORVGLVHxDGRVSRUHOOHJLVODGRUFRQVWLWX\HQWHHQGHVPHGURGHOURO
TXHOHRWRUJDDODPSDURFRQVWLWXFLRQDO


F 

)-,,,
'HORGLFKRVHFRQFOX\HTXHHQORVSURFHVRVLQVWDXUDGRVGHDFXHUGRDO
RUGHQDPLHQWR MXUtGLFR EROLYLDQR HQ HO VHQWLGR GHO RUGHQ FRQVWLWXFLRQDO ODV
OHVLRQHV DO GHELGR SURFHVR HVWiQ OODPDGDV D VHU UHSDUDGDV SRU ORV PLVPRV
yUJDQRVMXULVGLFFLRQDOHVTXHFRQRFHQODFDXVDORTXHLPSOLFDTXHTXLHQKDVLGR
REMHWR GH HVD OHVLyQ GHEH SHGLU OD UHSDUDFLyQ D ORV MXHFHV \ WULEXQDOHV
RUGLQDULRV DVXPLHQGR DFWLYDPHQWH VX URO GHQWUR GHO SURFHVR D WUDYpV GH ORV
PHGLRV\UHFXUVRVTXHSUHYpODOH\\VyORDJRWDGRVpVWRVVHSRGUiDFXGLUDQWH
ODMXULVGLFFLyQFRQVWLWXFLRQDODWUDYpVGHOUHFXUVRGHDPSDURFRQVWLWXFLRQDOTXH
FRPR VH KD VHxDODGR HV HO UHFXUVR LGyQHR SDUD SUHFDXWHODU ODV OHVLRQHV D OD
JDUDQWtDGHOGHELGRSURFHVRDQRVHUTXHVHFRQVWDWHTXHDFRQVHFXHQFLDGHODV
YLRODFLRQHVDOGHELGRSURFHVRLQYRFDGDVVHFRORFyDOUHFXUUHQWHHQDEVROXWR
HVWDGR GH LQGHIHQVLyQ OR TXH QR OH SHUPLWLy LPSXJQDU ORV VXSXHVWRV DFWRV
LOHJDOHV \ TXH UHFLpQ WXYR FRQRFLPLHQWR GHO SURFHVR DO PRPHQWR GH OD
SHUVHFXFLyQRODSULYDFLyQGHODOLEHUWDG

8QHQWHQGLPLHQWRFRQWUDULRGHWHUPLQDUtDTXHORVMXHFHV\WULEXQDOHVGHKiEHDV
FRUSXV\HOSURSLR7ULEXQDO&RQVWLWXFLRQDODVXPDQXQDDWULEXFLyQTXHHORUGHQ
FRQVWLWXFLRQDOQROHVRWRUJDSRVLELOLWDQGRTXHWRGDUHFODPDFLyQSRUVXSXHVWDV
OHVLRQHVDOGHELGRSURFHVRSRUTXLHQVHHQFXHQWUHSULYDGRGHOLEHUWDGSURVSHUH
D WUDYpV GHO UHFXUVR GH KiEHDV FRUSXV GHVQDWXUDOL]DQGR OD DFWXDFLyQ GH ORV
MXHFHV \ WULEXQDOHV RUGLQDULRV TXH VRQ ORV TXH WLHQHQ FRPSHWHQFLD
SULPDULDPHQWHSDUDHMHUFHUHOFRQWUROGHOSURFHVR\VyORVLODLQIUDFFLyQQRHV
UHSDUDGDVHDEUHODWXWHODFRQVWLWXFLRQDO

'H DFXHUGR D OR VHxDODGR HO VHQWLGR GH SURWHFFLyQ TXH OD /H\ )XQGDPHQWDO
RWRUJDDWUDYpVGHOKiEHDVFRUSXVQRHVWiGHVWLQDGRDTXHORVSURFHVDGRVTXH
SRUQHJOLJHQFLDQRLPSXJQDURQODVXSXHVWDOHVLyQDOGHELGRSURFHVR\GHQWUR
GHpVWHHOGHUHFKRDODGHIHQVDSXHGDQKDFHUORDWUDYpVGHOKiEHDVFRUSXVTXH
SRUODtQGROHGHOELHQMXUtGLFRTXHSURWHJHQRUHTXLHUHGHLPSXJQDFLyQSUHYLD
QL DJRWDPLHQWR GH UHFXUVRV SXHV HOOR VLJQLILFDUtD GH XQ ODGR XQ GHVYtR R
HOXVLyQGHODVFRPSHWHQFLDVGHORVyUJDQRV\GHRWUDFRPRVHSUHFLVyOtQHDV
DUULEDXQDGHVQDWXUDOL]DFLyQGHOUHFXUVRGHKiEHDVFRUSXVDVLJQiQGROHILQHV
GLVWLQWRVDORVGLVHxDGRVSRUHOOHJLVODGRUFRQVWLWX\HQWHHQGHVPHGURGHOURO
TXHOHRWRUJDDODPSDURFRQVWLWXFLRQDO

&RQVLJXLHQWHPHQWH D SDUWLU GH OD GRFWULQD FRQVWLWXFLRQDO VHQWDGD HQ OD 6&
5GHGHGLFLHPEUHSDUDTXHODJDUDQWtDGHODOLEHUWDGSHUVRQDOR
GHORFRPRFLyQSXHGDHMHUFHUVHPHGLDQWHHOUHFXUVRGHKiEHDVFRUSXVFXDQGRVH
GHQXQFLD SURFHVDPLHQWR LOHJDO R LQGHELGR GHEHQ SUHVHQWDUVH HQ IRUPD
FRQFXUUHQWHORVVLJXLHQWHVSUHVXSXHVWRVD HODFWROHVLYRHQWHQGLGRFRPRORV
DFWRVLOHJDOHVODVRPLVLRQHVLQGHELGDVRODVDPHQD]DVGHODDXWRULGDGS~EOLFD
GHQXQFLDGRV GHEHQ HVWDU YLQFXODGRV FRQ OD OLEHUWDG SRU RSHUDU FRPR FDXVD
GLUHFWD SDUD VX UHVWULFFLyQ R VXSUHVLyQ E  GHEH H[LVWLU DEVROXWR HVWDGR GH

W


dW^:d
LQGHIHQVLyQHVGHFLUTXHHOUHFXUUHQWHQRWXYRODRSRUWXQLGDGGHLPSXJQDUORV
VXSXHVWRVDFWRVOHVLYRVGHQWURGHOSURFHVR\TXHUHFLpQWXYRFRQRFLPLHQWRGHO
PLVPRDOPRPHQWRGHODSHUVHFXFLyQRODSULYDFLyQGHODOLEHUWDG



,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

/D6&3FRQWLHQHHOHVWiQGDUMXULVSUXGHQFLDOPiVDOWR



 6XEVLGLDULHGDG H[FHSFLRQDO HQ OD DFFLyQ GH
OLEHUWDG$FWLYDFLyQSDUDOHODGHGRVMXULVGLFFLRQHV
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&36XEVLGLDULHGDGH[FHSFLRQDOGHODDFFLyQGHOLEHUWDG
FXDQGR VH DFWLYD SDUDOHODPHQWH OD MXULVGLFFLyQ RUGLQDULD \ OD
FRQVWLWXFLRQDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH OLEHUWDG OD DFFLRQDQWH GHQXQFLy TXH VH GLVSXVR VX
GHWHQFLyQ SUHYHQWLYD HQ EDVH D XQD SUXHED LOtFLWD DVSHFWR TXH IXH
GHQXQFLDGRDWUDYpVGHOUHFXUVRGHDSHODFLyQHOFXDOIXHUHVXHOWRSRUODV
DXWRULGDGHV DKRUD GHPDQGDGDV FRQILUPDQGR OD GHFLVLyQ GHO MXH]
FDXWHODULQWHUSRQLHQGRSRVWHULRUPHQWHH[FHSFLyQGHIDOWDGHDFFLyQTXH
IXH UHFKD]DGD VROLFLWDQGR DGHPiV FHVDFLyQ D OD GHWHQFLyQ SUHYHQWLYD
KDELHQGRVLGRILMDGDODDXGLHQFLDSDUDHOGHHVHPHV\DxR(QEDVHD
HVWRV DQWHFHGHQWHV DOHJy OD YXOQHUDFLyQ GH VXV GHUHFKRV DO GHELGR
SURFHVR\DODOLEHUWDG\SLGLyVHFRQFHGDODDFFLyQ\VHDQXOHWRGRHO
SURFHVR KDVWD HO YLFLR PiV DQWLJXR (O 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDOFRQILUPyODGHFLVLyQGHO7ULEXQDOGH*DUDQWtDV\GHQHJy
ODWXWHODSRUODVVLJXLHQWHVUD]RQHVD SRUTXH
EDMRQLQJ~QMXVWLILFDWLYR
ODMXULVGLFFLyQFRQVWLWXFLRQDOSXHGHLQWHUIHULUHQHOFULWHULRTXHSXHGDQ
HPLWLUORVMXHFHVSDUDGHWHUPLQDUODFXOSDELOLGDGRQRGHXQLPSXWDGRR
SDUD GHFLGLU VREUH OD  H[LVWHQFLD R QR GHO GHOLWR TXH VH LQYHVWLJy
DWULEXFLRQHV TXH VRQ H[FOXVLYDV GH OD MXULVGLFFLyQ RUGLQDULD
 E  /D
W


dW^:d


VROLFLWXGGHFHVDFLyQDODGHWHQFLyQSUHYHQWLYDVHHQFXHQWUDSHQGLHQWH
GH UHVROXFLyQ DGYLUWLpQGRVH OD DFWLYDFLyQ SDUDOHOD GH OD MXULVGLFFLyQ
RUGLQDULD \ FRQVWLWXFLRQDO $GHPiV VH DQDOL]y SUHYLDPHQWH OD
FRPSHWHQFLD GH ORV MXHFHV \ WULEXQDOHV SDUD FRQRFHU \ UHVROYHU ODV
DFFLRQHV GH OLEHUWDG \ HQ XQ HQWHQGLPLHQWR SUHYLVRU D SHVDU GH QR
FXPSOLUVHHQHOFDVRFRQFUHWRFRQHOSUHVXSXHVWRGHODFRPSHWHQFLDSDUD
ODGHQHJDWRULDGHWXWHODVHDQDOL]yHOSUREOHPDMXUtGLFRSODQWHDGR

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
(QHOFDVRFRQFUHWRHOGHHQHURGHXQGtDDQWHVGH
ODLQWHUSRVLFLyQGHODDFFLyQGHOLEHUWDG*ODGLV&iUGHQDV$]DGVROLFLWy
DO-XH]3ULPHURGH,QVWUXFFLyQHQOR3HQDOODFHVDFLyQDODGHWHQFLyQ
SUHYHQWLYDTXHPHGLDQWHSURYHtGRGHGHHVHPHV\DxRILMyDXGLHQFLD
SDUD VX FRQVLGHUDFLyQ \ UHVROXFLyQ VLQ TXH OD PLVPD VH KXELHUH
UHDOL]DGR KDVWD OD IHFKD GH VXVWDQFLDFLyQ GH OD SUHVHQWH DFFLyQ
&RQFOXVLyQ,,GHHVWHIDOOR(VGHFLUD~QVHHQFXHQWUDSHQGLHQWHHO
SURQXQFLDPLHQWRGHO-XH]GHODFDXVDVREUHODVROLFLWXGGHODDFFLRQDQWH
SDUD HO UHVWDEOHFLPLHQWR GH VX GHUHFKR D OD OLEHUWDG DKRUD LQYRFDGR
&LUFXQVWDQFLD TXH LPSLGH D HVWD MXULVGLFFLyQ LQJUHVDU DO DQiOLVLV GH
IRQGRGHOSUREOHPDMXUtGLFRSODQWHDGR\TXHDPHULWDODGHQHJDWRULDGH
ODWXWHODVROLFLWDGD


6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJDODDFFLyQGHOLEHUWDGSRUDFWLYDFLyQSDUDOHODGHODMXULVGLFFLyQ
RUGLQDULD\FRQVWLWXFLRQDO\DTXHODDFFLRQDQWHUHDOL]yVXVROLFLWXGGH
FHVDFLyQDODGHWHQFLyQSUHYHQWLYDDQWHODDXWRULGDGTXHHMHUFHFRQWURO
MXULVGLFFLRQDOODFXDOHVWiSHQGLHQWHGHUHVROXFLyQ

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(ODQiOLVLVGLQiPLFRGHODOtQHDPHUHFHODVVLJXLHQWHVFRQVLGHUDFLRQHV

(O7ULEXQDO&RQVWLWXFLRQDODWUDYpVGHOD6&5HVWDEOHFLy
TXH OD SUHVHQWDFLyQ GH UHFXUVRV VLPXOWiQHRV SURYRFDQ GLVIXQFLRQHV
SURFHVDOHV \ FRQVHFXHQWHPHQWH HQ HVWRV FDVRV HO UHFXUVR GH KDEHDV
FRUSXVRSHUDGHIRUPDVXEVLGLDULD

 3RVWHULRUPHQWH OD 6& 5 GHWHUPLQy TXH QR HV SRVLEOH
DFWLYDU GH PDQHUD VLPXOWiQHD OD MXULVGLFFLyQ RUGLQDULD \ OD MXVWLFLD
FRQVWLWXFLRQDOHQWHQGLPLHQWRTXHIXHUHLWHUDGRHQOD6&5
HQWUHRWUDV


W


dW^:d

/D6&3DOFRQWHPSODUORVUD]RQDPLHQWRVDQWHVVHxDODGRV
VHFRQILJXUDFRPRODSULPHUDVHQWHQFLDFRQILUPDWRULD

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

6&5
,,,
6XSXHVWRVGHVXEVLGLDULHGDGGHOKiEHDVFRUSXV

'HORDQWHULRUVHH[WUDHTXHODH[LVWHQFLDGHODJDUDQWtDFRQVWLWXFLRQDOHQDQiOLVLVQR
LPSOLFDTXHWRGDVODVOHVLRQHVDOGHUHFKRDODOLEHUWDGWHQJDQ TXHVHUQHFHVDULDPHQWH
UHSDUDGDVGHPDQHUDH[FOXVLYD\H[FOX\HQWHDWUDYpVGHOKiEHDVFRUSXVSXHVQRVHWUDWD
GHXQDJDUDQWtDTXHWHQJDODYRFDFLyQGHUHSDUDUHQH[FOXVLYDWRGDVODVIRUPDVGHOHVLyQ
DODOLEHUWDGTXHSXGLHUDQLQYRFDUVHVLQRODGHGRWDUDODSHUVRQDGHXQPHGLRGHGHIHQVD
VHQFLOORHILFD]\RSRUWXQRSDUDUHVWDEOHFHUODOHVLyQVXIULGD

(Q FRQVHFXHQFLD HQ ORV VXSXHVWRV HQ TXH OD QRUPD SURFHVDO  RUGLQDULD GH PDQHUD
HVSHFtILFDSUHYHDPHGLRVGHGHIHQVDHILFDFHV\RSRUWXQRVSDUDUHVJXDUGDUHOGHUHFKRD
OD OLEHUWDG VXSXHVWDPHQWH OHVLRQDGR HVWRV GHEHQ VHU XWLOL]DGRV SUHYLDPHQWH
FLUFXQVWDQFLD HQ OD TXH H[FHSFLRQDOPHQWH HO UHFXUVR GH KDEHDV FRUSXV RSHUDUi GH
PDQHUDVXEVLGLDULD

(OHQWHQGLPLHQWRLQWHUSUHWDWLYRDOXGLGRJXDUGDFRPSDWLELOLGDGFRQORVLQVWUXPHQWRV
LQWHUQDFLRQDOHVGHSURWHFFLyQGHORVGHUHFKRVKXPDQRV(QHIHFWRORTXHH[LJHQWDOHV
LQVWUXPHQWRV HV TXH ORV SDtVHV SDUWHV SURYHDQ HQ VXV RUGHQDPLHQWRV XQ PHGLR GH
GHIHQVD HIHFWLYR HVWR HV SURQWR \ HILFD] FRQWUD DFWRV TXH OHVLRQHQ ORV GHUHFKRV
IXQGDPHQWDOHV HQWUH HOORV HO GHUHFKR D OD OLEHUWDG &RQIRUPH D HVWR HO DUW  GH OD
'HFODUDFLyQ 8QLYHUVDO GH 'HUHFKRV +XPDQRV SURFODPD TXH
7RGD SHUVRQD WLHQH
GHUHFKRDXQUHFXUVRHIHFWLYRDQWHORVWULEXQDOHVQDFLRQDOHVFRPSHWHQWHVTXHODDPSDUH
FRQWUDDFWRVTXHYLROHQVXVGHUHFKRVIXQGDPHQWDOHVUHFRQRFLGRVSRUODFRQVWLWXFLyQR
SRUODOH\
(QORUHJLRQDOHODUWGHOD&RQYHQFLyQ$PHULFDQDGH'HUHFKRV+XPDQRV
R3DFWRGH6DQ-RVpGH&RVWD5LFDFRQPiVHVSHFLILFLGDGSURFODPDTXH
7RGDSHUVRQD
SULYDGDGHOLEHUWDGWLHQHGHUHFKRDUHFXUULUDQWHXQMXH]RWULEXQDOFRPSHWHQWHDILQGH
TXHpVWHGHFLGDVLQGHPRUDVREUHODOHJDOLGDGGHVXDUUHVWRRGHWHQFLyQ\RUGHQHVX
OLEHUWDGVLHODUUHVWRRODGHWHQFLyQIXHUDQLOHJDOHV(QORV(VWDGRVSDUWHVFX\DVOH\HV
SUHYpQ TXH WRGD SHUVRQD TXH VH YLHUD DPHQD]DGD GH VHU SULYDGD GH VX OLEHUWDG WLHQH
GHUHFKR D UHFXUULU D XQ MXH] R WULEXQDO FRPSHWHQWH D ILQ GH TXH pVWH GHFLGD VREUH OD
OHJDOLGDGGHWDODPHQD]DGLFKRUHFXUVRQRSXHGHVHUUHVWULQJLGRQLDEROLGR/RVUHFXUVRV
SRGUiQLQWHUSRQHUVHSRUVtRSRURWUDSHUVRQD


&RPR VH SXHGH DSUHFLDU OR TXH SHUVLJXHQ ORV SDFWRV LQWHUQDFLRQDOHV VREUH GHUHFKRV
KXPDQRVHVJDUDQWL]DUODH[LVWHQFLDGHXQUHFXUVRVXPDULRSURQWR\HILFD]DOTXHSXHGD
DFXGLUWRGDSHUVRQDSDUDTXHpVWDVLQGHPRUDGHFLGDVREUHODOHVLyQDODOLEHUWDGDOHJDGD
UHFXUVRTXHQRQHFHVDULDPHQWHWLHQHTXHVHUHOKiEHDVFRUSXV

&RQVLJXLHQWHPHQWH FRPR HORUGHQDPLHQWR MXUtGLFR QRSXHGH FUHDU \ DFWLYDU UHFXUVRV
VLPXOWiQHRV R DOWHUQDWLYRV FRQ HO PLVPR ILQ VLQ SURYRFDU GLVIXQFLRQHV SURFHVDOHV QR
TXHULGDVSRUHORUGHQFRQVWLWXFLRQDOVHGHEHFRQFOXLUTXHHOSURFHVRFRQVWLWXFLRQDOGHO
KiEHDV FRUSXV ~QLFDPHQWH VH DFWLYD FXDQGR ORV PHGLRV GH GHIHQVD H[LVWHQWHV HQ HO
RUGHQDPLHQWR FRP~Q QR VHDQ ORV LGyQHRV SDUD UHSDUDU GH PDQHUD XUJHQWH SURQWD \
HILFD]HOGHUHFKRDOLEHUWDGLOHJDOPHQWHUHVWULQJLGR1RHVSRVLEOHDFXGLUDHVWHUHFXUVR
FXDQGRHORUGHQDPLHQWRMXUtGLFRSUHYpPHGLRVGHLPSXJQDFLyQHVSHFtILFRV\DSWRVSDUD
UHVWLWXLUHOGHUHFKRDODOLEHUWDGHQIRUPDLQPHGLDWD&RQIRUPHDHVWRVRODPHQWHXQD
YH]DJRWDGRWDOPHGLRGHGHIHQVD\DQWHODSHUVLVWHQFLDGHODOHVLyQVHSRGUiDFXGLUDOD
MXULVGLFFLyQFRQVWLWXFLRQDOLQYRFDQGRODWXWHODTXHEULQGDHOKiEHDVFRUSXV



W


dW^:d




 6XEVLGLDULHGDG H[FHSFLRQDO HQ OD DFFLyQ GH


OLEHUWDG$FWLYLGDGSURFHVDOGHIHFWXRVD
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   &XDQGR HO LQFLGHQWH SRU DFWLYLGDG SURFHVDO
GHIHFWXRVDQRKD\DVLGRREMHWRGHDSHODFLyQLQFLGHQWDOVHGHQHJDUiOD
DFFLyQ GH OLEHUWDG HQ DSOLFDFLyQ GHO SULQFLSLR GH VXEVLGLDULHGDG
H[FHSFLRQDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH OLEHUWDG ORV DFFLRQDQWHV VHxDODURQ TXH D SHVDU GH
KDEHUVHDQXODGRODUHVROXFLyQGHLPSXWDFLyQIRUPDO\UHTXHULPLHQWRGH
DSOLFDFLyQGHPHGLGDVFDXWHODUHVGHFDUiFWHUSHUVRQDO\OXHJRGHKDEHU
VROLFLWDGR VX OLEHUWDG OD DXWRULGDG GHPDQGDGD KDVWD OD IHFKD GH OD
SUHVHQWDFLyQGHHVWDDFFLyQQRVHSURQXQFLySRUORTXHGHQXQFLDURQOD
DIHFWDFLyQDVXVGHUHFKRVDODOLEHUWDGSLGLHQGRVHGHFODUHSURFHGHQWH
ODDFFLyQ\VHRUGHQHVXLQPHGLDWDOLEHUWDG(O7ULEXQDO&RQVWLWXFLRQDO
3OXULQDFLRQDOFRQILUPyODGHFLVLyQGHO-XH]GH*DUDQWtDV\GHQHJyOD
WXWHOD HQ DSOLFDFLyQ GH OD VXEVLGLDULHGDG H[FHSFLRQDO GH OD DFFLyQ GH
OLEHUWDGSRUTXHFRQWUDOD5HVROXFLyQGHGHVHSWLHPEUHGHTXH
UHVROYLy XQ LQFLGHQWH SRU DFWLYLGDG SURFHVDO GHIHFWXRVD \ VX DXWR
FRPSOHPHQWDULRGHELyLQWHUSRQHUVHDSHODFLyQLQFLGHQWDO

([WUDFWRGHODUDWLRGHFLGHQGL

)- ,,,
6HJ~Q LQIRUPDQ ORV GDWRV GHO SURFHVR VH LGHQWLILFD TXH ORV
DFFLRQDQWHV VHxDODQ FRPR DFWR YXOQHUDULR DO GHUHFKR UHFODPDGR PHGLDQWH OD
SUHVHQWHDFFLyQGHGHIHQVDHOKHFKRGHTXHDSHVDUGHKDEHUVHDGKHULGRXQRGH
HOORV DO LQFLGHQWH GH DFWLYLGDG SURFHVDO GHIHFWXRVD VXVFLWDGR SRU RWUR
FRLPSXWDGRHOIDOORTXHUHVXHOYHODPLVPDQRORVLQFOX\yHQODSDUWHUHVROXWLYD
VLQHPEDUJRGHPRVWUDQGRXQDDFWLWXGSDVLYDGHQWURGHOSURFHVRSHQDOVHJXLGR
HQ VX FRQWUD SUHWHQGHQ FRQIXQGLU VLQ OyJLFD DOJXQD D HVWH 7ULEXQDO
PDQLIHVWDQGR TXH GHVFRQRFHQ GLFKD 5HVROXFLyQ SHUR FRQWUDULDPHQWH GHMDQ
SDVDUFXDWURPHVHVSDUDUHFODPDUVXFRQWHQLGRVLQFRQVLGHUDUGXUDQWHWRGRHVH
WLHPSRTXHGHSRUPHGLRVHHQFRQWUDEDHOGHUHFKRDODOLEHUWDGTXHDFWXDOPHQWH

W


dW^:d
UHFODPDQDKRUDELHQFRQIRUPHODLQWHUSUHWDFLyQGHO)XQGDPHQWR-XUtGLFR,,,
GHODSUHVHQWH6HQWHQFLD&RQVWLWXFLRQDO3OXULQDFLRQDOOD5HVROXFLyQHPDQDGD
GHOLQFLGHQWHGHDFWLYLGDGSURFHVDOGHIHFWXRVDHVDSHODEOHFRQIRUPHSUHYpHO
DUW  GHO &33 HQ HVWH VHQWLGR VL ORV DFFLRQDQWHV FRQVLGHUDEDQ TXH OD
5HVROXFLyQGHGHVHSWLHPEUHGHOHVLRQDEDVXGHUHFKRD ODOLEHUWDG
WHQtDQODSRVLELOLGDGWpFQLFD\OHJDOGHDFXGLUDODDSHODFLyQLQFLGHQWDOGHQWUR
GHORVWUHVGtDVGHVXQRWLILFDFLyQRFRQRFLPLHQWR\QRDFWLYDULQQHFHVDULDPHQWH
XQDDFFLyQHVSHFLDOFRPRHVODSUHVHQWH
 

(Q FRKHUHQFLD FRQ OR PDQLIHVWDGR VH WLHQH TXH OD FRPSOHPHQWDFLyQ GH OD
UHIHULGD5HVROXFLyQPHGLDQWH$XWRFRPSOHPHQWDULRGHGHHQHURGH
SRUODFXDOGHRILFLRHO-XH]7HUFHURGH,QVWUXFFLyQHQOR3HQDODFODUyTXHOD
5HVROXFLyQ GH  GH VHSWLHPEUH GH  VRODPHQWH VH UHIHUtD HQ FXDQWR DO
LPSXWDGR ,VDDF 3DEOR <DPSDUD <DPSDUD PDQWHQLpQGRVH SDUD ORV RWURV
FRLPSXWDGRVDKRUDDFFLRQDQWHVWDQWRODLPSXWDFLyQIRUPDOFRPRODVPHGLGDV
FDXWHODUHV LQLFLDOPHQWH LPSXHVWDV HQ DXGLHQFLD GH PHGLGDV FDXWHODUHV DVt
GHILQLGD OD VLWXDFLyQ MXUtGLFD GHO DFFLRQDQWH TXH VH DGKLULy DO LQFLGHQWH
SULQFLSDO HO LPSXWDGR SRGtD DFWLYDU HO GHUHFKR D LPSXJQDFLyQ TXH WDQWR OD
&RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR OD QRUPD HVSHFLDO \ OD MXULVSUXGHQFLD OH
UHFRQRFHQVLQHPEDUJRGHPRVWUDQGRXQDDFWLWXGSDVLYDSUHWHQGHVXEVDQDUOD
IDOWD GH DFWLYDFLyQ GH OD DSHODFLyQ SUHYLVWD HQ OD OH\ \ UHFRQRFLGD FRPR XQ
PHFDQLVPRLQWUDSURFHVDOLGyQHRSUHVHQWDQGRXQPHPRULDOHOGHHQHURGH
FRQMXQWDPHQWHFRQHORWURDFFLRQDQWHVROLFLWDQGRVHOLEUHPDQGDPLHQWR
GHOLEHUWDGSDUDSRVWHULRUPHQWHHOGHOPLVPRPHV\DxRDFWLYDUXQDDFFLyQ
FRQVWLWXFLRQDOFRPRVLVHWUDWDUDGHRWUDLQVWDQFLDGHQWURGHODMXVWLFLDRUGLQDULD
HQWRGRFDVRDOVHUHO$XWRFRPSOHPHQWDULRSDUWHGHOD5HVROXFLyQSULQFLSDO
TXH UHVXHOYH HO LQFLGHQWH VL FRQVLGHUDED TXH YXOQHUDED VX GHUHFKR GHELy
SURFHGHUFRQIRUPHDODMXULVSUXGHQFLDFLWDGDHQODSUHVHQWH6HQWHQFLD



6LQWHVLVGHODUDWLRGHFLGHQGL

6H GHQLHJD OD DFFLyQ GH OLEHUWDG HQ DSOLFDFLyQ GHO SULQFLSLR GH
VXEVLGLDULHGDG H[FHSFLRQDO SRUTXH HO DFFLRQDQWH FRQWUD OD UHVROXFLyQ
TXH UHVROYLy HO LQFLGHQWH SRU DFWLYLGDG SURFHVDO GHIHFWXRVD \ VX DXWR
FRPSOHPHQWDULRQRDFWLYyHOUHFXUVRGHDSHODFLyQLQFLGHQWDO

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O 7ULEXQDO &RQVWLWXFLRQDO HQ OD 6& 5 IXQGy OD OtQHD VREUH OD
VXEVLGLDULHGDGH[FHSFLRQDOGHODDFFLyQGHOLEHUWDGHVWDEOHFLHQGRTXHHQORV
VXSXHVWRVHQORVTXHH[LVWDQPHGLRVLGyQHRVSDUDUHSDUDUGHPDQHUDXUJHQWH
SURQWD \ HILFD] HO GHUHFKR D OD OLEHUWDG ItVLFD LOHJDOPHQWH UHVWULQJLGR ORV
PLVPRVGHEHQVHUXWLOL]DGRVDQWHVGHDFXGLUDODMXVWLFLDFRQVWLWXFLRQDODWUDYpV
GH OD DFFLyQ GH OLEHUWDG  /D 6& 5 HQ HO PDUFR GH GLFKD OtQHD
MXULVSUXGHQFLDOVHxDOyTXHHQODHWDSDSUHSDUDWRULDGHOSURFHVRSHQDOHVHOMXH]
FDXWHODUTXLHQGHEHFRQRFHUODVVXSXHVWDVOHVLRQHVDGHUHFKRV\JDUDQWtDVTXH
SXGLHUDQWHQHURULJHQHQORV yUJDQRVHQFDUJDGRVGHODSHUVHFXFLyQSHQDOQR
UHVXOWDQGRFRPSDWLEOHDFWLYDUGLUHFWDPHQWHRGHPDQHUDVLPXOWiQHDODMXVWLFLD
FRQVWLWXFLRQDO(QHOPDUFRGHOD&RQVWLWXFLyQYLJHQWHDSDUWLUGHOD6&

W


dW^:d


5 UDWLILFy ORV HQWHQGLPLHQWRV DQWHV DQRWDGRV VHxDODQGR
H[SUHVDPHQWH TXH HQ FDVR GH H[LVWLU QRUPD H[SUHVD TXH SUHYHD PHFDQLVPRV
LQWUDSURFHVDOHV HIHFWLYRV \ RSRUWXQRV GH GHIHQVD GHEHQ VHU XWLOL]DGRV
SUHYLDPHQWHDQWHVGHDFWLYDUODWXWHODTXHEULQGDODDFFLyQGHOLEHUWDG/XHJR
OD 6& 5 IXH SURQXQFLDGD GHQWUR GH XQD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO \ HQ HOOD VH HVWDEOHFLy TXH ODV UHVROXFLRQHV SURQXQFLDGDV HQ
LQFLGHQWHV GH DFWLYLGDG SURFHVDO GHIHFWXRVD SXHGHQ VHU DSHODGDV
LQFLGHQWDOPHQWH GXUDQWH OD HWDSD SUHSDUDWRULD R D WUDYpV GH OD DSHODFLyQ
UHVWULQJLGD HQ HO MXLFLR RUDO   3RVWHULRUPHQWH HQ HO FRQWH[WR GH ODV 6&
5 \ 5 OD 6& 5 HQ XQD DFFLyQ GH OLEHUWDG
H[LJLy HO UHTXLVLWR GH OD DSHODFLyQ LQFLGHQWDO FRQWUD LQFLGHQWHV SRU DFWLYLGDG
SURFHVDO GHIHFWXRVD FRPR FRQGLFLyQ SUHYLD SDUD DFWLYDU HVWH PHFDQLVPR GH
GHIHQVD3RUORH[SXHVWRVHWLHQHTXHODSULPHUDVHQWHQFLDFRQILUPDGRUDGHO
SUHFHGHQWHSODVPDGRHQOD6&5HVOD6&3


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

(OSUHFHGHQWHFRQWHQLGRHQOD6&5HVWDEOHFH

)-,,,

'HGRQGHVHHVWDEOHFHTXHODUHVROXFLyQTXHUHVXHOYDXQLQFLGHQWHGH
QXOLGDG SRU GHIHFWRV DEVROXWRV SXHGH VHU LPSXJQDGD PHGLDQWH XQ
UHFXUVRLGyQHRFRPRHVODDSHODFLyQ\DVHDLQFLGHQWDOVLHVLQWHUSXHVWD
HQODHWDSDSUHSDUDWRULDUHVWULQJLGDVLHVHQHOMXLFLRRUDOSRUORTXHHQ
ORV VXSXHVWRV HQ TXH OD QRUPD SURFHVDO SHQDO SUHYHD GH PDQHUD
HVSHFtILFDPHGLRVGHGHIHQVDRSRUWXQRVSDUDUHVJXDUGDUHOGHUHFKRDOD
OLEHUWDGDQWHVLWXDFLRQHVHQODVTXHXQDSHUVRQDVHHQFXHQWUDLOHJDOPHQWH
SHUVHJXLGD LQGHELGDPHQWH SURFHVDGD R SULYDGD GH OLEHUWDG SHUVRQDO
GLFKRVPHFDQLVPRVSURFHVDOHVGHEHQVHUDFWLYDGRVFRQ
FDUiFWHUSUHYLRHLQWUDSURFHVRRSHUDQGRSRUHOORGHPDQHUDH[FHSFLRQDO
ODVXEVLGLDULHGDGODDFFLyQGHOLEHUWDG



1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO


W


dW^:d

6&3   /D VXSXHVWD DSUHKHQVLyQ LOHJDO OD IDOWD GH


QRWLILFDFLyQ FRQ ODV DFWXDFLRQHV GHO WUiPLWH GH VREUHVHLPLHQWR \ VX
UHYLVLyQGHEHQVHULPSXJQDGDVDQWHODRHOMXH]FDXWHODUHLQFOXVLYHD
WUDYpV GH XQ LQFLGHQWH GH DFWLYLGDG SURFHVDO GHIHFWXRVD GXUDQWH OD
DXGLHQFLD FRQFOXVLYD DO VHU pVWD  HO ~OWLPR ILOWUR MXUtGLFR SDUD HO
FRQWURO MXGLFLDO GH OD DFXVDFLyQ \ HO VDQHDPLHQWR SURFHVDO GH ODV
DFWXDFLRQHVGHODVIDVHVGHODHWDSDSUHSDUDWRULD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHOLEHUWDGHODFFLRQDQWHGHQXQFLyTXHHOLQYHVWLJDGRUOD
)(/&& HO )LVFDO GH PDWHULD GHPDQGDGR \ OD MXH] GH ,QVWUXFFLyQ
OHVLRQDURQVXVGHUHFKRVDODOLEHUWDGItVLFD\GHORFRPRFLyQSRUFXDQWR
D)XHDSUHKHQGLGRGHVSXpVGHGLH]PHVHV\RQFHGtDVGHODGHQXQFLD
HIHFWXDGDHQVXFRQWUDVLQH[KLELUODUHVSHFWLYDRUGHQGHDSUHKHQVLyQ\
UHVROXFLyQ GHELGDPHQWH IXQGDPHQWDGD E 1R REVWDQWH KDEHUVH
GLVSXHVWRVXVREUHVHLPLHQWRVHHPLWLyUHVROXFLyQFRQFOXVLYDDFXVDWRULD
HQ VX FRQWUD SHVH D QR H[LVWLU LPSXJQDFLyQ FRQWUD OD 5HVROXFLyQ GH
VREUHVHLPLHQWR QL OD UHVROXFLyQ GH UHYRFDWRULD GH VREUHVHLPLHQWR GHO
)LVFDOGH'LVWULWRF(VWDQGRUDGLFDGRHOSURFHVRHQHO7ULEXQDO2FWDYR
GH6HQWHQFLD3HQDOQRVHKDSRGLGROOHYDUDGHODQWHODDXGLHQFLDGHMXLFLR
RUDOGHELGRDTXHVHVXVSHQGLyHQVLHWHRSRUWXQLGDGHVSRULQDVLVWHQFLD
GHO0LQLVWHULR3~EOLFR3LGLyODUHVWLWXFLyQGHVXGHUHFKRDODOLEHUWDG\
OD DQXODFLyQ GH REUDGRV KDVWD HO YLFLR PiV DQWLJXR (O 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDODSUREyODUHVROXFLyQTXHGHQHJyODWXWHOD
IXQGiQGRVHHQTXHHODFFLRQDQWHGHELyDFXGLUSUHYLDPHQWHDQWHHOMXH]
FDXWHODUSDUDUHFODPDUVXDSUHKHQVLyQVXSXHVWDPHQWHLOHJDOHLQFOXVRHQ
OD DXGLHQFLD FRQFOXVLYD UHFODPDU HVH H[WUHPR FRPR LQFLGHQWH GH
DFWLYLGDGSURFHVDOGHIHFWXRVDDOLJXDOTXHIDOWDGHQRWLILFDFLyQFRQHO
WUiPLWHGHVREUHVHLPLHQWR\VXUHYLVLyQDOVHUHO~OWLPRILOWURMXUtGLFR
SDUDHOFRQWUROMXGLFLDOGHODDFXVDFLyQ\HOVDQHDPLHQWRSURFHVDOGHODV
DFWXDFLRQHVGHODVIDVHVGHODHWDSDSUHSDUDWRULDVREUHODQRWLILFDFLyQ
WDUGtDFRQHOUHTXHULPLHQWRGHOILVFDO VLF HOQRPEUDPLHQWRGHSHULWR
FHUWLILFDGR IRUHQVH H LQIRUPH SVLFROyJLFR \ ODV VXVSHQVLRQHV GH OD
DXGLHQFLDGHMXLFLRRUDODOQRWHQHUYLQFXODFLyQGLUHFWDFRQHOGHUHFKRD
ODOLEHUWDGQRIXHURQPRWLYRGHDQiOLVLV

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,(ODFFLRQDQWHDOHJDTXHIXHDSUHKHQGLGROXHJRGHPHVHV\GtDV
GHODGHQXQFLDHIHFWXDGDHQVXFRQWUDVLQTXHSDUDHOORVHKXELHVHH[KLELGROD
UHVSHFWLYD RUGHQ GH DSUHKHQVLyQ \ OD 5HVROXFLyQ OD TXH QR VH HQFRQWUDUtD
GHELGDPHQWHIXQGDPHQWDGD

6HJ~Q LQIRUPDQ ORV GDWRV GHO SURFHVR VH WLHQH TXH HO LPSXWDGR WXYR OD
RSRUWXQLGDGGHVGHHOLQLFLRGHODVLQYHVWLJDFLRQHV \DQWHVGHODDXGLHQFLDGH

W


dW^:d


PHGLGDV FDXWHODUHV GH DFXGLU DQWH HO -XH] FDXWHODU GHQXQFLDQGR VREUH OD
LOHJDOLGDGTXHVXSXHVWDPHQWHKXELHVHRFXUULGRHQVXDSUHKHQVLyQ\TXHDKRUD
ORKDFHYtDFRQVWLWXFLRQDODVtWUDWiQGRVHGHGHIHFWRVDEVROXWRVQRVXVFHSWLEOHV
GH FRQYDOLGDFLyQ WDPELpQ SRGtD KDEHU SODQWHDGR HQ OD DXGLHQFLD FRQFOXVLYD
FRPRLQFLGHQWHGHDFWLYLGDGSURFHVDOGHIHFWXRVDEXVFDQGRDVtHOVDQHDPLHQWR
SURFHVDO GH FXDOTXLHU LUUHJXODULGDG TXH FRQVLGHUH DWHQWDWRULD D VXV GHUHFKRV
IXQGDPHQWDOHV \ D VXV JDUDQWtDV FRQVWLWXFLRQDOHV FRPR HVWDEOHFH OD
MXULVSUXGHQFLD FLWDGD HQ HO )XQGDPHQWR -XUtGLFR ,,, \ OD LQWHUSUHWDFLyQ
UHDOL]DGDHQHO)XQGDPHQWR-XUtGLFR,,,GHODSUHVHQWH6HQWHQFLDHQWRGRFDVR
VH FRQVWDWD VHJ~Q HO LQIRUPH HPLWLGR SRU OD DXWRULGDG GHPDQGDGD \ QR
GHVYLUWXDGD TXH HO SURFHVDGR SODQWHy DOJXQRV LQFLGHQWHV GH H[FOXVLyQ
SUREDWRULD ORV FXDOHV IXHURQ UHFKD]DGRV SHUR QR UHFODPy ORV H[WUHPRV TXH
DKRUDGHQXQFLDPHGLDQWHODDFFLyQGHOLEHUWDG

&RQVLJXLHQWHPHQWHHOSURFHVDGRDKRUDDFFLRQDQWHWUDWDGHVXEVDQDU\VDQHDU
PHGLDQWHHVWDYtDODIRUPDGHVXDSUHKHQVLyQFXDQGR\DFXOPLQDURQODVWUHV
IDVHV GH OD HWDSD SUHSDUDWRULD \ TXH HQ UHDOLGDG SRGtD KDEHUOR KHFKR HQ
FXDOTXLHUD GH HOODV SUHWHQGLHQGR TXH HQ WRGR FDVR VHD OD MXULVGLFFLyQ
FRQVWLWXFLRQDO TXH VXSOHWRULDPHQWH OR KDJD GHVFRQRFLHQGR LQVWDQFLDV \
PRPHQWRVSURFHVDOHVHVSHFtILFRVHQQXHVWURVLVWHPDSURFHVDOSHQDODORVTXH
GHELyDFXGLUSUHYLDPHQWHDVtOD6&3GHGHPDU]RHVWDEOHFLy
TXH
FRQVLGHUDQGR ORV QXHYRV UHWRV GH XQ 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDOHVLPSRUWDQWHQRDFWLYDULQQHFHVDULDPHQWHHVWDMXULVGLFFLyQHQ
ODQXHYDFR\XQWXUDFRQVWLWXFLRQDOSOXULQDFLRQDOVHYHODQHFHVLGDGGHIRUWDOHFHU
RWURV DVSHFWRV LQKHUHQWHV DO QXHYR PRGHOR GH (VWDGRSODVPDGR HQ OD 1RUPD
)XQGDPHQWDOSRUHVRPLVPRHVLPSHULRVRTXHODVFRQWURYHUVLDVTXHSRGUtDQ
FRQOOHYDU D VXVFLWDU XQD DFFLyQ FRQVWLWXFLRQDO SUHYLDPHQWH VHDQ UHVXHOWDV \
UHVSRQGLGDVHQODVLQVWDQFLDVHVWDEOHFLGDVHQQXHVWURRUGHQDPLHQWRMXUtGLFR
\DVHDXQYRFDOXQMXH]\HOSURSLR0LQLVWHULR3~EOLFRSHURFODURHVWiDQWHV
GHDFWLYDUXQDDFFLyQWXWHODU
 QHJULOODVQXHVWUDV 

)-,,,
3RURWUDSDUWHHODFFLRQDQWHUHILHUHTXHSHVHDH[LVWLUUHTXHULPLHQWR
FRQFOXVLYRGHVREUHVHLPLHQWRGHGHMXOLRGHH[WUDxDPHQWHHOGH
DJRVWRGHOPLVPRDxRIXHHPLWLGDRWUD5HVROXFLyQFRQFOXVLYDDFXVDWRULDHQVX
FRQWUD SHUR TXH QR VH HQFXHQWUD XQD LPSXJQDFLyQ FRQWUD OD 5HVROXFLyQ GH
VREUHVHLPLHQWR SRU SDUWH GH OD 'HIHQVRUtD GH OD 1LxH] \ $GROHVFHQFLD QL OD
5HVROXFLyQ GH UHYRFDWRULD GHO )LVFDO GH 'LVWULWR DFWRV TXH D VX FULWHULR
YXOQHUDQVXGHUHFKRDODOLEHUWDG\ORFRPRFLyQ

6LQHPEDUJRGHORPDQLIHVWDGRHOKHFKRGHODSUHVHQWDFLyQGHODDFXVDFLyQHV
DWULEXLEOH DO SURQXQFLDPLHQWR GHO )LVFDO GHO 'LVWULWR DKRUD )LVFDO
'HSDUWDPHQWDO TXLHQ UHYRFy HO VREUHVHLPLHQWR \ VL DO LPSXWDGR QR VH OH
QRWLILFyFRQDOJXQDGHODVDFWXDFLRQHVGHOWUiPLWHGHVREUHVHLPLHQWR\UHYLVLyQ
GH OD PLVPD HQ WRGR FDVR GHELy UHFODPDU HVWRV H[WUHPRV HQ OD DXGLHQFLD
FRQFOXVLYDFRPR~OWLPRILOWURSDUDVDQHDURHQPHQGDUFXDOTXLHULUUHJXODULGDG
GHVDUUROODGD HQ GLFKD WUDPLWDFLyQ \ QR OLPLWDUVH D SODQWHDU LQFLGHQWHV GH
H[FOXVLyQ SUREDWRULD FRPR OR KL]R FRQVLJXLHQWHPHQWH HO LPSXWDGR DKRUD
DFFLRQDQWH WHQtD XQ PRPHQWR SURFHVDO HVSHFtILFR SDUD UHFODPDU DQWH OD
DXWRULGDGFRPSHWHQWHORVKHFKRVTXHDKRUDGHQXQFLDGLUHFWDPHQWHPHGLDQWHOD
SUHVHQWHDFFLyQFRQVWLWXFLRQDOSUHWHQGLHQGRTXHHVWH7ULEXQDOORKDJDVLQTXH

W


dW^:d
ODMXULVGLFFLyQRUGLQDULDVHSURQXQFLHSUHYLDPHQWH

(QHVWHVHQWLGRVREUHODDFWXDFLyQGHOD)LVFDOGH0DWHULDFRGHPDQGDGDHVOD
DXWRULGDG TXH HMHUFH FRQWURO MXULVGLFFLRQDO TXLHQ WHQtD OD IDFXOWDG GH
SURQXQFLDUVHHQODDXGLHQFLDFRQFOXVLYDSHURSUHYLRLQFLGHQWHDVHUGLOXFLGDGR
FRQIRUPHDGHUHFKRHQHOFXDOUHFODPHVREUHLUUHJXODULGDGHVTXHDOHJDSRUOR
TXHDOUHVSHFWRGHEHGHQHJDUVHODWXWHODDOQRFXPSOLUVHFRQODVXEVLGLDULGDG
H[FHSFLRQDO



6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJD OD DFFLyQ GH OLEHUWDG SRU FXDQWR HO DFFLRQDQWH GHELy DFXGLU
SUHYLDPHQWH DQWH HO MXH] FDXWHODU SDUD UHFODPDU VX DSUHKHQVLyQ
VXSXHVWDPHQWHLOHJDOHLQFOXVRHQODDXGLHQFLDFRQFOXVLYDUHFODPDUHVH
H[WUHPRFRPRLQFLGHQWHGHDFWLYLGDGSURFHVDOGHIHFWXRVDDOLJXDOTXH
IDOWDGHQRWLILFDFLyQFRQHOWUiPLWHGHVREUHVHLPLHQWR\VXUHYLVLyQDO
VHUHO~OWLPRILOWURMXUtGLFRSDUDHOFRQWUROMXGLFLDOGHODDFXVDFLyQ\HO
VDQHDPLHQWR SURFHVDO GH ODV DFWXDFLRQHV GH ODV IDVHV GH OD HWDSD
SUHSDUDWRULDVREUHODQRWLILFDFLyQWDUGtDFRQHOUHTXHULPLHQWRGHOILVFDO
VLF  HO QRPEUDPLHQWR GH SHULWR FHUWLILFDGR IRUHQVH H LQIRUPH
SVLFROyJLFR\ODVVXVSHQVLRQHVGHODDXGLHQFLDGHMXLFLRRUDODOQRWHQHU
YLQFXODFLyQ GLUHFWD FRQ HO GHUHFKR D OD OLEHUWDG QR IXHURQ PRWLYR GH
DQiOLVLV

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/D OtQHD MXULVSUXGHQFLDO GHO SURFHVDPLHQWR LQGHELGR GHEH VHU HQWHQGLGR GH
DFXHUGRFRQORVVLJXLHQWHVSUHFHGHQWHVFRQVWLWXFLRQDOHV


(O7ULEXQDO&RQVWLWXFLRQDODWUDYpVGHOD6&5HVWDEOHFLy
TXH OD SURWHFFLyQ DO GHELGR SURFHVR D WUDYpV GHO HQWRQFHV UHFXUVR GH KDEHDV
FRUSXV HUD YLDEOH VRODPHQWH HQ DTXHOORV FDVRV HQ ORV FXDOHV H[LVWD GLUHFWD
FDXVDOLGDGFRQODOLEHUWDGSHUVRQDORGHORFRPRFLyQHVGHFLUFXDQGRORVDFWRV
XRPLVLRQHVGHQXQFLDGRVVHDQODFDXVDGLUHFWDSDUDODUHVWULFFLyQRVXSUHVLyQDO
GHUHFKRDODOLEHUWDG3RVWHULRUPHQWHOD6&5HVWDEOHFLyTXHDQWHV
GH DFWLYDUVH OD MXULVGLFFLyQ FRQVWLWXFLRQDO GHEtD SHGLUVH OD UHSDUDFLyQ DO
GHUHFKR DO GHELGR SURFHVR HQ VHGH MXULVGLFFLRQDO RUGLQDULD D  WUDYpV GH ORV
PHGLRV GH LPSXJQDFLyQ HVWDEOHFLGRV SRU OD OH\ VDOYR HO DEVROXWR HVWDGR GH
LQGHIHQVLyQH[FHSFLyQTXHVHJ~QODWHOHRORJtDGHODVHQWHQFLDDQDOL]DGDHUD
DSOLFDEOH D OD H[LJHQFLD GHO DJRWDPLHQWR SUHYLR GH ORV PHFDQLVPRV LQWUD
SURFHVDOHVGHGHIHQVD$VLPLVPRHQHOFRQWH[WRGHODVGRVVHQWHQFLDVDQWHULRUHV
\FRPRXQHQWHQGLPLHQWRVLVWHPDWL]DGRUOD6&5VHxDOyTXHSDUD
ODWXWHODGHO'HELGR3URFHVRDWUDYpVGHOHQWRQFHVUHFXUVRGHKiEHDVFRUSXV
GHEtDQFRQFXUULUORVVLJXLHQWHVUHTXLVLWRVD /RVDFWRVXRPLVLRQHVGHQXQFLDGRV
GHEtDQHVWDUYLQFXODGRVFRQODOLEHUWDG\VHUFDXVDGLUHFWDSDUDVXVXSUHVLyQR
OLPLWDFLyQ \E GHEtDQDJRWDUVHORV PHFDQLVPRVLQWUDSURFHVDOHVGHGHIHQVD
VDOYR DEVROXWR HVWDGR GH LQGHIHQVLyQ (VWH FULWHULR IXH PRGXODGR
SRVWHULRUPHQWH D WUDYpV GH OD 6&  TXH HVWDEOHFH OR VLJXLHQWH

QLFDPHQWHFXDQGRVHWUDWDGHPDWHULDSHQDOODDFFLyQGHOLEHUWDGHVHOPHGLR

W


dW^:d


LGyQHR HILFD] \ HILFLHQWH SDUD UHVWDEOHFHU HO GHELGR SURFHVR HQ WRGRV VXV
HOHPHQWRV
 HQ HVWH PDUFR \ GH DFXHUGR D HVWH HQWHQGLPLHQWR SDUD HO
SURFHVDPLHQWR LQGHELGR \ VX WXWHOD D WUDYpV GH OD DFFLyQ GH OLEHUWDG QR HV
QHFHVDULRTXHHODFWRXRPLVLyQGHQXQFLDGRVFRPROHVLYRVVHDQODFDXVDGLUHFWD
GHODVXSUHVLyQRUHVWULFFLyQDOGHUHFKRDODOLEHUWDGVLQRTXHHODFWRXRPLVLyQ
DFXVDGDGHYXOQHUDWRULDSXHGHVHUODFDXVDGLUHFWDRLQGLUHFWDGHODUHVWULFFLyQ
RVXSUHVLyQDOGHUHFKRDODOLEHUWDG(VWHFULWHULRVHFRQILJXUDFRPRHOHVWiQGDU
PiV DOWR SDUD OD OtQHD GHO SURFHVDPLHQWR LQGHELGR \ VX WXWHOD D WUDYpV GH OD
DFFLyQGHOLEHUWDG
6LQHPEDUJRDXQTXHSRVWHULRUPHQWHOD6&3UHFRQGXMRODOtQHDDO
FULWHULRUHVWULFWLYRHVGHFLUDODH[LJHQFLDGHODGLUHFWDFDXVDOLGDGHQWUHHODFWR
X RPLVLyQ GHQXQFLDGRV FRPR OHVLYRV \ OD OLEHUWDG VLJXLHQGR OD GRFWULQD GHO
HVWiQGDUMXULVSUXGHQFLDOPiVDOWRHOSUHFHGHQWHYLQFXODQWHHVHOSODVPDGRHQ
OD6&3(QHVWHPDUFRDOQRVHUQHFHVDULDODH[LJHQFLDGHODGLUHFWD
FDXVDOLGDGHQORVVLJXLHQWHVDSDUWDGRVVHSUHFLVDUiQORVVXSXHVWRVHQORVFXDOHV
HV H[LJLEOH OD VXEVLGLDULHGDG H[FHSFLRQDO GH OD DFFLyQ GH OLEHUWDG \ DTXHOORV
FDVRVHQORVFXDOHVODDFFLyQGHOLEHUWDGGHEHVHUDFWLYDGDGHPDQHUDGLUHFWD


(QHVWHSXQWR\WDOFRPRVHVHxDOySUHFHGHQWHPHQWHVHDQDOL]DUiQORV
VXSXHVWRV HQ ORV FXDOHV SDUD OD WXWHOD D WUDYpV GH OD DFFLyQ GH OLEHUWDG GHO
SURFHVDPLHQWRLQGHELGRHVH[LJLEOHHOSULQFLSLRGHVXEVLGLDULHGDGH[FHSFLRQDO


'HQXQFLDVGHDSUHKHQVLRQHVLOHJDOHV\RWUDVTXHGHEHQVHUUHDOL]DGDV
DQWH OD R HO -XH] TXH HMHUFH FRQWURO MXULVGLFFLRQDO GH OD FDXVD (O 7ULEXQDO
&RQVWLWXFLRQDODVtFRPRHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHQODOtQHD
MXULVSUXGHQFLDO VREUH VXEVLGLDULHGDG H[FHSFLRQDO GH OD DFFLyQ GH OLEHUWDG HQ
FDVRVGHDSUHKHQVLRQHVVXSXHVWDPHQWHLOHJDOHVWDQWRMXGLFLDOHVFRPRILVFDOHV
\RWUDVGHQXQFLDVUHDOL]DGDVHQHWDSDSUHSDUDWRULDHVWDEOHFHORVVLJXLHQWH

L 'HDFXHUGRDODV66&&\5ODVDSUHKHQVLRQHVGHEHQ
VHULPSXJQDGDVDQWHHOMXH]FDXWHODU$VXYH]HVWDDXWRULGDGMXULVGLFFLRQDO
WLHQHDVXFDUJRHOFRQWUROGHODOHJDOLGDGIRUPDO\PDWHULDOGHODDSUHKHQVLyQ
HQWHQGLPLHQWR DVXPLGR SRU OD 6&3  TXH VH FRQILJXUD FRPR XQD
SULPHUD VHQWHQFLD FRQILUPDGRUD GH OtQHD$GHPiV HQ HO FRQWH[WR GH ODV
VHQWHQFLDVDQRWDGDVOD6&5VHxDOyTXHODRHOMXH]FDXWHODUGHEH
D 9HULILFDUODOHJDOLGDGIRUPDO\PDWHULDOGHODDSUHKHQVLyQ\E /DOHJDOLGDG
PDWHULDOGHODDSUHKHQVLyQ$GHPiVOD6&3VHxDOyTXHHOFRQWUROGH
OHJDOLGDGGHODDSUHKHQVLyQDVHUHMHUFLGRSRUODDXWRULGDGHQFDUJDGDGHOFRQWURO
MXULVGLFFLRQDOGHEtDVHUUHDOL]DGRLQFOXVRGHRILFLR

LL /D6&5VHxDOyH[SUHVDPHQWHTXHVHSRGtDDFXGLUGLUHFWDPHQWHD
ODMXVWLFLDFRQVWLWXFLRQDOFXDQGRQRH[LVWLHUDGHQXQFLDLQYHVWLJDFLyQDELHUWDQL
IODJUDQFLD HPSHUR OD 6& 5 VLVWHPDWL]y ODV VXEUHJODV SDUD OD
DSOLFDFLyQGHODVXEVLGLDULHGDGH[FHSFLRQDOGHODDFFLyQGHOLEHUWDGVHxDODQGR
H[SUHVDPHQWHHQFXDQWRDODVVXSXHVWDVDSUHKHQVLRQHVLOHJDOHVTXHVLD~QQR
H[LVWtDDYLVRGHOLQLFLRGHODLQYHVWLJDFLyQODVPLVPDVGHEtDQVHUGHQXQFLDGDV
DQWH HO MXH] FDXWHODU GH WXUQR \ HQ FDVR GH KDEHUVH GDGR HO DYLVR
FRUUHVSRQGLHQWHGHEtDDFXGLUVHDQWHODDXWRULGDGMXGLFLDODFDUJRGHOFRQWUROGH
OD LQYHVWLJDFLyQ 3RVWHULRUPHQWH OD 6&3  PXWy HO HQWHQGLPLHQWR
DQWHVUHIHULGRFRQWHQLGRHQOD6&5\VRVWXYRTXHVLQRH[LVWHLQLFLR

W


dW^:d
GHLQYHVWLJDFLyQ\WDPSRFRSUHVXQWDFRPLVLyQGHGHOLWRDOJXQRFRUUHVSRQGHUi
DODMXVWLFLDFRQVWLWXFLRQDOFRQRFHUGLUHFWDPHQWH\UHVROYHUODDFFLyQGHOLEHUWDG
TXHDFXVHXQDSUHVXQWDLQGHELGDSULYDFLyQGHOLEHUWDG

LLL 6REUHODEDVHGHOD6&3OD6&3HVWDEOHFLyTXHHQORV
VXSXHVWRVHQTXHODVSHUVRQDVSULYDGDVGHOLEHUWDGHQYLUWXGDXQPDQGDPLHQWR
GHDSUHKHQVLyQSODQWHHQDFFLRQHVGHOLEHUWDGDOHJDQGRQRVHUODSHUVRQDDOD
FXDO VH GLULJH HO PDQGDPLHQWR FRUUHVSRQGH GLIHUHQFLDU GRV VXSXHVWRV 

&XDQGR OD DXWRULGDG MXGLFLDO FRPSHWHQWH VH HQFXHQWUD SOHQDPHQWH
LGHQWLILFDGD\SRUODVFLUFXQVWDQFLDVFRQFUHWDVGHODVXQWRVHFRQVWLWX\DHQXQ
UHFXUVRLGyQHR\DGHFXDGRHQFX\RFDVRFRUUHVSRQGHDSOLFDUODVXEVLGLDULHGDG
H[FHSFLRQDOGHODDFFLyQGHOLEHUWDGFRQIRUPHODMXULVSUXGHQFLDFRQWHQLGDHQ
ODV66&&5\5(QHOFDVRGHTXHHOMXH]RWULEXQDO
GHJDUDQWtDVFRQVWDWDFRQFHUWH]DTXHODDSUHKHQGLGDRDSUHKHQGLGRQRHVOD
SHUVRQDHQFRQWUDGHODFXDOVHOLEUyPDQGDPLHQWRGHDSUHKHQVLyQRTXHSRU
GLIHUHQWHV LUUHJXODULGDGHV SURFHGLPHQWDOHV QR HV LGHQWLILFDEOH HO yUJDQR GH
FRQWURO MXULVGLFFLRQDO FRPSHWHQWH \ OD PLVPD VH HQFXHQWUD D SXQWR GH VHU
WUDVODGDGD HTXLYRFDGDPHQWH D RWUR GHSDUWDPHQWR SUHVXPLpQGRVH TXH VH OH
SURGXFLUiQGLYHUVRVSHUMXLFLRVDODPLVPD

LY 3RVWHULRUPHQWHOD6&PRGXOyHOFRQWHQLGRGHOD6&3
DO VHxDODU TXH HV SRVLEOH OD SUHVHQWDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG
SUHVFLQGLHQGRGHODVXEVLGLDULHGDGH[FHSFLRQDOFXDQGRD /DVXSXHVWDOHVLyQ
RDPHQD]DDOGHUHFKRDODOLEHUWDGItVLFDRSHUVRQDOQRHVWpYLQFXODGDDXQGHOLWR
yE &XDQGRH[LVWLHQGRGLFKDYLQFXODFLyQQRVHKDLQIRUPDGRDOMXH]FDXWHODU
VREUHHOLQLFLRGHODVLQYHVWLJDFLRQHVQRREVWDQWHKDEHUWUDQVFXUULGRORVSOD]RV
HVWDEOHFLGRV SDUD HO HIHFWR HQ HO &yGLJR GH SURFHGLPLHQWR SHQDO QR VLHQGR
H[LJLEOHHQQLQJXQRGHORVGRVVXSXHVWRVDQRWDGRVDFXGLUDQWHHOMXH]FDXWHODU
GHWXUQRFRQFDUiFWHUSUHYLR

Y (Q FXDQWR D OD UHVROXFLyQ TXH SURQXQFLD HO MXH] FDXWHODU FXDQGR HMHUFH HO
FRQWUROIRUPDO\PDWHULDOGHODOHJDOLGDGGHODDSUHKHQVLyQODV66&&
5\5HQWUHRWUDVHVWDEOHFLHURQTXHXQDYH]LPSXJQDGDODVXSXHVWD
DSUHKHQVLyQ ILVFDO R SROLFLDO DQWH HO MXH] FDXWHODU VH SRGtD SUHVHQWDU
GLUHFWDPHQWH HO UHFXUVR GH KiEHDV FRUSXV QR VLHQGR QHFHVDULR LQWHUSRQHU HO
UHFXUVRGHDSHODFLyQFRQWUDODGHFLVLyQGHODDXWRULGDGMXGLFLDO/XHJROD6&
5 VLQ FDPELDU GH PDQHUD H[SUHVD ORV DQWHULRUHV SUHFHGHQWHV
VRVWXYR TXH OD UHVROXFLyQ SURQXQFLDGD SRU OD DXWRULGDG MXGLFLDO GHEtD VHU
LPSXJQDGDDWUDYpVGHOUHFXUVRGHDSHODFLyQLQFLGHQWDO\QRDFXGLUGLUHFWDPHQWH
DQWH OD MXULVGLFFLyQ FRQVWLWXFLRQDO SRVWHULRUPHQWH OD 6& 5
UHWRPDQGRHOFULWHULRDQWHULRUVRVWXYRTXHQRHVH[LJLEOHSDUDDFWLYDUODMXVWLFLD
FRQVWLWXFLRQDOXWLOL]DUHOUHFXUVRGHDSHODFLyQSUHYLVWRHQHODUWGHO&33
FRQWUD OD UHVROXFLyQ TXH GHFODUy OD OHJDOLGDG R LOHJDOLGDG GH OD DSUHKHQVLyQ
VDOYRTXHHOLPSXWDGRKXELHUHIRUPXODGRHOPLVPRVXSXHVWRHQHOFXDO
QRVH
DFWLYDODMXVWLFLDFRQVWLWXFLRQDOPLHQWUDVODDSHODFLyQGHGLFKDGHWHUPLQDFLyQ
HVWpSHQGLHQWHHVWRFRQODILQDOLGDGGHQRJHQHUDUGRVIDOORVTXHSXHGHQVHU
FRQWUDGLFWRULRVVREUHXQDPLVPDWHPiWLFD
6LQHPEDUJRHVWDPLVPDVHQWHQFLD
VHxDOyTXH
VLHOLPSXWDGRSUHVHQWDUHFXUVRGHDSHODFLyQFRQWUDODUHVROXFLyQ
TXHGHFODUyODOHJDOLGDGRLOHJDOLGDGGHODDSUHKHQVLyQQRVHDFWLYDODMXVWLFLD
FRQVWLWXFLRQDOPLHQWUDVODDSHODFLyQGHGLFKDGHWHUPLQDFLyQHVWpSHQGLHQWHHVWR
FRQODILQDOLGDGGHQRJHQHUDUGRVIDOORVTXHSXHGHQVHUFRQWUDGLFWRULRVVREUH

W


dW^:d


XQD PLVPD WHPiWLFD
 HQWHQGLPLHQWR TXH IXH UHLWHUDGR HQ OD 6&3 
)LQDOPHQWH OD 6&3  HVWDEOHFLy TXH QR HV QHFHVDULR DFWLYDU OD
DSHODFLyQ LQFLGHQWDO FRQWUD OD UHVROXFLyQ GH OD DXWRULGDG MXGLFLDO FXDQGR
LQFXPSOHVXGHEHUGHUHDOL]DUFRQWUROGHOHJDOLGDGSXGLHQGRHQHVWHVXSXHVWR
DFWLYDUVHGHPDQHUDGLUHFWDODDFFLyQGHOLEHUWDG

9L )LQDOPHQWH DO PDUJHQ GHO FDVR HVSHFtILFR GH ODV DSUHKHQVLRQHV HV
LPSRUWDQWH VHxDODU TXH HO 7ULEXQDO &RQVWLWXFLRQDO WDO FRPR \D VH VHxDOy D
WUDYpVGHOD6&5VHQWyODOtQHDVREUHODVXEVLGLDULHGDGH[FHSFLRQDO
GHODDKRUDDFFLyQGHOLEHUWDGHQHVHPDUFRVHWLHQHTXHWRGDGHQXQFLDTXHVHD
UHDOL]DGDHQHWDSDSUHSDUDWRULDRHQFXDOTXLHURWUDGHOSURFHVRSHQDOGHEHFRQ
FDUiFWHU SUHYLR VHU GHQXQFLDGD DQWH OD DXWRULGDG TXH HMHUFH FRQWURO
MXULVGLFFLRQDO GH OD FDXVD QR SXGLHQGR HQ HVWRV FDVRV DFWLYDUVH OD DFFLyQ GH
OLEHUWDG GH PDQHUD GLUHFWD FULWHULRV DVXPLGRV SRU ODV 66&& 5 \
5HQWUHPXFKDVRWUDV



$SHODFLyQGHOLQFLGHQWHSRUDFWLYLGDGSURFHVDOGHIHFWXRVD(O
7ULEXQDO &RQVWLWXFLRQDO HQ OD 6& 5 IXQGy OD OtQHD VREUH OD
VXEVLGLDULHGDGH[FHSFLRQDOGHOHQWRQFHVUHFXUVRGHKiEHDVFRUSXVDKRUDDFFLyQ
GH OLEHUWDG HVWDEOHFLHQGR TXH HQ ORV VXSXHVWRV HQ ORV TXH H[LVWDQ PHGLRV
LGyQHRVSDUDUHSDUDUGHPDQHUDXUJHQWHSURQWD\HILFD]HOGHUHFKRDODOLEHUWDG
ItVLFDLOHJDOPHQWHUHVWULQJLGRORVPLVPRVGHEHQVHUXWLOL]DGRVDQWHVGHDFXGLU
DODMXVWLFLDFRQVWLWXFLRQDODWUDYpVGHODDFFLyQGHOLEHUWDG/D6&
5HQHOPDUFRGHGLFKDOtQHDMXULVSUXGHQFLDOVHxDOyTXHHQODHWDSDSUHSDUDWRULD
GHOSURFHVRSHQDOHVHOMXH]FDXWHODUTXLHQGHEHFRQRFHUODVVXSXHVWDVOHVLRQHV
DGHUHFKRV\JDUDQWtDVTXHSXGLHUDQWHQHURULJHQHQORVyUJDQRVHQFDUJDGRVGH
OD SHUVHFXFLyQ SHQDO QR UHVXOWDQGR FRPSDWLEOH DFWLYDU GLUHFWDPHQWH R GH
PDQHUDVLPXOWiQHDODMXVWLFLDFRQVWLWXFLRQDO(QHOPDUFRGHOD&RQVWLWXFLyQ
YLJHQWHDSDUWLUGHOD6&5UDWLILFyORVHQWHQGLPLHQWRVDQWHV
DQRWDGRVVHxDODQGRH[SUHVDPHQWHTXHHQFDVRGHH[LVWLU QRUPDH[SUHVDTXH
SUHYHD PHFDQLVPRVLQWUDSURFHVDOHVHIHFWLYRV \RSRUWXQRV GHGHIHQVDGHEHQ
VHU XWLOL]DGRV SUHYLDPHQWH DQWHV GH DFWLYDU OD WXWHOD TXH EULQGD OD DFFLyQ GH
OLEHUWDG/XHJROD6&5IXHSURQXQFLDGDGHQWURGHXQDDFFLyQGH
DPSDURFRQVWLWXFLRQDO\HQHOODVHHVWDEOHFLyTXHODVUHVROXFLRQHVSURQXQFLDGDV
HQ LQFLGHQWHV GH DFWLYLGDG SURFHVDO GHIHFWXRVD SXHGHQ VHU DSHODGDV
LQFLGHQWDOPHQWH GXUDQWH OD HWDSD SUHSDUDWRULD R D WUDYpV GH OD DSHODFLyQ
UHVWULQJLGD HQ HO MXLFLR RUDO   3RVWHULRUPHQWH HQ HO FRQWH[WR GH ODV 6&
5 \ 5 OD 6& 5 HQ XQD DFFLyQ GH OLEHUWDG
H[LJLy HO UHTXLVLWR GH OD DSHODFLyQ LQFLGHQWDO FRQWUD LQFLGHQWHV SRU DFWLYLGDG
SURFHVDO GHIHFWXRVD FRPR FRQGLFLyQ SUHYLD SDUD DFWLYDU HVWH PHFDQLVPR GH
GHIHQVD (Q HO FRQWH[WR H[SXHVWR VH WLHQH TXH OD SULPHUD VHQWHQFLD
FRQILUPDGRUD GHO SUHFHGHQWH SODVPDGR HQ OD 6& 5 HV OD  6&3



$SHODFLyQ GH PHGLGDV FDXWHODUHV GH FDUiFWHU SHUVRQDO(O 7ULEXQDO
&RQVWLWXFLRQDO HQ OD 6& 5 IXQGy OD OtQHD VREUH OD VXEVLGLDULHGDG
H[FHSFLRQDOGHODDFFLyQGHOLEHUWDGHVWDEOHFLHQGRTXHHQORVVXSXHVWRVHQORV
H[LVWDQ PHGLRV LGyQHRV SDUD UHSDUDU GH PDQHUD XUJHQWH SURQWD \ HILFD] GHO
GHUHFKR D OD OLEHUWDG ItVLFD LOHJDOPHQWH UHVWULQJLGR ORV PLVPRV GHEHQ VHU
XWLOL]DGRVDQWHVGHDFXGLUDODMXVWLFLDFRQVWLWXFLRQDODWUDYpVGHODDFFLyQGH

W


dW^:d
OLEHUWDG  /D 6& 5 HQ HO PDUFR GH OD &RQVWLWXFLyQ YLJHQWH
VLVWHPDWL]yORVVXSXHVWRVGHVXEVLGLDULHGDGH[FHSFLRQDOGHODDFFLyQGHOLEHUWDG
VLHQGRXQRGHORVVXSXHVWRVODVUHVROXFLRQHVGHPHGLGDVFDXWHODUHVTXHSXHGHQ
VHULPSXJQDGDVDWUDYpVGHODDSHODFLyQLQFLGHQWDO/D5HQXQFDVR
VLPLODUH[LJLyODDSHODFLyQLQFLGHQWDOFRQWUDXQDUHVROXFLyQGHFHVDFLyQGHOD
GHWHQFLyQSUHYHQWLYDHQIRUPDSUHYLDDODSUHVHQWDFLyQGHODDFFLyQGHOLEHUWDG
(QHOFRQWH[WRDQWHVSUHFLVDGROD6&3VHFRQVWLWX\HHQODSULPHUD
VHQWHQFLD FRQILUPDGRUD GH HVWH HQWHQGLPLHQWR TXH GH PDQHUD XQLIRUPH KD
PDQWHQLGR


(QHVWHDFiSLWHVHGHVDUUROODUiQORVVXSXHVWRVGHSUHVHQWDFLyQGLUHFWD
GHODDFFLyQGHOLEHUWDGTXHSXHGHQVHUUHVXPLGRVGHODVLJXLHQWHPDQHUD


$FWLYDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG SRU DEVROXWR HVWDGR GH
LQGHIHQVLyQ

(O DEVROXWR HVWDGR GH LQGHIHQVLyQ HV XQ SUHVXSXHVWR H[LJLGR SRU OD
MXULVSUXGHQFLDSDUDTXHVHDFWLYHODDFFLyQGHOLEHUWDGGHPDQHUDGLUHFWDHQHVH
PDUFR  OD 6& 5 HVWDEOHFLy TXH DQWHV GH DFXGLU D OD MXULVGLFFLyQ
FRQVWLWXFLRQDOGHEtDSHGLUVHODUHSDUDFLyQDOGHUHFKRDOGHELGRSURFHVRHQVHGH
MXULVGLFFLRQDORUGLQDULDDWUDYpVGHORVPHGLRVGHLPSXJQDFLyQHVWDEOHFLGRVSRU
ODOH\VDOYRHODEVROXWRHVWDGRGHLQGHIHQVLyQFULWHULRVLVWHPDWL]DGRSRUOD6&
5DVtHQFDVRVFRQFUHWRVHQORVFXDOHVHO7ULEXQDO&RQVWLWXFLRQDO
YHULILFyHVWHSUHVXSXHVWRLQJUHVyDODQiOLVLVGHIRQGRGHODSUREOHPiWLFDDVtOR
KL]R SRU HMHPSOR D WUDYpV GH OD6& 5 FDVR HQ HO FXDO HO QR
DJRWDPLHQWRGHORV PHFDQLVPRVSHQDOHVGHLPSXJQDFLyQFRPRFRQVHFXHQFLD
GHODQHJOLJHQFLDHLQFXPSOLPLHQWRGHORVUROHVGHOGHIHQVRUGHRILFLRRFDVLRQy
ODHPLVLyQGHXQDVHQWHQFLDFRQGHQDWRULDFRQDSDUHQWHFDOLGDGGHFRVDMXJDGD
HPHUJHQWHGHXQSURFHVDPLHQWRLQGHELGRSRUORTXHHOPi[LPRFRQWUDORUGH
GHUHFKRV IXQGDPHQWDOHV VLQ OD H[LJHQFLD GH OD VXEVLGLDULHGDG H[FHSFLRQDO
LQJUHVy DO DQiOLVLV GH IRQGR \ UHYRFy OD GHFODUDWRULD GH LPSURFHGHQFLD GHO
7ULEXQDOGH*DUDQWtDV\DWUDYpVGHOKiEHDVFRUSXVFRQFHGLyODWXWHODDQXODQGR
REUDGRVKDVWDODDXGLHQFLDGHDSHUWXUDGHGHEDWHVLQFOXVLYH(VWHFULWHULRIXH
DGHPiVDVXPLGRSRUOD6&5

3RU VX SDUWH HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HQ OD 6&3 
HVWDEOHFLyTXHODGHFODUDFLyQGHODRHOLPSXWDGRTXHFRQWHQJDXQDFRQIHVLyQ
GHOGHOLWRREWHQLGDLOHJDOPHQWHVLQODSUHVHQFLDGHVXDERJDGRGHIHQVRUHVXQ
VXSXHVWRGHSURFHVDPLHQWRLQGHELGRSRUORTXHSURFHGHODDFWLYDFLyQGLUHFWDGH
ODDFFLyQGHOLEHUWDGHQPpULWRDODEVROXWRHVWDGRGHLQGHIHQVLyQ


$FWLYDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG HQ FDVRV GH QR HVWDU
YLQFXODGRHOKHFKRDGHOLWRVRFXDQGRQRH[LVWHDXWRULGDGTXHHMHU]DFRQWURO
MXULVGLFFLRQDOGHODFDXVD(VWDOtQHDGHEHVHUHQWHQGLGDGHODVLJXLHQWHPDQHUD

L/D6&PRGXOD OD6&5TXHHVWDEOHFLyFRPRSULPHU
VXSXHVWRGHVXEVLGLDULHGDGHOVLJXLHQWH
6LDQWHVGHH[LVWLULPSXWDFLyQIRUPDO
WDQWR OD 3ROLFtD FRPR OD )LVFDOtD FRPHWLHURQ DUELWUDULHGDGHV UHODFLRQDGDV DO
GHUHFKRDODOLEHUWDGItVLFDRGHORFRPRFLyQ\WRGDYtDQRH[LVWHDYLVRGHOLQLFLR
GHODLQYHVWLJDFLyQFRUUHVSRQGHVHUGHQXQFLDGDVDQWHHO-XH]&DXWHODUGHWXUQR

6LQ HPEDUJR GHEH FRQVLGHUDUVH TXH HO SUHFHGHQWH FRQWHQLGR HQ OD 6&

W


dW^:d


\DIXHHVWDEOHFLGRHQOD6&5HQODTXHVHVRVWXYRTXH
VH SRGtD DFXGLU GLUHFWDPHQWH D OD MXVWLFLD FRQVWLWXFLRQDO FXDQGR QR H[LVWLHUD
GHQXQFLDLQYHVWLJDFLyQDELHUWDQLIODJUDQFLD

LL3RVWHULRUPHQWHOD6&PRGXOyHOFRQWHQLGRGHOD6&3
DO VHxDODU TXH HV SRVLEOH OD SUHVHQWDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG
SUHVFLQGLHQGRGHODVXEVLGLDULHGDGH[FHSFLRQDOFXDQGRD /DVXSXHVWDOHVLyQ
RDPHQD]DDOGHUHFKRDODOLEHUWDGItVLFDRSHUVRQDOQRHVWpYLQFXODGDDXQGHOLWR
yE &XDQGRH[LVWLHQGRGLFKDYLQFXODFLyQQRVHKDLQIRUPDGRDOMXH]FDXWHODU
VREUHHOLQLFLRGHODVLQYHVWLJDFLRQHVQRREVWDQWHKDEHUWUDQVFXUULGRORVSOD]RV
HVWDEOHFLGRV SDUD HO HIHFWR HQ HO &yGLJR GH SURFHGLPLHQWR SHQDO QR VLHQGR
H[LJLEOHHQQLQJXQRGHORVGRVVXSXHVWRVDQRWDGRVDFXGLUDQWHHOMXH]FDXWHODU
GHWXUQRFRQFDUiFWHUSUHYLR


$FWLYDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGHQUHODFLyQDOUHVJXDUGRGHO
GHUHFKRDODYLGD

(O7ULEXQDO&RQVWLWXFLRQDOHQHOPDUFRGHOD&RQVWLWXFLyQDSUREDGDHQ
HVWDEOHFLyHQOD6&5TXHHQUHODFLyQDODWXWHODDOGHUHFKRDODYLGD
DWUDYpVGHODDFFLyQGHOLEHUWDGQRHUDDSOLFDEOHHOSULQFLSLRGHVXEVLGLDULHGDG
FULWHULRWDPELpQDVXPLGRSRUODV66&&5\HQWUHRWUDV
\UDWLILFDGRSRUHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHQSDUWLFXODUHQOD6&3
ODFXDOHQHO)-,,,GHPDQHUDH[SUHVDVHxDODTXHEDMRQLQJXQD
FLUFXQVWDQFLDHVDSOLFDEOHODVXEVLGLDULHGDGGHODDFFLyQGHOLEHUWDGFXDQGRVH
GHQXQFLDYLRODFLyQGHOGHUHFKRDODYLGD


$FWLYDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGHQUHVROXFLRQHVGHPHGLGDV
FDXWHODUHV GH FDUiFWHU SHUVRQDO HPLWLGDV HQ 3URYLQFLDV (VWD OtQHD GHEH VHU
HQWHQGLGDGHODVLJXLHQWHIRUPD

L
(O7ULEXQDO&RQVWLWXFLRQDODWUDYpVGHOD6&5IXQGyOD
OtQHDVREUHODVXEVLGLDULHGDGH[FHSFLRQDOGHODDFFLyQGHOLEHUWDGHVWDEOHFLHQGR
TXH HQ ORV VXSXHVWRV HQ ORV H[LVWDQ PHGLRV LGyQHRV SDUD UHSDUDU GH PDQHUD
XUJHQWHSURQWD\HILFD]GHOGHUHFKRDODOLEHUWDGItVLFDLOHJDOPHQWHUHVWULQJLGR
ORV PLVPRVGHEHQVHU XWLOL]DGRVDQWHVGHDFXGLUDODMXVWLFLDFRQVWLWXFLRQDOD
WUDYpVGHODDFFLyQGHOLEHUWDG

LL
$WUDYpVGHOD6&5VHHVWDEOHFLyTXHHQSURYLQFLDVSDUD
QR GHVQDWXUDOL]DU HVWH PHFDQLVPR WXWHODU SRGtD DFWLYDUVH GLUHFWDPHQWH HO
KiEHDVFRUSXVFRQWUDPHGLGDVFDXWHODUHVVLQQHFHVLGDGGHDFWLYDUODDSHODFLyQ
LQFLGHQWDO

LLL
3RVWHULRUPHQWH\GHPDQHUDUHVWULFWLYDOD6&5PXWyHO
HQWHQGLPLHQWR SODVPDGR HQ OD 6& 5 HVWDEOHFLHQGR TXH  QR HUD
DGPLVLEOHODSUHVHQWDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGHQSURYLQFLDVSXHV
HVWR
SURYRFDUtD XQ FDRV MXUtGLFR \ XQD VREUHFDUJD SURFHVDO LQPRWLYDGD TXH
SRGUtD SURGXFLU GHPRUDV HQ OD GLQiPLFD \ UHVXOWDUtD LQFRPSDWLEOH FRQ ODV
GLUHFWULFHVGHFHOHULGDGTXHHPDQDQGHORVDUWV\GHOD&3(DGHPiV
UHSHUFXWLUiQHJDWLYDPHQWHHQODSHUVHFXFLyQSHQDO



W


dW^:d
LY
/D  6&3  UHFRQGXFH HO FULWHULR MXULVSUXGHQFLDO DO
UD]RQDPLHQWRSODVPDGRHQOD6&5SRUWDQWRHQSURYLQFLDVQRHV
H[LJLEOH OD VXEVLGLDULHGDG H[FHSFLRQDO GH OD DFFLyQ GH OLEHUWDG FXDQGR ORV
PHFDQLVPRVLQWUDSURFHVDOHVGHLPSXJQDFLyQQRVHDQRSRUWXQRVQLHILFDFHVHQ
UD]yQDGLVWDQFLD\WLHPSR


$FWLYDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGFXDQGRHOPHGLRGHGHIHQVD
QRHVLGyQHRRHVLQHILFD]

 (Q FDVR GH DFWLYDFLyQ SDUDOHOD GH MXULVGLFFLRQHV (O 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDODWUDYpVGHOD6&3TXHHVXQDVHQWHQFLD
IXQGDGRUD VHxDOy TXH H[FHSFLRQDOPHQWH OD MXULVGLFFLyQ FRQVWLWXFLRQDO SRGUi
LQJUHVDUDODQiOLVLVGHIRQGRGHODDFFLyQGHOLEHUWDGHQORVFDVRVGHDFWLYDFLyQ
SDUDOHODGHODMXULVGLFFLyQRUGLQDULD\ODFRQVWLWXFLRQDOFXDQGRFRQVWDWHTXHOD
YtDMXGLFLDOVHWRUQDLQHILFD]GHDFXHUGRFRQORVDQWHFHGHQWHVGHOFDVRFRQFUHWR

 (QFDVRGHOUHFXUVRGHUHSRVLFLyQ(VWDOtQHDMXULVSUXGHQFLDOGHEHVHU
HQWHQGLGDGHODVLJXLHQWHPDQHUD

L/DOtQHDMXULVSUXGHQFLDOVREUHODVXEVLGLDULHGDGH[FHSFLRQDOGHODDFFLyQGH
OLEHUWDGYLQFXODGDDODUHSRVLFLyQIXHVLVWHPDWL]DGDHQOD6&35
HQ OD TXH DO KDFHU UHIHUHQFLD D ODV FLUFXQVWDQFLDV HQ ODV TXH  SRU HO GDxR
LQPLQHQWHHLUUHSDUDEOHQRHVSRVLEOHDSOLFDUODVXEVLGLDULHGDGH[FHSFLRQDO\
SRUWDQWRFRUUHVSRQGHLQJUHVDUDODQiOLVLVGHIRQGRH[SUHVDPHQWHFRQWHPSOyD
ORV VXSXHVWRV HQ TXH H[LVWH SULYDFLyQ GH OLEHUWDG \ HYLGHQWH QHJOLJHQFLD R
GLODFLyQSRUSDUWHGHODVDXWRULGDGHVTXHULJHQODDFWLYLGDGSURFHVDOSHQDOSRU
HMHPSOR VL ILMDQ DXGLHQFLDV GH FRQVLGHUDFLyQ FRQ SOD]RV QR UD]RQDEOHV OD
LQMXVWLILFDGDVXVSHQVLyQHQWUHRWUDVFLUFXQVWDQFLDVDxDGLHQGRSRVWHULRUPHQWH
TXHVLELHQHQHVWRVFDVRVGHHYLGHQWHGLODFLyQVHDFWLYDLQPHGLDWDPHQWHHVWD
DFFLyQ WXWHODU SDUD LPSXJQDU HVD DFWLWXG OHVLYD D OD OLEHUWDG SRU SDUWH GH OD
DXWRULGDGMXULVGLFFLRQDOTXHSURORQJDODSULYDFLyQGHOLEHUWDGQRREVWDQWH \
VLQTXHVHDH[LJLEOHSRUORH[SOLFDGRSUHFHGHQWHPHQWH\GDGDODQDWXUDOH]DQR
VXEVLGLDULD GH HVWD DFFLyQ HO DJUDYLDGR GHEH WHQHU HQ FXHQWD TXH OD QRUPD
DGMHWLYD SHQDO OH GD OD IDFXOWDG GH LQWHUSRQHU UHFXUVR GH UHSRVLFLyQ SDUD
LPSXJQDUHQHVWHFDVRHOGHFUHWRGHILMDFLyQRVXVSHQVLyQGHDXGLHQFLD\TXH
SXHGHVHUDFWLYDGRRUDOPHQWHHQHODFWR\UHVXHOWRGHLQPHGLDWRHQODPLVPD
DXGLHQFLD \ VL HV SRU HVFULWR SXHGH VHU LQWHUSXHVWR HQ YHLQWLFXDWUR KRUDV \
UHVXHOWRHQLJXDOSOD]RGHWDOPDQHUDTXHHQODPLVPDLQVWDQFLDVHUHHQFDXFHHO
SURFHVR\VHUHVWDEOH]FDQVXVGHUHFKRV
3RUWDQWRDQWHHVWDVLWXDFLyQGLODWRULDSXHGHDFXGLUGLUHFWDPHQWHDODDFFLyQGH
OLEHUWDGRHQVXGHIHFWRDQWHVGHLQWHUSRQHUHVWDDFFLyQWXWHODUSXHGHIRUPXODU
UHFXUVR GH UHSRVLFLyQ HPSHUR OR TXH QR HVWi SHUPLWLGR HV TXH HO DJUDYLDGR
LQFXPSOLHQGR VX GHEHU GH DFWXDU FRQ OHDOWDG SURFHVDO KDELHQGR DFWLYDGR HO
UHFXUVRGHUHSRVLFLyQ\HVWDQGRHQWUiPLWHHOPLVPRHQODMXULVGLFFLyQRUGLQDULD
GHPDQHUDSDUDOHODDFWLYHODDFFLyQGHOLEHUWDGHQODMXULVGLFFLyQFRQVWLWXFLRQDO
HQHVHFDVRQRHVSRVLEOHLQJUHVDUDODQiOLVLVGHIRQGR(QWHQGLPLHQWRTXH\D
IXHHVWDEOHFLGRHQOD6&5GHGHDEULO

LL /DV6&3V  \   VLJXLHQGR HO SUHFHGHQWH GH ODV 66&&
5\5GHFODUDQODLPSURFHGHQFLDGHODDFFLyQGHOLEHUWDG
SRUVXEVLGLDULHGDGH[FHSFLRQDO

W


dW^:d



LLL/D6&3PXWDHOHQWHQGLPLHQWRH[SUHVDGRHQODV6&3
\TXHGHQHJDURQODWXWHODTXHEULQGDODDFFLyQGHOLEHUWDGSRUHVWDU
SHQGLHQWHGHUHVROXFLyQHOUHFXUVRGHUHSRVLFLyQ\VRVWLHQHHQIRUPDH[SUHVD
TXHHOUHFXUVRGHUHSRVLFLyQQRHVXQUHFXUVRUiSLGRLGyQHRHIHFWLYRSDUDTXH
FRQODPD\RUFHOHULGDGVHUHSDUHHQHOPLVPRyUJDQRMXGLFLDOODVDUELWUDULHGDGHV
\RHUURUHVTXHVHKXELHVHQFRPHWLGRHQGLFKDIDVHRHWDSDSURFHVDOHQHVWH
PDUFR UHDOL]DQGR XQ DQiOLVLV GH OD SUiFWLFD MXGLFLDO FRQFOX\H TXH
GDGD OD
SUiFWLFDIRUHQVHHVWHVXSHUDORVWUHVGtDVHQVXWUDPLWDFLyQVLVHWRPDHQFXHQWD
TXHHOPLVPRGHEHLQJUHVDUDGHVSDFKRSDUDVXFRQVLGHUDFLyQ\SRVWHULRUPHQWH
GHEH VHU QRWLILFDGR D ODV SDUWHV VLWXDFLyQ TXH HQ GHILQLWLYD GHVQDWXUDOL]D HO
SULQFLSLR GH FHOHULGDG \ HO GHUHFKR D XQD MXVWLFLD SURQWD RSRUWXQD \ VLQ
GLODFLRQHV
(QFRQVHFXHQFLD/D6&3DOHVWDEOHFHUTXHHOUHFXUVR
GHUHSRVLFLyQQRHVXQPHFDQLVPRLQWUDSURFHVDODVHUDFWLYDGRHQIRUPDSUHYLD
D OD SUHVHQWDFLyQ GH OD DFFLyQ GH OLEHUWDG SRU QR UHXQLU OD FDUDFWHUtVWLFDV GH
UDSLGH] LGRQHLGDG \ HILFDFLD FRQWLHQH XQ UD]RQDPLHQWR FRQ HO HVWiQGDU PiV
DOWR


$FWLYDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGHQFDVRGHQLxDVQLxRV\
DGROHVFHQWHV(VWDOtQHDGHEHVHUHQWHQGLGDGHODVLJXLHQWHPDQHUD

L
/DV 66&& 5 5 5 5
66&&33  \ RWUDV SRVWHULRUHV HVWDEOHFHQ HO PDUFR JHQHUDO VREUH OD
VXEVLGLDULHGDGH[FHSFLRQDOGHODDFFLyQGHOLEHUWDG

LL /D 6& 5 HVWDEOHFLy TXH OD VXEVLGLDULHGDG H[FHSFLRQDO
QR HV
DSOLFDEOHDORVVXSXHVWRVHQORVTXHPHQRUHVGHDxRVFRQVLGHUDGRVPHQRUHV
LQIUDFWRUHV VH YHDQ LQYROXFUDGRV HQ OD SUHVXQWD FRPLVLyQ GH GHOLWRV
 (VWH
HQWHQGLPLHQWR HV FRQILUPDGR SRU OD 6&3  TXH VH FRQILJXUD FRPR
SULPHUDVHQWHQFLDFRQILUPDGRUDGHOtQHD

LLL(QFXDQWRDORVPHQRUHVLPSXWDEOHVFRPSUHQGLGRVHQWUH\DxRVOD
6&5UHLWHUDGDHQWUHRWUDVSRUODV66&&5\
5FRQFOX\yTXHORVPHQRUHVLPSXWDEOHVGHEHQVHUSURFHVDGRVHQODMXULVGLFFLyQ
RUGLQDULD FX\D HWDSD LQYHVWLJDWLYD HQ FXDQWR DO UHVSHWR D ORV GHUHFKRV \
JDUDQWtDV SURFHVDOHV HVWi D FDUJR GHO MXH] FDXWHODU VLQ HPEDUJR OD 6&
5 UD]RQy HQ VHQWLGR TXH QR HUD DSOLFDEOH OD VXEVLGLDULHGDG
H[FHSFLRQDOGHODDFFLyQGHOLEHUWDGDPHQRUHVLPSXWDEOHVGDGDODSURWHFFLyQ
HVSHFLDOGHO(VWDGRSRUVXFRQGLFLyQTXHORVFRORFDHQGHVYHQWDMDIUHQWHDOUHVWR
GHODSREODFLyQGHFLVLyQTXHFRQWHPSODHOHVWiQGDUPiVDOWRHQFXDQWRDHVWD
WHPiWLFD

LY3RVWHULRUPHQWHOD6&3FRQFOX\HTXHODVSHUVRQDVPD\RUHVGH
DxRV \ PHQRUHV D  FRQVLGHUDGRV FRPR LPSXWDEOHV SHQDOPHQWH Vt
GHEHQ
FXPSOLUFRQODH[FHSFLyQGHODVXEVLGLDULHGDGHVGHFLUDJRWDUORVPHFDQLVPRV
LQWUDSURFHVDOHV IUDQTXHDGRV SRU OD OH\ SUHYLR D DFXGLU D OD MXULVGLFFLyQ
FRQVWLWXFLRQDO
\DXQTXHVHDFODUDTXHHVWHUD]RQDPLHQWRQRLPSOLFDXQFDPELR
GH OtQHD UHVSHFWR D OD 6& 5 HQ OD TXH VH HVWDEOHFLy TXH OD
VXEVLGLDULHGDGH[FHSFLRQDO
QRHVDSOLFDEOHDORVVXSXHVWRVHQORVTXHPHQRUHV
GH  DxRV FRQVLGHUDGRV PHQRUHV LQIUDFWRUHV VH YHDQ LQYROXFUDGRV HQ OD

W


dW^:d
SUHVXQWD FRPLVLyQ GH GHOLWRV
 HQ UHDOLGDG HV XQD GHFLVLyQ TXH LQDSOLFD HO
HVWiQGDUPiVDOWRFRQWHQLGRHQOD6&5$VLPLVPROD6&3
HVWDEOHFH TXH HQ FDVR GH PHQRUHV LPSXWDEOHV GHEH FXPSOLUVH FRQ OD
VXEVLGLDULHGDGH[FHSFLRQDOGHODDFFLyQGHOLEHUWDGHVGHFLUGHEHDJRWDUVHORV
PHFDQLVPRV LQWUDSURFHVDOHV IUDQTXHDGRV SRU OD OH\ SUHYLR D DFXGLU D OD
MXULVGLFFLyQ FRQVWLWXFLRQDO VHQWHQFLD TXH LQDSOLFD HO HVWiQGDU PiV DOWR \ SRU
WDQWRQRJHQHUDSUHFHGHQWHYLQFXODQWH

Y
/D 6&3  UHLWHUD HO HQWHQGLPLHQWR FRQWHQLGR HQ OD 6&
HLPSOLFDXQDUHFRQGXFFLyQLPSOtFLWDDHVWHSUHFHGHQWHSRUORFXDO
FRQVDJUDODDSOLFDFLyQGHOHVWiQGDUPiVDOWR

 $FWLYDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG HQ FDVR GH PXMHUHV
HPEDUD]DGDV(O7ULEXQDO&RQVWLWXFLRQDOHQOD6&5HVWDEOHFLyTXH
SDUDHOUHVJXDUGRGHOGHUHFKRDODYLGDDWUDYpVGHODDFFLyQGHOLEHUWDGQRHV
DSOLFDEOH OD VXEVLGLDULHGDG H[FHSFLRQDO HQ HVWH FRQWH[WR HO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDODWUDYpVGHOD6&3GHPDQHUDH[SUHVD
VHxDOyTXHHQPHGLGDVFDXWHODUHVYLQFXODGDVDPXMHUHVHPEDUD]DGDVDSHVDUGH
H[LVWLUODDSHODFLyQLQFLGHQWDOHVWHPHFDQLVPRQRHVH[LJLEOHHQHVWRVVXSXHVWRV
\D TXH HQ DWHQFLyQ D OD SURWHFFLyQ SULRULWDULD TXH PHUHFH HVWH VHFWRU GHEH
IOH[LELOL]DUVH ODV UHJODV GH OD VXEVLGLDULHGDG H[FHSFLRQDO GH OD DFFLyQ GH
OLEHUWDG

$FWLYDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGSRUYtDVGHKHFKR(O7ULEXQDO
&RQVWLWXFLRQDO KD VHQWDGR XQD OtQHD MXULVSUXGHQFLDO VREUH OD H[FHSFLyQ D OD
VXEVLGLDULHGDG SRU YtDV GH KHFKR GHQWUR GH ODV DFFLRQHV GH DPSDUR
FRQVWLWXFLRQDO FRQWHQLGD HQ ODV 66&& 5 UHLWHUDGD HQ ODV 66&&
56&5 SRVWHULRUPHQWHOD6&3 
(O UD]RQDPLHQWR FRQWHQLGR HQ GLFKDV VHQWHQFLDV VH DPSOtD D ODV DFFLRQHV GH
OLEHUWDG\GHDFXHUGRDOD6&3DWRGDVODVDFFLRQHVWXWHODUHV(VHQ
PpULWRDGLFKDDPSOLDFLyQTXHOD6&3VHFRQVWLWX\HHQXQDVHQWHQFLD
PRGXODGRUDGHOtQHD


$FWLYDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGHQFRQWUDGHUHVROXFLRQHV
HPLWLGDV SRU OD R HO MXH] FDXWHODU HQ FXDQWR DO FRQWURO GH OHJDOLGDG GH OD
DSUHKHQVLyQ(VWDOtQHDGHEHVHUHQWHQGLGDGHODVLJXLHQWHPDQHUD

L(O7ULEXQDO&RQVWLWXFLRQDODWUDYpVGHODV66&&5\5
VHxDOyGHPDQHUDH[SUHVDTXHXQDYH]LPSXJQDGDODVXSXHVWDDSUHKHQVLyQILVFDO
RSROLFLDODQWHHOMXH]FDXWHODUVHSRGtDSUHVHQWDUGLUHFWDPHQWHHOUHFXUVRGH
KiEHDVFRUSXVQRVLHQGRQHFHVDULRLQWHUSRQHUHOUHFXUVRGHDSHODFLyQFRQWUDOD
GHFLVLyQGHOMXH]

LL 3RVWHULRUPHQWH OD 6& 5 VLQ FDPELDU GH PDQHUD H[SUHVD ORV
DQWHULRUHVSUHFHGHQWHVVRVWXYRTXHDQWHODH[LVWHQFLDGHXQDUHVROXFLyQMXGLFLDO
GH GHWHQFLyQ SUHYHQWLYD VH GHEtD HMHUFHU VX GHUHFKR \ GHEHU SURFHVDO GH
DSHODFLyQ LQFLGHQWDO \ QR DFXGLU GLUHFWDPHQWH DQWH OD MXULVGLFFLyQ
FRQVWLWXFLRQDO

LLL/XHJROD6&5UHWRPDQGRHOFULWHULRDQWHULRUVRVWXYRTXHQRHV
H[LJLEOHSDUDDFWLYDUODMXVWLFLDFRQVWLWXFLRQDOXWLOL]DUHOUHFXUVRGHDSHODFLyQ

W


dW^:d


SUHYLVWRHQHODUWGHO&33
GDGRHOFDUiFWHUH[FHSFLRQDOPHQWHVXEVLGLDULR
GH OD UHIHULGD DFFLyQ TXH VyOR H[LJH HO DJRWDPLHQWR GH DTXHOORV UHFXUVRV
H[SUHVDPHQWH SUHYLVWRV HQ HO RUGHQDPLHQWR SURFHVDO SHQDO TXH VHDQ LGyQHRV
SDUDODSURWHFFLyQGHOGHUHFKRDODOLEHUWDGItVLFDRSHUVRQDO(QHVHVHQWLGR
GHEHFRQVLGHUDUVHTXHFRQWUDODUHVROXFLyQGHOMXH]FDXWHODUTXHVHSURQXQFLH
VREUHODDSUHKHQVLyQILVFDORSROLFLDOQRHVH[LJLEOHODLQWHUSRVLFLyQGHDOJ~Q
PHGLR GH LPSXJQDFLyQ HVSHFtILFR SRU FXDQWR HO DUW  GHO &33 KDFH
UHIHUHQFLD D OD DSHODFLyQ GH ODV UHVROXFLRQHV SURQXQFLDGDV SRU HO MXH] TXH
GLVSRQJDQPRGLILTXHQRUHFKDFHQODVPHGLGDVFDXWHODUHVGHQWURGHODVFXDOHV
GHEHHVWDUFRQWHQLGRHOUHFODPRVREUHpVWHWySLFRVLH[LVWLHUDVLWXDFLRQHVTXH
QR VH SUHVHQWDQ HQ HO FRQWURO TXH HIHFW~D HO MXH] FDXWHODU UHVSHFWR D OD
DSUHKHQVLyQ RUGHQDGDV \ HMHFXWDGDV SRU ODV DXWRULGDGHV ILVFDOHV R SROLFLDOHV
UHVSHFWLYDPHQWHSXHVHOMX]JDGRUVHOLPLWDDGHFODUDUODOHJDOLGDGRLOHJDOLGDG
GHODDSUHKHQVLyQ


6LQHPEDUJRHVWDPLVPDVHQWHQFLDVHxDOyTXH
VLHOLPSXWDGRSUHVHQWDUHFXUVR
GH DSHODFLyQ FRQWUD OD UHVROXFLyQ TXH GHFODUy OD OHJDOLGDG R LOHJDOLGDG GH OD
DSUHKHQVLyQ QR VH DFWLYD OD MXVWLFLD FRQVWLWXFLRQDO PLHQWUDV OD DSHODFLyQ GH
GLFKD GHWHUPLQDFLyQ HVWp SHQGLHQWH HVWR FRQ OD ILQDOLGDG GH QR JHQHUDU GRV
IDOORVTXHSXHGHQVHUFRQWUDGLFWRULRVVREUHXQDPLVPDWHPiWLFD
HQWHQGLPLHQWR
TXHIXHUHLWHUDGRHQOD6&3

LY$FWXDOPHQWHGHDFXHUGRDOHQWHQGLPLHQWRGHOD6&3HVSRVLEOH
OD SUHVHQWDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG D~Q VH KXELHUH SUHVHQWDGR
UHFXUVRGHDSHODFLyQFRQWUDODUHVROXFLyQSURQXQFLDGDSRUHOMXH]FDXWHODUTXH
HMHUFLyHOFRQWUROGHOHJDOLGDG\HQHVHVHQWLGRGLFKDVHQWHQFLDVHFRQVWLWX\H
HQ PRGXODGRUD \FRQWLHQHHO HVWiQGDU PiVDOWRSRUORWDQWRHOSUHFHGHQWHHV
YLQFXODQWHSDUDWRGRVDTXHOORVFDVRVIXWXURVFRQLGHQWLGDGIiFWLFD6LQHPEDUJR
HVLPSRUWDQWHKDFHUQRWDUTXHHOHQWHQGLPLHQWRFRQWHQLGRHQOD6&3
HV FRQWUDULR DO HVWiQGDU PiV DOWR GH SURWHFFLyQ SRUTXH VHxDOD TXH ODV
UHVROXFLRQHVSURQXQFLDGDVSRUORVMXHFHV\MXH]DVFDXWHODUHVHQHOHMHUFLFLRGHO
FRQWURO GH OD OHJDOLGDG IRUPDO \ PDWHULDO GH OD DSUHKHQVLyQ GHEHQ VHU
LPSXJQDGDVDWUDYpVGHOUHFXUVRGHDSHODFLyQLQFLGHQWDODQWHVGHDFXGLUDOD
MXVWLFLDFRQVWLWXFLRQDOYtDDFFLyQGHOLEHUWDG(QHVWHVHQWLGRWDPELpQHVWiQODV
VHQWHQFLDV FRQVWLWXFLRQDOHV SOXULQDFLRQDOHV VLJXLHQWHV 
HQWUHRWUDV7RGDVHVWDVVHQWHQFLDVQRJHQHUDQSUHFHGHQWHYLQFXODQWH
VLJXLHQGRODGRFWULQDGHOHVWiQGDUPiVDOWR

 $FWLYDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG FXDQGR H[LVWH LPSRVLFLyQ GH
DERJDGRGHIHQVRU/D6&5FRQFHGLyODWXWHODGHOHQWRQFHVUHFXUVR
GHKiEHDVFRUSXVKR\DFFLyQGHOLEHUWDGSRUTXHQRVHFRPXQLFyDOLPSXWDGR
HO
GHUHFKRDFRQWDUFRQORVVHUYLFLRVGHXQDERJDGRGHIHQVRUGHVXHOHFFLyQR
FRQILDQ]DKDYXOQHUDGRXQDGHODVUHJODVGHOGHELGRSURFHVRSUHYLVWRHQHODUW
 &33 FRQFRUGDQWH FRQ HO DUW  SDUiJUDIR G  \ H  GH OD &RQYHQFLyQ
$PHULFDQD 6REUH ORV 'HUHFKRV +XPDQRV TXH GHWHUPLQDQ SRU RWUD SDUWH ODV
FLUFXQVWDQFLDHQODVTXHGHEHGHVLJQDUVHGHIHQVRUGHRILFLRFXDQGRHOLPSXWDGR
QRORGHVLJQDGHQWURHOSOD]RGHOH\RHOQRPEUDGRSRUpVWHQRDFHSWDHOFDUJR

/D6&3UHDILUPDHOUHIHULGRFULWHULRMXULVSUXGHQFLDOHVWDEOHFLHQGR
ODSRVLELOLGDGGHSUHVHQWDUHQHVWRVVXSXHVWRVGHPDQHUDGLUHFWDODDFFLyQGH
OLEHUWDGSUHVFLQGLHQGRGHOSULQFLSLRGHVXEVLGLDULHGDGH[FHSFLRQDOUD]yQSRUOD

W


dW^:d
FXDOVHFRQILJXUDFRPRODSULPHUDVHQWHQFLDFRQILUPDGRUD


$FWLYDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG FXDQGR H[LVWH
LQFRPXQLFDFLyQGHODSUHKHQGLGRFRQVXDERJDGRGHIHQVRU6REUHODEDVHGHOD
MXULVSUXGHQFLDFRQVWLWXFLRQDOFRQWHQLGDHQODV66&&5
55OD6&3FRQFOX\HTXHDOH[LVWLUFRQWUDGLFFLRQHV\QR
KDEHUGHVYLUWXDGRODVDXWRULGDGHVGHPDQGDGDVODVGHQXQFLDVHIHFWXDGDVSRUHO
DFFLRQDQWHpVWDVVHWLHQHQSRUFLHUWDV\SRUHQGHVHFRQFHGHODWXWHODDFX\R
HIHFWR HVWDEOHFH OD SURFHGHQFLD GLUHFWD GH OD DFFLyQ GH OLEHUWDG HQ HVWRV
VXSXHVWRV


$FWLYDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGHQFDVRVGHGHFODUDFLyQEDMR
DPHQD]DV6REUH OD EDVH GH OD MXULVSUXGHQFLD FRQVWLWXFLRQDO FRQWHQLGD HQ ODV
66&&555OD6&3FRQFOX\HTXH
DOH[LVWLUFRQWUDGLFFLRQHV\QRKDEHUGHVYLUWXDGRODVDXWRULGDGHVGHPDQGDGDV
ODV GHQXQFLDV HIHFWXDGDV SRU HO DFFLRQDQWH pVWDV VH WLHQHQ SRU FLHUWDV \ SRU
HQGHVHFRQFHGHODWXWHODDFX\RHIHFWRHVWDEOHFHODSURFHGHQFLDGLUHFWDGHOD
DFFLyQGHOLEHUWDGHQHVWRVVXSXHVWRV

 $FWLYDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG SRU UHWHQFLyQ HQ FHQWURV
KRVSLWDODULRV (O 7ULEXQDO &RQVWLWXFLRQDO HQ OD 6& 5 HVWDEOHFLy
DOJXQRVSUHVXSXHVWRVSDUDODSURFHGHQFLDGHODDFFLyQGHOLEHUWDGHQFDVRGH
UHWHQFLyQGHSDFLHQWHVHQFHQWURVKRVSLWDODULRVSRUIDOWDGHSDJR6LQHPEDUJR
OXHJROD6&3FDPELDGLFKRHQWHQGLPLHQWRMXULVSUXGHQFLDOVHxDODQGR
TXH HV SRVLEOH OD SUHVHQWDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG WUDWiQGRVH GH
LQGHELGDSULYDFLyQGHOLEHUWDGGHSDFLHQWHVHQFHQWURVKRVSLWDODULRVSRUQRSDJDU
ODDWHQFLyQ\ORVKRQRUDULRVPpGLFRVVLQQHFHVLGDGGHDFXGLUSUHYLDPHQWHDOD
XQLGDGFRUUHVSRQGLHQWHSDUDFRQFLOLDUGHXGDV


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)- ,,,
ODV SDUWHV SXHGHQ HMHUFHU DPSOLDPHQWH FXDOTXLHU UHFODPR R
GHQXQFLD HQ OD DXGLHQFLD FRQFOXVLYD TXH FUHDQ OHV DIHFWH D VXV
OHJtWLPRVLQWHUHVHVHQFXDOTXLHUDGHODVWUHVIDVHVTXHIRUPDQSDUWHGH
OD HWDSD SUHSDUDWRULD DGHPiV TXH HO MXH] GHEH GHVHPSHxDU XQ SDSHO
WRWDOPHQWHDFWLYRHQHOUROTXHHOOHJLVODGRU\HOVLVWHPDSURFHVDOSHQDO
OHKDRWRUJDGRDSDUWLUGHXQHIHFWLYRFRQWUROMXULVGLFFLRQDO\SRUHOOR
WLHQH TXH YHULILFDU VL D~Q TXHGDQ DVSHFWRV \ VLWXDFLRQHV SHQGLHQWHV D
GLOXFLGDUVH R UHVROYHUVH VXVFLWDGRV HQ OD HWDSD SUHSDUDWRULD SDUD HVH
HIHFWRWHQGUiQHFHVDULDPHQWHTXHUHDOL]DUXQFRQWUROVREUHHOFXDGHUQR
GH LQYHVWLJDFLRQHV FRPR HO FXDGHUQR SURFHVDO GH HVWD IRUPD
FXPSOLHQGR OD YROXQWDG GHO OHJLVODGRU VH LQJUHVDUi D XQ MXLFLR RUDO
S~EOLFRFRQWLQXDGR\FRQWUDGLFWRULRHQHOPDUFRGHXQGHELGRSURFHVR
\ VHJXULGDG MXUtGLFD DO KDEHUVH HQ VX FDVR VDQHDGR WRWDO \
SURFHVDOPHQWH OD LQYHVWLJDFLyQ HYLWDQGR GH HVWD IRUPD XQD SRVLEOH
REVWDFXOL]DFLyQHQXQDIDVHHVHQFLDOGHOSURFHVRFRPRHVHOMXLFLRRUDO\
FX\DUHSHUFXVLyQSURFHVDOHQPXFKRVFDVRVFRQOOHYDDODH[WLQFLyQGHOD
DFFLyQSHQDOSHUGLHQGRHILFDFLDODSHUVHFXFLyQSHQDO\ORVILQHVGHOD
PLVPD
W


dW^:d



$VLPLVPRODDXGLHQFLDFRQFOXVLYDQRVyORIDFXOWDDOUHSUHVHQWDQWHGHO
0LQLVWHULR3~EOLFR\DODFXVDGRUSDUWLFXODUDREVHUYDUGHIHFWRVIRUPDOHV
XRWURVDVSHFWRVOHJDOHVVLQRWDPELpQJDUDQWL]DDOLPSXWDGRDHMHUFHUVX
GHUHFKRDODGHIHQVDEDVHGHOGHELGRSURFHVRGHQWURGHHVWDDXGLHQFLD
SDUD DUWLFXODU QXHYRV LQFLGHQWHV \ H[FHSFLRQHV R IRUPXODU RWUDV SRU
QXHYRVKHFKRVDVtDVHJXUDUHQVXFDVRHOQRUPDOGHVDUUROORGHOSURFHVR
SHQDODFODUDQGRTXHHVWRQRLPSLGHTXHHOSURFHVDGRQRSXHGDSODQWHDU
HQVXPRPHQWRSURFHVDOLQFLGHQWHV\H[FHSFLRQHVHQHOMXLFLRRUDOFODUR
HVWi GH VLWXDFLRQHV VREUHYLQLHQWHV FXDQGR FXPSODQ ORV UHTXLVLWRV
OHJDOHV\SRUHQGHQRVHDQFRQWUDGLFWRULRVDORVILQHVGHODDXGLHQFLD
FRQFOXVLYDSXHVHQFRQWUDULRVHQVXSODQWHDUHQHOMXLFLRRUDOLQFLGHQWHV
QR SUHVHQWDGRV RSRUWXQDPHQWH VREUH DFWXDFLRQHV \ VLWXDFLRQHV
GHVDUUROODV HQ OD HWDSD SUHSDUDWRULD FRQOOHYDUtD D GHVFRQRFHU XQ
PRPHQWRSURFHVDOHVSHFtILFRGHVDQHDPLHQWRFUHDGRSRUODYROXQWDGGHO
OHJLVODGRUFRPRHVODDXGLHQFLDFRQFOXVLYD




 6XEVLGLDULHGDG H[FHSFLRQDO HQ OD DFFLyQ GH
OLEHUWDG5HVROXFLRQHVVREUHPHGLGDVFDXWHODUHV
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3(OOXJDUGHFXPSOLPLHQWRGHODGHWHQFLyQSUHYHQWLYD
IRUPD SDUWH GHO FRQWHQLGR GH OD UHVROXFLyQ TXH LPSRQH OD PHGLGD
FDXWHODU HQ FX\R FDVR FRUUHVSRQGH VX LPSXJQDFLyQ D WUDYpV GHO
UHFXUVRGHDSHODFLyQLQFLGHQWDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHOLEHUWDGODDFFLRQDQWHSRUVXUHSUHVHQWDGRUHFODPDHO
UHVWDEOHFLPLHQWRGHIRUPDOLGDGHVOHJDOHVUHVSHFWRGHOOXJDUGRQGHGHEH
FXPSOLUVH OD PHGLGD FDXWHODU GH GHWHQFLyQ SUHYHQWLYD LPSXHVWD D VX
UHSUHVHQWDGR SRU OD -XH]D 3ULPHUD GH ,QVWUXFFLyQ 0L[WR FDXWHODU GH
&DPLULDUJXPHQWDQGRTXHODPLVPDGHEHUHDOL]DUVHHQHOOXJDUGRQGH
VH WUDPLWD HO SURFHVR \ QR HQ OXJDU GLVWLQWR DOHJDQGR OHVLyQ D VXV
GHUHFKRVDODOLEHUWDGGHIHQVDHLJXDOGDGSLGLHQGRHQGHILQLWLYDVHGHMH
W


dW^:d

VLQHIHFWRODRUGHQGHWUDVODGR\FRQWLQXDUGHWHQLGRSUHYHQWLYDPHQWHHQ
OD &DUFHOHWD 3~EOLFD GH &DPLUL DGHPiV GH OD LPSRVLFLyQ GH GDxRV \
SHUMXLFLRV (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO SUHYLR
SURQXQFLDPLHQWRVREUHODH[FHSFLyQGHODVXEVLGLDULHGDGGHODDFFLyQGH
OLEHUWDGHQSURYLQFLDVFRQILUPyODGHQHJDWRULDGHODDFFLyQSRUTXHHO
DFFLRQDQWHQRLQWHUSXVRUHFXUVRGHDSHODFLyQLQFLGHQWDOSDUDLPSXJQDU
HOOXJDUGHFXPSOLPLHQWRGHVXGHWHQFLyQSUHYHQWLYD

([WUDFWRGHODUDWLRGHFLGHQGL

)M,,,$KRUDELHQLPSXHVWDODPHGLGDFDXWHODUGH~OWLPDUDWLR\HO
OXJDU GH VX FXPSOLPLHQWR HQ DXGLHQFLD GH  GH DJRVWR GH  HO
UHSUHVHQWDGR GH OD DFFLRQDQWH QR KL]R XVR GHO UHFXUVR GH DSHODFLyQ
LQFLGHQWDODHIHFWRVGHPRGLILFDUpVWH~OWLPRFRQVLGHUDQGRTXHOHFDXVD
DJUDYLR VHJ~Q PDQLILHVWD HQ OD SUHVHQWH DFFLyQ LQGLFDQGR TXH QR
SODQWHy GLFKR PHGLR GH LPSXJQDFLyQ SRUTXH QR SUHWHQGH OD
PRGLILFDFLyQ GH OD GHWHQFLyQ SUHYHQWLYD VLQR TXH OD HMHFXFLyQ GH OD
PLVPDVHWRUQyHQLQGHELGDSRUHOOXJDUGHVXFXPSOLPLHQWR\TXHHQ
SURYLQFLDQRVHUtDDSOLFDEOHODVXEVLGLDULHGDGH[FHSFLRQDOGHODDFFLyQ
GHOLEHUWDG
%DMRHVHFRQWH[WRFDEHSUHFLVDUTXHDOWHQRUGHODUWGHO&33OD
UHVROXFLyQ TXH LPSRQJD OD PHGLGD FDXWHODU SHUVRQDO GH GHWHQFLyQ
SUHYHQWLYDFRPSUHQGHXQDVHULHGHUHTXLVLWRVVHJ~QVHH[SOLFyHQHO
)XQGDPHQWR-XUtGLFR ,,, GH OD SUHVHQWH 6HQWHQFLD VLHQGR SHUWLQHQWH
UHIHULUQRVDOOXJDUGHFXPSOLPLHQWRGHODPLVPD4XHHQODSUREOHPiWLFD
SODQWHDGD VH ILMy HQ OXJDU GLVWLQWR D GRQGH VH WUDPLWD HO SURFHVR
GHFLVLyQTXHVLHQGRSDUWHGHOFRQWHQLGRGHODUHVROXFLyQTXHLPSXVROD
PHGLGDFDXWHODUGH~OWLPDUDWLRSXGRVHULPSXJQDGDDWUDYpVGHOUHFXUVR
GH DSHODFLyQ LQFLGHQWDO D REMHWR TXH HO 7ULEXQDO VXSHULRU UHSDUH HO
SUHVXQWR DFWR LOHJDO HQ TXH LQFXUULy OD -XH]D DKRUD GHPDQGDGD QR
KDELHQGRVLGRSODQWHDGRGLFKRPHGLRGHLPSXJQDFLyQUHVXOWDDSOLFDEOH
GH PDQHUD H[FHSFLRQDO HO SULQFLSLR GH VXEVLGLDULHGDG EDMR OD
FRPSUHQVLyQTXHH[LVWLHQGRHOUHFXUVRRUGLQDULRSUHYLVWRHQODOH\SDUD
UHVWDEOHFHU ODV IRUPDOLGDGHV OHJDOHV QR SXHGH DFWLYDUVH OD WXWHOD
FRQVWLWXFLRQDODWUDYpVGHODSUHVHQWHDFFLyQ

6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJD OD DFFLyQ GH OLEHUWDG SRU FXDQWR HO DFFLRQDQWH QR LQWHUSXVR
UHFXUVR GH DSHODFLyQ LQFLGHQWDO SDUD LPSXJQDU HO OXJDU GRQGH GHEtD
FXPSOLUVXGHWHQFLyQSUHYHQWLYD

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

/D6&3HQVX)-,,,GLVSRQH&RQUHODFLyQDODGHFLVLyQ
TXHLPSRQJD XQD PHGLGDFDXWHODUGHFDUiFWHU SHUVRQDOFRPR VHUtD OD
W


dW^:d


GHWHQFLyQ SUHYHQWLYD FRQYLHQH DFODUDU TXH OD PLVPD FRPSUHQGH
DGHPiVGHORVGDWRVSHUVRQDOHVGHOLPSXWDGRODVXFLQWDHQXQFLDFLyQGHO
KHFKRRKHFKRVTXHVHOHDWULEX\HQODIXQGDPHQWDFLyQH[SUHVDVREUHORV
SUHVXSXHVWRVTXHPRWLYDQODGHWHQFLyQFRQFLWDGHODVQRUPDVOHJDOHV
DSOLFDEOHV\HOOXJDUGRQGHGHEHUiFXPSOLUVHDVtORHVWDEOHFHHODUW
GHO&333DUDHOFDVRFRQFUHWRFDEHUHIHULUTXHVLHQGRHVHHOFRQWHQLGR
GH OD GHFLVLyQ TXH LPSRQJD OD PHGLGD FDXWHODU GH ~OWLPD UDWLR OD
LPSXJQDFLyQDUHDOL]DUVHWDPELpQDOFDQ]DDODGHWHUPLQDFLyQGHOOXJDU
GHFXPSOLPLHQWRGHGLFKDPHGLGDSXGLHQGRVHUFXHVWLRQDGDDWUDYpVGHO
UHFXUVR GH DSHODFLyQ LQFLGHQWDO SRU VHU HO PHGLR LGyQHR SRU HVWDU
SUHYLVWRHQODQRUPD\VHUDGHFXDGRLQPHGLDWRSRUVXWUiPLWHVXPDULR
\UHVROXFLyQLQPHGLDWD\HIHFWLYRSDUDHOUHVWDEOHFLPLHQWRGHOGHUHFKR
TXHVHFRQVLGHUDYXOQHUDGRGDGDVXFRQILJXUDFLyQSURFHVDO



 6XEVLGLDULHGDG H[FHSFLRQDO HQ OD DFFLyQ GH
OLEHUWDG6XSXHVWDVDSUHKHQVLRQHVLOHJDOHV
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3$QWHVGHDFWLYDUODDFFLyQGHOLEHUWDGODVGHQXQFLDV
GHDSUHKHQVLRQHVLOHJDOHVGHEHQVHUUHDOL]DGDVDQWHODDXWRULGDGTXH
HMHUFHHOFRQWUROMXULVGLFFLRQDOGHODFDXVD\DTXHHQFDVRGHXWLOL]DUVH
HVWH PHFDQLVPR GH PDQHUD GLUHFWD HQ DSOLFDFLyQ GHO SULQFLSLR GH
VXEVLGLDULHGDG H[FHSFLRQDO VH GHQHJDUi OD WXWHOD VLQ LQJUHVDU DO
DQiOLVLVGHIRQGRGHODSUREOHPiWLFD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHOLEHUWDGODVDFFLRQDQWHVGHQXQFLDURQTXHIXQFLRQDULRV
SROLFLDOHV DOODQDURQ VX GRPLFLOLR \ VLQ MXVWLILFDWLYR QL RUGHQ MXGLFLDO
DOJXQD ODV FRQGXMHURQ D GHSHQGHQFLDV GH OD 3ROLFtD GRQGH VH
HQFRQWUDURQ GHWHQLGDV SRU PiV GH RFKR KRUDV VLQ FRQRFLPLHQWR GH OD
DXWRULGDGMXULVGLFFLRQDORILVFDOTXHVHHQFXHQWUDDFDUJRGHVXFDVRSRU
OR TXH GHQXQFLDURQ OD YXOQHUDFLyQ D VXV GHUHFKR D OD OLEHUWDG D OD
VHJXULGDGMXUtGLFDDODGHIHQVD\DOGHELGRSURFHVRSLGLHQGRHQPpULWR
D HVWDV GHQXQFLDV VH FRQFHGD OD WXWHOD \ VH H[WLHQGD D VX IDYRU
W


dW^:d

PDQGDPLHQWR GH OLEHUWDG FRQ UHVSRQVDELOLGDG FLYLO (O 7ULEXQDO


&RQVWLWXFLRQDO 3OXULQDFLRQDO FRQILUPy OD GHFLVLyQ GHO 7ULEXQDO GH
*DUDQWtDV\GHQHJyODWXWHODSRUTXHGHDFXHUGRDORVGDWRVGHOSURFHVR
ODVDFFLRQDQWHVDFWLYDURQPHFDQLVPRVSDUDOHORV\DTXHHOPLVPRGtDGH
ODDFWLYDFLyQGHODDFFLyQGHOLEHUWDGVROLFLWDURQDO)LVFDOGH0DWHULDGH
OD9LOOD3ULPHURGH0D\RODFHVDFLyQGHVXDUUHVWR$GHPiVHQFXDQWR
DODGHQXQFLDGHDSUHKHQVLyQHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO
HQDSOLFDFLyQGHODVXEVLGLDULHGDGH[FHSFLRQDOGHODDFFLyQGHOLEHUWDG
GHQHJy OD WXWHOD SRU QR KDEHUVH DFXGLGR SUHYLDPHQWH DQWH HO -XH]
&DXWHODUGH7XUQR$VLPLVPRHVWDEOHFLyTXHHVSRVLEOHODDSOLFDFLyQGH
MXULVSUXGHQFLD FRQVWLWXFLRQDO HPLWLGD HQ YLJHQFLD GH OD &RQVWLWXFLyQ
DEURJDGDVLHPSUHTXHQRVHFRQWUDSRQJDDOD&RQVWLWXFLyQ3ROtWLFDGHO
(VWDGRYLJHQWH

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
 3RURWUDSDUWH\FRQFDUiFWHUDFODUDWRULRHODFFLRQDQWHQR
SUREy OD H[LVWHQFLD GH XQD LQYHVWLJDFLyQ \ SRU WDQWR QR VH HQFXHQWUD
FHUWH]DGHXQFRQWUROMXULVGLFFLRQDOSRUSDUWHGHXQMXH]GHLQVWUXFFLyQ
HQHVHFDVRSUHYLDPHQWHGHELyDFXGLUDpVWHHLQFOXVRDOGHWXUQRFRPR
HVWDEOHFH OD MXULVSUXGHQFLD VLQ HPEDUJR \ FRPR VH GLMR IXH HO
UHSUHVHQWDQWHGHO0LQLVWHULR3~EOLFRTXLHQGLRFXUVRDODSUHWHQVLyQGH
ODVUHSUHVHQWDGDVGHODFFLRQDQWH

6LQWHVLVGHODUDWLRGHFLGHQGL

6H GHQHJy OD DFFLyQ GH OLEHUWDG HQ DSOLFDFLyQ GHO SULQFLSLR GH
VXEVLGLDULHGDG H[FHSFLRQDO SRUTXH ODV DFFLRQDQWHV HQ UHODFLyQ D VX
GHQXQFLDGHDSUHKHQVLyQLOHJDOQRDFXGLHURQSUHYLDPHQWHDQWHHO-XH]
&DXWHODUGH7XUQR

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O 7ULEXQDO &RQVWLWXFLRQDO DVt FRPR HO 7ULEXQDO &RQVWLWXFLRQDO3OXULQDFLRQDO  HQ OD
OtQHDMXULVSUXGHQFLDOVREUHVXEVLGLDULHGDGH[FHSFLRQDOGHODDFFLyQGHOLEHUWDGHQFDVRV
GHDSUHKHQVLRQHVVXSXHVWDPHQWHLOHJDOHVWDQWRMXGLFLDOHVFRPRILVFDOHVHVWDEOHFHORV
VLJXLHQWH

 'H DFXHUGR D ODV 66&&  \ 5 GLFKDV DSUHKHQVLRQHV GHEHQ VHU
LPSXJQDGDVDQWHHOMXH]FDXWHODUTXHWLHQHDVXFDUJRHOFRQWUROGHODOHJDOLGDGIRUPDO
\PDWHULDOGHODDSUHKHQVLyQDGHPiVHQHOFRQWH[WRGHODVVHQWHQFLDVDQRWDGDVOD6&
5VHxDOyTXHODRHOMXH]FDXWHODUGHEHD 9HULILFDUODOHJDOLGDGIRUPDO\GH
ODDSUHKHQVLyQ\E /DOHJDOLGDGPDWHULDOGHODDSUHKHQVLyQ$GHPiVOD6&3
VHxDOy TXH HO FRQWURO GH OHJDOLGDG GH OD DSUHKHQVLyQ D VHU HMHUFLGR SRU OD DXWRULGDG
HQFDUJDGDGHOFRQWUROMXULVGLFFLRQDOGHEtDVHUUHDOL]DGRLQFOXVRGHRILFLR

 /D 6& 5 VHxDOy H[SUHVDPHQWH TXH VH SRGtD DFXGLU GLUHFWDPHQWH D OD
MXVWLFLDFRQVWLWXFLRQDOFXDQGRQRH[LVWLHUDGHQXQFLDLQYHVWLJDFLyQDELHUWDQLIODJUDQFLD
HPSHUR OD 6& 5 VLVWHPDWL]y ODV VXEUHJODV SDUD OD DSOLFDFLyQ GH OD

W


dW^:d


VXEVLGLDULHGDGH[FHSFLRQDOGHODDFFLyQGHOLEHUWDGVHxDODQGRH[SUHVDPHQWHHQFXDQWR
D ODV VXSXHVWDV DSUHKHQVLRQHV LOHJDOHV TXH VL D~Q QR H[LVWtD DYLVR GHO LQLFLR GH OD
LQYHVWLJDFLyQODVPLVPDVGHEtDQVHUGHQXQFLDGDVDQWHHOMXH]FDXWHODUGHWXUQR\HQ
FDVRGHKDEHUVHGDGRHODYLVRFRUUHVSRQGLHQWHGHEtDDFXGLUVHDQWHODDXWRULGDGMXGLFLDO
D FDUJR GHO FRQWURO GH OD LQYHVWLJDFLyQ 3RVWHULRUPHQWH OD 6&3  PRGXOy HO
HQWHQGLPLHQWRDQWHVUHIHULGRFRQWHQLGRHQOD6&5\VRVWXYRTXHVLQRH[LVWH
LQLFLRGHLQYHVWLJDFLyQ\WDPSRFRSUHVXQWDFRPLVLyQGHGHOLWRDOJXQRFRUUHVSRQGHUiD
ODMXVWLFLDFRQVWLWXFLRQDOFRQRFHUGLUHFWDPHQWH\UHVROYHUODDFFLyQGHOLEHUWDGTXHDFXVH
XQDSUHVXQWDLQGHELGDSULYDFLyQGHOLEHUWDG

6REUHODEDVHGHOD6&3OD6&3HVWDEOHFLyTXHHQORVVXSXHVWRV
HQTXHODVSHUVRQDVSULYDGDVGHOLEHUWDGHQYLUWXGDXQPDQGDPLHQWRGHDSUHKHQVLyQ
SODQWHHQ DFFLRQHV GH OLEHUWDG DOHJDQGR QR VHU OD SHUVRQD D OD FXDO VH GLULJH HO
PDQGDPLHQWRFRUUHVSRQGHGLIHUHQFLDUGRVVXSXHVWRV &XDQGRODDXWRULGDGMXGLFLDO
FRPSHWHQWHVHHQFXHQWUDSOHQDPHQWHLGHQWLILFDGD\SRUODVFLUFXQVWDQFLDVFRQFUHWDVGHO
DVXQWRVHFRQVWLWX\DHQXQUHFXUVRLGyQHR\DGHFXDGRHQFX\RFDVRFRUUHVSRQGHDSOLFDU
OD VXEVLGLDULHGDG H[FHSFLRQDO GH OD DFFLyQ GH OLEHUWDG FRQIRUPH OD MXULVSUXGHQFLD
FRQWHQLGD HQ ODV 66&& 5 \ 5  (Q HO FDVR GH TXH HO MXH] R
WULEXQDOGHJDUDQWtDVFRQVWDWDFRQFHUWH]DTXHODDSUHKHQGLGDQRHVODSHUVRQDHQFRQWUD
GH OD FXDO VH OLEUy PDQGDPLHQWR GH DSUHKHQVLyQ R TXH SRU GLIHUHQWHV LUUHJXODULGDGHV
SURFHGLPHQWDOHVQRHVLGHQWLILFDEOHHOyUJDQRGHFRQWUROMXULVGLFFLRQDOFRPSHWHQWH\OD
PLVPD VH HQFXHQWUD D SXQWR GH VHU WUDVODGDGD HTXLYRFDGDPHQWH D RWUR GHSDUWDPHQWR
SUHVXPLpQGRVHTXHVHOHSURGXFLUiQGLYHUVRVSHUMXLFLRVDODPLVPD

3RVWHULRUPHQWHOD6&PRGXOyHOFRQWHQLGRGHOD6&3DOVHxDODU
TXH HV SRVLEOH OD SUHVHQWDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG SUHVFLQGLHQGR GH OD
VXEVLGLDULHGDG H[FHSFLRQDO FXDQGR L  /D VXSXHVWD OHVLyQ R DPHQD]D DO GHUHFKR D OD
OLEHUWDGItVLFDRSHUVRQDOQRHVWpYLQFXODGDDXQGHOLWRRLL &XDQGRH[LVWLHQGRGLFKD
YLQFXODFLyQQRVHKDLQIRUPDGRDOMXH]FDXWHODUVREUHHOLQLFLRGHODVLQYHVWLJDFLRQHV
QRREVWDQWHKDEHUWUDQVFXUULGRORVSOD]RVHVWDEOHFLGRVSDUDHO HIHFWRHQHO&yGLJRGH
SURFHGLPLHQWR SHQDO QR VLHQGR H[LJLEOH HQ QLQJXQR GH ORV GRV VXSXHVWRV DQRWDGRV
DFXGLUDQWHHOMXH]FDXWHODUGHWXUQRFRQFDUiFWHUSUHYLR

 (Q FXDQWR D OD UHVROXFLyQ TXH SURQXQFLD HO MXH] FDXWHODU FXDQGR HMHUFH HO FRQWURO
IRUPDO\PDWHULDOGHODOHJDOLGDGGHODDSUHKHQVLyQODV66&&5\
5 HQWUH RWUDV HVWDEOHFLHURQ TXHXQD YH] LPSXJQDGDOD VXSXHVWD DSUHKHQVLyQ ILVFDO R
SROLFLDO DQWH HO MXH] FDXWHODU VH SRGtD SUHVHQWDU GLUHFWDPHQWH HO UHFXUVR GH KiEHDV
FRUSXVQRVLHQGRQHFHVDULRLQWHUSRQHUHOUHFXUVRGHDSHODFLyQFRQWUDODGHFLVLyQGHOD
DXWRULGDG MXGLFLDO /XHJR OD 6& 5 VLQ FDPELDU GH PDQHUD H[SUHVD ORV
DQWHULRUHVSUHFHGHQWHVVRVWXYRTXHODUHVROXFLyQSURQXQFLDGDSRUODDXWRULGDGMXGLFLDO
GHEtD VHU LPSXJQDGD D WUDYpV GHO UHFXUVR GH DSHODFLyQ LQFLGHQWDO \ QR DFXGLU
GLUHFWDPHQWHDQWHODMXULVGLFFLyQFRQVWLWXFLRQDO3RVWHULRUPHQWHOD6&5
UHWRPDQGR HO FULWHULR DQWHULRU VRVWXYR TXH QR HV H[LJLEOH SDUD DFWLYDU OD MXVWLFLD
FRQVWLWXFLRQDOXWLOL]DUHOUHFXUVRGHDSHODFLyQSUHYLVWRHQHODUWGHO&33FRQWUDOD
UHVROXFLyQTXHGHFODUyODOHJDOLGDGRLOHJDOLGDGGHODDSUHKHQVLyQVDOYRTXHHOLPSXWDGR
KXELHUHIRUPXODGRHOPLVPRVXSXHVWRHQHOFXDO
QRVHDFWLYDODMXVWLFLDFRQVWLWXFLRQDO
PLHQWUDVODDSHODFLyQGHGLFKDGHWHUPLQDFLyQHVWpSHQGLHQWHHVWRFRQODILQDOLGDGGHQR
JHQHUDU GRV IDOORV TXH SXHGHQ VHU FRQWUDGLFWRULRV VREUH XQD PLVPD WHPiWLFD

)LQDOPHQWH OD 6&3  HVWDEOHFLy TXH QR HV QHFHVDULR DFWLYDU OD DSHODFLyQ
LQFLGHQWDO FRQWUD OD UHVROXFLyQ GH OD DXWRULGDG MXGLFLDO FXDQGR LQFXPSOH VX GHEHU GH
UHDOL]DUFRQWUROGHOHJDOLGDGSXGLHQGRHQHVWHVXSXHVWRDFWLYDUVHGHPDQHUDGLUHFWDOD
DFFLyQGHOLEHUWDG

(QHOPDUFRGHODKLVWRULDGHODOtQHDDQRWDGDVHFRQFOX\HTXHOD6&3VH
FRQILJXUDFRPRXQDSULPHUDVHQWHQFLDFRQILUPDGRUD


W


dW^:d

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

(OSUHFHGHQWHHVWDEOHFLGRHQOD6&5HVWDEOHFH

,,,

6XSXHVWRVGHVXEVLGLDULHGDGGHOKiEHDVFRUSXV


'HORDQWHULRUVHH[WUDHTXHODH[LVWHQFLDGHODJDUDQWtDFRQVWLWXFLRQDO
HQ DQiOLVLV QR LPSOLFD TXH WRGDV ODV OHVLRQHV DO GHUHFKR D OD OLEHUWDG
WHQJDQ TXH VHU QHFHVDULDPHQWH UHSDUDGDV GH PDQHUD H[FOXVLYD \
H[FOX\HQWHDWUDYpVGHOKiEHDVFRUSXVSXHVQRVHWUDWDGHXQDJDUDQWtD
TXHWHQJDODYRFDFLyQGHUHSDUDUHQH[FOXVLYDWRGDVODVIRUPDVGHOHVLyQ
DODOLEHUWDGTXHSXGLHUDQLQYRFDUVHVLQRODGHGRWDUDODSHUVRQDGHXQ
PHGLRGHGHIHQVDVHQFLOORHILFD]\RSRUWXQRSDUDUHVWDEOHFHUODOHVLyQ
VXIULGD

(QFRQVHFXHQFLDHQORVVXSXHVWRVHQTXHODQRUPDSURFHVDORUGLQDULD
GHPDQHUDHVSHFtILFDSUHYHDPHGLRVGHGHIHQVDHILFDFHV\RSRUWXQRV
SDUDUHVJXDUGDUHOGHUHFKRDODOLEHUWDGVXSXHVWDPHQWHOHVLRQDGRHVWRV
GHEHQ VHU XWLOL]DGRV SUHYLDPHQWH FLUFXQVWDQFLD HQ OD TXH
H[FHSFLRQDOPHQWH HO UHFXUVR GH KDEHDV FRUSXV RSHUDUi GH PDQHUD
VXEVLGLDULD
(O HQWHQGLPLHQWR LQWHUSUHWDWLYR DOXGLGR JXDUGD FRPSDWLELOLGDG FRQ ORV
LQVWUXPHQWRVLQWHUQDFLRQDOHVGHSURWHFFLyQGHORVGHUHFKRVKXPDQRV(QHIHFWRORTXH
H[LJHQWDOHVLQVWUXPHQWRVHVTXHORVSDtVHVSDUWHVSURYHDQHQVXVRUGHQDPLHQWRVXQ
PHGLRGHGHIHQVDHIHFWLYRHVWRHVSURQWR\HILFD]FRQWUDDFWRVTXHOHVLRQHQORVGHUHFKRV
IXQGDPHQWDOHV HQWUH HOORV HO GHUHFKR D OD OLEHUWDG &RQIRUPH D HVWR HO DUW  GH OD
'HFODUDFLyQ 8QLYHUVDO GH 'HUHFKRV +XPDQRV SURFODPD TXH
7RGD SHUVRQD WLHQH
GHUHFKRDXQUHFXUVRHIHFWLYRDQWHORVWULEXQDOHVQDFLRQDOHVFRPSHWHQWHVTXHODDPSDUH
FRQWUDDFWRVTXHYLROHQVXVGHUHFKRVIXQGDPHQWDOHVUHFRQRFLGRVSRUODFRQVWLWXFLyQR
SRUODOH\
(QORUHJLRQDOHODUWGHOD&RQYHQFLyQ$PHULFDQDGH'HUHFKRV+XPDQRV
R3DFWRGH6DQ-RVpGH&RVWD5LFDFRQPiVHVSHFLILFLGDGSURFODPDTXH
7RGDSHUVRQD
SULYDGDGHOLEHUWDGWLHQHGHUHFKRDUHFXUULUDQWHXQMXH]RWULEXQDOFRPSHWHQWHDILQGH
TXHpVWHGHFLGDVLQGHPRUDVREUHODOHJDOLGDGGHVXDUUHVWRRGHWHQFLyQ\RUGHQHVX
OLEHUWDGVLHODUUHVWRRODGHWHQFLyQIXHUDQLOHJDOHV(QORV(VWDGRVSDUWHVFX\DVOH\HV
SUHYpQ TXH WRGD SHUVRQD TXH VH YLHUD DPHQD]DGD GH VHU SULYDGD GH VX OLEHUWDG WLHQH
GHUHFKR D UHFXUULU D XQ MXH] R WULEXQDO FRPSHWHQWH D ILQ GH TXH pVWH GHFLGD VREUH OD
OHJDOLGDGGHWDODPHQD]DGLFKRUHFXUVRQRSXHGHVHUUHVWULQJLGRQLDEROLGR/RVUHFXUVRV
SRGUiQLQWHUSRQHUVHSRUVtRSRURWUDSHUVRQD



&RPR VH SXHGH DSUHFLDU OR TXH SHUVLJXHQ ORV SDFWRV LQWHUQDFLRQDOHV VREUH GHUHFKRV
KXPDQRVHVJDUDQWL]DUODH[LVWHQFLDGHXQUHFXUVRVXPDULRSURQWR\HILFD]DOTXHSXHGD
DFXGLUWRGDSHUVRQDSDUDTXHpVWDVLQGHPRUDGHFLGDVREUHODOHVLyQDODOLEHUWDGDOHJDGD
UHFXUVRTXHQRQHFHVDULDPHQWHWLHQHTXHVHUHOKiEHDVFRUSXV

&RQVLJXLHQWHPHQWHFRPRHORUGHQDPLHQWRMXUtGLFRQRSXHGHFUHDU\DFWLYDU
UHFXUVRV VLPXOWiQHRV R DOWHUQDWLYRV FRQ HO PLVPR ILQ VLQ SURYRFDU GLVIXQFLRQHV
SURFHVDOHV QR TXHULGDV SRU HO RUGHQ FRQVWLWXFLRQDO VH GHEH FRQFOXLU TXH HO SURFHVR

W


dW^:d


FRQVWLWXFLRQDOGHOKiEHDVFRUSXV~QLFDPHQWHVHDFWLYDFXDQGRORVPHGLRVGHGHIHQVD
H[LVWHQWHV HQ HO RUGHQDPLHQWR FRP~Q QR VHDQ ORV LGyQHRV SDUD UHSDUDU GH PDQHUD
XUJHQWH SURQWD \ HILFD] HO GHUHFKR D OLEHUWDG LOHJDOPHQWH UHVWULQJLGR 1R HV SRVLEOH
DFXGLUDHVWHUHFXUVRFXDQGRHORUGHQDPLHQWRMXUtGLFRSUHYpPHGLRVGHLPSXJQDFLyQ
HVSHFtILFRV\DSWRVSDUDUHVWLWXLUHOGHUHFKRDODOLEHUWDGHQIRUPDLQPHGLDWD&RQIRUPH
DHVWRVRODPHQWHXQDYH]DJRWDGRWDOPHGLRGHGHIHQVD\DQWHODSHUVLVWHQFLDGHODOHVLyQ
VHSRGUiDFXGLUDODMXULVGLFFLyQFRQVWLWXFLRQDOLQYRFDQGRODWXWHODTXHEULQGDHOKiEHDV
FRUSXV




1~PHURGHUHVROXFLyQ6&3/

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3 /  &XDQGR VH IRUPXOHQ H[FHSFLRQHV GH
LQFRPSHWHQFLDHQUD]yQDODPDWHULDODDXWRULGDGTXHHMHU]DHOFRQWURO
MXULVGLFFLRQDOHQHOSURFHVRSHQDOPDQWLHQHVXFRPSHWHQFLDKDVWDTXH
QRH[LVWDXQDGHFLVLyQILUPHTXHGHFODUHVXLQFRPSHWHQFLDUD]yQSRU
OD FXDO FXDOTXLHU GHQXQFLD UHIHUHQWHD DSUHKHQVLRQHV LOHJDOHV GHEH
VHUUHDOL]DGDDQWHGLFKDDXWRULGDG

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH OLEHUWDG VH GHQXQFLD OD YXOQHUDFLyQ DO GHUHFKR D OD
OLEHUWDGSRUTXHHODFFLRQDQWHLQWHUSXVRH[FHSFLyQGHLQFRPSHWHQFLDHQ
UD]yQDODPDWHULDFRQWUDHO-XH]6HJXQGRGH,QVWUXFFLyQHQOR3HQDOTXH
VHHQFRQWUDEDDFDUJRGHOFRQWUROMXULVGLFFLRQDOVLQHPEDUJRHOILVFDO
GHPDQGDGRDSHVDUGHFRQRFHUODDFWLYDFLyQGHGLFKDH[FHSFLyQ\SRU
HQGH OD LQH[LVWHQFLD GH FRQWURO MXULVGLFFLRQDO OLEUy PDQGDPLHQWR GH
DSUHKHQVLyQHMHFXWiQGRORHOGHQRYLHPEUHGHGtDGHVGHHOFXDO
VHKDOODGHWHQLGRHQFHOGDVGHOD)(/&&SRUORTXHDOHQFRQWUDUVHOD
DXWRULGDGMXULVGLFFLRQDOLPSHGLGDGHUHVROYHUODVLWXDFLyQVHDFXGHDO
FRQWURO MXULVGLFFLRQDO SDUD OD WXWHOD GH VXV GHUHFKRV (Q EDVH D HVWRV
KHFKRVSLGHVHFRQFHGDODDFFLyQGHOLEHUWDGVHUHVWLWX\DVXGHUHFKRD
ODOLEHUWDG\VHUHPLWDQDQWHFHGHQWHVDO0LQLVWHULR3~EOLFR(O7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO FRQILUPy OD UHVROXFLyQ GHO 7ULEXQDO GH
*DUDQWtDV\GHQHJyODWXWHODSRUVXEVLGLDULHGDGH[FHSFLRQDO\DTXHOD
GHQXQFLDVREUHODVXSXHVWDLOHJDOLGDGGHOPDQGDPLHQWRGHDSUHKHQVLyQ
HPLWLGR SRU HO ILVFDO GHPDQGDGR GHELy VHU UHDOL]DGD DQWH HO -XH]
&DXWHODU TXLHQ D SHVDU GH KDEHUVH DFWLYDGR XQD H[FHSFLyQ GH
W


dW^:d

LQFRPSHWHQFLD SRU UD]yQ D OD PDWHULD DO WHQHU OD H[FHSFLyQ GH
LQFRPSHWHQFLD XQD WUDPLWDFLyQ LQFLGHQWDO PLHQWUDV QR H[LVWD XQD
UHVROXFLyQ ILUPH TXH GHFODUH VX LQFRPSHWHQFLD VLJXH FRQRFLHQGR HO
FRQWUROMXULVGLFFLRQDOGHODFDXVD

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,

$OUHVSHFWR\DILQGHUHVROYHUDGHFXDGDPHQWHHOSUHVHQWHFDVRHVQHFHVDULRWHQHUHQ
FXHQWDTXHFRQIRUPHODQRUPDWLYDGHVDUUROODGDHQHO)XQGDPHQWR-XUtGLFR,,,GHOD
SUHVHQWH6HQWHQFLD&RQVWLWXFLRQDO3OXULQDFLRQDOFRQFUHWDPHQWHHODUWGHO&33TXH
UHJXODHOSURFHGLPLHQWRDVHJXLUFXDQGRVHLQWHUSRQHQH[FHSFLRQHVFODUDPHQWHHVWDEOHFH
TXHXQDYH]RSXHVWDVODVPLVPDVVHUiQWUDPLWDGDVHQODYtDLQFLGHQWDOVLQLQWHUUXPSLU
ODLQYHVWLJDFLyQHOORLPSOLFDHQUHODFLyQDODUWGHOPLVPRFRPSLODGRSURFHVDOTXH
PLHQWUDV QR H[LVWD XQD 5HVROXFLyQ TXH GHFODUH OD LQFRPSHWHQFLD GHO -XH] D TXLHQ VH
SODQWHyHVHWLSRGHH[FHSFLyQHOUHSUHVHQWDQWHGHO0LQLVWHULR3~EOLFRSXHGHYiOLGDPHQWH
GHVDUUROODUORVDFWXDGRVSURSLRVGHVXIXQFLyQORVFXDOHVVHHQFRQWUDUiQVLHPSUHEDMR
FRQWUROMXULVGLFFLRQDOGHO-XH]TXHSHVHDODH[FHSFLyQRSXHVWDD~QVLJXHFRQRFLHQGR
OD FDXVD \ SRU OR PLVPR FRQWLQ~D VLHQGR FRPSHWHQWH SDUD VXSHUYLVDU ODV ODERUHV GHO
)LVFDODFDUJRGHODLQYHVWLJDFLyQSHQDOPiVD~QVLFRPRRFXUUHHQHOSUHVHQWHFDVRQR
H[LVWHVLTXLHUDXQD5HVROXFLyQILUPHTXHKXELHUHUHVXHOWRODH[FHSFLyQRSXHVWDSRUHO
DFFLRQDQWH


%DMR HVDV FLUFXQVWDQFLDV \ KDELHQGR TXHGDGR HVWDEOHFLGR TXH SHVH D OD
H[FHSFLyQRSXHVWDHQVXFRQWUDHO-XH]6HJXQGRGH,QVWUXFFLyQHQOR3HQDOFRQWLQXDED
HMHUFLHQGR HO FRUUHVSRQGLHQWH FRQWURO MXGLFLDO GH ODV GLOLJHQFLDV LQYHVWLJDWLYDV GHO
0LQLVWHULR3~EOLFRFRUUHVSRQGtDTXHHODKRUDDFFLRQDQWHSUHYLDPHQWHDFXGDDQWHGLFKD
DXWRULGDGDILQGHGHQXQFLDUODVXSXHVWDLUUHJXODULGDGDGYHUWLGDHQODHPLVLyQ\HMHFXFLyQ
GHOPDQGDPLHQWRGHDSUHKHQVLyQSRUSDUWHGHO)LVFDOGH0DWHULDDKRUDGHPDQGDGRDFWR
SURFHVDOTXHVHJ~QUHILHUHDIHFWyVXGHUHFKRDODOLEHUWDGFRQODILQDOLGDGGHTXHVHD
HVWDDXWRULGDGMXULVGLFFLRQDOTXLHQUHVWDEOH]FDHOGHUHFKRDSDUHQWHPHQWHYXOQHUDGR\
QR LQWHUSRQHU GLUHFWDPHQWH OD SUHVHQWH DFFLyQ WXWHODU WRGD YH] TXH GH DFXHUGR D OD
MXULVSUXGHQFLDFRQVWLWXFLRQDOPHQFLRQDGDHQORV)XQGDPHQWRV-XUtGLFRV,,,\,,,GH
HVWD 6HQWHQFLD &RQVWLWXFLRQDO 3OXULQDFLRQDO SUHYLR D DFXGLU DQWH HVWD MXULVGLFFLyQ
FRQVWLWXFLRQDOODSHUVRQDTXHHVWLPHHQFRQWUDUVHDIHFWDGDFRQODVDFWXDFLRQHVWDQWRGHO
0LQLVWHULR  3~EOLFR FRPR GH OD 3ROLFtD %ROLYLDQD GHEH LQWHUSRQHU ORV UHFODPRV
SHUWLQHQWHV DQWH HO -XH] GH ,QVWUXFFLyQ HQ OR 3HQDO HQFDUJDGR GHO UHVSHFWLYR FRQWURO
MXULVGLFFLRQDOGHODHWDSDSUHSDUDWRULDPHGLRGHUHFODPRTXHVHFRQVWLWX\HHQHOPiV
LGyQHRHILFD]HLQPHGLDWRSDUDODUHSDUDFLyQGHODVSUHVXQWDVOHVLRQHVDOGHUHFKRDOD
OLEHUWDG \ QR DFXGLU GLUHFWDPHQWH D HVWD MXULVGLFFLyQ TXH VH DFWLYD VyOR FXDQGR ODV
OHVLRQHVGHQXQFLDGDVRSRUWXQDPHQWHQRIXHUDQUHSDUDGDVSRUGLFKDDXWRULGDGMXGLFLDO
VLWXDFLyQSRUODFXDOFRUUHVSRQGHDHVWH7ULEXQDOGHQHJDUODSUHVHQWHDFFLyQGHOLEHUWDG
HQDSOLFDFLyQGHOSULQFLSLRGHVXEVLGLDULHGDGFRQODDFODUDFLyQGHTXHQRVHLQJUHVyD
FRQVLGHUDUHOIRQGRGHODSUREOHPiWLFDSODQWHDGDSRUHODFFLRQDQWH


)-,,,



$OUHVSHFWR\DILQGHUHVROYHUDGHFXDGDPHQWHHOSUHVHQWHFDVRHVQHFHVDULRWHQHUHQ
FXHQWDTXHFRQIRUPHODQRUPDWLYDGHVDUUROODGDHQHO)XQGDPHQWR-XUtGLFR,,,GHOD
SUHVHQWH6HQWHQFLD&RQVWLWXFLRQDO3OXULQDFLRQDOFRQFUHWDPHQWHHODUWGHO&33TXH
UHJXODHOSURFHGLPLHQWRDVHJXLUFXDQGRVHLQWHUSRQHQH[FHSFLRQHVFODUDPHQWHHVWDEOHFH
TXHXQDYH]RSXHVWDVODVPLVPDVVHUiQWUDPLWDGDVHQODYtDLQFLGHQWDOVLQLQWHUUXPSLU
ODLQYHVWLJDFLyQHOORLPSOLFDHQUHODFLyQDODUWGHOPLVPRFRPSLODGRSURFHVDOTXH

W


dW^:d


PLHQWUDV QR H[LVWD XQD 5HVROXFLyQ TXH GHFODUH OD LQFRPSHWHQFLD GHO -XH] D TXLHQ VH
SODQWHyHVHWLSRGHH[FHSFLyQHOUHSUHVHQWDQWHGHO0LQLVWHULR3~EOLFRSXHGHYiOLGDPHQWH
GHVDUUROODUORVDFWXDGRVSURSLRVGHVXIXQFLyQORVFXDOHVVHHQFRQWUDUiQVLHPSUHEDMR
FRQWUROMXULVGLFFLRQDOGHO-XH]TXHSHVHDODH[FHSFLyQRSXHVWDD~QVLJXHFRQRFLHQGR
OD FDXVD \ SRU OR PLVPR FRQWLQ~D VLHQGR FRPSHWHQWH SDUD VXSHUYLVDU ODV ODERUHV GHO
)LVFDODFDUJRGHODLQYHVWLJDFLyQSHQDOPiVD~QVLFRPRRFXUUHHQHOSUHVHQWHFDVRQR
H[LVWHVLTXLHUDXQD5HVROXFLyQILUPHTXHKXELHUHUHVXHOWRODH[FHSFLyQRSXHVWDSRUHO
DFFLRQDQWH


%DMR HVDV FLUFXQVWDQFLDV \ KDELHQGR TXHGDGR HVWDEOHFLGR TXH SHVH D OD
H[FHSFLyQRSXHVWDHQVXFRQWUDHO-XH]6HJXQGRGH,QVWUXFFLyQHQOR3HQDOFRQWLQXDED
HMHUFLHQGR HO FRUUHVSRQGLHQWH FRQWURO MXGLFLDO GH ODV GLOLJHQFLDV LQYHVWLJDWLYDV GHO
0LQLVWHULR3~EOLFRFRUUHVSRQGtDTXHHODKRUDDFFLRQDQWHSUHYLDPHQWHDFXGDDQWHGLFKD
DXWRULGDGDILQGHGHQXQFLDUODVXSXHVWDLUUHJXODULGDGDGYHUWLGDHQODHPLVLyQ\HMHFXFLyQ
GHOPDQGDPLHQWRGHDSUHKHQVLyQSRUSDUWHGHO)LVFDOGH0DWHULDDKRUDGHPDQGDGRDFWR
SURFHVDOTXHVHJ~QUHILHUHDIHFWyVXGHUHFKRDODOLEHUWDGFRQODILQDOLGDGGHTXHVHD
HVWDDXWRULGDGMXULVGLFFLRQDOTXLHQUHVWDEOH]FDHOGHUHFKRDSDUHQWHPHQWHYXOQHUDGR\
QR LQWHUSRQHU GLUHFWDPHQWH OD SUHVHQWH DFFLyQ WXWHODU WRGD YH] TXH GH DFXHUGR D OD
MXULVSUXGHQFLDFRQVWLWXFLRQDOPHQFLRQDGDHQORV)XQGDPHQWRV-XUtGLFRV,,,\,,,GH
HVWD 6HQWHQFLD &RQVWLWXFLRQDO 3OXULQDFLRQDO SUHYLR D DFXGLU DQWH HVWD MXULVGLFFLyQ
FRQVWLWXFLRQDOODSHUVRQDTXHHVWLPHHQFRQWUDUVHDIHFWDGDFRQODVDFWXDFLRQHVWDQWRGHO
0LQLVWHULR  3~EOLFR FRPR GH OD 3ROLFtD %ROLYLDQD GHEH LQWHUSRQHU ORV UHFODPRV
SHUWLQHQWHV DQWH HO -XH] GH ,QVWUXFFLyQ HQ OR 3HQDO HQFDUJDGR GHO UHVSHFWLYR FRQWURO
MXULVGLFFLRQDOGHODHWDSDSUHSDUDWRULDPHGLRGHUHFODPRTXHVHFRQVWLWX\HHQHOPiV
LGyQHRHILFD]HLQPHGLDWRSDUDODUHSDUDFLyQGHODVSUHVXQWDVOHVLRQHVDOGHUHFKRDOD
OLEHUWDG \ QR DFXGLU GLUHFWDPHQWH D HVWD MXULVGLFFLyQ TXH VH DFWLYD VyOR FXDQGR ODV
OHVLRQHVGHQXQFLDGDVRSRUWXQDPHQWHQRIXHUDQUHSDUDGDVSRUGLFKDDXWRULGDGMXGLFLDO
VLWXDFLyQSRUODFXDOFRUUHVSRQGHDHVWH7ULEXQDOGHQHJDUODSUHVHQWHDFFLyQGHOLEHUWDG
HQDSOLFDFLyQGHOSULQFLSLRGHVXEVLGLDULHGDGFRQODDFODUDFLyQGHTXHQRVHLQJUHVyD
FRQVLGHUDUHOIRQGRGHODSUREOHPiWLFDSODQWHDGDSRUHODFFLRQDQWH



6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJDODDFFLyQGHOLEHUWDGSRUVXEVLGLDULHGDGH[FHSFLRQDO\DTXHOD
GHQXQFLDVREUHODVXSXHVWDLOHJDOLGDGGHOPDQGDPLHQWRGHDSUHKHQVLyQ
HPLWLGR SRU HO ILVFDO GHPDQGDGR GHELy VHU UHDOL]DGD DQWH HO -XH]
&DXWHODU TXLHQ D SHVDU GH KDEHUVH DFWLYDGR XQD H[FHSFLyQ GH
LQFRPSHWHQFLD SRU UD]yQ D OD PDWHULD DO WHQHU OD H[FHSFLyQ GH
LQFRPSHWHQFLD XQD WUDPLWDFLyQ LQFLGHQWDO PLHQWUDV QR H[LVWD XQD
UHVROXFLyQ ILUPH TXH GHFODUH VX LQFRPSHWHQFLD VLJXH FRQRFLHQGR HO
FRQWUROMXULVGLFFLRQDOGHODFDXVD

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/D 6& 5 IXQGy OD OtQHD VREUH OD VXEVLGLDULHGDG H[FHSFLRQDO GH OD
DFFLyQ GH OLEHUWDG HVWDEOHFLHQGR TXH HQ ORV VXSXHVWRV HQ ORV H[LVWDQ PHGLRV
LGyQHRV SDUD UHSDUDU GH PDQHUD XUJHQWH SURQWD \ HILFD] GHO GHUHFKR D OD
OLEHUWDGItVLFDLOHJDOPHQWHUHVWULQJLGRORVPLVPRVGHEHQVHUXWLOL]DGRVDQWHVGH
DFXGLU D OD MXVWLFLD FRQVWLWXFLRQDO D WUDYpV GH OD DFFLyQ GH OLEHUWDG  /DV 6&
5HQHOPDUFRGHGLFKDOtQHDMXULVSUXGHQFLDOVHxDOyTXHHQODHWDSD
SUHSDUDWRULD GHO SURFHVR SHQDO HV HO MXH] FDXWHODU TXLHQ GHEH FRQRFHU ODV
VXSXHVWDV OHVLRQHV D GHUHFKRV \ JDUDQWtDV TXH SXGLHUDQ WHQHU RULJHQ HQ ORV

W


dW^:d
yUJDQRVHQFDUJDGRVGHODSHUVHFXFLyQSHQDOQRUHVXOWDQGRFRPSDWLEOHDFWLYDU
GLUHFWDPHQWH R GH PDQHUD VLPXOWiQHD OD MXVWLFLD FRQVWLWXFLRQDO  /D 6&
5VHxDOyTXHD~QQRVHKXELHUHLQIRUPDGRDOMXH]FDXWHODUVREUHHO
LQLFLRGHODLQYHVWLJDFLyQODLPSXJQDFLyQGHEHVHUSUHVHQWDGDDQWHHOMXH]GH
LQVWUXFFLyQGHWXUQR$GHPiVOD6&5VLVWHPDWL]yORVVXSXHVWRVGH
VXEVLGLDULHGDG H[FHSFLRQDO GH OD DFFLyQ GH OLEHUWDG 3RVWHULRUPHQWH OD 6&
PRGXOySDUFLDOPHQWHOD6&5HQVXSULPHUVXSXHVWR\
VHxDOyTXHHQFDVRVHQORVFXDOHVQRHVWHDFWLYDGRHOFRQWUROMXULVGLFFLRQDOOD
DFFLyQ GH OLEHUWDG SXHGH VHU SODQWHDGD GH PDQHUD GLUHFWD 3RVWHULRUPHQWH \
FRPRHVWiQGDUPiVDOWROD6&3PRGXOySDUFLDOPHQWHOD
5\VHxDOyTXHHQFDVRGHQRH[LVWLUMXH]FDXWHODUTXHHVWHHMHUFLHQGRHQHOFDVR
FRQFUHWR FRQWURO MXULVGLFFLRQDO SRGUi DFWLYDUVH GLUHFWDPHQWH OD DFFLyQ GH
OLEHUWDGVLQQHFHVLGDGGHDFXGLUDQWHHOMXH]FDXWHODUGHWXUQR
$KRUD ELHQ OD 6&3 / D SDUWLU GH OD OtQHD JHQpULFD GH OD
VXEVLGLDULHGDGH[FHSFLRQDOTXHREOLJDDFXGLUSUHYLDPHQWHDQWHODDXWRULGDGTXH
HMHUFH FRQWURO MXULVGLFFLRQDO PRGXOD OD PLVPD HQ FXDQWR DPSOLD HO
UD]RQDPLHQWR D XQD VLWXDFLyQ HVSHFLDO FXDO HV HO HMHUFLFLR GHO FRQWURO
MXULVGLFFLRQDO HQ VXSXHVWRV HQ ORV FXDOHV VH SODQWHD OD H[FHSFLyQ GH
LQFRPSHWHQFLDHQUD]yQDODPDWHULDFRQFOX\HQGRTXHODDXWRULGDGTXHHMHU]D
FRQWUROMXULVGLFFLRQDOHQFDXVDVSHQDOHVFXDQGRVHSODQWHHHVWHPHFDQLVPRGH
GHIHQVD FRQVLGHUDQGR TXH GLFKD H[FHSFLyQ WLHQH XQD WUDPLWDFLyQ LQFLGHQWDO
KDVWD TXH QR H[LVWD XQD GHFLVLyQ ILUPH TXH GHFODUH VX LQFRPSHWHQFLD VLJXH
HMHUFLHQGR HO FRQWURO MXULVGLFFLRQDO GH OD FDXVD UD]yQ SRU OD FXDO FXDOTXLHU
GHQXQFLD UHIHUHQWH D DSUHKHQVLRQHV LOHJDOHV GHEH VHU UHDOL]DGD DQWH HVWD
DXWRULGDG


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

3UHFHGHQWH,PSOtFLWR
)-,,,

$OUHVSHFWR\DILQGHUHVROYHUDGHFXDGDPHQWHHOSUHVHQWHFDVRHVQHFHVDULR
WHQHU HQ FXHQWD TXH FRQIRUPH OD QRUPDWLYD GHVDUUROODGD HQ HO )XQGDPHQWR
-XUtGLFR ,,, GH OD SUHVHQWH 6HQWHQFLD &RQVWLWXFLRQDO 3OXULQDFLRQDO
FRQFUHWDPHQWHHODUWGHO&33TXHUHJXODHOSURFHGLPLHQWRDVHJXLUFXDQGR
VH LQWHUSRQHQ H[FHSFLRQHV FODUDPHQWH HVWDEOHFH TXH XQD YH] RSXHVWDV ODV
PLVPDVVHUiQWUDPLWDGDVHQODYtDLQFLGHQWDOVLQLQWHUUXPSLUODLQYHVWLJDFLyQ
HOORLPSOLFDHQUHODFLyQDODUWGHOPLVPRFRPSLODGRSURFHVDOTXHPLHQWUDV
QR H[LVWD XQD 5HVROXFLyQ TXH GHFODUH OD LQFRPSHWHQFLD GHO -XH] D TXLHQ VH
SODQWHy HVH WLSR GH H[FHSFLyQ HO UHSUHVHQWDQWH GHO 0LQLVWHULR 3~EOLFRSXHGH
YiOLGDPHQWH GHVDUUROODU ORV DFWXDGRV SURSLRV GH VX IXQFLyQ ORV FXDOHV VH
HQFRQWUDUiQ VLHPSUH EDMR FRQWURO MXULVGLFFLRQDO GHO -XH] TXH SHVH D OD
H[FHSFLyQ RSXHVWD D~Q VLJXH FRQRFLHQGR OD FDXVD \ SRU OR PLVPR FRQWLQ~D
VLHQGR FRPSHWHQWH SDUD VXSHUYLVDU ODV ODERUHV GHO )LVFDO D FDUJR GH OD
LQYHVWLJDFLyQ SHQDO PiV D~Q VL FRPR RFXUUH HQ HO SUHVHQWH FDVR QR H[LVWH
VLTXLHUDXQD5HVROXFLyQILUPHTXHKXELHUHUHVXHOWRODH[FHSFLyQRSXHVWDSRUHO
DFFLRQDQWH


%DMRHVDVFLUFXQVWDQFLDV\KDELHQGRTXHGDGRHVWDEOHFLGRTXHSHVHDOD
H[FHSFLyQ RSXHVWD HQ VX FRQWUD HO -XH] 6HJXQGR GH ,QVWUXFFLyQ HQ OR 3HQDO
FRQWLQXDED HMHUFLHQGR HO FRUUHVSRQGLHQWH FRQWURO MXGLFLDO GH ODV GLOLJHQFLDV

W


dW^:d


LQYHVWLJDWLYDV GHO 0LQLVWHULR 3~EOLFR FRUUHVSRQGtD TXH HO DKRUD DFFLRQDQWH
SUHYLDPHQWH DFXGD DQWH GLFKD DXWRULGDG D ILQ GH GHQXQFLDU OD VXSXHVWD
LUUHJXODULGDG DGYHUWLGD HQ OD HPLVLyQ \ HMHFXFLyQ GHO PDQGDPLHQWR GH
DSUHKHQVLyQSRUSDUWHGHO)LVFDOGH0DWHULDDKRUDGHPDQGDGRDFWRSURFHVDO
TXHVHJ~QUHILHUHDIHFWyVXGHUHFKRDODOLEHUWDGFRQODILQDOLGDGGHTXHVHD
HVWD DXWRULGDG MXULVGLFFLRQDO TXLHQ UHVWDEOH]FD HO GHUHFKR DSDUHQWHPHQWH
YXOQHUDGR\QRLQWHUSRQHUGLUHFWDPHQWHODSUHVHQWHDFFLyQWXWHODUWRGDYH]TXH
GHDFXHUGRDODMXULVSUXGHQFLDFRQVWLWXFLRQDOPHQFLRQDGDHQORV)XQGDPHQWRV
-XUtGLFRV,,,\,,,GHHVWD6HQWHQFLD&RQVWLWXFLRQDO3OXULQDFLRQDOSUHYLRD
DFXGLUDQWHHVWDMXULVGLFFLyQFRQVWLWXFLRQDOODSHUVRQDTXHHVWLPHHQFRQWUDUVH
DIHFWDGDFRQODVDFWXDFLRQHVWDQWRGHO0LQLVWHULR3~EOLFRFRPRGHOD3ROLFtD
%ROLYLDQDGHEHLQWHUSRQHUORVUHFODPRVSHUWLQHQWHVDQWHHO-XH]GH,QVWUXFFLyQ
HQ OR 3HQDO HQFDUJDGR GHO UHVSHFWLYR FRQWURO MXULVGLFFLRQDO GH OD HWDSD
SUHSDUDWRULD PHGLR GH UHFODPR TXH VH FRQVWLWX\H HQ HO PiV LGyQHR HILFD] H
LQPHGLDWRSDUDODUHSDUDFLyQGHODVSUHVXQWDVOHVLRQHVDOGHUHFKRDODOLEHUWDG
\ QR DFXGLU GLUHFWDPHQWH D HVWD MXULVGLFFLyQ TXH VH DFWLYD VyOR FXDQGR ODV
OHVLRQHVGHQXQFLDGDVRSRUWXQDPHQWHQRIXHUDQUHSDUDGDVSRUGLFKDDXWRULGDG
MXGLFLDOVLWXDFLyQSRUODFXDOFRUUHVSRQGHDHVWH7ULEXQDOGHQHJDUODSUHVHQWH
DFFLyQ GH OLEHUWDG HQ DSOLFDFLyQ GHO SULQFLSLR GH VXEVLGLDULHGDG FRQ OD
DFODUDFLyQ GH TXH QR VH LQJUHVy D FRQVLGHUDU HO IRQGR GH OD SUREOHPiWLFD
SODQWHDGDSRUHODFFLRQDQWH


)-,,,



$OUHVSHFWR\DILQGHUHVROYHUDGHFXDGDPHQWHHOSUHVHQWHFDVRHVQHFHVDULR
WHQHU HQ FXHQWD TXH FRQIRUPH OD QRUPDWLYD GHVDUUROODGD HQ HO )XQGDPHQWR
-XUtGLFR ,,, GH OD SUHVHQWH 6HQWHQFLD &RQVWLWXFLRQDO 3OXULQDFLRQDO
FRQFUHWDPHQWHHODUWGHO&33TXHUHJXODHOSURFHGLPLHQWRDVHJXLUFXDQGR
VH LQWHUSRQHQ H[FHSFLRQHV FODUDPHQWH HVWDEOHFH TXH XQD YH] RSXHVWDV ODV
PLVPDVVHUiQWUDPLWDGDVHQODYtDLQFLGHQWDOVLQLQWHUUXPSLUODLQYHVWLJDFLyQ
HOORLPSOLFDHQUHODFLyQDODUWGHOPLVPRFRPSLODGRSURFHVDOTXHPLHQWUDV
QR H[LVWD XQD 5HVROXFLyQ TXH GHFODUH OD LQFRPSHWHQFLD GHO -XH] D TXLHQ VH
SODQWHy HVH WLSR GH H[FHSFLyQ HO UHSUHVHQWDQWH GHO 0LQLVWHULR 3~EOLFRSXHGH
YiOLGDPHQWH GHVDUUROODU ORV DFWXDGRV SURSLRV GH VX IXQFLyQ ORV FXDOHV VH
HQFRQWUDUiQ VLHPSUH EDMR FRQWURO MXULVGLFFLRQDO GHO -XH] TXH SHVH D OD
H[FHSFLyQ RSXHVWD D~Q VLJXH FRQRFLHQGR OD FDXVD \ SRU OR PLVPR FRQWLQ~D
VLHQGR FRPSHWHQWH SDUD VXSHUYLVDU ODV ODERUHV GHO )LVFDO D FDUJR GH OD
LQYHVWLJDFLyQ SHQDO PiV D~Q VL FRPR RFXUUH HQ HO SUHVHQWH FDVR QR H[LVWH
VLTXLHUDXQD5HVROXFLyQILUPHTXHKXELHUHUHVXHOWRODH[FHSFLyQRSXHVWDSRUHO
DFFLRQDQWH


%DMRHVDVFLUFXQVWDQFLDV\KDELHQGRTXHGDGRHVWDEOHFLGRTXHSHVHDOD
H[FHSFLyQ RSXHVWD HQ VX FRQWUD HO -XH] 6HJXQGR GH ,QVWUXFFLyQ HQ OR 3HQDO
FRQWLQXDED HMHUFLHQGR HO FRUUHVSRQGLHQWH FRQWURO MXGLFLDO GH ODV GLOLJHQFLDV
LQYHVWLJDWLYDV GHO 0LQLVWHULR 3~EOLFR FRUUHVSRQGtD TXH HO DKRUD DFFLRQDQWH
SUHYLDPHQWH DFXGD DQWH GLFKD DXWRULGDG D ILQ GH GHQXQFLDU OD VXSXHVWD
LUUHJXODULGDG DGYHUWLGD HQ OD HPLVLyQ \ HMHFXFLyQ GHO PDQGDPLHQWR GH
DSUHKHQVLyQSRUSDUWHGHO)LVFDOGH0DWHULDDKRUDGHPDQGDGRDFWRSURFHVDO

W


dW^:d
TXHVHJ~QUHILHUHDIHFWyVXGHUHFKRDODOLEHUWDGFRQODILQDOLGDGGHTXHVHD
HVWD DXWRULGDG MXULVGLFFLRQDO TXLHQ UHVWDEOH]FD HO GHUHFKR DSDUHQWHPHQWH
YXOQHUDGR\QRLQWHUSRQHUGLUHFWDPHQWHODSUHVHQWHDFFLyQWXWHODUWRGDYH]TXH
GHDFXHUGRDODMXULVSUXGHQFLDFRQVWLWXFLRQDOPHQFLRQDGDHQORV)XQGDPHQWRV
-XUtGLFRV,,,\,,,GHHVWD6HQWHQFLD&RQVWLWXFLRQDO3OXULQDFLRQDOSUHYLRD
DFXGLUDQWHHVWDMXULVGLFFLyQFRQVWLWXFLRQDOODSHUVRQDTXHHVWLPHHQFRQWUDUVH
DIHFWDGDFRQODVDFWXDFLRQHVWDQWRGHO0LQLVWHULR3~EOLFRFRPRGHOD3ROLFtD
%ROLYLDQDGHEHLQWHUSRQHUORVUHFODPRVSHUWLQHQWHVDQWHHO-XH]GH,QVWUXFFLyQ
HQ OR 3HQDO HQFDUJDGR GHO UHVSHFWLYR FRQWURO MXULVGLFFLRQDO GH OD HWDSD
SUHSDUDWRULD PHGLR GH UHFODPR TXH VH FRQVWLWX\H HQ HO PiV LGyQHR HILFD] H
LQPHGLDWRSDUDODUHSDUDFLyQGHODVSUHVXQWDVOHVLRQHVDOGHUHFKRDODOLEHUWDG
\ QR DFXGLU GLUHFWDPHQWH D HVWD MXULVGLFFLyQ TXH VH DFWLYD VyOR FXDQGR ODV
OHVLRQHVGHQXQFLDGDVRSRUWXQDPHQWHQRIXHUDQUHSDUDGDVSRUGLFKDDXWRULGDG
MXGLFLDOVLWXDFLyQSRUODFXDOFRUUHVSRQGHDHVWH7ULEXQDOGHQHJDUODSUHVHQWH
DFFLyQ GH OLEHUWDG HQ DSOLFDFLyQ GHO SULQFLSLR GH VXEVLGLDULHGDG FRQ OD
DFODUDFLyQ GH TXH QR VH LQJUHVy D FRQVLGHUDU HO IRQGR GH OD SUREOHPiWLFD
SODQWHDGDSRUHODFFLRQDQWH





 6XSXHVWRV GH SUHVHQWDFLyQ GLUHFWD GH OD DFFLyQ GH


OLEHUWDG$GROHVFHQWHVLPSXWDEOHV DDxRV 
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
5HFRQGXFWRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   7UDWiQGRVH GHPHQRUHVLPSXWDEOHV FRPSUHQGLGRV
HQWUHORV\DxRVQRHVDSOLFDEOHODVXEVLGLDULHGDGH[FHSFLRQDO
GHODDFFLyQGHOLEHUWDGHQYLUWXGDODSUHHPLQHQFLD\ODSULRULGDGTXH
HO(VWDGRGHEHRWRUJDUDORVPLVPRVHQHODFFHVRDODDGPLQLVWUDFLyQ
GHMXVWLFLD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHOLEHUWDGORVDFFLRQDQWHVSRUVXUHSUHVHQWDGR PHQRU
GH HGDG LPSXWDEOH  DOHJDURQ OHVLyQ DO GHELGR SURFHVR OD VHJXULGDG
MXUtGLFD\DOGHUHFKRDODGHIHQVDSRUFXDQWRHO)LVFDOGHPDQGDGRHPLWLy
LPSXWDFLyQIRUPDOFRQWUDVXUHSUHVHQWDGRVLQODGHELGDIXQGDPHQWDFLyQ
\ HO MXH] FDXWHODU WDPELpQ GHPDQGDGR QR VHxDOy FRQ FODULGDG ORV
ULHVJRV SURFHVDOHV HQ TXH LQFXUULy VX UHSUHVHQWDGR QL IXQGDPHQWy OD
GHWHQFLyQ SUHYHQWLYD GLVSXHVWD (O 7ULEXQDO &RQVWLWXFLRQDO
W


dW^:d


3OXULQDFLRQDOHQVX6DOD/LTXLGDGRUDUHYRFyODUHVROXFLyQUHYLVDGD\
FRQFHGLy OD WXWHOD VROLFLWDGD SURQXQFLiQGRVH SUHYLDPHQWH VREUH OD
SUHVHQWDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG HQ ORV VXSXHVWRV GH
DGROHVFHQWHVLPSXWDEOHV

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,&RQIRUPHVHKDH[SXHVWRHQHO)XQGDPHQWR-XUtGLFR,,,
GH OD SUHVHQWH 6HQWHQFLD &RQVWLWXFLRQDO 3OXULQDFLRQDO WUDWiQGRVH GH
PHGLGDV FDXWHODUHV DSOLFDGDV D PHQRUHV GH HGDG LPSXWDEOHV QR HV
DSOLFDEOHODVXEVLGLDULHGDGH[FHSFLRQDOGHODDFFLyQGHOLEHUWDGSXHVDO
PHUHFHUSURWHFFLyQHVSHFLDOGHO(VWDGR SRUVXFRQGLFLyQTXHORVFRORFD
HQ GHVYHQWDMD IUHQWH DO UHVWR GH OD SREODFLyQ  ORV PHQRUHV GH HGDG
LPSXWDEOHVVHHQFXHQWUDQGHQWURGHODVFLUFXQVWDQFLDVGHLQDSOLFDELOLGDG
GHODVXEVLGLDULHGDGH[FHSFLRQDOGHODDFFLyQGHOLEHUWDGGHVDUUROODGDV
HQHO)XQGDPHQWR-XUtGLFR,,,GHOSUHVHQWHIDOORFRUUHVSRQGLHQGROD
DSOLFDFLyQ GH OD UHJOD \ QR DVt GH OD H[FHSFLyQ (Q FRQVHFXHQFLD DO
WUDWDUVH HO SUHVHQWH FDVR GH PHQRU GH HGDG DXQTXH LPSXWDEOH SHUR
PHQRUGHHGDGQRHVDSOLFDEOHODH[FHSFLRQDOLGDGSRUHQGHFRUUHVSRQGH
LQJUHVDUDODQiOLVLVGHIRQGRGHODSUREOHPiWLFDSODQWHDGDFRQFHGLHQGR
RQHJDQGRODWXWHOD

6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH OD WXWHOD VHxDODQGR SUHYLDPHQWH TXH OD VXEVLGLDULHGDG
H[FHSFLRQDOGHODDFFLyQGHOLEHUWDGQRHVDSOLFDEOHDOFDVRDQDOL]DGRHQ
HOTXHHODFFLRQDQWHHVXQPHQRUGHHGDGLPSXWDEOHHQYLUWXGDTXHJR]D
GHODSURWHFFLyQHVSHFLDOGHO(VWDGR

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O 7ULEXQDO &RQVWLWXFLRQDO GHVDUUROOy OD OtQHD MXULVSUXGHQFLDO GH LQDSOLFDFLyQ GH OD
VXEVLGLDULHGDG H[FHSFLRQDO GH OD DFFLyQ GH OLEHUWDG YLQFXODGD D PHQRUHV GH HGDG
LPSXWDEOHVHQORVVLJXLHQWHVSUHFHGHQWHVFRQVWLWXFLRQDOHV

/DV66&&555566&&33
\RWUDVSRVWHULRUHVGHWHUPLQDURQHOPDUFRJHQHUDOVREUHODVXEVLGLDULHGDGH[FHSFLRQDO
GH OD DFFLyQ GH OLEHUWDG  /D 6& 5 HVWDEOHFLy TXH OD VXEVLGLDULHGDG
H[FHSFLRQDO
QRHVDSOLFDEOHDORVVXSXHVWRVHQORVTXHPHQRUHVGHDxRVFRQVLGHUDGRV
PHQRUHV LQIUDFWRUHV VH YHDQ LQYROXFUDGRV HQ OD SUHVXQWD FRPLVLyQ GH GHOLWRV
  (Q
FXDQWRDORVPHQRUHVLPSXWDEOHVFRPSUHQGLGRVHQWUH\DxRVOD6&5
UHLWHUDGD HQWUH RWUDV SRU ODV 66&& 5 \ 5 FRQFOX\y TXH ORV
PHQRUHV LPSXWDEOHV GHEHQ VHU SURFHVDGRV HQ OD MXULVGLFFLyQ RUGLQDULD FX\D HWDSD
LQYHVWLJDWLYDHQFXDQWRDOUHVSHWRDORVGHUHFKRV\JDUDQWtDVSURFHVDOHVHVWiDFDUJRGHO
MXH]FDXWHODUVLQHPEDUJROD6&5UD]RQyHQVHQWLGRTXHQRHUDDSOLFDEOHOD
VXEVLGLDULHGDG H[FHSFLRQDO GH OD DFFLyQ GH OLEHUWDG D PHQRUHV LPSXWDEOHV SRU VX
FRQGLFLyQ GH GHVYHQWDMD IUHQWH DO UHVWR GH OD SREODFLyQ  3RVWHULRUPHQWH OD 6&3
FRQFOX\yTXHORVSUHVXQWRVDFWRVLOHJDOHVOHVLYRVDODOLEHUWDGItVLFDGHEtDQ
VHULPSXJQDGRVDQWHHO-XH]&DXWHODUDXQWUDWiQGRVHGHLPSXWDEOHVPD\RUHVGH\

W


dW^:d
PHQRUHVDDxRVDOHQFRQWUDUVHVXMHWRVDODMXULVGLFFLyQRUGLQDULD6LQHPEDUJROD
6&3  UHDOL]yXQD UHFRQGXFFLyQ LPSOtFLWD DO SUHFHGHQWH FRQWHQLGR HQ OD 6&
5GHWHUPLQDQGRTXHWUDWiQGRVHGHPHQRUHVLPSXWDEOHVFRPSUHQGLGRVHQWUH
ORVGLHFLVpLV\GLHFLRFKRDxRVQRHVDSOLFDEOHODVXEVLGLDULHGDGH[FHSFLRQDOGHODDFFLyQ
GHOLEHUWDGHQYLUWXGDODSUHHPLQHQFLD\ODSULRULGDGTXHHO(VWDGRGHEHRWRUJDUDORV
PLVPRVHQHODFFHVRDODDGPLQLVWUDFLyQGHMXVWLFLD


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,(QFXDQWRDORVDGROHVFHQWHVFRPSUHQGLGRVHQWUHORV\
DxRV PHQRUHVLPSXWDEOHV SRUODSHUPLVLyQFRQWHQLGDHQHODUW
GHO &11$ VH HQFXHQWUDQ VRPHWLGRV D OD OHJLVODFLyQ RUGLQDULD VLQ
HPEDUJR HQ YLUWXG DOD SURWHFFLyQ HVSHFLDO TXH HVWDEOHFH  HOUHIHULGR
DUWLFXODGRPDQWLHQHQODVSULRULGDGHV\JR]DQGHODPLVPDSURWHFFLyQ
MXUtGLFDTXHHQUD]yQDVXFRQGLFLyQGHPHQRUHVGHHGDGOHVEULQGDHO
7tWXOR3ULPHURGHO/LEUR7HUFHURGHO&11$$VLPLVPRORV'HUHFKRV
GHOD1LxH]$GROHVFHQFLD\-XYHQWXGUHFRJLGRVHQORVDUWVDOGH
OD&3(FRQILHUHQXQFDUiFWHUHVSHFtILFRDORVGHUHFKRVUHFRQRFLGRVD
IDYRU GH HVWH JUXSR SREODFLRQDO UHFRQRFLHQGR VX SUHHPLQHQFLD \ OD
SULRULGDGTXHHO(VWDGRGHEHRWRUJDUDORVPLVPRVHQODDWHQFLyQGHORV
VHUYLFLRVS~EOLFRV\HQHODFFHVRDODDGPLQLVWUDFLyQGHMXVWLFLDSURQWD
3RU HOOR \ HQ UD]yQ D VX JUDGR GH YXOQHUDELOLGDG FXDQGR XQ PHQRU
LPSXWDEOH SRU Vt R VXV UHSUHVHQWDQWHV DFXGH GLUHFWDPHQWH D OD
MXULVGLFFLyQFRQVWLWXFLRQDOHQ SURFXUD GHOD WXWHODD VXV GHUHFKRV DOD
YLGDDODLQWHJULGDGItVLFDDODOLEHUWDGSHUVRQDO\GHORFRPRFLyQQROH
HVH[LJLEOHDJRWDUSUHYLDPHQWHODVLQVWDQFLDV\PHFDQLVPRVSURFHVDOHV
FRUUHVSRQGLHQGR HQ VX FDVR OD DSOLFDFLyQ GH OD UHJOD GH OD DFFLyQ GH
OLEHUWDG\QRDVtGHVXH[FHSFLRQDOVXEVLGLDULHGDG

(OUD]RQDPLHQWRDQWHVH[SXHVWRFRPSDUWHHOHQWHQGLPLHQWRGHODDQWHV
FLWDGD6&5GHGHPDU]RTXHVREUHODLQDSOLFDELOLGDGGH
OD VXEVLGLDULHGDG H[FHSFLRQDO GH OD DFFLyQ GH OLEHUWDG D PHQRUHV
LPSXWDEOHV HVWDEOHFLy OR VLJXLHQWH
  WUDWiQGRVH GH PHGLGDV
FDXWHODUHV DSOLFDGDV D PHQRUHV GH HGDG PXMHUHV HPEDUD]DGDV R FRQ
KLMRV ODFWDQWHV D SHUVRQDVGH OD WHUFHUD HGDG HQIHUPRV JUDYHV R TXH
WHQJDQODYLGDHQVLWXDFLyQGHSHOLJURGDGDVXVLWXDFLyQGHULHVJRSRU
HVDVLWXDFLyQQDWXUDOQROHVHVDSOLFDEOHODVXEVLGLDULHGDGH[FHSFLRQDO
SXHVDOPHUHFHUSURWHFFLyQHVSHFLDOGHO(VWDGRSRUVXFRQGLFLyQTXHORV
FRORFDHQGHVYHQWDMDIUHQWHDOUHVWRGHODSREODFLyQHVRVGHUHFKRVVH
WUDVODGDQDOiPELWRSURFHVRSHQDO\FRQOOHYDDODDSOLFDFLyQGHODUHJOD
\QRDVtGHODH[FHSFLyQ

(QFRQVHFXHQFLDDOWUDWDUVHHOSUHVHQWHFDVRGHPHQRUGHHGDGDXQTXH
LPSXWDEOHSHURPHQRUGHHGDGQRHVDSOLFDEOHODH[FHSFLRQDOLGDGSRU
HQGH FRUUHVSRQGH LQJUHVDU DO DQiOLVLV GH IRQGR GH OD SUREOHPiWLFD
SODQWHDGD


W


dW^:d


,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

/D6HQWHQFLDTXHFRQWLHQHHOHVWiQGDUPiVDOWRHVOD6&5
FRPSOHPHQWDGDOD6&3



 6XSXHVWRV GH SUHVHQWDFLyQ GLUHFWD GH OD DFFLyQ GH
OLEHUWDG&XDQGR H[LVWDQ LUUHJXODULGDGHV HQ HO PDQGDPLHQWR GH
DSUHKHQVLyQTXHLPSLGDQLGHQWLILFDUDODDXWRULGDGMXGLFLDO
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLDSUHFHGHQFLDOUHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD ([WUDFWRRUHFRQVWUXFFLyQGHOSUHFHGHQWHFRQVWLWXFLRQDO

6&33UHVHQWDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGHQORVFDVRVHQ
TXH HO MXH] R WULEXQDO GH JDUDQWtDV FRQVWDQWH FRQ FHUWH]D TXH OD SHUVRQD
DSUHKHQGLGD QR HV DTXHOOD HQ FRQWUD GH OD FXDO VH OLEUy PDQGDPLHQWR GH
DSUHKHQVLyQ R TXH SRU GLIHUHQWHV LUUHJXODULGDGHV SURFHGLPHQWDOHV QR HV
LGHQWLILFDEOH HO yUJDQR GH FRQWURO MXULVGLFFLRQDO FRPSHWHQWH \ OD PLVPD VH
HQFXHQWUDDSXQWRGHVHUWUDVODGDGDHTXLYRFDGDPHQWHDRWURGHSDUWDPHQWR
SUHVXPLpQGRVHTXHVHOHSURGXFLUiQGLYHUVRVSHUMXLFLRV

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH OLEHUWDG OD DFFLRQDQWH GHQXQFLy TXH ORV IXQFLRQDULRV
SROLFLDOHV GHPDQGDGRV HMHFXWDURQ XQD RUGHQ GH DSUHKHQVLyQ HQ VX FRQWUD
HPLWLGD SRU HO )LVFDO GH 0DWHULD VLQ TXH HO PDQGDPLHQWR GH DSUHKHQVLyQ
HVWXYLHUD GHELGDPHQWH IXQGDPHQWDGR DGHPiV GH QR FRQWHQHU VX Q~PHUR GH
FpGXOD GH LGHQWLGDG WDPSRFR HO OXJDU QL OD IHFKD GH H[SHGLFLyQ \ TXH HO
PDQGDPLHQWRHPLWLGRHQ6DQWD&UX]QRSRGtDHIHFWLYL]DUVHHQ/D3D]SRUOR
TXHVROLFLWyHOUHHVWDEOHFLPLHQWRGHODVIRUPDOLGDGHV\VXOLEHUWDG(O7ULEXQDO
&RQVWLWXFLRQDODSUREyHQSDUWHODUHVROXFLyQUHYLVDGDGHQHJiQGRODUHVSHFWRD
TXH HO PDQGDPLHQWR GH DSUHKHQVLyQ QR SRGtD HIHFWLYL]DUVH HQ /D 3D] \
FRQFHGLpQGROD SRUTXH ORV GHPDQGDGRV QR FRQVWDWDURQ OD YLJHQFLD \ HO
FXPSOLPLHQWR GH ORV UHTXLVLWRV GH IRUPD \ FRQWHQLGR GHO PDQGDPLHQWR GH
DSUHKHQVLyQH[SHGLGRFRQWUDODDFFLRQDQWH

([WUDFWRGHODUDWLRGHFLGHQGL

)- ,,, )LQDOPHQWH UHVSHFWR D OD SRVLEOH DSOLFDFLyQ GH OD H[FHSFLRQDO
VXEVLGLDULHGDGGHODDFFLyQGHOLEHUWDGVHDFODUDTXHFRQIRUPHORGHVDUUROODGR
HQ HO )XQGDPHQWR -XUtGLFR ,,,GH HVWD 6HQWHQFLD QR HV DSOLFDEOH SRUTXH OD
DKRUD UHSUHVHQWDGD QR FRQRFtD GHO SURFHVR SHQDO HQ VX FRQWUD OD RUGHQ GH

W


dW^:d
DSUHKHQVLyQ QR UHILHUH HO OXJDU DO FXDO GHEtD VHU FRQGXFLGD R OD DXWRULGDG
MXGLFLDO D OD FXDO SRGtD DFXGLU DVSHFWRV TXH VXPDGDV D ODV GLIHUHQWHV
LUUHJXODULGDGHVHQHOPDQGDPLHQWRGHDSUHKHQVLyQUHIHULGDVDQWHULRUPHQWHQR
VyOR OD GHMDURQ HQ WRWDO LQFHUWLGXPEUH VLQR HQ LQGHIHQVLyQ SDUD SODQLILFDU \
HMHUFHU VX GHUHFKR D OD GHIHQVD MXVWLILFiQGRVH TXH OD MXVWLFLD FRQVWLWXFLRQDO
LQJUHVHDOIRQGRGHODSUREOHPiWLFD

6LQWHVLVGHODUDWLRGHFLGHQGL

6H LQJUHVD DO DQiOLVLV GHO IRQGR GH OD DFFLyQ GH OLEHUWDG VLQ DSOLFDU OD
VXEVLGLDULHGDGH[FHSFLRQDOSRUFXDQWRODDFFFLRQDQWHQRFRQRFtDGHOSURFHVR
SHQDOHQVXFRQWUDODRUGHQGHDSUHKHQVLyQQRUHILHUHHOOXJDUDOFXDOGHEtDVHU
FRQGXFLGD QL OD DXWRULGDG MXGLFLDO D OD FXDO SRGtD DFXGLU DGHPiV GH H[LVWLU
LUUHJXODULGDGHV HQ HO PDQGDPLHQWR GH DSUHKHQVLyQ TXH FRORFDURQ D OD
DFFLRQDQWHHQWRWDOLQGHIHQVLyQ

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/DOtQHDMXULVSUXGHQFLDOGHOSURFHVDPLHQWRLQGHELGRGHEHVHUHQWHQGLGRGHODVLJXLHQWH
IRUPD


(O7ULEXQDO&RQVWLWXFLRQDODWUDYpVGHOD6&5HVWDEOHFLyTXHOD
SURWHFFLyQDOGHELGRSURFHVRDWUDYpVGHOHQWRQFHVUHFXUVRGHKDEHDVFRUSXVHUDYLDEOH
VRODPHQWH HQ DTXHOORV FDVRV HQ ORV FXDOHV H[LVWD GLUHFWD FDXVDOLGDG FRQ OD OLEHUWDG
SHUVRQDORGHORFRPRFLyQHVGHFLUFXDQGRORVDFWRVXRPLVLRQHVGHQXQFLDGRVVHDQOD
FDXVDGLUHFWDSDUDODUHVWULFFLyQRVXSUHVLyQDOGHUHFKRDODOLEHUWDG3RVWHULRUPHQWHOD
6&5HVWDEOHFLyTXHDQWHVGHDFWLYDUVHODMXULVGLFFLyQFRQVWLWXFLRQDOGHEtD
SHGLUVH OD UHSDUDFLyQ DO GHUHFKR DO GHELGR SURFHVR HQ VHGH MXULVGLFFLRQDO RUGLQDULD D
WUDYpVGHORVPHGLRVGHLPSXJQDFLyQHVWDEOHFLGRVSRUODOH\VDOYRHODEVROXWRHVWDGRGH
LQGHIHQVLyQH[FHSFLyQTXHVHJ~QODWHOHRORJtDGHODVHQWHQFLDDQDOL]DGDHUDDSOLFDEOHD
OD H[LJHQFLD GHO DJRWDPLHQWR SUHYLR GH ORV PHFDQLVPRV LQWUDSURFHVDOHV GH GHIHQVD
$VLPLVPR HQ HO FRQWH[WR GH ODV GRV VHQWHQFLDV DQWHULRUHV \ FRPR XQ HQWHQGLPLHQWR
VLVWHPDWL]DGRUOD6&5VHxDOyTXHSDUDODWXWHODGHO'HELGR3URFHVRDWUDYpV
GHOHQWRQFHVUHFXUVRGHKiEHDVFRUSXVGHEtDQFRQFXUULUORVVLJXLHQWHVUHTXLVLWRVD /RV
DFWRVXRPLVLRQHVGHQXQFLDGRVGHEtDQHVWDUYLQFXODGRVFRQODOLEHUWDG\VHUFDXVDGLUHFWD
SDUDVXVXSUHVLyQROLPLWDFLyQ\E GHEtDQDJRWDUVHORVPHFDQLVPRVLQWUDSURFHVDOHVGH
GHIHQVD VDOYR DEVROXWR HVWDGR GH LQGHIHQVLyQ (VWH FULWHULR IXH PRGXODGR
SRVWHULRUPHQWH D WUDYpV GH OD 6&  TXH HVWDEOHFH OR VLJXLHQWH
QLFDPHQWH
FXDQGR VH WUDWD GH PDWHULD SHQDO OD DFFLyQ GH OLEHUWDG HV HO PHGLR LGyQHR HILFD] \
HILFLHQWHSDUDUHVWDEOHFHUHOGHELGRSURFHVRHQWRGRVVXVHOHPHQWRV
HQHVWHPDUFR\GH
DFXHUGRDHVWHHQWHQGLPLHQWRSDUDHOSURFHVDPLHQWRLQGHELGR\VXWXWHODDWUDYpVGHOD
DFFLyQGHOLEHUWDGQRHVQHFHVDULRTXHHODFWRXRPLVLyQGHQXQFLDGRVFRPROHVLYRVVHDQOD
FDXVDGLUHFWDGHODVXSUHVLyQRUHVWULFFLyQDOGHUHFKRDODOLEHUWDGVLQRTXHHODFWRX
RPLVLyQDFXVDGDGHYXOQHUDWRULDSXHGHVHUODFDXVDGLUHFWDRLQGLUHFWDGHODUHVWULFFLyQ
RVXSUHVLyQDOGHUHFKRDODOLEHUWDG(VWHFULWHULRVHFRQILJXUDFRPRHOHVWiQGDUPiVDOWR
SDUDODOtQHDGHOSURFHVDPLHQWRLQGHELGR\VXWXWHODDWUDYpVGHODDFFLyQGHOLEHUWDG
6LQHPEDUJRDXQTXHSRVWHULRUPHQWHOD6&3UHFRQGXMRODOtQHDDOFULWHULR
UHVWULFWLYR HV GHFLU D OD H[LJHQFLD GH OD GLUHFWD FDXVDOLGDG HQWUH HO DFWR X RPLVLyQ
GHQXQFLDGRV FRPR OHVLYRV \ OD OLEHUWDG VLJXLHQGR OD GRFWULQD GHO HVWiQGDU
MXULVSUXGHQFLDOPiVDOWRHOSUHFHGHQWHYLQFXODQWHHVHOSODVPDGRHQOD6&3
(QHVWHPDUFRDOQRVHUQHFHVDULDODH[LJHQFLDGHODGLUHFWDFDXVDOLGDGHQORVVLJXLHQWHV
DSDUWDGRV VH SUHFLVDUiQ ORV VXSXHVWRV HQ ORV FXDOHV HV H[LJLEOH OD VXEVLGLDULHGDG
H[FHSFLRQDOGHODDFFLyQGHOLEHUWDG\DTXHOORVFDVRVHQORVFXDOHVODDFFLyQGHOLEHUWDG
GHEHVHUDFWLYDGDGHPDQHUDGLUHFWD

W


dW^:d




(Q HVWH SXQWR \ WDO FRPR VH VHxDOy SUHFHGHQWHPHQWH VH DQDOL]DUiQ ORV
VXSXHVWRVHQORVFXDOHVSDUDODWXWHODDWUDYpVGHODDFFLyQGHOLEHUWDGGHOSURFHVDPLHQWR
LQGHELGRHVH[LJLEOHHOSULQFLSLRGHVXEVLGLDULHGDGH[FHSFLRQDO


'HQXQFLDVGHDSUHKHQVLRQHVLOHJDOHV\RWUDVTXHGHEHQVHUUHDOL]DGDVDQWHODR
HO-XH]TXHHMHUFHFRQWUROMXULVGLFFLRQDOGHODFDXVD(O7ULEXQDO&RQVWLWXFLRQDODVtFRPR
HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO  HQ OD OtQHD MXULVSUXGHQFLDO VREUH
VXEVLGLDULHGDG H[FHSFLRQDO GH OD DFFLyQ GH OLEHUWDG HQ FDVRV GH DSUHKHQVLRQHV
VXSXHVWDPHQWHLOHJDOHVWDQWRMXGLFLDOHVFRPRILVFDOHV\RWUDVGHQXQFLDVUHDOL]DGDVHQ
HWDSDSUHSDUDWRULDHVWDEOHFHORVVLJXLHQWH

L 'H DFXHUGR D ODV 66&&  \ 5 ODV DSUHKHQVLRQHV GHEHQ VHU
LPSXJQDGDVDQWHHOMXH]FDXWHODU$VXYH]HVWDDXWRULGDGMXULVGLFFLRQDOWLHQHDVXFDUJR
HOFRQWUROGHODOHJDOLGDGIRUPDO\PDWHULDOGHODDSUHKHQVLyQHQWHQGLPLHQWRDVXPLGR
SRUOD6&3TXHVHFRQILJXUDFRPRXQDSULPHUDVHQWHQFLDFRQILUPDGRUDGH
OtQHD$GHPiVHQHOFRQWH[WRGHODVVHQWHQFLDVDQRWDGDVOD6&5VHxDOyTXH
ODRHOMXH]FDXWHODUGHEHD 9HULILFDUODOHJDOLGDGIRUPDO\PDWHULDOGHODDSUHKHQVLyQ
\E /DOHJDOLGDGPDWHULDOGHODDSUHKHQVLyQ$GHPiVOD6&3VHxDOyTXHHO
FRQWURO GH OHJDOLGDG GH OD DSUHKHQVLyQ D VHU HMHUFLGR SRU OD DXWRULGDG HQFDUJDGD GHO
FRQWUROMXULVGLFFLRQDOGHEtDVHUUHDOL]DGRLQFOXVRGHRILFLR

LL /D6&5VHxDOyH[SUHVDPHQWHTXHVHSRGtDDFXGLUGLUHFWDPHQWHDODMXVWLFLD
FRQVWLWXFLRQDOFXDQGRQRH[LVWLHUDGHQXQFLDLQYHVWLJDFLyQDELHUWDQLIODJUDQFLDHPSHUR
OD 6& 5 VLVWHPDWL]y ODV VXEUHJODV SDUD OD DSOLFDFLyQ GH OD VXEVLGLDULHGDG
H[FHSFLRQDOGHODDFFLyQGHOLEHUWDGVHxDODQGRH[SUHVDPHQWHHQFXDQWRDODVVXSXHVWDV
DSUHKHQVLRQHV LOHJDOHV TXH VL D~Q QR H[LVWtD DYLVR GHO LQLFLR GH OD LQYHVWLJDFLyQ ODV
PLVPDVGHEtDQVHUGHQXQFLDGDVDQWHHOMXH]FDXWHODUGHWXUQR\HQFDVRGHKDEHUVHGDGR
HODYLVRFRUUHVSRQGLHQWHGHEtDDFXGLUVHDQWHODDXWRULGDGMXGLFLDODFDUJRGHOFRQWUROGH
OD LQYHVWLJDFLyQ 3RVWHULRUPHQWH OD 6&3  PXWy HO HQWHQGLPLHQWR DQWHV
UHIHULGR FRQWHQLGR HQ OD 6& 5 \ VRVWXYR TXH VL QR H[LVWH LQLFLR GH
LQYHVWLJDFLyQ\WDPSRFRSUHVXQWDFRPLVLyQGHGHOLWRDOJXQRFRUUHVSRQGHUiDODMXVWLFLD
FRQVWLWXFLRQDO FRQRFHU GLUHFWDPHQWH \ UHVROYHU OD DFFLyQ GH OLEHUWDG TXH DFXVH XQD
SUHVXQWDLQGHELGDSULYDFLyQGHOLEHUWDG

LLL 6REUHODEDVHGHOD6&3OD6&3HVWDEOHFLyTXHHQORVVXSXHVWRV
HQTXHODVSHUVRQDVSULYDGDVGHOLEHUWDGHQYLUWXGDXQPDQGDPLHQWRGHDSUHKHQVLyQ
SODQWHHQ DFFLRQHV GH OLEHUWDG DOHJDQGR QR VHU OD SHUVRQD D OD FXDO VH GLULJH HO
PDQGDPLHQWRFRUUHVSRQGHGLIHUHQFLDUGRVVXSXHVWRV &XDQGRODDXWRULGDGMXGLFLDO
FRPSHWHQWHVHHQFXHQWUDSOHQDPHQWHLGHQWLILFDGD\SRUODVFLUFXQVWDQFLDVFRQFUHWDVGHO
DVXQWRVHFRQVWLWX\DHQXQUHFXUVRLGyQHR\DGHFXDGRHQFX\RFDVRFRUUHVSRQGHDSOLFDU
OD VXEVLGLDULHGDG H[FHSFLRQDO GH OD DFFLyQ GH OLEHUWDG FRQIRUPH OD MXULVSUXGHQFLD
FRQWHQLGD HQ ODV 66&& 5 \ 5  (Q HO FDVR GH TXH HO MXH] R
WULEXQDOGHJDUDQWtDVFRQVWDWDFRQFHUWH]DTXHODDSUHKHQGLGDRDSUHKHQGLGRQRHVOD
SHUVRQDHQFRQWUDGHODFXDOVHOLEUyPDQGDPLHQWRGHDSUHKHQVLyQRTXHSRUGLIHUHQWHV
LUUHJXODULGDGHVSURFHGLPHQWDOHVQRHVLGHQWLILFDEOHHOyUJDQRGHFRQWUROMXULVGLFFLRQDO
FRPSHWHQWH\ODPLVPDVHHQFXHQWUDDSXQWRGHVHUWUDVODGDGDHTXLYRFDGDPHQWHDRWUR
GHSDUWDPHQWRSUHVXPLpQGRVHTXHVHOHSURGXFLUiQGLYHUVRVSHUMXLFLRVDODPLVPD

LY 3RVWHULRUPHQWHOD6&PRGXOyHOFRQWHQLGRGHOD6&3DOVHxDODU
TXH HV SRVLEOH OD SUHVHQWDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG SUHVFLQGLHQGR GH OD
VXEVLGLDULHGDG H[FHSFLRQDO FXDQGR D  /D VXSXHVWD OHVLyQR DPHQD]D DO GHUHFKR D OD
OLEHUWDGItVLFDRSHUVRQDOQRHVWpYLQFXODGDDXQGHOLWRyE &XDQGRH[LVWLHQGRGLFKD
YLQFXODFLyQQRVHKDLQIRUPDGRDOMXH]FDXWHODUVREUHHOLQLFLRGHODVLQYHVWLJDFLRQHV
QRREVWDQWHKDEHUWUDQVFXUULGRORVSOD]RVHVWDEOHFLGRVSDUDHOHIHFWRHQHO&yGLJRGH
SURFHGLPLHQWR SHQDO QR VLHQGR H[LJLEOH HQ QLQJXQR GH ORV GRV VXSXHVWRV DQRWDGRV

W


dW^:d
DFXGLUDQWHHOMXH]FDXWHODUGHWXUQRFRQFDUiFWHUSUHYLR

Y (Q FXDQWR D OD UHVROXFLyQ TXH SURQXQFLD HO MXH] FDXWHODU FXDQGR HMHUFH HO FRQWURO
IRUPDO\PDWHULDOGHODOHJDOLGDGGHODDSUHKHQVLyQODV66&&5\
5 HQWUH RWUDV HVWDEOHFLHURQ TXHXQD YH] LPSXJQDGDOD VXSXHVWD DSUHKHQVLyQ ILVFDO R
SROLFLDO DQWH HO MXH] FDXWHODU VH SRGtD SUHVHQWDU GLUHFWDPHQWH HO UHFXUVR GH KiEHDV
FRUSXVQRVLHQGRQHFHVDULRLQWHUSRQHUHOUHFXUVRGHDSHODFLyQFRQWUDODGHFLVLyQGHOD
DXWRULGDG MXGLFLDO /XHJR OD 6& 5 VLQ FDPELDU GH PDQHUD H[SUHVD ORV
DQWHULRUHVSUHFHGHQWHVVRVWXYRTXHODUHVROXFLyQSURQXQFLDGDSRUODDXWRULGDGMXGLFLDO
GHEtD VHU LPSXJQDGD D WUDYpV GHO UHFXUVR GH DSHODFLyQ LQFLGHQWDO \ QR DFXGLU
GLUHFWDPHQWH DQWH OD MXULVGLFFLyQ FRQVWLWXFLRQDO SRVWHULRUPHQWH OD 6& 5
UHWRPDQGR HO FULWHULR DQWHULRU VRVWXYR TXH QR HV H[LJLEOH SDUD DFWLYDU OD MXVWLFLD
FRQVWLWXFLRQDOXWLOL]DUHOUHFXUVRGHDSHODFLyQSUHYLVWRHQHODUWGHO&33FRQWUDOD
UHVROXFLyQTXHGHFODUyODOHJDOLGDGRLOHJDOLGDGGHODDSUHKHQVLyQVDOYRTXHHOLPSXWDGR
KXELHUHIRUPXODGRHOPLVPRVXSXHVWRHQHOFXDO
QRVHDFWLYDODMXVWLFLDFRQVWLWXFLRQDO
PLHQWUDVODDSHODFLyQGHGLFKDGHWHUPLQDFLyQHVWpSHQGLHQWHHVWRFRQODILQDOLGDGGHQR
JHQHUDU GRV IDOORV TXH SXHGHQ VHU FRQWUDGLFWRULRV VREUH XQD PLVPD WHPiWLFD
 6LQ
HPEDUJRHVWDPLVPDVHQWHQFLDVHxDOyTXH
VLHOLPSXWDGRSUHVHQWDUHFXUVRGHDSHODFLyQ
FRQWUDODUHVROXFLyQTXHGHFODUyODOHJDOLGDGRLOHJDOLGDGGHODDSUHKHQVLyQQRVHDFWLYD
ODMXVWLFLDFRQVWLWXFLRQDOPLHQWUDVODDSHODFLyQGHGLFKDGHWHUPLQDFLyQHVWpSHQGLHQWH
HVWRFRQODILQDOLGDGGHQRJHQHUDUGRVIDOORVTXHSXHGHQVHUFRQWUDGLFWRULRVVREUHXQD
PLVPDWHPiWLFD
HQWHQGLPLHQWRTXHIXHUHLWHUDGRHQOD6&3)LQDOPHQWHOD
6&3HVWDEOHFLyTXHQRHVQHFHVDULRDFWLYDUODDSHODFLyQLQFLGHQWDOFRQWUDOD
UHVROXFLyQ GH OD DXWRULGDG MXGLFLDO FXDQGR LQFXPSOH VX GHEHU GH UHDOL]DU FRQWURO GH
OHJDOLGDGSXGLHQGRHQHVWHVXSXHVWRDFWLYDUVHGHPDQHUDGLUHFWDODDFFLyQGHOLEHUWDG

9L)LQDOPHQWHDOPDUJHQGHOFDVRHVSHFtILFRGHODVDSUHKHQVLRQHVHVLPSRUWDQWHVHxDODU
TXHHO7ULEXQDO&RQVWLWXFLRQDOWDOFRPR\DVHVHxDOyDWUDYpVGHOD6&5
VHQWyODOtQHDVREUHODVXEVLGLDULHGDGH[FHSFLRQDOGHODDKRUDDFFLyQGHOLEHUWDGHQHVH
PDUFRVHWLHQHTXHWRGDGHQXQFLDTXHVHDUHDOL]DGDHQHWDSDSUHSDUDWRULDRHQFXDOTXLHU
RWUDGHOSURFHVRSHQDOGHEHFRQFDUiFWHUSUHYLRVHUGHQXQFLDGDDQWHODDXWRULGDGTXH
HMHUFHFRQWUROMXULVGLFFLRQDOGHODFDXVDQRSXGLHQGRHQHVWRVFDVRVDFWLYDUVHODDFFLyQ
GH OLEHUWDG GH PDQHUD GLUHFWD FULWHULRV DVXPLGRV SRU ODV 66&& 5 \
5HQWUHPXFKDVRWUDV



$SHODFLyQ GHO LQFLGHQWH SRU DFWLYLGDG SURFHVDO GHIHFWXRVD(O
7ULEXQDO&RQVWLWXFLRQDOHQOD6&5IXQGyODOtQHDVREUHODVXEVLGLDULHGDG
H[FHSFLRQDO GHO HQWRQFHV UHFXUVR GH KiEHDV FRUSXV DKRUD DFFLyQ GH OLEHUWDG
HVWDEOHFLHQGRTXHHQORVVXSXHVWRVHQORVTXHH[LVWDQPHGLRVLGyQHRVSDUDUHSDUDUGH
PDQHUDXUJHQWHSURQWD\HILFD]HOGHUHFKRDODOLEHUWDGItVLFDLOHJDOPHQWHUHVWULQJLGR
ORVPLVPRVGHEHQVHUXWLOL]DGRVDQWHVGHDFXGLUDODMXVWLFLDFRQVWLWXFLRQDODWUDYpVGHOD
DFFLyQ GH OLEHUWDG  /D 6& 5 HQ HO PDUFR GH GLFKD OtQHD MXULVSUXGHQFLDO
VHxDOy TXH HQ OD HWDSD SUHSDUDWRULD GHO SURFHVR SHQDO HV HO MXH] FDXWHODU TXLHQ GHEH
FRQRFHUODVVXSXHVWDVOHVLRQHVDGHUHFKRV\JDUDQWtDVTXHSXGLHUDQWHQHURULJHQHQORV
yUJDQRV HQFDUJDGRV GH OD SHUVHFXFLyQ SHQDO QR UHVXOWDQGR FRPSDWLEOH DFWLYDU
GLUHFWDPHQWH R GH PDQHUD VLPXOWiQHD OD MXVWLFLD FRQVWLWXFLRQDO  (Q HO PDUFR GH OD
&RQVWLWXFLyQYLJHQWHDSDUWLUGHOD6&5UDWLILFyORVHQWHQGLPLHQWRV
DQWHVDQRWDGRVVHxDODQGRH[SUHVDPHQWHTXHHQFDVRGHH[LVWLUQRUPDH[SUHVDTXHSUHYHD
PHFDQLVPRV LQWUDSURFHVDOHV HIHFWLYRV \ RSRUWXQRV GH GHIHQVD GHEHQ VHU XWLOL]DGRV
SUHYLDPHQWH DQWHV GH DFWLYDU OD WXWHOD TXH EULQGD OD DFFLyQ GH OLEHUWDG /XHJR OD 6&
5IXHSURQXQFLDGDGHQWURGHXQDDFFLyQGHDPSDURFRQVWLWXFLRQDO\HQHOOD
VH HVWDEOHFLy TXH ODV UHVROXFLRQHV SURQXQFLDGDV HQ LQFLGHQWHV GH DFWLYLGDG SURFHVDO
GHIHFWXRVDSXHGHQVHUDSHODGDVLQFLGHQWDOPHQWHGXUDQWHODHWDSDSUHSDUDWRULDRDWUDYpV
GHODDSHODFLyQUHVWULQJLGDHQHOMXLFLRRUDO3RVWHULRUPHQWHHQHOFRQWH[WRGHODV6&
5\5OD6&5HQXQDDFFLyQGHOLEHUWDGH[LJLyHO
UHTXLVLWRGHODDSHODFLyQLQFLGHQWDOFRQWUDLQFLGHQWHVSRUDFWLYLGDGSURFHVDOGHIHFWXRVD

W


dW^:d


FRPRFRQGLFLyQSUHYLDSDUDDFWLYDUHVWHPHFDQLVPRGHGHIHQVD(QHOFRQWH[WRH[SXHVWR
VH WLHQH TXH OD SULPHUD VHQWHQFLD FRQILUPDGRUD GHO SUHFHGHQWH SODVPDGR HQ OD 6&
5HVOD6&3


$SHODFLyQ GH PHGLGDV FDXWHODUHV GH FDUiFWHU SHUVRQDO(O 7ULEXQDO
&RQVWLWXFLRQDOHQOD6&5IXQGyODOtQHDVREUHODVXEVLGLDULHGDGH[FHSFLRQDO
GH OD DFFLyQ GH OLEHUWDG HVWDEOHFLHQGR TXH HQ ORV VXSXHVWRV HQ ORV H[LVWDQ PHGLRV
LGyQHRVSDUDUHSDUDUGHPDQHUDXUJHQWHSURQWD\HILFD]GHOGHUHFKRDODOLEHUWDGItVLFD
LOHJDOPHQWH UHVWULQJLGR ORV PLVPRV GHEHQ VHU XWLOL]DGRV DQWHV GH DFXGLU D OD MXVWLFLD
FRQVWLWXFLRQDODWUDYpVGHODDFFLyQGHOLEHUWDG/D6&5HQHOPDUFRGHOD
&RQVWLWXFLyQ YLJHQWH VLVWHPDWL]y ORV VXSXHVWRV GH VXEVLGLDULHGDG H[FHSFLRQDO GH OD
DFFLyQGHOLEHUWDGVLHQGRXQRGHORVVXSXHVWRVODVUHVROXFLRQHVGHPHGLGDVFDXWHODUHV
TXHSXHGHQVHULPSXJQDGDVDWUDYpVGHODDSHODFLyQLQFLGHQWDO/D5HQXQ
FDVR VLPLODU H[LJLy OD DSHODFLyQ LQFLGHQWDO FRQWUD XQD UHVROXFLyQ GH FHVDFLyQ GH OD
GHWHQFLyQSUHYHQWLYDHQIRUPDSUHYLDDODSUHVHQWDFLyQGHODDFFLyQGHOLEHUWDG(QHO
FRQWH[WR DQWHV SUHFLVDGR OD 6&3  VH FRQVWLWX\H HQ OD SULPHUD VHQWHQFLD
FRQILUPDGRUDGHHVWHHQWHQGLPLHQWRTXHGHPDQHUDXQLIRUPHKDPDQWHQLGR


(QHVWHDFiSLWHVHGHVDUUROODUiQORVVXSXHVWRVGHSUHVHQWDFLyQGLUHFWDGHOD
DFFLyQGHOLEHUWDGTXHSXHGHQVHUUHVXPLGRVGHODVLJXLHQWHPDQHUD


$FWLYDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGSRUDEVROXWRHVWDGRGHLQGHIHQVLyQ

(ODEVROXWRHVWDGRGHLQGHIHQVLyQHVXQSUHVXSXHVWRH[LJLGRSRUODMXULVSUXGHQFLDSDUD
TXHVHDFWLYHODDFFLyQGHOLEHUWDGGHPDQHUDGLUHFWDHQHVHPDUFROD6&5
HVWDEOHFLyTXHDQWHVGHDFXGLUDODMXULVGLFFLyQFRQVWLWXFLRQDOGHEtDSHGLUVHODUHSDUDFLyQ
DOGHUHFKRDOGHELGRSURFHVRHQVHGHMXULVGLFFLRQDORUGLQDULDDWUDYpVGHORVPHGLRVGH
LPSXJQDFLyQHVWDEOHFLGRVSRUODOH\VDOYRHODEVROXWRHVWDGRGHLQGHIHQVLyQFULWHULR
VLVWHPDWL]DGRSRUOD6&5DVtHQFDVRVFRQFUHWRVHQORVFXDOHVHO7ULEXQDO
&RQVWLWXFLRQDOYHULILFyHVWHSUHVXSXHVWRLQJUHVyDODQiOLVLVGHIRQGRGHODSUREOHPiWLFD
DVtORKL]RSRUHMHPSORDWUDYpVGHOD6&5FDVRHQHOFXDOHOQRDJRWDPLHQWR
GH ORV PHFDQLVPRV SHQDOHV GH LPSXJQDFLyQ FRPR FRQVHFXHQFLD GH OD QHJOLJHQFLD H
LQFXPSOLPLHQWRGHORVUROHVGHOGHIHQVRUGHRILFLRRFDVLRQyODHPLVLyQGHXQDVHQWHQFLD
FRQGHQDWRULD FRQ DSDUHQWH FDOLGDG GH FRVD MXJDGD HPHUJHQWH GH XQ SURFHVDPLHQWR
LQGHELGRSRUORTXHHOPi[LPRFRQWUDORUGHGHUHFKRVIXQGDPHQWDOHVVLQODH[LJHQFLDGH
ODVXEVLGLDULHGDGH[FHSFLRQDOLQJUHVyDODQiOLVLVGHIRQGR\UHYRFyODGHFODUDWRULDGH
LPSURFHGHQFLDGHO7ULEXQDOGH*DUDQWtDV\DWUDYpVGHOKiEHDVFRUSXVFRQFHGLyODWXWHOD
DQXODQGRREUDGRVKDVWDODDXGLHQFLDGHDSHUWXUDGHGHEDWHVLQFOXVLYH(VWHFULWHULRIXH
DGHPiVDVXPLGRSRUOD6&5

3RUVXSDUWHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHQOD6&3HVWDEOHFLy
TXHODGHFODUDFLyQGHODRHOLPSXWDGRTXHFRQWHQJDXQDFRQIHVLyQGHOGHOLWRREWHQLGD
LOHJDOPHQWHVLQODSUHVHQFLDGHVXDERJDGRGHIHQVRUHVXQVXSXHVWRGHSURFHVDPLHQWR
LQGHELGRSRUORTXHSURFHGHODDFWLYDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGHQPpULWRDO
DEVROXWRHVWDGRGHLQGHIHQVLyQ


$FWLYDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGHQFDVRVGHQRHVWDUYLQFXODGRHO
KHFKR D GHOLWRV R FXDQGR QR H[LVWH DXWRULGDG TXH HMHU]D FRQWURO MXULVGLFFLRQDO GH OD
FDXVD(VWDOtQHDGHEHVHUHQWHQGLGDGHODVLJXLHQWHPDQHUD

L/D6&PRGXODOD6&5TXHHVWDEOHFLyFRPRSULPHUVXSXHVWRGH
VXEVLGLDULHGDGHOVLJXLHQWH
6LDQWHVGHH[LVWLULPSXWDFLyQIRUPDOWDQWROD3ROLFtDFRPR
OD)LVFDOtDFRPHWLHURQDUELWUDULHGDGHVUHODFLRQDGDVDOGHUHFKRDODOLEHUWDGItVLFDRGH
ORFRPRFLyQ \ WRGDYtD QR H[LVWH DYLVR GHO LQLFLRGH OD LQYHVWLJDFLyQ FRUUHVSRQGH VHU
GHQXQFLDGDV DQWH HO -XH] &DXWHODU GH WXUQR
  6LQ HPEDUJR GHEH FRQVLGHUDUVH TXH HO
SUHFHGHQWHFRQWHQLGRHQOD6&\DIXHHVWDEOHFLGRHQOD6&5HQ

W


dW^:d
ODTXHVHVRVWXYRTXHVHSRGtDDFXGLUGLUHFWDPHQWHDODMXVWLFLDFRQVWLWXFLRQDOFXDQGRQR
H[LVWLHUDGHQXQFLDLQYHVWLJDFLyQDELHUWDQLIODJUDQFLD

LL3RVWHULRUPHQWHOD6&PRGXOyHOFRQWHQLGRGHOD6&3DOVHxDODU
TXH HV SRVLEOH OD SUHVHQWDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG SUHVFLQGLHQGR GH OD
VXEVLGLDULHGDG H[FHSFLRQDO FXDQGR D  /D VXSXHVWD OHVLyQR DPHQD]D DO GHUHFKR D OD
OLEHUWDGItVLFDRSHUVRQDOQRHVWpYLQFXODGDDXQGHOLWRyE &XDQGRH[LVWLHQGRGLFKD
YLQFXODFLyQQRVHKDLQIRUPDGRDOMXH]FDXWHODUVREUHHOLQLFLRGHODVLQYHVWLJDFLRQHV
QRREVWDQWHKDEHUWUDQVFXUULGRORVSOD]RVHVWDEOHFLGRVSDUDHO HIHFWRHQHO&yGLJRGH
SURFHGLPLHQWR SHQDO QR VLHQGR H[LJLEOH HQ QLQJXQR GH ORV GRV VXSXHVWRV DQRWDGRV
DFXGLUDQWHHOMXH]FDXWHODUGHWXUQRFRQFDUiFWHUSUHYLR


$FWLYDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGHQUHODFLyQDOUHVJXDUGRGHOGHUHFKR
DODYLGD

(O7ULEXQDO&RQVWLWXFLRQDOHQHOPDUFRGHOD&RQVWLWXFLyQDSUREDGDHQHVWDEOHFLy
HQOD6&5TXHHQUHODFLyQDODWXWHODDOGHUHFKRDODYLGDDWUDYpVGHODDFFLyQ
GHOLEHUWDGQRHUDDSOLFDEOHHOSULQFLSLRGHVXEVLGLDULHGDGFULWHULRWDPELpQDVXPLGRSRU
ODV 66&& 5 \  HQWUH RWUDV \ UDWLILFDGR SRU HO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOHQSDUWLFXODUHQOD6&3ODFXDOHQHO)-,,,
GHPDQHUDH[SUHVDVHxDODTXHEDMRQLQJXQDFLUFXQVWDQFLDHVDSOLFDEOHODVXEVLGLDULHGDG
GHODDFFLyQGHOLEHUWDGFXDQGRVHGHQXQFLDYLRODFLyQGHOGHUHFKRDODYLGD


$FWLYDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG HQ UHVROXFLRQHV GH PHGLGDV
FDXWHODUHVGHFDUiFWHUSHUVRQDOHPLWLGDVHQ3URYLQFLDV(VWDOtQHDGHEHVHUHQWHQGLGDGH
ODVLJXLHQWHIRUPD

L
(O7ULEXQDO&RQVWLWXFLRQDODWUDYpVGHOD6&5IXQGyODOtQHDVREUH
ODVXEVLGLDULHGDGH[FHSFLRQDOGHODDFFLyQGHOLEHUWDGHVWDEOHFLHQGRTXHHQORVVXSXHVWRV
HQ ORV H[LVWDQ PHGLRV LGyQHRV SDUD UHSDUDU GH PDQHUD XUJHQWH SURQWD \ HILFD] GHO
GHUHFKRDODOLEHUWDGItVLFDLOHJDOPHQWHUHVWULQJLGRORVPLVPRVGHEHQVHUXWLOL]DGRVDQWHV
GHDFXGLUDODMXVWLFLDFRQVWLWXFLRQDODWUDYpVGHODDFFLyQGHOLEHUWDG

LL
$ WUDYpV GH OD 6& 5 VH HVWDEOHFLy TXH HQ SURYLQFLDV SDUD QR
GHVQDWXUDOL]DU HVWH PHFDQLVPR WXWHODU SRGtD DFWLYDUVH GLUHFWDPHQWH HO KiEHDV FRUSXV
FRQWUDPHGLGDVFDXWHODUHVVLQQHFHVLGDGGHDFWLYDUODDSHODFLyQLQFLGHQWDO

LLL
3RVWHULRUPHQWH \ GH PDQHUD UHVWULFWLYD OD 6& 5 PXWy HO
HQWHQGLPLHQWRSODVPDGRHQOD6&5HVWDEOHFLHQGRTXHQRHUDDGPLVLEOHOD
SUHVHQWDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGHQSURYLQFLDVSXHVHVWR
SURYRFDUtDXQFDRV
MXUtGLFR \ XQD VREUHFDUJD SURFHVDO LQPRWLYDGD TXH SRGUtD SURGXFLU GHPRUDV HQ OD
GLQiPLFD\UHVXOWDUtDLQFRPSDWLEOHFRQODVGLUHFWULFHVGHFHOHULGDGTXHHPDQDQGHORV
DUWV\GHOD&3(DGHPiVUHSHUFXWLUiQHJDWLYDPHQWHHQODSHUVHFXFLyQSHQDO


LY
/D  6&3  UHFRQGXFH HO FULWHULR MXULVSUXGHQFLDO DO UD]RQDPLHQWR
SODVPDGR HQ OD 6& 5 SRU WDQWR HQ SURYLQFLDV QR HV H[LJLEOH OD
VXEVLGLDULHGDG H[FHSFLRQDO GH OD DFFLyQ GH OLEHUWDG FXDQGR ORV PHFDQLVPRV LQWUD
SURFHVDOHVGHLPSXJQDFLyQQRVHDQRSRUWXQRVQLHILFDFHVHQUD]yQDGLVWDQFLD\WLHPSR


$FWLYDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGFXDQGRHOPHGLRGHGHIHQVDQRHV
LGyQHRRHVLQHILFD]


(QFDVRGHDFWLYDFLyQSDUDOHODGHMXULVGLFFLRQHV(O7ULEXQDO&RQVWLWXFLRQDO
3OXULQDFLRQDODWUDYpVGHOD6&3TXHHVXQDVHQWHQFLDIXQGDGRUDVHxDOyTXH
H[FHSFLRQDOPHQWHODMXULVGLFFLyQFRQVWLWXFLRQDOSRGUiLQJUHVDUDODQiOLVLVGHIRQGRGHOD
DFFLyQGHOLEHUWDGHQORVFDVRVGHDFWLYDFLyQSDUDOHODGHODMXULVGLFFLyQRUGLQDULD\OD

W


dW^:d


FRQVWLWXFLRQDOFXDQGRFRQVWDWHTXHODYtDMXGLFLDOVHWRUQDLQHILFD]GHDFXHUGRFRQORV
DQWHFHGHQWHVGHOFDVRFRQFUHWR


(Q FDVR GHO UHFXUVR GH UHSRVLFLyQ (VWD OtQHD MXULVSUXGHQFLDO GHEH VHU
HQWHQGLGDGHODVLJXLHQWHPDQHUD

L/DOtQHDMXULVSUXGHQFLDOVREUHODVXEVLGLDULHGDGH[FHSFLRQDOGHODDFFLyQGHOLEHUWDG
YLQFXODGDDODUHSRVLFLyQIXHVLVWHPDWL]DGDHQOD6&35HQODTXHDOKDFHU
UHIHUHQFLD D ODV FLUFXQVWDQFLDV HQ ODV TXH  SRU HO GDxR LQPLQHQWH H LUUHSDUDEOH QR HV
SRVLEOH DSOLFDU OD VXEVLGLDULHGDG H[FHSFLRQDO \ SRU WDQWR FRUUHVSRQGH LQJUHVDU DO
DQiOLVLVGHIRQGRH[SUHVDPHQWHFRQWHPSOyDORVVXSXHVWRVHQTXHH[LVWHSULYDFLyQGH
OLEHUWDG \ HYLGHQWH QHJOLJHQFLD R GLODFLyQ SRU SDUWH GH ODV DXWRULGDGHV TXH ULJHQ OD
DFWLYLGDGSURFHVDOSHQDOSRUHMHPSORVLILMDQDXGLHQFLDVGHFRQVLGHUDFLyQFRQSOD]RV
QR UD]RQDEOHV OD LQMXVWLILFDGD VXVSHQVLyQ HQWUH RWUDV FLUFXQVWDQFLDV DxDGLHQGR
SRVWHULRUPHQWH TXH VL ELHQ HQ HVWRV FDVRV GH HYLGHQWH GLODFLyQ VH DFWLYD
LQPHGLDWDPHQWH HVWD DFFLyQ WXWHODU SDUD LPSXJQDU HVD DFWLWXG OHVLYD D OD OLEHUWDG SRU
SDUWHGHODDXWRULGDGMXULVGLFFLRQDOTXHSURORQJDODSULYDFLyQGHOLEHUWDGQRREVWDQWH\
VLQTXHVHDH[LJLEOHSRUORH[SOLFDGRSUHFHGHQWHPHQWH\GDGDODQDWXUDOH]DQRVXEVLGLDULD
GHHVWDDFFLyQHODJUDYLDGRGHEHWHQHUHQFXHQWDTXHODQRUPDDGMHWLYDSHQDOOHGDOD
IDFXOWDGGHLQWHUSRQHUUHFXUVRGHUHSRVLFLyQSDUDLPSXJQDUHQHVWHFDVRHOGHFUHWRGH
ILMDFLyQ R VXVSHQVLyQ GH DXGLHQFLD \ TXH SXHGH VHU DFWLYDGR RUDOPHQWH HQ HO DFWR \
UHVXHOWRGHLQPHGLDWRHQODPLVPDDXGLHQFLD\VLHVSRUHVFULWRSXHGHVHULQWHUSXHVWR
HQYHLQWLFXDWURKRUDV\UHVXHOWRHQLJXDOSOD]RGHWDOPDQHUDTXHHQODPLVPDLQVWDQFLD
VHUHHQFDXFHHOSURFHVR\VHUHVWDEOH]FDQVXVGHUHFKRV
3RUWDQWRDQWHHVWDVLWXDFLyQGLODWRULDSXHGHDFXGLUGLUHFWDPHQWHDODDFFLyQGHOLEHUWDG
R HQ VX GHIHFWR DQWHV GH LQWHUSRQHU HVWD DFFLyQ WXWHODU SXHGH IRUPXODU UHFXUVR GH
UHSRVLFLyQHPSHURORTXHQRHVWiSHUPLWLGRHVTXHHODJUDYLDGRLQFXPSOLHQGRVXGHEHU
GHDFWXDUFRQOHDOWDGSURFHVDOKDELHQGRDFWLYDGRHOUHFXUVRGHUHSRVLFLyQ\HVWDQGRHQ
WUiPLWH HO PLVPR HQ OD MXULVGLFFLyQ RUGLQDULD GH PDQHUD SDUDOHOD DFWLYH OD DFFLyQ GH
OLEHUWDGHQODMXULVGLFFLyQFRQVWLWXFLRQDOHQHVHFDVRQRHVSRVLEOHLQJUHVDUDODQiOLVLV
GHIRQGR(QWHQGLPLHQWRTXH\DIXHHVWDEOHFLGRHQOD6&5GHGHDEULO

LL/DV6&3V\VLJXLHQGRHOSUHFHGHQWHGHODV66&&5
\ 5 GHFODUDQ OD LPSURFHGHQFLD GH OD DFFLyQ GH OLEHUWDG SRU VXEVLGLDULHGDG
H[FHSFLRQDO

LLL /D 6&3  PXWD HO HQWHQGLPLHQWR H[SUHVDGR HQ ODV 6&3  \
TXHGHQHJDURQODWXWHODTXHEULQGDODDFFLyQGHOLEHUWDGSRUHVWDUSHQGLHQWH
GHUHVROXFLyQHOUHFXUVRGHUHSRVLFLyQ\VRVWLHQHHQIRUPDH[SUHVDTXHHOUHFXUVRGH
UHSRVLFLyQQRHVXQUHFXUVRUiSLGRLGyQHRHIHFWLYRSDUDTXHFRQODPD\RUFHOHULGDGVH
UHSDUH HQ HO PLVPR yUJDQR MXGLFLDO ODV DUELWUDULHGDGHV \R HUURUHV TXH VH KXELHVHQ
FRPHWLGR HQ GLFKD IDVH R HWDSD SURFHVDO HQ HVWH PDUFR UHDOL]DQGR XQ DQiOLVLV GH OD
SUiFWLFDMXGLFLDOFRQFOX\HTXH
GDGDODSUiFWLFDIRUHQVHHVWHVXSHUDORVWUHVGtDVHQVX
WUDPLWDFLyQ VL VH WRPD HQ FXHQWD TXH HO PLVPR GHEH LQJUHVDU D GHVSDFKR SDUD VX
FRQVLGHUDFLyQ \ SRVWHULRUPHQWH GHEH VHU QRWLILFDGR D ODV SDUWHV VLWXDFLyQ TXH HQ
GHILQLWLYD GHVQDWXUDOL]D HO SULQFLSLR GH FHOHULGDG \ HO GHUHFKR D XQD MXVWLFLD SURQWD
RSRUWXQD \ VLQ GLODFLRQHV
 (Q FRQVHFXHQFLD /D 6&3  DO HVWDEOHFHU TXH HO
UHFXUVRGHUHSRVLFLyQQRHVXQPHFDQLVPRLQWUDSURFHVDODVHUDFWLYDGRHQIRUPDSUHYLD
D OD SUHVHQWDFLyQGH OD DFFLyQ GH OLEHUWDG SRU QR UHXQLUOD FDUDFWHUtVWLFDV GH UDSLGH]
LGRQHLGDG\HILFDFLDFRQWLHQHXQUD]RQDPLHQWRFRQHOHVWiQGDUPiVDOWR


$FWLYDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG HQ FDVR GH QLxDV QLxRV \
DGROHVFHQWHV(VWDOtQHDGHEHVHUHQWHQGLGDGHODVLJXLHQWHPDQHUD

L
/DV 66&& 5 5 5 5 66&&33
 \ RWUDV SRVWHULRUHV HVWDEOHFHQ HO PDUFR JHQHUDO VREUH OD VXEVLGLDULHGDG

W


dW^:d
H[FHSFLRQDOGHODDFFLyQGHOLEHUWDG

LL/D6&5HVWDEOHFLyTXHODVXEVLGLDULHGDGH[FHSFLRQDO
QRHVDSOLFDEOHD
ORVVXSXHVWRVHQORVTXHPHQRUHVGHDxRVFRQVLGHUDGRVPHQRUHVLQIUDFWRUHVVHYHDQ
LQYROXFUDGRVHQODSUHVXQWDFRPLVLyQGHGHOLWRV
(VWHHQWHQGLPLHQWRHVFRQILUPDGRSRU
OD6&3TXHVHFRQILJXUDFRPRSULPHUDVHQWHQFLDFRQILUPDGRUDGHOtQHD

LLL (Q FXDQWR D ORV PHQRUHV LPSXWDEOHV FRPSUHQGLGRV HQWUH  \  DxRV OD 6&
5UHLWHUDGDHQWUHRWUDVSRUODV66&&5\5FRQFOX\y
TXHORVPHQRUHVLPSXWDEOHVGHEHQVHUSURFHVDGRVHQODMXULVGLFFLyQRUGLQDULDFX\DHWDSD
LQYHVWLJDWLYDHQFXDQWRDOUHVSHWRDORVGHUHFKRV\JDUDQWtDVSURFHVDOHVHVWiDFDUJRGHO
MXH]FDXWHODUVLQHPEDUJROD6&5UD]RQyHQVHQWLGRTXHQRHUDDSOLFDEOHOD
VXEVLGLDULHGDG H[FHSFLRQDO GH OD DFFLyQ GH OLEHUWDG D PHQRUHV LPSXWDEOHV GDGD OD
SURWHFFLyQHVSHFLDOGHO(VWDGRSRUVXFRQGLFLyQTXHORVFRORFDHQGHVYHQWDMDIUHQWHDO
UHVWR GH OD SREODFLyQ GHFLVLyQ TXH FRQWHPSOD HO HVWiQGDU PiV DOWR HQ FXDQWR D HVWD
WHPiWLFD

LY3RVWHULRUPHQWHOD6&3FRQFOX\HTXHODVSHUVRQDVPD\RUHVGHDxRV\
PHQRUHV D  FRQVLGHUDGRV FRPR LPSXWDEOHV SHQDOPHQWH Vt
GHEHQ FXPSOLU FRQ OD
H[FHSFLyQ GH OD VXEVLGLDULHGDG HV GHFLU DJRWDU ORV PHFDQLVPRV LQWUDSURFHVDOHV
IUDQTXHDGRV SRU OD OH\ SUHYLR D DFXGLU D OD MXULVGLFFLyQ FRQVWLWXFLRQDO
 \ DXQTXH VH
DFODUDTXHHVWHUD]RQDPLHQWRQRLPSOLFDXQFDPELRGHOtQHDUHVSHFWRDOD6&
5 HQ OD TXH VH HVWDEOHFLy TXH OD VXEVLGLDULHGDG H[FHSFLRQDO
QR HV DSOLFDEOH D ORV
VXSXHVWRV HQ ORVTXH PHQRUHV GH  DxRV FRQVLGHUDGRV PHQRUHV LQIUDFWRUHV VH YHDQ
LQYROXFUDGRVHQODSUHVXQWDFRPLVLyQGHGHOLWRV
HQUHDOLGDGHVXQDGHFLVLyQTXHLQDSOLFD
HO HVWiQGDU PiV DOWR FRQWHQLGR HQ OD 6& 5 $VLPLVPR OD 6&3 
HVWDEOHFH TXH HQ FDVR GH PHQRUHV LPSXWDEOHV GHEH FXPSOLUVH FRQ OD VXEVLGLDULHGDG
H[FHSFLRQDO GH OD DFFLyQ GH OLEHUWDG HV GHFLU GHEH DJRWDUVH ORV PHFDQLVPRV
LQWUDSURFHVDOHVIUDQTXHDGRVSRUODOH\SUHYLRDDFXGLUDODMXULVGLFFLyQFRQVWLWXFLRQDO
VHQWHQFLDTXHLQDSOLFDHOHVWiQGDUPiVDOWR\SRUWDQWRQRJHQHUDSUHFHGHQWHYLQFXODQWH

Y
/D 6&3  UHLWHUD HO HQWHQGLPLHQWR FRQWHQLGR HQ OD 6&  H
LPSOLFDXQDUHFRQGXFFLyQLPSOtFLWDDHVWHSUHFHGHQWHSRUORFXDOFRQVDJUDODDSOLFDFLyQ
GHOHVWiQGDUPiVDOWR

 $FWLYDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG HQ FDVR GH PXMHUHV HPEDUD]DGDV(O
7ULEXQDO &RQVWLWXFLRQDO HQ OD 6& 5 HVWDEOHFLy TXH SDUD HO UHVJXDUGR GHO
GHUHFKR D OD YLGD D WUDYpV GH OD DFFLyQ GH OLEHUWDG QR HV DSOLFDEOH OD VXEVLGLDULHGDG
H[FHSFLRQDOHQHVWHFRQWH[WRHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDODWUDYpVGHOD
6&3  GH PDQHUD H[SUHVD VHxDOy TXH HQ PHGLGDV FDXWHODUHV YLQFXODGDV D
PXMHUHVHPEDUD]DGDVDSHVDUGHH[LVWLUODDSHODFLyQLQFLGHQWDOHVWHPHFDQLVPRQRHV
H[LJLEOHHQHVWRVVXSXHVWRV\DTXHHQDWHQFLyQDODSURWHFFLyQSULRULWDULDTXHPHUHFHHVWH
VHFWRU GHEH IOH[LELOL]DUVH ODV UHJODV GH OD VXEVLGLDULHGDG H[FHSFLRQDO GH OD DFFLyQ GH
OLEHUWDG

 $FWLYDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG SRU YtDV GH KHFKR (O 7ULEXQDO
&RQVWLWXFLRQDO KD VHQWDGR XQD OtQHD MXULVSUXGHQFLDO VREUH OD H[FHSFLyQ D OD
VXEVLGLDULHGDG SRU YtDV GH KHFKR GHQWUR GH ODV DFFLRQHV GH DPSDUR FRQVWLWXFLRQDO
FRQWHQLGDHQODV66&&5UHLWHUDGDHQODV66&&56&
5 SRVWHULRUPHQWHOD6&3 (OUD]RQDPLHQWRFRQWHQLGRHQGLFKDV
VHQWHQFLDVVHDPSOtDDODVDFFLRQHVGHOLEHUWDG\GHDFXHUGRDOD6&3DWRGDV
ODV DFFLRQHV WXWHODUHV  (V HQ PpULWR D GLFKD DPSOLDFLyQ TXH OD 6&3  VH
FRQVWLWX\HHQXQDVHQWHQFLDPRGXODGRUDGHOtQHD


$FWLYDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGHQFRQWUDGHUHVROXFLRQHVHPLWLGDV
SRUODRHOMXH]FDXWHODUHQFXDQWRDOFRQWUROGHOHJDOLGDGGHODDSUHKHQVLyQ(VWDOtQHD

W


dW^:d


GHEHVHUHQWHQGLGDGHODVLJXLHQWHPDQHUD

L(O7ULEXQDO&RQVWLWXFLRQDODWUDYpVGHODV66&&5\5VHxDOyGH
PDQHUDH[SUHVDTXHXQDYH]LPSXJQDGDODVXSXHVWDDSUHKHQVLyQILVFDORSROLFLDODQWHHO
MXH]FDXWHODUVHSRGtDSUHVHQWDUGLUHFWDPHQWHHOUHFXUVRGHKiEHDVFRUSXVQRVLHQGR
QHFHVDULRLQWHUSRQHUHOUHFXUVRGHDSHODFLyQFRQWUDODGHFLVLyQGHOMXH]

LL3RVWHULRUPHQWH OD 6& 5 VLQ FDPELDU GH PDQHUD H[SUHVD ORV DQWHULRUHV
SUHFHGHQWHV VRVWXYR TXH DQWH OD H[LVWHQFLD GH XQD UHVROXFLyQ MXGLFLDO GH GHWHQFLyQ
SUHYHQWLYDVHGHEtDHMHUFHUVXGHUHFKR\GHEHUSURFHVDOGHDSHODFLyQLQFLGHQWDO\QR
DFXGLUGLUHFWDPHQWHDQWHODMXULVGLFFLyQFRQVWLWXFLRQDO

LLL/XHJROD6&5UHWRPDQGRHOFULWHULRDQWHULRUVRVWXYRTXHQRHVH[LJLEOH
SDUDDFWLYDUODMXVWLFLDFRQVWLWXFLRQDOXWLOL]DUHOUHFXUVRGHDSHODFLyQSUHYLVWRHQHODUW
GHO&33
GDGRHOFDUiFWHUH[FHSFLRQDOPHQWHVXEVLGLDULRGHODUHIHULGDDFFLyQTXH
VyOR H[LJH HO DJRWDPLHQWR GH DTXHOORV UHFXUVRV H[SUHVDPHQWH SUHYLVWRV HQ HO
RUGHQDPLHQWR SURFHVDO SHQDO TXH VHDQ LGyQHRV SDUD OD SURWHFFLyQ GHO GHUHFKR D OD
OLEHUWDGItVLFDRSHUVRQDO(QHVHVHQWLGRGHEHFRQVLGHUDUVHTXHFRQWUDODUHVROXFLyQGHO
MXH]FDXWHODUTXHVHSURQXQFLHVREUHODDSUHKHQVLyQILVFDORSROLFLDOQRHVH[LJLEOHOD
LQWHUSRVLFLyQGHDOJ~QPHGLRGHLPSXJQDFLyQHVSHFtILFRSRUFXDQWRHODUWGHO&33
KDFH UHIHUHQFLD D OD DSHODFLyQ GH ODV UHVROXFLRQHV SURQXQFLDGDV SRU HO MXH] TXH
GLVSRQJDQPRGLILTXHQRUHFKDFHQODVPHGLGDVFDXWHODUHVGHQWURGHODVFXDOHVGHEHHVWDU
FRQWHQLGRHOUHFODPRVREUHpVWHWySLFRVLH[LVWLHUDVLWXDFLRQHVTXHQRVHSUHVHQWDQHQ
HOFRQWUROTXHHIHFW~DHOMXH]FDXWHODUUHVSHFWRDODDSUHKHQVLyQRUGHQDGDV\HMHFXWDGDV
SRUODVDXWRULGDGHVILVFDOHVRSROLFLDOHVUHVSHFWLYDPHQWHSXHVHOMX]JDGRUVHOLPLWDD
GHFODUDUODOHJDOLGDGRLOHJDOLGDGGHODDSUHKHQVLyQ


6LQ HPEDUJR HVWD PLVPD VHQWHQFLD VHxDOy TXH
VL HO LPSXWDGR SUHVHQWD UHFXUVR GH
DSHODFLyQFRQWUDODUHVROXFLyQTXHGHFODUyODOHJDOLGDGRLOHJDOLGDGGHODDSUHKHQVLyQ
QRVHDFWLYDODMXVWLFLDFRQVWLWXFLRQDOPLHQWUDVODDSHODFLyQGHGLFKDGHWHUPLQDFLyQHVWp
SHQGLHQWHHVWRFRQODILQDOLGDGGHQRJHQHUDUGRVIDOORVTXHSXHGHQVHUFRQWUDGLFWRULRV
VREUHXQDPLVPDWHPiWLFD
HQWHQGLPLHQWRTXHIXHUHLWHUDGRHQOD6&3

LY $FWXDOPHQWH GH DFXHUGR DO HQWHQGLPLHQWR GH OD 6&3  HV SRVLEOH OD
SUHVHQWDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG D~Q VH KXELHUH SUHVHQWDGR UHFXUVR GH
DSHODFLyQFRQWUDODUHVROXFLyQSURQXQFLDGDSRUHOMXH]FDXWHODUTXHHMHUFLyHOFRQWUROGH
OHJDOLGDG\HQHVHVHQWLGRGLFKDVHQWHQFLDVHFRQVWLWX\HHQPRGXODGRUD\FRQWLHQHHO
HVWiQGDU PiV DOWR SRU OR WDQWR HO SUHFHGHQWH HV YLQFXODQWH SDUD WRGRV DTXHOORV FDVRV
IXWXURV FRQ LGHQWLGDG IiFWLFD 6LQ HPEDUJR HV LPSRUWDQWH KDFHU QRWDU TXH HO
HQWHQGLPLHQWR FRQWHQLGR HQ OD  6&3  HV FRQWUDULR DO HVWiQGDU PiV DOWR GH
SURWHFFLyQ SRUTXH VHxDOD TXH ODV UHVROXFLRQHV SURQXQFLDGDV SRU ORV MXHFHV \ MXH]DV
FDXWHODUHVHQHOHMHUFLFLRGHOFRQWUROGHODOHJDOLGDGIRUPDO\PDWHULDOGHODDSUHKHQVLyQ
GHEHQVHULPSXJQDGDVDWUDYpVGHOUHFXUVRGHDSHODFLyQLQFLGHQWDODQWHVGHDFXGLUDOD
MXVWLFLDFRQVWLWXFLRQDOYtDDFFLyQGHOLEHUWDG(QHVWHVHQWLGRWDPELpQHVWiQODVVHQWHQFLDV
FRQVWLWXFLRQDOHV SOXULQDFLRQDOHV VLJXLHQWHV  HQWUH RWUDV 7RGDV
HVWDVVHQWHQFLDVQRJHQHUDQSUHFHGHQWHYLQFXODQWHVLJXLHQGRODGRFWULQDGHOHVWiQGDUPiV
DOWR

 $FWLYDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG FXDQGR H[LVWH LPSRVLFLyQGH DERJDGR
GHIHQVRU/D6&5FRQFHGLyODWXWHODGHOHQWRQFHVUHFXUVRGHKiEHDVFRUSXV
KR\DFFLyQGHOLEHUWDGSRUTXHQRVHFRPXQLFyDOLPSXWDGRHO
GHUHFKRDFRQWDUFRQORV
VHUYLFLRVGHXQDERJDGRGHIHQVRUGHVXHOHFFLyQRFRQILDQ]DKDYXOQHUDGRXQDGHODV
UHJODVGHOGHELGRSURFHVRSUHYLVWRHQHODUW&33FRQFRUGDQWHFRQHODUWSDUiJUDIR
G \H GHOD&RQYHQFLyQ$PHULFDQD6REUHORV'HUHFKRV+XPDQRVTXHGHWHUPLQDQSRU
RWUD SDUWH ODV FLUFXQVWDQFLD HQ ODV TXH GHEH GHVLJQDUVH GHIHQVRU GH RILFLR FXDQGR HO
LPSXWDGR QR OR GHVLJQD GHQWUR HO SOD]R GH OH\ R HO QRPEUDGR SRU pVWH QR DFHSWD HO

W


dW^:d
FDUJR
/D6&3UHDILUPDHOUHIHULGRFULWHULRMXULVSUXGHQFLDOHVWDEOHFLHQGR
ODSRVLELOLGDGGHSUHVHQWDUHQHVWRVVXSXHVWRVGHPDQHUDGLUHFWDODDFFLyQGHOLEHUWDG
SUHVFLQGLHQGRGHOSULQFLSLRGHVXEVLGLDULHGDGH[FHSFLRQDOUD]yQSRUODFXDOVHFRQILJXUD
FRPRODSULPHUDVHQWHQFLDFRQILUPDGRUD


$FWLYDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGFXDQGRH[LVWHLQFRPXQLFDFLyQGHO
DSUHKHQGLGRFRQVXDERJDGRGHIHQVRU6REUHODEDVHGHODMXULVSUXGHQFLDFRQVWLWXFLRQDO
FRQWHQLGD HQ ODV 66&& 5 5 5 OD 6&3 
FRQFOX\H TXH DO H[LVWLU FRQWUDGLFFLRQHV \  QR KDEHU GHVYLUWXDGR ODV DXWRULGDGHV
GHPDQGDGDVODVGHQXQFLDVHIHFWXDGDVSRUHODFFLRQDQWHpVWDVVHWLHQHQSRUFLHUWDV\SRU
HQGHVHFRQFHGHODWXWHODDFX\RHIHFWRHVWDEOHFHODSURFHGHQFLDGLUHFWDGHODDFFLyQ
GHOLEHUWDGHQHVWRVVXSXHVWRV


$FWLYDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG HQ FDVRV GH GHFODUDFLyQ EDMR
DPHQD]DV6REUH OD EDVH GH OD MXULVSUXGHQFLD FRQVWLWXFLRQDO FRQWHQLGD HQ ODV 66&&
5 5 5 OD 6&3  FRQFOX\H TXH DO H[LVWLU
FRQWUDGLFFLRQHV \  QR KDEHU GHVYLUWXDGR ODV DXWRULGDGHV GHPDQGDGDV ODV GHQXQFLDV
HIHFWXDGDVSRUHODFFLRQDQWHpVWDVVHWLHQHQSRUFLHUWDV\SRUHQGHVHFRQFHGHODWXWHOD
D FX\R HIHFWR HVWDEOHFH OD SURFHGHQFLD GLUHFWD GH OD DFFLyQ GH OLEHUWDG HQ HVWRV
VXSXHVWRV

$FWLYDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGSRUUHWHQFLyQHQFHQWURVKRVSLWDODULRV(O
7ULEXQDO&RQVWLWXFLRQDOHQOD6&5HVWDEOHFLyDOJXQRVSUHVXSXHVWRVSDUD
OD SURFHGHQFLD GH OD DFFLyQ GH OLEHUWDG HQ FDVR GH UHWHQFLyQ GH SDFLHQWHV HQ FHQWURV
KRVSLWDODULRV SRU IDOWD GH SDJR 6LQ HPEDUJR OXHJR OD 6&3  FDPELD GLFKR
HQWHQGLPLHQWR MXULVSUXGHQFLDO VHxDODQGR TXH HV SRVLEOH OD SUHVHQWDFLyQ GLUHFWD GH OD
DFFLyQGHOLEHUWDGWUDWiQGRVHGHLQGHELGDSULYDFLyQGHOLEHUWDGGHSDFLHQWHVHQFHQWURV
KRVSLWDODULRVSRUQRSDJDUODDWHQFLyQ\ORVKRQRUDULRVPpGLFRVVLQQHFHVLGDGGHDFXGLU
SUHYLDPHQWHDODXQLGDGFRUUHVSRQGLHQWHSDUDFRQFLOLDUGHXGDV


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

/D 6&3  D SDUWLU GH OD MXULVSUXGHQFLD GHVDUUROODGD HQ OD 6&3
 GLIHUHQFLy GRV VXSXHVWRV YLQFXODGRV D ODV SHUVRQDV SULYDGDV GH
OLEHUWDGHQYLUWXGDXQPDQGDPLHQWRGHDSUHKHQVLyQTXHSODQWHDQDFFLRQHVGH
OLEHUWDGDOHJDQGRQRVHUODSHUVRQDDODFXDOVHGLULJHHOPDQGDPLHQWR


&XDQGR OD DXWRULGDG MXGLFLDO FRPSHWHQWH VH HQFXHQWUD SOHQDPHQWH
LGHQWLILFDGD\SRUODVFLUFXQVWDQFLDVFRQFUHWDVGHODVXQWRVHFRQVWLWX\DHQXQ
UHFXUVRLGyQHR\DGHFXDGRHQFX\RFDVRFRUUHVSRQGHDSOLFDUODVXEVLGLDULHGDG
H[FHSFLRQDOGHODDFFLyQGHOLEHUWDGFRQIRUPHODMXULVSUXGHQFLDFRQWHQLGDHQ
ODV66&&5\5


(QHOFDVRGHTXHHOMXH]RWULEXQDOGHJDUDQWtDVFRQVWDWDFRQFHUWH]D
TXHODDSUHKHQGLGDQRHVODSHUVRQDHQFRQWUDGHODFXDOVHOLEUyPDQGDPLHQWR
GH DSUHKHQVLyQ R TXH SRU GLIHUHQWHV LUUHJXODULGDGHV SURFHGLPHQWDOHV QR HV
LGHQWLILFDEOH HO yUJDQR GH FRQWURO MXULVGLFFLRQDO FRPSHWHQWH \ OD PLVPD VH
HQFXHQWUD D SXQWR GH VHU WUDVODGDGD HTXLYRFDGDPHQWH D RWUR GHSDUWDPHQWR
SUHVXPLpQGRVHTXHVHOHSURGXFLUiQGLYHUVRVSHUMXLFLRVDODPLVPD




W


dW^:d


 6XSXHVWRV GH SUHVHQWDFLyQ GLUHFWD GH OD DFFLyQ GH
OLEHUWDG&XDQGR QR H[LVWDQ PHFDQLVPRV GH SURWHFFLyQ HIHFWLYRV H
LGyQHRV
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0XWDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   (O UHFXUVR GH UHSRVLFLyQ  QR HV XQ  PHFDQLVPR
LQWUDSURFHVDODVHUDFWLYDGRHQIRUPDSUHYLDDODSUHVHQWDFLyQGHOD
DFFLyQ GH OLEHUWDG SRU QR UHXQLU OD FDUDFWHUtVWLFDV GH UDSLGH]
LGRQHLGDG\HILFDFLD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH OLEHUWDG OD DFFLRQDQWH D WUDYpV GH VX UHSUHVHQWDQWH
GHQXQFLyTXHODDXWRULGDGGHPDQGDGDHOGHDJRVWRGHGHELy
FHOHEUDU OD DXGLHQFLD GH FRQVLGHUDFLyQ GH FHVDFLyQ D OD GHWHQFLyQ
SUHYHQWLYDVLQHPEDUJRpVWDIXHVXVSHQGLGDSRUTXHODUHSUHVHQWDQWHGHO
0LQLVWHULR3~EOLFR\ODSDUWHTXHUHOODQWHQRVHHQFRQWUDEDQSUHVHQWHV
VLQFRQVLGHUDUTXHHUDODVHJXQGDRFDVLyQSRULQDVLVWHQFLDGHODILVFDO
SRU OR TXH VROLFLWy OD FHOHEUDFLyQ GH OD DXGLHQFLD QR REVWDQWH OD
DXWRULGDG MXULVGLFFLRQDO QR WRPy HQ FXHQWD HVWRV DVSHFWRV VLQ KDEHU
VHxDODGRQXHYRGtD\KRUDFXDQGRGHEtDVHxDODUVHHQHOSOD]RGHWUHV
GtDV FRQVLGHUDQGR OHVLRQDGRV HO SULQFLSLR GH FHOHULGDG YLQFXODGR DO
GHUHFKR D OD OLEHUWDG GH ORFRPRFLyQ SLGLHQGR FHVH HO SURFHVDPLHQWR
LQGHELGR(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOFRQVLGHUDQGRTXHHO
UHFXUVRGHUHSRVLFLyQQRHVXQPHFDQLVPRUiSLGRLGyQHRHIHFWLYRDVHU
FRQVLGHUDGR GHQWUR GH ORV VXSXHVWRV GH VXEVLGLDULHGDG H[FHSFLRQDO
UHYRFy OD UHVROXFLyQ GHO 7ULEXQDO GH *DUDQWtDV HQ FRQVHFXHQFLD
FRQFHGLyODWXWHODVROLFLWDGD

