3KLOLSSH'HVFROD/RVKRPEUHVQRVRQORVUH\HVGHODQDWXUDOH]DODQDFLRQFRP

0LpUFROHVGHDJRVWRGH_3XEOLFDGRHQHGLFLyQLPSUHVD

/RVLQWHOHFWXDOHVGHOPXQGR\/$1$&,21

3KLOLSSH'HVFROD/RVKRPEUHVQRVRQORVUH\HVGHODQDWXUDOH]D
3DUDHODQWURSyORJRORVVHUHVKXPDQRVGHEHQGHMDUGHVHUPHURVGHSUHGDGRUHV
3RU/XLVD&RUUDGLQL_/$1$&,21

3
$5,6±¢(OKRPEUHHVWiFRQGHQDGRDPLUDUODQDWXUDOH]DFRQRMRVGHGHSUHGDGRU"¢(VOR
SURSLRGHOVHUKXPDQRFRQFHELUODQDWXUDOH]DFRPRXQDUHVHUYDLQILQLWDFRQODFXDOXQRVH
SXHGHFRPSRUWDUVLQQLQJ~QUHVSHWR"(OIUDQFpV3KLOLSSH'HVFRODXQRGHORV
DQWURSyORJRV\ILOyVRIRVPiVUHVSHWDGRVGHVXJHQHUDFLyQUHVSRQGHDHVWRV
LQWHUURJDQWHVFRQXQURWXQGR³QR´

$OXPQRGH&ODXGH/pYL6WUDXVVHQHO&ROOqJHGH)UDQFH\KHUHGHURGHVXFiWHGUD'HVFRODGH
DxRVDXWRUGHGRVOLEURVTXHKDQPDUFDGRODHYROXFLyQGHODHWQRJUDItDPRGHUQDHVWiFRQYHQFLGR
GHTXHORVKRPEUHVGHEHQGHMDUGHVHQWLUVHORVUH\HVGHODQDWXUDOH]D

(QVX~OWLPROLEUR3DUGHOjQDWXUHHWFXOWXUH³0iVDOOiGHQDWXUDOH]D\FXOWXUD´'HVFRODGHPXHVWUD

DGHPiVTXHODWUDQVIRUPDFLyQGHODQDWXUDOH]DHQXQREMHWRH[SORWDEOHQRHVXQKHFKRXQLYHUVDO\
WDPSRFRXQDIDWDOLGDG\TXHORVDFWXDOHVWURSLH]RVHFROyJLFRV±GHVGHODVPRGLILFDFLRQHVFOLPiWLFDV
KDVWDODSROXFLyQGHVXEVXHORV\FXUVRVGHDJXD±VRQSURGXFWRGHHVDFRVPRYLVLyQ

/DEDVHILORVyILFDGHHVDFRQFHSFLyQVHUHPRQWDD$ULVWyWHOHV³1XHVWUDFRQFHSFLyQGHOKRPEUH
UHSRVDHQHVDGLVWLQFLyQTXHFRQVWLWX\HHO]yFDORDILUPD'HVFROD

'HVSXpVGHKDEHUFRQVDJUDGRDxRVDOHVWXGLRGHODVOODPDGDVFLYLOL]DFLRQHVSULPLWLYDV\GHVSXpV
GHKDEHUYLYLGRWUHVDxRVHQWUHORVMtEDURVGHO$PD]RQDV'HVFRODDGYLHUWHTXHODFRVWXPEUHGH
GLYLGLUHOXQLYHUVRHQWUHORFXOWXUDO\ORQDWXUDOQRFRUUHVSRQGHDQLQJXQDH[SUHVLyQHVSRQWiQHDGHOD
H[SHULHQFLDKXPDQD/RVSXHEORVOODPDGRVSULPLWLYRVQRLQGLYLGXDOL]DQGHQWURGHOFRVPRVXQD
HYHQWXDOKXPDQLGDG3DUDPXFKRVGHHVRVSXHEORVWRGRWLHQHFDUDFWHUtVWLFDVKXPDQDVDQLPDOHV
SODQWDVSDLVDMHVSLHGUDV\DVWURVUHFLEHQHOWtWXORGHSHUVRQDV