([WUDFWRGHODUDWLRGHFLGHQGL

)M ,,, HQ FXDQWR DODVXSXHVWDVXEVLGLDULGDGH[FHSFLRQDODOHJDGD
SRUHO7ULEXQDOGHJDUDQWtDVSDUDKDEHUGHQHJDGRWXWHODHQHOSUHVHQWH
FDVR VL ELHQ HV HYLGHQWH TXH HO DFFLRQDQWH GHEH DJRWDU ORV PHGLRV \
UHFXUVRVTXHODYtDRUGLQDULDOHIDFXOWDDQWHVGHDFWLYDUODMXULVGLFFLyQ
FRQVWLWXFLRQDOQRHVPHQRVHYLGHQWH\UD]RQDEOHTXHGLFKRUHFXUVRVHD
UiSLGRLGyQHRHIHFWLYRSDUDTXHFRQODPD\RUFHOHULGDGVHUHSDUHHQHO
W


dW^:d

PLVPRyUJDQRMXGLFLDOODVDUELWUDULHGDGHV\RHUURUHVTXHVHKXELHVHQ
FRPHWLGRHQGLFKDIDVHRHWDSDSURFHVDO 5 FDUDFWHUtVWLFDV
TXHSRUORJHQHUDOQRUH~QHHOUHFXUVRGHUHSRVLFLyQWRGDYH]TXHGDGD
ODSUiFWLFDIRUHQVHHVWHVXSHUDORVWUHVGtDVHQVXWUDPLWDFLyQVLVHWRPD
HQFXHQWDTXHHOPLVPRGHEHLQJUHVDUDGHVSDFKRSDUDVXFRQVLGHUDFLyQ
\ SRVWHULRUPHQWH GHEH VHU QRWLILFDGR D ODV SDUWHV VLWXDFLyQ TXH HQ
GHILQLWLYD GHVQDWXUDOL]D HO SULQFLSLR GH FHOHULGDG \ HO GHUHFKR D XQD
MXVWLFLD SURQWD RSRUWXQD \ VLQ GLODFLRQHVTXHVHHQFXHQWUDQHQMXHJR
FXDQGRVHWUDWDGHODFRQVLGHUDFLyQGHODVROLFLWXGGHODFHVDFLyQDOD
GHWHQFLyQSUHYHQWLYDTXHVRQODWHOHRORJtDGHODDFFLyQWUDVODWLYDRGH
SURQWRGHVSDFKR7RGRVHVWRVDVSHFWRVTXHQRIXHURQFRQVLGHUDGRVSRU
HO7ULEXQDOGHJDUDQWtDVPi[LPHVLVHWUDHDFRODFLyQTXHGLFKDVROLFLWXG
VH HQFXHQWUD SHQGLHQWH GHVGH ILQDOHV GHO PHV GH MXQLR VLQ
SURQXQFLDPLHQWR KDVWD HO PRPHQWR GH OD LQWHUSRVLFLyQ GH OD SUHVHQWH
DFFLyQ GH GHIHQVD UD]yQ SRU OD TXH FRUUHVSRQGH FRQFHGHU OD WXWHOD
VROLFLWDGD

6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH OD DFFLyQ GH OLEHUWDG GHVFDUWDQGR OD DSOLFDFLyQ GH OD
VXEVLGLDULHGDGH[FHSFLRQDOGHHVWDDFFLyQDOFRQVLGHUDUTXHHOUHFXUVR
GHUHSRVLFLyQQRUH~QHODVFDUDFWHUtVWLFDVGHPHFDQLVPRLQWUDSURFHVDOD
VHUDFWLYDGRHQIRUPDSUHYLD

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O 7ULEXQDO &RQVWLWXFLRQDO HQ OD 6& 5 IXQGy OD OtQHD VREUH OD
VXEVLGLDULHGDGH[FHSFLRQDOGHODDFFLyQGHOLEHUWDGHVWDEOHFLHQGRTXHHQORV
VXSXHVWRVHQORVTXHH[LVWDQPHGLRVLGyQHRVSDUDUHSDUDUGHPDQHUDXUJHQWH
SURQWD \ HILFD] HO GHUHFKR D OD OLEHUWDG ItVLFD LOHJDOPHQWH UHVWULQJLGR ORV
PLVPRVGHEHQVHUXWLOL]DGRVDQWHVGHDFXGLUDODMXVWLFLDFRQVWLWXFLRQDODWUDYpV
GH OD DFFLyQ GH OLEHUWDG /D 6& 5 HQ HO PDUFR GH GLFKD OtQHD
MXULVSUXGHQFLDOVHxDOyTXHHQODHWDSDSUHSDUDWRULDGHOSURFHVRSHQDOHVHOMXH]
FDXWHODUTXLHQGHEHFRQRFHUODVVXSXHVWDVOHVLRQHVDGHUHFKRV\JDUDQWtDVTXH
SXGLHUDQWHQHURULJHQHQORV yUJDQRVHQFDUJDGRVGHODSHUVHFXFLyQSHQDOQR
UHVXOWDQGRFRPSDWLEOHDFWLYDUGLUHFWDPHQWHRGHPDQHUDVLPXOWiQHDODMXVWLFLD
FRQVWLWXFLRQDO(QHOPDUFRGHOD&RQVWLWXFLyQYLJHQWHDSDUWLUGHOD6&
5 UDWLILFy ORV HQWHQGLPLHQWRV DQWHV DQRWDGRV VHxDODQGR
H[SUHVDPHQWH TXH HQ FDVR GH H[LVWLU QRUPD H[SUHVD TXH SUHYHD PHFDQLVPRV
LQWUDSURFHVDOHV HIHFWLYRV \ RSRUWXQRV GH GHIHQVD GHEHQ VHU XWLOL]DGRV
SUHYLDPHQWHDQWHVGHDFWLYDUODWXWHODTXHEULQGDODDFFLyQGHOLEHUWDG/XHJR
OD 6& 5 IXH SURQXQFLDGD GHQWUR GH XQD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO \ HQ HOOD VH HVWDEOHFLy TXH ODV UHVROXFLRQHV SURQXQFLDGDV HQ
LQFLGHQWHV GH DFWLYLGDG SURFHVDO GHIHFWXRVD SXHGHQ VHU DSHODGDV
LQFLGHQWDOPHQWH GXUDQWH OD HWDSD SUHSDUDWRULD R D WUDYpV GH OD DSHODFLyQ
UHVWULQJLGD HQ HO MXLFLR RUDO 3RVWHULRUPHQWH HQ HO FRQWH[WR GH ODV 6&
5 \ 5 OD 6& 5 HQ XQD DFFLyQ GH OLEHUWDG
H[LJLy HO UHTXLVLWR GH OD DSHODFLyQ LQFLGHQWDO FRQWUD LQFLGHQWHV SRU DFWLYLGDG

W


dW^:d


SURFHVDO GHIHFWXRVD FRPR FRQGLFLyQ SUHYLD SDUD DFWLYDU HVWH PHFDQLVPR GH
GHIHQVD/DSULPHUDVHQWHQFLDFRQILUPDGRUDGHOSUHFHGHQWHSODVPDGRHQOD6&
5 HV OD 6&3  (V DVt TXH UHVSHFWR DO  UHFXUVR GH
UHSRVLFLyQSUHYLVWRHQHOSURFHGLPLHQWRSHQDOODMXULVSUXGHQFLDFRQVWLWXFLRQDO
QRKDWHQLGRXQWUDWDPLHQWRXQLIRUPH$VtODV66&&55
GHQHJDURQ OD DFFLyQ GH OLEHUWDG SRU QR KDEHUVH LQWHUSXHVWR HO UHFXUVR GH
UHSRVLFLyQUD]RQDPLHQWRUHLWHUDGRSRUHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO
HQODV66&&

/D6&3PRGXODHOHQWHQGLPLHQWRH[SUHVDGRHQODV6&3
TXHGHQHJDURQODWXWHODTXHEULQGDODDFFLyQGHOLEHUWDGSRUTXHVH
HQFRQWUDED SHQGLHQWH GH UHVROXFLyQ HO UHFXUVR GH UHSRVLFLyQ \ VRVWLHQH HQ
IRUPDH[SUHVDTXHHOUHFXUVRGHUHSRVLFLyQQRHVXQUHFXUVRUiSLGRLGyQHR
HIHFWLYRSDUDTXHFRQODPD\RUFHOHULGDGVHUHSDUHHQHOPLVPRyUJDQRMXGLFLDO
ODVDUELWUDULHGDGHV\RHUURUHVTXHVHKXELHVHQFRPHWLGRHQGLFKDIDVHRHWDSD
SURFHVDO\UHDOL]DQGRXQDQiOLVLVGHODSUiFWLFDMXGLFLDOFRQFOX\HTXH
GDGDOD
SUiFWLFDIRUHQVHHVWHVXSHUDORVWUHVGtDVHQVXWUDPLWDFLyQVLVHWRPDHQFXHQWD
TXHHOPLVPRGHEHLQJUHVDUDGHVSDFKRSDUDVXFRQVLGHUDFLyQ\SRVWHULRUPHQWH
GHEH VHU QRWLILFDGR D ODV SDUWHV VLWXDFLyQ TXH HQ GHILQLWLYD GHVQDWXUDOL]D HO
SULQFLSLR GH FHOHULGDG \ HO GHUHFKR D XQD MXVWLFLD SURQWD RSRUWXQD \ VLQ
GLODFLRQHV
 (Q FRQVHFXHQFLD /D 6&3  FRQWLHQH XQ UD]RQDPLHQWR
FRQHOHVWiQGDUPiVDOWR


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

(VWD6HQWHQFLDHQVX)-,,,GLVSRQHVLELHQHVHYLGHQWHTXHHODFFLRQDQWH
GHEHDJRWDUORVPHGLRV\UHFXUVRVTXHODYtDRUGLQDULDOHIDFXOWDDQWHVGHDFWLYDU
OD MXULVGLFFLyQ FRQVWLWXFLRQDO QR HV PHQRV HYLGHQWH \ UD]RQDEOH TXH GLFKR
UHFXUVRVHDUiSLGRLGyQHRHIHFWLYRSDUDTXHFRQODPD\RUFHOHULGDGVHUHSDUH
HQ HO PLVPR yUJDQR MXGLFLDO ODV DUELWUDULHGDGHV \R HUURUHV TXH VH KXELHVHQ
FRPHWLGRHQGLFKDIDVHRHWDSDSURFHVDO 5 FDUDFWHUtVWLFDVTXHSRU
OR JHQHUDO QR UH~QH HO UHFXUVR GH UHSRVLFLyQ WRGD YH] TXH GDGD OD SUiFWLFD
IRUHQVHHVWHVXSHUDORVWUHVGtDVHQVXWUDPLWDFLyQVLVHWRPDHQFXHQWDTXHHO
PLVPRGHEHLQJUHVDUDGHVSDFKRSDUDVXFRQVLGHUDFLyQ\SRVWHULRUPHQWHGHEH
VHUQRWLILFDGRDODVSDUWHVVLWXDFLyQTXHHQGHILQLWLYDGHVQDWXUDOL]DHOSULQFLSLR
GHFHOHULGDG\HOGHUHFKRDXQDMXVWLFLDSURQWDRSRUWXQD\VLQGLODFLRQHVTXH
VHHQFXHQWUDQHQMXHJRFXDQGRVHWUDWDGHODFRQVLGHUDFLyQGHODVROLFLWXGGHOD
FHVDFLyQDODGHWHQFLyQSUHYHQWLYDTXHVRQODWHOHRORJtDGHODDFFLyQWUDVODWLYD
RGHSURQWRGHVSDFKR7RGRVHVWRVDVSHFWRVTXHQRIXHURQFRQVLGHUDGRVSRUHO
7ULEXQDO GH JDUDQWtDV Pi[LPH VL VH WUDH D FRODFLyQ TXH GLFKD VROLFLWXG VH
HQFXHQWUDSHQGLHQWHGHVGHILQDOHVGHOPHVGHMXQLRVLQSURQXQFLDPLHQWRKDVWD
HOPRPHQWRGHODLQWHUSRVLFLyQGHODSUHVHQWHDFFLyQGHGHIHQVDUD]yQSRUOD
TXHFRUUHVSRQGHFRQFHGHUODWXWHODVROLFLWDGD


,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

/DVHQWHQFLDTXHFRQWLHQHHOHVWiQGDUPiVDOWRHVOD6&3

W


dW^:d

 6XSXHVWRV GH SUHVHQWDFLyQ GLUHFWD GH OD DFFLyQ GH


OLEHUWDG&XDQGRQRH[LVWHGHQXQFLDQLLQYHVWLJDFLyQDELHUWD
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&33UHVHQWDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGHQORV
FDVRVHQTXHVHUHVWULQMDHOGHUHFKRDODOLEHUWDGItVLFDDOPDUJHQGH
ORVFDVRV\IRUPDVHVWDEOHFLGDVSRUOH\\TXHGLFKDUHVWULFFLyQQRHVWp
YLQFXODGDDXQGHOLWRRQRVHKXELHUHGDGRDYLVRGHODLQYHVWLJDFLyQ

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH OLEHUWDG HO DFFLRQDQWH GHQXQFLy HQFRQWUDUVH
LQGHELGDPHQWH SULYDGR GHOLEHUWDG GHELGR D TXH IXH DSUHKHQGLGR SRU
IXQFLRQDULRV GH OD )(/&& VLQ TXH H[LVWD IODJUDQFLD \ VLQ REVHUYDU HO
SURFHGLPLHQWR HVWDEOHFLGR HQ HO &yGLJR GH SURFHGLPLHQWR SHQDO  (O
7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDODSUREyOD5HVROXFLyQTXHGHQHJy
OD WXWHOD SURQXQFLiQGRVH VREUH OD VXEVLGLDULHGDG H[FHSFLRQDO GH OD
DFFLyQGHOLEHUWDG

([WUDFWRGHODUDWLRGHFLGHQGL


KDELHQGR VLGR SURGXFLGD OD SULYDFLyQ GH OLEHUWDG SRU XQD FXHVWLyQ
UHODWLYD D OD SUHVXQWD FRPLVLyQ GH XQ GHOLWR \ DGHPiV SUHVHQWDGD OD
LPSXWDFLyQ IRUPDO HQ VX FRQWUD HV D OD -XH]D FDXWHODU D TXLHQ OH
FRUUHVSRQGH SURQXQFLDUVH IRUPXODGD TXH IXHUD DQWH HOOD GHQXQFLD
VREUHVLKD\RQRXQDLQGHELGDSULYDFLyQGHOLEHUWDG


6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJDODDFFLyQGHOLEHUWDGSRUVXEVLGLDULHGDGH[FHSFLRQDOSRUFXDQWR
SUHVHQWDGDODLPSXWDFLyQIRUPDOHQFRQWUDHVDOD-XH]DFDXWHODUDTXLHQ
OH FRUUHVSRQGtD SURQXQFLDUVH VREUH VL H[LVWLy R QR XQD LQGHELGD
SULYDFLyQGHOLEHUWDG

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO
W


dW^:d



/DOtQHDMXULVSUXGHQFLDOGHOSURFHVDPLHQWRLQGHELGRGHEHVHUHQWHQGLGRGHODVLJXLHQWH
IRUPD


(O7ULEXQDO&RQVWLWXFLRQDODWUDYpVGHOD6&5HVWDEOHFLyTXHOD
SURWHFFLyQDOGHELGRSURFHVRDWUDYpVGHOHQWRQFHVUHFXUVRGHKDEHDVFRUSXVHUDYLDEOH
VRODPHQWH HQ DTXHOORV FDVRV HQ ORV FXDOHV H[LVWD GLUHFWD FDXVDOLGDG FRQ OD OLEHUWDG
SHUVRQDORGHORFRPRFLyQHVGHFLUFXDQGRORVDFWRVXRPLVLRQHVGHQXQFLDGRVVHDQOD
FDXVDGLUHFWDSDUDODUHVWULFFLyQRVXSUHVLyQDOGHUHFKRDODOLEHUWDG3RVWHULRUPHQWHOD
6&5HVWDEOHFLyTXHDQWHVGHDFWLYDUVHODMXULVGLFFLyQFRQVWLWXFLRQDOGHEtD
SHGLUVH OD UHSDUDFLyQ DO GHUHFKR DO GHELGR SURFHVR HQ VHGH MXULVGLFFLRQDO RUGLQDULD D
WUDYpVGHORVPHGLRVGHLPSXJQDFLyQHVWDEOHFLGRVSRUODOH\VDOYRHODEVROXWRHVWDGRGH
LQGHIHQVLyQH[FHSFLyQTXHVHJ~QODWHOHRORJtDGHODVHQWHQFLDDQDOL]DGDHUDDSOLFDEOHD
OD H[LJHQFLD GHO DJRWDPLHQWR SUHYLR GH ORV PHFDQLVPRV LQWUDSURFHVDOHV GH GHIHQVD
$VLPLVPR HQ HO FRQWH[WR GH ODV GRV VHQWHQFLDV DQWHULRUHV \ FRPR XQ HQWHQGLPLHQWR
VLVWHPDWL]DGRUOD6&5VHxDOyTXHSDUDODWXWHODGHO'HELGR3URFHVRDWUDYpV
GHOHQWRQFHVUHFXUVRGHKiEHDVFRUSXVGHEtDQFRQFXUULUORVVLJXLHQWHVUHTXLVLWRVD /RV
DFWRVXRPLVLRQHVGHQXQFLDGRVGHEtDQHVWDUYLQFXODGRVFRQODOLEHUWDG\VHUFDXVDGLUHFWD
SDUDVXVXSUHVLyQROLPLWDFLyQ\E GHEtDQDJRWDUVHORVPHFDQLVPRVLQWUDSURFHVDOHVGH
GHIHQVD VDOYR DEVROXWR HVWDGR GH LQGHIHQVLyQ (VWH FULWHULR IXH PRGXODGR
SRVWHULRUPHQWH D WUDYpV GH OD 6&  TXH HVWDEOHFH OR VLJXLHQWH
QLFDPHQWH
FXDQGR VH WUDWD GH PDWHULD SHQDO OD DFFLyQ GH OLEHUWDG HV HO PHGLR LGyQHR HILFD] \
HILFLHQWHSDUDUHVWDEOHFHUHOGHELGRSURFHVRHQWRGRVVXVHOHPHQWRV
HQHVWHPDUFR\GH
DFXHUGRDHVWHHQWHQGLPLHQWRSDUDHOSURFHVDPLHQWRLQGHELGR\VXWXWHODDWUDYpVGHOD
DFFLyQGHOLEHUWDGQRHVQHFHVDULRTXHHODFWRXRPLVLyQGHQXQFLDGRVFRPROHVLYRVVHDQ
ODFDXVDGLUHFWDGHODVXSUHVLyQRUHVWULFFLyQDOGHUHFKRDODOLEHUWDGVLQRTXHHODFWRX
RPLVLyQDFXVDGDGHYXOQHUDWRULDSXHGHVHUODFDXVDGLUHFWDRLQGLUHFWDGHODUHVWULFFLyQ
RVXSUHVLyQDOGHUHFKRDODOLEHUWDG(VWHFULWHULRVHFRQILJXUDFRPRHOHVWiQGDUPiVDOWR
SDUDODOtQHDGHOSURFHVDPLHQWRLQGHELGR\VXWXWHODDWUDYpVGHODDFFLyQGHOLEHUWDG
6LQHPEDUJRDXQTXHSRVWHULRUPHQWHOD6&3UHFRQGXMRODOtQHDDOFULWHULR
UHVWULFWLYR HV GHFLU D OD H[LJHQFLD GH OD GLUHFWD FDXVDOLGDG HQWUH HO DFWR X RPLVLyQ
GHQXQFLDGRV FRPR OHVLYRV \ OD OLEHUWDG VLJXLHQGR OD GRFWULQD GHO HVWiQGDU
MXULVSUXGHQFLDOPiVDOWRHOSUHFHGHQWHYLQFXODQWHHVHOSODVPDGRHQOD6&3
(QHVWHPDUFRDOQRVHUQHFHVDULDODH[LJHQFLDGHODGLUHFWDFDXVDOLGDGHQORVVLJXLHQWHV
DSDUWDGRV VH SUHFLVDUiQ ORV VXSXHVWRV HQ ORV FXDOHV HV H[LJLEOH OD VXEVLGLDULHGDG
H[FHSFLRQDOGHODDFFLyQGHOLEHUWDG\DTXHOORVFDVRVHQORVFXDOHVODDFFLyQGHOLEHUWDG
GHEHVHUDFWLYDGDGHPDQHUDGLUHFWD


(Q HVWH SXQWR \ WDO FRPR VH VHxDOy SUHFHGHQWHPHQWH VH DQDOL]DUiQ ORV
VXSXHVWRVHQORVFXDOHVSDUDODWXWHODDWUDYpVGHODDFFLyQGHOLEHUWDGGHOSURFHVDPLHQWR
LQGHELGRHVH[LJLEOHHOSULQFLSLRGHVXEVLGLDULHGDGH[FHSFLRQDO


'HQXQFLDVGHDSUHKHQVLRQHVLOHJDOHV\RWUDVTXHGHEHQVHUUHDOL]DGDVDQWHODR
HO-XH]TXHHMHUFHFRQWUROMXULVGLFFLRQDOGHODFDXVD(O7ULEXQDO&RQVWLWXFLRQDODVtFRPR
HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO  HQ OD OtQHD MXULVSUXGHQFLDO VREUH
VXEVLGLDULHGDG H[FHSFLRQDO GH OD DFFLyQ GH OLEHUWDG HQ FDVRV GH DSUHKHQVLRQHV
VXSXHVWDPHQWHLOHJDOHVWDQWRMXGLFLDOHVFRPRILVFDOHV\RWUDVGHQXQFLDVUHDOL]DGDVHQ
HWDSDSUHSDUDWRULDHVWDEOHFHORVVLJXLHQWH

L 'H DFXHUGR D ODV 66&&  \ 5 ODV DSUHKHQVLRQHV GHEHQ VHU
LPSXJQDGDVDQWHHOMXH]FDXWHODU$VXYH]HVWDDXWRULGDGMXULVGLFFLRQDOWLHQHDVXFDUJR
HOFRQWUROGHODOHJDOLGDGIRUPDO\PDWHULDOGHODDSUHKHQVLyQHQWHQGLPLHQWRDVXPLGR
SRUOD6&3TXHVHFRQILJXUDFRPRXQDSULPHUDVHQWHQFLDFRQILUPDGRUDGH
OtQHD$GHPiVHQHOFRQWH[WRGHODVVHQWHQFLDVDQRWDGDVOD6&5VHxDOyTXH
ODRHOMXH]FDXWHODUGHEHD 9HULILFDUODOHJDOLGDGIRUPDO\PDWHULDOGHODDSUHKHQVLyQ
\E /DOHJDOLGDGPDWHULDOGHODDSUHKHQVLyQ$GHPiVOD6&3VHxDOyTXHHO

W


dW^:d
FRQWURO GH OHJDOLGDG GH OD DSUHKHQVLyQ D VHU HMHUFLGR SRU OD DXWRULGDG HQFDUJDGD GHO
FRQWUROMXULVGLFFLRQDOGHEtDVHUUHDOL]DGRLQFOXVRGHRILFLR

LL /D6&5VHxDOyH[SUHVDPHQWHTXHVHSRGtDDFXGLUGLUHFWDPHQWHDODMXVWLFLD
FRQVWLWXFLRQDOFXDQGRQRH[LVWLHUDGHQXQFLDLQYHVWLJDFLyQDELHUWDQLIODJUDQFLDHPSHUR
OD 6& 5 VLVWHPDWL]y ODV VXEUHJODV SDUD OD DSOLFDFLyQ GH OD VXEVLGLDULHGDG
H[FHSFLRQDOGHODDFFLyQGHOLEHUWDGVHxDODQGRH[SUHVDPHQWHHQFXDQWRDODVVXSXHVWDV
DSUHKHQVLRQHV LOHJDOHV TXH VL D~Q QR H[LVWtD DYLVR GHO LQLFLR GH OD LQYHVWLJDFLyQ ODV
PLVPDVGHEtDQVHUGHQXQFLDGDVDQWHHOMXH]FDXWHODUGHWXUQR\HQFDVRGHKDEHUVHGDGR
HODYLVRFRUUHVSRQGLHQWHGHEtDDFXGLUVHDQWHODDXWRULGDGMXGLFLDODFDUJRGHOFRQWUROGH
OD LQYHVWLJDFLyQ 3RVWHULRUPHQWH OD 6&3  PXWy HO HQWHQGLPLHQWR DQWHV
UHIHULGR FRQWHQLGR HQ OD 6& 5 \ VRVWXYR TXH VL QR H[LVWH LQLFLR GH
LQYHVWLJDFLyQ\WDPSRFRSUHVXQWDFRPLVLyQGHGHOLWRDOJXQRFRUUHVSRQGHUiDODMXVWLFLD
FRQVWLWXFLRQDO FRQRFHU GLUHFWDPHQWH \ UHVROYHU OD DFFLyQ GH OLEHUWDG TXH DFXVH XQD
SUHVXQWDLQGHELGDSULYDFLyQGHOLEHUWDG

LLL 6REUHODEDVHGHOD6&3OD6&3HVWDEOHFLyTXHHQORVVXSXHVWRV
HQTXHODVSHUVRQDVSULYDGDVGHOLEHUWDGHQYLUWXGDXQPDQGDPLHQWRGHDSUHKHQVLyQ
SODQWHHQ DFFLRQHV GH OLEHUWDG DOHJDQGR QR VHU OD SHUVRQD D OD FXDO VH GLULJH HO
PDQGDPLHQWRFRUUHVSRQGHGLIHUHQFLDUGRVVXSXHVWRV &XDQGRODDXWRULGDGMXGLFLDO
FRPSHWHQWHVHHQFXHQWUDSOHQDPHQWHLGHQWLILFDGD\SRUODVFLUFXQVWDQFLDVFRQFUHWDVGHO
DVXQWRVHFRQVWLWX\DHQXQUHFXUVRLGyQHR\DGHFXDGRHQFX\RFDVRFRUUHVSRQGHDSOLFDU
OD VXEVLGLDULHGDG H[FHSFLRQDO GH OD DFFLyQ GH OLEHUWDG FRQIRUPH OD MXULVSUXGHQFLD
FRQWHQLGD HQ ODV 66&& 5 \ 5  (Q HO FDVR GH TXH HO MXH] R
WULEXQDOGHJDUDQWtDVFRQVWDWDFRQFHUWH]DTXHODDSUHKHQGLGDRDSUHKHQGLGRQRHVOD
SHUVRQDHQFRQWUDGHODFXDOVHOLEUyPDQGDPLHQWRGHDSUHKHQVLyQRTXHSRUGLIHUHQWHV
LUUHJXODULGDGHVSURFHGLPHQWDOHVQRHVLGHQWLILFDEOHHOyUJDQRGHFRQWUROMXULVGLFFLRQDO
FRPSHWHQWH\ODPLVPDVHHQFXHQWUDDSXQWRGHVHUWUDVODGDGDHTXLYRFDGDPHQWHDRWUR
GHSDUWDPHQWRSUHVXPLpQGRVHTXHVHOHSURGXFLUiQGLYHUVRVSHUMXLFLRVDODPLVPD

LY 3RVWHULRUPHQWHOD6&PRGXOyHOFRQWHQLGRGHOD6&3DOVHxDODU
TXH HV SRVLEOH OD SUHVHQWDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG SUHVFLQGLHQGR GH OD
VXEVLGLDULHGDG H[FHSFLRQDO FXDQGR D  /D VXSXHVWD OHVLyQR DPHQD]D DO GHUHFKR D OD
OLEHUWDGItVLFDRSHUVRQDOQRHVWpYLQFXODGDDXQGHOLWRyE &XDQGRH[LVWLHQGRGLFKD
YLQFXODFLyQQRVHKDLQIRUPDGRDOMXH]FDXWHODUVREUHHOLQLFLRGHODVLQYHVWLJDFLRQHV
QRREVWDQWHKDEHUWUDQVFXUULGRORVSOD]RVHVWDEOHFLGRVSDUDHOHIHFWRHQHO&yGLJRGH
SURFHGLPLHQWR SHQDO QR VLHQGR H[LJLEOH HQ QLQJXQR GH ORV GRV VXSXHVWRV DQRWDGRV
DFXGLUDQWHHOMXH]FDXWHODUGHWXUQRFRQFDUiFWHUSUHYLR

Y (Q FXDQWR D OD UHVROXFLyQ TXH SURQXQFLD HO MXH] FDXWHODU FXDQGR HMHUFH HO FRQWURO
IRUPDO\PDWHULDOGHODOHJDOLGDGGHODDSUHKHQVLyQODV66&&5\
5 HQWUH RWUDV HVWDEOHFLHURQ TXHXQD YH] LPSXJQDGDOD VXSXHVWD DSUHKHQVLyQ ILVFDO R
SROLFLDO DQWH HO MXH] FDXWHODU VH SRGtD SUHVHQWDU GLUHFWDPHQWH HO UHFXUVR GH KiEHDV
FRUSXVQRVLHQGRQHFHVDULRLQWHUSRQHUHOUHFXUVRGHDSHODFLyQFRQWUDODGHFLVLyQGHOD
DXWRULGDG MXGLFLDO /XHJR OD 6& 5 VLQ FDPELDU GH PDQHUD H[SUHVD ORV
DQWHULRUHVSUHFHGHQWHVVRVWXYRTXHODUHVROXFLyQSURQXQFLDGDSRUODDXWRULGDGMXGLFLDO
GHEtD VHU LPSXJQDGD D WUDYpV GHO UHFXUVR GH DSHODFLyQ LQFLGHQWDO \ QR DFXGLU
GLUHFWDPHQWH DQWH OD MXULVGLFFLyQ FRQVWLWXFLRQDO SRVWHULRUPHQWH OD 6& 5
UHWRPDQGR HO FULWHULR DQWHULRU VRVWXYR TXH QR HV H[LJLEOH SDUD DFWLYDU OD MXVWLFLD
FRQVWLWXFLRQDOXWLOL]DUHOUHFXUVRGHDSHODFLyQSUHYLVWRHQHODUWGHO&33FRQWUDOD
UHVROXFLyQTXHGHFODUyODOHJDOLGDGRLOHJDOLGDGGHODDSUHKHQVLyQVDOYRTXHHOLPSXWDGR
KXELHUHIRUPXODGRHOPLVPRVXSXHVWRHQHOFXDO
QRVHDFWLYDODMXVWLFLDFRQVWLWXFLRQDO
PLHQWUDVODDSHODFLyQGHGLFKDGHWHUPLQDFLyQHVWpSHQGLHQWHHVWRFRQODILQDOLGDGGHQR
JHQHUDU GRV IDOORV TXH SXHGHQ VHU FRQWUDGLFWRULRV VREUH XQD PLVPD WHPiWLFD

)LQDOPHQWH OD 6&3  HVWDEOHFLy TXH QR HV QHFHVDULR DFWLYDU OD DSHODFLyQ
LQFLGHQWDO FRQWUD OD UHVROXFLyQ GH OD DXWRULGDG MXGLFLDO FXDQGR LQFXPSOH VX GHEHU GH

W


dW^:d


UHDOL]DUFRQWUROGHOHJDOLGDGSXGLHQGRHQHVWHVXSXHVWRDFWLYDUVHGHPDQHUDGLUHFWDOD
DFFLyQGHOLEHUWDG

9L)LQDOPHQWHDOPDUJHQGHOFDVRHVSHFtILFRGHODVDSUHKHQVLRQHVHVLPSRUWDQWHVHxDODU
TXHHO7ULEXQDO&RQVWLWXFLRQDOWDOFRPR\DVHVHxDOyDWUDYpVGHOD6&5
VHQWyODOtQHDVREUHODVXEVLGLDULHGDGH[FHSFLRQDOGHODDKRUDDFFLyQGHOLEHUWDGHQHVH
PDUFRVHWLHQHTXHWRGDGHQXQFLDTXHVHDUHDOL]DGDHQHWDSDSUHSDUDWRULDRHQFXDOTXLHU
RWUDGHOSURFHVRSHQDOGHEHFRQFDUiFWHUSUHYLRVHUGHQXQFLDGDDQWHODDXWRULGDGTXH
HMHUFHFRQWUROMXULVGLFFLRQDOGHODFDXVDQRSXGLHQGRHQHVWRVFDVRVDFWLYDUVHODDFFLyQ
GH OLEHUWDG GH PDQHUD GLUHFWD FULWHULRV DVXPLGRV SRU ODV 66&& 5 \
5HQWUHPXFKDVRWUDV



$SHODFLyQ GHO LQFLGHQWH SRU DFWLYLGDG SURFHVDO GHIHFWXRVD(O
7ULEXQDO&RQVWLWXFLRQDOHQOD6&5IXQGyODOtQHDVREUHODVXEVLGLDULHGDG
H[FHSFLRQDO GHO HQWRQFHV UHFXUVR GH KiEHDV FRUSXV DKRUD DFFLyQ GH OLEHUWDG
HVWDEOHFLHQGRTXHHQORVVXSXHVWRVHQORVTXHH[LVWDQPHGLRVLGyQHRVSDUDUHSDUDUGH
PDQHUDXUJHQWHSURQWD\HILFD]HOGHUHFKRDODOLEHUWDGItVLFDLOHJDOPHQWHUHVWULQJLGR
ORVPLVPRVGHEHQVHUXWLOL]DGRVDQWHVGHDFXGLUDODMXVWLFLDFRQVWLWXFLRQDODWUDYpVGHOD
DFFLyQ GH OLEHUWDG  /D 6& 5 HQ HO PDUFR GH GLFKD OtQHD MXULVSUXGHQFLDO
VHxDOy TXH HQ OD HWDSD SUHSDUDWRULD GHO SURFHVR SHQDO HV HO MXH] FDXWHODU TXLHQ GHEH
FRQRFHUODVVXSXHVWDVOHVLRQHVDGHUHFKRV\JDUDQWtDVTXHSXGLHUDQWHQHURULJHQHQORV
yUJDQRV HQFDUJDGRV GH OD SHUVHFXFLyQ SHQDO QR UHVXOWDQGR FRPSDWLEOH DFWLYDU
GLUHFWDPHQWH R GH PDQHUD VLPXOWiQHD OD MXVWLFLD FRQVWLWXFLRQDO  (Q HO PDUFR GH OD
&RQVWLWXFLyQYLJHQWHDSDUWLUGHOD6&5UDWLILFyORVHQWHQGLPLHQWRV
DQWHVDQRWDGRVVHxDODQGRH[SUHVDPHQWHTXHHQFDVRGHH[LVWLUQRUPDH[SUHVDTXHSUHYHD
PHFDQLVPRV LQWUDSURFHVDOHV HIHFWLYRV \ RSRUWXQRV GH GHIHQVD GHEHQ VHU XWLOL]DGRV
SUHYLDPHQWH DQWHV GH DFWLYDU OD WXWHOD TXH EULQGD OD DFFLyQ GH OLEHUWDG /XHJR OD 6&
5IXHSURQXQFLDGDGHQWURGHXQDDFFLyQGHDPSDURFRQVWLWXFLRQDO\HQHOOD
VH HVWDEOHFLy TXH ODV UHVROXFLRQHV SURQXQFLDGDV HQ LQFLGHQWHV GH DFWLYLGDG SURFHVDO
GHIHFWXRVDSXHGHQVHUDSHODGDVLQFLGHQWDOPHQWHGXUDQWHODHWDSDSUHSDUDWRULDRDWUDYpV
GHODDSHODFLyQUHVWULQJLGDHQHOMXLFLRRUDO3RVWHULRUPHQWHHQHOFRQWH[WRGHODV6&
5\5OD6&5HQXQDDFFLyQGHOLEHUWDGH[LJLyHO
UHTXLVLWRGHODDSHODFLyQLQFLGHQWDOFRQWUDLQFLGHQWHVSRUDFWLYLGDGSURFHVDOGHIHFWXRVD
FRPRFRQGLFLyQSUHYLDSDUDDFWLYDUHVWHPHFDQLVPRGHGHIHQVD(QHOFRQWH[WRH[SXHVWR
VH WLHQH TXH OD SULPHUD VHQWHQFLD FRQILUPDGRUD GHO SUHFHGHQWH SODVPDGR HQ OD 6&
5HVOD6&3


$SHODFLyQ GH PHGLGDV FDXWHODUHV GH FDUiFWHU SHUVRQDO(O 7ULEXQDO
&RQVWLWXFLRQDOHQOD6&5IXQGyODOtQHDVREUHODVXEVLGLDULHGDGH[FHSFLRQDO
GH OD DFFLyQ GH OLEHUWDG HVWDEOHFLHQGR TXH HQ ORV VXSXHVWRV HQ ORV H[LVWDQ PHGLRV
LGyQHRVSDUDUHSDUDUGHPDQHUDXUJHQWHSURQWD\HILFD]GHOGHUHFKRDODOLEHUWDGItVLFD
LOHJDOPHQWH UHVWULQJLGR ORV PLVPRV GHEHQ VHU XWLOL]DGRV DQWHV GH DFXGLU D OD MXVWLFLD
FRQVWLWXFLRQDODWUDYpVGHODDFFLyQGHOLEHUWDG/D6&5HQHOPDUFRGHOD
&RQVWLWXFLyQ YLJHQWH VLVWHPDWL]y ORV VXSXHVWRV GH VXEVLGLDULHGDG H[FHSFLRQDO GH OD
DFFLyQGHOLEHUWDGVLHQGRXQRGHORVVXSXHVWRVODVUHVROXFLRQHVGHPHGLGDVFDXWHODUHV
TXHSXHGHQVHULPSXJQDGDVDWUDYpVGHODDSHODFLyQLQFLGHQWDO/D5HQXQ
FDVR VLPLODU H[LJLy OD DSHODFLyQ LQFLGHQWDO FRQWUD XQD UHVROXFLyQ GH FHVDFLyQ GH OD
GHWHQFLyQSUHYHQWLYDHQIRUPDSUHYLDDODSUHVHQWDFLyQGHODDFFLyQGHOLEHUWDG(QHO
FRQWH[WR DQWHV SUHFLVDGR OD 6&3  VH FRQVWLWX\H HQ OD SULPHUD VHQWHQFLD
FRQILUPDGRUDGHHVWHHQWHQGLPLHQWRTXHGHPDQHUDXQLIRUPHKDPDQWHQLGR


(QHVWHDFiSLWHVHGHVDUUROODUiQORVVXSXHVWRVGHSUHVHQWDFLyQGLUHFWDGHOD
DFFLyQGHOLEHUWDGTXHSXHGHQVHUUHVXPLGRVGHODVLJXLHQWHPDQHUD


$FWLYDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGSRUDEVROXWRHVWDGRGHLQGHIHQVLyQ


W


dW^:d
(ODEVROXWRHVWDGRGHLQGHIHQVLyQHVXQSUHVXSXHVWRH[LJLGRSRUODMXULVSUXGHQFLDSDUD
TXHVHDFWLYHODDFFLyQGHOLEHUWDGGHPDQHUDGLUHFWDHQHVHPDUFROD6&5
HVWDEOHFLyTXHDQWHVGHDFXGLUDODMXULVGLFFLyQFRQVWLWXFLRQDOGHEtDSHGLUVHODUHSDUDFLyQ
DOGHUHFKRDOGHELGRSURFHVRHQVHGHMXULVGLFFLRQDORUGLQDULDDWUDYpVGHORVPHGLRVGH
LPSXJQDFLyQHVWDEOHFLGRVSRUODOH\VDOYRHODEVROXWRHVWDGRGHLQGHIHQVLyQFULWHULR
VLVWHPDWL]DGRSRUOD6&5DVtHQFDVRVFRQFUHWRVHQORVFXDOHVHO7ULEXQDO
&RQVWLWXFLRQDOYHULILFyHVWHSUHVXSXHVWRLQJUHVyDODQiOLVLVGHIRQGRGHODSUREOHPiWLFD
DVtORKL]RSRUHMHPSORDWUDYpVGHOD6&5FDVRHQHOFXDOHOQRDJRWDPLHQWR
GH ORV PHFDQLVPRV SHQDOHV GH LPSXJQDFLyQ FRPR FRQVHFXHQFLD GH OD QHJOLJHQFLD H
LQFXPSOLPLHQWRGHORVUROHVGHOGHIHQVRUGHRILFLRRFDVLRQyODHPLVLyQGHXQDVHQWHQFLD
FRQGHQDWRULD FRQ DSDUHQWH FDOLGDG GH FRVD MXJDGD HPHUJHQWH GH XQ SURFHVDPLHQWR
LQGHELGRSRUORTXHHOPi[LPRFRQWUDORUGHGHUHFKRVIXQGDPHQWDOHVVLQODH[LJHQFLDGH
ODVXEVLGLDULHGDGH[FHSFLRQDOLQJUHVyDODQiOLVLVGHIRQGR\UHYRFyODGHFODUDWRULDGH
LPSURFHGHQFLDGHO7ULEXQDOGH*DUDQWtDV\DWUDYpVGHOKiEHDVFRUSXVFRQFHGLyODWXWHOD
DQXODQGRREUDGRVKDVWDODDXGLHQFLDGHDSHUWXUDGHGHEDWHVLQFOXVLYH(VWHFULWHULRIXH
DGHPiVDVXPLGRSRUOD6&5

3RUVXSDUWHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHQOD6&3HVWDEOHFLy
TXHODGHFODUDFLyQGHODRHOLPSXWDGRTXHFRQWHQJDXQDFRQIHVLyQGHOGHOLWRREWHQLGD
LOHJDOPHQWHVLQODSUHVHQFLDGHVXDERJDGRGHIHQVRUHVXQVXSXHVWRGHSURFHVDPLHQWR
LQGHELGRSRUORTXHSURFHGHODDFWLYDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGHQPpULWRDO
DEVROXWRHVWDGRGHLQGHIHQVLyQ


$FWLYDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGHQFDVRVGHQRHVWDUYLQFXODGRHO
KHFKR D GHOLWRV R FXDQGR QR H[LVWH DXWRULGDG TXH HMHU]D FRQWURO MXULVGLFFLRQDO GH OD
FDXVD(VWDOtQHDGHEHVHUHQWHQGLGDGHODVLJXLHQWHPDQHUD

L/D6&PRGXODOD6&5TXHHVWDEOHFLyFRPRSULPHUVXSXHVWRGH
VXEVLGLDULHGDGHOVLJXLHQWH
6LDQWHVGHH[LVWLULPSXWDFLyQIRUPDOWDQWROD3ROLFtDFRPR
OD)LVFDOtDFRPHWLHURQDUELWUDULHGDGHVUHODFLRQDGDVDOGHUHFKRDODOLEHUWDGItVLFDRGH
ORFRPRFLyQ \ WRGDYtD QR H[LVWH DYLVR GHO LQLFLRGH OD LQYHVWLJDFLyQ FRUUHVSRQGH VHU
GHQXQFLDGDV DQWH HO -XH] &DXWHODU GH WXUQR
  6LQ HPEDUJR GHEH FRQVLGHUDUVH TXH HO
SUHFHGHQWHFRQWHQLGRHQOD6&\DIXHHVWDEOHFLGRHQOD6&5HQ
ODTXHVHVRVWXYRTXHVHSRGtDDFXGLUGLUHFWDPHQWHDODMXVWLFLDFRQVWLWXFLRQDOFXDQGRQR
H[LVWLHUDGHQXQFLDLQYHVWLJDFLyQDELHUWDQLIODJUDQFLD

LL3RVWHULRUPHQWHOD6&PRGXOyHOFRQWHQLGRGHOD6&3DOVHxDODU
TXH HV SRVLEOH OD SUHVHQWDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG SUHVFLQGLHQGR GH OD
VXEVLGLDULHGDG H[FHSFLRQDO FXDQGR D  /D VXSXHVWD OHVLyQR DPHQD]D DO GHUHFKR D OD
OLEHUWDGItVLFDRSHUVRQDOQRHVWpYLQFXODGDDXQGHOLWRyE &XDQGRH[LVWLHQGRGLFKD
YLQFXODFLyQQRVHKDLQIRUPDGRDOMXH]FDXWHODUVREUHHOLQLFLRGHODVLQYHVWLJDFLRQHV
QRREVWDQWHKDEHUWUDQVFXUULGRORVSOD]RVHVWDEOHFLGRVSDUDHO HIHFWRHQHO&yGLJRGH
SURFHGLPLHQWR SHQDO QR VLHQGR H[LJLEOH HQ QLQJXQR GH ORV GRV VXSXHVWRV DQRWDGRV
DFXGLUDQWHHOMXH]FDXWHODUGHWXUQRFRQFDUiFWHUSUHYLR


$FWLYDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGHQUHODFLyQDOUHVJXDUGRGHOGHUHFKR
DODYLGD

(O7ULEXQDO&RQVWLWXFLRQDOHQHOPDUFRGHOD&RQVWLWXFLyQDSUREDGDHQHVWDEOHFLy
HQOD6&5TXHHQUHODFLyQDODWXWHODDOGHUHFKRDODYLGDDWUDYpVGHODDFFLyQ
GHOLEHUWDGQRHUDDSOLFDEOHHOSULQFLSLRGHVXEVLGLDULHGDGFULWHULRWDPELpQDVXPLGRSRU
ODV 66&& 5 \  HQWUH RWUDV \ UDWLILFDGR SRU HO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOHQSDUWLFXODUHQOD6&3ODFXDOHQHO)-,,,
GHPDQHUDH[SUHVDVHxDODTXHEDMRQLQJXQDFLUFXQVWDQFLDHVDSOLFDEOHODVXEVLGLDULHGDG
GHODDFFLyQGHOLEHUWDGFXDQGRVHGHQXQFLDYLRODFLyQGHOGHUHFKRDODYLGD


W


dW^:d



$FWLYDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG HQ UHVROXFLRQHV GH PHGLGDV
FDXWHODUHVGHFDUiFWHUSHUVRQDOHPLWLGDVHQ3URYLQFLDV(VWDOtQHDGHEHVHUHQWHQGLGDGH
ODVLJXLHQWHIRUPD

L
(O7ULEXQDO&RQVWLWXFLRQDODWUDYpVGHOD6&5IXQGyODOtQHDVREUH
ODVXEVLGLDULHGDGH[FHSFLRQDOGHODDFFLyQGHOLEHUWDGHVWDEOHFLHQGRTXHHQORVVXSXHVWRV
HQ ORV H[LVWDQ PHGLRV LGyQHRV SDUD UHSDUDU GH PDQHUD XUJHQWH SURQWD \ HILFD] GHO
GHUHFKRDODOLEHUWDGItVLFDLOHJDOPHQWHUHVWULQJLGRORVPLVPRVGHEHQVHUXWLOL]DGRVDQWHV
GHDFXGLUDODMXVWLFLDFRQVWLWXFLRQDODWUDYpVGHODDFFLyQGHOLEHUWDG

LL
$ WUDYpV GH OD 6& 5 VH HVWDEOHFLy TXH HQ SURYLQFLDV SDUD QR
GHVQDWXUDOL]DU HVWH PHFDQLVPR WXWHODU SRGtD DFWLYDUVH GLUHFWDPHQWH HO KiEHDV FRUSXV
FRQWUDPHGLGDVFDXWHODUHVVLQQHFHVLGDGGHDFWLYDUODDSHODFLyQLQFLGHQWDO

LLL
3RVWHULRUPHQWH \ GH PDQHUD UHVWULFWLYD OD 6& 5 PXWy HO
HQWHQGLPLHQWRSODVPDGRHQOD6&5HVWDEOHFLHQGRTXHQRHUDDGPLVLEOHOD
SUHVHQWDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGHQSURYLQFLDVSXHVHVWR
SURYRFDUtDXQFDRV
MXUtGLFR \ XQD VREUHFDUJD SURFHVDO LQPRWLYDGD TXH SRGUtD SURGXFLU GHPRUDV HQ OD
GLQiPLFD\UHVXOWDUtDLQFRPSDWLEOHFRQODVGLUHFWULFHVGHFHOHULGDGTXHHPDQDQGHORV
DUWV\GHOD&3(DGHPiVUHSHUFXWLUiQHJDWLYDPHQWHHQODSHUVHFXFLyQSHQDO


LY
/D  6&3  UHFRQGXFH HO FULWHULR MXULVSUXGHQFLDO DO UD]RQDPLHQWR
SODVPDGR HQ OD 6& 5 SRU WDQWR HQ SURYLQFLDV QR HV H[LJLEOH OD
VXEVLGLDULHGDG H[FHSFLRQDO GH OD DFFLyQ GH OLEHUWDG FXDQGR ORV PHFDQLVPRV LQWUD
SURFHVDOHVGHLPSXJQDFLyQQRVHDQRSRUWXQRVQLHILFDFHVHQUD]yQDGLVWDQFLD\WLHPSR


$FWLYDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGFXDQGRHOPHGLRGHGHIHQVDQRHV
LGyQHRRHVLQHILFD]


(QFDVRGHDFWLYDFLyQSDUDOHODGHMXULVGLFFLRQHV(O7ULEXQDO&RQVWLWXFLRQDO
3OXULQDFLRQDODWUDYpVGHOD6&3TXHHVXQDVHQWHQFLDIXQGDGRUDVHxDOyTXH
H[FHSFLRQDOPHQWHODMXULVGLFFLyQFRQVWLWXFLRQDOSRGUiLQJUHVDUDODQiOLVLVGHIRQGRGHOD
DFFLyQGHOLEHUWDGHQORVFDVRVGHDFWLYDFLyQSDUDOHODGHODMXULVGLFFLyQRUGLQDULD\OD
FRQVWLWXFLRQDOFXDQGRFRQVWDWHTXHODYtDMXGLFLDOVHWRUQDLQHILFD]GHDFXHUGRFRQORV
DQWHFHGHQWHVGHOFDVRFRQFUHWR


(Q FDVR GHO UHFXUVR GH UHSRVLFLyQ (VWD OtQHD MXULVSUXGHQFLDO GHEH VHU
HQWHQGLGDGHODVLJXLHQWHPDQHUD

L/DOtQHDMXULVSUXGHQFLDOVREUHODVXEVLGLDULHGDGH[FHSFLRQDOGHODDFFLyQGHOLEHUWDG
YLQFXODGDDODUHSRVLFLyQIXHVLVWHPDWL]DGDHQOD6&35HQODTXHDOKDFHU
UHIHUHQFLD D ODV FLUFXQVWDQFLDV HQ ODV TXH  SRU HO GDxR LQPLQHQWH H LUUHSDUDEOH QR HV
SRVLEOH DSOLFDU OD VXEVLGLDULHGDG H[FHSFLRQDO \ SRU WDQWR FRUUHVSRQGH LQJUHVDU DO
DQiOLVLVGHIRQGRH[SUHVDPHQWHFRQWHPSOyDORVVXSXHVWRVHQTXHH[LVWHSULYDFLyQGH
OLEHUWDG \ HYLGHQWH QHJOLJHQFLD R GLODFLyQ SRU SDUWH GH ODV DXWRULGDGHV TXH ULJHQ OD
DFWLYLGDGSURFHVDOSHQDOSRUHMHPSORVLILMDQDXGLHQFLDVGHFRQVLGHUDFLyQFRQSOD]RV
QR UD]RQDEOHV OD LQMXVWLILFDGD VXVSHQVLyQ HQWUH RWUDV FLUFXQVWDQFLDV DxDGLHQGR
SRVWHULRUPHQWH TXH VL ELHQ HQ HVWRV FDVRV GH HYLGHQWH GLODFLyQ VH DFWLYD
LQPHGLDWDPHQWH HVWD DFFLyQ WXWHODU SDUD LPSXJQDU HVD DFWLWXG OHVLYD D OD OLEHUWDG SRU
SDUWHGHODDXWRULGDGMXULVGLFFLRQDOTXHSURORQJDODSULYDFLyQGHOLEHUWDGQRREVWDQWH\
VLQTXHVHDH[LJLEOHSRUORH[SOLFDGRSUHFHGHQWHPHQWH\GDGDODQDWXUDOH]DQRVXEVLGLDULD
GHHVWDDFFLyQHODJUDYLDGRGHEHWHQHUHQFXHQWDTXHODQRUPDDGMHWLYDSHQDOOHGDOD
IDFXOWDGGHLQWHUSRQHUUHFXUVRGHUHSRVLFLyQSDUDLPSXJQDUHQHVWHFDVRHOGHFUHWRGH
ILMDFLyQ R VXVSHQVLyQ GH DXGLHQFLD \ TXH SXHGH VHU DFWLYDGR RUDOPHQWH HQ HO DFWR \
UHVXHOWRGHLQPHGLDWRHQODPLVPDDXGLHQFLD\VLHVSRUHVFULWRSXHGHVHULQWHUSXHVWR
HQYHLQWLFXDWURKRUDV\UHVXHOWRHQLJXDOSOD]RGHWDOPDQHUDTXHHQODPLVPDLQVWDQFLD

W


dW^:d
VHUHHQFDXFHHOSURFHVR\VHUHVWDEOH]FDQVXVGHUHFKRV
3RUWDQWRDQWHHVWDVLWXDFLyQGLODWRULDSXHGHDFXGLUGLUHFWDPHQWHDODDFFLyQGHOLEHUWDG
R HQ VX GHIHFWR DQWHV GH LQWHUSRQHU HVWD DFFLyQ WXWHODU SXHGH IRUPXODU UHFXUVR GH
UHSRVLFLyQHPSHURORTXHQRHVWiSHUPLWLGRHVTXHHODJUDYLDGRLQFXPSOLHQGRVXGHEHU
GHDFWXDUFRQOHDOWDGSURFHVDOKDELHQGRDFWLYDGRHOUHFXUVRGHUHSRVLFLyQ\HVWDQGRHQ
WUiPLWH HO PLVPR HQ OD MXULVGLFFLyQ RUGLQDULD GH PDQHUD SDUDOHOD DFWLYH OD DFFLyQ GH
OLEHUWDGHQODMXULVGLFFLyQFRQVWLWXFLRQDOHQHVHFDVRQRHVSRVLEOHLQJUHVDUDODQiOLVLV
GHIRQGR(QWHQGLPLHQWRTXH\DIXHHVWDEOHFLGRHQOD6&5GHGHDEULO

LL/DV6&3V\VLJXLHQGRHOSUHFHGHQWHGHODV66&&5
\ 5 GHFODUDQ OD LPSURFHGHQFLD GH OD DFFLyQ GH OLEHUWDG SRU VXEVLGLDULHGDG
H[FHSFLRQDO

LLL /D 6&3  PXWD HO HQWHQGLPLHQWR H[SUHVDGR HQ ODV 6&3  \
TXHGHQHJDURQODWXWHODTXHEULQGDODDFFLyQGHOLEHUWDGSRUHVWDUSHQGLHQWH
GHUHVROXFLyQHOUHFXUVRGHUHSRVLFLyQ\VRVWLHQHHQIRUPDH[SUHVDTXHHOUHFXUVRGH
UHSRVLFLyQQRHVXQUHFXUVRUiSLGRLGyQHRHIHFWLYRSDUDTXHFRQODPD\RUFHOHULGDGVH
UHSDUH HQ HO PLVPR yUJDQR MXGLFLDO ODV DUELWUDULHGDGHV \R HUURUHV TXH VH KXELHVHQ
FRPHWLGR HQ GLFKD IDVH R HWDSD SURFHVDO HQ HVWH PDUFR UHDOL]DQGR XQ DQiOLVLV GH OD
SUiFWLFDMXGLFLDOFRQFOX\HTXH
GDGDODSUiFWLFDIRUHQVHHVWHVXSHUDORVWUHVGtDVHQVX
WUDPLWDFLyQ VL VH WRPD HQ FXHQWD TXH HO PLVPR GHEH LQJUHVDU D GHVSDFKR SDUD VX
FRQVLGHUDFLyQ \ SRVWHULRUPHQWH GHEH VHU QRWLILFDGR D ODV SDUWHV VLWXDFLyQ TXH HQ
GHILQLWLYD GHVQDWXUDOL]D HO SULQFLSLR GH FHOHULGDG \ HO GHUHFKR D XQD MXVWLFLD SURQWD
RSRUWXQD \ VLQ GLODFLRQHV
 (Q FRQVHFXHQFLD /D 6&3  DO HVWDEOHFHU TXH HO
UHFXUVRGHUHSRVLFLyQQRHVXQPHFDQLVPRLQWUDSURFHVDODVHUDFWLYDGRHQIRUPDSUHYLD
D OD SUHVHQWDFLyQGH OD DFFLyQ GH OLEHUWDG SRU QR UHXQLUOD FDUDFWHUtVWLFDV GH UDSLGH]
LGRQHLGDG\HILFDFLDFRQWLHQHXQUD]RQDPLHQWRFRQHOHVWiQGDUPiVDOWR


$FWLYDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG HQ FDVR GH QLxDV QLxRV \
DGROHVFHQWHV(VWDOtQHDGHEHVHUHQWHQGLGDGHODVLJXLHQWHPDQHUD

L
/DV 66&& 5 5 5 5 66&&33
 \ RWUDV SRVWHULRUHV HVWDEOHFHQ HO PDUFR JHQHUDO VREUH OD VXEVLGLDULHGDG
H[FHSFLRQDOGHODDFFLyQGHOLEHUWDG

LL/D6&5HVWDEOHFLyTXHODVXEVLGLDULHGDGH[FHSFLRQDO
QRHVDSOLFDEOHD
ORVVXSXHVWRVHQORVTXHPHQRUHVGHDxRVFRQVLGHUDGRVPHQRUHVLQIUDFWRUHVVHYHDQ
LQYROXFUDGRVHQODSUHVXQWDFRPLVLyQGHGHOLWRV
(VWHHQWHQGLPLHQWRHVFRQILUPDGRSRU
OD6&3TXHVHFRQILJXUDFRPRSULPHUDVHQWHQFLDFRQILUPDGRUDGHOtQHD

LLL (Q FXDQWR D ORV PHQRUHV LPSXWDEOHV FRPSUHQGLGRV HQWUH  \  DxRV OD 6&
5UHLWHUDGDHQWUHRWUDVSRUODV66&&5\5FRQFOX\y
TXHORVPHQRUHVLPSXWDEOHVGHEHQVHUSURFHVDGRVHQODMXULVGLFFLyQRUGLQDULDFX\DHWDSD
LQYHVWLJDWLYDHQFXDQWRDOUHVSHWRDORVGHUHFKRV\JDUDQWtDVSURFHVDOHVHVWiDFDUJRGHO
MXH]FDXWHODUVLQHPEDUJROD6&5UD]RQyHQVHQWLGRTXHQRHUDDSOLFDEOHOD
VXEVLGLDULHGDG H[FHSFLRQDO GH OD DFFLyQ GH OLEHUWDG D PHQRUHV LPSXWDEOHV GDGD OD
SURWHFFLyQHVSHFLDOGHO(VWDGRSRUVXFRQGLFLyQTXHORVFRORFDHQGHVYHQWDMDIUHQWHDO
UHVWR GH OD SREODFLyQ GHFLVLyQ TXH FRQWHPSOD HO HVWiQGDU PiV DOWR HQ FXDQWR D HVWD
WHPiWLFD

LY3RVWHULRUPHQWHOD6&3FRQFOX\HTXHODVSHUVRQDVPD\RUHVGHDxRV\
PHQRUHV D  FRQVLGHUDGRV FRPR LPSXWDEOHV SHQDOPHQWH Vt
GHEHQ FXPSOLU FRQ OD
H[FHSFLyQ GH OD VXEVLGLDULHGDG HV GHFLU DJRWDU ORV PHFDQLVPRV LQWUDSURFHVDOHV
IUDQTXHDGRV SRU OD OH\ SUHYLR D DFXGLU D OD MXULVGLFFLyQ FRQVWLWXFLRQDO
 \ DXQTXH VH
DFODUDTXHHVWHUD]RQDPLHQWRQRLPSOLFDXQFDPELRGHOtQHDUHVSHFWRDOD6&
5 HQ OD TXH VH HVWDEOHFLy TXH OD VXEVLGLDULHGDG H[FHSFLRQDO
QR HV DSOLFDEOH D ORV

W


dW^:d


VXSXHVWRV HQ ORVTXH PHQRUHV GH  DxRV FRQVLGHUDGRV PHQRUHV LQIUDFWRUHV VH YHDQ
LQYROXFUDGRVHQODSUHVXQWDFRPLVLyQGHGHOLWRV
HQUHDOLGDGHVXQDGHFLVLyQTXHLQDSOLFD
HO HVWiQGDU PiV DOWR FRQWHQLGR HQ OD 6& 5 $VLPLVPR OD 6&3 
HVWDEOHFH TXH HQ FDVR GH PHQRUHV LPSXWDEOHV GHEH FXPSOLUVH FRQ OD VXEVLGLDULHGDG
H[FHSFLRQDO GH OD DFFLyQ GH OLEHUWDG HV GHFLU GHEH DJRWDUVH ORV PHFDQLVPRV
LQWUDSURFHVDOHVIUDQTXHDGRVSRUODOH\SUHYLRDDFXGLUDODMXULVGLFFLyQFRQVWLWXFLRQDO
VHQWHQFLDTXHLQDSOLFDHOHVWiQGDUPiVDOWR\SRUWDQWRQRJHQHUDSUHFHGHQWHYLQFXODQWH

Y
/D 6&3  UHLWHUD HO HQWHQGLPLHQWR FRQWHQLGR HQ OD 6&  H
LPSOLFDXQDUHFRQGXFFLyQLPSOtFLWDDHVWHSUHFHGHQWHSRUORFXDOFRQVDJUDODDSOLFDFLyQ
GHOHVWiQGDUPiVDOWR

 $FWLYDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG HQ FDVR GH PXMHUHV HPEDUD]DGDV(O
7ULEXQDO &RQVWLWXFLRQDO HQ OD 6& 5 HVWDEOHFLy TXH SDUD HO UHVJXDUGR GHO
GHUHFKR D OD YLGD D WUDYpV GH OD DFFLyQ GH OLEHUWDG QR HV DSOLFDEOH OD VXEVLGLDULHGDG
H[FHSFLRQDOHQHVWHFRQWH[WRHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDODWUDYpVGHOD
6&3  GH PDQHUD H[SUHVD VHxDOy TXH HQ PHGLGDV FDXWHODUHV YLQFXODGDV D
PXMHUHVHPEDUD]DGDVDSHVDUGHH[LVWLUODDSHODFLyQLQFLGHQWDOHVWHPHFDQLVPRQRHV
H[LJLEOHHQHVWRVVXSXHVWRV\DTXHHQDWHQFLyQDODSURWHFFLyQSULRULWDULDTXHPHUHFHHVWH
VHFWRU GHEH IOH[LELOL]DUVH ODV UHJODV GH OD VXEVLGLDULHGDG H[FHSFLRQDO GH OD DFFLyQ GH
OLEHUWDG

 $FWLYDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG SRU YtDV GH KHFKR (O 7ULEXQDO
&RQVWLWXFLRQDO KD VHQWDGR XQD OtQHD MXULVSUXGHQFLDO VREUH OD H[FHSFLyQ D OD
VXEVLGLDULHGDG SRU YtDV GH KHFKR GHQWUR GH ODV DFFLRQHV GH DPSDUR FRQVWLWXFLRQDO
FRQWHQLGDHQODV66&&5UHLWHUDGDHQODV66&&56&
5 SRVWHULRUPHQWHOD6&3 (OUD]RQDPLHQWRFRQWHQLGRHQGLFKDV
VHQWHQFLDVVHDPSOtDDODVDFFLRQHVGHOLEHUWDG\GHDFXHUGRDOD6&3DWRGDV
ODV DFFLRQHV WXWHODUHV  (V HQ PpULWR D GLFKD DPSOLDFLyQ TXH OD 6&3  VH
FRQVWLWX\HHQXQDVHQWHQFLDPRGXODGRUDGHOtQHD


$FWLYDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGHQFRQWUDGHUHVROXFLRQHVHPLWLGDV
SRUODRHOMXH]FDXWHODUHQFXDQWRDOFRQWUROGHOHJDOLGDGGHODDSUHKHQVLyQ(VWDOtQHD
GHEHVHUHQWHQGLGDGHODVLJXLHQWHPDQHUD

L(O7ULEXQDO&RQVWLWXFLRQDODWUDYpVGHODV66&&5\5VHxDOyGH
PDQHUDH[SUHVDTXHXQDYH]LPSXJQDGDODVXSXHVWDDSUHKHQVLyQILVFDORSROLFLDODQWHHO
MXH]FDXWHODUVHSRGtDSUHVHQWDUGLUHFWDPHQWHHOUHFXUVRGHKiEHDVFRUSXVQRVLHQGR
QHFHVDULRLQWHUSRQHUHOUHFXUVRGHDSHODFLyQFRQWUDODGHFLVLyQGHOMXH]

LL3RVWHULRUPHQWH OD 6& 5 VLQ FDPELDU GH PDQHUD H[SUHVD ORV DQWHULRUHV
SUHFHGHQWHV VRVWXYR TXH DQWH OD H[LVWHQFLD GH XQD UHVROXFLyQ MXGLFLDO GH GHWHQFLyQ
SUHYHQWLYDVHGHEtDHMHUFHUVXGHUHFKR\GHEHUSURFHVDOGHDSHODFLyQLQFLGHQWDO\QR
DFXGLUGLUHFWDPHQWHDQWHODMXULVGLFFLyQFRQVWLWXFLRQDO

LLL/XHJROD6&5UHWRPDQGRHOFULWHULRDQWHULRUVRVWXYRTXHQRHVH[LJLEOH
SDUDDFWLYDUODMXVWLFLDFRQVWLWXFLRQDOXWLOL]DUHOUHFXUVRGHDSHODFLyQSUHYLVWRHQHODUW
GHO&33
GDGRHOFDUiFWHUH[FHSFLRQDOPHQWHVXEVLGLDULRGHODUHIHULGDDFFLyQTXH
VyOR H[LJH HO DJRWDPLHQWR GH DTXHOORV UHFXUVRV H[SUHVDPHQWH SUHYLVWRV HQ HO
RUGHQDPLHQWR SURFHVDO SHQDO TXH VHDQ LGyQHRV SDUD OD SURWHFFLyQ GHO GHUHFKR D OD
OLEHUWDGItVLFDRSHUVRQDO(QHVHVHQWLGRGHEHFRQVLGHUDUVHTXHFRQWUDODUHVROXFLyQGHO
MXH]FDXWHODUTXHVHSURQXQFLHVREUHODDSUHKHQVLyQILVFDORSROLFLDOQRHVH[LJLEOHOD
LQWHUSRVLFLyQGHDOJ~QPHGLRGHLPSXJQDFLyQHVSHFtILFRSRUFXDQWRHODUWGHO&33
KDFH UHIHUHQFLD D OD DSHODFLyQ GH ODV UHVROXFLRQHV SURQXQFLDGDV SRU HO MXH] TXH
GLVSRQJDQPRGLILTXHQRUHFKDFHQODVPHGLGDVFDXWHODUHVGHQWURGHODVFXDOHVGHEHHVWDU
FRQWHQLGRHOUHFODPRVREUHpVWHWySLFRVLH[LVWLHUDVLWXDFLRQHVTXHQRVHSUHVHQWDQHQ

W


dW^:d
HOFRQWUROTXHHIHFW~DHOMXH]FDXWHODUUHVSHFWRDODDSUHKHQVLyQRUGHQDGDV\HMHFXWDGDV
SRUODVDXWRULGDGHVILVFDOHVRSROLFLDOHVUHVSHFWLYDPHQWHSXHVHOMX]JDGRUVHOLPLWDD
GHFODUDUODOHJDOLGDGRLOHJDOLGDGGHODDSUHKHQVLyQ


6LQ HPEDUJR HVWD PLVPD VHQWHQFLD VHxDOy TXH
VL HO LPSXWDGR SUHVHQWD UHFXUVR GH
DSHODFLyQFRQWUDODUHVROXFLyQTXHGHFODUyODOHJDOLGDGRLOHJDOLGDGGHODDSUHKHQVLyQ
QRVHDFWLYDODMXVWLFLDFRQVWLWXFLRQDOPLHQWUDVODDSHODFLyQGHGLFKDGHWHUPLQDFLyQHVWp
SHQGLHQWHHVWRFRQODILQDOLGDGGHQRJHQHUDUGRVIDOORVTXHSXHGHQVHUFRQWUDGLFWRULRV
VREUHXQDPLVPDWHPiWLFD
HQWHQGLPLHQWRTXHIXHUHLWHUDGRHQOD6&3

LY $FWXDOPHQWH GH DFXHUGR DO HQWHQGLPLHQWR GH OD 6&3  HV SRVLEOH OD
SUHVHQWDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG D~Q VH KXELHUH SUHVHQWDGR UHFXUVR GH
DSHODFLyQFRQWUDODUHVROXFLyQSURQXQFLDGDSRUHOMXH]FDXWHODUTXHHMHUFLyHOFRQWUROGH
OHJDOLGDG\HQHVHVHQWLGRGLFKDVHQWHQFLDVHFRQVWLWX\HHQPRGXODGRUD\FRQWLHQHHO
HVWiQGDU PiV DOWR SRU OR WDQWR HO SUHFHGHQWH HV YLQFXODQWH SDUD WRGRV DTXHOORV FDVRV
IXWXURV FRQ LGHQWLGDG IiFWLFD 6LQ HPEDUJR HV LPSRUWDQWH KDFHU QRWDU TXH HO
HQWHQGLPLHQWR FRQWHQLGR HQ OD  6&3  HV FRQWUDULR DO HVWiQGDU PiV DOWR GH
SURWHFFLyQ SRUTXH VHxDOD TXH ODV UHVROXFLRQHV SURQXQFLDGDV SRU ORV MXHFHV \ MXH]DV
FDXWHODUHVHQHOHMHUFLFLRGHOFRQWUROGHODOHJDOLGDGIRUPDO\PDWHULDOGHODDSUHKHQVLyQ
GHEHQVHULPSXJQDGDVDWUDYpVGHOUHFXUVRGHDSHODFLyQLQFLGHQWDODQWHVGHDFXGLUDOD
MXVWLFLDFRQVWLWXFLRQDOYtDDFFLyQGHOLEHUWDG(QHVWHVHQWLGRWDPELpQHVWiQODVVHQWHQFLDV
FRQVWLWXFLRQDOHV SOXULQDFLRQDOHV VLJXLHQWHV  HQWUH RWUDV 7RGDV
HVWDVVHQWHQFLDVQRJHQHUDQSUHFHGHQWHYLQFXODQWHVLJXLHQGRODGRFWULQDGHOHVWiQGDUPiV
DOWR

 $FWLYDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG FXDQGR H[LVWH LPSRVLFLyQGH DERJDGR
GHIHQVRU/D6&5FRQFHGLyODWXWHODGHOHQWRQFHVUHFXUVRGHKiEHDVFRUSXV
KR\DFFLyQGHOLEHUWDGSRUTXHQRVHFRPXQLFyDOLPSXWDGRHO
GHUHFKRDFRQWDUFRQORV
VHUYLFLRVGHXQDERJDGRGHIHQVRUGHVXHOHFFLyQRFRQILDQ]DKDYXOQHUDGRXQDGHODV
UHJODVGHOGHELGRSURFHVRSUHYLVWRHQHODUW&33FRQFRUGDQWHFRQHODUWSDUiJUDIR
G \H GHOD&RQYHQFLyQ$PHULFDQD6REUHORV'HUHFKRV+XPDQRVTXHGHWHUPLQDQSRU
RWUD SDUWH ODV FLUFXQVWDQFLD HQ ODV TXH GHEH GHVLJQDUVH GHIHQVRU GH RILFLR FXDQGR HO
LPSXWDGR QR OR GHVLJQD GHQWUR HO SOD]R GH OH\ R HO QRPEUDGR SRU pVWH QR DFHSWD HO
FDUJR
/D6&3UHDILUPDHOUHIHULGRFULWHULRMXULVSUXGHQFLDOHVWDEOHFLHQGR
ODSRVLELOLGDGGHSUHVHQWDUHQHVWRVVXSXHVWRVGHPDQHUDGLUHFWDODDFFLyQGHOLEHUWDG
SUHVFLQGLHQGRGHOSULQFLSLRGHVXEVLGLDULHGDGH[FHSFLRQDOUD]yQSRUODFXDOVHFRQILJXUD
FRPRODSULPHUDVHQWHQFLDFRQILUPDGRUD


$FWLYDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGFXDQGRH[LVWHLQFRPXQLFDFLyQGHO
DSUHKHQGLGRFRQVXDERJDGRGHIHQVRU6REUHODEDVHGHODMXULVSUXGHQFLDFRQVWLWXFLRQDO
FRQWHQLGD HQ ODV 66&& 5 5 5 OD 6&3 
FRQFOX\H TXH DO H[LVWLU FRQWUDGLFFLRQHV \  QR KDEHU GHVYLUWXDGR ODV DXWRULGDGHV
GHPDQGDGDVODVGHQXQFLDVHIHFWXDGDVSRUHODFFLRQDQWHpVWDVVHWLHQHQSRUFLHUWDV\SRU
HQGHVHFRQFHGHODWXWHODDFX\RHIHFWRHVWDEOHFHODSURFHGHQFLDGLUHFWDGHODDFFLyQ
GHOLEHUWDGHQHVWRVVXSXHVWRV


$FWLYDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG HQ FDVRV GH GHFODUDFLyQ EDMR
DPHQD]DV6REUH OD EDVH GH OD MXULVSUXGHQFLD FRQVWLWXFLRQDO FRQWHQLGD HQ ODV 66&&
5 5 5 OD 6&3  FRQFOX\H TXH DO H[LVWLU
FRQWUDGLFFLRQHV \  QR KDEHU GHVYLUWXDGR ODV DXWRULGDGHV GHPDQGDGDV ODV GHQXQFLDV
HIHFWXDGDVSRUHODFFLRQDQWHpVWDVVHWLHQHQSRUFLHUWDV\SRUHQGHVHFRQFHGHODWXWHOD
D FX\R HIHFWR HVWDEOHFH OD SURFHGHQFLD GLUHFWD GH OD DFFLyQ GH OLEHUWDG HQ HVWRV
VXSXHVWRV

$FWLYDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGSRUUHWHQFLyQHQFHQWURVKRVSLWDODULRV(O
7ULEXQDO&RQVWLWXFLRQDOHQOD6&5HVWDEOHFLyDOJXQRVSUHVXSXHVWRVSDUD

W


dW^:d


OD SURFHGHQFLD GH OD DFFLyQ GH OLEHUWDG HQ FDVR GH UHWHQFLyQ GH SDFLHQWHV HQ FHQWURV
KRVSLWDODULRV SRU IDOWD GH SDJR 6LQ HPEDUJR OXHJR OD 6&3  FDPELD GLFKR
HQWHQGLPLHQWR MXULVSUXGHQFLDO VHxDODQGR TXH HV SRVLEOH OD SUHVHQWDFLyQ GLUHFWD GH OD
DFFLyQGHOLEHUWDGWUDWiQGRVHGHLQGHELGDSULYDFLyQGHOLEHUWDGGHSDFLHQWHVHQFHQWURV
KRVSLWDODULRVSRUQRSDJDUODDWHQFLyQ\ORVKRQRUDULRVPpGLFRVVLQQHFHVLGDGGHDFXGLU
SUHYLDPHQWHDODXQLGDGFRUUHVSRQGLHQWHSDUDFRQFLOLDUGHXGDV


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO


HQFXDQWRDODSUHVXQWDLQGHELGDSULYDFLyQGHOLEHUWDGGHEHUiWHQHUVH
HQFXHQWDTXHODPLVPDSXHGHSURGXFLUVH\DSRUKHFKRV\FLUFXQVWDQFLDV
HYHQWXDOPHQWHQRYLQFXODGDVDODSUHVXQWDFRPLVLyQGHXQGHOLWR\RWUDV
YHFHV Vt YLQFXODGDV D GLFKD SUHVXQWD FRPLVLyQ GH XQ GHOLWR (Q
FRQVHFXHQFLDVLQRH[LVWHLQLFLRGHLQYHVWLJDFLyQ\WDPSRFRSUHVXQWD
FRPLVLyQ GH GHOLWR DOJXQR FRUUHVSRQGHUi D OD MXVWLFLD FRQVWLWXFLRQDO
FRQRFHU GLUHFWDPHQWH \ UHVROYHU OD DFFLyQ GH OLEHUWDG TXH DFXVH XQD
SUHVXQWDLQGHELGDSULYDFLyQGHOLEHUWDG

4XHGD HVWDEOHFLGR TXH FXDQGR OD DFFLyQ GH OLEHUWDG HVWp IXQGDGD
GLUHFWDPHQWH HQ OD YXOQHUDFLyQ DO GHUHFKR D OD OLEHUWDG SHUVRQDO SRU
FDXVDGHKDEHUVHUHVWULQJLGRODPLVPDDOPDUJHQGHORVFDVRV\IRUPDV
HVWDEOHFLGDVSRUOH\\QRHVWpYLQFXODGDDXQGHOLWRRQRVHKXELHUDGDGR
DYLVRGHODLQYHVWLJDFLyQODDFFLyQHVGLUHFWDFRQWUDODVDXWRULGDGHVTXH
YLROHQWDURQOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR\ODOH\




 6XSXHVWRV GH SUHVHQWDFLyQ GLUHFWD GH OD DFFLyQ GH
OLEHUWDG,QGHELGDSULYDFLyQGHOLEHUWDGHQFHQWURVKRVSLWDODULRV
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0XWDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   &XDQGR H[LVWH LQGHELGD SULYDFLyQ GH OD OLEHUWDG
SHUVRQDO GH SDFLHQWHV HQ FHQWURV KRVSLWDODULRV SRU QR SDJDU OD
DWHQFLyQ \ KRQRUDULRV PpGLFRV GHEH SUHVHQWDUVH GLUHFWDPHQWH OD
DFFLyQGHOLEHUWDGVLQQHFHVLGDGGHDFXGLUSUHYLDPHQWHDODXQLGDG
FRUUHVSRQGLHQWHSDUDFRQFLOLDUGHXGDV

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 
W


dW^:d


(QHVWDDFFLyQGHOLEHUWDGHODFFLRQDQWHVRVWXYRTXHVXUHSUHVHQWDGDD
FRQVHFXHQFLDGHXQDFFLGHQWHGHWUiQVLWRIXHLQWHUQDGDHQXQD&OtQLFD
\QRREVWDQWHTXHHODXWRUGHOKHFKRMXQWRFRQVXPDGUHVXVFULELHURQ
XQ FRPSURPLVR GH SDJR SDUD FDQFHODU OD WRWDOLGDG GH OD FXHQWD GH
LQWHUQDFLyQ\KRQRUDULRVHOPpGLFRTXHOHDWHQGtDQRSHUPLWHDVXHVSRVD
DEDQGRQDUHOFHQWURPpGLFRSHVHDTXHIXHGDGDGHDOWDDGXFLHQGRTXH
HO DXWRU GHO KHFKR \ VX PDGUH QR SURFHGLHURQ D FDQFHODU OD FXHQWD
SLGLHQGRHQFRQVHFXHQFLDVHOHFRQFHGDODWXWHOD\VHOHUHVWLWX\DHQ
IRUPD LQPHGLDWD VX GHUHFKR D OD OLEHUWDG (O 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO UHYRFy OD UHVROXFLyQ UHYLVDGD \ FRQFHGLy OD WXWHOD
SURQXQFLiQGRVHSUHYLDPHQWHVREUHODSUHVHQWDFLyQGLUHFWDGHODDFFLyQ
VLQ QHFHVLGDG GH DFXGLU DQWHV DO +RVSLWDO SDUD FRQFLOLDU GHXGDV DVt
FRPRVREUHODOHJLWLPDFLyQSDVLYD

([WUDFWRGHODUDWLRGHFLGHQGL

)M ,,, 1R
OH HUD H[LJLEOH D OD DFFLRQDQWH DFXGLU D OD XQLGDG
FRUUHVSRQGLHQWH SDUD LQWHQWDU FRQFLOLDU VXV GHXGDV SUHYLDPHQWH D OD
DFFLyQGHOLEHUWDGFRQIRUPHVHH[WUDHHQHO)XQGDPHQWR-XUtGLFR,,,
GHODSUHVHQWH6HQWHQFLD&RQVWLWXFLRQDO3OXULQDFLRQDO


6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH OD DFFLyQ GH OLEHUWDG SURQXQFLiQGRVH SUHYLDPHQWH VREUH OD
SUHVHQWDFLyQ GLUHFWD GH OD DFFLyQ VLQ QHFHVLGDG GH DFXGLU DQWHV DO
+RVSLWDOSDUDFRQFLOLDUGHXGDVDVtFRPRVREUHODOHJLWLPDFLyQSDVLYD

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDOHQOD6&5HVWDEOHFLyDOJXQRV
SUHVXSXHVWRVSDUDODSURFHGHQFLDGHODDFFLyQGHOLEHUWDGHQFDVRGH
UHWHQFLyQGHSDFLHQWHVHQFHQWURVKRVSLWDODULRVSRUIDOWDGHSDJR6LQ
HPEDUJR OXHJR OD 6&3  FDPELD GLFKR HQWHQGLPLHQWR
MXULVSUXGHQFLDO VHxDODQGR TXH HV SRVLEOH OD SUHVHQWDFLyQ GLUHFWD GH OD
DFFLyQ GH OLEHUWDG WUDWiQGRVH GH LQGHELGD SULYDFLyQ GH OLEHUWDG GH
SDFLHQWHV HQ FHQWURV KRVSLWDODULRV SRU QR SDJDU OD DWHQFLyQ \ ORV
KRQRUDULRV PpGLFRV VLQ QHFHVLGDG GH DFXGLU SUHYLDPHQWH D OD XQLGDG
FRUUHVSRQGLHQWHSDUDFRQFLOLDUGHXGDV

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,
'HODLQWHUSUHWDFLyQVLVWHPiWLFDGHODVQRUPDVFLWDGDVDQWHULRUPHQWH\
ODMXULVSUXGHQFLDFRQVWLWXFLRQDOUHIHULGDVXUJHODQHFHVLGDGGHGHMDUVLQHIHFWR
HOUD]RQDPLHQWR\ORVSUHVXSXHVWRVHVWDEOHFLGRVSRUOD6&5SDUD
TXHSURFHGDODDFFLyQGHOLEHUWDGFXDQGRVHWUDWHGHSDFLHQWHVTXHVRQUHWHQLGRV

W


dW^:d


SRUODIDOWDGHSDJRHQFHQWURVKRVSLWDODULRVHQUD]yQDTXH

L 
(O GHUHFKR D OD OLEHUWDG HV LQYLRODEOH SRU OR TXH HVWDEOHFHU FRPR
UHTXLVLWRGHSURFHGLELOLGDGGHODDFFLyQGHOLEHUWDGTXHHOSDFLHQWHDJUDYDGR\X
RWUD SHUVRQD D QRPEUH GHED DFXGLU DO 'LUHFWRU GHO +RVSLWDO R &OtQLFD D ODV
XQLGDGHV DGPLQLVWUDWLYDV OHJDO R VRFLDO GH GLFKD HQWLGDG FRQ HO REMHWR GH
VROLFLWDUXQDFRQFLOLDFLyQTXHSRVLELOLWHHOSDJRSRUHOTXHSRUQLQJ~QPRWLYR
VHSXHGHLPSRQHUXQDVDQFLyQSULYDWLYDGHOLEHUWDGSRUGHXGDV\REOLJDFLRQHV
SDWULPRQLDOHV H[FHSWR HQ ORV FDVRV HVWDEOHFLGRV SRU OH\ GHELGDPHQWH
MXVWLILFDGRVHQUD]yQDODSURWHFFLyQGHXQELHQMXUtGLFRPD\RUSXHVWRTXHOD
SULYDFLyQGHODOLEHUWDGSRUGHXGDVDXQTXHVHDPRPHQWiQHDPHQWHQRVRORLUtD
FRQWUDHOQ~FOHRHVHQFLDOGHOGHUHFKRDODOLEHUWDGVLQRGHVFRQRFHUtDHOGHUHFKR
GHDFFHVRDODMXVWLFLD

LL 
/RV KRVSLWDOHV R FOtQLFDV SDUD HO FREUR GH GHXGDV HPHUJHQWHV GH
LQWHUQDFLyQ \ KRQRUDULRV PpGLFRV HV GHFLU GH ORV JDVWRV UHDOL]DGRV HQ XQ
QRVRFRPLRFXHQWDQFRQODVYtDVSURFHVDOHVDGHFXDGDVSDUDVXFREURSRUORTXH
DQWHODIDOWDGHFDQFHODFLyQGHGLFKRVDGHXGRVQRHVSRVLEOHTXHSURFHGDQDOD
SULYDFLyQ GH OLEHUWDG GH XQ SDFLHQWH SXHVWR TXH UHVXOWD VHU XQD PHGLGD GH
KHFKR TXH GHVGH QLQJ~Q SXQWR GH YLVWD HV DFHSWDEOH \D TXH LPSOLFD OD
YXOQHUDFLyQ GHO GHUHFKR D OD OLEHUWDG TXH HV WXWHODGR SRU OD MXVWLFLD
FRQVWLWXFLRQDO$VLPLVPRGHEHDFODUDUVHTXHFXDQGRVHHYLGHQFLDWDOVLWXDFLyQ
HOPRQWRHFRQyPLFRTXHORVKRVSLWDOHVSXHGHQFREUDUSRUODDWHQFLyQEULQGDGD
D XQ SDFLHQWH \D VHD DO PLVPR SDFLHQWH R D XQ WHUFHUR TXH DVXPLy HO
FRPSURPLVR~QLFDPHQWHSXHGHVHUKDVWDHOPRPHQWRHQTXHDOSDFLHQWHVHOH
KD\DGDGRGHDOWD\QRDOFDQ]DDORVJDVWRVGHLQWHUQDFLyQ\DOLPHQWDFLyQGHORV
GtDVTXHVHLPSLGLyVDOLUDOSDFLHQWHGHORFRQWUDULRVHRWRUJDUtDHIHFWRMXUtGLFR
D XQD DFWLWXG LOtFLWD YDOH GHFLU DGPLWLU XQD GHXGD RULJLQDGD HQ XQ
SURFHGLPLHQWRDOPDUJHQGHORUGHQFRQVWLWXFLRQDO



,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

/DVHQWHQFLDTXHFRQWLHQHHOHVWiQGDUPiVDOWRUHVSHFWRDODSURWHFFLyQ
GHO GHUHFKR D OD OLEHUWDG ItVLFD DQWH UHWHQFLRQHV LQGHELGDV HQ FHQWURV
KRVSLWDODULRV SHUPLWLHQGR OD SUHVHQWDFLyQ GLUHFWD GH OD DFFLyQ GH
OLEHUWDGHVOD6&3



 6XSXHVWRV GH SUHVHQWDFLyQ GLUHFWD GH OD DFFLyQ GH
OLEHUWDG1LxRVQLxDVRDGROHVFHQWHV YLQFXODUFRQHQIRTXHQLxRVQLxDV
\DGROHVFHQWHV 
1~PHURGHUHVROXFLyQ6&3

)LFKD

W


dW^:d

7LSR-XULVSUXGHQFLD

-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   (Q OD DFFLyQ GH OLEHUWDG QR HV DSOLFDEOH OD
VXEVLGLDULHGDGH[FHSFLRQDOWUDWiQGRVHGHQLxDVQLxRV\DGROHVFHQWHV

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHOLEHUWDGHODFFLRQDQWHGHQXQFLyTXHVXUHSUHVHQWDGR
IXH GHWHQLGR LOHJDOPHQWH DO VHU FRQIXQGLGR FRQ XQ FRQWUDEDQGLVWD
VLHQGR LQFRPXQLFDGR \ UHVWULQJLGR HQ VX GHUHFKR D OD GHIHQVD  DO
KDEpUVHOHLPSXHVWRXQDERJDGRTXHQRHUDGHVXHOHFFLyQDGHPiVVHxDOD
TXHH[LVWLyDEXVRGHDXWRULGDGSRUSDUWHGHOUHSUHVHQWDQWHGHO0LQLVWHULR
3~EOLFR\GHOIXQFLRQDULRSROLFLDODOSUHWHQGHULQFOXLUDODERJDGRGHVX
UHSUHVHQWDGRFRPRWHVWLJRGHOKHFKRFRQODILQDOLGDGGHDSDUWDUORGHVX
GHIHQVD H LPSRQHUOH XQ GHIHQVRU GH RILFLR KDELHQGRVLGR DPHQD]DGR
SDUDTXHSUHVWHVXGHFODUDFLyQSRUORTXHSHWLFLRQyVHGHFODUHSUREDGD
OD DFFLyQ VH FRQFHGD OD LQPHGLDWD OLEHUWDG D VX UHSUHVHQWDGR \ VH
FRQGHQHDODVDXWRULGDGHVGHPDQGDGDVDOSDJRGHGDxRV\SHUMXLFLRVDVt
FRPR ODV UHVSRQVDELOLGDGHV FRQVLJXLHQWHV (O 7ULEXQDO &RQVWLWXFLRQDO
UHYRFyODUHVROXFLyQUHYLVDGD\FRQFHGLyODWXWHODSRUTXHODVDXWRULGDGHV
DFFLRQDGDVYXOQHUDURQHOGHUHFKRDOGHELGRSURFHVRGHOPHQRUGHWHQLGR
\SRUHQGHUHVWULQJLHURQLQGHELGDPHQWHVXGHUHFKRDODOLEHUWDGItVLFD
RUGHQDQGR VH GLVSRQJD OD LQPHGLDWD OLEHUWDG GHO UHSUHVHQWDGR GHO
DFFLRQDQWH)LQDOPHQWHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOOODPy
VHYHUDPHQWHODDWHQFLyQDODVDXWRULGDGHVGHPDQGDGDVDGYHUWLHQGROHV
TXH HQ FDVR GH IXWXUDV YXOQHUDFLRQHV D ORV GHUHFKRV \ JDUDQWtDV
FRQVWLWXFLRQDOHV VHUiQ SDVLEOHV D ODV DFFLRQHV OHJDOHV \ GLVFLSOLQDULDV
FRUUHVSRQGLHQWHV

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,'HODUHYLVLyQGHORVDQWHFHGHQWHVFXUVDQWHVHQREUDGRVQRVH
HQFXHQWUDDFUHGLWDFLyQGRFXPHQWDOTXHFHUWLILTXHODHGDGGHOPHQRU$$
\TXHSRUFRQVLJXLHQWHVHWUDWHGHXQPHQRUGHHGDGVLQHPEDUJRSRU
GLVSRVLFLyQGHODUWGHO&11$VHHVWDEOHFHTXHHQFDVRGHGXGDVREUH
ODHGDGGHOVXMHWRVHSUHVXPHVXPLQRULGDGPLHQWUDVQRVHGHPXHVWUHOR
FRQWUDULR
(Q HVH HQWHQGLGR HO H[WLQWR 7ULEXQDO &RQVWLWXFLRQDO HQ OD 6&
5 GH  GH DJRVWR HVWDEOHFLy TXH QR HV DSOLFDEOH OD
VXEVLGLDULGDGH[FHSFLRQDOGHOKDEHDVFRUSXVDKRUDDFFLyQGHOLEHUWDG
HQDTXHOORVFDVRVHQORVTXHHVWpQLQYROXFUDGRVPHQRUHVGHHGDG  
W


dW^:d



6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH OD DFFLyQ GH OLEHUWDG SRU FXDQWR QR HV DSOLFDEOH HO SULQFLSLR
H[FHSFLRQDOGHVXEVLGLDULHGDGGHODDFFLyQGHOLEHUWDGHQDTXHOORVFDVRV
HQORVFXDOHVODOHVLyQDOGHUHFKRDODOLEHUWDGHVLQYRFDGDSRUPHQRUHV
GHHGDG

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/D6&5GHGHDJRVWRHVWDEOHFLyTXHQRHVDSOLFDEOHOD
VXEVLGLDULGDGH[FHSFLRQDOGHOHQWRQFHVUHFXUVRGHKiEHDVFRUSXVDKRUD
DFFLyQ GH OLEHUWDG HQ DTXHOORV FDVRV HQ ORV TXH HVWpQ LQYROXFUDGRV
PHQRUHV GH HGDG VHxDODQGR TXH
(Q SULQFLSLR UHVXOWD QHFHVDULR
GHWHUPLQDUTXHODVXEVLGLDULHGDGFRQFDUiFWHUH[FHSFLRQDOGHOUHFXUVRGH
KiEHDVFRUSXV  QRHVDSOLFDEOHDORVVXSXHVWRVHQORVTXHPHQRUHVGH
DxRVFRQVLGHUDGRVPHQRUHVLQIUDFWRUHVVHYHDQLQYROXFUDGRVHQOD
SUHVXQWD FRPLVLyQ GH GHOLWRV SRU FXDQWR HQ FRUUHVSRQGHQFLD FRQ HO
UpJLPHQHVSHFLDOGHSURWHFFLyQ\DWHQFLyQTXHHO(VWDGR\ODVRFLHGDG
GHEHQJDUDQWL]DUDWRGRQLxRQLxD\DGROHVFHQWHpVWRVVHKDOODQEDMROD
SURWHFFLyQ\UHJXODFLyQGHODVGLVSRVLFLRQHVGHO&yGLJR1LxR1LxD\
$GROHVFHQFLD FX\DV QRUPDV VRQ GH RUGHQ S~EOLFR \ GH DSOLFDFLyQ
SUHIHUHQWH

/D6&3UHDILUPDHODQRWDGRFULWHULRMXULVSUXGHQFLDO

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,OD6&5GHGHDJRVWRHVWDEOHFLyTXHQRHVDSOLFDEOH
ODVXEVLGLDULGDGH[FHSFLRQDOGHOKDEHDVFRUSXVDKRUDDFFLyQGHOLEHUWDGHQ
DTXHOORVFDVRVHQORVTXHHVWpQLQYROXFUDGRVPHQRUHVGHHGDGVHxDODQGRTXH

(QSULQFLSLRUHVXOWDQHFHVDULRGHWHUPLQDUTXHODVXEVLGLDULHGDGFRQFDUiFWHU
H[FHSFLRQDOGHOUHFXUVRGHKiEHDVFRUSXVLQVWLWXLGDHQOD6&5GH
 GH IHEUHUR FXDQGR H[LVWHQ PHGLRV GH GHIHQVD HILFDFHV \ RSRUWXQRV SDUD
UHVJXDUGDU HO GHUHFKR D OD OLEHUWDG VXSXHVWDPHQWH OHVLRQDGR D ORV FXDOHV HO
DIHFWDGRGHEHUiDFXGLUHQIRUPDSUHYLD\VRODPHQWHDJRWDGRVWDOHVPHGLRVGH
GHIHQVD \ DQWH OD SHUVLVWHQFLD GH OD OHVLyQ VH SRGUi DFXGLU D OD MXULVGLFFLyQ
FRQVWLWXFLRQDOLQYRFDQGRODWXWHODTXHEULQGDHOKiEHDVFRUSXVQRHVDSOLFDEOH
D ORV VXSXHVWRV HQ ORV TXH PHQRUHV GH  DxRV FRQVLGHUDGRV PHQRUHV
LQIUDFWRUHVVHYHDQLQYROXFUDGRVHQODSUHVXQWDFRPLVLyQGHGHOLWRVSRUFXDQWR
HQ FRUUHVSRQGHQFLD FRQ HO UpJLPHQ HVSHFLDO GH SURWHFFLyQ \ DWHQFLyQ TXH HO
(VWDGR\ODVRFLHGDGGHEHQJDUDQWL]DUDWRGRQLxRQLxD\DGROHVFHQWHpVWRVVH
KDOODQEDMRODSURWHFFLyQ\UHJXODFLyQGHODVGLVSRVLFLRQHV GHO&yGLJR1LxR
1LxD \ $GROHVFHQFLD FX\DV QRUPDV VRQ GH RUGHQ S~EOLFR \ GH DSOLFDFLyQ
SUHIHUHQWH




W


dW^:d

 6XSXHVWRV GH SUHVHQWDFLyQ GLUHFWD GH OD DFFLyQ GH


OLEHUWDG5HVROXFLRQHVGHMXHFHVRMXH]DVGHSURYLQFLD
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
5HFRQGXFWRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   (Q SURYLQFLDV QR HV H[LJLEOH OD VXEVLGLDULHGDG
H[FHSFLRQDO GH OD DFFLyQ GH OLEHUWDG FXDQGR ORV PHFDQLVPRV LQWUD
SURFHVDOHVGHLPSXJQDFLyQQRVHDQRSRUWXQRVQLHILFDFHVHQUD]yQD
GLVWDQFLD\WLHPSR

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH OLEHUWDG OD DFFLRQDQWH GHQXQFLy OD OHVLyQ GH VXV
GHUHFKRVDOGHELGRSURFHVR\DOMXH]LPSDUFLDOGHELGRDTXHIXHGHWHQLGD
LOHJDOPHQWHSRUHIHFWLYRVGHOD3ROLFtDGHODORFDOLGDGGH<XFXPRGHO
GHSDUWDPHQWR GHO %HQL HQ YLUWXG GH XQ PDQGDPLHQWR GH DSUHKHQVLyQ
LOHJDO \ DUELWUDULR HPLWLGR SRU HO MXH] GHPDQGDGR TXH DQWHULRUPHQWH
IXQJLyFRPRILVFDODFXVDGRUGHQWURGHODPLVPDFDXVDUD]yQSRUODTXH
GHELyH[FXVDUVHGHFRQIRUPLGDGDODUWGHO&33SHURQRORKL]R
(QEDVHDHVWRVDQWHFHGHQWHVSLGLyVHGHFODUHSURFHGHQWHODDFFLyQ\VH
RUGHQHODLQPHGLDWDUHVWLWXFLyQGHVXOLEHUWDG(O7ULEXQDO&RQVWLWXFLRQDO
3OXULQDFLRQDO FRQILUPy OD UHVROXFLyQ TXH FRQFHGLy OD WXWHOD
HVWDEOHFLHQGRTXHSXHGHDFWLYDUVHGLUHFWDPHQWHODDFFLyQHQSURYLQFLDV
FXDQGRORVPHGLRVGHLPSXJQDFLyQQRVRQHILFDFHVQLRSRUWXQRV

([WUDFWRGHODUDWLRGHFLGHQGL

)- ,,,
ELHQ HV FLHUWR TXH OD MXULVSUXGHQFLD GH HVWH 7ULEXQDO KD GHILQLGR TXH HO
DFFLRQDQWHGHEHDJRWDUORVPHFDQLVPRVLQWUDSURFHVDOHVLGyQHRV\RSRUWXQRVSDUDOD
SURWHFFLyQGHVXGHUHFKRDODOLEHUWDGODSHUVHFXFLyQRSURFHVDPLHQWRLQGHELGRTXHHQ
ODSUREOHPiWLFDHQFXHVWLyQVHWUDGXFHHOLQVWLWXWRGHODUHFXVDFLyQ DUWV\VVGHO
&33 RODDFWLYLGDGSURFHVDOGHIHFWXRVD DUW&33 QRHVPHQRVHYLGHQWHTXHH[LJLU
ODXWLOL]DFLyQGHHVWRVPHFDQLVPRVSUHYLVWRVHQHOSURFHGLPLHQWRRUGLQDULRLPSOLFDSDUD
OD DFFLRQDQWH XQD GHPRUD H[FHVLYD HQ HO WLHPSR GDGD OD GLVWDQFLD H[LVWHQWH HQWUH OD
ORFDOLGDGGH&DUDQDYL\ODFLXGDGGH/D3D]\HQWUHODUHIHULGDORFDOLGDG\HODVLHQWR
MXGLFLDOPiVSUy[LPRVLQGHMDUGHODGRGHPRUDTXHFRQOOHYDVXWUDPLWDFLyQSURFHVDO
VLWXDFLRQHV GH KHFKR TXH HQ FRQVHFXHQFLD FRQYLHUWHQ D ORV PHGLRV SUHYLVWRV HQ HO
SURFHGLPLHQWR RUGLQDULR GHQWUR GH OD SUREOHPiWLFD SODQWHDGD HQ LQRSRUWXQRV H
LQHILFDFHV HQ OD WXWHOD GHO GHUHFKR D OD OLEHUWDG GH OD DFFLRQDQWH HOOR FRQ PD\RU
IXQGDPHQWRVLVHFRQVLGHUDTXHHOPLVPRVHHQFRQWUDEDVXSULPLGRHQEDVHDDFWXDFLRQHV

W


dW^:d


HPDQDGDV SRU XQD DXWRULGDG FX\D LPSDUFLDOLGDG HUD FXHVWLRQDGD \ TXH WHQLHQGR OD
REOLJDFLyQ OHJDO GH H[FXVDUVH QR OR KL]R FRQIRUPH ORV IXQGDPHQWRV MXUtGLFRV GH OD
SUHVHQWH6HQWHQFLD&RQVWLWXFLRQDO



6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH OD DFFLyQ GH OLEHUWDG SDUD OR FXDO IOH[LELOL]D HO SULQFLSLR GH
VXEVLGLDULHGDGH[FHSFLRQDO\DTXHHQHOFDVRFRQFUHWRHQFDVRGHVHU
H[LJLGR GLFKR SULQFLSLR VH RFDVLRQDUtD D OD DFFLRQDQWH XQD GHPRUD
H[FHVLYDHQHOWLHPSRGDGDODGLVWDQFLDH[LVWHQWHHQWUHODORFDOLGDGGH
&DUDQDYL\ODFLXGDGGH/D3D]

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/DOtQHDMXULVSUXGHQFLDOGHODIOH[LELOL]DFLyQDVXEVLGLDULHGDGH[FHSFLRQDOGHODDFFLyQ
GHOLEHUWDGHQSURYLQFLDVSXHGHUHVXPLUVHGHODVLJXLHQWHIRUPD



(O7ULEXQDO&RQVWLWXFLRQDODWUDYpVGHOD6&5IXQGyODOtQHDVREUH
ODVXEVLGLDULHGDGH[FHSFLRQDOGHODDFFLyQGHOLEHUWDGHVWDEOHFLHQGRTXHHQORVVXSXHVWRV
HQ ORV H[LVWDQ PHGLRV LGyQHRV SDUD UHSDUDU GH PDQHUD XUJHQWH SURQWD \ HILFD] GHO
GHUHFKRDODOLEHUWDGItVLFDLOHJDOPHQWHUHVWULQJLGRORVPLVPRVGHEHQVHUXWLOL]DGRVDQWHV
GHDFXGLUDODMXVWLFLDFRQVWLWXFLRQDODWUDYpVGHODDFFLyQGHOLEHUWDG

$ WUDYpV GH OD 6& 5 VH HVWDEOHFLy TXH HQ SURYLQFLDV SDUD QR
GHVQDWXUDOL]DU HVWH PHFDQLVPR WXWHODU SRGtD DFWLYDUVH GLUHFWDPHQWH HO KiEHDV FRUSXV
FRQWUDPHGLGDVFDXWHODUHVVLQQHFHVLGDGGHDFWLYDUODDSHODFLyQLQFLGHQWDO


3RVWHULRUPHQWH \ GH PDQHUD UHVWULFWLYD OD 6& 5 PXWy HO
HQWHQGLPLHQWRSODVPDGRHQOD6&5HVWDEOHFLHQGRTXHQRHUDDGPLVLEOHOD
SUHVHQWDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGHQSURYLQFLDVSXHVHVWR
SURYRFDUtDXQFDRV
MXUtGLFR \ XQD VREUHFDUJD SURFHVDO LQPRWLYDGD TXH SRGUtD SURGXFLU GHPRUDV HQ OD
GLQiPLFD\UHVXOWDUtDLQFRPSDWLEOHFRQODVGLUHFWULFHVGHFHOHULGDGTXHHPDQDQGHORV
DUWV\GHOD&3(DGHPiVUHSHUFXWLUiQHJDWLYDPHQWHHQODSHUVHFXFLyQSHQDO



/D  6&3  UHFRQGXFH HO FULWHULR MXULVSUXGHQFLDO DO UD]RQDPLHQWR
SODVPDGRHQOD6&5


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

(OSUHFHGHQWHFRQWHQLGRHQOD6&HVWDEOHFH

)-,,,

$ORVHxDODGRVHGHEHDJUHJDUTXHODMXULVSUXGHQFLDFRQWHQLGDHQOD
6&5GHGHIHEUHURHQIRUPDH[SUHVDGHWHUPLQy
 TXH
HO SURFHVR FRQVWLWXFLRQDO GHO KiEHDV FRUSXV ~QLFDPHQWH VH DFWLYD
FXDQGRORVPHGLRVGHGHIHQVDH[LVWHQWHVHQHORUGHQDPLHQWRFRP~QQR
VHDQ ORV LGyQHRV SDUD UHSDUDU GH PDQHUD XUJHQWH SURQWD \ HILFD] HO
GHUHFKRDOLEHUWDGLOHJDOPHQWHUHVWULQJLGR1RHVSRVLEOHDFXGLUDHVWH
UHFXUVRFXDQGRHORUGHQDPLHQWRMXUtGLFRSUHYpPHGLRVGHLPSXJQDFLyQ
W


dW^:d

HVSHFtILFRV \ DSWRV SDUD UHVWLWXLU HO GHUHFKR D OD OLEHUWDG HQ IRUPD
LQPHGLDWD 
 FDUDFWHUtVWLFDV GH LQPHGLDWH] \ XUJHQFLD TXH QR VH
SUHVHQWDQ HQ ORV UHFXUVRV GH DSHODFLyQ FRQWUD 5HVROXFLRQHV
SURQXQFLDGDV SRU MXHFHV TXH WLHQHQ VX DVLHQWR MXGLFLDO HQ SURYLQFLDV
SXHVVLELHQHODUWGHO&33HVWDEOHFHXQSOD]RGHWUHVGtDVSDUDTXH
HO7ULEXQDOVHSURQXQFLHUHVSHFWRDODDSHODFLyQSUHVHQWDGDQRHVPHQRV
FLHUWRTXHHVWHSOD]RHPSLH]DDFRPSXWDUVHGHVGHTXHODVDFWXDFLRQHV
VRQUHFLELGDVHQHO7ULEXQDOORTXHVLJQLILFDTXHGHVGHHOHQYtRGHORV
DQWHFHGHQWHV KDVWD VX UHFHSFLyQ WUDWiQGRVH GH UHVROXFLRQHV
SURQXQFLDGDV SRU MXHFHV TXH WLHQHQ VX DVLHQWR MXGLFLDO HQ SURYLQFLDV
SXHGHWUDQVFXUULUPXFKRVGtDVGHVQDWXUDOL]DQGRDOUHFXUVRGHDSHODFLyQ
FRPR UHFXUVR LQPHGLDWR LGyQHR \ HILFD] SDUD UHSDUDU ODV OHVLRQHV DO
GHUHFKRDODOLEHUWDG

,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

(OHVWiQGDUPiVDOWRHVWiFRQWHQLGRHQOD6&



 6XSXHVWRV GH SUHVHQWDFLyQ GLUHFWD GH OD DFFLyQ GH
OLEHUWDG5HVROXFLRQHV SURQXQFLDGDV HQ HO FRQWURO GH OHJDOLGDG GH OD
DSUHKHQVLyQ
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   3URFHGH OD SUHVHQWDFLyQ GLUHFWD GH OD DFFLyQ GH
OLEHUWDGFRQWUDODVUHVROXFLRQHVSURQXQFLDGDVSRUHOMXH]FDXWHODUHQ
HMHUFLFLRGHOFRQWUROGHOHJDOLGDGGHODDSUHKHQVLyQ

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHOLEHUWDGHODFFLRQDQWHGHQXQFLyTXHQRREVWDQWHTXH
IXHDSUHKHQGLGRLOHJDOPHQWHSRUHOILVFDOGHPDQGDGRLQFXPSOLHQGRORV
UHTXLVLWRVSUHYLVWRVHQHODUWGHO&33\VLQTXHH[LVWDIODJUDQFLDHO
MXH]FRGHPDQGDGRQRDQDOL]yVXGHQXQFLDUHVSHFWRDODLOHJDOLGDGGHVX
DSUHKHQVLyQ UHVROYLHQGR GLUHFWDPHQWH VX GHWHQFLyQ SUHYHQWLYD \
W


dW^:d


WDPSRFRORKLFLHURQHQDSHODFLyQORVYRFDOHVFRGHPDQGDGRVSRUORTXH
DOHYLGHQFLDUVHODYXOQHUDFLyQGHVXVGHUHFKRVDODOLEHUWDGDOGHELGR
SURFHVR\DODGHIHQVDSLGLyHOFRQWUROGHOHJDOLGDGGHVXDSUHKHQVLyQ
(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDODSUREyODUHVROXFLyQUHYLVDGD
HQ FRQVHFXHQFLD D  FRQFHGLy OD WXWHOD UHVSHFWR DO MXH] FDXWHODU
GHPDQGDGR IXQGiQGRVH HQ TXH  RPLWLy SURQXQFLDUVH \ UHDOL]DU XQ
FRQWURO GH OD OHJDOLGDG GH OD DSUHKHQVLyQ GHO LPSXWDGR SHVH D TXH HO
DERJDGRGHIHQVRUGHQXQFLyXQDLOHJDODSUHKHQVLyQGHVXGHIHQGLGRHQ
ODDXGLHQFLDGHPHGLGDVFDXWHODUHV\E GHQHJyODWXWHODFRQUHODFLyQDO
ILVFDODOFRQVLGHUDUTXHpVWHRUGHQyODDSUHKHQVLyQHQEDVHDXQLQIRUPH
GHDFFLyQGLUHFWDGHXQIXQFLRQDULRSROLFLDO\UHVSHFWRDORVYRFDOHV
GHPDQGDGRV  SRU QR FRUUHVSRQGHU XQ SURQXQFLDPLHQWR VREUH VX
DFFLRQDUDOQRVHUH[LJLEOHSDUDODDFWLYDFLyQGHODDFFLyQGHOLEHUWDG
OD DSHODFLyQ GH OD UHVROXFLyQ GHO -XH] LQVWUXFWRU TXH GHWHUPLQH OD
OHJDOLGDGRLOHJDOLGDGGHODDSUHKHQVLyQGHOLPSXWDGR

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
(ODFFLRQDQWHDGXFHTXHHQDSHODFLyQGHOD5HVROXFLyQGHGH
MXOLRSURQXQFLDGDSRUHO-XH]3ULPHURGH,QVWUXFFLyQHQOR3HQDOORVPLHPEURVGHOD
6DOD3HQDO7HUFHUDGHO7ULEXQDO'HSDUWDPHQWDOGH-XVWLFLDGH/D3D]FRGHPDQGDGRV
WDPSRFR FRQVLGHUDURQ VX GHQXQFLD GH XQD VXSXHVWD DSUHKHQVLyQ LOHJDO SRU SDUWH GHO
)LVFDO SRUOR PLVPR HVWDV DXWRULGDGHV DO QRSURQXQFLDUVH  DO UHVSHFWR VRQ WDPELpQ
GHPDQGDGDVDWUDYpVGHODSUHVHQWHDFFLyQFRQVWLWXFLRQDO

(VQHFHVDULRHVWDEOHFHUHQSULQFLSLRTXHVLELHQODDFFLyQGHOLEHUWDGHVWiFRQILJXUDGD
FRPR XQ PHFDQLVPR H[SHGLWR \ HIHFWLYR GH UHVWDEOHFLPLHQWR GH ORV GHUHFKRV
FRQFXOFDGRV SRU VX iPELWR GH SURWHFFLyQ QR PHQRV FLHUWR HV TXH D SDUWLU GH OD 6&
5GHGHIHEUHURODMXVWLFLDFRQVWLWXFLRQDOHQWHQGLyTXH
ODH[LVWHQFLDGH
ODJDUDQWtDFRQVWLWXFLRQDOHQDQiOLVLVQRLPSOLFDTXHWRGDVODVOHVLRQHVDOGHUHFKRDOD
OLEHUWDGWHQJDQTXHVHUQHFHVDULDPHQWHUHSDUDGDVGHPDQHUDH[FOXVLYD\H[FOX\HQWHD
WUDYpV GHO KiEHDV FRUSXV SXHV QR VH WUDWD GH XQD JDUDQWtD TXH WHQJD OD YRFDFLyQ GH
UHSDUDUHQH[FOXVLYDWRGDVODVIRUPDVGHOHVLyQDODOLEHUWDGTXHSXGLHUDQLQYRFDUVH
VLQRODGHGRWDUDODSHUVRQDGHXQPHGLRGHGHIHQVDVHQFLOORHILFD]\RSRUWXQRSDUD
UHVWDEOHFHU OD OHVLyQ VXIULGD
 (QWDO VHQWLGR VH UHDILUPD OD H[LVWHQFLD GH PHFDQLVPRV
LQWUDSURFHVDOHVGHWHUPLQDGRVSRUOH\WDPELpQHILFDFHV\RSRUWXQRVTXHWLHQHQODPLVPD
YRFDFLyQGHUHVWDEOHFHUORVGHUHFKRVDODYLGDODOLEHUWDG\ODORFRPRFLyQ

3RU OR PLVPR VLHQGR HO -XH] FDXWHODU TXLHQ WLHQH HO GHEHU GH HMHUFHU HO FRQWURO
MXULVGLFFLRQDOGHODOHJDOLGDGGHODDSUHKHQVLyQPHFDQLVPRLQWUDSURFHVDOHVWDEOHFLGRSRU
OH\UHYLVDQGRORVDFWRVGHOWLWXODUGHODDFFLyQSHQDO\HOyUJDQRFRDG\XYDQWHFRPRVH
HVWDEOHFLyHQHO)XQGDPHQWR-XUtGLFR,,,GHHVWD6HQWHQFLDVHFRQFOX\HTXHQRHV
H[LJLEOHSDUDODDFWLYDFLyQGHODDFFLyQGHOLEHUWDGTXHSUHYLDPHQWHVHWHQJDTXHDSHODU
ODUHVROXFLyQGHO-XH]LQVWUXFWRUTXHGHWHUPLQHODOHJDOLGDGRLOHJDOLGDGGHODDSUHKHQVLyQ
GHOLPSXWDGR\DTXHHVLPSHUWLQHQWHODH[LJHQFLDGHXQFRQWUROVREUHHOFRQWUROHMHUFLGR
SRUHOMXH]FDXWHODUPi[LPHVLVHFRQVLGHUDORVVXSXHVWRVIiFWLFRVGHOSUHVHQWHFDVRTXH
HO DUW GHO &33 OLPLWD OD FRPSHWHQFLD GHO WULEXQDO DG TXHP HQ VHQWLGR TXH
/RV
WULEXQDOHVGHDO]DGDFLUFXQVFULELUiQVXVUHVROXFLRQHVDORVDVSHFWRVFXHVWLRQDGRVGHOD
UHVROXFLyQ
 DVSHFWRV TXH YLDELOL]DQ LQJUHVDU DO IRQGR GH OD SUREOHPiWLFD \ KDFH
LPSURFHGHQWHXQSURQXQFLDPLHQWRVREUHHODFFLRQDUGHORVPLHPEURVGHOD6DOD3HQDO
7HUFHUDGHO7ULEXQDO'HSDUWDPHQWDOGH-XVWLFLDGH/D3D]



W


dW^:d

6LQWHVLVGHODUDWLRGHFLGHQGL

(VWDEOHFHTXHQRHVH[LJLEOHSDUDODDFWLYDFLyQGHODDFFLyQGHOLEHUWDG
TXH HO DFFLRQDQWH KXELHVH DFWLYDGR SUHYLDPHQWH OD DSHODFLyQ GH OD
UHVROXFLyQ GHO -XH] LQVWUXFWRU TXH UHDOL]y HO FRQWURO GH OHJDOLGDG HQ
UHODFLyQDVXDSUHKHQVLyQ

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/DOtQHDMXULVSUXGHQFLDOVREUHHOFRQWUROMXULVGLFFLRQDOGHODOHJDOLGDGGHODDSUHKHQVLyQ
WLHQHHOVLJXLHQWHGHVDUUROOR

(O7ULEXQDO&RQVWLWXFLRQDODWUDYpVGHOD6&5HVWDEOHFLyTXH
DOMXH]
QR OH HVWi SHUPLWLGR FRQYDOLGDU ORV DFWRV HQ ORV TXH VH YXOQHUDURQ HVRV GHUHFKRV DO
FRQWUDULR WLHQH HO GHEHUGH SURQXQFLDUVH VREUH OD OHJDOLGDG GH ORV PLVPRV SRU
FRQVLJXLHQWH  IUHQWH D XQD SHWLFLyQ HIHFWXDGD SRU HO LPSXWDGR HQ VHQWLGR GH TXH VH
SURQXQFLHVREUHODOHJDOLGDGGHVXGHWHQFLyQHOMXH]HVWiLPSHOLGRDQWHVGHSURQXQFLDU
OD UHVROXFLyQ VREUH FXDOTXLHU PHGLGD FDXWHODU D DQDOL]DU ORV VLJXLHQWHV DVSHFWRV  
/HJDOLGDG IRUPDO GH OD DSUHKHQVLyQ (V GHFLU GHEHUi HYDOXDU VL VH REVHUYDURQ ORV
SUHVXSXHVWRVFRQVWLWXFLRQDOHV\OHJDOHVSDUDOD DSUHKHQVLyQFRQVLVWHQWHVHQD RUGHQ
HVFULWDHPDQDGDGHDXWRULGDGFRPSHWHQWHVDOYRFDVRGHIODJUDQFLDE DGRSFLyQGHOD
PHGLGDHQEDVHDODVIRUPDOLGDGHVOHJDOHV DSUHKHQVLyQHQFDVRGHGHVREHGLHQFLDDOD
FLWDFLyQSUHYLVWDHQHODUWGHO&33RUHVROXFLyQGHELGDPHQWHIXQGDPHQWDGDVLVH
WUDWDGHODDWULEXFLyQFRQIHULGDDOILVFDOGHDFXHUGRDODUW F HOFXPSOLPLHQWRGHO
WpUPLQRSUHYLVWRSRUOH\SDUDUHPLWLUDODSUHKHQGLGRDQWHDXWRULGDGMXGLFLDO DUW 6L
GHVSXpVGHODQiOLVLVIRUPDOUHDOL]DGRSRUHOMX]JDGRUVHFRQFOX\HTXHVHREVHUYDURQODV
QRUPDVSDUDODDSUHKHQVLyQGHOLPSXWDGRHOMXH]GHEHUiH[DPLQDUODOHJDOLGDGPDWHULDO
GHODDSUHKHQVLyQ /HJDOLGDGPDWHULDOGHODDSUHKHQVLyQ&XDQGRHOILVFDODSUHKHQGLy
GLUHFWDPHQWHDOLPSXWDGRKDFLHQGRXVRGHODIDFXOWDGSUHYLVWDHQHODUWGHO&33HO
MXH]GHEHUiHYDOXDUORVVLJXLHQWHVDVSHFWRVD ODH[LVWHQFLDGHVXILFLHQWHVLQGLFLRVSDUD
VRVWHQHU OD DXWRUtD GHO LPSXWDGR HQ HO PRPHQWR GH OD DSUHKHQVLyQ E  VL HO GHOLWR
LPSXWDGRWLHQHXQDSHQDSULYDWLYDGHOLEHUWDGFX\RPtQLPROHJDOHVLJXDORVXSHULRUD
GRVDxRV\F VLH[LVWLHURQORVHOHPHQWRVGHFRQYLFFLyQVXILFLHQWHVSDUDVRVWHQHUTXHHO
LPSXWDGRSRGtDRFXOWDUVHIXJDUVHRDXVHQWDUVHGHOOXJDUXREVWDFXOL]DUODDYHULJXDFLyQ
GHODYHUGDG DUWGHO&33 6LGHODQiOLVLVHIHFWXDGRHOMX]JDGRUFRQFOX\HTXHWDQWR
HO DVSHFWR IRUPDO FRPR PDWHULDO IXH REVHUYDGR DO PRPHQWR GH OD DSUHKHQVLyQ
GHWHUPLQDUiODOHJDOLGDGGHODDSUHKHQVLyQ\FRQORVHOHPHQWRVGHFRQYLFFLyQH[LVWHQWHV
SURQXQFLDUiOD5HVROXFLyQPHGLDQWHODFXDODSOLFDUiODPHGLGDFDXWHODUSHUWLQHQWHVLHV
HOFDVRDMXVWDGDDORSUHYLVWRSRUHODUWGHO&33GHILQLHQGRODVLWXDFLyQMXUtGLFDGHO
LPSXWDGR6LDOFRQWUDULRGHODQiOLVLVHIHFWXDGRSRUHOMXH]FDXWHODUVHFRQFOX\HTXHQR
VH REVHUYDURQ ODV IRUPDOLGDGHV R H[LVWLy LQIUDFFLyQ D OD OHJDOLGDG PDWHULDO HQ OD
DSUHKHQVLyQRUGHQDGDHOMXH]DQXODUiODDFWXDFLyQUHDOL]DGDFRQYLRODFLyQDODVQRUPDV
FRQVWLWXFLRQDOHV\OHJDOHV\SURQXQFLDUiODUHVROXFLyQGHPHGLGDVFDXWHODUHVHQEDVHD
ORVHOHPHQWRVGHFRQYLFFLyQH[LVWHQWHVTXHQRKD\DQVLGRREWHQLGRVHQLQIUDFFLyQDORV
GHUHFKRV \ JDUDQWtDV GHO LPSXWDGR D FRQVHFXHQFLD GHO DFWR LOHJDO GHFODUDGR QXOR

(QWHQGLPLHQWR TXH IXH UHLWHUDGR HQ SRVWHULRUHV VHQWHQFLDV FRPR OD 6& 5
HQWUHRWUDV/DV66&&5\5VHxDODURQGHPDQHUDH[SUHVDTXH
XQD YH] LPSXJQDGD OD VXSXHVWD DSUHKHQVLyQ ILVFDO R SROLFLDO DQWH HO MXH] FDXWHODU VH
SRGtDSUHVHQWDUGLUHFWDPHQWHHOUHFXUVRGHKiEHDVFRUSXVQRVLHQGRQHFHVDULRLQWHUSRQHU
HOUHFXUVRGHDSHODFLyQFRQWUDODGHFLVLyQGHOMXH]3RVWHULRUPHQWHOD6&
5 VLQ FDPELDU GH PDQHUD H[SUHVD ORV DQWHULRUHV SUHFHGHQWHV VRVWXYR TXH DQWH OD
H[LVWHQFLDGHXQDUHVROXFLyQMXGLFLDOGHGHWHQFLyQSUHYHQWLYDVHGHEtDHMHUFHUVXGHUHFKR
\GHEHUSURFHVDOGHDSHODFLyQLQFLGHQWDO\QRDFXGLUGLUHFWDPHQWHDQWHODMXULVGLFFLyQ
FRQVWLWXFLRQDO/D6&5UHWRPDQGRHOFULWHULRDQWHULRUVRVWXYRTXHQRHV

W


dW^:d


H[LJLEOHSDUDDFWLYDUODMXVWLFLDFRQVWLWXFLRQDOXWLOL]DUHOUHFXUVRGHDSHODFLyQSUHYLVWR
HQ HO DUW  GHO &33
GDGR HO FDUiFWHU H[FHSFLRQDOPHQWH VXEVLGLDULR GH OD UHIHULGD
DFFLyQTXHVyORH[LJHHODJRWDPLHQWRGHDTXHOORVUHFXUVRVH[SUHVDPHQWHSUHYLVWRVHQHO
RUGHQDPLHQWR SURFHVDO SHQDO TXH VHDQ LGyQHRV SDUD OD SURWHFFLyQ GHO GHUHFKR D OD
OLEHUWDGItVLFDRSHUVRQDO(QHVHVHQWLGRGHEHFRQVLGHUDUVHTXHFRQWUDODUHVROXFLyQGHO
MXH]FDXWHODUTXHVHSURQXQFLHVREUHODDSUHKHQVLyQILVFDORSROLFLDOQRHVH[LJLEOHOD
LQWHUSRVLFLyQGHDOJ~QPHGLRGHLPSXJQDFLyQHVSHFtILFRSRUFXDQWRHODUWGHO&33
KDFH UHIHUHQFLD D OD DSHODFLyQ GH ODV UHVROXFLRQHV SURQXQFLDGDV SRU HO MXH] TXH
GLVSRQJDQPRGLILTXHQRUHFKDFHQODVPHGLGDVFDXWHODUHVGHQWURGHODVFXDOHVGHEHHVWDU
FRQWHQLGRHOUHFODPRVREUHpVWHWySLFRVLH[LVWLHUDVLWXDFLRQHVTXHQRVHSUHVHQWDQHQ
HOFRQWUROTXHHIHFW~DHOMXH]FDXWHODUUHVSHFWRDODDSUHKHQVLyQRUGHQDGDV\HMHFXWDGDV
SRUODVDXWRULGDGHVILVFDOHVRSROLFLDOHVUHVSHFWLYDPHQWHSXHVHOMX]JDGRUVHOLPLWDD
GHFODUDUODOHJDOLGDGRLOHJDOLGDGGHODDSUHKHQVLyQ
6LQHPEDUJRHVWDPLVPDVHQWHQFLD
VHxDOyTXH
VLHOLPSXWDGRSUHVHQWDUHFXUVRGHDSHODFLyQFRQWUDODUHVROXFLyQTXHGHFODUy
ODOHJDOLGDGRLOHJDOLGDGGHODDSUHKHQVLyQQRVHDFWLYDODMXVWLFLDFRQVWLWXFLRQDOPLHQWUDV
ODDSHODFLyQGHGLFKDGHWHUPLQDFLyQHVWpSHQGLHQWHHVWRFRQODILQDOLGDGGHQRJHQHUDU
GRVIDOORVTXHSXHGHQVHUFRQWUDGLFWRULRVVREUHXQDPLVPDWHPiWLFD
HQWHQGLPLHQWRTXH
IXH UHLWHUDGR HQ OD 6&3    3RU VX SDUWH OD 6&3  PRGXOy HVWH
UD]RQDPLHQWR HVWDEOHFLHQGR TXH HV SRVLEOH OD SUHVHQWDFLyQ GLUHFWD GH OD DFFLyQ GH
OLEHUWDG D~Q VH KXELHUH SUHVHQWDGR UHFXUVR GH DSHODFLyQ FRQWUD OD UHVROXFLyQ
SURQXQFLDGD SRU HO MXH] FDXWHODU TXH HMHUFLy HO FRQWURO GH OHJDOLGDG  /D 6&3
FRPSOHPHQWyOD6&5GHWHUPLQDQGRTXHHOFRQWUROGHOHJDOLGDG
VREUHODDSUHKHQVLyQGHEHVHUUHDOL]DGRQRVRODPHQWHDSHGLGRGHSDUWHVLQRWDPELpQGH
RILFLRSRUODDXWRULGDGMXULVGLFFLRQDOFDXWHODUFRQWUROGHOHJDOLGDGTXHGHEHVHUUHDOL]DGR
DQWHVGHOSURQXQFLDPLHQWRVREUHPHGLGDVFDXWHODUHV$GRSWDQGRXQFULWHULRFRQWUDULR
DODOtQHDMXULVSUXGHQFLDOSUHFHGHQWHPHQWHGHVDUUROODGDOD6&3GHWHUPLQy
TXHODVUHVROXFLRQHVSURQXQFLDGDVSRUORVMXHFHV\MXH]DVFDXWHODUHVHQHOHMHUFLFLRGHO
FRQWURO GH OD OHJDOLGDG IRUPDO \ PDWHULDO GH OD DSUHKHQVLyQ GHEHQ VHU LPSXJQDGDV D
WUDYpVGHOUHFXUVRGHDSHODFLyQLQFLGHQWDODQWHVGHDFXGLUDODMXVWLFLDFRQVWLWXFLRQDOYtD
DFFLyQ GH OLEHUWDG (Q HVWH VHQWLGR WDPELpQ HVWiQ ODV VHQWHQFLDV FRQVWLWXFLRQDOHV
SOXULQDFLRQDOHV VLJXLHQWHV  HQWUH RWUDV  /D 6&3 
UHIRU]DQGR HO FRQWHQLGR GH OD MXULVSUXGHQFLD GHO HVWiQGDU PiV DOWR VREUH HO FRQWURO
MXULVGLFFLRQDO GH RILFLR 6&3   HVWDEOHFH TXH FXDQGRHO DFFLRQDQWH GHFLGH
LPSXJQDUHOFRQWUROMXULVGLFFLRQDOUHDOL]DGRSRUHO-XH]&DXWHODUVREUHODOHJDOLGDGGHVX
DSUHKHQVLyQDWLHPSRGHSUHVHQWDUUHFXUVRGHDSHODFLyQFRQWUDODGHWHQFLyQSUHYHQWLYD
FRQVWLWX\HXQDREOLJDFLyQ\GHEHULQHOXGLEOHGHORVWULEXQDOHVGHDO]DGDSURQXQFLDUVHHQ
HOIRQGR\YHULILFDUVLODODERUGHFRQWUROMXULVGLFFLRQDOKDVLGRGHELGDPHQWHHMHFXWDGD
SRU HO LQIHULRU \ QR RPLWLU SURQXQFLDPLHQWR VXSXHVWR ~OWLPR TXH GH DFXHUGR FRQ OD
VHQWHQFLDLPSOLFDXQDYXOQHUDFLyQDOSULQFLSLRGHFRQJUXHQFLD


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,


&RQVLGHUDQGR TXH OD VXEVLGLDULHGDG GH OD DFFLyQ GH OLEHUWDG HV
H[FHSFLRQDO \ OD LQWHUSUHWDFLyQ FRQVWLWXFLRQDO QR SXHGH KDFHUOD HQ OD
UHJOD \ GHO FRQWHQLGR GH ODV 66&& 5 \ 5 ODV
PLVPDVQRUHILHUHQ\SRUHQGHQRDOFDQ]DQDODVVROLFLWXGHVGHFRQWURO
MXULVGLFFLRQDOSRUYXOQHUDFLyQRUHVWULFFLyQDODOLEHUWDGSHUVRQDOHQOD
DXGLHQFLD FDXWHODU SRU HOOR QR UHTXLHUHQ VX DSHODFLyQ SUHYLD DO
SODQWHDPLHQWRGHODDFFLyQGHOLEHUWDGGHELGRDTXH


(ODUWGHO&33HVWDEOHFHTXH
/DUHVROXFLyQTXHGLVSRQJD
W


dW^:d

PRGLILTXHRUHFKDFHODVPHGLGDVFDXWHODUHVVHUiDSHODEOHHQHOHIHFWR
QRVXVSHQVLYRHQHOWpUPLQRGHVHWHQWD\GRVKRUDV
GHGRQGHVHGHGXFH
TXHKDFHUHIHUHQFLDDWUDPLWDFLyQ\UHVROXFLyQTXHGLVSRQHODPHGLGD
FDXWHODU\QRDVtODFRQWUROGHOHJDOLGDGGHODDSUHKHQVLyQ


(O FRQWURO D OD DFWXDFLyQ GH ILVFDOHV \ SROLFtDV GXUDQWH OD
DSUHKHQVLyQWUDVFLHQGHGHOLQWHUpVGHOLPSXWDGRHOFXDOLQFOXVRSXHGH
SHUGHU HO LQWHUpV HQ VX WXWHOD SRUTXH OD DSHODFLyQ HQ OR UHIHULGR D OD
DXGLHQFLDFDXWHODUOHIDYRUHFHSHURVHPDQWLHQHLQFyOXPHHOLQWHUpVGHOD
FROHFWLYLGDGGHUHSULPLUDFWXDFLRQHVDOPDUJHQGHORUGHQFRQVWLWXFLRQDO
6&3 GHOGHDEULOGHO


/DV66&&5\5QRGHMDURQVLQHIHFWR
HOHQWHQGLPLHQWRFRQWHQLGRHQOD~OWLPDSDUWHGHOVHJXQGRVXSXHVWRGH
OD6&5GHGHPD\RHQORUHIHULGRDODWHPiWLFDHOORSRUTXH
HO FRQWURO MXULVGLFFLRQDO QR FXHQWD FRQ HO WUiPLWH GH H[FHSFLRQHV R
LQFLGHQWHVSUHYLVWRHQHODUWGHO&33


,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

(OHVWiQGDUPiVDOWRVHHQFXHQWUDHQODV6&3HQFXDQWRDO
DFFHVR D OD MXULVGLFFLyQ FRQVWLWXFLRQDO DO HVWDEOHFHU TXH HV SRVLEOH OD
SUHVHQWDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGD~QVHKXELHUHSUHVHQWDGR
UHFXUVR GH DSHODFLyQ FRQWUD OD UHVROXFLyQ TXH HMHUFLy HO FRQWURO GH
OHJDOLGDG GH OD DSUHKHQVLyQ DVt FRPR OD  6&3  SRUTXH
FRPSOHPHQWy OD 6& 5 GHWHUPLQDQGR TXH HO FRQWURO GH
OHJDOLGDGVREUHODDSUHKHQVLyQGHEHVHUUHDOL]DGRQRVRODPHQWHDSHGLGR
GHSDUWHVLQRWDPELpQGHRILFLRSRUODDXWRULGDGMXULVGLFFLRQDOFDXWHODU
FRQWUROGHOHJDOLGDGTXHGHEHVHUUHDOL]DGRDQWHVGHOSURQXQFLDPLHQWR
VREUHPHGLGDVFDXWHODUHV



 6XSXHVWRV GH SUHVHQWDFLyQ GLUHFWD GH OD DFFLyQ GH
OLEHUWDG9tDVGHKHFKRGHSDUWLFXODUHV
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLDSUHFHGHQFLDOUHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD ([WUDFWRRUHFRQVWUXFFLyQGHOSUHFHGHQWHFRQVWLWXFLRQDO


W


dW^:d


6&3   3URFHGH OD SUHVHQWDFLyQ GLUHFWD GH OD DFFLyQ GH
OLEHUWDG \ GH ODV GHPiV DFFLRQHV GH GHIHQVD SRU YtDV GH KHFKR GH
SDUWLFXODUHV

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

'HQWUR GH XQD DFFLyQ GH OLEHUWDG HO DFFLRQDQWH VRVWXYR TXH ORV SDUWLFXODUHV
GHPDQGDGRVDPHQD]DURQVXGHUHFKRDODYLGD\DOGHVXIDPLOLDDVtFRPRVX
GHUHFKRDODOLEUHORFRPRFLyQSRUFXDQWRHPLWLHURQXQ9RWR5HVROXWLYRSRUHO
TXH VH GHFLGLy VX H[SXOVLyQ \ OD GH VX IDPLOLD GH OD RUJDQL]DFLyQ
8QLGDG \
)RUWDOH]D
 RUGHQDQGR TXH VL RSRQtDQ UHVLVWHQFLD VH XVDUD OD YLROHQFLD VH
GHVWUX\HUD\TXHPDUDVXYLYLHQGDDVtFRPRVXVSHUWHQHQFLDV\VHORVDJUHGLHUD
FRQ SLHGUDV SDORV GLQDPLWDV SHWDUGRV VLQ PHGLU QLQJXQD FRQVHFXHQFLD
LJQRUDQGRTXHSRUVXGLVFDSDFLGDGQRSXHGHGHIHQGHUVHSRUORTXHDQWHGLFKDV
DPHQD]DV QR VDOHQ GH VX YLYLHQGD SRU WHPRU (O 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO UHYRFy OD UHVROXFLyQ UHYLVDGD \ FRQFHGLy OD WXWHOD DQDOL]DQGR
SUHYLDPHQWHODVXEVLGLDULHGDGGHODDFFLyQGHOLEHUWDG

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
 IUHQWHDYtDVGHKHFKRGHSDUWLFXODUHVHVGHFLUDFFLRQHVTXHQR
WLHQHQ QLQJ~Q UHVSDOGR HQ HO GHUHFKR VHD GHO VLVWHPD RUGLQDULR R LQGtJHQD
RULJLQDULRFDPSHVLQRTXHVHHQFXHQWUHQGHELGDPHQWHDFUHGLWDV\VHRULJLQHQ
HQXQDVLWXDFLyQGHGHVYHQWDMDGHODFFLRQDQWHUHVSHFWRDOGHPDQGDGRFRQXQ
FODUR DEXVR GH SRGHU QR FRUUHVSRQGH GHQHJDU OD WXWHOD VROLFLWDGD SRU
VXEVLGLDULHGDGHQYLUWXGSUHFLVDPHQWHDODLOHJLWLPLGDGGHGLFKRVDFWRVTXH
QRWLHQHQQLQJ~QUHVSDOGROHJDO\PHQRVFRQVWLWXFLRQDO


6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGHODDFFLyQGHOLEHUWDGHPSHURHVWDEOHFHSUHYLDPHQWHTXHSURFHGHOD
SUHVHQWDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGSRUYtDVGHKHFKRGHSDUWLFXODUHV
HQHOPDUFRGHODVXEVLGLDULHGDGH[FHSFLRQDOTXHULJHDHVWDDFFLyQGHGHIHQVD

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDODSDUWLUGHVXFRQILJXUDFLyQSURFHVDO\OHJDOKDHVWDEOHFLGR
HO FDUiFWHU VXEVLGLDULR GH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO 6& 5 
$VLPLVPRKDGHVDUUROODGRDOJXQDVH[FHSFLRQHVTXHVHFRQVWLWX\HQHQVLWXDFLRQHVTXH
SRVLELOLWDQLQJUHVDUGLUHFWDPHQWHDODQiOLVLVGHIRQGRGHODFDXVDDWUDYpVGHODDFFLyQGH
DPSDURFRQVWLWXFLRQDOVLQQHFHVLGDGGHDJRWDUORVPHGLRVLGyQHRVSUHYLVWRVHQODOH\
6& 5 5 $& 5 \ 5  TXH IXHURQ
FRQVWUXLGRVMXULVSUXGHQFLDOPHQWHFRPRVHU $FWRVSURYHQLHQWHVGHSDUWLFXODUHVRGHO
(VWDGR YLQFXODGRV D YtDV R PHGLGDV GH KHFKR 66&&  5 5
5   ([LVWHQFLD GH GDxRLUUHSDUDEOH RSHUMXLFLR LUUHPHGLDEOH
66&&555
 /   R HVSHFtILFDPHQWH SRU GDxR LQPLQHQWH H
LUUHSDUDEOH DO GHUHFKR DO DJXD     
 SRUGDxRLQPLQHQWHHLUUHSDUDEOHHQHODFFHVRDOD
HGXFDFLyQ   H[LJLHQGR LGHQWLILFDU HO ELHQ MXUtGLFR GHVWUXLGR GH PRGR

W


dW^:d
LUUHPHGLDEOHHLUUHYHUVLEOHTXHMXVWLILTXHODH[FOXVLyQGHODVXEVLGLDULHGDGHQODDFFLyQ
GHDPSDURFRQVWLWXFLRQDO  &XDQGRH[LVWHXQPHGLRGHGHIHQVDSHURpVWH
HV LQHILFD] 6& 5 GH  GH PD\R \    PXWD OD
MXULVSUXGHQFLDFRQWHQLGDHQODV66&&\UHVSHFWRDOLQFLGHQWHGH
QXOLGDG GH QRWLILFDFLyQ HQ SURFHVRV DGPLQLVWUDWLYRV VDQFLRQDGRUDGXDQHUR VHxDODQGR
TXHHVWHHVXQPHGLRGHGHIHQVDLQHILFD]  3DUDODUHDOL]DFLyQGHMXVWLFLDPDWHULDO 6&
5 GH  GH GLFLHPEUH    &XDQGR VH GHPDQGDQ GHUHFKRV GH SHUVRQDV
SHUWHQHFLHQWHVDJUXSRVGHSULRULWDULDDWHQFLyQJUXSRVGHSURWHFFLyQUHIRU]DGD 66&&
5 \ 5     R GH PXMHU
HPEDUD]DGD 6& 5 GH  GH PD\R  SHUVRQDV FRQ FDSDFLGDGHV GLIHUHQWHV
6&3GHGHVHSWLHPEUH \ (QWHPDVGHUDFLVPR\GLVFULPLQDFLyQ 6&3
GHGHMXQLR  5HWLURLQWHPSHVWLYR /  $QWH
LQFXPSOLPLHQWR D OD FRQPLQDWRULD GH UHLQFRUSRUDFLyQ  
  &XDQGRVHYXOQHUDHOGHUHFKRDODVHJXULGDGVRFLDO   (Q
WHPDVYLQFXODGRVDORVVDODULRV\VXHOGRVGHYHQJDGRV 6&3 

(QHVSHFtILFRVREUHODH[FHSFLyQDODVXEVLGLDULHGDGGHODDFFLyQGHDPSDURHQDFWRV
YLQFXODGRVDPHGLGDVGHKHFKRODOtQHDMXULVSUXGHQFLDOHVODVLJXLHQWH


/D6&5SURQXQFLDGDSRUHO7ULEXQDO&RQVWLWXFLRQDOGHORVGLH]
DxRVVHxDOy
 'HQWURGHHVRVVXSXHVWRVH[FHSFLRQDOHVHQORVTXHHODPSDURHQWUDD
WXWHODUGHPDQHUDGLUHFWDHLQPHGLDWDSUHVFLQGLHQGRLQFOXVLYHGHVXFDUiFWHUVXEVLGLDULR
HVWiODWXWHODFRQWUDDFFLRQHVRPHGLGDVGHKHFKRFRPHWLGDVSRUDXWRULGDGHVS~EOLFDVR
SRUSDUWLFXODUHVHQWHQGLGDVpVWDVFRPRORVDFWRVLOHJDOHVDUELWUDULRVTXHGHVFRQRFHQ\
SUHVFLQGHQ GH ODV LQVWDQFLDV OHJDOHV \ SURFHGLPLHQWRV TXH HO RUGHQDPLHQWR MXUtGLFR
EULQGDUHDOL]DQGRMXVWLFLDGLUHFWDFRQDEXVRGHOSRGHUTXHGHWHQWDQIUHQWHDODJUDYLDGR
DFWRV TXH UHVXOWDQ LOHJtWLPRV SRU QR WHQHU UHVSDOGR OHJDO DOJXQR \ TXH SRU HO GDxR
RFDVLRQDGR \ OD JUDYHGDG GH ORV PLVPRV PHUHFHQ OD WXWHOD LQPHGLDWD TXH EULQGD HO
DPSDURSRUYXOQHUDUGHUHFKRVIXQGDPHQWDOHV



3RVWHULRUPHQWH OD 6& 5 SURQXQFLD SRU HO 7ULEXQDO 7UDQVLWRULR
GHVDUUROOyVXEUHJODVMXULVSUXGHQFLDOHVUHVWULFWLYDVHQFXDQWRDORVUHTXLVLWRVYLQFXODGRV
D DFWRV R PHGLGDV GH KHFKR HQWUH HOORV OD H[LJHQFLD GHO DJRWDPLHQWR GH LQVWDQFLDV
MXULVGLFFLRQDOHV R DGPLQLVWUDWLYDV VL HV TXH QR VH SUHVHQWy GH PDQHUD RSRUWXQD H
LQPHGLDWD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO 6RVWXYR
  'HEH H[LVWLU XQD GHELGD
IXQGDPHQWDFLyQ\DFUHGLWDFLyQREMHWLYDGHTXHHIHFWLYDPHQWHVHHVWiIUHQWHDXQDPHGLGD
GHKHFKRRMXVWLFLDDPDQRSURSLDGRQGHHODJUDYLDGRRDFFLRQDQWHVHHQFXHQWUHDQWH
XQD VLWXDFLyQ GH GHVSURWHFFLyQ R GHVYHQWDMD IUHQWH DO GHPDQGDGR R DJUHVRU VHD
DXWRULGDGIXQFLRQDULRRSDUWLFXODURJUXSRGHSHUVRQDVSRUODGHVSURSRUFLRQDOLGDGGH
ORVPHGLRVRDFFLyQODSUHVHQWDFLyQGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOGHEHVHUGH
PDQHUDRSRUWXQDHLQPHGLDWDKDFLHQGRDEVWUDFFLyQGHODVXEVLGLDULHGDG'HORFRQWUDULR
QRMXVWLILFDUtDODSUHPXUDQLJUDYHGDG\GHEHUiDJRWDUODVLQVWDQFLDVMXULVGLFFLRQDOHVR
DGPLQLVWUDWLYDV SHUWLQHQWHV VHJ~Q VHD HO FDVR \ DJRWDGDV ODV PLVPDV DFXGLU D OD
MXULVGLFFLyQFRQVWLWXFLRQDO



(Q HVH RUGHQ OD 6&  HPLWLGD SRU HO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO UHFRQRFLHQGR OD XQLIRUPH MXULVSUXGHQFLD VREUH OD H[FHSFLyQ D OD
VXEVLGLDULHGDGHQDFWRVYLQFXODGRVDPHGLGDVRYtDVGHKHFKRHVWDEOHFLy
ODVYtDVGH
KHFKRFRQVWLWX\HQXQDH[FHSFLyQDODDSOLFDFLyQGHOSULQFLSLRGHVXEVLGLDULHGDGSRU
WDQWR HO FRQWURO WXWHODU GH FRQVWLWXFLRQDOLGDG SXHGH VHU DFWLYDGR IUHQWH D HVWDV
FLUFXQVWDQFLDV VLQ QHFHVLGDG GH DJRWDU SUHYLDPHQWH RWURV PHFDQLVPRV RUGLQDULRV GH
GHIHQVD 
 3RU OR PLVPR ODV 666&&   5 \  FRQWLHQHQ HO
HVWiQGDU PiV DOWR GH SURWHFFLyQ UHVSHFWR D OD H[FHSFLyQ D OD VXEVLGLDULHGDG HQ DFWRV
YLQFXODGRVDPHGLGDVGHKHFKR

/DOtQHDMXULVSUXGHQFLDODVXPLGDHQVHQWLGRTXHVHKDFHXQDH[FHSFLyQDOD


W


dW^:d


VXEVLGLDULHGDGHQODDFFLyQGHDPSDURFRQVWLWXFLRQDOSRUYtDVGHKHFKRFRQWHQLGDHQODV
66&&56&HQWUHRWUDVVHDPSOLyDWUDYpVGHOD6&3
TXHPRGXODQGRODOtQHDMXULVSUXGHQFLDOVHxDOyTXHFXDQGRVHWUDWDGHYtDVGHKHFKRGH
SDUWLFXODUHV SURFHGH OD SUHVHQWDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG \  GH WRGDV ODV
DFFLRQHVGHGHIHQVD


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,
 IUHQWHDYtDVGHKHFKRGHSDUWLFXODUHVHVGHFLUDFFLRQHVTXHQR
WLHQHQ QLQJ~Q UHVSDOGR HQ HO GHUHFKR VHD GHO VLVWHPD RUGLQDULR R LQGtJHQD
RULJLQDULRFDPSHVLQRTXHVHHQFXHQWUHQGHELGDPHQWHDFUHGLWDV\VHRULJLQHQ
HQXQDVLWXDFLyQGHGHVYHQWDMDGHODFFLRQDQWHUHVSHFWRDOGHPDQGDGRFRQXQ
FODUR DEXVR GH SRGHU QR FRUUHVSRQGH GHQHJDU OD WXWHOD VROLFLWDGD SRU
VXEVLGLDULHGDGHQYLUWXGSUHFLVDPHQWHDODLOHJLWLPLGDGGHGLFKRVDFWRVTXH
QRWLHQHQQLQJ~QUHVSDOGROHJDO\PHQRVFRQVWLWXFLRQDO






)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLDSUHFHGHQFLDOUHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD ([WUDFWRRUHFRQVWUXFFLyQGHOSUHFHGHQWHFRQVWLWXFLRQDO

6&33URFHGHODSUHVHQWDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGSRU
YtDVGHKHFKRGHSDUWLFXODUHVFXDQGRODYXOQHUDFLyQRDPHQD]DGHUHVWULFFLyQ
DORVGHUHFKRVWXWHODGRVSRUHVDDFFLyQVHDPDQLILHVWDVDOYRWUDWiQGRVHGH
JUXSRV GH SULRULWDULD DWHQFLyQ TXH VH HQFXHQWUDQ HQ VLWXDFLyQ GH
YXOQHUDELOLGDG

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH OLEHUWDG HO DFFLRQDQWH VRVWXYR TXH ORV SDUWLFXODUHV
GHPDQGDGRVDPHQD]DURQVXGHUHFKRDODYLGD\DOGHVXIDPLOLDDVtFRPRVX
GHUHFKRDODOLEUHORFRPRFLyQSRUFXDQWRHPLWLHURQXQ9RWR5HVROXWLYRSRUHO
TXH VH GHFLGLy VX H[SXOVLyQ \ OD GH VX IDPLOLD GH OD RUJDQL]DFLyQ
8QLGDG \
)RUWDOH]D
 RUGHQDQGR TXH VL RSRQtDQ UHVLVWHQFLD VH XVDUD OD YLROHQFLD VH
GHVWUX\HUD\TXHPDUDVXYLYLHQGDDVtFRPRVXVSHUWHQHQFLDV\VHORVDJUHGLHUD
FRQ SLHGUDV SDORV GLQDPLWDV SHWDUGRV VLQ PHGLU QLQJXQD FRQVHFXHQFLD
LJQRUDQGRTXHSRUVXGLVFDSDFLGDGQRSXHGHGHIHQGHUVHSRUORTXHDQWHGLFKDV
DPHQD]DV QR VDOHQ GH VX YLYLHQGD SRU WHPRU (O 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO UHYRFy OD UHVROXFLyQ UHYLVDGD \ FRQFHGLy OD WXWHOD DQDOL]DQGR
SUHYLDPHQWH VL OD OHVLyQ D ORV GHUHFKRV GHQXQFLDGRV FRPR YXOQHUDGRV HUD
PDQLILHVWD

([WUDFWRGHODUDWLRGHFLGHQGL

)- ,,,
ORV GHUHFKRV FRQVLGHUDGRV OHVLRQDGRV FRPR OD YLGD \ OD OLEHUWDG GH
ORFRPRFLyQHQFXHQWUDQSURWHFFLyQDWUDYpVGHHVWDDFFLyQGHGHIHQVD\VLELHQHVFLHUWR

W


dW^:d
TXHQRH[LVWHQHOHPHQWRVTXHOOHYHQDFRQFOXLUGHPDQHUDHYLGHQWHTXHHODFFLRQDQWH\
VXVUHSUHVHQWDGRVIXHURQDPHQD]DGRVHQVXVYLGDVTXHVHXVyYLROHQFLDFRQWUDHOORVR
TXHVHOHVDPHQD]yFRQGHVWUXLU\TXHPDUVXYLYLHQGD\VXVSHUWHQHQFLDVRTXHH[LVWLy
ODDPHQD]DGHDJUHGLUORVFRQSLHGUDVSDORV\GLQDPLWDV

6LQHPEDUJRHVWH7ULEXQDOFRQVWDWDTXHHIHFWLYDPHQWHFRQIRUPHDOFRQWHQLGRGHO9RWR
5HVROXWLYRGHODRUJDQL]DFLyQ
8QLGDG\)RUWDOH]D
GHGHPDU]RGHVHGHILQLy
OD H[SXOVLyQ GH OD IDPLOLD 6XELD GH GLFKD RUJDQL]DFLyQ (VWD GHFLVLyQ GHEH VHU
FRQWH[WXDOL]DGD\FRQWUDVWDGDUHVSHFWRGHTXLHQHVHPLWLHURQODGHFLVLyQ\TXLHQHVIXHURQ
ORVUHFHSWRUHVGHODPLVPD(QHOFDVRORVUHFHSWRUHVIXHURQSHUVRQDVFRQGLVFDSDFLGDG
HO DFFLRQDQWH 0LOWRQ 6XELD 0DUWtQH] QR YLGHQWH LUUHYHUVLEOH FRQ FHJXHUD WRWDO VX
UHSUHVHQWDGR'LHJR%RULV6XELD*DOODUGRFRQFHJXHUDLUUHYHUVLEOHHQRMRL]TXLHUGR\HO
RMRGHUHFKRFRQEDMDYLVLyQVXUHSUHVHQWDGD&ULVWLQD&DLKXDUDFRQSDGHFLPLHQWRGH
JODXFRPD\FHJXHUDWRWDOVLHQGRODRWUDSDUWHGLULJHQWHV\PLHPEURVGHODRUJDQL]DFLyQ
GHQRPLQDGD
8QLGDG \ IRUWDOH]D
 TXLHQHV EDMR XQ 9RWR 5HVROXWLYR GHFLGLHURQ VX
H[SXOVLyQ

&RQVHFXHQWHPHQWHVHDGYLHUWHTXHHOFDVRTXHQRVRFXSDVHVLW~DGHQWURGHORVVXSXHVWRV
GHDSOLFDFLyQGHOSULQFLSLRIDYRUGHELOLVSRUPHGLRGHOFXDOHVLPSHULRVRFRQVLGHUDUFRQ
HVSHFLDODWHQFLyQDODSDUWHTXHHQVXUHODFLyQFRQODRWUDVHKDOODVLWXDGDHQLQIHULRULGDG
GHFRQGLFLRQHVHQHOFDVRSHUVRQDVFRQGLVFDSDFLGDGIUHQWHDGLULJHQWHV\PLHPEURV
GHODRUJDQL]DFLyQDODFXDOSHUWHQHFHQORVDFFLRQDQWHV(VWDSDUWLFXODUYLQFXODFLyQ\
UHODFLyQ GH ORV DFFLRQDQWHV UHVSHFWR GH ORV DKRUD GHPDQGDGRV SHUPLWH YLVOXPEUDU HO
JUDGRGHDIHFWDFLyQTXHVLJQLILFyHQORVSULPHURVODGHFLVLyQGHH[SXOVLyQSURIHULGDSRU
ORVVHJXQGRV\FRQVWDWDUTXHGLFKDPHGLGDOHVSURYRFyXQWHPRUUHYHUHQFLDOTXHSRU
VXJUDGRGHYXOQHUDELOLGDGSHUVRQDVFRQGLVFDSDFLGDGFRQFHJXHUDLUUHYHUVLEOH\HQVX
FRQGLFLyQGHDGXOWRVPD\RUHVORVREOLJyDUHWUDHUVH\VHQWLUVHDPHQD]DGRVHQVXYLGD\
OLEHUWDGGHORFRPRFLyQREOLJiQGRVHHOORVPLVPRVDQRVDOLUGHVXYLYLHQGD\DVHQWLUVH
DPHQD]DGRVHQVXYLGD\UHVWULQJLGRVHQVXOLEHUWDGGHORFRPRFLyQSRUHOPLHGRDVHU
DJUHGLGRV



6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH OD DFFLyQ GH OLEHUWDG DQDOL]DQGR SUHYLDPHQWH VL OD OHVLyQ D ORV
GHUHFKRV GHQXQFLDGRV FRPR YXOQHUDGRV HUD PDQLILHVWD \ UHDOL]DQGR XQD
VDOYHGDG DO WUDWDUVH GH JUXSRV GH SULRULWDULD DWHQFLyQ TXH VH HQFXHQWUDQ HQ
VLWXDFLyQ GH YXOQHUDELOLGDG FRPR VRQ ORV DFFLRQDQWHV SHUVRQDV DGXOWDV
PD\RUHVFRQFDSDFLGDGHVGLIHUHQWHVREOLJiQGRVHHOORVPLVPRVDQRVDOLUGHVX
YLYLHQGD \DVHQWLUVHDPHQD]DGRVHQVXYLGD \UHVWULQJLGRVHQ VXOLEHUWDGGH
ORFRPRFLyQSRUHOPLHGRDVHUDJUHGLGRVHQEDVHDXQ9RWR5HVROXWLYRSRUHO
TXHVHGHFLGLyVXH[SXOVLyQ \ODGHVX IDPLOLDGHODRUJDQL]DFLyQ
8QLGDG \
)RUWDOH]D


&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

3UHFHGHQWHIXQGDGRU6&3$/

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)M ,,,
SDUD TXH ODV GLIHUHQWHV PRGDOLGDGHV GH SURWHFFLyQ TXH EULQGD OD
DFFLyQGHOLEHUWDGVHRSHUDWLYLFHQUHVXOWDQHFHVDULRHYLGHQFLDUGLFKRVDFWRVX
RPLVLRQHV\FRQVWDWDUTXHVRQPDQLILHVWRVRORTXHHVORPLVPRVyORSRGUi
RWRUJDUVHODWXWHODTXHEULQGDHVWDDFFLyQGHGHIHQVDFXDQGRODYXOQHUDFLyQR

W


dW^:d


DPHQD]D GH UHVWULFFLyQ VHD FRQVWDWDGD SRU HO MXH] FRQVWLWXFLRQDO SRU VHU
PDQLILHVWDDFRQWUDULRVHQVXFXDQGRpVWHH[DPLQHTXHGLFKRVDFWRVQRH[LVWHQ
RTXHVyORHQFXHQWUDQUHVJXDUGRHQODSVLTXHGHTXLHQVHFRQVLGHUDLOHJDOPHQWH
SHUVHJXLGRRSULYDGRGHOLEHUWDGVLQTXHH[LVWDQDFWRVPDQLILHVWRVTXHSHUPLWDQ
OOHJDUDODPLVPDFRQFOXVLyQGHTXLHQSUHVHQWDODDFFLyQGHOLEHUWDGQRSRGUi
RWRUJDUVHODWXWHOD

$KRUD ELHQ HO UD]RQDPLHQWR SUHFHGHQWHPHQWH VHxDODGR SHUPLWH VX
IOH[LELOL]DFLyQ FXDQGR HO PLVPR YD D VHU FRQWUDVWDGR HQ HVFHQDULRV GH
YXOQHUDELOLGDGWHQLHQGRHQFXHQWDTXHHOSULQFLSLRIDYRUGHELOLVDSOLFDEOHHQ
YLUWXG GH OR SUHYLVWR HQ ORV DUWV ,9  \ , GH OD &3( REOLJD D
FRQVLGHUDUFRQHVSHFLDODWHQFLyQDODSDUWHTXHHQVXUHODFLyQFRQODRWUDVH
KDOOD VLWXDGD HQ LQIHULRULGDG GH FRQGLFLRQHV R GLFKR GH RWUR PRGR QR VH
HQFXHQWUDHQLJXDOGDGGHFRQGLFLRQHVFRQODRWUDWDOHVORVFDVRVGHORVJUXSRV
GH SULRULWDULD DWHQFLyQ FRPR VRQ ORV QLxRV ODV PXMHUHV ODV SHUVRQDV FRQ
FDSDFLGDGHV HVSHFLDOHV FRP~QPHQWH FRQRFLGDV FRPR SHUVRQDV FRQ
GLVFDSDFLGDGHODGXOWRPD\RUORVSXHEORVLQGtJHQDVHQWUHRWURVTXHSRUVX
FDUiFWHU GH GHVLJXDOGDG PHUHFHQ XQ WUDWR GLIHUHQWH TXH SHUPLWD QLYHODU \
DWHQGHUVXVFRQGLFLRQHVHQWHQGLHQGRVXVVLWXDFLRQHVHVSHFtILFDV\SDUWLFXODUHV
TXH SRU VXV JUDGRV GH YXOQHUDELOLGDG PDQLILHVWD PHUHFHQ XQD SURWHFFLyQ
GLIHUHQFLDGD





 3RU IDOWD GH SUXHEDV3UHVXQFLyQ GH YHUDFLGDG GH ORV


DFWRVGHQXQFLDGRVGHLOHJDOHV
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3(QODDFFLyQGHOLEHUWDGVHSUHVXPHODYHUDFLGDGGH
ORV KHFKRV GHQXQFLDGRV FXDQGR ODV DXWRULGDGHV GHPDQGDGDV QR
DVLVWHQ D OD DXGLHQFLD QL SUHVHQWDQ VX LQIRUPH GH OH\ R FXDQGR QR
REVWDQWHDVLVWLUDODDXGLHQFLDQRQLHJDQORVKHFKRVDOHJDGRV

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHOLEHUWDGHODFFLRQDQWHGHQXQFLyTXHVXUHSUHVHQWDGR
IXH GHWHQLGR LOHJDOPHQWH DO VHU FRQIXQGLGR FRQ XQ FRQWUDEDQGLVWD
VLHQGR LQFRPXQLFDGR \ UHVWULQJLGR HQ VX GHUHFKR D OD GHIHQVD  DO
KDEpUVHOHLPSXHVWRXQDERJDGRTXHQRHUDGHVXHOHFFLyQDGHPiVVHxDOD
W


dW^:d

TXHH[LVWLyDEXVRGHDXWRULGDGSRUSDUWHGHOUHSUHVHQWDQWHGHO0LQLVWHULR
3~EOLFR\GHOIXQFLRQDULRSROLFLDODOSUHWHQGHULQFOXLUDODERJDGRGHVX
UHSUHVHQWDGRFRPRWHVWLJRGHOKHFKRFRQODILQDOLGDGGHDSDUWDUORGHVX
GHIHQVD H LPSRQHUOH XQ GHIHQVRU GH RILFLR KDELHQGRVLGR DPHQD]DGR
SDUDTXHSUHVWHVXGHFODUDFLyQSRUORTXHSHWLFLRQyVHGHFODUHSUREDGD
OD DFFLyQ VH FRQFHGD OD LQPHGLDWD OLEHUWDG D VX UHSUHVHQWDGR \ VH
FRQGHQHDODVDXWRULGDGHVGHPDQGDGDVDOSDJRGHGDxRV\SHUMXLFLRVDVt
FRPR ODV UHVSRQVDELOLGDGHV FRQVLJXLHQWHV (O 7ULEXQDO &RQVWLWXFLRQDO
UHYRFyODUHVROXFLyQUHYLVDGD\FRQFHGLyODWXWHODSRUTXHODVDXWRULGDGHV
DFFLRQDGDVYXOQHUDURQHOGHUHFKRDOGHELGRSURFHVRGHOPHQRUGHWHQLGR
\SRUHQGHUHVWULQJLHURQLQGHELGDPHQWHVXGHUHFKRDODOLEHUWDGItVLFD
RUGHQDQGR VH GLVSRQJD OD LQPHGLDWD OLEHUWDG GHO UHSUHVHQWDGR GHO
DFFLRQDQWH)LQDOPHQWHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOOODPy
VHYHUDPHQWHODDWHQFLyQDODVDXWRULGDGHVGHPDQGDGDVDGYHUWLHQGROHV
TXH HQ FDVR GH IXWXUDV YXOQHUDFLRQHV D ORV GHUHFKRV \ JDUDQWtDV
FRQVWLWXFLRQDOHV VHUiQ SDVLEOHV D ODV DFFLRQHV OHJDOHV \ GLVFLSOLQDULDV
FRUUHVSRQGLHQWHV

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
5HVSHFWRDODVGHQXQFLDVTXHHOPHQRUIXHDPHQD]DGRSDUDTXH
SUHVWH VX GHFODUDFLyQ TXH VL QR OR KDFtD LED D VHU FRQGXFLGR D RWUDV
GHSHQGHQFLDVTXHIXHLQFRPXQLFDGRFRQVXDERJDGRGHIHQVRU\TXH
VH OH LPSXVR XQ GHIHQVRU GH RILFLR SDUD SUHVWDU VX GHFODUDFLyQ
LQIRUPDWLYD VH FRQFOX\H OR VLJXLHQWH     5HVSHFWR D OD
LQFRPXQLFDFLyQFRQVXDERJDGRDPEDVDXWRULGDGHVQLHJDQHVWHDVSHFWR
VLQHPEDUJR VH HYLGHQFLDQ QRWRULDVFRQWUDGLFFLRQHVHQ HVSHFLDO GH OD
DXWRULGDGILVFDOGHPDQGDGDFRPRVHGHWDOOySUHFHGHQWHPHQWHDVSHFWRV
TXHHYDOXDGRVGHPDQHUDLQWHJUDOFRQGXFHQUD]RQDEOHPHQWHDVRVWHQHU
TXHH[LVWLyLQFRPXQLFDFLyQGHOUHSUHVHQWDGRFRQVXDERJDGRWRGDYH]
TXH pVWH DVSHFWR QR IXH GHVYLUWXDGR SRU ODV DXWRULGDGHV GHPDQGDGDV
Pi[LPHVLVHFRQVLGHUDTXHHVWHWLSRGHYXOQHUDFLRQHVHQVHGHSROLFLDO
\R ILVFDO FRQOOHYDQ XQD GLILFXOWDG SUREDWRULD LQWUtQVHFD SDUD HO
GHQXQFLDQWHSRUORTXHGHEHWRPDUVHHQFXHQWDTXHODDFFLyQGHOLEHUWDG
VHULJHSRUHOSULQFLSLRGHLQIRUPDOLVPR


6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH OD DFFLyQ GH OLEHUWDG SRUTXH ODV DXWRULGDGHV DFFLRQDGDV
YXOQHUDURQHOGHUHFKRDOGHELGRSURFHVRGHOPHQRUGHWHQLGR\SRUHQGH
UHVWULQJLHURQLQGHELGDPHQWHVXGHUHFKRDODOLEHUWDGItVLFD

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDOVREUHODSUHVHQWDFLyQGHSUXHEDVHQODDFFLyQGHOLEHUWDGWLHQH
HOVLJXLHQWHGHVDUUROORMXULVSUXGHQFLDO

W


dW^:d


/DV66&&555HQWUHRWUDVGHQHJDURQODWXWHOD
SRU IDOWD GH SUXHEDV SDUD FRQVWDWDU ODV DILUPDFLRQHV GHO DFFLRQDQWH HQWHQGLPLHQWR
FRQILUPDGRSRUOD6&3
6LQHPEDUJRODMXULVSUXGHQFLDFRQVWLWXFLRQDOHVWDEOHFLyH[FHSFLRQHVDODGHQHJDWRULD
GH OD DFFLyQ GH OLEHUWDGSRU IDOWD GH SUXHEDV DSOLFDQGR HOSULQFLSLR GH SUHVXQFLyQ GH
YHUDFLGDG HQ ORV VLJXLHQWHV VXSXHVWRV D  &XDQGR ODV DXWRULGDGHV GHPDQGDGDV QR
DVLVWLHURQ D OD DXGLHQFLD QL SUHVHQWDURQ LQIRUPH FRUUHVSRQGLHQWH GHVYLUWXDQGR ODV
DILUPDFLRQHV GH OD R HO DFFLRQDQWH VXSXHVWRV HQ ORV FXDOHV VH WLHQHQ SRU FLHUWDV ODV
DILUPDFLRQHVFRQWHQLGDVHQODDFFLyQ\SRUHQGHVHFRQFHGHODWXWHOD 66&&
555 UD]RQDPLHQWRDSOLFDGRSRUOD6&3VHJXLGR
SRUODV66&&//6\E 
&XDQGR ODV DXWRULGDGHV GHPDQGDGDV D SHVDU GH FRPSDUHFHU QR QHJDURQ ORV KHFKRV
DOHJDGRV SRU HO R OD DFFLRQDQWHV UD]RQDPLHQWR DSOLFDGR HQ ODV 66&& 
HQWUHRWUDV
(QHOPLVPRVHQWLGROD6&5KL]RUHIHUHQFLDDOGHEHUGHODVDXWRULGDGHV
GHPDQGDGDV GH SUHVHQWDU LQIRUPH HVFULWR VHxDODQGR TXH
HO FDVR GH OD DFFLyQ GH
OLEHUWDGDWHQGLHQGRHVSHFLDOPHQWHDORVSULQFLSLRVGHFRPSURPLVRHLQWHUpVVRFLDO\GH
UHVSRQVDELOLGDGTXHULJHQODIXQFLyQS~EOLFDDVtFRPRDODQDWXUDOH]DGHORVGHUHFKRV
WXWHODGRV SRU HVD JDUDQWtD MXULVGLFFLRQDO FXDQGR HO VXMHWR SDVLYR HV XQ IXQFLRQDULR
S~EOLFRpVWHWLHQHODREOLJDFLyQGHSUHVHQWDULQIRUPHHVFULWRRHQVXGHIHFWRFRQFXUULUD
OD DXGLHQFLD D ILQ GH GHVYLUWXDU ORV KHFKRV R DFWRV GHQXQFLDGRV FRPR OHVLYRV D ORV
GHUHFKRVGHODFFLRQDQWHSXHVGHQRKDFHUORVHSUHVXPHODYHUDFLGDGGHORVPLVPRV

3RVWHULRUPHQWHOD6&3H[WHQGLyHVWHGHEHUDODSUHVHQWDFLyQGHSUXHED
SRUSDUWHGHODDXWRULGDGGHPDQGDGDDGHPiVGHHVWDEOHFHUODREOLJDFLyQGHORVMXHFHV\
WULEXQDOHV GH JDUDQWtDV GH DFWXDU GLOLJHQWHPHQWH OR TXH VXSRQH XQD PRGXODFLyQ D OR
HVWDEOHFLGR HQ ODV 66&& 5 5 5 HQ ODV TXH VH
GHWHUPLQy TXH HO DFFLRQDQWH WHQtD OD REOLJDFLyQ GH SUHVHQWDU ODV SUXHEDV SHUWLQHQWHV
&RQIRUPHDOQXHYRHQWHQGLPLHQWRHOMXH]RWULEXQDOGHJDUDQWtDVHQPpULWRDOSULQFLSLR
GHYHUGDGPDWHULDOGHEHDVXPLUXQUROPiVDFWLYR\DGHPiVWLHQHHOGHEHUGHUHPLWLU
WRGDODSUXHEDDO7&3
$VXYH]OD6&3FRQVLGHUDGDFRPRVHQWHQFLDPRGXODGRUDSRVLELOLWyTXH
HO DFFLRQDQWH VROLFLWH DO WULEXQDO GH JDUDQWtDV TXH VH UHPLWD HO SURFHVR SULQFLSDO SDUD
HIHFWRVSUREDWRULRVHVWDQGRHO7ULEXQDOGHJDUDQWtDVREOLJDGRDUHPLWLUORVDQWHFHGHQWHV
DO7ULEXQDO&RQVWLWXFLRQDO
 )LQDOPHQWH OD 6&3  VREUH OD EDVH GH OD MXULVSUXGHQFLD FRQVWLWXFLRQDO
FRQWHQLGDHQODV66&&555HVWDEOHFLyTXHHQOD
DFFLyQ GH OLEHUWDG VH DSOLFD HO SULQFLSLR GH YHUDFLGDG GH ORV KHFKRV HQ VXSXHVWRV GH
LQFRPXQLFDFLyQGHDSUHKHQGLGRV


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

/D6&5VREUHODEDVHGHODMXULVSUXGHQFLDFRQVWLWXFLRQDO
FRQWHQLGD HQ ODV 66&& 5 5 HQWUH RWUDV KL]R
UHIHUHQFLD GH PDQHUD H[SUHVD D OD SUHVXQFLyQ GH YHUDFLGDG HQ ORV
VLJXLHQWHVWpUPLQRV
HO FDVR GH OD DFFLyQ GH OLEHUWDG DWHQGLHQGR HVSHFLDOPHQWH D ORV
SULQFLSLRVGHFRPSURPLVRHLQWHUpVVRFLDO\GHUHVSRQVDELOLGDGTXHULJHQ
ODIXQFLyQS~EOLFDDVtFRPRDODQDWXUDOH]DGHORVGHUHFKRVWXWHODGRV
SRUHVDJDUDQWtDMXULVGLFFLRQDOFXDQGRHOVXMHWRSDVLYRHVXQIXQFLRQDULR
S~EOLFR pVWH WLHQH OD REOLJDFLyQ GH SUHVHQWDU LQIRUPH HVFULWR R HQ VX
GHIHFWRFRQFXUULUDODDXGLHQFLDDILQGHGHVYLUWXDUORVKHFKRVRDFWRV
GHQXQFLDGRV FRPR OHVLYRV D ORV GHUHFKRV GHO DFFLRQDQWH SXHV GH QR
KDFHUORVHSUHVXPHODYHUDFLGDGGHORVPLVPRV
W


dW^:d


,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

/D6&3FRQVWLWX\HHOHVWiQGDUPiVDOWRHQORTXHVHUHILHUHD
ODH[LJHQFLDGHSUHVHQWDFLyQGHSUXHEDVSRUTXHHVWDEOHFHHOGHEHUGH
GLOLJHQFLDGHORVWULEXQDOHVGHJDUDQWtDVGHSURFXUDUODYHUGDGMXUtGLFD
GH OR GHQXQFLDGR \ UHVXHOWR \ SRU FXDQWR H[WLHQGH HO GHEHU GH
SUHVHQWDFLyQ GH OD SUXHED \ DQWHFHGHQWHV GHO KHFKR D OD DXWRULGDG
GHPDQGDGD



3RUTXHORVDFWRVLOHJDOHVGHEHQVHUDQDOL]DGRVGHQWUR
GHOSURFHVR,GHQWLGDGGHODSHUVRQDDSUHPLDGDHQPDWHULDIDPLOLDU
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3'HQHJDWRULDGHODDFFLyQGHOLEHUWDGGHELGRDTXHOD
LGHQWLGDGGHODSHUVRQDDSUHPLDGDGHEHVHUGLOXFLGDGDHQODMXVWLFLD
RUGLQDULD\QRPHGLDQWHXQDDFFLyQFRQVWLWXFLRQDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHOLEHUWDGHODFFLRQDQWHGHQXQFLyTXHVXGHUHFKRDOD
OLEHUWDGIXHYXOQHUDGRSRUFXDQWRVHORGHWXYRFRQXQPDQGDPLHQWRGH
DSUHPLR HQ HO TXH VH FRQVLJQDED HO QRPEUH GH RWUD SHUVRQD \ QR
REVWDQWH TXH H[KLELy DQWH ORV IXQFLRQDULRV SROLFLDOHV VX FpGXOD GH
LGHQWLGDGIXHUHPLWLGRDOSHQDOGH6DQ3HGUR(O7ULEXQDO&RQVWLWXFLRQDO
3OXULQDFLRQDO HQ VX 6DOD 7UDQVLWRULD /LTXLGDGRUD GHQHJy OD WXWHOD
VROLFLWDGD

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,'HORVDQWHFHGHQWHVGHOFDVRGHDXWRVVHHVWDEOHFHTXHDQWHHOVXSXHVWRTXHHO
DFFLRQDQWH QR IXHUD OD PLVPD SHUVRQD FRQWUD TXLpQ IXH OLEUDGR HO PDQGDPLHQWR GH
DSUHPLR QRREVWDQWH TXH HO PLVPR FRQVLJQD VX H[SHGLFLyQGHQWUR GHOD GHPDQGD GH
DVLVWHQFLD IDPLOLDU VHJXLGD SRU <DQHW OYDUH] 9LOODUURHO D TXLHQ HO DFFLRQDQWH GLFH
FRQRFHU\KDEHUSURFUHDGRFRQHOODGRVKLMRVUHVXOWDQGRGLVFRUGDQWHTXHGHQWURGHOD

W


dW^:d


GHPDQGDGHDVLVWHQFLDIDPLOLDUTXHVLJXHODPDGUHGHVXVGRVKLMRVVHKD\DHPLWLGRXQ
PDQGDPLHQWRGHDVLVWHQFLDIDPLOLDUFRQWUDXQDSHUVRQDDMHQDDOSURJHQLWRUGHORVQLxRV

5HWRPDQGR OR PHQFLRQDGR HQ OtQHDV SUHFHGHQWHV VL HV TXH HO DFFLRQDQWH QR IXHUH OD
SHUVRQDFRQWUDTXLHQVHGLULJLyHOPDQGDPLHQWRGHDSUHPLRFRUUHVSRQGtDTXHpVWHDFXGD
DQWH OD -XH]D 3ULPHUD GH ,QVWUXFFLyQ GH )DPLOLD GH 6DFDED D REMHWR GH DFODUDU OD
FRQIXVLyQUHVSHFWRDOQRPEUHFRQVLJQDGRHQHOPDQGDPLHQWRGHDSUHPLRSRUFXDQWRQR
FRUUHVSRQGHDODMXULVGLFFLyQFRQVWLWXFLRQDOLQJUHVDUDGLOXFLGDUHOVXSXHVWRHUURUHQOD
FRQVLJQDFLyQGHOQRPEUHGHODFFLRQDQWHHQHOPDQGDPLHQWRGHDSUHPLRWRGDYH]TXHHO
DFFLRQDQWH FXHQWD FRQ ORV PHGLRV H[SHGLWRV SDUD DFXGLU DQWH OD DXWRULGDG MXGLFLDO
FRPSHWHQWHGHODMXULVGLFFLyQRUGLQDULDDSRUWDQGRORVPHGLRVSUREDWRULRVTXHFRQVLGHUH
SHUWLQHQWHV D HIHFWR GH DFUHGLWDU VX LGHQWLGDG FRQIRUPH VH WLHQH GHVDUUROODGR HQ HO
)XQGDPHQWR -XUtGLFR ,,, GH OD SUHVHQWH 6HQWHQFLD  &RQVWLWXFLRQDO 3OXULQDFLRQDO
VLWXDFLyQTXHLQYLDELOL]DHODQiOLVLVGHIRQGRGHODFDXVD


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

3UHFHGHQWHHVSHFtILFR

6&35

OD MXULVGLFFLyQ FRQVWLWXFLRQDO GH QLQJXQD PDQHUD SXHGH LQJUHVDU D GLOXFLGDU R
HVFODUHFHUODLGHQWLGDGRQRGHOSURFHVDGRGHWHQLGRRDSUHKHQGLGRGDGRTXHFRPSHWH
~QLFDPHQWHDODMXULVGLFFLyQRUGLQDULDGHWHUPLQDUVXLGHQWLGDGFRQVLGHUDQGRSDUDHOOR
UHDOL]DUi OD YDORUDFLyQ GH OD SUXHED TXHSXGLHUD DSRUWDU HO DFFLRQDQWH ODERU TXH HVWi
LPSHGLGD D pVWH 7ULEXQDO SRU VX QDWXUDOH]D MXUtGLFD \ ILQDOLGDG HVSHFtILFDV
FRUUHVSRQGLHQGRHQFRQVHFXHQFLDTXHGHQWURGHOSURFHVRIDPLOLDUVHJXLGRFRQWUD&DUORV
9LOODUURHO VHD GRQGH VH GHWHUPLQH VL HO GHPDQGDGR \ REOLJDGR D SDJDU OD DVLVWHQFLD
IDPLOLDUJXDUGDLGHQWLGDGGHVXMHWRFRQHODKRUDDFFLRQDQWHGHWHUPLQDFLyQTXHHQVX
FDVRVHHIHFWXDUiFRQODSUXHEDTXHHODFWRUSUHVHQWHSDUDGHVYLUWXDUFRPRHODILUPD
TXH VHD OD PLVPD SHUVRQD FRQWUD TXLHQ VH HPLWLy HO PDQGDPLHQWR GH DSUHPLR
GHWHUPLQDFLyQGHLGHQWLGDGTXHGHQLQJXQDPDQHUDSXHGHHIHFWXDUVHHQMXULVGLFFLyQ
FRQVWLWXFLRQDO\PHQRVD~QPHGLDQWHODSUHVHQWHDFFLyQWXWHODU


3UHFHGHQWHVSURQXQFLDGRVHQHOiPELWRSHQDO66&&55HQWUH
RWURV

)-,,,  HQFXDQWRDODDFUHGLWDFLyQGHODLGHQWLGDGGHQWURGHXQDLQYHVWLJDFLyQR
SURFHVR SHQDO OD MXULVSUXGHQFLD FRQVWLWXFLRQDO VHxDOy TXH
HO UHFXUUHQWH   GHEH
DVXPLUGHIHQVD\DFUHGLWDUVLQOXJDUDGXGDVTXHHVXQDSHUVRQDGLIHUHQWHDOLPSXWDGR

6&5GHGHRFWXEUH GHELHQGRDOHIHFWR
XWLOL]DUODVYtDVSHUWLQHQWHV
SDUDDFUHGLWDUVXLGHQWLGDG\QRDFXGLUGLUHFWDPHQWHDODMXULVGLFFLyQFRQVWLWXFLRQDO  
GDGR TXH OD YtD LGyQHD SDUD KDFHUOR HV OD RUGLQDULD YDOLpQGRVH GH WRGRV ORV PHGLRV
SUREDWRULRV TXH FRQVLGHUH SHUWLQHQWHV SDUD GHPRVWUDU TXH HV XQDSHUVRQD GLIHUHQWH DO
LPSXWDGR
 HVWR HV HQ FXDOTXLHU HWDSD GHO SURFHVR DVt OR HQWHQGLHURQ ODV 66&&
5\5HQWUHRWUDV


6&5
(Q HVH FRQWH[WR OHJDO \ GH MXULVSUXGHQFLD VH FRQFOX\H TXH ORV UHFODPRV H
LPSXJQDFLRQHVVREUHORVHUURUHVHQODLGHQWLGDGGHODVSHUVRQDVQRSXHGHQVHUDQDOL]DGRV
DWUDYpVGHODSUHVHQWHDFFLyQWXWHODUVLQRTXHGHEHQVHUH[DPLQDGRVGHQWURGHOSURFHVR
SULQFLSDO TXH GHWHUPLQH OD LGHQWLGDG GH OD SHUVRQD SURFHVDGD FRQGHQDGD EXVFDGD R
VROLFLWDGDHOORHQUD]yQDTXHWDQWRHOUHFXUVRGHKiEHDVFRUSXVFRPRODDKRUDDFFLyQ
GHOLEHUWDGFRQVDJUDGDSRUHODUWGHOD&3(KDQVLGRLQVWLWXLGRVSRUOD&RQVWLWXFLyQ
3ROtWLFD FRPR XQD DFFLyQ WXWHODU FRQ XQ WULSOH FDUiFWHU SUHYHQWLYR FRUUHFWLYR \

W


dW^:d
UHSDUDGRUDPSOLDQGRDKRUDDGHPiVVXQDWXUDOH]DGHDFFLyQGHGHIHQVDRSRUWXQD\HILFD]
DODYLGDHQVXUHODFLyQDODOLEHUWDGItVLFD\GHORFRPRFLyQ3UHFLVDPHQWHHQHVHPDUFR
GH SURWHFFLyQ D OD SUHVHQWH DFFLyQ WXWHODU QR OH FRUUHVSRQGH FRQRFHU QL GLOXFLGDU
SUREOHPiWLFDVTXHVRQGHFRPSHWHQFLDGHODMXULVGLFFLyQRUGLQDULDSRUORPLVPRHVOD
DXWRULGDGMXGLFLDOODTXHHVWiREOLJDGDDHVFODUHFHUODLGHQWLGDGGHXQDSHUVRQDIUHQWHD
OD FRQWURYHUVLD TXH SRGUtD SUHVHQWDUVH GXUDQWH OD HMHFXFLyQ GH ORV PDQGDPLHQWRV GH
DSUHKHQVLyQGHWHQFLyQSUHYHQWLYDRFRQGHQD




 &DXVDOHV GH SURFHGHQFLD GH OD DFFLyQ GH OLEHUWDG


'HPRUD HQ OD GHWHUPLQDFLyQ GH OD VLWXDFLyQ MXUtGLFD GHO LPSXWDGR
YLQFXODGDDODOLEHUWDGItVLFD
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&33URFHGHODDFFLyQGHOLEHUWDGFXDQGRH[LVWHGHPRUD
DWULEXLEOH DO *REHUQDGRU GH XQ &HQWUR 3HQLWHQFLDULR  HQ KDFHU
HIHFWLYRXQPDQGDPLHQWRGHOLEHUWDG

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH OLEHUWDG HO DFFLRQDQWH VRVWXYR TXH SHVH D KDEHUVH
OLEUDGRHQVXIDYRUPDQGDPLHQWRGHOLEHUWDG\KDELHQGRSUHVHQWDGRHO
PLVPR HQ ODV RILFLQDV GHO &HQWUR GH 5HKDELOLWDFLyQ GH 3DOPDVROD D
KRUDVGHOGHPDU]RGHODDXWRULGDGGHPDQGDGDEDMRHO
DUJXPHQWRGHTXHODVIXQFLRQHVGHO3HQDOVRQKDVWDKRUDVQROH
GLROLEHUWDGVLQRKDVWDHOGHOPLVPRPHV\DxRYXOQHUDQGRGHHVWD
PDQHUDVXGHUHFKRDODOLEHUWDGGHORFRPRFLyQSRUORTXHSHWLFLRQyVH
OHFRQFHGDODWXWHOD
FRQFRVWDVGDxRV\SHUMXLFLRVRUGHQDQGRVHFXPSOD
FRQHOUHIHULGRPDQGDPLHQWRUHVWLWX\HQGRVXGHUHFKRDODOLEHUWDGGH
PDQHUDLQPHGLDWD
(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHQUHYLVLyQ
FRQILUPyODUHVROXFLyQTXHFRQFHGLyODWXWHODFRQHODUJXPHQWRGHTXH
ODDXWRULGDGGHPDQGDGDDOQRKDEHUSXHVWRHQOLEHUWDGDODFFLRQDQWHHQ
ODIHFKDTXHVHSUHVHQWyHOPDQGDPLHQWRGHOLEHUWDGOHVLRQyGHPDQHUD
DUELWUDULD HO GHUHFKR D VX OLEHUWDG GH ORFRPRFLyQ \ GHVREHGHFLy XQD
RUGHQMXGLFLDO

([WUDFWRGHODUDWLRGHFLGHQGL
W


dW^:d



)-,,,
VLELHQODDXWRULGDGGHPDQGDGDDILQGHKDFHUYLDEOHHOPDQGDPLHQWRFXPSOLy
FRQODREOLJDFLyQGHYHULILFDU\GHUHDOL]DUWRGRVORVWUiPLWHVDGPLQLVWUDWLYRVLQWHUQRV
QRHVPHQRVHYLGHQWHTXHFRQH[FHVLYRFHORIXQFLRQDULR\DQWHODVXSXHVWDHYLGHQFLDGH
TXHHODKRUDUHSUHVHQWDGRWHQtDRWURSURFHVRSHQDOSRUHOSUHVXQWRGHOLWRGHHVWDIDHO
GHPDU]RGHODxRHQFXUVRRILFLyDQWHHO7ULEXQDO6H[WRGH6HQWHQFLDHQOR3HQDOSDUD
FRPXQLFDUTXHHVWDEDSRQLHQGRHQOLEHUWDGDOLPSXWDGRGHPRUDQGRH[FHVRHMHFXWDUHO
PDQGDPLHQWR GH OLEHUWDG GLVSXHVWR SRU OD -XH]D FDXWHODU YXOQHUDQGR HO GHUHFKR D OD
OLEHUWDGGHORFRPRFLyQGHOLPSXWDGR



ODDXWRULGDGGHPDQGDGDGHVSXpVGHKDEHUHYLGHQFLDGRODH[LVWHQFLDGHXQVXSXHVWR
KHFKRGHHVWDIDFRQWUDHOLPSXWDGRGHELyGLVSRQHUVXLQPHGLDWDOLEHUWDGWRGDYH]TXH
QRFRQWDEDFRQXQQXHYRPDQGDPLHQWRGHGHWHQFLyQSDUDLPSHGLUHVHGHUHFKR(OKHFKR
GHHQFRQWUDUDQWHFHGHQWHVHQVXFRQWUDQRFRQVWLWX\HXQPRWLYRYiOLGRSDUDQRHMHFXWDU
HO PDQGDPLHQWR GH OLEHUWDG H[SHGLGR HQ VX IDYRU SXHV HQ WDOHV FDVRV OD DXWRULGDG
FRUUHVSRQGLHQWH~QLFDPHQWHSXHGHUHPLWLUREUDGRVDQWHHOMXH]RHOILVFDOSDUDORVILQHV
FRQVLJXLHQWHVDXWRULGDGHVOODPDGDVSRUOH\SDUDUHDOL]DUORVDFWRVTXHFRUUHVSRQGDQDO
FDVR SRU OR TXH GLFKD YHULILFDFLyQ GHEH VHU RSRUWXQD SDUD QR LQFXUULU HQ GHPRUD
LQMXVWLILFDGDTXHYXOQHUHHOGHUHFKRDODOLEHUWDGGHOHQFDXVDGR



HOGHPDQGDGRDOQRKDEHUSXHVWRHQOLEHUWDGDODKRUDUHSUHVHQWDGRGHVGHHOGHPDU]R
GHIHFKDHQODTXHVHSUHVHQWyHOPDQGDPLHQWRGHOLEHUWDGDOGHOPLVPRPHV\
DxRPRPHQWRHQHOTXHVHSUHVHQWyODSUHVHQWHDFFLyQOHVLRQyGHPDQHUDDUELWUDULDHO
GHUHFKRDVXOLEHUWDGGHORFRPRFLyQ\GHVREHGHFLyXQDRUGHQMXGLFLDOSXHVORVWUiPLWHV
DGPLQLVWUDWLYRV LQWHUQRV QR VRQ MXVWLILFDWLYRV YiOLGRV SDUD GHWHQHU D XQD SHUVRQD H
LQFXPSOLUODRUGHQGHOLEHUWDGSRUHOFRQWUDULRVHGHEHWRPDUHQFXHQWDTXHHOPLVPR
GHEHHMHFXWDUVHLQPHGLDWDPHQWHGHVSXpVGHKDEHUVHFRPSUREDGRTXHQRSHVDFRQWUDOD
SDUWHDFFLRQDQWHRWUDRUGHQGHGHWHQFLyQSRUPiVTXHVHHYLGHQFLHRWURVKHFKRVHQVX
FRQWUDORTXHEDMRHOSULQFLSLRGHSUHVXQFLyQGHLQRFHQFLDGDOXJDU~QLFDPHQWHDXQD
QXHYD LQYHVWLJDFLyQ HQ OD TXH OD SHUVRQD DIHFWDGD WLHQH GHUHFKRD GHIHQGHUVH DVt VH
WLHQH SUHYLVWR HQ OD MXULVSUXGHQFLD GHO DQWHULRU 7ULEXQDO &RQVWLWXFLRQDO HQ OD 6&
5DQWHVUHIHULGD



6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH OD DFFLyQ GH OLEHUWDG FXDQGR H[LVWH GHPRUD DWULEXLEOH DO
*REHUQDGRU GH XQ &HQWUR 3HQLWHQFLDULR  HQ KDFHU HIHFWLYR XQ
PDQGDPLHQWRGHOLEHUWDG

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/D6&5HVWDEOHFLyTXHFXDQGRHODUW/(36VHxDODTXHHOLQWHUQRVHUi
OLEHUDGRHQHOGtDVLQQHFHVLGDGGHWUiPLWHDOJXQRVHUHILHUHDTXHHOGHWHQLGRFRQOD
VRODSUHVHQWDFLyQGHOPDQGDPLHQWRVHUiGHMDGRHQOLEHUWDGHPSHURUHVXOWDLPSOtFLWRHO
GHEHU MXUtGLFR TXH UHFDH VREUH OD *REHUQDFLyQ GH OD &iUFHO GH WRPDU ODV GHELGDV
SUHYLVLRQHV SDUD HYLWDU TXH DOJXLHQ SXHGD VHU SXHVWR HQ OLEHUWDG WHQLHQGR RWURV
PDQGDPLHQWRV SHQGLHQWHV R TXH HO PDQGDPLHQWR GH OLEHUWDG SXHGD FRQWHQHU DOJXQD
IDOVHGDG PDWHULDO R LGHROyJLFD OR FXDO OH LPSHOH D WHQHU TXH YHULILFDU \ VROLFLWDU OD
LQIRUPDFLyQ SHUWLQHQWH \ UHYLVDU SUHYLDPHQWH ORV UHJLVWURV DQWHV GH GDU FXUVR DO
PDQGDPLHQWR
3RVWHULRUPHQWH HVWH FULWHULR MXULVSUXGHQFLDO IXH UHLWHUDGR HQ OD 6& 5 TXH
HVWDEOHFLyTXHORVGHWHQLGRVFRQODVRODSUHVHQWDFLyQGHOPDQGDPLHQWRGHOLEHUWDGGHEHQ
VHUGHMDGRVHQOLEHUWDGUHFRUGDQGRTXHUHVXOWDLPSOtFLWRHOGHEHUMXUtGLFRTXHUHFDHVREUH
OD*REHUQDFLyQGHOD&iUFHOGHWRPDUODVGHELGDVSUHYLVLRQHVSDUDHYLWDUTXHDOJXLHQ

W


dW^:d
SXHGD VHU SXHVWR HQ OLEHUWDG WHQLHQGR RWURV PDQGDPLHQWRV SHQGLHQWHV R TXH HO
PDQGDPLHQWRGHOLEHUWDGSXHGDFRQWHQHUDOJXQDIDOVHGDGPDWHULDORLGHROyJLFDORFXDO
OHLPSHOHDWHQHUTXHYHULILFDU\VROLFLWDUODLQIRUPDFLyQSHUWLQHQWH\UHYLVDUSUHYLDPHQWH
ORV UHJLVWURV DQWHV GH GDU FXUVR DO PDQGDPLHQWR 3RVWHULRUPHQWH HO 7ULEXQDO
&RQVWLWXFLRQDO D WUDYpV GH OD 6&  FRQILUPy GLFKD OtQHD MXULVSUXGHQFLDO
HQIDWL]DQGR VREUH HO GHEHU TXH WLHQHQ ORV HQFDUJDGRV GH ODV SULVLRQHV GH GLVSRQHU OD
OLEHUWDG LQPHGLDWD GHO GHWHQLGR IUHQWH D XQ PDQGDPLHQWR GH OLEHUWDG TXH HPDQD GH
DXWRULGDGFRPSHWHQWHVLQHPEDUJRSUHYLRDHOORGHPDQHUDLQPHGLDWD\VLQTXHHOOR
RULJLQH XQD GHPRUD LQGHELGD GHEHQ YHULILFDU VL H[LVWHQ R QR RWURV PDQGDPLHQWRV HQ
FRQWUDGHOLPSXWDGRDVtFRPRGHWHUPLQDUVLHOPDQGDPLHQWRGHOLEHUWDGSUHVHQWDGRHV
DXWpQWLFR
(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOPHGLDQWHOD6&UHDILUPyHOFULWHULR
MXULVSUXGHQFLDODQDOL]DGRHVWDEOHFLHQGRTXHODDXWRULGDGGHPDQGDGDGHVSXpVGHKDEHU
HYLGHQFLDGR OD H[LVWHQFLD GH XQ VXSXHVWR KHFKR GH HVWDID FRQWUD HO LPSXWDGR GHELy
GLVSRQHUVXLQPHGLDWDOLEHUWDGWRGDYH]TXHQRFRQWDEDFRQXQQXHYRPDQGDPLHQWRGH
GHWHQFLyQ SDUD LPSHGLU HVH GHUHFKR \D TXH HO KHFKRGH HQFRQWUDU DQWHFHGHQWHV HQ VX
FRQWUD QR FRQVWLWX\H XQ PRWLYR YiOLGR SDUD QR HMHFXWDU HO PDQGDPLHQWR GH OLEHUWDG
H[SHGLGR HQ VX IDYRU SXHV HQ WDOHV FDVRV OD DXWRULGDG FRUUHVSRQGLHQWH ~QLFDPHQWH
SXHGHUHPLWLUREUDGRVDQWHHOMXH]RHOILVFDOSDUDORVILQHVFRQVLJXLHQWHVDXWRULGDGHV
OODPDGDV SRU OH\ SDUD UHDOL]DU ORV DFWRV TXH FRUUHVSRQGDQ DO FDVR SRU OR TXH GLFKD
YHULILFDFLyQGHEHVHURSRUWXQDSDUDQRLQFXUULUHQGHPRUDLQMXVWLILFDGDTXHYXOQHUHHO
GHUHFKRDODOLEHUWDGGHOHQFDXVDGR


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

6&5
)-,,,&DEHDFODUDULJXDOPHQWHTXHHODUW/(36FXDQGRVHxDOD
TXHHOLQWHUQRVHUiOLEHUDGRHQHOGtDVLQQHFHVLGDGGHWUiPLWHDOJXQRVH
UHILHUHDTXHHOGHWHQLGRFRQODVRODSUHVHQWDFLyQGHOPDQGDPLHQWRVHUi
GHMDGRHQOLEHUWDGHPSHURUHVXOWDLPSOtFLWRHOGHEHUMXUtGLFRTXHUHFDH
VREUHOD*REHUQDFLyQGHOD&iUFHOGHWRPDUODVGHELGDVSUHYLVLRQHVSDUD
HYLWDU TXH DOJXLHQ SXHGD VHU SXHVWR HQ OLEHUWDG WHQLHQGR RWURV
PDQGDPLHQWRV SHQGLHQWHV R TXH HO PDQGDPLHQWR GH OLEHUWDG SXHGD
FRQWHQHUDOJXQDIDOVHGDGPDWHULDORLGHROyJLFDORFXDOOHLPSHOHDWHQHU
TXHYHULILFDU\VROLFLWDUODLQIRUPDFLyQSHUWLQHQWH\UHYLVDUSUHYLDPHQWH
ORVUHJLVWURVDQWHVGHGDUFXUVRDOPDQGDPLHQWR



1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO


W


dW^:d


6&3/DDFFLyQGHOLEHUWDGGHSURQWRGHVSDFKRSURFHGH
FXDQGR HO MXH] FDXWHODU GHQWUR GHO WUiPLWH GH OD FHVDFLyQ GH OD
GHWHQFLyQ SUHYHQWLYD VXVSHQGH OD DXGLHQFLD GH PHGLGDV FDXWHODUHV
FRQHOMXVWLILFDWLYRGHIDOWDGHQRWLILFDFLyQDODVSDUWHVSURFHVDOHV

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH OLEHUWDG HO DFFLRQDQWH VHxDOD TXH OD DXWRULGDG
GHPDQGDGDQRGLRFXPSOLPLHQWRDOD5HVROXFLyQGHO7ULEXQDODGTXHP
TXHRUGHQyVHOOHYHDFDERODDXGLHQFLDGHPHGLGDVFDXWHODUHVHQHOSOD]R
GHVHWHQWD\GRVKRUDVGHUHFLELGRHOFXDGHUQRSURFHVDOYXOQHUDQGRGH
HVWD PDQHUDORVGHUHFKRV GH VXUHSUHVHQWDGR D OD OLEHUWDG \ DO GHELGR
SURFHVRSRUORTXHSHWLFLRQyVHFRQGHGDODWXWHOD\VHGLVSRQJDTXHOD
DXWRULGDG GHPDQGDGD UHVWDEOH]FD ORV GHUHFKRV FRQFXOFDGRV \
YXOQHUDGRVGHVXUHSUHVHQWDGR(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO
HQUHYLVLyQFRQILUPyODUHVROXFLyQTXHFRQFHGLyODWXWHODDOFRQVLGHUDU
TXH OD -XH]D UHFXUULGD VXVSHQGLy GH PDQHUD UHLWHUDGD OD DXGLHQFLD GH
PHGLGDVFDXWHODUHVFRQHODUJXPHQWRGHIDOWDGHQRWLILFDFLyQDODVSDUWHV
VLWXDFLyQTXHYXOQHUyORVGHUHFKRVLQYRFDGRVSRUHODFFLRQDQWH

([WUDFWRGHODUDWLRGHFLGHQGL

)- ,,,
(O UHSUHVHQWDQWH VLQ PDQGDWR D WUDYpV GH OD SUHVHQWH DFFLyQ GH OLEHUWDG
GHQXQFLy TXH VH YXOQHUy ORV GHUHFKRV GH VX UHSUHVHQWDGR D OD OLEHUWDG \ DO GHELGR
SURFHVRSRUFXDQWRKDELpQGRVHDSHODGRODPHGLGDFDXWHODUGHGHWHQFLyQSUHYHQWLYDOD
6DOD3HQDO3ULPHUDSRU5HVROXFLyQGHGHIHEUHURGHDQXOyHOIDOORYHQLGRHQ
DSHODFLyQGHGHHQHURGHOPLVPRDxRGLVSRQLHQGRTXHHO-XH]DGTXRHQHOWpUPLQR
GHVHWHQWD\GRVKRUDVGHUHFLELGRHOFXDGHUQRSURFHVDOHQGHYROXFLyQUHQXHYHHODFWR
OOHYDQGRDFDERODDXGLHQFLDGHDSOLFDFLyQGHPHGLGDVFDXWHODUHVOODPDQGRVHYHUDPHQWH
ODDWHQFLyQDODDXWRULGDGMXGLFLDOSRUKDEHUGLFWDGRXQ$XWRFRQWUDGLFWRULR



DOHJyTXHVLHQGRUHFLELGRHOFXDGHUQRSURFHVDOHOGHPDU]RGHHQHO-X]JDGR
DFDUJRGHODDXWRULGDGGHPDQGDGDpVWDD~QQRGLRFXPSOLPLHQWRDORRUGHQDGRSRUHO
7ULEXQDODGTXHPVLHQGRVXVSHQGLGDVODVDXGLHQFLDVGHPHGLGDVFDXWHODUHVVHxDODGDV
SRUIDOWDGHQRWLILFDFLyQGHODVSDUWHVYXOQHUDQGRGHHVWDIRUPDHOGHUHFKRDODOLEHUWDG
ItVLFDGH9LFWRU&DQD]D7DTXLFKLUL




 GH XQ FXLGDGRVR H[DPHQ VH HVWDEOHFH TXH OD -XH]D GHPDQGDGD XQD YH] TXH HO
FXDGHUQRSURFHVDOIXHUHFLELGRHOGHPDU]RGHGHFUHWyDXGLHQFLDGHPHGLGDV
FDXWHODUHVSDUDHOGHOPLVPRPHV\DxRODFXDOIXHVXVSHQGLGDSRUIDOWDGHQRWLILFDFLyQ
DODVSDUWHV



SRVWHULRUPHQWHSURJUDPyDXGLHQFLDVSDUDODFRQVLGHUDFLyQGHPHGLGDVFDXWHODUHVSDUD
HO\GHPDU]RGHODVFXDOHVWDPELpQIXHURQVXVSHQGLGDVSRUIDOWDGH
QRWLILFDFLyQDODVSDUWHVLQFOXVRVHILMyXQD~OWLPDSDUDHOGHOPLVPRPHV\DxRVLQ
KDEHUVHSUDFWLFDGRQRWLILFDFLyQDOJXQD



OD FHOHEUDFLyQGH OD DXGLHQFLDGH PHGLGDV FDXWHODUHV QR HUDGH FDUiFWHU YROXQWDULR
SDUDODDXWRULGDGMXGLFLDOGHPDQGDGDDOFRQWUDULRHUDHPHUJHQWHGHXQGHEHUHVWDEOHFLGR
SRU IDOOR GLFWDGR SRU HO 7ULEXQDO DG TXHP TXH DGTXLULy OD FDOLGDG GH FRVD MX]JDGD

W


dW^:d
DGHPiVGHXQGHEHUOHJDO DUWV\GHO&33 \VREUHWRGRGHXQGHEHUFRQVWLWXFLRQDO
DOLQFLGLUHQHOGHUHFKRDODOLEHUWDG DUW,\,,,GHOD&3( \HOSULQFLSLRSURFHVDOGH
FHOHULGDGTXHULJHDODMXULVGLFFLyQRUGLQDULD ,GHOD&3( \DUWGHOD&RQYHQFLyQ
$PHULFDQDVREUH'HUHFKRV+XPDQRVTXHUHVJXDUGDHOGHUHFKRDVHUMX]JDGRHQSOD]R
UD]RQDEOH



OD-XH]DGHPDQGDGDQRGLRFXPSOLPLHQWRDOD5HVROXFLyQGHGHIHEUHURGH
GLFWDGDSRUHO7ULEXQDODGTXHPTXHGLVSXVRTXHHQHOWpUPLQRGHVHWHQWD\GRVKRUDV
GH UHFLELGR HO FXDGHUQR SURFHVDO UHQXHYH HO DFWR OOHYDQGR D FDER OD DXGLHQFLD GH
DSOLFDFLyQGHPHGLGDVFDXWHODUHVFRQWUDULDPHQWHGHPRUyGLHFLVpLVGtDVHQ~QLFDPHQWH
VHxDODUDXGLHQFLDVFDXWHODUHVVLQTXHODVPLVPDVIXHUDQOOHYDGDVDFDERSRUIDOWDGH
QRWLILFDFLyQGHODVSDUWHVLQFXPSOLHQGRGHHVWDIRUPDODRUGHQGHO7ULEXQDODGTXHPSRU
QRHIHFWXDUHODFWRSURFHVDOHQHOSOD]RRUGHQDGRLQFXUULHQGRDVtHQGLODFLyQLQGHELGD
HQ FXDQWR D OD WUDPLWDFLyQ GH ODV PHGLGDV FDXWHODUHV FXDQGR OD DXWRULGDG MXGLFLDO
GHPDQGDGDFRQIRUPHVHYLRHQHO)XQGDPHQWR-XUtGLFR,,,WLHQHHOGHEHUGHWRPDUODV
PHGLGDVQHFHVDULDVSDUDLPSHGLUTXHHOKHFKRGLODWRULRGHVXVSHQGHUODUHDOL]DFLyQGHOD
DXGLHQFLDGHPHGLGDVFDXWHODUHVYXHOYDDUHLWHUDUVH



ODDXWRULGDGGHPDQGDGDQRSXHGHHVFXGDUVXDFWXDFLyQHQHOKHFKRGHQRFRQWDUFRQ
HOVHUYLFLRGHIRWRFRSLDGRUDQRUHVXOWDUDFLRQDOTXHPLHQWUDVQRVHVXEVDQHHOORQRVH
FHOHEUHODDXGLHQFLDGHPHGLGDVFDXWHODUHV\DTXHODVXVSHQVLyQGHHVWHDFWRVHGLRHQ
VHLV RSRUWXQLGDGHV VXSHUDQGR DEXQGDQWHPHQWH HO WpUPLQR GH ODV VHWHQWD \ GRV KRUDV
GLVSXHVWDVSRUOD6DOD3HQDOSULPHUDVLHQGRTXHORVMXHFHV\WULEXQDOHVHQFRQRFLPLHQWR
GHXQDFDXVDSHQDOWLHQHQODFRPSHWHQFLDSDUDHMHFXWDUVXVGHFLVLRQHVFRQIRUPHDODUW
GHO&33SHVHDHOORDGRSWyXQDSRVLFLyQSDVLYDFRQIRUPiQGRVHFRQVyORVHxDODU
DXGLHQFLDVGHPHGLGDVFDXWHODUHVDXQTXHGHPDQHUDUHLWHUDGDSHURVLQKDFHUHIHFWLYDOD
PLVPDDIHFWDQGRGHHVWDIRUPDHOGHVDUUROORGHXQGHELGRSURFHVRSHQDOUHSHUFXWLHQGR
HQXQDOHVLyQDOGHUHFKRDODOLEHUWDGGHODFFLRQDQWH


ODLQDFWLYLGDGOHVLRQyODWXWHODMXGLFLDOHIHFWLYDHQVXHOHPHQWRHIHFWLYL]DFLyQGHODV
UHVROXFLRQHVMXGLFLDOHVHQHOFDVRGLUHFWDPHQWHYLQFXODGRDODFHOHULGDG\HQGHILQLWLYD
DODOLEHUWDG



6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH OD DFFLyQ GH OLEHUWDG GH SURQWR GHVSDFKR SRU FXDQWR OD
DXWRULGDGDFFLRQDGDDOVXVSHQGHUODDXGLHQFLDGHPHGLGDVFDXWHODUHVFRQ
HO MXVWLILFDWLYR GH IDOWD GH QRWLILFDFLyQ D ODV SDUWHV SURFHVDOHV KD
YXOQHUDGRHOGHUHFKRDODOLEHUWDGGHODFFLRQDQWH

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/DOtQHDMXULVSUXGHQFLDOGHODDFFLyQGHOLEHUWDGWUDVODWLYDRGHSURQWRGHVSDFKRSXHGH
VHUOHtGDDSDUWLUGHODVVLJXLHQWHVVHQWHQFLDVKLWRTXHKDQLGRDPSOLDQGRORVVXSXHVWRV
HQ ORV TXH SURFHGH GLFKD DFFLyQ  $ SDUWLU GH OD FODVLILFDFLyQ GHO HQWRQFHV KiEHDV
FRUSXVTXHIXHUDGHVDUUROODGDSRUOD6&5OD6&KL]RUHIHUHQFLD
DOKiEHDVFRUSXVWUDVODWLYRRGHSURQWRGHVSDFKRVHxDODQGRTXHDWUDYpVGHOPLVPR
OR
TXH VH EXVFD HV DFHOHUDU ORV WUiPLWHV MXGLFLDOHV R DGPLQLVWUDWLYRV FXDQGR H[LVWHQ
GLODFLRQHVLQGHELGDVSDUDUHVROYHUODVLWXDFLyQMXUtGLFDGHODSHUVRQDTXHVHHQFXHQWUD
SULYDGDGHOLEHUWDG
/D6&5HVWDEOHFLyYDULRVVXSXHVWRVGHSURFHGHQFLD
TXHVHHQFXHQWUDQGHQWURGHOiPELWRGHSURWHFFLyQODDFFLyQGHOLEHUWDGWUDVODWLYDRGH
SURQWR GHVSDFKR
D  (Q OXJDU GH ILMDU GLUHFWDPHQWH OD IHFKD \ KRUD GH OD DXGLHQFLD \
QRWLILFDUDODVSDUWHVVHGLVSRQJDQWUDVODGRVSUHYLRVHLQQHFHVDULRVQRSUHYLVWRVSRUOH\
E 6HILMHODDXGLHQFLDHQXQDIHFKDDOHMDGDPiVDOOiGHORUD]RQDEOHRSUXGHQFLDO3OD]R
TXHSXHGHVHUHQXQOtPLWHGHWUHVRFLQFRGtDVPi[LPRGHSHQGLHQGRGHODSDUWLFXODULGDG

W


dW^:d


GHFDGDFDVRFXDQGRSRUHMHPSORH[LVWDQYDULDVSDUWHVLPSXWDGDVRYtFWLPDVP~OWLSOHV
TXHWHQJDQTXHVHUQRWLILFDGDVRSRUODGLVWDQFLDGRQGHVHGHEDHIHFWXDUXQGHWHUPLQDGR
DFWRSUHYLR\HVHQFLDOFRPRVXFHGHFRQDOJXQDVQRWLILFDFLRQHVRTXHHOMX]JDGRHVWp
GHWXUQRHWF&RQODH[FHSFLyQ~QLFD\H[FOXVLYDHQORVFDVRVTXHH[LVWDFRPSOHMLGDG
SRU OD QDWXUDOH]D SURSLD \ OD UHOHYDQFLD GHO SURFHVR FRPR ORV GHUHFKRV H LQWHUHVHV
FRPSURPHWLGRV\UHODFLRQDGRVDODSHWLFLyQVLWXDFLyQTXHGHEHUiVHUMXVWLILFDGD3iJLQD
GHSRUODDXWRULGDGMXGLFLDOFRPSHWHQWHDPRPHQWRGHVHxDODUODIHFKDGHDXGLHQFLD
WHQLHQGRHQFXHQWDODUD]RQDELOLGDGF 6HVXVSHQGHODDXGLHQFLDGHFRQVLGHUDFLyQSRU
FDXVDV R PRWLYRV TXH QR MXVWLILFDQ OD VXVSHQVLyQ QL VRQ FDXVDOHV GH QXOLGDG 6&3
 7DOHOFDVRGHODLQDVLVWHQFLDGHOUHSUHVHQWDQWHGHO0LQLVWHULR3~EOLFRRGHOD
YtFWLPD\RTXHUHOODQWHVLHVTXHKDQVLGRQRWLILFDGDVOHJDOPHQWH\QRFRPSDUHFHQDOD
DXGLHQFLD(QHOFDVRGHO0LQLVWHULR3~EOLFRDOHVWDUUHJLGRSRUHOSULQFLSLRGHXQLGDG
WLHQH ORV PHGLRV SDUD DVLVWLU D WUDYpV GH RWUR ILVFDO \ HQ FXDQWR DO TXHUHOODQWH DO VHU
FRDG\XYDQWH\HVWDUQRWLILFDGRVXSDUWLFLSDFLyQHVSRWHVWDWLYDHQGLFKRDFWR\SRUHQGH
VXLQDVLVWHQFLDQRYLQFXODDODDXWRULGDGMXULVGLFFLRQDODOHVWDUFXPSOLGDODIRUPDOLGDG
1R REVWDQWH HQ FDVR GH TXH OD VXVSHQVLyQ VH GHED D OD IDOWD GH QRWLILFDFLyQ R D OD
LQDVLVWHQFLD GHO SURSLR LPSXWDGR QR H[LVWH GLODFLyQ LQGHELGD QL DIHFWDFLyQ D GHUHFKR
DOJXQRHQFX\RFDVRGHEHUiILMDUVHQXHYDIHFKDGHDXGLHQFLDFRQIRUPHDODVGLUHFWULFHV
H[SXHVWDV
  /D 6& IXH FRPSOHPHQWDGD FRQ OD 6& 5 GH GH
DEULOTXHVRVWXYRTXHWDPELpQVHFRQVLGHUDDFWRGLODWRULRHQHOWUiPLWHGHODFHVDFLyQGH
OD GHWHQFLyQ SUHYHQWLYD FXDQGR
G  ,QWHUSXHVWR HO UHFXUVR GH DSHODFLyQ FRQWUD OD
UHVROXFLyQTXHUHFKD]DODVROLFLWXGGHFHVDFLyQGHGHWHQFLyQSUHYHQWLYDORVDQWHFHGHQWHV
GHODDSHODFLyQQRVRQUHPLWLGRVSRUHOMXH]DTXRGHQWURGHOSOD]ROHJDOGHYHLQWLFXDWUR
KRUDVHVWDEOHFLGRSRUHODUWGHO&33DQWHHOWULEXQDOGHDSHODFLyQRVHLPSULPDXQ
SURFHGLPLHQWRRH[LJHQFLDVDO PDUJHQGHODOH\
G  /D6&3GHGHDEULO
PRGXOy OD VHJXQGD VXEUHJOD VHxDODGD HQ OD 6& 5 DO HVWDEOHFHU TXH OD
FHVDFLyQGHODGHWHQFLyQSUHYHQWLYDGHEHVHUILMDGDHQHOSOD]RPi[LPRGHWUHVGtDV\
TXHWRGDVROLFLWXGGHFHVDFLyQGHEHVHUSURYLGHQFLDGDGHQWURGHODVYHLQWLFXDWURKRUDV
GHVXSUHVHQWDFLyQH %DMRHVWDOtQHDGHUD]RQDPLHQWRVHSURQXQFLDURQOD6&3
TXH LQWURGXMR HO SULQFLSLR pWLFRPRUDO D ODV FRQVWUXFFLRQHV MXULVSUXGHQFLDOHV TXH HO
FRQWUROGHFRQVWLWXFLRQDOLGDGUHDOL]yHQFXDQWRDODFHOHULGDGSURFHVDOSRUFX\DUD]yQHV
PRGXODGRUDHVWDEOHFLHQGRTXHODVDXWRULGDGHVMXGLFLDOHVHQYLUWXGDOSULQFLSLRpWLFR
PRUDOGHODPDTKLOOD QRVHDVIORMR WLHQHQHOGHEHUSURFHVDOGHGLULJLU\UHVROYHUVLQ
GLODFLRQHV LQGHELGDV ODV  VROLFLWXGHV GH FHVDFLyQ D GHWHQFLRQHV SUHYHQWLYD OD 6&3
 FRQVWLWXLGD HQ XQD VHQWHQFLD VLVWHPDWL]DGRUD UHFRJLy ORV  VXSXHVWRV GH
GLODFLRQHVLQMXVWLILFDGDVHQHOWUDWDPLHQWRGHVROLFLWXGHVYLQFXODGDVFRQODOLEHUWDGOD
6&3HQWHQGLyTXHODDFFLyQGHOLEHUWDGGHSURQWRGHVSDFKRSURFHGHFXDQGR
HOMXH]FDXWHODUGHQWURGHOWUiPLWHGHODFHVDFLyQGHODGHWHQFLyQSUHYHQWLYDVXVSHQGHOD
DXGLHQFLDGHPHGLGDVFDXWHODUHVFRQHOMXVWLILFDWLYRGHIDOWDGHQRWLILFDFLyQDODVSDUWHV
SURFHVDOHV'HPDQHUDHVSHFtILFDFRQUHODFLyQDOUHFXUVRGHDSHODFLyQLQFLGHQWDOOD
6&3VHxDOyTXH
FXDQGRHOUHFXUVRGHDSHODFLyQLQFLGHQWDOKXELHUHVLGR
SODQWHDGRRUDOPHQWHHQDXGLHQFLDRSRUHVFULWRFRQRVLQFRQWHVWDFLyQGHODVSDUWHVTXH
LQWHUYLQLHUHQ HQ HO SURFHVR GHEHUi VHU FRQFHGLGR HQ HO DFWR VL IXHUH HQ DXGLHQFLD \
UHPLWLGRLQH[FXVDEOHPHQWHHQHOSOD]RLPSURUURJDEOHGHYHLQWLFXDWURKRUDV\HOWULEXQDO
GH DSHODFLyQ GHEHQ UHVROYHU HQ VHWHQWD \ GRV KRUDV OR FRQWUDULR VLJQLILFDUtD GLODFLyQ
LQGHELGDTXHYXOQHUDHOGHUHFKRDODOLEHUWDG\HQVXFDVRDODYLGDHQHOHQWHQGLGRTXH
ODYDULDFLyQGHODVLWXDFLyQMXUtGLFDGHOLPSXWDGRGHSHQGHGHODSRQGHUDFLyQTXHHIHFWXp
HO WULEXQDO GH DSHODFLyQ GH ORV IXQGDPHQWRV GH OD PHGLGD FDXWHODU SDUD GLVSRQHU VX
UHYRFDWRULD R FRQILUPDFLyQ
  3RU VX SDUWH ODV 66&&33  \ 
HQWHQGLHURQTXHH[FHSFLRQDOPHQWHHVSRVLEOHSURORQJDUHOSOD]RGHUHPLVLyQGHOUHFXUVR
GHDSHODFLyQ\VXVDQWHFHGHQWHVKDVWDXQSOD]RDGLFLRQDOGHWUHVGtDVFXDQGRH[LVWDXQD
MXVWLILFDFLyQUD]RQDEOH\IXQGDGDVREUHODVUHFDUJDGDVODERUHVGHODDXWRULGDGMXGLFLDO
VXSOHQFLDVRSOXUDOLGDGGHLPSXWDGRV$VtOD6&3VHxDOy
FRQIRUPHDODUW
GHO&33XQDYH]LQWHUSXHVWRODVDFWXDFLRQHVSHUWLQHQWHVGHEHQVHUUHPLWLGDVDQWH
HODKRUD7ULEXQDOGHSDUWDPHQWDOGH-XVWLFLDHQHOWpUPLQRGHYHLQWLFXDWURKRUDVGHELHQGR
HOWULEXQDOGHDO]DGDUHVROYHUHOUHFXUVRVLQPiVWUiPLWH\HQDXGLHQFLDGHQWURGHORV

W


dW^:d
WUHVGtDVVLJXLHQWHVGHUHFLELGDVODVDFWXDFLRQHVVDOYRMXVWLILFDFLyQUD]RQDEOH\IXQGDGD
FRPRVHUODVUHFDUJDGDVODERUHVVXSOHQFLDVSOXUDOLGDGGHLPSXWDGRVHWFFDVRVHQORV
TXH OD MXULVSUXGHQFLD RWRUJy XQ SOD]R DGLFLRQDO TXH QR SXHGH H[FHGHU GH WUHV GtDV
SDVDGRHOFXDOHOWUiPLWHVHFRQYLHUWHHQGLODWRULR\YXOQHUDHOGHUHFKRDODOLEHUWDGGHO
DJUDYLDGR
'HDFXHUGRDODVVHQWHQFLDVVHxDODGDVODUHJODHVTXHODUHPLVLyQGHOUHFXUVR
GH DSHODFLyQ \ GH ORV DQWHFHGHQWHV VHD HIHFWXDGD HQ HO SOD]R GH YHLQWLFXDWUR KRUDV
SUHYLVWRHQHODUWGHO&33\VyORH[FHSFLRQDOPHQWH\HQVLWXDFLRQHVGHELGDPHQWH
DFUHGLWDGDVSRUHOMX]JDGRUHVSRVLEOHIOH[LELOL]DUGLFKRSOD]RDWUHVGtDVSDVDGRHOFXDO
ODRPLVLyQGHOMX]JDGRUVHFRQVWLWX\HHQXQDFWRGLODWRULRTXHSXHGHVHUGHQXQFLDGRD
WUDYpVGHODDFFLyQGHOLEHUWDGWUDVODWLYDRGHSURQWRGHVSDFKR/D6&3
VHxDOyTXHXQDYH]IRUPXODGRHOUHFXUVRGHDSHODFLyQGHPDQHUDHVFULWDHOPLVPRGHEH
VHU SURYLGHQFLDGR HQ HO SOD]R GH YHLQWLFXDWUR KRUDV SRU OD DXWRULGDG MXGLFLDO GH
FRQIRUPLGDG DO DUW  GHO &33 SURYLGHQFLD D SDUWLU GH OD FXDO VH FRPSXWDQ ODV
YHLQWLFXDWURKRUDVSUHYLVWDVHQHODUWGHO&33(QFXDQWRDORVUHFDXGRVGH/H\
ODMXULVSUXGHQFLDFRQWHQLGDHQOD6&3KDFLHQGRpQIDVLVHQHOSULQFLSLRGH
JUDWXLGDGGHODMXVWLFLDVHxDOyTXHODH[LJHQFLDGHSURYLVLyQGHUHFDXGRVGHOH\QRVH
FRQVWLWX\HHQXQPRWLYRMXVWLILFDGRSDUDGHPRUDUODUHPLVLyQGHORVDQWHFHGHQWHVGHO
UHFXUVRGHDSHODFLyQ\SRUHQGHHVLOHJDOHOFyPSXWRGHODVKRUDVSUHYLVWDVHQHODUW
GHO&33DSDUWLUTXHHOUHFXUUHQWHRWRUJDORVUHFDXGRVGHOH\&RQUHODFLyQDO
WUDVODGRGHOUHFXUVRGHDSHODFLyQDODRWUDSDUWHOD6&KDHVWDEOHFLGRTXHOD
QRUPDQRHVWDEOHFHTXHSUHYLRDVXUHPLVLyQDOVXSHULRUMHUiUTXLFRHOUHFXUVRGHEDVHU
FRUULGRHQWUDVODGRDODVSDUWHVSRUHQFRQWUDUVHGHSRUPHGLRHOELHQMXUtGLFRGHODOLEHUWD
HQWHQGLPLHQWR UHLWHUDGR HQ ODV 66&&  \  &RQIRUPH D HOOR QR
FRUUHVSRQGHHVSHUDUTXHODRWUDSDUWHFRQWHVWHHOUHFXUVRSDUDUHFLpQUHPLWLUHOUHFXUVR
GHDSHODFLyQSUHYLVWRHQHODUWGHO&33/DV66&&5\5\
5UHLWHUDGDVSRUODV66&&333\KDQHVWDEOHFLGRTXHHO
GHFUHWRGHUHPLVLyQ\ODSRVWHULRUDXGLHQFLDGHDSHODFLyQGHEHQVHUQRWLILFDGDVHQOD
IRUPDSUHYLVWDHQORVDUWV\GHO&33DOVHxDODUTXH
  HO&yGLJRSURFHVDO
SHQDOHVWDEOHFHWD[DWLYDPHQWHTXpSURYLGHQFLDVRUHVROXFLRQHVGHEHQVHUQRWLILFDGDVHQ
IRUPDSHUVRQDOHQWUHODVTXHQRVHHQFXHQWUDQODSURYLGHQFLDTXHRUGHQDODUHPLVLyQGH
ODDSHODFLyQDQWHHO7ULEXQDOVXSHULRUQLODSURYLGHQFLDSURQXQFLDGDSRUHO7ULEXQDOGH
DSHODFLyQ TXH DGPLWH HO UHFXUVR \ VHxDOD GtD \ KRUD GH DXGLHQFLD SDUD FRQVLGHUDU OD
DSHODFLyQ GH OD UHVROXFLyQ GH LPSRVLFLyQ GH PHGLGDV FDXWHODUHV FROLJLpQGRVH SRU OR
WDQWR TXH OD QRWLILFDFLyQ TXH VH SUDFWLTXH FRQ HVWDV SURYLGHQFLDV GHEHQ REVHUYDU OD
SUHYLVLyQGHORVDUWV\GHO&33 
(VWDVVXEUHJODVYLQFXODGDVDOUHFXUVRGH
DSHODFLyQ IXHURQ VLVWHPDWL]DGDV HQ OD 6&3  FRQIRUPH D ORV VLJXLHQWH
L 
,QWHUSXHVWR HO UHFXUVR GH DSHODFLyQ FRQWUD ODV UHVROXFLRQHV TXH UHVXHOYHQ PHGLGDV
FDXWHODUHVODVDFWXDFLRQHVSHUWLQHQWHVGHEHQVHUUHPLWLGDVHQ HOSOD]RGHYHLQWLFXDWUR
KRUDVSUHYLVWRHQHODUWGHO&33SOD]RTXHSRUUHJODJHQHUDOGHEHVHUFXPSOLGR
SRUODVDXWRULGDGHVMXGLFLDOHVLL 1RREVWDQWHORVHxDODGRSUHFHGHQWHPHQWHHVSRVLEOH
TXH HO SOD]R GH UHPLVLyQ GH ORV DQWHFHGHQWHV GHO UHFXUVR GH DSHODFLyQ GH PDQHUD
H[FHSFLRQDO\HQVLWXDFLRQHVHQTXHH[LVWDXQDMXVWLILFDFLyQUD]RQDEOH\IXQGDGDVREUH
ODVUHFDUJDGDVODERUHVGHODDXWRULGDGMXULVGLFFLRQDOSRUODVVXSOHQFLDVRODSOXUDOLGDG
GHLPSXWDGRVHVSRVLEOHIOH[LELOL]DUGLFKRSOD]RDWUHVGtDVSDVDGRHOFXDOODRPLVLyQ
GHOMX]JDGRUVHFRQVWLWX\HHQXQDFWRLLL &XDQGRHOUHFXUVRGHDSHODFLyQSUHYLVWRHQHO
DUW  GHO &33 VHD IRUPXODGR GH PDQHUD HVFULWD GHEH VHU SURYLGHQFLDGR SRU OD
DXWRULGDG MXGLFLDO HQ HO SOD]R Pi[LPR GH YHLQWLFXDWUR KRUDV GH FRQIRUPLGDG DO DUW
3iJLQDGHGHO&33SURYLGHQFLDDSDUWLUGHODFXDOVHFRPSXWDQODVYHLQWLFXDWUR
KRUDV SUHYLVWDV SDUD OD UHPLVLyQ GH ODV DFWXDFLRQHV SHUWLQHQWHV DQWH HO WULEXQDO GH
DSHODFLyQ LY  &XDQGR HO UHFXUVR GH DSHODFLyQ VHD IRUPXODGR GH PDQHUD RUDO
FRUUHVSRQGHTXHODDXWRULGDGMXGLFLDOGHFUHWHVXUHPLVLyQHQDXGLHQFLDSDUDTXHDSDUWLU
GHGLFKDSURYLGHQFLDVHFRPSXWHHOSOD]RGHYHLQWLFXDWURKRUDVSUHYLVWRHQHODUW
GHO&33DFODUiQGRVHTXHODIXQGDPHQWDFLyQMXUtGLFD\H[SUHVLyQGHDJUDYLRVGHEHVHU
HIHFWLYL]DGDHQODDXGLHQFLDGHDSHODFLyQY 1RFRUUHVSRQGHFRQGLFLRQDUODUHPLVLyQGH
DQWHFHGHQWHV GHO UHFXUVR GH DSHODFLyQ DO WULEXQDO VXSHULRU FRQ HO FXPSOLPLHQWR GH OD
SURYLVLyQ GH UHFDXGRV GH OH\ GLVSXHVWD SRU OD DXWRULGDG MXGLFLDO \ PHQRV SXHGH

W


dW^:d


FRPSXWDUVHHOSOD]RGHYHLQWLFXDWURKRUDVSUHYLVWRHQHODUWGHO&33DSDUWLUTXHHO
UHFXUUHQWHRWRUJDGLFKRVUHFDXGRVHQYLUWXGDORVSULQFLSLRVGHJUDWXLGDGSURDFWLRQH\
ORVGHUHFKRVGHLPSXJQDFLyQ\DFFHVRDODMXVWLFLDYL 1RFRUUHVSRQGHTXHHOGHFUHWRGH
UHPLVLyQ GH DQWHFHGHQWHV DO WULEXQDO GH DSHODFLyQ VHD QRWLILFDGR SHUVRQDOPHQWH \ HQ
FRQVHFXHQFLDGHEHUiQRWLILFDUVHHQXQDGHODVIRUPDVSUHYLVWDVHQORVDUWV\
GHO&33HQHOSOD]RSUHYLVWRHQHODUWGHOFLWDGR&yGLJR~QLFDPHQWHSDUDHIHFWRV
GHFRQRFLPLHQWRGHODVSDUWHVVLQTXHDSDUWLUGHGLFKDQRWLILFDFLyQVHFRPSXWHHOSOD]R
GHYHLQWLFXDWURKRUDVSUHYLVWRSRUHODUWGHO&33SXHVVHUHLWHUDHOFyPSXWRGHHVH
SOD]RVHLQLFLDGHVGHHOGHFUHWRGHUHPLVLyQGLFWDGRSRUHOMXH]\HQHVHVHQWLGRQRVH
GHEHFRQGLFLRQDUODUHPLVLyQGHOUHFXUVRGHDSHODFLyQDXQDHYHQWXDOFRQWHVWDFLyQGHOD
RWUDSDUWH&RQVHFXHQWHPHQWHODUHDILUPDHOHQWHQGLPLHQWRMXULVSUXGHQFLDO
H[SUHVDGRHQODVREUHIOH[LELOL]DFLyQGHOSOD]RGHUHPLVLyQGHDQWHFHGHQWHV
GHOUHFXUVRGHDSHODFLyQGHQWURGHOSOD]RGHYHLQWLFXDWURKRUDVFXDQGRH[LVWDQFDXVDV
MXVWLILFDEOHV


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,
6LELHQHVWD6HQWHQFLD&RQVWLWXFLRQDO 5 GHVDUUROOy
ODVVXEUHJODVUHIHUHQWHVDTXHGHEHFRQVLGHUDUVHXQDFWRGLODWRULRHQHO
WUiPLWHGHODFHVDFLyQGHODGHWHQFLyQSUHYHQWLYDSHURUD]RQDQGRTXH
QRH[LVWHGLODFLyQLQGHELGDFXDQGRVHVXVSHQGHODDXGLHQFLDGHPHGLGDV
FDXWHODUHV SRU IDOWD GH QRWLILFDFLyQ GHELHQGR ILMDUVH QXHYD IHFKD VLQ
HPEDUJR HVWH UD]RQDPLHQWR GHEH SUHFLVDUVH HQ HO VHQWLGR GH TXH OD
DXWRULGDGMXGLFLDOHQHOWUiPLWHGHODFHVDFLyQGHODGHWHQFLyQSUHYHQWLYD
QRGHEHSURORQJDUGHIRUPDLQGHILQLGDODVXVSHQVLyQGHDXGLHQFLDVGH
PHGLGDVFDXWHODUHVFRQHOVLPSOHMXVWLILFDWLYRGHSURFHGHUGHHVDIRUPD
SRUXQDIDOWDGHQRWLILFDFLyQDODVSDUWHVSURFHVDOHVRSRUXQDFDUHQFLD
GHPHGLRVWpFQLFRVTXHSXHGHQVHUVXSOLGRVSRURWURV



(VWDEOHFLpQGRVH TXH FXDQGR XQD DXWRULGDG MXGLFLDO GLVSRQJD OD


UHDOL]DFLyQGHXQDFWRSURFHVDOFRPRODUHDOL]DFLyQGHXQDDXGLHQFLDGH
PHGLGDV FDXWHODUHV QR VyOR GHEH GLVSRQHU OD PLVPD VLQR WDPELpQ
SURFXUDUSDUDTXHVHUHDOLFHHQXQWLHPSRSUXGHQFLDO\UD]RQDEOH\DTXH
SDUD HO FXPSOLPLHQWR GH ORV DFWRV TXH RUGHQH HQ HO HMHUFLFLR GH VXV
IXQFLRQHV SXHGH GLVSRQHU ODV PHGLGDV TXH VHDQ QHFHVDULDV WDQWR DO
SHUVRQDO TXH WHQJD EDMR VX GHSHQGHQFLD FRPR D ODV DXWRULGDGHV
DGPLQLVWUDWLYDVTXHFRUUHVSRQGDQ


,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

/D VHQWHQFLD TXH FRQWLHQH HO HVWiQGDU PiV DOWR HV OD 6&3 
FRPSOHPHQWDGD SRU OD  VREUH SURKLELFLyQ GH VXVSHQVLRQHV
LQMXVWLILFDGDVGHDXGLHQFLD



1~PHURGHUHVROXFLyQ6&3

W


dW^:d

)LFKD

7LSR-XULVSUXGHQFLD

-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   (Q YLUWXG DO SULQFLSLR GH JUDWXLGDG OD IDOWD GH
SURYLVLyQGHUHFDXGRVGHOH\QRSXHGHFRQVWLWXLUVHHQXQLPSHGLPHQWR
SDUD TXH OD DXWRULGDG MXULVGLFFLRQDO GLVSRQJD OD SURVHFXFLyQ GHO
SURFHVR FRQ PD\RU UD]yQ FXDQGR VH HQFXHQWUD GH SRU PHGLR HO
GHUHFKR D OD OLEHUWDG GHELHQGR HQ FRQVHFXHQFLD HQ HVWRV FDVRV
H[LJLUVHHOFXPSOLPLHQWRGHGLFKDVFDUJDVFRPRUHLQWHJURHVGHFLU
H[LJLU VX UHJXODUL]DFLyQ HQ WLHPSR SRVWHULRU D OD UHPLVLyQ GHO
H[SHGLHQWH SXHV GH OR FRQWUDULR VH SURYRFD GLODFLyQ SURFHVDO
DWULEXLEOHDODSURSLDDXWRULGDGMXULVGLFFLRQDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHOLEHUWDGORVDFFLRQDQWHVVHxDODQTXHGHQWURGHOSURFHVRSHQDOVHJXLGR
HQ VX FRQWUD SRU OD SUHVXQWD FRPLVLyQ GH ORV GHOLWRV GH HVWDID \ XVR GH LQVWUXPHQWR
IDOVLILFDGR OD -XH]D GHPDQGDGD ORV GHFODUy UHEHOGHV \ GLVSXVR OD HPLVLyQ GH
PDQGDPLHQWRV GH DSUHKHQVLyQ \ DUUDLJR VLQ DQWHV HPLWLU HO HGLFWR QR REVWDQWH TXH
SUHYLR D OD FHOHEUDFLyQ GH OD DXGLHQFLD HQ OD TXH VH DVXPLy GLFKD GHWHUPLQDFLyQ
VROLFLWDURQ VXVSHQVLyQ GH OD PLVPD EDMR HO DUJXPHQWR TXH VX DERJDGR WHQtD RWUD
DXGLHQFLD ILMDGD SDUD HVH GtD MXVWLILFDWLYR TXH QR IXH DWHQGLGR SRU OR TXH IXHURQ
DSUHKHQGLGRV GHWHUPLQiQGRVH HQ DXGLHQFLD VX GHWHQFLyQ SUHYHQWLYD GHWHUPLQDFLyQ
FRQWUDODTXHSUHVHQWDURQDSHODFLyQLQFLGHQWDO\TXHQRIXHUHPLWLGRDOVXSHULRUHQJUDGR
KDVWD OD IHFKD GH LQWHUSRVLFLyQ GH OD DFFLyQ GH OLEHUWDG 5HVSHFWR D OD )LVFDO
FRGHPDQGDGDDOHJDQTXHLQFXUULyHQSHUVHFXFLyQLOHJDOSRUHMHFXWDUHOPDQGDPLHQWR
HPLWLGRSRUODDXWRULGDGMXULVGLFFLRQDOIXHUDGHODVSHUPLVLRQHVOHJDOHVKDELpQGRVHGH
HVWDIRUPDYXOQHUDGRVXVGHUHFKRVDODOLEHUWDGItVLFDORFRPRFLyQ\GHELGRSURFHVRDVt
FRPRORVSULQFLSLRVGHVHJXULGDGMXUtGLFDGHOHJDOLGDG\GHSUHVXQFLyQGHLQRFHQFLD
SHWLFLRQDQGR HQ FRQVHFXHQFLD VH OHV FRQFHGD OD WXWHOD RUGHQiQGRVH VX LQPHGLDWD
OLEHUWDG(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOFRQILUPyOD5HVROXFLyQGHO7ULEXQDO
GH *DUDQWtDV \ FRQFHGLy HQ SDUWH OD WXWHOD LQYRFDGD GH DFXHUGR D ORV VLJXLHQWHV
DUJXPHQWRVFRQUHIHUHQFLDDODVDFWXDFLRQHVGHOD-XH]D&DXWHODUDFFLRQDGDVHxDOyTXH
DO KDEHU ORV LPSXWDGRV SUHVHQWDGR LQFLGHQWH GH DFWLYLGDG SURFHVDO GHIHFWXRVD PLVPR
TXH VH HQFXHQWUD SHQGLHQWH GH UHVROXFLyQ HO 7ULEXQDO &RQVWLWXFLRQDO QR SXHGH
SURQXQFLDUVHDOUHVSHFWRORTXHGHWHUPLQDODGHQHJDWRULDGHODDFFLyQGHOLEHUWDGSRU
VXEVLGLDULHGDGH[FHSFLRQDOHQHVWHSXQWRFRQUHODFLyQDOSURFHVDPLHQWRLOHJDODOHJDGR
SRUORVDFFLRQDQWHVHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOGHQHJyODWXWHODSRUFXDQWR
ORVDFFLRQDQWHVSRUHVWHDVSHFWRWDPELpQSUHVHQWDURQDSHODFLyQHQHIHFWRVXVSHQVLYRTXH
WDPELpQ VH HQFXHQWUD SHQGLHQWH GH UHVROXFLyQ )LQDOPHQWH HO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDOFRQUHODFLyQDODGLODFLyQGHOD-XH]D&DXWHODUHQHOHQYtRGHODDSHODFLyQ
LQFLGHQWDO SUHVHQWDGD SRU ORV DFFLRQDQWHV DOHJDQGR TXH ORV PLVPRV QR UHDOL]DURQ OD
SURYLVLyQ GH ORV UHFDXGRV GH OH\ FRQFHGLy OD WXWHOD HVWDEOHFLHQGR QHJOLJHQFLD \
DUELWUDULHGDGHQODDFWXDFLyQGHOD-XH]DDFFLRQDGD


W


dW^:d


([WUDFWRGHODUDWLRGHFLGHQGL


&RQUHODFLyQDOWHUFHUDVSHFWRGHPDQGDGRUHIHULGRDODGLODFLyQHQHOHQYtR
GHODDSHODFLyQLQFLGHQWDOSUHVHQWDGDSRUORVDFFLRQDQWHVDQWH1RWDULRGH)H3~EOLFDHO
GHDJRVWRGHUHPLWLGDDQWHOD-XH]DGHODFDXVDHOVLJXLHQWHODPLVPDTXH
UHFLpQ HQ OD PLVPD KDVWD GH SUHVHQWDFLyQ GH OD SUHVHQWH DFFLyQ  GH VHSWLHPEUH 
PHUHFLy UHVSXHVWD SRU SDUWH GH OD -XH]D GHPDQGDGD VLQ KDEHUVH FXPSOLGR FRQ VX
UHPLVLyQDQWHHO7ULEXQDOGHDO]DGDGHQWURGHOSOD]RTXHGLVSRQHGHPDQHUDLPSHUDWLYD
WDQWRHODUWGHO&33FRPRODMXULVSUXGHQFLDFRQVWLWXFLRQDO
'HPRUD TXH D FULWHULR GH OD FLWDGD DXWRULGDG VH GHELy D TXH ORV DFFLRQDQWHV
VXSXHVWDPHQWHKXELHUDQIDOWDGRDODYHUGDGDOHJDQGRTXHHQORV-X]JDGRV3ULPHUR \
6H[WRGH,QVWUXFFLyQHQOR3HQDOVHOHVKXELHUDUHFKD]DGRODUHFHSFLyQGHOPHPRULDOHQ
HOTXHVHLQWHUSXVRODDSHODFLyQSRUORTXHSUHWHQGLHQGRDFODUDUGLFKRH[WUHPRVROLFLWy
LQIRUPHVWDQWRDODV6HFUHWDULDVGHDPERV-X]JDGRVFRPRDO&RQVHMRGHOD0DJLVWUDWXUD
VREUHODYHUDFLGDGGHODVGHFODUDFLRQHVGHORVLPSXWDGRVFRQUHODFLyQDODSUHVHQWDFLyQ
GHOPHPRULDODVtFRPRVREUHODOHJLWLPLGDGGHVXUHFHSFLyQSRUSDUWHGHXQ1RWDULRGH
)H3~EOLFDKDFLHQGRGHSHQGHUVXRUGHQGHUHPLVLyQGHOUHFXUVRGHDO]DGDDODSUHYLD
UHFHSFLyQGHGLFKRVLQIRUPHV
$VSHFWRV TXH VHxDOD OD -XH]D HQ VX LQIRUPH QR LPSOLFDQ QHJDFLyQ GHO GHUHFKR D
LPSXJQDUGHOIDOORSRUTXHDGHPiVDVXGHFLUORVLPSXWDGRVQRSURYH\HURQORVUHFDXGRV
GHOH\SDUDHIHFWLYL]DUHOHQYLyGHDQWHFHGHQWHVSHVHDTXHHOPLVPR\DIXHRUGHQDGR
SRUVXSDUWH

&RQUHODFLyQDHVRVKHFKRVVHGHEHPDQLIHVWDUTXHHOSURFHVRSHQDOHQQXHVWURSDtVVH
HQFXHQWUD UHYHVWLGR GH YDULRV SULQFLSLRV HQWUH HOORV OD VXPDULHGDG LQIRUPDOLVPR \
RUDOLGDG ORV TXH VH HQFXHQWUDQ PDWHULDOL]DGRV D OR ODUJR GHO WH[WR GHO &yGLJR GH
3URFHGLPLHQWR3HQDO\GHPiVGLVSRVLFLRQHVTXHULJHQHQODPDWHULDORFXiOHVDGHPiV
GHULYDQGHODVQRUPDVFRQVWLWXFLRQDOHVLQPHUVDVWDQWRHQLQVWUXPHQWRVLQWHUQDFLRQDOHV
FRPRHQODSURSLD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR

3UHFLVDPHQWHSRUHVDVUD]RQHVVHKDQSUHYLVWRPHFDQLVPRVGHLPSXJQDFLyQVHQFLOORV
RSRUWXQRV \ HILFDFHV TXH QR SXHGHQ VHU GLVWRUVLRQDGRV SRU ORV DGPLQLVWUDGRUHV GH
MXVWLFLD GH QLQJXQD PDQHUD (V HQ HVH VHQWLGR TXH OD DSHODFLyQ LQFLGHQWDO FRQWUD ODV
UHVROXFLRQHVTXHLPSRQHQPRGLILTXHQRUHFKDFHQODVPHGLGDVFDXWHODUHVSRULPSHULR
GHODQRUPDMXUtGLFDSXHGHVHUSODQWHDGDLQFOXVLYHGHPDQHUDRUDOHQODPLVPDDXGLHQFLD
HQ OD TXH VH GLVSXVLHURQ VLQ UHTXHULU GH PD\RU IRUPDOLVPRV QL VLTXLHUD OD SURSLD
IXQGDPHQWDFLyQODFXDOGHEHUiVHUUHPLWLGDVLQPiVWUiPLWHDVSHFWRDFODUDGRSRUOD
MXULVSUXGHQFLD FRQVWLWXFLRQDO TXH VHxDOy TXH FXDQGR HO UHFXUVR GH DSHODFLyQ KD VLGR
LQWHUSXHVWR ORV DQWHFHGHQWHV GHEHQ VHU UHPLWLGRV HQ HO SOD]R GH YHLQWLFXDWUR KRUDV
HVWDEOHFLGRSRUHODUWGHO&33DQRVHUTXHKXELHUDXQDFDXVDOUD]RQDEOH\IXQGDGD
TXHLPSLGDGLFKRFXPSOLPLHQWRORFRQWUDULRLPSOLFDXQDGLODFLyQLQMXVWLILFDGDHLQFLGH
GLUHFWDPHQWHHQHOGHUHFKRDODOLEHUWDG\PiVD~QFXDQGRFRPRHQHOFDVRSUHVHQWH
ORV UHFXUUHQWHV VH HQFXHQWUDQ SULYDGRV GH OLEHUWDG OR TXH HQ GHILQLWLYD GD OXJDU D OD
LPSRVLFLyQGHUHVSRQVDELOLGDGHVGLVFLSOLQDULD\SHQDO

(O PRWLYR GH UHWUDVR GH OD DSHODFLyQ LQFLGHQWDO HVWXYR IXQGDGR HQ OD HVSHUD GH ORV
LQIRUPHVRUGHQDGRVSRUOD-XH]DGHODFDXVDSDUDTXHHQYLUWXGDORVFXDOHVVHUHPLWDQ
ORVDFWXDGRVSURFHVDOHVPRWLYRTXHQRMXVWLILFDGHQLQJXQDPDQHUDVXUHWUDVRSRUTXH
GHORHVWDEOHFLGRSRUODVQRUPDVFRQWHQLGDVHQHODUWGHO&33DOMXH]GHODFDXVD
VHOHOLPLWDVXDFFLRQDUHQODUHPLVLyQGHODVDFWXDFLRQHVDQWHOD&RUWH6XSHULRUPiVQR
WLHQH OD DWULEXFLyQ GH UHYLVDU ODV FRQGLFLRQHV GH DGPLVLELOLGDG GHO UHFXUVR SUHYLR DO
FXPSOLPLHQWRGHVXREOLJDFLyQGHHQYtRGHOUHFXUVRQRGHEHSHUGHUVHGHYLVWDTXHHO
GHUHFKRDODOLEHUWDGItVLFDHVGHFDUiFWHUSULPDULR\SRUHOORWLHQHXQSURSLRPHFDQLVPR
GH SURWHFFLyQ FRPR HV OD DFFLyQ GH OLEHUWDGGDGR TXH GLFKR GHUHFKR VyORSRGUi VHU
UHVWULQJLGR HQ ORV OtPLWHV \ HQ ODV IRUPDV VHxDODGRV SRU OH\ SDUD DVHJXUDU HO

W


dW^:d
GHVFXEULPLHQWRGHODYHUGDG\FXDOTXLHUGLODFLyQHQODDWHQFLyQDSHGLGRVYLQFXODGRV
FRQODOLEHUWDGUHSHUFXWHGLUHFWDPHQWHHQHOOD

/D IDOWDGHHQWUHJDGHUHFDXGRVGHOH\WDPSRFRHVXQDVSHFWRTXHLPSLGDDQLQJXQD
DXWRULGDGMXULVGLFFLRQDOHQPDWHULDSHQDODFXPSOLUFRQODUHPLVLyQGHDFWXDGRVKDELGD
FXHQWDTXHFRPRVHH[SOLFyHQHO)XQGDPHQWR-XUtGLFR,,,GHODSUHVHQWH6HQWHQFLD
&RQVWLWXFLRQDO VL ELHQ FRUUHVSRQGH D ORV LPSXWDGRV RWRUJDU ORV UHFDXGRV GH OH\ VLQ
HPEDUJRHVDH[LJHQFLDQRSXHGHVXSHUSRQHUVHDOILQPLVPRFRPRHVODUHVROXFLyQGH
ODDSHODFLyQLQWHUSXHVWDSRUWDQWRQRLPSOLFDyELFHSDUDGHPRUDUODUHPLVLyQDQWHHO
7ULEXQDOGHDO]DGD\PHQRVD~QSHUPLWHGHYROYHUDFWXDGRVSRUHVDUD]yQPiVD~QVL
WRPDPRVHQFXHQWDTXHHOSULQFLSLRGHJUDWXLGDGHVRWURGHORVSULQFLSLRVTXHLPSUHJQDQ
ODIXQFLyQGHLPSDUWLUMXVWLFLD
/DQHJOLJHQFLDGHOD-XH]DGHPDQGDGDQRVRODPHQWHVHOLPLWyHQODGHPRUDHQGHFUHWDU
ODUHPLVLyQGHDQWHFHGHQWHVDQWHHO7ULEXQDOGHDSHODFLyQSRUPiVGHWUHFHGtDVVLQR
WDPELpQDKDFHUODGHSHQGHUGHVSXpVGHWUDQVFXUULGRHVHWLHPSRDODSURYLVLyQGHORV
UHFDXGRVGHOH\ORTXHFRQVWLWX\HXQDIODJUDQWHYXOQHUDFLyQDORVGHUHFKRVGHQXQFLDGRV
FRPRYXOQHUDGRVSRUORVDFFLRQDQWHVTXLHQHVVHHQFXHQWUDQSULYDGRVGHVXOLEHUWDG
(QFRQVHFXHQFLDHVWH7ULEXQDOKDFRQVWDWDGRTXHHIHFWLYDPHQWHORVDFFLRQDQWHVIXHURQ
VRPHWLGRVDXQDGLODFLyQLQGHELGDSRUSDUWHGHOD-XH]D3ULPHUD GH,QVWUXFFLyQHQOR
3HQDOTXHDIHFWyVXGHUHFKRDODOLEHUWDGGDGRTXHDQWHODDSHODFLyQSUHVHQWDGDSRUVX
SDUWH FRUUHVSRQGtD UHPLWLU LQPHGLDWDPHQWH ORV DQWHFHGHQWHV DO 7ULEXQDO GH DO]DGD
GHQWURGHODVYHLQWLFXDWURKRUDVFRPRVHWLHQHH[SXHVWRSUHFHGHQWHPHQWHDOQRKDEHUOR
KHFKRLQFXUULy HQ YXOQHUDFLyQ DO GHUHFKR D OD OLEHUWDGSRURPLVLyQ FRUUHVSRQGLHQGR
RWRUJDUODWXWHODVROLFLWDGDFRQUHODFLyQDHOODDFODUDQGRTXHODH[FHVLYDFDUJDSURFHVDO
WDPSRFRHVMXVWLILFDWLYRSDUDGHPRUDUODDWHQFLyQSULRULWDULDGHFDVRVUHODWLYRVDOGHUHFKR
DODOLEHUWDG


6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGHHQSDUWHODDFFLyQGHOLEHUWDGFRQUHODFLyQDODGLODFLyQGHOD
-XH]D&DXWHODUHQHOHQYtRGHODDSHODFLyQLQFLGHQWDOSUHVHQWDGDSRUORV
DFFLRQDQWHVDOHJDQGRTXHORVPLVPRVQRUHDOL]DURQODSURYLVLyQGHORV
UHFDXGRV GH OH\ FRQFHGLy OD WXWHOD HVWDEOHFLHQGR QHJOLJHQFLD \
DUELWUDULHGDGHQODDFWXDFLyQGHOD-XH]DDFFLRQDGD

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/DOtQHDMXULVSUXGHQFLDOGHODDFFLyQGHOLEHUWDGWUDVODWLYDRGHSURQWRGHVSDFKRSXHGH
VHUOHtGDDSDUWLUGHODVVLJXLHQWHVVHQWHQFLDVKLWRTXHKDQLGRDPSOLDQGRORVVXSXHVWRV
HQ ORV TXH SURFHGH GLFKD DFFLyQ  $ SDUWLU GH OD FODVLILFDFLyQ GHO HQWRQFHV KiEHDV
FRUSXVTXHIXHUDGHVDUUROODGDSRUOD6&5OD6&KL]RUHIHUHQFLD
DOKiEHDVFRUSXVWUDVODWLYRRGHSURQWRGHVSDFKRVHxDODQGRTXHDWUDYpVGHOPLVPR
OR
TXH VH EXVFD HV DFHOHUDU ORV WUiPLWHV MXGLFLDOHV R DGPLQLVWUDWLYRV FXDQGR H[LVWHQ
GLODFLRQHVLQGHELGDVSDUDUHVROYHUODVLWXDFLyQMXUtGLFDGHODSHUVRQDTXHVHHQFXHQWUD
SULYDGDGHOLEHUWDG
/D6&5HVWDEOHFLyYDULRVVXSXHVWRVGHSURFHGHQFLD
TXHVHHQFXHQWUDQGHQWURGHOiPELWRGHSURWHFFLyQODDFFLyQGHOLEHUWDGWUDVODWLYDRGH
SURQWR GHVSDFKR
D  (Q OXJDU GH ILMDU GLUHFWDPHQWH OD IHFKD \ KRUD GH OD DXGLHQFLD \
QRWLILFDUDODVSDUWHVVHGLVSRQJDQWUDVODGRVSUHYLRVHLQQHFHVDULRVQRSUHYLVWRVSRUOH\
E 6HILMHODDXGLHQFLDHQXQDIHFKDDOHMDGDPiVDOOiGHORUD]RQDEOHRSUXGHQFLDO3OD]R
TXHSXHGHVHUHQXQOtPLWHGHWUHVRFLQFRGtDVPi[LPRGHSHQGLHQGRGHODSDUWLFXODULGDG
GHFDGDFDVRFXDQGRSRUHMHPSORH[LVWDQYDULDVSDUWHVLPSXWDGDVRYtFWLPDVP~OWLSOHV
TXHWHQJDQTXHVHUQRWLILFDGDVRSRUODGLVWDQFLDGRQGHVHGHEDHIHFWXDUXQGHWHUPLQDGR
DFWRSUHYLR\HVHQFLDOFRPRVXFHGHFRQDOJXQDVQRWLILFDFLRQHVRTXHHOMX]JDGRHVWp
GHWXUQRHWF&RQODH[FHSFLyQ~QLFD\H[FOXVLYDHQORVFDVRVTXHH[LVWDFRPSOHMLGDG

W


dW^:d


SRU OD QDWXUDOH]D SURSLD \ OD UHOHYDQFLD GHO SURFHVR FRPR ORV GHUHFKRV H LQWHUHVHV
FRPSURPHWLGRV\UHODFLRQDGRVDODSHWLFLyQVLWXDFLyQTXHGHEHUiVHUMXVWLILFDGD3iJLQD
GHSRUODDXWRULGDGMXGLFLDOFRPSHWHQWHDPRPHQWRGHVHxDODUODIHFKDGHDXGLHQFLD
WHQLHQGRHQFXHQWDODUD]RQDELOLGDGF 6HVXVSHQGHODDXGLHQFLDGHFRQVLGHUDFLyQSRU
FDXVDV R PRWLYRV TXH QR MXVWLILFDQ OD VXVSHQVLyQ QL VRQ FDXVDOHV GH QXOLGDG 6&3
 7DOHOFDVRGHODLQDVLVWHQFLDGHOUHSUHVHQWDQWHGHO0LQLVWHULR3~EOLFRRGHOD
YtFWLPD\RTXHUHOODQWHVLHVTXHKDQVLGRQRWLILFDGDVOHJDOPHQWH\QRFRPSDUHFHQDOD
DXGLHQFLD(QHOFDVRGHO0LQLVWHULR3~EOLFRDOHVWDUUHJLGRSRUHOSULQFLSLRGHXQLGDG
WLHQH ORV PHGLRV SDUD DVLVWLU D WUDYpV GH RWUR ILVFDO \ HQ FXDQWR DO TXHUHOODQWH DO VHU
FRDG\XYDQWH\HVWDUQRWLILFDGRVXSDUWLFLSDFLyQHVSRWHVWDWLYDHQGLFKRDFWR\SRUHQGH
VXLQDVLVWHQFLDQRYLQFXODDODDXWRULGDGMXULVGLFFLRQDODOHVWDUFXPSOLGDODIRUPDOLGDG
1R REVWDQWH HQ FDVR GH TXH OD VXVSHQVLyQ VH GHED D OD IDOWD GH QRWLILFDFLyQ R D OD
LQDVLVWHQFLD GHO SURSLR LPSXWDGR QR H[LVWH GLODFLyQ LQGHELGD QL DIHFWDFLyQ D GHUHFKR
DOJXQRHQFX\RFDVRGHEHUiILMDUVHQXHYDIHFKDGHDXGLHQFLDFRQIRUPHDODVGLUHFWULFHV
H[SXHVWDV
  /D 6& IXH FRPSOHPHQWDGD FRQ OD 6& 5 GH GH
DEULOTXHVRVWXYRTXHWDPELpQVHFRQVLGHUDDFWRGLODWRULRHQHOWUiPLWHGHODFHVDFLyQGH
OD GHWHQFLyQ SUHYHQWLYD FXDQGR
G  ,QWHUSXHVWR HO UHFXUVR GH DSHODFLyQ FRQWUD OD
UHVROXFLyQTXHUHFKD]DODVROLFLWXGGHFHVDFLyQGHGHWHQFLyQSUHYHQWLYDORVDQWHFHGHQWHV
GHODDSHODFLyQQRVRQUHPLWLGRVSRUHOMXH]DTXRGHQWURGHOSOD]ROHJDOGHYHLQWLFXDWUR
KRUDVHVWDEOHFLGRSRUHODUWGHO&33DQWHHOWULEXQDOGHDSHODFLyQRVHLPSULPDXQ
SURFHGLPLHQWRRH[LJHQFLDVDO PDUJHQGHODOH\
G  /D6&3GHGHDEULO
PRGXOy OD VHJXQGD VXEUHJOD VHxDODGD HQ OD 6& 5 DO HVWDEOHFHU TXH OD
FHVDFLyQGHODGHWHQFLyQSUHYHQWLYDGHEHVHUILMDGDHQHOSOD]RPi[LPRGHWUHVGtDV\
TXHWRGDVROLFLWXGGHFHVDFLyQGHEHVHUSURYLGHQFLDGDGHQWURGHODVYHLQWLFXDWURKRUDV
GHVXSUHVHQWDFLyQH %DMRHVWDOtQHDGHUD]RQDPLHQWRVHSURQXQFLDURQOD6&3
TXH LQWURGXMR HO SULQFLSLR pWLFRPRUDO D ODV FRQVWUXFFLRQHV MXULVSUXGHQFLDOHV TXH HO
FRQWUROGHFRQVWLWXFLRQDOLGDGUHDOL]yHQFXDQWRDODFHOHULGDGSURFHVDOSRUFX\DUD]yQHV
PRGXODGRUDHVWDEOHFLHQGRTXHODVDXWRULGDGHVMXGLFLDOHVHQYLUWXGDOSULQFLSLRpWLFR
PRUDOGHODPDTKLOOD QRVHDVIORMR WLHQHQHOGHEHUSURFHVDOGHGLULJLU\UHVROYHUVLQ
GLODFLRQHV LQGHELGDV ODV  VROLFLWXGHV GH FHVDFLyQ D GHWHQFLRQHV SUHYHQWLYD OD 6&3
 FRQVWLWXLGD HQ XQD VHQWHQFLD VLVWHPDWL]DGRUD UHFRJLy ORV  VXSXHVWRV GH
GLODFLRQHVLQMXVWLILFDGDVHQHOWUDWDPLHQWRGHVROLFLWXGHVYLQFXODGDVFRQODOLEHUWDGOD
6&3HQWHQGLyTXHODDFFLyQGHOLEHUWDGGHSURQWRGHVSDFKRSURFHGHFXDQGR
HOMXH]FDXWHODUGHQWURGHOWUiPLWHGHODFHVDFLyQGHODGHWHQFLyQSUHYHQWLYDVXVSHQGHOD
DXGLHQFLDGHPHGLGDVFDXWHODUHVFRQHOMXVWLILFDWLYRGHIDOWDGHQRWLILFDFLyQDODVSDUWHV
SURFHVDOHV'HPDQHUDHVSHFtILFDFRQUHODFLyQDOUHFXUVRGHDSHODFLyQLQFLGHQWDOOD
6&3VHxDOyTXH
FXDQGRHOUHFXUVRGHDSHODFLyQLQFLGHQWDOKXELHUHVLGR
SODQWHDGRRUDOPHQWHHQDXGLHQFLDRSRUHVFULWRFRQRVLQFRQWHVWDFLyQGHODVSDUWHVTXH
LQWHUYLQLHUHQ HQ HO SURFHVR GHEHUi VHU FRQFHGLGR HQ HO DFWR VL IXHUH HQ DXGLHQFLD \
UHPLWLGRLQH[FXVDEOHPHQWHHQHOSOD]RLPSURUURJDEOHGHYHLQWLFXDWURKRUDV\HOWULEXQDO
GH DSHODFLyQ GHEHQ UHVROYHU HQ VHWHQWD \ GRV KRUDV OR FRQWUDULR VLJQLILFDUtD GLODFLyQ
LQGHELGDTXHYXOQHUDHOGHUHFKRDODOLEHUWDG\HQVXFDVRDODYLGDHQHOHQWHQGLGRTXH
ODYDULDFLyQGHODVLWXDFLyQMXUtGLFDGHOLPSXWDGRGHSHQGHGHODSRQGHUDFLyQTXHHIHFWXp
HO WULEXQDO GH DSHODFLyQ GH ORV IXQGDPHQWRV GH OD PHGLGD FDXWHODU SDUD GLVSRQHU VX
UHYRFDWRULD R FRQILUPDFLyQ
  3RU VX SDUWH ODV 66&&33  \ 
HQWHQGLHURQTXHH[FHSFLRQDOPHQWHHVSRVLEOHSURORQJDUHOSOD]RGHUHPLVLyQGHOUHFXUVR
GHDSHODFLyQ\VXVDQWHFHGHQWHVKDVWDXQSOD]RDGLFLRQDOGHWUHVGtDVFXDQGRH[LVWDXQD
MXVWLILFDFLyQUD]RQDEOH\IXQGDGDVREUHODVUHFDUJDGDVODERUHVGHODDXWRULGDGMXGLFLDO
VXSOHQFLDVRSOXUDOLGDGGHLPSXWDGRV$VtOD6&3VHxDOy
FRQIRUPHDODUW
GHO&33XQDYH]LQWHUSXHVWRODVDFWXDFLRQHVSHUWLQHQWHVGHEHQVHUUHPLWLGDVDQWH
HODKRUD7ULEXQDOGHSDUWDPHQWDOGH-XVWLFLDHQHOWpUPLQRGHYHLQWLFXDWURKRUDVGHELHQGR
HOWULEXQDOGHDO]DGDUHVROYHUHOUHFXUVRVLQPiVWUiPLWH\HQDXGLHQFLDGHQWURGHORV
WUHVGtDVVLJXLHQWHVGHUHFLELGDVODVDFWXDFLRQHVVDOYRMXVWLILFDFLyQUD]RQDEOH\IXQGDGD
FRPRVHUODVUHFDUJDGDVODERUHVVXSOHQFLDVSOXUDOLGDGGHLPSXWDGRVHWFFDVRVHQORV
TXH OD MXULVSUXGHQFLD RWRUJy XQ SOD]R DGLFLRQDO TXH QR SXHGH H[FHGHU GH WUHV GtDV
SDVDGRHOFXDOHOWUiPLWHVHFRQYLHUWHHQGLODWRULR\YXOQHUDHOGHUHFKRDODOLEHUWDGGHO