¢3RUTXpHVLPSRUWDQWHODUHIOH[LyQGH'HVFROD"3RUTXHGHPXHVWUDTXHHOKRPEUHSXHGH
UHODFLRQDUVHGHRWURPRGRFRQODQDWXUDOH]D4XL]iFDPELDQGRGHVWDWXVSDUDGHMDUGHVHUREMHWRVDO
VHUYLFLRGHOKRPEUHUH\SODQWDV\DQLPDOHVREWHQGUtDQHOGHUHFKRDXQDYHUGDGHUDFRQVLGHUDFLyQ

3KLOLSSH'HVFRODTXHYLDMyYDULDVYHFHVDOD$UJHQWLQDLQYLWDGRDGDUFODVHVHQOD8QLYHUVLGDG
1DFLRQDOGH%XHQRV$LUHVUHFLELyD/$1$&,21HQVXGHVSDFKRGHO&ROOqJHGH)UDQFHHQHOFRUD]yQ
GHO%DUULR/DWLQRGH3DUtV

(QVX~OWLPROLEURXVWHGDQDOL]DORVSULQFLSLRVGHFRQVWUXFFLyQGHRQWRORJtDV\FRVPRORJtDV
GHQWURGHODVFXDOHVHYROXFLRQDQODVVRFLHGDGHVKXPDQDV¢4XpHVXQDRQWRORJtD\TXpHV
XQDFRVPRORJtD"

8QDRQWRORJtDHVXQVLVWHPDGHGLVWULEXFLyQGHSURSLHGDGHV(OKRPEUHGDXQDXRWUDSURSLHGDGD
HVWHRDDTXHOH[LVWHQWH\DVHDXQREMHWRXQDSODQWDXQDQLPDORXQDSHUVRQD8QDFRVPRORJtDHV
HOSURGXFWRGHHVDGLVWULEXFLyQGHSURSLHGDGHVXQDRUJDQL]DFLyQGHOPXQGRGHQWURGHODFXDOORV
H[LVWHQWHVPDQWLHQHQFLHUWRWLSRGHUHODFLyQ

8VWHGGLVWLQJXHFXDWURPRGRVGHLGHQWLILFDFLyQHQWUHHOKRPEUH\ODQDWXUDOH]D8QRHVHO
QDWXUDOLVPRTXHGRPLQDHQHO2FFLGHQWHPRGHUQR\RWURHODQLPLVPRTXHHVWXGLyHQORV
MtEDURVGH(FXDGRU

(OQDWXUDOLVPRVHEDVDHQODLGHDGHTXHVyORORVKXPDQRVHVWiQGRWDGRVGHYLGDLQWHULRU/RV
GHPiVH[LVWHQWHVSODQWDVSLHGUDVDQLPDOHVHVWiQSULYDGRVGHHOOD(QHOSODQRRUJiQLFRORV
KRPEUHVQRWLHQHQQDGDGHVLQJXODU\DTXHHVWiQJREHUQDGRVSRUODVPLVPDVOH\HVItVLFDVTXHORV
QRKXPDQRV&XDQGRFRQRFtDORVMtEDURVPHUHVXOWDEDLPSRVLEOHHQWHQGHUORTXHVXFHGtD/RTXH\R
FRQVLGHUDEDDFWLYLGDGSURGXFWLYDODFD]DODMDUGLQHUtDODSHVFDSDUDHOORVHUDXQDFWRGH
VRFLDELOLGDG/RVMtEDURVPDQWLHQHQUHODFLRQHVVRFLDOHVFRQORVDQLPDOHV\ODVSODQWDV7UDWDQDORV
WXFDQHVDODPDQGLRFD\DODVVRPEUDVFRPRDSHUVRQDV(ODQLPLVPRHVORFRQWUDULRGHO
QDWXUDOLVPRORVQRKXPDQRVHVWiQGRWDGRVGHODPLVPDYLGDLQWHULRUTXHORVKXPDQRV\WLHQHQXQD