W


dW^:d
DJUDYLDGR
'HDFXHUGRDODVVHQWHQFLDVVHxDODGDVODUHJODHVTXHODUHPLVLyQGHOUHFXUVR
GH DSHODFLyQ \ GH ORV DQWHFHGHQWHV VHD HIHFWXDGD HQ HO SOD]R GH YHLQWLFXDWUR KRUDV
SUHYLVWRHQHODUWGHO&33\VyORH[FHSFLRQDOPHQWH\HQVLWXDFLRQHVGHELGDPHQWH
DFUHGLWDGDVSRUHOMX]JDGRUHVSRVLEOHIOH[LELOL]DUGLFKRSOD]RDWUHVGtDVSDVDGRHOFXDO
ODRPLVLyQGHOMX]JDGRUVHFRQVWLWX\HHQXQDFWRGLODWRULRTXHSXHGHVHUGHQXQFLDGRD
WUDYpVGHODDFFLyQGHOLEHUWDGWUDVODWLYDRGHSURQWRGHVSDFKR/D6&3
VHxDOyTXHXQDYH]IRUPXODGRHOUHFXUVRGHDSHODFLyQGHPDQHUDHVFULWDHOPLVPRGHEH
VHU SURYLGHQFLDGR HQ HO SOD]R GH YHLQWLFXDWUR KRUDV SRU OD DXWRULGDG MXGLFLDO GH
FRQIRUPLGDG DO DUW  GHO &33 SURYLGHQFLD D SDUWLU GH OD FXDO VH FRPSXWDQ ODV
YHLQWLFXDWURKRUDVSUHYLVWDVHQHODUWGHO&33(QFXDQWRDORVUHFDXGRVGH/H\
ODMXULVSUXGHQFLDFRQWHQLGDHQOD6&3KDFLHQGRpQIDVLVHQHOSULQFLSLRGH
JUDWXLGDGGHODMXVWLFLDVHxDOyTXHODH[LJHQFLDGHSURYLVLyQGHUHFDXGRVGHOH\QRVH
FRQVWLWX\HHQXQPRWLYRMXVWLILFDGRSDUDGHPRUDUODUHPLVLyQGHORVDQWHFHGHQWHVGHO
UHFXUVRGHDSHODFLyQ\SRUHQGHHVLOHJDOHOFyPSXWRGHODVKRUDVSUHYLVWDVHQHODUW
GHO&33DSDUWLUTXHHOUHFXUUHQWHRWRUJDORVUHFDXGRVGHOH\&RQUHODFLyQDO
WUDVODGRGHOUHFXUVRGHDSHODFLyQDODRWUDSDUWHOD6&KDHVWDEOHFLGRTXHOD
QRUPDQRHVWDEOHFHTXHSUHYLRDVXUHPLVLyQDOVXSHULRUMHUiUTXLFRHOUHFXUVRGHEDVHU
FRUULGRHQWUDVODGRDODVSDUWHVSRUHQFRQWUDUVHGHSRUPHGLRHOELHQMXUtGLFRGHODOLEHUWD
HQWHQGLPLHQWR UHLWHUDGR HQ ODV 66&&  \  &RQIRUPH D HOOR QR
FRUUHVSRQGHHVSHUDUTXHODRWUDSDUWHFRQWHVWHHOUHFXUVRSDUDUHFLpQUHPLWLUHOUHFXUVR
GHDSHODFLyQSUHYLVWRHQHODUWGHO&33/DV66&&5\5\
5UHLWHUDGDVSRUODV66&&333\KDQHVWDEOHFLGRTXHHO
GHFUHWRGHUHPLVLyQ\ODSRVWHULRUDXGLHQFLDGHDSHODFLyQGHEHQVHUQRWLILFDGDVHQOD
IRUPDSUHYLVWDHQORVDUWV\GHO&33DOVHxDODUTXH
  HO&yGLJRSURFHVDO
SHQDOHVWDEOHFHWD[DWLYDPHQWHTXpSURYLGHQFLDVRUHVROXFLRQHVGHEHQVHUQRWLILFDGDVHQ
IRUPDSHUVRQDOHQWUHODVTXHQRVHHQFXHQWUDQODSURYLGHQFLDTXHRUGHQDODUHPLVLyQGH
ODDSHODFLyQDQWHHO7ULEXQDOVXSHULRUQLODSURYLGHQFLDSURQXQFLDGDSRUHO7ULEXQDOGH
DSHODFLyQ TXH DGPLWH HO UHFXUVR \ VHxDOD GtD \ KRUD GH DXGLHQFLD SDUD FRQVLGHUDU OD
DSHODFLyQ GH OD UHVROXFLyQ GH LPSRVLFLyQ GH PHGLGDV FDXWHODUHV FROLJLpQGRVH SRU OR
WDQWR TXH OD QRWLILFDFLyQ TXH VH SUDFWLTXH FRQ HVWDV SURYLGHQFLDV GHEHQ REVHUYDU OD
SUHYLVLyQGHORVDUWV\GHO&33 
(VWDVVXEUHJODVYLQFXODGDVDOUHFXUVRGH
DSHODFLyQ IXHURQ VLVWHPDWL]DGDV HQ OD 6&3  FRQIRUPH D ORV VLJXLHQWH
L 
,QWHUSXHVWR HO UHFXUVR GH DSHODFLyQ FRQWUD ODV UHVROXFLRQHV TXH UHVXHOYHQ PHGLGDV
FDXWHODUHVODVDFWXDFLRQHVSHUWLQHQWHVGHEHQVHUUHPLWLGDVHQ HOSOD]RGHYHLQWLFXDWUR
KRUDVSUHYLVWRHQHODUWGHO&33SOD]RTXHSRUUHJODJHQHUDOGHEHVHUFXPSOLGR
SRUODVDXWRULGDGHVMXGLFLDOHVLL 1RREVWDQWHORVHxDODGRSUHFHGHQWHPHQWHHVSRVLEOH
TXH HO SOD]R GH UHPLVLyQ GH ORV DQWHFHGHQWHV GHO UHFXUVR GH DSHODFLyQ GH PDQHUD
H[FHSFLRQDO\HQVLWXDFLRQHVHQTXHH[LVWDXQDMXVWLILFDFLyQUD]RQDEOH\IXQGDGDVREUH
ODVUHFDUJDGDVODERUHVGHODDXWRULGDGMXULVGLFFLRQDOSRUODVVXSOHQFLDVRODSOXUDOLGDG
GHLPSXWDGRVHVSRVLEOHIOH[LELOL]DUGLFKRSOD]RDWUHVGtDVSDVDGRHOFXDOODRPLVLyQ
GHOMX]JDGRUVHFRQVWLWX\HHQXQDFWRLLL &XDQGRHOUHFXUVRGHDSHODFLyQSUHYLVWRHQHO
DUW  GHO &33 VHD IRUPXODGR GH PDQHUD HVFULWD GHEH VHU SURYLGHQFLDGR SRU OD
DXWRULGDG MXGLFLDO HQ HO SOD]R Pi[LPR GH YHLQWLFXDWUR KRUDV GH FRQIRUPLGDG DO DUW
3iJLQDGHGHO&33SURYLGHQFLDDSDUWLUGHODFXDOVHFRPSXWDQODVYHLQWLFXDWUR
KRUDV SUHYLVWDV SDUD OD UHPLVLyQ GH ODV DFWXDFLRQHV SHUWLQHQWHV DQWH HO WULEXQDO GH
DSHODFLyQ LY  &XDQGR HO UHFXUVR GH DSHODFLyQ VHD IRUPXODGR GH PDQHUD RUDO
FRUUHVSRQGHTXHODDXWRULGDGMXGLFLDOGHFUHWHVXUHPLVLyQHQDXGLHQFLDSDUDTXHDSDUWLU
GHGLFKDSURYLGHQFLDVHFRPSXWHHOSOD]RGHYHLQWLFXDWURKRUDVSUHYLVWRHQHODUW
GHO&33DFODUiQGRVHTXHODIXQGDPHQWDFLyQMXUtGLFD\H[SUHVLyQGHDJUDYLRVGHEHVHU
HIHFWLYL]DGDHQODDXGLHQFLDGHDSHODFLyQY 1RFRUUHVSRQGHFRQGLFLRQDUODUHPLVLyQGH
DQWHFHGHQWHV GHO UHFXUVR GH DSHODFLyQ DO WULEXQDO VXSHULRU FRQ HO FXPSOLPLHQWR GH OD
SURYLVLyQ GH UHFDXGRV GH OH\ GLVSXHVWD SRU OD DXWRULGDG MXGLFLDO \ PHQRV SXHGH
FRPSXWDUVHHOSOD]RGHYHLQWLFXDWURKRUDVSUHYLVWRHQHODUWGHO&33DSDUWLUTXHHO
UHFXUUHQWHRWRUJDGLFKRVUHFDXGRVHQYLUWXGDORVSULQFLSLRVGHJUDWXLGDGSURDFWLRQH\
ORVGHUHFKRVGHLPSXJQDFLyQ\DFFHVRDODMXVWLFLDYL 1RFRUUHVSRQGHTXHHOGHFUHWRGH
UHPLVLyQ GH DQWHFHGHQWHV DO WULEXQDO GH DSHODFLyQ VHD QRWLILFDGR SHUVRQDOPHQWH \ HQ

W


dW^:d


FRQVHFXHQFLDGHEHUiQRWLILFDUVHHQXQDGHODVIRUPDVSUHYLVWDVHQORVDUWV\
GHO&33HQHOSOD]RSUHYLVWRHQHODUWGHOFLWDGR&yGLJR~QLFDPHQWHSDUDHIHFWRV
GHFRQRFLPLHQWRGHODVSDUWHVVLQTXHDSDUWLUGHGLFKDQRWLILFDFLyQVHFRPSXWHHOSOD]R
GHYHLQWLFXDWURKRUDVSUHYLVWRSRUHODUWGHO&33SXHVVHUHLWHUDHOFyPSXWRGHHVH
SOD]RVHLQLFLDGHVGHHOGHFUHWRGHUHPLVLyQGLFWDGRSRUHOMXH]\HQHVHVHQWLGRQRVH
GHEHFRQGLFLRQDUODUHPLVLyQGHOUHFXUVRGHDSHODFLyQDXQDHYHQWXDOFRQWHVWDFLyQGHOD
RWUDSDUWH&RQVHFXHQWHPHQWHODUHDILUPDHOHQWHQGLPLHQWRMXULVSUXGHQFLDO
H[SUHVDGRHQODVREUHIOH[LELOL]DFLyQGHOSOD]RGHUHPLVLyQGHDQWHFHGHQWHV
GHOUHFXUVRGHDSHODFLyQGHQWURGHOSOD]RGHYHLQWLFXDWURKRUDVFXDQGRH[LVWDQFDXVDV
MXVWLILFDEOHV


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,, 5HFDXGRVGHOH\\HOSULQFLSLRGHJUDWXLGDGHQODDGPLQLVWUDFLyQGHMXVWLFLD
(O&yGLJRGH3URFHGLPLHQWR3HQDOQRSUHYpH[SOtFLWDPHQWHTXHGHEDQFXPSOLUVHFLHUWDV
IRUPDOLGDGHV SDUD HOHYDU OD DSHODFLyQ DO DG TXHP HQ HVH RUGHQ HQ XQ FDVR VLPLODU
LQWHUSUHWDQGR HO DUW  GHO &33 OD 6& 5 GH  GH IHEUHUR VRVWXYR OR
VLJXLHQWH
'H OD OHFWXUD GHO SUHFHSWR DQRWDGR VH HVWDEOHFH TXH VL HO -XH] WLHQH OD
REOLJDFLyQ GH UHPLWLU HO UHFXUVR GH DSHODFLyQ SODQWHDGR GHQWUR GHO WpUPLQR GH
YHLQWLFXDWURKRUDVVHHQWLHQGHTXHHODSHODQWHHQVXSURSLRLQWHUpVGHEHUiSURYHHUORV
UHFDXGRV FRUUHVSRQGLHQWHV KDVWD DQWHV GHO YHQFLPLHQWR GH GLFKR SOD]R HPSHUR OD
DXWRULGDGMXGLFLDOGHVXSDUWHQRSRGUiH[LJLUHQFXDQWRDGLFKRVUHFDXGRVPiVDOOiGH
ORTXHVHDHVWULFWDPHQWHQHFHVDULRSXHVWRTXHHQREVHUYDQFLDGHOSULQFLSLRSURDFWLRQH
QRSXHGHGLILFXOWDURHQWRUSHFHUODYLDELOLGDG\FHOHULGDGHQODWUDPLWDFLyQGHXQUHFXUVR
TXH\DIXHFRQFHGLGRWRPDQGRHQFXHQWDPX\HVSHFLDOPHQWHODVLWXDFLyQMXUtGLFDGHOD
LPSXWDGDTXHFRPRHQHOSUHVHQWHFDVRVHHQFXHQWUDSULYDGDGHVXOLEHUWDG
SRUORTXH
FRUUHVSRQGtD DO LPSXWDGR SURSRUFLRQDU ORV UHFDXGRVGH OH\ QHFHVDULRV SDUD UHPLWLU OD
DSHODFLyQ GH OD 5HVROXFLyQ TXH UHFKD]y OD VROLFLWXG GH FHVDFLyQ GH VX GHWHQFLyQ
SUHYHQWLYD \ OD DXWRULGDG MXULVGLFFLRQDO D FDUJR GHO SURFHVR WLHQH OD DWULEXFLyQ GH
H[LJLUORVQRREVWDQWHHOORHVXQDVSHFWRIRUPDOTXHQRSXHGHVXSHUSRQHUVHDOILQPLVPR
FRPRHVODUHVROXFLyQGHODDSHODFLyQLQWHUSXHVWDSRUWDQWRHQDTXHOORVFDVRVHQORVTXH
VHKXELHUHRPLWLGRGLFKRDVSHFWR\VLQHPEDUJRVHUHPLWzHOOHJDMRFRUUHVSRQGLHQWHDO
7ULEXQDOGHDO]DGDODIDOWDGHORVUHFDXGRVGHOH\QRSXHGHQVHUyELFHSDUDGLODWDUVX
WUDWDPLHQWR \ PHQRV SDUD GHYROYHU REUDGRV SRU HVH PRWLYR SRVWHUJDQGR VX
FRQVLGHUDFLyQ HQ HVWRV FDVRV FRUUHVSRQGHUi UHVROYHU HO UHFXUVR FRQ OD FHOHULGDG
QHFHVDULD FRQIRUPH D ORV SOD]RV HVWDEOHFLGRV HQ OD OH\ \ HQ OD MXULVSUXGHQFLD \
SRVWHULRUPHQWHSUHYLDQRWLILFDFLyQDODVSDUWHVHQHO-X]JDGRGHRULJHQGHEHUiH[LJLUVH
VXSUHVHQWDFLyQFRPRUHLQWHJUR

&DEHSUHFLVDUTXHFRQUHODFLyQDHVWHDVSHFWRHODUWGHOD/H\GHOUJDQR-XGLFLDO
/2- GLVSRQHTXHHQDWHQFLyQDOSULQFLSLRGHJUDWXLGDGTXHGDVXSULPLGR\HOLPLQDGR
WRGR SDJR SRU FRQFHSWR GH WLPEUHV IRUPXODULRV \ YDORUHV SDUD OD LQWHUSRVLFLyQ GH
FXDOHVTXLHUUHFXUVRMXGLFLDOHQWRGRWLSR\FODVHGHSURFHVRSDJRSRUFRPSUREDQWHVGH
FDMD GHO 7HVRUR -XGLFLDO \ FXDOTXLHU RWUR WLSR GH SDJR TXH VH JUDYH D ORV OLWLJDQWHV
GHWHUPLQDFLyQ QRUPDWLYD TXH GHEHUi VHU FXPSOLGD FRQIRUPH VHxDOD OD 'LVSRVLFLyQ
7UDQVLWRULD'pFLPD6HJXQGDGHODPLVPD/H\HQODTXHGHWHUPLQDTXHODVXSUHVLyQGH
YDORUHV \ DUDQFHOHV MXGLFLDOHV D IDYRU GH ORV OLWLJDQWHV VHUi GH DSOLFDFLyQ SURJUHVLYD
FRQIRUPHORGHWHUPLQHHO7ULEXQDO6XSUHPRGH-XVWLFLD

&RQFRUGDQWH FRQ OD QRUPDWLYD JORVDGD HQ HO SiUUDIR DQWHULRU HO DUW  GH OD /H\ GH
7UDQVLFLyQSDUDHO7ULEXQDO6XSUHPRGH-XVWLFLD7ULEXQDO$JURDPELHQWDO&RQVHMRGH
OD0DJLVWUDWXUD\7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO /H\GHGHGLFLHPEUHGH
 GLVSRQHTXHDSDUWLUGHOGHHQHURGHVHVXSULPH\HOLPLQDWRGRSDJRSRU
FRQFHSWRGHWLPEUHVHQWRGRWLSR\FODVHGHSURFHVR\DSDUWLUGHOGHHQHURGH
VHVXSULPH\HOLPLQDWRGRSDJRSRUFRQFHSWRGHIRUPXODULRVGHQRWLILFDFLyQ\SDSHOHWDV

W


dW^:d
GHDSHODFLyQ$JUHJDQGRDOILQDOTXHODVXSUHVLyQGHFXDOTXLHUIRUPXODULRRYDORUDGR
TXHJUDYHDORVOLWLJDQWHV\XVXDULRVVHUHJLUiDFRUGHDOD'LVSRVLFLyQ7UDQVLWRULD'pFLPD
6HJXQGDGHOD/H\GHOUJDQR-XGLFLDO

(OSULQFLSLRGHJUDWXLGDGVHHQFXHQWUDFRPSUHQGLGRHQHODUW,GHOD&3(GRQGH
GLVSRQHTXH
/DSRWHVWDGGHLPSDUWLUMXVWLFLDHPDQDGHOSXHEOREROLYLDQR\VHVXVWHQWD
HQ ORV SULQFLSLRV GH LQGHSHQGHQFLD LPSDUFLDOLGDG VHJXULGDG MXUtGLFD SXEOLFLGDG
SURELGDGFHOHULGDGJUDWXLGDGSOXUDOLVPRMXUtGLFRLQWHUFXOWXUDOLGDGHTXLGDGVHUYLFLR
DODVRFLHGDGSDUWLFLSDFLyQFLXGDGDQDDUPRQtDVRFLDO\UHVSHWRDORVGHUHFKRV



6REUHHVWHSULQFLSLRHOH[WLQWR7ULEXQDO&RQVWLWXFLRQDOHQOD6&
5 GH  GH PD\R FRPSUHQGLy TXH
FRQVLVWH HQ TXH ORV OLWLJDQWHV QR GHEHQ SDJDU
QLQJ~QHPROXPHQWRVXHOGRRUHWULEXFLyQDOJXQDDORVRSHUDGRUHVGHMXVWLFLDSRUTXHHV
HO(VWDGRHOTXHDOVHUHOHQFDUJDGRGHGLULPLUODVFRQWURYHUVLDVVHKDFHFDUJRGHWDO
UHWULEXFLyQVLQHPEDUJRHO(VWDGRQRHVWiREOLJDGRDFRUUHUFRQWRGRV\FDGDXQRGHORV
JDVWRVTXHGHULYDQGHODWUDPLWDFLyQGHXQSURFHVRGHPDQHUDTXHHOOLWLJDQWHGHEHFXEULU
OR TXH GHPDQGH OD FRPSUD GH WLPEUHV SDSHOHWDV R IRUPXODULRV YDORUDGRV ILDQ]DV GH
UHVXOWDVPXOWDVSRULQFXPSOLPLHQWRV\SRUWHVGHUHPLVLyQGHFXDGHUQRVSURFHVDOHVD
RWURDVLHQWRMXGLFLDOSRUHMHPSORGHXQDSURYLQFLDDODFDSLWDOGHGHSDUWDPHQWR\GHXQ
GLVWULWRDRWUR





(QWHQGLPLHQWRMXULVSUXGHQFLDOTXHIXHVXSHUDGRSRUORGLVSXHVWRHQODVQRUPDV
OHJDOHV FLWDGDV SUHFHGHQWHPHQWH GH GRQGH VH FROLJH TXH HO SULQFLSLR GH JUDWXLGDG
LQPHUVR WDQWR HQ OD &RQVWLWXFLyQ FRPR HQ ODV OH\HV GH GHVDUUROOR \ TXH LPSUHJQD OD
IXQFLyQ GH LPSDUWLU MXVWLFLD LQYROXFUD WDQWR D ODV UHWULEXFLRQHV GH ORV RSHUDGRUHV GH
MXVWLFLDFRPRDWRGRJUDYDPHQSRUFRQFHSWRGHWLPEUHVIRUPXODULRVYDORUHV\DUDQFHOHV
MXGLFLDOHVSDUDODLQWHUSRVLFLyQGHFXDOHVTXLHUUHFXUVRMXGLFLDOHQWRGRWLSR\FODVHGH
SURFHVR


(QYLUWXGDGLFKDFRPSUHQVLyQ\DORHVWLSXODGRSRUHODUWGHOD/H\D
SDUWLUGHOGHHQHURGHVHVXSULPLHURQWRGRVORVWLPEUHVMXGLFLDOHVSRUORWDQWR
QRHVH[LJLEOHVXFXPSOLPLHQWRGHVGHQLQJ~QSXQWRGHYLVWDQRREVWDQWHHOORHOSDJR
SRUFRQFHSWRGHIRUPXODULRVGHQRWLILFDFLyQ\SDSHOHWDVGHDSHODFLyQD~QSHUVLVWHKDVWD
HOGHHQHURGHORTXHKDFHSUHVXSRQHUTXHVXSUHVHQWDFLyQHVH[LJLEOHSRUSDUWH
GHOyUJDQRMXGLFLDOKDVWDHVDIHFKDVLQHPEDUJRHOORQRVLJQLILFDTXHHQFLHUWRVFDVRV
OD IDOWD GH SURYLVLyQ GH FpGXODV SDSHOHWDV YDORUDGDV GH DSHODFLyQ IRUPXODULRV GH
QRWLILFDFLyQ KRMDV ERQG \ RWURV VLJQLILTXH XQ LPSHGLPHQWR SDUD TXH OD DXWRULGDG
MXULVGLFFLRQDOSXHGDGLVSRQHUODSURVHFXFLyQGHOSURFHVRFRQFDUJRDUHLQWHJURSRUTXH
ORFRQWUDULRLPSOLFDUtDTXHHOODPLVPDSURYRTXHODGLODFLyQSURFHVDODOHVSHUDUTXHHO
REOLJDGRVHDSHUVRQHDOMX]JDGRSDUDFXPSOLUFRQODFDUJDGHVXPLQLVWUDUGLFKRVYDORUHV
\PHQRVGHYROYHUREUDGRVFXDQGRODFDXVD\DVHUDGLFyDQWHHO7ULEXQDOGHDSHODFLyQ
GLODWDQGRLQQHFHVDULDPHQWHODFRQVLGHUDFLyQGHODLPSXJQDFLyQSODQWHDGD\FRQPD\RU
UD]yQFXDQGRVHHQFXHQWUDGHSRUPHGLRHOGHUHFKRDODOLEHUWDGGHORVDSHODQWHVFDVRV
HQ ORV FXDOHV VH H[LJLUi HO FXPSOLPLHQWR GH GLFKDV FDUJDV FRPR UHLQWHJUR HV GHFLU
H[LJLUVXUHJXODUL]DFLyQHQWLHPSRSRVWHULRUDODUHPLVLyQGHOH[SHGLHQWH


,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

(QORTXHVHUHILHUHDODH[LJHQFLDGHUHFDXGRVGHOH\SDUDWUDPLWDUHO
UHFXUVR GH DSHODFLyQ OD VHQWHQFLD FRQ HVWiQGDU PiV DOWR HV OD 6&3




W


dW^:d


 &DXVDOHV GH SURFHGHQFLD GH OD DFFLyQ GH OLEHUWDG
3HUVHFXFLyQLOHJDO
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&31RFRQVWLWX\HSHUVHFXFLyQLOHJDOFXDQGRVHGHMyVLQ
HIHFWRHOPDQGDPLHQWRGHDSUHKHQVLyQOLEUDGRHQFRQWUDGHOLPSXWDGR
GHFODUDGRUHEHOGH

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHOLEHUWDGHODFFLRQDQWHGHQXQFLDSHUVHFXFLyQLQGHELGD
\ SURFHVDPLHQWR LQGHELGR SRU FXDQWR  )XH GHFODUDGR UHEHOGH
HPLWLpQGRVH PDQGDPLHQWR GH DSUHKHQVLyQ VLQ KDEHUOH RWRUJDGR OD
RSRUWXQLGDGGHDGMXQWDUFHUWLILFDGRPpGLFR'HPDQHUDUHLWHUDGDVH
VXVSHQGLHURQODVDXGLHQFLDVGHMXLFLRRUDO\HO7ULEXQDOGH6HQWHQFLDQR
GLVSXVRHODEDQGRQRGHTXHUHOODHQFRQVHFXHQFLDVROLFLWDVHGLVSRQJD
HOFHVHGHOSURFHVDPLHQWRLQGHELGR\ODLOHJDOSHUVHFXFLyQ(O7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDODSUREyODUHVROXFLyQUHYLVDGDTXHGHQHJy
ODWXWHODSHURDQWHVVHSURQXQFLyVREUHHOGHVLVWLPLHQWRSUHVHQWDGRSRU
HODFFLRQDQWHGHVSXpVGHOVHxDODPLHQWRGHODDXGLHQFLDS~EOLFD

([WUDFWRGHODUDWLRGHFLGHQGL

)- ,,,
DO KDEHUVH GHMDGR VLQ HIHFWR HO PDQGDPLHQWR GH
DSUHKHQVLyQFRQWUDHODFXVDGRFRPRHPHUJHQFLDGHTXHpVWHSXUJyVX
UHEHOGtDMXVWLILFDQGRVXLQDVLVWHQFLDDODDXGLHQFLDGHMXLFLRRUDOFRQHO
FHUWLILFDGRPpGLFRIRUHQVHTXHDFUHGLWyFXDGURGtDVGHLPSHGLPHQWRHQ
UD]yQDVXVDOXG\TXHpVWHFRQWLQXDEDDVXPLHQGRGHIHQVDHQOLEHUWDGHQ
HO SURFHVR VHxDODGR QR H[LVWH QLQJ~Q DFWR TXH LPSOLTXH SHUVHFXFLyQ
LQGHELGD


6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJDODDFFLyQGHOLEHUWDGGHVFDUWDQGRODH[LVWHQFLDGHSHUVHFXFLyQ
LOHJDOSRUTXHVHGHMyVLQHIHFWRHOPDQGDPLHQWRGHDSUHKHQVLyQFRQWUD
DFFLRQDQWHFRPRHPHUJHQFLDGHTXHpVWHSXUJyVXUHEHOGtDMXVWLILFDQGR
W


dW^:d

VX LQDVLVWHQFLD D OD DXGLHQFLD GHMXLFLR RUDOFRQHO FHUWLILFDGR PpGLFR


IRUHQVH

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDOHQVXMXULVSUXGHQFLDKDHVWDEOHFLGRTXpGHEHHQWHQGHUVHSRU
SHUVHFXFLyQLQGHELGD\ORVSUHVXSXHVWRVTXHGHEHQFXPSOLUVHSDUDTXHXQDFRQGXFWDVH
DFRPRGHDHOOD

/D6&5GHGHPD\RVHxDOyTXHSHUVHFXFLyQLOHJDORLQGHELGDHVWRGD

DFFLyQGHXQIXQFLRQDULRS~EOLFRRDXWRULGDGMXGLFLDOTXHEXVFDSHUVLJXHXKRVWLJDD
XQDSHUVRQDVLQTXHH[LVWDPRWLYROHJDODOJXQR\XQDRUGHQH[SUHVDGHFDSWXUDHPLWLGD
SRUDXWRULGDGFRPSHWHQWHHQORVFDVRVHVWDEOHFLGRVSRUOH\RFXDQGRVHHPLWHXQDRUGHQ
GH GHWHQFLyQ FDSWXUD R DSUHKHQVLyQ DO PDUJHQ GH ORV FDVRV SUHYLVWRV SRU /H\ H
LQFXPSOLHQGR ODV IRUPDOLGDGHV \ UHTXLVLWRV HVWDEOHFLGRV SRU HOOD
 (QWHQGLPLHQWR
DVXPLGRWDPELpQHQODV66&&5\5HQWUHRWUDV

(QHVHPLVPRUD]RQDPLHQWRDWUDYpVGHOD6&5GHGHHQHURTXHDVX
YH] FLWy HO HQWHQGLPLHQWR DVXPLGR HQ OD 6& 5 GH  GH PD\R  JORVDGD
GHWHUPLQyTXHVHFRQVLGHUDSHUVHFXFLyQLOHJDORLQGHELGDFXDQGRVHGDQORVVLJXLHQWHV
SUHVXSXHVWRV
 ODE~VTXHGDXKRVWLJDPLHQWRDXQDSHUVRQDFRQHOILQGHSULYDUOHGHVX
OLEHUWDGVLQPRWLYROHJDORSRURUGHQGHXQDDXWRULGDGQRFRPSHWHQWH\ ODHPLVLyQGH
XQDRUGHQGHGHWHQFLyQFDSWXUDRDSUHKHQVLyQDOPDUJHQGHORSUHYLVWRSRUOH\



(QHVHRUGHQHO7ULEXQDO&RQVWLWXFLRQDO7UDQVLWRULROXHJRGHUHIOH[LRQDUVREUHODOtQHD
MXULVSUXGHQFLDO HVWDEOHFLGD VREUH HO WHPD GH OD SHUVHFXFLyQ LOHJDO GHVGH HO DxR 
DQDOL]y HO PLVPR D SDUWLU GH OD QXHYD FRQILJXUDFLyQ GRJPiWLFD HQ OD &RQVWLWXFLyQ
3ROtWLFDGHO(VWDGRGH

$Vt OD 6& 5 GH  GH PD\R UHLWHUDGD SRU OD 6& 5 GH  GH
QRYLHPEUHHQWHQGLyORVLJXLHQWH

(QHIHFWREDMRHOSULPHUFDXFHFRQILJXUDWLYRGHHVWHSUHVXSXHVWRGHDFWLYDFLyQGHOD
DFFLyQGHOLEHUWDGVHHVWDEOHFHTXHODSHUVHFXFLyQLOHJDORLQGHELGDGHEHVHUHQWHQGLGD
FRPRWRGDDFFLyQLOHJDOFRPHWLGDSRUXQIXQFLRQDULRS~EOLFRRXQSDUWLFXODUFRQGXFWD
TXHLPSOLFDXQDPDQLILHVWD\HYLGHQWHSHUVHFXFLyQDFRVRE~VTXHGDXKRVWLJDPLHQWR
VLQ TXH H[LVWD XQD MXVWD FDXVD IXQGDGD HQ GHUHFKR GHVWLQDGD D VXSULPLU UHVWULQJLU
SHUWXUEDU R OLPLWDU HO GHUHFKR D OD OLEHUWDG ItVLFD OD YLGD R DOJ~Q RWUR GHUHFKR
HVWULFWDPHQWH YLQFXODGR D pVWRV GRV ~OWLPRV DIHFWDFLRQHV TXH SRU VX QDWXUDOH]D
LQHTXtYRFDPHQWHGHEHQVHUWXWHODGDVDWUDYpVGHODDFFLyQGHOLEHUWDGDVSHFWRTXHDOD
OX]GHODWLSRORJtDGHODDFFLyQGHOLEHUWDG\DGHVDUUROODGDSRUOD6&5GH
GH DEULO VH HQPDUFD GHQWUR GH OR TXH HQ GRFWULQD VH FRQRFH FRPR +DEHDV &RUSXV
UHVWULQJLGR $VLPLVPR GHEH SUHFLVDUVH TXH HO VHJXQGR FDXFH FRQILJXUDWLYR GH OD
SHUVHFXFLyQLOHJDOWXWHODEOHDWUDYpVGHODDFFLyQGHOLEHUWDGHVWiFRQVWLWXLGRSRUWRGR
DFWRTXHPHUFHGDXQDRUGHQGHGHWHQFLyQFDSWXUDRDSUHKHQVLyQTXHQRFXPSODFRQ
ORVSUHVXSXHVWRVSURFHVDOHVHVWDEOHFLGRVSDUDVXOHJDOHPLVLyQHVWpGHVWLQDGDDVXSULPLU
UHVWULQJLUROLPLWDUHOGHUHFKRDODOLEHUWDGItVLFDRLQFOXVRDODYLGDVXSXHVWRVIiFWLFRV
TXH GHEHQ VHU SURWHJLGRV D WUDYpV GH D DFFLyQ GH OLEHUWDG EDMR OD ILJXUD FRQRFLGD HQ
GRFWULQDFRPR+DEHDV&RUSXVSUHYHQWLYR\GHVDUUROODGDSRUOD6&5GH
GHDEULOHQWUHRWUDV

'HRWURODGROD6&5GHGHIHEUHURHQXQFDVRHQHOTXHVHHYLGHQFLyTXH
HODFFLRQDQWHQRVHHQFRQWUDEDGHWHQLGRGHELGRDTXHODVDXWRULGDGHVGHPDQGDGDVQR
HPLWLHURQQLQJ~QPDQGDPLHQWRGHSULYDFLyQGHOLEHUWDGHQVXFRQWUDVHxDOyTXH
VH
HQWLHQGHTXHODSHUVHFXFLyQLQGHELGDGHEHYHUVHPDWHULDOL]DGDHQDFWRVRDFFLRQHVTXH
SHUPLWDQFRQFOXLUODH[LVWHQFLDGHXQDDPHQD]DDHVWHGHUHFKRHQFRQVHFXHQFLDVLQR
VH DGYLHUWH OD RUGHQR HPLVLyQGH QLQJ~Q PDQGDPLHQWR TXH GLVSRQJD ODSULYDFLyQGH

W


dW^:d


OLEHUWDG SHUVRQDO RGH ORFRPRFLyQ GHO DFWRUQR HV SRVLEOH DGPLWLU TXH pVWH HVWXYLHUD
LQGHELGD R LOHJDOPHQWH SHUVHJXLGR SRU FXDQWR HV LUUDFLRQDO VXSRQHU TXH SRGUtD
HMHFXWDUVHXQDGLVSRVLFLyQTXHQRH[LVWHQLH[LVWLyMDPiV\HQORVKHFKRVHODFFLRQDQWH
QXQFD SXGR QL SRGUi VHU REMHWR GH SHUVHFXFLyQ QL KRVWLJDPLHQWR
 ODV QHJULOODV VRQ
DxDGLGDV 

(QWHQGLPLHQWRTXHIXHUHLWHUDGRHQOD6&5GHGHMXQLRHQXQFDVRHQHO
TXHORVDFFLRQDQWHVDOPRPHQWRGHODSUHVHQWDFLyQGHODDFFLyQWXWHODUJR]DEDQGHVX
GHUHFKRDODOLEHUWDGLUUHVWULFWDSXHVQRH[LVWtDXQPDQGDPLHQWRGHDSUHKHQVLyQOLEUDGR
\RHMHFXWDGRHQVXFRQWUD-XULVSUXGHQFLDDVXPLGDWDPELpQHQOD6&5
GHPDU]R
(QOD6&3VHKDFHODGLVWLQFLyQHQWUHKiEHDVFRUSXVUHVWULQJLGR\KiEHDVFRUSXV
SUHYHQWLYRDVXPLGDHQOD6&5\UHLWHUDGDHQODV66&&5\6&
5  DPERV FRPSUHQGLGRV HQ OD GHILQLFLyQ GH SHUVHFXFLyQ LQGHELGD
HQWHQGLpQGRVHTXHODUDWLRGHFLGHQGLVHHQPDUFDHQHOVHJXQGRWLSRGHKiEHDVFRUSXVHV
GHFLU HO KiEHDV FRUSXV SUHYHQWLYR SXHV HO UHVWULQJLGR FRQWHPSOD OD SRVLELOLGDG GH
SHUVHFXFLyQLQGHELGDEDMRODIRUPDGHKRVWLJDPLHQWRRPROHVWLDVDOGHUHFKRDODOLEHUWDG
ItVLFDRSHUVRQDOVLQTXHQHFHVDULDPHQWHH[LVWDPDQGDPLHQWRGHDSUHKHQVLyQFRPROR
UHFRQRFLyOD6&


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO


VHHQWLHQGHTXHODSHUVHFXFLyQLQGHELGDGHEHYHUVHPDWHULDOL]DGDHQ
DFWRVRDFFLRQHVTXHSHUPLWDQFRQFOXLUODH[LVWHQFLDGHXQDDPHQD]DD
HVWHGHUHFKRHQFRQVHFXHQFLDVLQRVHDGYLHUWHODRUGHQRHPLVLyQGH
QLQJ~QPDQGDPLHQWRTXHGLVSRQJDODSULYDFLyQGHOLEHUWDGSHUVRQDOR
GH ORFRPRFLyQ GHO DFWRU QR HV SRVLEOH DGPLWLU TXH pVWH HVWXYLHUD
LQGHELGDRLOHJDOPHQWHSHUVHJXLGRSRUFXDQWRHVLUUDFLRQDOVXSRQHUTXH
SRGUtDHMHFXWDUVHXQDGLVSRVLFLyQTXHQRH[LVWHQLH[LVWLyMDPiV\HQORV
KHFKRVHODFFLRQDQWHQXQFDSXGRQLSRGUiVHUREMHWRGHSHUVHFXFLyQQL
KRVWLJDPLHQWR




 &DXVDOHV GH SURFHGHQFLD GH OD DFFLyQ GH OLEHUWDG
3URFHGHODDFFLyQD~QFXDQGRFHVDHODFWR
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
5HFRQGXFWRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO


W


dW^:d

6&3(QXQDLQWHUSUHWDFLyQH[WHQVLYDGHODUWGHOD
&RQVWLWXFLyQSURFHGHODDFFLyQGHOLEHUWDGGHQRPLQDGDLQQRYDWLYDD
SHVDU GH KDEHU FHVDGRHODFWROHVLYRDO GHUHFKR DOD OLEHUWDG \ SDUD
WRGRVVXVPRGDOLGDGHVFRPRODSHUVHFXFLyQLQGHELGDODFXDODOLJXDO
TXHODGHWHQFLyQSXHGHKDEHUFHVDGR

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHOLEHUWDGVHGHQXQFLyODYXOQHUDFLyQGHORVGHUHFKRVD
ODOLEHUWDGItVLFDDODGHIHQVD\DOGHELGRSURFHVRSRUORVLJXLHQWHL 
SRUTXHHOMXH]FDXWHDOUDOUHVROYHUODVLWXDFLyQMXUtGLFDGHOSURFHVDGRQR
FRQVLGHUy TXH OD DSUHKHQVLyQ IXH UHDOL]DGD IXHUD GH KRUDV KiELOHV HV
GHFLUDKRUDVLL 7DPSRFRVHFRQVLGHURTXHODVQRWLILFDFLRQHVTXH
UHDOL]y HO LQYHVWLJDGRU DVLJQDGR DO FDVR VH KLFLHURQ HQ GRPLFLOLR
SURFHVDO\QRGHIRUPDSHUVRQDOHQHOGRPLFLOLRUHDO\LLL SRUTXHHO
)LVFDORPLWLyFRQVLGHUDUTXHORVGHOLWRVWLSLILFDGRVHQORVDUWV\
GHO &3 VRQ VDQFLRQDGRV FRQ UHFOXVLyQ GH  D  DxRV \ SRU HQGH QR
SURFHGHODDSOLFDFLyQGHODUWGHO&33(QEDVHDHVWRVDQWHFHGHQWHV
VROLFLWy VH UHVWDEOH]FDQ ODV JDUDQWtDV YXOQHUDGDV \ VH GLVSRQJD VX
OLEHUWDG (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO UHYRFy HQ SDUWH OD
GHFLVLyQGHO-XH]GH*DUDQWtDV\FRQFHGLyODWXWHODSRUODRPLVLyQGH
FRQWUROGHOHJDOLGDGGHDSUHKHQVLyQVLQHPEDUJRHQYLUWXGDODILJXUD
GHODDFFLyQGHOLEHUWDGLQQRYDWLYDODFRQFHVLyQGHWXWHODIXHVRODPHQWH
SDUDHIHFWRVGHUHVSRQVDELOLGDGGHODDXWRULGDGMXULVGLFFLRQDO

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,

(Q HO HVFHQDULR IiFWLFR SODQWHDGR VH GHEH HQWRQFHV VHxDODU TXH OD GHWHQFLyQ GHO
UHSUHVHQWDGR SRU OD GHPDQGDQWH HV SURGXFWR GH XQD GHFLVLyQ MXGLFLDO GH LPSRQHU OD
PHGLGD FDXWHODU GH OD GHWHQFLyQ SUHYHQWLYD VLWXDFLyQ HQ HO IRQGR TXH QR KD VLGR
GHPDQGDGDSRUODDFFLRQDQWHDPRPHQWRGHLQWHUSRQHUODSUHVHQWHDFFLyQGHGHIHQVD
VLQHPEDUJRGHHOORHVQHFHVDULRWDPELpQLQGLFDUTXHVREUHpVWDGHWHUPLQDFLyQTXHOD
DFFLRQDQWHSDUDUHFODPDUODGHWHUPLQDFLyQMXGLFLDOSRGUtDKDEHUDFXGLGRDOUHFXUVRGH
DSHODFLyQLQFLGHQWDOFRPRDVtORVHxDOyODFLWDGD6&5GHOHQWRQFHV7ULEXQDO
&RQVWLWXFLRQDOTXHH[SUHVyDOUHVSHFWR
(O&yGLJRGHSURFHGLPLHQWRSHQDOGHQWURGHO
VLVWHPD GH UHFXUVRV TXH GLVSHQVD D ODV SDUWHV SUHYp HO GH DSHODFLyQ FRQWUD ODV
UHVROXFLRQHV TXH GLVSRQJDQ PRGLILTXHQ R UHFKDFHQ ODV PHGLGDV FDXWHODUHV TXH VH
PXHVWUDFRPRXQUHFXUVRVXPDULRSURQWR\HIHFWLYRGDGRTXHFRQIRUPHORHVWDEOHFHHO
DUWGHO&33XQDYH]LQWHUSXHVWRHVWHUHFXUVRODVDFWXDFLRQHVSHUWLQHQWHVGHEHQVHU
UHPLWLGDVDQWHOD&RUWH6XSHULRUGH-XVWLFLDHQHOWpUPLQRGHYHLQWLFXDWURKRUDVGHELHQGR
HOWULEXQDOGHDSHODFLyQUHVROYHUHOUHFXUVRVLQPiVWUiPLWH\HQDXGLHQFLDGHQWURGHORV
WUHVGtDVVLJXLHQWHVGHUHFLELGDVODVDFWXDFLRQHV

1RFDEHGXGDTXHHOUHFXUVRGHDSHODFLyQDOXGLGRGDGDVXFRQILJXUDFLyQSURFHVDOHVXQ
UHFXUVR LGyQHR H LQPHGLDWR GH GHIHQVD FRQWUD VXSXHVWDV OHVLRQHV \ UHVWULFFLRQHV DO
GHUHFKRDODOLEHUWDGGHORVLPSXWDGRVHQHOTXHHOWULEXQDOVXSHULRUWLHQHODRSRUWXQLGDG
GHFRUUHJLUHQVXFDVRORVHUURUHVGHOLQIHULRULQYRFDGRVHQHOUHFXUVR(VLGyQHRSRUTXH

W


dW^:d


HVHOUHFXUVRDGHFXDGRDSURSLDGRHVWDEOHFLGRH[SUHVDPHQWHHQODOH\SDUDLPSXJQDUODV
PHGLGDVFDXWHODUHVTXHYXOQHUHQHOGHUHFKRDODOLEHUWDGGHOLPSXWDGRHQRFDVLyQGHOD
DSOLFDFLyQ GH ODV PHGLGDV FDXWHODUHV (V LQPHGLDWR SRUTXH HO UHFXUVR HV UHVXHOWR VLQ
GHPRUDGDGRTXHODOH\HVWDEOHFHXQODSVREUHYtVLPRSDUDVXUHVROXFLyQ WUHVGtDV 

'H OR H[SUHVDGR VH FRQFOX\H TXH HO &yGLJR GH SURFHGLPLHQWR SHQDO KD SUHYLVWR XQ
UHFXUVRH[SHGLWRHQUHVJXDUGRGHOGHUHFKRDODOLEHUWDGGHOLPSXWDGR(QFRQVHFXHQFLD
HVHHVHOUHFXUVRTXHGHEHXWLOL]DUVHSDUDLPSXJQDUORVDFWRVGHOMXH]TXHVHFRQVLGHUHQ
OHVLYRVDOGHUHFKRDOXGLGR\QRDFXGLUGLUHFWDPHQWHRGHPDQHUDVLPXOWiQHDDODMXVWLFLD
FRQVWLWXFLRQDO D WUDYpV GHO UHFXUVRGH KiEHDV FRUSXV JDUDQWtD TXH SRGUi VHUXWLOL]DGD
VyORFXDQGRHOWULEXQDOVXSHULRUHQJUDGRQRKD\DUHSDUDGRODVOHVLRQHVGHQXQFLDGDV


3RUHOORODSUHWHQVLyQGHODDFFLRQDQWHGHTXHVHGLVSRQJDODOLEHUWDGGHVXUHSUHVHQWDGR
QR HV YLDEOH SXHV pVWH QR VH HQFXHQWUD SULYDGR GH OLEHUWDG SRU ORV DFWRV LOHJDOHV
GHQXQFLDGRV \ DGHPiV pVWH GHELy KDEHU UHFXUULGR DO UHFXUVR GH DSHODFLyQ LQFLGHQWDO
FRQVLGHUDGRFRPRLGyQHRDHIHFWRVGHGHWHUPLQDUODVXEVLGLDULHGDGH[FHSFLRQDOGHOD
DFFLyQGHOLEHUWDG

(QUHODFLyQDORVRWURVDFWRVGHQXQFLDGRVHVGHFLUODDXVHQFLDGHFRQWUROGHOHJDOLGDG
SRUSDUWHGHO-XH]FDXWHODUL 4XHHOLQYHVWLJDGRUSURFHGLyDODDSUHKHQVLyQIXHUDGH
KRUDVKiELOHVHVGHFLUDKRUDVLL 4XHODVQRWLILFDFLRQHVTXHUHDOL]yHO,QYHVWLJDGRU
DVLJQDGR DO FDVR VH HIHFWXDURQ HQ GRPLFLOLR SURFHVDO \ QR GH IRUPD SHUVRQDO HQ HO
GRPLFLOLRUHDOFRPRPDQGDODQRUPDSHQDO\LLL (O)LVFDORPLWLyFRQVLGHUDUTXHORV
GHOLWRVWLSLILFDGRVHQORVDUWV\GHO&3VRQVDQFLRQDGRVFRQUHFOXVLyQGHD
DxRV\SRUHQGHQRSURFHGHODDSUHKHQVLyQSUHYLVWDHQHODUWGHO&33(QHOFDVRGH
DXWRVHO-XH]FDXWHODURPLWLyKDEHUGHVDUUROODGRXQDGHFXDGRFRQWUROGHOHJDOLGDGSXHV
HO UHSUHVHQWDGR SRU OD DFFLRQDQWH WXYR TXH SODQWHDU XQD VROLFLWXG GH HQPLHQGD
FRPSOHPHQWDFLyQ\DFODUDFLyQGHOD5HVROXFLyQMXGLFLDOGHGHWHQFLyQSUHYHQWLYDSDUD
REWHQHUXQFRQWUROGHOHJDOLGDGHQOD5HVROXFLyQDODVROLFLWXGGHFRPSOHPHQWDFLyQHO
-XH] FDXWHODU VH OLPLWy D UHDOL]DU HO FRQWURO GH OHJDOLGDG HQ GRV OtQHDV HQ OD SULPHUD
GHVHVWLPyHOFRQWUROUHPLWLHQGRDODYtDSURFHVDOGHODUWGHO&33DOUHSUHVHQWDGR
SRUODDFFLRQDQWHVLQFRQVLGHUDUTXHHOFRQWUROGHOHJDOLGDGGHEHSURGXFLUVHSRUHO-XH]
FDXWHODULQFOXVRGHRILFLRVLQQHFHVLGDGGHHVSHUDUODVROLFLWXGGHOSURFHVDGRSXHVHO
-XH]FDXWHODUGHEHFRQYDOLGDURQRORVDFWRVGHVDUUROODGRVSRUOD3ROLFtDEROLYLDQD\HO
0LQLVWHULR 3~EOLFR HQ HVH VHQWLGR DO QR KDEHU SURGXFLGR HO -XH] FDXWHODU XQ
SURQXQFLDPLHQWRIXQGDPHQWDGRUHVSHFWRGHODVDFWXDFLRQHVGHOIXQFLRQDULRSROLFLDO\HO
)LVFDO

(QUHODFLyQDODVGHQXQFLDVHVSHFtILFDV

D 
6REUHHOKRUDULRH[WUDRUGLQDULRGHODDSUHKHQVLyQ(VQHFHVDULRDFODUDUTXHOD
HMHFXFLyQGHHVWHPDQGDPLHQWRQRVHHQFXHQWUDVXMHWDDGHWHUPLQDGRVKRUDULRVWRGDYH]
TXH OD ~QLFD H[LJHQFLD HV TXH HO DSUHKHQGLGR VHD SXHVWR D GLVSRVLFLyQ GHO -XH]
FRPSHWHQWHHQHOSOD]RGHYHLQWLFXDWURKRUDVODVPLVPDVTXHGHEHQVHUFRPSXWDGDVGH
FRQIRUPLGDGDODUW&33SiUUDIRVHJXQGRQRRFXUUHORSURSLRUHVSHFWRDODRUGHQ
GH DOODQDPLHQWR TXH SRU GLVSRVLFLyQ GHO DUW  GHO PHQFLRQDGR FyGLJR SiUUDIR
VHJXQGR VyOR SRGUi VHU HMHFXWDGR HQ KRUDV KiELOHV GHO GtD FRQVHFXHQWHPHQWH HVWi
SURKLELGR HO LQJUHVR HQ KRUDV GH OD QRFKH VLQ FRQVHQWLPLHQWR GHO TXH KDELWD HQ HO
LQPXHEOHVDOYRHOFDVRGHGHOLWRIODJUDQWH

E 
5HIHUHQWH OD QRWLILFDFLyQ HQ GRPLFLOLR SURFHVDO (VWH DVSHFWR HV QHFHVDULR
VHxDODUTXHHODFFLRQDQWHDOGHGXFLUODDFFLyQQRKL]RXQDLQWHUSUHWDFLyQDGHFXDGDVREUH
ODV QRUPDV SURFHVDOHV SHQDOHV TXH ULJHQ OD PDWHULD SXHV QR HV HYLGHQWH TXH ODV
DXWRULGDGHV SROLFLDOHV \ ODV DXWRULGDGHV ILVFDOHV VH WHQJDQ TXH OLPLWDU D QRWLILFDU \R
FRQPLQDU HQ
HO GRPLFLOLR UHDO
 SXHV HO UpJLPHQ GH QRWLILFDFLRQHV EXVFD FXPSOLU XQD
ILQDOLGDGTXHHVSRQHUHQFRQRFLPLHQWRGHODSHUVRQDGHXQDFWXDGRGHWHUPLQDGRHQ

W


dW^:d
HVH RUGHQ GH FRVDV OR TXH GHEH YDORUDUVH HV HO FXPSOLPLHQWR GH OD ILQDOLGDG \ OD
SURSRUFLRQDOLGDG GHO PHFDQLVPR XWLOL]DGR HQ HO FDVR FRQFUHWR QR FRQVWD TXH OD
QRWLILFDFLyQKD\DSXHVWRHQLQGHIHQVLyQDOUHSUHVHQWDGRSRUODDFFLRQDQWH

F 
0tQLPROHJDOUHTXHULGRSDUDODDSUHKHQVLyQ(ODUWGHO&33VHxDODTXH
HOILVFDOSRGUiRUGHQDUODDSUHKHQVLyQGHOLPSXWDGRFXDQGRVHDQHFHVDULDVXSUHVHQFLD
\H[LVWDQVXILFLHQWHVLQGLFLRVGHTXHHVDXWRURSDUWtFLSHGHXQGHOLWRGHDFFLyQS~EOLFD
VDQFLRQDGRFRQSHQDSULYDWLYDGHOLEHUWDGFX\RPtQLPROHJDOVHDLJXDORVXSHULRUDGRV
DxRV \ GH TXH SXHGD RFXOWDUVH IXJDUVH R DXVHQWDUVH GHO OXJDU X REVWDFXOL]DU OD
DYHULJXDFLyQGHODYHUGDGDOUHVSHFWRFRPRVHVHxDOyHQODMXULVSUXGHQFLDFLWDGDHO-XH]
FDXWHODU DO UHDOL]DU OD YDORUDFLyQ GH OD OHJDOLGDG PDWHULDO GH OD DSUHKHQVLyQ GHEHUi
FRQVLGHUDU VL HYLGHQWHPHQWH ORV GHOLWRV SRU ORV FXDOHV VH VLJXH OD SHUVHFXFLyQ SHQDO
WLHQHQXQPtQLPROHJDOLJXDORVXSHULRUDGRVDxRVSXHVFDVRFRQWUDULRQRSURFHGHOD
DSUHKHQVLyQILVFDOVDOYRFDVRVGHIODJUDQFLDHQHOFDVRGHDXWRVVHWLHQHTXHHO)LVFDO
DVLJQDGR DO FDVR VL ELHQ IXQGDPHQWy VX UHTXHULPLHQWR GH DSUHKHQVLyQ \ YDORUy OD
H[LVWHQFLDGHORVSUHVXSXHVWRVQHFHVDULRVRPLWLyFRQVLGHUDUTXHODSURFHGHQFLDGHOD
DSUHKHQVLyQ ILVFDO HVWi WDPELpQ FRQGLFLRQDGD D OD H[LVWHQFLD GH GHOLWRV FX\R PtQLPR
OHJDOVHDLJXDORVXSHULRUDGRVDxRVORVGHOLWRVTXHVHHQFXHQWUDQHQORVDUWV\
GHO&3WLHQHQXQPtQLPROHJDOGHXQDxRVLQHPEDUJRGHHOORODDXWRULGDGILVFDOQRIXH
GHPDQGDGD HQ OD SUHVHQWH DFFLyQ GH OLEHUWDG SRU HQGH QR WLHQH OHJLWLPDFLyQ SDVLYD
HPSHURODOHJLWLPDFLyQVtVHDFWLYDHQUHODFLyQDO-XH]GHPDQGDGR\DTXHpVWHRPLWLy
REVHUYDUODLOHJDOLGDGFRPHWLGDSRUODDXWRULGDGILVFDO

'H ORV HOHPHQWRV DQDOL]DGRV VH FRQFOX\H TXH OD DXWRULGDG MXGLFLDO RPLWLy UHDOL]DU HO
FRQWUROGHOHJDOLGDGGHODVDFWXDFLRQHVLQYHVWLJDWLYDVLQFXUULHQGRHQXQDFWRLOHJDODOQR
YHULILFDUODVDFWXDFLRQHVGHORVDVLJQDGRVDOFDVR\SRUQRVXEVDQDUODSHUVHFXFLyQLOHJDO
\VLELHQHOUHSUHVHQWDGRGHODDFFLRQDQWHDKRUDQRVHHQFXHQWUDSULYDGRGHOLEHUWDGSRU
pVWD VLWXDFLyQ SXHV VX GHWHQFLyQ REHGHFH D OD DSOLFDFLyQ GH XQD PHGLGD FDXWHODU GH
GHWHQFLyQSUHYHQWLYDODMXULVGLFFLyQFRQVWLWXFLRQDOSRUODPRGDOLGDGLQQRYDWLYDGHOD
DFFLyQGHOLEHUWDGRWRUJDODWXWHODVyORDILQHVGHGHWHUPLQDUODUHVSRQVDELOLGDGGHOD
DXWRULGDGMXGLFLDOSRUODRPLVLyQGHQRKDEHUHMHUFLGRHOFRQWUROGHOHJDOLGDGPiVD~Q
VLFRPRVHDQDOL]yHOPDQGDPLHQWRGHDSUHKHQVLyQILVFDOUHVXOWDEDLOHJDO


6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGHODWXWHODSRUODRPLVLyQGHFRQWUROGHOHJDOLGDGGHDSUHKHQVLyQ
VLQHPEDUJRHQYLUWXGDODILJXUDGHODDFFLyQGHOLEHUWDGLQQRYDWLYDOD
FRQFHVLyQGHWXWHODIXHVRODPHQWHSDUDHIHFWRVGHUHVSRQVDELOLGDGGHOD
DXWRULGDGMXULVGLFFLRQDO

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/D OtQHD MXULVSUXGHQFLDO VREUH OD SRVLELOLGDG GH SUHVHQWDU OD DFFLyQ GH OLEHUWDG D~Q
KXELHUH FHVDGR OD UHVWULFFLyQ GHO GHUHFKR D OD OLEHUWDG ItVLFD FRQRFLGD HQ OD GRFWULQD
FRPRUHFXUVRGHKiEHDVFRUSXVLQQRYDWLYRWLHQHHOVLJXLHQWHGHVDUUROORMXULVSUXGHQFLDO
/D6&5DOUHVROYHUXQUHFXUVRGHKiEHDVFRUSXVKR\DFFLyQGHOLEHUWDG
VHxDOyTXHODYtDSDUDUHFODPDUVXSXHVWDVYLRODFLRQHVDOGHUHFKRDODOLEHUWDGOXHJRGH
KDEHUFHVDGRODDIHFWDFLyQGHQXQFLDGDQRHVHOKiEHDVFRUSXVSXHVGLFKDLOHJDOLGDGGHEH
VHU FRQVLGHUDGD HQ HO iPELWR SHQDO R HQ HO TXH ORV UHFXUUHQWHV HVWLPHQ DGHFXDGR 
3RVWHULRUPHQWHDWUDYpVGHOD6&5HO7ULEXQDO&RQVWLWXFLRQDOFDPELyGLFKR
HQWHQGLPLHQWR MXULVSUXGHQFLDO \ VRVWXYR TXH ODV OHVLRQHV DO GHUHFKR D OD OLEHUWDG
HQFXHQWUDQ SURWHFFLyQ GHQWUR GHO iPELWR GHO KiEHDV FRUSXV HQ ORV FDVRV HQ TXH VH
FRQVWDWHODH[LVWHQFLDGHXQDLOHJDOSULYDFLyQGHOLEHUWDGQRREVWDQWHKDEHUFHVDGROD
GHWHQFLyQDQWHVGHODLQWHUSRVLFLyQGHOUHFXUVRVXSXHVWRHQHOFXDOODFRQFHVLyQGHOD

W


dW^:d


WXWHODGHEHHVWDEOHFHUODUHVSRQVDELOLGDGGHORVVHUYLGRUHVUHVSRQVDEOHVGHODLQGHELGD
SULYDFLyQGHOLEHUWDG8QDYH]SURPXOJDGDODDFWXDO&RQVWLWXFLyQOD6&
5UHFRQGXMRHOHQWHQGLPLHQWRMXULVSUXGHQFLDODQWHULRUDOFRQWHQLGRHQOD6&
5HVWDEOHFLHQGRTXHODDFFLyQGHOLEHUWDGGHEHVHUSUHVHQWDGDFXDQGRODOHVLyQDOGHUHFKR
DODOLEHUWDGH[LVWHFRQIRUPHDOVLJXLHQWHUD]RQDPLHQWR
&XDQGRVHDOHJDSULYDFLyQGH
OLEHUWDGSHUVRQDOODQRUPDFRQVWLWXFLRQDO DUWGHOD&3( VHxDODTXHWRGDSHUVRQD
TXH HVWp LQGHELGD R LOHJDOPHQWH SULYDGD GH VX OLEHUWDG SHUVRQDO SRGUi LQWHUSRQHU OD
DFFLyQGHOLEHUWDG\VROLFLWDUDOMXH]RWULEXQDOFRPSHWHQWHVHUHVWLWX\D
VXGHUHFKRDOD
OLEHUWDG
/RFXDOVLJQLILFDTXHHQHVWRVFDVRVODDFFLyQGHOLEHUWDGGHEHVHULQWHUSXHVWD
FXDQGR OD OHVLyQ DO GHUHFKR D OD OLEHUWDG H[LVWH GH QR VHU DVt VH GHVQDWXUDOL]DUtD OD
HVHQFLDGHODSUHVHQWHDFFLyQGHGHIHQVDGDGRTXHHOSHWLWRULRGHTXH
VHUHVWLWX\DQVXV
GHUHFKRV
\DQRWHQGUtDVHQWLGRVLVHHVWiHQOLEHUWDG
/D6&3SURQXQFLDGD
SRUHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOFRQILUPyDXQTXHQRGHPDQHUDH[SUHVDHO
UD]RQDPLHQWR FRQWHQLGR HQ OD 66&& 5 DO FRQVLGHUDU TXH OD GHPRUD HQ OD
FHOHEUDFLyQ GH DXGLHQFLD GH PHGLGDV FDXWHODUHV HQ DSHODFLyQ \D IXH VXEVDQDGD DO
VHxDODUVH IHFKD SDUD OD DXGLHQFLD GH DSHODFLyQ  3RVWHULRUPHQWH OD MXULVSUXGHQFLD
FRQWHQLGDHQODFLWDGD6&3IXHUHFRQGXFLGDDWUDYpVGHOD6&3TXH
HVWDEOHFLy TXH OD LQWHUSUHWDFLyQ GHO DUW  GH OD &RQVWLWXFLyQ QR HV OLPLWDWLYD
~QLFDPHQWH D ORV FDVRV GH SULYDFLyQ GH OLEHUWDG VLQR TXH SXHGH VHU DSOLFDGD D RWUDV
PRGDOLGDGHV SURWHFWLYDV GH OD DFFLyQ GH OLEHUWDG FRPR HO FDVR GH OD SHUVHFXFLyQ
LQGHELGD VHQWHQFLD TXH  FRQWLHQH HO HVWiQGDU PiV DOWR YLJHQWH HQ HO 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO VHJXLGR SRU OD 6&3    6LQ
HPEDUJROD6&3HVWDEOHFLyTXHODDFFLyQGHOLEHUWDGHQFDVRVHQORVFXDOHV
KD\D FHVDGR HO DFWR OHVLYR DQWHV GH OD SUHVHQWDFLyQ GH OD DFFLyQ GH OLEHUWDG SURFHGH
VLHPSUH\FXDQGRVHDSUHVHQWDGDHQXQSOD]RUD]RQDEOHHQWHQGLPLHQWRTXHLQDSOLFyHO
HVWiQGDUPiVDOWRFRQVDJUDGRHQOD6&3SRUWDQWRHQHOPDUFRGHOD6&3
QRHVXQSUHFHGHQWHYLQFXODQWH


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

(OSUHFHGHQWHGHHVWDVHQWHQFLDVHHQFXHQWUDFRQWHQLGRHQHO)-,,,TXHHVWDEOHFH

,,,3HUVHFXFLyQLQGHELGD\DFFLyQGHOLEHUWDGLQQRYDWLYD

/DSHUVHFXFLyQLQGHELGDKDVLGRGHILQLGDSRUHODQWHULRU7ULEXQDO&RQVWLWXFLRQDOHQOD
6&5GHGHPD\RFRPR
ODDFFLyQGHXQIXQFLRQDULRS~EOLFRRDXWRULGDG
MXGLFLDOTXHEXVFDSHUVLJXHXKRVWLJDDXQDSHUVRQDVLQTXHH[LVWDPRWLYROHJDODOJXQR
\ XQD RUGHQ H[SUHVD GH FDSWXUD HPLWLGD SRU DXWRULGDG FRPSHWHQWH HQ ORV FDVRV
HVWDEOHFLGRVSRUOH\RFXDQGRVHHPLWHXQDRUGHQGHGHWHQFLyQFDSWXUDRDSUHKHQVLyQ
DOPDUJHQGHORVFDVRVSUHYLVWRVSRU/H\HLQFXPSOLHQGRODVIRUPDOLGDGHV\UHTXLVLWRV
HVWDEOHFLGRVSRUHOOD
HQHVHFRQWH[WRGHSUHFHGHQFLDVOD6&5
GHGHHQHURSUHFLVyORVSUHVXSXHVWRVHQORVTXHVHGDSHUVHFXFLyQVHxDODQGRTXH
VRQ
 ODE~VTXHGDXKRVWLJDPLHQWRDXQDSHUVRQDFRQHOILQGHSULYDUOHGHVXOLEHUWDG
VLQPRWLYROHJDORSRURUGHQGHXQDDXWRULGDGQRFRPSHWHQWH\ ODHPLVLyQGHXQD
RUGHQGHGHWHQFLyQFDSWXUDRDSUHKHQVLyQDOPDUJHQGHORSUHYLVWRSRUOH\


$KRUDELHQH[LVWHQVXSXHVWRVHQORVFXDOHVSRVWHULRUPHQWHDHVWDSHUVHFXFLyQ\DQRVH
HVWiSULYDQGRODOLEHUWDGGHODSHUVRQDTXHVROLFLWDODWXWHODVLQHPEDUJRHVHDVSHFWRQR
SXHGHUHSUHVHQWDUSHUVHODLPSRVLELOLGDGGHOHMHUFLFLRGHODDFFLyQFRQVWLWXFLRQDOSXHV
ODDFFLyQGHOLEHUWDGWLHQHGLVWLQWDVPRGDOLGDGHVHQWUHHOODVVHHQFXHQWUDODPRGDOLGDG
LQQRYDWLYD /D PLVPD WUDGLFLRQDOPHQWH SURFHGH D HIHFWRV GH WXWHODU XQD GHWHQFLyQ
FXDQGRpVWD\DKDFHVDGRDHIHFWRVGHQRGHMDUHQLPSXQLGDGHODFWXDUOHVLYRGHTXLHQHV
KDQOHVLRQDGRHOGHUHFKRDODOLEHUWDG

(VWHLQVWLWXWRHQHOGHVDUUROORMXULVSUXGHQFLDOFRQVWLWXFLRQDOHQQXHVWURSDtV

W


dW^:d
WLHQHXQPX\LPSRUWDQWHDQWHFHGHQWHHQORVRVWHQLGRSRUOD6&5GHGH
PDU]RTXHDXQTXHQRPHQFLRQDGHIRUPDH[SUHVDHVWHWLSRGHOHQWRQFHVKDEHDVFRUSXV
OR LGHQWLILFD HQ VX HVHQFLDOLGDG FXDQGR VHxDOD TXH
'HO DQiOLVLV GH ORV GHEDWHV
SDUODPHQWDULRVGHVDUUROODGRVHQHOSURFHVRGHVDQFLyQGHODOH\DOXGLGDVHH[WUDHTXHOD
UDWLROHJLVGHOSUHFHSWRDOXGLGRHVWiHQODQHFHVLGDGGHTXHHOLQVWLWXWRMXUtGLFRHQH[DPHQ
EULQGHSURWHFFLyQHQDTXHOORVVXSXHVWRVHQORVTXHXQDDXWRULGDGOHJDODUELWUDULDPHQWH
GHWLHQHDXQDSHUVRQDVLQTXHKD\DH[LVWLGRFDXVDTXHORMXVWLILTXH\WHQHPRVFHQWHQDUHV
GHFDVRVILQDOPHQWHODSRQHQHQOLEHUWDGVHDFDEyHOWHPDQRKD\SURWHFFLyQQRKD\
WXWHODGHORVGHUHFKRVKXPDQRVOHVGLJRYHUGDGHUDPHQWHQRDYDQ]DUHQHOWH[WRHQOD
IRUPDFRPRHVWiSURSXHVWDVXSRQHYROYHUDOYLHMRMXGLFLDOLVPRSDUDHVRQRFDPELDPRV
QDGD>@\RSXHGRGHPDQGDUDXQDDXWRULGDGTXHPHKDGHWHQLGRRFKRGtDV\GHVSXpV
PHKDSXHVWRHQOLEHUWDG>@\DHVWR\HQOLEHUWDG\TXLHURSODQWHDUHOUHFXUVRGHKiEHDV
FRUSXVSDUDTXHODDXWRULGDGTXHKDFRPHWLGRVHPHMDQWHDEXVRTXHPHKDSULYDGRGH
GHUHFKRVGHDOLPHQWDUD PL IDPLOLDGHYHUD PLVKLMRVGHFXPSOLUFRQPLWUDEDMRGH
PDQHUDDUELWUDULDLOHJDOHLQFRQVWLWXFLRQDOGHEHVHUVDQFLRQDGD\HOUHFXUVRGHKiEHDV
FRUSXV GHFODUDGR SURFHGHQWH >@ &IU 5HGDFWRU 7RPR ,9 QRYLHPEUH GH  +
&iPDUDGH'LSXWDGRV   

&RQVLJXLHQWHPHQWHGHOFRQWHQLGRGHORVSUHFHSWRVDOXGLGRV\ORVGHEDWHVSDUODPHQWDULRV
JORVDGRVVHH[WUDHGHPDQHUDFODUD\SUHFLVDTXHODYROXQWDGGHOOHJLVODGRUHVTXHODV
OHVLRQHV DO GHUHFKR D OD OLEHUWDG HQFXHQWUHQ SURWHFFLyQ GHQWUR GHO iPELWR GHO KiEHDV
FRUSXVGHFODUDQGRVXSURFHGHQFLDHQORVFDVRVHQTXHVHFRQVWDWHODH[LVWHQFLDGHXQD
LOHJDO SULYDFLyQ GH OLEHUWDG QR REVWDQWH KDEHU FHVDGR OD GHWHQFLyQ DQWHV GH OD
LQWHUSRVLFLyQGHOUHFXUVR


1XHVWURRUGHQDPLHQWRMXUtGLFRWDPELpQVXJLHUHODH[LVWHQFLDGHHVWDILJXUDFXDQGRHQHO
DUWGHOD/H\GHO7ULEXQDOFRQVWLWXFLRQDO3OXULQDFLRQDO\HOSURSLR&yGLJR3URFHVDO
&RQVWLWXFLRQDO TXH HQ VX DUW  GHWHUPLQD
$XQ KDELHQGR FHVDGR ODV FDXVDV TXH
RULJLQDURQ OD $FFLyQ GH /LEHUWDG OD DXGLHQFLD GHEHUi UHDOL]DUVH HQ HO GtD \ KRUD
VHxDODGRVDHIHFWRVGHHVWDEOHFHUODVUHVSRQVDELOLGDGHVTXHFRUUHVSRQGDQ


5HFRJLHQGR HO HVStULWX GH pVWD 6HQWHQFLD &RQVWLWXFLRQDO DVLPLVPR OD FRQVWUXFFLyQ
GRFWULQDOGHOYRWRGLVLGHQWHGHGHMXOLRGHUHVSHFWRGHOD6&5GH
GHMXQLRTXHHVWDEOHFLyTXHODDFFLyQGHOLEHUWDGGHEHVHULQWHUSXHVWDFXDQGRODOHVLyQ
DOGHUHFKRDODOLEHUWDGH[LVWHFDVRFRQWUDULRVHGHVQDWXUDOL]DUtDVXHVHQFLDHQWLpQGDVH
OD ILJXUD GH OD DFFLyQ GH OLEHUWDG LQQRYDWLYD R KDEHDV FRUSXV LQQRYDWLYR FRPR HO
PHFDQLVPRSURFHVDOSRUHOFXDOHOMXH]FRQVWLWXFLRQDODVXPHXQUROIXQGDPHQWDOSDUDOD
SURWHFFLyQGHOGHUHFKRDODOLEHUWDGSHUVRQDO\SRUHOORHQOD6HQWHQFLDTXHSURQXQFLH
GHEH UHDOL]DU XQD GHFODUDFLyQ VREUH OD HIHFWLYD H[LVWHQFLD GH OHVLyQ DO GHUHFKR D OD
OLEHUWDG ItVLFD R SHUVRQDO DXQTXH OD PLVPD KXELHUD GHVDSDUHFLGR DGYLUWLHQGR D OD
FRPXQLGDG\DOIXQFLRQDULRRSHUVRQDSDUWLFXODUTXHHVDFRQGXFWDHVFRQWUDULDDORUGHQ
FRQVWLWXFLRQDO HQ HVWD 6HQWHQFLD WDPELpQ VH GHEH HPLWLU XQD RUGHQ DO IXQFLRQDULR R
SDUWLFXODUTXHOHVLRQyHOGHUHFKRHQVHQWLGRTXHHQHOIXWXURQRYXHOYDDFRPHWHUHVH
DFWRFRQUHODFLyQDODPLVPDSHUVRQDTXHDFWLYyODMXVWLFLDFRQVWLWXFLRQDORFRQRWUDV
TXHVHHQFXHQWUHQHQVLPLODUHVFLUFXQVWDQFLDV

$FRUGHDORH[SXHVWR\GHDFXHUGRDODQXHYDFR\XQWXUDFRQVWLWXFLRQDOLPSHUDQWHGHVGH
IHEUHUR GH  QXHVWUR SDtV DWUDYLHVD XQ SURFHVR GH FRQVWLWXFLRQDOL]DFLyQ HQ VXV
LQVWLWXFLRQHVMXUtGLFDV\SROtWLFDV1RVHHQFXHQWUDDOPDUJHQODMXVWLFLDFRQVWLWXFLRQDO
TXH DFRJH SDUiPHWURV LQWHUSUHWDWLYRV \ GH DPSDUR PiV JDUDQWLVWDV \ IDYRUDEOHV D OD
SURWHFFLyQGHORVGHUHFKRV\GHORVGHUHFKRVKXPDQRV

(QHVHVHQWLGRODLQWHUSUHWDFLyQTXHGHEHKDFHUVHUHVSHFWRGHODUWFRQVWLWXFLRQDO
QRGHEHUHFRUUHUXQFDPLQRUHVWULFWLYRHQHOVHQWLGRGHTXH~QLFDPHQWHODDFFLyQGH
OLEHUWDGSXHGDVHULQWHUSXHVWDFXDQGRODSHUVRQDVHHQFXHQWUHSULYDGDGHOLEHUWDGSXHV
SDUWLHQGR GH XQ FULWHULR DPSOLR \ JDUDQWLVWD FRPR VH WLHQH DQRWDGR HVWH PHFDQLVPR

W


dW^:d


SXHGHRSHUDUFXDQGRHIHFWLYDPHQWHKDFHVDGRODYXOQHUDFLyQDOGHUHFKRSURWHJLGR(VWH
FULWHULRVHMXVWLILFDDODQiOLVLVGHORGLVSXHVWRSRUHODUWGHOD&3(TXHGHIRUPD
H[SUHVD UHFRQRFH FULWHULRV GH LQWHUSUHWDFLyQ PiV IDYRUDEOHV TXH ORV FRQWHQLGRV HQ
QXHVWUD SURSLD /H\ )XQGDPHQWDO \ TXH VH HQFXHQWUDQ FRQWHQLGRV HQ ORV 7UDWDGRV
,QWHUQDFLRQDOHVGH'HUHFKRV+XPDQRV

$OUHVSHFWROD&RQYHQFLyQ$PHULFDQDVREUH'HUHFKRV+XPDQRV &$'+ PHQFLRQD
HQVXDUWTXH
1LQJXQDGLVSRVLFLyQGHODSUHVHQWH&RQYHQFLyQSXHGHVHULQWHUSUHWDGD
HQHOVHQWLGRGH  E OLPLWDUHOJRFH\HOHMHUFLFLRGHFXDOTXLHUGHUHFKRROLEHUWDGTXH
SXHGDHVWDUUHFRQRFLGRGHDFXHUGRFRQODVOH\HVGHFXDOTXLHUDGHORV(VWDGRV3DUWHVR
GHDFXHUGRFRQRWUDFRQYHQFLyQHQTXHVHDSDUWHXQRGHGLFKRV(VWDGRV
\HODUWGHO
3DFWR ,QWHUQDFLRQDO GH 'HUHFKRV &LYLOHV \ 3ROtWLFRV 3,'&3  HVWDEOHFHQ FULWHULRV
IDYRUDEOHV\SURJUHVLYRVGHLQWHUSUHWDFLyQGHWDOHVGHUHFKRVHQWDOVHQWLGRFRUUHVSRQGH
GLVJUHJDUORTXHVHHQWLHQGHSRUORVSULQFLSLRVSURKRPLQH\GHSURJUHVLYLGDGPLVPRV
TXHHQFXHQWUDQVXDVLGHURHQHORUGHQLQWHUQRHQORHVWDEOHFLGRSRUORVDUWV,9\
GHOD&3(HQWHQGLpQGRVHGHVXFRQWHQLGRODDGRSFLyQGHXQVHQWLGRGHLQWHUSUHWDFLyQ
PiVIDYRUDEOHDORVGHUHFKRVKXPDQRV

(OSULQFLSLRGHSURJUHVLYLGDGFRQFUHWDPHQWHHVWDEOHFHODUHVSRQVDELOLGDGSDUDHO(VWDGR
EROLYLDQRGHQRGHVFRQRFHUORVORJURV\HOGHVDUUROORDOFDQ]DGRHQPDWHULDGHGHUHFKRV
KXPDQRV HQ FXDQWR D OD DPSOLDFLyQ HQ Q~PHUR GHVDUUROOR GH VX FRQWHQLGR \ HO
IRUWDOHFLPLHQWR GH ORV PHFDQLVPRV MXULVGLFFLRQDOHV SDUD VX SURWHFFLyQ HQ HO DIiQ GH
EXVFDUHOSURJUHVRFRQVWDQWHGHO'HUHFKR,QWHUQDFLRQDOGH'HUHFKRV+XPDQRVTXHVH
LQVHUWDHQQXHVWURVLVWHPDMXUtGLFRDWUDYpVGHOEORTXHGHFRQVWLWXFLRQDOLGDG DUW,,
GHOD&3( 

'H OR VHxDODGR TXHGD HQ HYLGHQFLD TXH HO UHFRQRFLPLHQWR GH OD DFFLyQ GH OLEHUWDG
LQQRYDWLYD HQ ORV FDVRV GH GHWHQFLRQHV LOHJDOHV HV HO SURGXFWR GH XQD LQWHUSUHWDFLyQ
JDUDQWLVWDGHODQDWXUDOH]DGHOD DFFLyQGHOLEHUWDGVLQHPEDUJRHVWRQRGHEHVHUHQ
QLQJ~Q FDVR yELFH SDUD TXH HVWH UD]RQDPLHQWR SXHGD VHU WDPELpQ DSOLFDGR D RWUDV
PRGDOLGDGHV SURWHFWLYDV GH OD DFFLyQ GH OLEHUWDG FRPR HO FDVR GH OD SHUVHFXFLyQ
LQGHELGDOD FXDO DO LJXDOTXHODGHWHQFLyQ SXHGHKDEHU FHVDGR HPSHUR OD LOHJDOLGDG
UHVWULFWLYDGHOGHUHFKRDODOLEHUWDGIXHFRQVXPDGDSRUHOORDHIHFWRVGHGHWHUPLQDUOD
UHVSRQVDELOLGDG GHO FDVR \ GH FRQVWUXLU XQD PDWUL] MXULVSUXGHQFLDO SUHYHQWLYD GH OD
YXOQHUDFLyQ GH GHUHFKRV IXQGDPHQWDOHV FRUUHVSRQGHUi WDPELpQ HQ HVWRV FDVRV
SURQXQFLDUVHHQHOIRQGRGHODSUREOHPiWLFDDHIHFWRVGHGHWHUPLQDUODUHVSRQVDELOLGDG
GHODVDXWRULGDGHV


,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

/D VHQWHQFLD TXH FRQWLHQH HO HVWiQGDU PiV DOWR HV OD 6& 5
FRPSOHPHQWDGD SRU OD  TXH HVWDEOHFH OD SURWHFFLyQ GH OD
DFFLyQGHOLEHUWDGD~QKXELHUHFHVDGRODUHVWULFFLyQGHODOLEHUWDGItVLFD
\RGHORFRPRFLyQ



 &DXVDOHV GH SURFHGHQFLD GH OD DFFLyQ GH OLEHUWDG
3URFHVDPLHQWRLQGHELGR YLQFXODUFRQiPELWRGHSURWHFFLyQ 
1~PHURGHUHVROXFLyQ6&3

W


dW^:d

)LFKD

7LSR-XULVSUXGHQFLD

-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   3DUD OD WXWHOD SRU SURFHVDPLHQWR LQGHELGR HQ
PHGLGDV FDXWHODUHV D WUDYpV GH OD DFFLyQ GH OLEHUWDG QR HV H[LJLEOH
DFUHGLWDUHODEVROXWRHVWDGRGHLQGHIHQVLyQ

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH OLEHUWDG HO DFFLRQDQWH VRVWXYR TXH ORV YRFDOHV
GHPDQGDGRV HQ DSHODFLyQ  DQXODURQ OD UHVROXFLyQ GH PHGLGDV
FDXWHODUHVGHODTXRSRUIDOWDGHIXQGDPHQWDFLyQ\HQYH]GHRUGHQDUVX
LQPHGLDWDOLEHUWDGGHPDQHUDLQFRQJUXHQWHORSXVLHURQDGLVSRVLFLyQ
GHO -XH] FDXWHODU SDUD TXH VHD HVWH ~OWLPR TXLHQ UHVXHOYD VREUH VX
VLWXDFLyQMXUtGLFD(QEDVHDHVWRVDQWHFHGHQWHVGHQXQFLyODYXOQHUDFLyQ
D VXV GHUHFKR D OD OLEHUWDG SHUVRQDO \ GH ORFRPRFLyQ DVt FRPR GHO
GHELGR SURFHVR \ SLGLy VH UHSDUD OD YLRODFLyQ D HVWRV GHUHFKRV  (O
7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDODSUREyODGHQHJDWRULDGHWXWHOD
UHDOL]DGDSRUHO7ULEXQDOGH*DUDQWtDV\DQWHVGHLQJUHVDUDODQiOLVLVGH
IRQGR GH OD SUREOHPiWLFD DFODUy TXH WUDWiQGRVH GH GHQXQFLDV GH
SURFHVDPLHQWR LQGHELGR HQ PHGLGDV FDXWHODUHV QR HV H[LJLEOH QL OD
GLUHFWDFDXVDOLGDGHQWUHHODFWRGHQXQFLDGRFRPROHVLYR\ODOLEHUWDG\
WDPSRFRHODEVROXWRHVWDGRGHLQGHIHQVLyQHQEDVHDHVWHDQiOLVLVSUHYLR
ODGHQHJDWRULDGHODDFFLyQGHOLEHUWDGVHVXVWHQWyHQTXHODVUHVROXFLyQ
HPLWLGDSRUORVYRFDOHVGHPDQGDGRVTXHDQXOyREUDGRVVLQGLVSRQHUOD
OLEHUWDGGHODFFLRQDQWHQRYXOQHUyHOGHUHFKRDODFRQJUXHQFLD

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,

(QHVHRUGHQVHHYLGHQFLDTXHHODFFLRQDQWHLPSXJQDGHLQFRQJUXHQWHHO$XWRGH
9LVWDGHGHHQHURGHPHGLDQWHHOFXDOORV9RFDOHVFRGHPDQGDGRVGHWHUPLQDURQ
DQXODUOD5HVROXFLyQGHGHGLFLHPEUHGHHPLWLGDSRUHO-XH]0L[WR\/LTXLGDGRU
GHODORFDOLGDGGH$UTXHSRUODTXHVHRUGHQyODGHWHQFLyQSUHYHQWLYDGHODFFLRQDQWH\
RWURVDQWHODIDOWDGHIXQGDPHQWDFLyQ\PRWLYDFLyQGLVSRQLHQGRTXHGLFKDDXWRULGDG
VHxDOH QXHYD DXGLHQFLD GH
LQPHGLDWR
 SDUD FRQVLGHUDU OD VLWXDFLyQ MXUtGLFD GH ORV
LPSXWDGRV HQWUH HOORV ,YHU :DOGR 4XLOR /R]DGD OR TXH LPSOLFD TXH HO LPSXWDGR
FRQWLQ~DHQVXFRQGLFLyQGHSULYDGRGHOLEHUWDG'HFLVLyQHVWD~OWLPDTXHDGHFLUGHO
DFFLRQDQWH FDUHFH GH FRQJUXHQFLD SRUTXH D VX FULWHULR XQD UHVROXFLyQ QXOD VHUtD
LQH[LVWHQWH\SRUORWDQWRODVDFWXDFLRQHVMXULVGLFFLRQDOHVGHEHQUHWURWUDHUVHKDVWDDQWHV
GH OD 5HVROXFLyQ DQXODGD SRU HQGH GHEH UHFXSHUDU VX OLEHUWDGR ELHQ FRPR VHxDOD

W


dW^:d


DSOLFiUVHOHXQDPHGLGDVXVWLWXWLYD

$ PD\RU DUJXPHQWDFLyQ VH WLHQH TXH OD YXOQHUDFLyQ D OD OLEHUWDG \ D OD FRQJUXHQFLD
FRPR HOHPHQWR GHO GHELGR SURFHVR YHUVD HQ HO KHFKR TXH D WLHPSR GH FRQRFHU VX
DSHODFLyQFRQWUDODUHVROXFLyQGHO-XH]FDXWHODUTXHGLVSXVRVXGHWHQFLyQSUHYHQWLYDHO
7ULEXQDOGHDO]DGDSHVHDDQXODUODPLVPDQRRUGHQyODLQPHGLDWDOLEHUWDGGHFLVLyQ
TXHQRSXHGHVHUFRQVLGHUDGDFRPROHVLYDGHORVGHUHFKRVIXQGDPHQWDOHVGHOLPSXWDGR
GDGRTXHFXDQGRORV9RFDOHVGHPDQGDGRVYHULILFDURQODIDOWDGHIXQGDPHQWDFLyQHQHO
IDOORDSHODGRGLVSXVLHURQVXQXOLGDGHPSHURHOORQRLPSOLFDXQDUHVROXFLyQHQHOIRQGR
GH OD FDXVD \ PHQRV TXH GLFKD LQVWDQFLD IXHUH FRPSHWHQWH SDUD UHVROYHU VREUH OD
VLWXDFLyQ MXUtGLFD GHO PLVPR QL GLVSRQHU VX OLEHUWDG R OD DSOLFDFLyQ GH XQD PHGLGD
VXVWLWXWLYD GDGR TXH GLFKD GHFLVLyQ GHSHQGHUi GH OD YDORUDFLyQ GH ORV HOHPHQWRV GH
FRQYLFFLyQDSRUWDGRVHQHOSURFHVR\SRUWDQWRODVFRQVHFXHQFLDVMXUtGLFDVGHSHQGHUiQ
H[SUHVDPHQWHGHHVDYDORUDFLyQ

6XSXHVWRGLVWLQWRDOFDVRHQHOTXHHO7ULEXQDOGHDO]DGDUHVXHOYHHOUHFXUVRSODQWHDGR
HQHOIRQGR\GHWHUPLQDODUHYRFDWRULDGHODPHGLGDUHVWULFWLYDGHOLEHUWDGLPSXHVWDSRU
HOMXH]FDXWHODU\GLVSRQHHQFRQVHFXHQFLDODOLEHUWDGLUUHVWULFWDRELHQODDSOLFDFLyQGH
XQDPHGLGDVXVWLWXWLYDORTXHHQGHILQLWLYDQRRFXUULyHQHOSUREOHPDSODQWHDGRSRUTXH
FRPRVHGLMRHOORVHGHWHUPLQDUiXQDYH]UHSXHVWDODUHVROXFLyQDQXODGDFRQODGHELGD
IXQGDPHQWDFLyQ GDGR TXH ODQXOLGDGGH XQ DFWXDGRSURFHVDO QRFRQOOHYD GH PDQHUD
DXWRPiWLFDODFRQFHVLyQGHOLEHUWDGDORVSURFHVDGRV

&RQVLJXLHQWHPHQWH SRU ORV DUJXPHQWRV H[SXHVWRV QR VH HYLGHQFLD YXOQHUDFLyQ DO
GHUHFKRDODOLEHUWDGGHODFFLRQDQWHFRPRWDPSRFRDOSURFHVDPLHQWRLQGHELGR


6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJD OD DFFLyQ GH OLEHUWDG SRUTXH ORV YRFDOHV GH OD 6DOD 3HQDO
6HJXQGD GHO 7ULEXQDO 'HSDUWDPHQWDO GH -XVWLFLD GH &RFKDEDPED DO
DQXODUODUHVROXFLyQGHGHWHQFLyQSUHYHQWLYDSRUFDUHFHUGHPRWLYDFLyQ
VLQ GLVSRQHU OD OLEHUWDG GHO DFFLRQDQWH QR YXOQHUDURQ HO GHUHFKR D OD
FRQJUXHQFLDQLDOGHELGRSURFHVRYLQFXODGRFRQODOLEHUWDGSRUTXHHVWD
GHFLVLyQ QR GHILQH HO IRQGR GH OD SUREOHPiWLFD \ DGHPiV SRUTXH HVWD
LQVWDQFLDQRHVFRPSHWHQWHSDUDUHVROYHUVREUHODVLWXDFLyQMXUtGLFDGHO
LPSXWDGR

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/D 6&  GHEH VHU FRPSUHQGLGD FRPR XQD VHQWHQFLD
PRGXODGRUD GH OD OtQHD MXULVSUXGHQFLD FRQWHQLGD HQ ODV 666&&
5 5 U HQ ODV TXH VH VRVWLHQH TXH HO
GHELGRSURFHVRVHWXWHODYtDDFFLyQGHOLEHUWDGFXDQGRVHFXPSOHQFRQ
GRV UHTXLVLWRV FRQFXUUHQWHV  ,QGHIHQVLyQ DEVROXWD \  9LQFXODFLyQ
GLUHFWDGHODFWROHJDOLPSXJQDGRFRQHOGHUHFKRDODOLEHUWDGItVLFD(Q
OD6&3VHHVWDEOHFHGHPDQHUDH[SUHVDTXHWUDWiQGRVHGH
OHVLRQHVDOGHELGRSURFHVRYLQFXODGDVDPHGLGDVFDXWHODUHVQRVHH[LJH
HOSULPHUUHTXLVLWRDVSHFWRTXHVHDFODUDIXHDVXPLGRLPSOtFLWDPHQWH
HQDQWHULRUHVVHQWHQFLDVGHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHQWUH
HOODV6&3
W


dW^:d


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

(OSUHFHGHQWHSODVPDGRHQOD6&3HVWDEOHFH

)-,,,


$OUHVSHFWR\HQFRKHUHQFLDFRQORPDQLIHVWDGRSUHFHGHQWHPHQWHWUDWiQGRVHGHPHGLGDV
FDXWHODUHVGHFDUiFWHUSHUVRQDOQRHVSRVLEOHH[LJLUODFRQFXUUHQFLDGHODEVROXWRHVWDGR
GH LQGHIHQVLyQ FRPR UHTXLVLWR SDUD DFWLYDU OD DFFLyQ GH OLEHUWDG KDELGD FXHQWD TXH
FRQIRUPHORHVWDEOHFLHURQODVSURSLDV6HQWHQFLDV&RQVWLWXFLRQDOHVFLWDGDVHODFWRUGHEH
DJRWDU ORV PHFDQLVPRV GH LPSXJQDFLyQ LQWUDSURFHVDOHV SUHYLR D OD DFWLYDFLyQ GH OD
DFFLyQ GH OLEHUWDG 8Q UD]RQDPLHQWR FRQWUDULR LPSOLFDUtD H[LJLUOH DO DFFLRQDQWH XQD
VLWXDFLyQ MXUtGLFD PDWHULDOPHQWH LPSRVLEOH SRUTXH GHVGH \D HO DJRWDPLHQWR GH ORV
PHGLRVGHUHFODPDFLyQLGyQHRVREOLJDDVXSDUWLFLSDFLyQDFWLYDHQHOSURFHVR6LWXDFLyQ
GLIHUHQWH HV DTXHOOD HQ OD TXH DO LPSXWDGR VH OR FRORFy HQ XQ HVWDGR DEVROXWR GH
LQGHIHQVLyQ OR TXH OH LPSLGLy DFWLYDU ORV PHFDQLVPRV LQWUDSURFHVDOHV UHIHULGRV
FLUFXQVWDQFLD~OWLPDHQODTXHODDFFLyQGHOLEHUWDGVHDFWLYDUiGHPDQHUDGLUHFWD

5D]RQDPLHQWRTXHDFODUDODOtQHDMXULVSUXGHQFLDO~QLFDPHQWHFRQUHODFLyQDOD~OWLPD
SDUWH GHO VHJXQGR VXSXHVWR H[WUDFWDGD \ DQDOL]DGD GH OD 6& 5 SRU ORV
PRWLYRV DQWHV VHxDODGRV WHQLHQGR HQ FXHQWD DGHPiV TXH GH PDQHUD LPSOtFLWD HO
7ULEXQDO&RQVWLWXFLRQDOHQORVFDVRVUHIHULGRVDPHGLGDVFDXWHODUHVGHFDUiFWHUSHUVRQDO
TXHIXHURQVRPHWLGRVDVXFRQRFLPLHQWRDSOLFyHOUD]RQDPLHQWRTXHH[SUHVDPHQWHVH
GHVDUUROOyHQODSUHVHQWH6HQWHQFLD



,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

3RU SURFHVDPLHQWR LQGHELGR HQ OD WHPiWLFD GH PHGLGDV FDXWHODUHV HO
HVWiQGDUPiVDOWRHVWiGDGRHQOD6&3SHURDGHPiVSDUDOD
OtQHD MXULVSUXGHQFLDO UHIHUHQWH DO SURFHVDPLHQWR LQGHELGR HO HVWiQGDU
PiVDOWRHVWiFRQWHQLGRHQOD6&3



1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO


W


dW^:d


6&3   /D OHVLyQ DO GHELGR SURFHVR HQ PDWHULD SHQDO HV
WXWHODEOH SRU OD DFFLyQ GH OLEHUWDG D~Q QR H[LVWD XQD YLQFXODFLyQ
GLUHFWDFRQHOGHUHFKRDODOLEHUWDGItVLFDRSHUVRQDOVLHQGRVXILFLHQWH
ODH[LVWHQFLDGHXQDUHODFLyQLQGLUHFWDFRQGLFKRGHUHFKR

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(ODFFLRQDQWHGHQXQFLDTXHQRREVWDQWHKDEHUDFUHGLWDGRHOFDPELRGH
DVHVRUMXUtGLFRPHGLDQWHSDVHSURIHVLRQDOQROHIXHURQQRWLILFDGRVORV
DFWXDGRV SRVWHULRUHV DO  GH PD\R GH  SRU OR TXH QR WXYR
FRQRFLPLHQWRRSRUWXQRGHORV$XWRVGHGHPD\R\GHMXQLRGH
FRORFiQGRORHQDEVROXWRHVWDGRGHLQGHIHQVLyQHLPSLGLpQGROHKDFHUXVR
GH ORV PHGLRV GH GHIHQVD TXH HO RUGHQDPLHQWR MXUtGLFR SUHYp HQ WDO
VHQWLGRFRQVLGHUDOHVLRQDGRVXGHUHFKRDOGHELGRSURFHVR

([WUDFWRGHODUDWLRGHFLGHQGL

FRQIRUPH VH KD UHIHULGR HQ HO )XQGDPHQWR -XUtGLFR ,,, G ODSUHVHQWH 6HQWHQFLD &RQVWLWXFLRQDO
3OXULQDFLRQDOGHDFXHUGRDODMXULVSUXGHQFLDFRQVWLWXFLRQDOODQDWXUDOH]DMXUtGLFDGHODDFFLyQGH
OLEHUWDGVHWUDGXFHHQODSURWHFFLyQHIHFWLYDGHORVGHUHFKRVDODOLEHUWDG\DODYLGDHQFXDQWRDOD
OLEHUWDGItVLFDRGHORFRPRFLyQVHKDQHVWDEOHFLGRFRPRSUHVXSXHVWRVGHDFWLYDFLyQTXHH[LVWD
SHUVHFXFLyQ LOHJDO SURFHVDPLHQWR LQGHELGR \ SULYDFLyQ HIHFWLYD GH HVWH GHUHFKR GHMiQGRVH
FODUDPHQWH VHQWDGR TXH SUHFLVDPHQWH SRU OD HVHQFLD PLVPD GH HVWH PHFDQLVPR H[WUDRUGLQDULR
FXDQGRODGHQXQFLDVHUHILHUHDOHVLRQHVDOGHELGRSURFHVRGHEHH[LVWLUGLUHFWDYLQFXODFLyQHQWUHORV
VXSXHVWRVDFWRVOHVLYRV\HOGHUHFKRDODOLEHUWDGFDVRFRQWUDULRVXUHFODPDFLyQGHEHHIHFWXDUVHD
WUDYpVGHODVYtDVLQWUDSURFHVDOHVSUHYLVWDVHQHORUGHQDPLHQWRMXUtGLFR\HQFDVRGHQRUHVROYHUVH
UHFLpQSXHGHDFWLYDUVHODMXULVGLFFLyQFRQVWLWXFLRQDODWUDYpVGHODPSDURVLQHPEDUJRWDPELpQVH
KDHVWDEOHFLGRTXHHOGHELGRSURFHVRHVLPSXJQDEOHDWUDYpVGHODDFFLyQGHOLEHUWDGFXDQGRHO
MXVWLFLDEOHIXHFRORFDGRHQHVWDGRGHDEVROXWDLQGHIHQVLyQLPSLGLpQGRVHOHDFWLYDUORVPHFDQLVPRV
LQWUDSURFHVDOHVHQGHIHQVDGHVXVGHUHFKRV\JDUDQWtDVFRQVWLWXFLRQDOHV
$KRUDELHQVLHQGRTXHHOGHUHFKRDODGHIHQVDLQYROXFUDTXHODVSHUVRQDVVRPHWLGDVDSURFHVRV
OHJDOHV R DGPLQLVWUDWLYRV WHQJDQ FRQRFLPLHQWR HIHFWLYR GH ORV DFWXDGRV SURFHVDOHV D HIHFWRV GH
SRGHUORVLPSXJQDUHQLJXDOGDGGHFRQGLFLRQHVIUHQWHDODGYHUVDULRHVTXHDSDUWLUGHODOH\\OD
MXULVSUXGHQFLDVHGHWHUPLQDODH[LVWHQFLDGHDFWRVFRPXQLFDFLRQDOHVTXHWLHQHQSRUILQDOLGDGGDUD
FRQRFHUDORVVXMHWRVSURFHVDOHVRDHYHQWXDOHVWHUFHURVLQWHUHVDGRVODVSURYLGHQFLDV\UHVROXFLRQHV
HPLWLGDVSRUORVMX]JDGRUHVDHIHFWRVGHKDFHUXVRHIHFWLYRGHORVUHFXUVRVTXHODOH\OHIUDQTXHD
SRUORTXHHOFXPSOLPLHQWRHIHFWLYRGHHVWRVDFWRVFRPXQLFDFLRQDOHVVHKDOODVXMHWRDXQWUiPLWH
HVSHFLDO\REOLJDWRULRHVWDEOHFLGRHQODOH\HQEDVHDORVYDORUHV\SULQFLSLRVFRQVWLWXFLRQDOHV
6LQHPEDUJRFXDQGRODVSURYLGHQFLDV\UHVROXFLRQHVHPHUJHQWHVGHODGHODQWDPLHQWRGHOSURFHVR
QRVHKDQSXHVWRHQFRQRFLPLHQWRGHXQDGHODVSDUWHVSURFHVDOHVDWHQGLHQGRODOHJDOLGDGGHODV
IRUPDV SURFHVDOHV HVWDEOHFLGDV HQ HO RUGHQDPLHQWR MXUtGLFR VH LPSLGH DO OLWLJDQWH DGTXLULU
FRQRFLPLHQWRGHODVPLVPDV\SRUHQGHHMHUFHUVXGHUHFKRGHFRQWUDGLFFLyQ\GHIHQVDLQFXUULpQGRVH
HQXQDLUUHJXODULGDGSURFHVDOTXHOHVLRQDHOSULQFLSLRGHLJXDOGDGSURFHVDO
(VWD LUUHJXODULGDG SURFHVDO HPHUJHQWH GH OD IDOWD GH REVHUYDQFLD GH ODV IRUPDOLGDGHV SURFHVDOHV
SURSLDV GHO VLVWHPD GH QRWLILFDFLRQHV R DFWRV FRPXQLFDFLRQDOHV VH FRQVWLWX\H HQ GHIHFWR
SURFHGLPHQWDOLQKHUHQWHDODVDFWXDFLRQHVMXGLFLDOHVTXHVHH[DFHUEDFRPRYXOQHUDFLyQDOGHELGR
SURFHVRGDGRTXHVHKDRPLWLGRQRWLILFDUDOVXMHWRSURFHVDOFRQXQDFWRUHODWLYRDOFRQIOLFWRMXGLFLDO
RDGPLQLVWUDWLYRYXOQHUDQGRVXVGHUHFKRVDODGHIHQVD\FRQWUDGLFFLyQDOQRSHUPLWLUOHVXVWHQWDU
FRPSUREDUORVKHFKRVRLPSXJQDUORVUHVXOWDGRVVLWXDFLyQTXHGHDFXHUGRDOUD]RQDPLHQWRGHO
)XQGDPHQWR-XUtGLFR,,,GHHVWD6HQWHQFLD&RQVWLWXFLRQDO3OXULQDFLRQDOKDFHYLDEOHODWXWHOD
FRQVWLWXFLRQDOSRUDSDUWDPLHQWRGHORVSURFHGLPLHQWRVHVSHFtILFRVGHFDGDSURFHVR
(QHVWHVHQWLGR\KDELpQGRVHHVWDEOHFLGRTXHODDFFLyQGHOLEHUWDGHVHOPHGLRLGyQHR\HILFD]SDUD
SUHFDXWHODUHOGHUHFKRDODGHIHQVDHVHQWRQFHVODYtDDGHFXDGDSDUDUHVJXDUGDUWDPELpQHOGHELGR
SURFHVRFXDQGRHVWHKDVLGRWUDQVJUHGLGRDSDUWLUGHDFWRVOHVLYRVTXHKDQFRORFDGRDODFFLRQDQWH
HQHVWDGRGHDEVROXWDLQGHIHQVLyQFRPRODIDOWDGHQRWLILFDFLyQGHORVDFWXDGRVSURFHVDOHV

W


dW^:d
$Vt GH OD UHODFLyQ GH KHFKRV YHULILFDGRV SRU HVWH 7ULEXQDO D SDUWLU GH ORV DFWXDGRV SURFHVDOHV
FXUVDQWHV HQ HO H[SHGLHQWHDGMXQWR DOD GHPDQGD GH DFFLyQGH OLEHUWDG \ GH ORV DUJXPHQWRV TXH
VXVWHQWDQ OD SUHVHQWH 6HQWHQFLD &RQVWLWXFLRQDO 3OXULQDFLRQDO FODUDPHQWH VH SXHGH HVWDEOHFHU OD
H[LVWHQFLDGHYXOQHUDFLyQDOGHELGRSURFHVRSRULQFXPSOLPLHQWRGHODVQRUPDVSURFHVDOHVUHIHULGDV
DORVDFWRVFRPXQLFDFLRQDOHVTXHVLELHQQRKDQRFDVLRQDGRODSULYDFLyQGHOLEHUWDGGHODFFLRQDQWH
ORKDQFRORFDGRHQHVWDGRGHLQGHIHQVLyQUHVSHFWRDODVDFWXDFLRQHVMXGLFLDOHVVXVFLWDGDVDSDUWLU
GHOGHPD\RGHLPSLGLpQGROHHMHUFHUVXGHUHFKRDODGHIHQVDDWUDYpVGHODLPSXJQDFLyQGH
UHVROXFLRQHV MXGLFLDOHV TXH UHVXOWDURQ FRQWUDULDV D VXV LQWHUHVHV DVLPLVPR OD -X]JDGRUD DO QR
DGYHUWLUDOLPSXWDGRORVPRPHQWRVSDUDSODQWHDUH[FHSFLRQHVHLQFLGHQWHVGHDFXHUGRDODUW
TXDWHUKDLPSHGLGRLJXDOPHQWHTXHHOMXVWLFLDEOHKDJDXVRRSRUWXQRGHHVWRVUHFXUVRVHQVXGHIHQVD
SRUORTXHHVWDVDFWXDFLRQHVSURFHGLPHQWDOPHQWHGHIHFWXRVDVPHUHFHQODWXWHODFRQVWLWXFLRQDOTXH
RWRUJDODSUHVHQWHDFFLyQFRQVWLWXFLRQDO


6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGHODDFFLyQGHOLEHUWDGGHELGRDTXHGHODUHODFLyQGHKHFKRVD
SDUWLUGHORVDFWXDGRVSURFHVDOHVFXUVDQWHVHQHOH[SHGLHQWHFODUDPHQWH
VH SXHGH HVWDEOHFHU OD H[LVWHQFLD GH YXOQHUDFLyQ DO GHUHFKR DO GHELGR
SURFHVR SRU LQFXPSOLPLHQWR GH ODV QRUPDV SURFHVDOHV UHIHULGDV D ORV
DFWRVFRPXQLFDFLRQDOHVTXHVLELHQQRKDQRFDVLRQDGRODSULYDFLyQGH
OLEHUWDG GHO DFFLRQDQWH OR KDQ FRORFDGR HQ HVWDGR GH LQGHIHQVLyQ
UHVSHFWRDODVDFWXDFLRQHVMXGLFLDOHVVXVFLWDGDVDSDUWLUGHOGHPD\RGH
 LPSLGLpQGROH HMHUFHU VX GHUHFKR D OD GHIHQVD D WUDYpV GH OD
LPSXJQDFLyQGHUHVROXFLRQHVMXGLFLDOHVTXHUHVXOWDURQFRQWUDULDVDVXV
LQWHUHVHV DVLPLVPR OD -X]JDGRUD DO QR DGYHUWLU DO LPSXWDGR ORV
PRPHQWRVSDUDSODQWHDUH[FHSFLRQHVHLQFLGHQWHVGHDFXHUGRDODUW
TXDWHUKDLPSHGLGRLJXDOPHQWHTXHHOMXVWLFLDEOHKDJDXVRRSRUWXQRGH
HVWRVUHFXUVRVHQVXGHIHQVD

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/DOtQHDMXULVSUXGHQFLDOGHOSURFHVDPLHQWRLQGHELGRGHEHVHUHQWHQGLGRGHODVLJXLHQWH
IRUPD


(O7ULEXQDO&RQVWLWXFLRQDODWUDYpVGHOD6&5HVWDEOHFLyTXHOD
SURWHFFLyQDOGHELGRSURFHVRDWUDYpVGHOHQWRQFHVUHFXUVRGHKDEHDVFRUSXVHUDYLDEOH
VRODPHQWH HQ DTXHOORV FDVRV HQ ORV FXDOHV H[LVWD GLUHFWD FDXVDOLGDG FRQ OD OLEHUWDG
SHUVRQDORGHORFRPRFLyQHVGHFLUFXDQGRORVDFWRVXRPLVLRQHVGHQXQFLDGRVVHDQOD
FDXVDGLUHFWDSDUDODUHVWULFFLyQRVXSUHVLyQDOGHUHFKRDODOLEHUWDG3RVWHULRUPHQWHOD
6&5HVWDEOHFLyTXHDQWHVGHDFWLYDUVHODMXULVGLFFLyQFRQVWLWXFLRQDOGHEtD
SHGLUVH OD UHSDUDFLyQ DO GHUHFKR DO GHELGR SURFHVR HQ VHGH MXULVGLFFLRQDO RUGLQDULD D
WUDYpVGHORVPHGLRVGHLPSXJQDFLyQHVWDEOHFLGRVSRUODOH\VDOYRHODEVROXWRHVWDGRGH
LQGHIHQVLyQH[FHSFLyQTXHVHJ~QODWHOHRORJtDGHODVHQWHQFLDDQDOL]DGDHUDDSOLFDEOHD
OD H[LJHQFLD GHO DJRWDPLHQWR SUHYLR GH ORV PHFDQLVPRV LQWUDSURFHVDOHV GH GHIHQVD
$VLPLVPR HQ HO FRQWH[WR GH ODV GRV VHQWHQFLDV DQWHULRUHV \ FRPR XQ HQWHQGLPLHQWR
VLVWHPDWL]DGRUOD6&5VHxDOyTXHSDUDODWXWHODGHO'HELGR3URFHVRDWUDYpV
GHOHQWRQFHVUHFXUVRGHKiEHDVFRUSXVGHEtDQFRQFXUULUORVVLJXLHQWHVUHTXLVLWRVD /RV
DFWRVXRPLVLRQHVGHQXQFLDGRVGHEtDQHVWDUYLQFXODGRVFRQODOLEHUWDG\VHUFDXVDGLUHFWD
SDUDVXVXSUHVLyQROLPLWDFLyQ\E GHEtDQDJRWDUVHORVPHFDQLVPRVLQWUDSURFHVDOHVGH
GHIHQVD VDOYR DEVROXWR HVWDGR GH LQGHIHQVLyQ (VWH FULWHULR IXH PRGXODGR
SRVWHULRUPHQWH D WUDYpV GH OD 6&  TXH HVWDEOHFH OR VLJXLHQWH
QLFDPHQWH
FXDQGR VH WUDWD GH PDWHULD SHQDO OD DFFLyQ GH OLEHUWDG HV HO PHGLR LGyQHR HILFD] \
HILFLHQWHSDUDUHVWDEOHFHUHOGHELGRSURFHVRHQWRGRVVXVHOHPHQWRV
HQHVWHPDUFR\GH

W


dW^:d


DFXHUGRDHVWHHQWHQGLPLHQWRSDUDHOSURFHVDPLHQWRLQGHELGR\VXWXWHODDWUDYpVGHOD
DFFLyQGHOLEHUWDGQRHVQHFHVDULRTXHHODFWRXRPLVLyQGHQXQFLDGRVFRPROHVLYRVVHDQOD
FDXVDGLUHFWDGHODVXSUHVLyQRUHVWULFFLyQDOGHUHFKRDODOLEHUWDGVLQRTXHHODFWRX
RPLVLyQDFXVDGDGHYXOQHUDWRULDSXHGHVHUODFDXVDGLUHFWDRLQGLUHFWDGHODUHVWULFFLyQ
RVXSUHVLyQDOGHUHFKRDODOLEHUWDG(VWHFULWHULRVHFRQILJXUDFRPRHOHVWiQGDUPiVDOWR
SDUDODOtQHDGHOSURFHVDPLHQWRLQGHELGR\VXWXWHODDWUDYpVGHODDFFLyQGHOLEHUWDG
6LQHPEDUJRDXQTXHSRVWHULRUPHQWHOD6&3UHFRQGXMRODOtQHDDOFULWHULR
UHVWULFWLYR HV GHFLU D OD H[LJHQFLD GH OD GLUHFWD FDXVDOLGDG HQWUH HO DFWR X RPLVLyQ
GHQXQFLDGRV FRPR OHVLYRV \ OD OLEHUWDG VLJXLHQGR OD GRFWULQD GHO HVWiQGDU
MXULVSUXGHQFLDOPiVDOWRHOSUHFHGHQWHYLQFXODQWHHVHOSODVPDGRHQOD6&3
(QHVWHPDUFRDOQRVHUQHFHVDULDODH[LJHQFLDGHODGLUHFWDFDXVDOLGDGHQORVVLJXLHQWHV
DSDUWDGRV VH SUHFLVDUiQ ORV VXSXHVWRV HQ ORV FXDOHV HV H[LJLEOH OD VXEVLGLDULHGDG
H[FHSFLRQDOGHODDFFLyQGHOLEHUWDG\DTXHOORVFDVRVHQORVFXDOHVODDFFLyQGHOLEHUWDG
GHEHVHUDFWLYDGDGHPDQHUDGLUHFWD


(Q HVWH SXQWR \ WDO FRPR VH VHxDOy SUHFHGHQWHPHQWH VH DQDOL]DUiQ ORV
VXSXHVWRVHQORVFXDOHVSDUDODWXWHODDWUDYpVGHODDFFLyQGHOLEHUWDGGHOSURFHVDPLHQWR
LQGHELGRHVH[LJLEOHHOSULQFLSLRGHVXEVLGLDULHGDGH[FHSFLRQDO


'HQXQFLDVGHDSUHKHQVLRQHVLOHJDOHV\RWUDVTXHGHEHQVHUUHDOL]DGDVDQWHODR
HO-XH]TXHHMHUFHFRQWUROMXULVGLFFLRQDOGHODFDXVD(O7ULEXQDO&RQVWLWXFLRQDODVtFRPR
HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO  HQ OD OtQHD MXULVSUXGHQFLDO VREUH
VXEVLGLDULHGDG H[FHSFLRQDO GH OD DFFLyQ GH OLEHUWDG HQ FDVRV GH DSUHKHQVLRQHV
VXSXHVWDPHQWHLOHJDOHVWDQWRMXGLFLDOHVFRPRILVFDOHV\RWUDVGHQXQFLDVUHDOL]DGDVHQ
HWDSDSUHSDUDWRULDHVWDEOHFHORVVLJXLHQWH

L 'H DFXHUGR D ODV 66&&  \ 5 ODV DSUHKHQVLRQHV GHEHQ VHU
LPSXJQDGDVDQWHHOMXH]FDXWHODU$VXYH]HVWDDXWRULGDGMXULVGLFFLRQDOWLHQHDVXFDUJR
HOFRQWUROGHODOHJDOLGDGIRUPDO\PDWHULDOGHODDSUHKHQVLyQHQWHQGLPLHQWRDVXPLGR
SRUOD6&3TXHVHFRQILJXUDFRPRXQDSULPHUDVHQWHQFLDFRQILUPDGRUDGH
OtQHD$GHPiVHQHOFRQWH[WRGHODVVHQWHQFLDVDQRWDGDVOD6&5VHxDOyTXH
ODRHOMXH]FDXWHODUGHEHD 9HULILFDUODOHJDOLGDGIRUPDO\PDWHULDOGHODDSUHKHQVLyQ
\E /DOHJDOLGDGPDWHULDOGHODDSUHKHQVLyQ$GHPiVOD6&3VHxDOyTXHHO
FRQWURO GH OHJDOLGDG GH OD DSUHKHQVLyQ D VHU HMHUFLGR SRU OD DXWRULGDG HQFDUJDGD GHO
FRQWUROMXULVGLFFLRQDOGHEtDVHUUHDOL]DGRLQFOXVRGHRILFLR

LL /D6&5VHxDOyH[SUHVDPHQWHTXHVHSRGtDDFXGLUGLUHFWDPHQWHDODMXVWLFLD
FRQVWLWXFLRQDOFXDQGRQRH[LVWLHUDGHQXQFLDLQYHVWLJDFLyQDELHUWDQLIODJUDQFLDHPSHUR
OD 6& 5 VLVWHPDWL]y ODV VXEUHJODV SDUD OD DSOLFDFLyQ GH OD VXEVLGLDULHGDG
H[FHSFLRQDOGHODDFFLyQGHOLEHUWDGVHxDODQGRH[SUHVDPHQWHHQFXDQWRDODVVXSXHVWDV
DSUHKHQVLRQHV LOHJDOHV TXH VL D~Q QR H[LVWtD DYLVR GHO LQLFLR GH OD LQYHVWLJDFLyQ ODV
PLVPDVGHEtDQVHUGHQXQFLDGDVDQWHHOMXH]FDXWHODUGHWXUQR\HQFDVRGHKDEHUVHGDGR
HODYLVRFRUUHVSRQGLHQWHGHEtDDFXGLUVHDQWHODDXWRULGDGMXGLFLDODFDUJRGHOFRQWUROGH
OD LQYHVWLJDFLyQ 3RVWHULRUPHQWH OD 6&3  PXWy HO HQWHQGLPLHQWR DQWHV
UHIHULGR FRQWHQLGR HQ OD 6& 5 \ VRVWXYR TXH VL QR H[LVWH LQLFLR GH
LQYHVWLJDFLyQ\WDPSRFRSUHVXQWDFRPLVLyQGHGHOLWRDOJXQRFRUUHVSRQGHUiDODMXVWLFLD
FRQVWLWXFLRQDO FRQRFHU GLUHFWDPHQWH \ UHVROYHU OD DFFLyQ GH OLEHUWDG TXH DFXVH XQD
SUHVXQWDLQGHELGDSULYDFLyQGHOLEHUWDG

LLL 6REUHODEDVHGHOD6&3OD6&3HVWDEOHFLyTXHHQORVVXSXHVWRV
HQTXHODVSHUVRQDVSULYDGDVGHOLEHUWDGHQYLUWXGDXQPDQGDPLHQWRGHDSUHKHQVLyQ
SODQWHHQ DFFLRQHV GH OLEHUWDG DOHJDQGR QR VHU OD SHUVRQD D OD FXDO VH GLULJH HO
PDQGDPLHQWRFRUUHVSRQGHGLIHUHQFLDUGRVVXSXHVWRV &XDQGRODDXWRULGDGMXGLFLDO
FRPSHWHQWHVHHQFXHQWUDSOHQDPHQWHLGHQWLILFDGD\SRUODVFLUFXQVWDQFLDVFRQFUHWDVGHO
DVXQWRVHFRQVWLWX\DHQXQUHFXUVRLGyQHR\DGHFXDGRHQFX\RFDVRFRUUHVSRQGHDSOLFDU
OD VXEVLGLDULHGDG H[FHSFLRQDO GH OD DFFLyQ GH OLEHUWDG FRQIRUPH OD MXULVSUXGHQFLD

W


dW^:d
FRQWHQLGD HQ ODV 66&& 5 \ 5  (Q HO FDVR GH TXH HO MXH] R
WULEXQDOGHJDUDQWtDVFRQVWDWDFRQFHUWH]DTXHODDSUHKHQGLGDRDSUHKHQGLGRQRHVOD
SHUVRQDHQFRQWUDGHODFXDOVHOLEUyPDQGDPLHQWRGHDSUHKHQVLyQRTXHSRUGLIHUHQWHV
LUUHJXODULGDGHVSURFHGLPHQWDOHVQRHVLGHQWLILFDEOHHOyUJDQRGHFRQWUROMXULVGLFFLRQDO
FRPSHWHQWH\ODPLVPDVHHQFXHQWUDDSXQWRGHVHUWUDVODGDGDHTXLYRFDGDPHQWHDRWUR
GHSDUWDPHQWRSUHVXPLpQGRVHTXHVHOHSURGXFLUiQGLYHUVRVSHUMXLFLRVDODPLVPD

LY 3RVWHULRUPHQWHOD6&PRGXOyHOFRQWHQLGRGHOD6&3DOVHxDODU
TXH HV SRVLEOH OD SUHVHQWDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG SUHVFLQGLHQGR GH OD
VXEVLGLDULHGDG H[FHSFLRQDO FXDQGR D  /D VXSXHVWD OHVLyQR DPHQD]D DO GHUHFKR D OD
OLEHUWDGItVLFDRSHUVRQDOQRHVWpYLQFXODGDDXQGHOLWRyE &XDQGRH[LVWLHQGRGLFKD
YLQFXODFLyQQRVHKDLQIRUPDGRDOMXH]FDXWHODUVREUHHOLQLFLRGHODVLQYHVWLJDFLRQHV
QRREVWDQWHKDEHUWUDQVFXUULGRORVSOD]RVHVWDEOHFLGRVSDUDHO HIHFWRHQHO&yGLJRGH
SURFHGLPLHQWR SHQDO QR VLHQGR H[LJLEOH HQ QLQJXQR GH ORV GRV VXSXHVWRV DQRWDGRV
DFXGLUDQWHHOMXH]FDXWHODUGHWXUQRFRQFDUiFWHUSUHYLR

Y (Q FXDQWR D OD UHVROXFLyQ TXH SURQXQFLD HO MXH] FDXWHODU FXDQGR HMHUFH HO FRQWURO
IRUPDO\PDWHULDOGHODOHJDOLGDGGHODDSUHKHQVLyQODV66&&5\
5 HQWUH RWUDV HVWDEOHFLHURQ TXHXQD YH] LPSXJQDGDOD VXSXHVWD DSUHKHQVLyQ ILVFDO R
SROLFLDO DQWH HO MXH] FDXWHODU VH SRGtD SUHVHQWDU GLUHFWDPHQWH HO UHFXUVR GH KiEHDV
FRUSXVQRVLHQGRQHFHVDULRLQWHUSRQHUHOUHFXUVRGHDSHODFLyQFRQWUDODGHFLVLyQGHOD
DXWRULGDG MXGLFLDO /XHJR OD 6& 5 VLQ FDPELDU GH PDQHUD H[SUHVD ORV
DQWHULRUHVSUHFHGHQWHVVRVWXYRTXHODUHVROXFLyQSURQXQFLDGDSRUODDXWRULGDGMXGLFLDO
GHEtD VHU LPSXJQDGD D WUDYpV GHO UHFXUVR GH DSHODFLyQ LQFLGHQWDO \ QR DFXGLU
GLUHFWDPHQWH DQWH OD MXULVGLFFLyQ FRQVWLWXFLRQDO SRVWHULRUPHQWH OD 6& 5
UHWRPDQGR HO FULWHULR DQWHULRU VRVWXYR TXH QR HV H[LJLEOH SDUD DFWLYDU OD MXVWLFLD
FRQVWLWXFLRQDOXWLOL]DUHOUHFXUVRGHDSHODFLyQSUHYLVWRHQHODUWGHO&33FRQWUDOD
UHVROXFLyQTXHGHFODUyODOHJDOLGDGRLOHJDOLGDGGHODDSUHKHQVLyQVDOYRTXHHOLPSXWDGR
KXELHUHIRUPXODGRHOPLVPRVXSXHVWRHQHOFXDO
QRVHDFWLYDODMXVWLFLDFRQVWLWXFLRQDO
PLHQWUDVODDSHODFLyQGHGLFKDGHWHUPLQDFLyQHVWpSHQGLHQWHHVWRFRQODILQDOLGDGGHQR
JHQHUDU GRV IDOORV TXH SXHGHQ VHU FRQWUDGLFWRULRV VREUH XQD PLVPD WHPiWLFD

)LQDOPHQWH OD 6&3  HVWDEOHFLy TXH QR HV QHFHVDULR DFWLYDU OD DSHODFLyQ
LQFLGHQWDO FRQWUD OD UHVROXFLyQ GH OD DXWRULGDG MXGLFLDO FXDQGR LQFXPSOH VX GHEHU GH
UHDOL]DUFRQWUROGHOHJDOLGDGSXGLHQGRHQHVWHVXSXHVWRDFWLYDUVHGHPDQHUDGLUHFWDOD
DFFLyQGHOLEHUWDG

9L)LQDOPHQWHDOPDUJHQGHOFDVRHVSHFtILFRGHODVDSUHKHQVLRQHVHVLPSRUWDQWHVHxDODU
TXHHO7ULEXQDO&RQVWLWXFLRQDOWDOFRPR\DVHVHxDOyDWUDYpVGHOD6&5
VHQWyODOtQHDVREUHODVXEVLGLDULHGDGH[FHSFLRQDOGHODDKRUDDFFLyQGHOLEHUWDGHQHVH
PDUFRVHWLHQHTXHWRGDGHQXQFLDTXHVHDUHDOL]DGDHQHWDSDSUHSDUDWRULDRHQFXDOTXLHU
RWUDGHOSURFHVRSHQDOGHEHFRQFDUiFWHUSUHYLRVHUGHQXQFLDGDDQWHODDXWRULGDGTXH
HMHUFHFRQWUROMXULVGLFFLRQDOGHODFDXVDQRSXGLHQGRHQHVWRVFDVRVDFWLYDUVHODDFFLyQ
GH OLEHUWDG GH PDQHUD GLUHFWD FULWHULRV DVXPLGRV SRU ODV 66&& 5 \
5HQWUHPXFKDVRWUDV



$SHODFLyQ GHO LQFLGHQWH SRU DFWLYLGDG SURFHVDO GHIHFWXRVD(O
7ULEXQDO&RQVWLWXFLRQDOHQOD6&5IXQGyODOtQHDVREUHODVXEVLGLDULHGDG
H[FHSFLRQDO GHO HQWRQFHV UHFXUVR GH KiEHDV FRUSXV DKRUD DFFLyQ GH OLEHUWDG
HVWDEOHFLHQGRTXHHQORVVXSXHVWRVHQORVTXHH[LVWDQPHGLRVLGyQHRVSDUDUHSDUDUGH
PDQHUDXUJHQWHSURQWD\HILFD]HOGHUHFKRDODOLEHUWDGItVLFDLOHJDOPHQWHUHVWULQJLGR
ORVPLVPRVGHEHQVHUXWLOL]DGRVDQWHVGHDFXGLUDODMXVWLFLDFRQVWLWXFLRQDODWUDYpVGHOD
DFFLyQ GH OLEHUWDG  /D 6& 5 HQ HO PDUFR GH GLFKD OtQHD MXULVSUXGHQFLDO
VHxDOy TXH HQ OD HWDSD SUHSDUDWRULD GHO SURFHVR SHQDO HV HO MXH] FDXWHODU TXLHQ GHEH
FRQRFHUODVVXSXHVWDVOHVLRQHVDGHUHFKRV\JDUDQWtDVTXHSXGLHUDQWHQHURULJHQHQORV
yUJDQRV HQFDUJDGRV GH OD SHUVHFXFLyQ SHQDO QR UHVXOWDQGR FRPSDWLEOH DFWLYDU
GLUHFWDPHQWH R GH PDQHUD VLPXOWiQHD OD MXVWLFLD FRQVWLWXFLRQDO  (Q HO PDUFR GH OD

W


dW^:d


&RQVWLWXFLyQYLJHQWHDSDUWLUGHOD6&5UDWLILFyORVHQWHQGLPLHQWRV
DQWHVDQRWDGRVVHxDODQGRH[SUHVDPHQWHTXHHQFDVRGHH[LVWLUQRUPDH[SUHVDTXHSUHYHD
PHFDQLVPRV LQWUDSURFHVDOHV HIHFWLYRV \ RSRUWXQRV GH GHIHQVD GHEHQ VHU XWLOL]DGRV
SUHYLDPHQWH DQWHV GH DFWLYDU OD WXWHOD TXH EULQGD OD DFFLyQ GH OLEHUWDG /XHJR OD 6&
5IXHSURQXQFLDGDGHQWURGHXQDDFFLyQGHDPSDURFRQVWLWXFLRQDO\HQHOOD
VH HVWDEOHFLy TXH ODV UHVROXFLRQHV SURQXQFLDGDV HQ LQFLGHQWHV GH DFWLYLGDG SURFHVDO
GHIHFWXRVDSXHGHQVHUDSHODGDVLQFLGHQWDOPHQWHGXUDQWHODHWDSDSUHSDUDWRULDRDWUDYpV
GHODDSHODFLyQUHVWULQJLGDHQHOMXLFLRRUDO3RVWHULRUPHQWHHQHOFRQWH[WRGHODV6&
5\5OD6&5HQXQDDFFLyQGHOLEHUWDGH[LJLyHO
UHTXLVLWRGHODDSHODFLyQLQFLGHQWDOFRQWUDLQFLGHQWHVSRUDFWLYLGDGSURFHVDOGHIHFWXRVD
FRPRFRQGLFLyQSUHYLDSDUDDFWLYDUHVWHPHFDQLVPRGHGHIHQVD(QHOFRQWH[WRH[SXHVWR
VH WLHQH TXH OD SULPHUD VHQWHQFLD FRQILUPDGRUD GHO SUHFHGHQWH SODVPDGR HQ OD 6&
5HVOD6&3


$SHODFLyQ GH PHGLGDV FDXWHODUHV GH FDUiFWHU SHUVRQDO(O 7ULEXQDO
&RQVWLWXFLRQDOHQOD6&5IXQGyODOtQHDVREUHODVXEVLGLDULHGDGH[FHSFLRQDO
GH OD DFFLyQ GH OLEHUWDG HVWDEOHFLHQGR TXH HQ ORV VXSXHVWRV HQ ORV H[LVWDQ PHGLRV
LGyQHRVSDUDUHSDUDUGHPDQHUDXUJHQWHSURQWD\HILFD]GHOGHUHFKRDODOLEHUWDGItVLFD
LOHJDOPHQWH UHVWULQJLGR ORV PLVPRV GHEHQ VHU XWLOL]DGRV DQWHV GH DFXGLU D OD MXVWLFLD
FRQVWLWXFLRQDODWUDYpVGHODDFFLyQGHOLEHUWDG/D6&5HQHOPDUFRGHOD
&RQVWLWXFLyQ YLJHQWH VLVWHPDWL]y ORV VXSXHVWRV GH VXEVLGLDULHGDG H[FHSFLRQDO GH OD
DFFLyQGHOLEHUWDGVLHQGRXQRGHORVVXSXHVWRVODVUHVROXFLRQHVGHPHGLGDVFDXWHODUHV
TXHSXHGHQVHULPSXJQDGDVDWUDYpVGHODDSHODFLyQLQFLGHQWDO/D5HQXQ
FDVR VLPLODU H[LJLy OD DSHODFLyQ LQFLGHQWDO FRQWUD XQD UHVROXFLyQ GH FHVDFLyQ GH OD
GHWHQFLyQSUHYHQWLYDHQIRUPDSUHYLDDODSUHVHQWDFLyQGHODDFFLyQGHOLEHUWDG(QHO
FRQWH[WR DQWHV SUHFLVDGR OD 6&3  VH FRQVWLWX\H HQ OD SULPHUD VHQWHQFLD
FRQILUPDGRUDGHHVWHHQWHQGLPLHQWRTXHGHPDQHUDXQLIRUPHKDPDQWHQLGR


(QHVWHDFiSLWHVHGHVDUUROODUiQORVVXSXHVWRVGHSUHVHQWDFLyQGLUHFWDGHOD
DFFLyQGHOLEHUWDGTXHSXHGHQVHUUHVXPLGRVGHODVLJXLHQWHPDQHUD


$FWLYDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGSRUDEVROXWRHVWDGRGHLQGHIHQVLyQ

(ODEVROXWRHVWDGRGHLQGHIHQVLyQHVXQSUHVXSXHVWRH[LJLGRSRUODMXULVSUXGHQFLDSDUD
TXHVHDFWLYHODDFFLyQGHOLEHUWDGGHPDQHUDGLUHFWDHQHVHPDUFROD6&5
HVWDEOHFLyTXHDQWHVGHDFXGLUDODMXULVGLFFLyQFRQVWLWXFLRQDOGHEtDSHGLUVHODUHSDUDFLyQ
DOGHUHFKRDOGHELGRSURFHVRHQVHGHMXULVGLFFLRQDORUGLQDULDDWUDYpVGHORVPHGLRVGH
LPSXJQDFLyQHVWDEOHFLGRVSRUODOH\VDOYRHODEVROXWRHVWDGRGHLQGHIHQVLyQFULWHULR
VLVWHPDWL]DGRSRUOD6&5DVtHQFDVRVFRQFUHWRVHQORVFXDOHVHO7ULEXQDO
&RQVWLWXFLRQDOYHULILFyHVWHSUHVXSXHVWRLQJUHVyDODQiOLVLVGHIRQGRGHODSUREOHPiWLFD
DVtORKL]RSRUHMHPSORDWUDYpVGHOD6&5FDVRHQHOFXDOHOQRDJRWDPLHQWR
GH ORV PHFDQLVPRV SHQDOHV GH LPSXJQDFLyQ FRPR FRQVHFXHQFLD GH OD QHJOLJHQFLD H
LQFXPSOLPLHQWRGHORVUROHVGHOGHIHQVRUGHRILFLRRFDVLRQyODHPLVLyQGHXQDVHQWHQFLD
FRQGHQDWRULD FRQ DSDUHQWH FDOLGDG GH FRVD MXJDGD HPHUJHQWH GH XQ SURFHVDPLHQWR
LQGHELGRSRUORTXHHOPi[LPRFRQWUDORUGHGHUHFKRVIXQGDPHQWDOHVVLQODH[LJHQFLDGH
ODVXEVLGLDULHGDGH[FHSFLRQDOLQJUHVyDODQiOLVLVGHIRQGR\UHYRFyODGHFODUDWRULDGH
LPSURFHGHQFLDGHO7ULEXQDOGH*DUDQWtDV\DWUDYpVGHOKiEHDVFRUSXVFRQFHGLyODWXWHOD
DQXODQGRREUDGRVKDVWDODDXGLHQFLDGHDSHUWXUDGHGHEDWHVLQFOXVLYH(VWHFULWHULRIXH
DGHPiVDVXPLGRSRUOD6&5

3RUVXSDUWHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHQOD6&3HVWDEOHFLy
TXHODGHFODUDFLyQGHODRHOLPSXWDGRTXHFRQWHQJDXQDFRQIHVLyQGHOGHOLWRREWHQLGD
LOHJDOPHQWHVLQODSUHVHQFLDGHVXDERJDGRGHIHQVRUHVXQVXSXHVWRGHSURFHVDPLHQWR
LQGHELGRSRUORTXHSURFHGHODDFWLYDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGHQPpULWRDO
DEVROXWRHVWDGRGHLQGHIHQVLyQ


W


dW^:d

$FWLYDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGHQFDVRVGHQRHVWDUYLQFXODGRHO
KHFKR D GHOLWRV R FXDQGR QR H[LVWH DXWRULGDG TXH HMHU]D FRQWURO MXULVGLFFLRQDO GH OD
FDXVD(VWDOtQHDGHEHVHUHQWHQGLGDGHODVLJXLHQWHPDQHUD

L/D6&PRGXODOD6&5TXHHVWDEOHFLyFRPRSULPHUVXSXHVWRGH
VXEVLGLDULHGDGHOVLJXLHQWH
6LDQWHVGHH[LVWLULPSXWDFLyQIRUPDOWDQWROD3ROLFtDFRPR
OD)LVFDOtDFRPHWLHURQDUELWUDULHGDGHVUHODFLRQDGDVDOGHUHFKRDODOLEHUWDGItVLFDRGH
ORFRPRFLyQ \ WRGDYtD QR H[LVWH DYLVR GHO LQLFLRGH OD LQYHVWLJDFLyQ FRUUHVSRQGH VHU
GHQXQFLDGDV DQWH HO -XH] &DXWHODU GH WXUQR
  6LQ HPEDUJR GHEH FRQVLGHUDUVH TXH HO
SUHFHGHQWHFRQWHQLGRHQOD6&\DIXHHVWDEOHFLGRHQOD6&5HQ
ODTXHVHVRVWXYRTXHVHSRGtDDFXGLUGLUHFWDPHQWHDODMXVWLFLDFRQVWLWXFLRQDOFXDQGRQR
H[LVWLHUDGHQXQFLDLQYHVWLJDFLyQDELHUWDQLIODJUDQFLD

LL3RVWHULRUPHQWHOD6&PRGXOyHOFRQWHQLGRGHOD6&3DOVHxDODU
TXH HV SRVLEOH OD SUHVHQWDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG SUHVFLQGLHQGR GH OD
VXEVLGLDULHGDG H[FHSFLRQDO FXDQGR D  /D VXSXHVWD OHVLyQR DPHQD]D DO GHUHFKR D OD
OLEHUWDGItVLFDRSHUVRQDOQRHVWpYLQFXODGDDXQGHOLWRyE &XDQGRH[LVWLHQGRGLFKD
YLQFXODFLyQQRVHKDLQIRUPDGRDOMXH]FDXWHODUVREUHHOLQLFLRGHODVLQYHVWLJDFLRQHV
QRREVWDQWHKDEHUWUDQVFXUULGRORVSOD]RVHVWDEOHFLGRVSDUDHO HIHFWRHQHO&yGLJRGH
SURFHGLPLHQWR SHQDO QR VLHQGR H[LJLEOH HQ QLQJXQR GH ORV GRV VXSXHVWRV DQRWDGRV
DFXGLUDQWHHOMXH]FDXWHODUGHWXUQRFRQFDUiFWHUSUHYLR


$FWLYDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGHQUHODFLyQDOUHVJXDUGRGHOGHUHFKR
DODYLGD

(O7ULEXQDO&RQVWLWXFLRQDOHQHOPDUFRGHOD&RQVWLWXFLyQDSUREDGDHQHVWDEOHFLy
HQOD6&5TXHHQUHODFLyQDODWXWHODDOGHUHFKRDODYLGDDWUDYpVGHODDFFLyQ
GHOLEHUWDGQRHUDDSOLFDEOHHOSULQFLSLRGHVXEVLGLDULHGDGFULWHULRWDPELpQDVXPLGRSRU
ODV 66&& 5 \  HQWUH RWUDV \ UDWLILFDGR SRU HO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOHQSDUWLFXODUHQOD6&3ODFXDOHQHO)-,,,
GHPDQHUDH[SUHVDVHxDODTXHEDMRQLQJXQDFLUFXQVWDQFLDHVDSOLFDEOHODVXEVLGLDULHGDG
GHODDFFLyQGHOLEHUWDGFXDQGRVHGHQXQFLDYLRODFLyQGHOGHUHFKRDODYLGD


$FWLYDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG HQ UHVROXFLRQHV GH PHGLGDV
FDXWHODUHVGHFDUiFWHUSHUVRQDOHPLWLGDVHQ3URYLQFLDV(VWDOtQHDGHEHVHUHQWHQGLGDGH
ODVLJXLHQWHIRUPD

L
(O7ULEXQDO&RQVWLWXFLRQDODWUDYpVGHOD6&5IXQGyODOtQHDVREUH
ODVXEVLGLDULHGDGH[FHSFLRQDOGHODDFFLyQGHOLEHUWDGHVWDEOHFLHQGRTXHHQORVVXSXHVWRV
HQ ORV H[LVWDQ PHGLRV LGyQHRV SDUD UHSDUDU GH PDQHUD XUJHQWH SURQWD \ HILFD] GHO
GHUHFKRDODOLEHUWDGItVLFDLOHJDOPHQWHUHVWULQJLGRORVPLVPRVGHEHQVHUXWLOL]DGRVDQWHV
GHDFXGLUDODMXVWLFLDFRQVWLWXFLRQDODWUDYpVGHODDFFLyQGHOLEHUWDG

LL
$ WUDYpV GH OD 6& 5 VH HVWDEOHFLy TXH HQ SURYLQFLDV SDUD QR
GHVQDWXUDOL]DU HVWH PHFDQLVPR WXWHODU SRGtD DFWLYDUVH GLUHFWDPHQWH HO KiEHDV FRUSXV
FRQWUDPHGLGDVFDXWHODUHVVLQQHFHVLGDGGHDFWLYDUODDSHODFLyQLQFLGHQWDO

LLL
3RVWHULRUPHQWH \ GH PDQHUD UHVWULFWLYD OD 6& 5 PXWy HO
HQWHQGLPLHQWRSODVPDGRHQOD6&5HVWDEOHFLHQGRTXHQRHUDDGPLVLEOHOD
SUHVHQWDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGHQSURYLQFLDVSXHVHVWR
SURYRFDUtDXQFDRV
MXUtGLFR \ XQD VREUHFDUJD SURFHVDO LQPRWLYDGD TXH SRGUtD SURGXFLU GHPRUDV HQ OD
GLQiPLFD\UHVXOWDUtDLQFRPSDWLEOHFRQODVGLUHFWULFHVGHFHOHULGDGTXHHPDQDQGHORV
DUWV\GHOD&3(DGHPiVUHSHUFXWLUiQHJDWLYDPHQWHHQODSHUVHFXFLyQSHQDO


LY
/D  6&3  UHFRQGXFH HO FULWHULR MXULVSUXGHQFLDO DO UD]RQDPLHQWR
SODVPDGR HQ OD 6& 5 SRU WDQWR HQ SURYLQFLDV QR HV H[LJLEOH OD

W


dW^:d


VXEVLGLDULHGDG H[FHSFLRQDO GH OD DFFLyQ GH OLEHUWDG FXDQGR ORV PHFDQLVPRV LQWUD
SURFHVDOHVGHLPSXJQDFLyQQRVHDQRSRUWXQRVQLHILFDFHVHQUD]yQDGLVWDQFLD\WLHPSR


$FWLYDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGFXDQGRHOPHGLRGHGHIHQVDQRHV
LGyQHRRHVLQHILFD]


(QFDVRGHDFWLYDFLyQSDUDOHODGHMXULVGLFFLRQHV(O7ULEXQDO&RQVWLWXFLRQDO
3OXULQDFLRQDODWUDYpVGHOD6&3TXHHVXQDVHQWHQFLDIXQGDGRUDVHxDOyTXH
H[FHSFLRQDOPHQWHODMXULVGLFFLyQFRQVWLWXFLRQDOSRGUiLQJUHVDUDODQiOLVLVGHIRQGRGHOD
DFFLyQGHOLEHUWDGHQORVFDVRVGHDFWLYDFLyQSDUDOHODGHODMXULVGLFFLyQRUGLQDULD\OD
FRQVWLWXFLRQDOFXDQGRFRQVWDWHTXHODYtDMXGLFLDOVHWRUQDLQHILFD]GHDFXHUGRFRQORV
DQWHFHGHQWHVGHOFDVRFRQFUHWR


(Q FDVR GHO UHFXUVR GH UHSRVLFLyQ (VWD OtQHD MXULVSUXGHQFLDO GHEH VHU
HQWHQGLGDGHODVLJXLHQWHPDQHUD

L/DOtQHDMXULVSUXGHQFLDOVREUHODVXEVLGLDULHGDGH[FHSFLRQDOGHODDFFLyQGHOLEHUWDG
YLQFXODGDDODUHSRVLFLyQIXHVLVWHPDWL]DGDHQOD6&35HQODTXHDOKDFHU
UHIHUHQFLD D ODV FLUFXQVWDQFLDV HQ ODV TXH  SRU HO GDxR LQPLQHQWH H LUUHSDUDEOH QR HV
SRVLEOH DSOLFDU OD VXEVLGLDULHGDG H[FHSFLRQDO \ SRU WDQWR FRUUHVSRQGH LQJUHVDU DO
DQiOLVLVGHIRQGRH[SUHVDPHQWHFRQWHPSOyDORVVXSXHVWRVHQTXHH[LVWHSULYDFLyQGH
OLEHUWDG \ HYLGHQWH QHJOLJHQFLD R GLODFLyQ SRU SDUWH GH ODV DXWRULGDGHV TXH ULJHQ OD
DFWLYLGDGSURFHVDOSHQDOSRUHMHPSORVLILMDQDXGLHQFLDVGHFRQVLGHUDFLyQFRQSOD]RV
QR UD]RQDEOHV OD LQMXVWLILFDGD VXVSHQVLyQ HQWUH RWUDV FLUFXQVWDQFLDV DxDGLHQGR
SRVWHULRUPHQWH TXH VL ELHQ HQ HVWRV FDVRV GH HYLGHQWH GLODFLyQ VH DFWLYD
LQPHGLDWDPHQWH HVWD DFFLyQ WXWHODU SDUD LPSXJQDU HVD DFWLWXG OHVLYD D OD OLEHUWDG SRU
SDUWHGHODDXWRULGDGMXULVGLFFLRQDOTXHSURORQJDODSULYDFLyQGHOLEHUWDGQRREVWDQWH\
VLQTXHVHDH[LJLEOHSRUORH[SOLFDGRSUHFHGHQWHPHQWH\GDGDODQDWXUDOH]DQRVXEVLGLDULD
GHHVWDDFFLyQHODJUDYLDGRGHEHWHQHUHQFXHQWDTXHODQRUPDDGMHWLYDSHQDOOHGDOD
IDFXOWDGGHLQWHUSRQHUUHFXUVRGHUHSRVLFLyQSDUDLPSXJQDUHQHVWHFDVRHOGHFUHWRGH
ILMDFLyQ R VXVSHQVLyQ GH DXGLHQFLD \ TXH SXHGH VHU DFWLYDGR RUDOPHQWH HQ HO DFWR \
UHVXHOWRGHLQPHGLDWRHQODPLVPDDXGLHQFLD\VLHVSRUHVFULWRSXHGHVHULQWHUSXHVWR
HQYHLQWLFXDWURKRUDV\UHVXHOWRHQLJXDOSOD]RGHWDOPDQHUDTXHHQODPLVPDLQVWDQFLD
VHUHHQFDXFHHOSURFHVR\VHUHVWDEOH]FDQVXVGHUHFKRV
3RUWDQWRDQWHHVWDVLWXDFLyQGLODWRULDSXHGHDFXGLUGLUHFWDPHQWHDODDFFLyQGHOLEHUWDG
R HQ VX GHIHFWR DQWHV GH LQWHUSRQHU HVWD DFFLyQ WXWHODU SXHGH IRUPXODU UHFXUVR GH
UHSRVLFLyQHPSHURORTXHQRHVWiSHUPLWLGRHVTXHHODJUDYLDGRLQFXPSOLHQGRVXGHEHU
GHDFWXDUFRQOHDOWDGSURFHVDOKDELHQGRDFWLYDGRHOUHFXUVRGHUHSRVLFLyQ\HVWDQGRHQ
WUiPLWH HO PLVPR HQ OD MXULVGLFFLyQ RUGLQDULD GH PDQHUD SDUDOHOD DFWLYH OD DFFLyQ GH
OLEHUWDGHQODMXULVGLFFLyQFRQVWLWXFLRQDOHQHVHFDVRQRHVSRVLEOHLQJUHVDUDODQiOLVLV
GHIRQGR(QWHQGLPLHQWRTXH\DIXHHVWDEOHFLGRHQOD6&5GHGHDEULO

LL/DV6&3V\VLJXLHQGRHOSUHFHGHQWHGHODV66&&5
\ 5 GHFODUDQ OD LPSURFHGHQFLD GH OD DFFLyQ GH OLEHUWDG SRU VXEVLGLDULHGDG
H[FHSFLRQDO

LLL /D 6&3  PXWD HO HQWHQGLPLHQWR H[SUHVDGR HQ ODV 6&3  \
TXHGHQHJDURQODWXWHODTXHEULQGDODDFFLyQGHOLEHUWDGSRUHVWDUSHQGLHQWH
GHUHVROXFLyQHOUHFXUVRGHUHSRVLFLyQ\VRVWLHQHHQIRUPDH[SUHVDTXHHOUHFXUVRGH
UHSRVLFLyQQRHVXQUHFXUVRUiSLGRLGyQHRHIHFWLYRSDUDTXHFRQODPD\RUFHOHULGDGVH
UHSDUH HQ HO PLVPR yUJDQR MXGLFLDO ODV DUELWUDULHGDGHV \R HUURUHV TXH VH KXELHVHQ
FRPHWLGR HQ GLFKD IDVH R HWDSD SURFHVDO HQ HVWH PDUFR UHDOL]DQGR XQ DQiOLVLV GH OD
SUiFWLFDMXGLFLDOFRQFOX\HTXH
GDGDODSUiFWLFDIRUHQVHHVWHVXSHUDORVWUHVGtDVHQVX
WUDPLWDFLyQ VL VH WRPD HQ FXHQWD TXH HO PLVPR GHEH LQJUHVDU D GHVSDFKR SDUD VX
FRQVLGHUDFLyQ \ SRVWHULRUPHQWH GHEH VHU QRWLILFDGR D ODV SDUWHV VLWXDFLyQ TXH HQ
GHILQLWLYD GHVQDWXUDOL]D HO SULQFLSLR GH FHOHULGDG \ HO GHUHFKR D XQD MXVWLFLD SURQWD

W


dW^:d
RSRUWXQD \ VLQ GLODFLRQHV
 (Q FRQVHFXHQFLD /D 6&3  DO HVWDEOHFHU TXH HO
UHFXUVRGHUHSRVLFLyQQRHVXQPHFDQLVPRLQWUDSURFHVDODVHUDFWLYDGRHQIRUPDSUHYLD
D OD SUHVHQWDFLyQGH OD DFFLyQ GH OLEHUWDG SRU QR UHXQLUOD FDUDFWHUtVWLFDV GH UDSLGH]
LGRQHLGDG\HILFDFLDFRQWLHQHXQUD]RQDPLHQWRFRQHOHVWiQGDUPiVDOWR


$FWLYDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG HQ FDVR GH QLxDV QLxRV \
DGROHVFHQWHV(VWDOtQHDGHEHVHUHQWHQGLGDGHODVLJXLHQWHPDQHUD

L
/DV 66&& 5 5 5 5 66&&33
 \ RWUDV SRVWHULRUHV HVWDEOHFHQ HO PDUFR JHQHUDO VREUH OD VXEVLGLDULHGDG
H[FHSFLRQDOGHODDFFLyQGHOLEHUWDG

LL/D6&5HVWDEOHFLyTXHODVXEVLGLDULHGDGH[FHSFLRQDO
QRHVDSOLFDEOHD
ORVVXSXHVWRVHQORVTXHPHQRUHVGHDxRVFRQVLGHUDGRVPHQRUHVLQIUDFWRUHVVHYHDQ
LQYROXFUDGRVHQODSUHVXQWDFRPLVLyQGHGHOLWRV
(VWHHQWHQGLPLHQWRHVFRQILUPDGRSRU
OD6&3TXHVHFRQILJXUDFRPRSULPHUDVHQWHQFLDFRQILUPDGRUDGHOtQHD

LLL (Q FXDQWR D ORV PHQRUHV LPSXWDEOHV FRPSUHQGLGRV HQWUH  \  DxRV OD 6&
5UHLWHUDGDHQWUHRWUDVSRUODV66&&5\5FRQFOX\y
TXHORVPHQRUHVLPSXWDEOHVGHEHQVHUSURFHVDGRVHQODMXULVGLFFLyQRUGLQDULDFX\DHWDSD
LQYHVWLJDWLYDHQFXDQWRDOUHVSHWRDORVGHUHFKRV\JDUDQWtDVSURFHVDOHVHVWiDFDUJRGHO
MXH]FDXWHODUVLQHPEDUJROD6&5UD]RQyHQVHQWLGRTXHQRHUDDSOLFDEOHOD
VXEVLGLDULHGDG H[FHSFLRQDO GH OD DFFLyQ GH OLEHUWDG D PHQRUHV LPSXWDEOHV GDGD OD
SURWHFFLyQHVSHFLDOGHO(VWDGRSRUVXFRQGLFLyQTXHORVFRORFDHQGHVYHQWDMDIUHQWHDO
UHVWR GH OD SREODFLyQ GHFLVLyQ TXH FRQWHPSOD HO HVWiQGDU PiV DOWR HQ FXDQWR D HVWD
WHPiWLFD

LY3RVWHULRUPHQWHOD6&3FRQFOX\HTXHODVSHUVRQDVPD\RUHVGHDxRV\
PHQRUHV D  FRQVLGHUDGRV FRPR LPSXWDEOHV SHQDOPHQWH Vt
GHEHQ FXPSOLU FRQ OD
H[FHSFLyQ GH OD VXEVLGLDULHGDG HV GHFLU DJRWDU ORV PHFDQLVPRV LQWUDSURFHVDOHV
IUDQTXHDGRV SRU OD OH\ SUHYLR D DFXGLU D OD MXULVGLFFLyQ FRQVWLWXFLRQDO
 \ DXQTXH VH
DFODUDTXHHVWHUD]RQDPLHQWRQRLPSOLFDXQFDPELRGHOtQHDUHVSHFWRDOD6&
5 HQ OD TXH VH HVWDEOHFLy TXH OD VXEVLGLDULHGDG H[FHSFLRQDO
QR HV DSOLFDEOH D ORV
VXSXHVWRV HQ ORVTXH PHQRUHV GH  DxRV FRQVLGHUDGRV PHQRUHV LQIUDFWRUHV VH YHDQ
LQYROXFUDGRVHQODSUHVXQWDFRPLVLyQGHGHOLWRV
HQUHDOLGDGHVXQDGHFLVLyQTXHLQDSOLFD
HO HVWiQGDU PiV DOWR FRQWHQLGR HQ OD 6& 5 $VLPLVPR OD 6&3 
HVWDEOHFH TXH HQ FDVR GH PHQRUHV LPSXWDEOHV GHEH FXPSOLUVH FRQ OD VXEVLGLDULHGDG
H[FHSFLRQDO GH OD DFFLyQ GH OLEHUWDG HV GHFLU GHEH DJRWDUVH ORV PHFDQLVPRV
LQWUDSURFHVDOHVIUDQTXHDGRVSRUODOH\SUHYLRDDFXGLUDODMXULVGLFFLyQFRQVWLWXFLRQDO
VHQWHQFLDTXHLQDSOLFDHOHVWiQGDUPiVDOWR\SRUWDQWRQRJHQHUDSUHFHGHQWHYLQFXODQWH

Y
/D 6&3  UHLWHUD HO HQWHQGLPLHQWR FRQWHQLGR HQ OD 6&  H
LPSOLFDXQDUHFRQGXFFLyQLPSOtFLWDDHVWHSUHFHGHQWHSRUORFXDOFRQVDJUDODDSOLFDFLyQ
GHOHVWiQGDUPiVDOWR

 $FWLYDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG HQ FDVR GH PXMHUHV HPEDUD]DGDV(O
7ULEXQDO &RQVWLWXFLRQDO HQ OD 6& 5 HVWDEOHFLy TXH SDUD HO UHVJXDUGR GHO
GHUHFKR D OD YLGD D WUDYpV GH OD DFFLyQ GH OLEHUWDG QR HV DSOLFDEOH OD VXEVLGLDULHGDG
H[FHSFLRQDOHQHVWHFRQWH[WRHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDODWUDYpVGHOD
6&3  GH PDQHUD H[SUHVD VHxDOy TXH HQ PHGLGDV FDXWHODUHV YLQFXODGDV D
PXMHUHVHPEDUD]DGDVDSHVDUGHH[LVWLUODDSHODFLyQLQFLGHQWDOHVWHPHFDQLVPRQRHV
H[LJLEOHHQHVWRVVXSXHVWRV\DTXHHQDWHQFLyQDODSURWHFFLyQSULRULWDULDTXHPHUHFHHVWH
VHFWRU GHEH IOH[LELOL]DUVH ODV UHJODV GH OD VXEVLGLDULHGDG H[FHSFLRQDO GH OD DFFLyQ GH
OLEHUWDG

 $FWLYDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG SRU YtDV GH KHFKR (O 7ULEXQDO

W


dW^:d


&RQVWLWXFLRQDO KD VHQWDGR XQD OtQHD MXULVSUXGHQFLDO VREUH OD H[FHSFLyQ D OD
VXEVLGLDULHGDG SRU YtDV GH KHFKR GHQWUR GH ODV DFFLRQHV GH DPSDUR FRQVWLWXFLRQDO
FRQWHQLGDHQODV66&&5UHLWHUDGDHQODV66&&56&
5 SRVWHULRUPHQWHOD6&3 (OUD]RQDPLHQWRFRQWHQLGRHQGLFKDV
VHQWHQFLDVVHDPSOtDDODVDFFLRQHVGHOLEHUWDG\GHDFXHUGRDOD6&3DWRGDV
ODV DFFLRQHV WXWHODUHV  (V HQ PpULWR D GLFKD DPSOLDFLyQ TXH OD 6&3  VH
FRQVWLWX\HHQXQDVHQWHQFLDPRGXODGRUDGHOtQHD


$FWLYDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGHQFRQWUDGHUHVROXFLRQHVHPLWLGDV
SRUODRHOMXH]FDXWHODUHQFXDQWRDOFRQWUROGHOHJDOLGDGGHODDSUHKHQVLyQ(VWDOtQHD
GHEHVHUHQWHQGLGDGHODVLJXLHQWHPDQHUD

L(O7ULEXQDO&RQVWLWXFLRQDODWUDYpVGHODV66&&5\5VHxDOyGH
PDQHUDH[SUHVDTXHXQDYH]LPSXJQDGDODVXSXHVWDDSUHKHQVLyQILVFDORSROLFLDODQWHHO
MXH]FDXWHODUVHSRGtDSUHVHQWDUGLUHFWDPHQWHHOUHFXUVRGHKiEHDVFRUSXVQRVLHQGR
QHFHVDULRLQWHUSRQHUHOUHFXUVRGHDSHODFLyQFRQWUDODGHFLVLyQGHOMXH]

LL3RVWHULRUPHQWH OD 6& 5 VLQ FDPELDU GH PDQHUD H[SUHVD ORV DQWHULRUHV
SUHFHGHQWHV VRVWXYR TXH DQWH OD H[LVWHQFLD GH XQD UHVROXFLyQ MXGLFLDO GH GHWHQFLyQ
SUHYHQWLYDVHGHEtDHMHUFHUVXGHUHFKR\GHEHUSURFHVDOGHDSHODFLyQLQFLGHQWDO\QR
DFXGLUGLUHFWDPHQWHDQWHODMXULVGLFFLyQFRQVWLWXFLRQDO

LLL/XHJROD6&5UHWRPDQGRHOFULWHULRDQWHULRUVRVWXYRTXHQRHVH[LJLEOH
SDUDDFWLYDUODMXVWLFLDFRQVWLWXFLRQDOXWLOL]DUHOUHFXUVRGHDSHODFLyQSUHYLVWRHQHODUW
GHO&33
GDGRHOFDUiFWHUH[FHSFLRQDOPHQWHVXEVLGLDULRGHODUHIHULGDDFFLyQTXH
VyOR H[LJH HO DJRWDPLHQWR GH DTXHOORV UHFXUVRV H[SUHVDPHQWH SUHYLVWRV HQ HO
RUGHQDPLHQWR SURFHVDO SHQDO TXH VHDQ LGyQHRV SDUD OD SURWHFFLyQ GHO GHUHFKR D OD
OLEHUWDGItVLFDRSHUVRQDO(QHVHVHQWLGRGHEHFRQVLGHUDUVHTXHFRQWUDODUHVROXFLyQGHO
MXH]FDXWHODUTXHVHSURQXQFLHVREUHODDSUHKHQVLyQILVFDORSROLFLDOQRHVH[LJLEOHOD
LQWHUSRVLFLyQGHDOJ~QPHGLRGHLPSXJQDFLyQHVSHFtILFRSRUFXDQWRHODUWGHO&33
KDFH UHIHUHQFLD D OD DSHODFLyQ GH ODV UHVROXFLRQHV SURQXQFLDGDV SRU HO MXH] TXH
GLVSRQJDQPRGLILTXHQRUHFKDFHQODVPHGLGDVFDXWHODUHVGHQWURGHODVFXDOHVGHEHHVWDU
FRQWHQLGRHOUHFODPRVREUHpVWHWySLFRVLH[LVWLHUDVLWXDFLRQHVTXHQRVHSUHVHQWDQHQ
HOFRQWUROTXHHIHFW~DHOMXH]FDXWHODUUHVSHFWRDODDSUHKHQVLyQRUGHQDGDV\HMHFXWDGDV
SRUODVDXWRULGDGHVILVFDOHVRSROLFLDOHVUHVSHFWLYDPHQWHSXHVHOMX]JDGRUVHOLPLWDD
GHFODUDUODOHJDOLGDGRLOHJDOLGDGGHODDSUHKHQVLyQ


6LQ HPEDUJR HVWD PLVPD VHQWHQFLD VHxDOy TXH
VL HO LPSXWDGR SUHVHQWD UHFXUVR GH
DSHODFLyQFRQWUDODUHVROXFLyQTXHGHFODUyODOHJDOLGDGRLOHJDOLGDGGHODDSUHKHQVLyQ
QRVHDFWLYDODMXVWLFLDFRQVWLWXFLRQDOPLHQWUDVODDSHODFLyQGHGLFKDGHWHUPLQDFLyQHVWp
SHQGLHQWHHVWRFRQODILQDOLGDGGHQRJHQHUDUGRVIDOORVTXHSXHGHQVHUFRQWUDGLFWRULRV
VREUHXQDPLVPDWHPiWLFD
HQWHQGLPLHQWRTXHIXHUHLWHUDGRHQOD6&3

LY $FWXDOPHQWH GH DFXHUGR DO HQWHQGLPLHQWR GH OD 6&3  HV SRVLEOH OD
SUHVHQWDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG D~Q VH KXELHUH SUHVHQWDGR UHFXUVR GH
DSHODFLyQFRQWUDODUHVROXFLyQSURQXQFLDGDSRUHOMXH]FDXWHODUTXHHMHUFLyHOFRQWUROGH
OHJDOLGDG\HQHVHVHQWLGRGLFKDVHQWHQFLDVHFRQVWLWX\HHQPRGXODGRUD\FRQWLHQHHO
HVWiQGDU PiV DOWR SRU OR WDQWR HO SUHFHGHQWH HV YLQFXODQWH SDUD WRGRV DTXHOORV FDVRV
IXWXURV FRQ LGHQWLGDG IiFWLFD 6LQ HPEDUJR HV LPSRUWDQWH KDFHU QRWDU TXH HO
HQWHQGLPLHQWR FRQWHQLGR HQ OD  6&3  HV FRQWUDULR DO HVWiQGDU PiV DOWR GH
SURWHFFLyQ SRUTXH VHxDOD TXH ODV UHVROXFLRQHV SURQXQFLDGDV SRU ORV MXHFHV \ MXH]DV
FDXWHODUHVHQHOHMHUFLFLRGHOFRQWUROGHODOHJDOLGDGIRUPDO\PDWHULDOGHODDSUHKHQVLyQ
GHEHQVHULPSXJQDGDVDWUDYpVGHOUHFXUVRGHDSHODFLyQLQFLGHQWDODQWHVGHDFXGLUDOD
MXVWLFLDFRQVWLWXFLRQDOYtDDFFLyQGHOLEHUWDG(QHVWHVHQWLGRWDPELpQHVWiQODVVHQWHQFLDV
FRQVWLWXFLRQDOHV SOXULQDFLRQDOHV VLJXLHQWHV  HQWUH RWUDV 7RGDV
HVWDVVHQWHQFLDVQRJHQHUDQSUHFHGHQWHYLQFXODQWHVLJXLHQGRODGRFWULQDGHOHVWiQGDUPiV

W


dW^:d
DOWR

 $FWLYDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG FXDQGR H[LVWH LPSRVLFLyQGH DERJDGR
GHIHQVRU/D6&5FRQFHGLyODWXWHODGHOHQWRQFHVUHFXUVRGHKiEHDVFRUSXV
KR\DFFLyQGHOLEHUWDGSRUTXHQRVHFRPXQLFyDOLPSXWDGRHO
GHUHFKRDFRQWDUFRQORV
VHUYLFLRVGHXQDERJDGRGHIHQVRUGHVXHOHFFLyQRFRQILDQ]DKDYXOQHUDGRXQDGHODV
UHJODVGHOGHELGRSURFHVRSUHYLVWRHQHODUW&33FRQFRUGDQWHFRQHODUWSDUiJUDIR
G \H GHOD&RQYHQFLyQ$PHULFDQD6REUHORV'HUHFKRV+XPDQRVTXHGHWHUPLQDQSRU
RWUD SDUWH ODV FLUFXQVWDQFLD HQ ODV TXH GHEH GHVLJQDUVH GHIHQVRU GH RILFLR FXDQGR HO
LPSXWDGR QR OR GHVLJQD GHQWUR HO SOD]R GH OH\ R HO QRPEUDGR SRU pVWH QR DFHSWD HO
FDUJR
/D6&3UHDILUPDHOUHIHULGRFULWHULRMXULVSUXGHQFLDOHVWDEOHFLHQGR
ODSRVLELOLGDGGHSUHVHQWDUHQHVWRVVXSXHVWRVGHPDQHUDGLUHFWDODDFFLyQGHOLEHUWDG
SUHVFLQGLHQGRGHOSULQFLSLRGHVXEVLGLDULHGDGH[FHSFLRQDOUD]yQSRUODFXDOVHFRQILJXUD
FRPRODSULPHUDVHQWHQFLDFRQILUPDGRUD


$FWLYDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGFXDQGRH[LVWHLQFRPXQLFDFLyQGHO
DSUHKHQGLGRFRQVXDERJDGRGHIHQVRU6REUHODEDVHGHODMXULVSUXGHQFLDFRQVWLWXFLRQDO
FRQWHQLGD HQ ODV 66&& 5 5 5 OD 6&3 
FRQFOX\H TXH DO H[LVWLU FRQWUDGLFFLRQHV \  QR KDEHU GHVYLUWXDGR ODV DXWRULGDGHV
GHPDQGDGDVODVGHQXQFLDVHIHFWXDGDVSRUHODFFLRQDQWHpVWDVVHWLHQHQSRUFLHUWDV\SRU
HQGHVHFRQFHGHODWXWHODDFX\RHIHFWRHVWDEOHFHODSURFHGHQFLDGLUHFWDGHODDFFLyQ
GHOLEHUWDGHQHVWRVVXSXHVWRV


$FWLYDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG HQ FDVRV GH GHFODUDFLyQ EDMR
DPHQD]DV6REUH OD EDVH GH OD MXULVSUXGHQFLD FRQVWLWXFLRQDO FRQWHQLGD HQ ODV 66&&
5 5 5 OD 6&3  FRQFOX\H TXH DO H[LVWLU
FRQWUDGLFFLRQHV \  QR KDEHU GHVYLUWXDGR ODV DXWRULGDGHV GHPDQGDGDV ODV GHQXQFLDV
HIHFWXDGDVSRUHODFFLRQDQWHpVWDVVHWLHQHQSRUFLHUWDV\SRUHQGHVHFRQFHGHODWXWHOD
D FX\R HIHFWR HVWDEOHFH OD SURFHGHQFLD GLUHFWD GH OD DFFLyQ GH OLEHUWDG HQ HVWRV
VXSXHVWRV

$FWLYDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGSRUUHWHQFLyQHQFHQWURVKRVSLWDODULRV(O
7ULEXQDO&RQVWLWXFLRQDOHQOD6&5HVWDEOHFLyDOJXQRVSUHVXSXHVWRVSDUD
OD SURFHGHQFLD GH OD DFFLyQ GH OLEHUWDG HQ FDVR GH UHWHQFLyQ GH SDFLHQWHV HQ FHQWURV
KRVSLWDODULRV SRU IDOWD GH SDJR 6LQ HPEDUJR OXHJR OD 6&3  FDPELD GLFKR
HQWHQGLPLHQWR MXULVSUXGHQFLDO VHxDODQGR TXH HV SRVLEOH OD SUHVHQWDFLyQ GLUHFWD GH OD
DFFLyQGHOLEHUWDGWUDWiQGRVHGHLQGHELGDSULYDFLyQGHOLEHUWDGGHSDFLHQWHVHQFHQWURV
KRVSLWDODULRVSRUQRSDJDUODDWHQFLyQ\ORVKRQRUDULRVPpGLFRVVLQQHFHVLGDGGHDFXGLU
SUHYLDPHQWHDODXQLGDGFRUUHVSRQGLHQWHSDUDFRQFLOLDUGHXGDV


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

/RVUD]RQDPLHQWRVFLWDGRVSUHFHGHQWHPHQWHKDQSHUPLWLGRODWXWHODGHOGHELGRSURFHVR
PHGLDQWHODDFFLyQGHOLEHUWDGVLHPSUH\FXDQGRVHHQFXHQWUHGLUHFWDPHQWHYLQFXODGR
FRQHOGHUHFKRDODOLEHUWDGVLQHPEDUJRGHXQDLQWHUSUHWDFLyQVLVWHPiWLFD\WHOHROyJLFD
GHORVDUWV,,,\,GHOD&3(FRQUHODFLyQDODUWGHO&yGLJRGH
3URFHGLPLHQWR 3HQDO &3&R  D OD OX] GHO SULQFLSLR GH IDYRUDELOLGDG \ OD IXHU]D
H[SDQVLYD GH ORV GHUHFKRV IXQGDPHQWDOHV FRUUHVSRQGH HIHFWXDU XQ FDPELR GH OtQHD
MXULVSUXGHQFLDOUHVSHFWRDODWXWHODGHOGHELGRSURFHVRPHGLDQWHODDFFLyQGHOLEHUWDG
$ HVWH HIHFWR FRUUHVSRQGH H[WUDHU ODV SDUWHV HVHQFLDOHV GH ORV SUHFLWDGRV SUHFHSWRV
OHJDOHVHQFRQVHFXHQFLDVHWLHQHTXHHODUWGHOD&RQVWLWXFLyQHVWDEOHFHTXH
7RGD
SHUVRQD TXH FRQVLGHUH TXH VX YLGD HVWi HQ SHOLJUR TXH HV LOHJDOPHQWH SHUVHJXLGD R
LQGHELGDPHQWHSURFHVDGDRSULYDGDGHOLEHUWDG  SRGUiLQWHUSRQHU$FFLyQGH/LEHUWDG
  DQWH FXDOTXLHU MXH] R WULEXQDO FRPSHWHQWH HQ PDWHULD SHQDO \ VROLFLWDUi   VH
UHVWDEOH]FDQ ODV IRUPDOLGDGHV OHJDOHV
ODV QHJULOODV VRQ QXHVWUDV  OR FXDO LPSOLFD
H[SUHVDPHQWHTXHODDFFLyQGHOLEHUWDGVHSRGUiDFWLYDUHQORVVLJXLHQWHVVXSXHVWRV 

W


dW^:d


&XDQGR VH HQFXHQWUH HQ SHOLJUROD YLGD   &XDQGR H[LVWD R VH GHQXQFLH SHUVHFXFLyQ
LOHJDO   &XDQGR H[LVWD R VH GHQXQFLH SURFHVDPLHQWR LQGHELGR \   &XDQGR H[LVWD
DPHQD]D R SULYDFLyQ HIHFWLYD GH OD OLEHUWDG HV GHFLU TXH HQ FXDOTXLHUD GH HVWRV
VXSXHVWRV SRGUi DFXGLUVH D OD DFFLyQ FRQVWLWXFLRQDO D HIHFWRV GH TXH ORV GHUHFKRV
YXOQHUDGRV VHDQ SURWHJLGRV R UHVWLWXLGRV QR VLHQGR LPSUHVFLQGLEOH OD FRQFXUUHQFLD
VLPXOWiQHDGHGRVRPiVGHHVWRVSUHVXSXHVWRVSDUDDFWLYDUODSUHVHQWHDFFLyQWXWHODU\
WDPSRFRTXHVHHQFXHQWUHQYLQFXODGRVGLUHFWDPHQWHFRQHOGHUHFKRDODOLEHUWDGRVH
GHVSUHQGDQGHHOOD
(IHFWLYDPHQWHGHEHFRQVLGHUDUVHSRUXQODGRTXHORVVXSXHVWRVGHSURFHGHQFLDGHOD
DFFLyQGHOLEHUWDGVHxDODGRVHQHODUWGHOD&3(\HODUWGHO&3&R\FXDQGRVH
KDFH UHIHUHQFLD DO LQGHELGR SURFHVDPLHQWR HQ QLQJ~Q PRPHQWR VH FRQGLFLRQD OD
SURFHGHQFLDODYLQFXODFLyQGLUHFWDFRQHOGHUHFKRDODOLEHUWDGItVLFDRSHUVRQDO
(Q HVH HQWHQGLGR EDMR XQD LQWHUSUHWDFLyQ OLWHUDO GH GLFKDV QRUPDV SHUR WDPELpQ
DWHQGLHQGRDXQDLQWHUSUHWDFLyQWHOHROyJLFDGHODVPLVPDVGHEHVHxDODUVHTXHODJDUDQWtD
GHOGHELGRSURFHVRHQPDWHULDSHQDOHVWXWHODEOHSRUODDFFLyQGHOLEHUWDGD~QQRH[LVWD
XQDYLQFXODFLyQGLUHFWDFRQHOGHUHFKRDODOLEHUWDGItVLFDRSHUVRQDOVLHQGRVXILFLHQWH
ODH[LVWHQFLDGHXQDUHODFLyQLQGLUHFWDFRQGLFKRGHUHFKRDQWHODDPHQD]DGHSULYDFLyQ
GHOLEHUWDGTXHHOSURFHVRSHQDOVXSRQH'LFKRUD]RQDPLHQWRVHUHIXHU]DFRQORSUHYLVWR
HQHODUWGHOD&3(TXHGHWHUPLQDTXHODDFFLyQGHEHVHUSUHVHQWDGDDQWHHOMXH]R
WULEXQDOFRPSHWHQWHHQPDWHULDSHQDOGHGRQGHVHSXHGHH[WUDHUTXHWDQWRODILQDOLGDG
GH GLFKD SUHYLVLyQ FRPR OD LQWHQFLyQ GHO FRQVWLWX\HQWH HV TXH VHDQ ORV MXHFHV
HVSHFLDOL]DGRVHQPDWHULDSHQDOORVTXHSXHGDQDQDOL]DUORVVXSXHVWRVGHSURFHGHQFLD
TXHVHHQFXHQWUDQGHQWURGHOiPELWRGHODDFFLyQGHOLEHUWDGTXHHQVXPD\RUtDHPHUJHQ
GHSURFHVRVSHQDOHVHQWUHHOORVHOSURFHVDPLHQWRLQGHELGRSXHVFRQIRUPHDOSULQFLSLR
GH HVSHFLDOLGDG QR UHVXOWDUtD FRQJUXHQWH TXH ODV OHVLRQHV DO GHELGR SURFHVR VHDQ
FRQRFLGDV\UHVXHOWDVDWUDYpVGHXQDDFFLyQGHDPSDURFRQVWLWXFLRQDO
(QFXDQWRDOGHELGRSURFHVRHVSHFtILFDPHQWHHODUWGHOD&RQVWLWXFLyQORUHFRQRFH
FRPRGHUHFKR \JDUDQWL]DVXHMHUFLFLR\SRUHQGHVXSURWHFFLyQKDFLHQGRHIHFWLYDOD
PLVPD DO LPSRQHUOR FRPR SULQFLSLR RUGHQDGRU GH OD DGPLQLVWUDFLyQ GH MXVWLFLD \ GH
UHJXODFLyQGHODDFWLYLGDGMXULVGLFFLRQDORUGLQDULD DUWV,\,&3( 
$KRUDELHQHQWHQGLHQGRTXHGHFRQIRUPLGDGDODUW,,GHOD/H\)XQGDPHQWDOHVWD
HVODQRUPDVXSUHPDGHORUGHQDPLHQWRMXUtGLFREROLYLDQR\JR]DGHSULPDFtDIUHQWHD
FXDOTXLHURWUD QRUPD VH HVWDEOHFH WDPELpQ GHO WH[WR FRQVWLWXFLRQDO TXH ORV GHUHFKRV
UHFRQRFLGRV SRU HO (VWDGR 3OXULQDFLRQDO GH %ROLYLD D IDYRU GH VXV KDELWDQWHV VRQ
LQWHUGHSHQGLHQWHVLQGLYLVLEOHV\SURJUHVLYRVQRH[LVWLHQGRHQWUHHOORVQLQJXQDMHUDUTXtD
R VXSHULRULGDG VLHQGR DGHPiV GH DSOLFDFLyQ SUHIHUHQWH ORV WUDWDGRV \ FRQYHQLRV
LQWHUQDFLRQDOHVHQFXDQWRDGHUHFKRVKXPDQRV DUW&3( VLHQGRWDUHDHVSHFtILFDGHO
7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOSUHFDXWHODUHOUHVSHWR\YLJHQFLDGHORVGHUHFKRV
\JDUDQWtDVFRQVWLWXFLRQDOHV
(Q HVWH FRPHWLGR D WUDYpV GH OD DPSOLD MXULVSUXGHQFLD FRQVWLWXFLRQDO TXH KD LGR
PRGLILFiQGRVH FRQ HO WLHPSR DWHQGLHQGR D ODV QXHYDV SUREOHPiWLFDV HPHUJHQWHV GHO
GHVDUUROORVRFLDO\ODHYROXFLyQGHO(VWDGRGH'HUHFKRVHFRQFOX\yHVWDEOHFLHQGRTXH
OD WXWHOD GHO GHELGR SURFHVR PHGLDQWH OD DFFLyQ GH OLEHUWDG HUD ~QLFDPHQWH SRVLEOH
FXDQGRODVOHVLRQHVGHQXQFLDGDVVHHQFXHQWUDQGLUHFWDPHQWHYLQFXODGDVDOGHUHFKRDOD
OLEHUWDGRTXHGLFKRDFWRVHDODFDXVDGLUHFWDGHODSULYDFLyQRUHVWULFFLyQDODOLEHUWDG
ItVLFDTXHVHKD\DQDJRWDGRORVPHFDQLVPRVLQWUDSURFHVDOHV\TXHH[LVWDLQGHIHQVLyQ
DEVROXWD\PDQLILHVWDH[FHSWXDQGRORVFDVRVHQORVTXHVHWUDWDGHPHGLGDVFDXWHODUHV
HQORVTXHQRHVSRVLEOHH[LJLUODFRQFXUUHQFLDGHODEVROXWRHVWDGRGHLQGHIHQVLyQKDELGD
FXHQWDTXHHODFWRUGHEHDJRWDUORVPHFDQLVPRVGHLPSXJQDFLyQLQWUDSURFHVDOHVSUHYLR
DODDFWLYDFLyQGHODDFFLyQGHOLEHUWDG
(QWRQFHVHOGHELGRSURFHVRVHFRQVWLWX\HHQHOGHUHFKRDWULEXLGRDODVSDUWHVSURFHVDOHV
GH KDFHU XVR GHO FRQMXQWR GH IDFXOWDGHV \ JDUDQWtDV TXH HO RUGHQDPLHQWR MXUtGLFR OHV
RWRUJDDHIHFWRVGHKDFHUYDOHUVXVGHUHFKRV\JDUDQWtDVFRQVWLWXFLRQDOHVGHQWURGHXQ
SURFHVR SHQDO HVWDV IDFXOWDGHV HVWDEOHFLGDV HQ IXQFLyQ GH ORV GHUHFKRV YDORUHV H
LQWHUHVHVTXHVHKDOODQVRPHWLGDVDOSURFHVRVHHQFXHQWUDQDVXYH]VXSHGLWDVDFULWHULRV
GHUD]RQDELOLGDG\SURSRUFLRQDOLGDGGHGRQGHVHLQILHUHHQWRQFHVTXHHQPDWHULDSHQDO

W


dW^:d
HOFRQMXQWRGHIDFXOWDGHV\JDUDQWtDVTXHFRPSRQHQHOGHUHFKRDOGHELGRSURFHVRGHEH
VHUDGHFXDGR\VXILFLHQWHPHQWHPiVDPSOLRHQPpULWRDORVLQWHUHVHVTXHVHHQFXHQWUDQ
GHSRUPHGLRWDOHVFRPRHOGHUHFKRDODOLEHUWDGLQGLYLGXDODODOLEHUWDGGHORFRPRFLyQ
DODVHJXULGDGMXUtGLFDDODSUHVXQFLyQGHLQRFHQFLDDODGHIHQVDDODOHJDOLGDGGHODV
DFWXDFLRQHVDODHILFDFLDGHOVLVWHPDGHDGPLQLVWUDFLyQGHMXVWLFLD\ODSRVLELOLGDGGH
DFFHGHUDXQDDGPLQLVWUDFLyQGHMXVWLFLD\REWHQHUGHpVWDXQDSURQWDUHVROXFLyQ\SRU
HQGHODVDQDFRQYLYHQFLDVRFLDO
&RPR FRQVHFXHQFLD HO GHELGR SURFHVR HQ PDWHULD SHQDO FRQVWLWX\H DQWH WRGR XQD
OLPLWDFLyQDOSRGHUSXQLWLYRGHO(VWDGRVLHQGRTXHHQVXHVHQFLDFRPSUHQGHHOFRQMXQWR
GHJDUDQWtDVVXVWDQFLDOHV\SURFHVDOHVHVWDEOHFLGDVSRUHOOHJLVODGRUDHIHFWRVGHDVHJXUDU
ODOHJDOLGDGUHJXODULGDG\HILFDFLDGHODDFWLYLGDGMXULVGLFFLRQDOHQODLQYHVWLJDFLyQ\
MX]JDPLHQWR GH ORV KHFKRV SXQLEOHV VLHPSUH EDMR OD FRQGLFLRQDQWH GH SURWHJHU ORV
GHUHFKRV\JDUDQWtDVFRQVWLWXFLRQDOHVGHODVSHUVRQDVSURWHFFLyQTXHDEDUFDHQWUHRWURV
HOHPHQWRV ORV SULQFLSLRV PHGXODUHV TXH LQWHJUDQ VX Q~FOHR HVHQFLDO OHJDOLGDG MXH]
QDWXUDOROHJDOIDYRUDELOLGDGSUHVXQFLyQGHLQRFHQFLDGHUHFKRDODGHIHQVD GHUHFKRD
ODDVLVWHQFLDGHXQDERJDGRDSUHVHQWDU\FRQWURYHUWLUSUXHEDVDRSRQHUODQXOLGDGGH
ODVREWHQLGDVFRQYLRODFLyQGHOGHELGRSURFHVR\DLPSXJQDUODVHQWHQFLDFRQGHQDWRULD 
GHELGRSURFHVRS~EOLFRVLQGLODFLRQHVLQMXVWLILFDGDV\DQRVHUMX]JDGRGRVYHFHVSRUHO
PLVPRKHFKR
'H HVWD PDQHUD VH FRQFOX\H TXH HO GHELGR SURFHVR SHQDO HV XQD JDUDQWtD SURFHVDO
HVWDEOHFLGDSRUOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRTXHWLHQHFRPRREMHWLYRSURWHJHUORV
GHUHFKRV FRQVWLWXFLRQDOHV TXH GH pO HPHUJHQ \ HQ HVH SURFHVR FRQWURODUOD FDSDFLGDG
SXQLWLYD GHO (VWDGR TXH HQ VX PRPHQWR SXHGH DIHFWDU OD OLEHUWDG SHUVRQDO \ OD
SUHVXQFLyQGHLQRFHQFLDGHDTXHOORVTXHVHHQFXHQWUDQLQYROXFUDGRVHQXQDFRQWLHQGD
MXGLFLDOSHQDO
(QHVWHFRQWH[WR\HVWDQGRHVWDEOHFLGRTXHWRGDSHUVRQDVRPHWLGDDXQSURFHVRSHQDOVH
KDOOD FRQVWLWXFLRQDOPHQWH LPEXLGR GHO GHUHFKR D OD GHIHQVD D OD DVLVWHQFLD GH XQ
DERJDGRSDUDVXDVHVRUDPLHQWRHQODVGLIHUHQWHVHWDSDVGHOSURFHVRDXQGHELGRSURFHVR
VLQGLODFLRQHVLQMXVWLILFDGDVDODSRVLELOLGDGGHSUHVHQWDUSUXHEDV\FRQWURYHUWLUODVTXH
VHDOOHJXHQHQVXFRQWUDDLPSXJQDUODVHQWHQFLDFRQGHQDWRULD\DQRVHUMX]JDGRGRV
YHFHVSRUHOPLVPRKHFKRHQUHVXPHQGHOGHUHFKRDXQGHELGRSURFHVRVHGHWHUPLQD
TXH ~QLFDPHQWH FXDQGR VH WUDWD GH PDWHULD SHQDO OD DFFLyQ GH OLEHUWDG HV HO PHGLR
LGyQHRHILFD]\HILFLHQWHSDUDUHVWDEOHFHUHOGHELGRSURFHVRHQWRGRVVXVHOHPHQWRV
(Q FRQVHFXHQFLD VH KDFH QHFHVDULR HVWDEOHFHU D SDUWLU GH OD SUHVHQWH 6HQWHQFLD
&RQVWLWXFLRQDO 3OXULQDFLRQDO TXH ODV OHVLRQHV DO GHELGR SURFHVR HQ PDWHULD SHQDO HQ
DTXHOORVFDVRVHQORVTXHVHFRORFyDODFFLRQDQWHHQDEVROXWRHVWDGRGHLQGHIHQVLyQR
FXDQGRpVWHDJRWyORVPHGLRVGHLPSXJQDFLyQLQWUDSURFHVDOHVVRQVXVFHSWLEOHVGHOD
WXWHODFRQVWLWXFLRQDOTXHEULQGDODDFFLyQGHOLEHUWDG




 3URFHVDPLHQWR LQGHELGR YLQFXODU FRQ iPELWR GH


SURWHFFLyQ 'HFODUDFLyQVLQSUHVHQFLDGHDERJDGRGHIHQVRU
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

W


dW^:d


6&3   /D GHFODUDFLyQ GHO LPSXWDGR TXH FRQWHQJD XQD
FRQIHVLyQ GHO GHOLWR REWHQLGD VLQ SUHVHQFLD GH VX DERJDGR GHIHQVRU
YLROHQWDVXVGHUHFKRVDODGHIHQVDWpFQLFD\DQRGHFODUDUFRQWUDVt
PLVPR SRU OR TXH SURFHGH OD DFFLyQ GH OLEHUWDG SRU SURFHVDPLHQWR
LQGHELGRSXHVVHHVWiIUHQWHDXQVXSXHVWRGHLQGHIHQVLyQDEVROXWD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHOLEHUWDGHODFFLRQDQWHGHQXQFLyTXHVXUHSUHVHQWDGR
IXH GHWHQLGR LOHJDOPHQWH DO VHU FRQIXQGLGR FRQ XQ FRQWUDEDQGLVWD
VLHQGR LQFRPXQLFDGR \ UHVWULQJLGR HQ VX GHUHFKR D OD GHIHQVD  DO
KDEpUVHOHLPSXHVWRXQDERJDGRTXHQRHUDGHVXHOHFFLyQDGHPiVVHxDOD
TXHH[LVWLyDEXVRGHDXWRULGDGSRUSDUWHGHOUHSUHVHQWDQWHGHO0LQLVWHULR
3~EOLFR\GHOIXQFLRQDULRSROLFLDODOSUHWHQGHULQFOXLUDODERJDGRGHVX
UHSUHVHQWDGRFRPRWHVWLJRGHOKHFKRFRQODILQDOLGDGGHDSDUWDUORGHVX
GHIHQVD H LPSRQHUOH XQ GHIHQVRU GH RILFLR KDELHQGRVLGR DPHQD]DGR
SDUDTXHSUHVWHVXGHFODUDFLyQSRUORTXHSHWLFLRQyVHGHFODUHSUREDGD
OD DFFLyQ VH FRQFHGD OD LQPHGLDWD OLEHUWDG D VX UHSUHVHQWDGR \ VH
FRQGHQHDODVDXWRULGDGHVGHPDQGDGDVDOSDJRGHGDxRV\SHUMXLFLRVDVt
FRPR ODV UHVSRQVDELOLGDGHV FRQVLJXLHQWHV (O 7ULEXQDO &RQVWLWXFLRQDO
UHYRFyODUHVROXFLyQUHYLVDGD\FRQFHGLyODWXWHODSRUTXHODVDXWRULGDGHV
DFFLRQDGDVYXOQHUDURQHOGHUHFKRDOGHELGRSURFHVRGHOPHQRUGHWHQLGR
\SRUHQGHUHVWULQJLHURQLQGHELGDPHQWHVXGHUHFKRDODOLEHUWDGItVLFD
RUGHQDQGR VH GLVSRQJD OD LQPHGLDWD OLEHUWDG GHO UHSUHVHQWDGR GHO
DFFLRQDQWH)LQDOPHQWHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOOODPy
VHYHUDPHQWHODDWHQFLyQDODVDXWRULGDGHVGHPDQGDGDVDGYHUWLHQGROHV
TXH HQ FDVR GH IXWXUDV YXOQHUDFLRQHV D ORV GHUHFKRV \ JDUDQWtDV
FRQVWLWXFLRQDOHV VHUiQ SDVLEOHV D ODV DFFLRQHV OHJDOHV \ GLVFLSOLQDULDV
FRUUHVSRQGLHQWHV

([WUDFWRGHODUDWLRGHFLGHQGL

)- ,,,
&RPR FRQVHFXHQFLD GLUHFWD GH OD SULYDFLyQ LQGHELGD GH OD OLEHUWDG GHO
UHSUHVHQWDGR GHO DFFLRQDQWH PHGLDQWH LQIRUPH SROLFLDO GHO FDER (GZLQ +XDQFD
=DPEUDQDGHGHPDU]RGH IV TXHIXHHODERUDGRSUHYLDPHQWHDODGHFODUDFLyQ
GHOPHQRU$$VHHYLGHQFLDTXHHOPLVPRFRQWLHQHLQIRUPDFLyQTXHLQFULPLQDDODKRUD
UHSUHVHQWDGR VX DERJDGR \ XQD WHUFHUD SHUVRQD VHxDODQGR TXH
HO DSUHKHQGLGR VH
DVRPyKDFLDODYHQWDQD\HQWUHJyODVXPDGHUHDOHVD/XLV'RUDGR$xH]GLQHURTXH
VHUtD SDUD OD FRPSUD GH XQD SDUWH GHO FRPEXVWLEOH SDUD UHDOL]DU HO FRQWUDEDQGR

LQIRUPDFLyQ TXH QR IXH REWHQLGD SRU DFWRV LQYHVWLJDWLYRV GHO SROLFtD TXH HODERUy HO
LQIRUPHVLQRTXHVHRULJLQyHQHOUHSUHVHQWDGRH[WUHPRTXHHVFRUURERUDGR\DFODUDGR
SRUXQSRVWHULRULQIRUPHGHPDU]RGH IV HODERUDGRSRUODDXWRULGDGSROLFLDO
GHPDQGDGDFDER&DUORV*DUFtD*DUFtDTXHH[SUHVDWH[WXDOPHQWH
OXHJRTXHHVWHVH
UHWLUy DERJDGRGHIHQVRU HODSUHKHQGLGRPHQFLRQyTXHHOLQGLYLGXRDOFXDOOHDOFDQ]y
HOGLQHURTXHHUDODVXPDGHUHDOHVHUDGRQ/XLVHOTXHOHPDQGyDFRPSUDUHO
FRPEXVWLEOH
 VLF  +H DTXt XQD GHFODUDFLyQ RUDO GHO LPSXWDGR FX\D LQIRUPDFLyQ IXH
REWHQLGDLOHJDOPHQWHDOVHULQFRUSRUDGDVLQODSUHVHQFLDGHVXDERJDGRGHIHQVRUTXH
FRQWLHQHXQDFRQIHVLyQGHOGHOLWRHQFODUDLQREVHUYDQFLDGHODVUHJODVSUHYLVWDVSRUHO

W


dW^:d
DUWGHO&33TXHHVWDEOHFHHOSURFHGLPLHQWRDVHJXLUHQODWRPDGHODGHFODUDFLyQGHO
LPSXWDGR DGYLUWLpQGRVH SURFHVDPLHQWR LQGHELGR GHO UHSUHVHQWDGR TXH YLROHQWD VXV
GHUHFKRVDODGHIHQVDWpFQLFD\DQRGHFODUDUFRQWUDVtPLVPRFRQIRUPHORH[SUHVDGRHQ
ORV )XQGDPHQWRV -XUtGLFRV ,,, \ ,,, GH OD SUHVHQWH 6HQWHQFLD &RQVWLWXFLRQDO
3OXULQDFLRQDO YLQFXODGRV GLUHFWDPHQWH D OD OHVLyQ GH VX GHUHFKR D OD OLEHUWDG SRU OD
LQH[LVWHQFLDGHIODJUDQFLD
3RU~OWLPRVHDGYLHUWHTXHODYXOQHUDFLyQGHOGHUHFKRGHOPHQRUGHQRGHFODUDUFRQWUD
VtPLVPRHVWDPELpQFRQVHFXHQFLDGHQRKDEHUFRQWDGRFRQXQGHIHQVRUGHVXFRQILDQ]D
DVSHFWRTXHQRHVVXEVDQDEOHSRUXQDGHVLJQDFLyQGHRILFLRPi[LPHVLODVDXWRULGDGHV
GHPDQGDGDVWHQtDQFRQRFLPLHQWRTXH$$FRQWDEDFRQXQDERJDGRGHVXHOHFFLyQ\TXH
HQFRQVHFXHQFLDHUDpVWHTXLHQWHQtDTXHDVHVRUDUOR\SDWURFLQDUORSRUORTXHHOGHUHFKR
GHO PLVPR GH FRQWDU FRQ XQ DERJDGR GH VX HOHFFLyQ QR GHELy VHU VRVOD\DGR SRU OD
DXWRULGDG )LVFDO GHPDQGDGD QL MXVWLILFDGR SRU OD SUHPXUD HQ OD UHFHSFLyQ GH VX
GHFODUDFLyQLQIRUPDWLYD\DTXHFRPRVHKDPDQLIHVWDGRDQWHULRUPHQWHODGHFODUDFLyQ
HV XQ PHGLR GH GHIHQVD \ QR XQ PHGLR SDUD REWHQHU LQIRUPDFLyQ GHO LPSXWDGR FRQ
PD\RU UD]yQ VL OD LQHILFDFLD GH OD GHIHQVD WpFQLFD VH YH UHIOHMDGD HQ OD FRQIHVLyQ
FRQWHQLGDHQODGHFODUDFLyQGHOUHSUHVHQWDGRUD]yQSRUODTXHWDPELpQHVDSOLFDEOHHQ
HVWH SXQWR HO UD]RQDPLHQWR H[SUHVDGR HQ HO )XQGDPHQWR -XUtGLFR ,,,GH OD SUHVHQWH
6HQWHQFLD&RQVWLWXFLRQDO3OXULQDFLRQDO


6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGHODDFFLyQGHOLEHUWDGSRUSURFHVDPLHQWRLQGHELGRSRUFXDQWROD
GHFODUDFLyQ GHO LPSXWDGR FRQWLHQH XQD FRQIHVLyQ GHO GHOLWR REWHQLGD
LOHJDOPHQWH VLQ SUHVHQFLD GH VX DERJDGR GHIHQVRU YLROHQWDQGR VXV
GHUHFKRVDODGHIHQVDWpFQLFD\DQRGHFODUDUFRQWUDVtPLVPR

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HQ OD 6&3  DO
HVWDEOHFHUODVVXEUHJODVSDUDODGHFODUDFLyQLQIRUPDWLYDGHOLPSXWDGRVH
FRQVWLWX\H HQ XQD VHQWHQFLD IXQGDGRUD VLQ HPEDUJR UHVSHFWR D OD
SUREOHPiWLFD UHVXHOWD VH HQFXHQWUDQ SUHFHGHQWHV HQ ODV 66&&
55HQODVTXHVHFRQFHGLyODWXWHODSRUTXHHO
LPSXWDGR SUHVWy VX GHFODUDFLyQ LQIRUPDWLYD VLQ OD DVLVWHQFLD GH VX
DERJDGR GHIHQVRU \ ODV 66&&  \ 5 HQ ODV TXH
DGHPiVODGHFODUDFLyQFRQWHQtDXQDFRQIHVLyQGHOGHOLWR\IXHODEDVH
SDUDGLVSRQHUODGHWHQFLyQSUHYHQWLYDGHORVLPSXWDGRV

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,
(OGHUHFKRDGHFODUDUHVODSUHUURJDWLYDTXHSRVHHHOLPSXWDGRGHLQWURGXFLUDO
SURFHVRODLQIRUPDFLyQTXHFRQVLGHUHDGHFXDGDVLVHSDUWHGHODSUHPLVDTXHQDGLHSXHGH
VHU REOLJDGR D GHFODUDU HQ VX FRQWUD   (Q HVH HQWHQGLGR HO LPSXWDGR HV TXLHQ
GHWHUPLQDTXpLQIRUPDFLyQGHVHDLQWURGXFLUHQHOSURFHVR\SXHGHGHFODUDUFXDQWDVYHFHV
ORFRQVLGHUHQHFHVDULRVDOYRTXHVHDPDQLILHVWDPHQWHUHLWHUDWLYRRGLODWRULR&RVDPX\
GLVWLQWDHVTXHHOLPSXWDGROLEUH\YROXQWDULDPHQWHTXLHUDFRQIHVDUVLQHPEDUJRHVWD
IDFXOWDG HV SHUVRQDOtVLPD \ QRSXHGH VHU LQGXFLGDSRU HO (VWDGRPHGLDQWH DUJXFLDV R
GLYHUVDVIRUPDVGHFRDFFLyQ
'HORDQRWDGRVHH[WUDHQODVLJXLHQWHVVXEUHJODVD (OWpUPLQR
GHFODUDFLyQ
GHEHVHU
HQWHQGLGRFRPRHOLQJUHVRGHLQIRUPDFLyQDWUDYpVGHXQDPDQLIHVWDFLyQRUDORHVFULWD

W


dW^:d


GHOLPSXWDGRE (OLPSXWDGRWLHQHODIDFXOWDGGHDEVWHQHUVHGHGHFODUDUVXQHJDWLYDR
VLOHQFLR QR OH JHQHUDQ SHUMXLFLR UD]yQ SRU OD TXH QR SXHGHQ VHU XWLOL]DGRV FRPR
IXQGDPHQWRGHXQDUHVROXFLyQDGPLQLVWUDWLYDILVFDORMXGLFLDOHQVXFRQWUD DUWV\
GHO&33 F (OLPSXWDGRWLHQHOLEHUWDGGHGHFLVLyQVREUHVXGHFODUDFLyQTXHQRSXHGH
VHUFRDUWDGDSRUQLQJXQDIRUPDGHFRDFFLyQItVLFDRSVtTXLFDFRPRVHUWRUWXUDDPHQD]D
MXUDPHQWRFDQVDQFLRSpUGLGDGHVHUHQLGDGSUHJXQWDVFDSFLRVDVVXJHVWLYDVRWHQGLHQWHV
DREWHQHUDOJXQDFRQIHVLyQUHVSXHVWDVLQGXFLGDVSURPHVDLOHJtWLPDGHDOJXQDYHQWDMD
DUWV  &3( \  &33  \ G  /D YROXQWDULHGDG GHOD GHFODUDFLyQGHO LPSXWDGRQR
SXHGH VHU HOLPLQDGD R PHQRVFDEDGD SRU PHGLRV TXH OD H[FOX\DQ SVLFRIiUPDFRV R

VXHURVGHODYHUGDG
RLQVWUXPHQWRVTXHUHJLVWUDQUHDFFLRQHVLQFRQVFLHQWHVRUHIOHMRV
FRQGLFLRQDGRV SROtJUDIRV\VLPLODUHV 
/DYXOQHUDFLyQDOGHUHFKRJDUDQWtDGHQRGHFODUDUFRQWUDXQRPLVPRHQDOJXQDGHODV
VXEUHJODVVHxDODGDVSODVPDGDHQODGHFODUDFLyQGHOLPSXWDGRXRWURDFWRLQYHVWLJDWLYR
RSURFHVDOTXHORLQFULPLQH\ORSHUMXGLTXHHVSRUPDQGDWRGHODUW,,GHOD&3(
FRQFRUGDQWHFRQORVDUWV\GHO&33 QXORGHSOHQRGHUHFKR(QFRQVHFXHQFLD
DO WUDWDUVH GH XQ GHIHFWR SURFHVDO DEVROXWR GH OD SDUWLFLSDFLyQ GHO LPSXWDGR HQ HO
SURFHGLPLHQWRHVLQVXEVDQDEOH\QRVXMHWRDFRQYDOLGDFLyQSRUORTXHQRSXHGHIXQGDU
GHFLVLyQDOJXQDFRQWUDULDDOLPSXWDGRSRUSDUWHGHODDXWRULGDGDGPLQLVWUDWLYDILVFDOR
MXGLFLDOSXHVVHHVWiIUHQWHDXQVXSXHVWRGHLQGHIHQVLyQPDWHULDODEVROXWD6HWUDWDHQ
GHILQLWLYDGHXQDFWRLQYiOLGRLQH[LVWHQWHSDUDHORUGHQDPLHQWRMXUtGLFRHLQDGPLVLEOH
FRPRLQGLFLRHOHPHQWRGHFRQYLFFLyQRSUXHEDGDGDVXREWHQFLyQLOHJtWLPDTXHFDUHFH
GH WRGD HILFDFLD \ VH H[WLHQGH D WRGDV DTXHOODV SUXHEDV TXH FRQ DUUHJOR D ODV
FLUFXQVWDQFLDV GHO FDVR QR KXELHUHQ SRGLGR VHU REWHQLGDV VLQ VX YLRODFLyQ \ IXHUDQ
FRQVHFXHQFLDQHFHVDULDGHHOOD





 3URFHVDPLHQWR LQGHELGR YLQFXODU FRQ iPELWR GH


SURWHFFLyQ 7UDWiQGRVH GH PHGLGDV FDXWHODUHV GHQWUR GH SURFHVRV
SHQDOHVVyORVHH[LJHODYLQFXODFLyQGLUHFWDGHODFWRLOHJDOFRQHOGHUHFKR
DODOLEHUWDGItVLFD
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3(QPHGLGDVFDXWHODUHV\SRUSURFHVDPLHQWRLQGHELGR
VHDFWLYDODDFFLyQGHOLEHUWDGSDUDHOUHVJXDUGRDOGHELGRSURFHVRVLQ
ODH[LJHQFLDGHODEVROXWRHVWDGRGHLQGHIHQVLyQ

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH OLEHUWDG HO DFFLRQDQWH VRVWXYR TXH ORV YRFDOHV
GHPDQGDGRV HQ DSHODFLyQ  DQXODURQ OD UHVROXFLyQ GH PHGLGDV
W


dW^:d

FDXWHODUHVGHODTXRSRUIDOWDGHIXQGDPHQWDFLyQ\HQYH]GHRUGHQDUVX
LQPHGLDWDOLEHUWDGGHPDQHUDLQFRQJUXHQWHORSXVLHURQDGLVSRVLFLyQ
GHO -XH] FDXWHODU SDUD TXH VHD HVWH ~OWLPR TXLHQ UHVXHOYD VREUH VX
VLWXDFLyQMXUtGLFD(QEDVHDHVWRVDQWHFHGHQWHVGHQXQFLyODYXOQHUDFLyQ
D VXV GHUHFKR D OD OLEHUWDG SHUVRQDO \ GH ORFRPRFLyQ DVt FRPR GHO
GHELGR SURFHVR \ SLGLy VH UHSDUD OD YLRODFLyQ D HVWRV GHUHFKRV  (O
7ULEXQDO &RQVWLWXFLRQDO LQJUHVy DO DQiOLVLV GHO IRQGR DFODUDQGR TXH
WUDWiQGRVH GH PHGLGDV FDXWHODUHV HV SRVLEOH DQDOL]DU OD OHVLyQ D OD
JDUDQWtDGHOGHELGRSURFHVRVLQH[LJLUORVGRVUHTXLVLWRVHVWDEOHFLGRVSRU
OD MXULVSUXGHQFLD FRQVWLWXFLRQDO LQGHIHQVLyQ DEVROXWD \ YLQFXODFLyQ
GLUHFWDGHODFWRFRQVLGHUDGRLOHJDOFRQHOGHUHFKRDODOLEHUWDGItVLFDR
SHUVRQDO 

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
WUDWiQGRVHGHPHGLGDVFDXWHODUHVGHFDUiFWHUSHUVRQDOQRHV
SRVLEOHH[LJLUODFRQFXUUHQFLDGHODEVROXWRHVWDGRGHLQGHIHQVLyQFRPR
UHTXLVLWRSDUDDFWLYDUODDFFLyQGHOLEHUWDGKDELGDFXHQWDTXHFRQIRUPH
ORHVWDEOHFLHURQODVSURSLDV6HQWHQFLDV&RQVWLWXFLRQDOHVFLWDGDVHODFWRU
GHEHDJRWDUORVPHFDQLVPRVGHLPSXJQDFLyQLQWUDSURFHVDOHVSUHYLRDOD
DFWLYDFLyQGHODDFFLyQGHOLEHUWDG


5D]RQDPLHQWR TXH DFODUD OD OtQHD MXULVSUXGHQFLDO ~QLFDPHQWH FRQ


UHODFLyQDOD~OWLPDSDUWHGHOVHJXQGRVXSXHVWRH[WUDFWDGD\DQDOL]DGD
GH OD 6& 5 SRU ORV PRWLYRV DQWHV VHxDODGRV WHQLHQGR HQ
FXHQWDDGHPiVTXHGHPDQHUDLPSOtFLWDHO7ULEXQDO&RQVWLWXFLRQDOHQ
ORVFDVRVUHIHULGRVDPHGLGDVFDXWHODUHVGHFDUiFWHUSHUVRQDOTXHIXHURQ
VRPHWLGRVDVXFRQRFLPLHQWRDSOLFyHOUD]RQDPLHQWRTXHH[SUHVDPHQWH
VHGHVDUUROOyHQODSUHVHQWH6HQWHQFLD


6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJDODDFFLyQGHOLEHUWDGSRUTXHORVYRFDOHVGHPDQGDGRVDOYHULILFDU
OD IDOWD GH DUJXPHQWDFLyQ GHO IDOOR DSHODGR GLVSXVLHURQ VX QXOLGDG
HPSHURHOORQRLPSOLFDXQDUHVROXFLyQHQHOIRQRGHODFDXVD\DTXHQR
GLVSXVLHURQODOLEHUWDGRODDSOLFDFLyQGHXQDPHGLGDVXVWLWXWLYDDVSHFWR
TXHGHEHUiVHUYHULILFDGRHQXQDQXHYDUHVROXFLyQ

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/D OtQHD MXULVSUXGHQFLDO GHO SURFHVDPLHQWR LQGHELGR GHEH VHU HQWHQGLGR GH DFXHUGR FRQ ORV
VLJXLHQWHVSUHFHGHQWHVFRQVWLWXFLRQDOHV


(O7ULEXQDO&RQVWLWXFLRQDODWUDYpVGHOD6&5HVWDEOHFLyTXHODSURWHFFLyQ
DOGHELGRSURFHVRDWUDYpVGHOHQWRQFHVUHFXUVRGHKDEHDVFRUSXVHUDYLDEOHVRODPHQWHHQDTXHOORV
FDVRVHQORVFXDOHVH[LVWDGLUHFWDFDXVDOLGDGFRQODOLEHUWDGSHUVRQDORGH ORFRPRFLyQHVGHFLU
FXDQGRORVDFWRVXRPLVLRQHVGHQXQFLDGRVVHDQODFDXVDGLUHFWDSDUDODUHVWULFFLyQRVXSUHVLyQDO
GHUHFKR D OD OLEHUWDG 3RVWHULRUPHQWH OD 6& 5 HVWDEOHFLy TXH DQWHV GH DFWLYDUVH OD
MXULVGLFFLyQ FRQVWLWXFLRQDO GHEtD SHGLUVH OD UHSDUDFLyQ DO GHUHFKR DO GHELGR SURFHVR HQ VHGH
MXULVGLFFLRQDORUGLQDULDDWUDYpVGHORVPHGLRVGHLPSXJQDFLyQHVWDEOHFLGRVSRUODOH\VDOYRHO

W


dW^:d


DEVROXWRHVWDGRGHLQGHIHQVLyQH[FHSFLyQTXHVHJ~QODWHOHRORJtDGHODVHQWHQFLDDQDOL]DGDHUD
DSOLFDEOH D OD H[LJHQFLD GHO DJRWDPLHQWR SUHYLR GH ORV PHFDQLVPRV LQWUDSURFHVDOHV GH GHIHQVD
$VLPLVPRHQHOFRQWH[WRGHODVGRVVHQWHQFLDVDQWHULRUHV\FRPRXQHQWHQGLPLHQWRVLVWHPDWL]DGRU
OD6&5VHxDOyTXHSDUDODWXWHODGHO'HELGR3URFHVRDWUDYpVGHOHQWRQFHVUHFXUVRGH
KiEHDVFRUSXVGHEtDQFRQFXUULUORVVLJXLHQWHVUHTXLVLWRVD /RVDFWRVXRPLVLRQHVGHQXQFLDGRV
GHEtDQHVWDUYLQFXODGRVFRQODOLEHUWDG\VHUFDXVDGLUHFWDSDUDVXVXSUHVLyQROLPLWDFLyQ\E GHEtDQ
DJRWDUVHORVPHFDQLVPRVLQWUDSURFHVDOHVGHGHIHQVDVDOYRDEVROXWRHVWDGRGHLQGHIHQVLyQ(VWH
FULWHULR IXH PRGXODGR SRVWHULRUPHQWH D WUDYpV GH OD 6&  TXH HVWDEOHFH OR VLJXLHQWH

QLFDPHQWHFXDQGRVHWUDWDGHPDWHULDSHQDOODDFFLyQGHOLEHUWDGHVHOPHGLRLGyQHRHILFD]\
HILFLHQWHSDUDUHVWDEOHFHUHOGHELGRSURFHVRHQWRGRVVXVHOHPHQWRV
HQHVWHPDUFR\GHDFXHUGRD
HVWHHQWHQGLPLHQWRSDUDHOSURFHVDPLHQWRLQGHELGR\VXWXWHODDWUDYpVGHODDFFLyQGHOLEHUWDGQR
HVQHFHVDULRTXHHODFWRXRPLVLyQGHQXQFLDGRVFRPROHVLYRVVHDQODFDXVDGLUHFWDGHODVXSUHVLyQR
UHVWULFFLyQDOGHUHFKRDODOLEHUWDGVLQRTXHHODFWRXRPLVLyQDFXVDGDGHYXOQHUDWRULDSXHGHVHUOD
FDXVD GLUHFWD R LQGLUHFWD GH OD UHVWULFFLyQ R VXSUHVLyQ DO GHUHFKR D OD OLEHUWDG (VWH FULWHULR VH
FRQILJXUDFRPRHOHVWiQGDUPiVDOWRSDUDODOtQHDGHOSURFHVDPLHQWRLQGHELGR\VXWXWHODDWUDYpV
GHODDFFLyQGHOLEHUWDG

6LQHPEDUJRDXQTXHSRVWHULRUPHQWHOD6&3UHFRQGXMRODOtQHDDOFULWHULRUHVWULFWLYRHV
GHFLUDODH[LJHQFLDGHODGLUHFWDFDXVDOLGDGHQWUHHODFWRXRPLVLyQGHQXQFLDGRVFRPROHVLYRV\OD
OLEHUWDGVLJXLHQGRODGRFWULQDGHOHVWiQGDUMXULVSUXGHQFLDOPiVDOWRHOSUHFHGHQWHYLQFXODQWHHVHO
SODVPDGR HQ OD 6&3  (Q HVWH PDUFR DO QR VHU QHFHVDULD OD H[LJHQFLD GH OD GLUHFWD
FDXVDOLGDG HQ ORV VLJXLHQWHV DSDUWDGRV VH SUHFLVDUiQ ORV VXSXHVWRV HQ ORV FXDOHV HV H[LJLEOH OD
VXEVLGLDULHGDG H[FHSFLRQDO GH OD DFFLyQ GH OLEHUWDG \ DTXHOORV FDVRV HQ ORV FXDOHV OD DFFLyQ GH
OLEHUWDGGHEHVHUDFWLYDGDGHPDQHUDGLUHFWD


(QHVWHSXQWR\WDOFRPRVHVHxDOySUHFHGHQWHPHQWHVHDQDOL]DUiQORVVXSXHVWRVHQORV
FXDOHV SDUD OD WXWHOD DWUDYpV GH OD DFFLyQ GH OLEHUWDGGHO SURFHVDPLHQWRLQGHELGR HV H[LJLEOH HO
SULQFLSLRGHVXEVLGLDULHGDGH[FHSFLRQDO


'HQXQFLDVGHDSUHKHQVLRQHVLOHJDOHV\RWUDVTXHGHEHQVHUUHDOL]DGDVDQWHODRHO-XH]
TXH HMHUFH FRQWURO MXULVGLFFLRQDO GH OD FDXVD (O 7ULEXQDO &RQVWLWXFLRQDO DVt FRPR HO 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO  HQ OD OtQHDMXULVSUXGHQFLDO VREUH VXEVLGLDULHGDG H[FHSFLRQDO GH OD
DFFLyQGHOLEHUWDGHQFDVRVGHDSUHKHQVLRQHVVXSXHVWDPHQWHLOHJDOHVWDQWRMXGLFLDOHVFRPRILVFDOHV
\RWUDVGHQXQFLDVUHDOL]DGDVHQHWDSDSUHSDUDWRULDHVWDEOHFHORVVLJXLHQWH

L 'HDFXHUGRDODV66&&\5ODVDSUHKHQVLRQHVGHEHQVHULPSXJQDGDVDQWH
HOMXH]FDXWHODU$VXYH]HVWDDXWRULGDGMXULVGLFFLRQDOWLHQHDVXFDUJRHOFRQWUROGHODOHJDOLGDG
IRUPDO \ PDWHULDO GH OD DSUHKHQVLyQ HQWHQGLPLHQWR DVXPLGR SRU OD 6&3  TXH VH
FRQILJXUD FRPR XQD SULPHUD VHQWHQFLD FRQILUPDGRUD GH OtQHD$GHPiV HQ HO FRQWH[WR GH ODV
VHQWHQFLDV DQRWDGDV OD 6&  5 VHxDOy TXH OD R HO MXH] FDXWHODU GHEH D  9HULILFDU OD
OHJDOLGDGIRUPDO\PDWHULDOGHODDSUHKHQVLyQ\E /DOHJDOLGDGPDWHULDOGHODDSUHKHQVLyQ$GHPiV
OD 6&3  VHxDOy TXH HO FRQWURO GH OHJDOLGDG GH OD DSUHKHQVLyQ D VHU HMHUFLGR SRU OD
DXWRULGDGHQFDUJDGDGHOFRQWUROMXULVGLFFLRQDOGHEtDVHUUHDOL]DGRLQFOXVRGHRILFLR

LL /D 6& 5 VHxDOy H[SUHVDPHQWH TXH VH SRGtD DFXGLU GLUHFWDPHQWH D OD MXVWLFLD
FRQVWLWXFLRQDO FXDQGR QR H[LVWLHUD GHQXQFLD LQYHVWLJDFLyQ DELHUWD QL IODJUDQFLD HPSHUR OD 6&
5VLVWHPDWL]yODVVXEUHJODVSDUDODDSOLFDFLyQGHODVXEVLGLDULHGDGH[FHSFLRQDOGHOD
DFFLyQGHOLEHUWDGVHxDODQGRH[SUHVDPHQWHHQFXDQWRDODVVXSXHVWDVDSUHKHQVLRQHVLOHJDOHVTXH
VLD~QQRH[LVWtDDYLVRGHOLQLFLRGHODLQYHVWLJDFLyQODVPLVPDVGHEtDQVHUGHQXQFLDGDVDQWHHOMXH]
FDXWHODU GH WXUQR \ HQ FDVR GH KDEHUVH GDGR HO DYLVR FRUUHVSRQGLHQWH GHEtD DFXGLUVH DQWH OD
DXWRULGDGMXGLFLDODFDUJRGHOFRQWUROGHODLQYHVWLJDFLyQ3RVWHULRUPHQWHOD6&3PXWy
HOHQWHQGLPLHQWRDQWHVUHIHULGRFRQWHQLGRHQOD6&5\VRVWXYRTXHVLQRH[LVWHLQLFLR
GH LQYHVWLJDFLyQ \ WDPSRFR SUHVXQWD FRPLVLyQ GH GHOLWR DOJXQR FRUUHVSRQGHUi D OD MXVWLFLD
FRQVWLWXFLRQDO FRQRFHU GLUHFWDPHQWH \ UHVROYHU OD DFFLyQ GH OLEHUWDG TXH DFXVH XQD SUHVXQWD
LQGHELGDSULYDFLyQGHOLEHUWDG

LLL 6REUHODEDVHGHOD6&3OD6&3HVWDEOHFLyTXHHQORVVXSXHVWRVHQTXH
ODVSHUVRQDVSULYDGDVGHOLEHUWDGHQYLUWXGDXQPDQGDPLHQWRGHDSUHKHQVLyQSODQWHHQDFFLRQHVGH
OLEHUWDGDOHJDQGRQRVHUODSHUVRQDDODFXDOVHGLULJHHOPDQGDPLHQWRFRUUHVSRQGHGLIHUHQFLDUGRV
VXSXHVWRV
&XDQGR OD DXWRULGDG MXGLFLDO FRPSHWHQWH VH HQFXHQWUD SOHQDPHQWH
LGHQWLILFDGD \ SRU ODV FLUFXQVWDQFLDV FRQFUHWDV GHO DVXQWR VH FRQVWLWX\D HQ XQ UHFXUVR LGyQHR \
DGHFXDGRHQFX\RFDVRFRUUHVSRQGHDSOLFDUODVXEVLGLDULHGDGH[FHSFLRQDOGHODDFFLyQGHOLEHUWDG
FRQIRUPHODMXULVSUXGHQFLDFRQWHQLGDHQODV66&&5\5(QHOFDVRGH

W


dW^:d
TXHHOMXH]RWULEXQDOGHJDUDQWtDVFRQVWDWDFRQFHUWH]DTXHODDSUHKHQGLGDRDSUHKHQGLGRQRHVOD
SHUVRQD HQ FRQWUD GH OD FXDO VH OLEUy PDQGDPLHQWR GH DSUHKHQVLyQ R TXH SRU GLIHUHQWHV
LUUHJXODULGDGHVSURFHGLPHQWDOHVQRHVLGHQWLILFDEOHHOyUJDQRGHFRQWUROMXULVGLFFLRQDOFRPSHWHQWH
\ OD PLVPD VH HQFXHQWUD D SXQWR GH VHU WUDVODGDGD HTXLYRFDGDPHQWH D RWUR GHSDUWDPHQWR
SUHVXPLpQGRVHTXHVHOHSURGXFLUiQGLYHUVRVSHUMXLFLRVDODPLVPD

LY 3RVWHULRUPHQWHOD6&PRGXOyHOFRQWHQLGRGHOD6&3DOVHxDODUTXHHV
SRVLEOH OD SUHVHQWDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG SUHVFLQGLHQGR GH OD VXEVLGLDULHGDG
H[FHSFLRQDOFXDQGRD /DVXSXHVWDOHVLyQRDPHQD]DDOGHUHFKRDODOLEHUWDGItVLFDRSHUVRQDOQR
HVWpYLQFXODGDDXQGHOLWRyE &XDQGRH[LVWLHQGRGLFKDYLQFXODFLyQQRVHKDLQIRUPDGRDOMXH]
FDXWHODUVREUHHOLQLFLRGHODVLQYHVWLJDFLRQHVQRREVWDQWHKDEHUWUDQVFXUULGRORVSOD]RVHVWDEOHFLGRV
SDUD HO HIHFWR HQ HO &yGLJR GH SURFHGLPLHQWR SHQDO QR VLHQGR H[LJLEOH HQ QLQJXQR GH ORV GRV
VXSXHVWRVDQRWDGRVDFXGLUDQWHHOMXH]FDXWHODUGHWXUQRFRQFDUiFWHUSUHYLR

Y (QFXDQWRDODUHVROXFLyQTXHSURQXQFLDHOMXH]FDXWHODUFXDQGRHMHUFHHOFRQWUROIRUPDO\PDWHULDO
GHODOHJDOLGDGGHODDSUHKHQVLyQODV66&&5\5HQWUHRWUDVHVWDEOHFLHURQ
TXH XQD YH] LPSXJQDGD OD VXSXHVWD DSUHKHQVLyQ ILVFDO R SROLFLDO DQWH HO MXH] FDXWHODU VH SRGtD
SUHVHQWDUGLUHFWDPHQWHHOUHFXUVRGHKiEHDVFRUSXVQRVLHQGRQHFHVDULRLQWHUSRQHUHOUHFXUVRGH
DSHODFLyQFRQWUDODGHFLVLyQGHODDXWRULGDGMXGLFLDO/XHJROD6&5VLQFDPELDUGH
PDQHUDH[SUHVDORVDQWHULRUHVSUHFHGHQWHVVRVWXYRTXHODUHVROXFLyQSURQXQFLDGDSRUODDXWRULGDG
MXGLFLDOGHEtDVHULPSXJQDGDDWUDYpVGHOUHFXUVRGHDSHODFLyQLQFLGHQWDO\QRDFXGLUGLUHFWDPHQWH
DQWH OD MXULVGLFFLyQ FRQVWLWXFLRQDO SRVWHULRUPHQWH OD 6& 5 UHWRPDQGR HO FULWHULR
DQWHULRU VRVWXYR TXH QR HV H[LJLEOH SDUD DFWLYDU OD MXVWLFLD FRQVWLWXFLRQDO XWLOL]DU HO UHFXUVR GH
DSHODFLyQSUHYLVWRHQHODUWGHO&33FRQWUDODUHVROXFLyQTXHGHFODUyODOHJDOLGDGRLOHJDOLGDG
GHODDSUHKHQVLyQVDOYRTXHHOLPSXWDGRKXELHUHIRUPXODGRHOPLVPRVXSXHVWRHQHOFXDO
QRVH
DFWLYDODMXVWLFLDFRQVWLWXFLRQDOPLHQWUDVODDSHODFLyQGHGLFKDGHWHUPLQDFLyQHVWpSHQGLHQWHHVWR
FRQODILQDOLGDGGHQRJHQHUDUGRVIDOORVTXHSXHGHQVHUFRQWUDGLFWRULRVVREUHXQDPLVPDWHPiWLFD

)LQDOPHQWHOD6&3HVWDEOHFLyTXHQRHVQHFHVDULRDFWLYDUODDSHODFLyQLQFLGHQWDOFRQWUD
ODUHVROXFLyQGHODDXWRULGDGMXGLFLDOFXDQGRLQFXPSOHVXGHEHUGHUHDOL]DUFRQWUROGHOHJDOLGDG
SXGLHQGRHQHVWHVXSXHVWRDFWLYDUVHGHPDQHUDGLUHFWDODDFFLyQGHOLEHUWDG

9L)LQDOPHQWHDOPDUJHQGHOFDVRHVSHFtILFRGHODVDSUHKHQVLRQHVHVLPSRUWDQWHVHxDODUTXHHO
7ULEXQDO&RQVWLWXFLRQDOWDOFRPR\DVHVHxDOyDWUDYpVGHOD6&5VHQWyODOtQHDVREUH
OD VXEVLGLDULHGDG H[FHSFLRQDO GH OD DKRUD DFFLyQ GH OLEHUWDG HQ HVH PDUFR VH WLHQH TXH WRGD
GHQXQFLDTXHVHDUHDOL]DGDHQHWDSDSUHSDUDWRULDRHQFXDOTXLHURWUDGHOSURFHVRSHQDOGHEHFRQ
FDUiFWHUSUHYLRVHUGHQXQFLDGDDQWHODDXWRULGDGTXHHMHUFHFRQWUROMXULVGLFFLRQDOGHODFDXVDQR
SXGLHQGRHQHVWRVFDVRVDFWLYDUVHODDFFLyQGHOLEHUWDGGHPDQHUDGLUHFWDFULWHULRVDVXPLGRVSRUODV
66&&5\5HQWUHPXFKDVRWUDV



$SHODFLyQ GHO LQFLGHQWH SRU DFWLYLGDG SURFHVDO GHIHFWXRVD(O 7ULEXQDO
&RQVWLWXFLRQDO HQ OD 6& 5 IXQGy OD OtQHD VREUH OD VXEVLGLDULHGDG H[FHSFLRQDO GHO
HQWRQFHVUHFXUVRGHKiEHDVFRUSXVDKRUDDFFLyQGHOLEHUWDGHVWDEOHFLHQGRTXHHQORVVXSXHVWRVHQ
ORVTXHH[LVWDQPHGLRVLGyQHRVSDUDUHSDUDUGHPDQHUDXUJHQWHSURQWD\ HILFD]HOGHUHFKRDOD
OLEHUWDGItVLFDLOHJDOPHQWHUHVWULQJLGRORVPLVPRVGHEHQVHUXWLOL]DGRVDQWHVGHDFXGLUDODMXVWLFLD
FRQVWLWXFLRQDODWUDYpVGHODDFFLyQGHOLEHUWDG/D6&5HQHOPDUFRGHGLFKDOtQHD
MXULVSUXGHQFLDOVHxDOyTXHHQODHWDSDSUHSDUDWRULDGHOSURFHVRSHQDOHVHOMXH]FDXWHODUTXLHQGHEH
FRQRFHU ODV VXSXHVWDV OHVLRQHV D GHUHFKRV \ JDUDQWtDV TXH SXGLHUDQ WHQHU RULJHQ HQ ORV yUJDQRV
HQFDUJDGRVGHODSHUVHFXFLyQSHQDOQRUHVXOWDQGRFRPSDWLEOHDFWLYDUGLUHFWDPHQWHRGHPDQHUD
VLPXOWiQHDODMXVWLFLDFRQVWLWXFLRQDO(QHOPDUFRGHOD&RQVWLWXFLyQYLJHQWHDSDUWLUGHOD
6&5UDWLILFyORVHQWHQGLPLHQWRVDQWHVDQRWDGRVVHxDODQGRH[SUHVDPHQWHTXHHQFDVR
GHH[LVWLUQRUPDH[SUHVDTXHSUHYHDPHFDQLVPRVLQWUDSURFHVDOHVHIHFWLYRV\RSRUWXQRVGHGHIHQVD
GHEHQVHUXWLOL]DGRVSUHYLDPHQWHDQWHVGHDFWLYDUODWXWHODTXHEULQGDODDFFLyQGHOLEHUWDG/XHJR
OD6&5IXHSURQXQFLDGDGHQWURGHXQDDFFLyQGHDPSDURFRQVWLWXFLRQDO\HQHOODVH
HVWDEOHFLyTXHODVUHVROXFLRQHVSURQXQFLDGDVHQLQFLGHQWHVGHDFWLYLGDGSURFHVDOGHIHFWXRVDSXHGHQ
VHUDSHODGDVLQFLGHQWDOPHQWHGXUDQWHODHWDSDSUHSDUDWRULDRDWUDYpVGHODDSHODFLyQUHVWULQJLGDHQ
HO MXLFLR RUDO   3RVWHULRUPHQWH HQ HO FRQWH[WR GH ODV 6& 5 \ 5 OD 6&
5 HQ XQD DFFLyQ GH OLEHUWDG H[LJLy HO UHTXLVLWR GH OD DSHODFLyQ LQFLGHQWDO FRQWUD
LQFLGHQWHVSRUDFWLYLGDGSURFHVDOGHIHFWXRVDFRPRFRQGLFLyQSUHYLDSDUDDFWLYDUHVWHPHFDQLVPR
GHGHIHQVD(QHOFRQWH[WRH[SXHVWRVHWLHQHTXHODSULPHUDVHQWHQFLDFRQILUPDGRUDGHOSUHFHGHQWH
SODVPDGRHQOD6&5HVOD6&3


$SHODFLyQGHPHGLGDVFDXWHODUHVGHFDUiFWHUSHUVRQDO(O7ULEXQDO&RQVWLWXFLRQDOHQOD
6& 5 IXQGy OD OtQHD VREUH OD VXEVLGLDULHGDG H[FHSFLRQDO GH OD DFFLyQ GH OLEHUWDG

W


dW^:d


HVWDEOHFLHQGRTXHHQORVVXSXHVWRVHQORVH[LVWDQPHGLRVLGyQHRVSDUDUHSDUDUGHPDQHUDXUJHQWH
SURQWD \ HILFD] GHO GHUHFKR D OD OLEHUWDG ItVLFD LOHJDOPHQWH UHVWULQJLGR ORV PLVPRV GHEHQ VHU
XWLOL]DGRV DQWHV GH DFXGLU D OD MXVWLFLD FRQVWLWXFLRQDO D WUDYpV GH OD DFFLyQ GH OLEHUWDG  /D 6&
5HQHOPDUFRGHOD&RQVWLWXFLyQYLJHQWHVLVWHPDWL]yORVVXSXHVWRVGHVXEVLGLDULHGDG
H[FHSFLRQDO GH OD DFFLyQ GH OLEHUWDG VLHQGR XQR GH ORV VXSXHVWRV ODV UHVROXFLRQHV GH PHGLGDV
FDXWHODUHVTXHSXHGHQVHULPSXJQDGDVDWUDYpVGHODDSHODFLyQLQFLGHQWDO/D5HQXQ
FDVR VLPLODU H[LJLy OD DSHODFLyQ LQFLGHQWDO FRQWUD XQD UHVROXFLyQ GH FHVDFLyQ GH OD GHWHQFLyQ
SUHYHQWLYDHQIRUPDSUHYLDDODSUHVHQWDFLyQGHODDFFLyQGHOLEHUWDG(QHOFRQWH[WRDQWHVSUHFLVDGR
OD6&3VHFRQVWLWX\HHQODSULPHUDVHQWHQFLDFRQILUPDGRUDGHHVWHHQWHQGLPLHQWRTXHGH
PDQHUDXQLIRUPHKDPDQWHQLGR


(QHVWHDFiSLWHVHGHVDUUROODUiQORVVXSXHVWRVGHSUHVHQWDFLyQGLUHFWDGHODDFFLyQGH
OLEHUWDGTXHSXHGHQVHUUHVXPLGRVGHODVLJXLHQWHPDQHUD


$FWLYDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGSRUDEVROXWRHVWDGRGHLQGHIHQVLyQ

(ODEVROXWRHVWDGRGHLQGHIHQVLyQHVXQSUHVXSXHVWRH[LJLGRSRUODMXULVSUXGHQFLDSDUDTXHVHDFWLYH
ODDFFLyQGHOLEHUWDGGHPDQHUDGLUHFWDHQHVHPDUFROD6&5HVWDEOHFLyTXHDQWHVGH
DFXGLUDODMXULVGLFFLyQFRQVWLWXFLRQDOGHEtDSHGLUVHODUHSDUDFLyQDOGHUHFKRDOGHELGRSURFHVRHQ
VHGHMXULVGLFFLRQDORUGLQDULDDWUDYpVGHORVPHGLRVGHLPSXJQDFLyQHVWDEOHFLGRVSRUODOH\VDOYR
HO DEVROXWR HVWDGR GH LQGHIHQVLyQ FULWHULR VLVWHPDWL]DGR SRU OD 6& 5 DVt HQ FDVRV
FRQFUHWRVHQORVFXDOHVHO7ULEXQDO&RQVWLWXFLRQDOYHULILFyHVWHSUHVXSXHVWRLQJUHVyDODQiOLVLVGH
IRQGRGHODSUREOHPiWLFDDVtORKL]RSRUHMHPSORDWUDYpVGHOD6&5FDVRHQHOFXDOHO
QRDJRWDPLHQWRGHORVPHFDQLVPRVSHQDOHVGHLPSXJQDFLyQFRPRFRQVHFXHQFLDGHODQHJOLJHQFLD
H LQFXPSOLPLHQWR GH ORV UROHV GHO GHIHQVRU GH RILFLR RFDVLRQy OD HPLVLyQ GH XQD VHQWHQFLD
FRQGHQDWRULDFRQDSDUHQWHFDOLGDGGHFRVDMXJDGDHPHUJHQWHGHXQSURFHVDPLHQWRLQGHELGRSRUOR
TXH HO Pi[LPR FRQWUDORU GH GHUHFKRV IXQGDPHQWDOHV VLQ OD H[LJHQFLD GH OD VXEVLGLDULHGDG
H[FHSFLRQDOLQJUHVyDODQiOLVLVGHIRQGR\UHYRFyODGHFODUDWRULDGHLPSURFHGHQFLDGHO7ULEXQDOGH
*DUDQWtDV\DWUDYpVGHOKiEHDVFRUSXVFRQFHGLyODWXWHODDQXODQGRREUDGRVKDVWDODDXGLHQFLDGH
DSHUWXUDGHGHEDWHVLQFOXVLYH(VWHFULWHULRIXHDGHPiVDVXPLGRSRUOD6&5

3RU VX SDUWH HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HQ OD 6&3  HVWDEOHFLy TXH OD
GHFODUDFLyQGHODRHOLPSXWDGRTXHFRQWHQJDXQDFRQIHVLyQGHOGHOLWRREWHQLGDLOHJDOPHQWHVLQOD
SUHVHQFLDGHVXDERJDGRGHIHQVRUHVXQVXSXHVWRGHSURFHVDPLHQWRLQGHELGRSRUORTXHSURFHGHOD
DFWLYDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGHQPpULWRDODEVROXWRHVWDGRGHLQGHIHQVLyQ


$FWLYDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGHQFDVRVGHQRHVWDUYLQFXODGRHOKHFKRD
GHOLWRVRFXDQGRQRH[LVWHDXWRULGDGTXHHMHU]DFRQWUROMXULVGLFFLRQDOGHODFDXVD(VWDOtQHDGHEH
VHUHQWHQGLGDGHODVLJXLHQWHPDQHUD

L /D 6&  PRGXOD OD 6& 5 TXH HVWDEOHFLy FRPR SULPHU VXSXHVWR GH
VXEVLGLDULHGDGHOVLJXLHQWH
6LDQWHVGHH[LVWLULPSXWDFLyQIRUPDOWDQWROD3ROLFtDFRPROD)LVFDOtD
FRPHWLHURQDUELWUDULHGDGHVUHODFLRQDGDVDOGHUHFKRDODOLEHUWDGItVLFDRGHORFRPRFLyQ\WRGDYtD
QRH[LVWHDYLVRGHOLQLFLRGHODLQYHVWLJDFLyQFRUUHVSRQGHVHUGHQXQFLDGDVDQWHHO-XH]&DXWHODUGH
WXUQR
6LQHPEDUJRGHEHFRQVLGHUDUVHTXHHOSUHFHGHQWHFRQWHQLGRHQOD6&\DIXH
HVWDEOHFLGRHQOD6&5HQODTXHVHVRVWXYRTXHVHSRGtDDFXGLUGLUHFWDPHQWHDODMXVWLFLD
FRQVWLWXFLRQDOFXDQGRQRH[LVWLHUDGHQXQFLDLQYHVWLJDFLyQDELHUWDQLIODJUDQFLD

LL 3RVWHULRUPHQWH OD 6&PRGXOy HO FRQWHQLGRGH OD 6&3 DO VHxDODUTXH HV
SRVLEOH OD SUHVHQWDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG SUHVFLQGLHQGR GH OD VXEVLGLDULHGDG
H[FHSFLRQDOFXDQGRD /DVXSXHVWDOHVLyQRDPHQD]DDOGHUHFKRDODOLEHUWDGItVLFDRSHUVRQDOQR
HVWpYLQFXODGDDXQGHOLWRyE &XDQGRH[LVWLHQGRGLFKDYLQFXODFLyQQRVHKDLQIRUPDGRDOMXH]
FDXWHODUVREUHHOLQLFLRGHODVLQYHVWLJDFLRQHVQRREVWDQWHKDEHUWUDQVFXUULGRORVSOD]RVHVWDEOHFLGRV
SDUD HO HIHFWR HQ HO &yGLJR GH SURFHGLPLHQWR SHQDO QR VLHQGR H[LJLEOH HQ QLQJXQR GH ORV GRV
VXSXHVWRVDQRWDGRVDFXGLUDQWHHOMXH]FDXWHODUGHWXUQRFRQFDUiFWHUSUHYLR


$FWLYDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGHQUHODFLyQDOUHVJXDUGRGHOGHUHFKRDODYLGD

(O7ULEXQDO&RQVWLWXFLRQDOHQHOPDUFRGHOD&RQVWLWXFLyQDSUREDGDHQHVWDEOHFLyHQOD6&
5TXHHQUHODFLyQDODWXWHODDOGHUHFKRDODYLGDDWUDYpVGHODDFFLyQGHOLEHUWDGQRHUD
DSOLFDEOH HO SULQFLSLRGH VXEVLGLDULHGDG FULWHULR WDPELpQ DVXPLGRSRU ODV66&&5 \
HQWUHRWUDV\UDWLILFDGRSRUHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHQSDUWLFXODUHQOD
6&3ODFXDOHQHO)-,,,GHPDQHUDH[SUHVDVHxDODTXHEDMRQLQJXQDFLUFXQVWDQFLDHV

W


dW^:d
DSOLFDEOHODVXEVLGLDULHGDGGHODDFFLyQGHOLEHUWDGFXDQGRVHGHQXQFLDYLRODFLyQGHOGHUHFKRDOD
YLGD


$FWLYDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG HQ UHVROXFLRQHV GH PHGLGDV FDXWHODUHV GH
FDUiFWHUSHUVRQDOHPLWLGDVHQ3URYLQFLDV(VWDOtQHDGHEHVHUHQWHQGLGDGHODVLJXLHQWHIRUPD

L
(O 7ULEXQDO &RQVWLWXFLRQDO D WUDYpV GH OD  6& 5 IXQGy OD OtQHD VREUH OD
VXEVLGLDULHGDG H[FHSFLRQDO GH OD DFFLyQ GH OLEHUWDG HVWDEOHFLHQGR TXH HQ ORV VXSXHVWRV HQ ORV
H[LVWDQPHGLRVLGyQHRVSDUDUHSDUDUGHPDQHUDXUJHQWHSURQWD\HILFD]GHOGHUHFKRDODOLEHUWDG
ItVLFD LOHJDOPHQWH UHVWULQJLGR ORV PLVPRV GHEHQ VHU XWLOL]DGRV DQWHV GH DFXGLU D OD MXVWLFLD
FRQVWLWXFLRQDODWUDYpVGHODDFFLyQGHOLEHUWDG

LL
$WUDYpVGHOD6&5VHHVWDEOHFLyTXHHQSURYLQFLDVSDUDQRGHVQDWXUDOL]DU
HVWHPHFDQLVPRWXWHODUSRGtDDFWLYDUVHGLUHFWDPHQWHHOKiEHDVFRUSXVFRQWUDPHGLGDVFDXWHODUHV
VLQQHFHVLGDGGHDFWLYDUODDSHODFLyQLQFLGHQWDO

LLL
3RVWHULRUPHQWH \ GH PDQHUD UHVWULFWLYD OD 6& 5 PXWy HO HQWHQGLPLHQWR
SODVPDGRHQOD6&5HVWDEOHFLHQGRTXHQRHUDDGPLVLEOHODSUHVHQWDFLyQGLUHFWDGHOD
DFFLyQGHOLEHUWDGHQSURYLQFLDVSXHVHVWR
SURYRFDUtDXQFDRVMXUtGLFR\XQDVREUHFDUJDSURFHVDO
LQPRWLYDGD TXH SRGUtD SURGXFLU GHPRUDV HQ OD GLQiPLFD \ UHVXOWDUtD LQFRPSDWLEOH FRQ ODV
GLUHFWULFHV GH FHOHULGDG TXH HPDQDQ GH ORV DUWV  \  GH OD &3( DGHPiV UHSHUFXWLUi
QHJDWLYDPHQWHHQODSHUVHFXFLyQSHQDO


LY
/D6&3UHFRQGXFHHOFULWHULRMXULVSUXGHQFLDODOUD]RQDPLHQWRSODVPDGRHQ
OD 6&5SRU WDQWR HQSURYLQFLDV QR HV H[LJLEOH OD VXEVLGLDULHGDG H[FHSFLRQDO GH OD
DFFLyQGHOLEHUWDGFXDQGRORVPHFDQLVPRVLQWUDSURFHVDOHVGHLPSXJQDFLyQQRVHDQRSRUWXQRVQL
HILFDFHVHQUD]yQDGLVWDQFLD\WLHPSR


$FWLYDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGFXDQGRHOPHGLRGHGHIHQVDQRHVLGyQHRR
HVLQHILFD]


(Q FDVR GH DFWLYDFLyQ SDUDOHOD GH MXULVGLFFLRQHV (O 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO D WUDYpV GH OD 6&3  TXH HV XQD VHQWHQFLD IXQGDGRUD VHxDOy TXH
H[FHSFLRQDOPHQWHODMXULVGLFFLyQFRQVWLWXFLRQDOSRGUiLQJUHVDUDODQiOLVLVGHIRQGRGHODDFFLyQGH
OLEHUWDGHQORVFDVRVGHDFWLYDFLyQSDUDOHODGHODMXULVGLFFLyQRUGLQDULD\ODFRQVWLWXFLRQDOFXDQGR
FRQVWDWHTXHODYtDMXGLFLDOVHWRUQDLQHILFD]GHDFXHUGRFRQORVDQWHFHGHQWHVGHOFDVRFRQFUHWR


(QFDVRGHOUHFXUVRGHUHSRVLFLyQ(VWDOtQHDMXULVSUXGHQFLDOGHEHVHUHQWHQGLGDGHOD
VLJXLHQWHPDQHUD

L/DOtQHDMXULVSUXGHQFLDOVREUHODVXEVLGLDULHGDGH[FHSFLRQDOGHODDFFLyQGHOLEHUWDGYLQFXODGDD
OD UHSRVLFLyQ IXH VLVWHPDWL]DGD HQ OD 6&3 5 HQ OD TXH DO KDFHU UHIHUHQFLD D ODV
FLUFXQVWDQFLDVHQODVTXHSRUHOGDxRLQPLQHQWHHLUUHSDUDEOHQRHVSRVLEOHDSOLFDUODVXEVLGLDULHGDG
H[FHSFLRQDO\SRUWDQWRFRUUHVSRQGHLQJUHVDUDODQiOLVLVGHIRQGRH[SUHVDPHQWHFRQWHPSOyDORV
VXSXHVWRVHQTXHH[LVWHSULYDFLyQGHOLEHUWDG\HYLGHQWHQHJOLJHQFLDRGLODFLyQSRUSDUWHGHODV
DXWRULGDGHVTXHULJHQODDFWLYLGDGSURFHVDOSHQDOSRUHMHPSORVLILMDQDXGLHQFLDVGHFRQVLGHUDFLyQ
FRQ SOD]RV QR UD]RQDEOHV OD LQMXVWLILFDGD VXVSHQVLyQ HQWUH RWUDV FLUFXQVWDQFLDV DxDGLHQGR
SRVWHULRUPHQWH TXH VL ELHQ HQ HVWRV FDVRV GH HYLGHQWH GLODFLyQ VH DFWLYD LQPHGLDWDPHQWH HVWD
DFFLyQWXWHODUSDUDLPSXJQDUHVDDFWLWXGOHVLYDDODOLEHUWDGSRUSDUWHGHODDXWRULGDGMXULVGLFFLRQDO
TXH SURORQJD OD SULYDFLyQ GH OLEHUWDG QR REVWDQWH \ VLQ TXH VHD H[LJLEOH SRU OR H[SOLFDGR
SUHFHGHQWHPHQWH \ GDGD OD QDWXUDOH]D QR VXEVLGLDULD GH HVWD DFFLyQ HO DJUDYLDGR GHEH WHQHU HQ
FXHQWD TXH OD QRUPD DGMHWLYD SHQDO OH GD OD IDFXOWDG GH LQWHUSRQHU UHFXUVR GH UHSRVLFLyQ SDUD
LPSXJQDUHQHVWHFDVRHOGHFUHWRGHILMDFLyQRVXVSHQVLyQGHDXGLHQFLD\TXHSXHGHVHUDFWLYDGR
RUDOPHQWHHQHODFWR\UHVXHOWRGHLQPHGLDWRHQODPLVPDDXGLHQFLD\VLHVSRUHVFULWRSXHGHVHU
LQWHUSXHVWRHQYHLQWLFXDWURKRUDV\UHVXHOWRHQLJXDOSOD]RGHWDOPDQHUDTXHHQODPLVPDLQVWDQFLD
VHUHHQFDXFHHOSURFHVR\VHUHVWDEOH]FDQVXVGHUHFKRV
3RUWDQWRDQWHHVWDVLWXDFLyQGLODWRULDSXHGHDFXGLUGLUHFWDPHQWHDODDFFLyQGHOLEHUWDGRHQVX
GHIHFWRDQWHVGHLQWHUSRQHUHVWDDFFLyQWXWHODUSXHGHIRUPXODUUHFXUVRGHUHSRVLFLyQHPSHUROR
TXHQRHVWiSHUPLWLGRHVTXHHODJUDYLDGRLQFXPSOLHQGRVXGHEHUGHDFWXDUFRQOHDOWDGSURFHVDO
KDELHQGR DFWLYDGR HO UHFXUVR GH UHSRVLFLyQ \ HVWDQGR HQ WUiPLWH HO PLVPR HQ OD MXULVGLFFLyQ
RUGLQDULDGHPDQHUDSDUDOHODDFWLYHODDFFLyQGHOLEHUWDGHQODMXULVGLFFLyQFRQVWLWXFLRQDOHQHVH
FDVRQRHVSRVLEOHLQJUHVDUDODQiOLVLVGHIRQGR(QWHQGLPLHQWRTXH\DIXHHVWDEOHFLGRHQOD6&
5GHGHDEULO

W


dW^:d



LL/DV6&3V\VLJXLHQGRHOSUHFHGHQWHGHODV66&&5\
5GHFODUDQODLPSURFHGHQFLDGHODDFFLyQGHOLEHUWDGSRUVXEVLGLDULHGDGH[FHSFLRQDO

LLL /D 6&3  PXWD HO HQWHQGLPLHQWR H[SUHVDGR HQ ODV 6&3  \ TXH
GHQHJDURQODWXWHODTXHEULQGDODDFFLyQGHOLEHUWDGSRUHVWDUSHQGLHQWHGHUHVROXFLyQHOUHFXUVRGH
UHSRVLFLyQ \ VRVWLHQH HQ IRUPD  H[SUHVD TXH HO UHFXUVR GH UHSRVLFLyQ QR HV XQ UHFXUVR UiSLGR
LGyQHR HIHFWLYR SDUD TXH FRQ OD PD\RU FHOHULGDG VH UHSDUH HQ HO PLVPR yUJDQR MXGLFLDO ODV
DUELWUDULHGDGHV\RHUURUHVTXHVHKXELHVHQFRPHWLGRHQGLFKDIDVHRHWDSDSURFHVDOHQHVWHPDUFR
UHDOL]DQGRXQDQiOLVLVGHODSUiFWLFDMXGLFLDOFRQFOX\HTXH
GDGDODSUiFWLFDIRUHQVHHVWHVXSHUDORV
WUHVGtDVHQVXWUDPLWDFLyQVLVHWRPDHQFXHQWDTXHHOPLVPRGHEHLQJUHVDUDGHVSDFKRSDUDVX
FRQVLGHUDFLyQ \ SRVWHULRUPHQWH GHEH VHU QRWLILFDGR D ODV SDUWHV VLWXDFLyQ TXH HQ GHILQLWLYD
GHVQDWXUDOL]DHOSULQFLSLRGHFHOHULGDG\HOGHUHFKRDXQDMXVWLFLDSURQWDRSRUWXQD\VLQGLODFLRQHV

(Q FRQVHFXHQFLD /D 6&3  DO HVWDEOHFHU TXH HO UHFXUVR GH UHSRVLFLyQ  QR HV XQ
PHFDQLVPRLQWUDSURFHVDODVHUDFWLYDGRHQIRUPDSUHYLDDODSUHVHQWDFLyQGHODDFFLyQGHOLEHUWDG
SRUQRUHXQLUODFDUDFWHUtVWLFDVGHUDSLGH]LGRQHLGDG\HILFDFLDFRQWLHQHXQUD]RQDPLHQWRFRQHO
HVWiQGDUPiVDOWR


$FWLYDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGHQFDVRGHQLxDVQLxRV\DGROHVFHQWHV(VWD
OtQHDGHEHVHUHQWHQGLGDGHODVLJXLHQWHPDQHUD

L
/DV 66&& 5 5 5 5 66&&33  \
RWUDVSRVWHULRUHVHVWDEOHFHQHOPDUFRJHQHUDOVREUHODVXEVLGLDULHGDGH[FHSFLRQDOGHODDFFLyQGH
OLEHUWDG

LL/D6&5HVWDEOHFLyTXHODVXEVLGLDULHGDGH[FHSFLRQDO
QRHVDSOLFDEOHDORVVXSXHVWRV
HQ ORV TXH PHQRUHV GH  DxRV FRQVLGHUDGRV PHQRUHV LQIUDFWRUHV VH YHDQ LQYROXFUDGRV HQ OD
SUHVXQWD FRPLVLyQ GH GHOLWRV
 (VWH HQWHQGLPLHQWR HV FRQILUPDGR SRU OD 6&3  TXH VH
FRQILJXUDFRPRSULPHUDVHQWHQFLDFRQILUPDGRUDGHOtQHD

LLL(QFXDQWRDORVPHQRUHVLPSXWDEOHVFRPSUHQGLGRVHQWUH\DxRVOD6&5
UHLWHUDGD HQWUH RWUDV SRU ODV 66&& 5 \ 5 FRQFOX\y TXH ORV PHQRUHV
LPSXWDEOHVGHEHQVHUSURFHVDGRVHQODMXULVGLFFLyQRUGLQDULDFX\DHWDSDLQYHVWLJDWLYDHQFXDQWRDO
UHVSHWR D ORVGHUHFKRV \ JDUDQWtDVSURFHVDOHV HVWi D FDUJRGHO MXH] FDXWHODU VLQ HPEDUJR OD 6&
5UD]RQyHQVHQWLGRTXHQRHUDDSOLFDEOHODVXEVLGLDULHGDGH[FHSFLRQDOGHODDFFLyQGH
OLEHUWDGD PHQRUHV LPSXWDEOHV GDGDOD SURWHFFLyQ HVSHFLDO GHO (VWDGR SRU VX FRQGLFLyQ TXH ORV
FRORFDHQGHVYHQWDMDIUHQWHDOUHVWRGHODSREODFLyQGHFLVLyQTXHFRQWHPSODHOHVWiQGDUPiVDOWRHQ
FXDQWRDHVWDWHPiWLFD

LY3RVWHULRUPHQWHOD6&3FRQFOX\HTXHODVSHUVRQDVPD\RUHVGHDxRV\PHQRUHVD
 FRQVLGHUDGRV FRPR LPSXWDEOHV SHQDOPHQWH Vt
GHEHQ FXPSOLU FRQ OD H[FHSFLyQ GH OD
VXEVLGLDULHGDGHVGHFLUDJRWDUORVPHFDQLVPRVLQWUDSURFHVDOHVIUDQTXHDGRVSRUODOH\SUHYLRD
DFXGLUD ODMXULVGLFFLyQFRQVWLWXFLRQDO
 \ DXQTXH VH DFODUDTXH HVWH UD]RQDPLHQWRQRLPSOLFDXQ
FDPELR GH OtQHD UHVSHFWR D OD 6& 5 HQ OD TXH VH HVWDEOHFLy TXH OD VXEVLGLDULHGDG
H[FHSFLRQDO
QRHVDSOLFDEOHDORVVXSXHVWRVHQORVTXHPHQRUHVGHDxRVFRQVLGHUDGRVPHQRUHV
LQIUDFWRUHVVHYHDQLQYROXFUDGRVHQODSUHVXQWDFRPLVLyQGHGHOLWRV
HQUHDOLGDGHVXQDGHFLVLyQ
TXHLQDSOLFDHOHVWiQGDUPiVDOWRFRQWHQLGRHQOD6&5$VLPLVPROD6&3
HVWDEOHFHTXHHQFDVRGHPHQRUHVLPSXWDEOHVGHEHFXPSOLUVHFRQODVXEVLGLDULHGDGH[FHSFLRQDOGH
ODDFFLyQGHOLEHUWDGHVGHFLUGHEHDJRWDUVHORVPHFDQLVPRVLQWUDSURFHVDOHVIUDQTXHDGRVSRUODOH\
SUHYLRDDFXGLUDODMXULVGLFFLyQFRQVWLWXFLRQDOVHQWHQFLDTXHLQDSOLFDHOHVWiQGDUPiVDOWR\SRU
WDQWRQRJHQHUDSUHFHGHQWHYLQFXODQWH

Y
/D6&3UHLWHUDHOHQWHQGLPLHQWRFRQWHQLGRHQOD6&HLPSOLFDXQD
UHFRQGXFFLyQLPSOtFLWDDHVWHSUHFHGHQWHSRUORFXDOFRQVDJUDODDSOLFDFLyQGHOHVWiQGDUPiVDOWR

 $FWLYDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG HQ FDVR GH PXMHUHV HPEDUD]DGDV(O 7ULEXQDO
&RQVWLWXFLRQDOHQOD6&5HVWDEOHFLyTXHSDUDHOUHVJXDUGRGHOGHUHFKRDODYLGDDWUDYpV
GHODDFFLyQGHOLEHUWDGQRHVDSOLFDEOHODVXEVLGLDULHGDGH[FHSFLRQDOHQHVWHFRQWH[WRHO7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO D WUDYpV GH OD 6&3  GH PDQHUD H[SUHVD VHxDOy TXH HQ
PHGLGDVFDXWHODUHVYLQFXODGDVDPXMHUHVHPEDUD]DGDVDSHVDUGHH[LVWLUODDSHODFLyQLQFLGHQWDO
HVWHPHFDQLVPRQRHVH[LJLEOHHQHVWRVVXSXHVWRV\DTXHHQDWHQFLyQDODSURWHFFLyQSULRULWDULDTXH
PHUHFHHVWHVHFWRUGHEHIOH[LELOL]DUVHODVUHJODVGHODVXEVLGLDULHGDGH[FHSFLRQDOGHODDFFLyQGH
OLEHUWDG

W


dW^:d

$FWLYDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGSRUYtDVGHKHFKR(O7ULEXQDO&RQVWLWXFLRQDOKD
VHQWDGRXQDOtQHDMXULVSUXGHQFLDOVREUHODH[FHSFLyQDODVXEVLGLDULHGDGSRUYtDVGHKHFKRGHQWUR
GH ODV DFFLRQHVGH DPSDURFRQVWLWXFLRQDO FRQWHQLGD HQ ODV 66&&5 UHLWHUDGD HQ ODV
66&& 5  6&  5 SRVWHULRUPHQWH OD 6&3    (O
UD]RQDPLHQWRFRQWHQLGRHQGLFKDVVHQWHQFLDVVHDPSOtDDODVDFFLRQHVGHOLEHUWDG\GHDFXHUGRDOD
6&3DWRGDVODVDFFLRQHVWXWHODUHV(VHQPpULWRDGLFKDDPSOLDFLyQTXHOD6&3
VHFRQVWLWX\HHQXQDVHQWHQFLDPRGXODGRUDGHOtQHD


$FWLYDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGHQFRQWUDGHUHVROXFLRQHVHPLWLGDVSRUODRHO
MXH]FDXWHODUHQFXDQWRDOFRQWUROGHOHJDOLGDGGHODDSUHKHQVLyQ(VWDOtQHDGHEHVHUHQWHQGLGDGHOD
VLJXLHQWHPDQHUD

L(O7ULEXQDO&RQVWLWXFLRQDODWUDYpVGHODV66&&5\5VHxDOyGHPDQHUD
H[SUHVDTXHXQDYH]LPSXJQDGDODVXSXHVWDDSUHKHQVLyQILVFDORSROLFLDODQWHHOMXH]FDXWHODUVH
SRGtDSUHVHQWDUGLUHFWDPHQWHHOUHFXUVRGHKiEHDVFRUSXVQRVLHQGRQHFHVDULRLQWHUSRQHUHOUHFXUVR
GHDSHODFLyQFRQWUDODGHFLVLyQGHOMXH]

LL3RVWHULRUPHQWHOD6&5VLQFDPELDUGHPDQHUDH[SUHVDORVDQWHULRUHVSUHFHGHQWHV
VRVWXYRTXHDQWHODH[LVWHQFLDGHXQDUHVROXFLyQMXGLFLDOGHGHWHQFLyQSUHYHQWLYDVHGHEtDHMHUFHU
VXGHUHFKR\GHEHUSURFHVDOGHDSHODFLyQLQFLGHQWDO\QRDFXGLUGLUHFWDPHQWHDQWHODMXULVGLFFLyQ
FRQVWLWXFLRQDO

LLL /XHJR OD 6& 5 UHWRPDQGR HO FULWHULR DQWHULRU VRVWXYR TXH QR HV H[LJLEOH SDUD
DFWLYDUODMXVWLFLDFRQVWLWXFLRQDOXWLOL]DUHOUHFXUVRGHDSHODFLyQSUHYLVWRHQHODUWGHO&33

GDGRHOFDUiFWHUH[FHSFLRQDOPHQWHVXEVLGLDULRGHODUHIHULGDDFFLyQTXHVyORH[LJHHODJRWDPLHQWR
GHDTXHOORVUHFXUVRVH[SUHVDPHQWHSUHYLVWRVHQHORUGHQDPLHQWRSURFHVDOSHQDOTXHVHDQLGyQHRV
SDUDODSURWHFFLyQGHOGHUHFKRDODOLEHUWDGItVLFDRSHUVRQDO(QHVHVHQWLGRGHEHFRQVLGHUDUVHTXH
FRQWUDODUHVROXFLyQGHOMXH]FDXWHODUTXHVHSURQXQFLHVREUHODDSUHKHQVLyQILVFDORSROLFLDOQRHV
H[LJLEOHODLQWHUSRVLFLyQGHDOJ~QPHGLRGHLPSXJQDFLyQHVSHFtILFRSRUFXDQWRHODUWGHO&33
KDFH UHIHUHQFLD D OD DSHODFLyQ GH ODV UHVROXFLRQHV SURQXQFLDGDV SRU HO MXH] TXH GLVSRQJDQ
PRGLILTXHQRUHFKDFHQODVPHGLGDVFDXWHODUHVGHQWURGHODVFXDOHVGHEHHVWDUFRQWHQLGRHOUHFODPR
VREUH pVWH WySLFRVL H[LVWLHUD VLWXDFLRQHV TXHQR VH SUHVHQWDQ HQ HO FRQWURO TXH HIHFW~D HO MXH]
FDXWHODUUHVSHFWRDODDSUHKHQVLyQRUGHQDGDV\HMHFXWDGDVSRUODVDXWRULGDGHVILVFDOHVRSROLFLDOHV
UHVSHFWLYDPHQWHSXHVHOMX]JDGRUVHOLPLWDDGHFODUDUODOHJDOLGDGRLOHJDOLGDGGHODDSUHKHQVLyQ


6LQHPEDUJRHVWDPLVPDVHQWHQFLDVHxDOyTXH
VLHOLPSXWDGRSUHVHQWDUHFXUVRGHDSHODFLyQFRQWUD
OD UHVROXFLyQ TXH GHFODUy OD OHJDOLGDG R LOHJDOLGDG GH OD DSUHKHQVLyQ QR VH DFWLYD OD MXVWLFLD
FRQVWLWXFLRQDOPLHQWUDVODDSHODFLyQGHGLFKDGHWHUPLQDFLyQHVWpSHQGLHQWHHVWRFRQODILQDOLGDGGH
QRJHQHUDUGRVIDOORVTXHSXHGHQVHUFRQWUDGLFWRULRVVREUHXQDPLVPDWHPiWLFD
HQWHQGLPLHQWRTXH
IXHUHLWHUDGRHQOD6&3