ZZZODQDFLRQFRPDUSKLOLSSHGHVFRODORVKRPEUHVQRVRQORVUH\HVGHODQDWXUDOH]D 
 3KLOLSSH'HVFROD/RVKRPEUHVQRVRQORVUH\HVGHODQDWXUDOH]DODQDFLRQFRP
YLGDVRFLDO\FXOWXUDO

¢&XiOHVVRQORVRWURVGRVPRGRVGHUHODFLRQDUVHFRQHOPHGLRDPELHQWH"

(QHOWRWHPLVPRORVKXPDQRV\ORVQRKXPDQRVFRPSDUWHQSURSLHGDGHVItVLFDV\PRUDOHVTXHORV
FODVLILFDQMXQWRVVHJ~QGLIHUHQWHVFDWHJRUtDVSXHGHVHUHOFRORUGHODSLHOODPRUIRORJtDVHU
UHGRQGRRDQJXORVRXRWUDVFDUDFWHUtVWLFDVSDUWLFXODUHVVHUOHQWRRQHUYLRVR8QKRPEUHSRGUi
GHFLUTXHXQFDQJXURHVH[DFWDPHQWHLJXDODpOEDViQGRVHHQXQSULQFLSLRFRP~QGHOFXDODPERV
GHVFHQGHUtDQODYLYDFLGDGSRUHMHPSOR(ODQDORJLVPRSRUILQFDUDFWHUL]DXQPXQGRSHUFLELGR
FRPRXQDLQILQLGDGGHVLQJXODULGDGHVWRGDVGLIHUHQWHVHQWUHVt(VHOHMHPSORFKLQRGHXQPXQGR
FRPSXHVWRSRUHVHQFLDV(VHHUDHOPRGHORPiVFRP~QHQHOPXQGRVREUHWRGRHQ$VLD
$IULFDGHO2HVWH\HQODVVRFLHGDGHVDQGLQDVDQWHVGHTXHVHLPSXVLHUDHOQDWXUDOLVPR

¢32548e2&&,'(17(3$6Ï'(/$1$/2*,602$/1$785$/,602"

(ODQDORJLVPRHVODLGHDGHTXHHOPXQGRHVWiFRQVWLWXLGRSRULQILQLWDVVLQJXODULGDGHV3HURFRPR
HVHPXQGRHVGLItFLOGHSHQVDU\GHYLYLUIXHQHFHVDULRKDOODUFRUUHODFLRQHVHQWUHWRGDVHVDV
VLQJXODULGDGHVSRUDQDORJtD3DUDHOORH[LVWHQWRGRWLSRGHGLVSRVLWLYRVLQWHOHFWXDOHVRLQVWLWXFLRQDOHV
ODMHUDUTXtDODVVRFLHGDGHVVRPHWLGDVDXQRUGHQHVWULFWRHOVLVWHPDGHFDVWDV(VHVLVWHPDHVWDED
D~QYLJHQWHHQHO5HQDFLPLHQWR

¢&8È1'23$6$521/262&&,'(17$/(6$/1$785$/,602"

/DVHSDUDFLyQGHOKRPEUHGHODQDWXUDOH]DVHIXHKDFLHQGRSRUHWDSDV/DSULPHUDVHUHPRQWDDORV
DQWLJXRVJULHJRVFRQODLQYHQFLyQGHODQDWXUDOH]DFRPRSK\VLVXQREMHWRGHLQYHVWLJDFLyQTXHQR
HVWiVRPHWLGRDFDSULFKRVGLYLQRVVLQRDOH\HVTXHYXHOYHQSUHYLVLEOHODQDWXUDOH]D(OFULVWLDQLVPR
PDUFDODVHJXQGDHWDSDGHODWUDVFHQGHQFLDTXHVXSRQHDODYH]ODH[WHULRULGDGFRQUHVSHFWRDO
PXQGRGHO&UHDGRU\GHOKRPEUHSXHVWRTXH'LRVOHKDUHVHUYDGRXQVWDWXVHVSHFLDO/DWHUFHUD
HWDSDHVODUHYROXFLyQFLHQWtILFDGHOVLJOR;9,,XQDIRUPDGHHQPDUFDUHOPXQGRFRQLQYHQFLRQHV
FRPRHOPLFURVFRSLRHOWHOHVFRSLR/DQDWXUDOH]DVHYROYLyHQWRQFHVDXWyQRPD\REVHUYDEOH

1RREVWDQWHHOQDWXUDOLVPRGH2FFLGHQWHQRHVDEVROXWDPHQWHSXUR

$VtHV1RKDFHIDOWDEXVFDUGHPDVLDGRSDUDKDOODUHQ2FFLGHQWHEROVDVGHDQLPLVPRGH
DQDORJLVPRRGHWRWHPLVPR/DSDVLyQSRUODDVWURORJtDHVODPHMRUSUXHED/DLGHDGHTXHKD\XQD
UHODFLyQHQWUHXQGHVWLQRLQGLYLGXDO\HOPRYLPLHQWRGHXQFXHUSRFHOHVWHHVFDUDFWHUtVWLFD/D
DVWURORJtDVyORH[LVWHHQORVVLVWHPDVDQDOyJLFRV(QORTXHFRQFLHUQHDOWRWHPLVPRSLHQVHHQHO
QDFLRQDOLVPR,PDJLQHXQJUXSRGHSHUVRQDVTXHQDFLHURQHQXQGHWHUPLQDGROXJDUHVDJHQWHHVWi
WDQLGHQWLILFDGDFRQORVDQLPDOHVODVSODQWDV\ORVSDLVDMHVGHHVHVLWLRTXHHVUHIUDFWDULDDFXDOTXLHU
RWUDFRVD(VRPLVPRHVHOQDFLRQDOLVPRHQVXVIRUPDVPiVH[WUHPDVFRPRHOTXHSUHYDOHFHHQOD
H[<XJRVODYLDRHQ3DOHVWLQD3RUHVRHVWDQFRPSOLFDGRFXDQGRGRVSXHEORVUHFODPDQODPLVPD
WLHUUD

¢6XFUtWLFDDODVHSDUDFLyQREVHVLYDSUDFWLFDGDSRUHOKRPEUHPRGHUQRHQWUHQDWXUDOH]D\
FXOWXUDTXLHUHGHFLUTXHHODQWURSyORJRPiVFpOHEUHGH)UDQFLDHVXQDQLPLVWD"

1RVR\XQDQLPLVWDSRUTXHYLYRHQXQDVRFLHGDGKLSHUGHVDUUROODGD\SDUWLFLSRGHHOOD7DPSRFR
WHQJRIRELDDODWHFQRORJtD3HURHVWR\FRQYHQFLGRGHTXHVHURPSLyHOHTXLOLEULRPHGLDQWHOD
XWLOL]DFLyQGHVHQIUHQDGDGHOPHGLRDPELHQWH6HVXHOHGHFLUTXHODIRUPDHQTXHVHWUDWDDORV
KXPDQRVHVXQLQGLFDGRUGHODIRUPDHQTXHVHPLUDODQDWXUDOH]DTXHQXHVWUDVLQVWLWXFLRQHVVRQHO
UHIOHMRGHODLGHDTXHXQRWLHQHGHHOOD&UHRTXHORTXHKDFHPRVFRQODQDWXUDOH]DHVWDPELpQXQ
EXHQLQGLFDGRUGHQXHVWUDIRUPDGHWUDWDUDORVVHUHVKXPDQRV\TXHXQDDFWLWXGGHSUHGDGRUDGHORV
UHFXUVRVQDWXUDOHVWLHQHFRPRFRURODULRXQDXWLOL]DFLyQLQKXPDQDGHORVKRPEUHV1RIXHXQD
FDVXDOLGDGVLODVHJXQGDH[SDQVLyQFRORQLDOVHSURGXMRHQSOHQDUHYROXFLyQLQGXVWULDOODVSREODFLRQHV
FRORQL]DGDVUHOHJDGDVDOUDQJRGHUHFXUVRQDWXUDOWHQtDQGHUHFKRDOPLVPRWUDWRTXHHOFDUEyQGH
ODVPLQDV