LY $FWXDOPHQWH GH DFXHUGR DO HQWHQGLPLHQWR GH OD 6&3  HV SRVLEOH OD SUHVHQWDFLyQ
GLUHFWDGHODDFFLyQGHOLEHUWDGD~QVHKXELHUHSUHVHQWDGRUHFXUVRGHDSHODFLyQFRQWUDODUHVROXFLyQ
SURQXQFLDGDSRUHOMXH]FDXWHODUTXHHMHUFLyHOFRQWUROGHOHJDOLGDG\HQHVHVHQWLGRGLFKDVHQWHQFLD
VHFRQVWLWX\HHQPRGXODGRUD\FRQWLHQHHOHVWiQGDUPiVDOWRSRUORWDQWRHOSUHFHGHQWHHVYLQFXODQWH
SDUDWRGRVDTXHOORVFDVRVIXWXURVFRQLGHQWLGDGIiFWLFD6LQHPEDUJRHVLPSRUWDQWHKDFHUQRWDUTXH
HOHQWHQGLPLHQWRFRQWHQLGRHQOD6&3HVFRQWUDULRDOHVWiQGDUPiVDOWRGHSURWHFFLyQ
SRUTXHVHxDODTXHODVUHVROXFLRQHVSURQXQFLDGDVSRUORVMXHFHV\MXH]DVFDXWHODUHVHQHOHMHUFLFLR
GHOFRQWUROGHODOHJDOLGDGIRUPDO\PDWHULDOGHODDSUHKHQVLyQGHEHQVHULPSXJQDGDVDWUDYpVGHO
UHFXUVRGHDSHODFLyQLQFLGHQWDODQWHVGHDFXGLUDODMXVWLFLDFRQVWLWXFLRQDOYtDDFFLyQGHOLEHUWDG
(QHVWHVHQWLGRWDPELpQHVWiQODVVHQWHQFLDVFRQVWLWXFLRQDOHVSOXULQDFLRQDOHVVLJXLHQWHV
HQWUH RWUDV 7RGDV HVWDV VHQWHQFLDV QR JHQHUDQ SUHFHGHQWH YLQFXODQWH VLJXLHQGR OD
GRFWULQDGHOHVWiQGDUPiVDOWR

$FWLYDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGFXDQGRH[LVWHLPSRVLFLyQGHDERJDGRGHIHQVRU/D
6&5FRQFHGLyODWXWHODGHOHQWRQFHVUHFXUVRGHKiEHDVFRUSXVKR\DFFLyQGHOLEHUWDG
SRUTXHQRVHFRPXQLFyDOLPSXWDGRHO
GHUHFKRDFRQWDUFRQORVVHUYLFLRVGHXQDERJDGRGHIHQVRU
GHVXHOHFFLyQRFRQILDQ]DKDYXOQHUDGRXQDGHODVUHJODVGHOGHELGRSURFHVRSUHYLVWRHQHODUW
&33FRQFRUGDQWHFRQHODUWSDUiJUDIRG \H GHOD&RQYHQFLyQ$PHULFDQD6REUHORV'HUHFKRV
+XPDQRVTXHGHWHUPLQDQSRURWUDSDUWHODVFLUFXQVWDQFLDHQODVTXHGHEHGHVLJQDUVHGHIHQVRUGH
RILFLRFXDQGRHOLPSXWDGRQRORGHVLJQDGHQWURHOSOD]RGHOH\RHOQRPEUDGRSRUpVWHQRDFHSWDHO
FDUJR
/D6&3UHDILUPDHOUHIHULGRFULWHULRMXULVSUXGHQFLDOHVWDEOHFLHQGRODSRVLELOLGDG

W


dW^:d


GHSUHVHQWDUHQHVWRVVXSXHVWRVGHPDQHUDGLUHFWDODDFFLyQGHOLEHUWDGSUHVFLQGLHQGRGHOSULQFLSLR
GH VXEVLGLDULHGDG H[FHSFLRQDO UD]yQ SRU OD FXDO VH FRQILJXUD FRPR OD SULPHUD VHQWHQFLD
FRQILUPDGRUD


$FWLYDFLyQ GLUHFWD GH OD DFFLyQ GH OLEHUWDG FXDQGR H[LVWH LQFRPXQLFDFLyQ GHO
DSUHKHQGLGRFRQVXDERJDGRGHIHQVRU6REUHODEDVHGHODMXULVSUXGHQFLDFRQVWLWXFLRQDOFRQWHQLGD
HQ ODV 66&& 555 OD 6&3 FRQFOX\H TXH DO H[LVWLU
FRQWUDGLFFLRQHV\QRKDEHUGHVYLUWXDGRODVDXWRULGDGHVGHPDQGDGDVODVGHQXQFLDVHIHFWXDGDVSRU
HODFFLRQDQWHpVWDVVHWLHQHQSRUFLHUWDV\SRUHQGHVHFRQFHGHODWXWHODDFX\RHIHFWRHVWDEOHFH
ODSURFHGHQFLDGLUHFWDGHODDFFLyQGHOLEHUWDGHQHVWRVVXSXHVWRV


$FWLYDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGHQFDVRVGHGHFODUDFLyQEDMRDPHQD]DV6REUH
OD EDVH GH OD MXULVSUXGHQFLD FRQVWLWXFLRQDO FRQWHQLGD HQ ODV 66&& 5 5
5OD6&3FRQFOX\HTXHDOH[LVWLUFRQWUDGLFFLRQHV\QRKDEHUGHVYLUWXDGRODV
DXWRULGDGHVGHPDQGDGDVODVGHQXQFLDVHIHFWXDGDVSRUHODFFLRQDQWHpVWDVVHWLHQHQSRUFLHUWDV\
SRUHQGHVHFRQFHGHODWXWHODDFX\RHIHFWRHVWDEOHFHODSURFHGHQFLDGLUHFWDGHODDFFLyQGHOLEHUWDG
HQHVWRVVXSXHVWRV

$FWLYDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGSRUUHWHQFLyQHQFHQWURVKRVSLWDODULRV(O7ULEXQDO
&RQVWLWXFLRQDOHQOD6&5HVWDEOHFLyDOJXQRVSUHVXSXHVWRVSDUDODSURFHGHQFLDGHOD
DFFLyQGHOLEHUWDGHQFDVRGHUHWHQFLyQGHSDFLHQWHVHQFHQWURVKRVSLWDODULRVSRUIDOWDGHSDJR6LQ
HPEDUJROXHJROD6&3FDPELDGLFKRHQWHQGLPLHQWRMXULVSUXGHQFLDOVHxDODQGRTXHHV
SRVLEOHODSUHVHQWDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDGWUDWiQGRVHGHLQGHELGDSULYDFLyQGHOLEHUWDG
GH SDFLHQWHV HQ FHQWURV KRVSLWDODULRV SRU QR SDJDU OD DWHQFLyQ \ ORV KRQRUDULRV PpGLFRV VLQ
QHFHVLGDGGHDFXGLUSUHYLDPHQWHDODXQLGDGFRUUHVSRQGLHQWHSDUDFRQFLOLDUGHXGDV


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)- ,,,
$O UHVSHFWR \ HQ FRKHUHQFLD FRQ OR PDQLIHVWDGR
SUHFHGHQWHPHQWHWUDWiQGRVHGHPHGLGDVFDXWHODUHVGHFDUiFWHUSHUVRQDO
QRHVSRVLEOHH[LJLUODFRQFXUUHQFLDGHODEVROXWRHVWDGRGHLQGHIHQVLyQ
FRPR UHTXLVLWR SDUD DFWLYDU OD DFFLyQ GH OLEHUWDG KDELGD FXHQWD TXH
FRQIRUPH OR HVWDEOHFLHURQ ODV SURSLDV 6HQWHQFLDV &RQVWLWXFLRQDOHV
FLWDGDV HO DFWRU GHEH DJRWDU ORV PHFDQLVPRV GH LPSXJQDFLyQ
LQWUDSURFHVDOHV SUHYLR D OD DFWLYDFLyQ GH OD DFFLyQ GH OLEHUWDG 8Q
UD]RQDPLHQWRFRQWUDULRLPSOLFDUtDH[LJLUOHDODFFLRQDQWHXQDVLWXDFLyQ
MXUtGLFDPDWHULDOPHQWHLPSRVLEOHSRUTXHGHVGH\DHODJRWDPLHQWRGH
ORVPHGLRVGHUHFODPDFLyQLGyQHRVREOLJDDVXSDUWLFLSDFLyQDFWLYDHQ
HOSURFHVR6LWXDFLyQGLIHUHQWHHVDTXHOODHQODTXHDOLPSXWDGRVHOR
FRORFyHQXQHVWDGRDEVROXWRGHLQGHIHQVLyQORTXHOHLPSLGLyDFWLYDU
ORVPHFDQLVPRVLQWUDSURFHVDOHVUHIHULGRVFLUFXQVWDQFLD~OWLPDHQODTXH
ODDFFLyQGHOLEHUWDGVHDFWLYDUiGHPDQHUDGLUHFWD

5D]RQDPLHQWR TXH DFODUD OD OtQHD MXULVSUXGHQFLDO ~QLFDPHQWH FRQ
UHODFLyQDOD~OWLPDSDUWHGHOVHJXQGRVXSXHVWRH[WUDFWDGD\DQDOL]DGD
GH OD 6& 5 SRU ORV PRWLYRV DQWHV VHxDODGRV WHQLHQGR HQ
FXHQWDDGHPiVTXHGHPDQHUDLPSOtFLWDHO7ULEXQDO&RQVWLWXFLRQDOHQ
ORVFDVRVUHIHULGRVDPHGLGDVFDXWHODUHVGHFDUiFWHUSHUVRQDOTXHIXHURQ
VRPHWLGRVDVXFRQRFLPLHQWRDSOLFyHOUD]RQDPLHQWRTXHH[SUHVDPHQWH
VHGHVDUUROOyHQODSUHVHQWH6HQWHQFLD




W


dW^:d

$FFLyQGHDPSDURFRQVWLWXFLRQDO/HJLWLPDFLyQSDVLYD
HQODDFFLyQGHDPSDUR
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   (V SRVLEOHLQJUHVDU DO DQiOLVLV GHIRQGR FXDQGRD
SHVDU GH QR KDEHUVH GLULJLGR OD DFFLyQ GH DPSDUR FRQWUD WRGRV ORV
PLHPEURVTXHSURYRFDURQHODFWRLOHJDOGHQXQFLDGRXQRRPiVGHHOORV
IXHFLWDGR\DVXPLyGHIHQVD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO OD DFFLRQDQWH GHQXQFLy TXH
FXDQGR JR]DED GH VX GHVFDQVR FRPR PDGUH GH XQ UHFLpQ QDFLGR OD
&RPLVLyQ 0L[WD GH 3URFHVR ,QWHUQR GH &207(&2 /7'$ LQLFLy
SURFHVR LQWHUQR HQ VX FRQWUD HPLWLHQGR 5HVROXFLyQ GH GHVSLGR VLQ
GHUHFKRDGHVDKXFLRHLQGHPQL]DFLyQODPLVPDTXHIXHFRQILUPDGDHQ
DSHODFLyQSRUHO&RQVHMRGH$GPLQLVWUDFLyQVLQFRQVLGHUDUVXFRQGLFLyQ
GHPDGUHGHXQQLxRPHQRUGHXQDxRFRQFXOFDQGRVXVGHUHFKRVDOD
HVWDELOLGDG ODERUDO \ DO WUDEDMR SLGLHQGR HQFRQVHFXHQFLD VH GHFODUH
LOHJDO\QXORHOSURFHVRLQWHUQRHIHFWXDGRHQVXFRQWUDPLHQWUDVGXUHVX
LQDPRYLOLGDGODERUDOVHRUGHQHODUHVWLWXFLyQLQPHGLDWDDVXFDUJRVHOH
FDQFHOWRGRVVXVVDODULRVGHYHQJDGRVDSDUWLUGHODIHFKDGHVXVSHQVLyQ
\VHGLVSRQJDODLQGHPQL]DFLyQGHORVGDxRV\SHUMXLFLRVRFDVLRQDGRV
(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDODSUREyODFRQFHVLyQSDUFLDOGH
ODWXWHODVyORHQORTXHUHVSHFWDDD (OSDJRGHVDODULRVGXUDQWHHOODSVR
GHWLHPSRTXHIXHLOHJDOPHQWHVXVSHQGLGD\E (OSDJRGHVXEVLGLRV
SRUDVLJQDFLRQHVIDPLOLDUHVGHSUHQDWDOLGDGDSDUWLUGHOTXLQWRPHVGH
JHVWDFLyQ\GHODFWDQFLDKDVWDTXHHOUHFLpQQDFLGRFXPSODXQDxRGH
HGDG\GHQHJyODWXWHODVROLFLWDGDHQFXDQWRDODLQDPRYLOLGDGODERUDO

([WUDFWRGHODUDWLRGHFLGHQGL

)M,,,$VtUHVXHOWRHOSUREOHPDMXUtGLFRSODQWHDGRFDEHUHIHULUGHOD
OHFWXUDGHOPHPRULDOGHDFFLyQGHDPSDUR\DPSOLDFLyQGHGHHQHURGH
VHREVHUYDTXHODGHPDQGDQRVHGLULJLyFRQWUDWRGRVORVPLHPEURV
GHO&RQVHMRGH$GPLQLVWUDFLyQHPSHURFXUVDDIVGHREUDGRVTXH
-DLPH'H8JDUWH/D]FDQR3UHVLGHQWHGHO&RQVHMRGH$GPLQLVWUDFLyQ
W


dW^:d


IXH FLWDGR SRU FpGXOD H LQWHUYLQR HQ DXGLHQFLD GH DFFLyQ GH DPSDUR
FRQVWLWXFLRQDODWUDYpVGHVXDERJDGR\DSRGHUDGRVHJ~QVHWLHQHGHO
DFWD FXUVDQWH D IV  D  SRU FXDQWR DVXPLy GHIHQVD HQ GHELGD
IRUPD\FRQYDOLGyTXHODGHPDQGDQRVHKXELHUHGLULJLGRHQVXFRQWUD

6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO LQJUHVDQGR DO IRQGR GH
DQiOLVLVGHODFDXVDGHVFDUWDQGRODDSOLFDFLyQGHODGRFWULQDGHIDOWDGH
OHJLWLPDFLyQSDVLYDGHWULEXQDOHVFROHJLDGRVDOFRQVLGHUDUTXHSHVHDQR
KDEHU VLGR GHPDQGDGRV WRGRV ORV PLHPEURV GHO HQWH FROHJLDGR HO
3UHVLGHQWH GHO &RQVHMR GH $GPLQLVWUDFLyQ IXH FLWDGR SRU FpGXOD H
LQWHUYLQRHQDXGLHQFLDGHDFFLyQGHDPSDURFRQVWLWXFLRQDODWUDYpVGH
VXDERJDGR\DSRGHUDGR

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/DOtQHDMXULVSUXGHQFLDOGHO7ULEXQDO&RQVWLWXFLRQDOVREUHODOHJLWLPDFLyQSDVLYDHQOD
DFFLyQ GH DPSDUR FRQVWLWXFLRQDO LQLFLy FRQ OD 6& 5 HPSHUR IXH OD 6&
5TXHGHILQLyODOHJLWLPDFLyQSDVLYDVHxDODQGRTXHpVWDGHEHVHUHQWHQGLGD
FRPRODFRLQFLGHQFLDTXHVHGDHQWUHODDXWRULGDGTXHSUHVXQWDPHQWHFDXVyODYLRODFLyQ
DORVGHUHFKRV\DTXHOODFRQWUDTXLHQVHGLULJHODDFFLyQHQWHQGLPLHQWRDVXPLGRSRUODV
66&& 5 5 5 5 \ 5 HQWUH
RWUDV UD]RQDPLHQWR WDPELpQ FRQILUPDGR SRU OD 6&3  SURQXQFLDGD SRU HO
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO $VLPLVPR OD MXULVSUXGHQFLD FRQVWLWXFLRQDO
GLIHUHQFLy ODV VLWXDFLRQHV HVSHFLDOHV HQ OD OHJLWLPDFLyQ SDVLYD JHQHUDQGR YDULDV
VXEUHJODV UHIHULGDV D  /RV FDVRV GH VXFHVLyQ R FDPELR GH DXWRULGDGHV E  $FWR R
UHVROXFLyQ UHYLVDGD SRU XQ WULEXQDO VXSHULRU F  7ULEXQDOHV X yUJDQRV FROHJLDGRV G 
&DPELRGHVLWXDFLyQMXUtGLFDGHOGHPDQGDGR

D  6REUH OD OHJLWLPDFLyQ SDVLYD HQ ORV FDVRV GH VXFHVLyQ R FDPELR GH DXWRULGDGHV OD
MXULVSUXGHQFLD FRQVWLWXFLRQDO WLHQH HO VLJXLHQWH GHVDUUROOR  /D 6& 
HVWDEOHFLyTXH
ODGHPDQGDGHEHHVWDUGLULJLGDFRQWUDODDXWRULGDGTXHRVWHQWHHOFDUJR
GHVGHHOFXDOVHUHDOL]yHODFWRLOHJDORVHLQFXUULyHQODRPLVLyQLQGHELGDVLQTXHHOOR
LPSOLTXH TXH HQ FDVR GH H[LVWLU UHVSRQVDELOLGDGHV SHUVRQDOtVLPDV FRPR OD SHQDO HO
IXQFLRQDULRTXHKD\D DFFHGLGR DO FDUJR FRQ SRVWHULRULGDG DO DFWR OHVLYR GH GHUHFKRV
WHQJD TXH DVXPLU ODV FRQVHFXHQFLDV ~QLFDPHQWH SRU HQFRQWUDUVH HQ IXQFLRQHV DO
PRPHQWRGHLQLFLDUVHODGHPDQGD\SRUTXHpVWDKD\DVLGRGLULJLGDHQVXFRQWUD

/D
6&5GHWHUPLQy
 HQDTXHOORVFDVRVHQORVTXHHODFWRGHQXQFLDGRFRPR
LOHJDOHVHMHFXWDGRSRUXQDDXWRULGDG\HVRWUDODFRPSHWHQWHSDUDUHYLVDUHVDDFWXDFLyQ
DHIHFWRGHPRGLILFDUFRQILUPDURUHYRFDUHODFWRSXHVWRHQVXFRQRFLPLHQWRHOUHFXUVR
GHEHVHULQWHUSXHVWRFRQWUDDPEDVDXWRULGDGHVDOWHQHUOHJLWLPDFLyQSDVLYDODSULPHUD
SRU HMHFXWDU HO DFWR LOHJDO \ OD VHJXQGD SRU QR FRUUHJLUORGH PRGRTXH DO VHU DPEDV
UHVSRQVDEOHVGHEHQDVXPLUODVFRQVHFXHQFLDVGHVXVDFWRV
5D]RQDPLHQWRUHLWHUDGRSRU
ODV66&&5\5HQWUHRWUDV\FRQILUPDGRSRUSULPHUDYH]SRUOD
6&33RVWHULRUPHQWHOD6&3PRGXODQGRGLFKRHQWHQGLPLHQWR
HVWDEOHFHTXHODGHPDQGDSRGUiVHUSUHVHQWDGDFRQWUDODDXWRULGDGTXHFRPHWLyHODFWR
LOHJDOD~Q\DQRRVWHQWHHOFDUJRRODIXQFLyQHQODTXHVHHQFRQWUDED\TXHHQJHQHUDO
HVSRVLEOHGHPDQGDUFRQWUDHOFDUJRRODIXQFLyQS~EOLFDHQFX\RHMHUFLFLRVHFRPHWLyHO
VXSXHVWRDFWRLOHJDO$VXYH]OD6&3PRGXOyHVWH~OWLPRUD]RQDPLHQWR
HVWDEOHFLy TXH WDQWR SDUD OD IDVH GH OD DGPLVLELOLGDG HQ ODV DFFLRQHV GH DPSDUR
FRQVWLWXFLRQDO FRPR SDUD OD IDVH GHOLEHUDWLYD \ GH GHFLVLyQ GRQGH VH DQDOL]D OD

W


dW^:d
OHJLWLPDFLyQSDVLYDHQWRGDVODVDFFLRQHVGHGHIHQVDHVVXILFLHQWHLGHQWLILFDUHOFDUJR
RODIXQFLyQS~EOLFDHQFX\RHMHUFLFLRVHFRPHWLHURQORVVXSXHVWRVDFWRVLOHJDOHVHQORV
FDVRV GH FHVDQWtD GH VHUYLGRUHV S~EOLFRV  /D 6&3  UHDOL]DQGR RWUD
PRGXODFLyQGHWHUPLQyTXHODDFFLyQGHDPSDURFRQVWLWXFLRQDOSXHGHVHUSUHVHQWDGDGH
PDQHUDDOWHUQDWLYDFRQWUDODH[ DXWRULGDGTXHFRPHWLyHODFWRLOHJDOFRQWUDODQXHYD
DXWRULGDGRFRQWUDHOFDUJRRODIXQFLyQS~EOLFDHQFX\RHMHUFLFLRVHFRPHWLHURQORVDFWRV
VXSXHVWDPHQWH LOHJDOHV   $VLPLVPR OD 6&3  H[WLHQGH HVWH ~OWLPR
UD]RQDPLHQWRDHQWLGDGHVRLQVWLWXFLRQHVSULYDGDV

E  6REUH HO DFWR R UHVROXFLyQ UHYLVDGD SRU XQ WULEXQDO VXSHULRU OD MXULVSUXGHQFLD
FRQVWLWXFLRQDOWLHQHHOVLJXLHQWHGHVDUUROOR/D6&5HVWDEOHFLyTXHODRHO
DJUDYLDGR
GHEHDFXVDUHODFWRLQGHELGRRLOHJDOFRQVWLWXLGR\DVHDHQXQDFWRSURFHVDO
R HQ XQD UHVROXFLyQ DQWH OD LQVWDQFLD ~OWLPD SXHV GH QR KDFHUOR OD WXWHOD UHVXOWDUtD
LQHILFD]SRUFXDQWRQRVHSXHGHFRPSXOVDUODSUREOHPiWLFD VLQRKDVLGRUHFXUULGDOD
DXWRULGDG R SHUVRQD TXH WLHQH OD IDFXOWDG GH UHYLVDU FRQVLJXLHQWHPHQWH PRGLILFDU
FRQILUPDURUHYRFDUHODFWRRUHVROXFLyQSXHVWRHQVXFRQRFLPLHQWR\DTXHHQOD~OWLPD
LQVWDQFLDVLVHDFXVDHODFWRLOHJDOXRPLVLyQLQGHELGDVHUHVROYHUiGHILQLWLYDPHQWHGH
PDQHUDTXHTXLHQGHEHUiUHVSRQGHUSRUODOHVLyQDOGHUHFKRIXQGDPHQWDO\UHSDUDUORHQ
IRUPD LQPHGLDWD VHUi OD DXWRULGDG R WULEXQDO TXH WHQJD OHJDOPHQWH OD DWULEXFLyQ GH
FRQRFHU HQ ~OWLPD LQVWDQFLD \ SRU OR PLVPR SDUD HO FDVR GH QR UHSDUDU OD OHVLyQ DO
PRPHQWRGHUHVROYHUHOUHFXUVRRUGLQDULRHVTXLHQWLHQHODOHJLWLPDFLyQSDVLYDSDUDVHU
GHPDQGDGR UHVSRQGHU \ FXPSOLU OR TXH VH RUGHQH HQ HVWD MXULVGLFFLyQ
   (VWH
UD]RQDPLHQWRSRVWHULRUPHQWHIXHPRGXODGRSRUOD6&5HVWDEOHFLHQGRTXH

HQ DTXHOORV FDVRV HQ ORV TXH HO DFWR GHQXQFLDGR FRPR LOHJDO HV HMHFXWDGR SRU XQD
DXWRULGDG \ HV RWUD OD FRPSHWHQWH SDUD UHYLVDU HVD DFWXDFLyQ D HIHFWR GH PRGLILFDU
FRQILUPDURUHYRFDUHODFWRSXHVWRHQVXFRQRFLPLHQWRHOUHFXUVRGHEHVHULQWHUSXHVWR
FRQWUDDPEDVDXWRULGDGHVDOWHQHUOHJLWLPDFLyQSDVLYDODSULPHUDSRUHMHFXWDUHODFWR
LOHJDO\ODVHJXQGDSRUQRFRUUHJLUORGHPRGRTXHDOVHUDPEDVUHVSRQVDEOHVGHEHQ
DVXPLUODVFRQVHFXHQFLDVGHVXVDFWRV&DEHDFODUDUTXHOD6&5FRPRODV
66&& 5 5 5 HQWUH RWUDV XWLOL]DURQ HVWD OtQHD
MXULVSUXGHQFLDOFXDQGRVHGHPDQGyDODVDXWRULGDGHVTXHHMHFXWDURQHODFWRRUHVROXFLyQ
VXSXHVWDPHQWH LOHJDO \ QR FRQWUD TXLHQHV ORV UHYLVDURQ GHQHJiQGRVH OD WXWHOD FRQ HO
DUJXPHQWRTXHHOUHFXUVRWDPELpQGHELyVHUGLULJLGRFRQWUDHVWRV~OWLPRV/D6&3
FRQILUPyLPSOtFLWDPHQWHHVWHUD]RQDPLHQWRDXQVXSXHVWRGLIHUHQWHSXHVHQ
HVWHFDVRODDFFLyQVHGLULJLyFRQWUDODVDXWRULGDGHVTXHUHYLVDURQODUHVROXFLyQHQ~OWLPD
LQVWDQFLDSHURQRDVtFRQWUDORVLQIHULRUHVSRUFX\RPRWLYRVHGHQHJyODWXWHOD(PSHUR
ODV66&&HQWUHRWUDVGHQHJDURQODWXWHOD
SRUTXHODDFFLyQQRVHGLULJLyFRQWUDOD~OWLPDLQVWDQFLDRDXWRULGDGHVTXHWXYLHURQOD
RSRUWXQLGDGGHPRGLILFDUFRQILUPDURUHYRFDUHODFWRSXHVWRDVXFRQRFLPLHQWR

F  6REUH ORV FDVRV GH 7ULEXQDOHV X yUJDQRV FROHJLDGRV OD OtQHD MXULVSUXGHQFLDO HV OD
VLJXLHQWH  (O 7ULEXQDO &RQVWLWXFLRQDO HQ ODV 66&& 5 5
5\5HQWUHRWUDVHVWDEOHFLyTXHSDUDTXHVHDYLDEOHHO DPSDUR
FRQVWLWXFLRQDOGHEHVHUSODQWHDGRFRQWUDWRGRVORVPLHPEURVTXHDVXPLHURQODGHFLVLyQ
DFWRRUHVROXFLyQSUHVXQWDPHQWHLOHJDO6LQHPEDUJRGLFKDVXEUHJODIXH PRGXODGD
SRU OD 6& 5 HQ ORV FDVRV GH HQWHV FROHJLDGRV FRQ PLHPEURV QXPHURVRV
GHWHUPLQDQGR OD SRVLELOLGDG GH QRWLILFDU ~QLFDPHQWH DO UHSUHVHQWDQWH OHJDO FXDQGR OD
QRWLILFDFLyQDWRGRVORVPLHPEURVVHFRQYLHUWDHQEDUUHUDSDUDHODFFHVRLQPHGLDWRDOD
WXWHOD/D6&3DWUDYpVGHXQDPRGXODFLyQLPSOtFLWDSUHFLVyTXHHVSRVLEOH
LQJUHVDU DO DQiOLVLV GH IRQGR FXDQGR QR VH FDXVy LQGHIHQVLyQ D ORV TXH IXHURQ
GHPDQGDGRVHVGHFLUTXHDSHVDUGHQRKDEHUVHGLULJLGRODDFFLyQGHDPSDURFRQWUD
WRGRV ORV PLHPEURV TXHSURYRFDURQ HO DFWRLOHJDO GHQXQFLDGR XQR R PiV GH ORV TXH
IXHURQFLWDGRVDVXPLHURQGHIHQVD

G 6REUHHOFDPELRGHVLWXDFLyQMXUtGLFDGHOGHPDQGDGROD6&3HVWDEOHFLy
TXHH[LVWHIDOWDGHOHJLWLPDFLyQSDVLYDHQDFFLRQHVGHDPSDURFRQVWLWXFLRQDOFXDQGROD

W


dW^:d


SDUWH DFFLRQDQWH VLQ DUJXPHQWDFLyQ HQ XQ PHPRULDO SRVWHULRU DO GH OD GHPDQGD
PRGLILFD OD FDOLGDG GH SDUWH GHPDQGDGD D WHUFHUR LQWHUHVDGR VXSXHVWR HQ HO FXDO HQ
FXDQWRDODVSHUVRQDVTXHVHFDPELDVXVLWXDFLyQSURFHVDOODWXWHODVHUiGHQHJDGD

H 'HRWURODGRODMXULVSUXGHQFLDFRQVWLWXFLRQDOWDPELpQKDGHVDUUROODGRVXSXHVWRVGH
IOH[LELOL]DFLyQDODOHJLWLPDFLyQSDVLYDUHVSHFWRDODH[LJHQFLDGHGLULJLUODDFFLyQGH
DPSDURFRQVWLWXFLRQDOFRQWUDODSHUVRQDSDUWLFXODURDXWRULGDGTXHRFDVLRQyHODJUDYLR
RDFWROHVLYRGHQXQFLDGRDVt/D6&3HVWDEOHFLyTXHSDUDHOFDVRGHYtDV
GH KHFKR GH PDQHUD H[FHSFLRQDO SRGUi DFWLYDUVH OD WXWHOD VLQ LGHQWLILFDU D OD SDUWH
GHPDQGDGD FXDQGR SRU ODV FLUFXQVWDQFLDV SDUWLFXODUHV GHO FDVR QR VHD SRVLEOH XQD
GHWHUPLQDFLyQGHSHUVRQDVTXHLQFXUUDQHQYtDVGHKHFKRHQFX\RRUGHQSDUDDVHJXUDU
XQD HTXLGDG SURFHVDO D ODV SHUVRQDV TXH QR IXHURQ H[SUHVDPHQWH FLWDGDV FRPR
GHPDQGDGDV\TXHSXGLHUHQVHUDIHFWDGDVFRQORVHIHFWRVGHXQDHYHQWXDOFRQFHVLyQGH
WXWHOD SRU YtDV GH KHFKR QR VH OHV DSOLFD HO SULQFLSLR GH SUHFOXVLyQ SURFHVDO SDUD OD
SUHVHQWDFLyQGHSUXHEDVXRWURVPHGLRVGHPHGLRVGHGHIHQVD&DEHDFODUDUFRPROD
PLVPD6&3VHxDOyODH[FHSFLyQDOSULQFLSLRGHSUHFOXVLyQ\ODSRVLELOLGDG
GHSUHVHQWDFLyQGHSUXHEDHVWDEOHFLGDHQHVDVHQWHQFLDQRLPSOLFDXQDPRGXODFLyQGH
OD6&3HQODTXHVHGHILQLHURQORVVXSXHVWRVHQORVTXHHQODHWDSDGHUHYLVLyQ
DQWHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHVSRVLEOHODSUHVHQWDFLyQGHQXHYDSUXHED
UHIHULGDV
3UXHEDTXHQRSXGRVHUSUHVHQWDGDRSRUWXQDPHQWHDQWHHOMXH]RWULEXQDO
GHJDUDQWtDVVLHPSUH\FXDQGRVHMXVWLILTXHQODVUD]RQHVGHHVHLPSHGLPHQWR1XHYD
SUXHED TXH GHPXHVWUH OD SHUVLVWHQFLD GH ODV OHVLRQHV GHQXQFLDGDV D SDUWLU GHO PLVPR
KHFKRJHQHUDGRUORTXHQRLPSOLFDODDPSOLDFLyQGHORVIXQGDPHQWRVGHODDFFLyQ\
3DUDGHQXQFLDVGHPHGLGDVGHKHFKRFRQH[DV\DFFHVRULDVVHUiSRVLEOHODSUHVHQWDFLyQ
GH QXHYD SUXHED TXH GHPXHVWUH TXH ODV OHVLRQHV GHQXQFLDGDV DGHPiV GH SHUVLVWLU
FRQWLQ~DQVXVFLWiQGRVHDWUDYpVGHRWUDVDFFLRQHVGHVLPLODUQDWXUDOH]D
(IHFWLYDPHQWH
HO UD]RQDPLHQWR FRQWHQLGR HQ OD 6&3  HV XQ SRVWXODGR MXULVSUXGHQFLDO
GLIHUHQWHYLQFXODGR~QLFDPHQWHDODVYtDVGHKHFKR\ODLPSRVLELOLGDGGHLGHQWLILFDUD
ORV GHPDQGDGRV \ DSOLFDEOH ~QLFDPHQWH DQWH VXSXHVWRV IiFWLFRV VLPLODUHV   2WUR
VXSXHVWR GH IOH[LELOL]DFLyQ HV HO FRQWHQLGR HQ OD 6&3  TXH IOH[LELOL]y OD
OHJLWLPDFLyQSDVLYDHQORVVXSXHVWRVGHLQVWDQFLDVGHGLUHFFLyQYDFDQWHVHQHQWLGDGHV
S~EOLFDV R SULYDGDV GHWHUPLQDQGR TXH FXDQGR ODV LQVWDQFLDV GH GLUHFFLyQ HQ ODV
HQWLGDGHVS~EOLFDVRSULYDGDVTXHGDQYDFDQWHVVHGLULJHODDFFLyQGLUHFWDPHQWHFRQWUD
ODHQWLGDGTXHKXELHUHYXOQHUDGRGHUHFKRVVLQLGHQWLILFDUDXWRULGDGHVRSHUVRQHURV
/D6&3FLUFXQVFULWDDORVSURFHVRVSHQDOHVHVWDEOHFLyTXHD~QQRVHKXELHUH
SODQWHDGR OD DFFLyQ FRQWUD HO UHSUHVHQWDQWH GHO 0LQLVWHULR 3~EOLFR \ VL FRQWUD ODV
DXWRULGDGHVTXHHMHUFLHURQHOFRQWUROMXULVGLFFLRQDOHQODHWDSDSUHSDUDWRULDHO-XH]GH
,QVWUXFFLyQHQOR3HQDORVWHQWDOHJLWLPDFLyQSDVLYDSRUTXHWLHQHODIDFXOWDGGHFRQWURODU
ODLQYHVWLJDFLyQHIHFWXDGDSRUSDUWHGHOyUJDQRGHSHUVHFXFLyQSHQDODVHJXUDQGRTXHHO
PLVPRVHUHDOLFHHQHOPDUFRGHOUHVSHWRGHOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR7UDWDGRV
\&RQYHQLRVLQWHUQDFLRQDOHVDVtFRPRHOWULEXQDOGHDSHODFLyQWLHQHHOGHEHUGHYHULILFDU
ORV DFWRV GH OD DXWRULGDG GH UDQJR LQIHULRU FXDQGR QR UHSDUDURQ ORV DFWRV LOHJDOHV X
RPLVLRQHVLQGHELGDVHQODVTXHKXELHUDLQFXUULGRHO0LQLVWHULR3~EOLFR


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

35(&('(17(,03/&,72
(VWD 6HQWHQFLD HQ VX )- ,,, GLVSRQH $Vt UHVXHOWR HO SUREOHPD
MXUtGLFRSODQWHDGRFDEHUHIHULUGHODOHFWXUDGHOPHPRULDOGHDFFLyQGH
DPSDUR\DPSOLDFLyQGHGHHQHURGHVHREVHUYDTXHODGHPDQGD
QRVHGLULJLyFRQWUDWRGRVORVPLHPEURVGHO&RQVHMRGH$GPLQLVWUDFLyQ
HPSHUR FXUVD D IV  GH REUDGRV TXH -DLPH 'H 8JDUWH /D]FDQR
3UHVLGHQWH GHO &RQVHMR GH $GPLQLVWUDFLyQ IXH FLWDGR SRU FpGXOD H
W


dW^:d

LQWHUYLQRHQDXGLHQFLDGHDFFLyQGHDPSDURFRQVWLWXFLRQDODWUDYpVGH
VXDERJDGR\DSRGHUDGRVHJ~QVHWLHQHGHODFWDFXUVDQWHDIVD
SRUFXDQWRDVXPLyGHIHQVDHQGHELGDIRUPD\FRQYDOLGyTXHODGHPDQGD
QRVHKXELHUHGLULJLGRHQVXFRQWUD

,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

'HDFXHUGRDODKLVWRULDGHODOtQHDMXULVSUXGHQFLDOGHVFULWDVHHVWDEOHFH
ORVLJXLHQWH (QFXDQWRDORVFDVRVGHVXFHVLyQGHOFDUJRHOHVWiQGDU
PiVDOWRVHHQFXHQWUDFRQWHQLGRHQOD6&3FRPSOHPHQWDGD
SRUOD6&3 (QFXDQWRD7ULEXQDOHVXyUJDQRVFROHJLDGRV
HOHVWiQGDUPiVDOWRHVWiSODVPDGRHQOD5 5HVSHFWRDORV
VXSXHVWRVGHIOH[LELOL]DFLyQGHODOHJLWLPDFLyQSDVLYDHOHVWiQGDUPiV
DOWRHVWiSODVPDGRHQODV6&3\6&3



1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   /D DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SXHGH VHU
SUHVHQWDGDGHPDQHUDDOWHUQDWLYDFRQWUDODVSHUVRQDVTXHGHVGHVX
FDUJRRIXQFLRQHVHQLQVWLWXFLRQHVRHQWLGDGHVSULYDGDVFRPHWLHURQHO
DFWR LOHJDO R FRQWUD ODV SHUVRQDV TXH DFWXDOPHQWH RVWHQWDQ GLFKRV
FDUJRVRIXQFLRQHVR~QLFDPHQWHFRQWUDHOHOFDUJRRODIXQFLyQHQ
FX\RHMHUFLFLRVHFRPHWLHURQORVDFWRVVXSXHVWDPHQWHLOHJDOHV

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOORVDFFLRQDQWHVGHQXQFLDURQOD
YXOQHUDFLyQGHVXGHUHFKRDOVXIUDJLRSDVLYRRGHUHFKRDVHUHOHJLGRV
SRU FXDQWR HQ VX FRQGLFLyQ GH IUDWHUQRV DFWLYRV GH OD )UDWHUQLGDG
0RUHQDGD&HQWUDO2UXURVHSRVWXODURQDODVHOHFFLRQHVGH'LUHFWRULRGH
HVDHQWLGDGHPSHURDSHVDUGHKDEHUSUHVHQWDQGRWRGRVORVUHTXLVLWRV
H[LJLGRVIXHLQKDELOLWDGRHOFDQGLGDWRD3UHVLGHQWH\SRUHQGHWRGDOD
IyUPXOD VLQ HPLWLU XQD UHVROXFLyQ FROHJLDGD HQ OD TXH FRQVWH XQD
H[SOLFDFLyQUD]RQDGD\IXQGDPHQWDGDSRUORTXHVROLFLWDURQODQXOLGDG
GH ODV HOHFFLRQHV (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO UHYRFy OD
W


dW^:d


UHVROXFLyQ UHYLVDGD \ FRQFHGLy OD WXWHOD VROLFLWDGD SURQXQFLiQGRVH
SUHYLDPHQWHVREUHODOHJLWLPDFLyQSDVLYDGHORVGHPDQGDGRV

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,GHODUHYLVLyQGHDQWHFHGHQWHVTXHFXUVDQHQREUDGRV\GHODQiOLVLVGHORV
HOHPHQWRVGHSUXHEDDSRUWDGRVSRUDPEDVSDUWHVVHDGYLHUWHQLQFRQJUXHQFLDVUHVSHFWR
DODGHVLJQDFLyQGHOWHUFHU9RFDOGHO7ULEXQDOGHPDQGDGRFXDQGRFXUVDDIVXQD
FHUWLILFDFLyQH[SHGLGDHOGHHQHURGHSRUHOPLVPR3UHVLGHQWHGHOD)UDWHUQLGDG
+XJR(QULTXH=HEDOORVOYDUH]HQODTXHDILUPDTXHODIUDWHUQD1LOGD'RULV)XHQWHV
)ORUHVIXH9RFDOLQYLWDGDGHO7ULEXQDO(OHFWRUDO3HUPDQHQWHGHHVD)UDWHUQLGDGHQODV
JHVWLRQHVDVSHFWRFRQILUPDGRDWUDYpVGHODUHYLVLyQGHOOLEURGHDFWDVGHOD
UHIHULGD DJUXSDFLyQ HQ HO TXH VH HYLGHQFLD D IV  TXH OD FLWDGD SHUVRQD HO  GH
QRYLHPEUH GH  SUHVLGLy \ VXVFULELy FRPR PLHPEUR GHO PLVPR OD
(OHFFLyQ GH
PLHPEURVGHO7ULEXQDO(OHFWRUDO3HUPDQHQWHSDUDODVJHVWLRQHV
UHDOL]DGD
HQDVDPEOHDRUGLQDULDHQODTXHSUHFLVDPHQWHIXHURQHOHJLGRVORVDKRUDGHPDQGDGRV
5XIIR*XHUUD=HODGD\)DQRU0DQFLOOD7HOOHUtDFRPRSDUWHGHHVH7ULEXQDOHOFXDOIXH
UHDOL]DGR HQ FXPSOLPLHQWR GHO DUW  GHO 5HJODPHQWR GH OD )UDWHUQLGDG 0RUHQDGD
&HQWUDO2UXURTXHHVWDEOHFH
/D$VDPEOHDSURFHGHUiDODHOHFFLyQGHGRVPLHPEURVGH
EDVH SDUD FRQIRUPDU HO 7ULEXQDO (OHFWRUDO 3HUPDQHQWH GHELHQGR HO 3UHVLGHQWH GH OD
LQVWLWXFLyQQRPEUDUDXQWHUFHUPLHPEUR
DVLPLVPRRWUDDFWXDFLyQGHODFLWDGD9RFDO
IXHODUHDOL]DGDSRUpVWDHQHODFWRGHUHFHSFLyQGHGRFXPHQWDFLyQGHSRVWXODFLRQHVSDUD
ODHOHFFLyQGHO7ULEXQDOGH+RQRUHIHFWXDGRHOGHQRYLHPEUHGHVHJ~QFRQVWD
GHODFWDFXUVDQWHDIVYWDSRUORTXHGHORVDQWHFHGHQWHVGHVFULWRVVHLQILHUHTXHQR
UHVXOWD YiOLGR TXH HO WHUFHU PLHPEUR H LQYLWDGR GHO GLUHFWRULR DO 7ULEXQDO (OHFWRUDO
3HUPDQHQWHGHODUHIHULGD)UDWHUQLGDG6DPXHO&DEUHUD5DPtUH]KD\DVLGRGHVLJQDGRHO
GHQRYLHPEUHGHLJXDODxRWRGDYH]TXHHQHVDJHVWLyQD~QHMHUFtDHVDVIXQFLRQHVRWUD
IUDWHUQD

3RU OR H[SXHVWR VH FRQFOX\H TXH 7ULEXQDO 3HUPDQHQWH (OHFWRUDO GH OD )UDWHUQLGDG
0RUHQDGD&HQWUDO2UXURHVWDEDOHJDOPHQWHFRQIRUPDGRSRUVyORGRVPLHPEURV\DTXH
QRFRQVWDHQHOSURFHVRTXHORVGHPDQGDGRVKD\DQSUHVHQWDGRXQHOHPHQWRGHSUXHED
LGyQHR \ IHKDFLHQWH TXH GHPXHVWUH HQ UHDOLGDG TXLpQ HUD HO WHUFHU PLHPEUR HQ
FRQVHFXHQFLDDOHVWDUGLULJLGDODSUHVHQWHDFFLyQGHDPSDURFRQWUDHOFDUJRGHORVGRV
PLHPEURVOHJDOPHQWHHOHJLGRVVHFRQFOX\HFRQIRUPHHO)XQGDPHQWR-XUtGLFR,,,GHO
SUHVHQWHIDOORTXHQRH[LVWHODIDOWDGHOHJLWLPDFLyQSDVLYDDOHJDGDSRUORVGHPDQGDGRV
TXLHQHVFRQXQDDEVROXWDIDOWDGHOHDOWDGSURFHVDOXWLOL]DURQXQDFHUWLILFDFLyQFRQGDWRV
IDOVRV VRUSUHQGLHQGR DO 7ULEXQDO GH JDUDQWtDV HQ VX EXHQD IH \D TXH EDVDURQ VX
5HVROXFLyQSUHFLVDPHQWHHQODUHIHULGDFHUWLILFDFLyQSDUDGHQHJDUODWXWHODSRUIDOWDGH
OHJLWLPDFLyQSDVLYDHQHOWHUFHUPLHPEURGHOFLWDGR7ULEXQDO(OHFWRUDOQRREVWDQWHGH
H[LVWLUHQHOPLVPRSURFHVRRWURVDQWHFHGHQWHVTXHGHELHURQVHUDQDOL]DGRVGHPDQHUD
PiVH[KDXVWLYDSRUORTXHHQHOFDVRFRUUHVSRQGHLQJUHVDUDODQiOLVLVGHIRQGRGHOD
SUREOHPiWLFD SODQWHDGD OR FRQWUDULR LPSOLFDUtD FRKRQHVWDU DFWRV FRQWUDULRV D OD
VXSUHPDFtD FRQVWLWXFLRQDO \D TXH QRGHEHROYLGDUVH TXH XQD GHODV ILQDOLGDGHV GH OD
MXVWLFLD FRQVWLWXFLRQDO HV SUHFDXWHODU HO UHVSHWR \ OD YLJHQFLD GH GHUHFKRV \ JDUDQWtDV
FRQVWLWXFLRQDOHV


6LQWHVLVGHODUDWLRGHFLGHQGL

6HLQJUHVDDODQiOLVLVGHIRQGRGHODDFFLyQGHDPSDURFRQVWLWXFLRQDO
GHVHVWLPDQGRODIDOWDGHOHJLWLPDFLyQSDVLYDFRQHODUJXPHQWRTXHHO
7ULEXQDO3HUPDQHQWH(OHFWRUDOGHOD)UDWHUQLGDG0RUHQDGDGH&HQWUDO
2UXURHVWDEDOHJDOPHQWHFRQIRUPDGRSRUVyORGRVPLHPEURV\QRSRU
W


dW^:d

WUHV FRPR VRVWHQtDQ ORV GHPDQGDGRV \ TXH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDOVHGLULJLyFRQWUDHOFDUJRGHORVGRVPLHPEURVOHJDOPHQWH
HOHJLGRV

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/DOtQHDMXULVSUXGHQFLDOGHO7ULEXQDO&RQVWLWXFLRQDOVREUHODOHJLWLPDFLyQSDVLYDHQOD
DFFLyQ GH DPSDUR FRQVWLWXFLRQDO LQLFLy FRQ OD 6& 5 HPSHUR IXH OD 6&
5TXHGHILQLyODOHJLWLPDFLyQSDVLYDVHxDODQGRTXHpVWDGHEHVHUHQWHQGLGD
FRPRODFRLQFLGHQFLDTXHVHGDHQWUHODDXWRULGDGTXHSUHVXQWDPHQWHFDXVyODYLRODFLyQ
DORVGHUHFKRV\DTXHOODFRQWUDTXLHQVHGLULJHODDFFLyQHQWHQGLPLHQWRDVXPLGRSRUODV
66&& 5 5 5 5 \ 5 HQWUH
RWUDV UD]RQDPLHQWR WDPELpQ FRQILUPDGR SRU OD 6&3  SURQXQFLDGD SRU HO
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO $VLPLVPR OD MXULVSUXGHQFLD FRQVWLWXFLRQDO
GLIHUHQFLy ODV VLWXDFLRQHV HVSHFLDOHV HQ OD OHJLWLPDFLyQ SDVLYD JHQHUDQGR YDULDV
VXEUHJODV UHIHULGDV D  /RV FDVRV GH VXFHVLyQ R FDPELR GH DXWRULGDGHV E  $FWR R
UHVROXFLyQ UHYLVDGD SRU XQ WULEXQDO VXSHULRU F  7ULEXQDOHV X yUJDQRV FROHJLDGRV G 
&DPELRGHVLWXDFLyQMXUtGLFDGHOGHPDQGDGR
D  6REUH OD OHJLWLPDFLyQ SDVLYD HQ ORV FDVRV GH VXFHVLyQ R FDPELR GH DXWRULGDGHV OD
MXULVSUXGHQFLD FRQVWLWXFLRQDO WLHQH HO VLJXLHQWH GHVDUUROOR  /D 6& 
HVWDEOHFLyTXH
ODGHPDQGDGHEHHVWDUGLULJLGDFRQWUDODDXWRULGDGTXHRVWHQWHHOFDUJR
GHVGHHOFXDOVHUHDOL]yHODFWRLOHJDORVHLQFXUULyHQODRPLVLyQLQGHELGDVLQTXHHOOR
LPSOLTXH TXH HQ FDVR GH H[LVWLU UHVSRQVDELOLGDGHV SHUVRQDOtVLPDV FRPR OD SHQDO HO
IXQFLRQDULRTXHKD\D DFFHGLGR DO FDUJR FRQ SRVWHULRULGDG DO DFWR OHVLYR GH GHUHFKRV
WHQJD TXH DVXPLU ODV FRQVHFXHQFLDV ~QLFDPHQWH SRU HQFRQWUDUVH HQ IXQFLRQHV DO
PRPHQWRGHLQLFLDUVHODGHPDQGD\SRUTXHpVWDKD\DVLGRGLULJLGDHQVXFRQWUD

/D
6&5GHWHUPLQy
 HQDTXHOORVFDVRVHQORVTXHHODFWRGHQXQFLDGRFRPR
LOHJDOHVHMHFXWDGRSRUXQDDXWRULGDG\HVRWUDODFRPSHWHQWHSDUDUHYLVDUHVDDFWXDFLyQ
DHIHFWRGHPRGLILFDUFRQILUPDURUHYRFDUHODFWRSXHVWRHQVXFRQRFLPLHQWRHOUHFXUVR
GHEHVHULQWHUSXHVWRFRQWUDDPEDVDXWRULGDGHVDOWHQHUOHJLWLPDFLyQSDVLYDODSULPHUD
SRU HMHFXWDU HO DFWR LOHJDO \ OD VHJXQGD SRU QR FRUUHJLUORGH PRGRTXH DO VHU DPEDV
UHVSRQVDEOHVGHEHQDVXPLUODVFRQVHFXHQFLDVGHVXVDFWRV
5D]RQDPLHQWRUHLWHUDGRSRU
ODV66&&5\5HQWUHRWUDV\FRQILUPDGRSRUSULPHUDYH]SRUOD
6&33RVWHULRUPHQWHOD6&3PRGXODQGRGLFKRHQWHQGLPLHQWR
HVWDEOHFHTXHODGHPDQGDSRGUiVHUSUHVHQWDGDFRQWUDODDXWRULGDGTXHFRPHWLyHODFWR
LOHJDOD~Q\DQRRVWHQWHHOFDUJRRODIXQFLyQHQODTXHVHHQFRQWUDED\TXHHQJHQHUDO
HVSRVLEOHGHPDQGDUFRQWUDHOFDUJRRODIXQFLyQS~EOLFDHQFX\RHMHUFLFLRVHFRPHWLyHO
VXSXHVWRDFWRLOHJDO$VXYH]OD6&3PRGXOyHVWH~OWLPRUD]RQDPLHQWR
HVWDEOHFLy TXH WDQWR SDUD OD IDVH GH OD DGPLVLELOLGDG HQ ODV DFFLRQHV GH DPSDUR
FRQVWLWXFLRQDO FRPR SDUD OD IDVH GHOLEHUDWLYD \ GH GHFLVLyQ GRQGH VH DQDOL]D OD
OHJLWLPDFLyQSDVLYDHQWRGDVODVDFFLRQHVGHGHIHQVDHVVXILFLHQWHLGHQWLILFDUHOFDUJR
RODIXQFLyQS~EOLFDHQFX\RHMHUFLFLRVHFRPHWLHURQORVVXSXHVWRVDFWRVLOHJDOHVHQORV
FDVRV GH FHVDQWtD GH VHUYLGRUHV S~EOLFRV  /D 6&3  UHDOL]DQGR RWUD
PRGXODFLyQGHWHUPLQyTXHODDFFLyQGHDPSDURFRQVWLWXFLRQDOSXHGHVHUSUHVHQWDGDGH
PDQHUDDOWHUQDWLYDFRQWUDODH[ DXWRULGDGTXHFRPHWLyHODFWRLOHJDOFRQWUDODQXHYD
DXWRULGDGRFRQWUDHOFDUJRRODIXQFLyQS~EOLFDHQFX\RHMHUFLFLRVHFRPHWLHURQORVDFWRV
VXSXHVWDPHQWH LOHJDOHV   $VLPLVPR OD 6&3  H[WLHQGH HVWH ~OWLPR
UD]RQDPLHQWRDHQWLGDGHVRLQVWLWXFLRQHVSULYDGDV
E  6REUH HO DFWR R UHVROXFLyQ UHYLVDGD SRU XQ WULEXQDO VXSHULRU OD MXULVSUXGHQFLD
FRQVWLWXFLRQDOWLHQHHOVLJXLHQWHGHVDUUROOR/D6&5HVWDEOHFLyTXHODRHO
DJUDYLDGR
GHEHDFXVDUHODFWRLQGHELGRRLOHJDOFRQVWLWXLGR\DVHDHQXQDFWRSURFHVDO
R HQ XQD UHVROXFLyQ DQWH OD LQVWDQFLD ~OWLPD SXHV GH QR KDFHUOR OD WXWHOD UHVXOWDUtD
LQHILFD]SRUFXDQWRQRVHSXHGHFRPSXOVDUODSUREOHPiWLFD VLQRKDVLGRUHFXUULGDOD
DXWRULGDG R SHUVRQD TXH WLHQH OD IDFXOWDG GH UHYLVDU FRQVLJXLHQWHPHQWH PRGLILFDU
FRQILUPDURUHYRFDUHODFWRRUHVROXFLyQSXHVWRHQVXFRQRFLPLHQWR\DTXHHQOD~OWLPD

W


dW^:d


LQVWDQFLDVLVHDFXVDHODFWRLOHJDOXRPLVLyQLQGHELGDVHUHVROYHUiGHILQLWLYDPHQWHGH
PDQHUDTXHTXLHQGHEHUiUHVSRQGHUSRUODOHVLyQDOGHUHFKRIXQGDPHQWDO\UHSDUDUORHQ
IRUPD LQPHGLDWD VHUi OD DXWRULGDG R WULEXQDO TXH WHQJD OHJDOPHQWH OD DWULEXFLyQ GH
FRQRFHU HQ ~OWLPD LQVWDQFLD \ SRU OR PLVPR SDUD HO FDVR GH QR UHSDUDU OD OHVLyQ DO
PRPHQWRGHUHVROYHUHOUHFXUVRRUGLQDULRHVTXLHQWLHQHODOHJLWLPDFLyQSDVLYDSDUDVHU
GHPDQGDGR UHVSRQGHU \ FXPSOLU OR TXH VH RUGHQH HQ HVWD MXULVGLFFLyQ
   (VWH
UD]RQDPLHQWRSRVWHULRUPHQWHIXHPRGXODGRSRUOD6&5HVWDEOHFLHQGRTXH

HQ DTXHOORV FDVRV HQ ORV TXH HO DFWR GHQXQFLDGR FRPR LOHJDO HV HMHFXWDGR SRU XQD
DXWRULGDG \ HV RWUD OD FRPSHWHQWH SDUD UHYLVDU HVD DFWXDFLyQ D HIHFWR GH PRGLILFDU
FRQILUPDURUHYRFDUHODFWRSXHVWRHQVXFRQRFLPLHQWRHOUHFXUVRGHEHVHULQWHUSXHVWR
FRQWUDDPEDVDXWRULGDGHVDOWHQHUOHJLWLPDFLyQSDVLYDODSULPHUDSRUHMHFXWDUHODFWR
LOHJDO\ODVHJXQGDSRUQRFRUUHJLUORGHPRGRTXHDOVHUDPEDVUHVSRQVDEOHVGHEHQ
DVXPLUODVFRQVHFXHQFLDVGHVXVDFWRV&DEHDFODUDUTXHOD6&5FRPRODV
66&& 5 5 5 HQWUH RWUDV XWLOL]DURQ HVWD OtQHD
MXULVSUXGHQFLDOFXDQGRVHGHPDQGyDODVDXWRULGDGHVTXHHMHFXWDURQHODFWRRUHVROXFLyQ
VXSXHVWDPHQWH LOHJDO \ QR FRQWUD TXLHQHV ORV UHYLVDURQ GHQHJiQGRVH OD WXWHOD FRQ HO
DUJXPHQWRTXHHOUHFXUVRWDPELpQGHELyVHUGLULJLGRFRQWUDHVWRV~OWLPRV/D6&3
FRQILUPyLPSOtFLWDPHQWHHVWHUD]RQDPLHQWRDXQVXSXHVWRGLIHUHQWHSXHVHQ
HVWHFDVRODDFFLyQVHGLULJLyFRQWUDODVDXWRULGDGHVTXHUHYLVDURQODUHVROXFLyQHQ~OWLPD
LQVWDQFLDSHURQRDVtFRQWUDORVLQIHULRUHVSRUFX\RPRWLYRVHGHQHJyODWXWHOD(PSHUR
ODV66&&HQWUHRWUDVGHQHJDURQODWXWHOD
SRUTXHODDFFLyQQRVHGLULJLyFRQWUDOD~OWLPDLQVWDQFLDRDXWRULGDGHVTXHWXYLHURQOD
RSRUWXQLGDGGHPRGLILFDUFRQILUPDURUHYRFDUHODFWRSXHVWRDVXFRQRFLPLHQWR
F  6REUH ORV FDVRV GH 7ULEXQDOHV X yUJDQRV FROHJLDGRV OD OtQHD MXULVSUXGHQFLDO HV OD
VLJXLHQWH  (O 7ULEXQDO &RQVWLWXFLRQDO HQ ODV 66&& 5 5
5\5HQWUHRWUDVHVWDEOHFLyTXHSDUDTXHVHDYLDEOHHO DPSDUR
FRQVWLWXFLRQDOGHEHVHUSODQWHDGRFRQWUDWRGRVORVPLHPEURVTXHDVXPLHURQODGHFLVLyQ
DFWRRUHVROXFLyQSUHVXQWDPHQWHLOHJDO6LQHPEDUJRGLFKDVXEUHJODIXH PRGXODGD
SRU OD 6& 5 HQ ORV FDVRV GH HQWHV FROHJLDGRV FRQ PLHPEURV QXPHURVRV
GHWHUPLQDQGR OD SRVLELOLGDG GH QRWLILFDU ~QLFDPHQWH DO UHSUHVHQWDQWH OHJDO FXDQGR OD
QRWLILFDFLyQDWRGRVORVPLHPEURVVHFRQYLHUWDHQEDUUHUDSDUDHODFFHVRLQPHGLDWRDOD
WXWHOD/D6&3DWUDYpVGHXQDPRGXODFLyQLPSOtFLWDSUHFLVyTXHHVSRVLEOH
LQJUHVDU DO DQiOLVLV GH IRQGR FXDQGR QR VH FDXVy LQGHIHQVLyQ D ORV TXH IXHURQ
GHPDQGDGRVHVGHFLUTXHDSHVDUGHQRKDEHUVHGLULJLGRODDFFLyQGHDPSDURFRQWUD
WRGRV ORV PLHPEURV TXHSURYRFDURQ HO DFWRLOHJDO GHQXQFLDGR XQR R PiV GH ORV TXH
IXHURQFLWDGRVDVXPLHURQGHIHQVD
G 6REUHHOFDPELRGHVLWXDFLyQMXUtGLFDGHOGHPDQGDGROD6&3HVWDEOHFLy
TXHH[LVWHIDOWDGHOHJLWLPDFLyQSDVLYDHQDFFLRQHVGHDPSDURFRQVWLWXFLRQDOFXDQGROD
SDUWH DFFLRQDQWH VLQ DUJXPHQWDFLyQ HQ XQ PHPRULDO SRVWHULRU DO GH OD GHPDQGD
PRGLILFD OD FDOLGDG GH SDUWH GHPDQGDGD D WHUFHUR LQWHUHVDGR VXSXHVWR HQ HO FXDO HQ
FXDQWRDODVSHUVRQDVTXHVHFDPELDVXVLWXDFLyQSURFHVDOODWXWHODVHUiGHQHJDGD
H 'HRWURODGRODMXULVSUXGHQFLDFRQVWLWXFLRQDOWDPELpQKDGHVDUUROODGRVXSXHVWRVGH
IOH[LELOL]DFLyQDODOHJLWLPDFLyQSDVLYDUHVSHFWRDODH[LJHQFLDGHGLULJLUODDFFLyQGH
DPSDURFRQVWLWXFLRQDOFRQWUDODSHUVRQDSDUWLFXODURDXWRULGDGTXHRFDVLRQyHODJUDYLR
RDFWROHVLYRGHQXQFLDGRDVt/D6&3HVWDEOHFLyTXHSDUDHOFDVRGHYtDV
GH KHFKR GH PDQHUD H[FHSFLRQDO SRGUi DFWLYDUVH OD WXWHOD VLQ LGHQWLILFDU D OD SDUWH
GHPDQGDGD FXDQGR SRU ODV FLUFXQVWDQFLDV SDUWLFXODUHV GHO FDVR QR VHD SRVLEOH XQD
GHWHUPLQDFLyQGHSHUVRQDVTXHLQFXUUDQHQYtDVGHKHFKRHQFX\RRUGHQSDUDDVHJXUDU
XQD HTXLGDG SURFHVDO D ODV SHUVRQDV TXH QR IXHURQ H[SUHVDPHQWH FLWDGDV FRPR
GHPDQGDGDV\TXHSXGLHUHQVHUDIHFWDGDVFRQORVHIHFWRVGHXQDHYHQWXDOFRQFHVLyQGH
WXWHOD SRU YtDV GH KHFKR QR VH OHV DSOLFD HO SULQFLSLR GH SUHFOXVLyQ SURFHVDO SDUD OD
SUHVHQWDFLyQGHSUXHEDVXRWURVPHGLRVGHPHGLRVGHGHIHQVD&DEHDFODUDUFRPROD
PLVPD6&3VHxDOyODH[FHSFLyQDOSULQFLSLRGHSUHFOXVLyQ\ODSRVLELOLGDG
GHSUHVHQWDFLyQGHSUXHEDHVWDEOHFLGDHQHVDVHQWHQFLDQRLPSOLFDXQDPRGXODFLyQGH
OD6&3HQODTXHVHGHILQLHURQORVVXSXHVWRVHQORVTXHHQODHWDSDGHUHYLVLyQ
DQWHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHVSRVLEOHODSUHVHQWDFLyQGHQXHYDSUXHED

W


dW^:d
UHIHULGDV
3UXHEDTXHQRSXGRVHUSUHVHQWDGDRSRUWXQDPHQWHDQWHHOMXH]RWULEXQDO
GHJDUDQWtDVVLHPSUH\FXDQGRVHMXVWLILTXHQODVUD]RQHVGHHVHLPSHGLPHQWR1XHYD
SUXHED TXH GHPXHVWUH OD SHUVLVWHQFLD GH ODV OHVLRQHV GHQXQFLDGDV D SDUWLU GHO PLVPR
KHFKRJHQHUDGRUORTXHQRLPSOLFDODDPSOLDFLyQGHORVIXQGDPHQWRVGHODDFFLyQ\
3DUDGHQXQFLDVGHPHGLGDVGHKHFKRFRQH[DV\DFFHVRULDVVHUiSRVLEOHODSUHVHQWDFLyQ
GH QXHYD SUXHED TXH GHPXHVWUH TXH ODV OHVLRQHV GHQXQFLDGDV DGHPiV GH SHUVLVWLU
FRQWLQ~DQVXVFLWiQGRVHDWUDYpVGHRWUDVDFFLRQHVGHVLPLODUQDWXUDOH]D
(IHFWLYDPHQWH
HO UD]RQDPLHQWR FRQWHQLGR HQ OD 6&3  HV XQ SRVWXODGR MXULVSUXGHQFLDO
GLIHUHQWHYLQFXODGR~QLFDPHQWHDODVYtDVGHKHFKR\ODLPSRVLELOLGDGGHLGHQWLILFDUD
ORV GHPDQGDGRV \ DSOLFDEOH ~QLFDPHQWH DQWH VXSXHVWRV IiFWLFRV VLPLODUHV   2WUR
VXSXHVWR GH IOH[LELOL]DFLyQ HV HO FRQWHQLGR HQ OD 6&3  TXH IOH[LELOL]y OD
OHJLWLPDFLyQSDVLYDHQORVVXSXHVWRVGHLQVWDQFLDVGHGLUHFFLyQYDFDQWHVHQHQWLGDGHV
S~EOLFDV R SULYDGDV GHWHUPLQDQGR TXH FXDQGR ODV LQVWDQFLDV GH GLUHFFLyQ HQ ODV
HQWLGDGHVS~EOLFDVRSULYDGDVTXHGDQYDFDQWHVVHGLULJHODDFFLyQGLUHFWDPHQWHFRQWUD
ODHQWLGDGTXHKXELHUHYXOQHUDGRGHUHFKRVVLQLGHQWLILFDUDXWRULGDGHVRSHUVRQHURV
/D6&3FLUFXQVFULWDDORVSURFHVRVSHQDOHVHVWDEOHFLyTXHD~QQRVHKXELHUH
SODQWHDGR OD DFFLyQ FRQWUD HO UHSUHVHQWDQWH GHO 0LQLVWHULR 3~EOLFR \ VL FRQWUD ODV
DXWRULGDGHVTXHHMHUFLHURQHOFRQWUROMXULVGLFFLRQDOHQODHWDSDSUHSDUDWRULDHO-XH]GH
,QVWUXFFLyQHQOR3HQDORVWHQWDOHJLWLPDFLyQSDVLYDSRUTXHWLHQHODIDFXOWDGGHFRQWURODU
ODLQYHVWLJDFLyQHIHFWXDGDSRUSDUWHGHOyUJDQRGHSHUVHFXFLyQSHQDODVHJXUDQGRTXHHO
PLVPRVHUHDOLFHHQHOPDUFRGHOUHVSHWRGHOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR7UDWDGRV
\&RQYHQLRVLQWHUQDFLRQDOHVDVtFRPRHOWULEXQDOGHDSHODFLyQWLHQHHOGHEHUGHYHULILFDU
ORV DFWRV GH OD DXWRULGDG GH UDQJR LQIHULRU FXDQGR QR UHSDUDURQ ORV DFWRV LOHJDOHV X
RPLVLRQHVLQGHELGDVHQODVTXHKXELHUDLQFXUULGRHO0LQLVWHULR3~EOLFR


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)- ,,, DTXHOODV HQWLGDGHV R LQVWLWXFLRQHV SULYDGDV TXH SRU ODV
FDUDFWHUtVWLFDV GH ORV FDUJRV HQ VXV GLUHFWRULRV FRQOOHYDQ FDPELRV
FRQVWDQWHVHQORVPLVPRVLQYROXFUDQGRXQDIDOWDGHVHJXULGDGUHVSHFWR
DODLGHQWLGDGGHVXVWLWXODUHVDVSHFWRVTXHDOQRVHUDWULEXLEOHVDODSDUWH
DFFLRQDQWHWDPELpQHVSRVLEOHGHPDQGDUODWXWHODFRQVWLWXFLRQDOFRQWUD
HO FDUJR R IXQFLyQ D WUDYpV GHO FXDO VH FRPHWLy HO DFWR OHVLYR OR TXH
LPSOLFDTXHSRUODILQDOLGDGGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOHV
YLDEOHFRQRFHUODPLVPDDSHVDUGHQRKDEHUVHGHPDQGDGRDODSHUVRQD
ItVLFDUHVSRQVDEOHGHOVXSXHVWRDFWROHVLYRRODDPHQD]DDOGHUHFKRR
JDUDQWtDFX\DWXWHODUHTXLHUHVHUDWHQGLGD

,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

'HDFXHUGRDODKLVWRULDGHODOtQHDMXULVSUXGHQFLDOGHVFULWDVHHVWDEOHFH
ORVLJXLHQWH (QFXDQWRDORVFDVRVGHVXFHVLyQGHOFDUJRHOHVWiQGDU
PiVDOWRVHHQFXHQWUDFRQWHQLGRHQOD6&3FRPSOHPHQWDGD
SRUOD6&3 (QFXDQWRD7ULEXQDOHVXyUJDQRVFROHJLDGRV
HOHVWiQGDUPiVDOWRHVWiSODVPDGRHQOD5 5HVSHFWRDORV
VXSXHVWRVGHIOH[LELOL]DFLyQGHODOHJLWLPDFLyQSDVLYDHOHVWiQGDUPiV
DOWRHVWiSODVPDGRHQODV6&3\6&3



W


dW^:d


2EMHWRQDWXUDOH]DMXUtGLFD\SULQFLSLRVGHODDFFLyQGH
DPSDUR7XWHODREMHWLYDGHGHUHFKRVIXQGDPHQWDOHV
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   8QD GH ODV ILQDOLGDGHV GH ODV DFFLRQHV WXWHODUHV
DGHPiV GH SUHFDXWHODU \ UHVWDEOHFHU ORV GHUHFKRV VXEMHWLYRV GH ODV
SDUWHV HV UHVJXDUGDU HO FDUiFWHU REMHWLYR GH ORV GHUHFKRV
IXQGDPHQWDOHV JHQHUDQGR XQD DFWLWXG UHVSHWXRVD QR VyOR FRQ
UHODFLyQ D OD SHUVRQD TXH SUHVHQWy OD DFFLyQ GH GHIHQVD VLQR GH
PDQHUDJHQHUDOUHVSHFWRGHWRGDVODVSHUVRQDVTXHVHHQFXHQWUHQHQ
VLPLODUVLWXDFLyQ

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HO DFFLRQDQWH GHQXQFLy OD
YXOQHUDFLyQ GH VX GHUHFKR GH SHWLFLyQ DOHJDQGR TXH OD $OFDOGHVD
GHPDQGDGD QR GLR UHVSXHVWD SURQWD \ RSRUWXQD D VX VROLFLWXG GH
UHFRQVLGHUDFLyQ GH OD QHJDWLYD D LQFRUSRUDUOR FRPR WUDEDMDGRU GH OD
$OFDOGtDGH2UXURQRREVWDQWHHQFRQWUDUVHEDMRODSURWHFFLyQGHOD/H\
GH3HUVRQDVFRQ'LVFDSDFLGDGSRUWHQHUEDMRVXFDUJR\FXVWRGLDDVX
KHUPDQD FRQ GLVFDSDFLGDG SHUPDQHQWH H LUUHYHUVLEOH SRU OR TXH
SHWLFLRQyVHOHFRQFHGDODWXWHOD\VHRUGHQHDOD$OFDOGHVDDEVROYHUVX
SHWLFLyQGHUHFRQVLGHUDFLyQHQIRUPDIXQGDPHQWDGDFRQFRQGHQDFLyQ
GHFRVWDV(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDODSUREyODUHVROXFLyQ
UHYLVDGD\FRQFHGLyODWXWHODVROLFLWDGD

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,OD$OFDOGHVDGHPDQGDGDQRREVWDQWHGHKDEHUVHDFFLRQDGR
HQVXFRQWUDXQDDQWHULRUGHPDQGDGHDPSDURFRQVWLWXFLRQDOSRUOHVLyQ
GHO GHUHFKR GH SHWLFLyQ GHO DFFLRQDQWHLQFXUULyQXHYDPHQWH HQGLFKD
RPLVLyQSHUVLVWLHQGRHQXQDFRQGXFWDQRUHTXHULGDSRUHORUGHQS~EOLFR
HQ HO HQWHQGLGR TXH XQD GH ODV ILQDOLGDGHV GH ODV DFFLRQHV WXWHODUHV
DGHPiV GH SUHFDXWHODU \ UHVWDEOHFHU ORV GHUHFKRV IXQGDPHQWDOHV HV
JHQHUDUHQORVVHUYLGRUHVS~EOLFRV\SHUVRQDVGHPDQGDGDVXQDDFWLWXG
UHVSHWXRVD GH ORV PLVPRV IRUMDQGR XQ FDPELR GH FRPSRUWDPLHQWR
GLVWLQWR DO HMHUFLGR FRQ DQWHULRULGDG D OD GHPDQGDGD GH WXWHOD GH WDO
W


dW^:d

IRUPDTXHODDFWLWXGDVXPLGDFRQVLGHUDGDOHVLYDGHGHUHFKRVQRYXHOYD
HQORSRVWHULRUDUHSHWLUVHQRVyORFRQUHODFLyQDODSHUVRQDTXHSUHVHQWy
OD DFFLyQ GH GHIHQVD VLQR GH PDQHUD JHQHUDO UHVSHFWR GH WRGDV ODV
SHUVRQDVTXHVHHQFXHQWUHQHQVLPLODUVLWXDFLyQHPSHURHVWDDFWLWXGQR
IXHDVXPLGDSRUOD$OFDOGHVDGHPDQGDGDGDQGROXJDUDTXHQXHYDPHQWH
VH IRUPXOH HQ VX FRQWUD RWUD DFFLyQ GH DPSDUR SRU OHVLyQ UHLWHUDGD
DFWLWXGTXHTXHEUDQWDHORUGHQFRQVWLWXFLRQDOJDUDQWHGHORVGHUHFKRV

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/DOtQHDMXULVSUXGHQFLDOVREUHODGLPHQVLyQREMHWLYDGHORVGHUHFKRVIXQGDPHQWDOHVHVWi
FRQWHQLGDHQOD6&5',GHGHMXQLRTXHHVWDEOHFLyORVLJXLHQWH

  HOUHFRQRFLPLHQWRFRQVWLWXFLRQDOGHORVGHUHFKRVIXQGDPHQWDOHVSHUVLJXHFUHDU \
PDQWHQHUODVFRQGLFLRQHVEiVLFDVSDUDDVHJXUDUHOGHVDUUROORGHODYLGDGHOKRPEUHHQ
OLEHUWDG HQ FRQGLFLRQHV FRPSDWLEOHV FRQ OD GLJQLGDG KXPDQD DVLJQiQGROH FRPR
JDUDQWtD GH VX HILFDFLD OD FDOLGDG GH GHUHFKRV VXEMHWLYRV VLQ HPEDUJR FRQYLHQH
SUHFLVDUTXHORVGHUHFKRVIXQGDPHQWDOHVFRQIRUPHDODQRUPDWLYDFRQVWLWXFLRQDODQWHV
DOXGLGDQRVyORJDUDQWL]DQGHUHFKRVVXEMHWLYRVGHODVSHUVRQDVVLQRWDPELpQSULQFLSLRV
REMHWLYRV EiVLFRV GHO RUGHQ FRQVWLWXFLRQDO TXH LQIOX\HQ GH PDQHUD GHFLVLYD VREUH HO
RUGHQDPLHQWRMXUtGLFRHQVXFRQMXQWROHJLWLPDQGR\OLPLWDQGRHOSRGHUHVWDWDOFUHDQGR
DVtXQPDUFRGHFRQYLYHQFLDKXPDQDSURSLFLRSDUDHOGHVDUUROOROLEUHGHODSHUVRQDOLGDG
FRQIRUPHDORFXDOHOOHJLVODGRUHVWiOODPDGRDFUHDUODVFRQGLFLRQHVSURSLFLDVSDUDHO
ORJUR GH ORV ILQHV DQWHV DOXGLGRV HQ FRQVHFXHQFLD OH HVWi YHGDGR DFWXDU HQ VHQWLGR
LQYHUVR

(Q HVH RUGHQ OD 6&3  DSOLFDQGR LPSOtFLWDPHQWH OD FRQFHSFLyQ GH OD
GLPHQVLyQ REMHWLYD GH ORV GHUHFKRV HYLGHQFLD TXH OD DXWRULGDG GHPDQGDGD GHEH
UHVSHWDU WRGRV ORV GHUHFKRV IXQGDPHQWDOHV PiV D~Q VL \D IXH REMHWR GH XQ DQWHULRU
DPSDUR FRQVWLWXFLRQDO \ QR DJXDUGDU HO SURQXQFLDPLHQWR GH OD MXVWLFLD FRQVWLWXFLRQDO
SDUDVXUHVSHWR\SURWHFFLyQ


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,, OD $OFDOGHVD GHPDQGDGD QR REVWDQWH GH KDEHUVH DFFLRQDGR HQ VX
FRQWUDXQDDQWHULRUGHPDQGDGHDPSDURFRQVWLWXFLRQDOSRUOHVLyQGHOGHUHFKR
GHSHWLFLyQGHODFFLRQDQWHLQFXUULyQXHYDPHQWHHQGLFKDRPLVLyQSHUVLVWLHQGR
HQXQDFRQGXFWDQRUHTXHULGDSRUHORUGHQS~EOLFRHQHOHQWHQGLGRTXHXQDGH
ODVILQDOLGDGHVGHODVDFFLRQHVWXWHODUHVDGHPiVGHSUHFDXWHODU\UHVWDEOHFHUORV
GHUHFKRV IXQGDPHQWDOHV HV JHQHUDU HQ ORV VHUYLGRUHV S~EOLFRV \ SHUVRQDV
GHPDQGDGDV XQD DFWLWXG UHVSHWXRVD GH ORV PLVPRV IRUMDQGR XQ FDPELR GH
FRPSRUWDPLHQWRGLVWLQWRDOHMHUFLGRFRQDQWHULRULGDGDODGHPDQGDGDGHWXWHOD
GHWDOIRUPDTXHODDFWLWXGDVXPLGDFRQVLGHUDGDOHVLYDGHGHUHFKRVQRYXHOYD
HQORSRVWHULRUDUHSHWLUVHQRVyORFRQUHODFLyQDODSHUVRQDTXHSUHVHQWyOD
DFFLyQGHGHIHQVDVLQRGHPDQHUDJHQHUDOUHVSHFWRGHWRGDVODVSHUVRQDVTXH
VHHQFXHQWUHQHQVLPLODUVLWXDFLyQHPSHURHVWDDFWLWXGQRIXHDVXPLGDSRUOD
$OFDOGHVDGHPDQGDGDGDQGROXJDUDTXHQXHYDPHQWHVHIRUPXOHHQVXFRQWUD
RWUD DFFLyQ GH DPSDUR SRU OHVLyQ UHLWHUDGD DFWLWXG TXH TXHEUDQWD HO RUGHQ
FRQVWLWXFLRQDOJDUDQWHGHORVGHUHFKRV





W

dW^:d


/HJLWLPDFLyQDFWLYDHQODDFFLyQGHDPSDUR$ERJDGRV
SDUDHOFREURGHVXVKRQRUDULRV
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLDSUHFHGHQFLDOUHOHYDQWH
7LSR5HVROXFLyQ
0XWDGRUD
7LWXODFLyQ Pi[LPD ([WUDFWRRUHFRQVWUXFFLyQGHOSUHFHGHQWHFRQVWLWXFLRQDO


6&3   /RV DERJDGRV WLHQHQ OD OHJLWLPDFLyQ DFWLYD SDUD


SODQWHDUGLUHFWDPHQWHODDFFLyQGHDPSDURFRQVWLWXFLRQDOVROLFLWDQGR
HOSDJRGHVXVKRQRUDULRVSURIHVLRQDOHVD~QVLQFRQVWLWXLUSDUWHHQHO
SURFHVR

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOHODFFLRQDQWHVRVWLHQHTXHORVYRFDOHV
GHPDQGDGRV OHVLRQDURQ VXV GHUHFKR DO WUDEDMR D XQD UHPXQHUDFLyQ MXVWD
HTXLWDWLYD \ VDWLVIDFWRULD \ DO GHELGR SURFHVR GHELGR D TXH UHJXODURQ VXV
KRQRUDULRVSURIHVLRQDOHVFRPRDERJDGRVHPHUJHQWHVGHXQSURFHVRHMHFXWLYR
HQXQPRQWRLQFRQJUXHQWHFRQHO$UDQFHO0tQLPRGHO,&$3FRQHODUJXPHQWR
TXHGLFKR$UDQFHO\DQRVHHQFXHQWUDHQYLJHQFLDHQYLUWXGGHORGLVSXHVWRSRU
HO'6(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDODSUREyODUHVROXFLyQGHO
7ULEXQDOGHJDUDQWtDVTXHFRQFHGLyODWXWHODSHURDQWHVDQDOL]yODOHJLWLPDFLyQ
DFWLYD GHO DFFLRQDQWH HQ VX FRQGLFLyQ GH DERJDGR SDUD HO FREUR GH VXV
KRQRUDULRVSURIHVLRQDOHV

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
HODUWGHODQRUPDFRQVWLWXFLRQDOHQVXSDUiJUDIRSULPHURGH
IRUPDWD[DWLYDVHxDOD
7RGRVORVGHUHFKRVUHFRQRFLGRVSRUOD&RQVWLWXFLyQVRQ
GLUHFWDPHQWHDSOLFDEOHV\JR]DQGHLJXDOHVJDUDQWtDVSDUDVXSURWHFFLyQ
(QHVWH
FRQWH[WR \ EDMR HO FULWHULR GH LQWHUSUHWDFLyQ UHIHUHQWH D OD
XQLGDG
FRQVWLWXFLRQDO
 HO DUW ,,, GH OD &3( LQGLFD TXH
/D FODVLILFDFLyQ GH ORV
GHUHFKRV HVWDEOHFLGD HQ HVWD &RQVWLWXFLyQ QR GHWHUPLQD MHUDUTXtD DOJXQD QL
VXSHULRULGDGGHXQRVGHUHFKRVVREUHRWURV
ODVQHJULOODVVRQQXHVWUDV VHFROLJH
TXH HVWH DVSHFWR SUHFLVDPHQWH FRQVWLWX\H HO SULPHU HMH GH UXSWXUD FRQ ORV
PRGHORV FRQVWLWXFLRQDOHV FRQWHPSRUiQHRV VLHQGR TXH D OD OX] GHO PRGHOR
FRQVWLWXFLRQDO EROLYLDQR WRGRV ORV GHUHFKRV LQFOX\HQGR ORV GHUHFKRV
HFRQyPLFRVVRFLDOHV\FXOWXUDOHVWLHQHQODPLVPDMHUDUTXtDSRUORTXHpVWRV
~OWLPRVGHMDQGHVHUFOiXVXODVFRQVWLWXFLRQDOHVSURJUDPiWLFDV\VRQSRUWDQWR
GLUHFWDPHQWHDSOLFDEOHV\GLUHFWDPHQWHMXVWLFLDEOHV

(Q PHULWR D OR H[SXHVWR SUHFHGHQWHPHQWH VH FRQFOX\H TXH HO GHUHFKR D OD
UHPXQHUDFLyQRVDODULRMXVWRHTXLWDWLYR\VDWLVIDFWRULRHVWDEOHFLGRSRUHODUW
,GHOD&3(FRQVWLWX\HXQGHUHFKRDXWyQRPR\SRUORWDQWRGLUHFWDPHQWH
MXVWLFLDEOH

W


dW^:d


  GDGD OD FRQILJXUDFLyQ SURFHVDO SUHYLVWD SRU OD &RQVWLWXFLyQ 3ROtWLFD GHO
(VWDGR3OXULQDFLRQDO \OD /H\GHO7ULEXQDO&RQVWLWXFLRQDO 3OXULQDFLRQDOTXH
HVWDEOHFHTXHODDFFLyQGHDPSDURFRQVWLWXFLRQDOSRGUiVHULQWHUSXHVWDSRUWRGD
SHUVRQDQDWXUDORMXUtGLFDTXHVHFUHDDIHFWDGDSRURWUDDVXQRPEUHFRQSRGHU
VXILFLHQWHRSRUODDXWRULGDGFRUUHVSRQGLHQWHSRUFXDOTXLHUDFFLyQXRPLVLyQ
LOHJDORLQGHELGDTXHUHVWULQMDQVXSULPDQRDPHQDFHQUHVWULQJLURVXSULPLUORV
GHUHFKRVUHFRQRFLGRVSRUOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR\ODOH\SRUOR
TXHORVDERJDGRVDKRUDDFFLRQDQWHVFRQVLGHUDQGRODMHUDUTXtDGHOGHUHFKRD
SURWHJHUWLHQHQODOHJLWLPDFLyQDFWLYDSDUDSODQWHDUGLUHFWDPHQWHODDFFLyQGH
DPSDURFRQVWLWXFLRQDOD~QVLQFRQVWLWXLUSDUWHHQHOSURFHVRHPSHURKDELGD
FXHQWDTXHpVWRVVHFRQVWLWX\HQHQGLUHFWRVDIHFWDGRVHQVXGHUHFKRDSHUFLELU
XQDUHPXQHUDFLyQMXVWD\HTXLWDWLYDQXHYRHQWHQGLPLHQWRXQLIRUPDGRTXHVH
HQFXHQWUD DFRUGH D ORV YDORUHV \ SULQFLSLRV GH OD &RQVWLWXFLyQ 3ROtWLFD GHO
(VWDGR \ TXH HQ DGHODQWH GHEH VHU DVXPLGR \ DSOLFDGR FRUUHVSRQGLHQGR HQ
FRQVHFXHQFLDLQJUHVDUDODQiOLVLVGHIRQGRGHODSUREOHPiWLFDSODQWHDGD


6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HPSHUR DQWHV DQDOL]D OD
OHJLWLPDFLyQDFWLYDGHODFFLRQDQWHHQVXFRQGLFLyQGHDERJDGRSDUDHOFREUR
GH VXV KRQRUDULRV SURIHVLRQDOHV VHxDODQGR TXH ORV DERJDGRV WLHQHQ OD
OHJLWLPDFLyQ DFWLYD SDUD SODQWHDU GLUHFWDPHQWH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO VROLFLWDQGR HO SDJR GH VXV KRQRUDULRV SURIHVLRQDOHV D~Q VLQ
FRQVWLWXLUSDUWHHQHOSURFHVR

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDOHQOD6&3FDPELDHOSUHFHGHQWHVHQWDGR
HQOD6&5\UHLWHUDGRHQODV66&&\5HQ
ODV TXH VH VHxDOy TXH ORV DERJDGRV FDUHFtDQ GH OHJLWLPDFLyQ DFWLYD SDUD
SUHVHQWDU DFFLRQHV GH DPSDUR FRQVWLWXFLRQDO VROLFLWDQGR HO SDJR GH VXV
KRQRUDULRVSURIHVLRQDOHV
HQYLUWXGDTXHORVGHEHUHVSURFHVDOHVGHFRQWHQLGR
SDWULPRQLDO FRPR VRQ ODV FRVWDV VyOR VXUJHQ \ EHQHILFLDQ D ODV SDUWHV GHO
SURFHVR
 HV GHFLU OD 6&3   HQWLHQGH TXH ORV DERJDGRV WLHQHQ OD
OHJLWLPDFLyQ DFWLYD SDUD SODQWHDU GLUHFWDPHQWH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO VROLFLWDQGR HO SDJR GH VXV KRQRUDULRV SURIHVLRQDOHV D~Q VLQ
FRQVWLWXLUSDUWHHQHOSURFHVR

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO


ORV DERJDGRV DKRUD DFFLRQDQWHV FRQVLGHUDQGR OD MHUDUTXtD GHO GHUHFKR D


SURWHJHUWLHQHQODOHJLWLPDFLyQDFWLYDSDUDSODQWHDUGLUHFWDPHQWHODDFFLyQGH
DPSDURFRQVWLWXFLRQDOD~QVLQFRQVWLWXLUSDUWHHQHOSURFHVR





/HJLWLPDFLyQDFWLYDHQODDFFLyQGHDPSDUR(QFDVR
GHFRGHPDQGDQWHVRFRGHPDQGDGRVHQSURFHVRMXGLFLDO
1~PHURGHUHVROXFLyQ6&3/
W


dW^:d



)LFKD

7LSR-XULVSUXGHQFLD

-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3 /  &XDQGR HQ XQ SURFHVR FLYLO RUGLQDULR VH DFW~D
FRQMXQWDPHQWH FRPR SDUWH GHPDQGDGD R GHPDQGDQWH WLHQH
OHJLWLPDFLyQ DFWLYD SDUD SUHVHQWDU OD DFFLyQ GH DPSDUR XQ VROR
GHPDQGDGR SRUTXH HQ OD FDXVD RUGLQDULD DFWXy HQ LQWHUpV SURSLR
FXPSOLpQGRVH HQ HVWH FDVR FRQ HO SUHVXSXHVWR HVWDEOHFLGR HQ HO DUW
GHO&yGLJR3URFHVDO&RQVWLWXFLRQDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO VH GHQXQFLy OD OHVLyQ D ORV
GHUHFKRV DO GHELGR SURFHVR \ D OD HILFDFLD MXUtGLFD GH ODV GHFLVLRQHV
MXGLFLDOHV ILUPHV SXHVWR TXH   (Q HMHFXFLyQ GH IDOORV GHQWUR GHO
SURFHVR RUGLQDULR GH FXPSOLPLHQWR GH REOLJDFLyQ GH HQWUHJD GH ELHQ
LQPXHEOHODDFFLyQDQWHVROLFLWyODHQWUHJDGHOELHQLQPXHEOHREMHWRGHO
OLWLJLRDVtFRPRHOSDJRGHDOTXLOHUHVGHYHQJDGRVHQFXPSOLPLHQWRGH
XQDXWRGHYLVWDSURQXQFLDGRSRUODHQWRQFHV&RUWH6XSHULRUGHO'LVWULWR
-XGLFLDO TXH GHWHUPLQy GHFODUDU SUREDGD OD DFFLyQ UHFRQYHQFLRQDO GH
UHVROXFLyQ GH FRQWUDWR VLQ HPEDUJR GLFKD SHWLFLyQ IXH UHFKD]DGD
DUJXPHQWiQGRVH TXH QR IXH SHGLGR D WLHPSR GH SODQWHDUVH OD FRQWUD
GHPDQGDLQVWUX\HQGRDFXGLUDODDXWRULGDGFRPSHWHQWHFRUUHVSRQGLHQWH
\   3ODQWHDGR UHFXUVR GH DSHODFLyQ ORV YRFDOHV GHPDQGDGRV
FRQILUPDUyQ HO DXWR LPSXJQDGR VRVWHQLHQGR TXH HO MXH] GH SULPHUD
LQVWDQFLD QR SXHGH LU PiV DOOi GH OR OLWLJDGR GHELpQGRVH FXPSOLU ODV
UHVROXFLRQHV MXGLFLDOHV HMHFXWRULDGDV VLQ DOWHUDU QL PRGLILFDU VX
FRQWHQLGR\TXHODFDQFHODFLyQGHDOTXLOHUHVGHYHQJDGRVDVtFRPROD
GHYROXFLyQGHOLQPXHEOHQRVHHQFXHQWUDSUHYLVWRHQHODXWRGHYLVWD
TXHSUREDGDODUHFRQYHQFLyQ(QEDVHDHVWRVKHFKRVSLGHVHFRQFHGDOD
WXWHOD\VHGHMHVLQHIHFWRODVGHFLVLRQHVMXGLFLDOHVLPSXJDGDVDHIHFWRV
GH OD GHYROXFLyQ GHO ELHQ LQPXHEOH DVt FRPR GHO SDJR GH GDxRV \
SHUMXLFLRV (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO UHYRFy OD
UHVROXFLyQGHO7ULEXQDOGH*DUDQWtDV\FRQFHGLyODWXWHODGHMiQGRVLQ
HIHFWR~QLFDPHQWHHODXWRGHYLVWDSURQXQFLDGRSRUORVYRFDOHVGHOD6DOD
&LYLO3ULPHUD/RVDUJXPHQWRVGHODVHQWHQFLDIXHURQORVVLJXLHQWHVL 
&XDQGR VH SURGXFH OD UHVROXFLyQ GH ORV FRQWUDWRV FRQ SUHVWDFLRQHV
UHFtSURFDVODGHYROXFLyQGHODVFRQWUDSUHVWDFLRQHVVHFRQVWLWX\HHQVX
HIHFWRQRUPDOHLQPHGLDWRQRVLHQGRUD]RQDEOHTXHXQDYH]GHFUHWDGD
W


dW^:d

ODUHVROXFLyQGHOFRQWUDWRODDFFLRQDQWHWHQJDTXHIRUPDOL]DUXQDQXHYD
GHPDQGDLL $OQRKDEHUVHGHPDQGDGRHOSDJRGHGDxRV\SHUMXLFLRVQL
HOSDJRGHDOTXLOHUHVQRSXHGHQVHUUHFODPDGRVHQHMHFXFLyQGHIDOORV
FRUUHVSRQGLHQGRHQUHODFLyQDOSDJRGHDOTXLOHUHV\GDxRV\SHUMXLFLRV
LQVWDXUDUXQDQXHYDGHPDQGD\LLL HOUROGHORVMXHFHVHQHOSURFHVR
FLYLOHVHOGHVHUXQYHUGDGHURDFWLYLVWD\GHIHQVRUGHORVGHUHFKRV\ODV
JDUDQWtDVFRQVWLWXFLRQDOHVSRUORTXHQRSXHGHSUHYDOHFHUORIRUPDOHQ
GHWULPHQWR GH OD YHUGDG PDWHULDO SRU OR TXH GHEH FRQVROLGDUVH OD
PDWHULDOL]DFLyQ GHO GHUHFKR VXVWDQFLDO SDUD OD HILFDFLD GH ORV DFWRV
MXGLFLROHVILUPHVHILFDFLDTXHDOGHQHJDUVHODUHVWLWXFLyQGHOELHQHQHO
FDVRFRQFUHWRIXHLQFXPSOLGD

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,


3UHYLRDODUHVROXFLyQGHODFDXVDHVQHFHVDULRUHIHULUVHDODUJXPHQWRH[SXHVWRSRU
/LOLDQ 3DUHGHV *RQ]DOHV \ -RVp $QWRQLR 5HYLOOD 0DUWtQH] 9RFDOHV GH OD 6DOD &LYLO
3ULPHUD GH OD &RUWH 6XSHULRU GHO 'LVWULWR -XGLFLDODKRUD 7ULEXQDO 'HSDUWDPHQWDO GH
-XVWLFLDGH&KXTXLVDFDTXLHQHVDWLHPSRGHSUHVHQWDUHOLQIRUPHGHGHGLFLHPEUHGH
 VRVWXYLHURQ TXH FRPR OD DFFLRQDQWH QR DFUHGLWy OD UHSUHVHQWDFLyQ GH *RQ]DOR
6DDYHGUD&DOYRFDUHFHGHOHJLWLPDFLyQDFWLYDSDUDODLQWHUSRVLFLyQGHODSUHVHQWHDFFLyQ
GHGHIHQVDDOUHVSHFWRPDQLIHVWDUTXHVLELHQHVFLHUWRTXHGHQWURGHOSURFHVRRUGLQDULR
VREUHFXPSOLPLHQWRGHREOLJDFLyQVHJXLGRSRU9tFWRU5LFDUGR6RWR&URV\0DUtD7HUHVD
0HGUDQRGH6RWRODDFFLRQDQWHDFWXyFRQMXQWDPHQWHFRQ*RQ]DOR6DDYHGUD&DOYRVLQ
HPEDUJRDOKDEHUSDUWLFLSDGRHQLQWHUpVSURSLRYpDVHODDFFLyQUHFRQYHQFLRQDORSXHVWD
HO GH MXOLRGH QR VH UHTXLHUH TXH DKRUD VH OH WHQJD TXH H[LJLU TXH DFWXp HQ
UHSUHVHQWDFLyQ GH *RQ]DOR 6DDYHGUD &DOYR \ VLHQGR TXH HO DUW  GHO &3&R
HVWDEOHFH
/DDFFLyQGHDPSDURFRQVWLWXFLRQDOSRGUiVHULQWHUSXHVWDSRU7RGDSHUVRQD
QDWXUDORMXUtGLFDFX\RVGHUHFKRVHVWpQVLHQGRUHVWULQJLGRVVXSULPLGRVRDPHQD]DGRV

HQFRQVHFXHQFLDVHFRQVWDWDTXHODDFFLRQDQWHWLHQHOHJLWLPDFLyQDFWLYDSDUDDFXGLUDQWH
OD MXULVGLFFLyQ FRQVWLWXFLRQDO FRUUHVSRQGLHQGR H[DPLQDU OD YHUDFLGDG GH ORV KHFKRV
VRVWHQLGRVHQODGHPDQGD



6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO \ SDUD WDO HIHFWR FRQ
FDUDFWHU SUHYLR DQDOL]D HO SUHVXSXHVWR GH OD OHJLWLPDFLyQ DFWLYD
VHxDODQGRTXHVLELHQHVFLHUWRTXHGHQWURGHOSURFHVRRUGLQDULRVREUH
FXPSOLPLHQWRGHREOLJDFLyQVHJXLGRSRU9tFWRU5LFDUGR6RWR&URV\
0DUtD7HUHVD0HGUDQRGH6RWRODDFFLRQDQWHDFWXyFRQMXQWDPHQWHFRQ
*RQ]DOR6DDYHGUD&DOYRVLQHPEDUJRDOKDEHUSDUWLFLSDGRHQLQWHUpV
SURSLR QR VH UHTXLHUH TXH DKRUD VH OH WHQJD TXH H[LJLU TXH DFWXp HQ
UHSUHVHQWDFLyQ GH *RQ]DOR 6DDYHGUD &DOYR SRU FXDQWR OD DFFLRQDQWH
FXHQWDFRQOHJLWLPDFLyQDFWLYDSDUDSUHVHQWDUHVWDDFFLyQWXWHODU

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

W


dW^:d


3UHFHGHQWHLPSOtFLWR

)-,,,


3UHYLR D OD UHVROXFLyQ GH OD FDXVD HV QHFHVDULR UHIHULUVH DO DUJXPHQWR
H[SXHVWRSRU/LOLDQ3DUHGHV*RQ]DOHV\-RVp$QWRQLR5HYLOOD0DUWtQH]9RFDOHV
GH OD 6DOD &LYLO 3ULPHUD GH OD &RUWH 6XSHULRU GHO 'LVWULWR -XGLFLDODKRUD
7ULEXQDO 'HSDUWDPHQWDO GH -XVWLFLD GH &KXTXLVDFD TXLHQHV D WLHPSR GH
SUHVHQWDU HO LQIRUPH GH  GH GLFLHPEUH GH  VRVWXYLHURQ TXH FRPR OD
DFFLRQDQWHQRDFUHGLWyODUHSUHVHQWDFLyQGH*RQ]DOR6DDYHGUD&DOYRFDUHFHGH
OHJLWLPDFLyQDFWLYDSDUDODLQWHUSRVLFLyQGHODSUHVHQWHDFFLyQGHGHIHQVDDO
UHVSHFWRPDQLIHVWDUTXHVLELHQHVFLHUWRTXHGHQWURGHOSURFHVRRUGLQDULRVREUH
FXPSOLPLHQWR GH REOLJDFLyQ VHJXLGR SRU  9tFWRU 5LFDUGR 6RWR &URV \ 0DUtD
7HUHVD 0HGUDQR GH 6RWR OD DFFLRQDQWH DFWXy FRQMXQWDPHQWH FRQ *RQ]DOR
6DDYHGUD&DOYRVLQHPEDUJRDOKDEHUSDUWLFLSDGRHQLQWHUpVSURSLRYpDVHOD
DFFLyQUHFRQYHQFLRQDORSXHVWDHOGHMXOLRGHQRVHUHTXLHUHTXHDKRUD
VHOHWHQJDTXHH[LJLUTXHDFWXpHQUHSUHVHQWDFLyQGH*RQ]DOR6DDYHGUD&DOYR
\ VLHQGR TXH HO DUW  GHO &3&R HVWDEOHFH
/D DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO SRGUi VHU LQWHUSXHVWD SRU  7RGD SHUVRQD QDWXUDO R MXUtGLFD
FX\RV GHUHFKRV HVWpQ VLHQGR UHVWULQJLGRV VXSULPLGRV R DPHQD]DGRV
 HQ
FRQVHFXHQFLD VH FRQVWDWD TXH OD DFFLRQDQWH WLHQH OHJLWLPDFLyQ DFWLYD SDUD
DFXGLU DQWH OD MXULVGLFFLyQ FRQVWLWXFLRQDO FRUUHVSRQGLHQGR H[DPLQDU OD
YHUDFLGDGGHORVKHFKRVVRVWHQLGRVHQODGHPDQGD





/HJLWLPDFLyQDFWLYDHQODDFFLyQGHDPSDUR3HUVRQD
MXUtGLFD
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO


W


dW^:d

6&3/RVUHTXLVLWRVH[LJLGRVSDUDODDFUHGLWDFLyQGHODV
SHUVRQDV MXUtGLFDV FRPR HO SRGHU HQ HO TXH FRQVWH HO DFWD GH
FRQVWLWXFLyQGHODVRFLHGDGODQyPLQDGHVRFLRVVXLQVFULSFLyQHQHO
5HJLVWUR GH &RPHUFLR VX SHUVRQHUtD MXUtGLFD \ UHJODPHQWRV QR VH
DSOLFDQDODVDVRFLDFLRQHVGHKHFKRSRUFXDQWRSDUDDFWLYDUODMXVWLFLD
FRQVWLWXFLRQDO ~QLFDPHQWH GHEHQ DFUHGLWDU VX FRQGLFLyQ GH VRFLRV
DGMXQWDQGRORVDFXHUGRVH[LVWHQWHVDVtFRPRDFUHGLWDUODFDOLGDGGH
VXVUHSUHVHQWDQWHV

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOORVDFFLRQDQWHVGHQXQFLDURQOD
YXOQHUDFLyQGHVXVGHUHFKRV\ORVGHODFRPSDUVDDODTXHUHSUHVHQWDQD
ODGHIHQVD\DOGHELGRSURFHVRDGXFLHQGRTXHOD-XQWD(OHFWRUDOGHOD
$VRFLDFLyQTXHORVDJOXWLQDDSOLFyXQ(VWDWXWRTXHFDUHFHGHOHJDOLGDG
DOQRKDEHUVHSURWRFROL]DGR\UHJLVWUDGRDQWHOD1RWDUtDGH*RELHUQR
3RURWURODGRHO7ULEXQDOGH+RQRUGHODSUHQRPEUDGD$VRFLDFLyQVLQ
QRWLILFDU D ORV GHPDQGDGRV FRQ OD GHQXQFLD QL DEULU SURFHVR DOJXQR
HPLWLyODXQDUHVROXFLyQSRUODFXDOGLVSXVRODVXVSHQVLyQGHODFRPSDUVD
SRU XQ SHULRGR GH FXDWUR DxRV HQ OD SDUWLFLSDFLyQ GH DFWLYLGDGHV
FDUQDYDOHUDV SURSRQLHQGR D OD $VDPEOHD *HQHUDO VX H[SXOVLyQ
GHILQLWLYD VL QR KDFtD XQD UHWUDFWDFLyQ S~EOLFD RPLWLHQGR PHQFLRQDU
FXiOHV IXHURQORV DFWRV HQTXH KXELHUDQ LQFXUULGR SDUD PHUHFHU GLFKD
VDQFLyQ(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHQUHYLVLyQUHYRFyOD
UHVROXFLyQTXHFRQFHGLyHQSDUWHODWXWHOD\ODGHQHJyUHVSHFWRDWRGRV
ORVGHPDQGDGRVVLQLQJUHVDUDOIRQGRGHODSUREOHPiWLFDSODQWHDGD

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
ODDFFLyQGHDPSDURFRQVWLWXFLRQDOREMHWRGHHVWXGLRIXHSURPRYLGDSRU/XLV
$OEHUWR+LQRMRVD0RUHQR-RUJH(GXDUGR5LYHUR'XUiQ\:LOODQ$OEHUWR5RFKD9DUJDV
TXLHQHV DOHJDQ UHSUHVHQWDFLyQ GH OD FRPSDUVD
3LUDWDV
 HPSHUR ORV DQWHFHGHQWHV GHO
FXDGHUQR SURFHVDO QR GHPXHVWUDQ WDO H[WUHPR DO QR FRQVWDU LQVWUXPHQWR DOJXQR TXH
UHFRQR]FDODSHUVRQDOLGDGMXUtGLFDGHODHQWLGDG\TXHFRPRWDOVHDDGPLWLGDFRPRWLWXODU
GHGHUHFKRV\REOLJDFLRQHVFXUVDQGRVLPSOHPHQWHGHIVDFHUWLILFDFLRQHVH[SHGLGDV
SRUOD*HUHQFLD$GPLQLVWUDWLYDGHOD$&&&TXHDFUHGLWDQODDILOLDFLyQGHODUHIHULGD
FRPSDUVDDODPLVPD$VRFLDFLyQ\ODQyPLQDGHO'LUHFWRULRHPSHURHVWRQRVXSOHGH
QLQJXQDPDQHUDODYRFDFLyQSDUDDFWLYDUODMXULVGLFFLyQFRQVWLWXFLRQDOFRPRSHUVRQD
MXUtGLFD QL FRPR DVRFLDFLyQ GH KHFKR SXHVWR TXH WDPSRFR VH DGMXQWDQ ORV DFXHUGRV
VXVFULWRV SRU ORV LQWHJUDQWHV GH OD FRPSDUVD VLHQGR DVt TXH FRUUHVSRQGtD D ORV
DFFLRQDQWHVFRPSUREDUDQWHHVWDMXULVGLFFLyQODVIDFXOWDGHVSDUDUHSUHVHQWDUHLQVWDXUDU
HVWD DFFLyQ GH GHIHQVD D QRPEUH GH OD FRPSDUVD
3LUDWDV
 GH QR VHU SRVLEOH OD
UHIUHQGDFLyQGHSHUVRQDOLGDGMXUtGLFDGHELHURQSUHVHQWDUORVDFXHUGRVVXVFULWRVHQWUHORV
PLHPEURV LQWHJUDQWHV GH OD DJUXSDFLyQ TXH OHV IDFXOWDEDQ HQ VX UHSUHVHQWDFLyQ D
LQWHUSRQHUHVWDDFFLyQWXWHODU$QWHHOLQFXPSOLPLHQWRGHHVWRVUHTXLVLWRVIRUPDOHVGH
SURFHGHQFLD HO 7ULEXQDO &RQVWLWXFLRQDO D WUDYpV GH OD 6& 5 GH  GH
VHSWLHPEUH SUHFLVy
(VWD SHUVRQD SXHGH IRUPXODU HO UHFXUVR SHUVRQDOPHQWH R
PHGLDQWH DSRGHUDGR FRQ SRGHU HVSHFLDO VXILFLHQWH \ EDVWDQWH SXHV GH OR FRQWUDULR HO
UHFXUVR GHEH VHU REVHUYDGR SRU HO LQFXPSOLPLHQWR GHO DOXGLGR UHTXLVLWR GH IRUPD

W


dW^:d


SUHYLVWRHQODQRUPDGHODUW,GHOD/7&\HQFDVRGHQRH[LVWLUVXEVDQDFLyQHQHO
SOD]RGHFXDUHQWD\RFKRKRUDVGHEHVHUUHFKD]DGRHPSHURVLVHWUDPLWDHOUHFXUVRVLQ
HOFXPSOLPLHQWRGHHVHUHTXLVLWRDWLHPSRGHHPLWLUVHODUHVROXFLyQTXHFRUUHVSRQGD
GHEHGHQHJDUVHODWXWHODFRQODDFODUDFLyQTXHQRVHLQJUHVyDODQiOLVLVGHIRQGRGHOD
SUREOHPiWLFDSODQWHDGD



DO PRPHQWR GH SURPRYHU OD SUHVHQWH JDUDQWtD MXULVGLFFLRQDO ORV DFFLRQDQWHV QR
DGMXQWDURQ GRFXPHQWRV UHODWLYRV DO UHFRQRFLPLHQWR GH OD SHUVRQDOLGDG MXUtGLFD GH OD
FRPSDUVD
3LUDWDV
 FRPR HQWH GH GHUHFKR WDPSRFR ORV DFXHUGRV GH ORV VRFLRV GH OD
FRPSDUVDHQUHODFLyQDODVIDFXOWDGHVVXILFLHQWHVSDUDDFXGLUDODMXVWLFLDFRQVWLWXFLRQDO
SXHVORVLQGLFDGRVODDFWLYDURQDQRPEUHGHXQDFROHFWLYLGDG\QRDVtDWtWXORSHUVRQDO
SRU OR TXH HUD LQGLVSHQVDEOH DFUHGLWDU WDO FDOLGDG \ IDFXOWDG GH UHSUHVHQWDFLyQ FRPR
UHVXOWDGRDQWHHOLQFXPSOLPLHQWRGHORVUHTXLVLWRVIRUPDOHVGHSURFHGHQFLDFRUUHVSRQGH
GHQHJDUODWXWHODFRQODDFODUDFLyQTXHQRVHLQJUHVyDOH[DPHQGHIRQGRGHODVXQWR
GHPDQGDGR



6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO VLQ LQJUHVDU DO IRQGR GHO
SUREOHPDMXUtGLFRSODQWHDGRVHxDODQGRTXHODVDVRFLDFLRQHVGHKHFKR
SDUDDFWLYDUODMXVWLFLDFRQVWLWXFLRQDOWLHQHQTXHDGMXQWDUORVDFXHUGRV
GH ORV VRFLRV \ VXV UHSUHVHQWDQWHV DFUHGLWDU WDO FDOLGDG D HIHFWRV GH
FXPSOLUORVUHTXLVLWRVIRUPDOHV

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O 7ULEXQDO &RQVWLWXFLRQDO UHVSHFWR D ORV UHTXLVLWRV H[LJLGRV SRU OD MXVWLFLD
FRQVWLWXFLRQDOSDUDODDFUHGLWDFLyQGHODVSHUVRQDVMXUtGLFDVGHVDUUROOyODVLJXLHQWHOtQHD
MXULVSUXGHQFLDO

 /DV 66&& 5 5 5 \ 5 HQWUH RWUDV
HVWDEOHFLHURQTXHWUDWiQGRVHGHSHUVRQDVMXUtGLFDVHOUHSUHVHQWDQWHOHJDOGHEHDFUHGLWDU
WDO FRQGLFLyQ DGMXQWDQGR HO SRGHU FRUUHVSRQGLHQWH HQ HO TXH GHEH FRQVWDU HO DFWD GH
FRQVWLWXFLyQ GH OD VRFLHGDG OD QyPLQD GH VRFLRV VX LQVFULSFLyQ HQ HO 5HJLVWURV GH
&RPHUFLRVXSHUVRQHUtDMXUtGLFD\VXVUHJODPHQWRV

 /D 6& 5 PRGXODQGR OD OtQHD VRVWXYR TXH HO UHSUHVHQWDQWH OHJDO GH
SHUVRQDVMXUtGLFDVSRUHOVyORKHFKRGHVHUORQRUHTXLHUHSRGHUH[SUHVRSDUDLQWHUSRQHU
DPSDURDXQTXHVXV(VWDWXWRVQROHRWRUJXHQH[SUHVDPHQWHGLFKDIDFXOWDG6RVWXYR)-
,,,  VH KDFH QHFHVDULR UHFRQGXFLU DTXHO HQWHQGLPLHQWR SRU FXDQWR XQD HIHFWLYD
SURWHFFLyQGHORVGHUHFKRV\JDUDQWtDVIXQGDPHQWDOHVHQODYtDMXGLFLDOUHTXLHUHDOODQDU
DOWUiPLWHGHIRUPDOLVPRV\H[LJHQFLDVQRSUHYLVWDVSRUHORUGHQFRQVWLWXFLRQDOVLHQGR
DVtTXHHOSRGHUVXILFLHQWHDTXHKDFHUHIHUHQFLDHODUW,,GHOD&3(DOXGHDORVFDVRV
HQ ORV TXH WDQWR SHUVRQDV QDWXUDOHV FRPR MXUtGLFDV RWRUJDQ GLFKR SRGHU SDUD OD
SUHVHQWDFLyQGHODPSDURHQORVFDVRVHQTXHWHUFHURVDFW~HQHQUHSUHVHQWDFLyQGHOWLWXODU
GH ORV GHUHFKRV DIHFWDGRV FDVR HQ HO FXDO HV H[LJLEOH SRGHU H[SUHVR SHUR QR DVt
WUDWiQGRVHGHOUHSUHVHQWDQWHOHJDOGHXQDSHUVRQDMXUtGLFDTXLHQSRUHOVyORKHFKRGH
VHUOR VH HQFXHQWUD OR VXILFLHQWHPHQWH OHJLWLPDGR SDUD DFXGLU DQWH OD MXULVGLFFLyQ
FRQVWLWXFLRQDOFXDQGRH[LVWHUHVWULFFLyQRDPHQD]DGHORVGHUHFKRV\JDUDQWtDVGHOHQWH
DO TXH UHSUHVHQWD DXQTXH VXV (VWDWXWRV QR OH RWRUJXHQ H[SUHVDPHQWH GLFKD IDFXOWDG
&RQVHFXHQWHPHQWHORSUHFHGHQWHPHQWHH[SXHVWRHQWUDxDXQDUHFRQGXFFLyQGHODOtQHD
MXULVSUXGHQFLDOFRQWHQLGDHQOD6&5


W


dW^:d
/D6&3PRGXODQGRODOtQHDHVWDEOHFHTXHORVUHTXLVLWRVH[LJLGRVSDUDOD
DFUHGLWDFLyQ GH ODV SHUVRQDV MXUtGLFDV FRPR HO SRGHU HQ HO TXH FRQVWH HO DFWD GH
FRQVWLWXFLyQ GH OD VRFLHGDG OD QyPLQD GH VRFLRV VX LQVFULSFLyQ HQ HO 5HJLVWUR GH
&RPHUFLR VX SHUVRQHUtD MXUtGLFD \ UHJODPHQWRV QR VH DSOLFDQ D ODV DVRFLDFLRQHV GH
KHFKRSRUFXDQWRSDUDDFWLYDUODMXVWLFLDFRQVWLWXFLRQDO~QLFDPHQWHGHEHQDFUHGLWDUVX
FRQGLFLyQGHVRFLRVDGMXQWDQGRORVDFXHUGRVH[LVWHQWHVDVtFRPRDFUHGLWDUODFDOLGDGGH
VXVUHSUHVHQWDQWHV


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,
$ORVILQHVGHDFWLYDUODMXULVGLFFLyQFRQVWLWXFLRQDODOWUDWDUVH
GHSHUVRQDVFROHFWLYDVVHGHEHDFUHGLWDUODSHUVRQDOLGDGMXUtGLFDGHOHQWH
FROHFWLYR D TXLHQ VH UHSUHVHQWD FRQIRUPH D OD OtQHD MXULVSUXGHQFLDO
GHVDUUROODGDHQHO)XQGDPHQWR-XUtGLFR,,,GHODSUHVHQWH5HVROXFLyQ
QR UHVXOWDQGR H[LJLEOH HQ ODV DVRFLDFLRQHV GH KHFKR DO FDUHFHU GH
SHUVRQDOLGDGMXUtGLFD3DUDDFWLYDUODMXULVGLFFLyQFRQVWLWXFLRQDOTXLHQ
SUHWHQGHDFWXDUHQUHSUHVHQWDFLyQGHXQDDVRFLDFLyQGHHVWHWLSRGHEH
DFUHGLWDUWDOYRFDFLyQDFRPSDxDQGRORVDFXHUGRVGHORVPLHPEURVTXH
OD LQWHJUDQ HQ DSOLFDFLyQ GH OD QRUPD FLWDGD 3RU RWUR ODGR GHEH
GHPRVWUDUVHFRQGRFXPHQWDFLyQLGyQHDODIDFXOWDGSDUDLQWHUSRQHUODV
DFFLRQHVFRUUHVSRQGLHQWHVDQRPEUHGHODLQVWLWXFLyQSXHVHODFFLRQDQWH
QRSURPXHYHODMXVWLFLDFRQVWLWXFLRQDODWtWXORSHUVRQDODOFRQWUDULROR
KDFHHQUHSUHVHQWDFLyQGHXQDFROHFWLYLGDGDXQTXHQRQHFHVDULDPHQWH
VHDXQDDVRFLDFLyQGHGHUHFKR(QODHVSHFLHVHWUDWDGHXQDDVRFLDFLyQ
GHKHFKRSRUHQGHWDOFRQGLFLyQVHGHEHGHPRVWUDUFRQGRFXPHQWDFLyQ
TXHHVWDEOH]FDGLFKDVIDFXOWDGHV




1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3/DVLQVWLWXFLRQHVS~EOLFDVWLHQHQOHJLWLPDFLyQDFWLYD
SDUD LQWHUSRQHU OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO FXDQGR DFW~DQ
FRPRWLWXODUHVGHGHUHFKRVIXQGDPHQWDOHVGHVSURYLVWRVGHVXSRGHUGH
LPSHULXPHQLJXDOGDGGHFRQGLFLRQHVFRQRWURVVXMHWRV

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

W


dW^:d


(Q HVWD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HO DFFLRQDQWH VRVWXYR TXH
GHQWURGHOSURFHVRRUGLQDULRGHQXOLGDGGHH[SURSLDFLyQ\UHLYLQGLFDFLyQ
GHLQPXHEOHLQWHUSXHVWRFRQWUDHO*RELHUQR0XQLFLSDOGH6DQWD&UX]GH
OD 6LHUUD QR REVWDQWH KDEHU LQWHUSXHVWR H[FHSFLRQHV GH IDOWD GH
MXULVGLFFLyQ \ FRPSHWHQFLD \ SUHVFULSFLyQ DOHJDQGR TXH OD MXVWLFLD
RUGLQDULDQRWLHQHFRPSHWHQFLDSDUDGHFODUDUODQXOLGDGGHRUGHQDQ]DV\
TXHFRQIRUPHDODUWGHO&yGLJR&LYLOORVGHUHFKRVSDWULPRQLDOHV
SUHVFULEHQDORVFLQFRDxRVHOMXH]GHFODUyQXODODH[SURSLDFLyQSRUIDOWD
GHSDJRLQGHPQL]DWRULRRUGHQDQGRTXHHQHOWpUPLQRGHWUHLQWDGtDVVH
KDJD HQWUHJD GHO LQPXHEOH GHFLVLyQ FRQILUPDGD HQ DSHODFLyQ (Q
FDVDFLyQ HO $XWR 6XSUHPR GHFODUy LQIXQGDGR HO UHFXUVR \ SHVH D
FRQFHSWXDU OD H[SURSLDFLyQ FRPR XQ LQVWLWXWR GH GHUHFKR S~EOLFR
FRQWUDGLFWRULDPHQWH YDOLGy OD DILUPDFLyQ GHO $XWR GH 9LVWD TXH OD
HTXLSDUy D ORV FRQWUDWRV QR REVWDQWH TXH DO LPSXJQDUVH XQ
SURFHGLPLHQWR GH H[SURSLDFLyQ OH FRUUHVSRQGtD VX FRQRFLPLHQWR D OD
MXULVGLFFLyQ FRQWHQFLRVD DGPLQLVWUDWLYD PLHQWUDV TXH OD SUHVFULSFLyQ
GHELyVHUDFHSWDGDSRUTXHORVGHUHFKRVSDWULPRQLDOHVSUHVFULEHQDORV
FLQFR DxRV SRU OR TXH DO FRQVLGHUDU TXH ODV DXWRULGDGHV MXGLFLDOHV
GHPDQGDGDV OHVLRQDURQ ORV GHUHFKRV D OD WXWHOD MXGLFLDO HIHFWLYD \ DO
GHELGRSURFHVRGHOJRELHUQRPXQLFLSDOGH6DQWD&UX]GHOD6LHUUDHO
DFFLRQDQWHSLGLyVHGHMHVLQHIHFWRHO$XWR6XSUHPR$XWRGH9LVWD
 \ OD LOHJDO 5HVROXFLyQ  (O 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO UHYRFy OD UHVROXFLyQ UHYLVDGD \ FRQFHGLy OD WXWHOD
DQDOL]DQGRFRQFDUiFWHUSUHYLRODOHJLWLPDFLyQDFWLYDGHODFFLRQDQWHOD
SUHVHQWDFLyQGHODDFFLyQGHQWURGHOSOD]RGHVHLVPHVHV\HOGHUHFKRDO
MXH]QDWXUDO\VXWXWHODDWUDYpVGHODDFFLyQGHDPSDURFRQVWLWXFLRQDO
DVtFRPRHOUHTXLVLWRGHFRQWHQLGRFRPRHVHOSHWLWRULRSDUDOXHJRHQHO
IRQGR GHWHUPLQDU TXH XQDRUGHQDQ]D PXQLFLSDO FX\RFRQWHQLGR QR HV
QRUPDWLYRVLQRTXHUHVXHOYHXQDH[SURSLDFLyQGHEHLPSXJQDUVHHQOD
YtDFRQWHQFLRVDDGPLQLVWUDWLYD\QRHQODRUGLQDULD

([WUDFWRGHODUDWLRGHFLGHQGL

)- ,,,
5HVSHFWR D OD OHJLWLPDFLyQ DFWLYD GHO PXQLFLSLR GHEH
UHFRUGDUVHTXHODVLQVWLWXFLRQHVS~EOLFDVSXHGHQSODQWHDUODDFFLyQGH
DPSDUR FRQVWLWXFLRQDO VLHPSUH \ FXDQGR QR DFW~HQ EDMR VX SRGHU GH
LPSHULXP HV GHFLU SDUDDOFDQ]DU HO HMHUFLFLR GH VXV IDFXOWDGHV OHJDOHV
6&5GHGHDEULO HQHOSUHVHQWHFDVRHO0XQLFLSLREXVFD
HOUHVJXDUGRGHOMXH]QDWXUDO\QRODHIHFWLYL]DFLyQGHODH[SURSLDFLyQ
SRUORTXHFRQWDEDFRQODVXILFLHQWHOHJLWLPDFLyQDFWLYD


6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO DQDOL]DQGR FRQ FDUiFWHU
SUHYLRODOHJLWLPDFLyQDFWLYDGHODFFLRQDQWHODSUHVHQWDFLyQGHODDFFLyQ
GHQWURGHOSOD]RGHVHLVPHVHV\HOGHUHFKRDOMXH]QDWXUDO\VXWXWHODD
W


dW^:d

WUDYpVGHODDFFLyQGHDPSDURFRQVWLWXFLRQDODVtFRPRHOUHTXLVLWRGH
FRQWHQLGRFRPRHVHOSHWLWRULRSDUDOXHJRHQHOIRQGRGHWHUPLQDUTXH
XQD RUGHQDQ]D PXQLFLSDO FX\R FRQWHQLGR QR HV QRUPDWLYR VLQR TXH
UHVXHOYH XQD H[SURSLDFLyQ GHEH LPSXJQDUVH HQ OD YtD FRQWHQFLRVD
DGPLQLVWUDWLYD\QRHQODRUGLQDULD

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDOHQOD6&5\DVHxDOyTXHODV
LQVWLWXFLRQHV S~EOLFDV WLHQHQ OHJLWLPDFLyQ DFWLYD SDUD LQWHUSRQHU OD
DFFLyQ GH DPSDUR FRQVWLWXFLRQDO FXDQGR DFW~DQ FRPR WLWXODUHV GH
GHUHFKRV IXQGDPHQWDOHV GHVSURYLVWRV GH VX SRGHU GH LPSHULXP HQ
LJXDOGDGGHFRQGLFLRQHVFRQRWURVVXMHWRV3RUORTXHOD6&3
VHFRQVWLWX\HHQXQDSULPHUDVHQWHQFLDFRQILUPDGRUDGHOtQHD

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

,,, 5HVSHFWR D OD OHJLWLPDFLyQ DFWLYD GHO PXQLFLSLR GHEH
UHFRUGDUVHTXHODVLQVWLWXFLRQHVS~EOLFDVSXHGHQSODQWHDUODDFFLyQGH
DPSDUR FRQVWLWXFLRQDO VLHPSUH \ FXDQGR QR DFW~HQ EDMR VX SRGHU GH
LPSHULXP HV GHFLU SDUDDOFDQ]DU HO HMHUFLFLR GH VXV IDFXOWDGHV OHJDOHV
6&5GHGHDEULO HQHOSUHVHQWHFDVRHO0XQLFLSLREXVFD
HOUHVJXDUGRGHOMXH]QDWXUDO\QRODHIHFWLYL]DFLyQGHODH[SURSLDFLyQ
SRUORTXHFRQWDEDFRQODVXILFLHQWHOHJLWLPDFLyQDFWLYD

9RWR'LVLGHQWH

/D6&3FXHQWDFRQHOYRWRGLVLGHQWHGHOD'UD/LJLD0yQLFD
9HOiVTXH] &DVWDxRV SDUD TXLHQ OD 6&3  GHELy LQFOXLU HO
DQiOLVLVGHOSOD]RGHSUHVHQWDFLyQGHODDFFLyQGHDPSDURFRQVWLWXFLRQDO
FRQODILQDOLGDGGHGHVYLUWXDUVXVXSXHVWDSUHVHQWDFLyQH[WHPSRUiQHD
(Q WDO VHQWLGR OD 0DJLVWUDGD
VH GHFODUD GLVLGHQWH SRU IDOHQFLD
DUJXPHQWDWLYDGHOD6&3




 /HJLWLPDFLyQ DFWLYD HQ OD DFFLyQ GH
DPSDUR6XEVDQDFLyQHQFDVRGHDGXOWRVPD\RUHV
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
W


dW^:d


7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   &XDQGR VH FXHVWLRQH OD OHJLWLPDFLyQ DFWLYD GH ORV
DGXOWRVPD\RUHVFRUUHVSRQGHDQXODUREUDGRVSDUDGDUODRSRUWXQLGDG
GHVXEVDQDUODDFFLyQGHDPSDURFRQVWLWXFLRQDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO OD DFFLRQDQWH DOHJy OD
YXOQHUDFLyQGHVXVGHUHFKRVDOGHELGRSURFHVR\DODGHIHQVDSRUFXDQWR
GHQWURGHOSURFHVRHMHFXWLYRTXHVHOHVLJXHVHHPEDUJDURQGRVELHQHV
LQPXHEOHV XQR GDGR HQ JDUDQWtD \ RWUR QR DVLPLVPR VH GLVSXVR HO
UHPDWHGHpVWHFRQHODYDO~RFRUUHVSRQGLHQWHDORWUR\QRREVWDQWHTXH
HVWDVLUUHJXODULGDGHVIXHURQLPSXJQDGDVVHFRQPLQyDVXGHVRFXSDFLyQ
SRUHOORHVDGHWHUPLQDFLyQIXHREMHWRGHODIRUPXODFLyQGHOLQFLGHQWHGH
RSRVLFLyQDOGHVDSRGHUDPLHQWRPLVPRTXHIXHUHFKD]DGR\FRQILUPDGR
HQ DSHODFLyQ  (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HQ VX 6DOD
/LTXLGDGRUD 7UDQVLWRULD UHYRFy OD UHVROXFLyQ TXH GHQHJy OD WXWHOD \
DQXOy REUDGRV KDVWD DQWHV GHO $XWR GH $GPLVLyQ GH $PSDUR
&RQVWLWXFLRQDO D HIHFWRV GH TXH OD DFFLRQDQWH UHJXODULFH VX
DSHUVRQDPLHQWRUHIHUHQWHDODOHJLWLPDFLyQDFWLYD

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,/DDFFLRQDQWHDGXFHTXHGHQWURGHOSURFHVRHMHFXWLYRVHJXLGRHQVXFRQWUD
SRU5REHUWR$EUDKDQ7HOFKL$VE~QFRPRUHSUHVHQWDQWHGHODHPSUHVD
7HOFKL
/WGDVH
SURGXMR HO HPEDUJR GRVELHQHV LQPXHEOHV SHVH D TXH VyOR VH GLR HQ JDUDQWtDXQRGH
HOORV DVLPLVPR VH GLVSXVR HO UHPDWH GHO LQPXHEOH HQ EDVH DO DYDO~R GH RWUR \ QR
REVWDQWHTXHODVUHIHULGDVDQRPDOtDVIXHURQLPSXJQDGDVVHFRQPLQyDODGHVRFXSDFLyQ
GHOLQPXHEOHDQWHORFXDOSODQWHyLQFLGHQWHGHRSRVLFLyQDOGHVDSRGHUDPLHQWRTXHIXH
UHFKD]DGR SRU $XWR ,QWHUORFXWRULR GH  GH DJRVWR GH  DSHODGD TXH IXH GLFKD
5HVROXFLyQIXHFRQILUPDGDPHGLDQWH$XWRGH9LVWDGHGHHQHURGH

3UHYLRDOLQJUHVRGHODQiOLVLVGHODSUREOHPiWLFDSODQWHDGDHVPHQHVWHUHIHFWXDUDOJXQDV
FRQVLGHUDFLRQHVFRQUHIHUHQFLDDORVFRQYHQLRVH[LVWHQWHVFRQUHIHUHQFLDDODSURWHFFLyQ
GHGLIHUHQWHVJUXSRVYXOQHUDEOHVHQHOSUHVHQWHFDVRSHUVRQDVGHODWHUFHUDHGDGKDELGD
FXHQWDGHOLQFXPSOLPLHQWRDODOHJLWLPDFLyQDFWLYDHQODSUHVHQWHDFFLyQHQDSOLFDFLyQ
GH ORV LQVWUXPHQWRV LQWHUQDFLRQDOHV GHVDUUROODGRV HQ HO )XQGDPHQWR -XUtGLFR ,,, OD
&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRGLVSRQHHQVXDUW\VVTXH
ORVDGXOWRVPD\RUHV
VRQSHUVRQDVYXOQHUDEOHV\FRUUHVSRQGHDO(VWDGRGDUOHVSURWHFFLyQ


(Q DSOLFDFLyQGH HVWRV FRQYHQLGRV \ OR GLVSXHVWR HQ OD FRQVWLWXFLyQ VH HVWDEOHFH TXH
HVWRVJUXSRVVRQVXVFHSWLEOHVDVXIULUGHVYHQWDMDVHQFXDQWRDRWURVTXHQRVHHQFXHQWUDQ
GHQWURGHHVWDFDWHJRUtDKDELGDFXHQWDTXHHVWiQHQXQDVLWXDFLyQGHPD\RULQGHIHQVLyQ
SDUD KDFHU IUHQWH D ORV SUREOHPDV TXH SODQWHD OD YLGD \ QR FXHQWDQ FRQ ORV UHFXUVRV
QHFHVDULRVSDUDVDWLVIDFHUVXVQHFHVLGDGHVEiVLFDVODYXOQHUDELOLGDGFRORFDDTXLHQOD
SDGHFHHQXQDVLWXDFLyQGHGHVYHQWDMDHQHOHMHUFLFLRSOHQRGHVXVGHUHFKRV\OLEHUWDGHV
IUDFFLRQD\SRUORWDQWRDQXODHOFRQMXQWRGHJDUDQWtDVIXQGDPHQWDOHVGHWDOIRUPDTXH

W


dW^:d
ODVSHUVRQDV\JUXSRVHQHVWDVLWXDFLyQWLHQHQGHUHFKRV~QLFDPHQWHDQLYHOIRUPDO\D
TXH HQ ORV KHFKRV QR VH GDQ ODV FRQGLFLRQHV QHFHVDULDV SDUD VX HMHUFLFLR HVWD
FLUFXQVWDQFLD YLROD ORV GHUHFKRV GH ORV PLHPEURV PiV GpELOHV GH OD VRFLHGDG \ ORV
PDUJLQD TXLHQHV IUHFXHQWHPHQWH GHVFRQRFHQ FXiOHV VRQ VXV GHUHFKRV LJQRUDQ ORV
PHGLRV SDUD KDFHUORV YDOHU \ FDUHFHQ GH ORV UHFXUVRV QHFHVDULRV SDUD DFXGLU DQWH ORV
VLVWHPDVGHMXVWLFLDUD]yQSRUODFXDOHO(VWDGRWLHQHODUHVSRQVDELOLGDG\REOLJDFLyQGH
SURWHJHUDHVWDVSHUVRQDV


6LQWHVLVGHODUDWLRGHFLGHQGL

$QXODREUDGRVKDVWDDQWHVGHO$XWRGH$GPLVLyQGHODDFFLyQGHDPSDUR
FRQVWLWXFLRQDODHIHFWRTXHODDFFLRQDQWHUHJXUDOLFHVXDSHUVRQDPLHQWR
D HIHFWR GH VX OHJLWLPDFLyQ DFWLYD FRQVLGHUDQGR TXH HQ HO SURFHVR
HMHFXWLYRVHHQFXHQWUDQDIHFWDGRVORVGHUHFKRVGHSHUVRQDVGHODWHUFHUD
HGDG  \ TXH HO (VWDGR WLHQH OD UHVSRQVDELOLGDG \ REOLJDFLyQ GH
SURWHJHUODV

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

3UHFHGHQWHLPSOtFLWR

)-,,,TXHODVSHUVRQDV\JUXSRVHQHVWDVLWXDFLyQWLHQHQGHUHFKRV
~QLFDPHQWH D QLYHO IRUPDO \D TXH HQ ORV KHFKRV QR VH GDQ ODV
FRQGLFLRQHV QHFHVDULDV SDUD VX HMHUFLFLR HVWD FLUFXQVWDQFLD YLROD ORV
GHUHFKRV GH ORV PLHPEURV PiV GpELOHV GH OD VRFLHGDG \ ORV PDUJLQD
TXLHQHVIUHFXHQWHPHQWHGHVFRQRFHQFXiOHVVRQVXVGHUHFKRVLJQRUDQORV
PHGLRV SDUD KDFHUORV YDOHU \ FDUHFHQ GH ORV UHFXUVRV QHFHVDULRV SDUD
DFXGLUDQWHORVVLVWHPDVGHMXVWLFLDUD]yQSRUODFXDOHO(VWDGRWLHQHOD
UHVSRQVDELOLGDG\REOLJDFLyQGHSURWHJHUDHVWDVSHUVRQDV



 /HJLWLPDFLyQ DFWLYD HQ OD DFFLyQ GH DPSDUR7RGD
SHUVRQDQDWXUDOWLWXODUGHOGHUHFKR
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO


W


dW^:d


6&3&DUHFHGHOHJLWLPDFLyQDFWLYDTXLHQQRDFUHGLWDOD
WLWXODULGDGGHOGHUHFKRSURSLHWDULRTXHUHFODPDDWUDYpVGHODDFFLyQ
GHDPSDURFRQVWLWXFLRQDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HO DFFLRQDQWH GHQXQFLy OD
YXOQHUDFLyQ GH VX GHUHFKR D OD SURSLHGDG \ D ORV SULQFLSLRV
FRQVWLWXFLRQDOHV GH VHJXULGDG MXUtGLFD \ OHJDOLGDG GHELGR D TXH HO
'LUHFWRU1DFLRQDOGH',3529(GHVHVWLPyVXVSHWLFLRQHVGHGHVPDUTXH
GH VX YHKtFXOR REVWDFXOL]DQGR VX GHYROXFLyQ SRU OR TXH VROLFLWD VH
FRQFHGDODWXWHOD\VHGLVSRQJDTXHODDXWRULGDGGHPDQGDGDSURFHGDDO
GHVPDUTXHGHVXYHKtFXOR\QRVHREVWDFXOLFHVXGHYROXFLyQDVLPLVPR
VH DSOLTXH HO DUW  GHO $FXHUGR GH $VXQFLyQ VREUH OD 5HVWLWXFLyQ GH
9HKtFXORV $XWRPRWRUHV7HUUHVWUHV \R (PEDUFDFLRQHV TXH WUDQVSRQHQ
LOHJDOPHQWH ODV IURQWHUDV HQWUH ORV (VWDGRV SDUWHV GHO 0HUFRVXU ODV
5HS~EOLFDVGH%ROLYLD\&KLOH(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO
DSUREy OD 5HVROXFLyQ UHYLVDGD GHQHJDQGR OD WXWHOD SRU IDOWD GH
OHJLWLPDFLyQDFWLYD

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
HQYLUWXGDORVDQWHFHGHQWHVDQRWDGRV',3529(FXHQWDFRQGDWRV
FHUWLILFDFLRQHVHLQIRUPHVTXHGHPXHVWUDQODH[LVWHQFLDGHXQDGHQXQFLDGHURER
HQ OD 5HS~EOLFD $UJHQWLQD FRQ UHODFLyQ DO YHKtFXOR FX\R GHVPDUTXH
LQWHUQDFLRQDOHVUHTXHULGRSRU0LOWRQ2VFDU&DVWHOODQRV5RGUtJXH]$KRUDELHQ
HQFRQVLGHUDFLyQDODSHWLFLyQH[SUHVDGHODFFLRQDQWHSDUDTXHVHFRQFHGDOD
WXWHOD\VHGLVSRQJDHQUHVJXDUGRGHVXGHUHFKRDODSURSLHGDGHOGHVPDUTXHGH
VXYHKtFXOR\VHDSOLTXHOD/H\FDEHUHIHULUTXHHODFFLRQDQWHQRDFUHGLWy
HOGHUHFKRSURSLHWDULRGHOPRWRUL]DGRTXHUHFODPDFRPRVX\RDQWH',3529(
QL DQWH HVWH 7ULEXQDO UHFXpUGHVH TXH HQ YLUWXG D ODV FHUWLILFDFLRQHV DQWHV
PHQFLRQDGDVGLFKRYHKtFXORUHSRUWDXQDGHQXQFLDGHURERDUPDGRGHGH
DEULOGHDQWHOD&RPLVDUtDGHOD3ROLFtD)HGHUDO$UJHQWLQD\HOSHGLGR
GH VHFXHVWUR  HVWDEOHFLpQGRVH TXH OD WLWXODULGDG GHO PRWRUL]DGR
FRUUHVSRQGH D OD &DMD GH 6HJXURV 6$ SRU OR TXH H[LVWH GXGD UD]RQDEOH
UHVSHFWR D OD SURSLHGDG UHFODPDGD PiV D~Q VL VH FRQVLGHUD TXH HO WUiPLWH
HIHFWXDGR DQWH OD DGPLQLVWUDFLyQ DGXDQHUD EROLYLDQD VHJ~Q HO DFWD GH
LQWHUYHQFLyQ $1*5/3=/$3/, IXH HIHFWXDGR SRU 5XEpQ 9LFHQWH
4XLQWHURV FRQ FpGXOD GH LGHQWLGDG  /3 VLHQGR HVWD SHUVRQD OD TXH
KDEUtDSUHVHQWDGROD'HFODUDFLyQ-XUDGDUHIHULGDDOIRUPXODULR$VLJQDGD
FRQ HO Q~PHUR GH WUiPLWH  GH  GH MXOLR GH  HQ
FRQVHFXHQFLD DO QR H[LVWLU OD SUXHED GRFXPHQWDO VXILFLHQWH TXH VXVWHQWH OD
SUHWHQVLyQ GHO DFFLRQDQWH \ DQWH OD FRQWURYHUVLD UHVSHFWR D OD WLWXODULGDG GHO
YHKtFXOR QR FRUUHVSRQGH FRQFHGHU OD WXWHOD VROLFLWDGD GHELGR D TXH HO
DFFLRQDQWHQRDFUHGLWyVXOHJLWLPDFLyQDFWLYDSUHVXSXHVWRHVHQFLDOSDUDDFWLYDU
HVWD DFFLyQ FRQIRUPH D OD MXULVSUXGHQFLD FRQVWLWXFLRQDO JORVDGD HQ HO
)XQGDPHQWR -XUtGLFR ,,, GH OD SUHVHQWH 6HQWHQFLD &RQVWLWXFLRQDO

W


dW^:d
3OXULQDFLRQDOSDUDSRGHUDFFHGHUDORVPHFDQLVPRVGHGHIHQVDIUDQTXHDGRVSRU
OD OH\ HQ UHVJXDUGR GHO GHUHFKR D OD SURSLHGDG UHFXpUGHVH TXH FRQIRUPH DO
)XQGDPHQWR-XUtGLFR,,,GHHVWD6HQWHQFLDVHGHEHDFUHGLWDUGHODPHMRUIRUPD
HOGHUHFKRSURSLHWDULRQRVLHQGRVXILFLHQWHHODOHJDUVHUHOWLWXODUGHOPLVPR




([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

/D6&3GHEHVHUFRPSUHQGLGDHQHOPDUFRGHODMXULVSUXGHQFLD
FRQVWLWXFLRQDOFRQWHQLGDHQ OD 6& 5 HQOD TXH HQ HO FDVR
FRQFUHWR VRVWXYR TXH HO UHFXUUHQWH
QR GHPRVWUy GHELGDPHQWH VX
GHUHFKRSURSLHWDULRVREUHHOWUDFWRUTXHDILUPDVHUGHVXSURSLHGDG
\
TXH OD GRFXPHQWDFLyQ SUHVHQWDGD QR SRGtD VXVWHQWDU OD YLRODFLyQ GHO
GHUHFKR D OD SURSLHGDG
 SXHV FRQIRUPH VH KD HVWDEOHFLGR
SUHFHGHQWHPHQWHQRVHSXHGHSODQWHDUXQDGHPDQGDGH$PSDURVLQR
GHPRVWUDQGR VHU HO DJUDYLDGR GLUHFWR SRU OD DXWRULGDG R SDUWLFXODU
UHFXUULGR




1~PHURGHUHVROXFLyQ6&3/

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3 /  $O VHU ORV GHUHFKRV \ JDUDQWtDVWXWHODGDV SRU OD
DFFLyQ GH DPSDUR FRQVWLWXFLRQDO GH FDUiFWHU VXEMHWLYR \
SHUVRQDOtVLPRXQDYH]IDOOHFLGDODSHUVRQDVHH[WLQJXHVXWLWXODULGDG
\ GHVDSDUHFH HO REMHWR PLVPR GH OD DFFLyQ VDOYR ORV GHUHFKRV D OD
GLJQLGDG\ODLPDJHQDORVTXHVHOHDVLJQDHILFDFLDSRVWPRUWHPHQ
FX\RFDVRORVIDPLOLDUHVWLHQHQOHJLWLPDFLyQSDUDDFXGLUDODPSDURHQ
SURFXUDGHOUHFRQRFLPLHQWRGHOGHUHFKRYLRODGR

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QXQDDFFLyQGHDPSDURFRQVWLWXFLRQDOHODFFLRQDQWHGHQXQFLyTXHHO
6XEUHJLVWUDGRUGH'HUHFKRV5HDOHVGHO'HSDUWDPHQWRGH3RWRVtYXOQHUy
VXV GHUHFKRV D OD SHWLFLyQ SURSLHGDG SULYDGD WXWHODMXGLFLDO HIHFWLYD
VHJXULGDG MXUtGLFD SRU FXDQWR QR GLR FXUVR D GLVWLQWDV VROLFLWXGHV GH
LQVFULSFLyQ GH VX LQPXHEOH SHVH D H[LVWLU XQD RUGHQ GH OD DXWRULGDG
MXGLFLDO PRWLYR SRU HO FXDO SUHVHQWy GLIHUHQWHV SHWLFLRQHV TXH QR
WXYLHURQUHVSXHVWDRSRUWXQD\IRUPDOGHVFRQRFLHQGRHOFDUiFWHUGHODV
W


dW^:d


VHQWHQFLDV MXGLFLDOHV FRQ DXWRULGDG GH FRVD MX]JDGD (O 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO HQ VX 6DOD /LTXLGDGRUD VLQ LQJUHVDU DO
DQiOLVLVGHIRQGRGHODSUREOHPiWLFDSODQWHDGDDSUREyODUHVROXFLyQTXH
GHQHJy OD WXWHOD SRU IDOWD GH OHJLWLPDFLyQ DFWLYD DO FRQVWDWDU HO
IDOOHFLPLHQWRGHODFFLRQDQWH

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,3UHYLRDLQJUHVDUDODQiOLVLVHVSHUWLQHQWHUHIHULUQRVDOHVWDEOHFLPLHQWRGHOD
OHJLWLPDFLyQDFWLYDFRPRODSURFHVDO,QLFLDOPHQWHSRGHPRVLQGLFDUTXHWRGDSHUVRQD
SRU HO VROR KHFKR GH H[LVWLU VH FRQVWLWX\H HQ WLWXODU GH GHUHFKRV IXQGDPHQWDOHV \
JDUDQWtDVFRQVWLWXFLRQDOHV\FRQIRUPHDODUW,GHOD&3(DGTXLHUHODOHJLWLPDFLyQ
DFWLYDFXDQGRWDOHVSUHUURJDWLYDVGHUHFKRV\JDUDQWtDVVHYHQGLUHFWDPHQWHDIHFWDGDV
XDJUDYLDGDVFRQODDFFLyQXRPLVLyQLOHJDOHPDQDGDSRUDXWRULGDGRSDUWLFXODU/RTXH
QRVOOHYDDFRQFOXLUTXHFXHQWDFRQFDSDFLGDGSURFHVDOSDUDVHUSDUWHGHOWUiPLWHGHXQD
DFFLyQ GH DPSDUR FRQVWLWXFLRQDO FDVR GH SHUVRQDV QDWXUDOHV WRGD SHUVRQD TXH VHD
WLWXODUGHGHUHFKRV\JDUDQWtDVJR]DQGRGHGLFKDFDSDFLGDGGHVGHVXQDFLPLHQWRLQFOXVR
GHVGHODFRQFHSFLyQ DUW,,GHO&& KDVWDVXPXHUWHFRQIRUPHDVtORGLVSRQHQORV
DUWV\GHO&&
'H ORV GDWRV H[SXHVWRV HQ HO SiUUDIR VHJXQGR GHO SUHVHQWH DFiSLWH FRPR GH OD
&RQFOXVLyQ,,GHHVWHIDOORVHWLHQHTXH)HUQDQGR1LQD$JXLODUSRUFDXVDVGHVtQGURPH
VHQLOOOHJyDIDOOHFHUHOGHHQHURGH
$KRUD ELHQ WHQLHQGR SUHVHQWH WDO HYHQWR ORV VXSXHVWRV DFWRV LOHJDOHV X RPLVLRQHV
LQGHELGDVFRQVLGHUDGRVFRPROHVLYRV\TXHIXHURQGHPDQGDGRVYtDDFFLyQGHDPSDUR
FRQVWLWXFLRQDOSUHWHQGtDQODWXWHODGHGHUHFKRVSUHVXQWDPHQWHYXOQHUDGRVGH)HUQDQGR
1LQD $JXLODU KR\ IDOOHFLGR VLQ HPEDUJR FRQIRUPH D ORV )XQGDPHQWRV -XUtGLFRV
H[SXHVWRV FRQVLGHUDQGR TXH OD OHJLWLPDFLyQ DFWLYD FRPR OD FDSDFLGDG SURFHVDO VRQ
SUHVXSXHVWRVTXHUHFDHQHQHOWLWXODUGHORVGHUHFKRVIXQGDPHQWDOHVHQHOSUHVHQWHFDVR
WDOHVUHTXLVLWRVVHYHQDXVHQWHVGHELGRDOIDOOHFLPLHQWRGHODFFLRQDQWH
'HORDQWHULRUVHWLHQHTXHHO~QLFRWLWXODUGHORVGHUHFKRVIXQGDPHQWDOHVGHQXQFLDGRV
FRPRYXOQHUDGRVHUD)HUQDQGR1LQD$JXLODUFRQIRUPHDVtORGLVSRQHHODUW,,GH
OD&3(
/D$FFLyQGH$PSDUR&RQVWLWXFLRQDOVHLQWHUSRQGUiSRUODSHUVRQDTXHVHFUHD
DIHFWDGD
VLQHPEDUJRDOKDEHUIDOOHFLGRHOWLWXODUGHWDOHVSULYLOHJLRVFRQVLGHUDQGR
VXQDWXUDOH]DVXEMHWLYD\H[WLQJXLUVHVXSHUVRQDOLGDGGHIRUPDSDUDOHODKDGHVDSDUHFLGR
HO REMHWR GH OD WXWHOD GHPDQGDGD SRU FXDQWR VH WUDWD GH GHUHFKRV SHUVRQDOtVLPRV
VXSHGLWDGRVDOLQWHUpVTXHHQYLGDWXYLHUDHODFFLRQDQWHH[WUHPRTXHJHQHUDXQYDFLRHQ
ODFDXVD
(QWDOVHQWLGRGHEHTXHGDUFODURTXHFRQVLGHUDQGRTXHORVGHUHFKRV\JDUDQWtDVWLHQHQ
QDWXUDOH]DVXEMHWLYDSRUWDQWROLJDGRVDODH[LVWHQFLDGHODVSHUVRQDVHQHOFDVRFRQOD
PXHUWH GH )HUQDQGR 1LQD $JXLODU WDPELpQ GHVDSDUHFH OD SUHWHQVLyQ H[SXHVWD HQ OD
GHPDQGD FRQVWLWXFLRQDO TXH IXHUD SUHVHQWDGD HO  GH IHEUHUR GH 
&RQVLJXLHQWHPHQWHGHH[LVWLUKHUHGHURVORVPLVPRVXQDYH]DJRWDGDVODVYtDVTXHHO
GHUHFKRDFRQVHMDDFUHGLWDQGRVXSHUVRQHUtD\FXPSOLGRVORVSUHVXSXHVWRVGHDFWLYDFLyQ
GH HVWD DFFLyQ GH GHIHQVD SRGUiQ DFXGLU D OD MXULVGLFFLyQ FRQVWLWXFLRQDO HPSHUR HQ
UHVJXDUGR GH SURSLRV GHUHFKRV GH VHU YXOQHUDGRV PDV QR UHFODPDQGR OD WXWHOD GH
GHUHFKRVFX\RWLWXODUGHMyGHH[LVWLUSRUWDOUD]yQODSUHVHQWHDFFLyQWXWHODUQRSRGUtD
SURVHJXLUFRQORVKHUHGHURVTXHVHSUHVHQWDUHQSXHVQRVHFXPSOLUtDFRQHOUHTXLVLWR
HVWDEOHFLGRHQHODUW,GHOD&3(\GHO&3&RUHODWLYRDODOHJLWLPDFLyQDFWLYD
VDOYR VL VH WUDWDUH GH ODV H[FHSFLRQHV UHIHULGDV HQ OD MXULVSUXGHQFLD FRQVWLWXFLRQDO
GHVDUUROODGD HQ HO )XQGDPHQWR -XUtGLFR ,,, GH OD SUHVHQWH 6HQWHQFLD &RQVWLWXFLRQDO
3OXULQDFLRQDO
&RQEDVHDORVOLQHDPLHQWRVH[SXHVWRVHVWH7ULEXQDOVHKDOODHQODLPSRVLELOLGDGGH
DQDOL]DUHOIRQGRGHOSODQWHDPLHQWRLQLFLDOPHQWHH[SXHVWRGHELGRDOIDOOHFLPLHQWRGHO
DJUDYLDGR

W


dW^:d


6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SRU FXDQWR DO IDOOHFHU HO
DFFLRQDQWH GHVDSDUHFH OD SUHWHQVLyQ H[SXHVWD HQ OD GHPDQGD
FRQVWLWXFLRQDO DFODUiQGRVH TXH GH H[LVWLU KHUHGHURV SUHYLR
FXPSOLPLHQWR GH ORV UHTXLVLWRV SURFHVDOHV SRGUiQ DFXGLU D OD MXVWLFLD
FRQVWLWXFLRQDOHQUHVJXDUGRGHVXVSURSLRVGHUHFKRV

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOVREUHHOWHPDFRQFUHWRGHODWLWXODULGDGGHORV
GHUHFKRV\JDUDQWtDVHQFDVRGHIDOOHFLPLHQWRGHODSHUVRQDVODOHJLWLPDFLyQDFWLYD\OD
SRVLELOLGDG TXH VH LQJUHVH DO DQiOLVLV GH IRQGR WLHQH HO VLJXLHQWH GHVDUUROOR
MXULVSUXGHQFLDO/D6&5SURQXQFLDGDGHQWURGHXQHQWRQFHVUHFXUVRGH
DPSDURFRQVWLWXFLRQDOFRQFOX\yTXHODWLWXODULGDGGHORVGHUHFKRV\JDUDQWtDVWXWHODGRV
SRUGLFKRUHFXUVRVHH[WLQJXHQFXDQGRIDOOHFHODSHUVRQDGHELGRDVXFDUiFWHUVXEMHWLYR
\SHUVRQDOtVLPR\SRUWDQWRGHVDSDUHFHHOREMHWRPLVPRGHOUHFXUVRVDOYRORVGHUHFKRV
DODGLJQLGDG\ODLPDJHQDORVTXHVHOHDVLJQDHILFDFLDSRVWPRUWHPHQFX\RFDVRORV
IDPLOLDUHVWLHQHQOHJLWLPDFLyQSDUDDFXGLUDODPSDURHQSURFXUDGHOUHFRQRFLPLHQWRGHO
GHUHFKRYLRODGR$ODOX]GHGLFKRUD]RQDPLHQWROD6&5SURQXQFLDGD
GHQWURGHXQDDFFLyQGHOLEHUWDGVRVWXYRTXHQRVHSXHGHUHSUHVHQWDUDXQIDOOHFLGRHQ
OD GHIHQVD GH GHUHFKRV IXQGDPHQWDOHV SRU VHU pVWRV LQKHUHQWHV DXQDSHUVRQD ItVLFD \
OyJLFDPHQWH FRQ YLGD  /D 6&3 6&3  FDPELy GLFKR HQWHQGLPLHQWR D
SDUWLUGHXQDFRQFHSFLyQSOXUDOGHOGHUHFKRDODGLJQLGDG\VHxDOyTXHODDFFLyQGH
OLEHUWDGSURWHJHORVVXSXHVWRVHQORVTXHVHXWLOL]DHOFXHUSRGHXQDSHUVRQDIDOOHFLGD
FRPR XQ PHGLR SDUD ORJUDU OD VDWLVIDFFLyQ GH ILQHV HFRQyPLFRV X RWURV LQWHUHVHV
HQWHQGLHQGR TXH HQ HVRV FDVRV HV SRVLEOH TXH ORV IDPLOLDUHV SUHVHQWHQ OD DFFLyQ GH
OLEHUWDG VROLFLWDQGR OD SURWHFFLyQ GHO GHUHFKR D OD GLJQLGDG WDQWR GH TXLHQ \D QR VH
HQFXHQWUDQ HQ OD FRPXQLGDG KXPDQD FRPR GH ORV SURSLRV IDPLOLDUHV DVt FRPR HO
GHUHFKR D OD OLEHUWDG GH HVSLULWXDOLGDG UHOLJLyQ \ FXOWR GH ORV IDPLOLDUHV \ VHUHV
TXHULGRV'HPDQHUDHVSHFtILFDHQFXDQWRDODSRVLELOLGDGGHLQJUHVDUDODQiOLVLVGH
IRQGR GH XQD DFFLyQ GH GHIHQVD FXDQGR HO WLWXODU IDOOHFLy GXUDQWH VX WUDPLWDFLyQ HO
7ULEXQDO&RQVWLWXFLRQDOHQOD6&5VHxDOyTXHQRFRUUHVSRQGtDUHYLVDUOD
5HVROXFLyQSURQXQFLDGDSRUHO7ULEXQDOGHJDUDQWtDVSXHVODDUJXPHQWDFLyQ\HODQiOLVLV
TXHHIHFWXDUtDHVWH7ULEXQDOQRWHQGUtDPD\RUUHOHYDQFLDQLHILFDFLDSUiFWLFDHQHOFDVR
FRQFUHWRGHELGRDTXHFRPRVHWLHQHGLFKRHODFWXDOUHSUHVHQWDGRGHODDFFLRQDQWHKD
IDOOHFLGR\HQFRQVHFXHQFLDVHKDH[WLQJXLGRODDFFLyQSHQDOVHJXLGDHQVXFRQWUD
DUJXPHQWRFRQHOFXDOGLVSXVRHODUFKLYRGHREUDGRV'LFKRUD]RQDPLHQWRIXHPXWDGR
HQOD6&3SURQXQFLDGDHQXQDDFFLyQGHOLEHUWDGHQODTXHHQFRQWUiQGRVH
HQ UHYLVLyQ DQWH HO 7ULEXQDO IDOOHFLy HO DFFLRQDQWH /D 6HQWHQFLD WXYR HO VLJXLHQWH
UD]RQDPLHQWR
VLELHQGHDFXHUGRDODLQIRUPDFLyQGHORVPHGLRVGHFRPXQLFDFLyQHODFFLRQDQWH
IDOOHFLyHOGHRFWXEUHGHHVWHKHFKRGHQLQJXQDPDQHUDLPSLGHTXHHO7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDODQDOLFHHODFWRLOHJDO\FRQFHGDODWXWHODFRPRORKDKHFKR
SUHFHGHQWHPHQWH SXHV DO FRQVWDWDUVH OD YXOQHUDFLyQ GH ORVGHUHFKRV DOD YLGD \ D OD
OLEHUWDGItVLFDRSHUVRQDOGHODFFLRQDQWHFRUUHVSRQGHHOSURQXQFLDPLHQWRH[SUHVRVREUH
GLFKRVDFWRVLOHJDOHVSXHVODMXVWLFLDFRQVWLWXFLRQDODGHPiVGHSURWHJHUORVGHUHFKRV
HQ VX GLPHQVLyQ VXEMHWLYD ORV WXWHOD HQ VX GLPHQVLyQ REMHWLYD EXVFDQGR
HYLWDU OD
UHLWHUDFLyQ GH FRQGXFWDV UHxLGDV FRQWUD HO RUGHQ S~EOLFR FRQVWLWXFLRQDO \ ORV ELHQHV
FRQVWLWXFLRQDOHVSURWHJLGRVGHWXWHODUHIRU]DGD
 6&3 

&RQVLJXLHQWHPHQWHFRQVLGHUDQGRODGLPHQVLyQREMHWLYDGHORVGHUHFKRVIXQGDPHQWDOHV
HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO QR SXHGH FRKRQHVWDU DFWRV LOHJDOHV TXH

W


dW^:d


RFDVLRQDURQ VX DPHQD]D R YXOQHUDFLyQ \ HQ FRQVHFXHQFLD GHEH SRU LPSHUDWLYR
FRQVWLWXFLRQDO DQDOL]DU \ FRPR HQ HO SUHVHQWH FDVR FRQFHGHU OD WXWHOD VROLFLWDGD
H[KRUWDQGRDORVMXHFHV\WULEXQDOHVGHODVGLIHUHQWHVMXULVGLFFLRQHVTXHFRPRJDUDQWHV
SULPDULRV GH OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR \ GHO UHVJXDUGR GH ORV GHUHFKRV
IXQGDPHQWDOHV 6&3   DVXPDQ SOHQDPHQWH ORV UROHV DVLJQDGRV SRU OD
&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRDFWXDQGRVREUHODEDVHGHORVSULQFLSLRVFRQWHQLGRVHQ
HO DUW  GH OD UHIHULGD 1RUPD 6XSUHPD HQWUH HOORV HO SULQFLSLR GH UHVSHWR D ORV
GHUHFKRVORVFXDOHVGHDFXHUGRDQXHVWUDFRQILJXUDFLyQFRQVWLWXFLRQDOVHFRQVWLWX\HQ
HQHOSLODUIXQGDPHQWDOGHQXHVWURVLVWHPD

/RVUD]RQDPLHQWRVFRQWHQLGRVHQODV66&33\VHFRQVWLWX\HQHQ
ORVHVWiQGDUHVPiVDOWRVGHSURWHFFLyQWDQWRUHVSHFWRDODOHJLWLPDFLyQDFWLYDUHVSHFWRD
ORVGHUHFKRVGHODSHUVRQDIDOOHFLGDFRPRDODSRVLELOLGDGGHDQDOL]DUHOIRQGRGHODV
DFFLRQHVGHGHIHQVDFXDQGRHOWLWXODUIDOOHFHGXUDQWHVXWUDPLWDFLyQ


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

/D SULPHUD VHQWHQFLD TXH DVXPLy HVWH HQWHQGLPLHQWR IXH OD 6&
5FRQIRUPHDOVLJXLHQWHUD]RQDPLHQWR
ORVGHUHFKRV\ODVJDUDQWtDVREMHWRVGHSURWHFFLyQGHODPSDURSRUVX
QDWXUDOH]DVXEMHWLYDVRQHQVtPLVPRVGHUHFKRVSHUVRQDOtVLPRVOLJDGRV
D OD H[LVWHQFLD PLVPD GHO LQGLYLGXR 3RU HVR HQOD YtD GHODPSDUR HO
7ULEXQDO &RQVWLWXFLRQDO QR SXHGH SURQXQFLDUVH VREUH FXHVWLRQHV TXH
SRU HO IDOOHFLPLHQWR GHO DIHFWDGR HO UHVWDEOHFLPLHQWR GH OD OHVLyQ
LQYRFDGDTXHYHQGUtDDVHUHOREMHWRPLVPRGHODPSDURFDUHFH\DGH
GLPHQVLyQ FRQVWLWXFLRQDO SXHV XQD YH] IDOOHFLGR HO WLWXODU GH ORV
GHUHFKRV\JDUDQWtDVQRH[LVWH\DXQiPELWRYLWDOTXHSURWHJHUHQFXDQWR
YHUGDGHURREMHWRGHOGHUHFKRIXQGDPHQWDODXQFXDQGRSXGLHUDQSHUYLYLU
VXVHIHFWRVSDWULPRQLDOHVTXHSXHGHQVHUUHFODPDGRVDWUDYpVGHRWUDYtD
(Q GHILQLWLYD OD WLWXODULGDG GH ORV GHUHFKRV IXQGDPHQWDOHV \ ODV
JDUDQWtDVHQHOFDVRGHODVSHUVRQDVQDWXUDOHVVHH[WLQJXHHQSULQFLSLR
FRQ OD PXHUWH GH OD SHUVRQD \ GH DFXHUGR FRQ HOOR XQD YH] TXH KD
PXHUWRHOWLWXODUGHOGHUHFKROHVLRQDGRGHVDSDUHFHHOREMHWRGHOUHFXUVR
GHDPSDURUHFRQRFLHQGRVLQHPEDUJRODGRFWULQDXQDH[FHSFLyQDHVD
UHJODFRPRVRQHOGHUHFKRDODGLJQLGDG\DODLPDJHQDORVTXHVHOH
DVLJQD HILFDFLD SRVW PRUWHP D FX\RV VXSXHVWRV VH OH DVLJQD D ORV
IDPLOLDUHV OHJLWLPDFLyQ SDUD DFXGLU DO DPSDUR HQ SURFXUD GHO
UHFRQRFLPLHQWRGHOGHUHFKRYLRODGR


,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

66&33\




W


dW^:d

 /HJLWLPDFLyQ SDVLYD HQ OD DFFLyQ GH DPSDUR$FWR R


UHVROXFLyQUHYLVDGDSRUXQWULEXQDOVXSHULRU
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3([LVWHIDOWDGHOHJLWLPDFLyQSDVLYDHQODDFFLyQGH
DPSDUR FRQVWLWXFLRQDO FXDQGR QR VH GLULJH OD DFFLyQ FRQWUD OD
DXWRULGDGDGPLQLVWUDWLYDRMXGLFLDOTXHFRPHWLyHODFWRRSURQXQFLyOD
UHVROXFLyQFRQVLGHUDGDLOHJDO\FRQWUDODVDXWRULGDGHVTXHUHYLVDURQ
PRGLILFDURQRFRQILUPDURQHODFWRRUHVROXFLyQ

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOHODFFLRQDQWHGHQXQFLyTXHORV
H[0LQLVWURVGHOD6DOD6RFLDO\$GPLQLVWUDWLYD3ULPHUDGHODHQWRQFHV
&RUWH6XSUHPDGH-XVWLFLDDOSURQXQFLDUHO$XWR6XSUHPRTXHGHFODUy
LQIXQGDGRHOUHFXUVRGHFDVDFLyQHQODIRUPD\HQHOIRQGRSUHVHQWDGR
SRU HO DFFLRQDQWH RPLWLHURQ SURQXQFLDUVH VREUH OD YLRODFLyQ GH ODV
QRUPDV GHQXQFLDGDV SRU OR TXH DO KDEHU YXOQHUDGR VXV GHUHFKRV DO
GHELGRSURFHVRVHJXULGDGMXUtGLFDDSUHFLDFLyQREMHWLYDGHODOH\\IDOWD
GH PRWLYDFLyQ  VROLFLWy OD QXOLGDG GHO $XWR 6XSUHPR  (O 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO  UHYRFy OD  5HVROXFLyQ TXH  FRQFHGLy OD
WXWHODSURQXQFLiQGRVHSUHYLDPHQWHVREUHODIDOWDGHOHJLWLPDFLyQSDVLYD
DO QR KDEHUVH GLULJLGR OD DFFLyQ WDPELpQ FRQWUD HO MXH] GH SULPHUD
LQVWDQFLDTXHGLFWyODUHVROXFLyQFRQVLGHUDGDLOHJDOQLFRQWUDHOWULEXQDO
GH DSHODFLyQ TXH WHQtD FRPSHWHQFLD SDUD UHYLVDUOD \ HQ VX FDVR
FRUUHJLUOD

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
 (Q EDVH D HVWH DQWHFHGHQWH \ DVXPLHQGR OD MXULVSUXGHQFLD
JORVDGD HQ HO )XQGDPHQWR -XUtGLFR ,,, FRUUHVSRQGtD D OD SDUWH
DFFLRQDQWHQRVyORGHPDQGDUDORV0DJLVWUDGRV/LTXLGDGRUHVGHOD6DOD
6RFLDO\$GPLQLVWUDWLYDGHO7ULEXQDO6XSUHPRGH-XVWLFLDFRPRHIHFWR
GHODHWDSDGHWUDQVLFLyQSDUDHO7ULEXQDO6XSUHPRGH-XVWLFLDSUHYLVWR
HQOD/H\GHGHGLFLHPEUHGHVLQRWDPELpQFRUUHVSRQGtD
GHPDQGDU DO -XH] GH SULPHUD LQVWDQFLD TXH DVXPLy OD GHFLVLyQ
FRQVLGHUDGDOHVLYDDORVGHUHFKRVIXQGDPHQWDOHVGHODSDUWHDFFLRQDQWH
W


dW^:d


DVtFRPRDO7ULEXQDOTXHFRQRFLyHOFDVRHQJUDGRGHDSHODFLyQYDOH
GHFLU D ORV 9RFDOHV GH OD 6DOD 6RFLDO \ $GPLQLVWUDWLYD GHO 7ULEXQDO
'HSDUWDPHQWDO GH -XVWLFLD GH 6DQWD &UX] TXLHQHV WHQtDQ FRPSHWHQFLD
SDUDUHYLVDU\HQVXFDVRFRUUHJLUODDFWXDFLyQGHO-XH]DTXRRPLVLRQHV
TXHSHUPLWHQFRQFOXLUTXHODSDUWHDFFLRQDQWHLQFXPSOLyHOUHTXLVLWRGH
HVSHFLILFDFLyQGHODOHJLWLPDFLyQSDVLYDSUHYLVWDSRUHODUWGHOD
/7&3 \ TXH GHELy VHU REVHUYDGR RSRUWXQDPHQWH SRU HO 7ULEXQDO GH
JDUDQWtDV

6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SRU IDOWD GH OHJLWLPDFLyQ
SDVLYD SRU KDEHUVH GHPDQGDGR D ORV 0LQLVWURV GH OD 6XSUHPRV \ QR
KDEHUVHGLULJLGRODDFFLyQWDPELpQFRQWUDHOMXH]GHSULPHUDLQVWDQFLD
TXH GLFWy OD UHVROXFLyQ FRQVLGHUDGD LOHJDO QL FRQWUD HO WULEXQDO GH
DSHODFLyQTXHWHQtDFRPSHWHQFLDSDUDUHYLVDUOD\HQVXFDVRFRUUHJLUOD

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/D OtQHD MXULVSUXGHQFLDO GHO 7ULEXQDO &RQVWLWXFLRQDO VREUH OD OHJLWLPDFLyQ
SDVLYD HQ OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO LQLFLy FRQ OD 6& 5
HPSHURIXHOD6&5TXHGHILQLyODOHJLWLPDFLyQSDVLYDVHxDODQGR
TXHpVWDGHEHVHUHQWHQGLGDFRPRODFRLQFLGHQFLDTXHVHGDHQWUHODDXWRULGDG
TXHSUHVXQWDPHQWHFDXVyODYLRODFLyQDORVGHUHFKRV\DTXHOODFRQWUDTXLHQVH
GLULJH OD DFFLyQ HQWHQGLPLHQWR DVXPLGR SRU ODV 66&& 5
5 5 5 \ 5 HQWUH RWUDV
UD]RQDPLHQWRWDPELpQFRQILUPDGRSRUOD6&3SURQXQFLDGDSRUHO
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO $VLPLVPR OD MXULVSUXGHQFLD
FRQVWLWXFLRQDO GLIHUHQFLy ODV VLWXDFLRQHV HVSHFLDOHV HQ OD OHJLWLPDFLyQ SDVLYD
JHQHUDQGR YDULDV VXEUHJODV UHIHULGDV D  /RV FDVRV GH VXFHVLyQ R FDPELR GH
DXWRULGDGHV E  $FWR R UHVROXFLyQ UHYLVDGD SRU XQ WULEXQDO VXSHULRU F 
7ULEXQDOHV X yUJDQRV FROHJLDGRV G  &DPELR GH VLWXDFLyQ MXUtGLFD GHO
GHPDQGDGR
D  6REUH OD OHJLWLPDFLyQ SDVLYD HQ ORV FDVRV GH VXFHVLyQ R FDPELR GH
DXWRULGDGHVODMXULVSUXGHQFLDFRQVWLWXFLRQDOWLHQHHOVLJXLHQWHGHVDUUROOR/D
6&  HVWDEOHFLy TXH
OD GHPDQGD GHEH HVWDU GLULJLGD FRQWUD OD
DXWRULGDG TXH RVWHQWH HO FDUJR GHVGH HO FXDO VH UHDOL]y HO DFWR LOHJDO R VH
LQFXUULyHQODRPLVLyQLQGHELGDVLQTXHHOORLPSOLTXHTXHHQFDVRGHH[LVWLU
UHVSRQVDELOLGDGHV SHUVRQDOtVLPDV FRPR OD SHQDO HO IXQFLRQDULR TXH KD\D
DFFHGLGRDOFDUJRFRQSRVWHULRULGDGDODFWROHVLYRGHGHUHFKRVWHQJDTXHDVXPLU
ODV FRQVHFXHQFLDV ~QLFDPHQWH SRU HQFRQWUDUVH HQ IXQFLRQHV DO PRPHQWR GH
LQLFLDUVHODGHPDQGD\SRUTXHpVWDKD\DVLGRGLULJLGDHQVXFRQWUD

/D6&
5GHWHUPLQy
 HQDTXHOORVFDVRVHQORVTXHHODFWRGHQXQFLDGR
FRPRLOHJDOHVHMHFXWDGRSRUXQDDXWRULGDG\HVRWUDODFRPSHWHQWHSDUDUHYLVDU
HVDDFWXDFLyQDHIHFWRGHPRGLILFDUFRQILUPDURUHYRFDUHODFWRSXHVWRHQVX
FRQRFLPLHQWRHOUHFXUVRGHEHVHULQWHUSXHVWRFRQWUDDPEDVDXWRULGDGHVDOWHQHU
OHJLWLPDFLyQSDVLYDODSULPHUDSRUHMHFXWDUHODFWRLOHJDO\ODVHJXQGDSRUQR
FRUUHJLUOR GH PRGR TXH DO VHU DPEDV UHVSRQVDEOHV GHEHQ DVXPLU ODV

W


dW^:d
FRQVHFXHQFLDVGHVXVDFWRV
5D]RQDPLHQWRUHLWHUDGRSRUODV66&&
5 \ 5 HQWUH RWUDV \ FRQILUPDGR SRU SULPHUD YH] SRU OD 6&3
  3RVWHULRUPHQWH OD 6&3  PRGXODQGR GLFKR
HQWHQGLPLHQWR HVWDEOHFH TXH OD GHPDQGD SRGUi VHU SUHVHQWDGD FRQWUD OD
DXWRULGDGTXHFRPHWLyHODFWRLOHJDOD~Q\DQRRVWHQWHHOFDUJRRODIXQFLyQHQ
ODTXHVHHQFRQWUDED\TXHHQJHQHUDOHVSRVLEOHGHPDQGDUFRQWUDHOFDUJRROD
IXQFLyQS~EOLFDHQFX\RHMHUFLFLRVHFRPHWLyHOVXSXHVWRDFWRLOHJDO$VXYH]
OD6&3PRGXOyHVWH~OWLPRUD]RQDPLHQWRHVWDEOHFLyTXHWDQWRSDUD
OD IDVH GH OD DGPLVLELOLGDG HQ ODV DFFLRQHV GH DPSDUR FRQVWLWXFLRQDO FRPR
SDUDODIDVHGHOLEHUDWLYD\GHGHFLVLyQGRQGHVHDQDOL]DODOHJLWLPDFLyQSDVLYD
HQWRGDVODVDFFLRQHVGHGHIHQVDHVVXILFLHQWHLGHQWLILFDUHOFDUJRRODIXQFLyQ
S~EOLFD HQ FX\R HMHUFLFLR VH FRPHWLHURQ ORV VXSXHVWRV DFWRV LOHJDOHV HQ ORV
FDVRVGHFHVDQWtDGHVHUYLGRUHVS~EOLFRV/D6&3UHDOL]DQGRRWUD
PRGXODFLyQ GHWHUPLQy TXH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SXHGH VHU
SUHVHQWDGDGHPDQHUDDOWHUQDWLYDFRQWUDODH[DXWRULGDGTXHFRPHWLyHODFWR
LOHJDOFRQWUDODQXHYDDXWRULGDGRFRQWUDHOFDUJRRODIXQFLyQS~EOLFDHQFX\R
HMHUFLFLRVHFRPHWLHURQORVDFWRVVXSXHVWDPHQWHLOHJDOHV$VLPLVPROD6&3
 H[WLHQGH HVWH ~OWLPR UD]RQDPLHQWR D HQWLGDGHV R LQVWLWXFLRQHV
SULYDGDV
E 6REUHHODFWRRUHVROXFLyQUHYLVDGDSRUXQWULEXQDOVXSHULRUODMXULVSUXGHQFLD
FRQVWLWXFLRQDOWLHQHHOVLJXLHQWHGHVDUUROOR/D6&5HVWDEOHFLy
TXHODRHODJUDYLDGR
GHEHDFXVDUHODFWRLQGHELGRRLOHJDOFRQVWLWXLGR\DVHD
HQ XQ DFWR SURFHVDO R HQ XQD UHVROXFLyQ DQWH OD LQVWDQFLD ~OWLPD SXHV GH QR
KDFHUOR OD WXWHOD UHVXOWDUtD LQHILFD] SRU FXDQWR QR VH SXHGH FRPSXOVDU OD
SUREOHPiWLFDVLQRKDVLGRUHFXUULGDODDXWRULGDGRSHUVRQDTXHWLHQHODIDFXOWDG
GH UHYLVDU FRQVLJXLHQWHPHQWH PRGLILFDU FRQILUPDU R UHYRFDU HO DFWR R
UHVROXFLyQSXHVWRHQVXFRQRFLPLHQWR\DTXHHQOD~OWLPDLQVWDQFLDVLVHDFXVD
HODFWRLOHJDOXRPLVLyQLQGHELGDVHUHVROYHUiGHILQLWLYDPHQWHGHPDQHUDTXH
TXLHQ GHEHUi UHVSRQGHU SRU OD OHVLyQ DO GHUHFKR IXQGDPHQWDO \ UHSDUDUOR HQ
IRUPDLQPHGLDWDVHUiODDXWRULGDGRWULEXQDOTXHWHQJDOHJDOPHQWHODDWULEXFLyQ
GHFRQRFHUHQ~OWLPDLQVWDQFLD\SRUORPLVPRSDUDHOFDVRGHQRUHSDUDUOD
OHVLyQ DO PRPHQWR GH UHVROYHU HO UHFXUVR RUGLQDULR HV TXLHQ WLHQH OD
OHJLWLPDFLyQSDVLYDSDUDVHUGHPDQGDGRUHVSRQGHU\FXPSOLUORTXHVHRUGHQH
HQHVWDMXULVGLFFLyQ
(VWHUD]RQDPLHQWRSRVWHULRUPHQWHIXHPRGXODGRSRU
OD 6& 5 HVWDEOHFLHQGR TXH
HQ DTXHOORV FDVRV HQ ORV TXH HO DFWR
GHQXQFLDGRFRPRLOHJDOHVHMHFXWDGRSRUXQDDXWRULGDG\HVRWUDODFRPSHWHQWH
SDUDUHYLVDUHVDDFWXDFLyQDHIHFWRGHPRGLILFDUFRQILUPDURUHYRFDUHODFWR
SXHVWR HQ VX FRQRFLPLHQWR HO UHFXUVR GHEH VHU LQWHUSXHVWR FRQWUD DPEDV
DXWRULGDGHVDOWHQHUOHJLWLPDFLyQSDVLYDODSULPHUDSRUHMHFXWDUHODFWRLOHJDO\
ODVHJXQGDSRUQRFRUUHJLUORGHPRGRTXHDOVHUDPEDVUHVSRQVDEOHVGHEHQ
DVXPLU ODV FRQVHFXHQFLDV GH VXV DFWRV &DEH DFODUDU TXH OD 6& 5
FRPR ODV 66&& 5 5 5 HQWUH RWUDV
XWLOL]DURQHVWDOtQHDMXULVSUXGHQFLDOFXDQGRVHGHPDQGyDODVDXWRULGDGHVTXH
HMHFXWDURQ HO DFWR RUHVROXFLyQ VXSXHVWDPHQWH LOHJDO \ QR FRQWUD TXLHQHV ORV
UHYLVDURQGHQHJiQGRVHODWXWHODFRQHODUJXPHQWRTXHHOUHFXUVRWDPELpQGHELy
VHU GLULJLGR FRQWUD HVWRV ~OWLPRV  /D 6&3  FRQILUPy
LPSOtFLWDPHQWHHVWHUD]RQDPLHQWRDXQVXSXHVWRGLIHUHQWHSXHVHQHVWHFDVROD
DFFLyQVHGLULJLyFRQWUDODVDXWRULGDGHVTXHUHYLVDURQODUHVROXFLyQHQ~OWLPD
LQVWDQFLDSHURQRDVtFRQWUDORVLQIHULRUHVSRUFX\RPRWLYRVHGHQHJyODWXWHOD
(PSHURODV66&&HQWUHRWUDV
GHQHJDURQODWXWHODSRUTXHODDFFLyQQRVHGLULJLyFRQWUDOD~OWLPDLQVWDQFLDR

W


dW^:d


DXWRULGDGHVTXHWXYLHURQODRSRUWXQLGDGGHPRGLILFDUFRQILUPDURUHYRFDUHO
DFWRSXHVWRDVXFRQRFLPLHQWR
F 6REUHORVFDVRVGH7ULEXQDOHVXyUJDQRVFROHJLDGRVODOtQHDMXULVSUXGHQFLDO
HV OD VLJXLHQWH  (O 7ULEXQDO &RQVWLWXFLRQDO HQ ODV 66&& 5
55\5HQWUHRWUDVHVWDEOHFLyTXHSDUDTXH
VHD YLDEOH HO DPSDUR FRQVWLWXFLRQDO GHEH VHU SODQWHDGR FRQWUD WRGRV ORV
PLHPEURVTXHDVXPLHURQODGHFLVLyQDFWRRUHVROXFLyQSUHVXQWDPHQWHLOHJDO
6LQHPEDUJRGLFKDVXEUHJODIXHPRGXODGDSRUOD6&5HQORVFDVRV
GHHQWHVFROHJLDGRVFRQPLHPEURVQXPHURVRVGHWHUPLQDQGRODSRVLELOLGDGGH
QRWLILFDU~QLFDPHQWHDOUHSUHVHQWDQWHOHJDOFXDQGRODQRWLILFDFLyQDWRGRVORV
PLHPEURVVHFRQYLHUWDHQEDUUHUDSDUDHODFFHVRLQPHGLDWRDODWXWHOD/D6&3
DWUDYpVGHXQDPRGXODFLyQLPSOtFLWDSUHFLVyTXHHVSRVLEOHLQJUHVDU
DO DQiOLVLV GH IRQGR FXDQGR QR VH FDXVy LQGHIHQVLyQ D ORV TXH IXHURQ
GHPDQGDGRVHVGHFLUTXHDSHVDUGHQRKDEHUVHGLULJLGRODDFFLyQGHDPSDUR
FRQWUDWRGRVORVPLHPEURVTXHSURYRFDURQHODFWRLOHJDOGHQXQFLDGRXQRRPiV
GHORVTXHIXHURQFLWDGRVDVXPLHURQGHIHQVD
G  6REUH HO FDPELR GH VLWXDFLyQ MXUtGLFD GHO GHPDQGDGR OD 6&3 
HVWDEOHFLy TXH H[LVWH IDOWD GH OHJLWLPDFLyQ SDVLYD HQ DFFLRQHV GH DPSDUR
FRQVWLWXFLRQDOFXDQGRODSDUWHDFFLRQDQWHVLQDUJXPHQWDFLyQHQXQPHPRULDO
SRVWHULRUDOGHODGHPDQGDPRGLILFDODFDOLGDGGHSDUWHGHPDQGDGDDWHUFHUR
LQWHUHVDGR VXSXHVWR HQ HO FXDO HQ FXDQWR D ODV SHUVRQDV TXH VH FDPELD VX
VLWXDFLyQSURFHVDOODWXWHODVHUiGHQHJDGD
H  'H RWUR ODGR OD MXULVSUXGHQFLD FRQVWLWXFLRQDO WDPELpQ KD GHVDUUROODGR
VXSXHVWRVGHIOH[LELOL]DFLyQDODOHJLWLPDFLyQSDVLYDUHVSHFWRDODH[LJHQFLDGH
GLULJLU OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO FRQWUD OD SHUVRQD SDUWLFXODU R
DXWRULGDG TXH RFDVLRQy HO DJUDYLR R DFWR OHVLYR GHQXQFLDGR DVt  /D 6&3
HVWDEOHFLyTXHSDUDHOFDVRGHYtDVGHKHFKRGHPDQHUDH[FHSFLRQDO
SRGUi DFWLYDUVH OD WXWHOD VLQ LGHQWLILFDU D OD SDUWH GHPDQGDGD FXDQGR SRU ODV
FLUFXQVWDQFLDV SDUWLFXODUHV GHO FDVR QR VHD SRVLEOH XQD GHWHUPLQDFLyQ GH
SHUVRQDV TXH LQFXUUDQ HQ YtDV GH KHFKR HQ FX\R RUGHQ SDUD DVHJXUDU XQD
HTXLGDG SURFHVDO D ODV SHUVRQDV TXH QR IXHURQ H[SUHVDPHQWH FLWDGDV FRPR
GHPDQGDGDV \ TXH SXGLHUHQ VHU DIHFWDGDV FRQ ORV HIHFWRV GH XQD HYHQWXDO
FRQFHVLyQGHWXWHODSRUYtDVGHKHFKRQRVHOHVDSOLFDHOSULQFLSLRGHSUHFOXVLyQ
SURFHVDOSDUDODSUHVHQWDFLyQGHSUXHEDVXRWURVPHGLRVGHPHGLRVGHGHIHQVD
&DEHDFODUDUFRPRODPLVPD6&3VHxDOyODH[FHSFLyQDOSULQFLSLR
GH SUHFOXVLyQ \ OD SRVLELOLGDG GH SUHVHQWDFLyQ GH SUXHED HVWDEOHFLGD HQ HVD
VHQWHQFLD QR LPSOLFD XQD PRGXODFLyQ GH OD 6&3  HQ OD TXH VH
GHILQLHURQ ORV VXSXHVWRV HQ ORV TXH HQ OD HWDSD GH UHYLVLyQ DQWH HO 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO HV SRVLEOH OD SUHVHQWDFLyQ GH QXHYD SUXHED
UHIHULGDV
3UXHEDTXHQRSXGRVHUSUHVHQWDGDRSRUWXQDPHQWHDQWHHOMXH]R
WULEXQDO GH JDUDQWtDV VLHPSUH \ FXDQGR VH MXVWLILTXHQ ODV UD]RQHV GH HVH
LPSHGLPHQWR  1XHYD SUXHED TXH GHPXHVWUH OD SHUVLVWHQFLD GH ODV OHVLRQHV
GHQXQFLDGDV D SDUWLU GHO PLVPR KHFKR JHQHUDGRU OR TXH QR LPSOLFD OD
DPSOLDFLyQGHORVIXQGDPHQWRVGHODDFFLyQ\3DUDGHQXQFLDVGHPHGLGDVGH
KHFKRFRQH[DV\DFFHVRULDVVHUiSRVLEOHODSUHVHQWDFLyQGHQXHYDSUXHEDTXH
GHPXHVWUH TXH ODV OHVLRQHV GHQXQFLDGDV DGHPiV GH SHUVLVWLU FRQWLQ~DQ
VXVFLWiQGRVHDWUDYpVGHRWUDVDFFLRQHVGHVLPLODUQDWXUDOH]D
(IHFWLYDPHQWH
HO UD]RQDPLHQWR FRQWHQLGR HQ OD 6&3  HV XQ SRVWXODGR
MXULVSUXGHQFLDO GLIHUHQWH YLQFXODGR ~QLFDPHQWH D ODV YtDV GH KHFKR \ OD
LPSRVLELOLGDG GH LGHQWLILFDU D ORV GHPDQGDGRV \ DSOLFDEOH ~QLFDPHQWH DQWH

W


dW^:d
VXSXHVWRVIiFWLFRVVLPLODUHV2WURVXSXHVWRGHIOH[LELOL]DFLyQHVHOFRQWHQLGR
HQOD6&3TXHIOH[LELOL]yODOHJLWLPDFLyQSDVLYDHQORVVXSXHVWRVGH
LQVWDQFLDV GH GLUHFFLyQ YDFDQWHV HQ HQWLGDGHV S~EOLFDV R SULYDGDV
GHWHUPLQDQGRTXHFXDQGRODVLQVWDQFLDVGHGLUHFFLyQHQODVHQWLGDGHVS~EOLFDV
RSULYDGDVTXHGDQYDFDQWHVVHGLULJHODDFFLyQGLUHFWDPHQWHFRQWUDODHQWLGDG
TXHKXELHUHYXOQHUDGRGHUHFKRVVLQLGHQWLILFDUDXWRULGDGHVRSHUVRQHURV/D
6&3FLUFXQVFULWDDORVSURFHVRVSHQDOHVHVWDEOHFLyTXHD~QQRVH
KXELHUHSODQWHDGRODDFFLyQFRQWUDHOUHSUHVHQWDQWHGHO0LQLVWHULR3~EOLFR\VL
FRQWUD ODV DXWRULGDGHV TXH HMHUFLHURQ HO FRQWURO MXULVGLFFLRQDO HQ OD HWDSD
SUHSDUDWRULD HO -XH] GH ,QVWUXFFLyQ HQ OR 3HQDO RVWHQWD OHJLWLPDFLyQ SDVLYD
SRUTXHWLHQHODIDFXOWDGGHFRQWURODUODLQYHVWLJDFLyQHIHFWXDGDSRUSDUWHGHO
yUJDQRGHSHUVHFXFLyQSHQDODVHJXUDQGRTXHHOPLVPRVHUHDOLFHHQHOPDUFR
GHO UHVSHWR GH OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR 7UDWDGRV \ &RQYHQLRV
LQWHUQDFLRQDOHVDVtFRPRHOWULEXQDOGHDSHODFLyQWLHQHHOGHEHUGHYHULILFDUORV
DFWRVGHODDXWRULGDGGHUDQJRLQIHULRUFXDQGRQRUHSDUDURQORVDFWRVLOHJDOHVX
RPLVLRQHVLQGHELGDVHQODVTXHKXELHUDLQFXUULGRHO0LQLVWHULR3~EOLFR


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

/D 6& 5 HQ VX )M ,,, GLVSRQH  FXDQGR VH WUDWD GH
SURFHVRV HQ FXDOHVTXLHU PDWHULD HO DJUDYLDGR GHEH DFXVDU HO DFWR
LQGHELGR R LOHJDO FRQVWLWXLGR \D VHD HQ XQ DFWR SURFHVDO R HQ XQD
UHVROXFLyQDQWHODLQVWDQFLD~OWLPDSXHVGHQRKDFHUORODWXWHODUHVXOWDUtD
LQHILFD]SRUFXDQWRQRVHSXHGHFRPSXOVDUODSUREOHPiWLFDVLQRKDVLGR
UHFXUULGD OD DXWRULGDG R SHUVRQD TXH WLHQH OD IDFXOWDG GH UHYLVDU
FRQVLJXLHQWHPHQWHPRGLILFDUFRQILUPDURUHYRFDUHODFWRRUHVROXFLyQ
SXHVWRHQVXFRQRFLPLHQWR\DTXHHQOD~OWLPDLQVWDQFLDVLVHDFXVDHO
DFWRLOHJDOXRPLVLyQLQGHELGDVHUHVROYHUiGHILQLWLYDPHQWHGHPDQHUD
TXH TXLHQ GHEHUi UHVSRQGHU SRU OD OHVLyQ DO GHUHFKR IXQGDPHQWDO \
UHSDUDUOR HQ IRUPD LQPHGLDWD VHUi OD DXWRULGDG R WULEXQDO TXH WHQJD
OHJDOPHQWHODDWULEXFLyQGHFRQRFHUHQ~OWLPDLQVWDQFLD\SRUORPLVPR
SDUDHOFDVRGHQRUHSDUDUODOHVLyQDOPRPHQWRGHUHVROYHUHOUHFXUVR
RUGLQDULR HV TXLHQ WLHQH OD OHJLWLPDFLyQ SDVLYD SDUD VHU GHPDQGDGR
UHVSRQGHU\FXPSOLUORTXHVHRUGHQHHQHVWDMXULVGLFFLyQVLVHSUHVHQWDUH
$PSDUR

,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

'HDFXHUGRDODKLVWRULDGHODOtQHDMXULVSUXGHQFLDOGHVFULWDVHHVWDEOHFH
ORVLJXLHQWH (QFXDQWRDORVFDVRVGHVXFHVLyQGHOFDUJRHOHVWiQGDU
PiVDOWRVHHQFXHQWUDFRQWHQLGRHQOD6&3FRPSOHPHQWDGD
SRUOD6&3 (QFXDQWRD7ULEXQDOHVXyUJDQRVFROHJLDGRV
HOHVWiQGDUPiVDOWRHVWiSODVPDGRHQOD5 5HVSHFWRDORV
VXSXHVWRVGHIOH[LELOL]DFLyQGHODOHJLWLPDFLyQSDVLYDHOHVWiQGDUPiV
DOWRHVWiSODVPDGRHQODV6&3\6&3

W


dW^:d




 /HJLWLPDFLyQ SDVLYD HQ OD DFFLyQ GH


DPSDUR$XWRULGDGHVRVHUYLGRUHVS~EOLFRVTXHFRPHWLHURQHODFWRLOHJDO
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&32VWHQWDQOHJLWLPDFLyQSDVLYDHQODDFFLyQGHDPSDUR
FRQVWLWXFLRQDO DTXHOODV DXWRULGDGHV R VHUYLGRUHV S~EOLFRV TXH
FRPHWLHURQXQDFWRLOHJDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOORVDFFLRQDQWHVGHQXQFLDURQ
TXH ORV H[ MXHFHV GH SDUWLGR HQ OR FLYLO \ FRPHUFLDO GHPDQGDGRV
YXOQHUDURQVXVGHUHFKRVDOGHELGRSURFHVRDODGHIHQVDDODVHJXULGDG
MXUtGLFD \ D OD SURSLHGDG SRU FXDQWR GHQWUR GH XQ SURFHVR HMHFXWLYR
VHJXLGRHQVXFRQWUD\RWUDHPHUJHQWHGHODHMHFXFLyQGHXQDHVFULWXUD
S~EOLFDGHFRQFLOLDFLyQUHFRQRFLPLHQWRGHREOLJDFLyQFRQLQWHUHVHV\
JDUDQWtDKLSRWHFDULDVXVFULWDGHQWURGHXQSURFHVRSHQDOSRUHOVXSXHVWR
GHOLWR GH JLUR GH FKHTXH HQ GHVFXELHUWR VH FRPHWLHURQ XQD VHULH GH
LUUHJXODULGDGHV\VHLQFXPSOLHURQQRUPDVSURFHVDOHVH[SUHVDVFRPRD 
(O DUW  GHO &3& WRGD YH] TXH QR VH H[DPLQy HOWtWXOR EDVH GHOD
DFFLyQ HMHFXWLYD HVSHFLDOPHQWH UHVSHFWR D -XOLHWD 8JDUWH 3DODFLRV
GHELGRDTXHpVWDQRVXVFULELyODHVFULWXUDS~EOLFDEDVHGHODHMHFXFLyQ
\VLELHQHQGLFKRGRFXPHQWRODREOLJDFLyQHVWiJDUDQWL]DGDFRQXQELHQ
LQPXHEOHGHVXSURSLHGDGHVDFOiXVXODHVLQYiOLGDSRUTXHIXHRWRUJDGR
SRU0DUtD&DVWD8JDUWHGH/HyQVLQWHQHUSRGHUH[SUHVRSDUDKDFHUORE 
6H DQXOy HO $XWR GH FRQFHVLyQ GHO UHFXUVR GH DSHODFLyQ LQWHUSXHVWR
FRQWUDODVHQWHQFLDFRQHODUJXPHQWRGHTXHHOUHFXUVRIXHSUHVHQWDGR
IXHUD GHO WpUPLQR GHFODUDQGR HMHFXWRULDGD OD VHQWHQFLD (O 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDODSUREyODUHVROXFLyQTXHGHQHJyODWXWHOD
DQDOL]DQGR SUHYLDPHQWH OD OHJLWLPDFLyQ SDVLYD GH ODV DXWRULGDGHV
MXGLFLDOHVGHPDQGDGDV

([WUDFWRGHODUDWLRGHFLGHQGL

W


dW^:d

)-,,,D  (O$XWRGHGHQRYLHPEUHGHIXHHPLWLGRSRU
ORVYRFDOHVGHOD6DOD&LYLO3ULPHUDTXLHQHVQRIXHURQGHPDQGDGRVHQ
OD SUHVHQWH DFFLyQ GH DPSDUR FDUHFLHQGR SRU WDQWR GH OHJLWLPDFLyQ
SDVLYDORVMXHFHVGHSULPHUDLQVWDQFLDDKRUDGHPDQGDGRV

6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJDODDFFLyQGHDPSDURDQDOL]DQGRSUHYLDPHQWHODOHJLWLPDFLyQ
SDVLYD GH ODV DXWRULGDGHV MXGLFLDOHV GHPDQGDGDV SRU FXDQWR HO $XWR
LPSXJQDGRIXHHPLWLGRSRUORVYRFDOHVGHOD6DOD&LYLO3ULPHUDTXLHQHV
QRIXHURQGHPDQGDGRVHQODSUHVHQWHDFFLyQGHDPSDURFDUHFLHQGRSRU
WDQWR GH OHJLWLPDFLyQ SDVLYD ORV MXHFHV GH SULPHUD LQVWDQFLD DKRUD
GHPDQGDGRV

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/DOtQHDMXULVSUXGHQFLDOGHO7ULEXQDO&RQVWLWXFLRQDOVREUHODOHJLWLPDFLyQSDVLYDHQOD
DFFLyQ GH DPSDUR FRQVWLWXFLRQDO LQLFLy FRQ OD 6& 5 HPSHUR IXH OD 6&
5TXHGHILQLyODOHJLWLPDFLyQSDVLYDVHxDODQGRTXHpVWDGHEHVHUHQWHQGLGD
FRPRODFRLQFLGHQFLDTXHVHGDHQWUHODDXWRULGDGTXHSUHVXQWDPHQWHFDXVyODYLRODFLyQ
DORVGHUHFKRV\DTXHOODFRQWUDTXLHQVHGLULJHODDFFLyQHQWHQGLPLHQWRDVXPLGRSRUODV
66&& 5 5 5 5 \ 5 HQWUH
RWUDV UD]RQDPLHQWR WDPELpQ FRQILUPDGR SRU OD 6&3  SURQXQFLDGD SRU HO
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO $VLPLVPR OD MXULVSUXGHQFLD FRQVWLWXFLRQDO
GLIHUHQFLy ODV VLWXDFLRQHV HVSHFLDOHV HQ OD OHJLWLPDFLyQ SDVLYD JHQHUDQGR YDULDV
VXEUHJODV UHIHULGDV D  /RV FDVRV GH VXFHVLyQ R FDPELR GH DXWRULGDGHV E  $FWR R
UHVROXFLyQ UHYLVDGD SRU XQ WULEXQDO VXSHULRU F  7ULEXQDOHV X yUJDQRV FROHJLDGRV G 
&DPELRGHVLWXDFLyQMXUtGLFDGHOGHPDQGDGR
D  6REUH OD OHJLWLPDFLyQ SDVLYD HQ ORV FDVRV GH VXFHVLyQ R FDPELR GH DXWRULGDGHV OD
MXULVSUXGHQFLD FRQVWLWXFLRQDO WLHQH HO VLJXLHQWH GHVDUUROOR  /D 6& 
HVWDEOHFLyTXH
ODGHPDQGDGHEHHVWDUGLULJLGDFRQWUDODDXWRULGDGTXHRVWHQWHHOFDUJR
GHVGHHOFXDOVHUHDOL]yHODFWRLOHJDORVHLQFXUULyHQODRPLVLyQLQGHELGDVLQTXHHOOR
LPSOLTXH TXH HQ FDVR GH H[LVWLU UHVSRQVDELOLGDGHV SHUVRQDOtVLPDV FRPR OD SHQDO HO
IXQFLRQDULRTXHKD\D DFFHGLGR DO FDUJR FRQ SRVWHULRULGDG DO DFWR OHVLYR GH GHUHFKRV
WHQJD TXH DVXPLU ODV FRQVHFXHQFLDV ~QLFDPHQWH SRU HQFRQWUDUVH HQ IXQFLRQHV DO
PRPHQWRGHLQLFLDUVHODGHPDQGD\SRUTXHpVWDKD\DVLGRGLULJLGDHQVXFRQWUD

/D
6&5GHWHUPLQy
 HQDTXHOORVFDVRVHQORVTXHHODFWRGHQXQFLDGRFRPR
LOHJDOHVHMHFXWDGRSRUXQDDXWRULGDG\HVRWUDODFRPSHWHQWHSDUDUHYLVDUHVDDFWXDFLyQ
DHIHFWRGHPRGLILFDUFRQILUPDURUHYRFDUHODFWRSXHVWRHQVXFRQRFLPLHQWRHOUHFXUVR
GHEHVHULQWHUSXHVWRFRQWUDDPEDVDXWRULGDGHVDOWHQHUOHJLWLPDFLyQSDVLYDODSULPHUD
SRU HMHFXWDU HO DFWR LOHJDO \ OD VHJXQGD SRU QR FRUUHJLUORGH PRGRTXH DO VHU DPEDV
UHVSRQVDEOHVGHEHQDVXPLUODVFRQVHFXHQFLDVGHVXVDFWRV
5D]RQDPLHQWRUHLWHUDGRSRU
ODV66&&5\5HQWUHRWUDV\FRQILUPDGRSRUSULPHUDYH]SRUOD
6&33RVWHULRUPHQWHOD6&3PRGXODQGRGLFKRHQWHQGLPLHQWR
HVWDEOHFHTXHODGHPDQGDSRGUiVHUSUHVHQWDGDFRQWUDODDXWRULGDGTXHFRPHWLyHODFWR
LOHJDOD~Q\DQRRVWHQWHHOFDUJRRODIXQFLyQHQODTXHVHHQFRQWUDED\TXHHQJHQHUDO
HVSRVLEOHGHPDQGDUFRQWUDHOFDUJRRODIXQFLyQS~EOLFDHQFX\RHMHUFLFLRVHFRPHWLyHO
VXSXHVWRDFWRLOHJDO$VXYH]OD6&3PRGXOyHVWH~OWLPRUD]RQDPLHQWR
HVWDEOHFLy TXH WDQWR SDUD OD IDVH GH OD DGPLVLELOLGDG HQ ODV DFFLRQHV GH DPSDUR
FRQVWLWXFLRQDO FRPR SDUD OD IDVH GHOLEHUDWLYD \ GH GHFLVLyQ GRQGH VH DQDOL]D OD
OHJLWLPDFLyQSDVLYDHQWRGDVODVDFFLRQHVGHGHIHQVDHVVXILFLHQWHLGHQWLILFDUHOFDUJR
RODIXQFLyQS~EOLFDHQFX\RHMHUFLFLRVHFRPHWLHURQORVVXSXHVWRVDFWRVLOHJDOHVHQORV
FDVRV GH FHVDQWtD GH VHUYLGRUHV S~EOLFRV  /D 6&3  UHDOL]DQGR RWUD

W


dW^:d


PRGXODFLyQGHWHUPLQyTXHODDFFLyQGHDPSDURFRQVWLWXFLRQDOSXHGHVHUSUHVHQWDGDGH
PDQHUDDOWHUQDWLYDFRQWUDODH[ DXWRULGDGTXHFRPHWLyHODFWRLOHJDOFRQWUDODQXHYD
DXWRULGDGRFRQWUDHOFDUJRRODIXQFLyQS~EOLFDHQFX\RHMHUFLFLRVHFRPHWLHURQORVDFWRV
VXSXHVWDPHQWH LOHJDOHV   $VLPLVPR OD 6&3  H[WLHQGH HVWH ~OWLPR
UD]RQDPLHQWRDHQWLGDGHVRLQVWLWXFLRQHVSULYDGDV
E  6REUH HO DFWR R UHVROXFLyQ UHYLVDGD SRU XQ WULEXQDO VXSHULRU OD MXULVSUXGHQFLD
FRQVWLWXFLRQDOWLHQHHOVLJXLHQWHGHVDUUROOR/D6&5HVWDEOHFLyTXHODRHO
DJUDYLDGR
GHEHDFXVDUHODFWRLQGHELGRRLOHJDOFRQVWLWXLGR\DVHDHQXQDFWRSURFHVDO
R HQ XQD UHVROXFLyQ DQWH OD LQVWDQFLD ~OWLPD SXHV GH QR KDFHUOR OD WXWHOD UHVXOWDUtD
LQHILFD]SRUFXDQWRQRVHSXHGHFRPSXOVDUODSUREOHPiWLFD VLQRKDVLGRUHFXUULGDOD
DXWRULGDG R SHUVRQD TXH WLHQH OD IDFXOWDG GH UHYLVDU FRQVLJXLHQWHPHQWH PRGLILFDU
FRQILUPDURUHYRFDUHODFWRRUHVROXFLyQSXHVWRHQVXFRQRFLPLHQWR\DTXHHQOD~OWLPD
LQVWDQFLDVLVHDFXVDHODFWRLOHJDOXRPLVLyQLQGHELGDVHUHVROYHUiGHILQLWLYDPHQWHGH
PDQHUDTXHTXLHQGHEHUiUHVSRQGHUSRUODOHVLyQDOGHUHFKRIXQGDPHQWDO\UHSDUDUORHQ
IRUPD LQPHGLDWD VHUi OD DXWRULGDG R WULEXQDO TXH WHQJD OHJDOPHQWH OD DWULEXFLyQ GH
FRQRFHU HQ ~OWLPD LQVWDQFLD \ SRU OR PLVPR SDUD HO FDVR GH QR UHSDUDU OD OHVLyQ DO
PRPHQWRGHUHVROYHUHOUHFXUVRRUGLQDULRHVTXLHQWLHQHODOHJLWLPDFLyQSDVLYDSDUDVHU
GHPDQGDGR UHVSRQGHU \ FXPSOLU OR TXH VH RUGHQH HQ HVWD MXULVGLFFLyQ
   (VWH
UD]RQDPLHQWRSRVWHULRUPHQWHIXHPRGXODGRSRUOD6&5HVWDEOHFLHQGRTXH

HQ DTXHOORV FDVRV HQ ORV TXH HO DFWR GHQXQFLDGR FRPR LOHJDO HV HMHFXWDGR SRU XQD
DXWRULGDG \ HV RWUD OD FRPSHWHQWH SDUD UHYLVDU HVD DFWXDFLyQ D HIHFWR GH PRGLILFDU
FRQILUPDURUHYRFDUHODFWRSXHVWRHQVXFRQRFLPLHQWRHOUHFXUVRGHEHVHULQWHUSXHVWR
FRQWUDDPEDVDXWRULGDGHVDOWHQHUOHJLWLPDFLyQSDVLYDODSULPHUDSRUHMHFXWDUHODFWR
LOHJDO\ODVHJXQGDSRUQRFRUUHJLUORGHPRGRTXHDOVHUDPEDVUHVSRQVDEOHVGHEHQ
DVXPLUODVFRQVHFXHQFLDVGHVXVDFWRV&DEHDFODUDUTXHOD6&5FRPRODV
66&& 5 5 5 HQWUH RWUDV XWLOL]DURQ HVWD OtQHD
MXULVSUXGHQFLDOFXDQGRVHGHPDQGyDODVDXWRULGDGHVTXHHMHFXWDURQHODFWRRUHVROXFLyQ
VXSXHVWDPHQWH LOHJDO \ QR FRQWUD TXLHQHV ORV UHYLVDURQ GHQHJiQGRVH OD WXWHOD FRQ HO
DUJXPHQWRTXHHOUHFXUVRWDPELpQGHELyVHUGLULJLGRFRQWUDHVWRV~OWLPRV/D6&3
FRQILUPyLPSOtFLWDPHQWHHVWHUD]RQDPLHQWRDXQVXSXHVWRGLIHUHQWHSXHVHQ
HVWHFDVRODDFFLyQVHGLULJLyFRQWUDODVDXWRULGDGHVTXHUHYLVDURQODUHVROXFLyQHQ~OWLPD
LQVWDQFLDSHURQRDVtFRQWUDORVLQIHULRUHVSRUFX\RPRWLYRVHGHQHJyODWXWHOD(PSHUR
ODV66&&HQWUHRWUDVGHQHJDURQODWXWHOD
SRUTXHODDFFLyQQRVHGLULJLyFRQWUDOD~OWLPDLQVWDQFLDRDXWRULGDGHVTXHWXYLHURQOD
RSRUWXQLGDGGHPRGLILFDUFRQILUPDURUHYRFDUHODFWRSXHVWRDVXFRQRFLPLHQWR
F  6REUH ORV FDVRV GH 7ULEXQDOHV X yUJDQRV FROHJLDGRV OD OtQHD MXULVSUXGHQFLDO HV OD
VLJXLHQWH  (O 7ULEXQDO &RQVWLWXFLRQDO HQ ODV 66&& 5 5
5\5HQWUHRWUDVHVWDEOHFLyTXHSDUDTXHVHDYLDEOHHO DPSDUR
FRQVWLWXFLRQDOGHEHVHUSODQWHDGRFRQWUDWRGRVORVPLHPEURVTXHDVXPLHURQODGHFLVLyQ
DFWRRUHVROXFLyQSUHVXQWDPHQWHLOHJDO6LQHPEDUJRGLFKDVXEUHJODIXH PRGXODGD
SRU OD 6& 5 HQ ORV FDVRV GH HQWHV FROHJLDGRV FRQ PLHPEURV QXPHURVRV
GHWHUPLQDQGR OD SRVLELOLGDG GH QRWLILFDU ~QLFDPHQWH DO UHSUHVHQWDQWH OHJDO FXDQGR OD
QRWLILFDFLyQDWRGRVORVPLHPEURVVHFRQYLHUWDHQEDUUHUDSDUDHODFFHVRLQPHGLDWRDOD
WXWHOD/D6&3DWUDYpVGHXQDPRGXODFLyQLPSOtFLWDSUHFLVyTXHHVSRVLEOH
LQJUHVDU DO DQiOLVLV GH IRQGR FXDQGR QR VH FDXVy LQGHIHQVLyQ D ORV TXH IXHURQ
GHPDQGDGRVHVGHFLUTXHDSHVDUGHQRKDEHUVHGLULJLGRODDFFLyQGHDPSDURFRQWUD
WRGRV ORV PLHPEURV TXHSURYRFDURQ HO DFWRLOHJDO GHQXQFLDGR XQR R PiV GH ORV TXH
IXHURQFLWDGRVDVXPLHURQGHIHQVD
G 6REUHHOFDPELRGHVLWXDFLyQMXUtGLFDGHOGHPDQGDGROD6&3HVWDEOHFLy
TXHH[LVWHIDOWDGHOHJLWLPDFLyQSDVLYDHQDFFLRQHVGHDPSDURFRQVWLWXFLRQDOFXDQGROD
SDUWH DFFLRQDQWH VLQ DUJXPHQWDFLyQ HQ XQ PHPRULDO SRVWHULRU DO GH OD GHPDQGD
PRGLILFD OD FDOLGDG GH SDUWH GHPDQGDGD D WHUFHUR LQWHUHVDGR VXSXHVWR HQ HO FXDO HQ
FXDQWRDODVSHUVRQDVTXHVHFDPELDVXVLWXDFLyQSURFHVDOODWXWHODVHUiGHQHJDGD
H 'HRWURODGRODMXULVSUXGHQFLDFRQVWLWXFLRQDOWDPELpQKDGHVDUUROODGRVXSXHVWRVGH
IOH[LELOL]DFLyQDODOHJLWLPDFLyQSDVLYDUHVSHFWRDODH[LJHQFLDGHGLULJLUODDFFLyQGH
DPSDURFRQVWLWXFLRQDOFRQWUDODSHUVRQDSDUWLFXODURDXWRULGDGTXHRFDVLRQyHODJUDYLR

W


dW^:d
RDFWROHVLYRGHQXQFLDGRDVt/D6&3HVWDEOHFLyTXHSDUDHOFDVRGHYtDV
GH KHFKR GH PDQHUD H[FHSFLRQDO SRGUi DFWLYDUVH OD WXWHOD VLQ LGHQWLILFDU D OD SDUWH
GHPDQGDGD FXDQGR SRU ODV FLUFXQVWDQFLDV SDUWLFXODUHV GHO FDVR QR VHD SRVLEOH XQD
GHWHUPLQDFLyQGHSHUVRQDVTXHLQFXUUDQHQYtDVGHKHFKRHQFX\RRUGHQSDUDDVHJXUDU
XQD HTXLGDG SURFHVDO D ODV SHUVRQDV TXH QR IXHURQ H[SUHVDPHQWH FLWDGDV FRPR
GHPDQGDGDV\TXHSXGLHUHQVHUDIHFWDGDVFRQORVHIHFWRVGHXQDHYHQWXDOFRQFHVLyQGH
WXWHOD SRU YtDV GH KHFKR QR VH OHV DSOLFD HO SULQFLSLR GH SUHFOXVLyQ SURFHVDO SDUD OD
SUHVHQWDFLyQGHSUXHEDVXRWURVPHGLRVGHPHGLRVGHGHIHQVD&DEHDFODUDUFRPROD
PLVPD6&3VHxDOyODH[FHSFLyQDOSULQFLSLRGHSUHFOXVLyQ\ODSRVLELOLGDG
GHSUHVHQWDFLyQGHSUXHEDHVWDEOHFLGDHQHVDVHQWHQFLDQRLPSOLFDXQDPRGXODFLyQGH
OD6&3HQODTXHVHGHILQLHURQORVVXSXHVWRVHQORVTXHHQODHWDSDGHUHYLVLyQ
DQWHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHVSRVLEOHODSUHVHQWDFLyQGHQXHYDSUXHED
UHIHULGDV
3UXHEDTXHQRSXGRVHUSUHVHQWDGDRSRUWXQDPHQWHDQWHHOMXH]RWULEXQDO
GHJDUDQWtDVVLHPSUH\FXDQGRVHMXVWLILTXHQODVUD]RQHVGHHVHLPSHGLPHQWR1XHYD
SUXHED TXH GHPXHVWUH OD SHUVLVWHQFLD GH ODV OHVLRQHV GHQXQFLDGDV D SDUWLU GHO PLVPR
KHFKRJHQHUDGRUORTXHQRLPSOLFDODDPSOLDFLyQGHORVIXQGDPHQWRVGHODDFFLyQ\
3DUDGHQXQFLDVGHPHGLGDVGHKHFKRFRQH[DV\DFFHVRULDVVHUiSRVLEOHODSUHVHQWDFLyQ
GH QXHYD SUXHED TXH GHPXHVWUH TXH ODV OHVLRQHV GHQXQFLDGDV DGHPiV GH SHUVLVWLU
FRQWLQ~DQVXVFLWiQGRVHDWUDYpVGHRWUDVDFFLRQHVGHVLPLODUQDWXUDOH]D
(IHFWLYDPHQWH
HO UD]RQDPLHQWR FRQWHQLGR HQ OD 6&3  HV XQ SRVWXODGR MXULVSUXGHQFLDO
GLIHUHQWHYLQFXODGR~QLFDPHQWHDODVYtDVGHKHFKR\ODLPSRVLELOLGDGGHLGHQWLILFDUD
ORV GHPDQGDGRV \ DSOLFDEOH ~QLFDPHQWH DQWH VXSXHVWRV IiFWLFRV VLPLODUHV   2WUR
VXSXHVWR GH IOH[LELOL]DFLyQ HV HO FRQWHQLGR HQ OD 6&3  TXH IOH[LELOL]y OD
OHJLWLPDFLyQSDVLYDHQORVVXSXHVWRVGHLQVWDQFLDVGHGLUHFFLyQYDFDQWHVHQHQWLGDGHV
S~EOLFDV R SULYDGDV GHWHUPLQDQGR TXH FXDQGR ODV LQVWDQFLDV GH GLUHFFLyQ HQ ODV
HQWLGDGHVS~EOLFDVRSULYDGDVTXHGDQYDFDQWHVVHGLULJHODDFFLyQGLUHFWDPHQWHFRQWUD
ODHQWLGDGTXHKXELHUHYXOQHUDGRGHUHFKRVVLQLGHQWLILFDUDXWRULGDGHVRSHUVRQHURV
/D6&3FLUFXQVFULWDDORVSURFHVRVSHQDOHVHVWDEOHFLyTXHD~QQRVHKXELHUH
SODQWHDGR OD DFFLyQ FRQWUD HO UHSUHVHQWDQWH GHO 0LQLVWHULR 3~EOLFR \ VL FRQWUD ODV
DXWRULGDGHVTXHHMHUFLHURQHOFRQWUROMXULVGLFFLRQDOHQODHWDSDSUHSDUDWRULDHO-XH]GH
,QVWUXFFLyQHQOR3HQDORVWHQWDOHJLWLPDFLyQSDVLYDSRUTXHWLHQHODIDFXOWDGGHFRQWURODU
ODLQYHVWLJDFLyQHIHFWXDGDSRUSDUWHGHOyUJDQRGHSHUVHFXFLyQSHQDODVHJXUDQGRTXHHO
PLVPRVHUHDOLFHHQHOPDUFRGHOUHVSHWRGHOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR7UDWDGRV
\&RQYHQLRVLQWHUQDFLRQDOHVDVtFRPRHOWULEXQDOGHDSHODFLyQWLHQHHOGHEHUGHYHULILFDU
ORV DFWRV GH OD DXWRULGDG GH UDQJR LQIHULRU FXDQGR QR UHSDUDURQ ORV DFWRV LOHJDOHV X
RPLVLRQHVLQGHELGDVHQODVTXHKXELHUDLQFXUULGRHO0LQLVWHULR3~EOLFR


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO



,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

'HDFXHUGRDODKLVWRULDGHODOtQHDMXULVSUXGHQFLDOGHVFULWDVHHVWDEOHFH
ORVLJXLHQWH (QFXDQWRDORVFDVRVGHVXFHVLyQGHOFDUJRHOHVWiQGDU
PiVDOWRVHHQFXHQWUDFRQWHQLGRHQOD6&3FRPSOHPHQWDGD
SRUOD6&3 (QFXDQWRD7ULEXQDOHVXyUJDQRVFROHJLDGRV
HOHVWiQGDUPiVDOWRHVWiSODVPDGRHQOD5 5HVSHFWRDORV
VXSXHVWRVGHIOH[LELOL]DFLyQGHODOHJLWLPDFLyQSDVLYDHOHVWiQGDUPiV
DOWRHVWiSODVPDGRHQODV6&3\6&3

W


dW^:d




/HJLWLPDFLyQSDVLYDHQODDFFLyQGHDPSDUR&DPELR
GHFDOLGDGGHGHPDQGDGRDWHUFHURLQWHUHVDGR
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3  ([LVWHIDOWD GH OHJLWLPDFLyQSDVLYD HQ DFFLRQHV GH
DPSDUR FRQVWLWXFLRQDO FXDQGR OD SDUWH DFFLRQDQWH VLQ
DUJXPHQWDFLyQHQXQPHPRULDOSRVWHULRUDOGHODGHPDQGDPRGLILFD
OD FDOLGDG GH SDUWH GHPDQGDGD D WHUFHUR LQWHUHVDGR VXSXHVWR HQ HO
FXDOHQFXDQWRDODVSHUVRQDVTXHVHFDPELDVXVLWXDFLyQSURFHVDOOD
WXWHODVHUiGHQHJDGD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO VH DOHJy OD YXOQHUDFLyQ DO
GHUHFKR GH SHWLFLyQ OLEUH WUiQVLWR SURSLHGDG SULYDGD \ VHJXULGDG
MXUtGLFD SRUTXH OD DXWRULGDG GHPDQGDGD HQ VX FDOLGDG GH $OFDOGH
0XQLFLSDO GH &RFKDEDPED RPLWLy GDU UHVSXHVWD D VXV SHWLFLRQHV GH
UHXELFDFLyQ GH FRPHUFLDQWHV GH WUHV FRPHUFLDQWHV TXH REVWUX\HQ HO
LQJUHVRDVXLQPXHEOH(QEDVHDHVWRVKHFKRVVHSLGLyODFRQFHVLyQGH
ODWXWHOD\ODUHXELFDFLyQGHODVFDVHWDVTXHDIHFWDQVXVGHUHFKRVPiVHO
SDJR GH GDxRV \ SHUMXLFLRV (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO
DSUREy OD UHVROXFLyQ GHO 7ULEXQDO GH *DUDQWtDV \ FRQFHGLy OD WXWHOD
~QLFDPHQWH UHVSHFWR DO GHUHFKR GH SHWLFLyQ HQ EDVH D ORV VLJXLHQWHV
DVSHFWRV   4XH HO FDPELR SRU SDUWH GHO DFFLRQDQWH GH OD FDOLGDG GH
GHPDQGDGDV D WHUFHUDV LQWHUHVDGDV VLQ IXQGDPHQWR DOJXQR KDFH
LPSRVLEOHDQDOL]DUVXSUHWHQVLyQHQUHODFLyQDODVWHUFHUDVLQWHUHVDGDV
SRU IDOWD GH OHJLWLPDFLyQ   SRUTXH OD RPLVLyQ GH UHVSXHVWD GH OD
DXWRULGDGPXQLFLSDOGHPDQGDGDYLRODHOGHUHFKRGHSHWLFLyQ\ HQ
FXDQWR DO 7ULEXQDO GH *DUDQWtDV DGYLUWLy TXH WDUGy HQ QRWLILFDU OD
DGPLVLyQGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOGLHFLVLHWHGtDVDVSHFWR
TXHLPSOLFDGLODFLyQSURFHVDOHQODWUDPLWDFLyQGHODDFFLyQGHDPSDUR
FRQVWLWXFLRQDO

([WUDFWRGHODUDWLRGHFLGHQGL

W


dW^:d

)-,,,
HVPHQHVWHUPHQFLRQDUTXHHOKHFKRGHKDEHUFDPELDGRSRU
SDUWHGHODFFLRQDQWHODVLWXDFLyQMXUtGLFDSURFHVDOGH1RUPD7DERDGD
&XDGURV &DUPHQ 7DERDGD &XDGURV \ 'XUE\OHLOD 6HMDV 7DERDGD GH
GHPDQGDGDV D WHUFHUDV LQWHUHVDGDV VLQ IXQGDPHQWR DOJXQR KDFH
LPSRVLEOHDQDOL]DUODSUHWHQVLyQGHODFFLRQDQWHFRQUHVSHFWRDHOODVSXHV
RPLWLy GHWDOODU TXp DVSHFWRV GHO PHPRULDO GH DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO VH PRGLILFDQ FRQ UHVSHFWR D HOODV GHELGR D VX QXHYD
VLWXDFLyQMXUtGLFD


6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJDODDFFLyQGHDPSDURFRQVWLWXFLRQDOSRUTXHHOFDPELRSRUSDUWH
GHODFFLRQDQWHGHODFDOLGDGGHGHPDQGDGDVDWHUFHUDVLQWHUHVDGDVVLQ
IXQGDPHQWRDOJXQRKDFHLPSRVLEOHDQDOL]DUVXSUHWHQVLyQHQUHODFLyQD
ODVWHUFHUDVLQWHUHVDGDVSRUIDOWDGHOHJLWLPDFLyQSDVLYD

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/DOtQHDMXULVSUXGHQFLDOGHO7ULEXQDO&RQVWLWXFLRQDOVREUHODOHJLWLPDFLyQSDVLYDHQOD
DFFLyQ GH DPSDUR FRQVWLWXFLRQDO LQLFLy FRQ OD 6& 5 HPSHUR IXH OD 6&
5TXHGHILQLyODOHJLWLPDFLyQSDVLYDVHxDODQGRTXHpVWDGHEHVHUHQWHQGLGD
FRPRODFRLQFLGHQFLDTXHVHGDHQWUHODDXWRULGDGTXHSUHVXQWDPHQWHFDXVyODYLRODFLyQ
DORVGHUHFKRV\DTXHOODFRQWUDTXLHQVHGLULJHODDFFLyQHQWHQGLPLHQWRDVXPLGRSRUODV
66&& 5 5 5 5 \ 5 HQWUH
RWUDV UD]RQDPLHQWR WDPELpQ FRQILUPDGR SRU OD 6&3  SURQXQFLDGD SRU HO
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO $VLPLVPR OD MXULVSUXGHQFLD FRQVWLWXFLRQDO
GLIHUHQFLy ODV VLWXDFLRQHV HVSHFLDOHV HQ OD OHJLWLPDFLyQ SDVLYD JHQHUDQGR YDULDV
VXEUHJODV UHIHULGDV D  /RV FDVRV GH VXFHVLyQ R FDPELR GH DXWRULGDGHV E  $FWR R
UHVROXFLyQ UHYLVDGD SRU XQ WULEXQDO VXSHULRU F  7ULEXQDOHV X yUJDQRV FROHJLDGRV G 
&DPELRGHVLWXDFLyQMXUtGLFDGHOGHPDQGDGR
D  6REUH OD OHJLWLPDFLyQ SDVLYD HQ ORV FDVRV GH VXFHVLyQ R FDPELR GH DXWRULGDGHV OD
MXULVSUXGHQFLD FRQVWLWXFLRQDO WLHQH HO VLJXLHQWH GHVDUUROOR  /D 6& 
HVWDEOHFLyTXH
ODGHPDQGDGHEHHVWDUGLULJLGDFRQWUDODDXWRULGDGTXHRVWHQWHHOFDUJR
GHVGHHOFXDOVHUHDOL]yHODFWRLOHJDORVHLQFXUULyHQODRPLVLyQLQGHELGDVLQTXHHOOR
LPSOLTXH TXH HQ FDVR GH H[LVWLU UHVSRQVDELOLGDGHV SHUVRQDOtVLPDV FRPR OD SHQDO HO
IXQFLRQDULRTXHKD\D DFFHGLGR DO FDUJR FRQ SRVWHULRULGDG DO DFWR OHVLYR GH GHUHFKRV
WHQJD TXH DVXPLU ODV FRQVHFXHQFLDV ~QLFDPHQWH SRU HQFRQWUDUVH HQ IXQFLRQHV DO
PRPHQWRGHLQLFLDUVHODGHPDQGD\SRUTXHpVWDKD\DVLGRGLULJLGDHQVXFRQWUD

/D
6&5GHWHUPLQy
 HQDTXHOORVFDVRVHQORVTXHHODFWRGHQXQFLDGRFRPR
LOHJDOHVHMHFXWDGRSRUXQDDXWRULGDG\HVRWUDODFRPSHWHQWHSDUDUHYLVDUHVDDFWXDFLyQ
DHIHFWRGHPRGLILFDUFRQILUPDURUHYRFDUHODFWRSXHVWRHQVXFRQRFLPLHQWRHOUHFXUVR
GHEHVHULQWHUSXHVWRFRQWUDDPEDVDXWRULGDGHVDOWHQHUOHJLWLPDFLyQSDVLYDODSULPHUD
SRU HMHFXWDU HO DFWR LOHJDO \ OD VHJXQGD SRU QR FRUUHJLUORGH PRGRTXH DO VHU DPEDV
UHVSRQVDEOHVGHEHQDVXPLUODVFRQVHFXHQFLDVGHVXVDFWRV
5D]RQDPLHQWRUHLWHUDGRSRU
ODV66&&5\5HQWUHRWUDV\FRQILUPDGRSRUSULPHUDYH]SRUOD
6&33RVWHULRUPHQWHOD6&3PRGXODQGRGLFKRHQWHQGLPLHQWR
HVWDEOHFHTXHODGHPDQGDSRGUiVHUSUHVHQWDGDFRQWUDODDXWRULGDGTXHFRPHWLyHODFWR
LOHJDOD~Q\DQRRVWHQWHHOFDUJRRODIXQFLyQHQODTXHVHHQFRQWUDED\TXHHQJHQHUDO
HVSRVLEOHGHPDQGDUFRQWUDHOFDUJRRODIXQFLyQS~EOLFDHQFX\RHMHUFLFLRVHFRPHWLyHO
VXSXHVWRDFWRLOHJDO$VXYH]OD6&3PRGXOyHVWH~OWLPRUD]RQDPLHQWR
HVWDEOHFLy TXH WDQWR SDUD OD IDVH GH OD DGPLVLELOLGDG HQ ODV DFFLRQHV GH DPSDUR
FRQVWLWXFLRQDO FRPR SDUD OD IDVH GHOLEHUDWLYD \ GH GHFLVLyQ GRQGH VH DQDOL]D OD

W


dW^:d


OHJLWLPDFLyQSDVLYDHQWRGDVODVDFFLRQHVGHGHIHQVDHVVXILFLHQWHLGHQWLILFDUHOFDUJR
RODIXQFLyQS~EOLFDHQFX\RHMHUFLFLRVHFRPHWLHURQORVVXSXHVWRVDFWRVLOHJDOHVHQORV
FDVRV GH FHVDQWtD GH VHUYLGRUHV S~EOLFRV  /D 6&3  UHDOL]DQGR RWUD
PRGXODFLyQGHWHUPLQyTXHODDFFLyQGHDPSDURFRQVWLWXFLRQDOSXHGHVHUSUHVHQWDGDGH
PDQHUDDOWHUQDWLYDFRQWUDODH[ DXWRULGDGTXHFRPHWLyHODFWRLOHJDOFRQWUDODQXHYD
DXWRULGDGRFRQWUDHOFDUJRRODIXQFLyQS~EOLFDHQFX\RHMHUFLFLRVHFRPHWLHURQORVDFWRV
VXSXHVWDPHQWH LOHJDOHV   $VLPLVPR OD 6&3  H[WLHQGH HVWH ~OWLPR
UD]RQDPLHQWRDHQWLGDGHVRLQVWLWXFLRQHVSULYDGDV
E  6REUH HO DFWR R UHVROXFLyQ UHYLVDGD SRU XQ WULEXQDO VXSHULRU OD MXULVSUXGHQFLD
FRQVWLWXFLRQDOWLHQHHOVLJXLHQWHGHVDUUROOR/D6&5HVWDEOHFLyTXHODRHO
DJUDYLDGR
GHEHDFXVDUHODFWRLQGHELGRRLOHJDOFRQVWLWXLGR\DVHDHQXQDFWRSURFHVDO
R HQ XQD UHVROXFLyQ DQWH OD LQVWDQFLD ~OWLPD SXHV GH QR KDFHUOR OD WXWHOD UHVXOWDUtD
LQHILFD]SRUFXDQWRQRVHSXHGHFRPSXOVDUODSUREOHPiWLFD VLQRKDVLGRUHFXUULGDOD
DXWRULGDG R SHUVRQD TXH WLHQH OD IDFXOWDG GH UHYLVDU FRQVLJXLHQWHPHQWH PRGLILFDU
FRQILUPDURUHYRFDUHODFWRRUHVROXFLyQSXHVWRHQVXFRQRFLPLHQWR\DTXHHQOD~OWLPD
LQVWDQFLDVLVHDFXVDHODFWRLOHJDOXRPLVLyQLQGHELGDVHUHVROYHUiGHILQLWLYDPHQWHGH
PDQHUDTXHTXLHQGHEHUiUHVSRQGHUSRUODOHVLyQDOGHUHFKRIXQGDPHQWDO\UHSDUDUORHQ
IRUPD LQPHGLDWD VHUi OD DXWRULGDG R WULEXQDO TXH WHQJD OHJDOPHQWH OD DWULEXFLyQ GH
FRQRFHU HQ ~OWLPD LQVWDQFLD \ SRU OR PLVPR SDUD HO FDVR GH QR UHSDUDU OD OHVLyQ DO
PRPHQWRGHUHVROYHUHOUHFXUVRRUGLQDULRHVTXLHQWLHQHODOHJLWLPDFLyQSDVLYDSDUDVHU
GHPDQGDGR UHVSRQGHU \ FXPSOLU OR TXH VH RUGHQH HQ HVWD MXULVGLFFLyQ
   (VWH
UD]RQDPLHQWRSRVWHULRUPHQWHIXHPRGXODGRSRUOD6&5HVWDEOHFLHQGRTXH

HQ DTXHOORV FDVRV HQ ORV TXH HO DFWR GHQXQFLDGR FRPR LOHJDO HV HMHFXWDGR SRU XQD
DXWRULGDG \ HV RWUD OD FRPSHWHQWH SDUD UHYLVDU HVD DFWXDFLyQ D HIHFWR GH PRGLILFDU
FRQILUPDURUHYRFDUHODFWRSXHVWRHQVXFRQRFLPLHQWRHOUHFXUVRGHEHVHULQWHUSXHVWR
FRQWUDDPEDVDXWRULGDGHVDOWHQHUOHJLWLPDFLyQSDVLYDODSULPHUDSRUHMHFXWDUHODFWR
LOHJDO\ODVHJXQGDSRUQRFRUUHJLUORGHPRGRTXHDOVHUDPEDVUHVSRQVDEOHVGHEHQ
DVXPLUODVFRQVHFXHQFLDVGHVXVDFWRV&DEHDFODUDUTXHOD6&5FRPRODV
66&& 5 5 5 HQWUH RWUDV XWLOL]DURQ HVWD OtQHD
MXULVSUXGHQFLDOFXDQGRVHGHPDQGyDODVDXWRULGDGHVTXHHMHFXWDURQHODFWRRUHVROXFLyQ
VXSXHVWDPHQWH LOHJDO \ QR FRQWUD TXLHQHV ORV UHYLVDURQ GHQHJiQGRVH OD WXWHOD FRQ HO
DUJXPHQWRTXHHOUHFXUVRWDPELpQGHELyVHUGLULJLGRFRQWUDHVWRV~OWLPRV/D6&3
FRQILUPyLPSOtFLWDPHQWHHVWHUD]RQDPLHQWRDXQVXSXHVWRGLIHUHQWHSXHVHQ
HVWHFDVRODDFFLyQVHGLULJLyFRQWUDODVDXWRULGDGHVTXHUHYLVDURQODUHVROXFLyQHQ~OWLPD
LQVWDQFLDSHURQRDVtFRQWUDORVLQIHULRUHVSRUFX\RPRWLYRVHGHQHJyODWXWHOD(PSHUR
ODV66&&HQWUHRWUDVGHQHJDURQODWXWHOD
SRUTXHODDFFLyQQRVHGLULJLyFRQWUDOD~OWLPDLQVWDQFLDRDXWRULGDGHVTXHWXYLHURQOD
RSRUWXQLGDGGHPRGLILFDUFRQILUPDURUHYRFDUHODFWRSXHVWRDVXFRQRFLPLHQWR
F  6REUH ORV FDVRV GH 7ULEXQDOHV X yUJDQRV FROHJLDGRV OD OtQHD MXULVSUXGHQFLDO HV OD
VLJXLHQWH  (O 7ULEXQDO &RQVWLWXFLRQDO HQ ODV 66&& 5 5
5\5HQWUHRWUDVHVWDEOHFLyTXHSDUDTXHVHDYLDEOHHO DPSDUR
FRQVWLWXFLRQDOGHEHVHUSODQWHDGRFRQWUDWRGRVORVPLHPEURVTXHDVXPLHURQODGHFLVLyQ
DFWRRUHVROXFLyQSUHVXQWDPHQWHLOHJDO6LQHPEDUJRGLFKDVXEUHJODIXH PRGXODGD
SRU OD 6& 5 HQ ORV FDVRV GH HQWHV FROHJLDGRV FRQ PLHPEURV QXPHURVRV
GHWHUPLQDQGR OD SRVLELOLGDG GH QRWLILFDU ~QLFDPHQWH DO UHSUHVHQWDQWH OHJDO FXDQGR OD
QRWLILFDFLyQDWRGRVORVPLHPEURVVHFRQYLHUWDHQEDUUHUDSDUDHODFFHVRLQPHGLDWRDOD
WXWHOD/D6&3DWUDYpVGHXQDPRGXODFLyQLPSOtFLWDSUHFLVyTXHHVSRVLEOH
LQJUHVDU DO DQiOLVLV GH IRQGR FXDQGR QR VH FDXVy LQGHIHQVLyQ D ORV TXH IXHURQ
GHPDQGDGRVHVGHFLUTXHDSHVDUGHQRKDEHUVHGLULJLGRODDFFLyQGHDPSDURFRQWUD
WRGRV ORV PLHPEURV TXHSURYRFDURQ HO DFWRLOHJDO GHQXQFLDGR XQR R PiV GH ORV TXH
IXHURQFLWDGRVDVXPLHURQGHIHQVD
G 6REUHHOFDPELRGHVLWXDFLyQMXUtGLFDGHOGHPDQGDGROD6&3HVWDEOHFLy
TXHH[LVWHIDOWDGHOHJLWLPDFLyQSDVLYDHQDFFLRQHVGHDPSDURFRQVWLWXFLRQDOFXDQGROD
SDUWH DFFLRQDQWH VLQ DUJXPHQWDFLyQ HQ XQ PHPRULDO SRVWHULRU DO GH OD GHPDQGD
PRGLILFD OD FDOLGDG GH SDUWH GHPDQGDGD D WHUFHUR LQWHUHVDGR VXSXHVWR HQ HO FXDO HQ
FXDQWRDODVSHUVRQDVTXHVHFDPELDVXVLWXDFLyQSURFHVDOODWXWHODVHUiGHQHJDGD

W


dW^:d
H 'HRWURODGRODMXULVSUXGHQFLDFRQVWLWXFLRQDOWDPELpQKDGHVDUUROODGRVXSXHVWRVGH
IOH[LELOL]DFLyQDODOHJLWLPDFLyQSDVLYDUHVSHFWRDODH[LJHQFLDGHGLULJLUODDFFLyQGH
DPSDURFRQVWLWXFLRQDOFRQWUDODSHUVRQDSDUWLFXODURDXWRULGDGTXHRFDVLRQyHODJUDYLR
RDFWROHVLYRGHQXQFLDGRDVt/D6&3HVWDEOHFLyTXHSDUDHOFDVRGHYtDV
GH KHFKR GH PDQHUD H[FHSFLRQDO SRGUi DFWLYDUVH OD WXWHOD VLQ LGHQWLILFDU D OD SDUWH
GHPDQGDGD FXDQGR SRU ODV FLUFXQVWDQFLDV SDUWLFXODUHV GHO FDVR QR VHD SRVLEOH XQD
GHWHUPLQDFLyQGHSHUVRQDVTXHLQFXUUDQHQYtDVGHKHFKRHQFX\RRUGHQSDUDDVHJXUDU
XQD HTXLGDG SURFHVDO D ODV SHUVRQDV TXH QR IXHURQ H[SUHVDPHQWH FLWDGDV FRPR
GHPDQGDGDV\TXHSXGLHUHQVHUDIHFWDGDVFRQORVHIHFWRVGHXQDHYHQWXDOFRQFHVLyQGH
WXWHOD SRU YtDV GH KHFKR QR VH OHV DSOLFD HO SULQFLSLR GH SUHFOXVLyQ SURFHVDO SDUD OD
SUHVHQWDFLyQGHSUXHEDVXRWURVPHGLRVGHPHGLRVGHGHIHQVD&DEHDFODUDUFRPROD
PLVPD6&3VHxDOyODH[FHSFLyQDOSULQFLSLRGHSUHFOXVLyQ\ODSRVLELOLGDG
GHSUHVHQWDFLyQGHSUXHEDHVWDEOHFLGDHQHVDVHQWHQFLDQRLPSOLFDXQDPRGXODFLyQGH
OD6&3HQODTXHVHGHILQLHURQORVVXSXHVWRVHQORVTXHHQODHWDSDGHUHYLVLyQ
DQWHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHVSRVLEOHODSUHVHQWDFLyQGHQXHYDSUXHED
UHIHULGDV
3UXHEDTXHQRSXGRVHUSUHVHQWDGDRSRUWXQDPHQWHDQWHHOMXH]RWULEXQDO
GHJDUDQWtDVVLHPSUH\FXDQGRVHMXVWLILTXHQODVUD]RQHVGHHVHLPSHGLPHQWR1XHYD
SUXHED TXH GHPXHVWUH OD SHUVLVWHQFLD GH ODV OHVLRQHV GHQXQFLDGDV D SDUWLU GHO PLVPR
KHFKRJHQHUDGRUORTXHQRLPSOLFDODDPSOLDFLyQGHORVIXQGDPHQWRVGHODDFFLyQ\
3DUDGHQXQFLDVGHPHGLGDVGHKHFKRFRQH[DV\DFFHVRULDVVHUiSRVLEOHODSUHVHQWDFLyQ
GH QXHYD SUXHED TXH GHPXHVWUH TXH ODV OHVLRQHV GHQXQFLDGDV DGHPiV GH SHUVLVWLU
FRQWLQ~DQVXVFLWiQGRVHDWUDYpVGHRWUDVDFFLRQHVGHVLPLODUQDWXUDOH]D
(IHFWLYDPHQWH
HO UD]RQDPLHQWR FRQWHQLGR HQ OD 6&3  HV XQ SRVWXODGR MXULVSUXGHQFLDO
GLIHUHQWHYLQFXODGR~QLFDPHQWHDODVYtDVGHKHFKR\ODLPSRVLELOLGDGGHLGHQWLILFDUD
ORV GHPDQGDGRV \ DSOLFDEOH ~QLFDPHQWH DQWH VXSXHVWRV IiFWLFRV VLPLODUHV   2WUR
VXSXHVWR GH IOH[LELOL]DFLyQ HV HO FRQWHQLGR HQ OD 6&3  TXH IOH[LELOL]y OD
OHJLWLPDFLyQSDVLYDHQORVVXSXHVWRVGHLQVWDQFLDVGHGLUHFFLyQYDFDQWHVHQHQWLGDGHV
S~EOLFDV R SULYDGDV GHWHUPLQDQGR TXH FXDQGR ODV LQVWDQFLDV GH GLUHFFLyQ HQ ODV
HQWLGDGHVS~EOLFDVRSULYDGDVTXHGDQYDFDQWHVVHGLULJHODDFFLyQGLUHFWDPHQWHFRQWUD
ODHQWLGDGTXHKXELHUHYXOQHUDGRGHUHFKRVVLQLGHQWLILFDUDXWRULGDGHVRSHUVRQHURV
/D6&3FLUFXQVFULWDDORVSURFHVRVSHQDOHVHVWDEOHFLyTXHD~QQRVHKXELHUH
SODQWHDGR OD DFFLyQ FRQWUD HO UHSUHVHQWDQWH GHO 0LQLVWHULR 3~EOLFR \ VL FRQWUD ODV
DXWRULGDGHVTXHHMHUFLHURQHOFRQWUROMXULVGLFFLRQDOHQODHWDSDSUHSDUDWRULDHO-XH]GH
,QVWUXFFLyQHQOR3HQDORVWHQWDOHJLWLPDFLyQSDVLYDSRUTXHWLHQHODIDFXOWDGGHFRQWURODU
ODLQYHVWLJDFLyQHIHFWXDGDSRUSDUWHGHOyUJDQRGHSHUVHFXFLyQSHQDODVHJXUDQGRTXHHO
PLVPRVHUHDOLFHHQHOPDUFRGHOUHVSHWRGHOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR7UDWDGRV
\&RQYHQLRVLQWHUQDFLRQDOHVDVtFRPRHOWULEXQDOGHDSHODFLyQWLHQHHOGHEHUGHYHULILFDU
ORV DFWRV GH OD DXWRULGDG GH UDQJR LQIHULRU FXDQGR QR UHSDUDURQ ORV DFWRV LOHJDOHV X
RPLVLRQHVLQGHELGDVHQODVTXHKXELHUDLQFXUULGRHO0LQLVWHULR3~EOLFR


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

3UHFHGHQWH,PSOtFLWR
)-,,,
HVPHQHVWHUPHQFLRQDUTXHHOKHFKRGHKDEHUFDPELDGRSRU
SDUWHGHODFFLRQDQWHODVLWXDFLyQMXUtGLFDSURFHVDOGH1RUPD7DERDGD
&XDGURV &DUPHQ 7DERDGD &XDGURV \ 'XUE\OHLOD 6HMDV 7DERDGD GH
GHPDQGDGDV D WHUFHUDV LQWHUHVDGDV VLQ IXQGDPHQWR DOJXQR KDFH
LPSRVLEOHDQDOL]DUODSUHWHQVLyQGHODFFLRQDQWHFRQUHVSHFWRDHOODVSXHV
RPLWLy GHWDOODU TXp DVSHFWRV GHO PHPRULDO GH DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO VH PRGLILFDQ FRQ UHVSHFWR D HOODV GHELGR D VX QXHYD
VLWXDFLyQMXUtGLFD


W


dW^:d


,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

'HDFXHUGRDODKLVWRULDGHODOtQHDMXULVSUXGHQFLDOGHVFULWDVHHVWDEOHFH
ORVLJXLHQWH (QFXDQWRDORVFDVRVGHVXFHVLyQGHOFDUJRHOHVWiQGDU
PiVDOWRVHHQFXHQWUDFRQWHQLGRHQOD6&3FRPSOHPHQWDGD
SRUOD6&3 (QFXDQWRD7ULEXQDOHVXyUJDQRVFROHJLDGRV
HOHVWiQGDUPiVDOWRHVWiSODVPDGRHQOD5 5HVSHFWRDORV
VXSXHVWRVGHIOH[LELOL]DFLyQGHODOHJLWLPDFLyQSDVLYDHOHVWiQGDUPiV
DOWRHVWiSODVPDGRHQODV6&3\6&3



/HJLWLPDFLyQSDVLYDHQODDFFLyQGHDPSDUR-XHFHVGH
,QVWUXFFLyQHQOR3HQDOHQODHWDSDSUHSDUDWRULD
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3(QODHWDSDSUHSDUDWRULDHO-XH]GH,QVWUXFFLyQHQ
OR3HQDORVWHQWDOHJLWLPDFLyQSDVLYDSRUFXDQWRWLHQHODIDFXOWDGGH
FRQWURODU OD LQYHVWLJDFLyQ HIHFWXDGD SRU SDUWH GHO yUJDQR GH
SHUVHFXFLyQSHQDODVHJXUDQGRTXHHOPLVPRVHUHDOLFHHQHOPDUFR
GHO UHVSHWR GH OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR 7UDWDGRV \
&RQYHQLRVLQWHUQDFLRQDOHVDVtFRPRHOWULEXQDOGHDSHODFLyQWLHQHHO
GHEHUGHYHULILFDUORVDFWRVGHODDXWRULGDGGHUDQJRLQIHULRUFXDQGR
QRUHSDUyORVDFWRVLOHJDOHVXRPLVLRQHVLQGHELGDVHQODVTXHKXELHUD
LQFXUULGRHO0LQLVWHULR3~EOLFR

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOHOUHSUHVHQWDQWHGHOSHUVRQHUR
GHODHPSUHVD&RQVWUXFWRUD
%(7685
65/GHQXQFLyTXHORV9RFDOHV
GH OD 6DOD 3HQDO 6HJXQGD GHO 7ULEXQDO 'HSDUWDPHQWDO GH -XVWLFLD GH
3RWRVt\/XLV$OEHUWR&DVWUR&ODURV-XH]GH,QVWUXFFLyQHQOR3HQDO\
0L[WRGH8QFtDGHOPLVPRGHSDUWDPHQWRYXOQHUDURQVXVGHUHFKRVDO
GHELGRSURFHVRDODLJXDOGDGDODGHIHQVDDORVSULQFLSLRVGHVHJXULGDG
MXUtGLFD\GHOHJDOLGDGYLQFXODGRDOSULQFLSLRGHLUUHWURDFWLYLGDGGHOD
OH\ SHQDO \ GH DFFHVR D OD MXVWLFLD SXHVWR TXH XQD YH] TXH OD
W


dW^:d

UHSUHVHQWDQWH GHO 0LQLVWHULR 3~EOLFR SUHVHQWy OD LPSXWDFLyQ IRUPDO


SODQWHy LQFLGHQWH GH DFWLYLGDG SURFHVDO GHIHFWXRVD DO FRQVLGHUDU
LQIULQJLGRIXQGDPHQWDOPHQWHHOSULQFLSLRGHLUUHWURDFWLYLGDGGHODOH\
SHQDO GHVIDYRUDEOH WRGD YH] TXH OD DXWRULGDG ILVFDO WLSLILFy XQD
FRQGXFWDTXHWXYROXJDUHQODJHVWLyQFRQXQDOH\FX\DYLJHQFLD
GDWDGHODJHVWLyQHPSHURHO-XH]GH,QVWUXFFLyQHQOR3HQDO\
0L[WRGH8QFtDUHFKD]yHOLQFLGHQWH\SURPRYLGDODLPSXJQDFLyQORV
9RFDOHVGHPDQGDGRVGHFODUDURQLPSURFHGHQWHHOUHFXUVRGHDSHODFLyQ

(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOFRQFDUiFWHUSUHYLRDLQJUHVDU
DOIRQGRGHODVXQWRDQDOL]yORVDOHJDWRVGHODDXWRULGDGGHPDQGDGDHQ
VHQWLGRTXHDWLHPSRGHLQWHUSRQHUODGHPDQGDVHKDEUtDQRPLWLGRORV
UHTXLVLWRVGHSURFHGLELOLGDGGHODSUHVHQWHDFFLyQFRQVWLWXFLRQDOFRPR
HV OD OHJLWLPDFLyQ DFWLYD SRU FDUHFHU GH UHSUHVHQWDFLyQ D OD HPSUHVD

%(7685
65/SRUFXDQWRHOPXQLFLSLRGH8QFtDVXVFULELyHOFRQWUDWR
FRQODUHIHULGDSHUVRQDMXUtGLFDDVtFRPRODOHJLWLPDFLyQSDVLYDSXHVWR
TXHVLHVODLPSXWDFLyQIRUPDOHODFWRLOHJDOGHELyHQWRQFHVLQWHUSRQHUVH
ODDFFLyQFRQWUDODUHSUHVHQWDQWHGHO0LQLVWHULR3~EOLFR\ILQDOPHQWH
FRQUHODFLyQDOSOD]RGHFDGXFLGDGDUJXPHQWDTXHODLPSXWDFLyQIRUPDO
GDWDGHGHIHEUHURGHFX\DQRWLILFDFLyQSHUVRQDOVHSURGXMRHQ
HOPHVGHPDU]RGHOUHIHULGRDxR\TXHSRUWDQWRWUDQVFXUULHURQPiVORV
GHVHLVPHVHVHVWDEOHFLGRVSRUOD&RQVWLWXFLyQ3ROtWLFDGHOHVWDGRSDUD
ODSUHVHQWDFLyQGHODDFFLyQ

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,QRHVHYLGHQWHODIDOWDGHOHJLWLPDFLyQSDVLYDSRUKDEHUVHSODQWHDGRODDFFLyQ
FRQWUDODVDXWRULGDGHVMXGLFLDOHV\QRDVtFRQWUDDOUHSUHVHQWDQWHGHO0LQLVWHULR3~EOLFR
SRUFXDQWRFRQIRUPHGLVSRQHHODUWGHO&33HO-XH]GH,QVWUXFFLyQHQOR3HQDOWLHQH
ODIDFXOWDGGHFRQWURODUODLQYHVWLJDFLyQHIHFWXDGDSRUSDUWHGHOyUJDQRGHSHUVHFXFLyQ
SHQDODVHJXUDQGRTXHHOPLVPRVHUHDOLFHHQHOPDUFRGHOUHVSHWRGHOD&RQVWLWXFLyQ
3ROtWLFDGHO(VWDGR7UDWDGRV\&RQYHQLRVLQWHUQDFLRQDOHVSRUVXSDUWHHOWULEXQDOGH
DSHODFLyQWLHQHHOGHEHUGHYHULILFDUORVDFWRVGHODDXWRULGDGGHUDQJRLQIHULRUDVtGH
QR KDEHUVH UHSDUDGR HO DFWR LOHJDO HQ GLFKDV LQVWDQFLDV FRQIRUPH D OD MXULVSUXGHQFLD
FLWDGDHQHO)XQGDPHQWR-XUtGLFR,,,GHHVWD6HQWHQFLD&RQVWLWXFLRQDO3OXULQDFLRQDO
RVWHQWDQODOHJLWLPDFLyQSDVLYDHOMXH]RWULEXQDOTXHJHQHUyHODFWRLOHJDODVtFRPRODV
DXWRULGDGHVGHLQVWDQFLDGRQGHSRGtDKDEHUVHUHSDUDGRRUHYHUWLGRHODFWRSUHVXQWDPHQWH
OHVLYRDVXVGHUHFKRV


6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJDODDFFLyQGHDPSDURFRQVWLWXFLRQDOHPSHURSUHYLDPHQWHVHxDODTXHDVtVHD
OD LPSXWDFLyQ IRUPDO HO DFWR LOHJDO GHQXQFLDGR HQ HVWD DFFLyQ GH GHIHQVD FRQIRUPH
GLVSRQHHODUWGHO&33RVWHQWDQOHJLWLPDFLyQSDVLYDHO-XH]GH,QVWUXFFLyQHQOR
3HQDOTXLHQWLHQHODIDFXOWDGGHFRQWURODUODLQYHVWLJDFLyQHIHFWXDGDSRUSDUWHGHOyUJDQR
GHSHUVHFXFLyQSHQDODVHJXUDQGRTXHHOPLVPRVHUHDOLFHHQHOPDUFRGHOUHVSHWRGHOD
&RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR 7UDWDGRV \ &RQYHQLRV LQWHUQDFLRQDOHV DVt FRPR HO
WULEXQDOGHDSHODFLyQTXHWLHQHHOGHEHUGHYHULILFDUORVDFWRVGHODDXWRULGDGGHUDQJR
LQIHULRUHVGHFLUHOMXH]RWULEXQDOTXHJHQHUyHODFWRLOHJDODVtFRPRODVDXWRULGDGHV
GHLQVWDQFLDGRQGHSRGtDKDEHUVHUHSDUDGRRUHYHUWLGRHODFWRSUHVXQWDPHQWHOHVLYRDVXV

W


dW^:d


GHUHFKRV PiV D~Q VL HQ HO FDVR FRQFUHWR TXH ODV DXWRULGDGHV MXGLFLDOHV QHJDURQ HO
LQFLGHQWH GH DFWLYLGDG SURFHVDO GHIHFWXRVD \ FRQWUD ORV 9RFDOHV TXH WHQLHQGR OD
SRVLELOLGDGGHUHSDUDUODDVXFULWHULRQRORKLFLHURQ


&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

3UHFHGHQWHIXQGDGRU6&

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

3UHFHGHQWHLPSOtFLWR

)-,,,QR HV HYLGHQWH OD IDOWD GH OHJLWLPDFLyQ SDVLYD SRU KDEHUVH
SODQWHDGRODDFFLyQFRQWUDODVDXWRULGDGHVMXGLFLDOHV\QRDVtFRQWUDDO
UHSUHVHQWDQWHGHO0LQLVWHULR3~EOLFRSRUFXDQWRFRQIRUPHGLVSRQHHO
DUWGHO&33HO-XH]GH,QVWUXFFLyQHQOR3HQDOWLHQHODIDFXOWDGGH
FRQWURODUODLQYHVWLJDFLyQHIHFWXDGDSRUSDUWHGHOyUJDQRGHSHUVHFXFLyQ
SHQDODVHJXUDQGRTXHHOPLVPRVHUHDOLFHHQHOPDUFRGHOUHVSHWRGHOD
&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR7UDWDGRV\&RQYHQLRVLQWHUQDFLRQDOHV
SRUVXSDUWHHOWULEXQDOGHDSHODFLyQWLHQHHOGHEHUGHYHULILFDUORVDFWRV
GH OD DXWRULGDG GH UDQJR LQIHULRU DVt GH QR KDEHUVH UHSDUDGR HO DFWR
LOHJDO HQ GLFKDV LQVWDQFLDV FRQIRUPH D OD MXULVSUXGHQFLD FLWDGD HQ HO
)XQGDPHQWR -XUtGLFR ,,, GH HVWD 6HQWHQFLD &RQVWLWXFLRQDO
3OXULQDFLRQDO RVWHQWDQ OD OHJLWLPDFLyQ SDVLYD HO MXH] R WULEXQDO TXH
JHQHUyHODFWRLOHJDODVtFRPRODVDXWRULGDGHVGHLQVWDQFLDGRQGHSRGtD
KDEHUVH UHSDUDGR R UHYHUWLGR HO DFWR SUHVXQWDPHQWH OHVLYR D VXV
GHUHFKRV



/HJLWLPDFLyQSDVLYDHQODDFFLyQGHDPSDUR6XFHVLyQ
RFDPELRGHDXWRULGDGHV
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO


W


dW^:d

6&3   /D DFFLyQ GH DPSDUR FRQVWLWXFLRQDO GHEH VHU


SUHVHQWDGDFRQWUDODDXWRULGDGTXHRVWHQWDEDHOFDUJRGHVGHHOFXDO
FRPHWLyHODFWRLOHJDO\ODVQXHYDVDXWRULGDGHVTXHSXHGDQVXEVDQDUR
HQPHQGDUHOVXSXHVWRDFWRLOHJDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH $PSDUR &RQVWLWXFLRQDO HO DFFLRQDQWH DOHJy OD
YXOQHUDFLyQ GHO GHUHFKR DO GHELGR SURFHVR DGXFLHQGR TXH ODV
DXWRULGDGHVGHPDQGDGDVXVXUSDURQIXQFLRQHVFRQODHPLVLyQGHXQ$XWR
6XSUHPRLPSXJQDGR\DTXHDWUDYpVGHpODPSOLDURQHOFRQWHQLGRGHO
3URJUDPD 7UDQVLWRULR 9ROXQWDULR \ ([FHSFLRQDO TXH VXSXHVWDPHQWH
VyORHVWDEDSUHYLVWRSDUDODUHJXODFLyQGHFLHUWRSHULRGR\VLQODGHELGD
PRWLYDFLyQGHFODUDURQLQIXQGDGRVXUHFXUVRGHFDVDFLyQOHJLVODQGRH
LQWHUSUHWDQGR HO FRQWHQLGR GH OH\HV \ GHFUHWRV VXSUHPRV SUHYLVWRV DO
HIHFWR(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHQUHYLVLyQFRQILUPyOD
UHVROXFLyQTXHGHQHJyODWXWHODVLQLQJUHVDUDODQiOLVLVGHIRQGRGHOD
SUREOHPiWLFDSODQWHDGDSRUIDOWDGHOHJLWLPDFLyQSDVLYD

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
VLELHQORVH[0LQLVWURVRVWHQWDUtDQOHJLWLPDFLyQSDVLYDSDUDVHUGHPDQGDGRV
HQODSUHVHQWHDFFLyQGHDPSDURFRQVWLWXFLRQDOVLQHPEDUJRDOWUDWDUVHGHXQDFDXVD
WUDPLWDGDDQWHVGHOGHGLFLHPEUHGHFXDOTXLHUHYHQWXDOLGDGUHODFLRQDGDDHOOD
GHEHUiVHUUHVXHOWDQHFHVDULDPHQWHSRUORV0DJLVWUDGRV/LTXLGDGRUHV\QRSRUODVQXHYDV
DXWRULGDGHV WLWXODUHV SRU H[LVWLU LPSRVLELOLGDG OHJDO GH TXH SXHGDQ FRQRFHU FDXVDV
DQWHULRUHVDVXSRVHVLyQ

(QFRQVHFXHQFLDORV0DJLVWUDGRVGHOD6DOD6RFLDOGHO7ULEXQDO6XSUHPRGH-XVWLFLD
FDUHFHQGHOHJLWLPDFLyQSDVLYDSDUDVHUGHPDQGDGRVHQODSUHVHQWHDFFLyQGHDPSDUR
FRQVWLWXFLRQDOWRGDYH]TXHSRULPSHULRGHODOH\QRSXHGHQVXVWDQFLDUFDXVDVDQWHULRUHV
DODIHFKDGHVXSRVHVLyQVLHQGRDVtTXHODOHJLWLPDFLyQSDVLYDQRVyORFRQVLVWHHQOD
UHODFLyQTXHGHEHH[LVWLUHQWUHODDXWRULGDGTXHVXSXHVWDPHQWHRFDVLRQyODOHVLyQDORV
GHUHFKRV\JDUDQWtDV\DTXHOODFRQWUDTXLHQVHGLULJHODDFFLyQVLQRUHVLGHWDPELpQHQ
TXHGHEHHVWDUGLULJLGDDGHPiVFRQWUDODDXWRULGDGTXHSXHGDVXEVDQDURHQPHQGDUHO
VXSXHVWRDFWRLOHJDO



HQHOFDVRSUHVHQWHDOQRKDEHUVHLQJUHVDGRDOIRQGRGHODSUREOHPiWLFDSODQWHDGDVH
VDOYD HO GHUHFKR TXH WLHQH HO DFFLRQDQWH GH GLULJLU OD DFFLyQ WDPELpQ FRQWUD ORV
0DJLVWUDGRVVXSOHQWHVGHO7ULEXQDO6XSUHPRGH-XVWLFLDTXHIXQJHQFRPROLTXLGDGRUHV
WRPDQGR HQ FXHQWD HO SOD]R GH FDGXFLGDG SUHYLVWR SDUD HVWD DFFLyQ FRQIRUPH DO DUW
,,GHOD&3(\VXLQWHUUXSFLyQSURGXFLGDSRUODLQWHUSRVLFLyQGHOSUHVHQWHDPSDUR
FRQVWLWXFLRQDO



6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SRU IDOWD GH OHJLWLPDFLyQ
SDVLYDSRUTXHVLELHQORVH[0LQLVWURVRVWHQWDUtDQOHJLWLPDFLyQSDVLYD
SDUDVHUGHPDQGDGRVVLQHPEDUJRDOWUDWDUVHGHXQDFDXVDWUDPLWDGD
W


dW^:d


DQWHVGHOGHGLFLHPEUHGHFXDOTXLHUHYHQWXDOLGDGUHODFLRQDGDD
HOOD GHEHUi VHU UHVXHOWD QHFHVDULDPHQWH SRU ORV 0DJLVWUDGRV
/LTXLGDGRUHV \ QR SRU ODV QXHYDV DXWRULGDGHV WLWXODUHV SRU H[LVWLU
LPSRVLELOLGDG OHJDO GH TXH SXHGDQ FRQRFHU FDXVDV DQWHULRUHV D VX
SRVHVLyQGHELHQGRKDEHUVH
GLULJLGRODDFFLyQFRQWUDODDXWRULGDGTXHSXHGDVXEVDQDURHQPHQGDUHO
VXSXHVWRDFWRLOHJDO