¢4XpDVSHFWRGHODQLPLVPRGHORVMtEDURVSRGUtDVHU~WLODORVRFFLGHQWDOHVGHQXHVWUD
pSRFD"

1HJRFLDUWUDWDGRVVREUHODSURWHFFLyQGHODELRVIHUDROHJLVODUVREUHODFORQDFLyQKXPDQDRHOPDt]
WUDQVJpQLFRVRQIRUPDVGHDGPLWLUTXHQXHVWUDFRQFHSFLyQGHODQDWXUDOH]DKDTXHGDGRVXSHUDGD

ZZZODQDFLRQFRPDUSKLOLSSHGHVFRODORVKRPEUHVQRVRQORVUH\HVGHODQDWXUDOH]D 
 3KLOLSSH'HVFROD/RVKRPEUHVQRVRQORVUH\HVGHODQDWXUDOH]DODQDFLRQFRP
(VDSHUFHSFLyQSHUPLWLyODUHYROXFLyQFLHQWtILFDDODLVODUGHODDFFLyQKXPDQDXQDVHULHGH
IHQyPHQRVLQGHSHQGLHQWHVTXHHVWDEDQVRPHWLGRVDOH\HVSURSLDV6LQHPEDUJRODDFWXDOSRVLELOLGDG
GHFUHDUVHUHVYLYRVSRUYtDVQRQDWXUDOHVRODQHFHVLGDGLPSHULRVDGHSURWHJHUFLHUWDVHVSHFLHV
HFRVLVWHPDVRODPLVPDELRVIHUDSUXHEDQTXHODQDWXUDOH]DH[LVWHFDGDYH]PHQRVFRPRWHUULWRULR
DXWyQRPR(OVWDWXVGHODVHQWLGDGHVFRQTXHSREODPRVODQDWXUDOH]DHVWiFRQGLFLRQDGRSRUQXHVWUDV
LQWHUDFFLRQHVFRQHVDVHQWLGDGHV\SRUORVGLVSRVLWLYRVMXUtGLFRV\WpFQLFRVTXHULJHQVXH[LVWHQFLD
*UDFLDVDODXPHQWRGHODVSUHRFXSDFLRQHVHFROyJLFDVKR\DGPLWLPRVTXHODVSODQWDVORVDQLPDOHV
ORVJHQHVORVGHVLHUWRVODVFRUULHQWHVPDULQDVRODTXtPLFDGHODDWPyVIHUDQRH[LVWHQHQXQ
XQLYHUVRDSDUWH\X[WDSXHVWRDOQXHVWUR

¢(VRTXLHUHGHFLUTXHQXHVWUDHYROXFLyQQRVHVWDUtDDSUR[LPDQGRDODVFXOWXUDVQR
RFFLGHQWDOHV"