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/DOtQHDMXULVSUXGHQFLDOGHO7ULEXQDO&RQVWLWXFLRQDOVREUHODOHJLWLPDFLyQSDVLYDHQOD
DFFLyQ GH DPSDUR FRQVWLWXFLRQDO LQLFLy FRQ OD 6& 5 HPSHUR IXH OD 6&
5TXHGHILQLyODOHJLWLPDFLyQSDVLYDVHxDODQGRTXHpVWDGHEHVHUHQWHQGLGD
FRPRODFRLQFLGHQFLDTXHVHGDHQWUHODDXWRULGDGTXHSUHVXQWDPHQWHFDXVyODYLRODFLyQ
DORVGHUHFKRV\DTXHOODFRQWUDTXLHQVHGLULJHODDFFLyQHQWHQGLPLHQWRDVXPLGRSRUODV
66&& 5 5 5 5 \ 5 HQWUH
RWUDV UD]RQDPLHQWR WDPELpQ FRQILUPDGR SRU OD 6&3  SURQXQFLDGD SRU HO
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO $VLPLVPR OD MXULVSUXGHQFLD FRQVWLWXFLRQDO
GLIHUHQFLy ODV VLWXDFLRQHV HVSHFLDOHV HQ OD OHJLWLPDFLyQ SDVLYD JHQHUDQGR YDULDV
VXEUHJODV UHIHULGDV D  /RV FDVRV GH VXFHVLyQ R FDPELR GH DXWRULGDGHV E  $FWR R
UHVROXFLyQ UHYLVDGD SRU XQ WULEXQDO VXSHULRU F  7ULEXQDOHV X yUJDQRV FROHJLDGRV G 
&DPELRGHVLWXDFLyQMXUtGLFDGHOGHPDQGDGR
D  6REUH OD OHJLWLPDFLyQ SDVLYD HQ ORV FDVRV GH VXFHVLyQ R FDPELR GH DXWRULGDGHV OD
MXULVSUXGHQFLD FRQVWLWXFLRQDO WLHQH HO VLJXLHQWH GHVDUUROOR  /D 6& 
HVWDEOHFLyTXH
ODGHPDQGDGHEHHVWDUGLULJLGDFRQWUDODDXWRULGDGTXHRVWHQWHHOFDUJR
GHVGHHOFXDOVHUHDOL]yHODFWRLOHJDORVHLQFXUULyHQODRPLVLyQLQGHELGDVLQTXHHOOR
LPSOLTXH TXH HQ FDVR GH H[LVWLU UHVSRQVDELOLGDGHV SHUVRQDOtVLPDV FRPR OD SHQDO HO
IXQFLRQDULRTXHKD\D DFFHGLGR DO FDUJR FRQ SRVWHULRULGDG DO DFWR OHVLYR GH GHUHFKRV
WHQJD TXH DVXPLU ODV FRQVHFXHQFLDV ~QLFDPHQWH SRU HQFRQWUDUVH HQ IXQFLRQHV DO
PRPHQWRGHLQLFLDUVHODGHPDQGD\SRUTXHpVWDKD\DVLGRGLULJLGDHQVXFRQWUD

/D
6&5GHWHUPLQy
 HQDTXHOORVFDVRVHQORVTXHHODFWRGHQXQFLDGRFRPR
LOHJDOHVHMHFXWDGRSRUXQDDXWRULGDG\HVRWUDODFRPSHWHQWHSDUDUHYLVDUHVDDFWXDFLyQ
DHIHFWRGHPRGLILFDUFRQILUPDURUHYRFDUHODFWRSXHVWRHQVXFRQRFLPLHQWRHOUHFXUVR
GHEHVHULQWHUSXHVWRFRQWUDDPEDVDXWRULGDGHVDOWHQHUOHJLWLPDFLyQSDVLYDODSULPHUD
SRU HMHFXWDU HO DFWR LOHJDO \ OD VHJXQGD SRU QR FRUUHJLUORGH PRGRTXH DO VHU DPEDV
UHVSRQVDEOHVGHEHQDVXPLUODVFRQVHFXHQFLDVGHVXVDFWRV
5D]RQDPLHQWRUHLWHUDGRSRU
ODV66&&5\5HQWUHRWUDV\FRQILUPDGRSRUSULPHUDYH]SRUOD
6&33RVWHULRUPHQWHOD6&3PRGXODQGRGLFKRHQWHQGLPLHQWR
HVWDEOHFHTXHODGHPDQGDSRGUiVHUSUHVHQWDGDFRQWUDODDXWRULGDGTXHFRPHWLyHODFWR
LOHJDOD~Q\DQRRVWHQWHHOFDUJRRODIXQFLyQHQODTXHVHHQFRQWUDED\TXHHQJHQHUDO
HVSRVLEOHGHPDQGDUFRQWUDHOFDUJRRODIXQFLyQS~EOLFDHQFX\RHMHUFLFLRVHFRPHWLyHO
VXSXHVWRDFWRLOHJDO$VXYH]OD6&3PRGXOyHVWH~OWLPRUD]RQDPLHQWR
HVWDEOHFLy TXH WDQWR SDUD OD IDVH GH OD DGPLVLELOLGDG HQ ODV DFFLRQHV GH DPSDUR
FRQVWLWXFLRQDO FRPR SDUD OD IDVH GHOLEHUDWLYD \ GH GHFLVLyQ GRQGH VH DQDOL]D OD
OHJLWLPDFLyQSDVLYDHQWRGDVODVDFFLRQHVGHGHIHQVDHVVXILFLHQWHLGHQWLILFDUHOFDUJR
RODIXQFLyQS~EOLFDHQFX\RHMHUFLFLRVHFRPHWLHURQORVVXSXHVWRVDFWRVLOHJDOHVHQORV
FDVRV GH FHVDQWtD GH VHUYLGRUHV S~EOLFRV  /D 6&3  UHDOL]DQGR RWUD
PRGXODFLyQGHWHUPLQyTXHODDFFLyQGHDPSDURFRQVWLWXFLRQDOSXHGHVHUSUHVHQWDGDGH
PDQHUDDOWHUQDWLYDFRQWUDODH[ DXWRULGDGTXHFRPHWLyHODFWRLOHJDOFRQWUDODQXHYD
DXWRULGDGRFRQWUDHOFDUJRRODIXQFLyQS~EOLFDHQFX\RHMHUFLFLRVHFRPHWLHURQORVDFWRV
VXSXHVWDPHQWH LOHJDOHV   $VLPLVPR OD 6&3  H[WLHQGH HVWH ~OWLPR
UD]RQDPLHQWRDHQWLGDGHVRLQVWLWXFLRQHVSULYDGDV
E  6REUH HO DFWR R UHVROXFLyQ UHYLVDGD SRU XQ WULEXQDO VXSHULRU OD MXULVSUXGHQFLD
FRQVWLWXFLRQDOWLHQHHOVLJXLHQWHGHVDUUROOR/D6&5HVWDEOHFLyTXHODRHO

W


dW^:d
DJUDYLDGR
GHEHDFXVDUHODFWRLQGHELGRRLOHJDOFRQVWLWXLGR\DVHDHQXQDFWRSURFHVDO
R HQ XQD UHVROXFLyQ DQWH OD LQVWDQFLD ~OWLPD SXHV GH QR KDFHUOR OD WXWHOD UHVXOWDUtD
LQHILFD]SRUFXDQWRQRVHSXHGHFRPSXOVDUODSUREOHPiWLFD VLQRKDVLGRUHFXUULGDOD
DXWRULGDG R SHUVRQD TXH WLHQH OD IDFXOWDG GH UHYLVDU FRQVLJXLHQWHPHQWH PRGLILFDU
FRQILUPDURUHYRFDUHODFWRRUHVROXFLyQSXHVWRHQVXFRQRFLPLHQWR\DTXHHQOD~OWLPD
LQVWDQFLDVLVHDFXVDHODFWRLOHJDOXRPLVLyQLQGHELGDVHUHVROYHUiGHILQLWLYDPHQWHGH
PDQHUDTXHTXLHQGHEHUiUHVSRQGHUSRUODOHVLyQDOGHUHFKRIXQGDPHQWDO\UHSDUDUORHQ
IRUPD LQPHGLDWD VHUi OD DXWRULGDG R WULEXQDO TXH WHQJD OHJDOPHQWH OD DWULEXFLyQ GH
FRQRFHU HQ ~OWLPD LQVWDQFLD \ SRU OR PLVPR SDUD HO FDVR GH QR UHSDUDU OD OHVLyQ DO
PRPHQWRGHUHVROYHUHOUHFXUVRRUGLQDULRHVTXLHQWLHQHODOHJLWLPDFLyQSDVLYDSDUDVHU
GHPDQGDGR UHVSRQGHU \ FXPSOLU OR TXH VH RUGHQH HQ HVWD MXULVGLFFLyQ
   (VWH
UD]RQDPLHQWRSRVWHULRUPHQWHIXHPRGXODGRSRUOD6&5HVWDEOHFLHQGRTXH

HQ DTXHOORV FDVRV HQ ORV TXH HO DFWR GHQXQFLDGR FRPR LOHJDO HV HMHFXWDGR SRU XQD
DXWRULGDG \ HV RWUD OD FRPSHWHQWH SDUD UHYLVDU HVD DFWXDFLyQ D HIHFWR GH PRGLILFDU
FRQILUPDURUHYRFDUHODFWRSXHVWRHQVXFRQRFLPLHQWRHOUHFXUVRGHEHVHULQWHUSXHVWR
FRQWUDDPEDVDXWRULGDGHVDOWHQHUOHJLWLPDFLyQSDVLYDODSULPHUDSRUHMHFXWDUHODFWR
LOHJDO\ODVHJXQGDSRUQRFRUUHJLUORGHPRGRTXHDOVHUDPEDVUHVSRQVDEOHVGHEHQ
DVXPLUODVFRQVHFXHQFLDVGHVXVDFWRV&DEHDFODUDUTXHOD6&5FRPRODV
66&& 5 5 5 HQWUH RWUDV XWLOL]DURQ HVWD OtQHD
MXULVSUXGHQFLDOFXDQGRVHGHPDQGyDODVDXWRULGDGHVTXHHMHFXWDURQHODFWRRUHVROXFLyQ
VXSXHVWDPHQWH LOHJDO \ QR FRQWUD TXLHQHV ORV UHYLVDURQ GHQHJiQGRVH OD WXWHOD FRQ HO
DUJXPHQWRTXHHOUHFXUVRWDPELpQGHELyVHUGLULJLGRFRQWUDHVWRV~OWLPRV/D6&3
FRQILUPyLPSOtFLWDPHQWHHVWHUD]RQDPLHQWRDXQVXSXHVWRGLIHUHQWHSXHVHQ
HVWHFDVRODDFFLyQVHGLULJLyFRQWUDODVDXWRULGDGHVTXHUHYLVDURQODUHVROXFLyQHQ~OWLPD
LQVWDQFLDSHURQRDVtFRQWUDORVLQIHULRUHVSRUFX\RPRWLYRVHGHQHJyODWXWHOD(PSHUR
ODV66&&HQWUHRWUDVGHQHJDURQODWXWHOD
SRUTXHODDFFLyQQRVHGLULJLyFRQWUDOD~OWLPDLQVWDQFLDRDXWRULGDGHVTXHWXYLHURQOD
RSRUWXQLGDGGHPRGLILFDUFRQILUPDURUHYRFDUHODFWRSXHVWRDVXFRQRFLPLHQWR
F  6REUH ORV FDVRV GH 7ULEXQDOHV X yUJDQRV FROHJLDGRV OD OtQHD MXULVSUXGHQFLDO HV OD
VLJXLHQWH  (O 7ULEXQDO &RQVWLWXFLRQDO HQ ODV 66&& 5 5
5\5HQWUHRWUDVHVWDEOHFLyTXHSDUDTXHVHDYLDEOHHO DPSDUR
FRQVWLWXFLRQDOGHEHVHUSODQWHDGRFRQWUDWRGRVORVPLHPEURVTXHDVXPLHURQODGHFLVLyQ
DFWRRUHVROXFLyQSUHVXQWDPHQWHLOHJDO6LQHPEDUJRGLFKDVXEUHJODIXH PRGXODGD
SRU OD 6& 5 HQ ORV FDVRV GH HQWHV FROHJLDGRV FRQ PLHPEURV QXPHURVRV
GHWHUPLQDQGR OD SRVLELOLGDG GH QRWLILFDU ~QLFDPHQWH DO UHSUHVHQWDQWH OHJDO FXDQGR OD
QRWLILFDFLyQDWRGRVORVPLHPEURVVHFRQYLHUWDHQEDUUHUDSDUDHODFFHVRLQPHGLDWRDOD
WXWHOD/D6&3DWUDYpVGHXQDPRGXODFLyQLPSOtFLWDSUHFLVyTXHHVSRVLEOH
LQJUHVDU DO DQiOLVLV GH IRQGR FXDQGR QR VH FDXVy LQGHIHQVLyQ D ORV TXH IXHURQ
GHPDQGDGRVHVGHFLUTXHDSHVDUGHQRKDEHUVHGLULJLGRODDFFLyQGHDPSDURFRQWUD
WRGRV ORV PLHPEURV TXHSURYRFDURQ HO DFWRLOHJDO GHQXQFLDGR XQR R PiV GH ORV TXH
IXHURQFLWDGRVDVXPLHURQGHIHQVD
G 6REUHHOFDPELRGHVLWXDFLyQMXUtGLFDGHOGHPDQGDGROD6&3HVWDEOHFLy
TXHH[LVWHIDOWDGHOHJLWLPDFLyQSDVLYDHQDFFLRQHVGHDPSDURFRQVWLWXFLRQDOFXDQGROD
SDUWH DFFLRQDQWH VLQ DUJXPHQWDFLyQ HQ XQ PHPRULDO SRVWHULRU DO GH OD GHPDQGD
PRGLILFD OD FDOLGDG GH SDUWH GHPDQGDGD D WHUFHUR LQWHUHVDGR VXSXHVWR HQ HO FXDO HQ
FXDQWRDODVSHUVRQDVTXHVHFDPELDVXVLWXDFLyQSURFHVDOODWXWHODVHUiGHQHJDGD
H 'HRWURODGRODMXULVSUXGHQFLDFRQVWLWXFLRQDOWDPELpQKDGHVDUUROODGRVXSXHVWRVGH
IOH[LELOL]DFLyQDODOHJLWLPDFLyQSDVLYDUHVSHFWRDODH[LJHQFLDGHGLULJLUODDFFLyQGH
DPSDURFRQVWLWXFLRQDOFRQWUDODSHUVRQDSDUWLFXODURDXWRULGDGTXHRFDVLRQyHODJUDYLR
RDFWROHVLYRGHQXQFLDGRDVt/D6&3HVWDEOHFLyTXHSDUDHOFDVRGHYtDV
GH KHFKR GH PDQHUD H[FHSFLRQDO SRGUi DFWLYDUVH OD WXWHOD VLQ LGHQWLILFDU D OD SDUWH
GHPDQGDGD FXDQGR SRU ODV FLUFXQVWDQFLDV SDUWLFXODUHV GHO FDVR QR VHD SRVLEOH XQD
GHWHUPLQDFLyQGHSHUVRQDVTXHLQFXUUDQHQYtDVGHKHFKRHQFX\RRUGHQSDUDDVHJXUDU
XQD HTXLGDG SURFHVDO D ODV SHUVRQDV TXH QR IXHURQ H[SUHVDPHQWH FLWDGDV FRPR
GHPDQGDGDV\TXHSXGLHUHQVHUDIHFWDGDVFRQORVHIHFWRVGHXQDHYHQWXDOFRQFHVLyQGH
WXWHOD SRU YtDV GH KHFKR QR VH OHV DSOLFD HO SULQFLSLR GH SUHFOXVLyQ SURFHVDO SDUD OD

W


dW^:d


SUHVHQWDFLyQGHSUXHEDVXRWURVPHGLRVGHPHGLRVGHGHIHQVD&DEHDFODUDUFRPROD
PLVPD6&3VHxDOyODH[FHSFLyQDOSULQFLSLRGHSUHFOXVLyQ\ODSRVLELOLGDG
GHSUHVHQWDFLyQGHSUXHEDHVWDEOHFLGDHQHVDVHQWHQFLDQRLPSOLFDXQDPRGXODFLyQGH
OD6&3HQODTXHVHGHILQLHURQORVVXSXHVWRVHQORVTXHHQODHWDSDGHUHYLVLyQ
DQWHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHVSRVLEOHODSUHVHQWDFLyQGHQXHYDSUXHED
UHIHULGDV
3UXHEDTXHQRSXGRVHUSUHVHQWDGDRSRUWXQDPHQWHDQWHHOMXH]RWULEXQDO
GHJDUDQWtDVVLHPSUH\FXDQGRVHMXVWLILTXHQODVUD]RQHVGHHVHLPSHGLPHQWR1XHYD
SUXHED TXH GHPXHVWUH OD SHUVLVWHQFLD GH ODV OHVLRQHV GHQXQFLDGDV D SDUWLU GHO PLVPR
KHFKRJHQHUDGRUORTXHQRLPSOLFDODDPSOLDFLyQGHORVIXQGDPHQWRVGHODDFFLyQ\
3DUDGHQXQFLDVGHPHGLGDVGHKHFKRFRQH[DV\DFFHVRULDVVHUiSRVLEOHODSUHVHQWDFLyQ
GH QXHYD SUXHED TXH GHPXHVWUH TXH ODV OHVLRQHV GHQXQFLDGDV DGHPiV GH SHUVLVWLU
FRQWLQ~DQVXVFLWiQGRVHDWUDYpVGHRWUDVDFFLRQHVGHVLPLODUQDWXUDOH]D
(IHFWLYDPHQWH
HO UD]RQDPLHQWR FRQWHQLGR HQ OD 6&3  HV XQ SRVWXODGR MXULVSUXGHQFLDO
GLIHUHQWHYLQFXODGR~QLFDPHQWHDODVYtDVGHKHFKR\ODLPSRVLELOLGDGGHLGHQWLILFDUD
ORV GHPDQGDGRV \ DSOLFDEOH ~QLFDPHQWH DQWH VXSXHVWRV IiFWLFRV VLPLODUHV   2WUR
VXSXHVWR GH IOH[LELOL]DFLyQ HV HO FRQWHQLGR HQ OD 6&3  TXH IOH[LELOL]y OD
OHJLWLPDFLyQSDVLYDHQORVVXSXHVWRVGHLQVWDQFLDVGHGLUHFFLyQYDFDQWHVHQHQWLGDGHV
S~EOLFDV R SULYDGDV GHWHUPLQDQGR TXH FXDQGR ODV LQVWDQFLDV GH GLUHFFLyQ HQ ODV
HQWLGDGHVS~EOLFDVRSULYDGDVTXHGDQYDFDQWHVVHGLULJHODDFFLyQGLUHFWDPHQWHFRQWUD
ODHQWLGDGTXHKXELHUHYXOQHUDGRGHUHFKRVVLQLGHQWLILFDUDXWRULGDGHVRSHUVRQHURV
/D6&3FLUFXQVFULWDDORVSURFHVRVSHQDOHVHVWDEOHFLyTXHD~QQRVHKXELHUH
SODQWHDGR OD DFFLyQ FRQWUD HO UHSUHVHQWDQWH GHO 0LQLVWHULR 3~EOLFR \ VL FRQWUD ODV
DXWRULGDGHVTXHHMHUFLHURQHOFRQWUROMXULVGLFFLRQDOHQODHWDSDSUHSDUDWRULDHO-XH]GH
,QVWUXFFLyQHQOR3HQDORVWHQWDOHJLWLPDFLyQSDVLYDSRUTXHWLHQHODIDFXOWDGGHFRQWURODU
ODLQYHVWLJDFLyQHIHFWXDGDSRUSDUWHGHOyUJDQRGHSHUVHFXFLyQSHQDODVHJXUDQGRTXHHO
PLVPRVHUHDOLFHHQHOPDUFRGHOUHVSHWRGHOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR7UDWDGRV
\&RQYHQLRVLQWHUQDFLRQDOHVDVtFRPRHOWULEXQDOGHDSHODFLyQWLHQHHOGHEHUGHYHULILFDU
ORV DFWRV GH OD DXWRULGDG GH UDQJR LQIHULRU FXDQGR QR UHSDUDURQ ORV DFWRV LOHJDOHV X
RPLVLRQHVLQGHELGDVHQODVTXHKXELHUDLQFXUULGRHO0LQLVWHULR3~EOLFR


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

/D6&5HQVX)M,,,GLVSRQHHQDTXHOORVFDVRVHQORV
TXHHODFWRGHQXQFLDGRFRPRLOHJDOHVHMHFXWDGRSRUXQDDXWRULGDG\HV
RWUD OD FRPSHWHQWH SDUD UHYLVDU HVD DFWXDFLyQ D HIHFWR GH PRGLILFDU
FRQILUPDURUHYRFDUHODFWRSXHVWRHQVXFRQRFLPLHQWRHOUHFXUVRGHEH
VHULQWHUSXHVWRFRQWUDDPEDVDXWRULGDGHVDOWHQHUOHJLWLPDFLyQSDVLYDOD
SULPHUDSRUHMHFXWDUHODFWRLOHJDO\ODVHJXQGDSRUQRFRUUHJLUORGH
PRGRTXHDOVHUDPEDVUHVSRQVDEOHVGHEHQDVXPLUODVFRQVHFXHQFLDVGH
VXVDFWRV

,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

'HDFXHUGRDODKLVWRULDGHODOtQHDMXULVSUXGHQFLDOGHVFULWDVHHVWDEOHFH
ORVLJXLHQWH (QFXDQWRDORVFDVRVGHVXFHVLyQGHOFDUJRHOHVWiQGDU
PiVDOWRVHHQFXHQWUDFRQWHQLGRHQOD6&3FRPSOHPHQWDGD
SRUOD6&3 (QFXDQWRD7ULEXQDOHVXyUJDQRVFROHJLDGRV
HOHVWiQGDUPiVDOWRHVWiSODVPDGRHQOD5 5HVSHFWRDORV
VXSXHVWRVGHIOH[LELOL]DFLyQGHODOHJLWLPDFLyQSDVLYDHOHVWiQGDUPiV
DOWRHVWiSODVPDGRHQODV6&3\6&3
W


dW^:d





)LFKD

7LSR-XULVSUXGHQFLD

-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO


6&3   /D DFFLyQ GH DPSDUR FRQVWLWXFLRQDO GHEH VHU


SUHVHQWDGDFRQWUDODDXWRULGDGTXHRVWHQWDEDHOFDUJRGHVGHHOFXDO
FRPHWLyHODFWRLOHJDO\ODVQXHYDVDXWRULGDGHVTXHSXHGDQVXEVDQDUR
HQPHQGDUHOVXSXHVWRDFWRLOHJDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH $PSDUR &RQVWLWXFLRQDO HO DFFLRQDQWH DOHJy OD
YXOQHUDFLyQ GHO GHUHFKR DO GHELGR SURFHVR DGXFLHQGR TXH ODV
DXWRULGDGHVGHPDQGDGDVXVXUSDURQIXQFLRQHVFRQODHPLVLyQGHXQ$XWR
6XSUHPRLPSXJQDGR\DTXHDWUDYpVGHpODPSOLDURQHOFRQWHQLGRGHO
3URJUDPD 7UDQVLWRULR 9ROXQWDULR \ ([FHSFLRQDO TXH VXSXHVWDPHQWH
VyORHVWDEDSUHYLVWRSDUDODUHJXODFLyQGHFLHUWRSHULRGR\VLQODGHELGD
PRWLYDFLyQGHFODUDURQLQIXQGDGRVXUHFXUVRGHFDVDFLyQOHJLVODQGRH
LQWHUSUHWDQGR HO FRQWHQLGR GH OH\HV \ GHFUHWRV VXSUHPRV SUHYLVWRV DO
HIHFWR(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHQUHYLVLyQFRQILUPyOD
UHVROXFLyQTXHGHQHJyODWXWHODVLQLQJUHVDUDODQiOLVLVGHIRQGRGHOD
SUREOHPiWLFDSODQWHDGDSRUIDOWDGHOHJLWLPDFLyQSDVLYD

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
VLELHQORVH[0LQLVWURVRVWHQWDUtDQOHJLWLPDFLyQSDVLYDSDUD
VHU GHPDQGDGRV HQ OD SUHVHQWH DFFLyQ GH DPSDUR FRQVWLWXFLRQDO VLQ
HPEDUJRDOWUDWDUVHGHXQDFDXVDWUDPLWDGDDQWHVGHOGHGLFLHPEUHGH
 FXDOTXLHU HYHQWXDOLGDG UHODFLRQDGD D HOOD GHEHUi VHU UHVXHOWD
QHFHVDULDPHQWHSRUORV0DJLVWUDGRV/LTXLGDGRUHV\QRSRUODVQXHYDV
DXWRULGDGHV WLWXODUHV SRU H[LVWLU LPSRVLELOLGDG OHJDO GH TXH SXHGDQ
FRQRFHUFDXVDVDQWHULRUHVDVXSRVHVLyQ

(Q FRQVHFXHQFLD ORV 0DJLVWUDGRV GH OD 6DOD 6RFLDO GHO 7ULEXQDO
6XSUHPR GH -XVWLFLD FDUHFHQ GH OHJLWLPDFLyQ SDVLYD SDUD VHU
GHPDQGDGRVHQODSUHVHQWHDFFLyQGHDPSDURFRQVWLWXFLRQDOWRGDYH]
TXHSRULPSHULRGHODOH\QRSXHGHQVXVWDQFLDUFDXVDVDQWHULRUHVDOD
W


dW^:d


IHFKD GH VX SRVHVLyQ VLHQGR DVt TXH OD OHJLWLPDFLyQ SDVLYD QR VyOR
FRQVLVWH HQ OD UHODFLyQ TXH GHEH H[LVWLU HQWUH OD DXWRULGDG TXH
VXSXHVWDPHQWHRFDVLRQyODOHVLyQDORVGHUHFKRV\JDUDQWtDV\DTXHOOD
FRQWUDTXLHQVHGLULJHODDFFLyQVLQRUHVLGHWDPELpQHQTXHGHEHHVWDU
GLULJLGDDGHPiVFRQWUDODDXWRULGDGTXHSXHGDVXEVDQDURHQPHQGDUHO
VXSXHVWRDFWRLOHJDO



HQ HO FDVR SUHVHQWH DO QR KDEHUVH LQJUHVDGR DO IRQGR GH OD
SUREOHPiWLFDSODQWHDGDVHVDOYDHOGHUHFKRTXHWLHQHHODFFLRQDQWHGH
GLULJLUODDFFLyQWDPELpQFRQWUDORV0DJLVWUDGRVVXSOHQWHVGHO7ULEXQDO
6XSUHPRGH-XVWLFLDTXHIXQJHQFRPROLTXLGDGRUHVWRPDQGRHQFXHQWD
HOSOD]RGHFDGXFLGDGSUHYLVWRSDUDHVWDDFFLyQFRQIRUPHDODUW,,
GHOD&3(\VXLQWHUUXSFLyQSURGXFLGDSRUODLQWHUSRVLFLyQGHOSUHVHQWH
DPSDURFRQVWLWXFLRQDO


6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SRU IDOWD GH OHJLWLPDFLyQ
SDVLYDSRUTXHVLELHQORVH[0LQLVWURVRVWHQWDUtDQOHJLWLPDFLyQSDVLYD
SDUDVHUGHPDQGDGRVVLQHPEDUJRDOWUDWDUVHGHXQDFDXVDWUDPLWDGD
DQWHVGHOGHGLFLHPEUHGHFXDOTXLHUHYHQWXDOLGDGUHODFLRQDGDD
HOOD GHEHUi VHU UHVXHOWD QHFHVDULDPHQWH SRU ORV 0DJLVWUDGRV
/LTXLGDGRUHV \ QR SRU ODV QXHYDV DXWRULGDGHV WLWXODUHV SRU H[LVWLU
LPSRVLELOLGDG OHJDO GH TXH SXHGDQ FRQRFHU FDXVDV DQWHULRUHV D VX
SRVHVLyQGHELHQGRKDEHUVH
GLULJLGRODDFFLyQFRQWUDODDXWRULGDGTXHSXHGDVXEVDQDURHQPHQGDUHO
VXSXHVWRDFWRLOHJDO

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/DOtQHDMXULVSUXGHQFLDOGHO7ULEXQDO&RQVWLWXFLRQDOVREUHODOHJLWLPDFLyQSDVLYDHQOD
DFFLyQ GH DPSDUR FRQVWLWXFLRQDO LQLFLy FRQ OD 6& 5 HPSHUR IXH OD 6&
5TXHGHILQLyODOHJLWLPDFLyQSDVLYDVHxDODQGRTXHpVWDGHEHVHUHQWHQGLGD
FRPRODFRLQFLGHQFLDTXHVHGDHQWUHODDXWRULGDGTXHSUHVXQWDPHQWHFDXVyODYLRODFLyQ
DORVGHUHFKRV\DTXHOODFRQWUDTXLHQVHGLULJHODDFFLyQHQWHQGLPLHQWRDVXPLGRSRUODV
66&& 5 5 5 5 \ 5 HQWUH
RWUDV UD]RQDPLHQWR WDPELpQ FRQILUPDGR SRU OD 6&3  SURQXQFLDGD SRU HO
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO $VLPLVPR OD MXULVSUXGHQFLD FRQVWLWXFLRQDO
GLIHUHQFLy ODV VLWXDFLRQHV HVSHFLDOHV HQ OD OHJLWLPDFLyQ SDVLYD JHQHUDQGR YDULDV
VXEUHJODV UHIHULGDV D  /RV FDVRV GH VXFHVLyQ R FDPELR GH DXWRULGDGHV E  $FWR R
UHVROXFLyQ UHYLVDGD SRU XQ WULEXQDO VXSHULRU F  7ULEXQDOHV X yUJDQRV FROHJLDGRV G 
&DPELRGHVLWXDFLyQMXUtGLFDGHOGHPDQGDGR
D  6REUH OD OHJLWLPDFLyQ SDVLYD HQ ORV FDVRV GH VXFHVLyQ R FDPELR GH DXWRULGDGHV OD
MXULVSUXGHQFLD FRQVWLWXFLRQDO WLHQH HO VLJXLHQWH GHVDUUROOR  /D 6& 
HVWDEOHFLyTXH
ODGHPDQGDGHEHHVWDUGLULJLGDFRQWUDODDXWRULGDGTXHRVWHQWHHOFDUJR
GHVGHHOFXDOVHUHDOL]yHODFWRLOHJDORVHLQFXUULyHQODRPLVLyQLQGHELGDVLQTXHHOOR
LPSOLTXH TXH HQ FDVR GH H[LVWLU UHVSRQVDELOLGDGHV SHUVRQDOtVLPDV FRPR OD SHQDO HO
IXQFLRQDULRTXHKD\D DFFHGLGR DO FDUJR FRQ SRVWHULRULGDG DO DFWR OHVLYR GH GHUHFKRV
WHQJD TXH DVXPLU ODV FRQVHFXHQFLDV ~QLFDPHQWH SRU HQFRQWUDUVH HQ IXQFLRQHV DO

W


dW^:d
PRPHQWRGHLQLFLDUVHODGHPDQGD\SRUTXHpVWDKD\DVLGRGLULJLGDHQVXFRQWUD

/D
6&5GHWHUPLQy
 HQDTXHOORVFDVRVHQORVTXHHODFWRGHQXQFLDGRFRPR
LOHJDOHVHMHFXWDGRSRUXQDDXWRULGDG\HVRWUDODFRPSHWHQWHSDUDUHYLVDUHVDDFWXDFLyQ
DHIHFWRGHPRGLILFDUFRQILUPDURUHYRFDUHODFWRSXHVWRHQVXFRQRFLPLHQWRHOUHFXUVR
GHEHVHULQWHUSXHVWRFRQWUDDPEDVDXWRULGDGHVDOWHQHUOHJLWLPDFLyQSDVLYDODSULPHUD
SRU HMHFXWDU HO DFWR LOHJDO \ OD VHJXQGD SRU QR FRUUHJLUORGH PRGRTXH DO VHU DPEDV
UHVSRQVDEOHVGHEHQDVXPLUODVFRQVHFXHQFLDVGHVXVDFWRV
5D]RQDPLHQWRUHLWHUDGRSRU
ODV66&&5\5HQWUHRWUDV\FRQILUPDGRSRUSULPHUDYH]SRUOD
6&33RVWHULRUPHQWHOD6&3PRGXODQGRGLFKRHQWHQGLPLHQWR
HVWDEOHFHTXHODGHPDQGDSRGUiVHUSUHVHQWDGDFRQWUDODDXWRULGDGTXHFRPHWLyHODFWR
LOHJDOD~Q\DQRRVWHQWHHOFDUJRRODIXQFLyQHQODTXHVHHQFRQWUDED\TXHHQJHQHUDO
HVSRVLEOHGHPDQGDUFRQWUDHOFDUJRRODIXQFLyQS~EOLFDHQFX\RHMHUFLFLRVHFRPHWLyHO
VXSXHVWRDFWRLOHJDO$VXYH]OD6&3PRGXOyHVWH~OWLPRUD]RQDPLHQWR
HVWDEOHFLy TXH WDQWR SDUD OD IDVH GH OD DGPLVLELOLGDG HQ ODV DFFLRQHV GH DPSDUR
FRQVWLWXFLRQDO FRPR SDUD OD IDVH GHOLEHUDWLYD \ GH GHFLVLyQ GRQGH VH DQDOL]D OD
OHJLWLPDFLyQSDVLYDHQWRGDVODVDFFLRQHVGHGHIHQVDHVVXILFLHQWHLGHQWLILFDUHOFDUJR
RODIXQFLyQS~EOLFDHQFX\RHMHUFLFLRVHFRPHWLHURQORVVXSXHVWRVDFWRVLOHJDOHVHQORV
FDVRV GH FHVDQWtD GH VHUYLGRUHV S~EOLFRV  /D 6&3  UHDOL]DQGR RWUD
PRGXODFLyQGHWHUPLQyTXHODDFFLyQGHDPSDURFRQVWLWXFLRQDOSXHGHVHUSUHVHQWDGDGH
PDQHUDDOWHUQDWLYDFRQWUDODH[ DXWRULGDGTXHFRPHWLyHODFWRLOHJDOFRQWUDODQXHYD
DXWRULGDGRFRQWUDHOFDUJRRODIXQFLyQS~EOLFDHQFX\RHMHUFLFLRVHFRPHWLHURQORVDFWRV
VXSXHVWDPHQWH LOHJDOHV   $VLPLVPR OD 6&3  H[WLHQGH HVWH ~OWLPR
UD]RQDPLHQWRDHQWLGDGHVRLQVWLWXFLRQHVSULYDGDV
E  6REUH HO DFWR R UHVROXFLyQ UHYLVDGD SRU XQ WULEXQDO VXSHULRU OD MXULVSUXGHQFLD
FRQVWLWXFLRQDOWLHQHHOVLJXLHQWHGHVDUUROOR/D6&5HVWDEOHFLyTXHODRHO
DJUDYLDGR
GHEHDFXVDUHODFWRLQGHELGRRLOHJDOFRQVWLWXLGR\DVHDHQXQDFWRSURFHVDO
R HQ XQD UHVROXFLyQ DQWH OD LQVWDQFLD ~OWLPD SXHV GH QR KDFHUOR OD WXWHOD UHVXOWDUtD
LQHILFD]SRUFXDQWRQRVHSXHGHFRPSXOVDUODSUREOHPiWLFD VLQRKDVLGRUHFXUULGDOD
DXWRULGDG R SHUVRQD TXH WLHQH OD IDFXOWDG GH UHYLVDU FRQVLJXLHQWHPHQWH PRGLILFDU
FRQILUPDURUHYRFDUHODFWRRUHVROXFLyQSXHVWRHQVXFRQRFLPLHQWR\DTXHHQOD~OWLPD
LQVWDQFLDVLVHDFXVDHODFWRLOHJDOXRPLVLyQLQGHELGDVHUHVROYHUiGHILQLWLYDPHQWHGH
PDQHUDTXHTXLHQGHEHUiUHVSRQGHUSRUODOHVLyQDOGHUHFKRIXQGDPHQWDO\UHSDUDUORHQ
IRUPD LQPHGLDWD VHUi OD DXWRULGDG R WULEXQDO TXH WHQJD OHJDOPHQWH OD DWULEXFLyQ GH
FRQRFHU HQ ~OWLPD LQVWDQFLD \ SRU OR PLVPR SDUD HO FDVR GH QR UHSDUDU OD OHVLyQ DO
PRPHQWRGHUHVROYHUHOUHFXUVRRUGLQDULRHVTXLHQWLHQHODOHJLWLPDFLyQSDVLYDSDUDVHU
GHPDQGDGR UHVSRQGHU \ FXPSOLU OR TXH VH RUGHQH HQ HVWD MXULVGLFFLyQ
   (VWH
UD]RQDPLHQWRSRVWHULRUPHQWHIXHPRGXODGRSRUOD6&5HVWDEOHFLHQGRTXH

HQ DTXHOORV FDVRV HQ ORV TXH HO DFWR GHQXQFLDGR FRPR LOHJDO HV HMHFXWDGR SRU XQD
DXWRULGDG \ HV RWUD OD FRPSHWHQWH SDUD UHYLVDU HVD DFWXDFLyQ D HIHFWR GH PRGLILFDU
FRQILUPDURUHYRFDUHODFWRSXHVWRHQVXFRQRFLPLHQWRHOUHFXUVRGHEHVHULQWHUSXHVWR
FRQWUDDPEDVDXWRULGDGHVDOWHQHUOHJLWLPDFLyQSDVLYDODSULPHUDSRUHMHFXWDUHODFWR
LOHJDO\ODVHJXQGDSRUQRFRUUHJLUORGHPRGRTXHDOVHUDPEDVUHVSRQVDEOHVGHEHQ
DVXPLUODVFRQVHFXHQFLDVGHVXVDFWRV&DEHDFODUDUTXHOD6&5FRPRODV
66&& 5 5 5 HQWUH RWUDV XWLOL]DURQ HVWD OtQHD
MXULVSUXGHQFLDOFXDQGRVHGHPDQGyDODVDXWRULGDGHVTXHHMHFXWDURQHODFWRRUHVROXFLyQ
VXSXHVWDPHQWH LOHJDO \ QR FRQWUD TXLHQHV ORV UHYLVDURQ GHQHJiQGRVH OD WXWHOD FRQ HO
DUJXPHQWRTXHHOUHFXUVRWDPELpQGHELyVHUGLULJLGRFRQWUDHVWRV~OWLPRV/D6&3
FRQILUPyLPSOtFLWDPHQWHHVWHUD]RQDPLHQWRDXQVXSXHVWRGLIHUHQWHSXHVHQ
HVWHFDVRODDFFLyQVHGLULJLyFRQWUDODVDXWRULGDGHVTXHUHYLVDURQODUHVROXFLyQHQ~OWLPD
LQVWDQFLDSHURQRDVtFRQWUDORVLQIHULRUHVSRUFX\RPRWLYRVHGHQHJyODWXWHOD(PSHUR
ODV66&&HQWUHRWUDVGHQHJDURQODWXWHOD
SRUTXHODDFFLyQQRVHGLULJLyFRQWUDOD~OWLPDLQVWDQFLDRDXWRULGDGHVTXHWXYLHURQOD
RSRUWXQLGDGGHPRGLILFDUFRQILUPDURUHYRFDUHODFWRSXHVWRDVXFRQRFLPLHQWR
F  6REUH ORV FDVRV GH 7ULEXQDOHV X yUJDQRV FROHJLDGRV OD OtQHD MXULVSUXGHQFLDO HV OD
VLJXLHQWH  (O 7ULEXQDO &RQVWLWXFLRQDO HQ ODV 66&& 5 5
5\5HQWUHRWUDVHVWDEOHFLyTXHSDUDTXHVHDYLDEOHHO DPSDUR

W


dW^:d


FRQVWLWXFLRQDOGHEHVHUSODQWHDGRFRQWUDWRGRVORVPLHPEURVTXHDVXPLHURQODGHFLVLyQ
DFWRRUHVROXFLyQSUHVXQWDPHQWHLOHJDO6LQHPEDUJRGLFKDVXEUHJODIXH PRGXODGD
SRU OD 6& 5 HQ ORV FDVRV GH HQWHV FROHJLDGRV FRQ PLHPEURV QXPHURVRV
GHWHUPLQDQGR OD SRVLELOLGDG GH QRWLILFDU ~QLFDPHQWH DO UHSUHVHQWDQWH OHJDO FXDQGR OD
QRWLILFDFLyQDWRGRVORVPLHPEURVVHFRQYLHUWDHQEDUUHUDSDUDHODFFHVRLQPHGLDWRDOD
WXWHOD/D6&3DWUDYpVGHXQDPRGXODFLyQLPSOtFLWDSUHFLVyTXHHVSRVLEOH
LQJUHVDU DO DQiOLVLV GH IRQGR FXDQGR QR VH FDXVy LQGHIHQVLyQ D ORV TXH IXHURQ
GHPDQGDGRVHVGHFLUTXHDSHVDUGHQRKDEHUVHGLULJLGRODDFFLyQGHDPSDURFRQWUD
WRGRV ORV PLHPEURV TXHSURYRFDURQ HO DFWRLOHJDO GHQXQFLDGR XQR R PiV GH ORV TXH
IXHURQFLWDGRVDVXPLHURQGHIHQVD
G 6REUHHOFDPELRGHVLWXDFLyQMXUtGLFDGHOGHPDQGDGROD6&3HVWDEOHFLy
TXHH[LVWHIDOWDGHOHJLWLPDFLyQSDVLYDHQDFFLRQHVGHDPSDURFRQVWLWXFLRQDOFXDQGROD
SDUWH DFFLRQDQWH VLQ DUJXPHQWDFLyQ HQ XQ PHPRULDO SRVWHULRU DO GH OD GHPDQGD
PRGLILFD OD FDOLGDG GH SDUWH GHPDQGDGD D WHUFHUR LQWHUHVDGR VXSXHVWR HQ HO FXDO HQ
FXDQWRDODVSHUVRQDVTXHVHFDPELDVXVLWXDFLyQSURFHVDOODWXWHODVHUiGHQHJDGD
H 'HRWURODGRODMXULVSUXGHQFLDFRQVWLWXFLRQDOWDPELpQKDGHVDUUROODGRVXSXHVWRVGH
IOH[LELOL]DFLyQDODOHJLWLPDFLyQSDVLYDUHVSHFWRDODH[LJHQFLDGHGLULJLUODDFFLyQGH
DPSDURFRQVWLWXFLRQDOFRQWUDODSHUVRQDSDUWLFXODURDXWRULGDGTXHRFDVLRQyHODJUDYLR
RDFWROHVLYRGHQXQFLDGRDVt/D6&3HVWDEOHFLyTXHSDUDHOFDVRGHYtDV
GH KHFKR GH PDQHUD H[FHSFLRQDO SRGUi DFWLYDUVH OD WXWHOD VLQ LGHQWLILFDU D OD SDUWH
GHPDQGDGD FXDQGR SRU ODV FLUFXQVWDQFLDV SDUWLFXODUHV GHO FDVR QR VHD SRVLEOH XQD
GHWHUPLQDFLyQGHSHUVRQDVTXHLQFXUUDQHQYtDVGHKHFKRHQFX\RRUGHQSDUDDVHJXUDU
XQD HTXLGDG SURFHVDO D ODV SHUVRQDV TXH QR IXHURQ H[SUHVDPHQWH FLWDGDV FRPR
GHPDQGDGDV\TXHSXGLHUHQVHUDIHFWDGDVFRQORVHIHFWRVGHXQDHYHQWXDOFRQFHVLyQGH
WXWHOD SRU YtDV GH KHFKR QR VH OHV DSOLFD HO SULQFLSLR GH SUHFOXVLyQ SURFHVDO SDUD OD
SUHVHQWDFLyQGHSUXHEDVXRWURVPHGLRVGHPHGLRVGHGHIHQVD&DEHDFODUDUFRPROD
PLVPD6&3VHxDOyODH[FHSFLyQDOSULQFLSLRGHSUHFOXVLyQ\ODSRVLELOLGDG
GHSUHVHQWDFLyQGHSUXHEDHVWDEOHFLGDHQHVDVHQWHQFLDQRLPSOLFDXQDPRGXODFLyQGH
OD6&3HQODTXHVHGHILQLHURQORVVXSXHVWRVHQORVTXHHQODHWDSDGHUHYLVLyQ
DQWHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHVSRVLEOHODSUHVHQWDFLyQGHQXHYDSUXHED
UHIHULGDV
3UXHEDTXHQRSXGRVHUSUHVHQWDGDRSRUWXQDPHQWHDQWHHOMXH]RWULEXQDO
GHJDUDQWtDVVLHPSUH\FXDQGRVHMXVWLILTXHQODVUD]RQHVGHHVHLPSHGLPHQWR1XHYD
SUXHED TXH GHPXHVWUH OD SHUVLVWHQFLD GH ODV OHVLRQHV GHQXQFLDGDV D SDUWLU GHO PLVPR
KHFKRJHQHUDGRUORTXHQRLPSOLFDODDPSOLDFLyQGHORVIXQGDPHQWRVGHODDFFLyQ\
3DUDGHQXQFLDVGHPHGLGDVGHKHFKRFRQH[DV\DFFHVRULDVVHUiSRVLEOHODSUHVHQWDFLyQ
GH QXHYD SUXHED TXH GHPXHVWUH TXH ODV OHVLRQHV GHQXQFLDGDV DGHPiV GH SHUVLVWLU
FRQWLQ~DQVXVFLWiQGRVHDWUDYpVGHRWUDVDFFLRQHVGHVLPLODUQDWXUDOH]D
(IHFWLYDPHQWH
HO UD]RQDPLHQWR FRQWHQLGR HQ OD 6&3  HV XQ SRVWXODGR MXULVSUXGHQFLDO
GLIHUHQWHYLQFXODGR~QLFDPHQWHDODVYtDVGHKHFKR\ODLPSRVLELOLGDGGHLGHQWLILFDUD
ORV GHPDQGDGRV \ DSOLFDEOH ~QLFDPHQWH DQWH VXSXHVWRV IiFWLFRV VLPLODUHV   2WUR
VXSXHVWR GH IOH[LELOL]DFLyQ HV HO FRQWHQLGR HQ OD 6&3  TXH IOH[LELOL]y OD
OHJLWLPDFLyQSDVLYDHQORVVXSXHVWRVGHLQVWDQFLDVGHGLUHFFLyQYDFDQWHVHQHQWLGDGHV
S~EOLFDV R SULYDGDV GHWHUPLQDQGR TXH FXDQGR ODV LQVWDQFLDV GH GLUHFFLyQ HQ ODV
HQWLGDGHVS~EOLFDVRSULYDGDVTXHGDQYDFDQWHVVHGLULJHODDFFLyQGLUHFWDPHQWHFRQWUD
ODHQWLGDGTXHKXELHUHYXOQHUDGRGHUHFKRVVLQLGHQWLILFDUDXWRULGDGHVRSHUVRQHURV
/D6&3FLUFXQVFULWDDORVSURFHVRVSHQDOHVHVWDEOHFLyTXHD~QQRVHKXELHUH
SODQWHDGR OD DFFLyQ FRQWUD HO UHSUHVHQWDQWH GHO 0LQLVWHULR 3~EOLFR \ VL FRQWUD ODV
DXWRULGDGHVTXHHMHUFLHURQHOFRQWUROMXULVGLFFLRQDOHQODHWDSDSUHSDUDWRULDHO-XH]GH
,QVWUXFFLyQHQOR3HQDORVWHQWDOHJLWLPDFLyQSDVLYDSRUTXHWLHQHODIDFXOWDGGHFRQWURODU
ODLQYHVWLJDFLyQHIHFWXDGDSRUSDUWHGHOyUJDQRGHSHUVHFXFLyQSHQDODVHJXUDQGRTXHHO
PLVPRVHUHDOLFHHQHOPDUFRGHOUHVSHWRGHOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR7UDWDGRV
\&RQYHQLRVLQWHUQDFLRQDOHVDVtFRPRHOWULEXQDOGHDSHODFLyQWLHQHHOGHEHUGHYHULILFDU
ORV DFWRV GH OD DXWRULGDG GH UDQJR LQIHULRU FXDQGR QR UHSDUDURQ ORV DFWRV LOHJDOHV X
RPLVLRQHVLQGHELGDVHQODVTXHKXELHUDLQFXUULGRHO0LQLVWHULR3~EOLFR


W


dW^:d

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

/D6&5HQVX)M,,,GLVSRQHHQDTXHOORVFDVRVHQORV
TXHHODFWRGHQXQFLDGRFRPRLOHJDOHVHMHFXWDGRSRUXQDDXWRULGDG\HV
RWUD OD FRPSHWHQWH SDUD UHYLVDU HVD DFWXDFLyQ D HIHFWR GH PRGLILFDU
FRQILUPDURUHYRFDUHODFWRSXHVWRHQVXFRQRFLPLHQWRHOUHFXUVRGHEH
VHULQWHUSXHVWRFRQWUDDPEDVDXWRULGDGHVDOWHQHUOHJLWLPDFLyQSDVLYDOD
SULPHUDSRUHMHFXWDUHODFWRLOHJDO\ODVHJXQGDSRUQRFRUUHJLUORGH
PRGRTXHDOVHUDPEDVUHVSRQVDEOHVGHEHQDVXPLUODVFRQVHFXHQFLDVGH
VXVDFWRV

,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

'HDFXHUGRDODKLVWRULDGHODOtQHDMXULVSUXGHQFLDOGHVFULWDVHHVWDEOHFH
ORVLJXLHQWH (QFXDQWRDORVFDVRVGHVXFHVLyQGHOFDUJRHOHVWiQGDU
PiVDOWRVHHQFXHQWUDFRQWHQLGRHQOD6&3FRPSOHPHQWDGD
SRUOD6&3 (QFXDQWRD7ULEXQDOHVXyUJDQRVFROHJLDGRV
HOHVWiQGDUPiVDOWRHVWiSODVPDGRHQOD5 5HVSHFWRDORV
VXSXHVWRVGHIOH[LELOL]DFLyQGHODOHJLWLPDFLyQSDVLYDHOHVWiQGDUPiV
DOWRHVWiSODVPDGRHQODV6&3\6&3



1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3(QDFFLRQHVGHDPSDURFRQVWLWXFLRQDOODGHPDQGD
SRGUiVHUSUHVHQWDGDFRQWUDODDXWRULGDGTXHFRPHWLyHODFWRLOHJDO
D~Q\DQRRVWHQWHHOFDUJRRODIXQFLyQHQODTXHVHHQFRQWUDED\HQ
JHQHUDOHVSRVLEOHGHPDQGDUFRQWUDHOFDUJRRODIXQFLyQS~EOLFDHQ
FX\RHMHUFLFLRVHFRPHWLyHOVXSXHVWRDFWRLOHJDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HO DERJDGR DSRGHUDGR
FRQVLGHUy YXOQHUDGR HO GHUHFKR DO GHELGR SURFHVR SRU FXDQWR ODV
DXWRULGDGHVGHPDQGDGDVGLFWDURQ5HVROXFLRQHVVLQPRWLYDFLyQDOJXQD
DSUREDQGR\FRQILUPDQGRODSODQLOODGHUHFiOFXORGHDFWXDOL]DFLyQGH
W


dW^:d


SDJRGHEHQHILFLRVVRFLDOHVSHURFDOFXODQGRHOGREOHGHODPXOWDFRQ
UHWUDVR(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHQUHYLVLyQFRQILUPy
OD UHVROXFLyQ TXH GHQHJy OD WXWHOD SHUR DQWHV KL]R UHIHUHQFLD D OD
OHJLWLPDFLyQSDVLYDHQPpULWRDTXHODDFFLyQGHDPSDURFRQVWLWXFLRQDO
VH SUHVHQWy FRQWUD ORV YRFDOHV TXH HQ VX PRPHQWR SURQXQFLDURQ OD
VXSXHVWDUHVROXFLyQLOHJDOSHURQRDVtFRQWUDORVYRFDOHVDFWXDOPHQWH
FRQIRUPDQ6DOD

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
(QHOFDVRFRQFUHWRHODFFLRQDQWHSUHVHQWyODDFFLyQGHDPSDUR
FRQVWLWXFLRQDOFRQWUDORV9RFDOHVGHOD6DOD6RFLDO\$GPLQLVWUDWLYDGHO
7ULEXQDO 'HSDUWDPHQWDO GH -XVWLFLD GH &KXTXLVDFD DXWRULGDGHV
MXGLFLDOHV TXH DO PRPHQWR GH GLFWDU OD 5HVROXFLyQ LPSXJQDGD $XWR
 GH  GH DJRVWR GHVHPSHxDEDQ HVDV IXQFLRQHV
SDUWLFXODUPHQWH FRQWUD HO YRFDO &pVDU 6XiUH] 6DDYHGUD \ TXH SRU HO
LQIRUPH SUHVHQWDGR SRU HO YRFDO 5RGULJR (ULFN 0LUDQGD )ORUHV VH
HYLGHQFLDTXHHQPpULWRDXQDUHRUJDQL]DFLyQGHODV6DODVHVSHFLDOL]DGDV
GH HVH 7ULEXQDO \ SHVH D QR LQWHUYHQLU HQ HO IDOOR DKRUD FXHVWLRQDGR
RVWHQWD OD OHJLWLPDFLyQ SDVLYD FRQIRUPH D OD MXULVSUXGHQFLD
GHVDUUROODGDTXLHQQRDVXPLUiODVFRQVHFXHQFLDVTXHSXGLHUDQGHYHQLU
HQ XQD UHVSRQVDELOLGDG FRQVWLWXFLRQDO SRUTXH HQ UHDOLGDG OR TXH VH
EXVFDDWUDYpVGHHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOQRHVGHWHUPLQDU
ODUHVSRQVDELOLGDGVLQRODSURWHFFLyQFRQWUDODVOHVLRQHV\DPHQD]DVD
ORVGHUHFKRVIXQGDPHQWDOHV\JDUDQWtDVFRQVWLWXFLRQDOHV


6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SHUR SUHYLDPHQWH FRQ
UHODFLyQDODOHJLWLPDFLyQSDVLYDGHODDXWRULGDGDFFLRQDGDHVWDEOHFHTXH
ODGHPDQGDSRGUiVHUSUHVHQWDGDFRQWUDODDXWRULGDGTXHFRPHWLyHODFWR
LOHJDO D~Q \D QR RVWHQWH HO FDUJR HPSHUR VyOR D HIHFWRV GH XQD
UHVSRQVDELOLGDGLQVWLWXFLRQDO\QRDVtGHXQDGHFDUiFWHUSHUVRQDO

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/DOtQHDMXULVSUXGHQFLDOGHO7ULEXQDO&RQVWLWXFLRQDOVREUHODOHJLWLPDFLyQSDVLYDHQOD
DFFLyQ GH DPSDUR FRQVWLWXFLRQDO LQLFLy FRQ OD 6& 5 HPSHUR IXH OD 6&
5TXHGHILQLyODOHJLWLPDFLyQSDVLYDVHxDODQGRTXHpVWDGHEHVHUHQWHQGLGD
FRPRODFRLQFLGHQFLDTXHVHGDHQWUHODDXWRULGDGTXHSUHVXQWDPHQWHFDXVyODYLRODFLyQ
DORVGHUHFKRV\DTXHOODFRQWUDTXLHQVHGLULJHODDFFLyQHQWHQGLPLHQWRDVXPLGRSRUODV
66&& 5 5 5 5 \ 5 HQWUH
RWUDV UD]RQDPLHQWR WDPELpQ FRQILUPDGR SRU OD 6&3  SURQXQFLDGD SRU HO
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO $VLPLVPR OD MXULVSUXGHQFLD FRQVWLWXFLRQDO
GLIHUHQFLy ODV VLWXDFLRQHV HVSHFLDOHV HQ OD OHJLWLPDFLyQ SDVLYD JHQHUDQGR YDULDV
VXEUHJODV UHIHULGDV D  /RV FDVRV GH VXFHVLyQ R FDPELR GH DXWRULGDGHV E  $FWR R
UHVROXFLyQ UHYLVDGD SRU XQ WULEXQDO VXSHULRU F  7ULEXQDOHV X yUJDQRV FROHJLDGRV G 
&DPELRGHVLWXDFLyQMXUtGLFDGHOGHPDQGDGR

W


dW^:d

D  6REUH OD OHJLWLPDFLyQ SDVLYD HQ ORV FDVRV GH VXFHVLyQ R FDPELR GH DXWRULGDGHV OD
MXULVSUXGHQFLD FRQVWLWXFLRQDO WLHQH HO VLJXLHQWH GHVDUUROOR  /D 6& 
HVWDEOHFLyTXH
ODGHPDQGDGHEHHVWDUGLULJLGDFRQWUDODDXWRULGDGTXHRVWHQWHHOFDUJR
GHVGHHOFXDOVHUHDOL]yHODFWRLOHJDORVHLQFXUULyHQODRPLVLyQLQGHELGDVLQTXHHOOR
LPSOLTXH TXH HQ FDVR GH H[LVWLU UHVSRQVDELOLGDGHV SHUVRQDOtVLPDV FRPR OD SHQDO HO
IXQFLRQDULRTXHKD\D DFFHGLGR DO FDUJR FRQ SRVWHULRULGDG DO DFWR OHVLYR GH GHUHFKRV
WHQJD TXH DVXPLU ODV FRQVHFXHQFLDV ~QLFDPHQWH SRU HQFRQWUDUVH HQ IXQFLRQHV DO
PRPHQWRGHLQLFLDUVHODGHPDQGD\SRUTXHpVWDKD\DVLGRGLULJLGDHQVXFRQWUD

/D
6&5GHWHUPLQy
 HQDTXHOORVFDVRVHQORVTXHHODFWRGHQXQFLDGRFRPR
LOHJDOHVHMHFXWDGRSRUXQDDXWRULGDG\HVRWUDODFRPSHWHQWHSDUDUHYLVDUHVDDFWXDFLyQ
DHIHFWRGHPRGLILFDUFRQILUPDURUHYRFDUHODFWRSXHVWRHQVXFRQRFLPLHQWRHOUHFXUVR
GHEHVHULQWHUSXHVWRFRQWUDDPEDVDXWRULGDGHVDOWHQHUOHJLWLPDFLyQSDVLYDODSULPHUD
SRU HMHFXWDU HO DFWR LOHJDO \ OD VHJXQGD SRU QR FRUUHJLUORGH PRGRTXH DO VHU DPEDV
UHVSRQVDEOHVGHEHQDVXPLUODVFRQVHFXHQFLDVGHVXVDFWRV
5D]RQDPLHQWRUHLWHUDGRSRU
ODV66&&5\5HQWUHRWUDV\FRQILUPDGRSRUSULPHUDYH]SRUOD
6&33RVWHULRUPHQWHOD6&3PRGXODQGRGLFKRHQWHQGLPLHQWR
HVWDEOHFHTXHODGHPDQGDSRGUiVHUSUHVHQWDGDFRQWUDODDXWRULGDGTXHFRPHWLyHODFWR
LOHJDOD~Q\DQRRVWHQWHHOFDUJRRODIXQFLyQHQODTXHVHHQFRQWUDED\TXHHQJHQHUDO
HVSRVLEOHGHPDQGDUFRQWUDHOFDUJRRODIXQFLyQS~EOLFDHQFX\RHMHUFLFLRVHFRPHWLyHO
VXSXHVWRDFWRLOHJDO$VXYH]OD6&3PRGXOyHVWH~OWLPRUD]RQDPLHQWR
HVWDEOHFLy TXH WDQWR SDUD OD IDVH GH OD DGPLVLELOLGDG HQ ODV DFFLRQHV GH DPSDUR
FRQVWLWXFLRQDO FRPR SDUD OD IDVH GHOLEHUDWLYD \ GH GHFLVLyQ GRQGH VH DQDOL]D OD
OHJLWLPDFLyQSDVLYDHQWRGDVODVDFFLRQHVGHGHIHQVDHVVXILFLHQWHLGHQWLILFDUHOFDUJR
RODIXQFLyQS~EOLFDHQFX\RHMHUFLFLRVHFRPHWLHURQORVVXSXHVWRVDFWRVLOHJDOHVHQORV
FDVRV GH FHVDQWtD GH VHUYLGRUHV S~EOLFRV  /D 6&3  UHDOL]DQGR RWUD
PRGXODFLyQGHWHUPLQyTXHODDFFLyQGHDPSDURFRQVWLWXFLRQDOSXHGHVHUSUHVHQWDGDGH
PDQHUDDOWHUQDWLYDFRQWUDODH[ DXWRULGDGTXHFRPHWLyHODFWRLOHJDOFRQWUDODQXHYD
DXWRULGDGRFRQWUDHOFDUJRRODIXQFLyQS~EOLFDHQFX\RHMHUFLFLRVHFRPHWLHURQORVDFWRV
VXSXHVWDPHQWH LOHJDOHV   $VLPLVPR OD 6&3  H[WLHQGH HVWH ~OWLPR
UD]RQDPLHQWRDHQWLGDGHVRLQVWLWXFLRQHVSULYDGDV

E  6REUH HO DFWR R UHVROXFLyQ UHYLVDGD SRU XQ WULEXQDO VXSHULRU OD MXULVSUXGHQFLD
FRQVWLWXFLRQDOWLHQHHOVLJXLHQWHGHVDUUROOR/D6&5HVWDEOHFLyTXHODRHO
DJUDYLDGR
GHEHDFXVDUHODFWRLQGHELGRRLOHJDOFRQVWLWXLGR\DVHDHQXQDFWRSURFHVDO
R HQ XQD UHVROXFLyQ DQWH OD LQVWDQFLD ~OWLPD SXHV GH QR KDFHUOR OD WXWHOD UHVXOWDUtD
LQHILFD]SRUFXDQWRQRVHSXHGHFRPSXOVDUODSUREOHPiWLFD VLQRKDVLGRUHFXUULGDOD
DXWRULGDG R SHUVRQD TXH WLHQH OD IDFXOWDG GH UHYLVDU FRQVLJXLHQWHPHQWH PRGLILFDU
FRQILUPDURUHYRFDUHODFWRRUHVROXFLyQSXHVWRHQVXFRQRFLPLHQWR\DTXHHQOD~OWLPD
LQVWDQFLDVLVHDFXVDHODFWRLOHJDOXRPLVLyQLQGHELGDVHUHVROYHUiGHILQLWLYDPHQWHGH
PDQHUDTXHTXLHQGHEHUiUHVSRQGHUSRUODOHVLyQDOGHUHFKRIXQGDPHQWDO\UHSDUDUORHQ
IRUPD LQPHGLDWD VHUi OD DXWRULGDG R WULEXQDO TXH WHQJD OHJDOPHQWH OD DWULEXFLyQ GH
FRQRFHU HQ ~OWLPD LQVWDQFLD \ SRU OR PLVPR SDUD HO FDVR GH QR UHSDUDU OD OHVLyQ DO
PRPHQWRGHUHVROYHUHOUHFXUVRRUGLQDULRHVTXLHQWLHQHODOHJLWLPDFLyQSDVLYDSDUDVHU
GHPDQGDGR UHVSRQGHU \ FXPSOLU OR TXH VH RUGHQH HQ HVWD MXULVGLFFLyQ
   (VWH
UD]RQDPLHQWRSRVWHULRUPHQWHIXHPRGXODGRSRUOD6&5HVWDEOHFLHQGRTXH

HQ DTXHOORV FDVRV HQ ORV TXH HO DFWR GHQXQFLDGR FRPR LOHJDO HV HMHFXWDGR SRU XQD
DXWRULGDG \ HV RWUD OD FRPSHWHQWH SDUD UHYLVDU HVD DFWXDFLyQ D HIHFWR GH PRGLILFDU
FRQILUPDURUHYRFDUHODFWRSXHVWRHQVXFRQRFLPLHQWRHOUHFXUVRGHEHVHULQWHUSXHVWR
FRQWUDDPEDVDXWRULGDGHVDOWHQHUOHJLWLPDFLyQSDVLYDODSULPHUDSRUHMHFXWDUHODFWR
LOHJDO\ODVHJXQGDSRUQRFRUUHJLUORGHPRGRTXHDOVHUDPEDVUHVSRQVDEOHVGHEHQ
DVXPLUODVFRQVHFXHQFLDVGHVXVDFWRV&DEHDFODUDUTXHOD6&5FRPRODV
66&& 5 5 5 HQWUH RWUDV XWLOL]DURQ HVWD OtQHD
MXULVSUXGHQFLDOFXDQGRVHGHPDQGyDODVDXWRULGDGHVTXHHMHFXWDURQHODFWRRUHVROXFLyQ
VXSXHVWDPHQWH LOHJDO \ QR FRQWUD TXLHQHV ORV UHYLVDURQ GHQHJiQGRVH OD WXWHOD FRQ HO
DUJXPHQWRTXHHOUHFXUVRWDPELpQGHELyVHUGLULJLGRFRQWUDHVWRV~OWLPRV/D6&3

W


dW^:d


FRQILUPyLPSOtFLWDPHQWHHVWHUD]RQDPLHQWRDXQVXSXHVWRGLIHUHQWHSXHVHQ
HVWHFDVRODDFFLyQVHGLULJLyFRQWUDODVDXWRULGDGHVTXHUHYLVDURQODUHVROXFLyQHQ~OWLPD
LQVWDQFLDSHURQRDVtFRQWUDORVLQIHULRUHVSRUFX\RPRWLYRVHGHQHJyODWXWHOD(PSHUR
ODV66&&HQWUHRWUDVGHQHJDURQODWXWHOD
SRUTXHODDFFLyQQRVHGLULJLyFRQWUDOD~OWLPDLQVWDQFLDRDXWRULGDGHVTXHWXYLHURQOD
RSRUWXQLGDGGHPRGLILFDUFRQILUPDURUHYRFDUHODFWRSXHVWRDVXFRQRFLPLHQWR
F  6REUH ORV FDVRV GH 7ULEXQDOHV X yUJDQRV FROHJLDGRV OD OtQHD MXULVSUXGHQFLDO HV OD
VLJXLHQWH  (O 7ULEXQDO &RQVWLWXFLRQDO HQ ODV 66&& 5 5
5\5HQWUHRWUDVHVWDEOHFLyTXHSDUDTXHVHDYLDEOHHO DPSDUR
FRQVWLWXFLRQDOGHEHVHUSODQWHDGRFRQWUDWRGRVORVPLHPEURVTXHDVXPLHURQODGHFLVLyQ
DFWRRUHVROXFLyQSUHVXQWDPHQWHLOHJDO6LQHPEDUJRGLFKDVXEUHJODIXH PRGXODGD
SRU OD 6& 5 HQ ORV FDVRV GH HQWHV FROHJLDGRV FRQ PLHPEURV QXPHURVRV
GHWHUPLQDQGR OD SRVLELOLGDG GH QRWLILFDU ~QLFDPHQWH DO UHSUHVHQWDQWH OHJDO FXDQGR OD
QRWLILFDFLyQDWRGRVORVPLHPEURVVHFRQYLHUWDHQEDUUHUDSDUDHODFFHVRLQPHGLDWRDOD
WXWHOD/D6&3DWUDYpVGHXQDPRGXODFLyQLPSOtFLWDSUHFLVyTXHHVSRVLEOH
LQJUHVDU DO DQiOLVLV GH IRQGR FXDQGR QR VH FDXVy LQGHIHQVLyQ D ORV TXH IXHURQ
GHPDQGDGRVHVGHFLUTXHDSHVDUGHQRKDEHUVHGLULJLGRODDFFLyQGHDPSDURFRQWUD
WRGRV ORV PLHPEURV TXHSURYRFDURQ HO DFWRLOHJDO GHQXQFLDGR XQR R PiV GH ORV TXH
IXHURQFLWDGRVDVXPLHURQGHIHQVD
G 6REUHHOFDPELRGHVLWXDFLyQMXUtGLFDGHOGHPDQGDGROD6&3HVWDEOHFLy
TXHH[LVWHIDOWDGHOHJLWLPDFLyQSDVLYDHQDFFLRQHVGHDPSDURFRQVWLWXFLRQDOFXDQGROD
SDUWH DFFLRQDQWH VLQ DUJXPHQWDFLyQ HQ XQ PHPRULDO SRVWHULRU DO GH OD GHPDQGD
PRGLILFD OD FDOLGDG GH SDUWH GHPDQGDGD D WHUFHUR LQWHUHVDGR VXSXHVWR HQ HO FXDO HQ
FXDQWRDODVSHUVRQDVTXHVHFDPELDVXVLWXDFLyQSURFHVDOODWXWHODVHUiGHQHJDGD
H 'HRWURODGRODMXULVSUXGHQFLDFRQVWLWXFLRQDOWDPELpQKDGHVDUUROODGRVXSXHVWRVGH
IOH[LELOL]DFLyQDODOHJLWLPDFLyQSDVLYDUHVSHFWRDODH[LJHQFLDGHGLULJLUODDFFLyQGH
DPSDURFRQVWLWXFLRQDOFRQWUDODSHUVRQDSDUWLFXODURDXWRULGDGTXHRFDVLRQyHODJUDYLR
RDFWROHVLYRGHQXQFLDGRDVt/D6&3HVWDEOHFLyTXHSDUDHOFDVRGHYtDV
GH KHFKR GH PDQHUD H[FHSFLRQDO SRGUi DFWLYDUVH OD WXWHOD VLQ LGHQWLILFDU D OD SDUWH
GHPDQGDGD FXDQGR SRU ODV FLUFXQVWDQFLDV SDUWLFXODUHV GHO FDVR QR VHD SRVLEOH XQD
GHWHUPLQDFLyQGHSHUVRQDVTXHLQFXUUDQHQYtDVGHKHFKRHQFX\RRUGHQSDUDDVHJXUDU
XQD HTXLGDG SURFHVDO D ODV SHUVRQDV TXH QR IXHURQ H[SUHVDPHQWH FLWDGDV FRPR
GHPDQGDGDV\TXHSXGLHUHQVHUDIHFWDGDVFRQORVHIHFWRVGHXQDHYHQWXDOFRQFHVLyQGH
WXWHOD SRU YtDV GH KHFKR QR VH OHV DSOLFD HO SULQFLSLR GH SUHFOXVLyQ SURFHVDO SDUD OD
SUHVHQWDFLyQGHSUXHEDVXRWURVPHGLRVGHPHGLRVGHGHIHQVD&DEHDFODUDUFRPROD
PLVPD6&3VHxDOyODH[FHSFLyQDOSULQFLSLRGHSUHFOXVLyQ\ODSRVLELOLGDG
GHSUHVHQWDFLyQGHSUXHEDHVWDEOHFLGDHQHVDVHQWHQFLDQRLPSOLFDXQDPRGXODFLyQGH
OD6&3HQODTXHVHGHILQLHURQORVVXSXHVWRVHQORVTXHHQODHWDSDGHUHYLVLyQ
DQWHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHVSRVLEOHODSUHVHQWDFLyQGHQXHYDSUXHED
UHIHULGDV
3UXHEDTXHQRSXGRVHUSUHVHQWDGDRSRUWXQDPHQWHDQWHHOMXH]RWULEXQDO
GHJDUDQWtDVVLHPSUH\FXDQGRVHMXVWLILTXHQODVUD]RQHVGHHVHLPSHGLPHQWR1XHYD
SUXHED TXH GHPXHVWUH OD SHUVLVWHQFLD GH ODV OHVLRQHV GHQXQFLDGDV D SDUWLU GHO PLVPR
KHFKRJHQHUDGRUORTXHQRLPSOLFDODDPSOLDFLyQGHORVIXQGDPHQWRVGHODDFFLyQ\
3DUDGHQXQFLDVGHPHGLGDVGHKHFKRFRQH[DV\DFFHVRULDVVHUiSRVLEOHODSUHVHQWDFLyQ
GH QXHYD SUXHED TXH GHPXHVWUH TXH ODV OHVLRQHV GHQXQFLDGDV DGHPiV GH SHUVLVWLU
FRQWLQ~DQVXVFLWiQGRVHDWUDYpVGHRWUDVDFFLRQHVGHVLPLODUQDWXUDOH]D
(IHFWLYDPHQWH
HO UD]RQDPLHQWR FRQWHQLGR HQ OD 6&3  HV XQ SRVWXODGR MXULVSUXGHQFLDO
GLIHUHQWHYLQFXODGR~QLFDPHQWHDODVYtDVGHKHFKR\ODLPSRVLELOLGDGGHLGHQWLILFDUD
ORV GHPDQGDGRV \ DSOLFDEOH ~QLFDPHQWH DQWH VXSXHVWRV IiFWLFRV VLPLODUHV   2WUR
VXSXHVWR GH IOH[LELOL]DFLyQ HV HO FRQWHQLGR HQ OD 6&3  TXH IOH[LELOL]y OD
OHJLWLPDFLyQSDVLYDHQORVVXSXHVWRVGHLQVWDQFLDVGHGLUHFFLyQYDFDQWHVHQHQWLGDGHV
S~EOLFDV R SULYDGDV GHWHUPLQDQGR TXH FXDQGR ODV LQVWDQFLDV GH GLUHFFLyQ HQ ODV
HQWLGDGHVS~EOLFDVRSULYDGDVTXHGDQYDFDQWHVVHGLULJHODDFFLyQGLUHFWDPHQWHFRQWUD
ODHQWLGDGTXHKXELHUHYXOQHUDGRGHUHFKRVVLQLGHQWLILFDUDXWRULGDGHVRSHUVRQHURV
/D6&3FLUFXQVFULWDDORVSURFHVRVSHQDOHVHVWDEOHFLyTXHD~QQRVHKXELHUH
SODQWHDGR OD DFFLyQ FRQWUD HO UHSUHVHQWDQWH GHO 0LQLVWHULR 3~EOLFR \ VL FRQWUD ODV

W


dW^:d
DXWRULGDGHVTXHHMHUFLHURQHOFRQWUROMXULVGLFFLRQDOHQODHWDSDSUHSDUDWRULDHO-XH]GH
,QVWUXFFLyQHQOR3HQDORVWHQWDOHJLWLPDFLyQSDVLYDSRUTXHWLHQHODIDFXOWDGGHFRQWURODU
ODLQYHVWLJDFLyQHIHFWXDGDSRUSDUWHGHOyUJDQRGHSHUVHFXFLyQSHQDODVHJXUDQGRTXHHO
PLVPRVHUHDOLFHHQHOPDUFRGHOUHVSHWRGHOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR7UDWDGRV
\&RQYHQLRVLQWHUQDFLRQDOHVDVtFRPRHOWULEXQDOGHDSHODFLyQWLHQHHOGHEHUGHYHULILFDU
ORV DFWRV GH OD DXWRULGDG GH UDQJR LQIHULRU FXDQGR QR UHSDUDURQ ORV DFWRV LOHJDOHV X
RPLVLRQHVLQGHELGDVHQODVTXHKXELHUDLQFXUULGRHO0LQLVWHULR3~EOLFR


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)- ,,,  &RQIRUPH OR HVWDEOHFLGR SRU OD 6& 5 HV SRVLEOH HO
SODQWHDPLHQWR GH OD GHPDQGD FRQWUD OD DFWXDO DXWRULGDG HV GHFLU OD TXH VH
HQFXHQWUD DFWXDOPHQWH HQ HO HMHUFLFLR GHO FDUJR SHUR VyOR D HIHFWRV GH XQD
UHVSRQVDELOLGDGLQVWLWXFLRQDO\QRDVtGHXQDGHFDUiFWHUSHUVRQDOHVWRSRUTXH
HQHVHQFLDDWUDYpVGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOVHEXVFDODSURWHFFLyQ
GH GHUHFKRV IXQGDPHQWDOHV \ JDUDQWtDV FRQVWLWXFLRQDOHV \ OD GHFODUDFLyQ GH
UHVSRQVDELOLGDG FRQVWLWXFLRQDO VH FRQVWLWX\H HQ XQD FRQVHFXHQFLD GH OD
RWRUJDFLyQGHODWXWHOD


$PRPHQWRGHFRQVLGHUDUODOHJLWLPDFLyQSDVLYDGHDXWRULGDGHVS~EOLFDVHQ
UD]yQDFDPELRVFRQWLQXRVGHODDGPLQLVWUDFLyQS~EOLFDHVSRVLEOHGHPDQGDU
FRQWUDHOFDUJRRODIXQFLyQS~EOLFDHQFX\RHMHUFLFLRSXGLHURQFRPHWHUVHORV
DFWRVYLRODWRULRVGHQXQFLDGRVDOQRVHUDWLQHQWHDODYROXQWDGGHODFFLRQDQWHHO
FDPELRGHVHUYLGRUHVS~EOLFRVSRUHOORWDPSRFRVXVGHUHFKRVSXHGHQTXHGDU
HQVXVSHQVRSRUHOFDPELRGHDXWRULGDGHV\VHUYLGRUHVS~EOLFRV


,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU


PiVDOWR

'HDFXHUGRDODKLVWRULDGHODOtQHDMXULVSUXGHQFLDOGHVFULWDVHHVWDEOHFH
ORVLJXLHQWH (QFXDQWRDORVFDVRVGHVXFHVLyQGHOFDUJRHOHVWiQGDU
PiVDOWRVHHQFXHQWUDFRQWHQLGRHQOD6&3FRPSOHPHQWDGD
SRUOD6&3 (QFXDQWRD7ULEXQDOHVXyUJDQRVFROHJLDGRV
HOHVWiQGDUPiVDOWRHVWiSODVPDGRHQOD5 5HVSHFWRDORV
VXSXHVWRVGHIOH[LELOL]DFLyQGHODOHJLWLPDFLyQSDVLYDHOHVWiQGDUPiV
DOWRHVWiSODVPDGRHQODV6&3\6&3



1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO
W


dW^:d



6&3   (Q ODV DFFLRQHV GH GHIHQVD SDUD FXPSOLU FRQ HO
SUHVXSXHVWRGHODOHJLWLPDFLyQSDVLYDHVVXILFLHQWHLGHQWLILFDUHOFDUJR
R OD IXQFLyQ S~EOLFD HQ FX\R HMHUFLFLR VH FRPHWLHURQ ORV VXSXHVWRV
DFWRVXRPLVLRQHVLOHJDOHV

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

'HQWUR GH XQD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO OD DFFLRQDQWH DOHJy
YXOQHUDFLyQDVXVGHUHFKRVDOGHELGRSURFHVRODVHJXULGDGMXUtGLFDDO
WUDEDMRVHJXULGDGVRFLDO\DODYLGDWRGDYH]TXHDFRQVHFXHQFLDGHO
SURFHVRGLVFLSOLQDULRVHJXLGRHQVXFRQWUDHQVXFRQGLFLyQGH'LUHFWRUD
GHOQLYHOSULPDULRGHXQD8QLGDG(GXFDWLYDHO7ULEXQDOGLVFLSOLQDULRGH
OD'LUHFFLyQ'LVWULWDOGH(GXFDFLyQ,,,OHVDQFLRQyFRQHOGHVFHQVRDXQ
FDUJR LQIHULRU &RQWUD GLFKD 5HVROXFLyQ UHFXUULy GH UHYRFDWRULD \
MHUiUTXLFR ~OWLPR UHFXUVR TXH QR IXH UHPLWLGR DO 0LQLVWHULR GH
(GXFDFLyQ\TXHQRREVWDQWHWUDQVFXUULUHOSOD]ROHJDO\KDEHUVHRSHUDGR
HO VLOHQFLR DGPLQLVWUDWLYR SRVLWLYR IXH UHVXHOWR SRU HO 'LUHFWRU
'HSDUWDPHQWDOGH(GXFDFLyQGH6DQWD&UX]TXHXVXUSDQGRIXQFLRQHV
HPLWLy OD 5HVROXFLyQ   HQ FX\D QRWLILFDFLyQ VH  RPLWLHURQ
UHTXLVLWRV HVHQFLDOHV (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HQ
UHYLVLyQDSUREyHQSDUWHODFRQFHVLyQGHODWXWHOD\VHSURQXQFLyVREUH
ODLGHQWLILFDFLyQGHODSDUWHGHPDQGDGD\ODOHJLWLPDFLyQSDVLYD

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
8QRGHORVSUREOHPDVMXUtGLFRVGHVDUUROODGRVHQODSUHVHQWHVHQWHQFLDHVHO
UHIHUHQWHDODH[LJHQFLDGHLQGLYLGXDOL]DFLyQGHODSDUWHGHPDQGDGDHQHOVXSXHVWRGH
IXQFLRQDULRV S~EOLFRV HQ FHVDQWtD HQ HVH RUGHQ VH HVWDEOHFLy TXH OD LGHQWLILFDFLyQ
H[LJLGDSRUHODUWtFXORGHOD/7&3WLHQHODILQDOLGDGGHDVHJXUDUHOGHUHFKRDOD
GHIHQVD\ODHTXLGDGGHODSDUWHGHPDQGDGDSHURHQHOFDVRGHVHUYLGRUHVS~EOLFRVOD
GHIHQVDTXHGHEHVHUJDUDQWL]DGDSDUDODSDUWHGHPDQGDGDQRHVSHUVRQDOVLQRFRPR
DXWRULGDGHVTXHUHVSRQGHQDXQDSRWHVWDGS~EOLFDGHWHUPLQDGDSRUWDQWRODFHVDQWtDGH
VHUYLGRUHV S~EOLFRV TXH KD\DQ RULJLQDGR HO DFWR X RPLVLyQ LQGHELGD QR LPSOLFDUi
LQFXPSOLPLHQWRHQHWDSDGHDGPLVLELOLGDGGHODH[LJHQFLDSODVPDGDHQHODUWGHOD
/7&3 FXDQGR QR VH LGHQWLILTXH HO QRPEUH GH OD QXHYD DXWRULGDG HQ HMHUFLFLR GH XQD
GHWHUPLQDGDIXQFLyQS~EOLFDHQHVHFRQWH[WRVHHVWDEOHFLyHQHO)XQGDPHQWR-XUtGLFR
,,,TXHHVWHSUHVXSXHVWRVHWHQGUiSRUFXPSOLGR\SRUHQGHDVHJXUDGRHOGHUHFKRDOD
LJXDOGDG SURFHVDO \ SRU VXSXHVWR D OD GHIHQVD GH OD SDUWH GHPDQGDGD FXDQGR HQ OD
LGHQWLILFDFLyQDVHUUHDOL]DGDSRUHODFFLRQDQWHVHFRQVLJQHODLGHQWLILFDFLyQGHOFDUJRR
ODIXQFLyQS~EOLFDHQFX\RHMHUFLFLRSXGLHURQFRPHWHUVHDFWRVYLRODWRULRVRUHVWULFWLYRV
DGHUHFKRVIXQGDPHQWDOHV

$KRUDELHQHQHOFDVRFRQFUHWRODVDXWRULGDGHVGHPDQGDGDVHQHOLQIRUPHSUHVHQWDGR
DQWHHOWULEXQDOGHJDUDQWtDVVHxDODQTXHHQDSOLFDFLyQGHOD/H\$YHOLQR6LxDQLIXH
SRVHVLRQDGRXQQXHYR'LUHFWRU'LVWULWDOHOFXDOQRIXHLGHQWLILFDGRQLGHPDQGDGRHQOD
SUHVHQWHDFFLyQDVSHFWRSRUHOFXDOGHQXQFLDQDXVHQFLDGHOHJLWLPDFLyQSDVLYD

7DOFRPRVHHVWDEOHFHHQHOSXQWR,,GHODSUHVHQWHVHQWHQFLDFRQODDFFLyQGHDPSDUR

W


dW^:d
FRQVWLWXFLRQDO FXUVD HQ DQWHFHGHQWHV GLOLJHQFLD GH QRWLILFDFLyQ SHUVRQDO DO 'LUHFWRU
'LVWULWDOGH(GXFDFLyQ,,,DFWXDFLyQSURFHVDOGHIHFKDGHIHEUHURGHVXVFULWDSRU
0LJXHO&KiYH]0RQWHQHJURHQVXFDOLGDGGH'LUHFWRU'LVWULWDOGH(GXFDFLyQ

(QPpULWRDOUD]RQDPLHQWRGHVDUUROODGRSDUDHOFDVRGHVHUYLGRUHVS~EOLFRV\HQPpULWR
DODFRQVWDQWHSUREOHPiWLFDGHODFHVDQWtDGHHVWRVVHWLHQHSRUFXPSOLGDODH[LJHQFLD
GHODUWGHOD/7&3FXDQGRVHLGHQWLILTXHHOFDUJRRODIXQFLyQHQHMHUFLFLRGHOD
FXDOVHFRQVLGHUDTXHVHRFDVLRQyXQDFWRXRPLVLyQOHVLYDDGHUHFKRVIXQGDPHQWDOHV
SRUWDQWRHQODHVSHFLHDOLGHQWLILFDUVHFRPRDXWRULGDGGHPDQGDGDDO'LUHFWRU'LVWULWDO
GH(GXFDFLyQ,,,\DOQRWLILFDUVHHQHOGRPLFLOLRGRQGHVHHMHUFHQHVWDVIXQFLRQHVVH
WLHQHSRUFXPSOLGRHOSUHVXSXHVWRHVWDEOHFLGRHQHODUWGHOD/7&3UD]yQSRUOD
FXDOFRUUHVSRQGHLQJUHVDUDODQiOLVLVGHIRQGRGHODSUREOHPiWLFD

1RREVWDQWHORVHxDODGRGHEHHVWDEOHFHUVHTXHHO'LUHFWRU'LVWULWDOGH(GXFDFLyQGHO
'LVWULWR,,,QRWXYRLQWHUYHQFLyQDOJXQDHQHOSURQXQFLDPLHQWRGHODV5HVROXFLRQHVGH
ORVUHFXUVRVGHUHYRFDWRULDRGHOMHUiUTXLFRFRQIRUPHVHGHVDUUROOyHQODUDWLRGHFLGHQGL
UD]yQGHODGHFLVLyQ GHODFRQFHVLyQGHODSUHVHQWHDFFLyQSRUORPLVPRODDFFLyQGH
DPSDURHVLPSURFHGHQWHUHVSHFWRGHHVWDDXWRULGDG


6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGHHQSDUWHODDFFLyQGHDPSDURFRQVWLWXFLRQDOSHURSUHYLDPHQWH
HQ FXDQWR D OD OHJLWLPDFLyQ SDVLYD HVWDEOHFH TXH HQ VXSXHVWRV GH
VXFHVLyQGHFDUJRGHORVVHUYLGRUHVS~EOLFRVODDFFLyQGHEHUiGLULJLUVH
FRQWUDODDXWRULGDGTXH
RVWHQWH
HOFDUJRHQHOPRPHQWRGHODDFWLYDFLyQ
GHODDFFLyQWXWHODU

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/DOtQHDMXULVSUXGHQFLDOGHO7ULEXQDO&RQVWLWXFLRQDOVREUHODOHJLWLPDFLyQSDVLYDHQOD
DFFLyQ GH DPSDUR FRQVWLWXFLRQDO LQLFLy FRQ OD 6& 5 HPSHUR IXH OD 6&
5TXHGHILQLyODOHJLWLPDFLyQSDVLYDVHxDODQGRTXHpVWDGHEHVHUHQWHQGLGD
FRPRODFRLQFLGHQFLDTXHVHGDHQWUHODDXWRULGDGTXHSUHVXQWDPHQWHFDXVyODYLRODFLyQ
DORVGHUHFKRV\DTXHOODFRQWUDTXLHQVHGLULJHODDFFLyQHQWHQGLPLHQWRDVXPLGRSRUODV
66&& 5 5 5 5 \ 5 HQWUH
RWUDV UD]RQDPLHQWR WDPELpQ FRQILUPDGR SRU OD 6&3  SURQXQFLDGD SRU HO
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO $VLPLVPR OD MXULVSUXGHQFLD FRQVWLWXFLRQDO
GLIHUHQFLy ODV VLWXDFLRQHV HVSHFLDOHV HQ OD OHJLWLPDFLyQ SDVLYD JHQHUDQGR YDULDV
VXEUHJODV UHIHULGDV D  /RV FDVRV GH VXFHVLyQ R FDPELR GH DXWRULGDGHV E  $FWR R
UHVROXFLyQ UHYLVDGD SRU XQ WULEXQDO VXSHULRU F  7ULEXQDOHV X yUJDQRV FROHJLDGRV G 
&DPELRGHVLWXDFLyQMXUtGLFDGHOGHPDQGDGR

D  6REUH OD OHJLWLPDFLyQ SDVLYD HQ ORV FDVRV GH VXFHVLyQ R FDPELR GH DXWRULGDGHV OD
MXULVSUXGHQFLD FRQVWLWXFLRQDO WLHQH HO VLJXLHQWH GHVDUUROOR  /D 6& 
HVWDEOHFLyTXH
ODGHPDQGDGHEHHVWDUGLULJLGDFRQWUDODDXWRULGDGTXHRVWHQWHHOFDUJR
GHVGHHOFXDOVHUHDOL]yHODFWRLOHJDORVHLQFXUULyHQODRPLVLyQLQGHELGDVLQTXHHOOR
LPSOLTXH TXH HQ FDVR GH H[LVWLU UHVSRQVDELOLGDGHV SHUVRQDOtVLPDV FRPR OD SHQDO HO
IXQFLRQDULRTXHKD\D DFFHGLGR DO FDUJR FRQ SRVWHULRULGDG DO DFWR OHVLYR GH GHUHFKRV
WHQJD TXH DVXPLU ODV FRQVHFXHQFLDV ~QLFDPHQWH SRU HQFRQWUDUVH HQ IXQFLRQHV DO
PRPHQWRGHLQLFLDUVHODGHPDQGD\SRUTXHpVWDKD\DVLGRGLULJLGDHQVXFRQWUD

/D
6&5GHWHUPLQy
 HQDTXHOORVFDVRVHQORVTXHHODFWRGHQXQFLDGRFRPR
LOHJDOHVHMHFXWDGRSRUXQDDXWRULGDG\HVRWUDODFRPSHWHQWHSDUDUHYLVDUHVDDFWXDFLyQ
DHIHFWRGHPRGLILFDUFRQILUPDURUHYRFDUHODFWRSXHVWRHQVXFRQRFLPLHQWRHOUHFXUVR
GHEHVHULQWHUSXHVWRFRQWUDDPEDVDXWRULGDGHVDOWHQHUOHJLWLPDFLyQSDVLYDODSULPHUD

W


dW^:d


SRU HMHFXWDU HO DFWR LOHJDO \ OD VHJXQGD SRU QR FRUUHJLUORGH PRGRTXH DO VHU DPEDV
UHVSRQVDEOHVGHEHQDVXPLUODVFRQVHFXHQFLDVGHVXVDFWRV
5D]RQDPLHQWRUHLWHUDGRSRU
ODV66&&5\5HQWUHRWUDV\FRQILUPDGRSRUSULPHUDYH]SRUOD
6&33RVWHULRUPHQWHOD6&3PRGXODQGRGLFKRHQWHQGLPLHQWR
HVWDEOHFHTXHODGHPDQGDSRGUiVHUSUHVHQWDGDFRQWUDODDXWRULGDGTXHFRPHWLyHODFWR
LOHJDOD~Q\DQRRVWHQWHHOFDUJRRODIXQFLyQHQODTXHVHHQFRQWUDED\TXHHQJHQHUDO
HVSRVLEOHGHPDQGDUFRQWUDHOFDUJRRODIXQFLyQS~EOLFDHQFX\RHMHUFLFLRVHFRPHWLyHO
VXSXHVWRDFWRLOHJDO$VXYH]OD6&3PRGXOyHVWH~OWLPRUD]RQDPLHQWR
HVWDEOHFLy TXH WDQWR SDUD OD IDVH GH OD DGPLVLELOLGDG HQ ODV DFFLRQHV GH DPSDUR
FRQVWLWXFLRQDO FRPR SDUD OD IDVH GHOLEHUDWLYD \ GH GHFLVLyQ GRQGH VH DQDOL]D OD
OHJLWLPDFLyQSDVLYDHQWRGDVODVDFFLRQHVGHGHIHQVDHVVXILFLHQWHLGHQWLILFDUHOFDUJR
RODIXQFLyQS~EOLFDHQFX\RHMHUFLFLRVHFRPHWLHURQORVVXSXHVWRVDFWRVLOHJDOHVHQORV
FDVRV GH FHVDQWtD GH VHUYLGRUHV S~EOLFRV  /D 6&3  UHDOL]DQGR RWUD
PRGXODFLyQGHWHUPLQyTXHODDFFLyQGHDPSDURFRQVWLWXFLRQDOSXHGHVHUSUHVHQWDGDGH
PDQHUDDOWHUQDWLYDFRQWUDODH[ DXWRULGDGTXHFRPHWLyHODFWRLOHJDOFRQWUDODQXHYD
DXWRULGDGRFRQWUDHOFDUJRRODIXQFLyQS~EOLFDHQFX\RHMHUFLFLRVHFRPHWLHURQORVDFWRV
VXSXHVWDPHQWH LOHJDOHV   $VLPLVPR OD 6&3  H[WLHQGH HVWH ~OWLPR
UD]RQDPLHQWRDHQWLGDGHVRLQVWLWXFLRQHVSULYDGDV

E  6REUH HO DFWR R UHVROXFLyQ UHYLVDGD SRU XQ WULEXQDO VXSHULRU OD MXULVSUXGHQFLD
FRQVWLWXFLRQDOWLHQHHOVLJXLHQWHGHVDUUROOR/D6&5HVWDEOHFLyTXHODRHO
DJUDYLDGR
GHEHDFXVDUHODFWRLQGHELGRRLOHJDOFRQVWLWXLGR\DVHDHQXQDFWRSURFHVDO
R HQ XQD UHVROXFLyQ DQWH OD LQVWDQFLD ~OWLPD SXHV GH QR KDFHUOR OD WXWHOD UHVXOWDUtD
LQHILFD]SRUFXDQWRQRVHSXHGHFRPSXOVDUODSUREOHPiWLFD VLQRKDVLGRUHFXUULGDOD
DXWRULGDG R SHUVRQD TXH WLHQH OD IDFXOWDG GH UHYLVDU FRQVLJXLHQWHPHQWH PRGLILFDU
FRQILUPDURUHYRFDUHODFWRRUHVROXFLyQSXHVWRHQVXFRQRFLPLHQWR\DTXHHQOD~OWLPD
LQVWDQFLDVLVHDFXVDHODFWRLOHJDOXRPLVLyQLQGHELGDVHUHVROYHUiGHILQLWLYDPHQWHGH
PDQHUDTXHTXLHQGHEHUiUHVSRQGHUSRUODOHVLyQDOGHUHFKRIXQGDPHQWDO\UHSDUDUORHQ
IRUPD LQPHGLDWD VHUi OD DXWRULGDG R WULEXQDO TXH WHQJD OHJDOPHQWH OD DWULEXFLyQ GH
FRQRFHU HQ ~OWLPD LQVWDQFLD \ SRU OR PLVPR SDUD HO FDVR GH QR UHSDUDU OD OHVLyQ DO
PRPHQWRGHUHVROYHUHOUHFXUVRRUGLQDULRHVTXLHQWLHQHODOHJLWLPDFLyQSDVLYDSDUDVHU
GHPDQGDGR UHVSRQGHU \ FXPSOLU OR TXH VH RUGHQH HQ HVWD MXULVGLFFLyQ
   (VWH
UD]RQDPLHQWRSRVWHULRUPHQWHIXHPRGXODGRSRUOD6&5HVWDEOHFLHQGRTXH

HQ DTXHOORV FDVRV HQ ORV TXH HO DFWR GHQXQFLDGR FRPR LOHJDO HV HMHFXWDGR SRU XQD
DXWRULGDG \ HV RWUD OD FRPSHWHQWH SDUD UHYLVDU HVD DFWXDFLyQ D HIHFWR GH PRGLILFDU
FRQILUPDURUHYRFDUHODFWRSXHVWRHQVXFRQRFLPLHQWRHOUHFXUVRGHEHVHULQWHUSXHVWR
FRQWUDDPEDVDXWRULGDGHVDOWHQHUOHJLWLPDFLyQSDVLYDODSULPHUDSRUHMHFXWDUHODFWR
LOHJDO\ODVHJXQGDSRUQRFRUUHJLUORGHPRGRTXHDOVHUDPEDVUHVSRQVDEOHVGHEHQ
DVXPLUODVFRQVHFXHQFLDVGHVXVDFWRV&DEHDFODUDUTXHOD6&5FRPRODV
66&& 5 5 5 HQWUH RWUDV XWLOL]DURQ HVWD OtQHD
MXULVSUXGHQFLDOFXDQGRVHGHPDQGyDODVDXWRULGDGHVTXHHMHFXWDURQHODFWRRUHVROXFLyQ
VXSXHVWDPHQWH LOHJDO \ QR FRQWUD TXLHQHV ORV UHYLVDURQ GHQHJiQGRVH OD WXWHOD FRQ HO
DUJXPHQWRTXHHOUHFXUVRWDPELpQGHELyVHUGLULJLGRFRQWUDHVWRV~OWLPRV/D6&3
FRQILUPyLPSOtFLWDPHQWHHVWHUD]RQDPLHQWRDXQVXSXHVWRGLIHUHQWHSXHVHQ
HVWHFDVRODDFFLyQVHGLULJLyFRQWUDODVDXWRULGDGHVTXHUHYLVDURQODUHVROXFLyQHQ~OWLPD
LQVWDQFLDSHURQRDVtFRQWUDORVLQIHULRUHVSRUFX\RPRWLYRVHGHQHJyODWXWHOD(PSHUR
ODV66&&HQWUHRWUDVGHQHJDURQODWXWHOD
SRUTXHODDFFLyQQRVHGLULJLyFRQWUDOD~OWLPDLQVWDQFLDRDXWRULGDGHVTXHWXYLHURQOD
RSRUWXQLGDGGHPRGLILFDUFRQILUPDURUHYRFDUHODFWRSXHVWRDVXFRQRFLPLHQWR
F  6REUH ORV FDVRV GH 7ULEXQDOHV X yUJDQRV FROHJLDGRV OD OtQHD MXULVSUXGHQFLDO HV OD
VLJXLHQWH  (O 7ULEXQDO &RQVWLWXFLRQDO HQ ODV 66&& 5 5
5\5HQWUHRWUDVHVWDEOHFLyTXHSDUDTXHVHDYLDEOHHO DPSDUR
FRQVWLWXFLRQDOGHEHVHUSODQWHDGRFRQWUDWRGRVORVPLHPEURVTXHDVXPLHURQODGHFLVLyQ
DFWRRUHVROXFLyQSUHVXQWDPHQWHLOHJDO6LQHPEDUJRGLFKDVXEUHJODIXH PRGXODGD
SRU OD 6& 5 HQ ORV FDVRV GH HQWHV FROHJLDGRV FRQ PLHPEURV QXPHURVRV
GHWHUPLQDQGR OD SRVLELOLGDG GH QRWLILFDU ~QLFDPHQWH DO UHSUHVHQWDQWH OHJDO FXDQGR OD

W


dW^:d
QRWLILFDFLyQDWRGRVORVPLHPEURVVHFRQYLHUWDHQEDUUHUDSDUDHODFFHVRLQPHGLDWRDOD
WXWHOD/D6&3DWUDYpVGHXQDPRGXODFLyQLPSOtFLWDSUHFLVyTXHHVSRVLEOH
LQJUHVDU DO DQiOLVLV GH IRQGR FXDQGR QR VH FDXVy LQGHIHQVLyQ D ORV TXH IXHURQ
GHPDQGDGRVHVGHFLUTXHDSHVDUGHQRKDEHUVHGLULJLGRODDFFLyQGHDPSDURFRQWUD
WRGRV ORV PLHPEURV TXHSURYRFDURQ HO DFWRLOHJDO GHQXQFLDGR XQR R PiV GH ORV TXH
IXHURQFLWDGRVDVXPLHURQGHIHQVD
G 6REUHHOFDPELRGHVLWXDFLyQMXUtGLFDGHOGHPDQGDGROD6&3HVWDEOHFLy
TXHH[LVWHIDOWDGHOHJLWLPDFLyQSDVLYDHQDFFLRQHVGHDPSDURFRQVWLWXFLRQDOFXDQGROD
SDUWH DFFLRQDQWH VLQ DUJXPHQWDFLyQ HQ XQ PHPRULDO SRVWHULRU DO GH OD GHPDQGD
PRGLILFD OD FDOLGDG GH SDUWH GHPDQGDGD D WHUFHUR LQWHUHVDGR VXSXHVWR HQ HO FXDO HQ
FXDQWRDODVSHUVRQDVTXHVHFDPELDVXVLWXDFLyQSURFHVDOODWXWHODVHUiGHQHJDGD
H 'HRWURODGRODMXULVSUXGHQFLDFRQVWLWXFLRQDOWDPELpQKDGHVDUUROODGRVXSXHVWRVGH
IOH[LELOL]DFLyQDODOHJLWLPDFLyQSDVLYDUHVSHFWRDODH[LJHQFLDGHGLULJLUODDFFLyQGH
DPSDURFRQVWLWXFLRQDOFRQWUDODSHUVRQDSDUWLFXODURDXWRULGDGTXHRFDVLRQyHODJUDYLR
RDFWROHVLYRGHQXQFLDGRDVt/D6&3HVWDEOHFLyTXHSDUDHOFDVRGHYtDV
GH KHFKR GH PDQHUD H[FHSFLRQDO SRGUi DFWLYDUVH OD WXWHOD VLQ LGHQWLILFDU D OD SDUWH
GHPDQGDGD FXDQGR SRU ODV FLUFXQVWDQFLDV SDUWLFXODUHV GHO FDVR QR VHD SRVLEOH XQD
GHWHUPLQDFLyQGHSHUVRQDVTXHLQFXUUDQHQYtDVGHKHFKRHQFX\RRUGHQSDUDDVHJXUDU
XQD HTXLGDG SURFHVDO D ODV SHUVRQDV TXH QR IXHURQ H[SUHVDPHQWH FLWDGDV FRPR
GHPDQGDGDV\TXHSXGLHUHQVHUDIHFWDGDVFRQORVHIHFWRVGHXQDHYHQWXDOFRQFHVLyQGH
WXWHOD SRU YtDV GH KHFKR QR VH OHV DSOLFD HO SULQFLSLR GH SUHFOXVLyQ SURFHVDO SDUD OD
SUHVHQWDFLyQGHSUXHEDVXRWURVPHGLRVGHPHGLRVGHGHIHQVD&DEHDFODUDUFRPROD
PLVPD6&3VHxDOyODH[FHSFLyQDOSULQFLSLRGHSUHFOXVLyQ\ODSRVLELOLGDG
GHSUHVHQWDFLyQGHSUXHEDHVWDEOHFLGDHQHVDVHQWHQFLDQRLPSOLFDXQDPRGXODFLyQGH
OD6&3HQODTXHVHGHILQLHURQORVVXSXHVWRVHQORVTXHHQODHWDSDGHUHYLVLyQ
DQWHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHVSRVLEOHODSUHVHQWDFLyQGHQXHYDSUXHED
UHIHULGDV
3UXHEDTXHQRSXGRVHUSUHVHQWDGDRSRUWXQDPHQWHDQWHHOMXH]RWULEXQDO
GHJDUDQWtDVVLHPSUH\FXDQGRVHMXVWLILTXHQODVUD]RQHVGHHVHLPSHGLPHQWR1XHYD
SUXHED TXH GHPXHVWUH OD SHUVLVWHQFLD GH ODV OHVLRQHV GHQXQFLDGDV D SDUWLU GHO PLVPR
KHFKRJHQHUDGRUORTXHQRLPSOLFDODDPSOLDFLyQGHORVIXQGDPHQWRVGHODDFFLyQ\
3DUDGHQXQFLDVGHPHGLGDVGHKHFKRFRQH[DV\DFFHVRULDVVHUiSRVLEOHODSUHVHQWDFLyQ
GH QXHYD SUXHED TXH GHPXHVWUH TXH ODV OHVLRQHV GHQXQFLDGDV DGHPiV GH SHUVLVWLU
FRQWLQ~DQVXVFLWiQGRVHDWUDYpVGHRWUDVDFFLRQHVGHVLPLODUQDWXUDOH]D
(IHFWLYDPHQWH
HO UD]RQDPLHQWR FRQWHQLGR HQ OD 6&3  HV XQ SRVWXODGR MXULVSUXGHQFLDO
GLIHUHQWHYLQFXODGR~QLFDPHQWHDODVYtDVGHKHFKR\ODLPSRVLELOLGDGGHLGHQWLILFDUD
ORV GHPDQGDGRV \ DSOLFDEOH ~QLFDPHQWH DQWH VXSXHVWRV IiFWLFRV VLPLODUHV   2WUR
VXSXHVWR GH IOH[LELOL]DFLyQ HV HO FRQWHQLGR HQ OD 6&3  TXH IOH[LELOL]y OD
OHJLWLPDFLyQSDVLYDHQORVVXSXHVWRVGHLQVWDQFLDVGHGLUHFFLyQYDFDQWHVHQHQWLGDGHV
S~EOLFDV R SULYDGDV GHWHUPLQDQGR TXH FXDQGR ODV LQVWDQFLDV GH GLUHFFLyQ HQ ODV
HQWLGDGHVS~EOLFDVRSULYDGDVTXHGDQYDFDQWHVVHGLULJHODDFFLyQGLUHFWDPHQWHFRQWUD
ODHQWLGDGTXHKXELHUHYXOQHUDGRGHUHFKRVVLQLGHQWLILFDUDXWRULGDGHVRSHUVRQHURV
/D6&3FLUFXQVFULWDDORVSURFHVRVSHQDOHVHVWDEOHFLyTXHD~QQRVHKXELHUH
SODQWHDGR OD DFFLyQ FRQWUD HO UHSUHVHQWDQWH GHO 0LQLVWHULR 3~EOLFR \ VL FRQWUD ODV
DXWRULGDGHVTXHHMHUFLHURQHOFRQWUROMXULVGLFFLRQDOHQODHWDSDSUHSDUDWRULDHO-XH]GH
,QVWUXFFLyQHQOR3HQDORVWHQWDOHJLWLPDFLyQSDVLYDSRUTXHWLHQHODIDFXOWDGGHFRQWURODU
ODLQYHVWLJDFLyQHIHFWXDGDSRUSDUWHGHOyUJDQRGHSHUVHFXFLyQSHQDODVHJXUDQGRTXHHO
PLVPRVHUHDOLFHHQHOPDUFRGHOUHVSHWRGHOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR7UDWDGRV
\&RQYHQLRVLQWHUQDFLRQDOHVDVtFRPRHOWULEXQDOGHDSHODFLyQWLHQHHOGHEHUGHYHULILFDU
ORV DFWRV GH OD DXWRULGDG GH UDQJR LQIHULRU FXDQGR QR UHSDUDURQ ORV DFWRV LOHJDOHV X
RPLVLRQHVLQGHELGDVHQODVTXHKXELHUDLQFXUULGRHO0LQLVWHULR3~EOLFR


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

/D6&3HQVX)-,,,
 HQPpULWRDODRUJDQL]DFLyQGHO
(VWDGR HO RUGHQ FRQVWLWXFLRQDO \ HO EORTXH GH OHJDOLGDG LPSHUDQWH
W


dW^:d


GLVFLSOLQDQ SDUD ORV GLIHUHQWHV yUJDQRV S~EOLFRV FRPSHWHQFLDV
DWULEXFLRQHV \ SRWHVWDGHV S~EOLFDV TXH GHEHUiQ VHU HMHUFLGDV SRU ORV
VHUYLGRUHVS~EOLFRVSRUORTXHHQYLUWXGDOHMHUFLFLRGHHVWRVUROHVWRGRV
ORVDFWRVXRPLVLRQHVOHVLYDVDGHUHFKRVSRUVHUYLGRUHVS~EOLFRVHQHO
HMHUFLFLR GH VXV IXQFLRQHV QR LPSOLFDQ DIHFWDFLRQHV D GHUHFKRV
UHDOL]DGDV HQ HMHUFLFLR SHUVRQDO HQ FRQVHFXHQFLD OD LGHQWLILFDFLyQ
H[LJLGD SRU HO DUW  GH OD /7&3 WLHQH OD ILQDOLGDG GH DVHJXUDU HO
GHUHFKRDODGHIHQVD\ODHTXLGDGGHODSDUWHGHPDQGDGDSHURHQHOFDVR
GHVHUYLGRUHVS~EOLFRVODGHIHQVDTXHGHEHVHUJDUDQWL]DGDSDUDODSDUWH
GHPDQGDGDQRHVSHUVRQDOVLQRFRPRDXWRULGDGHVTXHUHVSRQGHQDXQD
SRWHVWDG S~EOLFD GHWHUPLQDGD SRU WDQWR OD FHVDQWtD GH VHUYLGRUHV
S~EOLFRVTXHKD\DQRULJLQDGRHODFWRXRPLVLyQLQGHELGDQRLPSOLFDUi
LQFXPSOLPLHQWRHQHWDSDGHDGPLVLELOLGDGGHODH[LJHQFLDSODVPDGDHQ
HODUWGHOD/7&3FXDQGRQRVHLGHQWLILTXHHOQRPEUHGHODQXHYD
DXWRULGDG HQ HMHUFLFLR GH XQD GHWHUPLQDGD IXQFLyQ S~EOLFD HQ HVH
FRQWH[WRLQWHUSUHWDQGRHVWDGLVSRVLFLyQEDMRXQFULWHULRIDYRUDEOHDXQD
HIHFWLYDWXWHODFRQVWLWXFLRQDOGHEHHVWDEOHFHUVHTXHHVWHSUHVXSXHVWRVH
WHQGUi SRU FXPSOLGR \ SRU HQGH DVHJXUDGR HO GHUHFKR D OD LJXDOGDG
SURFHVDO\SRUVXSXHVWRDODGHIHQVDGHODSDUWHGHPDQGDGDFXDQGRHQ
OD LGHQWLILFDFLyQ D VHU UHDOL]DGD SRU HO DFFLRQDQWH VH FRQVLJQH OD
LGHQWLILFDFLyQGHOFDUJRRODIXQFLyQS~EOLFDHQFX\RHMHUFLFLRSXGLHURQ
FRPHWHUVH DFWRV YLRODWRULRV R UHVWULFWLYRV D GHUHFKRV IXQGDPHQWDOHV
DVLPLVPRSDUDFXPSOLUFRQODWHOHRORJtDGHODUWGHOD/7&3VH
WHQGUi SRU FXPSOLGR HVWH SUHVXSXHVWR FXDQGR DGHPiV VH SUHFLVH HO
GRPLFLOLRDVLJQDGRSDUDHOHMHUFLFLRGHGLFKDIXQFLyQS~EOLFD

'HODPLVPDIRUPDFXDQGRVHWHQJDFXPSOLGDHVWDH[LJHQFLD\OXHJRGH
OD DGPLVLyQ GH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO ORV MXHFHV R
WULEXQDOHVGHJDUDQWtDVHQEDVHDORVUHTXLVLWRVGHLGHQWLILFDFLyQDQWHV
VHxDODGRVGHEHUiQDVHJXUDUTXHORVDFWRVGHFRPXQLFDFLyQHVGHFLUODV
FLWDFLRQHV R QRWLILFDFLRQHV DVHJXUHQ HO GHUHFKR D OD GHIHQVD GH OD
DXWRULGDG TXH HMHU]D HVD IXQFLyQ S~EOLFD HQ HMHUFLFLR GH OD FXDO VH
DIHFWDURQGHUHFKRVLQGLYLGXDOHV

'HEHSUHFLVDUVHWDPELpQTXHORVSRVWXODGRVH[SUHVDGRVQRFRQVWLWX\HQ
yELFH SDUD OD DWULEXFLyQ SHUVRQDO GH UHVSRQVDELOLGDG HPHUJHQWH GHO
HMHUFLFLR GH OD IXQFLyQ S~EOLFD OD FXDO SDUD ORV VXSXHVWRV GH
YXOQHUDFLRQHV D GHUHFKRV IXQGDPHQWDOHV HQ HMHUFLFLR GH OD IXQFLyQ
S~EOLFD HPHUJHUi GH XQD HYHQWXDO FRQFHVLyQ WRWDO R SDUFLDO GH WXWHOD
FRQVWLWXFLRQDOSHGLGD

)LQDOPHQWHGHEHVHxDODUVHTXHHO7ULEXQDO&RQVWLWXFLRQDODSDUWLUGHOD
6& 5 GH  GH IHEUHUR HVWDEOHFH TXH SDUD FXPSOLU OD
H[LJHQFLDGHODOHJLWLPDFLyQSDVLYDODDFFLyQGHEHLQWHUSRQHUVHFRQWUD
ODDXWRULGDGTXH
RVWHQWH
HOFDUJRHQHOPRPHQWRGHODDFWLYDFLyQGHOD
DFFLyQWXWHODUHQHVHRUGHQODLQWHUSUHWDFLyQUHDOL]DGDHQHVWHSXQWRDO
W


dW^:d

GLIHUHQFLDU OD H[LJHQFLD FRQWHQLGD HQ HO DUW  GH OD /7&3 FX\D
REVHUYDQFLD GHEH VHU YHULILFDGD HQ HWDSD GH DGPLVLELOLGDG \ VX
LPSOLFDQFLD SDUD HO DQiOLVLV GH OD OHJLWLPDFLyQ SDVLYD HQ ODV HWDSDV
GHOLEHUDWLYDV \ GH GHFLVLyQ \ DO HVWDEOHFHU ORV SUHVXSXHVWRV SDUD OD
H[LJHQFLD GH LGHQWLILFDFLyQ GH OD SDUWH GHPDQGDGD LPSOLFD XQD
PRGXODFLyQ D OD OtQHD MXULVSUXGHQFLDO DVXPLGD D SDUWLU GH OD 6&
5UD]RQDPLHQWRUHLWHUDGRGHPDQHUDXQLIRUPHSRUHORWURUD
7ULEXQDO &RQVWLWXFLRQDO HO FXDO IXH UHLQWHUSUHWDGR HQ VXV DOFDQFHV
PHGLDQWHHOSUHVHQWHIDOOR


,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

'HDFXHUGRDODKLVWRULDGHODOtQHDMXULVSUXGHQFLDOGHVFULWDVHHVWDEOHFH
ORVLJXLHQWH (QFXDQWRDORVFDVRVGHVXFHVLyQGHOFDUJRHOHVWiQGDU
PiVDOWRVHHQFXHQWUDFRQWHQLGRHQOD6&3FRPSOHPHQWDGD
SRUOD6&3 (QFXDQWRD7ULEXQDOHVXyUJDQRVFROHJLDGRV
HOHVWiQGDUPiVDOWRHVWiSODVPDGRHQOD5 5HVSHFWRDORV
VXSXHVWRVGHIOH[LELOL]DFLyQGHODOHJLWLPDFLyQSDVLYDHOHVWiQGDUPiV
DOWRHVWiSODVPDGRHQODV6&3\6&3



1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   /D DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SXHGH VHU
SUHVHQWDGDGHPDQHUDDOWHUQDWLYDFRQWUDODH[DXWRULGDGTXHFRPHWLy
HODFWRLOHJDOFRQWUDODQXHYDDXWRULGDGRFRQWUDHOFDUJRRODIXQFLyQ
S~EOLFD HQ FX\R HMHUFLFLR VH FRPHWLHURQ ORV DFWRV VXSXHVWDPHQWH
LOHJDOHV

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOHODFFLRQDQWHVHxDODTXHGHQWUR
GH XQ SURFHVR SHQDO HO )LVFDO GH 0DWHULD GHPDQGDGR SURQXQFLy XQD
UHVROXFLyQGHVREUHVHLPLHQWRDIDYRUGHOLPSXWDGRRPLWLHQGRUHIHULUVH
DSUXHEDVIXQGDPHQWDOHVGHOFDVR\VXUHVSHFWLYRYDORUDGHPiVGHQR
LGHQWLILFDUHQTXpSRVLELOLGDGHVGHODUWGHO&33VHIXQGDSDUDGLFWDU
W


dW^:d


HO VREUHVHLPLHQWR 3RVWHULRUPHQWH LPSXJQDGR HO VREUHVHLPLHQWR OD
5HVROXFLyQ GHO )LVFDO 'HSDUWDPHQWDO QR UHVSRQGLy D ORV DJUDYLRV
IRUPXODGRVHQHOPHPRULDO\WDPSRFRHIHFW~DXQDQiOLVLVGHODVSUXHEDV
OHVLRQiQGRVHVXGHUHFKRDOGHELGRSURFHVR\HOSULQFLSLRGHVHJXULGDG
MXUtGLFD(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDODSUREyODGHQHJDWRULD
GHODWXWHODDQDOL]DQGRHOFXPSOLPLHQWRGHORVUHTXLVLWRVGHDGPLVLyQ
GHODPSDURFRQVWLWXFLRQDO\ODOHJLWLPDFLyQSDVLYD

([WUDFWRGHODUDWLRGHFLGHQGL

,,,
$VtHQORTXHUHVSHFWDDODOHJLWLPDFLyQSDVLYDGHODVDXWRULGDGHV
GHPDQGDGDV GH OD UHYLVLyQ GH REUDGRV VH HVWDEOHFH TXH HV SRVLEOH
SODQWHDUODDFFLyQGHDPSDURFRQVWLWXFLRQDOFRQWUDODVDXWRULGDGHVTXH
DFWXDOPHQWHHVWiQHQHOHMHUFLFLRGHORVFDUJRVGHORVFXDOHVHPDQDURQ
ORVVXSXHVWRVDFWRVLOHJDOHVSRUORFXDOHQHOFDVRFRQFUHWRPDOSRGUtD
HQWHQGHUVHTXHFDUHFHQGHOHJLWLPDFLyQSDUDVHUGHPDQGDGRVDWUDYpVGH
ODDFFLyQUHIHULGDFRQIRUPHHO)XQGDPHQWR-XUtGLFR,,,

6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SHUR SUHYLDPHQWH VH
HVWDEOHFH TXH ODV DXWRULGDGHV GHPDQGDGDV SRVHHQOHJLWLPDFLyQ SDVLYD
SRUFXDQWRHVSRVLEOHSODQWHDUODDFFLyQGHDPSDURFRQVWLWXFLRQDOFRQWUD
TXLHQHV DFWXDOPHQWH HVWiQ HQ HO HMHUFLFLR GH ORV FDUJRV GH ORV FXDOHV
HPDQDURQORVVXSXHVWRVDFWRVLOHJDOHV

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/DOtQHDMXULVSUXGHQFLDOGHO7ULEXQDO&RQVWLWXFLRQDOVREUHODOHJLWLPDFLyQSDVLYDHQOD
DFFLyQ GH DPSDUR FRQVWLWXFLRQDO LQLFLy FRQ OD 6& 5 HPSHUR IXH OD 6&
5TXHGHILQLyODOHJLWLPDFLyQSDVLYDVHxDODQGRTXHpVWDGHEHVHUHQWHQGLGD
FRPRODFRLQFLGHQFLDTXHVHGDHQWUHODDXWRULGDGTXHSUHVXQWDPHQWHFDXVyODYLRODFLyQ
DORVGHUHFKRV\DTXHOODFRQWUDTXLHQVHGLULJHODDFFLyQHQWHQGLPLHQWRDVXPLGRSRUODV
66&& 5 5 5 5 \ 5 HQWUH
RWUDV UD]RQDPLHQWR WDPELpQ FRQILUPDGR SRU OD 6&3  SURQXQFLDGD SRU HO
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO $VLPLVPR OD MXULVSUXGHQFLD FRQVWLWXFLRQDO
GLIHUHQFLy ODV VLWXDFLRQHV HVSHFLDOHV HQ OD OHJLWLPDFLyQ SDVLYD JHQHUDQGR YDULDV
VXEUHJODV UHIHULGDV D  /RV FDVRV GH VXFHVLyQ R FDPELR GH DXWRULGDGHV E  $FWR R
UHVROXFLyQ UHYLVDGD SRU XQ WULEXQDO VXSHULRU F  7ULEXQDOHV X yUJDQRV FROHJLDGRV G 
&DPELRGHVLWXDFLyQMXUtGLFDGHOGHPDQGDGR

D  6REUH OD OHJLWLPDFLyQ SDVLYD HQ ORV FDVRV GH VXFHVLyQ R FDPELR GH DXWRULGDGHV OD
MXULVSUXGHQFLD FRQVWLWXFLRQDO WLHQH HO VLJXLHQWH GHVDUUROOR  /D 6& 
HVWDEOHFLyTXH
ODGHPDQGDGHEHHVWDUGLULJLGDFRQWUDODDXWRULGDGTXHRVWHQWHHOFDUJR
GHVGHHOFXDOVHUHDOL]yHODFWRLOHJDORVHLQFXUULyHQODRPLVLyQLQGHELGDVLQTXHHOOR
LPSOLTXH TXH HQ FDVR GH H[LVWLU UHVSRQVDELOLGDGHV SHUVRQDOtVLPDV FRPR OD SHQDO HO
IXQFLRQDULRTXHKD\D DFFHGLGR DO FDUJR FRQ SRVWHULRULGDG DO DFWR OHVLYR GH GHUHFKRV
WHQJD TXH DVXPLU ODV FRQVHFXHQFLDV ~QLFDPHQWH SRU HQFRQWUDUVH HQ IXQFLRQHV DO
PRPHQWRGHLQLFLDUVHODGHPDQGD\SRUTXHpVWDKD\DVLGRGLULJLGDHQVXFRQWUD

/D

W


dW^:d
6&5GHWHUPLQy
 HQDTXHOORVFDVRVHQORVTXHHODFWRGHQXQFLDGRFRPR
LOHJDOHVHMHFXWDGRSRUXQDDXWRULGDG\HVRWUDODFRPSHWHQWHSDUDUHYLVDUHVDDFWXDFLyQ
DHIHFWRGHPRGLILFDUFRQILUPDURUHYRFDUHODFWRSXHVWRHQVXFRQRFLPLHQWRHOUHFXUVR
GHEHVHULQWHUSXHVWRFRQWUDDPEDVDXWRULGDGHVDOWHQHUOHJLWLPDFLyQSDVLYDODSULPHUD
SRU HMHFXWDU HO DFWR LOHJDO \ OD VHJXQGD SRU QR FRUUHJLUORGH PRGRTXH DO VHU DPEDV
UHVSRQVDEOHVGHEHQDVXPLUODVFRQVHFXHQFLDVGHVXVDFWRV
5D]RQDPLHQWRUHLWHUDGRSRU
ODV66&&5\5HQWUHRWUDV\FRQILUPDGRSRUSULPHUDYH]SRUOD
6&33RVWHULRUPHQWHOD6&3PRGXODQGRGLFKRHQWHQGLPLHQWR
HVWDEOHFHTXHODGHPDQGDSRGUiVHUSUHVHQWDGDFRQWUDODDXWRULGDGTXHFRPHWLyHODFWR
LOHJDOD~Q\DQRRVWHQWHHOFDUJRRODIXQFLyQHQODTXHVHHQFRQWUDED\TXHHQJHQHUDO
HVSRVLEOHGHPDQGDUFRQWUDHOFDUJRRODIXQFLyQS~EOLFDHQFX\RHMHUFLFLRVHFRPHWLyHO
VXSXHVWRDFWRLOHJDO$VXYH]OD6&3PRGXOyHVWH~OWLPRUD]RQDPLHQWR
HVWDEOHFLy TXH WDQWR SDUD OD IDVH GH OD DGPLVLELOLGDG HQ ODV DFFLRQHV GH DPSDUR
FRQVWLWXFLRQDO FRPR SDUD OD IDVH GHOLEHUDWLYD \ GH GHFLVLyQ GRQGH VH DQDOL]D OD
OHJLWLPDFLyQSDVLYDHQWRGDVODVDFFLRQHVGHGHIHQVDHVVXILFLHQWHLGHQWLILFDUHOFDUJR
RODIXQFLyQS~EOLFDHQFX\RHMHUFLFLRVHFRPHWLHURQORVVXSXHVWRVDFWRVLOHJDOHVHQORV
FDVRV GH FHVDQWtD GH VHUYLGRUHV S~EOLFRV  /D 6&3  UHDOL]DQGR RWUD
PRGXODFLyQGHWHUPLQyTXHODDFFLyQGHDPSDURFRQVWLWXFLRQDOSXHGHVHUSUHVHQWDGDGH
PDQHUDDOWHUQDWLYDFRQWUDODH[ DXWRULGDGTXHFRPHWLyHODFWRLOHJDOFRQWUDODQXHYD
DXWRULGDGRFRQWUDHOFDUJRRODIXQFLyQS~EOLFDHQFX\RHMHUFLFLRVHFRPHWLHURQORVDFWRV
VXSXHVWDPHQWH LOHJDOHV   $VLPLVPR OD 6&3  H[WLHQGH HVWH ~OWLPR
UD]RQDPLHQWRDHQWLGDGHVRLQVWLWXFLRQHVSULYDGDV

E  6REUH HO DFWR R UHVROXFLyQ UHYLVDGD SRU XQ WULEXQDO VXSHULRU OD MXULVSUXGHQFLD
FRQVWLWXFLRQDOWLHQHHOVLJXLHQWHGHVDUUROOR/D6&5HVWDEOHFLyTXHODRHO
DJUDYLDGR
GHEHDFXVDUHODFWRLQGHELGRRLOHJDOFRQVWLWXLGR\DVHDHQXQDFWRSURFHVDO
R HQ XQD UHVROXFLyQ DQWH OD LQVWDQFLD ~OWLPD SXHV GH QR KDFHUOR OD WXWHOD UHVXOWDUtD
LQHILFD]SRUFXDQWRQRVHSXHGHFRPSXOVDUODSUREOHPiWLFD VLQRKDVLGRUHFXUULGDOD
DXWRULGDG R SHUVRQD TXH WLHQH OD IDFXOWDG GH UHYLVDU FRQVLJXLHQWHPHQWH PRGLILFDU
FRQILUPDURUHYRFDUHODFWRRUHVROXFLyQSXHVWRHQVXFRQRFLPLHQWR\DTXHHQOD~OWLPD
LQVWDQFLDVLVHDFXVDHODFWRLOHJDOXRPLVLyQLQGHELGDVHUHVROYHUiGHILQLWLYDPHQWHGH
PDQHUDTXHTXLHQGHEHUiUHVSRQGHUSRUODOHVLyQDOGHUHFKRIXQGDPHQWDO\UHSDUDUORHQ
IRUPD LQPHGLDWD VHUi OD DXWRULGDG R WULEXQDO TXH WHQJD OHJDOPHQWH OD DWULEXFLyQ GH
FRQRFHU HQ ~OWLPD LQVWDQFLD \ SRU OR PLVPR SDUD HO FDVR GH QR UHSDUDU OD OHVLyQ DO
PRPHQWRGHUHVROYHUHOUHFXUVRRUGLQDULRHVTXLHQWLHQHODOHJLWLPDFLyQSDVLYDSDUDVHU
GHPDQGDGR UHVSRQGHU \ FXPSOLU OR TXH VH RUGHQH HQ HVWD MXULVGLFFLyQ
   (VWH
UD]RQDPLHQWRSRVWHULRUPHQWHIXHPRGXODGRSRUOD6&5HVWDEOHFLHQGRTXH

HQ DTXHOORV FDVRV HQ ORV TXH HO DFWR GHQXQFLDGR FRPR LOHJDO HV HMHFXWDGR SRU XQD
DXWRULGDG \ HV RWUD OD FRPSHWHQWH SDUD UHYLVDU HVD DFWXDFLyQ D HIHFWR GH PRGLILFDU
FRQILUPDURUHYRFDUHODFWRSXHVWRHQVXFRQRFLPLHQWRHOUHFXUVRGHEHVHULQWHUSXHVWR
FRQWUDDPEDVDXWRULGDGHVDOWHQHUOHJLWLPDFLyQSDVLYDODSULPHUDSRUHMHFXWDUHODFWR
LOHJDO\ODVHJXQGDSRUQRFRUUHJLUORGHPRGRTXHDOVHUDPEDVUHVSRQVDEOHVGHEHQ
DVXPLUODVFRQVHFXHQFLDVGHVXVDFWRV&DEHDFODUDUTXHOD6&5FRPRODV
66&& 5 5 5 HQWUH RWUDV XWLOL]DURQ HVWD OtQHD
MXULVSUXGHQFLDOFXDQGRVHGHPDQGyDODVDXWRULGDGHVTXHHMHFXWDURQHODFWRRUHVROXFLyQ
VXSXHVWDPHQWH LOHJDO \ QR FRQWUD TXLHQHV ORV UHYLVDURQ GHQHJiQGRVH OD WXWHOD FRQ HO
DUJXPHQWRTXHHOUHFXUVRWDPELpQGHELyVHUGLULJLGRFRQWUDHVWRV~OWLPRV/D6&3
FRQILUPyLPSOtFLWDPHQWHHVWHUD]RQDPLHQWRDXQVXSXHVWRGLIHUHQWHSXHVHQ
HVWHFDVRODDFFLyQVHGLULJLyFRQWUDODVDXWRULGDGHVTXHUHYLVDURQODUHVROXFLyQHQ~OWLPD
LQVWDQFLDSHURQRDVtFRQWUDORVLQIHULRUHVSRUFX\RPRWLYRVHGHQHJyODWXWHOD(PSHUR
ODV66&&HQWUHRWUDVGHQHJDURQODWXWHOD
SRUTXHODDFFLyQQRVHGLULJLyFRQWUDOD~OWLPDLQVWDQFLDRDXWRULGDGHVTXHWXYLHURQOD
RSRUWXQLGDGGHPRGLILFDUFRQILUPDURUHYRFDUHODFWRSXHVWRDVXFRQRFLPLHQWR

F  6REUH ORV FDVRV GH 7ULEXQDOHV X yUJDQRV FROHJLDGRV OD OtQHD MXULVSUXGHQFLDO HV OD
VLJXLHQWH  (O 7ULEXQDO &RQVWLWXFLRQDO HQ ODV 66&& 5 5

W


dW^:d


5\5HQWUHRWUDVHVWDEOHFLyTXHSDUDTXHVHDYLDEOHHO DPSDUR
FRQVWLWXFLRQDOGHEHVHUSODQWHDGRFRQWUDWRGRVORVPLHPEURVTXHDVXPLHURQODGHFLVLyQ
DFWRRUHVROXFLyQSUHVXQWDPHQWHLOHJDO6LQHPEDUJRGLFKDVXEUHJODIXH PRGXODGD
SRU OD 6& 5 HQ ORV FDVRV GH HQWHV FROHJLDGRV FRQ PLHPEURV QXPHURVRV
GHWHUPLQDQGR OD SRVLELOLGDG GH QRWLILFDU ~QLFDPHQWH DO UHSUHVHQWDQWH OHJDO FXDQGR OD
QRWLILFDFLyQDWRGRVORVPLHPEURVVHFRQYLHUWDHQEDUUHUDSDUDHODFFHVRLQPHGLDWRDOD
WXWHOD/D6&3DWUDYpVGHXQDPRGXODFLyQLPSOtFLWDSUHFLVyTXHHVSRVLEOH
LQJUHVDU DO DQiOLVLV GH IRQGR FXDQGR QR VH FDXVy LQGHIHQVLyQ D ORV TXH IXHURQ
GHPDQGDGRVHVGHFLUTXHDSHVDUGHQRKDEHUVHGLULJLGRODDFFLyQGHDPSDURFRQWUD
WRGRV ORV PLHPEURV TXHSURYRFDURQ HO DFWRLOHJDO GHQXQFLDGR XQR R PiV GH ORV TXH
IXHURQFLWDGRVDVXPLHURQGHIHQVD

G 6REUHHOFDPELRGHVLWXDFLyQMXUtGLFDGHOGHPDQGDGROD6&3HVWDEOHFLy
TXHH[LVWHIDOWDGHOHJLWLPDFLyQSDVLYDHQDFFLRQHVGHDPSDURFRQVWLWXFLRQDOFXDQGROD
SDUWH DFFLRQDQWH VLQ DUJXPHQWDFLyQ HQ XQ PHPRULDO SRVWHULRU DO GH OD GHPDQGD
PRGLILFD OD FDOLGDG GH SDUWH GHPDQGDGD D WHUFHUR LQWHUHVDGR VXSXHVWR HQ HO FXDO HQ
FXDQWRDODVSHUVRQDVTXHVHFDPELDVXVLWXDFLyQSURFHVDOODWXWHODVHUiGHQHJDGD

H 'HRWURODGRODMXULVSUXGHQFLDFRQVWLWXFLRQDOWDPELpQKDGHVDUUROODGRVXSXHVWRVGH
IOH[LELOL]DFLyQDODOHJLWLPDFLyQSDVLYDUHVSHFWRDODH[LJHQFLDGHGLULJLUODDFFLyQGH
DPSDURFRQVWLWXFLRQDOFRQWUDODSHUVRQDSDUWLFXODURDXWRULGDGTXHRFDVLRQyHODJUDYLR
RDFWROHVLYRGHQXQFLDGRDVt/D6&3HVWDEOHFLyTXHSDUDHOFDVRGHYtDV
GH KHFKR GH PDQHUD H[FHSFLRQDO SRGUi DFWLYDUVH OD WXWHOD VLQ LGHQWLILFDU D OD SDUWH
GHPDQGDGD FXDQGR SRU ODV FLUFXQVWDQFLDV SDUWLFXODUHV GHO FDVR QR VHD SRVLEOH XQD
GHWHUPLQDFLyQGHSHUVRQDVTXHLQFXUUDQHQYtDVGHKHFKRHQFX\RRUGHQSDUDDVHJXUDU
XQD HTXLGDG SURFHVDO D ODV SHUVRQDV TXH QR IXHURQ H[SUHVDPHQWH FLWDGDV FRPR
GHPDQGDGDV\TXHSXGLHUHQVHUDIHFWDGDVFRQORVHIHFWRVGHXQDHYHQWXDOFRQFHVLyQGH
WXWHOD SRU YtDV GH KHFKR QR VH OHV DSOLFD HO SULQFLSLR GH SUHFOXVLyQ SURFHVDO SDUD OD
SUHVHQWDFLyQGHSUXHEDVXRWURVPHGLRVGHPHGLRVGHGHIHQVD&DEHDFODUDUFRPROD
PLVPD6&3VHxDOyODH[FHSFLyQDOSULQFLSLRGHSUHFOXVLyQ\ODSRVLELOLGDG
GHSUHVHQWDFLyQGHSUXHEDHVWDEOHFLGDHQHVDVHQWHQFLDQRLPSOLFDXQDPRGXODFLyQGH
OD6&3HQODTXHVHGHILQLHURQORVVXSXHVWRVHQORVTXHHQODHWDSDGHUHYLVLyQ
DQWHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHVSRVLEOHODSUHVHQWDFLyQGHQXHYDSUXHED
UHIHULGDV
3UXHEDTXHQRSXGRVHUSUHVHQWDGDRSRUWXQDPHQWHDQWHHOMXH]RWULEXQDO
GHJDUDQWtDVVLHPSUH\FXDQGRVHMXVWLILTXHQODVUD]RQHVGHHVHLPSHGLPHQWR1XHYD
SUXHED TXH GHPXHVWUH OD SHUVLVWHQFLD GH ODV OHVLRQHV GHQXQFLDGDV D SDUWLU GHO PLVPR
KHFKRJHQHUDGRUORTXHQRLPSOLFDODDPSOLDFLyQGHORVIXQGDPHQWRVGHODDFFLyQ\
3DUDGHQXQFLDVGHPHGLGDVGHKHFKRFRQH[DV\DFFHVRULDVVHUiSRVLEOHODSUHVHQWDFLyQ
GH QXHYD SUXHED TXH GHPXHVWUH TXH ODV OHVLRQHV GHQXQFLDGDV DGHPiV GH SHUVLVWLU
FRQWLQ~DQVXVFLWiQGRVHDWUDYpVGHRWUDVDFFLRQHVGHVLPLODUQDWXUDOH]D
(IHFWLYDPHQWH
HO UD]RQDPLHQWR FRQWHQLGR HQ OD 6&3  HV XQ SRVWXODGR MXULVSUXGHQFLDO
GLIHUHQWHYLQFXODGR~QLFDPHQWHDODVYtDVGHKHFKR\ODLPSRVLELOLGDGGHLGHQWLILFDUD
ORV GHPDQGDGRV \ DSOLFDEOH ~QLFDPHQWH DQWH VXSXHVWRV IiFWLFRV VLPLODUHV   2WUR
VXSXHVWR GH IOH[LELOL]DFLyQ HV HO FRQWHQLGR HQ OD 6&3  TXH IOH[LELOL]y OD
OHJLWLPDFLyQSDVLYDHQORVVXSXHVWRVGHLQVWDQFLDVGHGLUHFFLyQYDFDQWHVHQHQWLGDGHV
S~EOLFDV R SULYDGDV GHWHUPLQDQGR TXH FXDQGR ODV LQVWDQFLDV GH GLUHFFLyQ HQ ODV
HQWLGDGHVS~EOLFDVRSULYDGDVTXHGDQYDFDQWHVVHGLULJHODDFFLyQGLUHFWDPHQWHFRQWUD
ODHQWLGDGTXHKXELHUHYXOQHUDGRGHUHFKRVVLQLGHQWLILFDUDXWRULGDGHVRSHUVRQHURV
/D6&3FLUFXQVFULWDDORVSURFHVRVSHQDOHVHVWDEOHFLyTXHD~QQRVHKXELHUH
SODQWHDGR OD DFFLyQ FRQWUD HO UHSUHVHQWDQWH GHO 0LQLVWHULR 3~EOLFR \ VL FRQWUD ODV
DXWRULGDGHVTXHHMHUFLHURQHOFRQWUROMXULVGLFFLRQDOHQODHWDSDSUHSDUDWRULDHO-XH]GH
,QVWUXFFLyQHQOR3HQDORVWHQWDOHJLWLPDFLyQSDVLYDSRUTXHWLHQHODIDFXOWDGGHFRQWURODU
ODLQYHVWLJDFLyQHIHFWXDGDSRUSDUWHGHOyUJDQRGHSHUVHFXFLyQSHQDODVHJXUDQGRTXHHO
PLVPRVHUHDOLFHHQHOPDUFRGHOUHVSHWRGHOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR7UDWDGRV
\&RQYHQLRVLQWHUQDFLRQDOHVDVtFRPRHOWULEXQDOGHDSHODFLyQWLHQHHOGHEHUGHYHULILFDU

W


dW^:d
ORV DFWRV GH OD DXWRULGDG GH UDQJR LQIHULRU FXDQGR QR UHSDUDURQ ORV DFWRV LOHJDOHV X
RPLVLRQHVLQGHELGDVHQODVTXHKXELHUDLQFXUULGRHO0LQLVWHULR3~EOLFR


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

,,,
(QORUHIHUHQWHDODOHJLWLPDFLyQSDVLYDGHSHUVRQDVRVHUYLGRUHV
S~EOLFRVTXHRFXSDQXQFDUJRHQLQVWLWXFLRQHVS~EOLFDVRSULYDGDVGHVGH
HO FXDO VH GHQXQFLD VH KDEUtD YXOQHUDGR R DPHQD]DGR YXOQHUDU XQ
GHUHFKR\ORVFDPELRVVXFHVLYRVTXHHQHOPLVPRSRGUtDQSURYRFDUVH
HV SRVLEOH DGPLWLU OD OHJLWLPDFLyQ SDVLYD GH OD DQWHULRU SHUVRQD R
DXWRULGDGUHVSRQVDEOHGHODFWRTXHFXHQWDFRQUHVSRQVDELOLGDGSHUVRQDO
\ D OD YH] GH OD QXHYD SHUVRQD R DXWRULGDG TXH FXHQWD FRQ
UHVSRQVDELOLGDG LQVWLWXFLRQDO R VLPSOHPHQWH GH HVWD ~OWLPD 6&
5 GH  GH IHEUHUR  FULWHULR DPSOLDGR PHGLDQWH OD 6&3
GHGHPD\RTXHHVWDEOHFLyTXH
$PRPHQWRGHFRQVLGHUDU
OD OHJLWLPDFLyQ SDVLYD GH DXWRULGDGHV S~EOLFDV HQ UD]yQ D FDPELRV
FRQWLQXRV GH OD DGPLQLVWUDFLyQ S~EOLFD HV SRVLEOH GHPDQGDU FRQWUD HO
FDUJR R OD IXQFLyQ S~EOLFD HQ FX\R HMHUFLFLR SXGLHURQ FRPHWHUVH ORV
DFWRV YLRODWRULRV GHQXQFLDGRV DO QR VHU DWLQHQWH D OD YROXQWDG GHO
DFFLRQDQWH HO FDPELR GH VHUYLGRUHV S~EOLFRV SRU HOOR WDPSRFR VXV
GHUHFKRV SXHGHQ TXHGDU HQ VXVSHQVR SRU HO FDPELR GH DXWRULGDGHV \
VHUYLGRUHVS~EOLFRV



'LFKRV HQWHQGLPLHQWRV HQ YLUWXG DO SULQFLSLR SUR DFWLRQH QR VRQ
H[FOX\HQWHV VLQR DOWHUQDWLYRV HV GHFLU HQ HVWHWLSR GH FDVRV QR SXHGH
GHQHJDUVH XQD GHPDQGD GH DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SRU QR
KDEHUVHGHPDQGDGRDODSHUVRQDItVLFDUHVSRQVDEOHGHOVXSXHVWRDFWRR
ODDPHQD]DDOGHUHFKRRJDUDQWtDSXHVHOORLPSRVLELOLWDVHOHGHWHUPLQH
UHVSRQVDELOLGDGSHURQRLPSLGHVLH[LVWHSUXHEDVXILFLHQWHHODQiOLVLV
GHVXFRQGXFWDUHLWHUiQGRVHTXHHOORVHGHEHDODILQDOLGDGGHODDFFLyQ
GH DPSDUR FRQVWLWXFLRQDO \ OD QREOH ILQDOLGDG HVSHFtILFD FRQ OD TXH
FXHQWDHVGHFLUODWXWHODGHGHUHFKRV\JDUDQWtDV


,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

'HDFXHUGRDODKLVWRULDGHODOtQHDMXULVSUXGHQFLDOGHVFULWDVHHVWDEOHFH
ORVLJXLHQWH (QFXDQWRDORVFDVRVGHVXFHVLyQGHOFDUJRHOHVWiQGDU
PiVDOWRVHHQFXHQWUDFRQWHQLGRHQOD6&3FRPSOHPHQWDGD
SRUOD6&3 (QFXDQWRD7ULEXQDOHVXyUJDQRVFROHJLDGRV
HOHVWiQGDUPiVDOWRHVWiSODVPDGRHQOD5 5HVSHFWRDORV
VXSXHVWRVGHIOH[LELOL]DFLyQGHODOHJLWLPDFLyQSDVLYDHOHVWiQGDUPiV
DOWRHVWiSODVPDGRHQODV6&3\6&3



W


dW^:d


([FHSFLRQHVDODOHJLWLPDFLyQSDVLYDHQODDFFLyQGH
DPSDUR)OH[LELOL]DFLyQGHODVUHJODVGHODOHJLWLPDFLyQSDVLYDUHVSHFWRD
LQVWDQFLDVGHGLUHFFLyQYDFDQWHVHQHQWLGDGHVS~EOLFDVRSULYDGDV
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3&XDQGRODVLQVWDQFLDVGHGLUHFFLyQHQODVHQWLGDGHV
S~EOLFDVRSULYDGDVTXHGDQYDFDQWHVVHGLULJHODDFFLyQGLUHFWDPHQWH
FRQWUD OD HQWLGDG TXH KXELHUH YXOQHUDGR GHUHFKRV VLQ LGHQWLILFDU
DXWRULGDGHVRSHUVRQHURVIOH[LELOL]iQGRVHSRUH[FHSFLyQVyORHQHVWH
VXSXHVWRODVUHJODVH[LJLGDVSDUDDFUHGLWDUODOHJLWLPDFLyQSDVLYD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOHODFFLRQDQWHGHQXQFLyTXHORV
PLHPEURV GHO &RPLWp (OHFWRUDO GH OD &RRSHUDWLYD GH
7HOHFRPXQLFDFLRQHV6XFUH &27(6/WGD OHVLRQDURQVXVGHUHFKRVDOD
LJXDOGDG\DOVXIUDJLRSDVLYRSRUFXDQWRHQWLHQGHTXHIXHLQMXVWDPHQWH
LQKDELOLWDGR GHO SURFHVR HOHFFLRQDULR GH OD &RRSHUDWLYD GH
7HOHFRPXQLFDFLRQHV&27(6/WGDSDUDODUHQRYDFLyQGHORV&RQVHMRV
GH$GPLQLVWUDFLyQ\9LJLODQFLDSRUODVJHVWLRQHVHQEDVHD
OD GHFLVLyQ LOHJDO DVXPLGD HQ OD $VDPEOHD *HQHUDO ([WUDRUGLQDULD GH
6RFLRV HQ OD FXDO VH LQVHUWDURQ UHTXLVLWRV DGLFLRQDOHV SDUD ORV VRFLRV
VDOLHQWHVGHFDUJRVGLUHFWLYRVDVSHFWRTXHIXHRSRUWXQDPHQWHDSHODGR
DQWHHO&RPLWp(OHFWRUDOTXHVXYH]UDWLILFyORHVWDEOHFLGRHQODLQGLFDGD
$VDPEOHD *HQHUDO ([WUDRUGLQDULD DUJXPHQWDQGR FDUHFHU GH
FRPSHWHQFLDSDUDDWHQGHUODVROLFLWXGGHKDELOLWDFLyQGHOGHPDQGDQWH(O
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO DSUREy OD UHVROXFLyQ TXH
FRQFHGLy OD WXWHOD FRQ ORV VLJXLHQWHV DUJXPHQWRV D  &RQ FDUiFWHU
SUHYLRDQWHODWRWDOLQGHIHQVLyQGHODFFLRQDQWHSURFHGLyDIOH[LELOL]DU
ORVSUHVXSXHVWRVSURFHVDOHVHVWDEOHFLGRVSDUDODOHJLWLPDFLyQSDVLYD\
QRH[LJLyODLGHQWLILFDFLyQGHOVXMHWRSURFHVDODVLPLVPRWRGDYH]TXH
HO DFFLRQDQWH REVHUYy \ GHQXQFLy ODV LOHJDOHV GHFLVLRQHV DKRUD
LPSXJQDGDVFRQFOX\yTXHVXSRVWXODFLyQQRLPSOLFDEDODH[LVWHQFLDGH
DFWRVFRQVHQWLGRV\E 'HWHUPLQyTXHODLQWURGXFFLyQGHFRQGLFLRQDQWHV
DGLFLRQDOHV D ORV UHTXLVLWRV SUHYLDPHQWH HVWDEOHFLGRV SDUD ORV VRFLRV
SRVWXODQWHV D ORV yUJDQRV GH JRELHUQR GH &27(6 VLQ SUHYLDPHQWH
PRGLILFDU VXV (VWDWXWRV LPSOLFD WUDQVJUHVLyQ GHO GHUHFKR DO VXIUDJLR
W


dW^:d

SDVLYRGHODFFLRQDQWHDVtFRPRGHVXGHUHFKRDODLJXDOGDGDOKDEHU
UHFLELGRXQWUDWRGLVtPLOUHVSHFWRDVXVSDUHV

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
(QSULPHUWpUPLQRFRUUHVSRQGHVHxDODUTXHODSUHVHQWHDFFLyQGHDPSDUR
FRQVWLWXFLRQDO IXH LQFRUUHFWDPHQWH LQWHUSXHVWD FRQWUD HO &RPLWp (OHFWRUDO GH &27(6
/WGDWRGDYH]TXHGLFKDLQVWDQFLDLQVWLWXFLRQDOGHFDUiFWHUWHPSRUDOQRSRGtDDUURJDUVH
OD UHSUHVHQWDFLyQ GH OD $VDPEOHD *HQHUDO ([WUDRUGLQDULD GH 6RFLRV VLHQGR PiV ELHQ
~QLFDPHQWHHMHFXWRUDGHODVGHFLVLRQHVDVXPLGDV

(QWHQGLHQGR TXH H[LVWtD OHVLyQ GH VXV GHUHFKRV HO DFFLRQDQWH GHELy LQLFLDOPHQWH
GHPDQGDU DO QLYHO LQVWLWXFLRQDO GH &27(6 /WGD TXH HIHFWLYDPHQWH YXOQHUy VXV
GHUHFKRV HV GHFLU D OD $VDPEOHD *HQHUDO ([WUDRUGLQDULD GH 6RFLRV KHFKR TXH VLQ
HPEDUJR UHVXOWDED GH LPSRVLEOH FXPSOLPLHQWR SRU FXDQWR QR SRGUtD GHPDQGDUVH DO
XQLYHUVRGHVRFLRVGLOX\HQGRHOVXMHWRSURFHVDOHQWUHWRGRVORVDVRFLDGRVPiVD~QVLHQ
HOFDVRFRQFUHWRODPLVPDQRSRGtDVHUFRQYRFDGDOHJDOPHQWHWRGDYH]TXHODLQVWDQFLD
FRPSHWHQWHSDUDGLFKRHIHFWRFRPRHVHO&RQVHMRGH$GPLQLVWUDFLyQVHHQFRQWUDEDHQ
DFHIDOtDGHVGHHOGHDEULOGH

'HDFXHUGRDORGLVSXHVWRSRUHODUWFRQFRUGDQWHFRQHODUWGHORV(VWDWXWRVGHOD
&RRSHUDWLYD GH 7HOHFRPXQLFDFLRQHV 6XFUH &27(6 /WGD  DSUREDGRV PHGLDQWH
5HVROXFLyQ $GPLQLVWUDWLYD  GH  GH PD\R GH  HPLWLGD SRU HO ,QVWLWXWR
1DFLRQDO GH &RRSHUDWLYDV ,1$/&2  HO &RQVHMR GH $GPLQLVWUDFLyQ HV OD LQVWDQFLD
LGyQHD GH UHSUHVHQWDFLyQ GH OD &RRSHUDWLYD SRU FXDQWR VH FRQVWLWX\H HQ HO QLYHO GH
'LUHFFLyQ6XSHULRUWHQLHQGRDVXFDUJRODGLUHFFLyQ\HMHFXFLyQGHORVSODQHVQRUPDV
\UHVROXFLRQHVGHODV$VDPEOHDV*HQHUDOHVGH6RFLRVFRUUHVSRQGLpQGROHDGPLQLVWUDU\
UHSUHVHQWDU D OD &RRSHUDWLYD HQ ORV WpUPLQRV GHILQLGRV HQ ODV QRUPDV YLJHQWHV HQ OD
/HJLVODFLyQ&RRSHUDWLYLVWDORV(VWDWXWRV\5HJODPHQWRV

3RUORH[SXHVWRVHFRQFOX\HWDPELpQTXHHOGHPDQGDQWHPHQRVD~QSXGRLQWHUSRQHUOD
DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HQ FRQWUD GHO &RQVHMR GH $GPLQLVWUDFLyQ LQVWDQFLD
FROHJLDGD TXH FRPR \D VH GLMR FXPSOLy VX PDQGDWR HO  GH DEULO GH  QR
HQFRQWUiQGRVH HQ HMHUFLFLR GH VXV IXQFLRQHV HQ HO PRPHQWR GH OD SXEOLFDFLyQ GH OD

1yPLQDGH3RVWXODQWHV+DELOLWDGRVH,QKDELOLWDGRVSDUDODV(OHFFLRQHVGH&RQVHMHURV
GH$GPLQLVWUDFLyQ\9LJLODQFLDGH&27(6/WGD
 VLF 

(Q HO HVFHQDULR LQVWLWXFLRQDO SODQWHDGR \ GDGDV ODV FRQGLFLRQHV IiFWLFDV GHVFULWDV
SUHFHGHQWHPHQWH/XLV)HUQDQGR3D]4XLURJDVHHQFRQWUDEDHQXQDEVROXWRHVWDGRGH
LQGHIHQVLyQHQUD]yQDTXHHO&RQVHMRGH$GPLQLVWUDFLyQVHHQFRQWUDEDDFpIDOR \OD
SURSLD$VDPEOHDGH6RFLRVQRSRGtDVHUFRQYRFDGDSRUORFXDOFRUUHVSRQGHIOH[LELOL]DU
ORV SUHVXSXHVWRV SURFHVDOHV HVWDEOHFLGRV SDUD OD OHJLWLPDFLyQ SDVLYD \ HQ GHILQLWLYD
LQYRFDU HO )XQGDPHQWR -XUtGLFR ,,, GHVDUUROODGR HQ OD SUHVHQWH UHVROXFLyQ HQ
DSOLFDFLyQGHOSULQFLSLRSURDFWLRQH\QRH[LJLUVHODLGHQWLILFDFLyQGHOVXMHWRSURFHVDOD
XOWUDQ]D


6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGHODDFFLyQGHDPSDURFRQVWLWXFLRQDO\FRQFDUiFWHUSUHYLRDQWH
OD WRWDO LQGHIHQVLyQ GHO DFFLRQDQWH SURFHGLy D IOH[LELOL]DU ORV
SUHVXSXHVWRVSURFHVDOHVHVWDEOHFLGRVSDUDODOHJLWLPDFLyQSDVLYDSRUOR
TXHQRVHH[LJLyODLGHQWLILFDFLyQGHOVXMHWRSURFHVDO

W


dW^:d


&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/DOtQHDMXULVSUXGHQFLDOGHO7ULEXQDO&RQVWLWXFLRQDOVREUHODOHJLWLPDFLyQSDVLYDHQOD
DFFLyQ GH DPSDUR FRQVWLWXFLRQDO LQLFLy FRQ OD 6& 5 HPSHUR IXH OD 6&
5TXHGHILQLyODOHJLWLPDFLyQSDVLYDVHxDODQGRTXHpVWDGHEHVHUHQWHQGLGD
FRPRODFRLQFLGHQFLDTXHVHGDHQWUHODDXWRULGDGTXHSUHVXQWDPHQWHFDXVyODYLRODFLyQ
DORVGHUHFKRV\DTXHOODFRQWUDTXLHQVHGLULJHODDFFLyQHQWHQGLPLHQWRDVXPLGRSRUODV
66&& 5 5 5 5 \ 5 HQWUH
RWUDV UD]RQDPLHQWR WDPELpQ FRQILUPDGR SRU OD 6&3  SURQXQFLDGD SRU HO
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO $VLPLVPR OD MXULVSUXGHQFLD FRQVWLWXFLRQDO
GLIHUHQFLy ODV VLWXDFLRQHV HVSHFLDOHV HQ OD OHJLWLPDFLyQ SDVLYD JHQHUDQGR YDULDV
VXEUHJODV UHIHULGDV D  /RV FDVRV GH VXFHVLyQ R FDPELR GH DXWRULGDGHV E  $FWR R
UHVROXFLyQ UHYLVDGD SRU XQ WULEXQDO VXSHULRU F  7ULEXQDOHV X yUJDQRV FROHJLDGRV G 
&DPELRGHVLWXDFLyQMXUtGLFDGHOGHPDQGDGR
D  6REUH OD OHJLWLPDFLyQ SDVLYD HQ ORV FDVRV GH VXFHVLyQ R FDPELR GH DXWRULGDGHV OD
MXULVSUXGHQFLD FRQVWLWXFLRQDO WLHQH HO VLJXLHQWH GHVDUUROOR  /D 6& 
HVWDEOHFLyTXH
ODGHPDQGDGHEHHVWDUGLULJLGDFRQWUDODDXWRULGDGTXHRVWHQWHHOFDUJR
GHVGHHOFXDOVHUHDOL]yHODFWRLOHJDORVHLQFXUULyHQODRPLVLyQLQGHELGDVLQTXHHOOR
LPSOLTXH TXH HQ FDVR GH H[LVWLU UHVSRQVDELOLGDGHV SHUVRQDOtVLPDV FRPR OD SHQDO HO
IXQFLRQDULRTXHKD\D DFFHGLGR DO FDUJR FRQ SRVWHULRULGDG DO DFWR OHVLYR GH GHUHFKRV
WHQJD TXH DVXPLU ODV FRQVHFXHQFLDV ~QLFDPHQWH SRU HQFRQWUDUVH HQ IXQFLRQHV DO
PRPHQWRGHLQLFLDUVHODGHPDQGD\SRUTXHpVWDKD\DVLGRGLULJLGDHQVXFRQWUD

/D
6&5GHWHUPLQy
 HQDTXHOORVFDVRVHQORVTXHHODFWRGHQXQFLDGRFRPR
LOHJDOHVHMHFXWDGRSRUXQDDXWRULGDG\HVRWUDODFRPSHWHQWHSDUDUHYLVDUHVDDFWXDFLyQ
DHIHFWRGHPRGLILFDUFRQILUPDURUHYRFDUHODFWRSXHVWRHQVXFRQRFLPLHQWRHOUHFXUVR
GHEHVHULQWHUSXHVWRFRQWUDDPEDVDXWRULGDGHVDOWHQHUOHJLWLPDFLyQSDVLYDODSULPHUD
SRU HMHFXWDU HO DFWR LOHJDO \ OD VHJXQGD SRU QR FRUUHJLUORGH PRGRTXH DO VHU DPEDV
UHVSRQVDEOHVGHEHQDVXPLUODVFRQVHFXHQFLDVGHVXVDFWRV
5D]RQDPLHQWRUHLWHUDGRSRU
ODV66&&5\5HQWUHRWUDV\FRQILUPDGRSRUSULPHUDYH]SRUOD
6&33RVWHULRUPHQWHOD6&3PRGXODQGRGLFKRHQWHQGLPLHQWR
HVWDEOHFHTXHODGHPDQGDSRGUiVHUSUHVHQWDGDFRQWUDODDXWRULGDGTXHFRPHWLyHODFWR
LOHJDOD~Q\DQRRVWHQWHHOFDUJRRODIXQFLyQHQODTXHVHHQFRQWUDED\TXHHQJHQHUDO
HVSRVLEOHGHPDQGDUFRQWUDHOFDUJRRODIXQFLyQS~EOLFDHQFX\RHMHUFLFLRVHFRPHWLyHO
VXSXHVWRDFWRLOHJDO$VXYH]OD6&3PRGXOyHVWH~OWLPRUD]RQDPLHQWR
HVWDEOHFLy TXH WDQWR SDUD OD IDVH GH OD DGPLVLELOLGDG HQ ODV DFFLRQHV GH DPSDUR
FRQVWLWXFLRQDO FRPR SDUD OD IDVH GHOLEHUDWLYD \ GH GHFLVLyQ GRQGH VH DQDOL]D OD
OHJLWLPDFLyQSDVLYDHQWRGDVODVDFFLRQHVGHGHIHQVDHVVXILFLHQWHLGHQWLILFDUHOFDUJR
RODIXQFLyQS~EOLFDHQFX\RHMHUFLFLRVHFRPHWLHURQORVVXSXHVWRVDFWRVLOHJDOHVHQORV
FDVRV GH FHVDQWtD GH VHUYLGRUHV S~EOLFRV  /D 6&3  UHDOL]DQGR RWUD
PRGXODFLyQGHWHUPLQyTXHODDFFLyQGHDPSDURFRQVWLWXFLRQDOSXHGHVHUSUHVHQWDGDGH
PDQHUDDOWHUQDWLYDFRQWUDODH[ DXWRULGDGTXHFRPHWLyHODFWRLOHJDOFRQWUDODQXHYD
DXWRULGDGRFRQWUDHOFDUJRRODIXQFLyQS~EOLFDHQFX\RHMHUFLFLRVHFRPHWLHURQORVDFWRV
VXSXHVWDPHQWH LOHJDOHV   $VLPLVPR OD 6&3  H[WLHQGH HVWH ~OWLPR
UD]RQDPLHQWRDHQWLGDGHVRLQVWLWXFLRQHVSULYDGDV
E  6REUH HO DFWR R UHVROXFLyQ UHYLVDGD SRU XQ WULEXQDO VXSHULRU OD MXULVSUXGHQFLD
FRQVWLWXFLRQDOWLHQHHOVLJXLHQWHGHVDUUROOR/D6&5HVWDEOHFLyTXHODRHO
DJUDYLDGR
GHEHDFXVDUHODFWRLQGHELGRRLOHJDOFRQVWLWXLGR\DVHDHQXQDFWRSURFHVDO
R HQ XQD UHVROXFLyQ DQWH OD LQVWDQFLD ~OWLPD SXHV GH QR KDFHUOR OD WXWHOD UHVXOWDUtD
LQHILFD]SRUFXDQWRQRVHSXHGHFRPSXOVDUODSUREOHPiWLFD VLQRKDVLGRUHFXUULGDOD
DXWRULGDG R SHUVRQD TXH WLHQH OD IDFXOWDG GH UHYLVDU FRQVLJXLHQWHPHQWH PRGLILFDU
FRQILUPDURUHYRFDUHODFWRRUHVROXFLyQSXHVWRHQVXFRQRFLPLHQWR\DTXHHQOD~OWLPD
LQVWDQFLDVLVHDFXVDHODFWRLOHJDOXRPLVLyQLQGHELGDVHUHVROYHUiGHILQLWLYDPHQWHGH
PDQHUDTXHTXLHQGHEHUiUHVSRQGHUSRUODOHVLyQDOGHUHFKRIXQGDPHQWDO\UHSDUDUORHQ
IRUPD LQPHGLDWD VHUi OD DXWRULGDG R WULEXQDO TXH WHQJD OHJDOPHQWH OD DWULEXFLyQ GH
FRQRFHU HQ ~OWLPD LQVWDQFLD \ SRU OR PLVPR SDUD HO FDVR GH QR UHSDUDU OD OHVLyQ DO

W


dW^:d
PRPHQWRGHUHVROYHUHOUHFXUVRRUGLQDULRHVTXLHQWLHQHODOHJLWLPDFLyQSDVLYDSDUDVHU
GHPDQGDGR UHVSRQGHU \ FXPSOLU OR TXH VH RUGHQH HQ HVWD MXULVGLFFLyQ
   (VWH
UD]RQDPLHQWRSRVWHULRUPHQWHIXHPRGXODGRSRUOD6&5HVWDEOHFLHQGRTXH

HQ DTXHOORV FDVRV HQ ORV TXH HO DFWR GHQXQFLDGR FRPR LOHJDO HV HMHFXWDGR SRU XQD
DXWRULGDG \ HV RWUD OD FRPSHWHQWH SDUD UHYLVDU HVD DFWXDFLyQ D HIHFWR GH PRGLILFDU
FRQILUPDURUHYRFDUHODFWRSXHVWRHQVXFRQRFLPLHQWRHOUHFXUVRGHEHVHULQWHUSXHVWR
FRQWUDDPEDVDXWRULGDGHVDOWHQHUOHJLWLPDFLyQSDVLYDODSULPHUDSRUHMHFXWDUHODFWR
LOHJDO\ODVHJXQGDSRUQRFRUUHJLUORGHPRGRTXHDOVHUDPEDVUHVSRQVDEOHVGHEHQ
DVXPLUODVFRQVHFXHQFLDVGHVXVDFWRV&DEHDFODUDUTXHOD6&5FRPRODV
66&& 5 5 5 HQWUH RWUDV XWLOL]DURQ HVWD OtQHD
MXULVSUXGHQFLDOFXDQGRVHGHPDQGyDODVDXWRULGDGHVTXHHMHFXWDURQHODFWRRUHVROXFLyQ
VXSXHVWDPHQWH LOHJDO \ QR FRQWUD TXLHQHV ORV UHYLVDURQ GHQHJiQGRVH OD WXWHOD FRQ HO
DUJXPHQWRTXHHOUHFXUVRWDPELpQGHELyVHUGLULJLGRFRQWUDHVWRV~OWLPRV/D6&3
FRQILUPyLPSOtFLWDPHQWHHVWHUD]RQDPLHQWRDXQVXSXHVWRGLIHUHQWHSXHVHQ
HVWHFDVRODDFFLyQVHGLULJLyFRQWUDODVDXWRULGDGHVTXHUHYLVDURQODUHVROXFLyQHQ~OWLPD
LQVWDQFLDSHURQRDVtFRQWUDORVLQIHULRUHVSRUFX\RPRWLYRVHGHQHJyODWXWHOD(PSHUR
ODV66&&HQWUHRWUDVGHQHJDURQODWXWHOD
SRUTXHODDFFLyQQRVHGLULJLyFRQWUDOD~OWLPDLQVWDQFLDRDXWRULGDGHVTXHWXYLHURQOD
RSRUWXQLGDGGHPRGLILFDUFRQILUPDURUHYRFDUHODFWRSXHVWRDVXFRQRFLPLHQWR
F  6REUH ORV FDVRV GH 7ULEXQDOHV X yUJDQRV FROHJLDGRV OD OtQHD MXULVSUXGHQFLDO HV OD
VLJXLHQWH  (O 7ULEXQDO &RQVWLWXFLRQDO HQ ODV 66&& 5 5
5\5HQWUHRWUDVHVWDEOHFLyTXHSDUDTXHVHDYLDEOHHO DPSDUR
FRQVWLWXFLRQDOGHEHVHUSODQWHDGRFRQWUDWRGRVORVPLHPEURVTXHDVXPLHURQODGHFLVLyQ
DFWRRUHVROXFLyQSUHVXQWDPHQWHLOHJDO6LQHPEDUJRGLFKDVXEUHJODIXH PRGXODGD
SRU OD 6& 5 HQ ORV FDVRV GH HQWHV FROHJLDGRV FRQ PLHPEURV QXPHURVRV
GHWHUPLQDQGR OD SRVLELOLGDG GH QRWLILFDU ~QLFDPHQWH DO UHSUHVHQWDQWH OHJDO FXDQGR OD
QRWLILFDFLyQDWRGRVORVPLHPEURVVHFRQYLHUWDHQEDUUHUDSDUDHODFFHVRLQPHGLDWRDOD
WXWHOD/D6&3DWUDYpVGHXQDPRGXODFLyQLPSOtFLWDSUHFLVyTXHHVSRVLEOH
LQJUHVDU DO DQiOLVLV GH IRQGR FXDQGR QR VH FDXVy LQGHIHQVLyQ D ORV TXH IXHURQ
GHPDQGDGRVHVGHFLUTXHDSHVDUGHQRKDEHUVHGLULJLGRODDFFLyQGHDPSDURFRQWUD
WRGRV ORV PLHPEURV TXHSURYRFDURQ HO DFWRLOHJDO GHQXQFLDGR XQR R PiV GH ORV TXH
IXHURQFLWDGRVDVXPLHURQGHIHQVD
G 6REUHHOFDPELRGHVLWXDFLyQMXUtGLFDGHOGHPDQGDGROD6&3HVWDEOHFLy
TXHH[LVWHIDOWDGHOHJLWLPDFLyQSDVLYDHQDFFLRQHVGHDPSDURFRQVWLWXFLRQDOFXDQGROD
SDUWH DFFLRQDQWH VLQ DUJXPHQWDFLyQ HQ XQ PHPRULDO SRVWHULRU DO GH OD GHPDQGD
PRGLILFD OD FDOLGDG GH SDUWH GHPDQGDGD D WHUFHUR LQWHUHVDGR VXSXHVWR HQ HO FXDO HQ
FXDQWRDODVSHUVRQDVTXHVHFDPELDVXVLWXDFLyQSURFHVDOODWXWHODVHUiGHQHJDGD
H 'HRWURODGRODMXULVSUXGHQFLDFRQVWLWXFLRQDOWDPELpQKDGHVDUUROODGRVXSXHVWRVGH
IOH[LELOL]DFLyQDODOHJLWLPDFLyQSDVLYDUHVSHFWRDODH[LJHQFLDGHGLULJLUODDFFLyQGH
DPSDURFRQVWLWXFLRQDOFRQWUDODSHUVRQDSDUWLFXODURDXWRULGDGTXHRFDVLRQyHODJUDYLR
RDFWROHVLYRGHQXQFLDGRDVt/D6&3HVWDEOHFLyTXHSDUDHOFDVRGHYtDV
GH KHFKR GH PDQHUD H[FHSFLRQDO SRGUi DFWLYDUVH OD WXWHOD VLQ LGHQWLILFDU D OD SDUWH
GHPDQGDGD FXDQGR SRU ODV FLUFXQVWDQFLDV SDUWLFXODUHV GHO FDVR QR VHD SRVLEOH XQD
GHWHUPLQDFLyQGHSHUVRQDVTXHLQFXUUDQHQYtDVGHKHFKRHQFX\RRUGHQSDUDDVHJXUDU
XQD HTXLGDG SURFHVDO D ODV SHUVRQDV TXH QR IXHURQ H[SUHVDPHQWH FLWDGDV FRPR
GHPDQGDGDV\TXHSXGLHUHQVHUDIHFWDGDVFRQORVHIHFWRVGHXQDHYHQWXDOFRQFHVLyQGH
WXWHOD SRU YtDV GH KHFKR QR VH OHV DSOLFD HO SULQFLSLR GH SUHFOXVLyQ SURFHVDO SDUD OD
SUHVHQWDFLyQGHSUXHEDVXRWURVPHGLRVGHPHGLRVGHGHIHQVD&DEHDFODUDUFRPROD
PLVPD6&3VHxDOyODH[FHSFLyQDOSULQFLSLRGHSUHFOXVLyQ\ODSRVLELOLGDG
GHSUHVHQWDFLyQGHSUXHEDHVWDEOHFLGDHQHVDVHQWHQFLDQRLPSOLFDXQDPRGXODFLyQGH
OD6&3HQODTXHVHGHILQLHURQORVVXSXHVWRVHQORVTXHHQODHWDSDGHUHYLVLyQ
DQWHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHVSRVLEOHODSUHVHQWDFLyQGHQXHYDSUXHED
UHIHULGDV
3UXHEDTXHQRSXGRVHUSUHVHQWDGDRSRUWXQDPHQWHDQWHHOMXH]RWULEXQDO
GHJDUDQWtDVVLHPSUH\FXDQGRVHMXVWLILTXHQODVUD]RQHVGHHVHLPSHGLPHQWR1XHYD
SUXHED TXH GHPXHVWUH OD SHUVLVWHQFLD GH ODV OHVLRQHV GHQXQFLDGDV D SDUWLU GHO PLVPR
KHFKRJHQHUDGRUORTXHQRLPSOLFDODDPSOLDFLyQGHORVIXQGDPHQWRVGHODDFFLyQ\

W


dW^:d


3DUDGHQXQFLDVGHPHGLGDVGHKHFKRFRQH[DV\DFFHVRULDVVHUiSRVLEOHODSUHVHQWDFLyQ
GH QXHYD SUXHED TXH GHPXHVWUH TXH ODV OHVLRQHV GHQXQFLDGDV DGHPiV GH SHUVLVWLU
FRQWLQ~DQVXVFLWiQGRVHDWUDYpVGHRWUDVDFFLRQHVGHVLPLODUQDWXUDOH]D
(IHFWLYDPHQWH
HO UD]RQDPLHQWR FRQWHQLGR HQ OD 6&3  HV XQ SRVWXODGR MXULVSUXGHQFLDO
GLIHUHQWHYLQFXODGR~QLFDPHQWHDODVYtDVGHKHFKR\ODLPSRVLELOLGDGGHLGHQWLILFDUD
ORV GHPDQGDGRV \ DSOLFDEOH ~QLFDPHQWH DQWH VXSXHVWRV IiFWLFRV VLPLODUHV   2WUR
VXSXHVWR GH IOH[LELOL]DFLyQ HV HO FRQWHQLGR HQ OD 6&3  TXH IOH[LELOL]y OD
OHJLWLPDFLyQSDVLYDHQORVVXSXHVWRVGHLQVWDQFLDVGHGLUHFFLyQYDFDQWHVHQHQWLGDGHV
S~EOLFDV R SULYDGDV GHWHUPLQDQGR TXH FXDQGR ODV LQVWDQFLDV GH GLUHFFLyQ HQ ODV
HQWLGDGHVS~EOLFDVRSULYDGDVTXHGDQYDFDQWHVVHGLULJHODDFFLyQGLUHFWDPHQWHFRQWUD
ODHQWLGDGTXHKXELHUHYXOQHUDGRGHUHFKRVVLQLGHQWLILFDUDXWRULGDGHVRSHUVRQHURV
/D6&3FLUFXQVFULWDDORVSURFHVRVSHQDOHVHVWDEOHFLyTXHD~QQRVHKXELHUH
SODQWHDGR OD DFFLyQ FRQWUD HO UHSUHVHQWDQWH GHO 0LQLVWHULR 3~EOLFR \ VL FRQWUD ODV
DXWRULGDGHVTXHHMHUFLHURQHOFRQWUROMXULVGLFFLRQDOHQODHWDSDSUHSDUDWRULDHO-XH]GH
,QVWUXFFLyQHQOR3HQDORVWHQWDOHJLWLPDFLyQSDVLYDSRUTXHWLHQHODIDFXOWDGGHFRQWURODU
ODLQYHVWLJDFLyQHIHFWXDGDSRUSDUWHGHOyUJDQRGHSHUVHFXFLyQSHQDODVHJXUDQGRTXHHO
PLVPRVHUHDOLFHHQHOPDUFRGHOUHVSHWRGHOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR7UDWDGRV
\&RQYHQLRVLQWHUQDFLRQDOHVDVtFRPRHOWULEXQDOGHDSHODFLyQWLHQHHOGHEHUGHYHULILFDU
ORV DFWRV GH OD DXWRULGDG GH UDQJR LQIHULRU FXDQGR QR UHSDUDURQ ORV DFWRV LOHJDOHV X
RPLVLRQHVLQGHELGDVHQODVTXHKXELHUDLQFXUULGRHO0LQLVWHULR3~EOLFR


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,
 TXLHQFUH\HUHTXHVXVGHUHFKRVVRQDPHQD]DGRVIXHURQRVRQOHVLRQDGRV
IUHQWHDYDFDQWHVTXHJHQHUHQLPSRVLELOLGDGGHUHSUHVHQWDFLyQGHOHQWHGHPDQGDGRHO
DIHFWDGR SRGUi LQWHUSRQHU OD DFFLyQ FRQVWLWXFLRQDO GH DPSDUR FRQVWLWXFLRQDO
GLUHFWDPHQWHFRQWUDODHQWLGDGTXHHVWLPHKDYXOQHUDGRVXVGHUHFKRVVHDpVWDS~EOLFDR
SULYDGD VLQ LGHQWLILFDU ODV DXWRULGDGHV R SHUVRQHURV TXH HQ FLUFXQVWDQFLDV QRUPDOHV
DVXPLUtDQ OD UHSUHVHQWDFLyQ GH OD HQWLGDG IOH[LELOL]iQGRVH GH PDQHUD H[FHSFLRQDO \
VRODPHQWHSDUDHVWRVVXSXHVWRVODVUHJODVGHODOHJLWLPDFLyQSDVLYDGHVDUUROODGDVSRUOD
MXULVSUXGHQFLD(OUD]RQDPLHQWRSUHFHGHQWHPHQWHH[SXHVWRQRSXHGHVHUFRQVLGHUDGR
FRPRDXVHQFLDGHOHJLWLPDFLyQSDVLYDHQHOGHPDQGDGRSRUWDOPRWLYR\FRQODILQDOLGDG
GH DVHJXUDU OD MXVWLFLD PDWHULDO HO -XH] R 7ULEXQDO GH *DUDQWtDV HQ DSOLFDFLyQ GHO
SULQFLSLR SURDFWLRQH GHEHUi IOH[LELOL]DU SDUD HVWH ~QLFR HIHFWR ORV SUHVXSXHVWRV
SURFHVDOHV FRQ HO VXL JHQHULV SURSyVLWR GH DVHJXUDU OD PDWHULDOL]DFLyQ GH ORV YDORUHV
MXVWLFLDHLJXDOGDGORFRQWUDULRLPSOLFDUtDFRQYHUWLUHQLUUHSDUDEOHHOGDxRRFDVLRQDGR


,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

'HDFXHUGRDODKLVWRULDGHODOtQHDMXULVSUXGHQFLDOGHVFULWDVHHVWDEOHFH
ORVLJXLHQWH (QFXDQWRDORVFDVRVGHVXFHVLyQGHOFDUJRHOHVWiQGDU
PiVDOWRVHHQFXHQWUDFRQWHQLGRHQOD6&3FRPSOHPHQWDGD
SRUOD6&3 (QFXDQWRD7ULEXQDOHVXyUJDQRVFROHJLDGRV
HOHVWiQGDUPiVDOWRHVWiSODVPDGRHQOD5 5HVSHFWRDORV
VXSXHVWRVGHIOH[LELOL]DFLyQGHODOHJLWLPDFLyQSDVLYDHOHVWiQGDUPiV
DOWRHVWiSODVPDGRHQODV6&3\6&3




W


dW^:d

([FHSFLRQHVDODOHJLWLPDFLyQSDVLYDHQODDFFLyQGH
DPSDUR9tDVRPHGLGDVGHKHFKR
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&37UDWiQGRVHGHYtDVGHKHFKRGHPDQHUDH[FHSFLRQDO
HV SRVLEOH OD DFWLYDFLyQ GH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO VLQ
LGHQWLILFDU D OD SDUWH GHPDQGDGD FXDQGR VHD LPSRVLEOH VX
GHWHUPLQDFLyQFRQODDFODUDFLyQTXHODVSHUVRQDVDIHFWDGDVFRQORV
HIHFWRV GH XQD HYHQWXDO FRQFHVLyQ GH WXWHOD WLHQHQ OD IDFXOWDG GH
SUHVHQWDUSUXHEDHQFXDOTXLHUHWDSDGHOSURFHVRFRQVWLWXFLRQDO\DVHD
GHVSXpV GH OD DXGLHQFLD S~EOLFD R LQFOXVLYH DQWH HO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOHODFFLRQDQWHVRVWXYRTXHSHVH
DWHQHUVXGHUHFKROHJDOPHQWHLQVFULWRHQGHUHFKRVUHDOHV\ODDSUREDFLyQ
GHOSODQRGHXUEDQL]DFLyQSRUSDUWHGHO*RELHUQR0XQLFLSDOGH3XHUWR
4XLMDUURXQJUXSRGHSHUVRQDVHQWUHODVTXHVHHQFXHQWUDQODQRWDULDGH
IHSXEOLFDFRQFHMDOHV\ORVSDUWLFXODUHVGHPDQGDGRVDYDVDOOyGHPDQHUD
DUELWUDULDVXVSUHGLRVOHVLRQDQGRVXGHUHFKRDODSURSLHGDGGLULJLHQGR
VXDFFLyQDGHPiV
FRQWUDWRGRVORVTXHVHHQFXHQWUDQHQHOLQWHULRUGH
ORV FLWDGRVWHUUHQRV FX\RVQRPEUHV KDQ VLGR LPSRVLEOH FRQRFHU
 VLF 
VROLFLWDQGR VH RUGHQH OD LQPHGLDWD GHVRFXSDFLyQ \ HQWUHJD GH ORV
WHUUHQRVDYDVDOODGRV(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDODSUREyHQ
SDUWHODUHVROXFLyQUHYLVDGDDQDOL]DQGRSUHYLDPHQWHORVSUHVXSXHVWRVGH
DFWLYDFLyQ GH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HQ YtDV GH KHFKR \
DSOLFDQGR OD IOH[LELOL]DFLyQ H[FHSFLRQDO GH OD OHJLWLPDFLyQ SDVLYD
FRQFHGLHURQODWXWHODFRQUHODFLyQDODVSHUVRQDVQRLGHQWLILFDGDVHQOD
DFFLyQ TXH HVWiQ HQ SRVHVLyQ LOHJDO GHO LQPXHEOH GH SURSLHGDG GHO
DFFLRQDQWHVHJ~QWtWXORVSXHVWRTXHUHVSHFWRDODVXSHUILFLHUHVWDQWHGHO
SUHGLRH[LVWHQGHUHFKRVFRQWURYHUWLGRVTXHGHEHQVHUGLOXFLGDGRVHQOD
YtDRUGLQDULDSRURWUDSDUWHGHQHJyODWXWHODFRQUHODFLyQDOD1RWDULD
GH)H3~EOLFDDORVFRQFHMDOHV\SDUWLFXODUHVGHPDQGDGRVDOQRH[LVWLU
QLQJXQDHYLGHQFLDTXHHVWDEOH]FDODUHODFLyQHQWUHHVWDVSHUVRQDV\HO
DFWROHVLYR

W


dW^:d


([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
'HODFRPSXOVDGHDQWHFHGHQWHVVHHYLGHQFLDWDPELpQTXHPHGLDQWH
GHPDQGD GH DPSDUR FRQVWLWXFLRQDO FXUVDQWH GH IV  D  YWD HO DKRUD
DFFLRQDQWH DO PDUJHQ GH LQWHUSRQHU OD DFFLyQ FRQWUD ODV SHUVRQDV
LQGLYLGXDOL]DGDV HQ HO DFiSLWH DQWHULRU SODQWHD WDPELpQ DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO
FRQWUDWRGRVORVTXHVHHQFXHQWUDQHQHOLQWHULRUGHORVFLWDGRV
WHUUHQRVFX\RVQRPEUHVKDQVLGRLPSRVLEOHFRQRFHU
 VLF 

(Q HVWH PDUFR HQ HO )XQGDPHQWR -XUtGLFR ,,, GH OD SUHVHQWH 6HQWHQFLD VH
HVWDEOHFLyTXHODSDUWHSHWLFLRQDQWHGHWXWHODSDUDHOFDVRGHYtDVGHKHFKRGH
PDQHUDH[FHSFLRQDOSRGUiDFWLYDUODWXWHODVLQLGHQWLILFDUDODSDUWHGHPDQGDGD
FXDQGR SRU ODV FLUFXQVWDQFLDV SDUWLFXODUHV GHO FDVR QR VHD SRVLEOH XQD
GHWHUPLQDFLyQ GH SHUVRQDV TXH LQFXUUDQ HQ YtDV GH KHFKR HQ HVH RUGHQ DO
KDEHUVH DFFLRQDGR HQ HO SUHVHQWH FDVR OD DFFLyQ GH WXWHOD SRU YtDV GH KHFKR
FRQWUDRWUDVSHUVRQDVHQUHODFLyQDODVFXDOHVHVLPSRVLEOHVXGHWHUPLQDFLyQHV
LPSHUDQWHDSOLFDUHOHQWHQGLPLHQWRDQWHVVHxDODGRSRUFXDQWR\FRQVLGHUDQGR
TXHWDOFRPRVHGLMRHQHO)XQGDPHQWR-XUtGLFR,,,HQHVWRVVXSXHVWRVQRHV
QHFHVDULR DJRWDU QLQJ~Q PHFDQLVPR RUGLQDULR GH GHIHQVD FRUUHVSRQGH DKRUD
LQJUHVDUDODQiOLVLVGHODSUREOHPiWLFD
 
(QEDVHDHVWDGRFXPHQWDFLyQSULPDIDFLHVHHVWDEOHFHTXHGLFKRGRFXPHQWR
DFUHGLWDODWLWXODULGDGGHODFFLRQDQWHHQFXDQWRDOELHQLQPXHEOHHQUHODFLyQGHO
FXDOHVWHVROLFLWDODWXWHODSUHFLViQGRVHTXHHOGRFXPHQWRUHIHULGRGHPDQHUD
HVSHFtILFDFRQWHPSODODVXSHUILFLHGHPDKRUDELHQWDOFRPRVH
VHxDOyHQHO)XQGDPHQWR-XUtGLFR,,,GHODSUHVHQWH6HQWHQFLDODVSHUVRQDV
TXHQRKD\DQVLGRH[SUHVDPHQWHGHPDQGDGDVHQDFFLRQHVWXWHODUHVYLQFXODGDV
D PHGLGDV GH KHFKR HQ PpULWR D HVWD IOH[LELOL]DFLyQ H[FHSFLRQDO GH OD
OHJLWLPDFLyQSDVLYDSDUDHVWRVFDVRV\HQUHVJXDUGRGHXQHTXLOLEULRSURFHVDO
HQFXDOTXLHUHWDSDGHOSURFHVRGHDPSDURLQFOXVRHQUHYLVLyQDQWHHO7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO SRGUiQ KDFHU YDOHU VXV GHUHFKRV GHELHQGR HQ
HVWRVFDVRVVHURtGRVGHPDQHUDDPSOLD\DGPLWLGRVVXVPHGLRVSUREDWRULRVHQ
FXDOTXLHULQVWDQFLDSURFHVDO(QHVWHFRQWH[WRHQODHVSHFLHGHODFRPSXOVDGH
DQWHFHGHQWHVVHHYLGHQFLDTXHOXHJRGHFRQFOXLGDODHWDSDGHDXGLHQFLDS~EOLFD
\GHVSXpVGHKDEHUVLGRHPLWLGDODGHFLVLyQSRUHO-XH]GHJDUDQWtDVGHFLVLyQ
TXHFRQFHGHODWXWHODSHWLFLRQDGDHQODYtDLQFLGHQWDO/XFLR7HMHULQD)ORUHV
0DUFRV %XUJRV $xD]JR 5LFDUGR 2VLQDJD -LPHQH] 'DQQ\ %DQ]HU 'XUDQ \
0DUFLD 6RVD 9LHUD LQGLFDQ TXH HO DFFLRQDQWH VRODPHQWH WLHQH LQVFULWR D VX
QRPEUH EDMR PDWULFXOD FRPSXWDUL]DGD FLQFR KHFWiUHDV FRPR SURSLHWDULR
HPSHURPHQFLRQDQTXHSRUXQIUDXGHSURFHVDODOKDEHUVHFRQFHGLGRODWXWHOD
VH OLEUDUtD PDQGDPLHQWRV GH GHVDSRGHUDPLHQWRV
FRQWUD IDPLOLDV TXH VRQ
YtFWLPDVGHHVWHKHFKRFULPLQDOSRUSDUWHGH:$/'<&+$9(=0(1$&+2

VLF  IVD $VLPLVPRVHHYLGHQFLDTXHDO PHPRULDODQWHVFLWDGRVH
DGMXQWD FHUWLILFDGR RULJLQDO GH WUDGLFLyQ GHGH PD\R GH SRU HO FXDO
GHWHUPLQD HQ UHODFLyQ DO LQPXHEOH FRQ PDWUtFXOD  ORV
VLJXLHQWHV DVSHFWRV L  4XH HO SURSLHWDULR :DOG\ &KiYH] 0HQDFKR HV
SURSLHWDULR GH XQ ORWH GH WHUUHQR FRQ XQD H[WHQVLyQ VXSHUILFLDO LQLFLDO GH
 P LL  (O WtWXOR SURSLHWDULR VREUH HVWD H[WHQVLyQ VH HQFXHQWUD HQ HO
VHFWRU QRURHVWH VREUH HO FDPLQR DQWLJXR D 3XHUWR 6XiUH] LLL  :DOG\ &KiYH]
0HQDFKRREWXYRVXGHUHFKRSURSLHWDULRFRQ$XWRGHDGMXGLFDFLyQPXQLFLSDO

W


dW^:d
GH3XHUWR4XLMDUURFRQGRFXPHQWRS~EOLFDGHGHGLFLHPEUHGH\
FRQDVLHQWR$LY 6HKDQGHVDUUROODGRWUDQVIHUHQFLDVSDUFLDOHVHQYLUWXGGH
ODV FXDOHV EDMR OD SDUWLGD  FRQ HO IROLR  0LJXHO 6RPR]D
&DQLGR HV WLWXODU GH  P Y  7DPELpQ HQ PpULWR D XQD WUDQVIHUHQFLD
SDUFLDOEDMRODSDUWLGDFRQIROLRVHHVWDEOHFHTXHHVWLWXODU
GHP-XDQ0DUFLDO0HQDFKR)UtDV\YL 6HFRQFOX\HTXH:DOG\&KiYH]
0HQDFKREDMRODPDWUtFXODHVWLWXODUGHXQDVXSHUILFLHGH
P(VWD&HUWLILFDFLyQDGHPiVGHPDQHUDWH[WXDOGHWHUPLQDTXH:DOG\
&KiYH] 0HQDFKR WUDQVILULy XQD VXSHUILFLH GH  P $VLPLVPR VH
HVWDEOHFHTXHTXHGDXQDVXSHUILFLHUHVWDQWHGHPVXSHUILFLHTXHVHUtD
GHSURSLHGDGGHODKRUDDFFLRQDQWH IV\YWD 

(QPpULWRDORVHxDODGRVHWLHQHTXH/XFLR7HMHULQD)ORUHV5LFDUGR2VLQDJD
-LPpQH]\0DUFLD6RVD9LHUDIXHURQGHPDQGDGRVH[SUHVDPHQWHHQODSUHVHQWH
FDXVD HPSHUR HQ HWDSD GH DXGLHQFLD S~EOLFD QR SUHVHQWDURQ OD FHUWLILFDFLyQ
DQWHV UHIHULGD SRU FXDQWR HQ UHODFLyQ D HOORV DO KDEHU VLGR H[SUHVDPHQWH
GHPDQGDGRV RSHUDUtD OD SUHFOXVLyQ VLQ HPEDUJR 0DUFRV %XUJRV $xD]JR \
'DQQ\ %DQ]HU 6XiUH] QR IXHURQ H[SUHVDPHQWH GHPDQGDGRV HQ OD SUHVHQWH
DFFLyQ WXWHODU SRU FXDQWR HQ UHODFLyQ D HVWRV GRV GHEH DSOLFDUVH HO
HQWHQGLPLHQWRMXULVSUXGHQFLDOVHxDODGRHQHO)XQGDPHQWR-XUtGLFR,,,GHOD
SUHVHQWH6HQWHQFLDSRUWDQWRWDOFRPRVHGLMRODVSHUVRQDVTXHQRKD\DQVLGR
H[SUHVDPHQWH GHPDQGDGDV HQ DFFLRQHV WXWHODUHV YLQFXODGDV D PHGLGDV GH
KHFKRHQ PpULWRDHVWD IOH[LELOL]DFLyQH[FHSFLRQDOGH ODOHJLWLPDFLyQSDVLYD
SDUDHVWRVFDVRV\HQUHVJXDUGRGHXQHTXLOLEULRSURFHVDOHQFXDOTXLHUHWDSD
GHO SURFHVR GH DPSDUR LQFOXVR HQ UHYLVLyQ DQWH HO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDOSRGUiQKDFHUYDOHUVXVGHUHFKRVGHELHQGRHQORVVXSXHVWRVFDVRV
VHURtGRVGHPDQHUDDPSOLD\DGPLWLGRVVXVPHGLRVSUREDWRULRVHQFXDOTXLHU
LQVWDQFLD SURFHVDO SRU WDQWR HQ OD HVSHFLH HVWD FHUWLILFDFLyQ SUHVHQWDGD SRU
SHUVRQDV TXH QR IXHURQ H[SUHVDPHQWH GHPDQGDGDV GHVSXpV GH OD HWDSD GH
DXGLHQFLDS~EOLFD\ODGHFLVLyQGHO7ULEXQDOGHJDUDQWtDVHQHWDSDGHUHYLVLyQ
SRUSDUWHGHO7ULEXQDO&RQVWLWXFLRQDOGHEHVHUDQDOL]DGD

3RUORVHxDODGRHQPpULWRDODIOH[LELOL]DFLyQGHOSULQFLSLRGHSUHFOXVLyQTXH
GHEH VHU DSOLFDEOH HQ HO SUHVHQWH FDVR SDUD OD YDORUDFLyQ GH OD FHUWLILFDFLyQ
FXUVDQWHDIV\YWD



6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SRU DYDVDOODPLHQWR GH
SURSLHGDG\DSOLFDQGRODIOH[LELOL]DFLyQH[FHSFLRQDOGHODOHJLWLPDFLyQ
SDVLYDFRQFHGHODWXWHODFRQUHODFLyQDODVSHUVRQDVQRLGHQWLILFDGDVHQ
OD DFFLyQ TXH HVWiQ HQ SRVHVLyQ LOHJDO GHO LQPXHEOH GH SURSLHGDG GHO
DFFLRQDQWHVHJ~QWtWXORV

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDOUHVSHFWRDORVUHTXLVLWRVSDUDLQJUHVDUDOIRQGRGHOSUREOHPDMXUtGLFR
HQDFWRVYLQFXODGRVDPHGLGDVRYtDVGHKHFKRDVtFRPRUHJODVSURFHVDOHVHQHVWDWHPiWLFDVHxDOy
ORVLJXLHQWH


W


dW^:d



/D6&5TXHVHFRQVWLWX\HHQXQSUHFHGHQWHVXSHUDGRGHPDQHUDUHVWULFWLYD
HVWDEOHFLy ODV VLJXLHQWHV VXEUHJODV
  'HEH H[LVWLU XQD GHELGD IXQGDPHQWDFLyQ \ DFUHGLWDFLyQ
REMHWLYDGHTXHHIHFWLYDPHQWHVHHVWiIUHQWHDXQDPHGLGDGHKHFKRRMXVWLFLDDPDQRSURSLDGRQGH
HODJUDYLDGRRDFFLRQDQWHVHHQFXHQWUDDQWHXQDVLWXDFLyQGHGHVSURSRUFLyQRGHVYHQWDMDIUHQWHDO
GHPDQGDGR R DJUHVRU VHD DXWRULGDG IXQFLRQDULR R SDUWLFXODU R JUXSR GH SHUVRQDV SRU OD
GHVSURSRUFLRQDOLGDGGHORVPHGLRVRDFFLyQODSUHVHQWDFLyQGHODDFFLyQGHDPSDURFRQVWLWXFLRQDO
GHEHVHUGHPDQHUDRSRUWXQDHLQPHGLDWDKDFLHQGRDEVWUDFFLyQGHODVXEVLGLDULGDG'HORFRQWUDULR
QR MXVWLILFDUtD OD SUHPXUD QL JUDYHGDG \ GHEHUi DJRWDU ODV LQVWDQFLDV MXULVGLFFLRQDOHV R
DGPLQLVWUDWLYDV SHUWLQHQWHV VHJ~Q VHD HO FDVR \ DJRWDGDV ODV PLVPDV DFXGLU D OD MXULVGLFFLyQ
FRQVWLWXFLRQDO 1HFHVDULDPHQWHVHGHEHHVWDUDQWHXQLQPLQHQWHGDxRLUUHYHUVLEOHRLUUHSDUDEOH
\DVHDDJUDYDQGRODOHVLyQ\DFRQVXPDGDRTXHHOORSURYRTXHODDPHQD]DRUHVWULFFLyQRVXSUHVLyQ
DRWURVGHUHFKRVIXQGDPHQWDOHV6LWXDFLRQHVTXHGHEHQVHUIXQGDPHQWDGDV\DFUHGLWDGDV (OR
ORV GHUHFKRV FX\D WXWHOD VHSLGHGHEHQ HVWDUDFUHGLWDGRV HQ VX WLWXODULGDG HVGHFLU QR VH SXHGH
LQYRFDUGHUHFKRVFRQWURYHUWLGRVRTXHHVWpQHQGLVSXWDDWHQGLHQGRFODURHVWDDODQDWXUDOH]DGHORV
PLVPRV (QORVFDVRVHQORVTXHDWUDYpVGHPHGLRVREMHWLYRVVHSRQJDHQHYLGHQFLDTXHH[LVWLy
FRQVHQWLPLHQWR GH ORV DFWRV GHQXQFLDGRV \ DFXVDGRV FRPR PHGLGDV GH KHFKR QR FRUUHVSRQGH
LQJUHVDUDODQiOLVLVGHODSUREOHPiWLFDSRUFXDQWRHVWDDFFLyQGHGHIHQVDQRSXHGHHVWDUDPHUFHG
GHOFDPELRRYRODWLOLGDGGHORVLQWHUHVHVGHODFFLRQDQWH



3RVWHULRUPHQWHOD6&PRGXOyH[SUHVDPHQWHODVVXEUHJODVFRQWHQLGDVHQOD
6&5 SUHFHGHQWHVXSHUDGR TXHOXHJRIXHURQUHFRJLGDVSRUOD6&3 TXH
HVWDEOHFLyODVXSUHVLyQGHOGHUHFKRDODMXULVGLFFLyQFXDQGRVHSURGXFHQDFWRVYLQFXODGRVDPHGLGDV
GHKHFKR UHVSHFWRD

D )OH[LELOL]DFLyQDODOHJLWLPDFLyQSDVLYD3RUUHJODJHQHUDOHQODDFFLyQGHDPSDURFRQVWLWXFLRQDO
ODRHODFFLRQDQWHGHEHGHPDQGDUDORVSDUWLFXODUHVRDXWRULGDGHVGHPDQGDGDVTXHFRPHWLHURQHO
DFWRLOHJDORLQFXUULHURQHQRPLVLyQLQGHELGDVLQHPEDUJRHQDFWRVYLQFXODGRVDPHGLGDVGHKHFKR
GHPDQHUDH[FHSFLRQDO\VLHPSUH\FXDQGRQRVHDSRVLEOHVXLGHQWLILFDFLyQODVSHUVRQDVTXHQR
KD\DQVLGRH[SUHVDPHQWHGHPDQGDGDVSXHGHQHQFXDOTXLHUHWDSDGHOSURFHVRGHDPSDURLQFOXVR
HQ UHYLVLyQ DQWH HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO SUHVHQWDU SUXHED \ VHU RtGRV 6&3
)-,,, VXSXHVWRTXHQRPRGXODHOHQWHQGLPLHQWRDVXPLGRSRUOD6&3
VREUH OD RSRUWXQLGDG GH OD SUHVHQWDFLyQ GH SUXHEDV SRU FXDQWR VH WUDWD GH VXSXHVWRV GH
IOH[LELOL]DFLyQGHODOHJLWLPDFLyQSDVLYDHQYtDVGHKHFKR

E&DUJDGHODSUXHEDDVHUFXPSOLGDSRUHOSHWLFLRQDQWHGHWXWHOD

E  5HJOD JHQHUDO /D FDUJD SUREDWRULD D VHU FXPSOLGD SRU HO SHWLFLRQDQWH GH WXWHOD GHEH L 
$FUHGLWDUGHPDQHUDREMHWLYDODH[LVWHQFLDGHDFWRVRPHGLGDVDVXPLGDVVLQFDXVDMXUtGLFDHVGHFLU
HQ SUHVFLQGHQFLD DEVROXWD GH ORV PHFDQLVPRV LQVWLWXFLRQDOHV HVWDEOHFLGRV SDUD OD GHILQLFLyQ GH
KHFKRVRGHUHFKRV\LL (VWDUFLUFXQVFULWDDDVSHFWRVTXHQRLPSOLTXHQODH[LVWHQFLDGHKHFKRV
FRQWURYHUWLGRV D VHU VXVWDQFLDGRV SRU OD MXULVGLFFLyQ RUGLQDULD 6&3  )XQGDPHQWR
-XUtGLFR,,, 

E  (VSHFLILFLGDGHV GH OD FDUJD GH OD SUXHED HQ FDVR GH DYDVDOODPLHQWRV FXDQGR VH GHQXQFLD
DIHFWDFLyQDOGHUHFKRDODSURSLHGDG

3DUDORVVXSXHVWRVGHDYDVDOODPLHQWRVXRFXSDFLRQHVSRUYtDVGHKHFKRGHSUHGLRVXUEDQRVRUXUDOHV
SULYDGRV R S~EOLFRV FXDQGR VH GHQXQFLH DIHFWDFLyQ DO GHUHFKR D OD SURSLHGDG HV GHFLU TXH
FRQVWLWX\D XQD OLPLWDFLyQ DUELWUDULD D OD SURSLHGDG OD SDUWH DFFLRQDQWH DO PDUJHQ GH OD FDUJD
SUREDWRULDGHVDUUROODGDHQHOLQFLVRF UHIHULGRDODUHJODJHQHUDOWLHQHODFDUJDSUREDWRULDHVSHFtILFD
GH DFUHGLWDU VX WLWXODULGDG R GRPLQLDOLGDG GHO ELHQ HQ UHODFLyQ DO FXDO VH HMHUFLy YtDV GH KHFKR
DVSHFWR GHPRVWUDGR FRQ HO UHJLVWUR GH SURSLHGDG HQ PpULWR GHO FXDO VH JHQHUD HO GHUHFKR GH
RSRQLELOLGDG IUHQWH D WHUFHURV HV GHFLUQRSXHGH H[LJLUVH DO SHWLFLRQDQWHGH WXWHODQLQJXQD RWUD
FDUJDSURFHVDODGLFLRQDO 6&3)XQGDPHQWR-XUtGLFR,,, 

E  (VSHFLILFLGDGHV GH OD FDUJD GH OD SUXHED HQ FDVR GH DYDVDOODPLHQWRV FXDQGR VH GHQXQFLD
SpUGLGDRSHUWXUEDFLyQGHODSRVHVLyQ

3DUDORVVXSXHVWRVGHDYDVDOODPLHQWRVXRFXSDFLRQHVSRUYtDVGHKHFKRGHSUHGLRVXUEDQRVRUXUDOHV
SULYDGRVRS~EOLFRVFXDQGRVHGHQXQFLHSpUGLGDRSHUWXUEDFLyQGHODSRVHVLyQODSDUWHDFFLRQDQWH
DOPDUJHQGHODFDUJDSUREDWRULDUHIHULGDDODUHJODJHQHUDOWLHQHODFDUJDSUREDWRULDHVSHFtILFDGH
DFUHGLWDUVXSRVHVLyQOHJDOGHOELHQHQUHODFLyQDOFXDOVHHMHUFLyYtDVGHKHFKRDWUDYpVGHXQD
UHVROXFLyQMXGLFLDOHPLWLGDSRUDXWRULGDGFRPSHWHQWHTXHQRHVWpVRPHWLGDDFRQWURYHUVLDMXGLFLDO

W


dW^:d
6&3)-,,, 


6REUHODH[FHSFLyQDSULQFLSLRGHVXEVLGLDULHGDGHQODDFFLyQGHDPSDUR\RWUDVDFFLRQHV
GHGHIHQVDYLQFXODGDVDPHGLGDVGHKHFKR/DOtQHDMXULVSUXGHQFLDODVXPLGDHQVHQWLGRTXHVHKDFH
XQD H[FHSFLyQ D OD VXEVLGLDULHGDG HQ OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SRU YtDV GH KHFKR
FRQWHQLGD HQ ODV 66&& 5 6&  HQWUH RWUDV VH DPSOLy D WUDYpV GH OD 6&3
TXHPRGXODQGRODOtQHDMXULVSUXGHQFLDOVHxDOyTXHFXDQGRVHWUDWDGHYtDVGHKHFKRGH
SDUWLFXODUHVSURFHGHODSUHVHQWDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDG\GHWRGDVODVDFFLRQHVGH
GHIHQVD


6REUHODVH[FHSFLRQHV\IOH[LELOL]DFLRQHVDOSOD]RGHVHLVPHVHVSDUDODLQWHUSRVLFLyQGH
OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HQ DFWRV YLQFXODGRV D PHGLGDV GH KHFKR VH HVWDEOHFLy OR
VLJXLHQWH

D /D6&3VHxDODTXHSURFHGHODDFFLyQGHDPSDURFRQVWLWXFLRQDODQWHPHGLGDVGH
KHFKRGXUDQWHHOWLHPSRTXHVXEVLVWDODYXOQHUDFLyQRODDPHQD]DDGHUHFKRV

E  /D 6&3  HVWDEOHFH XQD H[FHSFLyQ DO SOD]R GH FDGXFLGDG HQ DFWRV YLQFXODGRV D
PHGLGDVRYtDVGHKHFKRHQDSOLFDFLyQGHOSULQFLSLRGHYHUGDGPDWHULDO

F /D6&3VRVWLHQHTXHHOSOD]RGHFDGXFLGDGSDUDODSUHVHQWDFLyQGHODDFFLyQGH
DPSDURFRQVWLWXFLRQDOFXDQGRODYXOQHUDFLyQDGHUHFKRVIXQGDPHQWDOHVYLQFXODGRDPHGLGDVR
YtDVGHKHFKRVHDPHGLDWDHQHOWLHPSRHVGHFLUFXDQGRDSDUWLUGHODFWRLQLFLDOOHVLYRDGHUHFKRV
IXQGDPHQWDOHV GH PDQHUD FRQH[D VH UHDOLFHQ DFWRV XOWHULRUHV YXOQHUDWRULRV GH GHUHFKRV
IXQGDPHQWDOHVHOSOD]RGHFDGXFLGDGSDUDDFWLYDUODDFFLyQGHDPSDURFRQVWLWXFLRQDOVHFRPSXWDUi
GHVGHHO~OWLPRDFWROHVLYRYLQFXODGRDODPHGLGDGHKHFKRHPSHURODWXWHODFRPSUHQGHUiKDVWDHO
SULPHUDFWRTXHRULJLQyODOHVLyQ


6REUHODFLWDFLyQDODVDXWRULGDGHVGHPDQGDGDVHQDFWRVYLQFXODGRVDPHGLGDVGHKHFKR
/D 6&3  VRVWXYR TXH HV LQDGPLVLEOH OD FLWDFLyQ SRU HGLFWRV FRQ OD DFFLyQ \ DXWR GH
DGPLVLyQGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOHQVXSXHVWRVGHPHGLGDVRYtDVGHKHFKRSXHVWR
TXHVHHQWLHQGHTXHORVGHPDQGDGRVSXHGHQVHUKDELGRVHQGHWHUPLQDGROXJDU


$VLPLVPRHVLPSRUWDQWHKDFHUUHIHUHQFLDDYDULDVVHQWHQFLDVHQWRUQRDODIOH[LELOL]DFLyQ
GHORVUHTXLVLWRVHQFDVRVGHSURWHFFLyQDGHUHFKRVIXQGDPHQWDOHVHVSHFtILFRV

D  'HUHFKR DO DJXD /D 6& 5 IOH[LELOL]y ORV UHTXLVLWRV SUHYLVWRV SRU OD 
FXDQGRVHDOHJDUHQYtDVGHKHFKRHQODUHVWULFFLyQGHOGHUHFKRDODJXDSRUVXHVWUHFKDYLQFXODFLyQ
FRQHOGHUHFKRDODYLGDODVDOXG\ODGLJQLGDGKXPDQDVHSUHVXPHXQGDxRLQPLQHQWHHLUUHSDUDEOH
UHTXLULpQGRVH HQ HVWRVFDVRV~QLFDPHQWHTXH HO DIHFWDGRDFUHGLWH REMHWLYDPHQWH HO DFWR OHVLYR D
SURGXFLUVH R TXH IXHUH FRQVXPDGR D WUDYpV GHO HMHUFLFLRGH XQD PHGLGDR YtD GHKHFKR(Q HVH
RUGHQ OD 6&3  PRGXOy D OD 6&  HQ VHQWLGR TXH HQ FDVRV GH PDQLILHVWD
DIHFWDFLyQQRHVH[LJLEOHODFDUJDSUREDWRULDDOJXQDDFDUJRGHODFFLRQDQWH

E 'HUHFKRVGHORVJUXSRVGHDWHQFLyQSULRULWDULD/D6&3PRGXODORVDOFDQFHVGHOD
6&3IOH[LELOL]DQGRORVUHTXLVLWRVSDUDTXHVHFRQFHGDODWXWHODHQDFFLRQHVGHKHFKRHQ
DWHQFLyQDTXH ORV DFFLRQDQWHV IRUPDQSDUWH GHXQ JUXSR GH DWHQFLyQSULRULWDULD FRPR VRQ ORV
DGXOWRVPD\RUHV

F 'HUHFKRVGHORVSXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRV/D6&3VHxDOyTXHHQ
YLUWXGDOSULQFLSLRGHLJXDOGDGMHUiUTXLFDGHVLVWHPDVMXUtGLFRVHQWUHHOVLVWHPDMXUtGLFRRUGLQDULR\
HOVLVWHPDLQGtJHQDRULJLQDULRFDPSHVLQRODSUXHEDSURYHQLHQWHGHDPERVVLVWHPDVWLHQHODPLVPD
YDOLGH]MXUtGLFDSRUHQGHDQWHVXFRQWURYHUVLDQRSURFHGHODDFFLyQGHDPSDURSRUPHGLGDVRYtDV
GHKHFKRSRUODH[LVWHQFLDGHKHFKRVFRQWURYHUWLGRVHQDSOLFDFLyQGHOHQWHQGLPLHQWRDVXPLGRHQ
ODVVHQWHQFLDVFRQVWLWXFLRQDOHVSOXULQDFLRQDOHV\


6REUH PHGLGDV SUHYHQWLYDV SDUD HYLWDU DFWRV YLQFXODGRV D PHGLGDV GH KHFKR HQWUH OD
SURSLHGDGDJUDULDSULYDGD\ODSURSLHGDGGHXQDFRPXQLGDGFDPSHVLQD

/D6&3VHxDOyTXHHVREOLJDFLyQGHO,QVWLWXWR1DFLRQDOGH5HIRUPD$JUDULD ,15$ 
UHDOL]DUVHJXLPLHQWRDODHVFULWDREVHUYDQFLD\FXPSOLPLHQWRGHDFWDVGHFRQIRUPLGDGGHOLQGHURV
HQ SURFHVRV GH VDQHDPLHQWRV FRPR PHGLGD SUHYHQWLYD SDUD SUHYHQLU TXH ODV SDUWHV LQFXUUDQ H

W


dW^:d


PHGLGDV R YtDV GH KHFKR HQWUH OD SURSLHGDG DJUDULD SULYDGD \ OD SURSLHGDG GH XQD FRPXQLGDG
FDPSHVLQD


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

(VWD6HQWHQFLDHQVX)-,,,GLVSRQH
ODSDUWHSHWLFLRQDQWHGHWXWHODSDUDHOFDVRGHYtDVGHKHFKR
GHPDQHUDH[FHSFLRQDOSRGUiDFWLYDUODWXWHODVLQLGHQWLILFDUDODSDUWHGHPDQGDGDFXDQGRSRUODV
FLUFXQVWDQFLDVSDUWLFXODUHVGHOFDVRQRVHDSRVLEOHXQDGHWHUPLQDFLyQGHSHUVRQDVTXHLQFXUUDQHQ
YtDVGHKHFKRHQHVHRUGHQSDUDDVHJXUDUXQDHTXLGDGSURFHVDODODVSHUVRQDVTXHQRKD\DQVLGR
H[SUHVDPHQWH FLWDGDV FRPR GHPDQGDGRV \ TXH SXGLHUDQ VHU DIHFWDGRV FRQ ORV HIHFWRV GH XQD
HYHQWXDOFRQFHVLyQGHWXWHODSRUYtDVGHKHFKRQRVHOHVDSOLFDHOSULQFLSLRGHSUHFOXVLyQSURFHVDO
SDUDODSUHVHQWDFLyQXOWHULRUDODDXGLHQFLDS~EOLFDGHPHGLRVGHGHIHQVD

(QPpULWRDORVHxDODGRODVSHUVRQDVTXHQRKD\DQVLGRH[SUHVDPHQWHGHPDQGDGDVHQDFFLRQHV
WXWHODUHV YLQFXODGDV D PHGLGDV GH KHFKR HQ PpULWR D HVWD IOH[LELOL]DFLyQ H[FHSFLRQDO GH OD
OHJLWLPDFLyQSDVLYDSDUDHVWRVFDVRV\HQUHVJXDUGRGHXQHTXLOLEULRSURFHVDOHQFXDOTXLHUHWDSD
GHOSURFHVRGHDPSDURLQFOXVRHQUHYLVLyQDQWHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOSRGUiQ
KDFHU YDOHU VXV GHUHFKRV GHELHQGR HQ HVWRV FDVRV VHU RtGRV GH PDQHUD DPSOLD \ DGPLWLGRV VXV
PHGLRVSUREDWRULRVHQFXDOTXLHULQVWDQFLDSURFHVDO


(Q HIHFWR HO HQWHQGLPLHQWR DQWHV LQGLFDGR WLHQH OD ILQDOLGDG HVHQFLDO GH DVHJXUDU XQ HTXLOLEULR
SURFHVDO\DTXHVLELHQSDUDDVHJXUDUHODFFHVRDODMXVWLFLD\XQDWXWHODMXGLFLDOHIHFWLYDGHPDQHUD
H[FHSFLRQDO\FXDQGRQRVHDSRVLEOHODLGHQWLILFDFLyQGHSHUVRQDVSDUDVXSXHVWRVGHYtDVGHKHFKR
VH IOH[LELOL]D ODV UHJODV GH OD OHJLWLPDFLyQ SDVLYD GLVFLSOLQDGDV SDUD OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDOHVLPSHUDQWHDVXYH]IOH[LELOL]DUWDPELpQGHPDQHUDH[FHSFLRQDOSDUDHVWRVFDVRV
ORVDOFDQFHVGHOSULQFLSLRGHSUHFOXVLyQIDFXOWDQGRDVtDODVSHUVRQDVTXHHYHQWXDOPHQWHSXGLHUDQ
VHUDIHFWDGDVFRQXQDGHFLVLyQGHWXWHODHPHUJHQWHGHGHQXQFLDVGHYtDVGHKHFKRDDVXPLUGHIHQVD
HQFXDOTXLHUHVWDGRGHOSURFHVRGHDPSDURFRQVWLWXFLRQDO




 &DXVDOHV GH LPSURFHGHQFLD HQ OD DFFLyQ GH


DPSDUR$FWRVFRQVHQWLGRVOLEUH\H[SUHVDPHQWH
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   6RQ ORV KHFKRV \ OD DFWLWXG GH OD SHUVRQD
VXSXHVWDPHQWHDJUDYLDGDORVTXHFRQGXFHQDGHWHUPLQDUVLKXERDFWR
FRQVHQWLGRGHPRGRTXHQRVLHPSUHSRGUiH[LJLUVHXQDFWRHQHOTXH
HO WLWXODU PDQLILHVWH WH[WXDOPHQWH \ SRU HVFULWR TXH DFHSWD OLEUH \
H[SUHVDPHQWHHODFWRLOHJDOXRPLVLyQLQGHELGDVLQRTXHHOORSRGUi
GHGXFLUVH GHO DFFLRQDU TXH HO WLWXODU KXELHUD WHQLGR D SDUWLU GH OD
VXSXHVWDOHVLyQGHQXQFLDGD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 
W


dW^:d


(Q HVWD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HO DFFLRQDQWH SRU VXV
UHSUHVHQWDGRV GHQXQFLy TXH ODV DXWRULGDGHV GHPDQGDGDV RPLWLHURQ OD
FDQFHODFLyQ WRWDO GHO %RQR &RPSOHPHQWDULR ,, FRUUHVSRQGLHQWH D OD
JHVWLyQ  PLVPR TXH VH HQFRQWUDED SUHVXSXHVWDGR OOHJDQGR D
FRQVWLWXLUVH FRPR XQ GHUHFKR DGTXLULGR D VX IDYRU HO FXDO VH SDJDED
GHVGH KDFH RQFH DxRV FRQVLGHUDQGR OHVLRQDGRV VXV GHUHFKRV
FRQVWLWXFLRQDOHV D OD
VHJXULGDG MXUtGLFD
 D SHUFLELU XQD UHPXQHUDFLyQ
MXVWD\DOGHELGRSURFHVRSLGLHQGRVHRUGHQHDO&RQVHMRGHOD-XGLFDWXUD
GLVSRQJD HO SDJR LQPHGLDWR GHO  UHVWDQWH GHO %RQR ,,
FRUUHVSRQGLHQWH D OD JHVWLyQ  (O 7ULEXQDO 3OXULQDFLRQDO
&RQVWLWXFLRQDOHQVX6DOD/LTXLGDGRUDUHYRFyODUHVROXFLyQGHOWULEXQDO
GH JDUDQWtDV \ HQ FRQVHFXHQFLD GHQHJy OD WXWHOD VROLFLWDGD SRU DFWRV
FRQVHQWLGRVGHORVDFFLRQDQWHVDODFHSWDUHOSDJRIUDFFLRQDGR$ODPSDUR
GHO DUW  GH OD /7& GHELGR DO WLHPSR WUDQVFXUULGR GHVGH OD
LQWHUSRVLFLyQGHODDFFLyQWXWHODUKDVWDODSUHVHQWHUHYLVLyQGLPHQVLQy
ORVHIHFWRVGHODPLVPDGHMDQGRVXEVLVWHQWHVORVDFWRVFXPSOLGRVFRPR
UHVXOWDGRGHODFRQFHVLyQGHWXWHODSRUHO7ULEXQDOGHJDUDQWtDV

([WUDFWRGHODUDWLRGHFLGHQGL

(O DFFLRQDQWH SRU VXV UHSUHVHQWDGRV LQWHUSRQH OD SUHVHQWH DFFLyQ WXWHODU DOHJDQGR
YXOQHUDFLyQDVXVGHUHFKRVFRQVWLWXFLRQDOHVVHxDODQGRTXHODVDXWRULGDGHVGHPDQGDGDV
RPLWLHURQODFDQFHODFLyQWRWDOGHO%RQR&RPSOHPHQWDULR,,FRUUHVSRQGLHQWHDODJHVWLyQ
PLVPRTXHVHHQFRQWUDEDSUHVXSXHVWDGROOHJDQGRDFRQVWLWXLUVHFRPRXQGHUHFKR
DGTXLULGR D VX IDYRU HO FXDO VH SDJDED GHVGH KDFH RQFH DxRV SRU OR TXH VROLFLWD OD
FDQFHODFLyQGHOVDOGRFRUUHVSRQGLHQWH
'HO HVWXGLR GH ORV DQWHFHGHQWHV \ GH OD GRFXPHQWDO DGMXQWD D OD SUHVHQWH DFFLyQ GH
DPSDURFRQVWLWXFLRQDOVHWLHQHHYLGHQFLDTXHPHGLDQWH$FXHUGRHO3OHQDULR
GHO&RQVHMRGHOD-XGLFDWXUDDFRUGy\DXWRUL]yDOD*HUHQFLD$GPLQLVWUDWLYD\)LQDQFLHUD
GH GLFKD LQVWLWXFLyQ
HMHFXWDU OD 3DUWLGD  GHO JUXSR  GHO 3UHVXSXHVWR
DSUREDGRGHO3RGHU-XGLFLDOSURFHGLHQGRDOSDJRGHO%212&203/(0(17$5,2,,
HQODSURSRUFLyQGHOGHOWRWDOJDQDGRPHQVXDODWRGRVORVIXQFLRQDULRVMXGLFLDOHV

VLF  IV  \   VLQ HPEDUJR QR HV PHQRV HYLGHQWH TXH D SDUWLU GH OD QRWD
SUHVHQWDGD HO  GH HQHUR GH  GLULJLGD D ODV DXWRULGDGHV FRGHPDQGDGDV ORV
UHSUHVHQWDQWHV GH OD $0$%2/HQWUH RWURV SXQWRV GHMDURQ FRQVWDQFLD TXH
VL ELHQ
KHPRV DFHSWDGR HVWH SDJR HQ IUDFFLRQHV IXH SUHFLVDPHQWH GHELGR D OD IDOWD GH
GLVSRQLELOLGDGHQHOPRPHQWR
 QHJULOODVDxDGLGDV  IV\ HLQFOXVRH[LVWLyRWUD
DFWXDFLyQ GH SDUWH GH ORV UHSUHVHQWDQWHV GHO DFFLRQDQWH HQ OD FXDO SODVPDURQ VX
DFHSWDFLyQGHPRVWUDGDDFHUFDGHOSRUFHQWDMHFDQFHODGRGHO%RQRTXHQRVRFXSDSXHVWR
TXH HIHFWXDURQ HO FREUR GHO PLVPR VLQ PDQLIHVWDUVH VREUH HO DFWR LOHJDO TXH KR\
GHQXQFLDQDWUDYpVGHHVWDDFFLyQWXWHODUVLQRKDVWDHOGHHQHURGHPHVHVGHVSXpV
\HQRWUDJHVWLyQPHGLDQWHODQRWDHQYLDGDDORVKR\GHPDQGDGRVODPLVPDTXHIXH\D
PHQFLRQDGD IV  \   DFWRV D SDUWLU GH ORV FXDOHV VH WLHQH FRQVWDQFLD TXH VH
H[WHULRUL]y GH PDQHUD OLEUH VX FRQVHQWLPLHQWR VREUH OD RPLVLyQ LQGHELGD GHQXQFLDGD
PHGLDQWH OD DFFLyQ WXWHODU TXH QRV RFXSD FRQYDOLGDQGR FRQ HOOR HO $FXHUGR FLWDGR
SUHFHGHQWHPHQWH LQVWUXPHQWR FRQ HO TXH VH GLR RULJHQ DO VXSXHVWR DFWR LOHJDO
PDQLIHVWDGRDVSHFWRVTXHVHHQPDUFDQGHQWURGHORHVWDEOHFLGRSRUODMXULVSUXGHQFLD
FRQVWLWXFLRQDOFLWDGDHQHO)XQGDPHQWR-XUtGLFR,,,GHHVWD6HQWHQFLDSRUORTXHQRHV
SRVLEOHLQJUHVDUDODQiOLVLVGHIRQGRGHODSUREOHPiWLFDSODQWHDGDFRUUHVSRQGLHQGROD
GHQHJDWRULDGHODWXWHODSUHWHQGLGD

W


dW^:d



6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJDODDFFLyQGHDPSDURFRQVWLWXFLRQDOSRUDFWRVFRQVHQWLGRVGHORV
DFFLRQDQWHVDODFHSWDUHOSDJRIUDFFLRQDGR

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDOGHVDUUROOyODOtQHDMXULVSUXGHQFLDOVREUHODLPSURFHGHQFLD
SRU DFWRV FRQVHQWLGRV HQ OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HQ ORV VLJXLHQWHV
SUHFHGHQWHVFRQVWLWXFLRQDOHV

/D6&5HVWDEOHFLyTXHHVWDFDXVDOVHIXQGDPHQWD
HQHOUHVSHWRDOOLEUH
GHVDUUROORGHODSHUVRQDOLGDG  SRUORPLVPRIUHQWHDXQDHYHQWXDOOHVLyQRUHVWULFFLyQ
GHVXGHUHFKRIXQGDPHQWDORJDUDQWtDFRQVWLWXFLRQDOODSHUVRQDWLHQHODOLEHUWDGGHGHILQLU
OD DFFLyQ D VHJXLU IUHQWH D GLFKD VLWXDFLyQ \D VHD UHFODPDQGR IUHQWH DO KHFKR LOHJDO
SODQWHDQGRODVDFFLRQHVSHUWLQHQWHVRHQVXFDVRGHFRQVHQWLUHOKHFKRROOHJDUDXQ
DFXHUGR FRQ OD SHUVRQD R DXWRULGDG TXH DIHFWD VX GHUHFKR SRU FRQVLGHUDU TXH HVD
DIHFFLyQQRHVJUDYH\QRMXVWLILFDODLQLFLDFLyQGHODVDFFLRQHVOHJDOHVFRUUHVSRQGLHQWHV


 /D 6& 5 GH  GH RFWXEUH DVXPLy TXH HVWD FDXVDO
GHEH HQWHQGHUVH
REMHWLYDPHQWH FRPR FXDOTXLHU DFWR R DFFLyQ TXH HO WLWXODU GHO GHUHFKR IXQGDPHQWDO
UHDOLFHDQWHODDXWRULGDGRSDUWLFXODUTXHVXSXHVWDPHQWHOHVLRQyHOPLVPRFRPRWDPELpQ
DQWHRWUDLQVWDQFLDGHMDQGRDGYHUWLURHVWDEOHFHUFODUDPHQWHTXHDFHSWDRFRQVLHQWHGH
PDQHUD YROXQWDULD \ H[SUHVD OD DPHQD]D UHVWULFFLyQ R VXSUHVLyQ D VXV GHUHFKRV \
JDUDQWtDVIXQGDPHQWDOHVGHPRGRTXHQRVLHPSUHSRGUiH[LJLUVHXQDFWRHQHOTXHHO
WLWXODU PDQLILHVWH WH[WXDOPHQWH \ SRU HVFULWR TXH DFHSWD OLEUH \ H[SUHVDPHQWH HO DFWR
LOHJDO X RPLVLyQ LQGHELGD VLQR TXH HOOR SRGUi GHGXFLUVH FRQ ORV HOHPHQWRV GH MXLFLR
VXILFLHQWHVGHODFFLRQDUTXHHOWLWXODUKXELHUDWHQLGRDSDUWLUGHODVXSXHVWDOHVLyQGHOD
TXHKXELHVHQVLGRREMHWRVXVGHUHFKRV\JDUDQWtDVFRQVWLWXFLRQDOHV


3RVWHULRUPHQWHGLFKRUD]RQDPLHQWRIXHFRPSOHPHQWDGRSRUOD6&5GH
 GH MXQLR TXH GHWHUPLQy TXH HO FRQVHQWLPLHQWR H[SUHVR LPSRUWD XQ DFWR SRVLWLYR
FRQFUHWR OLEUH H LQHTXtYRFR YLQFXODGR GH PDQHUD GLUHFWD D OD DFWXDFLyQ LOHJDO
LPSXJQDGDHQRWUDVSDODEUDVODPDQLIHVWDFLyQGHODYROXQWDGGHEHGHPRVWUDUGHPDQHUD
LQGXELWDEOH HO FRQVHQWLPLHQWR D OD DPHQD]D R OHVLyQ D DOJ~Q GHUHFKR IXQGDPHQWDO
$VLPLVPRSUHFLVyTXHQRHVH[LJLEOHDFHSWDFLyQH[SUHVDVLQRGHGXFLEOHGHVXVDFWRV

(QODPLVPDOtQHDOD6&5GHGHDJRVWRVHxDOy
VRQORVKHFKRV\OD
DFWLWXG GH OD SHUVRQD VXSXHVWDPHQWH DJUDYLDGD OD TXH HQ GHILQLWLYD FRQGXFHQ D
GHWHUPLQDU VL KXER DFWR FRQVHQWLGR R QR HQ HVH FDVR DXQTXH QRKD\D XQD H[SUHVLyQ
H[SUHVDHQHVHVHQWLGRWLHQHHOPLVPRHIHFWRGHOFRQVHQWLPLHQWRWiFLWRSHURUHIOHMDGR
HQDFWRVH[SUHVRV\OLEUHVGHVRPHWLPLHQWRDORVHIHFWRVGHODFWRGHFLVLyQRUHVROXFLyQ
TXHVHLPSXJQDGHLOHJDOORFXDOUHVXOWDXQFRQWUDVHQWLGRGDGRTXHVLKD\VRPHWLPLHQWR
YROXQWDULRSDOSDEOHRGHPRVWUDEOHQRSXHGHSRVWHULRUPHQWHWDFKDUGHLOHJDOLGDGDORTXH
VHKDVRPHWLGRSXHVWRTXHODMXULVGLFFLyQFRQVWLWXFLRQDOQRHVWiVXMHWDDODGHVLGLDGH
ODVSDUWHVTXLHQHVSHVHDWHQHUHQVXPRPHQWRHOGHUHFKR\ODSRVLELOLGDGGHLQWHUSRQHU
ODDFFLyQGHDPSDURFRQVWLWXFLRQDOGHPDQHUDLQPHGLDWDFRQXQSURFHGLPLHQWR\WXWHOD
WDPELpQLQPHGLDWD\HIHFWLYDQRORKLFLHURQ\HVPiVORFXPSOLHURQROXHJRGHKDEHU
DFWLYDGR OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO GH PDQHUD SDUDOHOD VH VRPHWLHURQ D ORV
HIHFWRV GH OD 5HVROXFLyQ LPSXJQDGD SHVH D HVWDU HQ WUiPLWH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO


 /D 6&3  FRQILUPy HVWH UD]RQDPLHQWR \ GHQHJy OD WXWHOD SRU DFWRV

W


dW^:d
FRQVHQWLGRVHQIXQFLyQGHORVDFWRVREMHWLYRVTXHUHDOL]yHODFFLRQDQWHFRPRHPHUJHQFLD
GHODFWRFRQVLGHUDGROHVLYRGHWHUPLQDQGRTXHVRQORVKHFKRV\ODDFWLWXGGHODSHUVRQD
VXSXHVWDPHQWH DJUDYLDGD ORVTXH FRQGXFHQ D GHWHUPLQDU VLKXER DFWR FRQVHQWLGRGH
PRGRTXHQRVLHPSUHSRGUiH[LJLUVHXQDFWRHQHOTXHHOWLWXODUPDQLILHVWHWH[WXDOPHQWH
\SRUHVFULWRTXHDFHSWDOLEUH\H[SUHVDPHQWHHODFWRLOHJDOXRPLVLyQLQGHELGDVLQRTXH
HOOR SRGUiGHGXFLUVH GHO DFFLRQDU TXH HOWLWXODU KXELHUD WHQLGR D SDUWLU GH OD VXSXHVWD
OHVLyQGHQXQFLDGD

3RVWHULRUPHQWHOD6&3VHSURQXQFLyFRQUHODFLyQDORVDFWRVFRQVHQWLGRV
HQ PDWHULD ODERUDO  \ GHVYLUWXy OD H[LVWHQFLD GH ORV PLVPRV DQWH HO LQJUHVR GH OD
DFFLRQDQWH D RWUD IXHQWH ODERUDO SXHV VRVWXYR TXH OD WUDEDMDGRUD HIHFWXy UHFODPRV
FRQWLQXRVVREUHHODFWRLOHJDODxDGLHQGRTXHQRSRGtDFRQFOXLUVHTXHSRUVXLQJUHVR
DO &ROHJLR GH $XGLWRUHV KXELHUD FRQVHQWLGR FRQ HO DFWR FRQVLGHUDGR LOHJDO SXHV XQ
HQWHQGLPLHQWRFRQWUDULRQHJDUtDDODDFFLRQDQWHODSRVLELOLGDGGHSURFXUDUVHHOVXVWHQWR
QHFHVDULRSDUDHOOD\VXIDPLOLDHQWDQWRVHGHILQDVXVLWXDFLyQREOLJiQGROHDSHUPDQHFHU
HQIRUPDLQGHILQLGDHQHOHVWDGRGHYXOQHUDFLyQGHOGHUHFKRTXHODDFFLRQDQWHFRQVLGHUD
OHVLRQDGR\HQXQHVWDGRGHLQFHUWLGXPEUHTXHULxHFRQHORUGHQMXUtGLFR

 $VLPLVPR OD 6&3  FRQILUPy HO UD]RQDPLHQWR H[SXHVWR HQ OD 6&
5 HVWDEOHFLHQGR TXH SDUD WHQHU FHUWH]D GH VL XQD SHUVRQD VH VRPHWLy
YROXQWDULDPHQWHDXQDFWRHVGHFLUGLRVXFRQVHQWLPLHQWRDQWHXQDGHWHUPLQDGDVLWXDFLyQ
GHEHH[LVWLUXQDYROXQWDGPDQLILHVWDFXDQGRVHDFHSWyHQIRUPDIHKDFLHQWHRWiFLWDHO
DFWRLOHJDORODRPLVLyQLQGHELGDGHMDQGRWUDQVFXUULUHOSOD]RTXHVHWLHQHSDUDLPSXJQDU
SURFHGLHQGR D HMHFXWDU R FXPSOLU HO DFWR R HQ VX FDVR VLQ FXHVWLRQDU HQ OD SULPHUD
RSRUWXQLGDG TXH VH WXYR GHQWUR GH OD WUDPLWDFLyQ GHO SURFHVR \D VHD MXGLFLDO R
DGPLQLVWUDWLYR

'HRWURODGROD6&3FRQVWLWXLGDHQXQDVHQWHQFLDPRGXODGRUDGHWHUPLQy
TXH HQ PDWHULD ODERUDO ORV DFWRV FRQVHQWLGRV OLEUH \ H[SUHVDPHQWH QR RSHUDQ FRPR
FDXVDO GH LPSURFHGHQFLD HQ OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDOHQ YLUWXG DO FDUiFWHU
LUUHQXQFLDEOHGHORVGHUHFKRVODERUDOHV

)LQDOPHQWHOD6&3HQODPLVPDOtQHDGHUD]RQDPLHQWRH[SXHVWRHQODV
66&&5HQWHQGLyTXHSDUDTXHH[LVWDXQDFWRFRQVHQWLGRGHEH
H[LVWLUXQDYROXQWDGH[SUHVDRPDQLILHVWDTXHVHSUHVHQWDFXDQGRGHQWURGHSURFHVRV
MXGLFLDOHVRDGPLQLVWUDWLYRVQRVHLQWHUSRQHQGHQWURGHORVWpUPLQRVOHJDOHVORVPHGLRV
GHLPSXJQDFLyQH[LVWHQWHVSDUDODUHVWLWXFLyQGHORVGHUHFKRVRJDUDQWtDVSUHVXQWDPHQWH
OHVLRQDGRV HO DFFLRQDQWH VH FRQIRUPD FRQ HO DFWR R OR DGPLWH SRU PDQLIHVWDFLRQHV
FRQFUHWDVGHVXYROXQWDG\GHMDWUDQVFXUULUHOSOD]RGHVHLVPHVHVVLQKDEHUUHFODPDGR
ODUHVWLWXFLyQGHVXVGHUHFKRVHQODMXVWLFLDFRQVWLWXFLRQDO


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

/D 6& 5 HQ VX )- ,,, GLVSRQH HVWD FDXVDO GHEH
HQWHQGHUVHREMHWLYDPHQWHFRPRFXDOTXLHUDFWRRDFFLyQTXHHOWLWXODUGHO
GHUHFKR IXQGDPHQWDO UHDOLFH DQWH OD DXWRULGDG R SDUWLFXODU TXH
VXSXHVWDPHQWH OHVLRQy HO PLVPR FRPR WDPELpQ DQWH RWUD LQVWDQFLD
GHMDQGR DGYHUWLU R HVWDEOHFHU FODUDPHQWH TXH DFHSWD R FRQVLHQWH GH
PDQHUDYROXQWDULD\H[SUHVDODDPHQD]DUHVWULFFLyQRVXSUHVLyQDVXV
GHUHFKRV \ JDUDQWtDV IXQGDPHQWDOHV GH PRGR TXH QR VLHPSUH SRGUi
H[LJLUVHXQDFWRHQHOTXHHOWLWXODUPDQLILHVWHWH[WXDOPHQWH\SRUHVFULWR
TXHDFHSWDOLEUH\H[SUHVDPHQWHHODFWRLOHJDOXRPLVLyQLQGHELGDVLQR
TXH HOOR SRGUi GHGXFLUVH FRQ ORV HOHPHQWRV GH MXLFLR VXILFLHQWHV GHO
W


dW^:d


DFFLRQDUTXHHOWLWXODUKXELHUDWHQLGRDSDUWLUGHODVXSXHVWDOHVLyQGHOD
TXHKXELHVHQVLGRREMHWRVXVGHUHFKRV\JDUDQWtDVFRQVWLWXFLRQDOHV


,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

/DVHQWHQFLDTXHFRQWLHQHHOHVWiQGDUPiVDOWRHVODFRQWHQLGDHQOD6&
5FRQILUPDGDSRUOD6&3SRUTXHGHWHUPLQyTXH
HO FRQVHQWLPLHQWR H[SUHVR LPSRUWD XQ DFWR SRVLWLYR FRQFUHWR OLEUH H
LQHTXtYRFR YLQFXODGR GH PDQHUD GLUHFWD D OD DFWXDFLyQ LOHJDO
LPSXJQDGD HQ RWUDV SDODEUDV OD PDQLIHVWDFLyQ GH OD YROXQWDG GHEH
GHPRVWUDU GH PDQHUD LQGXELWDEOH HO FRQVHQWLPLHQWR D OD DPHQD]D R
OHVLyQDDOJ~QGHUHFKRIXQGDPHQWDO$VLPLVPRHQORTXHVHUHILHUHDO
iPELWRODERUDOOD6&3FRQWLHQHWLHQHHOHVWiQGDUPiVDOWR
SRUTXHHVWDEOHFHTXHHQPDWHULDODERUDOQRH[LVWHDFWRFRQVHQWLGRSRUHO
FDUiFWHULUUHQXQFLDEOHGHORVGHUHFKRVODERUDOHV



1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0XWDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   (Q PDWHULD ODERUDO ORV DFWRV FRQVHQWLGRV OLEUH \
H[SUHVDPHQWHQRRSHUDQFRPRFDXVDOGHLPSURFHGHQFLDHQODDFFLyQ
GHDPSDURFRQVWLWXFLRQDOHQYLUWXGDOFDUiFWHULUUHQXQFLDEOHGHORV
GHUHFKRVODERUDOHV

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO OD DFFLRQDQWH GHQXQFLy TXH
XQD HPSUHVD PXQLFLSDO OD GHVSLGLy LQWHPSHVWLYDPHQWH GH VX IXHQWH
ODERUDOSHVHDTXHVXVFULELyDQWHULRUPHQWHGRVFRQWUDWRVDSOD]RILMR
SRU OR TXH VX FRQWUDWDFLyQ GHELy KDEHU VLGR FRQVLGHUDGD FRPR
LQGHILQLGD YXOQHUiQGRVH SRU WDQWR VX GHUHFKR DO WUDEDMR \ D OD
HVWDELOLGDGODERUDOSRUORTXHVROLFLWyVHFRQFHGDODWXWHODVHGHMHVLQ
HIHFWRHOPHPRUDQGRGHGHVSLGR\VHODUHVWLWX\DDVXIXHQWHGHWUDEDMR
DVtFRPRHOSDJRGHVXVVDODULRVGHYHQJDGRV(O7ULEXQDO&RQVWLWXFLRQDO
3OXULQDFLRQDOHQUHYLVLyQFRQILUPyODUHVROXFLyQTXHGHQHJyODWXWHOD
W


dW^:d


([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,/D&3(HQVXDUW,,,GLVSRQHTXHORVGHUHFKRV\EHQHILFLRV
UHFRQRFLGRVDIDYRUGHORVWUDEDMDGRUHVQRSXHGHQVHUUHQXQFLDGRV\VRQ
QXODVODVFRQYHQFLRQHVFRQWUDULDVRTXHWLHQGDQDEXUODUVXVHIHFWRV3RU
ORTXHHQPDWHULDODERUDOSRUPiVTXHH[LVWDVXSXHVWRFRQVHQWLPLHQWR
ORVGHUHFKRVQRSXHGHQUHQXQFLDUVH

6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SRU FXDQWR HQ PDWHULD
ODERUDO ORV DFWRV FRQVHQWLGRV OLEUH \ H[SUHVDPHQWH QR RSHUDQ FRPR
FDXVDO GH LPSURFHGHQFLD HQ YLUWXG DO FDUiFWHU LUUHQXQFLDEOH GH ORV
GHUHFKRVODERUDOHV

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDOGHVDUUROOyODOtQHDMXULVSUXGHQFLDOVREUHODLPSURFHGHQFLD
SRU DFWRV FRQVHQWLGRV HQ OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HQ ORV VLJXLHQWHV
SUHFHGHQWHVFRQVWLWXFLRQDOHV

/D6&5HVWDEOHFLyTXHHVWDFDXVDOVHIXQGDPHQWD
HQHOUHVSHWRDOOLEUH
GHVDUUROORGHODSHUVRQDOLGDG  SRUORPLVPRIUHQWHDXQDHYHQWXDOOHVLyQRUHVWULFFLyQ
GHVXGHUHFKRIXQGDPHQWDORJDUDQWtDFRQVWLWXFLRQDOODSHUVRQDWLHQHODOLEHUWDGGHGHILQLU
OD DFFLyQ D VHJXLU IUHQWH D GLFKD VLWXDFLyQ \D VHD UHFODPDQGR IUHQWH DO KHFKR LOHJDO
SODQWHDQGRODVDFFLRQHVSHUWLQHQWHVRHQVXFDVRGHFRQVHQWLUHOKHFKRROOHJDUDXQ
DFXHUGR FRQ OD SHUVRQD R DXWRULGDG TXH DIHFWD VX GHUHFKR SRU FRQVLGHUDU TXH HVD
DIHFFLyQQRHVJUDYH\QRMXVWLILFDODLQLFLDFLyQGHODVDFFLRQHVOHJDOHVFRUUHVSRQGLHQWHV


 /D 6& 5 GH  GH RFWXEUH DVXPLy TXH HVWD FDXVDO
GHEH HQWHQGHUVH
REMHWLYDPHQWH FRPR FXDOTXLHU DFWR R DFFLyQ TXH HO WLWXODU GHO GHUHFKR IXQGDPHQWDO
UHDOLFHDQWHODDXWRULGDGRSDUWLFXODUTXHVXSXHVWDPHQWHOHVLRQyHOPLVPRFRPRWDPELpQ
DQWHRWUDLQVWDQFLDGHMDQGRDGYHUWLURHVWDEOHFHUFODUDPHQWHTXHDFHSWDRFRQVLHQWHGH
PDQHUD YROXQWDULD \ H[SUHVD OD DPHQD]D UHVWULFFLyQ R VXSUHVLyQ D VXV GHUHFKRV \
JDUDQWtDVIXQGDPHQWDOHVGHPRGRTXHQRVLHPSUHSRGUiH[LJLUVHXQDFWRHQHOTXHHO
WLWXODU PDQLILHVWH WH[WXDOPHQWH \ SRU HVFULWR TXH DFHSWD OLEUH \ H[SUHVDPHQWH HO DFWR
LOHJDO X RPLVLyQ LQGHELGD VLQR TXH HOOR SRGUi GHGXFLUVH FRQ ORV HOHPHQWRV GH MXLFLR
VXILFLHQWHVGHODFFLRQDUTXHHOWLWXODUKXELHUDWHQLGRDSDUWLUGHODVXSXHVWDOHVLyQGHOD
TXHKXELHVHQVLGRREMHWRVXVGHUHFKRV\JDUDQWtDVFRQVWLWXFLRQDOHV


3RVWHULRUPHQWHGLFKRUD]RQDPLHQWRIXHFRPSOHPHQWDGRSRUOD6&5GH
 GH MXQLR TXH GHWHUPLQy TXH HO FRQVHQWLPLHQWR H[SUHVR LPSRUWD XQ DFWR SRVLWLYR
FRQFUHWR OLEUH H LQHTXtYRFR YLQFXODGR GH PDQHUD GLUHFWD D OD DFWXDFLyQ LOHJDO
LPSXJQDGDHQRWUDVSDODEUDVODPDQLIHVWDFLyQGHODYROXQWDGGHEHGHPRVWUDUGHPDQHUD
LQGXELWDEOH HO FRQVHQWLPLHQWR D OD DPHQD]D R OHVLyQ D DOJ~Q GHUHFKR IXQGDPHQWDO
$VLPLVPRSUHFLVyTXHQRHVH[LJLEOHDFHSWDFLyQH[SUHVDVLQRGHGXFLEOHGHVXVDFWRV

(QODPLVPDOtQHDOD6&5GHGHDJRVWRVHxDOy
VRQORVKHFKRV\OD
DFWLWXG GH OD SHUVRQD VXSXHVWDPHQWH DJUDYLDGD OD TXH HQ GHILQLWLYD FRQGXFHQ D
GHWHUPLQDU VL KXER DFWR FRQVHQWLGR R QR HQ HVH FDVR DXQTXH QRKD\D XQD H[SUHVLyQ
H[SUHVDHQHVHVHQWLGRWLHQHHOPLVPRHIHFWRGHOFRQVHQWLPLHQWRWiFLWRSHURUHIOHMDGR

W


dW^:d


HQDFWRVH[SUHVRV\OLEUHVGHVRPHWLPLHQWRDORVHIHFWRVGHODFWRGHFLVLyQRUHVROXFLyQ
TXHVHLPSXJQDGHLOHJDOORFXDOUHVXOWDXQFRQWUDVHQWLGRGDGRTXHVLKD\VRPHWLPLHQWR
YROXQWDULRSDOSDEOHRGHPRVWUDEOHQRSXHGHSRVWHULRUPHQWHWDFKDUGHLOHJDOLGDGDORTXH
VHKDVRPHWLGRSXHVWRTXHODMXULVGLFFLyQFRQVWLWXFLRQDOQRHVWiVXMHWDDODGHVLGLDGH
ODVSDUWHVTXLHQHVSHVHDWHQHUHQVXPRPHQWRHOGHUHFKR\ODSRVLELOLGDGGHLQWHUSRQHU
ODDFFLyQGHDPSDURFRQVWLWXFLRQDOGHPDQHUDLQPHGLDWDFRQXQSURFHGLPLHQWR\WXWHOD
WDPELpQLQPHGLDWD\HIHFWLYDQRORKLFLHURQ\HVPiVORFXPSOLHURQROXHJRGHKDEHU
DFWLYDGR OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO GH PDQHUD SDUDOHOD VH VRPHWLHURQ D ORV
HIHFWRV GH OD 5HVROXFLyQ LPSXJQDGD SHVH D HVWDU HQ WUiPLWH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO


 /D 6&3  FRQILUPy HVWH UD]RQDPLHQWR \ GHQHJy OD WXWHOD SRU DFWRV
FRQVHQWLGRVHQIXQFLyQGHORVDFWRVREMHWLYRVTXHUHDOL]yHODFFLRQDQWHFRPRHPHUJHQFLD
GHODFWRFRQVLGHUDGROHVLYRGHWHUPLQDQGRTXHVRQORVKHFKRV\ODDFWLWXGGHODSHUVRQD
VXSXHVWDPHQWH DJUDYLDGD ORVTXH FRQGXFHQ D GHWHUPLQDU VLKXER DFWR FRQVHQWLGRGH
PRGRTXHQRVLHPSUHSRGUiH[LJLUVHXQDFWRHQHOTXHHOWLWXODUPDQLILHVWHWH[WXDOPHQWH
\SRUHVFULWRTXHDFHSWDOLEUH\H[SUHVDPHQWHHODFWRLOHJDOXRPLVLyQLQGHELGDVLQRTXH
HOOR SRGUiGHGXFLUVH GHO DFFLRQDU TXH HOWLWXODU KXELHUD WHQLGR D SDUWLU GH OD VXSXHVWD
OHVLyQGHQXQFLDGD

3RVWHULRUPHQWHOD6&3VHSURQXQFLyFRQUHODFLyQDORVDFWRVFRQVHQWLGRV
HQ PDWHULD ODERUDO  \ GHVYLUWXy OD H[LVWHQFLD GH ORV PLVPRV DQWH HO LQJUHVR GH OD
DFFLRQDQWH D RWUD IXHQWH ODERUDO SXHV VRVWXYR TXH OD WUDEDMDGRUD HIHFWXy UHFODPRV
FRQWLQXRVVREUHHODFWRLOHJDODxDGLHQGRTXHQRSRGtDFRQFOXLUVHTXHSRUVXLQJUHVR
DO &ROHJLR GH $XGLWRUHV KXELHUD FRQVHQWLGR FRQ HO DFWR FRQVLGHUDGR LOHJDO SXHV XQ
HQWHQGLPLHQWRFRQWUDULRQHJDUtDDODDFFLRQDQWHODSRVLELOLGDGGHSURFXUDUVHHOVXVWHQWR
QHFHVDULRSDUDHOOD\VXIDPLOLDHQWDQWRVHGHILQDVXVLWXDFLyQREOLJiQGROHDSHUPDQHFHU
HQIRUPDLQGHILQLGDHQHOHVWDGRGHYXOQHUDFLyQGHOGHUHFKRTXHODDFFLRQDQWHFRQVLGHUD
OHVLRQDGR\HQXQHVWDGRGHLQFHUWLGXPEUHTXHULxHFRQHORUGHQMXUtGLFR

 $VLPLVPR OD 6&3  FRQILUPy HO UD]RQDPLHQWR H[SXHVWR HQ OD 6&
5 HVWDEOHFLHQGR TXH SDUD WHQHU FHUWH]D GH VL XQD SHUVRQD VH VRPHWLy
YROXQWDULDPHQWHDXQDFWRHVGHFLUGLRVXFRQVHQWLPLHQWRDQWHXQDGHWHUPLQDGDVLWXDFLyQ
GHEHH[LVWLUXQDYROXQWDGPDQLILHVWDFXDQGRVHDFHSWyHQIRUPDIHKDFLHQWHRWiFLWDHO
DFWRLOHJDORODRPLVLyQLQGHELGDGHMDQGRWUDQVFXUULUHOSOD]RTXHVHWLHQHSDUDLPSXJQDU
SURFHGLHQGR D HMHFXWDU R FXPSOLU HO DFWR R HQ VX FDVR VLQ FXHVWLRQDU HQ OD SULPHUD
RSRUWXQLGDG TXH VH WXYR GHQWUR GH OD WUDPLWDFLyQ GHO SURFHVR \D VHD MXGLFLDO R
DGPLQLVWUDWLYR

'HRWURODGROD6&3FRQVWLWXLGDHQXQDVHQWHQFLDPRGXODGRUDGHWHUPLQy
TXH HQ PDWHULD ODERUDO ORV DFWRV FRQVHQWLGRV OLEUH \ H[SUHVDPHQWH QR RSHUDQ FRPR
FDXVDO GH LPSURFHGHQFLD HQ OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDOHQ YLUWXG DO FDUiFWHU
LUUHQXQFLDEOHGHORVGHUHFKRVODERUDOHV

)LQDOPHQWHOD6&3HQODPLVPDOtQHDGHUD]RQDPLHQWRH[SXHVWRHQODV
66&&5HQWHQGLyTXHSDUDTXHH[LVWDXQDFWRFRQVHQWLGRGHEH
H[LVWLUXQDYROXQWDGH[SUHVDRPDQLILHVWDTXHVHSUHVHQWDFXDQGRGHQWURGHSURFHVRV
MXGLFLDOHVRDGPLQLVWUDWLYRVQRVHLQWHUSRQHQGHQWURGHORVWpUPLQRVOHJDOHVORVPHGLRV
GHLPSXJQDFLyQH[LVWHQWHVSDUDODUHVWLWXFLyQGHORVGHUHFKRVRJDUDQWtDVSUHVXQWDPHQWH
OHVLRQDGRV HO DFFLRQDQWH VH FRQIRUPD FRQ HO DFWR R OR DGPLWH SRU PDQLIHVWDFLRQHV
FRQFUHWDVGHVXYROXQWDG\GHMDWUDQVFXUULUHOSOD]RGHVHLVPHVHVVLQKDEHUUHFODPDGR
ODUHVWLWXFLyQGHVXVGHUHFKRVHQODMXVWLFLDFRQVWLWXFLRQDO


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

W


dW^:d

/D6&3HQVX)-,,,HQPDWHULDODERUDOQRSXHGHDOHJDUVH
ODFDXVDOGHLPSURFHGHQFLDSRUDFWRVFRQVHQWLGRVOLEUH\H[SUHVDPHQWH
  (Q ORV VXSXHVWRV HQ ORV TXH SRU HMHPSOR HO WUDEDMDGRU KD\D
UHFODPDGR GH PDQHUD FRQVWDQWH VXV GHUHFKRV ODERUDOHV SHUR FRQ OD
ILQDOLGDGGHFXEULUVXVQHFHVLGDGHVGHVXVWHQWRKD\D
LQJUHVDGR D RWUD IXHQWH ODERUDO EDMR QLQJXQD FLUFXQVWDQFLD SRGUi
DOHJDUVH OD FDXVDO GH LPSURFHGHQFLD GH DFWRV FRQVHQWLGRV OLEUH \
H[SUHVDPHQWHSXHVHOORLPSOLFDUtDSURKLELUDODFFLRQDQWHODSRVLELOLGDG
GHSURFXUDUVHHOVXVWHQWRQHFHVDULRWDQWRSDUDpOFRPRSDUDVXIDPLOLD
6&3
)- ,,, HQ PDWHULD ODERUDO SRU PiV TXH H[LVWD VXSXHVWR
FRQVHQWLPLHQWRORVGHUHFKRVQRSXHGHQUHQXQFLDUVH

,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

/DVHQWHQFLDTXHFRQWLHQHHOHVWiQGDUPiVDOWRHVODFRQWHQLGDHQOD6&
5FRQILUPDGDSRUOD6&3SRUTXHGHWHUPLQyTXH
HO FRQVHQWLPLHQWR H[SUHVR LPSRUWD XQ DFWR SRVLWLYR FRQFUHWR OLEUH H
LQHTXtYRFR YLQFXODGR GH PDQHUD GLUHFWD D OD DFWXDFLyQ LOHJDO
LPSXJQDGD HQ RWUDV SDODEUDV OD PDQLIHVWDFLyQ GH OD YROXQWDG GHEH
GHPRVWUDU GH PDQHUD LQGXELWDEOH HO FRQVHQWLPLHQWR D OD DPHQD]D R
OHVLyQDDOJ~QGHUHFKRIXQGDPHQWDO$VLPLVPRHQORTXHVHUHILHUHDO
iPELWRODERUDOOD6&3FRQWLHQHWLHQHHOHVWiQGDUPiVDOWR
SRUTXHHVWDEOHFHTXHHQPDWHULDODERUDOQRH[LVWHDFWRFRQVHQWLGRSRUHO
FDUiFWHULUUHQXQFLDEOHGHORVGHUHFKRVODERUDOHV



1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO


W


dW^:d


6&33DUDTXHH[LVWDXQDFWRFRQVHQWLGRGHEHH[LVWLUXQD
YROXQWDG H[SUHVD R PDQLILHVWD TXH VH SUHVHQWD FXDQGR GHQWUR GH
SURFHVRVMXGLFLDOHVRDGPLQLVWUDWLYRVQRVHLQWHUSRQHQGHQWURGHORV
WpUPLQRV OHJDOHV ORV PHGLRV GH LPSXJQDFLyQ H[LVWHQWHV SDUD OD
UHVWLWXFLyQGHORVGHUHFKRVRJDUDQWtDVSUHVXQWDPHQWHOHVLRQDGRVHO
DFFLRQDQWHVHFRQIRUPDFRQHODFWRRORDGPLWLGRSRUPDQLIHVWDFLRQHV
FRQFUHWDVGHVXYROXQWDG\GHMDWUDQVFXUULUHOSOD]RGHVHLVPHVHVVLQ
KDEHU UHFODPDGR OD UHVWLWXFLyQ GH VXV GHUHFKRV HQ OD MXVWLFLD
FRQVWLWXFLRQDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HO DFFLRQDQWH GHQXQFLy OD
YXOQHUDFLyQGHVXVGHUHFKRVDODWXWHODMXGLFLDOHIHFWLYD\OD
JDUDQWtDGHO
GHELGR SURFHVR
 HQ VX YHUWLHQWH D VHU HVFXFKDGR SRU FXDQWR HQ HO
SURFHVR DGPLQLVWUDWLYR LQLFLDGR HQ VX FRQWUD SUHVHQWy ORV
FRUUHVSRQGLHQWHV GHVFDUJRV LQYRFDQGR DGHPiV OD SUHVFULSFLyQ GH OD
UHVSRQVDELOLGDGDGPLQLVWUDWLYDHQWRGDVVXVLQVWDQFLDVVLQTXHQLQJXQD
GH ODV DXWRULGDGHVFRUUHVSRQGLHQWHV HQODVLQVWDQFLDV GH UHYRFDWRULD \
MHUiUTXLFRVHSURQXQFLHQGHIRUPDH[SUHVDVREUHGLFKRSHGLGRSRUOR
TXHVROLFLWyVHFRQFHGDODDFFLyQGHDPSDURFRQVWLWXFLRQDO
RUGHQDQGR
ODQXOLGDGGHORVDFWRVSURFHGLPHQWDOHVKDVWDHOYLFLRPiVDQWLJXRHV
GHFLU KDVWD OD SULPHUD VROLFLWXG GH SUHVFULSFLyQ
 (O 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOOXHJRGHPRGXODUODVUHJODVUHODWLYDVDORV
DFWRVFRQVHQWLGRVFRQFHGLyODWXWHODVROLFLWDGD

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,  'HORH[SXHVWRVHGHEHGHWHUPLQDUFRQFODULGDGTXHQRVHSXHGHFRQVLGHUDU
FRPR DFWR FRQVHQWLGR DTXHO DFWR HQ HO TXH VH GHQRWD TXH OD YROXQWDG GHO DFFLRQDQWH
H[SUHVD FODUDPHQWH TXH QR GHVHD SHUPLWLU TXH VH YXOQHUHQ VXV GHUHFKRV \ JDUDQWtDV
FRQVWLWXFLRQDOHVFRPRSRUHMHPSORHQHOSUHVHQWHFDVRTXHDQWHODVXSXHVWDHLOHJDO
VXVSHQVLyQGHODFFLRQDQWHGHVXIXHQWHODERUDOpVWHGHQRWDQGRVXYROXQWDGDFXGLyHQOD
YtDDGPLQLVWUDWLYDUHFODPDQGRDVSHFWRVTXHGHELHURQVHUDWHQGLGRVDILQGHTXHQRVHOH
LPSRQJDGLFKDVDQFLyQUHFXUULHQGROD5HVROXFLyQHPLWLGDSRUHOVXPDULDQWHHQUHFXUVR
GH UHYRFDWRULD \ DQWH OD IDOWD GH DWHQFLyQ D VXV UHFODPRV DFXGLy SRVWHULRUPHQWH HQ
UHFXUVR MHUiUTXLFR GHQXQFLDQGR QXHYDPHQWH ORV DVSHFWRV TXH GHELHURQ VHU
FRQVLGHUDGRVHQHVWDLQVWDQFLDVLHQGRVXVSHQGLGRLQPHGLDWDPHQWHGHVXVIXQFLRQHVHQ
YLUWXGGHODVDQFLyQLPSXHVWDVLQHPEDUJRGLFKRDFFLRQDUQRSXHGHVHUFRPSUHQGLGR
FRPRXQDFWRFRQVHQWLGRPiVSRUHOFRQWUDULRGHQRWDXQDEXVRGHSRGHUSRUSDUWHGH
ORVDFFLRQDGRV\DTXHDSHVDUGHKDEHUVHUHFODPDGRGHQWURGHOSURFHVRDVSHFWRVTXHQR
IXHURQFRUUHJLGRVODVDXWRULGDGHVGHPDQGDGDVKDFLHQGRFDVRRPLVRDGLFKRVUHFODPRV
SURSLFLDURQ VX VXVSHQVLyQ DFXGLHQGR SRVWHULRUPHQWH HO DFFLRQDQWH DQWH OD SUHVHQWH
DFFLyQGHDPSDURFRQVWLWXFLRQDOGHQRWDQGRFRQHOORVX
YROXQWDG
VREUHGLFKRVDFWRV


6LQWHVLVGHODUDWLRGHFLGHQGL

W


dW^:d

6HLQJUHVDDODQiOLVLVGHIRQGRSRULQH[LVWHQFLDGHDFWRVFRQVHQWLGRV
SRUFXDQWRDQWHODVXSXHVWDLOHJDOVXVSHQVLyQGHODFFLRQDQWHGHVXIXHQWH
ODERUDOpVWHDFXGLyDODYtDDGPLQLVWUDWLYDUHFODPDQGRHOUHVSHWRDVXV
GHUHFKRV IRUPXODQGR UHFXUVRV GH UHYRFDWRULD \ MHUiUTXLFR \
SRVWHULRUPHQWHLQWHUSXVRODSUHVHQWHDFFLyQGHDPSDURFRQVWLWXFLRQDO
GHQRWDQGRFRQHOORVXYROXQWDGGHQRFRQVHQWLUHODFWRUHFODPDGR

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O 7ULEXQDO &RQVWLWXFLRQDO GHVDUUROOy OD OtQHD MXULVSUXGHQFLDO VREUH OD LPSURFHGHQFLD SRU DFWRV
FRQVHQWLGRVHQODDFFLyQGHDPSDURFRQVWLWXFLRQDOHQORVVLJXLHQWHVSUHFHGHQWHVFRQVWLWXFLRQDOHV

/D6&5HVWDEOHFLyTXHHVWDFDXVDOVHIXQGDPHQWD
HQHOUHVSHWRDOOLEUHGHVDUUROOR
GH OD SHUVRQDOLGDG   SRU OR PLVPR IUHQWH D XQD HYHQWXDO OHVLyQ R UHVWULFFLyQ GH VX GHUHFKR
IXQGDPHQWDORJDUDQWtDFRQVWLWXFLRQDOODSHUVRQDWLHQHODOLEHUWDGGHGHILQLUODDFFLyQDVHJXLUIUHQWH
DGLFKDVLWXDFLyQ\DVHDUHFODPDQGRIUHQWHDOKHFKRLOHJDOSODQWHDQGRODVDFFLRQHVSHUWLQHQWHVR
HQVXFDVRGHFRQVHQWLUHOKHFKRROOHJDUDXQDFXHUGRFRQODSHUVRQDRDXWRULGDGTXHDIHFWDVX
GHUHFKRSRUFRQVLGHUDUTXHHVDDIHFFLyQQRHVJUDYH\QRMXVWLILFDODLQLFLDFLyQGHODVDFFLRQHV
OHJDOHVFRUUHVSRQGLHQWHV


/D6&5GHGHRFWXEUHDVXPLyTXHHVWDFDXVDO
GHEHHQWHQGHUVHREMHWLYDPHQWH
FRPR FXDOTXLHU DFWR RDFFLyQTXH HO WLWXODUGHO GHUHFKR IXQGDPHQWDO UHDOLFH DQWH OD DXWRULGDG R
SDUWLFXODUTXHVXSXHVWDPHQWHOHVLRQyHOPLVPRFRPRWDPELpQDQWHRWUDLQVWDQFLDGHMDQGRDGYHUWLU
R HVWDEOHFHU FODUDPHQWH TXH DFHSWD R FRQVLHQWH GH PDQHUD YROXQWDULD \ H[SUHVD OD DPHQD]D
UHVWULFFLyQRVXSUHVLyQDVXVGHUHFKRV\JDUDQWtDVIXQGDPHQWDOHVGHPRGRTXHQRVLHPSUHSRGUi
H[LJLUVH XQ DFWR HQ HO TXH HO WLWXODU PDQLILHVWH WH[WXDOPHQWH \ SRU HVFULWR TXH DFHSWD OLEUH \
H[SUHVDPHQWHHODFWRLOHJDOXRPLVLyQLQGHELGDVLQRTXHHOORSRGUiGHGXFLUVHFRQORVHOHPHQWRVGH
MXLFLRVXILFLHQWHVGHODFFLRQDUTXHHOWLWXODUKXELHUDWHQLGRDSDUWLUGHODVXSXHVWDOHVLyQGHODTXH
KXELHVHQVLGRREMHWRVXVGHUHFKRV\JDUDQWtDVFRQVWLWXFLRQDOHV


3RVWHULRUPHQWHGLFKRUD]RQDPLHQWRIXHFRPSOHPHQWDGRSRUOD6&5GHGHMXQLR
TXHGHWHUPLQyTXHHOFRQVHQWLPLHQWRH[SUHVRLPSRUWDXQDFWRSRVLWLYRFRQFUHWROLEUHHLQHTXtYRFR
YLQFXODGRGHPDQHUDGLUHFWDDODDFWXDFLyQLOHJDOLPSXJQDGDHQRWUDVSDODEUDVODPDQLIHVWDFLyQGH
ODYROXQWDGGHEHGHPRVWUDUGHPDQHUDLQGXELWDEOHHOFRQVHQWLPLHQWRDODDPHQD]DROHVLyQDDOJ~Q
GHUHFKRIXQGDPHQWDO$VLPLVPRSUHFLVyTXHQRHVH[LJLEOHDFHSWDFLyQH[SUHVDVLQRGHGXFLEOHGH
VXVDFWRV

(QODPLVPDOtQHDOD6&5GHGHDJRVWRVHxDOy
VRQORVKHFKRV\ODDFWLWXGGH
OD SHUVRQD VXSXHVWDPHQWH DJUDYLDGD OD TXH HQ GHILQLWLYD FRQGXFHQ D GHWHUPLQDU VL KXER DFWR
FRQVHQWLGRRQRHQHVHFDVRDXQTXHQRKD\DXQDH[SUHVLyQH[SUHVDHQHVHVHQWLGRWLHQHHOPLVPR
HIHFWRGHOFRQVHQWLPLHQWRWiFLWRSHURUHIOHMDGRHQDFWRVH[SUHVRV\OLEUHVGHVRPHWLPLHQWRDORV
HIHFWRVGHODFWRGHFLVLyQRUHVROXFLyQTXHVHLPSXJQDGHLOHJDOORFXDOUHVXOWDXQFRQWUDVHQWLGR
GDGRTXHVLKD\VRPHWLPLHQWRYROXQWDULRSDOSDEOHRGHPRVWUDEOHQRSXHGHSRVWHULRUPHQWHWDFKDU
GHLOHJDOLGDGDORTXHVHKDVRPHWLGRSXHVWRTXHODMXULVGLFFLyQFRQVWLWXFLRQDOQRHVWiVXMHWDDOD
GHVLGLDGHODVSDUWHVTXLHQHVSHVHDWHQHUHQVXPRPHQWRHOGHUHFKR\ODSRVLELOLGDGGHLQWHUSRQHU
ODDFFLyQGHDPSDURFRQVWLWXFLRQDOGHPDQHUDLQPHGLDWDFRQXQSURFHGLPLHQWR\WXWHODWDPELpQ
LQPHGLDWD\HIHFWLYDQRORKLFLHURQ\HVPiVORFXPSOLHURQROXHJRGHKDEHUDFWLYDGRODDFFLyQ
GH DPSDUR FRQVWLWXFLRQDO GH PDQHUD SDUDOHOD VH VRPHWLHURQ D ORV HIHFWRV GH OD 5HVROXFLyQ
LPSXJQDGDSHVHDHVWDUHQWUiPLWHODDFFLyQGHDPSDURFRQVWLWXFLRQDO


 /D 6&3  FRQILUPy HVWH UD]RQDPLHQWR \ GHQHJy OD WXWHOD SRU DFWRV FRQVHQWLGRV HQ
IXQFLyQ GH ORV DFWRV REMHWLYRV TXH UHDOL]y HO DFFLRQDQWH FRPR HPHUJHQFLD GHO DFWR FRQVLGHUDGR
OHVLYRGHWHUPLQDQGRTXHVRQORVKHFKRV\ODDFWLWXGGHODSHUVRQDVXSXHVWDPHQWHDJUDYLDGDORV
TXHFRQGXFHQDGHWHUPLQDUVLKXERDFWRFRQVHQWLGRGHPRGRTXHQRVLHPSUHSRGUiH[LJLUVHXQDFWR
HQHOTXHHOWLWXODUPDQLILHVWHWH[WXDOPHQWH\SRUHVFULWRTXHDFHSWDOLEUH\H[SUHVDPHQWHHODFWR
LOHJDOXRPLVLyQLQGHELGDVLQRTXHHOORSRGUiGHGXFLUVHGHODFFLRQDUTXHHOWLWXODUKXELHUDWHQLGRD
SDUWLUGHODVXSXHVWDOHVLyQGHQXQFLDGD

3RVWHULRUPHQWHOD6&3VHSURQXQFLyFRQUHODFLyQDORVDFWRVFRQVHQWLGRVHQPDWHULD
ODERUDO\GHVYLUWXyODH[LVWHQFLDGHORVPLVPRVDQWHHOLQJUHVRGHODDFFLRQDQWHDRWUDIXHQWHODERUDO

W


dW^:d


SXHVVRVWXYRTXHODWUDEDMDGRUDHIHFWXyUHFODPRVFRQWLQXRVVREUHHODFWRLOHJDODxDGLHQGRTXHQR
SRGtD FRQFOXLUVH TXH SRU VX LQJUHVR DO &ROHJLR GH $XGLWRUHV KXELHUD FRQVHQWLGR FRQ HO DFWR
FRQVLGHUDGRLOHJDO SXHV XQ HQWHQGLPLHQWR FRQWUDULR QHJDUtD D ODDFFLRQDQWH OD SRVLELOLGDG GH
SURFXUDUVHHOVXVWHQWRQHFHVDULRSDUDHOOD\VXIDPLOLDHQWDQWRVHGHILQDVXVLWXDFLyQREOLJiQGROH
D SHUPDQHFHU HQ IRUPD LQGHILQLGD HQ HO HVWDGR GH YXOQHUDFLyQ GHO GHUHFKR TXH OD DFFLRQDQWH
FRQVLGHUDOHVLRQDGR\HQXQHVWDGRGHLQFHUWLGXPEUHTXHULxHFRQHORUGHQMXUtGLFR

 $VLPLVPR OD 6&3  FRQILUPy HO UD]RQDPLHQWR H[SXHVWR HQ OD 6& 5
HVWDEOHFLHQGRTXHSDUDWHQHUFHUWH]DGHVLXQDSHUVRQDVHVRPHWLyYROXQWDULDPHQWHDXQDFWRHV
GHFLUGLRVXFRQVHQWLPLHQWRDQWHXQDGHWHUPLQDGDVLWXDFLyQGHEHH[LVWLUXQDYROXQWDGPDQLILHVWD
FXDQGR VH DFHSWy HQ IRUPD IHKDFLHQWH R WiFLWD HO DFWR LOHJDO R OD RPLVLyQ LQGHELGD GHMDQGR
WUDQVFXUULUHOSOD]RTXHVHWLHQHSDUDLPSXJQDUSURFHGLHQGRDHMHFXWDURFXPSOLUHODFWRRHQVX
FDVRVLQFXHVWLRQDUHQODSULPHUDRSRUWXQLGDGTXHVHWXYRGHQWURGHODWUDPLWDFLyQGHOSURFHVR\D
VHDMXGLFLDORDGPLQLVWUDWLYR

'HRWURODGROD6&3FRQVWLWXLGDHQXQDVHQWHQFLDPRGXODGRUDGHWHUPLQyTXHHQ
PDWHULD ODERUDO ORV DFWRV FRQVHQWLGRV OLEUH \ H[SUHVDPHQWH QR RSHUDQ FRPR FDXVDO GH
LPSURFHGHQFLD HQ OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HQ YLUWXG DO FDUiFWHU LUUHQXQFLDEOH GH ORV
GHUHFKRVODERUDOHV

 )LQDOPHQWH OD 6&3  HQ OD PLVPD OtQHD GH UD]RQDPLHQWR H[SXHVWR HQ ODV 66&&
5  HQWHQGLy TXH SDUD TXH H[LVWD XQ DFWR FRQVHQWLGR GHEH H[LVWLU XQD
YROXQWDG H[SUHVD R PDQLILHVWD TXH VH SUHVHQWD FXDQGR GHQWUR GH SURFHVRV MXGLFLDOHV R
DGPLQLVWUDWLYRV QR VH LQWHUSRQHQ GHQWUR GH ORV WpUPLQRV OHJDOHV ORV PHGLRV GH LPSXJQDFLyQ
H[LVWHQWHVSDUDODUHVWLWXFLyQGHORVGHUHFKRVRJDUDQWtDVSUHVXQWDPHQWHOHVLRQDGRVHODFFLRQDQWH
VHFRQIRUPDFRQHODFWRRORDGPLWHSRUPDQLIHVWDFLRQHVFRQFUHWDVGHVXYROXQWDG\GHMDWUDQVFXUULU
HO SOD]R GH VHLV PHVHV VLQ KDEHU UHFODPDGR OD UHVWLWXFLyQ GH VXV GHUHFKRV HQ OD MXVWLFLD
FRQVWLWXFLRQDO


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,SDUDTXHH[LVWDXQDFWRFRQVHQWLGRGHEHH[LVWLUXQDYROXQWDG
PDQLILHVWDVREUHXQDDFFLyQVLHQGRPX\LPSRUWDQWHODGHWHUPLQDFLyQGH
ODYROXQWDGH[SUHVDRPDQLILHVWDVREUHKHFKRV\DFWRV
'HHVWDIRUPDVHGHEHQHVWDEOHFHUODVVLJXLHQWHVVXEUHJODVSDUDSRGHU
FRQVLGHUDU OD H[LVWHQFLD GH XQ DFWR FRQVHQWLGR HQ WDO VHQWLGR GHEHUi
FRQVLGHUDUVH FRPR DFWR FRQVHQWLGR D  &XDQGR GHQWUR GH XQ SURFHVR
DGPLQLVWUDWLYRMXGLFLDORGHRWUDQDWXUDOH]DVHKD\DQYXOQHUDGRGHUHFKRV
\JDUDQWtDVFRQVWLWXFLRQDOHV\TXHGLFKRVDVSHFWRVRDFWRVYXOQHUDWRULRV
VHDQ GH FRQRFLPLHQWR GHO DFFLRQDQWH \ HVWH QR KXELHVH LQWHUSXHVWR
GHQWUR GHO WpUPLQR OHJDO QLQJXQD DFFLyQ SDUD WUDWDU GH UHVWLWXLU ORV
GHUHFKRVRJDUDQWtDVYXOQHUDGRV\E 4XHVHKXELHVHFRQIRUPDGRFRQ
GLFKRDFWRRORKXELHVHDGPLWLGRSRUPDQLIHVWDFLRQHVFRQFUHWDVGHVX
YROXQWDGF 'HFRQIRUPLGDGFRQHODUW,,GHOD&3(FRQFRUGDQWH
FRQHODUWGHO&3&RKD\DGHMDGRWUDQVFXUULUHOSOD]RGHVHLVPHVHV
VLQKDEHUUHFODPDGRODUHVWLWXFLyQGHVXVGHUHFKRV

,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

/DVHQWHQFLDTXHFRQWLHQHHOHVWiQGDUPiVDOWRHVODFRQWHQLGDHQOD6&
5FRQILUPDGDSRUOD6&3SRUTXHGHWHUPLQyTXH
HO FRQVHQWLPLHQWR H[SUHVR LPSRUWD XQ DFWR SRVLWLYR FRQFUHWR OLEUH H
W


dW^:d

LQHTXtYRFR YLQFXODGR GH PDQHUD GLUHFWD D OD DFWXDFLyQ LOHJDO


LPSXJQDGD HQ RWUDV SDODEUDV OD PDQLIHVWDFLyQ GH OD YROXQWDG GHEH
GHPRVWUDU GH PDQHUD LQGXELWDEOH HO FRQVHQWLPLHQWR D OD DPHQD]D R
OHVLyQDDOJ~QGHUHFKRIXQGDPHQWDO$VLPLVPRHQORTXHVHUHILHUHDO
iPELWRODERUDOOD6&3FRQWLHQHWLHQHHOHVWiQGDUPiVDOWR
SRUTXHHVWDEOHFHTXHHQPDWHULDODERUDOQRH[LVWHDFWRFRQVHQWLGRSRUHO
FDUiFWHULUUHQXQFLDEOHGHORVGHUHFKRVODERUDOHV



 &DXVDOHV GH LPSURFHGHQFLD HQ OD DFFLyQ GH
DPSDUR&XDQGRORVGHUHFKRVRJDUDQWtDVFRUUHVSRQGDQVHUWXWHODGRVSRU
ODVRWUDVDFFLRQHVGHGHIHQVD
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   /D DFFLyQ GH DPSDUR FRQVWLWXFLRQDO QR SURFHGH
FXDQGR ORV GHUHFKRV IXQGDPHQWDOHV R JDUDQWtDV FRQVWLWXFLRQDOHV
FRUUHVSRQGDQVHUWXWHODGRVSRUODVRWUDVDFFLRQHVGHGHIHQVD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO  HO DFFLRQDQWH SRU VXV
PDQGDQWHVHQVXFRQGLFLyQGH&RQVHMHURV'HSDUWDPHQWDOHVHOHFWRVGH
3DQGR GHQXQFLy TXH VXV GHUHFKRV DO WUDEDMR \ D HMHUFHU XQD IXQFLyQ
S~EOLFDIXHURQYXOQHUDGRVSRUHO3UHIHFWRTXLHQLQFXPSOLyHOPDQGDWR
FRQWHQLGR HQHODUW  GHO '6  TXHOHLPSRQH OD REOLJDFLyQ GH
PLQLVWUDUOHVSRVHVLyQXQDYH]HOHJLGRVSRUVXVPXQLFLSLRV(O7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO HQ VX 6DOD /LTXLGDGRUD UHYRFy OD
UHVROXFLyQGHOWULEXQDOGHJDUDQWtDVHQFRQVHFXHQFLDGHQHJyODWXWHOD
VROLFLWDGDSRUFXDQWRODUHQXHQFLDHQFXPSOLUXQDQRUPDH[SUHVDGHEH
VHUGLOXFLGDGDDWUDYpVGHODDFFLyQGHFXPSOLPLHQWR

([WUDFWRGHODUDWLRGHFLGHQGL

)M,,,HODFFLRQDQWHDOXGHDODRPLVLyQGHXQPDQGDWRFRQWHQLGRHQ
HO DUW  GHO '6  TXH RUGHQDUtD DO 3UHIHFWR GHPDQGDGR D GDU
SRVHVLyQ GH ORV &RQVHMHURV 'HSDUWDPHQWDOHV HOHJLGRV SRU VXV
W


dW^:d


UHVSHFWLYRV PXQLFLSLRV HV GHFLU LQYRFD OD SURWHFFLyQ FRQVWLWXFLRQDO
DQWH OD UHQXHQFLD GH OD DXWRULGDG GHPDQGDGD D FXPSOLU XQ PDQGDWR
H[SUHVR H LPSHUDWLYR FRQWHQLGR HQ HO 'HFUHWR 6XSUHPR DSXQWDGR
DUJXPHQWRVTXHFRUUHVSRQGHQVHUGLOXFLGDGRVDWUDYpVGHXQDDFFLyQGH
FXPSOLPLHQWR FRPR JDUDQWtD FRQVWLWXFLRQDO HVSHFtILFDPHQWH SUHYLVWD
SDUDORVFDVRVHQTXHXQVHUYLGRUS~EOLFRLQFXPSODORGLVSXHVWRHQOD
1RUPDIXQGDPHQWDORODVOH\HVSDUDHOFDVRFRQFUHWRORRUGHQDGRHQXQ
DUWLFXODGR GH XQ GHFUHWR VXSUHPR FRQIRUPH VH GHWHUPLQy HQ HO
)XQGDPHQWR-XUtGLFR,,,VLQHPEDUJRHODFWRUSODQWHyXQDDFFLyQ
GH DPSDUR FRQVWLWXFLRQDO VXVFHSWLEOH GH VHU DFWLYDGD HQ FDVR GH
YXOQHUDFLyQ R DPHQD]D GH UHVWULFFLyQ GH GHUHFKRV IXQGDPHQWDOHV \
JDUDQWtDV FRQVWLWXFLRQDOHV QR WXWHODGRV SRU RWUDV DFFLRQHV GH GHIHQVD
HVSHFtILFDPHQWH SUHYLVWDV SDUD HO HVWXGLR GH GHWHUPLQDGRV KHFKRV
YXOQHUDQWHV GH GHUHFKRV FRQILJXUiQGRVH XQ PHFDQLVPR GH GHIHQVD
LQLGyQHRSDUDHODQiOLVLVGHODSUREOHPiWLFDSODQWHDGD

6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SRU FXDQWR HO
LQFXPSOLPLHQWRGHXQDQRUPDH[SUHVDGHEHVHUGHQXQFLDGDDWUDYpVGH
ODDFFLyQGHFXPSOLPLHQWRORVDFFLRQDQWHVGHQXQFLDEDQVHFXPSODHO
'6  TXH RUGHQDED DO 3UHIHFWR GHPDQGDGR D GDU SRVHVLyQD ORV
&RQVHMHURV'HSDUWDPHQWDOHVHOHJLGRVSRUVXVUHVSHFWLYRVPXQLFLSLRV

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDOGHODpSRFDGHORV'LH]$xRVPHGLDQWHODV66&&
55\5HQWUHRWUDVHVWDEOHFLHURQTXH$
WUDYpV GHO DPSDUR FRQVWLWXFLRQDO QR HV SRVLEOH WXWHODU DFWRV GLUHFWDPHQWH
YLQFXODGRVFRQODOLEHUWDGItVLFDSRUFRUUHVSRQGHUVXSURWHFFLyQDOUHFXUVRGH
KiEHDV FRUSXV LQVWLWX\HQGR OD GRFWULQD GH OD LPSURFHGHQFLD FXDQGR ORV
GHUHFKRVGHQXQFLDGRVVRQSURWHJLGRVH[SUHVDPHQWHSRURWUDVDFFLRQHV$VtOD
6& 5 SUHFLVy
GH DFXHUGR D OD XQLIRUPH MXULVSUXGHQFLD
FRQVWLWXFLRQDODILQGHSUHFDXWHODUHOiPELWRFODURGHDSOLFDFLyQGHORV5HFXUVRV
&RQVWLWXFLRQDOHV FRQVDJUDGRV SRU ORV DUWtFXORV  \  GH OD &RQVWLWXFLyQ
3ROtWLFD GHO (VWDGR QR FRUUHVSRQGH HO DQiOLVLV GH IRQGR GH OD SUREOHPiWLFD
SODQWHDGDSRUODUHFXUUHQWHVREUHODHPLVLyQGHOPDQGDPLHQWRGHDSUHKHQVLyQ
SRU H[LVWLU RWUR PHGLR OHJDO SDUD OD UHSDUDFLyQ GH ORV DFWRV LOHJDOHV TXH
UHVWULQMDQVXSULPDQRDPHQDFHQHOGHUHFKRDODOLEHUWDGGHORFRPRFLyQ
(O
7ULEXQDO &RQVWLWXFLRQDO GH 7UDQVLFLyQ D WUDYpV GH ODV 66&& 5
5 5 5  UHDILUPy GLFKR UD]RQDPLHQWR
HVWDEOHFLHQGRHQHOPDUFRGHODQXHYD&RQVWLWXFLyQTXHODDFFLyQGHDPSDUR
FRQVWLWXFLRQDO
HVXQPHFDQLVPRSURFHVDOGHQDWXUDOH]DFRQVWLWXFLRQDOFX\R
ILQ HV OD SURWHFFLyQ \ UHVJXDUGR HIHFWLYR GH GHUHFKRV IXQGDPHQWDOHV TXH QR
YHUVHQ VREUH GHUHFKRV SURWHJLGRV SRU OD DFFLyQ GH OLEHUWDG OD DFFLyQ GH
SURWHFFLyQ GH SULYDFLGDG GH FXPSOLPLHQWR \ DFFLyQ SRSXODU
  /D 6&3
GHQLHJDODDFFLyQGHDPSDURSRUFRQVLGHUDUTXHFXDQGRODRPLVLyQ
YXOQHUHXQPDQGDWRH[SUHVRGHEHVHUWXWHODGRSRUODDFFLyQGHFXPSOLPLHQWR

W


dW^:d
6LQHPEDUJRHO7ULEXQDO&RQVWLWXFLRQDOGH7UDQVLFLyQUHFRQRFLyHOLQVWLWXWR
GH OD UHFRQGXFFLyQ SURFHVDO GH DFFLRQHV HQ OD  6& 5 FX\R
HQWHQGLPLHQWRVHOLPLWyDOSHULRGRGHWUDQVLFLyQ\DODDFFLyQGHFXPSOLPLHQWR
SRUVXQRYHGRVDLQFRUSRUDFLyQDOD&RQVWLWXFLyQ3ROtWLFDFRQVWLWX\pQGRVHHQHO
SULPHU DQWHFHGHQWH MXULVSUXGHQFLDO  3RVWHULRUPHQWH HO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOPHGLDQWHOD6&3UHFRQGXMRGHPDQHUD
H[FHSFLRQDO XQ UHFXUVR GLUHFWR GH QXOLGDG D XQD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO D SDUWLU GHO SULQFLSLR SUR DFWLRQH VLQ HVWDEOHFHU VXEUHJODV
DSOLFDEOHV DO FDVR FRQFUHWR 3RU VX SDUWH OD  SRU SULPHUD YH]
UHFRQGXFH XQD DFFLyQ GH FXPSOLPLHQWR D XQD DFFLyQ SRSXODU SDUD SXHEORV
LQGtJHQDV VHxDODQGR UHTXLVLWRV H[SUHVRV SDUD HO HIHFWR 5HFRQGXFFLyQ TXH
SRVWHULRUPHQWHVHDSOLFyHQOD6HQWHQFLDTXHUHFRQGXMRXQDDFFLyQ
GHOLEHUWDGDXQDDFFLyQGHDPSDURYHULILFDQGRSUHYLDPHQWHHOFXPSOLPLHQWR
GHORVUHTXLVLWRVGHHVWD~OWLPDDFFLyQ\GHODLQH[LVWHQFLDGHODVFDXVDOHVGH
LPSURFHGHQFLDV (Q LJXDO VHQWLGR  OD 6&3  H[WHQGLy GH PDQHUD
H[SUHVD OD SRVLELOLGDG GH HIHFWXDU OD UHFRQGXFFLyQ SURFHVDO HQ WRGDV ODV
DFFLRQHV GH GHIHQVD HVWDEOHFLHQGR DOJXQRV UHTXLVLWRV  )LQDOPHQWH OD 6&3
HVWDEOHFHTXHODUHFRQGXFFLyQSURFHVDOVHFRQVWLWX\HHQXQGHEHU
WUDWiQGRVHGHQDFLRQHV\SXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRVDSDUWLUGHODV
FDUDFWHUtVWLFDV GH QXHVWUR (VWDGR DGHPiV GH HVWDEOHFHU OD DSOLFDFLyQ GH OD
UHFRQGXFFLyQSURFHVDOSDUDWRGDVODVDFFLRQHVGHGHIHQVD
&RQVHFXHQWHPHQWH D SDUWLU GH GLFKDV VHQWHQFLDV RSHUD OD GRFWULQD GH OD
UHFRQGXFFLyQ GH DFFLRQHV D SDUWLU GH OD FXDQGR VH HYLGHQFLH HUURU HQ OD YtD
SURFHVDO HOHJLGD \ VH FXPSODQ ORV UHTXLVLWRV LQH[FXVDEOHV GH OD DFFLyQ
FRUUHVSRQGLHQWH


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

35(&('(17(,03/&,72
/D6&5HQVXWHUFHUFRQVLGHUDQGRGLVSRQH
4XHHQHOFDVR
GH DXWRV HO UHFXUUHQWH DGXFH KDEHU VLGR LQGHELGDPHQWH GHWHQLGR HQ
FRQWUDYHQFLyQDODUWtFXORGHOQXHYR&yGLJRGH3URFHGLPLHQWR3HQDO
SRU OR TXH GHELy LQWHUSRQHU 5HFXUVR GH +iEHDV &RUSXV TXH HV OD
JDUDQWtD MXULVGLFFLRQDO HVSHFtILFD SDUD OD SURWHFFLyQ LQPHGLDWD GH VX
GHUHFKRGHOLEHUWDG




 &DXVDOHV GH LPSURFHGHQFLD HQ OD DFFLyQ GH
DPSDUR)DOWDGHOHJLWLPDFLyQDFWLYD
1~PHURGHUHVROXFLyQ6&3/

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
W


dW^:d


7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3 /  /D OHJLWLPDFLyQ DFWLYD HQ OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDOUHTXLHUHTXHHODFFLRQDQWHGHPXHVWUHODFRQFXUUHQFLD
GHXQDJUDYLRSHUVRQDO\GLUHFWRDVXVGHUHFKRVIXQGDPHQWDOHV

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(O DFFLRQDQWH GHQXQFLD TXH VXV GHUHFKRV DO GHELGR SURFHVR HQ VX
YHUWLHQWHGHPRWLYDFLyQGHODVUHVROXFLRQHVDOMXH]QDWXUDO\DODWXWHOD
MXGLFLDO IXHURQ YXOQHUDGRV SRU ORV GHPDQGDGRV WRGD YH] TXH HQ HO
SURFHVRSHQDOVHJXLGRFRQWUD&1$0\2$%&UDGLFDGRHQHO-X]JDGR
4XLQWR GH 6HQWHQFLD 3HQDO ORV LPSXWDGRV SUHVHQWDURQ UHFXVDFLyQ
DOHJDQGRXQDVXSXHVWDHQHPLVWDGHQWUHODMX]JDGRUD\VXDERJDGDSRU
ORTXHHQUHYLVLyQOD6DOD3HQDO6HJXQGDHPLWLyOD5HVROXFLyQ
GHFODUDQGR OHJDO OD UHFXVDFLyQ SURPRYLGD PLVPD TXH FDUHFHUtD GH
PRWLYDFLyQ3RUORTXHVROLFLWDTXHVHGHFODUHODQXOLGDGGHOD5HVROXFLyQ
 GLVSRQLHQGR HO SURQXQFLDPLHQWR GH XQ QXHYR IDOOR TXH
DEVXHOYDODH[LJHQFLDGHH[SOLFDFLyQ

(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOGHQLHJDODWXWHODVROLFLWDGDHQ
PpULWRDTXHHODFFLRQDQWHFDUHFHGHOHJLWLPDFLyQDFWLYDSDUDLQWHUSRQHU
ODSUHVHQWHDFFLyQGHGHIHQVDWRGDYH]TXHHODFFLRQDQWHSDUWLFLSDGHQWUR
GHO SURFHVR SHQDO FRPR WHUFHUR LQWHUHVDGR \ QR IXH TXLHQ SODQWHy OD
UHFXVDFLyQFRQWUDOD-XH]D4XLQWDGH6HQWHQFLD3HQDO

([WUDFWRGHODUDWLRGHFLGHQGL

$KRUD ELHQ FRQIRUPH VH WLHQH PDQLIHVWDGR OD SUREOHPiWLFD SODQWHDGD HQ OD
SUHVHQWHDFFLyQYHUVDVREUHOD5HVROXFLyQGLFWDGDFRPRHPHUJHQFLDGH
ODUHFXVDFLyQSODQWHDGDFRQWUDOD-XH]DKR\GHPDQGDGDHPSHURFRQIRUPHVH
WLHQHHYLGHQFLDGRHQ&RQFOXVLRQHV,,GHHVWHIDOORODUHFXVDFLyQGHODFXDO
HPHUJH OD 5HVROXFLyQ LPSXJQDGD HQ OD SUHVHQWH DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO IXH SODQWHDGD SRU ORV TXH KR\ VH FRQVWLWX\HQ HQ WHUFHURV
LQWHUHVDGRV \QRSRUHODFFLRQDQWHGHORTXHVHFRQFOX\H TXHpVWHFDUHFHGH
OHJLWLPDFLyQDFWLYDSDUDLQWHUSRQHUODSUHVHQWHDFFLyQGHGHIHQVDWRGDYH]TXH
QRIXHTXLHQSODQWHyODUHFXVDFLyQFRQWUDOD-XH]D4XLQWDGH6HQWHQFLD3HQDO
SXHVWR TXH ORV TXH IRUPXODURQ OD UHFXVDFLyQ IXHURQ &1$0 \ 2$%&
FRQVHFXHQWHPHQWH GH XQ ODGR VH WLHQH TXH HO DFFLRQDQWH QR HUD SDUWH HQ OD
GHPDQGDGHUHFXVDFLyQ\SRURWUDQRVHDGYLHUWHTXHOD5HVROXFLyQTXHREWXYR
OD UHFXVDFLyQ IRUPXODGD GHQWUR GHO SURFHVR HQ HO FXDO VH FRQVWLWX\H HQ
TXHUHOODQWH \ YtFWLPD KXELHVH OHVLRQDGR R DPHQD]DGR GH DOJXQD IRUPD VXV
GHUHFKRV R LPSOLTXH HIHFWRV TXH SHUWXUEHQ VXV LQWHUHVHV R VLWXDFLyQ SURFHVDO
GHQWURGHOSURFHVRSHQDOFRQOOHYDQGRDVXYH]TXHQRVHHYLGHQFLHUHOHYDQFLD
FRQVWLWXFLRQDOGHODIDOWDGHIXQGDPHQWDFLyQGHPDQGDGD

W


dW^:d


6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJD OD WXWHOD VROLFLWDGD HQ YLUWXG D TXH HO DFFLRQDQWH QR KD
GHPRVWUDGRHOYLQFXORHQWUHHODFWRLPSXJQDGR\ODYXOQHUDFLyQGLUHFWD
DVXVGHUHFKRVIXQGDPHQWDOHV

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/D6&5HVFLWDGDSRUODSUHVHQWHVHQWHQFLDPLVPDTXHDVX
YH]FLWDDOD6HQWHQFLD&RQVWLWXFLRQDO15GHGHQRYLHPEUH
GHHQODTXHVHxDOD
TXHODSURWHFFLyQTXHODJDUDQWtDFRQVWLWXFLRQDO
GHO$PSDURFRQOOHYDHVWiVXMHWDDGHWHUPLQDGRVSUHVXSXHVWRV8QRGH
HOORV HV TXH HO UHFXUUHQWH HVWp OHJLWLPDGR SDUD LPSXJQDU HO DFWR X
RPLVLyQUHFODPDGRHQYLUWXGGHTXHODOHJLWLPDFLyQDFWLYDHQHO$PSDUR
FRUUHVSRQGHDOREOLJDGRRDIHFWDGRTXHGLUHFWDPHQWHDFUHGLWDLQWHUpVHQ
HODVXQWR\HQTXLHQUHFDHQODVFRQVHFXHQFLDVMXUtGLFDVGHODUHVROXFLyQ
RDFWRGHODDXWRULGDGTXHVHLPSXJQD

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

&RQUHODFLyQDODOHJLWLPDFLyQDFWLYDOD6&5GHGHMXOLRTXHUHFRJHORVRVWHQLGRSRU
OD6&5GHGHDEULOVHxDOy

3DUDKDFHUUHIHUHQFLDDORVVXMHWRVDFWLYRVHVQHFHVDULRSDUWLUGHXQDSUHPLVDIXQGDPHQWDODVtFRPR
QRH[LVWHDFFLyQVLQVXMHWRWLWXODU\VLQVXMHWRSDVLYRFRQFUHWRVWDPSRFRKD\DFFLyQVLQOHJLWLPDFLyQ
DFWLYD\SDVLYD


/DOHJLWLPDFLyQHQHORUGHQSURFHVDOGHEHUHODFLRQDUVHFRQHOFRQFHSWRGHDFFLyQ\SRU
FRQVLJXLHQWHFRQVXVVXMHWRVDFWLYR\SDVLYRVHFRQILJXUDFRQHOUHFRQRFLPLHQWRTXHHOGHUHFKR
KDFHDXQDSHUVRQDGHODSRVLELOLGDGGHHMHUFLWDU\PDQWHQHUFRQHILFDFLDXQDSUHWHQVLyQSURFHVDO
OHJLWLPDFLyQDFWLYDRGHUHVLVWLUVHDHOODHILFD]PHQWHOHJLWLPDFLyQSDVLYD


(QHOUHFXUVRGHDPSDURODOHJLWLPDFLyQDFWLYDFRQVLVWHHQODLGHQWLGDGGHODSHUVRQDGHO
VXMHWRDFWLYRFRQODSHUVRQDDODFXDOODOH\FRQFHGHHOGHUHFKRGHODDFFLyQFRQVWLWXFLRQDOHQRWUDV
SDODEUDVVHWHQGUiOHJLWLPDFLyQDFWLYDFXDQGRXQVXMHWRMXUtGLFRGHWHUPLQDGRVXMHWRDFWLYRVH
HQFXHQWUH HQ OD SRVLFLyQ TXH IXQGDPHQWD OD WLWXODULGDG GH OD DFFLyQ HQ HVH VHQWLGR WHQGUi
OHJLWLPDFLyQ DFWLYD TXLHQ VHD WLWXODU GH XQR GH ORV GHUHFKRV IXQGDPHQWDOHV R JDUDQWtDV
FRQVWLWXFLRQDOHVHVWDEOHFLGDVHQOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR


7HQLHQGR FRPR XQR GH ORV UHTXLVLWRV HVHQFLDOHV GH OD OHJLWLPDFLyQ DFWLYD TXH HO
UHFXUUHQWHGHPXHVWUHODFRQFXUUHQFLDGHXQDJUDYLRSHUVRQDO\GLUHFWRDORVGHUHFKRVWDOFRPROR
HVWDEOHFHOD6&5GHMXQLRTXHGLFHORVLJXLHQWH


DHIHFWRVGHSODQWHDUXQDPSDURHVSUHFLVRTXHWRGDSHUVRQDTXHUHFXUUHHQEXVFDGH
ODWXWHODTXHRWRUJDGLFKDJDUDQWtDFRQVWLWXFLRQDODFUHGLWHGHELGDPHQWHVXOHJLWLPDFLyQDFWLYDHV
GHFLU TXHGHPXHVWUH FRQIRUPH H[LJH HO RUGHQDPLHQWRMXUtGLFR TXH ORV HIHFWRV GHO DFWRLOHJDO R
LQGHELGR TXH GHQXQFLD KXELHUDQ UHFDtGR GLUHFWDPHQWH HQ XQ GHUHFKR IXQGDPHQWDO VX\R QR VH
SXHGHSODQWHDUXQDGHPDQGDGH$PSDURVLQRGHPRVWUDQGRVHUHODJUDYLDGRGLUHFWRSRUODDXWRULGDG
RSDUWLFXODUUHFXUULGRSXHVODV~QLFDVSHUVRQDVTXHSXHGHQGHQXQFLDUODYLRODFLyQGHXQGHUHFKR
IXQGDPHQWDODMHQRVRQHO'HIHQVRUGHO3XHEOR\HO0LQLVWHULR3~EOLFRFRQIRUPHDORVDUWV\
,GHOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR


3RU VX SDUWH OD 6&3  GH  GH RFWXEUH HVWDEOHFLy
HO PLVPR WH[WR
FRQVWLWXFLRQDOUHFRQRFHTXHODWLWXODULGDGGHORVGHUHFKRVIXQGDPHQWDOHVUHVWULQJLGRVVXSULPLGRV
R DPHQD]DGRV GH UHVWULFFLyQ R VXSUHVLyQ UHFDH HQ OD SHUVRQD ItVLFD R MXUtGLFD  TXH VH FUHD

W


dW^:d


DIHFWDGD HVWi UHVWULQJLHQGR OD FRPSUHQVLyQGH OD OHJLWLPDFLyQSURFHVDO DFWLYD D OD SHUVRQD TXH
OLEUHPHQWHSXHGHHMHUFHUVXVGHUHFKRVVXEMHWLYRVDFWLYDQGRODMXVWLFLDFRQVWLWXFLRQDOHVGHFLUDOD
SHUVRQDTXHJR]DGHORVGHUHFKRVUHFRQRFLGRVSRUOD&RQVWLWXFLyQFRQIRUPHHVWDEOHFHHODUW,
GHOD&3(GHELGRDTXHHQTXLHQUHFDHODVFRQVHFXHQFLDVMXUtGLFDVGHODUHVROXFLyQRDFWRGHOD
DXWRULGDG R SHUVRQD TXH VH LPSXJQD HQ OD DFFLyQ GH DPSDUR HV SUHFLVDPHQWH HO WLWXODU GH ORV
GHUHFKRVVXEMHWLYRVVLHQGRRSFLRQDOGHOWLWXODUGHHVRVGHUHFKRVGHDFWLYDUODMXVWLFLDFRQVWLWXFLRQDO
SRUVtRSRURWUDDVXQRPEUHFRQSRGHUVXILFLHQWHRSRUODDXWRULGDGFRUUHVSRQGLHQWH





 &DXVDOHV GH LPSURFHGHQFLD HQ OD DFFLyQ GH


DPSDUR,GHQWLGDG GH REMHWR VXMHWR \ FDXVD &RVD -X]JDGD
&RQVWLWXFLRQDO 
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   1R H[LVWH FRVD MX]JDGD FRQVWLWXFLRQDO FXDQGR VH
KXELHVH GHQHJDGR OD WXWHOD SRU DVSHFWRV IRUPDOHV VLQ LQJUHVDU DO
DQiOLVLVGHIRQGR

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOHODFFLRQDQWHVHxDOyTXHIXH
HOHJLGR $OFDOGH LQWHULQR KDVWD OD FRQFOXVLyQ GHO MXLFLR GHO $OFDOGH
7LWXODUFRQWUDTXLHQH[LVWtDDFXVDFLyQIRUPDOHQHVWHFRQWH[WRUHILULy
TXHODDXWRULGDGSURFHVDGDSUHVHQWyVXUHQXQFLDHQYLUWXGGHODFXDO\
XQD YH] DFHSWDGD OD PLVPD VH HOLJLy D XQD QXHYD $OFDOGHVD KDVWD OD
SRVHVLyQGHOQXHYRDOFDOGHDVHUHOHFWRSRUYRWRSRSXODU\VHGHMyVLQ
HIHFWR WRGDV ODV DQWHULRUHV GHFLVLRQHV HQWUH HOODV OD GHVLJQDFLyQ GHO
DFFLRQDQWHFRPR$OFDOGHLQWHULQRSRUORTXHpVWHLQWHUSXVRUHFXUVRGH
UHFRQVLGHUDFLyQTXHIXHUHFKD]DGR(QHVWHPDUFRHODFFLRQDQWHFRPR
DFWR OHVLYR HVWDEOHFLy TXH HO &RQVHMR QR WHQtD FRPSHWHQFLD SDUD
GHVLJQDUXQDQXHYDDOFDOGHVDSRUTXHHO$OFDOGHWLWXODUQRWLHQHVHQWHQFLD
HMHFXWRULDGD UD]yQ SRU OD FXDO VX GHVLJQDFLyQ FRPR LQWHULQR HVWDED
YLJHQWH\HO&RQVHMRSRUWDQWRQRSRGtDGHVLJQDUGRVDOFDOGHVLQWHULQRV
(QEDVHDHVWRVDQWHFHGHQWHVGHQXQFLyODYXOQHUDFLyQGHORVGHUHFKRVD
ODVHJXULGDGMXUtGLFDDOHMHUFLFLRGHODIXQFLyQS~EOLFDSRUFXDQWRVROLFLWy
VHFRQFHGDODDFFLyQ\VHDQXOHSDUFLDOPHQWHODUHVROXFLyQTXHGHVLJQD
D XQD QXHYD DOFDOGHVD WLWXODU SLGLHQGR TXH GLFKD UHVROXFLyQ TXHGH
VXEVLVWHQWH ~QLFDPHQWH HQ FXDQWR D OD DFHSWDFLyQ GH OD UHQXQFLD GHO
W


dW^:d

DOFDOGH WLWXODU \ OD LQFRUSRUDFLyQ LQPHGLDWD D VX FDUJR FRPR $OFDOGH


LQWHULQR \ VH FRQGHQH HQ FRVWDV D ORV DFFLRQDQWHV (O 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOUHYRFyODGHFLVLyQGHO-XH]GH*DUDQWtDV\
GHQHJy HQ WRGDV VXV SDUWHV OD WXWHOD VROLFLWDGD SRUTXH OD GHFLVLyQ
FXHVWLRQDGDQRKDFHSHUGHUDODFFLRQDQWHVXFDUJRGHFRQFHMDOSDUDHO
FXDO IXH HOHFWR GHPRFUiWLFDPHQWH \ SRUTXH HO &RQVHMR QRPEUy D XQ
QXHYR$OFDOGHHQPpULWRDODUHQXQFLDGHO$OFDOGHWLWXODUVLWXDFLyQTXH
QR VH HQPDUFD D DTXHOOD GH VXVSHQVLyQ SRU DFXVDFLyQ IRUPDO SDUD HO
DQiOLVLV HIHFWXDGR HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO FRQ
FDUiFWHUSUHYLRVHxDOyTXHDSHVDUGHKDEHUVHLQWHUSXHVWRRWUDDFFLyQ
WXWHODUTXHQRPHUHFLyXQDQiOLVLVVREUHHOIRQGRGHOSUREOHPDMXUtGLFR
SXHGHLQJUHVDUVHDODUHVROXFLyQGHODSUHVHQWHSUREOHPiWLFD

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
UHVXOWDSHUWLQHQWHUHFRUGDUTXHORVSURQXQFLDPLHQWRVGHOUJDQRGH
FRQWURO GH FRQVWLWXFLRQDOLGDG KDQ VLGR KDQ VLGR XQLIRUPHV DO HVWDEOHFHU TXH
DQWH OD LQWHUSRVLFLyQ GH XQD JDUDQWtD MXULVGLFFLRQDO HQ OD TXH VH DGYLHUWD OD
H[LVWHQFLDGHGHIHFWRVIRUPDOHV\RGHFRQWHQLGRTXHGLHUHQOXJDUDVXUHFKD]R
RVXFHGLHUHTXHFRQSRVWHULRULGDGDVXDGPLVLyQVHREVHUYDUHODH[LVWHQFLDGH
XQDFDXVDOTXHLPSLGDVXDQiOLVLVGHIRQGR\VHGHQHJDUHODWXWHODLQYRFDGDQR
H[LVWH LPSHGLPHQWR SDUD TXH OD DFFLyQ SXHGD VHU SODQWHDGD QXHYDPHQWH HQ
UD]yQDQRKDEHUVHHIHFWXDGRXQSURQXQFLDPLHQWRGHIRQGRVREUHODPLVPD


(QHOFDVRGHH[DPHQHODFFLRQDQWHSODQWHyXQDDFFLyQGHFXPSOLPLHQWRSUHYLR
D OD LQWHUSRVLFLyQ GH OD SUHVHQWH JDUDQWtD MXULVGLFFLRQDO HPSHUR HOOR QR
FRQVWLWX\HREVWiFXORSDUDDFWLYDUQXHYDPHQWHHVWDMXULVGLFFLyQDWUDYpVGHOD
DFFLyQ GH DPSDUR FRQVWLWXFLRQDO GDGR TXH HQ OD SULPHUD DFFLyQ HO -XH] GH
JDUDQWtDVQRLQJUHVyDODQiOLVLVGHIRQGRGHODSUREOHPiWLFD\HQHVWDLQVWDQFLD
VHSURGXMRHOUHWLURGHODPLVPDDFODUiQGRVHTXHQRVHHPLWLySURQXQFLDPLHQWR
DOJXQR5HDOL]DGDHVDSUHFLVLyQ\QRH[LVWLHQGRFDXVDOTXHLPSLGDHOH[DPHQ
GHIRQGRGHOSUREOHPDMXUtGLFRHQFXHVWLyQVHUHDOL]DUiGLFKRDQiOLVLV



6LQWHVLVGHODUDWLRGHFLGHQGL

6H LQJUHVDDO DQiOLVLV GH IRQGR GH OD SUREOHPiWLFD \D TXH D SHVDU GH
KDEHUVHLQWHUSXHVWRRWUDDFFLyQWXWHODUpVWDQRPHUHFLyXQDQiOLVLVVREUH
HOIRQGRGHOSUREOHPDMXUtGLFRUD]yQSRUODFXDOQRH[LVWHyELFHSURFHVDO
SDUDHODQiOLVLVGHORVSUREOHPDVMXUtGLFRVSODQWHDGRV

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O 7ULEXQDO &RQVWLWXFLRQDO GHVDUUROOy OD OtQHD MXULVSUXGHQFLDO VREUH OD
LPSURFHGHQFLDGHDFFLRQHVGHGHIHQVDSRULGHQWLGDGGHVXMHWRREMHWR\FDXVD
TXHSXHGHVHUFRQVWUXLGDDSDUWLUGHODVVLJXLHQWHVVHQWHQFLDVUHOHYDQWHV

/D 6&3  SURQXQFLDGD HQ XQD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDOTXHVHFRQVWLWX\HHQXQDSULPHUDVHQWHQFLDFRQILUPDGRUDVHxDOy
TXHQRH[LVWHFRVDMX]JDGDFRQVWLWXFLRQDOFXDQGRVHKXELHVHGHQHJDGRODWXWHOD

W


dW^:d


SRUDVSHFWRVIRUPDOHVVLQLQJUHVDUDODQiOLVLVGHIRQGR(VWDVHQWHQFLDFRQILUPD
HO SUHFHGHQWH FRQWHQLGR HQ OD 6&  TXH HVWDEOHFH OD SRVLELOLGDG GH
DFWLYDUXQDQXHYDDFFLyQWXWHODUVLHPSUH\FXDQGRQRVHKXELHUDLQJUHVDGRFRQ
DQWHULRULGDG DO DQiOLVLV GH IRQGR GH OD SUREOHPiWLFD HQWHQGLPLHQWR TXH IXH
DVXPLGRSRUOD6&5HQWUHRWUDV


/D 6&3  HPLWLGD HQ XQD DFFLyQ GH OLEHUWDG TXH VH
FRQVWLWX\HHQXQDSULPHUDVHQWHQFLDFRQILUPDGRUDHVWDEOHFLyTXHODDFWLYDFLyQ
GH XQD DQWHULRU DFFLyQ WXWHODU FRQ LGHQWLGDG GH REMHWR VXMHWR \ FDXVD \ FRQ
FDOLGDG GH FRVD MX]JDGD HV XQD FDXVDO SDUD OD GHQHJDWRULD GH OD DFFLyQ GH
OLEHUWDG VDOYR TXH HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO QR KXELHVH
LQJUHVDGR DO DQiOLVLV GH IRQGR GH OD SUREOHPiWLFD VHQWHQFLD TXH FRQILUPy HO
SUHFHGHQWHFRQWHQLGRHQOD6&5TXHSRUSULPHUDYH]FRPRFDXVDO
GH LPSURFHGHQFLD GHVDUUROOy OD WHPiWLFD GH OD LGHQWLGDG GH REMHWR VXMHWR \
FDXVD HQ HO UHFXUVR GH KiEHDV FRUSXV  DKRUD DFFLyQ GH OLEHUWDG UHLWHUDGR
SRVWHULRUPHQWHSRUODV66&&55\5HQWUH
RWUDV


/D 6&3  SURQXQFLDGD HQ XQD DFFLyQ GH FXPSOLPLHQWR
HVWDEOHFLyTXHHVDSOLFDEOHDHVWDDFFLyQGHGHIHQVDODMXULVSUXGHQFLDVREUHOD
LPSURFHGHQFLDGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOSRULGHQWLGDGGHREMHWR
VXMHWR\FDXVD(VWDVHQWHQFLDVHEDVDHQODV66&&55
5 5 \ 5 \ HQ HVH VHQWLGR HV FRQVLGHUDGD
PRGXODGRUDSRUFXDQWRDPSOtDODDSOLFDFLyQGHODMXULVSUXGHQFLDVHQWDGDSDUD
DFFLRQHVGHDPSDURFRQVWLWXFLRQDODODVDFFLRQHVGHFXPSOLPLHQWR


/D 6&3  HVWDEOHFLy TXH HQ VXSXHVWRV GH H[FHSFLRQDO
UHOHYDQFLD FRQVWLWXFLRQDO GHO FDVR FRQFUHWR HV SRVLEOH REYLDU OD FDXVDO GH
LPSURFHGHQFLD SRU LGHQWLGDG GH VXMHWR REMHWR \ FDXVD \ TXH HO 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO VH SURQXQFLH VREUH HO GDxR MXUtGLFR SRU OHVLyQ
LUUHPHGLDEOHDOGHUHFKRDODOLEHUWDG


/D6&3TXHVHFRQVWLWX\HHQXQDVHQWHQFLDPRGXODGRUDSRU
HO HQIRTXH SOXUDO TXH RWRUJD D OD FDXVDO GH LPSURFHGHQFLD GHO DPSDUR SRU
LGHQWLGDGGHREMHWRVXMHWR\FDXVDHVWDEOHFLyTXHFXDQGRH[LVWHLGHQWLGDGGH
L 3DUWHVSURFHVDOHVUHIHULGDVDODOHJLWLPDFLyQDFWLYD\OHJLWLPDFLyQSDVLYD
TXH SXHGH VHU SDUFLDO R WRWDO \ LL  3UREOHPD MXUtGLFR HQ HO TXH VH IXQGD OD
GHPDQGDFRQRWUDDFFLyQGHDPSDURFRQVWLWXFLRQDODQWHULRUPHQWHLQWHUSXHVWD\
UHVXHOWD H[LVWH FRVD  MX]JDGD FRQVWLWXFLRQDO DO H[LVWLU LGHQWLGDG GH REMHWR
VXMHWR \ FDXVD VLHQWR HVWD ODUD]yQ GHRUGHQ SURFHVDO SDUDGHQHJDU OD WXWHOD
PLHQWUDVTXHODUD]yQGHRUGHQpWLFRPRUDOTXHMXVWLILFDODLPSRVLFLyQGHPXOWD
DODRHODFFLRQDQWHFXDQGRVXDFFLyQHVGHQHJDGDSRUODH[LVWHQFLDGHLGHQWLGDG
GH REMHWR VXMHWR \ FDXVD HV HO DPD OOXOOD QR PLHQWDV   GHELGR D TXH HO
DFFLRQDQWH OHJLWLPDGR DFWLYR  D VDELHQGDV GH TXH OD MXVWLFLD FRQVWLWXFLRQDO
UHVROYLy VX SUREOHPD MXUtGLFR LQVLVWH FRQ RWUD GHPDQGD SUHWHQGLHQGR
VRUSUHQGHUDHVWHyUJDQRMXULVGLFFLRQDOORTXHVHGHQRPLQDWHPHULGDG


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

W


dW^:d

6&

)-,,,
7RGDDFFLyQWXWHODUGHGHUHFKRV\JDUDQWtDVGHEHFRQFOXLUFRQ
OD 5HVROXFLyQ GHO 7ULEXQDO &RQVWLWXFLRQDO TXH FRQRFH HQ UHYLVLyQ ORV
IDOORV SURQXQFLDGRV SRU HO -XH] R 7ULEXQDO GH DPSDUR FRQIRUPH
SUHVFULEHQORVDUWV,9&3(\9/7&$SDUWLUGHHVD6HQWHQFLD
GLFWDGDHQUHYLVLyQ\VyORHQFDVRGHTXHODPLVPDKXELHUDGHFODUDGROD
LPSURFHGHQFLDGHOUHFXUVRSRUFXHVWLRQHVIRUPDOHVTXHQRVLJQLILFDQHO
DQiOLVLVGHOIRQGRGHODVXQWRODSDUWHUHFXUUHQWHSRGUiLQWHQWDUXQQXHYR
UHFXUVRFXPSOLHQGRFRQWRGRVORVUHTXLVLWRVH[WUDxDGRVSDUDORJUDUXQ
SURQXQFLDPLHQWRVREUHHOIRQGRGHVXSHWLFLyQORFRQWUDULRHVGHFLUOD
LQWHUSRVLFLyQGHXQQXHYRUHFXUVRVREUHORVPLVPRVKHFKRVHVWDQGRHO
SULPHURHQWUiPLWH\VLQFRQWDUFRQXQSURQXQFLDPLHQWRGHILQLWLYRQR
HVFRQIRUPHDGHUHFKRFRQVWLWX\HQGRXQDFWRWHPHUDULRTXHSUHWHQGH
ORJUDU XQD GXSOLFLGDG GH IDOORV VREUH XQ PLVPR KHFKR LQGXFLHQGR D
HUURUDORV7ULEXQDOHVGHJDUDQWtDV




1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3&XDQGRH[LVWHLGHQWLGDGGH L 3DUWHVSURFHVDOHV
UHIHULGDVDODOHJLWLPDFLyQDFWLYD\OHJLWLPDFLyQSDVLYDTXHSXHGHVHU
SDUFLDORWRWDO\ LL 3UREOHPDMXUtGLFRHQHOTXHVHIXQGDODGHPDQGD
FRQRWUDDFFLyQGHDPSDURFRQVWLWXFLRQDODQWHULRUPHQWHLQWHUSXHVWD\
UHVXHOWDRSHUDODFRVDMX]JDGDFRQVWLWXFLRQDODOFRQFXUULULGHQWLGDG
GHREMHWRVXMHWR\FDXVDUHVXOWDQGRVHUHVWDODUD]yQGHRUGHQSURFHVDO
SDUDGHQHJDUODWXWHODPLHQWUDVTXHODUD]yQGHRUGHQpWLFRPRUDO
TXHMXVWLILFDODLPSRVLFLyQGHPXOWDDODRHODFFLRQDQWHFXDQGRVX
DFFLyQHVGHQHJDGDSRUODH[LVWHQFLDGHLGHQWLGDGGHREMHWRVXMHWR\
FDXVD HV HO DPD OOXOOD QR PLHQWDV   GHELGR D TXH HO DFFLRQDQWH
OHJLWLPDGR DFWLYR  D VDELHQGDV GH TXH OD MXVWLFLD FRQVWLWXFLRQDO
UHVROYLyVXSUREOHPDMXUtGLFRLQVLVWHFRQRWUDGHPDQGDSUHWHQGLHQGR
VRUSUHQGHU D HVWH yUJDQR MXULVGLFFLRQDO OR TXH VH GHQRPLQD
WHPHULGDG

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

W


dW^:d


(QHVWDDFFLyQGHDPSDURODSDUWHDFFLRQDQWHGHQXQFLyDWUDYpVGHVX
UHSUHVHQWDQWHOHJDOOHVLyQDVXVGHUHFKRVDOGHELGRSURFHVRDODGHIHQVD
D UHFXUULU GH XQ IDOOR DQWH HO VXSHULRU HQ JUDGR \ D OD WXWHOD MXGLFLDO
HIHFWLYDSRUFXDQWRGHQWURGHOSURFHVRDUELWUDOVHJXLGRSRUHO%DQFR
8QLyQ 6$ FRQWUD OD H[ 8QLGDG GH 7LWXODFLyQ GH )219,6 DKRUD
0LQLVWHULRGH2EUDV3~EOLFDV6HUYLFLRV\9LYLHQGDHO-XH]2FWDYRGH
3DUWLGR HQ OR &LYLO \ &RPHUFLDO DKRUD GHPDQGDGR D WUDYpV GH OD
5HVROXFLyQGHGHVHSWLHPEUHGHGHFODUyLOHJDOODFRPSXOVDTXH
SODQWHyVLQWHQHUHQFXHQWDODQRWLILFDFLyQFRUUHFWDFRQHO$XWRGH9LVWD
GH  GH PD\R GH LJXDO DxR D HIHFWRV GHO FyPSXWR GHO SOD]R SDUD
LQWHUSRQHUHOUHFXUVRGHFRPSXOVDSRUORTXHVROLFLWyVHOHFRQFHGDOD
WXWHOD \ VH 
UHYRTXH
 OD 5HVROXFLyQ GH  GH VHSWLHPEUH GH 
SURQXQFLDGD SRU HO -XH] 2FWDYR GH 3DUWLGR HQ OR &LYLO \ &RPHUFLDO
GLVSRQLpQGRVHVHGLFWHQXHYDUHVROXFLyQSURQXQFLiQGRVHVREUHHOIRQGR
GHOUHFXUVRGHFRPSXOVDLQWHUSXHVWRFRQWUDHO/DXGR$UELWUDODVLPLVPR
HQFDOLGDGGHPHGLGDFDXWHODUVHQRWLILTXHDO7ULEXQDO$UELWUDO$G+RF
SDUDTXHVXVSHQGDWRGRWUiPLWHHQFDPLQDGRDODHMHFXFLyQGHOVHxDODGR
/DXGR $UELWUDO (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO UHYRFy OD
UHVROXFLyQUHYLVDGD\GHQHJyODWXWHODLPSHWUDGDDFODUDQGRTXHQRVH
LQJUHVy DO IRQGR GHO SUREOHPD MXUtGLFR SODQWHDGR SRU H[LVWHQFLD GH
LGHQWLGDGGHREMHWRVXMHWR\FDXVD

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,6REUHODLGHQWLGDGGHOSUREOHPDMXUtGLFRUHVXHOWRVHWLHQHTXHHQOD6&3
ODHQWLGDGUHSUHVHQWDGDSRUHODFFLRQDQWHVRVWXYRFRPRDFWROHVLYRDOLJXDO
TXHHQODSUHVHQWHDFFLyQGHDPSDURTXHDKRUDVHUHYLVDTXHHO-XH]2FWDYRGH3DUWLGR
HQ OR &LYLO D WUDYpV GH OD 5HVROXFLyQ GH  GH VHSWLHPEUH GH  GHFODUy LOHJDO OD
FRPSXOVDTXHSODQWHyVLQWHQHUHQFXHQWDODQRWLILFDFLyQFRUUHFWDFRQHO$XWRGH9LVWD
GHGHPD\RGHLJXDODxRDHIHFWRVGHOFyPSXWRGHOSOD]RSDUDLQWHUSRQHUHOUHIHULGR
UHFXUVR
(QGLFKRIDOORHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOGHVSXpVGHFRPSXOVDGRVORV
VXSXHVWRVIiFWLFRVGHQHJyODWXWHODVROLFLWDGDFRQHODUJXPHQWRGHTXHODQRWLILFDFLyQ
FRQHO$XWRGHGHPD\RGHSURQXQFLDGRSRUHO7ULEXQDO$UELWUDO$G+RFTXH
GHFODUyLPSURFHGHQWHVXUHFXUVRGHDQXODFLyQIXHFRUUHFWDDOKDEHUVLGRGLOLJHQFLDGDHQ
HO~OWLPRGRPLFLOLRSURFHVDOHQODFLXGDGGH&RFKDEDPEDHQFX\RPpULWRHOUHFXUVRGH
FRPSXOVDIXHSUHVHQWDGRIXHUDGHOSOD]RGHWUHVGtDVHVWDEOHFLGRHQHODUW,GHO&3&
\HQHVHRUGHQHO-XH]2FWDYRGH3DUWLGRHQOR&LYLOGHO'HSDUWDPHQWRGH&RFKDEDPED
QRVHDSDUWyGHODOH\QLOHVLRQyQLQJ~QGHUHFKRIXQGDPHQWDODOHPLWLUOD5HVROXFLyQGH
GHVHSWLHPEUHGHTXHGHFODUyLOHJDOODFRPSXOVD
(QHVHRUGHQTXHGDFODURTXHQRHVSRVLEOHLQJUHVDUDODFRPSXOVDGHIRQGRGHELGRD
TXHODHQWLGDGDFFLRQDQWHREWXYR\DXQD5HVROXFLyQFRQVWLWXFLRQDOGHIRQGRVREUHHO
SUREOHPDMXUtGLFRSODQWHDGRSUHFLVDPHQWHSRUTXHODSULPHUDVHQWHQFLDFRQVWLWXFLRQDO
KL]RWUiQVLWRDODFDOLGDGGHFRVDMX]JDGDFRQVWLWXFLRQDOHPSHURQRHVSRVLEOHHVWDEOHFHU
WHPHULGDG HQ VX DFWXDFLyQ \ SRU HQGH LQREVHUYDQFLD GHO SULQFLSLR pWLFR PRUDO DPD
OOXOOD FX\DFRPSUHQVLyQHQHOWHPDTXHVHDQDOL]DHVTXHHOMXVWLFLDEOHDVDELHQGDVGH
TXHODMXVWLFLDFRQVWLWXFLRQDOUHVROYLyVXSUREOHPDMXUtGLFRLQVLVWHDHVWDMXULVGLFFLyQ
FRQ RWUD GHPDQGD SUHWHQGLHQGR VRUSUHQGHU D HVWH 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO GHELGR D TXH WHPSRUDOPHQWH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO
LQWHUSXHVWDSRUVHJXQGDYH]IXHHQUD]yQDTXHHO7ULEXQDOGHJDUDQWtDVTXHUHVROYLyHO
SULPHUDPSDURQRLQJUHVyDOIRQGR

W


dW^:d


6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJDHODPSDURGHELGRDODH[LVWHQFLDGHLGHQWLGDGGHREMHWRVXMHWR
\FDXVDFRQXQFDVRTXHIXHUHVXHOWRSRUOD6&3GHGH
DEULO HQ PpULWR TXH QR HV SRVLEOH LQJUHVDU D OD FRPSXOVD GH IRQGR
GHELGR D TXH OD HQWLGDG DFFLRQDQWH REWXYR \D XQD 5HVROXFLyQ
FRQVWLWXFLRQDO GH IRQGR VREUH HO SUREOHPD MXUtGLFR SODQWHDGR
SUHFLVDPHQWHSRUTXHODSULPHUDVHQWHQFLDFRQVWLWXFLRQDOKL]RWUiQVLWRD
OD FDOLGDG GH FRVD MX]JDGD FRQVWLWXFLRQDO HPSHUR QR HV SRVLEOH
HVWDEOHFHU WHPHULGDG HQ VX DFWXDFLyQ \ SRU HQGH LQREVHUYDQFLD GHO
SULQFLSLRpWLFRPRUDO DPDOOXOOD 

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDOGHVDUUROOyODOtQHDMXULVSUXGHQFLDOVREUHODLPSURFHGHQFLDGH
DFFLRQHVGHGHIHQVDSRULGHQWLGDGGHVXMHWRREMHWR\FDXVDTXHSXHGHVHUFRQVWUXLGDD
SDUWLUGHODVVLJXLHQWHVVHQWHQFLDVUHOHYDQWHV

/D6&3SURQXQFLDGDHQXQDDFFLyQGHDPSDURFRQVWLWXFLRQDOTXH
VHFRQVWLWX\HHQXQDSULPHUDVHQWHQFLDFRQILUPDGRUDVHxDOyTXHQRH[LVWHFRVDMX]JDGD
FRQVWLWXFLRQDOFXDQGRVHKXELHVHGHQHJDGRODWXWHODSRUDVSHFWRVIRUPDOHVVLQLQJUHVDU
DODQiOLVLVGHIRQGR(VWDVHQWHQFLDFRQILUPDHOSUHFHGHQWHFRQWHQLGRHQOD6&
TXHHVWDEOHFHODSRVLELOLGDGGHDFWLYDUXQDQXHYDDFFLyQWXWHODUVLHPSUH\FXDQGRQRVH
KXELHUD LQJUHVDGR FRQ DQWHULRULGDG DO DQiOLVLV GH IRQGR GH OD SUREOHPiWLFD
HQWHQGLPLHQWRTXHIXHDVXPLGRSRUOD6&5HQWUHRWUDV


/D6&3HPLWLGDHQXQDDFFLyQGHOLEHUWDGTXHVHFRQVWLWX\HHQXQD
SULPHUD VHQWHQFLD FRQILUPDGRUD HVWDEOHFLy TXH OD DFWLYDFLyQ GH XQD DQWHULRU DFFLyQ
WXWHODUFRQLGHQWLGDGGHREMHWRVXMHWR\FDXVD\FRQFDOLGDGGHFRVDMX]JDGDHVXQDFDXVDO
SDUD OD GHQHJDWRULD GH OD DFFLyQ GH OLEHUWDG VDOYR TXH HO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDOQRKXELHVHLQJUHVDGRDODQiOLVLVGHIRQGRGHODSUREOHPiWLFDVHQWHQFLD
TXHFRQILUPyHOSUHFHGHQWHFRQWHQLGRHQOD6&5TXHSRUSULPHUDYH]FRPR
FDXVDOGHLPSURFHGHQFLDGHVDUUROOyODWHPiWLFDGHODLGHQWLGDGGHREMHWRVXMHWR\FDXVD
HQHOUHFXUVRGHKiEHDVFRUSXVDKRUDDFFLyQGHOLEHUWDGUHLWHUDGRSRVWHULRUPHQWHSRU
ODV66&&55\5HQWUHRWUDV


/D6&3SURQXQFLDGDHQXQDDFFLyQGHFXPSOLPLHQWRHVWDEOHFLy
TXHHVDSOLFDEOHDHVWDDFFLyQGHGHIHQVDODMXULVSUXGHQFLDVREUHODLPSURFHGHQFLDGHOD
DFFLyQGHDPSDURFRQVWLWXFLRQDOSRULGHQWLGDGGHREMHWRVXMHWR\FDXVD(VWDVHQWHQFLD
VH EDVD HQ ODV 66&& 5 5 5 5 \
5 \ HQ HVH VHQWLGR HV FRQVLGHUDGD PRGXODGRUD SRU FXDQWR DPSOtD OD
DSOLFDFLyQ GH OD MXULVSUXGHQFLD VHQWDGD SDUD DFFLRQHV GH DPSDUR FRQVWLWXFLRQDO D ODV
DFFLRQHVGHFXPSOLPLHQWR


/D 6&3  HVWDEOHFLy TXH HQ VXSXHVWRV GH H[FHSFLRQDO UHOHYDQFLD
FRQVWLWXFLRQDO GHO FDVR FRQFUHWR HV SRVLEOH REYLDU OD FDXVDO GH LPSURFHGHQFLD SRU
LGHQWLGDGGHVXMHWRREMHWR\FDXVD\TXHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOVH
SURQXQFLHVREUHHOGDxRMXUtGLFRSRUOHVLyQLUUHPHGLDEOHDOGHUHFKRDODOLEHUWDG


/D 6&3  TXH VH FRQVWLWX\H HQ XQD VHQWHQFLD PRGXODGRUD SRU HO
HQIRTXH SOXUDOTXH RWRUJD D OD FDXVDO GH LPSURFHGHQFLD GHO DPSDUR SRU LGHQWLGDG GH
REMHWRVXMHWR\FDXVDHVWDEOHFLyTXHFXDQGRH[LVWHLGHQWLGDGGH L 3DUWHVSURFHVDOHV
UHIHULGDVDODOHJLWLPDFLyQDFWLYD\OHJLWLPDFLyQSDVLYDTXHSXHGHVHUSDUFLDORWRWDO\

W


dW^:d


LL  3UREOHPD MXUtGLFR HQ HO TXH VH IXQGD OD GHPDQGD FRQ RWUD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDODQWHULRUPHQWHLQWHUSXHVWD\UHVXHOWDH[LVWHFRVDMX]JDGDFRQVWLWXFLRQDO
DOH[LVWLULGHQWLGDGGHREMHWRVXMHWR\FDXVDVLHQWRHVWDODUD]yQGHRUGHQSURFHVDOSDUD
GHQHJDUODWXWHODPLHQWUDVTXHODUD]yQGHRUGHQpWLFRPRUDOTXHMXVWLILFDODLPSRVLFLyQ
GHPXOWDDODRHODFFLRQDQWHFXDQGRVXDFFLyQHVGHQHJDGDSRUODH[LVWHQFLDGHLGHQWLGDG
GH REMHWR VXMHWR \ FDXVD HV HO DPD OOXOOD QR PLHQWDV   GHELGR D TXH HO DFFLRQDQWH
OHJLWLPDGRDFWLYR DVDELHQGDVGHTXHODMXVWLFLDFRQVWLWXFLRQDOUHVROYLyVXSUREOHPD
MXUtGLFRLQVLVWHFRQRWUDGHPDQGDSUHWHQGLHQGRVRUSUHQGHUDHVWHyUJDQRMXULVGLFFLRQDO
ORTXHVHGHQRPLQDWHPHULGDG


([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)- ,,,    OD UD]yQ GH RUGHQ SURFHVDO SDUD OD GHQHJDWRULD GH XQD
DFFLyQ GH DPSDUR FXDQGR H[LVWH LGHQWLGDG GH   3DUWHV SURFHVDOHV
UHIHULGDVDODOHJLWLPDFLyQDFWLYD\OHJLWLPDFLyQSDVLYD\  3UREOHPD
MXUtGLFR HQ ORV TXH VH IXQGD OD GHPDQGD FRQ RWUD DFFLyQ GH DPSDUR
DQWHULRUPHQWH LQWHUSXHVWD \ UHVXHOWD HV OD H[LVWHQFLD GH FRVD MX]JDGD
FRQVWLWXFLRQDO DUWGHOD&3( ODUD]yQGHRUGHQpWLFRPRUDOTXH
MXVWLILFDODLPSRVLFLyQGHPXOWDDODRHODFFLRQDQWHFXDQGRVXDFFLyQHV
GHQHJDGDSRUODFDXVDOVHxDODGDHVHODPDOOXOOD QRPLHQWDV SULQFLSLR
pWLFRPRUDOTXHMXQWRDORVRWURVGHODVRFLHGDGSOXUDOSUHYLVWRHQHODUW
,GHOD&3(FRQIRUPHHQWHQGLyOD6&GHGHDEULO

LPSRQHQ D WRGRV HVWR HV DO SRGHU S~EOLFR \ ORV SDUWLFXODUHV HQ OD
FRQYLYHQFLDVRFLDOFRQPD\RUUD]yQDWRGRVORVMXHFHVGHODSOXUDOLGDG
GH MXULVGLFFLRQHV OD REOLJDFLyQ GH REVHUYDUORV GHVDUUROODUORV \
DSOLFDUORV HQ VX ODERU GHFLVRULD FRWLGLDQD
 (VWR GHELGR D TXH HO
DFFLRQDQWH OHJLWLPDGR DFWLYR  D VDELHQGDV GH TXH OD MXVWLFLD
FRQVWLWXFLRQDOUHVROYLyVXSUREOHPDMXUtGLFRLQVLVWHDHVWDMXULVGLFFLyQ
FRQRWUDGHPDQGDSUHWHQGLHQGRVRUSUHQGHUDHVWHyUJDQRMXULVGLFFLRQDO
(V OR TXH OD GRFWULQD SURFHVDO FRQVWLWXFLRQDO GHQRPLQD WHPHULGDG
VLHQGR WHPHUDULDOD LQWHUSRVLFLyQ GH XQD DFFLyQ GHDPSDUR FXDQGR VH
KDFH XQ XVR DEXVLYR GHO PHFDQLVPR GH GHIHQVD GH ORV GHUHFKRV
IXQGDPHQWDOHVSHVHDTXHODDFFLyQHVDELHUWDPHQWHLPSURFHGHQWH



 &DXVDOHV GH LPSURFHGHQFLD HQ OD DFFLyQ GH
DPSDUR3RUKDEHUFHVDGRORVHIHFWRVGHODFWRUHFODPDGR
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO
W


dW^:d


6&3   &XDQGR VH GHQXQFLD XQ DFWR LOHJDO X RPLVLyQ
LQGHELGD \ pVWRV FHVDQ FRQ DQWHULRULGDG D OD FHOHEUDFLyQ GH OD
DXGLHQFLDGHOUHFXUVRVHGHEHGHQHJDUODWXWHODSRUODFHVDFLyQGHOD
FDXVD TXH OR PRWLYy SXHV LPSOLFD OD GHVDSDULFLyQ GHO REMHWR GHO
UHFXUVR

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q XQD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HO DFFLRQDQWH GHQXQFLD OD
YXOQHUDFLyQGHVXVGHUHFKRVDOWUDEDMR\DODMXELODFLyQGHELGRDTXHODV
DXWRULGDGHV GHPDQGDGDV LQFXPSOLHURQ FRQ OD UHFRPHQGDFLyQ GH
UHLQFRUSRUDFLyQHPLWLGDSRUODH[6XSHULQWHQGHQFLDGH6HUYLFLR&LYLOD
HIHFWR GH TXH VH YLDELOLFH VX MXELODFLyQ 1R REVWDQWH DQWHV GH OD
DXGLHQFLDGHDPSDUROD$)3)XWXURGH%ROLYLD6$0LHPEURGHOJUXSR
=~ULFK%ROLYLDQRWLILFyDODDFFLRQDQWHTXHVXVROLFLWXGGHSHQVLyQGH
YHMH]RVROLGDULDGHYHMH]KDEUtDVLGRSURFHVDGD

(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOGHQHJyODWXWHODVROLFLWDGDSRU
FHVDFLyQ GH ORV HIHFWRV GHO DFWR UHFODPDGR FRQVLGHUDQGR TXH GLFKR
VXSXHVWRFRQVWLWX\HXQDFDXVDOGHLPSURFHGHQFLDGHODDFFLyQGHDPSDUR
FRQVWLWXFLRQDO

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,, 'H OD FRPSXOVD GH DQWHFHGHQWHV VH HYLGHQFLD TXH OD
SUREOHPiWLFD SODQWHDGD VH FHQWUD HQ OD LPSRVLELOLGDG TXH DWUDYLHVD OD
DFFLRQDQWHGHUHDOL]DUODVGRV~OWLPDVFRWL]DFLRQHVDO6LVWHPD,QWHJUDO
GH 3HQVLRQHV TXH OH SHUPLWDQ DFRJHUVH D VX MXELODFLyQ GHELGR D TXH
VXIULyODLQWHPSHVWLYDGLFWDFLyQGHOPHPRUiQGXPGHDJUDGHFLPLHQWRGH
VXVVHUYLFLRVSRUSDUWHGHO0LQLVWURGH(GXFDFLyQ\&XOWXUDV\DSHVDU
GH TXH OD 6XSHULQWHQGHQFLD GH 6HUYLFLR &LYLO UHFRPHQGy VX
UHLQFRUSRUDFLyQODERUDOpVWDQRIXHFXPSOLGD
6L ELHQ HV YHUGDG TXH OD DFFLRQDQWH VXIULy XQ GHVSLGR LQWHPSHVWLYR
DUELWUDULR H LOHJDO VLQ HPEDUJR HO FLWH
*5/36&
 HPLWLGR
SRU OD $)3 )XWXUR GH %ROLYLD 6$ FRQVWDWD TXH +D\GHH &DOGHUyQ
5DNHODKR\DFFLRQDQWHVHDFRJLyDODSHQVLyQGHYHMH]RVROLGDULDGH
YHMH]SUHYLVWDSRUODQXHYD/H\GH3HQVLRQHV\HO'6GHGHPDU]R
GH  SRU HQGH FRUUHVSRQGH DSOLFDU OD )XQGDPHQWDFLyQ -XUtGLFD
H[SXHVWD HQ HO )XQGDPHQWR -XUtGLFR ,,, HV GHFLU TXH DO HVWDU
SHUFLELHQGRODDFFLRQDQWHVXSHQVLyQGHMXELODFLyQVHH[WLQJXHODDFFLyQ
UHSDUDGRUDGHODDFFLyQGHDPSDURFRQVWLWXFLRQDO
(Q HIHFWR HO DUW  LQ ILQH GH OD /7& SUHYp TXH HO UHFXUVR KR\
DFFLyQ GH DPSDUR FRQVWLWXFLRQDOQR SURFHGHFXDQGRKXELHUHQ FHVDGR
ORVHIHFWRVGHODFWRUHFODPDGR\VLELHQHOFHVHGHODFWRYXOQHUDWRULR
W


dW^:d


QR SURYLQR GH OD DXWRULGDG GHPDQGD VLQ HPEDUJR SURYLHQH GH OD
UHIHULGD/H\GH3HQVLRQHVSURPXOJDGDHOGHGLFLHPEUHGH\HO
'6GHGHPDU]RGHTXHSUHYpQHOSURFHGLPLHQWRSDUDHO
WUiPLWHGHODSHQVLyQGHYHMH]RVROLGDULDGHYHMH]GLVSRVLFLRQHVOHJDOHV
TXHIXHURQSXHVWRVHQYLJHQFLDSDUDJDUDQWL]DUHOGHUHFKRXQLYHUVDODOD
MXELODFLyQ\DODVTXHVHDFRJLyODDFFLRQDQWH

6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJDODDFFLyQGHDPSDURFRQVWLWXFLRQDOSRUFHVDFLyQGHORVHIHFWRV
GHODFWRUHFODPDGR

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/DSULPHUDVHQWHQFLDHQDSOLFDUHOLQVWLWXWRSURFHVDOGHFHVDFLyQGHORV
HIHFWRV GHO DFWR UHFODPDGR FRPR FDXVDO GH LPSURFHGHQFLD HV OD 6&
5

/D 6& 5 GH  GH DJRVWR UHFRJLHQGR HO UD]RQDPLHQWR
HIHFWXDGR SRU OD MXULVSUXGHQFLD FRQVWLWXFLRQDO UHLWHUy GLFKR
HQWHQGLPLHQWR DQRWDQGR TXH FXDQGR VH GHQXQFLD XQ DFWR LOHJDO X
RPLVLyQLQGHELGD\pVWRVFHVDQFRQDQWHULRULGDGDODFHOHEUDFLyQGHOD
DXGLHQFLDGHOUHFXUVRVLQPD\RUDQiOLVLVVHGHEHUiGHQHJDUODWXWHODSRU
ODFHVDFLyQGHODFDXVDTXHORPRWLYySXHVLPSOLFDODGHVDSDULFLyQGHO
REMHWRGHOUHFXUVR

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

6&5



 &DXVDOHV GH LPSURFHGHQFLD HQ OD DFFLyQ GH
DPSDUR3UHVHQWDFLyQIXHUDGHOSOD]RGHVHLVPHVHV
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

W


dW^:d

6&3   /D DFFLyQ GH DPSDUR FRQVWLWXFLRQDO GHEH VHU


SUHVHQWDGD HQ HO SOD]R GH VHLV PHVHV FRPSXWDEOHV D SDUWLU GH OD
FRPLVLyQGHODYXOQHUDFLyQDOHJDGDRGHQRWLILFDGDOD~OWLPDGHFLVLyQ
DGPLQLVWUDWLYDRMXGLFLDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HO DFFLRQDQWH DOHJy OD
YXOQHUDFLyQGHVXVGHUHFKRVDODYLGDDODVDOXGDOWUDEDMRDOGHELGR
SURFHVRDODSUHVXQFLyQGHLQRFHQFLD\DODVHJXULGDGMXUtGLFDSRUSDUWH
GH IXQFLRQDULRV GH XQ *RELHUQR 'HSDUWDPHQWDO GHELGR D TXH HQ VX
FDOLGDG GH SHUVRQD GLVFDSDFLWDGD JR]D GH HVWDELOLGDG H LQDPRYLOLGDG
ODERUDO VLQ HPEDUJR PHGLDQWH DFWRV DGPLQLVWUDWLYRV LOHJDOHV IXH
GHVWLWXLGR GH VX IXHQWH ODERUDO \ SHVH D KDEHU UHFXUULGR D OD YtD
DGPLQLVWUDWLYD VH GLVSXVR VX GHVWLWXFLyQ (O 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDOFRQILUPyODUHVROXFLyQTXHGHQHJyODWXWHODVLQLQJUHVDUDO
DQiOLVLVGHIRQGRGHODSUREOHPiWLFDSODQWHDGDHQDSOLFDFLyQGHOSOD]R
GHFDGXFLGDGHVWDEOHFLGRSDUDODDFFLyQGHDPSDURFRQVWLWXFLRQDO

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,


VHHYLGHQFLDTXHHOFyPSXWRGHOSOD]RGHORVVHLVPHVHVHQHOSUHVHQWH
FDVRHVUHDOL]DGRDSDUWLUGHODXOWLPDQRWLILFDFLyQFRQOD~OWLPDGHFLVLyQ
DGPLQLVWUDWLYD5HVROXFLyQ$GPLQLVWUDWLYD*XEHUQDPHQWDOGHGH
MXOLRGHWRGDYH]TXHHODFFLRQDQWHIXHQRWLILFDGRHOGHMXOLRGH
 FRQ LQWHUYHQFLyQ QRWDULDO \ HQ VX PHPRULDOVHxDOy TXH QR WXYR
FRQRFLPLHQWR HIHFWLYR GH OD PLVPD HPSHUR GHVSXpV SUHVHQWy VX
PHPRULDO HO  GH HQHUR GH  SRU WDQWR VH SXHGH DILUPDU TXH HQ
DQWHFHGHQWHVH[LVWHSUXHEDGHODFRQVWDQFLDREMHWLYDGHGLFKRDFWXDGR\
GDOXJDUDODDSOLFDFLyQGHOSULQFLSLRGHLQPHGLDWH]\DTXHHODFFLRQDQWH
DPRPHQWRGHSUHVHQWDUODDFFLyQVHHQFRQWUDEDDORVVHLVPHVHV\XQ
GtD GH OD ~OWLPD QRWLILFDFLyQ SRU HQGH KD RSHUDGR OD FDGXFLGDG R HO
SULQFLSLR GH SUHFOXVLyQ GHO GHUHFKR GH DFXGLU D HVWD DFFLyQ WXWHODU
VLWXDFLyQ TXH HQ HO SUHVHQWH FDVR LQYLDELOL]D SRU H[WHPSRUiQHR HO
LQJUHVRDODQiOLVLVGHIRQGRGHODDFFLyQSODQWHDGD


6LQWHVLVGHODUDWLRGHFLGHQGL

'HQHJy ODDFFLyQGH DPSDUR FRQVWLWXFLRQDO VLQLQJUHVDU DODQiOLVLV GH
IRQGRGHODSUREOHPiWLFDSODQWHDGDHQDSOLFDFLyQGHOSOD]RGHFDGXFLGDG

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

W


dW^:d


(O7ULEXQDO&RQVWLWXFLRQDOUHVSHFWRDOSOD]RGHFDGXFLGDGGHVHLVPHVHV
SDUDHODPSDURFRQVWLWXFLRQDOHQPpULWRDOSULQFLSLRGHLQPHGLDWH]IXH
LQLFLDOPHQWH HVWDEOHFLGR HQ HO $XWR &RQVWLWXFLRQDO 
SRVWHULRUPHQWH HVWH HQWHQGLPLHQWR IXH DVXPLGR SRU ODV 66&&
55HQWUHRWUDV/D6&5
DFODUDFRQPiVSUHFLVLyQORVVHLVPHVHVSDUDHOSOD]RGHFDGXFLGDG\HVWH
FULWHULR HV DVXPLGR GH PDQHUD XQLIRUPH SRU ODV 66&&  5
5 5 \ 5 HQWUH RWUDV /D 6HQWHQFLD
&RQVWLWXFLRQDO 3OXULQDFLRQDO  DVXPH ORV HQWHQGLPLHQWRV
FLWDGRVHQFXDQWRDOSOD]RGHFDGXFLGDGDVSHFWRDGHPiVFRQVDJUDGRSRU
HODUW,,GHOD&RQVWLWXFLyQGH

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

$XWR&RQVWLWXFLRQDO


4XHHOUHFXUVRGH$PSDUR&RQVWLWXFLRQDOVHxDODGRHQORV$UWVGHOD&RQVWLWXFLyQ
3ROtWLFDGHO(VWDGR\GHOD/H\1RGHO7ULEXQDO&RQVWLWXFLRQDOWLHQHFRPR
SUHVXSXHVWRV OHJDOHV SDUD VX SURFHGHQFLD OD H[LVWHQFLD GH DFWRV LOHJDOHV X RPLVLRQHV
LQGHELGDVGHIXQFLRQDULRVRSDUWLFXODUHVTXHUHVWULQMDQVXSULPDQRDPHQDFHQUHVWULQJLU
RVXSULPLUORVGHUHFKRV\JDUDQWtDVGHODSHUVRQDUHFRQRFLGRVHQOD&RQVWLWXFLyQ\ODV
/H\HVVLHPSUHTXHQRKXELHUHRWURPHGLRRUHFXUVROHJDOSDUDODSURWHFFLyQLQPHGLDWD
GHORVGHUHFKRV\JDUDQWtDV

 


 SRU OR TXH HO SUHVHQWH UHFXUVR QR FXPSOH FRQ XQR GH ORV UHTXLVLWRV
IXQGDPHQWDOHVTXHVRQLQKHUHQWHVDVXQDWXUDOH]D\SURFHGHQFLDTXHHVODLQPHGLDWH]OR
TXH KDFH SUHVXPLU OD H[LVWHQFLD GH OLEUH \ H[SUHVR FRQVHQWLPLHQWR UHVXOWDQGR
LPSURFHGHQWHHOUHFXUVRGHDFXHUGRDORGLVSXHVWRSRUHO$UWLQF GHOD/H\GHO
7ULEXQDO&RQVWLWXFLRQDO



6&5

 4XH HO 5HFXUVR GH $PSDUR &RQVWLWXFLRQDO KD VLGR HVWDEOHFLGR FRQWUD ORV DFWRV
LOHJDOHV\ODVRPLVLRQHVLQGHELGDVGHDXWRULGDGRIXQFLRQDULRTXHUHVWULQMDQVXSULPDQ
RDPHQDFHQUHVWULQJLURVXSULPLUORVGHUHFKRV\JDUDQWtDVGHODVSHUVRQDVUHFRQRFLGRV
SRUOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR\ODVOH\HVVLHPSUHTXHQRKXELHUHRWURPHGLRR
UHFXUVRSDUDODSURWHFFLyQLQPHGLDWDGHORVGHUHFKRV\JDUDQWtDVSRUORTXHXQRGHORV
HOHPHQWRVIXQGDPHQWDOHVTXHFDUDFWHUL]DQ\VRQLQKHUHQWHVDODQDWXUDOH]DPLVPDGHHVWH
5HFXUVRHVSUHFLVDPHQWHODLQPHGLDWH]GHODSURWHFFLyQMXUtGLFDTXHVHEXVFDHQHOFDVR
GH DXWRV ORV UHFXUUHQWHV QR KDQ FXPSOLGR FRQ HVWH UHTXLVLWR GH EXVFDU OD SURWHFFLyQ
MXUtGLFDLQPHGLDWDXWLOL]DQGRORVUHFXUVRVTXHIUDQTXHDQXHVWURRUGHQDPLHQWRMXUtGLFR
LQYLDELOL]DQGRSRUH[WHPSRUiQHDODDSOLFDFLyQGHODJDUDQWtDSUHYLVWDHQHODUWGHOD
&RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR (VWH HV HO FULWHULR TXH KD DVXPLGR HO 7ULEXQDO
&RQVWLWXFLRQDOHQXQLIRUPHMXULVSUXGHQFLDHQWUHRWURVORV$XWRV&RQVWLWXFLRQDOHV1RV
\


6&5
&XDUWR&RQVLGHUDQGR

&216,'(5$1'24XHHO$PSDUR&RQVWLWXFLRQDOKDVLGRLQVWLWXLGRFRPRXQ5HFXUVR
H[WUDRUGLQDULRTXHRWRUJDSURWHFFLyQLQPHGLDWDFRQWUDORVDFWRVLOHJDOHV\ODVRPLVLRQHV
LQGHELGDVGHDXWRULGDGHVRSDUWLFXODUHVTXHUHVWULQMDQVXSULPDQRDPHQDFHQUHVWULQJLUR
VXSULPLU GHUHFKRV \ JDUDQWtDV IXQGDPHQWDOHV GH OD SHUVRQD UHFRQRFLGRV SRU OD
&RQVWLWXFLyQ \ ODV /H\HV VLHPSUH TXH QR KXELHUD RWUR PHGLR R UHFXUVR OHJDO SDUD OD

W


dW^:d
SURWHFFLyQLQPHGLDWDGHHVRVGHUHFKRV

(QHOFDVRTXHVHH[DPLQDHO$PSDURKDVLGRGHPDQGDGRGHVSXpVGHPiVGHVHLVPHVHV
GHKDEHUVHHPLWLGROD5HVROXFLyQTXHVHLPSXJQDUHIHULGDDOUHFKD]RGHOUHFXUVRGH
DSHODFLyQ IRUPXODGR FRQWUD HO UHFKD]R GHO LQFLGHQWH GH QXOLGDG GH UHPDWH
GHVQDWXUDOL]DQGR DVt OD HVHQFLD GH HVWH 5HFXUVR SRUTXH XQR GH ORV HOHPHQWRV
SULPRUGLDOHV TXH OR FDUDFWHUL]DQ \ VRQ LQKHUHQWHV D VX IXQGDPHQWR PLVPR HV
SUHFLVDPHQWHODLQPHGLDWH]GHODSURWHFFLyQMXUtGLFDTXHVHSUHWHQGHVLQHPEDUJRHO
GHPDQGDQWHKDFXPSOLGRFRQHVWHUHTXLVLWRGHEXVFDUODSURWHFFLyQMXUtGLFDLQPHGLDWD
LQYLDELOL]DQGRSRUH[WHPSRUiQHDODDSOLFDFLyQGHODJDUDQWtDSUHYLVWDHQHODUWGHOD
&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR





1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&36XVSHQVLyQGHOSOD]RGHFDGXFLGDGGHVHLVPHVHVSDUD
ODSUHVHQWDFLyQGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOHQORVFDVRVHQ
ORV TXH VH LQWHUSXVR FRQ DQWHULRULGDG DFFLyQ FRQVWLWXFLRQDO
UHLQLFLiQGRVHHOFyPSXWRFXDQGRVHQRWLILFDOD5HVROXFLyQR6HQWHQFLD
&RQVWLWXFLRQDOTXHQRLQJUHVyDOIRQGR

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q XQD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HO DFFLRQDQWH GHQXQFLy OD
YXOQHUDFLyQGHORVSULQFLSLRVGHOHJDOLGDG
LQGXELRSURUHR
\SUHVXQFLyQ
GH LQRFHQFLD DVt FRPR GH VXV GHUHFKRV IXQGDPHQWDOHV DO GHELGR
SURFHVR D OD GHIHQVD \ DO WUDEDMR HQ PpULWR D TXH WRGR HO SURFHVR
GLVFLSOLQDULRVHJXLGRHQVXFRQWUDIXHGHVDUUROODGRGHPDQHUDLUUHJXODU
FXOPLQDQGR HQ UHVROXFLRQHV HQ ODV TXH QR VH UHDOL]y XQD YDORUDFLyQ
FRUUHFWDGHORVDQWHFHGHQWHVGHOFDVRSRUORTXHVROLFLWyVHFRQFHGDOD
WXWHOD\VHGHMHVLQHIHFWRODVUHVROXFLRQHVGLFWDGDVSRUODVDXWRULGDGHV
GHPDQGDGDVDVtFRPRVXLQPHGLDWDUHLQFRUSRUDFLyQDOFDUJRGH)LVFDO
GH 0DWHULD  DVt FRPR OD FDQFHODFLyQ GH VXV KDEHUHV UHWHQLGRV (O
7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOUHYRFyODUHVROXFLyQUHYLVDGD\
GHQHJyODDFFLyQGHDPSDURFRQVWLWXFLRQDOSRUKDEHUVLGRSUHVHQWDGD
IXHUDGHOSOD]RGHVHLVPHVHVGHFDGXFLGDG

([WUDFWRGHODUDWLRGHFLGHQGL

W


dW^:d


)-,,,
 HVLPSUHVFLQGLEOHDQDOL]DUHOFyPSXWRSURFHVDO\VXLQWHUUXSFLyQGHORV
VHLVPHVHVDSOLFDQGRODMXULVSUXGHQFLDGHVFULWDHQORV)XQGDPHQWRV-XUtGLFRV,,,\
,,, FROLJLHQGR VREUH OD ~OWLPD QRWLILFDFLyQ DGPLQLVWUDWLYD VLQ UHFXUVR XOWHULRU D
0'26FRQOD5HVROXFLyQ\ODSUHVHQWDFLyQGHODSULPHUDGHPDQGDWXWHODU
IXHHOGHQRYLHPEUHGHOPLPRDxRHVGHFLUIDOWDQGRXQGtDSDUDHOIHQHFLPLHQWRGHO
WpUPLQRGHVHLVPHVHVTXHHVWDEOHFHHQDFFLyQGHDPSDURFRQVWLWXFLRQDOHPSHURHVWD
SULPHUDGHPDQGDQRIXHDGPLWLGDSRUHO7ULEXQDOGHJDUDQWtDVSRUQRFXPSOLUUHTXLVLWRV
GHIRUPD\FRQWHQLGR\VHGHFODUySRUQRSUHVHQWDGDODWXWHODSRUSURYLGHQFLDGHGH
GLFLHPEUHGHOPLVPRDxR\QRWLILFDGDDODDFFLRQDQWHHOGHOFLWDGRPHV\DxR3RU
LJXDOGDGMXUtGLFDFRUUHVSRQGHTXHHOSOD]RVHDLQWHUUXPSLGRGXUDQWHODSUHVHQWDFLyQGH
ODSULPHUDGHPDQGDYDOHGHFLUGHVGHVXSUHVHQWDFLyQKDVWDTXHHO7ULEXQDOGHJDUDQWtDV
OHQRWLILFyFRQODSURYLGHQFLDGHGHGLFLHPEUHGHTXHGDQGRVRORXQGtDKiELO
SDUDODSUHVHQWDFLyQGHVXQXHYDGHPDQGDWXWHODUSHURODSUHVHQWHDFFLyQGHDPSDUR
FRQVWLWXFLRQDO IXH SUHVHQWDGD HO  GH HQHUR GH  FRQIRUPH FRQVWD HQ HO FDUJR
HPLWLGRSRU,$57X[LOLDUGHOD6DOD3HQDOHQIXQFLyQDHVWDVIHFKDVFURQROyJLFDV
OD SUHVHQWH DFFLyQ FROLVLRQD HO SULQFLSLR GH LQPHGLDWH] GDGR TXH OD DFWRUD WHQtD HO
GHUHFKRGHYROYHUDLQWHUSRQHUVXQXHYDGHPDQGDDOGtDVLJXLHQWHGHQRWLILFDGDFRQOD
SURYLGHQFLDGHGHGLFLHPEUHGHDOQRKDEHUORKHFKRVHFRQFOX\HTXHODSUHVHQWH
DFFLyQGHDPSDURFRQVWLWXFLRQDOVHSUHVHQWyH[WHPSRUiQHDPHQWH


6LQWHVLVGHODUDWLRGHFLGHQGL

6HGHQLHJDODWXWHODHQPpULWRDTXHODDFFLRQDQWHSUHVHQWyVXGHPDQGD
WXWHODUIDOWDQGRXQGtDSDUDHOIHQHFLPLHQWRGHOWpUPLQRGHVHLVPHVHV
TXH HVWDEOHFH HQ DFFLyQ GH DPSDUR FRQVWLWXFLRQDO VLQ HPEDUJR OD
GHPDQGDQRIXHDGPLWLGDSRUHO7ULEXQDOGH*DUDQWtDVFRQVWLWXFLRQDOHV
SRU QR FXPSOLU FRQ ORV UHTXLVLWRV GH IRUPD \ FRQWHQLGR SRU OR TXH
TXHGDEDXQVRORGtDKiELOSDUDODSUHVHQWDFLyQGHXQDQXHYDGHPDQGD
WXWHODUVLQHPEDUJRODPLVPDIXHSUHVHQWDGDYHQFLGRHOSOD]R

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(OSOD]RGHFDGXFLGDGGHVHLVPHVHVSDUDHODPSDURFRQVWLWXFLRQDOHQ
PpULWR DO SULQFLSLR GH LQPHGLDWH] IXH LQLFLDOPHQWH HVWDEOHFLGR HQ HO
$XWR &RQVWLWXFLRQDO  SRVWHULRUPHQWH HVWH HQWHQGLPLHQWR IXH
DVXPLGRSRUODV66&&55HQWUHRWUDV
/D 6& 5 DFODUD FRQ PiV SUHFLVLyQ ORV VHLV PHVHV SDUD HO
SOD]RGHFDGXFLGDG\HVWHFULWHULRHVDVXPLGRGHPDQHUDXQLIRUPHSRU
ODV66&&555\5HQWUH
RWUDV /D 6HQWHQFLD &RQVWLWXFLRQDO 3OXULQDFLRQDO  \ RWUDV
SRVWHULRUHV DVXPH ORV HQWHQGLPLHQWRV FLWDGRV HQ FXDQWR DO SOD]R GH
FDGXFLGDG DVSHFWR DGHPiV FRQVDJUDGR SRU HO DUW ,, GH OD
&RQVWLWXFLyQGH

/DMXULVSUXGHQFLDFRQVWLWXFLRQDOWDPELpQHVWDEOHFLyHQOD6&
5TXHHOSOD]RGHVHLVPHVHVVHLQWHUUXPSHFRQODLQWHUSRVLFLyQGHXQ
UHFXUVRFRQVWLWXFLRQDOSRVWHULRUPHQWHOD6&5DFODUyTXHHO
FyPSXWRGHOSOD]RVHVXVSHQGHGXUDQWHODLQWHUSRVLFLyQ\WUDPLWDFLyQGHO
UHFXUVRFRQVWLWXFLRQDO\OXHJRVHUHLQLFLDDSDUWLUGHODQRWLILFDFLyQFRQ
W


dW^:d

OD 5HVROXFLyQ R 6HQWHQFLD &RQVWLWXFLRQDO  (QWHQGLPLHQWR TXH HV


UHLWHUDGRHQODSUHVHQWH6HQWHQFLD&RQVWLWXFLRQDO

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

(OSUHFHGHQWHVHHQFXHQWUDHQOD6&5HQODTXHVHHVWDEOHFLy
TXHHOSOD]RPi[LPRSDUDLQWHUSRQHUHOUHFXUVRHVGHVHLVPHVHVVDOYR
VLWXDFLRQHV HVSHFLDOHV TXH GHEHQ VHU GHELGDPHQWH DFUHGLWDGDV (Q HO
FDVRDQDOL]DGRHOSOD]RDOXGLGRIXHLQWHUUXPSLGRFRQODLQWHUSRVLFLyQ
HQIHFKDGHPDU]RGHGHOUHFXUVRGHDPSDURFRQVWLWXFLRQDOTXH
PHUHFLyOD6&5GHGHPD\RGHKDELHQGRSUHVHQWDGR
OD SUHVHQWH DFFLyQ HQ IHFKD  GH MXQLR GH  HV GHFLU GHQWUR GHO
WpUPLQRDQWHULRUPHQWHVHxDODGR

(QHOPLVPRVHQWLGROD6&5TXHVHxDOyUHVXOWDQHFHVDULR
HVWDEOHFHUTXHHOFyPSXWRGHOSOD]RGHORVVHLVPHVHVSDUDLQWHUSRQHUHO
UHFXUVRGHDPSDURFRQVWLWXFLRQDOVHLQLFLDGHVGHRFXUULGRHODFWRLOHJDO
YXOQHUDWRULR GH GHUHFKRV \ VL HVWH SHUPLWH LPSXJQDFLyQ VH LQLFLD HO
FyPSXWR GHVGH OD ~OWLPD DFWXDFLyQ HIHFWXDGD HQ UHSRQHU HO GHUHFKR
YXOQHUDGRHPSHURHQORVFDVRVHQTXHFRPRHOSUHVHQWHVHLQWHUSXVR
XQ UHFXUVR GH DPSDUR FRQVWLWXFLRQDO TXH FXOPLQy FRQ XQD UHVROXFLyQ
FRQVWLWXFLRQDOTXHQRLQJUHVyDOIRQGRHOSOD]RVHVXVSHQGHGXUDQWHHVH
SHULRGR HV GHFLU TXH HO FyPSXWR VH FRUWD FRQ OD LQWHUSRVLFLyQ GHO
UHFXUVR GH DPSDUR FRQVWLWXFLRQDO HQ HVWH FDVR \ OXHJR VH UHLQLFLD R
FRQWLQ~DHOFyPSXWRGHVGHODQRWLILFDFLyQGHOD5HVROXFLyQR6HQWHQFLD
&RQVWLWXFLRQDO TXH QR LQJUHVy DO IRQGR FRPR OD SUHVHQWH 6HQWHQFLD
&RQVWLWXFLRQDO



1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO


W


dW^:d


6&3   /D SUHVHQWDFLyQ GH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO HQ OD FDVD GHO VHFUHWDULR DFWXDULR R QRWDULR GH IH
S~EOLFDVyORHVDGPLVLEOHHQVLWXDFLRQHVGHXUJHQFLDSRUHOLQPLQHQWH
YHQFLPLHQWRGHOSOD]RSHUHQWRULR\DQWHXQDVLWXDFLyQGHIXHU]DPD\RU
TXHLPSLGDHOQRUPDOGHVDUUROORGHDFWLYLGDGHVGHOUJDQR-XGLFLDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HO DFFLRQDQWH GHQXQFLD OD
OHVLyQ D VXV GHUHFKRV D OD SURSLHGDG SULYDGD D OD GHIHQVD DO GHELGR
SURFHVR\DODWXWHODMXGLFLDOHIHFWLYDDOHJDQGRTXHGHQWURGHOSURFHVR
HMHFXWLYRGHOFXDOHPHUJHHVWHDPSDURVHFRPHWLHURQXQDVHULHGHDFWRV
LOHJDOHVSRUORTXHSHWLFLRQyODQXOLGDGGHODVUHVROXFLRQHVMXGLFLDOHV
LPSXJQDGDV (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO DSUREy OD
UHVROXFLyQUHYLVDGD\GHQHJyODWXWHODVROLFLWDGDSRUIDOWDGHLQPHGLDWH]
HQVXLQWHUSRVLFLyQSRUFXDQWRQRVHGHPRVWUyQLQJXQDFLUFXQVWDQFLDGH
IXHU]DPD\RUTXHOHKXELHUHLPSHGLGRDODFFLRQDQWHODSUHVHQWDFLyQGH
VXDFFLyQGHQWURGHORVVHLVPHVHVHQKRUDKiELOWRGDYH]TXHHO7ULEXQDO
'HSDUWDPHQWDOWUDEDMyHQKRUDULRKDELWXDOPiVD~QVLODSHWLFLyQGHXQD
WXWHODQRGHEHVHUSRVWHUJDGDKDVWDHO~OWLPRLQVWDQWH

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,HQHOFDVRREMHWRGHDQiOLVLVHODFFLRQDQWHQRSRGtDDFXGLU
DQWH HO 6HFUHWDULR GH &iPDUD GHOD 6DOD GH WXUQR SRUTXH FLHUWDPHQWH
LJQRUDEDOD6DODDODFXDOVHUtDDVLJQDGDVXFDXVDVLQHPEDUJRQRWHQtD
LPSHGLPHQWR DOJXQR SDUD SUHVHQWDU D RWURV IXQFLRQDULRV VHFUHWDULRV 
GHSHQGLHQWHV GHO UJDQR -XGLFLDO VLQ GHVFDUWDU HO GHO -X]JDGR GH
,QVWUXFFLyQGHWXUQRHQOR3HQDOHPSHURHQVXDIiQGHMXVWLILFDUHVWH
DFWRVHOLPLWyDUHIHULUTXHODVRILFLQDVGHO7ULEXQDO'HSDUWDPHQWDOGH
-XVWLFLDVHHQFRQWUDEDQFHUUDGDV(QHVHFRQWH[WRVHGHEHWHQHUSUHVHQWH
TXHHODFFLRQDQWHQRGHPRVWUyQLQJXQDFLUFXQVWDQFLDGHIXHU]DPD\RU
TXHKD\DLPSHGLGRODSUHVHQWDFLyQGHVXDFFLyQHQKRUDKiELOWRGDYH]
TXHHOGHPDU]RGHHO7ULEXQDO'HSDUWDPHQWDOGH-XVWLFLDGH
6DQWD&UX]WUDEDMyHQVXKRUDULRKDELWXDO

6LELHQHVFLHUWRTXHOD1RUPD)XQGDPHQWDOLJXDOTXHODQRUPDSURFHVDO
GH OD PDWHULD HVWDEOHFHQ HO SHULRGR GH VHLV PHVHV SDUD DFXGLU D OD
MXULVGLFFLyQFRQVWLWXFLRQDOHOORQRVLJQLILFDTXHHODJUDYLDGRWHQJDTXH
HVSHUDU KDVWD HO ~OWLPR PRPHQWR SDUD KDFHU SHWLFLRQDU OD UHVSHFWLYD
WXWHOD FXDQGR IiFLOPHQWH SXHGH KDFHUOR HQ HO SULPHU PRPHQWR GH
VXVFLWDGR R SURGXFLGR HO KHFKR FRQFXOFDGRU GH VXV GHUHFKRV DO
FRQVLGHUDUTXHODSURWHFFLyQGHORVGHUHFKRVIXQGDPHQWDOHVQRSXHGH
VHUWDUGtDQLSRVWHUJDGDKDVWDHO~OWLPRLQVWDQWH

W


dW^:d

6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJDODDFFLyQGHDPSDURFRQVWLWXFLRQDOSRUIDOWDGHLQPHGLDWH]HQ
VX LQWHUSRVLFLyQ SRU FXDQWR QR VH GHPRVWUy QLQJXQD FLUFXQVWDQFLD GH
IXHU]DPD\RUTXHOHKXELHUHLPSHGLGRDODFFLRQDQWHODSUHVHQWDFLyQGH
VXDFFLyQGHQWURGHORVVHLVPHVHVHQKRUDKiELOWRGDYH]TXHHO7ULEXQDO
'HSDUWDPHQWDOWUDEDMyHQKRUDULRKDELWXDOPiVD~QVLODSHWLFLyQGHXQD
WXWHODQRGHEHVHUSRVWHUJDGDKDVWDHO~OWLPRLQVWDQWH

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

3UHFHGHQWHIXQGDGRU6&3

$QWHFHGHQWH GH OtQHD MXULVSUXGHQFLDO $& 5&$ GH  GH
PDU]R

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,'HODSUHVHQWDFLyQGHODGHPDQGDGHDFFLyQGHDPSDURFRQVWLWXFLRQDODQWHORVVHFUHWDULRV
\QRWDULRVGHIHS~EOLFD


/DGHPDQGDGHDFFLyQGHDPSDURFRQVWLWXFLRQDOGHEHVHUSUHVHQWDGDDQWHHOMXH]RWULEXQDO
FRPSHWHQWH HV GHFLU HQ ODV FDSLWDOHV GHO GHSDUWDPHQWR DQWH OD 6DOD GH WXUQR GHO 7ULEXQDO
'HSDUWDPHQWDOGH-XVWLFLD\ORV-X]JDGRV3~EOLFRVGHOD0DWHULDIXHUDGHODVFDSLWDOHVRHQODV
SURYLQFLDVDORV-X]JDGRV3~EOLFRVR-X]JDGRV0L[WRVFRQIRUPHHVWDEOHFHHODUW,,GHOD/7&3
HVWRFRQODILQDOLGDGGHDVHJXUDUHOFXPSOLPLHQWR\ODYLJHQFLDGHOGHELGRSURFHVRHQVXYHUWLHQWH
GHO MXH] QDWXUDO GHELHQGR DFXGLUVH D OD DXWRULGDG FRPSHWHQWH LQGHSHQGLHQWH H LPSDUFLDO
FRQVWLWXLGDFRQDQWHULRULGDGDOKHFKRWDOFXDOSUHVFULEHHODUW,GHOD&3(


&RQODSURPXOJDFLyQGHODQXHYD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRVHFRQVROLGyHOSULQFLSLR
GH LQPHGLDWH] FRPR HQWH UHFWRU GH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO OR FXDO VLQ GXGD WLHQH
UHSHUFXVLRQHVHQODDFWLYDFLyQGHODMXVWLFLDFRQVWLWXFLRQDOGDGRTXHHOSOD]RPi[LPRSDUDSODQWHDU
ODGHPDQGDGHHVWDJDUDQWtDMXULVGLFFLRQDOHVGHVHLVPHVHVFRPSXWDEOHDSDUWLUGHODFRQVXPDFLyQ
GHODFWRLOHJDOROD~OWLPDQRWLILFDFLyQGHODUHVROXFLyQTXHVHFRQVLGHUDFRQWUDULDDORVGHUHFKRV
IXQGDPHQWDOHV&RQVHFXHQWHPHQWHHVWHDVSHFWRDFDUUHDVLWXDFLRQHVGHXUJHQFLDDQWHXQHYHQWXDO
YHQFLPLHQWR GH GLFKR SOD]R (Q HVH VHQWLGR \ GH PDQHUD VXSOHWRULD HV IDYRUDEOH DFXGLU D OD
GLVSRVLFLyQOHJDOFRQWHQLGDHQHODUWGHO&3&UHODWLYDDODSUHVHQWDFLyQGHHVFULWRVHQVLWXDFLRQHV
GH XUJHQFLD FX\D QRUPD SUHVFULEH
(Q FDVR GH XUJHQFLD \ HVWDQGR SRU YHQFHU DOJ~Q SOD]R
SHUHQWRULR ORV HVFULWRV SRGUiQ VHU SUHVHQWDGRV HQ OD FDVD GHO VHFUHWDULR R DFWXDULR TXLHQ KDUi
FRQVWDUHVWDFLUFXQVWDQFLDHQHOFDUJR6LQRIXHUHQHQFRQWUDGRVHOHVFULWRSRGUiSUHVHQWDUVHDQWH
RWURVHFUHWDULRRDFWXDULRRDQWHXQQRWDULRGHIHS~EOLFDGHOUHVSHFWLYRDVLHQWRMXGLFLDO
(QHVH
FRQWH[WRFRQYLHQHGHVHQWUDxDUHOVLJQLILFDGRGHODSUHFLWDGDQRUPDDHIHFWRVGHODSUHVHQWDFLyQGH
ODDFFLyQGHDPSDURFRQVWLWXFLRQDOSRUHOYHQFLPLHQWRGHOSOD]RHVWDEOHFLGRHQODQRUPD


1yWHVHTXHODDOXGLGDQRUPDFRQWHPSODGRVVXSXHVWRVHOSULPHURUHIHULGRDODVLWXDFLyQGH
XUJHQFLD\HOVHJXQGRDQWHXQLQPLQHQWHYHQFLPLHQWRGHXQGHWHUPLQDGRSOD]RSHUHQWRULR$KRUD
ELHQFRQIRUPHDO'LFFLRQDULR-XUtGLFRGH&LHQFLDV-XUtGLFDV3ROtWLFDV\6RFLDOHVXUJHQFLDLPSOLFD
XQDVLWXDFLyQDSUHPLDQWHGHQHFHVLGDGLPSRVWHUJDEOH\GHWUDPLWDFLyQLQPHGLDWD\DEUHYLDGDHV
GHFLU LPSOLFD XQD DFWXDFLyQ H[HQWD GH GHPRUDV \ GLODFLRQHV DTXHOOR TXH GHEH VHU UHDOL]DGR R
VROXFLRQDGRFRQODPiVDEVROXWDUDSLGH]RORPiVDQWHVSRVLEOHSRURWURODGRHOYHQFLPLHQWRGH
XQ SOD]R SHUHQWRULR VLJQLILFD TXH HO PHUR YHQFLPLHQWR VLJQLILFD OD DXWRPiWLFD FDGXFLGDG GH OD
IDFXOWDGSURFHVDOFRQFHGLGDGLFKRGHRWURPRGRHVLPSURUURJDEOHSRUTXHGHQLQJ~QPRGRSXHGH
VHUSURORQJDGR\EDMRQLQJXQDFLUFXQVWDQFLDORTXHHTXLYDOHDORGHFLVLYRFRQFOX\HQWHHLQPXWDEOH

W


dW^:d




(QHIHFWRHOSOD]RGHORVVHLVPHVHVSDUDODSUHVHQWDFLyQGHODGHPDQGDGHDFFLyQGHDPSDUR
FRQVWLWXFLRQDO HV XQ SOD]R SHUHQWRULR TXH D VX VLPSOH YHQFLPLHQWR FDGXFD HO GHUHFKR SDUD
SURPRYHUHLQYRFDUDODMXULVGLFFLyQFRQVWLWXFLRQDODVtHQIXQFLyQDOSULQFLSLRGHLQPHGLDWH]\D
ORVILQHVGHHYLWDUODFDGXFLGDGGHHVWHGHUHFKRVHHVWDUiDQWHXQDVLWXDFLyQGHXUJHQFLD


(VLPSRUWDQWHHVWDEOHFHUTXHDORVHIHFWRVGHSUHVHQWDUODDFFLyQGHDPSDURFRQVWLWXFLRQDO
ODV GRV FLUFXQVWDQFLDV UHIHULGDV SUHFHGHQWHPHQWH XUJHQFLD \ HO YHQFLPLHQWR GH XQ SOD]R
SHUHQWRULR  GHEHQVHU DVSHFWRVFODUDPHQWH GHPRVWUDGRV \ GHPRVWUDEOHV SDUD DSOLFDUGH PDQHUD
VXSOHWRULDHODUWGHO&3&EDMRODVVLJXLHQWHVFRQGLFLRQHV


(QSULQFLSLRVHGHEHDFXGLUDQWHHOVHFUHWDULRGHODDXWRULGDGDQWHTXLHQFRUUHVSRQGDSODQWHDU
ODGHPDQGD'HQRVHUSRVLEOHVXXELFDFLyQRDQWHODLPSRVLELOLGDGGHVLWXDUVXGRPLFLOLRSDUWLFXODU
HVYLDEOHSUHVHQWDUDQWHFXDOTXLHUVHFUHWDULRGHSHQGLHQWHGHOUJDQR-XGLFLDOFRPRHVHOFDVRGH
ORVMX]JDGRVGHWXUQRHQPDWHULDSHQDO'HSHUVLVWLUODLPSRVLELOLGDGGHSUHVHQWDFLyQVHGHEHDFXGLU
DO1RWDULRGH)H3~EOLFD$KRUDELHQFRUUHVSRQGHDPSOLDUODFRPSUHQVLyQUHVSHFWRDHVWH~OWLPR
VXSXHVWRDVtHVIDFWLEOHDFXGLUDQWHHVWHIXQFLRQDULR~QLFDPHQWHHQVLWXDFLyQGHXUJHQFLD\DQWHHO
YHQFLPLHQWRGHXQSOD]RSHUHQWRULR\FXDQGRODSUHVHQWDFLyQDORVVHFUHWDULRVGHOUJDQR-XGLFLDO
UHVXOWyVHUPDWHULDOPHQWHLPSRVLEOHSRUFLUFXQVWDQFLDVGHIXHU]DPD\RUTXHLQFLGDQHQHOQRUPDO
GHVDUUROORGHODVDFWLYLGDGHVGHOUJDQR-XGLFLDO


5HFLELGDODDFFLyQHO1RWDULRGH)H3~EOLFDHODERUDUiHODFWDKDFLHQGRFRQVWDUGHPDQHUD
SUHFLVDODVFLUFXQVWDQFLDV\UD]RQHVSRUODVFXDOHVHODFFLRQDQWHDFXGLyDQWHpO\SUHFLVDQGRORV
PRWLYRVSRUORVFXDOHVQRIXHSRVLEOHVXSUHVHQWDFLyQDOVHFUHWDULRGHODDXWRULGDGFRPSHWHQWHRD
RWURGHVLPLODUFDUJR(QHVHVHQWLGRHOH[WLQWR7ULEXQDO&RQVWLWXFLRQDODWUDYpVGHO$&
5&$GHGHPDU]RHVWDEOHFLyHOVLJXLHQWHHQWHQGLPLHQWR
HQSULPHUDLQVWDQFLDVHGHEHWHQHU
HQFXHQWDODVLWXDFLyQH[WUHPDGHOYHQFLPLHQWRGHXQSOD]RSHUHQWRULR\ODLPSRVLELOLGDGPDWHULDO
GHVXSUHVHQWDFLyQDQWHORVMXHFHVRWULEXQDOHVDVtFRPRXQDVLWXDFLyQGHIXHU]DPD\RUTXHLPSLGD
HOQRUPDOGHVDUUROORGHODDFWLYLGDGMXULVGLFFLRQDOKHFKRGHOFXDOVHGHEHGDUFHUWH]D(QVHJXQGR
OXJDU DQWH HVD VLWXDFLyQ H[WUHPD VH GHEH DFXGLU QHFHVDULDPHQWH DO GRPLFLOLR GHO VHFUHWDULR R
DFWXDULRGHOMXH]RWULEXQDOGRQGHVHVXVWDQFLDODFDXVDFODURHVWiVLHVTXHVHFRQRFHpVWHHPSHUR
VL HOOR QR HV DVt R VLHQGR EXVFDGR QR HV KDELGR UHFLpQ VH KDELOLWD OD SRVLELOLGDG GH DFXGLU
DOWHUQDWLYDPHQWHDQWHXQIXQFLRQDULRMXGLFLDOGHRWURMX]JDGRRDQWHXQDQRWDUtDGHIHS~EOLFDKHFKR
TXH WDPELpQ GHEH FRQVWDU
 (V LPSRUWDQWH SUHFLVDU TXH OD MXULVSUXGHQFLD FLWDGD FRQ PHULGLDQD
FODULGDG HVWDEOHFH TXH OD FLUFXQVWDQFLD GH IXHU]D PD\RU TXH LPSLGD X REVWDFXOLFH HO QRUPDO
GHVDUUROORGHODDFWLYLGDGMXGLFLDOGHEHVHUGHELGDPHQWHDFUHGLWDGD


(QFRQVHFXHQFLDUHFLELGDODGHPDQGDHOIXQFLRQDULRUHFHSWRU VHFUHWDULRVRQRWDULRVGHIH
S~EOLFD WLHQHODREOLJDFLyQLQGHFOLQDEOHGHOOHYDUODGHPDQGDDODDXWRULGDGMXGLFLDOFRPSHWHQWHR
HQVXFDVRDOIXQFLRQDULRHQFDUJDGRGHHIHFWXDUHOVRUWHR\ODDVLJQDFLyQGHODFDXVDDSULPHUDKRUD
KRUDULRODERUDO GHOGtDVLJXLHQWHKiELO2EUDUDVtLPSOLFDFXPSOLUFRQHOSULQFLSLRGHFHOHULGDGHQ
ODDGPLQLVWUDFLyQGHODMXVWLFLDFRQVWLWXFLRQDOSUHYLVWRHQHODUWGHOD/7&3




 &DXVDOHV GH LPSURFHGHQFLD HQ OD DFFLyQ GH


DPSDUR6XEVLGLDULHGDG
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLDSUHFHGHQFLDOUHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD ([WUDFWRRUHFRQVWUXFFLyQGHOSUHFHGHQWHFRQVWLWXFLRQDO


W


dW^:d
6&3   /DV UHVROXFLRQHV X RUGHQDQ]DV PXQLFLSDOHV VRQ LPSXJQDEOHV D
WUDYpV GHO UHFXUVR GH UHFRQVLGHUDFLyQ FX\R SURQXQFLDPLHQWR GHEH HIHFWXDUVH HQ
YHLQWHGtDVEDMRFRQPLQDWRULDGHDSOLFDUVLOHQFLRDGPLQLVWUDWLYRQHJDWLYR

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOHODFFLRQDQWHGHQXQFLDTXHORVGHPDQGDGRV
HPLWLHURQ\VXVFULELHURQOD5HVROXFLyQ0XQLFLSDOPHGLDQWHODFXDOGHVLJQDURQ
XQQXHYR$OFDOGHVLWRPDUHQFXHQWDTXHODUHQXQFLDTXHVXVFULELyQRIXHSUHVHQWDGDGH
PDQHUDSHUVRQDOOLEUH\YROXQWDULDWRGDYH]TXHODPLVPDIXHVXVWUDtGDSRUHO$VHVRU
/HJDOTXLHQODSUHVHQWRGHIRUPDGLUHFWDDO3UHVLGHQWHGHO&RQFHMRSRUORTXHDOGtD
VLJXLHQWHPHGLDQWHQRWDGLULJLGDDO3UHVLGHQWHGHOLQGLFDGR&RQFHMRUHWLUyODFDUWDGH
UHQXQFLD VROLFLWDQGR OD UHYRFDWRULD GH OD GHVLJQDFLyQ GH $OFDOGH VRVWHQLHQGR TXH
SUHVHQWyHQGRVRSRUWXQLGDGHVXQDQRWDGHUHFRQVLGHUDFLyQHOGHHQHURGHQR
VLHQGR DWHQGLGR KDVWD OD SUHVHQWDFLyQ GH HVWD DFFLyQ FRQVLGHUDQGR OHVLRQDGRV VXV
GHUHFKRVDOD
VHJXULGDGMXUtGLFD
DOWUDEDMRDXQDUHPXQHUDFLyQMXVWDDHMHUFHUHOFDUJR
SDUD HO TXH IXH OHJDOPHQWH HOHJLGR \ D SDUWLFLSDU OLEUHPHQWH HQ OD IXQFLyQ S~EOLFD
SLGLHQGRVHGLVSRQJDODQXOLGDGGHOD5HVROXFLyQ0XQLFLSDO\SRUFRQVLJXLHQWH
VX LQPHGLDWD UHVWLWXFLyQ DO FDUJR GH $OFDOGH 0XQLFLSDO GH 6DQWLYDxH] DVt FRPR OD
QXOLGDG GH WRGRV ORV DFWRV GHO
DOFDOGH LOHJDO
 FRQ GHWHUPLQDFLyQ GH FRVWDV GDxRV \
SHUMXLFLRV(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHQVX6DOD/LTXLGDGRUDUHYRFyOD
UHVROXFLyQGHOWULEXQDOGHJDUDQWtDV\GHQHJyODWXWHODVROLFLWDGDSRUVXEVLGLDULHGDGDO
FRQVLGHUDUTXHVHDFWLYyODDFFLyQGHDPSDURFRQVWLWXFLRQDOVLQHVSHUDUHOSOD]RGHYHLQWH
GtDVSDUDTXHVHUHVXHOYDHOUHFXUVRGHUHFRQVLGHUDFLyQ$ODPSDURGHODUWGHOD
/7&GHELGRDOWLHPSRWUDQVFXUULGRGHVGHODLQWHUSRVLFLyQGHODDFFLyQWXWHODUKDVWDOD
SUHVHQWHUHYLVLyQGLPHQVLRQyORVHIHFWRVGHODPLVPDGHMDQGRILUPHV\VXEVLVWHQWHVORV
DFWRVFXPSOLGRVFRPRUHVXOWDGRGHODFRQFHVLyQGHWXWHODSRUHO-XH]GHJDUDQWtDV

([WUDFWRGHODUDWLRGHFLGHQGL

'HOHVWXGLRGHORVDQWHFHGHQWHVGHODSUHVHQWHDFFLyQGHDPSDURFRQVWLWXFLRQDOVHWLHQH
TXH HO DFFLRQDQWH GHQXQFLD TXH ORV GHPDQGDGRV HPLWLHURQ OD 5HVROXFLyQ 0XQLFLSDO
GHVLJQDQGRQXHYR$OFDOGH0XQLFLSDOGH6DQWLYDxH]VLQWRPDUHQFXHQWDTXH
OD UHQXQFLD SUHVHQWDGD HO  GH HQHUR GH  DO 6HFUHWDULR GHO &RQFHMR GH GLFKR
PXQLFLSLRQRIXHSUHVHQWDGDGHPDQHUDSHUVRQDOOLEUH\YROXQWDULD\DTXHIXHVXVWUDtGD
GHVXGHVSDFKRSDUDVXSUHVHQWDFLyQSRUORTXHVHSUHVHQWyDOGtDVLJXLHQWHXQDQRWDDO
3UHVLGHQWHGHO&RQFHMRPHGLDQWHODFXDOOHKDFHVDEHUHOUHWLURGHVXFDUWDGHUHQXQFLD\
VROLFLWDODUHYRFDWRULDGHODGHVLJQDFLyQUHDOL]DGDGHPDQHUDLOHJDOSRUORTXHHOGH
HQHUR GHO  SUHVHQWy UHFRQVLGHUDFLyQ GH GLFKD GHVLJQDFLyQ UHTXLULHQGR TXH VH OR
PDQWHQJD FRPR WLWXODU GHO FDUJR QRWD TXH QR IXH DWHQGLGD SHVH D TXH UHLWHUy VXV
VROLFLWXGHQODPLVPDIHFKD

'HORUHODFLRQDGRVHHYLGHQFLDTXHORVDFWRVOHVLYRVGHQXQFLDGRVSRUHODKRUDDFFLRQDQWH
IXHURQSXHVWRVDFRQRFLPLHQWRGHORVGHPDQGDGRVHOGHHQHURGHPHGLDQWHQRWD
GH
UHFRQVLGHUDFLyQ D OD GHVLJQDFLyQ GHO VXSXHVWR QXHYR $OFDOGH 0XQLFLSDO GH
6DQWLYDxH]
 VLF IV UHLWHUiQGRODHQODPLVPDIHFKDDKRUDVDPEDVSUHVHQWDGDV
DO6HFUHWDULRGHO&RQFHMRODXOWLPDSRULQWHUPHGLRGH)HUQDQGR7HUiQ(VFDOHUD1RWDULR
GH )H 3~EOLFD  UD &ODVH GH 6DQWLYDxH] IV  \ YWD  DFXGLHQGR D OD MXULVGLFFLyQ
FRQVWLWXFLRQDOPHGLDQWHODSUHVHQWHDFFLyQGHDPSDURFRQVWLWXFLRQDOHOGHHQHURGH
HVGHFLUGHVSXpVGHRQFHGtDVGHSUHVHQWDGDVODVUHFRQVLGHUDFLRQHVDSDUWLUGHOR
TXH VH LQILHUH TXH HO DFFLRQDQWH DFWLYy XQD YtD GH LPSXJQDFLyQ HQ GHIHQVD GH VXV
GHUHFKRV VLQ HVSHUDU TXH FRQFOX\HUD HO SOD]R SDUD TXH ODV DXWRULGDGHV GHPDQGDGDV
HPLWDQSURQXQFLDPLHQWRHVWDQGRDOPRPHQWRGHODLQWHUSRVLFLyQGHHVWDDFFLyQWXWHODU
SHQGLHQWHGHUHVROXFLyQHOUHFXUVRGHUHFRQVLGHUDFLyQUD]RQDPLHQWRHVWDEOHFLGRSRUOD
MXULVSUXGHQFLDFLWDGDHQHO)XQGDPHQWR-XUtGLFR,,,GHHVWD6HQWHQFLDHQHOVHQWLGRGH

W


dW^:d


TXH ODV DXWRULGDGHV GHPDQGDGDV FXHQWDQ FRQ HO SOD]R GH YHLQWH GtDV SDUD HPLWLU
SURQXQFLDPLHQWR\UHFLpQFRQFOXLGRVHVWRVDQWHHOVLOHQFLRDGPLQLVWUDWLYRQHJDWLYRVH
WLHQHDJRWDGDODYtDSRUORTXHFRQIRUPHVRVWLHQHHO7ULEXQDO&RQVWLWXFLRQDOH[LVWLHQGR
XQPHFDQLVPRGHSURWHFFLyQSHQGLHQWHGHUHVROXFLyQODDFFLyQGHDPSDURFRQVWLWXFLRQDO
QR SXHGH LQVWDXUDUVH GDGD VX QDWXUDOH]D VXEVLGLDULD WDO FRPR VH PHQFLRQy HQ HO
)XQGDPHQWR-XUtGLFR,,,GHHVWD5HVROXFLyQ&RQVLJXLHQWHPHQWHFRUUHVSRQGHGHQHJDU
ODWXWHODVROLFLWDGDVLQLQJUHVDUDODQiOLVLVGHIRQGRGHODSUREOHPiWLFDSODQWHDGD

6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SRU VXEVLGLDULHGDG DO FRQVLGHUDU TXH VH
DFWLYyODDFFLyQGHDPSDURFRQVWLWXFLRQDOVLQHVSHUDUHOSOD]RGHYHLQWHGtDVSDUDTXHVH
UHVXHOYDHOUHFXUVRGHUHFRQVLGHUDFLyQ

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/DOtQHDMXULVSUXGHQFLDOVREUHHOUHFXUVRGHUHFRQVLGHUDFLyQHQHOiPELWRPXQLFLSDOHV
OD VLJXLHQWH  /DV 66&& 5 5 5 5
HVWDEOHFLHURQ TXH OD UHFRQVLGHUDFLyQ SUHYLVWD HQ HO DUW  GH OD /0 QR FRQVWLWX\H
SURSLDPHQWHXQUHFXUVR$VtOD6&5HVWDEOHFLyD~QFXDQGRHOUHFXUUHQWHQR
KXELHUHVROLFLWDGRODUHFRQVLGHUDFLyQVHWHQGUtDSRUDJRWDGDODYtDDGPLQLVWUDWLYDSRU
GRVPRWLYRVSRUXQDSDUWHODMXULVSUXGHQFLDGHO7ULEXQDO&RQVWLWXFLRQDOKDVHxDODGR
TXH
ODUHFRQVLGHUDFLyQSUHYLVWDSRUHODUW/0QRHVXQPHGLRH[SHGLWR\HILFD]SDUD
KDFHUYDOHUORVGHUHFKRVFRQFXOFDGRVSXHVWRTXHQRVyORVHUHTXLHUHODYROXQWDGGHOD
SDUWH TXH OD SUHVHQWD VLQR WDPELpQ HO YRWR GH  GHO WRWDO GH VXV PLHPEURV SDUD
UHFRQVLGHUDU ODV 2UGHQDQ]DV \ 5HVROXFLRQHV 0XQLFLSDOHV
  66&& 5
5  DVLPLVPR OD OtQHD MXULVSUXGHQFLDO VRVWLHQH TXH 
/D
UHFRQVLGHUDFLyQ HVWDEOHFLGD SRU HO DUW  /0 QR FRQVWLWX\H XQ UHFXUVR SURSLDPHQWH
GLFKRSRU OR TXH QR FRUUHVSRQGH VXVWHQWDU OD LPSURFHGHQFLD GHO UHFXUVR HQ VX
H[LVWHQFLD
 $Vt 6& 5HQWUH RWUDV  \  SRU RWUD HO DUW  /0 VHxDOD
FDWHJyULFDPHQWHTXHVHFRQVLGHUDUiDJRWDGDODYtDDGPLQLVWUDWLYD
&XDQGRVHWUDWHGH
2UGHQDQ]DV 0XQLFLSDOHV HPLWLGDV SRU HO &RQFHMR 0XQLFLSDO
  (O 7ULEXQDO GH
WUDQVLFLyQHQSULQFLSLRFRQILUPyGLFKRUD]RQDPLHQWRPHGLDQWHOD6&5VLQ
HPEDUJROD6&5GHGHMXOLRPRGXOyHOHQWHQGLPLHQWRDVXPLGRHQOD6&
5H[SUHVDQGR
HQORVFDVRVHQTXHHQHOiPELWRPXQLFLSDOQRHVSRVLEOH
OD LQWHUSRVLFLyQ GH ORV UHFXUVRV GH UHYRFDWRULD \ MHUiUTXLFR SRUTXH HO DFWR TXH VH
FRQVLGHUDOHVLYRGHGHUHFKRVHVHPDQDGRGLUHFWDPHQWHGHO&RQFHMR0XQLFLSDOTXLHQVH
FRQVLGHUHDJUDYLDGRWLHQHHOGHEHU\UHVSRQVDELOLGDGGHKDFHUXVRGHODUHFRQVLGHUDFLyQ
GHWDOPDQHUDTXHHVWDVDXWRULGDGHVRHQWHPXQLFLSDOWHQJDODSRVLELOLGDGGHHIHFWXDUXQ
QXHYR DQiOLVLV \ UHFRQVLGHUH OD GHFLVLyQ DVXPLGD \ VyOR DJRWDGR GLFKR PHGLR
LPSXJQDWLYRVLSHUVLVWHODOHVLyQDGHUHFKRVIXQGDPHQWDOHVSXHGHDFXGLUDODDFFLyQGH
DPSDUR FRQVWLWXFLRQDO  /D 6& 5 GH  GH RFWXEUH KDFLHQGR PHQFLyQ
UHVSHFWR DO SOD]R HVWDEOHFLGR SDUD HQWHQGHUVH \ DSOLFDUVH HO VLOHQFLR DGPLQLVWUDWLYR
QHJDWLYR VHxDOy TXH HVWH HV DSOLFDEOH WDPELpQ FRQ UHODFLyQ D OD SHWLFLyQ GH
UHFRQVLGHUDFLyQGHWHUPLQDQGRTXH
OXHJR GH SODQWHDGD OD UHFRQVLGHUDFLyQ SUHYLVWD HQ HO DUW  GH OD /0 HO &RQFHMR
0XQLFLSDOWLHQHXQSOD]RGHYHLQWHGtDVSDUDUHVROYHUHVWDSHWLFLyQSDVDGRHVWHSOD]R
RSHUD HO VLOHQFLR DGPLQLVWUDWLYR QHJDWLYR SRU WDQWR DO QR H[LVWLU RWUD LQVWDQFLD GH
GHFLVLyQODSHWLFLyQHVFRQVLGHUDGDUHFKD]DGDTXHGDQGRDJRWDGDODYtDDGPLQLVWUDWLYD
PXQLFLSDO
  /D 6&3  FRQILUPD HO HQWHQGLPLHQWR VHxDODGR SUHFLVDQGR

DQWHVGHDFXGLUHQUHFODPDFLyQGHXQDVXSXHVWDOHVLyQGHGHUHFKRVIXQGDPHQWDOHVSRU
ODHPLVLyQGHXQDUHVROXFLyQPXQLFLSDOSRUHOFDUiFWHUVXEVLGLDULRGHODDKRUDDFFLyQGH
DPSDURFRQVWLWXFLRQDOSUHYLDPHQWHGHEHKDEHUVHVROLFLWDGRODUHFRQVLGHUDFLyQDQWHHO
HQWHGHOLEHUDQWHDJRWDQGRGHHVWDPDQHUDODYtDDGPLQLVWUDWLYDPXQLFLSDO

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

W


dW^:d

/D6&35GHGHMXOLRHQVX)M,,,GLVSRQHHQORVFDVRVHQTXHHQHO
iPELWR PXQLFLSDO QR HV SRVLEOH OD LQWHUSRVLFLyQ GH ORV UHFXUVRV GH UHYRFDWRULD \
MHUiUTXLFRSRUTXHHODFWRTXHVHFRQVLGHUDOHVLYRGHGHUHFKRVHVHPDQDGRGLUHFWDPHQWH
GHO&RQFHMR0XQLFLSDORTXLHQVHFUHDDJUDYLDGRWLHQHHOGHEHU\UHVSRQVDELOLGDGGH
KDFHUXVRGHODUHFRQVLGHUDFLyQGHWDOPDQHUDTXHHVWDVDXWRULGDGHVRHQWHPXQLFLSDO
WHQJDODSRVLELOLGDGGHHIHFWXDUXQQXHYRDQiOLVLV\UHFRQVLGHUHODGHFLVLyQDVXPLGD\
VyORDJRWDGRGLFKRPHGLRLPSXJQDWLYRVLSHUVLVWHODOHVLyQDGHUHFKRVIXQGDPHQWDOHV
SXHGHDFXGLUDODDFFLyQGHDPSDURFRQVWLWXFLRQDO
6&35GHGHRFWXEUH

HOVLOHQFLRDGPLQLVWUDWLYRQHJDWLYRHVWiH[SUHVDPHQWHUHJXODGRQRVyORHQOD/H\GH
0XQLFLSDOLGDGHVVLQRWDPELpQHQOD/H\GH3URFHGLPLHQWR$GPLQLVWUDWLYR\VXGHFUHWR
UHJODPHQWDULR VLQ HPEDUJR OD /H\ GH 0XQLFLSDOLGDGHV QR HVWDEOHFH H[SUHVDPHQWH HO
SOD]RGHQWURGHOFXDOGHEHSURQXQFLDUVHHO&RQFHMR0XQLFLSDO(QWDOVHQWLGRFRQOD
ILQDOLGDG GH HVWDEOHFHU ORV SOD]RV TXH VH GHEHQ DSOLFDU SDUD FRPSXWDU HO VLOHQFLR
DGPLQLVWUDWLYRQHJDWLYRHQHOVXSXHVWRGHODVROLFLWXGGHUHFRQVLGHUDFLyQGLVFLSOLQDGD
SRUHODUWGHOD/0VHGHEHHQWHQGHUTXHDOVHUODVUHVROXFLRQHVPXQLFLSDOHVDFWRV
DGPLQLVWUDWLYRV LGyQHRV SDUD UHVROYHU OD UHFRQVLGHUDFLyQ SODQWHDGD FX\D IDOWD GH
UHVSXHVWDLPSOLFDHOVLOHQFLRDGPLQLVWUDWLYRQHJDWLYRHQDSOLFDFLyQVXSOHWRULDGHODUW
,J GHO'HFUHWR6XSUHPR '6 GHGHMXOLRGHUHJODPHQWDULRGHOD/H\
GH3URFHGLPLHQWR$GPLQLVWUDWLYRVHGHEHHQWHQGHUTXHHOSOD]RSDUDTXHHOFRQFHMRVH
SURQXQFLH VREUH XQD VROLFLWXG GH UHFRQVLGHUDFLyQ HV GH YHLQWH GtDV WDO FRPR VHxDOD
WD[DWLYDPHQWH OD FLWDGD GLVSRVLFLyQ OHJDO FXDQGR UHILHUH TXH ODV GHFLVLRQHV VREUH
FXHVWLRQHVGHIRQGRGHEHQVHUUHVXHOWDVHQHOSOD]RGHYHLQWHGtDVFXDQGRQRH[LVWDXQ
SOD]RH[SUHVDPHQWHVHxDODGR

3RUWDQWROXHJRGHSODQWHDGDODUHFRQVLGHUDFLyQSUHYLVWDHQHODUWGHOD/0
HO&RQFHMR0XQLFLSDOWLHQHXQSOD]RGHYHLQWHGtDVSDUDUHVROYHUHVWDSHWLFLyQSDVDGR
HVWHSOD]RRSHUDHOVLOHQFLRDGPLQLVWUDWLYRQHJDWLYRSRUWDQWRDOQRH[LVWLURWUDLQVWDQFLD
GH GHFLVLyQ OD SHWLFLyQ HV FRQVLGHUDGD UHFKD]DGD TXHGDQGR DJRWDGD OD YtD
DGPLQLVWUDWLYDPXQLFLSDO




1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLDSUHFHGHQFLDOUHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD ([WUDFWRRUHFRQVWUXFFLyQGHOSUHFHGHQWHFRQVWLWXFLRQDO

6&3(QORVSURFHVRVDGPLQLVWUDWLYRVVDQFLRQDGRUHVDGXDQHURVFXDQGRHO
DGPLQLVWUDGRQRLPSXJQDDWUDYpVGHORVUHFXUVRVGHDO]DGD\MHUiUTXLFRODGLOLJHQFLD
GHQRWLILFDFLyQGHODVUHVROXFLRQHVGHFDUiFWHUGHILQLWLYRQRSURFHGHODLQWHUSRVLFLyQ
GHODDFFLyQGHDPSDURFRQVWLWXFLRQDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOHODFFLRQDQWHVHxDOyTXHFXDQGRUHDOL]DEDHO
WUiPLWH GH QDFLRQDOL]DFLyQ GH VX YHKtFXOR FRPLVDGR SRU IXQFLRQDULRV GHO &2$ ODV
DXWRULGDGHVGHODDGPLQLVWUDFLyQDGXDQHUDGHPDQGDGDVOHPDQLIHVWDURQTXHHOPLVPRVH
HQFRQWUDEDFRQ5HVROXFLyQVDQFLRQDWRULDODFXDODOLJXDOTXHHODFWDGHLQWHUYHQFLyQ
FRQWUDYHQFLRQDOOHIXHURQQRWLILFDGDVHQOD6HFUHWDUtDGHOD$GPLQLVWUDFLyQ$GXDQHUD
GH<DFXLEDSRUORTXHQXQFDWXYRFRQRFLPLHQWRGHVXHPLVLyQORTXHPRWLYyTXHSRU
VXSDUWHLQWHUSXVLHUDLQFLGHQWHGHQXOLGDGUHFKD]DGRSRUHO$GPLQLVWUDGRUGHOD$GXDQD
GH <DFXLED EDMR HO IXQGDPHQWR TXH QR KL]R XVR GH ORV UHFXUVRV GH LPSXJQDFLyQ

W


dW^:d


RWRUJDGRVSRUOH\GLVSRQLpQGRVHVXHMHFXWRULDHQXQLQIRUPHOHJDOHPLWLGRSRUHODVHVRU
OHJDO GH OD FLWDGD LQVWDQFLD YXOQHUiQGRVH GH HVWD IRUPD VX GHUHFKR D OD GHIHQVD \ OD
JDUDQWtDGHOGHELGRSURFHVRSRUORTXHSHWLFLRQyVHFRQFHGDODWXWHODLPSHWUDGD\VHGHMH
VLQHIHFWRODQRWLILFDFLyQUHDOL]DGDFRQHODFWDGHLQWHUYHQFLyQFRQWUDYHQFLRQDODVtFRPR
ODQRWLILFDFLyQFRQODUHVROXFLyQVDQFLRQDWRULDGHFRQWUDEDQGRVHGHFODUHODQRHMHFXWRULD
GH OD FLWDGD UHVROXFLyQ \ VH GLVSRQJD OD SURVHFXFLyQ GHO WUiPLWH GH VDQHDPLHQWR
HQ
IRUPDDOWHUQDWLYDVHGHMHVLQHIHFWRODSURYLGHQFLDGHGHVHSWLHPEUHGHSRU
IDOWD GH PRWLYDFLyQ \ IXQGDPHQWDFLyQ \ SRU YXOQHUDU HO GHUHFKR DO GHELGR SURFHVR
GLVSRQLHQGR TXH OD DXWRULGDG GH SULPHUD LQVWDQFLD TXH FRQRFH HO SURFHGLPLHQWR
WULEXWDULR DGPLQLVWUDWLYR VH SURQXQFLH VREUH HO IRQGR GHO LQFLGHQWH GH QXOLGDG
LQWHUSXHVWR
VHDFRQUHVSRQVDELOLGDG\FRVWDV(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO
UHYRFyODUHVROXFLyQUHYLVDGD\GHQHJyODWXWHODSRUVXEVLGLDULHGDGHQPpULWRDTXHHO
DFFLRQDQWHQRXWLOL]yORVPHGLRVGHLPSXJQDFLyQLQWUDSURFHVDOHVHQVHGHDGPLQLVWUDWLYD

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
HODFFLRQDQWHLPSXJQDODVQRWLILFDFLRQHVUHDOL]DGDVDVXSHUVRQDWDQWRFRQHO
DFWD GH LQWHUYHQFLyQ FRQWUDYHQFLRQDO GH  GH GLFLHPEUH GH  FRPR FRQ OD
5HVROXFLyQ VDQFLRQDWRULD HQ FRQWUDEDQGR $1*57<$&7) GLOLJHQFLDGDV HQ
6HFUHWDUtDGHOD$GPLQLVWUDFLyQ$GXDQHUDGH<DFXLED5HJLRQDO7DULMDHOGHHQHUR\
HOGHPDU]RDPEDVGHUHVSHFWLYDPHQWHHQODVTXHQRFRQVWDODSDUWLFLSDFLyQGH
XQWHVWLJRGHDFWXDFLyQ1RWLILFDFLRQHVTXHDVXFULWHULRYXOQHUDQVXGHUHFKRDODGHIHQVD
\ OD JDUDQWtD GHOGHELGR SURFHVR SRUTXH VHxDODTXH QR FXPSOLHURQ FRQ VXREMHWLYR
FRPRHUDKDFHUFRQRFHUVREUHODVPLVPDVDODIHFWDGR
'HILQLGD FRPR HVWi OD SUREOHPiWLFD FHQWUDO FRUUHVSRQGH DQDOL]DU VL FRUUHVSRQGtD DO
DFFLRQDQWHDFWLYDUDQWHOD$GPLQLVWUDFLyQ$GXDQHUDORVPHFDQLVPRVGHLPSXJQDFLyQ
LQWUDSURFHVRFRPRVRQORVUHFXUVRVGHDO]DGD\MHUiUTXLFRRVLPDVELHQHUDGHOFDVR
LQWHUSRQHU HO LQFLGHQWH GH QXOLGDG GH QRWLILFDFLyQ (Q HVH VHQWLGR GH OD UHYLVLyQ GH
DQWHFHGHQWHV HQ SULPHU RUGHQ VH FRQVWDWD TXH HO FRQWHQLGR PLVPR GH ORV DFWRV
DGPLQLVWUDWLYRV HPLWLGRV SRU OD DGPLQLVWUDFLyQ S~EOLFD QR VRQ REMHWR GH UpSOLFD X
RSRVLFLyQHQODSUHVHQWHDFFLyQVLQRORVRQODVGLOLJHQFLDVGHQRWLILFDFLyQUHDOL]DGDVDO
DFFLRQDQWHFRQWDOHVDFWRV(QHVHRUGHQODQRWLILFDFLyQGHGHHQHURGHFRQHO
DFWD GH LQWHUYHQFLyQ FRQWUDYHQFLRQDO GH  GH GLFLHPEUH GHO LQGLFDGR DxR SXGR VHU
REMHWDGD MXQWR FRQ OD GHFLVLyQ SULQFLSDO HQ HMHUFLFLR GHO GHUHFKR GH SHWLFLyQ GHO
DGPLQLVWUDGR ~QLFDPHQWH GH PDQHUD SUHYHQWLYD DOHUWDQGR OD YXOQHUDFLyQ GH VXV
GHUHFKRVIXQGDPHQWDOHVPiVQRDWUDYpVGHORVPHGLRVGHLPSXJQDFLyQDGPLQLVWUDWLYD
DO QR FRQIRUPDU GLFKD DFWD XQ DFWR DGPLQLVWUDWLYR GHILQLWLYR 3RU OR TXH TXHGDUtD
H[FOXLGDGHORVFDVRVFRPSUHQGLGRVHQORVDUWV\GHO&7%\GHOD/H\
VLQHPEDUJRGHEHTXHGDUFODURTXHQRFRQVWLWX\HXQUHTXLVLWRLQGLVSHQVDEOHSDUD
DFFHGHUDORVGHPiVPHFDQLVPRVGHGHIHQVD

(QFDPELRODGLOLJHQFLDSUDFWLFDGDFRQOD5HVROXFLyQVDQFLRQDWRULDHQFRQWUDEDQGR$1
*57<$&7)VLFRUUHVSRQGtDVHURSXHVWDHQVHGHDGPLQLVWUDWLYDMXQWRFRQOD
5HVROXFLyQ DO WUDWDUVH GH XQ DFWR DGPLQLVWUDWLYR GHILQLWLYR \ HVWDU FRPSUHQGLGR
H[SUHVDPHQWH HQ ORV DUWtFXORV DQWHV FLWDGRV FRPR UHVROXFLRQHV VXVFHSWLEOHV GH
UHFODPDFLyQ DFWLYDFLyQ TXH QHFHVDULDPHQWH GHEH KDFpUVHOD HQ ORV WpUPLQRV \ SOD]RV
OHJDOHVHVWDEOHFLGRVDOHIHFWR

(QHVHVHQWLGRHO~QLFRFDVRHQHOTXHHODGPLQLVWUDGRTXHGDUtDH[RQHUDGRGHDFWLYDU
ORVUHFXUVRVGHUHFODPDFLyQHVSHFtILFDFRPRVRQODDO]DGD\HOMHUiUTXLFRHVFXDQGR
GHPXHVWUHTXHVHORFRORFyHQXQDEVROXWRHVWDGRGHLQGHIHQVLyQDVSHFWRTXHOHLPSLGLy
DFXGLUDOXVRGHORVPLVPRVDFRPRGiQGRVHGHHVDIRUPDDOSUHVXSXHVWRGHH[FHSFLyQ
(QHOFDVRGHDQiOLVLVVLELHQHODFFLRQDQWHUHILHUHTXHHVWXYRHQLQGHIHQVLyQGDGRTXH
DVXGHFLUVHHQWHUyGHOSURFHVRVDQFLRQDWRULRLQLFLDGR\WUDPLWDGRHQVXFRQWUDUHFLpQ
HOGHDJRVWRGHHVGHFLUFXDQGRKDEtDYHQFLGRHOWpUPLQRSDUDODSUHVHQWDFLyQ
GH FXDOTXLHU UHFODPR SRVWHULRU D WUDYpV GH ORV UHFXUVRV GH DO]DGD \ MHUiUTXLFR 6LQ

W


dW^:d
HPEDUJRGHORVDQWHFHGHQWHVDSDUHMDGRVDOH[SHGLHQWHVHSXHGHHYLGHQFLDUTXHHOGH
GLFLHPEUHGHDKRUDVFXDQGRIXQFLRQDULRVGHO&2$HIHFWXDEDQFRQWUROGH
YHKtFXORV \ PHUFDQFtD SRU OD WUDQFD GHO SXHVWR GH FRQWURO
&DPSR 3DMRVR
 ORFDOLGDG
<DFXLED GHO GHSDUWDPHQWR GH 7DULMD LQWHUFHSWDURQ DO DKRUD DFFLRQDQWH (ULFN 'DQLHO
6DOLQDV 1~xH] HQ FLUFXQVWDQFLDV HQ ODV TXH VH HQFRQWUDED FRQGXFLHQGR XQ YHKtFXOR
PDUFD7R\RWDWLSR/HYLQFRORUEODQFRPRGHORFRQFKDVLV$(TXH
QRFRQWDEDFRQODGRFXPHQWDFLyQTXHUHVSDOGHVXOHJDOLQWHUQDFLyQDWHUULWRULRQDFLRQDO
HO FXDO SUHVXPLHQGR OD FRPLVLyQ GHO LOtFLWR GH FRQWUDEDQGR VH SURFHGLy D FRPLVDUOR
WHPSRUDOPHQWH\WUDVODGDUORDOUHFLQWRDGXDQHUR$/%26$GH&DPSR3DMRVRSDUDVX
DIRURItVLFRLQYHQWDULDFLyQ\YDORUDFLyQHLQYHVWLJDFLyQFRUUHVSRQGLHQWHGHPRGRTXH
PDOSXHGHDILUPDUTXHGHVFRQRFtDSRUFRPSOHWRODVLWXDFLyQGHOPRWRUL]DGR

/R DILUPDGR VH FRUURERUDGH ORV GDWRV FRQWHQLGRV HQ HO DFWD GH FRPLVR HODERUDGD D
WLHPSR GH OD LQWHUYHQFLyQ FRUUHVSRQGLHQWH D HVWH KHFKR TXH HQWUH RWURV HYLGHQFLD OD
FRQVLJQDFLyQGHFLHUWDLQIRUPDFLyQTXHFRQOOHYDDODFHUWLGXPEUHGHTXHHODGPLQLVWUDGR
FRQRFtDODVLPSOLFDQFLDVGHORRFXUULGRFRPRVRQODFRQVLJQDFLyQGHTXHHOPRWRUL]DGR
VH HQFRQWUDED FLUFXODQGR VLQ SODFDV OD HVWDPSD GH VX ILUPD DO SLH GHO FLWDGR DFWD \
ILQDOPHQWH OD DGYHUWHQFLD GH OD $GPLQLVWUDFLyQ $GXDQHUD HQ OD SDUWH ILQDO GHO
GRFXPHQWRVHxDOD
&RQHVWHGRFXPHQWRHOLQWHUHVDGRGHEHUiFRQVWLWXLUVHHQRILFLQDVGH
OD$GXDQD1DFLRQDOGRQGHIXHUHPLWLGRVXFDVR
/RTXHQRRFXUULyVLQRKDVWDHOGH
MXQLRGHFXDQGRUHDOL]yVXGHFODUDFLyQMXUDGDSDUDODVXSXHVWDUHJXODUL]DFLyQGH
REOLJDFLRQHV WULEXWDULDV HV GHFLU FDVL VHLV PHVHV GHVSXpV GH RFXUULGR HO FRPLVR
GHPRVWUDQGR XQD DFWLWXG QHJOLJHQWH \ FRQ HOOR SURYRFDQGR VX SURSLD LQGHIHQVLyQ
FXDQGRVXGHEHUHUDDFXGLUDODLQVWDQFLDDGXDQHUDDUHDOL]DUHOVHJXLPLHQWRGHOFDVRWDO
FRPR VH OH UHTXLULy HQ HO DFWD D SUHVHQWDU WRGD OD GRFXPHQWDFLyQ TXH DFUHGLWDED VX
GHUHFKRSURSLHWDULRVREUHODPHUFDQFtDLQWHUYHQLGDHQWUHHOORVHOGRFXPHQWRSULYDGRGH
FRPSUDYHQWDUHFRQRFLGRHQVXVILUPDVTXHDSDUHMyDODSUHVHQWHDFFLyQ


6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJDODDFFLyQGHDPSDURFRQVWLWXFLRQDOSRUVXEVLGLDULHGDGSRUFXDQWRGHQWURGHORV
SURFHVRV DGPLQLVWUDWLYRV VDQFLRQDGRUHV DGXDQHURV GHEH LPSXJQDU OD GLOLJHQFLD GH
QRWLILFDFLyQGHODVUHVROXFLRQHVDWUDYpVGHORVUHFXUVRVGHDO]DGD\MHUiUTXLFR

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOHQOD6&3HQFXDQWRDODVVXEUHJODV
GHVXEVLGLDULHGDGVLJXHORVOLQHDPLHQWRVFRQWHQLGRVHQOD6&5HPSHURVH
FRQVWLWX\HHQIXQGDGRUDSRUFXDQWRHVWDEOHFHTXHODGLOLJHQFLDGHQRWLILFDFLyQFRQODV
UHVROXFLRQHVGHFDUiFWHUGHILQLWLYRGHEHVHULPSXJQDGDDWUDYpVGHORVUHFXUVRVGHDO]DGD
\MHUiUTXLFR

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)- ,,,
ODV UHVROXFLRQHV VDQFLRQDWRULDV HQ FRQWUDEDQGR HPLWLGDV SRU OD $GXDQD
1DFLRQDOFRQILJXUDQDFWRVDGPLQLVWUDWLYRVSRUORWDQWRVRQVXVFHSWLEOHVGHUHFXUVRVGH
DO]DGD \ MHUiUTXLFR DQWH ODV LQVWDQFLDV FRPSHWHQWHV DQWHV GHWDOODGDV \ GHQWUR GH ORV
SOD]RVOHJDOHVGLVSXHVWRVSRUODVQRUPDVSUHFLWDGDV

(Q FRKHUHQFLD FRQ WRGR OR DQWHULRUPHQWH SXQWXDOL]DGR ODV DFWXDFLRQHV
FRPXQLFDFLRQDOHVHQWUHHOODVODVGLOLJHQFLDVGHQRWLILFDFLyQYHQGUtDQDFRQVWLWXLUDFWRV
DGPLQLVWUDWLYRVGHWUiPLWHRGHSURFHGLPLHQWRGDGRTXHFRQVWLWX\HQDFWRVLQWHUPHGLRV
LQGLVSHQVDEOHVSDUDHOSHUIHFFLRQDPLHQWRGHORVDFWRVDGPLQLVWUDWLYRVSRUORWDQWRVL
pVWRVLQFLGHQHQODIRUPDFLyQGHODFWRDGPLQLVWUDWLYRGHILQLWLYRSXHGHQVHUREMHWRGH
LPSXJQDFLyQ HQ VHGH DGPLQLVWUDWLYD \ DO FRQWUDULR VL QR DIHFWDQ D VXV HOHPHQWRV
FRQVWLWXWLYRVHQWRQFHVHVWiQSULYDGRVGHOXVRGHGLFKRVPHFDQLVPRVUHFXUVLYRVSRUVHU

W


dW^:d


LUUHOHYDQWHV\QRYXOQHUDUQLQJ~QGHUHFKRQLJDUDQWtDFRQVWLWXFLRQDO

$PDQHUDGHDFODUDFLyQ~QLFDPHQWHSDUDILQHVSHGDJyJLFRVVHSXHGHVHxDODUTXHXQD
GLOLJHQFLDGHQRWLILFDFLyQFRQXQSURYHtGRGHPHURWUiPLWHSRUHMHPSORGHRWRUJDFLyQ
GHIRWRFRSLDVOHJDOL]DGDVQRFRQVWLWX\HXQDFWRDGPLQLVWUDWLYRGHILQLWLYRSRUWDQWRQR
HV UD]RQDEOH VXVWHQWDU YXOQHUDFLyQ DO GHUHFKR D OD GHIHQVD SRU HO KHFKR GH KDEHUVH
QRWLILFDGRHQVHFUHWDUtDGHODLQVWDQFLDDGPLQLVWUDWLYD\SRUHQGHQRSXHGHVHUREMHWRGH
LPSXJQDFLyQ HQ FDPELR WUDWiQGRVH GH XQD QRWLILFDFLyQ FRQ XQD UHVROXFLyQ
VDQFLRQDWRULD HQ FRQWUDEDQGR FRPR HV HO FDVR Vt HV LPSUHVFLQGLEOH VX RSRVLFLyQ
PHGLDQWH ORV UHFXUVRV GH DO]DGD \ MHUiUTXLFR SRUTXH VH WUDWD GH XQD UHVROXFLyQ
DGPLQLVWUDWLYDGHILQLWLYD\FRQIRUPHVHDQDOL]ySUHFHGHQWHPHQWHODLPSXJQDFLyQGHOD
GLOLJHQFLDGHEHVHUUHFXUULGDMXQWRFRQODSURSLDUHVROXFLyQFXHVWLRQDGDQRSXGLHQGR
DFXGLUVHGLUHFWDPHQWHDQWHODMXULVGLFFLyQFRQVWLWXFLRQDOVLQDQWHVKDEHUDJRWDGRODYtD
VHxDODGD




1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLDSUHFHGHQFLDOUHOHYDQWH
7LSR5HVROXFLyQ
6LVWHPDWL]DGRUD
7LWXODFLyQ Pi[LPD ([WUDFWRRUHFRQVWUXFFLyQGHOSUHFHGHQWHFRQVWLWXFLRQDO

6&3&XDQGRVHGHQXQFLDOHVLyQDORVHOHPHQWRVGHODJDUDQWtDGHOGHELGR
SURFHVR HQ ORV SURFHVRV GH HMHFXFLyQ QR HV H[LJLEOH HO DJRWDPLHQWR GHO SURFHVR
RUGLQDULRSRVWHULRUWRGDYH]TXHHQpVWHQRVHSRGUiDQDOL]DUGLFKDOHVLyQHQWDQWR
TXH VL OD GHQXQFLD QR HVWi YLQFXODGD D YXOQHUDFLyQ GH GHUHFKRV \ JDUDQWtDV
FRQVWLWXFLRQDOHVVLQRDDVSHFWRVTXHUHTXLHUHQDPSOLRGHEDWHGHEHUiIRUPXODUVHHO
FRUUHVSRQGLHQWHSURFHVRRUGLQDULR

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOORVDFFLRQDQWHVGHQXQFLDURQTXHORVH[MXHFHV
GH SDUWLGR HQ OR FLYLO \ FRPHUFLDO GHPDQGDGRV YXOQHUDURQ VXV GHUHFKRV DO GHELGR
SURFHVRDODGHIHQVDDODVHJXULGDGMXUtGLFD\DODSURSLHGDGSRUFXDQWRGHQWURGHXQ
SURFHVRHMHFXWLYRVHJXLGRHQVXFRQWUD\RWUDHPHUJHQWHGHODHMHFXFLyQGHXQDHVFULWXUD
S~EOLFD GH FRQFLOLDFLyQ UHFRQRFLPLHQWR GH REOLJDFLyQ FRQ LQWHUHVHV \ JDUDQWtD
KLSRWHFDULDVXVFULWDGHQWURGHXQSURFHVRSHQDOSRUHOVXSXHVWRGHOLWRGHJLURGHFKHTXH
HQ GHVFXELHUWR VH FRPHWLHURQ XQD VHULH GH LUUHJXODULGDGHV \ VH LQFXPSOLHURQ QRUPDV
SURFHVDOHVH[SUHVDVFRPRD (ODUWGHO&3&WRGDYH]TXHQRVHH[DPLQyHOWtWXOR
EDVHGHODDFFLyQHMHFXWLYDHVSHFLDOPHQWHUHVSHFWRD-XOLHWD8JDUWH3DODFLRVGHELGRD
TXH pVWD QR VXVFULELy OD HVFULWXUD S~EOLFD EDVH GH OD HMHFXFLyQ \ VL ELHQ HQ GLFKR
GRFXPHQWRODREOLJDFLyQHVWiJDUDQWL]DGDFRQXQELHQLQPXHEOHGHVXSURSLHGDGHVD
FOiXVXODHVLQYiOLGDSRUTXHIXHRWRUJDGRSRU0DUtD&DVWD8JDUWHGH/HyQVLQWHQHUSRGHU
H[SUHVR SDUD KDFHUOR E  6H DQXOy HO $XWR GH FRQFHVLyQ GHO UHFXUVR GH DSHODFLyQ
LQWHUSXHVWRFRQWUDODVHQWHQFLDFRQHODUJXPHQWRGHTXHHOUHFXUVRIXHSUHVHQWDGRIXHUD
GHO WpUPLQR GHFODUDQGR HMHFXWRULDGD OD VHQWHQFLD (O 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO DSUREy OD UHVROXFLyQ TXH GHQHJy OD WXWHOD DQDOL]DQGR SUHYLDPHQWH HO
SULQFLSLRGHVXEVLGLDULHGDGGHODDFFLyQGHDPSDURFRQVWLWXFLRQDO

([WUDFWRGHODUDWLRGHFLGHQGL


W


dW^:d
)-,,,
2WURGHORVDFWRVOHVLYRVHVODGHQXQFLDGHORVDFFLRQDQWHVVREUHODIDOWDGH
H[DPHQGHOWtWXOREDVHGHODDFFLyQHMHFXWLYDFRQIRUPHDODUWGHO&3&SRUSDUWHGH
ODVDXWRULGDGHVMXGLFLDOHVGHPDQGDGDVTXHDVXMXLFLRDIHFWDD-XOLHWD8JDUWH3DODFLRV
HQ VX FRQGLFLyQ GH JDUDQWH KLSRWHFDULD SUHWHQGLHQGR FRQIRUPH PDQLILHVWDQ
H[SUHVDPHQWHHQVXSHWLWRULRTXHVHFRQFHGDODWXWHODVROLFLWDGDRUGHQDQGRODVXVSHQVLyQ
GHOUHPDWH\VXEDVWDGHOLQPXHEOHGHVXSURSLHGDG
 
(QUHVXPHQORVDFFLRQDQWHVFXHVWLRQDQODYDOLGH]GHOGRFXPHQWREDVHGHODHMHFXFLyQ
GHQWURGHOSURFHVR HMHFXWLYRGHOFXDO HPHUJH OD SUHVHQWH DFFLyQGH DPSDUR HVFULWXUD
S~EOLFD   DO VHxDODU TXH OD PLVPD QR VH FRQVWLWX\H HQ XQ WtWXOR FRQ IXHU]D
HMHFXWLYD VLQ WHQHU HQ FXHQWD TXH HVWH HV XQ H[WUHPR TXH QR FRUUHVSRQGH DQDOL]DU
UHYLVDU QL FRUUHJLU D OD MXVWLFLD FRQVWLWXFLRQDO \ TXHGHEHUi GLOXFLGDUVH HQ XQSURFHVR
RUGLQDULR GH FRQRFLPLHQWR SRVWHULRU GRQGH H[LVWLUi DPSOLR GHEDWH DO UHVSHFWR \ VH
SURGXFLUiQODVSUXHEDVSHUWLQHQWHVYtDTXHWLHQHQH[SHGLWDFRQIRUPHDODUW&3&
PRGLILFDGRSRUHODUWGHOD/$3&$)

6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO  SRU VXEVLGLDULHGDG DO FRQVLGHUDU TXH OD
YDOLGH] GHO GRFXPHQWR EDVH GH OD HMHFXFLyQ GHQWUR GHO SURFHVR HMHFXWLYR HVFULWXUD
S~EOLFD GHEHUiGLOXFLGDUVHHQXQSURFHVRRUGLQDULRGHFRQRFLPLHQWRSRVWHULRU

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/D 6&3  VLVWHPDWL]D ODV GLIHUHQWHV VHQWHQFLDV FRQVWLWXFLRQDOHV TXH KDQ
LQJUHVDGRDODQiOLVLVGHIRQGRGHOSUREOHPDMXUtGLFRSODQWHDGRWUDWiQGRVHGHSURFHVRV
HMHFXWLYRVRFRDFWLYRVFLYLOHV\DTXHOODVTXHKDQGHQHJDGRODWXWHODSRUVXEVLGLDULHGDG
FRQ HO DUJXPHQWR TXH ORV DFWRV OHVLYRV GHQXQFLDGRV D WUDYpV GH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO SXHGHQ VHU DQDOL]DGRV UHYLVDGRV \ FRUUHJLGRV HQ SURFHVR RUGLQDULR
SRVWHULRU(QWUHODVSULPHUDVVHWLHQHDOD6&555
5 5 \ 5 5 5 5
HQWUHODVVHJXQGDVDODV66&&555
55

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

,,,/RVSURFHVRVGHHMHFXFLyQSURFHVRHMHFXWLYR\DFFLyQFRDFWLYDFLYLO\ODDFFLyQ
GHDPSDURFRQVWLWXFLRQDO

&XDQGRVHGHQXQFLDQDWUDYpVGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOGHFLVLRQHVMXGLFLDOHV
HPHUJHQWHV GH SURFHVRV GH HMHFXFLyQ SURFHVR HMHFXWLYR R DFFLyQ FRDFWLYD FLYLO OD
MXULVSUXGHQFLDFRQVWLWXFLRQDOKDGLVWLQJXLGRGRVVXSXHVWRVGHKHFKRHQUHVJXDUGRGHO
SULQFLSLRGHVXEVLGLDULHGDGSUHYLVWRDKRUDHQORVDUWV,GHOD&3(\\\
GHOD/7&3

,,, 3ULPHU VXSXHVWR GH KHFKR &XDQGR HO DPSDUR LQJUHVD D OD FRPSXOVD GHO DFWR
OHVLYRHQHOSURFHVRHMHFXWLYR\DFFLyQFRDFWLYDFLYLOGHELGRDTXHHQHOSURFHVRRUGLQDULR
SRVWHULRUQRSRGUiVHUDQDOL]DGDUHYLVDGD\FRUUHJLGD

/DSULPHUDVLWXDFLyQHVFXDQGRGHQWURGHOSURFHVRGHHMHFXFLyQHMHFXWLYRRDFFLyQ
FRDFWLYD FLYLO ORV DFWRV OHVLYRV GHQXQFLDGRV VH UHILHUHQ D OD OHVLyQ D GHUHFKRV
IXQGDPHQWDOHVRJDUDQWtDVFRQVWLWXFLRQDOHVFRQVWLWXWLYDVGHOGHELGRSURFHVRFDVRHQHO
FXDOHYLGHQFLiQGRVHVXTXHEUDQWDPLHQWRVHRWRUJDODWXWHODGHELGRDTXHGHQWURGHO
SURFHVRRUGLQDULRSRVWHULRUQRSRGUiQVHUDQDOL]DGDVUHYLVDGDVQLFRUUHJLGDVH[LVWLHQGR
~QLFDPHQWHODMXVWLFLDFRQVWLWXFLRQDOSDUDVXWXWHOD


W


dW^:d


(VWRGHELGRDTXHFRPRHQWHQGLyOD6&5GHGHDJRVWRODRUGLQDUL]DFLyQ
SRVWHULRU GHO SURFHVR HMHFXWLYR R FRDFWLYR FLYLO
HQFXHQWUD VX H[FHSFLyQ FXDQGR
DWHQWRV D OD FLUFXQVWDQFLDV GH FDGD FDVR OD RUGLQDUL]DFLyQ GHO SURFHVR HMHFXWLYR QR
UHSUHVHQWDXQPHFDQLVPRLGyQHR\HIHFWLYRSDUDGLOXFLGDUORVKHFKRVYXOQHUDWRULRVGH
GHUHFKRV IXQGDPHQWDOHV HV DVt TXH FXDQGR VH DOHJXHQ \ OOHJXHQ D FRQVWDWDUVH
YXOQHUDFLRQHVDOGHELGRSURFHVRTXHSRVWHULRUPHQWHHQXQSURFHVRRUGLQDULRQRSRGUiQ
UHVWLWXLUVHVHSRGUiDQDOL]DUODSUREOHPiWLFDGLUHFWDPHQWHPHGLDQWHODWXWHODTXHEULQGD
HVWDDFFLyQWXWHODUVLQQHFHVLGDGGHUHFXUULUDODDSOLFDFLyQGHODUWGHOD/$3&$)


$OUHVSHFWRHVWiQODVVLJXLHQWHVOtQHDVMXULVSUXGHQFLDOHVFRPRHMHPSORV

 
'HUHFKRDODGHIHQVD

/D OtQHD MXULVSUXGHQFLDO UHVSHFWR D ODREOLJDFLyQGH LQLFLDU HO SURFHVR GH HMHFXFLyQ 
HMHFXWLYRRDFFLyQFRDFWLYDFLYLOQRVyORFRQWUDHOGHXGRUVLQRWDPELpQFRQWUDHOJDUDQWH
KLSRWHFDULRHVWiIXQGDGDDSDUWLUGHOD6&5GHGHIHEUHUR )XQGDPHQWR
-XUtGLFR ,,,  OD TXH IXH FRPSOHPHQWDGD FRQ HO HQWHQGLPLHQWR DVXPLGR HQ OD 6&
5GHGHPDU]R )XQGDPHQWR-XUtGLFR,,, HQVHQWLGRTXHHOSURFHVRGH
HMHFXFLyQHQFXHVWLyQGHEHLQLFLDUVHQRVyORFRQWUDORVGHXGRUHVVLQRWDPELpQFRQWUDHO
JDUDQWHKLSRWHFDULRRORVKHUHGHURVGHpVWH~OWLPR

'LFKDOtQHDMXULVSUXGHQFLDOQRSXHGHVHUDSOLFDGDDORVFDVRVHQORVFXDOHVHOJDUDQWH
KLSRWHFDULRRORVKHUHGHURVGHpVWH~OWLPRSHVHDQRKDEHUVHRPLWLGRLQLFLDUHOSURFHVR
HQ VX FRQWUD R SRUTXH QR VH OHV FLWy FRQ OD GHPDQGD FRDFWLYD R HMHFXWLYD WXYLHURQ
FRQRFLPLHQWR\SRUORPLVPRDVXPLHURQGHIHQVDFRQIRUPHORHQWHQGLHURQODV66&&
5\5HQWUHRWUDV

(QHVHRUGHQOD6&5GHRFWXEUHGHHQWHQGLyTXHVLELHQOD6&
5 HVWDEOHFLy TXH GHEtD QRWLILFDUVH DO JDUDQWH KLSRWHFDULR FRQ OD GHPDQGD
FRDFWLYDFLYLOVHGHEtDFRQVLGHUDUOD6&5GHGHMXQLRTXHGHWHUPLQyTXH

VHGHEHWHQHUHQFXHQWDTXH6LH[LVWHFRQVWDQFLDGHTXHHOJDUDQWHKLSRWHFDULRGXUDQWH
HOSURFHVRWRPyFRQRFLPLHQWRH[WUDRILFLDOGHODGHPDQGDRDFFLyQGHODFUHHGRUFRQWUD
HO GHXGRU R VL HQ HMHFXFLyQGH VHQWHQFLD HV QRWLILFDGR FRQ ORV DFWRV SUHSDUDWRULRV DO
UHPDWH QR H[LVWH LQGHIHQVLyQ \ SRU HQGH QR FRUUHVSRQGH OD QXOLGDG GH REUDGRV SRU
FXDQWR WXYR ORV PHGLRV SDUD UHFODPDU FXDOTXLHU VXSXHVWD LOHJDOLGDG TXH OHVLRQH VXV
GHUHFKRV IXQGDPHQWDOHV DJRWDGRV ORV PLVPRV UHFLpQ FRUUHVSRQGHUi DFXGLU D OD
MXULVGLFFLyQFRQVWLWXFLRQDODWUDYpVGHODDFFLyQGHDPSDURFRQVWLWXFLRQDO

3RU FRQVLJXLHQWH VH SXHGH HYLGHQFLDU HIHFWLYDPHQWH TXH DO KDEHU SUHVHQWDGR ORV
DFFLRQDQWHVHOLQFLGHQWHGHQXOLGDGGHREUDGRVKDVWDHOPRPHQWRGHTXHVHDQQRWLILFDGRV
FRQODGHPDQGDHOPLVPRTXHIXHUHVXHOWRSRU$XWRGHGHPD\RGHUHFKD]DQGR
GLFKDVROLFLWXGHO-XH]GHODFDXVDGLVSXVRTXHHVWDQGRDSHUVRQDGRVORVLPSHWUDQWHV\
FRQHOILQGHTXHWRPHQFDXVDVHGLVSRQHVXQRWLILFDFLyQFRQODVHQWHQFLDSURQXQFLDGD
DVtFRPRFRQHODYDO~RGHOLQPXHEOHHQSURFHVRGHVXEDVWD


(QHVWHVHQWLGRWDPELpQH[LVWHSURIXVDMXULVSUXGHQFLDFRQVWLWXFLRQDOTXHVHxDODTXHDVt
QRVHFXPSODQODVIRUPDOLGDGHVOHJDOHVH[LJLGDVSRUODVQRUPDVSURFHVDOHVFLYLOHVVLHO
FRDFWLYDGRRHMHFXWDGRKDDVXPLGRGHIHQVDVLWXDFLyQTXHVHYHULILFDFRQFXDOHVTXLHU
DFWXDFLyQGHQWURGHOSURFHVRLQFOXVRFRQXQVLPSOHDSHUVRQDPLHQWRODQRWLILFDFLyQHV
YiOLGD\GHQLQJ~QPRGRSXHGHSURVSHUDUHOLQFLGHQWHGHQXOLGDGGHQRWLILFDFLyQ$VtOR
KD HVWDEOHFLGR OD 6& 5 GH  GH QRYLHPEUH )XQGDPHQWR -XUtGLFR ,,, 
MXULVSUXGHQFLD UHLWHUDGD HQ ODV 66&& 5 \ 5 )XQGDPHQWR
-XUtGLFR,,, HQWUHRWUDV

(VWD OtQHD MXULVSUXGHQFLDO VH HQFXHQWUD HQ YLJRU SRU VX FRPSDWLELOLGDG FRQ HO QXHYR
RUGHQFRQVWLWXFLRQDOTXHSUHYpHOGHUHFKRDODGHIHQVDHQORVDUWV,,GHOD&3(

W


dW^:d
GH OD &RQYHQFLyQ $PHULFDQD VREUH 'HUHFKRV +XPDQRV &$'+  \  GHO 3DFWR
,QWHUQDFLRQDOGH'HUHFKRV&LYLOHV\3ROtWLFRV 3,'&3 

2WUR FDVR HQ OD 6& 5 GH  GH DJRVWR HQ HO TXH GHQWUR GH XQ SURFHVR
HMHFXWLYR ORV YRFDOHV GHPDQGDGRV QR LPSULPLHURQ HO WUiPLWH FRUUHVSRQGLHQWH DO
LQFLGHQWHGHQXOLGDGGHREUDGRVSODQWHDGRSRUORVKHUHGHURVGHODHMHFXWDGDGHDFXHUGR
DORGLVSXHVWRHQORVDUWVDOGHO&3&\SRUHOFRQWUDULRGLVSXVLHURQODHMHFXWRULD
GH OD VHQWHQFLD DSHODGD HO 7ULEXQDO &RQVWLWXFLRQDO HQ SULQFLSLR VHxDOy TXH HUD

QHFHVDULRGHMDUHVWDEOHFLGRTXHORVKHFKRVDOHJDGRVQRVHUiQVXVFHSWLEOHVGHUHYLVLyQ
HQXQSURFHVRRUGLQDULRSRVWHULRUSXHVWRTXHVHWUDWDQGHOHVLRQHVDOGHELGRSURFHVR
LQKHUHQWHVDODQDWXUDOH]DGHHVWHSURFHVRMXGLFLDOHQFRQVHFXHQFLDQRHVDSOLFDEOHHO
HQWHQGLPLHQWRH[SXHVWRHQODMXULVSUXGHQFLDFRQVWLWXFLRQDOJORVDGDHQHO)XQGDPHQWR
-XUtGLFR,,,VREUHODLPSURFHGHQFLDSRUVXEVLGLDULHGDGFRUUHVSRQGLHQGRVXDQiOLVLVHQ
HO IRQGR FRPR VH H[SOLFD HQ HO VLJXLHQWH DFiSLWH
 < SRVWHULRUPHQWH UHVROYLHQGR HO
IRQGR UHILULy TXH
ORV PLHPEURV GHO 7ULEXQDO GH DO]DGD FRGHPDQGDGRV HQ YH] GH
LPSULPLUOHHOWUiPLWHFRUUHVSRQGLHQWHDOLQFLGHQWHGHQXOLGDGGHREUDGRVSODQWHDGRSRU
ORVKHUHGHURVGHODHMHFXWDGDGHDFXHUGRDORGLVSXHVWRHQORVDUWDOGHO&3&
VHFRQVWDWDTXHQRHPLWLHURQSURQXQFLDPLHQWRDOJXQRVREUHHOPLVPRDSHVDUGHTXH
FRUULGR HQ WUDVODGR D OD SDUWH FRQWUDULD \ XQD YH] UHVSRQGLGR FRQFHUQtD GLFWDU OD
UHVROXFLyQ FRUUHVSRQGLHQWH DFWXDQGR HQ FRQWUDULR YXOQHUDURQ ORV GHUHFKRV GH ORV
LQFLGHQWLVWDVDKRUDDFFLRQDQWHVDOGHELGRSURFHVRDOGHUHFKRDODLJXDOGDGMXUtGLFD\D
ODGHIHQVDFRQVDJUDGRVHQORVDUWV\GHOD&3(


 
'HUHFKRDXQDUHVROXFLyQMXGLFLDOPRWLYDGD

/DOtQHDMXULVSUXGHQFLDOHQSURWHFFLyQGHOGHUHFKRDXQDUHVROXFLyQMXGLFLDOPRWLYDGD
GHPD\RUUHOHYDQFLDFXDQGRHOMXH]RWULEXQDOGHEHUHVROYHUHQDSHODFLyQODLPSXJQDFLyQ
GH ODV UHVROXFLRQHV SURQXQFLDGDV SRU ODV DXWRULGDGHV GH SULPHUD LQVWDQFLD Pi[LPH
FXDQGRVHWUDWDGHUHVROYHUUHFXUVRVVREUHH[FHSFLRQHVTXHWLHQHQFDUiFWHUGHILQLWLYR
6&GHGHDEULO  )XQGDPHQWR-XUtGLFR,,, HQWHQGLyTXHFXDQGRHQXQ
SURFHVRHMHFXWLYRRFRDFWLYRFLYLOXQDGHODVSDUWHVLQWHUSRQHUHFXUVRGHDSHODFLyQFRQWUD
XQD5HVROXFLyQHQDSHODFLyQTXHUHVXHOYHODVH[FHSFLRQHVRSXHVWDVRFRQWUDODVHQWHQFLD
GHSULPHUDLQVWDQFLDHOMXH]RWULEXQDODGTXHPGHEHSURQXQFLDUVHVREUHWRGRV\FDGD
XQRGHORVSXQWRVTXHIXHURQDSHODGRVFRQIRUPHORH[LJHHODUWGHO&3&(QHVH
VHQWLGR VH SURQXQFLy OD 6& 5 UHLWHUDGD HQ ODV 66&& 5
5\5HQWUHRWUDV

(QRWURFDVRHQOD6&5GHRFWXEUHHO7ULEXQDO&RQVWLWXFLRQDOFRQFHGLy
ODWXWHODHQSDUWHUHVSHFWRDOGHELGRSURFHVRHQVXHOHPHQWRFRQVWLWXWLYRHOGHUHFKRDXQD
UHVROXFLyQMXGLFLDOPRWLYDGDHQXQSURFHVRHMHFXWLYRVHxDODQGRTXHODIXQGDPHQWDFLyQ
LPSOLFD OD LGHQWLILFDFLyQ GH ODQRUPD DSOLFDEOH DO FDVR FRQFUHWR \ VX FRUUHVSRQGLHQWH
DGHFXDFLyQSRUFXDQWRHYLGHQFLyTXH
(ODFFLRQDQWHDWUDYpVGHVXPHPRULDOGHDPSDUR
FRQVWLWXFLRQDODOHJDODIDOWDGHFLWDOHJDOH[SUHVDTXHVXVWHQWHOD5HVROXFLyQGHGH
MXQLRGH\HO$XWR&RPSOHPHQWDULRGHGHDJRVWRGHOPLVPRDxRDWUDYpVGHODV
FXDOHVVHUHFKD]DURQODH[FHSFLyQELHQDOGHSUHVFULSFLyQSODQWHDGDSRUHODFFLRQDQWHHQ
VHJXQGD LQVWDQFLD DUJXPHQWiQGRVH TXH HQ SURFHVRV HMHFXWLYRV VRODPHQWH SXHGH
RSRQHUVHODH[FHSFLyQGHSUHVFULSFLyQHQHOSOD]RGHFLQFRGtDVGHVSXpVGHODFLWDFLyQ
FRQ OD GHPDQGD \ HO $XWR ,QWLPDWRULR /D 5HVROXFLyQ GH  GH MXQLR GH  HVWD
HVWUXFWXUDGDHQWUHVSDUWHVFRQVLGHUDWLYDVGHODVFXDOHVODSULPHUDUHDOL]DODUHODFLyQ
IiFWLFDUHODFLRQDGDFRQODSUREOHPiWLFDFRQFUHWDHOVHJXQGRFRQVLGHUDQGRDQDOL]DHO
UpJLPHQ GH OD SUHVFULSFLyQ VXVWHQWDQGR HO UD]RQDPLHQWR HQ ODV VLJXLHQWHV QRUPDV
FRQFUHWDVL (QHODUWLQF GHO&3&\HODUWGHO&&GLVSRVLFLyQDGMHWLYD
TXHUHJXODQODH[FHSFLyQGHSUHVFULSFLyQHQSURFHVRVGHFRQRFLPLHQWRLL (QHODUW
LQF GHO&3&TXHIDFXOWDODLQWHUSRVLFLyQGHH[FHSFLRQHVGHSUHVFULSFLyQHQHOSOD]R
GHFLQFRGtDVGHVSXpVGHODFLWDFLyQFRQODGHPDQGD\DXWRLQWLPDWRULRHLLL (QORVDUWV
\GHO&3&$KRUDELHQFRPR\DVHWLHQHGLFKRXQRGHORVUHTXLVLWRVGHOD

W


dW^:d


PRWLYDFLyQ FRPR HOHPHQWR GHO GHELGR SURFHVR SUHFLVDPHQWH HV OD GHVFULSFLyQ GH
PDQHUDH[SUHVDGHORVVXSXHVWRVGHKHFKRFRQWHQLGRVHQODQRUPDMXUtGLFDDSOLFDEOHDO
FDVRFRQFUHWRHQHVHFRQWH[WRVHWLHQHTXHODSUREOHPiWLFDHQGLFKRFDVRYHUVDVREUH
ODRSRVLFLyQGHODH[FHSFLyQGHSUHVFULSFLyQHQVHJXQGDLQVWDQFLD\HQODVXVWDQFLDFLyQ
GHSURFHVRVHMHFXWLYRVHQWRQFHVGHDFXHUGRDODVFLWDVOHJDOHVVHxDODGDVVHHVWDEOHFH
OR VLJXLHQWH   HO DUW  LQF   GHO &3& QR HV DSOLFDEOH DO FDVR FRQFUHWR SRUTXH
GLVFLSOLQDSURFHVRVRUGLQDULRV HODUWLQF GHO&3&FRQVWLWX\HXQDGLVSRVLFLyQ
FX\R VXSXHVWR GH KHFKR IDFXOWD OD SUHVHQWDFLyQ GH OD H[FHSFLyQ GH SUHVFULSFLyQ HQ
SULPHUDLQVWDQFLDGHQWURGHMXLFLRVHMHFXWLYRVUD]yQSRUODFXDOHVWDFLWDOHJDOQRFXPSOH
FRQ HO UHTXLVLWR GH PRWLYDFLyQ VHxDODGR WRGD YH] TXH HO VXSXHVWR GH KHFKR QR HVWD
GLUHFWDPHQWH YLQFXODGR D OD SUREOHPiWLFD FRQFUHWD HV GHFLU D OD LQWHUSRVLFLyQ GH OD
H[FHSFLyQGHSUHVFULSFLyQHQVHJXQGDLQVWDQFLD\HQSURFHVRGHHMHFXFLyQ\ ORVDUWV
\GHO&3&WDPSRFRVRQVXSXHVWRVGHKHFKRQRUPDWLYRVDSOLFDEOHVDOD
SUREOHPiWLFD FRQFUHWD SXHVWR TXH GLVFLSOLQDQ VLWXDFLRQHV IiFWLFDV DSOLFDEOHV D OD
IDFXOWDGGHLQWHUSRQHUH[FHSFLRQHVHQSULPHUDLQVWDQFLDHQFRQVHFXHQFLDGHOFRQWHQLGR
GH OD 5HVROXFLyQ GH  GH MXQLR GH  VH HVWDEOHFH TXH HVWD GHFLVLyQ QR FLWD OD
QRUPDWLYDFX\RVVXSXHVWRVGHKHFKRVHDGDSWHQDOFDVRFRQFUHWR3RUVXSDUWHHODXWR
FRPSOHPHQWDULRGHGHDJRVWRGHFXUVDQWHGHIV\YWDDSHVDUGHHVWDEOHFHU
HQVXSDUWHGLVSRVLWLYDQRKDEHUQDGDTXHFRPSOHPHQWDU\DFODUDUVLQHPEDUJRHQOD
SDUWHFRQVLGHUDWLYDFLWDODVPLVPDVGLVSRVLFLRQHVOHJDOHVVHxDODGDVVXSUDSRUWDQWRVH
HVWDEOHFH TXH HVWD SURYLGHQFLD WDPSRFR FXPSOH FRQ HO UHTXLVLWR GH PRWLYDFLyQ
GHVDUUROODGROtQHDVDUULED/RH[SXHVWRSUHFHGHQWHPHQWHHYLGHQFLDTXHODVDXWRULGDGHV
GHPDQGDGDV YXOQHUDURQ HO GHUHFKR GH OD &RPSDxtD TXH UHSUHVHQWD HO DFFLRQDQWH DO
GHELGRSURFHVRHQVXHOHPHQWRPRWLYDFLyQUD]yQSRUODFXDOHQFXDQWRDODGHQXQFLDGH
VXYXOQHUDFLyQODWXWHODGHEHVHUFRQFHGLGD


 
'HUHFKRDUHFXUULUDQWHXQMXH]RWULEXQDOVXSHULRU

/D 6& 5 GH  GH PD\R HQ XQ FDVR HQ HO TXH ORV 9RFDOHV GHPDQGDGRV
GHFODUDURQ LQDGPLVLEOH HO UHFXUVR GH DSHODFLyQ SUHVHQWDGR SRU HO DFFLRQDQWH HQ
HMHFXFLyQGHVHQWHQFLDGHOSURFHVRHMHFXWLYRFRQWUDHO$XWRTXHUHFKD]yHOLQFLGHQWH
GHQXOLGDGGHREUDGRVFRQHODUJXPHQWRGHKDEHUVLGRSODQWHDGRH[WHPSRUiQHDPHQWH
IXHUD GH ORV WUHV GtDV SUHYLVWRV HQ ORV DUWV  \  GHO &3& HO HQWRQFHV 7ULEXQDO
&RQVWLWXFLRQDOHQWHQGLyTXH
FRQIRUPHDOHQWHQGLPLHQWRMXULVSUXGHQFLDOFRQWHQLGRHQ
OD6&5ODDSHODFLyQSUHVHQWDGDSRUHODFFLRQDQWHTXHIXHDGPLWLGDHQ
HOHIHFWRGHYROXWLYRHVFRQVLGHUDGDXQDDSHODFLyQGLUHFWD\WLHQHHOSOD]RGHGLH]GtDV
SDUDVXSUHVHQWDFLyQ\DTXHHQHOFDVRDQDOL]DGRHO$XWRDSHODGRWLHQHHOFDUiFWHUGH
GHILQLWLYR SRUTXH HO PLVPR GHILQH HO GHUHFKR GHO DKRUD DFFLRQDQWH DGHPiV GH
HQFRQWUDUVHHOSURFHVRHQHMHFXFLyQGHVHQWHQFLD


(QOD6&5GHGHMXOLRHQXQDVXQWRHQHOTXHHODFFLRQDQWHGHQXQFLyTXH
GHQWURGHXQSURFHVRFRDFWLYRFLYLOHOMXH]GHPDQGDGRUHFKD]yVXUHFXUVRGHDSHODFLyQ
FRQHODUJXPHQWRGHTXHIXHLQWHUSXHVWRIXHUDGHWpUPLQRHO7ULEXQDO&RQVWLWXFLRQDO
LQJUHVDQGRDODFRPSXOVDGHODFWROHVLYRHYLGHQFLyTXHHQHIHFWRHOUHFXUVRGHDSHODFLyQ
VHSUHVHQWyH[WHPSRUiQHDPHQWHSUHYLVWRHQHODUWGHO&3&SRUORTXHGHQHJyOD
WXWHODVROLFLWDGD

,,,6HJXQGRVXSXHVWRGHKHFKR&XDQGRHODPSDURQRLQJUHVDDODFRPSXOVDGHODFWR
OHVLYRHQHOSURFHVRHMHFXWLYR\DFFLyQFRDFWLYDFLYLO

/DVHJXQGDVLWXDFLyQHVFXDQGRGHQWURGHOSURFHVRGHHMHFXFLyQHMHFXWLYRRDFFLyQ
FRDFWLYD FLYLO ORV DFWRV OHVLYRV GHQXQFLDGRV D WUDYpV GH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO SXHGHQ VHU DQDOL]DGRV UHYLVDGRV \ FRUUHJLGRV HQ SURFHVR RUGLQDULR
SRVWHULRUSUHFLVDPHQWHSRUQRLQFLGLUHQODOHVLyQDGHUHFKRVIXQGDPHQWDOHVRJDUDQWtDV
FRQVWLWXFLRQDOHV FRQVWLWXWLYDV GHO GHELGR SURFHVR \ UHIHULUVH D DVSHFWRV TXHUHTXLHUHQ
DPSOLRGHEDWHHQHOSURFHVR$VtWHQHPRVODVVLJXLHQWHVOtQHDVMXULVSUXGHQFLDOHVFRPR

W


dW^:d
HMHPSORV

 
([FHSFLyQGHIDOWDGHIXHU]DFRDFWLYDRHMHFXWLYD

([LVWHXQLIRUPHMXULVSUXGHQFLDUHVSHFWRDGHQHJDUODWXWHODSRUVXEVLGLDULHGDGFXDQGRHO
DFFLRQDQWHDWUDYpVGHODPSDURGHQXQFLDTXHGHQWURGHOSURFHVRHMHFXWLYRRFRDFWLYRHO
GRFXPHQWRGHFUpGLWRREDVHGHODHMHFXFLyQTXHORRULJLQyWXYRYLFLRVGHQXOLGDGSRU
FXDOHVTXLHUFLUFXQVWDQFLD\SRUORPLVPRFDUHFHGHIXHU]DFRDFWLYDRHMHFXWLYDHQHO
HQWHQGLGRTXHHVWHH[WUHPRSXHGHVHUFRUUHJLGRHQYtDRUGLQDULDSRVWHULRUSUHYLVWDSRU
HODUW&3&PRGLILFDGRSRUHODUWGHOD/$3&$)(QHVWHVHQWLGRVHSXHGHQ
FRQVXOWDUODV66&&555\6&5GH
MXOLR FDVRHQHOFXDOVHDFWLYySDUDOHODPHQWHODYtDRUGLQDULD\ODDFFLyQGHDPSDUR 


 
([FHSFLyQSHUHQWRULDGHSUHVFULSFLyQOLEHUDWRULD

/D6&5GHGHPD\RHQXQFDVRHQHOTXHVHSUHWHQGLyDWUDYpVGHOD
DFFLyQGHDPSDURVHUHYLVHODUHVROXFLyQTXHGHFODUyLPSUREDGDODH[FHSFLyQSHUHQWRULD
GHSUHVFULSFLyQOLEHUDWRULDHO7ULEXQDO&RQVWLWXFLRQDO7UDQVLWRULRFRQVLGHUyTXHHOORHUD
XQDVLWXDFLyQTXH~QLFDPHQWHSRGtDVHUFXHVWLRQDGD\FRQWURYHUWLGDDWUDYpVGHOSURFHVR
RUGLQDULRFRQIRUPHORHVWDEOHFHHODUW,GHO&3&\QRDVtPHGLDQWHODMXULVGLFFLyQ
FRQVWLWXFLRQDOFX\DIXQFLyQHVSHFtILFDVHWUDGXFHHQODWXWHODGHGHUHFKRVIXQGDPHQWDOHV

 
([FHSFLyQGHSUHVFULSFLyQGHODDFFLyQ\GHOGHUHFKR

/D6&5GHGHDJRVWRHQVLPLODUVHQWLGRTXHHODQWHULRUQRLQJUHVyD
DQDOL]DUHOIRQGRGHODGHQXQFLDUHVSHFWRDODH[FHSFLyQGHSUHVFULSFLyQGHODDFFLyQ\
GHOGHUHFKRGHULYDQGRVXDQiOLVLVDOSURFHVRRUGLQDULRSRVWHULRU




1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLDSUHFHGHQFLDOUHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD ([WUDFWRRUHFRQVWUXFFLyQGHOSUHFHGHQWHFRQVWLWXFLRQDO

6&36XSXHVWRVGHVXEVLGLDULHGDGGHODDFFLyQGHDPSDURFRQVWLWXFLRQDO
FRQVWUXLGRVMXULVSUXGHQFLDOPHQWHDSDUWLUGHVXFRQILJXUDFLyQSURFHVDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO OD DFFLRQDQWH DOHJy OD YXOQHUDFLyQ GH VXV
GHUHFKRVDODYLYLHQGDKDELWDG\SHWLFLyQWRGDYH]TXHGHQWURGHOSURFHVRGHFRQFXUVR
QHFHVDULR GH DFUHHGRUHV OD DXWRULGDG MXGLFLDO GHPDQGDGD HPLWLy PDQGDPLHQWR GH
GHVDSRGHUDPLHQWR GHO LQPXHEOH TXH OH IXH GDGR HQ DQWLFUpWLFR SRU ORV SURSLHWDULRV
TXLHQHVQROHGHYROYLHURQVXFDSLWDOGHDQWLFUpWLFRGHSDUWDPHQWRTXHIXHUHPDWDGR\
DGMXGLFDGRDXQWHUFHURSRUORTXHVROLFLWyVHOHFRQFHGDODWXWHOD\VHGHMHQVLQHIHFWR
ODVPHGLGDVGLVSXHVWDVDIDYRUGHODDKRUDFRGHPDQGDGDHQWDQWRQRVHOHGHYXHOYDHO
PRQWR SRU HO FDSLWDO GH DQWLFUpWLFR D OD DFFLRQDQWH (O 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO DSUREy OD UHVROXFLyQ UHYLVDGD \ GHQHJy OD DFFLyQ GH DPSDUR SRU
VXEVLGLDULHGDG

([WUDFWRGHODUDWLRGHFLGHQGL


W


dW^:d


)-,,,/DMXULVSUXGHQFLDGHVDUUROODGDSUHFHGHQWHPHQWHHVDSOLFDEOHDOSUHVHQWHFDVR
WRGDYH]TXHODDXWRULGDGMXGLFLDOGHPDQGDGDHPLWLyPDQGDPLHQWRGHGHVDSRGHUDPLHQWR
HQFRQWUDGHOWHUFHUDFUHHGRUGHQWURGHOSURFHVRGHFRQFXUVRGHDFUHHGRUHVHQHOTXHOD
DKRUDDFFLRQDQWHVHDSHUVRQyFRPRDFUHHGRUDDQWLFUHVLVWDSURFHVRHQHOTXHODDXWRULGDG
MXGLFLDORUGLQDULDYDORUyODSUXHEDRIUHFLGDOLEUDQGRXQDVHQWHQFLDHQODTXHODVLW~DHQ
WHUFHU OXJDU GH JUDGRV \ SUHIHULGRV GLFKD UHVROXFLyQQR IXH DSHODGD GHQWURGHOSOD]R
OHJDO\DFWXDOPHQWHVHHQFXHQWUDHMHFXWRULDGD


$VLPLVPRGHQWURGHOUHIHULGRSURFHVRMXGLFLDOODDKRUDDFFLRQDQWHDVXPLyGHIHQVDSRU
ORTXHVLHOODFRQVLGHUDEDTXHODVHQWHQFLDHPLWLGDHQSULPHUDLQVWDQFLDSRUODDXWRULGDG
MXGLFLDOHUDOHVLYDDVXVLQWHUHVHVGHELyDSHODUODDILQTXHHOVXSHULRUHQJUDGRUHYLVH\
UHVWLWX\DODSRVLEOHYXOQHUDFLyQDVXGHUHFKR


3RURWUDSDUWHODDFFLRQDQWHVROLFLWyODDSOLFDFLyQGHODH[FHSFLyQGHODVXEVLGLDULHGDG
HQ OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SRU H[LVWLU SHOLJUR GH GDxR LUUHPHGLDEOH VLQ
HPEDUJRFRQIRUPHORGHVDUUROOyODMXULVSUXGHQFLDPHQFLRQDGDSUHFHGHQWHPHQWHDOQR
KDEHUVHLQWHUSXHVWRHOUHFXUVRRPHGLRGHLPSXJQDFLyQGHQWURGHOSOD]ROHJDOQRHV
DSOLFDEOH OD H[FHSFLyQ GH OD VXEVLGLDULHGDG WRGD YH] TXH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDOQRHVVXSOHWRULDQLFRPSOHPHQWDULDGHORVUHFXUVRVHVWDEOHFLGRVHQODYtD
RUGLQDULDDVtORGHWHUPLQyH[SUHVDPHQWHOD6HQWHQFLD&RQVWLWXFLRQDOPHQFLRQDGD

6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJD OD DFFLyQGH DPSDUR FRQVWLWXFLRQDO SRU VXEVLGLDULHGDG SRU FXDQWR GHQWUR GHO
SURFHVRGH FRQFXUVR GH DFUHHGRUHV HQ HOTXHOD DKRUD DFFLRQDQWH VH DSHUVRQy FRPR
DFUHHGRUDDQWLFUHVLVWDFRQWUDODVHQWHQFLDQRLQWHUSXVRDSHODFLyQGHQWURGHOSOD]ROHJDO
HQFRQWUiQGRVH DO PRPHQWR GH OD LQWHUSRVLFLyQ GH OD DFFLyQ GH GHIHQVD HMHFXWRULDGD
$GHPiVQRHVSRVLEOHODDSOLFDFLyQGHODH[FHSFLyQGHODVXEVLGLDULHGDGHQODDFFLyQGH
DPSDUR FRQVWLWXFLRQDO SRU H[LVWLU SHOLJUR GH GDxR LUUHPHGLDEOH DO QR KDEHUVH
LQWHUSXHVWRHOUHFXUVRRPHGLRGHLPSXJQDFLyQGHQWURGHOSOD]ROHJDOWRGDYH]TXHOD
DFFLyQ GH DPSDUR FRQVWLWXFLRQDO QR HV VXSOHWRULD QL FRPSOHPHQWDULD GH ORV UHFXUVRV
HVWDEOHFLGRVHQODYtDRUGLQDULD

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/D MXULVSUXGHQFLD FRQVWLWXFLRQDO D SDUWLU GH VX FRQILJXUDFLyQ SURFHVDO \ OHJDO KD
HVWDEOHFLGRHOFDUiFWHUVXEVLGLDULRGHODDFFLyQGHDPSDURFRQVWLWXFLRQDO 6&
5 $VLPLVPRKDGHVDUUROODGRDOJXQDVH[FHSFLRQHVTXHVHFRQVWLWX\HQHQVLWXDFLRQHV
TXHSRVLELOLWDQLQJUHVDUGLUHFWDPHQWHDODQiOLVLVGHIRQGRGHODFDXVDDWUDYpVGHODDFFLyQ
GHDPSDURFRQVWLWXFLRQDOVLQQHFHVLGDGGHDJRWDUORVPHGLRVLGyQHRVSUHYLVWRVHQODOH\
6& 5 5 $& 5 \ 5  TXH IXHURQ
FRQVWUXLGRVMXULVSUXGHQFLDOPHQWHFRPRVHU $FWRVSURYHQLHQWHVGHSDUWLFXODUHVRGHO
(VWDGR YLQFXODGRV D YtDV R PHGLGDV GH KHFKR 66&& 5 5
55  ([LVWHQFLDGHGDxRLUUHSDUDEOHRSHUMXLFLR
LUUHPHGLDEOH 66&&555
  /   R HVSHFtILFDPHQWH SRU GDxR
LQPLQHQWH H LUUHSDUDEOH DO GHUHFKR DO DJXD    
 SRUGDxRLQPLQHQWHHLUUHSDUDEOHHQHO
DFFHVRDODHGXFDFLyQ  H[LJLHQGRLGHQWLILFDUHOELHQMXUtGLFRGHVWUXLGRGH
PRGRLUUHPHGLDEOHHLUUHYHUVLEOHTXHMXVWLILTXHODH[FOXVLyQGHODVXEVLGLDULHGDGHQOD
DFFLyQ GH DPSDUR FRQVWLWXFLRQDO    &XDQGR H[LVWH XQ PHGLR GH GHIHQVD
SHUR pVWH HV LQHILFD] 6& 5 GH  GH PD\R \     3DUD OD
UHDOL]DFLyQ GH MXVWLFLD PDWHULDO 6& 5 GH  GH GLFLHPEUH    &XDQGR VH
GHPDQGDQGHUHFKRVGHSHUVRQDVSHUWHQHFLHQWHVDJUXSRVGHSULRULWDULDDWHQFLyQJUXSRV

W


dW^:d
GH SURWHFFLyQ UHIRU]DGD 66&& 5 \ 5 
 R GH PXMHU HPEDUD]DGD 6& 5 GH  GHPD\R  SHUVRQDV FRQ
FDSDFLGDGHVGLIHUHQWHV 6&3GHGHVHSWLHPEUH \ (QWHPDVGHUDFLVPR
\GLVFULPLQDFLyQ 6&3GHGHMXQLR  5HWLURLQWHPSHVWLYR 
/    $QWH LQFXPSOLPLHQWR D OD FRQPLQDWRULD GH UHLQFRUSRUDFLyQ
    &XDQGR VH YXOQHUD HO GHUHFKR D OD VHJXULGDG
VRFLDO   (QWHPDVYLQFXODGRVDORVVDODULRV\VXHOGRVGHYHQJDGRV 6&3
 

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

/D6&5GHGHVHSWLHPEUHH[SUHVy
(QPpULWRDOFDUiFWHUVXEVLGLDULRGHO
DPSDUR FRQVWLWXFLRQDO HVWDEOHFLy VXEUHJODV SDUD GHWHUPLQDU VX LPSURFHGHQFLD SRU
VXEVLGLDULHGDGFXDQGR ODVDXWRULGDGHVMXGLFLDOHVRDGPLQLVWUDWLYDVQRKDQWHQLGR
ODSRVLELOLGDGGHSURQXQFLDUVHVREUHXQDVXQWRSRUTXHODSDUWHQRKDXWLOL]DGRXQPHGLR
GHGHIHQVDQLKDSODQWHDGRUHFXUVRDOJXQRDVtD FXDQGRHQVXRSRUWXQLGDG\HQHOSOD]R
OHJDO QR VHSODQWHyXQ UHFXUVR RPHGLRGH LPSXJQDFLyQ \ E FXDQGR QR VHXWLOL]yXQ
PHGLRGHGHIHQVDSUHYLVWRHQHORUGHQDPLHQWRMXUtGLFR\ ODVDXWRULGDGHVMXGLFLDOHVR
DGPLQLVWUDWLYDVSXGLHURQKDEHUWHQLGRRWLHQHQODSRVLELOLGDGGHSURQXQFLDUVHSRUTXHOD
SDUWHXWLOL]yUHFXUVRV\PHGLRVGHGHIHQVDDVtD FXDQGRVHSODQWHyHOUHFXUVRSHURGH
PDQHUD LQFRUUHFWD TXH VH GDUtD HQ FDVRV GH SODQWHDPLHQWRV H[WHPSRUiQHRV R
HTXLYRFDGRV\E FXDQGRVHXWLOL]yXQPHGLRGHGHIHQVD~WLO\SURFHGHQWHSDUDODGHIHQVD
GH XQ GHUHFKR SHUR HQ VX WUiPLWH HO PLVPR QR VH DJRWy HVWDQGR DO PRPHQWR GH OD
LQWHUSRVLFLyQ \ WUDPLWDFLyQ GHO DPSDUR SHQGLHQWH GH UHVROXFLyQ $PERV FDVRV VH
H[FOX\HQGHODH[FHSFLyQDOSULQFLSLRGHVXEVLGLDULHGDGTXHVHGDFXDQGRODUHVWULFFLyQ
R VXSUHVLyQ GH ORV GHUHFKRV \ JDUDQWtDV FRQVWLWXFLRQDOHV GHQXQFLDGRV RFDVLRQHQ
SHUMXLFLRLUUHPHGLDEOHHLUUHSDUDEOHHQFX\DVLWXDFLyQ\GHPDQHUDH[FHSFLRQDOSURFHGH
OD WXWHOD GHPDQGDGD D~Q H[LVWDQ RWURV PHGLRV GH GHIHQVD \ UHFXUVRV SHQGLHQWHV GH
UHVROXFLyQ






)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLDSUHFHGHQFLDOUHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD ([WUDFWRRUHFRQVWUXFFLyQGHOSUHFHGHQWHFRQVWLWXFLRQDO

6&36XSXHVWRVGHVXEVLGLDULHGDGGHODDFFLyQGHDPSDURFRQVWLWXFLRQDO
FRQVWUXLGRVMXULVSUXGHQFLDOPHQWHDSDUWLUGHVXFRQILJXUDFLyQSURFHVDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO OD DFFLRQDQWH DOHJy OD YXOQHUDFLyQ GH VXV
GHUHFKRVDODYLYLHQGDKDELWDG\SHWLFLyQWRGDYH]TXHGHQWURGHOSURFHVRGHFRQFXUVR
QHFHVDULR GH DFUHHGRUHV OD DXWRULGDG MXGLFLDO GHPDQGDGD HPLWLy PDQGDPLHQWR GH
GHVDSRGHUDPLHQWR GHO LQPXHEOH TXH OH IXH GDGR HQ DQWLFUpWLFR SRU ORV SURSLHWDULRV
TXLHQHVQROHGHYROYLHURQVXFDSLWDOGHDQWLFUpWLFRGHSDUWDPHQWRTXHIXHUHPDWDGR\
DGMXGLFDGRDXQWHUFHURSRUORTXHVROLFLWyVHOHFRQFHGDODWXWHOD\VHGHMHQVLQHIHFWR
ODVPHGLGDVGLVSXHVWDVDIDYRUGHODDKRUDFRGHPDQGDGDHQWDQWRQRVHOHGHYXHOYDHO
PRQWR SRU HO FDSLWDO GH DQWLFUpWLFR D OD DFFLRQDQWH (O 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO DSUREy OD UHVROXFLyQ UHYLVDGD \ GHQHJy OD DFFLyQ GH DPSDUR SRU
VXEVLGLDULHGDG


W


dW^:d


([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,/DMXULVSUXGHQFLDGHVDUUROODGDSUHFHGHQWHPHQWHHVDSOLFDEOHDOSUHVHQWHFDVR
WRGDYH]TXHODDXWRULGDGMXGLFLDOGHPDQGDGDHPLWLyPDQGDPLHQWRGHGHVDSRGHUDPLHQWR
HQFRQWUDGHOWHUFHUDFUHHGRUGHQWURGHOSURFHVRGHFRQFXUVRGHDFUHHGRUHVHQHOTXHOD
DKRUDDFFLRQDQWHVHDSHUVRQyFRPRDFUHHGRUDDQWLFUHVLVWDSURFHVRHQHOTXHODDXWRULGDG
MXGLFLDORUGLQDULDYDORUyODSUXHEDRIUHFLGDOLEUDQGRXQDVHQWHQFLDHQODTXHODVLW~DHQ
WHUFHU OXJDU GH JUDGRV \ SUHIHULGRV GLFKD UHVROXFLyQQR IXH DSHODGD GHQWURGHOSOD]R
OHJDO\DFWXDOPHQWHVHHQFXHQWUDHMHFXWRULDGD


$VLPLVPRGHQWURGHOUHIHULGRSURFHVRMXGLFLDOODDKRUDDFFLRQDQWHDVXPLyGHIHQVDSRU
ORTXHVLHOODFRQVLGHUDEDTXHODVHQWHQFLDHPLWLGDHQSULPHUDLQVWDQFLDSRUODDXWRULGDG
MXGLFLDOHUDOHVLYDDVXVLQWHUHVHVGHELyDSHODUODDILQTXHHOVXSHULRUHQJUDGRUHYLVH\
UHVWLWX\DODSRVLEOHYXOQHUDFLyQDVXGHUHFKR


3RURWUDSDUWHODDFFLRQDQWHVROLFLWyODDSOLFDFLyQGHODH[FHSFLyQGHODVXEVLGLDULHGDG
HQ OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SRU H[LVWLU SHOLJUR GH GDxR LUUHPHGLDEOH VLQ
HPEDUJRFRQIRUPHORGHVDUUROOyODMXULVSUXGHQFLDPHQFLRQDGDSUHFHGHQWHPHQWHDOQR
KDEHUVHLQWHUSXHVWRHOUHFXUVRRPHGLRGHLPSXJQDFLyQGHQWURGHOSOD]ROHJDOQRHV
DSOLFDEOH OD H[FHSFLyQ GH OD VXEVLGLDULHGDG WRGD YH] TXH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDOQRHVVXSOHWRULDQLFRPSOHPHQWDULDGHORVUHFXUVRVHVWDEOHFLGRVHQODYtD
RUGLQDULDDVtORGHWHUPLQyH[SUHVDPHQWHOD6HQWHQFLD&RQVWLWXFLRQDOPHQFLRQDGD

6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJD OD DFFLyQGH DPSDUR FRQVWLWXFLRQDO SRU VXEVLGLDULHGDG SRU FXDQWR GHQWUR GHO
SURFHVRGH FRQFXUVR GH DFUHHGRUHV HQ HOTXHOD DKRUD DFFLRQDQWH VH DSHUVRQy FRPR
DFUHHGRUDDQWLFUHVLVWDFRQWUDODVHQWHQFLDQRLQWHUSXVRDSHODFLyQGHQWURGHOSOD]ROHJDO
HQFRQWUiQGRVH DO PRPHQWR GH OD LQWHUSRVLFLyQ GH OD DFFLyQ GH GHIHQVD HMHFXWRULDGD
$GHPiVQRHVSRVLEOHODDSOLFDFLyQGHODH[FHSFLyQGHODVXEVLGLDULHGDGHQODDFFLyQGH
DPSDUR FRQVWLWXFLRQDO SRU H[LVWLU SHOLJUR GH GDxR LUUHPHGLDEOH DO QR KDEHUVH
LQWHUSXHVWRHOUHFXUVRRPHGLRGHLPSXJQDFLyQGHQWURGHOSOD]ROHJDOWRGDYH]TXHOD
DFFLyQ GH DPSDUR FRQVWLWXFLRQDO QR HV VXSOHWRULD QL FRPSOHPHQWDULD GH ORV UHFXUVRV
HVWDEOHFLGRVHQODYtDRUGLQDULD

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/D MXULVSUXGHQFLD FRQVWLWXFLRQDO D SDUWLU GH VX FRQILJXUDFLyQ SURFHVDO \ OHJDO KD
HVWDEOHFLGRHOFDUiFWHUVXEVLGLDULRGHODDFFLyQGHDPSDURFRQVWLWXFLRQDO 6&
5 $VLPLVPRKDGHVDUUROODGRDOJXQDVH[FHSFLRQHVTXHVHFRQVWLWX\HQHQVLWXDFLRQHV
TXHSRVLELOLWDQLQJUHVDUGLUHFWDPHQWHDODQiOLVLVGHIRQGRGHODFDXVDDWUDYpVGHODDFFLyQ
GHDPSDURFRQVWLWXFLRQDOVLQQHFHVLGDGGHDJRWDUORVPHGLRVLGyQHRVSUHYLVWRVHQODOH\
6& 5 5 $& 5 \ 5  TXH IXHURQ
FRQVWUXLGRVMXULVSUXGHQFLDOPHQWHFRPRVHU $FWRVSURYHQLHQWHVGHSDUWLFXODUHVRGHO
(VWDGR YLQFXODGRV D YtDV R PHGLGDV GH KHFKR 66&& 5 5
55  ([LVWHQFLDGHGDxRLUUHSDUDEOHRSHUMXLFLR
LUUHPHGLDEOH 66&&555
  /   R HVSHFtILFDPHQWH SRU GDxR
LQPLQHQWH H LUUHSDUDEOH DO GHUHFKR DO DJXD    
 SRUGDxRLQPLQHQWHHLUUHSDUDEOHHQHO
DFFHVRDODHGXFDFLyQ  H[LJLHQGRLGHQWLILFDUHOELHQMXUtGLFRGHVWUXLGRGH
PRGRLUUHPHGLDEOHHLUUHYHUVLEOHTXHMXVWLILTXHODH[FOXVLyQGHODVXEVLGLDULHGDGHQOD
DFFLyQ GH DPSDUR FRQVWLWXFLRQDO    &XDQGR H[LVWH XQ PHGLR GH GHIHQVD
SHUR pVWH HV LQHILFD] 6& 5 GH  GH PD\R \     3DUD OD

W


dW^:d
UHDOL]DFLyQ GH MXVWLFLD PDWHULDO 6& 5 GH  GH GLFLHPEUH    &XDQGR VH
GHPDQGDQGHUHFKRVGHSHUVRQDVSHUWHQHFLHQWHVDJUXSRVGHSULRULWDULDDWHQFLyQJUXSRV
GH SURWHFFLyQ UHIRU]DGD 66&& 5 \ 5 
 R GH PXMHU HPEDUD]DGD 6& 5 GH  GHPD\R  SHUVRQDV FRQ
FDSDFLGDGHVGLIHUHQWHV 6&3GHGHVHSWLHPEUH \ (QWHPDVGHUDFLVPR
\GLVFULPLQDFLyQ 6&3GHGHMXQLR  5HWLURLQWHPSHVWLYR 
/    $QWH LQFXPSOLPLHQWR D OD FRQPLQDWRULD GH UHLQFRUSRUDFLyQ
    &XDQGR VH YXOQHUD HO GHUHFKR D OD VHJXULGDG
VRFLDO   (QWHPDVYLQFXODGRVDORVVDODULRV\VXHOGRVGHYHQJDGRV 6&3
 

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

/D6&5GHGHVHSWLHPEUHH[SUHVy
(QPpULWRDOFDUiFWHUVXEVLGLDULRGHO
DPSDUR FRQVWLWXFLRQDO HVWDEOHFLy VXEUHJODV SDUD GHWHUPLQDU VX LPSURFHGHQFLD SRU
VXEVLGLDULHGDGFXDQGR ODVDXWRULGDGHVMXGLFLDOHVRDGPLQLVWUDWLYDVQRKDQWHQLGR
ODSRVLELOLGDGGHSURQXQFLDUVHVREUHXQDVXQWRSRUTXHODSDUWHQRKDXWLOL]DGRXQPHGLR
GHGHIHQVDQLKDSODQWHDGRUHFXUVRDOJXQRDVtD FXDQGRHQVXRSRUWXQLGDG\HQHOSOD]R
OHJDO QR VHSODQWHyXQ UHFXUVR RPHGLRGH LPSXJQDFLyQ \ E FXDQGR QR VHXWLOL]yXQ
PHGLRGHGHIHQVDSUHYLVWRHQHORUGHQDPLHQWRMXUtGLFR\ ODVDXWRULGDGHVMXGLFLDOHVR
DGPLQLVWUDWLYDVSXGLHURQKDEHUWHQLGRRWLHQHQODSRVLELOLGDGGHSURQXQFLDUVHSRUTXHOD
SDUWHXWLOL]yUHFXUVRV\PHGLRVGHGHIHQVDDVtD FXDQGRVHSODQWHyHOUHFXUVRSHURGH
PDQHUD LQFRUUHFWD TXH VH GDUtD HQ FDVRV GH SODQWHDPLHQWRV H[WHPSRUiQHRV R
HTXLYRFDGRV\E FXDQGRVHXWLOL]yXQPHGLRGHGHIHQVD~WLO\SURFHGHQWHSDUDODGHIHQVD
GH XQ GHUHFKR SHUR HQ VX WUiPLWH HO PLVPR QR VH DJRWy HVWDQGR DO PRPHQWR GH OD
LQWHUSRVLFLyQ \ WUDPLWDFLyQ GHO DPSDUR SHQGLHQWH GH UHVROXFLyQ $PERV FDVRV VH
H[FOX\HQGHODH[FHSFLyQDOSULQFLSLRGHVXEVLGLDULHGDGTXHVHGDFXDQGRODUHVWULFFLyQ
R VXSUHVLyQ GH ORV GHUHFKRV \ JDUDQWtDV FRQVWLWXFLRQDOHV GHQXQFLDGRV RFDVLRQHQ
SHUMXLFLRLUUHPHGLDEOHHLUUHSDUDEOHHQFX\DVLWXDFLyQ\GHPDQHUDH[FHSFLRQDOSURFHGH
OD WXWHOD GHPDQGDGD D~Q H[LVWDQ RWURV PHGLRV GH GHIHQVD \ UHFXUVRV SHQGLHQWHV GH
UHVROXFLyQ




1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLDSUHFHGHQFLDOUHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD ([WUDFWRRUHFRQVWUXFFLyQGHOSUHFHGHQWHFRQVWLWXFLRQDO

6&3/DVUHVROXFLRQHVMXGLFLDOHVSURQXQFLDGDVHQHMHFXFLyQGHVHQWHQFLD
GHEHQVHULPSXJQDGDVHQIRUPDGLUHFWDDWUDYpVGHOUHFXUVRGHDSHODFLyQ

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOORVDFFLRQDQWHVGHQXQFLDQOHVLyQDVXVGHUHFKRV
DO DJXD \ D OD DOLPHQWDFLyQ D UHFLELU HGXFDFLyQ D OD VDOXG D XQ KiELWDW \ YLYLHQGD
DGHFXDGDDGHPiVGHORVGHUHFKRVDODFFHVRXQLYHUVDO\HTXLWDWLYRDORVVHUYLFLRVEiVLFRV
GH DJXD SRWDEOH DOFDQWDULOODGR HOHFWULFLGDG JDV GRPLFLOLDULR SRVWDO \
WHOHFRPXQLFDFLRQHVSRUFXDQWRGHQWURGHXQSURFHVRGHXVXFDSLyQUHVSHFWRDXQELHQ
LQPXHEOH GHO TXH VH HQFXHQWUDQ HQ SRVHVLyQ HO -XH] GHPDQGDGR GLFWy XQD PHGLGD
SUHFDXWRULDGHQRLQQRYDUTXHQRTXLVRVXVSHQGHUFRQHODUJXPHQWRGHKDEHUSHUGLGR
FRPSHWHQFLD DO KDEHU GLFWDGR 6HQWHQFLD SRU WDOHV PRWLYRV VROLFLWDQ VH GLVSRQJD OD

W


dW^:d


VXVSHQVLyQGHODPHGLGDSUHFDXWRULDGHQRLQQRYDU(O7ULEXQDO&RQVWLWXFLRQDOUHYRFy
ODUHVROXFLyQUHYLVDGD\GHQHJyODWXWHODSRUVXEVLGLDULHGDG

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
'HODGRFXPHQWDFLyQTXHLQIRUPDORVDQWHFHGHQWHVGHODDFFLyQSODQWHDGDVH
HYLGHQFLD TXH GHQWUR GHO SURFHVR GH XVXFDSLyQ VHJXLGR SRU 0LULDP &UHVSR FRQWUD
SUHVXQWRVLQWHUHVDGRVHO-XH]6HJXQGRGH3DUWLGRHQOR&LYLO\&RPHUFLDOSRU$XWRGH
GHQRYLHPEUHGHGHWHUPLQyFRPRPHGLGDFDXWHODUODSURKLELFLyQGHLQQRYDU

(Q HVH VHQWLGR HO DOXGLGR $XWR GLVSXVR DO PLVPR WLHPSR VH KDJD FRQRFHU GH WDO
SURKLELFLyQ GH LQQRYDU D OD $OFDOGtD 0XQLFLSDO OD 3UHIHFWXUD GHO 'HSDUWDPHQWR \
SHUVRQDVSDUWLFXODUHV ODV PLVPDV TXH HVWXYLHUDQ UHDOL]DQGR WUDEDMRV GH FRQVWUXFFLyQ
SRUHOORPHGLDQWHRILFLRGHGHRFWXEUHHO-XH]GHPDQGDGRKL]RFRQRFHUD

(36$
 VREUH OD PHGLGD SUHFDXWRULD DVXPLGD OD TXH GLR OXJDU D TXH ORV DFFLRQDQWHV
SODQWHDUDQDQWHHO-XH]XQDVROLFLWXGTXHQRVHGLROXJDUSRUTXH
HOSUHVLGHQWHGHO%DUULR
3HUODGHO$FUHQRIXHSDUWHHQHOSURFHVR
 VLF \HO-XH]SHUGLyFRPSHWHQFLDSRUKDEHU
WHUPLQDGR HO SURFHVR OOHYiQGRVH DGHODQWH OD HMHFXFLyQ GH VHQWHQFLD FRQ ILDQ]D GH
UHVXOWDV

3RURWUDSDUWHGHORVDQWHFHGHQWHVVHSXHGHFROHJLUWDPELpQTXHHOSURFHVRDOXGLGRVH
HQFXHQWUDHQHMHFXFLyQGHVHQWHQFLDSRUKDEHUVHSUHVWDGRILDQ]DGHUHVXOWDVHVGHFLU
TXHDSHVDUGHTXHHQODFDXVDVHHQFXHQWUDSHQGLHQWHGHUHVROXFLyQGHELGRDOUHFXUVRGH
FDVDFLyQLQWHUSXHVWROD6HQWHQFLDTXHGHFODUySUREDGDODGHPDQGDGHXVXFDSLyQIXH
FRQILUPDGD\EDMRHVDVFLUFXQVWDQFLDVVHSUHVWyILDQ]DGHUHVXOWDV

(QHOPDUFRGHODQRUPDWLYDDGMHWLYDSURFHVDOVHWLHQHTXHHODUWGHO&3&HVWDEOHFH

(MHFXFLyQFRDFWLYDGHODVVHQWHQFLDV /DHMHFXFLyQGHDXWRV\VHQWHQFLDVSDVDGDVHQ
DXWRULGDG GH FRVD MX]JDGD QR SRGUi VXVSHQGHUVH SRU QLQJ~Q UHFXUVR RUGLQDULR QL
H[WUDRUGLQDULR QL HO GH FRPSXOVD QL HO GH UHFXVDFLyQ QL SRU QLQJXQD VROLFLWXG TXH
WHQGLHUH D GLODWDU R LPSHGLU HO SURFHGLPLHQWR GH HMHFXFLyQ
 \ HO DUW  GHO FLWDGR
&yGLJR UH]D
5HVROXFLRQHV GLFWDGDV HQ HMHFXFLyQ GH VHQWHQFLD  /DV UHVROXFLRQHV
GLFWDGDVHQHMHFXFLyQGHVHQWHQFLDSRGUiQVHUDSHODGDVVyORHQHOHIHFWRGHYROXWLYRVLQ
UHFXUVRXOWHULRU
 ODVQHJULOODVVRQQXHVWUDV GHGRQGHVHLQILHUHTXHORVDFFLRQDQWHVDO
WHQHUFRQRFLPLHQWRGHODQHJDWLYDSRUSDUWHGHO-XH]GHPDQGDGRGHDFFHGHUDODVROLFLWXG
TXHSODQWHDURQGHEtDQHQVXFDVRDJRWDUORVUHFXUVRVTXHODOH\OHVIUDQTXHDVLQTXHVH
WHQJD HYLGHQFLD TXH DQWHV GH SODQWHDU OD SUHVHQWH DFFLyQ KXELHUDQ LQWHUSXHVWR
LPSXJQDFLyQDOJXQD\FRQVXUHVXOWDGRGHSHUVLVWLUODQHJDWLYDUHFLpQDFXGLUDODYtDGHO
DPSDURFRQVWLWXFLRQDOVLHPSUHFXPSOLHQGRORVUHTXLVLWRV\IRUPDOLGDGHVGHOH\


&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/D 6&3  VLJXH HO HQWHQGLPLHQWR GH OD 6& 5 HVWDEOHFLy TXH HQ
HMHFXFLyQGHVHQWHQFLDQRSURFHGHHOUHFXUVRGHUHSRVLFLyQEDMRDOWHUQDWLYDGHDSHODFLyQ
VLQRVyORDSHODFLyQGLUHFWDUHFXUVRTXHGHEHDJRWDUVHFRQFDUiFWHUSUHYLRDODDFFLyQGH
DPSDUR FRQVWLWXFLRQDO (Q FXDQWR D ODV VXEUHJODV JHQpULFDV GH VXEVLGLDULHGDG VH
HQFXHQWUDOD6&5

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

6&
)-,,,HO&yGLJR$GMHWLYR&LYLOLQGLFDORVPHGLRVGHLPSXJQDFLyQSDUDORJUDUTXH
XQD UHVROXFLyQ GLFWDGD GHQWUR GHO SURFHVR VHD PRGLILFDGD R GHMDGD VLQ HIHFWR DVt
WDPELpQHVWDEOHFHTXpUHVROXFLRQHVSXHGHQVHUREMHWDGDVORVSOD]RV\ODRSRUWXQLGDGGH
IRUPXODUODV (V DVt TXH HO DUW  &3& DO UHIHULUVH D ODV UHVROXFLRQHV GLFWDGDV HQ
HMHFXFLyQGHVHQWHQFLDGLFHTXH
SRGUiQVHUDSHODGDVVyORHQHOHIHFWRGHYROXWLYRVLQ

W


dW^:d
UHFXUVRXOWHULRU
QRUPDTXHHQFRQVHFXHQFLDVyORSHUPLWHODDSHODFLyQGLUHFWDRVHD
TXHHVWDVUHVROXFLRQHVGLFWDGDVHQHMHFXFLyQGHVHQWHQFLDVRQVXVFHSWLEOHV~QLFDPHQWH
GHDSHODFLyQGLUHFWDQRVLHQGRSURFHGHQWHODUHSRVLFLyQEDMRDOWHUQDWLYDGHDSHODFLyQHQ
FDVRGHQHJDWLYD

,,,(O UHFXUUHQWH DO QR KDEHU LQWHUSXHVWR GHELGDPHQWH HO UHFXUVR SUHYLVWR SRU OH\
SHUPLWLy VH HMHFXWRULH OD UHVROXFLyQ TXH GLVSXVR QR KDEHU OXJDU D OD DFXPXODFLyQ
HYLGHQFLiQGRVHGHHOORTXHGHMySUHFOXLUVXGHUHFKRTXHSUHWHQGHOHVHDUHVWDEOHFLGRSRU
ODYtDGHODPSDURTXHSRUVXFDUiFWHUVXEVLGLDULRVyORSXHGHVHULQWHUSXHVWRFXDQGRVH
KDQ DJRWDGR ORV PHGLRV R UHFXUVRV OHJDOHV SDUD OD GHIHQVD GH ORV GHUHFKRV TXH VH
FRQVLGHUDQYXOQHUDGRVRFXDQGRHOTXHVHWLHQHUHVXOWDLQHILFD]SDUDODSURWHFFLyQTXH
VHEXVFDSRUFXDQWRHVWHUHFXUVRFRQVWLWXFLRQDOQRSXHGHVHUXWLOL]DGRFRPRVXVWLWXWLYR
GHUHFXUVRVRUGLQDULRVRH[WUDRUGLQDULRV



1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLDSUHFHGHQFLDOUHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD ([WUDFWRRUHFRQVWUXFFLyQGHOSUHFHGHQWHFRQVWLWXFLRQDO

6&3/DIDOWDGHQRWLILFDFLyQFRQODTXHUHOODVLQRGHMDHQLQGHIHQVLyQDO
LPSXWDGRVHFRQVWLWX\HHQXQGHIHFWRUHODWLYRTXHGHEHVHULPSXJQDGR\FRUUHJLGR
RSRUWXQDPHQWH

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q XQD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HO DFFLRQDQWH GHQXQFLy TXH ODV DXWRULGDGHV
MXGLFLDOHV GHPDQGDGDV YRFDOHV  YXOQHUDURQ VXV GHUHFKRV DO GHELGR SURFHVR \ D OD
GHIHQVD SRU FXDQWR GHQWUR GHO SURFHVR SHQDO VHJXLGR SRU HO 0LQLVWHULR 3~EOLFR \ OD
$GXDQD 5HJLRQDO 1DFLRQDO GH %ROLYLD SRU OD SUHVXQWD FRPLVLyQ GH ORV GHOLWRV GH
VXVWUDFFLyQGHSUHQGDDGXDQHUD\DVRFLDFLyQGHOLFWLYDDGXDQHUDLQWHUSXVRXQLQFLGHQWH
GH QXOLGDG SRU GHIHFWR DEVROXWR HQ OD DXGLHQFLD GH MXLFLR RUDO GHELGR D TXH QR IXH
QRWLILFDGRFRQODTXHUHOODLQWHUSXHVWDSRUOD$GXDQDORTXHOHLPSLGLyHMHUFHUVXGHUHFKR
DREMHWDUGHODPLVPDVLQHPEDUJRODV9RFDOHVGHPDQGDGDVSRU$XWRGH9LVWD
UHYRFDURQ HO $XWR HPLWLGR SRU HO 7ULEXQDO 6HJXQGR GH 6HQWHQFLD 3HQDO TXH GHFODUy
SURFHGHQWHGLFKRLQFLGHQWHVLQODVXILFLHQWHPRWLYDFLyQSRUWDOHVPRWLYRVVROLFLWyVH
FRQFHGD\ODWXWHOD\VHGLVSRQJDODQXOLGDGH[SUHVDGHOD5HVROXFLyQLPSXJQDGD\VH
SURQXQFLHXQDQXHYDHQODTXHVHHIHFW~HXQDDGHFXDGDGLIHUHQFLDFLyQGHORVGHIHFWRV
DEVROXWRV\UHODWLYRV(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOUHYRFyODUHVROXFLyQTXH
FRQFHGLyODWXWHODFRQHODUJXPHQWRTXHODIDOWDGHQRWLILFDFLyQFRQODTXHUHOODGHELyVHU
LPSXJQDGDRSRUWXQDPHQWHHQPpULWRDTXHHOLPSXWDGRWXYRFRQRFLPLHQWRGHODPLVPD
\SRUHQGHQROHFDXVyLQGHIHQVLyQ

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,(QHOFDVRTXHVHH[DPLQDHODFFLRQDQWHGHQXQFLDDWUDYpVGHODSUHVHQWH
DFFLyQGHDPSDURFRQVWLWXFLRQDOODYXOQHUDFLyQGHORVGHUHFKRVDOGHELGRSURFHVR\DOD
GHIHQVDGHVXUHSUHVHQWDGR*HU\7RPiV)UtDV7RUULFRVHxDODQGRTXHGHQWURGHOSURFHVR
SHQDOVHJXLGRHQVXFRQWUDSRUHO0LQLVWHULR3~EOLFR\OD5HJLRQDO$GXDQD1DFLRQDOGH
%ROLYLD SRU OD SUHVXQWD FRPLVLyQ GH ORV GHOLWRV GH VXVWUDFFLyQ GH SUHQGD DGXDQHUD \
DVRFLDFLyQ GHOLFWLYD DGXDQHUD QR REVWDQWH TXH LQWHUSXVR XQ LQFLGHQWH GH QXOLGDG SRU
GHIHFWRDEVROXWRHQODDXGLHQFLDGHMXLFLRRUDOSRUTXHQRIXHQRWLILFDGRFRQODTXHUHOOD

W


dW^:d


LQWHUSXHVWDSRUOD$GXDQDORTXHLPSLGLyDHMHUFHUVXGHUHFKRDREMHWDUGHODPLVPDODV
YRFDOHVGHPDQGDGDVSRU$XWRGH9LVWDUHYRFDURQHO$XWRGHHPLWLGR
SRUHO7ULEXQDO6HJXQGRGH6HQWHQFLD3HQDOTXHGHFODUySURFHGHQWHGLFKRLQFLGHQWH\
GLVSXVRVHOHQRWLILTXHFRQODTXHUHOOD

$KRUDELHQDHIHFWRVGHUHVROYHUHOSUREOHPDMXUtGLFRSODQWHDGRFRUUHVSRQGHPDQLIHVWDU
TXHHVWH7ULEXQDOKDHYLGHQFLDGRTXHHOUHSUHVHQWDGRQRIXHQRWLILFDGRFRQODTXHUHOOD
GHGHIHEUHURGHLQWHUSXHVWDSRUOD5HJLRQDOGHOD$GXDQD1DFLRQDOGH%ROLYLD
HQQLQJXQDGHODVIRUPDVSUHYLVWDVSRUOH\HPSHURDORODUJRGHOGHVDUUROORGHWRGDOD
HWDSDSUHSDUDWRULDFRQRFtDTXHGLFKDHQWLGDGVHFRQVWLWX\yHQTXHUHOODQWHDWUDYpVGHORV
VLJXLHQWHVDFWRVSURFHVDOHVFRQWHQLGRVHQODV&RQFOXVLRQHV,,,,\,,GHODSUHVHQWH
6HQWHQFLD &RQVWLWXFLRQDO 3OXULQDFLRQDO FRPR VRQ OD LPSXWDFLyQ IRUPDO GH  GH
QRYLHPEUH GH  UHTXHULPLHQWR GH VREUHVHLPLHQWR GH  GH GLFLHPEUH GH 
UHYRFDWRULDGHVREUHVHLPLHQWRGHGHMXOLRGHDFXVDFLyQGHGHGLFLHPEUH

'H GLFKD SUHPLVD QR SXHGH FRQFOXLUVH HQ XQD LQWHUSUHWDFLyQ GHVGH \ FRQIRUPH D OD
&RQVWLWXFLyQ3ROtWLFDGH(VWDGR\ODVQRUPDVSURFHVDOHVSHQDOHVDSOLFDEOHV DUWV\
GHO&33 TXHHOFRQRFLPLHQWRGHODH[LVWHQFLDGHXQDTXHUHOODLQWHUSXHVWDFRQWUDHO
UHSUHVHQWDGRSRUOD5HJLRQDOGHOD$GXDQD1DFLRQDOGH%ROLYLDDWUDYpVGHRWURVDFWRV
SURFHVDOHVDMHQRVDODTXHUHOODPLVPDSRGUtDQHYHQWXDOPHQWHFRQYDOLGDUGHKHFKROD
QRWLILFDFLyQ FRQ HO UHIHULGR DFWR SURFHVDO \ FRQ HOOR FRQFOXLU TXH HO LPSXWDGR SXGR
HMHUFLWDUVXGHUHFKRDODREMHFLyQFRQIRUPHGLVSRQHHODUWGHO&33(VWRGHELGRD
TXHGLFKDQRUPDSURFHVDOSHQDO DUWGHO&33 HVWDEOHFHHOWUiPLWHTXHGHEHVHJXLUVH
SDUDSUHVHQWDU\UHVROYHUODREMHFLyQGHODTXHUHOODDGHPiVODREMHFLyQDODDGPLVLELOLGDG
GHODPLVPD\SHUVRQHUtDGHOTXHUHOODQWHHVXQPHFDQLVPRTXHVyORSXHGHVHUXWLOL]DGR
VL SUHYLDPHQWH HO LPSXWDGR KD VLGR QRWLILFDGR FRQ OD TXHUHOOD TXH LPSOLFD WHQHU HO
FRQRFLPLHQWRPDWHULDOGHODPLVPDFRQIRUPHORHQWHQGLyOD6&5GHGH
DJRVWR R FXDQGR QR KDELHQGR VLGR QRWLILFDGR OHJDOPHQWH FRQ OD TXHUHOOD GLFKD
QRWLILFDFLyQ FXPSOLy VX ILQDOLGDG GH SRQHU HQ VX FRQRFLPLHQWR PDWHULDOPHQWH VX
FRQWHQLGRSUHFLVDPHQWHSDUDTXHHOLPSXWDGRSXHGDHMHUFHUVXGHUHFKRDODREMHFLyQ

1RREVWDQWHORLQGLFDGRGHODSUHPLVDDQRWDGDHVWH7ULEXQDO&RQVWLWXFLRQDOVLSXHGH
FRQFOXLUTXHHOPHURFRQRFLPLHQWRGHODH[LVWHQFLDGHXQDTXHUHOODSUHVHQWDGDFRQWUDHO
DKRUD UHSUHVHQWDGR HQ OD HWDSD SUHSDUDWRULD D WUDYpV GHRWURV DFWRV SURFHVDOHV FRPR
VRQODLPSXWDFLyQIRUPDOGHGHQRYLHPEUHGHUHTXHULPLHQWRGHVREUHVHLPLHQWR
GH  GH GLFLHPEUH GH  UHYRFDWRULD GH VREUHVHLPLHQWR GH  GH MXOLR GH 
DFXVDFLyQGHGHGLFLHPEUHREOLJDEDDOLPSXWDGRD

 'HQXQFLDUDQWHHO-XH]7HUFHURGH,QVWUXFFLyQHQOR3HQDOTXHFRQRFLySRUDOJXQRV
GHORVDFWXDGRVGHVFULWRVDQWHULRUPHQWHODLQWHUSRVLFLyQGHXQDTXHUHOODHQVXFRQWUDD
HIHFWRVGHHMHUFHUVXGHUHFKRDODLPSXJQDFLyQGHODPLVPD\VROLFLWDUVHGLVSRQJDVX
LQPHGLDWDQRWLILFDFLyQSDUDHIHFWRVGHOFyPSXWRGHORVWUHVGtDVSUHYLVWRVHQHODUW
GHO&33DVSHFWRTXHSRUVXQDWXUDOH]D \YLQFXODFLyQFRQXQGHUHFKRIXQGDPHQWDOHO
-XH]QRSRGUiQHJDUGLFKRSHWLWRULR\HQFDVRGHQHJDWLYD

 6XVFLWDUXQLQFLGHQWHSRUDFWLYLGDGSURFHVDOGHIHFWXRVDHQHVDHWDSDGHOSURFHVRSHQDO
GHVDUUROORGHODHWDSDSUHSDUDWRULD GHELGRDTXHIXHHQHVWDIDVHHQODTXHFRQRFLyGHO
YLFLRSURFHVDOGHVXSUHVLyQGHOGHUHFKRDREMHWDUGHODDGPLVLELOLGDGGHODTXHUHOOD\OD
SHUVRQHUtD GHO TXHUHOODQWH SRU IDOWD GH QRWLILFDFLyQ FRQ HO FRQWHQLGR PDWHULDO GH OD
PLVPDH[WUHPRTXHQRDFRQWHFLySRUFXDQWRVHHYLGHQFLDTXHUHFLpQHQODDXGLHQFLDGH
MXLFLRRUDOGHGHRFWXEUHGH &RQFOXVLyQ,, GHVSXpVGHTXHSDVDURQFDVLWUHV
DxRV LQWHUSXVR LQFLGHQWH GH QXOLGDG SRU GHIHFWR DEVROXWR GHQXQFLDQGR TXH GHVGH OD
SUHVHQWDFLyQGHODTXHUHOODKDVWDODDXGLHQFLDGHMXLFLRRUDOQRVHOHIXHQRWLILFDGRGH
PDQHUD SHUVRQDO QL HQ HO GRPLFLOLR SURFHVDO FRQ OD TXHUHOOD LQWHUSXHVWD HQ VX FRQWUD
QHJiQGROHFRQHOORHOHMHUFLFLRGHOGHUHFKRDREMHWDUODPLVPDFRQIRUPHGLVSRQHHODUW
 GHO &33 DILUPDQGR TXH UHFLpQ VH HQWHUy GH OD H[LVWHQFLD GH HVH DFWXDGR HQ OD

W


dW^:d
DXGLHQFLDGHMXLFLRRUDODOPRPHQWRGHODUHFHSFLyQ\FRGLILFDFLyQGHPHGLRVGHSUXHED
GRFXPHQWDOHVGHO0LQLVWHULR3~EOLFR &RQFOXVLyQ,, H[WUHPRTXHFRPRVHHYLGHQFLy
HQHODFiSLWHDQWHULRUFDUHFHGHYHUDFLGDGSRUFXDQWRVLELHQQRFRQRFtDHOFRQWHQLGR
PDWHULDOGHODTXHUHOODVLQHPEDUJRVHHQWHUyGHODH[LVWHQFLDGHXQDTXHUHOODHQVX
FRQWUDDWUDYpVGHRWURVDFWRVSURFHVDOHVFRQWHQLGRVHQODVFRQFOXVLRQHV,,,,\,,
GHODSUHVHQWH6HQWHQFLD

(Q VXPD KDVWD DTXt HVWH 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO QR SXHGH GHMDU GH
YLVLELOL]DUTXHHOFRQRFLPLHQWRGHODH[LVWHQFLDGHODTXHUHOODLQWHUSXHVWDHQFRQWUDGHO
KR\ UHSUHVHQWDGR SRU OD 5HJLRQDO $GXDQD 1DFLRQDO GH %ROLYLD VH DFODUD QR GHO
FRQWHQLGRPDWHULDOGHODTXHUHOOD IXHHQODIDVHGHOGHVDUUROORGHODHWDSDSUHSDUDWRULD\
QR UHFLpQ HQ OD HWDSD GHO MXLFLR RUDO DO PRPHQWR GH SURFHGHUVH D OD UHFHSFLyQ \
FRGLILFDFLyQGHPHGLRVGHSUXHEDGRFXPHQWDOHVGHO0LQLVWHULR3~EOLFRFRPRDILUPD
HTXLYRFDGDPHQWH HO DFFLRQDQWH SRU OR PLVPR OD SRVLELOLGDG GH TXH HO GHIHFWR TXH
GHQXQFLDFRPRIDOWDGHQRWLILFDFLyQFRQODTXHUHOODSXGRKDEHUVLGRFRUUHJLGRHQHVD
RSRUWXQLGDGHVGHFLUVHWUDWDGHXQGHIHFWRUHODWLYRGHELGRDTXHQRGHMyHQQLQJ~Q
PRPHQWRDOLPSXWDGRHQHVWDGRGHLQGHIHQVLyQ

$GHPiVGHHOORVHGHQRWDTXHHODFFLRQDQWHVXVFLWyHOLQFLGHQWHSRUDFWLYLGDGSURFHVDO
GHIHFWXRVDHQHOMXLFLRRUDOSUHWHQGLHQGR~QLFDPHQWHDQXODUODVIDVHV\DFRQFOXLGDVGH
ODHWDSDSUHSDUDWRULDGHELGRDTXHORVHIHFWRVGHGHQXQFLDUGHIHFWRVDEVROXWRVFRQIRUPH
VHFRQFOX\yHQHO)XQGDPHQWR-XUtGLFR,,,HQHOTXHVHJORVyODOtQHDMXULVSUXGHQFLDO
FRQWHQLGD HQ ODV 66&& 5 5 5 \ 5 HV
UHWURWUDHUHOSURFHVRKDVWDHOSXQWRRULJLQDOHQTXHVHSURGXMRHOYLFLRSRUODDIHFWDFLyQ
HVHQFLDODORVGHUHFKRVIXQGDPHQWDOHV\JDUDQWtDVFRQVWLWXFLRQDOHVDWUDYpVGHODQXOLGDG
GHREUDGRVOHVLyQTXHHQHOSUHVHQWHFDVRQRVHGLRFRQIRUPHVHWLHQHH[SOLFDGR

6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJDODWXWHODVROLFLWDGDGHELGRDTXHODIDOWDGHQRWLILFDFLyQFRQODTXHUHOODGHELy
VHULPSXJQDGDRSRUWXQDPHQWHSRUHODFFLRQDQWHGHQWURGHOSURFHVRSHQDOFRQVLGHUDQGR
TXHWXYRFRQRFLPLHQWRGHODH[LVWHQFLDGHODPLVPDHQODHWDSDSUHSDUDWRULDGHOSURFHVR
SHQDO\SRUHQGHHOGHIHFWRSXHGRKDEHUVLGRFRUUHJLGRHQHVDRSRUWXQLGDGDFODUiQGRVH
TXHVHWUDWDGHXQGHIHFWRUHODWLYR\QRDEVROXWRSRUTXHQRGHMyHQQLQJ~QPRPHQWRDO
LPSXWDGRHQHVWDGRGHLQGHIHQVLyQ

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/DMXULVSUXGHQFLDFRQVWLWXFLRQDOVREUHODGLVWLQFLyQHQWUHGHIHFWRVDEVROXWRV\UHODWLYRV
HVWDEOHFLy HQ OD 6& 5 HQ HO )- ,,, TXH HO QXHYR 6LVWHPD 3URFHVDO
SHUPLWH OD FRUUHFFLyQ GH ORV DFWRV SURFHVDOHV HUUyQHRV VXEVDQDQGR UHQRYDQGR R
UHFWLILFDQGR OR TXH LPSRUWD XQ UHFRQRFLPLHQWR GH OD H[LVWHQFLD GH ODV DFWXDFLRQHV
SURFHVDOHVORVTXHDOWHQHUGHIHFWRVVXEVDQDEOHVSXHGHQVHUFRUUHJLGRVSRUORPLVPROD
QRUPD SUHYLVWD SRU HO DUW  &33 QR SHUPLWH GHFODUDU OD QXOLGDG GH REUDGRV TXH
FRQFHSWXDOPHQWH HV GLIHUHQWH D OD FRUUHFFLyQ SXHV OD SULPHUD SHUPLWH DO MX]JDGRU
PRGLILFDURUHSDUDUWRGRVORVGHIHFWRVRHUURUHVSURFHVDOHVTXHSXGLHVHDGYHUWLUGXUDQWH
ODWUDPLWDFLyQGHOSURFHVRHQFDPELRODVHJXQGDLPSRUWDUHWURWUDHUHOSURFHVRKDVWDHO
SXQWR RULJLQDO HQ TXH VH SURGXMR HO YLFLR LPSOLFD XQ GHVFRQRFLPLHQWR GH ORV DFWRV
SURFHVDOHVUHDOL]DGRVSRUWHQHUYLFLRVDEVROXWRVORTXHVLJQLILFDTXHGLFKRVDFWRVQXQFD
QDFLHURQDODYLGDMXUtGLFDSRUORPLVPRHOMX]JDGRUQRSXHGHVXEVDQDUORV\SURVHJXLU
HOSURFHVRVLQUHWURWUDHUHOSURFHGLPLHQWRSRUHOORHOOHJLVODGRUKDSUHYLVWRODQRUPD
FRQWHQLGDHQHODUWGHOD/H\1HQODTXHVHHQXPHUDQORVGHIHFWRVDEVROXWRV
(Q FRQVHFXHQFLD OD QXOLGDG VH RSHUD IUHQWH D HVRV GHIHFWRV DEVROXWRV TXH QR VRQ
VXVFHSWLEOHVGHFRQYDOLGDFLyQ

3RVWHULRUPHQWHOD6&5UHLWHUDGDHQWUHRWUDVSRUODV66&&5\

W


dW^:d


5GHVDUUROOyGLFKRHQWHQGLPLHQWRDOVHxDODUHQHO)M,,,ORVLJXLHQWH
HO&yGLJRGHSURFHGLPLHQWRSHQDOSRUXQODGRGLVWLQJXHORVGHIHFWRVDEVROXWRV\ORV
UHODWLYRVTXHVHGLIHUHQFLDQHQTXHORVSULPHURVQRVRQVXVFHSWLEOHVGHFRQYDOLGDFLyQ\
ORVRWURVTXHGDQFRQYDOLGDGRVHQORVFDVRVSUHYLVWRVSRUODQRUPDVLQVRVOD\DUTXHOD
GLIHUHQFLDVXVWDQFLDOGHORVGHIHFWRVDEVROXWRV\UHODWLYRVUDGLFDHQTXHHQHOGHIHFWR
DEVROXWRHOTXHEUDQWDPLHQWRGHODIRUPDHVWiYLQFXODGRDODSURWHFFLyQGHXQGHUHFKRR
JDUDQWtDFRQVWLWXFLRQDOHQFDPELRHQHOGHIHFWRUHODWLYRH[LVWHXQTXHEUDQWDPLHQWRGH
IRUPDSRURWURODGRGHODUHJXODFLyQGHODDFWLYLGDGSURFHVDOGHIHFWXRVDVHWLHQHTXHQR
FXDOTXLHUGHIHFWRHVQHFHVDULDPHQWHLQYRFDEOHVLQRVyORDTXHOORVTXHFDXVHQSHUMXLFLR
R DJUDYLR D OD SDUWH LQWHUHVDGD $ pVWR GHEH DxDGLUVH TXH ODV IRUPDV SURFHVDOHV
SUHFDXWHODQHOHMHUFLFLRGHORVGHUHFKRVGHODVSDUWHV\ODVJDUDQWtDVFRQVWLWXFLRQDOHVHQ
FRQVHFXHQFLDQRVHSXHGHGHFUHWDUODQXOLGDGVLQRVyORFXDQGRKD\XQGHIHFWRTXHSRU
KDEHUFDXVDGRXQDDIHFWDFLyQDXQGHUHFKRRJDUDQWtDHVDEVROXWRHVGHFLUODQXOLGDGQR
GHULYDVyORGHOTXHEUDQWDPLHQWRGHODIRUPDSXHVHVQHFHVDULRTXHHVHTXHEUDQWDPLHQWR
KD\DDIHFWDGRORVGHUHFKRVGHDOJXQDGHODVSDUWHV\TXHpVWDKD\DGHPRVWUDGRHODJUDYLR
SDUDSRGHUVROLFLWDUODDQXODFLyQGHODFWRGHIHFWXRVR

(QWUH ORV GHIHFWRV DEVROXWRV FRQIRUPH DO DUW  GHO &33 VH HQFXHQWUDQ DTXHOORV
FRQFHUQLHQWHV D OD LQWHUYHQFLyQ GHO MXH] \ GHO ILVFDO HQ HO SURFHGLPLHQWR \ D VX
SDUWLFLSDFLyQHQORVDFWRVHQTXHHOODVHDREOLJDWRULDWDOHVFRPRODSDUWLFLSDFLyQGHOMXH]
GHVHQWHQFLD\GHORVPLHPEURVGHOWULEXQDOGHVHQWHQFLDGXUDQWHODDXGLHQFLDGHMXLFLR
GHPDQHUDLQLQWHUUXPSLGDVHJ~QGHWHUPLQDHQODSULPHUDSDUWHGHODUWGHO&33ROD
SUHVHQFLDGHOUHSUHVHQWDQWHGHO0LQLVWHULR3~EOLFRHQHOPLVPRDFWRDHIHFWRVGHVRVWHQHU
\DFUHGLWDUVXUHTXHULPLHQWRDFXVDWRULRVLpVWHVHFRQVWLWX\HHQEDVHGHODIDVHHVHQFLDO
GHOSURFHVRFRPRUHVXOWDVHUHOMXLFLRRUDO\S~EOLFR

2WURGHIHFWRDEVROXWRHVHOFRQFHUQLHQWHDODLQWHUYHQFLyQDVLVWHQFLD\UHSUHVHQWDFLyQ
GHOLPSXWDGRHQORVFDVRV\IRUPDVTXHHO&yGLJRHVWDEOHFHHOPLVPRTXHHQFXHQWUDVX
IXQGDPHQWR HQ HO GHUHFKR LQYLRODEOH D OD GHIHQVD TXH WLHQH HO LPSXWDGR HQ HO MXLFLR
FRQIRUPH UHFRQRFH HO DUW ,, GH OD &3( pVWR LPSOLFD TXH XQ GHVFRQRFLPLHQWR DO
GHUHFKRTXHWLHQHHOLPSXWDGRGHVHUDVLVWLGR\DHQWUHYLVWDUVHHQSULYDGRFRQVXGHIHQVRU
DUWGHO&33 GHHVWDUDVLVWLGRSRUVXGHIHQVRUHQVXVGHFODUDFLRQHVDH[SRQHUVX
GHIHQVDGXUDQWHHODFWRGHMXLFLR DUWGHO&33 \DOGHUHFKRDOD~OWLPDSDODEUDTXH
WLHQH HO LPSXWDGR DUW  GHO &33  FRQVWLWX\HQ HQWUH RWURV PRWLYRV SDUD VHU
FRQVLGHUDGRVFRPRGHIHFWRVDEVROXWRV

8QWHUFHUGHIHFWRDEVROXWRFRQIRUPHHODUWLQF GHO&33HVWiUHIHULGRDDTXHOORV
TXH LPSOLTXHQ LQREVHUYDQFLD R YLRODFLyQ GH GHUHFKRV \ JDUDQWtDV SUHYLVWRV HQ OD
&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRODV&RQYHQFLRQHV\7UDWDGRV,QWHUQDFLRQDOHVYLJHQWHV
\HO&yGLJRGHSURFHGLPLHQWRSHQDOHQWUHORVTXHSXHGHPHQFLRQDUVHHOLQFXPSOLPLHQWR
DODVQRUPDVFRQWHQLGDVHQORVDUWV\GHO&33UHVSHFWRDOGHUHFKRTXHWLHQHOD
YtFWLPD GH VHU HVFXFKDGD DQWHV GH FDGD GHFLVLyQ TXH LPSOLTXH OD H[WLQFLyQ R OD
VXVSHQVLyQGHODDFFLyQSHQDODVHULQIRUPDGDVREUHVXVGHUHFKRVSRUORVyUJDQRVGHOD
SHUVHFXFLyQSHQDO\SRUHOMXH]RWULEXQDOUHVSHFWRDORVUHVXOWDGRVGHOSURFHVRDUHFXUULU
GHODVUHVROXFLRQHVMXGLFLDOHVGLFWDGDVFRQIRUPHODSDUWHLQILQHGHODUWGHO&33R
GHVGHODVLWXDFLyQGHOLPSXWDGRFXDOTXLHUDFWRTXHLPSOLTXHXQGHVFRQRFLPLHQWRDORV
GHUHFKRVDODGHIHQVDPDWHULDORWpFQLFD

3RU ~OWLPR HQWUH ORV GHIHFWRV DEVROXWRV VH WLHQHQ DTXHOORV TXH HVWpQ H[SUHVDPHQWH
VDQFLRQDGRVFRQQXOLGDGHQWUHORVTXHSXHGHQFLWDUVHDTXHOORVTXHWLHQHQTXHYHUFRQ
ODLQREVHUYDQFLDGHODVUHJODVGHODFRPSHWHQFLDSRUUD]yQGHODPDWHULD SDUWHLQILQH
GHODUWGHO&33 ODIDOWDGHLQWHUYHQFLyQGHXQUHSUHVHQWDQWHHVWDWDOGHSURWHFFLyQ
GHOLPSXWDGRPHQRUGHHGDG DUWGHO&33 ODIDOWDGHUHVROXFLyQIXQGDPHQWDGDGH
LQFDXWDFLyQ GH FRUUHVSRQGHQFLD GRFXPHQWRV \ SDSHOHV DUW  GHO &33  \ DFWRV
HIHFWXDGRV SRU OD DXWRULGDG MXGLFLDO GHVSXpV GH SURGXFLGD OD H[FXVD R SURPRYLGD OD
UHFXVDFLyQ DUWGHO&33 

W


dW^:d

'HRWUDSDUWHFRQUHODFLyQDORVGHIHFWRVUHODWLYRVHVPHQHVWHUVHxDODUTXHODSRVLELOLGDG
GH TXH VHDQ FRQYDOLGDEOHV R VXEVDQDEOHV HV XQD FRQVHFXHQFLD GHULYDGD GH TXH QR
SURWHJHQ JDUDQWtDV FRQVWLWXFLRQDOHV UHVSHWR D ORV FXDOHV VH DSOLFD HO SULQFLSLR GH
FRQYDOLGDFLyQHQHOFULWHULRGHTXHGHEHQVHURSRUWXQDPHQWHUHFODPDGRVSRUODVSDUWHV
SXHVVLpVWDVQRSURFHGHQGHHVDPDQHUDHODFWRVHFRQYDOLGD\DTXHVHSUHVXPHTXH
UHQXQFLDURQDLQYRFDUORVGHIHFWRV(QHVHHQWHQGLGRHODUWGHO&33VHxDODTXHORV
GHIHFWRV UHODWLYRV TXHGDUiQ FRQYDOLGDGRV L  FXDQGR ODV SDUWHV QR KD\DQ VROLFLWDGR
RSRUWXQDPHQWHTXHVHDQVXEVDQDGRVHQWUHORVTXHSXHGHFLWDUVHODIDOWDGHREVHUYDQFLD
GHSDUWHGHOMXH]WpFQLFRRGHOSUHVLGHQWHGHOWULEXQDOGHVHQWHQFLDDODVSURKLELFLRQHV
SDUDHODFFHVRDODDXGLHQFLDGHMXLFLRSUHYLVWDVHQHODUWGHO&33RODUHFHSFLyQ
GHSUXHEDWHVWLILFDOVLQUHVSHWDUHORUGHQSUHYLVWRHQHODUWGHOPLVPRFXHUSROHJDO
LL FXDQGRTXLHQHVWHQJDQGHUHFKRDVROLFLWDUORKD\DQDFHSWDGRH[SUHVDRWiFLWDPHQWH
ORVHIHFWRVGHODFWRVHUiHOFDVRGHOLPSXWDGRTXHQRREVWDQWHODIDOWDGHFLWDFLyQSRU
SDUWHGHOILVFDOHQFDUJDGRGHODLQYHVWLJDFLyQVHSUHVHQWHHVSRQWiQHDPHQWHDSUHVWDUVX
GHFODUDFLyQVLQTXHSXHGDHQIRUPDSRVWHULRUUHFODPDUODIDOWDGHFLWDFLyQ\LLL VLQR
REVWDQWHVXLUUHJXODULGDGHODFWRFRQVLJXLyVXILQUHVSHFWRDWRGRVORVLQWHUHVDGRVHQWUH
ORV TXH SXHGH FLWDUVH FRPR HMHPSOR OD QRWLILFDFLyQ FRQ XQD UHVROXFLyQ GH GHWHQFLyQ
SUHYHQWLYDDWUDYpVGHVXOHFWXUD\QRGHPDQHUDSHUVRQDOFRQIRUPHODVSUHYLVLRQHVGHO
DUW  GHO &33 SHUR TXH D~Q HO GHIHFWR OD SDUWH LPSXWDGD KD\D DSHODGR
LQFLGHQWDOPHQWH OD GHFLVLyQ DGRSWDGD HQ HO FULWHULR TXH VL ELHQ OD QRWLILFDFLyQ IXH
LUUHJXODUODSDUWHDVXPLyFRQRFLPLHQWRGHVXFRQWHQLGR

'LFKRV SUHFHGHQWHV VRQ DSOLFDGRV DO DQiOLVLV GHO FDVR UHVXHOWR SRU OD 6&3 
FRQFOX\HQGR TXH OD IDOWD IDOWD GH QRWLILFDFLyQ FRQ OD TXHUHOOD DO QR KDEHU FDXVDGR
LQGHIHQVLyQ DO LPSXWDGR VH FRQVWLWX\H HQ  XQ GHIHFWR UHODWLYR TXH SXGR KDEHU VLGR
RSRUWXQDPHQWHVXEVDQDGR