(VDVFXOWXUDVQRVUHVXOWDQFDGDYH]PHQRVH[yWLFDV(OQDWXUDOLVPRHQJHQGUyXQDGLYLVLyQ
LPSHUPHDEOHHQWUHFLHQFLDVGHODQDWXUDOH]D\GHODFXOWXUD8QDVVHFRQVDJUDQH[FOXVLYDPHQWHDORV
RUJDQLVPRVORVDJXMHURVQHJURVRORVFDPSRVPDJQpWLFRVODVRWUDVDOHVWXGLRGHODVFRVWXPEUHV
ODVLQVWLWXFLRQHVRODVOHQJXDV/DGLYLVLyQIXHHILFD]SXHVSHUPLWLyD2FFLGHQWHDOFDQ]DUXQIDQWiVWLFR
SURJUHVRGHOFRQRFLPLHQWR3HURWDPELpQQRVFRQGXMRDHVWXGLDUDORVSXHEORVQRPRGHUQRVFRQOD
OXSDGHQXHVWUDVSURSLDVFDWHJRUtDVGXDOLVWDVFXDQGRODPD\RUtDGHHOORVQRKDFHXQDGLVWLQFLyQ
SUHFLVDHQWUHQDWXUDOH]D\FXOWXUD'HVGHTXHFRPHQ]yDH[LVWLUKDFHXQVLJORODDQWURSRORJtDVH
SUHJXQWDSRUTXpGLDEORVFLHUWRVSXHEORVDWULEX\HQDORVDQLPDOHVSURSLHGDGHVFXOWXUDOHVTXH
QRVRWURVVyORUHVHUYDPRVDORVKXPDQRV¢3RUTXpFUHHQTXHORVDQLPDOHVWLHQHQXQDYLGDVRFLDO
FRPRODQXHVWUDSUHFHSWRVpWLFRVRXQDOPD"/DUHVSXHVWDHVTXHPLHQWUDVQRVRWURVFUHHPRVTXHOD
SRVHVLyQGHOOHQJXDMHGLVWLQJXHUDGLFDOPHQWHDORVKRPEUHVGHOUHVWRGHORVRUJDQLVPRVHVRV
SXHEORVHVWDEOHFHQFRQWLQXLGDGHV

¢325(-(03/2"

/DSULPHUDHVTXHORTXHSHUFLELPRVGHORVDQLPDOHVUHVSRQGHDXQDLOXVLyQGHORVVHQWLGRVSOXPDV
SHORVHVFDPDVHVFRQGHQXQDLQWHULRULGDGFRJQLWLYDDIHFWLYD\VRFLDOLGpQWLFDDODQXHVWUD/D
VHJXQGDLGHDHVTXHORVVHUHVVHGHILQHQPHQRVSRUVXVSURSLHGDGHVLQWUtQVHFDVTXHSRUODV
UHODFLRQHVTXHPDQWLHQHQHQWUHVtHVGHFLUSRUODVSRVLFLRQHVTXHRFXSDQHQXQVLVWHPDGH
LQWHUDFFLRQHV(OFD]DGRUDPD]yQLFRYHUiHQHODQLPDOTXHVHUiVXSUHVDDXQDSHUVRQDFRQODFXDO
PDQWLHQHXQWLSRGHUHODFLyQVRFLDOGHVGHWRGDODHWHUQLGDG'HVGHHVDySWLFDVHVHQWLUiPiV
LGHQWLILFDGRFRQHVHDQLPDOTXHFRQHOPLVLRQHURHVWDGRXQLGHQVHTXHEDMDGHXQDYLyQSDUDH[SOLFDUOH
OD%LEOLD3DUDXQDPHULQGLRWHQHUXQFXHUSRGHKRPEUHQRHVJDUDQWtDGHKXPDQLGDG

¢3HURFyPRIXQFLRQDQODVUHODFLRQHVVRFLDOHVHQWUHKXPDQRV\QRKXPDQRVHQHVDV
FRPXQLGDGHVLQGtJHQDV"

3DUDORVMtEDURVODUHODFLyQHQWUHKRPEUHV\DQLPDOHVVHSDUHFHDODUHODFLyQHQWUHSDULHQWHVSRU
DOLDQ]DDVtFRPRWHQJRREOLJDFLRQHVFRQPLVVXHJURVGHORVTXHUHFLEtXQDHVSRVDWDPELpQODV
WHQJRFRQORVDQLPDOHVTXHPHGDQODFDUQHFRQODTXHPHDOLPHQWR

3DUDXVWHG2FFLGHQWHQRVHGLULJHKDFLDXQDVXHUWHGHDQLPLVPR0iVELHQHVWDUtD
UHJUHVDQGRKDFLDFLHUWRDQDORJLVPR

1RVGLULJLPRVKDFLDXQDIRUPDGHDQDORJLVPRSODQHWDULR(OKHFKRGHTXHSDtVHVFRPR&KLQDOD
,QGLDR-DSyQTXHQRWLHQHQFRVPRORJtDVQDWXUDOLVWDVVHKD\DQFRQYHUWLGRHQSRWHQFLDVFLHQWtILFDV\
WHFQROyJLFDVSDUHFHLQGLFDUTXHHOQDWXUDOLVPRKDVLGRXQSDUpQWHVLV\TXHHVPX\SRVLEOHIXQGDUHO
PXQGRIXWXURVREUHXQPRGHORDQDOyJLFRXQLYHUVDO(OSUREOHPDVHUiFyPRKDFHUIXQFLRQDUHVHYDVWR
FROHFWLYRDQDOyJLFRHQIRUPDQRFRHUFLWLYD

¢(VHPRGHORIXQFLRQDVLVHUHVLJQDODGHPRFUDFLDFRPRIXHFRQFHELGDSRU2FFLGHQWHHQHO
SHUtRGRQDWXUDOLVWD"

([DFWR¢&yPRKDFHUIXQFLRQDUXQVLVWHPDTXHFRQWHQJDXQDLQPHQVDPDVDGHVHUHVP~OWLSOHVVL
QRDWUDYpVGHODFRHUFLyQSROtWLFD\ODGLVSDULGDGGHULTXH]DV"(VHOJUDQGHVDItRDOTXHQRVYHUHPRV
FRQIURQWDGRVSURQWR

¢/$,'($/(35(2&83$"

ZZZODQDFLRQFRPDUSKLOLSSHGHVFRODORVKRPEUHVQRVRQORVUH\HVGHODQDWXUDOH]D 
 3KLOLSSH'HVFROD/RVKRPEUHVQRVRQORVUH\HVGHODQDWXUDOH]DODQDFLRQFRP
6tSXHVWDQWRHOIDVFLVPRFRPRHOHVWDOLQLVPRIXHURQSUR\HFWRVGHUHIRUPDGHOQDWXUDOLVPRSRU
PRGHORVGHWLSRDQDOyJLFRWRWDOLWDULVPRVGRQGHFDGDXQRGHEtDWHQHUVXOXJDUDVLJQDGR+D\TXH
VHJXLUGHFHUFDORTXHVXFHGHHQ&KLQD\HQOD,QGLD7DPELpQFUHRTXHODFRPXQLGDGLQWHUQDFLRQDO
WHUPLQDUiGiQGRVHQXHYDVUHJODVGHLQWHUDFFLyQDWUDYpVGHORVJUDQGHVRUJDQLVPRVLQWHUQDFLRQDOHV
+D\TXHHVWDUPX\DWHQWRVDORTXHVXFHGHFRQOD2UJDQL]DFLyQ0XQGLDOGHO&RPHUFLR20&&UHR
TXHOD20&HVHO~QLFRRUJDQLVPRTXHUHIOH[LRQDVLPXOWiQHDPHQWHVREUHODRUJDQL]DFLyQSODQHWDULD
GHORVKXPDQRV\GHORVQRKXPDQRV(VWRVHUiGHFLVLYRSDUDHOIXWXURGHOSODQHWD

¢867('(6237,0,67$"

+D\TXHKDFHUORSRVLEOHSDUDLQVWDODUQRVHQHVHQXHYRVLVWHPDDQDOyJLFRFRQVHUYDQGRODVYHQWDMDV
TXHKHPRVKHUHGDGRGHOQDWXUDOLVPRORVVLVWHPDVGHJRELHUQRSDUODPHQWDULRHOGHVDUUROORFLHQWtILFR
ODVOLEHUWDGHVLQGLYLGXDOHVODGHPRFUDFLD


ZZZODQDFLRQFRPDUSKLOLSSHGHVFRODORVKRPEUHVQRVRQORVUH\HVGHODQDWXUDOH]D