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

/DSULPHUD6HQWHQFLDTXHHIHFXyODGLVWLQFLyQHQWUHGHIHFWRVDEVROXWRV\UHODWLYRVIXH
OD6&5TXHHQHO)-,,,VHxDOy
HO QXHYR 6LVWHPD 3URFHVDO SHUPLWH OD FRUUHFFLyQ GH ORV DFWRV SURFHVDOHV HUUyQHRV
VXEVDQDQGRUHQRYDQGRRUHFWLILFDQGRORTXHLPSRUWDXQUHFRQRFLPLHQWRGHODH[LVWHQFLD
GH ODV DFWXDFLRQHV SURFHVDOHV ORV TXH DO WHQHU GHIHFWRV VXEVDQDEOHV SXHGHQ VHU
FRUUHJLGRVSRUORPLVPRODQRUPDSUHYLVWDSRUHODUW&33QRSHUPLWHGHFODUDUOD
QXOLGDGGHREUDGRVTXHFRQFHSWXDOPHQWHHVGLIHUHQWHDODFRUUHFFLyQSXHVODSULPHUD
SHUPLWH DO MX]JDGRU PRGLILFDU R UHSDUDU WRGRV ORV GHIHFWRV R HUURUHV SURFHVDOHV TXH
SXGLHVH DGYHUWLU GXUDQWH OD WUDPLWDFLyQ GHO SURFHVR HQ FDPELR OD VHJXQGD LPSRUWD
UHWURWUDHU HO SURFHVR KDVWD HO SXQWR RULJLQDO HQ TXH VH SURGXMR HO YLFLR LPSOLFD XQ
GHVFRQRFLPLHQWRGHORVDFWRVSURFHVDOHVUHDOL]DGRVSRUWHQHUYLFLRVDEVROXWRVORTXH
VLJQLILFDTXHGLFKRVDFWRVQXQFDQDFLHURQDODYLGDMXUtGLFDSRUORPLVPRHOMX]JDGRUQR
SXHGH VXEVDQDUORV \ SURVHJXLU HO SURFHVR VLQ UHWURWUDHU HO SURFHGLPLHQWR SRU HOOR HO
OHJLVODGRUKDSUHYLVWRODQRUPDFRQWHQLGDHQHODUWGHOD/H\1HQODTXHVH
HQXPHUDQ ORV GHIHFWRV DEVROXWRV (Q FRQVHFXHQFLD OD QXOLGDG VH RSHUD IUHQWH D HVRV
GHIHFWRVDEVROXWRVTXHQRVRQVXVFHSWLEOHVGHFRQYDOLGDFLyQ

6LPLODUUD]RQDPLHQWRVHGHVDUUROOyHQOD6&5UHLWHUDGDHQWUHRWUDVSRUODV
66&&5\5



1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLDSUHFHGHQFLDOUHOHYDQWH

W


dW^:d


7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD ([WUDFWRRUHFRQVWUXFFLyQGHOSUHFHGHQWHFRQVWLWXFLRQDO

6&3(OPHMRUGHUHFKRSURSLHWDULRGHODSHTXHxDSURSLHGDGDJUDULDGHEH
VHU LPSXJQDGR HQ OD YtD RUGLQDULD \ QR D WUDYpV GH XQ LQFLGHQWH GH RSRVLFLyQ DO
GHVDSRGHUDPLHQWR

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOHODFFLRQDQWHGHQXQFLyTXHORVYRFDOHV\MXH]DV
GHPDQGDVOHVLRQDURQVXVGHUHFKRVDOWUDEDMRDODSURSLHGDGSULYDGDDODGHIHQVDDXQD
MXVWLFLDSOXUDODODJDUDQWtDGHOGHELGRSURFHVR\HOSULQFLSLRGHVHJXULGDGMXUtGLFDSRU
FXDQWRQRREVWDQWHVHUSURSLHWDULRGHXQDSHTXHxDSURSLHGDGDJUDULDLQHPEDUJDEOHVH
UHPDWy\ILQDOPHQWHDGMXGLFyVXSURSLHGDGGHQWURGHXQSURFHVRHMHFXWLYRFXDQGROD
MXULVGLFFLyQRUGLQDULDQRWLHQHFRPSHWHQFLDSDUDFRQRFHUDFFLRQHVSHUVRQDOHV\UHDOHV
VREUHSURSLHGDGHVDJUtFRODVRU~VWLFDVRFDVLRQDQGRXQSHUMXLFLR\GDxRLUUHPHGLDEOHH
LQPLQHQWH\PiVD~QDQWHODDPHQD]DGHXQPDQGDPLHQWRGHGHVDSRGHUDPLHQWRFRQWUD
HOFXDOSUHVHQWyLQFLGHQWHGHRSRVLFLyQTXHIXHUHFKD]DGRSRUORTXHIRUPXOyDSHODFLyQ
HPSHURHO7ULEXQDOGHDO]DGDFRQILUPyGLFKDGHWHUPLQDFLyQVLQFRQVLGHUDUDGHPiV
TXHKDFHPiVGHGLH]DxRVVHHQFXHQWUDHQSDFtILFDSRVHVLyQGHODPHQFLRQDGDSHTXHxD
SURSLHGDG DJUDULD OD FXDO FXPSOH XQD IXQFLyQ HFRQyPLFD VRFLDO (O 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO DSUREy OD UHVROXFLyQ TXH GHQHJy OD WXWHOD DQDOL]DQGR
SUHYLDPHQWHHOSULQFLSLRGHVXEVLGLDULHGDGHQODDFFLyQGHDPSDURFRQVWLWXFLRQDO

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
 HQHOSURFHVRHMHFXWLYRHQFXHVWLyQHODFFLRQDQWHHQHMHFXFLyQGHVHQWHQFLD
LQWHUSXVRLQFLGHQWHGHRSRVLFLyQDOGHVDSRGHUDPLHQWRDQWHHO-X]JDGR7HUFHURGH3DUWLGR
HQ OR &LYLO \ &RPHUFLDO HO TXH IXH UHFKD]DGR SRU HO -XH] GH OD FDXVD SRU FXDQWR HO
RSRVLWRU DKRUD DFFLRQDQWH QR GHPRVWUy TXH HO GRFXPHQWR GH WUDQVIHUHQFLD GH OD
SHTXHxD SURSLHGDG DJUDULD DKRUD DGMXGLFDGD DO HMHFXWDQWH GHO FDVR GH DXWRV QR VH
HQFXHQWUH UHJLVWUDGD HQ ''55 SRU OR TXH QR HV RSRQLEOH QL VXUWH HIHFWRV FRQWUD
WHUFHURVDVLPLVPRUHVSHFWRDODIDOWDGHFRPSHWHQFLDGHO-XH]7HUFHURGH3DUWLGRHQOR
&LYLO \ &RPHUFLDO GHO GHSDUWDPHQWRGH 6DQWD &UX] SDUD OD VXVWDQFLDFLyQ GHO UHIHULGR
SURFHVR\DVtFRPRGHODLQHPEDUJDELOLGDGGHODPHQFLRQDGDSURSLHGDGLQGLFyTXHQR
SXHGHFRQVLGHUDUVHQLUHVROYHUVHHQODYtDLQFLGHQWDOGHGHVDSRGHUDPLHQWRSRUORTXHHO
DFFLRQDQWHSUHVHQWyDSHODFLyQDO$XWRGHGHMXOLRGHTXHIXHUHVXHOWRSRUOD
6DOD&LYLO6HJXQGDGHO7ULEXQDO'HSDUWDPHQWDOGH-XVWLFLDGH6DQWD&UX]PHGLDQWH$XWR
GH9LVWDFRQILUPDQGRHODXWRGHO-XH]DTXR

(QHOSUHVHQWHFDVRHQIRUPDSUHYLDDDQDOL]DUHOIRQGRGHODSUREOHPiWLFDSODQWHDGDVL
FRUUHVSRQGLHUHVHYHULILFDUiVLHODFFLRQDQWHFXPSOLyFRQHOSULQFLSLRGHVXEVLGLDULHGDG
DQWHVGHLQWHUSRQHUHVWDDFFLyQWXWHODU

(QFRQVHFXHQFLDVHHVWDEOHFHTXHHOPHMRUGHUHFKRSURSLHWDULRGHODSHTXHxDSURSLHGDG
DJUDULDLQWHUSXHVWRHQHMHFXFLyQGHVHQWHQFLDGHQWURGHOSURFHVRHMHFXWLYRHQFXHVWLyQ
GHELyDFWLYDUVHHQODYtDRUGLQDULD'HORSUHFHGHQWHPHQWHVHxDODGRDQWHODH[LVWHQFLD
GHRWUDVYtDV\GDGRHOFDUiFWHUVXEVLGLDULRGHODPSDURODSUHVHQWHDFFLyQWXWHODUUHVXOWD
LPSURFHGHQWHDSOLFiQGRVHSRUFRQVLJXLHQWHODVXEUHJODMXULVSUXGHQFLDOHVWDEOHFLGDSRU
OD6&5TXHDVXYH]FLWDOD6&5TXHVHxDODTXHHVWDDFFLyQGH
GHIHQVD VHUi LPSURFHGHQWH SRU VXEVLGLDULHGDG HQWUH RWUDV FDXVDOHV FXDQGR
  ODV
DXWRULGDGHV MXGLFLDOHV R DGPLQLVWUDWLYDV QR KDQ WHQLGR OD SRVLELOLGDG GH SURQXQFLDUVH
VREUHXQDVXQWRSRUTXHODSDUWHQRKDXWLOL]DGRXQPHGLRGHGHIHQVDQLKDSODQWHDGR
UHFXUVRDOJXQR
SRUORTXHXQDYH]DJRWDGDODYtDRUGLQDULD\GHFRQVLGHUDUTXHSHUVLVWH
OD OHVLyQ D VXV GHUHFKRV IXQGDPHQWDOHV \ JDUDQWtDV FRQVWLWXFLRQDOHV SXHGH EXVFDU OD

W


dW^:d
SURWHFFLyQTXHEULQGDHVWDDFFLyQWXWHODU

$ OR PHQFLRQDGR VH VXPD HO KHFKR GH TXH HO DFFLRQDQWH IRUPXOy RSRVLFLyQ DO
GHVDSRGHUDPLHQWREDMRHODUJXPHQWRHUUyQHRGHTXHHUDSURSLHWDULRGHOELHQLQPXHEOH
REMHWRGHODVXEDVWDVLQWHQHUHQFXHQWDTXHHUDXQDVSHFWRTXHHIHFWLYDPHQWHQRSRGtD
VHUGLOXFLGDGRDWUDYpVGHODRSRVLFLyQSRUORTXHHQHVWDYtDVyORVHGHILQLUiHOGHUHFKR
GHSRVHVLyQGHORSRQHQWHVREUHHOLQPXHEOHUHPDWDGRFRUUHVSRQGLHQGRHQGHILQLWLYDOD
GLOXFLGDFLyQGHOGHUHFKRSURSLHWDULRDRWUDYtDWRGDYH]TXHFRQIRUPHVHHVWDEOHFLyHQ
OD6&5GHGHPD\R
$GLIHUHQFLDGHODWHUFHUtDHQODRSRVLFLyQVHGLVFXWH
HO GHUHFKR GH SRVHVLyQ GHO RSRQHQWH HPHUJHQWH GH DFWRV MXUtGLFRV GHELGDPHQWH
UHJLVWUDGRV FRQ DQWHULRULGDG DO HPEDUJR R GH DTXHOORV GRFXPHQWRV TXH WHQJDQ IHFKD
FLHUWDSHURGHQLQJ~QPRGRSRUHVDYtDVHGHILQHGHUHFKRSURSLHWDULRDOJXQR\HQFDVR
GHH[LVWLUFRQWURYHUVLDHOPLVPRGHEHVHUGHILQLGRHQODYtDOHJDOFRUUHVSRQGLHQWH
 ODV
QHJULOODVIXHURQDxDGLGDV 

'H OR SUHFHGHQWHPHQWH UHODFLRQDGR DO FDVR GH DXWRV VH DSOLFD HO SULQFLSLR GH
VXEVLGLDULHGDGFRQIRUPHORHVWDEOHFLGRHQHO)XQGDPHQWR-XUtGLFR,,,GHODSUHVHQWH
6HQWHQFLD&RQVWLWXFLRQDO3OXULQDFLRQDOSRUFXDQWRHODFFLRQDQWHWLHQHODYtDRUGLQDULD
SDUD UHFODPDU VX GHUHFKR SURSLHWDULR GH OD SHTXHxD SURSLHGDG DJUDULD UHPDWDGD \
DGMXGLFDGDHQHOSURFHVRHMHFXWLYRHQFXHVWLyQDOHMHFXWDQWH

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

6&3)LMyODVVXEUHJODVGHVXEVLGLDULHGDGGHOHQWRQFHVUHFXUVRGHDPSDUR
FRQVWLWXFLRQDO

  ODV DXWRULGDGHV MXGLFLDOHV R DGPLQLVWUDWLYDV QR KDQ WHQLGR OD SRVLELOLGDG GH
SURQXQFLDUVHVREUHXQDVXQWRSRUTXHODSDUWHQRKDXWLOL]DGRXQPHGLRGHGHIHQVDQLKD
SODQWHDGRUHFXUVRDOJXQR


6&5
$GLIHUHQFLDGHODWHUFHUtDHQODRSRVLFLyQVHGLVFXWHHOGHUHFKRGH
SRVHVLyQ GHO RSRQHQWH HPHUJHQWH GH DFWRV MXUtGLFRV GHELGDPHQWH UHJLVWUDGRV FRQ
DQWHULRULGDG DO HPEDUJR R GH DTXHOORV GRFXPHQWRV TXH WHQJDQ IHFKD FLHUWD SHUR GH
QLQJ~Q PRGR SRU HVD YtD VH GHILQH GHUHFKR SURSLHWDULR DOJXQR \ HQ FDVR GH H[LVWLU
FRQWURYHUVLDHOPLVPRGHEHVHUGHILQLGRHQODYtDOHJDOFRUUHVSRQGLHQWH




1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLDSUHFHGHQFLDOUHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD ([WUDFWRRUHFRQVWUXFFLyQGHOSUHFHGHQWHFRQVWLWXFLRQDO

6&3/DVXEVLGLDULHGDGGHODPSDURFRQVWLWXFLRQDOGHEHVHUHQWHQGLGDQR
VRORFRPRHOVLPSOHDJRWDPLHQWRGHWRGDVODVLQVWDQFLDVGHQWURGHOSURFHVRRYtDOHJDO
VHDDGPLQLVWUDWLYDRMXGLFLDOGRQGHVHDFXVDODYXOQHUDFLyQDGHUHFKRVVLQRLPSOLFD
OD H[LJHQFLD GH LQYRFDFLyQ GHO DFWR OHVLYR \ GHUHFKR UHFODPDGR HQ VHGH MXGLFLDO R
DGPLQLVWUDWLYD HV GHFLU HO UHFODPR HIHFWLYR GH ORV DFWRV OHVLYRV SDUD TXH ODV
DXWRULGDGHVFRQR]FDQORVDJUDYLRV\WHQJDQODRSRUWXQLGDGGHUHSDUDUORV

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOHODFFLRQDQWHGHQXQFLyODYXOQHUDFLyQGHORV
GHUHFKRVGHVXUHSUHVHQWDGDDOGHELGRSURFHVRDODLJXDOGDGDODGHIHQVDDVHURtGD\

W


dW^:d


HVFXFKDGD \ D LPSXJQDU UHVROXFLRQHV MXGLFLDOHV SRU FXDQWR HO 7ULEXQDO 6XPDULDQWH
GHSHQGLHQWHGHO&RQVHMRGHOD-XGLFDWXUDLQLFLySURFHVRDGPLQLVWUDWLYRHQVXFRQWUDSRU
VXSXHVWDPHQWHKDEHUFRPHWLGRODIDOWDGLVFLSOLQDULDHVWDEOHFLGDHQHODUWGHOD/&-
UHIHULGDDODGHPRUDLQMXVWLILFDGDHQODDGPLVLyQ\WUDPLWDFLyQGHORVSURFHVRVSURFHVR
DGPLQLVWUDWLYRTXHGHULYyHQHOSURQXQFLDPLHQWRGHOD6HQWHQFLD'LVFLSOLQDULDFDUHQWH
GHXQDDGHFXDGDIXQGDPHQWDFLyQSRUODTXHVHOHVDQFLRQyFRQODVXVSHQVLyQGHWUHV
PHVHVVLQJRFHGHKDEHUHVPRWLYRSRUHOFXDOLPSXJQyODPLVPDGDQGROXJDUDTXHHO
7ULEXQDOGHDSHODFLyQFRQIRUPDGRSRUORV&RQVHMHURVGHOD0DJLVWUDWXUDSURQXQFLDUD
5HVROXFLyQ FRQILUPDQGR SDUFLDOPHQWH OD 6HQWHQFLD 'LVFLSOLQDULD UHVROXFLyQ WDPELpQ
SULYDGDGHIXQGDPHQWDFLyQ\DQiOLVLVMXUtGLFRGLVPLQX\pQGRVHODVDQFLyQGHWUHVDXQ
PHVGHVXVSHQVLyQVLQJRFHGHKDEHUHVSRUORTXHHQVXSHWLWRULRVROLFLWyVHGHMHVLQ
HIHFWROD6HQWHQFLDGLVFLSOLQDUD\OD5HVROXFLyQGH6HJXQGD,QVWDQFLDGLVSRQLHQGRTXH
VHWUDPLWHXQQXHYRVXPDULRDGPLQLVWUDWLYR(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO
GHQHJy OD WXWHOD UHVSHFWR D ORV GHUHFKRV D OD LJXDOGDG D VHU RtGR \ HVFXFKDGR \ D
LPSXJQDU UHVROXFLRQHV MXGLFLDOHV HPSHUR DQXOy OD 5HVROXFLyQ  SURQXQFLDGD SRU ORV
&RQVHMHURVGHOD0DJLVWUDWXUDTXHFRQILUPyODVHQWHQFLDGLVFLSOLQDULD\GLVSXVRVHHPLWD
XQD QXHYD UHVROXFLyQ HQ EDVH D ORV IXQGDPHQWRV VHxDODGRV HQ OD VHQWHQFLD
FRQVWLWXFLRQDODQDOL]DQGRVREUHODLQYRFDFLyQGHORVDFWRVOHVLYRVGHQXQFLDGRV

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
(QFXDQWRDOD6HQWHQFLD'LVFLSOLQDULDGHGHVHSWLHPEUH

(Q HVWH SXQWR ~QLFDPHQWH GDUHPRV UHVSXHVWD D ODV LPSXJQDFLRQHV HIHFWXDGDV HQ HO
PHPRULDOGHODDFFLyQGHDPSDURFRQVWLWXFLRQDO\TXHDVXYH]IXHURQUHSUHVHQWDGDVHQ
HOUHFXUVRMHUiUTXLFRHQVHGHDGPLQLVWUDWLYDHQUD]yQDTXHHO7ULEXQDO&RQVWLWXFLRQDO
3OXULQDFLRQDO QR HV XQD LQVWDQFLD DGLFLRQDO GH LPSXJQDFLyQ OR FRQWUDULR LPSOLFD LU
FRQWUDVXUROIXQGDPHQWDO\GHODDEXQGDQWHMXULVSUXGHQFLDSURQXQFLDGDDOUHVSHFWR

'H OD FRPSXOVD UHDOL]DGD DO H[SHGLHQWH TXH KDFH D OD SUHVHQWH DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO VH HVWDEOHFH TXH HO  GH VHSWLHPEUH GH  0LULDP 7HUHVD 7DSLD
+HUHGLD LQWHUSXVR UHFXUVR GH DSHODFLyQ FRQWUD OD 6HQWHQFLD 'LVFLSOLQDULD 
HPLWLGDSRUHO7ULEXQDO6XPDULDQWHHIHFWXDQGR~QLFDPHQWHDUJXPHQWDFLRQHVUHVSHFWR
DOSRUTXpVXSHUVRQDQRKXELHVHLQFXUULGRHQUHWDUGDFLyQGHMXVWLFLDH[SRQLHQGRVXV
MXVWLILFDFLRQHVVLQTXHHQHOWH[WRGHOUHFXUVRGHUHIHUHQFLDVHKXELHVHGHQXQFLDGROD
YXOQHUDFLyQDOGHELGRSURFHVRSRUDXVHQFLDGHIXQGDPHQWDFLyQ\PRWLYDFLyQGHODFLWDGD
UHVROXFLyQ RPLWLpQGRVH WDPELpQ OD GHQXQFLD UHVSHFWR D OD OHVLyQ GHO GHUHFKR D OD
LJXDOGDG

/DVGHQXQFLDVUHDOL]DGDVHQVHGHDGPLQLVWUDWLYDGHELHURQVHUDQDOL]DGDV\FRQVLGHUDGDV
SRU ODV LQVWDQFLDV SHUWLQHQWHV TXH HIHFWLYDPHQWH SXGLHURQ FRUUHJLU ODV VXSXHVWDV
YXOQHUDFLRQHV GH GHUHFKRV FRPR VRQ ORV &RQVHMHURV GH OD 0DJLVWUDWXUD DXWRULGDGHV
FRPSHWHQWHVSDUDFRQRFHUHOUHFXUVRMHUiUTXLFRGHTXLHQHVQRVHUHTXLULyODFRUUHFFLyQ
GH ORV DVSHFWRV DKRUD FRQWHQLGRV HQ HO PHPRULDO GH OD DFFLyQ DPSDUR FRQVWLWXFLRQDO
PLVPRV TXH QR VHUiQ FRQVLGHUDGRV HQ YLUWXG GH ORV DUJXPHQWRV GH RUGHQ OHJDO
FRQWHQLGRV HQ HO )XQGDPHQWR -XUtGLFR ,,, GH OD SUHVHQWH 6HQWHQFLD &RQVWLWXFLRQDO
3OXULQDFLRQDO SRU FXDQWR OD GHPDQGDQWH HQ ORV KHFKRV KD GHOLPLWDGR HO FDPSR GH
DQiOLVLV\WXWHODFRQVWLWXFLRQDOSRUFXDQWRpVWRVUHFODPRVQRIXHURQHIHFWXDGRVHQVHGH
DGPLQLVWUDWLYD GRQGH ODV DXWRULGDGHV DGPLQLVWUDWLYDV KXELHVHQ SRGLGR HQPHQGDU ODV
VRVSHFKDGDVWUDQVJUHVLRQHVRFXUULGDVHQLQVWDQFLDVSUHYLDVFRUUHVSRQGLHQWHVDOSURFHVR
DGPLQLVWUDWLYR

(OKDEHUGHQXQFLDGRGLUHFWDPHQWHODVYXOQHUDFLRQHVGHGHUHFKRVHQODSUHVHQWHDFFLyQ
GHDPSDURFRQVWLWXFLRQDOGLUHFWDPHQWHPXWLODODSRVLELOLGDGGHVXFRQVLGHUDFLyQHQVHGH
FRQVWLWXFLRQDO


W


dW^:d
6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJDODDFFLyQGHDPSDURFRQVWLWXFLRQDOHQUHODFLyQDORVGHUHFKRVDODLJXDOGDGD
VHURtGR\HVFXFKDGR\DLPSXJQDUUHVROXFLRQHVMXGLFLDOHVSRU FXDQWRDWHQGLHQGRHO
SULQFLSLRGHVXEVLGLDULHGDGHQWHQGLGRQRFRPRHOVLPSOHDJRWDPLHQWRGHORVUHFXUVRV
VLQR HO UHFODPR HIHFWLYR GH ORV DFWRV OHVLYRV SDUD TXH ODV DXWRULGDGHV MXGLFLDOHV R
DGPLQLVWUDWLYDVFRQR]FDQORVDJUDYLRV\WHQJDQODRSRUWXQLGDGGHUHSDUDUORVVyORSXHGH
GDUVHUHVSXHVWDDWUDYpVGHHVWDDFFLyQGHGHIHQVDDODVLPSXJQDFLRQHVHIHFWXDGDVHQHO
PHPRULDOGHODDFFLyQGHDPSDURFRQVWLWXFLRQDO\TXHDVXYH]IXHURQUHSUHVHQWDGDVHQ
HOUHFXUVRMHUiUTXLFRHQVHGHDGPLQLVWUDWLYDHQUD]yQDTXHHO7ULEXQDO&RQVWLWXFLRQDO
3OXULQDFLRQDO QR HV XQD LQVWDQFLD DGLFLRQDO GH LPSXJQDFLyQ OR FRQWUDULR LPSOLFD LU
FRQWUDVXUROIXQGDPHQWDO\GHODDEXQGDQWHMXULVSUXGHQFLDSURQXQFLDGDDOUHVSHFWR

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/DOtQHDMXULVSUXGHQFLDOVREUHODH[LJHQFLDGHLQYRFDFLyQGHOGHUHFKRUHFODPDQGR\ORV
DFWRVOHVLYRVHQVHGHMXGLFLDORDGPLQLVWUDWLYDYLQFXODQGRFRQHOFDUiFWHUVXEVLGLDULRGH
ODDFFLyQGHDPSDURHQWHQGLGRQRFRPRHOVLPSOHDJRWDPLHQWRGHORVUHFXUVRVVLQRHO
UHFODPRHIHFWLYRGHORVDFWRVOHVLYRVSDUDTXHODVDXWRULGDGHVMXGLFLDOHVRDGPLQLVWUDWLYDV
FRQR]FDQ ORV DJUDYLRV \ WHQJDQ OD RSRUWXQLGDG GH UHSDUDUORV HVWi FRQWHQLGD HQ OD
VLJXLHQWHVHQWHQFLDUHLWHUDGDSRUYDULDVRWUDV

/D6&5HQXQDDFFLyQGHDPSDURHVWDEOHFLyORVLJXLHQWH

HOFDUiFWHUVXEVLGLDULRGHODPSDURFRQVWLWXFLRQDOQRVyORVHDJRWDHQHODVSHFWR
IRUPDOHVGHFLUHQODREOLJDFLyQGHTXHODSHUVRQDXWLOLFHWRGRVORVUHFXUVRVHVWDEOHFLGRV
SRUHORUGHQDPLHQWRMXUtGLFRVLQRTXHHVSUHFLVRTXHDWUDYpVGHHVRVPHGLRVODSHUVRQD
UHFODPHWRGRVORVDFWRVLOHJDOHV TXHVXSXHVWDPHQWHOHFDXVDQDJUDYLRGDGRTXHVLOD
SHUVRQDQR HIHFWXy HO UHFODPR SHUWLQHQWH SHVH DKDEHUXWLOL]DGRHO PHGLR GHGHIHQVD
SUHYLVWRSRUOH\VHHQWLHQGHTXHFRQVLQWLyFRQWRGDVDTXHOORVSUHVXQWRVDFWRVLOHJDOHVX
RPLVLRQHV LQGHELGDV TXH QR LPSXJQy RSRUWXQDPHQWH LPSLGLHQGR FRQ HOOR TXH ODV
DXWRULGDGHV MXGLFLDOHV R DGPLQLVWUDWLYDV VH SURQXQFLHQ VREUH HO SDUWLFXODU 6&
5 GH  GH VHSWLHPEUH   'H OR GLFKR VH FRQFOX\H TXH OD MXULVGLFFLyQ
FRQVWLWXFLRQDOVyORSRGUiDQDOL]DUDTXHOORVDFWRVXRPLVLRQHVGHPDQGDGRVGHLOHJDOHV
TXHIXHURQUHFODPDGRVRSRUWXQDPHQWHDQWHODYtDMXGLFLDORDGPLQLVWUDWLYDSHUWLQHQWH
HVWR HV HQ HO PRPHQWR KiELO GH SURGXFLGR HO DJUDYLR HO FXDO GHEH VHU LQYRFDGR
QHFHVDULDPHQWHHQODVVXEVLJXLHQWHVLQVWDQFLDVVLQRHVUHSDUDGRHQODSULPHUDDWUDYpV
GHORVPHGLRVRUHFXUVRVTXHIUDQTXHDODOH\(QFRQVHFXHQFLDDTXHOODVOHVLRQHVQR
DFXVDGDV DQWH OD YtD RUGLQDULD RSRUWXQDPHQWH HQ FDGD LQVWDQFLD QR SXHGHQ VHU
DQDOL]DGDV D WUDYpV GHO UHFXUVR GH DPSDUR FRQVWLWXFLRQDO GDGR TXH GH DFXHUGR D OD
MXULVSUXGHQFLDGHO7ULEXQDO&RQVWLWXFLRQDOJORVDGDSUHFHGHQWHPHQWHGHPDQHUDJHQHUDO
VRQORVMXHFHV \WULEXQDOHVRUGLQDULRVORVOODPDGRVDUHSDUDUORVGHUHFKRV\ JDUDQWtDV
FRQVWLWXFLRQDOHV SUHVXQWDPHQWH OHVLRQDGRV HQ HO PLVPR SURFHVR MXGLFLDO R
DGPLQLVWUDWLYR  \ VyOR H[FHSFLRQDOPHQWH \ HQ GHIHFWR GH DTXpOORV OD MXULVGLFFLyQ
FRQVWLWXFLRQDO SRGUi KDFHUOR HQ FDPELR VL HO UHFODPR VH HIHFW~D HQ IRUPD GLUHFWD D
WUDYpVGHOUHFXUVRGHDPSDURFRQVWLWXFLRQDOQRVHDFWLYDODMXULVGLFFLyQFRQVWLWXFLRQDO
GDGDODQDWXUDOH]DVXEVLGLDULDGHODPSDURSXHVFRPRTXHGySUHFLVDGRHQHVRVFDVRV
ODV DXWRULGDGHV MXGLFLDOHV R DGPLQLVWUDWLYDV QR WXYLHURQ RSRUWXQLGDG GH FRQRFHU ORV
DJUDYLRVIRUPXODGRVSRUHOUHFXUUHQWH\HQVXFDVRUHSDUDUORV(VWRLPSOLFDTXHSDUD
FXPSOLUODH[LJHQFLDGHVXEVLGLDULHGDGORVKHFKRVTXHVHUHODFLRQDQFRPROHVLYRVDORV
GHUHFKRVR JDUDQWtDV HQ VHGHMXGLFLDO R DGPLQLVWUDWLYD QRSXHGHQ VHU GLVWLQWRVGH ORV
KHFKRVTXHVHH[SUHVDQHQVHGHFRQVWLWXFLRQDOSXHVDOKDEHURPLWLGRLPSXJQDUORVDOOt
RSRUWXQDPHQWHQRHVSRVLEOHTXHVHDFWLYHODWXWHODTXHEULQGDHODUW&RQVWLWXFLRQDO
SRUVHUVXEVLGLDULD

(VWD OtQHD MXULVSUXGHQFLDO WXYR FRPR DQWHFHGHQWH OD 6&  TXH VHxDOy TXH

W


dW^:d


&DEHGHMDUFODURTXHHQODHVSHFLHQRSXHGHDSOLFDUVHODMXULVSUXGHQFLDVHQWDGDSRUODV
66&&5\5DQWHVFLWDGDVSRUFXDQWRH[LVWHQGLIHUHQFLDVIiFWLFDV
TXHLQFLGHQHQODGHWHUPLQDFLyQDDVXPLUVHKR\WRGDYH]TXHHQORVFDVRVTXHGLHURQ
OXJDU D HVRV IDOORV FRQVWLWXFLRQDOHV ORV JDUDQWHV KLSRWHFDULRV DQWH ODV GHFLVLRQHV
MXGLFLDOHVGHVXEDVWDUVXVELHQHVSURSLRVGDGRVHQJDUDQWtDUHFODPDURQDQWHHO-XH]
UHVSHFWLYRODIDOWDGHFLWDFLyQDVXVSHUVRQDV\ODSUHWHQVLyQGHHMHFXWDUODVVHQWHQFLDV
FRQWUD VXV ELHQHV R VHD TXH SRU XQD SDUWH H[LVWLy  XQ DFWR MXGLFLDO TXH DIHFWDED VXV
ELHQHV\SRURWUDDJRWDURQORVPHGLRVTXHWHQtDQDVXDOFDQFHSDUDH[LJLUHOUHVSHWRGH
VXVGHUHFKRVORTXHQRKDRFXUULGRHQHVWHFDVR

'HOPLVPRPRGRHVWiQODV66&&55
55555\5
HQWUHRWUDV

/D6&5IXHHQIiWLFDHQHVWDEOHFHUTXH)-,,,SDUDTXHVHDFWLYHOD
SURWHFFLyQTXHEULQGDHODUWGHOD&3(HVLPSUHVFLQGLEOHTXHHOUHFXUUHQWHKXELHUD
LQYRFDGRODOHVLyQDOGHUHFKRDOGHELGRSURFHVRHQXQRGHVXVHOHPHQWRV\TXHpVWDQR
KXELHUDVLGRUHSDUDGDSRUORyUJDQRVMXULVGLFFLRQDOHVRUGLQDULRVDWUDYpVGHORVUHFXUVRV
TXHGLVSHQVDODOH\

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

/D6&5HVHOSUHFHGHQWHFRQVWLWXFLRQDOTXHHVWDEOHFLyTXH)-,,,
SDUDTXHVHDFWLYHODSURWHFFLyQTXHEULQGDHODUWGHOD&3(HVLPSUHVFLQGLEOHTXHHO
UHFXUUHQWH KXELHUD LQYRFDGR OD OHVLyQ DO GHUHFKR DO GHELGR SURFHVR HQ XQR GH VXV
HOHPHQWRV \ TXH pVWD QR KXELHUD VLGR UHSDUDGD SRU OR yUJDQRV MXULVGLFFLRQDOHV
RUGLQDULRVDWUDYpVGHORVUHFXUVRVTXHGLVSHQVDODOH\

(Q HVH RUGHQ OD 6&3  HV OD SULPHUD VHQWHQFLD FRQILUPDGRUD SRU FXDQWR
VHxDOD)-,,, /D MXVWLFLD FRQVWLWXFLRQDO QR LQJUHVD D UHYLVDU DVSHFWRV QR
UHFODPDGRV HQ VHGH DGPLQLVWUDWLYD   (Q VHGH DGPLQLVWUDWLYD HO SURFHVDGR R
DGPLQLVWUDGRVHJ~QVHDHOFDVRGHEHUiDFXGLUFRQFDUiFWHUSUHYLRDODDFWLYDFLyQGHOD
MXULVGLFFLyQFRQVWLWXFLRQDODODDXWRULGDGRSHUVRQDTXHOHVLRQyVXGHUHFKR\HQVHJXQGR
WpUPLQRDQWHODLQVWDQFLDTXHSXHGDFRUUHJLUODGLVWRUVLyQJHQHUDGDDHIHFWRVGHSURFXUDU
OD UHSDUDFLyQ GH OD OHVLyQ LQGLFDQGR H[SUHVDPHQWH ODV VXSXHVWDV WUDQVJUHVLRQHV
VXFHGLGDV(QFRQVHFXHQFLDQRVHSRGUiUHFODPDUYtDDFFLyQGHDPSDURFRQVWLWXFLRQDO
DVSHFWRVQRUHFODPDGRVHQLQVWDQFLDVRUGLQDULDRDGPLQLVWUDWLYDVSUHYLDV



1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLDSUHFHGHQFLDOUHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD ([WUDFWRRUHFRQVWUXFFLyQGHOSUHFHGHQWHFRQVWLWXFLRQDO

6&3   /D VXEVLGLDULHGDG GHO DPSDUR FRQVWLWXFLRQDO GHEH VHU HQWHQGLGD
FRPR HO DJRWDPLHQWR GH WRGDV ODV LQVWDQFLDV GHQWUR GHO SURFHVR R YtD OHJDO  VHD
DGPLQLVWUDWLYDRMXGLFLDOGRQGHVHDFXVDODYXOQHUDFLyQGDGRTXHGRQGHVHGHEHQ
UHSDUDU ORV GHUHFKRV IXQGDPHQWDOHV OHVLRQDGRV HV HQ HO PLVPR SURFHVR R HQ OD
LQVWDQFLD GRQGH KDQ VLGR FRQFXOFDGRV \ FXDQGR HVWR QR RFXUUH TXHGD DELHUWD OD
SURWHFFLyQTXHEULQGDHOHVWDDFFLyQGHGHIHQVD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

W


dW^:d

(Q HVWD DFFLyQ GH DPSDUR HO DFFLRQDQWH GHQXQFLy TXH ORV 9RFDOHV GHPDQGDGRV
OHVLRQDURQ VX GHUHFKR DO GHELGR SURFHVR HQ VXV HOHPHQWRV GH FRQJUXHQFLD \
IXQGDPHQWDFLyQDOHPLWLUHO$XWRGH9LVWDVLQODGHELGDFRQJUXHQFLDSXHVD
WLHPSRGHUHVROYHUODLPSXJQDFLyQQRVHOLPLWDURQDFRQVLGHUDUDVSHFWRVSUHFLVRVGHOD
DSHODFLyQVLQRTXHLQFRUSRUDURQFXHVWLRQHVTXHQRIXHURQREMHWRGHLPSXJQDFLyQSRU
QLQJXQD GH ODV SDUWHV WRUQiQGROD HQ XQD 5HVROXFLyQ XOWUD \ H[WUD SHWLWD SRU OR TXH
VROLFLWyVHFRQFHGDODWXWHOD\VHGHMHVLQHIHFWRHO $XWRGH9LVWDGHGH
QRYLHPEUHRUGHQDQGRDORV9RFDOHVGHPDQGDGRVHPLWLUXQRQXHYRFRQLPSRVLFLyQGH
FRVWDVGDxRV\SHUMXLFLRV(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOUHYRFyODUHVROXFLyQ
UHYLVDGD\GHQHJyODWXWHODVROLFLWDGDHQHOIRQGRHPSHURSUHYLDPHQWHDQDOL]yTXHOD
VXEVLGLDULHGDG GHO DPSDUR GHEH VHU HQWHQGLGD FRPR HO DJRWDPLHQWR GH WRGDV ODV
LQVWDQFLDVGHOSURFHVRRYtDOHJDOSRUORTXHODLQWHUSRVLFLyQGHXQDQXHYDGHPDQGDGH
FHVDFLyQ PRGLILFDFLyQ R YDULDFLyQ GH DVLVWHQFLD IDPLOLDU QR HV OD VHFXHQFLD GHO
GHVDUUROORGHHVWHWLSRGHSURFHVRPDVDOFRQWUDULRHVXQSURFHVRGLVWLQWR\DXWyQRPR
SRUH[FHOHQFLD

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,&RQ FDUiFWHU SUHYLR FRUUHVSRQGH DQDOL]DU ORV DOHJDWRV GH OD DXWRULGDG
GHPDQGDGDHQVHQWLGRTXHODDVLVWHQFLDIDPLOLDUQRFDXVDHVWDGR\TXHODPLVPDSXHGH
VHU PRGLILFDGD YDULDGD R UHYHUWLGD HQ RWUR SURFHVR (VWH 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDOFRQVLGHUDTXHGLFKRVDUJXPHQWRVQRPHUHFHQVHUDWHQGLGRVWRGDYH]TXH
GHDFXHUGRFRQORGHVDUUROODGRHQHO)XQGDPHQWR-XUtGLFR,,,GHODSUHVHQWH6HQWHQFLD
&RQVWLWXFLRQDO3OXULQDFLRQDOHOSULQFLSLRGHVXEVLGLDULHGDGH[LJHHODJRWDPLHQWRGHORV
PHFDQLVPRVLQWUDSURFHVDOHVHQODPHGLGDTXHHODFWROHVLYRVHDUHSDUDGRSRUXQUHFXUVR
RDFFLyQLQPHGLDWDTXHLQWHJUHODHVWUXFWXUDPLVPDGHOSURFHVR\QRDVtDWUDYpVGHXQ
SURFHVR GLVWLQWR \ DXWyQRPR (Q HO FDVR SDUWLFXODU OD LQWHUSRVLFLyQ GH XQD QXHYD
GHPDQGDGHFHVDFLyQPRGLILFDFLyQRYDULDFLyQGHDVLVWHQFLDIDPLOLDUQRHVODVHFXHQFLD
GHO GHVDUUROOR GH HVWH WLSR GH SURFHVR PDV DO FRQWUDULR HV XQ SURFHVR GLVWLQWR \
DXWyQRPR SRU H[FHOHQFLD FRQVLJXLHQWHPHQWH QR FRQVWLWX\HQ PHFDQLVPRV R YtDV GH
LPSXJQDFLyQLGyQHDVSDUDODUHVWLWXFLyQGHORVGHUHFKRVSUHVXQWDPHQWHOHVLRQDGRV

 

(QPpULWRDODVFRQVLGHUDFLRQHVDQWHVVHxDODGDVHVIDFWLEOHFRQFOXLUTXHQRH[LVWHyELFH
DOJXQRTXHLPSLGDLQJUHVDUDODQiOLVLVGHOIRQGRGHODSUREOHPiWLFDSODQWHDGD

6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJDODDFFLyQGHDPSDURFRQVWLWXFLRQDOHQHOIRQGRHPSHURSUHYLDPHQWHDQDOL]DHO
DJRWDPLHQWRGHORVUHFXUVRVHQHOPDUFRGHOFDUiFWHUVXEVLGLDULR\HVWDEOHFHTXHXQD
QXHYDGHPDQGDGHFHVDFLyQPRGLILFDFLyQRYDULDFLyQGHDVLVWHQFLDIDPLOLDUQRHVOD
VHFXHQFLDGHOGHVDUUROORGHOSURFHVRGHDVLVWHQFLDIDPLOLDUVLQRXQSURFHVRGLVWLQWR\
DXWyQRPRSRUH[FHOHQFLD

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

/D6&5IXHODSULPHUDHQVHxDODUTXHODVXEVLGLDULHGDGHQHOUHFXUVRGH
DPSDURDKRUDDFFLyQGHDPSDURH[LJHHODJRWDPLHQWRGHORVUHFXUVRVHQODPLVPDYtD
GRQGHVHRULJLQyHODFWRLOHJDORODRPLVLyQLQGHELGD\QRHQRWURSURFHVRDXWyQRPR
6RVWXYR  OD VXEVLGLDULHGDGGHO DPSDUR FRQVWLWXFLRQDOGHEH VHU HQWHQGLGD FRPR HO
DJRWDPLHQWRGHWRGDVODVLQVWDQFLDVGHQWURGHOSURFHVRRYtDOHJDOVHDDGPLQLVWUDWLYDR
MXGLFLDOGRQGHVHDFXVDODYXOQHUDFLyQGDGRTXHGRQGHVHGHEHQUHSDUDUORVGHUHFKRV
IXQGDPHQWDOHV OHVLRQDGRV HV HQ HO PLVPR SURFHVR R HQ OD LQVWDQFLD GRQGH KDQ VLGR
FRQFXOFDGRV\FXDQGRHVWRQRRFXUUHTXHGDDELHUWDODSURWHFFLyQTXHEULQGDHO$PSDUR

W


dW^:d


&RQVWLWXFLRQDO

(Q HVH VHQWLGR OD 6&3  HV OD SULPHUD VHQWHQFLD FRQILUPDGRUD SRU FXDQWR
HVWDEOHFH ORV UHFXUVRV R PHFDQLVPRV LQWUDSURFHVDOHV D DJRWDUVH GHEHQ HVWDU
H[SUHVDPHQWH SUHYLVWRV SRU OD QRUPD H LQFRUSRUDGRV HQ OD PLVPD HVWUXFWXUD GH XQ
GHWHUPLQDGRSURFHVRGHPDQHUDTXHVHJ~QODVHFXHQFLDGHORVDFWRVSURFHVDOHVVHDOD
LQPHGLDWDFRQWLQXDFLyQGHOKHFKRJHQHUDGRUGHODYXOQHUDFLyQ(QHVHHQWHQGLGRDORV
ILQHVGHFXPSOLUFRQHOSULQFLSLRGHVXEVLGLDULHGDGQRSXHGHDOHJDUVHODDFWLYDFLyQGH
XQ QXHYR SURFHVR DXWyQRPR H LQGHSHQGLHQWH FRQ OD ILQDOLGDG GH UHSDUDU ODV
YXOQHUDFLRQHV R DPHQD]DV D ORV GHUHFKRV IXQGDPHQWDOHV VLQR TXH DO VXUJLU XQ DFWR
LOHJDOpVWHGHEHVHUUHPHGLDGRHQHOPLVPRSURFHVRDQWHODVUHVSHFWLYDVLQVWDQFLDV\
KDFLHQGRXVRGHORVUHFXUVRVLGyQHRV\FDSDFHVGHUHYHUWLU\UHSDUDUHODFWRFRQFXOFDGRU



1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLDSUHFHGHQFLDOUHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD ([WUDFWRRUHFRQVWUXFFLyQGHOSUHFHGHQWHFRQVWLWXFLRQDO

6&3   /RV LQFLGHQWHV VREUH OD FDOLGDG GH ELHQHV LQFDXWDGRV GHQWUR GH
SURFHVRVSHQDOHVGHEHQVHUSUHVHQWDGRVKDVWDDQWHVGHSURQXQFLDUVHOD6HQWHQFLD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOODDFFLRQDQWHDOHJyYXOQHUDFLyQGHVXGHUHFKR
DODSURSLHGDGSRUFXDQWRIRUPXOyLQFLGHQWHGHGHYROXFLyQGHVXPRWRFLFOHWDTXHIXH
LQFDXWDGD FRPR HPHUJHQFLD GH XQ SURFHVR SHQDO HQ HO FXDO HOOD QR SDUWLFLSy FRPR
SURFHVDGD VLQ HPEDUJR HO -XH] FDXWHODU GHVHVWLPy VX LQFLGHQWH DO LJXDO TXH OD
5HVROXFLyQHPHUJHQWHGHOUHFXUVRGHDSHODFLyQUHVWULQJLGDTXHLQWHUSXVR(O7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOFRQILUPyODUHVROXFLyQTXHGHQHJyODWXWHODVROLFLWDGD

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,, (Q HO FDVR FRQFUHWR VH WLHQH TXH OD DFFLRQDQWH QR VXVFLWy HO LQFLGHQWH GH
GHYROXFLyQDQWHHO-XH]FDXWHODUKDVWDDQWHVGHGLFWDUVH6HQWHQFLDQLWDPSRFRLQWHUSXVR
ODDSHODFLyQLQFLGHQWDOGHOLQFLGHQWHSODQWHDQGRSRUHOFRQWUDULRLQWHUSXVRUHFXUVRGH
DSHODFLyQUHVWULQJLGDLPSXJQDQGROD6HQWHQFLDFRQGHQDWRULD

'H HVWRV DVSHFWRV VH WLHQH TXH OD DFFLRQDQWH HQ UHODFLyQ DO LQFLGHQWH QR KL]R XVR
RSRUWXQR GHO PHGLR GH LPSXJQDFLyQ SXHV HO PLVPR SURFHGH KDVWD DQWHV GH GLFWDUVH
6HQWHQFLD/RVHxDODGRFRQGLFHFRQODMXULVSUXGHQFLDFRQVWLWXFLRQDOHPLWLGDSRUOD6&
5 GH  GH MXQLR GHO 7ULEXQDO &RQVWLWXFLRQDO DQWHULRU TXH VHxDOy
'H ODV
GLVSRVLFLRQHV OHJDOHV FLWDGDV SUHFHGHQWHPHQWH VH WLHQH TXH OD LQFDXWDFLyQ SXHGH VHU
VROLFLWDGDSRUHOILVFDODQWHHOMXH]GHLQVWUXFFLyQKDVWDDQWHVGHGLFWDUVHVHQWHQFLD\TXH
ODPLVPDDXWRULGDGMXGLFLDOWLHQHIDFXOWDGGHWUDPLWDU\UHVROYHULQFLGHQWHVUHVSHFWRD
ELHQHVLQFDXWDGRVKDVWDDQWHVGHOSURQXQFLDPLHQWRGHODVHQWHQFLDORTXHUHVXOWDREYLR
VLVHWLHQHHQFXHQWDTXHODLQFDXWDFLyQLPSOLFDHODSRGHUDPLHQWRGHORVLQVWUXPHQWRV\
HIHFWRVGHOGHOLWRRUGHQDGRMXGLFLDOPHQWHDILQGHDVHJXUDUORVUHVXOWDGRVGHXQMXLFLR
RELHQSDUDGDUOHVHOGHVWLQROtFLWRFRUUHVSRQGLHQWH 6&5GHGHDEULO 
PHGLGD TXH QR HV LQGHILQLGD SXHV OD GHILQLFLyQ VREUH OD VLWXDFLyQ MXUtGLFD GHO ELHQ
LQFDXWDGRFRUUHVSRQGHDOMXH]RWULEXQDOTXHOHFRUUHVSRQGDHPLWLUODVHQWHQFLDHQODTXH

W


dW^:d
GLVSRQGUiVHJ~QVHDHOFDVRHOGHFRPLVRODFRQILVFDFLyQODGHVWUXFFLyQRODGHYROXFLyQ
GHOELHQLQFDXWDGRFXDQGRHVWHQRKXELHUDVLGRGHYXHOWRDQWHULRUPHQWHHQYLUWXGDXQ
LQFLGHQWHSODQWHDGRDQWHHOMXH]FDXWHODUFRQIRUPHORKDHQWHQGLGRHVWH7ULEXQDOHQOD
6&5GHGHVHSWLHPEUH

&RQIRUPH D OR DQRWDGR HO MXH] GH LQVWUXFFLyQ HV FRPSHWHQWH SDUD UHVROYHU WRGRV ORV
LQFLGHQWHVVREUHLQFDXWDFLyQGHELHQHVVXMHWRVDGHFRPLVRRFRQILVFDFLyQKDVWDDQWHVGH
HPLWLUVHVHQWHQFLDORTXHGHWHUPLQDTXHORVUHFODPRVVREUHODLOHJDOUHWHQFLyQGHELHQHV
SRUSDUWHGHO)LVFDOGHEHQVHUGLULJLGRVDQWHHVDDXWRULGDGMXULVGLFFLRQDODXQVHKXELHUH
SUHVHQWDGR DFXVDFLyQ DQWH HO -XH] R 7ULEXQDO GH 6HQWHQFLD \D TXH HVWDV ~OWLPDV
DXWRULGDGHVVyORWLHQHQFRPSHWHQFLDSDUDUHVROYHUHOGHVWLQRGHORVELHQHVSUHYLDPHQWH
LQFDXWDGRVTXHQR IXHURQREMHWRGH GHYROXFLyQ FRQ PRWLYRGHO LQFLGHQWH VXVWDQFLDGR
DQWH HO MXH] GH LQVWUXFFLyQ FRQIRUPH VHxDOD HO DUW  GHO &33
 ODV QHJULOODV QRV
FRUUHVSRQGHQ 

(QHVHRUGHQGHFRVDVDOQRKDEHUKHFKRXVRDGHFXDGRGHORVUHFXUVRVSUHYLVWRVSRUOH\
PDO SRGUtD SUHWHQGHU VXSOLU VX SURSLD QHJOLJHQFLD D WUDYpV GH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO TXH QR KD VLGR FRQVWLWXLGD FRPR XQD LQVWDQFLD VXSOHWRULD GH ORV
PHFDQLVPRV GH GHIHQVD SUHYLVWRV HQ QXHVWUD OHJLVODFLyQ VLQR PiV ELHQ FRPR XQD
LQVWDQFLD H[WUDRUGLQDULD GH SURWHFFLyQ GH GHUHFKRV IXQGDPHQWDOHV SRU OR TXH HQ
DSOLFDFLyQGHOSULQFLSLRGHVXEVLGLDULHGDGQRFRUUHVSRQGHRWRUJDUODWXWHOD

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

6&5UHLWHUDGDSRUOD6&5
'HODVGLVSRVLFLRQHVOHJDOHVFLWDGDVSUHFHGHQWHPHQWHVHWLHQHTXHODIDFXOWDGGHO-XH]GH
LQVWUXFFLyQ SDUD WUDPLWDU \ UHVROYHU LQFLGHQWHV UHVSHFWR D ELHQHV LQFDXWDGRV VXEVLVWH
KDVWDDQWHVGHOSURQXQFLDPLHQWRGHODVHQWHQFLDORTXHUHVXOWDREYLRVLVHWLHQHHQFXHQWD
TXH
ODLQFDXWDFLyQLPSOLFDHODSRGHUDPLHQWRGHORVLQVWUXPHQWRV\HIHFWRVGHOGHOLWR
RUGHQDGRMXGLFLDOPHQWHDILQGHDVHJXUDUORVUHVXOWDGRVGHXQMXLFLRRELHQSDUDGDUOHV
HOGHVWLQROtFLWRFRUUHVSRQGLHQWH
 6&5GHGHDEULO PHGLGDTXHQRHV
LQGHILQLGDSXHVODGHILQLFLyQVREUHODVLWXDFLyQMXUtGLFDGHOELHQLQFDXWDGRFRUUHVSRQGH
SULYDWLYDPHQWH DO -XH] R 7ULEXQDO TXH OH FRUUHVSRQGD HPLWLU OD VHQWHQFLD HQ OD TXH
GLVSRQGUi VHJ~Q VHD HO FDVR  HO GHFRPLVR OD FRQILVFDFLyQ OD GHVWUXFFLyQ R OD
GHYROXFLyQGHOELHQLQFDXWDGR

9RWR'LVLGHQWH

/D 6&3  WLHQH XQ YRWR GLVLGHQWH GH OD 0DJLVWUDGD /LJLD 9HOiVTXH] TXLHQ
VRVWLHQHTXHVHGHELyPRGXODUODMXULVSUXGHQFLDFRQWHQLGDHQOD6&35HQ
VHQWLGRTXHORVLQFLGHQWHVVREUHODFDOLGDGGHELHQHVLQFDXWDGDVSRGUtDVHUIRUPXODGD
LQFOXVLYHHQHMHFXFLyQGHVHQWHQFLDDxDGLHQGRTXHHQHOFDVRDQDOL]DGRVHGHELyGHQHJDU
ODWXWHODSRUTXHHODFFLRQDQWHQRIRUPXOyODDSHODFLyQLQFLGHQWDOFRQWUDODUHVROXFLyQTXH
UHFKD]yHOLQFLGHQWHVLQRTXHHTXLYRFyODYtDIRUPXODQGRDSHODFLyQUHVWULQJLGD




6XEVLGLDULHGDG3RUDFWLYDFLyQSDUDOHODGHPHFDQLVPRV
GHGHIHQVD
1~PHURGHUHVROXFLyQ6&3

)LFKD

W


dW^:d


7LSR-XULVSUXGHQFLD

-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3(VLPSURFHGHQWHODDFFLyQGHDPSDURFRQVWLWXFLRQDO
FXDQGR SUHYLDPHQWH VH DFWLYD RWUD DFFLyQ WXWHODU FRQ LGHQWLGDG GH
REMHWR VXMHWR \ FDXVD FX\D UHVROXFLyQ VH HQFXHQWUD SHQGLHQWH GH
GHFLVLyQDQWHHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO\ODGLODFLyQ
RGHPRUDFRPRFRQVHFXHQFLDGHORUGHQGHOVRUWHRQRHVXQHOHPHQWR
TXHMXVWLILTXHHODQiOLVLVGHODSUREOHPiWLFDHQXQDVHJXQGDDFFLyQ
WXWHODU \D TXHODV SDUWHVSURFHVDOHVGHPDQHUDPRWLYDGD HQ YH] GH
DFWLYDU XQD QXHYD DFFLyQ WXWHODU SXHGHQ SHGLU DQWH HO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDODWUDYpVGHOD&RPLVLyQGH$GPLVLyQHO
DGHODQWR GH VRUWHR DGHPiV ODVPHGLGDV FDXWHODUHV VRQ XQD ILJXUD
GHVWLQDGDDHYLWDUODFRQVXPDFLyQGHXQDDPHQD]DGHUHVWULFFLyQR
VXSUHVLyQ GH GHUHFKRV R JDUDQWtDV SRU FXDQWR IUHQWH D VX
UHFRQRFLPLHQWRH[SUHVRQRVHMXVWLILFDODSUHVHQWDFLyQGHRWUDDFFLyQ
WXWHODUSDUDHVWHILQ

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q XQD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO OD DFFLRQDQWH GHQXQFLy OD
YXOQHUDFLyQ GH VXV GHUHFKRV D OD SURSLHGDG SULYDGD \ D OD VHJXULGDG
MXUtGLFDSRUTXHHOWHUUHQRGHVXSURSLHGDGIXHLQYDGLGR(QEDVHDHVWD
GHQXQFLD SLGLy VH FRQFHGD OD WXWHOD (O 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDODSUREyODUHVROXFLyQGHO7ULEXQDOGH*DUDQWtDV\GHQHJy
ODWXWHODSRUODVVLJXLHQWHVUD]RQHV 3RUTXHODDFFLRQDQWHSUHVHQWyXQD
DQWHULRU DFFLyQ WDPELpQ GH DPSDUR FRQVWLWXFLRQDO FRQ LGHQWLGDG GH
REMHWR VXMHWR \ FDXVD OD FXDO VH HQFXHQWUD UDGLFDGD HQ OD 6DOD
/LTXLGDGRUD7UDQVLWRULDGHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOSDUD
ODHPLVLyQGHODUHVSHFWLYDGHFLVLyQSHURDGHPiVHQHOFDVRFRQFUHWR
ODIDOWDGHFHOHULGDGSURFHVDOHQHOVRUWHRGHODFDXVDRHOSHOLJURGHTXH
SXHGDFRQVXPDUVHXQDDPHQD]DFRQWUDORVGHUHFKRVGHODDFFLRQDQWHQR
HVMXVWLILFDWLYRSDUDTXHHQHVWDDFFLyQWXWHODUVHLQJUHVHDODQiOLVLVGH
IRQGR GH OD SUREOHPiWLFD \D TXH SDUD HVWH HIHFWR OD DFFLRQDQWH SXGR
SHGLU HO DGHODQWR GH VRUWHR R XQD PHGLGD FDXWHODU \   3RUTXH HQ
UHODFLyQDODSUXHEDGHUHFLHQWHREWHQFLyQSUHVHQWDGDQRGHEHDFWLYDUVH
XQD QXHYD DFFLyQ VLQR TXH GLFKD SUXHED GHELy VHU SUHVHQWDGD SRU OD
DFFLRQDQWH HQ VX SULPHUD DFFLyQ DQWH HO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO SDUD VX YDORUDFLyQ HQ HO PDUFR GHO SULQFLSLR GH YHUGDG
PDWHULDO

([WUDFWRGHODUDWLRGHFLGHQGL
W


dW^:d


)-,,,

(QHVHVHQWLGRHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOREVHUYDQGR
OD H[LVWHQFLD GH XQ SURFHVR DQWHULRU D OD SUHVHQWH DFFLyQ SURFHGLy D
FRQVWDWDUVLHVTXHHYLGHQWHPHQWHH[LVWtDRWURSURFHVR\HOHVWDGRHQHO
TXH VH HQFRQWUDED HO PLVPR UD]yQ SRU OD FXDO VH SXGR YHULILFDU TXH
H[LVWHXQDDQWHULRUGHPDQGDGHDFFLyQGHDPSDURFRQVWLWXFLRQDOVLJQDGD
FRQHOQ~PHUR$$&SRUORTXHSUHYLDPHQWHDODQiOLVLV
GH IRQGR GH OD SUHVHQWH DFFLyQ FRUUHVSRQGH GLOXFLGDU VL HQWUH DPEDV
DFFLRQHV H[LVWH LGHQWLGDG GH VXMHWRV REMHWR \ FDXVD GH DFXHUGR D OD
MXULVSUXGHQFLD JORVDGDHQHO )XQGDPHQWR-XUtGLFR ,,, GHOD SUHVHQWH
6HQWHQFLD&RQVWLWXFLRQDO3OXULQDFLRQDO

$OUHVSHFWRVHWLHQHTXHODDFFLRQDQWHLQWHUSXVRXQDSULPHUDDFFLyQGH
DPSDURFRQVWLWXFLRQDOHOGHMXOLRGH\IXHUHVXHOWDSRUOD6DOD
3HQDO\$GPLQLVWUDWLYDPHGLDQWH5HVROXFLyQGHGHDJRVWRGHOPLVPR
DxRTXHGHQLHJDODWXWHODVROLFLWDGDHQFRQVHFXHQFLDGLFKRH[SHGLHQWH
IXHUHPLWLGRHQUHYLVLyQ\UHFLELGRHQHO7ULEXQDO&RQVWLWXFLRQDOHO
GH DJRVWR GHO PLVPR DxR \ KDVWD OD IHFKD VH HQFXHQWUD SHQGLHQWH GH
5HVROXFLyQ

(VSHUWLQHQWHDFODUDUTXHHOHQFDUJDGRGHUHYLVDUHOH[SHGLHQWHVHxDODGR
$$& HV OD 6DOD /LTXLGDGRUD WUDQVLWRULD TXH HV SDUWH
GHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOYDOHGHFLUTXHFRQIRUPHDO
DUWGHOD/H\GHGHGLFLHPEUHGHVHKDGHWHUPLQDGRTXH
OD6DOD3OHQDGHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOFRQVWLWX\DXQD

6DOD /LTXLGDGRUD 7UDQVLWRULD


 \ ORV PDJLVWUDGRV VXSOHQWHV TXH VH
HQFXHQWUDQDFDUJRVHUiQUHVSRQVDEOHVGHODOLTXLGDFLyQKDVWDOD~OWLPD
DFFLyQWXWHODULQJUHVDGDDOGHGLFLHPEUHGHHQHOPDUFRGHOD
/H\SRUORTXHDOKDEHUVHFRQVWLWXLGROD6DODUHIHULGDVHHVWDEOHFH
TXHGLFKRH[SHGLHQWHKDLQJUHVDGRDO7ULEXQDO&RQVWLWXFLRQDOHOGH
DJRVWR GHO PLVPR DxR VLWXDFLyQ SRU OD FXDO FRUUHVSRQGH VX
SURQXQFLDPLHQWR D OD 6DOD /LTXLGDGRUD WUDQVLWRULD SRU OR TXH
DFWXDOPHQWHVHHQFXHQWUDHQOD&RPLVLyQGHDGPLVLyQHQHVSHUDGHVHU
VRUWHDGR PLHQWUDV WDQWR TXHGD SHQGLHQWH GH 5HVROXFLyQ DQWH OD
MXULVGLFFLyQFRQVWLWXFLRQDOVLQTXHORVPDJLVWUDGRVWLWXODUHVGHO7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOSXHGDQXVXUSDUGLFKDFRPSHWHQFLD

&RQUHODFLyQDOH[SHGLHQWH$$&\DOSUHVHQWHFDVRHV
SUHFLVRUHYLVDUVLHYLGHQWHPHQWHDVLVWHQODVWUHVLGHQWLGDGHVHQDPEDV
DFFLRQHVSRUORTXHVHSXHGHHVWDEOHFHUTXHL 5HVSHFWRDORVVXMHWRV
HQDPERVFDVRVODDFFLRQDQWHHV0DUtD&ULVWLQD$OPHQGUDV6DQDEULD\
ODV SHUVRQDV GHPDQGDGDV VRQ HQ OD SULPHUD DFFLyQ QJHO 0pQGH]
+HUUHUD H ,ULQHy $\OOyQ 0DUWtQH] \ HQ HO FDVR HQ HVWXGLR HV QJHO
0pQGH] +HUUHUD HV GHFLU H[LVWH LQGHQWLGDG SDUFLDO GH VXMHWRV SXHV
W


dW^:d


WRPDQGR HQ FXHQWD GLFKRUD]RQDPLHQWROD 6& 5 GH GH
PDU]R UHLWHUDGD SRU OD 6& 5 GH  GH PD\R DxDGLy TXH
WDPELpQHVDSOLFDEOHHVWDFDXVDO
HQORVFDVRVHQTXHH[LVWDLGHQWLGDG
SDUFLDOGHVXMHWRVHVWRHVTXHHOVXMHWRDFWLYRRSDVLYRVHDQGLIHUHQWHV
SHURTXHHOPRWLYR\HOSURSyVLWRGHOUHFXUVRVHDHOPLVPRUHVSHFWRD
XQD SUREOHPiWLFD DQWHULRUPHQWH SODQWHDGD \ VREUH OD FXDO OD MXVWLFLD
FRQVWLWXFLRQDO \D HPLWLy SURQXQFLDPLHQWR HQ HO IRQGR
 LL  6REUH HO
REMHWR GH DPEDV DFFLRQHV  pVWH VH WUDGXFH HQ HO SHWLWRULR TXH HV HQ
UHDOLGDG OD SUHWHQVLyQ GHO DFWRU FRQVWDWiQGRVH TXH ODV GRV GHPDQGDV
SODQWHDGDV FRQYHUJHQ HQ TXH FHVH OD LQYDVLyQ GH VX ORWH GH WHUUHQR
XELFDGR HQ HO EDUULR
3DUDtVR
 GH OD FLXGDG GH &RELMD 3RU OR TXH HVWH
7ULEXQDOGHVGHXQVLPSOHDQiOLVLVWH[WXDOGHOSHWLWRULRVRODPHQWHSXHGH
FRQFOXLUTXHHOREMHWRGHDPEDVDFFLRQHVHVHOPLVPR\LLL (QFXDQWR
D OD LGHQWLGDG GH FDXVD VH GHEH LQLFLDOPHQWH GHWHUPLQDU FXiO IXH HO
PRWLYR TXH RULJLQy OD LQWHUSRVLFLyQ GH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO$OUHVSHFWRVHHVWDEOHFHFODUDPHQWHTXHHODFWRTXHVH
LPSXJQDFRPRVXSXHVWDPHQWHYXOQHUDGRUGHORVGHUHFKRVLQYRFDGRVHV
HQDPERVFDVRVODLQYDVLyQLOHJDODUELWUDULD\EDMRDPHQD]DVGHVXORWH
GH WHUUHQR XELFDGR HQ HO EDUULR
3DUDtVR
 VLHQGR TXH OD DFFLRQDQWH
DFUHGLWyVXGHUHFKRSURSLHWDULR

3RUORH[SXHVWRFDEHVHxDODUTXHHVWH7ULEXQDOQRSXHGHSURQXQFLDUVH
VREUH HO IRQGR GHO SURFHVR SXHVWR TXH GH KDFHUOR LQFXUULUtD HQ
GXSOLFLGDGGHIDOORVVREUHGRVFDXVDVTXHWLHQHQLGHQWLGDGGHVXMHWRV
REMHWR \ FDXVD \ WRPDQGR HQ FXHQWD OR HVWDEOHFLGR HQ OD /H\ GHO
7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO\ODMXULVSUXGHQFLDFRQVWLWXFLRQDO
GHVDUUROODGDHVWH7ULEXQDOGHEHUHVSHWDUODVDWULEXFLRQHVFRQIHULGDVDOD
6DOD /LTXLGDGRUD 7UDQVLWRULD HYLWDQGR HO GREOH SURQXQFLDPLHQWR GH
UHVROXFLRQHVUHVSHFWRDXQPLVPRDVXQWR

$SDUWLUGHOFRQWHQLGRGHODVQRUPDVPHQFLRQDGDVFDEHUHIHULUTXHHQHO
SUHVHQWHFDVRODDFFLRQDQWHOXHJRGHKDEHUVLGRGHQHJDGDVXDFFLyQSRU
HO 7ULEXQDO GH JDUDQWtDV \ VLQ HVSHUDU TXH VH SURQXQFLH FRQ VX
5HVROXFLyQ HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HQ VX VDOD
OLTXLGDGRUDSUHVHQWyXQDQXHYDDFFLyQGHDPSDURFRQVWLWXFLRQDOFRQ
ODVPLVPDVLGHQWLGDGHV\DUJXPHQWDGRODYXOQHUDFLyQGHOPLVPRDFWR
OHVLYRDOUHVSHFWRODMXULVSUXGHQFLDFRQVWLWXFLRQDOKDHVWDEOHFLGRTXH
WRGDDFFLyQGHGHIHQVDGHEHFRQFOXLUFRQXQDUHVROXFLyQGHO7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO \ HQ FDVR GH TXH OD PLVPD KXELHUD
FRQILUPDGRHOUHFKD]RODSDUWHDFFLRQDQWHSRGUtDLQWHQWDUVLHVTXHYH
SRUFRQYHQLHQWHXQDQXHYDDFFLyQGHDPSDURFRQVWLWXFLRQDOSDUDORJDU
HO SURQXQFLDPLHQWR VREUH HO IRQGR VLHPSUH \ FXDQGR OD MXULVGLFFLyQ
FRQVWLWXFLRQDOVHKD\DSURQXQFLDGRFRQODUHVSHFWLYD5HVROXFLyQGHOR
FRQWUDULRFRQVWLWX\HXQDFWRDEXVLYR\WHPHUDULRGHHVWDDFFLyQWXWHODU
TXHSUHWHQGHLQGXFLUDHUURUDOMXH]RWULEXQDOGHJDUDQWtDV

W


dW^:d

(Q HO FDVR HVWXGLDGR VH SXHGH HYLGHQFLDU TXH VH SODQWHy XQD QXHYD
DFFLyQVLQHVSHUDUODUHVROXFLyQGHO7ULEXQDO&RQVWLWXFLRQDOGXSOLFDQGR
VXV UHFODPRV HQ IRUPD WRWDOPHQWH LOHJDO SXHV GLFKDV LUUHJXODULGDGHV
GHQRWDQXQDDFWXDFLyQPDOLFLRVDSRUSDUWHGHODDFFLRQDQWHDGHPiVWDO
DFWXDFLyQUDWLILFDODGHQHJDWRULDGHODSUHVHQWHDFFLyQ

6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SRUTXH OD DFFLRQDQWH
SUHVHQWy XQD DQWHULRU DFFLyQ WDPELpQ GH DPSDUR FRQVWLWXFLRQDO FRQ
LGHQWLGDGGHREMHWRVXMHWR\FDXVDODFXDOVHHQFXHQWUDUDGLFDGDHQOD
6DOD/LTXLGDGRUD7UDQVLWRULDGHO7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO
SDUD OD HPLVLyQ GH OD UHVSHFWLYD GHFLVLyQ SHUR DGHPiV HQ HO FDVR
FRQFUHWR OD IDOWD GH FHOHULGDG SURFHVDO HQ HO VRUWHR GH OD FDXVD R HO
SHOLJURGHTXHSXHGDFRQVXPDUVHXQDDPHQD]DFRQWUDORVGHUHFKRVGHOD
DFFLRQDQWHQRHVMXVWLILFDWLYRSDUDTXHHQHVWDDFFLyQWXWHODUVHLQJUHVH
DO DQiOLVLV GH IRQGR GH OD SUREOHPiWLFD \D TXH SDUD HVWH HIHFWR OD
DFFLRQDQWHSXGRSHGLUHODGHODQWRGHVRUWHRRXQDPHGLGDFDXWHODU

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(VWDOtQHDGHEHVHUHQWHQGLGDGHODVLJXLHQWHPDQHUD


/D 6& 5 HVWDEOHFLyODLPSURFHGHQFLD GHOHQWRQFHV
UHFXUVRGHDPSDURFRQVWLWXFLRQDOFXDQGRFRQDQWHULRULGDGVHSUHVHQWy
RWUR PHFDQLVPR FRQVWLWXFLRQDO GH GHIHQVD FRQ LGHQWLGDG GH REMHWR
VXMHWR\FDXVD

3RVWHULRUPHQWH OD 6& 5 HVWDEOHFLy WDPELpQ OD
LPSURFHGHQFLDGHOUHFXUVRGHDPSDURFRQVWLWXFLRQDOIUHQWHDXQDQWHULRU
PHFDQLVPRWXWHODUSUHVHQWDGRD~QFXDQGRH[LVWDLGHQWLGDGSDUFLDO

(Q HO FRQWH[WR DQWHV VHxDODGR OD 6& 5 VHxDOy OR
VLJXLHQWH
4XH GH HVH HQWHQGLPLHQWR MXULVSUXGHQFLDO VH H[WUDHQ ODV
VLJXLHQWHV UHJODV \ VXE UHJODV GH LPSURFHGHQFLD GH DPSDUR SRU
VXEVLGLDULHGDGFXDQGR ODVDXWRULGDGHVMXGLFLDOHVRDGPLQLVWUDWLYDVQR
KDQWHQLGRODSRVLELOLGDGGHSURQXQFLDUVHVREUHXQDVXQWRSRUTXHODSDUWH
QRKDXWLOL]DGRXQPHGLRGHGHIHQVDQLKDSODQWHDGRUHFXUVRDOJXQRDVt
D FXDQGRHQVXRSRUWXQLGDG\HQSOD]ROHJDOQRVHSODQWHyXQUHFXUVRR
PHGLRGHLPSXJQDFLyQ\E FXDQGRQRVHXWLOL]yXQPHGLRGHGHIHQVD
SUHYLVWRHQHORUGHQDPLHQWRMXUtGLFR\ ODVDXWRULGDGHVMXGLFLDOHVR
DGPLQLVWUDWLYDV SXGLHURQ KDEHU WHQLGR R WLHQHQ OD SRVLELOLGDG GH
SURQXQFLDUVHSRUTXHODSDUWHXWLOL]yUHFXUVRV\PHGLRVGHGHIHQVDDVt
D FXDQGRVHSODQWHyHOUHFXUVRSHURGHPDQHUDLQFRUUHFWDTXHVHGDUtD
HQFDVRVGHSODQWHDPLHQWRVH[WHPSRUiQHRVRHTXLYRFDGRV\E FXDQGR
VHXWLOL]yXQPHGLRGHGHIHQVD~WLO\SURFHGHQWHSDUDODGHIHQVDGHXQ
GHUHFKRSHURHQVXWUiPLWHHOPLVPRQRVHDJRWyHVWDQGRDOPRPHQWR
GHODLQWHUSRVLFLyQ\WUDPLWDFLyQGHODPSDURSHQGLHQWHGHUHVROXFLyQ
W


dW^:d


$PERVFDVRVVHH[FOX\HQGHODH[FHSFLyQDOSULQFLSLRGHVXEVLGLDULGDG
TXHVHGDFXDQGRODUHVWULFFLyQRVXSUHVLyQGHORVGHUHFKRV\JDUDQWtDV
FRQVWLWXFLRQDOHV GHQXQFLDGRV RFDVLRQHQ SHUMXLFLR LUUHPHGLDEOH H
LUUHSDUDEOHHQFX\DVLWXDFLyQ\GHPDQHUDH[FHSFLRQDOSURFHGHODWXWHOD
GHPDQGDGDD~QH[LVWDQRWURVPHGLRVGHGHIHQVD\UHFXUVRVSHQGLHQWHV
GHUHVROXFLyQ


'HDFXHUGRDORDQRWDGROD6&3HVXQDVHQWHQFLD
PRGXODGRUD SRU ODV VLJXLHQWHV UD]RQHV 3RUTXH DO FULWHULR GH
LPSURFHGHQFLDGHHVWHPHFDQLVPRWXWHODUSRUH[LVWLUXQDDQWHULRUDFFLyQ
GHGHIHQVDFRQLGHQWLGDGGHREMHWRVXMHWR\FDXVDSHQGLHQWHGHUHYLVLyQ
FRPSOHPHQWDHVWHFULWHULRFRQGRVDVSHFWRVPiVL /DGLODFLyQRGHPRUD
FRPR FRQVHFXHQFLD GHO RUGHQ GHO VRUWHR QR HV XQ HOHPHQWR TXH
MXVWLILTXHHODQiOLVLVGHODSUREOHPiWLFDHQXQDVHJXQGDDFFLyQWXWHODU
\DTXHODVSDUWHVSURFHVDOHVGHPDQHUDPRWLYDGDHQYH]GHDFWLYDUXQD
QXHYD DFFLyQ WXWHODU SXHGHQ SHGLU DQWH HO 7ULEXQDO &RQVWLWXFLRQDO
3OXULQDFLRQDO D WUDYpV GH OD &RPLVLyQ GH $GPLVLyQ HO DGHODQWR GH
VRUWHR\LL 3RUTXHODVPHGLGDVFDXWHODUHVVRQXQDILJXUDGHVWLQDGDD
HYLWDU OD FRQVXPDFLyQ GH XQD DPHQD]D GH UHVWULFFLyQ R VXSUHVLyQ GH
GHUHFKRVRJDUDQWtDVSRUFXDQWRIUHQWHDVXUHFRQRFLPLHQWRH[SUHVRQR
VHMXVWLILFDODSUHVHQWDFLyQGHRWUDDFFLyQWXWHODUSDUDHVWHILQ

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

/D 6&3  HQ ORV )XQGDPHQWRV -XUtGLFRV ,,, \ ,,,
SODVPDHOVLJXLHQWHSUHFHGHQWH

)-,,,
 
3RUORH[SXHVWRFDEHVHxDODUTXHHVWH7ULEXQDOQRSXHGHSURQXQFLDUVH
VREUH HO IRQGR GHO SURFHVR SXHVWR TXH GH KDFHUOR LQFXUULUtD HQ
GXSOLFLGDGGHIDOORVVREUHGRVFDXVDVTXHWLHQHQLGHQWLGDGGHVXMHWRV
REMHWR \ FDXVD \ WRPDQGR HQ FXHQWD OR HVWDEOHFLGR HQ OD /H\ GHO
7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO\ODMXULVSUXGHQFLDFRQVWLWXFLRQDO
GHVDUUROODGDHVWH7ULEXQDOGHEHUHVSHWDUODVDWULEXFLRQHVFRQIHULGDVDOD
6DOD /LTXLGDGRUD 7UDQVLWRULD HYLWDQGR HO GREOH SURQXQFLDPLHQWR GH
UHVROXFLRQHVUHVSHFWRDXQPLVPRDVXQWR

$SDUWLUGHOFRQWHQLGRGHODVQRUPDVPHQFLRQDGDVFDEHUHIHULUTXHHQHO
SUHVHQWHFDVRODDFFLRQDQWHOXHJRGHKDEHUVLGRGHQHJDGDVXDFFLyQSRU
HO 7ULEXQDO GH JDUDQWtDV \ VLQ HVSHUDU TXH VH SURQXQFLH FRQ VX
5HVROXFLyQ HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HQ VX VDOD
OLTXLGDGRUDSUHVHQWyXQDQXHYDDFFLyQGHDPSDURFRQVWLWXFLRQDOFRQ
ODVPLVPDVLGHQWLGDGHV\DUJXPHQWDGRODYXOQHUDFLyQGHOPLVPRDFWR
OHVLYRDOUHVSHFWRODMXULVSUXGHQFLDFRQVWLWXFLRQDOKDHVWDEOHFLGRTXH
WRGDDFFLyQGHGHIHQVDGHEHFRQFOXLUFRQXQDUHVROXFLyQGHO7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO \ HQ FDVR GH TXH OD PLVPD KXELHUD
W


dW^:d

FRQILUPDGRHOUHFKD]RODSDUWHDFFLRQDQWHSRGUtDLQWHQWDUVLHVTXHYH
SRUFRQYHQLHQWHXQDQXHYDDFFLyQGHDPSDURFRQVWLWXFLRQDOSDUDORJDU
HO SURQXQFLDPLHQWR VREUH HO IRQGR VLHPSUH \ FXDQGR OD MXULVGLFFLyQ
FRQVWLWXFLRQDOVHKD\DSURQXQFLDGRFRQODUHVSHFWLYD5HVROXFLyQGHOR
FRQWUDULRFRQVWLWX\HXQDFWRDEXVLYR\WHPHUDULRGHHVWDDFFLyQWXWHODU
TXHSUHWHQGHLQGXFLUDHUURUDOMXH]RWULEXQDOGHJDUDQWtDV

(Q HO FDVR HVWXGLDGR VH SXHGH HYLGHQFLDU TXH VH SODQWHy XQD QXHYD
DFFLyQVLQHVSHUDUODUHVROXFLyQGHO7ULEXQDO&RQVWLWXFLRQDOGXSOLFDQGR
VXV UHFODPRV HQ IRUPD WRWDOPHQWH LOHJDO SXHV GLFKDV LUUHJXODULGDGHV
GHQRWDQXQDDFWXDFLyQPDOLFLRVDSRUSDUWHGHODDFFLRQDQWHDGHPiVWDO
DFWXDFLyQUDWLILFDODGHQHJDWRULDGHODSUHVHQWHDFFLyQ

,,,3RU RWUD SDUWH HQ HO SUHVHQWH FDVR SRGUtD SHQVDUVH TXH DO
SUHVHQWDUVHQXHYDVSUXHEDVODGLODFLyQHQODUHVROXFLyQGHOFDVRSRUHO
RUGHQGHWXUQRFRUUHVSRQGLHQWHSRGUtDQDKRQGDUODSUHVXQWDVLWXDFLyQGH
YXOQHUDELOLGDGGHODSDUWHDFFLRQDQWH\SRUHOKHFKRGHSUHVHQWDUVHRWUDV
FRQVWUXFFLRQHV SUHFDULDV SRGUtD SODQWHDUVH XQ QXHYR DPSDUR
FRQVWLWXFLRQDOVLQTXHHOSULPHURVHKD\DUHVXHOWRORTXHQRHVHYLGHQWH
SRUTXHHOSURFHVRFRQVWLWXFLRQDOSUHYLVWRSRUHOOHJLVODGRUFRQVWLWX\HQWH
\GHVDUUROODGRSRUHOOHJLVODGRURUGLQDULRSUHYpGLFKDVFLUFXQVWDQFLDVHV
GHFLU



(Q FXDQWR D OD GHPRUD TXH SRGUtD SURGXFLUVH HQ OD
UHVROXFLyQGHOFDVRSRUODVDODOLTXLGDGRUDSRUHORUGHQGHVRUWHRVH
WLHQH TXH XQD YH] UHPLWLGR HO H[SHGLHQWH HQ UHYLVLyQ D HVWH 7ULEXQDO
FXDOTXLHUD GH ODV SDUWHV HQ HVWH FDVR OD DFFLRQDQWH FXHQWD FRQ OD
SRVLELOLGDG GH VROLFLWDU HO DGHODQWR GH VRUWHR IXQGDPHQWDQGR ORV
PRWLYRVGHVXSHWLFLyQHQWRGRFDVROD&RPLVLyQGH$GPLVLyQOXHJRGH
UHDOL]DU HO DQiOLVLV UHVSHFWLYR SURFHGHUi D UHVROYHU PHGLDQWH DXWR
PRWLYDGRFX\RHOHPHQWRFHQWUDOGHDQiOLVLVVHUiODSRVLEOHH[LVWHQFLDGH
XQGDxRLUUHYHUVLEOHRLUUHSDUDEOH\VHSURFHGHUiDGLVSRQHUVLVHRWRUJD
ODSULRULGDGGHDGHODQWRGHVRUWHRRQR



(Q HVWH VHQWLGR \ VLHPSUH HQ HO SUHVHQWH FDVR VL OD
DFFLRQDQWH FRQVLGHUDED TXH DQWH OD SUHVHQFLD GH YtDV GH KHFKR VH
OHVLRQDEDVXGHUHFKRDODSURSLHGDG\TXHODUHVROXFLyQGHUHYLVLyQGHOD
6DOD/LTXLGDGRUDWUDQVLWRULDGHPRUDUiHQOXJDUGHLQWHUSRQHUXQDQXHYD
DFFLyQ GH DPSDUR FRQVWLWXFLRQDO WHQtD OD SRVLELOLGDG GH VROLFLWDU HO
DGHODQWR GH VRUWHR DGMXQWDQGR OD SUXHED SHUWLQHQWH \ HIHFWXDQGR OD
DUJXPHQWDFLyQUHVSHFWLYD



5HVSHFWR D OD GHQXQFLD GH QXHYDV YtDV GH KHFKR
FRQVLVWHQWHVHQODFRQVWUXFFLyQGHXQDFDVDGHPDGHUD\HQHOLQWHULRU
SHUVRQDV KDELWiQGROD ODV SUXHEDV SUHVHQWDGDV HQ DPERV DPSDURV
FRQVWLWXFLRQDOHVVRQHQHVHQFLDODVPLVPDVQRKDELpQGRVHDFUHGLWDGR
W


dW^:d


GLFKRH[WUHPRHLQFOXVRHQHODQiOLVLVGHOFDVRFRQFUHWRVHFRQILJXUDQ
FRPRFRQH[DV\DFFHVRULDVDODSULQFLSDOTXHHVODXVXUSDFLyQGHOORWH
GHWHUUHQR\UHVSHFWRDODVFXDOHVHVSRVLEOHFRQIRUPHDODUWGHOD
/7&3VROLFLWDUPHGLGDVFDXWHODUHVDWLHPSRGHDGPLWLUODDFFLyQRHQ
FXDOTXLHUPRPHQWRKDVWDDQWHVGHTXHVHHPLWDODUHVROXFLyQILQDOHQ
HVWHVHQWLGRHVSUHFLVRVHxDODUTXHODILQDOLGDGGHXQDPHGLGDFDXWHODU
HVHYLWDUODFRQVXPDFLyQGHODDPHQD]DGHUHVWULFFLyQRVXSUHVLyQGHO
GHUHFKR R JDUDQWtD HQ TXH VH IXQGD OD DFFLyQ HQ HVWH FDVR VH SXHGH
HYLGHQFLDUTXHHVWRVDVSHFWRVQRKDQVLGRREVHUYDGRVSRUODDFFLRQDQWH
TXHFRQWUDYtDVGHKHFKRFRQH[DV\DFFHVRULDVFRQWDEDFRQODSRVLELOLGDG
GHVROLFLWDUXQDPHGLGDFDXWHODUSDUDLPSHGLUTXHVHUHLWHUHQ



 ([FHSFLRQHV DO SULQFLSLR GH VXEVLGLDULHGDG GH OD
DFFLyQGHDPSDUR&XDQGRQRH[LVWHSURFHGLPLHQWRSUHYLVWRHQQRUPDWLYD
DDSOLFDUVH
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   6L ELHQ FRQWUD ODV UHVROXFLRQHV DGPLQLVWUDWLYDV
PXQLFLSDOHVHODGPLQLVWUDGRSXHGHDFXGLUDODLPSXJQDFLyQMXGLFLDO
SRUODYtDGHOSURFHVRFRQWHQFLRVRDGPLQLVWUDWLYRVLQHPEDUJRRSHUD
OD H[FHSFLyQ DO FDUiFWHU VXEVLGLDULR GH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDODOH[LVWLUYDFtRQRUPDWLYRUHVSHFWRDODUHJXODFLyQGHO
SURFHVRFRQWHQFLRVRDGPLQLVWUDWLYR

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOHODFFLRQDQWHHQVXFRQGLFLyQ
GH SURSLHWDULR GH XQ ELHQ LQPXHEOH XELFDGR HQ HO 'LVWULWR  VXE
'LVWULWR]RQD0X\XULQDGHQWURGHODVIDOGDVGHOFHUUR
6DQ3HGUR

GHQXQFLyODYXOQHUDFLyQGHVXGHUHFKRGHXVDUJR]DU\GLVSRQHUGHOD
SURSLHGDGDOHJDQGRTXHVROLFLWyODDSUREDFLyQGHSODQRGHVXORWHVLQ
HPEDUJRVXSHWLFLyQIXHGHVHVWLPDGDEDMRHODUJXPHQWRTXHVXLQPXHEOH
VHHQFRQWUDUtDGHQWURGHXQiUHDYHUGHSURWHJLGDVHJ~Q20
TXHGHFODUDDODVHUUDQtDGH
6DQ3HGUR
FRPRiUHDQDWXUDOSURWHJLGDGH
FRQIRUPLGDGDO'6GHFLVLyQTXHIXHFRQILUPDGDHQUHYRFDWRULD
W


dW^:d

\ MHUiUTXLFR SRU OR TXH SHWLFLRQy VH FRQFHGD OD WXWHOD LQYRFDGD
GLVSRQLHQGR VH GHMH VLQ HIHFWR ODV UHVROXFLRQHV DGPLQLVWUDWLYDV
LPSXJQDGDV\VHRUGHQHODDSUREDFLyQGHOSODQRGHOORWHGHVXSURSLHGDG
R HQ VX GHIHFWR VH GLVSRQJD OD  H[SURSLDFLyQ SUHYLD GHFODUDFLyQ GH
QHFHVLGDG \ XWLOLGDG S~EOLFD FRQ FRQGHQDFLyQ GH FRVWDV (O 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO DSUREy OD UHVROXFLyQ UHYLVDGD \ HQ
FRQVHFXHQFLDGHQHJyODWXWHOD

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,(QHOSUREOHPDMXUtGLFRSODQWHDGRVHJ~QODGRFXPHQWDFLyQ
GHVFULWD HQ ODV &RQFOXVLRQHV ,, D ,, GH OD SUHVHQWH 5HVROXFLyQ VH
DGYLHUWHTXHODVHUUDQtDGH
6DQ3HGUR
GRQGHVHHQFXHQWUDXELFDGRHO
LQPXHEOHGHODFFLRQDQWHIXHGHFODUDGD]RQDGHSUHVHUYDFLyQHFROyJLFD
\ GH DWUDFFLyQ WXUtVWLFD \ GH SULPHUD FDWHJRUtD DSUREiQGRVH HQ
FRQVHFXHQFLDHOSUR\HFWRLQWHJUDGR
6DQWXDULR6DQ3HGUR
$VtWDPELpQ
FRQVWD TXH 3DVFXDO 5HYROOR 6DQGRYDO WLHQH UHJLVWUDGR VX GHUHFKR
SURSLHWDULRVREUHHOLQPXHEOHXELFDGRHQHVD]RQD&RQFOXVLyQ,,

(QWRQFHV FRUUHVSRQGH GHWHUPLQDU VL OD UHVWULFFLyQ DO HMHUFLFLR GHO
GHUHFKRSURSLHWDULRGHODFFLRQDQWHFRQVWLWX\HXQDFWRLOHJDOTXHOHVLRQD
OD IDFXOWDG GH GLVSRQHU GHO LQPXHEOH GHUHFKR GH GLVIUXWH FRPR
HOHPHQWR HVHQFLDO GHO GHUHFKR GH SURSLHGDG %DMR HVH FRQWH[WR \
FRQIRUPH VH H[SOLFy HQ ORV )XQGDPHQWRV -XUtGLFRV ,,, \ ,,, GHO
SUHVHQWH IDOOR HO HMHUFLFLR GHO GHUHFKR D OD SURSLHGDG SULYDGD HVWi
JDUDQWL]DGRSRUHODUW,GHOD&3(HPSHURHQFXHQWUDVXOtPLWHHQHO
LQWHUpVFROHFWLYRRS~EOLFRHVGHFLUTXHODIDFXOWDGGHGLVSRQHUGHOD
SURSLHGDG SULYDGD VH UHVWULQJH FXDQGR H[LVWD XQ LQWHUpV FROHFWLYR
GHILQLGRSRUFDXVDGHXWLOLGDG\QHFHVLGDGS~EOLFD


/D H[LVWHQFLD GH HVD FDXVD XWLOLGDG S~EOLFD QR FRQILJXUD GH PDQHUD
DOJXQD XQD SURKLELFLyQ R OLPLWDFLyQ DUELWUDULD R LOHJDO GHO GHUHFKR GH
SURSLHGDG GDGR TXH OD PLVPD HQFXHQWUD VX VXVWHQWR HQ OD
FRPSDWLELOLGDGTXHGHEHH[LVWLUHQWUHHOGHUHFKRGHSURSLHGDGLQGLYLGXDO
\ HO LQWHUpV FROHFWLYR 6LELHQ HO DFFLRQDQWH FXHQWD FRQ UHJLVWUR GH VX
GHUHFKR SURSLHWDULRHQ ''55 HO PLVPR QR HVWiVLHQGR GHVFRQRFLGR
SRUODVDXWRULGDGHVGHPDQGDGDVVHJ~QVHREVHUYDGHODV5HVROXFLRQHV
LPSXJQDGDV HQ OD SUHVHQWH DFFLyQ FX\R HMHUFLFLR QHFHVDULDPHQWH VH
UHVWULQJH SRU HQFRQWUDUVH HO LQPXHEOH HQ XQ iUHD GH SUHVHUYDFLyQ
HFROyJLFD \ GH DWUDFFLyQ WXUtVWLFD GH SULPHUD FDWHJRUtD FRQIRUPH VH
LQGLFyLPSLGLHQGRGDUXQXVRGLVWLQWRDOVXHORGDGRTXHHOPLVPRVH
HQFXHQWUD GHILQLGR SRU ODV QRUPDV UHIHULGDV HQ ODV &RQFOXVLRQHV
IRUPXODGDVHQHOSUHVHQWHIDOOR


W


dW^:d


)LQDOPHQWH FDEH UHIHULU TXH GXUDQWH OD UHDOL]DFLyQ GHO SURFHGLPLHQWR
DGPLQLVWUDWLYR SDUD OD DSUREDFLyQ GHO SODQR GH ORWH VROLFLWDGR SRU HO
DFFLRQDQWH\TXHFXOPLQyHQWRGDVVXVLQVWDQFLDVFRQIRUPHHVWDEOHFHOD
/H\GH0XQLFLSDOLGDGHVHQQLQJ~QPRPHQWRHODFFLRQDQWHVROLFLWyVH
LPSULPD HO SURFHGLPLHQWR GH H[SURSLDFLyQ FRPR PHFDQLVPR GH
FRQFLOLDFLyQUHVSHFWRGHVXGHUHFKRGHSURSLHGDGSULYDGD\ORVLQWHUHVHV
GHODVRFLHGDGRLQWHUpVFROHFWLYRFLUFXQVWDQFLDTXHQRLPSLGHSXHGD
IRUPXODU GLFKD SHWLFLyQ D HIHFWRV GH REWHQHU XQD LQGHPQL]DFLyQ
FRQIRUPHDODVQRUPDVSUHYLVWDVHQODUHIHULGDQRUPDWLYD3RUVXSDUWH
ODV DXWRULGDGHV GHPDQGDGDV WLHQHQ OD REOLJDFLyQ GH DWHQGHU GLFKD
SHWLFLyQ\HQVXFDVRHIHFWXDUHOSURFHGLPLHQWRGHRILFLRDQWHHO&RQFHMR
0XQLFLSDODHIHFWRVGHODHPLVLyQGHODUHVSHFWLYDRUGHQDQ]DPXQLFLSDO
TXH GHFODUH OD XWLOLGDG \ QHFHVLGDG S~EOLFD VL FRUUHVSRQGLHUH HQ HO
HQWHQGLGRTXHHVDWULEXFLyQGHODDGPLQLVWUDFLyQS~EOLFDHQIXQFLyQD
SDUiPHWURVOHJDOHV\WpFQLFRVGHWHUPLQDUODFDXVD\SURFHGHQFLDSDUDOD
H[SURSLDFLyQ

&RQVHFXHQWHPHQWH FRUUHVSRQGH GHQHJDU OD WXWHOD LPSHWUDGD SRU QR
DGYHUWLUVHDFWRLOHJDODOJXQRTXHYXOQHUHHOGHUHFKRDODSURSLHGDGGHO
DFFLRQDQWH HO FXDO GHEH HMHUFHUVH HQ FRPSDWLELOLGDG FRQ HO LQWHUpV
FROHFWLYRRS~EOLFRFRQIRUPHVHH[SOLFy

6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJDODDFFLyQGHDPSDURHPSHURDQWHVGHLQJUHVDUDOIRQGRDFODUD
TXH VL ELHQ FRQWUD ODV UHVROXFLRQHV DGPLQLVWUDWLYDV PXQLFLSDOHV HO
DGPLQLVWUDGR SXHGH DFXGLU D OD LPSXJQDFLyQ MXGLFLDO SRU OD YtD GHO
SURFHVRFRQWHQFLRVRDGPLQLVWUDWLYRVLQHPEDUJRRSHUDODH[FHSFLyQDO
FDUiFWHU VXEVLGLDULR GH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO  DO H[LVWLU
YDFtRQRUPDWLYRUHVSHFWRDODUHJXODFLyQGHHVWHSURFHVRHVWRHVDOQR
H[LVWLUD~QSURFHGLPLHQWRQLODLGHQWLILFDFLyQGHOMXH]RWULEXQDODTXLHQ
OHFRPSHWHHOFRQRFLPLHQWR\UHVROXFLyQWRGDYH]TXHQLOD&RQVWLWXFLyQ
3ROtWLFDGHO(VWDGRQLOD/H\GHOUJDQR-XGLFLDOOHDVLJQDQHVDIDFXOWDG
DO7ULEXQDO6XSUHPRGH-XVWLFLDQLDORV7ULEXQDOHV'HSDUWDPHQWDOHVGH
-XVWLFLDHQVX6DOD3OHQDUHVSHFWLYDPHQWHDUWGHOD&3(\DUW
GH OD /2-  SDUD FRQRFHU \ VXVWDQFLDU SURFHVRV FRQWHQFLRVR
DGPLQLVWUDWLYRV

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDOVHQWyODVLJXLHQWHOtQHDMXULVSUXGHQFLDOVREUH
HODJRWDPLHQWRGHOSURFHVRFRQWHQFLRVRDGPLQLVWUDWLYRHQHOPDUFRGHO
FDUiFWHUVXEVLGLDULRGHODDFFLyQGHDPSDURFRQVWLWXFLRQDO

 (O SURFHVR FRQWHQFLRVR DGPLQLVWUDWLYR HV XQR GLIHUHQWH DO
SURFHGLPLHQWR DGPLQLVWUDWLYR 3RU WRGDV OD 6& 5 TXH
W


dW^:d

HVWDEOHFLyTXHODLQVWDQFLDDGPLQLVWUDWLYDFRQFOX\HFRQODUHVROXFLyQGHO
5HFXUVR-HUiUTXLFRPLHQWUDVTXHHOSURFHVRFRQWHQFLRVRDGPLQLVWUDWLYR
HVXQDYtDMXGLFLDOQRDGPLQLVWUDWLYDGLIHUHQWHDODSULPHUDQRVLHQGR
QHFHVDULR DJRWDU pVWD SDUD OXHJR UHFLpQ LQWHUSRQHU HO DPSDUR
FRQVWLWXFLRQDO SXHVWR TXH VL VH FRQVWDWD OD LQIUDFFLyQ GH GHUHFKRV
IXQGDPHQWDOHV XQD YH] FRQFOXLGD OD YtD DGPLQLVWUDWLYD VH DEUH OD
SRVLELOLGDGGHVXWXWHODPHGLDQWHHOUHFXUVRGHDPSDURFRQVWLWXFLRQDO
VLHQGRODLPSXJQDFLyQMXGLFLDOPHGLDQWHHOSURFHVRFRQWHQFLRVRXQDYtD
GLIHUHQWH\QRXQSUHUUHTXLVLWRSDUDLQWHUSRQHUHODPSDURFRQVWLWXFLRQDO
'LFKRFULWHULRMXULVSUXGHQFLDOKDVLGRUHLWHUDGRSRUOD6&3
HQWUHRWUDV

(QHVHRUGHQOD6&3VHFRQVWLWX\HHQPRGXODGRUDGHOD
OtQHD MXULVSUXGHQFLDO WRGD YH] TXH VXVWHQWD HO QR DJRWDPLHQWR GHO
SURFHVR FRQWHQFLRVR DGPLQLVWUDWLYR HQ HO YDFtR QRUPDWLYR HQ OD
&RQVWLWXFLyQ\OD/H\GHOUJDQR-XGLFLDOTXHUHJXOHHVWHSURFHVRFDVR
HQ HO FXDO OD MXVWLFLD FRQVWLWXFLRQDO WLHQH HO GHEHU GH UHVJXDUGDU ORV
GHUHFKRVIXQGDPHQWDOHV\JDUDQWtDVFRQVWLWXFLRQDOHV

/XHJRHOHQWHQGLPLHQWRDVXPLGRHQOD6&3IXHFDPELDGR
HQOD6&3HQVHQWLGRTXH
ODMXVWLFLDFRQVWLWXFLRQDODWUDYpVGH
ODDFFLyQGHDPSDURFRQVWLWXFLRQDOQRSXHGHVXVWLWXLUDODMXULVGLFFLyQ
FRQWHQFLRVD DGPLQLVWUDWLYD HQ HO FRQWURO GH OHJDOLGDG TXH UHDOL]D OD
UHIHULGD MXULVGLFFLyQ 
 SRU OR TXH FRQIRUPH VHxDOD OD LQGLFDGD
6HQWHQFLDVRQORV7ULEXQDOHV'HSDUWDPHQWDOHVGH-XVWLFLDORVTXHWLHQHQ
FRPSHWHQFLDSDUDFRQRFHUHOSURFHVRFRQWHQFLRVRDGPLQLVWUDWLYR3RU
ORTXHOD6&3VHFRQVWLWX\HHQXQSUHFHGHQWHTXHLQDSOLFDHO
HVWiQGDUPiVDOWRGHSURWHFFLyQ

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,SRGHPRVDILUPDUTXHHOSURFHVRFRQWHQFLRVRDGPLQLVWUDWLYR
HVODYtDMXULVGLFFLRQDOSDUDHOFRQWUROGHORVDFWRVGHODDGPLQLVWUDFLyQ
S~EOLFD HQ HO FXDO ODV SDUWHV HQ XQ PDUFR GH LJXDOGDG \ XQ GHELGR
SURFHVR TXH LPSOLFD D VX YH] HO HMHUFLFLR SOHQR GH VXV GHUHFKRV \
SUHWHQVLRQHVDFXGHQDQWHXQDDXWRULGDGLPSDUFLDOHLQGHSHQGLHQWH
&DEH DFODUDU TXH HO SURFHVR FRQWHQFLRVR DGPLQLVWUDWLYR QR VyOR HV
DSOLFDEOHDORVFRQWUDWRV\UHVROXFLRQHVGHDOFDQFHJHQHUDOGHOUJDQR
(MHFXWLYRVLQRWDPELpQDORVDFWRVDGPLQLVWUDWLYRVGHFDUiFWHUSDUWLFXODU
GHODDGPLQLVWUDFLyQS~EOLFD(VDVtTXHODQRUPDWLYDYLJHQWHHQQXHVWUR
SDtVKDVWDODHQWUDGDHQYLJHQFLDGHODDFWXDO&RQVWLWXFLyQ3ROtWLFDGHO
(VWDGR\FRQVLJXLHQWH/H\GHOUJDQR-XGLFLDOSUHYHtDHQHO&yGLJRGH
3URFHGLPLHQWR &LYLO HO SURFHGLPLHQWR D VHJXLUVH SDUD ORV SURFHVRV
FRQWHQFLRVRDGPLQLVWUDWLYRVFX\RFRQRFLPLHQWRHUDVyORGHODHQWRQFHV
&RUWH6XSUHPDGH-XVWLFLDGHOD1DFLyQSDUDSRVWHULRUPHQWHDWUDYpV
GHOD/H\GH2UJDQL]DFLyQ-XGLFLDODEURJDGDDWULEXLUGLFKDFRPSHWHQFLD
W


dW^:d


D ODV &RUWHV 6XSHULRUHV GH 'LVWULWR DKRUD 7ULEXQDO 'HSDUWDPHQWDO GH
-XVWLFLDHQVX6DOD3OHQD
+DVWD HQWRQFHV HO FRQRFLPLHQWR SURFHGLPLHQWR \ UHVROXFLyQ GHO
SURFHVRFRQWHQFLRVRDGPLQLVWUDWLYRVHHQFRQWUDEDUHJXODGRHPSHURQL
OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR YLJHQWH QL OD /H\ GHO UJDQR
-XGLFLDOOHDVLJQDQHVDIDFXOWDGDO7ULEXQDO6XSUHPRGH-XVWLFLDQLDORV
7ULEXQDOHV 'HSDUWDPHQWDOHV GH -XVWLFLD HQ VX 6DOD 3OHQD
UHVSHFWLYDPHQWHDUWGHOD&3(\DUWGHOD/2-(VWDDXVHQFLD
QRUPDWLYDRFDVLRQDXQYDFtRMXUtGLFRSURYRFDQGRTXHORVDGPLQLVWUDGRV
QR WHQJDQ OD YtD MXULVGLFFLRQDO SDUD TXH VH GLULPD XQD GHWHUPLQDGD
VLWXDFLyQ MXUtGLFD DO UHVSHFWR HV LPSRUWDQWH SUHFLVDU TXH ODV
FDUDFWHUtVWLFDV GH GLFKR SURFHVR VRQ ODV GH XQ RUGLQDULR HQ WRGDV VXV
HWDSDV (Q HVH VHQWLGR GH DFXHUGR DO DUW  GH OD &3( VHUi OD
$VDPEOHD /HJLVODWLYD 3OXULQDFLRQDO TXLHQ GHEHUi SURQXQFLDUVH D OD
EUHYHGDGSRVLEOHVREUHODUHJXODFLyQ\RUHJODPHQWDFLyQGHORVSURFHVRV
FRQWHQFLRVRDGPLQLVWUDWLYRV
(QHVHRUGHQHVLPSRUWDQWHGLVWLQJXLUTXHSURFHGLPLHQWRHVHOFRQMXQWR
GH DFWRV UHDOL]DGRV DQWH OD DXWRULGDG DGPLQLVWUDWLYD SRU SDUWH GHO
DGPLQLVWUDGRWHQGLHQWHVDREWHQHUXQDFWRDGPLQLVWUDWLYR\SURFHVRHV
HOFRQMXQWRGHDFWRVUHFtSURFDPHQWHFRRUGLQDGRVHQWUHVtFRQIRUPHD
UHJODVSUHHVWDEOHFLGDVTXHWLHQHQSRUILQGHFLGLUXQDFRQWURYHUVLDHQWUH
SDUWHV OLWLJLR  SRU XQD DXWRULGDG LPSDUFLDO H LQGHSHQGLHQWH MXH] 
PHGLDQWHXQDGHFLVLyQRVHQWHQFLDFRQIXHU]DOHJDO FRVDMX]JDGD $&
&$ GH  GH PDU]R 'H DKt TXH ODV UHVROXFLRQHV R DFWRV
DGPLQLVWUDWLYRVHPLWLGRVHQHOiPELWRPXQLFLSDOWLHQHQFDUiFWHUIRUPDO
\ QR PDWHULDO GDGR TXH QR VRQ SURGXFWR GH OD UHVROXFLyQ GH XQD
FRQWURYHUVLD MXUtGLFD VLQR GH XQ FRQMXQWR GH DFWRV DQWH OD
DGPLQLVWUDFLyQ (Q HVH VHQWLGR HO DFWR DGPLQLVWUDWLYR R UHVROXFLyQ
SURQXQFLDGD SRU OD DGPLQLVWUDFLyQ S~EOLFD HQ FXDOTXLHUD GH VXV
HQWLGDGHVXQDYH]DJRWDGDODYtDDGPLQLVWUDWLYDSRGUiQVHULPSXJQDGDV
D WUDYpV GHO SURFHVR FRQWHQFLRVRDGPLQLVWUDWLYR HQ OD MXULVGLFFLyQ
RUGLQDULD FXDQGR VX SURFHGLPLHQWRVHHQFXHQWUHUHJXODGRDWUDYpV GH
XQDOH\HPLWLGDSRUOD$VDPEOHD/HJLVODWLYD3OXULQDFLRQDO
3DUDHOFDVRFRQFUHWRFRUUHVSRQGHUHIHULUQRVDODUWGHOD/0TXH
GLVSRQH
$JRWDGDODYtDDGPLQLVWUDWLYDHOLQWHUHVDGRSRGUiDFXGLUDOD
LPSXJQDFLyQ MXGLFLDO SRU OD YtD GHO SURFHVR FRQWHQFLRVR
DGPLQLVWUDWLYR
HVGHFLUTXHODVUHVROXFLRQHVHPLWLGDVSRUODPi[LPD
DXWRULGDG HMHFXWLYD PXQLFLSDO \ RUGHQDQ]DV GH ODV FXDOHV VXUMD XQD
FRQWURYHUVLD MXUtGLFD \ VH DIHFWHQ GHUHFKRV H LQWHUHVHV OHJtWLPRV GH
SDUWLFXODUHVGHDFXHUGRDODQRUPDFLWDGDSRGUiQVHULPSXJQDGDVHQOD
YtD MXULVGLFFLRQDO SRU HO LQWHUHVDGR D WUDYpV GHO SURFHVR FRQWHQFLRVR
DGPLQLVWUDWLYR GRQGH WLHQH OD SRVLELOLGDG GH REWHQHU XQ
SURQXQFLDPLHQWRLPSDUFLDOHLQGHSHQGLHQWH\UHVXOWDGRGHODYDORUDFLyQ
GH SUXHED HO HMHUFLFLR GHOGHUHFKR D OD GHIHQVD GH PDQHUD DPSOLD OD
LPSXJQDFLyQ GH ODV UHVROXFLRQHV HQ ODV LQVWDQFLDV TXH FRUUHVSRQGDQ
(PSHURHOORQRVLJQLILFDGHPDQHUDDOJXQDTXHVHFRQVWLWX\DHQXQD
W


dW^:d

YtDVXEVLGLDULDVLQRDOWHUQDWLYDDQWHXQDDXWRULGDGMXULVGLFFLRQDO
1RH[LVWLHQGRD~QHOSURFHGLPLHQWR\ODLGHQWLILFDFLyQGHOMXH]RWULEXQDO
D TXLHQ OH FRPSHWH HO FRQRFLPLHQWR \ UHVROXFLyQ GHO SURFHVR
FRQWHQFLRVRDGPLQLVWUDWLYRFRQIRUPHVHH[SOLFy\WHQLHQGRSUHVHQWH
TXHSRUPDQGDWRGHOD1RUPD)XQGDPHQWDOHO7ULEXQDO&RQVWLWXFLRQDO
3OXULQDFLRQDO WLHQH FRPR IXQFLyQ SUHFDXWHODU SRU HO UHVSHWR GH ORV
GHUHFKRV IXQGDPHQWDOHV UHFRQRFLGRV HQ OD &RQVWLWXFLyQ 3ROtWLFD GHO
(VWDGR\ODVOH\HVHQHOFDVRHQUHYLVLyQDPHULWDLQJUHVDUDOH[DPHQGH
IRQGRGHOSUREOHPDMXUtGLFRSODQWHDGR

,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

/D 6& 5 TXH HVWDEOHFLy TXH OD LQVWDQFLD DGPLQLVWUDWLYD
FRQFOX\H FRQ OD UHVROXFLyQ GHO 5HFXUVR -HUiUTXLFR PLHQWUDV TXH HO
SURFHVR FRQWHQFLRVR DGPLQLVWUDWLYR HV XQD YtD MXGLFLDO QR
DGPLQLVWUDWLYDGLIHUHQWHDODSULPHUDQRVLHQGRQHFHVDULRDJRWDUpVWD
SDUDOXHJRUHFLpQLQWHUSRQHUHODPSDURFRQVWLWXFLRQDOSXHVWRTXHVLVH
FRQVWDWDODLQIUDFFLyQGHGHUHFKRVIXQGDPHQWDOHVXQDYH]FRQFOXLGDOD
YtDDGPLQLVWUDWLYDVHDEUHODSRVLELOLGDGGHVXWXWHODPHGLDQWHHOUHFXUVR
GH DPSDUR FRQVWLWXFLRQDOVLHQGR OD LPSXJQDFLyQMXGLFLDO PHGLDQWHHO
SURFHVR FRQWHQFLRVR XQD YtD GLIHUHQWH \ QR XQ SUHUUHTXLVLWR SDUD
LQWHUSRQHUHODPSDURFRQVWLWXFLRQDO

$VLPLVPR VH GHVWDFD TXH 6&3  VL ELHQ VXVWHQWD HO QR
DJRWDPLHQWR GHO SURFHVR FRQWHQFLRVR DGPLQLVWUDWLYR HQ HO YDFtR
QRUPDWLYRHQOD&RQVWLWXFLyQ\OD/H\GHOUJDQR-XGLFLDOTXHUHJXOH
HVWHSURFHVRFDVRHQHOFXDOODMXVWLFLDFRQVWLWXFLRQDOWLHQHHOGHEHUGH
UHVJXDUGDUORVGHUHFKRVIXQGDPHQWDOHV\JDUDQWtDVFRQVWLWXFLRQDOHVVLQ
HPEDUJRQRSXHGHFRQVWLWXLUVHHQHOHVWiQGDUPiVDOWRHQUD]yQDTXH
FRQGLFLRQDHOQRDJRWDPLHQWRDODH[LVWHQFLDGHYDFtRQRUPDWLYRFDVR
HQHOFXDOVLVHVXSHUDUtDGLFKRYDFtRODMXVWLFLDFRQVWLWXFLRQDOH[LJLUtD
HO DJRWDPLHQWR GHO SURFHVR FRQWHQFLRVR DGPLQLVWUDWLYR HQ GHWULPHQWR
GHODFFHVRDODMXVWLFLDFRQVWLWXFLRQDOGHORVDGPLQLVWUDGRV



1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

W


dW^:d


6&3   1R VH DSOLFD HO SULQFLSLR GH VXEVLGLDULHGDG HQ OD
DFFLyQ GH DPSDUR FRQVWLWXFLRQDO FXDQGR QR H[LVWH SURFHGLPLHQWR
SUHYLVWRHQODQRUPDWLYDDDSOLFDUVHQLVHHVWDEOHFHTXpDXWRULGDGHV
GHEHQFRQRFHU\UHVROYHUHOFDVRWDQWRHQSULPHUD\VHJXQGDLQVWDQFLD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH DPSDUR HO DFFLRQDQWH VHxDOy TXH HO 3UHVLGHQWH \
9LFHSUHVLGHQWH GH OD )UDWHUQLGDG $UWtVWLFD \ &XOWXUDO
/D 'LDEODGD

YXOQHUDURQVXVGHUHFKRVDOGHELGRSURFHVR\DODGHIHQVDWRGDYH]TXH
PHGLDQWH PHPRUiQGXP  IXH VXVSHQGLGR GH ODV DFWLYLGDGHV GH OD
LQVWLWXFLyQ SRU VXSXHVWDV GHFODUDFLRQHV GH IUDXGH YHUWLGDV VREUH ODV
(OHFFLRQHV GH  VLQ TXH VX (VWDWXWR OHV UHFRQR]FD DTXHOODV
DWULEXFLRQHV \ VLQ TXH VH HQFXHQWUH HVWDEOHFLGD OD VXVSHQVLyQ FRPR
VDQFLyQDGHPiVGHTXHOHVXVSHQGLHURQVLQTXHKD\DWHQLGRHOGHUHFKR
DVHUHVFXFKDGRHQXQSURFHVRSUHYLR\OHJDOSRUORTXHSHWLFLRQyVHOH
FRQFHGDODWXWHOD\VHRUGHQHODQXOLGDGGHOPHPRUiQGXPLPSXJQDGR
UHVWDEOHFLHQGR VX FRQGLFLyQ GH VRFLR DFWLYR GH GLFKD )UDWHUQLGDG FRQ
SOHQR GHUHFKR GH SDUWLFLSDU HQ WRGDV ODV DFWLYLGDGHV LQVWLWXFLRQDOHV
HQWUHWDQWRQRVHHMHUFLWHXQGHELGRSURFHVRTXHKDJDSRVLEOHVDQFLRQHV
(O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO FRQILUPy OD UHVROXFLyQ
UHYLVDGD\FRQFHGLyODWXWHODVROLFLWDGDSRUTXHVDQFLyQGHVXVSHQVLyQD
EDLODUtQ IXH VLQ SUHYLR SURFHVR VLQ TXH VDQFLyQ GH VXVSHQVLyQ HVWp
SUHYLVWD HQ VX (VWDWXWR \ VLQ TXH 3UHVLGHQWH \ 9LFHSUHVLGHQWH WHQJDQ
DWULEXFLyQDOJXQDSDUDLPSRQHUVDQFLRQHV(VWRKDFLHQGRSUHYLDPHQWH
XQDH[FHSFLyQDODVXEVLGLDULHGDGSRUQRH[LVWLUSURFHGLPLHQWRSUHYLVWR
HQQRUPDWLYDDDSOLFDUVHQLFXiOHVVHUtDQODVDXWRULGDGHVQDWXUDOHVTXH
GHEDQFRQRFHU\UHVROYHUHOFDVRWDQWRHQSULPHUD\VHJXQGDLQVWDQFLD

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,DOQRHVWDUSUHYLVWRQLHVWDEOHFLGRXQSURFHGLPLHQWRSUHYLR
DOLQWHULRUGHGLFKD)UDWHUQLGDGTXHQHFHVDULDPHQWHGHEDVHJXLUVHFRQ
DQWHULRULGDG D OD LPSRVLFLyQ GH DOJXQD PHGLGD SURYLVLRQDO R VDQFLyQ
FRPRHVODGHVXVSHQGHUDXQVRFLRRIUDWHUQRPDOSRGUtDH[LJLUVHHO
DJRWDPLHQWR SUHYLR GH ODV LQVWDQFLDV LQWHUQDV DQWHV GH DFXGLUVH D OD
DFFLyQGHDPSDURFRQVWLWXFLRQDOWRGDYH]TXHFXDQGRQRVHHQFXHQWUH
SUHYLVWRXQSURFHGLPLHQWRGHPDQHUDFODUD\SUHFLVDDVtFRPRWDPSRFR
FXDOHVVHUtDQODVDXWRULGDGHVQDWXUDOHVTXHGHEDQFRQRFHU\UHVROYHUHO
FDVR WDQWR HQ SULPHUD \ VHJXQGD LQVWDQFLD QR FRUUHVSRQGH H[LJLU DO
DFFLRQDQWHHODJRWDPLHQWRGHOPLVPR\DTXHVLPSOH\OODQDPHQWHQRVH
FRQWDUtDGLFKRSURFHGLPLHQWRVLHQGRSRUHOORYLDEOH\SURFHGHQWHHQ
GLFKRV FDVRV OD LQWHUSRVLFLyQ GH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO
FRPR PHGLR GH GHIHQVD TXH SUHFDXWHOH OD SRVLEOH YXOQHUDFLyQ GH VXV
GHUHFKRVIXQGDPHQWDOHV
W


dW^:d


6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HPSHUR SUHYLDPHQWH
UHDOL]D XQD H[FHSFLyQ DO SULQFLSLR GH  VXEVLGLDULHGDG SRU QR H[LVWLU
SURFHGLPLHQWR SUHYLVWR HQ QRUPDWLYD D DSOLFDUVH QL HVWDEOHFHU FXiOHV
VHUtDQODVDXWRULGDGHVQDWXUDOHVTXHGHEDQFRQRFHU\UHVROYHUHOFDVR
WDQWRHQSULPHUD\VHJXQGDLQVWDQFLD

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

3UHFHGHQWHIXQGDGRU6&3

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

3UHFHGHQWHLPSOtFLWR

)-,,,DOQRHVWDUSUHYLVWRQLHVWDEOHFLGRXQSURFHGLPLHQWRSUHYLR
DOLQWHULRUGHGLFKD)UDWHUQLGDGTXHQHFHVDULDPHQWHGHEDVHJXLUVHFRQ
DQWHULRULGDG D OD LPSRVLFLyQ GH DOJXQD PHGLGD SURYLVLRQDO R VDQFLyQ
FRPRHVODGHVXVSHQGHUDXQVRFLRRIUDWHUQRPDOSRGUtDH[LJLUVHHO
DJRWDPLHQWR SUHYLR GH ODV LQVWDQFLDV LQWHUQDV DQWHV GH DFXGLUVH D OD
DFFLyQGHDPSDURFRQVWLWXFLRQDOWRGDYH]TXHFXDQGRQRVHHQFXHQWUH
SUHYLVWRXQSURFHGLPLHQWRGHPDQHUDFODUD\SUHFLVDDVtFRPRWDPSRFR
FXDOHVVHUtDQODVDXWRULGDGHVQDWXUDOHVTXHGHEDQFRQRFHU\UHVROYHUHO
FDVR WDQWR HQ SULPHUD \ VHJXQGD LQVWDQFLD QR FRUUHVSRQGH H[LJLU DO
DFFLRQDQWHHODJRWDPLHQWRGHOPLVPR\DTXHVLPSOH\OODQDPHQWHQRVH
FRQWDUtDGLFKRSURFHGLPLHQWRVLHQGRSRUHOORYLDEOH\SURFHGHQWHHQ
GLFKRV FDVRV OD LQWHUSRVLFLyQ GH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO
FRPR PHGLR GH GHIHQVD TXH SUHFDXWHOH OD SRVLEOH YXOQHUDFLyQ GH VXV
GHUHFKRVIXQGDPHQWDOHV



 ([FHSFLRQHV DO SULQFLSLR GH VXEVLGLDULHGDG GH OD
DFFLyQGHDPSDUR(QFDVRVGHDPHQD]DVGHYLROHQFLDItVLFDHQFRQWUDGH
ODVPXMHUHV
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO
W


dW^:d



6&3/DWXWHODTXHEULQGDHODPSDURFRQVWLWXFLRQDOGHEH
VHULQPHGLDWDSUHVFLQGLHQGRGHIRUPDOLVPRVHQFDVRVHQTXHH[LVWDQ
DPHQD]DVSRUYLROHQFLDItVLFDGHJpQHUR

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

/DDFFLRQDQWHGHQXQFLDTXHHOGHPDQGDGRTXLHQKXELHUDVLGRVXSDUHMD
\ HV VX FRPSDxHUR GH FXUVR HQ OD XQLYHUVLGDG KDEUtD SURFHGLGR D
DJUHGLUOD\DPHQD]DUODUHLWHUDGDPHQWH\TXHSHVHDKDEHUVHQWDGRXQD
GHQXQFLDSHQDOHQVXFRQWUDVLQHPEDUJRODVDXWRULGDGHVGHO0LQLVWHULR
3~EOLFRQRKDQDGRSWDGRPHGLGDVGHSURWHFFLyQDVXIDYRUPLHQWUDVGXUD
HO SURFHVR SHQDO \ HQ OD DFWXDOLGDG QR FXHQWD FRQ RWUR PHFDQLVPR
LGyQHRSDUDODWXWHODGHVXVGHUHFKRVDODYLGDDODGLJQLGDGDODVDOXG
D OD LQWHJULGDG ItVLFD \ SVLFROyJLFD D OD VHJXULGDG ItVLFD \ D OD OLEUH
ORFRPRFLyQTXHHOSODQWHDPLHQWRGHODSUHVHQWHDFFLyQFRQVWLWXFLRQDO

([WUDFWRGHODUDWLRGHFLGHQGL

3DUDHVWH7ULEXQDOHVFODURTXHODVDXWRULGDGHVILVFDOHVQRVyORGHEHQ
EXVFDU VDQFLRQDU WRGD IRUPD GH YLROHQFLD KDFLD ODV PXMHUHV \ HO
IHPLQLFLGLRVLQRSUHYHQLUORLQGHSHQGLHQWHPHQWHDODJUDYHGDGGHOGHOLWR
LQYHVWLJDGR TXH SXHGH HQFXEULU HVWH WLSR GH SUREOHPiWLFD DGHPiV
UHFXHUGDTXHQXHVWUD&RQVWLWXFLyQ\ORV7UDWDGRVGHGHUHFKRVKXPDQRV
OH REOLJDQ D RWRUJDU OD GHELGD VHULHGDG D WRGD GHQXQFLD TXH SRU
LUUHOHYDQWH TXH SDUH]FD SXHGD HQFXEULU YLROHQFLD HQ UD]yQ GH JpQHUR
SXHVFRQIRUPHORGHVDUUROODGRHQHO)XQGDPHQWR-XUtGLFR,,,GHHVWD
VHQWHQFLDORVSURFHVRVGHYLROHQFLDHQUD]yQGHJpQHURMXVWDPHQWHVRQ
SURJUHVLYRV H LQYLVLEOHV \ FRQVXPHQ PX\ OHQWDPHQWH D VXV YtFWLPDV
REOLJiQGRODVLQFOXVLYHHQFLHUWRVFDVRVDOVXLFLGLRFRQGXFWDVUHVSHFWRD
ODV FXDOHV ODV \ ORV VHUYLGRUHV S~EOLFRV QR GHEHQ DFRVWXPEUDUVH VLQR
FRPEDWLU

&RQVLGHUDQGRTXHODGHQXQFLDSHQDOGHODDFFLRQDQWHVHSURGXMRHO
GHDJRVWRGH\ODDXGLHQFLDGHODDFFLyQGHDPSDURFRQVWLWXFLRQDO
VHFHOHEUyHOGHQRYLHPEUHGHOPLVPRDxRVLQTXHKD\DFRQFOXLGROD
HWDSD SUHOLPLQDU \ VLQ TXH VH KXELHUD DGRSWDGR PHGLGD GH SURWHFFLyQ
DOJXQDFRUUHVSRQGHRWRUJDUODWXWHODGHPDQHUDH[FHSFLRQDOHQFRQWUDGH
OD )LVFDO -/9& VLQ UHVSRQVDELOLGDG SRU QR KDEHU VLGR GHPDQGDGD
GLVSRQLpQGRVHTXHODPLVPDDGRSWHPHGLGDVGHSURWHFFLyQQHFHVDULDVD
IDYRUGHODDFFLRQDQWH

6LQWHVLVGHODUDWLRGHFLGHQGL

W


dW^:d

&RQFHGHHODPSDURFRQVLGHUDQGRTXHODGHQXQFLDSHQDOGHODDFFLRQDQWH
VHSURGXMRHOGHDJRVWRGH\ODDXGLHQFLDGHODDFFLyQGHDPSDUR
FRQVWLWXFLRQDOVHFHOHEUyHOGHQRYLHPEUHGHOPLVPRDxRVLQTXHKD\D
FRQFOXLGRODHWDSDSUHOLPLQDU\VLQTXHVHKXELHUDDGRSWDGRPHGLGDGH
SURWHFFLyQDOJXQDFRUUHVSRQGHRWRUJDUODWXWHODGHPDQHUDH[FHSFLRQDO
HQ FRQWUD GH OD )LVFDO -/9& VLQ UHVSRQVDELOLGDG SRU QR KDEHU VLGR
GHPDQGDGDGLVSRQLpQGRVHTXHODPLVPDDGRSWHPHGLGDVGHSURWHFFLyQ
QHFHVDULDVDIDYRUGHODDFFLRQDQWH

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

)XQGDGRUD

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

,,, /DWXWHODLQPHGLDWDGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOGHEH
YDORUDUVHHQHOFDVRFRQFUHWR\QRGHPDQHUDJHQpULFD
5HVSHFWRDODUHODFLyQDUPyQLFDHQWUHVXEVLGLDULHGDG\ODLQPHGLDWH]OD
6&5GHGHVHSWLHPEUHHVWDEOHFLyODVVLJXLHQWHVUHJODV\
VXE UHJODV GH LPSURFHGHQFLD GHO DPSDUR SRU VXEVLGLDULHGDG FXDQGR

  /DV DXWRULGDGHV MXGLFLDOHV R DGPLQLVWUDWLYDV QR KDQ WHQLGR OD


SRVLELOLGDG GH SURQXQFLDUVH VREUH XQ DVXQWR SRUTXH OD SDUWH QR KD
XWLOL]DGRXQ PHGLR GH GHIHQVD QL KD SODQWHDGR UHFXUVR DOJXQRDVtD 
&XDQGRHQVXRSRUWXQLGDG\HQSOD]ROHJDOQRVHSODQWHyXQUHFXUVRR
PHGLRGHLPSXJQDFLyQ\E &XDQGRQRVHXWLOL]yXQPHGLRGHGHIHQVD
SUHYLVWRHQHORUGHQDPLHQWRMXUtGLFR\ /DVDXWRULGDGHVMXGLFLDOHVR
DGPLQLVWUDWLYDV SXGLHURQ KDEHU WHQLGR R WLHQHQ OD SRVLELOLGDG GH
SURQXQFLDUVHSRUTXHODSDUWHXWLOL]yUHFXUVRV\PHGLRVGHGHIHQVDDVt
D &XDQGRVHSODQWHyHOUHFXUVRSHURGHPDQHUDLQFRUUHFWDTXHVHGDUtD
HQFDVRVGHSODQWHDPLHQWRVH[WHPSRUiQHRVRHTXLYRFDGRV\E &XDQGR
VHXWLOL]yXQPHGLRGHGHIHQVD~WLO\SURFHGHQWHSDUDODGHIHQVDGHXQ
GHUHFKRSHURHQVXWUiPLWHHOPLVPRQRVHDJRWyHVWDQGRDOPRPHQWR
GHODLQWHUSRVLFLyQ\WUDPLWDFLyQGHODPSDURSHQGLHQWHGHUHVROXFLyQ
$PERVFDVRVVHH[FOX\HQGHODH[FHSFLyQDOSULQFLSLRGHVXEVLGLDULGDG
TXHVHGDFXDQGRODUHVWULFFLyQRVXSUHVLyQGHORVGHUHFKRV\JDUDQWtDV
FRQVWLWXFLRQDOHV GHQXQFLDGRV RFDVLRQHQ SHUMXLFLR LUUHPHGLDEOH H
LUUHSDUDEOHHQFX\DVLWXDFLyQ\GHPDQHUDH[FHSFLRQDOSURFHGHODWXWHOD
GHPDQGDGDD~QH[LVWDQRWURVPHGLRVGHGHIHQVD\UHFXUVRVSHQGLHQWHV
GHUHVROXFLyQ
 HOUHVDOWDGRQRVFRUUHVSRQGH 

(Q HO SUHVHQWH FDVR OD DFFLRQDQWH PDQLILHVWD TXH SHVH D LQLFLDU XQ
SURFHVRSHQDOIXHFRQVWDQWHPHQWHDPHQD]DGD\DJUHGLGDSRUODSHUVRQD
FRQ TXLHQ PDQWXYR XQD UHODFLyQ VHQWLPHQWDO VROLFLWDQGR D OD ILVFDO
HQFDUJDGDGHFRQRFHUHOFDVRPHGLGDVSURWHFWLYDVDVXIDYRUPHGLDQWH
PHPRULDOGHGHDJRVWRTXHUHOODGHGHVHSWLHPEUHHVFULWRGHGH
VHSWLHPEUH \ GH  GH RFWXEUH GH  VLQ TXH H[LVWD DO PHQRV XQD
W


dW^:d


UHVROXFLyQGHELGDPHQWHIXQGDPHQWDGDTXHUHVXHOYDGLFKDVROLFLWXGSRU
ORTXHVHWLHQHSRUDFUHGLWDGRTXHORVPHFDQLVPRVRUGLQDULRVHQHOFDVR
FRQFUHWRUHVXOWDURQLQLGyQHRVHLQHILFDFHVFRUUHVSRQGLHQGRLQJUHVDUDO
IRQGRGHODSUREOHPiWLFDPi[LPHVLVHFRQVLGHUDTXH


6HDOHJDHOGHUHFKRDODYLGDLQWHJULGDGSHUVRQDOTXHPHUHFHQ
XQDWXWHODLQPHGLDWD LQGXELRSURYLGD HQHVWHVHQWLGRGHEHUHFRUGDUVH
TXH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SURFHGH FRQWUD
DFWRV X
RPLVLRQHVLOHJDOHVRLQGHELGRVGHORVVHUYLGRUHVS~EOLFRVRGHSHUVRQDV
LQGLYLGXDORFROHFWLYDTXHUHVWULQMDQVXSULPDQRDPHQDFHQUHVWULQJLUR
VXSULPLUORVGHUHFKRV



1R UHVXOWD MXVWLILFDGR UHFKD]DU XQD GHPDQGD GH DFFLyQ GH
DPSDURFRQVWLWXFLRQDOH[LJLHQGRHODJRWDPLHQWRGHLQVWDQFLDVSURFHVDOHV
TXHDFUHGLWDURQHQODSUiFWLFDVHULQLGyQHDVPi[LPHFXDQGRODIDOWDGH
PHGLGDV RSRUWXQDV SURWHFWLYDV SXHGH SURGXFLU XQD HVFDODGD GH
DJUHVLRQHV TXH SRGtDQ LQFOXVR FRQFOXLU HQ IHPLQLFLGLR YLROHQFLD
IHPLQLFLGD R HQ VX FDVR TXH OD YtFWLPD SRU LPSRWHQFLD DEDQGRQH HO
SURFHVRSHQDO\SRUFRQVLJXLHQWHVXVHVWXGLRV


1RUHVXOWDH[LJLEOHDODDFFLRQDQWHVROLFLWHJDUDQWtDVDQWH
OD
SROLFtDRLQLFLHXQQXHYRSURFHVRSHQDOSXHVVHHQWLHQGHTXHXQSURFHVR
SHQDOGHEHVHUVXILFLHQWHSDUDUHVJXDUGDUORVGHUHFKRVGHODVSUHVXQWDV
YtFWLPDVPLHQWUDVHOPLVPRVHGHVDUUROODORFRQWUDULRKDUtDGHOSURFHVR
XQDLQVWDQFLDGHUHYLFWLPL]DFLyQ


'HEHFRQVLGHUDUVHTXHHOIHPLQLFLGLRUHIHULGRHQHO)XQGDPHQWR
-XUtGLFR ,,, GH HVWD 6HQWHQFLD \ HO FtUFXOR GH YLROHQFLD HV XQD
SUREOHPiWLFD LQYLVLELOL]DGD HQ QXHVWUR PHGLR TXH VH GLIXPLQD HQ HO
WUDWDPLHQWR GH ORV GLIHUHQWHV GHOLWRV RUGLQDULRV SRU HOOR LQFOX\HQGR
FODUR HVWi HVWH 7ULEXQDO GHEHQ WHQHU PXFKD GLOLJHQFLD \ FXLGDGR D
PRPHQWRGHYDORUDUGHQXQFLDVFRPRODVGHOSUHVHQWHFDVR


'HEH DVLPLVPR FRQVLGHUDUVH OD VLWXDFLyQ FRQWH[WXDO GH
GHVLJXDOGDGHQHOTXHWRGDYtDVHHQFXHQWUDQPXFKDVPXMHUHVUHVSHFWRD
VXVLWXDFLyQODERUDOPHQRVUHPXQHUDGDODIDOWDGHDFFHVRDODHGXFDFLyQ
VDOXG DOLPHQWDFLyQ WLHUUD \ YLYLHQGD \ TXH HQ JHQHUDO WRGDYtD OD
LJXDOGDGGHJpQHURHQJHQHUDOVLJXHVLHQGRIRUPDO\QRPDWHULDO


)LQDOPHQWHH[LVWHXQLQWHUpVDGLFLRQDOHQUHVROYHUODSUHVHQWH
FDXVDSRUODH[LVWHQFLDGHSUREOHPiWLFDVVLPLODUHVHQWRGRHOWHUULWRULR
EROLYLDQR\QRH[LVWLUDQWHFHGHQWHMXULVSUXGHQFLDOHQODWHPiWLFD



W


dW^:d

 ([FHSFLRQHV DO SULQFLSLR GH VXEVLGLDULHGDG GH OD


DFFLyQ GH DPSDUR(Q SURFHVRV HMHFXWLYRV \ FRDFWLYRV QR HV H[LJLEOH
DJRWDU HO SURFHVR RUGLQDULR FXDQGR VH GHQXQFLH OHVLRQHV DO GHELGR
SURFHVR
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
6LVWHPDWL]DGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   &XDQGR VH GHQXQFLD OHVLyQ D ORV HOHPHQWRV GH OD
JDUDQWtD GHO GHELGR SURFHVR HQ ORV SURFHVRV GH HMHFXFLyQ QR HV
H[LJLEOHHODJRWDPLHQWRGHOSURFHVRRUGLQDULRSRVWHULRUWRGDYH]TXH
HQpVWHQRVHSRGUiDQDOL]DUGLFKDOHVLyQHQWDQWRTXHVLODGHQXQFLD
QR HVWi YLQFXODGD D YXOQHUDFLyQ GH GHUHFKRV \ JDUDQWtDV
FRQVWLWXFLRQDOHVVLQRDDVSHFWRVTXHUHTXLHUHQDPSOLRGHEDWHGHEHUi
IRUPXODUVHHOFRUUHVSRQGLHQWHSURFHVRRUGLQDULR

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOORVDFFLRQDQWHVGHQXQFLDURQ
TXH ORV H[ MXHFHV GH SDUWLGR HQ OR FLYLO \ FRPHUFLDO GHPDQGDGRV
YXOQHUDURQVXVGHUHFKRVDOGHELGRSURFHVRDODGHIHQVDDODVHJXULGDG
MXUtGLFD \ D OD SURSLHGDG SRU FXDQWR GHQWUR GH XQ SURFHVR HMHFXWLYR
VHJXLGRHQVXFRQWUD\RWUDHPHUJHQWHGHODHMHFXFLyQGHXQDHVFULWXUD
S~EOLFDGHFRQFLOLDFLyQUHFRQRFLPLHQWRGHREOLJDFLyQFRQLQWHUHVHV\
JDUDQWtDKLSRWHFDULDVXVFULWDGHQWURGHXQSURFHVRSHQDOSRUHOVXSXHVWR
GHOLWR GH JLUR GH FKHTXH HQ GHVFXELHUWR VH FRPHWLHURQ XQD VHULH GH
LUUHJXODULGDGHV\VHLQFXPSOLHURQQRUPDVSURFHVDOHVH[SUHVDVFRPRD 
(O DUW  GHO &3& WRGD YH] TXH QR VH H[DPLQy HOWtWXOR EDVH GHOD
DFFLyQ HMHFXWLYD HVSHFLDOPHQWH UHVSHFWR D -XOLHWD 8JDUWH 3DODFLRV
GHELGRDTXHpVWDQRVXVFULELyODHVFULWXUDS~EOLFDEDVHGHODHMHFXFLyQ
\VLELHQHQGLFKRGRFXPHQWRODREOLJDFLyQHVWiJDUDQWL]DGDFRQXQELHQ
LQPXHEOHGHVXSURSLHGDGHVDFOiXVXODHVLQYiOLGDSRUTXHIXHRWRUJDGR
SRU0DUtD&DVWD8JDUWHGH/HyQVLQWHQHUSRGHUH[SUHVRSDUDKDFHUORE 
6H DQXOy HO $XWR GH FRQFHVLyQ GHO UHFXUVR GH DSHODFLyQ LQWHUSXHVWR
FRQWUDODVHQWHQFLDFRQHODUJXPHQWRGHTXHHOUHFXUVRIXHSUHVHQWDGR
IXHUD GHO WpUPLQR GHFODUDQGR HMHFXWRULDGD OD VHQWHQFLD (O 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDODSUREyODUHVROXFLyQTXHGHQHJyODWXWHOD
DQDOL]DQGRSUHYLDPHQWHHOSULQFLSLRGHVXEVLGLDULHGDGGHODDFFLyQGH
DPSDURFRQVWLWXFLRQDO
W


dW^:d



([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
2WURGHORVDFWRVOHVLYRVHVODGHQXQFLDGHORVDFFLRQDQWHV
VREUHODIDOWDGHH[DPHQGHOWtWXOREDVHGHODDFFLyQHMHFXWLYDFRQIRUPH
DODUWGHO&3&SRUSDUWHGHODVDXWRULGDGHVMXGLFLDOHVGHPDQGDGDV
TXH D VX MXLFLR DIHFWD D -XOLHWD 8JDUWH 3DODFLRV HQ VX FRQGLFLyQ GH
JDUDQWHKLSRWHFDULDSUHWHQGLHQGRFRQIRUPHPDQLILHVWDQH[SUHVDPHQWH
HQ VX SHWLWRULR TXH VH FRQFHGD OD WXWHOD VROLFLWDGD RUGHQDQGR OD
VXVSHQVLyQGHOUHPDWH\VXEDVWDGHOLQPXHEOHGHVXSURSLHGDG
 
(QUHVXPHQORVDFFLRQDQWHVFXHVWLRQDQODYDOLGH]GHOGRFXPHQWREDVH
GHODHMHFXFLyQGHQWURGHOSURFHVRHMHFXWLYRGHOFXDOHPHUJHODSUHVHQWH
DFFLyQGHDPSDUR HVFULWXUDS~EOLFD DOVHxDODUTXHODPLVPD
QRVHFRQVWLWX\HHQXQWtWXORFRQIXHU]DHMHFXWLYDVLQWHQHUHQFXHQWD
TXHHVWHHVXQH[WUHPRTXHQRFRUUHVSRQGHDQDOL]DUUHYLVDUQLFRUUHJLU
D OD MXVWLFLD FRQVWLWXFLRQDO \ TXH GHEHUi GLOXFLGDUVH HQ XQ SURFHVR
RUGLQDULR GH FRQRFLPLHQWR SRVWHULRU GRQGH H[LVWLUi DPSOLR GHEDWH DO
UHVSHFWR\VHSURGXFLUiQODVSUXHEDVSHUWLQHQWHVYtDTXHWLHQHQH[SHGLWD
FRQIRUPHDODUW&3&PRGLILFDGRSRUHODUWGHOD/$3&$)

6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO  SRU VXEVLGLDULHGDG DO
FRQVLGHUDUTXHODYDOLGH]GHOGRFXPHQWREDVHGHODHMHFXFLyQGHQWURGHO
SURFHVRHMHFXWLYR HVFULWXUDS~EOLFD GHEHUiGLOXFLGDUVHHQXQ
SURFHVRRUGLQDULRGHFRQRFLPLHQWRSRVWHULRU

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/D6&3VLVWHPDWL]DODVGLIHUHQWHVVHQWHQFLDVFRQVWLWXFLRQDOHV
TXHKDQLQJUHVDGRDODQiOLVLVGHIRQGRGHOSUREOHPDMXUtGLFRSODQWHDGR
WUDWiQGRVHGHSURFHVRVHMHFXWLYRVRFRDFWLYRVFLYLOHV\DTXHOODVTXHKDQ
GHQHJDGRODWXWHODSRUVXEVLGLDULHGDGFRQHODUJXPHQWRTXHORVDFWRV
OHVLYRV GHQXQFLDGRV D WUDYpV GH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO
SXHGHQ VHU DQDOL]DGRV UHYLVDGRV \ FRUUHJLGRV HQ SURFHVR RUGLQDULR
SRVWHULRU(QWUHODVSULPHUDVVHWLHQHDOD6&55
555\5
555HQWUHODVVHJXQGDVDODV66&&
55555

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

,,, /RV SURFHVRV GH HMHFXFLyQSURFHVR HMHFXWLYR \ DFFLyQ FRDFWLYD
FLYLO\ODDFFLyQGHDPSDURFRQVWLWXFLRQDO
W


dW^:d


&XDQGR VH GHQXQFLDQ D WUDYpV GH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO
GHFLVLRQHV MXGLFLDOHV HPHUJHQWHV GH SURFHVRV GH HMHFXFLyQ SURFHVR
HMHFXWLYR R DFFLyQ FRDFWLYD FLYLO OD MXULVSUXGHQFLD FRQVWLWXFLRQDO KD
GLVWLQJXLGR GRV VXSXHVWRV GH KHFKR HQ UHVJXDUGR GHO SULQFLSLR GH
VXEVLGLDULHGDGSUHYLVWRDKRUDHQORVDUWV,GHOD&3(\\\
GHOD/7&3

,,, 3ULPHU VXSXHVWR GH KHFKR &XDQGR HO DPSDUR LQJUHVD D OD
FRPSXOVDGHODFWROHVLYRHQHOSURFHVRHMHFXWLYR\DFFLyQFRDFWLYDFLYLO
GHELGRDTXHHQHOSURFHVRRUGLQDULRSRVWHULRUQRSRGUiVHUDQDOL]DGD
UHYLVDGD\FRUUHJLGD

/D SULPHUD VLWXDFLyQ HV FXDQGR GHQWUR GHO SURFHVR GH HMHFXFLyQ    
HMHFXWLYR R DFFLyQ FRDFWLYD FLYLO ORV DFWRV OHVLYRV GHQXQFLDGRV VH
UHILHUHQ D OD OHVLyQ D GHUHFKRV IXQGDPHQWDOHV R JDUDQWtDV
FRQVWLWXFLRQDOHV FRQVWLWXWLYDV GHO GHELGR SURFHVR FDVR HQ HO FXDO
HYLGHQFLiQGRVH VX TXHEUDQWDPLHQWR VH RWRUJD OD WXWHOD GHELGR D TXH
GHQWUR GHO SURFHVR RUGLQDULR SRVWHULRU QR SRGUiQ VHU DQDOL]DGDV
UHYLVDGDVQLFRUUHJLGDVH[LVWLHQGR~QLFDPHQWHODMXVWLFLDFRQVWLWXFLRQDO
SDUDVXWXWHOD

(VWRGHELGRDTXHFRPRHQWHQGLyOD6&5GHGHDJRVWR
OD RUGLQDUL]DFLyQ SRVWHULRU GHO SURFHVR HMHFXWLYR R FRDFWLYR FLYLO

HQFXHQWUD VX H[FHSFLyQ FXDQGR DWHQWRV D OD FLUFXQVWDQFLDV GH FDGD


FDVR OD RUGLQDUL]DFLyQ GHO SURFHVR HMHFXWLYR QR UHSUHVHQWD XQ
PHFDQLVPRLGyQHR\HIHFWLYRSDUDGLOXFLGDUORVKHFKRVYXOQHUDWRULRVGH
GHUHFKRV IXQGDPHQWDOHV HV DVt TXH FXDQGR VH DOHJXHQ \ OOHJXHQ D
FRQVWDWDUVHYXOQHUDFLRQHVDOGHELGRSURFHVRTXHSRVWHULRUPHQWHHQXQ
SURFHVR RUGLQDULR QR SRGUiQ UHVWLWXLUVH VH SRGUi DQDOL]DU OD
SUREOHPiWLFD GLUHFWDPHQWH PHGLDQWH OD WXWHOD TXH EULQGD HVWD DFFLyQ
WXWHODU VLQ QHFHVLGDG GH UHFXUULU D OD DSOLFDFLyQ GHO DUW  GH OD
/$3&$)


$OUHVSHFWRHVWiQODVVLJXLHQWHVOtQHDVMXULVSUXGHQFLDOHVFRPRHMHPSORV

 
'HUHFKRDODGHIHQVD

/DOtQHDMXULVSUXGHQFLDOUHVSHFWRDODREOLJDFLyQGHLQLFLDUHOSURFHVRGH
HMHFXFLyQHMHFXWLYRRDFFLyQFRDFWLYDFLYLOQRVyORFRQWUDHOGHXGRU
VLQRWDPELpQFRQWUDHOJDUDQWHKLSRWHFDULRHVWiIXQGDGDDSDUWLUGHOD6&
5GHGHIHEUHUR )XQGDPHQWR-XUtGLFR,,, ODTXHIXH
FRPSOHPHQWDGDFRQHOHQWHQGLPLHQWRDVXPLGRHQOD6&5GH
GHPDU]R )XQGDPHQWR-XUtGLFR,,, HQVHQWLGRTXHHOSURFHVRGH
HMHFXFLyQ HQ FXHVWLyQ GHEH LQLFLDUVH QRVyOR FRQWUD ORV GHXGRUHV VLQR
WDPELpQFRQWUDHOJDUDQWHKLSRWHFDULRRORVKHUHGHURVGHpVWH~OWLPR
W


dW^:d



'LFKD OtQHD MXULVSUXGHQFLDO QR SXHGH VHU DSOLFDGD D ORV FDVRV HQ ORV
FXDOHVHOJDUDQWHKLSRWHFDULRRORVKHUHGHURVGHpVWH~OWLPRSHVHDQR
KDEHUVHRPLWLGRLQLFLDUHOSURFHVRHQVXFRQWUDRSRUTXHQRVHOHVFLWy
FRQ OD GHPDQGD FRDFWLYD R HMHFXWLYD WXYLHURQ FRQRFLPLHQWR \ SRU OR
PLVPR DVXPLHURQ GHIHQVD FRQIRUPH OR HQWHQGLHURQ ODV 66&&
5\5HQWUHRWUDV

(QHVHRUGHQOD6&5GHRFWXEUHGHHQWHQGLyTXH
VLELHQOD6&5HVWDEOHFLyTXHGHEtDQRWLILFDUVHDOJDUDQWH
KLSRWHFDULR FRQ OD GHPDQGD FRDFWLYD FLYLO VH GHEtD FRQVLGHUDU OD 6&
5 GH  GH MXQLR TXH GHWHUPLQy TXH
VH GHEH WHQHU HQ
FXHQWDTXH6LH[LVWHFRQVWDQFLDGHTXHHOJDUDQWHKLSRWHFDULRGXUDQWHHO
SURFHVR WRPy FRQRFLPLHQWR H[WUDRILFLDO GH OD GHPDQGD R DFFLyQ GHO
DFUHHGRUFRQWUDHOGHXGRURVLHQHMHFXFLyQGHVHQWHQFLDHVQRWLILFDGR
FRQORVDFWRVSUHSDUDWRULRVDOUHPDWHQRH[LVWHLQGHIHQVLyQ\SRUHQGH
QRFRUUHVSRQGHODQXOLGDGGHREUDGRVSRUFXDQWRWXYRORVPHGLRVSDUD
UHFODPDU FXDOTXLHU VXSXHVWD LOHJDOLGDG TXH OHVLRQH VXV GHUHFKRV
IXQGDPHQWDOHVDJRWDGRVORVPLVPRVUHFLpQFRUUHVSRQGHUiDFXGLUDOD
MXULVGLFFLyQ FRQVWLWXFLRQDO D WUDYpV GH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO

3RU FRQVLJXLHQWH VH SXHGH HYLGHQFLDU HIHFWLYDPHQWH TXH DO KDEHU
SUHVHQWDGRORVDFFLRQDQWHVHOLQFLGHQWHGHQXOLGDGGHREUDGRVKDVWDHO
PRPHQWR GH TXH VHDQ QRWLILFDGRV FRQ OD GHPDQGD HO PLVPR TXH IXH
UHVXHOWRSRU$XWRGHGHPD\RGHUHFKD]DQGRGLFKDVROLFLWXGHO
-XH]GHODFDXVDGLVSXVRTXHHVWDQGRDSHUVRQDGRVORVLPSHWUDQWHV\FRQ
HOILQGHTXHWRPHQFDXVDVHGLVSRQHVXQRWLILFDFLyQFRQODVHQWHQFLD
SURQXQFLDGD DVt FRPR FRQ HO DYDO~R GHO LQPXHEOH HQ SURFHVR GH
VXEDVWD


(Q HVWH VHQWLGR WDPELpQ H[LVWH SURIXVD MXULVSUXGHQFLD FRQVWLWXFLRQDO
TXHVHxDODTXHDVtQRVHFXPSODQODVIRUPDOLGDGHVOHJDOHVH[LJLGDVSRU
ODVQRUPDVSURFHVDOHVFLYLOHVVLHOFRDFWLYDGRRHMHFXWDGRKDDVXPLGR
GHIHQVDVLWXDFLyQTXHVHYHULILFDFRQFXDOHVTXLHUDFWXDFLyQGHQWURGHO
SURFHVRLQFOXVRFRQXQVLPSOHDSHUVRQDPLHQWRODQRWLILFDFLyQHVYiOLGD
\ GH QLQJ~Q PRGR SXHGH SURVSHUDU HO LQFLGHQWH GH QXOLGDG GH
QRWLILFDFLyQ $Vt OR KD HVWDEOHFLGR OD 6& 5 GH  GH
QRYLHPEUH )XQGDPHQWR-XUtGLFR,,, MXULVSUXGHQFLDUHLWHUDGDHQODV
66&& 5 \ 5 )XQGDPHQWR -XUtGLFR ,,, 
HQWUHRWUDV

(VWDOtQHDMXULVSUXGHQFLDOVHHQFXHQWUDHQYLJRUSRUVXFRPSDWLELOLGDG
FRQHOQXHYRRUGHQFRQVWLWXFLRQDOTXHSUHYpHOGHUHFKRDODGHIHQVDHQ
ORVDUWV,,GHOD&3(GHOD&RQYHQFLyQ$PHULFDQDVREUH'HUHFKRV
+XPDQRV &$'+ \GHO3DFWR,QWHUQDFLRQDOGH'HUHFKRV&LYLOHV\
W


dW^:d

3ROtWLFRV 3,'&3 

2WURFDVRHQOD6&5GHGHDJRVWRHQHOTXHGHQWURGH
XQSURFHVRHMHFXWLYRORVYRFDOHVGHPDQGDGRVQRLPSULPLHURQHOWUiPLWH
FRUUHVSRQGLHQWH DO LQFLGHQWH GH QXOLGDG GH REUDGRV SODQWHDGR SRU ORV
KHUHGHURVGHODHMHFXWDGDGHDFXHUGRDORGLVSXHVWRHQORVDUWVDO
GHO&3&\SRUHOFRQWUDULRGLVSXVLHURQODHMHFXWRULDGHODVHQWHQFLD
DSHODGD HO 7ULEXQDO &RQVWLWXFLRQDO HQ SULQFLSLR VHxDOy TXH HUD

QHFHVDULR GHMDU HVWDEOHFLGR TXH ORV KHFKRV DOHJDGRV QR VHUiQ


VXVFHSWLEOHVGHUHYLVLyQHQXQSURFHVRRUGLQDULRSRVWHULRUSXHVWRTXHVH
WUDWDQGHOHVLRQHVDOGHELGRSURFHVRLQKHUHQWHVDODQDWXUDOH]DGHHVWH
SURFHVR MXGLFLDO HQ FRQVHFXHQFLD QR HV DSOLFDEOH HO HQWHQGLPLHQWR
H[SXHVWRHQODMXULVSUXGHQFLDFRQVWLWXFLRQDOJORVDGDHQHO)XQGDPHQWR
-XUtGLFR ,,, VREUH OD LPSURFHGHQFLD SRU VXEVLGLDULHGDG
FRUUHVSRQGLHQGRVXDQiOLVLVHQHOIRQGRFRPRVHH[SOLFDHQHOVLJXLHQWH
DFiSLWH
 < SRVWHULRUPHQWH UHVROYLHQGR HO IRQGR UHILULy TXH
ORV
PLHPEURVGHO7ULEXQDOGHDO]DGDFRGHPDQGDGRVHQYH]GHLPSULPLUOH
HOWUiPLWHFRUUHVSRQGLHQWHDOLQFLGHQWHGHQXOLGDGGHREUDGRVSODQWHDGR
SRUORVKHUHGHURVGHODHMHFXWDGDGHDFXHUGRDORGLVSXHVWRHQORVDUW
 DO  GHO &3& VH FRQVWDWD TXH QR HPLWLHURQ SURQXQFLDPLHQWR
DOJXQR VREUHHO PLVPR DSHVDU GHTXHFRUULGR HQ WUDVODGR D OD SDUWH
FRQWUDULD \ XQD YH] UHVSRQGLGR FRQFHUQtD GLFWDU OD UHVROXFLyQ
FRUUHVSRQGLHQWHDFWXDQGRHQFRQWUDULRYXOQHUDURQORVGHUHFKRVGHORV
LQFLGHQWLVWDV DKRUD DFFLRQDQWHV DO GHELGR SURFHVR DO GHUHFKR D OD
LJXDOGDGMXUtGLFD\DODGHIHQVDFRQVDJUDGRVHQORVDUWV\GHOD
&3(


 
'HUHFKRDXQDUHVROXFLyQMXGLFLDOPRWLYDGD

/D OtQHD MXULVSUXGHQFLDO HQ SURWHFFLyQ GHO GHUHFKR D XQD UHVROXFLyQ
MXGLFLDOPRWLYDGDGHPD\RUUHOHYDQFLDFXDQGRHOMXH]RWULEXQDOGHEH
UHVROYHUHQDSHODFLyQODLPSXJQDFLyQGHODVUHVROXFLRQHVSURQXQFLDGDV
SRU ODV DXWRULGDGHV GH SULPHUD LQVWDQFLD Pi[LPH FXDQGR VH WUDWD GH
UHVROYHUUHFXUVRVVREUHH[FHSFLRQHVTXHWLHQHQFDUiFWHUGHILQLWLYR 6&
 GH  GH DEULO  )XQGDPHQWR-XUtGLFR ,,,  HQWHQGLy TXH
FXDQGR HQ XQ SURFHVR HMHFXWLYR R FRDFWLYR FLYLO XQD GH ODV SDUWHV
LQWHUSRQHUHFXUVRGHDSHODFLyQFRQWUDXQD5HVROXFLyQHQDSHODFLyQTXH
UHVXHOYH ODV H[FHSFLRQHV RSXHVWDV R FRQWUD OD VHQWHQFLD GH SULPHUD
LQVWDQFLDHOMXH]RWULEXQDODGTXHPGHEHSURQXQFLDUVHVREUHWRGRV\
FDGDXQRGHORVSXQWRVTXHIXHURQDSHODGRVFRQIRUPHORH[LJHHODUW
GHO&3&(QHVHVHQWLGRVHSURQXQFLyOD6&5UHLWHUDGD
HQODV66&&55\5HQWUHRWUDV

(Q RWUR FDVR HQ OD 6& 5  GH RFWXEUH HO 7ULEXQDO
&RQVWLWXFLRQDOFRQFHGLyODWXWHODHQSDUWHUHVSHFWRDOGHELGRSURFHVRHQ
VXHOHPHQWRFRQVWLWXWLYRHOGHUHFKRDXQDUHVROXFLyQMXGLFLDOPRWLYDGD
W


dW^:d


HQ XQ SURFHVR HMHFXWLYR VHxDODQGR TXH OD IXQGDPHQWDFLyQ LPSOLFD OD
LGHQWLILFDFLyQ GH OD QRUPD DSOLFDEOH DO FDVR FRQFUHWR \ VX
FRUUHVSRQGLHQWHDGHFXDFLyQSRUFXDQWRHYLGHQFLyTXH
(ODFFLRQDQWHD
WUDYpVGHVXPHPRULDOGHDPSDURFRQVWLWXFLRQDODOHJDODIDOWDGHFLWD
OHJDOH[SUHVD TXH VXVWHQWHOD 5HVROXFLyQ GH  GHMXQLR GH  \ HO
$XWR &RPSOHPHQWDULR GH GH DJRVWR GHO PLVPR DxR D WUDYpV GH ODV
FXDOHVVHUHFKD]DURQODH[FHSFLyQELHQDOGHSUHVFULSFLyQSODQWHDGDSRU
HO DFFLRQDQWH HQ VHJXQGD LQVWDQFLD DUJXPHQWiQGRVH TXH HQ SURFHVRV
HMHFXWLYRVVRODPHQWHSXHGHRSRQHUVHODH[FHSFLyQGHSUHVFULSFLyQHQHO
SOD]R GH FLQFR GtDV GHVSXpV GH OD FLWDFLyQ FRQ OD GHPDQGD \ HO $XWR
,QWLPDWRULR/D5HVROXFLyQGHGHMXQLRGHHVWDHVWUXFWXUDGDHQ
WUHV SDUWHVFRQVLGHUDWLYDVGH ODV FXDOHVOD SULPHUD UHDOL]D OD UHODFLyQ
IiFWLFD UHODFLRQDGD FRQ OD SUREOHPiWLFD FRQFUHWD HO VHJXQGR
FRQVLGHUDQGR DQDOL]D HO UpJLPHQ GH OD SUHVFULSFLyQ VXVWHQWDQGR HO
UD]RQDPLHQWRHQODVVLJXLHQWHVQRUPDVFRQFUHWDVL (QHODUWLQF
 GHO&3&\HODUWGHO&&GLVSRVLFLyQDGMHWLYDTXHUHJXODQOD
H[FHSFLyQ GH SUHVFULSFLyQHQ SURFHVRV GH FRQRFLPLHQWR LL  (Q HO DUW
 LQF   GHO &3& TXH IDFXOWD OD LQWHUSRVLFLyQ GH H[FHSFLRQHV GH
SUHVFULSFLyQ HQ HO SOD]R GH FLQFR GtDV GHVSXpV GH OD FLWDFLyQ FRQ OD
GHPDQGD\DXWRLQWLPDWRULRHLLL (QORVDUWV\GHO&3&
$KRUD ELHQ FRPR \D VH WLHQH GLFKR XQR GH ORV UHTXLVLWRV GH OD
PRWLYDFLyQ FRPR HOHPHQWR GHO GHELGR SURFHVR SUHFLVDPHQWH HV OD
GHVFULSFLyQGHPDQHUDH[SUHVDGHORVVXSXHVWRVGHKHFKRFRQWHQLGRVHQ
ODQRUPDMXUtGLFDDSOLFDEOHDOFDVRFRQFUHWRHQHVHFRQWH[WRVHWLHQH
TXH OD SUREOHPiWLFD HQ GLFKR FDVR YHUVD VREUH OD RSRVLFLyQ GH OD
H[FHSFLyQGHSUHVFULSFLyQHQVHJXQGDLQVWDQFLD\HQODVXVWDQFLDFLyQGH
SURFHVRVHMHFXWLYRVHQWRQFHVGHDFXHUGRDODVFLWDVOHJDOHVVHxDODGDV
VHHVWDEOHFHORVLJXLHQWH HODUWLQF GHO&3&QRHVDSOLFDEOH
DOFDVRFRQFUHWRSRUTXHGLVFLSOLQDSURFHVRVRUGLQDULRV HODUWLQF
 GHO&3&FRQVWLWX\HXQDGLVSRVLFLyQFX\RVXSXHVWRGHKHFKRIDFXOWD
OD SUHVHQWDFLyQ GH OD H[FHSFLyQ GH SUHVFULSFLyQ HQ SULPHUD LQVWDQFLD
GHQWURGHMXLFLRVHMHFXWLYRVUD]yQSRUODFXDOHVWDFLWDOHJDOQRFXPSOH
FRQ HO UHTXLVLWR GH PRWLYDFLyQ VHxDODGR WRGD YH] TXH HO VXSXHVWR GH
KHFKR QR HVWD GLUHFWDPHQWH YLQFXODGR D OD SUREOHPiWLFD FRQFUHWD HV
GHFLU D OD LQWHUSRVLFLyQ GH OD H[FHSFLyQ GH SUHVFULSFLyQ HQ VHJXQGD
LQVWDQFLD\HQSURFHVRGHHMHFXFLyQ\ ORVDUWV\GHO
&3& WDPSRFR VRQ VXSXHVWRV GH KHFKR QRUPDWLYRV DSOLFDEOHV D OD
SUREOHPiWLFD FRQFUHWD SXHVWR TXH GLVFLSOLQDQ VLWXDFLRQHV IiFWLFDV
DSOLFDEOHVDODIDFXOWDGGHLQWHUSRQHUH[FHSFLRQHVHQSULPHUDLQVWDQFLD
HQFRQVHFXHQFLDGHOFRQWHQLGRGHOD5HVROXFLyQGHGHMXQLRGH
VHHVWDEOHFHTXHHVWDGHFLVLyQQRFLWDODQRUPDWLYDFX\RVVXSXHVWRVGH
KHFKRVHDGDSWHQDOFDVRFRQFUHWR3RUVXSDUWHHODXWRFRPSOHPHQWDULR
GHGHDJRVWRGHFXUVDQWHGHIV\YWDDSHVDUGHHVWDEOHFHU
HQVXSDUWHGLVSRVLWLYDQRKDEHUQDGDTXHFRPSOHPHQWDU\DFODUDUVLQ
HPEDUJRHQODSDUWHFRQVLGHUDWLYDFLWDODVPLVPDVGLVSRVLFLRQHVOHJDOHV
VHxDODGDVVXSUDSRUWDQWRVHHVWDEOHFHTXHHVWDSURYLGHQFLDWDPSRFR
W


dW^:d

FXPSOH FRQ HO UHTXLVLWR GH PRWLYDFLyQ GHVDUUROODGR OtQHDV DUULED /R
H[SXHVWRSUHFHGHQWHPHQWHHYLGHQFLDTXHODVDXWRULGDGHVGHPDQGDGDV
YXOQHUDURQHOGHUHFKRGHOD&RPSDxtDTXHUHSUHVHQWDHODFFLRQDQWHDO
GHELGRSURFHVRHQVXHOHPHQWRPRWLYDFLyQUD]yQSRUODFXDOHQFXDQWR
DODGHQXQFLDGHVXYXOQHUDFLyQODWXWHODGHEHVHUFRQFHGLGD


 
'HUHFKRDUHFXUULUDQWHXQMXH]RWULEXQDOVXSHULRU

/D6&5GHGHPD\RHQXQFDVRHQHOTXHORV9RFDOHV
GHPDQGDGRVGHFODUDURQLQDGPLVLEOHHOUHFXUVRGHDSHODFLyQSUHVHQWDGR
SRU HO DFFLRQDQWH HQ HMHFXFLyQ GH VHQWHQFLD GHO SURFHVR HMHFXWLYR
FRQWUDHO$XWRTXHUHFKD]yHOLQFLGHQWHGHQXOLGDGGHREUDGRVFRQHO
DUJXPHQWRGHKDEHUVLGRSODQWHDGRH[WHPSRUiQHDPHQWHIXHUDGHORVWUHV
GtDV SUHYLVWRV HQ ORV DUWV  \  GHO &3& HO HQWRQFHV 7ULEXQDO
&RQVWLWXFLRQDO HQWHQGLy TXH
FRQIRUPH DO HQWHQGLPLHQWR
MXULVSUXGHQFLDO FRQWHQLGR HQ OD       6& 5 OD DSHODFLyQ
SUHVHQWDGDSRUHODFFLRQDQWHTXHIXHDGPLWLGDHQHOHIHFWRGHYROXWLYR
HVFRQVLGHUDGDXQDDSHODFLyQGLUHFWD\WLHQHHOSOD]RGHGLH]GtDVSDUDVX
SUHVHQWDFLyQ \D TXH HQ HO FDVR DQDOL]DGR HO $XWR DSHODGR WLHQH HO
FDUiFWHU GH GHILQLWLYR SRUTXH HO PLVPR GHILQH HO GHUHFKR GHO DKRUD
DFFLRQDQWHDGHPiVGHHQFRQWUDUVHHOSURFHVRHQHMHFXFLyQGHVHQWHQFLD


(QOD6&5GHGHMXOLRHQXQDVXQWRHQHOTXHHODFFLRQDQWH
GHQXQFLyTXHGHQWURGHXQSURFHVRFRDFWLYRFLYLOHOMXH]GHPDQGDGR
UHFKD]yVXUHFXUVRGHDSHODFLyQFRQHODUJXPHQWRGHTXHIXHLQWHUSXHVWR
IXHUDGHWpUPLQRHO7ULEXQDO&RQVWLWXFLRQDOLQJUHVDQGRDODFRPSXOVD
GHO DFWR OHVLYR HYLGHQFLy TXH HQ HIHFWR HO UHFXUVR GH DSHODFLyQ VH
SUHVHQWyH[WHPSRUiQHDPHQWHSUHYLVWRHQHODUWGHO&3&SRUOR
TXHGHQHJyODWXWHODVROLFLWDGD

,,,6HJXQGRVXSXHVWRGHKHFKR&XDQGRHODPSDURQRLQJUHVDDOD
FRPSXOVDGHODFWROHVLYRHQHOSURFHVRHMHFXWLYR\DFFLyQFRDFWLYDFLYLO

/D VHJXQGD VLWXDFLyQ HV FXDQGR GHQWUR GHO SURFHVR GH HMHFXFLyQ  
HMHFXWLYRRDFFLyQFRDFWLYDFLYLOORVDFWRVOHVLYRVGHQXQFLDGRVDWUDYpV
GHODDFFLyQGHDPSDURFRQVWLWXFLRQDOSXHGHQVHUDQDOL]DGRVUHYLVDGRV
\FRUUHJLGRVHQSURFHVRRUGLQDULRSRVWHULRUSUHFLVDPHQWHSRUQRLQFLGLU
HQ OD OHVLyQ D GHUHFKRV IXQGDPHQWDOHV R JDUDQWtDV FRQVWLWXFLRQDOHV
FRQVWLWXWLYDV GHO GHELGR SURFHVR \ UHIHULUVH D DVSHFWRV TXH UHTXLHUHQ
DPSOLR GHEDWH HQ HO SURFHVR $Vt WHQHPRV ODV VLJXLHQWHV OtQHDV
MXULVSUXGHQFLDOHVFRPRHMHPSORV

 
([FHSFLyQGHIDOWDGHIXHU]DFRDFWLYDRHMHFXWLYD

([LVWH XQLIRUPH MXULVSUXGHQFLD UHVSHFWR D GHQHJDU OD WXWHOD SRU
VXEVLGLDULHGDGFXDQGRHODFFLRQDQWHDWUDYpVGHODPSDURGHQXQFLDTXH
W


dW^:d


GHQWURGHOSURFHVRHMHFXWLYRRFRDFWLYRHOGRFXPHQWRGHFUpGLWRREDVH
GH OD HMHFXFLyQ TXH OR RULJLQy WXYR YLFLRV GH QXOLGDG SRU FXDOHVTXLHU
FLUFXQVWDQFLD\SRUORPLVPRFDUHFHGHIXHU]DFRDFWLYDRHMHFXWLYDHQ
HO HQWHQGLGR TXH HVWH H[WUHPR SXHGH VHU FRUUHJLGR HQ YtD RUGLQDULD
SRVWHULRUSUHYLVWDSRUHODUW&3&PRGLILFDGRSRUHODUWGHOD
/$3&$)(QHVWHVHQWLGRVHSXHGHQFRQVXOWDUODV66&&5
55\6&5GHMXOLR FDVRHQHO
FXDOVHDFWLYySDUDOHODPHQWHODYtDRUGLQDULD\ODDFFLyQGHDPSDUR 


 
([FHSFLyQSHUHQWRULDGHSUHVFULSFLyQOLEHUDWRULD

/D6&5GHGHPD\RHQXQFDVRHQHOTXHVHSUHWHQGLyD
WUDYpV GH OD DFFLyQ GH DPSDUR VH UHYLVH OD UHVROXFLyQ TXH GHFODUy
LPSUREDGD OD H[FHSFLyQ SHUHQWRULD GH SUHVFULSFLyQ OLEHUDWRULD HO
7ULEXQDO&RQVWLWXFLRQDO7UDQVLWRULRFRQVLGHUyTXHHOORHUDXQDVLWXDFLyQ
TXH ~QLFDPHQWH SRGtD VHU FXHVWLRQDGD \ FRQWURYHUWLGD D WUDYpV GHO
SURFHVRRUGLQDULRFRQIRUPHORHVWDEOHFHHODUW,GHO&3&\QRDVt
PHGLDQWH OD MXULVGLFFLyQ FRQVWLWXFLRQDO FX\D IXQFLyQ HVSHFtILFD VH
WUDGXFHHQODWXWHODGHGHUHFKRVIXQGDPHQWDOHV

 
([FHSFLyQGHSUHVFULSFLyQGHODDFFLyQ\GHOGHUHFKR

/D6&5GHGHDJRVWRHQVLPLODUVHQWLGRTXHHODQWHULRU
QRLQJUHVyDDQDOL]DUHOIRQGRGHODGHQXQFLDUHVSHFWRDODH[FHSFLyQGH
SUHVFULSFLyQGHODDFFLyQ\GHOGHUHFKRGHULYDQGRVXDQiOLVLVDOSURFHVR
RUGLQDULRSRVWHULRU




 ([FHSFLRQHV DO SULQFLSLR GH VXEVLGLDULHGDG GH OD
DFFLyQGHDPSDUR*UXSRVGHSULRULWDULDDWHQFLyQ
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO


W


dW^:d

6&3   1R VH DSOLFD HO SULQFLSLR GH VXEVLGLDULHGDG


H[FHSFLRQDOGHODDFFLyQGHDPSDURFRQVWLWXFLRQDODODVPXMHUHVHQ
JHVWDFLyQ\PDGUHVGHQLxRV\QLxDVPHQRUHVDXQDxRDREMHWRGH
RWRUJDUXQDSURWHFFLyQLQPHGLDWD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOODDFFLRQDQWHVRVWXYRTXHODV
DXWRULGDGHV GHPDQGDGDV GHO *RELHUQR 'HSDUWDPHQWDO $XWyQRPR GH
3DQGRYXOQHUDURQVXVGHUHFKRVDSHUFLELUDVLJQDFLRQHVIDPLOLDUHVDOD
LJXDOGDG GH RSRUWXQLGDGHV D OD YLGD D OD VDOXG D OD SHWLFLyQ \ D OD
VHJXULGDGVRFLDOSRUFXDQWRQRREVWDQWHTXHVROLFLWyHOSDJRGHSDJR
GHOVXEVLGLRSUHQDWDOVXEVLGLRGHQDWDOLGDG\ODFWDQFLDYDQRVIXHURQVXV
UHFODPRV\DOFRQWUDULRVyORUHFLELyXQDUHVSXHVWDTXHGHQLHJDHOSDJR
GHORVEHQHILFLRVVROLFLWDGRV(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO
DSUREyODUHVROXFLyQTXHFRQFHGLyODWXWHODDQDOL]DQGRSUHYLDPHQWHHO
SULQFLSLRGHVXEVLGLDULHGDGHQODDFFLyQGHDPSDURFRQVWLWXFLRQDOFRQ
UHODFLyQ D XQR GH ORV FRGHPDQGDGRV SRU IDOWD GH SDJR GH ODV
DVLJQDFLRQHVIDPLOLDUHV

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
 WHQLHQGRHQFXHQWDTXHHODUWGHOD&3(HVWDEOHFHTXH
WRGD SHUVRQD WLHQH GHUHFKR D OD YLGD VLHQGR HO PLVPR XQ GHUHFKR
IXQGDPHQWDOHQHVWHFDVRGHODPXMHUHQJHVWDFLyQDVtFRPRGHODQLxD
QDFLGDQRFRUUHVSRQGtDGHQHJDUODWXWHODGHODSUHVHQWHDFFLyQUHVSHFWR
DO FRGHPDQGDGR /XLV $GROIR )ORUHV 5REHUWV *REHUQDGRU GHO
GHSDUWDPHQWRGH3DQGRSRUHOSULQFLSLRGHVXEVLGLDULHGDGVLQRSRUHO
FRQWUDULRLQJUHVDUDODQiOLVLVGHOIRQGRUHVSHFWRGHODSUHVHQWHDFFLyQ\
GHWHUPLQDUVLODDXWRULGDGFRUUHFXUULGDWDPELpQYXOQHUyHOGHUHFKRGHOD
DFFLRQDQWH


6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SRU IDOWD GH SDJR GH ODV
DVLJQDFLRQHV IDPLOLDUHV D PXMHU HVWDGR GH JHVWDFLyQ DSOLFDQGR HO
SULQFLSLR GH VXEVLGLDULHGDG DO VHxDODUTXH QRFRUUHVSRQGtDGHQHJDUOD
WXWHOD UHVSHFWR DO *REHUQDGRU GHO GHSDUWDPHQWR GH 3DQGR SRU HO
SULQFLSLRGHVXEVLGLDULHGDGVLQRSRUHOFRQWUDULRLQJUHVDUDODQiOLVLVGHO
IRQGR UHVSHFWR GH OD SUHVHQWH DFFLyQ \ GHWHUPLQDU VL OD DXWRULGDG
FRUUHFXUULGDWDPELpQYXOQHUyHOGHUHFKRGHODDFFLRQDQWH

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

W


dW^:d


(O 7ULEXQDO &RQVWLWXFLRQDO KD GHVDUUROODGR OtQHDV MXULVSUXGHQFLDOHV
SURFHVDOHV \ GH FDUiFWHU VXVWDQWLYR VREUH OD SURWHFFLyQ GH OD PXMHU
HPEDUD]DGD\GHOSURJHQLWRUKDVWDHODxRGHQDFLPLHQWRGHODKLMDRKLMR
HQORVVLJXLHQWHVSUHFHGHQWHVFRQVWLWXFLRQDOHV

6REUHODH[FHSFLyQDOSULQFLSLRGHVXEVLGLDULHGDGGHODDFFLyQ
GHDPSDUR

L 
/D6&3TXHVHFRQVWLWX\HHQXQDSULPHUDVHQWHQFLD
FRQILUPDGRUD GH OD 6& 5 HVWDEOHFH TXH QR VH DSOLFD HO
SULQFLSLRGHVXEVLGLDULHGDGGHODDFFLyQGHDPSDURFRQVWLWXFLRQDODODV
PXMHUHV HQ JHVWDFLyQ \ PDGUHVGH QLxRV \ QLxDV PHQRUHVD XQ DxRD
REMHWRGHRWRUJDUXQDSURWHFFLyQLQPHGLDWD

LL 
/D 6&3  FRQWLHQH XQ SUHFHGHQWH FRQVWLWXFLRQDO
IXQGDGRUSRUFXDQWRVHxDODTXHQRVHDSOLFDHOFDUiFWHUVXEVLGLDULRGHOD
DFFLyQ GH DPSDUR FRQVWLWXFLRQDO D SHVDU TXH HO HVWDGR GH JUDYLGH]
GHVDSDUH]FD FRQ HO QDFLPLHQWR GHO QLxRR QLxD HQ HO VXSXHVWR TXH VH
YHULILTXH OD YXOQHUDFLyQ GHO GHUHFKR D OD HVWDELOLGDG H LQDPRYLOLGDG
ODERUDOGHODPXMHUHQHVWDGRGHHPEDUD]R


5HVSHFWR D OD IOH[LELOL]DFLyQ DO SULQFLSLR GH LQPHGLDWH] HQ OD
DFFLyQGHDPSDURFRQVWLWXFLRQDO
/D6&IXHODSULPHUDVHQWHQFLDHQFRQWHQHUXQSUHFHGHQWH
VREUHODIOH[LELOL]DFLyQDOSULQFLSLRGHLQPHGLDWH]HQODDFFLyQGHDPSDUR
FRQVWLWXFLRQDO(QHVHVHQWLGROD6&35SURQXQFLDGDSRUHO
7ULEXQDO&RQVWLWXFLRQDOGHORVGLH]DxRVGHPDQHUDHVSHFtILFDUHDOL]y
XQDIOH[LELOL]DFLyQDOSOD]RGHORVVHLVPHVHVSDUDLQWHUSRQHUODDFFLyQ
GHDPSDURFRQVWLWXFLRQDOHQSURWHFFLyQGHODLQDPRYLOLGDGGHODPXMHU
HPEDUD]DGDKDVWDHODxRGHQDFLPLHQWRGHOKLMR/DOtQHDMXULVSUXGHQFLDO
VREUH HVWD IOH[LELOL]DFLyQ IXH FRQILUPDGR SRU OD 6&3 
HVWDEOHFLyTXHHOWpUPLQRGHVHLVPHVHVHVWDEOHFLGRSRUHODUW,,GH
OD &RQVWLWXFLyQ VH FRQVWLWX\H HQ XQ SDUiPHWUR REMHWLYR GH XQ SOD]R
FRQVLGHUDGR SRU HO OHJLVODGRU FRQVWLWX\HQWH FRPR UD]RQDEOH SDUD
LQWHUSRQHUODGHPDQGDGHDPSDURFRQVWLWXFLRQDOSHURTXHHQDWHQFLyQDO
YDORUMXVWLFLDHOGHUHFKRGHDFFHVRDODMXVWLFLDHOSULQFLSLRGHLJXDOGDG
TXH LPSHOH D RWRUJDU XQ WUDWR GLIHUHQWH D VLWXDFLRQHV GLVtPLOHV OD
LQWHUSUHWDFLyQSURKRPLQHGHOWH[WRFRQVWLWXFLRQDOGLFKRSOD]RQRSXHGH
VHUDXWRPiWLFDPHQWHDSOLFDEOHVLQRGHEHVHUORVXILFLHQWHPHQWHIOH[LEOH
SDUDFRQVLGHUDUODVSDUWLFXODULGDGHVGHFDGDFDVRFRQFUHWR

6REUHODJDUDQWtDGHLQDPRYLOLGDGIXQFLRQDULD

D&RQWUDWRVGHFDUiFWHULQGHILQLGR

L 
/DV 66&& 5 \ 5 HQWUH RWUDV
UHILULpQGRVHDOIXQGDPHQWRGHODJDUDQWtDGHODLQDPRYLOLGDGIXQFLRQDULD
VHxDOyTXH
HOGHUHFKRTXHVHGHEHSURWHJHUQRHVVRODPHQWHDOWUDEDMR
W


dW^:d

VLQRRWURVGHUHFKRVSULPDULRVGHODUHFXUUHQWH\GHOVHUHQJHVWDFLyQORV
FXDOHV QHFHVLWDQ SURWHFFLyQ XUJHQWH H LQPHGLDWD \D TXH HO UHWLUR
LQWHPSHVWLYRGHODUHFXUUHQWHLPSRUWDWDPELpQODVXSUHVLyQGHOGHUHFKR
DODVHJXULGDGVRFLDOTXHDVXYH]UHVJXDUGD\JDUDQWL]DHOGHUHFKRDOD
VDOXGGHUHFKRVTXHFRQODPHGLGDDGRSWDGDSRQHQHQULHVJRHOSULPHU
GHUHFKRODYLGDTXHQRSXHGHHVWDUSHQGLHQWHGHRWURVUHFXUVRVRYtDV
DGPLQLVWUDWLYDVTXHHVWDEOHFHOD/H\

LL 
3RVWHULRUPHQWHOD6&5VHxDOyTXHODSURWHFFLyQ
TXH EULQGD OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR \ OD /H\ GH 6HJXULGDG
6RFLDO HVWiQ RULHQWDGDV D SURWHJHU D OD PXMHU HPEDUD]DGD
JDUDQWL]iQGROHVXLQDPRYLOLGDGHQHOWUDEDMRVHDFXDOIXHVHODPRGDOLGDG
GH WUDEDMR   SRU FXDQWR HO GHUHFKR TXH VH GHEH SURWHJHU QR HV
VRODPHQWHDOWUDEDMRVLQRRWURVGHUHFKRVSULPDULRVGHODUHFXUUHQWH\GHO
KLMRSRUQDFHUORVFXDOHVQHFHVLWDQSURWHFFLyQXUJHQWHHLQPHGLDWD
JDUDQWtD H[WHQVLEOH UHVSHFWR GH LQVWLWXFLRQHV S~EOLFDV FRPR SULYDGDV
(VWHUD]RQDPLHQWRKDVLGRUDWLILFDGRSRUOD6&3HQWUHRWUDV

E&RQWUDWRDSOD]RILMR
/DOtQHDMXULVSUXGHQFLDOVREUHODJDUDQWtDGHLQDPRYLOLGDGGHODPXMHU
HPEDUD]DGD\ORVSURJHQLWRUHVKDVWDTXHODKLMDRKLMRFXPSODXQDxRGH
HGDGHQUHODFLRQHVODERUDOHVFRQFRQWUDWRVILMRVSXHGHFRQVWUXLUVHFRQ
ORVVLJXLHQWHVSUHFHGHQWHVFRQVWLWXFLRQDOHV
L 
/D6&5HVWDEOHFLyTXHQRHUDDSOLFDEOHODJDUDQWtD
GH LQDPRYLOLGDG GH OD PXMHU HPEDUD]DGD HQ UHODFLRQHV ODERUDOHV FRQ
FRQWUDWRVDSOD]RILMR

LL 
(OSUHFHGHQWHFRQWHQLGRHQOD6&5IXHPRGXODGR
SRUOD6&5TXHHVWDEOHFLyTXHHQFRQWUDWRVDSOD]RILMRHV
DSOLFDEOH OD JDUDQWtD GH LQDPRYLOLGDG GH OD PXMHU HPEDUD]DGD HQ ORV
VLJXLHQWHV FDVRV   &XDQGR DO YHQFLPLHQWR GHO FRQWUDWR D SOD]R ILMR
SHUVLVWDQ ODV DFWLYLGDGHV SDUD ODV FXDOHV OD PXMHU HPEDUD]DGD IXH
FRQWUDWDGD &XDQGRDSHVDUGHKDEHUYHQFLGRHOWpUPLQRGHOFRQWUDWR
ODWUDEDMDGRUDVLJXDSUHVWDQGRVXVVHUYLFLRV\ &XDQGRKXELHUDVLGR
FRQWUDWDGDHQPiVGHGRVRSRUWXQLGDGHVVXFHVLYDVVLHPSUHTXHVHWUDWH
GHODUHDOL]DFLyQGHODERUHVSURSLDVDOJLURGHODHPSUHVD

LLL 
/D 6&3  DVXPLy HO  HQWHQGLPLHQWR MXULVSUXGHQFLDO
FRQWHQLGRHQOD6&5SHURDGHPiVHQXQDLQWHUSUHWDFLyQD
ODOX]GHOPRGHORFRQVWLWXFLRQDOYLJHQWHDSDUWLUGH\HQHOPDUFR
GHODQRUPDWLYDLQIUDFRQVWLWXFLRQDOH[LVWHQWHHQHO(VWDGR3OXULQDFLRQDO
GH %ROLYLD DGLFLRQy TXH HQ PpULWR DO SULQFLSLR GH SULPDFtD GH OD
UHDOLGDGODVFRQGLFLRQHVGHVFULWDVHQYLUWXGDODVFXDOHVHVH[WHQVLEOHOD
JDUDQWtDGHODLQDPRYLOLGDGGHEHQVHUYHULILFDGDVSRUHO0LQLVWHULRGH
7UDEDMR \ VXV GHSHQGHQFLDV 'HSDUWDPHQWDOHV VHxDODQGR OR VLJXLHQWH

'H OR VHxDODGR VH LQILHUH TXH OD 'LUHFFLyQ *HQHUDO GHO 7UDEDMR ODV
-HIDWXUDV'HSDUWDPHQWDOHV\5HJLRQDOHVGHEHQUHDOL]DUODYHULILFDFLyQ
W


dW^:d


GHTXHODVDFWLYLGDGHVDVHUGHVDUUROODGDVSRUHOHPSOHDGRRFRQWUDWDGR
QR FRQVWLWX\DQ WDUHDV SURSLDV \ SHUPDQHQWHV SXHV FRPR VH KD
HVWDEOHFLGRH[LVWHODSURKLELFLyQGHUHDOL]DUFRQWUDWRVDSOD]RILMRHQHVWH
WLSR GH WDUHDV SXGLHQGR VyOR UHDOL]DUVH GLFKRV FRQWUDWRV HQ WDUHDV
SURSLDV\QRSHUPDQHQWHVODVFXDOHVHVWiQGHILQLGDVSRUOD5HVROXFLyQ
PHQFLRQDGD FRPR DTXHOODV YLQFXODGDV DO JLUR KDELWXDO R SULQFLSDO
DFWLYLGDG GH OD HPSUHVD VH FDUDFWHUL]D SRU VHU H[WUDRUGLQDULDPHQWH
WHPSRUDOHV\HVWiQLGHQWLILFDGDVFODUDPHQWHSRUODUHIHULGD5HVROXFLyQ


$GHPiVRWURHOHPHQWRHVHQFLDOTXHLPSOLFDXQDFRPSOHPHQWDFLyQDOD
6& 5 HV TXH DPSOLy OD DSOLFDFLyQ GH OD JDUDQWtD GH
LQDPRYLOLGDGDDTXHOORVVXSXHVWRVTXHHQYLUWXGDOSULQFLSLRGHSULPDFtD
GHODUHDOLGDGHYLGHQFLHQTXHODWUDEDMDGRUDDSHVDUGHKDEHUVXVFULWRXQ
FRQWUDWR D SOD]R ILMR SDUD ODERUHV H[WUDRUGLQDULDV UHDOLFH ODERUHV
RUGLQDULDV\SURSLDVGHOJLUR$GHPiVHVWDVHQWHQFLDGHVDUUROOyHQXQD
LQWHUSUHWDFLyQGHODQRUPDWLYDLQIUDFRQVWLWXFLRQDOORVDOFDQFHVGHODV
ODERUHVH[WUDRUGLQDULDVRWHPSRUDOHV
/D6&3FRQVDJUDHOHVWiQGDUPiVDOWRHQFXDQWRDODJDUDQWtD
GHLQDPRYLOLGDGGHPXMHUHPEDUD]DGDRFRQKLMRVPHQRUHVGHXQDxR
FRQFRQWUDWRVDSOD]RILMR
F )XQFLRQDULRVGHOLEUHQRPEUDPLHQWR
/D OtQHD MXULVSUXGHQFLDO VREUH OD LQPRYLOLGDG ODERUDO GH OD PXMHU
HPEDUD]DGD\SURJHQLWRUFRQKLMRVPHQRUHVDXQDxRHQFDUJRVGHOLEUH
QRPEUDPLHQWR SXHGH VHU UHVXPLGD D WUDYpV GHO VLJXLHQWH GHVDUUROOR
MXULVSUXGHQFLDO
L 
/D 6& 5 VHxDOy TXH HV YLDEOH HO DPSDUR FRPR
PHFDQLVPRUiSLGR\HILFD]SDUDWXWHODUSULRULWDULDPHQWHORVGHUHFKRVGH
OD UHFXUUHQWH TXH VH HQFXHQWUD HQ HVWDGR GH JUDYLGH] \ GHO VHU HQ
JHVWDFLyQVLQTXHHODUJXPHQWRHVJULPLGRSRUHOUHFXUULGRHQVHQWLGR
GHTXHHOFDUJRTXHHMHUFtDODUHFXUUHQWHHVGHOLEUHQRPEUDPLHQWRGDGR
TXH OD SURWHFFLyQ GH OD QRUPD HV HO UHVJXDUGR GH ODPDWHUQLGDG DWDO
H[WUHPR TXH HVH UHVJXDUGR D TXH DOXGH HO DUW  GH OD /H\  VH
H[WLHQGHLQFOXVRSDUDODVPXMHUHVHQJHVWDFLyQTXHSUHVWDIXQFLRQHVHQ
ODDFWLYLGDGSULYDGD5D]RQDPLHQWRUHLWHUDGRHQODV66&&
55HQWUHRWUDV

LL 
6LQHPEDUJROD6&3HVWDEOHFLyTXHODLQDPRYLOLGDG
GHODPXMHUHPEDUD]DGD\GHODRHOSURJHQLWRUQRSXHGHVHUDSOLFDGDD
WRGRV ORV IXQFLRQDULRV R IXQFLRQDULDV S~EOLFDV HQWUH HOODV ORV
IXQFLRQDULRVGHOLEUHQRPEUDPLHQWRHQWHQGLPLHQWRTXHHQHOPDUFRGH
OD MXULVSUXGHQFLD GHVDUUROODGD DQWHV LQDSOLFy HO HVWiQGDU PiV DOWR GH
MXULVSUXGHQFLDFRQWHQLGRHQOD6&5

LLL 
3RVWHULRUPHQWH OD 6&  PXWy HO HQWHQGLPLHQWR
FRQWHQLGR HQ OD 6&3  \ HQ XQD LQWHUSUHWDFLyQ IDYRUDEOH
FRQFOX\yTXHODJDUDQWtDGHLQDPRYLOLGDGIXQFLRQDULDDOFDQ]DDWRGRWLSR
W


dW^:d

GHIXQFLRQDULRVS~EOLFRVLQFOXLGRVORVGHOLEUHQRPEUDPLHQWR(QHVH
VHQWLGRDXQTXHODVHQWHQFLDQRORGLMRH[SUHVDPHQWHVHFRQVWLWX\yHQ
XQD6HQWHQFLDUHFRQGXFWRUDGHOtQHDSRUTXHUHWRUQyDOHQWHQGLPLHQWR
MXULVSUXGHQFLDO FRQWHQLGR HQ OD 6&  HQULTXHFLHQGR VX
FRQWHQLGRVDSDUWLUGHORVSULQFLSLRVGHIDYRUDELOLGDG\DSOLFDFLyQGLUHFWD
GHGHUHFKRV

/D6&FRQWLHQHHOSUHFHGHQWHFRQHOHVWiQGDUPiVDOWRGH
SURWHFFLyQUHVSHFWRDODSURWHFFLyQVREUHODLQPRYLOLGDGODERUDOGHOD
PXMHUHPEDUD]DGD\SURJHQLWRUHVFRQKLMRVPHQRUHVDXQDxRHQFDUJRV
GHOLEUHQRPEUDPLHQWR

G 3URFHVRVGLVFLSOLQDULRV\SRVWHUJDFLyQGHODVDQFLyQ
/D OtQHD MXULVSUXGHQFLDO VREUH OD SRVWHUJDFLyQ GH OD VDQFLyQ
DGPLQLVWUDWLYD HQ FDVR GH VROLFLWXG GH WXWHOD GH LQDPRYLOLGDG GH
SURJHQLWRUHVTXHDIHFWHQVXHVWDELOLGDGODERUDOHVODVLJXLHQWH
L 
/DV 66&& 5 \ 5 HQWUH RWUDV
GHWHUPLQDURQODSURWHFFLyQGHODPXMHUHPEDUD]DGD\PDGUHGHKLMDVH
KLMRVPHQRUHVDXQDxR\ODSRVWHUJDFLyQGHODVDQFLyQHQFDVRGHLQLFLR
GH SURFHVRV GLVFLSOLQDULRV KDVWD HO DxR GH QDFLGR OD R HO KLMR (Q HVH
PLVPR VHQWLGR OD 6& 5 DSOLFy GLFKR HQWHQGLPLHQWR
MXULVSUXGHQFLDO FRQ UHODFLyQ DO WUDEDMDGRU SURJHQLWRU HVWDEOHFLHQGR OD
SRVWHUJDFLyQGHODVVDQFLRQHVDGPLQLVWUDWLYDVTXHSRGUtDLPSRQpUVHOH

LL 
/D 6&  GH PDQHUD UHVWULFWLYD PRGXOy OD DQWHULRU
OtQHDMXULVSUXGHQFLDOFRQWHQLGDHQODV66&&5
5\6&5\VRVWXYRTXHQRUHVXOWDEDDSOLFDEOHHOEHQHILFLR
GH LQDPRYLOLGDG ODERUDO KDVWD TXH HO UHFLpQ QDFLGRFXPSOD XQ DxR GH
HGDG FXDQGR H[LVWD VDQFLyQ DGPLQLVWUDWLYD GHELHQGR HMHFXWDUVH
LQPHGLDWDPHQWHHPSHURDFODUyTXHTXHGDEDVXEVLVWHQWHORVEHQHILFLRV
GHODFWDQFLDSDUDHOVHUHQJHVWDFLyQRUHFLpQQDFLGRPHQRUDXQDxRGH
HGDG

LLL 
3RVWHULRUPHQWHOD6&3UHFRQGXMRHOHQWHQGLPLHQWR
MXULVSUXGHQFLDOVHxDODQGRTXHODVVDQFLRQHVDGPLQLVWUDWLYDVVyORSXHGHQ
VHUFRQFUHWDGDVOXHJRGHFXPSOLGRHODxRGHHGDGGHODRHOKLMRGHOD
PXMHUWUDEDMDGRUDRSURJHQLWRUWUDEDMDGRUSRUORPLVPRGHMyVLQHIHFWR
ODPRGXODFLyQFRQWHQLGDHQOD6&3

(O SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWLHQH HO HVWiQGDU PiV DOWR GH
SURWHFFLyQHVHOFRQWHQLGRHQOD6&3SRUFXDQWRHVWDEOHFH
ODSRVWHUJDFLyQGHODVDQFLyQDGPLQLVWUDWLYDHQFDVRGHVROLFLWXGGHWXWHOD
GHLQDPRYLOLGDGGHSURJHQLWRUHVTXHDIHFWHQVXHVWDELOLGDGODERUDO

H $OFDQFHGHODJDUDQWtDGHODLQDPRYLOLGDG\UHTXLVLWRVSDUDVXWXWHOD
L 
/D 6& 5 GH  GH QRYLHPEUH HVWDEOHFLy
3RU RWUD
W


dW^:d


SDUWHOD/H\QRJDUDQWL]D~QLFDPHQWHODLQDPRYLOLGDGGHODPXMHU
HPEDUD]DGD HQ VX IXHQWH GH WUDEDMR VLQR TXH WDPELpQ OD SURWHJH GH
DTXHOODVVLWXDFLRQHVTXHHQHOWUDEDMRLPSOLTXHQHVIXHU]RVTXHDIHFWHQ
VXVDOXGORTXHODKDFHQPHUHFHGRUDGHXQWUDWDPLHQWRHVSHFLDOHQHO
GHVHPSHxRGHVXDFWLYLGDGODERUDOTXHOHSHUPLWDQGHVDUUROODUpVWDVHQ
FRQGLFLRQHVDGHFXDGDVSRUORPLVPRQRSXHGHVHUDIHFWDGDHQVXQLYHO
VDODULDOQLVXFRQGLFLyQHQVXSXHVWRGHWUDEDMR


LL 
$VLPLVPROD6&3GHWHUPLQyTXHSURFHGHSDJRGH
KDEHUHV QR SHUFLELGRV D IDYRU GHO SURJHQLWRUD TXH QR IXH
UHLQFRUSRUDGRDDQWHODYXOQHUDFLyQGHVXVGHUHFKRVDODHVWDELOLGDGH
LQDPRYLOLGDGODERUDOGHXQDPXMHUHQHVWDGRGHJUDYLGH]KDVWDHODxRGH
QDFLPLHQWRGHOKLMRRKLMD\TXHDOPRPHQWRGHUHVROYHUHODPSDURQR
VHDSRVLEOHVXUHLQFRUSRUDFLyQSRUFRQWDUHOPHQRUGHHGDGFRQPiVGH
XQDDxRGHQDFLGR

LLL 
/D 6&3  KD HVWDEOHFLGR TXH OD PDGUH \R SDGUH
SURJHQLWRUHVJR]DQGHLQDPRYLOLGDGODERUDOGHVGHODJHVWDFLyQKDVWDTXH
VX KLMR R KLMD FXPSOD XQ DxR GH HGDG QR SXGLHQGR VHU GHVSHGLGRV
DIHFWDUVHVXQLYHOVDODULDOQLVXXELFDFLyQHQVXSXHVWRGHWUDEDMRSDUD
FX\DJDUDQWtDQRHVH[LJLEOHFRPXQLFDUDOHPSOHDGRUVREUHHOHVWDGRGH
JUDYLGH]MXULVSUXGHQFLDTXHIXHUHLWHUDGDHQOD6&3HQWUH
RWUDV HQWHQGLPLHQWR ~OWLPR TXH PXWy  OD SRVLFLyQ GHO 7ULEXQDO
&RQVWLWXFLRQDO H[SUHVDGD HQ ODV 66&& 5 5
HQWUH RWUDV TXH HVWDEOHFLHURQ HO GHEHU GH OD PXMHU HPEDUD]DGD GH
FRPXQLFDUSUHYLDPHQWHVXHVWDGRGHHPEDUD]RDOHPSOHDGRU

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

/D 6& 5 HQ VX ~OWLPR FRQVLGHUDQGR GLVSRQH OD
&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRHVWDEOHFHHO5HFXUVRGH$PSDURFRPR
SURWHFFLyQLQPHGLDWDFRQWUD
ORVDFWRVLOHJDOHVRODVRPLVLRQHVLQGHELGDV
GHORVIXQFLRQDULRVRSDUWLFXODUHVTXHUHVWULQMDQVXSULPDQRDPHQDFHQ
UHVWULQJLU R VXSULPLU ORV GHUHFKRV \ JDUDQWtDV GH OD SHUVRQD
UHFRQRFLGRV
 SUHFHSWR OHJDO TXH HV DSOLFDEOH DO FDVR GH DXWRV SRU
FXDQWRHOGHUHFKRTXHVHGHEHSURWHJHUQRHVVRODPHQWHDOWUDEDMRVLQR
RWURVGHUHFKRVSULPDULRVGHODUHFXUUHQWH\HOVHUHQJHVWDFLyQORVFXDOHV
QHFHVLWDQSURWHFFLyQXUJHQWHHLQPHGLDWD\DTXHHOUHWLURLQWHPSHVWLYR
GHODUHFXUUHQWHLPSRUWDWDPELpQODVXSUHVLyQGHOGHUHFKRDODVHJXULGDG
VRFLDOTXHDVXYH]UHVJXDUGD\JDUDQWL]DHOGHUHFKRDODVDOXGGHUHFKRV
TXHFRQODPHGLGDDGRSWDGDSRQHQHQULHVJRHOSULPHUGHUHFKRODYLGD
TXHQRSXHGHHVWDUSHQGLHQWHGHRWURVUHFXUVRVRYtDVDGPLQLVWUDWLYDV
TXH HVWDEOHFH OD /H\ 3RU HOOR OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR
PHGLDQWHHODUWHVWDEOHFH
(O0DWULPRQLRODIDPLOLD\ODPDWHUQLGDG
HVWiQEDMRODSURWHFFLyQGHO(VWDGR
SUHFHSWRFRQVWLWXFLRQDOTXHJXDUGD
HVWUHFKDFRKHUHQFLDFRQHODUWURGHOD/H\1RGHGHPDU]RGH
W


dW^:d

TXHVHxDOD
7RGDPXMHUHQSHULRGRGHJHVWDFLyQKDVWDXQDxRGHO
QDFLPLHQWRGHOKLMRJR]DUiGHLQDPRYLOLGDGHQVXSXHVWRGHWUDEDMRHQ
LQVWLWXFLRQHVS~EOLFDV\SULYDGDV


,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

'HVDUUROODGD OD KLVWRULD MXULVSUXGHQFLDO VREUH OD JDUDQWtD GH OD
LQDPRYLOLGDG IXQFLRQDULD GH SDGUHV SURJHQLWRUHV VH WLHQH D  /D 6&3
FRQWLHQHHOSUHFHGHQWHFRQVWLWXFLRQDOPiVDOWRGHSURWHFFLyQ
UHVSHFWR D OD SRVWHUJDFLyQ GH OD VDQFLyQ DGPLQLVWUDWLYD HQ FDVR GH
VROLFLWXG GH WXWHOD GH LQDPRYLOLGDG GH SURJHQLWRUHV TXH DIHFWHQ VX
HVWDELOLGDGODERUDOE /D6&3FRQVDJUDHOHVWiQGDUPiVDOWR
HQFXDQWRDODJDUDQWtDGHLQDPRYLOLGDGGHPXMHUHPEDUD]DGDRFRQKLMRV
PHQRUHVGHXQDxRFRQFRQWUDWRVDSOD]RILMR\F /D6&
FRQWLHQHHOSUHFHGHQWHFRQHOHVWiQGDUPiVDOWRGHSURWHFFLyQUHVSHFWRD
OD SURWHFFLyQ VREUH OD LQPRYLOLGDG ODERUDO GH OD PXMHU HPEDUD]DGD \
SURJHQLWRUHV FRQ KLMRV PHQRUHV D XQ DxR HQ FDUJRV GH OLEUH
QRPEUDPLHQWR



1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   1R VH DSOLFD HO SULQFLSLR GH VXEVLGLDULHGDG
H[FHSFLRQDO GH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HQ ORV FDVRV GH
DGXOWRVPD\RUHV

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURHODFFLRQDQWHGHQXQFLyODYXOQHUDFLyQGHVXV
GHUHFKRV DO DFFHVR D OD MXVWLFLD SHWLFLyQ D OD WXWHOD MXGLFLDO SURQWD
RSRUWXQD HIHFWLYD \ VLQ GLODFLRQHV SRU FXDQWR GHQWUR GHO SURFHVR
HMHFXWLYR TXH VH VLJXH HQ VX FRQWUD SODQWHy LQFLGHQWH GH QXOLGDG GH
REUDGRV TXH IXH UHFKD]DGR SRU OD DXWRULGDG MXULVGLFFLRQDO GHFLVLyQ
FRQWUDODTXHLQWHUSXVRDSHODFLyQLQFLGHQWDOLQVWDQFLDDQWHODFXDOSRU
VXFRQGLFLyQGHSHUVRQDGHODWHUFHUDHGDGDOFRQWDUFRQRFKHQWD\XQ
DxRVGHHGDG\H[LVWLUXQD5HVROXFLyQGH6DOD3OHQDGHOD&RUWH6XSHULRU
W


dW^:d


GHO 'LVWULWR -XGLFLDO DKRUD 7ULEXQDO 'HSDUWDPHQWDO GH -XVWLFLD GH
&RFKDEDPEDTXHDXWRUL]yHODQWLFLSRGHOVRUWHR\UHVROXFLyQGHFDXVDV
HQODVTXHHVWpQLQYROXFUDGDVSHUVRQDVGHODWHUFHUDHGDGFRPRHVVX
FDVR\TXLHQVROLFLWyVHSURFHGDDOVRUWHR\UHVROXFLyQGHVXUHFXUVRGH
DSHODFLyQDQWHHOLQPLQHQWHGHVDSRGHUDPLHQWRGHVXYLYLHQGD\GHVX
IDPLOLDSHWLFLyQTXHIXHUHFKD]DGDSRUORV9RFDOHVGHPDQGDGRVVLQOD
GHELGDIXQGDPHQWDFLyQHLQFXPSOLHQGRODUHIHULGD5HVROXFLyQGH6DOD
3OHQD FX\R FXPSOLPLHQWR SLGH D WUDYpV GH HVWD DFFLyQ WXWHODU (O
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO UHDOL]DQGR XQD H[FHSFLyQ D OD
VXEVLGLDULHGDG GH OD DFFLyQ HQ FDVR GH DGXOWRV PD\RUHV FRQILUPy HQ
SDUWH OD UHVROXFLyQ TXH FRQFHGLy OD WXWHOD SRUTXH ODV DXWRULGDGHV
GHPDQGDV QR RWRUJDURQ XQ WUDWR SUHIHUHQWH HQ OD GHILQLFLyQ GH OD
VLWXDFLyQMXUtGLFDGHVXYLYLHQGD

([WUDFWRGHODUDWLRGHFLGHQGL

)M,,,(QFRQVHFXHQFLDHQHOFDVRSUHVHQWHDOWHQHUHODFFLRQDQWHGH
RFKHQWD\XQDxRVGHHGDG\XQDLQPLQHQWHSpUGLGDGHVXYLYLHQGDTXH
FRQVWLWX\HVX
KDELWDGGHWRGDODYLGDVXVUHFXHUGRV\GRQGHVLHQWHVX
PHMRU YLYLU
 YLQFXODGRV D VX GLJQLGDG KXPDQD HV LQDSOLFDEOH OD
H[FHSFLyQGHVXEVLGLDULHGDG

6LQWHVLVGHODUDWLRGHFLGHQGL

,QJUHVDDODQiOLVLVGHIRQGRGHVFDUWDQGRODDSOLFDFLyQGHOSULQFLSLRGH
VXEVLGLDULHGDGGHODDFFLyQGHDPSDURFRQVWLWXFLRQDO\FRQFHGHODWXWHOD
SRUFXDQWRHODFFLRQDQWHFXHQWDFRQRFKHQWD\XQDxRVGHHGDG\XQD
LQPLQHQWHSpUGLGDGHVXYLYLHQGD

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(Q REVHUYDQFLD GHO SULQFLSLR GH LQPHGLDWH] OD MXULVSUXGHQFLD GHO
7ULEXQDO &RQVWLWXFLRQDO KD HVWDEOHFLGR OD GRFWULQD GH H[FHSFLyQ DO
SULQFLSLRGHVXEVLGLDULHGDGTXHFDUDFWHUL]DDODPSDURFRQVWLWXFLRQDOSRU
H[LVWHQFLD GH GDxR LUUHSDUDEOH 66&& 5 5 
PHGLR GH GHIHQVD LQHILFD] 6& 5 PHGLGDV GH KHFKR 6&
5  JUXSRV GH SULRULWDULD DWHQFLyQ PXMHUHVHPEDU]DGDV 6&
5  SHUVRQDV FRQ FDSDFLGDGHV HVSHFLDOHV QLxRV QLxDV \
DGROHVFHQWHV 6&5 $VXYH]
OD6&5VHxDOyTXHODVQRUPDVFRQVWLWXFLRQDOHVWLHQHQFRPR
ILQDOLGDGHOSURWHJHUDORVRVWHQVLEOHPHQWHPiVGpELOHVPHMRUFRQRFLGRV
HQODGRFWULQDFRPRJUXSRVYXOQHUDEOHVSRUORTXHHO(VWDGRPHGLDQWH

DFFLRQHVDILUPDWLYDV
EXVFDODPDWHULDOL]DFLyQGHODLJXDOGDG TXHJR]D
GHXQUHFRQRFLPLHQWRIRUPDOUHFRQRFLGDHQORVWH[WRVFRQVWLWXFLRQDOHV
\OHJDOHVSHURTXHHQODUHDOLGDGQRVHPDWHULDOL]D \ODHTXLGDGSRUOR
W


dW^:d

TXH VH HVWDEOHFHQ SROtWLFDV TXH GDQ D GHWHUPLQDGRV JUXSRV VRFLDOHV


PLQRUtDVpWQLFDVRUDFLDOHVSHUVRQDVGLVFDSDFLWDGDVPXMHUHVPHQRUHV
GH HGDG DGXOWRV PD\RUHV  XQ WUDWR SUHIHUHQFLDO HQ HO DFFHVR D
GHWHUPLQDGRV GHUHFKRV JHQHUDOPHQWH GH QDWXUDOH]D ODERUDO R
GLVWULEXFLyQ GH FLHUWRV UHFXUVRV R VHUYLFLRV DVt FRPR DFFHVR D
GHWHUPLQDGRV ELHQHV FRQ HO ILQ GH PHMRUDUOHV VX FDOLGDG GH YLGD \
FRPSHQVDUOHVHQDOJXQRVFDVRVSRUORVSHUMXLFLRVRODGLVFULPLQDFLyQ\
H[FOXVLyQGHODVTXHIXHURQYtFWLPDVHQHOSDVDGR

/D6&3HVWDEOHFHHQIRUPDH[SUHVDDSOLFDUODH[FHSFLyQDO
SULQFLSLRGHVXEGLDULHGDGHQHOFDVRGHDGXOWRVPD\RUHV

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

(VWD6HQWHQFLDHQVX)-,,,GLVSRQH&RQVWLWX\HQGRODVXEVLGLDULGDG
XQD GH ODV FDUDFWHUtVWLFDV HVHQFLDOHV GH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO VLQ HPEDUJR OD MXULVSUXGHQFLD FRQVWLWXFLRQDO KD
HVWDEOHFLGRH[FHSFLRQHVHQFRQVLGHUDFLyQDODYXOQHUDFLyQGHGHUHFKRV
IXQGDPHQWDOHVYLQFXODGDDXQLQPLQHQWHGDxRLUUHSDUDEOHFRPRVRQODV
PHGLGDV GH KHFKR DVt FRPR GH ODV SHUVRQDV TXH UHTXLHUHQ GH XQD
SURWHFFLyQLQPHGLDWD DEVWUD\pQGRVH GH ODV H[LJHQFLDV SURFHVDOHVSRU
IRUPDU SDUWH GH OR TXH OD GRFWULQD LQVWUXPHQWRV LQWHUQDFLRQDOHV \ OD
MXULVSUXGHQFLDFRQVWLWXFLRQDOKDGHQRPLQDGRJUXSRVYXOQHUDEOHV\TXH
FRPSUHQGHDORVQLxRVQLxDVGLVFDSDFLWDGRVPLQRUtDVpWQLFDVRUDFLDOHV
\SHUVRQDVDGXOWDVGHODWHUFHUDHGDG


5HVSHFWR D ODV SHUVRQDV DGXOWDV R PD\RUHV GH OD WHUFHUD HGDG OD
$VDPEOHD *HQHUDO GH ODV 1DFLRQHV 8QLGDV HQWUH ORV SULQFLSLRV
HVWDEOHFHQ HQ VXV LQFLVRV  
(O GHUHFKR D WHQHU DFFHVR D OD
DOLPHQWDFLyQ DJXD YLYLHQGD YHVWXDULR \ DWHQFLyQ GH VDOXG
DGHFXDGRV
 
3RGHUUHVLGLUHQVXSURSLRGRPLFLOLRSRUWDQWRWLHPSR
FRPRVHDSRVLEOH
\ 
3RGHUYLYLUFRQGLJQLGDG\VHJXULGDG\YHUVH
OLEUHVGHH[SORWDFLyQ\GHPDORVWUDWRVItVLFRVRPHQWDOHV


/RV GHUHFKRV IXQGDPHQWDOHV \ SURWHFFLyQ HVSHFLDO TXH PHUHFHQ ODV
SHUVRQDV GH OD WHUFHUD HGDG HVWiQ UHFRJLGRV HQ LQVWUXPHQWRV
LQWHUQDFLRQDOHV FRQFUHWDPHQWH HQ OD 'HFODUDFLyQ 8QLYHUVDO GH ORV
'HUHFKRV+XPDQRVDUWV\GHGHGLFLHPEUHGHHQHO
3DFWR ,QWHUQDFLRQDO GH 'HUHFKRV 6RFLDOHV (FRQyPLFRV \ &XOWXUDOHV
DUWV\HQHOTXHVHGHVWDFDHOGHUHFKRTXHWLHQHQORVDQFLDQRV
D WHQHU
DFFHVR D ORV VHUYLFLRV VRFLDOHV \ MXUtGLFRV TXH OHV DVHJXUHQ
PD\RUHVQLYHOHVGHDXWRQRPtDSURWHFFLyQ\FXLGDGRHVSHFLDO
DVtFRPR

DSRGHUYLYLUFRQGLJQLGDG\VHJXULGDG\YHUVHOLEUHGHH[SORWDFLRQHV\
PDOWUDWRItVLFRRPHQWDO
/DSURWHFFLyQHVSHFLDODODTXHWLHQHQGHUHFKR
ODVSHUVRQDVGHOD
7HUFHUD(GDGQRVyORWLHQHTXHYHUFRQHOFDUiFWHU
XQLYHUVDO GH VXV GHUHFKRV FLYLOHV SROtWLFRV HFRQyPLFRV VRFLDOHV \
FXOWXUDOHV VLQR WDPELpQ FRQ ORV GHUHFKRV HVHQFLDOHV TXH KDFHQ D VX
W


dW^:d


GLJQLGDG KXPDQD YLQFXODGD D VXV GHUHFKRV GH GHVDUUROOR GH VX
SHUVRQDOLGDG HQ VLWXDFLRQHV GH HYLGHQWH YXOQHUDELOLGDG \ OHVLYLGDG
SVLFROyJLFDTXHSXGLHUDGHWRQDUGHORVyUJDQRVGHO3RGHUGHO(VWDGRHQ
FXDOHVTXLHUD GH VXV SUHVWDFLRQHV S~EOLFDV R ELHQ GH SDUWLFXODUHV
VLWXDFLRQHVHQODVTXHGHEHFRQFUHWDUVHHOGHUHFKRGH
HVSHFLDOHVWLPD\
FRQVLGHUDFLyQSURWHFWRUDSRUODFRQYHUVLyQVHQVLEOHGHFDVLODWRWDOLGDG
GHVXVGHUHFKRVIXQGDPHQWDOHV\XQLYHUVDOHVGHELGRDVXGLODWDGDYLGD
\H[SHULHQFLDGHGLFDGDFRQDEQHJDFLyQDOVHUYLFLRGHODVRFLHGDG(VDVt
TXH OD $VDPEOHD *HQHUDO GH ODV 1DFLRQHV 8QLGDV DSUREy FRPR
3ULQFLSLRVDIDYRUGHODVSHUVRQDVPD\RUHVRGHODWHUFHUDHGDGHQWUH
RWURV
9LYLU FRQ GLJQLGDG
 DFFHVR D XQD YLGD tQWHJUD GH FDOLGDG VLQ
GLVFULPLQDFLyQGHQLQJ~QWLSR\UHVSHWRDODLQWHJULGDGSVtTXLFD\ItVLFD
\
6HJXULGDG \ DSR\R MXUtGLFR
 SURWHFFLyQ FRQWUD WRGD IRUPD GH
GLVFULPLQDFLyQ GHUHFKR D XQ WUDWR GLJQR DSURSLDGR \ TXH ODV
LQVWLWXFLRQHVYHOHQSRUHOOR\DFW~HQFXDQGRIXHVHQHFHVDULR

1XHVWURRUGHQFRQVWLWXFLRQDOYLJHQWHFRQVDJUDJDUDQWL]D\SURWHJHORV
GHUHFKRV \ JDUDQWtDV IXQGDPHQWDOHV LQKHUHQWHV D ODV SHUVRQDV
SURFODPDQGRXQDSURWHFFLyQHVSHFLDODORVDGXOWRVPD\RUHVGHODWHUFHUD
HGDGHQHODUWTXHVHxDODORVGHUHFKRVDXQDYHMH]GLJQDFRQFDOLGDG
\FDOLGH]KXPDQDGHQWURGHORVPiUJHQHVROtPLWHVOHJDOHV
 
(QFRQVHFXHQFLDHQHOFDVRSUHVHQWHDOWHQHUHODFFLRQDQWHGHRFKHQWD\
XQDxRVGHHGDG\XQDLQPLQHQWHSpUGLGDGHVXYLYLHQGDTXHFRQVWLWX\H
VX
KDELWDGGHWRGDODYLGDVXVUHFXHUGRV\GRQGHVLHQWHVXPHMRUYLYLU

YLQFXODGRV D VX GLJQLGDG KXPDQD HV LQDSOLFDEOH OD H[FHSFLyQ GH
VXEVLGLDULHGDG



 ([FHSFLRQHV DO SULQFLSLR GH VXEVLGLDULHGDG GH OD
DFFLyQGHDPSDUR0HGLRGHGHIHQVDLQHILFD]
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0XWDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO


W


dW^:d

6&3/DDFFLyQGHDPSDURFRQVWLWXFLRQDOHQHOSURFHVR
DGPLQLVWUDWLYRVDQFLRQDGRUDGXDQHURSURFHGHD~QFXDQGRQRVHKD\D
LQWHUSXHVWR LQFLGHQWH GH QXOLGDG GH QRWLILFDFLRQHV HQ VHGH
DGPLQLVWUDWLYDSXHVpVWHQRFRQVWLWX\HXQDYtDLGyQHDTXHGHEDVHU
DJRWDGD DQWHV GH OD LQWHUSRVLFLyQ GH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HO DFFLRQDQWH VHxDOy TXH
FXDQGRUHDOL]DEDHOWUiPLWHGHQDFLRQDOL]DFLyQGHVXYHKtFXORFRPLVDGR
SRUIXQFLRQDULRVGHO&2$ODVDXWRULGDGHVGHODDGPLQLVWUDFLyQDGXDQHUD
GHPDQGDGDV OH PDQLIHVWDURQ TXH HO PLVPR VH HQFRQWUDED FRQ
5HVROXFLyQVDQFLRQDWRULDODFXDODOLJXDOTXHHODFWDGHLQWHUYHQFLyQ
FRQWUDYHQFLRQDO OH IXHURQ QRWLILFDGDV HQ OD 6HFUHWDUtD GH OD
$GPLQLVWUDFLyQ $GXDQHUD GH <DFXLED SRU OR TXH QXQFD WXYR
FRQRFLPLHQWRGHVXHPLVLyQORTXHPRWLYyTXHSRUVXSDUWHLQWHUSXVLHUD
LQFLGHQWHGHQXOLGDGUHFKD]DGRSRUHO$GPLQLVWUDGRUGHOD$GXDQDGH
<DFXLED EDMR HO IXQGDPHQWR TXH QR KL]R XVR GH ORV UHFXUVRV GH
LPSXJQDFLyQ RWRUJDGRV SRU OH\ GLVSRQLpQGRVH VX HMHFXWRULD HQ XQ
LQIRUPH OHJDO HPLWLGR SRU HO DVHVRU OHJDO GH OD FLWDGD LQVWDQFLD
YXOQHUiQGRVH GH HVWD IRUPD VX GHUHFKR D OD GHIHQVD \ OD JDUDQWtD GHO
GHELGRSURFHVRSRUORTXHSHWLFLRQyVHFRQFHGDODWXWHODLPSHWUDGD\VH
GHMH VLQ HIHFWR OD QRWLILFDFLyQ UHDOL]DGD FRQ HO DFWD GH LQWHUYHQFLyQ
FRQWUDYHQFLRQDO DVt FRPR OD QRWLILFDFLyQ FRQ OD UHVROXFLyQ
VDQFLRQDWRULD GH FRQWUDEDQGR VH GHFODUH OD QR HMHFXWRULD GH OD FLWDGD
UHVROXFLyQ\VHGLVSRQJDODSURVHFXFLyQGHOWUiPLWHGHVDQHDPLHQWR
HQ
IRUPDDOWHUQDWLYDVHGHMHVLQHIHFWRODSURYLGHQFLDGHGHVHSWLHPEUH
GH  SRU IDOWD GH PRWLYDFLyQ \ IXQGDPHQWDFLyQ \ SRU YXOQHUDU HO
GHUHFKR DO GHELGR SURFHVR GLVSRQLHQGR TXH OD DXWRULGDG GH SULPHUD
LQVWDQFLD TXH FRQRFH HO SURFHGLPLHQWR WULEXWDULR DGPLQLVWUDWLYR VH
SURQXQFLHVREUHHOIRQGRGHOLQFLGHQWHGHQXOLGDGLQWHUSXHVWR
VHDFRQ
UHVSRQVDELOLGDG \ FRVWDV (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO
UHYRFyODUHVROXFLyQUHYLVDGD\GHQHJyODWXWHODSRUVXEVLGLDULHGDGHQ
PpULWR D TXH HO DFFLRQDQWH QR XWLOL]y ORV PHGLRV GH LPSXJQDFLyQ
LQWUDSURFHVDOHVHQVHGHDGPLQLVWUDWLYD

([WUDFWRGHODUDWLRGHFLGHQGL

)- ,,,
7DPSRFR FRQVWLWXtD XQD YtD LGyQHD HO SODQWHDPLHQWR GHO
LQFLGHQWHGHQXOLGDGGHQRWLILFDFLRQHVDOHJDQGRLQGHIHQVLyQ\SRUHQGH
OHVLyQDVXVGHUHFKRVIXQGDPHQWDOHVHPSHURHQHOFDVRGHDQiOLVLVVH
HYLGHQFLD TXH PHGLDQWH PHPRULDO SUHVHQWDGR HO  GH VHSWLHPEUH GH
DQWHHO$GPLQLVWUDGRUGHOD$GXDQDGH<DFXLED &DPSR3DMRVR 
(ULFN'DQLHO6DOLQDV1~xH]GHPDQGyYtDLQFLGHQWDOODQXOLGDGSRUYLFLR
W


dW^:d


SURFHVDOGHODGLOLJHQFLDGHGHPDU]RGHDOHJDQGRTXHVXSHUVRQD
QXQFD WXYR FRQRFLPLHQWR GHO DFWD GH LQWHUYHQFLyQ FRQWUDYHQFLRQDO \
PHQRVGHOD5HVROXFLyQ6DQFLRQDWRULDHPLWLGDVHQVXFRQWUDSRUTXHVH
OH QRWLILFDURQ HQ 6HFUHWDUtD GH OD DGPLQLVWUDFLyQ LQFXPSOLHQGR OR
SUHYLVWRSRUHODUWGHOD/H\TXHLPSRQHODREOLJDFLyQGHTXH
ODV DFWDV TXH GHFUHWHQ SOD]RV \ UHVROXFLRQHV TXH LPSRQJDQ VDQFLRQHV
GHEHQVHUSUDFWLFDGDVSHUVRQDOPHQWHRHQVXGHIHFWRPHGLDQWHHGLFWRV
SHUR TXH HQ VX FDVR QXQFD RFXUULy WDO VLWXDFLyQ TXHEUDQWDQGR VXV
GHUHFKRVFRQVWLWXFLRQDOHVDODGHIHQVD\DOGHELGRSURFHVR0HUHFLHQGR
GHFUHWR GH  GH VHSWLHPEUH GH  SRU HO FXDO HO $GPLQLVWUDGRU
<DFXLED DL GH OD *HUHQFLD 5HJLRQDO 7DULMD 0DUFR $QWRQLR /ySH]
=DPRUD DKRUD FRGHPDQGDGR UHVROYLy HO SHWLWRULR HQ VHQWLGR TXH HO
LQIRUPHOHJDO$1*57<$&7)HVWDEOHFHTXHODQRWLILFDFLyQ
SUDFWLFDGD HO  GH PDU]R GH  IXH UHDOL]DGD GH FRQIRUPLGDG D OR
PHQFLRQDGRSRUHODUWGHO&7%\
QXPHUDOGHO0DQXDOSDUDHO
3URFHVDPLHQWR GH &RQWUDEDQGR &RQWUDYHQFLRQDO \ 5HPDWH GH
0HUFDQFtDV
 \ GHQWUR GHO SOD]R OHJDO TXH GHWHUPLQD HO DUW  GHO
PHQFLRQDGR&yGLJRQRVHKL]RXVRGHORVUHFXUVRVTXHOHIUDQTXHDOD
OH\TXLHQHVODDXWRULGDGFRPSHWHQWHSDUDSURQXQFLDUVHDOUHVSHFWR

'HORDQRWDGRHQHIHFWRHODFFLRQDQWHLQWHUSXVRHOLQFLGHQWHDOXGLGR
SHURORKL]RDFDWDQGRODH[LJHQFLDGHODOtQHDMXULVSUXGHQFLDOHVWDEOHFLGD
HQHVHHQWRQFHVSRUOD6&5GHGHPDU]RSRUORWDQWR
D~QVLQVHUXQPHFDQLVPRLGyQHRHOSOD]RGHFDGXFLGDGDHIHFWRVGHO
FyPSXWR GH ORV VHLV PHVHV SDUD DFWLYDU OD SUHVHQWH DFFLyQ GHEHUi
LQLFLDUVHDSDUWLUGHODQRWLILFDFLyQSUDFWLFDGDDODKRUDDFFLRQDQWHFRQHO
GHFUHWRGHGHVHSWLHPEUHGHTXHUHVROYLyHOPHQWDGRLQFLGHQWH
SXHVWR TXH VX DFWLYDFLyQ UHVSRQGLy D OD DSOLFDFLyQ GH XQD OtQHD
MXULVSUXGHQFLDO HVSHFtILFD SRU HQGH DKRUD QR SXHGH HVWDEOHFHUVH VX
LQLGRQHLGDGRLQHILFDFLD\PHQRVTXHKXELHUHVLGRSUHVHQWDGRGHPDQHUD
HVSRUiGLFDRGLVFRQWLQXD(QFRQVHFXHQFLDWHQLHQGRHQFXHQWDTXHHO
SUHVHQWHDPSDURVHLQWHUSXVRHOGHIHEUHURGHVHFXPSOLyFRQ
HOSOD]RGHLQPHGLDWH]


6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SRU VXEVLGLDULHGDG HQ
PpULWR D TXH HO DFFLRQDQWH QR XWLOL]y ORV PHGLRV GH LPSXJQDFLyQ
SUHYLVWRV GHQWUR GHO SURFHVR DGPLQLVWUDWLYR VDQFLRQDGRU DGXDQHUR
VHJXLGRHQVXFRQWUD

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O 7ULEXQDO &RQVWLWXFLRQDO HQ OD 6& 5 D SDUWLU GH VX
FRQILJXUDFLyQSURFHVDO\OHJDOKDHVWDEOHFLGRHOFDUiFWHUVXEVLGLDULRGH
ODDFFLyQGHDPSDURFRQVWLWXFLRQDO$VLPLVPRKDGHVDUUROODGRDOJXQDV
W


dW^:d

H[FHSFLRQHVTXHVHFRQVWLWX\HQHQVLWXDFLRQHVTXHSRVLELOLWDQLQJUHVDU
GLUHFWDPHQWHDODQiOLVLVGHIRQGRGHODFDXVDDWUDYpVGHODDFFLyQGH
DPSDUR FRQVWLWXFLRQDO VLQ QHFHVLGDG GH DJRWDU ORV PHGLRV LGyQHRV
SUHYLVWRVHQODOH\ 6&55$&5\
5 TXHIXHURQFRQVWUXLGRVMXULVSUXGHQFLDOPHQWHFRPRVHU
 $FWRVSURYHQLHQWHVGHSDUWLFXODUHVRGHO(VWDGRYLQFXODGRVDYtDVR
PHGLGDV GH KHFKR 66&& 5 5 5
5  ([LVWHQFLDGHGDxRLUUHSDUDEOHRSHUMXLFLR
LUUHPHGLDEOH 66&& 5 5 5
    /
  R HVSHFtILFDPHQWH SRU GDxR LQPLQHQWH H LUUHSDUDEOH DO
GHUHFKR DO DJXD     
 SRUGDxRLQPLQHQWHHLUUHSDUDEOHHQ
HO DFFHVR D OD HGXFDFLyQ   H[LJLHQGR LGHQWLILFDU HO ELHQ
MXUtGLFRGHVWUXLGRGHPRGRLUUHPHGLDEOHHLUUHYHUVLEOHTXHMXVWLILTXHOD
H[FOXVLyQ GH OD VXEVLGLDULHGDG HQ OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO
 
(Q HVH iPELWR HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HQ OD 6&3
PXWDRFDPELDHOHQWHQGLPLHQWRMXULVSUXGHQFLDOFRQWHQLGRHQ
ODV66&&5\5HQODVTXHVHGHQHJyODWXWHOD
EDMRHOIXQGDPHQWRTXHODSDUWHDFFLRQDQWHSUHYLRDLQWHUSRQHUODDFFLyQ
GH DPSDUR FRQVWLWXFLRQDO GHELy DFXGLU DQWH OD SURSLD LQVWDQFLD
DGPLQLVWUDWLYD D HIHFWRV GH TXH VH SURQXQFLH \ UHVXHOYD VREUH ODV
VXSXHVWDV LUUHJXODULGDGHV HQ OD QRWLILFDFLyQ FRQ OD UHVROXFLyQ
DGPLQLVWUDWLYD GHILQLWLYD SODQWHDQGR HO LQFLGHQWH GH QXOLGDG GH
QRWLILFDFLyQ
(O 7ULEXQDO &RQVWLWXFLRQDO HQ OD 6& 5 D SDUWLU GH VX
FRQILJXUDFLyQSURFHVDO\OHJDOKDHVWDEOHFLGRHOFDUiFWHUVXEVLGLDULRGH
ODDFFLyQGHDPSDURFRQVWLWXFLRQDO$VLPLVPRKDGHVDUUROODGRDOJXQDV
H[FHSFLRQHVTXHVHFRQVWLWX\HQHQVLWXDFLRQHVTXHSRVLELOLWDQLQJUHVDU
GLUHFWDPHQWHDODQiOLVLVGHIRQGRGHODFDXVDDWUDYpVGHODDFFLyQGH
DPSDUR FRQVWLWXFLRQDO VLQ QHFHVLGDG GH DJRWDU ORV PHGLRV LGyQHRV
SUHYLVWRVHQODOH\ 6&55$&5\
5 TXHIXHURQFRQVWUXLGRVMXULVSUXGHQFLDOPHQWHFRPRVHU
 $FWRVSURYHQLHQWHVGHSDUWLFXODUHVRGHO(VWDGRYLQFXODGRVDYtDVR
PHGLGDV GH KHFKR 66&& 5 5 5
5  ([LVWHQFLDGHGDxRLUUHSDUDEOHRSHUMXLFLR
LUUHPHGLDEOH 66&& 5 5 5
    /
  R HVSHFtILFDPHQWH SRU GDxR LQPLQHQWH H LUUHSDUDEOH DO
GHUHFKR DO DJXD     
 SRUGDxRLQPLQHQWHHLUUHSDUDEOHHQ
HO DFFHVR D OD HGXFDFLyQ   H[LJLHQGR LGHQWLILFDU HO ELHQ
MXUtGLFRGHVWUXLGRGHPRGRLUUHPHGLDEOHHLUUHYHUVLEOHTXHMXVWLILTXHOD
H[FOXVLyQ GH OD VXEVLGLDULHGDG HQ OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO
  &XDQGRH[LVWHXQPHGLRGHGHIHQVDSHURpVWHHVLQHILFD]
W


dW^:d


6&5GHGHPD\R\  3DUDODUHDOL]DFLyQGH
MXVWLFLDPDWHULDO 6&5GHGHGLFLHPEUH  &XDQGRVH
GHPDQGDQGHUHFKRVGHSHUVRQDVSHUWHQHFLHQWHVDJUXSRVGHSULRULWDULD
DWHQFLyQ JUXSRV GH SURWHFFLyQ UHIRU]DGD 66&& 5 \
5     R GH PXMHU
HPEDUD]DGD 6& 5 GH  GH PD\R  SHUVRQDV FRQ
FDSDFLGDGHVGLIHUHQWHV 6&3GHGHVHSWLHPEUH \ (Q
WHPDVGHUDFLVPR\GLVFULPLQDFLyQ 6&3GHGHMXQLR  
5HWLUR LQWHPSHVWLYR   /    $QWH
LQFXPSOLPLHQWR D OD FRQPLQDWRULD GH UHLQFRUSRUDFLyQ 
  &XDQGRVHYXOQHUDHOGHUHFKRDODVHJXULGDG
VRFLDO     (Q WHPDV YLQFXODGRV D ORV VDODULRV \ VXHOGRV
GHYHQJDGRV 6&3 

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

/D 6&3  HQ VX )- ,,,
FXDQGR VH DOHJXHQ HUURUHV
SURFHGLPHQWDOHVFRPHWLGRVSRUODDGPLQLVWUDFLyQS~EOLFDpVWRVGHEHUiQ
VHU LPSXJQDGRV PHGLDQWH OD LQWHUSRVLFLyQ GH ORV UHFXUVRV
DGPLQLVWUDWLYRVFRQWHPSODGRVH[SUHVDPHQWHHQODOH\HVWRHVGHQWURGHO
SURFHVRSULQFLSDODVSHFWRTXHLPSLGHWDQWRDODGPLQLVWUDGRFRPRDOD
LQVWDQFLD DGPLQLVWUDWLYD WUDPLWDU XQ LQFLGHQWH GH QXOLGDG SRU FXHUGD
VHSDUDGDRDFFHVRULDDOPDUJHQGHORVSURFHGLPLHQWRVGHLPSXJQDFLyQ
SUHYLVWRV UHYRFDWRULRRDO]DGD\MHUiUTXLFR SRUTXHFRPRVHVHxDOyHO
PLVPRyUJDQRHPLVRUGHODUHVROXFLyQFXHVWLRQDGDSRULPSHULROHJDO
QR HVWi OHJLWLPDGR SDUD DQXODU VX SURSLR DFWR DGPLQLVWUDWLYR XQ
UD]RQDPLHQWRFRQWUDULRLQIULQJLUtDHOSULQFLSLRGHVHJXULGDGMXUtGLFDHQ
GHWULPHQWRGHODGPLQLVWUDGR
&ULWHULRTXHFRQVWLWX\HXQFDPELRGHODOtQHDMXULVSUXGHQFLDOHVWDEOHFLGD
HQODV66&&5\5HQODVTXHVHGHQHJyODWXWHOD
EDMRHOIXQGDPHQWRTXHODSDUWHDFFLRQDQWHSUHYLRDLQWHUSRQHUODDFFLyQ
GH DPSDUR FRQVWLWXFLRQDO GHELy DFXGLU DQWH OD SURSLD LQVWDQFLD
DGPLQLVWUDWLYD D HIHFWRV GH TXH VH SURQXQFLH \ UHVXHOYD VREUH ODV
VXSXHVWDV LUUHJXODULGDGHV HQ OD QRWLILFDFLyQ FRQ OD UHVROXFLyQ
DGPLQLVWUDWLYD GHILQLWLYD SODQWHDQGR HO LQFLGHQWH GH QXOLGDG GH
QRWLILFDFLyQ OR TXH QR FRQGLFH FRQ HO GHVDUUROOR GRFWULQDO \
MXULVSUXGHQFLDOGHVDUUROODGRSiUUDIRVDUULEDFULWHULRFRLQFLGHQWHFRQOR
H[SXHVWR HQ OD 6& 5 GH  GH QRYLHPEUH TXH VHxDOy

5HVSHFWR DO LQFLGHQWH GH QXOLGDG GH REUDGRV FX\D SUHVHQWDFLyQ HV
REOLJDWRULD HQ SURFHVRV SHQDOHV \ FLYLOHV HQ FDVRV HQ ORV TXH VH
GHPDQGHQQRWLILFDFLRQHVGHIHFWXRVDVRIDOWDGHODVPLVPDVDHIHFWRVGHO
FXPSOLPLHQWRGHODVXEVLGLDULHGDGHQHOSUHVHQWHFDVRHPHUJHQWHGHXQ
SURFHVRGHILVFDOL]DFLyQLQLFLDGRSRUHO6,1QRHVDSOLFDEOHDOQRH[LVWLU
QRUPDWLYDDOJXQDTXHORUHJXOHGDQGRODSRVLELOLGDGDORVLPSHWUDQWHV
GHDFXGLUDHVHPHGLRGHGHIHQVD

W


dW^:d



3RURWUDSDUWHHVLPSUHVFLQGLEOHWDPELpQUHIHULUVHDRWURSXQWRDOHJDGR
SRU HO GHPDQGDGR HQ VX LQIRUPH HQ VHQWLGR TXH QLQJXQD DXWRULGDG
DGPLQLVWUDWLYDRMXULVGLFFLRQDOHVWDUtDIDFXOWDGDSDUDPRGLILFDURDQXODU
VHQWHQFLDVRUHVROXFLRQHVDGPLQLVWUDWLYDVSDVDGDVHQDXWRULGDGGHFRVD
MX]JDGDHMHFXWRULDGDVRTXHFDXVHQHVWDGRSRUORTXHHOSHGLGRGHOD
DFFLRQDQWHFDUHFHUtDGHMXVWLILFDWLYRGHELHQGRWHQHUVHHQFXHQWDVREUH
HVH DVSHFWR TXH OD MXULVSUXGHQFLD GH HVWH 7ULEXQDO GHWHUPLQy TXH
FXDQGR XQD UHVROXFLyQ R DFWR VHD LOHJDO R DUELWUDULR DIHFWDQGR HO
FRQWHQLGRQRUPDOGHXQGHUHFKRIXQGDPHQWDOQRVHSXHGHVXVWHQWDUVX
LOHJDOLGDG EDMR XQD VXSXHVWD FRVD MX]JDGD 0RWLYR SRU HO TXH HO
GHPDQGDGRQRSXHGHLPSHWUDUODGHQHJDWRULDGHOSUHVHQWHUHFXUVREDMR
XQDVXSXHVWDLPSRVLELOLGDGGHYHULILFDUODOHJDOLGDGRLOHJDOLGDGGHODV
QRWLILFDFLRQHV SURGXFLGDV HQ HO SURFHVR GH ILVFDOL]DFLyQ
FRUUHVSRQGLHQGRSRUORUHIHULGRLQJUHVDUDOH[DPHQGHODSUREOHPiWLFD
SODQWHDGD D HIHFWRV GH YHULILFDU VL ORV H[WUHPRV GHQXQFLDGRV SRU OD
DFFLRQDQWH UHVXOWDQ VHU HYLGHQWHV R VL FDVR FRQWUDULR HO 6,1 DFWXy
FRUUHFWDPHQWHHQODVQRWLILFDFLRQHVSURGXFLGDVHQHOSURFHVRUHIHULGR




1~PHURGHUHVROXFLyQ6&3/

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3/&XDQGRODV-HIDWXUDVGH7UDEDMRQREULQGHQXQD
UHVSXHVWDSURQWD\RSRUWXQDSDUDHOUHVJXDUGRGHORVGHUHFKRVDODR
HOWUDEDMDGRUVHIOH[LELOL]DUiHOSULQFLSLRGHVXEVLGLDULHGDGDSOLFDEOH
DODDFFLyQGHDPSDURFRQVWLWXFLRQDO\SRUWDQWRSURFHGHUiGHPDQHUD
GLUHFWDODDFFLyQGHDPSDURFRQVWLWXFLRQDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO VH GHQXQFLy OD OHVLyQ D ORV
GHUHFKRVDOGHELGR SURFHVR DOD GHIHQVDD OD HVWDELOLGDGODERUDO \ DO
WUDEDMRSRUTXHVLQHOFRQVHQWLPLHQWRGHODDFFLRQDQWHHOGHPDQGDGR
HPLWLy PHPRUiQGXP GH UHDVLJQDFLyQ GH IXQFLRQHV RUGHQiQGROH
FRQVWLWXLUVHHQODRILFLQDUHJLRQDOGH3DORV%ODQFRVDILQGHFXPSOLUODV
IXQFLRQHV GH HQFDUJDGD GH FDMD DQWH OR FXDO SUHVHQWy GHQXQFLD DO
W


dW^:d


0LQLVWHULR GH 7UDEDMR VROLFLWDQGR VH GHMH VLQ HIHFWR OD GHFLVLyQ \ VH
GLVSRQJD OD UHLQFRUSRUDFLyQ D VX IXHQWH GH WUDEDMR HQ OD RILFLQD GH
%HUPHMR SHWLFLyQ TXH QR WXYR UHVSXHVWD 3RVWHULRUPHQWH VLQ SUHYLR
VXPDULRDGPLQLVWUDWLYRHOGHPDQGDGRHPLWLyPHPRUiQGXPGHGHVSLGR
SRU QR KDEHU DVLVWLGR D VX QXHYR GHVWLQR WDPSRFR D OD UHJLRQDO GH
%HUPHMRSRUPiVGHVHLVGtDVFRQVHFXWLYRV(QEDVHDHVWRVGHUHFKRV
SLGLyVHFRQFHGDODWXWHOD\VHGLVSRQJDVXUHLQFRUSRUDFLyQDVXIXHQWH
GHWUDEDMRPiVHOSDJRGHVXVVXHOGRV\VDODULRVGHYHQJDGRV\GHPiV
EHQHILFLRV TXH FRUUHVSRQGD (O 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO
FRQILUPyHQSDUWHODUHVROXFLyQGHO-XH]GH*DUDQWtDV\FRQFHGLyODWXWHOD
DQXODQGR HO PHPRUiQGXP GH FDPELR GH GHVWLQR \ GH GHVWLWXFLyQ
GLVSRQLHQGR VX LQPHGLDWD UHLQFRUSRUDFLyQ \ HO SDJR GH VDODULRV
GHYHQJDGRV FRQ ORV VLJXLHQWHV IXQGDPHQWRV   6H IOH[LELOL]D HO
SULQFLSLR GH VXEVLGLDULHGDG H[FHSFLRQDO GH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO SRUTXH VL ELHQ OD DFFLRQDQWH DFXGLy D OD -HIDWXUD GH
7UDEDMRHPSHURHVWHQRIXHXQPHFDQLVPRHILFD]SDUDODWXWHODGHVX
GHUHFKR\DTXHQREULQGyXQDUHVSXHVWDSURQWD\RSRUWXQDDODGHQXQFLD
GHODDFFLRQDQWH 3RUTXHHOGHVSLGRVLQSUHYLRSURFHVRDGPLQLVWUDWLYR
YXOQHUyHOGHUHFKRDOWUDEDMRGHODDFFLRQDQWH\ SRUTXHVLELHQODSDUWH
GHPDQGDGD WLHQH GHUHFKR D HMHUFHU HO
LXV YDULDQGL
 HV GHFLU WLHQH OD
IDFXOWDG GH GLVSRQHU HO FDPELR GH ODV PRGDOLGDGHV GH SUHVWDFLyQ GH
WDUHDVWUDGXFLGDVHQHOFDPELRGHKRUDULROXJDUGHWUDEDMRIRUPDGH
WUDEDMR HQWUH RWURV VLQ HPEDUJR GLFKRV FDPELRV QRVRQ XQLODWHUDOHV
GLVFUHFLRQDOHV \ DUELWUDULRV VLQR TXH GHEHQ VHU UHDOL]DGRV FRQ HO
FRQVHQVR HQWUH HO WUDEDMDGRU \ HPSOHDGRU SUHVXSXHVWRV TXH QR
H[LVWLHUyQHQHOFDVRFRQFUHWRLPSOLFDQGRGLFKRFDPELRQRFRQVHQVXDGR
XQ GHVSLGR LQGLUHFWR GH OD DFFLRQDQWH YXOQHUiQGRVH GH HVWD IRUPD VX
GHUHFKRDOWUDEDMR\ODHVWDELOLGDGODERUDO

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,


$OUHVSHFWRVHGHEHVHxDODUTXHHQDQWHFHGHQWHVFXUVDHOPHPRULDOGH
GHQXQFLD\VROLFLWXGGHUHLQFRUSRUDFLyQGLULJLGRDOD-HIDWXUD5HJLRQDO
GHO 7UDEDMR GH %HUPHMR VLQ HPEDUJR GHO DQiOLVLV tQWHJUR GH ORV
DQWHFHGHQWHVFXUVDQWHVHQHOOHJDMRSURFHVDOQRVHDGYLHUWHODUHVSXHVWD
SURQWD\RSRUWXQDGHGLFKDLQVWDQFLDDVtFXUVDHQHOOHJDMRSURFHVDOHO
LQIRUPHGHO,QVSHFWRU5HJLRQDOGHO7UDEDMRORFXDOGDDHQWHQGHUTXH
KDVWDHOGHPDU]RGHHVGHFLUSRVWHULRUDXQPHV\VLHWHGtDVGH
SUHVHQWDGD OD GHQXQFLD HVWD HQWLGDG QR UHVSRQGLy D OD SHWLFLyQ GH OD
DKRUDDFFLRQDQWHVLQODPHQRUGXGDHO0LQLVWHULRGH7UDEDMR(PSOHR
\ 3UHYLVLyQ 6RFLDO FRPR LQVWDQFLD GH SURWHFFLyQ GH ORV GHUHFKRV GHO
WUDEDMDGRUDOQRKDEHUUHVSRQGLGRGHPDQHUDRSRUWXQDDODVROLFLWXGGH
ODDFFLRQDQWHVHHULJLyHQXQREVWiFXORSDUDODPDWHULDOL]DFLyQGHVXV
GHUHFKRV UHFODPDGRV WRUQiQGRVH HQ XQ PHFDQLVPR LQDGHFXDGR SRU
W


dW^:d

FRQVLJXLHQWH FRQIRUPH FRQ HO UD]RQDPLHQWR GHVDUUROODGR HQ HO


)XQGDPHQWR-XUtGLFR,,,\ODMXULVSUXGHQFLDFLWDGDHQHOPLVPRDFiSLWH
GH OD SUHVHQWH 5HVROXFLyQ VL HO PHGLR RUGLQDULR R PHFDQLVPR GH
SURWHFFLyQGHORVGHUHFKRVUHVXOWDLQLGyQHRRVHFRQVWLWX\DHQREVWiFXOR
OD MXVWLFLD FRQVWLWXFLRQDO VH DSHUWXUD LQPHGLDWDPHQWH D ILQ GH EULQGDU
WXWHOD (Q HO FDVR REMHWR GH DQiOLVLV VH WUDWD GH OD SURWHFFLyQ GH ORV
GHUHFKRV VRFLDOHV \ ODERUDOHV FX\D YLJHQFLD FRQOOHYD HO HMHUFLFLR GH
RWURV GHUHFKRV FRQH[RV FRPR HO GHUHFKR D OD VDOXG OD DOLPHQWDFLyQ
HQWUHRWURVSRUFRQVLJXLHQWHHVDSUHPLDQWHODSURWHFFLyQGHORVPLVPRV
HQHOVHQRFRQVWLWXFLRQDOHQWRQFHVQRH[LVWHyELFHDOJXQRSDUDTXHHO
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO FRPR JXDUGLiQ GH OD
&RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR \ SURWHFWRU GH ORV GHUHFKRV
IXQGDPHQWDOHV LQJUHVH DO DQiOLVLV GH IRQGR GH OD SUREOHPiWLFD
SODQWHDGDGHFLGLHQGRSRUODFRQFHVLyQRGHQHJDWRULDGHODWXWHOD


6LQWHVLVGHODUDWLRGHFLGHQGL

)OOH[LELOL]DHOSULQFLSLRGHVXEVLGLDULHGDGH[FHSFLRQDOGHODDFFLyQGH
DPSDURFRQVWLWXFLRQDOSRUTXHVLELHQODDFFLRQDQWHDFXGLyDOD-HIDWXUD
GH7UDEDMRHPSHURHVWDQRIXHXQPHFDQLVPRHILFD]SDUDODWXWHODGH
VX GHUHFKR \D TXH QR EULQGy XQD UHVSXHVWD SURQWD \ RSRUWXQD D VX
GHQXQFLD

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/DV 6HQWHQFLDV &RQVWLWXFLRQDOHV 5 5
 5  HQWUH RWUDV FRQVDJUDQ OD
IOH[LELOL]DFLyQ DO SULQFLSLR GH VXEVLGLDULHGDG FXDQGR HO PHGLR GH
GHIHQVDLQWUDSURFHVDORLQWUDSURFHGLPHQWDOQRHVHILFD]HQHVWHPDUFR
OD 6&3  HV XQD VHQWHQFLD PRGXODGRUD \D TXH D SDUWLU GH OD
OtQHDMXULVSUXGHQFLDOJHQpULFDDQWHVGHVFULWDDSOLFDGLFKRHQWHQGLPLHQWR
GHPDQHUDHVSHFtILFDDODVVROLFLWXGHVTXHUHDOLFHQODVRORVWUDEDMDGRUHV
DQWHODV-HIDWXUDVGH7UDEDMRFXDQGRQRUHFLEDQUHVSXHVWDRSRUWXQDGH
HVWDVLQVWDQFLDV

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

3UHFHGHQWHLPSOtFLWR



$OUHVSHFWRVHGHEHVHxDODUTXHHQDQWHFHGHQWHVFXUVDHOPHPRULDOGH
GHQXQFLD\VROLFLWXGGHUHLQFRUSRUDFLyQGLULJLGRDOD-HIDWXUD5HJLRQDO
GHO 7UDEDMR GH %HUPHMR VLQ HPEDUJR GHO DQiOLVLV tQWHJUR GH ORV
DQWHFHGHQWHVFXUVDQWHVHQHOOHJDMRSURFHVDOQRVHDGYLHUWHODUHVSXHVWD
SURQWD\RSRUWXQDGHGLFKDLQVWDQFLDDVtFXUVDHQHOOHJDMRSURFHVDOHO
LQIRUPHGHO,QVSHFWRU5HJLRQDOGHO7UDEDMRORFXDOGDDHQWHQGHUTXH
W


dW^:d


KDVWDHOGHPDU]RGHHVGHFLUSRVWHULRUDXQPHV\VLHWHGtDVGH
SUHVHQWDGD OD GHQXQFLD HVWD HQWLGDG QR UHVSRQGLy D OD SHWLFLyQ GH OD
DKRUDDFFLRQDQWHVLQODPHQRUGXGDHO0LQLVWHULRGH7UDEDMR(PSOHR
\ 3UHYLVLyQ 6RFLDO FRPR LQVWDQFLD GH SURWHFFLyQ GH ORV GHUHFKRV GHO
WUDEDMDGRUDOQRKDEHUUHVSRQGLGRGHPDQHUDRSRUWXQDDODVROLFLWXGGH
ODDFFLRQDQWHVHHULJLyHQXQREVWiFXORSDUDODPDWHULDOL]DFLyQGHVXV
GHUHFKRV UHFODPDGRV WRUQiQGRVH HQ XQ PHFDQLVPR LQDGHFXDGR SRU
FRQVLJXLHQWH FRQIRUPH FRQ HO UD]RQDPLHQWR GHVDUUROODGR HQ HO
)XQGDPHQWR-XUtGLFR,,,\ODMXULVSUXGHQFLDFLWDGDHQHOPLVPRDFiSLWH
GH OD SUHVHQWH 5HVROXFLyQ VL HO PHGLR RUGLQDULR R PHFDQLVPR GH
SURWHFFLyQGHORVGHUHFKRVUHVXOWDLQLGyQHRRVHFRQVWLWX\DHQREVWiFXOR
OD MXVWLFLD FRQVWLWXFLRQDO VH DSHUWXUD LQPHGLDWDPHQWH D ILQ GH EULQGDU
WXWHOD (Q HO FDVR REMHWR GH DQiOLVLV VH WUDWD GH OD SURWHFFLyQ GH ORV
GHUHFKRV VRFLDOHV \ ODERUDOHV FX\D YLJHQFLD FRQOOHYD HO HMHUFLFLR GH
RWURV GHUHFKRV FRQH[RV FRPR HO GHUHFKR D OD VDOXG OD DOLPHQWDFLyQ
HQWUHRWURVSRUFRQVLJXLHQWHHVDSUHPLDQWHODSURWHFFLyQGHORVPLVPRV
HQHOVHQRFRQVWLWXFLRQDOHQWRQFHVQRH[LVWHyELFHDOJXQRSDUDTXHHO
7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO FRPR JXDUGLiQ GH OD
&RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR \ SURWHFWRU GH ORV GHUHFKRV
IXQGDPHQWDOHV LQJUHVH DO DQiOLVLV GH IRQGR GH OD SUREOHPiWLFD
SODQWHDGDGHFLGLHQGRSRUODFRQFHVLyQRGHQHJDWRULDGHODWXWHOD




1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   /D IRUPXODFLyQ GH VROLFLWXG GH FRPSOHPHQWDFLyQ
HQPLHQGD\DFODUDFLyQQRVHFRQVWLWX\HHQXQUHFXUVRTXHGHEDVHU
DJRWDGR DQWHV GH OD LQWHUSRVLFLyQ GH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOHODFFLRQDQWHGHQXQFLyTXHVXV
GHUHFKRVDOGHELGRSURFHVRWUDEDMRMXVWDUHPXQHUDFLyQDDHMHUFHUOD
IXQFLyQS~EOLFDDVtFRPRHOSULQFLSLRGHOHJDOLGDGIXHURQYXOQHUDGRV
SRUFXDQWRIXHVRPHWLGDDSURFHVRGLVFLSOLQDULRFRPR)LVFDOGH0DWHULDO
'LVSRQLHQGROD)LVFDOGH'LVWULWRVXGHVWLWXFLyQ\UHWLURGHODFDUUHUD
W


dW^:d

)LVFDOGHFLVLyQTXHIXHFRQILUPDGDHQDO]DGDSRUHO7ULEXQDO1DFLRQDO
GH'LVFLSOLQDGHO0LQLVWHULR3~EOLFRVLQSURQXQFLDUVHVREUHWRGRVORV
SXQWRV DSHODGRV (O7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO HQ VX 6DOD
/LTXLGDGRUD 7UDQVLWRULD DSUREy OD 5HVROXFLyQ TXH FRQFHGLy OD WXWHOD
SURQXQFLiQGRVH DQWHV VREUH OD QR H[LJHQFLD GH OD VROLFLWXG GH
FRPSOHPHQWDFLyQ\HQPLHQGDSDUDODDFWLYDFLyQGHODDFFLyQGHDPSDUR
FRQVWLWXFLRQDO

([WUDFWRGHODUDWLRGHFLGHQGL

)- ,,, HQ SULQFLSLR HV QHFHVDULR LQJUHVDU D HVWDEOHFHU VL OD
FRPSOHPHQWDFLyQ\HQPLHQGDSXHGHFRQVLGHUDUVHXQDLQVWDQFLDDDJRWDU
DHIHFWRVGHHVWDEOHFHUODVXEVLGLDULHGDGGHQWURGHXQSURFHVRSDUDWDO
VLWXDFLyQ GHEHPRV UHPLWLUQRV D OD MXULVSUXGHQFLD GHVDUUROODGD HQ HO
)XQGDPHQWR -XUtGLFR ,,, GH OD SUHVHQWH 6HQWHQFLD &RQVWLWXFLRQDO
3OXULQDFLRQDOTXHHVWDEOHFLyUHJODV\VXEUHJODVDREMHWRGHGHILQLUWDO
FRQWH[WRSRUORTXHVHHVWDEOHFHTXHODFRPSOHPHQWDFLyQ\HQPLHQGD
QRHVWiFRQVLGHUDGDFRPRXQUHFXUVRRXQPHGLRGHGHIHQVDVLQRGHQWUR
GHOPLVPRSURFHVR\FRQVLVWHHQDFODUDUDOJXQRVSXQWRVTXHQRDIHFWDQ
HQ HOIRQGR OD UHVROXFLyQSRUOR TXH QR VH OD SXHGHWRPDU FRPR XQD
LQVWDQFLDSDUDDJRWDUODYtDDGPLQLVWUDWLYDRMXGLFLDOWDOFXDOORHVWDEOHFLy
ODMXULVSUXGHQFLDFRQVWLWXFLRQDOGHVDUUROODGDHQHO)XQGDPHQWR-XUtGLFR
,,,GHHVWD6HQWHQFLD&RQVWLWXFLRQDO3OXULQDFLRQDO

6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HVWDEOHFLHQGR TXH HO
UHFXUVR GH DFODUDFLyQ HQPLHQGD \ FRPSOHPHQWDFLyQ QR SXHGH
FRQVLGHUDUVHFRPR XQDLQVWDQFLD DDJRWDU DQWHV GH DFXGLU D ODMXVWLFLD
FRQVWLWXFLRQDO

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

/D6&5GLVSRQH
HODPSDURFRQVWLWXFLRQDOHVXQUHFXUVR
WXWHODU GH ORV GHUHFKRV IXQGDPHQWDOHV GH ODV SHUVRQDV TXH VH DFWLYD
FXDQGR VH KDQ DJRWDGR WRGDV ODV YtDV OHJDOHV GH SURWHFFLyQ GH ORV
PLVPRVVLHQGRSRUHOORTXHFXDQGRQRVHKL]RXVRGHGLFKDVYtDVGHEH
VHU GHFODUDGR LPSURFHGHQWH HQ HVH RUGHQ GH LGHDV HV TXH OD
VXEVLGLDULHGDGVXSRQHODH[LVWHQFLDGHXQDYtDLGyQHDSDUDODUHVWLWXFLyQ
GHORVGHUHFKRVOHVLRQDGRVSXHVGHQRVHUXQPHFDQLVPRDGHFXDGRQR
SXHGHUHSRQHUHVRVGHUHFKRVHVHQHVDFRPSUHQVLyQTXHHVWH7ULEXQDO
UHVSHFWR D OD VXEVLGLDULHGDG GHO DPSDUR FRQVWLWXFLRQDO FXDQGR QR VH
KDFH XVR GHO UHFXUVR GH HQPLHQGD \ FRPSOHPHQWDFLyQ HQ OD 6&
5 GH  GH MXQLR KD PDQLIHVWDGR OR VLJXLHQWH   FRQ
UHODFLyQDOFULWHULRH[SUHVDGRSRUHO7ULEXQDOGHDPSDURHQVHQWLGRGH
TXH HO UHFXUUHQWH FRQWDED FRQ HO UHFXUVR GH HQPLHQGD \
W


dW^:d


FRPSOHPHQWDFLyQFRQYLHQHUHIHULUTXHGLFKDVROLFLWXGQRFRQVWLWX\HXQ
UHFXUVRDWUDYpVGHOFXDOHOMXH]RWULEXQDOFRPSHWHQWHSXHGDVXVWLWXLUR
PRGLILFDUORGHFLGLGRSRUHOFRQWUDULRHVXQPHGLRPHGLDQWHHOFXDOOD
DXWRULGDGMXGLFLDOVyORSXHGHHQPHQGDUDOJ~QHUURUPDWHULDODFODUDUXQ
FRQFHSWR RVFXUR R VXSOLU DOJXQD RPLVLyQ VLHPSUH TXH QR DOWHUH OR
VXVWDQFLDO\VLELHQHODUWLQF GHO&3&HVWDEOHFHTXHDSHGLGRGH
SDUWHSRGUiVXSOLUFXDOTXLHURPLVLyQHQTXHVHKXELHUHLQFXUULGRVREUH
DOJXQD GH ODV SUHWHQVLRQHV GHGXFLGDV \ GLVFXWLGDV HQ HO OLWLJLR VLQ
HPEDUJR GHEH WRPDUVH HQ FXHQWD TXH QR WRGDV ODV RPLVLRQHV VRQ
VXVFHSWLEOHVGHODFRUUHFFLyQDTXHKDFHDOXVLyQHOSUHFHSWRFLWDGRWRGD
YH]TXHODIDOWDGHPRWLYDFLyQRIXQGDPHQWDFLyQGHODUHVROXFLyQQRHV
VXEVDQDEOH\DTXHODDXVHQFLDGHODVUD]RQHVHQYLUWXGGDODVFXDOHVHO
MX]JDGRU KD SURQXQFLDGR GHWHUPLQDGD UHVROXFLyQ OD KDFH QXOD SRU
FRPSOHWR \ SRU OR PLVPR QR SXHGH VHU FRUUHJLGD D WUDYpV GH OD
HQPLHQGD\FRPSOHPHQWDFLyQ

$KRUDELHQHQHOFDVRSUHVHQWHVHGHQXQFLDXQDDXVHQFLDGHPRWLYDFLyQ
HQHO$6UHVSHFWRDORVDVSHFWRVGHPDQGDGRVSXHVVHDILUPDTXHQR
PDQLIHVWyQDGDUHIHULGRDGRVGHORVWUHVDUJXPHQWRVSODQWHDGRVHQHO
UHFXUVR GH FDVDFLyQ SRU OD IRUPD HQ FRQVHFXHQFLD FRQIRUPH DO
UD]RQDPLHQWR MXULVSUXGHQFLDO DQRWDGR QR VH SXHGH DSOLFDU OD
VXEVLGLDULHGDG DO FDVR SUHVHQWH SRUTXH HO UHFXUVR GH HQPLHQGD \
FRPSOHPHQWDFLyQ QR HV OD YtD DGHFXDGD SDUD VXEVDQDU OD IDOWD GH
PRWLYDFLyQRIXQGDPHQWDFLyQGHOD5HVROXFLyQLPSXJQDGDUHVSHFWRD
GRV GHORVWUHV DUJXPHQWRV GHOUHFXUVR GH FDVDFLyQLQWHUSXHVWRSRU OD
HPSUHVD UHSUHVHQWDGD SRU HO UHFXUUHQWH VLHQGR SRU HOOR TXH VH GHEH
LQJUHVDUDODQiOLVLVGHOIRQGRGHODSUREOHPiWLFDSUHVHQWDGD




1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   (V DSOLFDEOH OD IOH[LELOL]DFLyQ DO SULQFLSLR GH
VXEVLGLDULHGDGSDUDODWXWHODGHGHUHFKRVYXOQHUDGRVSRURPLVLyQGH
SDJRGHVDODULRV

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

W


dW^:d

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOVHGHQXQFLyODYXOQHUDFLyQGHO
GHUHFKRDOVDODULRMXVWR\DTXHSRUODRPLVLyQGHSDJRGHOVDODULRGHOD
DFFLRQDQWHGHVGHHOPHVGHPDU]RSRUSDUWHGHODDXWRULGDGGHPDQGDGD
VHHQFXHQWUDDPHQD]DGRVXGHUHFKRDODVXEVLVWHQFLD\ODGHVXIDPLOLD
(QEDVHDHVWRVKHFKRVVHSLGLyVHFRQFHGDODWXWHOD\VHRUGHQHHOSDJR
GHODOLTXLGDFLyQTXHVHDGMXQWDFRQFRVWDVDVtFRPRGDxRV\SHUMXLFLRV
(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOFRQILUPyODGHFLVLyQGHO-XH]
GH*DUDQWtDV\FRQFHGLyODWXWHODSRUFRQVLGHUDUTXHQRH[LVWHQLQJXQD
UD]yQ MXUtGLFD SDUD OD RPLVLyQ GH SDJR GH VDODULRV GHYHQJDGRV
DIHFWiQGRVH SRU WDQWR HO GHUHFKR DO WUDEDMR HQ VX FRPSRQHQWH GH XQD
UHWULEXFLyQGLJQDHOGHUHFKRDODDOLPHQWDFLyQ\ODYLGD

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,

&RQVHFXHQWHPHQWHODDFFLRQDQWHVyORWHQtDODYtDH[WUDRUGLQDULDGHO
DPSDUR FRQVWLWXFLRQDO SDUD GHPDQGDU HO UHVSHWR GH VX GHUHFKR
OHVLRQDGR SRU HQGH FRUUHVSRQGH UHDOL]DU XQ DQiOLVLV GHO IRQGR GH OD
SUREOHPiWLFDQRVLQDQWHVVHxDODUTXHOODPDODDWHQFLyQTXHHO*RELHUQR
$XWyQRPR0XQLFLSDOQRKDDVXPLGRHOGHEHUTXHWLHQHGHJDUDQWL]DUHO
JRFH HIHFWLYR GH ORV GHUHFKRV GH ORV VHUYLGRUHV S~EOLFRV HQ FXDQWR D
WDOHVSHUPLWLHQGRDpVWRVWHQHUYtDVH[SHGLWDVGHUHFODPDFLyQDQLYHOGH
OD0XQLFLSDOLGDG\DTXHQRUHVXOWDUD]RQDEOHTXHVHDGLUHFWDPHQWHHO
$OFDOGHTXLHQGHEDRFXSDUVHGHWUiPLWHVGH$GPLQLVWUDFLyQGH3HUVRQDO
HVGHFLUFRPR0i[LPD$XWRULGDGGHO(MHFXWLYR0XQLFLSDO 0$( VX
URO \ FRPSURPLVR FRQ OD SREODFLyQ HV GHGLFDUVH D ODERUHV GH
WUDVFHQGHQFLDPXQLFLSDOHQPLUDVDOELHQHVWDUGHODFRPXQLGDGORFDO3RU
HOORODSUREOHPiWLFDFRQFUHWDGHYHODODLQH[LVWHQFLDGHFDXFHVMXUtGLFRV
FODURV D HIHFWRV GH KDFHU YDOHU GHUHFKRV GH VHUYLGRUHV S~EOLFRV
PXQLFLSDOHVTXLHQHVWLHQHQTXHUHFXUULUGLUHFWDPHQWHDQWHOD0$(\
SRVWHULRUPHQWH D OD YtD GH OD DFFLyQ GHO DPSDUR FRQVWLWXFLRQDO
GHVQDWXUDOL]DQGRDPEDVLQVWDQFLDVGHXQODGROD0$(0XQLFLSDOTXH
FRPRVHGLMRGHEHUtDRFXSDUVHGHODEXHQDJHVWLyQ\GLUHFFLyQHMHFXWLYD
GHOD0XQLFLSDOLGDG\ODYtDGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOTXH
WLHQH QDWXUDOH]D VXEVLGLDULD \ H[WUDRUGLQDULD XQD YH] DJRWDGDV ODV
LQVWDQFLDVGHLPSXJQDFLyQSUHYLVWDV

&RQVHFXHQWHPHQWH OD DFFLRQDQWH VyOR WHQtD OD YtD H[WUDRUGLQDULD GHO
DPSDUR FRQVWLWXFLRQDO SDUD GHPDQGDU HO UHVSHWR GH VX GHUHFKR
OHVLRQDGR SRU HQGH FRUUHVSRQGH UHDOL]DU XQ DQiOLVLV GHO IRQGR GH OD
SUREOHPiWLFDQRVLQDQWHVVHxDODUTXHOODPDODDWHQFLyQTXHHO*RELHUQR
$XWyQRPR0XQLFLSDOQRKDDVXPLGRHOGHEHUTXHWLHQHGHJDUDQWL]DUHO
JRFH HIHFWLYR GH ORV GHUHFKRV GH ORV VHUYLGRUHV S~EOLFRV HQ FXDQWR D
WDOHVSHUPLWLHQGRDpVWRVWHQHUYtDVH[SHGLWDVGHUHFODPDFLyQDQLYHOGH
OD0XQLFLSDOLGDG\DTXHQRUHVXOWDUD]RQDEOHTXHVHDGLUHFWDPHQWHHO
$OFDOGHTXLHQGHEDRFXSDUVHGHWUiPLWHVGH$GPLQLVWUDFLyQGH3HUVRQDO
W


dW^:d


HVGHFLUFRPR0i[LPD$XWRULGDGGHO(MHFXWLYR0XQLFLSDO 0$( VX
URO \ FRPSURPLVR FRQ OD SREODFLyQ HV GHGLFDUVH D ODERUHV GH
WUDVFHQGHQFLDPXQLFLSDOHQPLUDVDOELHQHVWDUGHODFRPXQLGDGORFDO3RU
HOORODSUREOHPiWLFDFRQFUHWDGHYHODODLQH[LVWHQFLDGHFDXFHVMXUtGLFRV
FODURV D HIHFWRV GH KDFHU YDOHU GHUHFKRV GH VHUYLGRUHV S~EOLFRV
PXQLFLSDOHVTXLHQHVWLHQHQTXHUHFXUULUGLUHFWDPHQWHDQWHOD0$(\
SRVWHULRUPHQWH D OD YtD GH OD DFFLyQ GHO DPSDUR FRQVWLWXFLRQDO
GHVQDWXUDOL]DQGRDPEDVLQVWDQFLDVGHXQODGROD0$(0XQLFLSDOTXH
FRPRVHGLMRGHEHUtDRFXSDUVHGHODEXHQDJHVWLyQ\GLUHFFLyQHMHFXWLYD
GHOD0XQLFLSDOLGDG\ODYtDGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOTXH
WLHQH QDWXUDOH]D VXEVLGLDULD \ H[WUDRUGLQDULD XQD YH] DJRWDGDV ODV
LQVWDQFLDVGHLPSXJQDFLyQSUHYLVWDV


6LQWHVLVGHODUDWLRGHFLGHQGL

,QJUHVDDODQiOLVLVGHIRQGRGHODSUREOHPiWLFDIOH[LELOL]DQGRHOSULQFLSLR
GHVXEVLGLDULHGDG\DTXHODDFFLRQDQWHVyORWHQtDODYtDH[WUDRUGLQDULD
GHO DPSDUR FRQVWLWXFLRQDO SDUD GHPDQGDU HO UHVSHWR GH VX GHUHFKR
OHVLRQDGR

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

3UHFHGHQWH,PSOtFLWR


)-,,,

&RQVHFXHQWHPHQWHODDFFLRQDQWHVyORWHQtDODYtDH[WUDRUGLQDULDGHO
DPSDUR FRQVWLWXFLRQDO SDUD GHPDQGDU HO UHVSHWR GH VX GHUHFKR
OHVLRQDGR SRU HQGH FRUUHVSRQGH UHDOL]DU XQ DQiOLVLV GHO IRQGR GH OD
SUREOHPiWLFDQRVLQDQWHVVHxDODUTXHOODPDODDWHQFLyQTXHHO*RELHUQR
$XWyQRPR0XQLFLSDOQRKDDVXPLGRHOGHEHUTXHWLHQHGHJDUDQWL]DUHO
JRFH HIHFWLYR GH ORV GHUHFKRV GH ORV VHUYLGRUHV S~EOLFRV HQ FXDQWR D
WDOHVSHUPLWLHQGRDpVWRVWHQHUYtDVH[SHGLWDVGHUHFODPDFLyQDQLYHOGH
OD0XQLFLSDOLGDG\DTXHQRUHVXOWDUD]RQDEOHTXHVHDGLUHFWDPHQWHHO
$OFDOGHTXLHQGHEDRFXSDUVHGHWUiPLWHVGH$GPLQLVWUDFLyQGH3HUVRQDO
HVGHFLUFRPR0i[LPD$XWRULGDGGHO(MHFXWLYR0XQLFLSDO 0$( VX
URO \ FRPSURPLVR FRQ OD SREODFLyQ HV GHGLFDUVH D ODERUHV GH
WUDVFHQGHQFLDPXQLFLSDOHQPLUDVDOELHQHVWDUGHODFRPXQLGDGORFDO3RU
HOORODSUREOHPiWLFDFRQFUHWDGHYHODODLQH[LVWHQFLDGHFDXFHVMXUtGLFRV
FODURV D HIHFWRV GH KDFHU YDOHU GHUHFKRV GH VHUYLGRUHV S~EOLFRV
PXQLFLSDOHVTXLHQHVWLHQHQTXHUHFXUULUGLUHFWDPHQWHDQWHOD0$(\
SRVWHULRUPHQWH D OD YtD GH OD DFFLyQ GHO DPSDUR FRQVWLWXFLRQDO
GHVQDWXUDOL]DQGRDPEDVLQVWDQFLDVGHXQODGROD0$(0XQLFLSDOTXH
FRPRVHGLMRGHEHUtDRFXSDUVHGHODEXHQDJHVWLyQ\GLUHFFLyQHMHFXWLYD
GHOD0XQLFLSDOLGDG\ODYtDGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOTXH
WLHQH QDWXUDOH]D VXEVLGLDULD \ H[WUDRUGLQDULD XQD YH] DJRWDGDV ODV
W


dW^:d

LQVWDQFLDVGHLPSXJQDFLyQSUHYLVWDV

&RQVHFXHQWHPHQWH OD DFFLRQDQWH VyOR WHQtD OD YtD H[WUDRUGLQDULD GHO
DPSDUR FRQVWLWXFLRQDO SDUD GHPDQGDU HO UHVSHWR GH VX GHUHFKR
OHVLRQDGR SRU HQGH FRUUHVSRQGH UHDOL]DU XQ DQiOLVLV GHO IRQGR GH OD
SUREOHPiWLFDQRVLQDQWHVVHxDODUTXHOODPDODDWHQFLyQTXHHO*RELHUQR
$XWyQRPR0XQLFLSDOQRKDDVXPLGRHOGHEHUTXHWLHQHGHJDUDQWL]DUHO
JRFH HIHFWLYR GH ORV GHUHFKRV GH ORV VHUYLGRUHV S~EOLFRV HQ FXDQWR D
WDOHVSHUPLWLHQGRDpVWRVWHQHUYtDVH[SHGLWDVGHUHFODPDFLyQDQLYHOGH
OD0XQLFLSDOLGDG\DTXHQRUHVXOWDUD]RQDEOHTXHVHDGLUHFWDPHQWHHO
$OFDOGHTXLHQGHEDRFXSDUVHGHWUiPLWHVGH$GPLQLVWUDFLyQGH3HUVRQDO
HVGHFLUFRPR0i[LPD$XWRULGDGGHO(MHFXWLYR0XQLFLSDO 0$( VX
URO \ FRPSURPLVR FRQ OD SREODFLyQ HV GHGLFDUVH D ODERUHV GH
WUDVFHQGHQFLDPXQLFLSDOHQPLUDVDOELHQHVWDUGHODFRPXQLGDGORFDO3RU
HOORODSUREOHPiWLFDFRQFUHWDGHYHODODLQH[LVWHQFLDGHFDXFHVMXUtGLFRV
FODURV D HIHFWRV GH KDFHU YDOHU GHUHFKRV GH VHUYLGRUHV S~EOLFRV
PXQLFLSDOHVTXLHQHVWLHQHQTXHUHFXUULUGLUHFWDPHQWHDQWHOD0$(\
SRVWHULRUPHQWH D OD YtD GH OD DFFLyQ GHO DPSDUR FRQVWLWXFLRQDO
GHVQDWXUDOL]DQGRDPEDVLQVWDQFLDVGHXQODGROD0$(0XQLFLSDOTXH
FRPRVHGLMRGHEHUtDRFXSDUVHGHODEXHQDJHVWLyQ\GLUHFFLyQHMHFXWLYD
GHOD0XQLFLSDOLGDG\ODYtDGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOTXH
WLHQH QDWXUDOH]D VXEVLGLDULD \ H[WUDRUGLQDULD XQD YH] DJRWDGDV ODV
LQVWDQFLDVGHLPSXJQDFLyQSUHYLVWDV




 ([FHSFLRQHV DO SULQFLSLR GH VXEVLGLDULHGDG GH OD
DFFLyQ GH DPSDUR1R HV H[LJLEOH HO UHFXUVR GH FRPSXOVD FXDQGR OD
DSHODFLyQRFDVDFLyQIXHURQFRQFHGLGRV
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
)XQGDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3(OUHFXUVRGHFRPSXOVDVHIRUPXODFRQWUDODQHJDWLYD
D FRQFHGHU ORV UHFXUVRV GH DSHODFLyQ R FDVDFLyQ LPSXJQDQGR VX
LQGHELGD LQDGPLVLyQ QR DVt FXDQGR GLFKRV UHFXUVRV KDQ VLGR
DGPLWLGRV\HVHOWULEXQDOGHDSHODFLyQHOTXHDQXODVXFRQFHVLyQ

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 
W


dW^:d



(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOORVDFFLRQDQWHVGHQXQFLDURQ
TXHODDXWRULGDGGHPDQGDGDOHVLRQyORVGHUHFKRVDOGHELGRSURFHVRHQ
VXVHOHPHQWRVGHOSULQFLSLRGHFRQJUXHQFLDIXQGDPHQWDFLyQVHJXULGDG
MXUtGLFD\GREOHLQVWDQFLDGHODHPSUHVDDODTXHUHSUHVHQWDQWRGDYH]
TXH GHQWUR GH XQ WUiPLWH GH DX[LOLR MXGLFLDO SDUD OD GHVLJQDFLyQ GH
iUELWUR OXHJR GH HPLWLGR HO /DXGR $UELWUDO HO -XH] TXH DX[LOLy OD
FRQIRUPDFLyQ GHO 7ULEXQDO DQXOy WRGR HO SURFHGLPLHQWR GHO DX[LOLR
MXGLFLDO 5HVROXFLyQ FRQWUD OD TXH FRQFHGLy OD DSHODFLyQ SHUR HVD
FRQFHVLyQ IXH DQXODGD SRU ORV GHPDQGDGRV PHGLDQWH XQD UHVROXFLyQ
LQFRQJUXHQWHFDUHQWHGHPRWLYDFLyQ\VLQTXHQRUPDDOJXQDLPSLGDHO
UHFXUVR GH DSHODFLyQ FRQWUD HO DFWR DSHODGR SXHV ORV GHUHFKRV
IXQGDPHQWDOHV VyOR SXHGHQ OLPLWDUVH D WUDYpV GH XQD OH\ (O 7ULEXQDO
&RQVWLWXFLRQDO FRQILUPy OD UHVROXFLyQ TXH GHQHJy OD UHVROXFLyQ
UHYLVDGDSURQXQFLiQGRVHDQWHVVREUHODVXEVLGLDULHGDGGHODDFFLyQGH
DPSDURFRQVWLWXFLRQDO

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,$KRUDELHQHQHOFDVRSUHVHQWHODVDXWRULGDGHVGHPDQGDGDV
LQIRUPDQTXHORVDFFLRQDQWHVQRKDQSUHVHQWDGRUHFXUVRGHFRPSXOVD
SDUDUHFODPDUOD5HVROXFLyQ'ORTXHHYLGHQFLDUtDXQDYtDQR
XWLOL]DGD SRU OD &%, 65/ \ FRQ HOOR HOLQFXPSOLPLHQWR GHO FDUiFWHU
VXEVLGLDULRGHODPSDURFRQVWLWXFLRQDOHPSHURFRPRKDVLGRH[SOLFDGR
HQ ORV SiUUDIRV SUHFHGHQWHV HO UHFXUVR GH FRPSXOVD VyOR VH DFWLYD
FXDQGRHOUHFXUVRGHDSHODFLyQRHOGHFDVDFLyQQRIXHURQFRQFHGLGRV
SRUODDXWRULGDGTXHHPLWLyHODFWRMXULVGLFFLRQDODSHODGRRFXHVWLRQDGR
HQFDVDFLyQVLWXDFLyQTXHQRFRQFXUULyHQHOFDVRSUHVHQWHSXHVWRTXH
ODDSHODFLyQIXHFRQFHGLGDSRUHOMXH]TXHHPLWLyHODFWRDSHODGRVLHQGR
SRU HOOR TXH OD 5HVROXFLyQ ' IXH HPLWLGD SUHFLVDPHQWHSDUD
UHVROYHUODDSHODFLyQFRQFHGLGD\DXQTXHDQXOyHODXWRGHFRQFHVLyQGH
ODDSHODFLyQHVDGHFLVLyQQRHVFRPSXOVDEOHSRUTXHQRHPHUJLyGHOD
DXWRULGDGHQFDUJDGDGHFRQFHGHURQHJDUODDSHODFLyQ

(QGHILQLWLYDHQHOSUHVHQWHFDVRODDSHODFLyQIXHFRQFHGLGDSRUORTXH
QRHVH[LJLEOHXQUHFXUVRGHFRPSXOVDSUHYLRDODPSDURFRQVWLWXFLRQDO
SXHVORTXHKDVLGRFXHVWLRQDGRHQODDFFLyQHVSUHFLVDPHQWHODLQGHELGD
WUDPLWDFLyQGHOUHFXUVRGHDSHODFLyQSRUSDUWHGHO7ULEXQDOGHDSHODFLyQ
DKRUD GHPDQGDGR VLHQGR SRU HOOR TXH HQ HO FDVR QR DVLVWH OD
VXEVLGLDULHGDGFRPRFDXVDOGHQHJDWRULDGHODPSDURVROLFLWDGR\DTXHVH
DJRWDURQORVPHGLRVOHJDOHVDODOFDQFHGHODFFLRQDQWHDQWHVGHSUHVHQWDU
ODDFFLyQWXWHODUGHORVGHUHFKRVIXQGDPHQWDOHV

6LQWHVLVGHODUDWLRGHFLGHQGL

W


dW^:d

,QJUHVD DO DQiOLVLV GH IRQGR GHVHVWLPDQGR OD LPSURFHGHQFLD SRU


VXEVLGLDULHGDGSRUFXDQWRHOUHFXUVRGHFRPSXOVDVyORVHDFWLYDFXDQGR
HO UHFXUVR GH DSHODFLyQ R HO GH FDVDFLyQ QR IXHURQ FRQFHGLGRV SRU OD
DXWRULGDG TXH HPLWLy HO DFWR MXULVGLFFLRQDO DSHODGR R FXHVWLRQDGR HQ
FDVDFLyQVLWXDFLyQTXHQRRFXUULyHQHOFDVRSXHVWRTXHODDSHODFLyQ
IXHFRQFHGLGDSRUHOMXH]TXHHPLWLyHODFWRDSHODGR\IXHHOWULEXQDOGH
DSHODFLyQ HO TXH DQXOy OD FRQFHVLyQ GHO UHFXUVR GHFLVLyQ TXH QR HV
FRPSXOVDEOHSRUTXHQRHPHUJLyGHODDXWRULGDGHQFDUJDGDGHFRQFHGHU
RQHJDUODDSHODFLyQ

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,WDQWRHOUHFXUVRGHDSHODFLyQFRPRHOGHFDVDFLyQGHEHQVHU
SUHVHQWDGRVDQWHODVPLVPDVDXWRULGDGHVTXHHPLWLHURQODVUHVROXFLRQHV
FXHVWLRQDGDVVLHQGRHVRVPLVPRVIXQFLRQDULRVMXGLFLDOHVTXLHQHVGHEHQ
HPLWLUUHVROXFLyQFRQFHGLHQGRRQHJDQGRHOUHFXUVR\HVHQHVWH~OWLPD
VLWXDFLyQRVXSXHVWRGHQHJDWRULRGHOUHFXUVRGHDSHODFLyQRFDVDFLyQ
FXDQGRVHDEUHSDUDORVUHFXUUHQWHVODRSRUWXQLGDGGHSUHVHQWDUUHFXUVR
GHFRPSXOVDSDUDLPSXJQDUODLQGHELGDLQDGPLVLyQGHOUHFXUVR

(QXQUD]RQDPLHQWRFRQWUDULRFXDQGRHOUHFXUVRVHDGHDSHODFLyQRGH
FDVDFLyQKDVLGRDGPLWLGRQRVHDEUHODRSFLyQSDUDODSDUWHDSHODQWHGH
DFWLYDUUHFXUVRGHFRPSXOVDSXHVWRTXHVXSHUFXWRUHVODDFWLWXGGHOMXH]
RWULEXQDOGHQRFRQFHGHUXQUHFXUVRGHDSHODFLyQRFDVDFLyQ



 ([FHSFLRQHV DO SULQFLSLR GH VXEVLGLDULHGDG GH OD
DFFLyQGHDPSDUR3RUGDxRLQPLQHQWHHLUUHSDUDEOHDOGHUHFKRDODJXD
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   1R VH DSOLFD HO SULQFLSLR GH VXEVLGLDULHGDG
H[FHSFLRQDOGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOFXDQGRH[LVWHGDxR
LQPLQHQWHRLUUHSDUDEOHDOGHUHFKRDODJXD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

W


dW^:d


(Q HVWD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO OD DFFLRQDQWH DOHJy TXH VH
YXOQHUDURQVXVGHUHFKRVDODYLGDDODVDOXG\HODFFHVRLUUHVWULFWRDO
DJXD SRWDEOH SRU SDUWH GHORV GHPDQGDGRV SDUWLFXODUHV PLHPEURV GH
XQD FRPXQLGDG TXH SURFHGLHURQ LOHJDOPHQWH D FRUWDUOH HOVHUYLFLR GH
DJXD SRWDEOHH LPSRQHUOHXQD PXOWD SRU VXSXHVWDV GLIHUHQFLDV FRQHO
GLULJHQWHGHODFRPXQLGDGHQFRQVHFXHQFLDVROLFLWyD /DLQPHGLDWD
UHVWLWXFLyQGHOVHUYLFLRGHDJXDSRWDEOHHQVXIDYRUE (OFHVHLQPHGLDWR
GH ORV DFWRV FRPHWLGRV SRU ORV GHQXQFLDGRV F  /D UHPLVLyQ GH
DQWHFHGHQWHVDO0LQLVWHULR3~EOLFRSDUDHOLQLFLRGHSURFHVRSHQDOFRQWUD
ORV GHPDQGDGRV SRU ORV KHFKRV GHOLFWLYRV FRPHWLGRV \ G  /D
LPSRVLFLyQGHFRVWDV\PXOWDV(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO
HQ UHYLVLyQ FRQILUPy OD WXWHOD FRQFHGLGD SRU PHGLGDV GH KHFKR
~QLFDPHQWH~QLFDPHQWHFRQUHODFLyQDOGHUHFKRDODJXD

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
$O KDEHUVH SULYDGR D OD DFFLRQDQWH GHO GHUHFKR
IXQGDPHQWDOGHDFFHVRDOVHUYLFLREiVLFRGHDJXDSRWDEOHVHOHVLRQyHVWH
GHUHFKR HQ FRQVHFXHQFLD OD VDQFLyQ LPSXHVWD SURYRFD XQ GDxR
LUUHSDUDEOHDQWHODFXDOODMXVWLFLDFRQVWLWXFLRQDODWUDYpVGHODDFFLyQ
GHDPSDURFRQVWLWXFLRQDOVHYHLPSHOLGDDRWRUJDUWXWHODHYLWDQGRDVtVH
VLJDFRQVXPDQGRODYXOQHUDFLyQGHORVGHUHFKRVLQYRFDGRV

6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGHOD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SRU KDEHUVH SULYDGR DOD
DFFLRQDQWHGHOGHUHFKRIXQGDPHQWDOGHDFFHVRDOVHUYLFLREiVLFRGHDJXD
SRWDEOH SURYRFiQGROH XQ GDxR LUUHSDUDEOH HYLWDQGR DVt VH VLJD
FRQVXPDQGRODYXOQHUDFLyQGHORVGHUHFKRVLQYRFDGRV

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/RVSUHFHGHQWHVVREUHODH[FHSFLyQDODVXEVLGLDULHGDGGHODDFFLyQGH
DPSDURFRQVWLWXFLRQDODQWHGDxRLQPLQHQWHHLUUHSDUDEOHVHHQFXHQWUDQ
HQ ODV 66&& 5 5 GH  GH HQHUR  TXH
HVWDEOHFLHURQ TXH D SHVDU GH OD H[LVWHQFLD GH RWURV PHGLRV R UHFXUVRV
OHJDOHV SURFHGHUi HVWD YtD WXWHODU FXDQGR H[LVWD HO SHOLJUR GH TXH ORV
HIHFWRVGHODVGHFLVLRQHVLPSXJQDGDVVHDQLUUHPHGLDEOHVHLUUHSDUDEOHV
LQGLFDQGRTXH
ODUHVWULFFLyQRVXSUHVLyQGHORVGHUHFKRVRJDUDQWtDV
FRQVWLWXFLRQDOHV RFDVLRQH XQ SHUMXLFLR LUUHPHGLDEOH R LUUHSDUDEOH HQ
FX\RFDVRGHPDQHUDH[FHSFLRQDOVHDFWLYDHO$PSDUR&RQVWLWXFLRQDO
SDUDRWRUJDUXQDWXWHODHIHFWLYDHLQPHGLDWDTXHHYLWHODFRQVHFXHQFLD
LUUHPHGLDEOH

 
W


dW^:d


H[LVWLHQGRHOSHOLJURGHTXHORVHIHFWRVGHODVGHFLVLRQHVLPSXJQDGDV
VHDQLUUHPHGLDEOHVRLUUHSDUDEOHVHVWH7ULEXQDOFRQVLGHUDDSOLFDEOHOD
H[FHSFLyQDODUHJODGHODVXEVLGLDULGDG


(O 7ULEXQDO &RQVWLWXFLRQDO HQ OD 6&  5 GH  GH PD\R
PRGXOy OD MXULVSUXGHQFLD FRQVWLWXFLRQDO SUHFLVDQGR ORV FDVRV \
FRQGLFLRQHVHQORVTXHVHDFWLYDHVWDDFFLyQGHGHIHQVDSRUODYtDGHOD
H[FHSFLyQ D OD UHJOD GH OD VXEVLGLDULHGDG HVWDEOHFLHQGR TXH
HO
SULQFLSLR GH VXEVLGLDULHGDG TXH HO RUGHQ FRQVWLWXFLRQDO LQIRUPD DO
UHFXUVRGHDPSDURFRQVWLWXFLRQDOFHGHDOSULQFLSLRGHLQPHGLDWH]HQORV
VXSXHVWRVHQTXHQRH[LVWDQRWURVPHGLRVRUHFXUVRVLGyQHRVRHILFDFHV
SDUD OD SURWHFFLyQ GH ORV GHUHFKRV R JDUDQWtDV LQYRFDGRV FRPR
UHVWULQJLGRVVXSULPLGRVRDPHQD]DGRVHVWRGHWHUPLQDTXHHQORVFDVRV
HQTXHHODJRWDPLHQWRGHODVYtDVRUGLQDULDVH[LVWHQWHVVHFRQVWLWX\DHQ
XQREVWiFXORIRUPDOSDUDDFFHGHUDODSURWHFFLyQFRQODLQPHGLDWH]TXH
HOFDVRVLQJXODUH[LJHHQUD]yQDTXHODDSHUWXUDSRVWHULRUGHODWXWHOD
UHVXOWDUtD LUUHSDUDEOH SRUWDUGtD DWHQGLHQGR DOILQ GH SURWHFFLyQ GH OD
QRUPD\DODHILFDFLDTXHUHFODPDWRGRGHUHFKRRJDUDQWtDIXQGDPHQWDO
HQWDOHVVXSXHVWRVQRHVH[LJLEOHHODJRWDPLHQWRGHODVYtDVRUGLQDULDV
DEULpQGRVH FRQVHFXHQWHPHQWH OD MXULVGLFFLyQ FRQVWLWXFLRQDO SDUD
RWRUJDUHQVXFDVRODWXWHODLQYRFDGD

$WUDYpVGHOD6&5GHGHMXQLRGHILQLyORVDOFDQFHVGHO
GDxR LUUHPHGLDEOH FLUFXQVWDQFLD D WRPDUVH HQ FXHQWD SDUD RWRUJDU
H[FHSFLRQDOPHQWH OD WXWHOD VROLFLWDGD HQ OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDOLQGLFDQGRTXH
ODSURFHGHQFLDGHODPSDURSDUDHYLWDU
XQGDxRRSHUMXLFLRLUUHPHGLDEOHORTXHVXSRQHTXHGHQRRWRUJDUVHOD
WXWHODDOGHUHFKRRJDUDQWtDFRQVWLWXFLRQDOYXOQHUDGRVKD\LQPLQHQFLDGH
XQPDOLUUHYHUVLEOHLQMXVWLILFDGR\JUDYHTXHFRORTXHDOUHFXUUHQWHHQ
XQ HVWDGR GH QHFHVLGDG TXH MXVWLILFD OD XUJHQFLD GH OD DFFLyQ
MXULVGLFFLRQDO\DTXHGHFRQWLQXDUODVFLUFXQVWDQFLDVGHKHFKRHQTXHVH
HQFXHQWUDHOUHFXUUHQWHHVLQPLQHQWHHLQHYLWDEOHODGHVWUXFFLyQGHXQ
ELHQ MXUtGLFDPHQWH SURWHJLGR OR TXH H[LJH XQD DFFLyQ XUJHQWH SDUD
RWRUJDUODSURWHFFLyQLQPHGLDWDHLPSRVWHUJDEOHSRUSDUWHGHO(VWDGRHQ
IRUPDGLUHFWD

(QHVWHFRQWH[WROD6&5GHILQLyTXHHQHVWHVXSXHVWROD
WXWHOD RWRUJDGD HV SURYLVLRQDO SXHV VyOR HV SRVLEOH FRQFLOLDU ORV
SULQFLSLRVGHVXEVLGLDULHGDGSURWHFFLyQLQPHGLDWD\HILFDFLDEULQGDQGR
XQD WXWHOD SURYLVLRQDO GHVWLQDGD D HYLWDU OD FRQVXPDFLyQ GHO KHFKR
LQYRFDGR FRPR OHVLYR GHO GHUHFKR IXQGDPHQWDO HQ FXHVWLyQ OR FXDO
UHTXLHUHGHXQDSRQGHUDFLyQGHOGHUHFKRLQYRFDGRFRPROHVLRQDGR\ODV
FLUFXQVWDQFLDVTXHURGHDQDOKHFKRH[FHSFLRQDO



W


dW^:d


/D 6& 5 GH  GH MXOLR IOH[LELOL]y ORV UHTXLVLWRV SDUD
FRQVLGHUDUODVLWXDFLyQFRPRPHGLGDGHKHFKRFRQWHQLGRVHQOD6&
5GHGHPD\RHVWDEOHFLHQGRTXHFXDQGRVHSURGX]FDXQD
DPHQD]D DIHFWDFLyQ R UHVWULFFLyQ DO GHUHFKR DO DJXD SRU VX HVWUHFKD
YLQFXODFLyQFRQHOGHUHFKRDODYLGDODVDOXG\ODGLJQLGDGKXPDQDVH
SUHVXPH XQ GDxR LQPLQHQWH H LUUHSDUDEOH SRU OR TXH D HIHFWRV GH
YLDELOL]DU VX WXWHOD VyOR VH UHTXLHUH TXH HO DIHFWDGR DFUHGLWH
REMHWLYDPHQWHHODFWROHVLYRDSURGXFLUVHRTXHIXHUHFRQVXPDGRDWUDYpV
GHOHMHUFLFLRGHXQDPHGLGDRYtDGHKHFKR

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

/D 6& 5 HVWDEOHFLy HQ VX ~OWLPR FRQVLGHUDQGR $VSHFWRV
WRGRVTXHDPHULWDQODRWRUJDFLyQGHODSURWHFFLyQLQPHGLDWDTXHEULQGD
HVWH5HFXUVRH[WUDRUGLQDULRPi[LPHVLORVDFWRUHVUHWLUDURQHOLQWHUGLFWR
GHUHFREUDUSRVHVLyQTXHSODQWHDURQVLQTXHDODIHFKDGHSUHVHQWDFLyQ
GHO5HFXUVRVHKXELHVHDGPLWLGRSRUSDUWHGHO-XH]ORTXHKDFHTXHORV
UHFXUUHQWHVVHHQFXHQWUHQHQHVWDGRGHLQGHIHQVLyQFXDQGRSRUVXSDUWH
ODDXWRULGDGUHFXUULGDSHUVLVWHHQVXDFWLWXGDUELWUDULDGHKDFHUFRQVWUXLU
HOFDPSRGHSRUWLYRTXHGHFRQFOXLUVHSURYRFDUiXQDGDxRLUUHPHGLDEOH
SDUD ORV UHFXUUHQWHV /R H[SXHVWR MXVWLILFD OD RWRUJDFLyQ GHO $PSDUR
VROLFLWDGRSXHVDODUHJODGHODVXEVLGLDULHGDGVHDSOLFDODH[FHSFLyQGHO
GDxR\FRQVHFXHQFLDLUUHPHGLDEOHFRPRHIHFWRGHORVKHFKRVLOHJDOHV
GHQXQFLDGRV



 ([FHSFLRQHV DO SULQFLSLR GH VXEVLGLDULHGDG GH OD
DFFLyQGHDPSDUR5HVROXFLRQHVILVFDOHVFXDQGRVHLPSXJQHODLQGHELGD
LQWHUSUHWDFLyQ GH OD OHJDOLGDG RUGLQDULD OD HUUyQHD YDORUDFLyQ
SUREDWRULDRODRPLVLyQYDORUDWLYD
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO


W


dW^:d

6&3   /D DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SURFHGH


GLUHFWDPHQWHSDUDLPSXJQDUODLQGHELGDLQWHUSUHWDFLyQGHODOHJDOLGDG
RUGLQDULDODHUUyQHDYDORUDFLyQSUREDWRULDODRPLVLyQYDORUDWLYDROD
IDOWD GH IXQGDPHQWDFLyQ HQ ODV UHVROXFLRQHV SURQXQFLDGDV SRU ORV
)LVFDOHVQRVLHQGRQHFHVDULRHQFRQVHFXHQFLDLPSXJQDUODVDQWHHO
MXH]FDXWHODUDXWRULGDGTXHVyORHMHUFHHOFRQWUROMXULVGLFFLRQDOVREUH
DVSHFWRVGHSURFHGLPLHQWR

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOHODFFLRQDQWHVHxDOyTXHGHQWUR
GHO SURFHVR SHQDO TXH VLJXH SRU HO GHOLWR GH HVWHOLRQDWR OD )LVFDO GH
PDWHULDUHFXUULGDHPLWLyUHVROXFLyQGHVREUHVHLPLHQWRSHVHDH[LVWLUXQD
H[FHSFLyQ SUHYLD GH IDOWD GH DFFLyQ SHQGLHQWH GH UHVROXFLyQ HQ
DSHODFLyQ VLQ XQD DGHFXDGD IXQGDPHQWDFLyQ \ HO )LVFDO GH 'LVWULWR
UDWLILFy GLFKR VREUHVHLPLHQWR FRPHWLHQGR ORV PLVPRV HUURUHV
YXOQHUiQGRVHGHHVWDIRUPDVXVGHUHFKRVDODWXWHODMXGLFLDOHIHFWLYD\DO
GHELGRSURFHVRSRUORTXHSHWLFLRQyVHOHFRQFHGDODWXWHOD\VHGHMHVLQ
HIHFWRODV5HVROXFLRQHVGHVREUHVHLPLHQWRWDQWRGHO)LVFDOGHPDWHULD
FRPRODUDWLILFDWRULDSURQXQFLDGDSRUHO)LVFDOGH'LVWULWRDL\DVLPLVPR
TXHODVDXWRULGDGHVGHPDQGDGDVSURQXQFLHQQXHYDVUHVROXFLRQHVFRQOD
GHELGD \ FRKHUHQWH IXQGDPHQWDFLyQ FRQIRUPH D OD OH\ DGHPiV GH
FRQGHQDU HQ FRVWDV \ UHVSRQVDELOLGDG FLYLO D pVWDV (O 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDODSUREyODFRQFHVLyQHQSDUWHGHODWXWHOD
FRQUHODFLyQDO)LVFDOGHO'HSDUWDPHQWDOUHFXUULGRSRUIDOWDGHGHELGD
IXQGDPHQWDFLyQHQOD5HVROXFLyQTXHUDWLILFyHOVREUHVHLPLHQWR

([WUDFWRGHODUDWLRGHFLGHQGL

)- ,,,
FRQIRUPH VH GHVDUUROOy HQ HO )XQGDPHQWR -XUtGLFR ,,,
FXDQGRVHDOHJDHTXLYRFDGDLQWHUSUHWDFLyQRXWLOL]DFLyQGHODOH\
 4XH
ODYDORUDFLyQVHDSDUWHGHORVPDUFRVOHJDOHVGHUD]RQDELOLGDG\HTXLGDG
6& 5 \ 5 HQWUH RWUDV  R   &XDQGR OD
5HVROXFLyQ TXH GHWHUPLQH XQD VDQFLyQ KD\D RPLWLGR DUELWUDULDPHQWH
YDORUDU OD SUXHED \ VX OyJLFD FRQVHFXHQFLD VHD OD OHVLyQ GH GHUHFKRV
IXQGDPHQWDOHV\JDUDQWtDVFRQVWLWXFLRQDOHV
 6&5GHGH
GLFLHPEUH IDOWDGHIXQGDPHQWDFLyQRODQRUHVROXFLyQFDEDOGHWRGRV
ORV DVSHFWRV LPSXJQDGRV FRUUHVSRQGH HO SODQWHDPLHQWR GLUHFWR GH OD
DFFLyQ GH DPSDUR FRQVWLWXFLRQDO VLQ TXH SXHGD H[LJLUVH D OD SDUWH
SURFHVDODFWLYDUHOFRQWUROMXULVGLFFLRQDOUHVSHFWLYRFRPRVXFHGHHQHO
SUHVHQWHFDVR

6LQWHVLVGHODUDWLRGHFLGHQGL

W


dW^:d


&RQFHGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOSRUH[FHSFLyQDOSULQFLSLR
GH VXEVLGLDULHGDG SDUD LPSXJQDU OD LQGHELGD LQWHUSUHWDFLyQ GH OD
OHJDOLGDG RUGLQDULD OD HUUyQHD YDORUDFLyQ SUREDWRULD OD RPLVLyQ
YDORUDWLYDRODIDOWDGHIXQGDPHQWDFLyQHQODVUHVROXFLRQHVSURQXQFLDGDV
SRUORV)LVFDOHVQRVLHQGRQHFHVDULRHQFRQVHFXHQFLDLPSXJQDUODVDQWH
HOMXH]FDXWHODUDXWRULGDGTXHVyORHMHUFHHOFRQWUROMXULVGLFFLRQDOVREUH
DVSHFWRVGHSURFHGLPLHQWR

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDOGH7UDQVLFLyQHQOD6&5GH
GH QRYLHPEUH HVWDEOHFLy TXH HO MXH] FDXWHODU SRGtD HMHUFHU HO FRQWURO
FDXWHODUDODDFWLYLGDGGHVDUUROODGDSRUORVILVFDOHVFXDQGRVHGHQXQFLH
ODOHVLyQGHGHUHFKRV\JDUDQWtDVFRQVWLWXFLRQDOHV$VtHQWHQGLyTXHHVD
IDFXOWDG VH H[WLHQGH LQFOXVLYH D ODV UHVROXFLRQHV SURQXQFLDGDV SRU HO
)LVFDOGH'LVWULWRFRQIRUPHDOVLJXLHQWHUD]RQDPLHQWRHOUROGHOMXH]
VHUHVWULQJHDUHSDUDUOHVLRQHVYLQFXODGDVFRQORVGHUHFKRV\JDUDQWtDV
IXQGDPHQWDOHV TXH QR LPSOLTXHQ XQ FXHVWLRQDPLHQWR GH IRQGR D ODV
IDFXOWDGHV SULYDWLYDV GH ORV ILVFDOHV \ TXH HQ VX PRPHQWR IXHURQ
GHQXQFLDGDV DQWH HO )LVFDO GH 'LVWULWR DO PRPHQWR GH LPSXJQDU HO
UHTXHULPLHQWR FRQFOXVLYR \ QR PHUHFLHURQ SURQXQFLDPLHQWR R
UHSDUDFLyQSRUHVWDPi[LPDDXWRULGDG$VtWDPELpQHQORVVXSXHVWRVHQ
ORV TXH HO SURSLR UHTXHULPLHQWR GHO ILVFDO GH GLVWULWR VHD OHVLYR D ORV
GHUHFKRV\JDUDQWtDV(QHVWRVFDVRVODVSDUWHVGHEHUiQDFXGLUDQWHHO
MXH] FDXWHODU HQ XQ SOD]R VLPLODU DO HVWDEOHFLGR SDUD LPSXJQDU HO
UHTXHULPLHQWRFRQFOXVLYRSUHYLVWRHQHODUWGHO&33RHQVXFDVR
GHQWUR GHO SOD]R SUHYLVWR SDUD LPSXJQDU OD UHVROXFLyQ GH UHFKD]R
HVWDEOHFLGR HQ HO DUW  GH OD PLVPD QRUPD SURFHVDO
3RVWHULRUPHQWH OD 6&3  GH  GH PD\R DFODUDQGR ORV
DOFDQFHV GH OD 6& 5 HVWDEOHFLy TXH HO FRQWURO
MXULVGLFFLRQDOTXHSXHGHHIHFWXDUVHUHVSHFWRDORV)LVFDOHVGH'LVWULWR
DKRUD )LVFDOHV 'HSDUWDPHQWDOHV LQFOXVR GH PDQHUD SRVWHULRU D OD
UDWLILFDWRULD GH XQD UHVROXFLyQ GH VREUHVHLPLHQWR ~QLFDPHQWH SXHGH
UHIHULUDOSURFHGLPLHQWRFRPRSRUHMHPSORRPLVLRQHVHQODQRWLILFDFLyQ
D ODV SDUWHV SURFHVDOHV GLODFLyQ HQ OD HPLVLyQ GH OD FRUUHVSRQGLHQWH
UHVROXFLyQ HQWUH RWUDV TXH LQFLGDQ GLUHFWDPHQWH HQ GHUHFKRV
IXQGDPHQWDOHV \ JDUDQWtDVFRQVWLWXFLRQDOHV SHUR GH QLQJXQD PDQHUD D
ORVDUJXPHQWRVRDODIXQGDPHQWDFLyQLQYRFDGRVSRUODDXWRULGDGILVFDO
VXSHULRUMHUiUTXLFD GHIRUPD TXH SDUD OD LPSXJQDFLyQ D XQDLQGHELGD
LQWHUSUHWDFLyQ GH OHJDOLGDG OD HUUyQHD YDORUDFLyQ SUREDWRULD R XQD
RPLVLyQYDORUDWLYDQRHVQHFHVDULRDJRWDUSUHYLDPHQWHDOSODQWHDPLHQWR
GHO DPSDUR FRQVWLWXFLRQDO HO FRQWURO MXULVGLFFLRQDO SRU OR TXH SUHYLR
FXPSOLPLHQWR GH UHTXLVLWRV HVWDEOHFLGRV HQ OD MXULVSUXGHQFLD
FRUUHVSRQGH GH IRUPD GLUHFWD VX DFWLYDFLyQ /D 6&3 
FRPSOHPHQWD GLFKRV UD]RQDPLHQWRV VHxDODQGR TXH FRPR
FRQVHFXHQFLDGHOSURQXQFLDPLHQWRGHUHVROXFLRQHVMHUiUTXLFDVGHO)LVFDO
W


dW^:d

'HSDUWDPHQWDOTXHUHVXHOYDQREMHFLRQHVGHUHFKD]RRLPSXJQDFLRQHVD
VREUHVHLPLHQWRV TXHGD DJRWDGD OD YtD RUGLQDULD FRQIRUPH ORV
UD]RQDPLHQWRV H[SXHVWRV DQWHULRUPHQWH DFWLYiQGRVH OD MXULVGLFFLyQ
FRQVWLWXFLRQDO SDUD YHULILFDU VL VRQ HYLGHQWHV ODV OHVLRQHV DO GHELGR
SURFHVR IXQGDPHQWDFLyQ\FRQJUXHQFLD LQWHUSUHWDFLyQGHODOHJDOLGDG
RUGLQDULD\HUUyQHDYDORUDFLyQSUREDWRULDXRPLVLyQYDORUDWLYDVLQTXH
HOORLPSOLTXHXQDQiOLVLVGHIRQGRGHGLFKDVUHVROXFLRQHVUHVSHFWRGH
ORV IXQGDPHQWRV TXH PRWLYDURQ OD GHFLVLyQ GHO 0LQLVWHULR 3~EOLFR GH
UDWLILFDURUHYRFDUODVUHVROXFLRQHVLPSXJQDGDVQRVLHQGRDSOLFDEOHHQ
FRQVHFXHQFLD HO SULQFLSLR GH VXEVLGLDULHGDG GH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-,,,
&RUUHVSRQGHSUHFLVDUHOHQWHQGLPLHQWRGHOD6&5
HQ HO VHQWLGR GH TXH HO FRQWURO MXULVGLFFLRQDO TXH SXHGH HIHFWXDUVH
UHVSHFWR D ORV )LVFDOHV GH 'LVWULWR DKRUD )LVFDOHV 'HSDUWDPHQWDOHV
LQFOXVR GH PDQHUD SRVWHULRU D OD UDWLILFDWRULD GH XQD UHVROXFLyQ GH
VREUHVHLPLHQWR ~QLFDPHQWH SXHGH UHIHULU DO SURFHGLPLHQWR FRPR SRU
HMHPSORRPLVLRQHVHQODQRWLILFDFLyQDODVSDUWHVSURFHVDOHVGLODFLyQHQ
OD HPLVLyQ GH OD FRUUHVSRQGLHQWH UHVROXFLyQ HQWUH RWUDV TXH LQFLGDQ
GLUHFWDPHQWH HQ GHUHFKRV IXQGDPHQWDOHV \ JDUDQWtDV FRQVWLWXFLRQDOHV
SHUR GH QLQJXQD PDQHUD D ORV DUJXPHQWRV R D OD IXQGDPHQWDFLyQ
LQYRFDGRVSRUODDXWRULGDGILVFDOVXSHULRUMHUiUTXLFDGHIRUPDTXHSDUD
ODLPSXJQDFLyQ DXQDLQGHELGDLQWHUSUHWDFLyQ GH OHJDOLGDGODHUUyQHD
YDORUDFLyQSUREDWRULDRXQDRPLVLyQYDORUDWLYDQRHVQHFHVDULRDJRWDU
SUHYLDPHQWH DO SODQWHDPLHQWR GHO DPSDUR FRQVWLWXFLRQDO HO FRQWURO
MXULVGLFFLRQDOSRUORTXHSUHYLRFXPSOLPLHQWRGHUHTXLVLWRVHVWDEOHFLGRV
HQODMXULVSUXGHQFLDFRUUHVSRQGHGHIRUPDGLUHFWDVXDFWLYDFLyQ




 ([FHSFLRQHV DO SULQFLSLR GH VXEVLGLDULHGDG GH OD
DFFLyQGHDPSDUR5HVSHFWRDVDODULRVRVXHOGRVGHYHQJDGRV
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO


W


dW^:d


6&31RHVDSOLFDEOHHOSULQFLSLRGHVXEVLGLDULHGDGGHOD
DFFLyQ GH DPSDUR FRQVWLWXFLRQDO  UHVSHFWR D ORV VDODULRV R VXHOGRV
GHYHQJDGRVGDGRTXHSRUVXHVWUHFKDYLQFXODFLyQFRQODVXEVLVWHQFLD
\ OD YLGD PLVPD GH OD SHUVRQD \ VX IDPLOLD QR SRGUtD H[LJLUVH HO
DJRWDPLHQWR GH RWURV PHGLRV R UHFXUVRV TXH SRGUtDQ UHVXOWDU
LQHILFDFHVSRUHOWLHPSRTXHFRQOOHYDUtDVXWUDPLWDFLyQ

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOODDFFLRQDQWHGHQXQFLyTXHVH
YXOQHUDURQ VXV GHUHFKRV D OD VHJXULGDG VRFLDO D OD VDOXG DO SDJR GH
VXHOGRVMXVWRVDODYLGDDODDOLPHQWDFLyQ\DODGLJQLGDGWRGDYH]TXH
ODV DXWRULGDGHV PXQLFLSDOHV GHPDQGDGDV QR HIHFWLYL]DURQ OD
FDQFHODFLyQGHORVVXEVLGLRVSUHQDWDOGHQDWDOLGDG\GHODFWDQFLDTXHOH
FRUUHVSRQGtDQ SRU /H\ QL VXV VXHOGRV GHYHQJDGRV GHELGR D TXH HO
&RQFHMR0XQLFLSDOQRHPLWLyOD5HVROXFLyQGH$SUREDFLyQGHO,QIRUPH
GH(MHFXFLyQ3UHVXSXHVWDULD\(VWDGRV)LQDQFLHURVGHODJHVWLyQ
RFDVLRQDQGRTXHHO0LQLVWHULRGH(FRQRPtD\)LQDQ]DV3~EOLFDVRUGHQH
ODLQPRYLOL]DFLyQGHODVFXHQWDVILVFDOHVGHOPXQLFLSLRSRUWDOPRWLYR
OD DFFLRQDQWH VROLFLWD VH FRQFHGD OD WXWHOD \ VH GLVSRQJD TXH ODV
DXWRULGDGHV GHPDQGDGDV FDQFHOHQ GH PDQHUDLQPHGLDWD WUHV PHVHVGH
VXEVLGLRSUHQDWDOHOGHQDWDOLGDG\GHODFWDQFLDDVtFRPRORVVXHOGRV
GHYHQJDGRV(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDOFRQILUPyHQSDUWH
ODUHVROXFLyQUHYLVDGDFRQFHGLHQGRODWXWHODFRQUHODFLyQDOD$OFDOGHVD
GHPDQGDGD \ GHQHJiQGROD UHVSHFWR D ORV &RQFHMDOHV FRGHPDQGDGRV
SHUR DQWHV VH SURQXQFLy VREUH OD DSOLFDFLyQ GHO SULQFLSLR GH
VXEVLGLDULHGDGGHODDFFLyQGHDPSDURFRQVWLWXFLRQDO

([WUDFWRGHODUDWLRGHFLGHQGL

)- ,,, )LQDOPHQWH VHxDODU TXH OD DSOLFDFLyQ GHO SULQFLSLR GH
VXEVLGLDULHGDG H[FHSFLRQDO GH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO DO
FDVR SDUWLFXODU GHVDUUROODGR HQ HO )XQGDPHQWR -XUtGLFR ,,, GH HVWD
DFFLyQGHDPSDURFRQVWLWXFLRQDOHVHQUD]yQGHODWXWHODDORVGHUHFKRV
DODVHJXULGDGVRFLDOWUDGXFLGDHQORVVXEVLGLRVQRFDQFHODGRVDVtFRPR
GH ORV VDODULRV GHYHQJDGRV DGHXGDGRV D OD DKRUD DFFLRQDQWH SRU
FRQVWLWXLUHVWRVGHUHFKRVFX\DYXOQHUDFLyQDIHFWDQQRVyORDODPDGUHD
VXKLMRPHQRUGHXQDxRGHHGDGVLQRDWRGRVXQ~FOHRIDPLOLDUFX\D
SURWHFFLyQHVSHFLDO\FRQVWLWXFLRQDOHVGHEHUGHO(VWDGRPi[LPHVLVX
LQFXPSOLPLHQWR DIHFWD QR VROR D ORV GHUHFKRV D OD VDOXG \ D OD
DOLPHQWDFLyQVLQRWDPELpQDOGHUHFKRDODYLGDFX\DWXWHODQRSXHGH
HVWDU FRQGLFLRQDGD DO DJRWDPLHQWR SUHYLR GH YtDV RUGLQDULDV R
DGPLQLVWUDWLYDV FLUFXQVWDQFLD TXH GHWHUPLQD VH DEUD HO iPELWR GH
SURWHFFLyQGHHVWDDFFLyQGHGHIHQVD

W


dW^:d

6LQWHVLVGHODUDWLRGHFLGHQGL

6HLQJUHVDDODQiOLVLVGHIRQGRHIHFWXDQGRXQDH[FHSFLyQDOSULQFLSLR
GHVXEVLGLDULHGDGGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOSRUFXDQWRHO
GHUHFKRDODVHJXULGDGVRFLDOWUDGXFLGRHQORVVXEVLGLRVQRFDQFHODGRV
DVt FRPR ORV VDODULRV GHYHQJDGRV PHUHFHQ WXWHOD LQPHGLDWD VLQ
FRQGLFLRQDUODDODJRWDPLHQWRSUHYLRGHYtDVRUGLQDULDVRDGPLQLVWUDWLYDV
SRUFXDQWRVXYXOQHUDFLyQDIHFWDQRVyORDODPDGUHDVXKLMRPHQRUGH
XQDxRGHHGDGVLQRDWRGRVXQ~FOHRIDPLOLDUFX\DSURWHFFLyQHVSHFLDO
\FRQVWLWXFLRQDOHVGHEHUGHO(VWDGR

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

/DMXULVSUXGHQFLDFRQVWLWXFLRQDODSDUWLUGHVXFRQILJXUDFLyQSURFHVDO\
OHJDO KD HVWDEOHFLGR HO FDUiFWHU VXEVLGLDULR GH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO 6& 5  VLQ HPEDUJR HQ HO GHVDUUROOR
MXULVSUXGHQFLDO KD LGR HIHFWXDQGR H[FHSFLRQHV D GLFKR FDUiFWHU TXH
LQFOXVLYH DFWXDOPHQWH HVWiQ FRQILJXUDGDV HQ HO &yGLJR SURFHVDO
&RQVWLWXFLRQDO
$Vt KD HVWDEOHFLGR H[FHSFLRQHV HQ YLUWXG D D  /D H[LVWHQFLD GH GDxR
LUUHSDUDEOHRLUUHPHGLDEOH 66&&33
/ E 0HGLRVGHGHIHQVDLQHILFDFHV
  F  9tDV R PHGLGDV GH KHFKR  






// G &XDQGRVHWUDWH
GHJUXSRVGHSULRULWDULDDWHQFLyQ  
H  3RU GDxR LQPLQHQWH H LUUHSDUDEOH DO GHUHFKR DO DJXD  
 
I  3RU GDxR LQPLQHQWH H LUUHSDUDEOH HQ HO DFFHVR D OD HGXFDFLyQ 
 J 5HWLURLQWHPSHVWLYR / K 
$QWH LQFXPSOLPLHQWR D OD FRQPLQDWRULD GH UHLQFRUSRUDFLyQ 



    /
///// 
L (QWHPDVGHUDFLVPR\GLVFULPLQDFLyQM &XDQGRVHYXOQHUDHOGHUHFKR
DODVHJXULGDGVRFLDO  

/D 6&3  LQWURGXFH XQD QXHYD H[FHSFLyQ DO SULQFLSLR GH
VXEVLGLDULHGDGYLQFXODGDDORVVDODULRVRVXHOGRVGHYHQJDGRV
W


dW^:d



([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

6&3
)-,,,DOVHUODQDWXUDOH]D\ILQGHOVDODULRTXHpVWHVHDGHVWLQDGR
D FXEULU ODV QHFHVLGDGHV YLWDOHV GHO WUDEDMDGRU \ VX IDPLOLD HQ IRUPD
GLDULD VX FDQFHODFLyQ RSRUWXQD UHYLVWHQ GH XQD JUDQ LPSRUWDQFLD GH
GRQGHVHHVWDEOHFHTXHVXQRSDJRGHQWURGHORVSOD]RVILMDGRVDOVHUHQ
DOJXQRVFDVRVOD~QLFDIXHQWHGHLQJUHVRVGHOQ~FOHRIDPLOLDUpVWHVHYH
DIHFWDGRHQVXPHGLRGHVXEVLVWHQFLDTXHSXHGHOOHJDUDLQFLGLUHQVX
VDOXGHLQFOXVLYHHQODYLGDGHOWUDEDMDGRU\VXVGHSHQGLHQWHVSRUORTXH
DPSOLDQGR HO iPELWR GH DSOLFDFLyQ H[FHSFLRQDO GHO SULQFLSLR GH
VXEVLGLDULHGDG GH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO \ OD HVSHFLDO
SURWHFFLyQTXHGHEHEULQGDUVHDDTXHOORVGHUHFKRVIXQGDPHQWDOHVFX\D
UHVWULFFLyQRYXOQHUDFLyQLPSOLTXHQXQDDIHFWDFLyQGLUHFWDDOGHUHFKRD
OD YLGD pVWH DEDUFDUi WDPELpQ DO GHUHFKR D ORV VDODULRV R VXHOGRV
GHYHQJDGRVORVFXDOHVDGHPiVGHHVWDUSURWHJLGRV\DPSDUDGRVSRUOD
&RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR VX QR SHUFHSFLyQ RSRUWXQD
GHVQDWXUDOL]DHOILQGHOVDODULRFXDOHVFXEULUODVQHFHVLGDGHVEiVLFDGHO
WUDEDMDGRU\VXIDPLOLDSRUFXDQWRDOHVWDUYLQFXODGRDODVXEVLVWHQFLD\
DODYLGDPLVPDGHODSHUVRQDQRSRGUtDH[LJLUVHTXHHODIHFWDGRDJRWH
WRGDYtDRWURVPHGLRVUHFXUVRVRUGLQDULRVRDGPLQLVWUDWLYRVRFXDOTXLHU
RWUDYtDLGyQHDSUHYLVWDSDUDHOHIHFWRSXHVVXUHFODPRSRGUtDUHVXOWDU
LQHILFD]SRUHOWLHPSRTXHFRQOOHYDUtDVXWUDPLWDFLyQ



 ([FHSFLRQHV DO SULQFLSLR GH VXEVLGLDULHGDG GH OD
DFFLyQGHDPSDUR9tDVRPHGLGDVGHKHFKR
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO


W


dW^:d

6&3   3URFHGH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO GH


PDQHUD GLUHFWD SDUD FDVRV HQ ORV FXDOHV  VH YXOQHUHQ GHUHFKRV
PHGLDQWH YtDV R PHGLGDV GH KHFKR SRU HMHUFHUVH MXVWLFLD SRU PDQR
SURSLDSUHVFLQGLHQGRGHORVPHFDQLVPRVMXULVGLFFLRQDOHVUHFRQRFLGRV
HQODQRUPDWLYD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOVHGHQXQFLyODYXOQHUDFLyQGHO
GHUHFKRGHSURSLHGDGSRUTXHXQJUXSRGHSHUVRQDVGHPDQHUDYLROHQWD
LQYDGLyWHUUHQRVGHORVDFFLRQDQWHV(QEDVHDHVWRVKHFKRVVHDOHJyOD
YXOQHUDFLyQGHOGHUHFKRDODSURSLHGDGSULYDGD\VHSLGLyODUHVWLWXFLyQ
GH HVWH GHUHFKR FRQ HO DX[LOLR GH OD IXHU]D S~EOLFD (O 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO HQ VX 6DOD /LTXLGDGRUD DSUREy OD
UHVROXFLyQ GHO 7ULEXQDO GH *DUDQWtDV \ FRQFHGLy OD WXWHOD GH PDQHUD
SURYLVLRQDOSRUKDEHUVHLQJUHVDGRDODSURSLHGDGGHORVDFFLRQDQWHVGH
PDQHUDYLROHQWD\PHGLDQWHDFFLRQHVRPHGLGDVGHKHFKR

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,


'HQWUR GH HVH PDUFR \ DSOLFDQGR HO UD]RQDPLHQWR VHxDODGR HQ ORV
)XQGDPHQWRV-XUtGLFRV,,,\ ,,,GHOFDVRHQDQiOLVLVVHHYLGHQFLD
TXHHIHFWLYDPHQWHORVGHPDQGDGRVLQJUHVDURQDODSURSLHGDGHMHUFLHQGR
DFFLRQHV GH YLROHQFLD \ DPHQD]DV KDFLD ORV SURSLHWDULRV PDV FXDQGR
HVWRVVHSUHVHQWDURQHQHOOXJDUGHORVKHFKRVDILQGHGHPRVWUDUOHVFRQ
GRFXPHQWDFLyQ HO GHUHFKRSURSLHWDULR \ SRVHVRULRIXHURQ DPHQD]DGRV
LQFOXVLYHGHPXHUWHFRQVWLWX\pQGRVHHVWRVDFWRVHQYtDVGHKHFKRTXH
QRHQFXHQWUDQVXVWHQWROHJDODOJXQR\TXHKDFHQYLDEOHODSURWHFFLyQD
WUDYpVGHHVWDJDUDQWtDMXULVGLFFLRQDOSUHVFLQGLHQGRLQFOXVRGHODVYtDV
OHJDOHVTXHSXGLHUDQH[LVWLUDQWHHOGDxRLQPLQHQWHDOTXHHVWiH[SXHVWD
WRGD SHUVRQD FX\D SURSLHGDG SULYDGD VHD GHVSRMDGD R DYDVDOODGD SRU
WHUFHURV DMHQRV FRQ DFFLRQHV GH YLROHQFLD FRQ OD FRQVLJXLHQWH
YXOQHUDFLyQGHGHUHFKRVFRQVWLWXFLRQDOHV


6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SRUTXH ORV GHPDQGDGRV
PHGLDQWH YtDV GH KHFKR LQJUHVDURQ D OD SURSLHGDG GHO DFFLQDQWH
YXOQHUDQGRSRUWDQWRVXGHUHFKRDODSURSLHGDG

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

W


dW^:d


(O7ULEXQDO&RQVWLWXFLRQDODSDUWLUGHVXFRQILJXUDFLyQSURFHVDO\OHJDO
KD HVWDEOHFLGR HO FDUiFWHU VXEVLGLDULR GH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO 6& 5  $VLPLVPR KD GHVDUUROODGR DOJXQDV
H[FHSFLRQHVTXHVHFRQVWLWX\HQHQVLWXDFLRQHVTXHSRVLELOLWDQLQJUHVDU
GLUHFWDPHQWHDODQiOLVLVGHIRQGRGHODFDXVDDWUDYpVGHODDFFLyQGH
DPSDUR FRQVWLWXFLRQDO VLQ QHFHVLGDG GH DJRWDU ORV PHGLRV LGyQHRV
SUHYLVWRVHQODOH\ 6&55$&5\
5 TXHIXHURQFRQVWUXLGRVMXULVSUXGHQFLDOPHQWHFRPRVHU
 $FWRVSURYHQLHQWHVGHSDUWLFXODUHVRGHO(VWDGRYLQFXODGRVDYtDVR
PHGLGDV GH KHFKR 66&&  5 5 5
  ([LVWHQFLDGHGDxRLUUHSDUDEOHRSHUMXLFLRLUUHPHGLDEOH
66&& 5 5 5 
   /   R
HVSHFtILFDPHQWHSRUGDxRLQPLQHQWHHLUUHSDUDEOHDOGHUHFKRDODJXD

 SRUGDxRLQPLQHQWHHLUUHSDUDEOHHQHODFFHVRDODHGXFDFLyQ
  H[LJLHQGR LGHQWLILFDU HO ELHQMXUtGLFR GHVWUXLGR GH PRGR
LUUHPHGLDEOH H LUUHYHUVLEOH TXH MXVWLILTXH OD H[FOXVLyQ GH OD
VXEVLGLDULHGDG HQ OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO   
&XDQGR H[LVWH XQ PHGLR GH GHIHQVD SHUR pVWH HV LQHILFD] 6&
5 GH  GH PD\R \    PXWD OD
MXULVSUXGHQFLDFRQWHQLGDHQODV66&&\UHVSHFWR
DO  LQFLGHQWH GH QXOLGDG GH QRWLILFDFLyQ HQ SURFHVRV DGPLQLVWUDWLYRV
VDQFLRQDGRU DGXDQHUR VHxDODQGR TXH HVWH HV XQ PHGLR GH GHIHQVD
LQHILFD]  3DUDODUHDOL]DFLyQGHMXVWLFLDPDWHULDO 6&5GH
 GH GLFLHPEUH    &XDQGR VH GHPDQGDQ GHUHFKRV GH SHUVRQDV
SHUWHQHFLHQWHV D JUXSRV GH SULRULWDULD DWHQFLyQ JUXSRV GH SURWHFFLyQ
UHIRU]DGD 66&&5\5
 RGHPXMHUHPEDUD]DGD 6&5GHGHPD\R 
SHUVRQDV FRQ FDSDFLGDGHV GLIHUHQWHV 6&3  GH  GH
VHSWLHPEUH  \   (Q WHPDV GH UDFLVPR \ GLVFULPLQDFLyQ 6&3
 GH  GH MXQLR    5HWLUR LQWHPSHVWLYR  
/    $QWH LQFXPSOLPLHQWR D OD FRQPLQDWRULD GH
UHLQFRUSRUDFLyQ       &XDQGR VH
YXOQHUD HO GHUHFKR D OD VHJXULGDG VRFLDO     (Q WHPDV
YLQFXODGRVDORVVDODULRV\VXHOGRVGHYHQJDGRV 6&3 

(Q HVSHFtILFR VREUH OD H[FHSFLyQ D OD VXEVLGLDULHGDG GH OD DFFLyQ GH
DPSDURHQDFWRVYLQFXODGRVDPHGLGDVGHKHFKRODOtQHDMXULVSUXGHQFLDO
HVODVLJXLHQWH

/D6&5SURQXQFLDGDSRUHO7ULEXQDO&RQVWLWXFLRQDO
GHORVGLH]DxRVVHxDOy
 'HQWURGHHVRVVXSXHVWRVH[FHSFLRQDOHV
HQ ORV TXH HO DPSDUR HQWUD D WXWHODU GH PDQHUD GLUHFWD H LQPHGLDWD
SUHVFLQGLHQGRLQFOXVLYHGHVXFDUiFWHUVXEVLGLDULRHVWiODWXWHODFRQWUD
DFFLRQHVRPHGLGDVGHKHFKRFRPHWLGDVSRUDXWRULGDGHVS~EOLFDVRSRU
W


dW^:d

SDUWLFXODUHV HQWHQGLGDV pVWDV FRPR ORV DFWRV LOHJDOHV DUELWUDULRV TXH


GHVFRQRFHQ\SUHVFLQGHQGHODVLQVWDQFLDVOHJDOHV\SURFHGLPLHQWRVTXH
HORUGHQDPLHQWRMXUtGLFREULQGDUHDOL]DQGRMXVWLFLDGLUHFWDFRQDEXVR
GHOSRGHUTXHGHWHQWDQIUHQWHDODJUDYLDGRDFWRVTXHUHVXOWDQLOHJtWLPRV
SRUQRWHQHUUHVSDOGROHJDODOJXQR\TXHSRUHOGDxRRFDVLRQDGR\OD
JUDYHGDG GH ORV PLVPRV PHUHFHQ OD WXWHOD LQPHGLDWD TXH EULQGD HO
DPSDURSRUYXOQHUDUGHUHFKRVIXQGDPHQWDOHV




3RVWHULRUPHQWHOD6&5SURQXQFLDSRUHO7ULEXQDO
7UDQVLWRULRGHVDUUROOyVXEUHJODVMXULVSUXGHQFLDOHVUHVWULFWLYDVHQFXDQWR
D ORVUHTXLVLWRV YLQFXODGRV DDFWRV R PHGLGDV GH KHFKR HQWUH HOORVOD
H[LJHQFLD GHO DJRWDPLHQWR GH LQVWDQFLDV MXULVGLFFLRQDOHV R
DGPLQLVWUDWLYDVVLHVTXHQRVHSUHVHQWyGHPDQHUDRSRUWXQDHLQPHGLDWD
ODDFFLyQGHDPSDURFRQVWLWXFLRQDO6RVWXYR
 'HEHH[LVWLUXQDGHELGD
IXQGDPHQWDFLyQ \ DFUHGLWDFLyQ REMHWLYD GH TXH HIHFWLYDPHQWH VH HVWi
IUHQWHDXQDPHGLGDGHKHFKRR
MXVWLFLD D PDQR SURSLD GRQGH HO DJUDYLDGR R DFFLRQDQWH VH HQFXHQWUH
DQWHXQDVLWXDFLyQGHGHVSURWHFFLyQRGHVYHQWDMDIUHQWHDOGHPDQGDGRR
DJUHVRUVHDDXWRULGDGIXQFLRQDULRRSDUWLFXODU
RJUXSRGHSHUVRQDVSRUODGHVSURSRUFLRQDOLGDGGHORVPHGLRVRDFFLyQ
OD
SUHVHQWDFLyQGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOGHEHVHUGHPDQHUD
RSRUWXQD
HLQPHGLDWDKDFLHQGRDEVWUDFFLyQGHODVXEVLGLDULHGDG'HORFRQWUDULR
QR
MXVWLILFDUtDODSUHPXUDQLJUDYHGDG\GHEHUiDJRWDUODVLQVWDQFLDV
MXULVGLFFLRQDOHV R DGPLQLVWUDWLYDV SHUWLQHQWHV VHJ~Q VHD HO FDVR \
DJRWDGDV
ODVPLVPDVDFXGLUDODMXULVGLFFLyQFRQVWLWXFLRQDO




       (Q HVH RUGHQ OD 6&  HPLWLGD SRU HO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOUHFRQRFLHQGRODXQLIRUPHMXULVSUXGHQFLD
VREUHODH[FHSFLyQDODVXEVLGLDULHGDGHQDFWRVYLQFXODGRVDPHGLGDVR
YtDV GH KHFKR  HVWDEOHFLy
ODV YtDV GH KHFKR FRQVWLWX\HQ XQD
H[FHSFLyQDODDSOLFDFLyQGHOSULQFLSLRGHVXEVLGLDULHGDGSRUWDQWRHO
FRQWURO WXWHODU GH FRQVWLWXFLRQDOLGDG SXHGH VHU DFWLYDGR IUHQWH D HVWDV
FLUFXQVWDQFLDV VLQ QHFHVLGDG GH DJRWDU SUHYLDPHQWH RWURV PHFDQLVPRV
RUGLQDULRVGHGHIHQVD 
3RUORPLVPRODV666&&5\
FRQWLHQHQHOHVWiQGDUPiVDOWRGHSURWHFFLyQUHVSHFWRDOD
H[FHSFLyQDODVXEVLGLDULHGDGHQDFWRVYLQFXODGRVDPHGLGDVGHKHFKR


W


dW^:d



/D OtQHD MXULVSUXGHQFLDO DVXPLGD HQ VHQWLGR TXH VH KDFH XQD
H[FHSFLyQDODVXEVLGLDULHGDGHQODDFFLyQGHDPSDURFRQVWLWXFLRQDOSRU
YtDV GH KHFKR FRQWHQLGD HQ ODV 66&& 5 6& 
HQWUHRWUDVVHDPSOLyDWUDYpVGHOD6&3TXHPRGXODQGROD
OtQHDMXULVSUXGHQFLDOVHxDOyTXHFXDQGRVHWUDWDGHYtDVGHKHFKRGH
SDUWLFXODUHVSURFHGHODSUHVHQWDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDG\
GHWRGDVODVDFFLRQHVGHGHIHQVD

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-
,,,
/DDFFLyQGHDPSDURFRQVWLWXFLRQDO\HODOFDQFHIUHQWH
DPHGLGDVGHKHFKR

/DDFFLyQGHDPSDURFRQVWLWXFLRQDOKDVLGRLQVWLWXLGDSRUHODUWGH
OD&3(\VHULJHSRUORVSULQFLSLRVGHLQPHGLDWH]\VXEVLGLDULHGDGGH
DFXHUGRDODFRQILJXUDFLyQSUHYLVWDHQHODUW,FXDQGRHVWDEOHFHTXH
VH SRGUi LQWHUSRQHU HVWD DFFLyQ WXWHODU
VLHPSUH TXH QR H[LVWD RWUR
PHGLR R UHFXUVROHJDO SDUD OD SURWHFFLyQLQPHGLDWD GH ORVGHUHFKRV \
JDUDQWtDV UHVWULQJLGRV VXSULPLGRV R DPHQD]DGRV HV GHFLU TXH OD
SURWHFFLyQTXHEULQGDHVWDYLQFXODGDVLHPSUHDODLQH[LVWHQFLDGHRWUR
UHFXUVR R YtD OHJDO SDUD OD WXWHOD GH ORV GHUHFKRV TXH VH HVWLPDQ
OHVLRQDGRVVLQHPEDUJRDWUDYpVGHODMXULVSUXGHQFLDFRQVWLWXFLRQDOVH
KD HVWDEOHFLGR OD SURFHGHQFLD H[FHSFLRQDO SUHVFLQGLpQGRVH GH VX
QDWXUDOH]DVXEVLGLDULDHQORVFDVRVTXHVHDGYLHUWDODH[LVWHQFLDGHXQD
OHVLyQ HYLGHQWH DO GHUHFKR R VH KD\D RFDVLRQDGR GDxR LUUHSDUDEOH
SURYHQLHQWHGHPHGLGDVGHKHFKRFRPHWLGDVSRUDXWRULGDGHVSXEOLFDVR
SRU SHUVRQDV SDUWLFXODUHV VLWXDFLyQ TXH PHUHFH XQD SURWHFFLyQ
LQPHGLDWDSRUTXHGHORFRQWUDULRODPLVPDUHVXOWDUtDLQHILFD]

6REUHHOSDUWLFXODUVHHVWDEOHFHTXHODVDFFLRQHVRPHGLGDVGHKHFKR
FRQVWLWX\HQ
ORV DFWRV LOHJDOHV DUELWUDULRV TXH GHVFRQRFHQ \
SUHVFLQGHQ GH ODV LQVWDQFLDV OHJDOHV \ SURFHGLPLHQWRV TXH HO
RUGHQDPLHQWRMXUtGLFREULQGDUHDOL]DQGRMXVWLFLDGLUHFWDFRQDEXVRGHO
SRGHUTXHGHWHQWDQIUHQWHDODJUDYLDGRDFWRVTXHUHVXOWDQLOHJtWLPRVSRU
QR WHQHU UHVSDOGR OHJDO DOJXQR \ TXH SRU HO GDxR RFDVLRQDGR \ OD
JUDYHGDG GH ORV PLVPRV PHUHFHQ OD WXWHOD LQPHGLDWD TXH EULQGD HO
DPSDUR SRU YXOQHUDU GHUHFKRV IXQGDPHQWDOHV
 \ HQ FXDQWR D ORV
IXQGDPHQWRVGHODSUHVFLQGHQFLDGHODVXEVLGLDULHGDGDJUHJyTXH
/D
LGHDTXHLQVSLUDODSURWHFFLyQQRHVRWUDTXHHOFRQWURODODEXVRGHOSRGHU
\HOGHYHODUSRUODREVHUYDQFLDGHODSURKLELFLyQGHKDFHUVHMXVWLFLDSRU
PDQR SURSLDFRQWURO TXHVH H[WLHQGH WDQWR DODVDXWRULGDGHV S~EOLFDV
FRPRDORVSDUWLFXODUHVTXHORHMHUFHQGHPDQHUDDUELWUDULDSRUGLIHUHQWHV
UD]RQHV\HQGHWHUPLQDGDVFLUFXQVWDQFLDV
  %DMRHOUD]RQDPLHQWRGH
TXHXQ(VWDGRXQLWDULRVRFLDOGHGHUHFKRFRQFDUDFWHUtVWLFDV SURSLDV
FX\D SREODFLyQ HVWi FRQIRUPDGD SRU ORV EROLYLDQRV \ EROLYLDQDV ODV
GLYHUVDV QDFLRQHV \ SXHEORV LQGtJHQDV RULJLQDULRV FDPSHVLQRV ODV
W


dW^:d

FRPXQLGDGHVLQWHUFXOWXUDOHV\DIUREROLYLDQDVWDOFXDOHVWDEOHFHORVDUWV
 \  GH OD &3( ORV DFWRV DO PDUJHQ GHO SOXUDOLVPR MXUtGLFR \
FRQYLYHQFLD GH ODV GLYHUVDV MXULVGLFFLRQHV TXH SRU VX DUELWUDULHGDG H
LQWROHUDQFLD VH FRQVWLWX\HQ HQ YtDV R PHGLGDV GH KHFKR R MXVWLFLD
LQFRQWURODGDDPDQRSURSLDVRQVLWXDFLRQHVLQWROHUDEOHVTXHGHEHQVHU
FRQWURODGDVRHYLWDGDVHVWHWULEXQDODWUDYpVGHOD6&5GH
 GH PD\R   VHxDOy TXH
7UDWiQGRVH GH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO FRPR PHGLR UHSDUDGRU DQWH GLFKDV VLWXDFLRQHV
H[FHSFLRQDOHVGHPHGLGDVGHKHFKRVHGHEHWHQHUSUHVHQWHTXHWDQWRHQ
OD FRQILJXUDFLyQ GH OD DEURJDGD FRPR GH OD YLJHQWH &RQVWLWXFLyQ KD
WHQLGR \ WLHQH XQD QDWXUDOH]D VXEVLGLDULD   1R REVWDQWH H[LVWHQ
VLWXDFLRQHV H[FHSFLRQDOHV HQ ODV TXH HO DJRWDPLHQWR GH WDOHV YtDV
LPSOLFDUtD OD FRQVXPDFLyQ LUUHYHUVLEOH GH OD YXOQHUDFLyQ GHO GHUHFKR
FRQHOFRQVLJXLHQWHGDxRLUUHPHGLDEOHHQFX\RFDVRODWXWHODUHVXOWDUtD
LQHILFD] HQ HO TXH SRU OD H[LVWHQFLD GH DFFLRQHV GH KHFKR R MXVWLFLD
GLUHFWD R D PDQR SURSLD TXH SXHGH VHU SURYHQLHQWH GH SDUWH GH
DXWRULGDGHVRIXQFLRQDULRVS~EOLFRVRGHSDUWLFXODUHVVHKDFHXUJHQWH
OD WXWHOD LQPHGLDWD SUHVFLQGLHQGR GH ODV YtDV OHJDOHV TXH SXGLHVHQ
H[LVWLUDHIHFWRVGHTXHFHVHQODVLOHJDOLGDGHV\DFWRVKRVWLOHVFRQOD
FRQVLJXLHQWHDIHFWDFLyQLQFOXVLYHGHRWURVGHUHFKRVIXQGDPHQWDOHVSRU
WDQWR HQ HVRV FDVRV FRUUHVSRQGH LQJUHVDU DO DQiOLVLV GH IRQGR GH OD
SUREOHPiWLFD SODQWHDGD

 HQWHQGLPLHQWR DVXPLGR SRU ODV 66&&


5\5 





)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   1R VH DSOLFD HO SULQFLSLR GH VXEVLGLDULHGDG
H[FHSFLRQDO GH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HQ ORV FDVRV GH
YXOQHUDFLyQGHGHUHFKRVPHGLDQWHYtDVRPHGLGDVGHKHFKR

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOVHGHQXQFLyODYXOQHUDFLyQGHO
GHUHFKRGHSURSLHGDGSRUTXHXQJUXSRGHSHUVRQDVGHPDQHUDYLROHQWD
LQYDGLyWHUUHQRVGHORVDFFLRQDQWHV(QEDVHDHVWRVKHFKRVVHDOHJyOD
YXOQHUDFLyQGHOGHUHFKRDODSURSLHGDGSULYDGD\VHSLGLyODUHVWLWXFLyQ
W


dW^:d


GH HVWH GHUHFKR FRQ HO DX[LOLR GH OD IXHU]D S~EOLFD (O 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO HQ VX 6DOD /LTXLGDGRUD DSUREy OD
UHVROXFLyQ GHO 7ULEXQDO GH *DUDQWtDV \ FRQFHGLy OD WXWHOD GH PDQHUD
SURYLVLRQDOSRUKDEHUVHLQJUHVDGRDODSURSLHGDGGHORVDFFLRQDQWHVGH
PDQHUDYLROHQWD\PHGLDQWHDFFLRQHVRPHGLGDVGHKHFKR

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,


'HQWUR GH HVH PDUFR \ DSOLFDQGR HO UD]RQDPLHQWR VHxDODGR HQ ORV
)XQGDPHQWRV-XUtGLFRV,,,\ ,,,GHOFDVRHQDQiOLVLVVHHYLGHQFLD
TXHHIHFWLYDPHQWHORVGHPDQGDGRVLQJUHVDURQDODSURSLHGDGHMHUFLHQGR
DFFLRQHV GH YLROHQFLD \ DPHQD]DV KDFLD ORV SURSLHWDULRV PDV FXDQGR
HVWRVVHSUHVHQWDURQHQHOOXJDUGHORVKHFKRVDILQGHGHPRVWUDUOHVFRQ
GRFXPHQWDFLyQ HO GHUHFKRSURSLHWDULR \ SRVHVRULRIXHURQ DPHQD]DGRV
LQFOXVLYHGHPXHUWHFRQVWLWX\pQGRVHHVWRVDFWRVHQYtDVGHKHFKRTXH
QRHQFXHQWUDQVXVWHQWROHJDODOJXQR\TXHKDFHQYLDEOHODSURWHFFLyQD
WUDYpVGHHVWDJDUDQWtDMXULVGLFFLRQDOSUHVFLQGLHQGRLQFOXVRGHODVYtDV
OHJDOHVTXHSXGLHUDQH[LVWLUDQWHHOGDxRLQPLQHQWHDOTXHHVWiH[SXHVWD
WRGD SHUVRQD FX\D SURSLHGDG SULYDGD VHD GHVSRMDGD R DYDVDOODGD SRU
WHUFHURV DMHQRV FRQ DFFLRQHV GH YLROHQFLD FRQ OD FRQVLJXLHQWH
YXOQHUDFLyQGHGHUHFKRVFRQVWLWXFLRQDOHV


6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SRUTXH ORV GHPDQGDGRV
PHGLDQWHYtDVGHKHFKRLQJUHVDURQDODSURSLHGDGGHODFFLRQDQWHSRUOR
TXH SDUD HIHFWRV GH WXWHOD VH DSOLFy OD IOH[LELOL]DFLyQ DO SULQFLSLR GH
VXEVLGLDULHGDG

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDODSDUWLUGHVXFRQILJXUDFLyQSURFHVDO\OHJDO
KD HVWDEOHFLGR HO FDUiFWHU VXEVLGLDULR GH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO 6& 5  $VLPLVPR KD GHVDUUROODGR DOJXQDV
H[FHSFLRQHVTXHVHFRQVWLWX\HQHQVLWXDFLRQHVTXHSRVLELOLWDQLQJUHVDU
GLUHFWDPHQWHDODQiOLVLVGHIRQGRGHODFDXVDDWUDYpVGHODDFFLyQGH
DPSDUR FRQVWLWXFLRQDO VLQ QHFHVLGDG GH DJRWDU ORV PHGLRV LGyQHRV
SUHYLVWRVHQODOH\ 6&55$&5\
5 TXHIXHURQFRQVWUXLGRVMXULVSUXGHQFLDOPHQWHFRPRVHU
 $FWRVSURYHQLHQWHVGHSDUWLFXODUHVRGHO(VWDGRYLQFXODGRVDYtDVR
PHGLGDV GH KHFKR 66&&  5 5 5
  ([LVWHQFLDGHGDxRLUUHSDUDEOHRSHUMXLFLRLUUHPHGLDEOH
66&& 5 5 5 
W


dW^:d

   /   R


HVSHFtILFDPHQWHSRUGDxRLQPLQHQWHHLUUHSDUDEOHDOGHUHFKRDODJXD

 SRUGDxRLQPLQHQWHHLUUHSDUDEOHHQHODFFHVRDODHGXFDFLyQ
  H[LJLHQGR LGHQWLILFDU HO ELHQMXUtGLFR GHVWUXLGR GH PRGR
LUUHPHGLDEOH H LUUHYHUVLEOH TXH MXVWLILTXH OD H[FOXVLyQ GH OD
VXEVLGLDULHGDG HQ OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO   
&XDQGR H[LVWH XQ PHGLR GH GHIHQVD SHUR pVWH HV LQHILFD] 6&
5 GH  GH PD\R \    PXWD OD
MXULVSUXGHQFLDFRQWHQLGDHQODV66&&\UHVSHFWR
DO  LQFLGHQWH GH QXOLGDG GH QRWLILFDFLyQ HQ SURFHVRV DGPLQLVWUDWLYRV
VDQFLRQDGRU DGXDQHUR VHxDODQGR TXH HVWH HV XQ PHGLR GH GHIHQVD
LQHILFD]  3DUDODUHDOL]DFLyQGHMXVWLFLDPDWHULDO 6&5GH
 GH GLFLHPEUH    &XDQGR VH GHPDQGDQ GHUHFKRV GH SHUVRQDV
SHUWHQHFLHQWHV D JUXSRV GH SULRULWDULD DWHQFLyQ JUXSRV GH SURWHFFLyQ
UHIRU]DGD 66&&5\5
 RGHPXMHUHPEDUD]DGD 6&5GHGHPD\R 
SHUVRQDV FRQ FDSDFLGDGHV GLIHUHQWHV 6&3  GH  GH
VHSWLHPEUH  \   (Q WHPDV GH UDFLVPR \ GLVFULPLQDFLyQ 6&3
 GH  GH MXQLR    5HWLUR LQWHPSHVWLYR  
/    $QWH LQFXPSOLPLHQWR D OD FRQPLQDWRULD GH
UHLQFRUSRUDFLyQ       &XDQGR VH
YXOQHUD HO GHUHFKR D OD VHJXULGDG VRFLDO     (Q WHPDV
YLQFXODGRVDORVVDODULRV\VXHOGRVGHYHQJDGRV 6&3 

(Q HVSHFtILFR VREUH OD H[FHSFLyQ D OD VXEVLGLDULHGDG GH OD DFFLyQ GH
DPSDURHQDFWRVYLQFXODGRVDPHGLGDVGHKHFKRODOtQHDMXULVSUXGHQFLDO
HVODVLJXLHQWH

/D6&5SURQXQFLDGDSRUHO7ULEXQDO&RQVWLWXFLRQDO
GHORVGLH]DxRVVHxDOy
 'HQWURGHHVRVVXSXHVWRVH[FHSFLRQDOHV
HQ ORV TXH HO DPSDUR HQWUD D WXWHODU GH PDQHUD GLUHFWD H LQPHGLDWD
SUHVFLQGLHQGRLQFOXVLYHGHVXFDUiFWHUVXEVLGLDULRHVWiODWXWHODFRQWUD
DFFLRQHVRPHGLGDVGHKHFKRFRPHWLGDVSRUDXWRULGDGHVS~EOLFDVRSRU
SDUWLFXODUHV HQWHQGLGDV pVWDV FRPR ORV DFWRV LOHJDOHV DUELWUDULRV TXH
GHVFRQRFHQ\SUHVFLQGHQGHODVLQVWDQFLDVOHJDOHV\SURFHGLPLHQWRVTXH
HORUGHQDPLHQWRMXUtGLFREULQGDUHDOL]DQGRMXVWLFLDGLUHFWDFRQDEXVR
GHOSRGHUTXHGHWHQWDQIUHQWHDODJUDYLDGRDFWRVTXHUHVXOWDQLOHJtWLPRV
SRUQRWHQHUUHVSDOGROHJDODOJXQR\TXHSRUHOGDxRRFDVLRQDGR\OD
JUDYHGDG GH ORV PLVPRV PHUHFHQ OD WXWHOD LQPHGLDWD TXH EULQGD HO
DPSDURSRUYXOQHUDUGHUHFKRVIXQGDPHQWDOHV




3RVWHULRUPHQWHOD6&5SURQXQFLDSRUHO7ULEXQDO
7UDQVLWRULRGHVDUUROOyVXEUHJODVMXULVSUXGHQFLDOHVUHVWULFWLYDVHQFXDQWR
W


dW^:d


D ORVUHTXLVLWRV YLQFXODGRV DDFWRV R PHGLGDV GH KHFKR HQWUH HOORVOD
H[LJHQFLD GHO DJRWDPLHQWR GH LQVWDQFLDV MXULVGLFFLRQDOHV R
DGPLQLVWUDWLYDVVLHVTXHQRVHSUHVHQWyGHPDQHUDRSRUWXQDHLQPHGLDWD
ODDFFLyQGHDPSDURFRQVWLWXFLRQDO6RVWXYR
 'HEHH[LVWLUXQDGHELGD
IXQGDPHQWDFLyQ \ DFUHGLWDFLyQ REMHWLYD GH TXH HIHFWLYDPHQWH VH HVWi
IUHQWHDXQDPHGLGDGHKHFKRR
MXVWLFLD D PDQR SURSLD GRQGH HO DJUDYLDGR R DFFLRQDQWH VH HQFXHQWUH
DQWHXQDVLWXDFLyQGHGHVSURWHFFLyQRGHVYHQWDMDIUHQWHDOGHPDQGDGRR
DJUHVRUVHDDXWRULGDGIXQFLRQDULRRSDUWLFXODU
RJUXSRGHSHUVRQDVSRUODGHVSURSRUFLRQDOLGDGGHORVPHGLRVRDFFLyQ
OD
SUHVHQWDFLyQGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOGHEHVHUGHPDQHUD
RSRUWXQD
HLQPHGLDWDKDFLHQGRDEVWUDFFLyQGHODVXEVLGLDULHGDG'HORFRQWUDULR
QR
MXVWLILFDUtDODSUHPXUDQLJUDYHGDG\GHEHUiDJRWDUODVLQVWDQFLDV
MXULVGLFFLRQDOHV R DGPLQLVWUDWLYDV SHUWLQHQWHV VHJ~Q VHD HO FDVR \
DJRWDGDV
ODVPLVPDVDFXGLUDODMXULVGLFFLyQFRQVWLWXFLRQDO




       (Q HVH RUGHQ OD 6&  HPLWLGD SRU HO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOUHFRQRFLHQGRODXQLIRUPHMXULVSUXGHQFLD
VREUHODH[FHSFLyQDODVXEVLGLDULHGDGHQDFWRVYLQFXODGRVDPHGLGDVR
YtDV GH KHFKR  HVWDEOHFLy
ODV YtDV GH KHFKR FRQVWLWX\HQ XQD
H[FHSFLyQDODDSOLFDFLyQGHOSULQFLSLRGHVXEVLGLDULHGDGSRUWDQWRHO
FRQWURO WXWHODU GH FRQVWLWXFLRQDOLGDG SXHGH VHU DFWLYDGR IUHQWH D HVWDV
FLUFXQVWDQFLDV VLQ QHFHVLGDG GH DJRWDU SUHYLDPHQWH RWURV PHFDQLVPRV
RUGLQDULRVGHGHIHQVD 
3RUORPLVPRODV666&&5\
FRQWLHQHQHOHVWiQGDUPiVDOWRGHSURWHFFLyQUHVSHFWRDOD
H[FHSFLyQDODVXEVLGLDULHGDGHQDFWRVYLQFXODGRVDPHGLGDVGHKHFKR

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

)-
,,,
/DDFFLyQGHDPSDURFRQVWLWXFLRQDO\HODOFDQFHIUHQWH
DPHGLGDVGHKHFKR

/DDFFLyQGHDPSDURFRQVWLWXFLRQDOKDVLGRLQVWLWXLGDSRUHODUWGH
OD&3(\VHULJHSRUORVSULQFLSLRVGHLQPHGLDWH]\VXEVLGLDULHGDGGH
DFXHUGRDODFRQILJXUDFLyQSUHYLVWDHQHODUW,FXDQGRHVWDEOHFHTXH
VH SRGUi LQWHUSRQHU HVWD DFFLyQ WXWHODU
VLHPSUH TXH QR H[LVWD RWUR
PHGLR R UHFXUVROHJDO SDUD OD SURWHFFLyQLQPHGLDWD GH ORVGHUHFKRV \
JDUDQWtDV UHVWULQJLGRV VXSULPLGRV R DPHQD]DGRV HV GHFLU TXH OD
SURWHFFLyQTXHEULQGDHVWDYLQFXODGDVLHPSUHDODLQH[LVWHQFLDGHRWUR
UHFXUVR R YtD OHJDO SDUD OD WXWHOD GH ORV GHUHFKRV TXH VH HVWLPDQ
W


dW^:d

OHVLRQDGRVVLQHPEDUJRDWUDYpVGHODMXULVSUXGHQFLDFRQVWLWXFLRQDOVH
KD HVWDEOHFLGR OD SURFHGHQFLD H[FHSFLRQDO SUHVFLQGLpQGRVH GH VX
QDWXUDOH]DVXEVLGLDULDHQORVFDVRVTXHVHDGYLHUWDODH[LVWHQFLDGHXQD
OHVLyQ HYLGHQWH DO GHUHFKR R VH KD\D RFDVLRQDGR GDxR LUUHSDUDEOH
SURYHQLHQWHGHPHGLGDVGHKHFKRFRPHWLGDVSRUDXWRULGDGHVSXEOLFDVR
SRU SHUVRQDV SDUWLFXODUHV VLWXDFLyQ TXH PHUHFH XQD SURWHFFLyQ
LQPHGLDWDSRUTXHGHORFRQWUDULRODPLVPDUHVXOWDUtDLQHILFD]

6REUHHOSDUWLFXODUVHHVWDEOHFHTXHODVDFFLRQHVRPHGLGDVGHKHFKR
FRQVWLWX\HQ
ORV DFWRV LOHJDOHV DUELWUDULRV TXH GHVFRQRFHQ \
SUHVFLQGHQ GH ODV LQVWDQFLDV OHJDOHV \ SURFHGLPLHQWRV TXH HO
RUGHQDPLHQWRMXUtGLFREULQGDUHDOL]DQGRMXVWLFLDGLUHFWDFRQDEXVRGHO
SRGHUTXHGHWHQWDQIUHQWHDODJUDYLDGRDFWRVTXHUHVXOWDQLOHJtWLPRVSRU
QR WHQHU UHVSDOGR OHJDO DOJXQR \ TXH SRU HO GDxR RFDVLRQDGR \ OD
JUDYHGDG GH ORV PLVPRV PHUHFHQ OD WXWHOD LQPHGLDWD TXH EULQGD HO
DPSDUR SRU YXOQHUDU GHUHFKRV IXQGDPHQWDOHV
 \ HQ FXDQWR D ORV
IXQGDPHQWRVGHODSUHVFLQGHQFLDGHODVXEVLGLDULHGDGDJUHJyTXH
/D
LGHDTXHLQVSLUDODSURWHFFLyQQRHVRWUDTXHHOFRQWURODODEXVRGHOSRGHU
\HOGHYHODUSRUODREVHUYDQFLDGHODSURKLELFLyQGHKDFHUVHMXVWLFLDSRU
PDQR SURSLDFRQWURO TXHVH H[WLHQGH WDQWR DODVDXWRULGDGHV S~EOLFDV
FRPRDORVSDUWLFXODUHVTXHORHMHUFHQGHPDQHUDDUELWUDULDSRUGLIHUHQWHV
UD]RQHV\HQGHWHUPLQDGDVFLUFXQVWDQFLDV
  %DMRHOUD]RQDPLHQWRGH
TXHXQ(VWDGRXQLWDULRVRFLDOGHGHUHFKRFRQFDUDFWHUtVWLFDV SURSLDV
FX\D SREODFLyQ HVWi FRQIRUPDGD SRU ORV EROLYLDQRV \ EROLYLDQDV ODV
GLYHUVDV QDFLRQHV \ SXHEORV LQGtJHQDV RULJLQDULRV FDPSHVLQRV ODV
FRPXQLGDGHVLQWHUFXOWXUDOHV\DIUREROLYLDQDVWDOFXDOHVWDEOHFHORVDUWV
 \  GH OD &3( ORV DFWRV DO PDUJHQ GHO SOXUDOLVPR MXUtGLFR \
FRQYLYHQFLD GH ODV GLYHUVDV MXULVGLFFLRQHV TXH SRU VX DUELWUDULHGDG H
LQWROHUDQFLD VH FRQVWLWX\HQ HQ YtDV R PHGLGDV GH KHFKR R MXVWLFLD
LQFRQWURODGDDPDQRSURSLDVRQVLWXDFLRQHVLQWROHUDEOHVTXHGHEHQVHU
FRQWURODGDVRHYLWDGDVHVWHWULEXQDODWUDYpVGHOD6&5GH
 GH PD\R   VHxDOy TXH
7UDWiQGRVH GH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO FRPR PHGLR UHSDUDGRU DQWH GLFKDV VLWXDFLRQHV
H[FHSFLRQDOHVGHPHGLGDVGHKHFKRVHGHEHWHQHUSUHVHQWHTXHWDQWRHQ
OD FRQILJXUDFLyQ GH OD DEURJDGD FRPR GH OD YLJHQWH &RQVWLWXFLyQ KD
WHQLGR \ WLHQH XQD QDWXUDOH]D VXEVLGLDULD   1R REVWDQWH H[LVWHQ
VLWXDFLRQHV H[FHSFLRQDOHV HQ ODV TXH HO DJRWDPLHQWR GH WDOHV YtDV
LPSOLFDUtD OD FRQVXPDFLyQ LUUHYHUVLEOH GH OD YXOQHUDFLyQ GHO GHUHFKR
FRQHOFRQVLJXLHQWHGDxRLUUHPHGLDEOHHQFX\RFDVRODWXWHODUHVXOWDUtD
LQHILFD] HQ HO TXH SRU OD H[LVWHQFLD GH DFFLRQHV GH KHFKR R MXVWLFLD
GLUHFWD R D PDQR SURSLD TXH SXHGH VHU SURYHQLHQWH GH SDUWH GH
DXWRULGDGHVRIXQFLRQDULRVS~EOLFRVRGHSDUWLFXODUHVVHKDFHXUJHQWH
OD WXWHOD LQPHGLDWD SUHVFLQGLHQGR GH ODV YtDV OHJDOHV TXH SXGLHVHQ
H[LVWLUDHIHFWRVGHTXHFHVHQODVLOHJDOLGDGHV\DFWRVKRVWLOHVFRQOD
FRQVLJXLHQWHDIHFWDFLyQLQFOXVLYHGHRWURVGHUHFKRVIXQGDPHQWDOHVSRU
WDQWR HQ HVRV FDVRV FRUUHVSRQGH LQJUHVDU DO DQiOLVLV GH IRQGR GH OD
W


dW^:d


SUREOHPiWLFD SODQWHDGD

 HQWHQGLPLHQWR DVXPLGR SRU ODV 66&&


5\5 

,,, 5HTXLVLWRVTXHGHEHQFXPSOLUSDUDFRQVLGHUDUXQDGHWHUPLQDGD
VLWXDFLyQFRPRPHGLGDGHKHFKR


(Q HO SUHVHQWH FDVR \ SRU OR VHxDODGR SUHFHGHQWHPHQWH VH
HYLGHQFLDTXHRSHUDODH[FHSFLyQDODUHJODGHODVXEVLGLDULHGDGTXHKDFH
D OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO WRGD YH] TXH VH WUDWD GH XQD
GHQXQFLDGHDYDVDOODPLHQWRGHODSURSLHGDGSULYDGDGHORVDFFLRQDQWHV
UHDOL]DGDFRQYLROHQFLD\DPHQD]DVLQFOXVLYHGHPXHUWH


(Q HVH VHQWLGR VH VLJXH HO HQWHQGLPLHQWR FRQWHQLGR HQ OD 6&
5GHGHPD\RTXHSUHYpUHTXLVLWRVTXHVHGHEHQFXPSOLU
SDUD FRQVLGHUDUVH XQD VLWXDFLyQ FRPR PHGLGD GH KHFKR \ KDFHU
DEVWUDFFLyQGHODVH[LJHQFLDVSURFHVDOHVVHxDODQGRTXH


 'HEHH[LVWLUXQDGHELGDIXQGDPHQWDFLyQ\DFUHGLWDFLyQREMHWLYDGH
TXHHIHFWLYDPHQWHVHHVWiIUHQWHDXQDPHGLGDGHKHFKRRMXVWLFLDDPDQR
SURSLDGRQGHHODJUDYLDGRRDFFLRQDQWHVHHQFXHQWUHDQWHXQDVLWXDFLyQ
GH GHVSURWHFFLyQ R GHVYHQWDMD IUHQWH DO GHPDQGDGR R DJUHVRU VHD
DXWRULGDG IXQFLRQDULR R SDUWLFXODU R JUXSR GH SHUVRQDV SRU OD
GHVSURSRUFLRQDOLGDGGHORVPHGLRVRDFFLyQODSUHVHQWDFLyQGHODDFFLyQ
GH DPSDUR FRQVWLWXFLRQDO GHEH VHU GH PDQHUD RSRUWXQD H LQPHGLDWD
KDFLHQGRDEVWUDFFLyQGHODVXEVLGLDULHGDG'HORFRQWUDULRQRMXVWLILFDUtD
ODSUHPXUDQLJUDYHGDG\GHEHUiDJRWDUODVLQVWDQFLDVMXULVGLFFLRQDOHVR
DGPLQLVWUDWLYDV SHUWLQHQWHV VHJ~Q VHD HO FDVR \ DJRWDGDV ODV PLVPDV
DFXGLUDODMXULVGLFFLyQFRQVWLWXFLRQDO

 1HFHVDULDPHQWHVHGHEHHVWDUDQWHXQLQPLQHQWHGDxRLUUHYHUVLEOHR
LUUHSDUDEOH \D VHD DJUDYDQGR OD OHVLyQ \D FRQVXPDGD R TXH HOOR
SURYRTXH OD DPHQD]D GH UHVWULFFLyQ R VXSUHVLyQ D RWURV GHUHFKRV
IXQGDPHQWDOHV6LWXDFLRQHVTXHGHEHQVHUIXQGDPHQWDGDV\DFUHGLWDGDV

 (ORORVGHUHFKRVFX\DWXWHODVHSLGHGHEHQHVWDUDFUHGLWDGRVHQVX
WLWXODULGDGHVGHFLUQRVHSXHGHLQYRFDUGHUHFKRVFRQWURYHUWLGRVRTXH
HVWpQHQGLVSXWDDWHQGLHQGRFODURHVWiDODQDWXUDOH]DGHORVPLVPRV

  (Q ORV FDVRV HQ TXH D WUDYpV GH PHGLRV REMHWLYRV VH SRQJD HQ
HYLGHQFLD TXH H[LVWLy FRQVHQWLPLHQWR GH ORV DFWRV GHQXQFLDGRV \
DFXVDGRVFRPRPHGLGDVGHKHFKRQRFRUUHVSRQGHLQJUHVDUDODQiOLVLVGH
OD SUREOHPiWLFD SRU FXDQWR HVWD DFFLyQ GH GHIHQVD QR SXHGH HVWDU D
PHUFHGGHOFDPELRRYRODWLOLGDGGHORVLQWHUHVHVGHODFFLRQDQWH
 ODV
QHJULOODVQRVFRUUHVSRQGHQ 


'HQWURGHHVHFRQWH[WRMXULVSUXGHQFLDODVXPLGRSRUHO7ULEXQDO
W


dW^:d

&RQVWLWXFLRQDO VH DGYLHUWH TXH QLQJXQD DXWRULGDG S~EOLFD R SHUVRQD


SDUWLFXODUSXHGHUHDOL]DUDFFLRQHVFRQWUDULDVDOD&RQVWLWXFLyQ3ROtWLFD
GHO(VWDGRSXHVHOORLPSOLFDDEDQGRQDUHOiPELWRGHODOHJDOLGDG\SDVDU
DIRUPDUSDUWHGHDFWXDFLRQHVGHKHFKRFRQWUDULDVDO(VWDGRGHGHUHFKR
VLHQGRDTXHOODVODVTXHPHUHFHQODWXWHODH[FHSFLRQDOGHODDFFLyQGH
DPSDURFRQVWLWXFLRQDO

(QFRQVHFXHQFLDVHDGYLHUWHODLQGLVFXWLEOHQHFHVLGDGGHWXWHODU
ORVGHUHFKRVGHODVSHUVRQDVSURSLHWDULDVGHLQPXHEOHVTXHVXIUDQOHVLyQ
HQ VX GHUHFKR D OD SURSLHGDG SRU XQ GHVSRMR R DYDVDOODPLHQWR GH VX
SRVHVLyQ SRU DFWRV R YtDV GH KHFKR SURWDJRQL]DGRV SRU WHUFHURV VHDQ
HVWRVSDUWLFXODUHVRDXWRULGDGHVS~EOLFDV




1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   &XDQGR VH SURGX]FD XQD DPHQD]D DIHFWDFLyQ R
UHVWULFFLyQ DOGHUHFKRDO DJXD SRUPHGLGDV R YtDVGH KHFKR VyOR VH
UHTXLHUH TXH HO DIHFWDGR DFUHGLWH REMHWLYDPHQWH HO DFWR OHVLYR D
SURGXFLUVH R TXH IXHUH FRQVXPDGR VDOYR ORV FDVRV GH PDQLILHVWD
DIHFWDFLyQVLWXDFLyQHQODFXDOQRHVH[LJLEOHODFDUJDSUREDWRULDD
FDUJRGHODFFLRQDQWH

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(Q HVWD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO OD DFFLRQDQWH DOHJy TXH VH
YXOQHUDURQVXVGHUHFKRVDODYLGDDODVDOXG\HODFFHVRLUUHVWULFWRDO
DJXD SRWDEOH SRU SDUWH GHORV GHPDQGDGRV SDUWLFXODUHV PLHPEURV GH
XQD FRPXQLGDG TXH SURFHGLHURQ LOHJDOPHQWH D FRUWDUOH HOVHUYLFLR GH
DJXD SRWDEOHH LPSRQHUOHXQD PXOWD SRU VXSXHVWDV GLIHUHQFLDV FRQHO
GLULJHQWHGHODFRPXQLGDGHQFRQVHFXHQFLDVROLFLWyD /DLQPHGLDWD
UHVWLWXFLyQGHOVHUYLFLRGHDJXDSRWDEOHHQVXIDYRUE (OFHVHLQPHGLDWR
GH ORV DFWRV FRPHWLGRV SRU ORV GHQXQFLDGRV F  /D UHPLVLyQ GH
DQWHFHGHQWHVDO0LQLVWHULR3~EOLFRSDUDHOLQLFLRGHSURFHVRSHQDOFRQWUD
ORV GHPDQGDGRV SRU ORV KHFKRV GHOLFWLYRV FRPHWLGRV \ G  /D
LPSRVLFLyQGHFRVWDV\PXOWDV(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO
HQ UHYLVLyQ FRQILUPy OD WXWHOD FRQFHGLGD SRU PHGLGDV GH KHFKR
~QLFDPHQWH~QLFDPHQWHFRQUHODFLyQDOGHUHFKRDODJXD
W


dW^:d



([WUDFWRGHODUDWLRGHFLGHQGL

)-,,, 'H OD UHYLVLyQ GH ORV DQWHFHGHQWHV GH OD SUHVHQWH DFFLyQ GH
DPSDUR FRQVWLWXFLRQDO VH HYLGHQFLD TXH SHVH D OD LQH[LVWHQFLD GH XQ
GHELGRSURFHVRSUHYLRVHLPSXVRDODDFFLRQDQWHTXHWLHQHVXGRPLFLOLR
HQODFRPXQLGDGGH3DPSD0DPDWDXQDVDQFLyQFRQVLVWHQWHHQHOFRUWH
GHOVXPLQLVWURGHDJXDSRWDEOH\ODLPSRVLFLyQGHXQDPXOWD

$GHPiV HQFRQWUiQGRVH FRUWDGR HO VHUYLFLR GH VXPLQLVWUR GH DJXD
SRWDEOH HQ HO GRPLFLOLR GH OD DFFLRQDQWH FRPR VDQFLyQ
FRQWUDGLFWRULDPHQWH VH VLJXLy SURFHGLHQGR DO FREUR SRU FRQFHSWR GH
FRQVXPRGHDJXDSRWDEOHGDQGROXJDUDXQDIDOWDGHFRUUHVSRQGHQFLD
HQWUHODSUHVWDFLyQGHOVHUYLFLR\HOSDJRSRUHOVXPLQLVWURDVSHFWRTXH
UHVXOWDLQH[SOLFDEOH



(V GHFLU HO FRUWH GHO VXPLQLVWUR GHO VHUYLFLR GH DJXD
SRWDEOHPHGLDQWHYtDVGHKHFKRWUDMRHQHOSUHVHQWHFDVRFRPROyJLFD
FRQVHFXHQFLD OD YXOQHUDFLyQ GHO GHUHFKR IXQGDPHQWDO DO DJXD HQ VX
GLPHQVLyQ LQGLYLGXDO GHUHFKR TXH HQ HO FRQWH[WR GHO GLVHxR
FRQVWLWXFLRQDOHVDXWyQRPRDORVGHUHFKRVDODYLGD\DODVDOXGSRUOR
TXHSHUVHSXHGHWXWHODUVHGHPDQHUDLQGHSHQGLHQWHORTXHQRLPSOLFD
TXHGHDFXHUGRDOFDVRFRQFUHWRWDPELpQSXHGDYXOQHUDUVHGHPDQHUD
FRQMXQWDDORVGHUHFKRVDODYLGD\DODVDOXGLQYRFDGRVHQODSUHVHQWH
DFFLyQ



(QHVWHPDUFRUHVSHFWRDOGHUHFKRDODYLGD\DODVDOXG
HVQHFHVDULRDFODUDUTXHHVWDYtDFRQVWLWXFLRQDOSRGUtDRWRUJDUHQHOFDVR
FRQFUHWR OD WXWHOD VLHPSUH \ FXDQGR OD DFFLRQDQWH KXELHVH JHQHUDGR
DOJXQD GXGD HQ HVWH 7ULEXQDO D WUDYpV GH DOJ~Q PHGLR GH SUXHED TXH
SHUPLWD LQIHULU TXH VX GHUHFKR D OD YLGD R VDOXG IXHURQ HQ VX Q~FOHR
HVHQFLDOHIHFWLYDPHQWHDPHQD]DGRVUHVWULQJLGRVRVXSULPLGRVDVSHFWR
TXHQRVXFHGHHQHOSUHVHQWHFDVRPi[LPHVLVHFRQVLGHUDHOWUDVFXUVR
GHO WLHPSR HQ TXH VH HQFRQWUDED SULYDGR GHO GHUHFKR GH DFFHVR DO
VHUYLFLREiVLFRGHDJXDSRWDEOHDVSHFWRTXHKDFHLQIHULUDHVWH7ULEXQDO
TXHODDFFLRQDQWHWHQtDDFFHVRDODJXDPHGLDQWHRWUDVYtDVGHSURYLVLyQ
HVGHFLUTXHLQFXPSOLyHQHVWHFDVRFRQODFDUJDSUREDWRULDWDOFRPRVH
HVWDEOHFLy HQ UHLWHUDGD MXULVSUXGHQFLD FRQVWLWXFLRQDO DO VHxDODU TXH

HVWH 7ULEXQDO KD HVWDEOHFLGR TXH OD GHWHUPLQDFLyQ GHO 7ULEXQDO GH
DPSDURGHEHREHGHFHUDODFHUWLGXPEUHVREUHVLHQHIHFWRVHKDYLRODGR
RDPHQD]DGRXQGHUHFKRIXQGDPHQWDO\RJDUDQWtDFRQVWLWXFLRQDOSRUOR
TXHHVSUHFLVRTXHHOUHFXUUHQWHRDJUDYLDGRSRUXQDSDUWHDSRUWHORV
HOHPHQWRVGHSUXHEDVXILFLHQWHVHQORVTXHVHDFUHGLWH\GHPXHVWUHOD
H[LVWHQFLD GHO DFWR \X RPLVLyQ GHQXQFLDGR GH LOHJDO \ SRU RWUD HVH
DJUDYLDGRWDPELpQGHEHDFUHGLWDUTXHHQHOVXSXHVWRDFWR\XRPLVLyQHV
UHVSRQVDEOH OD DXWRULGDG R SHUVRQD UHFXUULGD SRU KDEHU WHQLGR
W


dW^:d

LQWHUYHQFLyQ\GHFLVLyQ
 6&5GHGHQRYLHPEUH DVSHFWR
TXH VLQ HPEDUJR QR LPSLGH HQ HVWH FDVR OD WXWHOD GHO GHUHFKR
IXQGDPHQWDO GH DFFHVR DO VHUYLFLR GH DJXD SRWDEOH QHFHVDULR DGHPiV
SDUDHOULHJRHOPDQWHQLPLHQWRGHDQLPDOHVHQWUHRWUDVDFWLYLGDGHV

6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SRU KDEHUVH SULYDGR DO
DFFLRQDQWH GHO DFFHVR DO VHUYLFLR EiVLFR GH DJXD SRWDEOH PHGLDQWH
PHGLGDVGHKHFKR

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O 7ULEXQDO &RQVWLWXFLRQDO UHVSHFWR D ORV UHTXLVLWRV SDUD LQJUHVDU DO
IRQGR GHO SUREOHPD MXUtGLFR HQ DFWRV YLQFXODGRV D PHGLGDV R YtDV GH
KHFKRDVtFRPRUHJODVSURFHVDOHVHQHVWDWHPiWLFDVHxDOyORVLJXLHQWH


/D 6& 5  TXH VH FRQVWLWX\H HQ XQ SUHFHGHQWH
VXSHUDGRGHPDQHUDUHVWULFWLYDHVWDEOHFLyODVVLJXLHQWHVVXEUHJODV
 
'HEHH[LVWLUXQDGHELGDIXQGDPHQWDFLyQ\DFUHGLWDFLyQREMHWLYDGHTXH
HIHFWLYDPHQWHVHHVWiIUHQWHDXQDPHGLGDGHKHFKRRMXVWLFLDDPDQR
SURSLDGRQGHHODJUDYLDGRRDFFLRQDQWHVHHQFXHQWUDDQWHXQDVLWXDFLyQ
GH GHVSURSRUFLyQ R GHVYHQWDMD IUHQWH DO GHPDQGDGR R DJUHVRU VHD
DXWRULGDG IXQFLRQDULR R SDUWLFXODU R JUXSR GH SHUVRQDV SRU OD
GHVSURSRUFLRQDOLGDGGHORVPHGLRVRDFFLyQODSUHVHQWDFLyQGHODDFFLyQ
GH DPSDUR FRQVWLWXFLRQDO GHEH VHU GH PDQHUD RSRUWXQD H LQPHGLDWD
KDFLHQGRDEVWUDFFLyQGHODVXEVLGLDULGDG'HORFRQWUDULRQRMXVWLILFDUtD
ODSUHPXUDQLJUDYHGDG\GHEHUiDJRWDUODVLQVWDQFLDVMXULVGLFFLRQDOHVR
DGPLQLVWUDWLYDV SHUWLQHQWHV VHJ~Q VHD HO FDVR \ DJRWDGDV ODV PLVPDV
DFXGLUDODMXULVGLFFLyQFRQVWLWXFLRQDO 1HFHVDULDPHQWHVHGHEHHVWDU
DQWHXQLQPLQHQWHGDxRLUUHYHUVLEOHRLUUHSDUDEOH\DVHDDJUDYDQGROD
OHVLyQ\DFRQVXPDGDRTXHHOORSURYRTXHODDPHQD]DRUHVWULFFLyQR
VXSUHVLyQ D RWURV GHUHFKRV IXQGDPHQWDOHV 6LWXDFLRQHV TXH GHEHQ VHU
IXQGDPHQWDGDV\DFUHGLWDGDV (ORORVGHUHFKRVFX\DWXWHODVHSLGH
GHEHQHVWDUDFUHGLWDGRVHQVXWLWXODULGDGHVGHFLUQRVHSXHGHLQYRFDU
GHUHFKRVFRQWURYHUWLGRVRTXHHVWpQHQGLVSXWDDWHQGLHQGRFODURHVWDD
ODQDWXUDOH]DGHORVPLVPRV (QORVFDVRVHQORVTXHDWUDYpVGHPHGLRV
REMHWLYRVVHSRQJDHQHYLGHQFLDTXHH[LVWLyFRQVHQWLPLHQWRGHORVDFWRV
GHQXQFLDGRV \ DFXVDGRV FRPR PHGLGDV GH KHFKR QR FRUUHVSRQGH
LQJUHVDUDODQiOLVLVGHODSUREOHPiWLFDSRUFXDQWRHVWDDFFLyQGHGHIHQVD
QRSXHGHHVWDUDPHUFHGGHOFDPELRRYRODWLOLGDGGHORVLQWHUHVHVGHO
DFFLRQDQWH



3RVWHULRUPHQWH OD 6&  PRGXOy  H[SUHVDPHQWH ODV
VXEUHJODVFRQWHQLGDVHQOD6&5 SUHFHGHQWHVXSHUDGR TXH
OXHJR IXHURQ UHFRJLGDV SRU OD 6&3  TXH HVWDEOHFLy OD
W


dW^:d


VXSUHVLyQ GHO GHUHFKR D OD MXULVGLFFLyQ FXDQGR VH SURGXFHQ DFWRV
YLQFXODGRVDPHGLGDVGHKHFKR UHVSHFWRD

D  )OH[LELOL]DFLyQ D OD OHJLWLPDFLyQ SDVLYD 3RU UHJOD JHQHUDO HQ OD
DFFLyQGHDPSDURFRQVWLWXFLRQDOODRHODFFLRQDQWHGHEHGHPDQGDUDORV
SDUWLFXODUHVRDXWRULGDGHVGHPDQGDGDVTXHFRPHWLHURQHODFWRLOHJDOR
LQFXUULHURQ HQ RPLVLyQ LQGHELGD VLQ HPEDUJR HQ DFWRV YLQFXODGRV D
PHGLGDVGHKHFKRGHPDQHUDH[FHSFLRQDO\VLHPSUH\FXDQGRQRVHD
SRVLEOHVXLGHQWLILFDFLyQODVSHUVRQDVTXHQRKD\DQVLGRH[SUHVDPHQWH
GHPDQGDGDVSXHGHQHQFXDOTXLHUHWDSDGHOSURFHVRGHDPSDURLQFOXVR
HQ UHYLVLyQ DQWH HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO SUHVHQWDU
SUXHED\VHURtGRV 6&3)-,,, VXSXHVWRTXHQRPRGXOD
HOHQWHQGLPLHQWRDVXPLGRSRUOD6&3VREUHODRSRUWXQLGDG
GH OD SUHVHQWDFLyQ GH SUXHEDV SRU FXDQWR VH WUDWD GH VXSXHVWRV GH
IOH[LELOL]DFLyQGHODOHJLWLPDFLyQSDVLYDHQYtDVGHKHFKR

E&DUJDGHODSUXHEDDVHUFXPSOLGDSRUHOSHWLFLRQDQWHGHWXWHOD

E  5HJOD JHQHUDO /D FDUJD SUREDWRULD D VHU FXPSOLGD SRU HO
SHWLFLRQDQWHGHWXWHODGHEHL $FUHGLWDUGHPDQHUDREMHWLYDODH[LVWHQFLD
GH DFWRV R PHGLGDV DVXPLGDV VLQ FDXVD MXUtGLFD HV GHFLU HQ
SUHVFLQGHQFLDDEVROXWDGHORVPHFDQLVPRVLQVWLWXFLRQDOHVHVWDEOHFLGRV
SDUD OD GHILQLFLyQ GH KHFKRV R GHUHFKRV \ LL  (VWDU FLUFXQVFULWD D
DVSHFWRVTXHQRLPSOLTXHQODH[LVWHQFLDGHKHFKRVFRQWURYHUWLGRVDVHU
VXVWDQFLDGRV SRU OD MXULVGLFFLyQ RUGLQDULD 6&3 
)XQGDPHQWR-XUtGLFR,,, 

E  (VSHFLILFLGDGHV GH OD FDUJD GH OD SUXHED HQ FDVR GH
DYDVDOODPLHQWRVFXDQGRVHGHQXQFLDDIHFWDFLyQDOGHUHFKRDODSURSLHGDG

3DUDORVVXSXHVWRVGHDYDVDOODPLHQWRVXRFXSDFLRQHVSRUYtDVGHKHFKR
GH SUHGLRV XUEDQRV R UXUDOHV SULYDGRV R S~EOLFRV FXDQGR VH GHQXQFLH
DIHFWDFLyQ DO GHUHFKR D OD SURSLHGDG HV GHFLU TXH FRQVWLWX\D XQD
OLPLWDFLyQDUELWUDULDDODSURSLHGDGODSDUWHDFFLRQDQWHDOPDUJHQGHOD
FDUJDSUREDWRULDGHVDUUROODGDHQHOLQFLVRF UHIHULGRDODUHJODJHQHUDO
WLHQH OD FDUJD SUREDWRULD HVSHFtILFD GH DFUHGLWDU VX WLWXODULGDG R
GRPLQLDOLGDG GHO ELHQ HQ UHODFLyQ DO FXDO VH HMHUFLy YtDV GH KHFKR
DVSHFWRGHPRVWUDGRFRQHOUHJLVWURGHSURSLHGDGHQPpULWRGHOFXDOVH
JHQHUDHOGHUHFKRGHRSRQLELOLGDGIUHQWHDWHUFHURVHVGHFLUQRSXHGH
H[LJLUVHDOSHWLFLRQDQWHGHWXWHODQLQJXQDRWUDFDUJDSURFHVDODGLFLRQDO
6&3)XQGDPHQWR-XUtGLFR,,, 

E  (VSHFLILFLGDGHV GH OD FDUJD GH OD SUXHED HQ FDVR GH
DYDVDOODPLHQWRV FXDQGR VH GHQXQFLD  SpUGLGD R SHUWXUEDFLyQ GH OD
SRVHVLyQ

W


dW^:d

3DUDORVVXSXHVWRVGHDYDVDOODPLHQWRVXRFXSDFLRQHVSRUYtDVGHKHFKR
GH SUHGLRV XUEDQRV R UXUDOHV SULYDGRV R S~EOLFRV FXDQGR VH GHQXQFLH
SpUGLGDRSHUWXUEDFLyQGHODSRVHVLyQODSDUWHDFFLRQDQWHDOPDUJHQGH
ODFDUJDSUREDWRULDUHIHULGDDODUHJODJHQHUDOWLHQHODFDUJDSUREDWRULD
HVSHFtILFDGHDFUHGLWDUVXSRVHVLyQOHJDOGHOELHQHQUHODFLyQDOFXDOVH
HMHUFLy YtDV GH KHFKR D WUDYpV GH XQD UHVROXFLyQMXGLFLDO HPLWLGD SRU
DXWRULGDGFRPSHWHQWHTXHQRHVWpVRPHWLGDDFRQWURYHUVLDMXGLFLDO 6&3
)-,,, 


6REUHODH[FHSFLyQDSULQFLSLRGHVXEVLGLDULHGDGHQODDFFLyQGH
DPSDUR\RWUDVDFFLRQHVGHGHIHQVDYLQFXODGDVDPHGLGDVGHKHFKR/D
OtQHDMXULVSUXGHQFLDODVXPLGDHQVHQWLGRTXHVHKDFHXQDH[FHSFLyQDOD
VXEVLGLDULHGDGHQODDFFLyQGHDPSDURFRQVWLWXFLRQDOSRUYtDVGHKHFKR
FRQWHQLGD HQ ODV 66&& 5 6&  HQWUH RWUDV VH
DPSOLy D WUDYpV GH OD 6&3  TXH PRGXODQGR OD OtQHD
MXULVSUXGHQFLDO  VHxDOy TXH FXDQGR VH WUDWD GH YtDV GH KHFKR GH
SDUWLFXODUHVSURFHGHODSUHVHQWDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDG\
GHWRGDVODVDFFLRQHVGHGHIHQVD


6REUHODVH[FHSFLRQHV\IOH[LELOL]DFLRQHVDOSOD]RGHVHLVPHVHV
SDUD OD LQWHUSRVLFLyQ GH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HQ DFWRV
YLQFXODGRVDPHGLGDVGHKHFKRVHHVWDEOHFLyORVLJXLHQWH

D  /D 6&3  VHxDOD TXH SURFHGH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDODQWHPHGLGDVGHKHFKRGXUDQWHHOWLHPSRTXHVXEVLVWDOD
YXOQHUDFLyQRODDPHQD]DDGHUHFKRV

E /D6&3HVWDEOHFHXQDH[FHSFLyQDOSOD]RGHFDGXFLGDG
HQ DFWRV YLQFXODGRV D PHGLGDV R YtDV GH KHFKR HQ DSOLFDFLyQ GHO
SULQFLSLRGHYHUGDGPDWHULDO

F  /D 6&3  VRVWLHQH TXH HO  SOD]R GH FDGXFLGDG SDUD OD
SUHVHQWDFLyQ GH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO FXDQGR  OD
YXOQHUDFLyQDGHUHFKRVIXQGDPHQWDOHVYLQFXODGRDPHGLGDVRYtDVGH
KHFKRVHDPHGLDWDHQHOWLHPSRHVGHFLUFXDQGRDSDUWLUGHODFWRLQLFLDO
OHVLYR D GHUHFKRV IXQGDPHQWDOHV GH PDQHUD FRQH[D VH UHDOLFHQ DFWRV
XOWHULRUHV YXOQHUDWRULRV GH GHUHFKRV IXQGDPHQWDOHV HO SOD]R GH
FDGXFLGDGSDUDDFWLYDUODDFFLyQGHDPSDURFRQVWLWXFLRQDOVHFRPSXWDUi
GHVGHHO~OWLPRDFWROHVLYRYLQFXODGRDODPHGLGDGHKHFKRHPSHUROD
WXWHODFRPSUHQGHUiKDVWDHOSULPHUDFWRTXHRULJLQyODOHVLyQ


6REUH OD FLWDFLyQ D ODV DXWRULGDGHV GHPDQGDGDV HQ DFWRV
YLQFXODGRV D PHGLGDV GH KHFKR /D 6&3  VRVWXYR TXH HV
LQDGPLVLEOHODFLWDFLyQSRUHGLFWRVFRQODDFFLyQ\DXWRGHDGPLVLyQGH
ODDFFLyQGHDPSDURFRQVWLWXFLRQDOHQVXSXHVWRVGHPHGLGDVRYtDVGH
KHFKRSXHVWRTXHVHHQWLHQGHTXHORVGHPDQGDGRVSXHGHQVHUKDELGRV
W


dW^:d


HQGHWHUPLQDGROXJDU


$VLPLVPRHVLPSRUWDQWHKDFHUUHIHUHQFLDDYDULDVVHQWHQFLDVHQ
WRUQR D OD IOH[LELOL]DFLyQ GH ORV UHTXLVLWRV HQ FDVRV GH SURWHFFLyQ D
GHUHFKRVIXQGDPHQWDOHVHVSHFtILFRV

D  'HUHFKR DO DJXD /D 6& 5 IOH[LELOL]y ORV UHTXLVLWRV
SUHYLVWRV SRU OD  FXDQGR VH DOHJDUHQ YtDV GH KHFKR HQ OD
UHVWULFFLyQ GHO GHUHFKR DO DJXD SRU VX HVWUHFKD YLQFXODFLyQ FRQ HO
GHUHFKRDODYLGDODVDOXG\ODGLJQLGDGKXPDQDVHSUHVXPHXQGDxR
LQPLQHQWHHLUUHSDUDEOHUHTXLULpQGRVHHQHVWRVFDVRV~QLFDPHQWHTXHHO
DIHFWDGRDFUHGLWHREMHWLYDPHQWHHODFWROHVLYRDSURGXFLUVHRTXHIXHUH
FRQVXPDGRDWUDYpVGHOHMHUFLFLRGHXQDPHGLGDRYtDGHKHFKR(QHVH
RUGHQOD6&3PRGXOyDOD6&HQVHQWLGRTXHHQ
FDVRVGHPDQLILHVWDDIHFWDFLyQQRHVH[LJLEOHODFDUJDSUREDWRULDDOJXQD
DFDUJRGHODFFLRQDQWH

E 'HUHFKRVGHORVJUXSRVGHDWHQFLyQSULRULWDULD/D6&3
PRGXODORVDOFDQFHVGHOD6&3IOH[LELOL]DQGRORVUHTXLVLWRV
SDUDTXHVHFRQFHGDODWXWHODHQDFFLRQHVGHKHFKRHQDWHQFLyQDTXHORV
DFFLRQDQWHVIRUPDQSDUWHGHXQJUXSRGHDWHQFLyQSULRULWDULDFRPRVRQ
ORVDGXOWRVPD\RUHV

F 'HUHFKRVGHORVSXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRV/D6&3
VHxDOyTXHHQYLUWXGDOSULQFLSLRGHLJXDOGDGMHUiUTXLFDGH
VLVWHPDV MXUtGLFRV HQWUH HO VLVWHPD MXUtGLFR RUGLQDULR \ HO VLVWHPD
LQGtJHQDRULJLQDULRFDPSHVLQRODSUXHEDSURYHQLHQWHGHDPERVVLVWHPDV
WLHQH OD PLVPD YDOLGH] MXUtGLFD SRU HQGH DQWH VX FRQWURYHUVLD QR
SURFHGH OD DFFLyQ GH DPSDUR SRU PHGLGDV R YtDV GH KHFKR SRU OD
H[LVWHQFLD GH KHFKRV FRQWURYHUWLGRV HQ DSOLFDFLyQ GHO HQWHQGLPLHQWR
DVXPLGRHQODVVHQWHQFLDVFRQVWLWXFLRQDOHVSOXULQDFLRQDOHV\



6REUH PHGLGDV SUHYHQWLYDV SDUD HYLWDU DFWRV YLQFXODGRV D
PHGLGDVGHKHFKRHQWUHODSURSLHGDGDJUDULDSULYDGD\ODSURSLHGDGGH
XQDFRPXQLGDGFDPSHVLQD

/D6&3VHxDOyTXHHVREOLJDFLyQGHO,QVWLWXWR1DFLRQDOGH
5HIRUPD$JUDULD ,15$ UHDOL]DUVHJXLPLHQWRDODHVFULWDREVHUYDQFLD\
FXPSOLPLHQWR GH DFWDV GH FRQIRUPLGDG GH OLQGHURV HQ SURFHVRV GH
VDQHDPLHQWRV FRPR PHGLGD SUHYHQWLYD SDUD SUHYHQLU TXH ODV SDUWHV
LQFXUUDQHPHGLGDVRYtDVGHKHFKRHQWUHODSURSLHGDGDJUDULDSULYDGD\
ODSURSLHGDGGHXQDFRPXQLGDGFDPSHVLQD

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

W


dW^:d

(VWD6HQWHQFLDHQVX)M,,,GLVSRQH([FHSFLyQDODVXEVLGLDULHGDG
GH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO DQWH PHGLGDV GH KHFKR \
IOH[LELOL]DFLyQGHORVUHTXLVLWRV

 

(QHVHVHQWLGR\PHUFHGDTXHVHJ~QHODUW,GHOD&3(ORVGHUHFKRV
VRQ SURJUHVLYRV VLHQGR GHEHU GHO (VWDGR SURPRYHUORV SURWHJHUORV \
UHVSHWDUORVUHVXOWDPHQHVWHUIOH[LELOL]DUORVUHTXLVLWRVSDUDFRQVLGHUDUOD
VLWXDFLyQFRPRPHGLGDGHKHFKRFRQWHQLGRVHQOD6&5GH
GHPD\RFXDQGRVHSURGX]FDXQDDPHQD]DDIHFWDFLyQRUHVWULFFLyQ
DOGHUHFKRDODJXDSXHVHQHVWHFDVR\SRUVXYLQFXODFLyQFRQHOGHUHFKR
DODYLGDDODVDOXG\ODGLJQLGDGKXPDQDHVHYLGHQWHTXHODOHVLyQTXH
DWDxHVXDIHFWDFLyQVHFRQVWLWX\HHQGDxRLQPLQHQWHHLUUHSDUDEOHSRUOR
TXH D HIHFWRV GH YLDELOL]DU VX WXWHOD VyOR VH UHTXLHUH TXH HO DIHFWDGR
DFUHGLWH REMHWLYDPHQWH HO DFWR OHVLYR D SURGXFLUVH R TXH IXHUH
FRQVXPDGR \ TXH HO PLVPR VH SURGXFH D WUDYpV GHO HMHUFLFLR GH XQD
PHGLGD GH KHFKR VDOYDQGR ORV FDVRV HQ ORV FXDOHV VH SXHGD KDFHU
DEVWUDFFLyQGHGLFKRUHTXLVLWRFXDQGRSRUORVGDWRV\SUXHEDVTXHFXUVDQ
HQREUDGRVVHHYLGHQFLHGLFKDDIHFWDFLyQHQORVGHPiVFDVRVVHGHEHUi
GDU HVWULFWR FXPSOLPLHQWR D ORV UHTXLVLWRV FRQWHQLGRV HQ OD 6&
5DQWHVFLWDGD



9tDVRPHGLGDVGHKHFKR$YDVDOODPLHQWRGHSURSLHGDG
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3   3URFHGH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO GH
PDQHUD GLUHFWD SDUD FDVRV HQ ORV FXDOHV  VH YXOQHUHQ GHUHFKRV
PHGLDQWH YtDV R PHGLGDV GH KHFKR SRU HMHUFHUVH MXVWLFLD SRU PDQR
SURSLDSUHVFLQGLHQGRGHORVPHFDQLVPRVMXULVGLFFLRQDOHVUHFRQRFLGRV
HQODQRUPDWLYD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

W


dW^:d


(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOVHGHQXQFLyODYXOQHUDFLyQGHO
GHUHFKRGHSURSLHGDGSRUTXHXQJUXSRGHSHUVRQDVGHPDQHUDYLROHQWD
LQYDGLyWHUUHQRVGHORVDFFLRQDQWHV(QEDVHDHVWRVKHFKRVVHDOHJyOD
YXOQHUDFLyQGHOGHUHFKRDODSURSLHGDGSULYDGD\VHSLGLyODUHVWLWXFLyQ
GH HVWH GHUHFKR FRQ HO DX[LOLR GH OD IXHU]D S~EOLFD (O 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO HQ VX 6DOD /LTXLGDGRUD DSUREy OD
UHVROXFLyQ GHO 7ULEXQDO GH *DUDQWtDV \ FRQFHGLy OD WXWHOD GH PDQHUD
SURYLVLRQDOSRUKDEHUVHLQJUHVDGRDODSURSLHGDGGHORVDFFLRQDQWHVGH
PDQHUDYLROHQWD\PHGLDQWHDFFLRQHVRPHGLGDVGHKHFKR

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,


'HQWUR GH HVH PDUFR \ DSOLFDQGR HO UD]RQDPLHQWR VHxDODGR HQ ORV
)XQGDPHQWRV-XUtGLFRV,,,\ ,,,GHOFDVRHQDQiOLVLVVHHYLGHQFLD
TXHHIHFWLYDPHQWHORVGHPDQGDGRVLQJUHVDURQDODSURSLHGDGHMHUFLHQGR
DFFLRQHV GH YLROHQFLD \ DPHQD]DV KDFLD ORV SURSLHWDULRV PDV FXDQGR
HVWRVVHSUHVHQWDURQHQHOOXJDUGHORVKHFKRVDILQGHGHPRVWUDUOHVFRQ
GRFXPHQWDFLyQ HO GHUHFKRSURSLHWDULR \ SRVHVRULRIXHURQ DPHQD]DGRV
LQFOXVLYHGHPXHUWHFRQVWLWX\pQGRVHHVWRVDFWRVHQYtDVGHKHFKRTXH
QRHQFXHQWUDQVXVWHQWROHJDODOJXQR\TXHKDFHQYLDEOHODSURWHFFLyQD
WUDYpVGHHVWDJDUDQWtDMXULVGLFFLRQDOSUHVFLQGLHQGRLQFOXVRGHODVYtDV
OHJDOHVTXHSXGLHUDQH[LVWLUDQWHHOGDxRLQPLQHQWHDOTXHHVWiH[SXHVWD
WRGD SHUVRQD FX\D SURSLHGDG SULYDGD VHD GHVSRMDGD R DYDVDOODGD SRU
WHUFHURV DMHQRV FRQ DFFLRQHV GH YLROHQFLD FRQ OD FRQVLJXLHQWH
YXOQHUDFLyQGHGHUHFKRVFRQVWLWXFLRQDOHV


6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SRUTXH ORV GHPDQGDGRV
PHGLDQWH YtDV GH KHFKR LQJUHVDURQ D OD SURSLHGDG GHO DFFLQDQWH
YXOQHUDQGRSRUWDQWRVXGHUHFKRDODSURSLHGDG

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O7ULEXQDO&RQVWLWXFLRQDODSDUWLUGHVXFRQILJXUDFLyQSURFHVDO\OHJDO
KD HVWDEOHFLGR HO FDUiFWHU VXEVLGLDULR GH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO 6& 5  $VLPLVPR KD GHVDUUROODGR DOJXQDV
H[FHSFLRQHVTXHVHFRQVWLWX\HQHQVLWXDFLRQHVTXHSRVLELOLWDQLQJUHVDU
GLUHFWDPHQWHDODQiOLVLVGHIRQGRGHODFDXVDDWUDYpVGHODDFFLyQGH
DPSDUR FRQVWLWXFLRQDO VLQ QHFHVLGDG GH DJRWDU ORV PHGLRV LGyQHRV
SUHYLVWRVHQODOH\ 6&55$&5\
5 TXHIXHURQFRQVWUXLGRVMXULVSUXGHQFLDOPHQWHFRPRVHU
 $FWRVSURYHQLHQWHVGHSDUWLFXODUHVRGHO(VWDGRYLQFXODGRVDYtDVR
W


dW^:d

PHGLGDV GH KHFKR 66&&  5 5 5


  ([LVWHQFLDGHGDxRLUUHSDUDEOHRSHUMXLFLRLUUHPHGLDEOH
66&& 5 5 5 
   /   R
HVSHFtILFDPHQWHSRUGDxRLQPLQHQWHHLUUHSDUDEOHDOGHUHFKRDODJXD

 SRUGDxRLQPLQHQWHHLUUHSDUDEOHHQHODFFHVRDODHGXFDFLyQ
  H[LJLHQGR LGHQWLILFDU HO ELHQMXUtGLFR GHVWUXLGR GH PRGR
LUUHPHGLDEOH H LUUHYHUVLEOH TXH MXVWLILTXH OD H[FOXVLyQ GH OD
VXEVLGLDULHGDG HQ OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO   
&XDQGR H[LVWH XQ PHGLR GH GHIHQVD SHUR pVWH HV LQHILFD] 6&
5 GH  GH PD\R \    PXWD OD
MXULVSUXGHQFLDFRQWHQLGDHQODV66&&\UHVSHFWR
DO  LQFLGHQWH GH QXOLGDG GH QRWLILFDFLyQ HQ SURFHVRV DGPLQLVWUDWLYRV
VDQFLRQDGRU DGXDQHUR VHxDODQGR TXH HVWH HV XQ PHGLR GH GHIHQVD
LQHILFD]  3DUDODUHDOL]DFLyQGHMXVWLFLDPDWHULDO 6&5GH
 GH GLFLHPEUH    &XDQGR VH GHPDQGDQ GHUHFKRV GH SHUVRQDV
SHUWHQHFLHQWHV D JUXSRV GH SULRULWDULD DWHQFLyQ JUXSRV GH SURWHFFLyQ
UHIRU]DGD 66&&5\5
 RGHPXMHUHPEDUD]DGD 6&5GHGHPD\R 
SHUVRQDV FRQ FDSDFLGDGHV GLIHUHQWHV 6&3  GH  GH
VHSWLHPEUH  \   (Q WHPDV GH UDFLVPR \ GLVFULPLQDFLyQ 6&3
 GH  GH MXQLR    5HWLUR LQWHPSHVWLYR  
/    $QWH LQFXPSOLPLHQWR D OD FRQPLQDWRULD GH
UHLQFRUSRUDFLyQ       &XDQGR VH
YXOQHUD HO GHUHFKR D OD VHJXULGDG VRFLDO     (Q WHPDV
YLQFXODGRVDORVVDODULRV\VXHOGRVGHYHQJDGRV 6&3 

(Q HVSHFtILFR VREUH OD H[FHSFLyQ D OD VXEVLGLDULHGDG GH OD DFFLyQ GH
DPSDURHQDFWRVYLQFXODGRVDPHGLGDVGHKHFKRODOtQHDMXULVSUXGHQFLDO
HVODVLJXLHQWH

/D6&5SURQXQFLDGDSRUHO7ULEXQDO&RQVWLWXFLRQDO
GHORVGLH]DxRVVHxDOy
 'HQWURGHHVRVVXSXHVWRVH[FHSFLRQDOHV
HQ ORV TXH HO DPSDUR HQWUD D WXWHODU GH PDQHUD GLUHFWD H LQPHGLDWD
SUHVFLQGLHQGRLQFOXVLYHGHVXFDUiFWHUVXEVLGLDULRHVWiODWXWHODFRQWUD
DFFLRQHVRPHGLGDVGHKHFKRFRPHWLGDVSRUDXWRULGDGHVS~EOLFDVRSRU
SDUWLFXODUHV HQWHQGLGDV pVWDV FRPR ORV DFWRV LOHJDOHV DUELWUDULRV TXH
GHVFRQRFHQ\SUHVFLQGHQGHODVLQVWDQFLDVOHJDOHV\SURFHGLPLHQWRVTXH
HORUGHQDPLHQWRMXUtGLFREULQGDUHDOL]DQGRMXVWLFLDGLUHFWDFRQDEXVR
GHOSRGHUTXHGHWHQWDQIUHQWHDODJUDYLDGRDFWRVTXHUHVXOWDQLOHJtWLPRV
SRUQRWHQHUUHVSDOGROHJDODOJXQR\TXHSRUHOGDxRRFDVLRQDGR\OD
JUDYHGDG GH ORV PLVPRV PHUHFHQ OD WXWHOD LQPHGLDWD TXH EULQGD HO
DPSDURSRUYXOQHUDUGHUHFKRVIXQGDPHQWDOHV



W


dW^:d



3RVWHULRUPHQWHOD6&5SURQXQFLDSRUHO7ULEXQDO
7UDQVLWRULRGHVDUUROOyVXEUHJODVMXULVSUXGHQFLDOHVUHVWULFWLYDVHQFXDQWR
D ORVUHTXLVLWRV YLQFXODGRV DDFWRV R PHGLGDV GH KHFKR HQWUH HOORVOD
H[LJHQFLD GHO DJRWDPLHQWR GH LQVWDQFLDV MXULVGLFFLRQDOHV R
DGPLQLVWUDWLYDVVLHVTXHQRVHSUHVHQWyGHPDQHUDRSRUWXQDHLQPHGLDWD
ODDFFLyQGHDPSDURFRQVWLWXFLRQDO6RVWXYR
 'HEHH[LVWLUXQDGHELGD
IXQGDPHQWDFLyQ \ DFUHGLWDFLyQ REMHWLYD GH TXH HIHFWLYDPHQWH VH HVWi
IUHQWHDXQDPHGLGDGHKHFKRR
MXVWLFLD D PDQR SURSLD GRQGH HO DJUDYLDGR R DFFLRQDQWH VH HQFXHQWUH
DQWHXQDVLWXDFLyQGHGHVSURWHFFLyQRGHVYHQWDMDIUHQWHDOGHPDQGDGRR
DJUHVRUVHDDXWRULGDGIXQFLRQDULRRSDUWLFXODU
RJUXSRGHSHUVRQDVSRUODGHVSURSRUFLRQDOLGDGGHORVPHGLRVRDFFLyQ
OD
SUHVHQWDFLyQGHODDFFLyQGHDPSDURFRQVWLWXFLRQDOGHEHVHUGHPDQHUD
RSRUWXQD
HLQPHGLDWDKDFLHQGRDEVWUDFFLyQGHODVXEVLGLDULHGDG'HORFRQWUDULR
QR
MXVWLILFDUtDODSUHPXUDQLJUDYHGDG\GHEHUiDJRWDUODVLQVWDQFLDV
MXULVGLFFLRQDOHV R DGPLQLVWUDWLYDV SHUWLQHQWHV VHJ~Q VHD HO FDVR \
DJRWDGDV
ODVPLVPDVDFXGLUDODMXULVGLFFLyQFRQVWLWXFLRQDO




       (Q HVH RUGHQ OD 6&  HPLWLGD SRU HO 7ULEXQDO
&RQVWLWXFLRQDO3OXULQDFLRQDOUHFRQRFLHQGRODXQLIRUPHMXULVSUXGHQFLD
VREUHODH[FHSFLyQDODVXEVLGLDULHGDGHQDFWRVYLQFXODGRVDPHGLGDVR
YtDV GH KHFKR  HVWDEOHFLy
ODV YtDV GH KHFKR FRQVWLWX\HQ XQD
H[FHSFLyQDODDSOLFDFLyQGHOSULQFLSLRGHVXEVLGLDULHGDGSRUWDQWRHO
FRQWURO WXWHODU GH FRQVWLWXFLRQDOLGDG SXHGH VHU DFWLYDGR IUHQWH D HVWDV
FLUFXQVWDQFLDV VLQ QHFHVLGDG GH DJRWDU SUHYLDPHQWH RWURV PHFDQLVPRV
RUGLQDULRVGHGHIHQVD 
3RUORPLVPRODV666&&5\
FRQWLHQHQHOHVWiQGDUPiVDOWRGHSURWHFFLyQUHVSHFWRDOD
H[FHSFLyQDODVXEVLGLDULHGDGHQDFWRVYLQFXODGRVDPHGLGDVGHKHFKR



/D OtQHD MXULVSUXGHQFLDO DVXPLGD HQ VHQWLGR TXH VH KDFH XQD
H[FHSFLyQDODVXEVLGLDULHGDGHQODDFFLyQGHDPSDURFRQVWLWXFLRQDOSRU
YtDV GH KHFKR FRQWHQLGD HQ ODV 66&& 5 6& 
HQWUHRWUDVVHDPSOLyDWUDYpVGHOD6&3TXHPRGXODQGROD
OtQHDMXULVSUXGHQFLDOVHxDOyTXHFXDQGRVHWUDWDGHYtDVGHKHFKRGH
SDUWLFXODUHVSURFHGHODSUHVHQWDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDG\
GHWRGDVODVDFFLRQHVGHGHIHQVD

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO
W


dW^:d


)-
,,,
/DDFFLyQGHDPSDURFRQVWLWXFLRQDO\HODOFDQFHIUHQWH
DPHGLGDVGHKHFKR

/DDFFLyQGHDPSDURFRQVWLWXFLRQDOKDVLGRLQVWLWXLGDSRUHODUWGH
OD&3(\VHULJHSRUORVSULQFLSLRVGHLQPHGLDWH]\VXEVLGLDULHGDGGH
DFXHUGRDODFRQILJXUDFLyQSUHYLVWDHQHODUW,FXDQGRHVWDEOHFHTXH
VH SRGUi LQWHUSRQHU HVWD DFFLyQ WXWHODU
VLHPSUH TXH QR H[LVWD RWUR
PHGLR R UHFXUVROHJDO SDUD OD SURWHFFLyQLQPHGLDWD GH ORVGHUHFKRV \
JDUDQWtDV UHVWULQJLGRV VXSULPLGRV R DPHQD]DGRV HV GHFLU TXH OD
SURWHFFLyQTXHEULQGDHVWDYLQFXODGDVLHPSUHDODLQH[LVWHQFLDGHRWUR
UHFXUVR R YtD OHJDO SDUD OD WXWHOD GH ORV GHUHFKRV TXH VH HVWLPDQ
OHVLRQDGRVVLQHPEDUJRDWUDYpVGHODMXULVSUXGHQFLDFRQVWLWXFLRQDOVH
KD HVWDEOHFLGR OD SURFHGHQFLD H[FHSFLRQDO SUHVFLQGLpQGRVH GH VX
QDWXUDOH]DVXEVLGLDULDHQORVFDVRVTXHVHDGYLHUWDODH[LVWHQFLDGHXQD
OHVLyQ HYLGHQWH DO GHUHFKR R VH KD\D RFDVLRQDGR GDxR LUUHSDUDEOH
SURYHQLHQWHGHPHGLGDVGHKHFKRFRPHWLGDVSRUDXWRULGDGHVSXEOLFDVR
SRU SHUVRQDV SDUWLFXODUHV VLWXDFLyQ TXH PHUHFH XQD SURWHFFLyQ
LQPHGLDWDSRUTXHGHORFRQWUDULRODPLVPDUHVXOWDUtDLQHILFD]

6REUHHOSDUWLFXODUVHHVWDEOHFHTXHODVDFFLRQHVRPHGLGDVGHKHFKR
FRQVWLWX\HQ
ORV DFWRV LOHJDOHV DUELWUDULRV TXH GHVFRQRFHQ \
SUHVFLQGHQ GH ODV LQVWDQFLDV OHJDOHV \ SURFHGLPLHQWRV TXH HO
RUGHQDPLHQWRMXUtGLFREULQGDUHDOL]DQGRMXVWLFLDGLUHFWDFRQDEXVRGHO
SRGHUTXHGHWHQWDQIUHQWHDODJUDYLDGRDFWRVTXHUHVXOWDQLOHJtWLPRVSRU
QR WHQHU UHVSDOGR OHJDO DOJXQR \ TXH SRU HO GDxR RFDVLRQDGR \ OD
JUDYHGDG GH ORV PLVPRV PHUHFHQ OD WXWHOD LQPHGLDWD TXH EULQGD HO
DPSDUR SRU YXOQHUDU GHUHFKRV IXQGDPHQWDOHV
 \ HQ FXDQWR D ORV
IXQGDPHQWRVGHODSUHVFLQGHQFLDGHODVXEVLGLDULHGDGDJUHJyTXH
/D
LGHDTXHLQVSLUDODSURWHFFLyQQRHVRWUDTXHHOFRQWURODODEXVRGHOSRGHU
\HOGHYHODUSRUODREVHUYDQFLDGHODSURKLELFLyQGHKDFHUVHMXVWLFLDSRU
PDQR SURSLDFRQWURO TXHVH H[WLHQGH WDQWR DODVDXWRULGDGHV S~EOLFDV
FRPRDORVSDUWLFXODUHVTXHORHMHUFHQGHPDQHUDDUELWUDULDSRUGLIHUHQWHV
UD]RQHV\HQGHWHUPLQDGDVFLUFXQVWDQFLDV
  %DMRHOUD]RQDPLHQWRGH
TXHXQ(VWDGRXQLWDULRVRFLDOGHGHUHFKRFRQFDUDFWHUtVWLFDV SURSLDV
FX\D SREODFLyQ HVWi FRQIRUPDGD SRU ORV EROLYLDQRV \ EROLYLDQDV ODV
GLYHUVDV QDFLRQHV \ SXHEORV LQGtJHQDV RULJLQDULRV FDPSHVLQRV ODV
FRPXQLGDGHVLQWHUFXOWXUDOHV\DIUREROLYLDQDVWDOFXDOHVWDEOHFHORVDUWV
 \  GH OD &3( ORV DFWRV DO PDUJHQ GHO SOXUDOLVPR MXUtGLFR \
FRQYLYHQFLD GH ODV GLYHUVDV MXULVGLFFLRQHV TXH SRU VX DUELWUDULHGDG H
LQWROHUDQFLD VH FRQVWLWX\HQ HQ YtDV R PHGLGDV GH KHFKR R MXVWLFLD
LQFRQWURODGDDPDQRSURSLDVRQVLWXDFLRQHVLQWROHUDEOHVTXHGHEHQVHU
FRQWURODGDVRHYLWDGDVHVWHWULEXQDODWUDYpVGHOD6&5GH
 GH PD\R   VHxDOy TXH
7UDWiQGRVH GH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDO FRPR PHGLR UHSDUDGRU DQWH GLFKDV VLWXDFLRQHV
H[FHSFLRQDOHVGHPHGLGDVGHKHFKRVHGHEHWHQHUSUHVHQWHTXHWDQWRHQ
W


dW^:d


OD FRQILJXUDFLyQ GH OD DEURJDGD FRPR GH OD YLJHQWH &RQVWLWXFLyQ KD
WHQLGR \ WLHQH XQD QDWXUDOH]D VXEVLGLDULD   1R REVWDQWH H[LVWHQ
VLWXDFLRQHV H[FHSFLRQDOHV HQ ODV TXH HO DJRWDPLHQWR GH WDOHV YtDV
LPSOLFDUtD OD FRQVXPDFLyQ LUUHYHUVLEOH GH OD YXOQHUDFLyQ GHO GHUHFKR
FRQHOFRQVLJXLHQWHGDxRLUUHPHGLDEOHHQFX\RFDVRODWXWHODUHVXOWDUtD
LQHILFD] HQ HO TXH SRU OD H[LVWHQFLD GH DFFLRQHV GH KHFKR R MXVWLFLD
GLUHFWD R D PDQR SURSLD TXH SXHGH VHU SURYHQLHQWH GH SDUWH GH
DXWRULGDGHVRIXQFLRQDULRVS~EOLFRVRGHSDUWLFXODUHVVHKDFHXUJHQWH
OD WXWHOD LQPHGLDWD SUHVFLQGLHQGR GH ODV YtDV OHJDOHV TXH SXGLHVHQ
H[LVWLUDHIHFWRVGHTXHFHVHQODVLOHJDOLGDGHV\DFWRVKRVWLOHVFRQOD
FRQVLJXLHQWHDIHFWDFLyQLQFOXVLYHGHRWURVGHUHFKRVIXQGDPHQWDOHVSRU
WDQWR HQ HVRV FDVRV FRUUHVSRQGH LQJUHVDU DO DQiOLVLV GH IRQGR GH OD
SUREOHPiWLFD SODQWHDGD

 HQWHQGLPLHQWR DVXPLGR SRU ODV 66&&


5\5 



1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&31RVHFXPSOHFRQHOSUHVXSXHVWRSURFHVDOSDUDTXH
SURFHGDODDFFLyQGHDPSDURFRQVWLWXFLRQDOSRUPHGLGDVGHKHFKRDQWH
VXSXHVWRDYDVDOODPLHQWRFXDOHVTXHHOGHUHFKRDODSURSLHGDGQRHVWp
FXHVWLRQDGR FXDQGR XQ SURFHVR GH VDQHDPLHQWR QR HVWi FRQFOXLGR
SRUORPLVPRODSURSLHGDGSULYDGDHVWiFXHVWLRQDGDHQVXVOLQGHURV
UHVSHFWRGHODSURSLHGDGGHOD&RPXQLGDG&DPSHVLQDVLQHPEDUJR
DQWHODH[LVWHQFLDGHDFWDVGHFRQIRUPLGDGGHOLQGHURVVXVFULWDHQWUH
HO SDUWLFXODU \ OD &RPXQLGDG FRUUHVSRQGH DO ,QVWLWXWR 1DFLRQDO GH
5HIRUPD $JUDULD ,15$  UHDOL]DU HO VHJXLPLHQWR GH OD HVWULFWD
REVHUYDQFLD\FXPSOLPLHQWRGHWDOHVDFWDVDHIHFWRVGHFXDOHVTXLHUD
GHODVSDUWHVLQFXUUDHQPHGLGDVGHKHFKRHVWRFRQODILQDOLGDGGH
SDFLILFDUORVFRQIOLFWRVVXVFLWDGRVHQODORFDOLGDG

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOORVDFFLRQDQWHVSURSLHWDULRV
GHODSURSLHGDGDJUDULDXELFDGDHQHOVHFWRU
0ROOH0ROOH
FRQVLGHUDQ
TXHORVGLULJHQWHV\GLUHFWLYRVGHO6LQGLFDWR6DQ-XDQ\
RWUDVFXDUHQWD

SHUVRQDV DILOLDGDV DO PLVPR QR LGHQWLILFDGRV HQ VXV QRPEUHV HQ OD
W


dW^:d

SUHVHQWHDFFLyQGHDPSDURFRQVWLWXFLRQDOTXLHQHVDGHFLUVX\RDFWXDURQ
REOLJDGDVEDMRPXOWDYXOQHUDURQVXVGHUHFKRVDODSURSLHGDGSULYDGDD
ODSDFtILFDSRVHVLyQDOWUDEDMRDOD
VHJXULGDGMXUtGLFD
DODGHIHQVDD
ODYLGDDODJXDDODDOLPHQWDFLyQDXQKiELWDW\YLYLHQGDDGHFXDGDDOD
KRQUD\GLJQLGDG\ORVGHUHFKRVGHODQLxH]\DGROHVFHQFLDHQUD]yQD
TXHHOGHGLFLHPEUHGHDOSURPHGLDUODVKRUDVLQJUHVDURQD
ORVWHUUHQRVGHVXSURSLHGDGTXHVHHQFXHQWUDGHELGDPHQWHUHJLVWUDGD
HQ ''55 HQ IRUPD YLROHQWD HV GHFLU FRQ PHGLGDV GH KHFKR
RFDVLRQDQGRHQWUHRWURVDFWRVLOHJDOHVGHVWUR]RVHQVXSURSLHGDGTXHVH
HQFRQWUDEDSRVH\HQGRPiVGHGLH]DxRVGHPDQHUDS~EOLFDSDFtILFD\
FRQWLQXDGD/XHJRHOGHGLFLHPEUHGHQXHYDPHQWHLQJUHVDURQ
DVXSURSLHGDGFRQPLQiQGROHDTXHDEDQGRQHQODFDVDKDVWDHOGH
GLFLHPEUH GHO PLVPR DxR EDMR DPHQD]DV GH TXHPDU WRGDV VXV
SHUWHQHQFLDV)LQDOPHQWHGHQXQFLDQTXHHOGHHQHURGHVHJ~Q
VHHQWHUDURQORVGHPDQGDGRVWHQtDQSODQLILFDGRORWHDUVHVXSURSLHGDG\
RFXSDU VX YLYLHQGD FRPR VHGH GHO 6LQGLFDWR 6DQ -XDQ 3RU OR TXH
VROLFLWDURQ VH OHV FRQFHGD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO \ HQ
FRQVHFXHQFLDVHGLVSRQJDODUHVWLWXFLyQ\SRVHVLyQLQPHGLDWDGHOSUHGLR
XELFDGRHQHOVHFWRU
0ROOH0ROOH
HOSDJRGHFRVWDVGDxRV\SHUMXLFLRV
\ODUHPLVLyQGHDQWHFHGHQWHVDO0LQLVWHULR3~EOLFRDVLPLVPRFRQOD
ILQDOLGDG GH TXH HO -XH] GH JDUDQWtDV WHQJD PD\RUHV HOHPHQWRV GH
FRQYLFFLyQVROLFLWDURQLQVSHFFLyQMXGLFLDOSDUDYHULILFDUORVGHVWUR]RV
GDxRV \ SHUMXLFLRV RFDVLRQDGRV HQ VX SURSLHGDG DJUDULD (O 7ULEXQDO
&RQVWLWXFLRQDO 3OXULQDFLRQDO GHQHJy OD WXWHOD VROLFLWDGD \ RUGHQy DO
,15$TXHGHQWURGHOSURFHGLPLHQWRGHVDQHDPLHQWRVLPSOHGHRILFLR
UHDOLFHHOVHJXLPLHQWRGHODHVWULFWDREVHUYDQFLD\FXPSOLPLHQWRGHODV
DFWDVGHFRQIRUPLGDGGHOLQGHURVVXVFULWDVSRUORVGLULJHQWHV\GLUHFWLYRV
GHO 6LQGLFDWR 6DQ -XDQ \ ORV DFFLRQDQWHV D HIHFWRV GH HYLWDU GH TXH
FXDOHVTXLHUD GH ODV SDUWHV LQFXUUDQHQ PHGLGDV GHKHFKR HVWR FRQ OD
ILQDOLGDGGHSDFLILFDUORVFRQIOLFWRVVXVFLWDGRVHQGLFKDORFDOLGDG DUW
GHOD/7&3 

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,(Q HO FDVR FRQFUHWR ORV DFFLRQDQWHV GHQXQFLDQ TXH ORV
GLULJHQWHV\GLUHFWLYRVGHO6LQGLFDWR6DQ-XDQ\
RWUDVFXDUHQWDSHUVRQDV

DILOLDGDVDOPLVPRQRLGHQWLILFDGRVHQVXVQRPEUHVHQODSUHVHQWHDFFLyQ
GHDPSDURTXLHQHVDGHFLUVX\RDFWXDURQREOLJDGDVEDMRPXOWDGHGLFKR
6LQGLFDWRYXOQHUDURQVXVGHUHFKRVDODSURSLHGDGSULYDGDDODSDFtILFD
SRVHVLyQDOWUDEDMRDOD
VHJXULGDGMXUtGLFD
DODGHIHQVDDODYLGDDO
DJXD\DODDOLPHQWDFLyQDXQKiELWDW\YLYLHQGDDGHFXDGDDODKRQUD\
GLJQLGDG \ ORV GHUHFKRV GH OD QLxH] \ DGROHVFHQFLD SRUTXH HO  GH
GLFLHPEUHGHDOSURPHGLDUODVKRUDVLQJUHVDURQDORVWHUUHQRV
GHVXSURSLHGDGTXHVHHQFXHQWUDGHELGDPHQWHUHJLVWUDGDHQ''55HQ
IRUPDYLROHQWDHVGHFLUFRQPHGLGDVGHKHFKRRFDVLRQDQGRHQWUHRWURV
DFWRVLOHJDOHVGHVWUR]RVHQVXSURSLHGDGTXHVHHQFRQWUDEDSRVH\HQGR
W


dW^:d


PiVGHGLH]DxRVGHPDQHUDS~EOLFDSDFtILFD\FRQWLQXDGD/XHJRHO
GH GLFLHPEUH GH  QXHYDPHQWH LQJUHVDURQ D VX SURSLHGDG
FRQPLQiQGROH D TXH DEDQGRQHQ OD FDVD KDVWD HO  GH GLFLHPEUH GHO
PLVPRDxREDMRDPHQD]DVGHTXHPDUWRGDVVXVSHUWHQHQFLDV

)LQDOPHQWHGHQXQFLDQTXHHOGHHQHURGHVHJ~QVHHQWHUDURQ
ORV GHPDQGDGRV WHQtDQ SODQLILFDGR ORWHDUVH VX SURSLHGDG \ RFXSDU VX
YLYLHQGDFRPRVHGHGHO6LQGLFDWR6DQ-XDQ

$HVHHIHFWRGHORVDQWHFHGHQWHVDUULPDGRVDOH[SHGLHQWHGHDPSDUR\
DSOLFDQGRODOtQHDMXULVSUXGHQFLDOFRQWHQLGDHQOD6&3TXH
VRVWLHQHTXHHQHOFDVRGHVXSXHVWRVGHDYDVDOODPLHQWRVXRFXSDFLRQHV
SRU YtDV R PHGLGDV GH KHFKR GH SUHGLRV XUEDQRV R UXUDOHV SULYDGRV
FXDQGRVHGHQXQFLHDIHFWDFLyQDOGHUHFKRDODSURSLHGDGHVWHGHUHFKR
DODSURSLHGDG GHEHVHUGHPRVWUDGRSRUHOSHWLFLRQDQWHGHODWXWHODFRQ
HO UHJLVWUR GH SURSLHGDG HQ PpULWR GHO FXDO VH JHQHUD HO GHUHFKR GH
RSRQLELOLGDGIUHQWHDWHUFHURVVHWLHQHORVLJXLHQWH

D 
/RV DFFLRQDQWHV QR GHPRVWUDURQ FRQIRUPH H[LJH OD 6&3
VHxDODGDODWLWXODULGDGRGRPLQLDOLGDGGHOSUHGLRUXUDOHQ
UHODFLyQDOFXDOVHHMHUFLyYtDVGHKHFKRFRQHOUHJLVWURGHSURSLHGDGHQ
HO 5HJLVWUR GH ''55 HQ PpULWR GHO FXDO VH JHQHUD HO GHUHFKR GH
RSRQLELOLGDGIUHQWHDWHUFHURV

(QHIHFWRVLELHQORVDFFLRQDQWHVDGMXQWDURQFRPRSUXHEDHOGRFXPHQWR
SULYDGRGHFRPSUDYHQWDGHDJRVWRGHGHELGDPHQWHUHFRQRFLGR
HQ VXV ILUPDV \ U~EULFDV FRQ H[WHQVLyQ VXSHUILFLDO TXH VHJ~Q GLFKR
GRFXPHQWR QR VH WHQtD FRQRFLPLHQWR DVt FRPR HO GRFXPHQWR GH
HQPLHQGDFRPSOHPHQWDFLyQDFODUDFLyQ\UDWLILFDFLyQGHYHQWDGHGH
GLFLHPEUHGHWDPELpQUHFRQRFLGRHQVXVILUPDV\U~EULFDVHQHO
TXHVHDFODUyTXHVHWUDWDEDGHXQDIUDFFLyQGHWHUUHQRXELFDGRHQGLFKR
VHFWRU
0ROOH0ROOH
 FRQ XQD VXSHUILFLH GHKDVLQHPEDUJR QR
DFUHGLWDURQ TXH HO WtWXOR SURSLHWDULR HVWp LQVFULWR HQ ''55 D VX
QRPEUHKDELHQGR~QLFDPHQWHDGMXQWDGRXQWHVWLPRQLRGHUHJLVWURGH
GH PDU]R GH  D QRPEUH GH $PDOLD 5H\HV )ORULGR HQ FDOLGDG GH
YHQGHGRUDGHOSUHGLR &RQFOXVLyQ,, 

E 
'HOPLVPRPRGRORVDFFLRQDQWHVWDPSRFRDFUHGLWDURQTXHHO
HMHUFLFLRGHVXGHUHFKRSURSLHWDULRVREUHHOIXQGRU~VWLFRPRWLYRGHHVWH
DPSDUR QR HVWi FXHVWLRQDGR LQILULpQGRVH WRGR OR FRQWUDULR GH ORV
DQWHFHGHQWHV\SUXHEDVDSRUWDGDVHQHVWDWXWHOD

$OUHVSHFWRUHFXpUGHVHTXHFRQIRUPHH[LJHOD6&3HQVX
)XQGDPHQWR-XUtGLFR,,,\HQFRQFUHWR\DORH[LJtDOD6&
5 GH  GH DJRVWR HO GHUHFKR D OD SURSLHGDG GHEH HVWDU GHELGDPHQWH
GHPRVWUDGRDWUDYpVGHODLQVFULSFLyQHQHO5HJLVWURGH''55\HVWH
W


dW^:d

QRGHEHHVWDUFXHVWLRQDGR

(Q HVH RUGHQ VH WLHQH TXH HO ,15$ GHQWUR GHO SURFHGLPLHQWR GH
VDQHDPLHQWR EDMR OD PRGDOLGDG GH VDQHDPLHQWR VLPSOH GH RILFLR
>&RQFOXVLyQ ,,D @ HQ HO TXH VH HQFXHQWUD HO SUHGLR GH ORV DKRUD
DFFLRQDQWHVHPLWLyOD5HVROXFLyQ$GPLQLVWUDWLYD5$66GH
 GH GLFLHPEUH HQ OD TXH GLVSXVR HQ VX DUWtFXOR SULPHUR PHGLGDV
SUHFDXWRULDV GH IRUPD FRQMXQWD OD SURKLELFLyQ GH LQQRYDU \ QR
FRQVLGHUDFLyQ GH WUDQVIHUHQFLD GH SUHGLRV REMHWR GH VDQHDPLHQWR
H[SURSLDFLyQRUHYHUVLyQUHVSHFWRGHOSUHGLRHQFRQIOLFWRGHQRPLQDGR

0ROOH0ROOH
XELFDGRGHQWURGHOSUHGLRGHODFRPXQLGDGGH6DQ-XDQ
>&RQFOXVLyQ,,E @

'HFX\D5HVROXFLyQ$GPLQLVWUDWLYDHPLWLGDSRUHO,15$VHFRQFOX\H
TXHHOHMHUFLFLRGHOGHUHFKRSURSLHWDULRGHORVDFFLRQDQWHVWDQWRHQVX
XVRJRFH\GLVIUXWHLUUHVWULFWR TXHVHFRQVWLWX\HQHQORVWUHVHOHPHQWRV
GHO FRQWHQLGR HVHQFLDO GHO GHUHFKR D OD SURSLHGDG VHJ~Q OD 6&3
 HVWiOLPLWDGR\FXHVWLRQDGRSRUHVDVPHGLGDVSUHFDXWRULDV
KDVWD WDQWR QR FRQFOX\D HO SURFHGLPLHQWR GH VDQHDPLHQWR VLPSOH GH
RILFLR 6HJ~Q &HUWLILFDFLyQ  GH  GH GLFLHPEUH GLFKR
SURFHGLPLHQWR QR HVWi FRQFOXLGR  HO TXH SUHFLVDPHQWH VH HVWi
HMHFXWDQGRSRUTXHH[LVWHQFRQIOLFWRVGHODSURSLHGDGDJUDULDDHIHFWRV
GHUHJXODUL]DU\FRQVROLGDUGLFKRGHUHFKR

F 
'HRWURODGR\HQFRUUHVSRQGHQFLDFRQORVHxDODGRHVWH7ULEXQDO
KDYHULILFDGRTXHH[LVWHQGRVDFWDVGHFRQIRUPLGDGGHOLQGHURVVXVFULWDV
SRUORVDKRUDDFFLRQDQWHV\HOGLULJHQWH3DEOR9DUJDV-DODGHO6LQGLFDWR
6DQ-XDQ\
RWURV
GHGHPDU]RGH>&RQFOXVLyQ,,F@

8Q DFWD GH FRQIRUPLGDG GH OLQGHURV FRQIRUPH H[SOLFD OD HQWLGDG GHO
,15$HVHOGRFXPHQWRHQHOTXHORVFROLQGDQWHVFRQILUPDQPHGLDQWH
VXVILUPDVTXHHVWiQGHDFXHUGRFRQODXELFDFLyQGHORVPRMRQHVTXH
GHOLPLWDQ VXV UHVSHFWLYDV SURSLHGDGHV 3RU OR PLVPR DPEDV SDUWHV
DFFLRQDQWHV\GHPDQGDGRVPLHPEURVGHO6LQGLFDWR6DQ-XDQ DVtFRPR
RWUDVSHUVRQDVLQYROXFUDGDVHQHOSURFHVRGHVDQHDPLHQWRTXHWDPELpQ
KXELHUDQILUPDGRHVWDXRWUDVDFWDVGHFRQIRUPLGDGGHOLQGHURVGHEHQ
UHVSHWDUVXVWpUPLQRVHVWRHVODXELFDFLyQGHORVPRMRQHVTXHGHOLPLWDQ
VXVUHVSHFWLYDVSURSLHGDGHV\DEVWHQHUGHLQFXUULUHQPHGLGDVGHKHFKR
GHQWURGHODVPLVPDV

(QHVHRUGHQHVSUHFLVRDFODUDUTXHODMXVWLFLDFRQVWLWXFLRQDOQRWLHQH
FRPSHWHQFLD SDUD GHOLPLWDU OLQGHURV GH OD SURSLHGDG DJUDULD
FRPSHWHQFLD TXH RVWHQWD HO ,15$ D WUDYpV GH ORV SURFHGLPLHQWRV GH
VDQHDPLHQWR FRPR RFXUUH HQ HO FDVR FRQFUHWR PHGLDQWH HO
SURFHGLPLHQWRGHVDQHDPLHQWRVLPSOHGHRILFLRSRUORPLVPRQRSXHGH
FRQFOXLUQLQJXQRGHHVWRVGRVVXSXHVWRV 4XHH[LVWLHQGRFHUWH]DGH
W


dW^:d


FXiOHV HUDQ ORV OLQGHURV TXH GHOLPLWDQ OD SURSLHGDG UXUDO GH ORV
DFFLRQDQWHV D VDELHQGDV ORV GHPDQGDGRV LQFXUULHURQ HQ PHGLGDV GH
KHFKRFRPRVHUOHYDQWDPLHQWRGHFHUFRVUHWLURGHJDQDGRHWFGHDKt
TXH ODV DGYHUWHQFLDV FRQPLQDWRULDV QRWLILFDFLRQHV TXH KLFLHURQ ORV
PLHPEURVGHO6LQGLFDWR6DQ-XDQDORVDFFLRQDQWHVSDUDTXHGHVRFXSHQ
ORV WHUUHQRV D~Q QR GHOLPLWDGRV GHILQLWLYDPHQWH HQ VXV OLQGHURV
GHVFULWRV HQ ODV FRQFOXVLRQHV ,, SUXHEDQ ODV PHGLGDV GH KHFKR QL
WDPSRFRVHSXHGHFRQFOXLUHQXQUD]RQDPLHQWRDFRQWUDULRVHQVX\ 
4XHODFRQVWUXFFLyQGHORVFHUFRV\HOSDVWRUHRGHORVJDQDGRVSRUSDUWH
GHORVDFFLRQDQWHVVHFRQVWLWX\HQHQPHGLGDVGHKHFKRDILUPDQGRTXH
VHXWLOL]yWLHUUDVGHOD&RPXQLGDG(QDPERVFDVRVSRUTXHVHUHLWHUDQR
H[LVWHXQSURFHVRGHVDQHDPLHQWRFRQFOXLGR

3RU OR PLVPR HVWH 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO GHOHJD DO
,15$FRPRHQWLGDGFRPSHWHQWHSDUDVXVWDQFLDUORVSURFHGLPLHQWRVGH
VDQHDPLHQWRODWDUHDGHUHDOL]DUHOVHJXLPLHQWRGHODHVWULFWDREVHUYDQFLD
\FXPSOLPLHQWRGHODVDFWDVGHFRQIRUPLGDGGHOLQGHURVVXVFULWDVSRUHO
6LQGLFDWR6DQ-XDQ\ORVDKRUDDFFLRQDQWHV'DYLG6DOD]DU4XLQWHURV\
&HFLOLD9HLVDJD&DGLPDHOGHPDU]RGH>&RQFOXVLyQ,,F @D
HIHFWRVGHHYLWDUTXHFXDOHVTXLHUDGHODVSDUWHVLQFXUUDQHQPHGLGDVGH
KHFKR)DFXOWDGTXHDVXPHHVWH7ULEXQDOHQDSOLFDFLyQGHXQRGHORV
SULQFLSLRVTXHULJHHOHMHUFLFLRGHODMXVWLFLDFRQVWLWXFLRQDOFXDOHVHO
SULQFLSLRGHFXOWXUDGHOD3D] DUWGHOD/7&3 FX\RDOFDQFHHV
TXH OD MXVWLFLD FRQVWLWXFLRQDO D PiV GH UHVROYHU HO FDVR FRQFUHWR
VRPHWLGRDVXFRQRFLPLHQWRFRPRHVHOFDVRGHH[DPHQGHOFXDOHPHUJH
HVWHDPSDURHQHOTXHSRUODVUD]RQHVVHxDODGDVVHGHQHJDUiODWXWHOD
GHEHFRQWULEXLUDODSURPRFLyQGHODFXOWXUDGHODSD]\HOGHUHFKRDOD
SD]DWUDYpVGHVXVUHVROXFLRQHV

6LQWHVLVGHODUDWLRGHFLGHQGL

'HQLHJD OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SRUTXH DQWH VXSXHVWR
DYDVDOODPLHQWR\RFXSDFLyQSRUYtDVRPHGLGDVGHKHFKRGHSUHGLRUXUDO
SULYDGRGHQRPLQDGR
0ROOH0ROOH
XELFDGRGHQWURGHOD&RPXQLGDG
GH6DQ-XDQQRVHGHPRVWUyODWLWXODULGDGGHOGHUHFKRDODSURSLHGDGFRQ
HO UHJLVWUR GH SURSLHGDG HQ HO 5HJLVWUR GH ''55 WDPSRFR  TXH HO
HMHUFLFLR GH VX GHUHFKR SURSLHWDULR  QR HVWi FXHVWLRQDGR GHELGR D OD
H[LVWHQFLDGHXQSURFHGLPLHQWRGHVDQHDPLHQWRVLPSOHGHRILFLRDQWHHO
,15$ QR FRQFOXLGR HQ HO TXH VH GLVSXVLHURQ PHGLGDV SUHFDXWRULDV
VDQHDPLHQWR UHDOL]DGR SUHFLVDPHQWH  SRUTXH H[LVWHQ FRQIOLFWRV GH OD
SURSLHGDG DJUDULD SRU OR PLVPR DO QR H[LVWLU OLQGHURV GHOLPLWDGRV
SURGXFWR GHO VDQHDPLHQWR QR HV SRVLEOH FRQFOXLU TXH HO SDUWLFXODU
XWLOL]y FRQ PHGLGDV GH KHFKR WLHUUDV GH OD &RPXQLGDG QL TXH OD
&RPXQLGDGDYDVDOOySURSLHGDGSULYDGD6LQHPEDUJRDQWHODH[LVWHQFLD
GH DFWDV GH FRQIRUPLGDG GH OLQGHURV VXVFULWDV SRU HO SDUWLFXODU \ HO
GLULJHQWH GHO 6LQGLFDWR 6DQ -XDQ \
RWURV
  DVt FRPR RWUDV SHUVRQDV
W


dW^:d

LQYROXFUDGDV HQ HO SURFHVR GH VDQHDPLHQWR FX\RV WpUPLQRV GHEHQ


UHVSHWDUVH UHVSHFWR D  OD XELFDFLyQ GH ORV PRMRQHV TXH GHOLPLWDQ VXV
UHVSHFWLYDV SURSLHGDGHV \ DEVWHQHU GH LQFXUULU HQ PHGLGDV GH KHFKR
GHQWUR GH ODV PLVPDV HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO
GLPHQVLRQDQGRORVHIHFWRVGHOIDOORFRQWULEX\HQGRDODSURPRFLyQGH
ODFXOWXUDGHODSD]\HOGHUHFKRDODSD]DWUDYpVGHVXVUHVROXFLRQHV
GHOHJy DO ,15$  OD WDUHD GH UHDOL]DU HO VHJXLPLHQWR GH OD HVWULFWD
REVHUYDQFLD\FXPSOLPLHQWRGHODVDFWDVGHFRQIRUPLGDGGHOLQGHURVD
HIHFWRVGHHYLWDUTXHFXDOHVTXLHUDGHODVSDUWHVLQFXUUDQHQPHGLGDVGH
KHFKRFRQODILQDOLGDGGHSDFLILFDUORVFRQIOLFWRVVXVFLWDGRVHQGLFKD
ORFDOLGDG DUWGHOD/7&3 

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O 7ULEXQDO &RQVWLWXFLRQDO UHVSHFWR D ORV UHTXLVLWRV SDUD LQJUHVDU DO
IRQGR GHO SUREOHPD MXUtGLFR HQ DFWRV YLQFXODGRV D PHGLGDV R YtDV GH
KHFKRDVtFRPRUHJODVSURFHVDOHVHQHVWDWHPiWLFDVHxDOyORVLJXLHQWH


/D 6& 5  TXH VH FRQVWLWX\H HQ XQ SUHFHGHQWH
VXSHUDGRGHPDQHUDUHVWULFWLYDHVWDEOHFLyODVVLJXLHQWHVVXEUHJODV
 
'HEHH[LVWLUXQDGHELGDIXQGDPHQWDFLyQ\DFUHGLWDFLyQREMHWLYDGHTXH
HIHFWLYDPHQWHVHHVWiIUHQWHDXQDPHGLGDGHKHFKRRMXVWLFLDDPDQR
SURSLDGRQGHHODJUDYLDGRRDFFLRQDQWHVHHQFXHQWUDDQWHXQDVLWXDFLyQ
GH GHVSURSRUFLyQ R GHVYHQWDMD IUHQWH DO GHPDQGDGR R DJUHVRU VHD
DXWRULGDG IXQFLRQDULR R SDUWLFXODU R JUXSR GH SHUVRQDV SRU OD
GHVSURSRUFLRQDOLGDGGHORVPHGLRVRDFFLyQODSUHVHQWDFLyQGHODDFFLyQ
GH DPSDUR FRQVWLWXFLRQDO GHEH VHU GH PDQHUD RSRUWXQD H LQPHGLDWD
KDFLHQGRDEVWUDFFLyQGHODVXEVLGLDULGDG'HORFRQWUDULRQRMXVWLILFDUtD
ODSUHPXUDQLJUDYHGDG\GHEHUiDJRWDUODVLQVWDQFLDVMXULVGLFFLRQDOHVR
DGPLQLVWUDWLYDV SHUWLQHQWHV VHJ~Q VHD HO FDVR \ DJRWDGDV ODV PLVPDV
DFXGLUDODMXULVGLFFLyQFRQVWLWXFLRQDO 1HFHVDULDPHQWHVHGHEHHVWDU
DQWHXQLQPLQHQWHGDxRLUUHYHUVLEOHRLUUHSDUDEOH\DVHDDJUDYDQGROD
OHVLyQ\DFRQVXPDGDRTXHHOORSURYRTXHODDPHQD]DRUHVWULFFLyQR
VXSUHVLyQ D RWURV GHUHFKRV IXQGDPHQWDOHV 6LWXDFLRQHV TXH GHEHQ VHU
IXQGDPHQWDGDV\DFUHGLWDGDV (ORORVGHUHFKRVFX\DWXWHODVHSLGH
GHEHQHVWDUDFUHGLWDGRVHQVXWLWXODULGDGHVGHFLUQRVHSXHGHLQYRFDU
GHUHFKRVFRQWURYHUWLGRVRTXHHVWpQHQGLVSXWDDWHQGLHQGRFODURHVWDD
ODQDWXUDOH]DGHORVPLVPRV (QORVFDVRVHQORVTXHDWUDYpVGHPHGLRV
REMHWLYRVVHSRQJDHQHYLGHQFLDTXHH[LVWLyFRQVHQWLPLHQWRGHORVDFWRV
GHQXQFLDGRV \ DFXVDGRV FRPR PHGLGDV GH KHFKR QR FRUUHVSRQGH
LQJUHVDUDODQiOLVLVGHODSUREOHPiWLFDSRUFXDQWRHVWDDFFLyQGHGHIHQVD
QRSXHGHHVWDUDPHUFHGGHOFDPELRRYRODWLOLGDGGHORVLQWHUHVHVGHO
DFFLRQDQWH



3RVWHULRUPHQWH OD 6&  PRGXOy  H[SUHVDPHQWH ODV
VXEUHJODVFRQWHQLGDVHQOD6&5 SUHFHGHQWHVXSHUDGR TXH
W


dW^:d


OXHJR IXHURQ UHFRJLGDV SRU OD 6&3  TXH HVWDEOHFLy OD
VXSUHVLyQ GHO GHUHFKR D OD MXULVGLFFLyQ FXDQGR VH SURGXFHQ DFWRV
YLQFXODGRVDPHGLGDVGHKHFKR UHVSHFWRD

D  )OH[LELOL]DFLyQ D OD OHJLWLPDFLyQ SDVLYD 3RU UHJOD JHQHUDO HQ OD
DFFLyQGHDPSDURFRQVWLWXFLRQDOODRHODFFLRQDQWHGHEHGHPDQGDUDORV
SDUWLFXODUHVRDXWRULGDGHVGHPDQGDGDVTXHFRPHWLHURQHODFWRLOHJDOR
LQFXUULHURQ HQ RPLVLyQ LQGHELGD VLQ HPEDUJR HQ DFWRV YLQFXODGRV D
PHGLGDVGHKHFKRGHPDQHUDH[FHSFLRQDO\VLHPSUH\FXDQGRQRVHD
SRVLEOHVXLGHQWLILFDFLyQODVSHUVRQDVTXHQRKD\DQVLGRH[SUHVDPHQWH
GHPDQGDGDVSXHGHQHQFXDOTXLHUHWDSDGHOSURFHVRGHDPSDURLQFOXVR
HQ UHYLVLyQ DQWH HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO SUHVHQWDU
SUXHED\VHURtGRV 6&3)-,,, VXSXHVWRTXHQRPRGXOD
HOHQWHQGLPLHQWRDVXPLGRSRUOD6&3VREUHODRSRUWXQLGDG
GH OD SUHVHQWDFLyQ GH SUXHEDV SRU FXDQWR VH WUDWD GH VXSXHVWRV GH
IOH[LELOL]DFLyQGHODOHJLWLPDFLyQSDVLYDHQYtDVGHKHFKR

E&DUJDGHODSUXHEDDVHUFXPSOLGDSRUHOSHWLFLRQDQWHGHWXWHOD

E  5HJOD JHQHUDO /D FDUJD SUREDWRULD D VHU FXPSOLGD SRU HO
SHWLFLRQDQWHGHWXWHODGHEHL $FUHGLWDUGHPDQHUDREMHWLYDODH[LVWHQFLD
GH DFWRV R PHGLGDV DVXPLGDV VLQ FDXVD MXUtGLFD HV GHFLU HQ
SUHVFLQGHQFLDDEVROXWDGHORVPHFDQLVPRVLQVWLWXFLRQDOHVHVWDEOHFLGRV
SDUD OD GHILQLFLyQ GH KHFKRV R GHUHFKRV \ LL  (VWDU FLUFXQVFULWD D
DVSHFWRVTXHQRLPSOLTXHQODH[LVWHQFLDGHKHFKRVFRQWURYHUWLGRVDVHU
VXVWDQFLDGRV SRU OD MXULVGLFFLyQ RUGLQDULD 6&3 
)XQGDPHQWR-XUtGLFR,,, 

E  (VSHFLILFLGDGHV GH OD FDUJD GH OD SUXHED HQ FDVR GH
DYDVDOODPLHQWRVFXDQGRVHGHQXQFLDDIHFWDFLyQDOGHUHFKRDODSURSLHGDG

3DUDORVVXSXHVWRVGHDYDVDOODPLHQWRVXRFXSDFLRQHVSRUYtDVGHKHFKR
GH SUHGLRV XUEDQRV R UXUDOHV SULYDGRV R S~EOLFRV FXDQGR VH GHQXQFLH
DIHFWDFLyQ DO GHUHFKR D OD SURSLHGDG HV GHFLU TXH FRQVWLWX\D XQD
OLPLWDFLyQDUELWUDULDDODSURSLHGDGODSDUWHDFFLRQDQWHDOPDUJHQGHOD
FDUJDSUREDWRULDGHVDUUROODGDHQHOLQFLVRF UHIHULGRDODUHJODJHQHUDO
WLHQH OD FDUJD SUREDWRULD HVSHFtILFD GH DFUHGLWDU VX WLWXODULGDG R
GRPLQLDOLGDG GHO ELHQ HQ UHODFLyQ DO FXDO VH HMHUFLy YtDV GH KHFKR
DVSHFWRGHPRVWUDGRFRQHOUHJLVWURGHSURSLHGDGHQPpULWRGHOFXDOVH
JHQHUDHOGHUHFKRGHRSRQLELOLGDGIUHQWHDWHUFHURVHVGHFLUQRSXHGH
H[LJLUVHDOSHWLFLRQDQWHGHWXWHODQLQJXQDRWUDFDUJDSURFHVDODGLFLRQDO
6&3)XQGDPHQWR-XUtGLFR,,, 

E  (VSHFLILFLGDGHV GH OD FDUJD GH OD SUXHED HQ FDVR GH
DYDVDOODPLHQWRV FXDQGR VH GHQXQFLD  SpUGLGD R SHUWXUEDFLyQ GH OD
SRVHVLyQ
W


dW^:d


3DUDORVVXSXHVWRVGHDYDVDOODPLHQWRVXRFXSDFLRQHVSRUYtDVGHKHFKR
GH SUHGLRV XUEDQRV R UXUDOHV SULYDGRV R S~EOLFRV FXDQGR VH GHQXQFLH
SpUGLGDRSHUWXUEDFLyQGHODSRVHVLyQODSDUWHDFFLRQDQWHDOPDUJHQGH
ODFDUJDSUREDWRULDUHIHULGDDODUHJODJHQHUDOWLHQHODFDUJDSUREDWRULD
HVSHFtILFDGHDFUHGLWDUVXSRVHVLyQOHJDOGHOELHQHQUHODFLyQDOFXDOVH
HMHUFLy YtDV GH KHFKR D WUDYpV GH XQD UHVROXFLyQMXGLFLDO HPLWLGD SRU
DXWRULGDGFRPSHWHQWHTXHQRHVWpVRPHWLGDDFRQWURYHUVLDMXGLFLDO 6&3
)-,,, 


6REUHODH[FHSFLyQDSULQFLSLRGHVXEVLGLDULHGDGHQODDFFLyQGH
DPSDUR\RWUDVDFFLRQHVGHGHIHQVDYLQFXODGDVDPHGLGDVGHKHFKR/D
OtQHDMXULVSUXGHQFLDODVXPLGDHQVHQWLGRTXHVHKDFHXQDH[FHSFLyQDOD
VXEVLGLDULHGDGHQODDFFLyQGHDPSDURFRQVWLWXFLRQDOSRUYtDVGHKHFKR
FRQWHQLGD HQ ODV 66&& 5 6&  HQWUH RWUDV VH
DPSOLy D WUDYpV GH OD 6&3  TXH PRGXODQGR OD OtQHD
MXULVSUXGHQFLDO  VHxDOy TXH FXDQGR VH WUDWD GH YtDV GH KHFKR GH
SDUWLFXODUHVSURFHGHODSUHVHQWDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDG\
GHWRGDVODVDFFLRQHVGHGHIHQVD


6REUHODVH[FHSFLRQHV\IOH[LELOL]DFLRQHVDOSOD]RGHVHLVPHVHV
SDUD OD LQWHUSRVLFLyQ GH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HQ DFWRV
YLQFXODGRVDPHGLGDVGHKHFKRVHHVWDEOHFLyORVLJXLHQWH

D  /D 6&3  VHxDOD TXH SURFHGH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDODQWHPHGLGDVGHKHFKRGXUDQWHHOWLHPSRTXHVXEVLVWDOD
YXOQHUDFLyQRODDPHQD]DDGHUHFKRV

E /D6&3HVWDEOHFHXQDH[FHSFLyQDOSOD]RGHFDGXFLGDG
HQ DFWRV YLQFXODGRV D PHGLGDV R YtDV GH KHFKR HQ DSOLFDFLyQ GHO
SULQFLSLRGHYHUGDGPDWHULDO

F  /D 6&3  VRVWLHQH TXH HO  SOD]R GH FDGXFLGDG SDUD OD
SUHVHQWDFLyQ GH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO FXDQGR  OD
YXOQHUDFLyQDGHUHFKRVIXQGDPHQWDOHVYLQFXODGRDPHGLGDVRYtDVGH
KHFKRVHDPHGLDWDHQHOWLHPSRHVGHFLUFXDQGRDSDUWLUGHODFWRLQLFLDO
OHVLYR D GHUHFKRV IXQGDPHQWDOHV GH PDQHUD FRQH[D VH UHDOLFHQ DFWRV
XOWHULRUHV YXOQHUDWRULRV GH GHUHFKRV IXQGDPHQWDOHV HO SOD]R GH
FDGXFLGDGSDUDDFWLYDUODDFFLyQGHDPSDURFRQVWLWXFLRQDOVHFRPSXWDUi
GHVGHHO~OWLPRDFWROHVLYRYLQFXODGRDODPHGLGDGHKHFKRHPSHUROD
WXWHODFRPSUHQGHUiKDVWDHOSULPHUDFWRTXHRULJLQyODOHVLyQ


6REUH OD FLWDFLyQ D ODV DXWRULGDGHV GHPDQGDGDV HQ DFWRV
YLQFXODGRV D PHGLGDV GH KHFKR /D 6&3  VRVWXYR TXH HV
LQDGPLVLEOHODFLWDFLyQSRUHGLFWRVFRQODDFFLyQ\DXWRGHDGPLVLyQGH
ODDFFLyQGHDPSDURFRQVWLWXFLRQDOHQVXSXHVWRVGHPHGLGDVRYtDVGH
W


dW^:d


KHFKRSXHVWRTXHVHHQWLHQGHTXHORVGHPDQGDGRVSXHGHQVHUKDELGRV
HQGHWHUPLQDGROXJDU


$VLPLVPRHVLPSRUWDQWHKDFHUUHIHUHQFLDDYDULDVVHQWHQFLDVHQ
WRUQR D OD IOH[LELOL]DFLyQ GH ORV UHTXLVLWRV HQ FDVRV GH SURWHFFLyQ D
GHUHFKRVIXQGDPHQWDOHVHVSHFtILFRV

D  'HUHFKR DO DJXD /D 6& 5 IOH[LELOL]y ORV UHTXLVLWRV
SUHYLVWRV SRU OD  FXDQGR VH DOHJDUHQ YtDV GH KHFKR HQ OD
UHVWULFFLyQ GHO GHUHFKR DO DJXD SRU VX HVWUHFKD YLQFXODFLyQ FRQ HO
GHUHFKRDODYLGDODVDOXG\ODGLJQLGDGKXPDQDVHSUHVXPHXQGDxR
LQPLQHQWHHLUUHSDUDEOHUHTXLULpQGRVHHQHVWRVFDVRV~QLFDPHQWHTXHHO
DIHFWDGRDFUHGLWHREMHWLYDPHQWHHODFWROHVLYRDSURGXFLUVHRTXHIXHUH
FRQVXPDGRDWUDYpVGHOHMHUFLFLRGHXQDPHGLGDRYtDGHKHFKR(QHVH
RUGHQOD6&3PRGXOyDOD6&HQVHQWLGRTXHHQ
FDVRVGHPDQLILHVWDDIHFWDFLyQQRHVH[LJLEOHODFDUJDSUREDWRULDDOJXQD
DFDUJRGHODFFLRQDQWH

E 'HUHFKRVGHORVJUXSRVGHDWHQFLyQSULRULWDULD/D6&3
PRGXODORVDOFDQFHVGHOD6&3IOH[LELOL]DQGRORVUHTXLVLWRV
SDUDTXHVHFRQFHGDODWXWHODHQDFFLRQHVGHKHFKRHQDWHQFLyQDTXHORV
DFFLRQDQWHVIRUPDQSDUWHGHXQJUXSRGHDWHQFLyQSULRULWDULDFRPRVRQ
ORVDGXOWRVPD\RUHV

F 'HUHFKRVGHORVSXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRV/D6&3
VHxDOyTXHHQYLUWXGDOSULQFLSLRGHLJXDOGDGMHUiUTXLFDGH
VLVWHPDV MXUtGLFRV HQWUH HO VLVWHPD MXUtGLFR RUGLQDULR \ HO VLVWHPD
LQGtJHQDRULJLQDULRFDPSHVLQRODSUXHEDSURYHQLHQWHGHDPERVVLVWHPDV
WLHQH OD PLVPD YDOLGH] MXUtGLFD SRU HQGH DQWH VX FRQWURYHUVLD QR
SURFHGH OD DFFLyQ GH DPSDUR SRU PHGLGDV R YtDV GH KHFKR SRU OD
H[LVWHQFLD GH KHFKRV FRQWURYHUWLGRV HQ DSOLFDFLyQ GHO HQWHQGLPLHQWR
DVXPLGRHQODVVHQWHQFLDVFRQVWLWXFLRQDOHVSOXULQDFLRQDOHV\



6REUH PHGLGDV SUHYHQWLYDV SDUD HYLWDU DFWRV YLQFXODGRV D
PHGLGDVGHKHFKRHQWUHODSURSLHGDGDJUDULDSULYDGD\ODSURSLHGDGGH
XQDFRPXQLGDGFDPSHVLQD

/D6&3VHxDOyTXHHVREOLJDFLyQGHO,QVWLWXWR1DFLRQDOGH
5HIRUPD$JUDULD ,15$ UHDOL]DUVHJXLPLHQWRDODHVFULWDREVHUYDQFLD\
FXPSOLPLHQWR GH DFWDV GH FRQIRUPLGDG GH OLQGHURV HQ SURFHVRV GH
VDQHDPLHQWRV FRPR PHGLGD SUHYHQWLYD SDUD SUHYHQLU TXH ODV SDUWHV
LQFXUUDQHPHGLGDVRYtDVGHKHFKRHQWUHODSURSLHGDGDJUDULDSULYDGD\
ODSURSLHGDGGHXQDFRPXQLGDGFDPSHVLQD



W


dW^:d

9tDVRPHGLGDVGHKHFKR(ODFFLRQDQWHGHEHFXPSOLU
ORV SUHVXSXHVWRV FRQVLVWHQWHV HQ DFUHGLWDU GH PDQHUD REMHWLYD OD
H[LVWHQFLD GH DFWRV R PHGLGDV GH KHFKR DVt FRPR VX WLWXODULGDG R
GRPLQLDOLGDGFRQHOUHJLVWURGHSURSLHGDG
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
0RGXODGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO

6&3/DDFFLyQGHDPSDURFRQVWLWXFLRQDOSURFHGHFRQWUD
YtDV GH KHFKR  YLQFXODGDV DO DYDVDOODPLHQWR FXDQGR HO DFFLRQDQWH
FXPSOHORVSUHVXSXHVWRVFRQVLVWHQWHVHQDFUHGLWDUGHPDQHUDREMHWLYD
ODH[LVWHQFLDGHDFWRVRPHGLGDVDVXPLGDVVLQFDXVDMXUtGLFDDVtFRPR
VX WLWXODULGDG R GRPLQLDOLGDG FRQ HO UHJLVWUR GH SURSLHGDG VREUH HO
ELHQHQUHODFLyQDOFXDOVHHMHUFLyYtDVGHKHFKR

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOHODFFLRQDQWHVRVWXYRTXHSHVH
DWHQHUVXGHUHFKROHJDOPHQWHLQVFULWRHQGHUHFKRVUHDOHV\ODDSUREDFLyQ
GHOSODQRGHXUEDQL]DFLyQSRUSDUWHGHO*RELHUQR0XQLFLSDOGH3XHUWR
4XLMDUURXQJUXSRGHSHUVRQDVHQWUHODVTXHVHHQFXHQWUDQODQRWDULDGH
IHSXEOLFDFRQFHMDOHV\ORVSDUWLFXODUHVGHPDQGDGRVDYDVDOOyGHPDQHUD
DUELWUDULDVXVSUHGLRVOHVLRQDQGRVXGHUHFKRDODSURSLHGDGGLULJLHQGR
VXDFFLyQDGHPiV
FRQWUDWRGRVORVTXHVHHQFXHQWUDQHQHOLQWHULRUGH
ORV FLWDGRVWHUUHQRV FX\RVQRPEUHV KDQ VLGR LPSRVLEOH FRQRFHU
 VLF 
VROLFLWDQGR VH RUGHQH OD LQPHGLDWD GHVRFXSDFLyQ \ HQWUHJD GH ORV
WHUUHQRVDYDVDOODGRV(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDODSUREyHQ
SDUWHODUHVROXFLyQUHYLVDGDDQDOL]DQGRSUHYLDPHQWHORVSUHVXSXHVWRVGH
DFWLYDFLyQ GH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HQ YtDV GH KHFKR \
DSOLFDQGR OD IOH[LELOL]DFLyQ H[FHSFLRQDO GH OD OHJLWLPDFLyQ SDVLYD
FRQFHGLHURQODWXWHODFRQUHODFLyQDODVSHUVRQDVQRLGHQWLILFDGDVHQOD
DFFLyQ TXH HVWiQ HQ SRVHVLyQ LOHJDO GHO LQPXHEOH GH SURSLHGDG GHO
DFFLRQDQWHVHJ~QWtWXORVSXHVWRTXHUHVSHFWRDODVXSHUILFLHUHVWDQWHGHO
SUHGLRH[LVWHQGHUHFKRVFRQWURYHUWLGRVTXHGHEHQVHUGLOXFLGDGRVHQOD
YtDRUGLQDULDSRURWUDSDUWHGHQHJyODWXWHODFRQUHODFLyQDOD1RWDULD
GH)H3~EOLFDDORVFRQFHMDOHV\SDUWLFXODUHVGHPDQGDGRVDOQRH[LVWLU
QLQJXQDHYLGHQFLDTXHHVWDEOH]FDODUHODFLyQHQWUHHVWDVSHUVRQDV\HO
DFWROHVLYR

W


dW^:d


([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
(Q HO )XQGDPHQWR -XUtGLFR ,,, VH LQGLFy TXH ORV

DYDVDOODPLHQWRV
 FRQVWLWX\HQ WDPELpQ YtDV GH KHFKR VLWXDFLyQ HQ OD
FXDOFXDQGRVHGHQXQFLHDIHFWDFLyQDOGHUHFKRDODSURSLHGDGODSDUWH
DFFLRQDQWHWLHQHODFDUJDSUREDWRULDHVSHFtILFDGHDFUHGLWDUVXWLWXODULGDG
R GRPLQLDOLGDG GHO ELHQ HQ UHODFLyQ DO FXDO VH HMHUFLy YtDV GH KHFKR
DVSHFWRTXHVHWHQGUiSRUGHPRVWUDGRFRQHOUHJLVWURGHSURSLHGDGHQ
PpULWRGHOFXDOVHJHQHUDHOGHUHFKRGHRSRQLELOLGDGIUHQWHDWHUFHURV
DKRUD ELHQ HQ HO FDVR FRQFUHWR GH OD FRPSXOVD GH DQWHFHGHQWHV VH
HYLGHQFLD OR VLJXLHQWH &RPR SUXHED GRFXPHQWDO OD SDUWH DFFLRQDQWH
SUHVHQWDGD RULJLQDO GH )ROLR 5HDO  IV   HO FXDO
HVWDEOHFHORVVLJXLHQWHVDVSHFWRVHVHQFLDOHVDVDEHU (OFLWDGRUHJLVWUR
FRUUHVSRQGHDOLQPXHEOHFLWRHQHO6HFWRUQRURHVWHGHOFDPLQRDQWLJXRD
3XHUWR 6XiUH] FRQ XQD VXSHUILFLH GH   P UHJLVWUDGR D
QRPEUH GH :DOG\ &KiYH] 0HQDFKR   (Q OD FDVLOOD UHIHUHQWH D OD
WLWXODULGDGVREUHHOGRPLQLRILJXUDXQ~QLFRDVLHQWRHOFXDOFRQWHPSOD
FRPRSURSLHWDULRGHOLQPXHEOHD:DOG\&KiYH]0HQDFKR (QHVWD
FDVLOOD HV GHFLU OD UHIHUHQWH D OD WLWXODULGDG VREUH HO GRPLQLR HQ HVWH
~QLFRDVLHQWRVHHVWDEOHFHTXHODDGTXLVLFLyQGHOLQPXHEOHWLHQHFDXVD
HQXQDDGMXGLFDFLyQPXQLFLSDODFUHGLWDGDSRUHVFULWXUDS~EOLFDGH
GHGLFLHPEUHGH\ )LJXUDFRPRIHFKDGHHPLVLyQGHHVWD
FHUWLILFDFLyQODVLJXLHQWHGHPDU]RGH

(Q EDVH D HVWD GRFXPHQWDFLyQ SULPD IDFLH VH HVWDEOHFH TXH GLFKR
GRFXPHQWR DFUHGLWD OD WLWXODULGDG GHO DFFLRQDQWH HQ FXDQWR DO ELHQ
LQPXHEOHHQUHODFLyQGHOFXDOHVWHVROLFLWDODWXWHODSUHFLViQGRVHTXHHO
GRFXPHQWR UHIHULGR GH PDQHUD HVSHFtILFD FRQWHPSOD OD VXSHUILFLH GH
P


6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SRU DYDVDOODPLHQWR GH
SURSLHGDGFRQUHODFLyQDODVSHUVRQDVQRLGHQWLILFDGDVHQODDFFLyQTXH
HVWiQHQSRVHVLyQLOHJDOGHOLQPXHEOHGHSURSLHGDGGHODFFLRQDQWHVHJ~Q
WtWXORV SXHVWR TXH UHVSHFWR D OD VXSHUILFLH UHVWDQWH GHO SUHGLR H[LVWHQ
GHUHFKRVFRQWURYHUWLGRVTXHGHEHQVHUGLOXFLGDGRVHQODYtDRUGLQDULD

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

(O 7ULEXQDO &RQVWLWXFLRQDO UHVSHFWR D ORV UHTXLVLWRV SDUD LQJUHVDU DO
IRQGR GHO SUREOHPD MXUtGLFR HQ DFWRV YLQFXODGRV D PHGLGDV R YtDV GH
KHFKRDVtFRPRUHJODVSURFHVDOHVHQHVWDWHPiWLFDVHxDOyORVLJXLHQWH


/D 6& 5  TXH VH FRQVWLWX\H HQ XQ SUHFHGHQWH
VXSHUDGRGHPDQHUDUHVWULFWLYDHVWDEOHFLyODVVLJXLHQWHVVXEUHJODV
 
W


dW^:d

'HEHH[LVWLUXQDGHELGDIXQGDPHQWDFLyQ\DFUHGLWDFLyQREMHWLYDGHTXH
HIHFWLYDPHQWHVHHVWiIUHQWHDXQDPHGLGDGHKHFKRRMXVWLFLDDPDQR
SURSLDGRQGHHODJUDYLDGRRDFFLRQDQWHVHHQFXHQWUDDQWHXQDVLWXDFLyQ
GH GHVSURSRUFLyQ R GHVYHQWDMD IUHQWH DO GHPDQGDGR R DJUHVRU VHD
DXWRULGDG IXQFLRQDULR R SDUWLFXODU R JUXSR GH SHUVRQDV SRU OD
GHVSURSRUFLRQDOLGDGGHORVPHGLRVRDFFLyQODSUHVHQWDFLyQGHODDFFLyQ
GH DPSDUR FRQVWLWXFLRQDO GHEH VHU GH PDQHUD RSRUWXQD H LQPHGLDWD
KDFLHQGRDEVWUDFFLyQGHODVXEVLGLDULGDG'HORFRQWUDULRQRMXVWLILFDUtD
ODSUHPXUDQLJUDYHGDG\GHEHUiDJRWDUODVLQVWDQFLDVMXULVGLFFLRQDOHVR
DGPLQLVWUDWLYDV SHUWLQHQWHV VHJ~Q VHD HO FDVR \ DJRWDGDV ODV PLVPDV
DFXGLUDODMXULVGLFFLyQFRQVWLWXFLRQDO 1HFHVDULDPHQWHVHGHEHHVWDU
DQWHXQLQPLQHQWHGDxRLUUHYHUVLEOHRLUUHSDUDEOH\DVHDDJUDYDQGROD
OHVLyQ\DFRQVXPDGDRTXHHOORSURYRTXHODDPHQD]DRUHVWULFFLyQR
VXSUHVLyQ D RWURV GHUHFKRV IXQGDPHQWDOHV 6LWXDFLRQHV TXH GHEHQ VHU
IXQGDPHQWDGDV\DFUHGLWDGDV (ORORVGHUHFKRVFX\DWXWHODVHSLGH
GHEHQHVWDUDFUHGLWDGRVHQVXWLWXODULGDGHVGHFLUQRVHSXHGHLQYRFDU
GHUHFKRVFRQWURYHUWLGRVRTXHHVWpQHQGLVSXWDDWHQGLHQGRFODURHVWDD
ODQDWXUDOH]DGHORVPLVPRV (QORVFDVRVHQORVTXHDWUDYpVGHPHGLRV
REMHWLYRVVHSRQJDHQHYLGHQFLDTXHH[LVWLyFRQVHQWLPLHQWRGHORVDFWRV
GHQXQFLDGRV \ DFXVDGRV FRPR PHGLGDV GH KHFKR QR FRUUHVSRQGH
LQJUHVDUDODQiOLVLVGHODSUREOHPiWLFDSRUFXDQWRHVWDDFFLyQGHGHIHQVD
QRSXHGHHVWDUDPHUFHGGHOFDPELRRYRODWLOLGDGGHORVLQWHUHVHVGHO
DFFLRQDQWH



3RVWHULRUPHQWH OD 6&  PRGXOy  H[SUHVDPHQWH ODV
VXEUHJODVFRQWHQLGDVHQOD6&5 SUHFHGHQWHVXSHUDGR TXH
OXHJR IXHURQ UHFRJLGDV SRU OD 6&3  TXH HVWDEOHFLy OD
VXSUHVLyQ GHO GHUHFKR D OD MXULVGLFFLyQ FXDQGR VH SURGXFHQ DFWRV
YLQFXODGRVDPHGLGDVGHKHFKR UHVSHFWRD

D  )OH[LELOL]DFLyQ D OD OHJLWLPDFLyQ SDVLYD 3RU UHJOD JHQHUDO HQ OD
DFFLyQGHDPSDURFRQVWLWXFLRQDOODRHODFFLRQDQWHGHEHGHPDQGDUDORV
SDUWLFXODUHVRDXWRULGDGHVGHPDQGDGDVTXHFRPHWLHURQHODFWRLOHJDOR
LQFXUULHURQ HQ RPLVLyQ LQGHELGD VLQ HPEDUJR HQ DFWRV YLQFXODGRV D
PHGLGDVGHKHFKRGHPDQHUDH[FHSFLRQDO\VLHPSUH\FXDQGRQRVHD
SRVLEOHVXLGHQWLILFDFLyQODVSHUVRQDVTXHQRKD\DQVLGRH[SUHVDPHQWH
GHPDQGDGDVSXHGHQHQFXDOTXLHUHWDSDGHOSURFHVRGHDPSDURLQFOXVR
HQ UHYLVLyQ DQWH HO 7ULEXQDO &RQVWLWXFLRQDO 3OXULQDFLRQDO SUHVHQWDU
SUXHED\VHURtGRV 6&3)-,,, VXSXHVWRTXHQRPRGXOD
HOHQWHQGLPLHQWRDVXPLGRSRUOD6&3VREUHODRSRUWXQLGDG
GH OD SUHVHQWDFLyQ GH SUXHEDV SRU FXDQWR VH WUDWD GH VXSXHVWRV GH
IOH[LELOL]DFLyQGHODOHJLWLPDFLyQSDVLYDHQYtDVGHKHFKR

E&DUJDGHODSUXHEDDVHUFXPSOLGDSRUHOSHWLFLRQDQWHGHWXWHOD

E  5HJOD JHQHUDO /D FDUJD SUREDWRULD D VHU FXPSOLGD SRU HO
W


dW^:d


SHWLFLRQDQWHGHWXWHODGHEHL $FUHGLWDUGHPDQHUDREMHWLYDODH[LVWHQFLD
GH DFWRV R PHGLGDV DVXPLGDV VLQ FDXVD MXUtGLFD HV GHFLU HQ
SUHVFLQGHQFLDDEVROXWDGHORVPHFDQLVPRVLQVWLWXFLRQDOHVHVWDEOHFLGRV
SDUD OD GHILQLFLyQ GH KHFKRV R GHUHFKRV \ LL  (VWDU FLUFXQVFULWD D
DVSHFWRVTXHQRLPSOLTXHQODH[LVWHQFLDGHKHFKRVFRQWURYHUWLGRVDVHU
VXVWDQFLDGRV SRU OD MXULVGLFFLyQ RUGLQDULD 6&3 
)XQGDPHQWR-XUtGLFR,,, 

E  (VSHFLILFLGDGHV GH OD FDUJD GH OD SUXHED HQ FDVR GH
DYDVDOODPLHQWRVFXDQGRVHGHQXQFLDDIHFWDFLyQDOGHUHFKRDODSURSLHGDG

3DUDORVVXSXHVWRVGHDYDVDOODPLHQWRVXRFXSDFLRQHVSRUYtDVGHKHFKR
GH SUHGLRV XUEDQRV R UXUDOHV SULYDGRV R S~EOLFRV FXDQGR VH GHQXQFLH
DIHFWDFLyQ DO GHUHFKR D OD SURSLHGDG HV GHFLU TXH FRQVWLWX\D XQD
OLPLWDFLyQDUELWUDULDDODSURSLHGDGODSDUWHDFFLRQDQWHDOPDUJHQGHOD
FDUJDSUREDWRULDGHVDUUROODGDHQHOLQFLVRF UHIHULGRDODUHJODJHQHUDO
WLHQH OD FDUJD SUREDWRULD HVSHFtILFD GH DFUHGLWDU VX WLWXODULGDG R
GRPLQLDOLGDG GHO ELHQ HQ UHODFLyQ DO FXDO VH HMHUFLy YtDV GH KHFKR
DVSHFWRGHPRVWUDGRFRQHOUHJLVWURGHSURSLHGDGHQPpULWRGHOFXDOVH
JHQHUDHOGHUHFKRGHRSRQLELOLGDGIUHQWHDWHUFHURVHVGHFLUQRSXHGH
H[LJLUVHDOSHWLFLRQDQWHGHWXWHODQLQJXQDRWUDFDUJDSURFHVDODGLFLRQDO
6&3)XQGDPHQWR-XUtGLFR,,, 

E  (VSHFLILFLGDGHV GH OD FDUJD GH OD SUXHED HQ FDVR GH
DYDVDOODPLHQWRV FXDQGR VH GHQXQFLD  SpUGLGD R SHUWXUEDFLyQ GH OD
SRVHVLyQ

3DUDORVVXSXHVWRVGHDYDVDOODPLHQWRVXRFXSDFLRQHVSRUYtDVGHKHFKR
GH SUHGLRV XUEDQRV R UXUDOHV SULYDGRV R S~EOLFRV FXDQGR VH GHQXQFLH
SpUGLGDRSHUWXUEDFLyQGHODSRVHVLyQODSDUWHDFFLRQDQWHDOPDUJHQGH
ODFDUJDSUREDWRULDUHIHULGDDODUHJODJHQHUDOWLHQHODFDUJDSUREDWRULD
HVSHFtILFDGHDFUHGLWDUVXSRVHVLyQOHJDOGHOELHQHQUHODFLyQDOFXDOVH
HMHUFLy YtDV GH KHFKR D WUDYpV GH XQD UHVROXFLyQMXGLFLDO HPLWLGD SRU
DXWRULGDGFRPSHWHQWHTXHQRHVWpVRPHWLGDDFRQWURYHUVLDMXGLFLDO 6&3
)-,,, 


6REUHODH[FHSFLyQDSULQFLSLRGHVXEVLGLDULHGDGHQODDFFLyQGH
DPSDUR\RWUDVDFFLRQHVGHGHIHQVDYLQFXODGDVDPHGLGDVGHKHFKR/D
OtQHDMXULVSUXGHQFLDODVXPLGDHQVHQWLGRTXHVHKDFHXQDH[FHSFLyQDOD
VXEVLGLDULHGDGHQODDFFLyQGHDPSDURFRQVWLWXFLRQDOSRUYtDVGHKHFKR
FRQWHQLGD HQ ODV 66&& 5 6&  HQWUH RWUDV VH
DPSOLy D WUDYpV GH OD 6&3  TXH PRGXODQGR OD OtQHD
MXULVSUXGHQFLDO  VHxDOy TXH FXDQGR VH WUDWD GH YtDV GH KHFKR GH
SDUWLFXODUHVSURFHGHODSUHVHQWDFLyQGLUHFWDGHODDFFLyQGHOLEHUWDG\
GHWRGDVODVDFFLRQHVGHGHIHQVD

W


dW^:d


6REUHODVH[FHSFLRQHV\IOH[LELOL]DFLRQHVDOSOD]RGHVHLVPHVHV
SDUD OD LQWHUSRVLFLyQ GH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO HQ DFWRV
YLQFXODGRVDPHGLGDVGHKHFKRVHHVWDEOHFLyORVLJXLHQWH

D  /D 6&3  VHxDOD TXH SURFHGH OD DFFLyQ GH DPSDUR
FRQVWLWXFLRQDODQWHPHGLGDVGHKHFKRGXUDQWHHOWLHPSRTXHVXEVLVWDOD
YXOQHUDFLyQRODDPHQD]DDGHUHFKRV

E /D6&3HVWDEOHFHXQDH[FHSFLyQDOSOD]RGHFDGXFLGDG
HQ DFWRV YLQFXODGRV D PHGLGDV R YtDV GH KHFKR HQ DSOLFDFLyQ GHO
SULQFLSLRGHYHUGDGPDWHULDO

F  /D 6&3  VRVWLHQH TXH HO  SOD]R GH FDGXFLGDG SDUD OD
SUHVHQWDFLyQ GH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO FXDQGR  OD
YXOQHUDFLyQDGHUHFKRVIXQGDPHQWDOHVYLQFXODGRDPHGLGDVRYtDVGH
KHFKRVHDPHGLDWDHQHOWLHPSRHVGHFLUFXDQGRDSDUWLUGHODFWRLQLFLDO
OHVLYR D GHUHFKRV IXQGDPHQWDOHV GH PDQHUD FRQH[D VH UHDOLFHQ DFWRV
XOWHULRUHV YXOQHUDWRULRV GH GHUHFKRV IXQGDPHQWDOHV HO SOD]R GH
FDGXFLGDGSDUDDFWLYDUODDFFLyQGHDPSDURFRQVWLWXFLRQDOVHFRPSXWDUi
GHVGHHO~OWLPRDFWROHVLYRYLQFXODGRDODPHGLGDGHKHFKRHPSHUROD
WXWHODFRPSUHQGHUiKDVWDHOSULPHUDFWRTXHRULJLQyODOHVLyQ


6REUH OD FLWDFLyQ D ODV DXWRULGDGHV GHPDQGDGDV HQ DFWRV
YLQFXODGRV D PHGLGDV GH KHFKR /D 6&3  VRVWXYR TXH HV
LQDGPLVLEOHODFLWDFLyQSRUHGLFWRVFRQODDFFLyQ\DXWRGHDGPLVLyQGH
ODDFFLyQGHDPSDURFRQVWLWXFLRQDOHQVXSXHVWRVGHPHGLGDVRYtDVGH
KHFKRSXHVWRTXHVHHQWLHQGHTXHORVGHPDQGDGRVSXHGHQVHUKDELGRV
HQGHWHUPLQDGROXJDU


$VLPLVPRHVLPSRUWDQWHKDFHUUHIHUHQFLDDYDULDVVHQWHQFLDVHQ
WRUQR D OD IOH[LELOL]DFLyQ GH ORV UHTXLVLWRV HQ FDVRV GH SURWHFFLyQ D
GHUHFKRVIXQGDPHQWDOHVHVSHFtILFRV

D  'HUHFKR DO DJXD /D 6& 5 IOH[LELOL]y ORV UHTXLVLWRV
SUHYLVWRV SRU OD  FXDQGR VH DOHJDUHQ YtDV GH KHFKR HQ OD
UHVWULFFLyQ GHO GHUHFKR DO DJXD SRU VX HVWUHFKD YLQFXODFLyQ FRQ HO
GHUHFKRDODYLGDODVDOXG\ODGLJQLGDGKXPDQDVHSUHVXPHXQGDxR
LQPLQHQWHHLUUHSDUDEOHUHTXLULpQGRVHHQHVWRVFDVRV~QLFDPHQWHTXHHO
DIHFWDGRDFUHGLWHREMHWLYDPHQWHHODFWROHVLYRDSURGXFLUVHRTXHIXHUH
FRQVXPDGRDWUDYpVGHOHMHUFLFLRGHXQDPHGLGDRYtDGHKHFKR(QHVH
RUGHQOD6&3PRGXOyDOD6&HQVHQWLGRTXHHQ
FDVRVGHPDQLILHVWDDIHFWDFLyQQRHVH[LJLEOHODFDUJDSUREDWRULDDOJXQD
DFDUJRGHODFFLRQDQWH

E 'HUHFKRVGHORVJUXSRVGHDWHQFLyQSULRULWDULD/D6&3
PRGXODORVDOFDQFHVGHOD6&3IOH[LELOL]DQGRORVUHTXLVLWRV
W


dW^:d


SDUDTXHVHFRQFHGDODWXWHODHQDFFLRQHVGHKHFKRHQDWHQFLyQDTXHORV
DFFLRQDQWHVIRUPDQSDUWHGHXQJUXSRGHDWHQFLyQSULRULWDULDFRPRVRQ
ORVDGXOWRVPD\RUHV

F 'HUHFKRVGHORVSXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRV/D6&3
VHxDOyTXHHQYLUWXGDOSULQFLSLRGHLJXDOGDGMHUiUTXLFDGH
VLVWHPDV MXUtGLFRV HQWUH HO VLVWHPD MXUtGLFR RUGLQDULR \ HO VLVWHPD
LQGtJHQDRULJLQDULRFDPSHVLQRODSUXHEDSURYHQLHQWHGHDPERVVLVWHPDV
WLHQH OD PLVPD YDOLGH] MXUtGLFD SRU HQGH DQWH VX FRQWURYHUVLD QR
SURFHGH OD DFFLyQ GH DPSDUR SRU PHGLGDV R YtDV GH KHFKR SRU OD
H[LVWHQFLD GH KHFKRV FRQWURYHUWLGRV HQ DSOLFDFLyQ GHO HQWHQGLPLHQWR
DVXPLGRHQODVVHQWHQFLDVFRQVWLWXFLRQDOHVSOXULQDFLRQDOHV\



6REUH PHGLGDV SUHYHQWLYDV SDUD HYLWDU DFWRV YLQFXODGRV D
PHGLGDVGHKHFKRHQWUHODSURSLHGDGDJUDULDSULYDGD\ODSURSLHGDGGH
XQDFRPXQLGDGFDPSHVLQD

/D6&3VHxDOyTXHHVREOLJDFLyQGHO,QVWLWXWR1DFLRQDOGH
5HIRUPD$JUDULD ,15$ UHDOL]DUVHJXLPLHQWRDODHVFULWDREVHUYDQFLD\
FXPSOLPLHQWR GH DFWDV GH FRQIRUPLGDG GH OLQGHURV HQ SURFHVRV GH
VDQHDPLHQWRV FRPR PHGLGD SUHYHQWLYD SDUD SUHYHQLU TXH ODV SDUWHV
LQFXUUDQHPHGLGDVRYtDVGHKHFKRHQWUHODSURSLHGDGDJUDULDSULYDGD\
ODSURSLHGDGGHXQDFRPXQLGDGFDPSHVLQD

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

(VWD6HQWHQFLDHQVX)-,,,GLVSRQH
(OFRQWUROGHFRQVWLWXFLRQDOLGDG
HVWDEOHFLyFDUJDVSUREDWRULDVSDUDHODFFLRQDQWHIUHQWHDYtDVGHKHFKR
HQSDUWLFXODUOD6&5GHGHPD\RVHxDODTXH
VHGHMD
SUHVHQWHTXHH[LVWHQUHTXLVLWRVSDUDFRQVLGHUDUODVLWXDFLyQFRPRPHGLGD
GHKHFKR\KDFHUDEVWUDFFLyQGHODVH[LJHQFLDVSURFHVDOHVFRPRVHU 
'HEHH[LVWLUXQDGHELGDIXQGDPHQWDFLyQ\DFUHGLWDFLyQREMHWLYDGHTXH
HIHFWLYDPHQWHVHHVWiIUHQWHDXQDPHGLGDGHKHFKRRMXVWLFLDDPDQR
SURSLDGRQGHHODJUDYLDGRRDFFLRQDQWHVHHQFXHQWUDDQWHXQDVLWXDFLyQ
GH GHVSURSRUFLyQ R GHVYHQWDMD IUHQWH DO GHPDQGDGR R DJUHVRU VHD
DXWRULGDG IXQFLRQDULR R SDUWLFXODU R JUXSR GH SHUVRQDV SRU OD
GHVSURSRUFLRQDOLGDGGHORVPHGLRVRDFFLyQODSUHVHQWDFLyQGHODDFFLyQ
GH DPSDUR FRQVWLWXFLRQDO GHEH VHU GH PDQHUD RSRUWXQD H LQPHGLDWD
KDFLHQGRDEVWUDFFLyQGHODVXEVLGLDULGDG'HORFRQWUDULRQRMXVWLILFDUtD
ODSUHPXUDQLJUDYHGDG\GHEHUiDJRWDUODVLQVWDQFLDVMXULVGLFFLRQDOHVR
DGPLQLVWUDWLYDV SHUWLQHQWHV VHJ~Q VHD HO FDVR \ DJRWDGDV ODV PLVPDV
DFXGLUDODMXULVGLFFLyQFRQVWLWXFLRQDO 1HFHVDULDPHQWHVHGHEHHVWDU
DQWHXQLQPLQHQWHGDxRLUUHYHUVLEOHRLUUHSDUDEOH\DVHDDJUDYDQGROD
OHVLyQ\DFRQVXPDGDRTXHHOORSURYRTXHODDPHQD]DRUHVWULFFLyQR
VXSUHVLyQ D RWURV GHUHFKRV IXQGDPHQWDOHV 6LWXDFLRQHV TXH GHEHQ VHU
W


dW^:d

IXQGDPHQWDGDV\DFUHGLWDGDV (ORORVGHUHFKRVFX\DWXWHODVHSLGH
GHEHQHVWDUDFUHGLWDGRVHQVXWLWXODULGDGHVGHFLUQRVHSXHGHLQYRFDU
GHUHFKRVFRQWURYHUWLGRVRTXHHVWpQHQGLVSXWDDWHQGLHQGRFODURHVWDD
ODQDWXUDOH]DGHORVPLVPRV (QORVFDVRVHQORVTXHDWUDYpVGHPHGLRV
REMHWLYRVVHSRQJDHQHYLGHQFLDTXHH[LVWLyFRQVHQWLPLHQWRGHORVDFWRV
GHQXQFLDGRV \ DFXVDGRV FRPR PHGLGDV GH KHFKR QR FRUUHVSRQGH
LQJUHVDUDODQiOLVLVGHODSUREOHPiWLFDSRUFXDQWRHVWDDFFLyQGHGHIHQVD
QRSXHGHHVWDUDPHUFHGGHOFDPELRRYRODWLOLGDGGHORVLQWHUHVHVGHO
DFFLRQDQWH


/DOtQHDMXULVSUXGHQFLDOSUHFHGHQWHPHQWHVHxDODGDHVPRGXODGDSRUOD
SUHVHQWH VHQWHQFLD FDPELR GH HQWHQGLPLHQWR TXH UHVSRQGH D XQ UHDO
DFFHVRDODMXVWLFLDFRQVWLWXFLRQDODXQDWXWHODFRQVWLWXFLRQDOHIHFWLYD\
D XQD LQWHUSUHWDFLyQ H[WHQVLYD \ EDMR SDXWDV GH KHUPHQpXWLFDV
DUPRQLRVDVDOSRVWXODGRSODVPDGRHQHODUWGHOD&3(TXHLQGLFD
TXH HO SULQFLSLR GHIDYRUDELOLGDG SRU FXDQWR HQ EDVH DO )XQGDPHQWR
-XUtGLFR ,,, VH HVWDEOHFHQ ORV VLJXLHQWHV SUHVXSXHVWRV L  /D FDUJD
SUREDWRULDDVHUUHDOL]DGDSRUHOSHWLFLRQDQWHGHWXWHODGHEHDFUHGLWDUGH
PDQHUD REMHWLYDODH[LVWHQFLD GH DFWRV R PHGLGDV DVXPLGDV VLQFDXVD
MXUtGLFD HV GHFLU HQ SUHVFLQGHQFLD DEVROXWD GH ORV PHFDQLVPRV
LQVWLWXFLRQDOHVHVWDEOHFLGRVSDUDODGHILQLFLyQGHKHFKRVRGHUHFKRV\
LL 3DUDHOFDVRHVSHFtILFRGHYtDVGHKHFKRYLQFXODGDVDODYDVDOODPLHQWR
DO PDUJHQ GHOD FDUJD SUREDWRULD GHVDUUROODGD HQ HODQWHULRULQFLVR HO
SHWLFLRQDQWHGHWXWHODGHEHDFUHGLWDUVXWLWXODULGDGRGRPLQLDOLGDGGHO
ELHQHQUHODFLyQDOFXDOVHHMHUFLyYtDVGHKHFKRDVSHFWRGHPRVWUDGRFRQ
HO UHJLVWUR GH SURSLHGDG HQ PpULWR GHO FXDO VH JHQHUD HO GHUHFKR GH
RSRQLELOLGDGIUHQWHDWHUFHURV




 *UXSRV GH SULRULWDULD DWHQFLyQ3URJHQLWRUDV \
SURJHQLWRUHVFRQKLMDVRKLMRVPHQRUHVGHXQDxR
1~PHURGHUHVROXFLyQ6&3

)LFKD

7LSR-XULVSUXGHQFLD
-XULVSUXGHQFLD
SUHFHGHQFLDO
UHOHYDQWH
7LSR5HVROXFLyQ
3ULPHUDVHWHQFLDFRQILUPDGRUD
7LWXODFLyQ Pi[LPD   ([WUDFWR R UHFRQVWUXFFLyQ GHO SUHFHGHQWH
FRQVWLWXFLRQDO


W


dW^:d


6&3   1R VH DSOLFD HO SULQFLSLR GH VXEVLGLDULHGDG
H[FHSFLRQDOGHODDFFLyQGHDPSDURFRQVWLWXFLRQDODODVPXMHUHVHQ
JHVWDFLyQ\PDGUHVGHQLxRV\QLxDVPHQRUHVDXQDxRDREMHWRGH
RWRUJDUXQDSURWHFFLyQLQPHGLDWD

6tQWHVLVGHOFDVR 3UREOHPDV-XUtGLFRV 

(QHVWDDFFLyQGHDPSDURFRQVWLWXFLRQDOODDFFLRQDQWHVRVWXYRTXHODV
DXWRULGDGHV GHPDQGDGDV GHO *RELHUQR 'HSDUWDPHQWDO $XWyQRPR GH
3DQGRYXOQHUDURQVXVGHUHFKRVDSHUFLELUDVLJQDFLRQHVIDPLOLDUHVDOD
LJXDOGDG GH RSRUWXQLGDGHV D OD YLGD D OD VDOXG D OD SHWLFLyQ \ D OD
VHJXULGDGVRFLDOSRUFXDQWRQRREVWDQWHTXHVROLFLWyHOSDJRGHSDJR
GHOVXEVLGLRSUHQDWDOVXEVLGLRGHQDWDOLGDG\ODFWDQFLDYDQRVIXHURQVXV
UHFODPRV\DOFRQWUDULRVyORUHFLELyXQDUHVSXHVWDTXHGHQLHJDHOSDJR
GHORVEHQHILFLRVVROLFLWDGRV(O7ULEXQDO&RQVWLWXFLRQDO3OXULQDFLRQDO
DSUREyODUHVROXFLyQTXHFRQFHGLyODWXWHODDQDOL]DQGRSUHYLDPHQWHHO
SULQFLSLRGHVXEVLGLDULHGDGHQODDFFLyQGHDPSDURFRQVWLWXFLRQDOFRQ
UHODFLyQ D XQR GH ORV FRGHPDQGDGRV SRU IDOWD GH SDJR GH ODV
DVLJQDFLRQHVIDPLOLDUHV

([WUDFWRGHODUDWLRGHFLGHQGL

)-,,,
 WHQLHQGRHQFXHQWDTXHHODUWGHOD&3(HVWDEOHFHTXH
WRGD SHUVRQD WLHQH GHUHFKR D OD YLGD VLHQGR HO PLVPR XQ GHUHFKR
IXQGDPHQWDOHQHVWHFDVRGHODPXMHUHQJHVWDFLyQDVtFRPRGHODQLxD
QDFLGDQRFRUUHVSRQGtDGHQHJDUODWXWHODGHODSUHVHQWHDFFLyQUHVSHFWR
DO FRGHPDQGDGR /XLV $GROIR )ORUHV 5REHUWV *REHUQDGRU GHO
GHSDUWDPHQWRGH3DQGRSRUHOSULQFLSLRGHVXEVLGLDULHGDGVLQRSRUHO
FRQWUDULRLQJUHVDUDODQiOLVLVGHOIRQGRUHVSHFWRGHODSUHVHQWHDFFLyQ\
GHWHUPLQDUVLODDXWRULGDGFRUUHFXUULGDWDPELpQYXOQHUyHOGHUHFKRGHOD
DFFLRQDQWH


6LQWHVLVGHODUDWLRGHFLGHQGL

&RQFHGH OD DFFLyQ GH DPSDUR FRQVWLWXFLRQDO SRU IDOWD GH SDJR GH ODV
DVLJQDFLRQHV IDPLOLDUHV D PXMHU HVWDGR GH JHVWDFLyQ DSOLFDQGR HO
SULQFLSLR GH VXEVLGLDULHGDG DO VHxDODUTXH QRFRUUHVSRQGtDGHQHJDUOD
WXWHOD UHVSHFWR DO *REHUQDGRU GHO GHSDUWDPHQWR GH 3DQGR SRU HO
SULQFLSLRGHVXEVLGLDULHGDGVLQRSRUHOFRQWUDULRLQJUHVDUDODQiOLVLVGHO
IRQGR UHVSHFWR GH OD SUHVHQWH DFFLyQ \ GHWHUPLQDU VL OD DXWRULGDG
FRUUHFXUULGDWDPELpQYXOQHUyHOGHUHFKRGHODDFFLRQDQWH

&RQWH[WXDOL]DFLyQGHOD/tQHD-XULVSUXGHQFLDO

W


dW^:d

(O 7ULEXQDO &RQVWLWXFLRQDO KD GHVDUUROODGR OtQHDV MXULVSUXGHQFLDOHV


SURFHVDOHV \ GH FDUiFWHU VXVWDQWLYR VREUH OD SURWHFFLyQ GH OD PXMHU
HPEDUD]DGD\GHOSURJHQLWRUKDVWDHODxRGHQDFLPLHQWRGHODKLMDRKLMR
HQORVVLJXLHQWHVSUHFHGHQWHVFRQVWLWXFLRQDOHV

6REUHODH[FHSFLyQDOSULQFLSLRGHVXEVLGLDULHGDGGHODDFFLyQ
GHDPSDUR

L 
/D6&3TXHVHFRQVWLWX\HHQXQDSULPHUDVHQWHQFLD
FRQILUPDGRUD GH OD 6& 5 HVWDEOHFH TXH QR VH DSOLFD HO
SULQFLSLRGHVXEVLGLDULHGDGGHODDFFLyQGHDPSDURFRQVWLWXFLRQDODODV
PXMHUHV HQ JHVWDFLyQ \ PDGUHVGH QLxRV \ QLxDV PHQRUHVD XQ DxRD
REMHWRGHRWRUJDUXQDSURWHFFLyQLQPHGLDWD

LL 
/D 6&3  FRQWLHQH XQ SUHFHGHQWH FRQVWLWXFLRQDO
IXQGDGRUSRUFXDQWRVHxDODTXHQRVHDSOLFDHOFDUiFWHUVXEVLGLDULRGHOD
DFFLyQ GH DPSDUR FRQVWLWXFLRQDO D SHVDU TXH HO HVWDGR GH JUDYLGH]
GHVDSDUH]FD FRQ HO QDFLPLHQWR GHO QLxRR QLxD HQ HO VXSXHVWR TXH VH
YHULILTXH OD YXOQHUDFLyQ GHO GHUHFKR D OD HVWDELOLGDG H LQDPRYLOLGDG
ODERUDOGHODPXMHUHQHVWDGRGHHPEDUD]R


5HVSHFWR D OD IOH[LELOL]DFLyQ DO SULQFLSLR GH LQPHGLDWH] HQ OD
DFFLyQGHDPSDURFRQVWLWXFLRQDO
/D6&IXHODSULPHUDVHQWHQFLDHQFRQWHQHUXQSUHFHGHQWH
VREUHODIOH[LELOL]DFLyQDOSULQFLSLRGHLQPHGLDWH]HQODDFFLyQGHDPSDUR
FRQVWLWXFLRQDO(QHVHVHQWLGROD6&35SURQXQFLDGDSRUHO
7ULEXQDO&RQVWLWXFLRQDOGHORVGLH]DxRVGHPDQHUDHVSHFtILFDUHDOL]y
XQDIOH[LELOL]DFLyQDOSOD]RGHORVVHLVPHVHVSDUDLQWHUSRQHUODDFFLyQ
GHDPSDURFRQVWLWXFLRQDOHQSURWHFFLyQGHODLQDPRYLOLGDGGHODPXMHU
HPEDUD]DGDKDVWDHODxRGHQDFLPLHQWRGHOKLMR/DOtQHDMXULVSUXGHQFLDO
VREUH HVWD IOH[LELOL]DFLyQ IXH FRQILUPDGR SRU OD 6&3 
HVWDEOHFLyTXHHOWpUPLQRGHVHLVPHVHVHVWDEOHFLGRSRUHODUW,,GH
OD &RQVWLWXFLyQ VH FRQVWLWX\H HQ XQ SDUiPHWUR REMHWLYR GH XQ SOD]R
FRQVLGHUDGR SRU HO OHJLVODGRU FRQVWLWX\HQWH FRPR UD]RQDEOH SDUD
LQWHUSRQHUODGHPDQGDGHDPSDURFRQVWLWXFLRQDOSHURTXHHQDWHQFLyQDO
YDORUMXVWLFLDHOGHUHFKRGHDFFHVRDODMXVWLFLDHOSULQFLSLRGHLJXDOGDG
TXH LPSHOH D RWRUJDU XQ WUDWR GLIHUHQWH D VLWXDFLRQHV GLVtPLOHV OD
LQWHUSUHWDFLyQSURKRPLQHGHOWH[WRFRQVWLWXFLRQDOGLFKRSOD]RQRSXHGH
VHUDXWRPiWLFDPHQWHDSOLFDEOHVLQRGHEHVHUORVXILFLHQWHPHQWHIOH[LEOH
SDUDFRQVLGHUDUODVSDUWLFXODULGDGHVGHFDGDFDVRFRQFUHWR

6REUHODJDUDQWtDGHLQDPRYLOLGDGIXQFLRQDULD

D&RQWUDWRVGHFDUiFWHULQGHILQLGR

L 
/DV 66&& 5 \ 5 HQWUH RWUDV
UHILULpQGRVHDOIXQGDPHQWRGHODJDUDQWtDGHODLQDPRYLOLGDGIXQFLRQDULD
VHxDOyTXH
HOGHUHFKRTXHVHGHEHSURWHJHUQRHVVRODPHQWHDOWUDEDMR
W


dW^:d


VLQRRWURVGHUHFKRVSULPDULRVGHODUHFXUUHQWH\GHOVHUHQJHVWDFLyQORV
FXDOHV QHFHVLWDQ SURWHFFLyQ XUJHQWH H LQPHGLDWD \D TXH HO UHWLUR
LQWHPSHVWLYRGHODUHFXUUHQWHLPSRUWDWDPELpQODVXSUHVLyQGHOGHUHFKR
DODVHJXULGDGVRFLDOTXHDVXYH]UHVJXDUGD\JDUDQWL]DHOGHUHFKRDOD
VDOXGGHUHFKRVTXHFRQODPHGLGDDGRSWDGDSRQHQHQULHVJRHOSULPHU
GHUHFKRODYLGDTXHQRSXHGHHVWDUSHQGLHQWHGHRWURVUHFXUVRVRYtDV
DGPLQLVWUDWLYDVTXHHVWDEOHFHOD/H\

LL 
3RVWHULRUPHQWHOD6&5VHxDOyTXHODSURWHFFLyQ
TXH EULQGD OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR \ OD /H\ GH 6HJXULGDG
6RFLDO HVWiQ RULHQWDGDV D SURWHJHU D OD PXMHU HPEDUD]DGD
JDUDQWL]iQGROHVXLQDPRYLOLGDGHQHOWUDEDMRVHDFXDOIXHVHODPRGDOLGDG
GH WUDEDMR   SRU FXDQWR HO GHUHFKR TXH VH GHEH SURWHJHU QR HV
VRODPHQWHDOWUDEDMRVLQRRWURVGHUHFKRVSULPDULRVGHODUHFXUUHQWH\GHO
KLMRSRUQDFHUORVFXDOHVQHFHVLWDQSURWHFFLyQXUJHQWHHLQPHGLDWD
JDUDQWtD H[WHQVLEOH UHVSHFWR GH LQVWLWXFLRQHV S~EOLFDV FRPR SULYDGDV
(VWHUD]RQDPLHQWRKDVLGRUDWLILFDGRSRUOD6&3HQWUHRWUDV

E&RQWUDWRDSOD]RILMR
/DOtQHDMXULVSUXGHQFLDOVREUHODJDUDQWtDGHLQDPRYLOLGDGGHODPXMHU
HPEDUD]DGD\ORVSURJHQLWRUHVKDVWDTXHODKLMDRKLMRFXPSODXQDxRGH
HGDGHQUHODFLRQHVODERUDOHVFRQFRQWUDWRVILMRVSXHGHFRQVWUXLUVHFRQ
ORVVLJXLHQWHVSUHFHGHQWHVFRQVWLWXFLRQDOHV
L 
/D6&5HVWDEOHFLyTXHQRHUDDSOLFDEOHODJDUDQWtD
GH LQDPRYLOLGDG GH OD PXMHU HPEDUD]DGD HQ UHODFLRQHV ODERUDOHV FRQ
FRQWUDWRVDSOD]RILMR

LL 
(OSUHFHGHQWHFRQWHQLGRHQOD6&5IXHPRGXODGR
SRUOD6&5TXHHVWDEOHFLyTXHHQFRQWUDWRVDSOD]RILMRHV
DSOLFDEOH OD JDUDQWtD GH LQDPRYLOLGDG GH OD PXMHU HPEDUD]DGD HQ ORV
VLJXLHQWHV FDVRV   &XDQGR DO YHQFLPLHQWR GHO FRQWUDWR D SOD]R ILMR
SHUVLVWDQ ODV DFWLYLGDGHV SDUD ODV FXDOHV OD PXMHU HPEDUD]DGD IXH
FRQWUDWDGD &XDQGRDSHVDUGHKDEHUYHQFLGRHOWpUPLQRGHOFRQWUDWR
ODWUDEDMDGRUDVLJXDSUHVWDQGRVXVVHUYLFLRV\ &XDQGRKXELHUDVLGR
FRQWUDWDGDHQPiVGHGRVRSRUWXQLGDGHVVXFHVLYDVVLHPSUHTXHVHWUDWH
GHODUHDOL]DFLyQGHODERUHVSURSLDVDOJLURGHODHPSUHVD

LLL 
/D 6&3  DVXPLy HO  HQWHQGLPLHQWR MXULVSUXGHQFLDO
FRQWHQLGRHQOD6&5SHURDGHPiVHQXQDLQWHUSUHWDFLyQD
ODOX]GHOPRGHORFRQVWLWXFLRQDOYLJHQWHDSDUWLUGH\HQHOPDUFR
GHODQRUPDWLYDLQIUDFRQVWLWXFLRQDOH[LVWHQWHHQHO(VWDGR3OXULQDFLRQDO
GH %ROLYLD DGLFLRQy TXH HQ PpULWR DO SULQFLSLR GH SULPDFtD GH OD
UHDOLGDGODVFRQGLFLRQHVGHVFULWDVHQYLUWXGDODVFXDOHVHVH[WHQVLEOHOD
JDUDQWtDGHODLQDPRYLOLGDGGHEHQVHUYHULILFDGDVSRUHO0LQLVWHULRGH
7UDEDMR \ VXV GHSHQGHQFLDV 'HSDUWDPHQWDOHV VHxDODQGR OR VLJXLHQWH

'H OR VHxDODGR VH LQILHUH TXH OD 'LUHFFLyQ *HQHUDO GHO 7UDEDMR ODV
-HIDWXUDV'HSDUWDPHQWDOHV\5HJLRQDOHVGHEHQUHDOL]DUODYHULILFDFLyQ
W


dW^:d

GHTXHODVDFWLYLGDGHVDVHUGHVDUUROODGDVSRUHOHPSOHDGRRFRQWUDWDGR
QR FRQVWLWX\DQ WDUHDV SURSLDV \ SHUPDQHQWHV SXHV FRPR VH KD
HVWDEOHFLGRH[LVWHODSURKLELFLyQGHUHDOL]DUFRQWUDWRVDSOD]RILMRHQHVWH
WLSR GH WDUHDV SXGLHQGR VyOR UHDOL]DUVH GLFKRV FRQWUDWRV HQ WDUHDV
SURSLDV\QRSHUPDQHQWHVODVFXDOHVHVWiQGHILQLGDVSRUOD5HVROXFLyQ
PHQFLRQDGD FRPR DTXHOODV YLQFXODGDV DO JLUR KDELWXDO R SULQFLSDO
DFWLYLGDG GH OD HPSUHVD VH FDUDFWHUL]D SRU VHU H[WUDRUGLQDULDPHQWH
WHPSRUDOHV\HVWiQLGHQWLILFDGDVFODUDPHQWHSRUODUHIHULGD5HVROXFLyQ


$GHPiVRWURHOHPHQWRHVHQFLDOTXHLPSOLFDXQDFRPSOHPHQWDFLyQDOD
6& 5 HV TXH DPSOLy OD DSOLFDFLyQ GH OD JDUDQWtD GH
LQDPRYLOLGDGDDTXHOORVVXSXHVWRVTXHHQYLUWXGDOSULQFLSLRGHSULPDFtD
GHODUHDOLGDGHYLGHQFLHQTXHODWUDEDMDGRUDDSHVDUGHKDEHUVXVFULWRXQ
FRQWUDWR D SOD]R ILMR SDUD ODERUHV H[WUDRUGLQDULDV UHDOLFH ODERUHV
RUGLQDULDV\SURSLDVGHOJLUR$GHPiVHVWDVHQWHQFLDGHVDUUROOyHQXQD
LQWHUSUHWDFLyQGHODQRUPDWLYDLQIUDFRQVWLWXFLRQDOORVDOFDQFHVGHODV
ODERUHVH[WUDRUGLQDULDVRWHPSRUDOHV
/D6&3FRQVDJUDHOHVWiQGDUPiVDOWRHQFXDQWRDODJDUDQWtD
GHLQDPRYLOLGDGGHPXMHUHPEDUD]DGDRFRQKLMRVPHQRUHVGHXQDxR
FRQFRQWUDWRVDSOD]RILMR
F )XQFLRQDULRVGHOLEUHQRPEUDPLHQWR
/D OtQHD MXULVSUXGHQFLDO VREUH OD LQPRYLOLGDG ODERUDO GH OD PXMHU
HPEDUD]DGD\SURJHQLWRUFRQKLMRVPHQRUHVDXQDxRHQFDUJRVGHOLEUH
QRPEUDPLHQWR SXHGH VHU UHVXPLGD D WUDYpV GHO VLJXLHQWH GHVDUUROOR
MXULVSUXGHQFLDO
L 
/D 6& 5 VHxDOy TXH HV YLDEOH HO DPSDUR FRPR
PHFDQLVPRUiSLGR\HILFD]SDUDWXWHODUSULRULWDULDPHQWHORVGHUHFKRVGH
OD UHFXUUHQWH TXH VH HQFXHQWUD HQ HVWDGR GH JUDYLGH] \ GHO VHU HQ
JHVWDFLyQVLQTXHHODUJXPHQWRHVJULPLGRSRUHOUHFXUULGRHQVHQWLGR
GHTXHHOFDUJRTXHHMHUFtDODUHFXUUHQWHHVGHOLEUHQRPEUDPLHQWRGDGR
TXH OD SURWHFFLyQ GH OD QRUPD HV HO UHVJXDUGR GH ODPDWHUQLGDG DWDO
H[WUHPR TXH HVH UHVJXDUGR D TXH DOXGH HO DUW  GH OD /H\  VH
H[WLHQGHLQFOXVRSDUDODVPXMHUHVHQJHVWDFLyQTXHSUHVWDIXQFLRQHVHQ
ODDFWLYLGDGSULYDGD5D]RQDPLHQWRUHLWHUDGRHQODV66&&
55HQWUHRWUDV

LL 
6LQHPEDUJROD6&3HVWDEOHFLyTXHODLQDPRYLOLGDG
GHODPXMHUHPEDUD]DGD\GHODRHOSURJHQLWRUQRSXHGHVHUDSOLFDGDD
WRGRV ORV IXQFLRQDULRV R IXQFLRQDULDV S~EOLFDV HQWUH HOODV ORV
IXQFLRQDULRVGHOLEUHQRPEUDPLHQWRHQWHQGLPLHQWRTXHHQHOPDUFRGH
OD MXULVSUXGHQFLD GHVDUUROODGD DQWHV LQDSOLFy HO HVWiQGDU PiV DOWR GH
MXULVSUXGHQFLDFRQWHQLGRHQOD6&5

LLL 
3RVWHULRUPHQWH OD 6&  PXWy HO HQWHQGLPLHQWR
FRQWHQLGR HQ OD 6&3  \ HQ XQD LQWHUSUHWDFLyQ IDYRUDEOH
FRQFOX\yTXHODJDUDQWtDGHLQDPRYLOLGDGIXQFLRQDULDDOFDQ]DDWRGRWLSR
W


dW^:d


GHIXQFLRQDULRVS~EOLFRVLQFOXLGRVORVGHOLEUHQRPEUDPLHQWR(QHVH
VHQWLGRDXQTXHODVHQWHQFLDQRORGLMRH[SUHVDPHQWHVHFRQVWLWX\yHQ
XQD6HQWHQFLDUHFRQGXFWRUDGHOtQHDSRUTXHUHWRUQyDOHQWHQGLPLHQWR
MXULVSUXGHQFLDO FRQWHQLGR HQ OD 6&  HQULTXHFLHQGR VX
FRQWHQLGRVDSDUWLUGHORVSULQFLSLRVGHIDYRUDELOLGDG\DSOLFDFLyQGLUHFWD
GHGHUHFKRV

/D6&FRQWLHQHHOSUHFHGHQWHFRQHOHVWiQGDUPiVDOWRGH
SURWHFFLyQUHVSHFWRDODSURWHFFLyQVREUHODLQPRYLOLGDGODERUDOGHOD
PXMHUHPEDUD]DGD\SURJHQLWRUHVFRQKLMRVPHQRUHVDXQDxRHQFDUJRV
GHOLEUHQRPEUDPLHQWR

G 3URFHVRVGLVFLSOLQDULRV\SRVWHUJDFLyQGHODVDQFLyQ
/D OtQHD MXULVSUXGHQFLDO VREUH OD SRVWHUJDFLyQ GH OD VDQFLyQ
DGPLQLVWUDWLYD HQ FDVR GH VROLFLWXG GH WXWHOD GH LQDPRYLOLGDG GH
SURJHQLWRUHVTXHDIHFWHQVXHVWDELOLGDGODERUDOHVODVLJXLHQWH
L 
/DV 66&& 5 \ 5 HQWUH RWUDV
GHWHUPLQDURQODSURWHFFLyQGHODPXMHUHPEDUD]DGD\PDGUHGHKLMDVH
KLMRVPHQRUHVDXQDxR\ODSRVWHUJDFLyQGHODVDQFLyQHQFDVRGHLQLFLR
GH SURFHVRV GLVFLSOLQDULRV KDVWD HO DxR GH QDFLGR OD R HO KLMR (Q HVH
PLVPR VHQWLGR OD 6& 5 DSOLFy GLFKR HQWHQGLPLHQWR
MXULVSUXGHQFLDO FRQ UHODFLyQ DO WUDEDMDGRU SURJHQLWRU HVWDEOHFLHQGR OD
SRVWHUJDFLyQGHODVVDQFLRQHVDGPLQLVWUDWLYDVTXHSRGUtDLPSRQpUVHOH

LL 
/D 6&  GH PDQHUD UHVWULFWLYD PRGXOy OD DQWHULRU
OtQHDMXULVSUXGHQFLDOFRQWHQLGDHQODV66&&5
5\6&5\VRVWXYRTXHQRUHVXOWDEDDSOLFDEOHHOEHQHILFLR
GH LQDPRYLOLGDG ODERUDO KDVWD TXH HO UHFLpQ QDFLGRFXPSOD XQ DxR GH
HGDG FXDQGR H[LVWD VDQFLyQ DGPLQLVWUDWLYD GHELHQGR HMHFXWDUVH
LQPHGLDWDPHQWHHPSHURDFODUyTXHTXHGDEDVXEVLVWHQWHORVEHQHILFLRV
GHODFWDQFLDSDUDHOVHUHQJHVWDFLyQRUHFLpQQDFLGRPHQRUDXQDxRGH
HGDG

LLL 
3RVWHULRUPHQWHOD6&3UHFRQGXMRHOHQWHQGLPLHQWR
MXULVSUXGHQFLDOVHxDODQGRTXHODVVDQFLRQHVDGPLQLVWUDWLYDVVyORSXHGHQ
VHUFRQFUHWDGDVOXHJRGHFXPSOLGRHODxRGHHGDGGHODRHOKLMRGHOD
PXMHUWUDEDMDGRUDRSURJHQLWRUWUDEDMDGRUSRUORPLVPRGHMyVLQHIHFWR
ODPRGXODFLyQFRQWHQLGDHQOD6&3

(O SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWLHQH HO HVWiQGDU PiV DOWR GH
SURWHFFLyQHVHOFRQWHQLGRHQOD6&3SRUFXDQWRHVWDEOHFH
ODSRVWHUJDFLyQGHODVDQFLyQDGPLQLVWUDWLYDHQFDVRGHVROLFLWXGGHWXWHOD
GHLQDPRYLOLGDGGHSURJHQLWRUHVTXHDIHFWHQVXHVWDELOLGDGODERUDO

H $OFDQFHGHODJDUDQWtDGHODLQDPRYLOLGDG\UHTXLVLWRVSDUDVXWXWHOD
L 
/D 6& 5 GH  GH QRYLHPEUH HVWDEOHFLy
3RU RWUD
W


dW^:d

SDUWHOD/H\QRJDUDQWL]D~QLFDPHQWHODLQDPRYLOLGDGGHODPXMHU
HPEDUD]DGD HQ VX IXHQWH GH WUDEDMR VLQR TXH WDPELpQ OD SURWHJH GH
DTXHOODVVLWXDFLRQHVTXHHQHOWUDEDMRLPSOLTXHQHVIXHU]RVTXHDIHFWHQ
VXVDOXGORTXHODKDFHQPHUHFHGRUDGHXQWUDWDPLHQWRHVSHFLDOHQHO
GHVHPSHxRGHVXDFWLYLGDGODERUDOTXHOHSHUPLWDQGHVDUUROODUpVWDVHQ
FRQGLFLRQHVDGHFXDGDVSRUORPLVPRQRSXHGHVHUDIHFWDGDHQVXQLYHO
VDODULDOQLVXFRQGLFLyQHQVXSXHVWRGHWUDEDMR


LL 
$VLPLVPROD6&3GHWHUPLQyTXHSURFHGHSDJRGH
KDEHUHV QR SHUFLELGRV D IDYRU GHO SURJHQLWRUD TXH QR IXH
UHLQFRUSRUDGRDDQWHODYXOQHUDFLyQGHVXVGHUHFKRVDODHVWDELOLGDGH
LQDPRYLOLGDGODERUDOGHXQDPXMHUHQHVWDGRGHJUDYLGH]KDVWDHODxRGH
QDFLPLHQWRGHOKLMRRKLMD\TXHDOPRPHQWRGHUHVROYHUHODPSDURQR
VHDSRVLEOHVXUHLQFRUSRUDFLyQSRUFRQWDUHOPHQRUGHHGDGFRQPiVGH
XQDDxRGHQDFLGR

LLL 
/D 6&3  KD HVWDEOHFLGR TXH OD PDGUH \R SDGUH
SURJHQLWRUHVJR]DQGHLQDPRYLOLGDGODERUDOGHVGHODJHVWDFLyQKDVWDTXH
VX KLMR R KLMD FXPSOD XQ DxR GH HGDG QR SXGLHQGR VHU GHVSHGLGRV
DIHFWDUVHVXQLYHOVDODULDOQLVXXELFDFLyQHQVXSXHVWRGHWUDEDMRSDUD
FX\DJDUDQWtDQRHVH[LJLEOHFRPXQLFDUDOHPSOHDGRUVREUHHOHVWDGRGH
JUDYLGH]MXULVSUXGHQFLDTXHIXHUHLWHUDGDHQOD6&3HQWUH
RWUDV HQWHQGLPLHQWR ~OWLPR TXH PXWy  OD SRVLFLyQ GHO 7ULEXQDO
&RQVWLWXFLRQDO H[SUHVDGD HQ ODV 66&& 5 5
HQWUH RWUDV TXH HVWDEOHFLHURQ HO GHEHU GH OD PXMHU HPEDUD]DGD GH
FRPXQLFDUSUHYLDPHQWHVXHVWDGRGHHPEDUD]RDOHPSOHDGRU

([WUDFWRGHOSUHFHGHQWHFRQVWLWXFLRQDO

/D 6& 5 HQ VX ~OWLPR FRQVLGHUDQGR GLVSRQH OD
&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRHVWDEOHFHHO5HFXUVRGH$PSDURFRPR
SURWHFFLyQLQPHGLDWDFRQWUD
ORVDFWRVLOHJDOHVRODVRPLVLRQHVLQGHELGDV
GHORVIXQFLRQDULRVRSDUWLFXODUHVTXHUHVWULQMDQVXSULPDQRDPHQDFHQ
UHVWULQJLU R VXSULPLU ORV GHUHFKRV \ JDUDQWtDV GH OD SHUVRQD
UHFRQRFLGRV
 SUHFHSWR OHJDO TXH HV DSOLFDEOH DO FDVR GH DXWRV SRU
FXDQWRHOGHUHFKRTXHVHGHEHSURWHJHUQRHVVRODPHQWHDOWUDEDMRVLQR
RWURVGHUHFKRVSULPDULRVGHODUHFXUUHQWH\HOVHUHQJHVWDFLyQORVFXDOHV
QHFHVLWDQSURWHFFLyQXUJHQWHHLQPHGLDWD\DTXHHOUHWLURLQWHPSHVWLYR
GHODUHFXUUHQWHLPSRUWDWDPELpQODVXSUHVLyQGHOGHUHFKRDODVHJXULGDG
VRFLDOTXHDVXYH]UHVJXDUGD\JDUDQWL]DHOGHUHFKRDODVDOXGGHUHFKRV
TXHFRQODPHGLGDDGRSWDGDSRQHQHQULHVJRHOSULPHUGHUHFKRODYLGD
TXHQRSXHGHHVWDUSHQGLHQWHGHRWURVUHFXUVRVRYtDVDGPLQLVWUDWLYDV
TXH HVWDEOHFH OD /H\ 3RU HOOR OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR
PHGLDQWHHODUWHVWDEOHFH
(O0DWULPRQLRODIDPLOLD\ODPDWHUQLGDG
HVWiQEDMRODSURWHFFLyQGHO(VWDGR
SUHFHSWRFRQVWLWXFLRQDOTXHJXDUGD
HVWUHFKDFRKHUHQFLDFRQHODUWURGHOD/H\1RGHGHPDU]RGH
W


dW^:d


TXHVHxDOD
7RGDPXMHUHQSHULRGRGHJHVWDFLyQKDVWDXQDxRGHO
QDFLPLHQWRGHOKLMRJR]DUiGHLQDPRYLOLGDGHQVXSXHVWRGHWUDEDMRHQ
LQVWLWXFLRQHVS~EOLFDV\SULYDGDV


,GHQWLILFDFLyQ GHO SUHFHGHQWH FRQVWLWXFLRQDO TXH FRQWHQJD HO HVWiQGDU
PiVDOWR

'HVDUUROODGD OD KLVWRULD MXULVSUXGHQFLDO VREUH OD JDUDQWtD GH OD
LQDPRYLOLGDG IXQFLRQDULD GH SDGUHV SURJHQLWRUHV VH WLHQH D  /D 6&3
FRQWLHQHHOSUHFHGHQWHFRQVWLWXFLRQDOPiVDOWRGHSURWHFFLyQ
UHVSHFWR D OD SRVWHUJDFLyQ GH OD VDQFLyQ DGPLQLVWUDWLYD HQ FDVR GH
VROLFLWXG GH WXWHOD GH LQDPRYLOLGDG GH SURJHQLWRUHV TXH DIHFWHQ VX
HVWDELOLGDGODERUDOE /D6&3FRQVDJUDHOHVWiQGDUPiVDOWR
HQFXDQWRDODJDUDQWtDGHLQDPRYLOLGDGGHPXMHUHPEDUD]DGDRFRQKLMRV
PHQRUHVGHXQDxRFRQFRQWUDWRVDSOD]RILMR\F /D6&
FRQWLHQHHOSUHFHGHQWHFRQHOHVWiQGDUPiVDOWRGHSURWHFFLyQUHVSHFWRD
OD SURWHFFLyQ VREUH OD LQPRYLOLGDG ODERUDO GH OD PXMHU HPEDUD]DGD \
SURJHQLWRUHV FRQ KLMRV PHQRUHV D XQ DxR HQ FDUJRV GH OLEUH
QRPEUDPLHQWR





W


Você também pode gostar